/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/231002.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, October 2, 2023, Vol. 24, No. 197 Headlines B E L G I U M MEUSE BIDCO: Fitch Corrects Sept. 20 Ratings Release F R A N C E FINANCIERE LABEYRIE: EUR455MM Bank Debt Trades at 28% Discount G E R M A N Y NIDDA BONDCO: Fitch Alters Outlook on 'B' LongTerm IDR to Stable TELE COLUMBUS: EUR525MM Bank Debt Trades at 39% Discount I R E L A N D BAIN CAPITAL 2023-1: Fitch Gives Final 'B-sf' Rating on Cl. F Notes BRIDGEPOINT CLO V: Fitch Assigns Final 'B-sf' Rating on Cl. F Notes HARVEST CLO XIV: Moody's Ups Rating on EUR12MM Cl. F Notes to Ba1 TIKEHAU CLO XI: Fitch Gives Final 'B-sf' Rating on Class F Notes I T A L Y GOLDEN BAR 2023-2: Fitch Gives Final 'B-sf' Rating on Class F Notes L U X E M B O U R G ELEVING GROUP: Fitch Gives B-(EXP) LongTerm Rating on Sr. Sec Bonds MALLINCKRODT INTERNATIONAL: $1.39BB Bank Debt Trades at 24% Off TRAVELPORT FINANCE: $1.96BB Bank Debt Trades at 47% Discount TRINSEO MATERIALS: $750MM Bank Debt Trades at 16% Discount N E T H E R L A N D S KETER GROUP: EUR230MM Bank Debt Trades at 19% Discount UNIT4 GROUP: Fitch Affirms 'B' LongTerm IDR, Outlook Stable T U R K E Y YAPI KREDI 2023: Fitch Assigns Final BB+ Rating to 6 Tranches [*] Fitch Revises Outlook on 8 Turkish DPR Programmes to Stable U K R A I N E DTEK ENERGY: Fitch Lowers LongTerm IDRs to 'C' on Tender Offer U N I T E D K I N G D O M CONSTELLATION AUTOMOTIVE: GBP325MM Bank Debt Trades at 29% Off GLASGOW CAR: Enters Administration, 25 Jobs Affected HARBOUR ENERGY: Fitch Alters Outlook on BB LongTerm IDR to Negative INEOS ENTERPRISES: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable INLAND HOMES: Set to Go Into Administration IOG PLC: Set to Go Into Administration Amid Debt Talks LYSANDER LAW: Bought Out of Administration in Pre-Pack Deal MANSARD MORTGAGES 2006-1: Fitch Affirms 'BB+sf' Rating on B2a Notes PETROFAC LIMITED: Fitch Alters Outlook on B+ LongTerm IDR to Stable SCOTGOLD RESOURCES: May Go Bust, Staff Put on Unpaid Leave X X X X X X X X [*] BOND PRICING: For the Week September 25 to September 29, 2023 - - - - - ============= B E L G I U M ============= MEUSE BIDCO: Fitch Corrects Sept. 20 Ratings Release ---------------------------------------------------- Fitch Ratings replaces a rating action on Meuse Bidco SA published on Sept. 20, 2023, to correct leverage forecasts under the last Key Rating Driver and other figures under Key Assumptions. The amended ratings release is as follows: Fitch Ratings has affirmed Meuse Bidco SA's (Meuse) Long-Term Issuer Default Rating (IDR) at 'B+' with Stable Outlook. Fitch has also affirmed Meuse Finco SA's senior secured debt rating at 'BB' with a Recovery Rating of 'RR2'. The rating reflects Meuse's small scale compared with international peers', as well as its highly concentrated revenue base. These are balanced by a strong position in its key market and lower competitive pressure supported by regulation. The Stable Outlook reflects its expectations that recent regulation changes in Belgium will have a limited impact on Meuse's profitability and that the company will be able to maintain its solid cash flow generation coupled with a conservative financial policy. KEY RATING DRIVERS Small Size, Niche Leadership: Meuse is the leading operator in land-based and online (iGaming) segments of a small Belgian market, and has leadership in the more fragmented Portuguese iGaming market. Its forecast assumes that majority of revenue growth will come from the Belgian online market, and therefore expect revenue concentration to remain high. Increased revenue diversification into other regulated markets would support the rating. Regulation Supports Business Profile: Despite some recent regulatory changes for iGaming, Fitch views the Belgian gaming regulatory environment as stable and supportive of Meuse's business profile. Limited availability and linkage of online licenses to land-based casinos act as strong barriers to entry, and a history of stable regulation since 2011 provides visibility over operational cash flows over the medium term. Fitch anticipates that responsible gaming-focused regulation will continue to develop in the medium term in both Belgium and Portugal, in particular for iGaming, but assume that the financial impact will be manageable given Meuse's proactive approach to responsible gaming. Fitch views severe regulations as an event risk and reflect them in fairly tight rating sensitivities. Omnichannel Operations Support Brand: Meuse provides its gaming services through a wide range of land-based venues and online platforms. Omnichannel capability reinforces brand strength by promoting across channels. Low single-digit growth of the land-based market slightly weighs on revenue growth for Meuse, resulting in average growth of 5.0% forecast for 2024-2026. Gaming-Focused Product Offering: Compared with its peers, Meuse has lower exposure to sports betting (below 10% of Gross Gaming Revenue GGR), which faces higher margin volatility for smaller-sized operators. At the same time, it is less prone to regulatory risks and is forecast by Fitch to see stronger growth in the medium term. Both gaming and sports betting are demonstrating resilience to economic slowdown and low impact on spending on gaming activities from financial crises. Consolidation Trends Drive Competition: The European gaming market continues to consolidate through M&A and partnerships, with international operators of all sizes actively expanding in new markets or securing podium positions in existing ones. Although expertise and experience in domestic markets support local leaders including Meuse, the larger scale of international operators make competition more challenging, especially in more commoditised products like sports betting. Profitability Hit by New Markets: Ramping up operations in Dutch and US markets in 2023 will hit operating profitability. Fitch assumes a 210bp decline to 22.7% in EBITDAR margin under Fitch's rating case, followed by a steady improvement towards 27% by 2026. Profitability is high compared with most, even higher-rated, peers' and allows Meuse to absorb regulatory challenges and cost inflation. Free Cash Flow Supports Deleveraging: Meuse's solid operating margin allows it to operate with free cash flow (FCF) margins in mid-single digits. Retained cash flow allows for selective small acquisitions and Fitch incorporates M&A-related cash outflows of EUR20 million per year in its rating case. Under these assumptions, Meuse should still be able to deleverage to an adjusted debt/EBITDAR of 3.3x by 2024 and to 2.7x by 2026. DERIVATION SUMMARY Fitch assesses Meuse's rating using its Ratings Navigator Framework for Gaming. Meuse has weaker geographical diversification and a smaller scale than both Flutter Entertainment plc (BBB-/Stable) and Entain plc (BB/Stable). The lack of meaningful geographic diversification and market-leading positions across the globe are slightly offset by more favourable regulation in its core market in Belgium, supporting its domestic market position, and justifies the two-to-four-notch rating difference. Compared with Inspired Entertainment, Inc (B/Stable), Meuse is slightly larger, less leveraged and has higher exposure to the rapidly developing online market. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer - GGR CAGR of 4.8% for 2023-2027, mainly organic growth driven by 6.2% CAGR in online B2C - EBITDA margin for 2023 at 20.1%, and recovering towards 24.5%, by end-2026, on normalisation in marketing and fixed-cost optimisation - Working capital reversal in 2023 with a stable position in the next three years - Annual capex averaging EUR15 million to 2026 - Dividends of EUR12 million in 2024 gradually increasing to EUR50 million in 2026 - Annual acquisitions of EUR20 million for 2024-2026 KEY RECOVERY RATING ASSUMPTIONS The recovery analysis assumes that Meuse would be reorganised as a going-concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. The GC EBITDA estimate of EUR60 million reflects Fitch's view of a sustainable, post-reorganisation EBITDA level upon which Fitch bases the enterprise valuation (EV). Meuse's GC EBITDA assumption includes pro-forma adjustments for cash flows added via acquisition or reduced by asset disposals. An EV multiple of 5.5x EBITDA is applied to the GC EBITDA to calculate a post-reorganisation EV. The multiple reflects positive industry dynamics, including modest growth prospects, high barriers to entry and a conducive but evolving regulatory environment. The multiple gives credit to its significant inherent intangible value for brand awareness in a regulated and rather captive market. Meuse's revolving credit facilities (RCF) of EUR80 million are assumed to be fully drawn upon default. Its EUR306 million senior secured loan ranks pari passu with the RCF. Its EUR19 million of opco debt is deemed super-senior in the debt waterfall. After deducting 10% for administrative claims, its principal waterfall analysis generates a ranked recovery in the 'RR2' band, indicating a 'BB' instrument rating for its term loan B (TLB). The waterfall analysis output percentage on current metrics and assumptions is 72%, at the low- end of the 'RR2' band. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Continued growth with EBITDAR approaching EUR200 million, through increased geographical diversification into new regulated markets - FCF margin maintained at medium-to-high single digits - Total adjusted debt/operating EBITDAR consistently below 3.5x - EBITDAR fixed charge coverage maintained above 3.5x Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Adverse regulatory changes leading to material deterioration in revenue or operating profits - FCF margin in low single digits as a result of operating underperformance, considerable increases in capex or sizeable cash being distributed to shareholders or to the B2B business, which is outside the restricted group - Total adjusted debt/operating EBITDAR above 4.5x - EBITDAR fixed charge coverage below 3.0x LIQUIDITY AND DEBT STRUCTURE Strong Liquidity Supported by FCF: Meuse's liquidity is supported by healthy cash flow balance for the size of its business at EUR37 million after Fitch's adjustments, undrawn RCF of EUR80 million, and sustained positive free cash flow. Maturities are concentrated in 2029, but Fitch forecasts Meuse to approach refinancing with a materially deleveraged profile. ISSUER PROFILE Meuse is an omnichannel gaming and sports-betting operator with leading positions in Belgium (65% of GGR) and Portugal (7%), and a presence in France (15%), Switzerland (8%) and other (5%) countries. ESG CONSIDERATIONS Meuse has an ESG Relevance Score of '4' for customer welfare - fair messaging, privacy & data security due to increasing regulatory scrutiny of the sector, greater awareness around social implications of gaming addiction and an increasing focus on responsible gaming, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Entity/Debt Rating Recovery ----------- ------ -------- Meuse Finco SA senior secured LT BB Affirmed RR2 Meuse Bidco SA LT IDR B+ Affirmed =========== F R A N C E =========== FINANCIERE LABEYRIE: EUR455MM Bank Debt Trades at 28% Discount -------------------------------------------------------------- Participations in a syndicated loan under which Financiere Labeyrie Fine Foods SASU is a borrower were trading in the secondary market around 72.0 cents-on-the-dollar during the week ended Friday, September 29, 2023, according to Bloomberg's Evaluated Pricing service data. The EUR455 million facility is a Term loan that is scheduled to mature on July 30, 2026. The amount is fully drawn and outstanding. Financiere Labeyrie Fine Foods sells seafood products. The Company prepares shrimp, duck items, salmon, sushi, trout, and foie gras. Labeyrie Fine Foods serves customers worldwide. The Company's country of domicile is France. ============= G E R M A N Y ============= NIDDA BONDCO: Fitch Alters Outlook on 'B' LongTerm IDR to Stable ---------------------------------------------------------------- Fitch Ratings has revised Nidda BondCo GmbH's (Nidda) Outlook to Stable from Negative, while affirming its Long-Term Issuer Default Rating (IDR) at 'B'. The Stable Outlook reflects its expectation of mid-single-digit annual sales growth in 2023-2026, with EBITDA leverage improving to below Fitch's positive sensitivity of 6.0x from 2024. Fitch also assumes that Nidda will be able to address upcoming maturities in 2025 on a timely basis, and see lower refinancing risk for 2026 debt, on strong underlying performance, deleveraging capacity and positive cash flow generation. Nidda's IDR balances its high, albeit improving, leverage and history of aggressive M&A growth with a robust business profile and expected continuing positive free cash flow (FCF) generation. KEY RATING DRIVERS Reduced Refinancing Risk: Fitch expects Nidda to redeem with cash on hand or refinance the remaining portion of its EUR237 million senior unsecured notes. This will enable Nidda to extend by a year to 2026 the maturities of a majority of its debt totalling approximately EUR4.5 billion of debt. Fitch does not expect Nidda to generate sufficient cash flows to fully address the 2026 maturities but strong performance of Nidda's manufacturing sites and an improved product mix should support organic deleveraging to 5.0x by 2025. This would reduce refinancing risk for its sizeable debt quantum. Strategic Focus Drives Growth: Fitch expects mid-single-digit sales growth to 2026 on the expansion of Nidda's consumer healthcare portfolio, a ramp-up of its specialty products (including biosimilars, innovative pharma) as well as an expanding geographic footprint. Its focus on bringing value-added specialty drugs to market through business development and licencing (BD&L) agreements is a distinct feature of its strategy since its LBO in 2017. This differentiates it from some leveraged-finance generics peers, with greater organic growth potential, but also more investments in the pipeline and associated execution risk. Profitability Improvement Initiatives: Nidda actively works on reinforcing its profitability through cost optimisation by strategically locating its production facilities and increasing their utilisation rates. Using its existing brands for new product launches helps optimise advertising costs and supports high brand visibility. Fitch anticipates that efficiency improvement measures should contribute to a 140bp EBITDA margin gain in 2023. Fitch also forecasts that Nidda's strategy and scalable operations will support further structural EBITDA margin growth by another 110bp in 2024-2027, to 25% on a consolidated basis, which is strong for the rating. Highly Cash-Generative Operations: The ratings are supported by cash-generative operations, due to contained capex intensity at low-to-mid single digits (including deferred milestone payments) and an efficient use of in-house and outsourced production mix. Growing contribution of high-margin drugs and improving capacity to produce in lower-cost geographies will offset a high interest burden and net working-capital (NWC) outflows and support growth of FCF margin to 6%-8% in 2024-2026. The latter should be sufficient to fund EUR100 million of bolt-on acquisitions a year to 2026. Financial Policy Key to Rating: Fitch believes Nidda has the ability to deleverage given its strong cash generation, but until recently its strategy had been to prioritise acquisitions. Fitch expects Nidda to continue making opportunistic bolt-on acquisitions, and signing business development and in-licensing agreements as the European pharmaceutical market offers viable targets. Sizeable debt-funded acquisitions as well as a change in the ownership structure, which could impact the financial policies, are viewed as event risk to the rating. Self-Sufficient Russian Operations: Fitch still does not expect Nidda's exposure to Russia to have a contagion effect, as the rest of its operations outside Russia remain healthy. Its profitable operations in Russia solely serve the local market. The Russian business is funded by local-currency loans and has limited exposure to imported substances. However, shrinking disposable incomes and rouble depreciation in Russia, together with drug costs not being reimbursed by compulsory medical insurance, could undermine Nidda's earnings and cash flow in the country. Russian counter-sanctions may also constrain the transferability of cash and profits outside the country, although its base case still assumes that Nidda is able to occasionally repatriate cash from Russian operations. Positive Market Fundamentals: Fitch expects overall demand will continue to grow in the mid-single-digits, with higher pricing in complex product areas driven by growing ageing populations and the increasing prevalence of chronic diseases, which will support Nidda's further deleveraging. Fitch sees continued structural growth opportunities, given more limited overall generic penetration in Europe than in the US and the increasing introduction of biosimilars. DERIVATION SUMMARY Fitch rates Nidda using its Global Rating Navigator Framework for Pharmaceutical Companies. Under this framework, Nidda's generic and consumer business benefits from diversification by product and geography, with a balanced exposure to mature, developed and emerging markets. Nidda's business risk profile is affected by the lack of a global footprint compared with industry champions such as Teva Pharmaceutical Industries Limited (BB-/Stable), Hikma Pharmaceuticals PLC (BBB-/Positive), Viatris Inc. (BBB/Stable), and diversified companies, such as Novartis AG (AA-/Stable) and Pfizer Inc. (A/Stable). High financial leverage is a key rating constraint compared with international peers and is reflected in Nidda's 'B' rating. The company ranks ahead of other highly speculative peers, such as Care Bidco (B/Stable) and Roar BidCo AB (B/Stable), in size and product diversity. Nidda's business is mainly concentrated in Europe, but it also has a growing presence in developed and emerging markets. This gives Nidda a 'BB' category risk profile. However, its higher leverage and concentrated debt maturity profile constrain the rating. The rating difference between Nidda and higher-rated peers CHEPLAPHARM Arzneimittel GmbH and Pharmanovia Bidco Limited (both B+/Stable) reflects their less aggressive leverage and asset-light business models, despite smaller business scale and higher product concentration. KEY ASSUMPTIONS Key Assumptions Within Its Rating Case for the Issuer: - Revenue to reach EUR4.8 billion by 2026, including Russian operations, due to volume-driven growth of Nidda's specialty product portfolio, the acquisition of intellectual property rights, business development and in-licencing agreements - Fitch-defined EBITDA margin at 25% over 2025-2026, underpinned by cost improvements and ramp-up of higher-margin products. Fitch includes EBITDA from Russia in its rating case, given Nidda's demonstrated ability to extract profits and cash from the country - Working-capital investments of 1%-2% of revenue a year in 2024-2026 - Capex at 4% of sales (including deferred milestone payments) a year to 2026 - M&A estimated at EUR100 million a year, to be primarily funded from internally generated funds and supported by its revolving credit facility (RCF), and valued at 10x EBITDA with a 20% EBITDA contribution share Key Recovery Assumptions: Nidda would be considered a going concern (GC) in bankruptcy and be reorganised rather than liquidated. Fitch estimates a post-restructuring EBITDA of around EUR600 million, which would allow Nidda to remain a GC after distress, and after implementation of some corrective actions. Its estimate of GC EBITDA includes profit contribution from Russia. Fitch continues to apply a 6.0x distressed enterprise value (EV)/EBITDA multiple. Fitch assumes Nidda's senior unsecured legacy debt (at the operating company level), which is structurally the most senior, to rank equally with its senior secured acquisition debt, including term loans, senior secured notes and privately placed senior secured notes. This view is based on its principal waterfall analysis and assuming the EUR360 million RCF is fully drawn in a default. Senior unsecured notes at Nidda rank below senior secured acquisition debt. Its principal waterfall analysis, after deducting 10% for administrative claims, generates a ranked recovery for the senior secured debt of 55% (53% previously) in the 'RR3' category, including the senior secured exchange notes, leading to a 'B+' instrument rating, one notch above the IDR. Recoveries envisaged for Nidda's senior unsecured notes remain 0% in the 'RR6' band, corresponding to a 'CCC+' instrument rating, two notches below the IDR. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Sustained Fitch-defined EBITDA margin in excess of 25% and FCF margin consistently above 5% - Reduction in EBITDA leverage to below 6.0x on a sustained basis - Maintenance of EBITDA interest cover above 3.0x Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Escalation of western sanctions and Russian-counter sanctions, hampering transfer and convertibility of cash flows from Russian operations - M&A shifting towards higher-risk or lower-quality assets or weak integration resulting in EBITDA leverage trending above 7.5x - Persistent operating weakness leading to neutral FCF margins and EBITDA margins below 18% - EBITDA interest cover below 2.0x on a sustained basis LIQUIDITY AND DEBT STRUCTURE Liquidity Remains Satisfactory: Fitch expects Nidda to end 2023 with about EUR230 million of cash, excluding EUR150 million cash that Fitch treats as not readily available for debt service, and EUR260 million available under its EUR360 million RCF. Fitch projects healthy FCF generation to 2026, which would support liquidity and should be sufficient to fund operations and M&A activity. Debt Maturity Concentrated in 2026: Nidda's current capital structure presumes that 90% of consolidated gross debt would mature in 2025, unless it extends, repays or refinances its outstanding EUR237 million senior unsecured notes due in 2025. Should this debt be addressed, its maturity profile will remain concentrated, with a majority of currently outstanding debt and the RCF maturing in 2026. At the same time, the new term loan and most recent placements have more distant maturities, and Fitch views that strong organic deleveraging will reduce refinancing risk for 2026 debt. ISSUER PROFILE Nidda is an SPV indirectly owning the Germany-based pharmaceutical company Stada Arzneimittel AG. ESG CONSIDERATIONS The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Nidda BondCo GmbH LT IDR B Affirmed B senior unsecured LT CCC+ Affirmed RR6 CCC+ Nidda Healthcare Holding GmbH senior secured LT B+ Affirmed RR3 B+ TELE COLUMBUS: EUR525MM Bank Debt Trades at 39% Discount -------------------------------------------------------- Participations in a syndicated loan under which Tele Columbus AG is a borrower were trading in the secondary market around 61.5 cents-on-the-dollar during the week ended Friday, September 29, 2023, according to Bloomberg's Evaluated Pricing service data. The EUR525.2 million facility is a Term loan that is scheduled to mature on October 15, 2024. About EUR462.5 million of the loan is withdrawn and outstanding. Tele Columbus AG provides cable services. The Company offers cable television programming, telephone, and internet connection services to homeowners and the housing industry. Tele Columbus operates throughout Germany. ============= I R E L A N D ============= BAIN CAPITAL 2023-1: Fitch Gives Final 'B-sf' Rating on Cl. F Notes ------------------------------------------------------------------- Fitch Ratings has assigned Bain Capital Euro CLO 2023-1 DAC final ratings. Entity/Debt Rating ----------- ------ Bain Capital Euro CLO 2023-1 DAC A XS2643730851 LT AAAsf New Rating B XS2643731073 LT AAsf New Rating C XS2643731404 LT Asf New Rating D XS2643731586 LT BBB-sf New Rating E XS2643732048 LT BB-sf New Rating F XS2643732121 LT B-sf New Rating Subordinated Notes XS2643732717 LT NRsf New Rating TRANSACTION SUMMARY Bain Capital Euro CLO 2023-1 DAC is a securitisation of mainly senior secured loans (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 Bain Capital Credit U.S. CLO Manager II, LP. The collateralised loan obligation (CLO) has a 4.6-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 of the identified portfolio is 24.7. High Recovery Expectations (Positive): At least 90% of the portfolio will comprise senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the identified portfolio is 62.2%. Diversified Portfolio (Positive): The transaction has two matrices effective at closing corresponding to the 10 largest obligors at 20% of the portfolio balance and a fixed-rate asset limit at 12.5% and 7.5% of the portfolio. It has two forward matrices corresponding to the same top 10 obligors and fixed-rate asset limits, which will be effective one-year post closing, provided that the collateral principal amount (defaults at Fitch-calculated collateral value) will be at least at the reinvestment target par balance. The transaction also includes various concentration limits, including a maximum exposure to the three- largest Fitch-defined industries in the portfolio at 40%. These covenants are intended to ensure the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction has a 4.6-year reinvestment period and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Modelling (Positive): The WAL used for the transaction's matrix and stressed portfolio analysis is 12 months less than the WAL covenant at the issue date. This is to account for the strict reinvestment conditions envisaged by the transaction after its reinvestment period. These include, among others, passing both the coverage tests and the Fitch 'CCC' bucket limitation test as well the 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 to D notes, but would lead to a one-notch downgrade for the class E and F notes. Based on the identified portfolio, downgrades 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 and shorter life of the identified portfolio than the Fitch-stressed portfolio, the class F notes have a cushion of three notches, the class B, D, and E notes two notches, and the class C notes one notch. 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 and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of up to four notches. 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, based on the Fitch-stressed portfolio, upgrades may occur, except for the 'AAAsf' notes, on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the remaining life of the transaction. After the end of the reinvestment period, upgrades may occur on stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover 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 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. BRIDGEPOINT CLO V: Fitch Assigns Final 'B-sf' Rating on Cl. F Notes ------------------------------------------------------------------- Fitch Ratings has assigned Bridgepoint CLO V DAC final ratings. Entity/Debt Rating Prior ----------- ------ ----- BridgePoint CLO V DAC A XS2661932892 LT AAAsf New Rating AAA(EXP)sf B-1 XS2661934245 LT AAsf New Rating AA(EXP)sf B-2 XS2661939715 LT AAsf New Rating AA(EXP)sf C XS2661944715 LT Asf New Rating A(EXP)sf D XS2661945100 LT BBB-sf New Rating BBB-(EXP)sf E XS2661946090 LT BB-sf New Rating BB-(EXP)sf F XS2661946173 LT B-sf New Rating B-(EXP)sf Subordinated XS2661949433 LT NRsf New Rating NR(EXP)sf TRANSACTION SUMMARY Bridgepoint CLO V DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds were used to fund a portfolio with a target par of EUR400 million that is actively managed by Bridgepoint Credit Management Limited. The collateralised loan obligation (CLO) has a 4.6-year reinvestment period and a 7.5-year weighted average life (WAL) test. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B'. The Fitch-calculated weighted average rating factor of the identified portfolio is 25.85. Strong Recovery Expectation (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-calculated weighted average recovery rate of the identified portfolio is 60.48%. Diversified Portfolio (Positive): The transaction includes two Fitch matrices effective at closing corresponding to the 10 largest obligors at 21% of the portfolio balance, and fixed-rate asset limits at 7.5% and 12.5% of the portfolio. The transaction also includes various concentration limits, including an 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 4.6-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 could extend the WAL test by one year on the date that is one year from closing, if the aggregate collateral balance (defaulted obligations at the lower of their market value and Fitch recovery rate) is at least at the target par and if the transaction is passing all its tests. Cash-flow Modelling (Neutral): The WAL used for the transaction's stressed-case portfolio analysis is 12 months shorter than the WAL covenant. This reflects the strict reinvestment criteria post reinvestment period, which includes satisfaction of the Fitch 'CCC' limitation and the coverage tests, as well as a WAL covenant that consistently steps down over time. In Fitch's opinion, these conditions reduce the effective risk horizon of the portfolio during stress periods. 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 result in downgrades of up to two notches for the class B to E notes and to below 'B-sf' for the class F notes. Based on the identified portfolio, downgrades 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 and shorter life of the identified portfolio than the Fitch-stressed portfolio, the class D, E and F notes display a rating cushion of two notches and the class B and C notes of one notch. 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 Fitch-stressed portfolio would lead to downgrades of up to four 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 the Fitch-stressed portfolio would lead to upgrades of up to two notches for the 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 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 in case of stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. DATA ADEQUACY BridgePoint CLO V DAC The majority of the underlying assets or risk presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk presenting entities. 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. HARVEST CLO XIV: Moody's Ups Rating on EUR12MM Cl. F Notes to Ba1 ----------------------------------------------------------------- Moody's Investors Service has upgraded the ratings on the following notes issued by Harvest CLO XIV Designated Activity Company: EUR25,000,000 Class D-R Senior Secured Deferrable Floating Rate Notes due 2029, Upgraded to Aaa (sf); previously on Feb 7, 2023 Upgraded to Aa1 (sf) EUR24,500,000 Class E-R Senior Secured Deferrable Floating Rate Notes due 2029, Upgraded to A1 (sf); previously on Feb 7, 2023 Upgraded to Baa2 (sf) EUR12,000,000 Class F Senior Secured Deferrable Floating Rate Notes due 2029, Upgraded to Ba1 (sf); previously on Feb 7, 2023 Affirmed Ba3 (sf) Moody's has also affirmed the ratings on the following notes: EUR32,000,000 (current outstanding amount EUR16,249,844.95) Class B-1-R Senior Secured Floating Rate Notes due 2029, Affirmed Aaa (sf); previously on Feb 7, 2023 Affirmed Aaa (sf) EUR10,000,000 (current outstanding amount EUR5,078,076.55) Class B-2-R Senior Secured Fixed Rate Notes due 2029, Affirmed Aaa (sf); previously on Feb 7, 2023 Affirmed Aaa (sf) EUR23,000,000 Class C-R Senior Secured Deferrable Floating Rate Notes due 2029, Affirmed Aaa (sf); previously on Feb 7, 2023 Affirmed Aaa (sf) Harvest CLO XIV Designated Activity Company, issued in November 2015 and refinanced in November 2017, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Investcorp Credit Management EU Limited. The transaction's reinvestment period ended in November 2019. RATINGS RATIONALE The rating upgrades on the Class D-R, Class E-R and Class F notes are primarily a result of deleveraging of the senior notes following amortisation of the underlying portfolio since the last rating action in February 2023. The outstanding senior notes have paid down by approximately EUR20.7 million (49.2%) since the last rating action in February 2023. As a result of the deleveraging, over-collateralisation (OC) has increased across the capital structure. According to the trustee report dated August 2023 [1] the Class A/B, Class C, Class D, Class E and Class F OC ratios are reported at 366.63%, 231.61%, 165.40%, 129.2% and 116.7% compared to December 2022 [2] levels of 239.71%, 184.18%, 147.13%, 122.91% and 113.73%, respectively. Moody's notes that the August 2023 principal payments are not reflected in the reported OC ratios. Key model inputs: The key model inputs Moody's uses in its analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on its published methodology and could differ from the trustee's reported numbers. In its base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR125.6m Defaulted Securities: EUR5.6m Diversity Score: 27 Weighted Average Rating Factor (WARF): 2972 Weighted Average Life (WAL): 2.46 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.55% Weighted Average Coupon (WAC): 4.68% Weighted Average Recovery Rate (WARR): 45.14% Par haircut in OC tests and interest diversion test: 0.88% The default probability derives from the credit quality of the collateral pool and Moody's expectation of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into its cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Moody's notes that the August 31, 2023 trustee report was published at the time it was completing its analysis of the August 9, 2023 data. Key portfolio metrics such as WARF, diversity score, weighted average spread and life, and OC ratios exhibit little or no change between these dates. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in December 2021. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as account bank and swap provider, using the methodology "Moody's Approach to Assessing Counterparty Risks in Structured Finance" published in June 2022. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Moody's analysed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. -- Long-dated assets: The presence of assets that mature beyond the CLO's legal maturity date exposes the deal to liquidation risk on those assets. Moody's assumes that, at transaction maturity, the liquidation value of such an asset will depend on the nature of the asset as well as the extent to which the asset's maturity lags that of the liabilities. Liquidation values higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. TIKEHAU CLO XI: Fitch Gives Final 'B-sf' Rating on Class F Notes ---------------------------------------------------------------- Fitch Ratings has assigned Tikehau CLO XI DAC's notes final ratings. Entity/Debt Rating ----------- ------ Tikehau CLO XI DAC A XS2672302937 LT AAAsf New Rating B-1 XS2672303075 LT AAsf New Rating B-2 XS2672303232 LT AAsf New Rating C XS2672303406 LT Asf New Rating D XS2672303661 LT BBB-sf New Rating E XS2672303828 LT BB-sf New Rating F XS2672304123 LT B-sf New Rating Sub notes XS2672304636 LT NRsf New Rating TRANSACTION SUMMARY Tikehau 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 EUR350 million. The portfolio is actively managed by Tikehau Capital Europe Limited. The collateralised loan obligation (CLO) has a 4.6-year reinvestment period and an 8.5-year weighted average life test (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 25.1. High Recovery Expectations (Positive): At least 90% of the portfolio will comprise senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the identified portfolio is 61.1%. Diversified Asset Portfolio (Positive): The transaction includes various concentration limits, including a maximum exposure to the three-largest Fitch-defined industries in the portfolio at 43%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction includes three Fitch matrices with two effective at closing that correspond to a top-10 obligor concentration limit of 25%, two fixed-rate asset limits of 10% and 5%, and an 8.5-year WAL test. The remaining one, which corresponds to a 7.5-year WAL test with the same top-10 obligor concentration limit and a fixed-rate asset limit of 10%, can be selected by the manager at any time one year after closing as long as the aggregate collateral balance (including defaulted obligations at the lower of market and Fitch-calculated recovery value) is at least at the reinvestment target par amount. The transaction has reinvestment criteria governing the reinvestment 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 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 and the Fitch 'CCC' bucket limitation tests post reinvestment, as well as a WAL covenant that progressively steps down over time, both before and after the reinvestment period. Fitch believes these conditions would reduce the effective risk horizon of the portfolio during the stress period. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) across all ratings and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would have no impact on the class A notes but would lead to downgrades of two notches for the class B notes, no more than one notch for the class C to E notes and a downgrade to below 'B-sf' for the class F notes. Based on the identified portfolio, downgrades may occur if the loss expectation is larger than initially assumed, due to unexpectedly high levels of default and portfolio deterioration. Due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio, the class B, and D to F notes display a rating cushion of two notches and class C notes a rating cushion of one notch. Should the cushion between the identified portfolio and the Fitch-stressed portfolio be eroded either due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR across all ratings and a 25% decrease of the RRR across all ratings of the stressed portfolio would lead to downgrades of up to four 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 the Fitch-stressed portfolio would lead to upgrades of up to two notches for the rated notes, except for the 'AAAsf' rated notes. During the reinvestment period, upgrades, which are based on the Fitch-stressed portfolio, may occur, except for the 'AAAsf' notes, on better-than-expected portfolio credit quality and a shorter remaining WAL enabling 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, except for the 'AAAsf' notes, 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 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 ========= GOLDEN BAR 2023-2: Fitch Gives Final 'B-sf' Rating on Class F Notes ------------------------------------------------------------------- Fitch Ratings has assigned Golden Bar (Securitisation) S.r.l. - Series 2023-2 final ratings. Entity/Debt Rating ----------- ------ Golden Bar (Securitisation) S.r.l. - Series 2023-2 Class A notes IT0005561276 LT AAsf New Rating Class B notes IT0005561284 LT A-sf New Rating Class C notes IT0005561292 LT BBBsf New Rating Class D notes IT0005561300 LT BB-sf New Rating Class E notes IT0005561318 LT Bsf New Rating Class F notes IT0005561326 LT B-sf New Rating Class Z notes IT0005561334 LT NRsf New Rating TRANSACTION SUMMARY The transaction is a revolving securitisation of vehicles loans featuring a standard amortisation (French) or balloon repayment granted to individuals (persone fisiche) and individual entrepreneur borrowers, by Santander Consumer Bank S.p.A. (SCB). SCB is wholly owned by Santander Consumer Finance, S.A. (A-/Stable/F2), the consumer credit arm of Banco Santander, S.A. (A-/Stable/F2). KEY RATING DRIVERS Low Default Risk: The collateral is mostly made up of auto loans granted to consumer borrowers, with minimal exposure to individual entrepreneur borrowers. The subsequent portfolio covenants during the revolving period allow for new vehicles to make up at least 50%, while the share of balloon loans is capped at 20%. Fitch's base-case default expectations are set at 1.75%, 3.5% and 1.5%, respectively, for new vehicles, used vehicles and balloon loans. Revolving Period Adds Risk: Fitch has determined the composition of a stressed pool at the end of the replenishment period by combining the deal covenants on the portfolio mix with the expected churn rate of the initial pool, and expects limited migration to a worse-quality composition. Fitch considered some of the early amortisation triggers loose compared with the expected portfolio performance and has reflected this in higher default stress multiples. Pro Rata Amortisation: The class A to E notes can repay pro rata until a sequential redemption event occurs. In its base case scenario, Fitch views the switch to sequential amortisation as unlikely, given the portfolio loss expectations compared with performance triggers. The mandatory switch to sequential pay-down when the outstanding collateral balance falls below a certain threshold mitigates tail risk. Replacement Servicer Reserve Fee Introduced: This transaction has a new feature, whereby a reserve that covers the future fees to be charged by a potential replacement servicer is posted on certain triggers being breached. Fitch believes the reserve will be adequate to cover stressed servicer fees at the maximum achievable rating for the notes throughout the transaction's life. No servicing fees are modelled as a result, resulting in higher excess spread being available to the structure. Excess Spread Notes Performance Sensitive: The class F notes are not collateralised and the related interest and principal will be paid from available excess spread. The class F notes will start amortising from the issue date and during the revolving period. Excess spread is highly volatile and sensitive to underlying loan performance. 'AAsf' Sovereign Cap: The class A notes are rated at their highest achievable rating, six notches above Italy's sovereign rating (BBB/Stable/F2), which is the cap for Italian structured finance and covered bonds. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The class A notes' rating is sensitive to changes to Italy's Long-Term Issuer Default Rating (IDR). A downgrade of Italy's IDR and the related rating cap for Italian structured finance transactions, currently 'AAsf', could trigger a downgrade of the class A notes' rating if available credit enhancement is sufficient to withstand stresses associated with higher ratings. Unexpected increases in the frequency of defaults or decreases in recovery rates could produce loss levels higher than the base case and result in potential rating action on the notes. For example, a simultaneous increase of the default base case by 25% and decrease of the recovery base case by 25% would lead to downgrades of up to three notches for the class A to E notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The class A notes' rating is sensitive to changes to Italy's Long-Term IDR. An upgrade of Italy's IDR and the related rating cap for Italian structured finance transactions, currently 'AAsf', could trigger an upgrade of the class A notes' rating, provided sufficient credit enhancement is available to withstand the stressed associated with higher rating scenarios. An unexpected decrease in the frequency of defaults or increase in recovery rates that would produce loss levels lower than the base case could result in rating action. For example, a simultaneous decrease in the default base case by 25% and increase in the recovery base case by 25% would lead to upgrades of up to three notches . DATA ADEQUACY Golden Bar (Securitisation) S.r.l. - Series 2023-2 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. 