/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/230626.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 26, 2023, Vol. 24, No. 127 Headlines F I N L A N D AMER SPORTS: S&P Upgrades ICR to 'B+', Outlook Stable F R A N C E ACCOR SA: Egan-Jones Retains 'BB' Sr. Unsecured Debt Ratings SOLOCAL GROUP: Fitch Lowers LongTerm IDR to 'CC' TECHNICOLOR CREATIVE: S&P Raises ICR to 'CCC', Outlook Negative UNIBAIL-RODAMCO-WESTFIELD: Moody's Rates New Hybrid Notes 'Ba1' VALEO: Egan-Jones Retains BB- Senior Unsecured Ratings G E R M A N Y DEUTSCHE LUFTHANSA: Egan-Jones Retains B Senior Unsecured Ratings DEUTSCHE TELEKOM: Egan-Jones Retains 'BB' Sr. Unsec. Debt Ratings FORTUNA CONSUMER 2022-1: DBRS Confirms CCC Rating on Class X Notes FRESENIUS MEDICAL: Egan-Jones Retains BB+ Senior Unsecured Ratings K+S AG: Egan-Jones Retains BB+ Sr. Unsecured Debt Ratings XELLA GROUP: S&P Lowers LongTerm ICR to 'B-', Outlook Stable I R E L A N D SEAGATE TECHNOLOGY: Egan-Jones Retains BB+ Sr. Unsecured Ratings I T A L Y MAGGESE SRL: DBRS Confirms CCC Rating on Class A Notes POP NPLS 2019: DBRS Cuts Class B Notes Rating to CCC(low) L U X E M B O U R G COSAN LUXEMBOURG: Moody's Rates New Senior Unsecured Notes 'Ba2' N E T H E R L A N D S AMMEGA GROUP: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable N O R W A Y SECTOR ALARM: Moody's Lowers CFR to B3 & Alters Outlook to Stable S P A I N TELEFONICA SA: Egan-Jones Retains BB- Unsecured Debt Ratings U N I T E D K I N G D O M BRITISHVOLT: Australian Police Raids Office Over Tax Fraud HAMMERSON PLC: Egan-Jones Retains BB Senior Unsecured Ratings LENDY: Administrators Still Pursuing GBP60-Mil. Live Loans LONDON CARDS 1: Moody's Assigns Caa2 Rating to Class F Notes OCADO GROUP: Fitch Affirms 'B+' LongTerm IDR, Outlook Negative PEPCO GROUP: Fitch Gives First-Time BB LongTerm IDR, Outlook Stable ROBERT GODDARD: Creditors Back Company Voluntary Arrangement ROSEBERRY VIEW: Enters Administration, Seeks Buyer for Business TOGETHER ASSET 2022-2ND1: DBRS Confirms B Rating on Class F Notes UNBOUND GROUP: Mulls Restructuring Amid Sale Talks WILKO: Extends Contract with GXO Direct Until June 2026 X X X X X X X X [*] BOND PRICING: For the Week June 19 to June 23, 2023 - - - - - ============= F I N L A N D ============= AMER SPORTS: S&P Upgrades ICR to 'B+', Outlook Stable ----------------------------------------------------- S&P Global Ratings raised to 'B+' from 'B' its ratings on sportswear and sports equipment company Amer Sports Holding 1 Oy and its EUR1.7 billion senior secured term loan B and EUR315 million revolving credit facility (RCF) due 2026. S&P's 'B+' rating on Amer Sports continues to embed one notch of support from its main shareholder Anta Sports. The stable outlook on Amer Sports reflects S&P's expectation that the group will maintain its strong operating performance, with adjusted debt to EBITDA of close to 6.0x in 2023 and below 6.0x by 2024, alongside adequate liquidity. S&P said, "The upgrade reflects Amer Sports' stronger operating performance than we expected across regions and product categories. The group achieved a stronger operating performance than we originally expected, mostly thanks to its solid performance in China (close to 20% of total sales in the first quarter of 2023), the continuous acceleration of its Arc'teryx brand, and the positive momentum in its footwear division driven by the Salomon brand. As a result, we have revised our forecast upward and expect solid topline growth of about 10%-15% on average over the next two years, driven by favorable consumer demand for sportswear and the group's continued penetration in China. In our view, consumers' increasing appetite for outdoor activities, with China being one of the fastest-growing markets worldwide due to its increasing population of runners, will continue to support demand. Furthermore, we see support for Amer Sports' revenue growth from the continuous expansion of its retail segment (15% of FY2022 sales) and e-commerce segment (14%), and its continuous investments in key brands, especially Arc'teryx and Salomon. "We assume that Amer Sports will improve its profitability in 2023, and expect that its adjusted debt to EBITDA will remain comfortably below 7.0x over the next two years. Higher production and logistics costs than we expected in 2022, as well as an increase in input costs due to inflation, put some pressure on the group's margin in 2022. In 2023, we expect a supply chain stabilization, lower container and air freight costs, as well as a contained increase in input material costs. Coupled with the group's channel mix and pricing strategies focused on intensifying direct-to-customer activities and reinforcing the margin-accretive Arc'teryx brand, this should improve the group's profitability in 2023. We expect an adjusted EBITDA margin of about 12.8% in 2023 and 13.0% in 2024. "Ongoing expansionary projects and inventory build-up should result in flat free operating cash flow (FOCF) for Amer Sports in 2023, but we expect a recovery by 2024. We expect the group's capital expenditure (capex) requirements to remain elevated, at about EUR180 million-EUR200 million over the next two years, to support IT investments and the opening of new stores, especially in the U.S. and China. Furthermore, we expect inventory levels, which were already exceptionally high in 2022, to remain high in 2023 because of long lead times and higher accounts receivable, which should also pressurize the group's cash generation. That said, we expect a notable improvement in FOCF to about EUR120 million by 2024, versus flat FOCF expected in 2023. The improvement will mainly result from higher EBITDA, progressive inventory depletion, and a supply chain normalization. "We assume that Amer Sports will benefit from growing consumer demand for sportswear and footwear over the coming years. Euromonitor estimates that the global sportswear market's retail value will increase at an annual rate of 6%-7% over 2022-2027, mainly driven by sports footwear. We believe that e-commerce, which accounted for about 28% of global sportswear sales in 2021, will continue to outpace store-based retailing. In our view, the increasing popularity of outdoor activities and the ongoing relaxation of dress codes in many developed countries will continue to support demand. Geographically, China is likely to be the fastest growing market, with growth of around 8%-9% over 2022-2026. According to Euromonitor, an increasing population of runners is driving this growth, with local brands continuing to gain ground. In this context, Anta Sports, Amer Sports' main shareholder, expanded its domestic market share in China to close to 16% in 2021 by retail value, demonstrating an established network in the country that could support Amer Sports' expansionary strategy. "Our 'B+' rating on Amer Sports includes one notch of uplift to reflect support from its main shareholder, Anta Sports. We see Amer Sports as moderately strategic for its main shareholder. This is because Amer Sports' role in Anta Sports' strategy is critical since it consists of promoting winter sports in China. We consider that the ongoing operating support from Anta Sports will back Amer Sports' growth in China, where the shareholder can leverage its established presence in the country and consumer knowledge. Amer Sports' sales in China have trended up over time, accounting for roughly 14% of total revenue in 2022, compared with 4% in 2019. "The stable outlook on Amer Sports indicates our expectation that the group will maintain its strong operating performance, with adjusted debt to EBITDA close to 6.0x in 2023 and below 6.0x by 2024, alongside adequate liquidity. Furthermore, we expect that the group will generate flat FOCF, including lease payments, in 2023 to support expansionary projects. However, it should improve its FOCF generation to about EUR120 million by 2024, driven by higher EBITDA, progressive inventory depletion, and a supply chain stabilization. "We could lower the ratings if the company is unable to deleverage, with adjusted debt to EBITDA remaining higher than 7x, including a EUR1.3 billion intercompany loan, for a prolonged period. This could happen if Amer Sports failed to effectively execute its commercial strategy, or if investments in the direct-to-consumer channel did not deliver the expected results, causing a material erosion of the EBITDA margin. We could also lower the ratings if higher working capital outflows or capex requirements than we expect led to prolonged negative FOCF." A positive rating action would depend on Amer Sports' ability to sustain positive recurring annual FOCF while maintaining leverage below 5x on a sustainable basis. This could stem from a successful growth strategy in China and the U.S, alongside stronger profitability thanks to improved product, geographical, and channel mixes. ESG credit indicators: E-2, S-2, G-2 S&P said, "ESG factors are an overall neutral consideration in our credit rating analysis of Amer Sports. Following the acquisition by the consortium of investors led by Chinese sports company Anta Sports in 2019, the group was delisted from Nasdaq Helsinki. As a result, the level of reporting and transparency has deteriorated slightly, but is still on par with other privately owned companies. In addition, the group has been subject to some degree of management discontinuity. However, we believe that Amer Sports is successfully executing its strategy, which focuses on developing its apparel and footwear product portfolio in key countries such as Greater China. In our view, it achieves this thanks to ongoing operating support from Anta Sports. By leveraging its market knowledge, Anta Sports supports Amer Sports' direct-to-consumer channel development in China and helps strengthen the position of its core brands." =========== F R A N C E =========== ACCOR SA: Egan-Jones Retains 'BB' Sr. Unsecured Debt Ratings ------------------------------------------------------------ Egan-Jones Ratings Company, on June 5, 2023, maintained its 'BB' foreign currency and local currency senior unsecured ratings on debt issued by Accor SA. Headquartered in Issy-les-Moulineaux, France, Accor SA, doing business as AccorHotels, operates a chain of hospitality company. SOLOCAL GROUP: Fitch Lowers LongTerm IDR to 'CC' ------------------------------------------------ Fitch Ratings has downgraded SOLOCAL Group's (Solocal) Long-Term Issuer Default Rating (IDR) to 'C' from 'CC'. Fitch has also downgraded Solocal's senior secured debt to 'CC' from 'CCC-'. The Recovery Rating on the senior secured debt is 'RR3'. The downgrade reflects Solocal's missed payment of interest that was due on June 15. The company has entered a 30-day grace period to cure the payment as provisioned in the debt documentation. This follows the company's announcement on June 7 of its intention to defer its coupon payments in June and in September 2023 on its EUR176.7 million and EUR18.7 million floating-rate notes, which mature in 2025. Fitch expects Solocal to negotiate with bondholders for a waiver or a standstill agreement on payments due for the rest of 2023. Fitch expects to downgrade the IDR to 'RD' (Restricted Default) if the interest payment deferral is not cured on expiry of the original grace period, in accordance with its rating definitions. KEY RATING DRIVERS Coupon Payment Deferral: Fitch understands from management that the decision to suspend quarterly coupon payments is to preserve liquidity and ongoing operations ahead of debt maturity payments in 2024 and 2025. 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 If Solocal agrees with bondholders on the deferral of interest payments this would represent a worsening of terms for noteholders and would likely be recognised as a distressed debt exchange (DDE) under its criteria. Failure to cure the interest payment within the 30-day grace period - which would be an event of default - or the completion of a DDE would likely result in a further downgrade to 'RD'. Solocal's preparation for negotiations with creditors means debt restructuring is very likely as it seeks a new strategic plan ahead of their bond maturity in 2025. 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 coupon 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. This would however entail an amortisation payment of EUR5 million- EUR10 million in cash or shares in 2023. However, Fitch believes the payment of the RCF and its terms are 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. Debt repayments of EUR14 million and EUR28 million in 2023 and 2024, respectively, of its RCF and the BPI France loan would result in minimal liquidity headroom. Fitch therefore sees high execution risks over the next 12 to 18 months, which makes a debt restructuring very likely to avert insolvency. 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 'CCC' to 'C' 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. Solocal's debt-to-equity swaps also 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/Stable) 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-DDE 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 265,000 by 2024 before stabilising in 2025 - Fitch-calculated average revenue per account decreasing slightly to around EUR1,335 for 2024 and stable in the following two years - EBITDA margin at 23% in 2023 and slightly recovering to around 24% by 2025 - Average capex at around EUR30 million annually for 2023-2026 - Average working-capital outflows of EUR30 million-EUR35 million for 2023-2026 - Super senior facility prepayment of EUR10 million and EUR4 million of BPI loan repayment due in 2023 - Super senior facility prepayment of EUR24 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 a 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, potential 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 its restructuring in 2020. Fitch factors in the outstanding super senior facility that ranks 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 existing senior secured debt. This indicates a 'CC' senior secured debt rating. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Upgrade: - Fitch does not envisage, to-date, an upgrade before an overhaul of the capital structure, based on the company's public disclosure of its intention to defer June and September interest payments Factors That Could, Individually or Collectively, Lead to Downgrade: - Lack of payment of interest on the bonds by 15 July 2023 when the original cure period will elapse - Entering into a formal bankruptcy procedure - Evidence of worsening terms for noteholders resulting in a DDE LIQUIDITY AND DEBT STRUCTURE Minimal Liquidity: Fitch forecasts Solocal's liquidity to be under pressure in 2024 given an estimated EUR25 million cash buffer and following repayment of its EUR34 million of the RCF due in September 2023, which Fitch expects to be extended in part 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. 