/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/230619.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, June 19, 2023, Vol. 24, No. 122 Headlines F R A N C E ALTICE FRANCE: Moody's Lowers CFR to B3 & Alters Outlook to Stable EUTELSAT SA: Moody's Lowers Rating on Senior Unsecured Debt to Ba1 SOLOCAL GROUP: Fitch Lowers LongTerm Issuer Default Rating to CC G E R M A N Y TELE COLUMBUS: EUR525M Bank Debt Trades at 25% Discount VAC GERMANY: $225M Bank Debt Trades at 17% Discount I R E L A N D PERMANENT TSB: S&P Raises LongTerm ICR to 'BB+', Outlook Stable PERRIGO COMPANY: Fitch Alters Outlook on 'BB+' IDR to Negative I T A L Y SAIPEM SPA: Moody's Affirms 'Ba3' CFR & Alters Outlook to Positive K A Z A K H S T A N EURASIAN BANK: Moody's Ups Deposit Ratings to B1, Outlook Positive L I T H U A N I A SIAULIU BANKAS: Moody's Rates New Tier 2 Subordinated Notes 'Ba1' L U X E M B O U R G ALTICE INT'L: Moody's Lowers CFR to B3 & Alters Outlook to Stable COVIS FINCO: EUR309M Bank Debt Trades at 28% Discount MALLINCKRODT FINANCE: $369.7M Bank Debt Trades at 23% Discount MALLINCKRODT INTERNATIONAL: $1.39B Bank Debt Trades at 23% Off ODYSSEY EUROPE: Moody's Hikes CFR to B3 & Alters Outlook to Stable N E T H E R L A N D S SIGMA HOLDCO: Moody's Upgrades CFR to B2, Outlook Stable P O R T U G A L LUSITANO NO. 5: Fitch Hikes Rating on Class D Notes to 'CCCsf' S P A I N BOLUDA TOWAGE: Moody's Affirms B2 CFR & Alters Outlook to Positive CAIXABANK CONSUMO 6: Moody's Assigns B3 Rating to EUR220MM B Notes DURO FELGUERA: EUR85M Bank Debt Trades at 47% Discount GRUP MEDIAPRO: EUR180M Bank Debt Trades at 16% Discount U N I T E D K I N G D O M BREATHE: London Taxpayers Faces GB3MM Loss Following Collapse BT GROUP: Fitch Assigns 'BB+(EXP)' Rating on Subordinated Notes DAVID MASON: Baaj Capital Funds Acquisition FITNESS FIRST: High Court Postpones Restructuring Plan Hearing HUNTER BOOT: Enters Administration, Owes Creditors GBP112.8MM KCA DEUTAG: Fitch Alters Outlook on 'B+' LongTerm IDR to Positive PEAK JERSEY: Moody's Affirms 'B3' CFR, Outlook Remains Stable PLATFORM BIDCO: EUR600M Bank Debt Trades at 18% Discount [*] UK: Company Insolvencies Up 40% to 2,552 in May 2023 X X X X X X X X [*] BOND PRICING: For the Week June 12 to June 16, 2023 - - - - - =========== F R A N C E =========== ALTICE FRANCE: Moody's Lowers CFR to B3 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Investors Service has downgraded to B3 from B2 the long term corporate family rating, and to B3-PD from B2-PD, the probability of default rating of Altice France Holding S.A. ("Altice France Holding"), the parent company of French telecom operator Altice France S.A. ("Altice France"). Concurrently, Moody's has downgraded to Caa2 from Caa1 the senior unsecured instrument ratings issued by Altice France Holding, and has affirmed the B2 backed senior secured and senior secured bank credit facility instrument ratings by Altice France. The outlook on both entities has changed to stable from negative. "The rating downgrade reflects the prolonged deterioration in Altice France's credit metrics and the expectation that they will not improve to levels commensurate with the exiting B2 ratings over the next 12 to 24 months," says Ernesto Bisagno, a Moody's Vice President, Senior Credit Officer, and lead analyst for Altice France Holding. "The rating action also takes into account the company's weaker than expected operating performance and the ongoing negative free cash flow generation, which will be further pressured by the increased cost of debt," added Mr. Bisagno. RATINGS RATIONALE The rating downgrade reflects the fact that Altice France Holding continues to operate with high leverage levels that exceed the maximum tolerance levels for the previous B2 rating category. Given that the competitive market conditions in France are constraining earnings growth and that cash flow generation remains weak, there is little visibility as to any deleveraging trajectory that could bring credit metrics more in line with the expectations for the previous rating, particularly when considering that debt maturities will likely be refinanced at higher rates. Operating performance in 2022 was resilient for Altice France Holding, thanks to the contribution from acquired assets and higher margin products. However, the company's Moody's adjusted leverage at December 2022 remained high at 6.3x, due to the lack of positive free cash flow generation. Operating performance in Q1 2023 weakened, with Altice France Holding posting an EBITDA decline of 5.3%, driven by a combination of lower fixed consumer revenue and increased energy costs. Moody's expects Altice France Holding's EBITDA to decline modestly in 2023 or to be flat at best, largely depending on the company's ability to restore revenue growth in the second part of the year, as it guided for growth in net adds in the fixed business. Stronger KPIs in fixed, combined with positive product mix should drive a recovery in EBITDA from 2024. Moody's expects negative free cash flow for Altice France Holding over 2023-24, owing to high capex and increased funding costs, following the A&E exercise completed in January 2023 and the future refinancing of the 2025 debt maturities. As a result, the company's Moody's adjusted debt to EBITDA ratio is likely to remain at around 6.5x over 2023-24. The B3 rating of Altice France Holding reflects (1) its position as leading convergent company in France; (2) its large scale; and (3) its integrated business profile. The ratings are constrained by (1) the highly leveraged capital structure and the weak free cash flow, particularly in a rising interest rate environment; (2) the competitive nature of the French market, (3) the complexity of the group structure and its aggressive financial policy; and (4) the growing refinancing needs from 2025 onwards. LIQUIDITY Altice France Holding has adequate liquidity. However, the company faces large debt maturities in 2025 with around EUR1,050 million bonds due in Q1 2025, and around EUR500 million bank debt due in Q2 2025, that will have to refinanced in the coming months, likely at higher rates. As of March 31, 2023, the company had cash of EUR480 million, and access to a fully undrawn revolving credit facility (RCF) of EUR1,025 million at Altice France level maturing in 2028 and to a EUR175 million committed RCF at the holding level maturing in 2026. The RCF at Altice France is subject to a springing (40% drawings) net senior leverage covenant of maximum of 5.25x. The RCF at the holding-company level is subject to a springing (40% drawings) net leverage covenant of maximum of 5.75x. With pro forma net senior leverage (L2QA) of 5.1x and total net leverage of 6.2x in Q1 2023, there is around 12% headroom under the RCF at Altice France and no headroom at Altice France Holding. While the existing liquidity sources provide some flexibility to cover part of the 2025 maturities, Moody's expects the company to pro-actively address these funding requirements in the near term. STRUCTURAL CONSIDERATIONS The Caa2 rating of Altice France Holding's senior unsecured notes reflects the structural subordination of these holding company notes to bonds and other backed senior secured debt at Altice France, which are rated B2, one notch above the CFR. This is because of their senior ranking in the waterfall of liabilities, as the debt at the operating company level is secured and is closer to the cash-flow-generating assets. RATIONALE FOR THE STABLE OUTLOOK The stable outlook reflects Moody's expectations that Altice France Holding's performance will flatten in 2023 with potential improvement from 2024, such that its Moody's adjusted leverage remains at around 6.5x. The stable outlook also reflects the expectation that the company will proactively address the upcoming debt maturities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the rating may develop over time if Altice France Holding demonstrates sustained improvement in underlying revenue and key performance indicators (KPIs, for example, churn and ARPU), with growing EBITDA in main markets, leading to an improvement in credit metrics, such as: (1) Moody's-adjusted leverage maintained well below 6.0x; (2) an improvement in free cash flow on a consistent basis; and (3) a Moody's adjusted EBITDA-Capex/interest ratio higher than 1.25x. Downward pressure on the ratings may develop if Altice France Holding's underlying operating performance weakens, with a sustained decline in revenue and deteriorating KPIs (including churn and ARPU) leading to a deterioration in the group's credit metrics, including: (1) Moody's-adjusted leverage trending towards 7.0x, or (2) a Moody's-adjusted EBITDA-capex/interest expense ratio declining below 1.0x. Failure to address the 2025 refinancing needs in the coming months could also lead to downward pressure on the ratings. LIST OF AFFECTED RATINGS Issuer: Altice France S.A. Affirmations: Senior Secured Bank Credit Facility, Affirmed B2 BACKED Senior Secured Regular Bond/Debenture, Affirmed B2 Outlook Actions: Outlook, Changed To Stable From Negative Issuer: Altice France Holding S.A. Downgrades: LT Corporate Family Rating, Downgraded to B3 from B2 Probability of Default Rating, Downgraded to B3-PD from B2-PD Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2 from Caa1 Outlook Actions: Outlook, Changed To Stable From Negative PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Telecommunications Service Providers published in September 2022. COMPANY PROFILE Altice France is a leading telecom operator in France. The company has three business segments: business to consumer (B2C, 66% of revenue in 2022), business to business (B2B, 33%) and media (3%). In 2022, the company had 20.8 million mobile subscribers and 6.5 million fixed-line subscribers, of which 4.4 million were fast-fibre connections. In 2022, Altice France reported revenue and adjusted EBITDA (as defined by the company) of EUR11.3 billion and EUR4.1 billion, respectively. EUTELSAT SA: Moody's Lowers Rating on Senior Unsecured Debt to Ba1 ------------------------------------------------------------------ Moody's Investors Service has downgraded to Ba1 from Baa3 the ratings on the senior unsecured debt instrument ratings issued by Eutelsat SA, including the EUR800 million and EUR600 million bonds maturing in October 2025 and July 2027. Eutelsat SA is the main operating subsidiary of Eutelsat Communications SA ("Eutelsat"). Concurrently, Moody's has withdrawn Eutelsat SA's Baa3 long term issuer rating and subsequently assigned a Ba1 long term corporate family rating and a Ba1-PD probability of default rating to Eutelsat Communications SA, in line with the rating agency's practice for corporates with non-investment grade ratings. The ratings for Eutelsat SA and Eutelsat Communications SA remain on review for further downgrade, pending the completion of the proposed acquisition of OneWeb, originally announced on July 26, 2022. Any further rating downgrade will likely be limited to one notch, reflecting a combination of weaker credit metrics and execution risk arising from the merger, partially offset by increased diversification and stronger growth prospects. "The downgrade to Ba1 reflects the prolonged deterioration in Eutelsat's credit metrics due to reduced earnings owing to the challenging operating environment for satellite operators," says Ernesto Bisagno, a Moody's Vice President - Senior Credit Officer and lead analyst for Eutelsat. "The rating remains placed on review for further downgrade because of the further potential deterioration of Eutelsat's credit metrics if OneWeb's acquisition is completed as planned," adds Mr Bisagno. RATINGS RATIONALE The rating action reflects the prolonged deterioration in Eutelsat's credit metrics due to reduced earnings owing to the challenging operating environment for satellite operators. Moody's changed the outlook on Eutelsat SA to negative in March 2020 and since then, revenues and EBITDA have been declining, with Moody's adjusted leverage remaining at around 4.0x, above the 3.5x maximum leverage tolerance for the previous Baa3 rating. The rating agency forecasts that Eutelsat's Moody's adjusted leverage will remain high at 4.6x in 2023 (or 4.1x excluding loss from associated companies), and while there is potential for leverage reduction over 2024-2025 owing to a combination of improved earnings and debt repayment on the back of positive free cash flow, the ratio will remain at or above the threshold for a sustained period of time. The action reflects the company's tolerance to operate over a sustained period of time at relatively high levels of leverage as well as its appetite to pursue a transformational acquisition that could further deteriorate its metrics. This is a governance consideration (Financial strategy and risk management) under Moody's General Principles for Assessing Environmental, Social and Governance Risks Methodology for assessing ESG risks. The rating agency expects that Eutelsat's Moody's adjusted EBITDA will decline in the mid-single digit rate in 2023 (for the fiscal year ending June) excluding foreign exchange, because of the continued decline in broadcast, partially offset by stronger mobile connectivity and fixed broadband. In 2024, there is potential for earnings stabilization driven by the contribution from new satellites, which should drive a return to revenue growth. The rating remains placed on review for further downgrade, because of the further potential deterioration of Eutelsat's credit metrics resulting from the acquisition of OneWeb, announced in July 2022. The all-share transaction values OneWeb at $3.4 billion, and is expected to close in Q4 2023. Pro forma for the acquisition, Eutelsat's Moody's-adjusted leverage would increase towards 5.0x as of June 2023 compared to 4.1x stand alone. Although the merger is an all-share transaction, the increase in leverage is caused by OneWeb's negative EBITDA contribution. Management guided that, from June 2023, the combined entity's EBITDA will grow at a mid-teen compound annual growth rate (CAGR) over the medium to long term, outpacing sales growth, with the EBITDA margin gradually returning to Eutelsat's level. However, free cash flow will remain negative over the period 2023-26 because of an increase in capex related to OneWeb's Gen-2 constellation. Pressure on free cash flow will be partially offset by the suspension of dividends over 2023-25; the company indicated it plans to bring back reported leverage to 3.0x over time. Eutelsat's Ba1 rating reflects the company's strong market position as the third-largest fixed satellite services (FSS) operator globally; order backlog, which covers 3.1x its revenue; and strong profitability, with a Moody's-adjusted EBITDA margin above 70%. The rating is constrained by the difficult market conditions for satellite operators; the ongoing revenue contraction in its video segment; and the potential deterioration in Eutelsat's credit metrics following the announced merger with OneWeb. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS Moody's has changed its assessment of Eutelsat's Financial Strategy and Risk Management to 3 from 2, reflecting the company's increased tolerance to operate at higher leverage, and therefore has changed the overall exposure to governance risks (Issuer Profile Score or "IPS") to G-3 from G-2. Moody's has also changed Eutelsat's ESG Credit Impact Score to CIS-3 from CIS-2, reflecting revised governance considerations. LIQUIDITY Eutelsat's liquidity is adequate, underpinned by cash and cash equivalents of around EUR307 million as of December 2022; access to committed bank facilities of around EUR1 billion (fully undrawn as of December 2022), of which EUR200 million will mature in June 2027, and the rest in 2024. Moody's expects the company to generate free cash flow of around EUR250 million in 2023 (Moody's calculation after dividends), supported by Eutelsat's decision to pay a scrip dividend, which will save around EUR140 million in cash payments. If the OneWeb acquisition is completed as planned, the company will have to fund an ambitious capex plan that will lead to negative free cash flow generation over 2024-26. STRUCTURAL CONSIDERATIONS Eutelsat's PDR of Ba1-PD reflects the use of a 50% family recovery rate assumptions, as is consistent with capital structures that include both bank debt and bonds. The bonds are rated Ba1, in line with the long term corporate family rating, as the vast majority of the group's debt is sitting at the Eutelsat SA level. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The review process will focus on (1) the implications for Eutelsat's risk profile of the announced acquisition, including business diversification, growth potential opportunities but also the risks associated with the integration of the acquired assets; (2) the likely timeline for cost savings and the potential for improved operating returns; and (3) the funding for the combined capex plan and debt reduction measures that the company could put in place and the ability to restore positive free cash flow generation. LIST OF AFFECTED RATINGS Issuer: Eutelsat Communications SA Assignments, Placed On Review for Downgrade: LT Corporate Family Rating, Assigned Ba1 Probability of Default Rating, Assigned Ba1-PD Outlook Actions: Outlook, Assigned Ratings Under Review Issuer: Eutelsat SA Downgrades, Placed On Review for further Downgrade: Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1 from Baa3 Withdrawals: LT Issuer Rating, previously rated Baa3 Outlook Action: Outlook, Remains Ratings Under Review PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Communications Infrastructure published in February 2022. COMPANY PROFILE Eutelsat SA is the main operating subsidiary of Eutelsat Communications SA, which was created in 1977 and is headquartered in Paris (Eutelsat). Eutelsat is one of Europe's leading satellite operators and one of the top-three global providers of FSS. The company's fleet of 36 geostationary satellites reaches up to 150 countries in Europe, Africa, Asia and the Americas. Eutelsat generates around 60% of its business from the video segment. In the fiscal year ended June 30, 2022, the company generated revenue and company adjusted EBITDA of EUR1,151 million and EUR862 million, respectively. SOLOCAL GROUP: Fitch Lowers LongTerm Issuer Default Rating to CC ---------------------------------------------------------------- Fitch Ratings has downgraded SOLOCAL Group's Long-Term Issuer Default Rating (IDR) to 'CC' from 'CCC+'. Fitch has also downgraded Solocal's senior secured debt to 'CCC-' from 'B-' with a Recovery Rating of 'RR3'. The downgrade reflects a material increase in the default risk by Solocal following its announcement of its intention to defer the coupon payments due next week and in September 2023 on its floating rate notes, which mature in 2025. Fitch expects the company to enter into talks with bondholders to negotiate a waiver or a standstill agreement on payments due for the rest of 2023. Fitch expects to downgrade the IDR to 'C' upon a missed interest payment, and further to 'RD' upon the uncured expiry of any applicable original grace period, in accordance with its rating definitions. KEY RATING DRIVERS Coupon Payment Deferral: Solocal announced on 7 June its intention to defer its June and September coupon payments and is open to discussions with creditors to negotiate an agreement. Coupons are paid quarterly and will be due on June 15, 2023 for its EUR176.7 million bond and EUR18.7 million mini bond, which matures in March 2025. Fitch understands that the decision to suspend the coupon payment is to preserve liquidity and ongoing operations. Fitch expects management to hold talks with bondholders to achieve a mutually agreed interest waiver under the "mandat ad-hoc" procedure opened at the Court of Nanterre. Imminent Default: Failure to pay the quarterly coupon on its senior secured bonds will result in the company entering the contractual 30-day grace period. An event of default will be triggered if the company fails to pay within the end of the 30-day grace period. Solocal's preparation for negotiations with creditors means Fitch believes debt restructuring is very likely and needed to avert a liquidity crisis. If it agrees with bondholders the deferral of interest payments on the bonds this would represent a worsening of terms for noteholders and would be likely to be recognized as a distressed debt exchange (DDE) under its criteria. The missed payment or a recognition of a DDE would result in a downgrade to 'C'. Failure to cure the interest payment within the 30-day grace period or the completion of the DDE would be likely to result in a further downgrade to 'RD'. RCF Maturity Extension Likely: Solocal's revolving credit facility (RCF) expires in September 2023 and it is fully drawn for EUR34 million following its EUR10 million repayment in 2022. Solocal has the option to make a full cash reimbursement of the RCF. However, due to poorer trading and following recent payment deferral requests to preserve liquidity, Fitch believes it is likely that Solocal will request lenders to accept a share-based payment. However, creditors might reject this request and opt for an extension of the maturity into 2024, as allowed by the financial documentation. The payment of the RCF and its terms is likely to be negotiated as part of the mandat ad hoc. Debt Reimbursements Pressure Liquidity: Fitch estimates minimum cash for running Solocal's operations at around EUR25 million. Fitch assumes EUR38 million of debt repayments in 2024 under its RCF and the BPI France loan to result in minimal liquidity headroom, although this may be mitigated by some capex flexibility. Fitch therefore sees high execution risks over the next 12 to 18 months, which makes a debt restructuring very likely to avert insolvency. Recovery Prospects: Fitch believes Solocal will be restructured rather than liquidated under distress, in particular considering the immaterial nature of the company's asset base, fairly low leverage and cash generation of restructured operations. Fitch considers the risk of liquidation low, in view of efforts that could be made by European governments to preserve employment. Its ultimate recovery prospects remain unchanged for senior secured creditors, at 66%. DERIVATION SUMMARY Solocal's rating reflects a transitioning business model, in particular in its shift to a subscription-based digital platform from directories. Competition in digital advertising is fierce. Changes to management and leading shareholders, and high salesforce turnover add to execution risk. Leverage is lower than other 'CC' category peers' since Solocal's recent restructuring of its financial liabilities. However, it is at the maximum sustainable level given its record of debt-to-equity conversions. However, Solocal's debt-to-equity swaps keep financial risk high, particularly in light of limited refinancing alternatives. Solocal's most direct comparable peer is Yell, part of the Hibu group, which has a similar market position in the UK and is facing similar operational and financial challenges. Comparisons can be made between Solocal and specialised directories businesses such as Speedster Bidco GMBH (Autoscout24, B/Negative) or online classifieds media groups such as Adevinta ASA (BB/Stable) and Traviata B.V. (B/Stable). Autoscout24 is more geographically diversified, and is better positioned in its business niche, while Adevinta has materially larger scale, with stronger profitability and cash generation, underpinned by its greater diversification and strong eBay classifieds brand. Traviata, the owner of a minority stake in Axel Springer SE, also has a stronger business model than Solocal, due to larger scale and greater diversification and stronger brands. These peers have higher leverage metrics, but they are protected by stronger barriers to entry and by a higher product criticality for its customers, resulting in a higher debt capacity and lower refinancing risk. Fitch sees similar reduction in leverage and comparable declines in revenue and profitability to other post-distressed debt exchange ratings in European leveraged credits such as Subcalidora 1 S.a.r.l. (Imagina, B/Stable). However, Imagina's competitive position is stronger in its covered regions, with higher barriers to entry, although its customer diversification remains weak. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer - Number of customers slowly declining to around 280,000 in 2023 followed by slight growth to 2025 - Average Fitch-calculated average revenue per account decreasing slightly to EUR1,350 for 2023 and stable thereafter - EBITDA margin at 23.1% in 2023 and slightly recovering to around 24.8% by 2025 - Average capex EUR34 million annually for 2023-2026 - Average working-capital outflows of EUR20 million-30 million for 2023-2026 - Super senior facility prepayment of EUR34 million and EUR4 million of BPI loan repayment due in 2024 Key Recovery Assumptions Fitch adopts a going-concern (GC) approach to assessing recoveries for Solocal. This reflects the higher probability of a surviving cash-generative business with GC enterprise value as the basis for financial stakeholder recovery than liquidation in the event of default. Fitch has assumed a 10% administrative claim. Fitch expects Solocal to be potentially attractive to trade buyers, particularly after the completion of its redundancy plan. Fitch estimates a Fitch-defined GC EBITDA of EUR90 million, factoring in the current capital structure, the potential for slow growth in the number of clients, and a lower interest burden. Its enterprise value/EBITDA is constant at 2.0x, considering business-model pressures and below 50% recoveries for senior secured loans after the restructuring in 2020. Fitch factors in the outstanding super senior facility ranking ahead of the bonds and view the BPI France state-guaranteed loan as unsecured. Based on current metrics and assumptions, the waterfall analysis generates a ranked recovery at 66%, representing ultimate recovery prospects, in the 'RR3' band for the existing senior secured debt. This indicates a 'CCC-' senior secured debt rating. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - Mitigation of default including interest payments and material repayments under the RCF in 2023, in the presence of a cash buffer for 2023 and 2024, also through access to alternative funding sources - Evidence of progress in business overhaul, with an increase in the number of clients and average revenue per account, improving churn and EBITDA margin Factors that could, individually or collectively, lead to negative rating action/downgrade: - Lack of payment of interest on the bonds on June 15, 2023 - Entering into a formal bankruptcy procedure - Evidence of worsening terms for noteholders resulting in a distressed debt exchange - Deterioration of liquidity with reduced available cash buffer signaling acceleration to insolvency LIQUIDITY AND DEBT STRUCTURE Minimal Liquidity: Fitch forecasts Solocal's liquidity to be under pressure in 2024 at around its estimated EUR25 million cash buffer. Liquidity is pressured after the repayment of its EUR34 million of the RCF due in September 2023, which Fitch expects to be extended to 2024. Liquidity may be put under additional pressure from deteriorating business conditions or restructuring payments. ISSUER PROFILE Solocal (formerly PagesJaunes, rebranded in 2013) is a French advertising company that provides digital content, websites and media campaign services to customers and businesses on a local basis. The customer base mainly includes small businesses in suburban or rural areas of France, belonging to housing, general services and health professions. 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 ----------- ------ -------- ----- SOLOCAL Group LT IDR CC Downgrade CCC+ senior secured LT CCC- Downgrade RR3 B- ============= G E R M A N Y ============= TELE COLUMBUS: EUR525M Bank Debt Trades at 25% Discount ------------------------------------------------------- Participations in a syndicated loan under which Tele Columbus AG is a borrower were trading in the secondary market around 75.5 cents-on-the-dollar during the week ended Friday, June 16, 2023, according to Bloomberg's Evaluated Pricing service data. The EUR525.2 million facility is a Term loan that is scheduled to mature on October 15, 2024. About EUR462.5 million of the loan is withdrawn and outstanding. Tele Columbus AG provides cable services. The Company offers cable television programming, telephone, and internet connection services to homeowners and the housing industry. Tele Columbus operates throughout Germany. VAC GERMANY: $225M Bank Debt Trades at 17% Discount --------------------------------------------------- Participations in a syndicated loan under which VAC Germany Holding GmbH is a borrower were trading in the secondary market around 82.8 cents-on-the-dollar during the week ended Friday, June 16, 2023, according to Bloomberg's Evaluated Pricing service data. The $225 million facility is a Term loan that is scheduled to mature on March 8, 2025. The amount is fully drawn and outstanding. VAC Germany Holding GmbH operates as a holding company. The Company, through its subsidiaries, provides industrial machinery. The Company's country of domicile is Germany. ============= I R E L A N D ============= PERMANENT TSB: S&P Raises LongTerm ICR to 'BB+', Outlook Stable --------------------------------------------------------------- S&P Global Ratings took the following rating actions: -- S&P said, "We raised our long- and short-term issuer credit ratings (ICRs) on holding company AIB Group PLC to 'BBB/A-2' from 'BBB-/A-3', and on Allied Irish Banks PLC (together AIB) to 'A/A-1' from 'A-/A-2'. The outlook on both entities is stable. We also raised our long-term resolution counterparty rating (RCR) on Allied Irish Banks to 'A+' from 'A' and affirmed our short-term RCR at 'A-1'. We raised all issue ratings on all of the bank's subordinated and hybrid instruments, including senior non-preferred, except for the legacy subordinated notes issued out of Allied Irish Banks." -- S&P said, "We raised our long- and short-term ICRs on holding company Bank of Ireland Group PLC to 'BBB/A-2' from 'BBB-/A-3', and on Bank of Ireland (together BOI) to 'A/A-1' from 'A-/A-2'. The outlook is stable. We also raised our long-term RCR on Bank of Ireland to 'A+' from 'A' and affirmed our short-term RCR at 'A-1'. We raised all issue ratings on all of the bank's subordinated and hybrid instruments, including senior non-preferred." -- S&P said, "We raised our long-term ICR on holding company Permanent TSB Group Holdings PLC to 'BB+' from 'BB-' and affirmed the short-term rating at 'B'. We took the same action on its operating company, Permanent TSB PLC (PTSB), raising our long-term ICR to 'BBB+' from 'BBB' and affirming the 'A-2'short-term rating. Our outlook on the ratings is stable. We also raised our long and short-term RCRs on Permanent TSB PLC to 'A-/A-2' from 'BBB+/A-2'. We raised all issue ratings on all of the bank's subordinated and hybrid instruments, including senior non-preferred." Rationale The Irish economy -- like other European economies -- is set to slow this year but should continue to outperform peers over the next two years, bolstering Irish banks' asset quality. S&P said, "We note the downside risk attached to our macroeconomic forecast, but under our current base-case scenario, we expect the underlying Irish economy as measured by GNI* to expand by about 2.0% in 2023 versus the stagnation we anticipate for the eurozone economy, at GDP growth of 0.3%. The slowdown in Ireland's economic activity will spill over into the labor market, leading to moderate unemployment growth, peaking at only 5.0% in 2023, compared with 4.5% in 2022. The largest risk we therefore see for Irish banks is from inflation, anticipated to remain high in 2023 at 5.3% (down from 8.1% in 2022), weighing on both operating costs and borrowers' debt-servicing capacity." S&P said, "We expect systemwide non-accrual loans to stabilize at around 3% over the next year. Elevated inflation and increasing interest rates will pressure the private sector's debt-servicing capacity. We anticipate that additional problem loans will emerge, mostly among small and midsize enterprises. Overall, we expect the effect to be manageable, with the average nonperforming exposure (NPE) level for the Irish banking system stabilizing at around 3% of total loans, as we expect the inflow of new NPEs to be largely offset by the outflow of cured NPEs as well as limited NPE portfolio sales. As of end-March 2023, nonaccrual (stage 3) loans accounted for about 3.4% of gross loans for AIB (down from 21.6% in 2016) and BOI (11.4% in 2016), and at 3.3% for PTSB (27.5% in 2016). The management overlays that banks hold should also help Irish banks to manage credit losses, and we expect additional credit costs of 30-40 basis points (bps) for 2023-2024. "Although we do not see an immediate threat to the banking sector, the structural imbalance of the property market is an element of risk to monitor. Housing-related debt forms about 70% of household debt and more than 54% of total private-sector debt. Household debt to disposable income remains high, at about 96% at end-2022, despite having improved over the past few years (123% in 2018). Over the next two years, we anticipate real house prices will decline temporarily, mostly due to high inflation. However, we note that even though price dynamics are not fuelled by credit growth, the structural demand-supply issue remains (from the expanding population and lagging supply), and nominal residential house prices match the 2007 peak despite being stagnated since October 2022. At the same time, we expect residential mortgage performance will likely hold thanks to still-high employment, and low average loan-to-value (LTV) ratios in the system (51% average LTV on the stock as of end-2022). Additionally, in 2022, the share of fixed-rate mortgages in new lending and mortgage refinancing has increased as borrowers sought to lock-in their mortgage payments in anticipation of further interest rate increases. This boosted the loan stock within the fixed-rate mortgage portfolio, to about 60% from 40% a year ago, helping reduce credit risk in the mortgage portfolio as interest rates continue rising. Higher interest rates -- alongside banks' continual focus on cost discipline and business momentum, thanks to consolidation within the banking sector -- will improve Irish banks' operating profitability. The gradual repricing of loans, containment of funding costs given the large share of non-interest-bearing deposits, and the larger scale of market consolidation put Irish banks in a good position to benefit from increasing interest rates. S&P expects the domestic return on equity to exceed 10% in 2023 (from only about 6% pre-pandemic). Irish banks continue to rely on net interest income (around 80% in operating revenue), but work toward diversifying revenue sources and increase top-line results by expanding product offerings to insurance and wealth management. Although inflation will continue to pressure costs, higher interest rates and sector consolidation will strengthen revenue growth, which should help reduce average cost to income to 55%-57% over the next two years. In S&P's view, current business momentum and significant growth in revenues over the next two years should also underpin domestic banks' digital agendas and bring structural improvements sustaining banks' cost efficiencies in the long run. S&P said, "The positive trends outlined above led us to revise our economic risk score for the Irish banking sector to '3' from '4' (on a scale of 1-10, with 1 being the lowest risk) and we now classify Ireland as being in group 3, rather than group 4, under our banking industry country risk assessment (BICRA). Some other countries we classify in group 3 are Czech Republic, Israel, the Netherlands, the U.K., and Korea. Our industry risk assessment remains unchanged at '4'. As a result, we have revised upward our anchor, the starting point for assigning an issuer credit rating, for banks operating primarily in Ireland to 'bbb+' from 'bbb' and have incorporated this into our ratings on three Irish banking groups." OUTLOOKS AIB Group PLC (holding company) and Allied Irish Banks (operating company) Primary analyst: Anastasia Turdyeva S&P said, "We have revised upward AIB's group stand-alone credit profile (group SACP) to 'bbb+' from 'bbb' to reflect improvements in the Irish banking sector's economic risk profile and the group's strengthening creditworthiness. Particularly, the group reduced its NPE ratio to 3. 