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 The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. =================== L U X E M B O U R G =================== ELEVING GROUP: Fitch Gives B-(EXP) LongTerm Rating on Sr. Sec Bonds ------------------------------------------------------------------- Fitch Ratings has assigned Eleving Group's (Eleving) proposed senior secured bonds an expected long-term rating of 'B-(EXP)' and a Recovery Rating of 'RR4'. The final rating is contingent on the receipt of final documents conforming to information already received. KEY RATING DRIVERS The bonds' rating is equalised with Eleving's Long-Term Issuer Default Rating (IDR) of 'B-', due to Fitch's expectation of average recoveries, as reflected in its 'RR4' Recovery Rating. This is because in Fitch's view the bonds' structural subordination to outstanding debt at operating entities offsets their secured nature. Eleving plans to raise up to EUR75 million with a five-year maturity, which will be guaranteed and secured by pledges on the equity and loan portfolios of its material subsidiaries outside sub-Saharan Africa and Uzbekistan (about 70% of Eleving's total assets at end-1H23). The proceeds will be used to prepay the EUR30 million bonds issued by Eleving's Latvian subsidiary due in March 2024 (ISIN LV0000802452) as well as other funding, such as that raised on Mintos, a Latvian-licensed platform for retail investing in loans. Fitch expects the net impact on leverage to be minimal (gross debt/tangible equity plus shareholder loans of 4.6x at end-1H23). The proposed bonds are rated at the same level as Eleving's EUR150 million bonds due in October 2026, because they rank equally and have the same guarantors and security package. The key rating drivers and sensitivities for Eleving's Long-Term IDR are outlined in its Rating Action Commentary published on 28 June 2023 (see 'Fitch Affirms Eleving Group at 'B-'; Outlook Stable' at https://www.fitchratings.com/site/pr/10238916). RATING SENSITIVITIES 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. 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 the 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. ESG CONSIDERATIONS The ESG Relevance Scores for Eleving are outlined in its Rating Action Commentary published on 28 June 2023 (see 'Fitch Affirms Eleving Group at 'B-'; Outlook Stable' at https://www.fitchratings.com/site/pr/10238916). Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the materiality and relevance of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visitwww.fitchratings.com/esg. Entity/Debt Rating Recovery ----------- ------ -------- Eleving Group senior secured LT B-(EXP) Expected Rating RR4 MALLINCKRODT INTERNATIONAL: $1.39BB Bank Debt Trades at 24% Off --------------------------------------------------------------- Participations in a syndicated loan under which Mallinckrodt International Finance SA is a borrower were trading in the secondary market around 75.6 cents-on-the-dollar during the week ended Friday, September 29, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.39 billion facility is a Term loan that is scheduled to mature on September 30, 2027. About $1.36 billion of the loan is withdrawn and outstanding. Mallinckrodt International Finance SA manufactures and distributes pharmaceutical products. The company's country of domicile is Luxembourg. TRAVELPORT FINANCE: $1.96BB Bank Debt Trades at 47% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Travelport Finance Luxembourg Sarl is a borrower were trading in the secondary market around 53.0 cents-on-the-dollar during the week ended Friday, September 29, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.96 billion facility is a Term loan that is scheduled to mature on May 29, 2026. The amount is fully drawn and outstanding. Travelport Finance Luxembourg Sarl operates as a subsidiary of Travelport Holdings Ltd. The Company's country of domicile is Luxembourg. TRINSEO MATERIALS: $750MM Bank Debt Trades at 16% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Trinseo Materials Operating SCA is a borrower were trading in the secondary market around 84.4 cents-on-the-dollar during the week ended Friday, September 29, 2023, according to Bloomberg's Evaluated Pricing service data. The $750 million facility is a Term loan that is scheduled to mature on May 3, 2028. About $730.3 million of the loan is withdrawn and outstanding. Trinseo is a specialty material solutions provider. The Company's country of domicile is Luxembourg. ===================== N E T H E R L A N D S ===================== KETER GROUP: EUR230MM Bank Debt Trades at 19% Discount ------------------------------------------------------ Participations in a syndicated loan under which Keter Group BV is a borrower were trading in the secondary market around 81.3 cents-on-the-dollar during the week ended Friday, September 29, 2023, according to Bloomberg's Evaluated Pricing service data. The EUR230.9 million facility is a Term loan that is scheduled to mature on October 31, 2023. The amount is fully drawn and outstanding. Keter Group BV manufactures and markets resin-based household and garden consumer products. The Company offers furniture, storage, and organization solutions, such as sheds, deck boxes, dining tables, seating lounge sets, cabinets, shelves, workbenches, sawhorses, tool chest systems, and outdoor toys. The Company's country of domicile is the Netherlands. UNIT4 GROUP: Fitch Affirms 'B' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed Unit4 Group Holding B.V.'s (formerly Bock Capital Bidco B.V.) Long-Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook. Fitch has also affirmed the company's senior secured loan facilities at long-term 'B+' with a Recovery Rating of 'RR3'. Fitch expects Unit4's EBITDA leverage to stabilise at 6.2x at end-2023 on stronger revenue growth and substantial cost cuts. The results of key efficiency improvement initiatives launched in 4Q22-1Q23 are starting to materialise in 2023. Unit4 benefits from sticky customer relationships leading to strong revenue stability, with growth largely in line with the broader enterprise resource planning (ERP) software market. KEY RATING DRIVERS Positive Growth Outlook: Fitch expects Unit4's core service revenue to grow broadly in line with the overall ERP market in the mid-to-high single digits. After having delayed IT upgrades in response to macroeconomic pressures, customers will be compelled to incur what Fitch views as essential expenditure to improve operational processes. Growing Recurring Revenue: Rapidly growing cloud revenue increases the proportion of recurring revenues in Unit4's total revenue, which Fitch views as credit positive in the long term, as recurring revenues are less volatile. Unit4 estimated its recurring revenue share at 78% at end-1H23, a significant 12% increase from a year ago. Pricing Flexibility: Growth will be supported by significant pricing flexibility as Unit4 can contractually increase its prices in line with inflation for the majority of its customers. Price increases in November 2022 contributed more than 2% to that year's revenue, and another round of tariff revisions is scheduled for November 2023. Focus on Costs, Profitability: Unit4's efforts to trim and rationalise its cost base have been a key factor in improving EBITDA generation in 2023. Fitch expects management to remain focused on efficiency with cost-cutting initiatives likely to have a long-lasting impact in supporting profitability. Among others, Unit4 moved some of its non-location specific roles to lower-cost jurisdictions, rationalised its office space use, reduced its reliance on external contractors and cut free support hours for customers. Significant Exceptional Expenses: Unit4 reported significant exceptional expenses in 2022 that are likely to weigh on its cash flow in 2023-2025. Fitch expects restructuring expenses to decline after the current initiatives run their course. In addition to significant restructuring charges, the company is managing some onerous contracts where costs are expected to be higher than revenue and is facing a few litigations where its customers are suing for damages. Despite some uncertainty over the ultimate financial impact of resolving these legacy issues, Fitch projects significant cash outlays at above 20% of EBITDA during 2023-2025. Long-Lasting Customer Relationship: Unit4 benefits from typically stable and long-term customer relationships leading to good revenue visibility. ERP software is essential for day-to-day operations and customers usually face a prohibitively high risk of operating disruption when switching their ERP provider. Unit4's annual customer churn is about 6%, which is broadly comparable with that of other ERP providers catering to small and medium-sized companies, such as TeamSystem Holding S.p.A. Expanding but Fragmented Market: The overall ERP software market is large and expanding, which provides ample growth opportunities for ERP providers including Unit4. However, the market is fragmented and intensely competitive, with providers of all sizes and market positioning, ranging from full ERP suite providers to single-functionality specialists. This diversity makes market share dominance less important and brings service capabilities and a focus on specific customer niche to the fore. Service Is Key: Unit4's ample capabilities in support services are important for catering to its target customer base of people-centric organisations. Along with offering up-to-date ERP software products, Fitch views it as key to maintaining niche competitiveness. However, these services are typically provided at a low margin, and they will likely weigh on overall profitability. Its 'total services' segment revenue accounted for nearly a quarter of its total revenue in 1H23, with only an 18% gross margin. Geographic Diversification: Unit4's good geographic diversification across the Nordics, continental Europe and the UK/Ireland, with some inroads into APAC and the US, leads to more resilient revenue generation than single country-focused providers'. Positive Cash Flow: Unit4's asset-light business model with a Fitch-defined EBITDA margin in the low to mid-20s and capex of around 2% of revenue generates strong cash flow, in its view. Fitch expects a significant portion of cash flow to be used for settling exceptional items in 2023-2025, with less emphasis on bolt-on acquisitions. Fitch also projects a higher share of cash flow to be used for interest payments after the current interest-rate cap expires in September 2024. High but Stabilised Leverage: Fitch projects Unit4's EBITDA leverage to improve to 6.2x at end-2023, after a temporary jump to 10.x at end-2022 on slow revenue growth and significant cost inflation. Fitch projects leverage to decline to below 6x from 2024, supported by stronger EBITDA generation. DERIVATION SUMMARY The closest Fitch-rated peer is TeamSystem Holding S.p.A. (B/Stable), a leading Italian accounting and ERP software company (about 40% market share) with recurring revenue at over 79% of total revenue in 2022, slightly ahead of Unit4's. TeamSystem holds stronger shares in its home market, but Unit4 has better geographic diversification. TeamSystem primarily caters to the SME sector with a churn rate in the 6%-10% range, comparable to Unit4's. Another segment peer is Dedalus SpA (B-/Stable), a leading pan-European healthcare software company, with a lower churn rate (below 1%) and more supportive industry trends with EU-wide rising healthcare digitalisation. However, Dedalus has limited pricing flexibility as many of its customers depend on public funding while it faces structurally higher R&D costs leading to higher leverage. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Organic revenue growth in the low-to-mid single-digits in 2023-2026 - Modestly improving EBITDA margins to above 28% by 2026, from above 25% in 2023 - An increase in cash interest in line with Fitch's global economic outlook projections for European benchmark interest rates after the interest-rate cap expiration in September 2024 - Capex at around 2% of revenue to 2026 - No shareholder distributions KEY RECOVERY RATING ASSUMPTIONS - The recovery analysis assumes that Unit4 would be reorganised as a going-concern (GC) in bankruptcy rather than liquidated given the group's intellectual knowledge and wide customer base with a low churn rate - Fitch estimates that the post-restructuring EBITDA would be about EUR78 million. Fitch would expect a default to come from higher competitive intensity leading to revenue losses or overspend on new products. The EUR78 million EBITDA is about 29% lower than Fitch's forecast 2023 EBITDA - An enterprise value (EV) multiple of 6.0x is applied to the GC EBITDA to calculate a post-reorganisation EV. The multiple is in line with that of other similar software companies with a low churn subscriber base and strong pre-dividend FCF generation - Administrative claims of 10% deducted from EV to account for bankruptcy and associated costs - Total amount of first-lien secured debt for claims includes EUR675 million senior secured term loan and an equally ranking multi-currency EUR100 million revolving credit facility (RCF), which Fitch assumes to be fully drawn - Fitch estimates the expected recoveries for senior secured debt at 54%. This results in the senior secured debt instrument rating of 'B+' - one notch above the 'B' IDR - and with a Recovery Rating 'RR3'. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Gross debt/EBITDA below 5x - EBITDA interest coverage sustained above 3x - Disciplined M&A with limited additional debt - Maintenance of healthy operating performance, with an increasing contribution of cloud revenues and robust FCF margins Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - EBITDA gross leverage persistently above 6.5x or slow progress in deleveraging to below this level due to, for example, shareholder distributions - EBITDA interest coverage persistently below 2.5x - Failure to improve profitability and to maintain robust revenue growth from cloud services leading to FCF margins in low single digits LIQUIDITY AND DEBT STRUCTURE Sufficient Liquidity: Fitch views Unit4's liquidity as satisfactory. By management estimates, the company had EUR23 million of cash on its balance sheet at end-1H23. This is supported by positive FCF generation and an EUR100 million RCF, which was tapped for EUR20 million at end-1H23 with a plan to repay it by year end. ISSUER PROFILE Unit4 is strategically focused on providing ERP solutions for medium-sized people-centric organisations such as non-profit and project-driven organisations and public finance entities. SUMMARY OF FINANCIAL ADJUSTMENTS Capitalised R&D expenses are treated as a cash cost deducted from EBITDA ESG CONSIDERATIONS The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Unit4 Group Holding B.V. LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ =========== T U R K E Y =========== YAPI KREDI 2023: Fitch Assigns Final BB+ Rating to 6 Tranches ------------------------------------------------------------- Fitch Ratings has assigned final ratings to six tranches of Yapi Kredi Diversified Payment Rights Finance Company Ltd's (Yapi Kredi DPR) series 2023 notes. The Outlook is Stable. The agency has also affirmed Yapi Kredi DPR's outstanding notes, as detailed below. Entity/Debt Rating Prior ----------- ------ ----- Yapi Kredi Diversified Payment Rights Finance Company Ltd 2013-D XS0950411834 LT BB+ Affirmed BB+ 2014-A XS1118209375 LT BB+ Affirmed BB+ 2015-B XS1199023638 LT BB+ Affirmed BB+ 2015-F XS1261205915 LT BB+ Affirmed BB+ 2017-G XS1739387642 LT BB+ Affirmed BB+ 2018-A XS1760837275 LT BB+ Affirmed BB+ 2018-B XS1777290278 LT BB+ Affirmed BB+ 2018-C XS1924942060 LT BB+ Affirmed BB+ 2019-A XS1957348367 LT BB+ Affirmed BB+ 2019-B XS1957348441 LT BB+ Affirmed BB+ 2019-C XS1957348797 LT BB+ Affirmed BB+ 2021-A TR009A70V301 LT BB+ Affirmed BB+ 2021-B TR009A70V2R8 LT BB+ Affirmed BB+ 2021-E TR009A70V4W4 LT BB+ Affirmed BB+ 2021-G TR009A70V4Y0 LT BB+ Affirmed BB+ 2021-H TR009A70V6A5 LT BB+ Affirmed BB+ 2021-I TR009A70V6J6 LT BB+ Affirmed BB+ 2022-A KY009A7B9SL4 LT BB+ Affirmed BB+ 2023-A KYMM004U64H3 LT BB+ New Rating 2023-B KY009A8LE1M9 LT BB+ New Rating 2023-C KYMM004U64J9 LT BB+ New Rating 2023-E KYMM004U64P6 LT BB+ New Rating 2023-F KYMM004U64Y8 LT BB+ New Rating 2023-G KY009A8LDVF1 LT BB+ New Rating TRANSACTION SUMMARY Yapi Kredi DPR is a future flow transaction of current and future diversified payment rights (DPRs) originated by Yapi ve Kredi Bankasi A.S. (YKB; B-/Stable) and denominated in US dollars, euros and sterling. DPRs are essentially payment orders processed by banks, which can arise for a variety of reasons but mainly reflect payments due on the export of goods and services, capital flows and personal remittances. The DPRs settled by YKB are mostly denominated in US dollars and euros. KEY RATING DRIVERS Originator Credit Quality: YKB's Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) of 'B' is driven by its Viability Rating of 'b' and is one notch above its Long-Term Foreign-Current IDR of 'B-', reflecting lower government intervention risk in local currency than in foreign currency. Fitch affirmed YKB's LC IDR at 'B' in September 2023, while revising its Outlook to Stable from Negative, in line with its rating action on Turkiye's IDR. GCA Score Supports Rating: Fitch has maintained the going-concern assessment (GCA) score of 'GC1' for YKB. The GCA score is a measurement of the likelihood of the business remaining a going concern and of underlying cash flow being generated if the company defaults on other liabilities. Limited Upgrade Potential: Fitch views the overall current risks of the Yapi Kredi DPR programme as being on a par with its GC1 peers in the Turkish market. However, the new issuance have increased the programme's share of the originator bank's long-term funding to 40.6%, which is the higher end of Fitch-rated Turkish DPR programmes. As long as this share remains at the current levels, it likely to limit rating upside. Sufficient Coverage: Fitch calculates the monthly debt service coverage ratio (DSCR) for the programme at 58x, based on the average monthly offshore flows processed through designated depositary banks (DDBs) in the past 12 months, after incorporating interest-rate stresses. Fitch also tested the sufficiency and sustainability of the DSCRs under various scenarios, including foreign-exchange stresses, a reduction in payment orders based on the top 20 beneficiary concentrations and a reduction in remittances based on the sharpest quarterly decline in the last five years. The results confirm sufficient DSCRs to support the assigned ratings. Diversion Risk Reduced: The transaction's structure, like those of peers, mitigates certain sovereign risks by keeping DPR flows offshore until scheduled debt service is paid to investors, allowing the transaction to be rated above Turkiye's Country Ceiling. Fitch believes diversion risk is materially reduced by the acknowledgement agreements signed by DDBs. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Significant variables affecting the rating of the transaction are the originator's credit quality, the GCA score, DPR flow development and debt service coverage. Fitch would analyse a change in any of these variables for the impact on the transaction's ratings. Another important consideration that could lead to rating action is the level of future flow debt as a percentage of the originating bank's overall liability profile, its non-deposit funding and long-term funding. This is factored into Fitch's analysis to determine the maximum achievable notching differential, given the GCA score. Yapi Kredi DPR programme debt represents a significant share of YKB's funding profile, particularly long-term funding. A significant increase of programme size could translate into rating pressure. In addition, the ratings of The Bank of New York Mellon (AA/Stable/F1+) as the issuer's account bank may constrain the ratings of DPR debt should Bank of New York Mellon be rated below the then ratings of the DPR debt and no remedial action is taken. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch does not currently anticipate developments triggering an upgrade. The main constraint on DPR notes' ratings is the originator's credit quality and the market conditions in Turkiye, which are relevant to DPR flows performance. Increased economic stability could benefit DPR flow performance and hence the rating. An increase in the level of future flow debt as a percentage of the originating bank's overall liability profile, its non-deposit funding and long-term funding could limit the maximum achievable notching differential, given the GCA score. Currently, the programme has a high DPR debt size as a percentage of originator's long-term funding. DATA ADEQUACY 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 did not review the results of a third-party assessment conducted on the asset portfolio information. 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 The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. [*] Fitch Revises Outlook on 8 Turkish DPR Programmes to Stable --------------------------------------------------------------- Fitch Ratings has revised the Outlook on eight Turkish diversified payment rights (DPR) programmes to Stable from Negative and affirmed the ratings. The rating actions follow the recent rating actions on the originator banks (see the rating action commentary dated September 22, 2023) and the rating action on Turkiye's sovereign rating (see the rating action commentary dated September 8, 2023). Entity/Debt Rating Prior ----------- ------ ----- Yapi Kredi Diversified Payment Rights Finance Company Ltd 2013-D XS0950411834 LT BB+ Affirmed BB+ 2014-A XS1118209375 LT BB+ Affirmed BB+ 2015-B XS1199023638 LT BB+ Affirmed BB+ 2015-F XS1261205915 LT BB+ Affirmed BB+ 2017-G XS1739387642 LT BB+ Affirmed BB+ 2018-A XS1760837275 LT BB+ Affirmed BB+ 2018-B XS1777290278 LT BB+ Affirmed BB+ 2018-C XS1924942060 LT BB+ Affirmed BB+ 2019-A XS1957348367 LT BB+ Affirmed BB+ 2019-B XS1957348441 LT BB+ Affirmed BB+ 2019-C XS1957348797 LT BB+ Affirmed BB+ 2021-A TR009A70V301 LT BB+ Affirmed BB+ 2021-B TR009A70V2R8 LT BB+ Affirmed BB+ 2021-E TR009A70V4W4 LT BB+ Affirmed BB+ 2021-G TR009A70V4Y0 LT BB+ Affirmed BB+ 2021-H TR009A70V6A5 LT BB+ Affirmed BB+ 2021-I TR009A70V6J6 LT BB+ Affirmed BB+ 2022-A KY009A7B9SL4 LT BB+ Affirmed BB+ Garanti Diversified Payment Rights Finance Company Series 2012-A LT BB+ Affirmed BB+ Series 2013-E XS0997596746 LT BB+ Affirmed BB+ Series 2014-A XS1051841234 LT BB+ Affirmed BB+ Series 2015-B XS1255923689 LT BB+ Affirmed BB+ Series 2018-A XS1924354126 LT BB+ Affirmed BB+ Series 2018-B XS1924354399 LT BB+ Affirmed BB+ Series 2019-A XS1959997757 LT BB+ Affirmed BB+ A.R.T.S. Ltd. Tranche 39 XS1227830731 LT BB+ Affirmed BB+ Tranche 44 XS1308681771 LT BB+ Affirmed BB+ Tranche 46 XS1434558661 LT BB+ Affirmed BB+ Tranche 47 XS1438306679 LT BB+ Affirmed BB+ Tranche 55 XS1438309186 LT BB+ Affirmed BB+ Tranche 61 XS1801860427 LT BB+ Affirmed BB+ TIB Diversified Payment Rights Finance Company Series 2012-A XS0798555966 LT BB+ Affirmed BB+ Series 2012-B XS0798556345 LT BB+ Affirmed BB+ Series 2013-D XS0985825172 LT BB+ Affirmed BB+ Series 2014-A XS1102748073 LT BB+ Affirmed BB+ Series 2014-B LT BB+ Affirmed BB+ Series 2015-B XS1210043136 LT BB+ Affirmed BB+ Series 2015-G XS1316496907 LT BB+ Affirmed BB+ Series 2016-B XS1508150452 LT BB+ Affirmed BB+ Series 2016-E XS1529855253 LT BB+ Affirmed BB+ Series 2016-F XS1508150023 LT BB+ Affirmed BB+ Series 2017-A XS1733314790 LT BB+ Affirmed BB+ Series 2017-H XS1739379623 LT BB+ Affirmed BB+ Series 2017-I XS1739379979 LT BB+ Affirmed BB+ Series 2022-A USMM0044CVQ9 LT BB+ Affirmed BB+ Series 2022-B USMM0044CW06 LT BB+ Affirmed BB+ Ziraat DPR Finance Company Series 2023-A LT BB+ Affirmed BB+ Series 2023-B LT BB+ Affirmed BB+ VB DPR Finance Company Tranche 2018-G XS1888267173 LT BB+ Affirmed BB+ Tranche 2019-A LT BB+ Affirmed BB+ Tranche 2021-A LT BB+ Affirmed BB+ Tranche 2021-B LT BB+ Affirmed BB+ Tranche 2021-D LT BB+ Affirmed BB+ Tranche 2021-E LT BB+ Affirmed BB+ Tranche 2021-F LT BB+ Affirmed BB+ Tranche 2021-G LT BB+ Affirmed BB+ Tranche 2021-H LT BB+ Affirmed BB+ Tranche 2023-A LT BB+ Affirmed BB+ Tranche 2023-B LT BB+ Affirmed BB+ Tranche 2023-C LT BB+ Affirmed BB+ Tranche 2023-D LT BB+ Affirmed BB+ Tranche 2023-E LT BB+ Affirmed BB+ Tranche 2023-F LT BB+ Affirmed BB+ Tranche 2023-G LT BB+ Affirmed BB+ Tranche 2023-H LT BB+ Affirmed BB+ Tranche 2023-I LT BB+ Affirmed BB+ DFS Funding Corp. Series 2021-A LT BB Affirmed BB Series 2021-B LT BB Affirmed BB Series 2021-C LT BB Affirmed BB Series 2021-D LT BB Affirmed BB Series 2021-E LT BB Affirmed BB Series 2021-F KYMM0035HV80 LT BB Affirmed BB Series 2021-G LT BB Affirmed BB Series 2021-H LT BB Affirmed BB Series 2021-I LT BB Affirmed BB Series 2023-A LT BB Affirmed BB Series 2023-B LT BB Affirmed BB Series 2023-C LT BB Affirmed BB Series 2023-D LT BB Affirmed BB Series 2023-E LT BB Affirmed BB Series 2023-F LT BB Affirmed BB Series 2023-G LT BB Affirmed BB Series 2023-H LT BB Affirmed BB Bosphorus Financial Services Limited Series 2017-B XS1735543628 LT BB Affirmed BB TRANSACTION SUMMARY The DPR programmes are financial future flow securitisations backed by the originating banks' generation of foreign-currency flows (typically denominated in US dollars, euros or sterling). Collateral consists of the banks' existing and future rights to receive foreign-currency payments into their accounts with correspondent banks abroad. DPRs can arise for a variety of reasons including payments due on the export of goods and services, capital flows, tourism and personal remittances. KEY RATING DRIVERS Fitch continues to equalise the programmes' ratings for originators with a GC1 score (ARTS, TIB DPR, Garanti DPR, Yapi DPR and VB DPR) at 'BB+' and for originators with GC2 score (Bosphorus and DFS) at 'BB', as it views the systemic stress in Turkiye to be more significant than the differentiating factors between the programmes over the short to medium term. However, any potential upgrades (if the corresponding originator's Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) was upgraded) could be limited by the large programme sizes. For VB DPR and Garanti DPR the outstanding DPR debt as a percentage of the originator bank's long-term funding is currently 39.3% (as of the June 2023 payment date) and 44.1% (as of the July 2023 payment date), respectively, which is the highest across all Fitch-rated Turkish DPR programmes. ARTS DPR ARTS' 'BB+' DPR rating reflects an increased four-notch uplift from Akbank T.A.S's LTLC IDR of 'B'. Fitch calculates the monthly debt service coverage ratio (DSCR) for the programme at 83x based on the monthly average offshore flows processed through designated depositary banks (of the past 12 months, and 38x based on the lowest monthly flows in the past five years, after incorporating interest-rate stresses. The outstanding programme size represents around 18.5% of the originator bank's LT funding. TIB DPR TIB's 'BB+' DPR rating reflects a four-notch uplift from Turkiye Is Banksai A.S's LTLC IDR of 'B'. Fitch calculates the monthly DSCR for the programme at 62x based on the average monthly flows of the past 12 months, and 25x based on the lowest monthly flows in the past five years. The outstanding programme size represents around 9.1% of the originator bank's LT funding. Garanti DPR Garanti's 'BB+' DPR rating reflects an increased four-notch uplift from Turkiye Garanti Bankasi A.S's LTLC IDR of 'B'. Fitch calculates the monthly DSCR for the programme at 60x based on the average monthly flows of the past 12 months, and 41x based on the lowest monthly flows in the past five years. The outstanding programme size represents around 44.1% of the originator bank's LT funding. VB DPR VB's 'BB+' DPR rating reflects an increased four-notch uplift from Turkiye Vakiflar Bankasi T.A.O's LTLC IDR of 'B'. Fitch calculates the monthly DSCR for the programme at 68x based on the average monthly flows of the past 12 months, and 10x based on the lowest monthly flows in the past five years. The outstanding programme size represents around 39.3% of the originator bank's LT funding. Yapi Kredi DPR Yapi Kredi's 'BB+' DPR rating reflects a four-notch uplift from Yapi ve Kredi Bankasi A.S's LTLC IDR of 'B'. Fitch calculates the monthly DSCR for the programme at 69x based on the average monthly flows of the past 12 months, and 32x based on the lowest monthly flows in the past five years. The outstanding programme size represents around 29.1% of the originator bank's LT funding. Bosphorus Bosphorus's 'BB' DPR rating reflects a three-notch uplift from QNB Finansbank A.S'sLTLC IDR of 'B'. Fitch calculates the monthly DSCR for the programme at 202x based on the average monthly flows of the past 12 months, and 88x based on the lowest monthly flows in the past five years. The outstanding programme represents around 10.5% of the originator bank's funding. DFS DFS's 'BB' DPR rating reflects an increased three-notch uplift from Denizbank A.S's LTLC IDR of 'B'. Fitch calculates the monthly DSCR for the programme at 45x based on the average monthly flows of the past 12 months, and 16x based on the lowest monthly flows in the past five years. The DPR programme size represents around 23.5% of the originator bank's LT funding. Ziraat DPR Ziraat DPR's 'BB+' DPR rating reflects a four-notch uplift from Turkiye Cumhuriyeti Ziraat Bankasi Anonim Sirketi's LTLC IDR of 'B'. Fitch calculates the monthly DSCR for the programme at 52x based on the average monthly flows of the past 12 months, and 19x based on the lowest monthly flows in the past five years. The outstanding programme size represents around 13.4% of the originator bank's funding. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The most significant variables affecting the transactions' ratings are the originator's credit quality, the GCA score, the DPR flows and debt coverage ratios. Fitch would analyse a change in any of these variables for the impact on the transactions' ratings. Another important consideration that could lead to rating action is the level of future flow debt as a percentage of the bank's overall liability profile, its non-deposit funding and long-term funding. This is factored into Fitch's analysis to determine the maximum achievable notching differential, given the GCA score. ARTS, Bosphorus, VB DPR, TIB DPR, Garanti DPR and Yapi Kredi DPR currently have a median to high level of DSCR (based on the average monthly collections for past 12 months) and Fitch expects them to be able to withstand a moderate decline in DPR flows. For other programmes, any moderate decline in flows could translate into a significant pressure on the DSCR levels. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch does not currently anticipate developments with a high likelihood of triggering an upgrade. The main constraint on DPR notes' ratings is the originator's credit quality and market conditions in Turkiye, which is relevant to DPR flow performance. Increased economic stability could contribute positively to DPR flow performance and consequently to the ratings. Fitch will review the DPR notes' rating if any of these variables changes. An increase in the level of future flow debt as a percentage of the originating bank's overall liability profile, its non-deposit funding and long-term funding could limit the maximum achievable notching differential, given the GCA score. Currently, VB DPR and Garanti have relatively high DPR debt as a percentage of the originator's LT funding. DATA ADEQUACY A.R.T.S. Ltd., Bosphorus Financial Services Limited, DFS Funding Corp., Garanti Diversified Payment Rights Finance Company, TIB Diversified Payment Rights Finance Company, VB DPR Finance Company, Yapi Kredi Diversified Payment Rights Finance Company Ltd, Ziraat DPR Finance Company Fitch has not conducted any checks on 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. ESG CONSIDERATIONS The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. ============= U K R A I N E ============= DTEK ENERGY: Fitch Lowers LongTerm IDRs to 'C' on Tender Offer -------------------------------------------------------------- Fitch Ratings has downgraded DTEK Energy B.V.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'C' from 'CC' following a tender offer to the holders of its 7.0%/7.5% senior secured payment-in-kind (PIK) toggle notes due 2027 and a consent solicitation. Fitch deems execution of the offer as a distressed debt exchange (DDE). The tender offer will be paid in cash and the discount to the nominal value of the bonds will be determined by an unmodified Dutch auction. KEY RATING DRIVERS Low Residual Liquidity: Fitch regards DTEK Energy's tender offer as a DDE given the company's weak financial profile, limited foreign-currency liquidity held abroad, restrictions on cross-border foreign-currency payments and its expectation of a repurchase materially below par. Its treatment of the tender offer as a DDE also reflects the consent solicitation for the proposed amendments in the bond documentation, including changes to some covenants. Tender to Deplete Cash: Following the USD26 million coupon payment of the toggle notes due at end- September 2023 (of which USD22 million will be paid to external parties and USD4 million will remain within DTEK Energy group) and the tender offer execution on 23 October 2023 for no less than USD50 million, DTEK Energy will have used up almost all of its cash currently available in its accounts. The following coupon payment is due at end-December 2023 together with USD10 million of bond repayment. DTEK Energy also has debt service on its Sense Bank loan totaling no more than USD3 million by end-2023. Still Subject to FX Moratorium: DTEK Energy has not yet been granted an exception to the Ukraine's foreign-exchange (FX) transfer moratorium, without which it cannot exchange cash available in Ukraine for foreign currency and transfer it abroad to service the notes. Repurchase Below Par: DTEK Energy plans to purchase with cash part of its outstanding about USD1.2 billion toggle notes due 2027 for an aggregate amount of not less than USD50 million of cash expense. Fitch expects the buyback to consist of a material reduction in terms as it is likely to be well below par, similarly as during previous tender offers in April 2023 or December 2022. Amendments to Bond Documentation: Proposed amendments will allow DTEK Energy to incur up to UAH5.2 billion of additional debt solely for fixing or replacing damaged or outdated equipment. Also, starting from 2024 it will be obliged to spend no less than USD50 million annually on bond repurchases or USD100 million if any restricted payments are made in the preceding year. The changes also encompass new covenants, including consolidated leverage ratio, to the restricted payments clause. Other changes are made to the definition of permitted business activities related to the development of battery energy storage systems, which are crucial for Ukraine's energy system, following ongoing Russian missile strikes on power plants and grid infrastructure. Restricted Default: Fitch expects to downgrade the IDR to 'Restricted Default' (RD) on the completion of the tender offer and simultaneously re-rate the company. Damaged Assets Stagnate Output: After four quarters of declining energy volumes since the Ukrainian-Russian war in February 2022 (falling by about 30% yoy), the trend reversed in 2Q23 with a 13% rise. Fitch expects energy volumes to remain stable in the following quarters, as DTEK Energy's damaged assets constrain its ability to increase supply to match high demand in both the autumn and winter seasons. Higher Price Caps Aid EBITDA: Increased price caps introduced by the regulator from July 2023 should translate into higher average selling prices, supporting DTEK Energy's EBITDA. Collection of trade receivables stabilised in 1H23 after a weak 2022 with considerable working-capital outflows. However, longer-term cash flow forecasts are uncertain at this stage, amid unclear duration and severity of the war with Russia. DERIVATION SUMMARY DTEK Energy's 'C' IDRs denote that a default or default-like process has begun. KEY ASSUMPTIONS KEY RECOVERY RATING ASSUMPTIONS - The recovery analysis assumes that DTEK Energy would be a going concern (GC) in bankruptcy and that the company would be reorganised rather than liquidated - A 10% administrative claim - Its GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganisation EBITDA level, on which Fitch have based the valuation of the company - The Fitch-calculated GC EBITDA of UAH5 billion reflects pressure resulting from the sustained invasion of Ukraine. This, however, represents an increase from its previous calculation of UAH2 billion, reflecting improvements in profitability and cash flow from operations as underscored in the 1H23 results - Debt is based on its estimate of post-restructuring debt - An enterprise value multiple of 3.0x - Eurobonds, bank loans and other debt rank equally among themselves - Its waterfall analysis generated a recovery computation for the notes in the 'RR5' band (11%-30%), indicating a 'C' instrument rating RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - An upgrade is unlikely due to the expected DDE - Timely payment of upcoming interest and maturities - Cessation of the military conflict, resumption of normal business operations and improved liquidity Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Execution of a DDE or non-payment of the interest and the maturing debt principal, which would result in a downgrade to 'RD'. The IDR will be further downgraded to 'D' if DTEK Energy enters into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedures, or ceases business LIQUIDITY AND DEBT STRUCTURE ISSUER PROFILE DTEK Energy is the largest private power-generating company in Ukraine, with a market share of electricity production of about 18%-19% in 2019-2020. ESG CONSIDERATIONS The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- DTEK Energy B.V. LT IDR C Downgrade CC ST IDR C Affirmed C LC LT IDR C Downgrade CC LC ST IDR C Affirmed C Natl LT C(ukr)Downgrade CCC(ukr) senior unsecured LT C Affirmed RR5 C =========================== U N I T E D K I N G D O M =========================== CONSTELLATION AUTOMOTIVE: GBP325MM Bank Debt Trades at 29% Off -------------------------------------------------------------- Participations in a syndicated loan under which Constellation Automotive Ltd is a borrower were trading in the secondary market around 70.8 cents-on-the-dollar during the week ended Friday, September 29, 2023, according to Bloomberg's Evaluated Pricing service data. The GBP325 million facility is a Term loan that is scheduled to mature on July 16, 2029. The amount is fully drawn and outstanding. Constellation Automotive Group Limited offers digital used car marketplace. The Company offers used passenger cars, utility vehicles, and trucks, as well as provide parts and accessories, repairs and maintenance, finance, and insurance services. The Company's country of domicile is the United Kingdom. GLASGOW CAR: Enters Administration, 25 Jobs Affected ---------------------------------------------------- Harry Williamson at The Scottish Sun reports that Glasgow Car Movers, a Scots car firm, has collapsed into administration leading to scores of job losses. Glasgow Car Movers has hauled thousands of vehicles every week since they started up in 1999. They operated a fleet of over 20 car transporters to move vehicles around Scotland for over 20 years. But now the Uddingston firm is going bust after recent troubles, The Scottish Sun discloses. According to The Scottish Sun, the business has been hit by Covid and rising costs. Bosses called in administrators from Interpath Advisory earlier this month, The Scottish Sun relates. Administrators are beginning to wind down the business after the crushing news, The Scottish Sun states. All 25 staff have lost their jobs now the company went bust, The Scottish Sun notes. It comes as several businesses have been feeling pressures from rising costs, The Scottish Sun relays. HARBOUR ENERGY: Fitch Alters Outlook on BB LongTerm IDR to Negative ------------------------------------------------------------------- Fitch Ratings has revised Harbour Energy PLC's Outlook to Negative from Stable, while affirming its Long-Term Issuer Default Rating (IDR) at 'BB' and senior unsecured rating at 'BB'. The Recovery Rating is 'RR4'. The Outlook revision reflects Harbour's reduced oil and gas reserves in 2022, resulting in a weak 2P reserve life of six years, and its expectation that without acquisitions and material reserves additions Harbour's production may decline in the next four years. The rating, however, is supported by Harbour's very low leverage as it has significantly reduced its gross debt in 2022-1H23, which should allow for acquisitions, and by a pipeline of new projects and prospects of organic reserves additions. Despite decreasing production and recently increased UK hydrocarbon taxes, Fitch expects Harbour to generate healthy pre-dividend free cash flow (FCF) at least in 2023-2025. KEY RATING DRIVERS Low Reserve Life: Harbour's reserve life is lower than peers', which puts its rating under pressure. Its 2P reserve life (based on projected 2023 production and end-2022 reserves) amounted to six years, lower than Aker BP ASA's (BBB/Stable) nine years and Neptune Energy Group Midco Limited's (BB+/Rating Watch Positive) 11 years. Harbour's absolute level of 2P reserves decreased to 410 million barrels of oil equivalent (MMboe) in 2022 from 488 MMboe in 2021 as its reserves additions in 2022 were low. Organic Opportunities: Harbour has significant 2C resources (455MMboe), some of which may be translated into 2P in the next four years. In particular, some reserves could be added through development of Zama (Mexico), Tuna (Indonesia), Timpan (Indonesia) and infill drilling across the UK and others. However, such additions are not certain. Low Leverage: Harbour's low reserves are partly counterbalanced by its very low debt levels. It sharply reduced its gross debt in 2022-1H23, which Fitch expects to result in low EBITDA net leverage (0.1x in 2023) and for the next four years, assuming no acquisitions and moderate dividend payments. Fitch does not rule out acquisitions, which were Harbour's main source of reserve additions in the past. Declining Production in UK: Harbour expects its production to decline to 185-195 thousand barrels of oil equivalent per day (kboe/d) in 2023, from 208 kboe/d in 2022, due mostly to a natural production decline as many of the company's fields are