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       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, July 10, 2023, Vol. 24, No. 137

                           Headlines



B E L G I U M

APOLLO FINCO: EUR348M Bank Debt Trades at 31% Discount


B O S N I A   A N D   H E R Z E G O V I N A

PROCREDIT BANK SARAJEVO: Fitch Affirms 'B+' IDR, Outlook Stable


F R A N C E

CASINO GUICHARD: EUR1.43B Bank Debt Trades at 34% Discount


G E O R G I A

MFO CRYSTAL: Fitch Affirms 'B-' IDR & Alters Outlook to Positive


I R E L A N D

ANCHORAGE CAPITAL 8: Fitch Rates Class F Debt 'Bsf'
CONTEGO CLO XI: Fitch Assigns 'B-sf' Rating to Class F Notes
ENERGIA GROUP: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable
FIDELITY GRAND 2023-1: Fitch Assigns 'B-(EXP)sf' Rating to F Notes
FORTUNA CONSUMER 2021: Fitch Ups Rating on Cl. E Notes From BBsf

HENLEY CLO II: Fitch Upgrades Rating on Cl. E-R Notes to 'BBsf'


I T A L Y

DOVALUE SPA: Fitch Alters Outlook on 'BB' IDR to Stable
NEXI SPA: Fitch Upgrades IDR & Senior Unsecured Notes to 'BB+'
SIENA MORTGAGES 07-5: Fitch Affirms 'B-sf' Rating on Class C Notes


L A T V I A

ELEVING GROUP: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable


L U X E M B O U R G

COVIS FINCO: $395M Bank Debt Trades at 28% Discount
MALLINCKRODT FINANCE: Calamos DCIF Marks $272,911 Loan at 28%
MALLINCKRODT FINANCE: Calamos GDIF Marks $293,905 Loan at 28% Off
SUNSHINE LUXEMBOURG VII: Fitch Alters 'B' LongTerm IDR to Positive


N E T H E R L A N D S

LEALAND FINANCE: $500M Bank Debt Trades at 43% Discount


N O R W A Y

ADEVINTA ASA: Fitch Raises LongTerm IDR to 'BB+', Outlook Stable


P O R T U G A L

BANCO MONTEPIO: Fitch Hikes LongTerm IDR to 'B+'; Outlook Positive


R O M A N I A

KMG INTERNATIONAL: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable


S P A I N

DURO FELGUERA: EUR85M Bank Debt Trades at 28% Discount
GREEN BIDCO: Fitch Assigns First Time 'B(EXP)' Long Term IDR
MBS BANCAJA 4: Fitch Affirms 'CCCsf' Rating on Class E Notes
SABADELL CONSUMO 2: Fitch Affirms BBsf Rating on Class F Notes


S W E D E N

SAMHALLSBYGGNADSBOLAGET I NORDEN: Fitch Puts 'BB+' IDR on RWN


T U R K E Y

SASA POLYESTER: Fitch Affirms 'B' LongTerm IDR, Outlook Negative


U K R A I N E

PRIVATBANK JSC: Fitch Affirms 'CCC-/CCC' Issuer Default Ratings
UKREXIMBANK JSC: Fitch Affirms 'CCC-/CCC' Issuer Default Ratings


U N I T E D   K I N G D O M

ABERYSTWYTH MARINA: Enters Administration, Owes Almost GBP14MM
ALBA PLC 2006-2: Fitch Lowers Rating on Class F Notes to 'CCCsf'
BILLING AQUADROME: Placed Into Administration
COLIN MEAR: Bought Out of Administration in Pre-pack Deal
EG GROUP: Fitch Gives B+(EXP) Rating to Secured Term Loans

EMPIRE CINEMAS: Goes Into Administration, 150 Jobs Affected
HELIOS TOWERS: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
ONTO: At Risk of Falling Into Administration
PATAGONIA BIDCO: GBP550M Bank Debt Trades at 18% Discount
PUNCH PUBS: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable

TOGETHER ASSET 2022-1ST1: Fitch Affirms 'BBsf' Rating on E Notes


X X X X X X X X

[*] BOND PRICING: For the Week July 3 to July 7, 2023

                           - - - - -


=============
B E L G I U M
=============

APOLLO FINCO: EUR348M Bank Debt Trades at 31% Discount
------------------------------------------------------
Participations in a syndicated loan under which Apollo Finco BV is
a borrower were trading in the secondary market around 68.9
cents-on-the-dollar during the week ended Friday, July 7, 2023,
according to Bloomberg's Evaluated Pricing service data.

The EUR348 million facility is a Term loan that is scheduled to
mature on October 8, 2028.  

Apollo Finco BV was established in June 2021. It is a unit of
Apollo Bidco. The Company's country of domicile is Belgium.




===========================================
B O S N I A   A N D   H E R Z E G O V I N A
===========================================

PROCREDIT BANK SARAJEVO: Fitch Affirms 'B+' IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed ProCredit Bank d.d. Sarajevo's (PCBBiH)
Long-Term Issuer Default Rating (IDR) at 'B+' with a Stable
Outlook, its Shareholder Support Rating (SSR) at 'b+' and its
Viability Rating (VR) at 'b-'.

KEY RATING DRIVERS

PCBBiH's IDRs and SSR reflect Fitch's view of potential support
from its sole shareholder, ProCredit Holding AG & Co. KGaA (PCH;
BBB/Stable).

PCBBiH's VR of 'b-' is constrained by its small scale. Despite
reasonable credit metrics, prudent risk management and resilient
asset quality, the bank's VR is one notch below its implied VR for
its business profile. This is due to franchise limitations and an
only moderate record of profitable operations in Bosnia and
Herzegovina, where Fitch deems the operating environment for banks
as high-risk.

Country Risks Constrain Support: PCBBiH is strategically important
to PCH and remains an important part of the group's long-standing
and well-established presence in south-eastern Europe. Nonetheless,
the extent to which potential support can be factored into the
bank's ratings is constrained by Fitch's view of Bosnia and
Herzegovina's country risks, in particular transfer and
convertibility.

The one-notch uplift of PCBBiH's support-driven Local-Currency IDR
above its Foreign-Currency IDR reflects a lower risk of regulatory
restrictions on servicing local-currency obligations in case of
systemic stress.

Challenging Operating Environment: PCBBiH's operations are
concentrated in the small Bosnian market, which is characterised by
low GDP per capita, a multi-layered institutional and regulatory
framework, a large informal economy and high unemployment.

Narrow Franchise: PCBBiH has a small 2% market share and is mainly
focused on servicing formalized small and medium enterprises (SMEs)
in its domestic market. The bank's limited scale and concentration
on the SME segment weigh on its business model.

Cautious Risk-Management Framework: ProCredit Group deploys its
established risk governance at all subsidiaries, including PCBBiH,
which results in prudent underwriting standards and strict risk
controls. However, given its operations are solely in
Bosnia&Herzegovina, the bank cannot be fully insulated from
operating-environment risks.

Resilient Asset Quality: PCBBiH's credit quality metrics
historically compared favorably with that of domestic peers, with a
four-year average Stage 3 loans at below 3% of gross loans. A long
record of consistently good asset quality, including during the
pandemic, reflects prudent underwriting and, for its rating,
below-average tolerance for risk. The bank's ample buffer of loan
loss allowances (LLAs) provide headroom to absorb credit losses in
a potential modest deterioration in loan performance in the near
term owing to increased macro risks.

Improved Structural Profitability: Profitability continued to
improve in 1Q23 with operating profit/risk-weighted assets of 2.9%
(2022: 1.9%), supported by wider margins due to an only modest
increase in the cost of deposits. Fitch believes revenues are
sensitive to the bank's capacity to grow its business and to still
rising funding costs, but overall performance will remain better
than pre-pandemic levels, due to a sustained shift away from
generally expensive parental funding.

Moderate Capital Buffers: Fitch views the bank's common equity Tier
1 (CET1) ratio of 15% at end-1Q23 as only moderate, in view of the
overall small nominal size of its capital base and risks of the
domestic operating environment. Fitch expects PCBBiH to be less
reliant on continued ordinary capital support from its shareholder
to sustain business growth, given improved recurring profit
fundamentals, while it should maintain reasonable capital buffers
in the medium term with a CET1 ratio of 15%-17%.

Accelerated Deposit Base Growth: Due to solid deposit inflows in
the last 12 months, the bank's loans/deposits ratio dropped to 84%
at end-1Q23 from 109%. This reflects efforts to strengthen the
franchise and reduce reliance on funding from PCH. Long-term loans
from international financial institutions earmarked for SME
development projects supplement the funding mix. The bank is liquid
and its liquidity reserves comprise mainly cash placements held at
the local central bank.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

The bank's IDRs and SSR are sensitive to adverse changes in Fitch's
perception of country risks, in particular an increase in transfer
and convertibility risks in Bosnia and Herzegovina. PCBBiH would
also be downgraded on a substantial reduction of its strategic
importance for PCH, which is primarily based on the group's
commitment to the country and the region, or other evidence of
weaker support propensity.

Fitch would downgrade the VR if the bank's capitalization weakens
materially due to sustained losses and limited prospects for
improvement.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

PCBBiH's Long-Term IDRs and SSR could be upgraded on diminished
country risks, which we view as unlikely in the medium term.

The bank's VR could be upgraded on further evidence of a
strengthening domestic franchise and an increase in size,
accompanied by record of a resilient business model and
performance, in particular profitability over the medium term.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The bank's IDRs (xgs) are driven by the parent's IDRs (xgs), which
exclude assumptions of extraordinary government support available
to the parent company, but the bank's Long-Term Foreign-Currency
IDR (xgs) remains constrained by country risks limiting the extent
to which shareholder support can be factored into PCBBiH's rating.

The one-notch uplift of PCBBiH's Long-Term Local-Currency IDR above
its Long-Term Foreign-Currency IDR reflects a lower probability of
regulatory restrictions being placed on servicing local-currency
obligations, in case of systemic stress.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

PCBBiH's Long-Term Foreign-Currency IDR (xgs) is sensitive to
changes in Fitch's perception of country risks, while its Long-Term
Local-Currency IDR (xgs) remains sensitive to the support ability
and propensity of PCH, in particular to changes in the parent's
Long-Term IDRs (xgs).

PCBBiH's Short-Term Foreign-Currency IDR (xgs) rating is primarily
sensitive to changes in its Long-Term Foreign-Currency IDR (xgs).

VR ADJUSTMENTS

PCBBiH's VR of 'b-' is below the implied VR of 'b' due to the
following adjustment reason: business profile (negative).

SUMMARY OF FINANCIAL ADJUSTMENTS

For periods to end-2019, Fitch has adjusted the impaired loan ratio
as reported under local regulatory standards for PCBBiH to bring it
in line with the reporting standards of the ProCredit Group and its
other subsidiaries. The main difference is treatment of written-off
loans, which under local standards were part of both gross loans
and impaired loans figures.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
PCBBiH's IDRs, IDRs (xgs) and SSR are driven by support from PCH.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

Entity/Debt         Rating             Prior
-----------         ------             -----
ProCredit Bank d.d. Sarajevo

LT IDR               B+       Affirmed  B+
ST IDR               B        Affirmed  B
LC LT IDR            BB-      Affirmed  BB-  
LC ST IDR            B        Affirmed  B
Viability            b-       Affirmed  b-
LT IDR (xgs)         B+(xgs)  Affirmed  B+(xgs)
Shareholder Support  b+       Affirmed  b+
ST IDR (xgs)         B(xgs)   Affirmed  B(xgs)
LC LT IDR (xgs)      BB-(xgs) Affirmed  BB-(xgs)
LC ST IDR (xgs)      B(xgs)   Affirmed  B(xgs)




===========
F R A N C E
===========

CASINO GUICHARD: EUR1.43B Bank Debt Trades at 34% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Casino Guichard
Perrachon SA is a borrower were trading in the secondary market
around 66.3 cents-on-the-dollar during the week ended Friday, July
7, 2023, according to Bloomberg's Evaluated Pricing service data.

The EUR1.43 billion facility is a Term loan that is scheduled to
mature on August 31, 2025.  The amount is fully drawn and
outstanding.

Casino Guichard Perrachon SA operates a wide range of hypermarkets,
supermarkets, and convenience stores. The Company operates stores
in Europe and South America. The Company's country of domicile is
France.




=============
G E O R G I A
=============

MFO CRYSTAL: Fitch Affirms 'B-' IDR & Alters Outlook to Positive
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on JSC MFO Crystal's
Long-Term Issuer Default Rating (IDR) to Positive from Stable and
affirmed the IDR at 'B-'.

The Outlook revision reflects Crystal's stabilised funding profile,
which includes loans from international financial institutions
(IFIs), stable asset quality and improved profitability, which
could support an upgrade of the Long-Term IDR over the Outlook
horizon. Crystal's plans to obtain a banking license in the short
term, which Fitch view as positive for its funding profile as it
will provide access to direct funding from the National Bank of
Georgia (NBG).

The ratings also factor in Crystal's modest size in the Georgian
microfinance sector with total assets of about USD150 million at
end-2022 and its focus on largely unsecured micro and consumer
lending.

KEY RATING DRIVERS

Niche Franchise: Crystal focuses on higher-risk borrowers, often in
rural areas with informal income. Crystal has a notable franchise
among Georgian microfinance organisations (both banks and non-bank
lenders), with a market share of about 12% of loans at end-2022.
However, microfinance lending represents a small part of the wider
Georgian financial sector, accounting for under 10% of the sector's
total loan volume.

Acceptable Asset Quality: Asset quality risks have moderated since
the pandemic, but the stock of restructured loans remains high. The
share of loans overdue by 30 days or more plus restructured and
written-off loans remained broadly stable at 8% of total loans at
end-2022. Impaired (Stage 3 under IFRS 9) loans were 3% of gross
loans at end-2022. Impaired loans origination (defined as an
increase in Stage 3 loans plus write-offs, divided by average
performing loans) was 2.3% in 2022.

High Cost Base, Funding Costs: Pre-tax income was 1.8% of average
assets in 2022, a material improvement since 2020. Although
Crystal's lending margin has improved in recent years, operating
expenses consumed most of the margin, resulting in only modest
pre-impairment profitability (3.8% of average loans in 2022). Loan
impairment charges continued to normalise post-pandemic, but
remained well-contained at 1.7% of gross loans in 2022.

Adequate Capitalisation: Crystal's total capital ratio was 19.1% at
end-May 2023, which Fitch view as commensurate with its business
model. However, headroom above the minimum regulatory requirement
(18%) is relatively thin, making its capitalisation sensitive to
any outsized losses. Fitch expect Crystal's capitalisation to be
supported by the issuance of subordinated debt in June 2023. Its
gross debt/tangible equity ratio was 5.4x at end-2022, comparing
adequately with domestic and international peers.

Stabilised Funding Profile: Access to funding stabilised after
Crystal regained access to credit from IFIs and impact investors in
2021. Crystal is reliant on wholesale funding sources, including
loans from IFIs (65% of funding at end-5M23) and local banks (28%)
and issued bonds (7%). A potential banking license would provide
Crystal direct access to NBG funding and the possibility to raise
deposits, but Fitch expects funding to remain reliant on wholesale
borrowings at least in the medium term.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- A marked deterioration of asset quality, resulting in loss-making
performance and eroding capitalisation, with increased risk of
breaching regulatory capital requirements.

- Weakening profitability, including due to a narrower net interest
margin or increased operating expenses.

- Renewed funding access constraints.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Strengthening of Crystal's business profile, reflected in
improved profitability with pre-tax income above 2% of average
assets on a sustained basis without material changes in risk
appetite or capitalisation.

- Strengthening of Crystal's funding franchise, which would include
both diversification of funding sources and lowering of funding
costs.

ADJUSTMENTS

The sector risk operating environment score of 'b+' has been
assigned below the 'bb' category implied score because of the
following adjustment reason: size and structure of economy
(negative).

ESG CONSIDERATIONS

Crystal has an ESG Relevance Score of '4' for governance structure,
due to high key-person risk in relation to Archil Bakuradze, its
founder, chairperson and largest individual shareholder. This score
is in line with that of other rated peers where the founder plays a
material role in strategy or operations.

Crystal has an ESG Relevance Score of '4' for management strategy,
to highlight its rating sensitivity to operational implementation
of the company's strategy, including its acquisition of a banking
license and reliance on borrowings from foreign lenders.

Crystal has an ESG Relevance Score of '4' for exposure to social
impacts due to its business model being focussed on the
under-banked population, which facilitates access to funding from
IFIs. This has a positive impact on Crystal's credit profile and is
relevant to the ratings in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.




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I R E L A N D
=============

ANCHORAGE CAPITAL 8: Fitch Rates Class F Debt 'Bsf'
---------------------------------------------------
Fitch Ratings has assigned Anchorage Capital Europe CLO 8 DAC final
ratings.

Entity/Debt             Rating
-----------             ------
Anchorage Capital Europe CLO 8 DAC

A XS2614579469      LT  AAAsf  New Rating
B-1 XS2614579626    LT  AAsf   New Rating
B-2 XS2614579972    LT  AAsf   New Rating
C XS2614580129      LT  Asf    New Rating
D XS2614580475      LT  BBB-sf New Rating
E XS2614580632      LT  BB-sf  New Rating
F XS2614580806      LT  B-sf   New Rating
Subordinated
Notes XS2614581010 LT  NRsf   New Rating

TRANSACTION SUMMARY

Anchorage Capital Europe CLO 8 DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds have been used to fund a portfolio with a
target par of EUR400 million. The portfolio is actively managed by
Anchorage CLO ECM, L.L.C. The collateralised loan obligation has a
three-year reinvestment period and a seven-year weighted average
life test (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch considers the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch-calculated weighted average rating factor (WARF) of the
identified portfolio is 24.93.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate of the identified portfolio is
62.25%.

Diversified Asset Portfolio (Positive): The transaction includes
two Fitch test matrices corresponding to a top 10-obligor
concentration limit of 22%, with two fixed-rate asset limits at
7.5% and 12.5% and a seven-year WAL. The transaction also includes
various other concentration limits, including maximum exposure to
the three-largest Fitch-defined industries in the portfolio at
42.5%. These covenants ensure that the asset portfolio will not be
exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a three-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Neutral): The WAL used for the transaction's
stress portfolio analysis is 12 months less than the WAL covenant
at the issue date, to account for the strict reinvestment
conditions envisaged by the transaction after its reinvestment
period. These include, among others, passing the coverage tests,
the Fitch WARF and the Fitch 'CCC' bucket limitation test post
reinvestment, as well as a WAL covenant that progressively steps
down over time, both before and after the end of the reinvestment
period. Fitch believes these conditions would reduce the effective
risk horizon of the portfolio during the stress period.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A and B
notes and would lead to downgrades of one to two notches for the
class C to E notes, and below 'B-sf' for the class F notes.

Based on the actual portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio, the
class B to E notes display a rating cushion of one to two notches.

Should the cushion between the identified portfolio and the stress
portfolio be eroded either due to manager trading or negative
portfolio credit migration, a 25% increase of the mean RDR across
all ratings and a 25% decrease of the RRR across all ratings of the
stressed portfolio would lead to downgrades of up to three notches
for the class A to D notes and to below 'B-sf' for the class E and
F notes.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of Fitch's stress portfolio
would lead to upgrades of up to two notches for the rated notes,
except for the 'AAAsf' rated notes, which are at the highest level
on Fitch's scale and cannot be upgraded.

During the reinvestment period, based on Fitch's stress portfolio,
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining WAL test, leading to the ability of the
notes to withstand larger than expected losses for the remaining
life of the transaction. After the end of the reinvestment period,
upgrades may occur in case of stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses on the remaining portfolio.


CONTEGO CLO XI: Fitch Assigns 'B-sf' Rating to Class F Notes
------------------------------------------------------------
Fitch Ratings has assigned Contego CLO XI DAC final ratings.

     Entity/Debt             Rating
     -----------             ---------
Contego CLO XI DAC

     A XS2619353332         LT AAAsf     New Rating
     B-1 XS2619353506       LT AAsf      New Rating
     B-2 XS2619353688       LT AAsf      New Rating
     C XS2619353928         LT Asf       New Rating   
     D XS2619354140         LT BBB-sf    New Rating  
     E XS2619354496         LT BB-sf     New Rating  
     F XS2619354579         LT B-sf      New Rating             
  Subordinated Notes        LT NRsf      New Rating
  XS2619354736

TRANSACTION SUMMARY

Contego CLO XI DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
were used to fund a portfolio with a target par of EUR375 million.
The portfolio is actively managed by Five Arrows Managers LLP. The
collateralised loan obligation (CLO) has a 4.4-year reinvestment
period and an 8.5-year weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 25.67.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
60.78%.

Diversified Portfolio (Positive): The transaction has one matrix
effective at closing corresponding to the 10-largest obligors at
22.5% of the portfolio balance and a fixed-rate asset limit at 10%
of the portfolio. It has one forward matrix corresponding to the
same top 10 obligors and fixed-rate asset limits, which will be
effective one year post closing, provided that the aggregate
collateral balance (defaults at Fitch-calculated collateral value)
will be at least at the target par.

The transaction also includes various concentration limits,
including the maximum exposure to the three-largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a 4.4-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Positive): The WAL used for the Fitch-stressed
portfolio and matrices analysis is 12 months less than the WAL
covenant, to account for structural and reinvestment conditions
post-reinvestment period, including the over-collateralisation test
and Fitch 'CCC' limitation test, among others. This ultimately
reduces the maximum possible risk horizon of the portfolio when
combined with loan prepayment expectations.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would lead to a downgrade of no more than
one notch for the class E and F notes, and have no impact on the
class A to D notes.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class E notes have a cushion of
three notches, class B, D and F notes two notches and the class C
notes one notch cushion. The class A notes have no rating cushion.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the stressed portfolio would lead to downgrades of up to four
notches for the notes.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would lead to upgrades of up to three notches, except for
the 'AAAsf' rated notes.

During the reinvestment period, upgrades, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, meaning
the notes are able to withstand larger-than-expected losses for the
transaction's remaining life. After the end of the reinvestment
period, upgrades may occur on stable portfolio credit quality and
deleveraging leading to higher credit enhancement and excess spread
available to cover losses in the remaining portfolio.

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

Overall, and together with any assumptions, Fitch's assessment of
the information relied upon for the agency's rating analysis
according to its applicable rating methodologies indicates that it
is adequately reliable.


ENERGIA GROUP: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has upgraded Energia Group Limited's Long-Term Issuer
Default Rating (IDR) to 'BB' from 'BB-'. The Outlook is Stable.

The rating upgrade reflects Energia's sustainably strong leverage
metrics now supported by a more conservative financial policy. It
also reflects progress with its data centre project, which includes
a long-term contracted lease agreement and corporate power purchase
agreement (PPA), supporting cash flow visibility.

The Stable Outlook reflects Fitch expectations that Energia will
maintain credit metrics within the new rating sensitivities and a
solid business mix as energy markets normalise. Fitch expect around
60% of quasi-regulated or contracted EBITDA at the restricted
group, driven by capacity auctions, renewables support schemes and
long-term PPA. Fitch also expect contracted earnings from the data
centre and emergency generation projects to more than offset the
loss of revenue in respect of its Ballylumford contract (PPB),
which expires in FY24 (year-end March).

KEY RATING DRIVERS

Improved Leverage: Energia's funds from operations (FFO) net
leverage improved to 0.5x in FY23 (2.5x in FY22), on increased
EBITDA and dividends from project subsidiaries. This was driven by
higher utilisation of its Huntstown power plants and high average
power prices in FY23, improving revenues for both the renewable PPA
and flexible generation business. However, this was partially
offset by larger losses in the customer solutions segment due to
higher costs, though the overall integrated energy margin of the
business was sustained. Fitch expects Energia to maintain an
average FFO net leverage of 2.2x for FY24-FY28 as market prices
normalise and utilisation of Huntstown power plants decreases.

More Conservative Financial Policy: Energia has adopted a maximum
leverage policy of 3.5x net debt/EBITDA in respect to shareholder
dividends at the restricted group, which Fitch view as achievable
and in line with Fitch negative rating sensitivity. This supported
the rating upgrade. Fitch projects improving FCF from FY24, though
Fitch expect Energia to maintain high capex (including further
155MW of onshore wind) and dividend pay-outs beyond the currently
approved or announced projects and distributions. However, Fitch
see some headroom within the new financial policy.

Data Centre Improves Business Profile: Fitch views positively
Energia's large-scale data centre project, which Fitch expect to be
fully operational in FY28. Fitch expect the restricted group to
benefit from dividends from a long-term contracted lease agreement
on top of a 165MW PPA with a global technology company, which
increases cash flow visibility and helps support the profitability
of the Huntstown power station.

The strategic location of the data centre, adjacent to Energia's
Huntstown plants, will also result in auto-producer benefits for
the group. Although the contract relies solely on one tenant, this
is offset by the quality of the counterparty and increasing demand
for data centre spaces. Fitch expect Energia's restricted group to
benefit from around 50% of the data centre's EBITDA in FY28.

Solid Business Mix: Fitch expect the share of quasi-regulated and
contracted EBITDA of the restricted group to normalise at an
average of around 60%, mostly through capacity auctions and
renewables support schemes.

This is further supported by Energia's new 50MW battery storage
facility, the long-term contracted data centre project and
emergency generation project (50MW). The latter will provide
security of supply in Dublin from FY24. The new projects exceed the
loss of earnings from the regulated PPB contract expiring in FY24.

Challenging Customer Solutions Business: Energia's customer
solutions business has underperformed Fitch expectation over the
last two years as the business (and most of the industry) struggled
to pass on rapid and significant energy price increases to
customers. Energia expects this segment to return to profitability
(standalone from the generation business) in the near term while
Fitch expect this to remain a significant challenge and source of
risk.

Recovery Ratings for Debt: As per Fitch's Corporates Recovery
Ratings and Instrument Ratings Criteria, at 'BB' IDR, Energia's
super senior revolving credit facility (RCF) has a Recovery Rating
(RR) of 'RR1' and receives an unchanged two-notch uplift from the
IDR, whereas senior secured debt (defined as category 2 first lien)
has a 'RR2' and now receives a one-notch uplift (versus two
previously before the IDR upgrade). As a result of this, RCF has
been upgraded to 'BBB-' from 'BB+' and the senior secured bonds
have been affirmed at 'BB+'.

DERIVATION SUMMARY

Energia has a structurally lower share of contracted earnings than
Drax Group Holdings Limited (Drax, BB+/Stable), but it is more
integrated and diversified. Fitch allow Energia a 3.7x FFO net
leverage at 'BB' compared with Drax's 2.8x at 'BB+', implying a
broadly similar debt capacity for a given rating.

ContourGlobal Limited (BB-/Stable) is a large generation holding
company also rated on the basis of a restricted group business and
financial profile, and has a debt capacity of FFO gross leverage at
4.5x, reflecting its larger size and greater diversification, which
is partially offset by limited vertical integration.

KEY ASSUMPTIONS

Key Assumptions Within Fitch Rating Case for the Issuer:

- Customer supply EBITDA margin of around -1.7% in FY24, and
improving to an average 3% to FY28, as power prices gradually
normalise based on Fitch assumptions

- Power Northern Ireland (NI) division EBITDA margins at around 3%
for FY24-FY28 with unchanged regulation for residential supply in
NI

- Average load factor of 28% for owned wind farms leading to EBITDA
margins of around 72% on average for FY24-FY28, with a similar
EBITDA trend for the PPA portfolio

- Huntstown EBITDA in line with existing capacity agreements

- Negative working capital as per management forecasts, primarily
reflecting the reversal of over-recovery in relation to the
regulated businesses of Power NI and PPB combined

- Capex of restricted group at around EUR80 million per year to
FY28, reflecting new growth projects but with only limited earnings
contribution

- Restricted group's income and capex for data centre project in
line with management guidance

- Dividend pay-outs consistent with a below 3.5x net debt/EBITDA
policy

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- A decrease in restricted group's FFO net leverage to below 3.0x
on a sustained basis

- A structural decrease in business risk due to higher average
contribution from the quasi-regulated/contracted businesses

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- Large debt-funded expansion or deterioration in operating
performance, resulting in restricted group's FFO net leverage
rising above 3.7x and FFO interest cover falling below 3.5x on a
sustained basis

- Reduced share of quasi-regulated and contracted earnings to below
50%, leading to a reassessment of maximum debt capacity

LIQUIDITY AND DEBT STRUCTURE

Sound Liquidity: As at March 31, 2023 Energia had EUR577 million in
available cash and cash equivalents (excluding around EUR5.7
million of restricted cash). It also has access to EUR29.1 million
of undrawn liquidity on the cash portion of its RCF expiring in
June 2024.

Wind-capacity assets and debt financed through project-finance
facilities are excluded from Fitch debt calculation as the debt is
held outside the restricted group on a non-recourse basis
(similarly, Fitch only take dividends from such projects into
consideration of restricted group cash flows). The restricted
group's next maturing debt is its GBP225 million senior secured
notes due in September 2024, followed by its EUR350 million senior
secured notes in September 2025.

ISSUER PROFILE

Energia is an integrated electricity generation and supply company
operating across NI and the Republic of Ireland.

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.


FIDELITY GRAND 2023-1: Fitch Assigns 'B-(EXP)sf' Rating to F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Fidelity Grand Harbour CLO 2023-1 DAC
notes expected ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

ENTITY / DEBT                         RATING
-------------                         ------
Fidelity Grand Harbour CLO 2023-1
DAC

A   LT AAA(EXP)sf    Expected Rating
B-1   LT AA(EXP)sf    Expected Rating
B-2   LT AA(EXP)sf    Expected Rating
C   LT A(EXP)sf    Expected Rating
D   LT BBB-(EXP)sf       Expected Rating
E   LT BB-(EXP)sf    Expected Rating
F   LT B-(EXP)sf    Expected Rating
Subordinated Notes  LT NR(EXP)sf    Expected Rating

TRANSACTION SUMMARY

Fidelity Grand Harbour CLO 2023-1 DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds are being used to purchase a portfolio with a
target par of EUR400 million. The portfolio is actively managed by
FIL Investments International (FIL). The collateralised loan
obligation (CLO) has a four-and-a-half-year reinvestment period and
a seven-and-a-half-year weighted average life (WAL).

KEY RATING DRIVERS

Above Average Portfolio Credit Quality (Positive): Fitch places the
average credit quality of obligors in the 'B' category. The Fitch
weighted average rating factor (WARF) of the identified portfolio
is 24.7.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 61.5%.

Diversified Asset Portfolio (Positive): The transaction has a
concentration limit for the 10-largest obligors of 22.5%. The
transaction also includes various concentration limits, including
the maximum exposure to the three-largest Fitch-defined industries
in the portfolio at 40%. These covenants ensure the asset portfolio
will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a
four-and-a-half-year reinvestment period and includes reinvestment
criteria similar to those of other European transactions. Fitch's
analysis is based on a stressed-case portfolio with the aim of
testing the robustness of the transaction structure against its
covenants and portfolio guidelines. The transaction includes two
Fitch matrices, with both effective at closing.

Cash Flow Modelling (Positive): The WAL used for the Fitch-stressed
portfolio analysis was reduced by 12 months to account for the
strict reinvestment conditions envisaged after the reinvestment
period.

These conditions include passing the coverage tests, the Fitch
'CCC' maximum limit, Fitch WARF test, and a WAL covenant that
progressively steps down over time, both before and after the end
of the reinvestment period. The conditions would in the agency's
opinion reduce the effective risk horizon of the portfolio during
the stress period.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating
Action/Downgrade

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings
would result in a downgrade of the class F notes.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than initially assumed, due to
unexpectedly high levels of defaults and portfolio deterioration.
Due to the better metrics of the identified portfolio than the
Fitch-stressed portfolio the rated notes display a rating cushion
to a downgrade of up to one notch for class C, and two notches for
class B, D, E and F. For 'AAAsf' rated notes, which are already at
the highest rating on Fitch's scale, they cannot have a rating
cushion.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio erode due to manager trading or negative
portfolio credit migration, a 25% increase of the mean RDR across
all ratings and a 25% decrease of the RRR all ratings of the
stressed portfolio would lead to downgrades of no more than one
notch for the rated notes.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings would result in upgrades of
no more than one notch for the class C notes, and two notches for
the class B, D, E and F notes. For 'AAAsf' notes they cannot be
upgraded.

During the reinvestment period, upgrades based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, leading
to the ability of the notes to withstand larger-than-expected
losses for the remaining life of the transaction. After the end of
the reinvestment period, upgrades, except for the 'AAAsf' notes,
may occur on stable portfolio credit quality and deleveraging,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

Overall, and together with the assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


FORTUNA CONSUMER 2021: Fitch Ups Rating on Cl. E Notes From BBsf
----------------------------------------------------------------
Fitch Ratings has upgraded Fortuna Consumer Loan ABS 2021 DAC's
class C, D and E notes and affirmed the class B notes.

ENTITY / DEBT           RATING                           PRIOR  
------                  ------                           ------
Fortuna Consumer Loan
ABS 2021 DAC

B XS2387742682  LT AAAsf    Affirmed        AAAsf
C XS2387744118  LT AAAsf    Upgrade  AAsf
D XS2387748531  LT AAsf  Upgrade         A-sf
E XS2387749851  LT BBB-sf   Upgrade         BBsf

TRANSACTION SUMMARY

Fortuna Consumer Loan ABS 2021 is a true-sale securitisation of a
static pool of unsecured consumer loans sold by auxmoney
Investments Limited (not rated). The securitised consumer loan
receivables are derived from loan agreements entered into between
Süd-West-Kreditbank Finanzierung GmbH (SWK, not rated) and
individuals located in Germany and brokered by auxmoney GmbH
(auxmoney) via its online lending platform.

KEY RATING DRIVERS

Deleveraging Drives Upgrades: Credit enhancement (CE) has increased
for all rated notes due to sequential note amortisation supported
by high prepayment rates. The CE increases range from 7pp for the
class E notes to 64pp for the class B notes, when compared with
closing. This was the major driver of the upgrades.

Performance in Line with Expectations: Observed defaults are
broadly in line with Fitch expectations, considering that defaults
accumulate early in the life of the transaction based on historical
data from auxmoney. Recoveries are also aligned with Fitch
expectations. There is an outstanding amount of EUR3.5 million on
the class F notes' principal deficiency ledger (PDL), driven by
defaults that accumulated while the class X notes were amortising,
which was through excess spread. Since the pay down of the class X
notes, period defaults have mostly been cleared through excess
spread. However, the build-up accumulated in earlier periods has
not been cleared.

Remaining Life Defaults Unchanged: Fitch assumes a remaining life
default base case of 13% of outstanding assets, unchanged from the
previous year's analysis. This takes into account the transaction's
performance so far, as well as Fitch expectation of a mild
deterioration as the German economy will remain resilient with a
strong labour market despite headwinds.

In Fitch modelling, Fitch assume a class F PDL amount of 6.6% of
the assets instead of the actual 4.7% to reflect that some of the
delinquent assets in the higher arrears level buckets 2 to 4 will
ultimately default. Fitch has further reduced its prepayment base
case assumption to 24% from 26%, due to the lower expected
prepayment rates recently observed.

Servicing Continuity Risk Addressed: CreditConnect GmbH (not
rated), a subsidiary of auxmoney, is the servicer. Loancos GmbH
acts as back-up servicer from closing, reducing the risk of
servicing discontinuity. The back-up servicing agreement covers two
scenarios: one where CreditConnect is replaced and one where both
CreditConnect and SWK no longer perform their contractual duties.
The high level of standby arrangements combined with a liquidity
reserve reduce the risk of payment interruptions of senior expenses
and interest on the rated notes.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

The sensitivities illustrated only describe the model-implied
impact of a change in one of the input variables.

Expected impact on the notes' ratings of increased defaults (class
B/C/D/E)

Increase default rates by 10%: 'AAAsf'/'AAAsf'/ 'AA-sf'/ 'BBB-sf'

Increase default rates by 25%: 'AAAsf'/'AAAsf'/ 'A+sf'/ 'BB+sf'

Increase default rates by 50%: 'AAAsf'/'AA+sf'/ 'A-sf'/ 'BBsf'

Expected impact on the notes' ratings of decreased recoveries
(class B/C/D/E)

Reduce recovery rates by 10%: 'AAAsf'/'AAAsf'/ 'AAsf'/ 'BBB-sf'

Reduce recovery rates by 25%: 'AAAsf'/'AAAsf'/ 'AAsf'/ 'BBB-sf'

Reduce recovery rates by 50%: 'AAAsf'/'AAAsf'/ 'AA-sf'/ 'BB+sf'

Expected impact on the notes' ratings of increased defaults and
decreased recoveries (class B/C/D/E)

Increase default rates and reduce recovery rates by 10%:
'AAAsf'/'AAAsf'/ 'AA-sf'/ 'BB+sf'

Increase default rates and reduce recovery rates by 25%:
'AAAsf'/'AAAsf'/ 'A+sf'/ 'BBsf'

Increase default rates and reduce recovery rates by 50%:
'AAAsf'/'AAsf'/ 'BBB+sf'/ 'CCCsf'

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Continued build-up of CE as the transaction deleverages; or

Lower losses than assumed.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fortuna Consumer Loan ABS 2021 DAC

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


HENLEY CLO II: Fitch Upgrades Rating on Cl. E-R Notes to 'BBsf'
---------------------------------------------------------------
Fitch Ratings has upgraded Henley CLO II DAC's class D and E notes
and affirmed the others. The Outlooks are Stable.

ENTITY / DEBT            RATING                       PRIOR  
-------                  -----                        ------
Henley CLO II DAC

A-R XS2339931821       LT   AAAsf    Affirmed         AAAsf
B-1-R XS2339932712     LT   AAsf     Affirmed         AAsf
B-2-R XS2339933363     LT   AAsf     Affirmed         AAsf
C-R XS2339934098       LT   Asf      Affirmed         Asf
D-R XS2339934684       LT   BBBsf    Upgrade          BBB-sf
E-R XS2339935228       LT   BBsf     Upgrade          BB-sf
F-R XS2339935145       LT   B-sf     Affirmed         B-sf

TRANSACTION SUMMARY

The transaction is a cash flow CLO mostly comprising senior secured
obligations. It is actively managed by Napier Park Global Capital
and will exit its reinvestment period in January 2026.

KEY RATING DRIVERS

Reinvesting Transaction: The manager can continue to reinvest
unscheduled principal proceeds and sale proceeds from
credit-impaired and credit-improved obligations after the
transaction exits its reinvestment period in January 2026, subject
to compliance with the reinvestment criteria. Given the manager's
ability to reinvest, Fitch analysis is based on a stressed
portfolio testing the Fitch-calculated weighted average life (WAL),
Fitch-calculated weighted average rating factor (WARF),
Fitch-calculated weighted average recovery rate (WARR), weighted
average spread, weighted average coupon and fixed-rate asset share
to their covenanted limits.

Stable Asset Performance: The rating actions reflect the shorter
WAL and therefore shorter risk horizon, as well as stable asset
performance. The transaction is currently 0.58% above par. It is
passing all collateral quality tests, portfolio profile tests and
coverage tests. Exposure to assets with a Fitch-derived rating of
'CCC+' and below is 1.41%, according to the latest trustee report,
versus a limit of 7.5%. There are no defaulted assets in the
portfolio.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors at 'B'/ 'B-'. The WARF, as
calculated by Fitch under its latest criteria, is 26.2.

High Recovery Expectations: Senior secured obligations comprise 97%
of the portfolio. Fitch views the recovery prospects for these
assets as more favourable than for second-lien, unsecured and
mezzanine assets. The WARR, as calculated by Fitch, is 60.7%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 15.6%, and no obligor
represents more than 1.8% of the portfolio balance. The exposure to
the three-largest Fitch-defined industries is 36%. The transaction
includes one Fitch matrix corresponding to a top 10 obligor
concentration limit at 26.5% and a fixed-rate asset limited to 15%,
while they currently account for 14.6% of the portfolio balance.

Cash-Flow Modelling: The WAL used for the Fitch-stressed portfolio
and matrices analysis is floored at six years and shorter than the
WAL covenant, to account for structural and reinvestment conditions
after the reinvestment period, including the over-collateralisation
and Fitch 'CCC' limitation tests, among others. Fitch believes
these conditions would reduce the effective risk horizon of the
portfolio during the stress period.

MIR Deviation: The class B and D notes' ratings are one notch below
the model-implied ratings (MIR). The deviation reflects the
remaining reinvestment period until January 2026, during which the
portfolio could change significantly, due to reinvestment or
negative portfolio migration and limited cushion at the MIR.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would have no impact on the notes, except for the class D
notes, which would be downgraded by one notch.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B, D and E notes display a
rating cushion of two notches, the class C notes one notch and the
class F notes five notches. The class A notes display no rating
cushion.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded, either due to manager trading
or negative portfolio credit migration, a 25% increase of the mean
RDR and a 25% decrease of the RRR across all ratings of the
stressed portfolio would lead to downgrades of one notch for the
class A notes, two notches for the class B and D notes, three
notches for the class C notes, four notches for the class D notes
and to below 'B-(sf)' for the class F notes.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of up to five notches for the rated notes, except for the
'AAAsf' rated notes, which are at the highest level on Fitch's
scale and cannot be upgraded.

During the reinvestment period, based on the Fitch-stressed
portfolio, upgrades may occur on better-than-expected portfolio
credit quality and a shorter remaining WAL test, allowing the notes
to withstand larger-than-expected losses for the transaction's
remaining life. After the end of the reinvestment period, upgrades
may occur on stable portfolio credit quality and deleveraging,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.

DATA ADEQUACY

Henley CLO II DAC

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.




=========
I T A L Y
=========

DOVALUE SPA: Fitch Alters Outlook on 'BB' IDR to Stable
-------------------------------------------------------
Fitch Ratings has revised the Outlook on doValue S.p.A.'s Long-Term
Issuer Default Rating (IDR) to Stable from Positive and affirmed
the IDR at 'BB'. Fitch has also affirmed doValue's EUR265 million
and EUR300 million senior bonds due in 2025 and 2026 at 'BB'.

The revision of the Outlook to Stable reflects a weaker performance
in Spain than Fitch previously expected after the company's largest
contract was not extended last year.

KEY RATING DRIVERS

Sound Franchise, Asset-light Model: doValue's ratings reflect its
strong franchise in the southern European distressed debt and real
estate servicing market, a cash-generative and asset-light business
model that is largely immune from rising funding costs, as well as
good profitability and liquidity. The ratings also consider debt
the company incurred to finance two large acquisitions in Spain and
Greece in 2019 and 2020, and weak performance in Spain following
the loss of a large contract in 2022, although annual collections
increased to EUR5.5 billion in 2022 from EUR2.0 billion in 2018.

Diversified Operations: doValue has a good record of integrating
new subsidiaries. Fitch regards its material acquisitions in Spain
and Greece as EBITDA-accretive and complementary to the historical
Italian franchise. Underperformance of the Iberian (Spain and
Portugal) segment (contributing just 2% to total adjusted EBITDA in
2022 compared with 21% in 2021) has been offset by the Hellenic
(Greece and Cyprus) segment's strong profitability (2022: 74%;
2021: 60%).

Cash-Generative Business Model: Debt servicing is a capital-light
and cash-generative business, with long-term contracts offering
good visibility of workflow and resourcing requirements. Contracts
also typically feature significant base servicing fees and
indemnity payments should the client sell non-performing loans
(NPL) portfolios serviced by doValue, and long cure periods in the
event of any short-term underperformance on the part of the
servicer.

Client Concentrations: doValue's expansion has reduced revenue
concentration by both customer and geography. The company has added
significant real estate-owned capabilities (15% of gross revenues
in 2022), unlikely-to-pay (7%) and early arrears (2%), but NPL
remains the largest business line (76%).

Termination of Sareb (Spain's bad bank, and doValue's
second-largest client at the time, accounting for 15% of end-2021
gross book value; GBV) adversely affected doValue's Spanish
franchise in 2022 and highlighted the risks of client concentration
and debt-funded growth.

Focus on Secured Exposures: Lockdown measures at the peak of the
pandemic demonstrated the disadvantages of the focus on secured and
larger-ticket NPLs (65% of gross revenues in 2022), which require
lengthy judicial procedures compared with smaller-ticket NPLs.
However, doValue's scale and expertise provide it with competitive
advantages in this challenging market.

High Operating Costs: doValue's collections rate of 4.1% on average
GBV in 2022 was sound but slightly weaker than 2021 (4.3%). The
Fitch-calculated EBITDA margin was 36% in 2022 (2021: 32%) and
pre-tax return on average assets was 6.1% (2021: 4.0%). Operating
expenses consumed 83% of gross revenues in 2022 (2021: 87%),
highlighting the labour-intensive nature of the business model.
However, the company is implementing an optimisation strategy as
part of synergies from its acquisitions.

Stable Leverage: Leverage has improved over the past few years as
EBITDA generated by the new subsidiaries has increased. doValue
targets net debt to adjusted EBITDA of 2x-3x. Fitch measures
leverage on a gross debt basis, which was 2.8x at end-2022, down
from 3.2x a year before. Acquisition activity has introduced
significant intangible assets to doValue's balance sheet,
negatively affecting its tangible equity position. The company's
high dividend payout slows equity accumulation.

Good Liquidity: At end-1Q23, doValue had sound liquidity with cash
of EUR126 million and EUR130 million unutilised committed bank
lines, while gross debt mostly consisted of doValue's two bonds
totalling EUR560 million. Absent further acquisitions, doValue has
no anticipated refinancing needs before the maturity of its EUR265
million bond in August 2025.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

-- Gross debt/EBITDA exceeding of 3.5x without a clear path to
   meaningful deleveraging could result in a downgrade,
   particularly if accompanied by other factors.

-- Under-performance of collection key performance indicators,
   leading to lower fee income and ultimately potential contract
   losses if not mitigated by contract growth or other remedial
   measures.

-- A material increase in doValue's risk appetite, as reflected,
   for example, in weakening risk governance and controls.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

-- A reduction in gross debt/EBITDA below 2.5x on a sustained
   basis, in conjunction with stable collections performance.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

doValue has two outstanding senior bonds totalling EUR560 million
at end-1Q23. The senior bonds' rating is in line with doValue's
'BB' Long-Term IDR, reflecting Fitch's expectation of average
recovery prospects, as the bonds rank pari passu with the company's
bank facilities. The bonds are principally secured by doValue's
shares in its subsidiaries, who are also guarantors of the bonds.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES
SENIOR BONDS

The senior bonds' rating is primarily sensitive to changes in
doValue's Long-Term IDR.

Changes to Fitch's assessment of recovery prospects for the senior
bonds in a default, e.g. as a result of introduction to doValue's
debt structure of material lower- (or higher-) ranking debt, could
also result in the senior bonds' rating being notched up or down
from the Long-Term IDR.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

Entity/Debt             Rating         Prior
-----------             ------         -----
doValue S.p.A.
                   LT IDR  BB  Affirmed  BB
                   ST IDR  B   Affirmed  B
  senior secured   LT      BB  Affirmed  BB


NEXI SPA: Fitch Upgrades IDR & Senior Unsecured Notes to 'BB+'
--------------------------------------------------------------
Fitch Ratings has upgraded Nexi S.p.A.'s Long-Term Issuer Default
Rating (IDR) to 'BB+' from 'BB'. The Outlook is Stable. Fitch has
also upgraded the rating of the senior unsecured notes issued by
Nexi and by Nassa Topco AS to 'BB+' from 'BB'. The Recovery Rating
is 'RR4'.

The upgrade reflects Nexi's improved deleveraging prospects, with
Fitch-defined EBITDA gross leverage declining to 3.9x by end-2023,
in line with a 'BB+' rating. This will be driven by a combination
of organic and M&A-led growth, helped by a stable cost structure
and delivery of cost efficiencies and integration initiatives.
Fitch expect Nexi to continue to be opportunistic in M&A, primarily
acquiring books spun-off by banks.

The Stable Outlook is underpinned by stability in cash flow
generation, a trend of gross leverage reduction and favorable
sector dynamics, in particular for electronic payment adoptions.
Further rating progression towards investment grade depends on
Nexi's commitment to maintaining discipline on the size/funding of
future M&A, and a solid balance sheet with EBITDA gross leverage
remaining below 3.2x on a sustained basis.

KEY RATING DRIVERS

Leverage Reduction Continues: Nexi continues to reduce its gross
debt/EBITDA as EBITDA grows, organically and through acquisitions,
while gross debt remains constant or declines over time. The
acquisition of Intesa Sanpaolo S.p.A.'s (ISP, BBB/Stable)
merchant-acquiring business, completed in 2020, was Nexi's last
fully debt-funded acquisition. Since then, Nexi's M&A funding
strategy moved to equity or cash on balance sheet, reducing
pro-forma leverage post-integration.

Additionally, profit margins have improved on cost efficiency plans
and integration synergies. Fitch forecast Fitch-defined EBITDA
gross leverage to fall to 3.9x by end-2023, in line with a 'BB+'
rating. Fitch also expect leverage to reduce steadily to below 3.5x
by 2024, subject to future M&A or dividends.

EBITDA Margin Improvements: Fitch expect Fitch-defined EBITDA
margin (after lease expenses) at around 48% for 2023, ahead of
expectations at the time of Fitch rating action in February 2022.
Integration synergies and cost-efficiency programmes are set to
deliver more than the EUR100 million EBITDA improvement Fitch had
expected for end-2024. In addition, Nexi's controlled and
predominantly fixed cost base provides a favourable operating
leverage effect, feeding most of its organic revenue growth into
EBITDA. Fitch forecasts project a Fitch-defined EBITDA margin at
over 50% by 2024, including the benefit of bolt-on M&A.