4% at the end of March 2023 from 21.6% in 2016. "Our ratings also reflect the group's solid presence in the domestic market, with a market share above 30% in mortgages and retail customer current accounts, and a robust capital base, as reflected in our projected RAC ratio expected to range 13.0%-13.5% by end-2025. "We continue to incorporate two notches for additional loss-absorbing capacity (ALAC) into the ratings on Allied Irish Banks, the operating bank, because we forecast its ALAC ratio will stay comfortably above the 6% threshold over the next two years. This does not apply to the rating on the holding company, AIB Group PLC, which is one notch lower than the group SACP to reflect its structural subordination. "The stable outlook on both AIB Group PLC and Allied Irish Banks reflects our expectation that the group's asset quality will reach the targeted 3% NPE level by end-2023 and won't deteriorate over the next 18-24 months thanks to relatively supportive -- although slowing -- domestic economic growth in 2023 and 2024, as well as solid underwriting standards. It also reflects our view that the group will continue to deliver on its strategy in 2023-2025, which we think will materialize through a more efficient, profitable, and diversified business model. Finally, we anticipate that the bank will maintain its robust capital base and solid funding and liquidity profiles." Downside scenario Though not our base-case scenario, S&P could lower its ratings over the next 18-24 months if the group's asset quality deteriorated versus its peer group or if our projected risk-adjusted capital (RAC) ratio declined below 10% due to more aggressive capital management. Upside scenario S&P said, "We are highly unlikely to take a positive rating action at this stage. An upgrade would hinge on an improved operating environment and the group performing consistently well compared with higher rated peers. Specifically, we could raise the ratings if we anticipated a significant structural improvement in efficiency and revenue generation capacity, which would allow AIB to demonstrate resilient performance through the cycle, while asset quality metrics remain in line with our expectations." AIB Group PLC: BBB/Stable/A-2 Allied Irish Banks PLC: A/Stable/A-1 Group SACP: bbb+ Anchor: bbb+ Business position: Adequate (0) Capital and earnings: Strong (+1) Risk position: Moderate (-1) Funding and liquidity: Adequate and adequate (0) Comparable rating analysis: 0 Support: +2 ALAC support: +2 Government-related entity (GRE) support: 0 Group support: 0 Sovereign support: 0 Additional Factors: 0 ESG Credit Indicators: E-2, S-2, G-2 Bank of Ireland Group (holdco) and Bank of Ireland (opco) Primary analyst: Letizia Conversano S&P said, "We have revised upward BOI's group SACP to 'bbb+' from 'bbb' to reflect the improvements we have generally seen in the economic risk profile of the Irish banking sector and the resulting strengthening of the group's creditworthiness. BOI has notably reduced its NPE ratio to 3.4% at the end of March 2023 from 11.4% in 2016. "Our ratings also reflect the bank's dominant presence in the domestic market, with a market share above 20%, and a solid capital base, as reflected in our projected RAC ratio of 13.7%-14.2% by end-2025. "We continue incorporating two notches for ALAC into our ratings on Bank of Ireland, as we forecast its ALAC ratio will stay comfortably above the 6% threshold over the next two years. This does not apply to the long-term rating on the holding company, which remains one notch lower than the group SACP to reflect its structural subordination. "We have also raised our issue rating on BOI's Additional Tier 1 to 'BB-' from 'B'. The upgrade reflects the upward revision of BOI' SACP and our view that the bank will be able and willing to maintain its regulatory Common Equity Tier 1 ratio at least at 14% in the medium-to-long term, thus, allowing a minimum 700bp buffer above the outstanding Additional Tier 1 instruments' 7% capital trigger. "The stable outlook on both BOI's holding company and operating company reflect our expectations that the group's asset quality will remain close to the 3% NPE level in 2023 and won't deteriorate over the next 18-24 months. This is thanks to the relatively supportive--although slowing--domestic economic growth in 2023 and 2024, as well as solid underwriting standards. It also reflects our view that the group will continue to deliver on its new strategy in 2023-2025, which could lead to a more efficient, profitable, and diversified business model. Finally, we anticipate that the bank will maintain its robust capital base and solid funding and liquidity profiles." Downside scenario S&P said, "Though not our base-case scenario, we could lower our ratings over the next 18-24 months if the bank's asset quality deteriorated significantly versus its peer group, or if our projected RAC ratio declined below 10% on the back of more aggressive capital management." Upside scenario S&P said, "We are highly unlikely to take a positive rating action at this stage. An upgrade would hinge on an improved operating environment and the group performing consistently well compared with higher rated peers. Specifically, we could raise the ratings if we anticipated a significant structural improvement in efficiency and revenue generation capacity, which would allow BOI to demonstrate resilient performance through the cycle, while asset quality metrics remained in line with our expectations." Bank of Ireland Group PLC: BBB/Stable/A-2 Bank of Ireland: A/Stable/A-1 Group SACP: bbb+ Anchor: bbb+ Business position: Adequate (0) Capital and earnings: Strong (+1) Risk position: Moderate (-1) Funding and liquidity: Adequate and adequate (0) Comparable rating analysis: 0 Support: +2 ALAC Support: +2 GRE Support: 0 Group Support: 0 Sovereign Support: 0 Additional Factors: 0 ESG credit indicators: E-2, S-2, G-2 Permanent TSB Group Holdings PLC (holdco) and Permanent TSB PLC (opco) Primary analyst: Letizia Conversano S&P said, "We revised upward PTSB's group SACP to 'bbb-' from 'bb+' to reflect the improvements we have seen in the economic risk profile of Irish banking sector, including PTSB, and the resulting strengthening of the group's creditworthiness. "Our ratings on PTSB reflect the bank's efforts to clean up its balance sheet over the past decade--with NPEs decreasing to 3.3% of its customer loans at March-end 2023, from 27.5% as of December 2016--as well as our expectation that the bank's NPEs will remain below 4% of its customer loans in 2023-2025. This is thanks to a generally supportive economic environment and good underwriting standards. At the same time, our ratings incorporate the challenges the bank may face to build a solid domestic franchise in a banking system dominated by the two big domestic banking groups, AIB and BOI. "We now consider that the bank's RAC ratio could remain comfortably above 15% in 2023-2025. That said, our projections incorporate some level of uncertainty around the bank's ability to expand its customer loan portfolio without eroding the net interest margin, as well as around the bank's excess capital and dividend policy. We also consider that the bank's profitability--although improving--is still below that of its peers, as measured by our earnings buffer. As a result, we maintain our capital and earnings assessment. "The stable outlook on PTSB reflects that we expect the bank to continue pursuing strategic initiatives to expand its franchise into the mortgage and SME domestic markets and boosting its risk-adjusted returns, while maintaining sound asset quality, in line with its peers." Upside scenario S&P said, "We could raise the ratings on PTSB over the next 18-24 months if considered that the bank's strategic initiatives underpin a competitive advantage in the domestic market and allow the Irish banking group to develop a more diversified, cost-efficient, and profitable business model throughout the credit cycle. We could also upgrade the bank if we observed that its RAC ratio were to stay sustainably above the 15% threshold, while improving its profitability metrics in line with peers and keeping sound asset quality metrics." Downside scenario Although not in S&P's central scenario, it could downgrade the bank over the 18-24-month outlook horizon if its asset quality metrics were to deteriorate more than peers'. Permanent TSB Group Holdings PLC: BB+/Stable/B Permanent TSB PLC: BBB+/Stable/A-2 Group stand-alone credit profile: bbb- Anchor: bbb+ Business position: Constrained (-2) Capital and earnings: Strong (+1) Risk position: Moderate (-1) Funding and liquidity: Adequate and adequate (0) Comparable rating analysis: 0 Support: +2 ALAC support: +2 GRE support: 0 Group support: 0 Sovereign support: 0 Additional Factors: 0 ESG Credit Indicators: E-2, S-2, G-2 Ireland TO FROM BICRA GROUP 3 4 ECONOMIC RISK 3 4 Economic Resilience Low Risk Low Risk Economic Imbalances Intermediate Risk High Risk Credit Risk In The Economy Intermediate Risk Intermediate Risk Economic Risk Trend Stable Stable INDUSTRY RISK 4 4 Institutional Framework Intermediate Risk Intermediate Risk Competitive Dynamics High Risk High Risk Systemwide Funding Low Risk Low Risk Industry Risk Trend Stable Stable Banking Industry Country Risk Assessment (BICRA) economic risk and industry risk scores are on a scale from 1 (lowest risk) to 10 (highest risk). PERRIGO COMPANY: Fitch Alters Outlook on 'BB+' IDR to Negative -------------------------------------------------------------- Fitch Ratings has affirmed Perrigo Company plc's Issuer Default Rating (IDR) at 'BB+' and the debt ratings of its subsidiaries, including Perrigo Company plc's senior unsecured notes at 'BB+'/'RR4', Perrigo Finance Unlimited Company's senior unsecured notes at 'BB+'/'RR4', and Perrigo Investments LLC's senior secured revolver and term loans at 'BBB-'/'RR1'. The revision of the Rating Outlook to Negative from Stable reflects the challenge that the company may not reduce EBITDA leverage (total debt/EBITDA) to 4.0x or below by mid to late 2024 through operating business improvement including margins, despite Fitch's expectation that the company will pay down $700 million of debt in 2024. The company needs to execute on improvements in its manufacturing footprint, expanding markets for HRA-acquired products and operating efficiencies. KEY RATING DRIVERS Acquisition and Elevated Leverage: The acquisition of HRA Pharma added three category-leading self-care brands in blister care, women's health and scar care to Perrigo's product portfolio. These platforms offer higher growth and margins relative to Perrigo's base business. Fitch expects that the company will be able to generate at least EUR50 million in annual cost synergies during in 2024. The integration appears to be progressing on track. There are also likely some attainable revenue synergies, but Fitch has not incorporated any into its forecast. The acquisition consumed balance sheet cash, which will prevent Perrigo from reducing debt in the near term, stressing leverage. Business Transformation/Restructuring: The company has largely completed its effort to transform its business in order to support margins and further strengthen its competitive position. Over the last four years, the company reorganized in order to refocus on priorities, increase efficiencies and improve growth, targeting $100 million in net savings by 2022. Perrigo divested its generic prescription pharmaceuticals business for $1.5 billion in cash in 2021. In addition, the company divested its animal health, international prescription drug businesses and other businesses. On the sales growth side, the company completed a number of targeted acquisitions in existing or adjacent product categories, and Fitch expects this strategy to continue. The company acquired the Nestle plant and Good Start brands in the U.S. and Canada for $110 million. The $170 million includes $60 million of anticipated capex to expand plant capacity. Scale and Diversification: Perrigo is by far the largest manufacturer of private label over-the-counter (OTC) medicines. The company generates nearly half of its sales from branded products and half from store brand products when accounting for HRA on a pro forma full year basis. The company's significant scale positions it well to serve a broad range of customers, including large retailers. Perrigo serves Walmart, Target, Walgreens, CVS, Sam's Club, Amazon, Costco and a number of large drug distributors. Walmart is Perrigo's largest customer and accounts for roughly 13% of sales and the next 10 largest customers account for 41% of sales. In addition, no product category accounts for more than 14% of total sales. The company generates roughly 64% of its revenues in the U.S., 35% in Europe and 1% in other geographies. Tax Liability Significantly Reduced: The company has resolved its Athena tax assessment of $843 million and the potential interest penalty, which required no payment by Perrigo. Perrigo also resolved its Irish Tax Assessment risk for EUR266 million in cash. Perrigo plc funded it with the proceeds of a EUR350 million Belgian arbitration award. Consistently Positive FCF: Perrigo is a consistent generator of positive FCF. The company benefits from relatively reliable demand, generally stable margins and manageable capex. Fitch expects the company to generate roughly $100 million to $200 million in annual FCF during the forecast period. However, contingent liability and tax disputes could offset the expected results at some point in the future. Dependable Demand: Consumer health care products and prescription medicines benefit from relatively reliable demand. Sales tend to be recession-resistant as most people prioritize health care needs. OTC medicines can be purchased without a physician's prescription and offer relief for some non-critical medical issues. In addition, private label brands offer less costly alternatives to brand-name products, attracting cost-conscious consumers, while at the same time offering higher margins to retailers. Consumers have been gradually switching to private-label alternatives. DERIVATION SUMMARY Perrigo's most relevant peer is P&L Development Holdings, LLC's (CCC+), as both manufacture and market private label OTC health care products. Perrigo is significantly larger and more diverse in terms of products and geographies. Nevertheless, P&L Development Holdings, LLC offers an alternative to retailers as the second-largest player in the space. In addition, Perrigo operates with leverage (total debt/EBITDA) significantly lower than P&L Development Holdings. Both companies' products are mainly paid for by large retailers with meaningful negotiating power. KEY ASSUMPTIONS - Revenues grow organically about 3% annually driven by digestive health products and nutritional products in CSCA segment; - Margins increase moderately; - Annual FCF of roughly $200 million-$300 million; - Small tuck-in acquisitions targeting OTC products; - $700 million of debt maturing in 2024 is paid down. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - Gross leverage (total debt/EBITDA) is sustained below 3.5x, driven by EBITDA growth and some debt reduction; - Successful integration of HRA Pharma; - Near-term M&A is targeted and doesn't negatively affect Perrigo's deleveraging ability. Factors that could, individually or collectively, lead to negative rating action/downgrade: - Gross leverage (total debt/EBITDA) sustainably above 4.0x 18-24 months post HRA acquisition; - Integration issues with HRA that would materially and durably stress operating or financial performance; - Additional leveraging M&A in the near term. LIQUIDITY AND DEBT STRUCTURE Fitch expects Perrigo to maintain adequate liquidity throughout the forecast period. At April 1, 2023, Perrigo had balance sheet cash of approximately $553 million and full availability on its $1 billion revolving credit agreement and Fitch's expectation of $100 million to $200 million of FCF per year. After the recent refinancing, debt maturities are manageable with $700 million due in 2024 and $2.81 billion thereafter. It is worth noting that the company completed its acquisition of HRA on May 2, 2022. ISSUER PROFILE Perrigo is the largest manufacturer of private label OTC medicines. The company focuses on the quality and affordability of its products. P&L Development, the second-largest firm in the space is significantly smaller and less diversified than Perrigo. 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 ----------- ------ -------- ----- Perrigo Finance Unlimited Company senior unsecured LT BB+ Affirmed RR4 BB+ Perrigo Company plc LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ Perrigo Investments LLC senior secured LT BBB- Affirmed RR1 BBB- ========= I T A L Y ========= SAIPEM SPA: Moody's Affirms 'Ba3' CFR & Alters Outlook to Positive ------------------------------------------------------------------ Moody's Investors Service changed the outlook of Saipem S.p.A. (Saipem) and Saipem Finance International B.V. to positive from stable and also affirmed Saipem's long term corporate family rating at Ba3 and its probability of default rating at Ba3-PD. RATIONALE FOR CHANGING THE OUTLOOK TO POSITIVE The outlook change to positive reflects Saipem's progress on its transformation plan as evidenced by improving margins and Moody's expectations for continued improvement in EBITDA and cash flow. Saipem's EBITA margin rose to 4.2% in 2022 from -22.1% in the previous year, and Moody's expects its EBITA margin to expand towards 8% in 2023, supported by the conclusion of loss making contracts related to offshore wind and the sizeable new order intake with a strong contribution from the typically higher than average profitability at the offshore segment. Amidst the very strong business environment, Saipem reported about EUR12.9 billion of new orders in 2022, up from EUR7 billion in 2021. Given its strong technological capabilities in complex offshore oil and gas production and particularly around the LNG value chain, Moody's believe Saipem will continue to benefit from the much-improved business environment for the OFS sector. High oil and gas prices for 2023 in combination with the European efforts to diversify its gas supply away from Russia are likely to result in new and profitable business for Saipem, especially in its offshore segment. Strong demand for Saipem's services and products will also likely improve payment terms and speed of cash collection and hence positively impact working capital and cash generation. High utilization rates of its offshore drilling fleet and increasing day rates also support profitability and cash generation. Consequently, the rating agency expects Saipem debt/EBITDA to decline from the very high 7.6x at the end of 2022 towards 4.0x by the end of 2023, in line with expectations for its Ba3 rating, and for cash generation to improve meaningfully. RATINGS RATIONALE The Ba3 long term corporate family rating takes into the company's sizeable and diversified backlog and its strong market position as one of the top engineering and construction (E&C) companies in the oil and gas (O&G) industry, especially in the offshore segment and the LNG value chain. Furthermore, it reflects Moody's expectation that the company's two main shareholders with direct and indirect ties to the Government of Italy (Baa3 negative) – the oil and gas producer Eni S.p.A. (Baa1 negative) and the country's promotional institution for economic development Cassa Depositi e Prestiti S.p.A. (Baa3 negative) through its subsidiary CDP Industria S.p.A will continue to provide support to Saipem if needed. In total both own 44% in Saipem's share capital. Both shareholders have participated in the capital increase according to their respective stakes. LIQUIDITY Saipem's liquidity is good following the EUR2 billion capital increase in summer 2022 and the closing of the RCF and SACE loan in February 2023. At end of Q1 2023 Saipem's available cash balance stood at around EUR1.5 billion. This in combination with the access to a fully committed and undrawn EUR470 million RCF maturing in February 2026 and a EUR390 million SACE facility maturing in December 2028 (to be drawn in Q2 2023) will be more than sufficient to finance day to day cash needs, capex spending and the EUR500 million backed senior unsecured bond maturity in September 2023 issued by Saipem Finance International B.V. Saipem's management has communicated to the market that it will not pay any dividends until the company generates meaningful positive free cash flow and sustains a net cash position. ESG CONSIDERATIONS Corporate governance considerations were among the key drivers of this action, reflecting Saipem's progress on its restructuring plan and its new senior management (both CEO and CFO joined in 2022) building a track record of improving the business. Environmental considerations include the ongoing shift from oil business toward businesses related to natural gas and renewable energy. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Saipem's Ba3 CFR could be upgraded if the company built a track record of its Moody's adjusted FFO/debt sustainably above 20%, generates meaningful free cash flow on a sustained basis and its Moody's adjusted gross debt/EBITDA declines sustainably below 4.0x, while maintaining strong liquidity and improving its track record of project execution and consistent profitability. Conversely, Saipem's CFR could be downgraded if its Moody's adjusted gross debt/EBITDA remained sustainably above 4.5x; its Moody's adjusted FFO/debt remained sustainably below 15%; or its liquidity deteriorated, or the company experience further material delays or additional costs when executing its projects. LIST OF AFFECTED RATINGS Issuer: Saipem S.p.A. Affirmations: LT Corporate Family Rating, Affirmed Ba3 Probability of Default Rating, Affirmed Ba3-PD Outlook Actions: Outlook, Changed To Positive From Stable Issuer: Saipem Finance International B.V. Affirmations: BACKED Senior Unsecured Medium-Term Note Program, Affirmed (P)Ba3 BACKED Senior Unsecured Regular Bond/Debenture, Affirmed Ba3 Outlook Actions: Outlook, Changed To Positive From Stable PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Construction published in September 2021. COMPANY PROFILE Headquartered in Milan, Italy, Saipem S.p.A. (Saipem) is a leading company in the engineering, procurement and construction of large-scale projects in the energy and infrastructure industries. In 2022, Saipem generated revenue of around EUR10 billion with a workforce of around 32,000 employees, including around 6,000 engineers. The company is active in the world's key O&G regions. Company's shareholders include the Italian Government and ENI which together owe 44% in Saipem's share capital. The market valued the company at about EUR2.6 billion on June 9, 2023. =================== K A Z A K H S T A N =================== EURASIAN BANK: Moody's Ups Deposit Ratings to B1, Outlook Positive ------------------------------------------------------------------ Moody's Investors Service has upgraded long-term deposit ratings, Counterparty Risk Ratings (CRRs) and Counterparty Risk Assessments (CR Assessments) as well as Baseline Credit Assessments (BCAs) and Adjusted BCAs of three Kazakh banks, namely: Eurasian Bank, Bank CenterCredit (BCC) and Bank RBK JSC (Bank RBK). The outlooks on the banks' long-term deposit ratings remain positive. Concurrently, Moody's upgraded BCC's long-term national scale bank deposit rating to Baa2.kz from Ba1.kz and its long-term national scale CRR to A3.kz from Baa2.kz. All other ratings and assessments were affirmed. RATINGS RATIONALE The ratings upgrades reflect recent improvements in the asset quality, profitability and solvency of these three Kazakh banks. The banks have benefitted from significant improvement in the operating environment in 2022 which enabled them to address their key credit weaknesses: poor asset quality and profitability as well as modest capital adequacy. Stronger revenues allowed significant improvement in provisioning coverage of problem loans, while the work-out of problem loans and better credit quality of new loans (given tighter underwriting standards and better lending opportunities) reduced the share of problem loans. Moody's expects that the banks will be able to maintain these achievements and further improve asset quality and solvency (as provisioning coverage will continue to grow) while profitability and liquidity will remain good. In 2022, the departure from Kazakhstan of the subsidiaries of Russian banks enabled local banks to obtain new clients and reduced competition and this, together with a high inflation environment, led to growth of interest margins. Higher FX income due to high volatility of the local currency and higher cross-border transactions was also one of the key revenue contributors for Kazakh banks. This rating action also reflects a revised assessment as per Moody's Investors Service's General Principles for Assessing Environmental, Social and Governance (ESG) Risks Methodology. Positive improvements in credit metrics as a result of better risk management and more cautious strategies, as well as lower related party transactions (in case of Eurasian Bank) are reflected in a better governance issuer profile scores of G-3 compared to previously assigned scores of G-4 for the three banks. As a result, the banks' ESG credit impact scores improved to CIS-3 from CIS-4. BANK-SPECIFIC RATING DRIVERS EURASIAN BANK Moody's has upgraded Eurasian Bank's long-term deposit ratings to B1 from B2 and its BCA and Adjusted BCA to b2 from b3. The upgrade of the BCA to b2 from b3 reflects significant progress in improvements in asset quality whereby the share of problem loans (defined as Stage 3 and POCI loans, according to IFRS 9 accounting standard) in the bank's gross loan book decreased to around 13% at end-2022 from 22% at end-2021 and 29% at end-2020. Also, Eurasian Bank has significantly improved its provisioning coverage of problem loans by loan loss reserves to 116% at end-2022 from 65% at end-2020. As a result, the risk for the bank's solvency stemming from the previously high uncertainty surrounding the future performance of legacy problem assets has substantially reduced: the share of problem loans relative to the sum of the bank's tangible common equity and loan loss reserves fell to around 41% at end-2022 from around 65% at end-2021 and 87% at end-2020. The bank's profitability has also improved: return on average assets grew to over 4% in 2022 from historically weak levels below 1%. The rating upgrade also reflects reduced appetite for related party lending: Eurasian Bank has reduced loans to related parties to 3% of the loan portfolio or 13% of tangible common equity at end-2022 from 7% and 49%, respectively, two years earlier. Eurasian Bank's B1 deposit ratings are based on its b2 BCA and a one-notch uplift, given Moody's assessment of high probability of support from the Government of Kazakhstan (Baa2 stable). BANK CENTERCREDIT Moody's has upgraded BCC's long-term deposit ratings to Ba3 from B1 and its BCA and Adjusted BCA to b2 from b3. The upgrade of the BCA reflects significant improvement in asset quality, with the share of problem loans in the bank's gross loan book decreasing to around 7% at end-2022 from 13% at end-2021 and 20% at end-2020. BCC has also significantly improved its coverage of problem loans by loan loss reserves to 75% at end-2022 from a modest 58% at end-2021. As a result, the share of problem loans relative to the sum of the bank's tangible common equity and loan loss reserves fell to around 38% at end-2022 from around 68% at end-2021 and 94% at end-2020. Furthermore, pressure on capital from repossessed collateral is also decreasing as the bank is gradually selling the collateral while its capital grows. At end-2022, repossessed collateral accounted for 28% of tangible common equity, down from 54% at end-2021. During 2022, the bank reported net income to average assets at around 5%. Moody's expect this will moderate to around 2% in the next 12-18 months due to the absence of a one-off gain from the acquisition of Alfa-Bank and some reduction of exceptional gains from FX transactions in 2022. In 2022, the bank acquired a local subsidiary of Russia's Alfa-Bank at a low price. The latter was subject to the US sanctions and was included in the SDN list. As a result, BCC recorded a significant gain on the acquisition and grew its loan portfolio, with Alfa-Bank's loan portfolio accounting for around 19% of the BCC's loan book at the beginning of 2022. Moody's expects that profitability will remain significantly better than what was achieved by the bank previously (around 1%) due to stronger margins while non-interest income will be supported by the growing retail franchise. The latter will benefit from Alfa-Bank's good distribution platform. The upgrade of the BCC's long-term national scale deposit rating and CRR reflects improvements of credit metrics such as asset quality, solvency and profitability which position the bank more strongly within the national scale rating bands corresponding to the global scale ratings. BCC's Ba3 long-term deposit ratings are based on its b2 BCA and a two-notch uplift, given Moody's assessment of high probability of support from the Government of Kazakhstan. BANK RBK JSC Moody's has upgraded Bank RBK's long-term deposit ratings to B1 from B2 and its BCA and Adjusted BCA to b2 from b3. The upgrade of the BCA to b2 from b3 reflects significant progress in improvements in asset quality: the share of problem loans in the bank's gross loan book decreased to 7% at end-2022 from 10% at end-2021 and 20% at end-2020. The bank's strategy is to pursue a low risk model via lending to large corporates and low risk retail, where over 75% of new retail loans are issued to individuals who have their salary accounts with Bank RBK. As a result Moody's expects that asset quality will improve further. The rating agency adds that Bank RBK has significantly improved its provisioning coverage of problem loans by loan loss reserves to a more reasonable 70% from a weak 52% a year earlier. As a result, the share of problem loans relative to the sum of the bank's tangible common equity and loan loss reserves fell to around 39% at end-2022 from around 51% at end-2021 and 76% at end-2020, a trend which Moody's expects to continue. The good level of collateral on the remaining legacy problem loans and the track record of successful problem loan work-outs are considered to be additional risk mitigants. Furthermore, pressure on capital from repossessed collateral is also decreasing as the bank is gradually selling collateral while its capital grows: at end-2022, repossessed collateral and other assets originated as a result of the problem loans work-out (e.g. investment property, debt of collectors) accounted for 55% of tangible common equity, down from 67% at end-2021. Profitability was good in 2022, with return on average total assets above 2% (compared to 1% in 2021), and better than historic levels. This improved on the back of higher foreign exchange income and higher net interest margin which benefited from high inflation. Bank RBK's B1 deposit ratings are based on its b2 BCA and a one-notch uplift, given Moody's assessment of moderate probability of support from the Government of Kazakhstan. RATIONALE FOR THE POSITIVE OUTLOOKS The positive outlooks on the long-term deposit ratings reflect Moody's expectations that the three banks will be able to further improve their asset quality, solvency and profitability, despite potential geopolitical pressures which may impact the local operating environment. Asset quality and loss absorption capacity will likely improve as they continue to grow better quality loan portfolios and increase loan loss reserve coverage. Lower pressure from legacy problem loans on profitability due to diminished need to create reserves, a higher share of performing loan portfolios and high interest rate environment (which support margins) as well as strong non-interest income generated by a larger retail base which will benefit from increasing digitalisation will support performance in the next 12-18 months. Improving efficiency, especially for BCC as it optimises costs after acquisition of Alfa-Bank will also support profitability. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS The three banks' CIS-3 indicates that ESG considerations have a limited impact on the current ratings with potential for greater negative impact over time, mainly due to negative impact of governance risks on the credit ratings. The banks' exposure to environmental and social risks has a limited impact on the ratings. The banks face high exposure to environmental risks (E-4), primarily because of their portfolio exposure to carbon transition risk as a result of lending to carbon-intensive industries or industries which are indirectly exposed to carbon transition risks. The important role played by hydrocarbons in the Kazakhstan economy increases the vulnerability to carbon transition risks. The banks face moderate exposure to social risks (S-3) related to regulatory and litigation risk requiring the banks to meet high compliance standards. The banks' exposure to governance risks is moderate (G-3), reflecting their concentrated ownership, insufficient board oversight and institutional weaknesses in Kazakhstan, which are however partially balanced by improvement in risk management reflected in better fiscal buffers, especially loss absorption capacity and profitability. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's expects that the ratings could be upgraded if the three banks further improve asset quality and capital adequacy, loan loss provisions continue to cover at least 70% of problem loans while return on average assets will not decrease below 2% in the next 12-18 months. Maintenance of strong liquidity is also an essential factor for ratings upgrade. At the same time, Moody's views the banks' current rapid loan book growth and exposure to potential downside pressure from the operating environment as a source of uncertainty over the future asset performance, profitability and capital levels. The outlook on the banks' long-term deposit ratings could be changed to stable in case of a failure to preserve the positive achievements in asset quality, capitalisation and profitability. LIST OF AFFECTED RATINGS Issuer: Bank CenterCredit Outlook Actions: Outlook, Remains Positive Upgrades: - Adjusted Baseline Credit Assessment, Upgraded to b2 from b3 - Baseline Credit Assessment, Upgraded to b2 from b3 - LT Counterparty Risk Assessment, Upgraded to Ba2(cr) from Ba3(cr) - LT Counterparty Risk Rating (Foreign Currency), Upgraded to Ba2 from Ba3 - LT Counterparty Risk Rating (Local Currency), Upgraded to Ba2 from Ba3 - NSR LT Counterparty Risk Rating (Local Currency), Upgraded to A3.kz from Baa2.kz - LT Bank Deposits (Foreign Currency), Upgraded to Ba3 POS from B1 POS - LT Bank Deposits (Local Currency), Upgraded to Ba3 POS from B1 POS - NSR LT Bank Deposits (Local Currency), Upgraded to Baa2.kz from Ba1.kz Affirmations: - ST Counterparty Risk Assessment, Affirmed NP(cr) - ST Counterparty Risk Rating (Foreign Currency), Affirmed NP - ST Counterparty Risk Rating (Local Currency), Affirmed NP - ST Bank Deposits (Foreign Currency), Affirmed NP - ST Bank Deposits (Local Currency), Affirmed NP Issuer: Bank RBK JSC Outlook Actions: Outlook, Remains Positive Upgrades: - Adjusted Baseline Credit Assessment, Upgraded to b2 from b3 - Baseline Credit Assessment, Upgraded to b2 from b3 - LT Counterparty Risk Assessment, Upgraded to Ba3(cr) from B1(cr) - LT Counterparty Risk Rating (Foreign Currency), Upgraded to Ba3 from B1 - LT Counterparty Risk Rating (Local Currency), Upgraded to Ba3 from B1 - LT Bank Deposits (Foreign Currency), Upgraded to B1 POS from B2 POS - LT Bank Deposits (Local Currency), Upgraded to B1 POS from B2 POS Affirmations: - ST Counterparty Risk Assessment, Affirmed NP(cr) - ST Counterparty Risk Rating (Foreign Currency), Affirmed NP - ST Counterparty Risk Rating (Local Currency), Affirmed NP - ST Bank Deposits (Foreign Currency), Affirmed NP - ST Bank Deposits (Local Currency), Affirmed NP Issuer: Eurasian Bank Outlook Actions: Outlook, Remains Positive Upgrades: - Adjusted Baseline Credit Assessment, Upgraded to b2 from b3 - Baseline Credit Assessment, Upgraded to b2 from b3 - LT Counterparty Risk Assessment, Upgraded to Ba3(cr) from B1(cr) - LT Counterparty Risk Rating (Foreign Currency), Upgraded to Ba3 from B1 - LT Counterparty Risk Rating (Local Currency), Upgraded to Ba3 from B1 - LT Bank Deposits (Foreign Currency), Upgraded to B1 POS from B2 POS - LT Bank Deposits (Local Currency), Upgraded to B1 POS from B2 POS Affirmations: - ST Counterparty Risk Assessment, Affirmed NP(cr) - ST Counterparty Risk Rating (Foreign Currency), Affirmed NP - ST Counterparty Risk Rating (Local Currency), Affirmed NP - ST Bank Deposits (Foreign Currency), Affirmed NP - ST Bank Deposits (Local Currency), Affirmed NP PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks Methodology published in July 2021. ================= L I T H U A N I A ================= SIAULIU BANKAS: Moody's Rates New Tier 2 Subordinated Notes 'Ba1' ----------------------------------------------------------------- Moody's Investors Service has assigned a Ba1 domestic currency subordinated debt rating to Siauliu Bankas, AB's proposed Tier 2 notes. All other ratings and rating assessments remain unaffected by the rating action. Ratings on subordinated instruments do not carry outlooks. The rating incorporates the Baseline Credit Assessment of baa3, and one negative notch as per Moody's Advanced Loss Given Failure (LGF) analysis. RATINGS RATIONALE ASSIGNMENT OF SUBORDINATED DEBT RATING Siauliu Bankas plans to issue subordinated notes qualifying as Tier 2 capital under its subordinated debt issuance program. The Ba1 subordinated debt rating takes into account the very high expected loss rate in case of failure as indicated by LGF. The very high loss rate reflects both the subordination to senior creditors and the uncertainty associated with the timing of a potential write-off. The notes will also count as Tier 2 capital in accordance with European Union's Capital Requirements Regulation (CRR). FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Siauliu Bankas's subordinated debt rating could be upgraded should the bank's standalone strength improve; with a lower long-term problem loans to gross loans ratio and higher coverage ratio, and strong capitalization with tangible common equity/risk weighted assets (TCE/RWA) above 16%, and recurring net income to tangible assets above 1.5%, while maintaining a strong liquidity profile and improving the maturity profile of its debt issuance. The rating could also be upgraded following significant issuances of Tier 2 instruments or more subordinated instruments. Conversely, downward pressure on Siauliu Bankas's subordinated debt rating could develop if the operating environment deteriorated more than expected, resulting in a significant deterioration in the bank's asset quality, profitability or capital. An unsuccessful refinancing of its outstanding senior debt could also trigger a downgrade of the rating. Furthermore, the rating could come under pressure if the risk appetite of the bank was to increase, resulting in a weakening of its asset quality or increase volatility in its earnings. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Banks Methodology published in July 2021. =================== L U X E M B O U R G =================== ALTICE INT'L: Moody's Lowers CFR to B3 & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Investors Service has downgraded to B3 from B2 the long term corporate family rating, and to B3-PD from B2-PD, the probability of default rating of Altice International S.a.r.l. ("Altice International"), a telecoms operator with operations in Portugal, Israel, Dominican Republic and the owner of TEADS. Concurrently, Moody's has downgraded to Caa2 from Caa1 the backed senior unsecured instrument ratings on Altice Finco S.A. and to B3 from B2, the backed senior secured and senior secured bank credit facility instrument ratings of Altice Financing S.A. The outlook on all entities has changed to stable from negative. "The ratings downgrade reflects the prolonged deterioration in Altice International's credit metrics and the expectation that they will not improve to levels commensurate with the exiting B2 ratings over the next 12 to 24 months, despite the company's steady operating performance," says Ernesto Bisagno, a Moody's Vice President -- Senior Credit Officer -- and lead analyst for Altice International. "The rating action also takes into account the company's reduced financial flexibility owing to the recent EUR320 million dividend payment, and its ongoing weak free cash flow generation which will be further pressured by the increased cost of debt," added Mr. Bisagno. RATINGS RATIONALE The rating downgrade reflects the fact that Altice International continues to operate with high leverage levels that exceed the maximum tolerance levels for the previous B2 rating category. In addition, in Q1 2023, Altice International distributed a EUR320 million dividend and paid EUR178 million to group companies, which amounted to a total cash leakage of almost EUR500 million, further constraining deleveraging. Although the distribution was in accordance with the company's commitment to maintain its reported net debt/EBITDA at 4.0x-4.5x (4.6x as of March 2023), it reduced its financial flexibility at a time of increased uncertainty because of weakened economic conditions and the need to refinance the 2025 debt maturities at higher interest rates. Moody's also notes that the credit quality of Altice International reflects the overhang derived by the fact that the credit silo is fully controlled by the French entrepreneur Mr Patrick Drahi, as there is a track record of using the financial flexibility of the stronger credit silos within the Altice group in Europe, in other to support other initiatives of the broader group. Moody's acknowledges Altice International's recent solid operating performance, and expects EBITDA growth to remain steady over the next 12-18 months because of revenue growth from the contribution of its acquired assets and an additional contribution from its fiber product, in particular in Portugal. However, free cash flow (FCF) will be negative because of the increased shareholder distributions and the loans granted to group companies. FCF will improve in 2024, driven by stronger EBITDA growth, which will be partially offset by higher interest expenses. As a result, there is potential for the Moody's-adjusted debt/EBITDA ratio to decline below 6.0x in 2023-24. However, Altice International operations are exposed to earnings volatility in Israel and Dominican Republic, mostly associated with the fluctuation of the local currencies versus the euro. In addition, any deleveraging trajectory would be driven by the company's ability to continue to grow its earnings, despite the competitive nature of the markets where it operates, and to improve the weak FCF generation. The B3 rating of Altice International reflects (1) the company's geographical diversification and strong market position in the countries where it operates; (2) its large scale; and (3) the well-invested fibre-rich infrastructure. The ratings are constrained by (1) its highly leveraged capital structure, with its Moody's-adjusted debt/EBITDA ratio at 6.1x in 2022; (2) its weak FCF; (3) the competitive intensity in its core markets and the exposure to earnings volatility in some emerging markets; and (4) the complexity of the group structure, as the company fully consolidates its fibre network in Portugal (Fastfiber) but only owns 50.01% (pro rata consolidated leverage would be approximately 0.5x higher than reported leverage). LIQUIDITY Altice International has adequate liquidity. As of March 31, 2023, it had cash of EUR290 million plus EUR218 million (out of EUR578 million) of RCFs maturing in February 2027. The RCF is subject to a springing (for drawing higher than 40%) net leverage covenant of 5.25x; net leverage as of the end of Q1 23 was 4.7x (L2QA) implying a 12% headroom. The next upcoming debt maturity includes a EUR600 million backed senior secured bond issued by Altice Financing S.A. due in Q1 2025. While the existing liquidity sources provide some flexibility to cover part of the 2025 maturities, Moody's expects the company to pro-actively address the funding requirements in the near term. STRUCTURAL CONSIDERATIONS The Caa2 rating of Altice International's backed senior unsecured notes, issued at its borrowing vehicle Altice Finco S.A., reflects this instrument's unsecured position relative to the B3-rated instruments in the capital structure. RATIONALE FOR THE STABLE OUTLOOK The stable outlook reflects Moody's expectations that Altice International will maintain steady organic growth, such that its Moody's adjusted leverage will progressively decline below 6.0x over 2023-24. The stable outlook also reflects the expectation that the company will proactively address upcoming debt maturities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the rating may develop over time if Altice International demonstrates sustained improvement in underlying revenue and key performance indicators (KPIs, for example, churn and ARPU), with growing EBITDA in main markets, leading to an improvement in credit metrics, such as: (1) Moody's-adjusted leverage maintained below 5.5x; (2) an improvement in FCF on a consistent basis; and (3) Moody's adjusted EBITDA-Capex/interest ratio higher than 1.5x. Downward pressure on the ratings may develop if Altice International's underlying operating performance weakens, with a sustained decline in revenue and deteriorating KPIs (including churn and ARPU) leading to a deterioration in the group's credit metrics, such as: (1) Moody's-adjusted leverage trending towards 7.0x; or (2) Moody's-adjusted EBITDA-capex/interest expense ratio declining below 1.0x. Failure to address the 2025 refinancing needs in the coming months could also lead to downward pressure on the rating. LIST OF AFFECTED RATINGS Issuer: Altice Financing S.A. Downgrades: Senior Secured Bank Credit Facility, Downgraded to B3 from B2 BACKED Senior Secured Regular Bond/Debenture, Downgraded to B3 from B2 Outlook Actions: Outlook, Changed To Stable From Negative Issuer: Altice Finco S.A. Downgrades: BACKED Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2 from Caa1 Outlook Actions: Outlook, Changed To Stable From Negative Issuer: Altice International S.a.r.l. Downgrades: LT Corporate Family Rating, Downgraded to B3 from B2 Probability of Default Rating, Downgraded to B3-PD from B2-PD Outlook Actions: Outlook, Changed To Stable From Negative PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Telecommunications Service Providers published in September 2022. COMPANY PROFILE Altice International is a multinational fibre, telecommunications, content and media company, with a presence in three key markets: the Dominican Republic, Israel and Portugal. The company also operates globally through TEADS, a media platform. In 2022, Altice International reported revenue and adjusted EBITDA of EUR5 billion and EUR1.8 billion, respectively. COVIS FINCO: EUR309M Bank Debt Trades at 28% Discount ----------------------------------------------------- Participations in a syndicated loan under which Covis Finco Sarl is a borrower were trading in the secondary market around 72.5 cents-on-the-dollar during the week ended Friday, June 16, 2023, according to Bloomberg's Evaluated Pricing service data. The EUR309.6 million facility is a Term loan that is scheduled to mature on February 18, 2027. About EUR301.8 million of the loan is withdrawn and outstanding. Covis Finco SARL is an entity affiliated with Covis Pharma, which is backed by Apollo Global Management. Covis Pharma distributes pharmaceutical products for patients with life-threatening conditions and chronic illnesses. Finco is the borrower under a term loan facility used to refinance existing debt and refinance the debt incurred to finance products acquired from AstraZeneca. Finco has its registered office in Luxembourg. MALLINCKRODT FINANCE: $369.7M Bank Debt Trades at 23% Discount -------------------------------------------------------------- Participations in a syndicated loan under which Mallinckrodt International Finance SA is a borrower were trading in the secondary market around 77.3 cents-on-the-dollar during the week ended Friday, June 16, 2023, according to Bloomberg's Evaluated Pricing service data. The $369.7 million facility is a Term loan that is scheduled to mature on September 30, 2027. About $353.2 million of the loan is withdrawn and outstanding. Mallinckrodt International Finance SA manufactures and distributes pharmaceutical products. The Company's country of domicile is Luxembourg. MALLINCKRODT INTERNATIONAL: $1.39B Bank Debt Trades at 23% Off -------------------------------------------------------------- Participations in a syndicated loan under which Mallinckrodt International Finance SA is a borrower were trading in the secondary market around 77.4 cents-on-the-dollar during the week ended Friday, June 16, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.39 billion facility is a Term loan that is scheduled to mature on September 30, 2027. About $1.33 billion of the loan is withdrawn and outstanding. Mallinckrodt International Finance SA manufactures and distributes pharmaceutical products. The Company's country of domicile is Luxembourg. ODYSSEY EUROPE: Moody's Hikes CFR to B3 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Investors Service has upgraded Odyssey Europe Holdco S.a.r.l.'s ("Olympic", "the company" or "the group") corporate family rating to B3 from Caa1 and upgraded Olympic's probability of default rating to B2-PD from Caa1-PD. Concurrently, Moody's has upgraded the instrument rating on the EUR200 million senior secured notes ("senior notes") due 2025 to B3 from Caa1. The outlook has changed to stable from positive. RATINGS RATIONALE The upgrade of Olympic's CFR to B3 reflects Moody's expectation that Moody's-adjusted gross leverage will decrease towards 4.5x in the next 12 to 18 months, driven by the good recovery in the group's operating and financial performance since 2022. This is reflective of the full-year impact of the transfer back to within the restricted group of the company's online and Lithuanian land-based businesses, and the addition of Croatian land-based activities following the restructuring transaction the group completed in April 2022. Olympic's Lithuanian and online operations had been transferred outside of the group in 2020 when the stake in the company was managed by the former general partner Novalpina Capital. The company's operations were severely affected by strict coronavirus pandemic-related restrictions from 2020 to the first few months of 2022, most particularly in Latvia. The pandemic led to an increase in Moody's-adjusted gross leverage to 18.6x in 2020 and 42.3x in 2021 from 5.3x in 2019. In 2022 and on a pro forma basis, revenue and EBITDA as reported by the company grew respectively by close to 81% and over 109%. As a result, in 2022 leverage decreased to around 5.8x on a non-pro forma basis and comfortably below 5x pro forma for the full-year consolidation of the online, Lithuanian and Croatian land-based businesses, which together added around EUR29 million of additional adjusted EBITDA (as reported by the company, i.e. on a non-IFRS 16 basis). There continues to be, however, some uncertainty with regards to the recovery in Latvian land-based operations given how long casinos have been closed in the country because of the pandemic, adverse regulatory developments and the impact of the Russia-Ukraine war. There is also the risk that inflation continues to pressure margins, most particularly on energy and personnel costs, although the company indicates it has eased or reduced since the beginning of 2023 in its key markets. Olympic's ratings remain supported by the group's leading market position in its countries of operation, barriers to entry because of its strong brand recognition and local knowledge balanced by its small scale, geographical concentration in the Baltic states and exposure to adverse regulatory and tax measures inherent to the gaming sector. STRUCTURAL CONSIDERATIONS The senior notes are rated B3, in line with the CFR. The probability of default rating (PDR) is B2-PD, one notch above the CFR, reflecting Moody's assumption of a 35% recovery rate given the all-bond covenant-lite capital structure. LIQUIDITY Olympic's liquidity is adequate, supported by EUR56.5 million of cash as of the end of March 2023 and no significant debt maturity before December 2025. The company's liquidity is also supported by positive free cash flow generation, although Moody's expect it will be limited in the next one to two years given high interest costs and Moody's expectation of relatively high capital expenditures to support growth projects. Moody's are expecting the company will not make distributions to its shareholders in line with the past two years. RATIONALE FOR STABLE OUTLOOK The stable outlook reflects Moody's expectation that Olympic's EBITDA will be maintained at levels leading to a Moody's-adjusted gross leverage comfortably below 5x and that the company will maintain adequate liquidity with positive free cash flow (FCF) generation. It also incorporates Moody's assumption that the group will address its 2025 debt maturity well ahead of time. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the ratings could arise over time if Olympic demonstrates a longer track record of prudent financial policy, transparent and predictable strategy as well as ability to generate positive incremental cash flows from its expansion in new geographies, and maintains a good liquidity management. Upward pressure on the ratings would require Moody's-adjusted gross leverage to decrease to sustainably below 4.5x and Moody's adjusted EBIT/interest to be above 1.5x while the company maintains solid liquidity with positive FCF generation. The ratings could come under downward pressure if the company's operating performance deteriorates, FCF generation turns negative, Moody's-adjusted gross leverage increases to above 6x or Moody's-adjusted EBIT/interest ratio decreases to below 1.0x. Downward pressure on the ratings would also occur if the group pursues a more shareholder-friendly and less conservative financial policy or engages in sizeable acquisitions that could lead to an increase in leverage and integration risk. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Gaming published in June 2021. COMPANY PROFILE Olympic is a European gaming group with leading positions in the Baltic region, in Estonia, Latvia and Lithuania, as well as operations in Croatia, Slovakia and Malta. The company had a total of 144 casinos as of the end of March 2023 (24 in Estonia, 43 in Latvia, 12 in Lithuania, 60 in Croatia, four in Slovakia and one in Malta). In addition to land-based activities, the group operates an online platform under the brand Olybet. In 2022, Olympic reported EUR214.3 million in revenue and EUR47.6 million in adjusted EBITDA (non-IFRS 16 basis) pro forma for the full-year consolidation of the online, and Lithuanian and Croatian land-based businesses. The stake in Olympic is managed by Treo Capital Advisors since December 2022, by the team that has managed all the assets in the former Novalpina Capital fund since its replacement by Berkeley Research Group. In August 2021, management of the stake in Olympic was transferred from Novalpina Capital to the consulting firm Berkeley Research Group. The company had been acquired by funds managed by Novalpina Capital in 2018 following which it was delisted from the Tallinn Stock Exchange. ===================== N E T H E R L A N D S ===================== SIGMA HOLDCO: Moody's Upgrades CFR to B2, Outlook Stable -------------------------------------------------------- Moody's Investors Service has upgraded to B2 from B3 the long-term corporate family rating and to B2-PD from B3-PD the probability of default rating of Sigma Holdco BV ("Upfield" or "the company"), the parent company of Upfield B.V., a global manufacturer of plant butters and spreads, plant creams, liquids and plant cheeses. Concurrently, Moody's has upgraded to B1 from B2 the ratings on the backed senior secured first lien term loan (TL) due 2025 and on the backed senior secured first lien revolving credit facility ("RCF") due 2025, all borrowed by Upfield B.V. Moody's has also upgraded to Caa1 from Caa2 the backed senior unsecured ratings on the EUR685 million and the $525 million notes due 2026 issued by Sigma Holdco BV. The outlooks on both entities remain stable. "The rating upgrade reflects the company's recent strong performance and the success demonstrated in managing significant commodity price volatility with only modest volume attrition," says Paolo Leschiutta, a Moody's Senior Vice President and lead analyst for Upfield. The recent operating performance improvement above the rating agency's expectation reflects the management's ability to weather the shock in commodity prices, which is a management credibility and track record consideration, part of the governance assessment under Moody's General Principles for Assessing Environmental, Social and Governance Risks Methodology for assessing ESG risks. "The action also reflects that the stronger operating performance has led to an improvement in credit metrics, which will support Upfield in addressing its refinancing requirements in due course," added Mr. Leschiutta. RATINGS RATIONALE The rating upgrade reflects the company's strong performance since the third quarter of 2022 on the back of significant pass-through of high raw material costs to customers, which resulted in only modest volume attrition. The company has been able to raise prices by around 29% in 2022, while containing volume decline to 10.5% (of which 4.0% was as a result of company's controlled actions in an effort to optimize its product offering), leading to 8.9% growth in its normalized EBITDA on a constant currency basis. This stronger performance, together with lower restructuring costs and increasing cost efficiencies are resulting in higher free cash flow (FCF) generation, which the company has applied to reduce debt. As of March 2023, the company's financial leverage, measured as Moody's adjusted gross debt to EBITDA, stood at 6.8x, below the 7.5x reported as of December 2022 and well below the 10.4x reported in 2021. The significant improvement in credit metrics, together with Upfield's solid business profile, provide some buffer to absorb potential pressures on top-line and profitability. Moody's forecasts that the company's leverage will remain around 7.3x in 2023 and 7.1x in 2024. The sustainability of this strong level of performance could be tested due to the ongoing weakness in consumer sentiment, together with shrinking purchasing power, which could result in greater volume volatility as consumers remain more sensitive on their spending and could trade down to cheaper product offerings or to private label. In addition, some of the company's key markets remain highly competitive and the company needs to maintain a certain gap against traditional dairy butter, whose price is related to dairy prices which have started to deflate recently. However, the good results achieved in 2022, which continued in the first quarter of 2023, together with the company's hedging policy, provide a good cushion to allow the company to absorb potential volatility in demand supporting credit metrics in line with the current rating. In addition, potential softer demand in some of the company's traditional plant-based spread products could be offset by stronger momentum in new plant-based food categories such as plant butter, cream and cheese. Moody's notes the progress the company has made in recent years in rejuvenating its product offering from traditional plant spreads to plant creams and plant cheeses. Greater focus on brand positioning across different channels and promotion of health benefits of plant-based products, including plant cheese that is experiencing rapid growth in some key markets like the US and the UK, offer good growth potential. The rating remains supported by Upfield's strong business profile in light of its significant scale, strong portfolio of brands, leading global market positions with extensive geographical diversification, and good growth potential offered by product innovation and expansion into adjacent plant-food categories like cheese. The rating is also supported by the company's positive FCF generation. Refinancing needs remain substantial in light of Upfield B.V.'s outstanding EUR3.9 billion term loan due in July 2025. Moody's derives comfort from the fact that Upfield has already started to address part of these refinancing needs, and that the high cash conversion of the group, derived from high margins and low capex, provide a cushion in terms of cash generation to accommodate a refinancing at higher interest rates. LIQUIDITY Upfield's liquidity is adequate, with cash on balance sheet of EUR189 million as of March 2023, good availability under its EUR700 million RCF (EUR327 million available as of March 2023, as this was partially used in early 2023 to repay some of the more expensive debt) and Moody's expectation for positive FCF (in excess of EUR100 million per annum under Moody's expectations). Covenant capacity has also improved significantly, with the company's net senior secured leverage at 4.9x as of March 2023, against a maximum level of 8.5x. The company faces a debt maturity wall in 2025, although it is progressively addressing these refinancing needs. It recently negotiated maturity extensions of its RCF to October 2027, from January 2025, and the Polish zloty tranche to January 2028 from July 2025, albeit these remain subject to a successful extension of the rest of the term loan maturities. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS The recent operating performance improvement above the rating agency's expectation and the good ability to weather the shock in commodity prices has led Moody's to change the Management Credibility and Track Record score to 4 from 5. As a result, the overall exposure to governance risks (Issuer Profile Score or "IPS") has been changed to G-4 from G-5, while Upfield's overall ESG Credit Impact Score (CIS) has been changed to CIS-4 from CIS-5. STRUCTURAL CONSIDERATIONS The B2-PD probability of default rating, in line with the B2 CFR, reflects Moody's 50% corporate family recovery assumption applicable for mixed bank/bond debt structures. The B1 ratings of the term loans and the RCF reflect the first-lien nature of these facilities with no structural subordination because of the guarantee structure. However, the security package only covers significant assets in the UK and the US, and share pledges, intercompany receivables and some bank accounts in other jurisdictions. The Caa1 senior unsecured rating on the EUR1,150 million equivalent notes reflects the contractual subordination of the notes to the term loan and RCF. RATIONALE FOR STABLE OUTLOOK The stable outlook reflects Moody's expectation that the company's strong operating performance will be sustained such that its Moody's adjusted Debt to EBITDA ratio will remain around 7x over the next 12 to 18 months, which together with solid free cash flow generation over this period should facilitate the refinancing of upcoming debt maturities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be upgraded if the company demonstrates solid top-line growth with improving profitability, leading to significant and sustainable positive FCF generation and a sustainable reduction in leverage towards 6.5x (on a Moody's-adjusted gross debt/EBITDA basis). Before an upgrade, the company will need to address its refinancing needs and demonstrate success in maintaining a Moody's-adjusted EBITA interest cover above 2.0x. The rating could be downgraded if the company fails to maintain the current level of earnings, leading to negative FCF generation over the next 12-18 months, which would weaken liquidity, as illustrated by reduced availability under its RCF or significant deterioration in covenant capacity. Quantitatively, the rating could be downgraded if the company's leverage, on a Moody's-adjusted gross debt/EBITDA basis, remains above 7.5x; or if its Moody's-adjusted EBITA interest coverage ratio declines below 1.5x; or if it fails to address its debt maturity wall at least more than 12 months ahead of this becoming due. LIST OF AFFECTED RATINGS Upgrades: Issuer: Sigma Holdco BV LT Corporate Family Rating, Upgraded to B2 from B3 Probability of Default Rating, Upgraded to B2-PD from B3-PD BACKED Senior Unsecured Regular Bond/Debenture, Upgraded to Caa1 from Caa2 Issuer: Upfield B.V. BACKED Senior Secured Bank Credit Facility, Upgraded to B1 from B2 Outlook Actions: Issuer: Sigma Holdco BV Outlook, Remains Stable Issuer: Upfield B.V. Outlook, Remains Stable PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. COMPANY PROFILE Upfield, formed in 2018, is a global leader in plant-based foods, operating in four categories of plant butters and spreads, plant creams, liquids and plant cheeses, with most of its revenue coming from the sale of plant spreads. In 2022, the company reported revenue of EUR3.37 billion and company-normalised EBITDA of EUR749 million. The company operates largely in retail (89% of revenue) and partially in food service. Upfield is geographically diversified across both developed and emerging markets, with no significant concentration in any one market. Its largest markets are the US, Germany, the UK and the Netherlands. Upfield is controlled by funds managed and advised by Kohlberg Kravis Roberts & Co. Inc. (KKR). =============== P O R T U G A L =============== LUSITANO NO. 5: Fitch Hikes Rating on Class D Notes to 'CCCsf' -------------------------------------------------------------- Fitch Ratings has upgraded Lusitano No. 5 Plc's notes, Lusitano No. 4 Plc's class D notes and Lusitano No. 6 Limited's class B and C notes. The remaining tranches have been affirmed. Nine tranches have been removed from Under Criteria Observation. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Lusitano Mortgages No. 5 plc Class A XS0268642161 LT AA+sf Upgrade A+sf Class B XS0268642831 LT A+sf Upgrade BBB+sf Class C XS0268643649 LT BBB+sf Upgrade B+sf Class D XS0268644886 LT CCCsf Upgrade CCsf Lusitano Mortgages No. 6 Limited Class A XS0312981649 LT AA+sf Affirmed AA+sf Class B XS0312982290 LT AA+sf Upgrade AAsf Class C XS0312982530 LT BBBsf Upgrade BB+sf Class D XS0312982704 LT CCCsf Affirmed CCCsf Class E XS0312983009 LT CCsf Affirmed CCsf Lusitano Mortgages No. 4 Plc Class A XS0230694233 LT AA-sf Affirmed AA-sf Class B XS0230694589 LT A-sf Affirmed A-sf Class C XS0230695552 LT BB+sf Affirmed BB+sf Class D XS0230696360 LT B+sf Upgrade CCCsf TRANSACTION SUMMARY The static Portuguese RMBS transactions comprise residential mortgages originated and serviced by Novo Banco, S.A. KEY RATING DRIVERS Iberian Recovery Rate Assumptions Updated: In the amendment of its European RMBS Rating Criteria on 16 December 2022, Fitch updated its house price decline assumptions and foreclosed sale adjustment. The updates had a positive impact on recovery rates and consequently on the expected losses in Portugal RMBS transactions. This is reflected in the upgrades. Portugal Country Ceiling: The maximum achievable rating for Portuguese structured finance transactions is 'AA+sf', six notches above Portugal's Long-Term Issuer Default Rating (IDR; BBB+/Stable). The Stable Outlook on the notes reflects that on the sovereign rating. Lusitano 5's class A notes and Lusitano 6's class A and B notes are capped at Portugal's country ceiling (AA+), as per Fitch's Structured Finance and Covered Bonds Country Risk Rating Criteria. Increasing CE: The notes are sufficiently protected by credit enhancement (CE) to absorb the projected losses commensurate with the current rating scenarios. Fitch expects structural CE to increase in the short to medium term for Lusitano 6 given the prevailing sequential amortisation. Fitch expects CE for Lusitano 4 and Lusitano 5 to remain reasonably stable considering the pro-rata amortisation of the notes. Performance Outlook: Over the past 12 months, the transactions' asset performance has been stable. The proportion of loans in more than 90 days arrears remained broadly stable (ranging between 0.16% and 0.21% of the current portfolio balance as of the latest reporting dates). Cumulative default rates range between 7.4% and 11.7% for the transactions, which is higher than the market average but they have been stabilising over the last four years. PIR Mitigated: Fitch considers payment interruption risk (PIR) mitigated in the event of a servicer disruption. Fitch deems the available liquidity mitigants sufficient to cover stressed senior fees, net swap payments and senior note interest amounts due while an alternative servicer arrangement is being implemented. Other mitigants include the sweep of cash collections from the servicer into the SPV account bank every two days, and the availability of principal collections on the portfolio to cover any interest shortfalls under certain circumstances. While the reserve fund balances have been volatile in the past, they have recovered and been at their respective target balances since September 2017 for Lusitano 4 and January 2021 for Lusitano 5. The cash reserve is below target (22.4%) for Lusitano 6, but it is the only transaction with a dedicated liquidity reserve. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Long-term asset underperformance such as increased delinquencies or larger defaults, which could be driven by changes in the macroeconomic conditions, interest-rate increases or borrower behavior, could have a negative impact on all three transactions. Lusitano 5's class A notes and Lusitano 6's class A and B notes are capped at Portugal's country ceiling and are at their maximum achievable rating. A downgrade of Portugal's Long-Term IDR could decrease the maximum achievable rating for Portuguese structured finance transactions. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Stable to improved asset performance and increased CE as the transactions deleverage to fully compensate for the credit losses and cash flow stresses that are commensurate with higher rating scenarios could lead to a positive rating impact for all three transactions. Lusitano 5's class A notes and Lusitano 6's class A and B notes are capped at Portugal's country ceiling and are at their maximum achievable rating. An upgrade of Portugal's Long-Term IDR could increase the maximum achievable rating for Portuguese structured finance transactions provided that the CE is commensurate with higher rating stresses. DATA ADEQUACY Lusitano Mortgages No.4 Plc, Lusitano Mortgages No.5 plc, Lusitano Mortgages No.6 Limited Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pools and the transactions. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Fitch did not undertake a review of the information provided about the underlying asset pools ahead of the transaction's Lusitano Mortgages No.4 Plc, Lusitano Mortgages No.5 plc, Lusitano Mortgages No.6 Limited initial closing. The subsequent performance of the transaction[s] over the years is consistent with the agency's expectations given the operating environment and Fitch is therefore satisfied that the asset pool information relied upon for its initial rating analysis was adequately reliable. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. 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. ========= S P A I N ========= BOLUDA TOWAGE: Moody's Affirms B2 CFR & Alters Outlook to Positive ------------------------------------------------------------------ Moody's Investors Service has changed the outlook on Boluda Towage S.L. to positive from stable. Concurrently, Moody's affirmed Boluda's B2 corporate family rating and its B2-PD probability of default rating. "The rating action reflects Boluda's continued strong financial performance during the second half of 2022 and first quarter of 2023, supporting a recovery of credit metrics" says Daniel Harlid, the lead Analyst for Boluda. "Moody's continue to favorably view Boluda's infrastructure-like business and critical importance in the maritime ecosystem and expect that credit metrics will continue to strengthen over the next 2-3 years", Mr. Harlid added. "A continued performance recovery also reflected in solid positive free cash flow generation could support further positive rating pressure over the next quarters", Mr. Harlid continues. RATINGS RATIONALE The outlook change to positive reflects a strong operational and financial performance during 2022 with a result that exceeded pre pandemic levels and corresponding strong credit metrics. Moody's continue to view Boluda's business profile as infrastructure-like which should enable the company to perform very stable through a normal business cycle. In 2022, Boluda's Moody's-adjusted EBIDTA grew by 37% to EUR168 million. The majority of this growth was attributable to an increasing number of port calls of Oil & Gas and Dry Bulk vessels following the outbreak of the war in Ukraine, as well as broad based price increases. As Boluda has a relatively high operational leverage, the revenue increase of EUR111 million yielded an EBITDA increase of EUR46 million in 2022 compared with 2021. Moody's base case incorporates at least sustained volumes and pricing during the next 12-18 months, which should lead to a debt / EBITDA of around 5.3x, comfortably below the requirements for the B1 rating category. Having said that, the positive outlook balances the prospects of sustained strong credit metrics with downside risks such as a highly unpredictable geopolitical landscape that could render a weakened demand for maritime trade. Also, Moody's expects Boluda's EBITA / Interest coverage ratio to be around 1.5x and the FFO coverage ratio to be around 2.8x for the next 12-18 months which is still somewhat below the requirements for the B1 rating category, nonetheless a consequence of rising interest rates. The currently strongly positioned B2 rating also incorporates the company's long history of operating as the sole tug operator in Spanish and French ports, creating high barriers to entry. Another credit strength is the company's relatively conservative financial policy, evidenced by the Boluda family's history of reinvesting results into the business rather than paying large sums of dividends. RATIONALE FOR POSITIVE OUTLOOK The positive outlook incorporates the potential for continued strong financial performance over the next 12-18 months. Moody's base case rests on expectations that Boluda gradually continues to grow revenue and EBITDA, resulting in an EBITA margin of 14%-15% and debt / EBITDA of around 5.3x. During this time, Moody's also expects that the company will continue to control capex spend in a way that safeguards continued positive free cash flow. LIQUIDITY PROFILE Boluda's liquidity is good, supported by a cash balance of EUR58 million as of March 31, 2023, and a revolving credit facility (RCF) of EUR90 million with a tenor of 6.5 years, fully undrawn. Working capital swings are virtually nonexistent. Moody's expects the company to generate around EUR100 million in annual funds from operations (per Moody's projections), the majority of which will be applied towards capital spending for dry docking and new vessels, amounting to EUR60 million - EUR70 million over the next 12-18 months. The terms of the RCF require compliance with one springing covenant, which needs to be tested when the facility is drawn by more than 40% and which, we understand, is set with ample headroom. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive ratings pressure would continue to build if the company sustains a Moody's-adjusted debt / EBITDA below 6.0x, an EBITA/Interest Coverage Ratio moving toward 2.0x and at the same time shows an EBITA margin in the mid-teens percentage wise. A prerequisite for a ratings upgrade would be to continue generating meaningful free cash flow and maintaining good liquidity at all times. Negative ratings pressure could be the result of a debt / EBITDA ratio above 7.0x while sustaining a EBITA margin below 10%. A weakening liquidity profile and free cash flow moving toward zero would also cause negative ratings pressure. LIST OF AFFECTED RATINGS Affirmations Issuer: Boluda Towage S.L. Probability of Default Rating, Affirmed B2-PD LT Corporate Family Rating, Affirmed B2 BACKED Senior Secured Bank Credit Facility, Affirmed B2 Outlook Actions: Issuer: Boluda Towage S.L. Outlook, Changed To Positive From Stable PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. COMPANY PROFILE Headquartered in Madrid, Spain, Boluda is one of the world's largest providers of maritime towage and related services. Its origins date back to the early 19th century and the company has since the start been owned by the same family, Boluda Fos. The company's fleet of close to 300 tug vessels generates the bulk of its revenue in Europe but has operations in Africa and Latin America as well. In 2022 the company reported revenue of EUR574 million and EBITDA of EUR168 million. CAIXABANK CONSUMO 6: Moody's Assigns B3 Rating to EUR220MM B Notes ------------------------------------------------------------------ Moody's Investors Service has assigned the following definitive ratings to Notes issued by CAIXABANK CONSUMO 6, FONDO DE TITULIZACION (the "Issuer"): EUR1,780 million Series A Fixed Rate Asset-Backed Notes due September 2036, Definitive Rating Assigned Aa3 (sf) EUR220 million Series B Fixed Rate Asset-Backed Notes due September 2036, Definitive Rating Assigned B3 (sf) RATINGS RATIONALE The transaction is a 12-month revolving cash securitisation of unsecured consumer loans extended to obligors in Spain by CaixaBank, S.A., (Baa1 Senior Unsecured/(P)P-2, A3(cr)/P-2(cr), A3 LT Bank Deposits). The loans are used for several purposes, such as general consumer purposes, property improvement and auto-related loans such as acquisition and maintenance. CaixaBank, S.A. also acts as asset servicer, collection account bank, calculation agent and paying agent of the transaction. The provisional portfolio of underlying assets consists of unsecured consumer loans originated in Spain, with fixed rates and a total outstanding balance of approximately EUR2,628.2 million. The final portfolio has been randomly selected from the provisional portfolio to match the Notes issuance amount (EUR2,000.0 million). As of May 8, 2023, the pool cut had 332,347 loans with a weighted average seasoning of 13.9 months. All the loans in the pool have been granted to individuals residing in Spain, are amortising loans and pay through direct debit. The loans are used for several purposes, such as home improvements (furniture, decoration, equipment, etc) (23.04%), housing refurbishment works (20.53%) and used vehicles purchase or repairs (19.93%). The pool is granular, with the top 20 borrower exposure amounting to 0.08%. 2.34% of the pool is in arrears up to 30 days. Around 42.0% of the portfolio corresponds to loans approved under calculated limits (pre-approved loans), where the borrower was offered an unsecured consumer loan up to a maximum amount without initiating an application process themselves. Loans approved under calculated limits require the borrower to be an active customer of CaixaBank and meet a minimum behavioural scoring. The transaction benefits from credit strengths such as (i) the quality of the portfolio, which is highly granular, (ii) the fact the transaction is not subject to interest rate risk, (iii) the sequential amortization of the notes and (iv) the financial strength and securitization experience of the originator. Moody's notes that the transaction features some credit weaknesses such as (i) the 42.0% exposure of the portfolio to loans approved under calculated limits; (ii) the 12-month revolving period, during which additional receivables may be sold to the issuer. However, various mitigants have been put in place in the transaction structure such as early amortisation triggers and eligibility and replenishment criteria, (iii) a concentrated portfolio in the region of Cataluna 27.0%. However, this is the originator's region of origin, where it has its highest expertise, and (iii) a high degree of linkage to CaixaBank, S.A. Commingling risk is partly mitigated by the daily transfer of collections to the issuer account and the current rating of Caixabank, S.A. Moody's analysis focused, amongst other factors, on (i) an evaluation of the underlying portfolio of consumer loans and the eligibility and replenishment criteria; (ii) historical performance provided on originator's total book and past consumer loan ABS transactions originated by CaixaBank, S.A; (iii) the credit enhancement provided by subordination, excess spread and the reserve fund; (iv) the revolving nature of the portfolio; (v) the liquidity support available in the transaction by way of principal to pay interest; and (vi) the overall legal and structural integrity of the transaction. MAIN MODEL ASSUMPTIONS Moody's determined a portfolio lifetime expected mean default rate of 6.0%, expected recoveries of 15.0% and a portfolio credit enhancement ("PCE") of 18.5% for the current portfolio of the issuer. The expected defaults and recoveries capture Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expect the portfolio to suffer in the event of a severe recession scenario. Expected defaults and PCE 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 its ABSROM cash flow model to rate consumer ABS transactions. The portfolio expected mean default rate of 6.0% is marginally higher than that of other Spanish consumer loan ABS and is based on Moody's assessment of the lifetime expectation for the pool, taking into account: (i) the historical performance of the loan book of the originator, (ii) the historical performance of prior consumer ABS transactions of Caixabank, S.A, (iii) the potential pool deterioration during the revolving period, in particular in terms of the exposure to certain riskier products such as loans approved under calculated limits, (iv) benchmark loan transactions, and (v) other qualitative considerations. Moody's stressed the results from the historical data analysis to account for (i) the rising trend of defaults on loans approved under calculated limits; (ii) the revolving nature of the portfolio; (iii) the expected outlook for the Spanish economy in the medium term; and (iv) the volatile European economic environment. Portfolio expected recoveries of 15.0% are in line with Spanish consumer loans and are based on (i) the historical recovery vintages received for this transaction; (ii) the historical performance of prior transactions of Caixabank, S.A; (iii) benchmarks loan transactions; and (iv) other qualitative and pool-derived aspects like the revolving period. The PCE of 18.5% is in line with the Spanish consumer loans average. The PCE has been defined following an analysis of data variability, as well as by benchmarking this portfolio with past and similar transactions. Factors that affect the potential variability of a pool's credit losses are (i) historical data variability; (ii) quantity, quality and relevance of the historical performance data; (iii) originator quality; (iv) servicer quality; (v) certain pool characteristics, such as asset geographical concentration and loan characteristics; and (vi) certain structural features, such as the revolving period. METHODOLOGY The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in December 2022. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings of the Notes would be (i) better than expected performance of the underlying collateral, (ii) significant improvement in the credit quality of CaixaBank, S.A., or (iii) a lowering of Spain's sovereign risk leading to the removal of the local currency ceiling cap. Factors or circumstances that could lead to a downgrade of the ratings would be (i) worse than expected performance of the underlying collateral, (ii) deterioration in the credit quality of CaixaBank, S.A., or (iii) an increase in Spain's sovereign risk. DURO FELGUERA: EUR85M Bank Debt Trades at 47% Discount ------------------------------------------------------ Participations in a syndicated loan under which Duro Felguera SA is a borrower were trading in the secondary market around 52.8 cents-on-the-dollar during the week ended Friday, June 16, 2023, according to Bloomberg's Evaluated Pricing service data. The EUR85 million facility is a Term loan that is scheduled to mature on July 27, 2023. The amount is fully drawn and outstanding. Duro Felguera, S.A., through its subsidiaries, manufactures industrial equipment for the mining industry. The Company also markets and sells control systems for producing steel for machinery and railroad components. The Company's country of domicile is Spain. GRUP MEDIAPRO: EUR180M Bank Debt Trades at 16% Discount ------------------------------------------------------- Participations in a syndicated loan under which Grup Mediapro SA is a borrower were trading in the secondary market around 84.3 cents-on-the-dollar during the week ended Friday, June 16, 2023, according to Bloomberg's Evaluated Pricing service data. The EUR180 million facility is a Term loan that is scheduled to mature on December 26, 2025. The amount is fully drawn and outstanding. Grup Mediapro is involved in the European audiovisual sector in content integration, production and audiovisual distribution. The Company's country of domicile is Spain. =========================== U N I T E D K I N G D O M =========================== BREATHE: London Taxpayers Faces GB3MM Loss Following Collapse ------------------------------------------------------------- Mark Kleinman at Sky News reports that London taxpayers could face millions of pounds in losses after an electric vehicle company backed by Sadiq Khan collapsed into administration. Sky News can reveal that the Mayor of London's Energy Efficiency Fund (MEEF) injected more than GBP3 million into Breathe, which provides EVs including Teslas to private-hire drivers. The funds were committed by MEEF just 15 months ago, Sky News discloses. Insolvency practitioners from Begbies Traynor were appointed as administrators to Breathe earlier last week, Sky News relates. The reasons for its collapse were not immediately clear, Sky News notes. According to Sky News, a spokesperson for the mayor said: "The mayor's Energy Efficiency Fund is the largest of its kind in the UK and has already invested in 17 projects across London mobilising over GBP380 million of investment, which is expected to save over 38,000 tonnes of CO2 and nearly 40m kwh of energy. "MEEF's original investment of GBP3.2 million in Breathe represents less than 1% of the total funding mobilised by the fund to date. "The mayor is aware that Breathe has recently entered administration. "The appointed administrators are working with all parties to complete a sale of the business and if needed realise assets to enable the debt to be repaid." Breathe operates a subscription service allowing customers to take full ownership of their car at the end of the period. It also offers financial products including insurance. MEEF was set up by the Greater London Assembly in 2018 to provide debt and equity to small business-owners. BT GROUP: Fitch Assigns 'BB+(EXP)' Rating on Subordinated Notes --------------------------------------------------------------- Fitch Ratings has assigned BT Group plc's (BT; BBB/Stable) proposed benchmark long-dated, subordinated capital securities an expected instrument rating of 'BB+(EXP)'. The proposed securities qualify for 50% equity credit. The securities are being issued by British Telecommunications plc and guaranteed by BT on a subordinated basis. BT has now included subordinated notes as part of their EUR20 billion euro medium-term notes (EMTN) programme. The terms do not materially differ from BT's most recent issue of subordinated notes in November 2021. The notes will have a non-call provision of 5.5 (NC5.5) years. The final rating is contingent on the receipt of final documents conforming materially to the preliminary documentation reviewed. BT's Long-Term Issuer Default Rating (IDR) of 'BBB' reflects its solid business profile, stable to modestly improving operating cash flow, its leverage headroom and a competitive, but rational, market environment. BT closed its financial year to March 2023 with Fitch-defined EBITDA net leverage of 1.8x compared with its downgrade threshold of 2.5x. Fitch expects this metric to rise as the company enters a period of peak capex with its accelerated fibre roll-out, which Fitch believes is important in maintaining its competitive position as well as managing its operating costs. KEY RATING DRIVERS Key Hybrid Features: The expected rating is two notches below BT's IDR, reflecting the highly subordinated nature of the proposed capital securities, their greater loss severity and heightened risk of non-performance relative to senior obligations. The capital securities rank senior only to the share capital of BT and British Telecommunications plc. The 50% equity credit reflects the equity-like characteristics of the proposed issue including subordination, effective maturity of at least five years, full discretion to defer interest coupon payments, limited events of default, as well as the absence of material covenants and look-back provisions. The inclusion of a make-whole call for non-perpetual securities does not affect the instrument rating. Effective Maturity Date of Hybrid: BT's prospective securities have a tenor of 60.5 years. However, Fitch deems the effective maturity of the tranche at 25.5 years from issue. They will have a coupon step-up of 25bp from year 10.5 and an additional step-up of 75bp on the date 20 years after the relevant first reset date. Change-of-Control Clause: The terms of the prospective hybrids will include call rights in the event of a change of control. If this event triggers a downgrade to a non-investment grade rating for BT, the company has the option to redeem all of the securities. If BT elects not to redeem the hybrid securities, the then prevailing Interest rate, and each subsequent interest rate on the securities will increase by 5%. Change-of-control clauses with call options that result in a coupon step-up of up to 500bp, if the hybrid is not called, do not negate equity credit, as per its criteria. Operating Performance Improvement: BT's FY23 reported revenue decline slowed to 1% (up 1% on a BT Sports JV pro-forma basis) from FY22's 2.5%, while Fitch-defined EBITDA margin grew to 34% from 32%. Operating metrics reflected the benefit of inflation-adjusted price increases, increased fibre-to-the-premises (FttP) take up and progress on cost reductions, but also continued weakness in its enterprise division and a challenging UK macroeconomic environment. FCF Remains Negative: BT's EBITDA net leverage was 1.8x while Fitch-defined cashflow from operations (CFO) less capex improved to 1% of total debt for FY23 from -0.9% in FY22. However, as per Fitch's expectations, FCF margin remained at a negative 4%, primarily due to higher cash capex (GBP5.3 billion). Fitch forecasts negative FCF until peak capex, but view such capex as a strategically important investment. Accelerated Network Build: BT's FttP passed a cumulative 10.3 million premises, including 3.1 million premises passed in FY23, and reaching a penetration of 30%. Importantly, build costs were maintained within GBP250-GDP350 per premise. BT has accelerated the pace of build to reach its target of 25 million premises by end-2026. BT is well placed to reach this target, but Fitch estimates an average build of 3.7 million premises annually, higher than BT has managed to date, for it to achieve its target, while managing build and provisioning costs and fibre overbuild competition. Fitch has reflected this in its updated cash capex forecasts, which will be supported by the reinvestment of the UK government's tax benefit on qualifying capex. Furthermore, Fitch believes Ofcom's recent ratification of the new pricing framework Equinox 2 will be supportive of wholesale FttP take up. DERIVATION SUMMARY BT has a strong market position across business and consumer segments and both fixed and mobile product lines. Its regulated local loop access division, Openreach, accounts for about 44% of adjusted EBITDA and provides strong support to the company's credit profile. Weaker FCF, a more competitive UK market environment, regulatory pressures and cash contributions for high pension plan recovery payments mean that downgrade thresholds are slightly more stringent than its peer group of integrated European telecom operators that are predominantly focused on their domestic markets, such as Royal KPN N.V. (BBB/Stable) and Telecom Italia S.p.A. (BB-/Negative). Higher and comparably rated peers such as Deutsche Telekom AG (BBB+/Stable), Orange S.A. (BBB+/Stable) and Vodafone Group Plc (BBB/Stable) have greater scale and geographic diversification that can help mitigate potential weakness in domestic performance. This diversification also offers levers to defend financial metrics in the event of leverage pressure (ie. through asset sales or minority listings), whereas levers are more limited at BT. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Revenue CAGR 0.5% in FY23-FY26, reflecting the benefit of inflation-linked price rises but also competitive pressure driven by a saturated market and a challenging macroeconomic outlook - Fitch-defined EBITDA margin of 34%-36% in FY23-FY27, driven by revenue and cost-transformation programme but with margin pressure arising from cost inflation and the ongoing fibre roll-out - Cash pension and asset-backed fund contributions, included within funds from operations (FFO), of GBP790 million in FY24 and GBP780 million FY25-FY27 - A negative specific-item cash flow impact of GBP400 million annually in FY24-FY27 - Capex of around 25% of revenue in FY24-FY26 on fibre and 5G investments - Dividend payments of about GBP800 million in FY24, followed by 2% growth per year to FY27 RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Fitch-defined EBITDA net leverage below 2.0x (equivalent to FFO net leverage below 2.5x) and cash flow from operations minus capex/total debt trending towards 8%-10% in the medium term - Greater visibility and reduced execution risks on the implementation of BT's restructuring and transformation programme and FttP deployment, resulting in improved FCF generation - EBITDA growth reflecting reduced negative impact from legacy products, improved operating performance at core divisions and strengthened competitive position following increased FttP and convergent customer base penetration Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - A downgrade to 'BBB-' would be likely if Fitch-defined EBITDA net leverage is expected to remain consistently above 2.5x (equivalent to FFO net leverage above 3.0x) - Deterioration in the key operating and financial metrics at BT's main operating subsidiaries and lower-than-expected FCF generation LIQUIDITY AND DEBT STRUCTURE Comfortable Liquidity: At FYE23, BT reported unrestricted cash and equivalents of GBP3.2 billion (excluding collateral received on swaps of GBP557 million) and access to an undrawn revolving credit facility of GBP2.1 billion with maturity in March 2027. Its expectations of negative FCF for the next three years are driven by pension deficit payments and heightened capex, limiting an otherwise robust liquidity profile. ISSUER PROFILE BT is the UK's incumbent telecoms operator providing communications solutions and services to consumers, SMEs, public sector and to other communications providers. Criteria Variation Fitch has treated BT's intention to meet GBP2 billion of its pension deficit repair plan via an asset-backed facility (ABF) as a pension obligation and not as financial debt. This treatment constitutes a criteria variation from Fitch's rating criteria and reflects the purpose of the ABF and some significant non-debt-like features such as the ability to switch off payments in the event the deficit is eliminated earlier than expected. Fitch sees only a remote possibility that subsidiary EE will not be able to meet an GBP180 million annual ABF payment and trigger any cross-default with BT's debt. 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 ----------- ------ British Telecommunications plc Subordinated LT BB+(EXP) Expected Rating DAVID MASON: Baaj Capital Funds Acquisition ------------------------------------------- Business Sale reports that Baaj Capital, which has been active over recent months targeting acquisitions of distressed UK businesses, has struck its latest deal after funding the acquisition of homeware designer and producer David Mason (Design) out of administration. David Mason, which includes brands The English Tableware Company, Foxwood Home and David Mason Design, is based in Chesterfield and has been operating for more than 60 years. The company develops and designs a wide range of homeware, including dining and kitchenware, home accessories and home fragrances, which it provides to the wholesale market, as well as through its own bespoke ranges. However, the company’s operations were significantly impacted by COVID-19 and the associated rise in inflation, while its cash flow was affected by increasing shipping costs and a need to briefly shut down operations, Business Sale discloses. As a result, the company was placed into administration, with Alex Cadwallader of Leonard Curtis and Stewart Bennett of S T Bennett & Co appointed as joint administrators, working alongside solicitors Crowell Moring, Business Sale notes. The joint administrators subsequently secured a sale of the business to D Mason Limited, a company funded by private equity firm Baaj Capital, Business Sale discloses. Alex Cadwallader commented that the sale maximised returns for creditors and transferred seven jobs to the new owner, Business Sale states. FITNESS FIRST: High Court Postpones Restructuring Plan Hearing -------------------------------------------------------------- Paul Norman at CoStar News reports that the High Court has postponed a decision on gym chain Fitness First's contentious plan for the restructuring of its estate in a move understood to have been made to give aggrieved landlords more time to consider their positions. Two weeks ago, it emerged that landlords including The Crown Estate, M&G Real Estate and Landsec were planning to combine to challenge the restructuring plan due to be heard in court on June 19, CoStar News relates. Sky first reported that the groups are "furious" about the terms of the plan overseen by Fitness First's owner, the family of former sportswear tycoon and Wigan Athletic Football Club owner, Dave Whelan, CoStar News notes. Sources involved in the talks told CoStar News none of the landlords have exposure to large numbers of centres but are concerned that if the process is voted through without challenge it will open the door to a host of other companies using it to "cram down" or shift the financial burden of operating difficulties to landlords, away from private shareholders and secured creditors. Real estate sources have confirmed to CoStar News that the objections focus on the level of financial information they have been shown, their singling out as a creditor class and the apparent repayment of a loan taken out by Fitness First under one of the government's COVID lending schemes. Sources also said there is confusion as to how Fitness First is presenting its membership numbers with little information available on the usage of clubs, given a member at one club may use the other clubs, CoStar News relates. Sky reported Hilton, Legal & General Investment Management and Nuveen are also among the landlords involved in the challenge, CoStar News notes. Fitness First is planning to use a "cram down" restructuring plan, a relatively new proposal in real estate, rather than the more familiar company voluntary arrangement, CoStar News discloses. Under the proposals, 10 or just under a quarter, of its 44 UK sites would be closed, CoStar News states. Rent cuts would be sought at many of the remaining sites, most of which are in London, notes. The court is now due to hear the case on June 26, CoStar News says. Fitness First's most recently filed accounts show a loss of more than GBP10 million in the year to March 31, 2021, CoStar News discloses. Teneo Financial Advisory was appointed administrator to Fitness First (Curzons) Limited, a company affiliated to the wider group, earlier this year, and has been contacting landlords, CoStar News recounts. As with other restructuring plans such as CVAs, it is understood that the centres have been batched into different buckets or classes of trading difficulty, with Class B gyms those where Fitness First is seeking between 70%, 60% and 40% rent reductions, while Class C gyms may be subject to 10% reductions, according to CoStar News. No rent reductions are being sought at some gyms, CoStar News notes. It is understood that the plan also seeks to write off COVID rent arrears even where agreements with landlords have already been made, CoStar News states. According to CoStar News, a source on June 12 said the decision to push back the Court hearing had been made due to the number of parties involved and added it was clearly intended to give landlords more time to understand the implications of the plan and review it. The hearing will take place over two days and then the judgment will be given "urgently" afterwards, CoStar News discloses. HUNTER BOOT: Enters Administration, Owes Creditors GBP112.8MM ------------------------------------------------------------- Rahmah Ghazali at Yorkshire Evening Post reports that popular footwear company Hunter Boot Limited has collapsed into administration owing creditors GBP112.8 million. The 160-year-old British company, known for its posh Wellington boots that have been worn by Kate Middleton and Kate Moss, has reportedly been struggling since 2019, Yorkshire Evening Post notes. The company was bought by Authentic Brands Group, the US owner of Ted Baker and Juicy Couture earlier this month in a pre-pack administration deal worth nearly GBP100 million, Yorkshire Evening Post recounts. AlixPartners, the administrator, said that Hunter had been on a decline due to a combination of reduced demand, the pandemic, supply chain disruption and inflationary pressures, Yorkshire Evening Post relates. The administrators' proposal report, which was published this week, revealed that as the business buckled, it owed unsecured creditors, including suppliers and landlords, GBP16.9 million, which they are unlikely to get back, Yorkshire Evening Post relays, citing the Times. The report, as cited by Yorkshire Evening Post, said Wells Fargo, the US bank and Hunter's main lender, is due GBP98 million, while Goldman Sachs-backed investment fund Pall Mall Legacy and HMRC are owed GBP11 million and GBP140,747, respectively. As they are secured creditors, they are likely to get the majority of what they are owed, the report added, Yorkshire Evening Post states. The report also revealed that the company's Bicester Village was not included in the sale and had closed, Yorkshire Evening Post discloses. KCA DEUTAG: Fitch Alters Outlook on 'B+' LongTerm IDR to Positive ----------------------------------------------------------------- Fitch Ratings has revised KCA Deutag Alpha Limited's (KCAD) Outlook to Positive from Stable, while affirming its Long-Term Issuer Default Rating (IDR) at 'B+'. The agency has also upgraded KCA Deutag UK Finance plc's senior secured notes to 'BB-' from 'B+' and revised its Recovery Rating to 'RR3' from 'RR4' on the updated Country-Specific Treatment of Recovery Ratings Criteria and changed geographic split following the acquisition. The Outlook revision is driven by the company's improved business profile following its acquisition of Saipem SpA's onshore drilling business (Saipem Onshore Drilling) and its expectation that it will remain conservatively leveraged. Fitch expects the company's EBITDA to substantially increase in 2023 and 2024, driven by the acquisition, improving utilisation and firmer prices. The rating upgrade is contingent on the successful integration of the acquired business and a record of operating as an enlarged group while maintaining solid credit metrics. KCAD's rating is constrained by the oilfield services (OFS) sector's high volatility, large spare capacity and stiff competition, the company's moderate scale, and its status as largely a one-service provider (onshore and offshore drilling). Rating strengths are KCAD's conservative leverage, free cash flow (FCF)-generation capacity and geographical diversity of operations with a focus on the Middle East. KEY RATING DRIVERS Saipem Acquisition Strengthens Business Profile: KCAD's acquisition of Saipem Onshore Drilling has dramatically enhanced its scale and improved its position in the Middle East, and in particular, Saudi Arabia. The acquisition more than offsets KCAD's lost business in Russia. Fitch projects KCAD's Fitch-adjusted EBITDA will double in 2024 relative to 2022, mainly on the back of the acquisition, but also on improved utilisation and pricing. Integration Ongoing: The acquisition is currently in the last phase of completion. Fitch estimates KCAD's EBITDA (after leases) to be around USD336 million in 2023. The integration, however, is still ongoing, and some of the expected synergies are yet to be realised. The rating upgrade will be contingent on successful integration while maintaining a solid financial profile. Moderate Leverage: Post-acquisition, Fitch expects KCAD's Fitch-calculated EBITDA net leverage to remain just below 2.0x in 2024-2027 (excluding its payment-in-kind (PIK) loan, which Fitch treats as equity; including PIK net leverage would be around 2.4x over 2024-2027), a fairly conservative level. Its EBITDA interest coverage should be around 4x. KCAD is planning to remain conservatively leveraged and targets maximum net debt at 2x EBITDA. Improved Profitability, Pre-Dividend FCF: Fitch expects KCAD's profitability will improve post-acquisition as the land drilling business commands higher margins than the asset-light offshore business. Fitch projects that the company's EBITDA margin (after leases) will average 20% in 2023-2027, up from around 16% in 2020-2022. KCAD's pre-dividend FCF should remain positive in 2024-2027 and afford them some flexibility with regard to capital allocation. Focus on Onshore, Middle East: As a result of the acquisition, KCAD's exposure to the lucrative Middle East market, and Saudi Arabia in particular, has increased. Fitch projects that in 2024 the Middle East will account for more than 50% of KCAD's drilling revenue, followed by Europe and Africa (around 25%) and Latin America (around 10%). Onshore drilling will account for more than 60% of revenue, with the rest coming from the offshore drilling and Kenera (KCAD's engineering unit). Post-acquisition, KCAD's onshore fleet consists of 114 rigs (excluding idle rigs in Venezuela), including 36 rigs in Saudi Arabia and 22 in Oman. Mixed Utilisations: KCAD's utilisation in its core Middle East market was high at 77% in 1Q23 (in Saudi Arabia it was 100%), and Fitch expects it will remain strong given low break-even costs typical for oil producers in the Middle East and the intention of some of them, including Saudi Arabian Oil Company (A+/Stable), to increase production capacity. KCAD's overall utilisation (71% in 1Q23 vs. 60% in 1Q22), however, could be negatively affected by weaker and more volatile utilisations in other regions, eg. Latin America. Overall, Fitch expects KCAD's utilisation and day rates to gradually improve as oil prices remain robust and oil producers increase their capex budgets. Order Book Offers Some Visibility: KCAD's order book provides some visibility to its medium-term performance. As at 3 May 2023, its total backlog amounted to USD3.6 billion (plus an optional USD2.4 billion), compared with an annual Fitch-projected revenue of USD2.1 billion for 2024-2027. Senior Secured Notes Upgraded: The senior secured notes upgrade reflects the revision of several country-specific jurisdiction-based recovery rating caps, following Fitch's update of Country-Specific Treatment of Recovery Ratings Criteria. Fitch expects that more than 70% of the company's onshore drilling revenue will be generated in Saudi Arabia, Oman, and Kuwait following the acquisition. DERIVATION SUMMARY KCAD's scale (based on Fitch-forecast EBITDA in 2024) is comparable to those of Canadian Precision Drilling Corporation (Precision, B+/Positive) and Valaris Limited (B+/Stable); the latter two companies are lower leveraged but have higher business risk (Precision operates in North America, where oil operations are more volatile and break-even costs are higher than in the Middle East; Valaris operates offshore, where operational risks are higher). KCAD's scale is smaller than that of Noble Corporation plc (BB-/Stable), which also has lower projected leverage but higher business risk due to its focus on offshore operations. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer: - EBITDA margins (after leases) at around 20% in 2023-2027 - Improving utilisations and day rates, additional synergies leading to an annual EBITDA increase of around 25% in 2024 - Capex (including growth capex) averaging around USD150 million in 2023-2027 - No dividend payments until 2026 KEY RECOVERY ANALYSIS ASSUMPTIONS - The recovery analysis assumes that KCAD would be reorganised as a going concern (GC) in bankruptcy rather than liquidated - The GC EBITDA reflects Fitch's view of a sustainable, post-reorganisation EBITDA level upon which Fitch bases the enterprise valuation (EV). KCAD's GC EBITDA of USD258 million (net of lease charges) takes into account its acquisition of Saipem Onshore Drilling and reflects a downturn followed by one year of moderate recovery - Fitch believes that a 4x multiple reflects a structurally declining industry with pricing pressure, which is dependent on robust exploration & production (E&P) budgets. The multiple was increased from the previous level (3.5x) given KCAD's increased scale and exposure to better-quality customers in the Middle East - KCAD's super senior facilities (USD275 million) rank above its senior secured notes (USD750 million) - After deducting 10% for administrative claims and taking into account Fitch's Country-Specific Treatment of Recovery Ratings Criteria, its analysis led to a waterfall-generated recovery computation (WGRC) in the 'RR3' band, indicating a 'BB-' rating for the senior secured notes. The WGRC output percentage on current metrics and assumptions is 70%. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - EBITDA net leverage consistently below 2.5x, coupled with successful integration of Saipem Onshore Drilling Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - The Rating Outlook is Positive, therefore, Fitch does not expect a negative rating action at least in the short term. Inability to maintain EBITDA net leverage below 2.5x and/or deteriorating performance (eg. inability to renew some of its contracts, substantially lower-than-expected synergies or profitability) could lead to the Outlook being revised back to Stable - EBITDA net leverage consistently above 3.5x, worsened liquidity or unexpected erosion in its competitive position leading to significantly lower utilisation or day rates could lead to a negative rating action LIQUIDITY AND DEBT STRUCTURE Strong Liquidity: KCAD's near-term liquidity is strong with no debt maturities until 2025. Fitch believes that the company should be able to address its 2025 maturities in due course, given its fairly conservative leverage. Its cash balance at end-March 2023 remained at USD182 million, which coupled with unutilised committed credit lines (around USD50 million) and the remaining undrawn amount under PIK funding (USD50 million), were more than enough to cover projected negative FCF in 2023. PIK Treated as Equity: Fitch treats KCAD's USD200 million PIK notes due in 2027 as equity and exclude them from its leverage calculations. This is driven by its view that the holders of the instrument mainly include common equity holders, structural subordination of the PIK notes and the "pay-if-you-want" interest payment feature. If the PIK interest is paid - which Fitch does not expect - EBITDA net leverage would still remain below 2x in 2024-2027. If the PIK notes are included into debt, net leverage would remain just below 2.5x in 2024-2027. ISSUER PROFILE KCAD is an international onshore and offshore drilling and engineering contractor to the oil and gas industry. 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 ----------- ------ -------- ----- KCA DEUTAG ALPHA LIMITED LT IDR B+ Affirmed B+ KCA DEUTAG UK Finance plc senior secured LT BB- Upgrade RR3 B+ PEAK JERSEY: Moody's Affirms 'B3' CFR, Outlook Remains Stable ------------------------------------------------------------- Moody's Investors Service has affirmed the B3 corporate family rating and B3-PD probability of default rating to Peak Jersey Holdco Limited (Stats Perform). Concurrently, Moody's affirmed the B2 rating of the $499.8 million senior secured first-lien term loan B and GBP50 million senior secured first-lien revolving credit facility issued by Perform Content Services Limited. The outlook for both entities remains stable. The rating affirmation follows Moody's revision of the forward looking projections, the 2022 annual accounts which indicated results that were not in line with Moody's previous forecasts and Stats Perform deleveraging track record. RATINGS RATIONALE Stats Perform's 2022 audited accounts showed a weaker performance than Moody's anticipated; even when one-off items are excluded, EBITA margin is materially lower. Moody's understands the key drivers to be the double digit increase in content costs triggered by renewals of La Liga rights into 2028, and the additions of Australian Open tennis, Badminton and other minor football leagues; additionally SG&A and other operating costs also remained elevated in 2022 as cost synergies from the integration and restructuring of the operations to cheaper labour countries are yet to fully come through. The rating agency expects profitability to recover in the medium term as higher costs are passed through contract renewals and fixed periodic increases in existing contracts. EBITA expansion will also benefit from a double digit revenue growth underpinned by a compelling sports rights portfolio and a fixed cost base that is highly predictable until end of 2024. Nevertheless, Moody's adjusted leverage is expected to remain outside the downgrade guidance also in 2023 as content costs increases will take longer to pass through due to the existing customers contracts renewals cycle. The rating agency has revised downwards its 2023 projections, nevertheless Moody's adjusted Free Cash Flow (FCF) break-even is still expected in 2024, as well as Moody's adjusted leverage below 6.0x. The B3 CFR, however, remains constrained by the company's high and persistent Moody's adjusted gross debt/EBITDA of above 7x; still negative FCF since initial rating in 2019; the company's relatively small scale and its high fixed-cost base, driven by sports rights acquisitions; limited exposure to the rapidly growing USA market; delays in full realisation of cost synergies, partially explained by delays caused by the pandemic. The B3 CFR continues to be supported by strong market fundamentals and a rather limited number of competitors; the company's position as one of the leading operators in the sports data analytics and sports content services market with a global reach; Stats Perform's product suite, patented technology and portfolio of exclusive sports rights, which act as barriers to entry for competitors; and the company's established long-term relationships with key sports betting, media and technology companies, and content rights providers. LIQUIDITY Stats Perform's liquidity remains adequate despite Moody's expectation that FCF generation will remain negative at least until mid-2024; sources of liquidity are $61 million of cash on balance sheet as of end of March 2023 and an undrawn GBP50 million RCF maturing in 2024 (with no intra-year drawings expected). No significant debt maturities before 2026. RATING OUTLOOK The stable rating outlook reflects Moody's expectation that Stats Perform will turn FCF positive in the next 12-18 months, supported by sports data market growing at double-digit percentages, driven by growth of online sports betting and increased consumption of advanced data and statistics from the media industry. Such a scenario would provide Stats Perform with an opportunity to de-lever its capital structure. The stable outlook also assumes that the company will extend or refinance its RCF facility by October 2023 and that revised Moody's projections will be achieved. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the ratings could develop over time if Moody's-adjusted debt/EBITDA remains below 5.5x and FCF is positive, both on a sustained basis. A rating upgrade would also require liquidity to remain adequate. Downwards pressure on the ratings would require a Moody's-adjusted leverage that fails to decrease below 7x or Moody's-adjusted FCF to become positive, both metrics to be met by end of 2024. A rating downgrade could also occurs if the company experience significant contract losses, liquidity weakens or the company make debt funded acquisitions. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. COMPANY PROFILE Stats Perform is a global sports technology platform with complementary products across media and technology, sportsbooks and sports club/teams. The group has a global footprint, with a strong content portfolio and sportsbook presence in Europe, and a leading presence in media and technology in the US. Its main customers include sportsbook groups, media and technology companies, and sports teams looking to use granular data to enhance team performance. PLATFORM BIDCO: EUR600M Bank Debt Trades at 18% Discount -------------------------------------------------------- Participations in a syndicated loan under which Platform Bidco Ltd is a borrower were trading in the secondary market around 81.8 cents-on-the-dollar during the week ended Friday, June 16, 2023, according to Bloomberg's Evaluated Pricing service data. The EUR600 million facility is a Term loan that is scheduled to mature on September 23, 2028. The amount is fully drawn and outstanding. Platform Bidco Ltd is a UK entity incorporated in April 2021 for the acquisition of Valeo Foods Group Ltd, an Irish-headquartered producer and distributor of branded and non-branded ambient food products. The Company's country of domicile is the United Kingdom. [*] UK: Company Insolvencies Up 40% to 2,552 in May 2023 -------------------------------------------------------- Business Sale reports that the May 2023 company insolvency statistics have been published by the Office for National Statistics. The number of registered company insolvencies for May 2023 was 2,552, 40% higher than recorded in May 2022 (1,825) and up from 1,685 in April 2023, Business Sale discloses. According to Business Sale, the 2,552 total insolvencies were comprised of: -- 151 administrations, up 80% over May 2022 -- 2.181 creditors’ voluntary liquidations (CVLs), 38% higher than in May 2022 -- 189 compulsory liquidations, up 34% over May 2022 -- 31 compulsory voluntary arrangements (CVAs), 121% higher than May 2022 What is clear is that whilst the pandemic is largely in the rearview, many businesses took a big hit and are struggling to bounce back. The after effects for businesses are forecast to linger for some time, Business Sale notes. The uncertainty around interest rates is unlikely to have helped matters with concerns about future higher costs of debt and overheads and it is likely more pain will be experienced in the second half of 2023, Business Sale states. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week June 12 to June 16, 2023 ------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- ------- ----- Casino Guichard P 4.498 03/07/2024 EUR 30.240 Republic of Austr 0.850 6/30/2120 EUR 41.286 Tele Columbus AG 3.875 05/02/2025 EUR 66.953 Atento Luxco 1 SA 8.000 02/10/2026 USD 17.173 Casino Guichard P 3.580 02/07/2025 EUR 26.194 Casino Guichard P 4.103 EUR 5.389 Casino Guichard P 5.250 4/15/2027 EUR 26.689 La Financiere Ata 4.000 5/15/2024 EUR 71.703 Casino Guichard P 4.048 08/05/2026 EUR 24.537 Casino Guichard P 3.992 EUR 4.809 Metalcorp Group S 8.500 6/28/2026 EUR 8.828 Kenbourne Invest 6.875 11/26/2024 USD 70.822 Vedanta Resources 8.950 03/11/2025 USD 71.008 Deutsche Bank AG 4.789 USD 71.579 Casino Guichard P 6.625 1/15/2026 EUR 27.556 Agps Bondco PLC 4.250 7/31/2025 EUR 75.112 Movida Europe SA 5.250 02/08/2031 USD 75.983 DEMIRE Deutsche M 1.875 10/15/2024 EUR 66.531 AT Securities BV 5.250 USD 37.500 Pro-Gest SpA 3.250 12/15/2024 EUR 70.156 Deutsche Bank AG 6.000 USD 73.250 Gol Finance SA 7.000 1/31/2025 USD 46.466 SBB Treasury Oyj 0.750 12/14/2028 EUR 55.297 Citycon Oyj 4.496 EUR 64.056 Credit Suisse Gro 9.750 USD 0.250 Landesbank Baden- 4.000 EUR 68.377 Trinseo Materials 5.375 09/01/2025 USD 74.213 Castellum AB 3.125 EUR 66.753 Mitsubishi UFJ In 7.193 12/15/2050 EUR 44.858 Aggregate Holding 6.875 11/09/2025 EUR 18.162 Deutsche Bank AG 4.500 EUR 65.245 Allianz SE 3.875 USD 69.135 Altice France Hol 8.000 5/15/2027 EUR 67.223 Aroundtown SA 2.125 EUR 24.360 Barclays PLC 4.375 USD 63.750 Schoeller Packagi 6.375 11/01/2024 EUR 70.917 gategroup Finance 3.000 2/28/2027 CHF 64.754 BNP Paribas SA 4.500 USD 68.757 La Financiere Ata 5.125 5/15/2025 EUR 63.666 CECONOMY AG 1.750 6/24/2026 EUR 72.505 SBB Treasury Oyj 1.125 11/26/2029 EUR 53.051 HSBC Holdings PLC 4.600 USD 74.227 Standard Chartere 4.300 USD 70.510 UniCredit SpA 3.875 EUR 70.264 ams-OSRAM AG 2.125 11/03/2027 EUR 63.106 Kenbourne Invest 4.700 1/22/2028 USD 60.577 InterCement Finan 5.750 7/17/2024 USD 61.429 AnaCap Financial 8.250 08/01/2024 EUR 68.303 Credit Suisse Gro 7.500 USD 4.250 Aroundtown SA 1.625 EUR 25.982 Vodafone Group PL 5.125 06/04/2081 USD 74.486 MARB BondCo PLC 3.950 1/29/2031 USD 72.724 Garfunkelux Holdc 6.750 11/01/2025 EUR 71.572 Russian Railways 0.898 10/03/2025 CHF 49.609 Vivion Investment 3.500 11/01/2025 EUR 60.667 CPI Property Grou 4.875 EUR 36.082 ING Groep NV 3.875 USD 68.999 Tullow Oil PLC 7.000 03/01/2025 USD 57.695 Heimstaden AB 4.250 03/09/2026 EUR 65.179 Heimstaden Bostad 3.248 EUR 63.710 Societe Generale 5.375 USD 68.500 Agps Bondco PLC 6.000 08/05/2025 EUR 43.251 Russian Railways 2.100 10/02/2023 CHF 64.490 Agps Bondco PLC 5.000 1/14/2029 EUR 33.702 Standard Profil A 6.250 4/30/2026 EUR 57.318 Signa Development 5.500 7/23/2026 EUR 46.667 Deutsche Bank AG 6.750 EUR 74.957 Samhallsbyggnadsb 1.000 08/12/2027 EUR 61.018 Trinseo Materials 5.125 04/01/2029 USD 50.093 HSE Finance Sarl 5.625 10/15/2026 EUR 53.208 Deutsche Pfandbri 8.474 EUR 67.395 DIC Asset AG 2.250 9/22/2026 EUR 56.888 Standard Chartere 4.750 USD 68.000 UBS Group AG 4.375 USD 66.525 Agps Bondco PLC 4.625 1/14/2026 EUR 39.770 Grupo Antolin-Ira 3.500 4/30/2028 EUR 69.458 Rallye SA 4.000 2/28/2032 EUR 0.750 Grand City Proper 1.500 EUR 35.519 Deutsche Bank AG 4.625 EUR 64.028 Herens Midco Sarl 5.250 5/15/2029 EUR 62.341 Intrum AB 3.000 9/15/2027 EUR 70.879 MHP SE 7.750 05/10/2024 USD 58.157 Aroundtown SA 0.375 4/15/2027 EUR 69.794 Gazprom PJSC via 3.897 EUR 51.004 Aroundtown SA 5.375 3/21/2029 USD 73.125 Altice France Hol 10.500 5/15/2027 USD 68.840 Romanian Governme 4.625 04/03/2049 EUR 75.101 Credit Suisse Gro 6.250 USD 4.500 Ziton A/S 11.952 10/03/2024 EUR 58.441 Simpar Europe SA 5.200 1/26/2031 USD 71.636 Credit Suisse Gro 7.500 USD 7.000 EnfraGen Energia 5.375 12/30/2030 USD 63.409 Samhallsbyggnadsb 1.125 09/04/2026 EUR 63.815 Nobel Bidco BV 3.125 6/15/2028 EUR 76.908 NAK Naftogaz Ukra 7.625 11/08/2026 USD 21.676 EFG International 5.500 USD 69.769 ING Groep NV 4.250 USD 61.466 La Banque Postale 3.000 EUR 62.212 Intermediate Capi 2.500 1/28/2030 EUR 70.198 Teva Pharmaceutic 4.100 10/01/2046 USD 63.734 Icebear Steenwijk 12.349 09/07/2024 EUR 34.480 Samhallsbyggnadsb 2.624 EUR 24.856 CPI Property Grou 1.500 1/27/2031 EUR 52.926 ATF Netherlands B 7.078 EUR 44.250 CPI Property Grou 3.750 EUR 29.080 Market Bidco Finc 5.500 11/04/2027 GBP 75.115 Fastighets AB Bal 2.873 06/02/2081 EUR 66.202 Altice Finco SA 4.750 1/15/2028 EUR 70.576 CPI Property Grou 1.625 4/23/2027 EUR 71.599 VTR Finance NV 6.375 7/15/2028 USD 11.403 Kernel Holding SA 6.500 10/17/2024 USD 64.866 Gazprom PJSC via 1.500 2/17/2027 EUR 66.945 Ocado Group PLC 3.875 10/08/2026 GBP 74.089 CPI Property Grou 4.875 EUR 40.592 Credit Suisse Gro 4.500 USD 3.000 Heimstaden Bostad 2.625 EUR 50.198 Chrome Holdco SAS 5.000 5/31/2029 EUR 70.503 Heimstaden AB 6.750 EUR 46.196 UniCredit SpA 4.450 EUR 73.849 Logicor Financing 2.000 1/17/2034 EUR 63.531 HSBC Holdings PLC 4.700 USD 73.423 Aroundtown SA 1.450 07/09/2028 EUR 65.152 Vonovia SE 1.625 09/01/2051 EUR 47.181 Ukraine Governmen 6.750 6/20/2028 EUR 15.328 Coruripe Netherla 10.000 02/10/2027 USD 70.864 Russian Railways 0.840 03/12/2026 CHF 48.703 Nordea Bank Abp 3.750 USD 74.938 United Kingdom Gi 1.750 09/07/2037 GBP 75.330 Allianz SE 3.200 USD 72.296 Banco Santander S 4.125 EUR 72.894 Aroundtown SA 2.875 EUR 30.000 JSM Global Sarl 4.750 10/20/2030 USD 19.750 BNP Paribas SA 4.625 USD 68.838 Grand City Proper 2.500 EUR 40.428 NAK Naftogaz Ukra 7.125 7/19/2026 EUR 20.010 Citycon Oyj 3.625 EUR 50.790 Credit Suisse Gro 7.250 USD 5.750 Heimstaden Bostad 3.375 EUR 53.284 B2W Digital 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2/16/2043 EUR 73.343 Novolipetsk Steel 4.700 5/30/2026 USD 73.491 Societe Generale 9.000 12/22/2034 USD 70.750 Credit Suisse AG/ 2.100 3/31/2031 USD 74.701 German Pellets Gm 7.250 11/27/2019 EUR 0.547 Deutsche Lichtmie 5.250 09/01/2025 EUR 1.611 SES SA 5.300 04/04/2043 USD 73.610 Gazprom PJSC Via 4.950 3/23/2027 USD 74.360 Prosus NV 3.832 02/08/2051 USD 59.809 Nordea Kredit Rea 0.500 10/01/2050 DKK 67.052 Optivo Finance PL 3.283 3/22/2048 GBP 69.782 ESFIL-Espirito Sa 5.250 06/12/2015 EUR 0.111 Muenchener Hypoth 0.010 11/02/2040 EUR 57.210 Penarian Housing 3.212 06/07/2052 GBP 70.797 Offshore Drilling 8.375 9/20/2020 USD 2.450 Aroundtown SA 2.970 9/26/2033 EUR 52.097 Sovcombank Via So 7.750 USD 3.072 Societe Generale 12.000 9/14/2023 USD 51.100 Agatos SpA 4.750 12/31/2026 EUR 70.000 Veneto Banca SpA 9.878 12/01/2025 EUR 0.741 PJSC Koks via IMH 5.900 9/23/2025 USD 7.513 LSF9 Balta Issuer 3.000 12/31/2030 EUR 59.306 Virgolino de Oliv 10.500 1/28/2018 USD 0.516 Banco Espirito Sa 6.875 7/15/2016 EUR 21.558 Argenta Spaarbank 0.500 10/08/2041 EUR 60.734 MBH Mortgage Bank 3.000 10/22/2031 HUF 63.600 Russian Foreign B 5.100 3/28/2035 USD 41.311 Norske Skogindust 7.125 10/15/2033 USD 0.010 FNG Benelux Holdi 5.000 8/28/2023 EUR 0.918 Landesbank Hessen 0.500 1/19/2037 EUR 70.636 Advanced Soltech 8.750 07/09/2023 SEK 74.500 Zenith Finco PLC 6.500 6/30/2027 GBP 73.167 Muenchener Hypoth 0.250 05/02/2036 EUR 68.964 Realkredit Danmar 0.500 10/01/2050 DKK 66.872 Salerno Pompei Na 2.800 1/19/2045 EUR 74.740 Gazprom PJSC via 3.897 EUR 51.004 Kreditanstalt fue 1.000 10/19/2050 EUR 62.197 Petrobras Global 4.500 02/04/2033 EUR 64.143 EVN AG 0.850 10/15/2035 EUR 69.350 Erste Group Bank 0.500 01/12/2037 EUR 68.552 London & Quadrant 3.750 10/27/2049 GBP 74.751 La Financiere Ata 6.625 5/15/2025 GBP 62.440 Nykredit Realkred 1.000 10/01/2050 DKK 71.827 Diebold Nixdorf D 9.000 7/15/2025 EUR 45.432 LBI ehf 6.100 8/25/2011 USD 9.957 Muenchener Hypoth 0.010 10/19/2039 EUR 59.013 Realkredit Danmar 1.500 10/01/2053 DKK 68.175 Kleopatra Holding 6.500 09/01/2026 EUR 56.607 Swissgrid AG 0.200 6/29/2040 CHF 68.584 Hungary Governmen 3.125 9/21/2051 USD 62.300 Ahtium PLC 4.000 12/16/2015 EUR 0.586 Single Platform I 4.020 07/01/2052 EUR 60.476 Caisse Francaise 0.125 2/15/2036 EUR 66.831 State of Hesse 0.750 08/04/2036 EUR 74.325 Credit Suisse AG/ 2.300 9/24/2031 USD 74.908 UniCredit Bank AG 1.120 5/14/2057 EUR 48.303 Raiffeisenlandesb 1.650 8/23/2046 EUR 72.105 Caisse Francaise 0.500 10/01/2046 EUR 54.723 Midland Heart Cap 1.831 08/12/2050 GBP 51.708 Irish Bank Resolu 0.566 6/21/2016 EUR 0.679 Nederlandse Water 1.625 1/29/2048 EUR 72.971 Cirio Del Monte N 7.750 3/14/2005 EUR 0.164 Ramfort GmbH 6.750 3/15/2026 EUR 63.891 Societe Generale 2.000 1/30/2036 USD 58.765 City of Bern Swit 0.040 10/02/2070 CHF 44.700 Autonomous Commun 1.255 10/31/2048 EUR 54.228 A-TEC Industries 8.750 10/27/2014 EUR 0.100 French Republic G 0.750 5/25/2053 EUR 51.919 Land Berlin 0.100 1/18/2041 EUR 58.022 Societe Generale 15.760 8/13/2026 USD 57.800 Banco Espirito Sa 6.178 EUR 0.295 Muenchener Hypoth 0.125 09/05/2035 EUR 69.315 Free and Hanseati 0.250 2/18/2041 EUR 60.076 Republic of Belar 6.378 2/24/2031 USD 42.167 Altice France SA/ 5.125 1/15/2029 USD 73.828 Southern Housing 3.500 10/19/2047 GBP 71.999 Kernel Holding SA 6.750 10/27/2027 USD 57.749 Credit Suisse AG/ 9.000 4/22/2024 USD 26.500 Metropolitano de 1.229 7/30/2036 EUR 70.663 Aktia Bank Oyj 0.500 3/30/2031 EUR 74.507 Windreich GmbH 6.500 7/15/2016 EUR 2.780 Ukraine Governmen 6.876 5/21/2031 USD 16.168 Ministeries Van d 1.000 1/23/2051 EUR 54.758 SCF Capital Desig 5.375 6/16/2023 USD 73.258 PIK Securities DA 5.625 11/19/2026 USD 44.341 Malta Government 1.500 10/22/2045 EUR 62.660 DLR Kredit A/S 1.000 10/01/2053 DKK 73.677 Cirio Finanziaria 8.000 12/21/2005 EUR 0.479 Malta Government 1.000 8/23/2035 EUR 74.016 Intrum AB 3.000 9/15/2027 EUR 70.875 Metinvest BV 5.625 6/17/2025 EUR 66.116 SNCF Reseau 0.750 5/25/2036 EUR 71.790 Zurich Finance Ir 1.600 12/17/2052 EUR 71.193 Cadent Finance PL 3.125 3/21/2040 GBP 71.055 Region of Pays de 0.877 10/28/2041 EUR 63.815 Metinvest BV 8.500 4/23/2026 USD 65.042 Region de Bruxell 0.556 12/23/2064 EUR 30.445 Pfandbriefbank sc 0.250 1/24/2041 CHF 74.387 Signa Development 5.500 7/23/2026 EUR 47.000 State of Brandenb 0.600 10/13/2051 EUR 51.603 Sidetur Finance B 10.000 4/20/2016 USD 0.394 Orpea SA 2.000 08/09/2029 EUR 28.250 Pfandbriefzentral 0.050 10/06/2043 CHF 67.812 Romanian Governme 2.000 4/14/2033 EUR 70.166 Agrokor dd 9.125 02/01/2020 EUR 15.000 Russian Foreign B 5.250 6/23/2047 USD 40.939 Deutsche Wohnen S 2.000 3/28/2034 EUR 68.487 Celtic Resources 4.125 10/09/2024 USD 14.420 Land Berlin 0.625 8/25/2036 EUR 72.761 Romanian Governme 2.750 4/14/2041 EUR 59.546 Ukraine Governmen 19.750 2/18/2026 UAH 68.729 Communaute Franca 1.040 7/19/2101 EUR 43.574 Telefonica Emisio 1.957 07/01/2039 EUR 74.839 German Pellets Gm 7.250 07/09/2018 EUR 0.547 Bazalgette Financ 0.688 6/27/2050 GBP 64.723 GN Store Nord AS 3.200 11/26/2036 GBP 72.983 Russian Foreign B 5.625 04/04/2042 USD 63.985 Garfunkelux Holdc 6.750 11/01/2025 EUR 71.704 Virgolino de Oliv 10.875 1/13/2020 USD 36.000 Bayerische Landes 1.690 4/23/2037 EUR 73.710 Grenke Finance PL 2.237 1/29/2029 EUR 74.477 Swissgrid AG 0.125 6/30/2036 CHF 74.182 Fuerstenberg Capi 3.905 EUR 52.946 Prosus NV 4.987 1/19/2052 USD 70.379 Caisse Francaise 0.625 1/20/2042 EUR 62.127 Societe Generale 8.000 7/17/2023 USD 60.200 Bank Nadra Via ND 8.250 7/31/2018 USD 0.208 Nostrum Oil & Gas 8.000 7/25/2022 USD 25.984 State of Lower Sa 0.050 03/09/2035 EUR 70.265 Caisse Francaise 0.010 10/19/2035 EUR 66.388 Ministeries Van d 0.125 10/15/2035 EUR 67.073 Ukraine Governmen 8.994 02/01/2026 USD 16.896 Ministeries Van d 1.500 04/11/2044 EUR 68.882 MMK International 4.375 6/13/2024 USD 26.205 Grand City Proper 2.500 6/27/2039 EUR 51.268 Heimstaden Bostad 2.800 05/04/2035 EUR 57.988 La Financiere Ata 5.125 5/15/2025 EUR 63.000 Serbia Internatio 2.050 9/23/2036 EUR 60.286 SNCF Reseau 1.425 8/14/2119 EUR 38.205 Altice France SA/ 4.250 10/15/2029 EUR 72.438 Ile-de-France Mob 0.200 11/16/2035 EUR 67.931 Prosus NV 1.985 7/13/2033 EUR 68.089 Autonomous Commun 2.300 5/24/2049 EUR 69.494 Ville de Paris 0.450 10/20/2045 EUR 52.813 Gebr Sanders GmbH 8.750 10/22/2018 EUR 9.375 Centre Hospitalie 0.490 12/01/2036 EUR 68.491 Concessio Estacio 3.520 12/31/2037 EUR 75.310 Privatbank CJSC V 10.875 2/28/2018 USD 6.709 Credit Suisse AG/ 1.250 2/22/2029 USD 68.500 Region Wallonne B 1.050 6/22/2040 EUR 66.231 Scottish Hydro El 1.429 10/20/2056 GBP 74.143 Nobel Bidco BV 3.125 6/15/2028 EUR 76.796 AXA Home Loan SFH 0.125 6/25/2035 EUR 68.735 State of Bremen 0.400 8/20/2049 EUR 50.118 DLR Kredit A/S 0.500 10/01/2053 DKK 68.022 ESB Finance DAC 1.875 7/21/2035 GBP 70.965 Alno AG 8.500 5/14/2018 EUR 16.859 Gazprom PJSC via 3.250 2/25/2030 USD 68.388 British Telecommu 1.739 6/25/2039 GBP 75.200 Abengoa Abenewco 6.000 06/10/2022 EUR 0.439 Royal Schiphol Gr 2.890 10/25/2034 AUD 74.356 ING-DiBa AG 1.000 5/23/2039 EUR 71.617 Eurochem Finance 5.500 3/13/2024 USD 58.726 BPCE SA 5.478 EUR 67.617 Banque Internatio 1.000 2/18/2036 EUR 65.840 LiveWest Treasury 1.875 2/18/2056 GBP 49.537 Republic of Irela 1.425 9/18/2119 EUR 50.393 Credit Suisse AG 0.500 12/16/2025 BRL 71.815 Hospices Civils d 0.597 11/24/2031 EUR 74.835 RHP Finance PLC 3.250 02/05/2048 GBP 74.252 Autostrade per l' 3.625 06/09/2038 EUR 73.828 Ukraine Governmen 4.375 1/27/2032 EUR 15.747 BNG Bank NV 0.562 06/07/2051 EUR 57.298 Lithuania Governm 0.500 7/28/2050 EUR 43.697 Jain Internationa 7.125 02/01/2022 USD 22.000 Kreditanstalt fue 1.100 9/16/2051 EUR 63.719 Region de Bruxell 1.400 03/11/2054 EUR 51.306 La Banque Postale 0.250 02/12/2035 EUR 70.684 Blend Funding PLC 2.467 6/16/2061 GBP 51.945 Rhaetische Bahn A 0.050 08/03/2050 CHF 61.316 Deutsche Bank AG/ 13.750 6/20/2026 TRY 17.079 DLR Kredit A/S 1.000 10/01/2050 DKK 70.308 Orpea SA 3.144 12/22/2025 EUR 28.999 Sberbank of Russi 5.125 10/29/2022 USD 32.553 Autonomous Commun 1.850 5/13/2061 EUR 53.866 Ville de Paris 0.650 11/25/2070 EUR 34.689 Autonomous Commun 1.931 04/04/2042 EUR 71.806 NRW Bank 1.150 9/16/2051 EUR 63.474 Havila Shipping A 7.440 01/02/2025 NOK 42.000 Orbit Capital PLC 2.000 11/24/2038 GBP 64.820 Portugal Obrigaco 1.000 04/12/2052 EUR 52.711 Mallinckrodt Inte 10.000 6/15/2029 USD 47.941 Grupo Antolin-Ira 3.500 4/30/2028 EUR 69.883 Societe Generale 24.000 04/03/2025 USD 26.100 Ukraine Governmen 7.750 09/01/2027 USD 17.025 OGX Austria GmbH 8.500 06/01/2018 USD 0.002 German Pellets Gm 7.250 04/01/2016 EUR 0.547 Republic of Belar 6.200 2/28/2030 USD 41.850 HSE Finance Sarl 5.625 10/15/2026 EUR 53.604 Garfunkelux Holdc 7.750 11/01/2025 GBP 70.749 Deutsche Bank AG 1.580 10/23/2031 EUR 73.991 Land Berlin 0.125 06/04/2035 EUR 70.374 Romanian Governme 3.375 1/28/2050 EUR 60.351 DZ HYP AG 0.375 11/10/2034 EUR 73.305 United Utilities 0.010 7/27/2040 GBP 69.302 CB First Investme 8.000 EUR 70.868 Banca Popolare di 2.821 12/20/2017 EUR 0.396 Hemso Fastighets 0.473 2/18/2030 EUR 71.875 Clarion Funding P 1.250 11/13/2032 GBP 71.303 Norddeutsche Land 2.000 1/31/2035 EUR 71.738 Societe Generale 15.000 08/01/2024 USD 30.150 Deutsche Lichtmie 5.750 01/01/2023 EUR 2.760 Canton of Neuchat 0.350 7/14/2050 CHF 64.882 Canton of Neuchat 0.100 10/29/2049 CHF 60.951 Development Bank 6.750 05/02/2024 USD 41.731 Erotik-Abwicklung 7.750 07/09/2019 EUR 0.779 Bayerische Landes 1.550 2/13/2040 EUR 50.938 Region Wallonne B 1.865 05/10/2051 EUR 66.874 AMATHEON AGRI Hol 5.000 1/22/2025 EUR 70.000 Solon SE 1.375 12/06/2012 EUR 0.745 Landeskreditbank 0.610 11/17/2050 EUR 54.707 British Telecommu 3.924 6/25/2042 GBP 70.949 Notting Hill Gene 2.000 06/03/2036 GBP 68.897 State of Brandenb 0.125 1/26/2046 EUR 50.337 Alno AG 8.000 3/21/2019 EUR 16.600 A-TEC Industries 5.750 11/02/2010 EUR 0.100 Jyske Realkredit 1.000 10/01/2053 DKK 61.802 Land Berlin 0.150 2/22/2036 EUR 68.910 State Savings Ban 11.996 1/19/2024 USD 34.250 Raiffeisenbank AS 0.700 11/15/2031 EUR 74.535 Grand City Proper 2.800 2/25/2039 EUR 54.447 Deutsche Bahn Fin 1.850 11/23/2043 EUR 68.211 Orbit Capital PLC 3.375 6/14/2048 GBP 71.170 Kingdom of Belgiu 1.400 6/22/2053 EUR 62.372 EOS Imaging SA 6.000 5/31/2023 EUR 7.250 Malta Government 1.800 8/28/2051 EUR 61.342 Nordea Kredit Rea 1.000 10/01/2053 DKK 61.825 Credit Suisse Int 9.500 3/24/2026 UAH 56.870 Sairgroup Finance 4.375 06/08/2006 EUR 1.964 Veneto Banca SpA 6.411 EUR 0.345 Pfandbriefbank sc 0.250 4/25/2042 CHF 72.843 Single Platform I 0.915 2/15/2043 EUR 62.642 Compact Bidco BV 5.750 05/01/2026 EUR 67.202 Haya Holdco 2 PLC 11.698 11/30/2025 EUR 40.466 ACCIONA Financiac 3.000 12/02/2039 EUR 74.945 Wrekin Housing Gr 2.500 10/22/2048 GBP 60.515 Societe Generale 7.280 05/06/2024 USD 54.000 Romanian Governme 4.625 04/03/2049 EUR 75.092 Nationwide Buildi 0.485 07/11/2044 CHF 70.900 Master & Fellows 3.068 4/28/2065 GBP 57.915 Banco Santander S 1.000 10/01/2033 EUR 74.219 Societe Generale 1.113 7/17/2031 EUR 74.888 Republic of Belar 7.625 6/29/2027 USD 50.818 Fastighets AB Bal 1.293 03/03/2031 EUR 55.815 Raiffeisenlandesb 0.200 06/09/2036 EUR 67.560 Agence Francaise 1.656 04/04/2054 EUR 71.520 Russian Foreign B 4.375 3/21/2029 USD 41.760 Gazprom PJSC via 3.500 7/14/2031 USD 62.759 Aktia Bank Oyj 0.550 3/17/2031 EUR 74.927 VTB Bank PJSC Via 9.500 USD 16.796 Agence Francaise 0.375 5/25/2036 EUR 67.832 Republic of Polan 1.750 4/25/2032 PLN 73.034 Takko Luxembourg 5.375 11/15/2023 EUR 71.626 Serbia Internatio 1.650 03/03/2033 EUR 65.455 VST Building Tech 7.000 6/28/2024 EUR 0.115 Joh Friedrich Beh 7.750 11/11/2020 EUR 6.010 State of Brandenb 0.300 10/04/2049 EUR 48.528 Solarworld AG 9.691 2/24/2019 EUR 14.875 Single Platform I 1.220 8/24/2047 EUR 62.262 Portugal Telecom 6.250 7/26/2016 EUR 0.285 KTG Agrar SE 7.250 10/15/2019 EUR 2.001 AXA Bank Europe S 0.250 06/09/2040 EUR 59.950 Free State of Sax 0.010 12/17/2035 EUR 68.087 JAB Holdings BV 2.000 12/19/2039 EUR 72.535 Ministeries Van d 1.000 10/13/2036 EUR 74.016 Gazprom PJSC via 2.950 1/27/2029 USD 58.000 Niedersachsen Inv 0.250 7/16/2035 EUR 71.583 Land Berlin 0.625 7/15/2039 EUR 67.457 Kommunekredit 0.500 6/19/2039 DKK 64.930 Ukraine Governmen 7.750 09/01/2029 USD 16.782 Elia Transmission 1.560 1/30/2044 EUR 74.834 Rio Forte Investm 4.000 7/22/2014 EUR 2.833 Assistance Publiq 0.683 3/19/2041 EUR 61.483 Thames Water Util 1.771 8/28/2057 GBP 75.409 State of North Rh 0.750 8/16/2041 EUR 65.154 Kantonsspital St 0.300 9/30/2036 CHF 75.552 Ville de Paris 0.750 11/30/2041 EUR 61.769 Credit Suisse AG/ 2.600 1/27/2032 USD 76.073 Landwirtschaftlic 0.010 11/26/2040 EUR 58.014 Region of Veneto 2.556 12/07/2046 EUR 72.868 NRW Bank 0.500 6/17/2041 EUR 63.265 Centre Hospitalie 0.800 6/28/2041 EUR 62.507 Assistance Publiq 1.099 04/06/2071 EUR 40.078 Aareal Bank AG 1.741 01/12/2045 EUR 61.732 Prosus NV 2.778 1/19/2034 EUR 72.987 NRW Bank 1.200 3/28/2039 EUR 74.702 Vnesheconombank V 5.942 11/21/2023 USD 7.576 Chrome Holdco SAS 5.000 5/31/2029 EUR 70.526 Hungary Governmen 1.500 11/17/2050 EUR 51.215 Deutsche Bank AG/ 3.984 10/10/2042 USD 67.277 Region de Bruxell 1.810 3/22/2053 EUR 63.776 JAB Holdings BV 4.500 04/08/2052 USD 74.306 DLR Kredit A/S 1.000 10/01/2053 DKK 68.166 Banco Espirito Sa 6.900 6/28/2024 EUR 19.170 Muenchener Hypoth 0.250 3/29/2041 CHF 72.678 Assistance Publiq 1.125 4/16/2047 EUR 58.962 Romanian Governme 2.000 1/28/2032 EUR 72.214 Nostrum Oil & Gas 7.000 2/16/2025 USD 26.386 Barclays Bank PLC 1.637 04/12/2039 EUR 74.100 Republic of Austr 2.100 9/20/2117 EUR 72.402 Norwegian Air Shu 7.500 11/10/2023 USD 73.375 Bank of Valletta 3.750 6/15/2031 EUR 66.949 BPCE SFH SA 0.500 1/23/2035 EUR 72.916 Credit Suisse AG/ 7.730 6/15/2028 ZAR 72.514 NRW Bank 1.400 3/19/2070 EUR 58.785 Region Wallonne B 1.250 6/22/2071 EUR 48.924 Ministeries Van d 0.634 11/19/2060 EUR 35.345 Barclays Bank PLC 5.000 11/01/2029 BRL 64.631 Communaute Franca 1.581 1/23/2120 EUR 46.335 LFA Foerderbank B 0.050 9/29/2034 EUR 70.992 Thames Water Util 1.760 8/28/2062 GBP 74.514 Sovcombank Via So 8.000 04/07/2030 USD 5.620 Assistance Publiq 1.053 5/25/2052 EUR 52.155 Orpea SA 3.000 11/25/2041 EUR 28.771 Bank Gospodarstwa 2.000 11/03/2036 EUR 72.005 Elli Investments 12.250 6/15/2020 GBP 52.250 VF Ukraine PAT vi 6.200 02/11/2025 USD 62.140 Depfa Funding III 2.056 EUR 56.183 Prosus NV 2.031 08/03/2032 EUR 70.494 St Galler Kantona 0.100 10/10/2041 CHF 69.285 Ideal Standard In 6.375 7/30/2026 EUR 55.303 Gemeente Bergen O 0.440 9/20/2044 EUR 56.697 DZ HYP AG 1.300 7/18/2041 EUR 68.802 Nationale-Nederla 0.050 9/24/2035 EUR 67.594 Martlet Homes Ltd 3.000 05/09/2052 GBP 66.945 Credit Agricole S 4.400 2/24/2042 AUD 63.320 State of Saarland 0.050 11/05/2040 EUR 58.174 La Banque Postale 0.640 1/27/2042 EUR 64.800 Caisse de Refinan 0.250 02/07/2035 EUR 71.032 La Veggia Finance 7.125 11/14/2004 EUR 0.287 Agrokor dd 9.875 05/01/2019 EUR 15.000 City of Zurich Sw 0.400 11/21/2046 CHF 72.421 Free and Hanseati 0.010 11/05/2035 EUR 68.323 Ukraine Governmen 7.375 9/25/2034 USD 15.851 Raiffeisenlandesb 0.375 1/15/2035 EUR 71.194 UBS AG/London 6.500 10/02/2024 USD 58.750 Societe Generale 2.200 12/17/2040 USD 65.429 Canton of Geneva 0.050 8/27/2041 CHF 71.876 Maxeda DIY Holdin 5.875 10/01/2026 EUR 73.583 United Kingdom Gi 1.125 10/22/2073 GBP 39.842 Republic of Belar 7.625 6/29/2027 USD 51.120 Region de Bruxell 1.100 6/22/2066 EUR 47.799 Bayerische Landes 0.870 11/29/2034 EUR 69.445 Vasakronan AB 1.870 06/03/2039 EUR 45.501 Bankinter SA 1.200 06/05/2035 EUR 73.837 UBS AG/London 6.850 7/25/2023 USD 9.910 Del Monte Finance 6.625 5/24/2006 EUR 1.000 Pershing Square H 3.000 7/15/2032 USD 73.159 Novolipetsk Steel 1.450 06/02/2026 EUR 68.138 Boparan Finance P 7.625 11/30/2025 GBP 65.804 Societe Generale 1.137 1/26/2037 EUR 68.991 Aareal Bank AG 1.576 2/23/2032 EUR 63.607 Odea Bank AS 8.606 08/01/2027 USD 73.437 Nederlandse Water 0.501 10/24/2039 EUR 64.617 Pfandbriefzentral 0.020 1/30/2040 CHF 72.258 J&T Banka AS 7.000 EUR 69.028 Kantonsspital Bad 0.350 9/30/2036 CHF 75.643 NRW Bank 0.612 10/21/2050 EUR 54.804 Phosagro OAO Via 2.600 9/16/2028 USD 64.168 Credit Suisse AG/ 7.700 08/03/2028 ZAR 70.785 Ukraine Governmen 15.840 2/26/2025 UAH 71.551 Romanian Governme 2.124 7/16/2031 EUR 74.674 HSBC Bank PLC 0.500 12/22/2025 BRL 72.489 Pfandbriefbank sc 0.375 6/15/2046 CHF 70.728 Republic of Irela 1.250 10/08/2121 EUR 45.194 Nomura Bank Inter 1.130 4/23/2036 EUR 66.316 Region de Bruxell 0.444 3/19/2057 EUR 36.844 Corporate Commerc 8.250 08/08/2014 USD 0.308 Thomas Cook Group 6.250 6/15/2022 EUR 0.285 NRW Bank 0.106 8/17/2050 EUR 48.133 Sanctuary Capital 2.481 11/12/2037 GBP 70.817 State of North Rh 1.850 3/18/2089 EUR 62.218 Mobile Telesystem 5.000 5/30/2023 USD 27.342 Windreich GmbH 6.500 03/01/2015 EUR 2.780 Agrokor dd 8.875 02/01/2020 USD 15.000 Land Baden-Wuertt 0.125 11/19/2040 EUR 58.822 Societe Nationale 1.400 5/18/2120 EUR 34.067 Altice France Hol 4.000 2/15/2028 EUR 57.625 Centre Hospitalie 1.500 4/27/2050 EUR 68.449 State of Rhinelan 0.375 7/20/2048 EUR 49.395 CPI Hungary Inves 2.250 08/07/2030 HUF 55.000 National Grid Ele 0.010 3/26/2036 GBP 74.810 Finmek Internatio 7.000 12/03/2004 EUR 2.193 Societe Generale 3.100 4/22/2036 AUD Region Wallonne B 1.165 6/29/2059 EUR 49.969 ALROSA Finance SA 3.100 6/25/2027 USD 6.688 SCF Capital Desig 3.850 4/26/2028 USD 58.876 UBS AG/London 1.500 02/02/2031 USD 75.163 Societe Generale 15.000 8/30/2024 USD 29.200 Deutsche Bank AG 1.750 10/30/2028 USD 75.420 Richter Gedeon Ny 1.750 06/04/2031 HUF 68.500 NRW Bank 1.250 3/21/2044 EUR 70.872 BNG Bank NV 10.010 6/17/2025 TRY 57.492 Sairgroup Finance 6.625 10/06/2010 EUR 1.964 Ukraine Governmen 19.750 11/05/2025 UAH 70.185 Free and Hanseati 0.300 9/16/2050 EUR 47.357 Minicentrales Dos 0.010 06/06/2047 EUR 66.455 Barclays Bank PLC 2.320 01/11/2041 USD 59.018 Jyske Realkredit 0.500 10/01/2050 DKK 66.894 Cooperatieve Rabo 0.500 8/21/2028 MXN 59.355 Kreditanstalt fue 1.271 5/20/2051 EUR 68.174 DZ Bank AG Deutsc 2.000 12/29/2031 EUR 71.880 Landesbank Baden- 1.000 08/12/2039 EUR 65.540 Free State of Bav 0.010 3/28/2036 EUR 67.138 Espirito Santo Fi 5.050 11/15/2025 EUR 0.622 State of Bremen 0.450 2/24/2051 EUR 49.129 Severstal OAO Via 3.150 9/16/2024 USD 4.564 Rena GmbH 7.000 12/15/2015 EUR 0.054 Landesbank Hessen 1.370 9/22/2031 EUR 70.703 Batigere Grand Es 1.500 12/15/2051 EUR 54.122 Alpine Holding Gm 6.000 5/22/2017 EUR 0.518 UniCredit Bank Au 0.150 4/29/2033 EUR 72.413 Bazalgette Financ 0.074 5/16/2049 GBP 60.024 Heimstaden Bostad 2.800 05/04/2035 EUR 58.266 Alliander NV 1.125 04/08/2035 EUR 71.842 Deutsche Pfandbri 1.000 12/02/2030 EUR 73.807 Hacienda Investme 5.350 02/08/2028 USD 52.225 Dtek Renewables F 8.500 11/12/2024 EUR 40.039 Banco de Sabadell 3.150 3/30/2037 EUR 73.205 Barclays Bank PLC 0.500 10/01/2031 TRY 14.979 Single Platform I 1.610 2/15/2043 EUR 72.951 BNP Paribas SA 1.590 2/23/2051 EUR 65.788 Republic of Belar 5.875 2/24/2026 USD 51.725 Engie SA 2.750 11/20/2045 EUR 75.608 State of Rhinelan 0.375 03/10/2051 EUR 48.194 Slovenska Sporite 4.490 EUR 53.746 Russian Foreign B 2.875 12/04/2025 EUR 38.554 Single Platform I 0.950 7/25/2047 EUR 59.426 Assistance Publiq 1.183 4/16/2050 EUR 56.418 SNCF Reseau 2.777 7/29/2115 EUR 72.172 DZ Bank AG Deutsc 1.055 03/11/2031 EUR 71.195 Land Berlin 0.050 08/06/2040 EUR 58.037 Abengoa Abenewco 1.500 4/26/2024 USD 0.988 State of Lower Au 1.000 9/15/2121 EUR 33.604 Banque Federative 0.376 10/15/2031 EUR 72.133 DZ Bank AG Deutsc 0.530 7/26/2033 EUR 69.265 Russian Foreign B 4.750 5/27/2026 USD 43.279 Commerzbank AG 0.900 10/07/2030 EUR 72.905 City of Zurich Sw 0.250 11/24/2051 CHF 66.273 Nordea Kredit Rea 0.500 10/01/2053 DKK 64.737 Credit Bank of Mo 8.875 USD 13.031 Havenbedrijf Rott 1.100 3/23/2051 EUR 59.462 BPCE SFH SA 0.375 3/18/2041 EUR 60.204 Raiffeisen Landes 0.375 11/13/2034 EUR 72.505 Republic of Irela 0.995 2/24/2121 EUR 37.180 T-Centrum CZ AS 11.710 10/30/2024 CZK 69.000 OR PJSC 12.000 11/14/2024 RUB 2.750 Instabank ASA i 10.850 NOK 67.516 Heta Asset Resolu 3.211 12/31/2023 EUR 1.537 Region Wallonne B 1.000 9/16/2059 EUR 44.391 Kreditanstalt fue 1.201 9/13/2051 EUR 66.009 State of Saxony-A 0.500 3/24/2051 EUR 50.661 Praktiker AG 5.875 02/10/2016 EUR 0.001 Elli Finance UK P 8.750 6/15/2019 GBP 53.034 Polyus Finance PL 4.700 1/29/2024 USD 70.043 BNP Paribas SA 1.000 1/23/2040 MXN 22.521 Spain Government 1.450 10/31/2071 EUR 46.702 Canton of St Gall 0.200 11/28/2041 CHF 74.403 Berlin Hyp AG 0.030 7/22/2030 EUR 73.754 Deutsche Telekom 4.125 7/23/2049 USD 74.892 Hamon & CIE SA 3.300 1/31/2035 EUR 46.339 Department of L'E 0.515 5/25/2040 EUR 60.926 State of Bremen 0.150 9/14/2040 EUR 59.027 Alpine Holding Gm 5.250 07/01/2015 EUR 0.546 Stadt Graz 1.878 10/31/2046 EUR 74.390 Societe Generale 0.690 4/21/2033 EUR 71.698 Kingdom of Belgiu 1.170 05/12/2121 EUR 39.473 Raiffeisen Landes 0.250 03/04/2036 EUR 68.067 Aareal Bank AG 4.603 2/16/2043 EUR 71.560 Dublin Port Co 2.406 9/30/2049 EUR 72.475 Flextronics Inter 3.600 12/06/2031 HUF 66.000 Futureal Developm 4.000 3/23/2031 HUF 64.000 GB Social Housing 3.814 04/09/2047 GBP 70.294 Societe Du Grand 2.062 3/19/2070 EUR 62.588 Gazprom PJSC via 1.500 2/17/2027 EUR 67.011 Realkredit Danmar 0.500 10/01/2053 DKK 66.893 United Kingdom Gi 1.500 7/22/2047 GBP 59.060 Russian Agricultu 8.500 10/16/2023 USD 26.532 Windreich GmbH 6.750 03/01/2015 EUR 2.780 Cooperatieve Rabo 0.500 11/30/2027 MXN 64.391 Free State of Sax 0.400 05/12/2036 EUR 71.125 DLR Kredit A/S 1.500 10/01/2053 DKK 73.506 Junta de Castilla 1.270 10/31/2044 EUR 59.925 Mondelez Internat 1.250 09/09/2041 EUR 64.091 Golfino AG 8.000 11/18/2023 EUR 0.018 Land Thueringen 1.127 04/02/2049 EUR 64.334 Veneto Banca SpA 6.944 5/15/2025 EUR 0.741 DZ Bank AG Deutsc 1.070 10/06/2042 EUR 67.830 Deutsche Pfandbri 0.500 7/23/2029 EUR 75.425 State of Lower Sa 0.250 4/15/2036 EUR 69.706 Muenchener Hypoth 1.543 11/16/2048 EUR 68.199 Romanian Governme 3.375 02/08/2038 EUR 70.607 Ukraine Governmen 12.520 5/13/2026 UAH 55.641 Gazprom PJSC via 1.850 11/17/2028 EUR 60.065 Jyske Realkredit 1.500 10/01/2053 DKK 68.260 Deutsche Bank AG 1.725 1/16/2045 EUR 47.493 Norddeutsche Land 1.552 06/04/2036 EUR 74.398 UBS Group AG 2.370 2/25/2036 USD 68.090 Ukraine Governmen 3.900 10/05/2023 USD 72.365 Kuntarahoitus Oyj 0.940 06/09/2064 EUR 60.952 Assistance Publiq 1.502 05/09/2044 EUR 69.748 Societe Generale 13.000 04/03/2024 USD 69.950 SG Issuer SA 0.263 2/20/2025 EUR 20.260 4iG Nyrt 2.900 3/29/2031 HUF 72.050 Region Wallonne B 1.130 3/28/2036 EUR 74.944 Norddeutsche Land 0.400 03/11/2031 EUR 72.496 DZ Bank AG Deutsc 0.190 1/14/2031 EUR 73.453 SR-Boligkreditt A 1.252 12/02/2041 EUR 69.775 Raiffeisenlandesb 0.998 11/04/2033 EUR 71.571 DZ Bank AG Deutsc 0.850 02/10/2032 EUR 75.516 National Treasury 1.560 2/16/2122 EUR 54.995 Kreditanstalt fue 0.980 02/09/2042 EUR 69.931 CRC Breeze Financ 6.110 05/08/2026 EUR 74.356 Yarlington Treasu 3.410 9/18/2057 GBP 66.510 UBS AG/London 3.327 11/23/2025 EUR 58.500 State of Bremen 1.000 5/27/2039 EUR 72.014 Credit Suisse AG/ 4.450 6/28/2023 USD 9.590 Stelius Befekteto 3.100 9/17/2030 HUF 66.500 Bulgaria Steel Fi 12.000 05/04/2013 EUR 0.216 Phosphorus Holdco 10.000 04/01/2019 GBP 1.500 Peine GmbH 2.000 07/05/2023 EUR 44.500 Affinity Water Fi 3.278 8/22/2042 GBP 71.239 Altice France SA/ 4.125 1/15/2029 EUR 73.418 Vasakronan AB 2.130 5/27/2041 SEK 70.424 Credit Bank of Mo 7.625 USD 27.791 Autonomous Commun 1.442 10/26/2049 EUR 56.634 Bayerische Landes 1.820 05/12/2031 EUR 72.785 Orpea SA 2.300 03/06/2025 EUR 28.042 Grand Delta Habit 1.500 09/01/2049 EUR 54.883 Vasakronan AB 1.130 5/27/2042 JPY 72.324 Region de Bruxell 0.592 12/10/2061 EUR 35.020 Ministeries Van d 0.875 06/03/2045 EUR 54.576 Land Thueringen 0.375 11/14/2034 EUR 73.766 Societe Generale 0.360 9/14/2033 EUR 74.960 Land Thueringen 0.375 12/01/2051 EUR 47.276 Ville de Paris 2.017 5/25/2052 EUR 65.869 Land Berlin 0.500 6/19/2047 EUR 57.545 Credit Bank of Mo 7.500 10/05/2027 USD 20.569 Nordea Kredit Rea 0.500 10/01/2053 DKK 67.062 Landesbank Hessen 0.750 1/21/2036 EUR 63.740 Nederlandse Water 1.900 1/31/2035 AUD 73.686 DZ Bank AG Deutsc 1.000 2/13/2042 EUR 63.518 State Agency of R 6.250 6/24/2030 USD 15.500 Single Platform I 1.010 3/20/2051 EUR 57.152 Societe Nationale 1.280 3/27/2120 EUR 38.193 Assistance Publiq 0.791 8/27/2051 EUR 48.357 Landesbank Hessen 1.800 07/07/2036 EUR 66.700 Societe Generale 12.000 12/31/2036 USD 68.200 Societe Generale 8.000 5/28/2027 USD 63.000 Credit Bank of Mo 7.121 6/25/2024 USD 23.488 Region Wallonne B 1.220 06/12/2050 EUR 55.861 Vasakronan AB 2.256 04/12/2044 EUR 73.948 Vasakronan AB 2.400 6/20/2044 SEK 69.778 State of North Rh 1.267 9/16/2051 EUR 64.335 State of North Rh 1.641 08/11/2066 EUR 63.951 Natixis SA 0.300 6/25/2048 USD 28.919 Norske Skog Holdi 8.000 2/24/2021 EUR 0.006 Norddeutsche Land 1.050 11/17/2036 EUR 62.529 Norddeutsche Land 0.850 07/07/2031 EUR 74.960 ING Bank NV 0.465 4/21/2041 EUR 63.210 Barclays Bank PLC 0.500 1/28/2033 MXN 39.320 MFB Magyar Fejles 4.200 4/20/2033 HUF 70.860 Sovcombank Via So 7.600 USD 3.502 Rio Forte Investm 4.750 11/10/2015 EUR 2.376 Basque Government 1.000 10/31/2050 EUR 48.795 Aareal Bank AG 0.220 03/10/2028 EUR 73.736 BNG Bank NV 1.873 11/24/2047 EUR 73.833 Credit Suisse AG/ 1.660 02/02/2035 EUR 69.392 MBH Mortgage Bank 2.600 10/22/2028 HUF 69.500 Land Thueringen 0.250 03/05/2040 EUR 61.379 Ville de Paris 0.831 2/23/2056 EUR 43.780 Romanian Governme 2.875 4/13/2042 EUR 59.648 State of Saxony-A 1.223 05/04/2046 EUR 70.577 BOA Offshore AS 0.409 7/17/2047 NOK 2.436 Cie de Financemen 0.975 08/11/2046 EUR 64.094 Foodco Bondco SA 6.250 5/15/2026 EUR 41.534 Centrosolar Group 7.000 2/15/2016 EUR 2.505 State of North Rh 1.960 1/24/2079 EUR 71.346 Single Platform I 0.800 12/20/2040 EUR 62.930 Single Platform I 3.000 6/21/2047 USD 71.535 Tonon Luxembourg 9.250 1/24/2020 USD 1.721 Kommunekredit 0.500 7/30/2027 TRY 29.352 Deutsche Apotheke 1.770 12/21/2046 EUR 69.347 Landesbank Baden- 0.260 5/28/2031 EUR 73.700 Kreditanstalt fue 1.115 5/17/2041 EUR 68.857 Thames Water Util 2.442 05/12/2050 GBP 51.897 Kingdom of Belgiu 0.650 6/22/2071 EUR 40.477 Communaute Franca 0.782 02/08/2061 EUR 40.214 Brussels Municipa 0.336 12/15/2035 EUR 68.073 Credit Bank of Mo 4.700 1/29/2025 USD 26.160 Muenchener Hypoth 1.000 6/30/2037 EUR 65.476 Deutsche Wohnen S 2.500 7/21/2034 EUR 73.854 Places For People 2.500 05/03/2039 EUR 72.030 Landesbank Baden- 0.000 5/15/2039 EUR 66.030 Senivita Social E 8.500 6/30/2025 EUR 0.020 GTC Magyarorszag 2.250 12/07/2030 HUF 68.150 Skandinaviska Ens 6.400 1/15/2025 SEK 70.040 Ile-de-France Mob 1.000 12/02/2043 EUR 62.224 MMC Norilsk Nicke 2.550 09/11/2025 USD 73.000 Italy Buoni Polie 0.950 03/01/2037 EUR 65.262 Laboratoire Eimer 5.000 02/01/2029 EUR 70.377 Landesbank Baden- 0.490 12/11/2030 EUR 74.186 SAir Group 5.125 03/01/2003 CHF 10.177 Banque Cantonale 0.100 11/01/2044 CHF 64.479 Intesa Sanpaolo S 4.700 9/23/2049 USD 71.857 BNG Bank NV 0.630 07/11/2067 EUR 38.867 Caisse Francaise 1.110 9/21/2046 EUR 69.608 Nederlandse Water 1.577 12/09/2039 GBP 66.290 Polyus Finance PL 3.250 10/14/2028 USD 62.919 Privatbank CJSC V 10.875 2/28/2018 USD 6.709 State of Brandenb 0.300 11/17/2045 EUR 53.286 Republic of Irela 0.740 11/27/2120 EUR 28.635 SCC Power PLC 6.000 12/31/2028 USD 49.250 Landesbank Baden- 0.510 6/18/2031 EUR 73.003 Kreditanstalt fue 0.980 6/28/2051 EUR 63.175 Heta Asset Resolu 3.248 12/31/2023 EUR 1.504 Uliving@essex3 LL 2.720 8/31/2066 GBP 47.180 Nordea Bank Abp 4.000 1/20/2029 SEK 74.750 UniCredit Bank AG 1.550 7/18/2031 EUR 71.320 BPCE SFH SA 1.586 02/01/2047 EUR 70.733 Citigroup Global 7.200 5/24/2023 SEK Region Bretagne S 0.815 06/12/2040 EUR 64.594 Deutsche Bank AG 0.687 10/11/2049 EUR 44.507 Bazalgette Financ 0.010 08/05/2036 GBP 75.361 Deutsche Pfandbri 3.100 09/07/2046 USD 69.699 Pfandbriefbank sc 0.250 5/17/2040 CHF 75.146 DZ HYP AG 1.226 8/25/2036 EUR 65.840 Orient Express Ba 2.000 USD 15.267 Kommunekredit 1.375 5/18/2046 SEK 69.012 Caisse des Depots 3.000 11/08/2051 AUD 71.137 Region Wallonne B 1.000 6/22/2045 EUR 56.980 Anglian Water Ser 1.760 11/13/2035 GBP 68.016 Intesa Sanpaolo B 3.102 11/19/2035 AUD 67.519 Arkea Public Sect 1.642 5/18/2043 EUR 75.572 Hemso Fastighets 1.800 05/05/2032 EUR 72.822 Grand Delta Habit 1.500 06/02/2045 EUR 57.449 Standard Chartere 2.140 1/29/2036 USD 71.897 ACCIONA Financiac 1.900 6/28/2034 EUR 71.380 O1 Properties Fin 0.500 9/27/2028 USD 5.244 Sibur Securities 2.950 07/08/2025 USD 65.124 Cie de Saint-Goba 1.875 05/03/2035 EUR 75.125 Comunidad Foral d 0.550 10/22/2035 EUR 68.527 Credit Agricole I 1.000 1/17/2045 EUR 59.445 VTB Bank PJSC 13.000 RUB 53.000 Kardan NV 6.325 2/21/2021 ILS 11.000 Housing & Care 21 3.288 11/08/2049 GBP 71.715 Air Berlin Financ 8.500 03/06/2019 EUR 0.315 Depfa Funding II 6.500 EUR 61.338 National Grid Ele 1.608 8/24/2040 GBP 50.888 Berlin Hyp AG 1.057 2/21/2059 EUR 49.488 State of North Rh 1.491 8/23/2066 EUR 60.806 Espirito Santo Fi 4.512 10/27/2024 EUR 0.559 SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000 Deutsche Bank AG 2.530 10/07/2036 USD 68.524 Rikshem AB 3.250 5/31/2041 AUD 61.808 Single Platform I 1.170 07/08/2034 EUR 75.203 SiC Processing Gm 7.125 03/01/2016 EUR 0.643 Altice France SA/ 4.000 7/15/2029 EUR 71.858 Lukoil Capital DA 3.600 10/26/2031 USD 71.232 International Fin 0.500 6/29/2027 ZAR 66.793 BNP Paribas SA 2.670 3/13/2030 AUD 75.208 Steilmann SE 6.750 6/27/2017 EUR 2.184 Unibail-Rodamco-W 2.000 12/05/2033 EUR 73.552 Malta Government 2.400 8/13/2052 EUR 69.910 Landesbank Baden- 0.850 6/15/2035 EUR 66.082 Erste Group Bank 1.170 1/28/2037 EUR 72.474 Bpifrance 1.046 5/25/2050 EUR 53.089 Bazalgette Financ 0.174 5/16/2049 GBP 64.145 Spain Government 1.200 10/31/2040 EUR 67.030 Caisse Francaise 1.640 07/10/2048 EUR 72.241 Societe Nationale 2.457 12/23/2050 USD 66.535 Aareal Bank AG 1.068 2/18/2050 EUR 54.140 DLR Kredit A/S 0.500 10/01/2050 DKK 70.109 Ukraine Governmen 19.750 5/21/2025 UAH 72.794 Region de Bruxell 0.765 7/15/2052 EUR 46.496 Credit Agricole I 0.750 1/20/2042 EUR 59.943 Lloyds Bank PLC 1.920 4/16/2044 EUR 66.670 Kreditanstalt fue 1.000 10/20/2050 EUR 63.638 Eurotorg LLC Via 9.000 10/22/2025 USD 70.426 Nestle Hungaria K 1.750 5/31/2028 HUF 69.500 UBS AG/London 7.510 06/07/2024 USD 9.795 Kommunekredit 1.700 6/26/2045 EUR 75.861 State of Brandenb 0.050 08/10/2040 EUR 58.061 Credit Bank of Mo 3.875 9/21/2026 USD 32.339 BASF SE 1.025 8/13/2048 JPY 72.427 Single Platform I 0.767 2/15/2041 EUR 62.609 Finance and Credi 9.250 1/25/2019 USD 0.001 Decipher Producti 12.500 9/27/2019 USD 1.500 Danske Bank A/S 0.805 08/12/2036 EUR 71.516 Natixis SA 2.700 5/25/2036 USD 74.701 EnBW Internationa 2.080 1/21/2041 EUR 66.702 Banco Santander S 2.280 2/28/2039 EUR 72.844 Virgolino de Oliv 11.750 02/09/2022 USD 0.516 Kreditanstalt fue 1.000 4/27/2041 EUR 70.205 Barclays Bank PLC 4.100 1/29/2048 USD 74.217 Muenchener Hypoth 1.750 12/19/2046 EUR 73.412 HSE Finance Sarl 9.073 10/15/2026 EUR 53.208 UniCredit SpA 1.490 10/23/2035 EUR 67.431 Societe Wallonne 0.883 11/21/2044 EUR 52.879 HSBC Bank PLC 0.500 6/23/2027 MXN 65.978 Turkey Government 5.750 05/11/2047 USD 73.130 Boparan Finance P 7.625 11/30/2025 GBP 66.210 Uralkali OJSC Via 4.000 10/22/2024 USD 17.561 Kingdom of Belgiu 2.750 06/10/2071 USD 68.546 NatWest Markets P 1.250 12/04/2034 EUR 70.597 Assistance Publiq 0.666 3/19/2040 EUR 63.181 Deutsche Bank AG/ 12.780 3/16/2028 TRY 55.463 Credit Suisse AG/ 11.500 9/25/2023 CHF 17.150 MBH Mortgage Bank 3.000 1/28/2036 HUF 55.500 BPCE SFH SA 1.597 2/13/2042 EUR 74.406 Single Platform I 0.419 2/15/2040 EUR 59.281 Iceland Bondco PL 4.375 5/15/2028 GBP 74.275 SNCF Reseau 2.622 9/24/2049 USD 73.021 Deutschsprachige 1.004 07/01/2036 EUR 73.591 Cie de Financemen 0.900 7/18/2058 EUR 51.015 Caisse Francaise 1.555 02/12/2042 EUR 75.660 Hamburg Commercia 4.000 03/06/2034 EUR 74.865 HYPO NOE Landesba 1.605 8/23/2046 EUR 73.416 Single Platform I 2.150 08/05/2036 NOK 74.245 French Republic G 1.500 5/25/2050 EUR 68.357 UniCredit Bank AG 0.610 05/02/2033 EUR 71.902 Caisse Francaise 1.093 10/14/2051 EUR 61.285 Cooperatieve Rabo 0.500 12/29/2027 MXN 63.281 Hamburg Commercia 4.000 3/14/2033 EUR 76.283 Credit Agricole C 2.400 5/17/2048 EUR 54.657 Operateur de Rese 2.850 02/03/2045 EUR 75.123 LSF9 Balta Issuer 3.000 12/31/2030 EUR 59.306 Kreditanstalt fue 0.160 2/16/2036 EUR 68.901 Credit Agricole S 3.750 06/09/2040 AUD 67.987 Erste Group Bank 0.940 5/22/2034 EUR 72.988 Societe Nationale 2.910 1/27/2051 AUD 69.407 Lehman Brothers T 4.500 03/07/2015 EUR 0.100 UBS AG/London 7.100 11/22/2023 USD 9.800 Societe Generale 12.000 1/30/2025 USD 58.500 Societe Generale 15.000 02/01/2024 USD 9.280 Grand City Proper 2.600 2/25/2034 EUR 61.790 City of St Gallen 0.140 9/16/2044 CHF 69.198 DXC Capital Fundi 0.950 9/15/2031 EUR 73.500 Muenchener Hypoth 0.400 08/11/2031 EUR 73.314 BNG Bank NV 2.000 2/19/2038 AUD 69.922 Chelyabinsk Pipe 4.500 9/19/2024 USD 44.827 State of Brandenb 0.750 08/08/2036 EUR 74.165 Aktia Bank Oyj 0.990 1/15/2035 EUR 70.355 DZ Bank AG Deutsc 0.700 4/29/2036 EUR 69.189 Romanian Governme 2.000 4/14/2033 EUR 70.097 Landesbank Hessen 1.650 5/27/2030 EUR 17.227 DZ Bank AG Deutsc 0.700 03/02/2034 EUR 73.752 Pfandbriefbank sc 0.125 8/17/2040 CHF 73.098 Single Platform I 1.416 2/15/2041 EUR 72.029 Credito Padano Ba 3.100 EUR 36.332 Assistance Publiq 1.073 4/16/2045 EUR 60.711 Carmila SA 1.890 11/06/2031 EUR 74.304 Portugal Telecom 5.242 11/06/2017 EUR 0.694 Credit Agricole C 1.550 09/08/2031 AUD 75.145 Natixis SA 2.530 8/30/2036 AUD 64.268 Assistance Publiq 0.634 8/27/2045 EUR 53.675 VTB Bank PJSC 9.571 USD 30.000 Landesbank Baden- 5.318 2/13/2034 EUR 75.600 Credit Suisse AG/London 08/09/2024 USD 8.750 Landesbank Hessen 1.000 4/30/2035 EUR 69.350 Republic of Austr 1.500 2/20/2047 EUR 72.968 Banco Santander S 2.011 04/12/2039 EUR 69.943 Credit Suisse AG/ 4.700 07/01/2046 AUD 72.073 Societe Generale 2.670 3/24/2031 AUD 75.420 Deutsche Bank AG 0.610 9/30/2031 EUR 75.491 Single Platform I 3.505 08/06/2046 AUD 60.130 Kreditanstalt fue 1.175 4/14/2051 EUR 67.496 Muenchener Hypoth 0.805 4/16/2036 EUR 65.544 Norddeutsche Land 1.350 10/20/2038 EUR 61.902 Avanti Communicat 9.000 10/01/2022 USD 14.281 Aareal Bank AG 1.880 4/15/2030 EUR 72.256 Credit Suisse AG/ 0.875 5/21/2031 EUR 72.419 Pfandbriefzentral 0.200 5/22/2042 CHF 71.945 State of Mecklenb 0.239 11/17/2070 EUR 33.584 Regie Autonome de 0.875 8/18/2080 EUR 37.667 Societe Du Grand 0.576 10/29/2052 EUR 41.703 Kreditanstalt fue 0.816 12/19/2050 EUR 55.370 Region de Bruxell 1.225 6/21/2070 EUR 42.001 Sveriges Sakersta 1.378 7/13/2046 SEK 65.971 Banco Santander S 0.010 10/01/2032 EUR 67.919 Land Thueringen 0.100 07/09/2035 EUR 69.766 Lehman Brothers T 5.318 3/16/2035 EUR 0.100 Deutsche Pfandbri 0.613 9/30/2032 EUR 65.892 Bromford Housing 2.554 3/17/2054 GBP 57.084 UniCredit Bank AG 6.600 7/20/2028 EUR 6.360 Nordea Bank Abp 0.620 10/14/2026 SEK 60.490 Nationwide Buildi 0.750 05/08/2035 EUR 74.222 Credit Suisse AG/ 5.250 9/21/2032 USD 77.479 Credit Suisse AG/ 3.220 02/08/2032 AUD 74.329 Societe Generale 2.680 10/20/2031 AUD NTRP Via Interpip 10.250 08/02/2017 USD 2.380 Region Wallonne B 0.808 6/24/2038 EUR 65.666 DZ Bank AG Deutsc 0.500 2/24/2031 EUR 75.165 Argentum Capital 1.377 5/25/2034 EUR 74.108 Land Thueringen 0.200 09/12/2039 EUR 62.035 CNH Industrial Fi 2.200 7/15/2039 EUR 73.470 Vasakronan AB 3.270 6/26/2034 AUD 74.608 Nederlandse Water 1.675 4/26/2046 EUR 74.226 Pfandbriefbank sc 0.375 9/23/2043 CHF 73.288 Assa Abloy AB 0.650 8/28/2034 EUR 72.004 Assistance Publiq 0.490 9/30/2040 EUR 59.910 Communaute Franca 2.350 8/18/2062 EUR 71.887 Morhomes PLC 2.508 2/19/2051 GBP 57.289 Kreditanstalt fue 0.826 10/22/2041 EUR 68.052 National Grid Ele 1.151 2/20/2040 EUR 61.712 Sparekassen Brede 3.750 4/15/2031 DKK 71.194 SNCF Reseau 2.303 07/11/2067 EUR 66.716 United Utilities 0.387 10/05/2057 GBP 53.384 Kreditanstalt fue 0.730 1/21/2050 EUR 60.662 UniCredit SpA 0.725 11/27/2030 EUR 69.024 Commerzbank AG 1.150 6/28/2034 EUR 74.781 Region of Pays de 0.570 03/10/2036 EUR 68.956 Premium Green PLC 1.650 3/28/2031 AUD 73.244 DZ Bank AG Deutsc 2.696 6/24/2026 EUR 70.240 Ministeries Van d 1.874 3/28/2058 EUR 62.053 Agence France Loc 0.550 6/20/2040 EUR 63.061 Societe Generale 2.050 2/18/2031 AUD Malta Government 1.400 8/20/2046 EUR 60.717 Communaute Franca 0.749 9/16/2080 EUR 47.521 Single Platform I 1.413 3/20/2051 EUR 63.179 Caisse des Depots 1.106 9/30/2049 EUR 55.098 DNB Boligkreditt 0.980 6/20/2044 EUR 65.584 Hamburg Commercia 4.000 9/20/2033 EUR 75.833 BNP Paribas SA 3.950 07/11/2039 AUD 73.337 Kreditanstalt fue 1.110 7/13/2046 EUR 69.061 Aareal Bank AG 1.800 7/21/2036 EUR 71.863 Deutsche Pfandbri 0.640 09/10/2030 EUR 72.757 Pescanova SA 5.125 4/20/2017 EUR 0.319 Kommunalkredit Au 1.183 06/02/2031 EUR 74.104 Single Platform I 1.075 6/26/2052 EUR 57.589 Caisse Francaise 1.718 03/04/2049 EUR 73.475 Windreich GmbH 6.250 03/01/2015 EUR 2.780 getgoods.de AG 7.750 10/02/2017 EUR 0.527 Assistance Publiq 0.800 3/23/2046 EUR 55.361 Commerzbank AG 2.350 2/24/2042 EUR 71.351 Deutsche Bank AG/ 4.320 6/15/2037 AUD 75.345 Region Bourgogne- 0.270 12/07/2035 EUR 68.656 Landeskreditbank 1.862 04/06/2062 EUR 71.533 Autonomous Commun 1.655 10/31/2050 EUR 59.704 Cooperatieve Rabo 2.255 9/20/2047 EUR 68.389 DekaBank Deutsche 1.585 12/28/2035 EUR 61.441 Ukraine Governmen 9.790 5/26/2027 UAH 50.998 Hemso