mature. Harbour's production is focused mainly on the UK (more than 90%), but Fitch expects the weight of international projects in its production portfolio to increase. EPL Tax Burden Manageable: The UK government's introduction of the energy profit levy (EPL) is credit-negative for Harbour but is overall manageable, given fairly high oil and gas prices. Its rating case estimates Harbour's tax charge to average around USD800 million p.a. in 2023-2025 (or around 35% of EBITDA). However, the lack of clarity about future evolution of UK taxes reduce Harbour's longer-term cash flow visibility. Material Decommissioning Obligations: Harbour's decommissioning liabilities at end-2022 were high at around USD4.1 billion (pre-tax, discounted at a risk-free rate in line with IFRS), or around USD10/boe per 2P reserves. Most decommissioning-related cash outflows are long-term and are partially tax-deductible. Fitch's approach is not to add decommissioning liabilities to debt, but to deduct them from projected funds flow from operations (FFO) as they are being incurred. Fitch assumes that over the forecast horizon Harbour's gross decommissioning expense will average around USD250 million per year on a pre-tax basis. Addressing Energy Transition Risks: Fitch assumes that at least in the next three to five years the impact of energy transition on oil and gas companies will be limited. However, over the long term, industry participants, and in particular pure upstream players, may be subject to more vigorous regulations, and their margins could be affected by carbon taxes and other regulatory measures. Harbour's target is to become carbon neutral on the Scope 1&2 basis by 2035 through minimising emissions and investments in carbon offsets. DERIVATION SUMMARY Harbour's level of production (1H23: 196kboe/d) is slightly higher than that of Neptune (140kboe/d) and Energean (145kboe/d), and significantly lower than that of Aker BP (467kboe/d). Its 2P reserve life is low relative to peers' (six years, versus Neptune's 11 years and Aker BP's nine years) and counterbalanced by substantial 2C resources and low leverage, allowing for acquisitions. KEY ASSUMPTIONS - Brent oil price: USD80/bbl in 2023, USD75/bbl in 2024, USD70/bbl in 2025, USD65/bbl in 2026, USD60/bbl in 2027 - Title transfer facility (TTF) gas price: USD13/mcf in 2023, USD10/mcf in 2024-2025, USD5/mcf in 2026-2027 - Production volumes declining by around 10% p.a. in 2023-2027 - Capex (including decommissioning and exploration) averaging approximately USD800 million across 2023-2027 RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - The rating is on Negative Outlook, therefore, Fitch does not expect positive rating action at least in the short term. However, stabilised production profile with an improved reserve life (organically or through acquisitions) while maintaining a conservative financial profile would lead to Outlook stabilisation. - Material improvement in the business profile while maintaining a conservative financial profile (e.g. EBITDA net leverage below 1.2x) would be positive for the rating Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Inability to stabilise reserves position (eg 2P reserve life remaining at or falling below six years, falling absolute level of reserves) and production levels - EBITDA net leverage consistently above 1.7x - Consistently negative FCF after dividends LIQUIDITY AND DEBT STRUCTURE RBL Cut, Strong Immediate Liquidity: In June 2023, Harbour's reserve-based loan (RBL) availability was reduced to USD1.1 billion, from USD2.7 billion, reflecting the EPL introduction and lower reserves. However, Harbour's immediate liquidity remains strong as its RBL was fully unutilised at end-July 2023, and its only material maturity (the USD500 million bond) is in 2026. Senior Unsecured Bond: Harbour's USD500 million senior unsecured notes (BB/RR4) are rated in line with the IDR, using a generic approach for 'BB' category issuers. This reflects the instrument ranking in the company's capital structure, in accordance with its Corporates Recovery Ratings and Instrument Ratings Criteria. ISSUER PROFILE Harbour is a medium-scale independent oil and gas producer with assets mainly in the UK Continental Shelf. ESG CONSIDERATIONS Harbour Energy PLC has an ESG Relevance Score of '4' for Waste & Hazardous Materials Management; Ecological Impacts due to high decommissioning obligations, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Harbour Energy PLC LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB INEOS ENTERPRISES: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed INEOS Enterprises Holdings Limited's (IE) Long-Term Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. Fitch has also affirmed INEOS Enterprises Holdings II Limited's euro term loan B (TLB) and INEOS Enterprises Holdings US Finco LLC's US dollar TLB senior secured ratings at 'BB+'. The Recovery Ratings on the debt instruments are 'RR2'. The IDR reflects IE's acquisitive strategy, which maintains relatively high EBITDA net leverage that Fitch expects to peak in 2023, due to weak chemical market fundamentals, and forecast at 3.2x on average in 2023-2026. The rating also captures an improving business profile as IE progressively increases its scale, diversification and vertical integration, with a focus on reducing costs of acquired businesses. The rating is also underpinned by IE's robust EBITDA margins. KEY RATING DRIVERS M&A, Weaker Earnings Increase Leverage: Fitch expects EBITDA net leverage to peak at 3.9x in FY23 as weaker EBITDA generation coincides with M&A activity. With the acquisition of Eramet's Titanium & Iron (renamed INEOS Tyssedal) and INEOS KOH, IE will have spent about EUR0.5 billion in 2022-2023. A gradual recovery of demand and increasing synergies from acquisitions will drive a reduction in EBITDA net leverage to below 3x by 2025. Fitch views the forecast leverage as commensurate with the rating, given the improving scale, diversification and vertical integration of the latest acquisitions. Diversification Supports Resilient Earnings: Strong performance in pigments and composites is continuing to support IE's earnings in 2023 amid broad-based destocking in the chemical sector. This mitigates weakness in solvents and chemical intermediates, which face volatile energy costs in Europe and increased competition from lower-cost regions. In contrast, in 2020 strong performance in solvents offset weak earnings in pigments, showcasing IE's diversification. Fitch has revised its previous expectation down and now expect Fitch-adjusted EBITDA to fall to EUR375 million in 2023 from EUR435 million in 2022, due to weak chemical demand globally. A recovery across all the segments and the full-year contribution from the latest acquisition will lift Fitch-adjusted EBITDA to EUR500 million in 2025. Margin Ranges Across Portfolio: Fitch forecasts IE's pigments EBITDA margin to recover to around 27% on average in 2024-2026 after a dip in 2023. For composites, Fitch expects the EBITDA margin to peak in 2023 and remain at the high levels of the past three years of around 18%. This contrasts with lower and more volatile EBITDA margins in solvents, which have fluctuated between 6% and 20% over the past four years, and chemical intermediates in low teens. INEOS KOH and Tyssedal will reinforce the contribution of higher-margin business of the pigments value chain. Moderate Scale, Niche Segments: IE's operations are dispersed across small- to medium-scale plants with limited integration or intra-group operational overlaps. With moderate, albeit expanding, scale due to M&A-driven growth, the group holds leading positions in certain niche markets, including among the top two titanium dioxide (TiO2) producers in the US and top three globally in its composites business. It also has strong regional leadership in most products. Cyclical Exposure: Pigments, composites, solvents and intermediates offer diversification across regions and markets. Diversification provides earnings stability as medical and personal hygiene or solvents offset pressures in the construction and automotive markets of pigments and composites. While the group's markets are diverse, Fitch sees concentration, particularly in pigments and composites, which jointly contribute roughly two-thirds of consolidated EBITDA and are exposed to the construction market. DERIVATION SUMMARY IE, Ineos Group Holdings S.A. (IGH, BB+/Negative) and Ineos Quattro Holdings Limited (BB/Stable) are independently managed subsidiaries of INEOS Limited. All three companies have good operational, regional and product diversification. Unlike IGH and Ineos Quattro, IE has smaller scale and is only a regional leader in niche chemical markets, but with modestly higher margins. IE's direct pigments peer is US-based Kronos Worldwide, Inc. (B+/Stable), which is twice as large in pigment capacity but with weaker margins and product concentration. Closest peers in specialty chemicals are W. R. Grace Holdings LLC (B+/Negative), H.B. Fuller Company (BB/Stable), and Ingevity Corporation (BB/Stable), all medium-sized specialty producers with market leadership in niche segments. IE is more diversified than Synthos Spolka Akcyjna (BB/Stable) and has similar scale. However, Synthos has stronger vertical integration. IE's profitability during normal economic conditions combines an EBITDA margin of 25% in TiO2, high teens in composites and low teens in other areas, leading to an overall 14%-16% margin. This is above that of H.B. Fuller and Kronos, but lags other chemical peers. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Revenues declining by 11% in 2023, before recovering to about EUR3 billion by 2024 - EBITDA in 2023 decreasing to around EUR375 million on weaker pigments and solvents, recovering to over EUR500 million by 2026 - Capex averaging about EUR120 million per year over 2023-2026 - Stable shareholder distributions of EUR100 million per year to 2026, in line with previous years RATING SENSITIVITIES Fitch has widened leverage sensitivities due to the increased scale and diversification following acquisitive growth and based on peer analysis. Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Significant improvement in scale or a record of more conservative financial policy underpinning EBITDA net leverage at below 2.5x on a sustained basis Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Aggressive M&A or shareholder distributions leading to EBITDA net leverage above 3.5x on a sustained basis - Protracted market pressure translating into EBITDA margins at below 14% on a sustained basis LIQUIDITY AND DEBT STRUCTURE Comfortable Liquidity: IE's cash balance stood at EUR302 million as of 1H23. Following July's refinancing of the TLBs, around 35% of IE's maturities fall due in 2026 and overall amortisation is moderate. ISSUER PROFILE IE is a chemical company involved in the production of intermediary chemicals. IE is organised into five operating segments: pigments, composites, solvents, chemical intermediaries and hygienics. SUMMARY OF FINANCIAL ADJUSTMENTS Fitch excludes EUR81.5 million lease liabilities from financial debt and reclassify EUR21.3 million amortisation of right-of-use assets and EUR2.8 million lease-related interest expense as cash operating costs. Fitch excludes EUR276.8 million shareholder loan from financial debt and reclassified the EUR100 million repayment of shareholder loan to common dividend payment. Fitch excludes EUR9.4 million non-recurring costs for the calculation of EBIT and EBITDA. ESG CONSIDERATIONS The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- INEOS Enterprises Holdings US Finco LLC senior secured LT BB+ Affirmed RR2 BB+ INEOS Enterprises Holdings Limited LT IDR BB- Affirmed BB- INEOS Enterprises Holdings II Limited senior secured LT BB+ Affirmed RR2 BB+ INLAND HOMES: Set to Go Into Administration ------------------------------------------- Marc da Silva at Property Industry Eye reports that housebuilder Inland Homes is to appoint administrators, as ongoing uncertainty related to regulatory failings means it cannot publish audited accounts for the past two financial years. Inland has filed a notice of intent to appoint administrators, with the directors selecting David Hudson and Phil Armstrong of FRP Advisory to oversee the process, Property Industry Eye relates. FRP has been working with the Buckinghamshire-based firm to investigate regulatory breaches that emerged earlier this year, Property Industry Eye recounts. Inland's chair and two non-executive directors, Don O'Sullivan and Nishith Malde, resigned earlier this year as the company, which is listed on AIM, admitted it may have breached rules for listed companies, Property Industry Eye states. In April, trading in Inland's shares was suspended after it missed the deadline for publishing its audited accounts for the year ending September 30, 2022, Property Industry Eye discloses. The collapse of the company brings to an end efforts by housing veteran Jolyon Harrison to rescue the housebuilder, Property Industry Eye notes. Harrison, Property Industry Eye says, was attempting to sell his NorthCountry Homes business to Inland as part of a complex rescue bid. IOG PLC: Set to Go Into Administration Amid Debt Talks ------------------------------------------------------ Allister Thomas at Energy Voice reports that IOG plc will be placed into administration as the troubled North Sea operator is overcome with debt and operational issues. According to Energy Voice, a notice has been filed in court after the board "regrettably concluded" it should be placed into administration having worked "exhaustively" to find a solution on its finances. IOG had been in talks for weeks over looming interest payments on a EUR100 million bond, due to expire on Sept. 29, Energy Voice relates. Analysts had warned that failure of IOG to meet its bond covenants risked its collapse, Energy Voice notes. On the bond waiver, IOG, as cited by Energy Voice, said discussions have been held with a group of senior bondholders and their advisers regarding a "potential additional capital injection and associated restructuring of the company". Those talks are expected to continue during the administration with a view to a potential restructuring solution, the company said, Energy Voice relays. As a result, IOG had requested to be suspended from trading on the AIM market as of 2:10 p.m. on Sept. 28) and their six month results to June 30, 2023, will not be released, Energy Voice recounts. "The Board are extremely disappointed to draw this unavoidable conclusion, having worked exhaustively to overcome the Company's financial circumstances," Energy Voice quotes Esa Ikaheimonen, chair of IOG, as saying. "We have not found a viable solution that would provide a return to shareholders. We regret the impact this outcome will have on our many stakeholders. I want to thank everyone involved, especially the IOG team, for their efforts through this very challenging period." The news comes weeks after the North Sea Transition Authority (NSTA) blocked a pair of licence extension requests, casting doubt over the next phase of its Saturn Banks development in the Southern North Sea, Energy Voice notes. IOG had a team of 51 people on its books as of December 2022. LYSANDER LAW: Bought Out of Administration in Pre-Pack Deal ----------------------------------------------------------- Business Sale reports that Lysander Law Limited, a law firm based in Bristol, has been sold out of administration in a pre-pack deal. According to Business Sale, Lysander Law Limited, which was formerly a personal injury specialist, has been acquired by RHL Solicitors. Lysander Law was incorporated in 2016 and traded profitably prior to the 2021 whiplash reforms. The reforms introduced a fixed tariff for injuries, while banning the inclusion of legal fees in claims. The company was also impacted by the COVID-19 pandemic, which led to significant delays in court cases, Business Sale states. The company sought to cut costs as part of its efforts to return to profitability, during which time its workforce reduced from 82 to 44, Business Sale recounts. Its directors sought to financially remodel the company in order to secure additional private investment or prepare the business for a solvent sale, Business Sale discloses. However, these efforts proved unsuccessful, leading to the appointment of a team from Begbies Traynor Group, led by Rob Insall, as administrators, Business Sale notes. The administrators undertook an accelerated sale process, resulting in the pre-pack sale of the firm to RHL Solicitors, Business Sale relates. MANSARD MORTGAGES 2006-1: Fitch Affirms 'BB+sf' Rating on B2a Notes ------------------------------------------------------------------- Fitch Ratings has upgraded Mansard Mortgages 2006-1 PLC'S (MM06-1) class B1a notes and Mansard Mortgages 2007-2 PLC'S (MM07-2) class B1a and B2a notes. All other classes have been affirmed. Entity/Debt Rating Prior ----------- ------ ----- Mansard Mortgages 2007-2 PLC Class A1a XS0333305299 LT AAAsf Affirmed AAAsf Class A2a XS0333306933 LT AAAsf Affirmed AAAsf Class B1a XS0333313988 LT AAsf Upgrade A+sf Class B2a XS0333340361 LT BBB-sf Upgrade BB+sf Class M1a XS0333308475 LT AAAsf Affirmed AAAsf Class M2a XS0333311693 LT AA+sf Affirmed AA+sf Mansard Mortgages 2006-1 PLC A2a 56418MAB5 LT AAAsf Affirmed AAAsf B1a 56418MAE9 LT AAAsf Upgrade AAsf B2a 56418MAF6 LT BB+sf Affirmed BB+sf M1a 56418MAC3 LT AAAsf Affirmed AAAsf M2a 56418MAD1 LT AAAsf Affirmed AAAsf TRANSACTION SUMMARY The transactions are backed by residential mortgages originated by Rooftop Mortgages, a non-conforming mortgage lender no longer active in the market. KEY RATING DRIVERS Credit Enhancement Accumulation: The cash reserves are non-amortising due to irreversible trigger breaches. As a result, credit enhancement (CE) for all notes continues to increase and is expected to keep doing so for the life of the transaction, despite the current pro-rata amortisation. CE for MM06-1's B1a notes has increased to 21.1% currently from 20.15% at the previous review. CE for MM07-2's B1a and B2a notes increased to 15.47% and 8.47% from 13.57% and 6.56% at the previous review, respectively. Deteriorating Asset Performance: The proportion of loans in arrears for both transactions has increased since the last review. MM06-1's total arrears have increased to 16.14% from 8.95%, while MM07-2's total arrears have increased to 14.79% from 8.11%. Fitch expects further deterioration of asset performance due to rising interest rates and inflationary pressure, which may lead to lower model-implied ratings (MIR) in future model updates. Consequently, MM07-2's M2a notes have been affirmed at one notch below their MIR, while the upgrades of the class B1a and B2a notes have been limited to one and four notches below their respective MIRS. Material Tail Risk: The upgrade of MM07-2's class B2a notes has been limited to four notches below its MIR. The transaction is currently amortising on a pro-rata basis but will switch to sequential amortisation once the pool factor reaches 10% or if one of the defined performance triggers is breached. As the most junior notes in the capital structure, this class has increased potential for tail risk, as while the borrower count reduces, the notes' ability to paydown will become dependent on the performance of a few borrowers. The junior position of these notes makes them particularly sensitive to a decline in recoveries from foreclosed assets. Liquidity Protection Mechanism: Both transactions benefit from both a static reserve fund and a non-amortising liquidity facility, which is entirely dedicated to cover senior fees, and interest shortfalls on all classes of notes. The reserve fund can be used to cover senior fees, interest shortfalls on the class A1 to B2 notes, and losses. The liquidity facility is available to all notes, but the availability below class A is subject to a principal deficiency ledger condition. 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 economic performance is strongly correlated to increasing levels of delinquencies and defaults that could reduce CE available to the notes. Fitch conducts sensitivity analyses by stressing both a transaction's base-case weighted average foreclosure frequency (WAFF) and weighted average recovery rate (WARR) assumptions, and examining the rating implications on all classes of issued notes. Under this scenario, Fitch assumed a 15% increase in the WAFF and a 15% decrease in the WARR. The results indicate downgrades of one and two notches on MM06-1's class B1a and MM07-2's class B1a notes, respectively. 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 upgrades of two and seven notches on MM07-2's class B1a and B2a notes, respectively. 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 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 Mansard Mortgages 2006-1 PLC has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to accessibility to affordable housing and compliance risks including fair lending practices, mis-selling, repossession/foreclosure practices and consumer data protection (data security), which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Mansard Mortgages 2006-1 PLC has an ESG Relevance Score of '4' for Human Rights, Community Relations, Access & Affordability due to a significant proportion of the pool containing owner-occupied loans advanced with limited affordability checks, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Mansard Mortgages 2007-2 PLC has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to accessibility to affordable housing and compliance risks including fair lending practices, mis-selling, repossession/foreclosure practices and consumer data protection (data security), which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Mansard Mortgages 2007-2 PLC has an ESG Relevance Score of '4' for Human Rights, Community Relations, Access & Affordability due to a significant proportion of the pool containing owner-occupied loans advanced with limited affordability checks which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. PETROFAC LIMITED: Fitch Alters Outlook on B+ LongTerm IDR to Stable ------------------------------------------------------------------- Fitch Ratings has revised Petrofac Limited's Outlook to Stable from Negative, while affirming its Issuer Default Rating (IDR) at 'B+'. Fitch has also affirmed the group's USD600 million senior secured notes rating at 'BB-' with a Recovery Rating of 'RR3'. The Stable Outlook mainly reflects improved revenue visibility in Petrofac's engineering & construction (E&C) segment, supported by strong new orders in 1H23 and a healthy pipeline of prospects. However, the rating remains constrained by weak operating profitability and high leverage metrics for 2023-2024. Fitch expects significant backlog growth to help gradually improve the group's weak operating profitability, which has been affected by low activity and ongoing completion of the legacy projects disrupted by the pandemic. Rating strengths are Petrofac's improved business profile, expected neutral-to-positive free cash flows (FCF), sufficient liquidity and a long-dated debt maturity profile limiting short-term refinancing risk. KEY RATING DRIVERS Improved E&C Revenue Visibility: Petrofac's improved revenue visibility is supported by an increased order backlog of about USD6.6 billion at end-June 2023, including USD3.4 billion new awards in its E&C segment, which until now had been limiting overall revenue visibility. Fitch expects continued increase in the order backlog in 2H23 and 2024 on a solid prospects pipeline of around USD60 billion to end-2024. Of the three major E&C awards in 1H23 one was the first contract in a multi-year six-platform agreement with TenneT to expand offshore wind capacity in the Dutch-German North Sea. The rapid backlog growth in the non-core new energies sector is balanced by two major awards being in its core markets, limiting execution risk. They are a petrochemical facility engineering, procurement, and construction (EPC) contract for STEP Polymers SPA in Algeria and gas compressor station for Abu Dhabi National Oil Company (ADNOC) in the UAE. Weak Operating Profitability: Fitch expects continued profitability pressures in 2023-2024 due to the combination of still subdued, but increasing, revenue, the lingering impacts from legacy contracts and unfavourable commercial settlements with clients mainly related to the pandemic. Fitch assumes low single-digit EBITDA margins in 2024 and recovery to mid-single digits in 2025-2026, on increased activity combined with continued receding impact from its commercial settlement in its mature E&C portfolio. In 1H23, Petrofac made good progress in resolving its historical disputes, which will support cash collection in 2H23. Execution Risk in Legacy Contracts: Execution risk is exacerbated by the pending completion of the remaining legacy contracts disrupted by the pandemic. The group expects to complete five of the remaining eight contracts during 2H23 or early 2024. The risk is partly mitigated by progress in construction of Thai Oil Clean Fuels contract in Thailand in 1H23, which was in line with the group's April's guidance. High Near-Term Leverage: Fitch expects EBITDA leverage to remain above its 4x negative sensitivity to 2024 due to subdued operating profitability, which limits rating headroom. Fitch expects gross leverage to decrease to around 4x in 2025 and below 3x in 2026, on an increasing E&C order backlog and receding impact of remaining legacy projects. Deleveraging prospect is supported by a prudent financial policy including reduced total debt quantum and suspended dividends. Petrofac has deleveraged its balance sheet since 2017, partly in response to a downturn in the oil industry and an SFO investigation. Improved Business Profile: Petrofac's business profile improved in 1H23 due to growing revenue visibility, which is now in line with expectations for a 'BB' category E&C company. Petrofac boasts a solid overall E&C market position, with a broad range of skills and services covering onshore and offshore works, and delivering projects in upstream and downstream oil and gas developments. Further, it has demonstrated its expertise in sustainable energy E&C activities, which firmly positions the group for the growth of this smaller but increasingly important sub-sector. FCF to Improve: Fitch expects neutral-to-positive FCF in 2023-2025 following high cash consumption in 2021-2022. Fitch assumes that Petrofac's cash flow will benefit from an improving order backlog in 2023-2025 and increasing operating profitability in 2024-2025. Nonetheless, this is subject to execution risk including successful completions of the remaining eight legacy contracts in addition to the prepayment-structure risk common to the E&C sector. Sound Financial Flexibility: Petrofac's completed recapitalisation in 2021 has improved its liquidity and debt maturity profile, limiting short-term refinancing risk. This long-term debt structure enables the group to plan and bid for its typical large-scale, multi-year E&C projects. It also provides the group with financial and operating headroom to pursue bidding opportunities with long lead times. DERIVATION SUMMARY Petrofac has no close direct peers in the Fitch-rated universe. Fitch views Petrofac's business profile as weaker than Saipem S.p.A.'s, mainly due to the latter's significantly stronger revenue visibility supported by its large backlog. Fitch views Petrofac's business profile as broadly in line with John Wood Group Plc's. Both companies boast a solid position in their core markets, sound geographic diversification and moderate, but improving, revenue visibility. Petrofac's financial profile is weaker than Fitch-rated infrastructure E&C contractor Webuild S.p.A.'s (BB/Stable), mainly due to expected weak operating profitability in 2023-2024 leading to high leverage metrics. KEY ASSUMPTIONS Key Assumptions Within Its Rating Case for the Issuer: - Revenue of around USD2.7 billion in 2023, USD3.2 billion in 2024, and gradually increasing to USD4.7 billion in 2026 - Negative EBITDA of around USD70 million in 2023. EBITDA margin at about 2% in 2024 and 4%-5% in 2025-2026 - Capex at about USD20 million in 2023 and USD30 million-USD35 million a year in 2024-2026 - Working-capital inflows at around 6% of revenue annually in 2023-2024 and 5% in 2025. Working- capital outflow of 2% in 2026 - Dividends of about USD90 million in 2025 and USD100 million in 2026. No dividends in 2023-2024 - No acquisitions in the next four years Recovery Assumptions: - The recovery analysis assumes that Petrofac would be reorganised as a going-concern (GC) in bankruptcy rather than liquidated. It mainly reflects Petrofac's strong market position, engineering capabilities, customer relationships and asset-light business model, following disposals in the integrated energy services division - For the purpose of recovery analysis Fitch assumed that the debt comprises USD600 million senior secured notes, its USD162 million revolving credit facility (RCF; assumed full drawdown), and USD90 million term loans. Fitch assumes that all debt instruments rank equally among themselves. - The GC EBITDA estimate of USD145 million reflects Fitch's view of a sustainable, post-reorganisation EBITDA level on which Fitch bases the enterprise valuation (EV). In such a scenario, stress on EBITDA would most likely result from severe operational challenges in lump-sum projects - Fitch applies a distressed EBITDA multiple of 4x to calculate a GC EV. The choice of multiple mainly reflects Petrofac's strong market position being offset by demand volatility in the oil and gas end-markets - After deducting 10% for administrative claims, its waterfall analysis generates a ranked recovery for the senior secured debt in the Recovery Rating 'RR3' band, indicating a 'BB-' instrument rating for the group's USD600 million senior secured notes, and justifying the one-notch uplift from the IDR. The waterfall analysis output percentage on current metrics and assumptions is 61%. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - EBITDA gross leverage below 3.5x on a sustained basis - Neutral-to-positive FCF on a sustained basis - Sustained recovery in the order book with no evidence of deterioration in the new orders' quality or margin dilution - Improved project diversification Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Lack of project wins and effective bidding management - Weakening financial flexibility - EBITDA gross leverage above 4.0x on a sustained basis - Inability to generate working-capital inflows - Negative FCF on a sustained basis - EBITDA margins weakening as a result of project losses or poorer project quality LIQUIDITY AND DEBT STRUCTURE Sufficient Liquidity: At 30 June 2023, Petrofac's liquidity profile comprised USD152 million readily available cash (excluding around USD101 million deemed not readily available by Fitch, mainly for intra-year working-capital swings). The group has access to an USD162 million RCF, fully drawn at 30 June 2023. Fitch projects positive FCF in 2H23 and 2024. Long-Dated Debt Structure: At 30 June 2023, Petrofac's debt maturity profile mainly comprised USD600 million senior secured notes due in 2026. The group also had around USD90 million term loans and a USD162 million RCF, both due in 4Q24. The long-dated debt maturity profile supports financial flexibility and limits refinancing risk. ISSUER PROFILE Petrofac is an international E&C service provider to the energy industry. The group designs, builds, operates and maintains energy facilities, delivered through a range of commercial models (lump-sum, reimbursable and flexible). ESG CONSIDERATIONS The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Petrofac Limited LT IDR B+ Affirmed B+ ST IDR B Affirmed B senior secured LT BB- Affirmed RR3 BB- SCOTGOLD RESOURCES: May Go Bust, Staff Put on Unpaid Leave ---------------------------------------------------------- Iona Brownlie at The Scottish Sun reports that Scotgold Resources, Scotland's only goldmine, could go bust after running into financial problems. Scotgold Resources previously warned they would need to raise significant funds to continue to operate, The Scottish Sun recounts. According to The Scottish Sun, and in an update the company said they had put the majority of their staff on unpaid leave and hoped to avoid going into administration. Bosses also confirmed they were in discussion to try and save key staff at their Cononish Mine in Tyndrum, Stirlingshire, The Scottish Sun notes. The key staff would continue to look after assets at the site as well as ensuring their regulatory and environmental obligations continued to be met, The Scottish Sun discloses. "As at September 28, the company has placed the majority of its employees on short-term unpaid leave until further notice, allowing the company time to advance the financing discussions and preserve funds to help retain some key trained staff members across mining and plant and maintenance," The Scottish Sun quotes a statement from the company as saying. The company are also understood to be in talks with administration specialists as a precaution, according to The Scottish Sun. It comes as Scotgold Resources review its operations in July after a "disappointing" production in the first half of this year, The Scottish Sun states. Scotgold is Scotland's first commercial gold producer. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week September 25 to September 29, 2023 ----------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- ------- ----- Republic of Austria Gov 0.850 6/30/2120 EUR 38.067 MC Brazil Downstream Tr 7.250 6/30/2031 USD 63.557 Vedanta Resources Ltd 6.125 8/9/2024 USD 64.872 Altice France Holding S 8.000 5/15/2027 EUR 47.042 Tele Columbus AG 3.875 5/2/2025 EUR 64.643 Altice Finco SA 4.750 1/15/2028 EUR 63.377 Atento Luxco 1 SA 8.000 2/10/2026 USD 0.459 Altice France Holding S 10.500 5/15/2027 USD 51.544 United Kingdom Gilt 0.625 7/31/2035 GBP 64.443 Unigel Luxembourg SA 8.750 10/1/2026 USD 38.757 EnfraGen Energia Sur SA 5.375 12/30/2030 USD 72.565 Tullow Oil PLC 7.000 3/1/2025 USD 69.751 Vedanta Resources Finan 8.950 3/11/2025 USD 66.583 Samhallsbyggnadsbolaget 2.875 EUR 9.777 Heimstaden AB 4.375 3/6/2027 EUR 52.018 Pro-Gest SpA 3.250 12/15/2024 EUR 70.518 DIC Asset AG 2.250 9/22/2026 EUR 52.863 Samhallsbyggnadsbolaget 2.250 8/12/2027 EUR 59.156 Ukraine Government Inte 7.750 8/1/2041 USD 46.653 Trinseo Materials Opera 5.125 4/1/2029 USD 54.031 Casino Guichard Perrach 4.498 3/7/2024 EUR 1.445 Samhallsbyggnadsbolaget 1.750 1/14/2025 EUR 74.086 SBB Treasury Oyj 1.125 11/26/2029 EUR 54.139 Samhallsbyggnadsbolaget 2.624 EUR 10.145 DEMIRE Deutsche Mittels 1.875 10/15/2024 EUR 62.531 Barclays PLC 4.375 USD 68.125 Samhallsbyggnadsbolaget 1.125 9/4/2026 EUR 64.399 Gol Finance SA 7.000 1/31/2025 USD 59.004 Braskem Netherlands Fin 5.875 1/31/2050 USD 74.362 Standard Chartered PLC 4.300 USD 75.955 SBB Treasury Oyj 0.750 12/14/2028 EUR 54.801 United Kingdom Inflatio 0.125 3/22/2051 GBP 74.535 Casino Guichard Perrach 3.992 EUR 0.337 Altice France SA/France 3.375 1/15/2028 EUR 69.731 ams-OSRAM AG 2.125 11/3/2027 EUR 69.889 Samhallsbyggnadsbolaget 2.625 EUR 10.247 Atos SE 1.000 11/12/2029 EUR 59.940 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5.875 10/1/2026 EUR 73.647 Heimstaden Bostad AB 3.248 EUR 56.070 Casino Guichard Perrach 5.250 4/15/2027 EUR 1.500 Herens Midco Sarl 5.250 5/15/2029 EUR 53.750 Global Fashion Group SA 1.250 3/15/2028 EUR 72.180 AI Candelaria Spain SA 5.750 6/15/2033 USD 72.532 Castellum AB 3.125 EUR 72.264 Citycon Oyj 4.496 EUR 65.840 Casino Guichard Perrach 6.625 1/15/2026 EUR 1.512 Ukraine Government Inte 7.750 9/1/2024 USD 33.724 Ukraine Government Inte 6.750 6/20/2028 EUR 26.690 BNP Paribas SA 4.625 USD 72.589 AT Securities BV 7.747 USD 44.500 Ukraine Government Inte 7.750 9/1/2026 USD 29.840 Metalcorp Group SA 8.500 6/28/2026 EUR 1.975 Intrum AB 3.000 9/15/2027 EUR 66.636 United Kingdom Gilt 0.875 1/31/2046 GBP 47.777 Ukraine Government Inte 4.375 1/27/2032 EUR 24.363 Codere Finance 2 Luxemb 12.750 11/30/2027 EUR 25.000 State of North Rhine-We 0.950 1/10/2121 EUR 37.072 Fastighets AB Balder 2.873 6/2/2081 EUR 66.847 Allianz SE 3.875 USD 68.069 Heimstaden Bostad AB 2.625 EUR 42.916 Standard 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Casino Guichard Perrach 3.580 2/7/2025 EUR 1.500 Canary Wharf Group Inve 1.750 4/7/2026 EUR 69.268 Heimstaden Bostad Treas 1.625 10/13/2031 EUR 61.784 Romanian Government Int 2.000 1/28/2032 EUR 73.167 Grand City Properties S 1.500 EUR 42.759 MorphoSys AG 0.625 10/16/2025 EUR 72.600 Altice France SA/France 5.500 10/15/2029 USD 70.569 United Kingdom Inflatio 0.125 11/22/2065 GBP 71.732 Eolo SpA 4.875 10/21/2028 EUR 72.010 Deutsche Bank AG 4.625 EUR 71.845 Teva Pharmaceutical Fin 4.100 10/1/2046 USD 63.837 Romanian Government Int 2.750 4/14/2041 EUR 60.923 Deutsche Bank AG 4.500 EUR 73.393 Kernel Holding SA 6.750 10/27/2027 USD 59.158 Carnival PLC 1.000 10/28/2029 EUR 66.381 Heimstaden AB 8.638 4/14/2025 SEK 67.573 Altice France SA/France 4.125 1/15/2029 EUR 69.570 Heimstaden Bostad AB 3.625 EUR 44.883 Aroundtown SA 2.125 EUR 34.481 Gol Finance SA 8.000 6/30/2026 USD 55.133 Nordea Bank Abp 3.750 USD 75.193 UBS Group AG 0.625 1/18/2033 EUR 69.664 UBS Group AG 4.375 USD 73.000 Ukraine Government Inte 7.750 9/1/2025 USD 32.945 ATF Netherlands BV 7.078 EUR 44.033 Unicaja Banco SA 4.875 EUR 71.510 Hellenic Republic Gover 1.875 1/24/2052 EUR 60.743 Ukraine Railways Via Ra 8.250 7/9/2026 USD 43.414 Heimstaden Bostad AB 3.375 EUR 46.171 Aragvi Finance Internat 8.450 4/29/2026 USD 66.775 Aroundtown SA 0.375 4/15/2027 EUR 74.233 NAK Naftogaz Ukraine vi 7.625 11/8/2026 USD 39.647 Mallinckrodt Internatio 10.000 6/15/2029 USD 16.375 Euroboden GmbH 5.500 10/1/2024 EUR 1.307 Ukraine Government Inte 9.750 11/1/2030 USD 29.844 Russian Foreign Bond - 5.100 3/28/2035 USD 35.466 Abengoa Abenewco 2 SA 1.500 10/26/2024 EUR 2.391 JSM Global Sarl 4.750 10/20/2030 USD 13.750 United Kingdom Inflatio 0.125 3/22/2058 GBP 72.402 VEON Holdings BV 3.375 11/25/2027 USD 68.834 Heimstaden Bostad Treas 1.000 4/13/2028 EUR 71.517 Aroundtown SA 3.375 EUR 42.026 Prosus NV 3.832 2/8/2051 USD 56.085 Delivery Hero SE 2.125 3/10/2029 EUR 69.573 NatWest Group PLC 4.600 USD 67.750 Aegon NV 0.496 NLG 64.787 Grupo Antolin-Irausa SA 3.500 4/30/2028 EUR 73.627 B2W Digital Lux Sarl 4.375 12/20/2030 USD 13.750 Italy Buoni Poliennali 1.500 4/30/2045 EUR 59.498 InterCement Financial O 5.750 7/17/2024 USD 67.307 Russian Foreign Bond - 4.375 3/21/2029 USD 48.313 NIBC Bank NV 2.850 2/21/2040 EUR 56.389 NAK Naftogaz Ukraine vi 7.125 7/19/2026 EUR 35.733 Dtek Renewables Finance 8.500 11/12/2024 EUR 51.858 AnaCap Financial Europe 8.725 8/1/2024 EUR 48.520 ING Groep NV 4.250 USD 67.592 Berkeley Group PLC/The 2.500 8/11/2031 GBP 66.670 Ukraine Government Inte 8.994 2/1/2026 USD 30.680 Hungary Government Inte 1.750 6/5/2035 EUR 69.227 Altice France SA/France 4.000 7/15/2029 EUR 68.844 Ukraine Government Inte 7.750 9/1/2029 USD 29.736 Aroundtown SA 1.625 EUR 31.817 Zenith Finco PLC 6.500 6/30/2027 GBP 74.397 MHP SE 7.750 5/10/2024 USD 68.199 Mithra Pharmaceuticals 4.250 12/17/2025 EUR 46.946 Compact Bidco BV 5.750 5/1/2026 EUR 64.059 VGP NV 1.500 4/8/2029 EUR 73.785 Air France-KLM 0.125 3/25/2026 EUR 17.404 Vodafone Group PLC 5.125 6/4/2081 USD 70.118 La Financiere Atalian S 5.125 5/15/2025 EUR 68.499 HSE Finance Sarl 5.625 10/15/2026 EUR 53.850 Gross & Partner Grundst 5.000 2/21/2025 EUR 64.983 United Kingdom Inflatio 0.125 11/22/2056 GBP 72.865 Deutsche Pfandbriefbank 8.474 EUR 68.747 Agps Bondco PLC 6.000 8/5/2025 EUR 38.318 French Republic Governm 1.750 5/25/2066 EUR 63.800 Clariane SE 1.875 EUR 29.290 Orpea SA 2.625 3/10/2025 EUR 26.486 Samhallsbyggnadsbolaget 7.500 6/26/2025 NOK 72.277 Samhallsbyggnadsbolaget 3.120 11/28/2024 NOK 73.000 Ziggo Bond Co BV 3.375 2/28/2030 EUR 74.437 BCP V Modular Services 6.750 11/30/2029 EUR 73.983 Codere Finance 2 Luxemb 11.000 9/30/2026 EUR 74.578 Agps Bondco PLC 4.250 7/31/2025 EUR 71.347 Samhallsbyggnadsbolaget 6.696 1/30/2027 SEK 60.185 Abengoa Abenewco 2 SA 1.500 10/26/2024 EUR 2.391 Mallinckrodt Internatio 10.000 4/15/2025 USD 11.000 Republic of Italy Gover 4.000 10/17/2049 USD 70.994 BAT International Finan 2.250 9/9/2052 GBP 39.988 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Turkey Government Bond 10.400 10/13/2032 TRY 64.350 Allianz SE 2.600 EUR 66.937 CaixaBank SA 3.625 EUR 69.028 Gazprom PJSC via Gaz Fi 1.540 6/30/2027 CHF 61.291 Nykredit Realkredit AS 1.000 10/1/2050 DKK 71.448 Idorsia Ltd 2.125 8/4/2028 CHF 45.583 CPI Property Group SA 3.750 EUR 28.080 Intesa Sanpaolo SpA 4.198 6/1/2032 USD 74.807 CNP Assurances SACA 4.875 USD 74.526 Audax Renovables SA 4.200 12/18/2027 EUR 65.119 Balder Finland Oyj 2.000 1/18/2031 EUR 63.301 Diebold Nixdorf Dutch H 9.000 7/15/2025 EUR 17.698 Heimstaden Bostad Treas 1.375 7/24/2028 EUR 70.601 Accor SA 0.700 12/7/2027 EUR 45.867 LEG Immobilien SE 0.750 6/30/2031 EUR 72.796 Signa Development Finan 5.500 7/23/2026 EUR 70.375 Samhallsbyggnadsbolaget 7.422 SEK 10.033 Hungary Government Bond 3.000 10/27/2038 HUF 60.745 CPI Property Group SA 4.875 EUR 37.752 Mutuelle Assurance Des 3.500 EUR 71.737 Electricite de France S 4.500 12/4/2069 USD 66.868 United Kingdom Gilt 1.750 7/22/2057 GBP 52.534 Swedbank AB 4.000 USD 72.319 Vonovia SE 1.625 9/1/2051 EUR 47.092 Rallye SA 4.371 2/28/2032 EUR 0.159 Heimstaden Bostad AB 3.000 EUR 44.839 Gazprom PJSC via Gaz Fi 1.500 2/17/2027 EUR 63.966 Nexity SA 0.250 3/2/2025 EUR 58.481 Raiffeisen Bank Interna 4.500 EUR 61.395 Euroboden GmbH 5.500 11/18/2025 EUR 1.851 EQT AB 0.875 5/14/2031 EUR 73.352 Heimstaden Bostad Treas 0.750 9/6/2029 EUR 63.440 Citycon Oyj 3.625 EUR 51.951 Delivery Hero SE 1.500 1/15/2028 EUR 71.823 Intesa Sanpaolo SpA 4.950 6/1/2042 USD 63.959 Cie de Phalsbourg Sarl 5.000 3/27/2024 EUR 64.658 Wirecard AG 0.500 9/11/2024 EUR 14.354 Kleopatra Holdings 2 SC 6.500 9/1/2026 EUR 63.174 Kingdom of Belgium Gove 0.400 6/22/2040 EUR 60.955 Codere Finance 2 Luxemb 13.625 11/30/2027 USD 9.125 Koninklijke Luchtvaart 0.750 CHF 24.250 Allianz SE 2.625 EUR 70.269 Russian Foreign Bond - 4.750 5/27/2026 USD 55.840 Prosus NV 4.027 8/3/2050 USD 58.501 Nostrum Oil & Gas Finan 5.000 6/30/2026 USD 64.576 Hungary Government Bond 2.250 4/20/2033 HUF 67.058 Bank Gospodarstwa 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42.913 Metinvest BV 8.500 4/23/2026 USD 66.000 Altice France SA/France 5.125 1/15/2029 USD 69.919 Offshore Drilling Holdi 8.375 9/20/2020 USD 1.375 Polyus Finance PLC 3.250 10/14/2028 USD 61.664 Solocal Group 10.526 3/15/2025 EUR 39.693 Prosus NV 2.778 1/19/2034 EUR 72.167 Garfunkelux Holdco 3 SA 7.750 11/1/2025 GBP 74.779 Julius Baer Group Ltd 3.625 USD 68.936 Yorkshire Water Finance 2.750 4/18/2041 GBP 62.623 CTP NV 1.500 9/27/2031 EUR 71.721 Endo Luxembourg Finance 6.125 4/1/2029 USD 72.000 Flamingo Lux II SCA 5.000 3/31/2029 EUR 64.417 Italy Buoni Poliennali 1.800 3/1/2041 EUR 67.867 BPCE SA 2.125 10/13/2046 EUR 73.398 Direct Line Insurance G 4.750 GBP 66.911 NAK Naftogaz Ukraine vi 7.375 7/19/2022 USD 58.550 Rallye SA 4.000 2/28/2032 EUR 0.139 Russian Railways Via RZ 0.840 3/12/2026 CHF 53.424 Brit Insurance Holdings 3.676 12/9/2030 GBP 71.591 