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 C Downgrade CC senior secured LT CC Downgrade RR3 CCC- TECHNICOLOR CREATIVE: S&P Raises ICR to 'CCC', Outlook Negative --------------------------------------------------------------- S&P Global Ratings therefore raised its long-term rating on Technicolor Creative Studios (TCS) to 'CCC' from 'D'. S&P also withdrew its issue rating on existing debt at the company's request. S&P does not rate the new debt. The negative outlook reflects the risk of a downgrade if the liquidity situation deteriorates further or if the headroom under the minimum liquidity covenant is tight. TCS closed its financial restructuring on June 8, 2023. The company received its second refinancing tranche equivalent to EUR85 million (the first refinancing tranche of EUR85 million was granted in April 2023) and reinstated its existing indebtedness, which now amounts to about EUR421 million equivalent. TCS' debt structure is now made of EUR120 million equivalent of new money loans, EUR421 million equivalent of reinstated debt, EUR40 million of drawn revolving facility, and about EUR63 million of convertible bond, all maturing in 2026, as well as EUR170 million of subordinated debt due in 2033. Post restructuring, the gross debt burden remains high and will continue increasing because of payment-in-kind (PIK) interests. S&P said, "We calculate that as part of the refinancing transaction, TCS' gross debt has increased by about EUR155 million compared with Dec. 31, 2022. We also expect gross debt will continue rising over the coming years because of large PIK interests. Therefore, we expect S&P Global Ratings-adjusted debt to EBITDA will remain materially above 6.0x at least over the next three years and possibly longer, depending on the pace of EBITDA and FOCF recovery." S&P said, "Following its financial restructuring, TCS' liquidity has improved but we assess it as less than adequate. TCS now benefits from a more favorable liquidity position over the next 12 months, pro forma the financial restructuring, with sources of cash exceeding uses by slightly more than 1.0x. That's supported by the EUR120 million new money injection and the issuance of about EUR63 million convertible bond, as well as slightly lower cash interest charges. However, we forecast the ratio of liquidity sources over uses will stay below 1.2x over the next 12 months as cash injections are hampered by our expectation of materially negative FOCF in 2023. Furthermore, we think TCS' liquidity position could further deteriorate from June 2024, unless the company materially overperforms our base case--including a sharp profitability improvement and a faster return to positive FOCF--and secures additional sources of funding. "Operational issues highlighted during the second half of 2022 will continue weighing on 2023 performance. The operational issues have arisen from high workforce turnover and delays in project advancement during the second half of 2022, which combined with deficient tracking systems, resulted in cost overruns to complete work on time. We believe these operational issues will continue weighing on TCS' performance and profitability in 2023, despite the launch of an operational restructuring and cost reduction plan to address these issues. We therefore forecast about 27% revenue decline, breakeven S&P Global Ratings-adjusted EBITDA margin, and about EUR145 million FOCF deficit. These figures include about EUR40 million in cash restructuring costs in 2023 linked to the implementation of the company's operational reorganization plan, which we deduct from EBITDA, and our expectations that the full benefit of such measures will not accrue before 2024. "TCS' operating performance could rebound in 2024 and beyond, but visibility remains low. We expect TCS' revenue and EBITDA will rebound in 2024, mainly supported by continued growth in demand for visual effects (VFX) projects and the company's recognized VFX expertise. This should result in new contracts being secured, supporting a return to revenue growth. In addition, we view positively the company's operational restructuring plan, which we expect will start accruing benefits from 2024, with the objective of enhancing TCS' profitability. However, we remain cautious about the magnitude of the improvement as we have limited visibility on the pipeline of new projects beyond 2023. In addition, the macroeconomic environment remains challenging, which could reduce demand (in particular in advertising) or hamper profitability, and we believe that the VFX market remains competitive, given studios' insourced capabilities and emerging players, which could alter TCS's ability to gain new contracts." The negative outlook reflects the risk of a downgrade if the liquidity situation deteriorates further or if the headroom under the minimum liquidity covenant is tight. Downside scenario S&P could lower the rating if it sees an increased risk of default over the next 12 months. This could occur if: -- TCS' liquidity position deteriorates, with liquidity uses materially exceeding liquidity sources and the company being unable to pay its cash interests or secure additional long-term liquidity funding to offset forecast negative FOCF, as a result of the company underperforming our base case. -- TCS announces a debt restructuring, exchange offer, or debt buyback that we view as distressed and therefore tantamount to a default. Upside scenario S&P could revise the outlook to stable if TCS improves its liquidity position, with liquidity sources exceeding liquidity uses by more than 1.2x. This could result from the company successfully addressing its operational issues while restoring its relationship with customers and signing new profitable contracts, leading to improving FOCF, or new funding/cash injection. ESG credit indicators: E-2, S-3, G-5 Social credit factors are a moderately negative credit consideration in our rating analysis of TCS. The retention and hiring of qualified VFX technicians, amid a shortage of talent and competitive environment, resulted in the delay of some projects, associated with significant cost overrun due to weak tracking systems, thereby affecting the company's budgeted revenue and earnings over 2022 and 2023. The medium-term impact of such operational issues is still uncertain at this stage and will depend on TCS' capacity to execute its reorganization plan--including its ability to recruit and retain skilled staff, as well as improving its operational tracking systems, for instance to identify any delays early on--and reestablish a satisfactory level of communication with customers thereby limiting potential reputational damages. Additionally, governance credit factors are a very negative credit consideration in S&P's rating analysis as significant employee attrition amplified by insufficient management oversight and execution during third-quarter 2022 have been an area of concern and led to significant constraints, weak liquidity, and the default of the company in March 2023. However, there is a new management team in place, with for instance the recent appointment of an interim CEO, CFO, and Head of Operations and Transformation in February 2023. UNIBAIL-RODAMCO-WESTFIELD: Moody's Rates New Hybrid Notes 'Ba1' --------------------------------------------------------------- Moody's Investors Service has assigned a Ba1 backed junior subordinate rating to the proposed issuance of at least EUR500 million deeply subordinated perpetual fixed rate resettable notes ("new hybrid notes") following an exchange offer for the first callable tranche of EUR1.25 billion ("PERP-NC23") out of the total outstanding EUR2.0 billion backed junior subordinate issued in 2018 ("existing hybrid notes"). The new hybrid notes are to be issued by Unibail-Rodamco-Westfield SE ("Unibail" or "the company") and guaranteed on a subordinated basis by Unibail-Rodamco-Westfield N.V., an intermediate holding company. The assigned rating assumes there will be no material variations to the reviewed draft legal documentation and exchange offer. The completion of the exchange offer remains subject to market conditions and exchange offer acceptance rate. The portion of the PERP-NC23 hybrid notes that will not be exchanged is set to remain outstanding, with an interest rate that will reset rate in October 2023. The targeted transaction as proposed above has no impact on Unibail's existing Baa2 long-term issuer rating, the Ba1 backed junior subordinate rating and the Basket C (50%) equity treatment on the company's existing hybrid notes and the respective stable outlook. "While the proposed transaction is credit neutral, Moody's recognize that it also reflects Unibail's commitment to the existing hybrid capital in its funding structure as well as a proactive management of the first callable tranche amounting to EUR1.25 billion under the company's existing hybrid notes, totaling EUR2 billion. A successful execution of the transaction will also be reassuring under the current volatile market environment" says Ana Luz Silva, a Moody's Vice President–Senior Analyst and lead analyst for Unibail. RATINGS RATIONALE RATIONALE FOR THE Ba1 RATING OF THE HYBRID NOTES On June 20, 2023 Unibail announced an exchange offer for the outstanding EUR1.25 billion existing hybrid notes with first call date in July 2023 and first reset date in October 2023 issued in 2018. Investors accepting the exchange offer will receive a combination of (i) new hybrid notes and (ii) a cash amount (where applicable as per company's exchange offer) in exchange for their existing hybrid notes. The minimum volume for the issued new hybrid notes is EUR500 million, while the maximum cash consideration will amount to EUR200 million. In case an investor does not accept the offer or the offer is not completed, they will remain holders of the existing hybrid notes with interest reset rate in October 2023 of 1.675% over 5-Year Euro Mid Swap Rate. The remaining EUR750 million existing hybrid notes issued in 2018 with first reset date in April 2026 are not subject to the exchange offer. The Ba1 rating assigned to the new hybrid notes is two notches below the Baa2 long-term issuer rating and reflects the deeply subordinated nature of the new hybrid notes, that rank pari passu with the outstanding existing hybrid notes and are only senior to common equity in the capital structure of Unibail. The backed junior subordinated notes qualify for a Basket C or 50% equity treatment under Moody's Hybrid Equity Credit methodology. The hybrid issue is a perpetual deeply junior subordinated debt instrument that is treated as a preferred equivalent under Moody's Hybrid Equity Credit methodology. If preferred shares begin to be issued by the issuer or its peers in the same jurisdiction -- the equity credit assigned would be revisited. The new hybrid notes are perpetual in nature with deferral option with interest cumulating if deferred. Same as under the existing hybrid notes, the issuer will benefit from the option to defer interest payments under the new hybrid notes while paying the minimum dividend required to maintain its REIT status. The distribution of dividends in excess of the minimum requirements to maintain the REIT status is fully optional or at the full discretion of the issuer. The ability of the issuer to defer coupon payments under the notes while still paying dividend on common equity enhances the equity characteristics of the proposed notes. There is no step up in interest rate beyond 100 bps and none prior to year 10. Moody's does not expect the targeted transaction as proposed above to lead to a material change of Unibail's overall credit profile. RATIONALE FOR THE Baa2 ISSUER RATING The Baa2 long-term issuer rating of Unibail is supported by their superior business profile, which has driven a strong earnings recovery from the effects of the coronavirus pandemic, and growing attractiveness among retailers adapting to omnichannel models. Management remains focused on reducing leverage through further disposals and their successful execution of a large part of the European pipeline, with the remainder committed to be secured by year-end 2023. The company's excellent liquidity, in combination with a well-staggered debt maturity profile, fully hedged, mitigates interest rate risk in the current environment. Unibail further benefits from significant financial flexibility on the back of strong access to capital and a high level of unencumbered assets. However, the Baa2 long term issuer rating is constrained by the high Moody's-adjusted leverage as of year-end 2022 of 52.7% (or 50.2% once adjusting for a normalized cash balance of EUR750 million, with excess liquidity above that level earmarked to reduce debt), at a point where economic activity has notably decelerated and the credit cycle has turned. Moody's also expects falling asset values and a hawkish investment environment to make the full execution of Unibail's large disposal programme in the US more difficult and to delay the company's plans to reduce company reported LTV below 40% on an IFRS basis. Other non-idiosyncratic risks come from a weaker consumer sentiment because of higher living costs that could dent discretionary spending and rising cost pressure on retailers, which could weigh on landlords' ability to increase rents, tenant demand for retail space and overall occupancy rates. Moody's expects though Unibail to be less impacted due to the company's portfolio quality of flagship assets in good locations. RATIONALE FOR THE STABLE OUTLOOK The stable rating outlook reflects Moody's expectation of a stable operational performance despite macroeconomic challenges. The stable outlook also incorporates growing disposal success in the US over the next 12 to 18 months, above 2022 levels, in addition to the completion of the remainder EUR800 million European disposals over the next 12-18 months. In total, Moody's have assumed sales of EUR3 billion - 3.5 billion in Moody's projections until year-end 2024, as well as value declines of up to 10% from year-end 2022 on the European retail properties into Moody's projections. As a result, over the next 12-18 months, Moody's-adjusted debt/gross assets could remain between 50% and 55% or (48%-52% adjusting for a normalized cash balance of EUR750 million, with excess liquidity above that level earmarked to reduce debt). Unibail's fixed-charge cover will remain at around 3.5x thanks to its longer-term hedging strategy. Net debt/EBITDA will hover around 11x over the same period. A significant reduction in leverage from greater-than-anticipated US disposal volume, well above the levels achieved in 2022, would be a credit positive. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's could upgrade Unibail's ratings if 1) the company successfully completes its disposal pipeline, including in the US, with proceeds earmarked to reduce debt, 2) it maintains strong operating performance, as reflected in increasing occupancy, rental growth and positive rent reversion, 3) Moody's-adjusted debt/asset drops towards 45% (after normalized cash with excess liquidity earmarked to reduce debt), 4) net debt/EBITDA remains well below 10x and 5) fixed charge is above 3.5x. Moody's could downgrade Unibail's ratings if 1) the company fails to make progress in line with its targeted disposal plan, 2) its operating performance weakens significantly, reflected in declining occupancy, higher levels of bad debt, weaker rental income and negative rent reversion, 3) Moody's-adjusted debt/assets remains well above 50% (after normalized cash with excess liquidity earmarked to reduce debt), 4) net debt/EBITDA remains sustainably above 12x and 5) fixed charge cover remains below 3x. LIQUIDITY Unibail's liquidity position is excellent. The company has a very comfortable liquidity position with EUR4.2 billion of cash on balance sheet as of March 2023 (proportionate) as well as access to around EUR9.4 billion of undrawn revolving credit facilities (RCFs), which cover more than three years of debt maturities. In addition, Unibail will receive some further sales proceeds, which Moody's expect the company to use to repay debt. Moody's expect these sources to exceed cash outflows for debt repayments and CAPEX and without extension of credit lines in the next 18 months. In addition, company suspended dividend payment in 2023. PRINCIPAL METHODOLOGY The principal methodology used in this rating was REITs and Other Commercial Real Estate Firms published in September 2022. COMPANY PROFILE Unibail-Rodamco-Westfield SE is the largest commercial real estate company in Europe by asset value. As of December 2022, the company's portfolio, which mainly consists of shopping centres in Europe and the US, had a value of EUR50.3 billion, including stakes in joint ventures (JVs) valued at equity. When the group's interests in JVs are proportionally consolidated, the portfolio is valued at EUR52.3 billion. Headquartered in Paris, Unibail is a listed French real estate investment trust (REIT) and is a component of the CAC 40 stock market index, with a market capitalisation of around EUR6.6 billion as of June 14, 2023 and around 2,700 employees. VALEO: Egan-Jones Retains BB- Senior Unsecured Ratings ------------------------------------------------------ Egan-Jones Ratings Company, on May 30, 2023, maintained its 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by Valeo. Headquartered in Paris, France, Valeo designs and manufactures automobile components. ============= G E R M A N Y ============= DEUTSCHE LUFTHANSA: Egan-Jones Retains B Senior Unsecured Ratings ----------------------------------------------------------------- Egan-Jones Ratings Company, on June 14, 2023, maintained its 'B' foreign currency and local currency senior unsecured ratings on debt issued by Deutsche Lufthansa Aktiengesellschaft. EJR also maintained its 'B' rating on commercial paper issued by the Company. Headquartered in Cologne, Germany, Deutsche Lufthansa Aktiengesellschaft provides passenger and cargo air transportation services worldwide DEUTSCHE TELEKOM: Egan-Jones Retains 'BB' Sr. Unsec. Debt Ratings ----------------------------------------------------------------- Egan-Jones Ratings Company, on June 5, 2023, maintained its 'BB' foreign currency and local currency senior unsecured ratings on debt issued by Deutsche Telekom AG. Headquartered in Bonn, Germany, Deutsche Telekom AG offers telecommunications services. FORTUNA CONSUMER 2022-1: DBRS Confirms CCC Rating on Class X Notes ------------------------------------------------------------------ DBRS Ratings GmbH confirmed its ratings on the notes issued by Fortuna Consumer Loan ABS 2022-1 Designated Activity Company (the Issuer) as follows: -- Class A Notes at AAA (sf) -- Class B Notes at AA (low) (sf) -- Class C Notes at A (sf) -- Class D Notes at BBB (sf) -- Class E Notes at BB (sf) -- Class F Notes at B (high) (sf) -- Class X Notes at CCC (sf) The ratings on the Class A and Class B Notes address the timely payment of scheduled interest and the ultimate repayment of principal by the legal final maturity date in July 2031. The ratings on the Class C Notes, Class D Notes, Class E Notes, and Class F Notes address the ultimate payment of interest (timely when most senior) and the ultimate repayment of principal by the legal final maturity date. The rating on the Class X Notes addresses the ultimate payment of interest and the ultimate repayment of principal by the legal final maturity date. The confirmations follow an annual review of the transaction and are based on the following analytical considerations: -- Portfolio performance, in terms of delinquencies, defaults, and losses, as of the May 2023 payment date; -- Probability of default (PD), loss given default (LGD), and expected loss assumptions on the remaining receivables; and -- Current available credit enhancement to the notes to cover the expected losses at their respective rating levels. The transaction is a static securitization backed by a portfolio of unsecured consumer loans brokered through auxmoney GmbH (auxmoney) in co-operation with Süd-West-Kreditbank Finanzierung GmbH, granted to individuals domiciled in Germany and serviced by CreditConnect GmbH, a fully owned subsidiary of auxmoney. The transaction closed in May 2022 and the Issuer acquired the total EUR 225.0 million collateral portfolio in three phases: EUR 176.5 million at closing, EUR 39.3 million on May 30, 2022, and EUR 9.2 million on June 30, 2022. PORTFOLIO PERFORMANCE As of the May 2023 payment date, loans that were in dunning levels 1 and 2 represented 5.1% and 1.7% of the outstanding collateral balance, respectively, while loans that were in dunning levels 3 and 4 represented 1.4%. Gross cumulative defaults amounted to 4.5% of the aggregate portfolios initial balance, 35.0% of which has been recovered to date. PORTFOLIO ASSUMPTIONS AND KEY DRIVERS DBRS Morningstar conducted a loan-by-loan analysis of the remaining pool of receivables and maintained its base case PD and LGD assumptions at 13.5% and 72.5%, respectively. CREDIT ENHANCEMENT The subordination of the respective junior obligations provides credit enhancement to the rated notes. As of the May 2023 payment date, credit enhancement to the Class A, Class B, Class C, Class D, Class E, and Class F Notes was 62.2%, 39.4%, 25.3%, 17.3%, 9.9%, and 7.5%, respectively, up from 47.0%, 30.0%, 19.5%, 13.5%, 8.0%, and 6.2% at the time of the DBRS Morningstar initial rating, respectively. The Class X Notes do not benefit from credit enhancement and are repaid using any available excess spread remaining in the transaction following the payment of senior items in the revenue priority of payments. As of the May 2023 payment date, the unrated junior-most Class G Notes record an uncleared principal deficiency ledger (PDL) debit balance of EUR 1.38 million as excess spread in the transaction is insufficient to offset the monthly defaults on the portfolio as a result of high prepayments experienced since closing, which greatly reduced the portfolio balance. As a result of the uncured PDL, the sequential redemption trigger was breached on the December 2022 payment date and the notes began to amortize sequentially starting from the January 2023 payment date. The transaction benefits from liquidity support provided by an amortizing cash reserve, available to cover senior expenses and interest payments on the Class A to Class F Notes. The reserve has a target balance equal to 0.7% of the outstanding balance of the Class A to Class E Notes, subject to a floor of EUR 0.44 million. As of the May 2023 payment date, the reserve was at its target balance of EUR 0.78 million. Elavon Financial Services DAC (Elavon) acts as the account bank for the transaction. Based on DBRS Morningstar's private rating on Elavon, the downgrade provisions outlined in the transaction documents, and other mitigating factors inherent in the transaction structure, DBRS Morningstar considers the risk arising from the exposure to the account bank to be consistent with the ratings assigned to the notes, as described in DBRS Morningstar's "Legal Criteria for European Structured Finance Transactions" methodology. BNP Paribas SA (BNP) acts as the hedging counterparty in the transaction. DBRS Morningstar's public Long Term Critical Obligations Rating of AA (high) on BNP is consistent with the first rating threshold as described in DBRS Morningstar's "Derivative Criteria for European Structured Finance Transactions" methodology. Notes: All figures are in euros unless otherwise noted. FRESENIUS MEDICAL: Egan-Jones Retains BB+ Senior Unsecured Ratings ------------------------------------------------------------------ Egan-Jones Ratings Company, on May 31, 2023 maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Fresenius Medical Care AG & Co. KGaA. Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG & Co. KGaA offers kidney dialysis services and manufactures and distributes equipment and products used in the treatment of dialysis patients. K+S AG: Egan-Jones Retains BB+ Sr. Unsecured Debt Ratings --------------------------------------------------------- Egan-Jones Ratings Company, on June 5, 2023, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by K+S AG. Headquartered in Kassel, Germany, K+S Aktiengesellschaft manufactures and markets within the fertilizer division standard and specialty fertilizers to the agricultural and industrial industries worldwide. XELLA GROUP: S&P Lowers LongTerm ICR to 'B-', Outlook Stable ------------------------------------------------------------ S&P Global Ratings lowered its long-term issuer and issue ratings on LSF10 XL Investments S.a.r.l., holding company of the Xella group, and its debt to 'B-' from 'B'. The stable outlook reflects S&P's view that Xella will maintain robust liquidity and generate free operating cash flow (FOCF) of EUR30 million-EUR50 million in 2023-2024, despite high leverage of above 8.0x due to the weakening demand for wall-building materials. Xella, a leading European manufacturer of premium branded wall-building materials, is experiencing a sharp drop in volumes due to rising interest rates, decreasing consumer confidence, and the challenging basis of comparison against the extraordinary 2021-2022. S&P said, "We forecast a revenue decline of 10%-15% in 2023 and gradual recovery in 2024. Xella has been suffering from weak consumer demand for its walling solutions and products since the second half of 2022. The downward trend is mainly explained by high inflation and increased mortgage rates, which weigh on consumers' disposable income, as well as the very challenging basis for comparison--as 2021 and 2022 were record years for volumes and results. These factors are particularly impairing the residential new build end market, which represents over 65% of Xella's total sales. In first-quarter 2023, sales were down by 9.4% compared to last year due to a sharp volume decline--with Eastern Europe more affected than Western Europe. Although, this volume decline has been partially mitigated by price increases, which were mostly implemented in the second half of 2022. We expect revenue decline of 10%-15% to continue into 2023, on the back of an over 25% volume decline and positive pricing contributions. In our view, stabilized interest rates could lead to a gradual recovery in 2024. "We forecast lower EBITDA margins in 2023 and lower EBITDA in absolute terms, although Xella is implementing actions to preserve its profitability. The Eastern Europe segment (about 28.5% normalized EBITDA margin in 2022) has better profitability than Western Europe (about 18%). Therefore, the sharp reduction in activity in Eastern Europe has a dilutive effect on the group's overall profitability. Although Xella has a flexible cost structure, we expect some decrease in margins because of higher fixed costs as a percentage of sales. Management has taken proactive measures to adapt its cost base, including a temporary closure of two plants, permanent closure of two plants, and reduction in spend for external consulting and marketing. We understand the reorganization plan still allows Xella to grab growth opportunities in the future. We expect slightly higher restructuring costs in 2023, which will weigh on our adjusted EBITDA margin of 18.5%-19.0% in 2023. "We expect adjusted leverage of 8.6x in 2023 and 8.2x in 2024, which is much higher than our previous expectations.As such, our expectation for adjusted leverage is no longer commensurate with the 'B' rating. The reduction in EBITDA drives our forecast of weakening adjusted leverage. We note that adjusted leverage was already high following the disposal of the URSA insulation business in 2022, for which the proceeds were mainly used to distribute dividends to shareholders, as well as to repay part of the term loan B (TLB). Therefore, in our view, the current high leverage also reflects the financial sponsor's aggressive financial policy." Xella's very high cash position and continuous, solid FOCF generation continue to support the rating. At the end of March 2023, Xella had about EUR250 million of cash on balance sheet. S&P said, "This, together with the EUR283 million undrawn revolving credit facility (RCF), leads to an ample liquidity buffer, in our view. The high cash position of more than 1.0x full-year EBITDA is not factored into our leverage metrics, as we do not net cash from debt given Xella's financial sponsor ownership. We acknowledge the group's good track record of solid FOCF generation, even during challenging periods like 2020 with the COVID-19 outbreak. But, FOCF has reduced in 2022 because of higher-than-usual working capital consumption in the high inflationary environment. However, we expect FOCF will increase to about EUR50 million in 2023. As seen in the past, Xella has the flexibility to cut or postpone part of its growth capital expenditure (capex), if needed. We also note Xella has limited refinancing risks, as its RCF is due in 2027 and its TLB is due in 2028." The stable outlook reflects S&P's view that Xella will maintain robust liquidity and generate FOCF of EUR30 million-EUR50 million in 2023-2024, despite high leverage of above 8.0x due to the weakening of the demand for wall-building materials. S&P could lower the rating if: -- Xella's leverage further increased such that S&P views the capital structure as unsustainable; or -- Its liquidity weakened significantly due to negative FOCF. -- This could occur from lower EBITDA due to a more severe economic downturn and much weaker market demand than we currently expect. S&P could raise the rating if: -- S&P observes a swift recovery in Xella's performance, and it generates sustainably positive FOCF, leading to adjusted debt to EBITDA improving to below 7.5x; -- Liquidity remained adequate; and -- Xella's financial policy, especially for acquisitions and shareholder distributions, remains supportive of a higher rating. ESG credit indicators: E-2; S-2; G-3 S&P said, "Governance is a moderately negative consideration in our credit rating analysis of Xella, as for most rated entities owned by private-equity sponsors. We believe the group's highly leveraged financial risk profile points to corporate decision-making that prioritizes the interests of the controlling owners. This also reflects generally finite holding periods and a focus on maximizing shareholder returns. "Environmental factors have an overall neutral influence on our credit rating analysis. Xella's manufacturing process is less energy intensive than for heavy materials like cement and it therefore has less exposure to greenhouse gas emissions and other environmental risks. Xella's building materials (like autoclaved aerated concrete and calcium silicate) offer thermal insulation, noise absorption, and fire safety. The disposal of URSA will contribute to Xella's better CO2 footprint, carving out the more energy intensive production of glass mineral wool. However, it also results in lower growth potential as the sold insulation business benefitted from the European Green Deal and the megatrend of improving energy efficiency." ============= I R E L A N D ============= SEAGATE TECHNOLOGY: Egan-Jones Retains BB+ Sr. Unsecured Ratings ---------------------------------------------------------------- Egan-Jones Ratings Company, on June 13, 2023, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Seagate Technology, LLC. Headquartered in Dublin, Ireland, Seagate Technology, LLC manufactures and distributes hard drives and storage solutions. ========= I T A L Y ========= MAGGESE SRL: DBRS Confirms CCC Rating on Class A Notes ------------------------------------------------------ DBRS Ratings GmbH confirmed its rating on the Class A notes issued by Maggese S.r.l. (the Issuer) at CCC (sf) with a Negative trend. The transaction was funded by the issuance of Class A, Class B, and Class J notes (collectively, the Notes). The rating on the Class A notes addresses the timely payment of interest and the ultimate payment of principal on or before its final maturity date of July 25, 2037. DBRS Morningstar does not rate the Class B or Class J notes. At issuance, the Notes were backed by a EUR 697 million portfolio by gross book value consisting of a mixed pool of Italian nonperforming residential, commercial, and unsecured loans originated by Cassa di Risparmio di Asti S.p.A. and Cassa di Risparmio di Biella e Vercelli - Biverbanca S.p.A. The receivables are serviced by Prelios Credit Servicing S.p.A. (Prelios or the Servicer). A backup servicer facilitator, Securitization