Fastighets 3.020 9/14/2048 SEK 69.605 Assistance Publiq 2.000 5/25/2053 EUR 68.055 VTB Bank OJSC Via 6.250 6/30/2035 USD 22.822 Anselma Issuer SA 1.574 12/31/2038 EUR 42.230 BNP Paribas Issua 3.300 07/01/2030 EUR 63.530 Rosbank PJSC 0.020 4/30/2024 RUB 60.050 MBH Mortgage Bank 1.750 12/22/2026 HUF 72.800 Barclays Bank PLC 4.150 04/05/2039 AUD 71.609 State of Lower Au 0.815 9/22/2056 EUR 48.301 Raiffeisenlandesb 0.620 9/29/2031 EUR 75.618 Cooperatieve Rabo 2.481 2/26/2036 AUD 72.649 Muenchener Hypoth 0.550 2/18/2046 CHF 62.548 Landesbank Baden- 0.290 08/06/2031 EUR 71.281 Communaute Franca 0.788 8/30/2049 EUR 50.321 Raiffeisen Bank z 11.597 EUR 69.468 MFB Magyar Fejles 2.900 10/22/2031 HUF 66.411 Single Platform I 1.440 7/18/2042 EUR 69.187 Banco Santander S 0.790 9/30/2031 EUR 75.217 Kreditanstalt fue 0.699 10/20/2036 EUR 74.010 Ahtium PLC 9.750 04/04/2017 EUR 0.726 State of Rhinelan 0.375 04/01/2041 EUR 61.548 Alpine Holding Gm 5.250 06/10/2016 EUR 0.546 Pescanova SA 8.750 2/17/2019 EUR 0.319 DZ Privatbank SA 0.360 4/29/2031 EUR 75.200 Vnesheconombank V 6.025 07/05/2022 USD 6.339 Grupo Isolux Cors 6.000 12/30/2021 EUR 0.270 Deutsche Bank AG 0.700 10/28/2031 EUR 70.336 Single Platform I 0.950 2/15/2044 EUR 61.768 Republic of Irela 1.230 06/01/2120 EUR 44.572 Telia Co AB 3.000 9/25/2064 EUR 73.361 Veneto Banca SpA 6.950 2/25/2025 EUR 0.741 Rio Forte Investm 3.900 07/10/2014 USD 2.886 Landeskreditbank 0.812 12/16/2060 EUR 48.667 Pfandbriefzentral 0.250 06/12/2040 CHF 75.045 State of Brandenb 0.500 11/21/2039 EUR 65.401 State of Bremen 0.550 02/04/2050 EUR 51.828 Caisse Francaise 0.726 10/29/2039 EUR 65.175 Department of Bou 0.810 12/16/2041 EUR 61.839 ABN AMRO Bank NV 0.500 12/12/2039 EUR 64.611 Kreditanstalt fue 1.208 6/17/2051 EUR 68.104 Kuntarahoitus Oyj 1.200 7/21/2061 EUR 62.605 Kreditanstalt fue 1.208 03/10/2051 EUR 68.034 SAir Group 0.125 07/07/2005 CHF 10.375 Leonteq Securitie 23.000 08/02/2023 CHF 69.080 Societe Generale 12.000 7/14/2026 USD 17.000 HPI AG 3.500 EUR 2.000 Russian Post FGUP 2.750 12/06/2023 RUB 60.070 Societe Generale 8.000 8/16/2023 USD 68.590 MOL Hungarian Oil 1.900 04/12/2031 HUF 58.900 Societe Generale 15.000 5/31/2024 USD 41.150 Market Epito Zrt 2.950 10/22/2029 HUF 68.000 Golden Gate GmbH 6.500 10/11/2014 EUR 36.000 DEPFA PLC 3.947 1/26/2034 EUR 0.010 Citigroup Global 2.000 3/25/2039 EUR 72.733 Kommunalkredit Au 0.570 9/15/2037 EUR 64.201 Societe Generale 2.050 2/18/2031 AUD Kreditanstalt fue 0.683 2/22/2051 EUR 58.322 Takko Luxembourg 8.698 11/15/2023 EUR 70.071 Purple Protected 1.565 12/23/2060 EUR 63.663 Deutsche Pfandbri 1.850 9/20/2032 EUR 74.912 Single Platform I 1.850 2/15/2041 NOK 68.090 Muenchener Hypoth 1.172 10/30/2047 EUR 67.142 Kuntarahoitus Oyj 0.815 2/24/2061 EUR 54.688 Vasakronan AB 1.655 09/05/2039 SEK 64.062 Rena GmbH 8.250 07/11/2018 EUR 0.054 MMC Norilsk Nicke 6.625 10/14/2022 USD 72.500 DZ Bank AG Deutsc 1.550 6/27/2041 EUR 69.125 Muenchener Hypoth 0.375 8/27/2031 EUR 73.154 BPCE SFH SA 1.390 03/11/2039 EUR 74.033 NRW Bank 1.235 12/16/2061 EUR 58.163 Deutsche Pfandbri 1.340 10/16/2051 EUR 61.716 Nordea Hypotek AB 2.250 10/15/2048 SEK 75.590 Eurogrid GmbH 0.875 11/20/2040 EUR 63.980 Caisse des Depots 1.460 1/24/2052 EUR 59.655 Single Platform I 1.233 6/25/2044 EUR 66.619 Vasakronan AB 0.914 5/27/2030 EUR 66.477 Societe Generale 0.831 11/25/2031 EUR 69.226 Bayerische Landes 1.820 03/12/2031 EUR 73.029 ING Bank NV 2.220 1/20/2036 USD 73.325 Region de Bruxell 0.274 12/11/2040 EUR 55.148 Credit Agricole C 1.300 02/02/2061 EUR 49.378 Raiffeisenlandesb 1.973 2/17/2045 EUR 73.371 DekaBank Deutsche 0.400 1/29/2035 EUR 73.625 Landesbank Hessen 0.850 03/12/2035 EUR 66.783 Region de Bruxell 1.144 1/14/2056 EUR 50.798 BNP Paribas SA 3.590 7/20/2040 AUD 68.538 Kuntarahoitus Oyj 0.726 01/08/2060 EUR 47.390 Department of L'E 0.643 8/31/2041 EUR 60.141 MKB-Leasing OOO 10.500 10/12/2026 RUB 70.020 Credit Suisse AG/ 5.800 7/26/2023 USD 8.920 Russian Federal B 0.250 7/20/2044 RUB 12.700 COFIDUR SA 0.100 12/31/2024 EUR 30.020 SALVATOR Vermoege 9.500 EUR 7.900 Uliving@Essex Iss 0.100 8/31/2058 GBP 68.415 Purple Protected 1.518 1/25/2061 EUR 65.546 Societe Generale 2.000 2/26/2033 USD 74.307 Credit Agricole C 2.800 2/23/2041 AUD 64.571 Deutsche Pfandbri 4.120 11/03/2031 EUR 57.184 Single Platform I 1.250 10/18/2035 EUR 73.545 Single Platform I 1.250 8/15/2051 EUR 61.464 Malta Government 1.200 5/13/2037 EUR 70.530 BPCE SFH SA 1.210 6/15/2039 EUR 72.219 Region de Bruxell 1.620 4/30/2049 EUR 63.173 Pershing Square H 3.000 7/15/2032 USD 73.159 Single Platform I 1.050 6/25/2044 EUR 62.907 Republic of Irela 1.180 5/25/2087 EUR 48.838 Deutsche Telekom 3.500 4/15/2041 AUD 73.069 BNP Paribas SA 3.580 7/23/2040 AUD 73.407 Landeskreditbank 0.842 05/03/2041 EUR 68.847 ING Bank NV 0.182 4/21/2033 EUR 75.066 Charm Finance PLC 3.509 04/12/2048 GBP 73.230 United Kingdom Gi 0.500 10/22/2061 GBP 32.257 Landesbank Hessen 1.383 3/28/2042 EUR 73.121 City of Hanover G 1.560 05/03/2048 EUR 72.050 Vasakronan AB 2.162 05/04/2040 SEK 68.744 Region Wallonne B 1.246 05/12/2070 EUR 47.546 Autonomous Commun 1.138 11/22/2052 EUR 48.326 International Ban 8.250 10/09/2024 USD 60.375 Ministeries Van d 1.053 06/03/2050 EUR 53.792 Ukraine Governmen 9.990 5/22/2024 UAH 70.101 Kreditanstalt fue 0.945 12/17/2040 EUR 70.450 Banque Internatio 1.010 12/12/2039 EUR 60.118 Kreditanstalt fue 0.890 03/10/2041 EUR 68.905 Credit Agricole S 3.000 1/28/2041 AUD 51.761 Hemso Fastighets 2.680 07/10/2035 AUD 68.054 Landesbank Hessen 0.950 04/09/2036 EUR 65.170 Landesbank Hessen 0.750 8/14/2034 EUR 67.441 Kreditanstalt fue 1.027 10/26/2050 EUR 60.373 Department of Loi 0.478 10/30/2040 EUR 59.593 Greenergy Holding 3.000 9/21/2031 HUF 68.466 SG Issuer SA 2.270 02/04/2032 EUR 61.760 Credit Suisse AG/ 13.700 9/25/2023 USD 19.000 Landesbank Baden- 1.000 6/26/2039 EUR 68.100 VTB Bank PJSC 8.400 5/21/2030 RUB 56.000 RENE LEZARD Mode 7.250 11/25/2017 EUR 0.400 Sberbank of Russi 0.010 11/13/2026 TRY 44.780 Bank Vontobel AG 8.500 11/06/2023 CHF 62.400 Societe Generale 17.000 1/17/2030 USD 43.500 Landesbank Baden- 1.250 06/05/2039 EUR 68.590 Pongs & Zahn AG 8.500 11/01/2014 EUR 0.003 UBS AG/London 0.120 5/25/2040 MXN 15.401 Nationale-Nederla 1.400 3/18/2039 EUR 75.205 Sequa Petroleum N 5.000 4/29/2020 USD 30.250 Oberoesterreichis 0.315 9/14/2035 EUR 66.592 Landesbank Hessen 5.318 1/14/2037 EUR 65.600 Single Platform I 1.000 10/31/2040 EUR 64.870 Deutsche Wohnen S 2.125 8/31/2033 EUR 73.854 Aareal Bank AG 0.660 6/26/2028 EUR 74.194 Region de Bruxell 0.845 9/30/2059 EUR 42.658 DZ Bank AG Deutsc 0.580 10/27/2032 EUR 74.241 Kreditanstalt fue 1.171 7/19/2051 EUR 65.835 State of Lower Au 0.460 10/08/2049 EUR 47.682 BPCE SFH SA 1.344 2/18/2041 EUR 72.780 Cie de Financemen 1.730 5/13/2046 EUR 73.981 State of Hesse 0.227 8/20/2049 EUR 50.134 Deutsche Wohnen S 1.250 7/31/2031 EUR 72.859 Malta Government 2.000 07/10/2051 EUR 65.210 Norske Skog Holdi 8.000 2/24/2021 EUR 0.006 Single Platform I 0.780 04/01/2042 EUR 61.187 Berlin Hyp AG 0.895 7/20/2050 EUR 53.377 DZ Bank AG Deutsc 0.710 4/30/2035 EUR 69.388 Caisse des Depots 1.290 05/05/2051 EUR 57.902 Pfandbriefbank sc 0.375 1/24/2042 CHF 75.096 BPCE SFH SA 1.403 1/13/2039 EUR 74.816 DZ Bank AG Deutsc 1.840 12/21/2048 EUR 65.057 Region Occitanie 0.728 11/16/2037 EUR 67.050 UkrLandFarming PL 10.875 3/26/2018 USD 1.998 Uliving@Essex2 Is 0.100 8/31/2063 GBP 64.497 Muenchener Hypoth 0.125 11/19/2030 EUR 75.096 Ile-de-France Mob 1.586 2/23/2052 EUR 64.644 Senvion Holding G 3.875 10/25/2022 EUR 0.128 Communaute Franca 2.500 07/06/2087 EUR 73.257 United Utilities 0.359 10/05/2048 GBP 58.283 Severn Trent Util 1.399 02/09/2057 GBP 75.380 New World Resourc 4.000 10/07/2020 EUR 0.077 Steilmann SE 7.000 9/23/2018 EUR 1.429 State of Hesse 0.375 04/09/2040 EUR 60.732 Muenchener Hypoth 0.335 02/10/2031 EUR 74.179 Single Platform I 1.375 7/25/2053 EUR 62.769 Erdoel-Lagergesel 1.200 06/04/2043 EUR 63.406 Single Platform I 0.457 2/15/2046 EUR 52.271 Region de Bruxell 1.800 8/17/2048 EUR 68.950 Kreditanstalt fue 1.366 3/17/2042 EUR 75.323 DZ Bank AG Deutsc 1.000 2/18/2032 EUR 66.717 Kreditanstalt fue 0.301 10/15/2034 EUR 74.339 Single Platform I 2.080 4/30/2045 EUR 75.685 Societe Generale 2.700 3/25/2036 USD 63.022 Hypo Vorarlberg B 1.520 07/08/2050 EUR 56.274 Caisse des Depots 1.780 1/15/2048 EUR 68.071 Grand Delta Habit 1.285 11/06/2040 EUR 60.688 Landesbank Hessen 0.950 02/12/2035 EUR 67.911 MVM Energetika Zr 3.250 09/03/2031 HUF 65.000 Societe Generale 9.250 9/22/2026 USD 67.100 VTB Bank PJSC 5.000 USD 48.000 Raiffeisen Schwei 6.000 7/19/2023 CHF 71.590 Credit Suisse AG/ 2.500 7/23/2025 SEK 21.160 Credit Suisse AG/ 2.500 10/07/2025 SEK 22.000 Skandinaviska Ens 10.150 1/15/2025 SEK 70.080 Credit Bank of Mo 5.150 2/20/2024 EUR 30.645 Banco Santander S 1.000 1/14/2034 EUR 70.992 DNB Boligkreditt 1.557 02/01/2040 EUR 75.304 Region Wallonne B 1.225 09/02/2120 EUR 36.023 Deutsche Pfandbri 0.710 09/10/2031 EUR 70.411 Centre Hospitalie 1.580 02/11/2061 EUR 71.165 Muenchener Hypoth 0.420 12/10/2035 EUR 66.299 Bank Julius Baer 20.900 5/22/2023 CHF 49.700 Region Wallonne B 1.135 10/10/2069 EUR 45.372 Region de Bruxell 1.029 1/14/2048 EUR 53.887 LR Realkredit AS 1.000 10/01/2050 DKK 67.095 Lloyds Bank PLC 0.500 7/26/2028 MXN 59.929 NRW Bank 0.550 7/23/2035 EUR 72.264 DZ HYP AG 1.060 7/28/2036 EUR 74.814 Single Platform I 1.117 5/25/2066 EUR 53.108 Collectivite Euro 0.487 10/09/2045 EUR 51.296 Deutsche Bank AG 0.710 9/24/2031 EUR 69.455 Kuntarahoitus Oyj 1.150 9/24/2051 EUR 66.562 French Republic G 0.500 6/25/2044 EUR 58.877 Landesbank Hessen 1.150 6/23/2036 EUR 66.788 Norske Skog Holdi 8.000 2/24/2023 USD 0.006 Agrokor dd 9.875 05/01/2019 EUR 15.000 Regie Autonome de 0.938 5/25/2050 EUR 52.691 DZ HYP AG 0.300 8/21/2035 EUR 68.670 United Kingdom Gi 1.250 7/31/2051 GBP 51.791 ING Bank NV 0.335 4/21/2036 EUR 68.719 Barclays Bank PLC 1.450 9/24/2038 MXN 27.613 MMC Norilsk Nicke 2.800 10/27/2026 USD 71.665 Credit Agricole C 15.000 6/18/2026 TRY 69.211 State of Brandenb 0.050 2/28/2033 EUR 74.491 Region de Bruxell 0.930 05/03/2051 EUR 49.982 State of Bremen 0.500 05/06/2041 EUR 62.440 BNP Paribas SA 1.450 11/17/2041 EUR 66.606 Single Platform I 0.815 04/01/2042 EUR 60.242 Caisse Francaise 1.670 12/07/2048 EUR 72.915 Kreditanstalt fue 0.955 04/06/2040 EUR 71.315 Credit Mutuel Ark 1.555 5/14/2035 EUR 73.906 Kuntarahoitus Oyj 1.155 11/19/2060 EUR 58.455 Norddeutsche Land 0.600 11/18/2030 EUR 75.282 Kreditanstalt fue 0.902 11/16/2050 EUR 61.928 Republic of Irela 2.000 6/29/2064 EUR 69.337 State of Saarland 0.500 3/15/2051 EUR 50.796 Purple Protected 1.580 5/25/2060 EUR 43.816 BNP Paribas SA 1.395 02/12/2035 EUR 73.381 DNB Boligkreditt 1.550 09/01/2042 EUR 73.088 BPCE SA 2.550 06/09/2035 AUD 61.975 United Kingdom Gi 0.625 10/22/2050 GBP 42.569 Bayerische Landes 0.940 7/16/2032 EUR 75.592 Region de Bruxell 0.808 1/31/2050 EUR 47.209 DZ Bank AG Deutsc 0.900 03/02/2035 EUR 71.800 Kreditanstalt fue 0.788 11/04/2039 EUR 69.577 Commerzbank AG 1.219 12/12/2039 EUR 64.897 Region Wallonne B 1.272 10/03/2040 EUR 68.458 Deutsche Wohnen S 2.125 9/26/2033 EUR 70.028 Oberoesterreichis 0.655 1/25/2036 EUR 66.891 UBS Group AG 2.490 03/04/2036 USD 69.265 Grupo Isolux Cors 0.250 12/30/2018 EUR 0.157 HSBC Bank PLC 10.300 12/20/2024 TRY 71.174 Santander Interna 1.700 12/12/2049 EUR 43.480 TBI Bank EAD 5.250 7/30/2031 EUR 50.137 Lehman Brothers T 5.318 10/05/2035 EUR 0.100 DZ Bank AG Deutsc 4.000 6/23/2023 EUR 70.970 Goldman Sachs Int 0.098 1/13/2025 EUR 20.700 Quintet Private B 3.650 11/13/2023 EUR 5.880 UBS AG/London 7.000 12/12/2023 USD 9.840 Landesbank Baden- 1.250 6/26/2039 EUR 67.010 IEC Optima Ltd Co 15.000 10/29/2024 RUB 3.920 Metal Hungaria Ho 3.000 11/17/2030 HUF 62.500 Landesbank Hessen 5.318 1/26/2037 EUR 68.400 Swissquote Bank S 29.720 12/05/2023 CHF 42.320 Caisse Francaise 1.428 2/19/2049 EUR 70.647 Caisse des Depots 1.617 3/18/2049 EUR 65.028 Landesbank Baden- 0.500 7/24/2030 EUR 75.632 Oberoesterreichis 0.610 1/28/2037 EUR 67.116 Heta Asset Resolu 5.730 12/31/2023 EUR 1.504 Hypo Vorarlberg B 0.570 8/26/2030 EUR 75.396 Nederlandse Water 0.964 06/11/2059 EUR 53.940 Norddeutsche Land 0.600 2/24/2031 EUR 74.452 Muenchener Hypoth 0.568 6/15/2032 EUR 74.383 ESB Finance DAC 2.000 4/17/2044 EUR 69.040 Cie de Financemen 1.630 5/26/2046 EUR 72.287 Hamburg Commercia 4.000 7/18/2033 EUR 75.670 Luzerner Kantonal 0.500 7/26/2041 CHF 75.413 Norske Skogindust 2.000 12/30/2115 EUR 0.407 Communaute Franca 2.000 4/14/2076 EUR 66.014 Kreditanstalt fue 1.027 8/31/2046 EUR 67.626 Free and Hanseati 1.095 6/13/2046 EUR 67.965 Kommunekredit 0.100 9/30/2033 DKK 72.343 National Grid Ele 2.920 9/30/2044 AUD 66.076 SpareBank 1 SR-Ba 1.020 10/08/2036 EUR 66.088 BPCE SA 2.730 10/05/2036 AUD 60.504 Lloyds Bank PLC 2.280 1/29/2044 EUR 70.861 Caisse Francaise 1.699 1/18/2044 EUR 75.602 Muenchener Hypoth 0.886 3/26/2043 EUR 64.373 Landesbank Hessen 0.590 5/21/2031 EUR 75.198 Region Provence-A 0.753 01/05/2037 EUR 70.293 Single Platform I 1.340 05/10/2044 EUR 66.542 Barclays Bank PLC 3.020 3/26/2051 USD 60.658 Hungary Governmen 4.000 4/28/2051 HUF 59.706 Department of Gir 0.846 4/29/2039 EUR 67.143 Portugal Obrigaco 1.150 04/11/2042 EUR 66.895 Muenchener Hypoth 1.185 05/05/2059 EUR 54.302 Single Platform I 0.908 2/15/2041 EUR 64.503 Berlin Hyp AG 0.118 3/18/2030 EUR 75.400 Kreditanstalt fue 0.620 1/14/2050 EUR 53.984 Aareal Bank AG 1.850 3/20/2035 EUR 75.010 State of Lower Au 0.550 11/13/2080 EUR 30.422 Lithuania Governm 2.100 5/26/2047 EUR 75.427 Autonomous Commun 0.810 10/31/2040 EUR 59.682 Communaute Franca 1.787 6/14/2044 EUR 69.612 Kommunekredit 0.869 11/12/2043 SEK 63.745 Region de Bruxell 1.020 4/30/2060 EUR 43.056 Agrokor dd Via Aq 4.921 08/08/2017 EUR 14.625 Gecci Investment 6.000 10/01/2027 EUR 34.404 CDC Habitat SEM 0.853 2/15/2041 EUR 57.347 Espirito Santo Fi 5.050 11/15/2025 EUR 0.622 Hypo Vorarlberg B 0.400 12/22/2031 EUR 70.664 Aargau Verkehr AG 0.270 11/29/2049 CHF 72.986 State of Brandenb 0.375 1/29/2035 EUR 73.669 Norddeutsche Land 0.750 02/04/2031 EUR 74.986 Republic of Irela 1.320 11/28/2119 EUR 40.980 Berlin Hyp AG 1.157 12/09/2039 EUR 55.864 Nomura Bank Inter 1.138 12/19/2039 EUR 58.816 Oberoesterreichis 0.705 1/29/2036 EUR 67.356 Lehman Brothers T 4.680 12/12/2045 EUR 0.100 Republic of Austr 0.100 07/10/2040 EUR 59.748 Saastopankkien Ke 0.860 1/18/2036 EUR 66.804 Premium Green PLC 1.610 9/30/2030 AUD 75.041 Caisse Francaise 1.720 11/06/2047 EUR 74.102 Affinity Water Fi 0.230 11/22/2042 GBP 66.636 Santander Interna 2.770 07/02/2035 USD 71.110 Credit Agricole S 3.450 03/04/2041 AUD 55.849 Premium Green PLC 1.630 12/30/2030 AUD 74.289 Single Platform I 1.600 2/15/2041 EUR 73.353 DZ Bank AG Deutsc 0.550 3/23/2033 EUR 73.183 BNP Paribas SA 1.300 1/28/2037 EUR 70.649 Commerzbank AG 1.046 12/18/2034 EUR 71.323 Hungary Governmen 3.000 4/25/2041 HUF 56.830 UBS AG/London 8.900 11/22/2023 USD 9.780 Societe Generale 24.000 11/14/2024 USD 58.338 Societe Generale 10.000 01/03/2025 USD 47.530 Credit Suisse AG/ 1.000 12/20/2027 EUR 0.270 Credit Suisse AG/ 4.460 7/26/2023 USD 9.630 Ingrad AO 11.000 2/27/2030 RUB 63.000 Raiffeisen Schwei 20.000 11/07/2023 CHF 30.240 SG Issuer SA 7.600 1/20/2025 SEK 57.040 Danske Bank A/S 9.000 07/09/2026 SEK 72.230 Busy Bee Finance 5.000 6/28/2029 EUR 65.000 MET Hungary Solar 3.800 12/02/2031 HUF 68.250 Credit Suisse AG/ 13.300 11/29/2023 USD 40.520 Metal Hungaria Ho 3.500 11/16/2031 HUF 68.000 Raiffeisen Schwei 12.000 6/21/2023 CHF 47.590 Alteo Nyrt 3.150 10/28/2029 HUF 59.800 Societe Generale 15.000 05/02/2024 USD 7.870 GTC Magyarorszag 2.600 3/17/2031 HUF 69.560 Norddeutsche Land 0.650 01/12/2032 EUR 72.217 NRW Bank 1.245 09/07/2060 EUR 59.383 Societe Generale 1.700 1/19/2031 USD 72.517 Thomas Cook Finan 3.875 7/15/2023 EUR 0.500 Landwirtschaftlic 0.400 7/29/2036 EUR 70.808 Deutsche Pfandbri 0.857 9/18/2037 EUR 54.593 Kommunekredit 2.180 7/16/2040 AUD 65.828 Italy Buoni Polie 2.700 03/01/2047 EUR 74.101 Muenchener Hypoth 1.010 08/06/2044 EUR 56.011 State of Saarland 1.108 5/18/2046 EUR 65.780 Bayerische Landes 3.450 7/15/2036 EUR 73.626 Region Bretagne S 0.620 08/07/2037 EUR 68.278 Bank fuer Kirche 0.660 3/17/2036 EUR 67.756 Single Platform I 1.240 5/25/2052 EUR 60.840 Barclays Bank PLC 3.130 04/09/2051 USD 61.886 Landeskreditbank 2.500 5/21/2036 AUD 73.302 Ville de Paris 0.963 12/06/2051 EUR 51.000 Region de Bruxell 1.620 02/08/2044 EUR 68.057 ING Groep NV 0.975 2/14/2034 EUR 68.816 Volksbank Weinhei 2.600 12/08/2058 EUR 60.522 Bilt Paper BV 10.360 USD 1.217 Landesbank Hessen 1.150 11/24/2036 EUR 66.378 Agrokor dd 8.875 02/01/2020 USD 15.000 DAH Holding GmbH 7.250 9/28/2018 EUR 0.718 NRW Bank 1.000 2/26/2050 EUR 61.881 Credit Agricole C 2.500 2/20/2048 EUR 76.021 Grupo Isolux Cors 1.000 12/30/2021 EUR 0.157 Deutsche Pfandbri 0.906 03/04/2050 EUR 59.257 BNP Paribas SA 0.500 11/16/2032 MXN 37.234 Mox Telecom AG 7.250 11/02/2017 EUR 2.270 Autonomous Commun 1.250 10/31/2040 EUR 64.638 Department of Val 0.929 5/19/2041 EUR 64.376 Deutsche Bank AG 2.330 02/11/2043 EUR 67.379 Caisse des Depots 1.150 02/03/2042 EUR 63.505 DZ Bank AG Deutsc 0.760 9/15/2033 EUR 74.986 Bayerische Landes 0.770 6/18/2032 EUR 73.262 Banque Internatio 0.480 11/13/2030 EUR 72.931 SNCF Reseau 1.100 10/27/2036 EUR 74.794 Jyske Realkredit 0.500 10/01/2053 DKK 64.754 Specialfastighete 1.215 5/14/2035 SEK 72.930 State of North Rh 1.650 5/16/2047 EUR 73.719 Landesbank Baden- 0.500 11/25/2030 EUR 74.848 Caisse Francaise 0.510 11/19/2040 EUR 61.949 Autonomous Commun 1.089 10/31/2049 EUR 51.289 Land Thueringen 1.100 07/03/2047 EUR 65.414 French Republic G 0.500 5/25/2072 EUR 38.386 Banque Internatio 2.120 8/20/2040 EUR 60.489 Region Centre 0.390 12/04/2042 EUR 54.486 LFA Foerderbank B 0.250 9/30/2039 EUR 62.586 Ville de Paris 1.165 06/09/2053 EUR 52.194 Single Platform I 0.835 10/14/2061 EUR 47.555 Commerzbank AG 1.250 6/28/2034 EUR 75.424 Bayerische Landes 3.550 10/14/2036 EUR 74.091 Region de Bruxell 0.640 7/20/2045 EUR 52.427 Citigroup Global 2.900 3/15/2041 USD 70.712 DZ Bank AG Deutsc 0.440 1/21/2036 EUR 62.538 Autonomous Commun 1.950 5/24/2041 EUR 72.656 Single Platform I 1.085 6/20/2050 EUR 58.677 Ferrovie Luganesi 0.280 12/31/2044 CHF 70.893 Anselma Issuer SA 2.174 12/31/2038 EUR 41.080 MKB-Leasing OOO 9.200 12/22/2027 RUB 65.000 Wellis Magyarorsz 3.000 2/26/2031 HUF 63.905 Hell Energy Magya 3.000 7/28/2031 HUF 70.100 Credit Suisse AG/ 17.480 01/08/2024 CHF 77.370 OTP Munkavallalok 4.500 7/14/2031 HUF 72.850 Societe Generale 10.000 6/28/2034 USD 72.000 Landesbank Baden- 0.700 09/05/2039 EUR 64.050 DZ Bank AG Deutsc 1.598 10/11/2050 EUR 56.960 Credit Suisse AG/London 08/09/2024 USD 8.349 Futureal Developm 3.500 11/16/2036 HUF 51.000 Skandinaviska Ens 6.000 7/15/2024 SEK Landesbank Baden- 1.000 7/17/2039 EUR 66.280 KESZ Holding Busi 2.800 6/17/2031 HUF 71.070 OR PJSC 11.500 7/28/2024 RUB 2.830 Goldman Sachs Int 2.200 3/29/2048 EUR 70.364 Societe Generale 2.650 3/19/2031 AUD Muenchener Hypoth 0.040 1/17/2031 EUR 73.907 Region Wallonne B 1.222 6/24/2080 EUR 44.124 Landesbank Hessen 2.400 3/22/2052 EUR 75.677 Lloyds Bank PLC 2.545 8/28/2038 SEK 75.107 Petromena ASA 10.850 11/19/2018 USD 0.622 Grand Delta Habit 1.425 2/26/2048 EUR 54.571 Kreditanstalt fue 0.918 10/11/2050 EUR 62.218 Kreditanstalt fue 0.880 12/07/2050 EUR 61.504 Caisse des Depots 1.114 9/20/2049 EUR 56.457 Vilogia SA d'HLM 1.500 08/07/2034 EUR 72.663 Ville de Paris 0.850 08/04/2051 EUR 49.368 DZ HYP AG 1.172 4/25/2039 EUR 71.613 DZ Bank AG Deutsc 2.240 8/22/2034 USD 77.213 Centre Hospitalie 1.160 09/06/2039 EUR 57.453 HSBC Bank PLC 0.500 11/25/2025 BRL 73.109 BNP Paribas SA 3.660 08/09/2039 AUD 70.638 Single Platform I 0.605 9/20/2042 EUR 59.093 Landesbank Hessen 0.900 05/12/2036 EUR 64.501 Kuntarahoitus Oyj 1.300 04/08/2061 EUR 65.075 Region Occitanie 0.766 10/07/2041 EUR 61.583 Rikshem AB 2.137 1/29/2036 EUR 73.645 Aareal Bank AG 1.250 1/30/2029 EUR 73.728 Raiffeisenverband 1.853 02/05/2049 EUR 64.600 Landesbank Hessen 1.050 1/20/2037 EUR 65.279 Italy Buoni Polie 2.150 03/01/2072 EUR 55.332 Landesbank Baden- 0.905 04/01/2041 EUR 58.156 Flamingo Lux II S 5.000 3/31/2029 EUR 72.694 DNB Boligkreditt 1.230 11/18/2039 EUR 71.547 DZ HYP AG 2.023 1/18/2058 EUR 70.144 Region de Bruxell 1.819 1/22/2048 EUR 69.620 NRW Bank 1.182 08/07/2050 EUR 59.665 Nederlandse Water 1.370 3/23/2065 EUR 56.202 Kingdom of Belgiu 0.459 7/23/2079 EUR 28.938 Berlin Hyp AG 0.750 03/04/2050 EUR 51.551 Citigroup Global 1.500 5/13/2051 EUR 56.096 Single Platform I 2.085 1/24/2044 NOK 66.632 Bayerische Landes 0.030 10/22/2035 EUR 67.677 Landshypotek Bank 1.815 2/25/2041 SEK 74.975 Landesbank Saar 0.540 11/18/2033 EUR 70.212 LFA Foerderbank B 0.010 12/15/2033 EUR 72.721 Kreditanstalt fue 0.210 11/18/2037 EUR 64.311 Kreditanstalt fue 0.820 4/15/2050 EUR 62.181 Purple Protected 2.100 4/15/2060 EUR 46.500 Belfius Bank SA 0.125 6/19/2034 EUR 71.315 Muenchener Hypoth 1.230 02/11/2042 EUR 70.847 Slovenska Sporite 4.820 EUR 63.373 DZ Bank AG Deutsc 0.700 11/30/2035 EUR 68.579 Tonon Luxembourg 12.500 5/14/2024 USD 0.001 Virgolino de Oliv 10.875 1/13/2020 USD 36.000 UniCredit Bank AG 2.250 10/14/2039 EUR 70.932 Agence Francaise 1.600 7/27/2043 EUR 74.239 Romanian Governme 2.625 12/02/2040 EUR 59.331 Kreditanstalt fue 0.830 12/09/2050 EUR 61.746 DZ HYP AG 0.205 06/05/2040 EUR 57.365 Astana Finance BV 7.875 06/08/2010 EUR 16.000 Lehman Brothers T 5.103 6/22/2046 EUR 0.100 Kreditanstalt fue 0.943 06/09/2050 EUR 63.182 Barclays Bank PLC 2.070 12/18/2035 USD 64.903 Department of Loi 0.550 12/18/2045 EUR 51.953 Republic of Irela 1.230 6/23/2121 EUR 43.844 Single Platform I 1.840 7/25/2053 EUR 71.923 Societe Generale 2.060 03/12/2031 USD 74.075 Nederlandse Water 1.610 12/04/2052 EUR 69.520 NIBC Bank NV 0.410 1/27/2031 EUR 68.862 Lehman Brothers T 5.550 03/12/2015 EUR 0.100 Barclays Bank PLC 2.230 1/26/2036 USD 67.425 Assistance Publiq 1.750 11/27/2041 EUR 74.393 DNB Boligkreditt 1.569 1/31/2042 EUR 73.624 DNB Boligkreditt 1.533 1/27/2042 EUR 73.234 Grupo Isolux Cors 6.000 12/30/2021 USD 0.268 Standard Chartere 3.040 1/18/2042 USD 72.060 Bayerische Landes 0.280 10/09/2030 EUR 75.286 Kreditanstalt fue 0.935 12/16/2039 EUR 71.049 Kommunekredit 0.342 09/01/2042 EUR 58.463 Eika Boligkreditt 1.112 5/16/2039 EUR 71.102 Credit Agricole C 2.105 10/22/2035 USD 69.342 Bank Vontobel AG 11.600 6/20/2023 CHF 66.000 Landesbank Hessen 2.400 06/09/2036 EUR 62.800 Bank Vontobel AG 15.430 06/06/2023 CHF 62.700 Sberbank of Russi 0.010 02/01/2029 RUB 74.100 DekaBank Deutsche 14.820 06/01/2023 EUR 59.730 Landesbank Hessen 1.500 1/20/2037 EUR 64.450 OR PJSC 16.000 11/26/2025 RUB 14.010 Landesbank Hessen 1.600 06/12/2035 EUR 72.000 Cordia Internatio 3.000 7/27/2030 HUF 87.093 Citigroup Global 12.000 2/13/2024 SEK 72.950 MOL Hungarian Oil 1.100 9/22/2030 HUF 54.500 Landesbank Hessen 1.150 9/22/2036 EUR 64.400 Societe Generale 15.000 9/29/2025 USD 12.600 Banque Cantonale 7.300 9/16/2024 CHF 27.290 Banque et Caisse 1.000 01/04/2042 EUR 68.969 Norddeutsche Land 0.750 2/16/2032 EUR 73.020 Aareal Bank AG 0.380 9/16/2031 EUR 57.323 Heta Asset Resolu 5.920 12/31/2023 EUR 1.500 Deutsche Bank AG 1.050 09/01/2031 EUR 71.899 Lehman Brothers T 4.000 01/04/2011 USD 0.100 BNG Bank NV 2.000 09/05/2058 EUR 68.886 Kreditanstalt fue 0.680 2/23/2051 EUR 59.148 Landesbank Hessen 0.600 3/18/2036 EUR 61.927 Nederlandse Water 1.950 8/29/2058 EUR 70.621 Region Hauts-de-F 0.402 2/18/2043 EUR 54.282 Muenchener Hypoth 0.050 7/15/2030 EUR 75.410 SAir Group 5.500 7/23/2003 CHF 10.209 Landesbank Hessen 0.500 8/20/2031 EUR 74.315 Landesbank Hessen 0.750 8/19/2036 EUR 65.437 Kingdom of Belgiu 1.600 6/22/2047 EUR 70.752 Ukraine Governmen 7.750 09/01/2027 USD 17.108 DekaBank Deutsche 1.340 8/22/2036 EUR 71.103 Societe Publique 1.272 8/23/2036 EUR 72.526 National Grid Ele 1.690 9/16/2041 GBP 54.997 Kreditanstalt fue 1.087 1/21/2050 EUR 66.095 Single Platform I 1.448 7/25/2053 EUR 64.172 DZ Bank AG Deutsc 0.600 5/15/2036 EUR 67.002 Landesbank Hessen 0.530 11/04/2031 EUR 73.950 Landesbank Baden- 0.650 06/01/2034 EUR 66.720 DZ Bank AG Deutsc 1.850 2/19/2049 EUR 66.901 Brussels Municipa 0.892 3/29/2041 EUR 63.172 Heta Asset Resolu 7.500 12/31/2023 ATS 1.537 Banco Espirito Sa 10.000 12/06/2021 EUR 0.622 Raiffeisen Landes 1.385 12/14/2037 EUR 75.642 Deutsche Bahn Fin 0.232 3/17/2032 EUR 74.352 DZ Bank AG Deutsc 1.470 1/20/2042 EUR 65.175 Alfa Bank AO Via 5.500 10/26/2031 USD 0.030 Single Platform I 1.000 07/08/2034 EUR 72.343 Credit Agricole C 3.020 4/22/2036 AUD 74.622 AK BARS Bank Via 8.000 7/13/2022 USD 31.000 Elli Investments 12.250 6/15/2020 GBP 52.250 Specialfastighete 1.120 2/19/2044 SEK 60.953 Grand Delta Habit 1.630 03/06/2045 EUR 59.499 Agrokor dd 9.125 02/01/2020 EUR 15.000 Banque et Caisse 1.270 05/07/2045 EUR 70.611 Credit Agricole C 18.540 3/24/2027 TRY 77.917 Landesbank Saar 0.650 11/19/2035 EUR 68.046 DZ Bank AG Deutsc 0.350 11/10/2042 EUR 57.164 Nederlandse Water 0.190 11/02/2050 EUR 45.652 Ville de Paris 1.165 06/09/2053 EUR 50.917 Caisse des Depots 0.323 06/04/2035 EUR 69.832 Caisse des Depots 1.930 03/06/2048 EUR 70.033 Deutsche Bank AG 2.267 8/25/2034 EUR 74.484 DZ HYP AG 1.430 10/26/2046 EUR 64.097 Tonon Luxembourg 12.500 5/14/2024 USD 0.001 Norddeutsche Land 1.600 4/14/2037 EUR 67.657 Swedbank Hypotek 1.500 7/13/2048 EUR 71.319 Landesbank Hessen 0.550 1/21/2036 EUR 61.828 French Republic G 0.500 5/25/2040 EUR 64.780 Ukraine Governmen 9.990 5/22/2024 UAH 70.101 BNP Paribas SA 1.150 11/20/2034 EUR 73.730 UBS Group AG 3.030 11/18/2034 AUD 75.907 Deutsche Wohnen S 1.700 12/05/2036 EUR 64.025 Deutsche Telekom 3.500 09/06/2039 AUD 74.480 DZ Bank AG Deutsc 0.800 1/21/2041 EUR 60.549 Hypo Tirol Bank A 1.090 1/21/2041 EUR 64.885 Lehman Brothers T 2.000 6/21/2011 EUR 0.100 Caisse des Depots 1.630 12/28/2046 EUR 66.425 Societe Generale 3.820 4/26/2039 AUD 66.539 Muenchener Hypoth 0.580 10/14/2035 EUR 68.204 Landesbank Hessen 1.250 11/10/2036 EUR 66.400 VTB Bank PJSC 3.750 EUR 30.000 MOL Nyrt Kueloenl 4.950 1/26/2032 HUF 74.460 Landesbank Hessen 1.580 12/16/2036 EUR 67.800 Credit Suisse AG/ 11.500 7/26/2023 CHF 45.050 Landesbank Hessen 1.500 12/10/2036 EUR 67.100 Societe Generale 12.264 11/02/2023 USD 15.150 BNP Paribas Emiss 3.000 4/21/2026 EUR 50.600 Landesbank Hessen 1.500 12/16/2036 EUR 67.600 Landesbank Hessen 0.750 11/17/2036 EUR 67.200 niiio finance gro 4.000 5/31/2026 EUR 31.000 Bank Vontobel AG 17.060 06/05/2023 EUR 68.200 Landesbank Hessen 1.500 1/20/2037 EUR 66.700 Landesbank Hessen 1.500 11/17/2036 EUR 66.400 Nordea Bank Abp 4.600 1/20/2029 SEK 71.000 Landesbank Hessen 2.000 11/25/2036 EUR 64.650 Landesbank Hessen 0.750 12/02/2036 EUR 67.000 DZ Bank AG Deutsc 4.050 6/23/2023 EUR 43.190 DZ Bank AG Deutsc 1.598 10/11/2050 EUR 56.960 Abroncs Kereskedo 2.800 12/17/2027 HUF 74.000 Landesbank Hessen 1.000 12/28/2035 EUR 65.250 UBS AG/London 7.000 4/25/2024 USD 9.850 UniCredit Bank AG 1.120 1/20/2031 EUR 70.500 SG Issuer SA 9.180 1/20/2025 SEK 57.920 SG Issuer SA 2.100 8/23/2033 EUR 22.260 Landesbank Baden- 5.318 1/30/2034 EUR 74.070 VTB Bank PJSC 7.600 04/02/2031 RUB 70.000 BNP Paribas Issua 7.200 12/17/2024 SEK 74.030 Alteo Nyrt 2.450 10/08/2031 HUF 57.900 Zurcher Kantonalb 15.400 6/13/2023 CHF 32.520 State of Saxony-A 2.241 07/03/2028 EUR 60.000 Wingholding Zrt 3.000 9/22/2031 HUF 58.150 Russian Railways 3.310 10/15/2040 RUB 50.010 Credit Suisse AG/ 10.250 06/09/2023 USD 58.940 Landesbank Hessen 1.170 12/08/2036 EUR 66.614 Region de Bruxell 1.506 2/21/2039 EUR 73.641 Land Thueringen 1.000 3/29/2039 EUR 73.776 La Banque Postale 1.311 05/09/2040 EUR 72.600 State of North Rh 1.467 06/12/2045 EUR 72.213 BPCE SFH SA 1.229 04/12/2049 EUR 64.007 Natixis SA 4.530 3/16/2048 AUD 72.297 Heta Asset Resolu 2.864 12/31/2023 EUR 1.537 Landesbank Baden- 0.590 9/22/2034 EUR 65.402 Norddeutsche Land 1.570 09/09/2038 EUR 63.916 Landesbank Baden- 0.560 9/22/2033 EUR 67.552 Landesbank Hessen 1.400 1/13/2037 EUR 66.450 Societe Generale 1.900 1/21/2031 USD Cooperatieve Rabo 2.360 9/25/2047 EUR 69.795 Kreditanstalt fue 0.990 02/12/2051 EUR 63.161 Landeskreditbank 1.443 3/18/2042 EUR 75.142 LBI ehf 7.431 USD 0.001 Aareal Bank AG 1.125 6/28/2030 EUR 66.516 Caisse des Depots 1.000 2/26/2051 EUR 53.004 Landesbank Baden- 0.550 2/19/2031 EUR 74.378 Barclays Bank PLC 2.500 12/29/2032 USD 75.558 Societe Generale 2.120 01/06/2036 USD 58.791 Saechsische Aufba 0.300 2/18/2042 EUR 56.889 Caisse des Depots 1.548 08/09/2038 EUR 74.618 Caisse des Depots 2.160 12/07/2050 AUD 59.136 Santander Interna 1.192 12/07/2045 EUR 57.601 Pfandbriefbank sc 0.250 3/15/2041 CHF 74.122 National Grid Ele 2.710 10/04/2034 AUD 75.267 Societe Du Grand 1.955 4/16/2069 EUR 62.353 Cie de Financemen 1.270 4/26/2039 EUR 73.440 Communaute Franca 0.886 6/22/2057 EUR 44.552 NRW Bank 0.510 9/23/2039 EUR 65.125 Communaute Franca 1.000 10/08/2069 EUR 42.480 Citigroup Global 0.430 8/15/2031 EUR 72.161 Single Platform I 1.500 3/20/2051 EUR 65.262 BNG Bank NV 1.627 4/25/2046 EUR 71.651 Moby SpA 7.750 2/15/2023 EUR 59.684 NRW Bank 0.650 7/20/2037 EUR 73.288 Credit Suisse AG/ 5.000 2/18/2046 AUD 75.280 Assistance Publiq 1.665 04/10/2049 EUR 65.386 PA Resources AB 13.500 03/03/2016 SEK 0.124 Single Platform I 1.910 8/15/2036 NOK 72.676 Norddeutsche Land 0.325 9/15/2031 EUR 70.677 Bank fuer Kirche 0.770 10/12/2035 EUR 69.343 Rikshem AB 2.900 1/23/2035 AUD 70.476 DZ Bank AG Deutsc 1.250 9/30/2060 EUR 47.339 Region of Pays de 0.448 12/20/2039 EUR 62.075 Kingdom of Belgiu 0.558 9/24/2077 EUR 32.334 Landesbank Baden- 0.540 10/07/2031 EUR 72.310 Landesbank Baden- 0.690 10/08/2035 EUR 63.936 Landesbank Hessen 0.700 08/08/2034 EUR 67.071 Oberoesterreichis 0.445 3/28/2036 EUR 66.633 Landesbank Hessen 0.700 11/04/2033 EUR 70.839 Landesbank Hessen 0.900 11/10/2036 EUR 63.870 Landesbank Hessen 0.600 11/11/2031 EUR 74.474 Single Platform I 1.023 2/15/2046 EUR 60.630 National Grid Ele 2.037 2/15/2039 EUR 74.187 Cie de Financemen 1.887 1/31/2049 EUR 73.865 Landesbank Hessen 1.000 1/13/2037 EUR 64.766 Landesbank Baden- 0.740 06/02/2036 EUR 63.114 Norddeutsche Land 0.950 6/16/2033 EUR 69.841 Norske Skog Holdi 8.000 2/24/2023 USD 0.006 Landesbank Hessen 0.410 12/17/2030 EUR 75.452 Norddeutsche Land 0.525 1/19/2032 EUR 71.535 Landesbank Hessen 0.400 11/17/2036 EUR 71.488 Landesbank Baden- 0.530 06/01/2032 EUR 70.625 SG Issuer SA 2.700 11/28/2034 ZAR 37.658 NRW Bank 0.750 5/26/2036 EUR 74.074 Landesbank Hessen 0.820 11/15/2034 EUR 67.861 Credit Agricole S 3.270 10/05/2041 AUD 63.430 Credit Agricole S 3.610 4/20/2036 AUD 67.640 Single Platform I 0.950 5/17/2038 EUR 66.878 State of Rhinelan 0.872 10/31/2036 EUR 75.411 NRW Bank 0.591 3/19/2040 EUR 67.418 Region de Bruxell 0.910 1/31/2053 EUR 47.040 CDC Habitat SEM 1.150 4/30/2037 EUR 67.318 Deutsche Apotheke 0.800 12/21/2035 EUR 64.258 Caisse des Depots 1.015 7/22/2050 EUR 53.583 Grenke Finance PL 0.819 2/15/2030 EUR 63.916 Landesbank Hessen 0.500 12/03/2031 EUR 73.711 Hypo Vorarlberg B 0.410 05/06/2031 EUR 72.497 Landesbank Hessen 1.000 12/10/2036 EUR 64.726 Region de Bruxell 1.040 05/03/2061 EUR 41.491 ABN AMRO Bank NV 1.950 12/07/2048 EUR 75.669 Basque Government 2.000 4/30/2059 EUR 60.779 Landesbank Baden- 0.460 10/28/2030 EUR 74.333 Landeskreditbank 0.730 10/04/2050 EUR 55.031 State of Rhinelan 0.600 10/24/2046 EUR 56.583 Single Platform I 0.955 2/15/2041 EUR 64.487 Landesbank Hessen 0.980 11/09/2060 EUR 45.924 Landesbank Saar 0.835 2/19/2035 EUR 70.723 Nederlandse Water 1.830 6/22/2048 EUR 75.573 BPCE SA 2.315 11/19/2035 AUD 58.710 Ministeries Van d 0.400 11/20/2043 EUR 53.452 State of Bremen 0.500 6/14/2034 EUR 75.016 Region Auvergne-R 1.832 05/06/2042 EUR 74.959 Muenchener Hypoth 1.000 05/07/2035 EUR 72.618 Lukoil Securities 3.875 05/06/2030 USD 71.063 BPCE SA 1.850 10/30/2030 AUD 72.114 Muenchener Hypoth 1.285 4/19/2039 EUR 73.759 Republic of Irela 2.000 6/29/2063 EUR 69.686 Lloyds Bank PLC 2.480 07/05/2038 SEK 74.810 Caisse Francaise 1.760 07/10/2047 EUR 74.857 Landesbank Hessen 0.700 12/28/2035 EUR 63.434 Barclays Bank PLC 1.382 11/27/2045 EUR 67.111 Credit Agricole C 0.550 3/17/2033 EUR 71.113 ABN AMRO Bank NV 1.070 03/03/2041 EUR 69.564 Republic of Irela 0.810 07/10/2079 EUR 41.203 La Banque Postale 1.379 04/04/2040 EUR 74.129 Nederlandse Water 0.750 10/04/2041 EUR 64.796 CDC Habitat SEM 0.814 2/15/2040 EUR 58.266 Aktia Bank Oyj 0.850 12/21/2040 EUR 59.223 Single Platform I 2.210 9/27/2038 NOK 74.076 Caisse des Depots 0.982 11/06/2050 EUR 52.860 State of Rhinelan 0.500 7/30/2036 EUR 71.958 Landesbank Hessen 0.490 2/28/2035 EUR 63.604 Communaute Franca 2.177 8/17/2068 EUR 67.496 Metropole de Lyon 0.500 12/28/2049 EUR 45.412 DZ HYP AG 1.965 7/19/2058 EUR 68.570 Land Baden-Wuertt 0.375 7/20/2048 EUR 50.836 DZ HYP AG 0.050 1/31/2031 EUR 75.037 Lehman Brothers T 2.875 3/14/2013 CHF 0.100 Lehman Brothers T 1.750 02/07/2010 EUR 0.100 Landesbank Hessen 0.900 07/08/2036 EUR 67.107 Single Platform I 1.865 2/15/2046 EUR 72.872 DekaBank Deutsche 0.780 10/18/2035 EUR 68.707 Municipality of A 0.605 2/24/2040 EUR 65.982 Vasakronan AB 1.310 12/10/2040 EUR 38.357 ABN AMRO Bank NV 0.450 12/12/2036 EUR 69.574 Single Platform I 2.230 04/04/2040 NOK 72.556 State of Bremen 0.936 9/28/2046 EUR 64.436 Landesbank Hessen 0.240 1/21/2031 EUR 73.657 Landesbank Hessen 0.260 1/21/2031 EUR 74.430 Credit Agricole S 3.000 1/19/2041 AUD 51.931 DZ Bank AG Deutsc 0.210 02/04/2033 EUR 73.275 Lehman Brothers T 5.500 6/22/2010 USD 0.100 Lehman Brothers T 7.750 01/03/2012 AUD 0.100 Malta Government 1.000 8/23/2035 EUR 72.300 Credit Suisse AG/ 2.000 9/30/2030 USD 75.632 Region de Bruxell 1.750 1/17/2048 EUR 68.248 Grupo Isolux Cors 1.000 12/30/2021 USD 0.157 National Grid Ele 2.500 7/24/2035 AUD 71.777 Norddeutsche Land 0.500 07/07/2031 EUR 72.310 Norddeutsche Land 0.750 8/26/2031 EUR 73.922 Single Platform I 0.740 04/01/2042 EUR 60.998 Autonomous Commun 1.900 5/24/2039 EUR 74.824 Cie de Financemen 1.101 5/17/2039 EUR 71.312 DZ Bank AG Deutsc 0.550 09/09/2036 EUR 66.801 Cie DU Chemin de 0.280 11/29/2052 CHF 55.491 Hypo Vorarlberg B 0.390 10/21/2030 EUR 74.071 OTP Munkavallalok 4.500 7/14/2031 HUF 72.850 Leonteq Securitie 5.050 06/02/2023 EUR 28.130 Credit Suisse AG/ 6.500 7/19/2023 USD 9.830 Leonteq Securitie 25.500 1/19/2024 CHF 72.000 Credit Suisse AG/ 10.000 6/16/2023 CHF 72.100 Hunland Feed Kft 2.880 7/21/2031 HUF 69.110 Goldman Sachs & C 7.000 6/21/2023 EUR 74.320 Swissquote Bank S 27.000 8/15/2023 CHF 56.830 Hypo-Wohnbaubank 2.000 01/12/2037 EUR Rosbank PJSC 0.010 4/30/2024 RUB 60.050 Skandinaviska Ens 7.450 1/15/2025 SEK 70.420 UBS AG/London 6.000 06/06/2023 USD 9.830 DZ Bank AG Deutsc 1.598 10/11/2050 EUR 56.960 UniCredit Bank AG 4.900 5/22/2023 EUR 48.460 Credit Suisse AG/ 3.214 10/06/2023 SEK 2.430 Leonteq Securitie 30.000 8/18/2023 CHF 61.490 Nordea Bank Abp 2.000 12/29/2025 SEK 56.670 UBS AG/London 12.000 5/19/2023 CHF 73.100 Landesbank Baden- 0.750 08/12/2039 EUR 66.220 SG Issuer SA 5.000 04/02/2024 EUR 51.920 Szinorg Universal 3.000 5/15/2030 HUF 64.818 Duna Aszfalt Ut E 2.990 10/17/2029 HUF 61.000 Skandinaviska Ens 6.000 1/15/2025 SEK 69.430 Deutsche Bank AG/ 11.210 6/26/2025 TRY 69.924 DZ Bank AG Deutsc 0.500 10/20/2036 EUR 65.255 Heta Asset Resolu 3.106 12/31/2023 EUR 1.504 Heta Asset Resolu 4.875 12/31/2023 EUR 1.500 Aareal Bank AG 0.625 9/16/2030 EUR 62.960 Hungary Governmen 3.125 9/21/2051 USD 61.608 Barclays Bank PLC 2.000 06/12/2029 TRY 35.720 Region 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EUR 74.739 Single Platform I 1.040 6/25/2044 EUR 62.107 Liga Bank eG Rege 0.250 4/30/2031 EUR 71.523 Kingdom of Belgiu 1.700 6/22/2050 EUR 70.125 Region de Bruxell 0.950 05/07/2049 EUR 52.309 Parnassia Groep B 1.470 12/03/2046 EUR 50.926 Credit Agricole C 0.730 06/02/2033 EUR 71.907 Steilmann SE 7.000 03/09/2017 EUR 1.429 Credit Agricole C 1.000 05/10/2036 EUR 68.327 Northland Resourc 4.000 10/15/2020 USD 0.271 Credit Agricole S 1.000 04/06/2035 EUR 71.268 HSBC Bank PLC 2.102 1/30/2047 EUR 71.979 BPCE SA 2.250 3/13/2040 AUD 49.339 BPCE SA 2.250 3/13/2040 AUD 48.869 Banque et Caisse 0.900 08/06/2042 EUR 67.544 BNP Paribas SA 3.310 2/27/2040 AUD 65.563 Citigroup Global 1.300 1/31/2037 EUR 68.782 Citigroup Global 3.200 4/27/2051 AUD 55.972 Municipality of L 0.750 11/17/2036 EUR 71.032 Santander Consume 8.520 NOK 57.578 Raiffeisenverband 1.500 02/01/2038 EUR 72.169 Hemso Fastighets 2.615 11/30/2043 EUR 63.057 BNP Paribas SA 1.000 11/05/2036 EUR 67.807 Purple Protected 1.570 4/30/2061 EUR 52.193 AB Booster Capita 2.000 03/08/2032 USD 70.763 Kreditanstalt fue 1.267 3/22/2051 EUR 69.003 Muenchener Hypoth 0.415 10/28/2030 EUR 75.395 Agence France Loc 0.210 12/20/2035 EUR 67.967 Landesbank Hessen 1.510 04/03/2036 EUR 71.283 Proximus SADP 1.500 5/14/2040 EUR 66.958 Caisse des Depots 1.370 6/28/2037 EUR 75.456 Ville de Paris 1.160 10/27/2036 EUR 75.469 Landesbank Baden- 0.780 5/27/2031 EUR 74.858 Region Wallonne B 2.100 6/26/2048 EUR 69.172 Landesbank Baden- 0.250 5/27/2037 EUR 65.047 Turkiye Ihracat K 12.540 9/14/2028 TRY 49.152 Communaute Franca 2.100 6/30/2067 EUR 65.223 Bibby Offshore Se 7.500 6/15/2021 GBP 11.625 New World Resourc 8.000 04/07/2020 EUR 0.106 Societe Generale 2.650 1/26/2032 USD 75.193 Finland Governmen 0.125 4/15/2052 EUR 45.591 BPCE SA 2.285 12/03/2035 AUD 58.368 LBI ehf 6.100 8/25/2011 USD 9.957 UBS AG/London 2.350 12/17/2048 EUR 72.976 BNP Paribas SA 3.170 01/07/2041 AUD 62.900 Banque Internatio 0.510 02/10/2031 EUR 72.286 Lehman Brothers T 5.100 05/08/2017 HKD 0.100 Commerzbank AG 1.155 3/16/2038 EUR 74.167 BPCE SA 1.920 12/09/2030 AUD 72.038 Communaute Franca 2.105 7/23/2068 EUR 65.479 Kuntarahoitus Oyj 0.040 02/09/2034 EUR 72.353 Lehman Brothers T 0.800 12/30/2016 EUR 0.100 BPCE SA 0.500 10/21/2034 EUR 70.454 Agence Francaise 2.360 10/17/2044 AUD 65.308 Hemso Fastighets 1.130 10/31/2039 EUR 64.092 Sveriges Sakersta 0.928 11/07/2034 SEK 73.296 Societe Generale 1.230 1/30/2035 EUR 72.062 Batigere Grand Es 1.485 10/25/2039 EUR 64.433 Batigere Grand Es 1.600 11/14/2044 EUR 59.093 Single Platform I 0.753 6/25/2039 EUR 64.171 Credit Agricole C 1.150 5/31/2036 EUR 71.114 Agence Francaise 2.360 1/30/2045 AUD 65.165 Specialfastighete 1.180 12/02/2044 SEK 59.721 Kreditanstalt fue 1.270 6/29/2051 EUR 67.761 Wirtschafts- und 0.192 1/28/2042 EUR 55.104 Banque Internatio 1.190 1/18/2041 EUR 60.350 Lehman Brothers T 4.300 06/04/2012 USD 0.100 Single Platform I 0.363 2/15/2041 EUR 57.303 Lehman Brothers T 2.500 8/15/2012 CHF 0.100 Bayerische Landes 1.850 03/05/2031 EUR 73.519 Portugal Obrigaco 0.900 10/12/2035 EUR 75.249 Credit Agricole C 14.280 11/05/2026 TRY 66.444 State of Lower Au 1.886 03/02/2048 EUR 73.453 Spain Government 1.000 10/31/2050 EUR 51.872 UniCredit Bank AG 0.030 2/28/2033 EUR 72.525 ING Bank NV 2.900 6/23/2051 USD 66.710 Cooperatieve Rabo 1.099 6/28/2051 EUR 61.342 United Kingdom Gi 0.875 7/31/2033 GBP 75.413 Raiffeisen-Landes 0.050 9/13/2033 EUR 68.844 Minicentrales Dos 0.010 06/06/2047 EUR 59.261 Ringkjoebing Land 1.875 06/06/2039 EUR 70.525 Muenchener Hypoth 0.270 10/19/2035 EUR 68.611 Region Wallonne B 0.050 10/26/2032 EUR 72.706 Credit Agricole C 1.100 12/16/2034 EUR 70.956 BPCE SA 2.820 12/18/2039 AUD 54.794 Kingdom of Belgiu 0.675 07/07/2080 EUR 34.150 Bank Vontobel AG 13.500 8/21/2023 CHF 58.000 Landesbank Hessen 1.000 10/14/2036 EUR 64.900 Societe Generale 21.000 2/27/2025 USD 25.100 Raiffeisen Switze 17.500 12/27/2023 CHF 39.200 Landesbank Hessen 1.250 04/07/2037 EUR 70.500 OR PJSC 16.000 11/22/2025 RUB 24.900 TMK PJSC 7.350 2/28/2025 RUB 60.150 OR PJSC 12.600 9/28/2025 RUB 3.910 Baromfi-Coop Term 3.000 7/19/2031 HUF 68.400 Sberbank of Russi 0.010 7/24/2028 RUB 66.100 Leonteq Securitie 24.200 09/08/2023 CHF 61.960 UBS AG/London 8.270 12/05/2023 USD 9.990 Credit Suisse AG/ 20.000 10/10/2023 CHF 27.810 Opus Global Nyrt 3.200 4/29/2031 HUF 71.000 SG Issuer SA 8.700 1/20/2025 SEK 57.260 Landesbank Hessen 0.700 01/12/2037 EUR 66.400 Credit Suisse AG/ 7.250 5/24/2023 CHF 68.930 MetMax Europe Zrt 3.000 12/11/2030 HUF 67.400 Luzerner Kantonal 12.200 7/17/2023 CHF 73.610 OR PJSC 13.500 10/22/2025 RUB 7.300 Landesbank Hessen 0.500 12/23/2036 EUR 63.800 OR PJSC 11.000 12/29/2024 RUB 2.320 LP Portfolio Vagy 2.640 01/08/2030 HUF 72.440 Axial Javito Kere 2.000 9/23/2030 HUF 61.908 SG Issuer SA 7.740 7/20/2025 SEK 64.290 Swissquote Bank S 17.170 02/06/2024 CHF 34.580 DZ Bank AG Deutsc 0.570 12/30/2030 EUR 