Digital Dutch Finco BV 1.000 1/15/2032 EUR 71.658 Union Fenosa Preferente 5.248 EUR 70.923 Ageas SA/NV 3.875 EUR 72.999 Interpipe Holdings PLC 8.375 5/13/2026 USD 66.004 Metinvest BV 5.625 6/17/2025 EUR 69.449 Ilija Batljan Invest AB 6.975 12/15/2024 SEK 24.799 Haya Holdco 2 PLC 12.462 11/30/2025 EUR 38.536 Tinkoff Bank JSC Via TC 6.000 USD 48.864 Gazprom PJSC via Gaz Fi 3.500 7/14/2031 USD 60.228 Gazprom PJSC via Gaz Fi 3.000 6/29/2027 USD 71.000 E.ON SE 0.875 10/18/2034 EUR 73.845 Boparan Finance PLC 7.625 11/30/2025 GBP 66.986 Studentbostader i Norde 9.521 5/14/2024 SEK 52.100 Rothschild & Co Continu 3.470 EUR 66.358 MHP Lux SA 6.950 4/3/2026 USD 57.419 Rothesay Life PLC 4.875 USD 74.757 United Kingdom Gilt 1.625 10/22/2054 GBP 51.426 Gazprom PJSC via Gaz Fi 2.950 1/27/2029 USD 63.000 CPI Property Group SA 1.750 1/14/2030 EUR 63.433 Ukraine Railways Via Ra 7.875 7/15/2028 USD 38.684 Tullow Oil PLC 7.000 3/1/2025 USD 70.255 JT International Financ 3.300 9/14/2051 USD 60.572 ADLER Real Estate AG 3.000 4/27/2026 EUR 72.770 Republic of Austria Gov 0.750 3/20/2051 EUR 55.121 Deutsche Bank AG 1.375 2/17/2032 EUR 74.309 Shell International Fin 3.000 11/26/2051 USD 65.362 Hungary Government Inte 0.500 11/18/2030 EUR 73.282 Triodos Bank NV 2.250 2/5/2032 EUR 73.855 EnfraGen Energia Sur SA 5.375 12/30/2030 USD 72.429 Royalty Pharma PLC 3.300 9/2/2040 USD 67.287 Russian Foreign Bond - 5.625 4/4/2042 USD 67.663 Serbia International Bo 2.050 9/23/2036 EUR 62.012 Samhallsbyggnadsbolaget 6.703 4/11/2025 SEK 71.651 BAT International Finan 4.000 11/23/2055 GBP 55.959 Russian Foreign Bond - 4.250 6/23/2027 USD 52.120 Codere Finance 2 Luxemb 13.625 11/30/2027 USD 9.009 Desenio Group AB 9.221 12/16/2024 SEK 67.808 Sberbank of Russia Via 5.125 10/29/2022 USD 32.618 AerCap Ireland Capital 3.850 10/29/2041 USD 72.776 Gazprom PJSC via Gaz Fi 4.599 USD 59.500 Gazprom PJSC Via Gaz Ca 2.500 3/21/2026 EUR 72.420 BAE Systems PLC 3.000 9/15/2050 USD 64.856 La Financiere Atalian S 6.625 5/15/2025 GBP 67.753 Russian Foreign Bond - 7.500 3/31/2030 USD 66.029 Belfius Bank SA 3.625 EUR 74.938 Orsted AS 2.500 2/18/3021 GBP 66.322 Agps Bondco PLC 4.625 1/14/2026 EUR 33.449 MC Brazil Downstream Tr 7.250 6/30/2031 USD 63.279 Shell International Fin 3.250 4/6/2050 USD 69.555 Vonovia SE 0.750 9/1/2032 EUR 68.131 IOG Plc 13.072 9/20/2024 EUR 50.333 Pershing Square Holding 3.250 10/1/2031 USD 73.671 NPC Ukrenergo 6.875 11/9/2028 USD 26.766 Arrival SA 3.500 12/1/2026 USD 13.172 Sagax Euro Mtn NL BV 1.000 5/17/2029 EUR 74.027 Lloyds Banking Group PL 2.707 12/3/2035 GBP 73.126 MHP Lux SA 6.250 9/19/2029 USD 54.099 Grand City Properties S 6.332 EUR 59.515 VTB Bank OJSC Via VTB C 6.950 10/17/2022 USD 6.718 BUPA Finance PLC 4.000 GBP 59.500 Gazprom PJSC Via Gaz Ca 4.950 3/23/2027 USD 74.504 Bulgaria Government Int 1.375 9/23/2050 EUR 54.241 Logicor Financing Sarl 2.000 1/17/2034 EUR 64.771 Saga PLC 5.500 7/15/2026 GBP 74.825 PB International BV 7.625 12/31/2025 USD 41.100 Siemens Financieringsma 2.875 3/11/2041 USD 72.133 Gazprom PJSC Via Gaz Ca 4.950 2/6/2028 USD 74.924 EnBW Energie Baden-Wuer 2.125 8/31/2081 EUR 71.343 Housing & Care 21 3.288 11/8/2049 GBP 66.600 Russian Foreign Bond - 1.850 11/20/2032 EUR 36.688 Cardea Europe AG 7.250 12/8/2023 EUR 33.250 JAB Holdings BV 4.500 4/8/2052 USD 73.622 Moby SpA 7.750 2/15/2023 EUR 60.090 Orsted AS 1.500 2/18/3021 EUR 74.347 Quant AB 9.781 11/15/2025 EUR 67.451 Royalty Pharma PLC 3.350 9/2/2051 USD 60.717 Social Chain AG /The 5.750 4/7/2024 EUR 1.250 Croatia Government Inte 1.750 3/4/2041 EUR 69.711 State of North Rhine-We 2.150 3/21/2119 EUR 65.460 Republic of Belarus Int 5.875 2/24/2026 USD 48.225 VF Ukraine PAT via VFU 6.200 2/11/2025 USD 74.138 Czech Republic Governme 1.500 4/24/2040 CZK 64.453 Vienna Insurance Group 1.000 3/26/2036 EUR 71.698 Rickmers Holding AG 8.875 6/11/2018 EUR 2.193 SPP-Distribucia AS 1.000 6/9/2031 EUR 68.136 Cellnex Finance Co SA 3.875 7/7/2041 USD 71.379 Agps Bondco PLC 5.500 11/13/2026 EUR 32.206 Rothesay Life PLC 5.000 GBP 63.911 Electricite de France S 1.000 11/29/2033 EUR 73.404 British Telecommunicati 4.250 11/8/2049 USD 71.384 Slovenia Government Bon 1.175 2/13/2062 EUR 52.348 BNP Paribas SA 4.625 USD 75.750 Romanian Government Int 3.375 2/8/2038 EUR 72.599 Borets Finance DAC 6.000 9/17/2026 USD 48.771 Republic of Austria Gov 1.500 2/20/2047 EUR 70.828 DDM Debt AB 9.000 4/19/2026 EUR 68.902 Italy Buoni Poliennali 1.450 3/1/2036 EUR 72.428 LEG Immobilien SE 1.000 11/19/2032 EUR 70.222 Tinkoff Bank JSC Via TC 11.002 USD 55.000 Saxa Gres Spa 7.000 8/4/2027 EUR 4.193 Nexity SA 0.875 4/19/2028 EUR 38.015 Digital Intrepid Holdin 1.375 7/18/2032 EUR 73.013 Altice France Holding S 6.000 2/15/2028 USD 42.268 BNG Bank NV 0.125 4/19/2033 EUR 74.390 Just Group PLC 5.000 GBP 63.672 Phosagro OAO Via Phosag 2.600 9/16/2028 USD 64.421 UBS Group AG 3.179 2/11/2043 USD 67.680 Electricite de France S 2.000 12/9/2049 EUR 58.422 Altice France Holding S 10.500 5/15/2027 USD 51.264 State Agency of Roads o 6.250 6/24/2030 USD 27.532 BAWAG Group AG 5.125 EUR 73.522 Lendlease Europe Financ 3.500 12/2/2033 GBP 65.629 Metinvest BV 7.750 10/17/2029 USD 58.500 Severstal OAO Via Steel 3.150 9/16/2024 USD 5.485 Diebold Nixdorf Dutch H 9.000 7/15/2025 EUR 17.698 Logicor Financing Sarl 1.625 1/17/2030 EUR 73.573 Glencore Capital Financ 1.250 3/1/2033 EUR 72.361 Societe Generale SA 4.027 1/21/2043 USD 65.004 CK Hutchison Group Tele 2.625 10/17/2034 GBP 66.918 Ireland Government Bond 0.550 4/22/2041 EUR 62.964 Ireland Government Bond 0.400 5/15/2035 EUR 73.679 BMW Finance NV 0.200 1/11/2033 EUR 73.266 WM Morrison Supermarket 4.750 7/4/2029 GBP 58.822 HSE Finance Sarl 9.531 10/15/2026 EUR 57.519 OSB Group PLC 6.000 GBP 74.085 Deutsche Bank AG/New Yo 3.742 1/7/2033 USD 73.599 Samhallsbyggnadsbolaget 7.284 2/19/2024 SEK 74.566 Russian Railways Via RZ 2.200 5/23/2027 EUR 68.227 Aedifica SA 0.750 9/9/2031 EUR 72.174 Russian Foreign Bond - 2.650 5/27/2036 EUR 34.630 Aegon NV 1.425 NLG 72.011 Bank Gospodarstwa Krajo 2.250 7/21/2033 PLN 69.334 Alfa Bank AO Via Alfa B 5.950 4/15/2030 USD 1.359 Vnesheconombank Via VEB 6.800 11/22/2025 USD 6.507 Enel SpA 1.875 EUR 74.027 Siemens Financieringsma 2.875 3/11/2041 USD 71.889 Voltalia SA 1.000 1/13/2025 EUR 29.056 Fresnillo PLC 4.250 10/2/2050 USD 72.574 UBS Group AG 0.625 2/24/2033 EUR 70.859 Republic of Austria Gov 0.250 10/20/2036 EUR 67.989 Deutsche Bahn Finance G 0.625 12/8/2050 EUR 48.148 Ukraine Government Bond 12.700 10/30/2024 UAH 65.938 Saderea DAC 12.500 11/30/2026 USD 46.500 Maisons du Monde SA 0.125 12/6/2023 EUR 47.541 Marston's Issuer PLC 7.819 7/16/2035 GBP 70.635 Financiere Immobiliere 6.000 1/30/2025 EUR 9.587 Czech Gas Networks Inve 0.875 3/31/2031 EUR 73.202 Tresu Investment Holdin 8.554 1/2/2025 EUR 44.017 Agps Bondco PLC 5.000 4/27/2027 EUR 30.825 Kingdom of Belgium Gove 2.250 6/22/2057 EUR 74.797 AstraZeneca PLC 3.000 5/28/2051 USD 69.287 Southern Housing 2.375 10/8/2036 GBP 67.770 Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.499 Rallye SA 4.000 2/28/2032 CHF 1.702 Realkredit Danmark A/S 1.000 10/1/2050 DKK 71.484 Credit Bank of Moscow V 3.100 1/21/2026 EUR 27.901 Republic of Belarus Int 7.625 6/29/2027 USD 48.792 Development Bank of the 6.750 5/2/2024 USD 41.325 Samhallsbyggnadsbolaget 6.380 8/27/2025 NOK 68.460 Prosus NV 1.985 7/13/2033 EUR 67.700 University of Oxford 2.544 12/8/2117 GBP 49.789 Scandinavian Airlines S 0.625 CHF 9.440 BICO Group AB 2.875 3/19/2026 SEK 69.003 Slovenia Government Bon 0.488 10/20/2050 EUR 45.636 NET4GAS sro 8.040 1/28/2028 CZK 66.000 Altice France SA/France 5.500 1/15/2028 USD 74.530 FIGEAC-AERO 1.750 10/18/2028 EUR 23.104 Altice France SA/France 5.125 7/15/2029 USD 69.404 Samhallsbyggnadsbolaget 7.038 1/14/2025 SEK 70.990 Credit Bank of Moscow V 3.875 9/21/2026 USD 34.566 Sweden Government Bond 1.375 6/23/2071 SEK 54.576 Vonovia SE 1.000 6/16/2033 EUR 67.443 Abengoa Abenewco 2 SA 1.500 10/26/2024 USD 0.009 Gazprom PJSC via Gaz Fi 2.950 4/15/2025 EUR 74.134 Mutuelle Assurance Des 2.125 6/21/2052 EUR 69.590 Slovenia Government Bon 0.688 3/3/2081 EUR 38.005 Fnac Darty SA 0.250 3/23/2027 EUR 67.160 Orpea SA 2.000 4/1/2028 EUR 27.343 Raiffeisen Bank Interna 1.375 6/17/2033 EUR 71.590 Selina Hospitality PLC 6.000 11/1/2026 USD 25.512 European Financial Stab 1.450 9/5/2040 EUR 74.970 Nykredit Realkredit AS 1.000 10/1/2053 DKK 70.598 Chancellor Masters & Sc 0.250 6/27/2068 GBP 54.874 UBS Group AG 0.875 11/3/2031 EUR 74.797 Sweden Government Bond 0.500 11/24/2045 SEK 60.632 Paragon Treasury Plc 3.625 1/21/2047 GBP 70.383 Immigon Portfolioabbau 10.138 EUR 17.145 Blackstone Property Par 1.625 4/20/2030 EUR 73.605 Pandion AG 5.500 2/5/2026 EUR 67.414 Russian Railways Via RZ 1.195 4/3/2028 CHF 56.705 BNP Paribas SA 4.500 USD 73.750 Slovakia Government Bon 0.375 4/21/2036 EUR 63.847 CPI Property Group SA 5.800 SGD 43.838 Rallye SA 3.250 2/28/2032 CHF 0.145 TenneT Holding BV 0.500 11/30/2040 EUR 63.080 alstria office REIT-AG 1.500 11/15/2027 EUR 71.382 Electricite de France S 1.875 10/13/2036 EUR 73.542 VTB Bank PJSC Via VTB E 9.500 USD 17.644 State of North Rhine-We 1.750 7/11/2068 EUR 61.177 Ukraine Government Bond 9.990 5/22/2024 UAH 68.277 RWE AG 1.000 11/26/2033 EUR 73.302 Idavang A/S 11.009 11/11/2025 EUR 73.476 SAS AB 8.295 SEK 10.471 Oscar Properties Holdin 11.070 7/5/2024 SEK 48.576 Suek Securities DAC 3.375 9/15/2026 USD 69.099 Georgia Capital JSC 8.500 8/3/2028 USD 73.965 Abengoa Abenewco 2 SA 1.500 10/26/2024 USD 1.423 Russian Foreign Bond - 1.125 11/20/2027 EUR 38.898 Russian Railways Via RZ 7.487 3/25/2031 GBP 67.753 Vodafone Group PLC 3.000 8/12/2056 GBP 55.112 Cofinimmo SA 0.875 12/2/2030 EUR 74.917 National Grid Electrici 0.872 11/26/2040 EUR 59.352 BNP Paribas SA 0.625 12/3/2032 EUR 71.376 Czech Republic Governme 1.950 7/30/2037 CZK 74.492 ALROSA Finance SA 4.650 4/9/2024 USD 10.162 Aberdeen City Council 0.100 2/28/2054 GBP 69.520 Affordable Housing Fina 2.893 8/11/2043 GBP 72.985 Veganz Group AG 7.500 2/24/2025 EUR 60.828 Audax Renovables SA 2.750 11/30/2025 EUR 74.698 PREOS Global Office Rea 7.500 12/9/2024 EUR 4.260 Mallinckrodt Internatio 10.000 6/15/2029 USD 13.550 Derwent London PLC 1.875 11/17/2031 GBP 70.131 Thames Water Utilities 1.250 1/31/2032 EUR 74.877 Altice Finco SA 4.750 1/15/2028 EUR 63.444 NET4GAS sro 3.500 7/28/2026 EUR 66.017 UNIQA Insurance Group A 2.375 12/9/2041 EUR 73.956 Akelius Residential Pro 0.750 2/22/2030 EUR 72.313 Orpea SA 2.200 12/15/2024 EUR 27.928 CPI Property Group SA 2.750 1/22/2028 GBP 69.300 Alfa Bank AO Via Alfa B 5.900 USD 7.634 Sovcombank Via SovCom C 7.600 USD 4.035 BNP Paribas SA 2.824 1/26/2041 USD 63.754 TotalEnergies Capital I 3.127 5/29/2050 USD 67.891 Credit Bank of Moscow V 8.875 USD 13.056 Free and Hanseatic City 1.095 6/13/2046 EUR 62.123 Neoen SA 2.000 6/2/2025 EUR 44.198 Chelyabinsk Pipe Plant 4.500 9/19/2024 USD 58.616 BNP Paribas SA 1.250 7/13/2031 GBP 69.561 Unigel Luxembourg SA 8.750 10/1/2026 USD 38.678 Manchester Airport Grou 2.875 9/30/2044 GBP 62.554 Gazprom PJSC via Gaz Fi 1.850 11/17/2028 EUR 60.133 Royalty Pharma PLC 3.550 9/2/2050 USD 63.879 Thermo Fisher Scientifi 2.000 10/18/2051 EUR 63.002 Intu Debenture PLC 5.562 12/31/2027 GBP 40.083 Agri Resources Group SA 8.000 3/17/2026 EUR 9.645 Bank Millennium SA 8.940 1/30/2029 PLN 73.299 Bank Gospodarstwa Krajo 2.375 11/27/2040 PLN 61.712 Lukoil Securities BV 3.875 5/6/2030 USD 74.222 Lloyds Banking Group PL 4.344 1/9/2048 USD 73.155 Banque Federative du Cr 1.125 11/19/2031 EUR 73.782 Lukoil Capital DAC 3.600 10/26/2031 USD 72.284 Wuestenrot & Wuerttembe 2.125 9/10/2041 EUR 71.163 Syngenta Finance NV 4.375 3/28/2042 USD 70.637 DXC Capital Funding DAC 0.950 9/15/2031 EUR 71.503 Muenchener Rueckversich 1.000 5/26/2042 EUR 72.493 Metalloinvest Finance D 3.375 10/22/2028 USD 54.088 Nykredit Realkredit AS 1.500 10/1/2053 DKK 74.761 Sberbank of Russia Via 5.250 5/23/2023 USD 32.618 nextbike GmbH 6.000 3/31/2025 EUR 65.000 Berlin Hyp AG 0.375 4/21/2031 EUR 74.216 Slovenia Government Bon 1.750 11/3/2040 EUR 73.741 Russian Agricultural Ba 8.500 10/16/2023 USD 26.135 Ilija Batljan Invest AB 10.475 SEK 4.643 Smurfit Kappa Treasury 1.000 9/22/2033 EUR 73.249 ABN AMRO Bank NV 1.125 4/23/2039 EUR 71.667 Chesnara PLC 4.750 8/4/2032 GBP 72.797 John Lewis PLC 4.250 12/18/2034 GBP 61.537 Altarea SCA 1.750 1/16/2030 EUR 70.949 Societe Du Grand Paris 0.700 10/15/2060 EUR 37.038 Credit Bank of Moscow V 4.700 1/29/2025 USD 26.156 Slovakia Government Bon 1.000 10/13/2051 EUR 49.898 Vnesheconombank Via VEB 5.942 11/21/2023 USD 9.666 GTLK Europe Capital DAC 5.950 4/17/2025 USD 29.218 TenneT Holding BV 0.125 11/30/2032 EUR 74.826 Optivo Finance PLC 2.857 10/7/2035 GBP 73.820 Pershing Square Holding 3.250 10/1/2031 USD 73.118 Places For People Treas 2.500 1/26/2036 GBP 68.279 Kreditanstalt fuer Wied 0.875 7/4/2039 EUR 70.170 Ukreximbank Via Biz Fin 9.950 11/14/2029 USD 68.125 Prosus NV 2.031 8/3/2032 EUR 70.653 publity AG 5.500 6/19/2025 EUR 57.470 JAB Holdings BV 2.250 12/19/2039 EUR 69.782 Vonovia SE 1.500 6/14/2041 EUR 54.601 Schlote Holding GmbH 6.750 11/21/2024 EUR 27.649 UK Municipal Bonds Agen 1.625 8/26/2060 GBP 39.540 Adecco International Fi 0.500 9/21/2031 EUR 74.838 Metinvest BV 7.650 10/1/2027 USD 61.609 Vonovia SE 0.625 3/24/2031 EUR 71.787 EnBW International Fina 0.500 3/1/2033 EUR 72.150 Deutsche Telekom AG 3.625 1/21/2050 USD 70.908 Balder Finland Oyj 1.375 5/24/2030 EUR 62.813 K2A Knaust & Andersson 9.860 SEK 65.000 BAT International Finan 2.000 3/13/2045 EUR 57.151 Nykredit Realkredit AS 1.000 10/1/2053 DKK 65.782 Vonovia Finance BV 1.625 10/7/2039 EUR 59.568 Medtronic Global Holdin 1.375 10/15/2040 EUR 65.979 Nats En Route PLC 1.750 9/30/2033 GBP 70.686 Bigben Interactive 1.125 2/19/2026 EUR 64.610 Fresenius Finance Irela 0.875 10/1/2031 EUR 74.794 Soc Nationale SNCF SACA 1.000 1/19/2061 EUR 39.857 FF Group Finance Luxemb 3.250 11/2/2021 CHF 4.137 Credit Bank of Moscow V 5.150 2/20/2024 EUR 30.727 Vedanta Resources Finan 8.950 3/11/2025 USD 67.080 Pozavarovalnica Sava dd 3.750 11/7/2039 EUR 67.271 Wellcome Trust Ltd/The 1.500 7/14/2071 GBP 37.626 Hacienda Investments Lt 5.350 2/8/2028 USD 58.116 Slovakia Government Bon 2.000 10/17/2047 EUR 68.649 Hellenic Republic Gover 2.085 7/25/2057 EUR 30.248 AstraZeneca PLC 2.125 8/6/2050 USD 58.110 Aroundtown SA 3.000 10/16/2029 GBP 64.736 Jyske Realkredit A/S 1.000 10/1/2050 DKK 71.524 Herens Holdco Sarl 4.750 5/15/2028 USD 74.916 Republic of Belarus Int 6.200 2/28/2030 USD 37.978 UNEDIC ASSEO 0.500 5/25/2036 EUR 69.515 Shell International Fin 1.750 9/10/2052 GBP 45.094 Ageas SA/NV 1.875 11/24/2051 EUR 73.335 Karlou BV 7.750 6/18/2024 USD 11.400 JT International Financ 2.750 9/28/2033 GBP 74.247 SABIC Capital I BV 3.000 9/14/2050 USD 68.851 Groupe des Assurances d 1.850 4/21/2042 EUR 73.786 Mime Petroleum AS 13.500 3/21/2083 USD 20.000 SCF Capital Designated 3.850 4/26/2028 USD 65.808 Verbund AG 0.900 4/1/2041 EUR 66.373 Merlin Properties Socim 1.875 12/4/2034 EUR 70.403 Nordea Kredit Realkredi 1.000 10/1/2050 DKK 71.678 Ekosem-Agrar AG 2.500 12/7/2027 EUR 15.358 Turkey Government Bond 9.100 2/16/2028 TRY #N/A N/A Shell International Fin 2.875 11/26/2041 USD 70.181 HSBC Holdings PLC 4.000 9/8/2036 USD 73.677 Plusplus Capital Financ 11.000 7/29/2026 EUR 73.477 Ekosem-Agrar AG 2.500 7/31/2029 EUR 18.195 Lar Espana Real Estate 1.843 11/3/2028 EUR 73.751 Barclays PLC 3.330 11/24/2042 USD 67.240 Nestle Finance Internat 0.875 6/14/2041 EUR 65.539 BP Capital Markets BV 1.467 9/21/2041 EUR 63.498 Orange SA 0.625 12/16/2033 EUR 73.683 Electricite de France S 4.750 10/6/2045 USD 74.237 Slovakia Government Bon 2.250 6/12/2068 EUR 65.212 Societe Generale SA 3.625 3/1/2041 USD 62.544 Thermo Fisher Scientifi 1.625 10/18/2041 EUR 67.521 Parnassia Groep BV 1.200 12/1/2051 EUR 69.121 BNP Paribas SA 2.000 9/13/2036 GBP 62.995 Anheuser-Busch InBev SA 2.850 5/25/2037 GBP 74.846 Segro Capital Sarl 0.500 9/22/2031 EUR 73.359 Hexagon Housing Associa 3.625 4/22/2048 GBP 66.667 Basque Government 1.375 10/31/2070 EUR 41.006 LEG Immobilien SE 0.875 3/30/2033 EUR 67.568 Nykredit Realkredit AS 1.500 10/1/2053 DKK 70.348 Home Credit & Finance B 8.800 USD 5.364 Holcim Finance Luxembou 0.625 1/19/2033 EUR 71.630 BNP Paribas SA 2.824 1/26/2041 USD 63.974 Kenbourne Invest SA 4.700 1/22/2028 USD 59.996 Finland Government Bond 0.125 4/15/2036 EUR 67.566 Travelex Financing PLC 8.000 5/15/2022 EUR 0.303 VTB Bank OJSC Via VTB C 4.073 10/24/2024 CHF 16.000 Credit Bank of Moscow V 7.625 USD 26.434 Direct Line Insurance G 4.000 6/5/2032 GBP 71.929 Fastator AB 10.318 12/23/2025 SEK 70.906 UBS Group AG 4.375 USD 73.740 Trinseo Materials Opera 5.125 4/1/2029 USD 53.516 Sirius Real Estate Ltd 1.750 11/24/2028 EUR 74.858 CM.com NV 2.000 9/9/2026 EUR 64.474 Deutsche Telekom AG 1.750 12/9/2049 EUR 69.203 esure Group PLC 6.000 GBP 69.177 Senvion Holding GmbH 3.875 10/25/2022 EUR 0.145 Prosus NV 3.832 2/8/2051 USD 56.242 Air Berlin PLC 6.750 5/9/2019 EUR 0.363 ALROSA Finance SA 3.100 6/25/2027 USD 6.629 British Telecommunicati 4.250 11/8/2049 USD 70.570 Digital Intrepid Holdin 0.625 7/15/2031 EUR 71.533 Finland Government Bond 0.250 9/15/2040 EUR 60.350 Heineken NV 1.750 5/7/2040 EUR 72.958 Bayer AG 1.000 1/12/2036 EUR 68.508 Portugal Obrigacoes do 0.900 10/12/2035 EUR 74.044 Samhallsbyggnadsbolaget 4.500 3/10/2025 EUR 70.338 Pershing Square Holding 4.950 7/15/2039 USD 72.089 Enel Finance Internatio 1.125 10/17/2034 EUR 71.609 GTLK Europe Capital DAC 4.800 2/26/2028 USD 22.382 Barclays PLC 3.811 3/10/2042 USD 68.746 Imperial Brands Finance 1.750 3/18/2033 EUR 73.052 Cyprus Government Inter 2.250 4/16/2050 EUR 66.536 Cie de Financement Fonc 0.600 10/25/2041 EUR 60.980 SNCF Reseau 0.750 5/25/2036 EUR 70.588 Morhomes PLC 3.400 2/19/2038 GBP 74.717 United Utilities Water 1.875 6/3/2042 GBP 54.635 OMV AG 1.000 7/3/2034 EUR 74.315 Muenchener Hypothekenba 0.010 11/2/2040 EUR 55.770 Assura Financing PLC 1.625 6/30/2033 GBP 66.295 Wales & West Utilities 3.000 8/3/2038 GBP 71.038 Jyske Realkredit A/S 1.500 10/1/2053 DKK 74.881 UniCredit Bank AG 0.010 1/21/2036 EUR 65.937 Kreditanstalt fuer Wied 0.050 9/29/2034 EUR 71.095 Utmost Group PLC 4.000 12/15/2031 GBP 72.296 Enel Finance Internatio 0.875 6/17/2036 EUR 65.733 Hungary Government Bond 2.250 6/22/2034 HUF 64.013 Proximus SADP 0.750 11/17/2036 EUR 66.072 Agence Francaise de Dev 0.375 5/25/2036 EUR 66.802 Bromford Housing Group 3.125 5/3/2048 GBP 67.040 Repsol Europe Finance S 0.875 7/6/2033 EUR 74.711 Vnesheconombank Via VEB 6.025 7/5/2022 USD 7.295 Hacienda Investments Lt 5.075 2/15/2023 USD 25.175 Latvia Government Inter 1.375 5/16/2036 EUR 73.092 Aroundtown SA 3.625 4/10/2031 GBP 62.704 Banque Federative du Cr 3.103 EUR 74.833 EYEMAXX Real Estate AG 5.500 4/26/2023 EUR 1.726 UBS Group AG 3.179 2/11/2043 USD 67.627 Latvia Government Inter 1.875 2/19/2049 EUR 67.598 Landwirtschaftliche Ren 0.010 11/26/2040 EUR 56.571 State of North Rhine-We 1.950 9/26/2078 EUR 63.665 GTLK Europe Capital DAC 4.650 3/10/2027 USD 22.689 State of North Rhine-We 1.000 10/16/2046 EUR 61.482 Thames Water Utilities 2.375 4/22/2040 GBP 56.813 Russian Foreign Bond - 5.875 9/16/2043 USD 66.416 Abengoa Abenewco 2 Bis 1.500 4/26/2024 EUR 0.498 Credit Bank of Moscow V 7.500 10/5/2027 USD 21.609 TotalEnergies Capital I 3.386 6/29/2060 USD 67.822 Channel Link Enterprise 3.848 6/30/2050 GBP 65.169 BASF SE 1.625 11/15/2037 EUR 73.180 Societe Generale SA 4.027 1/21/2043 USD 65.097 Anglo American Capital 3.950 9/10/2050 USD 71.065 LSEGA Financing PLC 3.200 4/6/2041 USD 71.956 Southern Gas Networks P 1.250 12/2/2031 GBP 69.864 GlaxoSmithKline Capital 1.625 5/12/2035 GBP 67.371 Nederlandse Waterschaps 0.375 9/28/2046 EUR 51.679 LEG Immobilien SE 1.500 1/17/2034 EUR 70.683 Cie Generale des Etabli 0.625 11/2/2040 EUR 64.233 DH Europe Finance II Sa 1.350 9/18/2039 EUR 68.553 Sydbank AS 3.259 EUR 72.726 Metropolitan Housing Tr 1.875 7/28/2036 GBP 64.024 Land Securities Capital 2.750 9/22/2059 GBP 55.139 NET4GAS sro 2.745 1/28/2031 CZK 46.939 Kommunekredit 0.375 2/3/2045 DKK 53.171 Cooperatieve Rabobank U 0.750 6/21/2039 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EUR 74.509 Wellcome Trust Ltd/The 2.517 2/7/2118 GBP 49.869 ABN AMRO Bank NV 1.250 1/20/2034 EUR 74.848 Finland Government Bond 1.375 4/15/2047 EUR 69.837 Siemens Financieringsma 0.500 9/5/2034 EUR 72.493 MMK International Capit 4.375 6/13/2024 USD 27.930 Cadent Finance PLC 2.750 9/22/2046 GBP 57.682 Landesbank Hessen-Thuer 0.500 1/19/2037 EUR 69.196 Market Parent Finco PLC 6.750 10/1/2029 GBP 63.270 Shell International Fin 0.875 11/8/2039 EUR 62.379 Mitsubishi UFJ Investor 7.913 12/30/2099 EUR 2.922 Bulgaria Government Bon 1.500 6/21/2039 BGN 54.406 Soc Nationale SNCF SACA 0.875 2/28/2051 EUR 46.580 Evraz PLC 5.375 3/20/2023 USD 71.057 Altice France SA/France 5.500 10/15/2029 USD 70.652 GTLK Europe Capital DAC 4.949 2/18/2026 USD 19.180 Gol Finance SA 8.000 6/30/2026 USD 54.957 SRV Group Oyj 4.875 EUR 40.000 Standard Chartered PLC 4.300 USD 74.855 Russian Federal Bond - 6.100 7/18/2035 RUB 67.841 Nederlandse Gasunie NV 0.750 10/13/2036 EUR 67.800 BUPA Finance PLC 4.125 6/14/2035 GBP 74.308 Medtronic Global Holdin 1.750 7/2/2049 EUR 61.828 Nykredit Realkredit AS 2.000 10/1/2053 DKK 72.509 Storebrand Livsforsikri 1.875 9/30/2051 EUR 72.964 Grand City Properties S 2.000 10/25/2032 EUR 61.346 Lithuania Government In 0.750 7/15/2051 EUR 47.367 NIBC Bank NV 3.089 EUR 69.641 Petrobras Global Financ 4.750 4/2/2038 EUR 50.826 Altice France Holding S 8.000 5/15/2027 EUR 47.083 Luzerner Kantonalbank A 0.160 12/23/2043 CHF 70.595 Medtronic Global Holdin 1.625 10/15/2050 EUR 58.724 Sovcombank Via SovCom C 7.750 USD 1.358 National Grid PLC 0.750 9/1/2033 EUR 70.683 Air Berlin PLC 8.250 4/19/2018 EUR 0.446 Deutsche Telekom AG 3.625 1/21/2050 USD 70.681 East Slope Residencies 0.100 2/28/2062 GBP 59.547 Offentliga Hus I Norden 10.662 SEK 48.027 Clarion Funding PLC 1.875 9/7/2051 GBP 45.908 Ukraine Government Inte 6.876 5/21/2031 USD 27.323 Landesbank Baden-Wuertt 0.375 2/21/2031 EUR 74.735 JAB Holdings BV 3.750 5/28/2051 USD 64.032 Mondelez International 1.250 9/9/2041 EUR 64.036 Credit Agricole SA 2.811 1/11/2041 USD 63.894 Amprion GmbH 0.625 9/23/2033 EUR 72.382 Novo Banco SA/Luxembour 3.500 1/23/2043 EUR 73.278 GTLK Europe DAC 5.125 5/31/2024 USD 36.146 Enel Finance Internatio 0.875 9/28/2034 EUR 70.325 BP Capital Markets BV 0.933 12/4/2040 EUR 59.024 SKF AB 0.250 2/15/2031 EUR 74.835 Shell International Fin 1.000 12/10/2030 GBP 73.768 PIK Securities DAC 5.625 11/19/2026 USD 44.320 Intesa Sanpaolo SpA 4.700 9/23/2049 USD 69.241 Home Group Ltd 3.125 3/27/2043 GBP 66.539 Solocal Group 10.526 3/15/2025 EUR 31.572 Vodafone Group PLC 3.375 8/8/2049 GBP 63.261 ABN AMRO Bank NV 0.625 1/24/2037 EUR 69.960 TMK OAO Via TMK Capital 4.300 2/12/2027 USD 65.144 Alfa Bank AO Via Alfa B 6.950 USD 5.641 Island Offshore Shiphol 9.630 6/30/2024 NOK 45.352 TotalEnergies Capital I 1.618 5/18/2040 EUR 71.598 Ukraine Government Bond 15.500 10/2/2024 UAH 68.839 Magnolia Bostad AB 11.784 5/19/2026 SEK 70.033 Libra Longhurst Group T 3.250 5/15/2043 GBP 68.411 Aroundtown SA 2.912 9/20/2030 EUR 63.931 Motability Operations G 1.500 1/20/2041 GBP 56.340 Free State of Bavaria 0.010 1/18/2035 EUR 69.626 Orange SA 0.750 6/29/2034 EUR 73.339 Free State of Saxony 0.010 12/17/2035 EUR 67.026 Aegon Bank NV 0.375 6/9/2036 EUR 68.272 Rallye SA 3.400 2/28/2032 EUR 0.131 Ukraine Government Inte 15.840 2/26/2025 UAH 71.966 GTLK Europe Capital DAC 4.349 2/27/2029 USD 20.824 Platform HG Financing P 1.625 8/10/2055 GBP 43.250 NRW Bank 1.250 3/21/2044 EUR 68.893 Lithuania Government Bo 0.300 2/12/2032 EUR 71.770 South Eastern Power Net 1.750 9/30/2034 GBP 67.731 Russian Federal Bond - 5.900 3/12/2031 RUB 74.826 Vonovia Finance BV 1.125 9/14/2034 EUR 64.570 JSM Global Sarl 4.750 10/20/2030 USD 17.250 BNG Bank NV 0.805 6/28/2049 EUR 53.627 Ukraine Government Bond 19.750 7/22/2026 UAH 72.201 National Grid Electrici 2.000 4/17/2040 GBP 58.645 Sibur Securities DAC 2.950 7/8/2025 USD 65.418 Novolipetsk Steel Via S 1.450 6/2/2026 EUR 69.463 EYEMAXX Real Estate AG 5.500 7/22/2025 EUR 18.958 Dexia Credit Local SA 5.528 EUR 2.351 Russian Foreign Bond - 4.250 6/23/2027 USD 52.120 United Utilities Water 0.875 10/28/2029 GBP 74.219 VTR Finance NV 6.375 7/15/2028 USD 43.156 Allied Irish Banks PLC 12.500 6/25/2035 GBP 58.058 Tele Columbus AG 3.875 5/2/2025 EUR 65.000 Nordea Kredit Realkredi 1.000 10/1/2053 DKK 65.873 EWE AG 0.375 10/22/2032 EUR 72.385 Nykredit Realkredit AS 0.500 10/1/2053 DKK 65.349 BNG Bank NV 0.250 11/22/2036 EUR 66.507 Nationwide Building Soc 0.500 5/5/2041 EUR 60.299 State of North Rhine-We 1.750 10/26/2057 EUR 66.366 R-Logitech Finance SA 10.250 9/26/2027 EUR 30.253 Zurich Finance Ireland 1.625 6/17/2039 EUR 72.689 Diageo Finance PLC 2.750 6/8/2038 GBP 72.365 Cellnex Finance Co SA 3.875 7/7/2041 USD 69.629 WPP Finance 2013 2.875 9/14/2046 GBP 57.050 Nationale-Nederlanden B 0.050 11/12/2040 EUR 55.890 Orange SA 1.375 9/4/2049 EUR 64.027 Talanx AG 1.750 12/1/2042 EUR 74.800 HOWOGE Wohnungsbaugesel 1.125 11/1/2033 EUR 71.978 Becton Dickinson Euro F 1.336 8/13/2041 EUR 62.071 Ghelamco Invest 4.250 1/21/2027 EUR 71.957 Magnolia Bostad AB 10.670 3/18/2025 SEK 74.244 Societe Generale SA 3.625 3/1/2041 USD 63.054 Prosus NV 4.987 1/19/2052 USD 66.483 Privatbank CJSC Via UK 10.250 1/23/2018 USD 3.392 Ukraine Government Inte 7.750 8/1/2041 USD 46.586 Scottish Hydro Electric 2.125 3/24/2036 GBP 67.165 Russian Foreign Bond - 4.375 3/21/2029 USD 48.313 Deutsche Bahn Finance G 0.625 4/15/2036 EUR 69.385 Russian Federal Bond - 7.000 7/30/2036 RUB 72.515 Unibail-Rodamco-Westfie 0.875 3/29/2032 EUR 72.433 Investor AB 0.375 10/29/2035 EUR 66.396 Snam SpA 1.000 9/12/2034 EUR 71.855 Clarion Funding PLC 3.125 4/19/2048 GBP 64.327 Samhallsbyggnadsbolaget 3.000 4/3/2040 EUR 46.464 Severn Trent Utilities 2.000 6/2/2040 GBP 57.729 Nordea Kredit Realkredi 1.000 10/1/2050 DKK 67.256 Land Thueringen 0.125 1/13/2051 EUR 41.666 Realkredit Danmark A/S 1.000 10/1/2053 DKK 65.783 Andorra International B 1.700 10/13/2041 EUR 64.019 La Poste SA 0.625 1/18/2036 EUR 67.502 Novo Banco SA/Luxembour 3.500 2/19/2043 EUR 73.383 Sovcombank Via SovCom C 8.000 4/7/2030 USD 6.581 Operateur de Reseaux d' 2.850 2/3/2045 EUR 73.860 CNP Assurances SACA 1.875 10/12/2053 EUR 71.587 3i Group PLC 3.750 6/5/2040 GBP 71.037 Air Berlin PLC 5.625 5/9/2019 CHF 0.408 Nostrum Oil & Gas Finan 7.000 2/16/2025 USD 25.375 Ukraine Government Inte 7.253 3/15/2035 USD 27.625 Region Wallonne Belgium 1.050 6/22/2040 EUR 64.909 Genfit SA 3.500 10/16/2025 EUR 25.209 BAWAG PSK Bank fuer Arb 0.010 11/19/2035 EUR 64.593 Realkredit Danmark A/S 1.000 10/1/2050 DKK 67.095 Intesa Sanpaolo SpA 2.625 3/11/2036 GBP 64.776 Royal Schiphol Group NV 0.750 4/22/2033 EUR 74.856 NPC Ukrenergo 6.875 11/9/2028 USD 28.053 Terragon AG 6.500 5/24/2024 EUR 1.239 Deutsche Bahn Finance G 1.125 5/29/2051 EUR 56.170 Vonovia Finance BV 1.000 1/28/2041 EUR 50.832 SES SA 5.300 4/4/2043 USD 68.678 State of North Rhine-We 1.450 2/16/2043 EUR 71.395 Republic of Belarus Int 6.875 2/28/2023 USD 38.194 Prologis International 0.750 3/23/2033 EUR 68.688 Landwirtschaftliche Ren 0.625 10/31/2036 EUR 71.788 TotalEnergies Capital I 2.986 6/29/2041 USD 71.793 OGX Austria GmbH 8.500 6/1/2018 USD 0.019 Gecina SA 0.875 6/30/2036 EUR 66.462 Petrobras Global Financ 4.500 2/4/2033 EUR 64.894 Nationale-Nederlanden B 0.050 9/24/2035 EUR 66.455 RL Finance Bonds NO 4 P 4.875 10/7/2049 GBP 73.363 British Telecommunicati 3.625 11/21/2047 GBP 67.913 Lehman Brothers UK Capi 5.750 EUR 7.000 Herens Midco Sarl 5.250 5/15/2029 EUR 53.250 Republic of Croatia FX 1.000 11/27/2034 EUR 72.446 Canary Wharf Group Inve 3.375 4/23/2028 GBP 63.125 Argenta Spaarbank NV 0.500 10/8/2041 EUR 59.234 Allianz Finance II BV 0.500 11/22/2033 EUR 73.764 Realkredit Danmark A/S 1.000 10/1/2053 DKK 59.624 BNG Bank NV 1.980 4/19/2040 SEK 73.740 Espirito Santo Financia 6.875 10/21/2019 EUR 0.104 Enel Finance Internatio 1.250 1/17/2035 EUR 73.017 DSV Finance BV 0.875 9/17/2036 EUR 68.084 Motability Operations G 2.125 1/18/2042 GBP 61.201 Coventry Building Socie 2.000 12/20/2030 GBP 74.294 BPCE SA 2.285 12/3/2035 AUD 60.167 Ramfort GmbH 6.750 3/15/2026 EUR 62.834 Bilt Paper BV 10.360 USD 1.313 Engie SA 1.000 10/26/2036 EUR 68.488 Altice France SA/France 5.125 1/15/2029 USD 69.808 Nykredit Realkredit AS 1.500 10/1/2053 DKK 65.041 Saltaire Finance PLC 1.527 11/23/2051 GBP 47.242 Societe Du Grand Paris 1.625 4/8/2042 EUR 70.456 European Financial Stab 0.700 1/20/2050 EUR 53.093 Kommunekredit 0.010 5/4/2034 EUR 70.557 A2A SpA 1.000 11/2/2033 EUR 71.583 Nordea Kredit Realkredi 1.000 10/1/2053 DKK 70.916 Global Ports Finance PL 6.500 9/22/2023 USD 44.602 Linde PLC 1.000 9/30/2051 EUR 52.570 Ukraine Government Bond 19.500 1/15/2025 UAH 70.781 Lehman Brothers UK Capi 6.900 USD 3.986 Ukraine Government Inte 7.750 9/1/2026 USD 29.587 Hannover Rueck SE 1.375 6/30/2042 EUR 73.644 Credit Mutuel Arkea SA 0.875 3/11/2033 EUR 73.586 Annington Funding PLC 2.308 10/6/2032 GBP 70.808 Nordea Kredit Realkredi 1.500 10/1/2053 DKK 74.915 Equinor ASA 3.250 11/18/2049 USD 69.831 Eurovita SpA 6.000 12/22/2025 EUR 54.639 Altice Financing SA 5.750 8/15/2029 USD 74.519 Eversholt Funding PLC 3.529 8/7/2042 GBP 71.133 Debenhams PLC 5.250 7/15/2021 GBP 0.529 UkrLandFarming PLC 10.875 3/26/2018 USD 2.430 Altice France Holding S 4.000 2/15/2028 EUR 38.708 Nostrum Oil & Gas Finan 8.000 7/25/2022 USD 25.546 Rallye SA 5.250 2/28/2032 EUR 0.096 Cooperatieve Rabobank U 0.010 11/27/2040 EUR 55.160 TenneT Holding BV 1.500 6/3/2039 EUR 73.386 Novo Banco SA/Luxembour 3.500 1/2/2043 EUR 73.384 BP Capital Markets PLC 1.104 11/15/2034 EUR 72.143 Chancellor Masters & Sc 2.350 6/27/2078 GBP 55.202 Cadent Finance PLC 2.250 10/10/2035 GBP 66.943 CCEP Finance Ireland DA 1.500 5/6/2041 EUR 68.246 National Grid Electrici 1.750 9/9/2031 GBP 73.877 European Financial Stab 2.000 2/28/2056 EUR 71.993 Clariane SE 3.350 6/29/2028 EUR 70.279 Traton Finance Luxembou 1.250 3/24/2033 EUR 74.232 National Gas Transmissi 1.125 1/14/2033 GBP 64.397 Southern Gas Networks P 3.100 9/15/2036 GBP 71.832 Societe Du Grand Paris 1.000 2/18/2070 EUR 38.352 Catalyst Housing Ltd 3.125 10/31/2047 GBP 64.507 Unilever PLC 1.500 6/11/2039 EUR 73.320 DZ Bank AG Deutsche Zen 4.884 7/30/2029 EUR 61.874 Nykredit Realkredit AS 1.000 10/1/2056 DKK 60.700 Jyske Realkredit A/S 1.000 10/1/2050 DKK 67.123 European Financial Stab 1.375 5/31/2047 EUR 67.300 NRW Bank 0.500 6/17/2041 EUR 61.672 Ukraine Government Bond 19.700 8/6/2025 UAH 74.772 Ukraine Government Bond 12.520 5/13/2026 UAH 58.821 Ukraine Government Inte 7.750 9/1/2028 USD 29.627 LEG Immobilien SE 1.625 11/28/2034 EUR 68.802 Gazprom PJSC via Gaz Fi 4.599 USD 62.000 Severn Trent Utilities 0.010 12/16/2055 GBP 41.156 AI Candelaria Spain SA 5.750 6/15/2033 USD 72.271 TotalEnergies Capital I 3.461 7/12/2049 USD 73.167 Tinkoff Bank JSC Via TC 6.000 USD 48.864 Transcapitalbank JSC Vi 10.000 USD 15.998 Sanctuary Capital PLC 2.375 4/14/2050 GBP 55.655 ICADE 0.625 1/18/2031 EUR 73.262 Unibail-Rodamco-Westfie 2.250 5/14/2038 EUR 73.978 Hellas Telecommunicatio 6.054 1/15/2015 USD 0.012 Anchor Hanover Group 2.000 7/21/2051 GBP 50.643 Close Brothers Finance 1.625 12/3/2030 GBP 69.333 Credit Bank of Moscow V 7.121 6/25/2024 USD 23.882 Region de Bruxelles-Cap 1.121 5/11/2071 EUR 41.266 Linde PLC 0.375 9/30/2033 EUR 72.270 Nederlandse Waterschaps 0.500 4/26/2051 EUR 47.728 Annington Funding PLC 3.935 7/12/2047 GBP 69.308 Deutsche Bahn Finance G 0.750 7/16/2035 EUR 72.344 Realkredit Danmark A/S 1.500 10/1/2053 DKK 70.347 City of Lausanne Switze 0.540 11/6/2062 CHF 64.646 RTE Reseau de Transport 1.125 9/9/2049 EUR 58.153 Air Liquide Finance SA 0.375 9/20/2033 EUR 72.906 Vonovia Finance BV 2.750 3/22/2038 EUR 72.423 Wendel SE 1.375 1/18/2034 EUR 72.681 Thames Water Utilities 2.625 1/24/2032 GBP 74.703 European Financial Stab 0.050 1/18/2052 EUR 39.336 State of North Rhine-We 0.600 6/4/2041 EUR 62.116 Thomas Cook Finance 2 P 3.875 7/15/2023 EUR 0.659 Jigsaw Funding PLC 3.375 5/5/2052 GBP 69.924 Utmost Group PLC 6.125 GBP 72.708 Clarion Funding PLC 1.875 1/22/2035 GBP 67.043 Cooperatieve Rabobank U 0.625 2/25/2033 EUR 74.285 Yorkshire Water Finance 1.750 10/27/2032 GBP 69.461 Nykredit Realkredit AS 1.500 10/1/2050 DKK 72.773 TotalEnergies Capital I 1.405 9/3/2031 GBP 74.148 University of Leeds 3.125 12/19/2050 GBP 69.657 Soc Nationale SNCF SACA 1.000 5/25/2040 EUR 64.078 Havila Shipping ASA 8.870 1/2/2025 NOK 42.802 Accent Capital PLC 2.625 7/18/2049 GBP 60.340 London & Quadrant Housi 2.000 3/31/2032 GBP 74.135 European Financial Stab 1.750 7/17/2053 EUR 68.352 Medtronic Global Holdin 1.500 7/2/2039 EUR 69.067 Nestle Finance Internat 0.375 12/3/2040 EUR 60.480 European Financial Stab 1.800 7/10/2048 EUR 72.382 Vnesheconombank Via VEB 6.800 11/22/2025 USD 6.507 SES SA 5.300 4/4/2043 USD 68.678 Kommunekredit 0.500 6/19/2039 DKK 63.065 Standard Chartered PLC 4.750 USD 74.130 Abengoa Abenewco 2 SA 1.500 10/26/2024 USD 1.423 Diageo Finance PLC 1.250 3/28/2033 GBP 70.375 STERIS Irish FinCo UnLt 3.750 3/15/2051 USD 71.667 Credit Agricole SA 2.811 1/11/2041 USD 64.404 Eastern Power Networks 2.125 11/25/2033 GBP 72.098 Gecci Investment KG 5.750 8/1/2025 EUR 7.436 Ukraine Government Inte 6.750 6/20/2028 EUR 26.897 Agence Francaise de Dev 1.125 3/2/2037 EUR 72.957 UNEDIC ASSEO 0.100 5/25/2034 EUR 71.182 Becton Dickinson Euro F 1.213 2/12/2036 EUR 70.753 United Utilities Water 0.010 7/27/2040 GBP 62.763 Bourbon Corp 11.652 EUR 0.936 Avanti Communications G 9.000 10/1/2022 USD 14.250 Alfa Bank AO Via Alfa B 5.500 10/26/2031 USD 0.617 Bulgaria Government Bon 0.100 8/17/2031 BGN 70.781 Unibail-Rodamco-Westfie 1.375 5/25/2033 EUR 74.280 Flagship Finance PLC 1.875 7/14/2061 GBP 46.012 Optivo Finance PLC 3.283 3/22/2048 GBP 65.756 Kreditanstalt fuer Wied 0.375 5/20/2036 EUR 70.325 TenneT Holding BV 1.125 6/9/2041 EUR 69.434 Russian Foreign Bond - 5.100 3/28/2035 USD 35.466 Bank Gospodarstwa Krajo 2.000 11/3/2036 EUR 70.960 Annington Funding PLC 2.924 10/6/2051 GBP 54.040 Realkredit Danmark A/S 1.500 10/1/2053 DKK 74.846 Kairos Global Solutions 1.900 7/3/2035 USD 74.107 Engie SA 1.250 10/24/2041 EUR 62.214 Saleza AS 9.000 7/12/2021 EUR 0.203 Realkredit Danmark A/S 1.000 10/1/2053 DKK 70.651 Logicor Financing Sarl 2.750 1/15/2030 GBP 74.567 Clarion Funding PLC 1.250 11/13/2032 GBP 68.148 City of Lausanne Switze 0.050 9/28/2054 CHF 58.514 Region de Bruxelles-Cap 1.500 6/22/2070 EUR 48.849 National Grid Electrici 2.750 2/6/2035 GBP 73.221 Cyprus Government Inter 1.250 1/21/2040 EUR 64.972 B2W Digital Lux Sarl 4.375 12/20/2030 USD 17.250 Hera SpA 1.000 4/25/2034 EUR 72.057 Diebold Nixdorf Dutch H 9.000 7/15/2025 EUR 7.618 University of Southampt 2.250 4/11/2057 GBP 52.993 EYEMAXX Real Estate AG 5.500 9/24/2024 EUR 1.656 NRW Bank 1.200 3/28/2039 EUR 73.096 Sage Group PLC/The 1.625 2/25/2031 GBP 74.608 University College Lond 1.625 6/4/2061 GBP 45.670 CRC Breeze Finance SA 6.110 5/8/2026 EUR 74.417 DWR Cymru Financing UK 2.500 3/31/2036 GBP 71.553 UniCredit Bank Austria 0.050 9/21/2035 EUR 66.234 Yandex NV 0.750 9/13/2022 USD 69.375 Beyond Housing Ltd 2.125 5/17/2051 GBP 52.848 DZ Bank AG Deutsche Zen 4.800 6/26/2029 EUR 65.355 ING-DiBa AG 1.000 5/23/2039 EUR 69.871 British Telecommunicati 1.774 6/25/2042 GBP 71.892 Bausparkasse Schwaebisc 0.200 4/27/2033 EUR 74.157 Ukraine Government Inte 7.750 9/1/2025 USD 33.114 Banco Espirito Santo SA 7.125 11/28/2023 EUR 0.397 Nykredit Realkredit AS 0.500 10/1/2050 DKK 64.200 Land Baden-Wuerttemberg 0.125 11/19/2040 EUR 57.516 Yuksel Insaat AS 9.500 11/10/2015 USD 0.500 City of Lausanne Switze 0.230 11/1/2060 CHF 57.897 SCF Capital Designated 5.375 6/16/2023 USD 73.043 Autonomous Community of 0.700 7/30/2033 EUR 74.205 VEON Holdings BV 3.375 11/25/2027 USD 69.401 State of Schleswig-Hols 0.200 8/15/2039 EUR 60.988 Nykredit Realkredit AS 0.500 10/1/2050 DKK 67.423 Canton of Zurich 0.100 6/23/2045 CHF 73.633 Siemens Financieringsma 3.300 9/15/2046 USD 72.993 Russian Foreign Bond - 2.875 12/4/2025 EUR 62.542 Barclays Bank PLC 3.967 12/28/2040 EUR 73.623 Master & Fellows of Uni 3.068 4/28/2065 GBP 56.250 SCOR SE 1.375 9/17/2051 EUR 73.005 Southern Housing 3.500 10/19/2047 GBP 67.604 Guinness Partnership Lt 2.000 4/22/2055 GBP 47.281 Ukraine Government Inte 7.375 9/25/2034 USD 27.752 Societe Du Grand Paris 0.875 5/10/2046 EUR 55.262 City of Bern Switzerlan 0.040 10/2/2070 CHF 52.503 Havila Shipping ASA 8.120 1/2/2025 NOK 39.054 BAWAG PSK Bank fuer Arb 0.375 3/25/2041 EUR 58.252 Cooperatieve Rabobank U 0.500 7/30/2043 MXN 14.793 Hyde Housing Associatio 1.750 8/18/2055 GBP 44.249 Kuntarahoitus Oyj 0.050 9/10/2035 EUR 68.166 Gecci Investment KG 6.000 10/1/2027 EUR 3.962 Nykredit Realkredit AS 0.500 10/1/2043 DKK 74.923 Telenor ASA 0.875 2/14/2035 EUR 71.927 BPCE SA 3.582 10/19/2042 USD 63.807 Heimstaden Bostad AB 2.800 5/4/2035 EUR 55.274 Aeroports de Paris 1.125 6/18/2034 EUR 74.867 Deutsche Bahn Finance G 0.875 6/23/2039 EUR 67.147 Iren SpA 0.250 1/17/2031 EUR 74.177 Jyske Realkredit A/S 1.500 10/1/2050 DKK 72.754 Salerno Pompei Napoli S 2.800 1/19/2045 EUR 66.320 WD Invest Sarl 1.900 10/2/2024 EUR 11.952 Orpea SA 2.130 7/3/2024 EUR 27.776 AOC I Die Stadtentwickl 7.500 4/8/2027 EUR 49.015 Avangardco Investments 10.000 10/29/2018 USD 0.103 Ukraine Government Inte 7.750 9/1/2027 USD 29.184 Ministeries Van de Vlaa 0.875 3/21/2046 EUR 56.200 State of Rhineland-Pala 0.375 4/1/2041 EUR 60.014 EDOB Abwicklungs AG 7.500 4/1/2012 EUR 1.537 Agence Francaise de Dev 0.500 5/31/2035 EUR 71.023 Cooperatieve Rabobank U 1.000 1/19/2034 EUR 74.802 Rhaetische Bahn AG RHB 0.050 8/3/2050 CHF 67.218 Orpea SA 2.750 6/3/2033 EUR 28.238 DH Europe Finance II Sa 1.800 9/18/2049 EUR 64.411 Commune de Marseille 0.509 12/17/2041 EUR 56.878 Telefonica Emisiones SA 1.864 7/13/2040 EUR 71.286 Intesa Sanpaolo SpA 2.100 11/13/2030 USD 71.707 Paragon Treasury Plc 2.000 5/7/2036 GBP 64.473 de Volksbank NV 0.125 11/19/2040 EUR 56.148 Cardiff University 3.000 12/7/2055 GBP 65.412 New World Resources NV 4.000 10/7/2020 EUR 0.369 OGX Austria GmbH 8.375 4/1/2022 USD 0.067 Ministeries Van de Vlaa 1.500 4/11/2044 EUR 67.548 New World Resources NV 8.000 4/7/2020 EUR 0.105 DSV Finance BV 0.750 7/5/2033 EUR 74.817 Volkswagen Internationa 1.500 1/21/2041 EUR 62.800 Cooperatieve Rabobank U 0.500 10/29/2027 MXN 65.117 Aroundtown SA 4.750 3/27/2032 USD 64.355 Credit Bank of Moscow V 5.550 2/14/2023 USD 22.712 InterCement Financial O 5.750 7/17/2024 USD 66.997 Ukraine Government Bond 19.750 11/5/2025 UAH 74.417 Lithuania Government In 1.625 6/19/2049 EUR 61.927 Stichting Afwikkeling O 6.250 10/26/2020 EUR 43.625 European Primary Placem 1.732 11/9/2055 GBP 45.929 National Gas Transmissi 1.625 1/14/2043 GBP 48.999 Societe Du Grand Paris 1.000 11/26/2051 EUR 50.286 Alno AG 8.500 5/14/2018 EUR 17.305 Canton of Geneva Switze 0.500 10/31/2056 CHF 72.259 Peabody Capital No 2 Pl 3.250 9/14/2048 GBP 65.397 Ukraine Government Inte 7.750 9/1/2024 USD 33.818 Raiffeisen-Landesbank S 0.500 5/27/2041 EUR 59.127 United Utilities Water 2.000 7/3/2033 GBP 71.650 Nordea Kredit Realkredi 1.500 10/1/2053 DKK 65.041 TotalEnergies Capital I 1.535 5/31/2039 EUR 73.308 Omnicom Capital Holding 2.250 11/22/2033 GBP 72.331 Alitalia-Societa Aerea 5.250 7/30/2020 EUR 0.221 Virgolino de Oliveira F 10.500 1/28/2018 USD 0.010 Virgolino de Oliveira F 11.750 2/9/2022 USD 0.628 Caisse Francaise de Fin 0.500 10/1/2046 EUR 52.818 Croatia Government Bond 1.250 3/3/2040 EUR 64.961 BPCE SA 2.315 11/19/2035 AUD 60.502 Land Berlin 0.050 8/6/2040 EUR 56.802 Prosus NV 4.027 8/3/2050 USD 58.743 Anglo American Capital 3.950 9/10/2050 USD 71.055 Yorkshire Water Service 1.462 8/1/2051 GBP 70.236 Sidetur Finance BV 10.000 4/20/2016 USD 0.751 Celtic Resources Holdin 4.125 10/9/2024 USD 14.527 Solarworld AG 9.691 2/24/2019 EUR 14.875 National Gas Transmissi 1.375 2/7/2031 GBP 71.883 O1 Properties Finance P 0.500 9/27/2028 USD 5.823 Intesa Sanpaolo SpA 4.375 1/12/2048 USD 67.810 Investor AB 1.500 6/20/2039 EUR 69.895 OGX Austria GmbH 8.375 4/1/2022 USD 0.067 Deutsche Bahn Finance G 3.350 1/20/2042 AUD 71.429 Swan Housing Capital pl 3.625 3/5/2048 GBP 70.795 Bunzl Finance PLC 1.500 10/30/2030 GBP 74.289 Zurich Finance Ireland 1.600 12/17/2052 EUR 71.759 London & Quadrant Housi 2.000 10/20/2038 GBP 61.086 States of Guernsey Bond 3.375 12/12/2046 GBP 73.333 Northern Powergrid Nort 1.875 6/16/2062 GBP 44.853 Unibail-Rodamco-Westfie 1.750 7/1/2049 EUR 57.401 Shell International Fin 3.125 11/7/2049 USD 67.967 Jyske Realkredit A/S 1.000 10/1/2053 DKK 65.824 Caisse des Depots et Co 1.552 8/16/2038 EUR 72.558 Saltaire Finance PLC 2.711 5/9/2052 GBP 63.999 Electricite de France S 4.990 10/21/2056 USD 74.514 Northern Powergrid York 2.250 10/9/2059 GBP 49.896 Ukraine Government Inte 9.750 11/1/2030 USD 29.833 Autonomous Community of 1.255 10/31/2048 EUR 52.915 National Grid Electrici 1.625 10/7/2035 GBP 63.440 Kommunekredit 0.125 9/26/2040 EUR 57.630 Heimstaden Bostad AB 2.800 5/4/2035 EUR 54.047 Land Securities Capital 2.625 9/22/2037 GBP 69.823 Bayerische Landesbank 1.550 2/13/2040 EUR 48.631 Grand City Properties S 3.432 8/8/2034 EUR 73.061 Deutsche Wohnen SE 0.500 4/7/2031 EUR 74.458 Raiffeisenlandesbank Ob 0.500 1/22/2035 EUR 71.276 Gazprom PJSC Via Gaz Ca 4.950 2/6/2028 USD 74.924 Deutsche Bank AG/London 13.750 6/20/2026 TRY 14.872 Nederlandse Waterschaps 0.877 6/24/2054 EUR 49.749 Prologis International 3.000 2/22/2042 GBP 66.294 Cooperatieve Rabobank U 0.500 10/30/2043 MXN 12.023 Vedanta Resources Finan 9.250 4/23/2026 USD 60.939 Northern Powergrid Nort 3.250 4/1/2052 GBP 66.794 Altice France SA/France 4.250 10/15/2029 EUR 69.244 Community Finance Co 1 0.339 12/1/2040 GBP 74.124 Communaute Francaise de 2.300 4/25/2089 EUR 67.068 Covivio SA/France 0.875 1/20/2033 EUR 70.886 Mallinckrodt Internatio 10.000 4/15/2025 USD 11.942 Martlet Homes Ltd 3.000 5/9/2052 GBP 63.423 Privatbank CJSC Via UK 10.875 2/28/2018 USD 7.542 Credit Agricole Corpora 1.550 9/8/2031 AUD 72.579 National Grid Electrici 0.010 3/26/2036 GBP 71.950 Land Berlin 0.125 11/24/2045 EUR 49.064 Citizen Treasury PLC 3.250 10/20/2048 GBP 68.378 Alpine Holding GmbH 5.250 7/1/2015 EUR 0.372 Liquid Telecommunicatio 5.500 9/4/2026 USD 62.936 ABN AMRO Bank NV 1.115 3/3/2042 EUR 66.840 Nykredit Realkredit AS 1.000 10/1/2053 DKK 59.544 FF Group Finance Luxemb 1.750 7/3/2019 EUR 4.909 Credit Bank of Moscow V 7.500 10/5/2027 USD 21.609 BNG Bank NV 0.010 10/5/2032 EUR 74.727 Region de Bruxelles-Cap 0.562 12/23/2065 EUR 28.080 Orpea SA 3.000 11/25/2041 EUR 27.445 DH Europe Finance II Sa 3.400 11/15/2049 USD 73.496 Manchester Airport Grou 2.875 3/31/2039 GBP 68.006 Elli Finance UK PLC 8.750 6/15/2019 GBP 42.613 Aster Treasury Plc 1.405 1/27/2036 GBP 63.726 Blend Funding PLC 2.922 4/5/2054 GBP 59.992 Deutsche Wohnen SE 1.300 4/7/2041 EUR 58.858 LSF9 Balta Issuer SARL 3.000 12/31/2030 EUR 63.817 Nordea Kredit Realkredi 1.500 10/1/2053 DKK 70.389 Assura Financing PLC 1.500 9/15/2030 GBP 73.520 Banca Popolare di Vicen 2.821 12/20/2017 EUR 0.396 National Grid Electrici 1.657 7/28/2056 GBP 74.262 BPCE SA 2.614 3/4/2036 AUD 62.481 Russian Foreign Bond - 4.750 5/27/2026 USD 55.840 Senivita Social Estate 6.500 5/12/2025 EUR 2.410 ESFIL-Espirito Santo Fi 5.250 6/12/2015 EUR 0.172 Ukraine Government Bond 19.600 4/2/2025 UAH 71.372 Nordea Kredit Realkredi 2.000 10/1/2053 DKK 72.516 Societe Generale SA 10.000 6/28/2034 USD 66.230 Banco Espirito Santo SA 6.438 EUR 1.335 Aktia Bank Oyj 0.800 2/26/2036 EUR 64.404 Deutsche Bahn Finance G 1.375 4/16/2040 