/raid1/www/Hosts/bankrupt/TCREUR_Public/231113.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, November 13, 2023, Vol. 24, No. 227
Headlines
A U S T R I A
NOVOMATIC AG: S&P Withdraws 'BB+' Long-Term Issuer Credit Rating
I R E L A N D
ARMADA EURO III: Fitch Affirms 'B+sf' Rating on Class F Notes
AVOCA CAPITAL X: Fitch Hikes Rating on Class F-R-R Notes to 'Bsf'
AVOCA CLO XII: Fitch Hikes Rating on Class F-R-R Notes to 'Bsf'
AVOCA CLO XIII: Fitch Hikes Rating on Class E-RR Notes to BB+sf
BILBAO CLO III: Fitch Affirms B-sf Rating on Class E-R Notes
BNPP AM 2019: Moody's Ups Rating on EUR21.6MM Class E Notes to Ba2
BRIDGEGATE FUNDING: Fitch Lowers Rating on Class E Notes to 'B-sf'
CARLYLE GLOBAL 2014-2: Fitch Affirms 'Bsf' Rating on Cl. E-R Notes
GRIFFITH PARK CLO: Fitch Affirms 'Bsf' Rating on Class E Notes
INDIGO CREDIT I: Fitch Assigns Final 'B-sf' Rating on Class F Debt
JUBILEE CLO 2023-XXVII: Fitch Assigns B-sf Final Rating on F Notes
JUBILEE CLO 2023-XXVII: S&P Assigns B-(sf) Rating on F Notes
PALMER SQUARE 2023-2: S&P Assigns B-(sf) Rating on Class F Notes
PRIMROSE RESIDENTIAL 2022-1: Fitch Affirms CCC Rating on Cl. G Debt
WILTON PARK: Fitch Assigns Final 'B-sf' Rating on Class F Notes
S W I T Z E R L A N D
UBS GROUP: S&P Rates New Additional Tier 1 Perpetual Notes 'BB'
T U R K E Y
QNB FINANSBANK: Fitch Assigns 'CCC+(EXP)' Rating on Tier 2 Notes
U K R A I N E
DTEK ENERGY: Fitch Raises IDR to 'CC' on Post-Restructuring Profile
U N I T E D K I N G D O M
COMMUNISIS: On Brink of Collapse, 1,000 Jobs at Risk
IVC ACQUISITION: Fitch Assigns B(EXP) LongTerm IDR, Outlook Stable
JAGUAR LAND: Moody's Upgrades CFR & Senior Unsecured Notes to Ba3
LYNDON THOMAS: Placed Into Voluntary Liquidation
M-AR: Goes Into Administration Following Expansion
MINISTRY OF FURNITURE: To Enter Creditors' Voluntary Liquidation
SIGN PLUS: Goes Into Administration, 50 Jobs Affected
X X X X X X X X
[*] BOND PRICING: For the Week November 6 to November 10, 2023
- - - - -
=============
A U S T R I A
=============
NOVOMATIC AG: S&P Withdraws 'BB+' Long-Term Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings withdrew its 'BB+' long-term issuer credit
rating on Austria-based gaming group Novomatic AG at the company's
request. The outlook on the long-term rating was stable at the time
of the withdrawal.
=============
I R E L A N D
=============
ARMADA EURO III: Fitch Affirms 'B+sf' Rating on Class F Notes
-------------------------------------------------------------
Fitch Ratings has upgraded Armada Euro CLO III DAC class B-R notes.
The rest of the notes have been affirmed.
Entity/Debt Rating Prior
----------- ------ -----
Armada Euro
CLO III DAC
A-1-R XS2320736080 LT AAAsf Affirmed AAAsf
A-2-R XS2320736759 LT AAAsf Affirmed AAAsf
B-R XS2320737302 LT AAAsf Upgrade AA+sf
C-R XS2320738029 LT A+sf Affirmed A+sf
D-R XS2320738706 LT BBB+sf Affirmed BBB+sf
E XS1913265044 LT BB+sf Affirmed BB+sf
F XS1913265390 LT B+sf Affirmed B+sf
TRANSACTION SUMMARY
Armada Euro CLO III DAC is a cash flow CLO comprising mostly senior
secured obligations. The transaction is actively managed by Brigade
Capital Europe Management LLP and exited its reinvestment period in
January 2023.
KEY RATING DRIVERS
Improved Performance; Shorter Life: Since Fitch's last rating
action in December 2022, the portfolio's performance has improved
due to net portfolio gains and slightly increased credit
enhancement. The contributed towards an increase on the par value
and interest coverage test cushions. As per the last trustee report
dated 3 October 2023, the transaction was passing all of its
tests.
In addition, the notes have manageable near- and medium-term
refinancing risk, with only 1.1% of the assets in the portfolio
maturing before 2024, and 12.2% in 2025, in view of the
default-rate cushion at the current ratings. The transaction's
improved performance, combined with the shortened weighted average
life (WAL) covenant, resulted in larger break-even default-rate
cushions reported since December 2022. This has resulted in the
upgrade of the class B-R notes and affirmation of all others.
All notes have large default-rate buffers to support their current
ratings and should be capable of absorbing further defaults in the
portfolio. This supports the Stable Outlooks on all notes.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The Fitch-calculated weighted
average rating factor of the current portfolio is 32.8 as reported
by the trustee based on the old criteria and 25.2 as calculated by
Fitch under its latest criteria.
High Recovery Expectations: Senior secured obligations comprise
100% of the portfolio. 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 current portfolio as reported by the trustee was
69.3%.
Diversified Portfolio: The top 10 obligor concentration as
calculated by the trustee is 15.8%, and no obligor represents more
than 2.2% of the portfolio balance.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
An increase of the default rate (RDR) at all rating levels in the
portfolio by 25% of the mean RDR and a decrease of the recovery
rate (RRR) by 25% at all rating levels would have no impact on all
notes. Downgrades may occur if the build-up of the notes' credit
enhancement following amortisation does not compensate for a larger
loss expectation than initially assumed due to unexpectedly high
levels of defaults and portfolio deterioration.
Due to the better metrics and shorter life of the current portfolio
than the Fitch-stressed portfolio the class D-R and F notes display
a rating cushion of three notches and the class E notes of two
notches. There is no rating cushion for the class A-1-R, A-2-R, B-R
and C-R notes.
Should the cushion between the current portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of no more than
four notches for the class E notes, two notches for the class B-R,
C-R and D-R notes and to below 'B-sf' for the class F notes while
there would be no impact for the class A-1-R and A-2-R notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A reduction of the RDR at all rating levels in the Fitch-stressed
portfolio by 25% of the mean RDR and an increase in the RRR by 25%
at all rating levels would result in no impact on the class A-1-R,
A-2-R, B-R and C-R notes and upgrades of no more than three notches
for the class D-R, E and F notes. Further upgrades, except for the
'AAAsf' notes, may occur if the portfolio's quality remains stable
and the notes start to amortise, leading to higher credit
enhancement across the structure.
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.
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.
AVOCA CAPITAL X: Fitch Hikes Rating on Class F-R-R Notes to 'Bsf'
-----------------------------------------------------------------
Fitch Ratings has upgraded Avoca Capital CLO X DAC Class B-1-R-R to
F-R-R notes and affirmed the class A notes. The Outlook is Stable
on all notes.
Entity/Debt Rating Prior
----------- ------ -----
Avoca Capital
CLO X DAC
A-R-R XS2305547908 LT AAAsf Affirmed AAAsf
B-1-R-R XS2305547817 LT AA+sf Upgrade AAsf
B-2-R-R XS2305548112 LT AA+sf Upgrade AAsf
C-R-R XS2305548542 LT A+sf Upgrade Asf
D-R-R XS2305548385 LT BBB+sf Upgrade BBBsf
E-R-R XS2305548898 LT BB+sf Upgrade BBsf
F-R-R XS2305549276 LT Bsf Upgrade B-sf
TRANSACTION SUMMARY
Avoca Capital CLO X DAC is a cash flow CLO comprising mostly senior
secured obligations. The transaction is actively managed by KKR
Credit Advisors (Ireland) and will exit its reinvestment period in
January 2026.
KEY RATING DRIVERS
Stable Performance; Low Refinancing Risk: Since Fitch's last rating
review in November 2022, the portfolio's performance has remained
broadly stable. As per the last trustee report dated 29 September
2023, the transaction was passing all of its tests with EUR1.9
million of reported defaults (0.5% of target par).
The par value tests have slightly worsened since November 2022, but
this is mitigated by the notes' low near- and medium-term
refinancing risk, with 2% of the assets in the portfolio maturing
before 2024, and 1.6% in 2025. The resilient performance of the
transaction, combined with a shortened weighted average life
(WAL)covenant, has resulted in larger break-even default-rate
cushions since November 2022. This has resulted in the upgrade of
the class B-1-R-R to F-R-R notes and affirmation of the class A-R-R
notes.
Large Cushion for All Notes: The Stable Outlooks for all the notes
are driven by the large default-rate buffers to support their
current ratings and should be capable of absorbing further defaults
in the portfolio.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. the Fitch-calculated weighted
average rating factor (WARF) of the current portfolio is 25, versus
the WARF reported by the trustee at 33.4. The latter figure was
derived using Fitch's old criteria on which the transaction
documents are based.
High Recovery Expectations: Senior secured obligations comprise
98.5% of the portfolio. 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 current portfolio as reported by the trustee was
62.3%.
Diversified Portfolio: The top 10 obligor concentration as
calculated by Fitch is 11.5%, which is below the limit of 15%, and
no obligor represents more than 1.65% of the portfolio balance.
Transaction in Reinvestment Period: Given the manager's ability to
reinvest, Fitch's analysis is based on a stressed portfolio and
tested the notes' achievable ratings across all Fitch test
matrices, since the portfolio can still migrate to different
collateral quality tests and the level of fixed-rate assets could
change. Fitch has modelled the current portfolio below par.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
An increase of the default rate (RDR) at all rating levels in the
current portfolio by 25% of the mean RDR and a decrease of the
recovery rate (RRR) by 25% at all rating levels will have no impact
on the class A-R-R to C-R-R notes, would lead to downgrades of two
notches for the class D-R-R notes, and one notch for the class
E-R-R and F-R-R notes. Downgrades may occur if build-up of the
notes' credit enhancement following amortisation does not
compensate for a larger loss expectation than initially assumed due
to unexpectedly high levels of defaults and portfolio
deterioration.
Due to the better metrics and shorter life of the current portfolio
than the Fitch-stressed portfolio , the class F-R-R notes display a
rating cushion of four notches, the class D-R-R notes of two
notches, and the class B-1-R-R, B-2-R-R, and E-R-R notes of one
notch. The class A-R-R and C-R-R notes have no rating cushion.
Should the cushion between the current portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the stressed
portfolio would have no impact on the class A-R-R notes, would lead
to downgrades of no more than two notches for the class B-1-R-R
notes, B-2-R-R notes and C-R-R, three notches for the class D-R-R
and E-R-R and to below 'B-sf' for the class F-R notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A reduction of the RDR at all rating levels in the stressed
portfolio by 25% of the mean RDR and an increase in the RRR by 25%
at all rating levels would result in no impact on the class A-R-R
and C-R-R notes, upgrades of no more than one notch for the class
B-1-R-R and B-2-R-R notes, three notches for the class D-R-R and
E-R-R notes, and up to four notches for the class F-R notes.
Further upgrades, except for the 'AAAsf' notes, may occur if the
portfolio's quality remains stable and the notes start to amortise,
leading to higher credit enhancement across the structure.
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.
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.
AVOCA CLO XII: Fitch Hikes Rating on Class F-R-R Notes to 'Bsf'
---------------------------------------------------------------
Fitch Ratings has upgraded Avoca CLO XII DAC's class B-1-R-R to
F-R-R notes and affirmed the others.
Entity/Debt Rating Prior
----------- ------ -----
Avoca CLO XII DAC
A Loan LT AAAsf Affirmed AAAsf
A-R-R XS2315802392 LT AAAsf Affirmed AAAsf
B-1-R-R XS2315802558 LT AA+sf Upgrade AAsf
B-2-R-R XS2315802715 LT AA+sf Upgrade AAsf
C-R-R XS2315802988 LT A+sf Upgrade Asf
D-R-R XS2315803101 LT BBB+sf Upgrade BBBsf
E-R-R XS2315803366 LT BB+sf Upgrade BBsf
F-R-R XS2315803523 LT Bsf Upgrade B-sf
TRANSACTION SUMMARY
The transaction is a cash flow CLO mostly comprising senior secured
obligations. It is actively managed by KKR Credit Advisors
(Ireland) Unlimited Company and will exit its reinvestment period
in October 2025.
KEY RATING DRIVERS
Stable Performance; Low Refinancing Risk: The rating actions
reflect the stable asset performance. The transaction is currently
0.3% below par and the portfolio has EUR2.2 million of defaulted
assets. However, it is passing all collateral quality, portfolio
profile and coverage tests. Exposure to assets with a Fitch-derived
rating of 'CCC+' and below is 2.3%, according to the latest trustee
report, versus a limit of 7.5%. In addition, the notes are not
vulnerable to near- and medium-term refinancing risk, with 2% of
the assets in the portfolio maturing before 2024 and 4.6% in 2025.
The rating actions also reflect the transaction's stable
performance, combined with a shortened weighted average life (WAL)
covenant, which has resulted in larger break-even default-rate
cushions versus the last review in December 2022.
Reinvesting Transaction: As the transaction is still in the
reinvestment period, its analysis is based on a stressed portfolio
testing the Fitch-calculated WAL, Fitch-calculated weighted average
rating factor (WARF), Fitch-calculated weighted average recovery
rate (WARR), weighted average spread, weighted average coupon and
fixed-rate asset share to their covenanted limits.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors at 'B'/ 'B-'. The WARF, as
calculated by Fitch under its latest criteria, is 25.0.
High Recovery Expectations: Senior secured obligations comprise
98.6% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The WARR, as calculated by Fitch, is 62.5%.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 12.4%, and no obligor
represents more than 1.7% of the portfolio balance. The exposure to
the three largest Fitch-defined industries is 34% as calculated by
Fitch. The transaction includes four Fitch matrices corresponding
to top 10 obligor concentration limits at 16% and 20% and
fixed-rate assets limits at 0% and 10%. Fixed-rate assets reported
by the trustee are at 5.3% of the portfolio balance.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the current portfolio
would have no impact on the class A-R-R to C-R-R and E-R-R to F-R-R
notes, and would lead to a downgrade of up to one notch for the
class D-R-R notes.
Based on the current 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 current portfolio than the
Fitch-stressed portfolio, the class B-1-R-R and E-R-R notes display
a rating cushion of one notch, the class D-R-R notes two notches
and the class F-R-R notes four notches. The class A-R-R and C-R-R
notes display no rating cushion.
Should the cushion between the portfolio current and the
Fitch-stressed portfolio be eroded, either due to manager trading
or negative portfolio credit migration, a 25% increase of the mean
RDR and a 25% decrease of the RRR across all ratings of the
stressed portfolio would lead to downgrades of four notches for the
class E-R notes, three notches for the class B-1-R-R to D-R-R
notes, one notch for the class A-R-R notes and to below 'B-sf' for
the class F notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of up to four notches for the rated notes, except for the
'AAAsf' rated notes, which are at the highest level on Fitch's
scale and cannot be upgraded, and the class C-R-R notes.
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
Avoca CLO XII DAC
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
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.
AVOCA CLO XIII: Fitch Hikes Rating on Class E-RR Notes to BB+sf
---------------------------------------------------------------
Fitch Ratings has upgraded Avoca CLO XIII DAC's class B-1-RR to
E-RR notes and revised the Outlook on the class F-RR notes to
Positive from Stable, as detailed below.
Entity/Debt Rating Prior
----------- ------ -----
Avoca CLO XIII DAC
A-RR XS2326454746 LT AAAsf Affirmed AAAsf
B-1-RR XS2326455396 LT AA+sf Upgrade AAsf
B-2-RR XS2326455636 LT AA+sf Upgrade AAsf
C-RR XS2326455552 LT A+sf Upgrade Asf
D-RR XS2326456014 LT BBB+sf Upgrade BBBsf
E-RR XS2326456287 LT BB+sf Upgrade BBsf
F-RR XS2326456105 LT B-sf Affirmed B-sf
TRANSACTION SUMMARY
Avoca CLO XIII Designated Activity Company is an arbitrage cash
flow CLO comprising mostly senior secured obligations. The
portfolio is managed by KKR Credit Advisors (Ireland) and the
transaction will exit its reinvestment period in July 2025.
KEY RATING DRIVERS
Stable Performance; Shorter Life: Since Fitch's last rating action
in February 2022, the portfolio's performance has been stable. The
transaction is currently 0.2% below par. As per the last trustee
report dated 29 September 2023, the transaction is passing all of
its collateral quality and portfolio profile tests. The transaction
has manageable exposure to near- and medium-term refinancing risk,
with 2.1% of the assets in the portfolio maturing in 2024 and 4.8%
in 2025, as calculated by Fitch, in view of large default-rate
cushions for each class of notes.
The transaction's stable performance, combined with a shorter
weighted average life (WAL) since February 2022, has resulted in
larger break-even default-rate cushions, leading to the upgrades.
Large Cushion Supports Stable Outlooks: All notes have large
default-rate buffers to support their ratings and should be capable
of absorbing further defaults in the portfolio. The ratings also
reflect that the notes have sufficient levels of credit protection
to withstand deterioration in the credit quality of the portfolio
in stress scenarios that are commensurate with the ratings. The
Positive Outlook on the class F-RR notes reflect the possibility of
upgrade should the portfolio performance remain stable and the
decreasing WAL of the portfolio contribute to a larger default-rate
cushion.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The Fitch-calculated weighted average
rating factor (WARF) of the current portfolio is 25.3. For the
portfolio including entities with Negative Outlook that are notched
down one level as per its criteria, the WARF was 26.3 as of 28
October 2023.
High Recovery Expectations: Senior secured obligations comprise
98.7% of the portfolio. 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 (WARR) of the current portfolio as reported by the trustee was
62.7%.
Diversified Portfolio: The top-10 obligor concentration as
calculated by Fitch is 12.7%, which is below the current covenant,
and the largest issuer represents less than 1.8% of the portfolio
balance.
Transaction in Reinvestment Period: The transaction is still in its
reinvesting period, so the manager can continue to reinvest
principal proceeds and sale proceeds from collateral obligations,
subject to compliance with the reinvestment criteria. Given the
manager's ability to reinvest, the agency's analysis is based on a
stressed portfolio testing the Fitch-calculated WAL,
Fitch-calculated WARF, Fitch-calculated WARR, weighted average
spread, weighted average coupon and fixed-rate asset share to their
covenanted limits.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
An increase of the default rate (RDR) by 25% of the mean RDR of the
current portfolio and a decrease of the recovery rate (RRR) by 25%
at all rating levels in the current portfolio would lead to a
downgrade of one notch for the class D-RR notes and would have no
impact on all the other notes. Downgrades may occur if the build-up
of the notes' credit enhancement following amortisation does not
compensate for a larger loss expectation than initially assumed due
to unexpectedly high levels of defaults and portfolio
deterioration.
Due to the better metrics and shorter life of the current portfolio
than the Fitch-stressed portfolio, the class B-1-RR, B-2-RR and
E-RR notes display a rating cushion of one notch, the class D-RR
notes two notches and the class F-RR notes five notches. The class
A-RR and C-RR notes have no rating cushion.
Should the cushion between the current portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the stressed
portfolio would lead to downgrades of no more than three notches
for the class B-1-RR to E-RR notes and one notch for the class A-RR
and F-RR notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A reduction of the RDR at all rating levels in the stressed
portfolio by 25% of the mean RDR and an increase in the RRR by 25%
at all rating levels in the stressed portfolio would result in
upgrades of up to five notches for all notes, except for the class
A-RR and C-RR notes. Further upgrades may occur, except for the
'AAAsf' notes, which are rated at the highest level on Fitch's
scale, if the portfolio's quality remains stable and the notes
start to amortise, leading to higher credit enhancement across the
structure.
DATA ADEQUACY
Avoca CLO XIII DAC
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
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.
BILBAO CLO III: Fitch Affirms B-sf Rating on Class E-R Notes
------------------------------------------------------------
Fitch Ratings has upgraded Bilbao CLO III DAC's class C-R notes and
revised the class B-R and D-R notes' Outlooks to Positive from
Stable. The rest of the notes have been affirmed.
Entity/Debt Rating Prior
----------- ------ -----
Bilbao CLO III DAC
A-1-R XS2332235733 LT AAAsf Affirmed AAAsf
A-2A-R XS2332236384 LT AAsf Affirmed AAsf
A-2B-R XS2332236970 LT AAsf Affirmed AAsf
B-R XS2332237788 LT Asf Affirmed Asf
C-R XS2332238323 LT BBBsf Upgrade BBB-sf
D-R XS2332239131 LT BBsf Affirmed BBsf
E-R XS2332238919 LT B-sf Affirmed B-sf
TRANSACTION SUMMARY
Bilbao CLO III DAC is a cash flow CLO comprising mostly senior
secured obligations. The transaction is actively managed by
Guggenheim Partners Europe Limited and will exit its reinvestment
period in February 2026.
KEY RATING DRIVERS
Stable Performance; Low Refinancing Risk: Since Fitch's last rating
action in December 2022, the portfolio's performance has remained
stable. The transaction has continued to pass all tests and is only
40bp below par, similar to December 2022 at 30bp below par.
In addition, the notes have limited near- and medium-term
refinancing risk, with 1.1% of the assets in the portfolio maturing
before 2024, and 4.9% in 2025.
Large Cushion for All Notes: The transaction's stable performance,
combined with a shortened weighted average life (WAL) covenant,
results in the large default-rate buffers to absorb further
defaults in the portfolio. This has resulted in the upgrade of the
class C-R notes and affirmation of all other notes. The Positive
Outlooks on the class B-R and D-R notes reflect the possibility of
upgrades should portfolio performance remain stable and the
decreasing WAL of the portfolio contribute to a higher default-rate
cushion.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The Fitch-calculated weighted
average rating factor of the current portfolio is 34.6 as reported
by the trustee based on the old criteria and 26.2 as calculated by
Fitch under its latest criteria.
High Recovery Expectations: Senior secured obligations comprise
98.7% of the portfolio. 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 current portfolio as reported by the trustee was
62.2%.
Diversified Portfolio: The top 10 obligor concentration as
calculated by the trustee is 14.1%, and no obligor represents more
than 1.9% of the portfolio balance.
Deviation from MIR: The class B-R, C-R and D-R notes' model-implied
ratings (MIRs) are one notch above their current ratings. The
deviations reflect the remaining reinvestment period until February
2026, during which the portfolio can change due to reinvestment or
negative portfolio migration.
Transaction in Reinvestment Period: Given the manager's ability to
reinvest, Fitch's analysis is based on a stressed portfolio, since
the portfolio can still migrate to different collateral quality
tests and the level of fixed-rate assets could change.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
An increase of the default rate (RDR) at all rating levels in the
current portfolio by 25% of the mean RDR and a decrease of the
recovery rate (RRR) by 25% at all rating levels will lead to
downgrades of no more than one notch for the class A-2-R and C-R
notes, two notches for the class D-R notes, to below 'B-sf' for the
class E-R notes and would have no impact on the class A-1-R and B-R
notes. Downgrades may occur if build-up of the notes' credit
enhancement following amortisation does not compensate for a larger
loss expectation than initially assumed due to unexpectedly high
levels of defaults and portfolio deterioration.
Due to the better metrics and shorter life of the current portfolio
than the Fitch-stressed portfolio the class B-R and D-R notes
display a rating cushion of one notch, the class A-2-R and C-R
notes of two notches and the class E-R notes of four notches. There
is no rating cushion for the class A notes.
Should the cushion between the current portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the stressed
portfolio would lead to downgrades of no more than one notch for
the class A-1-R notes, two notches for the class A-2-R, B-R and C-R
notes and to below 'B-sf' for the class D-R and E-R notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A reduction of the RDR at all rating levels in the stressed
portfolio by 25% of the mean RDR and an increase in the RRR by 25%
at all rating levels would result in upgrades of no more than one
notch for the class B-R notes, two notches for the class A-2-R
notes, four notches for the class C-R and D-R notes, five notches
for the class E-R notes and have no impact on the class A-1-R
notes.
Further upgrades, except for the 'AAAsf' notes, may occur if the
portfolio's quality remains stable and the notes start to amortise,
leading to higher credit enhancement across the structure.
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.
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.
BNPP AM 2019: Moody's Ups Rating on EUR21.6MM Class E Notes to Ba2
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by BNPP AM Euro CLO 2019 DAC:
EUR28,000,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Upgraded to Aa1; previously on Nov 17, 2021 Definitive Rating
Assigned Aa2
EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Upgraded to Aa1; previously on Nov 17, 2021 Definitive Rating
Assigned Aa2
EUR25,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A1; previously on Nov 17, 2021
Definitive Rating Assigned A2
EUR27,400,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Baa2; previously on Nov 17, 2021
Definitive Rating Assigned Baa3
EUR21,600,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Ba2; previously on Nov 17, 2021
Affirmed Ba3
Moody's has also affirmed the ratings on the following notes:
EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2032, Affirmed Aaa; previously on Nov 17, 2021 Definitive Rating
Assigned Aaa
EUR10,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B3; previously on Nov 17, 2021 Affirmed
B3
BNPP AM Euro CLO 2019 DAC, issued in August 2019, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by BNP PARIBAS ASSET MANAGEMENT France SAS. The
transaction's reinvestment period will end in January 2024.
RATINGS RATIONALE
The rating upgrades on the Class B-1, B-2, C, D and E notes are
primarily a result of the benefit of the shorter period of time
remaining before the end of the reinvestment period in January
2024.
The affirmations of the ratings on the Class A and F notes are
primarily a result of the expected losses on the notes remaining
consistent with their current rating levels, after taking into
account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.
In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile than it
had previously assumed.
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: EUR393.31m
Defaulted Securities: EUR6.04m
Diversity Score: 58
Weighted Average Rating Factor (WARF): 2944
Weighted Average Life (WAL): 4.32 years
Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.98%
Weighted Average Coupon (WAC): 4.23%
Weighted Average Recovery Rate (WARR): 45.45%
Par haircut in OC tests and interest diversion test: none
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.
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.
Counterparty Exposure:
The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance methodology" published in October 2023. 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. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Additional uncertainty about performance is due to the following:
-- Portfolio amortisation: Once reaching the end of the
reinvestment period in January 2024, 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.
-- Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.
-- 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.
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.
BRIDGEGATE FUNDING: Fitch Lowers Rating on Class E Notes to 'B-sf'
------------------------------------------------------------------
Fitch Ratings has downgraded Bridgegate Funding plc's class D and E
notes and revised the Outlook on the class C notes to Negative from
Stable:
Entity/Debt Rating Prior
----------- ------ -----
Bridgegate
Funding PLC
A XS2549049612 LT AAAsf Affirmed AAAsf
B XS2549049885 LT AAsf Affirmed AAsf
C XS2549050032 LT Asf Affirmed Asf
D XS2549050206 LT BBB-sf Downgrade BBBsf
E XS2549050461 LT B-sf Downgrade BBsf
F XS2549050628 LT CCCsf Affirmed CCCsf
X XS2442283565 LT CCsf Affirmed CCsf
TRANSACTION SUMMARY
The transaction is a securitisation of both owner-occupied (OO) and
buy-to-let (BTL) mortgages originated by The Mortgage Business, a
subsidiary of Bank of Scotland.
KEY RATING DRIVERS
Seasoned Non-Prime Loans: The asset pool has characteristics common
in UK non-conforming origination prior to the credit crisis. The
collateral portfolio contains seasoned loans (17 years), a high
proportion of borrowers with late-stage arrears (13.9% has more
than three monthly payments in arrears). In addition, the OO
sub-pool also contains a high proportion of interest-only (IO)
loans (around 87%) and borrowers that self-certified their
incomes.
Fitch considered the historical performances of the assets in its
analysis at transaction closing and found them generally in line
with sector indices. The OO and BTL portions of the pool were
analysed under Fitch's non-conforming and BTL criteria assumptions
with an originator adjustment of 1.0x.
Insufficient Revenues for Interest Payments: Assets linked to the
Bank of England base rate (BBR) have a weighted average (WA) margin
above the BBR of 1.6%, while standard variable rate (SVR) loans
yield an all-in rate of 9.7% as of September 2023. The increase in
interest rates on the SONIA-linked notes has been faster than that
on the assets' SVR and BBR, this is expected to stabilise when
interest rates plateau. Combined with increasing arrears, this has
led to insufficient revenues to pay interest on the class C, D, E
and F notes. This resulted in the use of principal available funds
to cover interest shortfalls.
The applied amounts are debited to the unrated class Z principal
deficiency ledger (PDL; 31.7% of the class Z outstanding notional
as of September 2023). Lack of excess revenues impacts the ability
to clear future outstanding PDL debits, unless asset collection
rates improve.
Rapid Asset Performance Deterioration: Since closing in January
2023, total arrears have increased to 20.7% from 12.8% and arrears
greater than three months have increased to 13.9% from 8.7%. In
addition, as of September 2023, cumulative losses (GBP6.9 million)
from repossessions (GBP12.8 million) suggest loss severity higher
than its expected case. Losses are added to the PDL to be recovered
from future excess revenue receipts. To date, there has not been
sufficient excess revenue to credit the PDL and these amounts
remain outstanding. Deterioration in payment ratios and loss
severity are reflected in the downgrades of the class D and E
notes.
Arrears Trigger Breach Increasingly Likely: The transaction
structure allows interest shortfalls on the class C to F notes to
be covered by principal available funds, subject to an arrears and
a PDL condition. The arrears condition is breached when the
outstanding percentage of loans in arrears by 270 days or more is
2% higher than that at closing. As of September 2023, this figure
had increased by 1.4% since closing.
The faster-than-expected deterioration in asset performance results
in a greater likelihood of a breach of the arrears condition.
Projecting current trends, in Fitch's modelling this could occur in
the next 12-18 months. A breach would result in the deferral of
interest on the class C to F notes to the extent there continues to
be insufficient revenue funds. Fitch is unlikely to consider notes
that are deferring interest commensurate with investment-grade
ratings, unless the deferral period is expected to be short. The
Negative Outlooks on the class C and D notes reflect this risk.
Loans Past Maturity: The asset portfolio as of September 2023
included a significant share of loans (around 13% by current
balance, compared with 7% at closing) that have passed the maturity
date without making the final balloon payment. A portion of these
are flagged as performing, meaning they are still current with
their interest payments. As per its analysis at closing, Fitch
classified these loans as restructured, reflecting the assumption
that if they are considered performing by the servicer there has
likely been some further arrangement or implicit term extension.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The transaction's performance may be affected by adverse changes in
market conditions and economic environment. Weakening economic
performance is strongly correlated to increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.
Additionally, unanticipated declines in recoveries could also
result in lower net proceeds, which may make certain notes
susceptible to negative rating action depending on the extent of
the decline in recoveries. Fitch conducts sensitivity analyses by
stressing both a transaction's base-case foreclosure frequency (FF)
and recovery rate (RR) assumptions, and examining the rating
implications on all classes of notes. A 15% increase in the WAFF
and a 15% decrease in the WARR indicate up to two-notch downgrades
for the class A, B and E notes, up to four notches for the class D
notes and up five notches for the class C notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing credit enhancement levels and
potentially upgrades. Fitch tested an additional rating sensitivity
scenario by applying a decrease in the FF and an increase in the RR
of 15% each. The results indicate up to five-notch upgrades for the
class D and E notes, up to two notches for the class B notes and up
to one notch for the class C notes.
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 reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
Bridgegate Funding PLC has an ESG Relevance Score of '4' for
Customer Welfare - Fair Messaging, Privacy & Data Security due to
high proportion of IO loans in legacy OO mortgages, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.
Bridgegate Funding PLC has an ESG Relevance Score of '4' for Human
Rights, Community Relations, Access & Affordability due to a
significant proportion of the pool containing OO 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.
CARLYLE GLOBAL 2014-2: Fitch Affirms 'Bsf' Rating on Cl. E-R Notes
------------------------------------------------------------------
Fitch Ratings has upgraded Carlyle Global Market Strategies Euro
CLO 2014-2 DAC 's class B-1-R, B-2-R and C-R notes and affirmed the
rest. The Outlooks are Stable.