Services S.p.A., was appointed and will act as servicer if Prelios' appointment is terminated. RATING RATIONALE The confirmation follows a review of the transaction and is based on the following analytical considerations: -- Transaction performance: An assessment of portfolio recoveries as of December 31, 2022, focusing on: (1) a comparison between actual collections and the Servicer's initial business plan forecast; (2) the collection performance observed over recent months; and (3) a comparison between the current performance and DBRS Morningstar's expectations. -- The Servicer's updated business plan as of December 2022, received in March 2023, and the comparison with the initial collection expectations. -- Portfolio characteristics: Loan pool composition as of March 2023 and the evolution of its core features since issuance. -- Transaction liquidating structure: The order of priority entails a fully sequential amortization of the Notes (i.e., the Class B notes will begin to amortize following the full repayment of the Class A notes and the Class J notes will amortize following the repayment of the Class B notes). -- Performance ratios and underperformance events: As per the most recent December 2022 semiannual servicing report, the cumulative collection ratio was 49% and the net present value cumulative profitability ratio was 87%. Since the January 2021 interest payment date, the 90% limit for the cumulative collection ratio was breached, such that Class B interest payments are subordinated to the repayment of Class A principal. -- Liquidity support: The transaction benefits from an amortizing cash reserve providing liquidity to the structure covering potential interest shortfall on the Class A notes and senior fees. The cash reserve target amount is equal to 4% of the Class A principal outstanding and is currently fully funded. TRANSACTION AND PERFORMANCE According to the latest investor report from January 2023, the outstanding principal amounts of the Class A, Class B, and Class J notes were EUR 103.3 million, EUR 24.4 million, and EUR 11.4 million, respectively. As of the January 2023 payment date, the balance of the Class A notes had amortized by 39.5% since issuance and the current aggregated transaction balance was EUR 139.1 million. As of December 2022, the transaction was performing below the Servicer's business plan expectations. The actual cumulative gross collections equaled EUR 94.1 million whereas the Servicer's initial business plan estimated cumulative gross collections of EUR 192 million for the same period. Therefore, as of December 2022, the transaction was underperforming by EUR 97.9 million (-51.0%) compared with the initial business plan expectations. In addition, positions are being closed below initial expectations, with the net present value cumulative profitability ratio at 87.3% as of December 2022. At issuance, DBRS Morningstar estimated cumulative gross collections for the same period at EUR 152.8 million in the BBB (low) (sf) stressed scenario. Therefore, as of December 2022, the transaction was performing considerably below DBRS Morningstar's stressed expectations at issuance. Pursuant to the requirements set out in the receivable servicing agreement, in March 2023, the Servicer delivered an updated portfolio business plan. The updated portfolio business plan, combined with the actual cumulative gross collections as of December 2022, results in a total of EUR 182.9 million, which is 25.4% lower than the total gross disposition proceeds of EUR 245.1 million estimated in the initial business plan, and 7.5% lower than the total gross disposition proceeds of EUR 197.6 million estimated in last year's business plan. Excluding actual collections, the Servicer's expected future collections from January 2023 are EUR 88.7 million, less than the current outstanding balance of the Class A notes. In DBRS Morningstar's CCC (sf) scenario, DBRS Morningstar only adjusted the Servicer's updated forecast in terms of actual collections to date and the timing of future expected collections. Considering senior costs and interest due on the Notes, the full repayment of Class A principal is unlikely, but considering the transaction structure, a payment default on the bond would likely only occur in a few years from now. The final maturity date of the transaction is in July 2037. Notes: All figures are in euros unless otherwise noted. POP NPLS 2019: DBRS Cuts Class B Notes Rating to CCC(low) --------------------------------------------------------- DBRS Ratings GmbH took rating actions on the notes issued by POP NPLS 2019 S.r.l. (the Issuer) as follows: -- Class A Notes confirmed at BBB (sf), trend changed to Stable from Negative -- Class B Notes downgraded to CCC (low) (sf) from CCC (sf) with a Negative trend The transaction represents the issuance of Class A, Class B, and Class J Notes (collectively, the Notes). The rating on the Class A Notes addresses the timely payment of interest and the ultimate payment of principal on or before the legal final maturity date and the rating on the Class B Notes addresses the ultimate payment of principal and interest. DBRS Morningstar does not rate the Class J Notes. As of the January 1, 2019 cut-off date, the Notes were backed by a EUR 826.7 million portfolio consisting of secured and unsecured Italian nonperforming loans sold to the Issuer by 12 Italian banks. Prelios Credit Solutions S.p.A. (Prelios) and Fire S.p.A. (Fire; together with Prelios, the Servicers) service the receivables. Prelios Credit Servicing S.p.A. acts as the master servicer and Banca Finanziaria Internazionale S.p.A. (Banca Finint; formerly Securitization Services S.p.A.) operates as the backup servicer. RATING RATIONALE The rating actions follow an annual review of the transaction and are based on the following analytical considerations: -- Transaction performance: An assessment of portfolio recoveries as of December 31, 2022, focusing on: (1) a comparison between actual collections and the Servicer's initial business plan forecast; (2) the collection performance observed over recent months; and (3) a comparison between the current performance and DBRS Morningstar's expectations. -- Business plan: The Servicers' updated business plan as of December 2022, received in March 2023, and the comparison with the initial collection expectations. -- Portfolio characteristics: The loan pool composition as of March 2023 and the evolution of its core features since issuance. -- Transaction liquidating structure: The order of priority entails a fully sequential amortization of the Notes (i.e., the Class B Notes will begin to amortize following the full repayment of the Class A Notes and the Class J Notes will amortize following the repayment of the Class B Notes). Additionally, interest payments on the Class B Notes become subordinated to principal payments on the Class A Notes if the cumulative net collection ratio or the net present value cumulative profitability ratio is lower than 90%. These triggers were not breached on the February 2023 interest payment date, with the actual figures at 126.6% and 118.0%, respectively, according to the Servicers. -- Liquidity support: The transaction benefits from an amortizing cash reserve providing liquidity to the structure, covering potential interest shortfall on the Class A Notes and senior fees. The cash reserve target amount is equal to 4.5% of the Class A Notes' principal outstanding balance and is currently fully funded. TRANSACTION AND PERFORMANCE According to the latest investor report from February 2023, the outstanding principal amounts of the Class A, Class B, and Class J Notes were EUR 101.2 million, EUR 25.0 million, and EUR 5.0 million, respectively. As of the February 2023 payment date, the balance of the Class A Notes had amortized by approximately 41.5% since issuance and the current aggregated transaction balance was EUR 131.2 million. As of December 2022, the transaction was performing above the Servicers' business plan expectations. The actual cumulative gross collections equaled EUR 103.6 million whereas the Servicers' initial business plan estimated cumulative gross collections of EUR 75.4 million for the same period. Therefore, as of December 2022, the transaction was overperforming by EUR 28.2 million (37.3%) compared with the initial business plan expectations. At issuance, DBRS Morningstar estimated cumulative gross collections of EUR 53.9 million at the BBB (sf) stressed scenario for the same period and EUR 66.6 million at the CCC (sf) stressed scenario. Therefore, as of December 2022, the transaction was performing above DBRS Morningstar's initial stressed expectations. Pursuant to the requirements set out in the receivable servicing agreement, in March 2023, the Servicers provided DBRS Morningstar with a revised business plan combined with the actual cumulative collections as of December 2022. The updated portfolio business plan, combined with the actual cumulative gross collections of EUR 103.6 million as of December 2022, results in a total of EUR 268.0 million, which is 4.7% lower than the total gross disposition proceeds of EUR 281.2 million estimated in the initial business plan. Excluding actual collections as of December 2022, the Servicers' expected future collections from January 2023 account for EUR 164.4 million, which is 20.1% lower than the total expected future proceeds of EUR 205.8 million estimated in the initial business plan for the same period. Hence, the servicer' expectation for collections on the remaining portfolio was revised considerably downwards. The updated DBRS Morningstar BBB (sf) rating stress assumes a haircut of 18.1% to the Servicers' updated business plan, considering future expected collections from January 2023. In DBRS Morningstar's CCC (sf) scenario, DBRS Morningstar only adjusted the updated Servicers' forecast in terms of actual collections to date and timing of future expected collections. The final maturity date of the transaction is in February 2045. Notes: All figures are in euros unless otherwise noted. =================== L U X E M B O U R G =================== COSAN LUXEMBOURG: Moody's Rates New Senior Unsecured Notes 'Ba2' ---------------------------------------------------------------- Moody's Investors Service has assigned a Ba2 rating to the proposed Cosan Luxembourg S.A. senior unsecured notes, unconditionally and irrevocably guaranteed by Cosan S.A. ("Cosan"). All other existing ratings including Cosan's Ba2 corporate family rating and Cosan Luxembourg S.A. Ba2 senior unsecured ratings remain unchanged. Offering proceeds will be used to reinforce its cash position, liability management and general corporate purposes. The rating of the proposed notes assumes that the issuance will be successfully completed and that the final transaction documents will not be materially different from draft legal documentation reviewed by Moody's to date. It also assumes that these agreements are legally valid, binding, and enforceable. Assignments: Issuer: Cosan Luxembourg S.A. Backed Senior Unsecured Regular Bond/Debenture, Assigned Ba2 RATINGS RATIONALE Cosan S.A.'s Ba2 corporate family rating (CFR) reflects its diversified portfolio of businesses, including the entire sugar-ethanol chain; fuel distribution, including convenience stores, natural gas, lubricants, logistics operations and metals & mining; and its adequate liquidity profile. The holding company's diversified sources of dividends, especially from stable businesses, such as the fuel and gas distribution, translates into a stable cash source over the long-term. Diversification mitigates volatility in the upstream business Cosan benefits from a diversification of cash flow streams from the agricultural sugar-ethanol activities, fuel distribution and piped natural gas distribution. The stake in Vale shares will improve diversification of dividends specially as the collar financing structures are amortized and the flow of dividends is up streamed to Cosan. Also, Rumo S.A. (Ba2 Negative) and other investments can improve diversification to Cosan as they grow more robust in their ability to provide consistent and reliable dividends. Cosan's ratings are constrained by the acquisitive growth history of the company and its subsidiaries, and the high gross leverage of the pro forma consolidated figures of the group. Although Moody's believes Cosan's main subsidiaries Raízen S.A. and Compass Gás e Energia S.A. will generate consistent dividend upstream in the coming years, the expenses relating to the preferred shareholders and collar loan financing will maintain coverage of Net Dividends Received/Interest in a range of 0.7x to 1.3x between 2023 and 2027, compared to 2.0x in 2022. Once the loan used to finance the share acquisition is reduced in the coming years, the diversification offered by the dividend upstream from Vale will benefit Cosan's coverage metric and credit profile. The negative outlook reflects the execution risk of Cosan as it manages to continue reinforcing its liquidity and capital structure to service considerable debt and interests incurred from the collar loan financing structure in the next 4 years. Rating pressure would increase if Cosan is unable to maintain a comfortable liquidity ahead of such debt amortizations and possible derivatives settlements. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING An upgrade of Cosan's ratings could result from the upgrade of rated subsidiaries (Raízen S.A or Rumo S.A.). Upward pressure could develop if the parent company maintains a strong standalone financial position with adequate liquidity, increases cash flow and diversifies companies and segments. A downgrade of Cosan could result from a weakening of credit quality or operating performance of any of its key subsidiaries, such that Moody's expects dividends to be lower than the rating agency's current expectations. A weakening of liquidity, including broad declines in equity valuations or tightening credit conditions such that asset sales or capital market access becomes unattractive or inaccessible could also lead to a downgrade of the ratings. The principal methodology used in this rating was Investment Holding Companies and Conglomerate published in April 2023. ===================== N E T H E R L A N D S ===================== AMMEGA GROUP: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed industrial belt manufacturer Ammega Group B.V.'s Long-Term Issuer Default Rating (IDR) and senior secured rating at 'B-'. The IDR Outlook is Stable and the debt rating has a Recovery Rating of 'RR4'. The affirmation reflects Fitch's expectations that Ammega's leverage will remain high in the medium term, with a moderate deleveraging trajectory on improving profitability. The Stable Outlook reflects Ammega's satisfactory liquidity position, supported by expected positive free cash flow (FCF) generation through the cycle. KEY RATING DRIVERS Stable Margin Trajectory: Higher input costs combined with a time lag for implemented price increases resulted in lower-than-expected profitability in 2022 despite an improvement from the previous year. Fitch expects modest EBITDA margin improvement to 16.1% in 2023 from 15.6% in 2022 due to operational cost savings, price increases and waning inflation. Fitch forecasts EBITDA margins to reach 17.4% in 2026. Moderate Deleveraging: EBITDA gross leverage improved to 7.4x in 2022 from 11.2x in 2019 after debt repayments and EBITDA margin increase. Nevertheless, Fitch forecasts the metric to remain high for the rating at 5.7x in 2026 versus 6.9x in 2023, which is slightly above its sensitivities. Gross debt amounts have remained relatively stable despite the acquisition of Midwest Industrial Rubber (MIR) in in 2020. Over the last two years the company repaid USD100 million of its USD186 million second-lien