72.200 Single Platform I 0.946 5/25/2036 EUR 69.541 Eika Boligkreditt 1.245 3/28/2039 EUR 72.622 Landesbank Hessen 0.500 02/02/2032 EUR 73.505 Norddeutsche Land 0.500 10/14/2031 EUR 71.732 Cerruti Finance S 6.500 7/26/2004 EUR 2.058 Italy Buoni Polie 1.800 03/01/2041 EUR 67.412 Opportunity SA/LU 0.400 11/13/2030 EUR 73.323 Single Platform I 1.600 3/23/2038 EUR 74.086 DZ Bank AG Deutsc 0.750 7/18/2033 EUR 73.565 Societe Generale 2.680 4/13/2031 AUD Banque Internatio 1.300 1/15/2041 EUR 61.538 Cattles Ltd 8.125 07/05/2017 GBP 0.027 Region de Bruxell 1.532 8/16/2038 EUR 74.856 Kuntarahoitus Oyj 0.858 2/22/2051 EUR 63.356 Landeskreditbank 0.547 2/18/2041 EUR 62.458 Lehman Brothers T 4.600 10/11/2017 ILS 0.100 Akademiska Hus AB 0.850 2/17/2033 SEK 74.288 Agence Francaise 0.368 01/12/2046 EUR 53.489 Norddeutsche Land 0.350 02/11/2031 EUR 72.432 Caisse des Depots 1.815 08/08/2048 EUR 68.500 Department of L'E 0.442 10/25/2045 EUR 50.553 Hellas Telecommun 6.054 1/15/2015 USD 0.056 DZ Bank AG Deutsc 0.460 12/20/2035 EUR 65.411 Aareal Bank AG 0.300 12/11/2030 EUR 59.984 State of Hesse 0.450 9/23/2044 EUR 58.947 Ville de Paris 0.921 5/26/2053 EUR 47.619 Region de Bruxell 1.310 12/15/2069 EUR 44.078 Caisse des Depots 2.630 9/16/2049 AUD 66.504 Specialfastighete 1.280 9/20/2049 SEK 57.984 DZ Bank AG Deutsc 1.598 10/11/2050 EUR 61.542 Land Baden-Wuertt 1.150 04/05/2049 EUR 67.876 Commerzbank AG 1.200 2/25/2036 EUR 66.295 Regie Autonome de 0.640 8/13/2041 EUR 62.171 Credit Agricole C 3.370 6/21/2039 AUD 72.530 Landesbeteiligung 1.450 6/15/2046 EUR 58.341 Department of L'E 0.959 11/25/2037 EUR 71.372 BNP Paribas SA 3.180 7/23/2034 AUD 67.481 DekaBank Deutsche 2.140 5/18/2046 EUR 72.671 State of North Rh 0.800 7/30/2049 EUR 57.084 Nationwide Buildi 1.573 05/07/2041 EUR 75.067 Vivion Investment 3.000 08/08/2024 EUR 73.828 Region Auvergne-R 0.805 7/26/2039 EUR 65.150 Dolphin Drilling 4.490 8/28/2019 NOK 0.644 Aareal Bank AG 0.570 08/07/2029 EUR 67.951 Credit Suisse AG/ 4.750 06/07/2046 AUD 72.436 Region de Bruxell 1.472 4/29/2044 EUR 67.331 Hypo Vorarlberg B 1.020 1/17/2035 EUR 67.964 Italy Buoni Polie 2.450 09/01/2050 EUR 67.809 IBP Markets Ltd 5.000 GBP 52.693 Republic of Irela 0.740 9/22/2078 EUR 39.646 Landesbank Hessen 0.700 9/25/2034 EUR 66.709 Oberbank AG 0.230 10/07/2041 EUR 55.179 SpareBank 1 SR-Ba 0.970 10/09/2040 EUR 58.763 Cie Generale de N 0.350 12/29/2056 CHF 64.308 LFA Foerderbank B 0.250 3/19/2037 EUR 68.670 Allgemeine Sparka 0.200 3/22/2033 EUR 72.901 Hypo Vorarlberg B 0.480 3/26/2031 EUR 73.521 Region Occitanie 0.580 10/06/2036 EUR 69.815 Natixis SA 2.700 5/21/2036 USD 74.560 Region de Bruxell 1.500 2/15/2039 EUR 74.579 Nomura Bank Inter 1.450 12/10/2041 EUR 62.519 BNG Bank NV 1.790 1/21/2049 EUR 71.585 Societe Generale 3.310 11/29/2033 AUD 73.420 Natixis SA 2.720 5/27/2036 USD 74.884 Landesbank Hessen 0.700 01/06/2032 EUR 74.998 Wirtschafts- und 0.450 12/01/2038 EUR 65.661 Deutsche Bank AG 0.650 06/03/2031 EUR 75.475 Norddeutsche Land 1.200 1/13/2037 EUR 63.853 Brussels Municipa 0.832 3/29/2041 EUR 62.262 Caisse des Depots 1.270 10/01/2051 EUR 57.215 Norddeutsche Land 0.750 1/15/2032 EUR 72.869 Nederlandse Water 1.795 12/24/2048 EUR 74.636 Credit Agricole C 3.100 4/28/2041 AUD 66.703 Norddeutsche Land 0.450 5/14/2031 EUR 72.300 Norddeutsche Land 0.650 11/11/2031 EUR 72.639 DZ Bank AG Deutsc 0.850 10/15/2036 EUR 69.810 Muenchener Hypoth 1.002 2/21/2050 EUR 58.099 Bayerische Landes 0.430 04/08/2033 EUR 69.996 Caisse des Depots 1.300 4/28/2051 EUR 57.454 Stadt Graz 1.824 10/31/2047 EUR 71.989 Region Centre 0.668 11/02/2035 EUR 72.899 Region de Bruxell 0.256 2/26/2035 EUR 69.102 Muenchener Hypoth 1.300 05/07/2061 EUR 55.114 Department of Loi 0.915 11/23/2043 EUR 60.281 Single Platform I 1.000 7/15/2036 EUR 69.246 Banque et Caisse 1.230 4/26/2046 EUR 68.882 Ukraine Governmen 12.520 5/13/2026 UAH 55.641 Republic of Irela 1.100 11/12/2096 EUR 43.315 CDC Habitat SEM 1.043 05/12/2036 EUR 67.576 CDC Habitat SEM 1.170 05/04/2037 EUR 67.538 Municipality of U 0.950 03/02/2037 EUR 75.056 Single Platform I 0.880 1/15/2040 EUR 65.583 Comunidad Foral d 1.450 05/08/2040 EUR 67.348 Assistance Publiq 1.795 3/30/2048 EUR 68.488 Credit Industriel 1.170 1/28/2037 EUR 70.945 Arkea Home Loans 1.534 3/31/2043 EUR 73.981 DZ Bank AG Deutsc 0.700 8/24/2033 EUR 73.403 Caisse des Depots 1.140 2/25/2037 EUR 72.927 Credit Agricole C 2.480 8/18/2050 USD 55.124 Natixis SA 4.510 04/12/2043 AUD 74.528 Kuntarahoitus Oyj 0.766 10/28/2048 EUR 62.087 DZ Bank AG Deutsc 1.250 2/23/2037 EUR 73.048 Italy Buoni Polie 1.700 09/01/2051 EUR 56.580 CDC Habitat SEM 1.060 5/22/2036 EUR 67.783 Ministeries Van d 0.600 11/19/2055 EUR 38.384 Societe Generale 1.100 2/20/2034 EUR 70.986 NRW Bank 1.070 03/10/2051 EUR 62.095 BNP Paribas SA 0.500 9/29/2029 AUD 74.783 Ville de Paris 0.758 8/20/2060 EUR 39.816 Basque Government 1.750 4/22/2050 EUR 61.159 Caisse des Depots 1.018 2/16/2051 EUR 53.325 Communaute Franca 2.050 7/26/2047 EUR 72.417 Region de Bruxell 0.450 12/22/2056 EUR 35.767 NRW Bank 1.510 03/07/2046 EUR 72.641 Region Bourgogne- 0.300 12/03/2040 EUR 57.131 Single Platform I 0.720 3/20/2051 EUR 52.458 Natixis SA 2.955 5/28/2050 USD 62.819 Lehman Brothers T 2.000 10/28/2010 EUR 0.100 Astana Finance BV 9.000 11/16/2011 USD 15.250 Bulgaria Steel Fi 12.000 05/04/2013 EUR 0.216 Metropole de Lyon 0.540 12/07/2050 EUR 44.899 Department of Bou 0.467 12/08/2044 EUR 52.289 Caisse des Depots 0.642 02/12/2041 EUR 58.442 Kreditanstalt fue 0.680 11/12/2039 EUR 72.366 State of Lower Au 0.585 10/11/2049 EUR 49.775 Hypo Vorarlberg B 0.741 10/16/2036 EUR 62.149 NORD/LB Luxembour 0.542 9/30/2037 EUR 66.491 Region Wallonne B 0.591 02/10/2040 EUR 61.128 DZ Bank AG Deutsc 0.500 3/18/2032 EUR 75.156 Barclays Bank PLC 6.400 6/16/2031 MXN 71.850 Caisse des Depots 2.340 11/27/2049 AUD 62.209 NRW Bank 1.000 6/24/2051 EUR 60.660 ASCE Group OJSC 7.000 06/11/2031 USD 61.043 Single Platform I 1.490 3/20/2051 EUR 63.648 Region de Bruxell 0.658 01/07/2041 EUR 60.667 Norddeutsche Land 0.500 7/28/2031 EUR 72.148 Norddeutsche Land 0.675 2/25/2033 EUR 68.877 Caisse des Depots 2.940 03/02/2051 AUD 70.553 Kuntarahoitus Oyj 1.449 03/01/2061 EUR 68.696 Region of Pays de 0.449 03/09/2035 EUR 72.311 Bayerische Landes 0.380 1/22/2031 EUR 75.368 NRW Bank 1.180 03/03/2051 EUR 65.070 Premium Green PLC 1.050 9/15/2035 EUR 70.667 Tonon Luxembourg 9.250 1/24/2020 USD 1.721 Ministeries Van d 1.564 11/12/2046 EUR 66.035 Ministeries Van d 1.392 11/12/2041 EUR 65.830 Nomura Bank Inter 1.415 1/27/2042 EUR 62.049 Societe Generale 2.750 03/12/2040 AUD 55.036 Landshypotek Bank 1.680 1/20/2042 SEK 72.407 Banque Internatio 1.215 03/05/2040 EUR 62.002 Bayerische Landes 0.360 04/09/2031 EUR 74.598 Bayerische Landes 0.490 04/09/2035 EUR 65.628 EDOB Abwicklungs 7.500 04/01/2012 EUR 1.537 Kuntarahoitus Oyj 0.250 6/28/2040 CAD 41.984 Kuntarahoitus Oyj 0.130 09/02/2033 EUR 74.267 Vasakronan AB 2.050 5/28/2044 EUR 48.020 Single Platform I 0.462 2/15/2040 EUR 60.389 NRW Bank 0.800 10/22/2060 EUR 50.004 Nordea Bank Abp 3.050 7/20/2027 SEK 65.500 VTB Bank PJSC 11.250 RUB 52.010 Bank Julius Baer 10.000 08/07/2023 USD 67.450 SG Issuer SA 8.410 1/20/2027 SEK 54.420 Societe Generale 16.000 07/03/2024 USD 32.010 Raiffeisen Schwei 7.000 07/05/2023 CHF 72.950 Raiffeisen Switze 8.500 07/06/2023 EUR 64.710 Credit Suisse AG/ 10.500 5/25/2023 EUR 71.930 Leonteq Securitie 26.400 8/25/2023 CHF 67.330 Nordea Bank Abp 2.000 4/29/2027 SEK 63.650 Sustainable Capit 5.623 06/09/2024 USD 67.910 Nordea Bank Abp 8.260 7/20/2028 SEK 74.250 UBS AG/London 16.120 5/14/2027 SEK 71.210 Sberbank of Russi 0.010 12/07/2026 RUB 73.900 Landesbank Baden- 13.590 8/25/2023 EUR 63.690 UBS AG/London 8.000 11/08/2023 USD 9.830 MBH Mortgage Bank 3.000 8/21/2030 HUF 66.500 Pongs & Zahn AG 8.500 EUR 0.002 Leonteq Securitie 13.000 6/14/2023 CHF 47.790 MS Deutschland Be 6.875 12/18/2017 EUR 0.162 Barclays Bank PLC 2.730 9/27/2024 EUR 56.830 Societe Generale 21.000 11/30/2023 USD 6.800 Societe Generale 0.705 11/12/2035 EUR 64.980 Societe Generale 1.624 4/19/2035 EUR 75.110 Nordea Bank Abp 4.100 7/20/2023 SEK 51.135 Bank Vontobel AG 8.250 7/26/2023 EUR 60.800 UBS AG/London 19.000 8/17/2023 CHF 61.800 UBS AG/London 8.160 8/16/2023 USD Leonteq Securitie 24.500 1/26/2024 CHF 63.840 Landesbank Hessen 1.750 5/19/2036 EUR 67.300 Landesbank Hessen 1.850 6/16/2036 EUR 67.200 Luzerner Kantonal 8.260 7/17/2023 CHF 74.420 Credit Suisse AG/ 7.750 1/24/2025 USD 73.250 Credit Suisse AG/ 18.500 8/16/2023 USD 57.790 Danske Bank A/S 5.300 7/15/2023 SEK 39.500 Landesbank Baden- 10.000 1/26/2024 EUR 35.790 Bank Vontobel AG 6.502 6/26/2023 CHF 49.700 DZ Bank AG Deutsc 0.540 12/30/2030 EUR 72.360 VTB Bank PJSC 9.700 04/02/2031 RUB 69.000 Societe Generale 18.000 11/02/2023 USD UBS AG/London 18.500 10/26/2023 CHF 69.250 Skandinaviska Ens 5.050 1/15/2025 SEK Landesbank Hessen 1.900 05/12/2036 EUR 65.500 Credit Suisse AG/ 6.250 10/31/2025 USD 9.680 Pick Szeged Szala 2.000 12/06/2029 HUF 65.800 Landesbank Hessen 1.300 9/25/2035 EUR 68.900 Citigroup Global 1.250 11/02/2036 EUR 67.845 Landesbank Hessen 1.350 5/15/2034 EUR 73.271 HSBC Continental 2.150 3/14/2049 EUR 75.239 Nationale-Nederla 1.432 3/21/2039 EUR 75.483 CDC Habitat SEM 1.700 3/21/2039 EUR 69.732 Banque Internatio 0.600 08/06/2030 EUR 74.348 Heta Asset Resolu 5.270 12/31/2023 EUR 1.500 Kuntarahoitus Oyj 0.854 1/14/2060 EUR 56.785 Aktia Bank Oyj 0.800 2/26/2036 EUR 67.041 Single Platform I 0.870 6/20/2043 EUR 61.233 SAir Group 4.250 02/02/2007 CHF 10.565 Kreditanstalt fue 0.650 2/24/2041 EUR 66.197 ECM Real Estate I 5.000 10/09/2011 EUR 15.375 Region Wallonne B 0.970 6/24/2043 EUR 59.378 Norddeutsche Land 0.825 02/12/2036 EUR 61.573 Standard Chartere 0.520 1/22/2041 JPY 64.470 Kreditanstalt fue 0.080 2/15/2034 EUR 73.698 Landesbank Baden- 1.080 7/16/2035 EUR 68.017 Nederlandse Water 1.551 11/24/2061 EUR 64.708 Wirtschafts- und 0.500 8/28/2046 EUR 52.411 Norddeutsche Land 1.130 02/10/2039 EUR 58.539 Nomura Bank Inter 0.450 12/03/2030 EUR 74.453 HSBC Continental 1.200 9/26/2039 EUR 68.911 Merrill Lynch BV 2.650 08/04/2036 AUD 68.062 UBS AG/London 1.600 4/18/2049 EUR 62.846 Landesbank Hessen 0.350 8/19/2030 EUR 75.614 Municipality of A 0.460 9/20/2049 EUR 50.723 Oberoesterreichis 0.953 9/16/2039 EUR 64.504 Landesbank Hessen 0.650 10/18/2034 EUR 66.061 NIBC Bank NV 0.660 7/14/2031 EUR 69.184 HSBC Continental 2.890 09/11/2039 AUD 62.590 Hypo Tirol Bank A 1.320 7/16/2041 EUR 67.285 Landesbank Hessen 0.450 8/19/2031 EUR 73.748 Raiffeisenlandesb 0.810 9/18/2034 EUR 71.575 BNG Bank NV 0.043 9/17/2033 EUR 70.966 Single Platform I 1.033 2/15/2046 EUR 60.627 Landesbank Hessen 0.780 12/05/2031 EUR 75.239 HSBC Continental 1.500 7/26/2049 EUR 65.899 Credit Suisse AG/ 1.299 09/07/2032 EUR 71.218 Deutsche Bank AG 2.480 12/10/2035 EUR 74.393 BNG Bank NV 0.632 07/12/2066 EUR 39.589 Espirito Santo Fi 5.125 5/30/2016 EUR 0.528 United Kingdom Gi 2.500 7/22/2065 GBP 69.013 Deutsche Bank AG/ 0.500 8/23/2038 MXN 22.442 Emissionszentrale 0.150 09/09/2041 CHF 74.064 Landesbank Saar 0.130 8/24/2033 EUR 72.756 Region Provence-A 0.394 09/01/2036 EUR 68.083 Single Platform I 1.250 05/10/2044 EUR 64.962 State of Rhinelan 0.100 10/01/2040 EUR 60.257 Single Platform I 0.532 2/15/2044 EUR 55.531 Oberoesterreichis 0.350 10/09/2041 EUR 53.807 Landesbank Hessen 0.664 11/01/2032 EUR 71.757 Wirtschafts- und 0.101 09/08/2033 EUR 73.849 Citigroup Global 2.950 9/29/2041 AUD 60.771 Kommunekredit 2.200 9/27/2041 AUD 65.943 Landesbank Hessen 0.650 10/06/2031 EUR 74.848 Landesbank Hessen 0.500 4/30/2031 EUR 75.092 SG Issuer SA 3.000 10/10/2034 ZAR 39.730 Region Bourgogne- 0.895 5/20/2038 EUR 69.598 Department of Bou 0.906 5/20/2039 EUR 67.751 Region Bretagne S 0.544 12/07/2036 EUR 67.871 Caisse des Depots 0.945 5/19/2051 EUR 52.471 Lloyds Bank PLC 2.450 02/01/2049 EUR 71.541 Nordea Bank Abp 1.305 03/01/2034 EUR 75.140 UBS AG/London 1.860 2/28/2049 EUR 66.930 Berlin Hyp AG 0.349 12/10/2031 EUR 71.238 Region de Bruxell 1.467 03/01/2039 EUR 70.196 ABN AMRO Bank NV 1.425 4/17/2045 EUR 68.761 Single Platform I 0.800 04/07/2042 EUR 61.401 DNB Boligkreditt 1.530 12/21/2043 EUR 71.666 Landeskreditbank 1.236 5/22/2045 EUR 68.809 NRW Bank 0.921 10/20/2041 EUR 68.089 Single Platform I 1.450 9/14/2040 EUR 71.394 Norddeutsche Land 1.560 10/20/2038 EUR 64.171 Kreditanstalt fue 1.143 4/15/2050 EUR 66.255 Lehman Brothers T 4.200 12/03/2008 HKD 0.100 Single Platform I 0.750 8/15/2050 EUR 52.399 Caisse des Depots 1.365 11/02/2051 EUR 58.791 Single Platform I 0.803 3/20/2041 EUR 62.467 Raiffeisenverband 1.740 02/01/2038 EUR 74.892 Credit Agricole C 10.800 3/24/2026 TRY 62.336 Single Platform I 1.060 04/01/2042 EUR 65.726 Muenchener Hypoth 1.003 03/09/2060 EUR 50.314 Landesbank Saar 0.760 05/08/2034 EUR 71.276 Hemso Fastighets 2.418 11/30/2038 EUR 65.412 Cie de Financemen 1.695 12/04/2048 EUR 70.592 Wirtschafts- und 0.421 3/17/2039 EUR 63.971 Banque Internatio 0.675 10/29/2030 EUR 74.135 Landesbank Baden- 0.327 05/07/2038 EUR 64.155 Hypo Tirol Bank A 1.530 04/10/2043 EUR 67.625 Societe Generale 2.300 4/20/2048 EUR 72.383 Bausparkasse Wues 1.830 04/03/2043 EUR 71.787 Republic of Polan 2.000 10/25/2046 EUR 68.007 Muenchener Hypoth 0.867 2/25/2047 EUR 60.612 Department of Gir 0.412 11/26/2037 EUR 65.223 Caisse des Depots 0.930 11/09/2050 EUR 51.968 Nederlandse Water 0.260 11/10/2036 EUR 67.785 Russian Foreign B 5.250 6/23/2047 USD 40.939 Banque Internatio 0.775 11/18/2032 EUR 69.955 BPCE SFH SA 1.512 4/20/2043 EUR 71.720 DZ Bank AG Deutsc 1.000 02/08/2035 EUR 70.628 Region de Bruxell 0.460 12/15/2051 EUR 41.245 Citigroup Global 3.900 2/18/2042 AUD 70.729 Oberoesterreichis 0.285 11/06/2042 EUR 50.612 DLR Kredit A/S 0.500 10/01/2053 DKK 65.809 Commerzbank AG 2.565 5/15/2043 EUR 70.908 Kreditanstalt fue 0.693 02/08/2050 EUR 51.905 Nederlandse Water 0.932 12/02/2060 EUR 49.477 NRW Bank 0.600 1/28/2051 EUR 52.731 Credit Industriel 0.900 02/04/2041 EUR 61.162 BNG Bank NV 1.900 07/11/2058 EUR 69.214 Department of Val 0.390 11/18/2041 EUR 56.403 Region de Bruxell 1.710 05/05/2047 EUR 63.197 LBI ehf 7.431 USD 0.001 Caisse des Depots 0.916 1/20/2051 EUR 52.984 Sovcombank Via So 3.400 1/26/2025 USD 2.186 Goldman Sachs Int 2.520 03/03/2036 USD 70.130 Belfius Bank SA 1.296 2/20/2040 EUR 72.762 Abengoa Abenewco 6.000 06/10/2022 EUR 0.439 Kreditanstalt fue 0.600 2/16/2051 EUR 56.324 Region de Bruxell 0.650 2/15/2061 EUR 35.463 Kommunekredit 1.062 09/09/2041 EUR 70.037 Agence Francaise 1.600 7/25/2043 EUR 74.243 Department of Bou 0.445 12/08/2043 EUR 53.550 Single Platform I 1.180 04/01/2039 EUR 68.817 Credit Agricole C 0.400 12/04/2032 EUR 70.832 Oberoesterreichis 0.763 12/15/2050 EUR 46.807 NRW Bank 0.420 02/08/2039 EUR 65.440 Single Platform I 1.013 12/20/2050 EUR 56.827 Agence Francaise 2.302 10/25/2044 USD 66.725 Raiffeisenlandesb 1.500 10/21/2039 EUR 70.246 BNP Paribas SA 1.125 11/05/2034 EUR 71.654 Vasakronan AB 1.000 6/15/2041 EUR 34.579 HSBC Continental 1.385 11/18/2039 EUR 71.082 Credit Mutuel Ark 0.730 10/14/2036 EUR 63.731 HSBC Continental 1.300 10/23/2039 EUR 69.987 Raiffeisen Landes 1.132 8/16/2049 EUR 58.472 UBS AG/London 2.700 9/16/2044 AUD 57.065 Global Ports Fina 6.500 9/22/2023 USD 44.658 Landeskreditbank 0.700 03/11/2041 EUR 64.357 Single Platform I 1.103 5/25/2052 EUR 57.721 BNG Bank NV 0.772 08/05/2050 EUR 52.711 Assistance Publiq 0.647 7/17/2040 EUR 62.394 Single Platform I 0.940 10/04/2041 EUR 63.337 Norddeutsche Land 1.410 07/07/2037 EUR 64.292 Berlin Hyp AG 0.110 1/20/2031 EUR 72.463 Citigroup Global 1.000 3/19/2041 EUR 57.683 Department of Val 0.735 07/03/2040 EUR 63.481 BNG Bank NV 0.680 03/04/2050 EUR 49.815 DNB Bank ASA 1.185 1/14/2038 EUR 69.033 Single Platform I 0.678 2/15/2041 EUR 60.994 Kuntarahoitus Oyj 0.448 3/19/2040 EUR 60.989 Eika Boligkreditt 0.560 11/29/2039 EUR 63.115 HSBC Bank PLC 10.300 12/10/2024 TRY 71.466 Kreditanstalt fue 0.250 10/06/2036 CAD 52.141 Banque Internatio 0.680 10/09/2030 EUR 74.141 Single Platform I 1.140 3/26/2040 EUR 67.402 Berlin Hyp AG 0.055 10/16/2030 EUR 72.849 Nederlandse Water 0.230 10/22/2035 EUR 69.813 UniCredit Bank AG 0.310 10/15/2035 EUR 68.705 Single Platform I 1.163 5/25/2066 EUR 52.101 Societe Wallonne 0.948 10/23/2051 EUR 48.917 Societe Wallonne 0.904 10/23/2047 EUR 50.874 UBS AG/London 19.000 7/15/2024 CHF 57.850 Landesbank Hessen 2.000 04/09/2035 EUR 65.200 Trans-Sped Logisz 2.500 3/16/2030 HUF 68.740 Landesbank Hessen 2.000 03/10/2037 EUR 70.850 DZ Bank AG Deutsc 1.360 6/25/2031 EUR 71.620 Landesbank Hessen 5.318 02/11/2037 EUR 67.000 Landesbank Hessen 1.500 02/10/2037 EUR 66.650 UBS AG/London 7.000 1/26/2024 USD 74.350 Swissquote Bank S 28.900 1/23/2024 CHF 68.040 UBS AG/London 18.000 04/08/2024 CHF 62.350 Bank Vontobel AG 13.000 8/30/2023 CHF 49.700 SG Issuer SA 2.100 12/27/2033 EUR 53.010 Landesbank Hessen 1.750 2/16/2037 EUR 67.500 Rosbank PJSC 0.040 4/30/2024 RUB 60.050 Rosbank PJSC 0.030 4/30/2024 RUB 60.050 Dr Wiesent Sozial 7.000 EUR 0.002 Pannonia Bio Ltd 2.400 9/18/2029 HUF 68.600 Swissquote Bank S 28.100 11/07/2023 CHF 66.730 Landesbank Baden- 1.500 4/24/2039 EUR 67.370 Leonteq Securitie 20.200 11/14/2023 CHF 28.960 Credit Suisse AG/ 16.300 12/26/2023 USD 45.650 Swissquote Bank S 17.200 2/13/2024 CHF 33.710 Erste Group Bank 0.100 9/30/2032 EUR 71.450 Bank Vontobel AG 23.000 8/14/2023 CHF 63.400 DZ Bank AG Deutsc 20.200 9/22/2023 EUR 70.240 Swissquote Bank S 17.900 1/30/2024 CHF 36.370 Nordea Bank Abp 3.050 7/20/2026 SEK 72.125 Landesbank Hessen 1.000 04/09/2035 EUR 67.200 UBS AG/London 8.250 11/19/2026 EUR 69.310 Sberbank of Russi 0.010 7/24/2025 RUB 93.900 SG Issuer SA 5.000 5/23/2024 EUR 54.870 Nordea Bank Abp 2.000 02/03/2026 SEK 55.600 Citigroup Global 2.930 9/15/2025 EUR 31.010 Nordea Bank Abp 8.500 1/20/2025 SEK 70.090 Raiffeisen Schwei 13.000 07/04/2023 CHF 48.020 Leonteq Securitie 20.000 02/06/2024 CHF 58.440 BNP Paribas Emiss 10.000 12/21/2023 EUR 44.220 DZ Bank AG Deutsc 0.800 02/02/2037 EUR 68.350 Landesbank Hessen 1.000 02/11/2037 EUR 64.772 HSBC Continental 2.040 3/29/2049 EUR 73.442 Region de Bruxell 1.535 04/05/2049 EUR 63.478 Region de Bruxell 1.419 6/22/2045 EUR 64.244 Hamburg Commercia 3.000 7/17/2035 EUR 64.783 Muenchener Hypoth 0.120 8/13/2030 EUR 75.250 Landesbank Hessen 0.700 2/24/2032 EUR 74.747 Aareal Bank AG 0.255 9/17/2029 EUR 66.024 DZ Bank AG Deutsc 0.480 9/22/2036 EUR 65.144 Lehman Brothers T 6.720 12/29/2008 EUR 0.100 Lehman Brothers T 7.060 12/29/2008 EUR 0.100 KPNQwest NV 8.875 02/01/2008 EUR 0.637 Lehman Brothers T 6.600 02/09/2009 EUR 0.100 KPNQwest NV 10.000 3/15/2012 EUR 0.638 LBI ehf 8.650 05/01/2011 ISK 10.000 Lehman Brothers T 2.300 6/27/2013 USD 0.100 Lehman Brothers T 2.370 7/15/2013 USD 0.100 Teksid Aluminum L 12.375 7/15/2011 EUR 0.122 Lehman Brothers T 1.950 11/04/2013 EUR 0.100 Lehman Brothers T 0.500 2/16/2009 EUR 0.100 Lehman Brothers T 8.000 4/20/2009 EUR 0.100 Landesbank Hessen 1.150 07/10/2034 EUR 71.168 Lehman Brothers T 4.100 06/10/2014 SGD 0.100 Cooperatieve Rabo 1.485 09/03/2041 EUR 73.308 Erste Group Bank 1.110 6/17/2035 EUR 73.389 DZ Bank AG Deutsc 0.500 02/04/2036 EUR 65.687 Serbia Treasury B 2.300 3/18/2047 EUR 72.310 Lehman Brothers T 7.000 10/22/2010 EUR 0.100 Landesbank Baden- 0.400 03/05/2031 EUR 72.973 Citigroup Global 0.250 02/09/2031 EUR 73.377 Region Wallonne B 1.300 6/16/2068 EUR 46.002 DZ Bank AG Deutsc 0.700 10/16/2034 EUR 70.566 BNP Paribas SA 3.700 10/04/2039 AUD 66.685 Credit Agricole C 0.900 10/01/2034 EUR 69.680 Communaute Franca 0.948 10/11/2059 EUR 45.283 Hemso Fastighets 2.127 4/18/2039 EUR 61.825 Deutsche Pfandbri 0.765 09/12/2036 EUR 55.689 Region de Bruxell 0.540 9/13/2044 EUR 51.973 Landesbank Baden- 0.150 08/11/2031 EUR 72.585 Muenchener Hypoth 0.620 7/22/2033 EUR 70.100 Credit Mutuel Ark 1.165 9/23/2039 EUR 63.269 DZ Bank AG Deutsc 0.500 8/18/2036 EUR 65.236 Region de Bruxell 1.922 4/24/2059 EUR 62.178 Comunidad Foral d 2.100 4/30/2044 EUR 70.725 BPCE SFH SA 1.420 3/30/2039 EUR 74.949 Communaute Franca 1.520 7/22/2069 EUR 53.952 Caisse des Depots 2.766 08/09/2049 USD 70.982 BNG Bank NV 0.799 7/25/2039 EUR 68.717 State of North Rh 1.293 2/25/2041 EUR 74.412 Norddeutsche Land 1.000 07/10/2031 EUR 75.752 State of North Rh 0.880 07/12/2040 EUR 69.594 Santander Interna 1.320 08/08/2039 EUR 64.845 Bayerische Landes 1.500 7/14/2036 EUR 72.362 Single Platform I 0.830 09/06/2041 EUR 62.434 Erste Group Bank 0.880 02/12/2035 EUR 71.821 Communaute Franca 1.367 1/20/2070 EUR 56.190 Barclays Bank PLC 1.750 9/29/2032 USD 70.105 Landesbank Saar 0.680 3/29/2034 EUR 71.048 Landwirtschaftlic 0.210 9/30/2033 EUR 75.468 DZ Bank AG Deutsc 0.500 05/04/2034 EUR 69.772 Kuntarahoitus Oyj 1.150 04/01/2051 EUR 65.814 Single Platform I 1.548 10/31/2050 EUR 64.897 Erste Group Bank 0.560 9/29/2033 EUR 72.008 Aareal Bank AG 0.520 4/18/2031 EUR 59.678 State of Saxony-A 0.475 9/30/2050 EUR 51.740 Single Platform I 0.930 07/02/2041 EUR 64.203 Hungary Governmen 3.000 8/21/2030 HUF 74.391 Banque et Caisse 1.220 5/26/2041 EUR 72.793 Natixis SA 2.710 5/19/2036 USD 74.656 Natixis SA 2.710 5/26/2036 USD 74.799 BPCE SA 3.000 11/18/2036 AUD 62.740 Natixis SA 2.700 5/18/2036 USD 74.556 Credit Agricole C 17.520 1/27/2027 TRY 73.935 Norddeutsche Land 1.090 11/15/2043 EUR 64.431 ABN AMRO Bank NV 1.355 2/21/2039 EUR 74.137 Landesbank Baden- 0.710 11/09/2035 EUR 64.520 Societe Generale 2.970 4/15/2036 USD 65.040 Region Provence-A 0.623 10/15/2035 EUR 71.886 Erste Group Bank 0.890 11/03/2036 EUR 69.514 DZ Bank AG Deutsc 0.660 04/01/2036 EUR 66.916 DZ Bank AG Deutsc 0.710 12/03/2035 EUR 67.960 Norddeutsche Land 0.650 05/12/2031 EUR 73.469 Denmark Governmen 0.250 11/15/2052 DKK 51.911 DZ Bank AG Deutsc 0.800 8/20/2035 EUR 69.584 Banque et Caisse 0.880 02/10/2037 EUR 75.084 Barclays Bank PLC 2.800 10/28/2036 USD 72.199 NRW Bank 1.085 10/26/2041 EUR 69.838 Santander Consume 8.520 NOK 56.770 Single Platform I 2.070 06/01/2040 NOK 71.337 Region Centre 0.924 11/02/2043 EUR 60.489 Region de Bruxell 1.250 01/10/2060 EUR 48.145 DNB Boligkreditt 1.594 1/29/2043 EUR 74.296 DZ Bank AG Deutsc 0.785 7/31/2034 EUR 71.716 Societe Generale 1.040 3/25/2041 EUR 60.070 Banque et Caisse 1.068 5/18/2041 EUR 71.096 Landesbank Baden- 0.650 12/01/2031 EUR 73.356 Region Occitanie 0.792 11/23/2043 EUR 58.537 Erste Group Bank 1.065 5/17/2041 EUR 65.007 DNB Boligkreditt 1.488 12/14/2038 EUR 75.587 DZ Bank AG Deutsc 0.650 12/22/2036 EUR 66.711 Harp Issuer PLC 1.400 2/14/2032 USD 70.029 Republic of Austr 0.750 3/20/2051 EUR 56.824 Home Invest Belgi 1.850 1/15/2032 EUR 71.967 Erste Group Bank 0.520 11/02/2033 EUR 71.122 SpareBank 1 SMN 0.190 11/06/2030 EUR 73.172 DZ Bank AG Deutsc 1.040 5/15/2034 EUR 74.758 UBS Group AG 2.210 11/24/2035 USD 67.376 DZ Bank AG Deutsc 0.600 1/19/2035 EUR 69.071 Landesbank Hessen 0.750 12/17/2035 EUR 63.970 DZ Bank AG Deutsc 0.500 12/21/2035 EUR 65.966 DZ Bank AG Deutsc 0.520 11/23/2033 EUR 71.306 Region de Bruxell 1.000 4/21/2051 EUR 52.616 Landesbank Hessen 0.600 04/09/2035 EUR 64.302 Societe Du Grand 1.149 04/08/2069 EUR 42.210 DZ Bank AG Deutsc 0.700 10/19/2034 EUR 70.330 Norddeutsche Land 1.000 09/10/2032 EUR 72.328 Landesbank Hessen 0.730 02/11/2032 EUR 75.320 Berlin Hyp AG 0.440 10/29/2035 EUR 59.354 DekaBank Deutsche 0.530 10/22/2035 EUR 66.232 Landesbank Baden- 0.900 5/28/2035 EUR 66.641 Republic of Polan 1.250 10/25/2030 PLN 73.868 Municipality of E 1.785 5/30/2047 EUR 75.310 Landesbank Hessen 1.300 06/04/2035 EUR 70.354 Region de Bruxell 1.065 6/22/2047 EUR 56.190 Norddeutsche Land 1.170 11/24/2038 EUR 59.310 Barclays Bank PLC 1.235 11/27/2040 EUR 68.627 Societe Generale 0.570 3/15/2036 EUR 71.717 Communaute Franca 0.750 02/04/2061 EUR 39.419 DZ Bank AG Deutsc 0.200 10/02/2034 EUR 65.958 Single Platform I 1.082 3/17/2039 EUR 67.440 Landwirtschaftlic 1.365 03/10/2042 EUR 74.600 BNG Bank NV 1.040 11/28/2047 EUR 60.953 Republic of Irela 0.835 07/08/2080 EUR 41.482 DZ Bank AG Deutsc 0.650 9/17/2035 EUR 67.991 State of Lower Au 1.750 05/02/2047 EUR 70.687 DZ Bank AG Deutsc 1.150 4/30/2035 EUR 73.373 Landesbank Hessen 1.750 4/14/2037 EUR 72.743 DekaBank Deutsche 1.100 11/25/2030 EUR 72.679 Region de Bruxell 0.980 01/10/2051 EUR 52.525 Region Wallonne B 2.168 7/26/2047 EUR 72.332 Lehman Brothers T 6.650 8/24/2011 AUD 0.100 Landeskreditbank 0.170 12/10/2035 EUR 69.777 Lehman Brothers T 4.350 08/08/2016 SGD 0.100 Aktia Bank Oyj 0.965 12/11/2040 EUR 60.643 Landesbank Hessen 0.490 1/24/2035 EUR 63.875 Lehman Brothers T 5.000 05/02/2022 EUR 0.100 Barclays Bank PLC 7.830 7/26/2038 MXN 63.228 Lehman Brothers T 3.860 9/21/2011 SGD 0.100 Ministeries Van d 1.095 06/03/2055 EUR 48.825 Lehman Brothers T 15.000 3/30/2011 EUR 0.100 Lehman Brothers T 5.200 3/19/2018 EUR 0.100 Region Bretagne S 0.770 12/01/2039 EUR 65.057 Credit Agricole C 2.100 12/18/2035 USD 68.934 Single Platform I 0.780 03/05/2039 EUR 64.433 Ville de Paris 0.395 12/18/2045 EUR 50.779 Kuntarahoitus Oyj 0.960 10/25/2049 EUR 64.674 DZ Bank AG Deutsc 0.800 11/06/2034 EUR 71.266 Single Platform I 0.695 6/25/2039 EUR 64.113 Citigroup Global 0.700 1/30/2032 EUR 73.727 French Republic G 0.750 5/25/2052 EUR 53.343 Region de Bruxell 0.283 10/24/2033 EUR 69.981 Batigere Grand Es 1.540 11/04/2041 EUR 61.753 Landesbank Hessen 0.750 11/14/2034 EUR 66.738 Erste Group Bank 0.770 11/13/2033 EUR 72.910 Landesbank Hessen 0.560 6/16/2031 EUR 74.823 Berlin Hyp AG 0.625 6/30/2031 EUR 70.793 DZ HYP AG 1.033 12/06/2049 EUR 57.337 National Grid Ele 3.120 12/10/2039 AUD 71.463 DZ Bank AG Deutsc 0.625 7/21/2036 EUR 66.560 Single Platform I 0.885 7/24/2036 EUR 68.369 Single Platform I 0.924 2/18/2049 EUR 54.831 Landesbank Hessen 0.460 7/20/2032 EUR 71.652 DZ Bank AG Deutsc 0.110 8/17/2032 EUR 71.850 DZ Bank AG Deutsc 0.500 03/02/2038 EUR 61.026 Lehman Brothers T 0.500 07/02/2020 EUR 0.100 Belfius Bank SA 0.190 1/28/2031 EUR 72.893 Credit Agricole C 2.280 1/19/2036 USD 70.351 Lehman Brothers T 5.000 11/22/2012 EUR 0.100 Landesbank Hessen 0.350 1/20/2031 EUR 74.801 Agence Metropolit 0.500 07/07/2035 EUR 69.564 Landesbank Hessen 0.750 04/09/2035 EUR 65.666 Cooperatieve Rabo 0.540 08/03/2040 EUR 61.478 Single Platform I 1.165 06/06/2046 EUR 63.076 Kreditanstalt fue 0.953 1/24/2042 EUR 69.590 Credit Agricole C 2.610 7/27/2050 USD 56.919 Autonomous Commun 1.744 07/01/2061 EUR 53.887 Natixis SA 3.800 5/28/2039 AUD 71.037 Lehman Brothers T 0.750 3/29/2012 EUR 0.100 Lehman Brothers T 4.150 8/25/2020 EUR 0.100 Lehman Brothers T 5.318 11/02/2035 EUR 0.100 Lehman Brothers T 4.250 3/13/2021 EUR 0.100 Lehman Brothers T 4.000 2/28/2010 EUR 0.100 BPCE SFH SA 1.186 05/09/2039 EUR 71.795 Oberoesterreichis 0.650 10/15/2035 EUR 67.354 DZ Bank AG Deutsc 0.600 11/16/2035 EUR 67.149 Single Platform I 0.559 2/15/2047 EUR 53.105 AutoWallis Nyrt 3.000 7/27/2031 HUF 60.800 Mercedes-Benz Man 1.500 3/16/2027 HUF 70.000 UBS AG/London 7.000 07/12/2023 CHF 63.850 Vorosko Kereskede 4.750 1/25/2032 HUF 68.000 Alfa-Bank AO 10.200 02/10/2025 RUB 70.000 Landesbank Baden- 4.960 7/28/2023 EUR 60.080 Zurcher Kantonalb 17.000 09/04/2023 EUR 49.470 TransFin-M PAO 9.150 02/04/2027 RUB 61.000 MASTERPLAST Nyrt 2.900 8/25/2031 HUF 62.500 Raiffeisen Schwei 20.000 08/11/2023 CHF 23.810 MASTERPLAST Nyrt 2.100 12/21/2027 HUF 73.000 Eltex Kft 3.500 12/21/2028 HUF 69.400 EFG International 7.500 5/19/2023 CHF 11.270 Zurcher Kantonalb 21.200 5/16/2023 CHF 68.710 ENVIEN Magyarorsz 2.500 5/18/2031 HUF 69.790 Otthon Centrum Ho 3.000 4/19/2031 HUF 70.200 Hell Energy Magya 2.700 12/18/2029 HUF 63.100 SkyGreen Building 3.000 12/29/2030 HUF 59.700 Progress Etteremh 3.000 9/18/2030 HUF 67.900 Credit Suisse AG/ 20.000 11/29/2024 USD 10.360 Luzerner Kantonal 6.000 07/06/2023 EUR 66.130 Raiffeisen Schwei 7.000 9/20/2023 CHF 63.870 Agrar Mezogazdasa 2.900 8/24/2031 HUF 69.050 Cooperatieve Rabo 1.850 3/29/2049 EUR 60.674 Ukraine Governmen 7.253 3/15/2035 USD 16.018 Banque Internatio 1.500 1/20/2037 EUR 62.667 State of North Rh 0.950 01/10/2121 EUR 38.017 Agence France Loc 0.330 12/20/2040 EUR 59.413 Vedanta Resources 9.250 4/23/2026 USD 66.487 Romanian Governme 1.750 7/13/2030 EUR 75.162 Romanian Governme 1.750 7/13/2030 EUR 75.089 Communaute Franca 2.041 04/12/2069 EUR 65.588 Netherlands Gover 0.500 1/15/2040 EUR 69.951 Lithuania Governm 1.625 6/19/2049 EUR 63.082 Norddeutsche Land 1.100 07/05/2032 EUR 73.812 Deutsche Apotheke 1.444 09/01/2036 EUR 68.717 Bayerische Landes 1.600 7/21/2036 EUR 73.911 DNB Boligkreditt 0.846 7/14/2036 EUR 71.990 Ireland Governmen 1.500 5/15/2050 EUR 68.757 Merrill Lynch BV 2.580 8/20/2036 USD 70.209 DLR Kredit A/S 0.500 10/01/2050 DKK 67.637 United Kingdom Gi 0.625 7/31/2035 GBP 68.249 Kommunalkredit Au 1.055 10/06/2031 EUR 72.783 Region de Bruxell 2.410 8/23/2063 EUR 70.616 Hungary Governmen 3.250 10/22/2031 HUF 73.053 Caisse des Depots 1.438 5/24/2051 EUR 60.422 Ville de Paris 0.760 5/25/2066 EUR 36.301 Hemso Fastighets 2.000 2/15/2033 EUR 72.119 Region de Bruxell 0.690 6/22/2050 EUR 44.003 Deutsche Apotheke 1.715 2/13/2037 EUR 71.068 Batigere Grand Es 1.550 08/12/2041 EUR 62.226 Lehman Brothers T 10.000 06/11/2038 JPY 0.100 Single Platform I 1.165 7/30/2035 EUR 72.484 Region Occitanie 0.834 11/18/2044 EUR 57.739 Banque Internatio 3.320 5/24/2042 EUR 74.132 Deutsche Bank AG/ 14.900 5/30/2028 TRY 56.362 Banque Federative 0.125 11/06/2030 EUR 74.457 Region Provence-A 0.709 6/29/2040 EUR 63.718 Luzerner Kantonal 0.250 8/28/2040 CHF 73.037 Kreditanstalt fue 0.613 06/10/2040 EUR 63.362 BNP Paribas SA 3.750 06/12/2040 AUD 75.298 Office Public De 1.700 12/22/2060 EUR 68.596 Vedanta Resources 6.125 08/09/2024 USD 65.210 Deutsche Pfandbri 0.320 12/09/2030 EUR 69.460 Nederlandse Water 1.125 07/08/2050 EUR 61.080 Credit Suisse AG/ 2.100 3/15/2037 EUR 71.785 SG Issuer SA 2.910 10/29/2034 AUD 69.389 Batigere Grand Es 1.550 11/14/2039 EUR 65.072 Single Platform I 1.080 7/18/2036 EUR 70.987 Single Platform I 2.230 3/17/2039 NOK 73.720 Natixis SA 2.500 03/04/2036 USD 73.550 Region Provence-A 0.575 07/06/2039 EUR 63.511 Citigroup Global 0.520 3/19/2033 EUR 68.601 Croatia Governmen 1.750 03/04/2041 EUR 68.523 Department of Gir 0.650 12/17/2038 EUR 65.557 State of Lower Au 0.400 10/13/2050 EUR 46.769 DZ Bank AG Deutsc 6.250 12/20/2023 EUR 63.250 Landesbank Baden- 7.200 8/23/2024 EUR 36.000 Vontobel Financia 10.250 9/22/2023 EUR 74.290 Leonteq Securitie 28.800 8/25/2023 CHF 66.020 Raiffeisen Switze 16.800 8/29/2023 CHF 66.610 Swissquote Bank S 20.000 8/29/2023 CHF 67.830 Corner Banca SA 24.000 8/29/2023 CHF 66.660 Bank Julius Baer 13.200 11/30/2023 CHF 22.800 Bank Julius Baer 8.600 11/30/2023 CHF 70.200 UBS AG/London 18.000 2/26/2024 CHF 74.550 DZ Bank AG Deutsc 13.400 8/25/2023 EUR 65.900 DZ Bank AG Deutsc 11.200 12/22/2023 EUR 68.340 Bank Vontobel AG 15.000 02/05/2024 CHF 46.700 Bank Vontobel AG 12.000 02/05/2024 CHF 30.700 Landesbank Baden- 2.200 7/28/2023 EUR 71.210 Landesbank Baden- 3.600 7/28/2023 EUR 65.060 Landesbank Baden- 4.100 7/28/2023 EUR 49.290 Landesbank Baden- 8.200 7/28/2023 EUR 35.900 Landesbank Baden- 11.500 7/28/2023 EUR 31.240 Landesbank Baden- 7.100 7/28/2023 EUR 74.280 Landesbank Baden- 11.000 7/28/2023 EUR 64.760 Vontobel Financia 16.000 9/22/2023 EUR 76.190 Vontobel Financia 21.000 6/23/2023 EUR 67.880 Vontobel Financia 18.000 9/22/2023 EUR 71.860 Vontobel Financia 18.500 6/23/2023 EUR 72.970 Vontobel Financia 20.500 9/22/2023 EUR 68.270 Vontobel Financia 24.000 9/22/2023 EUR 67.680 Vontobel Financia 22.000 9/22/2023 EUR 70.580 Vontobel Financia 20.500 9/22/2023 EUR 73.940 Vontobel Financia 21.000 6/23/2023 EUR 74.280 Vontobel Financia 23.500 6/23/2023 EUR 69.770 Leonteq Securitie 29.000 7/14/2023 CHF 44.860 Leonteq Securitie 18.000 7/18/2023 CHF 73.100 Vontobel Financia 19.500 6/23/2023 EUR Vontobel Financia 13.000 9/22/2023 EUR 55.300 Vontobel Financia 17.500 6/23/2023 EUR 52.740 Raiffeisen Switze 19.500 7/18/2023 CHF 73.460 Leonteq Securitie 25.000 7/18/2023 CHF 29.020 DZ Bank AG Deutsc 7.250 9/20/2023 EUR 25.920 Bank Julius Baer 12.150 7/19/2023 CHF 16.700 UBS AG/London 19.250 7/13/2023 CHF 47.800 Bank Vontobel AG 14.500 1/16/2024 CHF 67.700 Bank Vontobel AG 16.500 7/17/2023 CHF 50.700 Leonteq Securitie 24.000 7/21/2023 CHF 31.880 Leonteq Securitie 30.000 7/21/2023 CHF 60.150 Bank Julius Baer 12.280 7/21/2023 EUR 66.700 SG Issuer SA 5.000 5/30/2029 EUR 33.160 Vontobel Financia 12.250 9/22/2023 EUR 68.870 Vontobel Financia 16.750 9/22/2023 EUR 60.650 Credit Suisse AG/ 16.750 8/29/2023 CHF 62.340 Leonteq Securitie 30.000 09/01/2023 CHF 34.950 Leonteq Securitie 27.000 09/01/2023 CHF 60.980 Leonteq Securitie 17.000 09/06/2023 CHF 68.700 Luzerner Kantonal 3.500 8/30/2023 USD 45.710 Leonteq Securitie 17.000 12/05/2023 CHF 64.000 DZ Bank AG Deutsc 9.750 9/20/2023 EUR 32.820 UBS AG/London 11.250 8/31/2023 CHF 18.940 UBS AG/London 16.750 8/31/2023 USD 61.200 Raiffeisen Switze 20.000 09/06/2023 CHF 35.490 DZ Bank AG Deutsc 13.600 9/22/2023 EUR 73.600 DZ Bank AG Deutsc 14.400 6/23/2023 EUR 76.640 DZ Bank AG Deutsc 13.700 6/23/2023 EUR 40.290 DZ Bank AG Deutsc 17.600 6/23/2023 EUR 16.540 DZ Bank AG Deutsc 15.300 6/23/2023 EUR 63.670 DZ Bank AG Deutsc 18.200 6/23/2023 EUR 69.740 Bank Vontobel AG 8.250 8/21/2023 CHF 74.300 Bank Vontobel AG 15.000 5/23/2023 CHF 32.400 UniCredit Bank AG 5.800 6/21/2023 EUR 69.560 DZ Bank AG Deutsc 14.500 6/19/2023 EUR 58.300 DZ Bank AG Deutsc 14.250 9/18/2023 EUR 66.440 DZ Bank AG Deutsc 6.250 9/18/2023 EUR 58.960 UBS AG/London 14.750 11/27/2023 CHF 57.300 UBS AG/London 12.000 11/27/2023 CHF 15.980 Landesbank Baden- 8.500 11/24/2023 EUR 76.020 Landesbank Baden- 9.100 11/24/2023 EUR 72.940 Landesbank Baden- 3.200 11/24/2023 EUR 59.420 Landesbank Baden- 5.100 11/24/2023 EUR 54.100 Landesbank Baden- 4.100 11/24/2023 EUR 42.000 Landesbank Baden- 7.500 11/24/2023 EUR 35.040 Landesbank Baden- 10.000 11/24/2023 EUR 32.460 Landesbank Baden- 11.750 11/24/2023 EUR 31.480 Landesbank Baden- 4.000 11/24/2023 EUR 71.020 Landesbank Baden- 6.100 11/24/2023 EUR 64.280 Landesbank Baden- 9.400 11/24/2023 EUR 58.800 Leonteq Securitie 30.000 5/31/2023 CHF 39.160 Leonteq Securitie 24.000 5/31/2023 CHF 34.450 Vontobel Financia 20.000 6/23/2023 EUR 71.750 Vontobel Financia 22.500 6/23/2023 EUR 23.710 Vontobel Financia 10.000 6/23/2023 EUR 68.180 Vontobel Financia 15.850 6/23/2023 EUR 63.890 Raiffeisen Schwei 16.000 5/30/2023 CHF 59.060 Leonteq Securitie 17.000 5/23/2023 CHF 59.720 Credit Suisse AG/ 6.750 9/23/2024 USD 61.940 Sberbank of Russi 0.010 8/31/2028 RUB 64.700 Sberbank of Russi 0.010 09/04/2026 RUB 74.400 Leonteq Securitie 9.000 09/06/2023 CHF 58.520 Leonteq Securitie 10.000 09/07/2023 USD 65.660 Zurcher Kantonalb 5.000 09/07/2023 CHF 66.410 Goldman Sachs & C 4.000 6/21/2023 EUR 70.270 Goldman Sachs & C 5.000 6/21/2023 EUR 66.250 Goldman Sachs & C 6.000 6/21/2023 EUR 62.690 Goldman Sachs & C 7.000 6/21/2023 EUR 59.510 Goldman Sachs & C 10.000 6/21/2023 EUR 51.760 Goldman Sachs & C 12.000 6/21/2023 EUR 47.700 Vontobel Financia 4.100 9/26/2023 EUR 73.720 Societe Generale 9.640 09/12/2024 USD 59.800 Bank Julius Baer 7.000 09/11/2023 USD 64.950 EFG International 11.000 09/10/2024 USD 51.120 DekaBank Deutsche 2.350 9/27/2024 EUR 61.340 Bank Julius Baer 7.000 09/12/2023 USD 64.850 Bank Julius Baer 7.000 09/12/2023 USD 64.850 UniCredit Bank AG 10.300 9/27/2024 EUR 46.400 Leonteq Securitie 7.000 9/13/2023 CHF 48.040 Leonteq Securitie 6.000 9/13/2023 CHF 70.110 DekaBank Deutsche 3.000 10/11/2024 EUR 72.690 DekaBank Deutsche 2.850 10/11/2024 EUR 74.570 Raiffeisen Schwei 4.000 09/10/2024 CHF 72.040 Raiffeisen Schwei 7.250 9/13/2023 CHF 67.040 Raiffeisen Schwei 7.000 9/13/2023 CHF 68.790 Erste Group Bank 4.000 10/01/2025 EUR 69.600 Erste Group Bank 4.500 10/01/2025 EUR 44.400 UBS AG/London 4.520 09/07/2023 USD Landesbank Baden- 3.850 10/24/2025 EUR 64.830 EFG International 10.000 9/20/2023 USD 35.680 EFG International 9.100 9/20/2023 EUR 35.620 Societe Generale 13.010 9/19/2024 USD 58.000 Basler Kantonalba 6.000 9/15/2023 CHF 76.050 Landesbank Hessen 1.200 9/17/2036 EUR 65.050 UniCredit Bank AG 6.150 10/21/2024 EUR 44.220 Landesbank Hessen 1.500 10/20/2036 EUR 64.900 UBS AG/London 15.000 8/31/2023 CHF 56.500 UBS AG/London 20.000 2/29/2024 CHF 69.650 Vontobel Financia 19.000 6/23/2023 EUR 74.600 Vontobel Financia 20.500 6/23/2023 EUR 72.790 Vontobel Financia 22.000 6/23/2023 EUR 71.070 Vontobel Financia 20.500 9/22/2023 EUR 71.280 Vontobel Financia 20.000 6/23/2023 EUR 74.780 Landesbank Hessen 1.500 10/01/2036 EUR 65.700 Raiffeisen Schwei 5.850 10/04/2023 CHF 65.890 Citigroup Global 2.540 9/13/2024 EUR 59.810 Sberbank of Russi 0.010 10/03/2028 RUB 69.700 Leonteq Securitie 7.000 10/04/2023 CHF 49.300 Leonteq Securitie 7.400 10/04/2023 CHF 73.680 Corner Banca SA 7.000 10/04/2023 CHF 76.850 Leonteq Securitie 8.000 10/04/2023 USD 61.320 UniCredit Bank AG 3.650 10/29/2024 EUR 73.870 Leonteq Securitie 8.090 10/04/2023 CHF 52.600 Credit Suisse AG/ 25.000 10/20/2026 USD 5.520 Erste Group Bank 4.500 11/02/2025 EUR 48.200 Sberbank of Russi 0.010 10/05/2028 RUB 66.010 Societe Generale 15.000 10/31/2024 USD Goldman Sachs & C 5.000 6/21/2023 EUR 73.550 Goldman Sachs & C 6.000 6/21/2023 EUR 69.080 Goldman Sachs & C 7.000 6/21/2023 EUR 65.140 Goldman Sachs & C 8.000 6/21/2023 EUR 62.800 Goldman Sachs & C 10.000 6/21/2023 EUR 59.660 Goldman Sachs & C 13.000 6/21/2023 EUR 52.600 Goldman Sachs & C 5.000 9/20/2023 EUR 74.360 Goldman Sachs & C 6.000 9/20/2023 EUR 70.260 Goldman Sachs & C 7.000 9/20/2023 EUR 66.620 Goldman Sachs & C 8.000 9/20/2023 EUR 64.540 Goldman Sachs & C 10.000 9/20/2023 EUR 58.930 Goldman Sachs & C 12.000 9/20/2023 EUR 55.240 Basler Kantonalba 7.000 10/11/2023 CHF 11.820 DZ Bank AG Deutsc 1.850 12/29/2031 EUR 63.740 DZ Bank AG Deutsc 1.980 12/29/2031 EUR 69.750 VTB Bank PJSC 3.750 EUR VTB Bank PJSC 10.000 RUB 52.000 Corner Banca SA 8.000 10/11/2023 CHF 12.560 Zurcher Kantonalb 15.260 3/20/2024 CHF 53.420 Credit Suisse AG/ 15.250 3/20/2024 CHF 45.270 Credit Suisse AG/ 16.000 9/20/2023 CHF 38.600 BNP Paribas Issua 7.980 1/20/2025 SEK 71.450 Landesbank Hessen 1.000 03/06/2035 EUR 66.850 UniCredit Bank AG 3.450 04/02/2024 EUR 56.390 Leonteq Securitie 6.000 12/01/2023 CHF 55.760 Landesbank Baden- 4.100 6/27/2025 EUR 70.650 Leonteq Securitie 7.400 12/01/2023 USD 55.340 Bank Julius Baer 18.000 02/09/2024 CHF 65.400 Raiffeisen Bank I 7.500 07/07/2023 EUR 60.160 EFG International 9.800 06/07/2023 USD 66.080 DekaBank Deutsche 3.500 6/28/2024 EUR 69.420 Leonteq Securitie 26.400 08/08/2023 CHF 68.170 DekaBank Deutsche 3.100 6/28/2024 EUR 72.670 Bayer Construct E 3.700 10/21/2031 HUF 67.720 DZ Bank AG Deutsc 12.100 6/19/2023 EUR 75.760 Leonteq Securitie 15.000 6/28/2023 USD 64.620 Credit Suisse AG/ 8.000 6/28/2023 USD 9.300 Raiffeisen Schwei 8.700 12/28/2023 CHF 69.540 UBS AG/London 12.750 3/25/2024 CHF 65.950 DZ Bank AG Deutsc 10.500 6/21/2023 EUR 66.550 Leonteq Securitie 19.000 6/29/2023 USD 56.080 DekaBank Deutsche 4.450 4/27/2026 EUR 72.700 Landesbank Baden- 4.500 7/28/2023 EUR 70.170 Erste Group Bank 14.000 6/30/2023 EUR 69.400 Erste Group Bank 12.500 6/30/2023 EUR 72.450 Erste Group Bank 15.500 6/30/2023 EUR 69.550 DZ Bank AG Deutsc 14.000 6/21/2023 EUR 64.490 UBS AG/London 15.250 11/27/2023 CHF 61.100 UBS AG/London 8.900 8/24/2023 USD 9.860 DZ Bank AG Deutsc 17.700 9/22/2023 EUR 55.520 Zurcher Kantonalb 18.000 9/29/2023 CHF 36.560 Credit Suisse AG/ 11.750 9/29/2023 CHF 20.810 Basler Kantonalba 16.000 10/05/2023 CHF 68.080 UBS AG/London 21.800 10/06/2023 USD 72.600 Leonteq Securitie 12.000 10/10/2023 CHF 26.240 Leonteq Securitie 20.200 10/10/2023 CHF 75.150 Leonteq Securitie 23.200 10/10/2023 CHF 74.670 Raiffeisen Switze 18.000 10/11/2023 CHF 73.810 DZ Bank AG Deutsc 1.080 12/30/2030 EUR 72.390 Vontobel Financia 5.000 3/26/2024 EUR 59.390 Landesbank Hessen 1.400 03/05/2036 EUR 64.400 Societe Generale 24.000 04/03/2024 USD 65.400 UniCredit Bank AG 5.300 04/08/2025 EUR 72.670 Sberbank of Russi 0.010 03/06/2028 RUB 71.900 UBS AG/London 9.750 07/01/2024 CHF 22.340 Bank Julius Baer 21.850 10/11/2023 CHF 27.550 Bank Vontobel AG 12.030 6/23/2023 EUR 22.400 Landesbank Baden- 4.000 6/28/2024 EUR 43.240 Landesbank Baden- 5.100 6/28/2024 EUR 38.750 Landesbank Baden- 7.000 6/28/2024 EUR 35.130 Landesbank Baden- 8.000 6/28/2024 EUR 33.610 Landesbank Baden- 5.250 6/28/2024 EUR 73.110 Vontobel Financia 17.500 6/23/2023 EUR 25.090 Raiffeisen Schwei 20.000 07/05/2023 CHF 74.810 Bank Julius Baer 9.050 07/05/2023 CHF 70.950 UBS AG/London 17.750 6/29/2023 CHF 43.100 UBS AG/London 