Transactions Settlement Central: Credit card issuance activities
require settlement funding. In Italy, purchase payments are
collected from cardholders' accounts between 15 and 45 days
post-transaction, while credited to merchants within 48 hours of
the purchase. Nexi finances these settlement imbalances through
factoring and bilateral facilities whose costs and ultimate credit
risk are carried by card-issuing banks.

Signs of Financial Policy Stabilisation: Fitch expects Nexi to
focus on acquiring bolt-on targets over the rating horizon, rather
than peers of the same size as Topco Lux 3 Sarl (Nets) and SIA
S.p.A. (SIA). Moreover, Fitch see room for a less aggressive
financial policy to consolidate Nexi's public company's profile,
and to reduce gross and net leverage. For this reason, Fitch
expects around EUR300 million of gross deleveraging between 2024
and 2025, addressing debt maturities via a combination of debt
refinancing and cash reimbursements.

Large M&A Remains an Option: Significant debt-funded M&A remains an
option for Nexi, in particular if financial shareholders develop an
appetite for value-enhancing deals. Fitch also expect dividend
payments to start in 2024.

Merchant Acquiring Leads Growth: Nexi's revenue growth remains
strong, both organically and through bolt-on acquisitions. Sales
for 2022, the first year of trading post-Nets and SIA merger, were
around 7% ahead of Fitch initial expectations, sustained by
double-digit pro-forma growth in merchant acquiring and
mid-single-digit growth in issuing solutions.

Fitch expect a revenue CAGR of about 6% for 2022-2026, led by
organic performance and bolt-on M&A. This does not include major
client's acquisitions or transformative M&A. Fitch expect Unicredit
S.p.A. (BBB/Stable) to remain a key customer of Nexi's issuing
solutions platform as per the long-term contracts currently in
place. Fitch do not factor in Unicredit's merchant book to
transition to Nexi over Fitch rating horizon.

Increase in Cards Volumes: Credit card volumes in Nexi's relevant
geographies is supported by a resumption in travel. Data based on
volumes through merchants in Nexi's network as per February 2023
suggest a 15% YTD growth in Italy, 21% in the Nordics and 31% in
the DACH region (net of discontinued clients). Increases in cards
utilisation for consumer staples are growing in all the regions,
providing for a wider adoption of electronic payments outside the
typical expense items. Fitch expect adoption and penetration of
electronic payments to continue in Europe, and in Italy in
particular, over the next five years. This may provide an upside to
Fitch organic revenue growth assumptions.

Bolt-on M&A Assumed: Fitch rating case factors in bolt-on
acquisitions. For 2023 and 2024 Fitch forecast about EUR500 million
of M&A, including its recent acquisitions in Spain and in Croatia.
Fitch assume on average yearly EUR400 million thereafter to 2027.
Sources of financing will be cash on balance sheet and potential
proceeds from disposals. Fitch believe the natural targets for Nexi
are small-to-medium merchant acquiring books, spun-off by European
banks. Fitch assume an enterprise value (EV)/EBITDA multiple in
excess of 15x, and expect the targets to provide the full effect of
12 months of trading a year after the acquisition.

Decline of Non-Recurring Expenses: Fitch exclude from EBITDA about
EUR160 million of non-recurring items for 2023, down from about
EUR255 million in 2022. Thereafter, Fitch expect a decline to about
EUR60 million by 2026. These are, mainly, restructuring, advisory
and integration costs. They reduce as the integration of Nets' and
SIA's workstreams is completed.

DERIVATION SUMMARY

As the leading European credit card and digital payments processor,
merchant acquirer and issuer of electronic payment instruments,
Nexi's natural peer is France- based Worldline AS, who also leads
in merchant acquiring.

Nexi compares well within Fitch-rated pay-tech and merchant
acquiring universe in Europe and in the US comprising Global
Payments, Inc. (BBB/Stable), Euronet Worldwide, Inc. (BBB/Stable)
and Block, Inc. (BB/Positive). Global Payments, active in merchant
acquiring, has EBITDA margins similar to Nexi's while it enjoys
broader scale and lower leverage. Euronet and Block engage in lower
value-added services, such as money transfers, peer-to-peer
payments and crypto, providing for lower margins. Compared with
Nexi, Block has wider scale and similar leverage, while Euronet is
slightly smaller, but has lower leverage.

Nexi is also comparable to a set of European and Italian
technology-led business servicers, including TeamSystem S.p.A.
(B/Stable), Centurion Bidco S.p.a. (Engineering Ingegneria
Informatica, B+/Negative), Unit4 Group Holding B.V. (Unit4,
B/Stable) and AlmaViva S.p.A. (BB-/Stable). Nexi stands out for its
larger scale and higher margins, as well as its market position.
Nexi's exposure to secular digital payment adoption growth is key
for its business profile. This feature is only partially comparable
to the innovative technological content of few of these issuers,
such as the transition to cloud. All this provides for an implied
higher debt capacity compared with these peers'.

KEY ASSUMPTIONS

Key Assumptions Within Fitch Rating Case for the Issuer:

- CAGR revenue growth of around 6% for 2022-2026

- Group Fitch-defined EBITDA at 48% in 2023, increasing to around
51% by 2025

- Capex of EUR2.2 billion for 2023-2026

- Bolt-on acquisitions of EUR500 million per year in 2023 and 2024,
followed by around EUR350 million-EUR450 million for 2025 to 2026.
Assumed acquisition multiple at 15x

- Non-recurring items recognised in full as one-offs due to the
transformational nature of associated deals. Fitch assume bolt-on
M&A to generate contingency costs, at roughly 5% of the acquisition
expense for two-to-three consecutive years. Fitch assumptions would
be revised upwards should Nexi engage in transformative
acquisitions. Costs of recurring nature will be expensed by Fitch
as an operating cost and included in Fitch EBITDA definition

- Common dividends from 2024 onwards at a 35% pay-out ratio

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- EBITDA gross leverage below 3.2x on a sustained basis

- Operating EBITDA/interest paid remaining over 5.5x

- Evidence of active implementation of financial policies aimed at
keeping gross and/or net leverage below a specified target

- Further improvements in EBITDA margins following the Nets and SIA
integration through cost savings and revenue enhancement
initiatives

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- EBITDA gross leverage above 4.0x, for example due to additional
recourse to debt funding of acquisitions

- Operating EBITDA/interest paid trending considerably below 4.5x
due to higher interest costs and gross leverage

- Poor execution of workstreams integration, including failure to
achieve synergies, leading to declines in EBITDA and free cash flow
(FCF) margins on a sustained basis

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Fitch assess Nexi's liquidity as
comfortable, based on a Fitch-estimated EUR470 million cash on the
parent company's balance sheet for 2023, and EUR350 million in an
undrawn revolving credit facility. Fitch expect around EUR320
million of gross deleveraging between 2024 and 2025, addressing
debt maturities via a combination of debt refinancing and cash
reimbursements.

Generic Approach for Senior Unsecured Debt: Fitch rates Nexi's
senior unsecured rating at 'BB+', at the same level as its IDR, in
accordance with Fitch's Corporates Recovery Ratings and Instrument
Ratings Criteria, under which Fitch apply a generic approach to
instrument notching for 'BB' rated issuers. This results in a
Recovery Rating of 'RR4', reflecting average recovery expectations
in a default.

Criteria Variation

Fitch see Nexi's recourse to factoring for issuing activities as a
technicality, which is used by banks, to replicate the settlement
system adopted by the banks themselves before outsourcing to Nexi.
Banks are the ultimate bearer of Nexi's processed transactions'
credit risk. By providing a settlement factoring facility to Nexi
they inject the cash required to settle cardholder's transactions
with the card networks.

This practice differs to the treatment of settlement capital of
other card issuers or merchant acquirers in Fitch's public and
private ratings portfolio. Nexi's peers either own banking
subsidiaries and use them to settle imbalances, or borrow under
bilateral lines to provide clients with better terms than the card
networks'.

Additionally, Fitch do not account for any additional debt
resulting from bilateral settlement facilities. This due to the
positive net cash position of Nexi Payment S.p.A., the payments
settlement subsidiary of the group.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


SIENA MORTGAGES 07-5: Fitch Affirms 'B-sf' Rating on Class C Notes
------------------------------------------------------------------
Fitch Ratings has downgraded Siena Mortgages 07-5 Srl's (Series
2008) (SM07-5 S2) class C notes and affirmed the other tranches.
Fitch has also affirmed Siena Mortgages 07-5 Srl (Series 2007)
(SM07-5.

     Entity/Debt              Rating
     -----------              ------
Siena Mortgages 07-5 S.P.A

     Class A IT0004304223     LT AA-sf    Affirmed
     Class B IT0004304231     LT AA-sf    Affirmed
     Class C IT0004304249     LT B-sf     Affirmed  

Siena Mortgages 07-5 S.P.A Series 2

     Class A IT0004353808     LT A+sf     Affirmed
     Class B IT0004353816     LT A+sf     Affirmed
     Class C IT0004353824     LT CCCsf    Affirmed

TRANSACTION SUMMARY

The two Italian RMBS transactions were originated by Banca Monte
dei Paschi di Siena S.p.A. (BMPS, B+/Stable/B) and its
subsidiaries.

KEY RATING DRIVERS

Weak CE for Class C Notes: Credit enhancement (CE) for the class C
notes in both transactions is provided solely by cash reserves that
are still below their target levels. Fitch expects SM07-5's reserve
fund to replenish to its target and support the class C notes.
SM07-5 S2's class C notes will not be repaid in full at maturity
even if the cash reserve is replenished at its target level under
some of Fitch's stressed rating scenarios. This is reflected in the
downgrade of SM07-5 S2's class C notes.

Stable Performance Drives Affirmations: For both transactions, 90+
arrears are broadly in line with the Italian index (0.49% for
SM07-5; 0.58% for SM07-5 S2). Gross cumulative defaults stand at
2.5% and 3.0% for SM07-5 and SM07-5 S2 respectively, within Fitch's
expectations. The cash reserves have been drawn in the past to
cover defaults and they currently stand at EUR24 million, equal to
62% of the target level for SM07-5 and EUR15.2 million, equal to
59.3% of the target level for SM07-5 S2. The reserves have been
replenishing via excess spread since end-2022.

SM07-5 S2 Ratings Capped at 'A+sf': SM07-5 S2's class A and B
notes' ratings reflect Fitch's view of unmitigated payment
interruption risk (PIR) in rating scenarios exceeding the 'Asf'
rating category. The current cash reserve does not provide coverage
against PIR in the short to medium term. Fitch deems PIR mitigated
up to 'A+sf' as the servicer (BMPS) holds funds for no longer than
two business days and BMPS qualifies as an operational-continuity
bank under the agency's Structured Finance and Covered Bonds
Counterparty Rating Criteria.

For SM07-5 although the cash reserve is below its target level, it
provides adequate coverage against PIR in the short to medium term
and Fitch expects that it will continue replenishing.

Class A and B CE Increasing: CE has continued to build up, due to
repayment of the underlying portfolios and the sequential pay-down
of the notes. CE for the senior notes is above 60% for both
transactions. CE for the class B notes is around 40% for both
transactions while CE for the class C notes is around 3% for both
transactions.

Elevated ESG Score for SM07-5 S2: SM07-5 S2 has an ESG Relevance
Score of '5' for Transaction Parties and Operational Risk, due to
PIR, which has a negative impact on the credit profile, and is
highly relevant to the rating, resulting in a cap on the senior
notes' rating.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Further drawings on the cash reserves of SM07-5 may result in
unmitigated PIR and therefore negatively affect the ratings of its
class A and B notes.

Further drawings on the cash reserves of SM07-5 would reduce the
available CE for the class C notes and could trigger a downgrade.
Deterioration in asset performance beyond Fitch's assumptions could
also trigger negative rating action.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Replenishment of the cash reserves up to their target levels for
SM07-5 and a long-term record of the cash reserve providing full
coverage against PIR for SM07-5 S2 may lead to positive rating
action.

DATA ADEQUACY

Siena Mortgages 07-5 S.P.A, Siena Mortgages 07-5 S.P.A Series 2

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

Overall, and together with any assumptions, Fitch's assessment of
the information relied upon for the agency's rating analysis
according to its applicable rating methodologies indicates that it
is adequately reliable.

ESG CONSIDERATIONS

Siena Mortgages 07-5 S.P.A Series 2 has an ESG Relevance Score of
'5' for Transaction & Collateral Structure due to Transaction
Parties and Operational Risk, due to payment interruption risk
which has a negative impact on the credit profile, and is highly
relevant to the rating, resulting in a cap on the senior notes'
rating.

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.




===========
L A T V I A
===========

ELEVING GROUP: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Eleving Group's Long-Term Issuer Default
Rating (IDR) at 'B-', with a Stable Outlook. Fitch has also
affirmed Eleving's senior secured debt rating at 'B-' with a
Recovery Rating of 'RR4'.

KEY RATING DRIVERS

Opportunistic Strategy Constrains Ratings: Eleving's frequent
strategy changes and willingness to grow in volatile countries are
rating weaknesses weighing on its Long-Term IDR. Eleving's ratings
reflect also its nominal franchise (total assets of EUR376 million
in 13 countries at end-1Q23) and its high risk appetite as a
high-cost lender for second-hand cars and consumer loans in eastern
Europe, central Asia and Africa.

The ratings also factor in Eleving's strong profitability, improved
leverage, adequate funding and liquidity profile, and its
experienced management team.

Improved Leverage: Eleving's gross debt/tangible equity plus
subordinated bonds ratio improved to 5.1x at end-1Q23 from 7.7x at
end-2021, largely due to profit retention. Its long-dated
subordinated bonds qualify for equity credit under Fitch's
criteria. Fitch views the current leverage level as commensurate
with Eleving's business model and credit risk exposure.

However, Eleving's open foreign-exchange (FX) position remains wide
and the quality of capital remains a weakness, despite
significantly lower receivables from related parties (EUR3.4
million at end-1Q23, which are expected to further reduce within
the next 6 months).

High Appetite for Credit Risk: Eleving's asset quality reflects its
higher-risk client base (impaired loans ratio: 23% at end-1Q23),
but is mitigated by high loan yields (with an annualised interest
income/ average gross portfolio of 68% in 2022). Fitch expects the
generation of new impaired loans will remain below 10% in 2023 (8%
in 2022, 11% in 2021).

Its portfolio in Ukraine has been fully impaired, and that in
Belarus (4% of net loans at end-1Q23) is being run down (impaired
loans ratio of 14% at end-1Q23).

Strong Profitability Reflects Risk Appetite: Eleving's
profitability reflects its high-risk, high-yield business model and
should remain stable in 2023. Rising interest rates should have a
modest impact on Eleving's performance, because its funding is
mostly at fixed rates (65% at end-1Q23), while regulatory caps,
market competition and adverse selection restrict its flexibility
in increasing already high loan yields.

Funding from Mintos, a Latvian-licensed platform for retail
investing in loans, has become more expensive (12% on average in
June 2023), but it represented only 24% of Eleving's non-equity
funding at end-1Q23. Significant income attributable to minority
interests (26% of net income in 2022) weighs on Fitch's assessment
of Eleving's earnings and profitability.

Bonds Underpin Funding Profile: Eleving has limited short-term
funding needs owing to three outstanding bonds (EUR30 million due
in March 2024, EUR150 million due in October 2026 and EUR19 million
due in December 2031) and has demonstrated access to local funding
(EUR11 million bonds issued in Kenya in 2022). Refinancing risk
from a bullet repayment in October 2026 is still remote. Access to
Mintos (EUR70 million at end-1Q23) provides a flexible, but, in
Fitch's view, volatile and expensive alternative to bond funding.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

A marked and sustained increase in Eleving's gross debt/tangible
equity plus subordinated bonds ratio to above 8x, reducing its
buffers to absorb credit and FX losses, would likely result in a
downgrade of its Long-Term IDR, especially if arising from
corporate acquisitions.

A marked deterioration in asset quality or further FX losses,
ultimately threatening its solvency, would also lead to a
downgrade.

Unexpected difficulties in accessing market-based funding ahead of
its large 2026 bond maturity could also lead to a downgrade.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Rating upside is limited in the short term.

In the medium term, further increase in scale and demonstrated
stability in Eleving's business model and strategy could support
positive rating action, in particular if its gross debt/tangible
equity plus subordinated bonds ratio is maintained at close to or
below 5x and its pre-tax income/average assets ratio is close to or
above 7%.

Maintaining access to diversified funding sources and an improved
quality of capital would be rating-positive.

Improved corporate governance and a leaner corporate structure
(including lower minority interests) would be rating-positive.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

Structural Subordination: Eleving's senior secured debt rating of
'B-' reflects the bonds' effective structural subordination to
outstanding debt at operating entities. Despite the bonds' secured
nature, this leads to only average recovery expectations, as
reflected in its 'RR4' Recovery Rating and in equalising the debt
rating with Eleving's Long-Term IDR.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- An upgrade of Eleving's Long-Term IDR would likely be mirrored
  on its senior secured bond rating

- Higher recovery assumptions due to, for instance, operating
  entity debt falling in importance compared with rated debt
  instruments, could lead to above-average recoveries and Fitch to

  notch up the rated debt from Eleving's Long-Term IDR

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- A downgrade of Eleving's Long-Term IDR would likely be mirrored
  on its senior secured bond rating

- Lower recovery assumptions due to, for instance, operating
  entity debt increasing in importance relative to rated debt or
  worse-than-expected asset-quality trends (which could lead to
  larger asset haircuts), could lead to below-average recoveries
  and Fitch to notch down the rated debt from Eleving's Long-Term
  IDR

ADJUSTMENTS

The operating environment score of 'b+' is below the 'bb' category
implied score due to the following adjustment reason: international
operations (negative).

The asset quality score of 'b-' is above the 'ccc' category implied
score due to the following adjustment reason: risk profile and
business model (positive).

The funding, liquidity and coverage score of 'b-' is above the
'ccc' category implied score due to the following adjustment
reason: funding flexibility (positive).

ESG CONSIDERATIONS

Eleving has an ESG Relevance Score of '4' for both Governance
Structure and Group Structure. Governance Structure reflects issues
around material, albeit declining, related-party transactions,
limited independent board oversight, a multi-layered holding
structure, and concentration of decision-making. Group Structure
reflects our view about the appropriateness of Eleving's
organisational structure relative to its business model,
intra-group dynamics and risks to its creditors. This has a
moderately negative impact on the credit profile and is relevant in
conjunction with other rating factors.

Eleving has an ESG Relevance Score for Customer Welfare of '4'. In
Fitch's view, Eleving's exposure to the high-cost credit sector
means that its business model is sensitive to regulatory changes
(like lending caps) and conduct-related risks. These issues have a
moderately negative impact on the credit profile and is relevant in
conjunction with other rating factors.

Eleving has an ESG Relevance Score of '3' for GHG Emissions & Air
Quality, compared with the standard '2' for finance and leasing
companies. This reflects possible, but minimal, regulatory risk for
the value of Eleving's collateral.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance for Eleving 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.




===================
L U X E M B O U R G
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COVIS FINCO: $395M Bank Debt Trades at 28% Discount
---------------------------------------------------
Participations in a syndicated loan under which Covis Finco Sarl is
a borrower were trading in the secondary market around 72.2
cents-on-the-dollar during the week ended Friday, July 7, 2023,
according to Bloomberg's Evaluated Pricing service data.

The $395 million facility is a Term loan that is scheduled to
mature on February 18, 2027.  About $357.8 million of the loan is
withdrawn and outstanding.

Covis Finco SARL is an entity affiliated with Covis Pharma, which
is backed by Apollo Global Management.  Covis Pharma distributes
pharmaceutical products for patients with life-threatening
conditions and chronic illnesses.  Finco is the borrower under a
term loan facility used to refinance existing debt and refinance
the debt incurred to finance products acquired from AstraZeneca.
Finco has its registered office in Luxembourg.


MALLINCKRODT FINANCE: Calamos DCIF Marks $272,911 Loan at 28%
-------------------------------------------------------------
Calamos Dynamic Convertible and Income Fund has marked its $272,911
loan extended to Mallinckrodt International Finance SA, to market
at $195,559 or 72% of the outstanding amount, as of April 30, 2023,
according to a disclosure contained Calamos DCIF's Form  N-CSR for
the fiscal year ended April 30, 2023, filed with the Securities and
Exchange Commission on June 28, 2023.

Calamos DCIF is a participant in a Bank Loan that accrues interest
at a rate of 10.198% per annum (1 mo. LIBOR + 5.25%) to
Mallinckrodt International Finance SA. The loan is scheduled to
mature on September 30, 2027.

Calamos Dynamic Convertible and Income Fund was organized as a
Delaware statutory trust on March 11, 2014 and is registered under
the Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on
March 27, 2015.

Mallinckrodt International Finance SA manufactures and distributes
pharmaceutical products. The Company's country of domicile is
Luxembourg.

MALLINCKRODT FINANCE: Calamos GDIF Marks $293,905 Loan at 28% Off
-----------------------------------------------------------------
Calamos Global Dynamic Income Fund has marked its $293,905 loan
extended to Mallinckrodt International Finance SA to market at
$210,602, or 72% of the outstanding amount, as of April 30, 2023,
according to a disclosure contained Calamos GDIF's Form N-CSR for
the fiscal year ended April 30, 2023, filed with the Securities and
Exchange Commission on June 28, 2023.

Calamos GDIF is a participant in a Bank Loan that accrues interest
at a rate of 10.198% per annum (3 mo. LIBOR + 4.75%) to
Mallinckrodt International Finance SA. The loan is scheduled to
mature on September 30, 2027.

Calamos Global Dynamic Income Fund was organized as a Delaware
statutory trust on April 10, 2007 and is registered under the
Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on
June 27, 2007.

Mallinckrodt International Finance SA manufactures and distributes
pharmaceutical products. The company's country of domicile is
Luxembourg.

SUNSHINE LUXEMBOURG VII: Fitch Alters 'B' LongTerm IDR to Positive
------------------------------------------------------------------
Fitch Ratings has revised Sunshine Luxembourg VII SARL's (Galderma)
Outlook to Positive from Stable while affirming the skincare and
pharma company's Long-Term Issuer Default Rating (IDR) at 'B', and
senior secured rating at 'B+' with a Recovery Rating of 'RR3'.

The Outlook revision reflects the group's recent strong financial
performance and cost management, which together with its announced
approximately USD1 billion private placement aimed at partial debt
repayment, will lead to its EBITDA gross leverage falling well
below Fitch's positive sensitivity of 7.0x by end-2023. The
potential upgrade would be subject to Galderma maintaining healthy
EBITDA margins from 2024 that returns free cash flow (FCF) to
positive territory after a projected outflow in 2023 due to
heightened capex and another year of significant working-capital
outflow.

The rating continues to be supported by Galderma's strong market
positions in the global aesthetic and consumer skincare products
industry with a diversified product and brand portfolio, as well as
a wide presence across developed and emerging markets.

KEY RATING DRIVERS

Private Share Placement Accelerates Deleveraging: Proceeds from the
private placement of newly issued shares to current shareholders,
new investors and management will be used for partial debt
repayment to strengthen the group's balance sheet. Fitch estimates
this action will reduce the group's EBITDA gross leverage in 2023
by around 0.8x, from 7.2x at end-2022, in addition to improving the
group's liquidity position with increased availability under its
revolving credit facility (RCF).

Profitability Expansion Aids Deleveraging Capacity: Fitch
conservatively assumes a 50bp expansion in Galderma's EBITDA margin
in 2023, versus the group's guidance of 200bp-300bp, to 20.4% and a
gradual improvement towards 21.5% in 2025. This is due to
operational leverage and cost savings following its spin-off in
2019, as well as normalisation in R&D investments, including in
nemolizumab. Fitch estimates this should drive EBITDA to above
USD800 million in 2023 and further toward USD1 billion by 2025,
providing greater deleveraging capacity after the private placement
in 2023.

Resilient Growth Potential: Fitch expects Galderma to deliver
low-single digit revenue growth in 2023, despite a softening
macroeconomic environment. Its consumer-facing dermatological
skincare division continues to benefit from strong demand and
successful development of its Cetaphil product, which is gaining
market share from competitors and growing rapidly in China and
India. This is likely to offset a slowdown in injectable
aesthetics, particularly in more expensive procedures such as
fillers, after its fast growth during the Covid-19 pandemic. From
2024 Fitch assumes annual revenue growth accelerating to high
single digits as the global economy rebounds, as well as due to new
product launches, such as nemolizumab, and continued expansion in
emerging markets.

Improving FCF Generation: Fitch projects FCF will be negative at
around USD40 million in 2023, due to high capex of up to USD190
million as well as due to our assumption of further working-capital
outflow of around USD150 million, related to higher safety stocks
and supply phasing issues. However, Fitch anticipates FCF to turn
positive in 2024 with FCF margins at 2% and gradually improving
towards 5% in 2025-2026, which would be commensurate with a
stronger credit profile.

Nemolizumab to Boost 2025 Earnings: Galderma's new product
nemolizumab, for the treatment of itch in people with atopic
dermatitis and prurigo nodularis disease, has completed Phase III
trials with a good overall efficacy result. Fitch sees a good
chance of approval from the medical authorities and have factored
in a limited amount of sales in the Fitch rating case, of around
USD150 million over 2025-2026.

DERIVATION SUMMARY

Fitch rates Galderma under its Global Rating Navigator Framework
for Consumer Companies. Under this framework, Fitch recognises that
its operations are driven by marketing investments, a
well-established and diversified distribution network and the
moderate importance of R&D-led innovation capability. Its
prescription business benefits from a consolidated business profile
with diversification by product and geography, and good exposure to
mature markets, which however carry execution risks.

Compared with global consumer peers, such as Johnson & Johnson and
Unilever PLC (A/Stable) and Allergan plc, Galderma's business risk
profile is weighed down by its smaller scale and weaker
diversification. High financial leverage remains the key constraint
on Galderma's rating, compared with international global peers
across both the consumer and pharma sectors.

Relative to personal care peers Natura & Co Holding S.A.
(BB/Positive) and Avon Products, Inc. (BB/Positive), which Fitch
rates on the basis of the consolidated profile of their parent
Natura & Co, Galderma has lower scale and significantly higher
leverage.

Fitch also compares Galderma with packaged food company Sigma
HoldCo BV (B/Positive), which has comparable EBITDA. Despite higher
leverage at Galderma, the group benefits from stronger business
profile with better growth prospects and wider diversification.
Both exhibit a similar expected deleveraging trajectory due to
margins reinforcement, reflected in the Positive Outlook for both
names.

Galderma's rating is above that of Oriflame Investment Holding Plc
(B-/Negative), which is exposed to foreign-exchange movements and
emerging markets. The Negative Outlook reflects our expectation of
Oriflame's leverage remaining high for the rating due to suspended
operations in Russia, the impact of inflation and the continuous
loss of representatives (salesforce).

Relative to Pharmanovia Bidco Limited (B+/Stable), Galderma is
rated one notch lower, as its larger size is offset by
Pharmanovia's superior margins at above 40% and significantly lower
leverage.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer:

- Sales growth of 3.5% in 2023 as continued growth in the dermo-
  cosmetics segment is partly offset by some softness in more
  expensive products such as fillers. Fitch expects most of the
  sales growth to be price-driven in 2023

- High single-digit sales growth from 2024 onwards

- Fitch-defined EBITDA margin at 20.4% in 2023, gradually
  expanding towards 22% by 2026

- Capex of around 5% of sales in 2023, before reducing gradually
  towards 3.5% in 2025-2026

- Working-capital outflow of USD150 million in 2023 due to supply-
  phasing payments and higher safety stock, followed by USD50
  million annual outflows to 2026

- Bolt-on M&A of USD40 million annually from 2024. Earn-out
  payment in 2024 of USD50 million related to its Alastin
  acquisition

- No dividend payments to 2026

- Private share placement of up to USD1 billion to go towards debt

  repayment

KEY RECOVERY ASSUMPTIONS

The recovery analysis assumes that Galderma would be restructured
as a going concern (GC) rather than liquidated in a default.

In its bespoke recovery analysis, Fitch estimates GC EBITDA
available to creditors of USD520 million. The GC EBITDA is based on
a stressed scenario reflecting operational issues in connection to
its prescription business (loss of patent protection; delays or
higher investments to develop the pipeline of new products) or
perpetuated by lower growth and weaker margin development than
currently envisaged in the aesthetics and consumer divisions in an
inflationary environment. The GC EBITDA reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level on which we base its
valuation.

Fitch applies a distressed enterprise value (EV)/EBITDA multiple of
6.0x to calculate a GC EV, reflecting Galderma's large scale and
business diversity. This is below the 7.0x used for Stada, given
Stada's high margin business.

Galderma's USD500 million senior secured RCF is assumed to be fully
drawn on default and ranks pari-passu to its senior secured
first-lien term loans (USD3.6 billion). Therefore, after deducting
10% for administrative claims, our waterfall analysis output
percentage of 65% generates a ranked recovery for the senior
secured loans in the 'RR3' band, leading to a 'B+' instrument
rating, one notch above the IDR.

Fitch does not expect the potential debt repayment to affect senior
secured first-lien debt recoveries.

Fitch assumes that the factoring facility would remain in place in
case of default.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to an
Upgrade:

- Maintenance of healthy operating performance translating in FCF
   margin rising towards 5% as well as a commitment to a more
   conservative financial policy

- Gross leverage consistently below 7x EBITDA

- EBITDA interest coverage increasing towards 3.0x

Factors That Could, Individually or Collectively, Lead to The
Outlook Being Revised to Stable

- Weakening operating performance with EBITDA margin declining
  below 20%

- Gross leverage remaining above 7x EBITDA

- FCF remaining neutral to positive

Factors That Could, Individually or Collectively, Lead to a
Downgrade:

- Gross leverage above 8.0x EBITDA

- EBITDA interest coverage weakening to below 2.0x

- FCF margin deterioration to neutral to negative

LIQUIDITY AND DEBT STRUCTURE

Liquidity Remains Satisfactory: Galderma's 1Q23 liquidity of USD364
million included USD164 million of cash on balance sheet and USD200
million available under the RCF. It is supported by additional
USD260 million of first-lien term loan B raised during 1Q23 to
manage a large working-capital outflow during the quarter.

Following the envisaged private placement of around USD1 billion,
we expect the USD500 million RCF to be mostly undrawn by end-2023,
which will improve the group´s financial flexibility.

Fitch expects negative FCF generation in 2023 to reverse from 2024,
further supporting Galderma's cash balance in the medium term.

ISSUER PROFILE

Galderma, formerly Nestle Skin Health, provides medical, aesthetic
and consumer skin care products globally.

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.




=====================
N E T H E R L A N D S
=====================

LEALAND FINANCE: $500M Bank Debt Trades at 43% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Lealand Finance Co
BV is a borrower were trading in the secondary market around 57.1
cents-on-the-dollar during the week ended Friday, July 7, 2023,
according to Bloomberg's Evaluated Pricing service data.

The $500 million facility is a Term loan that is scheduled to
mature on June 30, 2025.  The amount is fully drawn and
outstanding.

Lealand Finance is an affiliate of CB&I Holdings B.V. and Chicago
Bridge & Iron Company B.V.  The Company's country of domicile is
the Netherlands.




===========
N O R W A Y
===========

ADEVINTA ASA: Fitch Raises LongTerm IDR to 'BB+', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has upgraded Adevinta ASA' Long-Term Issuer Default
Rating to 'BB+' from 'BB'. The Outlook is Stable. Fitch has also
upgraded Adevinta's senior secured debt to 'BBB-' from 'BB+'. The
Recovery Rating on the senior secured debt remains at 'RR2'.

The upgrade reflects significant deleveraging achieved over the
last two years. Fitch project Fitch-defined EBITDA net leverage to
decline further to below 3.5x by end-2023, where it should remain,
in line with the company's target of keeping net debt/EBITDA
(company definition) at below 3x. Clarity over future capital
allocation is critical for its rating trajectory.

Adevinta holds number one or two positions in most of its key
markets by traffic or revenue, which leads to sustainable
operations and supports robust EBITDA margins in the mid-30% as
well as strong free cash flow (FCF) generation.

KEY RATING DRIVERS

Leverage Target on Track: Fitch expect Adevinta's EBITDA net
leverage to remain below 3.5x on a sustained basis after this level
is achieved by end-2023 (3.9x at end-2022), in line with the
company's target of keeping it below 3x (company definition). Rapid
deleveraging in 2021-2023 has been supported by strong organic
growth and deployment of FCF to gross debt reduction. This is key
to the rating upgrade. The company has decided to curtail
shareholder distributions until leverage falls to its target, and
does not expect to pay regular dividends in 2023.

Leading Market Positions: Adevinta holds number one or two
positions by traffic or advertising listings in most of its large
markets, which Fitch view as crucial in sustaining profitable
operations. Following its eBayC acquisition in June 2021, the
company has divested nearly all its non-strategic assets (with the
exception of small Hungary operations that are 'held for sale'),
which allows it to be more focused on its core portfolio.

'Must See' Status: Most horizontal and vertical classifieds markets
are dominated by one or two participants that have a coveted 'must
see' status. These bigger participants, like Adevinta, can obtain a
disproportionately large share of revenues and sustain a
significant pricing premium compared with smaller competitors.

Once achieved, market leadership benefits from the virtuous cycle
of a large number of visitors attracting more advertisers and
sellers that generate high volumes of classified advertising
inventory, which in turn attracts visitor interest. This
'winner-takes-it-all' paradigm protects leaders against smaller
competitors even in the absence of significant barriers to entry.

Positive Growth Outlook: Fitch project Adevinta to maintain strong
organic growth, likely in mid-to-high single digits in annual
percentage terms. Growth will be supported by an unwavering trend
for more less-wasteful second-hand consumption driving online
classifieds and additional opportunities from transactional
services, and by recovery in the car segment after receding supply
chain issues in the aftermath of Covid-19.

Price Increase Potential: With the classified expenses being
typically only a fraction of the overall cost base for B2C
customers and capitalising on its strong market clout, Adevinta has
been able to significantly increase its tariffs without
compromising its market leadership. Fitch expect Adevinta to retain
this pricing flexibility, significantly supporting its overall
growth. It last increased its prices by double digits year on year
in key markets in 1Q23 and early 2Q23, which should contribute to
stronger revenue growth till end-2023.

Diversified Operations: Adevinta's business portfolio is
well-diversified by geography, vertical (i.e. target customers in a
specific industry) and horizontal markets, and advertising versus
non-advertising revenues. Fitch view diversification as a
mitigating factor in a downturn. Adevinta's large portfolio of
brands and sites provides substantial divestment opportunities
without compromising its overall strategy.

Strategic Challenges a Distant Threat: Fitch view strategic
challenges to Adevinta's business model as only a distant threat.
Fitch believe Adevinta has no plans to take any inventory, customer
credit or financing risks. The motor segment may be affected if
manufacturers, particularly in the electric vehicles market, become
direct car sellers by taking over this function from traditional
dealers. However, this direct distribution model remains
experimental and has so far been adopted by few newcomers to the
auto market, eg. Tesla.

Transactional services, particularly at the initial phase, may
require higher promotional costs including on delivery but Fitch
see it unlikely that Adevinta will significantly overspend without
visibility over improving profitability of these operations. Highly
specialised classified platforms such as those dedicated to vintage
fashion may erode market positions in some niches but hardly pose a
wider risk.

Profitability Improvement: Adevinta is on track with achieving
synergies post the eBay transaction, which should be a significant
contributor to stronger profitability. It is targeting run-rate
synergies of EUR90 million by end-2023. Management is aiming to
improve EBITDA margin to 40%-45% (company definition) by 2026, from
33% in 2022.

Adevinta's strategy to manage vertical advertising such as jobs or
motors rather than by geographic market should contribute to wider
adoption of company-wide best practices including IT solutions,
promote quicker development of transactional services and,
ultimately, also lead to profitability improvement.

Strong Cash Flow Generation: Adevinta's asset-light business model
with EBITDA margins in the mid-30% and capex of around 5%-6% of
revenue generates strong cash flow. Fitch project pre-dividend FCF
margin in the low-to-mid teen percentages, supporting liquidity and
deleveraging flexibility. With only 31% of the company's debt being
effectively floating-rate at end-1Q23, higher base rates are
unlikely to put significant pressure on cash flow.

DERIVATION SUMMARY

Adevinta is a leading global classified ads company comparable in
size to its similarly large peer Traviata B.V. (B/Stable) with its
key operating asset AxelSpringer SE but is more diversified across
verticals and geographic markets. It generates significantly more
classified revenues than Prosus Classifieds, carsales.com Ltd and
Speedster Bidco GmbH (AutoScout24; B/Stable); the latter two
companies derive most of their revenues from the motor segment.

Unlike Prosus, Adevinta generates most of its revenues in western
Europe, with limited exposure to emerging markets. In line with
most of its peers, Adevinta is strongly cash-generative with capex
at around 5%-6% of revenue. Adevinta's EBITDA margins are well
above 30%, broadly in line with Prosus's, but significantly behind
that of motor specialists such as AutoScout24 and carsales.com.

Adevinta's leverage significantly improved since it acquired eBay
classified assets in 2021. It is significantly less leveraged than
both AutoScout24 and Traviata, but has considerably more debt than
carsales.com.

KEY ASSUMPTIONS

Key Assumptions Within Fitch Rating Case for the Issuer:

- Strong double-digit revenue growth in the motor segment in
2023-2024

- Mid-to-high single-digit revenue growth in classified verticals
outside motors

- Advertising revenues to fall 3% in 2023, before rebounding to low
single-digit growth in 2024-2026

- Gradual improvement in Fitch-defined EBITDA margin to around 37%
by 2026 from above 34% in 2023

- No dividends in 2023, with all FCF distributed to shareholders
from 2024 (Fitch's assumption for modelling purposes)

- Cash capex slightly above 5% of revenues a year

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- EBITDA net leverage below 3x on a sustained basis while
maintaining strong market positions and cash flow generation

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- EBITDA net leverage rising to above 3.5x on a sustained basis
without a clear path for deleveraging

- Market-share pressures and a loss of number one or two position
in key markets

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Fitch expect Adevinta's liquidity to be
sufficient to cover operating liquidity needs and fund bolt-on
acquisitions. As of end-1Q23, it had access to a EUR450 million
undrawn revolving credit facility with maturity in mid-2026,
supplemented by EUR52 million of cash on its balance sheet and
strong cash flow generation. Its earliest debt maturity is EUR660
million of senior secured notes in November 2025.

Generic Approach for Senior Secured Debt: Fitch rates Adevinta's
senior secured rating at 'BBB-' in accordance with Fitch's
Corporates Recovery Ratings and Instrument Ratings Criteria, under
which Fitch apply a generic approach to instrument notching for
'BB' rated issuers. Fitch label Adevinta's debt as "Category 2
first lien" according to Fitch criteria, thus resulting in a
Recovery Rating of 'RR2', with one notch uplift from the IDR to
'BBB-'.

ISSUER PROFILE

Following its acquisition of eBayC in 2021, Adevinta became one of
the largest and most diversified global online classified groups,
with significant market shares and geographic diversification.

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.




===============
P O R T U G A L
===============

BANCO MONTEPIO: Fitch Hikes LongTerm IDR to 'B+'; Outlook Positive
------------------------------------------------------------------
Fitch Ratings has upgraded Caixa Economica Montepio Geral, Caixa
economica bancaria, S.A.'s (Banco Montepio) Long-Term Issuer
Default Rating (IDR) to 'B+' from 'B' and Viability Rating (VR) to
'b+' from 'b'. The Outlook on the Long-Term IDR is Positive.

The upgrade primarily reflects Banco Montepio's successful
reduction of problem assets (impaired loans, net foreclosed assets
and investment properties) and its improved capitalisation.
Together this has resulted in a significant decline in the level of
capital encumbered by problem assets. The upgrade is also supported
by an improvement in the resilience of the Portuguese economy and
banking sector and the bank's improving core profitability.

The Positive Outlook reflects Fitch view that improving recurring
earnings, a lower-risk balance sheet, better operating efficiency
and higher interest rates, together with a continued improvement in
asset quality, could result in a further upgrade.

KEY RATING DRIVERS

Weak But Recovering Financial Profile: Banco Montepio's ratings are
weighed down by the high burden of legacy problem assets, despite
the notable progress in recent years, which still exposes
capitalisation to moderate asset quality shocks. The ratings also
reflect the bank's small franchise in Portugal, and weak but
improving core profitability.

Small Franchise in Portugal: Banco Montepio is a small bank in the
Portuguese market. Its business model is centred on traditional
retail and commercial banking with limited diversification. Fitch
believe that the recent reduction of legacy problem assets,
restructuring progress and higher interest rates will support the
long-term stability of its business profile.

Problem Assets Influence Risk Profile: Banco Montepio's risk
profile has improved over the economic cycle and appetite for
higher-risk lending has decreased. Banco Montepio focuses on
secured lending and is mainly exposed to retail (individuals and
small businesses) customers in Portugal. More prudent underwriting
standards and active management of impaired loans and foreclosed
real estate assets have led to better asset quality metrics, but
problem assets remain higher than at higher-rated southern European
peers.

High Level of Problem Assets: Fitch estimates that the problem
assets ratio had reduced to about 7.5% at end-March 2023 (including
impaired loans, net foreclosed assets and investment properties).
Fitch expect asset quality to continue improving in 2023-24 and the
bank to continue actively managing its stock of legacy problem
assets, albeit at a slowing pace. Higher interest rates and the
economic slowdown are likely to result in increased new impaired
loan inflows and reduced recoveries, although these effects should
remain manageable and Fitch expect the impaired loans ratio to
stabilise at about 4% and the problem asset ratio around 6.5%.

Weak but Improving Profitability: The bank's core profitability is
weak due to a lack of scale and limited diversification, as well as
low but improving operating efficiency. In 2022, profitability
continued to improve, driven by lower loan-impairment charges and a
reduction in costs from the bank's restructuring plan. Fitch expect
operating profit to continue to increase in 2023 as the full
benefit from higher interest rates feeds through.

Vulnerable Capitalisation: Capitalisation has improved since 2020
and the total capital ratio reached 16.1% at end-March 2023. This
creates a modest buffer above Banco Montepio's overall capital
requirement, including combined buffer requirements, of 14%.
Unreserved problem assets (including restructuring funds) accounted
for about 61% of the bank's fully loaded common equity Tier 1
(CET1) capital at end-March 2023. This is lower than in the past
but remains materially above that of peers and still renders
capital ratios vulnerable to even moderate asset quality shocks.

Granular Deposit Base: Banco Montepio is mainly deposit-funded and
its liquid asset buffer is adequate in light of low upcoming
wholesale debt maturities. The bank's liquidity profile remains
sensitive to changes in creditor sentiment and to the Portuguese
operating environment, but has proved fairly stable recently.
Access to wholesale markets is less established than for peers and
will be pivotal to the bank meeting its final minimum requirement
for own funds and eligible liabilities (MREL) within the next 18
months.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Fitch could revise the Outlook on the Long-Term Issuer Default
Rating (IDR) to Stable if Fitch no longer expect asset quality and
recurring profitability to improve, which would keep capital
encumbrance at high levels.

Rating downside would most likely arise from a reduction in capital
buffers over regulatory requirements. This could result from
unexpected economic shocks to the Portuguese economy, which could
lead to material deterioration of asset quality, large credit
losses and ultimately capital erosion. The ratings could also come
under pressure if Banco Montepio fails to remain profitable,
despite improved asset quality, illustrating structural weaknesses
of the business model and challenges in attracting new business.

Failure to comply with its final MREL or an extension of the
deadline to meet this requirement, would also likely be
rating-negative, as in Fitch view it would signal an inability to
access wholesale debt markets.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

The Positive Outlook on Banco Montepio's Long-Term IDR indicates
that an upgrade is likely in the next 12-18 months, notably if the
bank continues to improve its asset quality and recurring
profitability.

Reduced capital encumbrance from net impaired loans and foreclosed
real estate assets closer to 40% of fully loaded CET1, driven by a
sustained reduction in the problem assets ratio below 6%, and
impaired loan ratio of about 4%, while maintaining at least current
buffers over regulatory capital requirements, are the most likely
triggers of an upgrade.

A longer record of improved profitability with an operating profit
consistently above 0.75% of RWAs would also be positive for the
bank's ratings in conjunction with further improvements in asset
quality and capital.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
DEPOSIT RATINGS

Fitch have upgraded Banco Montepio's long-term deposit rating to
'BB-' from 'B+'. The long-term deposit rating is one notch above
the Long-Term IDR, reflecting the lower vulnerability of deposits
to default than senior debt, as Fitch expect depositors to be
protected if the bank fails due to full depositor preference in
Portugal.

As of January 1, 2025, Banco Montepio will have to comply with a
MREL of 23.5% of RWAs, including the 2.76% combined buffer
requirements for 2022. The uplift to the deposit rating above the
Long-Term IDR reflects Fitch expectation that Banco Montepio will
succeed in building up its MREL, through higher CET1 ratio and the
build-up of resolution debt buffers, over the next 18 months.

SENIOR PREFERRED (SP) AND NON-PREFERRED (SNP) DEBT RATINGS

Fitch have upgraded Banco Montepio's long-term SP debt by two
notches to 'B+' from 'B-'. The senior preferred debt is now rated
in line with the bank's Long-Term IDR, reflecting Fitch view that
the probability of default on senior preferred obligations is the
same as that of the bank. The improved Recovery Rating of 'RR4',
from 'RR5' previously, reflects Fitch view that recovery prospects
for senior preferred creditors are now 'average', instead of 'below
average' because of the bank's de-risking plan and expected
improvement in capitalisation.

Fitch also expect protection available to senior preferred
creditors to increase as the bank builds up resolution debt
buffers. Fitch do not expect the bank to be liquidated given that
it is subject to MREL and is considered a systemically important
bank in Portugal (O-SII buffer of 0.25%).

Fitch have upgraded the SNP debt by two notches to 'B' from 'CCC+',
and increased the Recovery Rating to 'RR5' from 'RR6'. This also
reflects Fitch view that the bank will use SP to meet MREL and SNP
and more junior debt unlikely to be higher than 10% RWAs.

SUBORDINATED DEBT RATINGS

Banco Montepio's subordinated notes' rating is notched down twice
from the bank's VR, in line with Fitch baseline notching for
subordinated Tier 2 debt. The notching reflects the notes' poor
recovery prospects (RR6) if the bank becomes non-viable. Fitch does
not apply additional notching for incremental non-performance risk
relative to the VR as there is no coupon flexibility included in
the notes' terms and conditions.

GOVERNMENT SUPPORT RATING (GSR)

Banco Montepio's GSR of 'no support' (ns) reflects Fitch view that
although external extraordinary sovereign support is possible, it
cannot be relied upon. Senior creditors can no longer expect to
receive full extraordinary support from the government in the event
that the bank becomes non-viable.

The EU's Bank Recovery and Resolution Directive and the Single
Resolution Mechanism for eurozone banks provide a framework for
resolving banks that requires senior creditors participating in
losses, if necessary, instead of or ahead of a bank receiving
sovereign support.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

Banco Montepio's deposit, senior preferred and senior non-preferred
are primarily sensitive to the IDRs and its subordinated debt
ratings are sensitive to the VR.

The long-term deposit rating, senior preferred debt and senior
non-preferred debt would likely be downgraded if Fitch no longer
expects Banco Montepio to be able to build its MREL by January
2025.

An upgrade of the GSR would be contingent on a positive change in
the sovereign's propensity to support the bank. In Fitch's view,
this is highly unlikely, although not impossible.

VR ADJUSTMENTS

The operating environment score of 'bbb' is below the 'a' category
implied score, due to the following adjustment reasons: sovereign
rating (negative), level and growth of credit (negative).

The business profile score of 'b+' is below the 'bb' implied
category score due to the following adjustment reason: business
model (negative).

The asset quality score of 'b+' is below the 'bb' implied category
score due to the following adjustment reason: non-loan exposures
(negative).

The capitalisation & leverage score of 'b+' is below the 'bbb'
implied category score due to the following adjustment reasons:
reserve coverage and asset valuation (negative) and regulatory
capitalisation (negative).

The funding & liquidity score of 'bb-' is below the 'bbb' implied
category score due to the following adjustment reason: non-deposit
funding (negative).

ESG CONSIDERATIONS

Fitch have revised the ESG Relevance Score of '4' for governance
structure to '3' as Fitch believe that governance is now neutral
for the bank's ratings and that ratings are mainly driven by the
bank's business and financial profile.

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.




=============
R O M A N I A
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KMG INTERNATIONAL: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed KMG International NV's (KMGI) Long-Term
Issuer Default Rating (IDR) at 'B+' with a Stable Outlook.

KMGI is a wholly-owned subsidiary of JSC National Company
KazMunayGas (NC KMG; BBB/Stable), the national oil and gas company
of Kazakhstan. Under Fitch Parent and Subsidiary Linkage (PSL)
Rating Criteria, it is notched up twice from its Standalone Credit
Profile (SCP) of 'b-', based on a bottom-up assessment reflecting
'Medium' legal and operational incentives and 'Low' strategic
incentives to support by NC KMG.

KMGI's SCP of 'b-' reflects the small scale of its refinery
capacity, volatile refining margins subject to cyclical
raw-material prices and limited business integration despite
ongoing strategic investment in the retail segment, as well as a
high share of short-term debt in its capital structure.