EUR 70.996 City of Lugano Switzerl 0.150 11/28/2070 CHF 50.801 BPCE SA 3.582 10/19/2042 USD 63.862 Societe Du Grand Paris 0.300 9/2/2036 EUR 65.330 Eastern Power Networks 1.875 6/1/2035 GBP 67.301 Ministeries Van de Vlaa 0.125 10/15/2035 EUR 66.130 Ile-de-France Mobilites 1.275 2/14/2042 EUR 66.553 Caisse Francaise de Fin 0.125 2/15/2036 EUR 65.779 Pershing Square Holding 4.950 7/15/2039 USD 72.089 Assistance Publique Hop 1.750 11/27/2041 EUR 72.793 Bromford Housing Group 2.554 3/17/2054 GBP 54.620 Swissgrid AG 0.050 6/30/2050 CHF 56.974 MMK International Capit 4.375 6/13/2024 USD 27.930 Nestle Hungaria Kft 1.750 5/31/2028 HUF 74.500 Nordea Kredit Realkredi 1.500 10/1/2050 DKK 72.812 Pentracor GmbH 8.500 5/29/2025 EUR 2.601 Canary Wharf Group Inve 1.750 4/7/2026 EUR 69.533 Espirito Santo Financia 3.125 12/2/2018 EUR 0.760 Church Commissioners fo 3.625 7/14/2052 GBP 73.155 Segro PLC 2.875 10/11/2037 GBP 70.155 Tennor Finance BV 5.750 6/17/2024 EUR 65.000 Credit Agricole Italia 0.125 3/15/2033 EUR 70.335 European Financial Stab 1.200 2/17/2045 EUR 66.790 Nykredit Realkredit AS 0.500 10/1/2053 DKK 62.032 BNG Bank NV 0.875 10/24/2036 EUR 73.749 NRW Bank 0.100 7/9/2035 EUR 68.519 Barclays Bank PLC 0.500 1/28/2033 MXN 40.466 Societe Du Grand Paris 1.700 5/25/2050 EUR 64.160 La Poste SA 1.000 9/17/2034 EUR 74.193 A2A SpA 0.625 10/28/2032 EUR 72.026 Italgas SpA 0.500 2/16/2033 EUR 71.069 Jyske Realkredit A/S 2.000 10/1/2053 DKK 72.295 Pro-Gest SpA 3.250 12/15/2024 EUR 70.938 Telefonica Emisiones SA 1.957 7/1/2039 EUR 73.939 ABN AMRO Bank NV 0.400 9/17/2041 EUR 58.530 Hacienda Investments Lt 5.350 2/8/2028 USD 58.116 Metalloinvest Finance D 3.375 10/22/2028 USD 54.088 Deutsche Lichtmiete AG 5.750 12/1/2023 EUR 1.703 Transports Publics Du C 0.450 12/29/2056 CHF 64.725 Ukraine Government Inte 4.375 1/27/2032 EUR 24.774 Caisse Francaise de Fin 0.375 2/13/2040 EUR 60.315 Gol Finance SA 7.000 1/31/2025 USD 59.903 Altice France SA/France 3.375 1/15/2028 EUR 69.964 Beno Holding AG 5.300 11/29/2027 EUR 69.577 Region de Bruxelles-Cap 0.444 3/19/2057 EUR 33.026 Novo Banco SA/Luxembour 3.500 3/18/2043 EUR 73.117 Credit Suisse AG/London 9.000 4/22/2024 USD 30.000 Wrekin Housing Group Lt 2.500 10/22/2048 GBP 57.159 Thames Water Utilities 2.442 5/12/2050 GBP 45.039 Communaute Francaise de 0.625 6/11/2035 EUR 70.545 Volkswagen Internationa 3.500 4/2/2043 EUR 74.603 Espirito Santo Financia 9.750 12/19/2025 EUR 0.759 Muenchener Hypothekenba 1.000 4/18/2039 EUR 70.792 Virgolino de Oliveira F 10.500 1/28/2018 USD 0.641 Banca Popolare di Vicen 9.500 9/29/2025 EUR 0.380 State of North Rhine-We 0.500 1/15/2052 EUR 47.602 University of Liverpool 3.375 6/25/2055 GBP 71.433 Coruripe Netherlands BV 10.000 2/10/2027 USD 73.217 Borets Finance DAC 6.000 9/17/2026 USD 48.771 Free and Hanseatic City 0.200 9/3/2049 EUR 45.126 Wales & West Utilities 1.875 5/28/2041 GBP 56.815 MHP SE 7.750 5/10/2024 USD 67.960 Offshore Drilling Holdi 8.375 9/20/2020 USD 1.040 Scottish Hydro Electric 2.250 9/27/2035 GBP 69.607 Platform HG Financing P 1.926 9/15/2041 GBP 60.125 Region Provence-Alpes-C 1.460 10/3/2036 EUR 74.793 Thames Water Utilities 1.760 8/28/2062 GBP 63.181 Sovereign Housing Capit 2.375 11/4/2048 GBP 56.792 Caisse des Depots et Co 1.930 3/6/2048 EUR 68.161 Realkredit Danmark A/S 2.000 10/1/2053 DKK 72.278 Cooperatieve Rabobank U 0.500 1/31/2033 MXN 37.847 Societa di Progetto Bre 3.375 12/31/2038 EUR 71.908 RTE Reseau de Transport 1.125 7/8/2040 EUR 66.788 Ukraine Government Inte 8.994 2/1/2026 USD 30.346 Gazprom PJSC via Gaz Fi 1.850 11/17/2028 EUR 60.133 WM Morrison Supermarket 2.500 10/1/2031 GBP 36.713 Gazprom PJSC via Gaz Fi 3.897 EUR 60.317 Nationale-Nederlanden B 0.375 3/4/2041 EUR 59.041 Muenchener Hypothekenba 0.010 10/19/2039 EUR 57.609 Haya Holdco 2 PLC 12.462 11/30/2025 EUR 38.536 Jyske Realkredit A/S 1.500 10/1/2053 DKK 70.353 Autonomous Community of 2.300 5/24/2049 EUR 67.922 National Grid Electrici 2.000 9/16/2038 GBP 60.669 Republic of Ireland Int 1.425 9/18/2119 EUR 48.306 Autoroute de Liaison Se 2.485 7/31/2046 EUR 74.941 NAK Naftogaz Ukraine vi 7.625 11/8/2026 USD 40.086 Malta Government Bond 1.000 8/23/2035 EUR 72.250 Deutsche Lichtmiete AG 5.250 2/1/2027 EUR 0.850 Berner Kantonalbank AG 0.100 9/30/2039 CHF 72.997 Realkredit Danmark A/S 1.500 10/1/2053 DKK 65.010 Fresnillo PLC 4.250 10/2/2050 USD 72.770 Serbia International Bo 2.050 9/23/2036 EUR 62.127 Prs Finance PLC 1.500 8/24/2034 GBP 70.264 State of Hesse 0.750 8/4/2036 EUR 73.041 Deutsche Lichtmiete AG 5.250 9/1/2025 EUR 0.626 Romanian Government Int 2.000 4/14/2033 EUR 70.257 City of Lausanne Switze 0.680 3/11/2058 CHF 71.636 Transport for London 3.625 5/15/2045 GBP 74.616 Blend Funding PLC 3.508 5/4/2057 GBP 66.639 LiveWest Treasury PLC 1.875 2/18/2056 GBP 46.250 Holcim US Finance Luxem 2.240 10/15/2031 USD 74.551 SNCF Reseau 2.250 12/20/2047 EUR 73.827 Bayerische Landesbank 2.020 10/14/2030 EUR 74.988 Nordea Kredit Realkredi 0.500 10/1/2050 DKK 67.490 DWR Cymru Financing UK 1.375 3/31/2033 GBP 68.847 Region Wallonne Belgium 0.650 1/16/2051 EUR 45.273 Muenchener Hypothekenba 0.250 3/29/2041 CHF 74.902 Intesa Sanpaolo SpA 1.400 2/8/2031 GBP 67.318 Sovcombank Via SovCom C 7.750 USD 1.358 Penarian Housing Financ 3.212 6/7/2052 GBP 66.522 London & Quadrant Housi 2.750 7/20/2057 GBP 55.100 Yorkshire Water Service 1.758 2/1/2054 GBP 72.752 Severn Trent Utilities 1.602 9/29/2056 GBP 74.228 Karbon Homes Ltd 3.375 11/15/2047 GBP 71.699 Action Logement Service 0.750 7/19/2041 EUR 60.103 SNCF Reseau 2.000 2/5/2048 EUR 68.982 Commune de Marseille 0.498 12/17/2040 EUR 58.511 de Volksbank NV 0.375 9/16/2041 EUR 57.594 Ministeries Van de Vlaa 1.500 7/12/2038 EUR 74.666 Irish Bank Resolution C 0.566 6/21/2016 EUR 0.679 Caisse Francaise de Fin 0.625 1/20/2042 EUR 60.527 adidas AG 0.625 9/10/2035 EUR 70.630 Region de Bruxelles-Cap 1.100 6/22/2066 EUR 43.297 Abengoa Abenewco 2 SA 1.500 10/26/2024 USD 0.009 Nederlandse Waterschaps 0.125 9/3/2035 EUR 68.180 Credit Suisse AG/London 2.300 9/24/2031 USD 74.384 Ile-de-France Mobilites 0.950 5/28/2041 EUR 63.611 National Grid Electrici 1.541 12/1/2053 GBP 70.705 Lloyds Bank PLC 2.560 9/4/2038 SEK 70.529 Northern Electric Finan 2.750 5/24/2049 GBP 61.823 TechnipFMC PLC 3.750 10/7/2033 EUR 69.893 Norske Skogindustrier A 7.000 12/30/2026 EUR 0.010 Privatbank CJSC Via UK 11.000 2/9/2021 USD 1.000 Jyske Realkredit A/S 1.000 10/1/2053 DKK 70.852 ABN AMRO Bank NV 0.375 1/14/2035 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7/30/2027 TRY 30.559 Motability Operations G 2.375 7/3/2039 GBP 67.336 Lehman Brothers UK Capi 5.125 EUR 16.125 Lukoil Capital DAC 3.600 10/26/2031 USD 72.284 Banco Santander SA 0.100 2/27/2032 EUR 74.595 Paradigm Homes Charitab 2.250 5/20/2051 GBP 54.201 Orpea SA 2.000 8/9/2029 EUR 28.240 Luzerner Kantonalbank A 0.150 10/7/2044 CHF 69.315 Electricite de France S 4.650 10/21/2046 USD 74.978 Nordea Kredit Realkredi 1.000 10/1/2053 DKK 59.632 Diebold Nixdorf Dutch H 9.000 7/15/2025 EUR 7.618 Landesbank Saar 0.650 11/19/2035 EUR 64.602 Kreditanstalt fuer Wied 1.000 10/19/2050 EUR 58.321 London & Quadrant Housi 3.750 10/27/2049 GBP 70.510 DWR Cymru Financing UK 2.375 3/31/2034 GBP 68.194 Endo Luxembourg Finance 6.125 4/1/2029 USD 72.250 MHP Lux SA 6.950 4/3/2026 USD 56.904 Region Hauts-de-France 0.402 2/18/2043 EUR 53.117 BAWAG PSK Bank fuer Arb 0.625 6/19/2034 EUR 73.800 British Telecommunicati 3.883 6/25/2039 GBP 71.986 Sovcombank Via SovCom C 7.600 USD 4.035 Sberbank of Russia Via 5.125 10/29/2022 USD 32.618 Stonewater Funding PLC 1.625 9/10/2036 GBP 63.275 Nykredit Realkredit AS 1.000 10/1/2050 DKK 67.090 Intrum AB 3.500 7/15/2026 EUR 74.823 Aroundtown SA 2.970 9/26/2033 EUR 54.275 MS Deutschland Beteilig 6.875 12/18/2017 EUR 0.100 Orbit Capital PLC 3.375 6/14/2048 GBP 67.239 Nostrum Oil & Gas Finan 5.000 6/30/2026 USD 64.576 Lehman Brothers UK Capi 3.875 EUR 18.750 Muenchener Hypothekenba 0.125 9/5/2035 EUR 68.115 Polyus Finance PLC 3.250 10/14/2028 USD 61.664 Incommunities Treasury 3.250 3/21/2049 GBP 69.685 MHP Lux SA 6.250 9/19/2029 USD 53.481 State of North Rhine-We 0.500 11/25/2039 EUR 63.763 Holcim Finance Luxembou 1.375 10/8/2036 EUR 62.433 Kommunekredit 1.375 5/18/2046 SEK 62.890 Ukraine Government Inte 15.840 2/26/2025 UAH 71.966 Ville de Paris 0.450 10/20/2045 EUR 51.086 State of Bremen 0.450 2/24/2051 EUR 47.141 Raiffeisenlandesbank Ob 3.093 6/9/2036 EUR 65.600 Altice France SA/France 4.125 1/15/2029 EUR 69.812 PJSC Koks via IMH Capit 5.900 9/23/2025 USD 8.623 Mondelez International 1.250 9/9/2041 EUR 63.721 LSEGA Financing PLC 3.200 4/6/2041 USD 72.187 Credit Agricole Italia 0.750 1/20/2042 EUR 58.067 State of North Rhine-We 0.375 9/2/2050 EUR 46.412 Aroundtown SA 2.700 10/31/2028 EUR 70.634 Aragvi Finance Internat 8.450 4/29/2026 USD 66.731 Cadent Finance PLC 3.125 3/21/2040 GBP 68.116 Prosus NV 1.985 7/13/2033 EUR 67.889 Intesa Sanpaolo SpA 2.500 10/14/2031 USD 72.233 State of Brandenburg 0.600 10/13/2051 EUR 49.523 PIK Securities DAC 5.625 11/19/2026 USD 44.320 VF Ukraine PAT via VFU 6.200 2/11/2025 USD 74.009 Romanian Government Int 3.375 1/28/2050 EUR 62.228 State of North Rhine-We 0.800 7/30/2049 EUR 55.026 Landeskreditbank Baden- 0.610 11/17/2050 EUR 52.758 Hellas Telecommunicatio 8.500 10/15/2013 EUR 0.140 State of Bremen 0.500 5/6/2041 EUR 60.890 UBS AG/London 11.000 1/8/2024 CHF 20.920 Russian Federal Bond - 0.250 7/20/2044 RUB 15.000 Windreich GmbH 6.500 7/15/2016 EUR 2.780 LiveWest Treasury PLC 2.250 10/10/2043 GBP 60.609 Republic of Ireland Int 0.740 11/27/2120 EUR 27.334 Bank Nadra Via NDR Fina 8.250 7/31/2018 USD 0.208 BAE Systems PLC 3.000 9/15/2050 USD 64.377 Altice France SA/France 4.000 7/15/2029 EUR 69.078 Compact Bidco BV 5.750 5/1/2026 EUR 64.963 Nordea Kredit Realkredi 0.500 10/1/2053 DKK 65.505 Italy Buoni Poliennali 2.800 3/1/2067 EUR 67.845 Kommunekredit 0.875 11/3/2036 EUR 73.409 Bayerische Landesbank 1.820 5/12/2031 EUR 71.700 ING Bank NV 1.000 2/17/2037 EUR 73.692 Notting Hill Genesis 3.250 10/12/2048 GBP 65.012 Metinvest BV 7.650 10/1/2027 USD 61.100 Affinity Water Finance 0.230 11/22/2042 GBP 61.139 DZ Bank AG Deutsche Zen 1.550 6/27/2041 EUR 71.580 Veneto Banca SpA 9.878 12/1/2025 EUR 0.708 BPCE SFH SA 0.375 3/18/2041 EUR 58.651 DZ HYP AG 0.375 11/10/2034 EUR 72.112 MVM Energetika Zrt 3.250 9/3/2031 HUF 70.000 Orbit Capital PLC 2.000 11/24/2038 GBP 60.805 Free State of Bavaria 0.010 3/28/2036 EUR 66.026 London & Quadrant Housi 3.125 2/28/2053 GBP 61.944 GN Store Nord AS 1.970 3/3/2036 EUR 56.916 Action Logement Service 0.500 10/30/2034 EUR 71.605 State of North Rhine-We 0.750 8/16/2041 EUR 63.586 Holcim Sterling Finance 2.250 4/4/2034 GBP 69.338 Metinvest BV 8.500 4/23/2026 USD 66.757 AXA Bank Europe SCF 0.250 6/9/2040 EUR 58.525 Banco Espirito Santo SA 6.618 EUR 0.415 Single Platform Investm 1.448 7/25/2053 EUR 58.989 Espirito Santo Financia 5.050 11/15/2025 EUR 0.759 Russian Foreign Bond - 5.875 9/16/2043 USD 66.416 FNG Benelux Holding NV 5.000 8/28/2023 EUR 1.013 State of Saxony-Anhalt 0.500 3/24/2051 EUR 48.477 AXA Home Loan SFH SA 0.125 6/25/2035 EUR 67.636 Dtek Renewables Finance 8.500 11/12/2024 EUR 51.858 Blend Funding PLC 2.467 6/16/2061 GBP 48.734 State of North Rhine-We 1.550 6/16/2048 EUR 68.984 Deutsche Bank AG 1.580 10/23/2031 EUR 73.872 Gazprom PJSC via Gaz Fi 3.250 2/25/2030 USD 62.217 Engie SA 1.375 6/21/2039 EUR 66.805 Rena GmbH 7.000 12/15/2015 EUR 0.054 Aktia Bank Oyj 0.500 3/30/2031 EUR 74.152 Signa Development Finan 5.500 7/23/2026 EUR 70.458 CBo Territoria 3.750 7/1/2024 EUR 4.700 Bazalgette Finance Plc 2.750 3/10/2034 GBP 74.931 Autobahnen- und Schnell 0.100 7/16/2035 EUR 69.084 AnaCap Financial Europe 8.725 8/1/2024 EUR 49.324 ESB Finance DAC 1.875 7/21/2035 GBP 67.627 Norske Skogindustrier A 2.000 12/30/2115 EUR 0.367 State of Lower Austria 1.000 9/15/2121 EUR 30.447 Ahtium PLC 4.000 12/16/2015 EUR 0.586 Region Provence-Alpes-C 0.753 1/5/2037 EUR 66.530 Erste Group Bank AG 0.500 1/12/2037 EUR 67.237 Region of Pays de la Lo 0.877 10/28/2041 EUR 61.169 Orbit Capital PLC 3.500 3/24/2045 GBP 70.063 Severstal OAO Via Steel 3.150 9/16/2024 USD 5.485 Hemso Fastighets AB 3.020 9/14/2048 SEK 61.788 Thames Water Utilities 1.771 8/28/2057 GBP 63.512 Housing & Care 21 3.288 11/8/2049 GBP 67.339 NRW Bank 1.150 9/16/2051 EUR 60.678 Kommunekredit 1.700 6/26/2045 EUR 73.470 Allergan Funding SCS 4.750 3/15/2045 USD 74.344 State of Bremen 0.400 8/20/2049 EUR 48.001 Caisse Francaise de Fin 0.510 11/19/2040 EUR 59.596 A-TEC Industries AG 8.750 10/27/2014 EUR 0.100 Republic of Belarus Int 6.378 2/24/2031 USD 40.225 DekaBank Deutsche Giroz 1.100 11/25/2030 EUR 72.024 Notting Hill Genesis 2.000 6/3/2036 GBP 65.117 Nederlandse Waterschaps 1.625 1/29/2048 EUR 70.582 Phosphorus Holdco PLC 10.000 4/1/2019 GBP 0.947 Pershing Square Holding 3.000 7/15/2032 USD 69.689 Thames Water Utilities 1.819 8/28/2049 GBP 68.487 niiio finance group AG 4.000 5/31/2026 EUR 35.000 Boparan Finance PLC 7.625 11/30/2025 GBP 66.304 Swissgrid AG 0.200 6/29/2040 CHF 71.782 British Telecommunicati 3.924 6/25/2042 GBP 68.803 Hylea Group SA 7.250 12/1/2022 EUR 0.200 Jyske Realkredit A/S 1.500 10/1/2053 DKK 65.037 Intesa Sanpaolo SpA 2.700 3/29/2031 USD 73.878 Pfandbriefbank schweize 0.375 6/15/2046 CHF 74.582 Kreditanstalt fuer Wied 1.100 9/16/2051 EUR 59.542 Malta Government Bond 1.200 5/13/2037 EUR 71.028 Gemeente Bergen OP Zoom 0.440 9/20/2044 EUR 55.162 Stelius Befektetoe Zart 3.100 9/17/2030 HUF 66.500 VST Building Technologi 7.000 6/28/2024 EUR 0.031 Single Platform Investm 2.965 2/15/2042 NOK 71.634 Celtic Resources Holdin 4.125 10/9/2024 USD 14.527 Lukoil Securities BV 3.875 5/6/2030 USD 74.222 Ukraine Government Bond 12.940 2/14/2024 UAH 74.564 Unibail-Rodamco-Westfie 2.000 5/29/2037 EUR 73.720 Land Thueringen 1.127 4/2/2049 EUR 60.136 Republic of Belarus Int 5.875 2/24/2026 USD 49.105 Intrum AB 3.000 9/15/2027 EUR 66.650 Credit Suisse Internati 9.500 3/24/2026 UAH 58.510 Banco Espirito Santo SA 6.875 7/15/2016 EUR 21.162 Deutsche Konsum REIT-AG 3.100 4/28/2031 EUR 74.774 Cie de Financement Fonc 0.010 10/29/2035 EUR 65.820 Ministeries Van de Vlaa 1.000 10/13/2036 EUR 72.813 Caisse Francaise de Fin 0.010 10/19/2035 EUR 65.411 Hungary Government Inte 3.125 9/21/2051 USD 59.167 Single Platform Investm 1.548 10/31/2050 EUR 60.004 City of Hanover Germany 1.560 5/3/2048 EUR 69.527 Kingdom of Belgium Gove 1.400 6/22/2053 EUR 60.816 Gazprom PJSC via Gaz Fi 2.950 1/27/2029 USD 63.000 Region Wallonne Belgium 1.000 9/16/2059 EUR 42.959 Single Platform Investm 4.020 7/1/2052 EUR 53.898 Russian Foreign Bond - 5.625 4/4/2042 USD 67.663 Natixis SA 3.630 6/14/2039 AUD 66.938 Kleopatra Holdings 2 SC 6.500 9/1/2026 EUR 64.417 Raiffeisenlandesbank Ob 1.650 8/23/2046 EUR 68.638 Agrokor dd 9.875 5/1/2019 EUR 15.000 Flamingo Lux II SCA 5.000 3/31/2029 EUR 64.642 Soc Nationale SNCF SACA 2.457 12/23/2050 USD 60.845 SCC Power PLC 6.000 12/31/2028 USD 50.878 Republic of Ireland Int 1.560 2/16/2122 EUR 52.550 Kuntarahoitus Oyj 1.449 3/1/2061 EUR 66.224 Garfunkelux Holdco 3 SA 7.750 11/1/2025 GBP 74.558 Assa Abloy AB 0.650 8/28/2034 EUR 70.519 Yorkshire Water Service 1.462 8/1/2051 GBP 71.451 Muenchener Hypothekenba 0.568 6/15/2032 EUR 73.502 Realkredit Danmark A/S 0.500 10/1/2043 DKK 74.924 Region Wallonne Belgium 0.500 6/22/2037 EUR 64.956 KTG Agrar SE 7.125 6/6/2017 EUR 2.001 Achmea Bank NV 0.250 9/29/2036 EUR 66.519 ING Bank NV 0.182 4/21/2033 EUR 74.035 Commune de Marseille 1.712 12/6/2039 EUR 74.878 Thames Water Utilities 2.620 3/22/2033 GBP 69.342 Land Thueringen 0.100 7/9/2035 EUR 68.742 Kommunekredit 0.625 11/21/2039 EUR 65.853 Region Hauts-de-France 0.691 7/9/2042 EUR 58.038 DLR Kredit A/S 1.000 10/1/2050 DKK 68.634 Region Centre 0.711 11/2/2036 EUR 67.237 Interpipe Holdings PLC 8.375 5/13/2026 USD 63.888 Kernel Holding SA 6.500 10/17/2024 USD 69.644 Development Bank of the 6.750 5/2/2024 USD 41.325 Landesbank Baden-Wuertt 13.100 11/24/2023 EUR 67.340 Dexia SA 5.495 EUR 2.805 Ministeries Van de Vlaa 1.000 1/23/2051 EUR 53.271 Affinity Water Finance 3.278 8/22/2042 GBP 66.298 Bayerische Landesbodenk 0.250 3/21/2036 EUR 68.638 Abengoa Abenewco 1 SA 6.000 6/10/2022 EUR 0.454 Ile-de-France Mobilites 0.675 11/24/2036 EUR 68.911 Futureal Development Ho 4.000 3/23/2031 HUF 69.000 Jyske Realkredit A/S 1.000 10/1/2053 DKK 59.627 Realkredit Danmark A/S 0.500 10/1/2053 DKK 62.043 Metropolitano de Teneri 1.229 7/30/2036 EUR 69.876 Euronext NV 1.500 5/17/2041 EUR 67.854 Romanian Government Int 2.750 4/14/2041 EUR 60.834 Soc Nationale SNCF SACA 1.280 3/27/2120 EUR 33.321 Free and Hanseatic City 0.400 11/23/2051 EUR 45.691 National Grid Electrici 1.676 9/24/2052 GBP 74.045 National Grid Electrici 1.151 2/20/2040 EUR 61.413 Junta de Castilla y Leo 1.275 4/7/2049 EUR 53.717 Slovenska Sporitelna AS 4.820 EUR 64.590 Romanian Government Int 2.875 4/13/2042 EUR 61.008 Vasakronan AB 1.870 6/3/2039 EUR 45.693 Iberdrola Finanzas SA 1.000 2/2/2037 EUR 69.243 International Finance F 0.500 6/29/2027 ZAR 70.374 La Banque Postale Home 0.250 2/12/2035 EUR 69.606 Abengoa Abenewco 2 Bis 1.500 4/26/2024 USD 1.046 United Utilities Water 1.435 11/21/2056 GBP 70.893 Russian Foreign Bond - 7.500 3/31/2030 USD 66.029 State of Brandenburg 0.125 1/26/2046 EUR 48.621 Credit Agricole Italia 1.000 1/17/2045 EUR 57.180 Jyske Realkredit A/S 0.500 10/1/2050 DKK 64.229 Cirio Holding Luxembour 6.250 2/16/2004 EUR 2.231 Nationwide Building Soc 0.485 7/11/2044 CHF 73.135 Chelyabinsk Pipe Plant 4.500 9/19/2024 USD 58.616 Romanian Government Int 2.625 12/2/2040 EUR 60.858 Realkredit Danmark A/S 1.500 10/1/2050 DKK 72.784 Royal Schiphol Group NV 2.890 10/25/2034 AUD 69.921 Canton of Neuchatel 0.350 7/14/2050 CHF 69.999 British Telecommunicati 1.739 6/25/2039 GBP 68.031 Land Berlin 0.625 8/25/2036 EUR 71.502 Gazprom PJSC via Gaz Fi 1.500 2/17/2027 EUR 64.051 Hampshire Trust Bank PL 7.250 5/10/2028 GBP 70.378 Romanian Government Int 4.000 2/14/2051 USD 67.305 Kingdom of Belgium Gove 0.459 7/23/2079 EUR 28.167 NRW Bank 1.250 5/13/2049 EUR 64.665 Realkredit Danmark A/S 0.500 10/1/2050 DKK 64.228 Stadt Graz 1.878 10/31/2046 EUR 71.552 Kelag-Kaerntner Elektri 1.150 4/16/2041 EUR 62.943 Gazprom PJSC via Gaz Fi 3.500 7/14/2031 USD 60.228 Single Platform Investm 2.085 1/24/2044 NOK 57.256 Banco Santander SA 5.886 EUR 1.562 DLR Kredit A/S 0.500 10/1/2053 DKK 66.945 FLUVIUS System Operator 3.000 10/27/2044 EUR 72.101 CBo Territoria 7.000 6/30/2028 EUR 4.260 Deutsche Lichtmiete Fin 5.750 1/1/2023 EUR 4.250 United Kingdom Gilt 1.125 10/22/2073 GBP 36.149 Ideal Standard Internat 6.375 7/30/2026 EUR 63.191 Credit Suisse AG/London 11.500 9/25/2023 CHF 17.940 Credit Agricole SA 3.750 6/9/2040 AUD 65.226 BPCE SA 0.500 10/21/2034 EUR 67.478 UniCredit Bank AG 6.600 7/20/2028 EUR 1.700 Single Platform Investm 0.700 9/20/2041 EUR 56.261 Malta Government Bond 1.500 10/22/2045 EUR 62.051 Aareal Bank AG 1.576 2/23/2032 EUR 70.213 Fastighets AB Balder 1.293 3/3/2031 EUR 58.671 NRW Bank 1.182 8/7/2050 EUR 58.779 Ziggo Bond Co BV 3.375 2/28/2030 EUR 74.513 Cooperatieve Rabobank U 0.500 11/30/2027 MXN 64.555 Caisse de Refinancement 0.250 2/7/2035 EUR 69.883 La Financiere Atalian S 5.125 5/15/2025 EUR 68.350 National Grid Electrici 1.690 9/16/2041 GBP 52.365 UBS Group AG 1.269 10/27/2033 JPY 74.897 Department of Loiret Fr 0.478 10/30/2040 EUR 58.423 Region Wallonne Belgium 1.250 6/22/2071 EUR 46.746 State of Lower Saxony 0.050 3/9/2035 EUR 69.292 Erotik-Abwicklungsgesel 7.750 7/9/2019 EUR 0.779 Land Baden-Wuerttemberg 0.375 7/20/2048 EUR 47.717 Maxeda DIY Holding BV 5.875 10/1/2026 EUR 73.699 Alfa Bank AO Via Alfa B 5.950 4/15/2030 USD 1.359 La Financiere Atalian S 4.000 5/15/2024 EUR 72.135 Municipality of Utrecht 0.950 3/2/2037 EUR 73.704 SCF Capital Designated 3.850 4/26/2028 USD 65.808 Muenchener Hypothekenba 0.250 5/2/2036 EUR 67.765 City of Amsterdam Nethe 1.515 2/26/2044 EUR 71.517 Raiffeisenlandesbank Ni 0.375 1/15/2035 EUR 70.129 Cooperatieve Rabobank U 0.500 8/21/2028 MXN 60.102 State of Bremen 0.150 9/14/2040 EUR 57.672 Banque Cantonale de Fri 0.100 11/1/2044 CHF 67.786 Pfandbriefzentrale der 0.050 10/6/2043 CHF 71.279 Logicor Financing Sarl 2.875 12/6/2029 GBP 74.566 Anglian Water Services 1.760 11/13/2035 GBP 63.245 Kuntarahoitus Oyj 0.940 6/9/2064 EUR 58.167 Assistance Publique Hop 1.125 4/16/2047 EUR 57.508 Charm Finance PLC 3.509 4/12/2048 GBP 68.728 Serbia International Bo 1.650 3/3/2033 EUR 67.413 Spain Government Bond 1.450 10/31/2071 EUR 45.453 Societe Du Grand Paris 2.062 3/19/2070 EUR 59.606 DZ Bank AG Deutsche Zen 0.510 1/25/2036 EUR 61.730 Canton of Neuchatel 0.100 10/29/2049 CHF 65.400 Gazprom PJSC Via Gaz Ca 4.950 3/23/2027 USD 74.504 Land Berlin 0.625 7/15/2039 EUR 66.060 Global Ports Finance PL 6.500 9/22/2023 USD 44.602 MBH Mortgage Bank Co PL 2.600 10/22/2028 HUF 72.700 Deutsche Bahn Finance G 1.850 11/23/2043 EUR 65.691 Jyske Realkredit A/S 0.500 10/1/2053 DKK 65.377 Investitionsbank Berlin 0.050 3/2/2035 EUR 69.053 Republic of Ireland Int 0.835 7/8/2080 EUR 39.631 Hamon & CIE SA 3.300 1/31/2035 EUR 46.307 Severn Trent Utilities 1.501 8/1/2058 GBP 71.908 State of Mecklenburg-We 0.239 11/17/2070 EUR 23.782 BNP Paribas SA 0.990 5/6/2024 USD 15.180 Ukraine Government Bond 19.750 2/18/2026 UAH 73.450 Ukraine Government Bond 14.000 6/26/2024 UAH 72.276 Jyske Realkredit A/S 0.500 10/1/2050 DKK 67.499 DXC Capital Funding DAC 0.950 9/15/2031 EUR 71.761 United Utilities Water 1.587 8/16/2056 GBP 73.618 Free State of Saxony 0.400 5/12/2036 EUR 69.975 Kreditanstalt fuer Wied 0.788 11/4/2039 EUR 68.198 Ukraine Government Inte 9.790 5/26/2027 UAH 53.822 Midland Heart Capital P 1.831 8/12/2050 GBP 48.422 HSBC Continental Europe 1.140 8/26/2049 EUR 51.636 Sairgroup Finance BV 4.375 6/8/2006 EUR 0.250 T-Centrum CZ AS 11.710 10/30/2024 CZK 46.300 Basque Government 1.750 4/22/2050 EUR 60.000 Futures Treasury PLC 3.375 2/8/2044 GBP 72.160 United Utilities Water 1.750 2/10/2038 GBP 60.028 Codere Finance 2 Luxemb 12.750 11/30/2027 EUR 25.000 Vier Gas Transport GmbH 0.500 9/10/2034 EUR 67.914 Region Wallonne Belgium 1.600 3/29/2039 EUR 71.736 SpareBank 1 SR-Bank ASA 2.800 9/19/2044 EUR 72.267 Cie de Financement Fonc 0.975 8/11/2046 EUR 61.840 Region de Bruxelles-Cap 1.220 6/23/2053 EUR 53.646 Commune de Marseille 1.079 11/19/2046 EUR 57.157 BNP Paribas SA 1.590 2/23/2051 EUR 61.220 Deutsche Bank Luxembour 1.560 10/6/2028 EUR 69.553 Autonomous Community of 2.738 10/31/2049 EUR 74.632 Yarlington Treasury Ser 3.410 9/18/2057 GBP 63.679 VIA A11 NV 4.490 9/30/2045 EUR 71.975 United Utilities Water 0.379 12/9/2036 GBP 73.421 Abengoa Abenewco 2 Bis 1.500 4/26/2024 USD 1.046 St Galler Kantonalbank 0.100 10/10/2041 CHF 72.215 La Banque Postale Home 0.640 1/27/2042 EUR 61.554 DLR Kredit A/S 1.000 10/1/2050 DKK 73.123 Sibur Securities DAC 2.950 7/8/2025 USD 65.418 Prosus NV 2.778 1/19/2034 EUR 72.335 Region Bourgogne-Franch 0.270 12/7/2035 EUR 64.336 Eolo SpA 4.875 10/21/2028 EUR 72.278 Barclays Bank PLC 5.000 11/1/2029 BRL 72.039 Cirio Finance Luxembour 7.500 11/3/2002 EUR 3.056 Telia Co AB 3.000 9/25/2064 EUR 67.211 United Utilities Water 0.387 10/5/2057 GBP 46.058 Romanian Government Int 2.000 1/28/2032 EUR 73.178 State of Brandenburg 0.500 11/21/2039 EUR 63.961 Pershing Square Holding 3.000 7/15/2032 USD 69.689 Evan Group PLC 6.000 7/31/2022 EUR 4.510 Bank of Valletta PLC 3.750 6/15/2031 EUR 71.812 Norwegian Air Shuttle A 7.830 NOK 74.000 Uliving@essex3 LLP 2.720 8/31/2066 GBP 47.551 Heta Asset Resolution A 3.786 12/31/2023 EUR 1.168 Agatos SpA 4.750 12/31/2026 EUR 68.000 EVN AG 0.850 10/15/2035 EUR 68.770 Aroundtown SA 3.250 11/12/2032 EUR 57.231 Niedersachsen Invest Gm 0.250 7/16/2035 EUR 70.507 Caisse des Depots et Co 2.766 8/9/2049 USD 65.021 Communaute Francaise de 1.397 7/18/2059 EUR 50.872 Cirio Del Monte NV 7.750 3/14/2005 EUR 2.261 Norwegian Air Shuttle A 7.500 11/10/2023 USD 73.375 OGX Austria GmbH 8.500 6/1/2018 USD 0.019 Land Berlin 0.625 1/26/2052 EUR 49.880 Phosagro OAO Via Phosag 2.600 9/16/2028 USD 64.421 Soc Nationale SNCF SACA 3.190 4/19/2041 AUD 71.895 Land Thueringen 0.375 12/1/2051 EUR 45.248 Malta Government Bond 2.400 8/13/2052 EUR 68.907 Single Platform Investm 1.850 11/5/2040 EUR 71.762 Single Platform Investm 0.915 2/15/2043 EUR 57.809 DZ Bank AG Deutsche Zen 1.840 12/21/2048 EUR 68.860 Quintet Private Bank Eu 3.650 11/13/2023 EUR 3.080 State of Brandenburg 0.375 1/29/2035 EUR 72.583 State of Bremen 0.550 2/4/2050 EUR 49.802 Comunidad Foral de Nava 2.100 4/30/2044 EUR 68.988 Deutsche Pfandbriefbank 3.100 9/7/2046 USD 64.664 ASH8 Debt Co UK 1 PLC 3.651 12/31/2055 GBP 70.558 Spain Government Bond 1.900 10/31/2052 EUR 63.080 Regiao Autonoma Madeira 1.141 12/4/2034 EUR 71.955 State of Brandenburg 0.300 10/4/2049 EUR 46.623 Single Platform Investm 1.610 2/15/2043 EUR 66.884 State of Saarland 0.050 11/5/2040 EUR 56.828 HYPO NOE Landesbank fue 1.605 8/23/2046 EUR 71.624 Aareal Bank AG 0.870 6/28/2029 EUR 74.545 Wessex Water Services F 1.250 1/12/2036 GBP 57.106 Citigroup Global Market 12.379 11/13/2023 SEK 72.340 Ukraine Government Inte 12.520 5/13/2026 UAH 58.821 Republic of Poland Gove 1.750 4/25/2032 PLN 73.717 BCP V Modular Services 6.750 11/30/2029 EUR 73.826 Ukraine Government Bond 19.250 8/7/2024 UAH 72.762 Yorkshire Water Service 1.758 2/1/2054 GBP 74.444 Bazalgette Finance Plc 0.010 8/5/2036 GBP 70.691 Jain International Trad 7.125 2/1/2022 USD 22.000 Del Monte Finance Luxem 6.625 5/24/2006 EUR 1.000 Ukraine Government Inte 9.990 5/22/2024 UAH 68.277 Norske Skog Holding AS 8.000 2/24/2021 EUR 0.006 HSBC Bank PLC 0.500 6/23/2027 MXN 66.635 ABN AMRO Bank NV 0.450 12/12/2036 EUR 68.205 Severn Trent Utilities 1.457 8/1/2058 GBP 71.083 Cirio Finanziaria SpA 8.000 12/21/2005 EUR 0.478 Finmek International SA 7.000 12/3/2004 EUR 2.193 Communaute Francaise de 1.120 7/19/2038 EUR 66.390 NRW Bank 0.650 7/20/2037 EUR 68.775 State of Saarland 0.500 3/15/2051 EUR 48.390 Autonomous Region of th 1.095 9/27/2036 EUR 67.785 Metinvest BV 5.625 6/17/2025 EUR 69.563 JAB Holdings BV 4.500 4/8/2052 USD 74.133 Bayerische Landesbank 0.770 2/27/2032 EUR 74.368 Cie de Saint-Gobain SA 1.875 5/3/2035 EUR 74.440 United Utilities Water 0.010 9/30/2036 GBP 71.805 Nordea Kredit Realkredi 0.500 10/1/2050 DKK 64.447 Yorkshire Water Service 1.709 2/1/2058 GBP 74.643 Eurogrid GmbH 0.875 11/20/2040 EUR 60.965 Alpine Holding GmbH 5.250 6/10/2016 EUR 0.372 State of Lower Saxony 0.250 4/15/2036 EUR 68.561 Autonomous Community of 1.850 5/13/2061 EUR 52.835 Single 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59.593 State Agency of Roads o 6.250 6/24/2030 USD 27.313 Kingdom of Belgium Gove 1.170 5/12/2121 EUR 38.443 Realkredit Danmark A/S 0.500 10/1/2053 DKK 65.334 Aareal Bank AG 2.658 5/13/2033 EUR 73.987 ABN AMRO Bank NV 0.500 12/12/2039 EUR 63.077 Severn Trent Utilities 1.589 2/1/2067 GBP 74.809 State of Lower Austria 0.550 11/13/2080 EUR 28.523 State Savings Bank of U 12.700 1/19/2024 USD 34.250 Ahtium PLC 9.750 4/4/2017 EUR 0.726 Peine GmbH 2.000 7/5/2023 EUR 44.500 Berlin Hyp AG 0.030 7/22/2030 EUR 74.298 Single Platform Investm 1.370 7/25/2053 EUR 57.048 Credit Agricole SA 6.750 9/29/2042 AUD 74.074 Region Auvergne-Rhone-A 0.892 10/21/2041 EUR 60.379 Land Thueringen 0.250 3/5/2040 EUR 60.018 DNB Bank ASA 1.185 1/14/2038 EUR 67.879 Republic of Austria Gov 0.100 7/10/2040 EUR 58.776 Banque Federative du Cr 0.376 10/15/2031 EUR 70.904 Goldman Sachs Internati 16.288 3/17/2027 USD 51.630 Citigroup Global Market 8.200 3/21/2024 SEK 60.320 Region of Ile de France 0.610 7/2/2040 EUR 60.891 Deutsche Bahn Finance G 3.100 5/20/2041 AUD 69.145 Banque Federative du Cr 1.590 2/5/2031 USD 72.983 Single Platform Investm 1.460 5/25/2052 EUR 58.692 Richter Gedeon Nyrt 1.750 6/4/2031 HUF 72.500 Department of L'Eure Fr 0.643 8/31/2041 EUR 56.321 State of Brandenburg 0.050 8/10/2040 EUR 56.822 Orpea SA 3.144 12/22/2025 EUR 28.234 National Grid Electrici 1.584 7/28/2056 GBP 70.631 State of Rhineland-Pala 1.500 4/25/2052 EUR 65.558 Joh Friedrich Behrens A 7.750 11/11/2020 EUR 8.112 Republic of Belarus Int 6.378 2/24/2031 USD 40.632 BNG Bank NV 0.630 7/11/2067 EUR 37.510 DNB Boligkreditt AS 0.980 6/20/2044 EUR 63.465 Alliander NV 1.125 4/8/2035 EUR 70.293 Barclays Bank PLC 0.779 11/15/2024 USD 10.000 Agence Francaise de Dev 2.302 10/25/2044 USD 62.910 Nederlandse Waterschaps 0.436 10/22/2040 EUR 60.691 HSE Finance Sarl 5.625 10/15/2026 EUR 53.909 Single Platform Investm 1.270 5/15/2035 EUR 68.880 Kreditanstalt fuer Wied 0.980 2/9/2042 EUR 67.753 Saechsische Aufbaubank- 0.300 2/18/2042 EUR 54.378 Autonomous Community of 1.655 10/31/2050 EUR 57.771 Ukraine Government Bond 4.000 1/25/2024 USD 72.671 State of North Rhine-We 1.467 6/12/2045 EUR 69.948 Ukraine Government Inte 9.790 5/26/2027 UAH 53.822 Agrokor dd 9.125 2/1/2020 EUR 15.000 Aareal Bank AG 0.570 8/7/2029 EUR 72.760 Severn Trent Utilities 1.566 2/1/2058 GBP 71.714 Veneto Banca SpA 6.411 EUR 0.345 COFIDUR SA 0.100 12/31/2024 EUR 30.700 Aareal Bank AG 2.020 11/20/2034 EUR 65.723 Anglian Water Services 0.850 12/23/2040 JPY 72.600 Land Berlin 0.350 9/9/2050 EUR 46.313 Land Thueringen 0.375 11/14/2034 EUR 72.632 Ile-de-France Mobilites 1.586 2/23/2052 EUR 61.736 Hemso Fastighets AB 3.050 1/18/2038 SEK 73.724 Grand Delta Habitat 1.820 3/18/2050 EUR 60.802 NRW Bank 1.400 3/19/2070 EUR 55.217 Ukraine Government Inte 14.000 6/26/2024 UAH 72.276 DZ Bank AG Deutsche Zen 14.100 6/28/2024 EUR 71.050 Landesbank Baden-Wuertt 0.280 9/1/2031 EUR 72.050 Bulgaria Steel Finance 12.000 5/4/2013 EUR 0.216 CNH Industrial Finance 2.200 7/15/2039 EUR 71.277 Siemens Financieringsma 3.300 9/15/2046 USD 72.758 State of Bremen 0.936 9/28/2046 EUR 62.358 Depfa Funding II LP 6.500 EUR 60.136 Credit Bank of Moscow V 7.625 USD 26.434 Raiffeisen Landesbank V 0.250 3/4/2036 EUR 66.846 CPI Hungary Investments 2.250 8/7/2030 HUF 59.000 VTB Bank PJSC Via VTB E 9.500 USD 17.644 Deutsche Wohnen SE 1.700 12/5/2036 EUR 62.070 Yorkshire Water Service 1.460 8/1/2056 GBP 69.968 A-TEC Industries AG 2.750 5/10/2014 EUR 0.100 Basque Government 1.000 10/31/2050 EUR 47.823 Norwegian Air Shuttle A 7.500 11/10/2023 USD 73.375 International Bank of A 8.250 10/9/2024 USD 60.375 Wirtschafts- und Infras 0.500 8/28/2046 EUR 50.973 Bpifrance 1.046 5/25/2050 EUR 50.097 Cooperatieve Rabobank U 1.460 6/1/2040 EUR 73.420 Single Platform Investm 0.950 7/25/2047 EUR 47.043 Republic of Ireland Int 0.995 2/24/2121 EUR 35.389 Region de Bruxelles-Cap 0.592 12/10/2061 EUR 32.700 Stonewater Funding PLC 3.375 11/2/2045 GBP 71.720 Single Platform Investm 1.600 2/15/2041 EUR 68.902 Novolipetsk Steel Via S 1.450 6/2/2026 EUR 69.463 Single Platform Investm 1.250 8/15/2051 EUR 56.535 Norske Skog Holding AS 8.000 2/24/2021 EUR 0.006 Nederlandse Waterschaps 1.900 1/31/2035 AUD 69.879 Free and Hanseatic City 0.010 11/5/2035 EUR 67.305 Ministeries Van de Vlaa 1.875 6/2/2042 EUR 74.777 Bibby Offshore Services 7.500 6/15/2021 GBP 11.625 Region de Bruxelles-Cap 0.808 1/31/2050 EUR 46.146 getgoods.de AG 7.750 10/2/2017 EUR 0.527 Region de Bruxelles-Cap 0.944 6/22/2057 EUR 40.069 Cooperatieve Rabobank U 0.500 12/29/2027 MXN 63.834 TBI Bank EAD 5.250 7/30/2031 EUR 50.901 Cooperatieve Rabobank U 1.850 3/29/2049 EUR 58.993 Department of L'Eure Fr 1.110 6/18/2039 EUR 68.688 Kreditanstalt fuer Wied 1.000 10/20/2050 EUR 59.236 Credit Bank of Moscow V 8.875 USD 13.056 Kuntarahoitus Oyj 0.448 3/19/2040 EUR 61.158 Concessio Estacions Aer 3.520 12/31/2037 EUR 68.932 Grupo Antolin-Irausa SA 3.500 4/30/2028 EUR 74.000 Ukraine Government Inte 14.000 6/26/2024 UAH 72.276 GB Social Housing PLC 3.814 4/9/2047 GBP 66.269 Region de Bruxelles-Cap 0.283 10/24/2033 EUR 69.122 DLR Kredit A/S 1.000 10/1/2053 DKK 72.604 BPCE SFH SA 0.500 1/23/2035 EUR 71.792 Single Platform Investm 1.800 7/25/2053 EUR 64.827 Deutsche Bank AG 1.725 1/16/2045 EUR 41.013 Kuntarahoitus Oyj 1.150 4/1/2051 EUR 64.748 GTC Magyarorszag Zrt 2.600 3/17/2031 HUF 73.420 Rena GmbH 8.250 7/11/2018 EUR 0.054 Hemso Fastighets AB 2.975 10/25/2038 SEK 72.175 Landesbank Baden-Wuertt 0.900 5/28/2035 EUR 68.077 Department of Gironde F 0.765 4/29/2036 EUR 67.287 Region Wallonne Belgium 1.805 1/24/2040 EUR 71.871 VTB Bank OJSC Via VTB C 6.250 6/30/2035 USD 23.633 DekaBank Deutsche Giroz 0.400 1/29/2035 EUR 72.448 Region Wallonne Belgium 1.305 9/29/2041 EUR 63.469 NatWest Markets PLC 1.250 12/4/2034 EUR 69.215 ALROSA Finance SA 4.650 4/9/2024 USD 10.162 Kommuninvest I Sverige 2.000 10/21/2040 SEK 73.739 Kardan NV 6.325 2/21/2021 ILS 10.000 Ministeries Van de Vlaa 0.634 11/19/2060 EUR 35.751 Barclays Bank PLC 0.745 10/31/2024 USD 9.857 Comunidad Foral de Nava 0.550 10/22/2035 EUR 67.698 Steilmann SE 6.750 6/27/2017 EUR 2.184 Basler Kantonalbank 16.000 6/14/2024 CHF 66.010 Danske Bank A/S 0.910 10/17/2039 JPY 70.899 Credit Agricole SA 4.400 2/24/2042 AUD 60.256 Mercedes-Benz Manufactu 1.500 3/16/2027 HUF 75.000 Societe Generale SA 3.310 11/29/2033 AUD 70.278 Deutsche Bank AG 2.330 2/11/2043 EUR 69.488 Autonomous Community of 1.515 6/21/2051 EUR 54.033 OP Corporate Bank plc 1.400 3/16/2035 EUR 71.125 Batigere Grand Est SAHL 1.600 11/14/2044 EUR 61.157 MFB Magyar Fejlesztesi 2.900 10/22/2031 HUF 70.428 Thomas Cook Finance 2 P 3.875 7/15/2023 EUR 0.659 National Grid Electrici 1.541 12/1/2056 GBP 70.815 Air Berlin Finance BV 8.500 3/6/2019 EUR 0.278 Spain Government Bond 1.200 10/31/2040 EUR 66.007 Malta Government Bond 2.000 7/10/2051 EUR 63.197 United Kingdom Gilt 1.250 7/31/2051 GBP 47.638 UBS AG/London 17.500 3/15/2024 CHF 45.400 Vasakronan AB 2.130 5/27/2041 SEK 64.049 Deutsche Pfandbriefbank 1.000 12/2/2030 EUR 73.374 Kingdom of Belgium Gove 0.675 7/7/2080 EUR 33.283 Landesbank Hessen-Thuer 4.375 3/30/2042 USD 63.453 Societe Generale SA 8.510 6/6/2024 USD 72.500 Assistance Publique Hop 0.634 8/27/2045 EUR 52.381 BNG Bank NV 10.010 6/17/2025 TRY 66.784 JAB Holdings BV 2.000 12/19/2039 EUR 70.167 Commerzbank AG 0.850 8/15/2029 EUR 74.972 Cie Generale de Navigat 0.350 12/29/2056 CHF 66.607 German Pellets GmbH 7.250 11/27/2019 EUR 0.815 Department of Val d'Ois 0.735 7/3/2040 EUR 62.230 DZ Bank AG Deutsche Zen 1.010 12/30/2030 EUR 74.470 Deutsche Telekom AG 4.125 7/23/2049 USD 72.113 A-TEC Industries AG 5.750 11/2/2010 EUR 0.100 Wirtschafts- und Infras 0.101 9/8/2033 EUR 72.979 Cooperatieve Rabobank U 2.090 12/27/2047 EUR 63.803 Caisse des Depots et Co 1.787 1/30/2048 EUR 66.329 Ville de Paris 0.831 2/23/2056 EUR 42.048 Kingdom of Belgium Gove 0.650 6/22/2071 EUR 38.520 United Utilities Water 0.359 10/5/2048 GBP 52.397 Caisse des Depots et Co 1.015 7/22/2050 EUR 51.991 Societe Generale SA 1.113 7/17/2031 EUR 74.736 Prosus NV 2.031 8/3/2032 EUR 70.776 Single Platform Investm 0.745 2/15/2047 EUR 44.033 Meta Wolf AG 6.750 3/10/2005 DEM 0.110 Credit Bank of Moscow V 4.700 1/29/2025 USD 26.156 Corporate Commercial Ba 8.250 8/8/2014 USD 0.308 Nordea Kredit Realkredi 0.500 10/1/2053 DKK 62.064 Praktiker AG 5.875 2/10/2016 EUR 0.001 Republic of Ireland Int 0.740 9/22/2078 EUR 37.868 Finance and Credit Bank 9.250 1/25/2019 USD 0.001 Malta Government Bond 1.800 8/28/2051 EUR 60.136 Banco Santander SA 1.840 7/20/2033 EUR 72.771 Credit Bank of Moscow V 3.875 9/21/2026 USD 34.566 Free and Hanseatic City 0.300 9/16/2050 EUR 45.328 Lloyds Bank PLC 2.580 3/28/2039 SEK 70.031 Region Wallonne Belgium 1.150 9/2/2120 EUR 32.779 Societe Du Grand Paris 2.100 2/14/2069 EUR 59.287 Credit Agricole SA 3.000 1/28/2041 AUD 49.289 Single Platform Investm 1.442 7/25/2053 EUR 58.669 Norwegian Air Shuttle A 6.860 NOK 74.000 Banque Internationale a 0.510 2/10/2031 EUR 71.931 Jyske Realkredit A/S 1.000 10/1/2056 DKK 66.740 Societe Generale SA 18.800 8/31/2023 USD 18.500 MBH Mortgage Bank Co PL 3.000 1/28/2036 HUF 54.650 NRW Bank 0.210 8/31/2033 EUR 74.230 Norske Skogindustrier A 7.125 10/15/2033 USD 0.010 Turkey Government Inter 5.750 5/11/2047 USD 70.585 Region Wallonne Belgium 0.050 10/26/2032 EUR 70.953 Single Platform Investm 0.559 2/15/2047 EUR 49.072 Batigere Grand Est SAHL 1.485 10/25/2039 EUR 66.290 DLR Kredit A/S 0.500 10/1/2050 DKK 68.962 Landesbank Hessen-Thuer 0.650 10/18/2034 EUR 66.542 Single Platform Investm 1.870 11/21/2044 EUR 58.872 Nordea Bank Abp 7.500 7/20/2027 SEK 74.875 Solon SE 1.375 12/6/2012 EUR 0.745 Societe Generale SA 1.137 1/26/2037 EUR 68.616 KTG Agrar SE 7.250 10/15/2019 EUR 2.001 Grand City Properties S 2.500 6/27/2039 EUR 57.852 LFA Foerderbank Bayern 0.125 9/30/2038 EUR 61.363 Banco Santander SA 1.000 10/1/2033 EUR 73.695 Agence France Locale 2.550 3/20/2036 AUD 72.481 Ville de Paris 0.750 11/30/2041 EUR 60.595 SCC Power PLC 6.000 12/31/2028 USD 50.878 City of Zurich Switzerl 0.250 11/24/2051 CHF 69.632 UniCredit SpA 0.725 11/27/2030 EUR 68.785 Autonomous Community of 1.744 7/1/2061 EUR 50.061 DZ Bank AG Deutsche Zen 1.980 12/29/2031 EUR 73.000 National Grid Electrici 3.350 6/10/2036 AUD 74.259 Credito Padano Banca di 3.100 EUR 36.366 VTB Bank OJSC Via VTB C 6.250 6/30/2035 USD 23.633 Ministeries Van de Vlaa 1.095 6/3/2055 EUR 47.520 Municipality of Eindhov 1.826 5/30/2047 EUR 73.726 Bayerische Landesbodenk 0.030 10/22/2035 EUR 67.214 Golfino AG 8.000 11/18/2023 EUR 0.200 Municipality of Arnhem 0.460 9/20/2049 EUR 49.030 Caisse Francaise de Fin 1.640 7/10/2048 EUR 68.144 Severn Trent Utilities 1.399 2/9/2057 GBP 69.260 Region Auvergne-Rhone-A 1.090 4/8/2037 EUR 70.957 SNCF Reseau 1.425 8/14/2119 EUR 36.852 Severn Trent Utilities 1.399 2/9/2057 GBP 68.598 Ile-de-France Mobilites 0.200 11/16/2035 EUR 66.803 Hamburg Commercial Bank 2.597 2/1/2036 EUR 60.080 Portugal Telecom Intern 6.250 7/26/2016 EUR 0.285 Assistance Publique Hop 1.099 4/6/2071 EUR 38.640 Italy Buoni Poliennali 0.950 3/1/2037 EUR 65.735 BOA Offshore AS 0.409 7/17/2047 NOK 4.213 Wingholding Zrt 3.000 9/22/2031 HUF 64.000 Single Platform Investm 1.240 5/25/2052 EUR 57.571 Single Platform Investm 1.640 2/15/2047 EUR 64.088 Region de Bruxelles-Cap 1.040 5/3/2061 EUR 39.844 Bayerische Landesbank 3.180 2/16/2038 EUR 64.083 Republic of Belarus Int 6.200 2/28/2030 USD 40.556 SG Issuer SA 8.410 1/20/2027 SEK 62.850 GTC Magyarorszag Zrt 2.250 12/7/2030 HUF 72.210 Department of Val d'Ois 0.390 11/18/2041 EUR 55.254 Societe Generale SA 2.200 12/17/2040 USD 62.955 Kreditanstalt fuer Wied 0.699 10/20/2036 EUR 72.982 Jyske Realkredit A/S 0.500 10/1/2043 DKK 74.937 Deutsche Bank Luxembour 2.386 4/27/2029 EUR 69.726 Department of Val d'Ois 0.929 5/19/2041 EUR 63.061 NRW Bank 0.185 8/17/2033 EUR 74.295 Barclays Bank PLC 2.300 8/31/2036 USD 63.578 J&T Banka AS 7.000 EUR 70.693 Kommunekredit 0.342 9/1/2042 EUR 57.083 Natixis SA 3.600 11/16/2041 AUD 64.367 Sequa Petroleum NV 5.000 4/29/2020 USD 30.250 Proximus SADP 1.500 5/14/2040 EUR 67.796 Elia Transmission Belgi 1.560 1/30/2044 EUR 72.445 Land Berlin 0.125 6/4/2035 EUR 69.368 Deutsche Pfandbriefbank 0.765 9/12/2036 EUR 54.765 Erdoel-Lagergesellschaf 1.281 9/30/2036 EUR 72.456 Deutsche Bank AG 1.750 10/30/2028 USD 74.700 Communaute Francaise de 1.725 4/23/2049 EUR 66.983 Intesa Sanpaolo SpA 4.700 9/23/2049 USD 66.107 Ukraine Government Bond 19.590 12/4/2024 UAH 70.929 Erste Group Bank AG 1.540 3/18/2034 EUR 71.062 Kommuninvest I Sverige 2.000 10/21/2039 SEK 74.206 Centre Hospitalier de M 1.580 2/11/2061 EUR 69.622 Single Platform Investm 1.450 9/14/2040 EUR 67.771 Societe Generale SA 0.690 4/21/2033 EUR 71.374 Parnassia Groep BV 1.470 12/3/2046 EUR 60.749 Parnassia Groep BV 1.260 12/3/2046 EUR 73.511 Region Occitanie 0.728 11/16/2037 EUR 65.515 DZ Bank AG Deutsche Zen 0.950 12/30/2030 EUR 74.450 Vontobel Financial Prod 9.200 6/28/2024 EUR 72.360 Kreditanstalt fuer Wied 0.980 6/28/2051 EUR 58.574 UBS AG/London 7.100 11/22/2023 USD 9.900 Ville de Paris 0.850 8/4/2051 EUR 48.161 Region de Bruxelles-Cap 0.910 1/31/2053 EUR 45.729 Minicentrales Dos SA 0.010 6/6/2047 EUR 58.439 Muenchener Hypothekenba 0.250 10/31/2044 CHF 70.185 Hemso Fastighets AB 1.130 10/31/2039 EUR 59.875 Single Platform Investm 1.150 5/25/2066 EUR 44.531 Landesbank Baden-Wuertt 0.380 11/18/2030 EUR 74.769 Vilogia SA d'HLM 1.500 8/7/2034 EUR 73.993 BNG Bank NV 2.020 8/7/2058 EUR 74.477 Barclays Bank PLC 7.350 4/11/2024 USD 9.897 Assistance Publique Hop 0.490 9/30/2040 EUR 58.734 ESB Finance DAC 2.000 4/17/2044 EUR 68.480 Deutsche Bank AG/London 0.500 8/23/2038 MXN 21.687 SAir Group 2.125 11/4/2004 CHF 10.125 Scottish Hydro Electric 1.429 10/20/2056 GBP 68.106 Hungary Government Inte 1.500 11/17/2050 EUR 51.353 Havenbedrijf Rotterdam 1.100 3/23/2051 EUR 57.378 Sovcombank Via SovCom C 8.000 4/7/2030 USD 6.581 State of Bremen 1.000 5/27/2039 EUR 70.491 Soc Nationale SNCF SACA 2.820 4/28/2036 AUD 74.949 Romanian Government Int 2.000 4/14/2033 EUR 70.261 MOL Hungarian Oil & Gas 1.900 4/12/2031 HUF 62.300 Romanian Government Int 3.375 2/8/2038 EUR 72.460 HSBC Continental Europe 2.220 1/24/2048 EUR 67.756 DNB Boligkreditt AS 1.452 1/19/2038 EUR 74.577 Hemso Fastighets AB 2.615 11/30/2043 EUR 63.508 Banque et Caisse d'Epar 1.230 4/26/2046 EUR 66.946 Banco Santander SA 0.010 10/1/2032 EUR 68.381 Kingdom of Belgium Gove 2.750 6/10/2071 USD 61.814 Ukraine Government Inte 7.375 9/25/2034 USD 27.417 Muenchener Hypothekenba 1.666 8/7/2042 EUR 74.704 Deutsche Bank AG 0.250 8/23/2028 EUR 68.310 Depfa Funding III LP 3.062 EUR 51.243 Caisse des Depots et Co 1.630 12/28/2046 EUR 64.548 Hungary Government Bond 3.000 4/25/2041 HUF 57.722 SNCF Reseau 2.622 9/24/2049 USD 64.566 United Utilities Water 0.010 12/9/2036 GBP 70.670 Barclays Bank PLC 2.500 12/29/2032 USD 74.611 State of Brandenburg 0.750 8/8/2036 EUR 72.915 Belfius Bank SA 0.125 6/19/2034 EUR 70.664 Single Platform Investm 2.230 3/17/2039 NOK 65.266 Credit Agricole Corpora 3.200 3/11/2036 AUD 73.402 Sanctuary Capital PLC 2.481 11/12/2037 GBP 66.938 Junta de Castilla y Leo 1.270 10/31/2044 EUR 58.624 Landesbank Baden-Wuertt 0.560 9/22/2033 EUR 68.949 Communaute Francaise de 1.010 7/19/2051 EUR 50.129 City of Amsterdam Nethe 1.359 2/26/2044 EUR 69.264 SpareBank 1 SR-Bank ASA 1.650 2/24/2042 EUR 61.143 Grand Delta Habitat 1.425 2/26/2048 EUR 55.980 Land Berlin 0.150 2/22/2036 EUR 67.825 Cooperatieve Rabobank U 2.481 2/26/2036 AUD 70.400 Single Platform Investm 1.130 5/1/2030 EUR 63.725 Credit Agricole Corpora 15.000 6/18/2026 TRY 71.801 Single Platform Investm 1.510 2/13/2043 EUR 65.263 UBS AG/London 16.500 7/22/2024 CHF 70.400 DZ Bank AG Deutsche Zen 1.850 2/19/2049 EUR 69.526 CDC Habitat SEM 1.700 3/21/2039 EUR 71.182 MBH Mortgage Bank Co PL 3.000 8/21/2030 HUF 68.650 NORD/LB Luxembourg SA C 0.542 9/30/2037 EUR 64.995 Land Berlin 0.500 6/19/2047 EUR 51.435 DZ Bank AG Deutsche Zen 1.000 2/18/2032 EUR 65.532 Erdoel-Lagergesellschaf 1.200 6/4/2043 EUR 61.989 Banco Espirito Santo SA 6.900 6/28/2024 EUR 19.241 Swedbank Hypotek AB 1.500 7/13/2048 EUR 68.939 CaixaBank SA 0.150 11/22/2027 EUR 74.187 Kingdom of Belgium Gove 0.558 9/24/2077 EUR 31.521 City of St Gallen 0.140 9/16/2044 CHF 72.220 Itas Istituto Trentino 5.000 12/17/2031 EUR 60.814 Autostrade per l'Italia 3.625 6/9/2038 EUR 73.906 Kommunekredit 0.100 9/30/2033 DKK 71.031 Natixis SA 2.420 9/29/2035 AUD 63.641 Department of Loiret Fr 0.500 10/30/2042 EUR 54.967 Credit Agricole Corpora 0.100 10/21/2030 EUR 73.476 Alpine Holding GmbH 6.000 5/22/2017 EUR 0.372 German Pellets GmbH 7.250 4/1/2016 EUR 0.815 Grupo Isolux Corsan SA 6.000 12/30/2021 EUR 0.673 Nederlandse Waterschaps 0.964 6/11/2059 EUR 51.408 Region Wallonne Belgium 1.135 10/10/2069 EUR 43.475 Landwirtschaftliche Ren 0.210 9/30/2033 EUR 74.536 Assistance Publique Hop 1.073 4/16/2045 EUR 59.249 Single Platform Investm 2.600 1/19/2038 NOK 69.918 Belfius Bank SA 1.561 4/27/2043 EUR 71.770 Deutsche Bahn Finance G 0.232 3/17/2032 EUR 73.909 Kuntarahoitus Oyj 1.400 3/5/2061 EUR 64.872 Landesbank