debt, but drew down around EUR100 million of its revolving credit facility (RCF) to support working-capital (WC) requirements Stablished Market Position: Fitch expects Ammega to see single-digit revenue growth for the next four years, underpinned by demand from non-cyclical customers and supplemented by services and replacement revenue. Revenue grew strongly in 2022 by 17% after price revision and organic growth in end-markets. To keep up with demand, Ammega is investing in expansion initiatives, such as additional production capacity, especially in the Americas and in EMEA. The investments generated new contracts and established Ammega as a leader in some end-markets. FCF Pressure: Ammega has a cash-generative financial profile, but in 2021 and 2022 the FCF margin turned negative on higher capex related to capacity expansion and higher inventory to improve delivery times. The increased inventory valuation was also driven by a stronger US dollar. Fitch forecasts the FCF margin to turn positive after destocking lowers WC and capex. The FCF volatility is mainly driven by WC variations and Fitch does not expect FCF margins to be above its sensitivities in the following four years. Weaker Acquisition Appetite: Fitch expects Ammega to continue to be a key participant in the consolidation of the fragmented belt manufacturing industry, but in the short term Fitch forecasts growth to mainly be organic through investments to extend its manufacturing footprint. Ammega has made continuous bolt-on acquisitions since 2018 when it was formed out of a merger of Ammeral Beltech and Megadyne, with US-based (MIR in 2020 being the largest buy. High inflation and an uncertain economic outlook have slowed acquisitions in the sector while valuations remain high. Growing Product Demand: Fitch expects growth to come from increasing application and installation of belt products to support the rise of automation in industrial processes, and greater precision and efficiency requirements from direct end-users, as well as original equipment manufacturers and distributors. The replacement cycle for belts of up to two years drives Ammega's strong replacement activity. About 70% of revenue is generated from replacement and upgrading of belts. Fitch believes that Ammega's ability to cross-sell products and retain recurring replacement sales should support earnings resilience in the medium term. DERIVATION SUMMARY Ammega has market-leading positions within the niche belt-manufacturing segment, supported by its diverse product portfolio, geographical footprint and broad customer base. The group's direct competitors are larger and more diversified manufacturers, but their belting segment is smaller or equal to Ammega's production capacity. In the belt segment, Ammega faces direct competitors in Forbo, Rexnord Corporation and Gates. These peers are bigger and more diversified but Ammega is exposed to more stable end-markets and generates EBITDA and FCF margins that are in line with peers', albeit with substantially higher leverage. Ammega's profitability is higher than that of TK Elevator Holdco GmbH (B/Negative), while FCF margins are similar at low single digits. High EBITDA gross leverage above 7x in 2022 constrains the ratings of both companies. INNIO Group Holding GmbH (B/Stable) generates higher profitability than Ammega and has lower leverage, which explains the one-notch rating difference. KEY ASSUMPTIONS - Revenue growth to slow to 4% in 2023, before increasing to 6% in 2024 and stabilising in the following two years on new investments - EBITDA margin increasing to 16.1% in 2023 and to 17.4% in 2026, reflecting the impact of cost-saving initiatives - Capex reducing to 5.3% of sales in 2023 and normalising at 4.5% in 2025-2026 due to reduced maintenance costs - WC inflow in 2023 before turning neutral in 2025-2026 - No dividend payments to 2026 - Annual EUR15 million for bolt-on acquisitions to 2026. No major acquisitions KEY RECOVERY ASSUMPTIONS - The recovery analysis assumed that Ammega would be restructured as going concern rather than liquidated in a default - Fitch applies a distressed enterprise value/EBITDA multiple of 5.5x to calculate a going-concern enterprise value, in line with an average multiple for industrial and manufacturing peers in the 'B' rating category. The multiple reflects Ammega's high share of recurring revenue and the critical nature of Ammega's products in customers' production processes - Fitch estimates post-restructuring going-concern EBITDA at EUR125 million - Fitch assumes the company's EUR205 million revolving credit facility (RCF) is fully drawn post-restructuring - After a 10% deduction for administrative claim its debt waterfall analysis generated a ranked recovery in the 'RR4' band, indicating a 'B-' instrument rating. The principal and interest waterfall analysis output percentage on current metrics and assumptions is 48% RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Debt/EBITDA below 5.5x - EBITDA/interest paid above 2.5x - FCF margin consistently above 3% Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Debt/EBITDA above 7.5x - EBITDA/interest paid below 2x - FCF margin consistently neutral to negative - Acquisition activity weakening the company's risk profile LIQUIDITY AND DEBT STRUCTURE Satisfactory Liquidity: As of end-2022, Ammega had a Fitch-adjusted cash balance of around EUR16 million and a RCF drawn down by around EUR102 million out of a total EUR205 million. Fitch expects the RCF will be available in 2023 after being repaid. Projected WC inflows and less capex will positively affect FCF. Moderate Refinancing Risk: Ammega has no debt maturities in the next three years, and Fitch expects it to successfully refinance its maturing debt in 2025. Its debt consists of a senior secured covenant-lite EUR980 million term loan B with maturity in 2025 and an USD86 million second-lien facility with maturity in 2026. Its EUR205 million RCF is due in January 2025. ISSUER PROFILE Ammega is the combined product of the merger between Ammeraal Beltech and Megadyne, which have leading positions within lightweight conveyor belts and industrial power transmission belts. 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 ----------- ------ -------- ----- Ammega Group B.V. LT IDR B- Affirmed B- senior secured LT B- Affirmed RR4 B- =========== N O R W A Y =========== SECTOR ALARM: Moody's Lowers CFR to B3 & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Investors Service has downgraded to B3 from B2 the corporate family rating, to B3-PD from B2-PD the probability default rating and to B3 from B2 the senior secured bank credit facilities of Sector Alarm Holding AS (Sector Alarm or the company). The outlook was changed to stable from negative. RATINGS RATIONALE Moody's downgraded the ratings because higher cancelation rates and significantly higher investments for both new customer acquisition and other capital expenditure has led to materially weaker operating performance, credit metrics and liquidity alongside negative free cash flow generation (FCF). The company added 17,731 new customers in the first three months of 2023, which was 6% lower year-on year (yoy) because of the challenging operating environment and lack of sufficient sales representatives in Northern European countries. Organic net customer growth for the quarter was 2,280 after factoring in the attrition rate that increased to 7.6% from 6.9%, with total subscribers up 4% yoy to 637,566. The cost per customer acquisition (CPA) increased 31% compared to the previous period driven by below-target performance in Northern European countries, higher CPA in Southern Europe due to a larger share of installations, higher rates of customer attrition during the early stages, and increased hardware costs related to the adoption of a new technology platform and currency fluctuations. Additionally, the company incurred what it categorises as extraordinary and/or one-time costs of NOK56 million, primarily associated with its Growth & Improvement Program and a TV campaign in France. The company's reported EBITDA for the first quarter of 2023 decreased to NOK170 million, down from NOK230 million in the first quarter of 2022 (and NOK123 million in the fourth quarter of 2022). At the same time company's debt has increased due to the weakening of NOK against the EUR. The combined impact of these developments is that Sector Alarm's Moody's-adjusted leverage for the last twelve months (LTM) to March 31, 2023 stood at 11.5x. The rating agency expects leverage to remain similarly elevated throughout 2023 before a gradual improvement to around the 8x level in 2024 and the 6.5x level in 2025 driven by EBITDA growth. The company's Moody's adjusted free cash flow (FCF) remained negative at NOK631 million for the LTM ending on March 31, 2023, mainly due to higher expenses related to customer acquisition programs for new and existing customers, as well as investments in the new technology platform. Furthermore, the company's interest expense coverage weakened in the first quarter of 2023 due to a combination of increased interest expenses (NOK96 million compared to NOK45 million in the first quarter of 2022) and a decline in EBITDA. Consequently, Moody's adjusted fixed charge coverage ratio decreased from 4.6x in the first quarter of 2022 to 1.3x in the first quarter of 2023. Despite the company's recent weak performance the underlying industry fundamentals remain strong, in Moody's view, offering Sector Alarm the opportunity for profitable growth. Furthermore Moody's believes the company could quickly deleverage if it delivers on the Growth & Improvement Program and chooses to slow down its new customer growth. In this regard, the rating agency expects the company to prioritise deleveraging over growth as it approaches the maturity dates of its debt, which comprises the senior secured revolving credit facility (RCF) due in June 2025 and the senior secured term loans which mature in June 2026. Positively, the shareholders injected NOK500 million of equity in May 2023 to support the company's growth and Moody's expects the shareholders to remain supportive and fund any shortfall in future growth or liquidity needs. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS ESG considerations Moody's considers include governance risks from the company's tolerance for high leverage and concentrated decision making that creates potential for event risk and decisions that favour shareholders over creditors. OUTLOOK The stable outlook incorporates Moody's expectations of elevated leverage and weaker operating metrics in 2023 and improving performance thereafter leading to better credit metrics and a sustainable capital structure well ahead of the company's debt maturity dates. The stable outlook assumes the company maintains adequate liquidity at all times. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if the company pursues a more balanced growth strategy alongside solid operating performance that sustains Moody's-adjusted gross debt/ EBITDA towards 6x. Moody's could downgrade the ratings if Sector Alarm's Moody's-adjusted gross debt / EBITDA remains elevated for a prolonged period. Furthermore, a downgrade could also occur if: (a) there is a decline in the company's operating performance or if its FCF (after customer acquisition costs) remains materially negative for a sustained basis; or (b) there is a change in financial policy that increases expected leverage, including using debt to finance growth in the subscriber base. LIQUIDITY Sector Alarm's liquidity is adequate. Moody's expects the company to generate around NOK350 million of funds from operations in the next 12 months period. This will be enough to cover its working capital swings and partially cover its capital spending programme. As of March 31, 2023, the company's cash balance was NOK58 million, and it had EUR45 million (NOK513 million) of drawing capacity under its EUR100 million RCF. The rating agency expects that the company will further require external funds to finance its extensive customer acquisition investment programme and will also rely on its RCF during 2023 and 2024. Moody's expects the company to remain in compliance with its springing covenant under the RCF, when it is drawn above 40%, however the headroom is likely to decline in 2023. LIST OF AFFECTED RATINGS Downgrades: Issuer: Sector Alarm Holding AS Probability of Default Rating, Downgraded to B3-PD from B2-PD LT Corporate Family Rating, Downgraded to B3 from B2 Senior Secured Bank Credit Facility, Downgraded to B3 from B2 Outlook Actions: Issuer: Sector Alarm Holding AS Outlook, Changed To Stable From Negative METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. PROFILE Headquartered in Oslo, Norway, Sector Alarm is a leading provider of monitored alarm solutions. It operates in eight countries across Europe under the Sector Alarm brand name (as well as Phone Watch and HomeSecure in Ireland). The company sells and installs alarms and provides ongoing monitoring services primarily to the residential market with a customer base of more than 637,000 subscribers. In the last 12 months up to March 31, 2023, Sector Alarm reported NOK3,152 million in revenue and NOK658 million in Moody's-adjusted EBITDA. The company is majority owned by its current CEO and founder, Jorgen Dahl, with KKR holding a 30% minority stake. ========= S P A I N ========= TELEFONICA SA: Egan-Jones Retains BB- Unsecured Debt Ratings ------------------------------------------------------------ Egan-Jones Ratings Company, on June 7, 2023, maintained its 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by Telefonica SA. Headquartered in Madrid, Spain, Telefonica SA operates as a telecommunications company. =========================== U N I T E D K I N G D O M =========================== BRITISHVOLT: Australian Police Raids Office Over Tax Fraud ---------------------------------------------------------- Simon Jack at BBC News reports that the prospect of a new battery factory in Northumberland has suffered a setback after the buyer of Britishvolt was raided by Australian police. Investigators went to the offices of Scale Facilitation and SaniteX, owned by Australian entrepreneur David Collard over alleged tax fraud, BBC relates. Recharge Industries, a subsidiary of Scale Facilitation, bought Britishvolt this year after it collapsed, BBC recounts. But it is yet to pay for a prospective plant site near the Port of Blyth, BBC notes. According to BBC, sources close to Mr. Collard, who is a former partner at accountancy giant PwC, said that the tax raid is due to a misunderstanding of the interaction between US and Australian tax filings and that all parties were co-operating. Recharge Industries is ultimately owned and run by Scale Facilitation, a New York-based investment fund which has offices in Australia. Recharge Industries bought the assets of Britishvolt after it went into administration despite the public backing of politicians including former prime minister Boris Johnson, BBC relays. Britishvolt had planned to build a GBP4 billion plant in Cambois near Blyth, Northumberland to make batteries for electric vehicles and create around 3,000 skilled jobs, BBC discloses. However, the company struggled to make a profit and eventually ran out of money in January, BBC notes. According to BBC, a deadline for Recharge Industries to finalise and pay for the purchase of the site in Northumberland has been extended long beyond the original date of March 31. Insiders close to Recharge confirmed that staff wages in Australia had gone unpaid for around two weeks but insisted those payments had now been made, BBC relates. They said the company remained confident it could secure the funding to complete the purchase of the land near Blyth in the next two to four weeks, BBC notes. The BBC