Fitch expect that KMGI will be able to maintain its EBITDA net
leverage on average at around 3.2x in 2023-2027. Fitch also assume
stable access to credit lines with its relationship banks on the
back of its adequate domestic market position in Romania and ties
with NC KMG.

KEY RATING DRIVERS

Reduced Dependence on Russian Ports: KMGI currently sources
approximately 60% of crude feedstock from NC KMG in Kazakhstan at
the market price of Kazakh export blend crude oil (KEBCO). Since
KEBCO is being loaded into vessels at the Russian port of
Novorossiysk and the risk of friction between the two countries
remains heightened, KMGI has been exploring alternative sources for
the crudes transmitted through Russian territory. KMGI estimates
that the whole volume of KEBCO can be substituted by increasing
volumes from its current suppliers in Iraq and alternative sources
such as Azerbaijan and Africa.

Normalising Refining Margins: Since the Russian war in Ukraine in
February 2022, Urals had traded at a significantly discounted price
and, consequently, Urals-dated Brent differential had widened to
unprecedented territory above USD30 per bbl, resulting in a record
refining margin at USD37/bbl for KMGI in May 2022. Since July 2022,
the margin decreased, but remained above USD13/bbl until the end of
the year. Despite soft demand, Fitch expect the refining business
to remain profitable due to constrained supply and continued
KEBCO-dated Brent differential amid geopolitical tension.

Russian Gas Stoppage No Impact: Romania is one of the most
self-sufficient countries in gas with imported Russian gas
accounting for only 16% of total gas consumption before the war.
Despite complete stoppage of gas supply from Russia, the volume was
replaced by increased imports from other countries including
Azerbaijan and reduced consumption.

Windfall Tax Manageable: KMGI was subject to sizeable windfall
taxes totaling USD125 million for 2022. The windfall tax is deemed
manageable given KMGI's strong financial performance in 2022 on the
back of its high average refining margin and a continuing solid
market trend in 2023.

Diversification via Growing Retail: KMGI currently operates more
than 1,300 distribution points including 388 owned gas stations in
European countries. It is strategically expanding its retail
network especially in Romania to capitalise on its lowest, but
growing, car density in the EU. KMGI has purchased or constructed
40 gas stations since the launch of its expansion project and it
aims to build 44 new stations until 2024. Its retail market share
in Romania is estimated at 16.9% in 2022. Growing contribution from
the retail business provides stability to earnings, mitigating the
cyclicality of refining margins.

'b-' SCP: KMGI's SCP is constrained by its small scale,
single-asset operations, and neutral-to-negative free cash flow
(FCF) related to its committed purchase under a MoU of a 26.7%
stake in Rompetrol Rafinare (RRC) for USD200 million. It is also
constrained by lower refining margins and throughput volume than
Fitch-rated European peers', and a high portion of short-term
credit facilities (67% of total debt at end-2022). The constraints
are partly mitigated by diversification into retail fuel marketing
and the high white-product yield of its Petromidia refinery.

MoU Outlays Constrain FCF: Additional capex associated with the MoU
until 2025 will weigh on FCF. The Kazakh-Romanian Energy Investment
Fund, set up under the MoU with the Romanian state, has an
investment scope of up to USD1 billion for 2018-2025. The USD1
billion investment amount is discretionary and KMGI will proceed
only with investments that make economic sense without jeopardising
its credit profile.

Capex to Support Profitability: Fitch rating case captures an
enlarged capex plan of approximately USD500 million in 2023-2026,
including two approved MoU projects. They are the construction of a
co-generation plant at the Petromidia refinery, expected to be
commissioned in August 2023, and expansion of KMGI's domestic gas
station network mainly in Romania. Fitch expect these investments
to enhance KMGI's business profile and profitability in the long
term.

'Medium' Operational and Legal Incentives: Under Fitch's PSL Rating
Criteria, the legal incentive between KMGI and NC KMG is 'Medium'
underpinned by KMGI being a material subsidiary under a
cross-default clause, which can be triggered by a default of KMGI's
debt exceeding USD250 million. KMGI shares its parent's brands,
uses NC KMG's crude and also acts as the sole trader for NC KMG's
crude volumes in Europe through KMG Trading AG. This supports
'Medium' operational incentives.

'Weak' Strategic Incentive: Strategic incentive between KMGI and NC
KMG is deemed 'Weak' given its limited competitive advantage and
asset contribution to the parent's profile. Following the parent's
failed attempt to sell a majority stake in KMGI, a divestment is
unlikely in the next four years as KMGI is no longer listed on the
Kazakh state's privatisation programme and is viewed as an asset
that could enhance NC KMG's business profile.

DERIVATION SUMMARY

KMGI's most comparable rated peer is Turkiye Petrol Rafinerileri
A.S. (Tupras) (B/Stable) in business profile and business
integration but Tupras operates on a much larger scale with four
medium-sized refineries across Turkiye with a total capacity of
564kboe/d.

KMGI with a refining capacity of 131kboe/d is the smallest among
EMEA peer group including Polski Koncern Naftowy ORLEN S.A. (PKN)
(BBB+/Stable), MOL Hungarian Oil and Gas Company Plc (MOL;
BBB-/Stable) and Tupras. Compared with MOL and PKN, which have
vertical integration of upstream assets and petrochemical
businesses, KMGI has volatile refining margins, which is highly
subject to varying raw-material prices across the economic cycle.
In addition, KMGI is also disadvantaged by its weaker refining
efficiency on lower economies of scale.

KEY ASSUMPTIONS

Fitch's Key Assumptions within Fitch Rating Case for the Issuer:

- Oil prices in line with Fitch's price deck

- Capex totalling USD427 million for the Kazakh-Romanian Energy
Investment Fund in 2023-2025. Lower capex for 2025-2026

- Cash outflow of USD200 million in 2024 for the committed purchase
of a 26.7% stake in RRC from the Romanian government. Fitch assume
that KMGI will raise financing for the RRC stake acquisition
without NC KMG's support

- Dividends of USD15 million per year in 2023-2024 and USD50
million in 2025-2026

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- EBITDA net leverage below 2.0x on a sustained basis, coupled with
improved liquidity and a higher share of long-term debt

- Evidence of stronger ties between NC KMG and KMGI

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- Deterioration in KMGI's liquidity and ability to refinance debt

- Unremedied covenant breach

- EBITDA net leverage above 4.0x and EBITDA interest coverage below
2.0x on a sustained basis

- Negative FCF on a sustained basis

- Weaker ties with NC KMG leading to a reassessment of the
two-notch uplift to the SCP for parental support

LIQUIDITY AND DEBT STRUCTURE

Limited Liquidity: At end-2022, KMGI held cash balances of around
USD145 million against short-term debt of USD359 million (versus
USD533 million of total debt) and forecast negative FCF of around
USD57 million in 2023. It has no availability under its long-term
committed USD266 million revolving credit facility (RCF) due in
April 2026.

KMGI also maintains a substantial amount of short-term uncommitted
credit lines and crude prepayment facilities, mainly for its
trading activities, but Fitch does not view them as a source of
liquidity.

Predominantly Short-Term Debt: KMGI relies on rolling over
short-term credit facilities to cover its liquidity requirements.
The high proportion of short-term debt in its capital structure is
a constraint on the rating, even though it has a record of
successful refinancing with its relationship banks.

KMGI's USD266 million RCF and USD120 million uncommitted credit
line have covenants of a minimum interest coverage (EBITDA/bank
interest) of 3.5x, a maximum net debt/EBITDA of 4.0x, and a maximum
bank debt utilisation of USD1 billion. The covenants are tested
semi-annually.

ISSUER PROFILE

KMGI incorporates three main business segments including (i)
refining and petrochemicals via a controlling ownership 54.6% of
RRC; (the remaining 44.4% owned by the Romanian government),
(ii)trading and supply chain via KMG Trading, which manages
feedstock supply and sales of finished products, and (iii) retail
and marketing with over 1,300 fuel distribution points including
388 owned gas stations in four countries - Romania, Moldova,
Bulgaria and Georgia.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

KMGI's rating is notched up by two notches from its SCP for
parental support.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.




=========
S P A I N
=========

DURO FELGUERA: EUR85M Bank Debt Trades at 28% Discount
------------------------------------------------------
Participations in a syndicated loan under which Duro Felguera SA is
a borrower were trading in the secondary market around 71.5
cents-on-the-dollar during the week ended Friday, July 7, 2023,
according to Bloomberg's Evaluated Pricing service data.

The EUR85 million facility is a Term loan that is scheduled to
mature on July 27, 2023.  The amount is fully drawn and
outstanding.

Duro Felguera, S.A., through its subsidiaries, manufactures
equipment for the mining industry. The Company also markets and
sells control systems for producing steel for machinery and
railroad components. The Company's country of domicile is Spain.


GREEN BIDCO: Fitch Assigns First Time 'B(EXP)' Long Term IDR
------------------------------------------------------------
Fitch Ratings has assigned Green Bidco, S.A.U. (Amara) a first-time
expected Long-Term Issuer Default Rating (IDR) of 'B(EXP)'. The
Outlook is Positive. Fitch has also assigned Amara's upcoming notes
an expected senior secured rating of 'B+(EXP)' with a Recovery
Rating of 'RR3'.

The assignment of final ratings is contingent on the receipt of
final documentation conforming materially to information already
received and details regarding the issuing entities, amount,
security package and tenor.

The IDR is constrained by Amara's small scale and its intermediary
position in the value chain, fairly concentrated customer and
supplier diversification, and historically negative free cash flow
(FCF) generation. Rating strengths are its leading market position
in the distribution market for energy-transition products,
primarily in Spain, its long-term partnership with customers, a
favourable market environment.

The Positive Outlook reflects expected good operating performance
with improving EBITDA margins, FCF generation and leverage metrics,
plus good liquidity following its acquisition by Cinven.

KEY RATING DRIVERS

Solid End-Market: Amara operates as an intermediary in the value
chain for energy-transition products. About 69% of its revenue is
attributed to the renewables end-market (primarily solar energy)
and 27% to electrification. It benefits from rising demand for
green energy, which supported its sharp revenue growth in 2022.
Fitch forecast a further double-digit revenue increase in 2023 and
sustainable revenue generation above EUR800 million over 2023-2026,
underpinned by strong underlying demand for its distributed
products.

Sustainable Business Profile: While Amara's business profile is
characterised by a well-diversified product mix, it is constrained
by a much smaller scale than that of other B2B distributors rated
by Fitch. This is mitigated by its leading market position in the
energy-related products distribution, primarily in Spain, and its
well-established logistic network. Moreover, Amara's end-market is
non-cyclical in comparison with other Fitch-rated distributors
serving cyclical building products end-markets

Limited Diversification: Due to the nature of the group's
end-market, its customer base is quite concentrated in comparison
with that of peers that operate in building products industry. Top
five customers contribute about 20% of Amara's revenue.
Geographical diversification is moderate, due to its focus mainly
on Spain where about 56% of revenue is generated. However, the
group is also expanding its business scale while about 17% of
revenue comes from Brazil, 13% Italy and 8% from Portugal.

Narrow Supplier Base: Amara's supplier base is narrow with the top
five suppliers representing about 62% of Amara's purchase volume.
This is however mitigated by the group's strategy aimed at
achieving better terms and securing the availability of critical
products. Limited diversification is mitigated by long-term repeat
customers and suppliers relationship, and exposure to non-cyclical
end-markets with expected strong underlying demand.

Improving Profitability: Amara's EBITDA margins of 4.4%-6.6% in
2021-2022 were broadly in line with peers'. Fitch forecast gradual
margin improvement due to a shift in its product mix towards more
value-added items, prices revision, ability to pass on cost
inflation and certain purchase optimisation. Fitch expect the
EBITDA margin to improve to around 7.2% in 2023 and further to
about 9% in 2026.

FCF Turning Positive: Historically Amara has generated negative FCF
mainly due to large working-capital (WC) outflows driven by
accelerated scale growth. Fitch expect WC fluctuations to normalise
from 2023. This, together with an expected rise in EBITDA margins
and the low capital-intensive nature of the business, should result
in neutral to positive FCF generation from 2023. Fitch forecast FCF
margins to be above 1% from 2024 on a sustained basis.

Moderate Leverage: Fitch expects Amara's leverage metrics to be
moderate following the acquisition of a 63% stake in the group by
Cinven and the issue of EUR270 million new notes. Fitch forecast
EBITDA gross leverage at around 4.8x in 2023 and about 4.1x in
2024. Expected improvement of profitability will be the key driver
of its deleveraging, which if not achieved could weigh on leverage
metrics and result in a negative rating action.

DERIVATION SUMMARY

The business profile of Amara is comparable with that of other B2B
distributors rated by Fitch such as Quimper AB (B/Positive) and
Winterfell Financing S.a.r.l. (B/Positive). Amara is much smaller
in scale versus both peers', but its end-market exposure is less
cyclical as Amara operates in the value chain for the
energy-transition market rather than in the cyclical building
materials and products market. Similar to Quimper the group's
geographical diversification is concentrated, given its focus
mostly on Spain. Due to the nature of the business, Amara's
customer and supplier diversification is more concentrated than
peers'.

Amara's expected EBITDA margins of 7%-8% for 2023-2024 are stronger
than that of Winterfell, but weaker than Quimper's. Historically
Amara's FCF generation was negative, but Fitch forecast a
turnaround from 2024 with FCF margins above 1%, which will be
comparable to Winterfell's and Quimper's.

The leverage metrics of Amara following its leveraged buyout by
Cinven will be moderate and be comparable to Quimper's. Fitch
forecast EBITDA gross leverage at 4.8x by end-2023, which is
stronger than Winterfell's 6.0x (July 31, 2020).

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer:

- Revenue to rise 22% in 2023 and by mid-single digits in 2024,
followed by low single digits in 2025-2026

- EBITDA margin of 7.2% in 2023, on average at 8.4% in 2024-2026
and improving to 9% by 2026

- Interest rate based on Fitch's March 2023 GEO forecast and an
additional 50bp

- No material WC fluctuations for 2023-2026

- Capex at about 0.2%-0.5% of revenue during 2023-2026

- No dividend payments

- New notes of EUR270 million in 2023 with maturity due 2028 to
refinance existing debt

- No M&A to 2026

Key Recovery Rating Assumptions:

- Fitch recovery analysis assumes that Amara would be deemed a
going concern (GC) in bankruptcy and that it would be reorganised
rather than liquidated

- Fitch GC value available for creditor claims is estimated at
about EUR209 million, based on an assumed GC EBITDA of EUR55
million

- GC EBITDA assumes a loss of a major customer and a failure to
broadly pass on cost inflation to customers. The assumption also
reflects corrective measures taken in reorganisation to offset the
adverse conditions that trigger its default

- A 10% administrative claim

- An enterprise value (EV) multiple of 5.0x EBITDA is applied to GC
EBITDA to calculate a post-reorganisation EV. The multiple is based
on the group's leading market position in Spain and other markets
with solid non-cyclical end-markets, an established logistics
network, moderate geographical diversification and its long-term
relationship with customers. At the same time, the EV multiple
reflects the group's small scale in comparison to peers',
concentrated customer and supplier diversification, and
historically weak FCF generation

- Fitch deducts about EUR39 million from the EV, to account for the
group's highest usage of a factoring facility over the past 12
months, in line with Fitch's criteria

- Fitch estimates the total amount of senior debt claims at EUR320
million, which includes a planned EUR50 million super senior
secured revolving credit facility (RCF) and the planned EUR270
million senior secured notes

- The allocation of value in the liability waterfall results in
recoveries corresponding to 'RR3'/'B+'/'59%' for the senior secured
notes

- An upgrade to the debt rating will be constrained by Fitch's
Country-Specific Treatment of Recovery Ratings Criteria. The group
primarily operates in Spain with a country cap of 'RR2', but it
also has a material volume of operations in Brazil (country cap of
'RR4') and Italy ('RR3'). As a result, Fitch apply a cap of 'RR3'
for the debt instrument rating.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to an
Upgrade:

- EBITDA gross leverage below 4.0 on a sustained basis

- Strong increase in scale and revenue combined with geographical
diversification improvement, revenue growth towards EUR1 billion
and a consistent EBITDA margin above 8%

- FCF margin above 2% on sustained basis

- EBITDA interest coverage above 3.0x on a sustained basis

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- EBITDA gross leverage above 5.5x on a sustained basis

- Negative FCF margin on a sustained basis

- EBITDA interest coverage below 2.0x on a sustained basis

- Inability to improve EBITDA margin above 7%

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity Post-Refinancing: Fitch expect Amara's liquidity
to improve following its issue of EUR270 million senior secured
notes and the refinancing of all existing debt. Amara will have no
scheduled debt repayment until its bullet payment in at least five
years. Fitch's expectation of sustainable positive FCF generation
from 2024 should support the group's liquidity over the long term.
Moreover, a planned EUR50 million RCF should provide the group with
adequate committed liquidity.

After the planned refinancing of the debt following its leveraged
buyout by Cinven, Amara's debt will be concentrated on EUR270
million senior secured notes with a single maturity of at least
five years. Fitch view its refinancing risk as limited due to the
long-dated maturity and expected stable performance of the group
through the cycle.

ISSUER PROFILE

Green Bidco, S.A.U. will be the 100% owner of Amara once the
acquisition by Cinven is completed. The latter is a B2B distributor
of products and services used in the energy-transition market.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


MBS BANCAJA 4: Fitch Affirms 'CCCsf' Rating on Class E Notes
------------------------------------------------------------
Fitch Ratings has upgraded MBS Bancaja 3, FTA's series C notes and
MBS Bancaja 4, FTA's class D notes. All other tranches have been
affirmed.

     Entity/Debt            Rating                                 
       
     -----------            ------                                 
     
MBS Bancaja 3, FTA

     Series A2 ES0361796016     LT AAAsf     Affirmed
     Series B ES0361796024      LT AAAsf     Affirmed
     Series C ES0361796032      LT AAAsf     Upgrade
     Series D ES0361796040      LT Asf       Affirmed
     Series E ES0361796057      LT CCCsf     Affirmed

MBS Bancaja 4, FTA

     Class A2 ES0361797014      LT AAAsf      Affirmed
     Class B ES0361797030       LT A+sf       Affirmed
     Class C ES0361797048       LT A+sf       Affirmed
     Class D ES0361797055       LT A+sf       Upgrade
     Class E ES0361797063       LT CCCsf      Affirmed     

TRANSACTION SUMMARY

The transactions comprise fully amortising Spanish residential
mortgages serviced by CaixaBank, S.A. (BBB+/Stable/F2).

KEY RATING DRIVERS

Stable Performance Expectations: The rating actions reflect Fitch
expectation of broadly stable asset performance, despite the weaker
macroeconomic outlook linked to inflationary pressures and interest
rates hikes, which negatively affect real household wages and
disposable income.

Fitch expectations are supported by the transactions' low shares of
loans in arrears over 90 days (less than 1.5% of the current
portfolio balance as of the latest reporting dates for both
transactions from less than 1.8% at the previous review), very high
portfolio seasoning of more than 17 years and low current
loan-to-value (LTV) ratios (27.9% and 30.7% for MBS Bancaja 3 and
4, respectively).

Loss Floor Drives Credit Risk: Both transactions have more than
seven years' seasoning and a weighted-average (WA) indexed current
LTV ratio below 50% (27.8% and 33.4% for MBS Bancaja 3 and 4,
respectively). The portfolios have also withstood several periods
of significant economic stress, which allows Fitch to apply a
reduced performance adjustment factor (PAF) in its analysis
according to its European RMBS Rating Criteria. Consequently, Fitch
has reduced the PAF floor to 50%, which has produced an expected
loss at the loss floor of 5% in a 'AAAsf' rating for both
transactions.

Upgrades Reflect Increased CE: The upgrade of MBS Bancaja 3's
series C and MBS Bancaja 4's class D notes reflects the increase in
credit enhancement (CE) for these notes (to 22.6% from 20.2% and
10.4% from 9.1%, respectively). They also reflect Fitch's view that
CE is sufficient to fully compensate the credit and cash flow
stresses defined for the corresponding rating scenarios.

Expected CE Trends: Fitch expect CE for MBS Bancaja 3 to continue
increasing in the short to medium term, driven by the mandatory
sequential paydown of the liabilities that takes place until final
maturity in line with the transaction documentation as its
portfolio factor is less than 10% (currently 9.5%).

For MBS Bancaja 4, Fitch expect CE ratios to fall if pro-rata note
amortisation occurs via reverse sequential amortisation and a
reserve fund reduction. If activated, the CE reduction will be to a
percentage that is around twice the initial CE protection and
temporary until amortisation switches back to fully sequential when
the outstanding portfolio balance represents less than 10% of the
initial amount (currently around 13%). The rating analysis has
taken into account current and projected CE ratios.

Higher-Risk Borrowers; Geographic Concentration:

The portfolios are materially exposed to loans for the acquisition
of second homes (around 35% and 80% of MBS Bancaja 3 and 4's
portfolio balance, respectively). which are considered riskier than
loans for the purchase of first residences, and are therefore
subject to a foreclosure frequency (FF) adjustment of 150% in line
with Fitch's European RMBS rating criteria. Both transactions are
also exposed to loans granted to self-employed borrowers (more than
20%) and loans originated via third-party brokers. Fitch has
adjusted FF for these products by 170% and 150%.

Both transactions are also exposed to regional concentration risk,
mainly in the area of Valencia. In line with its European RMBS
rating criteria, Fitch applies higher rating multiples to the base
FF assumption to the portion of the portfolio that exceeds 2.5x the
population share of this region relative to the national count.

Ratings Capped by Counterparty Arrangements:

MBS Bancaja 3's class D notes' rating is capped at the transaction
account bank (TAB) provider's deposit rating (Societe Generale S.A.
Spanish Branch, 'A-'/Stable/'F1', 'A' deposit rating) as the cash
reserves held at this entity are the main source of structural CE
for these notes. The rating cap reflects the excessive counterparty
dependence on the TAB holding the cash reserves, in accordance with
Fitch's Structured Finance and Covered Bonds Counterparty Rating
Criteria.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

For the notes that are rated 'AAAsf, a downgrade of Spain's
Long-Term Issuer Default Rating (IDR) that could decrease the
maximum achievable rating for Spanish structured finance
transactions.

For MBS Bancaja 3's class D notes, a downgrade of the TAB
provider's rating, as the notes' rating is capped at the bank's
ratings due to excessive counterparty risk exposure.

The transactions' performance may be affected by adverse changes in
market conditions and economic environment. Weakening economic
performance is strongly correlated to increasing levels of
delinquencies and defaults that could reduce CE available to the
notes.

In addition, unanticipated declines in recoveries could result in
lower net proceeds, which may make certain notes susceptible to
negative rating action depending on the extent of the decline in
recoveries. Fitch conducts sensitivity analyses by stressing both a
transaction's base-case FF and recovery rate (RR) assumptions. For
example, a 15% increase in the weighted average (WA) FF and a 15%
decrease in the WA recovery rate (RR) would have no rating impact.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

'AAAsf' rated notes are at the highest level on Fitch's scale and
cannot be upgraded.

For MBS Bancaja 3's class D notes, an upgrade of the TAB provider's
rating, as the notes' rating is capped at the bank's ratings due to
excessive counterparty risk exposure.

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE and potentially upgrades.
Fitch tested an additional rating sensitivity scenario by applying
a decrease in the WAFF of 15% and an increase in the WARR of 15%,
implying upgrades of no more than three notches for the notes.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

Overall, and together with any assumptions, Fitch's assessment of
the information relied upon for the agency's rating analysis
according to its applicable rating methodologies indicates that it
is adequately reliable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

The latest loan-by-loan portfolio data sourced from the European
Data Warehouse did not include information about property occupancy
status. Consequently Fitch assumed 34.6% and 80.3% of the portfolio
to be linked to second homes for MBS Bancaja 3 and 4, respectively,
consistent with the exposure reported as of the transactions'
closing dates. Fitch consider this assumption adequate as the
granular portfolios comprise fully amortising loans so the exposure
to second homes is expected to remain stable.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

MBS Bancaja 3's class D notes' rating is capped at the TAB's long
term deposit rating due to excessive counterparty dependency.

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.


SABADELL CONSUMO 2: Fitch Affirms BBsf Rating on Class F Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Sabadell Consumo 2, FT's class A, B, C,
D, E, and F notes. The Outlooks are Stable.

Entity/Debt              Rating           Prior
-----------              ------           -----
Sabadell Consumo 2, FT
  
Class A ES0305622005   LT AAAsf   Affirmed  AAAsf
Class B ES0305622013   LT AAAsf   Affirmed  AAAsf
Class C ES0305622021   LT AA-sf   Affirmed  AA-sf
Class D ES0305622039   LT BBB+sf  Affirmed  BBB+sf
Class E ES0305622047   LT BBB-sf  Affirmed  BBB-sf
Class F ES0305622054   LT BBsf    Affirmed  BBsf

TRANSACTION SUMMARY

The transaction is a static securitisation of a portfolio of fully
amortising consumer loans originated by Banco de Sabadell, S.A.
(Sabadell; BBB-/Positive/F3) to individual Spanish residents. The
pool comprises both pre-approved and on-demand loans for general
purposes, such as home improvement, appliances and furniture and
vehicle acquisition.

The notes are amortising pro-rata with triggers to switch to
sequential not expected to be breached in the short to medium term.
Credit enhancement consists of structural subordination and a
reserve fund that amortises with the class A to G notes' balance
(1.17%) with a floor of EUR3.2 million.

All loans in the portfolio pay fixed interest rates, whereas all
classes of notes are floating rate, linked to one-month Euribor. An
interest rate swap is in place to mitigate interest rate risk.

KEY RATING DRIVERS

Stable Asset Assumptions: The securitised portfolio includes
pre-approved loans (61% of the current portfolio balance) and
on-demand consumer loans (39%). Fitch maintains asset assumptions
for each product separately considering the unique product
features. Fitch has maintained the base case remaining life default
rate at 4.5% for the blended portfolio, given the performance of
the transaction since closing with a low gross cumulative default
(GCD) ratio and 90+ days past due (dpd) arrears.

Recoveries are low, but Fitch expects them to move towards the
blended base case rate of 16.9% in the medium to long term, given
the transaction's default definition and recovery timing
assumptions. The asset assumptions are derived from the historical
data provided by Sabadell, Spain's economic outlook and the
originator's underwriting and servicing strategies. For a 'AAA'
scenario, the lifetime default rate and the recovery rate are 20.2%
and 9.3%, respectively.

Pro-Rata Amortisation: The class A to G notes are currently
amortising pro rata. The main triggers for a switch to sequential
relate to cumulative defaults exceeding certain thresholds, a
principal deficiency higher than 0.1% on any payment date, or loans
in arrears over 90 days exceeding 5.0% of the portfolio balance. As
of the May 2023 interest payment date, GCD were 0.7% against the
current threshold of 2.1%. 90+ dpd and early stage arrears also
remain low at 1.4% and 2.0%, respectively, while the principal
deficiency remains zero. The portfolio is static with no revolving
period.

Fitch does not expect a switch to sequential amortisation in the
short to medium term, given the current portfolio performance
compared with the defined triggers. Fitch considers the tail risk
posed by the pro rata paydown as mitigated by the mandatory switch
to sequential amortisation when the outstanding portfolio balance
falls below 10% of its initial balance.

Servicing Disruption Risk Mitigated: We view servicing disruption
risk as mitigated by the liquidity provided by a cash reserve equal
to 1.17% of the class A to G outstanding balance, which would cover
senior costs, net swap payments and interest on these notes for
more than two months. We view this period as sufficient to
implement alternative arrangements upon Banco Sabadell being
downgraded below 'BBB-', including the pre-funding of an additional
third month within 14 days or establishing a replacement servicer.
Moreover, the trustee operates as a back-up servicer facilitator.

Deviation from Model-implied Ratings: The class D and E notes'
ratings remain one notch below the model-implied ratings. The
deviation reflects the notes' sensitivity to an increase in
defaults and a decrease in recoveries.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- For the class A and B notes, a downgrade of Spain's Long-Term
  Issuer Default Rating (IDR) that could decrease the maximum
  achievable rating for Spanish structured finance transactions.
  This is because these notes are rated at the maximum achievable
  rating, six notches above the sovereign IDR.

- Long-term asset performance deterioration, such as increased
  delinquencies or reduced portfolio yield, which could be driven
  by changes in portfolio characteristics, macroeconomic
  conditions, business practices or the legislative landscape.

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in upside and
downside environments. The results below should only be considered
as one potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

Sensitivity to Increased Defaults:

Original ratings (class A/B/C/D/E/F):
'AAAsf'/'AAAsf'/'AA-sf'/'BBB+sf'/'BBB-sf'/'BBsf'

Increase defaults by 10%:
'AAAsf'/'AA+sf'/'A+sf'/'BBB+sf'/'BBB-sf'/'BBsf'

Increase defaults by 25%:
'AAAsf'/'AAsf'/'A+sf'/'BBBsf'/'BB+sf'/'BB-sf'

Increase defaults by 50%:
'AAAsf'/'A+sf'/'A-sf'/'BBB-sf'/'BBsf'/'Bsf'

Sensitivity to Reduced Recoveries:

Original ratings (class A/B/C/D/E/F):
'AAAsf'/'AAAsf'/'AA-sf'/'BBB+sf'/'BBB-sf'/'BBsf'

Reduce recoveries by 10%:
'AAAsf'/'AAAsf'/'AA-sf'/'BBB+sf'/'BBB-sf'/'BBsf'

Reduce recoveries by 25%:
'AAAsf'/'AAAsf'/'AA-sf'/'BBB+sf'/'BBB-sf'/'BBsf'

Reduce recoveries by 50%:
'AAAsf'/'AAAsf'/'AA-sf'/'BBB+sf'/'BBB-sf'/'BBsf'

Sensitivity to Increased Defaults and Reduced Recoveries:

Original ratings (class A/B/C/D/E/F):
'AAAsf'/'AAAsf'/'AA-sf'/'BBB+sf'/'BBB-sf'/'BBsf'

Increase defaults by 10%, reduce recoveries by 10%:
'AAAsf'/'AA+sf'/'A+sf'/'BBB+sf'/'BBB-sf'/'BBsf'

Increase defaults by 25%, reduce recoveries by 25%:
'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'B+sf'

Increase defaults by 50%, reduce recoveries by 50%:
'AAAsf'/'A+sf'/'BBB+sf'/'BB+sf'/'B+sf'/'CCCsf'


Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- The class A and B notes are rated at the highest level on
  Fitch's scale and cannot be upgraded.

- For the class C to F notes, credit enhancement increasing as the

  transaction deleverages, able to fully compensate the credit
  losses and cash flow stresses commensurate with higher rating
  scenarios. Positive rating action on these classes could also be

  driven by a long-term performance of the underlying assets,
  including reduced level of defaults or an increase in the level
  of recoveries that is better than Fitch´s current assumptions.

Sensitivity to Reduced Defaults:

Original ratings (class A/B/C/D/E/F):
'AAAsf'/'AAAsf'/'AA-sf'/'BBB+sf'/'BBB-sf'/'BBsf'

Reduced defaults by 10%:
'AAAsf'/'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BB+sf'

Reduced defaults by 25%:
'AAAsf'/'AAAsf'/'AA+sf'/'A+sf'/'A-sf'/'BBBsf'

Reduced defaults by 50%:
'AAAsf'/'AAAsf'/'AAAsf'/'AA+sf'/'AA-sf'/'Asf'

Sensitivity to Increased Recoveries:

Original ratings (class A/B/C/D/E/F):
'AAAsf'/'AAAsf'/'AA-sf'/'BBB+sf'/'BBB-sf'/'BBsf'

Increased recoveries by 10%:
'AAAsf'/'AAAsf'/'AA-sf'/'A-sf'/'BBBsf'/'BB+sf'

Increased recoveries by 25%:
'AAAsf'/'AAAsf'/'AA-sf'/'A-sf'/'BBBsf'/'BB+sf'

Increased recoveries by 50%:
'AAAsf'/'AAAsf'/'AA-sf'/'Asf'/'BBB+sf'/'BBB-sf'

Sensitivity to Reduced Defaults and Increased Recoveries:

Original ratings (class A/B/C/D/E/F):
'AAAsf'/'AAAsf'/'AA-sf'/'BBB+sf'/'BBB-sf'/'BBsf'

Reduce defaults by 10%, increase recoveries by 10%:
'AAAsf'/'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BB+sf'

Reduce defaults by 25%, increase recoveries by 25%:
'AAAsf'/'AAAsf'/'AAAsf'/'A+sf'/'Asf'/'BBBsf'

Reduce defaults by 50%, increase recoveries by 50%:
'AAAsf'/'AAAsf'/'AAAsf'/'AA+sf'/'AA-sf'/'A+sf'

DATA ADEQUACY

Sabadell Consumo 2, FT

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.




===========
S W E D E N
===========

SAMHALLSBYGGNADSBOLAGET I NORDEN: Fitch Puts 'BB+' IDR on RWN
-------------------------------------------------------------
Fitch Ratings has placed Swedish property company SBB -
Samhallsbyggnadsbolaget i Norden AB's (SBB) Long-Term Issuer
Default Rating (LT IDR) and senior unsecured debt ratings of 'BB+'
on Rating Watch Negative (RWN).

The RWN reflects heightened refinance risk, and execution risk to
receiving disposal proceeds, which have been compounded by certain
bondholders claiming that there may be a financial covenant breach.
Fitch calculates that SBB's existing liquidity covers scheduled
debt maturities for the next 12 months.

To cover the debt maturities in the subsequent 12 to 24 months of
around SEK17.7 billion of debt, SBB is reliant on receiving
disposal proceeds. Management has announced plans to complete the
disposal of EduCo by end-July, which would substantially reduce
refinance risk. Fitch expects to resolve the RWN if, by end-August
2023, there is greater certainty that disposal proceeds, including
EduCo, have materially reduced near-term debt refinance risk.

KEY RATING DRIVERS

Planned Disposal of EduCo: SBB has announced that it has entered
into exclusive negotiations with Brookfield to sell its remaining
51% equity in EduCo and the parties intend to complete the
transaction by end-July. The potential deal could include the
repayment of SBB's SEK14.5 billion shareholder loan and an option
for SBB to acquire shares in EduCo at a future date. Brookfield
paid SEK9.2 billion for its 49% equity stake in EduCo in November
2022.

Execution Risk; Potential Liquidity Boost: Execution risk,
including material uncertainty in timing, price, and other
conditions, remains unaided by the noise around the potential
covenant breach. This disposal, if successfully completed, could
raise material liquidity for SBB. Together with available liquidity
at end-1Q23 and other transactions, Fitch estimates that disposal
proceeds could cover SBB's debt maturities for 2023 and 2024.

Other Actions to Conserve Liquidity: To conserve liquidity ahead of
completing disposals, SBB's board decided on June 21, 2023 to
postpone dividend payments after receiving shareholder approval.
The liquidity improvement will be temporary as postponed dividends
will be paid ahead of the next AGM, preliminary on June 28, 2024.
Additionally, SBB raised SEK2.8 billion in cash proceeds by selling
on May 11, 2023 its shares in listed housing developer JM AB.

Senior Management Changes: On June 5, 2023, the board of SBB
decided to appoint Leiv Synnes (formerly CFO and deputy CEO at
Akelius Residential Property AB (BBB/Stable)) to replace long-time
CEO, significant shareholder and founder Ilija Batljan. The new CEO
is tasked with completing SBB's expanded strategic review announced
on May 29, 2023, which includes a potential sale of SBB, sale of
business segments, specific assets or other strategic transactions.
In addition to the potential disposal of EduCo, a sale of
residential assets (including Sveafastigheter) is being
considered.

Potential Bondholder Dispute: Some bondholders have reportedly
indicated they may call a breach of a financial ratio under SBB's
bond documentation. Such action, if valid, may prompt immediate
repayment of debt and possibly trigger cross-default clauses. Other
bondholders and SBB are disputing that the financial ratio has been
breached. This follows SBB's recent restatement of its 1Q23
financial report and reclassification of certain items within the
income statement. The interest cover covenant is calculated on a
four-quarter rolling basis.

SBB states that it is not in breach of its 1Q23 financial ratio,
particularly the interest cover ratio using "consolidated profit
before financial items".

Supervisor Opens Investigation: The Swedish financial supervisory
authority (FI) announced on June 22, 2023 an investigation into
SBB's compliance with international accounting standards in
relation to valuations of acquired properties from Trygge
Barnehager and Laeringsverkstedet, treatment of its acquisition of
Amasten and Offentliga Hus, and ESMA rules on reporting of
alternative performance measures. SBB has maintained its reporting
and valuations are correct. Fitch will monitor the FI investigation
but expects limited impact on our Fitch-adjusted cash flow-based
metrics.

The investigation follows earlier fines (SEK3.75 million, approx.
EUR0.3 million) from FI for late reporting of ownership changes in
its equity stake in JM AB.

Core Community Service Portfolio: SBB's end-1Q23 portfolio by value
was around 67% community service and office properties and 28%
regulated residential. The community service properties have an
indirect and a direct government tenant base, including government
departments, municipalities, education, elderly care, and LSS group
housing. Fitch views SBB's long-term, government-linked rental
income on CPI-indexed rents as lower risk and able to carry higher
leverage than commercial properties.

DERIVATION SUMMARY

With the lower-yielding nature of SBB's residential rental
portfolio and longer lease length than peers' (from both community
service assets and given the average tenure of residential assets),
and its portfolio mix, Fitch has allowed SBB more leverage headroom
and lower interest cover than (i) commercial property-orientated
Swedish peers; and (ii) EMEA commercial property peers that
underpin our EMEA REIT Navigator mid-point ratio guidelines.

Fitch views SBB's real estate portfolio as stable, due to the
strength of Swedish residential properties with regulated
below-open market rents and community service properties' stable
tenant base with longer term leases. This is tempered by the
regional location of some assets within SBB's portfolio. Its
portfolio fundamentals are less sensitive to economic cycles than
commercial office property companies that are reliant on open
market conditions with multiple participants affecting market
fundamentals.

Assura plc (A-/Stable) builds and owns modern general
practitioners' (doctors) facilities in the UK, with approved rents
indirectly paid by the National Health Service and a similar 11.8
years weighted average unexpired lease term (WAULT). Its portfolio
at end-2022 was much smaller than SBB's at GBP2.8 billion.

Reflecting Assura's community service activities, a 4.4% net
initial yield (SBB: 4.4%), 99% occupancy rate, and specific-use
assets, its downgrade rating sensitivity to 'BBB+' includes net
debt/EBITDA greater than 9x, compared with SBB's blended upgrade
metric to 'BBB-' at below 12.5x net debt/EBITDA. In part, this
acknowledges the wider diversity of SBB's larger portfolio,
including the current mix of residential rental exposure, and the
different Swedish interest rate environment (as reflected in
tighter property yields). Net interest cover (NIC) is more
difficult to compare, as the companies have different interest rate
environments. Assura's NIC of 5.8x is markedly higher than SBB's
2.9x at end-2022.

The smaller but similar community service property group Civitas
Social Housing PLC and Triple Point Social Housing REIT PLC (both
A-/Stable) have the same 'BBB+' leverage downgrade rating
sensitivity as Assura for their long WAULT, low vacancy rate, and
special needs accommodation that also has a covenant on government
rental income (sourced from housing benefit). Annington Limited
(BBB/Negative) is less comparable with SBB as it has a direct UK
Ministry of Defence rental covenant for its military housing
portfolio with no void or maintenance cost risks.

These peers have not had the significant M&A activity that SBB had
had until mid-2022, nor a comparable level of disposals, which SBB
has had since mid-2022.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Our Rating Case for the Issuer:

- Completion of the EduCo disposal and a further SEK6 billion
disposals of primarily community service properties during 2023

- Moderate 2.5%-4% rental growth in 2023 to 2026, driven by CPI
indexation and moderate inflation

- Around SEK1 billion in residential and community service
refurbishment capex per year, which has a net 4%-6% income return
on spend

- No acquisitions to 2027

- Building-rights profits and disposal proceeds amounting to
SEK0.75 billion-SEK1 billion per year in cash flow for each of the
next four years

- Payment of postponed 2023 dividend in 2Q24, followed by cash
dividends at 90% of funds from operation to 2027

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- Net debt/EBITDA of less than 12.5x based on the current portfolio
mix of around 20% residential by EBITDA

- EBITDA net interest cover greater than 2.0x

- Unencumbered investment property assets/unsecured debt above
2.0x

- Weighted average debt maturity above five years

- Twelve-month liquidity score above 1.0x

Factors That Could, Individually or Collectively, Lead to a
Downgrade:

- Lack of progress by end-August 2023 to materially reduce
near-term refinance risk

- Twelve-month liquidity score below 1.0x

- Net debt/EBITDA greater than 14.5x (including lack of progress in
reducing net debt/EBITDA below 16x by end-2024)

- EBITDA net interest cover below 1.5x

- Actions pointing to a potential renegotiation of debt terms and
conditions

LIQUIDITY AND DEBT STRUCTURE

Refinancing Risk: At end-1Q23, SBB had SEK4.3 billion in readily
available cash (excluding SEK1 billion in pledged cash) and SEK2.4
billion of undrawn credit facilities. During 2Q23, SBB has sold a
large portion of its stake in JM AB for SEK2.8 billion, and signed
an additional SEK2.4 billion in credit facilities.

Additionally, SBB has SEK2.1 billion in receipts from signed
disposals scheduled to be received during 2023. In total this
amounts to SEK14 billion. This compares with SEK11.9 billion in
bond and bank debt and SEK2.5 billion in commercial paper maturing
within 12 months. After this, a further SEK17.7 billion of debt
will mature within 12-24 months, which will require further
liquidity resources.

SBB's average interest cost was 2.29% at end-1Q23, which will
increase thereafter, excluding hybrids.

Fitch does not expect SBB's liquidity to be sufficient to
immediately repay all debt to unsecured bondholders, in the
unlikely event that the covenant breach scenario takes place.

ESG CONSIDERATIONS

SBB has an ESG credit relevance score of '4' for Governance
Structure to reflect previous key person risk and continuing
different voting rights among shareholders affording greater voting
rights to the key person. SBB has an ESG relevance score '4' for
Financial Transparency, reflecting the ongoing investigation by the
Swedish authorities. These considerations have a negative impact on
the credit profile, and are relevant to the ratings in conjunction
with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.




===========
T U R K E Y
===========

SASA POLYESTER: Fitch Affirms 'B' LongTerm IDR, Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed Sasa Polyester Sanayi Anonim Sikreti's
(Sasa) Long-Term Issuer Default Rating at 'B'. The Outlook remains
Negative.

The Negative Outlook reflects weakening profitability and an
expected increase in leverage in 2023, high reliance on short-term
funding for its expansion capex and expected moderate deleveraging
due to continued investments in growth. Fitch forecasts that
challenging market conditions, coupled with a largely debt-funded
considerable expansion programme, will drive EBITDA net leverage
higher to 7.3x in 2023, before it falls below 5x in 2024 and 4.1x
in 2025.

The Negative Outlook also mirrors that on Turkiye (B/Negative) due
to the company's sizeable exposure to the Turkish economy.

The rating also reflects Sasa's strong domestic market position as
the largest Turkish polyester producer and growing vertical
integration. This is balanced by single-site asset concentration
and exposure to the domestic economy at 73% of sales.

KEY RATING DRIVERS

Decline in Margins: High and volatile raw material prices, coupled
with softening demand and an oversupply, have started to reduce the
margins of polyester producers from 4Q22 and Fitch expect a bearish
market for Sasa to last for most of 2023.

Fitch forecasts a decline in EBITDA margins to around 15% in 2023
from around 19% in 2022, followed by a rebound to around 20% in
2024. The latter will be driven by a recovery in market conditions
and contribution to margin from the full-year benefit of a new
facility for purified terephthalic acid (PTA), Sasa's main
feedstock.

Leverage Rises Sharply; Deleveraging Expected: Fitch expects EBITDA
net leverage to increase substantially to 7.3x in 2023 from 4.2x in
2022 as earnings shrink and Sasa continues to invest heavily in its
PTA facility and capacity expansion. Fitch forecast EBITDA net
leverage to decline to 4.9x in 2024 and 4.1x in 2025 on a market
recovery and contribution from the new PTA capacity.
However, further deleveraging will be limited as Fitch expect Sasa
to start investing in new projects such as a new USD1.5 billion
propylene plant from 4Q24.

EBITDA to Increase on PTA: Fitch expect Sasa's investment of about
USD1.2 billion in a new 1.5mt PTA capacity to lift its EBITDA
margin to 23% by 2025, from an average of about 19% in 2021-2022,
due to significant savings on freight and duties in addition to the
spread between PTA and paraxylene (PX). It will also reduce the
company's dependence on imports, which have prevented a high
utilisation of downstream assets in the past. Further polyester
capacity expansion will fully utilise its future PTA capacity, and
raise polymerisation capacity to 2.1mt in 2025 from 1.4mt in 2021.

Reliance on Short Term Funding: Delays in disbursement of certain
investments loans and unfavourable market conditions for bond
issuance resulted in a material increase in short-term funding in
2022, including for expansion capex. As of end-March 2023
short-term debt, equivalent to USD916 million, accounted for around
53% of total borrowings but Fitch expects the share to gradually
decrease as committed investment loans are utilised. Sasa is also
planning a convertible bond issue. High reliance on short-term
funding exposes Sasa to a liquidity squeeze in the Turkish banking
system and high interest rates.

Domestic Market Deficit: Sasa accounts for around 60% of domestic
polyester production capacity. Turkiye has historically been a net
importer of polyester products, mainly from Asia, with around a 1mt
of domestic production deficit in 2019-2020. Fitch see
opportunities for Sasa to increase its market share, due to the
lack of growth in the capacity of other domestic producers. Recent
easing of logistic constraints and competition from Asia may,
however, lead to lower-than-expected utilisation of the new assets,
in Fitch's view.

Single-Site Producer: Sasa's manufacturing facilities are
concentrated in a single site in Adana, Turkiye, which exposes the
company to potential disruptions to either the manufacturing
process or supplies through Turkiye's largest container port
Mersin. Asset concentration is partially mitigated by the plant's
segregation into 24 production lines. Sasa generates around 75% of
sales from the domestic market and while its customers are mainly
exporters it remains exposed to the deterioration of macro-economic
conditions in Turkiye.

Standalone Rating: Sasa is majority-owned by Erdemoglu Holding,
which directly owns around 60% of shares and controls two entities
that own around 23% of Sasa's shares. Fitch rate Sasa on standalone
basis as it is run independently, relies on external funding, has
its own treasury functions and does not provide any guarantees for
other group companies. Fitch view the parent's commitment to
purchase a USD150 million convertible bond from Sasa in 2023 as
evidence of moderate support.

Fitch assumes that the parent's ability to extract cash from Sasa
will be limited by certain leverage covenants, similarly to the
latter's previously issued EUR200 million convertible bond.

FX Exposure Manageable: Sasa's foreign-exchange (FX) exposure is
manageable as over 90% of sales is indexed to the euro and US
dollar. Prices of raw materials accounting for around 75% of
operating costs are also denominated in hard currencies. As of
March 2023, around 37% of total debt was denominated in the
domestic currency but Fitch expect this to decline materially by
end-2023. Sasa's domestic customers are mostly export-driven
companies selling in hard currencies.

DERIVATION SUMMARY

Alpek, S.A.B. de C.V. (BBB-/Positive) is a Mexican chemical
producer with a focus on the consumer goods-oriented polyester
market that accounts for around 75% of its turnover. With a total
capacity of 8.9mt it is significantly larger, already diversified
into PTA production and has a wider geographical reach than Sasa.

Ineos Quattro Holdings Limited (BB/Stable) is one of the largest PX
and PTA and polyvinyl chloride (PVC) manufacturers in Europe. It is
also one of the leaders in the global polystyrene and styrene
monomers markets. Ineos is significantly larger and more
diversified than Sasa.

Petkim Petrokimya Holdings A.S. (B/Negative) and Sasa are both
small-scale commodity producers with similar margins, but Sasa will
generate higher revenue and EBITDA once its expansion programme is
completed, and has a stronger domestic market share than Petkim.
However, Sasa has higher leverage, weaker liquidity and is exposed
to higher execution risk due to its large capex plan.

Lune Holdings Sarl (Kem One, B/Stable) is an integrated PVC
producer with production assets concentrated in the south of
France. Both Sasa and Kem One have had volatile capacity
utilisation rates and are carrying out significant investments to
improve their position in their respective value chains. Kem One
has more conservative leverage and stronger liquidity, but Sasa has
larger scale and better supplier diversification.

Roehm Holdings GmbH (B-/Stable) has similar scale to Sasa but
greater diversification, a stronger market position and higher
liquidity. However, Roehm has significantly higher leverage and is
exposed to cyclical end-markets.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer

- Sales volumes of 1.2mt in 2023, 1.4mt in 2024, 1.6mt in 2025 and
1.7mt in 2026

- EBITDA margin of 15% in 2023, 20.5% in 2024, and 23% in
2025-2026

- Cumulative capex of USD2.2 billion over 2023-2026

- No dividends or share repurchase

- Turkish lira to US dollar on average at 22.34 in 2023, 27.04 in
2024, and 28.04 in 2025

- PTA facility starting production in 1Q24, with its fiber and
melt-to-resin lines operational in 3Q24

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- The rating is on Negative Outlook, therefore making a positive
rating action unlikely at least in the short term. Sustained
reduction in leverage below Fitch negative sensitivity and the
revision of the Outlook to Stable on Turkiye would result in a
positive rating action for the company

- Funds from operations (FFO) net leverage below 3.0x and EBITDA
net leverage below 3.5x, both on a sustained basis would be
positive for the rating

- Successful refinancing supporting liquidity

- Successful completion of expansion projects with a record of
stable, high utilisation rates

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- A downgrade of Turkiye's Country Ceiling

- FFO net leverage above 4.5 and EBITDA net leverage above 5x on a
sustained basis

- Deterioration in liquidity position and high refinancing risk

- Aggressive expansion plan or deteriorating margins leading to
recurring negative FCF

LIQUIDITY AND DEBT STRUCTURE

Liquidity Constrained by Capex: In 2022 Sasa funded capex with high
short-term debt. As of end-March 2023 it had around TRY1.7 billion
of cash (USD88 million) versus TRY17.6 billion (USD0.9 billion) of
current financial liabilities.