Entity/Debt Rating Prior
----------- ------ -----
Carlyle Global
Market Strategies
Euro CLO 2014-2 DAC
A-1-RRR XS2339017688 LT AAAsf Affirmed AAAsf
A-2A-RRR XS2339019031 LT AAsf Affirmed AAsf
A-2B-RRR XS2339019890 LT AAsf Affirmed AAsf
B-1-R XS1898112922 LT A+sf Upgrade Asf
B-2-R XS1898113227 LT A+sf Upgrade Asf
C-R XS1898113656 LT BBB+sf Upgrade BBBsf
D-R XS1898116162 LT BBsf Affirmed BBsf
E-R XS1898116246 LT Bsf Affirmed Bsf
TRANSACTION SUMMARY
Carlyle Global Market Strategies Euro CLO 2014-2 DAC is a cash flow
CLO mostly comprising senior secured obligations. The transaction
is actively managed by CELF Advisors LLP and it is outside its
reinvestment period.
KEY RATING DRIVERS
Stable Performance: The rating actions reflect stable asset
performance. As per the trustee report dated 10 October 2023, the
transaction was below par by 2.1%, in addition to the 1% par
erosion since the last review in January 2022. It is, however,
passing all collateral quality, portfolio profile and coverage
tests. Exposure to assets with a Fitch-derived rating of 'CCC+' and
below is 6%, according to the trustee report, versus a limit of
7.5%. The portfolio has approximately EUR6.8 million of defaulted
assets.
The transaction's par erosion is offset by a shortening weighted
average life (WAL) covenant since the last rating review, which
contributed to maintaining the large break-even default-rate
cushions reported since January 2022. This resulted in the upgrade
of the class B-1-R, B-2-R and C-R notes and the affirmation of the
rest.
Reinvesting Transaction: Although the transaction is outside the
reinvestment period, the manager can continue to reinvest
unscheduled principal proceeds and sale proceeds from credit-risk
obligations, subject to compliance with the reinvestment criteria.
Given the manager's ability to reinvest, its analysis is based on a
stressed portfolio testing the Fitch-calculated WAL,
Fitch-calculated weighted average rating factor (WARF),
Fitch-calculated weighted average recovery rate (WARR), weighted
average spread, weighted average coupon and fixed-rate asset share
to their covenanted limit.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors at 'B'/ 'B-'. The WARF, as
calculated by Fitch under its latest criteria, was 27.1 as of 28
October 2023.
High Recovery Expectations: Senior secured obligations comprise
99.8% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated WARR is 62.5%, as of 28
October 2023.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 13.2%, and no obligor
represents more than 1.6% of the portfolio balance. The exposure to
the three-largest Fitch-defined industries is 27% as calculated by
the trustee. The transaction includes two Fitch matrices
corresponding to a top 10 obligor concentration limit at 18% and
20% and a maximum fixed-rate asset limit at 10%. Fixed-rate assets
are currently reported by the trustee at 10% of the portfolio
balance.
Deviation from MIRs: The class A-2A-RRR, A-2B-RRR and D-R notes'
model-implied ratings (MIRs) are one notch above their current
ratings. Fitch performed a sensitivity where the most vulnerable
EMEA leveraged loan issuers, Fitch´s top market concern loans
(MCL) and Tier 2 MCL, were assumed immediate default, while Tier 3
MCL and issuers with any loan that matures before December 2025
were downgraded three notches with a 'CCC-' floor. In this
sensitivity, the class A-2A-RRR, A-2B-RRR and D-R notes do not pass
at the MIRs, supporting the deviation from their MIRs.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would lead to downgrades of no more than two notches of
the class D-R notes, to below 'Bsf'- for the class E-R notes, and
have no impact on any of the other 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 A-2A-RRR/A-2B-RRR and D-R
notes display a rating cushion of two notches and the class C-R and
E-R notes of three notches. The class A-1-RRR, which are at the
highest achievable rate, and the class B-1-R/B-2-R notes display no
rating cushion.
Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded, either due to manager trading
or negative portfolio credit migration, a 25% increase of the mean
RDR and a 25% decrease of the RRR across all ratings of the
stressed portfolio would lead to downgrades of one notch for the
class A-2A-RRR and A-2B-RRR, of two notches for the B-1-R/B-2-R and
C-R notes, of four notches for the class D-R notes, and to below
'B-sf' for the class F-R notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of up to four notches for the rated notes, except for the
'AAAsf'-rated notes.
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
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
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.
GRIFFITH PARK CLO: Fitch Affirms 'Bsf' Rating on Class E Notes
--------------------------------------------------------------
Fitch Ratings has upgraded Griffith Park CLO DAC's class A-2A-R,
A-2B-R, B-R and C-R notes and affirmed the others.
Entity/Debt Rating Prior
----------- ------ -----
Griffith Park
CLO DAC
Class A-1A-R
XS2309452410 LT AAAsf Affirmed AAAsf
Class A-1B-R
XS2309453061 LT AAAsf Affirmed AAAsf
Class A-2A-R
XS2309453731 LT AA+sf Upgrade AAsf
Class A-2B-R
XS2309454200 LT AA+sf Upgrade AAsf
Class B-R
XS2309455199 LT A+sf Upgrade Asf
Class C-R
XS2309455603 LT BBB+sf Upgrade BBBsf
Class D
XS1903440532 LT BBsf Affirmed BBsf
Class E
XS1903440458 LT Bsf Affirmed Bsf
TRANSACTION SUMMARY
The transaction is a cash flow CLO actively managed by Blackstone
Ireland Limited. The reinvestment period ended in May 2023.
KEY RATING DRIVERS
Stable Performance, Shorter Life: The rating actions reflect the
stable asset performance. The transaction is currently 0.2% above
par. It is passing all collateral quality tests, coverage tests and
portfolio profile tests except for a marginal failure on the
allowance of fixed-rate assets in the portfolio. Exposure to assets
with a Fitch-derived rating of 'CCC+' and below is 3.0%, according
to the trustee report as of 11 September 2023, versus a limit of
7.5%. There are no defaulted assets in the portfolio.
The transaction's stable performance, combined with a shortened
weighted average life (WAL) covenant have resulted in larger
break-even default-rate cushions versus the last review in November
2022, leading to the upgrades.
Reinvesting Transaction: Although the transaction is outside the
reinvestment period, the manager can still reinvest unscheduled
principal proceeds and sale proceeds from credit-risk obligations,
subject to compliance with the reinvestment criteria. Given the
manager's ability to reinvest, its analysis is based on a stressed
portfolio factoring in the collateral quality matrix embedded in
the transaction documentation, and applying a haircut of 1.5% to
the weighted average recovery rate (WARR), which was inflated by a
recovery rate definition that is not consistent with its current
rating criteria.
Deviation from MIR: The class A-2A-R, A-2B-R, D and E notes'
model-implied ratings (MIRs) are one notch above their current
ratings. The deviations reflect Fitch's view that the default-rate
cushion at the MIRs for these notes are not commensurate with the
respective stress given the uncertain macroeconomic conditions.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors at 'B'/'B-'. The weighted
average rating factor (WARF) as calculated by the trustee was
33.27, which is below the maximum covenant of 35. The WARF as
calculated by Fitch under the updated criteria is 25.2.
High Recovery Expectations: Senior secured obligations comprise
96.86% of the portfolio as calculated by the trustee. Fitch views
the recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch WARR
reported by the trustee was 64.0%, against a minimum covenant at
62.8%.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 14.7%, and no obligor represents more than 2% of
the portfolio balance, as reported by the trustee.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would lead to no more than a one-notch downgrade of the
class D and E notes, and have no impact on any of the other notes.
Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class E notes display a rating
cushion of four notches, the class D notes two notches, and the
class A-2A-R, A-2B-R and C notes one notch. The class A-1A-R,
A-1B-R and B-R notes display no rating cushion.
Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded, either due to manager trading
or negative portfolio credit migration, a 25% increase of the mean
RDR and a 25% decrease of the RRR across all ratings of the
stressed portfolio would lead to downgrades of two notches for the
class A-2A-R, A-2B-R and D notes, three notches for the class B-R
and C-R notes, and to below 'B-sf' for the class E notes, without
any impact on the class A-1A-R and A-1B-R notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of up to four notches, except for the 'AAAsf' rated notes,
which are at the highest level on Fitch's scale and cannot be
upgraded.
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
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
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.
INDIGO CREDIT I: Fitch Assigns Final 'B-sf' Rating on Class F Debt
------------------------------------------------------------------
Fitch Ratings has assigned Indigo Credit Management CLO I DAC final
ratings.
Entity/Debt Rating
----------- ------
Indigo Credit
Management
CLO I DAC
A Loan LT AAAsf New Rating
A Notes
XS2690138933 LT AAAsf New Rating
B XS2690139154 LT AAsf New Rating
C XS2690139311 LT Asf New Rating
D XS2690139402 LT BBB-sf New Rating
E XS2690139741 LT BB-sf New Rating
F XS2690140087 LT B-sf New Rating
Subordinated
XS2690140160 LT NRsf New Rating
TRANSACTION SUMMARY
Indigo Credit Management CLO I DAC is a securitisation of mainly
senior secured obligations (at least 92.5%) with a component of
senior unsecured, mezzanine, second-lien loans, first-lien,
last-out loans and high-yield bonds. The portfolio is actively
managed by Pemberton Capital Advisors LLP. The transaction has a
4.5-year reinvestment period and an 8.5-year weighted average life
(WAL). The note proceeds have been used to fund a portfolio with a
target par amount of EUR350 million.
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'. The Fitch weighted
average rating factor of the target portfolio is 24.4.
High Recovery Expectations (Positive): At least 92.5% 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 target portfolio is 66.37%.
Diversified Portfolio (Positive): The transaction has one matrix
effective at closing corresponding to the 10 largest obligors at
23% of the portfolio balance and a fixed-rate asset limit at 5%. It
has also one forward matrix corresponding to the same top 10
obligors and fixed-rate asset limits, which will be effective one
year after closing, provided that the aggregate collateral balance
(defaults at Fitch-calculated collateral value) are at least at the
reinvestment target-par balance.
The transaction also includes various concentration limits,
including the exposure to the three largest Fitch-defined
industries in the portfolio at 40.0% and largest industry at 17.5%.
These covenants ensure that the asset portfolio will not be exposed
to excessive concentration.
Portfolio Management (Positive): The transaction has a 4.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed 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
stressed portfolio and matrices analysis is 12 months less than the
WAL covenant, to account for structural and reinvestment conditions
after the reinvestment period, including passing the
over-collateralisation and Fitch 'CCC' limitation, among other
things. This reduces 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
through D notes and would lead to downgrades of one notch for the
class E notes and to below 'B-sf' for the class F notes.
Based on the actual portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio, the
class B and D to F notes display a rating cushion of two notches
and the class C notes one notch.
Should the cushion between the identified portfolio and the stress
portfolio be eroded either due to manager trading or negative
portfolio credit migration, a 25% increase of the mean RDR across
all ratings and a 25% decrease of the RRR across all ratings of the
stressed portfolio would lead to downgrades of up to 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 Fitch's Stress Portfolio
would lead to upgrades of up to three 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 Fitch's Stress Portfolio,
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining WAL test, leading to the ability of the
notes to withstand larger than expected losses for the remaining
life of the transaction. After the end of the reinvestment period,
upgrades may occur in case of stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover for losses on the remaining portfolio
DATA ADEQUACY
Indigo Credit Management CLO I 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.
JUBILEE CLO 2023-XXVII: Fitch Assigns B-sf Final Rating on F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Jubilee CLO 2023-XXVII DAC final
ratings.
Entity/Debt Rating
----------- ------
JUBILEE CLO
2023-XXVII DAC
A XS2666005009 LT AAAsf New Rating
B XS2666005181 LT AAsf New Rating
C XS2666005348 LT Asf New Rating
D XS2666005421 LT BBB-sf New Rating
E XS2666005694 LT BB-sf New Rating
F XS2666005777 LT B-sf New Rating
Subordinated Notes
XS2666005850 LT NRsf New Rating
TRANSACTION SUMMARY
Jubilee CLO 2023-XXVII DAC is a securitisation of mainly senior
secured obligations with a component of senior unsecured,
mezzanine, second-lien loans, first-lien, last-out loans and
high-yield bonds. Note proceeds have been used to fund a portfolio
with a target par of EUR400 million, which is actively managed by
Alcentra Ltd. The transaction has a 4.5-year reinvestment period
and an 7.5-year weighted average life (WAL).
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 24.8.
High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 61.7%.
Diversified Portfolio (Positive): The transaction includes various
concentration limits, including the maximum exposure to the
three-largest Fitch-defined industries in the portfolio at 40%.
These covenants ensure that the asset portfolio will not be exposed
to excessive concentration.
Portfolio Management (Neutral): The transaction has two Fitch test
matrices at closing. The matrices correspond to a top 10 obligors
concentration limit of 20% and two fixed-rate obligations limits of
0% and 7.5%, respectively. The transaction can step-up one year 12
months after closing, subject to all tests being passed and the
aggregate collateral balance (defaults at Fitch-calculated
collateral value) is at least at the reinvestment target par
balance.
The transaction has a 4.5-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
Fitch-stressed portfolio is 6.5 years, 12 months less than the WAL
covenant at closing to account for structural and reinvestment
conditions after the reinvestment period. These including passing
the over-collateralisation and Fitch 'CCC' limit tests as well a
WAL covenant that gradually 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 F
notes .
Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than initially assumed, due to
unexpectedly high levels of default and portfolio deterioration.
Due to the better metrics and shorter life of the identified
portfolio than the Fitch-stressed portfolio, the class B, D and E
notes display a rating cushion of two notches, the class C notes of
one notch and the class F notes of four notches. Should the cushion
between the identified portfolio and the Fitch- stressed portfolio
be eroded either due to manager trading or negative portfolio
credit migration, a 25% increase of the mean RDR across all ratings
and a 25% decrease of the RRR across all ratings of the stressed
portfolio would lead to downgrades of up to three notches for the
rated notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would result in upgrades of no more than four notches
across the structure, apart from the 'AAAsf' notes.
During the reinvestment period, upgrades, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, leading
to the ability of the notes to withstand larger-than-expected
losses for the remaining life of the transaction. After the end of
the reinvestment period, upgrades may occur 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.
JUBILEE CLO 2023-XXVII: S&P Assigns B-(sf) Rating on F Notes
------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Jubilee CLO
2023-XXVII DAC's class A, B, C, D, E, and F notes. At closing, the
issuer also issued unrated subordinated notes.
Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payment.
This transaction has a 1.5 year non-call period and the portfolio's
reinvestment period will end approximately 4.5 years after
closing.
The ratings reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows and excess spread.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
Portfolio benchmarks
CURRENT
S&P Global Ratings weighted-average rating factor 2,822.84
Default rate dispersion 503.27
Weighted-average life (years) 4.45
Obligor diversity measure 108.99
Industry diversity measure 19.33
Regional diversity measure 1.27
Transaction key metrics
CURRENT
Total par amount (mil. EUR) 403.88
Defaulted assets (mil. EUR) 0
Number of performing obligors 137
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 0.25
'AAA' target portfolio weighted-average recovery (%) 37.60
Weighted-average spread (%) 4.39
Rating rationale
S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. At closing, the portfolio is well-diversified, primarily
comprising broadly syndicated speculative-grade senior secured term
loans and senior secured bonds. Therefore, we conducted our credit
and cash flow analysis by applying our criteria for corporate cash
flow CDOs.
"In our cash flow analysis, we modelled the EUR400 million par
amount, the covenanted weighted-average spread of 4.30%, the
covenanted weighted-average coupon of 5.00%, and the target
weighted-average recovery rates. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.
"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our counterparty criteria.
"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk
limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.
"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.
"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to F notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we capped our assigned ratings on these notes. The
class A notes can withstand stresses commensurate with the assigned
rating.
"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
based on four hypothetical scenarios.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."
Environmental, social, and governance
S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to the following industries: controversial weapons, conventional
weapons, firearms, tobacco and tobacco-related products, fraudulent
and coercive loan origination and/or highly speculative financial
operations. Accordingly, since the exclusion of assets from these
industries does not result in material differences between the
transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."
Ratings list
CLASS RATING* AMOUNT SUB (%) INTEREST RATE§
A AAA (sf) 48.00 38.00 Three/six-month EURIBOR
plus 1.72%
B AA (sf) 42.00 27.50 Three/six-month EURIBOR
plus 2.35%
C A (sf) 24.00 21.50 Three/six-month EURIBOR
plus 3.00%
D BBB- (sf) 26.00 15.00 Three/six-month EURIBOR
plus 4.80%
E BB- (sf) 18.00 10.50 Three/six-month EURIBOR
plus 7.28%
F B- (sf) 12.00 7.50 Three/six-month EURIBOR
plus 9.31%
Sub. Notes NR 33.75 N/A N/A
*S&P's ratings on the class A and B notes address timely interest
and ultimate principal payments. Its ratings on the class C, D, E,
and F notes address ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.
PALMER SQUARE 2023-2: S&P Assigns B-(sf) Rating on Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Palmer Square
European CLO 2023-2 DAC's class A, B-1, B-2, C, D, E, and F notes.
The issuer has also issued unrated subordinated notes.
Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.
The transaction has a two-year non-call period and the portfolio's
reinvestment period will end approximately four and a half years
after closing.
The assigned ratings reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.
Portfolio benchmarks
CURRENT
S&P Global Ratings weighted-average rating factor 2,708.47
Default rate dispersion 567.90
Weighted-average life (years) 4.35
Weighted-average life (years) extended
to cover the length of the reinvestment period 4.69
Obligor diversity measure 149.11
Industry diversity measure 24.34
Regional diversity measure 1.36
Transaction key metrics
CURRENT
Total par amount (mil. EUR) 400.00
Defaulted assets (mil. EUR) 0
Number of performing obligors 182
Portfolio weighted-average rating
derived from our CDO evaluator 'B'
'CCC' category rated assets (%) 1.00
Actual 'AAA' weighted-average recovery (%) 37.85
Actual weighted-average spread (%) 4.08
Actual weighted-average coupon (%) 4.79
Rating rationale
S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. We consider that the portfolio primarily comprises broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. Therefore, we conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.
"In our cash flow analysis, we used the EUR400 million par amount,
the covenanted weighted-average spread of 3.90%, the covenanted
weighted-average recovery rate at 'AAA', and actual
weighted-average recovery rates for all other rated notes. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.
"We expect the transaction's documented counterparty replacement
and remedy mechanisms to adequately mitigate its exposure to
counterparty risk under our current counterparty criteria.
Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.
"We consider that the transaction's legal structure is bankruptcy
remote, in line with our legal criteria.
"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B-1 to E notes could withstand
stresses commensurate with higher rating levels than those
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we capped our assigned ratings.
"The class A and class F notes can withstand stresses commensurate
with the assigned ratings. Our ratings on the class A, B-1, and B-2
notes address timely payment of interest and principal, while our
ratings on the class C, D, E, and F notes (once drawn upon) address
the payment of ultimate interest and principal.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that the ratings assigned
are commensurate with the available credit enhancement for all
classes of notes.
"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we have also included the
sensitivity of the ratings on the class A to E notes based on four
hypothetical scenarios."
Environmental, social, and governance (ESG) credit factors
S&P said, "We regard the transaction's exposure to ESG credit
factors as broadly in line with our benchmark for the sector.
Considering the diversity of the assets within CLOs, the exposure
to environmental credit factors is viewed as below average, social
credit factors are below average, and governance credit factors are
average.
"For this transaction, the documents prohibit assets from being
related to certain industries, including, but not limited to:
activities in violation of "The Ten Principles of the UN Global
Compact" and activities having corporate involvement in the end
manufacture or manufacture of intended use components of biological
and chemical weapons, anti-personnel land mines, or cluster
munitions (as defined in the Biological and Toxin Weapons
Convention of 1972, the Chemical Weapons Convention of 1993, the
Anti-personnel Landmines Convention of 1997, and/or the Convention
on Cluster Munitions of 2010). Accordingly, since the exclusion of
assets from these industries does not result in material
differences between the transaction and our ESG benchmark for the
sector, no specific adjustments have been made in our rating
analysis to account for any ESG-related risks or opportunities."
Ratings
CLASS RATING AMOUNT SUB (%) INTEREST RATE*
(MIL. EUR)
A AAA (sf) 248.00 38.00 Three-month EURIBOR
plus 1.70%
B-1 AA (sf) 29.50 27.00 Three-month EURIBOR
plus 2.40%
B-2 AA (sf) 14.50 27.00 6.70%
C A (sf) 24.00 21.00 Three-month EURIBOR
plus 3.10%
D BBB- (sf) 24.00 15.00 Three-month EURIBOR
plus 5.25%
E BB- (sf) 18.00 10.50 Three-month EURIBOR
plus 7.65%
F§ B- (sf) 13.00 7.25 Three-month EURIBOR
plus 9.50%
Sub notes NR 42.90 N/A N/A
*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.
§The class F notes is a delayed drawdown tranche, which is not
issued at closing.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.
PRIMROSE RESIDENTIAL 2022-1: Fitch Affirms CCC Rating on Cl. G Debt
-------------------------------------------------------------------
Fitch Ratings has affirmed Primrose Residential 2022-1 DAC's notes
and revised the Outlooks on the class C, D, E and F notes to Stable
from Positive. Six tranches have been removed from Under Criteria
Observation.
Entity/Debt Rating Prior
----------- ------ -----
Primrose Residential
2022-1 DAC
A XS2460259752 LT AAAsf Affirmed AAAsf
B XS2460260255 LT AA-sf Affirmed AA-sf
C XS2460260842 LT A-sf Affirmed A-sf
D XS2460260925 LT BBBsf Affirmed BBBsf
E XS2460261147 LT BBsf Affirmed BBsf
F XS2460267771 LT B-sf Affirmed B-sf
G XS2460267938 LT CCCsf Affirmed CCCsf
TRANSACTION SUMMARY
Primrose Residential 2022-1 DAC is a securitisation of first-lien
residential mortgage assets that were originated before the global
financial crisis by three Irish lenders. The seller is Ailm
Residential DAC and the provider of representations and warranties
is Morgan Stanley Principal Funding, Inc. Mars Capital Finance
Ireland DAC and Pepper Finance Corporation (Ireland) DAC service
the portfolio and remain the legal title holders.
KEY RATING DRIVERS
Weakening in Asset Performance: As at September 2023, loans in
arrears by more than 90 days had more than doubled since closing in
April 2022. Fitch believes that recent interest rate rises and
inflationary trends have put pressure on borrowers' performance,
given the adverse features of the assets (the portfolio includes a
significant portion (about 50% by current balance) of restructured
loans) and high loan leverage.
In its analysis, Fitch has taken into account macroeconomic
uncertainties and increasing late-stage arrears, which may leave
the notes vulnerable to further performance deterioration. The
rating actions also reflect the impact of Fitch's updated European
RMBS Rating Criteria, in particular foreclosure frequency and
recovery rate assumptions for Ireland.
Reserve Drawings, Net WAC Payments: Since February 2023, there have
been some drawings on the non-liquidity reserve fund and the class
B to G notes deferred the net weighted average coupon (WAC)
additional payments. As at the last interest payment date this had
only been cured for the class B notes. Fitch understands this is
due to the lag between rate determination on the bonds (each month)
and the assets (a lag up to two months). Fitch expects these
amounts to remain small and to gradually reduce once the interest
rate environment stabilises. The class A notes are not subject to
the net WAC cap. The ratings do not address the net WAC additional
payments.
Unhedged Basis Risk: As at July 2023, 61.2% of the outstanding
portfolio comprised ECB track rate loans with a loan
weighted-average (WA) margin of 2.3%. There is no swap to hedge the
mismatch between the ECB tracker-linked assets and the
Euribor-based notes, exposing the transaction to potential basis
risk. For these loans, Fitch has stressed the transaction cash
flows for this mismatch, in line with its criteria.
The rest of the floating-rate loans are on standard variable rate
(35.0% of the portfolio balance). These have a minimum documented
WA margin of one-month Euribor plus 2.5%, which largely mitigates
the mismatch with the notes. Fixed-rate loans account for 3.8% of
the pool, of which 1.4% is fixed for life.
Rising Rate Exposure Partially Hedged: At closing, an interest rate
cap was put in place for 10 years to hedge against rising interest
rates. It was based on an initial scheduled notional amount of
EUR100 million (27.2% of the closing asset balance) and a strike
rate that rises incrementally to a maximum of 3.5%. The cap has a
premium of 30bp for the first three years, rising to 60bp for the
remaining seven years. The premium is included as an issuer senior
expense.
Fitch tested an amended stressed interest rate path with a plateau
of 3.5% to assess whether as a result of the interest rate cap, a
lower plateau would be significantly more stressful than Fitch's
standard upward interest rate curves as outlined in its Structured
Finance and Covered Bonds Interest Rate Stresses Rating Criteria.
The outcome of this test did not affect the notes' ratings.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The transaction's performance may be affected by changes in market
conditions and the economic environment. Weakening economic
performance is strongly correlated to increasing levels of
delinquencies and defaults, which may cause further reserve fund
drawings and PDL debits, slowing down the build-up of credit
enhancement for the notes and leading to potential downgrades.
In addition, unanticipated declines in recoveries could result in
lower net proceeds, which may make certain notes susceptible to
potential negative rating action depending on the extent of the
decline in recoveries.
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 credit enhancement levels and
potential upgrades.
DATA ADEQUACY
Primrose Residential 2022-1 DAC
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.
Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
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.
WILTON PARK: Fitch Assigns Final 'B-sf' Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned Wilton Park CLO DAC final ratings.
Entity/Debt Rating Prior
----------- ------ -----
Wilton Park CLO DAC
Class A XS2698487316 LT AAAsf New Rating AAA(EXP)sf
Class B-1 XS2698487662 LT AAsf New Rating AA(EXP)sf
Class B-2 XS2698487829 LT AAsf New Rating AA(EXP)sf
Class C XS2698489106 LT Asf New Rating A(EXP)sf
Class D XS2698489445 LT BBB-sf New Rating BBB-(EXP)sf
Class E XS2698489528 LT BB-sf New Rating BB-(EXP)sf
Class F XS2698489791 LT B-sf New Rating B-(EXP)sf
Class Z-1 XS2698489957 LT NRsf New Rating NR(EXP)sf
Class Z-2 XS2698490880 LT NRsf New Rating NR(EXP)sf
Subordinated Notes
XS2698490963 LT NRsf New Rating NR(EXP)sf
TRANSACTION SUMMARY
Wilton Park CLO 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.
The portfolio is actively managed by Blackstone Ireland Limited.
The collateralised loan obligation (CLO) has a 4.5-year
reinvestment period and a 7.5-year weighted average life test
(WAL).
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch considers the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
24.3.
High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 62.2%.
Diversified Asset Portfolio (Positive): The transaction also
includes various other concentration limits, including the maximum
exposure to the three largest Fitch-defined industries in the
portfolio at 40%. These covenants ensure that the asset portfolio
will not be exposed to excessive concentration.
Portfolio Management (Neutral): The transaction has four matrices;
two effective at closing with fixed-rate limits of 5% and 12.5%,
and two one year post-closing (or two years if the WAL steps up one
year post closing) with fixed-rate limits of 5% and 12.5%. All four
matrices are based on a top-10 obligor concentration limit of 20%.
The closing matrices correspond to a 7.5-year WAL test while the
forward matrices correspond to a 6.5 year WAL test.
The transaction can step-up one year at one year post closing,
subject to all tests passing and the collateral principal amount
(defaults at Fitch collateral value) is at least at the
reinvestment target par balance. The switch to the forward matrices
is subject to the collateral principal amount (defaults at Fitch
collateral value) is at least at the target par. 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 transaction's
stress portfolio analysis is 12 months less than the WAL covenant
at the issue date (subject to a floor of six years), to account for
the strict reinvestment conditions envisaged by the transaction
after its reinvestment period. These include, among others, passing
the coverage tests and the Fitch 'CCC' bucket limitation test post
reinvestment, as well as a WAL covenant that progressively steps
down over time, both before and after the end of the reinvestment
period. Fitch believes these conditions would reduce the effective
risk horizon of the portfolio during the stress period.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A and B
notes and would lead to downgrades of one notch for the class C to
E notes and to below 'B-sf' for the class F notes.
Based on the actual portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio, the
class B, and D to F notes display a rating cushion of two notches
and the class C notes one notch.
Should the cushion between the identified portfolio and the stress
portfolio be eroded either due to manager trading or negative
portfolio credit migration, a 25% increase of the mean RDR across
all ratings and a 25% decrease of the RRR across all ratings of the
stressed portfolio would lead to downgrades of up to three notches
for the class A to D notes and to below 'B-sf' for the class E and
F notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of Fitch's Stress Portfolio
would lead to an upgrade of up to three notches for the rated
notes, except for the 'AAAsf' rated notes, which are at the highest
level on Fitch's scale and cannot be upgraded.
During the reinvestment period, based on Fitch's Stress Portfolio,
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining weighted average life test, leading to the
ability of the notes to withstand larger than expected losses for
the remaining life of the transaction. After the end of the
reinvestment period, upgrades may occur in case of stable portfolio
credit quality and deleveraging, leading to higher credit
enhancement and excess spread available to cover for losses on the
remaining portfolio
DATA ADEQUACY
Wilton Park CLO 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.
=====================
S W I T Z E R L A N D
=====================
UBS GROUP: S&P Rates New Additional Tier 1 Perpetual Notes 'BB'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to the
proposed perpetual, junior subordinated additional tier 1 (AT1)
notes to be issued by UBS Group AG (A-/Negative/A-2), the
non-operating holding company (NOHC) of global banking group UBS.
S&P understands the issuance will qualify as Basel III-compliant
AT1 notes under Swiss regulations. The issue rating is subject to
our review of the notes' final documentation.
The proposed AT1 issuance is one of the first from a Swiss bank
since March this year, when Switzerland's supervisory authority
decided to write off Credit Suisse's AT1, resulting in a temporary
disruption of the markets for hybrid issues.
UBS adopts an equity conversion loss absorption mechanism subject
to annual general meeting (AGM) approval. These are the first AT1
instruments issued by the UBS Group that have an equity-conversion
feature in the event of a breach of a common equity tier 1 (CET1)
ratio trigger or if a "viability event" occurs as per the
documentation. The full adoption of equity conversion in the terms
and conditions of the instruments will require a vote at the next
AGM in 2024 and a subsequent change in the articles of association.
The proposed notes have been designed to allow loss absorption via
a write-down before the change in articles of association, similar
to UBS' existing AT1 instruments, and, following the amendment,
will move to an equity-conversion loss absorption mechanism. In
S&P's base case, it expects the 2024 AGM to consent to the
conversion clause.
S&P said, "The issue rating is five notches lower than our 'A-'
long-term issuer credit rating on UBS Group AG. In accordance with
our criteria for hybrid capital instruments, the starting point for
the rating on a hybrid issued by an NOHC is typically the lower of
the group stand-alone credit profile (SACP) assessment and the
long-term issuer credit rating (ICR). In this case, the ICR is
lower than the group SACP." The five-notch deduction from the 'A-'
ICR reflects the following:
-- One notch for the proposed notes' contractual subordination.
-- Two notches for the risk of nonpayment of coupons due to the
proposed notes' inclusion as regulatory Tier 1 capital.
-- One notch for the mandatory contingent capital clause that
leads to conversion into equity if the group faces distress or
nonviability. This clause leads to a write-down if a capital ratio
trigger event or viability event occurs before the conversion
capital availability event, which is the date when the articles of
association are amended to provide for sufficient conversion
capital.
-- One notch to reflect additional risks of loss absorption
stemming from a less than 700 basis points distance to the
mandatory going-concern trigger. Noteholders could lose the
principal if the trigger for mandatory conversion to equity were
breached. This trigger is set at a CET1 ratio of 7% under capital
requirements regulation, which we consider a going-concern level.
On Sept. 30, 2023, UBS Group AG's CET1 ratio was 14.4% and its
guidance for the CET1 ratio is 14% in the medium term. However, S&P
doesn't expect the ratio to remain consistently above the target
level over the next 12 to 24 months.
The notching to derive the rating on the proposed AT1 notes is in
line with the approach for UBS Group AG's existing high-trigger
junior subordinated instruments.
Once UBS Group AG has issued the notes and confirmed they are part
of the group's regulatory Tier 1 capital base, S&P expects them to
qualify as having intermediate equity content under its criteria.
This reflects our understanding that the notes:
-- Are perpetual, regulatory Tier 1 capital instruments;
-- Contain no step-up features; and
-- Can absorb losses on a going-concern basis through the
nonpayment of coupons, which are fully discretionary.
The proposed issuance is in line with UBS' management's previously
communicated intention to build the group's AT1 buffer and so
increase its going-concern capital ratio. As such, we expect the
group to more than offset the impact on capital from the recent
decision to call an existing AT1 issue. The contemplated hybrid
notes are in line with our understanding of the group's hybrid
capital issuance plans and are therefore already factored into our
long-term ICR on UBS Group AG.