Hessen-Thuer 0.550 4/1/2031 EUR 73.922 Landesbank Hessen-Thuer 1.250 4/7/2037 EUR 70.100 Societe Generale SA 0.831 11/25/2031 EUR 69.151 Grand Delta Habitat 1.630 3/6/2045 EUR 61.244 Grenke Finance PLC 0.819 2/15/2030 EUR 68.461 Credit Suisse AG/London 16.500 9/7/2023 CHF 32.840 Agence Francaise de Dev 1.833 2/26/2052 EUR 66.766 Credito Padano Banca di 3.100 EUR 36.103 Sovcombank Via SovCom C 3.400 1/26/2025 USD 2.610 SNCF Reseau 1.475 3/30/2065 EUR 48.897 Pongs & Zahn AG 8.500 11/1/2014 EUR 0.002 Purple Protected Asset 1.580 5/25/2060 EUR 39.581 NRW Bank 0.106 8/17/2050 EUR 41.966 DZ Bank AG Deutsche Zen 1.000 2/13/2042 EUR 64.881 Agrokor dd 8.875 2/1/2020 USD 15.000 Nederlandse Waterschaps 0.750 10/4/2041 EUR 63.226 Landesbank Baden-Wuertt 0.690 10/8/2035 EUR 65.410 SG Issuer SA 0.350 11/15/2023 EUR 31.260 Mifa Mitteldeutsche Fah 7.500 8/12/2018 EUR 1.800 Affinity Water Finance 2.699 11/22/2033 GBP 69.638 NRW Bank 1.000 2/26/2050 EUR 59.385 Thames Water Utilities 1.819 8/28/2049 GBP 71.829 SAir Group 6.250 4/12/2005 CHF 10.172 KPNQwest NV 8.875 2/1/2008 EUR 0.507 La Veggia Finance SA 7.125 11/14/2004 EUR 0.301 Nationwide Building Soc 1.573 5/7/2041 EUR 73.216 Banco Espirito Santo SA 10.000 12/6/2021 EUR 0.397 Swedbank Hypotek AB 1.490 8/15/2038 EUR 74.642 Societe Generale SFH SA 0.570 3/15/2036 EUR 70.362 Assistance Publique Hop 0.666 3/19/2040 EUR 61.957 Societe Generale SA 10.000 6/28/2034 USD 72.500 Raiffeisen Landesbank V 0.375 11/13/2034 EUR 71.269 Credit Agricole Corpora 3.100 4/28/2041 AUD 64.014 DekaBank Deutsche Giroz 0.230 4/22/2031 EUR 72.977 HSE Finance Sarl 9.531 10/15/2026 EUR 57.519 Ministeries Van de Vlaa 1.874 3/28/2058 EUR 58.264 Region de Bruxelles-Cap 1.620 2/8/2044 EUR 66.275 ING Groep NV 0.975 2/14/2034 EUR 66.820 State of North Rhine-We 1.850 3/18/2089 EUR 55.058 Societe Du Grand Paris 0.576 10/29/2052 EUR 40.052 Soc Nationale SNCF SACA 1.400 5/18/2120 EUR 32.825 Vasakronan AB 1.770 10/26/2033 NOK 67.665 Region Auvergne-Rhone-A 0.250 10/23/2034 EUR 68.548 Caisse Francaise de Fin 0.726 10/29/2039 EUR 63.645 Oberoesterreichische La 1.014 9/16/2049 EUR 39.968 Landesbank Hessen-Thuer 0.600 1/17/2035 EUR 73.500 Credit Bank of Moscow V 7.121 6/25/2024 USD 23.882 Landesbank Saar 0.540 11/18/2033 EUR 68.302 Rio Forte Investments S 4.000 7/22/2014 EUR 2.114 FLUVIUS System Operator 0.810 4/8/2033 EUR 69.828 Bilt Paper BV 10.360 USD 1.313 Single Platform Investm 2.000 2/1/2039 EUR 74.232 Kreditanstalt fuer Wied 1.208 3/10/2051 EUR 62.979 Nykredit Realkredit AS 1.182 1/17/2034 EUR 71.814 Regie Autonome des Tran 0.875 8/18/2080 EUR 34.914 BNG Bank NV 1.897 10/30/2048 EUR 71.484 Muenchener Hypothekenba 1.000 5/7/2035 EUR 69.842 Landeskreditbank Baden- 2.500 5/21/2036 AUD 69.677 Single Platform Investm 0.656 9/20/2050 EUR 50.472 NRW Bank 1.000 6/24/2051 EUR 58.114 Vajda-Papir 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EUR 72.959 National Grid Electrici 1.541 12/1/2053 GBP 71.011 Region de Bruxelles-Cap 1.286 12/17/2046 EUR 56.024 Aktia Bank Oyj 0.635 10/16/2035 EUR 63.158 SAir Group 4.250 2/2/2007 CHF 10.172 Sairgroup Finance BV 6.625 10/6/2010 EUR 0.250 Communaute Francaise de 0.500 6/27/2046 EUR 48.038 AKB Peresvet ZAO 0.510 8/4/2034 RUB 31.190 ALROSA Finance SA 3.100 6/25/2027 USD 6.629 Aareal Bank AG 1.125 6/28/2030 EUR 72.020 Lloyds Bank PLC 2.170 8/28/2038 EUR 67.909 Cie de Financement Fonc 0.900 7/18/2058 EUR 48.496 Vasakronan AB 2.400 6/20/2044 SEK 65.520 United Kingdom Gilt 0.250 7/31/2031 GBP 72.561 State of North Rhine-We 1.267 9/16/2051 EUR 61.880 Credit Agricole Corpora 2.850 9/15/2051 AUD 53.387 Cooperatieve Rabobank U 2.940 3/11/2036 AUD 74.468 State of Lower Austria 0.815 9/22/2056 EUR 46.413 Nordea Bank Abp 9.370 7/20/2029 SEK 72.330 BNG Bank NV 2.000 9/5/2058 EUR 67.391 Santander Consumer Bank 9.430 NOK 60.954 Norddeutsche Landesbank 0.650 8/26/2031 EUR 73.386 Kreditanstalt fuer Wied 1.171 7/19/2051 EUR 61.395 Banco Santander SA 0.790 9/30/2031 EUR 72.326 Alfa Bank AO Via Alfa B 5.500 10/26/2031 USD 0.617 UniCredit Bank Austria 0.150 4/29/2033 EUR 71.807 Die Schweizerische Post 0.180 12/14/2061 CHF 52.822 EnBW International Fina 2.080 1/21/2041 EUR 64.675 State of North Rhine-We 1.960 1/24/2079 EUR 66.414 Sparebanken Sor 7.970 NOK 73.977 Kreditanstalt fuer Wied 1.175 4/14/2051 EUR 62.386 Quintet Private Bank Eu 6.050 5/26/2026 USD 56.110 ACCIONA Financiacion Fi 1.900 6/28/2034 EUR 70.485 Region de Bruxelles-Cap 1.144 1/14/2056 EUR 46.174 Ukraine Government Bond 12.300 7/3/2024 UAH 71.046 MBH Mortgage Bank Co PL 3.000 10/22/2031 HUF 65.500 Santander Consumer Bank 2.620 6/18/2031 NOK 74.887 City of Amsterdam Nethe 0.490 12/16/2036 EUR 69.087 Credit Agricole Corpora 11.190 3/12/2027 TRY 60.047 Commune de Marseille 1.688 12/6/2038 EUR 74.861 Single Platform Investm 1.120 7/25/2045 JPY 66.556 Premium Green PLC 1.610 9/30/2030 AUD 74.025 Barclays Bank PLC 2.320 1/11/2041 USD 56.647 SG Issuer SA 1.600 6/26/2034 EUR 13.150 State of Lower Austria 0.585 10/11/2049 EUR 48.466 State of Bremen 0.500 6/14/2034 EUR 74.457 Alno AG 8.000 3/21/2019 EUR 17.500 Lloyds Bank PLC 0.500 7/26/2028 MXN 60.067 Agrokor dd 9.125 2/1/2020 EUR 15.000 Erste Group Bank AG 1.230 5/29/2033 EUR 71.166 Citigroup Global Market 1.230 8/20/2039 EUR 62.076 Communaute Francaise de 0.788 8/30/2049 EUR 48.226 United Kingdom Inflatio 0.125 3/22/2068 GBP 71.522 SAir Group 5.500 7/23/2003 CHF 10.172 Ministeries Van de Vlaa 1.392 11/12/2041 EUR 64.743 Erste Group Bank AG 1.400 5/7/2034 EUR 69.369 Erste Group Bank AG 1.380 6/8/2032 EUR 73.964 Ukraine Government Bond 8.630 5/10/2033 UAH 25.527 Magyar Export-Import Ba 2.500 5/23/2029 HUF 70.449 Landesbeteiligungen Bad 1.450 6/15/2046 EUR 57.915 Landesbank Hessen-Thuer 1.000 3/9/2037 EUR 66.700 Department of Bouches d 0.500 10/5/2043 EUR 53.380 Elli Investments Ltd 12.250 6/15/2020 GBP 52.250 Serbia Treasury Bonds 1.500 3/26/2033 EUR 71.255 Credit Agricole Corpora 2.750 12/12/2034 AUD 71.848 Nykredit Realkredit AS 1.000 10/1/2050 DKK 70.386 Purple Protected Asset 1.598 2/5/2061 EUR 63.222 de Volksbank NV 1.552 4/12/2040 EUR 74.836 BPCE SA 2.730 10/5/2036 AUD 62.091 Department of Gironde F 0.846 4/29/2039 EUR 65.860 Cie de Financement Fonc 1.760 11/15/2048 EUR 68.386 Single Platform Investm 1.920 11/5/2040 EUR 65.953 Single Platform Investm 1.233 6/25/2044 EUR 63.940 Italy Buoni Poliennali 0.150 5/15/2051 EUR 61.969 Single Platform Investm 0.815 4/1/2042 EUR 55.514 Single Platform Investm 2.290 7/19/2038 NOK 66.073 Ville de Paris 1.165 6/9/2053 EUR 50.506 Banco Santander SA 2.280 2/28/2039 EUR 71.351 Nationale-Nederlanden B 1.400 3/18/2039 EUR 73.143 HSBC Bank PLC 2.230 9/6/2047 EUR 63.550 Soc Nationale SNCF SACA 2.910 1/27/2051 AUD 61.434 Landesbank Hessen-Thuer 0.350 1/20/2031 EUR 72.780 Assistance Publique Hop 0.791 8/27/2051 EUR 47.131 Societe Generale SA 2.480 7/17/2040 USD 49.979 SALVATOR Vermoegensverw 9.500 EUR 7.900 Vasakronan AB 0.914 5/27/2030 EUR 67.063 Berlin Hyp AG 0.440 10/29/2035 EUR 58.467 Deutsche Bank AG 2.784 4/3/2034 EUR 70.638 BASF SE 1.025 8/13/2048 JPY 66.729 Tonon Luxembourg SA 9.250 1/24/2020 USD 0.795 United Kingdom Gilt 1.500 7/22/2047 GBP 54.793 Department of Bouches d 0.810 12/16/2041 EUR 60.550 Hemso Fastighets AB 2.127 4/18/2039 EUR 62.273 Societe Generale SA 10.000 4/28/2034 USD 67.750 Republic of Ireland Int 1.320 11/28/2119 EUR 38.726 Turkiye Ihracat Kredi B 12.540 9/14/2028 TRY 53.700 DZ HYP AG 1.430 10/26/2046 EUR 61.786 Single Platform Investm 0.932 2/15/2041 EUR 59.437 BNG Bank NV 1.627 4/25/2046 EUR 71.218 Lloyds Bank PLC 2.520 9/4/2038 SEK 69.700 ECM Real Estate Investm 5.000 10/9/2011 EUR 15.375 DZ Bank AG Deutsche Zen 0.760 9/15/2033 EUR 69.916 United Utilities Water 1.591 9/25/2056 GBP 74.981 Autonomous Community of 1.089 10/31/2049 EUR 50.365 Pescanova SA 6.750 3/5/2015 EUR 0.840 Magyar Export-Import Ba 2.000 10/27/2027 HUF 70.063 Societe Wallonne de Fin 0.883 11/21/2044 EUR 52.989 City of Hanover Germany 1.580 11/17/2042 EUR 74.126 BPCE SA 1.980 10/6/2030 AUD 74.115 BPCE SFH SA 1.295 6/8/2037 EUR 74.199 Belfius Bank SA 0.780 7/22/2036 EUR 71.132 New World Resources NV 4.000 10/7/2020 EUR 0.369 Credit Agricole Corpora 10.320 7/22/2026 TRY 62.123 Pescanova SA 5.125 4/20/2017 EUR 1.045 Societe Generale SA 2.700 3/17/2031 AUD 73.287 Ville de Paris 2.017 5/25/2052 EUR 66.926 Single Platform Investm 1.440 7/18/2042 EUR 64.423 Credit Suisse AG/London 20.000 11/29/2024 USD 13.880 Caisse des Depots et Co 1.106 9/30/2049 EUR 53.039 Communaute Francaise de 1.040 7/19/2101 EUR 42.265 Penarian Housing Financ 3.212 6/7/2052 GBP 66.932 Region Occitanie 0.766 10/7/2041 EUR 60.310 Comunidad Foral de Nava 1.450 5/8/2040 EUR 65.891 Citigroup Global Market 1.290 4/29/2025 EUR 74.100 Credit Agricole SA 3.610 4/20/2036 AUD 65.213 Nederlandse Waterschaps 1.650 5/27/2061 EUR 61.955 Single Platform Investm 1.250 10/18/2035 EUR 61.490 Societe Generale SA 3.920 12/9/2036 AUD 69.870 Region de Bruxelles-Cap 1.990 11/30/2050 EUR 62.683 Raiffeisen Switzerland 9.000 2/2/2024 EUR 74.770 Premium Green PLC 1.610 9/30/2030 AUD 74.025 VTB Bank PJSC 10.000 RUB 59.010 Citigroup Global Market 2.000 3/25/2039 EUR 71.004 MKB-Leasing OOO 10.500 10/12/2026 RUB 70.020 DZ Bank AG Deutsche Zen 1.070 10/6/2042 EUR 65.483 Raiffeisenlandesbank Ob 0.998 11/4/2033 EUR 70.405 French Republic Governm 0.500 5/25/2072 EUR 35.738 City of Gothenburg Swed 1.990 2/20/2045 SEK 70.071 Kreditanstalt fuer Wied 0.250 10/6/2036 CAD 51.354 Ministeries Van de Vlaa 1.053 6/3/2050 EUR 51.874 Romanian Government Int 3.375 1/28/2050 EUR 62.184 Grand Delta Habitat 1.500 9/1/2047 EUR 52.026 HPI AG 3.500 EUR 3.010 Landesbank Hessen-Thuer 0.800 2/26/2035 EUR 66.951 Societe Wallonne de Fin 0.948 10/23/2051 EUR 48.872 Deutsche Apotheker-und 1.770 12/21/2046 EUR 72.771 DZ HYP AG 1.033 12/6/2049 EUR 54.278 Norske Skogindustrier A 7.125 10/15/2033 USD 0.010 Landesbank Saar 0.835 2/19/2035 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66.546 Akademiska Hus AB 1.694 12/18/2045 EUR 74.552 NRW Bank 0.600 1/28/2051 EUR 50.828 UBS Group AG 2.300 12/3/2035 AUD 65.633 Orpea SA 2.564 11/30/2027 EUR 27.672 Single Platform Investm 0.946 5/25/2036 EUR 67.758 Landeskreditbank Baden- 0.547 2/18/2041 EUR 62.004 Assistance Publique Hop 1.850 12/21/2046 EUR 68.853 Premium Green PLC 1.630 12/30/2030 AUD 73.229 Landesbank Hessen-Thuer 1.000 8/27/2035 EUR 67.525 Region de Bruxelles-Cap 1.506 2/21/2039 EUR 71.990 HSBC Continental Europe 2.200 2/19/2049 EUR 67.677 Vasakronan AB 0.950 3/22/2039 JPY 71.914 Hypo Tirol Bank AG 1.090 1/21/2041 EUR 55.826 Landesbank Hessen-Thuer 0.850 9/2/2036 EUR 63.899 Landesbank Hessen-Thuer 0.650 9/16/2036 EUR 61.949 Vasakronan AB 1.130 5/27/2042 JPY 67.825 Landesbank Hessen-Thuer 1.450 7/10/2035 EUR 68.300 Republic of Ireland Int 0.810 7/10/2079 EUR 39.370 Lithuania Government In 0.500 7/28/2050 EUR 44.034 Lehman Brothers Treasur 5.666 10/5/2035 EUR 0.100 TransFin-M PAO 10.500 6/28/2027 RUB 60.000 CDC Habitat SEM 1.060 5/22/2036 EUR 69.011 BPCE SA 2.550 6/9/2035 AUD 63.673 Jyske Realkredit A/S 0.500 10/1/2053 DKK 62.094 Grand Delta Habitat 1.500 9/1/2049 EUR 56.180 Single Platform Investm 0.695 6/25/2039 EUR 59.858 Landesbank Hessen-Thuer 1.000 9/24/2035 EUR 67.357 Muenchener Hypothekenba 0.300 9/6/2032 EUR 70.488 Land Thueringen 0.200 9/12/2039 EUR 60.654 Air Berlin Finance BV 6.000 3/6/2019 EUR 0.278 Single Platform Investm 0.924 2/18/2049 EUR 50.055 Bayerische Landesbank 0.710 12/1/2031 EUR 74.157 Russian Post FGUP 2.750 12/6/2023 RUB 60.070 Stichting Afwikkeling O 8.450 8/20/2018 USD 43.625 Espirito Santo Financia 5.050 11/15/2025 EUR 0.759 Intesa Sanpaolo Bank Ir 3.102 11/19/2035 AUD 65.342 Single Platform Investm 1.220 11/28/2033 EUR 74.802 Kommunekredit 1.336 10/1/2032 AUD 71.852 Steilmann SE 7.000 9/23/2018 EUR 1.429 Deutsche Bahn Finance G 1.520 7/3/2035 SEK 72.174 Ville de Paris 1.720 8/23/2047 EUR 67.207 O1 Properties Finance P 0.500 9/27/2028 USD 5.823 Landesbank 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AUD 73.229 Single Platform Investm 1.080 7/18/2036 EUR 68.389 German Real Estate Capi 3.000 EUR 72.500 Instabank ASA i 11.570 NOK 71.522 CDC Habitat SEM 1.150 4/30/2037 EUR 68.616 BNP Paribas SA 3.580 7/23/2040 AUD 70.795 National Grid Electrici 2.500 7/24/2035 AUD 68.683 Barclays Bank PLC 10.200 2/14/2025 TRY 74.788 Aareal Bank AG 2.783 5/18/2037 EUR 67.315 Hypo Tirol Bank AG 0.740 5/29/2040 EUR 62.649 Ville de Paris 0.963 6/8/2050 EUR 51.309 Commerzbank AG 1.430 1/23/2040 EUR 63.679 Region Wallonne Belgium 1.865 5/10/2051 EUR 64.075 Commerzbank AG 1.046 12/18/2034 EUR 69.042 Mox Telecom AG 7.250 11/2/2017 EUR 2.270 Centrosolar Group AG 7.000 2/15/2016 EUR 2.505 Raiffeisen-Landesbank T 1.100 11/13/2036 EUR 57.641 Region de Bruxelles-Cap 0.845 9/30/2059 EUR 39.090 Netherlands Government 0.500 1/15/2040 EUR 68.173 Heta Asset Resolution A 4.458 12/31/2023 EUR 1.168 Lehman Brothers Treasur 13.500 11/28/2008 USD 0.100 Region de Bruxelles-Cap 0.256 2/26/2035 EUR 66.988 Premium Green PLC 1.650 3/28/2031 AUD 72.165 Hemso Fastighets AB 0.473 2/18/2030 EUR 72.734 Kommuninvest I Sverige 2.000 10/21/2041 SEK 71.800 Brussels Municipalities 0.832 3/29/2041 EUR 61.084 AKB Peresvet ZAO 0.510 2/14/2032 RUB 6.800 Uliving@Essex Issuerco 0.100 8/31/2058 GBP 63.385 SAir Group 0.125 7/7/2005 CHF 10.125 Deutsche Bank AG 2.348 8/15/2034 EUR 66.689 Deutsche Bank AG 2.267 8/25/2034 EUR 66.033 Windreich GmbH 6.750 3/1/2015 EUR 2.780 Single Platform Investm 1.013 12/20/2050 EUR 51.590 BNG Bank NV 0.632 7/12/2066 EUR 38.219 Landesbank Baden-Wuertt 0.300 3/17/2033 EUR 68.450 Assistance Publique Hop 1.913 4/22/2042 EUR 74.432 Ministeries Van de Vlaa 0.400 11/20/2043 EUR 52.357 Kreditanstalt fuer Wied 1.267 3/22/2051 EUR 63.960 SkyGreen Buildings Kft 3.000 12/29/2030 HUF 65.500 Landesbank Baden-Wuertt 0.140 10/20/2031 EUR 71.527 State of Rhineland-Pala 0.375 3/10/2051 EUR 46.128 Municipality of Almelo 0.210 9/14/2035 EUR 69.189 Hypo Tirol Bank AG 1.320 7/16/2041 EUR 62.785 Region 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1.060 4/1/2042 EUR 60.515 BNG Bank NV 0.562 6/7/2051 EUR 55.017 Grand City Properties S 2.600 2/25/2034 EUR 67.582 Credit Suisse AG/London 13.700 9/25/2023 USD 20.240 Muenchener Hypothekenba 0.030 1/14/2031 EUR 73.920 Muenchener Hypothekenba 0.300 1/27/2031 EUR 74.515 Landesbank Baden-Wuertt 0.290 8/6/2031 EUR 72.289 Ukraine Government Inte 12.520 5/13/2026 UAH 58.821 Cordia International In 3.000 7/27/2030 HUF 67.000 Landesbank Hessen-Thuer 1.200 8/28/2035 EUR 68.000 Batigere Grand Est SAHL 1.610 10/23/2040 EUR 66.218 Municipality of Eindhov 1.785 5/30/2047 EUR 73.070 Region Auvergne-Rhone-A 0.650 5/18/2038 EUR 63.165 DekaBank Deutsche Giroz 1.320 1/24/2045 EUR 58.884 Societe Generale SA 1.230 1/30/2035 EUR 71.828 Deutsche Bank AG/London 3.984 10/10/2042 USD 69.727 Lloyds Bank PLC 2.637 1/16/2040 AUD 65.713 Grand Delta Habitat 1.500 6/2/2045 EUR 59.086 Societe Wallonne de Fin 0.904 10/23/2047 EUR 50.983 Societe Wallonne de Fin 0.894 10/23/2045 EUR 52.477 Societe Generale SA 1.510 12/20/2044 EUR 61.985 Region Auvergne-Rhone-A 0.493 10/23/2037 EUR 63.602 SAir Group 6.250 10/27/2002 CHF 10.125 Norddeutsche Landesbank 1.200 9/18/2035 EUR 66.364 Kuntarahoitus Oyj 0.766 10/28/2048 EUR 60.331 Autonomous Community of 1.900 5/24/2039 EUR 73.716 BNG Bank NV 0.043 9/17/2033 EUR 69.619 Department of Bouches d 1.368 5/6/2044 EUR 64.628 Single Platform Investm 1.260 1/22/2049 EUR 56.830 Caisse des Depots et Co 1.548 8/9/2038 EUR 73.289 SR-Boligkreditt AS 1.252 12/2/2041 EUR 67.765 Communaute Francaise de 1.380 11/7/2046 EUR 60.423 DekaBank Deutsche Giroz 1.350 11/15/2044 EUR 59.450 Santander International 1.700 12/12/2049 EUR 45.804 Purple Protected Asset 2.085 10/27/2060 EUR 45.089 Societe Wallonne de Fin 1.066 9/18/2046 EUR 54.234 Ukraine Government Bond 9.700 12/8/2027 UAH 44.210 Ukraine Government Bond 9.000 7/17/2030 UAH 31.304 HH Finance PLC 5.000 5/19/2028 EUR 60.050 Ukraine Government Bond 8.120 11/10/2035 UAH 22.597 Ukraine Government Bond 8.880 5/10/2032 UAH 27.341 Single Platform Investm 1.220 8/24/2047 EUR 51.727 Bank Vontobel AG 20.000 11/27/2023 CHF 28.900 Kingdom of Belgium Gove 1.600 6/22/2047 EUR 69.224 Caisse Francaise de Fin 1.720 11/6/2047 EUR 68.770 Single Platform Investm 2.160 2/15/2044 EUR 73.776 Region Auvergne-Rhone-A 1.150 4/8/2039 EUR 68.506 BNG Bank NV 1.040 11/28/2047 EUR 59.241 Nordea Eiendomskreditt 2.200 6/17/2043 NOK 70.879 Specialfastigheter Sver 1.120 2/19/2044 SEK 56.016 Nederlandse Waterschaps 1.675 4/26/2046 EUR 71.962 Department of L'Eure Fr 0.959 11/25/2037 EUR 70.117 Municipality of Eindhov 1.246 10/18/2046 EUR 65.022 NRW Bank 0.550 7/23/2035 EUR 72.126 Region Auvergne-Rhone-A 0.697 8/2/2036 EUR 68.368 Agence France Locale 0.586 6/20/2034 EUR 71.585 Argentum Capital SA 1.377 5/25/2034 EUR 69.625 Lehman Brothers Treasur 10.000 3/27/2009 USD 0.100 Severn Trent Utilities 1.500 10/20/2056 GBP 72.730 Autonomous Community of 0.810 10/31/2040 EUR 58.758 Orpea SA 2.300 3/6/2025 EUR 27.548 Espirito Santo Financia 4.809 10/27/2024 EUR 0.001 Single Platform Investm 1.105 1/18/2040 EUR 62.914 Collectivite Europeenne 0.487 10/9/2045 EUR 50.055 Department of Bouches d 0.482 10/20/2045 EUR 49.935 Single Platform Investm 0.835 10/14/2061 EUR 42.702 Heta Asset Resolution A 4.007 12/31/2023 EUR 1.168 Moby SpA 7.750 2/15/2023 EUR 60.090 Commerzbank AG 1.400 7/21/2031 EUR 73.351 Region Provence-Alpes-C 0.785 6/18/2040 EUR 60.771 Region Wallonne Belgium 1.220 6/12/2050 EUR 54.312 Banque Internationale a 0.670 6/29/2030 EUR 74.814 Elli Finance UK PLC 8.750 6/15/2019 GBP 42.613 Region Auvergne-Rhone-A 0.805 7/26/2039 EUR 64.043 Vasakronan AB 1.700 6/28/2044 EUR 41.745 Single Platform Investm 0.870 6/20/2043 EUR 56.329 Single Platform Investm 0.950 5/17/2038 EUR 64.292 Societe Generale SA 1.700 1/19/2031 USD 71.896 Orpea SA 2.770 12/18/2028 EUR 27.679 Metropole de Lyon 0.500 12/28/2048 EUR 45.602 Purple Protected Asset 1.518 1/25/2061 EUR 62.234 Purple Protected Asset 1.565 12/23/2060 EUR 59.826 Department of Loiret Fr 0.550 12/18/2045 EUR 50.689 Metropole de Lyon 0.500 12/28/2049 EUR 44.274 UBS AG/London 16.300 1/8/2024 EUR 26.040 Metropole de Lyon 0.376 12/22/2044 EUR 49.690 Senvion Holding GmbH 3.875 10/25/2022 EUR 0.145 BKS Bank AG 1.390 1/19/2032 EUR 74.337 Caisse des Depots et Co 2.205 9/28/2041 AUD 60.889 Centre Hospitalier Regi 0.800 6/28/2041 EUR 61.230 Credit Agricole SA 3.270 10/5/2041 AUD 58.233 Single Platform Investm 2.600 7/30/2036 NOK 71.713 AutoWallis Nyrt 3.000 7/27/2031 HUF 66.800 Hungary Government Bond 4.000 4/28/2051 HUF 60.559 Bausparkasse Wuestenrot 1.830 4/3/2043 EUR 73.817 Nostrum Oil & Gas Finan 7.000 2/16/2025 USD 27.496 Credit Suisse AG/London 5.200 11/27/2023 USD 9.780 Parnassia Groep BV 1.430 12/1/2043 EUR 63.612 DNB Boligkreditt AS 1.530 1/25/2039 EUR 74.301 Vasakronan AB 2.533 1/28/2044 EUR 46.881 Single Platform Investm 2.150 8/5/2036 NOK 66.766 Assistance Publique Hop 0.750 12/3/2041 EUR 61.176 Landesbank Baden-Wuertt 0.660 11/9/2034 EUR 67.379 Single Platform Investm 1.830 11/5/2040 EUR 64.622 Single Platform Investm 1.390 6/25/2044 EUR 62.522 Societe Generale SA 2.000 2/26/2033 USD 72.107 MFB Magyar Fejlesztesi 4.200 4/20/2033 HUF 74.349 Raiffeisen Schweiz Geno 7.700 11/8/2023 CHF 34.030 Brussels Municipalities 0.336 12/15/2035 EUR 66.990 Credit Industriel Et Co 0.900 2/4/2041 EUR 58.889 Landesbank Baden-Wuertt 0.100 3/5/2031 EUR 73.144 Grand Delta Habitat 1.750 10/28/2061 EUR 67.719 BPCE SA 2.250 3/13/2040 AUD 51.191 Banque Internationale a 0.600 8/6/2030 EUR 74.270 Regie Autonome des Tran 0.953 5/24/2052 EUR 51.969 Saastopankkien Keskuspa 0.860 1/18/2036 EUR 64.212 Landesbank Baden-Wuertt 0.150 9/20/2030 EUR 73.907 Credit Suisse AG/London 0.900 12/20/2031 EUR 73.185 Landesbank Hessen-Thuer 0.750 11/17/2036 EUR 66.700 Bazalgette Finance Plc 0.174 5/16/2049 GBP 57.985 Agence France Locale 0.570 9/20/2040 EUR 60.817 Norske Skog Holding AS 8.000 2/24/2023 USD 0.006 Nordea Hypotek AB 0.793 10/22/2032 SEK 74.257 Lehman Brothers Treasur 5.666 3/16/2035 EUR 0.100 Rosbank PJSC 0.010 4/30/2024 RUB 63.000 Rosbank PJSC 0.020 4/30/2024 RUB 63.000 Officine Maccaferri-SpA 5.750 6/1/2021 EUR 16.625 United Utilities Water 1.474 8/24/2031 USD 71.057 Luminis SA 1.800 9/2/2059 EUR 42.832 LR Realkredit AS 0.500 10/1/2050 DKK 63.380 Deutsche Pfandbriefbank 0.857 9/18/2037 EUR 53.580 Deutsche Telekom AG 3.500 9/6/2039 AUD 72.144 Nomura Bank Internation 1.138 12/19/2039 EUR 55.967 SG Issuer SA 2.250 10/28/2029 EUR 72.120 Erste Group Bank AG 0.770 11/13/2033 EUR 66.113 Commerzbank AG 1.219 12/12/2039 EUR 63.056 Oberbank AG 2.280 6/22/2038 EUR 64.749 IBP Markets Ltd 5.000 GBP 50.514 Zurcher Kantonalbank Fi 4.800 12/8/2023 CHF 61.420 Landesbank Hessen-Thuer 0.500 2/2/2032 EUR 71.719 Bayerische Landesbank 1.620 4/8/2036 EUR 72.552 Caisse des Depots et Co 1.767 9/28/2048 EUR 65.559 Commerzbank AG 1.155 3/16/2038 EUR 73.405 Avanti Communications G 9.000 10/1/2022 USD 14.250 Landesbank Hessen-Thuer 0.900 5/12/2036 EUR 65.069 Windreich GmbH 6.500 3/1/2015 EUR 2.780 Single Platform Investm 1.715 2/6/2037 EUR 74.715 SpareBank 1 SR-Bank ASA 0.970 10/9/2040 EUR 53.844 New World Resources NV 8.000 4/7/2020 EUR 0.105 Societe Generale SA 4.039 11/26/2034 USD 63.268 Nederlandse Waterschaps 1.950 8/29/2058 EUR 68.396 Grupo Isolux Corsan SA 1.000 12/30/2021 EUR 0.157 Single Platform Investm 0.960 7/22/2038 EUR 63.294 Leonteq Securities AG/G 20.200 11/14/2023 CHF 28.840 Single Platform Investm 1.413 3/20/2051 EUR 58.133 STAVMAT Epitoanyag Kere 3.000 7/20/2031 HUF 72.400 Spain Government Bond 0.850 7/30/2037 EUR 68.243 NRW Bank 1.245 11/4/2051 EUR 61.850 ABN AMRO Bank NV 1.575 1/25/2040 EUR 73.660 Agence Francaise de Dev 1.790 2/8/2049 EUR 68.372 Societe Du Grand Paris 2.145 11/26/2068 EUR 60.554 Erste Group Bank AG 1.850 1/30/2034 EUR 73.013 NIBC Bank NV 0.660 7/14/2031 EUR 68.370 Republic of Ireland Int 1.250 10/8/2121 EUR 43.114 Unibail-Rodamco-Westfie 2.000 12/5/2033 EUR 73.569 Regie Autonome des Tran 0.938 5/25/2050 EUR 51.712 Republic of Ireland Int 1.200 4/15/2120 EUR 40.596 Berlin Hyp AG 0.750 3/4/2050 EUR 53.939 SG Issuer SA 2.270 2/4/2032 EUR 62.770 Muenchener Hypothekenba 1.003 3/9/2060 EUR 49.709 Caisse Francaise de Fin 1.428 2/19/2049 EUR 63.311 Belfius Bank SA 0.190 1/28/2031 EUR 73.600 Berlin Hyp AG 0.110 1/20/2031 EUR 73.167 NRW Bank 1.235 12/16/2061 EUR 55.130 Credit Agricole Corpora 2.400 5/17/2048 EUR 50.822 BNP Paribas SA 3.590 7/20/2040 AUD 66.209 Ukraine Government Inte 7.253 3/15/2035 USD 27.636 Cooperatieve Rabobank U 0.540 8/3/2040 EUR 60.011 Veneto Banca SpA 6.944 5/15/2025 EUR 0.708 United Kingdom Gilt 0.500 10/22/2061 GBP 29.359 Barclays Bank PLC 2.820 6/2/2035 USD 71.539 Vnesheconombank Via VEB 6.025 7/5/2022 USD 7.295 BNP Paribas SA 0.500 11/16/2032 MXN 37.821 Orient Express Bank PJS 2.000 USD 13.372 Pannonia Bio Ltd 2.400 9/18/2029 HUF 72.850 State of Hesse 0.450 9/23/2044 EUR 53.601 DZ HYP AG 1.965 7/19/2058 EUR 64.965 State of Rhineland-Pala 0.375 7/20/2048 EUR 47.237 JP Morgan Structured Pr 5.000 7/14/2027 USD #N/A N/A Ukraine Government Bond 8.520 11/10/2033 UAH 24.795 Ukraine Government Bond 9.760 7/23/2031 UAH 30.892 Ukraine Government Bond 19.750 5/21/2025 UAH 72.353 Lehman Brothers Treasur 0.250 10/19/2012 CHF 0.100 Zurcher Kantonalbank Fi 5.450 12/8/2023 USD 60.970 Deutsche Pfandbriefbank 0.710 9/10/2031 EUR 69.261 Nederlandse Waterschaps 1.610 12/4/2052 EUR 66.929 Bayerische Landesbank 3.550 10/14/2036 EUR 71.440 Lehman Brothers Treasur 3.700 6/6/2009 EUR 0.100 Lehman Brothers Treasur 4.500 8/2/2009 USD 0.100 Lehman Brothers Treasur 7.375 9/20/2008 EUR 0.100 Lehman Brothers Treasur 10.500 8/9/2010 EUR 0.100 Lehman Brothers Treasur 5.750 6/15/2009 CHF 0.100 Lehman Brothers Treasur 11.000 6/29/2009 EUR 0.100 Lehman Brothers Treasur 8.000 8/3/2009 USD 0.100 Trans-Sped Logisztikai 2.500 3/16/2030 HUF 72.620 SpareBank 1 SMN 0.190 11/6/2030 EUR 73.456 Kommunekredit 0.869 11/12/2043 SEK 58.082 Agence France Locale 0.210 12/20/2035 EUR 66.642 Kreditanstalt fuer Wied 1.110 7/13/2046 EUR 65.317 DZ HYP AG 1.300 7/18/2041 EUR 68.007 Barclays Bank PLC 3.130 4/9/2051 USD 59.005 EFG International Finan 6.120 7/11/2024 EUR 1.690 BNP Paribas SA 1.050 3/29/2036 EUR 67.036 Norddeutsche Landesbank 0.850 12/7/2035 EUR 62.825 Landesbank Baden-Wuertt 0.430 12/9/2030 EUR 74.918 Golden Gate GmbH 6.500 10/11/2014 EUR 36.200 Leonteq Securities AG/G 28.880 11/17/2023 CHF 64.700 Societe Generale SA 15.000 9/29/2025 USD 12.100 Renovables Atlasol SA 2.200 12/31/2038 EUR 68.691 Region Wallonne Belgium 1.130 3/28/2036 EUR 73.745 Santander Consumer Bank 9.430 NOK 60.954 Baromfi-Coop Termelo Es 3.000 7/19/2031 HUF 71.900 Penarian Housing Financ 3.212 6/7/2052 GBP 66.754 State of Saxony-Anhalt 0.475 9/30/2050 EUR 49.376 Kommunalkredit Austria 1.055 10/6/2031 EUR 71.844 ING Bank NV 0.465 4/21/2041 EUR 61.351 Single Platform Investm 0.800 12/20/2040 EUR 61.540 Landesbank Baden-Wuertt 0.510 4/15/2031 EUR 74.507 State of Lower Austria 1.800 3/9/2043 EUR 73.595 State of Lower Austria 1.886 3/2/2048 EUR 71.235 Parnassia Groep BV 1.470 12/1/2045 EUR 61.983 Ile-de-France Mobilites 1.000 12/2/2043 EUR 60.618 Batigere Grand Est SAHL 1.500 12/15/2051 EUR 55.326 Commerzbank AG 2.350 2/24/2042 EUR 74.187 Single Platform Investm 0.767 2/15/2041 EUR 58.585 Muenchener Hypothekenba 0.145 2/26/2031 EUR 74.414 Hell Energy Magyarorsza 3.000 7/28/2031 HUF 73.600 Serbia Treasury Bonds 2.250 2/26/2041 EUR 62.961 Caisse des Depots et Co 2.940 3/2/2051 AUD 62.434 Muenchener Hypothekenba 0.550 2/18/2046 CHF 66.613 State of North Rhine-We 0.200 7/17/2034 EUR 72.412 SpareBank 1 Boligkredit 1.490 12/14/2038 EUR 73.819 SpareBank 1 SR-Bank ASA 1.020 10/8/2036 EUR 61.973 Premium Green PLC 1.650 3/28/2031 AUD 72.466 Communication Technolog 5.250 1/27/2032 HUF 65.000 LP Portfolio Vagyonkeze 3.400 9/23/2031 HUF 62.250 Grand City Properties S 2.800 2/25/2039 EUR 60.763 HSBC Continental Europe 2.200 2/27/2049 EUR 67.561 Raiffeisenlandesbank Ob 1.900 8/21/2037 EUR 63.968 UBS AG/London 5.000 9/8/2023 CHF 56.600 UBS AG/London 11.500 10/6/2023 CHF 74.000 DZ Bank AG Deutsche Zen 0.800 1/21/2041 EUR 62.285 Landesbank Baden-Wuertt 0.080 2/12/2031 EUR 73.204 Erste Group Bank AG 4.500 8/31/2025 EUR 72.400 DZ Bank AG Deutsche Zen 0.400 9/1/2033 EUR 72.755 Region Wallonne Belgium 2.100 6/26/2048 EUR 69.559 Akademiska Hus AB 2.305 5/16/2040 SEK 74.140 Bazalgette Finance Plc 0.074 5/16/2049 GBP 60.755 Societe Wallonne de Fin 0.913 7/31/2040 EUR 60.808 Norske Skog Holding AS 8.000 2/24/2023 USD 0.006 Batigere Grand Est SAHL 1.600 11/14/2039 EUR 67.859 Republic of Ireland Int 2.000 6/29/2063 EUR 67.645 Tonon Luxembourg SA 12.500 5/14/2024 USD 0.001 State of North Rhine-We 1.650 5/16/2047 EUR 71.236 Bothwell Spain SA 2.637 6/30/2038 EUR 71.281 DNB Boligkreditt AS 1.533 1/27/2042 EUR 71.501 Agence Francaise de Dev 2.360 1/30/2045 AUD 58.521 Ministeries Van de Vlaa 1.564 11/12/2046 EUR 64.021 Lloyds Bank PLC 2.480 7/5/2038 SEK 69.980 Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.499 Deutsche Apotheker-und 1.090 12/16/2039 EUR 59.134 Heta Asset Resolution A 5.270 12/31/2023 EUR 1.168 Societe Du Grand Paris 1.955 4/16/2069 EUR 58.668 HSBC Continental Europe 2.136 5/25/2038 EUR 73.755 Ukraine Government Bond 8.420 5/10/2034 UAH 24.168 Societe Generale SA 9.640 9/12/2024 USD 49.900 Landesbank Hessen-Thuer 0.500 10/14/2031 EUR 73.441 Spain Government Bond 1.000 7/30/2042 EUR 60.870 Kreditanstalt fuer Wied 1.201 9/13/2051 EUR 61.650 EFG International Finan 10.000 9/20/2023 USD 57.680 Municipality of Eindhov 1.134 10/18/2066 EUR 64.786 Communaute Francaise de 2.000 4/14/2076 EUR 63.463 Raiffeisen Landesbank V 2.000 8/28/2048 EUR 72.287 Irish Bank Resolution C 6.750 11/30/2013 BGN 33.250 Landesbank Hessen-Thuer 1.500 1/20/2037 EUR 63.150 Credit Mutuel Arkea SA 2.060 9/21/2038 EUR 70.671 Norddeutsche Landesbank 1.600 8/1/2039 EUR 63.387 Nederlandse Waterschaps 1.551 11/24/2061 EUR 62.157 Centre Hospitalier Univ 1.160 9/6/2039 EUR 63.936 Irish Bank Resolution C 4.000 4/23/2018 EUR 33.250 DLR Kredit A/S 0.500 10/1/2053 DKK 63.393 Berlin Hyp AG 0.130 9/29/2032 EUR 74.195 Saastopankkien Keskuspa 0.840 10/22/2035 EUR 64.417 Norske Skogindustrier A 2.000 12/30/2115 EUR 0.367 HYPO NOE Landesbank fue 2.950 6/7/2046 EUR 74.145 Transports publics frib 0.500 6/27/2041 CHF 74.245 State of North Rhine-We 0.880 7/12/2040 EUR 67.825 BNP Paribas SA 0.500 9/29/2029 AUD 70.156 Batigere Grand Est SAHL 2.030 5/29/2070 EUR 67.411 Danske Bank A/S 0.805 8/12/2036 EUR 70.349 Caisse Francaise de Fin 1.555 2/12/2042 EUR 71.329 Sparkasse Oberoesterrei 0.200 3/22/2033 EUR 73.507 Assistance Publique Hop 0.800 3/23/2046 EUR 54.004 NRW Bank 1.070 3/10/2051 EUR 59.466 Landesbank Baden-Wuertt 0.060 1/20/2031 EUR 73.284 Hypo Vorarlberg Bank AG 0.400 12/22/2031 EUR 68.623 Single Platform Investm 2.000 2/1/2039 EUR 73.991 Vnesheconombank Via VEB 5.942 11/21/2023 USD 9.666 Credit Agricole Corpora 0.900 10/1/2034 EUR 67.521 State of Lower Austria 0.460 10/8/2049 EUR 45.836 Region Wallonne Belgium 1.225 9/2/2120 EUR 34.350 Stadt Graz 1.824 10/31/2047 EUR 69.532 Landesbank Baden-Wuertt 0.150 8/11/2031 EUR 72.078 Nordea Hypotek AB 2.250 10/15/2048 SEK 70.598 Nomura Bank Internation 1.150 10/6/2036 EUR 64.127 Ile-de-France Mobilites 1.200 4/8/2050 EUR 55.027 Region Wallonne Belgium 1.550 4/28/2120 EUR 40.363 Landeskreditbank Baden- 0.730 10/4/2050 EUR 53.747 Landesbank Baden-Wuertt 0.200 5/7/2031 EUR 73.230 Corner Banca SA 22.000 3/20/2024 CHF 54.640 Bayerische Landesbank 0.150 4/9/2031 EUR 73.669 Bayerische Landesbank 0.590 5/27/2031 EUR 74.552 Deutsche Bank AG 0.650 6/3/2031 EUR 71.710 UBS AG/London 12.250 3/11/2024 CHF 32.500 Muenchener Hypothekenba 0.867 2/25/2047 EUR 58.755 Barclays Bank PLC 4.100 1/29/2048 USD 70.961 Caisse des Depots et Co 1.780 1/15/2048 EUR 66.048 Alfa-Bank AO 10.200 2/10/2025 RUB 65.000 Hamburgische Investitio 0.380 2/24/2042 EUR 59.574 Landwirtschaftliche Ren 1.365 3/10/2042 EUR 72.515 Santander International 1.100 12/7/2040 EUR 58.269 Landesbank Baden-Wuertt 0.460 12/30/2030 EUR 74.948 Single Platform Investm 3.505 8/6/2046 AUD 58.359 Liga Bank eG Regensburg 0.010 1/29/2036 EUR 63.048 Kreditanstalt fuer Wied 0.600 2/16/2051 EUR 51.780 Portugal Obrigacoes do 1.000 4/12/2052 EUR 52.503 Bayerische Landesbank 0.450 2/12/2031 EUR 74.182 Caisse Francaise de Fin 1.670 12/7/2048 EUR 67.316 Societe Generale SA 2.750 3/12/2040 AUD 52.917 BNP Paribas SA 1.660 3/4/2031 USD 72.617 Region de Bruxelles-Cap 1.225 6/21/2070 EUR 39.875 Zurcher Kantonalbank Fi 17.000 9/4/2023 EUR 47.740 Nomura Bank Internation 1.380 1/19/2037 EUR 66.440 Standard Chartered Bank 3.040 1/18/2042 USD 68.917 Landesbank Baden-Wuertt 10.000 1/26/2024 EUR 34.640 Landesbank Baden-Wuertt 0.300 6/18/2031 EUR 73.519 MMB SCF SACA 1.500 3/1/2039 EUR 74.269 Raiffeisen-Landesbank T 0.550 1/20/2031 EUR 71.487 Barclays Bank PLC 2.230 1/26/2036 USD 65.254 Societe Generale SA 1.950 10/22/2031 USD 74.730 Bayerische Landesbank 0.020 1/28/2031 EUR 73.663 Specialfastigheter Sver 2.375 6/25/2048 SEK 70.404 Credit Agricole Corpora 2.090 5/9/2038 EUR 73.979 Leonteq Securities AG/G 24.000 12/5/2023 CHF 72.100 Russian Foreign Bond - 5.250 6/23/2047 USD 36.976 UniCredit SpA 1.490 10/23/2035 EUR 69.436 Virgolino de Oliveira F 10.875 1/13/2020 USD 36.000 Lithuania Government In 2.100 5/26/2047 EUR 73.756 B+N Referencia Ipari Ke 2.900 12/20/2029 HUF 70.800 BPCE SA 2.820 12/18/2039 AUD 57.105 Kraus-M ZAO 10.000 12/10/2026 RUB 60.050 Natixis SA 3.210 1/29/2050 AUD 53.712 Ville de Paris 1.200 6/25/2039 EUR 69.803 Joh Friedrich Behrens A 6.250 6/18/2024 EUR 8.453 Lloyds Bank PLC 2.450 7/23/2048 EUR 64.152 Landesbank Baden-Wuertt 0.200 3/26/2031 EUR 73.592 Bayerische Landesbank 0.820 11/29/2033 EUR 70.840 Bayerische Landesbank 0.870 11/29/2034 EUR 69.214 DZ Bank AG Deutsche Zen 0.910 6/25/2029 EUR 72.370 Bayerische Landesbank 0.900 11/29/2035 EUR 67.514 Kreditanstalt fuer Wied 0.935 12/16/2039 EUR 69.590 Norddeutsche Landesbank 1.000 10/26/2035 EUR 64.398 Bayerische Landesbank 1.690 4/23/2037 EUR 73.389 Credit Agricole SA/Lond 1.770 4/26/2035 EUR 73.506 Barclays Bank PLC 1.150 9/27/2034 EUR 71.917 Santander International 1.180 12/5/2034 EUR 71.100 Agence Francaise de Dev 2.114 9/8/2034 AUD 71.933 Communaute Francaise de 1.815 3/26/2049 EUR 65.387 Ukraine Government Bond 11.870 1/6/2027 UAH 55.110 Banca Popolare di Vicen 9.500 10/2/2025 EUR 0.380 DZ Bank AG Deutsche Zen 2.400 6/28/2024 EUR 73.610 BPCE SA 2.450 2/24/2035 AUD 63.549 HSBC Continental Europe 2.040 3/29/2049 EUR 64.752 UBS AG 10.000 10/19/2023 USD 61.290 Republic of Poland Gove 2.000 10/25/2046 EUR 67.568 Landesbank Hessen-Thuer 1.500 8/23/2034 EUR 68.600 BNP Paribas Issuance BV 3.000 3/14/2033 EUR 41.340 LSF9 Balta Issuer SARL 3.000 12/31/2030 EUR 63.817 DZ Bank AG Deutsche Zen 0.700 11/30/2035 EUR 64.041 Serbia Treasury Bonds 2.300 3/18/2047 EUR 57.954 Lehman Brothers Treasur 4.680 12/12/2045 EUR 0.100 Portugal Telecom Intern 5.242 11/6/2017 EUR 0.694 Barclays Bank PLC 1.630 11/16/2030 USD 74.910 Grand Delta Habitat 1.285 11/6/2040 EUR 62.499 LFA Foerderbank Bayern 0.050 9/29/2034 EUR 70.018 Bayerische Landesbank 0.800 10/16/2036 EUR 65.333 Muenchener Hypothekenba 0.270 10/19/2035 EUR 67.608 Kreditanstalt fuer Wied 0.613 6/10/2040 EUR 61.797 Landesbank Baden-Wuertt 0.980 7/15/2032 EUR 74.801 Santander International 1.150 4/8/2041 EUR 57.579 Landesbank Baden-Wuertt 0.500 4/16/2031 EUR 74.437 Landesbank Saar 0.670 3/10/2034 EUR 68.882 Leonteq Securities AG/G 16.000 12/20/2023 GBP 62.560 UBS AG/London 8.440 5/26/2027 SEK 71.320 French Republic Governm 0.500 6/25/2044 EUR 57.352 Single Platform Investm 1.650 6/3/2038 EUR 71.504 Landesbank Baden-Wuertt 0.350 1/20/2031 EUR 74.119 AB Financial Products D 3.714 7/30/2040 EUR 64.469 Portugal Obrigacoes do 1.150 4/11/2042 EUR 66.015 Caisse des Depots et Co 1.075 9/15/2050 EUR 51.998 BNP Paribas Issuance BV 1.560 2/2/2039 EUR 55.400 Region Wallonne Belgium 2.057 10/19/2043 EUR 71.597 Nederlandse Waterschaps 1.928 10/23/2048 EUR 74.511 Santander Consumer Bank 9.430 NOK 60.954 Landesbank Hessen-Thuer 0.750 8/18/2036 EUR 63.036 Landesbank Hessen-Thuer 1.000 8/19/2036 EUR 62.750 Progressio Infrastructu 1.250 4/25/2033 EUR 74.819 Landesbank Hessen-Thuer 0.500 8/20/2031 EUR 73.778 UBS AG/London 14.500 10/13/2023 USD 54.450 Single Platform Investm 1.785 7/30/2042 EUR 68.856 Single Platform Investm 1.150 8/17/2033 EUR 74.398 Liga Bank eG Regensburg 0.680 3/17/2036 EUR 64.335 Single Platform Investm 0.930 7/2/2041 EUR 59.276 Assistance Publique Hop 1.183 4/16/2050 EUR 55.031 Purple Protected Asset 2.100 4/15/2060 EUR 42.425 CDC Habitat SEM 1.043 5/12/2036 EUR 68.865 Citigroup Global Market 1.010 10/28/2035 EUR 66.511 Single Platform Investm 0.810 4/1/2042 EUR 57.054 Credit Mutuel Arkea SA 1.555 5/14/2035 EUR 72.136 Landesbank Baden-Wuertt 1.100 5/7/2040 EUR 60.413 Caisse des Depots et Co 1.300 4/28/2051 EUR 54.951 Single Platform Investm 2.070 6/1/2040 NOK 62.629 DZ Privatbank SA 0.360 4/29/2031 EUR 74.834 Landesbank Saar 0.890 9/4/2034 EUR 69.358 Single Platform Investm 2.450 6/10/2037 NOK 69.297 State of North Rhine-We 2.000 4/16/2038 SEK 73.485 Cie de Financement Fonc 1.887 1/31/2049 EUR 70.374 Citigroup Global Market 2.000 3/21/2037 EUR 73.825 BNP Paribas SA 2.100 1/24/2039 EUR 74.007 BKS Bank AG 1.500 3/18/2032 EUR 74.478 Banque Internationale a 0.750 4/15/2031 EUR 73.080 Ingrad AO 11.000 2/27/2030 RUB 63.000 Region Bourgogne-Franch 0.799 5/6/2041 EUR 61.476 Region Bourgogne-Franch 0.841 5/12/2037 EUR 66.325 Nordea Bank Abp 3.050 7/20/2026 SEK 70.000 Single Platform Investm 1.960 8/1/2034 NOK 70.103 Denmark Government Bond 0.250 11/15/2052 DKK 49.350 Agence Francaise de Dev 1.950 11/19/2053 EUR 63.595 Department of Bouches d 0.872 12/18/2037 EUR 69.027 Single Platform Investm 1.480 7/25/2053 EUR 59.202 Barclays Bank PLC 2.975 2/21/2025 USD 9.987 Region Bourgogne-Franch 0.895 5/20/2038 EUR 68.354 Natixis SA 0.300 6/25/2048 USD 29.048 Centre Hospitalier Beau 0.950 2/5/2041 EUR 60.114 Oberoesterreichische La 0.705 1/29/2036 EUR 56.323 Oberoesterreichische La 0.460 2/3/2031 EUR 70.729 Region of Pays de la Lo 0.924 11/4/2044 EUR 57.710 Kreditanstalt fuer Wied 0.965 3/2/2046 EUR 60.489 Credit Agricole SA 3.450 3/4/2041 AUD 53.191 Single Platform Investm 0.940 10/4/2041 EUR 59.011 Deutschsprachige Gemein 1.004 7/1/2036 EUR 72.294 Bank fuer Kirche und Ca 0.800 11/12/2035 EUR 66.280 Bank fuer Kirche und Ca 0.770 10/12/2035 EUR 66.195 Bank fuer Kirche und Ca 0.450 7/1/2031 EUR 74.521 Single Platform Investm 1.033 2/15/2046 EUR 56.116 Liga Bank eG Regensburg 0.650 6/26/2034 EUR 67.922 Single Platform Investm 0.656 2/15/2046 EUR 50.697 Single Platform Investm 1.010 3/20/2051 EUR 53.675 Single Platform Investm 0.901 2/15/2041 EUR 60.601 Frankfurter Volksbank R 0.100 7/15/2031 EUR 71.557 Region Occitanie 0.727 11/16/2037 EUR 67.641 Single Platform Investm 1.785 2/15/2041 EUR 70.918 Single Platform Investm 1.416 2/15/2041 EUR 66.259 Single Platform Investm 1.840 11/5/2040 EUR 71.580 Single Platform Investm 0.860 6/15/2039 EUR 61.290 Region de Bruxelles-Cap 1.065 6/22/2047 EUR 54.566 Single Platform Investm 1.375 7/25/2053 EUR 57.530 Single Platform Investm 1.051 4/1/2042 EUR 60.231 Credit Agricole Corpora 2.480 3/4/2036 USD 68.366 Norddeutsche Landesbank 0.675 2/25/2033 EUR 69.130 NRW Bank 0.120 2/24/2033 EUR 74.929 Single Platform Investm 2.300 2/25/2036 NOK 69.896 Vasakronan AB 2.400 2/25/2033 NOK 73.661 Region Bourgogne-Franch 0.300 12/3/2040 EUR 56.020 Metropole de Lyon 0.540 12/7/2050 EUR 43.761 Brussels Municipalities 0.384 6/15/2035 EUR 68.756 Single Platform Investm 2.230 4/4/2040 NOK 63.796 Landesbank Hessen-Thuer 1.000 8/18/2036 EUR 65.402 Single Platform Investm 1.075 6/26/2052 EUR 52.562 Liga Bank eG Regensburg 0.760 12/8/2036 EUR 63.684 Societe Generale SA 20.000 12/18/2025 USD 25.600 Single Platform Investm 0.800 4/7/2042 EUR 56.893 DZ HYP AG 0.050 1/31/2031 EUR 74.450 DZ Bank AG Deutsche Zen 0.185 2/5/2031 EUR 73.478 Single Platform Investm 2.210 9/27/2038 NOK 65.765 Finland Government Bond 0.125 4/15/2052 EUR 43.706 Raiffeisen-Landesbank T 1.500 2/10/2061 EUR 38.333 ING Bank NV 2.600 10/19/2031 AUD 73.238 Single Platform Investm 0.780 4/1/2042 EUR 56.733 Nederlandse Waterschaps 1.770 12/28/2048 EUR 71.783 Muenchener Hypothekenba 0.105 2/17/2031 EUR 74.047 Single Platform Investm 2.520 1/18/2040 NOK 67.375 Commerzbank AG 1.250 6/28/2034 EUR 73.275 Centre Hospitalier Regi 1.500 4/27/2050 EUR 72.913 Region de Bruxelles-Cap 0.900 4/14/2050 EUR 48.905 Landesbank Hessen-Thuer 1.000 4/30/2035 EUR 68.000 Landesbank Hessen-Thuer 0.600 4/9/2035 EUR 64.893 Admiralty Finance SA 2.650 12/31/2038 EUR 74.224 Single Platform Investm 0.955 2/15/2041 EUR 55.341 BPCE SA 2.255 3/12/2040 AUD 50.936 Region de Bruxelles-Cap 0.500 6/22/2040 EUR 57.612 Credit Agricole Corpora 10.800 3/24/2026 TRY 65.455 UniCredit Bank AG 0.030 2/28/2033 EUR 71.958 Raiffeisenlandesbank Ob 2.310 2/27/2040 EUR 67.641 DZ Bank AG Deutsche Zen 0.780 3/5/2030 EUR 72.942 Frigate Luxembourg SA 2.000 8/1/2032 EUR 48.871 Single Platform Investm 1.490 3/20/2051 EUR 60.052 Single Platform Investm 0.833 2/15/2041 EUR 58.971 Muenchener Hypothekenba 0.270 6/16/2031 EUR 74.033 Landesbank Hessen-Thuer 0.350 7/23/2031 EUR 73.831 Raiffeisen Landesbank V 0.750 10/10/2031 EUR 70.072 Banque et Caisse d'Epar 1.068 5/18/2041 EUR 69.737 Single Platform Investm 1.165 7/30/2035 EUR 71.239 Single Platform Investm 2.770 5/9/2041 NOK 68.790 Norddeutsche Landesbank 0.950 6/16/2033 EUR 70.064 Department of Bouches d 0.855 5/20/2038 EUR 67.907 Basler Kantonalbank 18.000 9/14/2023 CHF 40.100 Liga Bank eG Regensburg 0.250 4/30/2031 EUR 71.416 NRW Bank 0.750 5/26/2036 EUR 73.331 Banque et Caisse d'Epar 1.220 5/26/2041 EUR 71.349 Region Bourgogne-Franch 0.945 5/20/2039 EUR 66.904 Caisse des Depots et Co 0.945 5/19/2051 EUR 50.099 Department of Bouches d 0.906 5/20/2039 EUR 66.448 BKS Bank AG 1.050 11/30/2031 EUR 72.442 Single Platform Investm 1.165 6/6/2046 EUR 56.197 DZ Bank AG Deutsche Zen 1.580 12/29/2031 EUR 73.190 Frankfurter Volksbank R 0.050 8/4/2030 EUR 74.240 Batigere Grand Est SAHL 1.400 8/31/2050 EUR 53.506 Single Platform Investm 1.840 7/25/2053 EUR 60.009 Single Platform Investm 1.100 6/25/2044 EUR 58.340 Oberoesterreichische La 0.600 5/26/2031 EUR 70.464 Kommunalkredit Austria 1.183 6/2/2031 EUR 73.576 Ringkjoebing Landbobank 1.230 5/28/2036 EUR 68.988 Societe Generale SA 14.000 7/3/2024 USD 35.600 Sparebank 1 Oestlandet 1.575 2/28/2034 EUR 74.149 Caisse des Depots et Co 1.617 3/18/2049 EUR 62.831 Nationale-Nederlanden B 1.432 3/21/2039 EUR 73.413 Single Platform Investm 1.800 6/6/2039 EUR 72.775 Landeskreditbank Baden- 1.862 4/6/2062 EUR 68.909 Single Platform Investm 2.386 5/25/2053 EUR 73.781 Single Platform Investm 2.150 10/21/2041 NOK 62.376 Landesbank Baden-Wuertt 0.040 1/15/2031 EUR 73.613 Oberoesterreichische La 0.655 1/25/2036 EUR 55.909 NIBC Bank NV 0.410 1/27/2031 EUR 68.532 Credit Industriel Et Co 2.250 1/28/2036 USD 66.919 Single Platform Investm 1.910 8/15/2036 NOK 65.442 Iccrea BancaImpresa SpA 1.276 4/1/2033 EUR 73.787 Citigroup Global Market 1.000 8/31/2036 EUR 63.968 Nederlandse Waterschaps 0.130 9/6/2033 EUR 73.470 Raiffeisen Switzerland 5.000 8/30/2023 CHF 72.290 Credit Agricole CIB Fin 0.440 8/30/2033 EUR 67.973 Bank fuer Kirche und Ca 0.660 3/17/2036 EUR 64.167 Citigroup Global Market 1.200 8/25/2041 EUR 57.954 Bank fuer Kirche und Ca 0.600 6/9/2036 EUR 63.058 Region Occitanie 0.792 11/23/2043 EUR 57.203 Landesbank Baden-Wuertt 0.060 9/1/2031 EUR 71.311 Landesbank Hessen-Thuer 0.550 8/18/2033 EUR 68.690 Muenchener Hypothekenba 0.100 8/14/2034 EUR 68.860 BPCE SA 3.000 11/18/2036 AUD 64.304 Single Platform Investm 1.265 2/4/2043 JPY 72.071 Commerzbank AG 2.565 5/15/2043 EUR 74.563 Single Platform Investm 1.842 2/15/2044 EUR 70.623 Department of Puy-de-Do 0.664 12/20/2039 EUR 62.423 Department of Puy-de-Do 0.671 7/17/2040 EUR 61.370 DZ Bank AG Deutsche Zen 0.800 8/20/2035 EUR 65.059 Caisse des Depots et Co 0.678 7/23/2040 EUR 58.967 Batigere Grand Est SAHL 1.800 8/12/2050 EUR 60.011 Single Platform Investm 0.678 2/15/2041 EUR 56.819 Saastopankkien Keskuspa 0.870 7/28/2031 EUR 74.959 Batigere Grand Est SAHL 1.550 8/12/2041 EUR 64.329 Banque et Caisse d'Epar 0.900 8/6/2042 EUR 66.000 Kuntarahoitus Oyj 0.983 11/3/2060 EUR 56.262 Single Platform Investm 0.873 5/25/2052 EUR 49.252 HYPO NOE Landesbank fue 2.500 4/29/2039 EUR 73.067 Raiffeisen Landesbank V 2.500 5/11/2035 EUR 72.942 Credit Industriel Et Co 1.550 5/15/2035 EUR 74.854 Veneto Banca SpA 6.950 2/25/2025 EUR 0.708 Raiffeisen Landesbank V 1.840 2/25/2035 EUR 68.088 Raiffeisen Landesbank V 1.775 3/13/2035 EUR 67.352 Heta Asset Resolution A 5.030 12/31/2023 EUR 1.168 IT Holding Finance SA 9.875 11/15/2012 EUR 0.015 Akademiska Hus AB 1.252 2/13/2043 SEK 58.176 Willhem AB 1.824 10/18/2038 SEK 62.394 DekaBank Deutsche Giroz 0.780 10/18/2035 EUR 65.543 Ville de Rennes 0.505 10/22/2034 EUR 67.794 Single Platform Investm 2.110 4/2/2040 EUR 74.899 Batigere Grand Est SAHL 1.709 11/4/2042 EUR 64.651 Batigere Grand Est SAHL 1.540 11/4/2041 EUR 63.875 Single Platform Investm 0.753 6/25/2039 EUR 60.393 Ringkjoebing Landbobank 1.100 10/30/2035 EUR 68.838 Landesbank Berlin AG 2.058 11/4/2031 EUR 74.835 Communaute Francaise de 1.787 6/14/2044 EUR 68.288 SNCF Reseau 2.425 6/22/2047 SEK 74.341 Goldman Sachs Internati 2.800 6/29/2037 SEK 74.944 Saastopankkien Keskuspa 1.652 5/14/2035 EUR 72.842 Senivita Social Estate 8.500 6/30/2025 EUR 0.020 Collectivite Europeenne 0.200 11/5/2035 EUR 67.166 Natixis SA 1.150 1/23/2035 EUR 70.253 Banque Internationale a 1.085 10/22/2040 EUR 55.310 DekaBank Deutsche Giroz 