Fitch expects a gradual reduction in its reliance on short-term
funding in 2023 as the company issues convertible bonds and
accelerates drawdowns of its USD1.44 billion investment loans, of
which around USD1.1 billion was undrawn as of end-2022.

Sasa has some flexibility to stagger its capex and access to
various form of committed and uncommitted financing from a mix of
Turkish and foreign credit institutions. Fitch believe, however,
that liquidity could become tight if those lines become
unavailable.

ISSUER PROFILE

Sasa is the largest Turkish manufacturer of polyester staple
fibers, filament yarns, polyester-based and specialty polymers and
intermediates.

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.




=============
U K R A I N E
=============

PRIVATBANK JSC: Fitch Affirms 'CCC-/CCC' Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed Joint-Stock Company Commercial Bank
PrivatBank's Long-Term Foreign-Currency (LTFC) Issuer Default
Rating (IDR) at 'CCC-' and Long-Term Local-Currency (LTLC) at
'CCC'. The Viability Rating (VR) has been affirmed at 'ccc-'. The
IDRs do not carry an Outlook at this level. The Government Support
Rating (GSR) has been downgraded to 'no support' (ns) from 'ccc-'.


The downgrade of the GSR reflects Fitch belief that in the event of
a material capital shortfall, PrivatBank would likely operate under
regulatory capital forbearance in the near term, rather than
receive prompt extraordinary capital support from the sovereign.

KEY RATING DRIVERS

High Risk of Default: PrivatBank's LTFC IDR reflects Fitch's view
that a default on its senior FC obligations remains a real
possibility due to the war. Nonetheless, the bank maintains
generally adequate FC liquidity relative to its needs, helped by
various regulatory capital and exchange controls in place since the
outbreak of the war to reduce the risks of deposit and capital
outflows and maintain stability and confidence in the banking
system.

No External Debt Obligations: While FC repayments remain subject to
considerable uncertainty in the sector, PrivatBank's non-equity
funding almost fully consists of customer deposits. The bank's
available FC liquidity was sufficient to cover 82% of FC customer
deposits at end-1Q23.

IDRs, VR Above the Sovereign: PrivatBank's LTFC IDR and VR are one
notch above Ukraine's LTFC IDR of 'CC' and its LTLC IDR is one
notch above the sovereign LTLC IDR of 'CCC-'. This reflects Fitch
view of a lower risk that the authorities will impose restrictions
on banks servicing their FC and LC obligations, or of the bank
failing, than non-payment by the sovereign. This approach is
consistent with Fitch's criteria under certain circumstances when
bank and sovereign ratings are both at very low levels.

Lower LC Default Risk: PrivatBank's 'CCC' LTLC IDR, one notch above
its LTFC IDR, reflects limited regulatory restrictions and
constraints on LC operations. The banking sector's LC liquidity
management is currently supported by limits on cash withdrawals and
a guarantee of all retail deposits for the duration of the war and
three months thereafter.

Largest Bank in Ukraine: PrivatBank is the largest bank in Ukraine,
accounting for almost 27% of the banking sector's assets at
end-1Q23, with a focus on retail. Its large branch network supports
the strong retail deposits collection capacity. PrivatBank is 100%
owned by the state since its nationalisation in 2016. PrivatBank's
ability to defend its franchise and profitability through the cycle
is significantly stronger than the sector and its peers, in Fitch
view.

Concentration on Sovereign Risk: PrivatBank is significantly
exposed to sovereign risk, as domestic government issuances
constituted almost half of all assets at end-1Q23. Risks to the
loan book are also elevated due to the impact of the war. However,
the effects on the loan book have been less marked for PrivatBank
due to its heavy focus on unsecured retail lending, which has
performed better thanks to increased payments to the military and
social welfare recipients by the government. Fitch see risks of
further increases in impaired loans due to the protracted war, but
less severe operating conditions, if sustained, may dampen the
extent of this deterioration.

Resilient Performance: PrivatBank's annualised return on average
equity amounted to 98% in 1Q23 (2022: 47%), on the back of reduced
loan impairment charges, business growth and strong interest income
generated on securities. The net interest margin widened to 14.0%
in 1Q23, from 11.4% in 2022, supported by a reduction in funding
costs. Risks to profitability remain elevated due to the war, but
Fitch expect the bank to remain profitable in 2023 unless the
impact of the war becomes more severe than expected.

Capital Exposed to Sovereign Risk: PrivatBank's Fitch core capital
ratio of 16.1% at end-2022 is adequate, in Fitch view, considering
the bank's strong ability to generate internal capitalisation.
However, there are significant risks against capital, including but
not limited to concentration to sovereign risk. The capital metrics
should be viewed in the light of zero risk-weights on LC sovereign
bonds in the risk-weighted assets. However, the bank's tangible
common equity/tangible assets ratio was 10.3% at end-1Q23,
outperforming peers.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Fitch would downgrade PrivatBank's IDRs and debt ratings if the
sovereign LTLC IDR was downgraded or if Fitch perceive an increased
likelihood the bank would default on or seek a restructure of its
senior obligations. A downgrade of the sovereign LTFC IDR due to a
debt restructuring that excluded Ukrainian banks' FC obligations
would not affect PrivatBank's LTFC IDR.

The VR would also likely be downgraded in event of a sovereign
downgrade. A marked further deterioration in asset quality that
substantially erodes the bank's loss absorption buffers would also
likely lead to a VR downgrade. The VR would be downgraded to 'f',
indicating the bank has failed, if this results in a material
capital shortfall and necessitates regulatory capital forbearance.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Fitch believes positive rating action on the IDRs and debt ratings
is unlikely in the near term. However, the ratings could be
upgraded in the event the sovereign IDRs were upgraded.

An upgrade of the VR would likely require an upgrade of the
sovereign LTFC IDR, a considerable improvement in the operating
environment and significantly smaller than expected loan losses,
leading to lower solvency risk than in Fitch base case.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

PrivatBank's Short-Term IDR of 'C' is in line with Fitch's rating
correspondence table.

The affirmation of PrivatBank's National Long-Term Rating at
'AA(ukr)' reflects the bank's unchanged creditworthiness in LC
relative to other Ukrainian issuers.

The downgrade of the GSR to 'ns' reflects Fitch belief that in the
event the bank was to breach its minimum capital requirements, a
recapitalisation would be unlikely in the near term. Instead, Fitch
believe the bank would rely on regulatory capital forbearance to
continue to operate.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The Short-Term IDR is sensitive to changes in the LTFC IDR.

Change in PrivatBank's National Long-Term Rating would likely arise
from a weakening/strengthening in its overall credit profile
relative to other Ukrainian entities rated on the National Rating
scale.

The GSR could be upgraded if the sovereign rating was upgraded or
Fitch believed it was likely that public finances would be used to
recapitalise state-owned banks, if needed.

VR ADJUSTMENTS

The operating environment score of 'ccc-' is below the 'b' category
implied score due to the following adjustment reason: sovereign
rating (negative).

The business profile score of 'ccc-' is below the 'b' category
implied score due to the following adjustment reason: business
model (negative).

The Earnings & Profitability score has been assigned below the
implied score due to the following adjustment reason(s): revenue
diversification (negative).

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


UKREXIMBANK JSC: Fitch Affirms 'CCC-/CCC' Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed JSC The State Export-Import Bank of
Ukraine's (Ukreximbank) Long-Term (LT) Foreign-Currency (FC) Issuer
Default Rating (IDR) at 'CCC-' and LT Local-Currency (LC) IDR at
'CCC'. The IDRs do not carry an Outlook at this level. Fitch has
also affirmed the bank's Viability Rating (VR) at 'f' and the
Government Support Rating (GSR) at 'no support' (ns).

KEY RATING DRIVERS

High Risk of Default: Ukreximbank's LTFC IDR of 'CCC-' reflects
Fitch view that the risk of default on the bank's senior FC
third-party non-government creditors remains a real possibility due
to the war. Fitch expect the bank will continue to service its
obligations in the near term, reflecting its generally adequate FC
liquidity relative to its needs, supported by various regulatory
capital and exchange controls in place since the outbreak of the
war to reduce the risks of deposit and capital outflows and
maintain stability and confidence in the banking system.

Higher LTLC IDR: The 'CCC' LTLC IDR, one notch above the LTFC IDR,
reflects limited regulatory restrictions and constraints on LC
operations. Support measures have helped maintain domestic
confidence in the banking system and the banking sector's continued
access to LC liquidity.

Material Capital Shortfall: Ukreximbank's VR reflects the capital
shortfall arising from a surge in impairment provisions caused by
the war, which has resulted in a continuing breach of its minimum
core and regulatory capital adequacy ratio requirements of 7% and
10%, respectively, since November 2022. This amounts to a material
capital shortfall that under Fitch's Bank Rating Criteria,
constitutes a bank failure, as it is now in need of extraordinary
capital support to restore its viability.

The 'f' VR is below the implied VR of 'cc' to reflect the 'f' score
on capitalisation and leverage, which has a greater influence on
the VR than the fixed weightings would suggest.

IDRs Above the Sovereign, VR: The LTFC and LTLC IDRs are one notch
above Ukraine's LTFC (CC) and LTLC (CCC-) IDRs, and above
Ukreximbank's VR. This reflects Fitch view of a lower risk that the
authorities will impose restrictions on banks servicing their FC
and LC obligations than of non-payment by the sovereign, and that
the bank has sufficient liquidity to continue to honour its
obligations in the near term despite its failure. This approach is
consistent with Fitch's criteria under certain circumstances when
bank and sovereign ratings are at very low levels.

Regulatory Forbearance Needed: Ukreximbank's core and regulatory
capital adequacy ratios were 3.7% and 7.4%, respectively, at June
1, 2023. Fitch believe that the bank will continue to rely on
prolonged regulatory capital forbearance to continue to operate,
given limited prospects for restoring capitalisation through
internal capital generation, and the state's weak ability and
propensity to recapitalise the bank in the near term due to the
war.

Manageable External Obligations: Available FC liquidity - mostly
comprising placements with foreign banks - fully covered FC
non-deposit liabilities due in 12 months at end-2022. The bank's
next Eurobond repayments are due in July 2023 (USD20.3 million) and
January 2024 (USD20.3 million). Aside from Eurobonds (end-3Q22:4%
of total funding), other major non-deposit FC obligations include
loans from international financial institutions (12%). Deposits are
Ukreximbank's main source of funding (end-3Q22: 74% of total
funding), mostly comprising corporate deposits.

Asset Quality Risks Persist: Risks to Ukreximbank's asset quality
remain high, given legacy asset quality weakness, inherent credit
concentrations and the high share of FC loans. Fitch view of
Ukreximbank's asset quality also takes into account its substantial
exposure to the sovereign via holdings of Ukraine's state bonds,
placements with the National Bank of Ukraine, and lending to
state-owned entities.

Impairments Challenge Profitability: Ukreximbank recorded a net
loss of UAH6.9 billion in 2022 (based on regulatory data) due to a
surge in loan impairment charges (about UAH11 billion) caused by
the war that eroded pre-impairment operating profit. The bank
recorded a net profit of UAH1.1 billion in 1Q23 that included
provision reversals. However, Fitch expect loan impairment charges
to remain elevated in 2023, continuing to pose significant risks to
the bank's profitability.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Fitch would downgrade Ukreximbank's IDRs in the event of a
sovereign LTLC IDR downgrade or if it perceives an increased
likelihood the bank would default on or seek a restructure of its
senior obligations. A downgrade of the sovereign LTFC IDR due to a
debt restructuring that excluded Ukrainian banks' FC obligations
would not affect Ukreximbank's LTFC IDR.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Fitch believes positive rating action is unlikely in the near term.
However, the bank's IDRs could be upgraded if the sovereign IDRs
were upgraded.

Fitch would upgrade the bank's VR if it sustainably addresses its
material capital shortfall.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The 'CCC-' ratings of Ukreximbank's senior unsecured debt, issued
by Biz Finance PLC, are aligned with the bank's LTFC IDR. Fitch
believe the default risk of these bonds is equivalent to the
default risk implied by the LTFC IDR, and view these senior
unsecured obligations as having average recovery prospects, as
reflected in the Recovery Rating of 'RR4'.

The bank proactively obtained covenant waivers from senior
debtholders to pre-empt breaches of covenants pertaining to capital
adequacy ratios. Ukreximbank has USD81million of senior unsecured
bonds due January 2025 that have coupons of 9.75%, and subordinated
notes of USD100 million due November 2029 that have coupons of
9.95% (not rated).

Ukreximbank's Short-Term IDR of 'C' is in line with Fitch's rating
correspondence table.

The affirmation of Ukreximbank's National Long-Term Rating at
'AA(ukr)' reflects the bank's unchanged creditworthiness in LC
relative to other Ukrainian issuers.

Ukreximbank's GSR of 'ns', reflects the bank's material capital
shortfall and Fitch view that a recapitalisation is unlikely for
the duration of war, notwithstanding its full state ownership and
systemic importance.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
The senior debt rating is sensitive to change in the bank's LTFC
IDR.

The Short-Term IDR is sensitive to change in the LTFC IDR.

The National Rating is sensitive to changes in Ukreximbank's LTLC
IDR and its creditworthiness relative to other Ukrainian issuers.

The GSR could be upgraded if Fitch viewed the government's ability
and propensity to support the bank as stronger.

VR ADJUSTMENTS

The assigned VR is below the implied VR, reflecting a negative
adjustment from the weakest link of capitalisation and leverage,
which has a greater impact on the VR than what the weighting
suggests.

The operating environment score of 'ccc-' is below the 'b' category
implied score due to the following adjustment reason: sovereign
rating (negative).

The business profile score of 'ccc-' is below the 'b' category
implied score due to the following adjustment reason: business
model (negative).

ESG CONSIDERATIONS

Ukreximbank has an ESG Governance Structure Score of '4', which
reflects the high influence of the government over the bank's
business operations and strategy development, as evidenced by the
bank's involvement in government-sponsored programmes, such as the
'Affordable Loans 5-7-9%' programme. This has a moderately negative
impact on the credit profile due to governance risks and potential
involvement in directed financing, in Fitch's view, and is relevant
to the rating in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.




===========================
U N I T E D   K I N G D O M
===========================

ABERYSTWYTH MARINA: Enters Administration, Owes Almost GBP14MM
--------------------------------------------------------------
Craig Duggan at BBC News reports that a marina has gone into
administration just over two months after its parent company failed
to pay thousands of pounds in staff wages.

According to BBC, Aberystwyth Marina in Ceredigion became insolvent
after a petition by HM Revenue and Customs over unpaid taxes.

Its parent company, The Marine and Property Group, owes HMRC about
GBP1.8 million, with a total of almost GBP14 million owed to all
creditors, BBC discloses.

Administrators said the company had been badly affected by the
Covid pandemic and struggled to pay money owed, including to staff
and suppliers, BBC relates.

RSM UK were appointed administrators to the company in April and
said in a report that it had traded well historically, BBC
recounts.

But the impact of the Covid-19 pandemic on marina occupancy and
inflation in 2022 meant that trading performance declined
significantly, BBC states.

Cashflow problems and an unsuccessful attempt at refinancing led to
insolvency at two of the group's marinas -- Burry Post and Port
Dinorwic -- in March 2023, BBC notes.

According to BBC, the administrators said the company had deferred
payments to all creditors, including staff and suppliers.

This led to "aggressive creditor action with High Court enforcement
officers visiting sites daily".

In a statement, RSM UK, as cited by BBC, said it is keeping the
businesses running and will sell them.

The report added that "a number of interested parties have
contacted [them] to express their interest" in the marinas.


ALBA PLC 2006-2: Fitch Lowers Rating on Class F Notes to 'CCCsf'
----------------------------------------------------------------
Fitch Ratings has upgraded Alba 2006-2 plc's class E notes,
downgraded the class F notes and affirmed the other tranches. Fitch
has also affirmed Alba 2007-1 plc's notes

ENTITY / DEBT            RATING                          PRIOR  
-------                  ---------                       -----
ALBA 2007-1 plc

Class A3 XS0301721832   LT    A+sf     Affirmed            A+sf
Class B XS0301706288    LT    A+sf     Affirmed            A+sf
Class C XS0301707096    LT    A+sf     Affirmed            A+sf
Class D XS0301708060    LT    A+sf     Affirmed            A+sf
Class E XS0301708573    LT    A-sf     Affirmed            A-sf
Class F XS0301708813    LT    CCCsf    Affirmed            CCCsf

ALBA 2006-2 plc

Class A3a XS0271529967  LT     A+sf    Affirmed            A+sf
Class A3b XS0272876623  LT     A+sf    Affirmed            A+sf
Class B XS0271530114    LT     A+sf    Affirmed            A+sf
Class C XS0271530544    LT     A+sf    Affirmed            A+sf
Class D XS0271530973    LT     A+sf    Affirmed            A+sf
Class E XS0271531435    LT     A-sf    Upgrade             BBB+sf
Class F XS0272877514    LT     CCCsf   Downgrade           Bsf

TRANSACTION SUMMARY

The transactions are backed by non-conforming and buy-to-let (BTL)
residential mortgages originated by Money Partners Holding Limited,
Kensington Group plc and Paratus AMC Limited.

KEY RATING DRIVERS

Insufficient Data Caps Rating: Fitch continues to cap the notes'
ratings at 'A+sf' as it does not consider the collateral
information it received to be sufficiently detailed to support high
investment-grade ratings ('AAsf' and 'AAAsf' category), as outlined
in its Global Structured Finance Rating Criteria and UK RMBS Rating
Criteria. Fitch generally applies assumptions in cases of missing
collateral information. However, in this instance a large volume of
material information was not available and therefore Fitch did not
consider the analysis significantly robust to support ratings in
the high investment-grade category.

Missing Collateral Information: The agency has not received
complete loan level data for loans substituted into the pool
post-closing or current information regarding certain key
parameters of all the mortgages in the pool. For loans submitted to
the pool post-closing, key static data items were missing including
but not limited to original loan balance, adverse credit history
and borrower employment status.

For all loans in the pool Fitch did not receive information for key
data items including but not limited to annual rental income for
BTL loans, the number of months loans are in arrears and the
current interest rate type of loans. Fitch used information
available at closing for certain fields. Rental income was assumed
to be zero for all the BTL loans.

Increased CE: The notes have non-amortising reserves and are
amortising on a pro-rata basis. Although the notes are amortising
pro-rata, this has led to a gradual increase in credit enhancement
(CE), which supported the affirmations and upgrades. CE has risen
to 48.7% from 48.1% for Alba 2006-2's class A3a and A3b notes, and
55.0% for Alba 2007-1's class A3 notes from 54.0%.

Senior Fees Increase: Fitch has observed increased fees, notably
liquidity facility fees in Alba 2006-2, for several years. Fitch
understands that part of the increased fees in the last few months
are legal fees linked to the LIBOR to SONIA transition of the
notes. However, even excluding these legal fees, fees have been
higher than previously modelled by Fitch for several years. Fitch
has therefore increased its fixed annualised senior fee assumptions
to GBP200,000 for both transactions, in line with the average
observed excluding the recent increase in legal fees. This has
driven the downgrade of Alba 2006-2's class F notes.

Deteriorating Asset Performance: There has been a material increase
in arrears for Alba 2006-2 and Alba 2007-1 since the last review.
One-month plus arrears have increased to 12.03% from 8.55% in Alba
2006-2 and to 14.28% from 8.95% in Alba 2007-1. Given the current
asset outlook for the sector, asset performance could further
deteriorate.

Fitch factored a potential worsening of asset performance into its
analysis when determining the ratings. This led to the affirmation
of Alba 2007-1's class E notes, two notches below the model-implied
rating (MIR).

Pro-Rata Amortisation: Unless a performance trigger is breached,
pro-rata amortisation will continue until the notes fall below 10%
of their initial balance. Fitch factored a potential scenario into
its analysis where performance triggers were not breached and the
transactions remained amortising pro-rata until the notes fell
below 10% of their initial balance. This led to the upgrade of Alba
2006-2's class E notes being constrained to two notches below the
MIR.

ESG Score: The transactions have an ESG Relevance score of '5' for
Data Transparency and Privacy due to lack of or inconsistent data,
which has a negative impact on the credit profile, and it is highly
relevant to the rating, resulting in a cap on the ratings.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

The transactions' performance may be affected by changes in market
conditions and economic environment. Weakening asset performance is
strongly correlated to increasing levels of delinquencies and
defaults that could reduce CE available to the notes.

Additionally, unanticipated declines in recoveries could also
result in lower net proceeds, which may make certain notes
susceptible to negative rating action depending on the extent of
the decline in recoveries. A 15% increase in the weighted average
(WA) foreclosure frequency (FF) and a 15% decrease in the WA
recovery rate (RR) would imply downgrades of no more than three
notches for Alba 2006-2 and two notches for Alba 2007-1.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and potentially
upgrades. A decrease in the WAFF of 15% and an increase in the WARR
of 15% would imply upgrades of no more than eight notches for Alba
2006-2 and two notches for 2007-1.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

ALBA 2006-2 plc, ALBA 2007-1 plcFitch has checked the consistency
and plausibility of the information it has received about the
performance of the asset pools and the transactions. Fitch has not
reviewed the results of any third party assessment of the asset
portfolio information or conducted a review of origination files as
part of its ongoing monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transaction's ALBA 2006-2
plc, ALBA 2007-1 plc initial closing. The subsequent performance of
the transactions over the years is consistent with the agency's
expectations given the operating environment and Fitch is therefore
satisfied that the asset pool information relied upon for its
initial rating analysis was adequately reliable.

Overall, and together with any assumptions, Fitch's assessment of
the information relied upon for the agency's rating analysis
according to its applicable rating methodologies indicates that it
is adequately reliable.

ESG CONSIDERATIONS

ALBA 2006-2 plc has an ESG Relevance Score of '5' for Data
Transparency & Privacy due to lack of or inconsistent data, which
has a negative impact on the credit profile, and is highly relevant
to the rating, resulting in a cap on the maximum achievable
ratings.

ALBA 2006-2 plc has an ESG Relevance Score of '4' for Customer
Welfare - Fair Messaging, Privacy & Data Security due to a material
concentration of interest-only loans, which has a negative impact
on the credit profile, and is relevant to the ratings in
conjunction with other factors.

ALBA 2006-2 plc has an ESG Relevance Score of '4' for Human Rights,
Community Relations, Access & Affordability due to mortgage pools
with limited affordability checks and self-certified income, which
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

ALBA 2007-1 plc has an ESG Relevance Score of '5' for Data
Transparency & Privacy due to lack of or inconsistent data, which
has a negative impact on the credit profile, and is highly relevant
to the rating, resulting in a cap on the maximum achievable
ratings.

ALBA 2007-1 plc has an ESG Relevance Score of '4' for Customer
Welfare - Fair Messaging, Privacy & Data Security due to a material
concentration of interest-only loans, which has a negative impact
on the credit profile, and is relevant to the ratings in
conjunction with other factors.

ALBA 2007-1 plc has an ESG Relevance Score of '4' for Human Rights,
Community Relations, Access & Affordability due to mortgage pools
with limited affordability checks and self-certified income, which
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


BILLING AQUADROME: Placed Into Administration
---------------------------------------------
BBC News reports that a firm which owns a 500-strong mobile home
park has confirmed it has called in the administrators.

According to BBC, RoyaleGroup said Billing Aquadrome park in
Northampton had been placed in administration as part of a
"recapitalisation process".

The park, which is home to at least 1,000 people, is run by the
group's firm RoyaleLife.

A statement said from the firm said operations continue as usual
and all employees remain employed, BBC relates.

Booking also continue, BBC notes.

In a further statement Robert Bull, of RoyaleGroup, as cited by
BBC, said: "As part of the recapitalisation process, Billing
Aquadrome has been placed into administration.

"While all staff continue to be employed and continue to operate
the business as usual, the involvement of RoyaleLife and
RoyaleResorts will be limited."


COLIN MEAR: Bought Out of Administration in Pre-pack Deal
---------------------------------------------------------
Business Sale reports that Colin Mear Engineering, a Somerset-based
robotics manufacturer, has been acquired in a pre-pack deal after
falling into administration.

The company, which designs, builds, installs and services process
and packaging automation machinery, has been acquired by an unnamed
private equity investor.

The company has a worldwide customer base, with clients in the
pharmaceutical, tobacco, cannabis and FMCG industries.  It had
encountered financial difficulties over recent years, largely
stemming from the impact of COVID-19, Business Sale relates.

Tim Sloggett and Richard Easterby of Quantuma Advisory were
appointed as joint administrators to the company, Business Sale
recounts.  Shortly after their appointment, the joint
administrators completed a sale of the company's business and
assets to a private equity firm, Business Sale notes.

According to Business Sale, joint administrator and Quantuma
managing director Tim Sloggett said that the deal was "a great
outcome for the company", adding that it protected the business,
while "providing it with the platform it needs to deliver its
exciting growth plans."

Mr. Sloggett continued: "The company suffered significant
challenges due the COVID-19 pandemic, causing significant increases
in component lead times and delays in the ability to deliver and
install machinery across its global customer base."

"Despite recent improved trading performance and a strong sales
pipeline, the level of creditor arrears and funding required, as a
result of these short-term challenges, became too large to meet
from future profits."


EG GROUP: Fitch Gives B+(EXP) Rating to Secured Term Loans
----------------------------------------------------------
Fitch Ratings has assigned EG Group Limited's (EG; B-/Positive)
amend & extend (A&E) of its term loans - issued via subsidiary EG
Finco Ltd and other subsidiaries - an expected senior secured
rating of 'B+(EXP)' with a Recovery Rating of 'RR2.

The new term loans, totaling USD3.4 billion and becoming
re-designated term loan tranches under a new capital structure
post-A&E, will rank pari passu with existing senior secured notes
(SSNs; rated B/RWP). The assignment of a final rating is contingent
on completing the transaction in line with terms already presented
to Fitch.

The Positive Outlook on the IDR and RWP on the existing SSNs
reflect an expected around USD4.2 billion reduction in financial
debt ahead of EG's approaching refinancing, with the proceeds of
EG's announced disposal of its UK&I business to ASDA, a US sale &
leaseback (S&LB) transaction and a small US disposal. We expect
EBITDAR gross leverage to fall to around 6.5x by end-2023, which
combined with residual refinancing being addressed in the next
12-18 months, could position EG's IDR for a single-notch upgrade,
while a reduction in the senior secured debt amount post completion
of the S&LB would improve recovery prospects to 'RR2' from 'RR3'
currently.

The 'B-' IDR continues to reflect EG's current high leverage
following a large number of successive, mainly debt-funded
acquisitions, balanced by its large-scale and well-diversified
operations. The forecasts are anchored around expected
stabilization of the group's fuel gross margin, supporting EG's
operating profile post-disposals.

KEY RATING DRIVERS

Higher Rating for Expected Instrument: The new term loans are rated
higher than EG's existing term loans and SSNs due to higher
recoveries following an expected USD4.2 billion debt reduction. The
A&E, which will only become effective on completion of EG's UK&I
business disposal, S&LB transaction and 40% reduction in senior
secured debt, will extend EG's maturity profile to 2028.

Changes in EG's capital structure are contingent on completion of
disposals and S&LB generating the proceeds, the application of
proceeds towards debt reduction and successful refinancing. This
explains the Positive Outlook on the IDR rather than an immediate
upgrade. In our view this is a complex refinancing exercise, and EG
may seek new lenders to replace non-consenting lenders.

Debt Reduction Ahead of Refinancing: Fitch believes the planned
USD4.2 billion reduction in financial debt from the announced UK&I
business disposal and S&LB, once executed, will put EG in a better
position to refinance its upcoming around USD10 billion debt
balance (as at December 2022), mainly due in 2025-2026. Fitch
forecasts EBITDAR gross leverage at around 6.5x in 2023, which in
combination with near-term maturities being addressed, could
position EG's rating for an upgrade by one notch, as captured in
our Positive Outlook. Lack of refinancing progress for the
remaining debt, including notes and second-lien, over the next
12-18 months will weigh on the rating.

Towards Leverage Target: Fitch now expects EG to trend closer to
its medium-term net debt/ EBITDA (post IFRS16) target of 4.5x
following the announced transactions and USD100 million-USD200
million lower growth capex. Fitch would also expect a
re-instatement of growth capex once its leverage target is achieved
and debt refinanced. Fitch anticipates EBITDAR gross leverage to
remain above 6.0x to 2026.

No Material Business Profile Change: Fitch does not expect the
announced disposal of the majority of the UK&I business for GBP2.27
billion to ASDA to lead to a material change in EG's business
profile for its rating. It will reduce EG's scale slightly, as the
UK&I assets contributed 18% of EBITDA, and reduce the share of
non-fuel activities to slightly below half of gross profit. The
UK&I operations have a larger exposure to the higher-margin
foodservice and grocery businesses relative to the overall
group's.

Profits to Recover: Fitch expects lower EBITDAR at around USD1.4
billion in 2024, following the loss of earnings of around USD250
million from its UK&I disposal. We forecast growth in the remaining
business with EBITDAR trending towards USD1.5 billion in 2025,
mapping to 'bbb' for scale under our Non-Food Navigator. This is
due to EG's investment in growing its non-fuel segments, and its
progress with conversions into company owned-company-operated
(COCO) petrol fuel stations (PFS) in continental Europe to grow its
profits and enhance its margin.

Fitch's forecast incorporates sustained fuel gross margin that was
reset at higher levels when fuel retailers partly passed on high
cost inflation, with EG exceeding our expectations in 2022.

Moderate Execution Risk: Fitch sees moderate execution risk on
sales growth, profit margin improvement and synergies (a large part
of which have been implemented and relate to an initiative in the
US) extraction, to which we have applied a small haircut. EG
reported around a 30% reduction in continental Europe EBITDA for
4Q22, due to lower fuel volumes and fuel margin amid competition,
and higher overheads in Germany. Fitch has observed some rebound in
fuel volumes and in gross profit in Continental Europe in 1Q23,
prior to fuel-revaluation impact and shared service center costs.

Opportunities to Enhance Profitability: Continental Europe is a
less profitable region for EG due to only one third of its sites
being operated under the COCO model. We see opportunities to
convert sites as contracts come up for renewals, to invest in
foodservice and to roll out grocery & merchandise (G&M) offering in
cooperation with partners to enhance profitability. Currently G&M
stores represent around two-thirds and foodservice sites less than
one-third of EG's COCO sites in Continental Europe.

Weak Coverage Metrics: Fitch forecasts weak EBITDAR fixed charge
coverage on average at 1.5x over the rating horizon to 2026. This
is due to EG's exposure to high interest rates, as two thirds of
its debt are at floating rates and because of refinancing, as well
as an additional USD1.5 billion S&LB increasing the rental bill. We
see only around USD175 million reduction in adjusted debt from EG's
US S&LB, as we capitalize the additional rental cost at 8x, but it
helps reduce overall debt due for refinancing.

Diversified, Large-Scale Operator: EG's rating is supported by its
scale post its UK&I business disposal, with EBITDAR trending
towards USD1.5 billion, mapping to a high 'bb' trending towards a
'bbb' rating category. It is a leading PFS, convenience retail and
foodservice operator that remains well-diversified across its
markets - the US (42% of 2022 gross profit), western Europe (48%)
and Australia (10%).

DERIVATION SUMMARY

Most of EG's business is broadly comparable with that of other
peers that Fitch covers in its food/non-food retail rating and
Credit Opinion portfolios, although the COCO model should provide
more flexibility and profitability for EG.

EG can be compared to UK's motorway services group Moto Ventures
Limited and, to a lesser extent, to emerging-markets oil product
storage/distributor/PFS vertically integrated operators such as
Puma Energy Holdings Pte. Ltd (BB-/Positive) and Vivo Energy Ltd.
(BBB-/RWN).

EG is materially larger and more geographically diversified than
the above peers with exposure to eight markets, including the US,
Australia and western European countries. Moto is concentrated in
the UK, although it is strategically positioned in more protected
motorway locations. Moto benefits from a robust business model with
its long-dated infrastructure asset base and the less discretionary
nature of motorway customers, enabling it to generate higher
EBITDAR margin than for EG. Both companies invest to increase their
exposure to the higher-margin convenience and foodservice
operations.

Puma's and Vivo's ratings are restricted by their concentration in
emerging markets, which limits the quality of cash flows available
to service its debt at holding company level. EG has higher
profitability than Vivo or Puma due to its materially higher share
of revenue from non-fuel activities.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for Issuer:

- Annual fuel volumes to drop to 17.2 billion litres in 2023 and
  to 16.3 billion litres in 2024, largely due to the disposal of a

  majority of the UK&I business, and broadly flatten to mildly
  decline thereafter to 2026

- Fuel gross margin to slightly decline in 2023 before increasing
  slightly in 2024 and 2025, albeit still slightly below 2022
  levels

- Total gross profit towards an even split between fuel and non-
  fuel over the rating horizon

- Working-capital outflows in 2024-2025 to reflect the unwinding
  of deferred taxes; 2023 to benefit from payable days extension
  with broadly neutral overall working capital

- Annual capex of USD300 million-USD390 million through to 2026,
  as EG cuts growth capex in the near term

- No further M&A in the next four years. However, if further
  acquisitions materialise, we would assess their impact based on
  their scale, funding, valuations, earnings accretion, and
  integration risks

Fitch's Key Recovery Rating Assumptions:

This recovery analysis is for the expected instrument rating for
term loans, under a new capital structure following the deployment
of USD4.2 billion disposal proceeds towards debt reduction.

According to Fitch's bespoke recovery analysis, higher recoveries
would be realised by preserving the business model using a
going-concern (GC) approach, reflecting EG's structurally
cash-generative business. Despite EG's reasonable asset backing
from site ownership, we estimate a higher realisable value to
creditors would come from these assets remaining operational rather
than being liquidated.

EG's GC EBITDA assumption excludes the UK&I business and
incorporates additional rents from the US S&LB, both of which have
a negative impact on EBITDA. The GC EBITDA estimate of USD0.8
billion (vs. USD1.03 billion before the completion of the S&LB)
reflects Fitch's view of a sustainable, post-reorganisation EBITDA
level on which we base the enterprise valuation. The assumption
also reflects corrective measures taken in a reorganisation to
offset the adverse conditions that trigger default such as
cost-cutting efforts or a material business repositioning.

In a distressed scenario, Fitch believes that an unchanged 5.5x
multiple reflects a conservative view of the weighted average value
of EG's portfolio. As per its criteria, Fitch assumes EG's
revolving credit facility (RCF) and local-currency debt facilities
to be fully drawn and takes 10% off the enterprise value to account
for administrative claims.

Fitch's waterfall analysis generated a ranked recovery for the
senior secured facilities under the new capital structure, in the
'RR2' band, indicating a 'B+(EXP)' instrument rating, a two-notch
uplift from the IDR. The waterfall analysis output percentage under
the new capital structure is 73%.

Existing senior secured debt instrument ratings under the current
capital structure remain on RWP, and Fitch expects upward revision
of its 'RR3'/54%, following debt reduction with the disposal
proceeds. The second-lien debt instrument remains in the 'RR6' band
and has an instrument rating of 'CCC', two notches below the IDR.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Upgrade:

-- Successful completion of the refinancing, combined with
   deployment of disposal proceeds to repayment of approaching
   debt maturities

-- Sustained revenue and EBITDA expansion to above USD1 billion
   along with improving operating margins, following the UK&I
   business disposal

-- Increased commitment to a financial policy, with EBITDAR gross
   leverage comfortably below 7.0x on a sustained basis

-- EBITDAR/interest plus rents approaching 2.0x on a sustained
   basis

Factors That Could, Individually or Collectively, Lead to the
Outlook Being Revised to Stable:

-- Termination of the UK&I disposal transaction leading to EBITDAR

   gross leverage remaining above 7.5x

Factors That Could, Individually or Collectively, Lead to
Downgrade:

-- Lack of meaningful progress in addressing refinancing needs 12
   to 18 months ahead of major debt maturities

-- Deteriorating performance of the business either due to a
   recessionary environment, competition or lack of cost control
   leading to materially weaker EBITDA

-- EBITDAR gross leverage at or above 8.5x on a sustained basis

-- EBITDAR/interest + rents below 1.4x on a sustained basis

-- Increasingly negative free cash flow (FCF) as a result of
   trading underperformance leading to shrinking liquidity
   headroom


EMPIRE CINEMAS: Goes Into Administration, 150 Jobs Affected
-----------------------------------------------------------
Tom Espiner and Jemma Dempsey at BBC News report that Empire
Cinemas has collapsed into administration with the immediate loss
of 150 jobs.

According to BBC, six cinemas in the chain have closed, with a
further eight under threat.

Administrators BDO said the impact of the Covid pandemic and the
cost of living crisis had "significantly affected the companies'
business", BBC relates.

Last month, rival chain Cineworld, also fell into administration,
hit by the pandemic and competition from streaming, BBC recounts.

The Empire cinemas that closed on June 7 are in Bishop's Stortford,
Catterick Garrison, Sunderland, Swindon, Walthamstow and Wigan, BBC
notes.

The closures leave Sunderland and Wigan with no main cinema, BBC
states.

Meanwhile, the remaining sites in Birmingham, Clydebank, High
Wycombe, Ipswich and Sutton, and the two Tivoli-branded venues in
Bath and Cheltenham, will continue to trade as the administrators
look for a buyer, according to BBC.

Staff apparently turned up for work at branches on June 7 to find
notes on windows explaining they were closing down, BBC relays,
citing local media reports.

BDO said the cinemas employed a total of 437 staff across England
and Scotland.

It said gift cards, ticket e-codes, guest passes and readmission
tickets will continue to be valid at trading cinema sites, BBC
discloses.  Advance ticket purchases at sites which have closed
will be automatically refunded, BBC says.


HELIOS TOWERS: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Helios Towers Plc (HT) Long-Term Issuer
Default Rating (IDR) at 'B+' with a Stable Outlook.

HT's ratings remain constrained by a fairly weak operating
environment, with the majority of earnings and cash flow coming
from countries with sovereign ratings of 'B+' or lower.
Foreign-exchange (FX) risks are also a consideration for the
ratings but are mitigated by a significant share of earnings being
generated in countries either using hard currencies or currencies
pegged to hard currencies.

Rating strengths include HT's leading market share in seven of its
nine markets, long-term earnings and cash flow visibility
underpinned by long-term contracts and strong market-growth
drivers.

KEY RATING DRIVERS

Limited Leverage Headroom: Company-defined net leverage peaked at
5.1x in 2022 following HT's recent acquisitions. As expected,
leverage was well above its target range of 3.5-4.5x. In 2023 Fitch
expect growth will be more organic with no further debt-funded
acquisitions. EBITDA growth from new sites and tenancies should
drive leverage lower towards the top end of the target range. Fitch
expect Fitch-defined EBITDA net leverage of 5.4x in 2023, which
leaves limited headroom against its 5.5x downgrade threshold.
EBITDA growth beyond 2023 should enable organic deleveraging of
0.3x-0.4x to 2026 but further debt-funded acquisitions could
increase leverage to a level more consistent with a lower rating.

Co-location Drives Tenancy Growth: HT has guided to organic tenancy
additions in 2023 of 1,600-2,100. It typically adds 75% of their
new tenancies in the second half of the year and with over 1,000
tenancies added at April 2023, Fitch expect HT to reach the top of
its guidance. Fitch expect 60% of new tenancies in 2023 from
existing sites rather than new build-to-suit (BTS) sites, which
should increase tenancy ratios through colocation.

Tenancy Growth Improves Financial Profile: HT has established a
record in delivering co-location growth after entering new markets.
Of acquisitions made before 2021, average tenancy ratios on
acquisitions were 1.2x, which increased 0.1x per year to 2.1x by
2022. As revenues from new tenants on an existing site are
higher-margin than average given minimal incremental expense an
increased tenancy ratio growth will help improve free cash flow
(FCF) margins and lower leverage.

Operating-Environment Constraints: HT operates in countries
characterised by a fairly weak operating environment associated
with 'B+' and below sovereign ratings. Even in the absence of
transfer and convertibility risks, Fitch deem the ratings of
corporates operating in such markets as being somewhat anchored to
the respective sovereign ratings. Fitch believe that fragile
economic structures and uncertain regulation, among other risks,
may negatively affect HT's business profile. Fitch rating
thresholds for HT are therefore tighter than those for peers
operating in developed markets.

Highly Visible Cash Flows: HT's future cash flows are supported by
long-term index-linked contracts with mobile network operators. At
end-March 2023, HT had USD4.8 billion of revenues secured by
contracts and an average remaining life on its contracts of 7.3
years. It operates in countries with sparser network footprints
than in Europe or the US, and where mobile penetration rates are
lower and previous generation network technologies like 2G and 3G
are still dominant. Fitch expect growth in penetration and future
adoption of newer technologies to provide significant growth
opportunities for tower companies in these markets as mobile
network densification grows.

Pegs Partly Mitigate FX Risk: Fitch estimate that 54% of 2023
revenues will come from either dollarised countries or from
countries where the currency is euro- or dollar-pegged, while
another 19% of revenues will be contractually linked to hard
currencies. This substantially mitigates the risk of adverse FX
movements.

Remaining FX Risks: In Tanzania and Ghana just over 40% of revenues
are linked to hard currencies. EBITDA in Ghana fell by USD5 million
in 2022 from USD26 million in 2021 as the Ghanaian cedi depreciated
around 64% against the dollar. The Tanzanian shilling has been
stable against the dollar in recent years but as HT's largest
market with 2022 EBITDA of USD134 million, a similar currency
depreciation would have a more significant impact for HT and could
constrain EBITDA growth.

Country Ceiling Not a Constraint: Fitch use Fitch Non-Financial
Corporates Exceeding the Country Ceiling Criteria to assess the
risk from the currency mismatch between cash flow and debt (mostly
in US dollars) as well as transfer and convertibility risk. Fitch
determine HT's effective Country Ceiling at 'B+'. Fitch believes HT
has structural enhancements allowing for at least a one-notch IDR
uplift above the applicable Country Ceiling. However, any uplift
will be capped at the Long-Term Local-Currency IDR, hence the
Country Ceiling is not a determining factor of the Long-Term
Foreign-Currency IDR for HT.

DERIVATION SUMMARY

HT's ratings are constrained by the operating environment the group
operates in. Absent operating-environment considerations, HT's
business and financial characteristics would be consistent with a
higher rating.

Fitch benchmark HT's ratings to a wide group of peers that include
various emerging-market telecoms infrastructure and integrated
operators.

HT's closest peer is IHS Holding Limited (IHS, B+/Stable), a tower
company focused on emerging markets with a significant African
presence and high exposure to Nigeria with a fairly weak operating
environment. HT has higher leverage than IHS, and a weaker FCF
profile partly due to more organic investments leading to a higher
capex intensity.

Axian Telecom (Axian, B+/Stable), an integrated Africa-focused
telecom operator, is present in countries with a similarly weak
operating environment. Compared with Axian, HT has a higher debt
capacity at the 'B+' rating due to lower business risk given the
infrastructure nature of its business and weaker competition.

Except for its weaker operating environment, HT shares some
operating and financial characteristics with its investment-grade
international peers, such as American Tower Corporation
(BBB+/Negative), Cellnex Telecom S.A. (BBB-/Stable) or PT
Profesional Telekomunikasi Indonesia (BBB/Stable).

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer:

- Reported revenue to grow 19.5% in 2023 and in high single digits
thereafter to 2026, due to strong organic growth from new site
builds and co-locations

- Fitch-defined EBITDA margin of around 43.8% in 2023, improving
gradually to 46% by 2026

- Working-capital outflows of around USD20 million p.a. to 2026

- Capex at around 30% of revenue in 2023, mostly driven by
discretionary site and equipment investments. Capex to gradually
decline to 23% by 2026

- No dividends in 2022-2025

- A term loan of USD200 million at HTA Group, Ltd fully drawn in
2023 to partially fund capex and working-capital payments

- No further debt-funded acquisitions between 2023 and 2026

Key Recovery Rating Assumptions

- Fitch recovery analysis assumes that HT would be considered a
going concern in bankruptcy and that it would be reorganised rather
than liquidated

- A 10% administrative claim

- A post-restructuring going-concern EBITDA of USD259 million
reflects significant deterioration in HT's operating environment,
with disruption to customers' operations, leading to weaker revenue
and margins at HT

- An enterprise value (EV) multiple of 5.5x is used to calculate a
post-reorganisation valuation. Fitch calculates recovery prospects
for the senior unsecured debt at 68%. This includes the group's
USD975 million 7% senior notes, and assumes a fully drawn term loan
of USD200 million and a fully drawn revolving credit facility (RCF)
of USD70 million. Fitch estimates also include USD430 million-
equivalent of prior-ranking local facility debt. For Fitch recovery
calculation, HT's USD300 million 2.875% convertible bonds are
deemed subordinated to the senior unsecured debt

While recovery prospects of 68% would generally imply a one-notch
uplift for the instrument rating relative to the IDR, according to
Fitch "Country-Specific Treatment of Recovery Ratings Rating
Criteria" the instrument rating for companies operating in the
African countries such as HT is capped at the IDR, yielding a
Recovery Rating of 'RR4' with 50% recoveries in a hypothetical
event of default.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- Improvement in the operating environment of the countries in
which HT operates or favourable change in the geographical mix of
cash flows, continued strong market position in countries of
operation and EBITDA net leverage below 4.5x

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- EBITDA net leverage above 5.5x on a sustained basis

- EBITDA interest coverage below 2.0x

- Competitive weaknesses, market-share erosion, regulatory
pressures or shareholder distributions leading to significant
deterioration in FCF generation

- Material deterioration in the operating environments of the
countries in which HT operates

- Liquidity risks, including challenges in moving cash out of
operating companies to HT to service offshore debt

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: At end-March 2023 HT had USD83 million of
cash and cash equivalents, of which around half was held at the
holding company. HT also has access to USD375 million of undrawn
debt facilities.

Limited Refinancing Risk: HT's USD975 million bonds will mature in
December 2025, which Fitch expect the group to refinance as current
liquidity will not be sufficient to repay it at maturity. Fitch
view the refinancing risk on these bonds as limited. This reflects
HT's long-term contracts, strong industry growth drivers and highly
visible cash flows.

FCF has been consistently negative, which Fitch expect to remain
between 2023 and 2025. This reflects high capex on new site builds,
which is discretionary and is typically built with a contract for
long-term income.

ISSUER PROFILE

HT is an independent tower company with more than 13,500 towers in
nine high-growth markets in Africa and the Middle East.

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.


ONTO: At Risk of Falling Into Administration
--------------------------------------------
John Bowman at Car Dealer reports that electric car subscription
service Onto is facing possible administration after Legal &
General said it wouldn't be giving it rescue cash.

Onto was given the crushing news by the financial services group
this week, Car Dealer relays, citing Sky News.  It's believed that
L&G ploughed GBP22.5 million into the company over the past couple
of months, following a US$60 million (circa GBP47 million) funding
round 12 months ago, Car Dealer discloses.

But it's now believed L&G's decision has led to restructuring firm
AlixPartners making contingency plans for a potential
administration, Car Dealer relates.

It's unclear how much more money Onto needs, but according to
Sky News it's believed to be "substantial".  Onto is said to have
"sizeable debt facilities" with various lenders, Car Dealer notes.

Car Dealer has been told that Onto is now exploring various
investment options.

It's believed Onto has been hit by the falling prices of EVs, as
its borrowings are secured against its fleet, according to Car
Dealer.


PATAGONIA BIDCO: GBP550M Bank Debt Trades at 18% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Patagonia Bidco Ltd
is a borrower were trading in the secondary market around 82.1
cents-on-the-dollar during the week ended Friday, July 7, 2023,
according to Bloomberg's Evaluated Pricing service data.

The GBP550 million facility is a Term loan that is scheduled to
mature on October 28, 2028.  The amount is fully drawn and
outstanding.

Patagonia Bidco Limited (Huws Gray) is an independent General
Builders Merchant (GBM) distributor in the U.K. that provides a
broad range of building materials to both trade and retail
customers.

PUNCH PUBS: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed UK Punch Pubs Group Limited's Long-Term
Issuer Default Rating (IDR) at 'B-' with a Stable Outlook. Fitch
has also affirmed Punch Finance plc's GBP600 million bond's senior
secured rating at 'B+'/RR2.

The ratings reflect Punch's 1,267 (as at end-February 2023, 1HFY23)
wet-led suburban, town- and village-weighted UK pubs, which have a
solid financial profile. The leased & tenanted (L&T) portfolio had
beer price increases in April 2023, helping meet the sector's
operating staff wage and energy cost increases. In the managed
partnership (MP) operating model pubs, similar prices rises
occurred and 12 months to December 2022 sales were higher than
pre-pandemic 2019. Punch is private equity-owned with high but
disciplined financial leverage.