The terms and conditions of UBS Group AG's AT1 issues together with
the legislative framework give the Swiss authority the capability
to determine whether a viability event has occurred, even if the
capital ratio threshold has not been breached. S&P said, "We note
that the documentation for the proposed AT1 notes retains the
viability event language that we have seen before in Swiss AT1
issuances and has been reinforced by recent legislative changes. In
September 2023, the Swiss authorities revised the banking act,
which provides the Swiss Financial Market Authority with codified
powers, including the write-down, conversion, or coupon deferral of
AT1, if a systemically important bank (SIBs) is tapping
extraordinary, government-backed emergency liquidity assistance in
the event of an unexpected shortage. As such, it is possible for
UBS Group AG's AT1 issue to convert into common equity without a
trigger event having occurred. We reflect the risk of the
regulatory intervention in our rating on the proposed AT1 notes,
which in turn reflect both the terms of the instruments and the
inherent creditworthiness of the issuer."
S&P could deduct additional notches from the ICR to derive its
rating on the proposed AT1 notes, as well as revise down its
assessment of the group SACP, if UBS faced an extraordinary
liquidity stress scenario.
===========
T U R K E Y
===========
QNB FINANSBANK: Fitch Assigns 'CCC+(EXP)' Rating on Tier 2 Notes
----------------------------------------------------------------
Fitch Ratings has assigned QNB Finansbank Anonim Sirketi's (QNBF)
planned issue of Basel III-compliant Tier 2 capital notes an
expected rating of 'CCC+(EXP)'. The Recovery Rating is 'RR5'. The
size of the issue is not yet determined but is expected to be in
the range of USD300 million.
The final rating is subject to the receipt of the final
documentation conforming to information already received by Fitch.
The notes qualify as Basel III-compliant Tier 2 instruments and
contain contractual loss absorption features, which can be
triggered at the point of non-viability. According to the draft
terms, the notes are subject to permanent partial or full
write-down, on the occurrence of a non-viability event (NVE). There
are no equity conversion provisions in the terms.
An NVE is determined as occurring once the bank has incurred losses
and has become, or is likely to become, non-viable as determined by
the local regulator, the Banking and Regulatory Supervision
Authority (BRSA). The bank will be deemed non-viable should it
reach the point at which the BRSA determines its operating license
is to be revoked and the bank liquidated, or the rights of QNBF's
shareholders (except to dividend), and the management and
supervision of the bank, are transferred to the Savings Deposit
Insurance Fund (SDIF) on the condition that losses are deducted
from the capital of existing shareholders.
The notes have an expected 10-year maturity and a call option after
five years.
KEY RATING DRIVERS
The notes are rated one notch below QNBF's Long-Term
Foreign-Currency (LTFC) Issuer Default Rating (IDR) of 'B-', in
accordance with Fitch's Bank Rating Criteria.
The one notch for loss severity reflects Fitch's view of
below-average recovery prospects for the notes in an NVE. The
one-notch loss severity, rather than its baseline two notches,
reflects its view that shareholder support from Qatar National Bank
(Q.P.S.C.) (A/Positive), could help mitigate losses, and
incorporates the cap on the bank's LTFC IDR at 'B-' due to its view
of government intervention risk.
The anchor rating of QNBF's LTFC IDR reflects its view that Qatar
National Bank (Q.P.S.C.), the parent of QNBF, would likely seek to
restore QNBF's solvency without imposing losses on subordinated
creditors. It also reflects the likelihood that a QNBF default
would be driven by some form of transfer and convertibility
restrictions, rather than a loss of solvency or liquidity.
QNBF's LTFC IDR is driven by shareholder support from Qatar
National Bank (Q.P.S.C.), and underpinned by its Viability Rating
(b-). Fitch uses the LTFC IDR as the anchor rating for the
certificates as Fitch believes that potential extraordinary
shareholder support is likely to flow through to the bank's
subordinated debt holders. Its view of support is based on QNBF's
strategic importance to its parent, ownership, integration and role
within the wider group.
Fitch has applied zero notches for incremental non-performance
risk, as the agency believes that write-down of the notes will only
occur once the point of non-viability is reached, there is no
coupon flexibility prior to non-viability, and as the notes do not
incorporate going-concern loss-absorption features.
The notes' 'RR5' Recovery Rating reflects below-average recovery
prospects in default.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
As the notes are notched down from QNBF's shareholder
support-driven LTFC IDR, their rating is sensitive to a downgrade
of the IDR. The notes' rating is also sensitive to an unfavourable
revision in Fitch's assessment of loss severity and incremental
non-performance risk.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
The notes' rating is sensitive to an upgrade of QNBF's LTFC IDR.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
QNBF's ratings are underpinned by shareholder support from QNB.
ESG CONSIDERATIONS
The ESG Relevance Score for Management Strategy of '4' reflects an
increased regulatory burden on all Turkish banks. Management
ability across the sector to determine their own strategy and price
risk is constrained by increased regulatory interventions and also
by the operational challenges of implementing regulations at the
bank level. This has a moderately negative impact on the credit
profile and is relevant to the rating in combination 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
----------- ------ --------
QNB Finansbank
Anonim Sirketi
Subordinated LT CCC+(EXP) Expected Rating RR5
=============
U K R A I N E
=============
DTEK ENERGY: Fitch Raises IDR to 'CC' on Post-Restructuring Profile
-------------------------------------------------------------------
Fitch Ratings has downgraded DTEK Energy B.V.'s Long-Term Foreign-
and Local-Currency Issuer Default Ratings (IDRs) to 'Restricted
Default' (RD) from 'C' following the execution of the tender offer
to the holders of its 7.0%/7.5% senior payment-in-kind (PIK) toggle
notes due 2027.
Fitch views the tender offer as a distressed debt exchange (DDE).
Fitch has simultaneously upgraded the IDR to 'CC' from 'RD',
reflecting DTEK Energy's post-restructuring profile with high
default risk. The agency has also upgraded DTEK Energy's senior
unsecured rating to 'CC' from 'C', based on better recovery
prospects and an increase of the recovery rating to 'RR4' from
'RR5'.
Despite regulatory changes which materially increased energy price
caps from July 2023, Fitch views DTEK Energy's default as very
likely, since the company is experiencing severe distress,
including operational disruptions and limited liquidity.
KEY RATING DRIVERS
DDE: Fitch regards DTEK Energy's tender offer for part of its bonds
as a DDE, as the tender offer was executed well below par and is
part of a series of measures the company is adopting to resize its
financial liabilities. This exercise is aimed at mitigating DTEK
Energy's risk of potential default in the context of the
extraordinarily challenging operational scenario the company is
currently functioning in. Therefore, Fitch deems default as still
very likely due to severe distress and limited liquidity.
Repurchase Below Par: Following the execution of the tender offer,
DTEK Energy spent USD50 million to repurchase USD82.35 million of
its 7.0%-7.5% senior PIK toggle notes due 2027. The buyback
consisted of a material reduction in terms as it was executed well
below par with an average price of 60.7% of the nominal. Following
the repurchase, the outstanding bonds total USD1.14 billion.
Low Residual Liquidity After 2023: Following the USD26 million
coupon payment of the toggle notes paid at end-September 2023 (of
which USD22 million was paid to external parties and USD5 million
remained within the DTEK Energy group) and the USD50 million tender
offer execution on October 30, 2023, DTEK Energy has sufficient
cash, held partly in Ukraine and partly abroad, for the upcoming
payments in December 2023. This includes a coupon payment of
USD25.7 million (of which USD20 million will be paid to external
parties) and a bond repayment of USD10 million, as well as about
USD0.7 million debt service on its Sense Bank loan.
However, DTEK Energy's cash may prove insufficient for debt service
payments next year, especially in case of worsening business
conditions. DTEK Energy's upcoming debt maturities are low, with
USD10 million notes repayment every June and December and a final
up to USD10 million debt repayment to Sense Bank. The interest
payments to external parties will average USD20 million every
quarter.
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. However, it has been able to service its debt
normally so far.
Damaged Assets Stagnate Output: After four quarters of declining
energy volumes since the Ukrainian-Russian war started in February
2022 (falling by about 30% yoy), the trend reversed in 2Q23 with a
13% yoy rise. Even if energy output continues to increase in the
following couple of quarters, Fitch expects energy volumes in 2023
to remain below the 2022 level. DTEK Energy's damaged assets
constrain its ability to materially increase energy supply to match
high demand in 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, rising by about 25% yoy, supporting DTEK Energy's
EBITDA. Fitch forecasts an EBITDA of roughly USD550 million in
2023, and Fitch expects some stabilisation of the trade
receivables, after the considerable working-capital outflows in
2022. This could result in positive free cash flow (FCF) of around
USD170 million. However, longer-term cash flow forecasts are
uncertain at this stage, amid unclear duration and severity of the
war with Russia.
DERIVATION SUMMARY
In Fitch's view, the company's liquidity metrics are in line with
the 'CC' category, which indicates very high credit risk.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Electricity generation volumes in 2023 by about 9% lower than in
2022 then growing in line with GDP growth in 2024-2025.
- Electricity prices growing by about 25% in 2023 yoy following the
increased energy cap price from July 2023 and rising in line with
inflation rate in 2024-2025.
- Capex of UAH9 billion in 2023 and averaging UAH11.5 billion
annually in 2024-2025 aimed at restoration works.
RECOVERY ANALYSIS
- 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 its view of a sustainable,
post-reorganisation EBITDA level, on which Fitch has based the
valuation of the company
- The Fitch-calculated GC EBITDA of UAH7.5 billion reflects
pressure resulting from the sustained invasion of Ukraine. However,
this represents an increase from its previous calculation of UAH5
billion, reflecting improvements in profitability and cash flow
from operations
- 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 at 'RR4', with a waterfall generated recovery computation of
41%, indicating a 'CC' instrument rating
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Cessation of military operations, and resumption of normal
business operations with cash flow stabilisation and an improved
liquidity position
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- The rating would be downgraded on signs that a renewed
default-like process has begun
- Non-payment of the coupon or debt obligations, or steps towards
further debt restructuring
- The IDR will be downgraded to 'D' if DTEK Energy enters into
bankruptcy filings, administration, receivership, liquidation or
other formal winding-up procedures, or ceases business
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 RD Downgrade C
LT IDR CC Upgrade RD
ST IDR RD Downgrade C
ST IDR C Upgrade RD
LC LT IDR RD Downgrade C
LC LT IDR CC Upgrade RD
LC ST IDR RD Downgrade C
LC ST IDR C Upgrade RD
Natl LT RD(ukr) Downgrade C(ukr)
Natl LT CCC(ukr)Upgrade RD(ukr)
senior
unsecured LT CC Upgrade RR4 C
===========================
U N I T E D K I N G D O M
===========================
COMMUNISIS: On Brink of Collapse, 1,000 Jobs at Risk
----------------------------------------------------
Ben Marlow at The Telegraph reports that the future of the humble
paper bank statement is at stake amid a cash crunch at the main
print supplier to Britain's big high street banks.
According to The Telegraph, a finance industry-led rescue operation
to save Leeds-based Communisis is being spearheaded by Lloyds but
hopes of a salvage deal were fading this weekend.
It is understood the advisory firm Interpath has been put on
standby amid concerns that the company faces the growing threat of
insolvency, The Telegraph discloses. An estimated 1,000 jobs are
at risk, The Telegraph states.
Fears for the future of the business have been heightened after
Lloyds took the unusual step of telling some customers they would
be switched to online statements without explaining the reason for
the move, The Telegraph notes.
Lloyds, as cited by The Telegraph, said the changes would take
place from the beginning of November. "We're experiencing some
issues and may not be able to send as many by post as we normally
do," the letter went on.
Lloyds, which currently owns The Telegraph but has no involvement
in editorial matters, has already led one survival plan including a
two-part "Interim Funding Agreement", totalling GBP13 million, that
other major banks took part in, The Telegraph relays.
Regulatory rules require banks to provide paper statements "or in
another durable medium" if a customer requests one. Yet, demand
for paper statements is falling sharply, The Telegraph says. The
most recent accounts for Communisis, for 2021, detailed a 20%
decline in its core printing business due to the ongoing switch to
digital communications, according to The Telegraph.
Communisis was plunged into crisis when its American parent OSG
Holdings declared bankruptcy after racking up large losses in
recent years, The Telegraph recounts.
IVC ACQUISITION: Fitch Assigns B(EXP) LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned IVC Acquisition MidCo Ltd (IVCE) an
expected Long-Term Issuer Default Rating (IDR) of 'B(EXP)' with a
Stable Outlook.
Fitch has also assigned an expected senior secured rating of
'B(EXP) with a Recovery Rating 'RR4' to VetStrategy Canada Holdings
Inc's (VS) proposed senior secured term loan B (TLB) of USD1,250
million and IVC Acquisition Limited's extended existing TLBs of
GBP900 million and EUR2.1 billion. IVCE is the top entity of the
new restricted group following the announced refinancing.
Fitch has also revised the Outlook on the current rated perimeter
under IVCE Acquisition Pikco Limited to Stable from Negative and
affirmed its IDR at 'B'.
The transaction is largely neutral to leverage with the new
proceeds to be used to redeem or extend the existing facilities.
Fitch expects to assign final IDR and debt ratings on completion of
the transaction.
The revision of IVCE's Outlook to Stable reflects its improved
market position after consolidating VS in the restricted group and
an expected improvement in leverage, supported by sizable equity
injections. Fitch includes VS in IVCE's new restricted group
following the alignment of the debt terms in the planned
refinancing. The consolidation of VS has improved IVCE's market
position and geographic diversification. In addition, the sizeable
equity injection of GBP800million in FY23 (financial year ending
September), with a further GBP400million committed for FY24, has
demonstrated strong shareholder support to boost IVCE's financial
flexibility and set it back on track for deleveraging.
The affirmation of IVCE's IDR at 'B' reflects its robust business
model with leading position in core markets, strong sector
fundamentals offering organic growth, and the company's record of
robust underlying operating profitability, which Fitch believes
will be restored in FY24, after temporary weakness in FY22-FY23.
KEY RATING DRIVERS
Improved Business Profile: The consolidation of VS has increased
IVCE's business scale and extended its geographic footprint to
Canada, which contributes to 21% of revenue. Fitch anticipates
material synergies and scale benefit within the expanded group from
procurement, shared resources, and an integrated digital platform.
Fitch expects that IVCE will maintain or grow its leading market
positions, with steady revenue growth, despite some current
softness in profitability and pressure on FCF margins, reflecting
investments in staff and platforms such as digital infrastructure.
Equity Injection Supports Deleveraging: Fitch expects EBIDAR
leverage to decrease to around 8.9x at FYE23 from 11.0x at FYE22,
supported by debt reduction of GBP560 million following the equity
injection in FY23. Fitch believes that IVCE will be able to
mitigate cost inflation through price increases, in line with the
market. However, Fitch estimates EBITDA margins to have remained
subdued in FY23 at slightly below 14% in an inflationary
environment. Fitch anticipates EBITDA margin to improve to above
15% in FY24, which, in combination with equity-funded M&A earnings
contribution, should improve EBITDAR leverage towards 7.5x at
FYE24.
FCF Under Pressure: Fitch projects FCF to remain negative in the
next 12 months, driven by higher interest costs and still depressed
EBITDA margins. Fitch expects accelerating organic growth and
improving profitability, in combination with efficient
working-capital management, to help turn FCF to neutral or positive
from FY25. Fitch expects increased capex from FY24, at 4.5% of
revenue, to support a growing business, but see flexibility for
cutback in expansionary capex if needed. Fitch estimates M&A will
pick up from FY24 as IVCE continues to seek opportunities to
consolidate the industry. In its rating case, Fitch assumes
GBP500million of M&A in FY24, which will be largely equity-funded.
Manageable Refinancing Risks: Fitch believes that refinancing risk
is somewhat mitigated by IVCE's deleveraging capacity and a
resilient business profile. The extended revolving credit facility
(RCF) and TLBs (which represent the main part of the capital
structure) mature in November 2028. The second-lien facility
matures in February 2027 but due to its small size (GBP366million)
Fitch believes that IVCE should be able to refinance it on a timely
basis.
Moderate Execution Risks: Fitch anticipates moderate execution
risks for IVCE as it strengthens its existing platform while
investing further in value-accretive M&A. However, this is
mitigated by careful planning, its record of implementing M&A, and
the associated framework. In addition, acquisitions remain
discretionary and can be paused (as occurred in FY23), which
enables IVCE to support its deleveraging capacity.
Diversified Customer-Centric Operations: IVCE has leading positions
in its core markets and is establishing itself as a leading
international veterinary care business, with a strong medical and
customer focus. It plans to focus on growing economies of scale,
consolidating the fragmented animal healthcare market and creating
leading regional veterinary chains. These regional operations are
supported by common head-office functions realising scale
benefits.
DERIVATION SUMMARY
Fitch assesses IVCE under its Generic Navigator Framework, taking
into consideration underlying animal care and consumer service
characteristics, which drive its business profile. IVCE's strategy
of consolidating a fragmented care market and generating benefits
from scale and standardised management structures is similar to the
strategies of other Fitch-rated health care operations such as
laboratory services and dental/optical chains. However, the animal
care market is less regulated than human healthcare, which allows
for greater operational flexibility, but also introduces a higher
discretionary characteristic to an otherwise defensive spending
profile.
Fitch expects IVCE's EBITDAR leverage to fall to around 7.5x in
FY24. Its financial profile is underpinned by EBITDA margin
improvement (pro-forma for acquisitions) towards the mid-high teens
in FY25 translating into gradually improving, albeit remaining
broadly neutral, FCF.
High-yield peers active in industry consolidation such as Finnish
private health operator Mehilainen Yhtym Oy (B/Stable), laboratory
testing company Inovie Group (B/Negative), and Laboratoire Eimer
Selas (B/Negative) exhibit a similar financial risk profile to
IVCE's. This reflects their 'buy-and-build' growth strategies,
albeit in more regulated healthcare sectors, which have also
benefitted from the pandemic, similarly to IVCE.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Organic revenue growth of around 5% for FY24 in the consolidated
group including VS and improving to 5.6%-5.8% for FY25-FY26
- Fitch-defined EBITDA margin gradually improving to around 15% in
FY24 and 16.5% in FY25, from 13.8% in FY23, reflecting a
normalising economic environment and synergy realisation
- Fitch-adjusted operating leases at 4.2% of revenue to FY25
- Working-capital cash inflow of GBP48 million for FY23, followed
by GBP20 million in FY24 and GBP5 million per year in FY25
- Capex at 4.1% of revenue in FY23, followed by 4.5% in FY24-FY25
- Contingency consideration payments around GBP50 million-GBP65
million per year to FY25
- M&A of up to GBP500 million in FY24, followed by GBP750 million
per year in FY25-FY26, at 10x multiple
- A further GBP400million equity injection in FY24
- No dividends to FY26
RECOVERY ANALYSIS
KEY RECOVERY RATING ASSUMPTIONS
Fitch would expect IVCE to be restructured in a default and to
continue operating as a going concern (GC) as Fitch believes that
this approach will maximise recoveries over a liquidation of the
assets.
For the currently outstanding senior secured debt, Fitch uses a
distressed enterprise value (EV) of GBP1.7 billion, based on a
post-restructuring EBITDA of GBP310 million, a 6x distressed
EV/EBITDA valuation and 10% administrative claim. Fitch assumes the
current revolving credit facility (RCF) of GBP617.5 million to be
fully drawn and rank pari passu with the term loan B facilities,
leading to a resulting recovery for the currently outstanding
senior secured debt at 51%, corresponding to a 'B+/RR3' rating.
On completion of the consolidation of VS, its refinancing as well
as the amend and extend (A&E) of IVCE's current debt, Fitch
estimates a distressed EBITDA of GBP410 million, reflecting its
reassessment of the EBITDA contribution following the consolidation
of VS, which should improve IVCE's market position and geographic
diversification. This also factors in potential M&A activities in
FY24, which would be largely equity-funded. Its unchanged 6x
distressed multiple (unchanged) leads to a distressed EV of about
EUR2.2 billion.
According to its criteria, Fitch has assumed the newly increased
RCF of GBP618 million to be fully drawn and ranking equally with
the TLBs. Fitch expects the resulting recovery for the increased
senior secured TLBs of around GBP4.4 billion to be 50%,
corresponding to a 'RR4' (RR3/51% previously given the currently
lower amount of prior-ranking debt) and translating into an
instrument rating of 'B'.
RATING SENSITIVITIES
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- Aggressive debt-funded acquisitions at high multiples or weak
operating performance leading to weakened financial metrics
including:
- EBITDAR leverage above 7.5x (pro-forma for acquisitions) on a
sustained basis
- EBITDA margin falling below 14%
- Negative or neutral FCF on a sustained basis
- EBITDAR fixed charge coverage below 1.5x on a sustained basis
Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- Successful integration of acquired operations in combination with
increasing scale and profitability, or material shareholder support
in the form of equity injection, leading to improved financial
metrics on a sustained basis, including:
- EBITDAR leverage below 6.0x
- EBITDA margin above 17%
- FCF margin in mid-single digits
- Satisfactory financial flexibility with EBITDAR fixed charge
cover above 2.0x
LIQUIDITY AND DEBT STRUCTURE
Satisfactory Liquidity: Fitch views IVCE's liquidity as
satisfactory following the sizeable equity injection of GBP800
million in FY23, with a further GBP400 million committed for FY24.
Fitch estimates IVCE to have had over GBP500 million of cash on its
balance sheet at FYE23 in the consolidated group, with the GBP618
million-equivalent RCF undrawn.
On completion of the full refinancing, IVCE's credit profile will
benefit from extended maturity headroom with most of the debt
falling due in November 2028.
ISSUER PROFILE
IVCE is the largest veterinary practice group in Europe and Canada,
with a presence in about 20 countries.
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
----------- ------ -------- -----
IVC Acquisition
Midco Ltd LT IDR B(EXP)Expected Rating
IVC Acquisition
Ltd
senior secured LT B(EXP)Expected Rating RR4
senior secured LT B+ Affirmed RR3 B+
VetStrategy Canada
Holdings Inc.
senior secured LT B(EXP)Expected Rating RR4
IVC Acquisition
Pikco Limited LT IDR B Affirmed B
JAGUAR LAND: Moody's Upgrades CFR & Senior Unsecured Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded Jaguar Land Rover Automotive
Plc's (JLR) corporate family rating to Ba3 from B1 and the
probability of default rating to Ba3-PD from B1-PD. Concurrently,
Moody's has upgraded JLR's backed senior unsecured global notes to
Ba3 from B1. The outlook on all ratings remains positive.
RATINGS RATIONALE
The upgrade of JLR's ratings to Ba3 with positive outlook reflects
the company's strong operating performance over the past 12 months
which has led to a significant improvement in credit metrics. JLR
has gradually ramped up its production volumes over the past four
quarters as supply chain constraints subsided, leading to a nearly
25% growth in rolling 12 months wholesale volumes which have grown
to 364k units at the end of September 2023, from just 293k in the
prior year period. Moody's forecasts wholesales to increase further
to at least 400k by financial year-end March 31, 2024, as the
company has previously indicated. Sales continue to be backed by a
strong order book, which at the end of September consisted of 168k
new vehicles to be delivered, 77% of which were Range Rover, Ranger
Rover Sport and Defender models.
The continued strong growth in vehicle sales has rapidly improved
JLR's credit metrics, with the company's financial leverage as
measured by Moody's-adjusted Debt/EBITDA down to 2.2x for the 12
months period to September 2023, nearly halved from 3.8x at March
2023 and compared to 6.3x a year ago. The sharp decline in leverage
was mostly driven by substantial EBITDA growth, which has reached a
record level of just under GBP3 billion in Moody's-adjusted terms.
A reduction in Moody's-adjusted debt to GBP6.6 billion at the end
of September 2023 through the repayment of bonds at maturity was
another supportive factor. Moody's forecasts adjusted debt to
decrease further to around GBP5 billion by the end of financial
year 2024, partly through the recently completed $400 million
equivalent bond buyback and the expected repayment of bonds and
loans with excess cash as they become due.
The rating action is underpinned by JLR's increasingly conservative
financial policy, with its clear focus on debt reduction to achieve
its target of net debt below zero by the end of financial year
2025. The recent bond buyback and the absence of any dividend
payments over the past five years is evidence of management's and
the shareholder's commitment to those targets. JLR's good free cash
flow generation, which increased to just under GBP2 billion
(Moody's-adjusted) for the 12 months to September 2023, enables the
company to reach those targets. Moody's forecasts free cash flow to
reach over GBP2 billion in financial year 2024, and it to remain
substantially positive in the years after. Although not in the
current financial year, Moody's anticipates JLR to start paying
dividends again to parent Tata Motors Limited (TML) as soon as it
has achieved its net leverage targets.
In contrast, the rating action also reflects the limited progress
JLR has made towards the full electrification of its product
portfolio, with currently just one battery electric vehicle (BEV)
model in vehicle lineup which has accounted for only 1.5% of sales
over the past 12 months. For the coming financial years,
particularly 2025 and 2026, Moody's sees considerable operational
challenges for JLR linked to its electrification strategy,
including the launch of six BEV models with Land Rover and the full
relaunch of Jaguar as a purely electric luxury brand.
Not only does this transition require substantial investments in
product development and the company's production facilities; there
is also uncertainty around the success of the reinvented Jaguar
brand, particularly with regards to consumers' acceptance of the
completely new and unproven models at a significantly higher price
point. However, the recent push back of the ban on sale of new
petrol and diesel cars from 2030 to 2035 by the UK government
provides JLR with some more time to achieve its ambitious targets,
considering the high share the UK has in JLR's revenue mix (19% of
wholesales in financial year 2023).
The Ba3 CFR is further supported by JLR's (1) strong brands in the
premium car segment and its record of successful model launches;
(2) good geographic diversification of sales across mature and
emerging markets, including its presence in China; and (3)
conservative financial policy supported by the shareholder as
evident from its significantly improved in credit metrics.
Conversely, the CFR is constrained by (1) the execution risks
related to JLR's strategy and transformation programmes; (2) the
anticipated shift in model mix which could have an adverse impact
on profitability and needs to be offset by further cost
efficiencies; and (3) the currently very low share of BEVs in JLR's
wholesale mix.
ESG CONSIDERATIONS
JLR's ratings also reflect a number of environmental, social and
governance (ESG) considerations that are inherent to the automotive
industry. This includes higher environmental standards, stricter
emission regulations and electrification; autonomous driving and
connectivity; increasing vehicle safety regulations; and the entry
of new market participants. In line with the company's guidance to
invest more than GBP15 billion over five years, Moody's expects JLR
as well as its peers to continue to require sizeable investments to
cope with these challenges, which will constrain profitability and
free cash flows in the coming years.
Furthermore, the rating considers JLR's increasingly conservative
policy which is characterised by the significantly decreased
financial leverage supported by limited shareholder returns and a
very good liquidity. As such Moody's has changed JLR's governance
risk score to G-3 from G-4.
RATING OUTLOOK
The positive outlook reflects Moody's expectation that JLR will be
able to sustain the increased production and wholesale volumes over
the next 12-18 months, thereby maintaining its significantly
improved credit metrics. The outlook further assumes that JLR will
continue to follow a balanced financial policy with a focus on
deleveraging.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward pressure on the rating could occur if JLR continues to
deliver on its transformative "Reimagine" strategy, including the
successful launch of its new all-electric Range Rover and Range
Rover Sports variants. It would also require the company to achieve
and adhere to its financial policy targets, including net debt
below zero, to maintain its Moody's-adjusted EBITA margin at the
current high levels, Moody's-adjusted free cash flow to remain
sustainably positive and liquidity to be considered good.
The rating is currently strongly positioned, as expressed by the
positive outlook, as a result of which limited negative rating
pressure is expected. However, downward pressure on the rating
could develop if JLR's profitability deteriorates and decreases
below 2.0%, Moody's-adjusted Debt/EBITDA increases above 5.0x, or
there is a deterioration in JLR's liquidity position as a result of
substantially negative free cash flows.
LIQUIDITY PROFILE
Moody's consider JLR's liquidity to be very good. As of September
30, 2023, the company had GBP4.3 billion of cash and short-term
investments on the balance sheet, and access to the fully undrawn
and committed GBP1.5 billion revolving credit facility (RCF)
maturing in 2026. JLR has continued to generate good free cash
flows in the first half of financial year 2024, reaching about
GBP0.8 billion, and Moody's expects this to increase further in the
second half of the year, reaching about GBP2 billion for the year.
The company's debt maturity profile is well balanced and improved
further following the $400 million equivalent bond repurchases
completed in October 2023. The next large maturity is a EUR650
million bond maturing in January 2024. In addition, a total of
around GBP0.8 billion of bank loans are due in calendar year 2024,
including GBP0.6 billion equivalent of the China loan facility
which is subject to annual review.
STRUCTURAL CONSIDERATIONS
The instrument ratings are aligned with the CFR given the
essentially all unsecured, guaranteed and pari passu capital
structure of the company. There is also an additional RCF arranged
with Chinese banks through Jaguar Land Rover (China) Investment
Co., Ltd., a wholly owned subsidiary of Jaguar Land Rover Holdings
Limited (a guarantor for the rated bonds). This facility is
unsecured and not guaranteed by Jaguar Land Rover Automotive Plc or
any of its subsidiaries. Jaguar Land Rover (China) Investment Co.,
Ltd. sells JLR vehicles imported into China and also owns 25% of
Chery Jaguar Land Rover, the JV with Chery Motors in China (with
one of the guarantors of the rated bonds, Jaguar Land Rover
Limited, owning the remaining 25% of this JV).
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Automobile
Manufacturers published in May 2021.
CORPORATE PROFILE
JLR is a UK manufacturer of premium passenger cars under the Jaguar
and Land Rover trustmark brands including Range Rover, Defender and
Discovery which are recognised as leading global luxury brands. JLR
operates six sites in the UK, one in Slovakia and has a joint
venture in China. Of its 321k unit wholesales in financial year
2023, the company generated 42% in Europe (of which 19% were in the
UK), 25% in North America, 14% in China and 18% in other overseas
markets, resulting in total revenue of GBP22.8 billion. JLR is 100%
owned by Tata Motors Limited (TML), which is India's largest
automobile company. TML acquired JLR in 2008 from Ford Motor
Company.
LYNDON THOMAS: Placed Into Voluntary Liquidation
------------------------------------------------
Aaron Morby at Construction Enquirer reports that
Northamptonshire-based plant hirer Lyndon Thomas has been placed
into voluntary liquidation.
The firm specialised in providing heavy earthmoving equipment and
skilled operators from its Corby depot.
Founded in 2000, Lyndon Thomas started out as a groundworks
contractor developing into a plant hire business.
Managing Director Lyndon Thomas confirmed the business had been
placed into liquidation, Construction Enquirer relates.
According to Construction Enquirer, he said: "The industry has got
major problems. Smaller companies don't get any opportunities
against the big boys in the industry now.
"The value of plant is down 40% on a year ago and hire rates are
right down."
He added that the firm's problems were brought to a head by bad
debts.
Leicester-based CBA Business Solutions is acting as the liquidator,
Construction Enquirer discloses.
M-AR: Goes Into Administration Following Expansion
--------------------------------------------------
David Laister at BusinessLive reports that administrators have been
called into Hull off-site construction firm M-Ar, an award-winning
business where successive years of stratospheric growth have
previously played out.
According to BusinessLive, officers of Begbies Traynor will look to
salvage a future for the module specialist, which had recently
expanded into a huge facility on Freightliner Road. Three
practitioners have been appointed.
Module-Ar, as it is registered, is understood to have employed 85
at its peak, with a last recorded turnover of virtually GBP30
million. It has yet to file accounts for the most recent financial
year, but added GBP10 million to its revenues in the 12 months to
April 2022, BusinessLive discloses. The 49% growth came on the
back of a tripling from GBP6.2 million, BusinessLive says. Lower
margins had set in, however, with the company -- owned by Rob and
Amanda Grimbleby -- generating GBP639,870 profit, down from its
GBP783,000 return in 2021, BusinessLive states.
Paul Stanley, Dean Watson and Rikki Burton have been appointed,
BusinessLive relates.
In its last filing M-Ar had warned of the impact of programme
delays and commodity price changes could have, as well as wider
political and regulatory changes and production operation failures,
BusinessLive notes.
MINISTRY OF FURNITURE: To Enter Creditors' Voluntary Liquidation
----------------------------------------------------------------
Business Sale reports that Ministry of Furniture, a South West
Wales-based supplier of workplace and education sector furniture,
has closed and is set to be placed into Creditors' Voluntary
Liquidation.
The company blamed its collapse on shifting work practices since
the COVID-19 pandemic, as well as a squeeze on government spending,
Business Sale relates.