understands that the owners of Recharge are still hopeful that a deal to develop the GBP4 billion site can proceed. HAMMERSON PLC: Egan-Jones Retains BB Senior Unsecured Ratings ------------------------------------------------------------- Egan-Jones Ratings Company, on June 2, 2023 maintained its 'BB' foreign currency and local currency senior unsecured ratings on debt issued by Hammerson plc. Headquartered in London, United Kingdom, Hammerson plc invests in and develops property. LENDY: Administrators Still Pursuing GBP60-Mil. Live Loans ---------------------------------------------------------- Suzie Neuwirth at Peer2Peer Finance News reports that Lendy administrators are still pursuing almost GBP60 million-worth of loans where they expect further recoveries, more than four years after the peer-to-peer property lending platform collapsed. According to Peer2Peer Finance News, a six-month update from RSM reported that there are currently 12 live development finance loans (DFLs) with an outstanding value of GBP47.8 million, as of May 23, 2023. There are also 19 live property bridging loans (PBLs) with an outstanding value of GBP10.6 million, all of which have formal insolvency proceedings against them, Peer2Peer Finance News discloses. RSM's update showed that GBP34.6 million was realised from Lendy's DFLs during the first 42 months of administration, with GBP16 million distributed to investors, Peer2Peer Finance News notes. A total of GBP5.4 million from DFLs was distributed to investors during the six-month period to May 23, 2023, Peer2Peer Finance News states. A total of GBP22.6 million was realised from PBLs over the same 42-month period, with GBP10.2 million distributed to investors, according to Peer2Peer Finance News. A total of GBP7.37 million from PBLs was distributed to investors during the six-month period to May 23, 2023, Peer2Peer Finance News discloses. Lendy officially fell into administration in May 2019, amid legal disputes, regulatory restrictions, rising defaults and slow repayments to investors, Peer2Peer Finance News recounts. Since then, allegations of director fraud, numerous court cases regarding the distribution of funds and complexities within the loan book have caused the administration process to drag on, Peer2Peer Finance News notes. RSM has extended the administration process until May 23, 2025, and says that it is unable to ascertain when it will end, Peer2Peer Finance News relates. LONDON CARDS 1: Moody's Assigns Caa2 Rating to Class F Notes ------------------------------------------------------------ Moody's Investors Service has assigned definitive ratings to Notes issued by London Cards No. 1 plc: GBP150 million Class A Asset Backed Floating Rate Loan Note due June 2033, Definitive Rating Assigned Aa3 (sf) GBP18.8 million Class B Asset Backed Floating Rate Notes due June 2033, Definitive Rating Assigned A1 (sf) GBP18.8 million Class C Asset Backed Floating Rate Notes due June 2033, Definitive Rating Assigned A2 (sf) GBP18.8 million Class D Asset Backed Floating Rate Notes due June 2033, Definitive Rating Assigned Baa2 (sf) GBP18.8 million Class E Asset Backed Floating Rate Notes due June 2033, Definitive Rating Assigned Ba3 (sf) GBP12.5 million Class F Asset Backed Floating Rate Notes due June 2033, Definitive Rating Assigned Caa2 (sf) GBP8.8 million Class X Asset Backed Floating Rate Notes due June 2033, Definitive Rating Assigned B2 (sf) Moody's has not assigned ratings to the GBP12.5M Class G Asset Backed Fixed Rate Notes due June 2033 and the GBP0.01M Class Z VFN Notes due June 2033. RATINGS RATIONALE The transaction is a 3-years revolving cash securitisation of credit card receivables extended to small and medium sized companies in the UK. This is the first ABS issuance by New Wave Capital Limited (trading as "Capital on Tap") (NR). The receivables arise under designated Visa Europe Limited revolving credit card accounts originated by Capital on Tap. The originator will also act as the servicer of the portfolio during the life of the transaction. Interest on the Notes is paid monthly in order of seniority using the collections. During the revolving period, asset principal collections received will be used to fund the transfer of further receivables which arise under the designated accounts. At the end of the revolving period, principal collections will be accumulated for the benefit of noteholders in order to redeem the Notes on their scheduled maturity date. If the issuer does not fully repay the Notes by their scheduled redemption date, a rapid amortisation trigger will be breached. According to Moody's, the transaction benefits from credit strengths such as (i) high level of excess spread at closing, (ii) the Class Z VFN Notes providing additional funding to purchase eligible receivables from already designated accounts, to purchase additional eligible receivables to cover defaults or dilutions, or to fund the reserve account, (iii) no exposure to set-off risk since the originator is not a deposit taking institution. However, Moody's notes that the transaction features some credit weaknesses such as (i) credit risk exposure to small and medium sized companies, (ii) limited historical data available, (iii) Capital on Tap, an unrated entity, acting as originator and servicer in the transaction, and (iv) the pool composition can change during the revolving period which introduces some uncertainty with regards to the quality of the credit card receivables portfolio over time. Moody's analysis focused, among other factors, on (i) the credit quality of Capital on Tap (NR) as the originator, sponsor, seller and servicer of the trust; (ii) the minimum credit enhancement levels of the Notes; (iii) the excess spread available to the transaction; (iv) the structural and legal integrity of the transaction; (v) the experience of Capital on Tap in its role as servicer and originator; and (vi) the credit quality of Barclays Bank PLC as the issuer account bank. As is typical in most credit card ABS transactions, there is a high degree of linkage between the rating of the rated Notes and the credit quality of Capital on Tap. MAIN MODEL ASSUMPTIONS Moody's determined the maximum portfolio loss that is consistent with an Aaa (sf) rating ("Aaa LGSD") at 49.0%, assuming that the sponsor has closed its cardholders' accounts and that the originator is in or near to default. The key parameters used to derive the Aaa LGSD in UK trusts are: charge off rates (current, long run and peak); payment rates (current and at start of early amortisation); receivable yield rates (current, at start of early amortisation and the compression level due to potential asset-liability mismatches); servicing fees (current and stressed) and the minimum seller's interest (as per the documents). In a second step, the level of credit enhancement that is consistent with an Aaa (sf) rating is determined by lowering the Aaa LGSD by the applicable "dependency ratio" - this ratio varies according to the sponsor's credit rating or counterparty risk assessment ("CR Assessment"), if available. The higher the sponsor's credit rating or CR Assessment as the case may be, the lower the dependency ratio. The ratio reflects the likelihood of the sponsor entering default, and so higher rated sponsors will require lower Aaa credit enhancement all else being equal. The result is the minimum Aaa credit enhancement, absent of other counterparty or operational risks. For credit card receivables-backed securities whose credit enhancement is less than the Aaa credit enhancement, we adjust the rating of the securities based on the available credit enhancement level. Finally, for subordinated Notes, additional adjustments are made to account for the higher inherent loss severity due to the smaller sizes and the ranking of those Classes of Notes. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was "Credit Card Receivables Securitizations Methodology" published in November 2022. Factors that would lead to an upgrade or downgrade of the ratings: Moody's could downgrade the rating of the rated Notes if performance deteriorates materially. Specifically, if the charge off rate rises or the payment rate or yield falls. A downgrade of the sponsor's CR Assessment could also lead to a downgrade of the rating of the rated Notes, given the ongoing role of the sponsor as originator, risk manager, servicer and collector. Although certain triggers are in place that help to decrease, to a certain extent, the exposure to the sponsor in its various roles, these will probably not fully mitigate the impact of a significant deterioration in the sponsor credit quality. Hence, the originator's credit quality is always an important input in monitoring the transaction. OCADO GROUP: Fitch Affirms 'B+' LongTerm IDR, Outlook Negative -------------------------------------------------------------- Fitch Ratings has affirmed Ocado Group PLC's Long-Term Issuer Default Rating (IDR) at 'B+'. The Outlook is Negative. Fitch has also affirmed Ocado's senior unsecured instrument rating at 'B+' with a Recovery Rating of 'RR4'. The Negative Outlook continues to reflect its view of high execution risks in reaching scale and profitability amid slower ramp up and delays in rolling-out of Ocado's international customer fulfilment centres (CFCs). This is combined with refinancing requirements in a higher interest rate environment in the financial year ending November 2024 (FY24). Fitch continues to expect positive EBITDA in FY24, followed by slower growth in profits thereafter due to slightly fewer CFCs added in FY23. Based on its estimates, Ocado will not require additional capital during the next three years but it will need a timely refinancing of upcoming debt maturities in FY25-26. The rating references Ocado Plc's restricted group only, and excludes Ocado Retail Ltd (ORL, its joint venture with Marks and Spencer Group Plc; M&S) and other small entities. KEY RATING DRIVERS Broadly Unchanged Execution Risk: In its view, execution risk relating to slower ramp up of international CFCs remains high but is broadly unchanged against its previous expectations. Fitch now projects a slightly slower rollout of new international CFCs, which has a greater impact on earnings growth towards the back-end of the forecast than initially. This also leads to lower capex, which combined with accelerating earnings results in no additional capital requirement over the next three years. FY24 EBITDA Unchanged: Its updated rating case continues to show the first year of positive EBITDA of around GBP80 million in FY24. Lower profits from fewer CFCs in FY24 are largely offset by savings on central costs and slightly lower technology costs. Technology segment is the main contributor to its forecast FY26 EBITDA (post rents) of around GBP200 million, around GBP50 million below its prior forecast. Fitch believes the business will generate adequate profit margins once it reaches scale, with EBITDA margins estimated to improve towards 15% by FY26. Innovation with the 600 Series bot helping lower operating costs and faster rollout, along with potential new contracts outside the grocery space, with a capital-light funding approach, provide upside to its forecast from FY25-FY26. Its forecast continues to assume that individual international CFCs (average of five modules) ramp up within two years, with full revenue and profit contribution from year three. Higher Cost of Capital: Fitch expects weaker EBITDAR coverage metrics, at 1.6x on average in FY24-FY26, as Ocado will refinance its GBP600 million convertible bond around 12 months ahead of its maturity in December 2025 at materially higher interest rates. Its forecast no longer includes a material inflow from M&S as deferred consideration. Lack of clarity over the refinancing prospects would result in a downgrade. International CFCs Delayed: Fitch now incorporates 22 instead of nearly 30 live international CFCs by end-FY24. Kroger is the key partner, with eight live CFCs of around 20 planned, and the rollout is slower than initially envisioned. Fitch understands that opening of CFCs for Coles in Australia may also be delayed to FY24 from FY23. Its forecast incorporates on average GBP500 million annual capex per year, which is lower than under its previous forecast due to slower ramp up and rollout of CFCs. ORL Underperforms in FY22: As estimated, ORL has been affected by cost of living pressures and normalisation of online volumes after the pandemic. The company's FY23 guidance on recovery with marginally positive EBITDA is below its previous rating case, and Fitch expects more gradual orders per week (OPW) growth than previously. In its view, around 950,000 active customers (1Q23) that have shopped at Ocado within the last 12 months, and its geographic coverage support future growth in OPW from 377,000 in FY22. Ocado has been adjusting its capacity by closing its oldest and least efficient Hatfield CFC. Combined with the new Luton CFC opening in FY23, this will lead to around 520,000 OPW capacity by end-FY23. Importance of Profitable Online Channel: Ocado's technology achieves efficiency and profitability in the online channel, which is critical to retailers. Despite the post-pandemic normalisation, the long-term trend is for the grocery online channel to expand. In turn, this will continue driving demand for Ocado's solutions. This is confirmed by Ocado's key account Kroger, a US-based retailer, which is behind its growth target for digital sales and focused on delivering operational efficiencies. Fitch believes ORL is a poster-child for what can be achieved with Ocado's technology in the eyes of its partners and investors, underlining the importance of its profit recovery. DERIVATION SUMMARY Fitch applies its Business Service Navigator framework to Ocado. This reflects that the UK retail operations are ring-fenced with no direct recourse to Ocado's group lenders and its view that the business risk profile of the solutions business will drive Ocado's credit quality in the long term, given the accelerating growth of and investment in these operations. In comparison with Irel Bidco S.a.r.l (IFCO, B+/Stable), engaged in reusable packaging container solutions to retail sector, Ocado is currently less established and presents higher execution risk. IFCO's is a global leader in a niche market and benefits from scale, geographic diversification, long customer relationships in a sector with good growth prospects. Ocado will have similar characteristics once the business reaches scale, in addition to contracted revenue base, low customer churn and high switching costs (a function of its bespoke technology). This helps counterbalance some reliance on Kroger as its key customer and partner. Once it reaches scale, Fitch expects Ocado to demonstrate solid profitability for the rating, with the EBITDA margin trending towards 15% and the funds from operations (FFO) margin towards 10% (by FY26), which is below the more established IFCO with an EBITDA margin above 20%. Leverage metrics are currently meaningless for Ocado and even by FY24, the ability to deleverage organically from positive free cash flow, and hence the rating, are likely to come under pressure due to continued capex requirements. This compares with lower expected leverage for IFCO, at below 6.0x, which is more aligned with the rating category. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Revenues under Technology Solutions segment to grow towards GBP720 million in FY26 as CFCs are ramped up and rolled out (on average five CFCs per year between FY23-25) from around GBP300 million in FY22; - Revenues for UK Logistics increasing due to cost recharges upon increase in items picked towards GBP770 million by FY26; - EBITDAR of Technology Solutions segment to reach around GBP80 million in FY24 and GBP200 million in FY26; - Overall restricted group EBITDA (post leases) to turn positive in FY24 at around GBP80 million, and at around GBP200 million by FY26; - Gross capex (excluding ORL) averaging around GBP500 million a year in FY23 to FY26; - GBP15 million-GBP25 million M&A, investment spend per year; - No upstream dividends from the JV, Ocado to inject GBP75 million via shareholder loans into the JV over the next two years; - No common dividend payments. Fitch's Key Recovery Rating Assumptions: The recovery analysis assumes that Ocado would be reorganised as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim and the value available to creditors consisting of the sum of Ocado restricted group's enterprise value (EV) and 50% of the JV. Ocado's GC EBITDA is based on the first year of projected positive EBITDA for the restricted group (FY24) at around GBP80 million. This corresponds to the point when few international CFCs are assumed to have ramped up, while Ocado continues its expansion. Fitch considers that about GBP71 million (unchanged) of this would be available to creditors post-restructuring, given the execution risks in the international Technology segment while also recognizing a more established UK business. Fitch has used a 6.0x EV/EBITDA multiple (unchanged), which is in line with business services companies' distressed multiple, but reflects the strong growth of Ocado's business and its market position. Fitch attributes half of its estimated GBP0.9 billion (unchanged) value for this business in its GC valuation for Ocado. Fitch views that a default of ORL would not be simultaneous and consequently base the JV valuation on the expected sustainable medium-term EBITDA of GBP110 million (unchanged) and an 8x multiple, which is not a distressed valuation. The multiple is based on trading multiples for grocers, higher multiples for pure online retailers and technology companies. Any increase in debt at the JV (Fitch deducts its GBP30 million revolving credit facility; RCF) will affect the value attributed to it. Ocado's GBP300 million RCF ranks ahead of its other existing debt. Senior unsecured notes rank pari passu with GBP950 million convertible. The outcome of the recovery analysis for senior unsecured notes is in line with a 'B+'/'RR4', aligned with Ocado's Long-Term IDR. The waterfall analysis output percentage is 32% (unchanged). Should additional debt ranking ahead or pari passu with unsecured notes be added to Ocado's capital structure, this will push the Recovery Rating of the notes to 'RR5'. RATING SENSITIVITIES Factors That Could, Individually Or Collectively, Lead To Positive Rating Action/Upgrade (BB-) Fitch does not envisage positive rating action over the forecast period (to FY26), reflecting the inherent execution risks associated with the rapid transformation into a solutions and business service provider. However, over the longer term, evidence of greater maturity in the solutions business, with increasing scale and diversification, EBITDA growing towards GBP250 million and lower upfront capex would indicate successful execution of Ocado's growth strategy and be positive for the rating with - FFO margin at low- to mid-single digits - Visibility of EBITDAR gross leverage below 5.0x on a sustained basis Factors That Could, Individually Or Collectively, Lead To A Revision Of The Outlook To Stable (B+) - Faster ramp up of capacity in the technology division ahead of its rating case (in FY24), combined with well-managed performance in the UK Logistics division, along with well managed technology and central cost base, leading to stronger profitability and cash generation at EBITDA and FFO level and recovery in ORL's profitability - Addressed refinancing needs and comfortable liquidity headroom supporting growth plans in the medium term Factors That Could, Individually Or Collectively, Lead To Negative Rating Action/Downgrade (B) - Continued execution challenges associated with Ocado's business transformation, such as further delays in roll-out of new CFCs, inability to scale up leading to underperformance in the technology segment, or lack of recovery in performance of the JV, or a further delay to or cost overruns in the roll-out of the investment plan, leading to a faster cash burn and weaker earnings than anticipated in Fitch rating case leading to: - Higher cash burn than its rating case, leading to further funding needs over the four-year rating horizon, with readily available cash below GBP0.7 billion at end-FY23 or at a level insufficient to fund operation and investments until at least December 2025 - Refinancing needs not addressed 12-18 months ahead of requirement/ maturities - Slower ramp up in international CFCs or higher costs leading to further delays in breakeven/positive profitability, restricted group unable to generate near break-even EBITDA by FY23 and positive EBITDA by FY24 - Evidence of an increase in the number of new CFCs or new capex-intensive initiatives without sufficient funding in place. LIQUIDITY AND DEBT STRUCTURE Adequate Cash to Fund Investments: The restricted group has adequate available liquidity comprising around GBP1.3 billion cash and a fully undrawn GBP300 million RCF to continue investing in capex in FY23-FY25. Fitch expects Ocado to retain about GBP0.8 billion of cash on its balance sheet at end-FY23. Approaching Debt Maturities: Ocado's medium-term liquidity profile is strongly dependent on its ability to timely address upcoming debt maturities with GBP600 million convertible notes due December 2025 followed by GBP500 million senior unsecured notes due October 2026. Ocado has demonstrated strong access to financial markets via a number of capital raises in the past, including GBP500 million senior unsecured notes in September 2021, following a GBP350 million convertible bond issue along with a GBP657 million new share placement in 2020. ISSUER PROFILE Ocado is a technology company that develops end-to-end operating solutions for online grocery retail. It also has its own grocery retail operations, which are ring-fenced in a JV with M&S. 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 ----------- ------ -------- ----- Ocado Group PLC LT IDR B+ Affirmed B+ senior unsecured LT B+ Affirmed RR4 B+ PEPCO GROUP: Fitch Gives First-Time BB LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has assigned Pepco Group N.V. a first-time Long-Term Issuer Default Rating (IDR) of 'BB' with a Stable Outlook. Fitch has also assigned the existing senior secured debt issued by PEU (Fin) Limited and PEU (Tre) Limited a senior secured rating of 'BB+' with a Recovery Rating of 'RR2' and the planned EUR300 million senior secured notes to be issued by PEU (Fin) Limited an expected senior secured rating of 'BB+(EXP)'/'RR2'. The 'BB' IDR reflects Pepco's scale, leading market positions in central and Eastern Europe (CEE), value positioning, improving diversification and record of revenue and profit growth along with adequate leverage for the rating. This is balanced by execution risk from accelerated expansion in Western Europe leading to negative free cash flow (FCF) over the next two years and neutral thereafter, some near-term margin pressure and weak coverage metrics. The Stable Outlook is driven by an adequate liquidity position to support accelerated capex plans over the next two years, a sizeable part of which is discretionary, combined with EBITDAR leverage stabilising at around 4.0x. Assignment of a final rating is contingent on completing the transaction in line with terms already presented and using the proceeds to repay existing term debt as planned. KEY RATING DRIVERS Strong Growth for Discounter: Its forecast incorporates continued double-digit revenue growth over FY23-FY26 (financial year ending September) due to Pepco's value appeal to consumers and accelerated new store openings. Fitch assumes more normalised like-for-like (LFL) sales growth as the increased cost of living affects discretionary demand in 2H23. This follows 11% LFL sales growth in 1H23, and the company's guidance about weaker consumer sentiment around discretionary spend in response to high inflation in April and May, leading to mixed performance in clothing and general merchandise categories. Fitch expects LFL sales growth to align with historical performance from FY24, at around 5%-6% for the Pepco segment. Execution Risk from Expansion: Fitch sees execution risk from Pepco's ambitious plans to add around 550 stores per year over the next four years, with the majority in Western Europe. In its view, there is a risk of overexpansion, intensifying competitive pressures in some markets, as well as potential for less stickiness to the discounter model upon economic recovery in Western markets, where the share of discretionary disposable income is above that of CEE. However, Fitch regards Pepco's approach to entering new Western markets, such as Germany, as prudent, and consider that the current cost of living pressures continue to provide discounters with the opportunity to gain market share. Profit Growth: Fitch expects EBITDAR to trend to EUR1 billion by FY25 from around EUR700 million forecast in FY23. However, Fitch projects the EBITDAR margin will remain below pre-pandemic levels at 15% vs 18% in FY19 due to accelerated expansion into Western markets with a higher cost base and the need to build brand and scale, unlike CEE countries, where Pepco has an established market position and scale. Furthermore, its strategy to increase the fast-moving consumer goods (FMCG) share in Pepco stores will weigh on the margin. Near-term Margin Pressure: Fitch's forecast incorporates continued margin pressure and projects an EBITDAR profitability decline in FY23 to 13% from around 15% in FY22. This will mainly be due to a lower gross profit margin under Pepco brand (around 70% of FY22 reported underlying EBITDA), and operating cost inflation. From FY24, Fitch estimates a gradual recovery in profit margins as cost-inflationary pressures ease, some with a lag due to the long buying cycle, and as efficiency programmes show results, leading to EBITDAR margins expanding towards 15%. Weak Coverage Metrics: Fitch projects weak coverage metrics for the rating, with EBITDAR fixed charge coverage of around 2.0x, mapping to the 'b' mid-point. This is mostly due to the high share of leases and a fast-growing store network, affected by new stores ramp up. A tightening coverage ratio would signal declining capital returns due to weak execution of the business strategy, and could put the ratings under pressure. Cash-generative Operations, Capex-driven FCF: Pepco generates adequate operating cash flow with the funds from operations (FFO) margin projected to trend to 7% by FY26. However, due to higher discretionary capex on expansion and store refurbishments, Fitch anticipates negative FCF over the next two years, before it turns mildly positive (above 1%). Based on its assessment of the sector and Pepco's corporate strategy, Fitch believes all operating cash will likely be reinvested into new stores, resulting in a mostly negative FCF profile, albeit also bringing additional earnings. Accumulated cash could be used for shareholder distributions if approved by the board, and subject to financing documentation restrictions. Adequate Leverage: Fitch views Pepco's leverage metrics as adequate, with EBITDAR gross leverage estimated at around 4.5x over the next two years, potentially improving towards 4.0x from FY25 due to mild profitability expansion. Fitch forecasts an additional EUR1.6 billion lease debt by FY26, as Fitch capitalises lease expenses, in line with its methodology, using a weighted average 7.6x multiple based on the country mix of Pepco's operations. Fitch estimates Pepco's guided net debt/ EBITDA (pre-IFRS16) of 1.5x to be comfortably achieved, although this does not provide material protection as an increase in lease debt is not captured within this guidance. Resilient Business Profile: In its view, Pepco has a resilient business profile benefiting from scale, leading market positions in its core CEE markets with well-known brands, and a value offering that should help protect LFL growth, even if some product categories are affected by the decline in discretionary demand, and limited fashion risk within adult-wear (around 15% of sales). It has reasonably good and improving geographic diversification across 20 markets. The UK and Poland remain key markets (60% of FY22 sales). Fitch believes Pepco balances the more discretionary but higher gross margin and value offering within clothing & home under Pepco brand with the less discretionary and lower margin FMCG offering under the Poundland and Dealz brands. The lack of an online sales channel may lead to the loss of some consumers that value convenience above value, although this approach is not dissimilar to other discounters. DERIVATION SUMMARY Fitch rates Pepco using its Non-Food Retail Navigator. Pepco's business is broadly comparable with that of other Fitch-rated peers in the food and non-food retail sectors. Pepco has meaningful size but it is smaller (by revenue) than its non-food retail rated peers, including Ceconomy AG (BB/Stable), the largest electronics retailer in Europe, Marks and Spencer Group plc (M&S, WD, BB+/Stable until November 2022) and Kingfisher plc (BBB/Stable), the largest DIY group in the UK and Poland. Pepco demonstrates stronger growth and higher profit margins, in particular against Ceconomy, which benefits from being market leader with a large share of revenues online, but suffers from low margin amid price transparency in a broadly flat market. Pepco has a smaller scale than European discounter Action (unrated), similar to B&M European Value Retail S.A. (B&M, unrated) and larger than Dutch Hema (unrated). Discounters are growing strongly and demonstrate good profit margins. Pepco has higher EBITDAR leverage (around 4.5x) than Kingfisher plc (around 2x) and M&S (around 3x). Leverage is expected to be similar to Ceconomy over the rating horizon. Compared with its Fitch-rated food retail peers, including Bellis Finco plc (ASDA, B+/Stable), WD FF Limited (Iceland, B/Negative) and Market Holdco 3 Limited (Morrisons, B+/Stable), Pepco is materially smaller in terms of scale (except Iceland), better geographically diversified, with higher exposure to discretionary spending than grocers. Pepco's profitability is higher than that of food grocers who operate on thinner margins. Pepco is less levered than these grocers, but has weaker coverage metrics than ASDA and Morrisons due to a large part of their stores being freeholds. Generic Approach to Instrument Ratings: Fitch has applied generic approach to senior secured debt instrument ratings and this results in a one-notch uplift from IDR at 'BB+'/RR2, in line with its Corporates Recovery Ratings and Instrument Ratings Criteria. Ring-fencing from Steinhoff: Fitch rates Pepco on a standalone basis amid insulated legal ring-fencing and porous to insulated access and control, in line with its criteria. The Pepco group does not guarantee or provide security to creditors lending above Pepco and there is no cross default between the groups. There is an established governance framework to regulate the relationship between Pepco and the entities above, and to keep transactions in the best interests of Pepco group and at arm's length. Dividend distributions are not explicitly forbidden according to documentation, but would require board approval and be limited under debt covenants. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer: - 500 new store openings per year for Pepco and 50 for Poundland/Dealz, in line with management's business plan, which will drive solid top line growth of 14% in FY23, followed by around 10-13% over the rating horizon - EBITDAR margin to decline to around 13% in FY23, then recover to around 15% by FY26 - EBITDA margin around 7% in FY23-24, recovering towards 8.6% by FY26 - Small working capital outflows over the rating horizon from some planned improvements in working capital management. Increased use of supply chain finance facility with half of it treated as debt (which is increasing from EUR100 million in FY22 to around EUR210 million in FY26), assuming that this is used to extend payables days. - Average annual capex of around at EUR370 million per year between FY23 and FY26, with material portion of it discretionary and relating to new store expansion and store refits - No M&A and no dividends in the next four years RATING SENSITIVITIES Factors That Could, Individually Or Collectively, Lead To Positive Rating Action/Upgrade - Continued LFL sales growth along with successful expansion and ability to manage cost inflation while protecting profitability, leading to growth in EBITDAR towards EUR 1.25 billion - FFO margin trending towards 10% and positive FCF post growth capex and dividends (if re-instated) - EBITDAR gross leverage below 3.8x on a sustained basis combined with maintained prudent financial policy - EBITDAR fixed charge cover trending towards 2.5x on a sustained basis Factors That Could, Individually Or Collectively, Lead To Negative Rating Action/Downgrade - LFL sales decline, loss of market share, unsuccessful expansion or inability to manage cost inflation leading to weaker profitability, and reduced deleveraging capacity with - EBITDAR gross leverage above 4.5x on a sustained basis - EBITDAR fixed charge cover below 2.0x on a sustained basis - Persistently negative or low visibility of FCF due to underperformance, continued accelerated expansion not yielding returns, or large shareholder distributions leading to weakened liquidity headroom. LIQUIDITY AND DEBT STRUCTURE Adequate Liquidity: As of 30 March 2023, Pepco had adequate available liquidity, comprising reported cash of EUR260 million, with a EUR102 million undrawn revolving credit facility (RCF) of a total committed EUR190 million. Of the reported cash, Fitch restricts EUR125 million as cash required for operations in its calculations. As part of the transaction, Pepco will upsize its RCF to EUR390 million, which further supports liquidity. On completion of the refinancing, Pepco will benefit from improved debt maturities with a term loan due in 2026 and the new senior secured notes, which refinance the existing term loan A maturing in 2024, due in 2028. ISSUER PROFILE Pepco Group is a large-scale variety discounter operating across Europe from around 4,000 stores in 20 countries in Europe, with its two largest markets the UK and Poland. 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 ----------- ------ -------- Peu (Tre) Limited senior secured LT BB+ New Rating RR2 Pepco Group N.V LT IDR BB New Rating Peu (Fin) Limited senior secured LT BB+ New Rating RR2 senior secured LT BB+(EXP) Expected Rating RR2 ROBERT GODDARD: Creditors Back Company Voluntary Arrangement ------------------------------------------------------------ Zoe Hu at Drapers reports that the creditors of independent mini-chain Robert Goddard have given the green light to its proposed company voluntary arrangement (CVA). According to Drapers, the upmarket retailer, which operates 10 locations, said there will be no store closures as a result of the CVA and the 100 staff at the business will be unaffected. More than 90% of all voting creditors, including landlords, approved the move, Drapers relates. Drapers understands that the CVA lasts five years and involves rent reductions for less than half of its store portfolio. However, further details of the CVA proposal have not been revealed. Robert Goddard dates back to 1895, when businessman George Goddard opened an eponymous menswear store in King's Lynn, Norfolk. ROSEBERRY VIEW: Enters Administration, Seeks Buyer for Business --------------------------------------------------------------- Alex O'Leary at TeesideLive reports that Roseberry View Lodge Retreat, a luxury development of holiday lodges with stunning views of Roseberry Topping, has fallen into administration just years after it launched off Pannierman Lane in Great Ayton. Steve Kenny and Richard Cole, of KBL Advisory Limited, have been appointed as joint administrators of the site -- which was owned by businessman Andrew Platts -- as confirmed in a statement, which says it "has been necessary to cancel some events", TeesideLive relates. According to TeesideLive, a statement on the Roseberry View Facebook Page states: "Steve Kenny and Richard Cole of KBL Advisory Limited were appointed as joint administrators of ACP Leisure Limited trading as Roseberry View Log Cabins on June 20, 2023. The business will continue to trade under the supervision of the joint administrators whilst they seek to find a buyer for the business and assets of the company." TOGETHER ASSET 2022-2ND1: DBRS Confirms B Rating on Class F Notes ----------------------------------------------------------------- DBRS Ratings Limited took the following rating actions on the notes issued by Together Asset Backed Securitization 2022-2ND1 plc: -- Class A Loan Note confirmed at AAA (sf) -- Class B confirmed at AA (sf) -- Class C upgraded to A (high) (sf) from A (low) (sf) -- Class D upgraded to BBB (high) (sf) from BBB (sf) -- Class E confirmed at BB (low) (sf) -- Class F confirmed at B (sf) The rating on the Class A Loan Note addresses the timely payment of interest and the ultimate payment of principal on or before the legal final maturity date. The ratings on the Class B, Class C, Class D, Class E and Class F notes address the timely payment of interest while the senior-most class outstanding, otherwise the ultimate payment of interest and the ultimate payment of principal on or before the legal final maturity date. The rating actions follow an annual review of the transaction and are based on the following analytical considerations: -- Portfolio performance, in terms of delinquencies, defaults, and losses, as of the May 2023 payment date; -- Portfolio default rate (PD), loss given default (LGD), and expected loss assumptions on the remaining receivables; and -- Current available credit enhancement (CE) to the notes to cover the expected losses at their respective rating levels. The transaction is a securitizations of second-lien mortgage loans, both owner-occupied and buy to let, backed by residential properties in the United Kingdom. The loans are originated and serviced by Blemain Finance Limited, Together Personal Finance Limited, and Together Commercial Finance Limited, all of which belong to the Together Group of companies. BCMGlobal Mortgage Services Limited acts as the standby servicer. The legal final maturity date is at the payment date in February 2054. PORTFOLIO PERFORMANCE Delinquencies have been trending upwards since closing. As of the May 2023 payment date, 60- to 90-day delinquencies and 90+-day delinquencies were 0.8% and 0.9% of the outstanding portfolio balance, respectively. As of the May 2023 payment date, cumulative repossessions were minimal and cumulative principal losses were zero. Loans in Law of Property Act receivership represented 0.1% of the initial portfolio balance. PORTFOLIO ASSUMPTIONS AND KEY DRIVERS DBRS Morningstar conducted a loan-by-loan analysis of the remaining pool of receivables for each transaction and updated its base case PD and LGD assumptions to 9.2% and 16.7%, respectively, from 7.7% and 37.4% at closing, respectively. The increase in the base case PD assumption reflects the increase in total delinquencies since closing while the decrease in the base case LGD reflects the version of the European RMBS Insight Model introduced in September 2022, which had a positive impact on the LGD overall as the market value declines were lower in regions such as London and Greater London, which compose the majority of the portfolio. CREDIT ENHANCEMENT AND RESERVES The credit enhancement consists of the subordination of the junior notes. As of the May 2023 payment date, the CE increased since closing as follows: -- CE to the Class A Loan Note to 33.0% from 26.5% -- CE to the Class B to 28.0% from 22.5% -- CE to the Class C to 20.2% from 16.2% -- CE to the Class D to 12.8% from 10.2% -- CE to the Class E to 6.2% from 5.0% -- CE to the Class F to 4.4% from 3.5% The transaction benefits from an amortizing liquidity reserve, which covers senior fees, swap payments, and interest shortfalls on the Class A Loan Note. As of the May 2023 payment date, the liquidity reserve was at its target level of GBP 2.8 million. Elavon Financial Services DAC, U.K. Branch (Elavon UK) acts as the account bank for the transaction. Based on DBRS Morningstar's private rating on Elavon UK, the downgrade provisions outlined in the transaction documents, and other mitigating factors inherent in the transaction structure, DBRS Morningstar considers the risk arising from the exposure to the account bank to be consistent with the rating assigned to the Class A Loan Note, as described in DBRS Morningstar's "Legal Criteria for European Structured Finance Transactions" methodology. Natixis S.A., London Branch (Natixis) act as the swap counterparty for the transaction. DBRS Morningstar's private rating on Natixis is consistent with the first rating threshold as described in DBRS Morningstar's "Derivative Criteria for European Structured Finance Transactions" methodology. DBRS Morningstar analyzed the transaction structure using Intex DealMaker. Notes: All figures are in British pound sterling unless otherwise noted. UNBOUND GROUP: Mulls Restructuring Amid Sale Talks -------------------------------------------------- Mark Kleinman at Sky News reports that the owner of Hotter Shoes is drawing up plans to resort to an emergency restructuring mechanism amid stuttering hopes of a sale. Sky News has learnt that London-listed Unbound Group has asked its advisers at Interpath to commence preparations for a restructuring plan -- which would require court approval -- allowing it to shed some of its liabilities. The talks were described by one source as "contingency planning" on June 22, although they acknowledged that such an outcome was becoming increasingly realistic, Sky News relates. The identity of parties with which it had held talks about a sale was unclear, Sky News notes. Hotter Shoes trades from 17 standalone stores and just under 10 concessions in garden centres. The company has been struggling for some time and in May announced that a GBP10 million investment from Marwyn Investment Management had fallen through, Sky News discloses. It also warned that it was operating in "worsening" trading conditions, according to Sky News. In 2020, it launched a company voluntary arrangement (CVA) which resulted in the permanent closure of 46 stores, Sky News recounts. According to Sky News, a spokesman for Unbound said it had "initiated a formal review of strategic options which included several possible outcomes, all of which are currently still under consideration". WILKO: Extends Contract with GXO Direct Until June 2026 ------------------------------------------------------- Steve Farrell at The Grocer reports that Wilko has extended its contract with its home delivery partner GXO Direct, in what it says is a sign the retailer is progressing, despite reports it is in trouble. Growing online sales is central to Wilko's turnaround strategy through its "omnichannel transformation" plan, The Grocer states. The contract with logistics provider GXO Direct, which fulfils the orders, has been extended until June 2026, The Grocer discloses. It comes as Wilko prepares to enter a restructuring process known as a company voluntary arrangement, in which it will seek rent reductions from landlords, The Grocer notes. Wilko CEO Mark Jackson earlier last week said no store closures were planned as a result of the process, The Grocer recounts. The business is reported to be at risk of running out of money and falling into administration if the CVA is rejected in a crucial creditor vote to take place within weeks, according to The Grocer. Wilko's omnichannel strategy saw it roll out a click & collect service to all 400 stores earlier this year, The Grocer relates. The retailer, as cited by The Grocer, said on June 22 it had also recently partnered with Clearpay to add a "buy now pay later" option to its online checkout. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week June 19 to June 23, 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 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2.625 09/05/2027 EUR 68.951 Air France-KLM 0.125 3/25/2026 EUR 17.037 Desenio Group AB 8.785 12/16/2024 SEK 60.000 SCF Capital Desig 3.850 4/26/2028 USD 58.876 British American 3.750 EUR 73.903 Samhallsbyggnadsb 2.875 EUR 24.586 EP Infrastructure 1.816 03/02/2031 EUR 70.810 Idorsia Ltd 2.125 08/04/2028 CHF 56.359 HSE Finance Sarl 9.073 10/15/2026 EUR 53.208 Romanian Governme 4.125 03/11/2039 EUR 75.322 Allianz SE 2.625 EUR 68.361 Takko Luxembourg 5.375 11/15/2023 EUR 71.000 Heimstaden Bostad 3.625 EUR 52.554 Korian SA 0.875 03/06/2027 EUR 42.765 Takko Luxembourg 8.698 11/15/2023 EUR 70.150 Abengoa Abenewco 1.500 10/26/2024 EUR 1.328 ESPG AG 6.000 10/01/2023 EUR 75.822 United Kingdom Gi 1.250 10/22/2041 GBP 62.942 Piraeus Financial 8.750 EUR 74.978 Gazprom PJSC via 2.950 1/27/2029 USD 63.375 Rothschild & Co C 5.500 USD 67.656 Compact Bidco BV 5.750 05/01/2026 EUR 67.091 UBS Group AG 3.875 USD 74.250 Erste Group Bank 3.375 EUR 74.226 Altice France Hol 4.000 2/15/2028 EUR 57.525 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0.780 03/05/2030 EUR 73.108 Endo Luxembourg F 6.125 04/01/2029 USD 71.428 British Telecommu 3.883 6/25/2039 GBP 73.558 Lehman Brothers U 5.125 EUR 15.517 Bellis Finco PLC 4.000 2/16/2027 GBP 68.700 ING Bank NV 1.000 2/17/2037 EUR 75.334 Intesa Sanpaolo S 2.500 10/14/2031 USD 73.844 Ile-de-France Mob 1.275 2/14/2042 EUR 68.066 Region of Ile de 0.610 07/02/2040 EUR 61.992 MHP Lux SA 6.250 9/19/2029 USD 48.421 Raiffeisen Bank I 0.370 02/03/2033 EUR 63.710 Banco Santander S 0.100 2/27/2032 EUR 75.326 Rallye SA 3.400 2/28/2032 EUR 1.733 Schoeller Packagi 6.375 11/01/2024 EUR 70.996 Abengoa Abenewco 1.500 10/26/2024 USD 0.973 Norwegian Air Shu 7.500 11/10/2023 USD 73.375 Ukraine Governmen 7.750 09/01/2024 USD 21.081 VTB Bank OJSC Via 6.250 6/30/2035 USD 22.822 Nykredit Realkred 1.000 10/01/2050 DKK 68.637 Ukraine Governmen 7.750 09/01/2028 USD 16.938 Italy Buoni Polie 2.150 09/01/2052 EUR 61.997 State of North Rh 1.450 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 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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 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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 Occitanie 1.339 3/21/2042 EUR 68.495 Raiffeisen Landes 2.000 8/28/2048 EUR 72.168 Credit Agricole C 5.400 1/31/2028 BRL 73.427 Landesbank Baden- 0.820 02/01/2039 EUR 58.808 Wirtschafts- und 0.200 12/14/2045 EUR 48.624 SAir Group 6.250 10/27/2002 CHF 10.415 Autonomous Commun 1.646 7/30/2060 EUR 51.646 Citigroup Global 1.150 9/19/2039 EUR 62.316 Vasakronan AB 3.100 09/09/2039 AUD 62.813 NRW Bank 0.473 6/23/2049 EUR 56.213 DZ Bank AG Deutsc 0.330 8/18/2033 EUR 72.849 Banque Internatio 1.600 07/07/2036 EUR 64.906 Banca Popolare di 9.500 10/02/2025 EUR 0.380 Agence France Loc 0.586 6/20/2034 EUR 73.713 Nationwide Buildi 1.420 4/23/2041 EUR 75.389 Raiffeisenlandesb 1.174 07/11/2034 EUR 75.331 Region de Bruxell 1.528 04/05/2049 EUR 63.364 Nationwide Buildi 1.336 2/26/2041 EUR 73.231 Norddeutsche Land 1.600 08/01/2039 EUR 62.776 Phosphorus Holdco 10.000 04/01/2019 GBP 1.500 Lloyds Bank PLC 2.637 1/16/2040 AUD 66.941 PJSC Koks via IMH 5.900 9/23/2025 USD 7.513 Deutsche Bank AG 0.510 9/16/2031 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 * * *