In line with previous UK recessionary periods, Fitch expects
trading-down UK consumers to frequent pubs' low-cost socialising
venues, which continue to provide value-priced drink and food
offers.

KEY RATING DRIVERS

Post-Pandemic Stability: Punch's nationwide 1,271 pubs (as at year
to mid-August 2022, FY22) community-based, predominantly wet-led
portfolio has traded back to normal operating conditions
post-pandemic. The sector received significant benefits from the
government during the pandemic, and operations quickly bounced back
when operational constraints were lifted. Punch's FY23 results to
mid-August 2023 will therefore reflect the first full fiscal year
without pandemic-related operational disruptions. The group and its
publicans benefit from economies of scale with suppliers (drinks,
energy and other pooled central resources).

Portfolio Operating Model Mix: The portfolio consists of 943 L&T
pubs (around 60% of pre-central costs FY23 EBITDA) where Punch
sells beer to the tenants and the publican pays rent. This
operating model's core FY22 GBP30 million of rent, largely paid
during the pandemic, was 36% of FY22 group EBITDA. The management
partnership (MP, 29%) operating model (FY22: 328 pubs) is more
actively managed by Punch, albeit the publican retains a percentage
of the pub's sales as profit and pays staff costs. Laine's 60 pubs
(11% pre-central costs FY23 EBITDA) are much larger units with
greater EBITDA/pub. The Punch portfolio has limited food offerings
with food representing less than 20% of total sales.

Conversions to MP: The recent EBITDA/per pub for mature MPs average
GBP42,000 higher than that of the L&T portfolio, Similar to other
pub groups, the L&T portfolio is fertile for converting tired or
growth-potential assets into the MP model, with capex refurbishing
and expanding food and drinks space, to improve the unit's
profitability. There were a further 66 transfers to MP from L&T in
FY22, following a programme started in 2019. Management quotes
incremental EBITDA, (or return on investment, ROI) of 20-25%
usually up to 18 months later. FY22 conversion capex was
approximately GBP15 million, FY23's total capex is estimated to be
GBP30 million (less than half of which is conversion capex).

Profit Growth of MP: Given the uplift in EBITDA/pub, re-positioning
of assets, and ROI, conversions will provide the group's main
growth but linked to deployed capex. Management is currently
assessing its conversion programme and with Fortress will decide
upon the investment criteria (size, risk appetite, mix of
short-term or long-term payback periods).

Given the group's funds from operations (FFO) of around GBP40
million per year, Punch has financial flexibility to re-invest in
the portfolio. To date, Fortress is focused on re-investment rather
than dividends to itself. As units are transferred from L&T, the
year-on-year EBITDA of this latter division should remain broadly
stable.

Inflation Pricing & Operating Costs: Punch's MP beer prices were in
line with the market. In March 2022 they were increased by
GBP0.10-GBP0.15 (3.5% compared with a pint of beer at
GBP4.20-4.40). As inflation increased in FY23, Punch's drinks
prices increased by GBP0.20 in March 2023 and GBP0.15 in May 2023
(total 4.5%). This broadly matches cost of goods' inflation.
Inflation makes its way through drinks supply agreements, Punch's
central sourcing, pricing to publicans under both models, through
to the end-consumer.

Under the L&T and MP models, staff costs including living wage
increases are the publicans' obligation. This is less onerous for
wet-led (not heavily kitchen-staffed) pubs, and for this
portfolio's urban locations compared with expensive London or town
centres. Energy (gas and electricity at around 3%-5% of pubs'
sales), provided to MPs and its Laine pubs, is an additional GBP4
million hit to central costs in FY23.

Affordable Hospitality Offer: Premiumisation continues within the
sector, with patrons trading away from standard lagers and spirits.
After a marked trading-up during the pandemic period, as operations
have returned to normal and ordering at the bar replaces apps which
enticed other offers, consumers have gone back to a glacial
year-on-year increase in premiumisation. As seen during previous
periods of economic uncertainty, regular or impromptu pub visits
continue during consumer downturns (global financial crisis,
smoking ban, supermarket sale of beer, rising health awareness).

Highly Leveraged: Fitch forecasts improving FY23 EBITDAR net
leverage at 7.5x (FYE22: 8.1x) with free cash flow (FCF) and EBITDA
growth, despite pub conversion capex. Debt includes the GBP600
million bond maturing June 2026, and GBP70 million super-senior
revolving credit facility (RCF) maturing December 2025, of which
GBP30 million was drawn at FYE22. Net leverage reduces as EBITDA
grows, assuming cash is retained, to 6.9x in FY24 and 6.4x FY25.
This leverage funds a predominantly freehold-owned estate.

Management has a medium-term target of 6.5x leverage. Funds from
operations (FFO) fixed-charge coverage (including Punch's
third-party operating lease rents) is expected to be around 2.0x
from FY23, which is strong for the rating.

DERIVATION SUMMARY

Punch's IDR is the same as Stonegate Pub Company Limited's (IDR:
B-/Negative), which has a portfolio of 4,516 pubs versus Punch's
1,271. Both are predominantly wet-led estates. Punch's EBITDA/pub
in L&T is comparable with Stonegate's 2020 Enterprise Inn-acquired
L&T portfolio but Stonegate's equivalent managed portfolio yields
far higher profits/pub than Punch's, reflecting the size of the
average unit, drink sales per pub, and the benefits of a bigger
group's central procurement.

Punch's managed portfolio is less town centre-based than
Stonegate's, whose city and late-night formats (which were also
disrupted by pandemic restrictions) are more vulnerable to cost
pressures (labour and energy) in the current inflationary
environment. When less disrupted trading conditions resume,
Stonegate should benefit from higher profits from this segment of
its portfolio. Both companies' underlying strategy is to convert
L&T pubs within their respective portfolios by injecting and
incentivising new management, manage the unit more directly, and
undertake capex to increase EBITDA/pub.

The difference in Outlook at the same 'B-' IDR reflects Punch's
greater financial flexibility than Stonegate, with less pressure on
liquidity, and the former's pub conversion programme (part-equity
funded) already underway before the pandemic.

Punch is rated lower than the UK-weighted PizzaExpress (Wheel Bidco
Limited, IDR: B/Negative), which benefits from higher profit
margins and a more conservative financial structure as Fitch
expects PizzaExpress to deleverage to below 6.5x by end-2024 on a
EBITDAR leverage basis compared with 7.5x for Punch.

UK pubs have recovered a lot more quickly (volumes, visits, and
profitability) from the pandemic period of operational constraints
than other sectors such as hotels (reliant on tourists, holiday
season concentrations), and food-weighted restaurants (larger
ticket and less frequency of occasions).

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

- For the L&T portfolio, conversions to MP of around 30 pubs per
year. Consequently, this sub-portfolio's attributable EBITDA
remains flat year-on-year.

- For the mature MPs, pricing increases are 5% in FY23, and 3% per
year thereafter. When combined with the MP conversion portfolio,
EBITDA for this operating model's portfolio increases an average
10% per year.

- Compared with the last 12 months to February 2020 in FY20 (when
the pandemic started), when group EBITDA was GBP78 million, Fitch
forecasts FY23 EBITDA, which now includes 56 acquired Youngs pubs,
at GBP79 million (1HFY23 EBITDA: GBP40 million).

- Future central costs benefit from estimated GBP3 million extra
costs for energy in FY23.

- Capex of GBP30 million per year during FY23-FY26 (around half of
which is conversion capex).

- Disposal receipts of GBP10 million per year (historically,
disposals have been at or above book value).

- No cash dividends

RECOVERY RATINGS ASSUMPTIONS

The recovery analysis assumes that Punch would be liquidated in
bankruptcy rather than re-organised as a going concern. We have
assumed a 10% administrative claim. The liquidation estimate
reflects Fitch's view of the value of pledged collateral that can
be realised in a sale or liquidation conducted during a bankruptcy
or insolvency proceedings and distributed to creditors.

Fitch used the freehold and long leasehold pubs' valuations
including an updated August 2022 third-party valuation for part of
the portfolio. These valuations are based on the fair maintainable
trade (FMT or profitability) of the pubs using 8x-12x multiples.
Punch has a record of selling pubs and portfolio assets at or above
book value.

Fitch applied a standard 25% discount (75% advance rate) to the
updated valuations, replicating a distressed group having an around
20% reduction in EBITDA (replicating the FMT component of the
valuation). Punch's super-senior GBP70 million RCF is assumed to be
fully drawn on default.

Fitch's waterfall analysis generates a ranked recovery for the
senior secured bond in the 'RR2' category, leading to a 'B+'
instrument rating. This results in a waterfall generated recovery
computation (WGRC) output percentage of 89% (previously 87%) based
on current metrics and assumptions. This uplift is attributed to
company's continued investment in the estate as well as bolt-on pub
acquisitions and disposal

RATING SENSITIVITIES

Factors That Could, Individually Or Collectively, Lead To Positive
Rating Action/Upgrade

- EBITDAR leverage below 7.0x (net debt-equivalent below 6.5x)

- EBITDAR fixed-charge coverage above 1.6x

- FCF margin at 2% to 5%

- Evidence that MP conversions are reaching targeted improved
  EBITDA/pub, reflecting a successful strategy execution and
  supportive trading environment

Factors That Could, Individually Or Collectively, Lead To Negative
Rating Action/Downgrade

- EBITDAR leverage above 8.0x (net debt-equivalent above 7.5x)

- EBITDAR fixed-charge coverage trending towards 1.2x

- Negative FCF margin

- Weakened liquidity including significant drawdown of the RCF

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: At mid-August 2022 cash was GBP13 million
plus GBP40 million undrawn under the GBP70 million super-senior
(RCF). At end-February 2023, after the period's six-month interest
payments, cash was GBP13 million and GBP35 million undrawn under
the RCF. Group liquidity is helped by future positive FCF (after
expansionary and maintenance capex) and before disposals proceeds.

The bond and RCF mature in June 2026 and December 2025,
respectively.

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.


TOGETHER ASSET 2022-1ST1: Fitch Affirms 'BBsf' Rating on E Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Together Asset Backed Securitisation
2022-1ST1 PLC'S notes.

ENTITY / DEBT              RATING                      PRIOR  
-------------              ------                      -----
Together Asset Backed
Securitisation 2022-1ST1
PLC

Class A XS2499665250  LT   AAAsf    Affirmed        AAAsf
Class B XS2499665508  LT   AAsf     Affirmed        AAsf
Class C XS2499667207  LT   Asf      Affirmed        Asf
Class D XS2499668783  LT   BBBsf    Affirmed        BBBsf
Class E XS2499668940  LT   BBsf     Affirmed        BBsf

TRANSACTION SUMMARY

The transaction is a securitisation of 73% buy-to-let (BTL) and 27%
owner-occupied (OO) mortgages backed by properties in the UK,
originated by Together Personal Finance and Together Commercial
Finance. The originators are wholly-owned subsidiaries of Together
Financial Services Limited (Together; BB-/Stable/B). The
transaction includes recent origination up to April 2022.

KEY RATING DRIVERS

Arrears Ramping Up: The transaction's one-month plus and
three-month plus arrears were 1.65% and 0.76%, respectively, as at
February 28, 2023. Fitch expect them to continue increasing as the
pool did not have any three-month plus arrears at closing and due
to the current rising interest rate environment and cost of
living.

A further increase in arrears could result in higher foreclosure
frequency (FF) assumptions in Fitch's analysis. Consequently, the
class B, C and D notes are rated one notch below their
model-implied rating (MIR) to account for the risk that the MIR is
lower in future analysis.

Originator Adjustment Updated: Fitch has lowered the originator
adjustment applied in its analysis of the BTL sub-pool to 1.4x from
1.5x. This is in line with the analysis of the recent Together
Asset Backed Securitisation 2023-1ST1 PLC transaction and is driven
by post-2019 vintages showing continued stronger performance
compared with prior vintages and a standardised product offering,
that is not substantially different than peers. This resulted in an
improvement in asset levels and supports the affirmation of the
notes.

Increasing CE: The transaction's most senior (class A) notes'
credit enhancement (CE) has increased to 12.6% from 11.0% at
closing, driven by the sequential amortisation of the notes. CE
build-up also supports the affirmation of the notes.

High-Yield Assets: The assets in the portfolio earn higher interest
rates than is typical for prime mortgage loans and can generate
substantial excess spread to cover losses. The weighted average
(WA) asset yield as of February 28, 2023 was 7.7%. Prior to the
step-up date, excess spread is used to pay down the unrated class X
notes. On and after the step-up date, the available excess spread
is diverted to the principal waterfall and can be used to amortise
the rated notes.

Self-employed Adjustment: Prime lenders assessing affordability
typically require a minimum of two years of income information and
apply a two-year average, or if income is declining, the lower
figure. Together accepts a minimum trading period of 12 months and
the income from the latest tax return. In line with other
specialist lenders, Fitch applied an increase of 30% to the FF for
self-employed borrowers with verified income instead of the 20%
increase typically applied under its UK RMBS Rating Criteria to the
OO sub-pool only. OO self-employed borrowers represent only 11.8%
of the pool.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The transaction's performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce the CE available to
the notes.

In addition, unanticipated declines in recoveries could also result
in lower net proceeds, which may make certain notes susceptible to
potential negative rating action depending on the extent of the
decline in recoveries. Fitch conducts sensitivity analyses by
stressing both a transaction's base-case FF and recovery rate (RR)
assumptions, and examining the rating implications for all classes
of notes. For example, a 15% WAFF increase and 15% WARR decrease
would result in downgrades of up to two notches for the class B, C
and D notes.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and potential
upgrades. Fitch tested an additional rating sensitivity scenario by
applying a decrease in the WAFF of 15% and an increase in the WARR
of 15%. The results indicate a positive rating impact of up to four
notches for the class D notes.