According to Business Sale, the firm reportedly traded profitably
until 2021, but since then has been adversely impacted by the
COVID-19 pandemic and cuts to public sector funding. Efforts by
the firm's directors to turn the business around have ultimately
been unsuccessful and the directors are now liaising with
restructuring advisory Begbies Traynor Group, with the business to
shortly be placed into Creditors' Voluntary Liquidation, Business
Sale states.
Begbies Traynor's Cardiff office has said it is working with agents
Eddisons Commercial, who will handle a sale of Ministry of
Furniture's assets and brand in an effort to maximise creditor
returns, Business Sale notes. In its accounts for 2021, the
company's fixed assets were valued at close to GBP350,000 and
current assets at GBP2.4 million, with net assets amounting to just
under GBP328,000, Business Sale discloses.
"Ministry of Furniture had managed to retain its original social
aims while trading profitably between 2012 and 2021," Business Sale
quotes Huw Powell, partner at Begbies Traynor's Cardiff office, as
saying.
"However, in recent years it has experienced a reduction in
turnover as the switch to home working prompted a reduction in
public sector spending on projects, as well as increased costs.
Despite securing additional borrowing and some significant orders
for 2024, efforts by the directors to turn the business around have
unfortunately proven unsuccessful."
SIGN PLUS: Goes Into Administration, 50 Jobs Affected
-----------------------------------------------------
Printweek reports that administrators have been appointed at
acquisitive PFI Group's Sign Plus business and its divisions
Lofthus Signs and Jasmine.
FRP Advisory has confirmed to Printweek that Michelle Elliot and
Anthony Collier have been appointed joint administrators of Sign
Plus, which supplies signs for a wide variety of markets, including
the defence industry, and is based in Dalgety Bay, Fife, Printweek
relates.
The appointment date was on Nov. 3, according to the notice of
administrator's appointment, filed at Companies House, Printweek
notes.
Sign Plus provides a full design, manufacture, install, and
maintenance service for a range of industrial, commercial, and
public sector clients, including the Ministry of Defence.
The company also operates Lofthus Signs in Aberdeen, which
specialises in engraving and vehicle graphics; and Jasmine, which
provides a wide range of print, signage, and creative display
services and is also based in Aberdeen plus has a satellite office
in Peterhead.
Sign Plus employed 21 staff located in Dalgety Bay, Jasmine had
nine staff in Aberdeen and two in Peterhead, and Lofthus Signs
employed 18 staff in Aberdeen, Printweek discloses.
The operations have all ceased trading and FRP Advisory said 50
employees had been made redundant, Printweek relays. Two staff
have been retained to assist the administrators, Printweek states.
"The administration has been caused by serious cash flow problems
stemming from rising operational costs," Printweek quotes the joint
administrators' statement as saying.
"The business has now ceased trading and the assets will be
marketed for sale. The joint administrators are asking parties
interested in acquiring the assets to contact the Glasgow office of
FRP Advisory as soon as possible.
"The joint administrators will provide the staff with as much
support as possible including making any claims with the Redundancy
Payments Office and engaging with support agencies such as PACE."
According to Printweek, joint administrator Michelle Elliot
commented: "Sign Plus and its specialist divisions, Lofthus Signs
and Jasmine, are long-established and highly regarded end-to-end
suppliers of commercial design, print, graphics, and visual
branding solutions.
"The business has been adversely affected by rising operational
costs and unsustainable financial problems with administration
being the only option."
Multiple sources have informed Printweek that staff at the affected
companies were not paid for October.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week November 6 to November 10, 2023
--------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- ------- -----
United Kingdom Gilt 0.500 10/22/2061 GBP 27.973
Republic of Austria Go 0.850 6/30/2120 EUR 38.319
Atos SE 1.750 5/7/2025 EUR 68.358
Heimstaden AB 4.250 3/9/2026 EUR 41.562
Signa Development Fina 5.500 7/23/2026 EUR 30.000
Atos SE 1.000 11/12/2029 EUR 49.355
United Kingdom Gilt 0.625 10/22/2050 GBP 37.810
Heimstaden AB 6.750 EUR 15.770
United Kingdom Gilt 0.625 7/31/2035 GBP 65.451
Republic of Austria Go 1.850 5/23/2049 EUR 71.282
Kenbourne Invest SA 6.875 11/26/2024 USD 71.681
Republic of Austria Go 0.250 10/20/2036 EUR 66.924
Siemens Energy Finance 5.625 9/14/2025 EUR 73.667
MC Brazil Downstream T 7.250 6/30/2031 USD 72.988
VTR Finance NV 6.375 7/15/2028 USD 17.394
Eutelsat SA 1.500 10/13/2028 EUR 72.358
PCF GmbH 4.750 4/15/2026 EUR 70.966
Unigel Luxembourg SA 8.750 10/1/2026 USD 32.793
Heimstaden AB 4.375 3/6/2027 EUR 38.607
Vedanta Resources Ltd 6.125 8/9/2024 USD 64.449
Clariane SE 1.875 EUR 23.201
Kenbourne Invest SA 4.700 1/22/2028 USD 50.928
United Kingdom Gilt 0.875 7/31/2033 GBP 72.905
Tele Columbus AG 3.875 5/2/2025 EUR 53.666
Turkiye Government Int 5.750 5/11/2047 USD 68.931
United Kingdom Gilt 0.250 7/31/2031 GBP 74.248
Ukraine Government Int 7.750 8/1/2041 USD 41.890
Altice Finco SA 4.750 1/15/2028 EUR 75.244
EnfraGen Energia Sur S 5.375 12/30/2030 USD 67.332
United Kingdom Gilt 1.125 10/22/2073 GBP 34.647
French Republic Govern 0.750 5/25/2053 EUR 47.183
United Kingdom Inflati 0.125 3/22/2051 GBP 71.562
Atos SE 2.500 11/7/2028 EUR 53.942
Clariane SE 0.875 3/6/2027 EUR 33.210
Heimstaden Bostad AB 3.248 EUR 52.292
ams-OSRAM AG 2.125 11/3/2027 EUR 72.915
Italy Buoni Poliennali 2.150 3/1/2072 EUR 53.323
Allianz SE 3.875 USD 61.958
Castellum AB 3.125 EUR 70.639
Clariane SE 4.125 GBP 68.750
Gol Finance SA 7.000 1/31/2025 USD 46.545
Mitsubishi UFJ Investo 8.326 12/15/2050 EUR 45.269
Vedanta Resources Fina 8.950 3/11/2025 USD 72.260
Altice France Holding 10.500 5/15/2027 USD 55.151
Canary Wharf Group Inv 3.375 4/23/2028 GBP 66.536
Liquid Telecommunicati 5.500 9/4/2026 USD 61.140
Standard Chartered PLC 4.300 USD 69.800
Kernel Holding SA 6.500 10/17/2024 USD 73.096
Heimstaden AB 9.966 SEK 23.333
Turkiye Government Bon 17.800 7/13/2033 TRY 69.550
Casino Guichard Perrac 4.498 3/7/2024 EUR 1.028
BRANICKS Group AG 2.250 9/22/2026 EUR 48.281
Aroundtown SA 2.125 EUR 33.455
Casino Guichard Perrac 4.469 EUR 0.299
Unibail-Rodamco-Westfi 5.142 EUR 73.783
Clariane SE 2.250 10/15/2028 EUR 57.685
Nordea Bank Abp 3.750 USD 72.000
Grupo Antolin-Irausa S 3.500 4/30/2028 EUR 68.778
Deutsche Bank AG 4.625 EUR 73.178
DEMIRE Deutsche Mittel 1.875 10/15/2024 EUR 64.149
NE Property BV 2.000 1/20/2030 EUR 73.577
State of North Rhine-W 0.950 1/10/2121 EUR 35.556
Thames Water Kemble Fi 4.625 5/19/2026 GBP 56.767
Cellnex Telecom SA 0.750 11/20/2031 EUR 75.517
United Kingdom Gilt 1.250 10/22/2041 GBP 58.505
Teva Pharmaceutical Fi 4.100 10/1/2046 USD 61.525
Cullinan Holdco Scsp 4.625 10/15/2026 EUR 69.940
AT Securities BV 7.747 USD 47.226
Paper Industries Inter 9.803 3/1/2025 EUR 71.071
Metro Bank PLC 9.139 6/26/2028 GBP 45.988
Barclays PLC 4.375 USD 68.520
Heimstaden Bostad Trea 1.625 10/13/2031 EUR 60.479
United Kingdom Gilt 0.875 1/31/2046 GBP 47.072
Landesbank Baden-Wuert 4.000 EUR 71.518
Russian Foreign Bond - 5.100 3/28/2035 USD 33.771
Ukraine Government Int 6.750 6/20/2028 EUR 25.531
Grand City Properties 5.901 EUR 57.581
Atento Luxco 1 SA 8.000 2/10/2026 USD 0.010
GTC Aurora Luxembourg 2.250 6/23/2026 EUR 65.368
Italy Buoni Poliennali 0.150 5/15/2051 EUR 56.362
Eolo SpA 4.875 10/21/2028 EUR 66.219
Intrum AB 3.000 9/15/2027 EUR 71.127
Trinseo Materials Oper 5.125 4/1/2029 USD 40.990
HSBC Holdings PLC 4.600 USD 73.496
VEON Holdings BV 3.375 11/25/2027 USD 71.183
Deutsche Bank AG 4.500 EUR 73.707
Swedbank AB 4.000 USD 71.403
MARB BondCo PLC 3.950 1/29/2031 USD 74.773
ATF Netherlands BV 7.078 EUR 44.961
Vedanta Resources Fina 9.250 4/23/2026 USD 58.238
Heimstaden Bostad AB 2.625 EUR 39.341
Voltalia SA 1.000 1/13/2025 EUR 28.630
Altice France Holding 8.000 5/15/2027 EUR 53.650
Republic of Austria Go 0.700 4/20/2071 EUR 38.545
Braskem Netherlands Fi 5.875 1/31/2050 USD 66.320
Orsted AS 1.500 2/18/3021 EUR 70.705
United Kingdom Inflati 0.375 3/22/2062 GBP 72.554
Maxeda DIY Holding BV 5.875 10/1/2026 EUR 71.640
Fastighets AB Balder 2.873 6/2/2081 EUR 68.775
Credit Agricole Assura 1.500 10/6/2031 EUR 75.393
Carnival PLC 1.000 10/28/2029 EUR 62.625
Idorsia Ltd 0.750 7/17/2024 CHF 56.980
B2W Digital Lux Sarl 4.375 12/20/2030 USD 14.877
Casino Guichard Perrac 5.250 4/15/2027 EUR 1.280
Casino Guichard Perrac 3.992 EUR 0.283
HSBC Holdings PLC 4.700 USD 72.540
Banco Santander SA 4.750 USD 73.248
BNP Paribas SA 4.500 USD 71.950
Credit Agricole SA 4.750 USD 75.662
Standard Chartered PLC 4.750 USD 69.630
Compact Bidco BV 5.750 5/1/2026 EUR 48.970
Allianz SE 2.625 EUR 69.006
Accor SA 0.700 12/7/2027 EUR 44.718
La Banque Postale SA 3.000 EUR 64.923
Banco Santander SA 3.625 EUR 66.829
United Kingdom Inflati 0.125 8/10/2048 GBP 73.955
Heimstaden Bostad Trea 0.750 9/6/2029 EUR 63.729
Ukraine Government Int 7.750 9/1/2026 USD 30.252
Metalcorp Group SA 8.500 6/28/2026 EUR 1.129
EIG Pearl Holdings Sar 4.387 11/30/2046 USD 69.416
Air France-KLM 0.125 3/25/2026 EUR 17.541
Ukraine Government Int 7.375 9/25/2034 USD 25.813
Dignity Finance PLC 4.696 12/31/2049 GBP 62.107
United Kingdom Gilt 1.125 1/31/2039 GBP 61.933
United Kingdom Gilt 1.625 10/22/2071 GBP 44.297
Italy Buoni Poliennali 1.500 4/30/2045 EUR 56.601
Ukraine Government Int 7.253 3/15/2035 USD 26.380
Vodafone Group PLC 5.125 6/4/2081 USD 65.268
United Kingdom Gilt 1.500 7/31/2053 GBP 48.701
Thames Water Utilities 2.375 4/22/2040 GBP 55.110
AI Candelaria Spain SA 5.750 6/15/2033 USD 70.200
Orpea SA 2.625 3/10/2025 EUR 23.911
MHP Lux SA 6.950 4/3/2026 USD 74.462
Turkiye Government Int 4.875 4/16/2043 USD 64.205
ING Groep NV 3.875 USD 71.533
Ukraine Government Int 7.750 9/1/2025 USD 32.270
Hellenic Republic Gove 1.875 1/24/2052 EUR 59.667
Abengoa Abenewco 2 SA 1.500 10/26/2024 EUR 0.056
Romanian Government In 3.375 1/28/2050 EUR 61.675
ING Groep NV 4.250 USD 63.616
Ukraine Government Int 4.375 1/27/2032 EUR 23.203
Orsted AS 2.500 2/18/3021 GBP 60.221
Grand City Properties 1.500 EUR 44.651
SBB Treasury Oyj 1.125 11/26/2029 EUR 54.900
Russian Railways Via R 2.100 10/2/2023 CHF 68.065
Raiffeisen Bank Intern 4.500 EUR 65.916
Heimstaden Bostad Trea 1.000 4/13/2028 EUR 72.195
BAT International Fina 2.250 9/9/2052 GBP 39.236
Idorsia Ltd 2.125 8/4/2028 CHF 34.711
Victoria PLC 3.750 3/15/2028 EUR 68.492
Nexity SA 0.250 3/2/2025 EUR 59.311
Coruripe Netherlands B 10.000 2/10/2027 USD 72.065
CPI Property Group SA 1.625 4/23/2027 EUR 73.815
Minejesa Capital BV 5.625 8/10/2037 USD 75.458
United Kingdom Gilt 1.750 9/7/2037 GBP 71.381
Aragvi Finance Interna 8.450 4/29/2026 USD 68.018
Russian Foreign Bond - 4.750 5/27/2026 USD 53.928
Caybon Holding AB 10.513 3/3/2025 SEK 64.029
Oscar Properties Holdi 11.320 7/5/2024 SEK 12.555
Marginalen Bank Bankak 10.099 10/30/2028 SEK 64.558
BNP Paribas SA 4.625 USD 71.510
NET4GAS sro 3.500 7/28/2026 EUR 75.000
Castellum Helsinki Fin 0.875 9/17/2029 EUR 71.725
NatWest Group PLC 4.600 USD 66.375
alstria office REIT-AG 1.500 11/15/2027 EUR 70.505
MorphoSys AG 0.625 10/16/2025 EUR 73.671
Heimstaden Bostad AB 3.625 EUR 43.066
Casino Guichard Perrac 4.048 8/5/2026 EUR 1.160
Herens Midco Sarl 5.250 5/15/2029 EUR 55.792
Nostrum Oil & Gas Fina 5.000 6/30/2026 USD 70.424
Audax Renovables SA 4.200 12/18/2027 EUR 68.252
Samhallsbyggnadsbolage 2.250 8/12/2027 EUR 64.329
CaixaBank SA 3.625 EUR 69.025
Allianz SE 2.600 EUR 65.753
Endo Luxembourg Financ 6.125 4/1/2029 USD 66.250
Prosus NV 3.832 2/8/2051 USD 54.459
Heimstaden Bostad Trea 1.375 7/24/2028 EUR 71.493
TenneT Holding BV 0.500 11/30/2040 EUR 72.828
Russian Foreign Bond - 2.875 12/4/2025 EUR 61.107
French Republic Govern 0.750 5/25/2052 EUR 48.405
Romanian Government In 2.000 4/14/2033 EUR 70.966
Societe Generale SA 5.375 USD 74.540
United Kingdom Inflati 0.125 3/22/2058 GBP 66.924
La Financiere Atalian 5.125 5/15/2025 EUR 72.302
Allianz SE 3.200 USD 71.977
United Kingdom Inflati 0.125 11/22/2065 GBP 64.232
NAK Naftogaz Ukraine v 7.625 11/8/2028 USD 48.363
BAWAG Group AG 5.125 EUR 75.070
Ellos Group AB/Boras 10.847 7/25/2024 SEK 70.025
Russian Railways Via R 0.898 10/3/2025 CHF 62.816
Cie de Phalsbourg Sarl 5.000 3/27/2024 EUR 68.623
Hungary Government Int 0.500 11/18/2030 EUR 72.358
Aroundtown SA 1.625 EUR 30.161
EP Infrastructure AS 1.816 3/2/2031 EUR 71.751
Aroundtown SA 3.375 EUR 39.497
HSE Finance Sarl 5.625 10/15/2026 EUR 50.500
Heimstaden AB 8.171 10/15/2025 SEK 73.998
InterCement Financial 5.750 7/17/2024 USD 60.533
CPI Property Group SA 1.750 1/14/2030 EUR 58.483
Gol Finance SA 8.000 6/30/2026 USD 44.747
Kleopatra Holdings 2 S 6.500 9/1/2026 EUR 57.810
NAK Naftogaz Ukraine v 7.650 7/19/2025 USD 67.840
Casino Guichard Perrac 3.580 2/7/2025 EUR 1.083
French Republic Govern 0.100 7/25/2053 EUR 74.943
Agps Bondco PLC 6.000 8/5/2025 EUR 41.026
Hungary Government Int 1.750 6/5/2035 EUR 69.462
Pro-Gest SpA 3.250 12/15/2024 EUR 68.523
gategroup Finance Luxe 3.000 2/28/2027 CHF 67.979
UBS Group AG 4.375 USD 69.780
Intesa Sanpaolo SpA 4.125 EUR 71.601
SCOR SE 5.250 USD 74.974
French Republic Govern 2.000 5/25/2048 EUR 72.875
Mithra Pharmaceuticals 4.250 12/17/2025 EUR 30.228
SBB Treasury Oyj 0.750 12/14/2028 EUR 55.801
Republic of Italy Gove 4.000 10/17/2049 USD 67.721
Berkeley Group PLC/The 2.500 8/11/2031 GBP 67.643
Spain Government Bond 1.000 10/31/2050 EUR 48.262
Voyage Care BondCo PLC 5.875 2/15/2027 GBP 74.583
Altice France SA/Franc 5.500 10/15/2029 USD 71.110
Commerzbank AG 4.250 EUR 72.979
Ukraine Government Int 7.750 9/1/2027 USD 29.550
Agps Bondco PLC 5.000 1/14/2029 EUR 29.648
Union Fenosa Preferent 5.622 EUR 72.417
Citycon Oyj 4.496 EUR 69.531
Altice France SA/Franc 5.125 7/15/2029 USD 70.525
Altice France Holding 6.000 2/15/2028 USD 42.599
Republic of Austria Go 1.500 11/2/2086 EUR 51.935
Heimstaden Bostad AB 3.000 EUR 39.474
Rallye SA 4.000 2/28/2032 EUR 0.073
Chrome Holdco SAS 5.000 5/31/2029 EUR 72.689
Romanian Government In 2.875 4/13/2042 EUR 61.143
JSM Global Sarl 4.750 10/20/2030 USD 14.800
BCP V Modular Services 6.750 11/30/2029 EUR 70.808
CPI Property Group SA 4.875 EUR 32.054
VTR Finance NV 6.375 7/15/2028 USD 17.367
CPI Property Group SA 3.750 EUR 26.102
Spain Government Bond 0.850 7/30/2037 EUR 67.280
Kingdom of Belgium Gov 0.400 6/22/2040 EUR 59.604
Just Eat Takeaway.com 0.625 2/9/2028 EUR 69.076
Aroundtown SA 4.750 GBP 40.447
Slovakia Government Bo 0.375 4/21/2036 EUR 62.842
French Republic Govern 1.750 5/25/2066 EUR 60.154
Serbia International B 1.650 3/3/2033 EUR 67.143
Casino Guichard Perrac 6.625 1/15/2026 EUR 1.278
Bank Gospodarstwa Kraj 2.000 11/3/2036 EUR 72.483
Hungary Government Int 3.125 9/21/2051 USD 56.548
United Kingdom Gilt 1.625 10/22/2054 GBP 49.981
Aroundtown SA 2.875 EUR 35.216
Nykredit Realkredit AS 1.000 10/1/2050 DKK 71.547
Intesa Sanpaolo SpA 4.198 6/1/2032 USD 73.850
Hungary Government Bon 3.000 10/27/2038 HUF 62.135
Romanian Government In 2.000 1/28/2032 EUR 73.942
United Kingdom Inflati 0.125 11/22/2056 GBP 68.173
Ukraine Government Int 7.750 9/1/2024 USD 31.833
Intesa Sanpaolo SpA 4.950 6/1/2042 USD 61.300
Samhallsbyggnadsbolage 2.875 EUR 15.826
Codere Finance 2 Luxem 12.750 11/30/2027 EUR 7.732
Ukraine Government Int 9.750 11/1/2030 USD 30.454
Aroundtown SA 1.450 7/9/2028 EUR 72.464
Banque Federative du C 3.073 EUR 75.464
Italy Buoni Poliennali 1.800 3/1/2041 EUR 65.240
Unicaja Banco SA 4.875 EUR 71.472
NAK Naftogaz Ukraine v 7.125 7/19/2026 EUR 47.024
Netherlands Government 0.500 1/15/2040 EUR 66.444
Nexity SA 0.875 4/19/2028 EUR 37.075
Ukraine Government Int 6.876 5/21/2031 USD 25.512
Marginalen Bank Bankak 9.964 8/28/2029 SEK 65.027
CPI Property Group SA 4.875 EUR 32.562
Brit Insurance Holding 3.676 12/9/2030 GBP 72.226
Kernel Holding SA 6.750 10/27/2027 USD 62.214
Republic of Austria Go 0.750 3/20/2051 EUR 51.753
Ocado Group PLC 0.750 1/18/2027 GBP 71.865
Riverside Finance Plc 3.875 12/5/2044 GBP 72.819
MBT Systems GmbH 3.750 5/17/2029 EUR 75.120
Zurich Finance Ireland 3.000 4/19/2051 USD 75.087
ING Groep NV 4.875 USD 73.685
Thames Water Utilities 1.250 1/31/2032 EUR 71.922
Rallye SA 4.371 2/28/2032 EUR 0.050
Hellenic Republic Gove 2.085 7/25/2057 EUR 28.401
Romanian Government In 4.000 2/14/2051 USD 65.825
Ukraine Government Int 7.750 9/1/2028 USD 29.745
Russian Railways Via R 2.200 5/23/2027 EUR 66.521
Prosus NV 2.778 1/19/2034 EUR 70.140
PB International BV 7.625 12/31/2025 USD 40.415
Spain Government Bond 1.000 7/30/2042 EUR 59.367
Italy Buoni Poliennali 1.450 3/1/2036 EUR 70.650
Hungary Government Bon 2.250 4/20/2033 HUF 68.721
Ukraine Railways Via R 8.250 7/9/2026 USD 52.212
Cabonline Group Holdin 13.581 4/19/2026 SEK 64.279
Maisons du Monde SA 0.125 12/6/2023 EUR 48.207
Russian Foreign Bond - 4.375 3/21/2029 USD 49.491
Slovenia Government Bo 0.688 3/3/2081 EUR 36.442
Samhallsbyggnadsbolage 2.624 EUR 15.806
Romanian Government In 2.750 4/14/2041 EUR 61.171
Heimstaden Bostad AB 3.375 EUR 45.668
Turkiye Government Int 6.000 1/14/2041 USD 74.430
Moby SpA 7.750 2/15/2023 EUR 60.302
JT International Finan 3.300 9/14/2051 USD 58.798
Codere Finance 2 Luxem 11.000 9/30/2026 EUR 67.571
Bigben Interactive 1.125 2/19/2026 EUR 58.287
Altice France SA/Franc 3.375 1/15/2028 EUR 72.316
Hungary Government Int 2.125 9/22/2031 USD 74.321
CPI Property Group SA 1.500 1/27/2031 EUR 53.555
UNIQA Insurance Group 2.375 12/9/2041 EUR 74.273
Gazprom PJSC via Gaz F 3.897 EUR 59.451
CNP Assurances SACA 4.875 USD 72.489
Citycon Oyj 3.625 EUR 58.646
LEG Immobilien SE 0.750 6/30/2031 EUR 72.387
Samhallsbyggnadsbolage 2.375 9/4/2026 EUR 72.161
Abengoa Abenewco 2 SA 1.500 10/26/2024 EUR 1.730
Sydbank AS 3.259 EUR 64.113
UBS Group AG 0.625 1/18/2033 EUR 68.956
Turkiye Government Bon 11.700 11/13/2030 TRY 57.000
Denmark Government Bon 0.250 11/15/2052 DKK 47.261
Kenbourne Invest SA 6.875 11/26/2024 USD 71.877
Ageas SA/NV 3.875 EUR 71.860
Shell International Fi 3.000 11/26/2051 USD 62.140
Solocal Group 10.845 3/15/2025 EUR 24.986
Republic of Italy Gove 3.875 5/6/2051 USD 64.565
Enel SpA 1.875 EUR 73.628
Ukraine Government Int 8.994 2/1/2026 USD 32.250
Kenbourne Invest SA 4.700 1/22/2028 USD 51.039
Samhallsbyggnadsbolage 2.625 EUR 15.936
United Kingdom Gilt 2.500 7/22/2065 GBP 61.171
Metinvest BV 8.500 4/23/2026 USD 70.450
Fnac Darty SA 0.250 3/23/2027 EUR 67.487
Altice France Holding 4.000 2/15/2028 EUR 43.525
Dtek Renewables Financ 8.500 11/12/2024 EUR 55.577
Russian Railways Via R 4.375 3/1/2024 USD 74.980
Metinvest BV 7.750 10/17/2029 USD 58.480
State of Bremen 0.450 2/24/2051 EUR 44.917
Bulgaria Government In 1.375 9/23/2050 EUR 52.655
United Kingdom Gilt 1.750 7/22/2057 GBP 50.855
State of North Rhine-W 1.450 1/19/2122 EUR 43.080
Balder Finland Oyj 1.000 1/20/2029 EUR 68.031
Bank Gospodarstwa Kraj 2.000 11/3/2036 EUR 72.483
Julius Baer Group Ltd 3.625 USD 67.660
DDM Debt AB 9.000 4/19/2026 EUR 66.094
Gazprom PJSC Via Gaz C 2.500 3/21/2026 EUR 73.084
Electricite de France 4.500 12/4/2069 USD 64.055
Cellnex Finance Co SA 3.875 7/7/2041 USD 69.027
MHP Lux SA 6.250 9/19/2029 USD 63.243
Altice France SA/Franc 4.250 10/15/2029 EUR 70.914
Raiffeisen Bank Intern 1.375 6/17/2033 EUR 74.266
Rothesay Life PLC 4.875 USD 73.031
Photon Energy NV 6.500 11/23/2027 EUR 53.119
Desenio Group AB 9.561 12/16/2024 SEK 68.350
United Kingdom Gilt 1.750 1/22/2049 GBP 56.102
State of North Rhine-W 1.950 9/26/2078 EUR 59.484
VGP NV 1.500 4/8/2029 EUR 74.366
Ukraine Government Int 7.750 9/1/2029 USD 29.577
Atos SE 1.125 4/17/2026 EUR 54.710
IOG Plc 13.403 9/20/2024 EUR 31.344
Russian Foreign Bond - 1.850 11/20/2032 EUR 28.002
Russian Railways Via R 0.840 3/12/2026 CHF 54.288
Stellantis NV 1.250 6/20/2033 EUR 75.143
Russian Railways Via R 3.125 CHF 40.010
Kojamo Oyj 0.875 5/28/2029 EUR 74.266
Italy Buoni Poliennali 2.450 9/1/2050 EUR 65.121
Operateur de Reseaux d 3.000 1/26/2045 EUR 71.971
Flamingo Lux II SCA 5.000 3/31/2029 EUR 69.252
Serbia International B 2.125 12/1/2030 USD 75.001
Gazprom PJSC via Gaz F 1.540 6/30/2027 CHF 61.259
Gazprom PJSC via Gaz F 1.500 2/17/2027 EUR 55.060
Thames Water Utilities 2.875 5/3/2027 GBP 74.417
French Republic Govern 1.500 5/25/2050 EUR 63.044
Marginalen Bank Bankak 13.061 SEK 60.028
Rothschild & Co Contin 3.650 EUR 64.860
Orpea SA 0.375 5/17/2027 EUR 40.908
Portugal Obrigacoes do 1.000 4/12/2052 EUR 49.746
Chesnara PLC 4.750 8/4/2032 GBP 71.857
Orpea SA 2.000 4/1/2028 EUR 26.363
Deutsche Pfandbriefban 8.474 EUR 70.286
Delivery Hero SE 2.125 3/10/2029 EUR 68.938
Fresnillo PLC 4.250 10/2/2050 USD 67.361
TotalEnergies Capital 3.127 5/29/2050 USD 64.773
Grand City Properties 6.332 EUR 60.483
Enel Finance Internati 2.250 7/12/2031 USD 75.039
Agps Bondco PLC 5.000 4/27/2027 EUR 33.030
Russian Foreign Bond - 5.250 6/23/2047 USD 31.993
Aedifica SA 0.750 9/9/2031 EUR 70.094
ERG SpA 0.875 9/15/2031 EUR 75.096
Direct Line Insurance 4.750 GBP 72.434
Kingdom of Belgium Gov 1.700 6/22/2050 EUR 64.683
Luzerner Kantonalbank 1.500 CHF 72.621
Russian Foreign Bond - 4.250 6/23/2027 USD 52.935
Mallinckrodt Internati 10.000 6/15/2029 USD 6.500
Financiere Immobiliere 6.000 1/30/2025 EUR 9.273
SAS AB 8.755 SEK 2.931
AnaCap Financial Europ 8.968 8/1/2024 EUR 64.808
Czech Republic Governm 1.500 4/24/2040 CZK 64.941
Romanian Government In 2.625 12/2/2040 EUR 61.512
Aroundtown SA 3.640 9/20/2030 EUR 70.256
RWE AG 1.000 11/26/2033 EUR 73.430
Akelius Residential Pr 0.750 2/22/2030 EUR 73.911
Vonovia SE 1.625 9/1/2051 EUR 47.474
Balder Finland Oyj 2.000 1/18/2031 EUR 64.729
Croatia Government Int 1.750 3/4/2041 EUR 68.355