0.530 10/22/2035 EUR 63.194 Banque Internationale a 0.675 10/29/2030 EUR 73.918 Department of Gironde F 0.412 11/26/2037 EUR 64.138 Department of Gironde F 0.418 11/12/2041 EUR 55.647 Dr Wiesent Sozial gGmbH 7.000 EUR 0.002 Municipality of Tilburg 0.470 11/14/2034 EUR 73.577 Marseille Provence Metr 1.000 1/15/2038 EUR 66.617 Single Platform Investm 0.853 3/20/2040 EUR 60.200 Raiffeisenlandesbank Ob 1.000 12/30/2030 EUR 74.940 HSBC Continental Europe 1.300 10/23/2039 EUR 63.011 Credit Agricole Corpora 12.000 11/17/2025 TRY 70.257 BNP Paribas SA 2.750 10/24/2034 AUD 66.786 German Pellets GmbH 7.250 7/9/2018 EUR 0.815 Single Platform Investm 1.905 8/22/2039 EUR 72.531 Turkey Government Inter 4.875 4/16/2043 USD 65.957 Kreditanstalt fuer Wied 0.400 8/12/2040 EUR 62.607 Batigere Grand Est SAHL 1.550 11/14/2039 EUR 66.937 Oberoesterreichische La 0.953 9/16/2039 EUR 50.651 Credit Agricole Corpora 2.950 8/22/2039 AUD 64.933 DZ Bank AG Deutsche Zen 2.240 8/22/2034 USD 74.370 Caisse des Depots et Co 1.022 9/13/2049 EUR 51.743 Agence Francaise de Dev 1.600 7/25/2043 EUR 70.276 Single Platform Investm 1.103 5/25/2052 EUR 52.728 RENE LEZARD Mode GmbH 7.250 11/25/2017 EUR 0.151 Oberoesterreichische La 2.500 12/10/2035 EUR 72.544 State of Rhineland-Pala 0.872 10/31/2036 EUR 74.033 Stadtsparkasse Wupperta 1.000 11/3/2031 EUR 74.845 Stadtsparkasse Wupperta 1.040 11/14/2031 EUR 74.868 Stadtsparkasse Wupperta 0.900 9/30/2031 EUR 74.512 DekaBank Deutsche Giroz 0.790 11/14/2031 EUR 74.885 Aargau Verkehr AG 0.270 11/29/2049 CHF 74.564 BNP Paribas SA 3.180 11/19/2039 AUD 60.418 Societe Generale SA 1.270 11/25/2034 EUR 72.272 Specialfastigheter Sver 1.180 12/2/2044 SEK 55.568 DZ Bank AG Deutsche Zen 0.500 8/30/2034 EUR 64.932 Credit Agricole Corpora 2.930 8/20/2039 AUD 64.914 Raiffeisen-Landesbank T 0.766 9/17/2031 EUR 70.475 Caisse des Depots et Co 2.615 11/15/2049 AUD 58.654 VTB Bank PJSC 8.400 5/21/2030 RUB 67.000 DekaBank Deutsche Giroz 0.705 6/1/2032 EUR 72.708 Societe Du Grand Paris 1.923 5/25/2066 EUR 56.163 Department of Gironde F 0.650 12/17/2038 EUR 64.340 Region Centre 0.712 12/3/2039 EUR 61.066 SG Issuer SA 0.650 12/30/2030 EUR 73.433 SG Issuer SA 0.700 12/20/2030 EUR 73.833 DekaBank Deutsche Giroz 0.705 7/1/2032 EUR 72.470 DekaBank Deutsche Giroz 0.848 8/2/2032 EUR 73.250 Vasakronan AB 2.777 4/12/2039 SEK 71.218 Oberbank AG 1.850 4/18/2039 EUR 59.587 DekaBank Deutsche Giroz 1.080 12/9/2039 EUR 61.674 Single Platform Investm 1.110 1/22/2040 EUR 63.214 Ukraine Government Bond 10.570 5/10/2027 UAH 49.989 Ukraine Government Bond 9.700 6/7/2028 UAH 41.247 Ukraine Government Bond 6.000 9/13/2028 UAH 31.622 Ukraine Government Bond 6.000 4/23/2031 UAH 22.026 Caisse des Depots et Co 1.782 6/15/2048 EUR 65.992 Leonteq Securities AG/G 19.000 4/30/2024 USD 69.450 UBS AG/London 19.250 1/25/2024 CHF 40.600 Banca di Cividale SpA/o 3.710 6/30/2036 EUR 70.049 Banca di Cividale SpA/o 3.340 10/2/2036 EUR 71.638 Single Platform Investm 0.740 4/1/2042 EUR 56.168 Banque Internationale a 0.530 9/2/2030 EUR 73.767 Single Platform Investm 1.080 5/17/2033 EUR 74.425 Citigroup Global Market 1.000 9/30/2036 EUR 64.371 Deutsche Bank AG 1.050 9/1/2031 EUR 73.317 Single Platform Investm 1.600 3/23/2038 EUR 70.467 Credit Agricole CIB Fin 0.490 9/13/2033 EUR 68.303 Single Platform Investm 2.060 7/25/2033 NOK 73.120 State of North Rhine-We 1.293 2/25/2041 EUR 72.382 Ukraine Government Bond 6.000 1/14/2026 UAH 53.112 Kuntarahoitus Oyj 1.078 5/6/2039 EUR 73.074 Citigroup Global Market 1.000 1/21/2036 EUR 65.370 Liga Bank eG Regensburg 0.850 5/4/2034 EUR 70.539 Banque et Caisse d'Epar 0.880 2/10/2037 EUR 74.220 Banque et Caisse d'Epar 1.000 1/4/2042 EUR 67.685 BPCE SFH SA 1.420 3/30/2039 EUR 73.373 Agence Metropolitaine D 0.500 7/7/2035 EUR 69.328 Landesbank Hessen-Thuer 1.000 9/13/2034 EUR 68.900 Luzerner Kantonalbank A 12.750 6/12/2024 CHF 64.560 Kreissparkasse Koeln 0.350 2/19/2035 EUR 65.295 Stadtsparkasse Wupperta 0.890 10/17/2031 EUR 74.124 Nationwide Building Soc 1.420 4/23/2041 EUR 73.519 Cooperatieve Rabobank U 1.485 9/3/2041 EUR 71.483 Thames Water Utilities 1.846 8/28/2047 GBP 69.545 Credit Industriel Et Co 1.170 1/28/2037 EUR 68.535 Norddeutsche Landesbank 1.090 11/15/2043 EUR 64.298 Caisse des Depots et Co 1.270 10/1/2051 EUR 54.471 Brussels Municipalities 0.892 3/29/2041 EUR 61.925 Brussels Municipalities 0.892 9/29/2041 EUR 61.113 Societe Generale SA 2.650 1/26/2032 USD 74.498 Raiffeisen-Landesbank T 1.380 7/24/2059 EUR 54.852 Single Platform Investm 1.715 2/15/2041 EUR 70.085 Pongs & Zahn AG 8.500 EUR 0.001 DZ Bank AG Deutsche Zen 1.200 11/25/2050 EUR 51.493 Aareal Bank AG 1.850 3/20/2035 EUR 63.471 Single Platform Investm 1.690 7/25/2053 EUR 62.932 Single Platform Investm 1.720 2/15/2041 EUR 70.062 Single Platform Investm 1.340 4/4/2042 EUR 64.241 Single Platform Investm 1.675 2/15/2041 EUR 67.434 SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000 Kreditanstalt fuer Wied 0.210 11/18/2037 EUR 63.998 Purple Protected Asset 1.480 11/30/2060 EUR 40.067 LFA Foerderbank Bayern 0.010 12/15/2033 EUR 71.848 Single Platform Investm 1.315 12/15/2038 EUR 66.764 UBS Group AG 2.210 11/24/2035 USD 67.112 Credit Suisse AG/London 3.220 2/8/2032 AUD 74.681 Landesbank Baden-Wuertt 0.810 5/21/2032 EUR 74.953 State of Rhineland-Pala 0.100 10/1/2040 EUR 58.734 Single Platform Investm 2.840 12/4/2035 NOK 74.524 Department of Bouches d 0.457 10/8/2040 EUR 58.282 Oberoesterreichische La 0.641 10/13/2035 EUR 56.595 Banque Internationale a 0.750 10/13/2030 EUR 74.135 Oberoesterreichische La 0.650 10/15/2035 EUR 56.658 Banque Internationale a 0.550 10/13/2030 EUR 73.009 Muenchener Hypothekenba 0.580 10/14/2035 EUR 65.158 Oberoesterreichische La 0.420 10/22/2030 EUR 71.707 KPNQwest NV 7.125 6/1/2009 EUR 0.190 Heta Asset Resolution A 3.635 12/31/2023 EUR 1.168 Belfius Bank SA 1.550 1/28/2039 EUR 74.601 Norske Skogindustrier A 7.000 12/30/2026 EUR 0.010 HYPO NOE Landesbank fue 3.000 5/30/2046 EUR 74.154 Municipality of Groning 1.404 7/1/2041 EUR 72.810 Credit Suisse AG/London 4.700 7/1/2046 AUD 71.006 Department of Bouches d 1.100 7/8/2039 EUR 68.471 Raiffeisen Landesbank V 2.257 11/13/2034 EUR 72.446 Raiffeisen Landesbank V 2.257 11/13/2034 EUR 72.446 Department of Gironde F 0.900 12/15/2039 EUR 65.279 Department of Gironde F 0.707 6/23/2035 EUR 72.962 Department of Gironde F 0.979 6/25/2040 EUR 65.261 Saastopankkien Keskuspa 1.500 6/12/2035 EUR 71.070 Region Wallonne Belgium 1.300 6/16/2068 EUR 45.491 Saastopankkien Keskuspa 1.445 6/23/2035 EUR 70.577 Single Platform Investm 1.660 12/16/2036 EUR 73.630 Agence Metropolitaine D 0.800 7/1/2040 EUR 63.037 Vodafone Group PLC 4.600 8/9/2046 USD 72.269 Volksbank Weinheim eG 2.600 12/8/2058 EUR 74.268 Region de Bruxelles-Cap 1.800 8/17/2048 EUR 67.666 Natixis SA 1.350 6/26/2039 EUR 65.300 Single Platform Investm 2.770 6/6/2040 NOK 69.551 Landesbank Saar 0.680 3/29/2034 EUR 68.842 Single Platform Investm 1.090 11/30/2033 EUR 73.800 Single Platform Investm 1.040 6/25/2044 EUR 57.484 Nomura Bank Internation 1.175 7/8/2033 EUR 69.179 BNP Paribas SA 3.950 7/11/2039 AUD 71.127 Department of Bouches d 0.530 7/30/2035 EUR 71.031 DekaBank Deutsche Giroz 0.370 4/16/2031 EUR 74.307 Volksbank in Suedwestfa 0.300 3/19/2031 EUR 74.421 Purple Protected Asset 1.570 4/30/2061 EUR 46.364 Single Platform Investm 2.820 7/3/2041 NOK 69.341 Single Platform Investm 0.932 6/15/2039 EUR 62.356 Leonteq Securities AG/G 24.500 1/26/2024 CHF 39.310 Single Platform Investm 1.762 5/25/2066 EUR 56.328 Credit Agricole CIB Fin 0.540 9/20/2033 EUR 68.661 Single Platform Investm 2.050 9/1/2044 NOK 58.783 DZ HYP AG 0.180 3/10/2031 EUR 73.380 Single Platform Investm 2.212 4/6/2034 NOK 72.959 ING Bank NV 2.410 3/16/2031 AUD 74.165 Berlin Hyp AG 0.375 9/29/2031 EUR 72.262 Credit Industriel Et Co 0.805 9/21/2033 EUR 71.177 Banque Internationale a 0.800 12/22/2032 EUR 68.842 DekaBank Deutsche Giroz 1.585 12/28/2035 EUR 59.261 Single Platform Investm 2.500 6/6/2036 NOK 71.006 Malta Government Bond 1.000 8/23/2035 EUR 72.900 Landesbank Hessen-Thuer 1.370 9/22/2031 EUR 69.594 DekaBank Deutsche Giroz 0.250 1/31/2031 EUR 73.889 Bayerische Landesbank 1.820 3/12/2031 EUR 72.050 Renovables Atlasol SA 2.200 12/31/2038 EUR 68.691 Hypo-Bank Burgenland AG 0.810 9/17/2031 EUR 70.536 Single Platform Investm 1.180 4/1/2039 EUR 65.030 BKS Bank AG 2.165 6/21/2039 EUR 71.809 Department of L'Eure Fr 0.515 5/25/2040 EUR 59.751 Department of Loiret Fr 0.790 11/22/2039 EUR 64.084 DZ Bank AG Deutsche Zen 0.750 7/18/2033 EUR 69.247 Ringkjoebing Landbobank 1.875 6/6/2039 EUR 71.574 Lloyds Bank PLC 1.920 4/16/2044 EUR 60.034 DZ Bank AG Deutsche Zen 0.700 10/2/2034 EUR 66.271 Citigroup Global Market 1.150 9/19/2039 EUR 60.758 Region de Bruxelles-Cap 0.731 8/25/2060 EUR 36.002 DZ Bank AG Deutsche Zen 0.240 2/28/2031 EUR 73.723 DZ Bank AG Deutsche Zen 23.300 12/22/2023 EUR 9.000 Luzerner Kantonalbank A 3.500 8/30/2023 USD 47.350 Hypo Vorarlberg Bank AG 1.020 7/15/2041 EUR 51.197 Specialfastigheter Sver 2.205 10/11/2038 SEK 74.294 National Grid Electrici 2.920 9/30/2044 AUD 60.507 Region Wallonne Belgium 1.250 4/30/2055 EUR 49.961 Landesbank Hessen-Thuer 0.530 11/4/2031 EUR 72.331 Credit Agricole SA 1.000 4/6/2035 EUR 67.204 Single Platform Investm 1.155 5/25/2052 EUR 54.567 UniCredit Bank AG 1.120 1/20/2031 EUR 71.310 Single Platform Investm 1.593 10/31/2050 EUR 57.795 Landesbank Baden-Wuertt 0.500 4/21/2031 EUR 74.402 Caisse des Depots et Co 2.700 4/28/2041 AUD 67.038 Standard Chartered Bank 3.000 4/30/2036 AUD 66.925 Landesbank Saar 0.760 5/8/2034 EUR 68.988 Swedbank Hypotek AB 1.445 3/29/2038 EUR 74.928 Credit Agricole Corpora 2.500 2/20/2048 EUR 72.607 Caisse des Depots et Co 1.780 2/20/2048 EUR 66.183 Morgan Stanley & Co Int 3.100 10/28/2041 AUD 61.799 Nomura Bank Internation 1.450 12/10/2041 EUR 60.651 BNG Bank NV 1.790 1/21/2049 EUR 69.592 Landesbank Hessen-Thuer 2.435 2/6/2048 EUR 66.134 Bank Vontobel AG 9.500 12/4/2023 EUR 58.500 Region de Bruxelles-Cap 2.215 6/1/2041 EUR 74.614 Caisse Francaise de Fin 1.500 2/7/2039 EUR 74.972 Hospices Civils de Lyon 0.597 11/24/2031 EUR 74.705 Landesbank Baden-Wuertt 0.580 3/2/2033 EUR 70.421 UBS Group AG 2.490 3/4/2036 USD 68.888 Department of Bouches d 0.543 12/15/2034 EUR 72.676 Single Platform Investm 1.250 5/10/2044 EUR 60.156 Ville de Paris 1.293 2/22/2049 EUR 57.491 Region Occitanie 1.198 5/25/2036 EUR 72.476 ABN AMRO Bank NV 1.070 3/3/2041 EUR 67.398 DZ Bank AG Deutsche Zen 0.500 2/26/2031 EUR 74.738 Citigroup Global Market 2.500 2/25/2036 USD 71.879 Societe Generale SA 2.060 3/12/2031 USD 73.383 Caisse des Depots et Co 2.730 3/2/2041 AUD 67.553 Hemso Fastighets AB 2.380 3/3/2033 NOK 74.787 Landesbank Baden-Wuertt 0.500 7/30/2031 EUR 73.711 BNP Paribas SA 1.450 11/17/2041 EUR 63.530 Aktia Bank Oyj 0.430 12/2/2030 EUR 74.593 UniCredit Bank AG 10.850 2/1/2024 EUR 55.440 Region de Bruxelles-Cap 0.274 12/11/2040 EUR 54.140 Wirtschafts- und Infras 0.200 12/14/2045 EUR 48.215 Aareal Bank AG 0.300 12/11/2030 EUR 65.803 Kommunekredit 2.180 7/16/2040 AUD 61.866 Berlin Hyp AG 0.349 12/10/2031 EUR 71.736 Norddeutsche Landesbank 0.750 1/15/2032 EUR 73.389 Region Hauts-de-France 0.361 2/18/2041 EUR 54.298 Agence Francaise de Dev 2.330 2/10/2041 AUD 62.855 Landesbank Baden-Wuertt 0.380 2/12/2031 EUR 74.135 DLR Kredit A/S 2.000 10/1/2053 DKK 72.776 NRW Bank 1.211 10/18/2045 EUR 65.829 Hemso Fastighets AB 2.418 11/30/2038 EUR 65.899 Kreditanstalt fuer Wied 0.820 4/15/2050 EUR 57.247 Landesbank Hessen-Thuer 1.200 4/30/2035 EUR 70.034 State of Brandenburg 0.050 2/28/2033 EUR 73.655 Societe Generale SFH SA 0.650 6/23/2035 EUR 72.507 KESZ Holding Business D 2.800 6/17/2031 HUF 74.740 BNP Paribas SA 1.400 6/4/2041 EUR 62.600 Cooperatieve Rabobank U 1.099 6/28/2051 EUR 58.768 Kreditanstalt fuer Wied 1.208 6/17/2051 EUR 62.829 United Kingdom Gilt 1.500 7/31/2053 GBP 50.031 JAB Holdings BV 3.750 5/28/2051 USD 63.255 Banque Federative du Cr 2.460 6/7/2032 AUD 74.158 Vasakronan AB 1.000 6/15/2041 EUR 34.741 Region de Bruxelles-Cap 2.410 8/23/2063 EUR 67.111 French Republic Governm 1.500 5/25/2050 EUR 66.285 BPCE SFH SA 1.390 3/11/2039 EUR 72.293 HSBC Continental Europe 2.150 3/14/2049 EUR 66.524 Leonteq Securities AG/G 30.000 3/13/2024 CHF 58.540 ITK Holding zrt 2.900 6/23/2031 HUF 64.900 Luzerner Kantonalbank A 6.400 10/4/2023 CHF 61.940 UBS AG/London 7.750 10/13/2023 CHF 11.000 Communaute Francaise de 2.050 7/26/2047 EUR 70.761 Landesbank Baden-Wuertt 0.430 1/22/2031 EUR 74.597 Soc Nationale SNCF SACA 2.931 1/14/2051 AUD 61.697 LFA Foerderbank Bayern 0.160 1/2/2040 EUR 59.158 Bayerische Landesbank 0.230 8/27/2031 EUR 71.728 Canton of Geneva Switze 0.050 8/27/2041 CHF 74.552 Region Occitanie 0.834 11/18/2044 EUR 56.373 Landeskreditbank Baden- 1.236 5/22/2045 EUR 67.242 Sberbank of Russia PJSC 0.010 11/23/2026 RUB 69.630 Landesbank Baden-Wuertt 0.500 12/8/2031 EUR 73.243 Agence Francaise de Dev 0.714 7/10/2045 EUR 55.395 Credit Agricole Corpora 2.610 7/27/2050 USD 53.572 Agence France Locale 0.550 6/20/2040 EUR 61.000 Muenchener Hypothekenba 0.886 3/26/2043 EUR 62.690 Lehman Brothers Treasur 4.870 10/8/2013 USD 0.100 Lehman Brothers Treasur 5.220 3/1/2024 EUR 0.100 Kreditanstalt fuer Wied 1.075 12/20/2049 EUR 61.486 EFG International Finan 11.120 12/27/2024 EUR 53.720 Region de Bruxelles-Cap 0.720 10/17/2051 EUR 41.616 Alteo Nyrt 3.150 10/28/2029 HUF 67.500 Virgolino de Oliveira F 10.875 1/13/2020 USD 36.000 Bibby Offshore Services 7.500 6/15/2021 GBP 11.625 SNCF Reseau 2.455 6/22/2047 SEK 74.782 Republic of Ireland Int 2.000 6/29/2064 EUR 67.280 Getin Noble Bank SA 11.950 4/29/2024 PLN 30.866 Bayerische Landesbank 0.970 2/14/2033 EUR 74.013 Region de Bruxelles-Cap 1.000 10/29/2059 EUR 41.050 AK BARS Bank Via AK BAR 8.000 7/13/2022 USD 31.000 BPCE SA 1.850 10/30/2030 AUD 73.150 Norddeutsche Landesbank 1.400 8/17/2037 EUR 64.152 Kreditanstalt fuer Wied 1.087 1/21/2050 EUR 61.725 Vasakronan AB 3.100 9/9/2039 AUD 60.980 BNG Bank NV 2.000 7/24/2058 EUR 74.146 Caisse des Depots et Co 1.811 8/13/2048 EUR 66.338 Communaute Francaise de 2.177 8/17/2068 EUR 65.152 BNG Bank NV 1.900 7/11/2058 EUR 66.952 de Volksbank NV 1.495 7/26/2038 EUR 74.778 DNB Boligkreditt AS 1.230 11/18/2039 EUR 70.020 DNB Boligkreditt AS 1.080 5/16/2039 EUR 68.988 HSBC Continental Europe 0.800 12/13/2034 EUR 68.977 Landesbank Baden-Wuertt 0.590 10/7/2032 EUR 71.458 Berlin Hyp AG 1.157 12/9/2039 EUR 58.894 Natixis SA 2.180 8/24/2035 USD 68.410 Land Baden-Wuerttemberg 1.150 4/5/2049 EUR 62.559 Pick Szeged Szalamigyar 2.000 12/6/2029 HUF 70.180 Ukraine Government Bond 6.000 12/23/2026 UAH 44.497 Ukraine Government Bond 9.610 11/10/2029 UAH 34.806 Ukraine Government Bond 6.000 11/22/2028 UAH 30.561 Ukraine Government Bond 9.730 9/24/2031 UAH 30.481 Hellas Telecommunicatio 6.054 1/15/2015 USD 0.012 Societe Generale SFH SA 0.360 9/14/2033 EUR 73.945 Lehman Brothers Treasur 6.600 5/23/2012 AUD 0.100 Lehman Brothers Treasur 2.300 6/6/2013 USD 0.100 Ukraine Government Bond 11.110 3/29/2028 UAH 45.397 BPCE SFH SA 1.375 3/22/2038 EUR 74.505 Landesbank Baden-Wuertt 11.750 11/24/2023 EUR 29.940 UBS AG/London 15.240 1/31/2024 USD 7.092 Landwirtschaftliche Ren 0.984 2/4/2042 EUR 67.422 Credit Suisse AG/London 20.000 10/10/2023 CHF 27.190 Agence Francaise de Dev 1.656 4/4/2054 EUR 63.148 BPCE SFH SA 1.229 4/12/2049 EUR 60.301 Eika Boligkreditt AS 1.245 3/28/2039 EUR 70.800 Caisse des Depots et Co 1.900 9/14/2048 EUR 65.640 Bayerische Landesbank 2.250 10/17/2033 EUR 72.777 Lehman Brothers Treasur 13.000 2/16/2009 CHF 0.100 Lehman Brothers Treasur 6.000 3/18/2015 USD 0.100 Lehman Brothers Treasur 3.450 5/23/2013 USD 0.100 Lehman Brothers Treasur 7.000 4/24/2009 USD 0.100 NTRP Via Interpipe Ltd 10.250 8/2/2017 USD 2.006 Lehman Brothers Treasur 5.375 2/4/2014 USD 0.100 Lehman Brothers Treasur 10.000 2/16/2009 CHF 0.100 Lehman Brothers Treasur 7.000 2/15/2010 CHF 0.100 Lehman Brothers Treasur 3.500 6/20/2011 EUR 0.100 Lehman Brothers Treasur 11.000 2/16/2009 CHF 0.100 Lehman Brothers Treasur 6.000 9/20/2011 EUR 0.100 Morgan Stanley & Co Int 3.470 1/27/2042 AUD 65.364 Autonomous Community of 1.138 11/22/2052 EUR 47.511 BPCE SFH SA 1.586 2/1/2047 EUR 67.309 Comunidad Foral de Nava 1.800 3/25/2042 EUR 68.795 Lehman Brothers Treasur 13.000 12/14/2012 USD 0.100 Lehman Brothers Treasur 4.820 12/18/2036 EUR 0.100 Rikshem AB 1.910 11/16/2032 NOK 70.498 Kuntarahoitus Oyj 1.005 11/4/2060 EUR 56.327 Department of Bouches d 0.450 10/15/2041 EUR 56.203 NRW Bank 0.800 10/22/2060 EUR 47.071 Heta Asset Resolution A 5.920 12/31/2023 EUR 1.168 Nationwide Building Soc 1.673 1/28/2041 EUR 74.688 Italy Buoni Poliennali 2.700 3/1/2047 EUR 74.463 State of Saarland 1.108 5/18/2046 EUR 63.071 Bazalgette Finance Plc 0.688 6/27/2050 GBP 58.555 HYPO NOE Landesbank fue 3.000 6/20/2051 EUR 73.651 United Kingdom Gilt 2.500 7/22/2065 GBP 63.471 Ukraine Government Bond 12.500 2/21/2024 UAH 73.039 Aareal Bank AG 1.741 1/12/2045 EUR 47.908 Region Bretagne SCI 0.770 12/1/2039 EUR 61.762 Rikshem AB 2.370 6/17/2032 NOK 74.229 Region Provence-Alpes-C 0.709 6/29/2040 EUR 62.763 Windreich GmbH 6.250 3/1/2015 EUR 2.780 Region de Bruxelles-Cap 1.532 8/16/2038 EUR 72.935 Landeskreditbank Baden- 1.025 4/1/2061 EUR 52.295 Landesbank Baden-Wuertt 1.000 8/12/2039 EUR 62.990 Raiffeisen Schweiz Geno 19.800 12/12/2023 CHF 41.610 Cooperatieve Rabobank U 1.430 9/1/2036 EUR 70.809 Aareal Bank AG 0.520 4/18/2031 EUR 66.127 BNP Paribas SA 3.170 1/7/2041 AUD 60.618 Credit Suisse AG/London 16.300 12/26/2023 USD 47.440 Landesbank Baden-Wuertt 0.360 12/30/2030 EUR 74.336 State of Saxony-Anhalt 2.416 7/3/2028 EUR 60.000 Aareal Bank AG 0.625 9/16/2030 EUR 68.619 Caisse des Depots et Co 2.670 9/17/2049 AUD 59.444 Lehman Brothers Treasur 4.100 5/20/2009 USD 0.100 Lehman Brothers Treasur 2.000 5/17/2010 EUR 0.100 Lehman Brothers Treasur 3.820 10/20/2009 USD 0.100 LBI ehf 2.250 2/14/2011 CHF 7.750 NIBC Bank NV 0.460 7/19/2029 EUR 74.929 Republic of Austria Gov 0.700 4/20/2071 EUR 41.656 Republic of Ireland Int 2.045 3/22/2075 EUR 72.419 Ukraine Government Inte 6.876 5/21/2031 USD 27.069 Swedbank Hypotek AB 1.595 11/20/2043 EUR 71.492 Norddeutsche Landesbank 0.825 8/30/2033 EUR 68.451 Barclays Bank PLC 3.900 2/15/2042 AUD 65.924 Raiffeisenlandesbank Ob 0.835 10/20/2036 EUR 69.418 Standard Chartered Bank 2.650 10/13/2036 USD 72.024 Kuntarahoitus Oyj 1.220 3/27/2060 EUR 60.893 Societe Generale SA 0.570 6/30/2031 EUR 73.185 Kreditanstalt fuer Wied 1.270 6/29/2051 EUR 63.475 Kreditanstalt fuer Wied 1.271 5/20/2051 EUR 63.526 Cooperatieve Rabobank U 1.704 2/25/2049 EUR 70.373 Deutsche Bank AG 0.700 10/28/2031 EUR 71.866 Societe Generale SA 7.750 10/29/2032 USD 74.750 Region de Bruxelles-Cap 1.710 5/5/2047 EUR 61.723 Citigroup Global Market 0.200 1/19/2031 EUR 73.722 Region Wallonne Belgium 0.850 1/26/2071 EUR 34.470 Landesbank Hessen-Thuer 1.050 7/30/2035 EUR 68.148 Derzhava-Garant OOO 15.000 6/12/2030 RUB 32.400 Heta Asset Resolution A 4.875 12/31/2023 EUR 1.168 Credit Agricole Corpora 2.650 1/29/2035 AUD 71.025 Nostrum Oil & Gas Finan 8.000 7/25/2022 USD 25.546 French Republic Governm 0.500 5/25/2040 EUR 63.377 DLR Kredit A/S 1.500 10/1/2053 DKK 72.009 Bayerische Landesbank 1.100 1/26/2024 EUR 58.590 State of North Rhine-We 1.375 1/15/2120 EUR 45.278 Eika Boligkreditt AS 1.112 5/16/2039 EUR 69.635 Swedbank Hypotek AB 1.565 8/17/2043 EUR 71.130 Heta Asset Resolution A 7.500 12/31/2023 ATS 1.168 Region Wallonne Belgium 1.272 10/3/2040 EUR 64.340 BPCE SFH SA 1.186 5/9/2039 EUR 70.116 PJSC Koks via IMH Capit 5.900 9/23/2025 USD 8.623 Kuntarahoitus Oyj 0.514 10/7/2039 EUR 65.729 Ukraine Government Bond 8.750 2/16/2033 UAH 26.149 Lehman Brothers Treasur 11.000 12/19/2011 USD 0.100 Raiffeisen Switzerland 16.000 1/3/2024 CHF 40.850 Ukraine Government Bond 11.890 5/6/2026 UAH 59.824 Raiffeisen Switzerland 15.000 1/23/2024 CHF 36.350 Astana Finance BV 7.875 6/8/2010 EUR 16.000 Kingdom of Belgium Gove 2.150 6/22/2066 EUR 70.907 Lehman Brothers Treasur 3.400 9/21/2009 HKD 0.100 Lehman Brothers Treasur 5.200 11/9/2011 EUR 0.100 Sidetur Finance BV 10.000 4/20/2016 USD 0.751 Lehman Brothers Treasur 4.350 8/8/2016 SGD 0.100 Nomura Bank Internation 0.400 11/5/2030 EUR 71.724 Lehman Brothers Treasur 7.625 7/22/2011 HKD 0.100 Ukraine Government Inte 7.750 9/1/2027 USD 28.958 Ukraine Government Inte 7.750 9/1/2028 USD 29.796 Ukraine Government Bond 15.500 9/4/2024 UAH 69.759 BNP Paribas SA 3.750 6/12/2040 AUD 72.620 LR Realkredit AS 1.000 10/1/2050 DKK 65.521 Aareal Bank AG 1.300 9/19/2031 EUR 68.990 Communaute Francaise de 0.749 9/16/2080 EUR 46.448 Hemso Fastighets AB 1.800 5/5/2032 EUR 73.105 Italy Buoni Poliennali 2.450 9/1/2050 EUR 68.384 Autonomous Community of 1.646 7/30/2060 EUR 50.428 Landesbank Hessen-Thuer 0.460 7/20/2032 EUR 69.840 Landesbank Hessen-Thuer 0.350 8/19/2030 EUR 74.503 Landesbank Baden-Wuertt 0.360 8/11/2031 EUR 72.711 BPCE SA 2.160 10/6/2031 USD 73.572 Banco Santander SA 1.020 1/4/2034 EUR 68.351 Specialfastigheter Sver 1.215 5/14/2035 SEK 70.215 Ministeries Van de Vlaa 0.940 5/12/2050 EUR 48.721 UniCredit Bank AG 0.900 7/18/2031 EUR 74.390 Italy Buoni Poliennali 2.150 3/1/2072 EUR 56.033 Vacse AB 2.067 4/20/2034 SEK 73.416 UniCredit Bank AG 1.560 1/20/2031 EUR 72.850 Landesbank Baden-Wuertt 0.440 5/7/2031 EUR 73.908 Landesbank Hessen-Thuer 0.631 5/2/2031 EUR 73.731 Assistance Publique Hop 1.800 4/10/2048 EUR 66.871 Deutsche Bank AG/London 0.500 4/5/2038 MXN 22.767 Landesbank Baden-Wuertt 0.710 11/9/2035 EUR 65.658 Vasakronan AB 2.390 1/17/2039 EUR 50.686 Region Centre 0.807 5/12/2040 EUR 60.593 Muenchener Hypothekenba 0.805 4/16/2036 EUR 66.971 Agence Francaise de Dev 1.774 3/24/2044 EUR 72.102 Nederlandse Waterschaps 1.577 12/9/2039 GBP 63.276 UBS AG/London 15.250 11/27/2023 CHF 37.500 Landesbank Hessen-Thuer 0.450 1/7/2032 EUR 73.265 DZ HYP AG 2.023 1/18/2058 EUR 66.494 Nederlandse Waterschaps 2.032 1/23/2058 EUR 73.795 Leonteq Securities AG/G 11.000 12/7/2023 CHF 20.000 Hypo-Bank Burgenland AG 2.010 2/7/2048 EUR 70.279 Landesbank Baden-Wuertt 0.550 11/9/2032 EUR 71.150 Landesbank Baden-Wuertt 5.250 10/27/2023 EUR 43.880 Bayerische Landesbank 1.850 3/5/2031 EUR 72.540 Goldman Sachs Internati 2.520 3/3/2036 USD 68.331 Norddeutsche Landesbank 0.750 7/23/2031 EUR 74.360 Hypo Vorarlberg Bank AG 0.920 7/8/2036 EUR 59.410 Barclays Bank PLC 2.000 10/8/2042 EUR 63.070 Norddeutsche Landesbank 1.600 4/5/2034 EUR 73.874 Sveriges Sakerstallda O 1.378 7/13/2046 SEK 60.377 Landesbank Baden-Wuertt 0.200 12/2/2030 EUR 72.690 BPCE SA 1.920 12/9/2030 AUD 73.087 Kreditanstalt fuer Wied 0.951 9/9/2050 EUR 55.989 Caisse des Depots et Co 2.160 12/7/2050 AUD 51.935 Deutsche Bank AG 2.010 12/10/2052 EUR 59.793 Kuntarahoitus Oyj 0.815 2/24/2061 EUR 52.628 DZ Bank AG Deutsche Zen 0.420 2/17/2033 EUR 68.315 Landesbank Baden-Wuertt 0.490 6/9/2031 EUR 74.105 Norddeutsche Landesbank 1.560 10/20/2038 EUR 63.938 VTB Bank PJSC 9.670 USD 50.000 NRW Bank 0.921 10/20/2041 EUR 66.421 Landesbank Baden-Wuertt 0.520 12/9/2031 EUR 73.056 DZ Bank AG Deutsche Zen 2.000 12/29/2031 EUR 72.480 Cie de Financement Fonc 1.695 12/4/2048 EUR 67.311 Landesbank Baden-Wuertt 0.400 2/12/2031 EUR 74.259 Nederlandse Waterschaps 1.370 3/23/2065 EUR 53.676 Landesbank Baden-Wuertt 0.660 10/9/2034 EUR 67.336 Hypo Vorarlberg Bank AG 0.500 6/23/2031 EUR 71.006 Berlin Hyp AG 0.625 6/30/2031 EUR 73.104 Citigroup Global Market 1.500 5/13/2051 EUR 54.037 Landesbank Baden-Wuertt 0.740 6/2/2036 EUR 64.536 Italy Buoni Poliennali 2.150 9/1/2052 EUR 62.528 Natixis SA 2.720 5/27/2036 USD 71.624 Rikshem AB 3.250 5/31/2041 AUD 60.150 Vasakronan AB 2.277 3/11/2039 EUR 49.981 HSBC Continental Europe 2.025 3/19/2049 EUR 64.548 HYPO NOE Landesbank fue 1.790 8/18/2037 EUR 67.925 Cooperatieve Rabobank U 2.250 9/15/2047 EUR 66.517 Communaute Francaise de 1.600 6/22/2047 EUR 65.295 HYPO NOE Landesbank fue 2.080 10/5/2037 EUR 70.570 Natixis SA 2.520 8/24/2036 AUD 62.026 Landesbank Hessen-Thuer 0.500 12/3/2031 EUR 72.026 UBS AG/London 7.000 9/22/2023 CHF 72.600 Aareal Bank AG 1.475 7/19/2029 EUR 71.951 DZ Bank AG Deutsche Zen 0.250 1/21/2033 EUR 73.447 Raiffeisen Bank Interna 0.370 2/3/2033 EUR 62.343 Landesbank Baden-Wuertt 0.260 7/29/2030 EUR 74.912 Regie Autonome des Tran 1.900 6/26/2048 EUR 70.929 Nederlandse Waterschaps 1.955 6/28/2058 EUR 73.185 DekaBank Deutsche Giroz 7.500 5/31/2024 EUR 70.330 Single Platform Investm 1.475 10/5/2043 JPY 73.718 Landesbank Baden-Wuertt 0.650 12/1/2031 EUR 74.234 Landesbank Hessen-Thuer 0.300 9/15/2031 EUR 71.105 Regie Autonome des Tran 0.640 8/13/2041 EUR 60.019 State of Saxony-Anhalt 1.808 5/15/2048 EUR 73.599 Assistance Publique Hop 0.647 7/17/2040 EUR 61.137 Societe Generale SA 2.710 7/8/2035 AUD 61.674 Credit Mutuel Arkea SA 0.730 10/14/2036 EUR 61.592 Single Platform Investm 2.230 4/15/2044 EUR 73.383 Aktia Bank Oyj 0.990 1/15/2035 EUR 68.235 Deutsche Bank AG/London 4.320 6/15/2037 AUD 73.167 SNCF Reseau 2.303 7/11/2067 EUR 64.766 Landesbank Baden-Wuertt 0.790 5/16/2033 EUR 71.558 Bayerische Landesbank 0.770 6/18/2032 EUR 72.553 Nederlandse Waterschaps 0.932 12/2/2060 EUR 47.288 Ville de Paris 0.758 8/20/2060 EUR 37.571 Caisse des Depots et Co 2.345 1/29/2050 AUD 54.908 UniCredit Bank AG 7.600 2/19/2024 EUR 69.500 DZ Bank AG Deutsche Zen 0.700 8/24/2033 EUR 69.030 Assistance Publique Hop 0.750 11/30/2039 EUR 63.319 Credit Agricole Corpora 2.700 6/3/2035 AUD 70.795 United Kingdom Gilt 0.625 10/22/2050 GBP 38.894 Agence Francaise de Dev 2.360 10/17/2044 AUD 58.765 Single Platform Investm 1.156 2/12/2041 EUR 62.593 Hypo-Bank Burgenland AG 1.010 10/29/2049 EUR 56.518 SAir Group 5.125 3/1/2003 CHF 10.172 Credit Agricole Corpora 10.500 2/16/2027 TRY 58.839 Vasakronan AB 2.050 5/28/2044 EUR 45.781 HSBC Continental Europe 2.890 9/11/2039 AUD 60.754 NRW Bank 0.473 6/23/2049 EUR 53.177 Caisse des Depots et Co 2.630 9/16/2049 AUD 58.925 State of Rhineland-Pala 0.500 7/30/2036 EUR 71.317 Lloyds Bank PLC 2.450 7/20/2048 EUR 64.112 Societe Generale SA 2.370 9/17/2035 AUD 58.536 Single Platform Investm 1.200 11/15/2037 EUR 67.258 Caisse des Depots et Co 2.340 11/27/2049 AUD 54.926 DZ Bank AG Deutsche Zen 0.625 1/7/2032 EUR 72.827 Landesbank Baden-Wuertt 0.540 10/7/2031 EUR 73.504 Communaute Francaise de 1.728 4/11/2049 EUR 67.056 Barclays Bank PLC 2.730 9/27/2024 EUR 61.480 Landesbank Hessen-Thuer 0.350 10/13/2031 EUR 71.269 Landesbank Hessen-Thuer 1.000 10/14/2036 EUR 63.650 Lehman Brothers Treasur 13.150 10/30/2008 USD 0.100 Muenchener Hypothekenba 1.172 10/30/2047 EUR 64.140 Assistance Publique Hop 1.665 4/10/2049 EUR 63.808 BNG Bank NV 1.873 11/24/2047 EUR 71.818 ECM Real Estate Investm 5.000 10/9/2011 EUR 15.375 Erste Group Bank AG 1.200 2/11/2040 EUR 54.416 Landesbank Hessen-Thuer 0.400 2/4/2031 EUR 73.808 NRW Bank 1.020 8/1/2049 EUR 55.942 Leonteq Securities AG/G 20.000 2/2/2024 CHF 38.700 Societe Generale SA 1.100 2/20/2034 EUR 71.011 Ministeries Van de Vlaa 0.600 11/19/2055 EUR 36.910 Kuntarahoitus Oyj 1.557 3/29/2052 EUR 74.100 DZ Bank AG Deutsche Zen 0.660 11/23/2035 EUR 63.500 Banque Internationale a 0.480 11/13/2030 EUR 72.712 DZ Bank AG Deutsche Zen 0.100 11/15/2030 EUR 74.121 Deutsche Pfandbriefbank 0.613 9/30/2032 EUR 64.879 Kreditanstalt fuer Wied 1.027 10/26/2050 EUR 57.308 Berlin Hyp AG 0.055 10/16/2030 EUR 73.563 Gold-Zack AG 7.000 12/14/2005 EUR 4.402 Lloyds Bank PLC 2.255 2/9/2036 EUR 72.274 DZ HYP AG 1.060 7/28/2036 EUR 73.740 Bayerische Landesbank 0.940 7/16/2032 EUR 74.784 DZ Bank AG Deutsche Zen 1.060 6/24/2032 EUR 74.659 Credit Agricole Corpora 10.200 8/6/2026 TRY 61.658 Vasakronan AB 3.270 6/26/2034 AUD 72.443 Landesbank Baden-Wuertt 0.750 8/12/2039 EUR 64.410 Landesbank Saar 0.720 6/29/2035 EUR 65.961 Landesbank Baden-Wuertt 1.300 6/21/2049 EUR 56.672 Nomura Bank Internation 1.415 1/27/2042 EUR 59.972 DZ HYP AG 1.226 8/25/2036 EUR 66.111 Aareal Bank AG 0.255 9/17/2029 EUR 70.768 Aareal Bank AG 0.380 9/16/2031 EUR 63.395 Barclays Bank PLC 3.020 3/26/2051 USD 57.828 Autonomous Community of 1.931 4/4/2042 EUR 70.464 Deutsche Bank AG 0.510 9/16/2031 EUR 74.547 Landesbank Baden-Wuertt 0.370 10/20/2031 EUR 72.415 Region de Bruxelles-Cap 0.450 12/22/2056 EUR 33.626 State of North Rhine-We 1.450 1/19/2122 EUR 46.365 Landesbank Hessen-Thuer 0.700 2/24/2032 EUR 72.909 Bankinter SA 1.200 6/5/2035 EUR 73.114 Landesbank Baden-Wuertt 0.590 9/22/2034 EUR 66.843 Landesbank Baden-Wuertt 0.060 10/4/2030 EUR 73.290 Nederlandse Waterschaps 0.781 2/28/2050 EUR 53.871 State of Lower Austria 1.750 5/2/2047 EUR 69.179 Lloyds Banking Group PL 0.995 2/15/2038 JPY 74.956 Turkey Government Bond 10.280 9/15/2027 TRY 68.500 Leonteq Securities AG 8.000 11/29/2023 CHF 63.550 Landesbank Hessen-Thuer 0.350 5/27/2031 EUR 74.218 Caisse des Depots et Co 1.960 2/1/2048 EUR 68.104 Kingdom of Belgium Gove 1.700 6/22/2050 EUR 68.185 Landesbank Baden-Wuertt 7.800 3/22/2024 EUR 49.160 Kreditanstalt fuer Wied 1.142 2/15/2042 EUR 69.950 Caisse des Depots et Co 1.000 2/26/2051 EUR 50.395 Kuntarahoitus Oyj 1.005 12/7/2060 EUR 56.374 Ukraine Government Inte 9.990 5/22/2024 UAH 68.277 Raiffeisen Switzerland 20.000 2/20/2024 CHF 49.970 Norddeutsche Landesbank 1.100 10/13/2034 EUR 68.290 Russian Federal Bond - 7.100 5/15/2041 RUB 69.651 Banco Santander SA 1.000 1/14/2034 EUR 68.860 Vasakronan AB 3.300 1/14/2042 AUD 60.647 UBS AG/London 1.860 2/28/2049 EUR 65.155 Republic of Poland Gove 2.000 3/8/2049 EUR 65.795 Aareal Bank AG 1.465 7/24/2029 EUR 71.837 Region Wallonne Belgium 0.250 12/29/2036 EUR 62.292 Land Berlin 0.100 1/18/2041 EUR 56.679 State of North Rhine-We 0.200 1/27/2051 EUR 43.134 Raiffeisen Switzerland 17.500 12/27/2023 CHF 41.590 Agence Francaise de Dev 0.537 7/16/2040 EUR 62.065 Societe Generale SA 4.740 3/24/2030 USD 72.137 Ukraine Government Bond 9.500 12/11/2024 UAH 62.310 Goldman Sachs Internati 2.034 7/7/2036 EUR 70.122 Ville de Paris 0.760 5/25/2066 EUR 35.585 Italy Buoni Poliennali 1.700 9/1/2051 EUR 57.144 French Republic Governm 0.750 5/25/2052 EUR 51.536 Region Auvergne-Rhone-A 0.800 5/22/2040 EUR 61.365 BNP Paribas SA 1.000 1/23/2040 MXN 21.453 Norddeutsche Landesbank 1.350 2/3/2038 EUR 62.474 Landesbank Hessen-Thuer 0.600 10/27/2034 EUR 66.063 Ireland Government Bond 1.500 5/15/2050 EUR 67.258 Gazprom PJSC 4.510 10/21/2043 RUB 70.000 Deutsche Pfandbriefbank 4.120 11/3/2031 EUR 59.297 Erste Group Bank AG 0.940 5/22/2034 EUR 64.205 Barclays Bank PLC 1.750 9/29/2032 USD 68.690 MOL Hungarian Oil & Gas 1.100 9/22/2030 HUF 58.500 Lehman Brothers Treasur 5.100 5/8/2017 HKD 0.100 United Kingdom Gilt 0.875 7/31/2033 GBP 71.615 Leonteq Securities AG/G 5.000 9/6/2023 CHF 71.390 Santander International 2.770 7/2/2035 USD 69.417 Ukraine Government Bond 15.840 2/26/2025 UAH 71.966 Realkredit Danmark A/S 0.500 10/1/2050 DKK 67.417 SNCF Reseau 1.100 10/27/2036 EUR 73.338 Cattles Ltd 8.125 7/5/2017 GBP 0.027 Lehman Brothers Treasur 13.000 7/25/2012 EUR 0.100 Lehman Brothers Treasur 2.500 8/23/2012 GBP 0.100 Lehman Brothers Treasur 0.500 12/20/2017 USD 0.100 Lehman Brothers Treasur 4.000 1/4/2011 USD 0.100 Lehman Brothers Treasur 4.800 11/16/2012 HKD 0.100 Lehman Brothers Treasur 3.500 12/20/2027 USD 0.100 Lehman Brothers Treasur 11.000 12/20/2017 AUD 0.100 Lehman Brothers Treasur 11.000 12/20/2017 AUD 0.100 Lehman Brothers Treasur 0.500 12/20/2017 AUD 0.100 Lehman Brothers Treasur 6.650 8/24/2011 AUD 0.100 Turkey Government Bond 11.000 2/24/2027 TRY 74.200 BLT Finance BV 12.000 2/10/2015 USD 10.500 State of Lower Austria 0.400 10/13/2050 EUR 45.266 Perrigo Co PLC 5.300 11/15/2043 USD 72.569 Virgolino de Oliveira F 11.750 2/9/2022 USD 0.628 Pescanova SA 8.750 2/17/2019 EUR 1.047 Elli Investments Ltd 12.250 6/15/2020 GBP 52.250 Landesbank Baden-Wuertt 0.905 4/1/2041 EUR 50.827 Aktia Bank Oyj 0.550 3/17/2031 EUR 74.578 Norddeutsche Landesbank 0.775 4/20/2033 EUR 68.997 Landesbank Hessen-Thuer 0.350 4/21/2031 EUR 74.512 Ville de Paris 0.395 12/18/2045 EUR 47.873 Bank Julius Baer & Co L 13.200 11/30/2023 CHF 23.000 Bank Julius Baer & Co L 8.600 11/30/2023 CHF 57.950 BNP Paribas Emissions- 9.400 9/21/2023 EUR 71.250 DZ Bank AG Deutsche Zen 24.300 9/22/2023 EUR 66.520 DZ Bank AG Deutsche Zen 22.200 12/22/2023 EUR 71.120 DZ Bank AG Deutsche Zen 24.700 12/22/2023 EUR 64.030 UBS AG/London 15.000 8/31/2023 CHF 32.950 Vontobel Financial Prod 20.500 9/22/2023 EUR 63.610 SG Issuer SA 5.000 5/30/2029 EUR 37.650 Credit Suisse AG/London 16.750 8/29/2023 CHF 34.010 Leonteq Securities AG/G 30.000 9/1/2023 CHF 29.010 Leonteq Securities AG/G 27.000 9/1/2023 CHF 34.120 Leonteq Securities AG/G 22.000 9/6/2023 USD 48.270 Leonteq Securities AG/G 17.000 12/5/2023 CHF 40.270 Bank Julius Baer & Co L 21.850 10/11/2023 CHF 26.000 UBS AG/London 11.750 10/5/2023 EUR 61.600 Zurcher Kantonalbank Fi 7.100 10/6/2023 CHF 54.160 DZ Bank AG Deutsche Zen 22.700 9/22/2023 EUR 68.860 Barclays Bank PLC 1.450 9/24/2038 MXN 26.588 Nederlandse Waterschaps 1.900 10/29/2048 EUR 74.318 Agence Francaise de Dev 1.911 10/26/2048 EUR 70.461 BNG Bank NV 1.938 5/3/2048 EUR 72.493 Vontobel Financial Prod 15.000 9/22/2023 EUR 74.620 Nordea Bank Abp 8.270 7/20/2027 SEK 73.625 Bank Vontobel AG 20.000 1/5/2024 CHF 43.600 DZ Bank AG Deutsche Zen 7.250 9/25/2024 EUR 71.200 DZ Bank AG Deutsche Zen 8.000 3/20/2024 EUR 74.620 DZ Bank AG Deutsche Zen 6.750 12/20/2023 EUR 71.830 Vontobel Financial Prod 18.000 9/22/2023 EUR 71.960 Vontobel Financial Prod 24.500 9/22/2023 EUR 72.870 Vontobel Financial Prod 23.500 9/22/2023 EUR 74.370 Vontobel Financial Prod 14.000 9/22/2023 EUR 69.850 Vontobel Financial Prod 16.500 9/22/2023 EUR 74.470 Vontobel Financial Prod 8.000 9/22/2023 EUR 67.850 Vontobel Financial Prod 19.500 9/22/2023 EUR 61.320 Vontobel Financial Prod 17.000 9/22/2023 EUR 64.960 Vontobel Financial Prod 16.000 9/22/2023 EUR 66.960 Vontobel Financial Prod 19.500 9/22/2023 EUR 16.990 Vontobel Financial Prod 11.500 9/22/2023 EUR 64.220 Vontobel Financial Prod 14.500 9/22/2023 EUR 59.530 Vontobel Financial Prod 14.000 9/22/2023 EUR 71.360 Vontobel Financial Prod 11.000 9/22/2023 EUR 73.570 Vontobel Financial Prod 10.500 9/22/2023 EUR 74.580 Vontobel Financial Prod 18.000 9/22/2023 EUR 69.750 Vontobel Financial Prod 20.500 9/22/2023 EUR 64.980 Muenchener Hypothekenba 0.620 7/22/2033 EUR 70.990 Landwirtschaftliche Ren 0.400 7/29/2036 EUR 69.721 DZ Bank AG Deutsche Zen 0.530 7/26/2033 EUR 67.628 DZ Bank AG Deutsche Zen 0.650 8/5/2036 EUR 68.251 Landesbank Baden-Wuertt 9.300 11/22/2024 EUR 72.890 Landesbank Baden-Wuertt 9.500 6/28/2024 EUR 69.140 HSBC Trinkaus & Burkhar 16.400 9/22/2023 EUR 55.220 HSBC Trinkaus & Burkhar 10.700 12/22/2023 EUR 59.550 HSBC Trinkaus & Burkhar 5.300 12/22/2023 EUR 66.240 HSBC Trinkaus & Burkhar 12.300 3/22/2024 EUR 60.390 HSBC Trinkaus & Burkhar 8.100 9/27/2024 EUR 66.050 HSBC Trinkaus & Burkhar 6.400 9/27/2024 EUR 69.370 HSBC Trinkaus & Burkhar 5.000 9/27/2024 EUR 73.530 HSBC Trinkaus & Burkhar 15.100 12/22/2023 EUR 58.570 HSBC Trinkaus & Burkhar 9.400 3/22/2024 EUR 63.560 HSBC Trinkaus & Burkhar 6.700 3/22/2024 EUR 67.690 Kuntarahoitus Oyj 1.200 7/21/2061 EUR 60.445 DZ Bank AG Deutsche Zen 0.640 12/30/2030 EUR 74.400 SG Issuer SA 0.015 11/7/2033 EUR 64.360 SG Issuer SA 0.021 8/15/2033 EUR 55.460 Landesbank Baden-Wuertt 2.100 8/22/2025 EUR 67.820 Landesbank Baden-Wuertt 3.000 8/22/2025 EUR 72.780 DZ Bank AG Deutsche Zen 0.500 8/18/2036 EUR 60.304 DZ Bank AG Deutsche Zen 0.110 8/17/2032 EUR 67.584 DekaBank Deutsche Giroz 3.550 8/11/2025 EUR 68.850 Hunland Feed Kft 2.880 7/21/2031 HUF 72.910 Norddeutsche Landesbank 0.400 8/13/2031 EUR 71.901 Norddeutsche Landesbank 1.000 8/13/2036 EUR 62.380 Landesbank Baden-Wuertt 3.050 8/28/2026 EUR 72.230 Landesbank Hessen-Thuer 0.550 8/19/2032 EUR 70.247 Landesbank Hessen-Thuer 0.450 8/19/2031 EUR 72.259 Landesbank Hessen-Thuer 0.750 8/19/2036 EUR 61.080 Norddeutsche Landesbank 0.850 8/25/2036 EUR 61.082 Leonteq Securities AG 12.000 10/19/2023 CHF 69.020 Landesbank Hessen-Thuer 1.650 5/27/2030 EUR 29.010 SG Issuer SA 1.600 4/21/2034 EUR 67.440 Nordea Bank Abp 2.000 4/29/2027 SEK 58.540 Raiffeisen Schweiz Geno 8.000 10/11/2023 CHF 62.280 Raiffeisen Schweiz Geno 5.900 4/11/2024 CHF 71.460 UBS AG/London 18.000 4/8/2024 CHF 62.700 BNP Paribas Emissions- 3.000 4/21/2026 EUR 58.350 Raiffeisen Bank Interna 8.311 9/20/2023 EUR 66.940 Raiffeisen Bank Interna 8.450 9/20/2023 EUR 73.710 Raiffeisen Bank Interna 8.311 9/20/2023 EUR 56.530 Raiffeisen Bank Interna 9.696 9/20/2023 EUR 52.940 Raiffeisen Bank Interna 11.082 9/20/2023 EUR 50.590 Bank Vontobel AG 10.250 10/9/2023 CHF 43.000 Bank Vontobel AG 8.750 10/9/2023 CHF 48.500 UBS AG/London 18.000 4/15/2024 USD 66.450 Leonteq Securities AG 5.000 10/12/2023 CHF 73.450 BNG Bank NV 1.890 11/14/2048 EUR 71.347 HSBC Trinkaus & Burkhar 8.600 9/27/2024 EUR 69.040 HSBC Trinkaus & Burkhar 6.700 9/27/2024 EUR 72.400 Leonteq Securities AG/G 12.000 10/10/2023 CHF 28.160 Leonteq Securities AG/G 23.200 10/10/2023 CHF 70.140 Raiffeisen Switzerland 6.000 10/7/2024 CHF 61.540 Erste Group Bank AG 2.000 4/20/2037 EUR 67.555 Zurcher Kantonalbank Fi 9.400 10/11/2023 EUR 73.090 SG Issuer SA 1.600 4/18/2034 EUR 73.520 Leonteq Securities AG 10.000 10/11/2023 CHF 71.880 UBS AG/London 17.400 4/14/2027 SEK 44.430 UBS AG/London 14.250 4/8/2024 USD 58.050 UBS AG/London 14.500 10/6/2023 CHF 27.520 UBS AG/London 10.750 4/8/2024 CHF 71.000 Zurcher Kantonalbank Fi 7.000 10/6/2023 CHF 71.130 Raiffeisen Bank Interna 9.696 9/20/2023 EUR 65.420 Raiffeisen Bank Interna 11.082 9/20/2023 EUR 64.320 Agence Francaise de Dev 1.954 11/13/2053 EUR 67.979 Bank Vontobel AG 14.000 10/9/2023 CHF 28.000 Bank Vontobel AG 19.000 4/9/2024 CHF 48.300 Vontobel Financial Prod 21.000 12/22/2023 EUR 73.760 Vontobel Financial Prod 22.000 9/22/2023 EUR 72.930 Vontobel Financial Prod 21.000 9/22/2023 EUR 75.000 Region de Bruxelles-Cap 1.646 11/2/2038 EUR 73.875 Landesbank Baden-Wuertt 2.650 10/27/2023 EUR 60.470 Leonteq Securities AG/G 28.180 10/6/2023 CHF 46.690 Leonteq Securities AG/G 23.000 10/10/2023 CHF 43.740 UBS AG/London 5.250 9/11/2023 EUR 67.160 Vontobel Financial Prod 25.200 2/5/2024 USD 72.940 Vontobel Financial Prod 25.750 2/5/2024 USD 74.510 Kommunekredit 2.200 9/27/2041 AUD 61.804 Raiffeisen Schweiz Geno 4.000 9/27/2024 CHF 21.620 Citigroup Global Market 14.760 10/2/2023 EUR 59.890 Region Auvergne-Rhone-A 0.543 9/28/2036 EUR 66.319 Region Provence-Alpes-C 0.569 10/1/2038 EUR 63.866 Region Occitanie 0.776 10/6/2041 EUR 60.443 Region Occitanie 0.580 10/6/2036 EUR 65.706 NRW Bank 0.300 9/29/2033 EUR 74.785 Muenchener Hypothekenba 0.562 9/30/2031 EUR 74.559 Nordea Bank Abp 0.620 10/14/2026 SEK 53.510 Landesbank Hessen-Thuer 0.780 10/4/2035 EUR 65.442 Landesbank Hessen-Thuer 0.800 1/18/2036 EUR 64.957 Deutsche Bank AG 2.530 10/7/2036 USD 66.722 Landesbank Hessen-Thuer 1.500 10/1/2036 EUR 64.700 Natixis SA 2.780 10/5/2036 AUD 64.136 Raiffeisen Schweiz Geno 5.850 10/4/2023 CHF 62.140 Citigroup Global Market 2.540 9/13/2024 EUR 59.050 Sberbank of Russia PJSC 0.010 10/3/2028 RUB 67.010 Citigroup Global Market 2.950 9/29/2041 AUD 59.521 Credit Agricole Corpora 15.700 10/7/2026 TRY 67.734 Erste Group Bank AG 1.010 10/7/2041 EUR 49.664 Landesbank Baden-Wuertt 7.800 1/24/2025 EUR 69.580 Kuntarahoitus Oyj 0.939 2/15/2050 EUR 63.561 Region de Bruxelles-Cap 0.760 9/15/2038 EUR 64.179 Kommunekredit 1.000 4/23/2035 SEK 72.638 Region de Bruxelles-Cap 1.020 4/30/2060 EUR 40.739 Basque Government 2.000 4/30/2059 EUR 59.304 Kreditanstalt fuer Wied 0.693 2/8/2050 EUR 50.199 Landesbank Hessen-Thuer 1.300 6/4/2035 EUR 70.712 Regie Autonome des Tran 1.070 4/28/2050 EUR 53.494 AutoWallis Nyrt 3.000 4/15/2030 HUF 71.890 Banque et Caisse d'Epar 1.270 5/7/2045 EUR 68.612 Vasakronan AB 2.162 5/4/2040 SEK 63.571 Landesbank Hessen-Thuer 1.000 6/12/2035 EUR 74.600 Kuntarahoitus Oyj 0.870 10/11/2050 EUR 61.940 Single Platform Investm 0.754 9/20/2039 EUR 59.783 Region of Pays de la Lo 0.729 5/12/2036 EUR 68.717 Landesbank Baden-Wuertt 0.327 5/7/2038 EUR 62.980 BPCE SFH SA 0.430 5/7/2040 EUR 59.748 Landesbank Baden-Wuertt 0.880 5/29/2034 EUR 70.003 Landesbank Baden-Wuertt 0.820 5/27/2032 EUR 73.943 DZ Bank AG Deutsche Zen 1.250 5/25/2035 EUR 69.841 DZ Bank AG Deutsche Zen 1.000 5/25/2032 EUR 74.589 Landesbank Baden-Wuertt 0.850 5/27/2033 EUR 71.956 DZ Bank AG Deutsche Zen 1.040 5/15/2034 EUR 70.127 Landesbank Hessen-Thuer 1.000 6/12/2035 EUR 67.800 Erste Group Bank AG 0.560 9/29/2033 EUR 63.894 Leonteq Securities AG/G 7.000 10/4/2023 CHF 40.540 Leonteq Securities AG 7.400 10/4/2023 CHF 64.760 Corner Banca SA 7.000 10/4/2023 CHF 71.210 DZ Bank AG Deutsche Zen 0.850 10/15/2036 EUR 70.026 Leonteq Securities AG/G 8.000 10/4/2023 USD 59.280 Greenergy Holding Vagyo 3.000 9/21/2031 HUF 72.032 BNP Paribas SA 1.275 10/2/2023 USD 11.670 Natixis SA 3.000 10/18/2051 USD 61.932 Landesbank Hessen-Thuer 0.650 10/6/2031 EUR 72.231 Muenchener Hypothekenba 1.495 10/5/2050 EUR 58.631 Commerzbank AG 0.900 10/7/2030 EUR 72.594 Commerzbank AG 0.800 10/5/2029 EUR 74.308 Landesbank Hessen-Thuer 0.700 11/4/2033 EUR 68.270 Leonteq Securities AG/G 8.090 10/4/2023 CHF 52.880 BNP Paribas SA 1.010 10/5/2035 EUR 65.772 Erste Group Bank AG 4.500 11/2/2025 EUR 47.000 Landesbank Hessen-Thuer 0.900 11/10/2036 EUR 64.197 Citigroup Global Market 1.150 10/6/2036 EUR 64.986 Citigroup Global Market 1.080 10/1/2036 EUR 64.636 Sberbank of Russia PJSC 0.010 10/5/2028 RUB 74.500 Landesbank Hessen-Thuer 1.250 11/10/2036 EUR 65.150 Berlin Hyp AG 0.400 10/7/2031 EUR 72.285 Citigroup Global Market 1.050 5/20/2036 EUR 64.641 Region Centre 0.662 5/12/2034 EUR 72.707 Region Centre 0.552 5/12/2033 EUR 74.361 DZ Bank AG Deutsche Zen 15.400 6/28/2024 EUR 60.000 DZ Bank AG Deutsche Zen 20.400 3/22/2024 EUR 56.140 DZ Bank AG Deutsche Zen 22.000 3/22/2024 EUR 55.730 UniCredit Bank AG 11.900 3/22/2024 EUR 66.220 UniCredit Bank AG 13.300 3/22/2024 EUR 65.060 UniCredit Bank AG 13.400 6/28/2024 EUR 64.050 Ministeries Van de Vlaa 1.863 2/28/2048 EUR 66.300 Single Platform Investm 0.840 6/20/2043 EUR 57.738 Landesbank Baden-Wuertt 0.780 4/21/2036 EUR 65.147 Credit Agricole CIB Fin 1.000 4/26/2036 EUR 65.488 Landesbank Baden-Wuertt 0.610 5/11/2034 EUR 67.857 Barclays Bank PLC 3.020 4/23/2036 NZD 72.932 UniCredit Bank AG 4.900 5/14/2024 USD 68.890 Raiffeisen-Landesbank T 1.140 4/26/2051 EUR 56.360 Caisse des Depots et Co 1.275 5/5/2051 EUR 54.851 DZ Bank AG Deutsche Zen 18.900 3/22/2024 EUR 56.660 DZ Bank AG Deutsche Zen 16.400 6/28/2024 EUR 59.400 DZ Bank AG Deutsche Zen 17.400 6/28/2024 EUR 58.870 DZ Bank AG Deutsche Zen 18.500 6/28/2024 EUR 58.480 DZ Bank AG Deutsche Zen 10.400 6/28/2024 EUR 70.190 UniCredit Bank AG 15.500 12/22/2023 EUR 61.380 BNP Paribas Emissions- 5.300 9/1/2023 EUR 62.790 Sberbank of Russia PJSC 0.010 2/26/2027 RUB 74.800 Leonteq Securities AG/G 11.000 8/28/2023 USD 55.170 Caisse des Depots et Co 1.140 2/25/2037 EUR 71.786 Nederlandse Waterschaps 1.437 3/4/2042 EUR 71.929 Credit Agricole CIB Fin 1.750 3/3/2037 EUR 72.890 Bank Vontobel AG 11.000 2/23/2024 CHF 27.500 Raiffeisen Bank Interna 14.384 9/20/2023 EUR 67.960 Vontobel Financial Prod 11.500 9/22/2023 EUR 58.540 UBS AG/London 7.250 2/12/2024 CHF 56.600 Vontobel Financial Prod 19.000 9/22/2023 EUR 69.200 Vontobel Financial Prod 16.500 9/22/2023 EUR 72.940 Vontobel Financial Prod 17.500 9/22/2023 EUR 70.950 Vontobel Financial Prod 15.500 9/22/2023 EUR 74.820 Vontobel Financial Prod 18.000 9/22/2023 EUR 61.260 Vontobel Financial Prod 20.500 9/22/2023 EUR 58.040 Vontobel Financial Prod 11.500 9/22/2023 EUR 73.760 Vontobel Financial Prod 17.000 9/22/2023 EUR 62.990 Vontobel Financial Prod 22.000 9/22/2023 EUR 71.750 HSBC Trinkaus & Burkhar 12.700 9/22/2023 EUR 69.200 HSBC Trinkaus & Burkhar 23.300 9/22/2023 EUR 59.250 HSBC Trinkaus & Burkhar 14.000 12/22/2023 