18.000 6/29/2023 USD 73.600 UBS AG/London 16.250 01/04/2024 CHF 47.550 UBS AG/London 17.750 6/29/2023 CHF 70.250 UniCredit Bank AG 14.300 12/22/2023 EUR 82.140 UBS AG/London 11.000 01/08/2024 CHF 18.960 UBS AG/London 16.000 01/08/2024 CHF 73.650 Banque Internatio 21.000 07/12/2023 CHF 77.200 UBS AG/London 18.500 6/15/2023 CHF 59.700 Swissquote Bank S 13.230 2/27/2024 CHF 39.210 Landesbank Hessen 1.000 03/09/2037 EUR 67.200 Leonteq Securitie 6.000 02/07/2024 CHF 66.020 Leonteq Securitie 9.000 08/07/2023 CHF 11.740 Leonteq Securitie 7.000 02/07/2024 CHF 75.320 Leonteq Securitie 10.000 08/04/2023 EUR 64.270 DZ Bank AG Deutsc 2.120 12/29/2031 EUR 72.650 Raiffeisen Schwei 9.000 08/04/2023 CHF 70.020 UBS AG/London 8.250 8/23/2023 CHF 57.850 UBS AG/London 6.750 2/23/2024 CHF 72.900 UBS AG/London 10.000 8/23/2023 CHF 59.350 SG Issuer SA 6.500 1/20/2025 SEK 69.780 UniCredit Bank AG 4.900 03/10/2025 EUR 76.250 Bank Vontobel AG 12.250 08/04/2023 EUR 20.800 Bank Vontobel AG 10.500 08/04/2023 EUR 63.200 Vontobel Financia 17.000 6/23/2023 EUR 59.830 Vontobel Financia 16.000 6/23/2023 EUR 61.040 Vontobel Financia 12.000 6/23/2023 EUR 66.580 Vontobel Financia 8.500 6/23/2023 EUR 73.530 Vontobel Financia 9.500 6/23/2023 EUR 71.660 Vontobel Financia 8.000 6/23/2023 EUR 75.540 Vontobel Financia 12.500 6/23/2023 EUR 74.820 Vontobel Financia 14.000 6/23/2023 EUR 72.440 Vontobel Financia 15.000 6/23/2023 EUR 74.040 Vontobel Financia 16.000 6/23/2023 EUR 65.280 Vontobel Financia 14.500 6/23/2023 EUR 71.560 Vontobel Financia 20.500 6/23/2023 EUR 63.110 Vontobel Financia 19.000 6/23/2023 EUR 65.000 Vontobel Financia 17.500 6/23/2023 EUR 67.030 Vontobel Financia 9.500 6/23/2023 EUR 83.030 Vontobel Financia 25.000 6/23/2023 EUR 55.790 Vontobel Financia 22.000 6/23/2023 EUR 59.170 Vontobel Financia 18.000 6/23/2023 EUR 65.360 Vontobel Financia 15.500 6/23/2023 EUR 70.400 Vontobel Financia 14.000 6/23/2023 EUR 73.240 Vontobel Financia 10.500 6/23/2023 EUR 74.570 Leonteq Securitie 15.500 6/13/2023 CHF 59.310 UniCredit Bank AG 18.200 6/23/2023 EUR 65.340 Leonteq Securitie 21.000 6/13/2023 CHF 37.310 Raiffeisen Schwei 15.000 6/14/2023 CHF 58.860 Raiffeisen Schwei 14.500 6/14/2023 CHF 36.070 Vontobel Financia 20.500 6/23/2023 EUR 12.770 Vontobel Financia 14.000 6/23/2023 EUR 13.820 Vontobel Financia 23.500 6/23/2023 EUR 73.900 Vontobel Financia 8.500 6/23/2023 EUR 15.610 Vontobel Financia 23.000 6/23/2023 EUR 69.700 Vontobel Financia 21.000 6/23/2023 EUR 19.710 DZ Bank AG Deutsc 21.700 6/23/2023 EUR 64.760 DZ Bank AG Deutsc 19.400 6/23/2023 EUR 62.600 Raiffeisen Schwei 5.800 8/25/2023 CHF 69.950 Raiffeisen Bank I 8.000 04/08/2024 EUR 69.420 Landesbank Baden- 5.600 3/22/2024 EUR 71.270 UBS AG/London 4.000 08/03/2026 SEK 70.660 Raiffeisen Schwei 7.300 03/04/2024 CHF 68.210 Raiffeisen Schwei 8.000 12/04/2023 CHF 70.750 Vontobel Financia 16.250 9/22/2023 EUR 59.720 Raiffeisen Switze 17.500 08/02/2023 CHF 57.370 Leonteq Securitie 20.000 08/02/2023 CHF 58.370 Corner Banca SA 23.000 08/08/2023 CHF 63.630 DekaBank Deutsche 2.250 7/14/2026 EUR 75.070 VTB Bank PJSC 10.000 RUB 54.000 Raiffeisen Switze 19.700 08/09/2023 CHF 63.050 VTB Bank PJSC 11.250 05/06/2037 RUB 53.000 EFG International 9.000 06/07/2023 EUR 67.470 Landesbank Baden- 3.200 6/27/2025 EUR 74.840 Raiffeisen Schwei 7.200 06/01/2023 CHF 35.770 SG Issuer SA 1.800 8/14/2034 EUR 69.300 Bank Vontobel AG 8.500 9/18/2023 CHF 68.800 Landesbank Hessen 1.750 08/04/2036 EUR 66.350 Bank Vontobel AG 12.000 1/22/2024 EUR 66.200 Bank Vontobel AG 10.500 7/21/2023 CHF 41.700 BNP Paribas Issua 3.000 1/23/2024 EUR 56.550 Bank Vontobel AG 15.000 7/21/2023 CHF 41.000 EFG International 14.000 7/26/2023 USD 61.020 MOL Nyrt Kueloenl 4.950 1/26/2032 HUF 74.460 Credit Suisse AG/ 7.200 7/30/2024 USD 59.470 Landesbank Baden- 8.400 7/28/2023 EUR 67.200 Landesbank Baden- 3.500 7/28/2023 EUR 68.490 Landesbank Baden- 7.250 7/28/2023 EUR 58.260 Landesbank Baden- 2.250 7/28/2023 EUR 44.860 Landesbank Baden- 2.850 7/28/2023 EUR 66.240 Landesbank Baden- 5.750 7/28/2023 EUR 51.030 Landesbank Baden- 3.800 7/28/2023 EUR 47.010 Landesbank Baden- 7.400 7/28/2023 EUR 22.360 Landesbank Baden- 5.000 7/28/2023 EUR 67.120 Landesbank Baden- 4.650 7/28/2023 EUR 71.040 Landesbank Baden- 8.800 7/28/2023 EUR 65.700 Landesbank Baden- 2.000 7/28/2023 EUR 65.130 EFG International 8.400 07/07/2023 CHF 52.610 Landesbank Baden- 4.600 7/28/2023 EUR 72.580 Credit Suisse AG/ 5.800 07/12/2023 USD 8.000 Landesbank Baden- 3.300 7/25/2025 EUR 74.870 Leonteq Securitie 8.000 7/28/2023 USD 59.320 Leonteq Securitie 11.000 7/28/2023 CHF 42.060 Leonteq Securitie 10.000 07/12/2023 CHF 33.150 EFG International 8.700 7/13/2023 EUR 7.870 Leonteq Securitie 6.200 07/12/2023 CHF 55.520 Goldman Sachs & C 6.000 6/21/2023 EUR 59.480 Goldman Sachs & C 6.000 6/21/2023 EUR 72.290 Goldman Sachs & C 7.000 6/21/2023 EUR 55.470 UBS AG/London 16.500 8/16/2023 USD 58.050 UBS AG/London 10.500 8/16/2023 USD 70.150 UBS AG/London 13.750 8/16/2023 CHF 46.150 UBS AG/London 13.750 8/16/2023 EUR 61.650 DekaBank Deutsche 2.100 08/11/2023 EUR 65.530 Leonteq Securitie 9.000 5/25/2023 CHF 18.640 Leonteq Securitie 10.000 5/25/2023 EUR 67.480 Landesbank Baden- 3.500 12/22/2023 EUR 69.720 EFG International 10.600 06/01/2023 USD 69.840 Leonteq Securitie 6.000 11/27/2023 CHF 55.750 Leonteq Securitie 12.000 1/29/2024 CHF 24.410 UBS AG/London 10.250 5/30/2023 CHF 39.800 UBS AG/London 9.000 5/30/2023 CHF 57.350 Landesbank Baden- 2.500 7/24/2026 EUR 68.880 EFG International 14.000 6/28/2023 CHF 24.500 Leonteq Securitie 8.000 6/27/2023 USD 40.540 Raiffeisen Bank I 10.000 02/12/2024 EUR 34.920 Leonteq Securitie 10.000 6/29/2023 EUR 74.660 Landesbank Baden- 5.900 12/22/2023 EUR 43.130 Landesbank Baden- 4.600 12/22/2023 EUR 46.640 Landesbank Baden- 2.400 12/22/2023 EUR 56.230 Landesbank Baden- 9.500 12/22/2023 EUR 74.160 Landesbank Baden- 6.000 12/22/2023 EUR 68.140 Landesbank Baden- 4.200 12/22/2023 EUR 73.940 Landesbank Baden- 7.500 12/22/2023 EUR 67.350 Landesbank Baden- 4.900 12/22/2023 EUR 74.390 Landesbank Baden- 8.500 12/22/2023 EUR 70.540 Landesbank Baden- 3.100 12/22/2023 EUR 55.690 Landesbank Baden- 2.300 12/22/2023 EUR 58.180 Landesbank Baden- 8.100 12/22/2023 EUR 53.780 Landesbank Baden- 6.300 12/22/2023 EUR 59.410 Landesbank Baden- 3.000 12/22/2023 EUR 75.370 Landesbank Baden- 4.300 12/22/2023 EUR 72.610 Landesbank Baden- 9.200 12/22/2023 EUR 54.410 Landesbank Baden- 6.100 12/22/2023 EUR 62.600 Landesbank Baden- 7.000 12/22/2023 EUR 22.670 Landesbank Baden- 3.100 12/22/2023 EUR 27.310 Landesbank Baden- 4.150 12/22/2023 EUR 42.190 Landesbank Baden- 2.500 12/22/2023 EUR 45.200 Landesbank Baden- 4.500 12/22/2023 EUR 55.720 Landesbank Baden- 3.000 12/22/2023 EUR 61.340 UBS AG/London 7.250 12/29/2023 CHF 71.400 UBS AG/London 5.750 12/29/2023 CHF 66.550 UBS AG/London 9.500 6/29/2023 CHF 9.400 UBS AG/London 8.500 6/29/2023 CHF 65.650 UBS AG/London 6.500 12/29/2023 USD 72.050 UBS AG/London 6.500 12/29/2023 CHF 67.100 UBS AG/London 6.750 6/29/2023 CHF 66.700 UBS AG/London 6.000 6/29/2023 CHF 66.750 UBS AG/London 16.000 12/29/2023 USD 63.500 UBS AG/London 10.250 6/29/2023 CHF 45.550 Banque Cantonale 12.360 6/27/2023 CHF 69.480 Leonteq Securitie 7.000 01/05/2024 CHF 75.940 Leonteq Securitie 8.000 6/30/2023 CHF 70.280 Leonteq Securitie 9.000 6/30/2023 CHF 61.210 Leonteq Securitie 8.000 6/30/2023 CHF 68.250 Leonteq Securitie 8.000 6/30/2023 USD 66.460 Raiffeisen Switze 6.500 01/03/2024 CHF 70.070 VTB Bank PJSC 0.010 11/25/2026 RUB 68.450 Luzerner Kantonal 5.000 6/28/2023 CHF 66.860 Zurcher Kantonalb 9.000 6/28/2023 CHF 75.460 Bank Vontobel AG 15.000 6/30/2023 CHF 15.900 SG Issuer SA 2.000 12/22/2036 EUR 63.040 UniCredit Bank AG 3.700 1/27/2025 EUR 74.630 Leonteq Securitie 10.000 07/07/2023 CHF 65.630 Leonteq Securitie 14.000 07/07/2023 CHF 71.050 Raiffeisen Switze 9.000 07/06/2023 USD 69.840 UBS AG/London 4.750 7/26/2023 CHF 58.400 UBS AG/London 7.000 7/26/2023 CHF 40.300 UBS AG/London 7.750 7/26/2023 CHF 75.400 UBS AG/London 8.250 7/26/2023 CHF 74.650 UBS AG/London 7.500 7/26/2023 CHF 62.600 UBS AG/London 6.000 1/26/2024 CHF 72.300 UniCredit Bank AG 4.750 2/16/2026 EUR 74.160 DZ Bank AG Deutsc 7.500 9/20/2023 EUR 50.260 Bank Julius Baer 9.750 6/14/2023 CHF 12.800 UniCredit Bank AG 19.500 6/23/2023 EUR 63.120 Zurcher Kantonalb 16.000 6/21/2023 CHF 33.560 Vontobel Financia 25.000 6/23/2023 EUR 65.560 Vontobel Financia 20.500 6/23/2023 EUR 73.870 Bank Vontobel AG 15.000 12/27/2023 CHF 32.000 Bank Vontobel AG 16.000 12/27/2023 CHF 35.000 DZ Bank AG Deutsc 19.500 12/22/2023 EUR 60.570 Bank Julius Baer 14.900 2/28/2024 CHF 40.300 Vontobel Financia 14.000 6/23/2023 EUR 63.670 Vontobel Financia 11.000 6/23/2023 EUR 68.200 Vontobel Financia 10.000 6/23/2023 EUR 69.840 Vontobel Financia 19.500 6/23/2023 EUR 66.550 Vontobel Financia 16.000 6/23/2023 EUR 70.400 Vontobel Financia 15.000 6/23/2023 EUR 62.340 Vontobel Financia 17.500 6/23/2023 EUR 68.410 Vontobel Financia 18.500 6/23/2023 EUR 58.520 Vontobel Financia 12.500 6/23/2023 EUR 66.050 DZ Bank AG Deutsc 4.750 9/18/2023 EUR 54.260 Vontobel Financia 19.500 6/23/2023 EUR 67.230 Vontobel Financia 17.000 6/23/2023 EUR 70.370 Vontobel Financia 20.000 6/23/2023 EUR 65.520 Vontobel Financia 16.000 6/23/2023 EUR 70.480 Vontobel Financia 19.500 6/23/2023 EUR 63.150 Vontobel Financia 16.000 6/23/2023 EUR 69.210 Vontobel Financia 13.000 6/23/2023 EUR 74.100 Vontobel Financia 12.000 6/23/2023 EUR 76.890 Vontobel Financia 10.500 6/23/2023 EUR 79.840 Vontobel Financia 23.500 6/23/2023 EUR 57.420 Vontobel Financia 20.500 6/23/2023 EUR 61.060 Vontobel Financia 16.500 6/23/2023 EUR 67.750 Leonteq Securitie 16.500 6/13/2023 CHF 64.420 Swissquote Bank S 15.200 6/13/2023 CHF 15.880 Swissquote Bank S 25.000 6/13/2023 CHF 38.380 Zurcher Kantonalb 11.500 03/01/2024 CHF 40.760 Raiffeisen Switze 15.000 03/06/2024 CHF 41.860 Credit Suisse AG/ 12.750 03/04/2024 CHF 36.160 Leonteq Securitie 7.000 01/10/2024 CHF 66.580 Raiffeisen Switze 7.700 01/10/2024 CHF 72.710 UBS AG/London 9.000 7/26/2023 CHF 9.720 UBS AG/London 11.250 7/26/2023 EUR 73.350 UBS AG/London 7.000 1/26/2024 CHF 63.600 UBS AG/London 9.750 7/26/2023 CHF 9.810 SG Issuer SA 4.000 6/22/2026 EUR 60.660 Goldman Sachs Int 0.100 1/13/2025 EUR 20.450 Bank Vontobel AG 8.000 6/30/2023 CHF 63.100 Vontobel Financia 4.900 7/13/2023 EUR 75.490 BNP Paribas Emiss 5.000 6/22/2023 EUR 75.860 Landesbank Baden- 5.600 12/22/2023 EUR 71.560 Corner Banca SA 15.000 5/30/2023 CHF 41.670 Leonteq Securitie 12.000 5/30/2023 CHF 41.430 Leonteq Securitie 11.000 8/28/2023 USD 68.360 Bank Vontobel AG 11.000 2/23/2024 CHF 26.100 Credit Suisse AG/ 10.250 5/22/2023 EUR 71.700 Bank Julius Baer 15.000 8/29/2023 CHF 26.800 Raiffeisen Schwei 9.100 8/25/2023 CHF 60.280 Raiffeisen Schwei 9.200 8/25/2023 CHF 70.890 Vontobel Financia 7.700 8/30/2023 EUR 56.950 Zurcher Kantonalb 6.000 5/24/2023 CHF 73.330 Zurcher Kantonalb 19.000 5/24/2023 CHF 25.550 Credit Suisse AG/ 8.750 5/25/2023 CHF 73.830 Landesbank Baden- 4.200 3/22/2024 EUR 74.490 Landesbank Baden- 5.100 3/22/2024 EUR 68.930 Landesbank Baden- 5.600 3/22/2024 EUR 73.180 Landesbank Baden- 4.500 3/22/2024 EUR 74.630 UBS AG/London 7.640 4/20/2026 SEK 68.470 DekaBank Deutsche 1.000 3/17/2025 EUR 69.340 Landesbank Baden- 3.200 3/27/2026 EUR 73.200 EFG International 4.500 2/26/2024 USD 39.410 DZ Bank AG Deutsc 0.630 12/30/2030 EUR 72.870 Basler Kantonalba 9.000 6/22/2023 CHF 74.390 UBS AG/London 5.750 12/15/2023 CHF 67.100 UBS AG/London 7.500 12/15/2023 CHF 67.000 UBS AG/London 14.500 6/15/2023 USD 56.200 Raiffeisen Schwei 5.700 12/13/2023 CHF 71.600 Bank Vontobel AG 7.750 12/11/2023 CHF 58.000 SG Issuer SA 1.500 1/24/2034 EUR 74.060 Leonteq Securitie 7.000 12/20/2023 CHF 73.560 Leonteq Securitie 9.000 6/20/2023 CHF 50.800 Raiffeisen Schwei 7.200 9/20/2023 CHF 70.740 Raiffeisen Switze 7.800 6/20/2023 CHF 45.030 Bank Vontobel AG 7.500 6/19/2023 CHF 64.400 Bank Vontobel AG 8.500 6/19/2023 CHF 63.800 Bank Vontobel AG 6.000 12/18/2023 CHF 53.600 Sberbank of Russi 0.010 12/21/2026 RUB 72.600 Vontobel Financia 4.330 6/22/2023 EUR 64.870 UBS AG/London 7.250 07/12/2023 CHF 64.050 UBS AG/London 4.750 07/12/2023 USD 67.200 UBS AG/London 11.500 07/12/2023 CHF 42.850 UBS AG/London 8.250 01/12/2024 CHF 71.100 UBS AG/London 6.500 07/12/2023 EUR 45.800 UBS AG/London 17.500 07/12/2023 USD 48.750 UBS AG/London 8.750 07/12/2023 USD 67.850 UBS AG/London 6.000 07/12/2023 CHF 66.350 UBS AG/London 6.250 07/12/2023 CHF 69.400 Raiffeisen Bank I 6.500 06/09/2023 EUR 46.680 Leonteq Securitie 8.000 5/25/2023 CHF 69.840 Landesbank Baden- 5.250 8/25/2023 EUR 74.830 UBS AG/London 19.750 7/27/2023 USD 71.650 DZ Bank AG Deutsc 9.800 9/22/2023 EUR 65.590 Bank Vontobel AG 18.006 5/24/2023 EUR 9.500 Zurcher Kantonalb 26.000 7/28/2023 CHF 68.310 EFG International 5.700 5/24/2023 USD 39.000 Bank Vontobel AG 6.502 5/23/2023 CHF 47.000 Leonteq Securitie 27.600 07/07/2023 CHF 71.200 Leonteq Securitie 9.200 07/07/2025 CHF 32.480 Raiffeisen Schwei 10.400 11/02/2023 CHF 16.380 Vontobel Financia 19.500 9/22/2023 EUR 74.390 Bank Vontobel AG 20.000 01/05/2024 CHF 63.800 Bank Julius Baer 13.500 08/03/2023 CHF 54.700 UBS AG/London 7.750 4/29/2024 CHF 74.900 Bank Vontobel AG 22.500 07/03/2023 CHF 57.300 Leonteq Securitie 6.000 01/09/2024 CHF 58.960 EFG International 10.000 7/26/2023 CHF 63.720 Societe Generale 9.800 07/10/2025 USD 66.250 SunDell Estate Ny 3.650 07/09/2031 HUF 69.500 Landesbank Baden- 4.400 7/28/2023 EUR 70.350 Landesbank Baden- 5.700 7/28/2023 EUR 60.850 Landesbank Baden- 3.850 7/28/2023 EUR 74.520 Landesbank Baden- 3.850 7/28/2023 EUR 41.550 Landesbank Baden- 4.900 7/28/2023 EUR 58.460 Landesbank Baden- 8.100 7/28/2023 EUR 69.660 Landesbank Baden- 8.600 7/28/2023 EUR 44.320 Landesbank Baden- 3.250 7/28/2023 EUR 61.670 Landesbank Baden- 2.250 7/28/2023 EUR 51.370 Landesbank Baden- 5.200 7/28/2023 EUR 24.570 Landesbank Baden- 2.500 7/28/2023 EUR 29.500 Landesbank Baden- 6.400 7/28/2023 EUR 75.270 Landesbank Baden- 5.000 7/28/2023 EUR 74.820 Landesbank Baden- 6.750 7/28/2023 EUR 65.240 Landesbank Baden- 6.400 7/28/2023 EUR 73.860 Landesbank Baden- 3.200 7/28/2023 EUR 61.510 Landesbank Baden- 6.300 7/28/2023 EUR 73.780 Leonteq Securitie 7.000 1/31/2024 CHF 13.720 Credit Suisse AG/ 4.530 07/12/2023 USD 9.540 Leonteq Securitie 7.000 7/28/2023 CHF 72.400 Leonteq Securitie 8.000 7/28/2023 CHF 54.750 UBS AG/London 7.250 11/03/2023 CHF 52.050 Leonteq Securitie 15.000 7/19/2023 CHF 77.580 Sberbank of Russi 0.010 10/23/2026 RUB 72.150 Credit Suisse AG/ 10.820 7/13/2023 CHF 57.880 UBS AG/London 11.000 10/13/2023 CHF 69.150 Leonteq Securitie 6.000 11/08/2023 CHF 73.310 Vontobel Financia 12.500 6/23/2023 EUR 62.730 Vontobel Financia 21.500 6/23/2023 EUR 42.980 Erste Group Bank 6.500 12/01/2026 EUR 70.700 Vontobel Financia 18.500 6/23/2023 EUR 57.490 Vontobel Financia 8.000 6/23/2023 EUR 75.570 Vontobel Financia 12.000 6/23/2023 EUR 66.610 Vontobel Financia 10.500 6/23/2023 EUR 69.900 Vontobel Financia 7.000 6/23/2023 EUR 76.830 Vontobel Financia 8.000 6/23/2023 EUR 74.320 Vontobel Financia 18.000 6/23/2023 EUR 59.420 Vontobel Financia 10.500 6/23/2023 EUR 69.860 Vontobel Financia 11.500 6/23/2023 EUR 68.230 Vontobel Financia 9.500 6/23/2023 EUR 71.670 Bank Vontobel AG 21.000 8/21/2023 EUR 66.000 Bank Vontobel AG 20.000 8/21/2023 CHF 61.700 Raiffeisen Switze 18.000 8/22/2023 CHF 61.420 Credit Suisse AG/ 14.250 1/18/2024 CHF 33.030 DZ Bank AG Deutsc 5.000 9/18/2023 EUR 57.530 Landesbank Baden- 5.500 8/23/2024 EUR 39.230 Landesbank Baden- 9.200 8/23/2024 EUR 34.340 Credit Suisse AG/ 10.000 8/22/2023 CHF 16.470 Leonteq Securitie 23.000 8/29/2023 CHF 34.100 Vontobel Financia 23.500 3/22/2024 EUR 74.800 Raiffeisen Schwei 10.200 08/11/2023 CHF 57.280 UBS AG/London 8.250 09/04/2023 CHF 68.100 Banque Internatio 10.000 08/09/2023 CHF 37.980 Leonteq Securitie 24.000 1/23/2024 CHF 64.580 Raiffeisen Switze 15.000 1/23/2024 CHF 34.160 UBS AG/London 14.500 10/13/2023 USD 64.800 UBS AG/London 18.000 4/15/2024 USD 67.200 UBS AG/London 7.850 11/02/2023 USD 50.950 DekaBank Deutsche 4.000 11/08/2024 EUR 67.200 Sberbank of Russi 0.010 11/02/2028 RUB 69.700 Zurcher Kantonalb 9.400 10/11/2023 EUR 69.850 Societe Generale 24.000 11/08/2024 USD 45.200 Corner Banca SA 11.400 7/19/2023 CHF 13.700 Credit Suisse AG/ 10.000 07/12/2023 CHF 11.520 Vontobel Financia 8.400 12/04/2023 EUR 65.860 Credit Suisse AG/ 4.700 7/19/2023 USD 9.690 Leonteq Securitie 8.000 11/08/2023 CHF 69.860 Societe Generale 7.620 11/29/2024 USD 56.975 Bank Vontobel AG 8.500 11/03/2023 CHF 38.200 Raiffeisen Switze 8.000 08/04/2023 EUR 79.870 UBS AG/London 6.500 8/23/2023 CHF 66.100 UBS AG/London 11.750 8/23/2023 CHF 11.720 Bank Vontobel AG 7.500 02/05/2024 CHF 74.900 Vontobel Financia 19.500 12/22/2023 EUR 65.260 Vontobel Financia 22.500 12/22/2023 EUR 66.940 Vontobel Financia 19.000 3/22/2024 EUR 68.630 Vontobel Financia 17.000 3/22/2024 EUR 67.040 Vontobel Financia 21.000 12/22/2023 EUR 66.130 Vontobel Financia 13.500 12/22/2023 EUR DZ Bank AG Deutsc 4.900 6/19/2023 EUR 72.100 Swissquote Bank S 14.560 3/13/2024 CHF 40.270 Landesbank Baden- 5.250 9/22/2023 EUR 72.310 Bank Vontobel AG 10.000 03/04/2024 EUR 63.100 EFG International 9.500 9/14/2023 CHF 54.450 Landesbank Baden- 3.000 2/27/2026 EUR 69.190 Bank Vontobel AG 12.000 08/11/2023 CHF 18.900 Vontobel Financia 15.500 12/22/2023 EUR 73.740 Vontobel Financia 14.000 12/22/2023 EUR 72.800 UniCredit Bank AG 6.600 9/22/2025 EUR 43.100 Leonteq Securitie 27.000 02/09/2024 CHF 64.590 Vontobel Financia 18.000 3/22/2024 EUR 67.850 Vontobel Financia 15.000 12/22/2023 EUR 72.400 Landesbank Hessen 2.000 3/16/2037 EUR 68.100 UniCredit Bank AG 4.400 3/16/2026 EUR 76.200 Landesbank Baden- 3.000 2/27/2026 EUR 68.040 Bank Vontobel AG 10.750 02/12/2024 CHF 62.400 EFG International 11.000 08/09/2023 CHF 69.990 DZ Bank AG Deutsc 7.700 6/19/2023 EUR 72.000 DZ Bank AG Deutsc 4.750 6/19/2023 EUR 62.960 Leonteq Securitie 11.000 8/16/2023 CHF 14.750 Leonteq Securitie 12.000 8/16/2023 CHF 66.120 Leonteq Securitie 10.000 8/16/2023 CHF 25.480 Leonteq Securitie 19.000 5/16/2023 CHF 50.630 Vontobel Financia 8.000 6/23/2023 EUR 74.230 Vontobel Financia 12.500 6/23/2023 EUR 74.680 Vontobel Financia 17.500 6/23/2023 EUR 73.270 Vontobel Financia 17.500 6/23/2023 EUR 58.590 Vontobel Financia 15.500 6/23/2023 EUR 60.990 Vontobel Financia 13.000 6/23/2023 EUR 65.870 Vontobel Financia 9.500 6/23/2023 EUR 72.040 Vontobel Financia 15.000 6/23/2023 EUR 62.320 Vontobel Financia 14.000 6/23/2023 EUR 63.680 Vontobel Financia 9.000 6/23/2023 EUR 73.550 Vontobel Financia 13.000 6/23/2023 EUR 65.070 UBS AG/London 7.500 11/03/2023 CHF 72.800 ENSI Kft 4.750 1/25/2032 HUF 67.050 Vontobel Financia 18.500 9/22/2023 EUR 75.900 Bank Vontobel AG 15.000 01/05/2024 CHF 70.200 UniCredit Bank AG 16.550 8/18/2025 USD 58.540 UBS AG/London 7.500 8/18/2023 CHF 57.550 Luzerner Kantonal 6.400 10/04/2023 CHF 71.600 UBS AG/London 6.000 07/07/2023 EUR 60.850 UBS AG/London 8.750 08/04/2023 CHF 49.400 UBS AG/London 5.750 08/04/2023 CHF 57.200 UBS AG/London 5.500 09/01/2023 CHF 68.900 Luzerner Kantonal 9.700 10/01/2024 CHF 68.090 UBS AG/London 6.500 9/15/2023 CHF 70.900 Raiffeisen Bank I 9.696 9/20/2023 EUR 68.000 Raiffeisen Bank I 11.082 9/20/2023 EUR 66.720 Raiffeisen Bank I 9.696 9/20/2023 EUR 52.160 Raiffeisen Bank I 8.311 9/20/2023 EUR 73.560 UBS AG/London 7.000 10/27/2023 CHF 9.040 Landesbank Baden- 5.000 10/27/2023 EUR 52.680 Landesbank Baden- 6.200 10/27/2023 EUR 20.660 Landesbank Baden- 8.000 10/27/2023 EUR 42.760 Landesbank Baden- 3.000 10/27/2023 EUR 74.050 Landesbank Baden- 3.100 10/27/2023 EUR 58.910 Landesbank Baden- 4.800 10/27/2023 EUR 66.660 Landesbank Baden- 6.250 10/27/2023 EUR 68.800 Raiffeisen Schwei 6.000 11/01/2023 CHF 69.380 Sberbank of Russi 0.010 11/03/2026 RUB 75.300 Leonteq Securitie 16.000 7/19/2023 CHF 64.860 DZ Bank AG Deutsc 5.250 6/21/2023 EUR 64.200 Landesbank Baden- 3.250 10/27/2023 EUR 54.800 Landesbank Baden- 4.250 10/27/2023 EUR 23.010 Landesbank Baden- 4.700 10/27/2023 EUR 54.730 Landesbank Baden- 4.350 10/27/2023 EUR 74.010 Landesbank Baden- 3.150 10/27/2023 EUR 73.110 Landesbank Baden- 2.250 10/27/2023 EUR 59.610 Bank Vontobel AG 10.250 10/09/2023 CHF 53.200 Bank Vontobel AG 8.750 10/09/2023 CHF 43.300 Leonteq Securitie 9.000 11/01/2023 CHF 69.740 Basler Kantonalba 7.000 11/10/2023 CHF 75.850 Bank Vontobel AG 6.500 10/02/2023 CHF 70.400 Basler Kantonalba 12.000 7/13/2023 CHF 43.240 Societe Generale 7.500 11/03/2026 USD 15.800 Raiffeisen Schwei 10.000 10/11/2023 CHF 73.450 DZ Bank AG Deutsc 22.700 9/22/2023 EUR 70.920 Landesbank Baden- 12.000 8/25/2023 EUR 33.050 Landesbank Baden- 5.800 8/25/2023 EUR 74.200 Corner Banca SA 10.000 10/11/2023 USD 72.050 Leonteq Securitie 13.000 07/11/2023 CHF 60.320 SG Issuer SA 1.600 4/21/2034 EUR 68.260 Textura Kereskede 5.500 2/28/2032 HUF 70.100 UBS AG/London 14.250 04/08/2024 USD 63.850 UBS AG/London 7.750 9/29/2023 CHF 10.920 UBS AG/London 9.500 10/20/2023 EUR 74.250 Bank Vontobel AG 7.000 9/18/2023 CHF 66.900 UBS AG/London 8.000 10/20/2023 CHF 67.100 UBS AG/London 6.250 8/18/2023 CHF 74.050 UBS AG/London 6.500 8/18/2023 CHF 74.900 UBS AG/London 7.000 7/21/2023 CHF 66.050 UBS AG/London 7.250 07/10/2023 USD 52.050 UBS AG/London 5.000 09/08/2023 CHF 63.900 UBS AG/London 7.250 10/13/2023 CHF 68.150 Bank Vontobel AG 7.000 10/02/2023 CHF 63.900 UBS AG/London 6.250 7/28/2023 CHF 69.050 UBS AG/London 13.750 10/06/2023 USD 16.360 UBS AG/London 7.750 10/13/2023 CHF 9.500 UBS AG/London 8.750 10/13/2023 CHF 64.450 UBS AG/London 5.750 9/29/2023 CHF 71.400 UBS AG/London 7.250 08/04/2023 CHF 65.400 Bank Vontobel AG 6.000 09/04/2023 CHF 64.200 Bank Vontobel AG 7.250 10/02/2023 CHF 62.400 UBS AG/London 8.000 10/27/2023 CHF 70.550 Landesbank Baden- 2.500 10/27/2023 EUR 42.600 Landesbank Baden- 7.600 10/27/2023 EUR 19.620 Landesbank Baden- 5.600 10/27/2023 EUR 74.380 Landesbank Baden- 4.250 10/27/2023 EUR 68.920 Landesbank Baden- 7.350 10/27/2023 EUR 72.000 Landesbank Baden- 9.250 10/27/2023 EUR 64.270 Banque Internatio 11.000 07/12/2023 EUR 69.480 EFG International 7.230 7/13/2023 CHF 66.930 Corner Banca SA 10.000 11/01/2023 CHF 74.510 Sberbank of Russi 0.010 11/02/2026 RUB 73.200 UBS AG/London 17.400 4/14/2027 SEK 72.180 Citigroup Global 1.800 11/17/2036 EUR 62.500 UBS AG/London 14.500 10/06/2023 CHF 46.350 UBS AG/London 7.500 9/29/2023 CHF 54.550 UBS AG/London 8.500 9/29/2023 CHF 61.050 UBS AG/London 8.500 9/29/2023 CHF 72.150 UBS AG/London 8.250 10/20/2023 CHF 65.400 UBS AG/London 8.750 10/20/2023 CHF 9.770 UBS AG/London 9.000 7/21/2023 EUR 64.350 Bank Vontobel AG 6.000 9/25/2023 CHF 67.800 UBS AG/London 8.250 6/30/2023 CHF 52.750 Credit Suisse AG/ 10.250 2/28/2024 CHF 35.580 Bank Vontobel AG 9.000 8/28/2023 EUR 74.300 Bank Vontobel AG 6.000 8/28/2023 CHF 66.500 Raiffeisen Bank I 13.060 9/20/2023 EUR 72.280 UBS AG/London 11.000 7/21/2023 USD 18.700 UBS AG/London 5.250 08/04/2023 CHF 70.050 Bank Vontobel AG 7.000 9/25/2023 CHF 76.000 UBS AG/London 7.000 09/01/2023 CHF 30.950 UBS AG/London 9.000 09/08/2023 EUR 70.600 UBS AG/London 7.500 9/22/2023 CHF 67.950 UBS AG/London 7.750 8/18/2023 CHF 69.250 UBS AG/London 7.250 9/22/2023 CHF 64.400 Bank Vontobel AG 6.500 8/28/2023 CHF 66.100 UBS AG/London 5.500 7/28/2023 CHF 67.900 UBS AG/London 8.000 7/28/2023 CHF 51.350 UBS AG/London 8.000 10/06/2023 CHF 37.000 UBS AG/London 6.250 8/18/2023 CHF 68.500 UBS AG/London 7.750 8/18/2023 CHF 66.950 UBS AG/London 8.750 10/13/2023 CHF 57.650 UBS AG/London 7.500 10/06/2023 CHF 74.150 Raiffeisen Bank I 8.311 9/20/2023 EUR 69.730 Raiffeisen Bank I 8.311 9/20/2023 EUR 55.670 Raiffeisen Bank I 11.082 9/20/2023 EUR 49.860 Bank Vontobel AG 7.500 10/30/2023 CHF 71.900 Landesbank Baden- 8.200 10/27/2023 EUR 43.910 Landesbank Baden- 9.000 10/27/2023 EUR 18.860 Landesbank Baden- 5.250 10/27/2023 EUR 51.320 Landesbank Baden- 6.500 10/27/2023 EUR 46.460 Landesbank Baden- 3.500 10/27/2023 EUR 60.290 EFG International 7.800 10/06/2023 USD 63.100 Leonteq Securitie 10.000 10/11/2023 CHF 71.670 Raiffeisen Bank I 10.998 9/20/2023 EUR 75.820 Raiffeisen Bank I 14.435 9/20/2023 EUR 70.470 DZ Bank AG Deutsc 1.710 12/29/2031 EUR 71.210 UBS AG/London 10.750 04/08/2024 CHF 71.000 Vontobel Financia 11.500 9/22/2023 EUR 65.300 Vontobel Financia 13.500 9/22/2023 EUR Vontobel Financia 11.500 9/22/2023 EUR 69.750 Vontobel Financia 15.500 9/22/2023 EUR 59.750 Vontobel Financia 14.500 9/22/2023 EUR 61.170 Vontobel Financia 11.500 9/22/2023 EUR 66.020 Vontobel Financia 8.500 9/22/2023 EUR 72.180 Vontobel Financia 12.500 9/22/2023 EUR 64.320 Bank Vontobel AG 16.500 5/30/2023 EUR 49.200 UniCredit Bank AG 7.400 12/09/2024 EUR 50.060 UBS AG/London 7.250 11/10/2023 CHF 58.400 UBS AG/London 11.750 11/10/2023 CHF 71.400 Pharmacy Chain 36 10.500 06/04/2030 RUB 60.350 UBS AG/London 6.250 11/10/2023 CHF 61.400 Bank Vontobel AG 6.250 05/07/2024 CHF 71.300 Landesbank Hessen 1.800 06/09/2036 EUR 66.900 UBS AG/London 7.500 11/17/2023 CHF 68.250 UBS AG/London 10.250 5/17/2023 CHF 42.700 DZ Bank AG Deutsc 20.500 3/22/2024 EUR 56.100 Leonteq Securitie 10.000 08/11/2023 CHF 53.500 Basler Kantonalba 15.000 5/24/2023 CHF 22.320 Zurcher Kantonalb 16.500 10/06/2023 USD 71.040 Bank Vontobel AG 25.000 08/07/2023 EUR 62.200 Bank Vontobel AG 19.500 02/05/2024 CHF 61.600 UBS AG/London 6.750 5/18/2023 USD 51.350 UBS AG/London 8.000 11/17/2023 CHF 67.900 UBS AG/London 8.250 11/20/2023 USD 65.350 Vontobel Financia 7.750 06/01/2023 EUR 63.150 DZ Bank AG Deutsc 18.600 3/22/2024 EUR 63.850 UniCredit Bank AG 4.550 12/22/2025 EUR 70.890 Basler Kantonalba 7.000 11/17/2023 CHF 72.410 Basler Kantonalba 12.000 5/17/2023 CHF 46.330 DekaBank Deutsche 5.700 6/22/2023 EUR 62.910 EFG International 9.000 5/17/2023 CHF 53.300 Raiffeisen Schwei 8.000 10/11/2023 CHF 74.630 Raiffeisen Schwei 10.000 07/11/2023 CHF 12.920 UBS AG/London 6.250 9/29/2023 CHF 68.600 UBS AG/London 6.000 6/30/2023 CHF 48.800 Bank Vontobel AG 7.500 8/28/2023 CHF 60.300 UBS AG/London 6.250 8/18/2023 CHF 73.350 UBS AG/London 11.750 08/04/2023 USD 62.100 Credit Suisse AG/ 12.400 9/25/2023 EUR 19.340 UBS AG/London 6.750 09/08/2023 CHF 66.850 UBS AG/London 7.250 09/08/2023 CHF 51.800 UBS AG/London 7.750 9/15/2023 CHF 73.550 UBS AG/London 15.250 9/15/2023 USD 15.700 Raiffeisen Schwei 6.200 11/15/2023 CHF 37.640 Raiffeisen Schwei 8.000 8/15/2023 CHF 44.660 Raiffeisen Schwei 6.200 11/15/2023 CHF 72.190 Bank Vontobel AG 10.000 2/19/2024 CHF 32.600 Sberbank of Russi 0.016 3/15/2032 RUB 73.370 Raiffeisen Schwei 7.500 11/15/2023 CHF 57.050 UBS AG/London 13.000 05/06/2024 USD 31.380 Vontobel Financia 18.000 12/22/2023 EUR 74.190 Vontobel Financia 16.500 3/22/2024 EUR 70.050 Vontobel Financia 15.000 3/22/2024 EUR 68.820 Swissquote Bank S 17.200 2/27/2024 CHF 42.520 Raiffeisen Switze 14.000 2/27/2024 CHF 42.330 UniCredit Bank AG 4.350 6/14/2024 EUR 74.560 Bank Vontobel AG 13.000 09/11/2023 CHF 55.100 BNP Paribas Emiss 10.000 12/21/2023 EUR 72.940 BNP Paribas Emiss 20.000 6/22/2023 EUR 74.620 BNP Paribas Emiss 12.000 12/21/2023 EUR 74.660 BNP Paribas Emiss 14.000 6/22/2023 EUR 69.870 BNP Paribas Emiss 18.000 6/22/2023 EUR 69.690 BNP Paribas Emiss 14.000 12/21/2023 EUR 75.140 BNP Paribas Emiss 9.500 12/21/2023 EUR 71.530 BNP Paribas Emiss 7.000 12/21/2023 EUR 61.560 BNP Paribas Emiss 8.500 12/21/2023 EUR 58.910 BNP Paribas Emiss 13.000 12/21/2023 EUR 53.010 BNP Paribas Emiss 6.000 12/21/2023 EUR 60.180 BNP Paribas Emiss 10.000 12/21/2023 EUR 53.090 BNP Paribas Emiss 12.000 12/21/2023 EUR 51.280 BNP Paribas Emiss 12.000 6/22/2023 EUR 71.460 BNP Paribas Emiss 10.000 6/22/2023 EUR 76.270 Bank Julius Baer 7.700 6/16/2023 USD 70.450 Leonteq Securitie 8.000 5/17/2023 CHF 38.140 Landesbank Baden- 9.850 6/23/2023 EUR 82.850 Landesbank Baden- 3.800 6/23/2023 EUR 67.860 Landesbank Baden- 8.500 6/23/2023 EUR 55.680 Landesbank Baden- 3.000 6/23/2023 EUR 59.300 Landesbank Baden- 4.800 6/23/2023 EUR 54.530 Landesbank Baden- 4.100 7/28/2023 EUR 38.540 Landesbank Baden- 10.000 7/28/2023 EUR 28.870 Vajda-Papir Gyart 3.500 5/17/2031 HUF 72.400 Vontobel Financia 21.250 6/23/2023 EUR 69.310 UBS AG/London 7.000 5/19/2023 CHF 68.700 Leonteq Securitie 25.200 6/16/2023 CHF 36.270 Bank Vontobel AG 5.755 5/15/2023 CHF 46.700 Leonteq Securitie 24.120 01/04/2024 CHF 42.440 Zurcher Kantonalb 12.000 12/28/2023 CHF 38.060 Leonteq Securitie 30.000 01/05/2024 CHF 72.520 Swissquote Bank S 24.170 01/05/2024 CHF 44.080 Raiffeisen Switze 16.000 01/03/2024 CHF 38.080 Credit Suisse AG/ 9.500 12/29/2023 CHF 49.290 Vontobel Financia 13.250 12/22/2023 EUR 67.570 UBS AG/London 14.500 06/10/2024 CHF 57.850 Raiffeisen Schwei 17.000 6/20/2023 CHF 68.440 Zurcher Kantonalb 11.000 6/16/2023 CHF 67.860 Bank Vontobel AG 16.250 6/20/2023 CHF 76.200 Bank Vontobel AG 15.000 6/19/2023 CHF 38.900 Bank Vontobel AG 16.000 6/19/2023 CHF 64.600 Bank Vontobel AG 28.500 9/18/2023 CHF 48.700 Bank Julius Baer 12.700 06/06/2023 USD 45.350 Swissquote Bank S 20.800 06/07/2023 CHF 64.000 Leonteq Securitie 11.000 12/07/2023 CHF 20.050 Bank Vontobel AG 16.070 06/05/2023 EUR 50.500 Bank Vontobel AG 13.900 06/06/2023 CHF 32.400 Bank Vontobel AG 9.340 06/05/2023 EUR 23.700 Bank Vontobel AG 22.500 5/31/2023 CHF 35.600 Raiffeisen Schwei 20.000 06/07/2023 CHF 72.470 Raiffeisen Schwei 12.600 06/07/2023 CHF 56.810 Raiffeisen Schwei 19.000 06/07/2023 CHF 54.250 Credit Suisse AG/ 14.250 06/01/2023 CHF 51.270 Leonteq Securitie 25.000 06/08/2023 CHF 74.150 UniCredit Bank AG 12.600 07/05/2023 EUR 24.520 Bank Vontobel AG 10.000 09/05/2023 CHF 56.700 Bank Vontobel AG 11.000 06/06/2023 CHF 12.800 UBS AG/London 13.000 06/02/2023 CHF 55.650 UBS AG/London 14.000 06/02/2023 CHF 50.200 UBS AG/London 29.750 06/09/2023 CHF 31.900 UBS AG/London 13.750 12/11/2023 CHF 17.880 Vontobel Financia 10.000 6/23/2023 EUR 47.970 Vontobel Financia 4.500 6/23/2023 EUR 56.780 Vontobel Financia 19.000 6/23/2023 EUR 57.540 Vontobel Financia 13.000 6/23/2023 EUR 65.090 Vontobel Financia 18.000 6/23/2023 EUR 58.650 Vontobel Financia 16.500 6/23/2023 EUR 41.890 Vontobel Financia 21.500 6/23/2023 EUR 71.010 Vontobel Financia 20.500 6/23/2023 EUR 59.350 Vontobel Financia 24.000 6/23/2023 EUR 35.950 Vontobel Financia 17.500 6/23/2023 EUR 74.150 Vontobel Financia 8.000 6/23/2023 EUR 57.090 Vontobel Financia 17.500 6/23/2023 EUR 45.350 Vontobel Financia 20.000 6/23/2023 EUR 43.450 Vontobel Financia 16.000 6/23/2023 EUR 46.300 Vontobel Financia 18.500 6/23/2023 EUR 44.380 Vontobel Financia 10.000 6/23/2023 EUR 53.870 Vontobel Financia 12.000 6/23/2023 EUR 51.050 Vontobel Financia 15.000 6/23/2023 EUR 47.350 Vontobel Financia 6.500 6/23/2023 EUR 60.750 Vontobel Financia 14.000 6/23/2023 EUR 48.550 Vontobel Financia 19.000 6/23/2023 EUR 72.420 DZ Bank AG Deutsc 22.600 6/23/2023 EUR 71.010 DZ Bank AG Deutsc 18.500 9/22/2023 EUR 74.640 Zurcher Kantonalb 17.000 9/22/2023 USD 73.870 Bank Vontobel AG 20.250 9/25/2023 CHF 65.900 Basler Kantonalba 16.000 9/28/2023 CHF 38.320 Leonteq Securitie 25.800 9/29/2023 CHF 41.490 Landesbank Baden- 7.800 3/22/2024 EUR 50.730 Landesbank Baden- 9.250 3/22/2024 EUR 45.940 Landesbank Baden- 11.000 3/22/2024 EUR 43.510 Landesbank Baden- 12.500 3/22/2024 EUR 41.450 Vontobel Financia 22.500 9/22/2023 EUR 63.840 Vontobel Financia 18.500 9/22/2023 EUR 72.340 Vontobel Financia 23.500 9/22/2023 EUR 67.770 Vontobel Financia 22.500 9/22/2023 EUR 68.870 Vontobel Financia 21.000 9/22/2023 EUR 69.890 Vontobel Financia 24.500 6/23/2023 EUR 67.870 Vontobel Financia 21.500 6/23/2023 EUR 71.030 Vontobel Financia 20.000 9/22/2023 EUR 71.160 Vontobel Financia 20.000 6/23/2023 EUR 72.730 Vontobel Financia 23.000 6/23/2023 EUR 69.400 Vontobel Financia 18.500 6/23/2023 EUR 74.540 Bank Vontobel AG 15.050 9/22/2023 CHF 19.700 SG Issuer SA 0.021 8/15/2033 EUR 68.610 Landesbank Baden- 2.100 8/22/2025 EUR 69.140 Vontobel Financia 15.000 6/23/2023 EUR Vontobel Financia 14.500 9/22/2023 EUR Corner Banca SA 22.000 9/19/2023 EUR 39.110 DZ Bank AG Deutsc 8.750 9/20/2023 EUR 74.440 DZ Bank AG Deutsc 7.500 12/20/2023 EUR 74.630 UBS AG/London 16.000 9/14/2023 CHF 68.800 Zurcher Kantonalb 14.000 9/14/2023 CHF 74.190 Bank Vontobel AG 13.000 3/18/2024 CHF 26.500 Bank Vontobel AG 16.500 12/18/2023 CHF 68.300 Landesbank Baden- 11.500 10/25/2024 EUR 73.050 Swissquote Bank S 16.600 10/03/2023 CHF 27.770 Corner Banca SA 13.000 04/03/2024 CHF 32.060 Bank Vontobel AG 12.960 9/22/2023 EUR 73.700 Raiffeisen Switze 16.000 10/03/2023 CHF 70.650 UBS AG/London 13.000 9/30/2024 CHF 64.450 Credit Suisse AG/ 8.500 03/11/2024 CHF 44.300 UBS AG/London 25.500 7/13/2023 USD 76.650 Leonteq Securitie 12.000 08/09/2023 CHF 54.080 Vontobel Financia 15.500 9/22/2023 EUR 75.130 Vontobel Financia 19.000 6/23/2023 EUR 70.740 Vontobel Financia 20.000 6/23/2023 EUR 69.610 Vontobel Financia 17.500 6/23/2023 EUR 73.190 Vontobel Financia 12.500 6/23/2023 EUR 81.660 Vontobel Financia 15.000 6/23/2023 EUR 77.190 Vontobel Financia 15.500 6/23/2023 EUR 75.770 Vontobel Financia 18.500 9/22/2023 EUR 70.390 Vontobel Financia 16.500 9/22/2023 EUR 73.070 Vontobel Financia 13.500 9/22/2023 EUR 78.290 Vontobel Financia 11.000 9/22/2023 EUR 82.900 Vontobel Financia 20.500 6/23/2023 EUR 68.480 Vontobel Financia 21.500 6/23/2023 EUR 67.430 Vontobel Financia 19.500 6/23/2023 EUR 68.670 Vontobel Financia 14.000 9/22/2023 EUR 51.630 Vontobel Financia 13.000 6/23/2023 EUR 51.630 Vontobel Financia 16.000 6/23/2023 EUR 61.770 Vontobel Financia 17.500 6/23/2023 EUR 59.910 Vontobel Financia 12.000 6/23/2023 EUR 68.260 Vontobel Financia 19.500 9/22/2023 EUR 57.880 Vontobel Financia 18.500 9/22/2023 EUR 59.030 Vontobel Financia 17.000 9/22/2023 EUR 60.240 Vontobel Financia 16.000 9/22/2023 EUR 61.590 Leonteq Securitie 11.000 08/09/2023 CHF 75.500 Vontobel Financia 16.000 9/22/2023 EUR 73.280 Vontobel Financia 14.000 9/22/2023 EUR 64.810 Leonteq Securitie 15.500 11/06/2023 CHF 60.090 Vontobel Financia 9.560 06/05/2023 CHF 50.530 Leonteq Securitie 11.210 06/06/2023 CHF 12.270 Leonteq Securitie 6.100 12/06/2023 CHF 71.420 Leonteq Securitie 8.500 06/06/2023 AUD 67.040 Bank Vontobel AG 8.000 5/26/2023 CHF 9.400 Bank Vontobel AG 8.250 11/27/2023 EUR 71.700 Bank Vontobel AG 9.000 06/05/2023 CHF 65.600 Leonteq Securitie 8.800 12/07/2023 CHF 70.470 Luzerner Kantonal 9.500 5/30/2023 CHF 71.160 UniCredit Bank AG 4.650 12/30/2024 USD 72.630 DekaBank Deutsche 3.300 01/12/2026 EUR 64.460 Raiffeisen Schwei 6.700 09/06/2023 USD 66.330 Raiffeisen Schwei 7.200 06/06/2023 CHF 63.180 Raiffeisen Schwei 8.200 12/06/2023 CHF 68.790 Landesbank Baden- 4.000 01/02/2026 EUR 71.410 Landesbank Baden- 2.500 01/02/2026 EUR 71.970 Landesbank Baden- 2.300 01/02/2026 EUR 72.920 Sberbank of Russi 0.010 11/27/2026 RUB 71.100 Ebis OOO 14.500 11/25/2025 RUB 0.780 UBS AG/London 9.500 12/08/2023 USD 62.800 UBS AG/London 14.000 06/08/2023 CHF 47.450 UBS AG/London 18.500 06/08/2023 USD 35.250 UBS AG/London 7.750 12/08/2023 CHF 59.350 UBS AG/London 5.250 06/08/2023 CHF 69.550 UBS AG/London 12.500 06/08/2023 CHF 48.300 UBS AG/London 8.500 12/08/2023 EUR 67.400 UBS AG/London 6.750 06/08/2023 CHF 69.650 UBS AG/London 7.500 06/08/2023 CHF 69.750 SG Issuer SA 2.100 12/06/2033 EUR 53.020 Leonteq Securitie 9.590 06/09/2023 CHF 67.750 Vontobel Financia 4.200 6/16/2023 USD 64.390 Vontobel Financia 5.100 6/16/2023 USD 58.790 Banque Cantonale 5.400 12/06/2023 CHF 7.410 Leonteq Securitie 11.000 6/13/2023 CHF 75.280 Leonteq Securitie 15.000 6/13/2023 CHF 41.170 Corner Banca SA 8.000 12/13/2023 CHF 69.060 Leonteq Securitie 7.000 12/13/2023 CHF 61.310 Raiffeisen Schwei 8.000 10/18/2023 CHF 40.250 Raiffeisen Schwei 8.000 7/19/2023 USD 68.090 UniCredit Bank AG 6.600 11/18/2024 EUR 70.330 UniCredit Bank AG 3.500 11/18/2024 EUR 73.900 Sberbank of Russi 0.010 10/21/2026 RUB 73.400 Sberbank of Russi 0.010 10/09/2026 RUB 70.010 Landesbank Baden- 2.250 11/28/2025 EUR 73.810 Raiffeisen Schwei 5.050 10/21/2024 CHF 68.000 Sberbank of Russi 0.010 10/20/2028 RUB 70.900 Sberbank of Russi 0.010 10/21/2026 RUB 75.500 UniCredit Bank AG 5.150 11/24/2025 EUR 68.700 Citigroup Global 13.320 10/30/2023 EUR 66.840 Landesbank Hessen 1.750 10/29/2036 EUR 68.500 DekaBank Deutsche 3.000 11/24/2025 EUR 68.630 DekaBank Deutsche 2.100 11/22/2024 EUR 69.350 Raiffeisen Schwei 8.000 7/25/2023 CHF 54.150 Raiffeisen Schwei 6.500 10/25/2023 CHF 73.320 Raiffeisen Schwei 8.700 10/25/2023 CHF 51.750 Raiffeisen Schwei 5.300 1/22/2024 CHF 73.750 Basler Kantonalba 7.000 7/14/2023 CHF 71.780 Zurcher Kantonalb 4.500 7/14/2023 CHF 9.090 Landesbank Hessen 1.000 8/19/2036 EUR 65.050 Goldman Sachs & C 7.000 6/21/2023 EUR 71.890 Landesbank Baden- 3.050 8/28/2026 EUR 75.270 Leonteq Securitie 5.600 7/19/2023 CHF 69.180 STAVMAT Epitoanya 3.000 7/20/2031 HUF 68.800 Luzerner Kantonal 7.500 08/09/2023 CHF 12.220 Leonteq Securitie 8.690 7/26/2023 CHF 58.370 Raiffeisen Schwei 8.000 7/19/2023 CHF 68.920 Leonteq Securitie 7.000 7/26/2023 CHF 69.690 Corner Banca SA 8.200 7/26/2023 CHF 63.870 Landesbank Baden- 2.000 8/22/2025 EUR 65.210 Landesbank Baden- 4.000 8/22/2025 EUR 58.360 Landesbank Baden- 3.250 8/22/2025 EUR 63.110 Raiffeisen Bank I 7.500 09/01/2023 EUR 64.100 Landesbank Hessen 1.300 09/02/2036 EUR 63.950 Landesbank Baden- 2.600 1/26/2024 EUR 66.070 Leonteq Securitie 6.000 07/05/2023 CHF 47.630 DekaBank Deutsche 3.100 7/21/2023 EUR 55.840 Goldman Sachs & C 7.000 6/21/2023 EUR 72.000 Goldman Sachs & C 8.000 6/21/2023 EUR 52.950 Goldman Sachs & C 5.000 6/21/2023 EUR 62.520 Goldman Sachs & C 3.000 6/21/2023 EUR 70.250 UBS AG/London 9.750 8/16/2023 CHF 63.500 UBS AG/London 8.000 8/16/2023 USD 67.100 UBS AG/London 12.750 8/16/2023 EUR 59.850 UBS AG/London 10.500 8/16/2023 CHF 10.420 UBS AG/London 11.250 8/16/2023 CHF 65.700 Basler Kantonalba 11.000 08/09/2023 CHF 70.160 DekaBank Deutsche 2.300 08/11/2023 EUR 75.320 DekaBank Deutsche 2.300 08/09/2024 EUR 74.160 Raiffeisen Schwei 7.900 7/28/2023 CHF 38.960 Raiffeisen Schwei 6.300 07/12/2023 CHF 73.390 DekaBank Deutsche 3.550 08/11/2025 EUR 73.540 Landesbank Hessen 3.000 03/10/2037 EUR 67.450 Sberbank of Russi 0.010 02/04/2027 RUB 72.400 Societe Generale 10.000 1/31/2024 USD Zurcher Kantonalb 5.100 1/31/2025 CHF 19.190 Vontobel Financia 19.500 9/22/2023 EUR 72.660 Vontobel Financia 18.000 9/22/2023 EUR 73.940 Vontobel Financia 17.000 9/22/2023 EUR 70.120 Vontobel Financia 21.500 9/22/2023 EUR 65.330 Vontobel Financia 16.000 9/22/2023 EUR 72.180 Vontobel Financia 14.500 9/22/2023 EUR 74.110 Vontobel Financia 20.000 9/22/2023 EUR 66.840 Vontobel Financia 23.000 9/22/2023 EUR 64.050 Vontobel Financia 18.500 9/22/2023 EUR 68.430 Vontobel Financia 22.500 6/23/2023 EUR 64.570 Vontobel Financia 24.500 6/23/2023 EUR 62.590 Vontobel Financia 21.000 6/23/2023 EUR 66.650 Vontobel Financia 17.500 6/23/2023 EUR 71.520 Vontobel Financia 19.000 6/23/2023 EUR 68.970 Vontobel Financia 15.500 6/23/2023 EUR 74.160 Vontobel Financia 24.000 6/23/2023 EUR 69.500 Vontobel Financia 22.000 9/22/2023 EUR 70.210 Vontobel Financia 9.500 9/22/2023 EUR 73.400 Vontobel Financia 10.000 6/23/2023 EUR 71.440 Vontobel Financia 14.500 6/23/2023 EUR 65.510 Vontobel Financia 19.500 6/23/2023 EUR 60.640 Vontobel Financia 22.000 9/22/2023 EUR 70.320 Vontobel Financia 17.000 9/22/2023 EUR 75.440 Basler Kantonalba 18.000 9/14/2023 CHF 70.520 Bank Julius Baer 18.700 9/15/2023 USD 64.850 Landesbank Baden- 7.250 9/22/2023 EUR 74.850 Landesbank Baden- 6.000 9/22/2023 EUR 59.870 Landesbank Baden- 10.000 9/22/2023 EUR 47.570 Landesbank Baden- 13.000 9/22/2023 EUR 41.020 Leonteq Securitie 17.000 9/19/2023 CHF 67.590 Bank Vontobel AG 13.000 03/04/2024 CHF 36.500 UniCredit Bank AG 5.150 11/18/2024 EUR 21.180 UniCredit Bank AG 7.450 11/18/2024 EUR 46.950 UniCredit Bank AG 5.700 11/18/2024 EUR 21.990 Vontobel Financia 15.000 6/23/2023 EUR Vontobel Financia 16.000 6/23/2023 EUR 73.120 Vontobel Financia 17.000 6/23/2023 EUR 42.540 Vontobel Financia 19.500 6/23/2023 EUR 56.410 Vontobel Financia 11.500 6/23/2023 EUR 67.790 Vontobel Financia 15.500 6/23/2023 EUR 62.460 Vontobel Financia 16.500 6/23/2023 EUR 60.840 Vontobel Financia 14.000 6/23/2023 EUR 64.110 Vontobel Financia 16.500 6/23/2023 EUR 59.750 HSBC Trinkaus & B 5.000 6/22/2023 EUR 72.580 UniCredit Bank AG 8.900 8/31/2023 EUR 30.550 UBS AG/London 16.250 07/07/2023 USD 56.350 Vontobel Financia 12.000 6/23/2023 EUR 83.240 Vontobel Financia 11.000 6/23/2023 EUR 84.890 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2023. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. * * * End of Transmission * * *