Serbia International B 2.050 9/23/2036 EUR 61.063
Alfa Bank AO Via Alfa 5.950 4/15/2030 USD 1.386
TotalEnergies SE 3.250 EUR 73.953
SPP-Distribucia AS 1.000 6/9/2031 EUR 69.871
Neoen SA 2.000 6/2/2025 EUR 43.809
Deutsche Bahn Finance 0.625 12/8/2050 EUR 45.901
Republic of Austria Go 1.500 2/20/2047 EUR 67.257
University of Oxford 2.544 12/8/2117 GBP 48.455
John Lewis PLC 4.250 12/18/2034 GBP 63.742
Wuestenrot & Wuerttemb 2.125 9/10/2041 EUR 71.197
Thermo Fisher Scientif 2.000 10/18/2051 EUR 60.412
Delivery Hero SE 1.500 1/15/2028 EUR 71.949
Southern Gas Networks 1.250 12/2/2031 GBP 70.392
NPC Ukrenergo 6.875 11/9/2028 USD 26.156
Prosus NV 4.987 1/19/2052 USD 64.706
Russian Foreign Bond - 7.500 3/31/2030 USD 65.205
Borets Finance DAC 6.000 9/17/2026 USD 49.034
Medtronic Global Holdi 1.750 7/2/2049 EUR 60.237
Ireland Government Bon 0.550 4/22/2041 EUR 61.897
TotalEnergies SE 2.125 EUR 72.555
Cardea Europe AG 7.250 12/8/2023 EUR 1.900
Standard Chartered PLC 3.265 2/18/2036 USD 75.362
Agps Bondco PLC 4.625 1/14/2026 EUR 39.764
Altice France SA/Franc 4.125 1/15/2029 EUR 71.828
WPP Finance 2013 2.875 9/14/2046 GBP 57.702
State Agency of Roads 6.250 6/24/2030 USD 25.253
State of North Rhine-W 2.150 3/21/2119 EUR 60.962
Ireland Government Bon 1.500 5/15/2050 EUR 64.097
Ireland Government Bon 2.000 2/18/2045 EUR 75.611
VTB Bank OJSC Via VTB 6.950 10/17/2022 USD 6.658
Rothesay Life PLC 5.000 GBP 64.753
BPCE SFH SA 0.010 1/29/2036 EUR 64.373
Kingdom of Belgium Gov 2.150 6/22/2066 EUR 67.424
Bank Gospodarstwa Kraj 2.250 7/21/2033 PLN 72.873
Atrium Finance PLC 2.625 9/5/2027 EUR 74.321
Gazprom PJSC Via Gaz C 4.364 3/21/2025 EUR 70.000
Finland Government Bon 0.125 4/15/2052 EUR 41.154
UBM Development AG 5.500 EUR 71.854
WM Morrison Supermarke 3.500 7/27/2026 GBP 70.529
Siemens Financieringsm 2.875 3/11/2041 USD 69.517
Russian Federal Bond - 7.700 3/16/2039 RUB 72.149
AerCap Ireland Capital 3.850 10/29/2041 USD 69.732
Banco Santander SA 2.749 12/3/2030 USD 74.877
VF Ukraine PAT via VFU 6.200 2/11/2025 USD 74.873
Shell International Fi 1.750 9/10/2052 GBP 44.870
R-Logitech Finance SA 10.250 9/26/2027 EUR 20.501
Triodos Bank NV 2.250 2/5/2032 EUR 73.356
Landesbank Baden-Wuert 0.375 2/21/2031 EUR 73.715
Muenchener Rueckversic 1.000 5/26/2042 EUR 72.782
Turkiye Government Bon 10.500 8/11/2027 TRY 58.500
HSE Finance Sarl 9.531 10/15/2026 EUR 50.799
CTP NV 1.500 9/27/2031 EUR 70.740
Samhallsbyggnadsbolage 7.599 SEK 15.710
Garfunkelux Holdco 3 S 7.750 11/1/2025 GBP 74.267
Assicurazioni Generali 1.713 6/30/2032 EUR 73.715
Nykredit Realkredit AS 1.000 10/1/2050 DKK 67.064
Mutuelle Assurance Des 3.500 EUR 68.941
Perrigo Finance Unlimi 4.900 12/15/2044 USD 69.129
Nykredit Realkredit AS 1.000 10/1/2053 DKK 70.698
Gazprom PJSC via Gaz F 2.950 1/27/2029 USD 63.023
ABN AMRO Bank NV 1.125 4/23/2039 EUR 68.698
Deutsche Bank AG/New Y 3.742 1/7/2033 USD 72.093
HOCHDORF Holding AG 7.277 CHF 30.031
Greenbit Energy AS 14.720 5/27/2025 NOK 71.171
Banque Federative du C 1.125 11/19/2031 EUR 74.430
Global Fashion Group S 1.250 3/15/2028 EUR 73.949
Bellis Finco PLC 4.000 2/16/2027 GBP 74.645
Nykredit Realkredit AS 1.500 10/1/2053 DKK 74.560
Luzerner Kantonalbank 2.000 CHF 75.023
Gazprom PJSC via Gaz F 3.250 2/25/2030 USD 61.337
Ukraine Government Bon 9.790 5/26/2027 UAH 62.970
Shell International Fi 3.250 4/6/2050 USD 66.517
Berlin Hyp AG 0.375 4/21/2031 EUR 74.540
Russian Agricultural B 8.500 10/16/2023 USD 26.044
Koninklijke Luchtvaart 0.750 CHF 27.350
K2A Knaust & Andersson 10.043 SEK 50.000
Wirecard AG 0.500 9/11/2024 EUR 15.436
Republic of Belarus In 6.378 2/24/2031 USD 35.414
Prosus NV 4.027 8/3/2050 USD 56.440
Blackstone Property Pa 1.625 4/20/2030 EUR 73.841
Nederlandse Waterschap 0.375 9/28/2046 EUR 50.035
Anglo American Capital 4.750 3/16/2052 USD 75.153
Republic of Belarus In 7.625 6/29/2027 USD 42.770
Turkiye Government Bon 10.600 2/11/2026 TRY 67.000
Slovakia Government Bo 1.000 10/13/2051 EUR 46.951
Gazprom PJSC via Gaz F 3.000 6/29/2027 USD 68.754
Thermo Fisher Scientif 1.625 10/18/2041 EUR 66.814
Euroboden GmbH 5.500 10/1/2024 EUR 0.539
Cofinimmo SA 0.875 12/2/2030 EUR 74.077
Vnesheconombank Via VE 6.800 11/22/2025 USD 6.640
Credit Mutuel Arkea SA 0.875 3/11/2033 EUR 74.209
Koninklijke KPN NV 0.875 11/15/2033 EUR 74.652
Prosus NV 3.061 7/13/2031 USD 74.058
Finland Government Bon 0.125 4/15/2036 EUR 66.960
NIBC Bank NV 2.850 2/21/2040 EUR 58.594
Electricite de France 2.000 12/9/2049 EUR 54.525
Hungary Government Int 1.500 11/17/2050 EUR 49.935
BMW Finance NV 0.200 1/11/2033 EUR 73.293
Gazprom PJSC via Gaz F 4.599 USD 62.076
Altice France SA/Franc 5.125 1/15/2029 USD 69.996
Ireland Government Bon 0.400 5/15/2035 EUR 72.685
VTB Bank PJSC Via VTB 9.500 USD 17.640
DSV Finance BV 0.875 9/17/2036 EUR 67.303
Equinor ASA 3.700 4/6/2050 USD 72.923
Slovakia Government Bo 2.000 10/17/2047 EUR 65.843
Thames Water Utilities 2.625 1/24/2032 GBP 73.513
NGD Holdings BV 6.750 12/31/2026 USD 70.276
Societe Generale SA 4.027 1/21/2043 USD 62.118
FIGEAC-AERO 1.750 10/18/2028 EUR 15.992
Latvia Government Inte 1.375 5/16/2036 EUR 72.212
Republic of Poland Gov 2.000 3/8/2049 EUR 63.274
Slovenia Government Bo 0.488 10/20/2050 EUR 43.466
Bank Gospodarstwa Kraj 0.500 7/8/2031 EUR 73.230
Codere Finance 2 Luxem 13.625 11/30/2027 USD 9.000
BNP Paribas SA 0.625 12/3/2032 EUR 72.205
Storebrand Livsforsikr 1.875 9/30/2051 EUR 73.712
BAT International Fina 2.000 3/13/2045 EUR 54.806
Kingdom of Belgium Gov 2.250 6/22/2057 EUR 70.803
Eurofins Scientific SE 0.875 5/19/2031 EUR 74.669
Royalty Pharma PLC 3.350 9/2/2051 USD 57.838
Gazprom PJSC Via Gaz C 4.950 2/6/2028 USD 72.652
CK Hutchison Group Tel 2.625 10/17/2034 GBP 67.121
Ukraine Railways Via R 7.875 7/15/2028 USD 47.630
Russian Foreign Bond - 2.650 5/27/2036 EUR 34.000
Barclays PLC 3.330 11/24/2042 USD 64.207
Sberbank of Russia Via 5.125 10/29/2022 USD 32.349
Russian Foreign Bond - 1.125 11/20/2027 EUR 39.684
TotalEnergies Capital 3.386 6/29/2060 USD 63.980
Development Bank of th 6.750 5/2/2024 USD 40.000
Mallinckrodt Internati 10.000 4/15/2025 USD 7.000
Pension Insurance Corp 3.625 10/21/2032 GBP 74.577
Lloyds Banking Group P 2.707 12/3/2035 GBP 74.608
Talanx AG 1.750 12/1/2042 EUR 75.362
Sweden Government Bond 0.500 11/24/2045 SEK 59.277
Lithuania Government I 0.500 7/28/2050 EUR 41.574
Royalty Pharma PLC 2.150 9/2/2031 USD 75.375
Atento Luxco 1 SA 8.000 2/10/2026 USD 0.010
Russian Foreign Bond - 5.625 4/4/2042 USD 67.640
Kingdom of Belgium Gov 1.600 6/22/2047 EUR 66.126
Digital Intrepid Holdi 0.625 7/15/2031 EUR 71.782
Thames Water Utilities 4.625 6/4/2046 GBP 71.346
Kreditanstalt fuer Wie 0.875 7/4/2039 EUR 68.971
Mutuelle Assurance Des 2.125 6/21/2052 EUR 70.269
Turkiye Government Bon 10.400 10/13/2032 TRY 52.000
BAE Systems PLC 3.000 9/15/2050 USD 61.337
Societe Nationale SNCF 1.000 1/19/2061 EUR 37.462
Elli Finance UK PLC 8.750 6/15/2019 GBP 43.315
Medtronic Global Holdi 1.375 10/15/2040 EUR 65.514
MC Brazil Downstream T 7.250 6/30/2031 USD 72.451
BNG Bank NV 0.125 4/19/2033 EUR 74.256
BICO Group AB 2.875 3/19/2026 SEK 68.300
Scandinavian Airlines 0.625 CHF 3.044
Airbus SE 2.375 6/9/2040 EUR 75.359
BP Capital Markets BV 0.933 12/4/2040 EUR 57.717
CBRE Global Investors 0.900 10/12/2029 EUR 74.791
Prosus NV 2.031 8/3/2032 EUR 69.723
Vonovia Finance BV 1.125 9/14/2034 EUR 67.032
Digital Intrepid Holdi 1.375 7/18/2032 EUR 74.175
Barclays Bank PLC 4.331 12/28/2040 EUR 70.665
ALROSA Finance SA 3.100 6/25/2027 USD 8.640
Schlote Holding GmbH 6.750 11/21/2024 EUR 48.795
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.350
Glencore Capital Finan 1.250 3/1/2033 EUR 73.137
Nykredit Realkredit AS 1.500 10/1/2053 DKK 70.103
WM Morrison Supermarke 4.750 7/4/2029 GBP 61.649
Nykredit Realkredit AS 1.000 10/1/2053 DKK 65.611
Severstal OAO Via Stee 3.150 9/16/2024 USD 5.640
Societe Generale SA 3.625 3/1/2041 USD 60.112
State of North Rhine-W 1.375 1/15/2120 EUR 42.402
Evraz PLC 5.250 4/2/2024 USD 72.275
BNP Paribas SA 2.588 8/12/2035 USD 74.880
Gazprom PJSC via Gaz F 1.850 11/17/2028 EUR 60.082
Vonovia SE 0.750 9/1/2032 EUR 70.007
Balder Finland Oyj 1.375 5/24/2030 EUR 64.534
Republic of Belarus In 5.875 2/24/2026 USD 42.975
Slovenia Government Bo 1.750 11/3/2040 EUR 72.453
Verbund AG 0.900 4/1/2041 EUR 63.369
Russian Federal Bond - 7.250 5/10/2034 RUB 73.948
Rallye SA 3.250 2/28/2032 CHF 0.165
Offentliga Hus I Norde 10.916 SEK 45.027
Smurfit Kappa Treasury 1.000 9/22/2033 EUR 73.958
Vodafone Group PLC 3.000 8/12/2056 GBP 55.787
CPI Property Group SA 2.750 1/22/2028 GBP 71.710
Vnesheconombank Via VE 5.942 11/21/2023 USD 9.663
Paragon Treasury Plc 3.625 1/21/2047 GBP 69.547
Vonovia SE 1.500 6/14/2041 EUR 55.501
Marston's Issuer PLC 7.889 7/16/2035 GBP 74.374
Sidetur Finance BV 10.000 4/20/2016 USD 0.959
Magnolia Bostad AB 10.961 3/18/2025 SEK 73.076
Digital Dutch Finco BV 1.000 1/15/2032 EUR 73.333
Agps Bondco PLC 5.500 11/13/2026 EUR 39.235
Banco Santander SA 3.225 11/22/2032 USD 75.495
Chancellor Masters & S 0.250 6/27/2068 GBP 54.750
Orpea SA 2.200 12/15/2024 EUR 25.137
Orsted AS 2.500 5/16/2033 GBP 74.105
Direct Line Insurance 4.000 6/5/2032 GBP 73.421
Interpipe Holdings PLC 8.375 5/13/2026 USD 73.161
Wales & West Utilities 3.000 8/3/2038 GBP 70.728
Enel Finance Internati 0.875 9/28/2034 EUR 69.765
BAT International Fina 4.000 11/23/2055 GBP 55.874
BPCE SA 2.125 10/13/2046 EUR 73.307
Realkredit Danmark A/S 1.000 10/1/2050 DKK 71.670
Abengoa Abenewco 2 Bis 1.500 4/26/2024 EUR 0.498
Unigel Luxembourg SA 8.750 10/1/2026 USD 33.268
Russian Railways Via R 1.195 4/3/2028 CHF 49.977
CNP Assurances SACA 1.875 10/12/2053 EUR 71.766
Nykredit Realkredit AS 2.000 10/1/2053 DKK 68.190
AstraZeneca PLC 3.000 5/28/2051 USD 64.847
Republic of Poland Gov 2.000 10/25/2046 EUR 65.544
Logicor Financing Sarl 0.875 1/14/2031 EUR 68.503
JT International Finan 2.750 9/28/2033 GBP 75.435
Segro PLC 2.875 10/11/2037 GBP 70.984
Wellcome Trust Ltd/The 2.517 2/7/2118 GBP 48.759
La Financiere Atalian 6.625 5/15/2025 GBP 71.928
Kreditanstalt fuer Wie 1.125 6/15/2037 EUR 75.107
OMV AG 1.000 7/3/2034 EUR 73.826
Arrival SA 3.500 12/1/2026 USD 5.750
CPI Property Group SA 5.800 SGD 43.782
Turkiye Government Bon 10.280 9/15/2027 TRY 55.500
Samhallsbyggnadsbolage 6.849 1/30/2027 SEK 62.304
Vienna Insurance Group 1.000 3/26/2036 EUR 72.155
BNP Paribas SA 2.824 1/26/2041 USD 61.118
UBS Group AG 3.179 2/11/2043 USD 64.562
Romanian Government In 3.375 2/8/2038 EUR 72.632
ALROSA Finance SA 4.650 4/9/2024 USD 10.157
Novo Banco SA/Luxembou 3.500 1/23/2043 EUR 73.227
Siemens Financieringsm 2.875 3/11/2041 USD 69.745
Aberdeen City Council 0.100 2/28/2054 GBP 70.611
Air Berlin PLC 6.750 5/9/2019 EUR 0.380
EQT AB 0.875 5/14/2031 EUR 72.429
Russian Railways Via R 7.487 3/25/2031 GBP 67.244
Vonovia Finance BV 1.625 10/7/2039 EUR 60.481
Department of Gironde 0.765 4/29/2036 EUR 65.971
Enel Finance Internati 0.875 6/17/2036 EUR 64.953
Bazalgette Finance Plc 2.750 3/10/2034 GBP 75.553
BNP Paribas SA 2.824 1/26/2041 USD 61.375
Quant AB 9.781 11/15/2025 EUR 69.723
NatWest Group PLC 3.032 11/28/2035 USD 74.732
Abengoa Abenewco 2 SA 1.500 10/26/2024 USD 1.194
United Utilities Water 1.875 6/3/2042 GBP 54.710
Vonovia SE 0.625 3/24/2031 EUR 73.381
esure Group PLC 6.000 GBP 69.246
Electricite de France 1.875 10/13/2036 EUR 73.084
Utmost Group PLC 4.000 12/15/2031 GBP 72.492
Credit Bank of Moscow 3.100 1/21/2026 EUR 21.438
Altice France SA/Franc 4.000 7/15/2029 EUR 70.119
Phosagro OAO Via Phosa 2.600 9/16/2028 USD 66.392
Bank Gospodarstwa Kraj 2.375 11/27/2040 PLN 63.335
Altarea SCA 1.750 1/16/2030 EUR 71.159
EnBW Energie Baden-Wue 2.125 8/31/2081 EUR 70.825
Pershing Square Holdin 3.250 10/1/2031 USD 74.004
E.ON SE 0.600 10/1/2032 EUR 75.303
DXC Capital Funding DA 0.950 9/15/2031 EUR 71.423
Codere Finance 2 Luxem 13.625 11/30/2027 USD 8.965
YIT Oyj 5.750 EUR 73.894
Tinkoff Bank JSC Via T 6.000 USD 48.738
GTLK Europe Capital DA 5.950 4/17/2025 USD 29.231
UBS Group AG 3.179 2/11/2043 USD 64.799
Realkredit Danmark A/S 1.000 10/1/2053 DKK 56.077
Lloyds Banking Group P 3.369 12/14/2046 USD 60.342
Close Brothers Finance 1.625 12/3/2030 GBP 72.918
Allianz Finance II BV 0.500 11/22/2033 EUR 73.002
Autonomous Community o 0.700 7/30/2033 EUR 73.912
Slovakia Government Bo 2.250 6/12/2068 EUR 60.702
Euroclear Investments 1.375 6/16/2051 EUR 74.770
Bakkegruppen AS 11.730 2/3/2025 NOK 51.645
Ilija Batljan Invest A 7.327 12/15/2024 SEK 23.036
Tritax Big Box REIT PL 1.500 11/27/2033 GBP 65.462
Saxa Gres Spa 7.000 8/4/2027 EUR 4.199
Shell International Fi 3.125 11/7/2049 USD 64.570
UBS Group AG 2.095 2/11/2032 USD 74.125
E.ON SE 0.875 10/18/2034 EUR 74.050
Cooperatieve Rabobank 1.000 1/19/2034 EUR 74.907
Czech Republic Governm 1.950 7/30/2037 CZK 74.165
STERIS Irish FinCo UnL 3.750 3/15/2051 USD 69.234
Air Berlin PLC 8.250 4/19/2018 EUR 0.459
Prosus NV 1.985 7/13/2033 EUR 66.453
Enexis Holding NV 0.375 4/14/2033 EUR 74.098
Orange SA 0.625 12/16/2033 EUR 74.340
VK IPJSC 1.625 10/1/2025 USD 47.028
DZ Bank AG Deutsche Ze 5.122 7/30/2029 EUR 69.418
Agri Resources Group S 8.000 3/17/2026 EUR 10.352
European TopSoho Sarl 4.000 9/21/2021 EUR 52.875
BNP Paribas SA 1.250 7/13/2031 GBP 71.614
Cadent Finance PLC 2.625 9/22/2038 GBP 64.173
Sberbank of Russia Via 5.250 5/23/2023 USD 32.688
Landwirtschaftliche Re 0.010 11/26/2040 EUR 55.148
Utmost Group PLC 6.125 GBP 73.323
MMK International Capi 4.375 6/13/2024 USD 27.960
Sibur Securities DAC 2.950 7/8/2025 USD 65.499
Credit Bank of Moscow 5.150 2/20/2024 EUR 30.446
Altice France Holding 6.000 2/15/2028 USD 42.653
BUPA Finance PLC 4.125 6/14/2035 GBP 72.928
Electricite de France 1.000 11/29/2033 EUR 72.386
BPCE SA 3.116 10/19/2032 USD 73.904
Abengoa Abenewco 2 SA 1.500 10/26/2024 USD 0.009
Turkiye Government Bon 12.400 3/8/2028 TRY 58.000
FF Group Finance Luxem 1.750 7/3/2019 EUR 5.729
Repsol Europe Finance 0.875 7/6/2033 EUR 74.565
Aroundtown SA 3.000 10/16/2029 GBP 67.878
Pandion AG 5.500 2/5/2026 EUR 73.850
Barclays PLC 2.894 11/24/2032 USD 75.034
Shell International Fi 2.875 11/26/2041 USD 67.707
UBS Group AG 0.875 11/3/2031 EUR 74.667
OSB Group PLC 6.000 GBP 72.530
Gazprom PJSC via Gaz F 2.950 4/15/2025 EUR 74.070
Vonovia SE 1.000 6/16/2033 EUR 69.749
BNP Paribas SA 2.000 9/13/2036 GBP 65.436
UNEDIC ASSEO 0.500 5/25/2036 EUR 68.828
Eurovita SpA 6.000 12/22/2025 EUR 33.248
Deutsche Bahn Finance 1.125 5/29/2051 EUR 53.261
Just Group PLC 5.000 GBP 64.298
Aon Global Ltd 4.450 5/24/2043 USD 75.452
VTB Bank OJSC Via VTB 4.073 10/24/2024 CHF 16.000
BNG Bank NV 1.980 4/19/2040 SEK 72.402
Banco Santander SA 3.500 EUR 74.767
Finland Government Bon 1.375 4/15/2047 EUR 66.969
Altice France SA/Franc 5.125 7/15/2029 USD 69.900
National Grid PLC 0.750 9/1/2033 EUR 70.599
Mitsubishi UFJ Investo 8.215 12/30/2099 EUR 2.470
Turkiye Government Bon 8.000 3/12/2025 TRY #N/A N/A
Aviva PLC 4.000 6/3/2055 GBP 75.381
Sweden Government Bond 1.375 6/23/2071 SEK 52.592
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.105
Holcim Finance Luxembo 0.625 1/19/2033 EUR 71.776
Gazprom PJSC via Gaz F 3.500 7/14/2031 USD 60.224
Plusplus Capital Finan 11.000 7/29/2026 EUR 45.588
LEG Immobilien SE 1.000 11/19/2032 EUR 70.146
Euroboden GmbH 5.500 11/18/2025 EUR 0.540
Privatbank CJSC Via UK 10.250 1/23/2018 USD 0.893
Imperial Brands Financ 1.750 3/18/2033 EUR 72.019
Communaute Francaise d 0.625 6/11/2035 EUR 70.152
Audax Renovables SA 2.750 11/30/2025 EUR 70.601
Tresu Investment Holdi 8.972 1/2/2025 EUR 24.817
Guinness Partnership L 2.000 4/22/2055 GBP 46.003
ABN AMRO Bank NV 3.324 3/13/2037 USD 73.250
Intesa Sanpaolo SpA 2.625 3/11/2036 GBP 65.630
Southern Housing 2.375 10/8/2036 GBP 67.912
Avangardco Investments 10.000 10/29/2018 USD 0.109
Solocal Group 10.845 3/15/2025 EUR 21.275
Travelex Financing PLC 8.000 5/15/2022 EUR 0.201
Kistos Energy Norway A 13.500 3/21/2083 USD 32.434
BNP Paribas SA 2.588 8/12/2035 USD 74.568
GTLK Europe Capital DA 4.800 2/26/2028 USD 22.622
Tinkoff Bank JSC Via T 11.002 USD 55.000
Gecina SA 0.875 6/30/2036 EUR 65.933
RL Finance Bonds NO 4 4.875 10/7/2049 GBP 72.790
Nestle Finance Interna 0.875 6/14/2041 EUR 64.364
Clariane SE 3.350 6/29/2028 EUR 63.219
Signa Development Fina 5.500 7/23/2026 EUR 54.417
Telefonica Emisiones S 1.864 7/13/2040 EUR 69.837
Barclays PLC 3.382 5/20/2032 AUD 74.475
Ministeries Van de Vla 0.125 10/15/2035 EUR 65.819
Polyus Finance PLC 3.250 10/14/2028 USD 60.260
European Financial Sta 1.450 9/5/2040 EUR 72.971
BP Capital Markets PLC 1.104 11/15/2034 EUR 71.705
Ekosem-Agrar AG 2.500 7/31/2029 EUR 14.901
GTLK Europe Capital DA 4.349 2/27/2029 USD 21.528
JDE Peet's NV 1.125 6/16/2033 EUR 74.632
Brookfield Finance I U 2.340 1/30/2032 USD 74.717
BNG Bank NV 1.250 3/30/2037 EUR 75.449
Allianz SE 3.200 USD 71.514
Russian Federal Bond - 6.100 7/18/2035 RUB 65.076
UBS Group AG 4.375 USD 68.755
EIG Pearl Holdings Sar 4.387 11/30/2046 USD 69.636
JSM Global Sarl 4.750 10/20/2030 USD 13.300
EnfraGen Energia Sur S 5.375 12/30/2030 USD 67.138
Proximus SADP 0.750 11/17/2036 EUR 66.869
Offshore Drilling Hold 8.375 9/20/2020 USD 1.227
Credit Bank of Moscow 3.875 9/21/2026 USD 36.118
ERWE Immobilien AG 7.500 12/10/2023 EUR 23.079
Richemont Internationa 1.625 5/26/2040 EUR 71.460
Societe Du Grand Paris 1.000 2/18/2070 EUR 36.236
BP Capital Markets BV 1.467 9/21/2041 EUR 61.879
Barclays Bank PLC 12.000 9/24/2025 TRY 63.441
Selina Hospitality PLC 6.000 11/1/2026 USD 10.062
Turkiye Government Bon 11.000 2/24/2027 TRY 57.500
Metinvest BV 7.650 10/1/2027 USD 63.736
Saltaire Finance PLC 2.711 5/9/2052 GBP 63.618
Orange SA 1.375 9/4/2049 EUR 62.047
SKF AB 0.250 2/15/2031 EUR 75.333
Novo Banco SA/Luxembou 3.500 2/19/2043 EUR 72.327
Siemens Financieringsm 1.750 2/28/2039 EUR 74.948
European Financial Sta 1.700 2/13/2043 EUR 73.451
Fresenius SE & Co KGaA 1.125 1/28/2033 EUR 75.455
Vodafone Group PLC 4.250 9/17/2050 USD 71.894
State of North Rhine-W 1.750 10/26/2057 EUR 62.707
Siemens Financieringsm 0.500 9/5/2034 EUR 72.074
Chelyabinsk Pipe Plant 4.500 9/19/2024 USD 61.189
Alfa Bank AO Via Alfa 5.900 USD 8.200
Deutsche Telekom AG 1.750 12/9/2049 EUR 66.864
Alfa Bank AO Via Alfa 6.950 USD 8.575
Credit Bank of Moscow 8.875 USD 12.637
Medtronic Global Holdi 1.500 7/2/2039 EUR 68.670
JAB Holdings BV 4.500 4/8/2052 USD 69.543
Metalloinvest Finance 3.375 10/22/2028 USD 54.915
Lukoil Capital DAC 3.600 10/26/2031 USD 72.368
Snam SpA 1.250 6/20/2034 EUR 74.602
EYEMAXX Real Estate AG 5.500 4/26/2023 EUR 1.474
JDE Peet's NV 2.250 9/24/2031 USD 74.753
Nederlandse Waterschap 1.900 1/31/2035 AUD 66.411
Vnesheconombank Via VE 6.025 7/5/2022 USD 6.678
Diageo Finance PLC 2.750 6/8/2038 GBP 72.695
Deutsche Telekom AG 3.625 1/21/2050 USD 68.246
Clarion Funding PLC 3.125 4/19/2048 GBP 63.409
UK Municipal Bonds Age 1.625 8/26/2060 GBP 38.324
TechnipFMC PLC 4.000 6/14/2032 EUR 74.410
Vesteda Finance BV 0.750 10/18/2031 EUR 75.421
BPCE SA 2.277 1/20/2032 USD 74.223
publity AG 5.500 6/19/2025 EUR 57.747
PJSC Koks via IMH Capi 5.900 9/23/2025 USD 8.640
BNG Bank NV 1.550 2/19/2032 AUD 73.058
Lendlease Europe Finan 3.500 12/2/2033 GBP 66.714
CM.com NV 2.000 9/9/2026 EUR 63.793
European Financial Sta 0.050 1/18/2052 EUR 37.264
Heineken NV 1.750 5/7/2040 EUR 72.428
ABN AMRO Bank NV 0.625 1/24/2037 EUR 68.230
Anglo American Capital 4.750 3/16/2052 USD 74.954
ABN AMRO Bank NV 1.250 1/20/2034 EUR 74.874
Slovenia Government Bo 1.175 2/13/2062 EUR 50.584
Realkredit Danmark A/S 1.500 10/1/2053 DKK 74.706
Republic of Belarus In 6.200 2/28/2030 USD 33.463
Enagas Financiaciones 0.375 11/5/2032 EUR 74.624
Lehman Brothers UK Cap 5.125 EUR 21.500
Credit Agricole SA 4.750 USD 73.864
Vonovia Finance BV 2.750 3/22/2038 EUR 74.560
Severn Trent Utilities 2.000 6/2/2040 GBP 57.886
Realkredit Danmark A/S 1.000 10/1/2050 DKK 67.070
Hannover Rueck SE 1.375 6/30/2042 EUR 74.700
Caisse des Depots et C 1.552 8/16/2038 EUR 72.156
Region de Bruxelles-Ca 1.121 5/11/2071 EUR 38.629
TotalEnergies Capital 2.986 6/29/2041 USD 69.153
Enel Finance Internati 1.125 10/17/2034 EUR 71.021
Cie Generale des Etabl 0.625 11/2/2040 EUR 58.931
Hyde Housing Associati 1.750 8/18/2055 GBP 43.231
Wellcome Trust Ltd/The 1.500 7/14/2071 GBP 36.441
State of North Rhine-W 1.750 7/11/2068 EUR 57.916
GTLK Europe DAC 5.125 5/31/2024 USD 36.163
Intesa Sanpaolo SpA 2.100 11/13/2030 USD 72.390
Nykredit Realkredit AS 1.500 10/1/2053 DKK 61.273
Cie de Financement Fon 0.600 10/25/2041 EUR 59.107
Intesa Sanpaolo SpA 4.700 9/23/2049 USD 64.741
Turkiye Government Bon 16.900 9/2/2026 TRY 73.000
Engie SA 1.250 10/24/2041 EUR 58.938
Saderea DAC 12.500 11/30/2026 USD 40.674
Kreditanstalt fuer Wie 1.125 3/31/2037 EUR 75.640
Societe Du Grand Paris 0.300 9/2/2036 EUR 64.476
MARB BondCo PLC 3.950 1/29/2031 USD 74.747
Kreditanstalt fuer Wie 0.050 9/29/2034 EUR 70.666
Latvia Government Inte 1.875 2/19/2049 EUR 66.506
Deutsche Bank AG/New Y 3.729 1/14/2032 USD 74.252
Mondelez International 0.625 9/9/2032 EUR 75.313
Latvia Government Inte 2.250 2/15/2047 EUR 70.717
Standard Chartered PLC 3.265 2/18/2036 USD 74.997
Enel Finance Internati 2.250 7/12/2031 USD 75.402
GlaxoSmithKline Capita 1.625 5/12/2035 GBP 68.460
Societe Du Grand Paris 0.700 10/15/2060 EUR 34.780
Aroundtown SA 3.625 4/10/2031 GBP 66.247
Unibail-Rodamco-Westfi 0.875 3/29/2032 EUR 73.545
Cooperatieve Rabobank 0.750 6/21/2039 EUR 65.388
Vedanta Resources Fina 8.950 3/11/2025 USD 72.850
Societe Generale SA 4.027 1/21/2043 USD 61.858
A2A SpA 1.000 11/2/2033 EUR 70.750
Prologis International 0.750 3/23/2033 EUR 69.481
VEON Holdings BV 3.375 11/25/2027 USD 71.831
EnBW International Fin 0.500 3/1/2033 EUR 72.645
Lloyds Banking Group P 4.344 1/9/2048 USD 67.955
National Grid Electric 1.750 9/9/2031 GBP 75.378
Novolipetsk Steel Via 1.450 6/2/2026 EUR 69.395
ABN AMRO Bank NV 1.450 4/12/2038 EUR 74.733
nextbike GmbH 6.000 3/31/2025 EUR 45.000
Channel Link Enterpris 3.848 6/30/2050 GBP 64.915
Enel Finance Internati 1.250 1/17/2035 EUR 72.326