EUR 28.790 DZ Bank AG Deutsche Zen 14.900 9/22/2023 EUR 72.730 DZ Bank AG Deutsche Zen 23.000 9/22/2023 EUR 50.730 DZ Bank AG Deutsche Zen 20.200 9/22/2023 EUR 57.940 Vontobel Financial Prod 13.000 9/22/2023 EUR 68.390 Vontobel Financial Prod 14.500 9/22/2023 EUR 66.660 Vontobel Financial Prod 11.500 9/22/2023 EUR 72.240 Vontobel Financial Prod 10.500 9/22/2023 EUR 74.390 Vontobel Financial Prod 17.500 9/22/2023 EUR 61.860 Vontobel Financial Prod 15.500 9/22/2023 EUR 64.980 Vontobel Financial Prod 18.500 9/22/2023 EUR 57.280 Vontobel Financial Prod 20.000 9/22/2023 EUR 63.540 Vontobel Financial Prod 18.000 9/22/2023 EUR 66.330 Vontobel Financial Prod 17.500 9/22/2023 EUR 67.420 Vontobel Financial Prod 19.000 9/22/2023 EUR 65.430 Vontobel Financial Prod 15.000 9/22/2023 EUR 71.810 UniCredit Bank AG 0.900 3/24/2036 EUR 66.130 Landesbank Hessen-Thuer 0.550 4/16/2031 EUR 73.814 DZ Bank AG Deutsche Zen 0.700 4/29/2036 EUR 69.659 Raiffeisen Switzerland 10.000 4/16/2024 USD 58.620 Citigroup Global Market 2.500 4/29/2025 EUR 51.670 Citigroup Global Market 2.560 4/29/2025 EUR 37.650 Nomura Bank Internation 1.130 4/23/2036 EUR 65.051 Otthon Centrum Holding 3.000 4/19/2031 HUF 69.900 DekaBank Deutsche Giroz 2.400 5/17/2024 EUR 40.460 UBS AG/London 7.800 4/20/2026 EUR 51.160 Landesbank Baden-Wuertt 0.540 4/21/2033 EUR 69.790 Landesbank Hessen-Thuer 1.050 5/28/2036 EUR 66.352 Bank Vontobel AG 7.501 10/16/2023 CHF 58.600 Single Platform Investm 1.000 7/8/2034 EUR 71.482 Credit Agricole Corpora 3.020 4/22/2036 AUD 71.329 Landesbank Baden-Wuertt 0.500 5/11/2032 EUR 71.779 Landesbank Baden-Wuertt 0.710 5/12/2036 EUR 64.366 Leonteq Securities AG 4.500 10/23/2023 CHF 16.170 Raiffeisen Switzerland 7.000 10/19/2023 CHF 52.500 DZ Bank AG Deutsche Zen 23.000 3/22/2024 EUR 62.340 Vontobel Financial Prod 12.250 3/22/2024 EUR 65.090 Deutsche Bank AG/London 12.780 3/16/2028 TRY 54.886 DZ HYP AG 1.528 3/12/2040 EUR 72.800 Caisse des Depots et Co 1.790 3/13/2048 EUR 66.293 DZ Bank AG Deutsche Zen 0.710 4/30/2035 EUR 64.893 DZ Bank AG Deutsche Zen 0.750 4/28/2036 EUR 70.212 Landesbank Hessen-Thuer 0.700 6/3/2033 EUR 70.444 Kreditanstalt fuer Wied 1.000 4/27/2041 EUR 68.426 Citigroup Global Market 3.200 4/27/2051 AUD 54.780 Opus Global Nyrt 3.200 4/29/2031 HUF 71.000 Landesbank Hessen-Thuer 0.650 4/28/2031 EUR 73.663 Caisse des Depots et Co 1.290 5/5/2051 EUR 55.102 Landeskreditbank Baden- 0.842 5/3/2041 EUR 67.424 UBS AG/London 13.500 4/29/2024 USD 59.420 Barclays Bank PLC 2.000 5/7/2036 MXN 27.184 Landesbank Baden-Wuertt 2.400 11/24/2023 EUR 72.880 Credit Agricole Corpora 15.000 6/18/2026 TRY 71.643 Single Platform Investm 0.750 8/15/2050 EUR 47.600 Region Nouvelle-Aquitai 0.777 5/12/2041 EUR 61.168 Landesbank Hessen-Thuer 0.500 6/4/2031 EUR 73.140 UniCredit Bank AG 4.850 5/23/2025 EUR 74.900 DZ Bank AG Deutsche Zen 0.200 6/2/2031 EUR 72.021 UniCredit Bank AG 0.610 5/2/2033 EUR 70.419 Landesbank Hessen-Thuer 0.680 10/12/2033 EUR 69.377 Natixis SA 4.530 3/16/2048 AUD 70.089 Natixis SA 4.540 3/27/2048 AUD 70.193 Arkea Home Loans SFH SA 1.534 3/31/2043 EUR 71.989 Bank of Ireland Mortgag 1.548 4/17/2043 EUR 71.140 Hypo Tirol Bank AG 1.530 4/10/2043 EUR 69.519 Societe Generale SA 2.300 4/20/2048 EUR 71.685 Goldman Sachs Internati 2.200 3/29/2048 EUR 58.569 Raiffeisen-Landesbank T 1.470 5/3/2069 EUR 51.445 Region de Bruxelles-Cap 0.930 5/3/2051 EUR 48.338 Landesbank Hessen-Thuer 0.800 7/30/2035 EUR 65.956 Credit Agricole Corpora 1.000 5/10/2036 EUR 66.184 Muenchener Hypothekenba 1.300 5/7/2061 EUR 54.434 UBS AG/London 13.000 5/6/2024 USD 57.930 Norddeutsche Landesbank 1.450 5/10/2039 EUR 61.697 Region Centre 0.725 12/12/2039 EUR 63.198 Autonomous Community of 1.550 5/11/2051 EUR 55.025 Region Centre 0.822 5/12/2041 EUR 58.978 Region Centre 0.834 5/12/2042 EUR 57.397 Autonomous Community of 1.250 10/31/2040 EUR 63.747 Landesbank Baden-Wuertt 4.100 6/27/2025 EUR 70.020 Vontobel Financial Prod 24.000 9/22/2023 EUR 74.030 Vontobel Financial Prod 24.500 9/22/2023 EUR 68.610 Vontobel Financial Prod 23.000 9/22/2023 EUR 71.880 Vontobel Financial Prod 10.000 9/22/2023 EUR 58.620 Vontobel Financial Prod 11.500 9/22/2023 EUR 71.110 Vontobel Financial Prod 18.000 9/22/2023 EUR 54.690 Bank Julius Baer & Co L 17.200 2/16/2024 CHF 66.400 Vontobel Financial Prod 20.000 9/22/2023 EUR 67.570 Vontobel Financial Prod 19.500 9/22/2023 EUR 59.600 Vontobel Financial Prod 15.500 9/22/2023 EUR 64.870 Vontobel Financial Prod 14.500 9/22/2023 EUR 66.870 Vontobel Financial Prod 13.500 9/22/2023 EUR 69.020 Vontobel Financial Prod 12.500 9/22/2023 EUR 71.270 HSBC Trinkaus & Burkhar 10.200 12/22/2023 EUR 73.370 HSBC Trinkaus & Burkhar 21.900 9/22/2023 EUR 62.560 HSBC Trinkaus & Burkhar 6.000 12/22/2023 EUR 38.420 Bank of Ireland Mortgag 1.574 3/31/2043 EUR 71.540 SG Issuer SA 8.700 1/20/2025 SEK 62.660 Natixis SA 4.510 4/12/2043 AUD 72.429 Raiffeisen-Landesbank S 1.922 4/19/2058 EUR 67.969 BPCE SFH SA 1.512 4/20/2043 EUR 69.496 Muenchener Hypothekenba 1.463 4/23/2041 EUR 72.145 Societe Generale SA 1.624 4/19/2035 EUR 74.680 BNG Bank NV 1.880 4/24/2048 EUR 71.576 Nederlandse Waterschaps 1.860 4/27/2048 EUR 73.705 BNG Bank NV 1.920 2/12/2048 EUR 73.173 UBS AG/London 13.750 12/11/2023 CHF 18.060 Caisse Francaise de Fin 1.668 2/23/2043 EUR 72.142 Swedbank Hypotek AB 1.669 2/27/2043 EUR 72.564 Bayerische Landesbank 0.520 11/26/2031 EUR 73.337 Zurcher Kantonalbank Fi 15.260 3/20/2024 CHF 64.700 Credit Suisse AG/London 15.250 3/20/2024 CHF 50.080 Credit Suisse AG/London 16.000 9/20/2023 CHF 42.670 Landesbank Baden-Wuertt 2.800 11/24/2023 EUR 74.920 Landesbank Hessen-Thuer 0.560 6/16/2031 EUR 73.441 Sovcombank Leasing OOO 9.250 5/19/2025 RUB 65.000 Leonteq Securities AG/G 5.200 11/29/2023 CHF 60.550 Leonteq Securities AG 7.800 11/29/2023 CHF 64.430 Leonteq Securities AG/G 10.000 11/29/2023 EUR 43.470 Raiffeisen Schweiz Geno 7.000 11/29/2023 CHF 58.030 Bank Vontobel AG 9.000 11/20/2023 EUR 69.500 Bank Vontobel AG 8.000 11/27/2023 EUR 31.900 Wirtschafts- und Infras 0.450 12/1/2038 EUR 64.567 Credit Suisse AG/London 16.500 3/22/2024 CHF 72.460 Landesbank Baden-Wuertt 3.250 1/2/2026 EUR 63.730 UBS AG/London 6.750 12/1/2023 CHF 63.700 UBS AG/London 7.750 12/1/2023 CHF 69.600 UBS AG/London 6.500 12/1/2023 CHF 62.550 UBS AG/London 7.250 12/1/2023 CHF 62.950 MET Hungary Solar Park 3.800 12/2/2031 HUF 74.100 Landesbank Hessen-Thuer 1.170 12/8/2036 EUR 66.814 Norddeutsche Landesbank 1.050 1/13/2037 EUR 62.731 Leonteq Securities AG/G 26.000 10/31/2023 CHF 28.240 UBS AG/London 16.500 10/26/2023 CHF 24.520 Vontobel Financial Prod 8.250 3/22/2024 EUR 63.345 DZ Bank AG Deutsche Zen 0.840 10/27/2031 EUR 73.970 DekaBank Deutsche Giroz 3.000 11/24/2025 EUR 66.500 DekaBank Deutsche Giroz 2.100 11/22/2024 EUR 67.620 DekaBank Deutsche Giroz 3.600 11/24/2023 EUR 70.550 Landesbank Baden-Wuertt 3.150 10/23/2026 EUR 73.260 Societe Generale SA 3.110 10/28/2041 AUD 54.342 Region Centre 0.924 11/2/2043 EUR 59.111 Landesbank Hessen-Thuer 0.750 10/27/2031 EUR 72.707 Region Centre 0.755 11/2/2037 EUR 65.480 Raiffeisen Schweiz Geno 8.700 10/25/2023 CHF 42.430 Republic of Ireland Int 1.210 10/27/2111 EUR 42.343 Landesbank Hessen-Thuer 0.650 4/28/2031 EUR 73.668 Caisse Francaise de Fin 1.699 1/18/2044 EUR 70.752 Corner Banca SA 22.000 9/19/2023 EUR 36.950 Lloyds Bank PLC 2.450 2/1/2049 EUR 63.837 UBS AG/London 16.000 9/14/2023 CHF 37.400 Bank Vontobel AG 13.000 3/18/2024 CHF 28.200 Bank Vontobel AG 16.500 12/18/2023 CHF 42.100 UniCredit Bank AG 6.600 11/18/2024 EUR 73.560 Landesbank Hessen-Thuer 2.000 11/25/2036 EUR 63.300 Communaute Francaise de 1.617 2/7/2039 EUR 71.357 Swedbank Hypotek AB 1.292 2/11/2037 EUR 74.480 Natixis SA 3.080 10/25/2036 AUD 66.621 NRW Bank 1.085 10/26/2041 EUR 68.228 UBS AG/London 17.500 10/26/2023 CHF 42.000 SG Issuer SA 3.000 10/10/2034 ZAR 44.145 Landesbank Hessen-Thuer 0.750 11/24/2031 EUR 72.468 Norddeutsche Landesbank 0.750 7/1/2031 EUR 74.540 Banque Internationale a 6.200 11/25/2024 CHF 73.870 DekaBank Deutsche Giroz 3.400 7/19/2024 EUR 37.520 UBS AG/London 6.750 11/24/2023 CHF 61.450 UBS AG/London 5.250 11/24/2023 CHF 69.800 UBS AG/London 6.750 11/24/2023 CHF 56.450 UBS AG/London 6.750 11/24/2023 CHF 62.350 Leonteq Securities AG/G 23.000 3/27/2024 CHF 56.980 NRW Bank 1.100 11/26/2041 EUR 68.670 Landesbank Hessen-Thuer 0.600 11/29/2030 EUR 74.752 Leonteq Securities AG/G 5.000 11/29/2023 CHF 70.910 Landesbank Hessen-Thuer 0.700 1/6/2032 EUR 74.437 Leonteq Securities AG 7.800 11/29/2023 CHF 61.440 Leonteq Securities AG/G 6.000 11/29/2023 USD 70.550 Raiffeisen Schweiz Geno 6.600 11/29/2023 CHF 64.350 Bank Vontobel AG 5.250 5/28/2024 CHF 60.900 Raiffeisen Schweiz Geno 5.500 11/29/2023 CHF 70.850 Raiffeisen Schweiz Geno 6.000 11/29/2023 CHF 60.580 Bayerische Landesbank 0.760 12/1/2031 EUR 74.928 Raiffeisen Schweiz Geno 3.550 11/29/2023 CHF 61.480 Citigroup Global Market 1.250 11/2/2036 EUR 66.049 HYPO NOE Landesbank fue 1.810 1/16/2034 EUR 74.502 Bank Vontobel AG 25.500 4/3/2024 CHF 58.200 UniCredit Bank AG 10.200 3/22/2024 EUR 74.640 UniCredit Bank AG 12.500 3/22/2024 EUR 70.880 Nederlandse Waterschaps 1.790 1/29/2049 EUR 72.032 Citigroup Global Market 1.180 12/23/2036 EUR 65.404 Single Platform Investm 1.340 6/20/2041 EUR 64.910 Landesbank Hessen-Thuer 1.510 4/3/2036 EUR 71.508 Raiffeisen Switzerland 15.870 9/5/2023 EUR 55.240 DZ Bank AG Deutsche Zen 18.900 3/22/2024 EUR 67.670 Credit Suisse AG/London 20.000 9/14/2023 CHF 40.060 BNP Paribas Emissions- 27.000 9/21/2023 EUR 71.940 Leonteq Securities AG/G 28.200 10/27/2023 CHF 39.920 Raiffeisen Switzerland 15.000 3/20/2024 CHF 66.830 DZ Bank AG Deutsche Zen 17.700 9/22/2023 EUR 70.850 DZ Bank AG Deutsche Zen 21.600 12/22/2023 EUR 74.010 BNP Paribas Emissions- 28.000 9/21/2023 EUR 68.500 BNP Paribas Emissions- 24.000 9/21/2023 EUR 71.770 BNP Paribas Emissions- 25.000 12/21/2023 EUR 73.650 BNP Paribas Emissions- 27.000 12/21/2023 EUR 71.240 Raiffeisen Switzerland 20.000 3/20/2024 CHF 66.430 Leonteq Securities AG/G 7.000 10/28/2024 CHF 73.930 Swissquote Bank SA 28.000 10/31/2023 CHF 28.210 SG Issuer SA 2.700 11/28/2034 ZAR 42.007 SG Issuer SA 3.300 9/26/2034 ZAR 46.029 Caisse Francaise de Fin 2.010 1/18/2049 EUR 72.701 HYPO NOE Landesbank fue 2.200 1/21/2044 EUR 65.274 UniCredit Bank AG 11.300 3/22/2024 EUR 72.640 UniCredit Bank AG 13.900 3/22/2024 EUR 69.430 Akademiska Hus AB 1.664 1/11/2045 EUR 74.528 DZ Bank AG Deutsche Zen 22.900 3/22/2024 EUR 64.710 Vontobel Financial Prod 17.000 6/28/2024 EUR 72.180 Vontobel Financial Prod 19.500 6/28/2024 EUR 69.490 DZ Bank AG Deutsche Zen 9.400 9/22/2023 EUR 68.090 DZ Bank AG Deutsche Zen 11.100 9/22/2023 EUR 29.150 DZ Bank AG Deutsche Zen 23.300 9/22/2023 EUR 69.610 DZ Bank AG Deutsche Zen 24.000 9/22/2023 EUR 37.490 Vontobel Financial Prod 20.500 9/22/2023 EUR 57.830 Vontobel Financial Prod 16.500 9/22/2023 EUR 63.400 Vontobel Financial Prod 19.500 9/22/2023 EUR 59.120 Vontobel Financial Prod 18.500 9/22/2023 EUR 60.470 Vontobel Financial Prod 12.500 9/22/2023 EUR 70.250 Vontobel Financial Prod 18.500 9/22/2023 EUR 74.400 Vontobel Financial Prod 10.500 9/22/2023 EUR 68.040 Norddeutsche Landesbank 0.450 5/14/2031 EUR 73.069 Landesbank Baden-Wuertt 0.350 4/8/2037 EUR 74.345 Societe Generale SA 2.970 4/15/2036 USD 65.018 Vontobel Financial Prod 17.000 9/22/2023 EUR 68.440 Vontobel Financial Prod 14.500 9/22/2023 EUR 73.060 Landesbank Hessen-Thuer 0.510 3/10/2032 EUR 72.293 Landesbank Hessen-Thuer 0.510 3/10/2032 EUR 72.293 National Grid Electrici 2.020 3/12/2032 AUD 73.770 NRW Bank 0.591 3/19/2040 EUR 65.584 DZ Bank AG Deutsche Zen 19.200 3/22/2024 EUR 61.090 DZ Bank AG Deutsche Zen 15.500 9/27/2024 EUR 66.360 DZ Bank AG Deutsche Zen 23.200 12/22/2023 EUR 57.780 Landesbank Hessen-Thuer 0.710 5/12/2034 EUR 66.828 TMK PJSC 7.350 2/28/2025 RUB 60.150 Credit Agricole Corpora 0.720 5/10/2033 EUR 69.764 Landesbank Hessen-Thuer 1.800 6/9/2036 EUR 63.900 Citigroup Global Market 0.610 5/5/2031 EUR 71.344 Landesbank Hessen-Thuer 0.900 6/10/2036 EUR 64.894 Hypo Vorarlberg Bank AG 0.410 5/6/2031 EUR 70.861 Muenchener Hypothekenba 1.185 5/5/2059 EUR 53.712 SG Issuer SA 0.900 4/7/2036 EUR 61.230 Norddeutsche Landesbank 1.000 6/10/2036 EUR 63.014 Region Wallonne Belgium 1.000 6/22/2045 EUR 55.864 Norddeutsche Landesbank 1.150 6/10/2036 EUR 64.381 Landesbank Hessen-Thuer 0.550 4/20/2033 EUR 69.989 Reneszansz Kofarago zrt 3.200 4/9/2031 HUF 73.000 Landesbank Hessen-Thuer 0.550 4/21/2031 EUR 73.782 Bank Vontobel AG 5.005 10/9/2023 CHF 58.900 Landesbank Baden-Wuertt 3.400 6/27/2025 EUR 71.780 Landesbank Baden-Wuertt 4.200 6/27/2025 EUR 69.640 Kreditanstalt fuer Wied 1.143 4/15/2050 EUR 62.018 LP Portfolio Vagyonkeze 2.800 11/30/2030 HUF 67.000 DZ Bank AG Deutsche Zen 16.900 6/28/2024 EUR 64.070 Bayerische Landesbank 0.360 4/9/2031 EUR 73.698 Bayerische Landesbank 0.490 4/9/2035 EUR 65.517 Bayerische Landesbank 0.430 4/8/2033 EUR 69.531 Banque Internationale a 1.020 3/25/2040 EUR 55.589 Landesbank Hessen-Thuer 1.000 3/20/2035 EUR 64.350 Leonteq Securities AG/G 21.000 5/22/2024 USD 68.020 Agence Francaise de Dev 1.900 11/16/2048 EUR 70.322 Region de Bruxelles-Cap 0.950 5/7/2049 EUR 50.740 Raiffeisenlandesbank Ob 0.632 5/26/2031 EUR 71.131 TransKomplektHolding JS 9.500 11/2/2028 RUB 60.100 Citigroup Global Market 1.010 6/18/2034 EUR 69.297 Citigroup Global Market 2.650 3/17/2040 USD 66.825 Landesbank Baden-Wuertt 3.500 12/22/2023 EUR 64.800 Natixis SA 2.700 5/25/2036 USD 71.461 Natixis SA 2.710 5/26/2036 USD 71.543 Leonteq Securities AG/G 6.000 11/27/2023 CHF 44.180 Leonteq Securities AG/G 24.200 9/8/2023 CHF 36.540 Agence Francaise de Dev 1.815 11/15/2044 EUR 72.158 Landesbank Baden-Wuertt 2.500 12/22/2023 EUR 73.640 Akademiska Hus AB 2.185 11/21/2038 SEK 74.456 Landesbank Baden-Wuertt 3.150 6/26/2026 EUR 70.840 Corner Banca SA 7.600 9/6/2023 EUR 71.370 Vontobel Financial Prod 20.000 9/22/2023 EUR 71.770 Vontobel Financial Prod 18.500 9/22/2023 EUR 74.190 Vontobel Financial Prod 16.000 9/22/2023 EUR 70.510 Vontobel Financial Prod 15.000 9/22/2023 EUR 72.500 Vontobel Financial Prod 17.000 9/22/2023 EUR 68.600 Caisse des Depots et Co 1.438 5/24/2051 EUR 57.545 Landesbank Baden-Wuertt 0.530 6/1/2032 EUR 71.855 Landesbank Baden-Wuertt 0.650 6/1/2034 EUR 68.059 Single Platform Investm 1.170 7/8/2034 EUR 73.496 Raiffeisen Schweiz Geno 6.500 11/17/2023 CHF 62.270 Republic of Ireland Int 1.180 5/25/2087 EUR 46.707 Erste Group Bank AG 1.310 2/23/2035 EUR 66.111 Erste Group Bank AG 1.360 2/23/2036 EUR 63.982 SG Issuer SA 0.300 2/16/2032 EUR 32.800 Citigroup Global Market 3.900 2/18/2042 AUD 69.094 Banque Internationale a 6.000 11/30/2023 CHF 69.880 Wirtschafts- und Infras 0.500 12/1/2038 EUR 65.804 Slovenska Sporitelna AS 4.490 EUR 63.700 UBS AG/London 5.250 12/1/2023 EUR 74.850 UBS AG/London 5.250 12/1/2023 CHF 71.750 Landesbank Hessen-Thuer 1.000 1/13/2037 EUR 65.061 SG Issuer SA 2.100 8/23/2033 EUR 18.110 Norddeutsche Landesbank 1.200 1/13/2037 EUR 64.091 Norddeutsche Landesbank 0.650 1/12/2032 EUR 72.669 Centre Hospitalier Univ 0.490 12/1/2036 EUR 67.386 NRW Bank 0.765 12/10/2036 EUR 71.879 Single Platform Investm 1.050 6/25/2044 EUR 60.541 Landesbank Hessen-Thuer 1.400 1/13/2037 EUR 65.200 Landesbank Baden-Wuertt 3.100 2/26/2027 EUR 70.430 UBS AG/London 16.000 3/11/2024 CHF 34.400 UBS AG/London 12.250 3/11/2024 EUR 55.450 Landshypotek Bank AB 1.815 2/25/2041 SEK 69.832 Societe Generale SA 3.050 11/23/2031 AUD 73.457 Landesbank Hessen-Thuer 0.700 1/12/2037 EUR 65.900 UBS AG/London 8.000 11/24/2023 CHF 62.550 UBS AG/London 7.000 11/24/2023 CHF 61.100 UBS AG/London 6.500 11/24/2023 CHF 61.050 UBS AG/London 8.000 11/24/2023 CHF 73.000 Leonteq Securities AG/G 25.000 3/27/2024 CHF 58.330 UBS AG/London 8.750 3/11/2024 USD 69.000 Leonteq Securities AG/G 25.000 9/12/2023 CHF 37.060 Leonteq Securities AG/G 17.000 9/19/2023 CHF 38.850 Muenchener Hypothekenba 1.543 11/16/2048 EUR 66.950 Natixis SA 2.700 5/21/2036 USD 71.328 DNB Boligkreditt AS 1.480 12/22/2042 EUR 69.919 SNCF Reseau 2.029 1/22/2048 EUR 69.940 SG Issuer SA 9.180 1/20/2025 SEK 63.270 Vontobel Financial Prod 12.750 3/22/2024 EUR 66.690 SG Issuer SA 7.600 1/20/2025 SEK 62.580 Communaute Francaise de 1.976 2/5/2048 EUR 69.491 DNB Boligkreditt AS 1.634 2/13/2043 EUR 71.766 Deutsche Apotheker-und 1.715 2/13/2037 EUR 71.183 Communaute Francaise de 1.940 2/19/2048 EUR 68.911 Communaute Francaise de 1.930 1/15/2048 EUR 68.834 Caisse des Depots et Co 1.930 1/22/2048 EUR 67.663 Communaute Francaise de 1.660 1/22/2038 EUR 74.876 Raiffeisenverband Salzb 1.500 2/1/2038 EUR 74.425 Raiffeisenverband Salzb 1.617 1/29/2048 EUR 66.214 DNB Boligkreditt AS 1.594 1/29/2043 EUR 72.169 BNG Bank NV 1.750 2/2/2043 EUR 74.604 Hemso Fastighets AB 2.000 2/15/2033 EUR 72.342 Leonteq Securities AG/G 7.000 6/7/2024 CHF 74.990 Communaute Francaise de 1.652 1/26/2038 EUR 73.165 Bank Vontobel AG 13.000 8/30/2023 CHF 31.200 Communaute Francaise de 1.674 2/5/2038 EUR 74.970 Nederlandse Waterschaps 1.770 12/23/2047 EUR 74.946 Bayerische Landesbank 1.716 1/8/2037 EUR 73.873 Region de Bruxelles-Cap 1.750 1/17/2048 EUR 66.028 DNB Boligkreditt AS 1.455 1/11/2038 EUR 74.729 Deutsche Apotheker-und 1.616 1/15/2038 EUR 68.630 Leonteq Securities AG/G 27.000 2/16/2024 CHF 52.360 UniCredit Bank AG 9.200 9/22/2023 EUR 71.220 Raiffeisen Switzerland 7.200 11/30/2023 CHF 67.420 Bank Vontobel AG 10.000 9/11/2023 CHF 21.100 Vontobel Financial Prod 18.000 9/22/2023 EUR 66.870 Erste Group Bank AG 1.065 5/17/2041 EUR 50.843 Raiffeisenverband Salzb 1.853 2/5/2049 EUR 69.391 Region de Bruxelles-Cap 1.500 2/15/2039 EUR 73.439 La Banque Postale Home 1.427 2/11/2039 EUR 73.505 Caisse des Depots et Co 1.820 2/7/2049 EUR 65.261 Nederlandse Waterschaps 1.850 2/11/2059 EUR 67.160 BPCE SA 1.850 2/8/2036 EUR 74.177 BPCE SFH SA 1.500 2/7/2039 EUR 74.597 Raiffeisenlandesbank Ob 0.774 10/29/2031 EUR 70.741 SG Issuer SA 4.500 1/21/2032 EUR 69.050 UniCredit Bank AG 5.150 11/24/2025 EUR 71.910 Landesbank Hessen-Thuer 0.750 12/2/2036 EUR 66.600 Single Platform Investm 3.000 6/21/2047 USD 66.092 Landesbank Baden-Wuertt 0.530 11/10/2031 EUR 73.396 Raiffeisen Schweiz Geno 5.050 10/21/2024 CHF 64.730 Sberbank of Russia PJSC 0.010 10/20/2028 RUB 73.600 Erste Group Bank AG 1.760 2/15/2034 EUR 72.181 Sberbank of Russia PJSC 0.010 10/21/2026 RUB 74.010 Landesbank Hessen-Thuer 0.820 11/15/2034 EUR 68.058 SG Issuer SA 5.000 5/23/2024 EUR 53.070 Agence Francaise de Dev 1.914 11/22/2048 EUR 70.529 Agence Francaise de Dev 1.955 11/21/2053 EUR 68.607 BNG Bank NV 1.885 11/26/2048 EUR 71.247 BNG Bank NV 1.870 11/26/2048 EUR 71.278 Caisse des Depots et Co 1.820 11/26/2048 EUR 66.274 Raiffeisen Landesbank V 1.385 12/14/2037 EUR 74.624 Raiffeisen Landesbank V 1.385 12/14/2037 EUR 74.624 DNB Boligkreditt AS 1.355 12/18/2037 EUR 73.726 Bayerische Landesbank 1.680 12/18/2037 EUR 72.388 Region Centre 2.156 6/2/2042 EUR 74.298 Region Centre 2.162 6/2/2043 EUR 73.284 SG Issuer SA 1.250 2/28/2033 EUR 41.910 DZ Bank AG Deutsche Zen 0.380 2/8/2033 EUR 74.121 DZ Bank AG Deutsche Zen 5.000 9/18/2023 EUR 65.440 Landesbank Baden-Wuertt 7.200 8/23/2024 EUR 35.210 Landesbank Baden-Wuertt 9.200 8/23/2024 EUR 33.050 Vontobel Financial Prod 10.250 9/22/2023 EUR 70.260 Landesbank Baden-Wuertt 6.200 10/27/2023 EUR 72.400 Landesbank Baden-Wuertt 2.500 10/27/2023 EUR 48.700 Landesbank Baden-Wuertt 3.250 10/27/2023 EUR 44.610 Landesbank Baden-Wuertt 5.000 10/27/2023 EUR 53.740 Landesbank Baden-Wuertt 8.200 10/27/2023 EUR 41.920 Landesbank Baden-Wuertt 4.250 10/27/2023 EUR 23.490 Landesbank Baden-Wuertt 6.200 10/27/2023 EUR 20.350 Landesbank Baden-Wuertt 7.600 10/27/2023 EUR 18.800 Landesbank Baden-Wuertt 9.000 10/27/2023 EUR 17.540 Landesbank Baden-Wuertt 7.000 10/27/2023 EUR 69.550 Landesbank Baden-Wuertt 3.000 10/27/2023 EUR 67.940 Landesbank Baden-Wuertt 5.600 10/27/2023 EUR 73.890 Landesbank Baden-Wuertt 6.500 10/27/2023 EUR 39.270 Landesbank Baden-Wuertt 8.000 10/27/2023 EUR 35.680 Landesbank Baden-Wuertt 4.250 10/27/2023 EUR 72.620 Landesbank Baden-Wuertt 3.100 10/27/2023 EUR 66.660 Landesbank Baden-Wuertt 4.700 10/27/2023 EUR 59.360 Landesbank Baden-Wuertt 3.500 10/27/2023 EUR 64.030 Landesbank Baden-Wuertt 3.150 10/27/2023 EUR 69.950 Landesbank Baden-Wuertt 4.800 10/27/2023 EUR 63.080 Landesbank Baden-Wuertt 4.000 10/27/2023 EUR 72.830 Landesbank Baden-Wuertt 6.250 10/27/2023 EUR 61.140 Landesbank Baden-Wuertt 2.250 10/27/2023 EUR 69.220 Landesbank Baden-Wuertt 2.850 10/27/2023 EUR 61.980 Corner Banca SA 10.000 11/1/2023 CHF 64.600 Leonteq Securities AG 9.000 11/1/2023 CHF 72.270 Sberbank of Russia PJSC 0.010 11/2/2026 RUB 72.010 Raiffeisen Schweiz Geno 6.000 11/1/2023 CHF 70.040 Basler Kantonalbank 7.000 11/10/2023 CHF 63.020 Bank Vontobel AG 6.500 10/2/2023 CHF 61.600 UBS AG/London 7.850 11/2/2023 USD 41.150 BNP Paribas SA 1.000 11/5/2036 EUR 65.601 Societe Generale SA 7.500 11/3/2026 USD 15.950 Landesbank Baden-Wuertt 0.610 11/3/2031 EUR 74.122 DekaBank Deutsche Giroz 4.000 11/8/2024 EUR 63.410 Citigroup Global Market 1.010 12/1/2034 EUR 67.782 Sberbank of Russia PJSC 0.010 11/2/2028 RUB 72.100 UBS AG/London 7.250 11/3/2023 CHF 56.900 Citigroup Global Market 1.380 11/4/2041 EUR 60.496 Landesbank Hessen-Thuer 0.730 11/10/2031 EUR 74.916 Natixis SA 3.300 11/4/2036 AUD 68.488 Single Platform Investm 0.363 2/15/2041 EUR 53.247 Region of Pays de la Lo 0.334 3/9/2033 EUR 73.066 Region of Pays de la Lo 0.427 3/9/2034 EUR 71.075 Kuntarahoitus Oyj 0.270 3/3/2034 EUR 73.432 NRW Bank 0.200 3/1/2034 EUR 72.885 Region of Pays de la Lo 0.449 3/9/2035 EUR 68.661 Societe Generale SA 2.630 3/2/2036 USD 62.747 Landesbank Baden-Wuertt 0.580 3/2/2033 EUR 70.421 Landesbank Baden-Wuertt 0.210 2/26/2031 EUR 71.517 Landesbank Baden-Wuertt 0.460 3/3/2031 EUR 74.496 Barclays Bank PLC 2.560 3/9/2036 USD 67.830 NRW Bank 1.180 3/3/2051 EUR 62.160 Banque Internationale a 1.300 3/4/2041 EUR 57.065 BNG Bank NV 2.300 3/3/2036 AUD 70.049 Natixis SA 2.800 3/3/2041 USD 67.137 Goldman Sachs Internati 2.200 2/1/2036 USD 65.756 Premium Green PLC 1.050 9/15/2035 EUR 69.562 Landesbank Baden-Wuertt 4.100 6/27/2025 EUR 71.920 Vontobel Financial Prod 5.000 3/26/2024 EUR 49.680 Department of Bouches d 0.561 9/15/2035 EUR 71.018 BPCE SA 2.320 3/4/2036 USD 63.997 Department of Bouches d 0.558 3/15/2035 EUR 72.209 Landesbank Hessen-Thuer 1.400 3/5/2036 EUR 63.200 Muenchener Hypothekenba 1.000 6/30/2037 EUR 66.969 Societe Generale SA 21.000 4/3/2024 USD 5.630 Landesbank Hessen-Thuer 0.950 4/9/2036 EUR 65.699 Landesbank Hessen-Thuer 0.560 3/12/2031 EUR 74.139 Single Platform Investm 2.395 3/3/2037 NOK 69.581 UniCredit Bank AG 5.300 4/8/2025 EUR 66.810 Sberbank of Russia PJSC 0.010 3/6/2028 RUB 73.300 Credit Agricole Corpora 11.640 3/24/2027 TRY 60.907 Erste Group Bank AG 5.500 8/2/2025 EUR 46.500 UniCredit Bank AG 4.650 7/30/2024 EUR 72.340 UniCredit Bank AG 3.950 7/30/2024 EUR 72.850 Norddeutsche Landesbank 0.925 7/23/2036 EUR 62.080 Landesbank Hessen-Thuer 0.900 8/5/2036 EUR 64.560 Landesbank Baden-Wuertt 2.600 1/26/2024 EUR 63.340 Landesbank Baden-Wuertt 3.000 1/26/2024 EUR 73.910 DZ Bank AG Deutsche Zen 1.510 6/25/2031 EUR 74.720 Region de Bruxelles-Cap 0.761 7/2/2041 EUR 56.550 Region de Bruxelles-Cap 0.796 7/2/2042 EUR 57.541 Region de Bruxelles-Cap 0.829 7/2/2043 EUR 56.328 DZ Bank AG Deutsche Zen 0.390 7/2/2031 EUR 71.157 BNP Paribas SA 0.720 7/1/2031 EUR 74.453 Leonteq Securities AG/G 6.000 1/9/2024 CHF 49.080 Norddeutsche Landesbank 0.500 7/28/2031 EUR 72.709 Landesbank Hessen-Thuer 1.750 8/4/2036 EUR 63.400 Norddeutsche Landesbank 0.700 8/3/2033 EUR 67.794 Norddeutsche Landesbank 0.950 8/3/2033 EUR 69.668 Banque Internationale a 1.600 7/7/2036 EUR 71.291 Region de Bruxelles-Cap 1.029 1/14/2048 EUR 53.310 Single Platform Investm 1.500 3/20/2051 EUR 60.503 Landesbank Baden-Wuertt 3.300 7/25/2025 EUR 71.060 Norddeutsche Landesbank 1.390 7/9/2038 EUR 62.306 Landesbank Hessen-Thuer 0.520 7/14/2031 EUR 72.969 Region de Bruxelles-Cap 1.310 12/15/2069 EUR 41.824 Vontobel Financial Prod 17.500 9/22/2023 EUR 73.170 Vontobel Financial Prod 25.000 9/22/2023 EUR 71.440 Vontobel Financial Prod 15.000 9/22/2023 EUR 69.020 Vontobel Financial Prod 18.500 9/22/2023 EUR 70.780 Vontobel Financial Prod 9.000 9/22/2023 EUR 69.860 Vontobel Financial Prod 14.000 9/22/2023 EUR 57.000 Vontobel Financial Prod 18.500 9/22/2023 EUR 63.140 Vontobel Financial Prod 12.500 9/22/2023 EUR 73.820 Vontobel Financial Prod 17.500 9/22/2023 EUR 55.530 Vontobel Financial Prod 13.500 9/22/2023 EUR 70.760 Vontobel Financial Prod 12.000 9/22/2023 EUR 72.610 Vontobel Financial Prod 15.000 9/22/2023 EUR 69.100 Vontobel Financial Prod 12.500 9/22/2023 EUR 71.650 Single Platform Investm 2.250 2/15/2044 EUR 74.994 Vontobel Financial Prod 21.000 9/22/2023 EUR 70.670 Vontobel Financial Prod 13.000 9/22/2023 EUR 60.500 UBS AG/London 19.000 7/15/2024 CHF 70.900 Landesbank Baden-Wuertt 9.300 5/24/2024 EUR 73.330 DZ Bank AG Deutsche Zen 7.250 12/20/2023 EUR 59.710 Landesbank Baden-Wuertt 3.000 2/27/2026 EUR 61.590 DZ Bank AG Deutsche Zen 1.250 2/23/2037 EUR 67.450 Bank Vontobel AG 10.750 2/12/2024 CHF 61.200 UBS AG/London 8.250 9/4/2023 CHF 47.850 Raiffeisenlandesbank Ob 1.480 2/17/2042 EUR 69.753 Landesbank Baden-Wuertt 7.200 6/28/2024 EUR 74.580 Luzerner Kantonalbank A 3.600 7/6/2026 EUR 56.430 Landesbank Hessen-Thuer 1.500 12/16/2036 EUR 66.600 UBS AG/London 7.250 11/10/2023 CHF 55.600 UBS AG/London 8.500 11/10/2023 CHF 10.920 Raiffeisen Switzerland 8.200 11/8/2023 EUR 68.730 Landesbank Baden-Wuertt 3.000 11/28/2025 EUR 71.930 Metropolis of Grenoble- 0.700 11/18/2033 EUR 74.936 Citigroup Global Market 1.370 7/27/2051 EUR 52.852 Societe Generale SA 5.500 8/1/2024 USD 47.400 Landesbank Hessen-Thuer 0.900 8/4/2036 EUR 64.526 Natixis SA 2.930 7/29/2051 AUD 49.745 Citigroup Global Market 0.660 8/25/2033 EUR 67.823 Norddeutsche Landesbank 0.550 8/30/2033 EUR 66.410 Ville de Paris 0.921 5/26/2053 EUR 47.704 Vontobel Financial Prod 18.500 9/22/2023 EUR 68.680 Vontobel Financial Prod 19.500 9/22/2023 EUR 66.960 Vontobel Financial Prod 16.500 9/22/2023 EUR 72.590 Vontobel Financial Prod 17.500 9/22/2023 EUR 70.600 UniCredit Bank AG 16.550 8/18/2025 USD 55.430 Swissquote Bank SA 23.600 9/26/2023 CHF 41.280 AlphaNotes ETP Dac 1.000 9/15/2032 USD 65.709 Bank Vontobel AG 7.500 10/2/2023 CHF 49.600 UBS AG/London 16.000 4/1/2024 USD 70.150 UBS AG/London 16.000 10/2/2023 CHF 43.700 Leonteq Securities AG/G 10.000 10/11/2023 USD 74.720 Nederlandse Waterschaps 1.870 11/8/2057 EUR 70.537 Leonteq Securities AG/G 11.000 10/11/2023 USD 74.620 Nordea Bank Abp 8.260 7/20/2028 SEK 71.050 Leonteq Securities AG/G 25.800 9/29/2023 CHF 36.160 Landesbank Baden-Wuertt 9.250 3/22/2024 EUR 45.020 Landesbank Baden-Wuertt 11.000 3/22/2024 EUR 41.760 Landesbank Baden-Wuertt 12.500 3/22/2024 EUR 39.320 Landesbank Hessen-Thuer 1.200 2/9/2052 EUR 60.279 Wirtschafts- und Infras 0.650 2/8/2039 EUR 67.621 Muenchener Hypothekenba 1.230 2/11/2042 EUR 68.704 Norddeutsche Landesbank 1.250 3/8/2034 EUR 71.144 Caisse des Depots et Co 1.150 2/3/2042 EUR 62.267 Bank Vontobel AG 7.500 2/5/2024 CHF 65.400 Norddeutsche Landesbank 1.300 3/16/2037 EUR 65.118 Landesbank Baden-Wuertt 3.000 2/27/2026 EUR 73.410 Leonteq Securities AG/G 8.000 2/14/2024 CHF 72.960 DZ Bank AG Deutsche Zen 1.030 2/23/2034 EUR 71.340 Landesbank Baden-Wuertt 3.000 2/27/2026 EUR 67.570 Caisse Francaise de Fin 0.865 2/17/2042 EUR 62.716 UBS AG/London 9.500 9/4/2023 CHF 72.150 NRW Bank 1.341 2/17/2039 EUR 74.931 DZ Bank AG Deutsche Zen 12.400 9/27/2024 EUR 66.570 DZ Bank AG Deutsche Zen 13.300 9/27/2024 EUR 65.850 DZ Bank AG Deutsche Zen 14.200 9/27/2024 EUR 65.180 DZ Bank AG Deutsche Zen 15.100 9/27/2024 EUR 64.570 DZ Bank AG Deutsche Zen 16.000 9/27/2024 EUR 64.080 DZ Bank AG Deutsche Zen 17.000 9/27/2024 EUR 63.750 DZ Bank AG Deutsche Zen 18.000 9/27/2024 EUR 63.480 DZ Bank AG Deutsche Zen 8.800 9/27/2024 EUR 72.840 DZ Bank AG Deutsche Zen 9.400 9/27/2024 EUR 71.230 DZ Bank AG Deutsche Zen 10.100 9/27/2024 EUR 69.870 DZ Bank AG Deutsche Zen 10.800 9/27/2024 EUR 68.590 DZ Bank AG Deutsche Zen 11.600 9/27/2024 EUR 67.560 Bank Julius Baer & Co L 22.300 9/26/2023 CHF 41.350 SG Issuer SA 1.750 4/21/2034 EUR 61.950 Bank Julius Baer & Co L 6.750 8/29/2023 CHF 73.900 Zurcher Kantonalbank Fi 8.500 2/23/2024 CHF 73.710 Region Occitanie 1.282 5/25/2040 EUR 66.148 Landesbank Hessen-Thuer 1.350 4/6/2034 EUR 74.359 Nordea Bank Abp 2.000 3/25/2027 SEK 65.140 BNP Paribas Emissions- 4.320 2/22/2024 EUR 62.150 Erste Group Bank AG 1.650 3/23/2037 EUR 64.276 Landesbank Baden-Wuertt 5.400 12/22/2023 EUR 67.660 Landesbank Baden-Wuertt 3.350 10/27/2023 EUR 68.360 Landesbank Baden-Wuertt 4.700 10/27/2023 EUR 62.100 Landesbank Baden-Wuertt 2.300 2/28/2025 EUR 66.050 Landesbank Baden-Wuertt 2.200 4/28/2025 EUR 67.080 Landesbank Baden-Wuertt 2.100 12/22/2023 EUR 60.250 DekaBank Deutsche Giroz 2.400 9/1/2023 EUR 52.830 DekaBank Deutsche Giroz 2.000 8/30/2024 EUR 62.310 DekaBank Deutsche Giroz 2.400 3/14/2025 EUR 70.830 Landesbank Baden-Wuertt 4.200 3/22/2024 EUR 69.180 Landesbank Baden-Wuertt 3.700 3/22/2024 EUR 70.860 Landesbank Baden-Wuertt 5.250 3/22/2024 EUR 64.390 Landesbank Baden-Wuertt 3.000 3/22/2024 EUR 69.290 Landesbank Baden-Wuertt 4.500 3/22/2024 EUR 71.840 Landesbank Baden-Wuertt 5.600 3/22/2024 EUR 67.890 UBS AG/London 4.000 5/26/2026 SEK 53.450 UBS AG/London 4.000 8/3/2026 SEK 44.090 Leonteq Securities AG/G 6.000 2/7/2024 CHF 55.610 Leonteq Securities AG/G 7.000 2/7/2024 CHF 69.630 DZ Bank AG Deutsche Zen 2.120 12/29/2031 EUR 73.230 Landesbank Baden-Wuertt 0.720 2/25/2032 EUR 74.852 Muenchener Hypothekenba 1.275 2/11/2042 EUR 69.203 Landesbank Hessen-Thuer 1.350 3/16/2037 EUR 68.238 Landesbank Hessen-Thuer 1.150 3/9/2037 EUR 66.334 Ville de Paris 1.165 6/9/2053 EUR 50.236 Norddeutsche Landesbank 1.500 3/16/2037 EUR 66.693 Landesbank Hessen-Thuer 0.730 2/11/2032 EUR 74.897 Landesbank Hessen-Thuer 2.000 3/16/2037 EUR 67.100 DZ Bank AG Deutsche Zen 1.300 12/29/2031 EUR 73.420 Banque Internationale a 1.250 2/18/2041 EUR 56.795 Banque Internationale a 1.000 2/18/2036 EUR 63.078 Credit Agricole CIB Fin 0.500 2/23/2033 EUR 69.764 DZ Bank AG Deutsche Zen 0.230 2/19/2031 EUR 73.152 Caisse des Depots et Co 0.571 2/18/2041 EUR 58.976 Wellis Magyarorszag Ker 3.000 2/26/2031 HUF 67.408 Landesbank Baden-Wuertt 3.200 3/27/2026 EUR 69.770 DZ Bank AG Deutsche Zen 0.240 2/24/2031 EUR 72.994 DZ Bank AG Deutsche Zen 0.500 2/24/2031 EUR 73.676 VTB Bank PJSC 5.000 USD 45.000 DZ Bank AG Deutsche Zen 1.370 12/30/2030 EUR 74.460 Kreditanstalt fuer Wied 0.680 2/23/2051 EUR 53.991 Hamburgische Investitio 0.372 2/22/2041 EUR 61.063 Landesbank Hessen-Thuer 0.300 3/24/2031 EUR 74.450 BNP Paribas SA 0.857 2/22/2036 EUR 63.050 Kuntarahoitus Oyj 0.858 2/22/2051 EUR 61.402 Single Platform Investm 1.000 10/31/2040 EUR 61.496 Wirtschafts- und Infras 0.245 2/25/2036 EUR 68.269 Berlin Hyp AG 1.057 2/21/2059 EUR 52.421 EFG International Finan 4.500 2/26/2024 USD 46.090 Credit Agricole Corpora 2.800 2/23/2041 AUD 61.910 Standard Chartered Bank 2.470 2/24/2036 USD 71.168 DZ Bank AG Deutsche Zen 0.630 12/30/2030 EUR 73.500 Kreditanstalt fuer Wied 0.650 2/24/2041 EUR 64.500 NRW Bank 0.675 2/25/2041 EUR 64.000 Landesbank Baden-Wuertt 3.000 3/22/2024 EUR 74.050 Landesbank Baden-Wuertt 5.100 3/22/2024 EUR 58.560 NRW Bank 1.510 3/7/2046 EUR 70.545 UBS AG/London 7.640 4/20/2026 SEK 49.950 Kommunekredit 1.062 9/9/2041 EUR 68.304 Kommunekredit 0.991 3/9/2037 EUR 74.210 Landesbank Hessen-Thuer 2.000 3/10/2037 EUR 69.600 Raiffeisen Schweiz Geno 7.300 3/4/2024 CHF 57.890 DekaBank Deutsche Giroz 4.100 4/2/2026 EUR 73.320 Sberbank of Russia PJSC 0.010 7/24/2028 RUB 72.500 Citigroup Global Market 1.040 8/4/2036 EUR 64.072 Landesbank Baden-Wuertt 2.000 8/22/2025 EUR 71.950 Landesbank Baden-Wuertt 4.000 8/22/2025 EUR 69.450 Landesbank Baden-Wuertt 3.250 8/22/2025 EUR 60.370 Landesbank Saar 0.400 7/28/2031 EUR 73.946 UniCredit Bank AG 4.100 9/1/2025 EUR 74.880 Landesbank Baden-Wuertt 0.600 3/5/2036 EUR 63.710 Landesbank Baden-Wuertt 0.520 3/6/2034 EUR 67.536 Landesbank Baden-Wuertt 0.420 3/5/2032 EUR 71.668 Landesbank Baden-Wuertt 2.500 9/22/2023 EUR 73.480 UBS Group AG 2.370 2/25/2036 USD 67.742 Natixis SA 2.500 3/4/2036 USD 70.373 Region of Pays de la Lo 0.570 3/10/2036 EUR 67.420 Citigroup Global Market 1.000 3/19/2041 EUR 56.142 Citigroup Global Market 0.520 3/19/2033 EUR 67.960 Credit Agricole Corpora 0.310 2/24/2033 EUR 68.288 SG Issuer SA 0.021 6/14/2033 EUR 74.470 DZ Bank AG Deutsche Zen 20.900 3/22/2024 EUR 71.640 Bank Julius Baer & Co L 15.000 8/29/2023 CHF 40.800 Nederlandse Waterschaps 1.500 3/10/2042 EUR 72.246 Vontobel Financial Prod 7.700 8/30/2023 EUR 61.060 Region Occitanie 1.229 5/25/2038 EUR 72.058 Region Occitanie 1.238 3/2/2039 EUR 70.716 Landesbank Baden-Wuertt 4.200 12/22/2023 EUR 72.610 Landesbank Baden-Wuertt 2.400 6/27/2025 EUR 61.260 Landesbank Baden-Wuertt 3.600 2/27/2026 EUR 72.040 DekaBank Deutsche Giroz 2.300 9/20/2024 EUR 59.350 DekaBank Deutsche Giroz 4.150 7/26/2024 EUR 56.710 Norddeutsche Landesbank 0.900 12/8/2031 EUR 74.614 Department of Loiret Fr 0.915 11/23/2043 EUR 58.905 Muenchener Hypothekenba 1.692 11/6/2051 EUR 61.412 Landesbank Hessen-Thuer 1.000 12/10/2036 EUR 65.067 Vontobel Financial Prod 8.400 12/4/2023 EUR 69.020 Bank Vontobel AG 8.500 11/3/2023 CHF 34.200 Leonteq Securities AG/G 6.000 11/8/2023 CHF 63.310 Norddeutsche Landesbank 1.150 12/6/2033 EUR 70.742 Norddeutsche Landesbank 1.250 12/3/2036 EUR 64.715 Republic of Ireland Int 1.100 11/12/2096 EUR 41.628 UBS AG/London 9.500 11/8/2023 USD 9.900 Norddeutsche Landesbank 0.650 12/3/2031 EUR 72.998 UBS AG/London 6.250 11/10/2023 CHF 63.300 UBS AG/London 9.250 11/10/2023 CHF 59.300 Vontobel Financial Prod 4.000 11/30/2023 EUR 64.750 DZ Bank AG Deutsche Zen 0.180 12/7/2032 EUR 72.704 DZ Bank AG Deutsche Zen 0.810 12/30/2030 EUR 73.430 Kreditanstalt fuer Wied 0.880 12/7/2050 EUR 57.073 Region Centre 0.390 12/4/2042 EUR 51.517 DZ Bank AG Deutsche Zen 1.140 12/30/2030 EUR 72.770 DZ Bank AG Deutsche Zen 0.880 12/30/2030 EUR 71.810 Oberoesterreichische La 0.763 12/15/2050 EUR 50.742 Norddeutsche Landesbank 0.825 1/14/2036 EUR 62.141 Aktia Bank Oyj 0.965 12/11/2040 EUR 56.357 Wirtschafts- und Infras 0.170 12/9/2041 EUR 55.243 Kreditanstalt fuer Wied 0.943 6/9/2050 EUR 58.825 Landesbank Hessen-Thuer 0.650 1/14/2036 EUR 63.460 UBS AG/London 14.250 7/12/2024 EUR 71.150 BPCE SA 1.820 12/4/2030 USD 74.085 DZ Bank AG Deutsche Zen 2.000 12/30/2030 EUR 74.000 Caisse des Depots et Co 1.005 11/5/2050 EUR 50.727 DZ Bank AG Deutsche Zen 0.290 12/2/2030 EUR 74.567 Bayerische Landesbank 0.500 12/2/2030 EUR 73.125 Kreditanstalt fuer Wied 0.830 12/9/2050 EUR 56.693 Societe Generale SA 2.050 12/2/2035 USD 58.692 Pannon Work Szemelyzeti 3.000 10/30/2030 HUF 70.450 Agence France Locale 0.330 12/20/2040 EUR 57.371 Credit Industriel Et Co 2.070 12/4/2035 USD 65.706 Nomura Bank Internation 0.450 12/3/2030 EUR 74.495 Region de Bruxelles-Cap 0.453 12/7/2055 EUR 34.587 Nomura Bank Internation 0.400 12/3/2030 EUR 73.832 SG Issuer SA 1.050 11/20/2025 EUR 12.220 DZ Bank AG Deutsche Zen 0.600 12/4/2035 EUR 62.933 DZ Bank AG Deutsche Zen 0.640 12/7/2035 EUR 63.232 DZ Bank AG Deutsche Zen 0.300 12/9/2030 EUR 74.406 Nordea Bank Abp 2.000 12/29/2025 SEK 51.270 Deutsche Pfandbriefbank 0.320 12/9/2030 EUR 69.192 DZ Bank AG Deutsche Zen 0.350 11/14/2031 EUR 72.499 Ville de Paris 0.650 11/25/2070 EUR 32.657 Single Platform Investm 1.082 3/17/2039 EUR 63.801 Landesbank Hessen-Thuer 0.550 11/26/2030 EUR 74.471 Nederlandse Waterschaps 1.000 11/24/2050 EUR 56.849 Region de Bruxelles-Cap 0.556 12/23/2064 EUR 29.003 Credit Agricole CIB Fin 0.400 12/4/2032 EUR 68.428 Single Platform Investm 1.050 3/17/2039 EUR 63.444 Landeskreditbank Baden- 0.170 12/10/2035 EUR 68.919 Caisse des Depots et Co 0.982 11/6/2050 EUR 50.343 Single Platform Investm 0.720 3/20/2051 EUR 48.261 Raiffeisen Switzerland 3.000 11/28/2023 USD 59.530 LFA Foerderbank Bayern 0.250 9/30/2039 EUR 61.116 Wirtschafts- und Infras 0.200 12/2/2043 EUR 52.127 EFG International Finan 4.900 12/4/2023 USD 50.340 Zurcher Kantonalbank Fi 10.000 7/12/2024 EUR 69.080 Landesbank Baden-Wuertt 5.250 9/22/2023 EUR 68.370 Raiffeisen Schweiz Geno 8.000 12/4/2023 CHF 74.280 Bank Vontobel AG 10.000 3/4/2024 EUR 59.500 Bank Vontobel AG 9.000 3/4/2024 CHF 73.200 Landesbank Hessen-Thuer 1.750 4/14/2037 EUR 72.568 Landesbank Baden-Wuertt 7.250 8/23/2024 EUR 68.260 Landesbank Hessen-Thuer 0.250 1/13/2031 EUR 74.704 Norddeutsche Landesbank 0.740 12/11/2031 EUR 72.928 Norddeutsche Landesbank 0.600 1/14/2031 EUR 74.934 UniCredit Bank AG 5.800 1/12/2024 EUR 28.660 DZ Bank AG Deutsche Zen 0.700 12/30/2030 EUR 74.590 MetMax Europe Zrt 3.000 12/11/2030 HUF 70.900 Single Platform Investm 0.457 2/15/2046 EUR 48.199 Credit Agricole Corpora 11.190 1/15/2026 TRY 67.596 Landesbank Hessen-Thuer 0.750 1/21/2036 EUR 64.319 UniCredit Bank AG 4.000 1/26/2024 EUR 72.500 Credit Agricole CIB Fin 0.390 12/16/2032 EUR 68.247 Kreditanstalt fuer Wied 0.918 10/11/2050 EUR 57.839 Landesbank Hessen-Thuer 0.400 1/21/2031 EUR 74.895 DZ Bank AG Deutsche Zen 0.300 12/30/2030 EUR 73.980 DZ Bank AG Deutsche Zen 0.480 12/30/2030 EUR 74.220 DekaBank Deutsche Giroz 2.000 1/12/2024 EUR 69.580 Credit Agricole Corpora 11.550 1/28/2026 TRY 66.741 Muenchener Hypothekenba 0.420 12/10/2035 EUR 63.195 DZ Bank AG Deutsche Zen 0.250 12/30/2030 EUR 74.061 Barclays Bank PLC 2.070 12/18/2035 USD 62.878 EFG International Finan 4.900 12/15/2023 USD 52.010 Abroncs Kereskedohaz Kf 2.800 12/17/2027 HUF 74.000 Bank Julius Baer & Co L 9.500 9/27/2023 CHF 62.550 UBS AG/London 14.250 9/21/2023 CHF 36.850 Bank Vontobel AG 20.250 9/25/2023 CHF 36.900 Basler Kantonalbank 16.000 9/28/2023 CHF 37.310 SG Issuer SA 0.021 7/7/2033 EUR 65.120 UniCredit Bank AG 16.900 3/22/2024 EUR 70.670 Leonteq Securities AG/G 26.000 4/17/2024 CHF 66.400 Landesbank Hessen-Thuer 1.500 12/10/2036 EUR 65.850 Erste Group Bank AG 6.500 12/1/2026 EUR 69.450 Leonteq Securities AG/G 16.000 9/26/2023 CHF 35.520 UBS AG/London 14.250 9/21/2023 CHF 38.700 DekaBank Deutsche Giroz 2.300 8/9/2024 EUR 70.500 DZ Bank AG Deutsche Zen 17.500 6/28/2024 EUR 69.770 DZ Bank AG Deutsche Zen 24.400 12/22/2023 EUR 63.710 UniCredit Bank AG 19.600 9/22/2023 EUR 66.210 UniCredit Bank AG 19.300 12/22/2023 EUR 67.650 UniCredit Bank AG 15.200 6/28/2024 EUR 73.140 Citigroup Global Market 14.650 7/22/2024 HKD 33.460 Landesbank Baden-Wuertt 0.400 12/1/2031 EUR 73.137 Landesbank Baden-Wuertt 5.000 8/23/2024 EUR 72.760 SG Issuer SA 1.800 8/14/2034 EUR 66.030 Societe Generale Effekt 19.498 1/26/2024 EUR 54.570 Bank Julius Baer & Co L 18.000 2/9/2024 CHF 60.200 Norddeutsche Landesbank 1.000 1/12/2034 EUR 69.263 Leonteq Securities AG/G 6.100 12/6/2023 CHF 65.040 Ville de Paris 0.963 12/6/2051 EUR 49.694 Bank Vontobel AG 5.250 12/1/2023 CHF 72.000 UBS AG/London 0.120 5/25/2040 MXN 14.574 Region Bretagne SCI 0.544 12/7/2036 EUR 66.043 Leonteq Securities AG/G 8.800 12/7/2023 CHF 71.830 UniCredit Bank AG 4.650 12/30/2024 USD 70.500 DekaBank Deutsche Giroz 3.300 1/12/2026 EUR 61.490 Raiffeisen Schweiz Geno 8.200 12/6/2023 CHF 65.930 Raiffeisen Schweiz Geno 4.900 12/6/2023 CHF 65.780 Landesbank Baden-Wuertt 2.300 1/2/2026 EUR 71.850 Norddeutsche Landesbank 0.825 1/14/2032 EUR 73.864 Sberbank of Russia PJSC 0.010 11/27/2026 RUB 74.500 Sberbank of Russia PJSC 0.010 12/7/2026 RUB 71.110 SG Issuer SA 2.100 12/27/2033 EUR 42.980 UBS AG/London 9.500 12/8/2023 USD 51.750 UBS AG/London 7.750 12/8/2023 CHF 59.350 Landesbank Hessen-Thuer 1.500 1/20/2037 EUR 65.700 Region Occitanie 0.786 12/14/2046 EUR 52.800 UBS AG/London 8.500 12/8/2023 EUR 64.550 SG Issuer SA 2.100 12/6/2033 EUR 42.350 Landesbank Baden-Wuertt 0.520 1/7/2032 EUR 73.194 Banque Cantonale Vaudoi 5.400 12/6/2023 CHF 6.940 Corner Banca SA 8.000 12/13/2023 CHF 73.380 Leonteq Securities AG 7.000 12/13/2023 CHF 65.920 Landesbank Hessen-Thuer 0.410 12/17/2030 EUR 74.142 Bank Vontobel AG 5.000 12/11/2023 CHF 64.200 Bank Vontobel AG 7.000 12/11/2023 CHF 68.300 Leonteq Securities AG/G 7.000 12/13/2023 CHF 65.400 Landesbank Hessen-Thuer 1.580 12/16/2036 EUR 66.700 Landesbank Baden-Wuertt 9.250 2/23/2024 EUR 73.400 Landesbank Baden-Wuertt 14.000 2/23/2024 EUR 74.720 UniCredit Bank AG 10.000 12/22/2023 EUR 70.930 UniCredit Bank AG 11.700 12/22/2023 EUR 68.860 UniCredit Bank AG 13.600 12/22/2023 EUR 67.030 UniCredit Bank AG 11.100 9/22/2023 EUR 68.540 UniCredit Bank AG 13.600 9/22/2023 EUR 66.110 UniCredit Bank AG 16.600 9/22/2023 EUR 63.910 UniCredit Bank AG 8.700 12/22/2023 EUR 73.360 Leonteq Securities AG/G 20.000 2/20/2024 CHF 49.340 Leonteq Securities AG/G 21.600 2/20/2024 CHF 49.930 Zurcher Kantonalbank Fi 12.000 2/14/2024 CHF 34.770 UniCredit Bank AG 16.600 9/22/2023 EUR 73.170 UniCredit Bank AG 19.900 9/22/2023 EUR 69.620 UniCredit Bank AG 17.100 12/22/2023 EUR 73.320 DZ Bank AG Deutsche Zen 1.080 12/30/2030 EUR 74.040 Akademiska Hus AB 0.850 2/17/2033 SEK 71.649 Vontobel Financial Prod 18.000 3/22/2024 EUR 61.760 Vontobel Financial Prod 14.000 6/28/2024 EUR 67.490 Vontobel Financial Prod 16.500 6/28/2024 EUR 65.060 UniCredit Bank AG 16.500 9/22/2023 EUR 57.570 UniCredit Bank AG 17.300 12/22/2023 EUR 59.380 UniCredit Bank AG 15.500 3/22/2024 EUR 62.370 UniCredit Bank AG 14.200 6/28/2024 EUR 65.060 UniCredit Bank AG 13.000 6/28/2024 EUR 66.360 UniCredit Bank AG 14.900 12/22/2023 EUR 60.980 UniCredit Bank AG 13.900 3/22/2024 EUR 63.800 UniCredit Bank AG 12.800 9/22/2023 EUR 59.860 DZ Bank AG Deutsche Zen 10.750 12/20/2023 EUR 62.840 Barclays Bank PLC 1.011 2/1/2041 EUR 52.803 Bayerische Landesbank 0.400 7/15/2031 EUR 73.505 DZ Bank AG Deutsche Zen 0.200 10/2/2034 EUR 62.370 Landesbank Hessen-Thuer 1.000 4/9/2035 EUR 66.400 DZ Bank AG Deutsche Zen 0.300 2/12/2032 EUR 70.520 DZ Bank AG Deutsche Zen 1.150 4/30/2035 EUR 68.720 Landesbank Baden-Wuertt 0.820 2/1/2039 EUR 60.308 Norddeutsche Landesbank 1.130 2/10/2039 EUR 58.558 Citigroup Global Market 0.250 2/9/2031 EUR 73.448 Landesbank Baden-Wuertt 0.400 7/2/2031 EUR 73.590 DZ Bank AG Deutsche Zen 1.350 12/30/2030 EUR 73.290 Aktia Bank Oyj 0.690 2/4/2036 EUR 62.880 Kuntarahoitus Oyj 0.040 2/9/2034 EUR 71.564 Landesbank Baden-Wuertt 0.436 9/25/2031 EUR 73.238 NRW Bank 0.420 2/8/2039 EUR 64.135 Caisse des Depots et Co 0.642 2/12/2041 EUR 57.444 DZ Bank AG Deutsche Zen 0.860 12/30/2030 EUR 74.830 Landesbank Hessen-Thuer 0.500 3/10/2034 EUR 65.561 Vasutvillamosito Kft 3.000 2/3/2031 HUF 65.000 Single Platform Investm 1.013 12/20/2050 EUR 53.558 Single Platform Investm 0.780 3/5/2039 EUR 60.726 DZ Bank AG Deutsche Zen 0.310 2/10/2031 EUR 73.638 Landesbank Baden-Wuertt 0.480 2/26/2032 EUR 72.138 Landesbank Baden-Wuertt 0.570 2/27/2034 EUR 67.993 Landesbank Baden-Wuertt 0.640 2/26/2036 EUR 64.133 Communaute Francaise de 0.782 2/8/2061 EUR 38.776 Kreditanstalt fuer Wied 0.160 2/16/2036 EUR 68.237 NRW Bank 0.642 2/9/2051 EUR 52.679 Muenchener Hypothekenba 0.335 2/10/2031 EUR 74.552 Region de Bruxelles-Cap 0.650 2/15/2061 EUR 34.155 Caisse des Depots et Co 1.018 2/16/2051 EUR 50.716 Landesbank Hessen-Thuer 1.000 3/17/2036 EUR 62.000 Landesbank Hessen-Thuer 0.750 3/18/2036 EUR 63.959 DZ Bank AG Deutsche Zen 0.600 2/19/2036 EUR 62.413 Landesbank Baden-Wuertt 0.620 2/18/2036 EUR 63.991 Norddeutsche Landesbank 0.525 3/10/2033 EUR 67.558 Norddeutsche Landesbank 0.400 3/11/2031 EUR 73.291 Muenchener Hypothekenba 0.400 8/11/2031 EUR 73.806 Norddeutsche Landesbank 0.650 3/10/2031 EUR 74.801 EFG International Finan 4.500 2/12/2024 USD 47.170 Landesbank Hessen-Thuer 0.600 3/18/2036 EUR 62.578 NRW Bank 0.729 2/11/2051 EUR 54.219 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2023. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. * * * End of Transmission * * *