DATA ADEQUACY

Together Asset Backed Securitisation 2022-1ST1 PLC

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

Overall, and together with any assumptions, Fitch's assessment of
the information relied upon for the agency's rating analysis
according to its applicable rating methodologies indicates that it
is adequately reliable.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week July 3 to July 7, 2023
-----------------------------------------------------
Issuer           Coupon    Maturity Currency Price
------           ------    -------- -------  -----
Casino Guichard P  4.498  03/07/2024   EUR   30.240
Republic of Austr  0.850  6/30/2120    EUR   41.286
Tele Columbus AG   3.875  05/02/2025   EUR   66.953
Atento Luxco 1 SA  8.000  02/10/2026   USD   17.173
Casino Guichard P  3.580  02/07/2025   EUR   26.194
Casino Guichard P  4.103               EUR    5.389
Casino Guichard P  5.250  4/15/2027    EUR   26.689
La Financiere Ata  4.000  5/15/2024    EUR   71.703
Casino Guichard P  4.048  08/05/2026   EUR   24.537
Casino Guichard P  3.992               EUR    4.809
Metalcorp Group S  8.500  6/28/2026    EUR    8.828
Kenbourne Invest   6.875 11/26/2024    USD   70.822
Vedanta Resources  8.950  03/11/2025   USD   71.008
Deutsche Bank AG   4.789               USD   71.579
Casino Guichard P  6.625  1/15/2026    EUR   27.556
Agps Bondco PLC    4.250  7/31/2025    EUR   75.112
Movida Europe SA   5.250  02/08/2031   USD   75.983
DEMIRE Deutsche M  1.875 10/15/2024    EUR   66.531
AT Securities BV   5.250               USD   37.500
Pro-Gest SpA       3.250 12/15/2024    EUR   70.156
Deutsche Bank AG   6.000               USD   73.250
Gol Finance SA     7.000  1/31/2025    USD   46.466
SBB Treasury Oyj   0.750 12/14/2028    EUR   55.297
Citycon Oyj        4.496               EUR   64.056
Credit Suisse Gro  9.750               USD    0.250
Landesbank Baden-  4.000               EUR   68.377
Trinseo Materials  5.375  09/01/2025   USD   74.213
Castellum AB       3.125               EUR   66.753
Mitsubishi UFJ In  7.193 12/15/2050    EUR   44.858
Aggregate Holding  6.875  11/09/2025   EUR   18.162
Deutsche Bank AG   4.500               EUR   65.245
Allianz SE         3.875               USD   69.135
Altice France Hol  8.000  5/15/2027    EUR   67.223
Aroundtown SA      2.125               EUR   24.360
Barclays PLC       4.375               USD   63.750
Schoeller Packagi  6.375  11/01/2024   EUR   70.917
gategroup Finance  3.000  2/28/2027    CHF   64.754
BNP Paribas SA     4.500               USD   68.757
La Financiere Ata  5.125  5/15/2025    EUR   63.666
CECONOMY AG        1.750  6/24/2026    EUR   72.505
SBB Treasury Oyj   1.125 11/26/2029    EUR   53.051
HSBC Holdings PLC  4.600               USD   74.227
Standard Chartere  4.300               USD   70.510
UniCredit SpA      3.875               EUR   70.264
ams-OSRAM AG       2.125  11/03/2027   EUR   63.106
Kenbourne Invest   4.700  1/22/2028    USD   60.577
InterCement Finan  5.750  7/17/2024    USD   61.429
AnaCap Financial   8.250  08/01/2024   EUR   68.303
Credit Suisse Gro  7.500               USD    4.250
Aroundtown SA      1.625               EUR   25.982
Vodafone Group PL  5.125  06/04/2081   USD   74.486
MARB BondCo PLC    3.950  1/29/2031    USD   72.724
Garfunkelux Holdc  6.750  11/01/2025   EUR   71.572
Russian Railways   0.898  10/03/2025   CHF   49.609
Vivion Investment  3.500  11/01/2025   EUR   60.667
CPI Property Grou  4.875               EUR   36.082
ING Groep NV       3.875               USD   68.999
Tullow Oil PLC     7.000  03/01/2025   USD   57.695
Heimstaden AB      4.250  03/09/2026   EUR   65.179
Heimstaden Bostad  3.248               EUR   63.710
Societe Generale   5.375               USD   68.500
Agps Bondco PLC    6.000  08/05/2025   EUR   43.251
Russian Railways   2.100  10/02/2023   CHF   64.490
Agps Bondco PLC    5.000  1/14/2029    EUR   33.702
Standard Profil A  6.250  4/30/2026    EUR   57.318
Signa Development  5.500  7/23/2026    EUR   46.667
Deutsche Bank AG   6.750               EUR   74.957
Samhallsbyggnadsb  1.000  08/12/2027   EUR   61.018
Trinseo Materials  5.125  04/01/2029   USD   50.093
HSE Finance Sarl   5.625 10/15/2026    EUR   53.208
Deutsche Pfandbri  8.474               EUR   67.395
DIC Asset AG       2.250  9/22/2026    EUR   56.888
Standard Chartere  4.750               USD   68.000
UBS Group AG       4.375               USD   66.525
Agps Bondco PLC    4.625  1/14/2026    EUR   39.770
Grupo Antolin-Ira  3.500  4/30/2028    EUR   69.458
Rallye SA          4.000  2/28/2032    EUR    0.750
Grand City Proper  1.500               EUR   35.519
Deutsche Bank AG   4.625               EUR   64.028
Herens Midco Sarl  5.250  5/15/2029    EUR   62.341
Intrum AB          3.000  9/15/2027    EUR   70.879
MHP SE             7.750  05/10/2024   USD   58.157
Aroundtown SA      0.375  4/15/2027    EUR   69.794
Gazprom PJSC via   3.897               EUR   51.004
Aroundtown SA      5.375  3/21/2029    USD   73.125
Altice France Hol 10.500  5/15/2027    USD   68.840
Romanian Governme  4.625  04/03/2049   EUR   75.101
Credit Suisse Gro  6.250               USD    4.500
Ziton A/S         11.952  10/03/2024   EUR   58.441
Simpar Europe SA   5.200  1/26/2031    USD   71.636
Credit Suisse Gro  7.500               USD    7.000
EnfraGen Energia   5.375 12/30/2030    USD   63.409
Samhallsbyggnadsb  1.125  09/04/2026   EUR   63.815
Nobel Bidco BV     3.125  6/15/2028    EUR   76.908
NAK Naftogaz Ukra  7.625  11/08/2026   USD   21.676
EFG International  5.500               USD   69.769
ING Groep NV       4.250               USD   61.466
La Banque Postale  3.000               EUR   62.212
Intermediate Capi  2.500  1/28/2030    EUR   70.198
Teva Pharmaceutic  4.100  10/01/2046   USD   63.734
Icebear Steenwijk 12.349  09/07/2024   EUR   34.480
Samhallsbyggnadsb  2.624               EUR   24.856
CPI Property Grou  1.500  1/27/2031    EUR   52.926
ATF Netherlands B  7.078               EUR   44.250
CPI Property Grou  3.750               EUR   29.080
Market Bidco Finc  5.500  11/04/2027   GBP   75.115
Fastighets AB Bal  2.873  06/02/2081   EUR   66.202
Altice Finco SA    4.750  1/15/2028    EUR   70.576
CPI Property Grou  1.625  4/23/2027    EUR   71.599
VTR Finance NV     6.375  7/15/2028    USD   11.403
Kernel Holding SA  6.500 10/17/2024    USD   64.866
Gazprom PJSC via   1.500  2/17/2027    EUR   66.945
Ocado Group PLC    3.875  10/08/2026   GBP   74.089
CPI Property Grou  4.875               EUR   40.592
Credit Suisse Gro  4.500               USD    3.000
Heimstaden Bostad  2.625               EUR   50.198
Chrome Holdco SAS  5.000  5/31/2029    EUR   70.503
Heimstaden AB      6.750               EUR   46.196
UniCredit SpA      4.450               EUR   73.849
Logicor Financing  2.000  1/17/2034    EUR   63.531
HSBC Holdings PLC  4.700               USD   73.423
Aroundtown SA      1.450  07/09/2028   EUR   65.152
Vonovia SE         1.625  09/01/2051   EUR   47.181
Ukraine Governmen  6.750  6/20/2028    EUR   15.328
Coruripe Netherla 10.000  02/10/2027   USD   70.864
Russian Railways   0.840  03/12/2026   CHF   48.703
Nordea Bank Abp    3.750               USD   74.938
United Kingdom Gi  1.750  09/07/2037   GBP   75.330
Allianz SE         3.200               USD   72.296
Banco Santander S  4.125               EUR   72.894
Aroundtown SA      2.875               EUR   30.000
JSM Global Sarl    4.750 10/20/2030    USD   19.750
BNP Paribas SA     4.625               USD   68.838
Grand City Proper  2.500               EUR   40.428
NAK Naftogaz Ukra  7.125  7/19/2026    EUR   20.010
Citycon Oyj        3.625               EUR   50.790
Credit Suisse Gro  7.250               USD    5.750
Heimstaden Bostad  3.375               EUR   53.284
B2W Digital Lux S  4.375 12/20/2030    USD   18.625
Credit Suisse Gro  0.625  1/18/2033    EUR   67.841
Aragvi Finance In  8.450  4/29/2026    USD   67.904
Russian Railways   3.125               CHF   16.300
Unicaja Banco SA   4.875               EUR   67.111
Gazprom PJSC Via   4.250  04/06/2024   GBP   72.853
SCOR SE            5.250               USD   74.923
Italy Buoni Polie  1.500  4/30/2045    EUR   59.011
Castellum Helsink  0.875  9/17/2029    EUR   67.230
Romanian Governme  3.375  1/28/2050    EUR   60.352
Aroundtown SA      3.375               EUR   42.475
SPP-Distribucia A  1.000  06/09/2031   EUR   69.002
Korian SA          1.875               EUR   29.143
Aareal Bank AG     0.750  4/18/2028    EUR   74.901
Turkey Government  4.875  4/16/2043    USD   68.654
NatWest Group PLC  4.600               USD   69.366
Altice France SA/  5.500 10/15/2029    USD   74.472
Corestate Capital  3.500  7/31/2023    EUR   14.868
Liquid Telecommun  5.500  09/04/2026   USD   61.930
Banco Santander S  3.625               EUR   64.042
Canary Wharf Grou  3.375  4/23/2028    GBP   68.623
Maxeda DIY Holdin  5.875  10/01/2026   EUR   73.520
Solocal Group      9.957  3/15/2025    EUR   67.875
Agps Bondco PLC    5.000  4/27/2027    EUR   37.062
MHP Lux SA         6.950  04/03/2026   USD   51.106
Saxa Gres Spa      7.000  08/04/2027   EUR    7.016
Atrium Finance PL  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
Ukreximbank Via B  9.750  1/22/2025    USD   75.500
Mutuelle Assuranc  3.500               EUR   72.692
Boparan Finance P  7.625 11/30/2025    GBP   66.111
United Kingdom Gi  1.125  1/31/2039    GBP   65.709
Heimstaden AB      9.316               SEK   63.843
Dignity Finance P  4.696 12/31/2049    GBP   61.421
Raiffeisen Bank I  6.000               EUR   74.064
AI Candelaria Spa  5.750  6/15/2033    USD   70.858
Orpea SA           2.625  03/10/2025   EUR   28.312
Allianz SE         2.600               EUR   66.253
Scandinavian Airl  0.625               CHF    5.887
Agps Bondco PLC    5.500 11/13/2026    EUR   38.105
Metinvest BV       8.500  4/23/2026    USD   65.250
Ageas SA/NV        3.875               EUR   71.421
Kleopatra Holding  6.500  09/01/2026   EUR   56.375
Romanian Governme  2.875  4/13/2042    EUR   59.564
Julius Baer Group  3.625               USD   60.883
Heimstaden AB      4.375  03/06/2027   EUR   64.797
Romanian Governme  4.000  2/14/2051    USD   68.514
Nykredit Realkred  1.000  10/01/2050   DKK   72.995
Republic of Italy  4.000 10/17/2049    USD   75.018
Ukraine Governmen  7.750  09/01/2024   USD   21.192
VEON Holdings BV   3.375 11/25/2027    USD   70.187
Russian Railways   2.200  5/23/2027    EUR   54.612
Gazprom PJSC Via   2.500  3/21/2026    EUR   72.369
Ukraine Governmen  7.750  09/01/2025   USD   18.833
Accor SA           0.700  12/07/2027   EUR   45.664
Samhallsbyggnadsb  2.625               EUR   24.921
IOG Plc           12.146  9/20/2024    EUR   55.000
Romanian Governme  2.000  1/28/2032    EUR   72.302
Tinkoff Bank JSC   6.000               USD   44.499
French Republic G  1.750  5/25/2066    EUR   67.047
Republic of Austr  0.700  4/20/2071    EUR   44.351
Audax Renovables   4.200 12/18/2027    EUR   65.673
VGP NV             2.250  1/17/2030    EUR   69.264
Altice France SA/  5.125  7/15/2029    USD   73.299
Aroundtown SA      4.750               GBP   32.269
United Kingdom Gi  1.500  7/31/2053    GBP   54.347
Credit Suisse Gro  6.375               USD    2.499
Credit Suisse Gro  5.100               USD   26.919
United Kingdom Gi  1.625 10/22/2071    GBP   50.465
Romanian Governme  2.124  7/16/2031    EUR   74.779
Voltalia SA        1.000  1/13/2025    EUR   28.205
Hellenic Republic  1.875  1/24/2052    EUR   60.489
Atos SE            1.000  11/12/2029   EUR   65.337
Endo Luxembourg F  6.125  04/01/2029   USD   71.000
Gol Finance SA     8.000  6/30/2026    USD   49.045
United Kingdom Gi  0.875  1/31/2046    GBP   51.534
Rallye SA          4.371  2/28/2032    EUR    1.036
Ubisoft Entertain  0.878 11/24/2027    EUR   70.909
Electricite de Fr  3.375               EUR   73.565
Russian Railways   1.195  04/03/2028   CHF   45.887
Dtek Renewables F  8.500  11/12/2024   EUR   39.906
Raiffeisen Bank I  4.500               EUR   56.872
ING Groep NV       4.875               USD   74.485
Novolipetsk Steel  1.450  06/02/2026   EUR   67.784
NAK Naftogaz Ukra  7.375  7/19/2022    USD   34.173
Berkeley Group PL  2.500  08/11/2031   GBP   68.345
Altice France Hol  6.000  2/15/2028    USD   57.883
Hungary Governmen  1.750  06/05/2035   EUR   69.881
Bigben Interactiv  1.125  2/19/2026    EUR   69.441
Credit Suisse Gro  7.500               USD    5.250
Swedbank AB        4.000               USD   73.099
Gazprom PJSC Via   4.950  3/23/2027    USD   74.360
Hungary Governmen  0.500 11/18/2030    EUR   72.918
Ukraine Railways   8.250  07/09/2026   USD   20.150
Credit Suisse Gro  0.650  09/10/2029   EUR   76.613
Carnival PLC       1.000 10/28/2029    EUR   51.313
Laboratoire Eimer  5.000  02/01/2029   EUR   70.179
Grand City Proper  0.125  01/11/2028   EUR   72.277
Romanian Governme  2.750  4/14/2041    EUR   59.519
Gazprom PJSC via   1.540  6/30/2027    CHF   62.501
University of Oxf  2.544  12/08/2117   GBP   51.608
Republic of Belar  6.200  2/28/2030    USD   42.055
Credit Suisse Gro  9.750               USD    1.392
Ukraine Governmen  9.750  11/01/2030   USD   17.523
Erste Group Bank   4.250               EUR   72.954
Iceland Bondco PL  4.375  5/15/2028    GBP   73.306
Altice France SA/  4.250 10/15/2029    EUR   72.388
Diebold Nixdorf D  9.000  7/15/2025    EUR   41.531
Gazprom PJSC via   4.599               USD   57.500
Landesbank Hessen  4.375  3/30/2042    USD   62.677
Citycon Treasury   1.625  03/12/2028   EUR   71.985
Borets Finance DA  6.000  9/17/2026    USD   48.601
Ukraine Governmen  7.750  09/01/2026   USD   16.722
Metinvest BV       7.750 10/17/2029    USD   57.500
Turkey Government  6.000  1/14/2041    USD   77.582
Logicor Financing  1.625  1/17/2030    EUR   72.575
Development Bank   6.750  05/02/2024   USD   40.875
Ilija Batljan Inv  6.587 12/15/2024    SEK   29.795
Aroundtown SA      1.625  1/31/2028    EUR   68.786
Korian SA          2.250 10/15/2028    EUR   67.157
Abengoa Abenewco   1.500 10/26/2024    EUR    0.082
Commerzbank AG     4.250               EUR   71.101
Rothesay Life PLC  5.000               GBP   65.911
Wirecard AG        0.500  09/11/2024   EUR   14.340
Nostrum Oil & Gas  5.000  6/30/2026    USD   70.000
Metalloinvest Fin  3.375 10/22/2028    USD   55.226
Serbia Internatio  1.650  03/03/2033   EUR   65.486
VF Ukraine PAT vi  6.200  02/11/2025   USD   60.540
Intesa Sanpaolo S  1.350  2/24/2031    EUR   75.467
Gazprom PJSC via   2.950  4/15/2025    EUR   74.821
Aegon NV           0.496               NLG   64.595
Logicor Financing  0.875  1/14/2031    EUR   64.829
Deutsche Bank AG   1.375  2/17/2032    EUR   73.932
Stellantis NV      1.250  6/20/2033    EUR   74.281
AerCap Ireland Ca  3.850 10/29/2041    USD   74.039
Hungary Governmen  3.000 10/27/2038    HUF   59.404
Phosagro OAO Via   2.600  9/16/2028    USD   64.168
Delivery Hero SE   1.000  1/23/2027    EUR   75.576
Gazprom PJSC via   3.000  6/29/2027    USD   70.773
Russian Railways   4.375  03/01/2024   USD   53.073
Heimstaden Bostad  0.750  09/06/2029   EUR   64.155
Credit Suisse Gro  3.000               CHF    2.906
Banco de Sabadell  5.000               EUR   70.487
GOL Equity Financ  3.750  7/15/2024    USD   60.250
Garfunkelux Holdc  7.750  11/01/2025   GBP   70.646
Romanian Governme  2.625  12/02/2040   EUR   59.289
Metinvest BV       5.625  6/17/2025    EUR   66.003
Spain Government   1.000  7/30/2042    EUR   61.932
Gazprom PJSC Via   4.364  3/21/2025    EUR   74.306
CaixaBank SA       3.625               EUR   64.308
VIC Properties SA  3.000  5/28/2025    EUR   48.000
Deutsche Bank AG/  3.729  1/14/2032    USD   73.912
esure Group PLC    6.000               GBP   68.370
BP Capital Market  1.467  9/21/2041    EUR   63.330
Czech Republic Go  1.500  4/24/2040    CZK   64.520
Arrival SA         3.500  12/01/2026   USD   23.250
Sberbank of Russi  5.125 10/29/2022    USD   32.553
BAWAG Group AG     5.125               EUR   70.053
Balder Finland Oy  1.000  1/20/2029    EUR   65.476
Bellis Finco PLC   4.000  2/16/2027    GBP   68.909
NGD Holdings BV    6.750 12/31/2026    USD   63.824
Gazprom PJSC via   3.250  2/25/2030    USD   68.388
Union Fenosa Pref  4.640               EUR   70.667
BAT International  2.250  09/09/2052   GBP   39.154
UniCredit SpA      0.850  1/19/2031    EUR   75.185
Russian Foreign B  5.625  04/04/2042   USD   63.985
Delivery Hero SE   2.125  03/10/2029   EUR   62.720
DDM Debt AB        9.000  4/19/2026    EUR   60.820
CPI Property Grou  2.750  1/22/2028    GBP   68.416
Kernel Holding SA  6.750 10/27/2027    USD   57.525
Credit Suisse Gro  7.500               USD   25.000
Belfius Bank SA    3.625               EUR   69.748
Romania Governmen  4.250  4/28/2036    RON   75.565
Mobile Telesystem  5.000  5/30/2023    USD   27.342
ERWE Immobilien A  7.500  12/10/2023   EUR   53.106
NatWest Group PLC  4.500               GBP   74.021
Fastighets AB Bal  1.250  1/28/2028    EUR   70.829
Spain Government   0.850  7/30/2037    EUR   68.927
Hungary Governmen  2.250  4/20/2033    HUF   64.165
Samhallsbyggnadsb  7.069               SEK   40.000
Fuerstenberg Capi  5.625               EUR   52.917
Sweden Government  1.375  6/23/2071    SEK   63.225
Stichting Afwikke 11.250               EUR   82.975
Intesa Sanpaolo S  4.125               EUR   67.897
Ukraine Governmen 15.840  2/26/2025    UAH   71.551
Electricite de Fr  4.500  12/04/2069   USD   70.649
Shell Internation  3.000 11/26/2051    USD   69.853
Credit Suisse Gro  5.250               USD    5.750
Zenith Finco PLC   6.500  6/30/2027    GBP   73.850
TotalEnergies SE   2.125               EUR   72.024
Stichting Afwikke  6.250 10/26/2020    EUR   43.625
Raiffeisenbank AS  1.000  06/09/2028   EUR   74.905
CNP Assurances     1.875  10/12/2053   EUR   70.332
Atos SE            2.500  11/07/2028   EUR   73.929
Cardea Europe AG   7.250  12/08/2023   EUR   33.250
Ukraine Governmen  4.375  1/27/2032    EUR   15.761
Ukraine Governmen  7.750  09/01/2028   USD   16.928
Credit Suisse Gro  6.250               USD    7.000
CPI Property Grou  5.800               SGD   43.950
DNB Bank ASA       5.203               USD   72.851
Metro Bank PLC     5.500  6/26/2028    GBP   59.553
Credit Suisse Gro  5.625               SGD    2.906
VGP NV             1.500  04/08/2029   EUR   67.842
Russian Foreign B  7.500  3/31/2030    USD   65.197
Heimstaden Bostad  1.000  4/13/2028    EUR   73.263
Direct Line Insur  4.750               GBP   70.338
Corestate Capital  1.375  7/31/2023    EUR   13.028
MorphoSys AG       0.625 10/16/2025    EUR   62.868
Mime Petroleum AS 13.500  3/21/2083    USD   19.756
Sagax Euro Mtn NL  1.000  5/17/2029    EUR   69.805
Banco Comercial P  4.000  5/17/2032    EUR   72.800
Societe Du Grand   1.000  2/18/2070    EUR   40.191
JT International   3.300  9/14/2051    USD   63.306
Republic of Italy  3.875  05/06/2051   USD   70.844
CPI Property Grou  1.750  1/14/2030    EUR   58.633
Glencore Capital   1.250  03/01/2033   EUR   71.835
Republic of Austr  1.500  11/02/2086   EUR   58.766
Cooperatieve Rabo  3.100               EUR   74.883
Sagax Euro Mtn NL  0.750  1/26/2028    EUR   74.228
Ukraine Governmen  6.876  5/21/2031    USD   15.847
Nexity SA          0.250  03/02/2025   EUR   59.310
Fnac Darty SA      0.250  3/23/2027    EUR   68.221
United Kingdom Gi  1.750  1/22/2049    GBP   61.687
Slovenia Governme  0.488 10/20/2050    EUR   48.571
ALROSA Finance SA  4.650  04/09/2024   USD   10.241
Evraz PLC          5.250  04/02/2024   USD   52.210
R-Logitech Financ 10.250  9/26/2027    EUR   23.986
Chesnara PLC       4.750  08/04/2032   GBP   72.847
NPC Ukrenergo      6.875  11/09/2028   USD   15.383
Engie SA           1.000 10/26/2036    EUR   68.697
Haya Holdco 2 PLC 11.698 11/30/2025    EUR   38.857
Vonovia SE         1.000  6/16/2033    EUR   66.986
La Financiere Ata  6.625  5/15/2025    GBP   62.367
Mithra Pharmaceut  4.250 12/17/2025    EUR   59.205
Nykredit Realkred  1.000  10/01/2053   DKK   72.145
Jyske Bank A/S     3.625               EUR   71.303
Vonovia SE         0.750  09/01/2032   EUR   68.563
Orpea SA           0.375  5/17/2027    EUR   38.930
Foodco Bondco SA   6.250  5/15/2026    EUR   39.494
Koninklijke KPN N  0.875 11/15/2033    EUR   75.134
Ukraine Railways   7.875  7/15/2028    USD   19.611
Italy Buoni Polie  1.450  03/01/2036   EUR   71.813
Heimstaden Bostad  3.000               EUR   53.355
United Kingdom Gi  1.750  7/22/2057    GBP   57.062
Phosagro OAO Via   3.050  1/23/2025    USD   73.545
Acef Holding SCA   1.250  4/26/2030    EUR   72.545
Aroundtown SA      3.000 10/16/2029    GBP   62.778
UNEDIC ASSEO       0.500  5/25/2036    EUR   70.179
Kingdom of Belgiu  0.400  6/22/2040    EUR   62.201
Stichting Afwikke  5.467               EUR   30.000
Gazprom PJSC via   3.500  7/14/2031    USD   62.759
WM Morrison Super  4.750  07/04/2029   GBP   62.517
Financiere Immobi  6.000  1/30/2025    EUR   10.094
Russian Railways   7.487  3/25/2031    GBP   56.985
UNIQA Insurance G  2.375  12/09/2041   EUR   73.899
MMC Norilsk Nicke  2.550  09/11/2025   USD   73.000
Sberbank of Russi  5.250  5/23/2023    USD   32.749
DNB Bank ASA       5.360               USD   72.949
SCF Capital Desig  5.375  6/16/2023    USD   73.258
BPCE SA            2.125 10/13/2046    EUR   70.205
Credit Suisse Gro  6.375               USD   24.000
Home Credit & Fin  8.800               USD    5.344
Heimstaden Bostad  1.625 10/13/2031    EUR   61.326
Credit Suisse Gro  3.875               CHF    2.737
Electricite de Fr  1.875 10/13/2036    EUR   71.779
Ilija Batljan Inv 10.087               SEK    9.324
Deutsche Bank AG/  3.742  01/07/2033   USD   72.024
United Kingdom Gi  1.625 10/22/2054    GBP   55.813
Novolipetsk Steel  4.700  5/30/2026    USD   71.000
Odea Bank AS       8.606  08/01/2027   USD   73.376
Credit Suisse Gro  5.250               USD   26.500
Rothschild & Co C  3.170               EUR   68.477
Triodos Bank NV    2.250  02/05/2032   EUR   72.959
Serbia Internatio  2.050  9/23/2036    EUR   60.143
Merlin Properties  1.875  12/04/2034   EUR   68.566
Atento Luxco 1 SA  8.000  02/10/2026   USD   17.072
PB International   7.625 12/31/2025    USD   40.269
Ideal Standard In  6.375  7/30/2026    EUR   54.438
Vnesheconombank V  6.800 11/22/2025    USD    5.525
Slovenia Governme  0.688  03/03/2081   EUR   46.702
Ukreximbank Via B  9.950 11/14/2029    USD   53.000
Gecina SA          0.875  6/30/2036    EUR   66.993
TotalEnergies SE   3.250               EUR   73.661
MMC Norilsk Nicke  2.800 10/27/2026    USD   73.000
AstraZeneca PLC    3.000  5/28/2051    USD   74.394
Vodafone Group PL  3.000  08/12/2056   GBP   58.124
Metinvest BV       7.650  10/01/2027   USD   60.641
Quant AB           9.323 11/15/2025    EUR   64.640
Orpea SA           2.000  04/01/2028   EUR   28.000
Altice France SA/  4.000  7/15/2029    EUR   71.829
Intesa Sanpaolo S  4.950  06/01/2042   USD   65.160
EQT AB             0.875  5/14/2031    EUR   69.957
Eurochem Finance   5.500  3/13/2024    USD   58.726
Delivery Hero SE   1.500  1/15/2028    EUR   67.326
SAS AB             8.295               SEK    5.000
Aareal Bank AG     0.250 11/23/2027    EUR   74.747
Gazprom PJSC via   1.850 11/17/2028    EUR   60.018
Bulgaria Governme  1.375  9/23/2050    EUR   52.759
Ocado Group PLC    0.750  1/18/2027    GBP   66.741
Altice France SA/  4.125  1/15/2029    EUR   73.450
Romanian Governme  3.375  02/08/2038   EUR   70.639
Nexity SA          0.875  4/19/2028    EUR   42.191
Hacienda Investme  5.350  02/08/2028   USD   52.225
Nykredit Realkred  1.500  10/01/2053   DKK   71.978
Latvia Government  1.375  5/16/2036    EUR   73.812
Russian Foreign B  5.100  3/28/2035    USD   41.311
Credit Suisse Gro  7.250               USD   26.500
Grand City Proper  6.332               EUR   58.016
CTP NV             1.500  9/27/2031    EUR   65.408
Prosus NV          2.778  1/19/2034    EUR   73.014
Enel SpA           1.875               EUR   72.295
Slovakia Governme  1.000 10/13/2051    EUR   50.648
Blackstone Proper  1.625  4/20/2030    EUR   70.274
Neoen SA           2.000  06/02/2025   EUR   44.861
Euroboden GmbH     5.500  10/01/2024   EUR   50.490
Prosus NV          2.031  08/03/2032   EUR   70.416
Kingdom of Belgiu  2.150  6/22/2066    EUR   73.478
Prosus NV          3.832  02/08/2051   USD   59.808
Eurovita Assicura  6.000 12/22/2025    EUR   50.603
Orsted AS          1.500  2/18/3021    EUR   73.299
Aedifica SA        0.750  09/09/2031   EUR   69.048
MRG Finance UK PL  8.750 10/26/2023    EUR   70.233
Greene King Finan  6.154 12/15/2034    GBP   74.567
VTB Bank OJSC Via  6.950 10/17/2022    USD    7.282
Royalty Pharma PL  3.550  09/02/2050   USD   66.966
EWE AG             0.375 10/22/2032    EUR   71.981
Simon Internation  1.125  3/19/2033    EUR   69.178
Kenbourne Invest   6.875 11/26/2024    USD   71.086
Heimstaden Bostad  1.375  7/24/2028    EUR   72.148
Ukraine Governmen  8.994  02/01/2026   USD   16.972
DNB Bank ASA       5.385               USD   73.093
Vonovia Finance B  2.750  3/22/2038    EUR   69.444
Air Berlin PLC     8.250  4/19/2018    EUR    0.419
Rallye SA          4.000  2/28/2032    CHF    4.058
Realkredit Danmar  1.000  10/01/2050   DKK   72.997
Suek Securities D  3.375  9/15/2026    USD   65.645
Ukraine Governmen  7.750  09/01/2029   USD   16.959
Nats En Route PLC  1.750  9/30/2033    GBP   73.302
Vonovia SE         0.625  3/24/2031    EUR   72.107
Utmost Group PLC   4.000 12/15/2031    GBP   73.617
BMW Finance NV     0.200  01/11/2033   EUR   74.910
BAT International  4.000 11/23/2055    GBP   55.050
Raiffeisen Bank I  1.375  6/17/2033    EUR   72.918
E.ON SE            0.875 10/18/2034    EUR   74.013
Muenchener Rueckv  1.000  5/26/2042    EUR   71.295
Enel Finance Inte  0.875  9/28/2034    EUR   70.586
Pension Insurance  3.625 10/21/2032    GBP   75.392
Gazprom PJSC Via   4.950  02/06/2028   USD   72.500
Mallinckrodt Inte 10.000  4/15/2025    USD   57.870
Barclays PLC       3.330 11/24/2042    USD   69.658
VTB Bank PJSC Via  9.500               USD   16.796
Smurfit Kappa Tre  1.000  9/22/2033    EUR   74.487
Vonovia Finance B  1.125  9/14/2034    EUR   63.640
Republic of Austr  0.250 10/20/2036    EUR   69.133
Caisse des Depots  0.398 12/15/2050    EUR   43.417
Thermo Fisher Sci  1.625 10/18/2041    EUR   67.475
Rallye SA          3.250  2/28/2032    CHF    1.086
Bank Gospodarstwa  0.500  07/08/2031   EUR   72.344
Flamingo Lux II S  5.000  3/31/2029    EUR   73.020
Perrigo Finance U  4.900 12/15/2044    USD   73.361
Fresenius SE & Co  1.125  1/28/2033    EUR   73.342
Akelius Residenti  0.750  2/22/2030    EUR   72.391
Ozon Holdings PLC  1.875  2/24/2026    USD   56.377
Ukraine Governmen  9.990  5/22/2024    UAH   70.101
STERIS Irish FinC  3.750  3/15/2051    USD   73.620
Intesa Sanpaolo V  2.375 12/22/2030    EUR   74.927
Mallinckrodt Inte 10.000  6/15/2029    USD   45.980
Credit Suisse Gro  4.500               USD   22.500
Euroboden GmbH     5.500 11/18/2025    EUR   51.845
Verbund AG         0.900  04/01/2041   EUR   68.190
BNP Paribas SA     1.250  7/13/2031    GBP   71.741
Rothesay Life PLC  4.875               USD   74.227
Evraz PLC          5.375  3/20/2023    USD   52.109
Prosus NV          4.987  1/19/2052    USD   70.358
AstraZeneca PLC    2.125  08/06/2050   USD   62.122
Czech Republic Go  0.050 11/29/2029    CZK   74.824
MHP Lux SA         6.250  9/19/2029    USD   48.922
PIK Securities DA  5.625 11/19/2026    USD   44.341
Selina Hospitalit  6.000  11/01/2026   USD   29.669
Hertha BSC GmbH &  6.500  11/08/2023   EUR   79.954
Digital Intrepid   0.625  7/15/2031    EUR   70.022
Altice France SA/  5.125  1/15/2029    USD   74.045
Kenbourne Invest   4.700  1/22/2028    USD   60.572
CTP NV             1.250  6/21/2029    EUR   70.652
Sirius Real Estat  1.750 11/24/2028    EUR   70.061
State Agency of R  6.250  6/24/2030    USD   15.732
Wellcome Trust Lt  2.517  02/07/2118   GBP   52.152
State of North Rh  2.150  3/21/2119    EUR   67.757
Barclays PLC       1.106  05/12/2032   EUR   74.789
Finland Governmen  1.375  4/15/2047    EUR   72.463
Republic of Belar  6.875  2/28/2023    USD   38.158
Barclays PLC       3.811  03/10/2042   USD   71.380
Thomas Cook Group  6.250  6/15/2022    EUR    0.261
Lloyds Banking Gr  4.344  01/09/2048   USD   74.991
Rallye SA          5.250  2/28/2032    EUR    1.106
Banque Federative  1.125 11/19/2031    EUR   73.816
Places For People  2.500  1/26/2036    GBP   71.962
Gecina SA          0.875  1/25/2033    EUR   75.136
NIBC Bank NV       2.850  2/21/2040    EUR   62.010
Offentliga Hus I  10.266               SEK   60.000
Bank Gospodarstwa  2.375 11/27/2040    PLN   59.950
CBRE Global Inves  0.900  10/12/2029   EUR   71.910
Tinkoff Bank JSC  11.002               USD   34.518
GlaxoSmithKline C  1.625  05/12/2035   GBP   71.354
TotalEnergies Cap  3.127  5/29/2050    USD   72.019
Lar Espana Real E  1.843  11/03/2028   EUR   71.041
Lukoil Securities  3.875  05/06/2030   USD   71.750
Air Berlin PLC     6.750  05/09/2019   EUR    0.749
Syngenta Finance   4.375  3/28/2042    USD   75.278
La Poste SA        0.625  1/18/2036    EUR   67.937
NET4GAS sro        3.500  7/28/2026    EUR   67.928
BP Capital Market  0.933  12/04/2040   EUR   59.071
Schlote Holding G  6.750 11/21/2024    EUR   49.241
RWE AG             1.000 11/26/2033    EUR   73.386
Kojamo Oyj         0.875  5/28/2029    EUR   71.361
Mutuelle Assuranc  2.125  6/21/2052    EUR   69.640
Landesbank Baden-  0.375  2/21/2031    EUR   73.534
EYEMAXX Real Esta  5.500  4/26/2023    EUR    2.017
Russian Foreign B  4.250  6/23/2027    USD   42.011
Medtronic Global   1.375 10/15/2040    EUR   65.849
Orsted AS          2.500  2/18/3021    GBP   68.870
Telenor ASA        0.875  2/14/2035    EUR   73.011
Electricite de Fr  2.000  12/09/2049   EUR   57.262
Deutsche Bahn Fin  1.125  5/29/2051    EUR   56.683
Lukoil Capital DA  3.600 10/26/2031    USD   68.750
Ireland Governmen  0.550  4/22/2041    EUR   64.286
Just Eat Takeaway  0.625  02/09/2028   EUR   64.755
Sweden Government  0.500 11/24/2045    SEK   66.085
Wendel SE          1.375  1/18/2034    EUR   72.927
LEG Immobilien SE  0.750  6/30/2031    EUR   73.515
Blend Funding PLC  2.922  04/05/2054   GBP   63.725
Enel Finance Inte  1.250  1/17/2035    EUR   73.059
Electricite de Fr  1.000 11/29/2033    EUR   71.168
Chelyabinsk Pipe   4.500  9/19/2024    USD   44.827
JAB Holdings BV    4.500  04/08/2052   USD   74.061
Severstal OAO Via  3.150  9/16/2024    USD    4.564
Deutsche Bahn Fin  0.625  4/15/2036    EUR   70.064
Alfa Bank AO Via   5.950  4/15/2030    USD    2.116
Altice France SA/  5.125  7/15/2029    USD   73.133
Aroundtown SA      3.625  04/10/2031   GBP   60.068
Moby SpA           7.750  2/15/2023    EUR   59.684
Prosus NV          4.027  08/03/2050   USD   60.924
AXA SA             1.875  07/10/2042   EUR   75.048
Russian Foreign B  2.875  12/04/2025   EUR   38.554
NE Property BV     2.000  1/20/2030    EUR   71.854
Diebold Nixdorf D  9.000  7/15/2025    EUR   41.653
UBS Group AG       0.625  2/24/2033    EUR   69.528
Audax Renovables   2.750 11/30/2025    EUR   75.095
Balder Finland Oy  1.375  5/24/2030    EUR   61.772
Interpipe Holding  8.375  5/13/2026    USD   48.757
Marston's Issuer   7.035  7/16/2035    GBP   74.566
EnBW Energie Bade  2.125  8/31/2081    EUR   70.288
Imerys SA          1.000  7/15/2031    EUR   75.132
BAE Systems PLC    3.000  9/15/2050    USD   68.179
Sanctuary Capital  2.375  4/14/2050    GBP   58.782
Ekosem-Agrar AG    2.500  7/31/2029    EUR   19.355
FIGEAC-AERO        1.750 10/18/2028    EUR   23.817
ABH Financial Ltd  2.700  06/11/2023   EUR   15.618
Kreditanstalt fue  0.875  07/04/2039   EUR   71.510
Thermo Fisher Sci  2.000 10/18/2051    EUR   62.364
Slovakia Governme  0.375  4/21/2036    EUR   63.666
GOL Equity Financ  3.750  7/15/2024    USD   56.500
Balder Finland Oy  2.000  1/18/2031    EUR   62.714
National Gas Tran  1.125  1/14/2033    GBP   66.947
Polyus Finance PL  3.250 10/14/2028    USD   62.919
Deutsche Telekom   1.750  12/09/2049   EUR   66.441
Vodafone Group PL  3.375  08/08/2049   GBP   66.819
GTLK Europe Capit  5.950  4/17/2025    USD   28.891
Tullow Oil PLC     7.000  03/01/2025   USD   58.201
State of North Rh  1.450  1/19/2122    EUR   48.510
CK Hutchison Grou  2.625 10/17/2034    GBP   70.856
PREOS Global Offi  7.500  12/09/2024   EUR   21.500
Polyus Finance PL  4.700  1/29/2024    USD   70.043
Debenhams PLC      5.250  7/15/2021    GBP    0.529
Orange SA          0.625 12/16/2033    EUR   74.724
Cofinimmo SA       0.875  12/02/2030   EUR   72.138
A2A SpA            0.625  7/15/2031    EUR   75.230
Shell Internation  3.250  04/06/2050   USD   74.193
Motability Operat  2.375  07/03/2039   GBP   70.148
Credit Suisse Gro  3.500               CHF    2.782
Deutsche Bahn Fin  0.625  12/08/2050   EUR   49.261
UBS Group AG       4.375               USD   69.125
JAB Holdings BV    2.250 12/19/2039    EUR   70.332
Alfa Bank AO Via   6.950               USD    6.516
Vienna Insurance   1.000  3/26/2036    EUR   70.023
Royalty Pharma PL  3.300  09/02/2040   USD   71.521
Slovenia Governme  1.175  2/13/2062    EUR   56.828
Utmost Group PLC   6.125               GBP   74.461
Anchor Hanover Gr  2.000  7/21/2051    GBP   54.000
Hacienda Investme  5.075  2/15/2023    USD   39.235
State of North Rh  1.375  1/15/2120    EUR   47.142
Home Group Ltd     3.125  3/27/2043    GBP   70.947
Becton Dickinson   1.336  8/13/2041    EUR   61.762
Banco Santander S  3.039               EUR   74.449
Digital Intrepid   1.375  7/18/2032    EUR   71.275
Segro Capital Sar  0.500  9/22/2031    EUR   70.397
UBS Group AG       0.875  11/03/2031   EUR   72.976
Omnicom Capital H  2.250 11/22/2033    GBP   75.489
Credit Bank of Mo  8.875               USD   13.031
Kommunekredit      0.125  9/26/2040    EUR   58.952
HOCHDORF Holding   2.500               CHF   30.962
Samhallsbyggnadsb  7.000  7/24/2023    SEK   31.582
Nostrum Oil & Gas  8.000  7/25/2022    USD   25.984
Greene King Finan  6.434  3/15/2036    GBP   74.255
Prosus NV          1.985  7/13/2033    EUR   68.096
Nordea Kredit Rea  1.000  10/01/2050   DKK   73.191
JAB Holdings BV    3.750  5/28/2051    USD   65.141
Solocal Group      9.957  3/15/2025    EUR   60.547
ALROSA Finance SA  3.100  6/25/2027    USD    6.688
Societe Generale   3.625  03/01/2041   USD   63.225
Virgolino de Oliv 10.500  1/28/2018    USD    0.516
Enexis Holding NV  0.375  4/14/2033    EUR   74.415
Russian Foreign B  4.375  3/21/2029    USD   41.760
Amprion GmbH       0.625  9/23/2033    EUR   73.293
OGX Austria GmbH   8.375  04/01/2022   USD    0.070
Vonovia Finance B  1.000  1/28/2041    EUR   50.800
Republic of Croat  1.000 11/27/2034    EUR   73.110
Credit Bank of Mo  3.100  1/21/2026    EUR   24.944
UNEDIC ASSEO       0.100  5/25/2034    EUR   71.874
Derwent London PL  1.875 11/17/2031    GBP   72.380
Travelex Financin  8.000  5/15/2022    EUR    0.450
Hellenic Republic  2.085  7/25/2057    EUR   33.402
Nykredit Realkred  1.000  10/01/2053   DKK   67.345
alstria office RE  1.500 11/15/2027    EUR   73.762
Societe Generale   4.027  1/21/2043    USD   65.670
Credit Mutuel Ark  0.875  03/11/2033   EUR   73.515
Agri Resources Gr  8.000  3/17/2026    EUR   16.950
Vonovia SE         1.500  6/14/2041    EUR   55.362
Shell Internation  1.750  09/10/2052   GBP   47.195
Ireland Governmen  0.400  5/15/2035    EUR   74.757
BP Capital Market  1.104 11/15/2034    EUR   73.164
Kommunekredit      0.875  11/03/2036   EUR   74.736
Finland Governmen  0.125  4/15/2036    EUR   68.686
Karlou BV          7.750  6/18/2024    USD   11.569
Societe Nationale  1.000  1/19/2061    EUR   41.167
Vnesheconombank V  5.942 11/21/2023    USD    7.576
Storebrand Livsfo  1.875  9/30/2051    EUR   72.201
Cooperatieve Rabo  1.000  1/19/2034    EUR   74.317
Novo Banco SA/Lux  3.500  1/23/2043    EUR   70.749
Blackstone Proper  1.750  03/12/2029   EUR   74.571
Cooperatieve Rabo  0.625  2/25/2033    EUR   73.198
Eurotorg LLC Via   9.000 10/22/2025    USD   70.426
ABN AMRO Bank NV   1.000  06/02/2033   EUR   75.903
Novo Banco SA/Lux  3.500  2/19/2043    EUR   71.140
VTB Bank OJSC Via  4.073 10/24/2024    CHF   16.000
Iren SpA           0.250  1/17/2031    EUR   75.161
Vedanta Resources  8.950  03/11/2025   USD   71.070
VTR Finance NV     6.375  7/15/2028    USD   11.572
Abengoa Abenewco   1.500 10/26/2024    USD    0.973
Jyske Realkredit   1.000  10/01/2050   DKK   73.147
Shell Internation  2.875 11/26/2041    USD   75.207
Proximus SADP      0.750 11/17/2036    EUR   67.319
BNP Paribas SA     0.625  12/03/2032   EUR   72.656
CM.com NV          2.000  09/09/2026   EUR   63.096
Oscar Properties  10.640  07/05/2024   SEK   58.282
BUPA Finance PLC   4.000               GBP   63.415
Prs Finance PLC    1.500  8/24/2034    GBP   73.631
Holcim Finance Lu  0.625  1/19/2033    EUR   72.087
MMK International  4.375  6/13/2024    USD   26.205
RL Finance Bonds   4.875  10/07/2049   GBP   75.032
Engie SA           1.875               EUR   74.431
Russian Foreign B  2.650  5/27/2036    EUR   37.986
ABN AMRO Bank NV   1.250  1/20/2034    EUR   74.607
TotalEnergies Cap  3.386  6/29/2060    USD   73.425
Slovakia Governme  2.000 10/17/2047    EUR   70.433
Abengoa Abenewco   1.500  4/26/2024    EUR    0.498
Ageas SA/NV        1.875 11/24/2051    EUR   72.536
EnBW Internationa  0.500  03/01/2033   EUR   72.956
Russian Foreign B  5.875  9/16/2043    USD   61.760
Market Parent Fin  6.750  10/01/2029   GBP   60.537
Berlin Hyp AG      0.375  4/21/2031    EUR   73.380
Wuestenrot & Wuer  2.125  09/10/2041   EUR   70.502
Russian Foreign B  4.750  5/27/2026    USD   43.279
Annington Funding  3.935  07/12/2047   GBP   68.977
European Financia  0.050  1/18/2052    EUR   39.746
Maisons du Monde   0.125  12/06/2023   EUR   47.025
Bank Gospodarstwa  2.250  7/21/2033    PLN   70.700
Credit Suisse Gro  5.100               USD   23.375
Koninklijke Lucht  0.750               CHF   23.100
Ukraine Governmen 19.600  04/02/2025   UAH   73.321
BAT International  2.000  3/13/2045    EUR   56.651
Medtronic Global   1.625 10/15/2050    EUR   58.039
Thomas Cook Finan  3.875  7/15/2023    EUR    0.500
Societe Nationale  0.875  2/28/2051    EUR   47.946
Credit Bank of Mo  5.150  2/20/2024    EUR   30.645
Saderea DAC       12.500 11/30/2026    USD   40.500
Lendlease Europe   3.500  12/02/2033   GBP   64.980
Lloyds Banking Gr  3.369 12/14/2046    USD   66.537
Beyond Housing Lt  2.125  5/17/2051    GBP   56.220
Vesteda Finance B  0.750 10/18/2031    EUR   74.295
Engie SA           1.250 10/24/2041    EUR   61.651
Hellenic Bank PCL 10.000               EUR   80.220
GTLK Europe Capit  4.349  2/27/2029    USD   20.877
Uralkali OJSC Via  4.000 10/22/2024    USD   17.561
ICADE              0.625  1/18/2031    EUR   74.256
Czech Republic Go  1.950  7/30/2037    CZK   74.439
Offshore Drilling  8.375  9/20/2020    USD    2.450
Imperial Brands F  1.750  3/18/2033    EUR   72.474
BICO Group AB      2.875  3/19/2026    SEK   71.096
BNP Paribas SA     4.625               USD   69.750
Hungary Governmen  2.250  6/22/2034    HUF   61.136
Digital Dutch Fin  1.000  1/15/2032    EUR   71.266
GTLK Europe DAC    5.125  5/31/2024    USD   36.394
Credit Agricole S  2.811  01/11/2041   USD   66.384
GTLK Europe Capit  4.800  2/26/2028    USD   21.344
Nordea Kredit Rea  1.000  10/01/2050   DKK   68.786
Snam SpA           1.250  6/20/2034    EUR   74.750
K2A Knaust & Ande  9.447               SEK   70.000
Investor AB        0.375 10/29/2035    EUR   67.522
Aroundtown SA      2.912  9/20/2030    EUR   63.054
Abengoa Abenewco   1.500 10/26/2024    USD    1.075
Groupe des Assura  1.850  4/21/2042    EUR   73.173
BNP Paribas SA     2.824  1/26/2041    USD   66.379
Enel Finance Inte  0.875  6/17/2036    EUR   65.894
Vonovia Finance B  1.625  10/07/2039   EUR   57.833
Siemens Financier  0.500  09/05/2034   EUR   75.271
Societe Nationale  1.000  5/25/2040    EUR   65.321
Russian Agricultu  8.500 10/16/2023    USD   26.532
Traton Finance Lu  1.250  3/24/2033    EUR   74.088
Fresenius Finance  0.875  10/01/2031   EUR   74.480
Hera SpA           1.000  4/25/2034    EUR   72.789
Region Hauts-de-F  0.691  07/09/2042   EUR   59.293
Credit Bank of Mo  7.625               USD   27.791
Hyde Housing Asso  1.750  8/18/2055    GBP   47.446
Finland Governmen  0.500  4/15/2043    EUR   61.215
Slovakia Governme  2.250  06/12/2068   EUR   70.262
Wellcome Trust Lt  1.500  7/14/2071    GBP   39.686
Nykredit Realkred  1.500  10/01/2050   DKK   74.470
Czech Gas Network  0.875  3/31/2031    EUR   73.248
TMK OAO Via TMK C  4.300  02/12/2027   USD   53.028
TenneT Holding BV  1.125  06/09/2041   EUR   70.689
JDE Peet's NV      1.125  6/16/2033    EUR   74.396
Barclays PLC       3.382  5/20/2032    AUD   76.883
TotalEnergies Cap  1.618  5/18/2040    EUR   71.918
BNP Paribas SA     2.000  9/13/2036    GBP   65.940
Chancellor Master  0.250  6/27/2068    GBP   57.786
Intu Debenture PL  5.562 12/31/2027    GBP   41.037
Kreditanstalt fue  0.050  9/29/2034    EUR   72.097
Rickmers Holding   8.875  06/11/2018   EUR    1.708
UNEDIC ASSEO       0.250  7/16/2035    EUR   70.531
BNP Paribas SA     4.500               USD   73.000
BPCE SFH SA        0.010  1/29/2036    EUR   65.736
Societe Du Grand   0.700 10/15/2060    EUR   38.170
Brit Insurance Ho  3.676  12/09/2030   GBP   74.049
John Lewis PLC     4.250 12/18/2034    GBP   64.178
Enel Finance Inte  1.125 10/17/2034    EUR   72.341
Aggregate Holding  5.500  5/17/2024    EUR   35.000
A2A SpA            1.000  11/02/2033   EUR   71.976
Volkswagen Intern  1.500  1/21/2041    EUR   61.076
VEON Holdings BV   3.375 11/25/2027    USD   70.644
UBS Group AG       3.179  02/11/2043   USD   70.380
Altarea SCA        1.750  1/16/2030    EUR   70.302
National Gas Tran  1.375  02/07/2031   GBP   74.216
Nykredit Realkred  0.500  10/01/2050   DKK   68.953
JSM Global Sarl    4.750 10/20/2030    USD   20.250
BNP Paribas SA     3.861  05/02/2033   EUR    0.010
Allianz SE         3.200               USD   73.000
Royalty Pharma PL  3.350  09/02/2051   USD   64.008
Aroundtown SA      4.750  3/27/2032    USD   62.450
Motability Operat  2.125  1/18/2042    GBP   64.981
Medtronic Global   1.500  07/02/2039   EUR   69.101
Clarion Funding P  1.875  1/22/2035    GBP   70.413
Senvion Holding G  3.875 10/25/2022    EUR    0.128
Tele Columbus AG   3.875  05/02/2025   EUR   67.150
Aberdeen City Cou  0.100  2/28/2054    GBP   74.460
Talanx AG          1.750  12/01/2042   EUR   74.196
BNP Paribas SA     2.824  1/26/2041    USD   66.290
Credit Bank of Mo  3.875  9/21/2026    USD   32.339
Bromford Housing   3.125  05/03/2048   GBP   70.779
GTLK Europe Capit  4.650  03/10/2027   USD   22.363
Realkredit Danmar  1.000  10/01/2050   DKK   68.643
Credit Bank of Mo  7.500  10/05/2027   USD   20.569
DH Europe Finance  1.350  9/18/2039    EUR   68.799
BNG Bank NV        0.805  6/28/2049    EUR   55.308
Vnesheconombank V  6.025  07/05/2022   USD    6.339
Lehman Brothers U  3.875               EUR   18.750
Sovcombank Via So  3.400  1/26/2025    USD    2.186
Idavang A/S       10.520  11/11/2025   EUR   74.166
Nordea Kredit Rea  1.000  10/01/2053   DKK   72.312
Orange SA          1.375  09/04/2049   EUR   66.049
Coruripe Netherla 10.000  02/10/2027   USD   71.320
Banco Santander S  5.348               EUR    0.296
Hungary Governmen  2.000  5/23/2029    HUF   71.974
Unibail-Rodamco-W  1.750  2/27/2034    EUR   75.403
Movida Europe SA   5.250  02/08/2031   USD   75.836
Tresu Investment   8.012  01/02/2025   EUR   44.458
Eni SpA            1.000  10/11/2034   EUR   74.469
Northern Powergri  3.250  04/01/2052   GBP   71.246
SCOR SE            1.375  9/17/2051    EUR   71.651
Finland Governmen  0.250  9/15/2040    EUR   61.793
Ukraine Governmen  9.790  5/26/2027    UAH   50.998
MARB BondCo PLC    3.950  1/29/2031    USD   72.422
Land Berlin        0.625  1/26/2052    EUR   51.987
FF Group Finance   3.250  11/02/2021   CHF    4.826
Mitsubishi UFJ In  7.427 12/30/2099    EUR    4.363
Bayer AG           1.000  01/12/2036   EUR   69.145
Trinseo Materials  5.125  04/01/2029   USD   50.197
Societe Generale   4.027  1/21/2043    USD   65.014
Engie SA           1.375  6/21/2039    EUR   67.128
DSV Finance BV     0.750  07/05/2033   EUR   74.116
Shell Internation  0.875  11/08/2039   EUR   62.947
City of Lausanne   0.050  9/28/2054    CHF   51.818
Becton Dickinson   1.213  02/12/2036   EUR   70.101
Realkredit Danmar  1.500  10/01/2053   DKK   71.977
State of North Rh  1.950  9/26/2078    EUR   66.479
Croatia Governmen  1.250  03/03/2040   EUR   64.375
Orpea SA           2.200 12/15/2024    EUR   28.062
State of North Rh  1.750 10/26/2057    EUR   68.952
Barclays Bank PLC 12.000  9/24/2025    TRY   71.774
Novo Banco SA/Lux  3.500  01/02/2043   EUR   71.094
Cadent Finance PL  2.750  9/22/2046    GBP   60.330
Nordea Kredit Rea  1.500  10/01/2053   DKK   68.290
Cyprus Government  1.250  1/21/2040    EUR   65.497
HOWOGE Wohnungsba  1.125  11/01/2033   EUR   73.020
Elli Finance UK P  8.750  6/15/2019    GBP   53.034
FF Group Finance   1.750  07/03/2019   EUR    5.000
Nordea Bank Abp    3.750               USD   75.179
Just Group PLC     5.000               GBP   65.349
Annington Funding  2.924  10/06/2051   GBP   54.208
Vedanta Resources  6.125  08/09/2024   USD   65.591
adidas AG          0.625  09/10/2035   EUR   71.043
TenneT Holding BV  0.500 11/30/2040    EUR   64.025
Orange SA          0.750  6/29/2034    EUR   73.550
Shell Internation  3.125  11/07/2049   USD   72.685
Cadent Finance PL  2.250  10/10/2035   GBP   70.023
Platform HG Finan  1.926  9/15/2041    GBP   63.553
Andorra Internati  1.700 10/13/2041    EUR   68.098
Russian Foreign B  1.850 11/20/2032    EUR   38.763
Russian Foreign B  1.125 11/20/2027    EUR   38.904
Jyske Realkredit   0.500  10/01/2050   DKK   69.145
Bayerische Landes  0.250  3/21/2036    EUR   69.945
EnfraGen Energia   5.375 12/30/2030    USD   63.266
Samhallsbyggnadsb  3.000  04/03/2040   EUR   35.000
Manchester Airpor  2.875  9/30/2044    GBP   66.097
British Telecommu  4.250  11/08/2049   USD   75.065
Italgas SpA        0.500  2/16/2033    EUR   72.301
Sovcombank Via So  7.600               USD    3.502
JAB Holdings BV    3.750  5/28/2051    USD   64.919
State of Schleswi  0.200  8/15/2039    EUR   62.252
LEG Immobilien SE  1.625 11/28/2034    EUR   66.668
Novo Banco SA/Lux  3.500  3/18/2043    EUR   72.048
Cyprus Government  2.250  4/16/2050    EUR   70.399
Clarion Funding P  3.125  4/19/2048    GBP   67.815
LEG Immobilien SE  1.500  1/17/2034    EUR   70.225
Nostrum Oil & Gas  7.000  2/16/2025    USD   25.375
Nykredit Realkred  0.500  10/01/2053   DKK   66.912
Genfit SA          3.500 10/16/2025    EUR   25.353
Aroundtown SA      2.700 10/31/2028    EUR   66.034
Nykredit Realkred  1.000  10/01/2053   DKK   61.787
Intesa Sanpaolo S  4.700  9/23/2049    USD   74.922
Landwirtschaftlic  0.625 10/31/2036    EUR   73.013
Republic of Polan  2.000  03/08/2049   EUR   67.439
Societe Generale   5.375               USD   68.375
Evan Group PLC     6.000  7/31/2022    EUR   23.000
Wales & West Util  3.000  08/03/2038   GBP   75.451
Credit Bank of Mo  4.700  1/29/2025    USD   26.160
Latvia Government  1.875  2/19/2049    EUR   69.124
Unibail-Rodamco-W  0.875  3/29/2032    EUR   70.726
Medtronic Global   1.750  07/02/2049   EUR   61.304
BNG Bank NV        0.250 11/22/2036    EUR   67.556
Alfa Bank AO Via   5.900               USD    2.577
A2A SpA            0.625 10/28/2032    EUR   71.796
Land Berlin        0.125 11/24/2045    EUR   50.660
Yandex NV          0.750  9/13/2022    USD   69.375
GTLK Europe Capit  4.949  2/18/2026    USD   20.193