Bourbon Corp SA 11.652 EUR 0.906
Magnolia Bostad AB 11.784 5/19/2026 SEK 66.350
Places For People Trea 2.500 1/26/2036 GBP 69.052
Vodafone Group PLC 3.375 8/8/2049 GBP 63.700
OGX Austria GmbH 8.500 6/1/2018 USD 0.042
Derwent London PLC 1.875 11/17/2031 GBP 71.928
Region Wallonne Belgiu 1.050 6/22/2040 EUR 63.423
Logicor Financing Sarl 2.000 1/17/2034 EUR 67.239
LSEGA Financing PLC 3.200 4/6/2041 USD 69.304
Royalty Pharma PLC 3.550 9/2/2050 USD 61.178
Shell International Fi 3.750 9/12/2046 USD 73.898
Ukraine Government Int 7.750 8/1/2041 USD 42.323
Iren SpA 0.250 1/17/2031 EUR 73.615
ESB Finance DAC 1.000 7/19/2034 EUR 73.946
Lithuania Government I 0.750 7/15/2051 EUR 45.355
Northern Powergrid Nor 1.875 6/16/2062 GBP 43.475
Groupe des Assurances 1.850 4/21/2042 EUR 73.649
British Telecommunicat 4.250 11/8/2049 USD 70.749
Anglo American Capital 3.950 9/10/2050 USD 67.780
Ageas SA/NV 1.875 11/24/2051 EUR 73.580
Barclays PLC 3.811 3/10/2042 USD 65.497
TMK OAO Via TMK Capita 4.300 2/12/2027 USD 65.108
Hungary Government Bon 2.250 6/22/2034 HUF 65.769
Nykredit Realkredit AS 1.500 10/1/2050 DKK 72.382
SCF Capital Designated 3.850 4/26/2028 USD 65.679
UBS Group AG 0.625 2/24/2033 EUR 70.310
Thomas Cook Finance 2 3.875 7/15/2023 EUR 0.683
ICADE 0.625 1/18/2031 EUR 73.875
Volkswagen Internation 1.500 1/21/2041 EUR 62.868
Finland Government Bon 0.500 4/15/2043 EUR 57.777
Becton Dickinson Euro 1.336 8/13/2041 EUR 60.713
Merlin Properties Soci 1.875 12/4/2034 EUR 70.779
Intu Debenture PLC 5.562 12/31/2027 GBP 39.735
Southern Housing 3.500 10/19/2047 GBP 66.122
BNP Paribas SA 4.625 USD 68.731
Liquid Telecommunicati 5.500 9/4/2026 USD 60.632
Deutsche Bahn Finance 0.625 4/15/2036 EUR 68.301
UBS Group AG 2.095 2/11/2032 USD 74.078
Action Logement Servic 0.500 10/30/2034 EUR 71.184
Morhomes PLC 3.400 2/19/2038 GBP 74.997
Yorkshire Water Financ 2.750 4/18/2041 GBP 61.596
DH Europe Finance II S 3.250 11/15/2039 USD 73.963
Amprion GmbH 0.625 9/23/2033 EUR 72.200
Credit Bank of Moscow 7.500 10/5/2027 USD 21.816
Clarion Funding PLC 1.875 1/22/2035 GBP 67.925
Church Commissioners f 3.625 7/14/2052 GBP 72.313
Deutsche Bahn Finance 1.375 4/16/2040 EUR 69.348
OGX Austria GmbH 8.375 4/1/2022 USD 0.083
Coruripe Netherlands B 10.000 2/10/2027 USD 72.153
Virgolino de Oliveira 10.500 1/28/2018 USD 0.115
B2W Digital Lux Sarl 4.375 12/20/2030 USD 14.000
AstraZeneca PLC 2.125 8/6/2050 USD 54.130
Anchor Hanover Group 2.000 7/21/2051 GBP 49.512
Italgas SpA 0.500 2/16/2033 EUR 70.961
NIBC Bank NV 3.089 EUR 72.451
Nordea Kredit Realkred 1.000 10/1/2050 DKK 71.797
Gol Finance SA 8.000 6/30/2026 USD 44.888
Canary Wharf Group Inv 3.375 4/23/2028 GBP 66.016
Royalty Pharma PLC 3.300 9/2/2040 USD 65.792
GTLK Europe Capital DA 4.650 3/10/2027 USD 22.722
Paper Industries Inter 9.803 3/1/2025 EUR 71.687
Stichting Afwikkeling 6.246 EUR 67.625
DSV Finance BV 0.750 7/5/2033 EUR 74.496
European Financial Sta 0.700 1/20/2050 EUR 50.996
GTLK Europe Capital DA 4.949 2/18/2026 USD 19.157
Lithuania Government I 1.625 6/19/2049 EUR 59.285
National Grid Electric 0.872 11/26/2040 EUR 57.861
National Grid Electric 2.750 2/6/2035 GBP 74.041
Air Liquide Finance SA 0.375 9/20/2033 EUR 72.768
HOWOGE Wohnungsbaugese 1.125 11/1/2033 EUR 72.694
Allied Irish Banks PLC 12.500 6/25/2035 GBP 55.809
Nordea Bank Abp 3.750 USD 72.000
Credit Bank of Moscow 7.625 USD 25.786
BPCE SA 3.582 10/19/2042 USD 61.036
East Slope Residencies 0.100 2/28/2062 GBP 59.846
Veolia Environnement S 1.250 5/14/2035 EUR 74.635
FF Group Finance Luxem 3.250 11/2/2021 CHF 5.879
Ekosem-Agrar AG 2.500 12/7/2027 EUR 15.221
Altice France SA/Franc 5.500 1/15/2028 USD 75.936
BNG Bank NV 0.250 11/22/2036 EUR 65.887
LyondellBasell Industr 4.625 2/26/2055 USD 73.286
Cooperatieve Rabobank 0.625 2/25/2033 EUR 74.140
Landesbank Hessen-Thue 0.500 1/19/2037 EUR 67.464
Optivo Finance PLC 3.283 3/22/2048 GBP 64.241
Nats En Route PLC 1.750 9/30/2033 GBP 72.197
Electricite de France 4.750 10/6/2045 USD 71.567
European Financial Sta 1.200 2/17/2045 EUR 64.604
DH Europe Finance II S 1.350 9/18/2039 EUR 67.736
Lukoil Securities BV 3.875 5/6/2030 USD 72.390
Finland Government Bon 0.250 9/15/2040 EUR 59.120
Simon International Fi 1.125 3/19/2033 EUR 72.753
ABN AMRO Bank NV 3.324 3/13/2037 USD 73.816
Agence Francaise de De 0.375 5/25/2036 EUR 66.094
Investor AB 1.500 6/20/2039 EUR 69.151
Bayerische Landesbank 2.020 10/14/2030 EUR 73.907
Czech Gas Networks Inv 0.875 3/31/2031 EUR 73.966
Russian Federal Bond - 7.000 7/30/2036 RUB 69.629
Land Securities Capita 2.750 9/22/2059 GBP 54.902
Credit Bank of Moscow 4.700 1/29/2025 USD 34.259
A2A SpA 0.625 7/15/2031 EUR 75.145
3i Group PLC 3.750 6/5/2040 GBP 71.539
South Eastern Power Ne 1.750 9/30/2034 GBP 68.591
Unilever PLC 1.500 6/11/2039 EUR 72.569
European Financial Sta 2.000 2/28/2056 EUR 68.781
Yuksel Insaat AS 9.500 11/10/2015 USD 0.468
Nykredit Realkredit AS 1.000 10/1/2053 DKK 56.238
Russian Foreign Bond - 5.100 3/28/2035 USD 33.771
Orange SA 0.750 6/29/2034 EUR 73.758
Interpipe Holdings PLC 8.375 5/13/2026 USD 73.779
SNCF Reseau 0.750 5/25/2036 EUR 69.669
Hacienda Investments L 5.075 2/15/2023 USD 23.186
Jyske Realkredit A/S 1.000 10/1/2050 DKK 71.698
Eversholt Funding PLC 3.529 8/7/2042 GBP 72.195
Medtronic Global Holdi 1.625 10/15/2050 EUR 57.809
BAWAG PSK Bank fuer Ar 0.010 11/19/2035 EUR 64.126
Unibail-Rodamco-Westfi 1.375 5/25/2033 EUR 75.306
Ministeries Van de Vla 1.500 7/12/2038 EUR 73.433
Sovcombank Via SovCom 7.600 USD 4.102
Societe Generale SA 5.375 USD 72.250
Sovcombank Via SovCom 3.400 1/26/2025 USD 3.202
Nykredit Realkredit AS 0.500 10/1/2050 DKK 62.444
LEG Immobilien SE 1.500 1/17/2034 EUR 70.977
EXOR NV 1.750 10/14/2034 EUR 75.413
DH Europe Finance II S 1.800 9/18/2049 EUR 62.056
Vonovia Finance BV 1.000 1/28/2041 EUR 51.349
Affordable Housing Fin 2.893 8/11/2043 GBP 72.725
AI Candelaria Spain SA 5.750 6/15/2033 USD 70.512
Eurogrid GmbH 0.741 4/21/2033 EUR 73.733
Societe Nationale SNCF 0.875 2/28/2051 EUR 44.288
BPCE SA 3.582 10/19/2042 USD 61.319
UBS Group AG 2.746 2/11/2033 USD 75.438
Realkredit Danmark A/S 1.500 10/1/2053 DKK 70.118
Genfit SA 3.500 10/16/2025 EUR 24.666
Traton Finance Luxembo 1.250 3/24/2033 EUR 73.198
London & Quadrant Hous 2.000 10/20/2038 GBP 61.439
Jyske Realkredit A/S 1.000 10/1/2050 DKK 67.064
Northern Powergrid Nor 3.250 4/1/2052 GBP 65.499
Ville de Paris 1.200 6/25/2039 EUR 68.235
UBS Group AG 2.746 2/11/2033 USD 75.236
Wendel SE 1.375 1/18/2034 EUR 72.200
Altice Finco SA 4.750 1/15/2028 EUR 75.294
EWE AG 0.375 10/22/2032 EUR 71.594
Holcim US Finance Luxe 2.240 10/15/2031 USD 72.413
Basque Government 1.375 10/31/2070 EUR 38.486
British Telecommunicat 3.625 11/21/2047 GBP 68.172
Novo Banco SA/Luxembou 3.500 1/2/2043 EUR 73.339
Bayer AG 1.000 1/12/2036 EUR 66.080
Republic of Croatia FX 1.000 11/27/2034 EUR 72.154
Nestle Finance Interna 0.375 12/3/2040 EUR 59.653
Investor AB 0.375 10/29/2035 EUR 66.285
Societe Nationale SNCF 1.000 5/25/2040 EUR 62.796
Linde PLC 1.000 9/30/2051 EUR 50.204
Martlet Homes Ltd 3.000 5/9/2052 GBP 62.363
Market Parent Finco PL 6.750 10/1/2029 GBP 67.125
Trinseo Materials Oper 5.125 4/1/2029 USD 42.373
Accent Capital PLC 2.625 7/18/2049 GBP 59.288
Pershing Square Holdin 4.950 7/15/2039 USD 73.035
Barclays Bank PLC 1.750 9/29/2032 USD 67.190
Aon Global Ltd 4.250 12/12/2042 USD 73.222
Espirito Santo Financi 6.875 10/21/2019 EUR 0.042
Rickmers Holding AG 8.875 6/11/2018 EUR 2.273
Veganz Group AG 7.500 2/24/2025 EUR 70.609
Debenhams PLC 5.250 7/15/2021 GBP 0.529
BASF SE 1.625 11/15/2037 EUR 73.242
PREOS Global Office Re 7.500 12/9/2024 EUR 2.010
State of North Rhine-W 1.550 6/16/2048 EUR 66.147
Cyprus Government Inte 1.250 1/21/2040 EUR 63.851
Manchester Airport Gro 2.875 9/30/2044 GBP 61.923
LEG Immobilien SE 0.875 3/30/2033 EUR 68.667
RTE Reseau de Transpor 1.125 9/9/2049 EUR 55.172
Societe Du Grand Paris 1.625 4/8/2042 EUR 68.620
Suek Securities DAC 3.375 9/15/2026 USD 71.095
Hacienda Investments L 5.350 2/8/2028 USD 57.610
Pershing Square Holdin 4.950 7/15/2039 USD 73.035
Ilija Batljan Invest A 10.827 SEK 5.084
Russian Federal Bond - 5.900 3/12/2031 RUB 72.190
London & Quadrant Hous 2.000 3/31/2032 GBP 75.438
PCF GmbH 4.750 4/15/2026 EUR 70.962
adidas AG 0.625 9/10/2035 EUR 70.498
Nederlandse Waterschap 0.125 9/3/2035 EUR 67.999
Nykredit Realkredit AS 0.500 10/1/2053 DKK 60.251
CaixaBank SA 4.000 7/7/2042 EUR 74.257
Havila Shipping ASA 9.220 1/2/2025 NOK 46.410
Paragon Treasury Plc 2.000 5/7/2036 GBP 65.131
Jigsaw Funding PLC 3.375 5/5/2052 GBP 68.300
State of Schleswig-Hol 0.200 8/15/2039 EUR 60.152
BUPA Finance PLC 4.000 GBP 61.146
La Poste SA 0.625 1/18/2036 EUR 67.411
British Telecommunicat 4.250 11/8/2049 USD 70.590
Hungary Government Int 2.125 9/22/2031 USD 73.943
Raiffeisen-Landesbank 0.500 5/27/2041 EUR 57.648
JAB Holdings BV 2.250 12/19/2039 EUR 68.370
Realkredit Danmark A/S 1.500 10/1/2053 DKK 61.257
CCEP Finance Ireland D 1.500 5/6/2041 EUR 66.847
Social Chain AG /The 5.750 4/7/2024 EUR 1.251
Wales & West Utilities 1.875 5/28/2041 GBP 56.088
Mondelez International 1.250 9/9/2041 EUR 62.573
European Financial Sta 1.375 5/31/2047 EUR 65.014
Avanti Communications 9.000 10/1/2022 USD 13.750
Housing & Care 21 3.288 11/8/2049 GBP 65.685
Braskem Netherlands Fi 5.875 1/31/2050 USD 66.516
Blend Funding PLC 3.459 9/21/2047 GBP 70.235
Russian Foreign Bond - 5.875 9/16/2043 USD 62.557
Georgia Capital JSC 8.500 8/3/2028 USD 73.898
Futures Treasury PLC 3.375 2/8/2044 GBP 71.378
Bayerische Landesboden 0.250 3/21/2036 EUR 68.159
Petrobras Global Finan 4.500 2/4/2033 EUR 62.254
Diageo Finance PLC 1.250 3/28/2033 GBP 71.526
Cyprus Government Inte 2.750 5/3/2049 EUR 74.876
SRV Group Oyj 4.875 EUR 40.000
Air Berlin PLC 5.625 5/9/2019 CHF 0.265
Deutsche Bahn Finance 3.350 1/20/2042 AUD 66.013
Holcim Finance Luxembo 1.375 10/8/2036 EUR 62.511
Republic of Belarus In 6.875 2/28/2023 USD 38.199
Nordea Kredit Realkred 1.000 10/1/2053 DKK 70.988
Agence Francaise de De 0.500 5/31/2035 EUR 70.580
SABIC Capital I BV 3.000 9/14/2050 USD 63.126
Codere Finance 2 Luxem 11.000 9/30/2026 EUR 67.938
Linde PLC 0.375 9/30/2033 EUR 72.082
Saleza AS 9.000 7/12/2021 EUR 0.203
Ukreximbank Via Biz Fi 9.950 11/14/2029 USD 70.000
Prs Finance PLC 1.500 8/24/2034 GBP 71.578
Omnicom Capital Holdin 2.250 11/22/2033 GBP 73.610
Immigon Portfolioabbau 10.138 EUR 17.146
Prologis International 3.000 2/22/2042 GBP 66.043
Peabody Capital No 2 P 3.250 9/14/2048 GBP 64.472
Santander UK Group Hol 5.625 9/15/2045 USD 72.281
Fastator AB 10.618 9/24/2027 SEK 67.104
Ukraine Government Bon 12.520 5/13/2026 UAH 73.825
Wessex Water Services 1.250 1/12/2036 GBP 57.290
Telefonica Emisiones S 1.957 7/1/2039 EUR 72.560
Lithuania Government B 0.300 2/12/2032 EUR 71.537
Bromford Housing Group 3.125 5/3/2048 GBP 66.140
Beyond Housing Ltd 2.125 5/17/2051 GBP 51.685
Deutsche Konsum REIT-A 1.350 1/30/2025 EUR 74.218
Ukraine Government Int 7.750 9/1/2026 USD 30.713
Annington Funding PLC 2.924 10/6/2051 GBP 53.033
Home Credit & Finance 8.800 USD 5.393
Hexagon Housing Associ 3.625 4/22/2048 GBP 65.906
Parnassia Groep BV 1.200 12/1/2051 EUR 67.673
Bilt Paper BV 10.360 USD 1.326
Karlou BV 7.750 6/18/2024 USD 11.564
Vnesheconombank Via VE 6.800 11/22/2025 USD 6.640
DWR Cymru Financing UK 2.500 3/31/2036 GBP 71.474
City of Lugano Switzer 0.150 11/28/2070 CHF 52.597
DWR Cymru Financing UK 2.375 3/31/2034 GBP 68.348
Altice France SA/Franc 5.500 10/15/2029 USD 70.352
States of Guernsey Bon 3.375 12/12/2046 GBP 72.602
European Financial Sta 1.750 7/17/2053 EUR 65.431
Syngenta Finance NV 4.375 3/28/2042 USD 66.595
Societe Du Grand Paris 1.700 5/25/2050 EUR 61.157
Altice France Holding 10.500 5/15/2027 USD 55.005
Herefordshire Capital 4.193 11/28/2049 GBP 70.470
Cooperatieve Rabobank 1.500 4/26/2038 EUR 75.737
Cadent Finance PLC 2.250 10/10/2035 GBP 67.240
Electricite de France 5.250 10/13/2055 USD 75.787
BNG Bank NV 0.875 10/24/2036 EUR 72.694
Erste Group Bank AG 0.500 1/12/2037 EUR 66.517
Nationale-Nederlanden 0.050 11/12/2040 EUR 55.299
Optivo Finance PLC 2.857 10/7/2035 GBP 74.203
TechnipFMC PLC 3.750 10/7/2033 EUR 70.915
Jyske Realkredit A/S 1.500 10/1/2053 DKK 74.748
Prosus NV 3.061 7/13/2031 USD 74.067
RTE Reseau de Transpor 0.750 1/12/2034 EUR 74.256
Eni SpA 1.000 10/11/2034 EUR 71.367
Lseg Netherlands BV 0.750 4/6/2033 EUR 74.202
Scottish Hydro Electri 2.250 9/27/2035 GBP 70.050
Holcim Sterling Financ 2.250 4/4/2034 GBP 70.017
National Gas Transmiss 1.625 1/14/2043 GBP 48.978
SCOR SE 1.375 9/17/2051 EUR 73.580
Lehman Brothers UK Cap 5.750 EUR 7.000
Croatia Government Bon 1.250 3/3/2040 EUR 62.563
UNEDIC ASSEO 0.250 7/16/2035 EUR 69.351
Alfa Bank AO Via Alfa 5.500 10/26/2031 USD 0.667
Becton Dickinson Euro 1.213 2/12/2036 EUR 70.833
Credit Agricole SA 2.811 1/11/2041 USD 60.242
Standard Chartered PLC 4.750 USD 70.357
Lithuania Government I 2.100 5/26/2047 EUR 72.437
Cie Generale des Etabl 0.250 11/2/2032 EUR 74.853
DWR Cymru Financing UK 1.375 3/31/2033 GBP 69.651
Nederlandse Gasunie NV 0.750 10/13/2036 EUR 66.973
Chancellor Masters & S 2.350 6/27/2078 GBP 53.597
Communaute Francaise d 2.300 4/25/2089 EUR 61.127
Royal Schiphol Group N 0.750 4/22/2033 EUR 74.611
St Galler Kantonalbank 0.100 10/10/2041 CHF 74.220
Ukraine Government Bon 19.190 9/30/2026 UAH 74.000
Orbit Capital PLC 2.000 11/24/2038 GBP 61.373
Sovcombank Via SovCom 8.000 4/7/2030 USD 7.488
Yorkshire Water Financ 1.750 10/27/2032 GBP 69.487
State of Bremen 0.150 9/14/2040 EUR 56.626
Fresnillo PLC 4.250 10/2/2050 USD 67.242
Volkswagen Internation 3.500 4/2/2043 EUR 73.711
National Grid Electric 2.000 9/16/2038 GBP 60.884
United Utilities Water 2.000 7/3/2033 GBP 72.658
Pershing Square Holdin 3.250 10/1/2031 USD 72.867
Blend Funding PLC 2.922 4/5/2054 GBP 58.701
Transport for London 3.625 5/15/2045 GBP 74.136
Region de Bruxelles-Ca 1.500 6/22/2070 EUR 46.343
NAK Naftogaz Ukraine v 7.625 11/8/2028 USD 48.366
Prosus NV 3.832 2/8/2051 USD 54.334
Unibail-Rodamco-Westfi 1.750 7/1/2049 EUR 55.093
Segro Capital Sarl 0.500 9/22/2031 EUR 72.303
Aroundtown SA 4.750 3/27/2032 USD 65.560
Shell International Fi 0.875 11/8/2039 EUR 61.003
Abengoa Abenewco 2 SA 1.500 10/26/2024 USD 0.009
Petrobras Global Finan 4.750 4/2/2038 EUR 47.874
Covivio SA/France 0.875 1/20/2033 EUR 72.089
Intesa Sanpaolo SpA 2.700 3/29/2031 USD 72.462
Assura Financing PLC 1.625 6/30/2033 GBP 67.568
Bausparkasse Schwaebis 0.200 4/27/2033 EUR 73.779
DH Europe Finance II S 3.400 11/15/2049 USD 68.138
United Utilities Water 1.750 2/10/2038 GBP 60.519
TotalEnergies Capital 1.618 5/18/2040 EUR 69.811
Southern Gas Networks 3.100 9/15/2036 GBP 72.204
Free State of Bavaria 0.010 1/18/2035 EUR 69.520
AXA Home Loan SFH SA 0.125 6/25/2035 EUR 67.102
HSBC Holdings PLC 4.000 9/8/2036 USD 74.647
Rallye SA 4.000 2/28/2032 CHF 0.135
Landwirtschaftliche Re 0.625 10/31/2036 EUR 71.076
Cadent Finance PLC 0.750 3/11/2032 EUR 75.313
Grand City Properties 2.000 10/25/2032 EUR 61.619
Vedanta Resources Ltd 6.125 8/9/2024 USD 64.824
Nostrum Oil & Gas Fina 5.000 6/30/2026 USD 70.424
UkrLandFarming PLC 10.875 3/26/2018 USD 2.378
Santander UK Group Hol 5.625 9/15/2045 USD 72.319
TotalEnergies Capital 3.461 7/12/2049 USD 69.892
Caisse Francaise de Fi 1.500 6/28/2038 EUR 74.940
Kommunekredit 0.010 5/4/2034 EUR 70.747
Virgolino de Oliveira 11.750 2/9/2022 USD 0.313
Transcapitalbank JSC V 10.000 USD 5.845
Nationwide Building So 0.500 5/5/2041 EUR 58.490
KTG Agrar SE 7.125 6/6/2017 EUR 0.470
Nederlandse Waterschap 0.500 4/26/2051 EUR 45.590
State of Saxony-Anhalt 0.500 3/24/2051 EUR 46.294
Hylea Group SA 7.250 12/1/2022 EUR 0.050
National Gas Transmiss 1.375 2/7/2031 GBP 73.382
Telefonica Emisiones S 4.895 3/6/2048 USD 75.534
Region Wallonne Belgiu 0.500 6/22/2037 EUR 64.067
Societe Generale SA 3.625 3/1/2041 USD 60.019
Volkswagen Internation 3.000 7/1/2039 EUR 73.992
NPC Ukrenergo 6.875 11/9/2028 USD 26.025
Assura Financing PLC 1.500 9/15/2030 GBP 75.216
Jyske Realkredit A/S 1.500 10/1/2050 DKK 72.374
WD Invest Sarl 1.900 10/2/2024 EUR 12.671
Minejesa Capital BV 5.625 8/10/2037 USD 75.766
BNG Bank NV 0.125 7/9/2035 EUR 68.479
Alno AG 8.500 5/14/2018 EUR 15.730
Tesco PLC 5.200 3/5/2057 GBP 73.324
State of North Rhine-W 2.250 6/14/2052 EUR 75.078
State of Lower Saxony 0.050 3/9/2035 EUR 69.179
European Financial Sta 1.800 7/10/2048 EUR 69.897
Russian Foreign Bond - 4.250 6/23/2027 USD 52.935
Cooperatieve Rabobank 0.500 10/29/2027 MXN 64.124
LEG Immobilien SE 1.625 11/28/2034 EUR 69.200
Dexia Credit Local SA 5.528 EUR 2.260
Blend Funding PLC 2.467 6/16/2061 GBP 47.942
Aeroports de Paris SA 1.125 6/18/2034 EUR 75.231
Terragon AG 6.500 5/24/2024 EUR 1.206
Nostrum Oil & Gas Fina 7.000 2/16/2025 USD 24.665
Annington Funding PLC 2.308 10/6/2032 GBP 71.497
Boston Mayflower Finan 4.321 9/8/2059 GBP 75.441
Sanctuary Capital PLC 2.375 4/14/2050 GBP 54.346
Eastern Power Networks 1.875 6/1/2035 GBP 68.168
Kreditanstalt fuer Wie 0.375 5/20/2036 EUR 69.681
BPCE SA 3.116 10/19/2032 USD 74.373
Telenor ASA 0.875 2/14/2035 EUR 71.768
Clarion Funding PLC 1.875 9/7/2051 GBP 45.016
Euronext NV 1.500 5/17/2041 EUR 66.154
Rallye SA 5.250 2/28/2032 EUR 0.067
Ukraine Government Int 7.253 3/15/2035 USD 26.093
BAWAG PSK Bank fuer Ar 0.375 3/25/2041 EUR 56.817
Ukraine Government Int 7.750 9/1/2025 USD 32.293
Ministeries Van de Vla 1.875 6/2/2042 EUR 72.776
National Grid Electric 1.625 10/7/2035 GBP 64.127
Societe Nationale SNCF 2.842 3/31/2036 AUD 71.231
European Financial Sta 0.700 1/17/2053 EUR 47.425
Electricite de France 4.990 10/21/2056 USD 72.323
University of Southamp 2.250 4/11/2057 GBP 51.580
RTE Reseau de Transpor 1.125 7/8/2040 EUR 64.537
Turkiye Government Bon 9.100 2/16/2028 TRY #N/A N/A
BNP Paribas SA 4.500 USD 68.425
Zurich Finance Ireland 1.625 6/17/2039 EUR 71.943
State of North Rhine-W 0.375 9/2/2050 EUR 44.022
Nordea Kredit Realkred 1.500 10/1/2053 DKK 74.801
Hellas Telecommunicati 8.500 10/15/2013 EUR 0.761
Citizen Treasury PLC 3.250 10/20/2048 GBP 65.541
SNCF Reseau 2.250 12/20/2047 EUR 71.007
Equinor ASA 3.250 11/18/2049 USD 66.714
Home Group Ltd 3.125 3/27/2043 GBP 66.124
Metinvest BV 7.750 10/17/2029 USD 59.000
Engie SA 1.000 10/26/2036 EUR 67.064
National Grid Electric 2.000 4/17/2040 GBP 58.208
A2A SpA 0.625 10/28/2032 EUR 71.293
Realkredit Danmark A/S 2.000 10/1/2053 DKK 68.144
Waterside Campus Devel 3.302 11/30/2054 GBP 73.802
Vedanta Resources Fina 9.250 4/23/2026 USD 58.756
Mallinckrodt Internati 10.000 6/15/2029 USD 7.750
LSF9 Balta Issuer SARL 3.000 12/31/2030 EUR 64.945
Motability Operations 2.375 7/3/2039 GBP 67.298
State of North Rhine-W 0.200 1/27/2051 EUR 40.612
Intesa Sanpaolo SpA 1.400 2/8/2031 GBP 69.124
Sovcombank Via SovCom 7.750 USD 1.347
Tennor Finance BV 5.750 6/17/2024 EUR 38.000
Cullinan Holdco Scsp 4.625 10/15/2026 EUR 70.227
Scottish Hydro Electri 2.125 3/24/2036 GBP 67.417
UNEDIC ASSEO 0.100 5/25/2034 EUR 70.987
Nykredit Realkredit AS 0.500 10/1/2053 DKK 65.508
Annington Funding PLC 3.935 7/12/2047 GBP 67.661
Unibail-Rodamco-Westfi 2.250 5/14/2038 EUR 73.536
NRW Bank 0.100 7/9/2035 EUR 68.084
Deutsche Bahn Finance 0.875 6/23/2039 EUR 65.720
National Gas Transmiss 1.125 1/14/2033 GBP 65.945
Credit Agricole Home L 0.375 2/1/2033 EUR 75.237
Swan Housing Capital p 3.625 3/5/2048 GBP 69.458
Muenchener Hypothekenb 0.010 11/2/2040 EUR 54.274
Ministeries Van de Vla 0.875 3/21/2046 EUR 53.819
Alitalia-Societa Aerea 5.250 7/30/2020 EUR 0.108
European Primary Place 1.732 11/9/2055 GBP 44.597
Societe Generale SA 10.000 6/28/2034 USD 68.200
Barclays Bank PLC 2.700 6/1/2032 USD 74.427
SCF Capital Designated 5.375 6/16/2023 USD 73.094
Credit Agricole SA 2.811 1/11/2041 USD 60.465
Nykredit Realkredit AS 0.500 10/1/2050 DKK 67.602
John Deere Cash Manage 1.650 6/13/2039 EUR 72.396
Northern Powergrid Yor 2.250 10/9/2059 GBP 48.386
Bulgaria Government Bo 1.500 6/21/2039 BGN 54.739
Novo Banco SA/Luxembou 3.500 3/18/2043 EUR 71.882
Standard Chartered PLC 4.300 USD 69.750
Autobahnen- und Schnel 0.100 7/16/2035 EUR 68.491
Prosus NV 4.987 1/19/2052 USD 64.870
ABN AMRO Bank NV 0.375 1/14/2035 EUR 70.716
Banca Popolare di Vice 9.500 9/29/2025 EUR 0.380
Orpea SA 2.130 7/3/2024 EUR 26.552
Sovereign Housing Capi 2.375 11/4/2048 GBP 55.858
DLR Kredit A/S 1.000 10/1/2050 DKK 72.623
NRW Bank 1.250 3/21/2044 EUR 65.713
NRW Bank 1.200 3/28/2039 EUR 71.633
Deutsche Bank AG 1.580 10/23/2031 EUR 75.227
Intesa Sanpaolo SpA 2.500 10/14/2031 USD 69.921
Engie SA 1.375 6/21/2039 EUR 64.593
Celtic Resources Holdi 4.125 10/9/2024 USD 14.949
Espirito Santo Financi 3.125 12/2/2018 EUR 0.092
Cadent Finance PLC 2.750 9/22/2046 GBP 56.722
Celtic Resources Holdi 4.125 10/9/2024 USD 14.949
Perrigo Co PLC 5.300 11/15/2043 USD 69.337
Flagship Finance PLC 1.875 7/14/2061 GBP 44.353
Banco Espirito Santo S 7.125 11/28/2023 EUR 0.397
Pfandbriefzentrale der 0.020 1/30/2040 CHF 75.461
Jyske Realkredit A/S 1.500 10/1/2053 DKK 70.108
O1 Properties Finance 0.500 9/27/2028 USD 5.175
Nostrum Oil & Gas Fina 8.000 7/25/2022 USD 25.941
BNG Bank NV 0.010 10/5/2032 EUR 74.814
Agrokor dd 9.875 5/1/2019 EUR 15.000
City of Bern Switzerla 0.040 10/2/2070 CHF 53.605
Agence Francaise de De 1.125 3/2/2037 EUR 72.114
BPCE SA 2.277 1/20/2032 USD 74.464
Commune de Marseille 0.509 12/17/2041 EUR 55.541
MMK International Capi 4.375 6/13/2024 USD 27.960
Herens Midco Sarl 5.250 5/15/2029 EUR 55.167
EYEMAXX Real Estate AG 5.500 9/24/2024 EUR 1.556
Berlin Hyp AG 0.250 5/19/2033 EUR 74.839
Saltaire Finance PLC 1.527 11/23/2051 GBP 46.404
Cardiff University 3.000 12/7/2055 GBP 64.010
VST Building Technolog 7.000 6/28/2024 EUR 0.351
Pozavarovalnica Sava d 3.750 11/7/2039 EUR 73.917
Veneto Banca SpA 9.878 12/1/2025 EUR 0.594
BPCE SFH SA 0.500 1/23/2035 EUR 71.357
Kuntarahoitus Oyj 0.050 9/10/2035 EUR 67.781
ING-DiBa AG 1.000 5/23/2039 EUR 68.539
Nordea Kredit Realkred 1.000 10/1/2053 DKK 65.691
Ville de Paris 0.450 10/20/2045 EUR 49.036
Andorra International 1.700 10/13/2041 EUR 61.239
Luzerner Kantonalbank 0.160 12/23/2043 CHF 72.901
Clarion Funding PLC 1.250 11/13/2032 GBP 69.501
Jyske Realkredit A/S 1.500 10/1/2053 DKK 61.257
Motability Operations 1.500 1/20/2041 GBP 55.469
RHP Finance PLC 3.250 2/5/2048 GBP 69.200
Libra Longhurst Group 3.250 5/15/2043 GBP 67.609
Land Berlin 0.625 1/26/2052 EUR 47.399
Abengoa Abenewco 2 Bis 1.500 4/26/2024 USD 0.568
University College Lon 1.625 6/4/2061 GBP 44.050
Severn Trent Utilities 0.010 12/16/2055 GBP 36.168
Gol Finance SA 7.000 1/31/2025 USD 47.073
Catalyst Housing Ltd 3.125 10/31/2047 GBP 63.287
de Volksbank NV 0.375 9/16/2041 EUR 55.858
InterCement Financial 5.750 7/17/2024 USD 60.464
DZ Bank AG Deutsche Ze 5.122 11/2/2033 EUR 51.348
Espirito Santo Financi 9.750 12/19/2025 EUR 0.840
Corporate Commercial B 8.250 8/8/2014 USD 0.308
National Grid Electric 1.657 7/28/2056 GBP 69.425
Hera SpA 1.000 4/25/2034 EUR 71.555
Siemens Financieringsm 3.300 9/15/2046 USD 68.935
Nordea Kredit Realkred 1.000 10/1/2053 DKK 56.160
OGX Austria GmbH 8.375 4/1/2022 USD 0.083
NRW Bank 1.250 5/13/2049 EUR 60.133
Credit Bank of Moscow 7.121 6/25/2024 USD 23.437
Havila Shipping ASA 8.470 1/2/2025 NOK 42.173
Mallinckrodt Internati 10.000 4/15/2025 USD 9.740
State of Bremen 0.550 2/4/2050 EUR 47.443
Heimstaden Bostad AB 2.800 5/4/2035 EUR 58.740
Abengoa Abenewco 2 SA 1.500 10/26/2024 USD 1.194
Sibur Securities DAC 3.450 9/23/2024 USD 73.792
AOC I Die Stadtentwick 7.500 4/8/2027 EUR 46.510
Jyske Realkredit A/S 1.000 10/1/2053 DKK 65.601
Yandex NV 0.750 9/13/2022 USD 69.375
Aegon Bank NV 0.375 6/9/2036 EUR 67.263
State of Bremen 0.400 8/20/2049 EUR 45.748
Caisse Francaise de Fi 0.625 1/20/2042 EUR 59.117
Banco Espirito Santo S 6.606 EUR 1.373
Ministeries Van de Vla 1.500 4/11/2044 EUR 65.070
Hellas Telecommunicati 6.054 1/15/2015 USD 0.016
Bulgaria Government Bo 0.100 8/17/2031 BGN 71.367
State of Bremen 0.936 9/28/2046 EUR 56.734
niiio finance group AG 4.000 5/31/2026 EUR 60.100
Parnassia Groep BV 1.210 12/1/2033 EUR 74.817
Metropolitan Housing T 1.875 7/28/2036 GBP 64.779
Norske Skogindustrier 2.000 12/30/2115 EUR 0.367
Thames Water Utilities 1.760 8/28/2062 GBP 57.062
Metropolitan Funding P 4.125 4/5/2048 GBP 74.539
Societe Du Grand Paris 0.875 5/10/2046 EUR 52.737
Nordea Kredit Realkred 1.000 10/1/2050 DKK 67.200
National Grid Electric 0.010 3/26/2036 GBP 72.700
State of North Rhine-W 0.600 6/4/2041 EUR 60.819
Barclays Bank PLC 0.500 1/28/2033 MXN 41.021
La Banque Postale Home 0.250 2/12/2035 EUR 69.093
SES SA 5.300 4/4/2043 USD 66.622
Nordea Kredit Realkred 2.000 10/1/2053 DKK 68.143
Ukraine Government Int 9.750 11/1/2030 USD 29.752
Gecci Investment KG 5.750 8/1/2025 EUR 12.297
PIK Securities DAC 5.625 11/19/2026 USD 46.429
Karbon Homes Ltd 3.375 11/15/2047 GBP 70.629
DLR Kredit A/S 0.500 10/1/2050 DKK 69.004
Transports Publics Du 0.450 12/29/2056 CHF 61.922
Region de Bruxelles-Ca 1.220 6/23/2053 EUR 50.747
Tesco PLC 4.875 3/24/2042 GBP 75.619
ESFIL-Espirito Santo F 5.250 6/12/2015 EUR 0.144
Virgolino de Oliveira 10.500 1/28/2018 USD 0.115
DZ Bank AG Deutsche Ze 0.840 10/27/2031 EUR 75.083
Credit Bank of Moscow 5.550 2/14/2023 USD 23.640
Thames Water Utilities 2.620 3/22/2033 GBP 67.985
Island Offshore Shipho 9.990 6/30/2024 NOK 45.000
Finmek International S 7.000 12/3/2004 EUR 2.193
ABN AMRO Bank NV 0.400 9/17/2041 EUR 56.059
BNG Bank NV 1.500 7/15/2039 EUR 74.532
AXA Bank Europe SCF 0.250 6/9/2040 EUR 57.451
City of Munich Germany 0.250 11/18/2032 EUR 75.317
Societe Du Grand Paris 1.000 11/26/2051 EUR 47.644
de Volksbank NV 0.125 11/19/2040 EUR 54.222
JAB Holdings BV 3.750 5/28/2051 USD 60.198
Intesa Sanpaolo SpA 4.375 1/12/2048 USD 61.804
NatWest Markets NV 7.125 10/15/2093 USD 75.205
Solarworld AG 9.691 2/24/2019 EUR 14.875
Nederlandse Waterschap 1.500 6/15/2039 EUR 75.287
Erilia SA 1.470 2/25/2036 EUR 75.676
Tele Columbus AG 3.875 5/2/2025 EUR 53.833
Snam SpA 1.000 9/12/2034 EUR 70.713
Siemens Financieringsm 3.300 9/15/2046 USD 68.847
Cyprus Government Inte 2.250 4/16/2050 EUR 63.817
TBI Bank EAD 5.250 7/30/2031 EUR 51.692
Realkredit Danmark A/S 1.000 10/1/2053 DKK 70.813
Aroundtown SA 3.250 11/12/2032 EUR 60.451
United Utilities Water 0.010 7/27/2040 GBP 63.662
Grand City Properties 2.500 6/27/2039 EUR 59.225
Erotik-Abwicklungsgese 7.750 7/9/2019 EUR 0.779
Thames Water Utilities 2.060 11/12/2030 USD 75.399
Salerno Pompei Napoli 2.800 1/19/2045 EUR 69.037
Cadent Finance PLC 3.125 3/21/2040 GBP 67.688
Cie de Financement Fon 0.010 10/29/2035 EUR 65.138
Hazine Mustesarligi Va 10.180 9/8/2027 TRY 65.000
Ukraine Government Int 6.750 6/20/2028 EUR 25.635
Land Berlin 0.100 1/18/2041 EUR 55.548
Muenchener Hypothekenb 0.125 9/5/2035 EUR 67.547
New World Resources NV 4.000 10/7/2020 EUR 0.911
Veragold Mining Co Gmb 5.000 12/31/2025 EUR 73.000
Kommunekredit 0.500 6/19/2039 DKK 62.164
Eolo SpA 4.875 10/21/2028 EUR 66.688
Free and Hanseatic Cit 0.250 2/18/2041 EUR 57.402
ALROSA Finance SA 4.650 4/9/2024 USD 10.157
Nederlandse Waterschap 1.625 1/29/2048 EUR 68.091
Banco Santander SA 0.100 2/27/2032 EUR 74.704
Lehman Brothers UK Cap 3.875 EUR 21.000
Ville de Paris 0.831 2/23/2056 EUR 40.739
Ukraine Government Int 7.750 9/1/2028 USD 29.532
Nordea Kredit Realkred 0.500 10/1/2050 DKK 67.660
Platform HG Financing 1.926 9/15/2041 GBP 59.769
Community Finance Co 1 0.339 12/1/2040 GBP 71.793
Eastern Power Networks 2.125 11/25/2033 GBP 73.258
Motability Operations 2.125 1/18/2042 GBP 60.837
State of North Rhine-W 1.450 2/16/2043 EUR 69.500
Notting Hill Genesis 3.250 10/12/2048 GBP 64.033
Cooperatieve Rabobank 0.500 7/30/2043 MXN 14.040
Ministeries Van de Vla 1.000 1/23/2051 EUR 50.301
Unibail-Rodamco-Westfi 2.000 5/29/2037 EUR 73.193
BNG Bank NV 0.805 6/28/2049 EUR 51.492
Ukraine Government Int 4.375 1/27/2032 EUR 23.414
Realkredit Danmark A/S 1.000 10/1/2053 DKK 65.611
DZ Bank AG Deutsche Ze 5.158 6/26/2029 EUR 72.465
Samhallsbyggnadsbolage 3.000 4/3/2040 EUR 47.393
Region Occitanie 1.109 3/7/2035 EUR 74.377
WPP Finance 2010 5.125 9/7/2042 USD 73.281
Republic of Ireland In 0.740 11/27/2120 EUR 24.785
BNG Bank NV 0.875 10/17/2035 EUR 75.056
NRW Bank 0.500 6/17/2041 EUR 59.296
LIB-Landesimmobilien B 0.620 7/15/2041 EUR 59.342
Ministeries Van de Vla 1.000 10/13/2036 EUR 72.016
Muenchener Hypothekenb 1.000 4/18/2039 EUR 69.334
Kreditanstalt fuer Wie 1.000 10/19/2050 EUR 55.923
Ukraine Government Int 7.750 9/1/2024 USD 32.617
Deutsche Bank AG 0.500 10/30/2028 USD #N/A N/A
Credit Agricole Home L 1.500 9/28/2038 EUR 74.419
Engie SA 2.000 9/28/2037 EUR 74.948
MHP Lux SA 6.950 4/3/2026 USD 75.081
Deutsche Lichtmiete AG 5.250 9/1/2025 EUR 0.501
Aster Treasury Plc 1.405 1/27/2036 GBP 64.575
Ukraine Government Int 8.994 2/1/2026 USD 32.081
Cooperatieve Rabobank 0.500 10/30/2043 MXN 12.147
Cellnex Finance Co SA 3.875 7/7/2041 USD 68.919
Action Logement Servic 0.750 7/19/2041 EUR 58.500
Ile-de-France Mobilite 0.675 11/24/2036 EUR 67.978
Privatbank CJSC Via UK 10.875 2/28/2018 USD 8.779
Achmea Bank NV 0.250 9/29/2036 EUR 65.201
New World Resources NV 8.000 4/7/2020 EUR 0.105
Endo Luxembourg Financ 6.125 4/1/2029 USD 66.040
Norwegian Air Shuttle 7.500 11/10/2023 USD 73.375
Region Provence-Alpes- 1.574 6/8/2037 EUR 74.657
La Poste SA 1.000 9/17/2034 EUR 73.715
Aragvi Finance Interna 8.450 4/29/2026 USD 67.863
State of North Rhine-W 0.750 8/16/2041 EUR 62.314
Berner Kantonalbank AG 0.100 9/30/2039 CHF 75.035
Ukraine Government Int 7.375 9/25/2034 USD 25.911
Cooperatieve Rabobank 0.010 11/27/2040 EUR 53.559
Air Liquide Finance SA 3.500 9/27/2046 USD 70.406
Lehman Brothers UK Cap 6.900 USD 3.986
Deutsche Bahn Finance 0.750 7/16/2035 EUR 71.130
Veneto Banca SpA 6.411 EUR 0.345
Region of Pays de la L 0.877 10/28/2041 EUR 58.763
Banco Espirito Santo S 6.786 EUR 0.323
Scottish Hydro Electri 1.429 10/20/2056 GBP 64.848
Canton of Geneva Switz 0.500 10/31/2056 CHF 73.453
Banco Espirito Santo S 6.875 7/15/2016 EUR 19.875
Paradigm Homes Charita 2.250 5/20/2051 GBP 53.103
Kleopatra Holdings 2 S 6.500 9/1/2026 EUR 58.210
London & Quadrant Hous 3.750 10/27/2049 GBP 69.461
Cooperatieve Rabobank 0.500 1/31/2033 MXN 38.590
Hamon & CIE SA 3.300 1/31/2035 EUR 44.206
Hungary Government Int 3.125 9/21/2051 USD 56.077
Malta Government Bond 2.000 7/10/2051 EUR 59.167
Land Berlin 0.625 8/25/2036 EUR 71.038
Ukraine Government Bon 19.180 11/4/2026 UAH 74.053
Land Securities Capita 2.625 9/22/2037 GBP 70.787
Altice France Holding 8.000 5/15/2027 EUR 53.650
Zurich Finance Ireland 1.600 12/17/2052 EUR 72.803
State of North Rhine-W 1.000 10/16/2046 EUR 59.268
University of Liverpoo 3.375 6/25/2055 GBP 69.955
Region de Bruxelles-Ca 0.562 12/23/2065 EUR 26.429
Gemeente Bergen OP Zoo 0.440 9/20/2044 EUR 53.510
Ukraine Government Int 7.750 9/1/2027 USD 30.267
Vontobel Financial Pro 13.500 12/31/2024 EUR 73.250
Stonewater Funding PLC 1.625 9/10/2036 GBP 63.988
State of North Rhine-W 0.500 1/15/2052 EUR 44.747
Jyske Realkredit A/S 1.000 10/1/2053 DKK 56.085
Bayerische Landesbank 1.550 2/13/2040 EUR 47.804
Zurich Finance Ireland 2.250 12/8/2031 USD 73.016
Cirio Holding Luxembou 6.250 2/16/2004 EUR 1.383
Kommunekredit 0.125 9/26/2040 EUR 56.943
University of Leeds 3.125 12/19/2050 GBP 68.267
Banque Federative du C 0.376 10/15/2031 EUR 71.899
Stichting Afwikkeling 6.250 10/26/2020 EUR 43.625
Nordea Kredit Realkred 1.500 10/1/2053 DKK 70.168
Deutsche Wohnen SE 1.300 4/7/2041 EUR 56.450
Deutsche Lichtmiete AG 5.250 2/1/2027 EUR 0.500
JP Morgan Structured P 13.000 6/28/2033 ZMW 56.668
Turkiye Ihracat Kredi 12.540 9/14/2028 TRY 44.564
Orpea SA 2.770 12/18/2028 EUR 27.879
Credit Agricole Italia 0.125 3/15/2033 EUR 70.495
Ville de Paris 0.750 11/30/2041 EUR 58.809
Bromford Housing Group 2.554 3/17/2054 GBP 53.281
Deutsche Lichtmiete AG 5.750 12/1/2023 EUR 1.175
BAWAG PSK Bank fuer Ar 0.625 6/19/2034 EUR 73.430
Caisse Francaise de Fi 0.375 2/13/2040 EUR 59.320
Prosus NV 4.027 8/3/2050 USD 56.567
Alpine Holding GmbH 5.250 6/10/2016 EUR 0.372
UniCredit SpA 0.725 11/27/2030 EUR 69.821
Severn Trent Utilities 1.602 9/29/2056 GBP 70.099
Blend Funding PLC 3.508 5/4/2057 GBP 65.015
Espirito Santo Financi 5.050 11/15/2025 EUR 0.458
Raiffeisenlandesbank O 0.500 1/22/2035 EUR 70.943
SNCF Reseau 2.000 2/5/2048 EUR 66.267
State of North Rhine-W 1.500 6/12/2040 EUR 73.990
LiveWest Treasury PLC 2.250 10/10/2043 GBP 60.245
Notting Hill Genesis 2.000 6/3/2036 GBP 65.883
Hazine Mustesarligi Va 9.580 1/19/2028 TRY #N/A N/A
Dexia SA 5.752 EUR 2.734
Senivita Social Estate 6.500 5/12/2025 EUR 3.910
Land Berlin 0.350 9/9/2050 EUR 44.082
Peine GmbH 2.000 7/5/2023 EUR 44.500
LiveWest Treasury PLC 1.875 2/18/2056 GBP 45.000
Region de Bruxelles-Ca 0.444 3/19/2057 EUR 30.111
Caisse des Depots et C 1.930 3/6/2048 EUR 65.993
Metinvest BV 8.500 4/23/2026 USD 67.792
City of Zurich Switzer 0.250 11/24/2051 CHF 71.483
State of Hesse 0.750 8/4/2036 EUR 72.633
ING Bank NV 1.000 2/17/2037 EUR 72.144
Single Platform Invest 0.745 2/15/2047 EUR 43.906
Societe Generale SA 21.000 11/30/2023 USD 3.220
DekaBank Deutsche Giro 0.400 1/29/2035 EUR 71.874
Banco Santander SA 6.199 EUR 2.140
Kairos Global Solution 1.900 7/3/2035 USD 72.550
Operateur de Reseaux d 2.850 2/3/2045 EUR 69.278
Deutsche Bank AG/Londo 3.977 10/10/2042 USD 69.287
Republic of Ireland In 0.995 2/24/2121 EUR 32.198
Rallye SA 3.400 2/28/2032 EUR 0.066
Realkredit Danmark A/S 0.500 10/1/2050 DKK 62.523
Region of Ile de Franc 0.610 7/2/2040 EUR 59.435
Credit Agricole Corpor 1.815 11/30/2033 USD 66.066
Single Platform Invest 0.559 2/15/2047 EUR 46.807
Romanian Government In 2.000 4/14/2033 EUR 71.033
Argenta Spaarbank NV 0.500 10/8/2041 EUR 57.349
British Telecommunicat 1.739 6/25/2039 GBP 71.111
Sidetur Finance BV 10.000 4/20/2016 USD 0.959
Kingdom of Belgium Gov 0.459 7/23/2079 EUR 25.362
Grupo Antolin-Irausa S 3.500 4/30/2028 EUR 68.850
Credit Suisse AG/Londo 2.300 9/24/2031 USD 73.954
BPCE SFH SA 0.375 3/18/2041 EUR 57.110
Affinity Water Finance 3.278 8/22/2042 GBP 64.844
VF Ukraine PAT via VFU 6.200 2/11/2025 USD 74.188
Russian Foreign Bond - 4.375 3/21/2029 USD 49.491
IBP Markets Ltd 5.000 GBP 49.287
Ile-de-France Mobilite 0.200 11/16/2035 EUR 66.333
State of North Rhine-W 0.500 11/25/2039 EUR 62.700
DZ Bank AG Deutsche Ze 1.026 9/23/2030 EUR 74.363
London & Quadrant Hous 3.125 2/28/2053 GBP 60.701
Free State of Saxony 0.010 12/17/2035 EUR 66.920
Land Thueringen 0.125 1/13/2051 EUR 39.578
Realkredit Danmark A/S 1.500 10/1/2050 DKK 72.390
Collectivite Europeenn 0.181 10/9/2032 EUR 75.052
Credit Agricole Italia 1.750 1/15/2038 EUR 74.570
Russian Foreign Bond - 5.250 6/23/2047 USD 31.993
Thames Water Utilities 1.771 8/28/2057 GBP 59.573
State of Brandenburg 0.600 10/13/2051 EUR 47.205
Jyske Realkredit A/S 0.500 10/1/2050 DKK 67.659
Orpea SA 2.000 8/9/2029 EUR 27.621
Storebrand Bank ASA 8.080 NOK 56.654
JP Morgan Structured P 12.200 4/22/2025 USD 0.000
Nykredit Realkredit AS 1.000 10/1/2050 DKK 70.383
Abengoa Abenewco 1 SA 6.000 6/10/2022 EUR 0.454
Development Bank of th 6.750 5/2/2024 USD 41.121
EDOB Abwicklungs AG 7.500 4/1/2012 EUR 1.537
International Finance 0.500 6/29/2027 ZAR 71.824
National Grid Electric 1.541 12/1/2053 GBP 67.730
Deutsche Wohnen SE 2.000 3/28/2034 EUR 74.516
State of Rhineland-Pal 0.375 4/1/2041 EUR 58.991
Region de Bruxelles-Ca 1.710 5/5/2047 EUR 59.715
Republic of Belarus In 5.875 2/24/2026 USD 43.891
Norske Skogindustrier 7.000 12/30/2026 EUR 0.010
Wrekin Housing Group L 2.500 10/22/2048 GBP 56.147
Intrum AB 3.000 9/15/2027 EUR 71.140
Samhallsbyggnadsbolage 5.231 12/18/2025 SEK 69.527
Orpea SA 2.750 6/3/2033 EUR 29.635
Jyske Realkredit A/S 1.000 10/1/2053 DKK 70.868
Realkredit Danmark A/S 0.500 10/1/2050 DKK 67.592
Manchester Airport Gro 2.875 3/31/2039 GBP 68.117
Metinvest BV 7.650 10/1/2027 USD 63.625
Russian Federal Bond - 6.900 2/6/2036 RUB 71.821
Dtek Renewables Financ 8.500 11/12/2024 EUR 55.577
Commune de Marseille 0.498 12/17/2040 EUR 57.323
Lukoil Capital DAC 3.600 10/26/2031 USD 72.368
Jyske Realkredit A/S 2.000 10/1/2053 DKK 68.167
blueplanet Investments 5.500 2/26/2026 EUR 0.100
Ukraine Government Int 6.876 5/21/2031 USD 25.779
TotalEnergies Capital 1.535 5/31/2039 EUR 71.122
Anglo American Capital 3.950 9/10/2050 USD 67.629
Platform HG Financing 1.625 8/10/2055 GBP 42.094
Region Wallonne Belgiu 0.650 1/16/2051 EUR 42.685
Land Baden-Wuerttember 0.125 11/19/2040 EUR 56.626
State of Brandenburg 0.300 10/4/2049 EUR 44.696
State of Lower Saxony 0.250 4/15/2036 EUR 68.258
Romanian Government In 3.375 1/28/2050 EUR 61.716
Yorkshire Water Servic 1.758 2/1/2054 GBP 70.473
Landesbank Hessen-Thue 4.375 3/30/2042 USD 62.241
Thames Water Utilities 2.442 5/12/2050 GBP 42.651
Affinity Water Finance 2.699 11/22/2033 GBP 75.021
Purple Protected Asset 1.600 9/8/2056 EUR 47.692
Muenchener Hypothekenb 0.250 5/2/2036 EUR 67.082
Altice France SA/Franc 3.375 1/15/2028 EUR 72.514
JAB Holdings BV 4.500 4/8/2052 USD 69.548
Communaute Francaise d 0.626 8/24/2040 EUR 58.042
Offshore Drilling Hold 8.375 9/20/2020 USD 1.227
Compact Bidco BV 5.750 5/1/2026 EUR 49.606
Deutsche Telekom AG 3.625 1/21/2050 USD 67.642
Bank Nadra Via NDR Fin 8.250 7/31/2018 USD 0.208
Ministeries Van de Vla 1.863 2/28/2048 EUR 63.461
Severstal OAO Via Stee 3.150 9/16/2024 USD 5.640
Flamingo Lux II SCA 5.000 3/31/2029 EUR 69.478
Alpine Holding GmbH 5.250 7/1/2015 EUR 0.372
Solon SE 1.375 12/6/2012 EUR 0.745
Land Berlin 0.125 6/4/2035 EUR 69.208
OGX Austria GmbH 8.500 6/1/2018 USD 0.042
Serbia International B 2.125 12/1/2030 USD 75.339
State Agency of Roads 6.250 6/24/2030 USD 25.632
Anglian Water Services 0.855 6/20/2039 JPY 71.542
Fastighets AB Balder 1.293 3/3/2031 EUR 59.389
Autonomous Community o 2.650 3/5/2045 EUR 73.871
WM Morrison Supermarke 2.500 10/1/2031 GBP 37.737
Societa di Progetto Br 3.375 12/31/2038 EUR 69.730
Muenchener Hypothekenb 0.010 10/19/2039 EUR 56.316
Goldman Sachs Internat 16.288 3/17/2027 USD 40.220
Heimstaden Bostad AB 2.800 5/4/2035 EUR 57.147
British Telecommunicat 3.924 6/25/2042 GBP 67.530
Free and Hanseatic Cit 0.200 9/3/2049 EUR 43.204
Ile-de-France Mobilite 0.950 5/28/2041 EUR 61.934
Single Platform Invest 0.754 9/20/2039 EUR 58.553
Alliander NV 1.125 4/8/2035 EUR 70.317
Sberbank of Russia Via 5.125 10/29/2022 USD 32.349
Onward Homes Ltd 2.125 3/25/2053 GBP 48.421
HYPO NOE Landesbank fu 1.605 8/23/2046 EUR 70.232
Evan Group PLC 6.000 7/31/2022 EUR 2.022
BNG Bank NV 2.300 3/3/2036 AUD 66.865
Land Baden-Wuerttember 0.375 7/20/2048 EUR 45.571
UniCredit Bank AG 7.500 5/16/2024 EUR 63.230
GTC Magyarorszag Zrt 2.250 12/7/2030 HUF 73.050
Credit Agricole SA 3.750 6/9/2040 AUD 63.265
Barclays Bank PLC 5.000 11/1/2029 BRL 70.594
SNCF Reseau 1.425 8/14/2119 EUR 34.504
State of Brandenburg 0.500 11/21/2039 EUR 62.971
DZ Bank AG Deutsche Ze 1.576 7/22/2030 EUR 75.143
National Grid Electric 1.541 12/1/2056 GBP 66.482
Kering SA 1.600 4/16/2035 EUR 74.619
KBC Bank NV 1.520 3/27/2038 EUR 75.730
NRW Bank 1.150 9/16/2051 EUR 55.670
Pescanova SA 5.125 4/20/2017 EUR 1.242
Region Wallonne Belgiu 1.250 6/22/2071 EUR 45.029
Garfunkelux Holdco 3 S 7.750 11/1/2025 GBP 74.200
Nationale-Nederlanden 0.375 3/4/2041 EUR 57.314
A2Dominion Housing Gro 4.250 1/14/2039 GBP 73.410
Single Platform Invest 4.020 7/1/2052 EUR 54.823
Raiffeisenlandesbank N 0.375 1/15/2035 EUR 69.870
MFB Magyar Fejlesztesi 2.900 10/22/2031 HUF 67.705
Sairgroup Finance BV 4.375 6/8/2006 EUR 0.250
Sovcombank Via SovCom 7.750 USD 1.347
VIA A11 NV 4.490 9/30/2045 EUR 72.963
Danmarks Skibskredit A 1.000 1/1/2033 DKK 74.924
Romanian Government In 2.625 12/2/2040 EUR 61.554
Deutsche Bank Luxembou 1.560 10/6/2028 EUR 69.700
Landesbank Baden-Wuert 0.590 12/7/2035 EUR 61.734
Republic of Ireland In 1.560 2/16/2122 EUR 48.180
MHP Lux SA 6.250 9/19/2029 USD 63.225
Ahtium PLC 4.000 12/16/2015 EUR 0.586
Nordea Kredit Realkred 1.500 10/1/2053 DKK 61.290
Region de Bruxelles-Ca 1.400 3/11/2054 EUR 48.629
Agatos SpA 4.750 12/31/2026 EUR 29.800
Russian Foreign Bond - 2.875 12/4/2025 EUR 61.107
Gazprom PJSC Via Gaz C 4.950 2/6/2028 USD 72.652
Romanian Government In 2.875 4/13/2042 EUR 61.293
Aroundtown SA 4.900 2/1/2038 USD 73.874
Sovcombank Via SovCom 7.600 USD 4.102
Stadt Graz 1.878 10/31/2046 EUR 69.318
Bundesrepublik Deutsch 1.250 8/15/2048 EUR 71.377
DLR Kredit A/S 1.000 10/1/2053 DKK 72.344
Land Berlin 0.050 8/6/2040 EUR 55.708
Novis Insurance Co Nov 6.000 6/22/2031 EUR 74.496
Anglian Water Services 0.850 12/23/2040 JPY 68.397
Ukraine Government Int 9.790 5/26/2027 UAH 62.970
EYEMAXX Real Estate AG 5.500 7/22/2025 EUR 19.050
Proximus SADP 1.500 5/14/2040 EUR 66.601
Housing & Care 21 3.288 11/8/2049 GBP 65.570
Abengoa Abenewco 2 Bis 1.500 4/26/2024 USD 0.568
Stelius Befektetoe Zar 3.100 9/17/2030 HUF 67.000
Caisse Francaise de Fi 0.125 2/15/2036 EUR 65.209
London & Quadrant Hous 2.750 7/20/2057 GBP 53.664
Russian Foreign Bond - 5.625 4/4/2042 USD 67.640
Iberdrola Finanzas SA 1.000 2/2/2037 EUR 67.530
Land Berlin 0.125 11/24/2045 EUR 47.256
DXC Capital Funding DA 0.950 9/15/2031 EUR 70.746
Kommunekredit 0.875 11/3/2036 EUR 73.209
Societe Generale SA 10.010 8/29/2024 USD 17.150
Region Centre 0.711 11/2/2036 EUR 66.419
Assa Abloy AB 0.650 8/28/2034 EUR 68.493
Single Platform Invest 0.887 9/20/2039 EUR 60.408
ESB Finance DAC 1.875 7/21/2035 GBP 68.344
Yorkshire Water Servic 1.462 8/1/2051 GBP 66.217
British Telecommunicat 1.774 6/25/2042 GBP 71.874
Single Platform Invest 1.460 3/20/2050 EUR 56.893
Single Platform Invest 1.544 3/20/2050 EUR 58.197
Tinkoff Bank JSC Via T 6.000 USD 48.738
Pro-Gest SpA 3.250 12/15/2024 EUR 68.437
Investitionsbank Berli 0.050 3/2/2035 EUR 69.158
Autonomous Community o 3.288 10/22/2058 EUR 75.575
Raiffeisenlandesbank O 1.650 8/23/2046 EUR 66.185
Nordea Kredit Realkred 1.500 10/1/2050 DKK 72.408
Orpea SA 2.300 3/6/2025 EUR 24.985
Kreditanstalt fuer Wie 1.100 9/16/2051 EUR 56.969
Single Platform Invest 0.950 2/5/2033 EUR 74.864
FLUVIUS System Operato 3.000 10/27/2044 EUR 72.343
Aeroports de la Cote d 2.500 7/9/2036 EUR 74.834
Societe Nationale SNCF 2.842 3/31/2036 AUD 71.165
Swissgrid AG 0.050 6/30/2050 CHF 56.733
Aroundtown SA 2.700 10/31/2028 EUR 73.303
Midland Heart Capital 1.831 8/12/2050 GBP 47.176
Nationale-Nederlanden 0.050 9/24/2035 EUR 65.916
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.006
Orpea SA 2.564 11/30/2027 EUR 26.773
Deutsche Pfandbriefban 1.000 12/2/2030 EUR 71.497
Privatbank CJSC Via UK 11.000 2/9/2021 USD 1.000
Altice France SA/Franc 5.125 1/15/2029 USD 69.266
Thames Water Utilities 1.819 8/28/2049 GBP 66.039
Land Thueringen 0.100 7/9/2035 EUR 68.693
Deutsche Bank AG 1.725 1/16/2045 EUR 38.218
DLR Kredit A/S 1.000 10/1/2050 DKK 68.530
Kernel Holding SA 6.750 10/27/2027 USD 62.305
Banco Santander SA 2.210 3/12/2031 USD 74.510
Free State of Saxony 0.400 5/12/2036 EUR 69.683
DLR Kredit A/S 1.000 10/1/2053 DKK 67.152
ABN AMRO Bank NV 1.115 3/3/2042 EUR 64.863
Single Platform Invest 1.762 5/25/2066 EUR 52.586
Severn Trent Utilities 1.626 8/11/2051 GBP 72.357
MED Hotel Management L 3.000 12/31/2036 EUR 73.809
State of Lower Austria 1.800 3/9/2043 EUR 72.115
Serbia International B 2.050 9/23/2036 EUR 61.088
State of Lower Austria 1.000 9/15/2121 EUR 28.757
Raiffeisen Landesbank 0.250 3/4/2036 EUR 66.410
BNP Paribas SA 1.590 2/23/2051 EUR 59.148
Republic of Ireland In 1.425 9/18/2119 EUR 44.313
Single Platform Invest 2.386 5/25/2053 EUR 70.223
Realkredit Danmark A/S 0.500 10/1/2053 DKK 60.211
Russian Foreign Bond - 4.750 5/27/2026 USD 53.928
Yarlington Treasury Se 3.410 9/18/2057 GBP 62.926
NRW Bank 0.210 8/31/2033 EUR 74.210
Single Platform Invest 1.300 3/20/2050 EUR 54.413
Autonomous Community o 1.255 10/31/2048 EUR 50.801
Regiao Autonoma Madeir 1.141 12/4/2034 EUR 71.749
BCP V Modular Services 6.750 11/30/2029 EUR 70.775
Aroundtown SA 2.970 9/26/2033 EUR 56.612
Incommunities Treasury 3.250 3/21/2049 GBP 68.133
SG Issuer SA 2.910 10/8/2034 AUD 63.329
Credit Agricole Corpor 1.760 2/26/2031 USD 74.587
Caisse des Depots et C 0.398 12/15/2050 EUR 39.664