Unibail-Rodamco-W  1.750  07/01/2049   EUR   56.305
National Grid Ele  0.872 11/26/2040    EUR   58.895
Cadent Finance PL  2.625  9/22/2038    GBP   68.139
Covivio SA/France  0.875  1/20/2033    EUR   73.024
Immigon Portfolio  8.813               EUR    9.170
Platform HG Finan  1.625  08/10/2055   GBP   46.111
InterCement Finan  5.750  7/17/2024    USD   61.154
European Financia  0.700  1/17/2053    EUR   50.656
Magyar Export-Imp  2.000 10/27/2027    HUF   62.396
Communaute Franca  0.625  06/11/2035   EUR   71.635
Unibail-Rodamco-W  1.375  5/25/2033    EUR   72.727
National Grid Ele  2.000  4/17/2040    GBP   61.638
Eversholt Funding  3.529  08/07/2042   GBP   74.245
Ukreximbank Via B  9.750  1/22/2025    USD   73.395
Social Chain AG /  5.750  04/07/2024   EUR   26.000
Diebold Nixdorf D  9.000  7/15/2025    EUR   45.169
Air Berlin Financ  6.000  03/06/2019   EUR    0.315
Snam SpA           1.000  09/12/2034   EUR   71.530
Unilever PLC       1.500  06/11/2039   EUR   75.462
Credit Agricole S  2.811  01/11/2041   USD   66.260
Korian SA          3.350  6/29/2028    EUR   74.227
National Grid PLC  0.750  09/01/2033   EUR   71.771
Digital Dutch Fin  1.250  02/01/2031   EUR   75.021
Simpar Europe SA   5.200  1/26/2031    USD   71.628
SABIC Capital I B  3.000  9/14/2050    USD   71.368
BPCE SA            3.582 10/19/2042    USD   66.731
Altice France Hol  6.000  2/15/2028    USD   58.022
Land Berlin        0.350  09/09/2050   EUR   48.255
Accent Capital PL  2.625  7/18/2049    GBP   64.227
University of Sou  2.250  04/11/2057   GBP   56.053
Jyske Realkredit   1.500  10/01/2053   DKK   72.017
3i Group PLC       3.750  06/05/2040   GBP   74.097
DXC Capital Fundi  0.950  9/15/2031    EUR   72.931
ABN AMRO Bank NV   1.125  4/23/2039    EUR   73.501
Bulgaria Governme  1.500  6/21/2039    BGN   55.603
Linde PLC          0.375  9/30/2033    EUR   74.465
LEG Immobilien SE  1.000 11/19/2032    EUR   71.125
Sovcombank Via So  7.750               USD    3.072
Tritax Big Box RE  1.500 11/27/2033    GBP   66.587
Credit Bank of Mo  5.550  2/14/2023    USD   22.598
Jigsaw Funding PL  3.375  05/05/2052   GBP   74.272
NIBC Bank NV       3.089               EUR   73.700
Wales & West Util  1.875  5/28/2041    GBP   60.177
BNG Bank NV        0.125  4/19/2033    EUR   75.246
Stichting Afwikke  6.625  5/14/2018    EUR   43.625
publity AG         5.500  6/19/2025    EUR   60.811
Cie de Financemen  0.600 10/25/2041    EUR   62.658
Virgolino de Oliv 11.750  02/09/2022   USD    0.516
Southern Housing   2.375  10/08/2036   GBP   72.278
Motability Operat  1.500  1/20/2041    GBP   59.072
NET4GAS sro        2.745  1/28/2031    CZK   45.880
European Financia  1.800  07/10/2048   EUR   74.107
Gol Finance SA     8.000  6/30/2026    USD   49.061
Anglo American Ca  3.950  09/10/2050   USD   74.011
Hannover Rueck SE  1.375  6/30/2042    EUR   72.569
Lithuania Governm  0.750  7/15/2051    EUR   47.654
Kreditanstalt fue  0.375  5/20/2036    EUR   71.396
Allianz Finance I  0.500 11/22/2033    EUR   74.940
Realkredit Danmar  1.000  10/01/2053   DKK   61.798
Nederlandse Water  0.375  9/28/2046    EUR   53.313
Kelag-Kaerntner E  1.150  4/16/2041    EUR   60.101
Alfa Bank AO Via   5.500 10/26/2031    USD    0.030
Herens Midco Sarl  5.250  5/15/2029    EUR   62.250
NAK Naftogaz Ukra  7.625  11/08/2026   USD   22.255
Euroclear Investm  1.375  6/16/2051    EUR   74.907
Zurich Finance Ir  1.625  6/17/2039    EUR   73.390
Southern Gas Netw  1.250  12/02/2031   GBP   72.549
Deutsche Bahn Fin  0.875  6/23/2039    EUR   67.240
Unibail-Rodamco-W  2.000  5/29/2037    EUR   72.922
European Financia  1.750  7/17/2053    EUR   69.632
BASF SE            1.625 11/15/2037    EUR   74.969
Havila Shipping A  8.190  01/02/2025   NOK   39.917
Sovcombank Via So  8.000  04/07/2030   USD    5.620
Holcim Sterling F  2.250  04/04/2034   GBP   72.388
Gol Finance SA     7.000  1/31/2025    USD   47.146
State of North Rh  0.375  09/02/2050   EUR   48.432
Nederlandse Water  0.500  4/26/2051    EUR   49.442
RTE Reseau de Tra  1.125  09/09/2049   EUR   59.191
OGX Austria GmbH   8.375  04/01/2022   USD    0.070
Nederlandse Water  0.125  09/03/2035   EUR   69.162
Ukraine Governmen  7.253  3/15/2035    USD   15.929
DWR Cymru Financi  2.375  3/31/2034    GBP   73.594
State of North Rh  1.750  07/11/2068   EUR   62.996
Kernel Holding SA  6.500 10/17/2024    USD   64.299
United Utilities   1.750  02/10/2038   GBP   65.052
Sibur Securities   2.950  07/08/2025   USD   65.124
Stichting Afwikke  5.961               EUR   83.000
Canary Wharf Grou  3.375  4/23/2028    GBP   69.137
State of North Rh  0.600  06/04/2041   EUR   63.693
SES SA             5.300  04/04/2043   USD   73.610
Prologis Internat  0.750  3/23/2033    EUR   69.309
Standard Chartere  4.750               USD   68.490
United Utilities   1.875  06/03/2042   GBP   59.343
Societe Du Grand   0.300  09/02/2036   EUR   66.278
Deutsche Bahn Fin  1.375  4/16/2040    EUR   70.844
O1 Properties Fin  0.500  9/27/2028    USD    5.244
OGX Austria GmbH   8.500  06/01/2018   USD    0.002
LEG Immobilien SE  0.875  3/30/2033    EUR   69.171
Nordea Kredit Rea  1.500  10/01/2053   DKK   72.018
Hexagon Housing A  3.625  4/22/2048    GBP   70.252
Caixa Economica M  5.738               EUR   56.100
European Financia  2.000  2/28/2056    EUR   73.873
Paragon Treasury   2.000  05/07/2036   GBP   69.893
Linde PLC          1.000  9/30/2051    EUR   54.537
Intesa Sanpaolo S  4.375  01/12/2048   USD   70.672
Communaute Franca  0.626  8/24/2040    EUR   61.393
BPCE SA            3.582 10/19/2042    USD   66.979
Close Brothers Fi  1.625  12/03/2030   GBP   72.024
Ukraine Governmen  9.790  5/26/2027    UAH   50.998
Region Centre      0.711  11/02/2036   EUR   71.033
Credit Agricole I  0.125  3/15/2033    EUR   71.171
South Eastern Pow  1.750  9/30/2034    GBP   71.403
Nationwide Buildi  0.500  05/05/2041   EUR   61.764
Intesa Sanpaolo S  2.625  03/11/2036   GBP   68.797
Saltaire Finance   1.527 11/23/2051    GBP   50.763
Scottish Hydro El  2.250  9/27/2035    GBP   72.898
Cardiff Universit  3.000  12/07/2055   GBP   69.415
Volkswagen Intern  3.000  07/01/2039   EUR   76.626
BNG Bank NV        0.875 10/24/2036    EUR   75.048
Saleza AS          9.000  07/12/2021   EUR    0.203
La Poste SA        1.000  9/17/2034    EUR   74.820
Nordea Kredit Rea  1.000  10/01/2053   DKK   67.436
Nykredit Realkred  1.500  10/01/2053   DKK   68.270
Norske Skogindust  7.000 12/30/2026    EUR    0.010
Yuksel Insaat AS   9.500  11/10/2015   USD    0.500
Sovereign Housing  2.375  11/04/2048   GBP   60.271
WPP Finance 2013   2.875  9/14/2046    GBP   59.154
Guinness Partners  2.000  4/22/2055    GBP   50.428
DSV Finance BV     0.875  9/17/2036    EUR   68.075
Hellas Telecommun  6.054  1/15/2015    USD    0.056
Peabody Capital N  3.250  9/14/2048    GBP   69.669
EYEMAXX Real Esta  5.500  9/24/2024    EUR    2.358
DH Europe Finance  1.800  9/18/2049    EUR   65.885
Jyske Realkredit   1.000  10/01/2050   DKK   68.770
Bulgaria Governme  0.100  8/17/2031    BGN   69.936
Diageo Finance PL  1.250  3/28/2033    GBP   73.151
Air Liquide Finan  0.375  9/20/2033    EUR   74.700
State of North Rh  0.200  1/27/2051    EUR   44.935
Paradigm Homes Ch  2.250  5/20/2051    GBP   57.777
City of Lausanne   0.600  07/06/2050   CHF   68.460
Parnassia Groep B  1.200  12/01/2051   EUR   64.399
Societe Du Grand   1.700  5/25/2050    EUR   65.705
Bourbon Corp      11.652               EUR    0.920
Russian Federal B  6.100  7/18/2035    RUB   71.065
Deutsche Wohnen S  1.300  04/07/2041   EUR   56.149
Cooperatieve Rabo  0.500 10/29/2027    MXN   64.541
Annington Funding  2.308  10/06/2032   GBP   72.334
Prologis Internat  3.000  2/22/2042    GBP   69.730
City of Lausanne   0.600 11/30/2056    CHF   63.046
Realkredit Danmar  1.000  10/01/2053   DKK   72.153
European Financia  1.375  5/31/2047    EUR   69.104
UniCredit Bank Au  0.050  9/21/2035    EUR   67.265
Hampshire Trust B  7.250  05/10/2028   GBP   68.690
Altice France Hol 10.500  5/15/2027    USD   68.835
Berner Kantonalba  0.100  9/30/2039    CHF   70.310
Mondelez Internat  1.250  09/09/2041   EUR   64.150
UBS Group AG       3.875               USD   77.249
NPC Ukrenergo      6.875  11/09/2028   USD   15.761
ABN AMRO Bank NV   0.625  1/24/2037    EUR   71.432
Jyske Realkredit   1.000  10/01/2053   DKK   67.436
Espirito Santo Fi  6.875 10/21/2019    EUR    0.053
NRW Bank           0.100  07/09/2035   EUR   69.433
Deutsche Bahn Fin  0.750  7/16/2035    EUR   72.894
Vnesheconombank V  6.800 11/22/2025    USD    5.525
Altice Finco SA    4.750  1/15/2028    EUR   70.635
Nederlandse Gasun  0.750 10/13/2036    EUR   68.443
B2W Digital Lux S  4.375 12/20/2030    USD   19.921
Gazprom PJSC via   4.599               USD   59.430
Orpea SA           2.130  07/03/2024   EUR   28.064
British Telecommu  4.250  11/08/2049   USD   74.675
European Financia  1.200  2/17/2045    EUR   68.375
Housing & Care 21  3.288  11/08/2049   GBP   71.057
Kommunekredit      0.625 11/21/2039    EUR   67.329
Claranova SE       5.000  07/01/2023   EUR    0.500
Telefonica Emisio  1.864  7/13/2040    EUR   71.386
Bausparkasse Schw  0.200  4/27/2033    EUR   75.498
Terragon AG        6.500  5/24/2024    EUR    1.493
Metropolitan Hous  1.875  7/28/2036    GBP   67.963
Clarion Funding P  1.875  09/07/2051   GBP   48.718
New World Resourc  4.000  10/07/2020   EUR    0.077
Autonomous Commun  0.700  7/30/2033    EUR   74.869
BAWAG PSK Bank fu  0.375  3/25/2041    EUR   59.891
Eastern Power Net  1.875  06/01/2035   GBP   71.116
National Grid Ele  2.000  9/16/2038    GBP   64.339
Autonomous Region  1.095  9/27/2036    EUR   70.109
BAWAG PSK Bank fu  0.010 11/19/2035    EUR   65.640
London & Quadrant  2.750  7/20/2057    GBP   58.669
Equinor ASA        3.250 11/18/2049    USD   74.913
Jyske Realkredit   1.500  10/01/2050   DKK   74.500
Deutsche Bahn Fin  3.100  5/20/2041    AUD   75.043
Metinvest BV       7.750 10/17/2029    USD   57.250
Junta de Castilla  1.275  04/07/2049   EUR   54.971
City of Lugano Sw  0.150 11/28/2070    CHF   43.501
British Telecommu  3.625 11/21/2047    GBP   69.943
Canton of Ticino   0.400  6/27/2044    CHF   74.597
Richemont Interna  1.625  5/26/2040    EUR   73.134
Unibail-Rodamco-W  2.250  5/14/2038    EUR   71.758
Channel Link Ente  3.848  6/30/2050    GBP   67.852
Northern Powergri  2.250  10/09/2059   GBP   53.434
National Gas Tran  1.625  1/14/2043    GBP   51.926
Realkredit Danmar  1.000  10/01/2053   DKK   67.347
Achmea Bank NV     0.250  9/29/2036    EUR   67.751
Pozavarovalnica S  3.750  11/07/2039   EUR   73.580
Realkredit Danmar  1.500  10/01/2050   DKK   74.479
AI Candelaria Spa  5.750  6/15/2033    USD   71.034
Thames Water Util  2.375  4/22/2040    GBP   63.279
AnaCap Financial   8.250  08/01/2024   EUR   68.225
Free State of Bav  0.010  1/18/2035    EUR   70.616
City of Lausanne   0.680  03/11/2058   CHF   63.577
Region de Bruxell  0.562 12/23/2065    EUR   29.280
Fuerstenberg Capi  2.522               EUR   52.254
University Colleg  1.625  06/04/2061   GBP   48.454
National Grid Ele  1.625  10/07/2035   GBP   66.650
Grand City Proper  2.000 10/25/2032    EUR   60.990
Vedanta Resources  9.250  4/23/2026    USD   67.109
Flagship Finance   1.875  7/14/2061    GBP   48.347
Ukraine Governmen 12.520  5/13/2026    UAH   55.641
Nykredit Realkred  0.500  10/01/2050   DKK   66.845
Evraz PLC          5.250  04/02/2024   USD   52.210
Agence Francaise   1.125  03/02/2037   EUR   74.317
SRV Group Oyj      4.875               EUR   52.500
Metinvest BV       7.650  10/01/2027   USD   60.369
Region de Bruxell  1.121  05/11/2071   EUR   43.128
Sberbank of Russi  5.250  5/23/2023    USD   32.749
RTE Reseau de Tra  1.125  07/08/2040   EUR   67.803
Scottish Hydro El  2.125  3/24/2036    GBP   70.767
Standard Profil A  6.250  4/30/2026    EUR   57.925
Cie Generale des   0.625  11/02/2040   EUR   64.399
Regiao Autonoma M  1.141  12/04/2034   EUR   72.610
Nationale-Nederla  0.375  03/04/2041   EUR   60.582
Magyar Export-Imp  2.500  5/23/2029    HUF   64.684
New World Resourc  8.000  04/07/2020   EUR    0.106
Allied Irish Bank 12.500  6/25/2035    GBP   53.507
Raiffeisen-Landes  0.500  5/27/2041    EUR   60.801
Societe Du Grand   1.625  04/08/2042   EUR   71.844
Norske Skogindust  2.000 12/30/2115    EUR    0.407
European Financia  0.700  1/20/2050    EUR   54.058
Assura Financing   1.625  6/30/2033    GBP   68.853
Banco Espirito Sa  5.998               EUR    2.270
Nordea Kredit Rea  1.500  10/01/2050   DKK   74.508
London & Quadrant  2.000 10/20/2038    GBP   64.478
Community Finance  0.339  12/01/2040   GBP   74.093
Orange SA          1.200  07/11/2034   EUR   74.051
Avangardco Invest 10.000 10/29/2018    USD    0.103
KTG Agrar SE       7.125  06/06/2017   EUR    2.001
Blend Funding PLC  3.459  9/21/2047    GBP   75.360
Bilt Paper BV     10.360               USD    1.217
Manchester Airpor  2.875  3/31/2039    GBP   71.905
Celtic Resources   4.125  10/09/2024   USD   14.420
Orpea SA           2.564 11/30/2027    EUR   27.662
NET4GAS sro        8.160  1/28/2028    CZK   71.190
Deutsche Wohnen S  0.500  04/07/2031   EUR   68.612
East Slope Reside  0.100  2/28/2062    GBP   64.176
UK Municipal Bond  1.625  8/26/2060    GBP   42.917
Segro PLC          2.875  10/11/2037   GBP   74.369
Onward Homes Ltd   2.125  3/25/2053    GBP   52.844
Officine Maccafer  5.750  06/01/2021   EUR   16.625
Nestle Finance In  0.875  6/14/2041    EUR   66.057
de Volksbank NV    0.375  9/16/2041    EUR   58.999
Mallinckrodt Inte 10.000  4/15/2025    USD   57.600
Unibail-Rodamco-W  2.000  4/28/2036    EUR   74.821
Global Ports Fina  6.500  9/22/2023    USD   44.658
Cie de Financemen  0.010 10/29/2035    EUR   66.863
Investor AB        1.500  6/20/2039    EUR   71.527
Swan Housing Capi  3.625  03/05/2048   GBP   74.935
UBS Group AG       3.179  02/11/2043   USD   70.570
Stonewater Fundin  1.625  09/10/2036   GBP   67.011
Northern Powergri  1.875  6/16/2062    GBP   47.559
Ukraine Governmen  9.750  11/01/2030   USD   17.387
EYEMAXX Real Esta  5.500  7/22/2025    EUR   19.371
Privatbank CJSC V 10.250  1/23/2018    USD    3.364
Interpipe Holding  8.375  5/13/2026    USD   49.875
Grounds Real Esta  6.000  2/18/2024    EUR   75.000
Rallye SA          1.000  2/28/2032    EUR    0.391
Libra Longhurst G  3.250  5/15/2043    GBP   73.154
Raiffeisen Bank I  0.430  09/09/2030   EUR   73.254
Phosagro OAO Via   3.050  1/23/2025    USD   62.000
nextbike GmbH      6.000  3/31/2025    EUR   70.000
Incommunities Tre  3.250  3/21/2049    GBP   73.119
Cooperatieve Rabo  0.500 10/30/2043    MXN   13.406
Holcim Finance Lu  1.375  10/08/2036   EUR   63.029
Russian Foreign B  4.250  6/23/2027    USD   42.011
CCEP Finance Irel  1.500  05/06/2041   EUR   67.837
UkrLandFarming PL 10.875  3/26/2018    USD    1.998
Lithuania Governm  0.300  02/12/2032   EUR   70.242
Deutsche Bank AG   1.750  04/09/2035   EUR   69.100
Iberdrola Finanza  1.000  02/02/2037   EUR   70.748
Northern Electric  2.750  5/24/2049    GBP   65.805
Liquid Telecommun  5.500  09/04/2026   USD   61.474
Abengoa Abenewco   1.500 10/26/2024    USD    1.075
Land Thueringen    0.125  1/13/2051    EUR   43.683
Yorkshire Water F  2.750  4/18/2041    GBP   69.916
Region de Bruxell  1.500  6/22/2070    EUR   51.083
FLUVIUS System Op  0.810  04/08/2033   EUR   70.567
Kommunekredit      0.010  05/04/2034   EUR   71.445
La Poste SA        0.625  1/18/2036    EUR   68.206
Saltaire Finance   2.711  05/09/2052   GBP   68.439
Avanti Communicat  9.000  10/01/2022   USD   14.281
La Financiere Ata  4.000  5/15/2024    EUR   71.802
Air Berlin PLC     5.625  05/09/2019   CHF    0.328
London & Quadrant  3.125  2/28/2053    GBP   65.267
MHP Lux SA         6.950  04/03/2026   USD   51.634
Pfandbriefbank sc  0.250  10/06/2042   CHF   72.346
State of North Rh  1.550  6/16/2048    EUR   71.443
Swissgrid AG       0.050  6/30/2050    CHF   51.780
UniCredit Bank AG  0.010  1/21/2036    EUR   67.157
WM Morrison Super  2.500  10/01/2031   GBP   44.704
Espirito Santo Fi  3.125  12/02/2018   EUR    0.622
Altice Financing   5.750  8/15/2029    USD   75.266
Russian Foreign B  7.500  3/31/2030    USD   65.197
Orpea SA           2.750  06/03/2033   EUR   28.250
State of Rhinelan  1.500  4/25/2052    EUR   68.186
Petrobras Global   4.750  04/02/2038   EUR   50.558
Citizen Treasury   3.250 10/20/2048    GBP   72.231
Republic of Belar  5.875  2/24/2026    USD   51.000
Deutsche Lichtmie  5.250  02/01/2027   EUR    2.000
Luzerner Kantonal  0.150  10/07/2044   CHF   66.818
Jyske Realkredit   1.000  10/01/2053   DKK   72.444
Aroundtown SA      3.250  11/12/2032   EUR   56.516
Standard Chartere  3.000  4/30/2036    AUD   69.133
Canton of Geneva   0.500 10/31/2056    CHF   66.750
Aster Treasury Pl  1.405  1/27/2036    GBP   68.076
Hylea Group SA     7.250  12/01/2022   EUR    0.250
Cooperatieve Rabo  0.500  7/30/2043    MXN   15.418
Metalloinvest Fin  3.375 10/22/2028    USD   55.226
ABN AMRO Bank NV   0.400  9/17/2041    EUR   59.982
Pro-Gest SpA       3.250 12/15/2024    EUR   70.364
Aegon Bank NV      0.375  06/09/2036   EUR   69.564
Standard Chartere  4.300               USD   67.960
Nostrum Oil & Gas  5.000  6/30/2026    USD   70.000
Raiffeisenlandesb  0.500  1/22/2035    EUR   72.528
DLR Kredit A/S     1.000  10/01/2050   DKK   74.748
Ministeries Van d  0.875  3/21/2046    EUR   57.323
Chancellor Master  2.350  6/27/2078    GBP   57.304
Banco Espirito Sa  7.125 11/28/2023    EUR    0.621
Nordea Kredit Rea  0.500  10/01/2050   DKK   69.015
Land Securities C  2.750  9/22/2059    GBP   58.752
Credit Bank of Mo  7.121  6/25/2024    USD   23.488
LiveWest Treasury  2.250  10/10/2043   GBP   64.409
Russian Foreign B  5.875  9/16/2043    USD   61.760
Deutsche Lichtmie  5.750  12/01/2023   EUR    2.537
MHP SE             7.750  05/10/2024   USD   58.678
Dexia Credit Loca  4.433               EUR    2.475
Communaute Franca  2.300  4/25/2089    EUR   70.100
Pfandbriefbank sc  0.500  1/25/2044    CHF   75.046
Heineken NV        1.750  05/07/2040   EUR   72.313
Abengoa Abenewco   1.500  4/26/2024    USD    0.988
Notting Hill Gene  3.250  10/12/2048   GBP   68.543
State of North Rh  0.500  1/15/2052    EUR   49.634
Luzerner Kantonal  0.160 12/23/2043    CHF   68.184
Catalyst Housing   3.125 10/31/2047    GBP   68.190
Espirito Santo Fi  9.750 12/19/2025    EUR    0.622
Island Offshore S  8.950  6/30/2024    NOK   29.584
Dexia SA           5.030               EUR    2.809
Canton of Zurich   0.100  6/23/2045    CHF   71.523
Transcapitalbank  10.000               USD   39.094
Italy Buoni Polie  0.150  5/15/2051    EUR   61.194
Altice France Hol  8.000  5/15/2027    EUR   67.067
Severn Trent Util  2.000  06/02/2040   GBP   62.398
Caisse Francaise   0.375  2/13/2040    EUR   61.657
Free and Hanseati  0.200  09/03/2049   EUR   46.966
Tinkoff Bank JSC   6.000               USD   44.499
DWR Cymru Financi  1.375  3/31/2033    GBP   72.716
Market Bidco Finc  5.500  11/04/2027   GBP   74.864
Ville de Paris     1.200  6/25/2039    EUR   71.111
EDOB Abwicklungs   7.500  04/01/2012   EUR    1.537
State of North Rh  1.000 10/16/2046    EUR   63.652
Barclays Bank PLC  3.415 12/28/2040    EUR   72.451
BAE Systems PLC    3.000  9/15/2050    USD   68.106
Alfa Bank AO Via   5.950  4/15/2030    USD    2.116
M Objekt Real Est  6.000  7/22/2024    EUR   62.768
M2 Asset Manageme  7.734  02/04/2026   SEK   74.999
Hellas Telecommun  8.500 10/15/2013    EUR    0.904
Caisse des Depots  1.552  8/16/2038    EUR   74.008
Orbit Capital PLC  3.500  3/24/2045    GBP   74.313
Region de Bruxell  1.220  6/23/2053    EUR   55.365
Wessex Water Serv  1.250  01/12/2036   GBP   61.473
Ukraine Governmen 15.840  2/26/2025    UAH   71.551
Suek Securities D  3.375  9/15/2026    USD   65.645
Societe Du Grand   1.000 11/26/2051    EUR   51.479
Ukraine Governmen  6.750  6/20/2028    EUR   15.470
Free and Hanseati  0.400 11/23/2051    EUR   47.705
SNCF Reseau        2.000  02/05/2048   EUR   70.881
Action Logement S  0.750  7/19/2041    EUR   61.419
Nederlandse Water  0.877  6/24/2054    EUR   51.263
Altice France SA/  5.500 10/15/2029    USD   74.289
Italy Buoni Polie  2.800  03/01/2067   EUR   67.436
WD Invest Sarl     1.900  10/02/2024   EUR   11.812
Privatbank CJSC V 11.000  02/09/2021   USD    1.000
Region Auvergne-R  0.892 10/21/2041    EUR   61.237
Nationale-Nederla  0.050  11/12/2040   EUR   57.182
Holcim US Finance  2.240 10/15/2031    USD   75.157
Cooperatieve Rabo  0.010 11/27/2040    EUR   56.576
Lehman Brothers U  6.900               USD    3.986
Investitionsbank   0.050  03/02/2035   EUR   70.068
Ukraine Governmen 19.700  08/06/2025   UAH   71.231
Lehman Brothers U  5.750               EUR    7.000
State of North Rh  0.500 11/25/2039    EUR   65.159
Senivita Social E  6.500  05/12/2025   EUR    3.430
Russian Federal B  7.100  5/15/2041    RUB   72.737
University of Lee  3.125 12/19/2050    GBP   73.950
Transports Public  0.450 12/29/2056    CHF   62.552
Ukraine Governmen  7.750  09/01/2026   USD   17.008
European Primary   1.732  11/09/2055   GBP   48.675
BNG Bank NV        0.125  07/09/2035   EUR   69.964
Realkredit Danmar  0.500  10/01/2050   DKK   68.953
MMC Norilsk Nicke  6.625 10/14/2022    USD   72.500
Turkiye Is Bankas  8.100  12/03/2029   USD   74.324
ABN AMRO Bank NV   0.375  1/14/2035    EUR   72.782
Ile-de-France Mob  0.675 11/24/2036    EUR   70.120
Ile-de-France Mob  0.950  5/28/2041    EUR   64.966
Societe Generale   3.920  12/09/2036   AUD   69.976
Romanian Governme  4.000  2/14/2051    USD   69.588
Societe Generale   3.625  03/01/2041   USD   63.411
Ukraine Governmen  7.375  9/25/2034    USD   15.782
Cooperatieve Rabo  0.750  6/21/2039    EUR   68.326
Region Wallonne B  0.500  6/22/2037    EUR   66.092
Aragvi Finance In  8.450  4/29/2026    USD   67.655
Spain Government   1.900 10/31/2052    EUR   64.290
Prosus NV          4.027  08/03/2050   USD   60.996
Muenchener Hypoth  1.000  4/18/2039    EUR   72.482
Cirio Finance Lux  7.500  11/03/2002   EUR    3.060
Action Logement S  0.500 10/30/2034    EUR   72.710
GN Store Nord AS   1.970  03/03/2036   EUR   55.650
BAWAG PSK Bank fu  0.625  6/19/2034    EUR   74.986
Stobart Finance P  2.750  05/08/2024   GBP   74.281
Yorkshire Water F  1.750 10/27/2032    GBP   74.095
Kommunekredit      0.375  02/03/2045   DKK   55.422
Vier Gas Transpor  0.500  09/10/2034   EUR   67.493
TotalEnergies Cap  1.535  5/31/2039    EUR   73.789
Kuntarahoitus Oyj  0.050  09/10/2035   EUR   69.164
Republic of Belar  6.378  2/24/2031    USD   42.687
Nykredit Realkred  0.500  10/01/2053   DKK   64.704
NRW Bank           1.250  5/13/2049    EUR   67.166
TechnipFMC PLC     3.750  10/07/2033   EUR   70.736
Ocado Group PLC    3.875  10/08/2026   GBP   74.317
de Volksbank NV    0.125 11/19/2040    EUR   57.712
Blend Funding PLC  3.508  05/04/2057   GBP   70.128
Cirio Holding Lux  6.250  2/16/2004    EUR    2.231
Grand City Proper  2.081  08/08/2034   EUR   65.274
City of Lausanne   0.540  11/06/2062   CHF   56.297
ABN AMRO Bank NV   1.115  03/03/2042   EUR   67.586
Region Wallonne B  0.650  1/16/2051    EUR   46.558
Tennor Finance BV  5.750  6/17/2024    EUR   70.000
Banca Popolare di  9.500  9/29/2025    EUR    0.380
Agence Francaise   0.500  5/31/2035    EUR   72.185
Alitalia-Societa   5.250  7/30/2020    EUR    0.100
Nestle Finance In  0.375  12/03/2040   EUR   60.492
Joh Friedrich Beh  6.250  6/18/2024    EUR    6.550
Jyske Realkredit   0.500  10/01/2053   DKK   66.937
Land Securities C  2.625  9/22/2037    GBP   73.576
Severn Trent Util  0.010 12/16/2055    GBP   47.531
Comunidad Foral d  1.800  3/25/2042    EUR   70.056
ALROSA Finance SA  4.650  04/09/2024   USD   10.241
Societe Du Grand   0.875  05/10/2046   EUR   56.421
Orpea SA           2.770 12/18/2028    EUR   28.518
Euronext NV        1.500  5/17/2041    EUR   68.062
LIB-Landesimmobil  0.620  7/15/2041    EUR   62.302
Borets Finance DA  6.000  9/17/2026    USD   48.601
City of Lausanne   0.230  11/01/2060   CHF   50.177
Basque Government  1.375 10/31/2070    EUR   41.747
Anglo American Ca  3.950  09/10/2050   USD   74.017
Autobahnen- und S  0.100  7/16/2035    EUR   70.257
Ukraine Governmen  7.750  09/01/2025   USD   18.334
Cooperatieve Rabo  0.500  1/31/2033    MXN   39.327
Stichting Afwikke  8.450  8/20/2018    USD   43.625
Gazprom PJSC Via   4.950  02/06/2028   USD   72.119
Realkredit Danmar  0.500  10/01/2053   DKK   64.718
DZ Bank AG Deutsc  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
Hungary Governmen  1.500 11/17/2050    EUR   51.215
Deutsche Bank AG/  3.984  10/10/2042   USD   67.277
Region de Bruxell  1.810  3/22/2053    EUR   63.776
JAB Holdings BV    4.500  04/08/2052   USD   74.306
DLR Kredit A/S     1.000  10/01/2053   DKK   68.166
Banco Espirito Sa  6.900  6/28/2024    EUR   19.170
Muenchener Hypoth  0.250  3/29/2041    CHF   72.678
Assistance Publiq  1.125  4/16/2047    EUR   58.962
Romanian Governme  2.000  1/28/2032    EUR   72.214
Nostrum Oil & Gas  7.000  2/16/2025    USD   26.386
Barclays Bank PLC  1.637  04/12/2039   EUR   74.100
Republic of Austr  2.100  9/20/2117    EUR   72.402
Norwegian Air Shu  7.500  11/10/2023   USD   73.375
Bank of Valletta   3.750  6/15/2031    EUR   66.949
BPCE SFH SA        0.500  1/23/2035    EUR   72.916
Credit Suisse AG/  7.730  6/15/2028    ZAR   72.514
NRW Bank           1.400  3/19/2070    EUR   58.785
Region Wallonne B  1.250  6/22/2071    EUR   48.924
Ministeries Van d  0.634 11/19/2060    EUR   35.345
Barclays Bank PLC  5.000  11/01/2029   BRL   64.631
Communaute Franca  1.581  1/23/2120    EUR   46.335
LFA Foerderbank B  0.050  9/29/2034    EUR   70.992
Thames Water Util  1.760  8/28/2062    GBP   74.514
Sovcombank Via So  8.000  04/07/2030   USD    5.620
Assistance Publiq  1.053  5/25/2052    EUR   52.155
Orpea SA           3.000 11/25/2041    EUR   28.771
Bank Gospodarstwa  2.000  11/03/2036   EUR   72.005
Elli Investments  12.250  6/15/2020    GBP   52.250
VF Ukraine PAT vi  6.200  02/11/2025   USD   62.140
Depfa Funding III  2.056               EUR   56.183
Prosus NV          2.031  08/03/2032   EUR   70.494
St Galler Kantona  0.100  10/10/2041   CHF   69.285
Ideal Standard In  6.375  7/30/2026    EUR   55.303
Gemeente Bergen O  0.440  9/20/2044    EUR   56.697
DZ HYP AG          1.300  7/18/2041    EUR   68.802
Nationale-Nederla  0.050  9/24/2035    EUR   67.594
Martlet Homes Ltd  3.000  05/09/2052   GBP   66.945
Credit Agricole S  4.400  2/24/2042    AUD   63.320
State of Saarland  0.050  11/05/2040   EUR   58.174
La Banque Postale  0.640  1/27/2042    EUR   64.800
Caisse de Refinan  0.250  02/07/2035   EUR   71.032
La Veggia Finance  7.125 11/14/2004    EUR    0.287
Agrokor dd         9.875  05/01/2019   EUR   15.000
City of Zurich Sw  0.400 11/21/2046    CHF   72.421
Free and Hanseati  0.010  11/05/2035   EUR   68.323
Ukraine Governmen  7.375  9/25/2034    USD   15.851
Raiffeisenlandesb  0.375  1/15/2035    EUR   71.194
UBS AG/London      6.500  10/02/2024   USD   58.750
Societe Generale   2.200 12/17/2040    USD   65.429
Canton of Geneva   0.050  8/27/2041    CHF   71.876
Maxeda DIY Holdin  5.875  10/01/2026   EUR   73.583
United Kingdom Gi  1.125 10/22/2073    GBP   39.842
Republic of Belar  7.625  6/29/2027    USD   51.120
Region de Bruxell  1.100  6/22/2066    EUR   47.799
Bayerische Landes  0.870 11/29/2034    EUR   69.445
Vasakronan AB      1.870  06/03/2039   EUR   45.501
Bankinter SA       1.200  06/05/2035   EUR   73.837
UBS AG/London      6.850  7/25/2023    USD    9.910
Del Monte Finance  6.625  5/24/2006    EUR    1.000
Pershing Square H  3.000  7/15/2032    USD   73.159
Novolipetsk Steel  1.450  06/02/2026   EUR   68.138
Boparan Finance P  7.625 11/30/2025    GBP   65.804
Societe Generale   1.137  1/26/2037    EUR   68.991
Aareal Bank AG     1.576  2/23/2032    EUR   63.607
Odea Bank AS       8.606  08/01/2027   USD   73.437
Nederlandse Water  0.501 10/24/2039    EUR   64.617
Pfandbriefzentral  0.020  1/30/2040    CHF   72.258
J&T Banka AS       7.000               EUR   69.028
Kantonsspital Bad  0.350  9/30/2036    CHF   75.643
NRW Bank           0.612 10/21/2050    EUR   54.804
Phosagro OAO Via   2.600  9/16/2028    USD   64.168
Credit Suisse AG/  7.700  08/03/2028   ZAR   70.785
Ukraine Governmen 15.840  2/26/2025    UAH   71.551
Romanian Governme  2.124  7/16/2031    EUR   74.674
HSBC Bank PLC      0.500 12/22/2025    BRL   72.489
Pfandbriefbank sc  0.375  6/15/2046    CHF   70.728
Republic of Irela  1.250  10/08/2121   EUR   45.194
Nomura Bank Inter  1.130  4/23/2036    EUR   66.316
Region de Bruxell  0.444  3/19/2057    EUR   36.844
Corporate Commerc  8.250  08/08/2014   USD    0.308
Thomas Cook Group  6.250  6/15/2022    EUR    0.285
NRW Bank           0.106  8/17/2050    EUR   48.133
Sanctuary Capital  2.481  11/12/2037   GBP   70.817
State of North Rh  1.850  3/18/2089    EUR   62.218
Mobile Telesystem  5.000  5/30/2023    USD   27.342
Windreich GmbH     6.500  03/01/2015   EUR    2.780
Agrokor dd         8.875  02/01/2020   USD   15.000
Land Baden-Wuertt  0.125 11/19/2040    EUR   58.822
Societe Nationale  1.400  5/18/2120    EUR   34.067
Altice France Hol  4.000  2/15/2028    EUR   57.625
Centre Hospitalie  1.500  4/27/2050    EUR   68.449
State of Rhinelan  0.375  7/20/2048    EUR   49.395
CPI Hungary Inves  2.250  08/07/2030   HUF   55.000
National Grid Ele  0.010  3/26/2036    GBP   74.810
Finmek Internatio  7.000  12/03/2004   EUR    2.193
Societe Generale   3.100  4/22/2036    AUD
Region Wallonne B  1.165  6/29/2059    EUR   49.969
ALROSA Finance SA  3.100  6/25/2027    USD    6.688
SCF Capital Desig  3.850  4/26/2028    USD   58.876
UBS AG/London      1.500  02/02/2031   USD   75.163
Societe Generale  15.000  8/30/2024    USD   29.200
Deutsche Bank AG   1.750 10/30/2028    USD   75.420
Richter Gedeon Ny  1.750  06/04/2031   HUF   68.500
NRW Bank           1.250  3/21/2044    EUR   70.872
BNG Bank NV       10.010  6/17/2025    TRY   57.492
Sairgroup Finance  6.625  10/06/2010   EUR    1.964
Ukraine Governmen 19.750  11/05/2025   UAH   70.185
Free and Hanseati  0.300  9/16/2050    EUR   47.357
Minicentrales Dos  0.010  06/06/2047   EUR   66.455
Barclays Bank PLC  2.320  01/11/2041   USD   59.018
Jyske Realkredit   0.500  10/01/2050   DKK   66.894
Cooperatieve Rabo  0.500  8/21/2028    MXN   59.355
Kreditanstalt fue  1.271  5/20/2051    EUR   68.174
DZ Bank AG Deutsc  2.000 12/29/2031    EUR   71.880
Landesbank Baden-  1.000  08/12/2039   EUR   65.540
Free State of Bav  0.010  3/28/2036    EUR   67.138
Espirito Santo Fi  5.050 11/15/2025    EUR    0.622
State of Bremen    0.450  2/24/2051    EUR   49.129
Severstal OAO Via  3.150  9/16/2024    USD    4.564
Rena GmbH          7.000 12/15/2015    EUR    0.054
Landesbank Hessen  1.370  9/22/2031    EUR   70.703
Batigere Grand Es  1.500 12/15/2051    EUR   54.122
Alpine Holding Gm  6.000  5/22/2017    EUR    0.518
UniCredit Bank Au  0.150  4/29/2033    EUR   72.413
Bazalgette Financ  0.074  5/16/2049    GBP   60.024
Heimstaden Bostad  2.800  05/04/2035   EUR   58.266
Alliander NV       1.125  04/08/2035   EUR   71.842
Deutsche Pfandbri  1.000  12/02/2030   EUR   73.807
Hacienda Investme  5.350  02/08/2028   USD   52.225
Dtek Renewables F  8.500  11/12/2024   EUR   40.039
Banco de Sabadell  3.150  3/30/2037    EUR   73.205
Barclays Bank PLC  0.500  10/01/2031   TRY   14.979
Single Platform I  1.610  2/15/2043    EUR   72.951
BNP Paribas SA     1.590  2/23/2051    EUR   65.788
Republic of Belar  5.875  2/24/2026    USD   51.725
Engie SA           2.750 11/20/2045    EUR   75.608
State of Rhinelan  0.375  03/10/2051   EUR   48.194
Slovenska Sporite  4.490               EUR   53.746
Russian Foreign B  2.875  12/04/2025   EUR   38.554
Single Platform I  0.950  7/25/2047    EUR   59.426
Assistance Publiq  1.183  4/16/2050    EUR   56.418
SNCF Reseau        2.777  7/29/2115    EUR   72.172
DZ Bank AG Deutsc  1.055  03/11/2031   EUR   71.195
Land Berlin        0.050  08/06/2040   EUR   58.037
Abengoa Abenewco   1.500  4/26/2024    USD    0.988
State of Lower Au  1.000  9/15/2121    EUR   33.604
Banque Federative  0.376 10/15/2031    EUR   72.133
DZ Bank AG Deutsc  0.530  7/26/2033    EUR   69.265
Russian Foreign B  4.750  5/27/2026    USD   43.279
Commerzbank AG     0.900  10/07/2030   EUR   72.905
City of Zurich Sw  0.250 11/24/2051    CHF   66.273
Nordea Kredit Rea  0.500  10/01/2053   DKK   64.737
Credit Bank of Mo  8.875               USD   13.031
Havenbedrijf Rott  1.100  3/23/2051    EUR   59.462
BPCE SFH SA        0.375  3/18/2041    EUR   60.204
Raiffeisen Landes  0.375 11/13/2034    EUR   72.505
Republic of Irela  0.995  2/24/2121    EUR   37.180
T-Centrum CZ AS   11.710 10/30/2024    CZK   69.000
OR PJSC           12.000 11/14/2024    RUB    2.750
Instabank ASA i   10.850               NOK   67.516
Heta Asset Resolu  3.211 12/31/2023    EUR    1.537
Region Wallonne B  1.000  9/16/2059    EUR   44.391
Kreditanstalt fue  1.201  9/13/2051    EUR   66.009
State of Saxony-A  0.500  3/24/2051    EUR   50.661
Praktiker AG       5.875  02/10/2016   EUR    0.001
Elli Finance UK P  8.750  6/15/2019    GBP   53.034
Polyus Finance PL  4.700  1/29/2024    USD   70.043
BNP Paribas SA     1.000  1/23/2040    MXN   22.521
Spain Government   1.450 10/31/2071    EUR   46.702
Canton of St Gall  0.200 11/28/2041    CHF   74.403
Berlin Hyp AG      0.030  7/22/2030    EUR   73.754
Deutsche Telekom   4.125  7/23/2049    USD   74.892
Hamon & CIE SA     3.300  1/31/2035    EUR   46.339
Department of L'E  0.515  5/25/2040    EUR   60.926
State of Bremen    0.150  9/14/2040    EUR   59.027
Alpine Holding Gm  5.250  07/01/2015   EUR    0.546
Stadt Graz         1.878 10/31/2046    EUR   74.390
Societe Generale   0.690  4/21/2033    EUR   71.698
Kingdom of Belgiu  1.170  05/12/2121   EUR   39.473
Raiffeisen Landes  0.250  03/04/2036   EUR   68.067
Aareal Bank AG     4.603  2/16/2043    EUR   71.560
Dublin Port Co     2.406  9/30/2049    EUR   72.475
Flextronics Inter  3.600  12/06/2031   HUF   66.000
Futureal Developm  4.000  3/23/2031    HUF   64.000
GB Social Housing  3.814  04/09/2047   GBP   70.294
Societe Du Grand   2.062  3/19/2070    EUR   62.588
Gazprom PJSC via   1.500  2/17/2027    EUR   67.011
Realkredit Danmar  0.500  10/01/2053   DKK   66.893
United Kingdom Gi  1.500  7/22/2047    GBP   59.060
Russian Agricultu  8.500 10/16/2023    USD   26.532
Windreich GmbH     6.750  03/01/2015   EUR    2.780
Cooperatieve Rabo  0.500 11/30/2027    MXN   64.391
Free State of Sax  0.400  05/12/2036   EUR   71.125
DLR Kredit A/S     1.500  10/01/2053   DKK   73.506
Junta de Castilla  1.270 10/31/2044    EUR   59.925
Mondelez Internat  1.250  09/09/2041   EUR   64.091
Golfino AG         8.000 11/18/2023    EUR    0.018
Land Thueringen    1.127  04/02/2049   EUR   64.334
Veneto Banca SpA   6.944  5/15/2025    EUR    0.741
DZ Bank AG Deutsc  1.070  10/06/2042   EUR   67.830
Deutsche Pfandbri  0.500  7/23/2029    EUR   75.425
State of Lower Sa  0.250  4/15/2036    EUR   69.706
Muenchener Hypoth  1.543 11/16/2048    EUR   68.199
Romanian Governme  3.375  02/08/2038   EUR   70.607
Ukraine Governmen 12.520  5/13/2026    UAH   55.641
Gazprom PJSC via   1.850 11/17/2028    EUR   60.065
Jyske Realkredit   1.500  10/01/2053   DKK   68.260
Deutsche Bank AG   1.725  1/16/2045    EUR   47.493
Norddeutsche Land  1.552  06/04/2036   EUR   74.398
UBS Group AG       2.370  2/25/2036    USD   68.090
Ukraine Governmen  3.900  10/05/2023   USD   72.365
Kuntarahoitus Oyj  0.940  06/09/2064   EUR   60.952
Assistance Publiq  1.502  05/09/2044   EUR   69.748
Societe Generale  13.000  04/03/2024   USD   69.950
SG Issuer SA       0.263  2/20/2025    EUR   20.260
4iG Nyrt           2.900  3/29/2031    HUF   72.050
Region Wallonne B  1.130  3/28/2036    EUR   74.944
Norddeutsche Land  0.400  03/11/2031   EUR   72.496
DZ Bank AG Deutsc  0.190  1/14/2031    EUR   73.453
SR-Boligkreditt A  1.252  12/02/2041   EUR   69.775
Raiffeisenlandesb  0.998  11/04/2033   EUR   71.571
DZ Bank AG Deutsc  0.850  02/10/2032   EUR   75.516
National Treasury  1.560  2/16/2122    EUR   54.995
Kreditanstalt fue  0.980  02/09/2042   EUR   69.931
CRC Breeze Financ  6.110  05/08/2026   EUR   74.356
Yarlington Treasu  3.410  9/18/2057    GBP   66.510
UBS AG/London      3.327 11/23/2025    EUR   58.500
State of Bremen    1.000  5/27/2039    EUR   72.014
Credit Suisse AG/  4.450  6/28/2023    USD    9.590
Stelius Befekteto  3.100  9/17/2030    HUF   66.500
Bulgaria Steel Fi 12.000  05/04/2013   EUR    0.216
Phosphorus Holdco 10.000  04/01/2019   GBP    1.500
Peine GmbH         2.000  07/05/2023   EUR   44.500
Affinity Water Fi  3.278  8/22/2042    GBP   71.239
Altice France SA/  4.125  1/15/2029    EUR   73.418
Vasakronan AB      2.130  5/27/2041    SEK   70.424
Credit Bank of Mo  7.625               USD   27.791
Autonomous Commun  1.442 10/26/2049    EUR   56.634
Bayerische Landes  1.820  05/12/2031   EUR   72.785
Orpea SA           2.300  03/06/2025   EUR   28.042
Grand Delta Habit  1.500  09/01/2049   EUR   54.883
Vasakronan AB      1.130  5/27/2042    JPY   72.324
Region de Bruxell  0.592  12/10/2061   EUR   35.020
Ministeries Van d  0.875  06/03/2045   EUR   54.576
Land Thueringen    0.375 11/14/2034    EUR   73.766
Societe Generale   0.360  9/14/2033    EUR   74.960
Land Thueringen    0.375  12/01/2051   EUR   47.276
Ville de Paris     2.017  5/25/2052    EUR   65.869
Land Berlin        0.500  6/19/2047    EUR   57.545
Credit Bank of Mo  7.500  10/05/2027   USD   20.569
Nordea Kredit Rea  0.500  10/01/2053   DKK   67.062
Landesbank Hessen  0.750  1/21/2036    EUR   63.740
Nederlandse Water  1.900  1/31/2035    AUD   73.686
DZ Bank AG Deutsc  1.000  2/13/2042    EUR   63.518
State Agency of R  6.250  6/24/2030    USD   15.500
Single Platform I  1.010  3/20/2051    EUR   57.152
Societe Nationale  1.280  3/27/2120    EUR   38.193
Assistance Publiq  0.791  8/27/2051    EUR   48.357
Landesbank Hessen  1.800  07/07/2036   EUR   66.700
Societe Generale  12.000 12/31/2036    USD   68.200
Societe Generale   8.000  5/28/2027    USD   63.000
Credit Bank of Mo  7.121  6/25/2024    USD   23.488
Region Wallonne B  1.220  06/12/2050   EUR   55.861
Vasakronan AB      2.256  04/12/2044   EUR   73.948
Vasakronan AB      2.400  6/20/2044    SEK   69.778
State of North Rh  1.267  9/16/2051    EUR   64.335
State of North Rh  1.641  08/11/2066   EUR   63.951
Natixis SA         0.300  6/25/2048    USD   28.919
Norske Skog Holdi  8.000  2/24/2021    EUR    0.006
Norddeutsche Land  1.050 11/17/2036    EUR   62.529
Norddeutsche Land  0.850  07/07/2031   EUR   74.960
ING Bank NV        0.465  4/21/2041    EUR   63.210
Barclays Bank PLC  0.500  1/28/2033    MXN   39.320
MFB Magyar Fejles  4.200  4/20/2033    HUF   70.860
Sovcombank Via So  7.600               USD    3.502
Rio Forte Investm  4.750  11/10/2015   EUR    2.376
Basque Government  1.000 10/31/2050    EUR   48.795
Aareal Bank AG     0.220  03/10/2028   EUR   73.736
BNG Bank NV        1.873 11/24/2047    EUR   73.833
Credit Suisse AG/  1.660  02/02/2035   EUR   69.392
MBH Mortgage Bank  2.600 10/22/2028    HUF   69.500
Land Thueringen    0.250  03/05/2040   EUR   61.379
Ville de Paris     0.831  2/23/2056    EUR   43.780
Romanian Governme  2.875  4/13/2042    EUR   59.648
State of Saxony-A  1.223  05/04/2046   EUR   70.577
BOA Offshore AS    0.409  7/17/2047    NOK    2.436
Cie de Financemen  0.975  08/11/2046   EUR   64.094
Foodco Bondco SA   6.250  5/15/2026    EUR   41.534
Centrosolar Group  7.000  2/15/2016    EUR    2.505
State of North Rh  1.960  1/24/2079    EUR   71.346
Single Platform I  0.800 12/20/2040    EUR   62.930
Single Platform I  3.000  6/21/2047    USD   71.535
Tonon Luxembourg   9.250  1/24/2020    USD    1.721
Kommunekredit      0.500  7/30/2027    TRY   29.352
Deutsche Apotheke  1.770 12/21/2046    EUR   69.347
Landesbank Baden-  0.260  5/28/2031    EUR   73.700
Kreditanstalt fue  1.115  5/17/2041    EUR   68.857
Thames Water Util  2.442  05/12/2050   GBP   51.897
Kingdom of Belgiu  0.650  6/22/2071    EUR   40.477
Communaute Franca  0.782  02/08/2061   EUR   40.214
Brussels Municipa  0.336 12/15/2035    EUR   68.073
Credit Bank of Mo  4.700  1/29/2025    USD   26.160
Muenchener Hypoth  1.000  6/30/2037    EUR   65.476
Deutsche Wohnen S  2.500  7/21/2034    EUR   73.854
Places For People  2.500  05/03/2039   EUR   72.030
Landesbank Baden-  0.000  5/15/2039    EUR   66.030
Senivita Social E  8.500  6/30/2025    EUR    0.020
GTC Magyarorszag   2.250  12/07/2030   HUF   68.150
Skandinaviska Ens  6.400  1/15/2025    SEK   70.040
Ile-de-France Mob  1.000  12/02/2043   EUR   62.224
MMC Norilsk Nicke  2.550  09/11/2025   USD   73.000
Italy Buoni Polie  0.950  03/01/2037   EUR   65.262
Laboratoire Eimer  5.000  02/01/2029   EUR   70.377
Landesbank Baden-  0.490  12/11/2030   EUR   74.186
SAir Group         5.125  03/01/2003   CHF   10.177
Banque Cantonale   0.100  11/01/2044   CHF   64.479
Intesa Sanpaolo S  4.700  9/23/2049    USD   71.857
BNG Bank NV        0.630  07/11/2067   EUR   38.867
Caisse Francaise   1.110  9/21/2046    EUR   69.608
Nederlandse Water  1.577  12/09/2039   GBP   66.290
Polyus Finance PL  3.250 10/14/2028    USD   62.919
Privatbank CJSC V 10.875  2/28/2018    USD    6.709
State of Brandenb  0.300 11/17/2045    EUR   53.286
Republic of Irela  0.740 11/27/2120    EUR   28.635
SCC Power PLC      6.000 12/31/2028    USD   49.250
Landesbank Baden-  0.510  6/18/2031    EUR   73.003
Kreditanstalt fue  0.980  6/28/2051    EUR   63.175
Heta Asset Resolu  3.248 12/31/2023    EUR    1.504
Uliving@essex3 LL  2.720  8/31/2066    GBP   47.180
Nordea Bank Abp    4.000  1/20/2029    SEK   74.750
UniCredit Bank AG  1.550  7/18/2031    EUR   71.320
BPCE SFH SA        1.586  02/01/2047   EUR   70.733
Citigroup Global   7.200  5/24/2023    SEK
Region Bretagne S  0.815  06/12/2040   EUR   64.594
Deutsche Bank AG   0.687  10/11/2049   EUR   44.507
Bazalgette Financ  0.010  08/05/2036   GBP   75.361
Deutsche Pfandbri  3.100  09/07/2046   USD   69.699
Pfandbriefbank sc  0.250  5/17/2040    CHF   75.146
DZ HYP AG          1.226  8/25/2036    EUR   65.840
Orient Express Ba  2.000               USD   15.267
Kommunekredit      1.375  5/18/2046    SEK   69.012
Caisse des Depots  3.000  11/08/2051   AUD   71.137
Region Wallonne B  1.000  6/22/2045    EUR   56.980
Anglian Water Ser  1.760 11/13/2035    GBP   68.016
Intesa Sanpaolo B  3.102 11/19/2035    AUD   67.519
Arkea Public Sect  1.642  5/18/2043    EUR   75.572
Hemso Fastighets   1.800  05/05/2032   EUR   72.822
Grand Delta Habit  1.500  06/02/2045   EUR   57.449
Standard Chartere  2.140  1/29/2036    USD   71.897
ACCIONA Financiac  1.900  6/28/2034    EUR   71.380
O1 Properties Fin  0.500  9/27/2028    USD    5.244
Sibur Securities   2.950  07/08/2025   USD   65.124
Cie de Saint-Goba  1.875  05/03/2035   EUR   75.125
Comunidad Foral d  0.550 10/22/2035    EUR   68.527
Credit Agricole I  1.000  1/17/2045    EUR   59.445
VTB Bank PJSC     13.000               RUB   53.000
Kardan NV          6.325  2/21/2021    ILS   11.000
Housing & Care 21  3.288  11/08/2049   GBP   71.715
Air Berlin Financ  8.500  03/06/2019   EUR    0.315
Depfa Funding II   6.500               EUR   61.338
National Grid Ele  1.608  8/24/2040    GBP   50.888
Berlin Hyp AG      1.057  2/21/2059    EUR   49.488
State of North Rh  1.491  8/23/2066    EUR   60.806
Espirito Santo Fi  4.512 10/27/2024    EUR    0.559
SAG Solarstrom AG  6.250 12/14/2015    EUR   31.000
Deutsche Bank AG   2.530  10/07/2036   USD   68.524
Rikshem AB         3.250  5/31/2041    AUD   61.808
Single Platform I  1.170  07/08/2034   EUR   75.203
SiC Processing Gm  7.125  03/01/2016   EUR    0.643
Altice France SA/  4.000  7/15/2029    EUR   71.858
Lukoil Capital DA  3.600 10/26/2031    USD   71.232
International Fin  0.500  6/29/2027    ZAR   66.793
BNP Paribas SA     2.670  3/13/2030    AUD   75.208
Steilmann SE       6.750  6/27/2017    EUR    2.184
Unibail-Rodamco-W  2.000  12/05/2033   EUR   73.552
Malta Government   2.400  8/13/2052    EUR   69.910
Landesbank Baden-  0.850  6/15/2035    EUR   66.082
Erste Group Bank   1.170  1/28/2037    EUR   72.474
Bpifrance          1.046  5/25/2050    EUR   53.089
Bazalgette Financ  0.174  5/16/2049    GBP   64.145
Spain Government   1.200 10/31/2040    EUR   67.030
Caisse Francaise   1.640  07/10/2048   EUR   72.241
Societe Nationale  2.457 12/23/2050    USD   66.535
Aareal Bank AG     1.068  2/18/2050    EUR   54.140
DLR Kredit A/S     0.500  10/01/2050   DKK   70.109
Ukraine Governmen 19.750  5/21/2025    UAH   72.794
Region de Bruxell  0.765  7/15/2052    EUR   46.496
Credit Agricole I  0.750  1/20/2042    EUR   59.943
Lloyds Bank PLC    1.920  4/16/2044    EUR   66.670
Kreditanstalt fue  1.000 10/20/2050    EUR   63.638
Eurotorg LLC Via   9.000 10/22/2025    USD   70.426
Nestle Hungaria K  1.750  5/31/2028    HUF   69.500
UBS AG/London      7.510  06/07/2024   USD    9.795
Kommunekredit      1.700  6/26/2045    EUR   75.861
State of Brandenb  0.050  08/10/2040   EUR   58.061
Credit Bank of Mo  3.875  9/21/2026    USD   32.339
BASF SE            1.025  8/13/2048    JPY   72.427
Single Platform I  0.767  2/15/2041    EUR   62.609
Finance and Credi  9.250  1/25/2019    USD    0.001
Decipher Producti 12.500  9/27/2019    USD    1.500
Danske Bank A/S    0.805  08/12/2036   EUR   71.516
Natixis SA         2.700  5/25/2036    USD   74.701
EnBW Internationa  2.080  1/21/2041    EUR   66.702
Banco Santander S  2.280  2/28/2039    EUR   72.844
Virgolino de Oliv 11.750  02/09/2022   USD    0.516
Kreditanstalt fue  1.000  4/27/2041    EUR   70.205
Barclays Bank PLC  4.100  1/29/2048    USD   74.217
Muenchener Hypoth  1.750 12/19/2046    EUR   73.412
HSE Finance Sarl   9.073 10/15/2026    EUR   53.208
UniCredit SpA      1.490 10/23/2035    EUR   67.431
Societe Wallonne   0.883 11/21/2044    EUR   52.879
HSBC Bank PLC      0.500  6/23/2027    MXN   65.978
Turkey Government  5.750  05/11/2047   USD   73.130
Boparan Finance P  7.625 11/30/2025    GBP   66.210
Uralkali OJSC Via  4.000 10/22/2024    USD   17.561
Kingdom of Belgiu  2.750  06/10/2071   USD   68.546
NatWest Markets P  1.250  12/04/2034   EUR   70.597
Assistance Publiq  0.666  3/19/2040    EUR   63.181
Deutsche Bank AG/ 12.780  3/16/2028    TRY   55.463
Credit Suisse AG/ 11.500  9/25/2023    CHF   17.150
MBH Mortgage Bank  3.000  1/28/2036    HUF   55.500
BPCE SFH SA        1.597  2/13/2042    EUR   74.406
Single Platform I  0.419  2/15/2040    EUR   59.281
Iceland Bondco PL  4.375  5/15/2028    GBP   74.275
SNCF Reseau        2.622  9/24/2049    USD   73.021
Deutschsprachige   1.004  07/01/2036   EUR   73.591
Cie de Financemen  0.900  7/18/2058    EUR   51.015
Caisse Francaise   1.555  02/12/2042   EUR   75.660
Hamburg Commercia  4.000  03/06/2034   EUR   74.865
HYPO NOE Landesba  1.605  8/23/2046    EUR   73.416
Single Platform I  2.150  08/05/2036   NOK   74.245
French Republic G  1.500  5/25/2050    EUR   68.357
UniCredit Bank AG  0.610  05/02/2033   EUR   71.902
Caisse Francaise   1.093 10/14/2051    EUR   61.285
Cooperatieve Rabo  0.500 12/29/2027    MXN   63.281
Hamburg Commercia  4.000  3/14/2033    EUR   76.283
Credit Agricole C  2.400  5/17/2048    EUR   54.657
Operateur de Rese  2.850  02/03/2045   EUR   75.123
LSF9 Balta Issuer  3.000 12/31/2030    EUR   59.306
Kreditanstalt fue  0.160  2/16/2036    EUR   68.901
Credit Agricole S  3.750  06/09/2040   AUD   67.987
Erste Group Bank   0.940  5/22/2034    EUR   72.988
Societe Nationale  2.910  1/27/2051    AUD   69.407
Lehman Brothers T  4.500  03/07/2015   EUR    0.100
UBS AG/London      7.100 11/22/2023    USD    9.800
Societe Generale  12.000  1/30/2025    USD   58.500
Societe Generale  15.000  02/01/2024   USD    9.280
Grand City Proper  2.600  2/25/2034    EUR   61.790
City of St Gallen  0.140  9/16/2044    CHF   69.198
DXC Capital Fundi  0.950  9/15/2031    EUR   73.500
Muenchener Hypoth  0.400  08/11/2031   EUR   73.314
BNG Bank NV        2.000  2/19/2038    AUD   69.922
Chelyabinsk Pipe   4.500  9/19/2024    USD   44.827
State of Brandenb  0.750  08/08/2036   EUR   74.165
Aktia Bank Oyj     0.990  1/15/2035    EUR   70.355
DZ Bank AG Deutsc  0.700  4/29/2036    EUR   69.189
Romanian Governme  2.000  4/14/2033    EUR   70.097
Landesbank Hessen  1.650  5/27/2030    EUR   17.227
DZ Bank AG Deutsc  0.700  03/02/2034   EUR   73.752
Pfandbriefbank sc  0.125  8/17/2040    CHF   73.098
Single Platform I  1.416  2/15/2041    EUR   72.029
Credito Padano Ba  3.100               EUR   36.332
Assistance Publiq  1.073  4/16/2045    EUR   60.711
Carmila SA         1.890  11/06/2031   EUR   74.304
Portugal Telecom   5.242  11/06/2017   EUR    0.694
Credit Agricole C  1.550  09/08/2031   AUD   75.145
Natixis SA         2.530  8/30/2036    AUD   64.268
Assistance Publiq  0.634  8/27/2045    EUR   53.675
VTB Bank PJSC      9.571               USD   30.000
Landesbank Baden-  5.318  2/13/2034    EUR   75.600
Credit Suisse AG/London   08/09/2024   USD    8.750
Landesbank Hessen  1.000  4/30/2035    EUR   69.350
Republic of Austr  1.500  2/20/2047    EUR   72.968
Banco Santander S  2.011  04/12/2039   EUR   69.943
Credit Suisse AG/  4.700  07/01/2046   AUD   72.073
Societe Generale   2.670  3/24/2031    AUD   75.420
Deutsche Bank AG   0.610  9/30/2031    EUR   75.491
Single Platform I  3.505  08/06/2046   AUD   60.130
Kreditanstalt fue  1.175  4/14/2051    EUR   67.496
Muenchener Hypoth  0.805  4/16/2036    EUR   65.544
Norddeutsche Land  1.350 10/20/2038    EUR   61.902
Avanti Communicat  9.000  10/01/2022   USD   14.281
Aareal Bank AG     1.880  4/15/2030    EUR   72.256
Credit Suisse AG/  0.875  5/21/2031    EUR   72.419
Pfandbriefzentral  0.200  5/22/2042    CHF   71.945
State of Mecklenb  0.239 11/17/2070    EUR   33.584
Regie Autonome de  0.875  8/18/2080    EUR   37.667
Societe Du Grand   0.576 10/29/2052    EUR   41.703
Kreditanstalt fue  0.816 12/19/2050    EUR   55.370
Region de Bruxell  1.225  6/21/2070    EUR   42.001
Sveriges Sakersta  1.378  7/13/2046    SEK   65.971
Banco Santander S  0.010  10/01/2032   EUR   67.919
Land Thueringen    0.100  07/09/2035   EUR   69.766
Lehman Brothers T  5.318  3/16/2035    EUR    0.100
Deutsche Pfandbri  0.613  9/30/2032    EUR   65.892
Bromford Housing   2.554  3/17/2054    GBP   57.084
UniCredit Bank AG  6.600  7/20/2028    EUR    6.360
Nordea Bank Abp    0.620 10/14/2026    SEK   60.490
Nationwide Buildi  0.750  05/08/2035   EUR   74.222
Credit Suisse AG/  5.250  9/21/2032    USD   77.479
Credit Suisse AG/  3.220  02/08/2032   AUD   74.329
Societe Generale   2.680 10/20/2031    AUD
NTRP Via Interpip 10.250  08/02/2017   USD    2.380
Region Wallonne B  0.808  6/24/2038    EUR   65.666
DZ Bank AG Deutsc  0.500  2/24/2031    EUR   75.165
Argentum Capital   1.377  5/25/2034    EUR   74.108
Land Thueringen    0.200  09/12/2039   EUR   62.035
CNH Industrial Fi  2.200  7/15/2039    EUR   73.470
Vasakronan AB      3.270  6/26/2034    AUD   74.608
Nederlandse Water  1.675  4/26/2046    EUR   74.226
Pfandbriefbank sc  0.375  9/23/2043    CHF   73.288
Assa Abloy AB      0.650  8/28/2034    EUR   72.004
Assistance Publiq  0.490  9/30/2040    EUR   59.910
Communaute Franca  2.350  8/18/2062    EUR   71.887
Morhomes PLC       2.508  2/19/2051    GBP   57.289
Kreditanstalt fue  0.826 10/22/2041    EUR   68.052
National Grid Ele  1.151  2/20/2040    EUR   61.712
Sparekassen Brede  3.750  4/15/2031    DKK   71.194
SNCF Reseau        2.303  07/11/2067   EUR   66.716
United Utilities   0.387  10/05/2057   GBP   53.384
Kreditanstalt fue  0.730  1/21/2050    EUR   60.662
UniCredit SpA      0.725 11/27/2030    EUR   69.024
Commerzbank AG     1.150  6/28/2034    EUR   74.781
Region of Pays de  0.570  03/10/2036   EUR   68.956
Premium Green PLC  1.650  3/28/2031    AUD   73.244
DZ Bank AG Deutsc  2.696  6/24/2026    EUR   70.240
Ministeries Van d  1.874  3/28/2058    EUR   62.053
Agence France Loc  0.550  6/20/2040    EUR   63.061
Societe Generale   2.050  2/18/2031    AUD
Malta Government   1.400  8/20/2046    EUR   60.717
Communaute Franca  0.749  9/16/2080    EUR   47.521
Single Platform I  1.413  3/20/2051    EUR   63.179
Caisse des Depots  1.106  9/30/2049    EUR   55.098
DNB Boligkreditt   0.980  6/20/2044    EUR   65.584
Hamburg Commercia  4.000  9/20/2033    EUR   75.833
BNP Paribas SA     3.950  07/11/2039   AUD   73.337
Kreditanstalt fue  1.110  7/13/2046    EUR   69.061
Aareal Bank AG     1.800  7/21/2036    EUR   71.863
Deutsche Pfandbri  0.640  09/10/2030   EUR   72.757
Pescanova SA       5.125  4/20/2017    EUR    0.319
Kommunalkredit Au  1.183  06/02/2031   EUR   74.104
Single Platform I  1.075  6/26/2052    EUR   57.589
Caisse Francaise   1.718  03/04/2049   EUR   73.475
Windreich GmbH     6.250  03/01/2015   EUR    2.780
getgoods.de AG     7.750  10/02/2017   EUR    0.527
Assistance Publiq  0.800  3/23/2046    EUR   55.361
Commerzbank AG     2.350  2/24/2042    EUR   71.351
Deutsche Bank AG/  4.320  6/15/2037    AUD   75.345
Region Bourgogne-  0.270  12/07/2035   EUR   68.656
Landeskreditbank   1.862  04/06/2062   EUR   71.533
Autonomous Commun  1.655 10/31/2050    EUR   59.704
Cooperatieve Rabo  2.255  9/20/2047    EUR   68.389
DekaBank Deutsche  1.585 12/28/2035    EUR   61.441
Ukraine Governmen  9.790  5/26/2027    UAH   50.998
Hemso Fastighets   3.020  9/14/2048    SEK   69.605
Assistance Publiq  2.000  5/25/2053    EUR   68.055
VTB Bank OJSC Via  6.250  6/30/2035    USD   22.822
Anselma Issuer SA  1.574 12/31/2038    EUR   42.230
BNP Paribas Issua  3.300  07/01/2030   EUR   63.530
Rosbank PJSC       0.020  4/30/2024    RUB   60.050
MBH Mortgage Bank  1.750 12/22/2026    HUF   72.800
Barclays Bank PLC  4.150  04/05/2039   AUD   71.609
State of Lower Au  0.815  9/22/2056    EUR   48.301
Raiffeisenlandesb  0.620  9/29/2031    EUR   75.618
Cooperatieve Rabo  2.481  2/26/2036    AUD   72.649
Muenchener Hypoth  0.550  2/18/2046    CHF   62.548
Landesbank Baden-  0.290  08/06/2031   EUR   71.281
Communaute Franca  0.788  8/30/2049    EUR   50.321
Raiffeisen Bank z 11.597               EUR   69.468
MFB Magyar Fejles  2.900 10/22/2031    HUF   66.411
Single Platform I  1.440  7/18/2042    EUR   69.187
Banco Santander S  0.790  9/30/2031    EUR   75.217
Kreditanstalt fue  0.699 10/20/2036    EUR   74.010
Ahtium PLC         9.750  04/04/2017   EUR    0.726
State of Rhinelan  0.375  04/01/2041   EUR   61.548
Alpine Holding Gm  5.250  06/10/2016   EUR    0.546
Pescanova SA       8.750  2/17/2019    EUR    0.319
DZ Privatbank SA   0.360  4/29/2031    EUR   75.200
Vnesheconombank V  6.025  07/05/2022   USD    6.339
Grupo Isolux Cors  6.000 12/30/2021    EUR    0.270
Deutsche Bank AG   0.700 10/28/2031    EUR   70.336
Single Platform I  0.950  2/15/2044    EUR   61.768
Republic of Irela  1.230  06/01/2120   EUR   44.572
Telia Co AB        3.000  9/25/2064    EUR   73.361
Veneto Banca SpA   6.950  2/25/2025    EUR    0.741
Rio Forte Investm  3.900  07/10/2014   USD    2.886
Landeskreditbank   0.812 12/16/2060    EUR   48.667
Pfandbriefzentral  0.250  06/12/2040   CHF   75.045
State of Brandenb  0.500 11/21/2039    EUR   65.401
State of Bremen    0.550  02/04/2050   EUR   51.828
Caisse Francaise   0.726 10/29/2039    EUR   65.175
Department of Bou  0.810 12/16/2041    EUR   61.839
ABN AMRO Bank NV   0.500  12/12/2039   EUR   64.611
Kreditanstalt fue  1.208  6/17/2051    EUR   68.104
Kuntarahoitus Oyj  1.200  7/21/2061    EUR   62.605
Kreditanstalt fue  1.208  03/10/2051   EUR   68.034
SAir Group         0.125  07/07/2005   CHF   10.375
Leonteq Securitie 23.000  08/02/2023   CHF   69.080
Societe Generale  12.000  7/14/2026    USD   17.000
HPI AG             3.500               EUR    2.000
Russian Post FGUP  2.750  12/06/2023   RUB   60.070
Societe Generale   8.000  8/16/2023    USD   68.590
MOL Hungarian Oil  1.900  04/12/2031   HUF   58.900
Societe Generale  15.000  5/31/2024    USD   41.150
Market Epito Zrt   2.950 10/22/2029    HUF   68.000
Golden Gate GmbH   6.500  10/11/2014   EUR   36.000
DEPFA PLC          3.947  1/26/2034    EUR    0.010
Citigroup Global   2.000  3/25/2039    EUR   72.733
Kommunalkredit Au  0.570  9/15/2037    EUR   64.201
Societe Generale   2.050  2/18/2031    AUD
Kreditanstalt fue  0.683  2/22/2051    EUR   58.322
Takko Luxembourg   8.698 11/15/2023    EUR   70.071
Purple Protected   1.565 12/23/2060    EUR   63.663
Deutsche Pfandbri  1.850  9/20/2032    EUR   74.912
Single Platform I  1.850  2/15/2041    NOK   68.090
Muenchener Hypoth  1.172 10/30/2047    EUR   67.142
Kuntarahoitus Oyj  0.815  2/24/2061    EUR   54.688
Vasakronan AB      1.655  09/05/2039   SEK   64.062
Rena GmbH          8.250  07/11/2018   EUR    0.054
MMC Norilsk Nicke  6.625 10/14/2022    USD   72.500
DZ Bank AG Deutsc  1.550  6/27/2041    EUR   69.125
Muenchener Hypoth  0.375  8/27/2031    EUR   73.154
BPCE SFH SA        1.390  03/11/2039   EUR   74.033
NRW Bank           1.235 12/16/2061    EUR   58.163
Deutsche Pfandbri  1.340 10/16/2051    EUR   61.716
Nordea Hypotek AB  2.250 10/15/2048    SEK   75.590
Eurogrid GmbH      0.875 11/20/2040    EUR   63.980
Caisse des Depots  1.460  1/24/2052    EUR   59.655
Single Platform I  1.233  6/25/2044    EUR   66.619
Vasakronan AB      0.914  5/27/2030    EUR   66.477
Societe Generale   0.831 11/25/2031    EUR   69.226
Bayerische Landes  1.820  03/12/2031   EUR   73.029
ING Bank NV        2.220  1/20/2036    USD   73.325
Region de Bruxell  0.274  12/11/2040   EUR   55.148
Credit Agricole C  1.300  02/02/2061   EUR   49.378
Raiffeisenlandesb  1.973  2/17/2045    EUR   73.371
DekaBank Deutsche  0.400  1/29/2035    EUR   73.625
Landesbank Hessen  0.850  03/12/2035   EUR   66.783
Region de Bruxell  1.144  1/14/2056    EUR   50.798
BNP Paribas SA     3.590  7/20/2040    AUD   68.538
Kuntarahoitus Oyj  0.726  01/08/2060   EUR   47.390
Department of L'E  0.643  8/31/2041    EUR   60.141
MKB-Leasing OOO   10.500  10/12/2026   RUB   70.020
Credit Suisse AG/  5.800  7/26/2023    USD    8.920
Russian Federal B  0.250  7/20/2044    RUB   12.700
COFIDUR SA         0.100 12/31/2024    EUR   30.020
SALVATOR Vermoege  9.500               EUR    7.900
Uliving@Essex Iss  0.100  8/31/2058    GBP   68.415
Purple Protected   1.518  1/25/2061    EUR   65.546
Societe Generale   2.000  2/26/2033    USD   74.307
Credit Agricole C  2.800  2/23/2041    AUD   64.571
Deutsche Pfandbri  4.120  11/03/2031   EUR   57.184
Single Platform I  1.250 10/18/2035    EUR   73.545
Single Platform I  1.250  8/15/2051    EUR   61.464
Malta Government   1.200  5/13/2037    EUR   70.530
BPCE SFH SA        1.210  6/15/2039    EUR   72.219
Region de Bruxell  1.620  4/30/2049    EUR   63.173
Pershing Square H  3.000  7/15/2032    USD   73.159
Single Platform I  1.050  6/25/2044    EUR   62.907
Republic of Irela  1.180  5/25/2087    EUR   48.838
Deutsche Telekom   3.500  4/15/2041    AUD   73.069
BNP Paribas SA     3.580  7/23/2040    AUD   73.407
Landeskreditbank   0.842  05/03/2041   EUR   68.847
ING Bank NV        0.182  4/21/2033    EUR   75.066
Charm Finance PLC  3.509  04/12/2048   GBP   73.230
United Kingdom Gi  0.500 10/22/2061    GBP   32.257
Landesbank Hessen  1.383  3/28/2042    EUR   73.121
City of Hanover G  1.560  05/03/2048   EUR   72.050
Vasakronan AB      2.162  05/04/2040   SEK   68.744
Region Wallonne B  1.246  05/12/2070   EUR   47.546
Autonomous Commun  1.138 11/22/2052    EUR   48.326
International Ban  8.250  10/09/2024   USD   60.375
Ministeries Van d  1.053  06/03/2050   EUR   53.792
Ukraine Governmen  9.990  5/22/2024    UAH   70.101
Kreditanstalt fue  0.945 12/17/2040    EUR   70.450
Banque Internatio  1.010  12/12/2039   EUR   60.118
Kreditanstalt fue  0.890  03/10/2041   EUR   68.905
Credit Agricole S  3.000  1/28/2041    AUD   51.761
Hemso Fastighets   2.680  07/10/2035   AUD   68.054
Landesbank Hessen  0.950  04/09/2036   EUR   65.170
Landesbank Hessen  0.750  8/14/2034    EUR   67.441
Kreditanstalt fue  1.027 10/26/2050    EUR   60.373
Department of Loi  0.478 10/30/2040    EUR   59.593
Greenergy Holding  3.000  9/21/2031    HUF   68.466
SG Issuer SA       2.270  02/04/2032   EUR   61.760
Credit Suisse AG/ 13.700  9/25/2023    USD   19.000
Landesbank Baden-  1.000  6/26/2039    EUR   68.100
VTB Bank PJSC      8.400  5/21/2030    RUB   56.000
RENE LEZARD Mode   7.250 11/25/2017    EUR    0.400
Sberbank of Russi  0.010 11/13/2026    TRY   44.780
Bank Vontobel AG   8.500  11/06/2023   CHF   62.400
Societe Generale  17.000  1/17/2030    USD   43.500
Landesbank Baden-  1.250  06/05/2039   EUR   68.590
Pongs & Zahn AG    8.500  11/01/2014   EUR    0.003
UBS AG/London      0.120  5/25/2040    MXN   15.401
Nationale-Nederla  1.400  3/18/2039    EUR   75.205
Sequa Petroleum N  5.000  4/29/2020    USD   30.250
Oberoesterreichis  0.315  9/14/2035    EUR   66.592
Landesbank Hessen  5.318  1/14/2037    EUR   65.600
Single Platform I  1.000 10/31/2040    EUR   64.870
Deutsche Wohnen S  2.125  8/31/2033    EUR   73.854
Aareal Bank AG     0.660  6/26/2028    EUR   74.194
Region de Bruxell  0.845  9/30/2059    EUR   42.658
DZ Bank AG Deutsc  0.580 10/27/2032    EUR   74.241
Kreditanstalt fue  1.171  7/19/2051    EUR   65.835
State of Lower Au  0.460  10/08/2049   EUR   47.682
BPCE SFH SA        1.344  2/18/2041    EUR   72.780
Cie de Financemen  1.730  5/13/2046    EUR   73.981
State of Hesse     0.227  8/20/2049    EUR   50.134
Deutsche Wohnen S  1.250  7/31/2031    EUR   72.859
Malta Government   2.000  07/10/2051   EUR   65.210
Norske Skog Holdi  8.000  2/24/2021    EUR    0.006
Single Platform I  0.780  04/01/2042   EUR   61.187
Berlin Hyp AG      0.895  7/20/2050    EUR   53.377
DZ Bank AG Deutsc  0.710  4/30/2035    EUR   69.388
Caisse des Depots  1.290  05/05/2051   EUR   57.902
Pfandbriefbank sc  0.375  1/24/2042    CHF   75.096
BPCE SFH SA        1.403  1/13/2039    EUR   74.816
DZ Bank AG Deutsc  1.840 12/21/2048    EUR   65.057
Region Occitanie   0.728 11/16/2037    EUR   67.050
UkrLandFarming PL 10.875  3/26/2018    USD    1.998
Uliving@Essex2 Is  0.100  8/31/2063    GBP   64.497
Muenchener Hypoth  0.125 11/19/2030    EUR   75.096
Ile-de-France Mob  1.586  2/23/2052    EUR   64.644
Senvion Holding G  3.875 10/25/2022    EUR    0.128
Communaute Franca  2.500  07/06/2087   EUR   73.257
United Utilities   0.359  10/05/2048   GBP   58.283
Severn Trent Util  1.399  02/09/2057   GBP   75.380
New World Resourc  4.000  10/07/2020   EUR    0.077
Steilmann SE       7.000  9/23/2018    EUR    1.429
State of Hesse     0.375  04/09/2040   EUR   60.732
Muenchener Hypoth  0.335  02/10/2031   EUR   74.179
Single Platform I  1.375  7/25/2053    EUR   62.769
Erdoel-Lagergesel  1.200  06/04/2043   EUR   63.406
Single Platform I  0.457  2/15/2046    EUR   52.271
Region de Bruxell  1.800  8/17/2048    EUR   68.950
Kreditanstalt fue  1.366  3/17/2042    EUR   75.323
DZ Bank AG Deutsc  1.000  2/18/2032    EUR   66.717
Kreditanstalt fue  0.301 10/15/2034    EUR   74.339
Single Platform I  2.080  4/30/2045    EUR   75.685
Societe Generale   2.700  3/25/2036    USD   63.022
Hypo Vorarlberg B  1.520  07/08/2050   EUR   56.274
Caisse des Depots  1.780  1/15/2048    EUR   68.071
Grand Delta Habit  1.285  11/06/2040   EUR   60.688
Landesbank Hessen  0.950  02/12/2035   EUR   67.911
MVM Energetika Zr  3.250  09/03/2031   HUF   65.000
Societe Generale   9.250  9/22/2026    USD   67.100
VTB Bank PJSC      5.000               USD   48.000
Raiffeisen Schwei  6.000  7/19/2023    CHF   71.590
Credit Suisse AG/  2.500  7/23/2025    SEK   21.160
Credit Suisse AG/  2.500  10/07/2025   SEK   22.000
Skandinaviska Ens 10.150  1/15/2025    SEK   70.080
Credit Bank of Mo  5.150  2/20/2024    EUR   30.645
Banco Santander S  1.000  1/14/2034    EUR   70.992
DNB Boligkreditt   1.557  02/01/2040   EUR   75.304
Region Wallonne B  1.225  09/02/2120   EUR   36.023
Deutsche Pfandbri  0.710  09/10/2031   EUR   70.411
Centre Hospitalie  1.580  02/11/2061   EUR   71.165
Muenchener Hypoth  0.420  12/10/2035   EUR   66.299
Bank Julius Baer  20.900  5/22/2023    CHF   49.700
Region Wallonne B  1.135  10/10/2069   EUR   45.372
Region de Bruxell  1.029  1/14/2048    EUR   53.887
LR Realkredit AS   1.000  10/01/2050   DKK   67.095
Lloyds Bank PLC    0.500  7/26/2028    MXN   59.929
NRW Bank           0.550  7/23/2035    EUR   72.264
DZ HYP AG          1.060  7/28/2036    EUR   74.814
Single Platform I  1.117  5/25/2066    EUR   53.108
Collectivite Euro  0.487  10/09/2045   EUR   51.296
Deutsche Bank AG   0.710  9/24/2031    EUR   69.455
Kuntarahoitus Oyj  1.150  9/24/2051    EUR   66.562
French Republic G  0.500  6/25/2044    EUR   58.877
Landesbank Hessen  1.150  6/23/2036    EUR   66.788
Norske Skog Holdi  8.000  2/24/2023    USD    0.006
Agrokor dd         9.875  05/01/2019   EUR   15.000
Regie Autonome de  0.938  5/25/2050    EUR   52.691
DZ HYP AG          0.300  8/21/2035    EUR   68.670
United Kingdom Gi  1.250  7/31/2051    GBP   51.791
ING Bank NV        0.335  4/21/2036    EUR   68.719
Barclays Bank PLC  1.450  9/24/2038    MXN   27.613
MMC Norilsk Nicke  2.800 10/27/2026    USD   71.665
Credit Agricole C 15.000  6/18/2026    TRY   69.211
State of Brandenb  0.050  2/28/2033    EUR   74.491
Region de Bruxell  0.930  05/03/2051   EUR   49.982
State of Bremen    0.500  05/06/2041   EUR   62.440
BNP Paribas SA     1.450 11/17/2041    EUR   66.606
Single Platform I  0.815  04/01/2042   EUR   60.242
Caisse Francaise   1.670  12/07/2048   EUR   72.915
Kreditanstalt fue  0.955  04/06/2040   EUR   71.315
Credit Mutuel Ark  1.555  5/14/2035    EUR   73.906
Kuntarahoitus Oyj  1.155 11/19/2060    EUR   58.455
Norddeutsche Land  0.600 11/18/2030    EUR   75.282
Kreditanstalt fue  0.902 11/16/2050    EUR   61.928
Republic of Irela  2.000  6/29/2064    EUR   69.337
State of Saarland  0.500  3/15/2051    EUR   50.796
Purple Protected   1.580  5/25/2060    EUR   43.816
BNP Paribas SA     1.395  02/12/2035   EUR   73.381
DNB Boligkreditt   1.550  09/01/2042   EUR   73.088
BPCE SA            2.550  06/09/2035   AUD   61.975
United Kingdom Gi  0.625 10/22/2050    GBP   42.569
Bayerische Landes  0.940  7/16/2032    EUR   75.592
Region de Bruxell  0.808  1/31/2050    EUR   47.209
DZ Bank AG Deutsc  0.900  03/02/2035   EUR   71.800
Kreditanstalt fue  0.788  11/04/2039   EUR   69.577
Commerzbank AG     1.219  12/12/2039   EUR   64.897
Region Wallonne B  1.272  10/03/2040   EUR   68.458
Deutsche Wohnen S  2.125  9/26/2033    EUR   70.028
Oberoesterreichis  0.655  1/25/2036    EUR   66.891
UBS Group AG       2.490  03/04/2036   USD   69.265
Grupo Isolux Cors  0.250 12/30/2018    EUR    0.157
HSBC Bank PLC     10.300 12/20/2024    TRY   71.174
Santander Interna  1.700  12/12/2049   EUR   43.480
TBI Bank EAD       5.250  7/30/2031    EUR   50.137
Lehman Brothers T  5.318  10/05/2035   EUR    0.100
DZ Bank AG Deutsc  4.000  6/23/2023    EUR   70.970
Goldman Sachs Int  0.098  1/13/2025    EUR   20.700
Quintet Private B  3.650 11/13/2023    EUR    5.880
UBS AG/London      7.000  12/12/2023   USD    9.840
Landesbank Baden-  1.250  6/26/2039    EUR   67.010
IEC Optima Ltd Co 15.000 10/29/2024    RUB    3.920
Metal Hungaria Ho  3.000 11/17/2030    HUF   62.500
Landesbank Hessen  5.318  1/26/2037    EUR   68.400
Swissquote Bank S 29.720  12/05/2023   CHF   42.320
Caisse Francaise   1.428  2/19/2049    EUR   70.647
Caisse des Depots  1.617  3/18/2049    EUR   65.028
Landesbank Baden-  0.500  7/24/2030    EUR   75.632
Oberoesterreichis  0.610  1/28/2037    EUR   67.116
Heta Asset Resolu  5.730 12/31/2023    EUR    1.504
Hypo Vorarlberg B  0.570  8/26/2030    EUR   75.396
Nederlandse Water  0.964  06/11/2059   EUR   53.940
Norddeutsche Land  0.600  2/24/2031    EUR   74.452
Muenchener Hypoth  0.568  6/15/2032    EUR   74.383
ESB Finance DAC    2.000  4/17/2044    EUR   69.040
Cie de Financemen  1.630  5/26/2046    EUR   72.287
Hamburg Commercia  4.000  7/18/2033    EUR   75.670
Luzerner Kantonal  0.500  7/26/2041    CHF   75.413
Norske Skogindust  2.000 12/30/2115    EUR    0.407
Communaute Franca  2.000  4/14/2076    EUR   66.014
Kreditanstalt fue  1.027  8/31/2046    EUR   67.626
Free and Hanseati  1.095  6/13/2046    EUR   67.965
Kommunekredit      0.100  9/30/2033    DKK   72.343
National Grid Ele  2.920  9/30/2044    AUD   66.076
SpareBank 1 SR-Ba  1.020  10/08/2036   EUR   66.088
BPCE SA            2.730  10/05/2036   AUD   60.504
Lloyds Bank PLC    2.280  1/29/2044    EUR   70.861
Caisse Francaise   1.699  1/18/2044    EUR   75.602
Muenchener Hypoth  0.886  3/26/2043    EUR   64.373
Landesbank Hessen  0.590  5/21/2031    EUR   75.198
Region Provence-A  0.753  01/05/2037   EUR   70.293
Single Platform I  1.340  05/10/2044   EUR   66.542
Barclays Bank PLC  3.020  3/26/2051    USD   60.658
Hungary Governmen  4.000  4/28/2051    HUF   59.706
Department of Gir  0.846  4/29/2039    EUR   67.143
Portugal Obrigaco  1.150  04/11/2042   EUR   66.895
Muenchener Hypoth  1.185  05/05/2059   EUR   54.302
Single Platform I  0.908  2/15/2041    EUR   64.503
Berlin Hyp AG      0.118  3/18/2030    EUR   75.400
Kreditanstalt fue  0.620  1/14/2050    EUR   53.984
Aareal Bank AG     1.850  3/20/2035    EUR   75.010
State of Lower Au  0.550 11/13/2080    EUR   30.422
Lithuania Governm  2.100  5/26/2047    EUR   75.427
Autonomous Commun  0.810 10/31/2040    EUR   59.682
Communaute Franca  1.787  6/14/2044    EUR   69.612
Kommunekredit      0.869  11/12/2043   SEK   63.745
Region de Bruxell  1.020  4/30/2060    EUR   43.056
Agrokor dd Via Aq  4.921  08/08/2017   EUR   14.625
Gecci Investment   6.000  10/01/2027   EUR   34.404
CDC Habitat SEM    0.853  2/15/2041    EUR   57.347
Espirito Santo Fi  5.050 11/15/2025    EUR    0.622
Hypo Vorarlberg B  0.400 12/22/2031    EUR   70.664
Aargau Verkehr AG  0.270 11/29/2049    CHF   72.986
State of Brandenb  0.375  1/29/2035    EUR   73.669
Norddeutsche Land  0.750  02/04/2031   EUR   74.986
Republic of Irela  1.320 11/28/2119    EUR   40.980
Berlin Hyp AG      1.157  12/09/2039   EUR   55.864
Nomura Bank Inter  1.138 12/19/2039    EUR   58.816
Oberoesterreichis  0.705  1/29/2036    EUR   67.356
Lehman Brothers T  4.680  12/12/2045   EUR    0.100
Republic of Austr  0.100  07/10/2040   EUR   59.748
Saastopankkien Ke  0.860  1/18/2036    EUR   66.804
Premium Green PLC  1.610  9/30/2030    AUD   75.041
Caisse Francaise   1.720  11/06/2047   EUR   74.102
Affinity Water Fi  0.230 11/22/2042    GBP   66.636
Santander Interna  2.770  07/02/2035   USD   71.110
Credit Agricole S  3.450  03/04/2041   AUD   55.849
Premium Green PLC  1.630 12/30/2030    AUD   74.289
Single Platform I  1.600  2/15/2041    EUR   73.353
DZ Bank AG Deutsc  0.550  3/23/2033    EUR   73.183
BNP Paribas SA     1.300  1/28/2037    EUR   70.649
Commerzbank AG     1.046 12/18/2034    EUR   71.323
Hungary Governmen  3.000  4/25/2041    HUF   56.830
UBS AG/London      8.900 11/22/2023    USD    9.780
Societe Generale  24.000 11/14/2024    USD   58.338
Societe Generale  10.000  01/03/2025   USD   47.530
Credit Suisse AG/  1.000 12/20/2027    EUR    0.270
Credit Suisse AG/  4.460  7/26/2023    USD    9.630
Ingrad AO         11.000  2/27/2030    RUB   63.000
Raiffeisen Schwei 20.000  11/07/2023   CHF   30.240
SG Issuer SA       7.600  1/20/2025    SEK   57.040
Danske Bank A/S    9.000  07/09/2026   SEK   72.230
Busy Bee Finance   5.000  6/28/2029    EUR   65.000
MET Hungary Solar  3.800  12/02/2031   HUF   68.250
Credit Suisse AG/ 13.300 11/29/2023    USD   40.520
Metal Hungaria Ho  3.500 11/16/2031    HUF   68.000
Raiffeisen Schwei 12.000  6/21/2023    CHF   47.590
Alteo Nyrt         3.150 10/28/2029    HUF   59.800
Societe Generale  15.000  05/02/2024   USD    7.870
GTC Magyarorszag   2.600  3/17/2031    HUF   69.560
Norddeutsche Land  0.650  01/12/2032   EUR   72.217
NRW Bank           1.245  09/07/2060   EUR   59.383
Societe Generale   1.700  1/19/2031    USD   72.517
Thomas Cook Finan  3.875  7/15/2023    EUR    0.500
Landwirtschaftlic  0.400  7/29/2036    EUR   70.808
Deutsche Pfandbri  0.857  9/18/2037    EUR   54.593
Kommunekredit      2.180  7/16/2040    AUD   65.828
Italy Buoni Polie  2.700  03/01/2047   EUR   74.101
Muenchener Hypoth  1.010  08/06/2044   EUR   56.011
State of Saarland  1.108  5/18/2046    EUR   65.780
Bayerische Landes  3.450  7/15/2036    EUR   73.626
Region Bretagne S  0.620  08/07/2037   EUR   68.278
Bank fuer Kirche   0.660  3/17/2036    EUR   67.756
Single Platform I  1.240  5/25/2052    EUR   60.840
Barclays Bank PLC  3.130  04/09/2051   USD   61.886
Landeskreditbank   2.500  5/21/2036    AUD   73.302
Ville de Paris     0.963  12/06/2051   EUR   51.000
Region de Bruxell  1.620  02/08/2044   EUR   68.057
ING Groep NV       0.975  2/14/2034    EUR   68.816
Volksbank Weinhei  2.600  12/08/2058   EUR   60.522
Bilt Paper BV     10.360               USD    1.217
Landesbank Hessen  1.150 11/24/2036    EUR   66.378
Agrokor dd         8.875  02/01/2020   USD   15.000
DAH Holding GmbH   7.250  9/28/2018    EUR    0.718
NRW Bank           1.000  2/26/2050    EUR   61.881
Credit Agricole C  2.500  2/20/2048    EUR   76.021
Grupo Isolux Cors  1.000 12/30/2021    EUR    0.157
Deutsche Pfandbri  0.906  03/04/2050   EUR   59.257
BNP Paribas SA     0.500 11/16/2032    MXN   37.234
Mox Telecom AG     7.250  11/02/2017   EUR    2.270
Autonomous Commun  1.250 10/31/2040    EUR   64.638
Department of Val  0.929  5/19/2041    EUR   64.376
Deutsche Bank AG   2.330  02/11/2043   EUR   67.379
Caisse des Depots  1.150  02/03/2042   EUR   63.505
DZ Bank AG Deutsc  0.760  9/15/2033    EUR   74.986
Bayerische Landes  0.770  6/18/2032    EUR   73.262
Banque Internatio  0.480 11/13/2030    EUR   72.931
SNCF Reseau        1.100 10/27/2036    EUR   74.794
Jyske Realkredit   0.500  10/01/2053   DKK   64.754
Specialfastighete  1.215  5/14/2035    SEK   72.930
State of North Rh  1.650  5/16/2047    EUR   73.719
Landesbank Baden-  0.500 11/25/2030    EUR   74.848
Caisse Francaise   0.510 11/19/2040    EUR   61.949
Autonomous Commun  1.089 10/31/2049    EUR   51.289
Land Thueringen    1.100  07/03/2047   EUR   65.414
French Republic G  0.500  5/25/2072    EUR   38.386
Banque Internatio  2.120  8/20/2040    EUR   60.489
Region Centre      0.390  12/04/2042   EUR   54.486
LFA Foerderbank B  0.250  9/30/2039    EUR   62.586
Ville de Paris     1.165  06/09/2053   EUR   52.194
Single Platform I  0.835 10/14/2061    EUR   47.555
Commerzbank AG     1.250  6/28/2034    EUR   75.424
Bayerische Landes  3.550 10/14/2036    EUR   74.091
Region de Bruxell  0.640  7/20/2045    EUR   52.427
Citigroup Global   2.900  3/15/2041    USD   70.712
DZ Bank AG Deutsc  0.440  1/21/2036    EUR   62.538
Autonomous Commun  1.950  5/24/2041    EUR   72.656
Single Platform I  1.085  6/20/2050    EUR   58.677
Ferrovie Luganesi  0.280 12/31/2044    CHF   70.893
Anselma Issuer SA  2.174 12/31/2038    EUR   41.080
MKB-Leasing OOO    9.200 12/22/2027    RUB   65.000
Wellis Magyarorsz  3.000  2/26/2031    HUF   63.905
Hell Energy Magya  3.000  7/28/2031    HUF   70.100
Credit Suisse AG/ 17.480  01/08/2024   CHF   77.370
OTP Munkavallalok  4.500  7/14/2031    HUF   72.850
Societe Generale  10.000  6/28/2034    USD   72.000
Landesbank Baden-  0.700  09/05/2039   EUR   64.050
DZ Bank AG Deutsc  1.598  10/11/2050   EUR   56.960
Credit Suisse AG/London   08/09/2024   USD    8.349
Futureal Developm  3.500 11/16/2036    HUF   51.000
Skandinaviska Ens  6.000  7/15/2024    SEK
Landesbank Baden-  1.000  7/17/2039    EUR   66.280
KESZ Holding Busi  2.800  6/17/2031    HUF   71.070
OR PJSC           11.500  7/28/2024    RUB    2.830
Goldman Sachs Int  2.200  3/29/2048    EUR   70.364
Societe Generale   2.650  3/19/2031    AUD
Muenchener Hypoth  0.040  1/17/2031    EUR   73.907
Region Wallonne B  1.222  6/24/2080    EUR   44.124
Landesbank Hessen  2.400  3/22/2052    EUR   75.677
Lloyds Bank PLC    2.545  8/28/2038    SEK   75.107
Petromena ASA     10.850 11/19/2018    USD    0.622
Grand Delta Habit  1.425  2/26/2048    EUR   54.571
Kreditanstalt fue  0.918  10/11/2050   EUR   62.218
Kreditanstalt fue  0.880  12/07/2050   EUR   61.504
Caisse des Depots  1.114  9/20/2049    EUR   56.457
Vilogia SA d'HLM   1.500  08/07/2034   EUR   72.663
Ville de Paris     0.850  08/04/2051   EUR   49.368
DZ HYP AG          1.172  4/25/2039    EUR   71.613
DZ Bank AG Deutsc  2.240  8/22/2034    USD   77.213
Centre Hospitalie  1.160  09/06/2039   EUR   57.453
HSBC Bank PLC      0.500 11/25/2025    BRL   73.109
BNP Paribas SA     3.660  08/09/2039   AUD   70.638
Single Platform I  0.605  9/20/2042    EUR   59.093
Landesbank Hessen  0.900  05/12/2036   EUR   64.501
Kuntarahoitus Oyj  1.300  04/08/2061   EUR   65.075
Region Occitanie   0.766  10/07/2041   EUR   61.583
Rikshem AB         2.137  1/29/2036    EUR   73.645
Aareal Bank AG     1.250  1/30/2029    EUR   73.728
Raiffeisenverband  1.853  02/05/2049   EUR   64.600
Landesbank Hessen  1.050  1/20/2037    EUR   65.279
Italy Buoni Polie  2.150  03/01/2072   EUR   55.332
Landesbank Baden-  0.905  04/01/2041   EUR   58.156
Flamingo Lux II S  5.000  3/31/2029    EUR   72.694
DNB Boligkreditt   1.230 11/18/2039    EUR   71.547
DZ HYP AG          2.023  1/18/2058    EUR   70.144
Region de Bruxell  1.819  1/22/2048    EUR   69.620
NRW Bank           1.182  08/07/2050   EUR   59.665
Nederlandse Water  1.370  3/23/2065    EUR   56.202
Kingdom of Belgiu  0.459  7/23/2079    EUR   28.938
Berlin Hyp AG      0.750  03/04/2050   EUR   51.551
Citigroup Global   1.500  5/13/2051    EUR   56.096
Single Platform I  2.085  1/24/2044    NOK   66.632
Bayerische Landes  0.030 10/22/2035    EUR   67.677
Landshypotek Bank  1.815  2/25/2041    SEK   74.975
Landesbank Saar    0.540 11/18/2033    EUR   70.212
LFA Foerderbank B  0.010 12/15/2033    EUR   72.721
Kreditanstalt fue  0.210 11/18/2037    EUR   64.311
Kreditanstalt fue  0.820  4/15/2050    EUR   62.181
Purple Protected   2.100  4/15/2060    EUR   46.500
Belfius Bank SA    0.125  6/19/2034    EUR   71.315
Muenchener Hypoth  1.230  02/11/2042   EUR   70.847
Slovenska Sporite  4.820               EUR   63.373
DZ Bank AG Deutsc  0.700 11/30/2035    EUR   68.579
Tonon Luxembourg  12.500  5/14/2024    USD    0.001
Virgolino de Oliv 10.875  1/13/2020    USD   36.000
UniCredit Bank AG  2.250 10/14/2039    EUR   70.932
Agence Francaise   1.600  7/27/2043    EUR   74.239
Romanian Governme  2.625  12/02/2040   EUR   59.331
Kreditanstalt fue  0.830  12/09/2050   EUR   61.746
DZ HYP AG          0.205  06/05/2040   EUR   57.365
Astana Finance BV  7.875  06/08/2010   EUR   16.000
Lehman Brothers T  5.103  6/22/2046    EUR    0.100
Kreditanstalt fue  0.943  06/09/2050   EUR   63.182
Barclays Bank PLC  2.070 12/18/2035    USD   64.903
Department of Loi  0.550 12/18/2045    EUR   51.953
Republic of Irela  1.230  6/23/2121    EUR   43.844
Single Platform I  1.840  7/25/2053    EUR   71.923
Societe Generale   2.060  03/12/2031   USD   74.075
Nederlandse Water  1.610  12/04/2052   EUR   69.520
NIBC Bank NV       0.410  1/27/2031    EUR   68.862
Lehman Brothers T  5.550  03/12/2015   EUR    0.100
Barclays Bank PLC  2.230  1/26/2036    USD   67.425
Assistance Publiq  1.750 11/27/2041    EUR   74.393
DNB Boligkreditt   1.569  1/31/2042    EUR   73.624
DNB Boligkreditt   1.533  1/27/2042    EUR   73.234
Grupo Isolux Cors  6.000 12/30/2021    USD    0.268
Standard Chartere  3.040  1/18/2042    USD   72.060
Bayerische Landes  0.280  10/09/2030   EUR   75.286
Kreditanstalt fue  0.935 12/16/2039    EUR   71.049
Kommunekredit      0.342  09/01/2042   EUR   58.463
Eika Boligkreditt  1.112  5/16/2039    EUR   71.102
Credit Agricole C  2.105 10/22/2035    USD   69.342
Bank Vontobel AG  11.600  6/20/2023    CHF   66.000
Landesbank Hessen  2.400  06/09/2036   EUR   62.800
Bank Vontobel AG  15.430  06/06/2023   CHF   62.700
Sberbank of Russi  0.010  02/01/2029   RUB   74.100
DekaBank Deutsche 14.820  06/01/2023   EUR   59.730
Landesbank Hessen  1.500  1/20/2037    EUR   64.450
OR PJSC           16.000 11/26/2025    RUB   14.010
Landesbank Hessen  1.600  06/12/2035   EUR   72.000
Cordia Internatio  3.000  7/27/2030    HUF   87.093
Citigroup Global  12.000  2/13/2024    SEK   72.950
MOL Hungarian Oil  1.100  9/22/2030    HUF   54.500
Landesbank Hessen  1.150  9/22/2036    EUR   64.400
Societe Generale  15.000  9/29/2025    USD   12.600
Banque Cantonale   7.300  9/16/2024    CHF   27.290
Banque et Caisse   1.000  01/04/2042   EUR   68.969
Norddeutsche Land  0.750  2/16/2032    EUR   73.020
Aareal Bank AG     0.380  9/16/2031    EUR   57.323
Heta Asset Resolu  5.920 12/31/2023    EUR    1.500
Deutsche Bank AG   1.050  09/01/2031   EUR   71.899
Lehman Brothers T  4.000  01/04/2011   USD    0.100
BNG Bank NV        2.000  09/05/2058   EUR   68.886
Kreditanstalt fue  0.680  2/23/2051    EUR   59.148
Landesbank Hessen  0.600  3/18/2036    EUR   61.927
Nederlandse Water  1.950  8/29/2058    EUR   70.621
Region Hauts-de-F  0.402  2/18/2043    EUR   54.282
Muenchener Hypoth  0.050  7/15/2030    EUR   75.410
SAir Group         5.500  7/23/2003    CHF   10.209
Landesbank Hessen  0.500  8/20/2031    EUR   74.315
Landesbank Hessen  0.750  8/19/2036    EUR   65.437
Kingdom of Belgiu  1.600  6/22/2047    EUR   70.752
Ukraine Governmen  7.750  09/01/2027   USD   17.108
DekaBank Deutsche  1.340  8/22/2036    EUR   71.103
Societe Publique   1.272  8/23/2036    EUR   72.526
National Grid Ele  1.690  9/16/2041    GBP   54.997
Kreditanstalt fue  1.087  1/21/2050    EUR   66.095
Single Platform I  1.448  7/25/2053    EUR   64.172
DZ Bank AG Deutsc  0.600  5/15/2036    EUR   67.002
Landesbank Hessen  0.530  11/04/2031   EUR   73.950
Landesbank Baden-  0.650  06/01/2034   EUR   66.720
DZ Bank AG Deutsc  1.850  2/19/2049    EUR   66.901
Brussels Municipa  0.892  3/29/2041    EUR   63.172
Heta Asset Resolu  7.500 12/31/2023    ATS    1.537
Banco Espirito Sa 10.000  12/06/2021   EUR    0.622
Raiffeisen Landes  1.385 12/14/2037    EUR   75.642
Deutsche Bahn Fin  0.232  3/17/2032    EUR   74.352
DZ Bank AG Deutsc  1.470  1/20/2042    EUR   65.175
Alfa Bank AO Via   5.500 10/26/2031    USD    0.030
Single Platform I  1.000  07/08/2034   EUR   72.343
Credit Agricole C  3.020  4/22/2036    AUD   74.622
AK BARS Bank Via   8.000  7/13/2022    USD   31.000
Elli Investments  12.250  6/15/2020    GBP   52.250
Specialfastighete  1.120  2/19/2044    SEK   60.953
Grand Delta Habit  1.630  03/06/2045   EUR   59.499
Agrokor dd         9.125  02/01/2020   EUR   15.000
Banque et Caisse   1.270  05/07/2045   EUR   70.611
Credit Agricole C 18.540  3/24/2027    TRY   77.917
Landesbank Saar    0.650 11/19/2035    EUR   68.046
DZ Bank AG Deutsc  0.350  11/10/2042   EUR   57.164
Nederlandse Water  0.190  11/02/2050   EUR   45.652
Ville de Paris     1.165  06/09/2053   EUR   50.917
Caisse des Depots  0.323  06/04/2035   EUR   69.832
Caisse des Depots  1.930  03/06/2048   EUR   70.033
Deutsche Bank AG   2.267  8/25/2034    EUR   74.484
DZ HYP AG          1.430 10/26/2046    EUR   64.097
Tonon Luxembourg  12.500  5/14/2024    USD    0.001
Norddeutsche Land  1.600  4/14/2037    EUR   67.657
Swedbank Hypotek   1.500  7/13/2048    EUR   71.319
Landesbank Hessen  0.550  1/21/2036    EUR   61.828
French Republic G  0.500  5/25/2040    EUR   64.780
Ukraine Governmen  9.990  5/22/2024    UAH   70.101
BNP Paribas SA     1.150 11/20/2034    EUR   73.730
UBS Group AG       3.030 11/18/2034    AUD   75.907
Deutsche Wohnen S  1.700  12/05/2036   EUR   64.025
Deutsche Telekom   3.500  09/06/2039   AUD   74.480
DZ Bank AG Deutsc  0.800  1/21/2041    EUR   60.549
Hypo Tirol Bank A  1.090  1/21/2041    EUR   64.885
Lehman Brothers T  2.000  6/21/2011    EUR    0.100
Caisse des Depots  1.630 12/28/2046    EUR   66.425
Societe Generale   3.820  4/26/2039    AUD   66.539
Muenchener Hypoth  0.580 10/14/2035    EUR   68.204
Landesbank Hessen  1.250  11/10/2036   EUR   66.400
VTB Bank PJSC      3.750               EUR   30.000
MOL Nyrt Kueloenl  4.950  1/26/2032    HUF   74.460
Landesbank Hessen  1.580 12/16/2036    EUR   67.800
Credit Suisse AG/ 11.500  7/26/2023    CHF   45.050
Landesbank Hessen  1.500  12/10/2036   EUR   67.100
Societe Generale  12.264  11/02/2023   USD   15.150
BNP Paribas Emiss  3.000  4/21/2026    EUR   50.600
Landesbank Hessen  1.500 12/16/2036    EUR   67.600
Landesbank Hessen  0.750 11/17/2036    EUR   67.200
niiio finance gro  4.000  5/31/2026    EUR   31.000
Bank Vontobel AG  17.060  06/05/2023   EUR   68.200
Landesbank Hessen  1.500  1/20/2037    EUR   66.700
Landesbank Hessen  1.500 11/17/2036    EUR   66.400
Nordea Bank Abp    4.600  1/20/2029    SEK   71.000
Landesbank Hessen  2.000 11/25/2036    EUR   64.650
Landesbank Hessen  0.750  12/02/2036   EUR   67.000
DZ Bank AG Deutsc  4.050  6/23/2023    EUR   43.190
DZ Bank AG Deutsc  1.598  10/11/2050   EUR   56.960
Abroncs Kereskedo  2.800 12/17/2027    HUF   74.000
Landesbank Hessen  1.000 12/28/2035    EUR   65.250
UBS AG/London      7.000  4/25/2024    USD    9.850
UniCredit Bank AG  1.120  1/20/2031    EUR   70.500
SG Issuer SA       9.180  1/20/2025    SEK   57.920
SG Issuer SA       2.100  8/23/2033    EUR   22.260
Landesbank Baden-  5.318  1/30/2034    EUR   74.070
VTB Bank PJSC      7.600  04/02/2031   RUB   70.000
BNP Paribas Issua  7.200 12/17/2024    SEK   74.030
Alteo Nyrt         2.450  10/08/2031   HUF   57.900
Zurcher Kantonalb 15.400  6/13/2023    CHF   32.520
State of Saxony-A  2.241  07/03/2028   EUR   60.000
Wingholding Zrt    3.000  9/22/2031    HUF   58.150
Russian Railways   3.310 10/15/2040    RUB   50.010
Credit Suisse AG/ 10.250  06/09/2023   USD   58.940
Landesbank Hessen  1.170  12/08/2036   EUR   66.614
Region de Bruxell  1.506  2/21/2039    EUR   73.641
Land Thueringen    1.000  3/29/2039    EUR   73.776
La Banque Postale  1.311  05/09/2040   EUR   72.600
State of North Rh  1.467  06/12/2045   EUR   72.213
BPCE SFH SA        1.229  04/12/2049   EUR   64.007
Natixis SA         4.530  3/16/2048    AUD   72.297
Heta Asset Resolu  2.864 12/31/2023    EUR    1.537
Landesbank Baden-  0.590  9/22/2034    EUR   65.402
Norddeutsche Land  1.570  09/09/2038   EUR   63.916
Landesbank Baden-  0.560  9/22/2033    EUR   67.552
Landesbank Hessen  1.400  1/13/2037    EUR   66.450
Societe Generale   1.900  1/21/2031    USD
Cooperatieve Rabo  2.360  9/25/2047    EUR   69.795
Kreditanstalt fue  0.990  02/12/2051   EUR   63.161
Landeskreditbank   1.443  3/18/2042    EUR   75.142
LBI ehf            7.431               USD    0.001
Aareal Bank AG     1.125  6/28/2030    EUR   66.516
Caisse des Depots  1.000  2/26/2051    EUR   53.004
Landesbank Baden-  0.550  2/19/2031    EUR   74.378
Barclays Bank PLC  2.500 12/29/2032    USD   75.558
Societe Generale   2.120  01/06/2036   USD   58.791
Saechsische Aufba  0.300  2/18/2042    EUR   56.889
Caisse des Depots  1.548  08/09/2038   EUR   74.618
Caisse des Depots  2.160  12/07/2050   AUD   59.136
Santander Interna  1.192  12/07/2045   EUR   57.601
Pfandbriefbank sc  0.250  3/15/2041    CHF   74.122
National Grid Ele  2.710  10/04/2034   AUD   75.267
Societe Du Grand   1.955  4/16/2069    EUR   62.353
Cie de Financemen  1.270  4/26/2039    EUR   73.440
Communaute Franca  0.886  6/22/2057    EUR   44.552
NRW Bank           0.510  9/23/2039    EUR   65.125
Communaute Franca  1.000  10/08/2069   EUR   42.480
Citigroup Global   0.430  8/15/2031    EUR   72.161
Single Platform I  1.500  3/20/2051    EUR   65.262
BNG Bank NV        1.627  4/25/2046    EUR   71.651
Moby SpA           7.750  2/15/2023    EUR   59.684
NRW Bank           0.650  7/20/2037    EUR   73.288
Credit Suisse AG/  5.000  2/18/2046    AUD   75.280
Assistance Publiq  1.665  04/10/2049   EUR   65.386
PA Resources AB   13.500  03/03/2016   SEK    0.124
Single Platform I  1.910  8/15/2036    NOK   72.676
Norddeutsche Land  0.325  9/15/2031    EUR   70.677
Bank fuer Kirche   0.770  10/12/2035   EUR   69.343
Rikshem AB         2.900  1/23/2035    AUD   70.476
DZ Bank AG Deutsc  1.250  9/30/2060    EUR   47.339
Region of Pays de  0.448 12/20/2039    EUR   62.075
Kingdom of Belgiu  0.558  9/24/2077    EUR   32.334
Landesbank Baden-  0.540  10/07/2031   EUR   72.310
Landesbank Baden-  0.690  10/08/2035   EUR   63.936
Landesbank Hessen  0.700  08/08/2034   EUR   67.071
Oberoesterreichis  0.445  3/28/2036    EUR   66.633
Landesbank Hessen  0.700  11/04/2033   EUR   70.839
Landesbank Hessen  0.900  11/10/2036   EUR   63.870
Landesbank Hessen  0.600  11/11/2031   EUR   74.474
Single Platform I  1.023  2/15/2046    EUR   60.630
National Grid Ele  2.037  2/15/2039    EUR   74.187
Cie de Financemen  1.887  1/31/2049    EUR   73.865
Landesbank Hessen  1.000  1/13/2037    EUR   64.766
Landesbank Baden-  0.740  06/02/2036   EUR   63.114
Norddeutsche Land  0.950  6/16/2033    EUR   69.841
Norske Skog Holdi  8.000  2/24/2023    USD    0.006
Landesbank Hessen  0.410 12/17/2030    EUR   75.452
Norddeutsche Land  0.525  1/19/2032    EUR   71.535
Landesbank Hessen  0.400 11/17/2036    EUR   71.488
Landesbank Baden-  0.530  06/01/2032   EUR   70.625
SG Issuer SA       2.700 11/28/2034    ZAR   37.658
NRW Bank           0.750  5/26/2036    EUR   74.074
Landesbank Hessen  0.820 11/15/2034    EUR   67.861
Credit Agricole S  3.270  10/05/2041   AUD   63.430
Credit Agricole S  3.610  4/20/2036    AUD   67.640
Single Platform I  0.950  5/17/2038    EUR   66.878
State of Rhinelan  0.872 10/31/2036    EUR   75.411
NRW Bank           0.591  3/19/2040    EUR   67.418
Region de Bruxell  0.910  1/31/2053    EUR   47.040
CDC Habitat SEM    1.150  4/30/2037    EUR   67.318
Deutsche Apotheke  0.800 12/21/2035    EUR   64.258
Caisse des Depots  1.015  7/22/2050    EUR   53.583
Grenke Finance PL  0.819  2/15/2030    EUR   63.916
Landesbank Hessen  0.500  12/03/2031   EUR   73.711
Hypo Vorarlberg B  0.410  05/06/2031   EUR   72.497
Landesbank Hessen  1.000  12/10/2036   EUR   64.726
Region de Bruxell  1.040  05/03/2061   EUR   41.491
ABN AMRO Bank NV   1.950  12/07/2048   EUR   75.669
Basque Government  2.000  4/30/2059    EUR   60.779
Landesbank Baden-  0.460 10/28/2030    EUR   74.333
Landeskreditbank   0.730  10/04/2050   EUR   55.031
State of Rhinelan  0.600 10/24/2046    EUR   56.583
Single Platform I  0.955  2/15/2041    EUR   64.487
Landesbank Hessen  0.980  11/09/2060   EUR   45.924
Landesbank Saar    0.835  2/19/2035    EUR   70.723
Nederlandse Water  1.830  6/22/2048    EUR   75.573
BPCE SA            2.315 11/19/2035    AUD   58.710
Ministeries Van d  0.400 11/20/2043    EUR   53.452
State of Bremen    0.500  6/14/2034    EUR   75.016
Region Auvergne-R  1.832  05/06/2042   EUR   74.959
Muenchener Hypoth  1.000  05/07/2035   EUR   72.618
Lukoil Securities  3.875  05/06/2030   USD   71.063
BPCE SA            1.850 10/30/2030    AUD   72.114
Muenchener Hypoth  1.285  4/19/2039    EUR   73.759
Republic of Irela  2.000  6/29/2063    EUR   69.686
Lloyds Bank PLC    2.480  07/05/2038   SEK   74.810
Caisse Francaise   1.760  07/10/2047   EUR   74.857
Landesbank Hessen  0.700 12/28/2035    EUR   63.434
Barclays Bank PLC  1.382 11/27/2045    EUR   67.111
Credit Agricole C  0.550  3/17/2033    EUR   71.113
ABN AMRO Bank NV   1.070  03/03/2041   EUR   69.564
Republic of Irela  0.810  07/10/2079   EUR   41.203
La Banque Postale  1.379  04/04/2040   EUR   74.129
Nederlandse Water  0.750  10/04/2041   EUR   64.796
CDC Habitat SEM    0.814  2/15/2040    EUR   58.266
Aktia Bank Oyj     0.850 12/21/2040    EUR   59.223
Single Platform I  2.210  9/27/2038    NOK   74.076
Caisse des Depots  0.982  11/06/2050   EUR   52.860
State of Rhinelan  0.500  7/30/2036    EUR   71.958
Landesbank Hessen  0.490  2/28/2035    EUR   63.604
Communaute Franca  2.177  8/17/2068    EUR   67.496
Metropole de Lyon  0.500 12/28/2049    EUR   45.412
DZ HYP AG          1.965  7/19/2058    EUR   68.570
Land Baden-Wuertt  0.375  7/20/2048    EUR   50.836
DZ HYP AG          0.050  1/31/2031    EUR   75.037
Lehman Brothers T  2.875  3/14/2013    CHF    0.100
Lehman Brothers T  1.750  02/07/2010   EUR    0.100
Landesbank Hessen  0.900  07/08/2036   EUR   67.107
Single Platform I  1.865  2/15/2046    EUR   72.872
DekaBank Deutsche  0.780 10/18/2035    EUR   68.707
Municipality of A  0.605  2/24/2040    EUR   65.982
Vasakronan AB      1.310  12/10/2040   EUR   38.357
ABN AMRO Bank NV   0.450  12/12/2036   EUR   69.574
Single Platform I  2.230  04/04/2040   NOK   72.556
State of Bremen    0.936  9/28/2046    EUR   64.436
Landesbank Hessen  0.240  1/21/2031    EUR   73.657
Landesbank Hessen  0.260  1/21/2031    EUR   74.430
Credit Agricole S  3.000  1/19/2041    AUD   51.931
DZ Bank AG Deutsc  0.210  02/04/2033   EUR   73.275
Lehman Brothers T  5.500  6/22/2010    USD    0.100
Lehman Brothers T  7.750  01/03/2012   AUD    0.100
Malta Government   1.000  8/23/2035    EUR   72.300
Credit Suisse AG/  2.000  9/30/2030    USD   75.632
Region de Bruxell  1.750  1/17/2048    EUR   68.248
Grupo Isolux Cors  1.000 12/30/2021    USD    0.157
National Grid Ele  2.500  7/24/2035    AUD   71.777
Norddeutsche Land  0.500  07/07/2031   EUR   72.310
Norddeutsche Land  0.750  8/26/2031    EUR   73.922
Single Platform I  0.740  04/01/2042   EUR   60.998
Autonomous Commun  1.900  5/24/2039    EUR   74.824
Cie de Financemen  1.101  5/17/2039    EUR   71.312
DZ Bank AG Deutsc  0.550  09/09/2036   EUR   66.801
Cie DU Chemin de   0.280 11/29/2052    CHF   55.491
Hypo Vorarlberg B  0.390 10/21/2030    EUR   74.071
OTP Munkavallalok  4.500  7/14/2031    HUF   72.850
Leonteq Securitie  5.050  06/02/2023   EUR   28.130
Credit Suisse AG/  6.500  7/19/2023    USD    9.830
Leonteq Securitie 25.500  1/19/2024    CHF   72.000
Credit Suisse AG/ 10.000  6/16/2023    CHF   72.100
Hunland Feed Kft   2.880  7/21/2031    HUF   69.110
Goldman Sachs & C  7.000  6/21/2023    EUR   74.320
Swissquote Bank S 27.000  8/15/2023    CHF   56.830
Hypo-Wohnbaubank   2.000  01/12/2037   EUR
Rosbank PJSC       0.010  4/30/2024    RUB   60.050
Skandinaviska Ens  7.450  1/15/2025    SEK   70.420
UBS AG/London      6.000  06/06/2023   USD    9.830
DZ Bank AG Deutsc  1.598  10/11/2050   EUR   56.960
UniCredit Bank AG  4.900  5/22/2023    EUR   48.460
Credit Suisse AG/  3.214  10/06/2023   SEK    2.430
Leonteq Securitie 30.000  8/18/2023    CHF   61.490
Nordea Bank Abp    2.000 12/29/2025    SEK   56.670
UBS AG/London     12.000  5/19/2023    CHF   73.100
Landesbank Baden-  0.750  08/12/2039   EUR   66.220
SG Issuer SA       5.000  04/02/2024   EUR   51.920
Szinorg Universal  3.000  5/15/2030    HUF   64.818
Duna Aszfalt Ut E  2.990 10/17/2029    HUF   61.000
Skandinaviska Ens  6.000  1/15/2025    SEK   69.430
Deutsche Bank AG/ 11.210  6/26/2025    TRY   69.924
DZ Bank AG Deutsc  0.500 10/20/2036    EUR   65.255
Heta Asset Resolu  3.106 12/31/2023    EUR    1.504
Heta Asset Resolu  4.875 12/31/2023    EUR    1.500
Aareal Bank AG     0.625  9/16/2030    EUR   62.960
Hungary Governmen  3.125  9/21/2051    USD   61.608
Barclays Bank PLC  2.000  06/12/2029   TRY   35.720
Region 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



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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2023.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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.


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