BPCE SA 0.500 10/21/2034 EUR 67.638
Credit Suisse AG/Londo 1.250 2/22/2029 USD 71.590
Kelag-Kaerntner Elektr 1.150 4/16/2041 EUR 53.639
PIK Securities DAC 5.625 11/19/2026 USD 46.429
Altice France SA/Franc 4.125 1/15/2029 EUR 71.917
Rena GmbH 8.250 7/11/2018 EUR 0.054
Engie SA 1.500 3/13/2035 EUR 74.729
ACCIONA Financiacion F 3.000 12/2/2039 EUR 72.463
Deutsche Bahn Finance 3.100 5/20/2041 AUD 63.937
Air Liquide Finance SA 3.500 9/27/2046 USD 70.088
Landesbank Hessen-Thue 0.650 4/28/2031 EUR 74.765
Prosus NV 2.778 1/19/2034 EUR 70.155
Allergan Funding SCS 4.750 3/15/2045 USD 70.358
Prosus NV 2.031 8/3/2032 EUR 69.732
Romanian Government In 2.750 4/14/2041 EUR 60.948
Hazine Mustesarligi Va 10.460 10/6/2027 TRY 57.731
State of Bremen 0.500 5/6/2041 EUR 59.659
Cirio Finanziaria SpA 8.000 12/21/2005 EUR 0.478
Nordea Kredit Realkred 0.500 10/1/2050 DKK 62.630
BAE Systems PLC 3.000 9/15/2050 USD 61.008
Metalloinvest Finance 3.375 10/22/2028 USD 54.915
British Telecommunicat 3.883 6/25/2039 GBP 71.548
Republic of Belarus In 6.378 2/24/2031 USD 35.414
Altice France SA/Franc 4.250 10/15/2029 EUR 70.847
Ukraine Government Int 9.790 5/26/2027 UAH 62.970
UniCredit Bank Austria 0.050 9/21/2035 EUR 65.639
Landesbank Baden-Wuert 1.050 7/17/2034 EUR 68.806
Single Platform Invest 1.060 4/1/2042 EUR 58.458
Region de Bruxelles-Ca 0.592 12/10/2061 EUR 31.182
City of Amsterdam Neth 1.515 2/26/2044 EUR 69.526
Phosagro OAO Via Phosa 2.600 9/16/2028 USD 66.392
Deutsche Bank AG 0.710 9/24/2031 EUR 67.908
DekaBank Deutsche Giro 1.100 11/25/2030 EUR 71.117
DLR Kredit A/S 1.500 10/1/2053 DKK 71.897
Thames Water Utilities 1.980 8/28/2042 GBP 75.927
Single Platform Invest 1.165 7/30/2035 EUR 70.496
DLR Kredit A/S 0.500 10/1/2053 DKK 66.831
MBH Mortgage Bank Co P 3.000 10/22/2031 HUF 64.800
Societe Generale SA 8.760 7/31/2024 USD 54.000
Agence Francaise de De 1.715 10/27/2037 EUR 74.644
Heta Asset Resolution 4.716 12/31/2023 EUR 1.427
Republic of Ireland In 0.740 9/22/2078 EUR 34.479
Borets Finance DAC 6.000 9/17/2026 USD 49.034
VTB Bank OJSC Via VTB 6.250 6/30/2035 USD 23.371
JDE Peet's NV 2.250 9/24/2031 USD 74.756
SCC Power PLC 6.000 12/31/2028 USD 51.994
Vnesheconombank Via VE 5.942 11/21/2023 USD 9.663
Deutsche Lichtmiete Fi 5.750 1/1/2023 EUR 5.100
Bank of Valletta PLC 3.750 6/15/2031 EUR 71.016
Region Provence-Alpes- 0.753 1/5/2037 EUR 65.679
Banco Santander SA 1.000 10/1/2033 EUR 73.437
Romanian Government In 2.000 1/28/2032 EUR 74.082
National Grid Electric 1.676 9/24/2052 GBP 71.112
National Grid Electric 1.541 12/1/2053 GBP 68.113
Cie de Financement Fon 0.975 8/11/2046 EUR 57.868
CBo Territoria 3.750 7/1/2024 EUR #N/A N/A
Morhomes PLC 2.508 2/19/2051 GBP 50.937
Ministeries Van de Vla 1.053 6/3/2050 EUR 47.498
La Veggia Finance SA 7.125 11/14/2004 EUR 0.697
Master & Fellows of Un 3.068 4/28/2065 GBP 55.857
Autonomous Region of t 1.095 9/27/2036 EUR 67.900
Vier Gas Transport Gmb 0.500 9/10/2034 EUR 67.426
Eurogrid GmbH 0.875 11/20/2040 EUR 57.884
A-TEC Industries AG 8.750 10/27/2014 EUR 0.100
Italy Buoni Poliennali 2.800 3/1/2067 EUR 64.048
Atari SA 6.500 7/31/2026 EUR 0.130
Credit Suisse Internat 9.500 3/24/2026 UAH 59.560
Commune de Marseille 1.712 12/6/2039 EUR 73.566
Bayerische Landesbank 0.970 2/14/2033 EUR 75.348
Aktia Bank Oyj 0.800 2/26/2036 EUR 64.005
UniCredit Bank AG 0.010 1/21/2036 EUR 65.311
Credit Agricole Italia 1.000 1/17/2045 EUR 55.342
City of Lausanne Switz 0.540 11/6/2062 CHF 66.599
State of North Rhine-W 1.850 3/18/2089 EUR 51.867
Metropolitano de Tener 1.229 7/30/2036 EUR 69.063
Land Berlin 0.150 2/22/2036 EUR 67.498
Autostrade per l'Itali 3.625 6/9/2038 EUR 70.920
Cirio Finance Luxembou 7.500 11/3/2002 EUR 1.114
Uliving@essex3 LLP 2.720 8/31/2066 GBP 48.153
SNCF Reseau 1.500 5/29/2037 EUR 75.359
Credit Agricole Italia 0.750 1/20/2042 EUR 56.557
Gecci Investment KG 6.000 10/1/2027 EUR 6.254
State of Bremen 1.000 5/27/2039 EUR 69.471
Autonomous Community o 2.300 5/24/2049 EUR 65.229
Autonomous Community o 2.738 10/31/2049 EUR 71.884
Russian Federal Bond - 0.250 7/20/2044 RUB 9.000
Single Platform Invest 0.840 6/20/2043 EUR 55.453
Swissgrid AG 0.200 6/29/2040 CHF 72.643
Rhaetische Bahn AG RHB 0.050 8/3/2050 CHF 67.709
Autonomous Community o 1.950 5/24/2041 EUR 69.347
German Pellets GmbH 7.250 4/1/2016 EUR 1.019
Credit Agricole SA 3.610 4/20/2036 AUD 63.312
KTG Agrar SE 7.250 10/15/2019 EUR 0.472
Pfandbriefzentrale der 0.050 10/6/2043 CHF 71.153
Pershing Square Holdin 3.000 7/15/2032 USD 68.721
Orbit Capital PLC 3.375 6/14/2048 GBP 66.267
Belfius Bank SA 0.125 6/19/2034 EUR 69.459
Depfa Funding III LP 3.062 EUR 54.477
Alpine Holding GmbH 6.000 5/22/2017 EUR 0.372
Junta de Castilla y Le 1.270 10/31/2044 EUR 57.035
Nationwide Building So 0.485 7/11/2044 CHF 74.931
Bausparkasse Wuestenro 1.830 4/3/2043 EUR 71.931
Mondelez International 0.625 9/9/2032 EUR 75.361
Allergan Funding SCS 4.850 6/15/2044 USD 72.603
Banca Popolare di Vice 2.821 12/20/2017 EUR 0.396
Landesbank Baden-Wuert 5.250 6/28/2024 EUR 69.530
Stonewater Funding PLC 3.375 11/2/2045 GBP 70.936
Caisse Francaise de Fi 0.500 10/1/2046 EUR 50.939
Sairgroup Finance BV 6.625 10/6/2010 EUR 0.250
Kommunekredit 0.375 2/3/2045 DKK 52.008
Landesbank Baden-Wuert 0.900 5/28/2035 EUR 65.454
NatWest Markets PLC 1.250 12/4/2034 EUR 69.659
Niedersachsen Invest G 0.250 7/16/2035 EUR 70.616
National Grid Electric 1.608 8/24/2040 GBP 52.733
Single Platform Invest 1.051 4/1/2042 EUR 58.132
Kommunekredit 0.625 11/21/2039 EUR 65.231
Northern Electric Fina 2.750 5/24/2049 GBP 60.599
Hemso Fastighets AB 3.020 9/14/2048 SEK 67.819
La Financiere Atalian 5.125 5/15/2025 EUR 72.200
City of Lausanne Switz 0.050 9/28/2054 CHF 61.094
Single Platform Invest 1.535 5/25/2052 EUR 57.446
GN Store Nord AS 1.970 3/3/2036 EUR 62.499
MBH Mortgage Bank Co P 2.600 10/22/2028 HUF 73.600
Free and Hanseatic Cit 0.400 11/23/2051 EUR 43.183
Russian Foreign Bond - 7.500 3/31/2030 USD 65.205
Canton of Zurich 0.100 6/23/2045 CHF 72.831
Jyske Realkredit A/S 0.500 10/1/2053 DKK 60.286
Altice France Holding 4.000 2/15/2028 EUR 43.525
SAir Group 4.250 2/2/2007 CHF 11.269
State of Hesse 0.227 8/20/2049 EUR 46.798
Republic of Ireland In 1.320 11/28/2119 EUR 35.883
Thames Water Utilities 1.846 8/28/2047 GBP 67.809
Vasakronan AB 2.084 8/26/2030 AUD 75.302
State of Saxony-Anhalt 1.223 5/4/2046 EUR 66.942
Credit Agricole SA 4.400 2/24/2042 AUD 57.780
German Pellets GmbH 7.250 7/9/2018 EUR 0.949
Credit Suisse AG/Londo 2.600 1/27/2032 USD 74.887
Region Wallonne Belgiu 1.717 2/2/2038 EUR 72.524
Nostrum Oil & Gas Fina 7.000 2/16/2025 USD 27.371
Caisse Francaise de Fi 0.010 10/19/2035 EUR 64.857
Sovcombank Via SovCom 8.000 4/7/2030 USD 7.488
Malta Government Bond 1.000 8/23/2035 EUR 71.705
MFB Magyar Fejlesztesi 4.200 4/20/2033 HUF 71.851
GN Store Nord AS 3.200 11/26/2036 GBP 71.686
Hampshire Trust Bank P 7.250 5/10/2028 GBP 71.765
Canton of Neuchatel 0.350 7/14/2050 CHF 71.522
BPCE SFH SA 1.210 6/15/2039 EUR 70.291
ABN AMRO Bank NV 0.500 12/12/2039 EUR 60.807
Serbia International B 1.650 3/3/2033 EUR 67.207
Nordea Kredit Realkred 0.500 10/1/2053 DKK 60.316
CPI Hungary Investment 2.250 8/7/2030 HUF 59.000
MBH Mortgage Bank Co P 3.000 1/28/2036 HUF 54.610
EnBW International Fin 2.080 1/21/2041 EUR 64.966
Single Platform Invest 1.548 10/31/2050 EUR 57.302
Bpifrance SACA 1.046 5/25/2050 EUR 48.725
Barclays Bank PLC 2.500 12/29/2032 USD 70.320
Republic of Austria Go 0.100 7/10/2040 EUR 56.976
Banque Cantonale Vaudo 17.050 6/6/2024 CHF 66.290
UniCredit Bank AG 6.600 7/20/2028 EUR 0.010
Caisse de Refinancemen 0.250 2/7/2035 EUR 69.039
Royal Schiphol Group N 2.890 10/25/2034 AUD 72.881
Region Auvergne-Rhone- 0.892 10/21/2041 EUR 58.855
German Pellets GmbH 7.250 11/27/2019 EUR 1.077
Assistance Publique Ho 1.099 4/6/2071 EUR 36.174
Orpea SA 3.000 11/25/2041 EUR 30.545
State of Rhineland-Pal 0.375 7/20/2048 EUR 47.227
Free and Hanseatic Cit 0.300 9/16/2050 EUR 43.233
Bulgaria Steel Finance 12.000 5/4/2013 EUR 0.216
Jain International Tra 7.125 2/1/2022 USD 21.799
Rio Forte Investments 4.000 7/22/2014 EUR 2.776
Ministeries Van de Vla 0.634 11/19/2060 EUR 31.798
State of Lower Austria 0.460 10/8/2049 EUR 43.896
UBS AG/London 11.000 1/8/2024 CHF #N/A N/A
Comunidad Foral de Nav 1.450 5/8/2040 EUR 64.874
Magyar Export-Import B 2.500 5/23/2029 HUF 71.625
Barclays Bank PLC 2.320 1/11/2041 USD 54.034
Carmila SA 1.890 11/6/2031 EUR 74.722
JAB Holdings BV 3.750 5/28/2051 USD 60.283
Ukraine Government Int 7.750 9/1/2029 USD 29.387
CBo Territoria 7.000 6/30/2028 EUR 4.400
Single Platform Invest 2.125 1/15/2038 NOK 69.727
AnaCap Financial Europ 8.968 8/1/2024 EUR 65.074
Societe Du Grand Paris 2.145 11/26/2068 EUR 58.050
State of North Rhine-W 0.800 7/30/2049 EUR 52.515
Elli Finance UK PLC 8.750 6/15/2019 GBP 43.315
Alfa Bank AO Via Alfa 5.950 4/15/2030 USD 1.386
City of Lausanne Switz 0.680 3/11/2058 CHF 74.092
Kingdom of Belgium Gov 0.558 9/24/2077 EUR 28.549
Codere Finance 2 Luxem 12.750 11/30/2027 EUR 7.732
Barclays Bank PLC 3.020 4/23/2036 NZD 69.956
Autonomous Community o 1.744 7/1/2061 EUR 46.874
Kreditanstalt fuer Wie 1.000 10/20/2050 EUR 56.597
Futureal Development H 4.000 3/23/2031 HUF 69.000
Ramfort GmbH 6.750 3/15/2026 EUR 36.043
Land Berlin 1.375 8/27/2038 EUR 75.373
Concessio Estacions Ae 3.520 12/31/2037 EUR 73.821
SAir Group 0.125 7/7/2005 CHF 11.250
South Staffordshire Wa 1.843 6/30/2051 GBP 72.479
Republic of Belarus In 6.200 2/28/2030 USD 35.390
Land Thueringen 0.200 9/12/2039 EUR 59.858
SiC Processing GmbH 7.125 3/1/2016 EUR 0.643
Single Platform Invest 1.500 3/20/2051 EUR 57.623
Joh Friedrich Behrens 6.250 6/18/2024 EUR 8.113
Single Platform Invest 0.946 5/25/2036 EUR 66.755
Sibur Securities DAC 2.950 7/8/2025 USD 65.499
Region Wallonne Belgiu 0.808 6/24/2038 EUR 63.415
HSE Finance Sarl 5.625 10/15/2026 EUR 50.969
Raiffeisen Bank zrt 11.597 EUR 68.476
Aareal Bank AG 1.741 1/12/2045 EUR 50.278
Uliving@Essex2 Issuerc 0.100 8/31/2063 GBP 60.038
Santander Consumer Ban 9.520 NOK 59.219
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.666
Standard Chartered Ban 1.520 9/17/2030 USD 75.020
Realkredit Danmark A/S 0.500 10/1/2053 DKK 65.509
Junta de Castilla y Le 1.275 4/7/2049 EUR 51.243
Landesbank Baden-Wuert 5.300 2/13/2034 AUD 72.279
Stichting Afwikkeling 6.625 5/14/2018 EUR 43.625
Societe Generale SA 1.137 1/26/2037 EUR 68.555
Free State of Bavaria 0.010 3/28/2036 EUR 65.784
DZ Bank AG Deutsche Ze 1.550 6/27/2041 EUR 71.305
Chelyabinsk Pipe Plant 4.500 9/19/2024 USD 61.189
Anglian Water Services 1.760 11/13/2035 GBP 62.564
Altice France SA/Franc 4.000 7/15/2029 EUR 70.212
Alfa Bank AO Via Alfa 5.500 10/26/2031 USD 0.667
GTC Magyarorszag Zrt 2.600 3/17/2031 HUF 73.950
United Utilities Water 0.359 10/5/2048 GBP 51.628
United Utilities Water 0.387 10/5/2057 GBP 43.550
ABN AMRO Bank NV 1.600 11/22/2038 EUR 75.560
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Jyske Realkredit A/S 0.500 10/1/2050 DKK 62.497
Russian Foreign Bond - 5.875 9/16/2043 USD 62.557
Barclays Bank PLC 4.100 1/29/2048 USD 67.639
City of Lausanne Switz 0.600 11/30/2056 CHF 73.386
Credit Suisse AG/Londo 14.300 12/15/2023 USD 44.230
Spain Government Bond 1.450 10/31/2071 EUR 42.266
Natixis SA 0.300 6/25/2048 USD 28.034
Deutsche Bahn Finance 0.232 3/17/2032 EUR 74.508
Raiffeisenlandesbank O 0.998 11/4/2033 EUR 70.187
Grand Delta Habitat 1.500 6/2/2045 EUR 57.586
Ile-de-France Mobilite 1.586 2/23/2052 EUR 58.742
Region de Bruxelles-Ca 0.808 1/31/2050 EUR 43.259
Communaute Francaise d 0.500 6/27/2046 EUR 46.156
Lloyds Bank PLC 0.500 7/26/2028 MXN 60.676
Region Wallonne Belgiu 1.865 5/10/2051 EUR 59.602
Irish Bank Resolution 4.000 4/23/2018 EUR 33.250
State of Mecklenburg-W 0.239 11/17/2070 EUR 22.687
UBS AG/London 9.080 8/2/2027 SEK 55.580
Zurcher Kantonalbank F 11.000 1/3/2025 CHF 81.110
Joh Friedrich Behrens 7.750 11/11/2020 EUR 8.111
Polyus Finance PLC 3.250 10/14/2028 USD 60.260
Malta Government Bond 1.800 8/28/2051 EUR 55.860
Agrokor dd 9.125 2/1/2020 EUR 15.000
Standard Chartered Ban 1.530 9/11/2030 USD 75.128
Ville de Paris 2.017 5/25/2052 EUR 63.101
Phosphorus Holdco PLC 10.000 4/1/2019 GBP 0.686
Cie de Financement Fon 0.900 7/18/2058 EUR 47.002
Nykredit Realkredit AS 1.000 10/1/2056 DKK 62.980
JP Morgan Structured P 11.300 10/15/2024 USD 57.030
NRW Bank 1.400 3/19/2070 EUR 49.023
State of Saxony-Anhalt 0.475 9/30/2050 EUR 47.046
Department of L'Eure F 0.643 8/31/2041 EUR 55.132
Banco Espirito Santo S 6.900 6/28/2024 EUR 19.950
Portugal Telecom Inter 6.250 7/26/2016 EUR 0.285
Severn Trent Utilities 1.589 2/1/2067 GBP 68.268
HSE Finance Sarl 9.531 10/15/2026 EUR 50.799
Elia Transmission Belg 1.560 1/30/2044 EUR 71.940
Credit Agricole Corpor 15.000 6/18/2026 TRY 64.632
Societe Generale SA 2.000 2/26/2033 USD 66.568
Gazprom PJSC via Gaz F 4.599 USD 62.076
Electricite de France 4.650 10/21/2046 USD 72.960
BPCE SA 2.255 3/12/2040 AUD 51.960
CNH Industrial Finance 2.200 7/15/2039 EUR 68.661
BASF SE 1.025 8/13/2048 JPY 61.155
Ghelamco Invest 4.250 1/21/2027 EUR 67.930
Region de Bruxelles-Ca 1.100 6/22/2066 EUR 38.474
Depfa Funding II LP 6.500 EUR 63.381
Single Platform Invest 1.110 1/22/2040 EUR 61.653
Free and Hanseatic Cit 0.010 11/5/2035 EUR 67.142
Basque Government 1.000 10/31/2050 EUR 45.530
Vasakronan AB 2.135 6/28/2031 USD 75.486
Alno AG 8.000 3/21/2019 EUR 16.000
Gazprom PJSC via Gaz F 1.850 11/17/2028 EUR 60.082
Pfandbriefzentrale der 0.200 5/22/2042 CHF 75.534
Mondelez International 1.250 9/9/2041 EUR 62.526
Kommunekredit 0.500 7/30/2027 TRY 28.731
Department of Bouches 0.810 12/16/2041 EUR 58.953
Norddeutsche Landesban 1.350 10/20/2038 EUR 61.936
Virgolino de Oliveira 10.875 1/13/2020 USD 36.000
Premium Green PLC 2.440 5/25/2043 EUR 73.858
LFA Foerderbank Bayern 0.250 3/19/2037 EUR 67.509
Die Schweizerische Pos 0.180 12/14/2061 CHF 51.354
Societe Nationale SNCF 2.457 12/23/2050 USD 53.810
Mox Telecom AG 7.250 11/2/2017 EUR 2.270
BOA Offshore AS 0.409 7/17/2047 NOK 4.802
Nomura Bank Internatio 1.071 1/28/2032 EUR 73.717
Romanian Government In 4.000 2/14/2051 USD 65.806
SES SA 5.300 4/4/2043 USD 66.505
United Utilities Water 1.662 8/11/2056 GBP 73.080
Spain Government Bond 1.900 10/31/2052 EUR 60.052
Orbit Capital PLC 3.500 3/24/2045 GBP 69.409
Norddeutsche Landesban 1.170 11/24/2038 EUR 59.854
Societe Nationale SNCF 2.820 4/28/2036 AUD 71.040
Hemso Fastighets AB 2.373 5/26/2031 USD 73.464
State of Rhineland-Pal 0.375 3/10/2051 EUR 43.841
Landesbank Hessen-Thue 1.900 5/12/2036 EUR 64.350
Bellis Finco PLC 4.000 2/16/2027 GBP 74.743
Bayerische Landesbank 1.820 5/12/2031 EUR 70.609
Thomas Cook Finance 2 3.875 7/15/2023 EUR 0.683
Credit Bank of Moscow 7.500 10/5/2027 USD 21.816
Region Wallonne Belgiu 1.130 3/28/2036 EUR 73.077
State of Rhineland-Pal 1.500 4/25/2052 EUR 62.553
DNB Bank ASA 1.185 1/14/2038 EUR 67.358
Severn Trent Utilities 1.399 2/9/2057 GBP 64.000
Credit Agricole Corpor 1.507 9/15/2030 USD 74.929
Region Centre 0.834 5/12/2042 EUR 56.296
Societe Generale SA 2.970 4/15/2036 USD 64.280
State of Brandenburg 0.750 8/8/2036 EUR 72.482
MS Deutschland Beteili 6.875 12/18/2017 EUR 0.026
Malta Government Bond 1.500 10/22/2045 EUR 58.294
Region de Bruxelles-Ca 0.765 7/15/2052 EUR 41.305
Landesbank Baden-Wuert 0.560 9/22/2033 EUR 67.051
Hemso Fastighets AB 2.680 7/10/2035 AUD 63.782
Norwegian Air Shuttle 7.500 11/10/2023 USD 73.375
Irish Bank Resolution 0.566 6/21/2016 EUR 0.082
Raiffeisen Landesbank 0.375 11/13/2034 EUR 70.942
Steilmann SE 7.000 3/9/2017 EUR 1.429
Single Platform Invest 1.510 2/13/2043 EUR 62.915
Cooperatieve Rabobank 1.850 3/29/2049 EUR 57.949
UBS Group AG 2.210 11/24/2035 USD 63.996
Credit Agricole Corpor 10.150 2/5/2025 TRY 71.248
Region de Bruxelles-Ca 0.556 12/23/2064 EUR 27.222
Chrome Holdco SAS 5.000 5/31/2029 EUR 72.525
Gazprom PJSC via Gaz F 3.897 EUR 60.166
Maxeda DIY Holding BV 5.875 10/1/2026 EUR 71.480
Ville de Paris 2.182 5/20/2047 EUR 71.992
Raiffeisenlandesbank O 3.093 6/9/2036 EUR 52.080
Societe Generale SA 27.300 10/20/2025 USD 9.000
Kingdom of Belgium Gov 2.750 6/10/2071 USD 56.190
BPCE SA 2.450 2/24/2035 AUD 64.599
Region de Bruxelles-Ca 1.500 8/2/2038 EUR 69.318
Kreditanstalt fuer Wie 0.816 12/19/2050 EUR 48.794
Lukoil Securities BV 3.875 5/6/2030 USD 72.390
Steilmann SE 6.750 6/27/2017 EUR 2.184
Yorkshire Water Servic 1.709 2/1/2058 GBP 68.754
Anglian Water Services 1.141 8/1/2042 GBP 74.631
Societe Generale SA 2.650 1/26/2032 USD 73.227
getgoods.de AG 7.750 10/2/2017 EUR 0.527
Region de Bruxelles-Ca 1.620 2/8/2044 EUR 64.955
GB Social Housing PLC 3.814 4/9/2047 GBP 67.219
Windreich GmbH 6.500 7/15/2016 EUR 4.082
Muenchener Hypothekenb 0.125 11/19/2030 EUR 74.939
Steilmann SE 7.000 9/23/2018 EUR 1.429
Erste Group Bank AG 1.065 5/17/2041 EUR 51.071
Kingdom of Belgium Gov 1.170 5/12/2121 EUR 35.156
EVN AG 0.850 10/15/2035 EUR 68.241
Grand Delta Habitat 1.425 2/26/2048 EUR 54.105
Intesa Sanpaolo SpA 4.700 9/23/2049 USD 63.370
Vontobel Financial Pro 6.750 4/22/2024 EUR 57.390
Societe Generale SA 20.000 11/28/2025 USD 5.750
Zurcher Kantonalbank F 29.000 12/29/2023 USD 57.740
Itas Istituto Trentino 5.000 12/17/2031 EUR 57.330
ABN AMRO Bank NV 1.190 3/7/2036 EUR 75.533
Batigere Grand Est SAH 1.610 10/23/2040 EUR 65.396
United Utilities Water 1.702 11/21/2057 GBP 72.448
United Kingdom Inflati 0.250 3/22/2052 GBP 73.801
Muenchener Hypothekenb 0.886 3/26/2043 EUR 61.824
Credit Bank of Moscow 3.875 9/21/2026 USD 36.118
Credit Agricole Corpor 1.000 1/31/2033 AUD 64.198
State Savings Bank of 12.700 1/19/2024 USD 34.250
Hypo Vorarlberg Bank A 6.125 EUR 74.300
Ukraine Government Int 12.520 5/13/2026 UAH 73.825
Batigere Grand Est SAH 1.500 12/15/2051 EUR 52.659
Ahtium PLC 9.750 4/4/2017 EUR 0.726
Kommunekredit 1.336 10/1/2032 AUD 69.953
BNG Bank NV 10.010 6/17/2025 TRY 60.842
Single Platform Invest 1.785 7/30/2042 EUR 66.715
Ile-de-France Mobilite 1.275 2/14/2042 EUR 64.726
Grand City Properties 2.600 2/25/2034 EUR 68.889
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.591
Penarian Housing Finan 3.212 6/7/2052 GBP 65.505
Single Platform Invest 1.013 12/20/2050 EUR 50.609
BPCE SA 1.810 10/30/2030 USD 73.062
Societe Generale SA 21.000 2/23/2026 USD 49.750
Republic of Ireland In 1.200 4/15/2120 EUR 37.357
Ukraine Government Int 12.520 5/13/2026 UAH 73.825
Region Provence-Alpes- 1.460 10/3/2036 EUR 73.982
Republic of Belarus In 7.625 6/29/2027 USD 45.360
Cooperatieve Rabobank 0.500 11/30/2027 MXN 65.913
Credit Agricole Corpor 1.550 9/8/2031 AUD 70.778
Orpea SA 3.144 12/22/2025 EUR 25.194
Republic of Ireland In 2.045 3/22/2075 EUR 67.401
Romanian Government In 3.375 2/8/2038 EUR 72.496
Grand City Properties 2.800 2/25/2039 EUR 62.708
City of Lausanne Switz 0.230 11/1/2060 CHF 59.439
Turkiye Government Bon 12.600 10/1/2025 TRY 70.800
CDC Habitat SEM 0.853 2/15/2041 EUR 58.356
Credit Suisse AG/Londo 2.100 3/31/2031 USD 74.032
ABN AMRO Bank NV 2.375 12/2/2036 EUR 75.648
DZ HYP AG 1.430 10/26/2046 EUR 61.590
EFG International Fina 11.500 12/8/2023 USD 50.690
Thames Water Utilities 1.846 8/28/2047 GBP 69.437
Barclays Bank PLC 2.070 12/18/2035 USD 60.525
Deutsche Bank AG 0.650 6/3/2031 EUR 72.654
State of Brandenburg 0.125 1/26/2046 EUR 46.982
Single Platform Invest 1.425 5/25/2052 EUR 54.955
Deutsche Bahn Finance 1.850 11/23/2043 EUR 64.486
Affinity Water Finance 0.230 11/22/2042 GBP 60.875
Credit Agricole CIB Fi 1.000 4/26/2036 EUR 66.324
Kreditanstalt fuer Wie 1.201 9/13/2051 EUR 58.972
Heta Asset Resolution 4.099 12/31/2023 EUR 1.427
NRW Bank 0.106 8/17/2050 EUR 38.770
Pershing Square Holdin 3.000 7/15/2032 USD 68.909
Specialfastigheter Sve 1.180 12/2/2044 SEK 55.078
Republic of Ireland In 0.810 7/10/2079 EUR 35.892
Agence France Locale 1.941 4/20/2042 EUR 72.873
Phosphorus Holdco PLC 10.000 4/1/2019 GBP 0.686
CB First Investment Ba 8.000 EUR 74.784
Ville de Paris 0.650 11/25/2070 EUR 30.542
Societe Du Grand Paris 0.576 10/29/2052 EUR 38.536
Bayerische Landesbank 3.180 2/16/2038 EUR 63.659
Berlin Hyp AG 0.030 7/22/2030 EUR 75.249
BNP Paribas Issuance B 3.000 3/14/2033 EUR 50.346
Single Platform Invest 2.160 2/15/2044 EUR 71.104
Hemso Fastighets AB 1.460 7/7/2042 JPY 71.439
VTB Bank PJSC 10.000 RUB 58.060
Land Thueringen 0.250 3/5/2040 EUR 59.192
Assistance Publique Ho 1.750 11/27/2041 EUR 70.921
Ministeries Van de Vla 1.874 3/28/2058 EUR 55.252
Landesbank Baden-Wuert 0.820 5/27/2032 EUR 72.590
Del Monte Finance Luxe 6.625 5/24/2006 EUR 1.000
Raiffeisen-Landesbank 0.766 9/17/2031 EUR 70.989
Single Platform Invest 0.960 7/22/2038 EUR 62.035
Landesbank Baden-Wuert 0.660 11/9/2034 EUR 64.784
State of Lower Austria 0.815 9/22/2056 EUR 43.359
Barclays Bank PLC 1.382 11/27/2045 EUR 58.226
Malta Government Bond 1.200 5/13/2037 EUR 69.772
Republic of Ireland In 1.230 6/23/2121 EUR 38.546
Sparkasse Oberoesterre 0.200 3/22/2033 EUR 73.507
Luzerner Kantonalbank 16.710 7/17/2024 CHF 71.400
Societe Generale SA 20.000 9/18/2026 USD 9.500
Single Platform Invest 1.075 6/26/2052 EUR 49.498
JAB Holdings BV 2.000 12/19/2039 EUR 67.929
Societe Generale SA 3.920 12/9/2036 AUD 68.422
Finance and Credit Ban 9.250 1/25/2019 USD 0.001
Citigroup Global Marke 0.430 8/15/2031 EUR 69.719
Societe Nationale SNCF 1.400 5/18/2120 EUR 31.443
National Grid Electric 1.823 5/26/2056 GBP 72.468
Kreditanstalt fuer Wie 0.788 11/4/2039 EUR 63.409
Nykredit Realkredit AS 1.182 1/17/2034 EUR 72.197
Land Berlin 0.625 7/15/2039 EUR 64.921
DZ Bank AG Deutsche Ze 1.850 2/19/2049 EUR 68.471
Suek Securities DAC 3.375 9/15/2026 USD 71.095
Ukraine Government Bon 9.780 5/10/2029 UAH 43.569
Autonomous Community o 1.850 5/13/2061 EUR 49.571
Landeskreditbank Baden 2.500 5/21/2036 AUD 66.013
FLUVIUS System Operato 0.810 4/8/2033 EUR 70.398
Credit Suisse AG/Londo 9.000 4/22/2024 USD 25.420
Luzerner Kantonalbank 10.900 11/13/2023 CHF 70.030
Corner Banca SA 21.000 2/20/2024 CHF 56.590
Finca Uco Cjsc 13.000 11/16/2024 AMD 0.000
UBS AG/London 14.000 1/18/2024 USD 6.040
RUSAL Bratsk OJSC 0.010 4/7/2026 RUB 73.520
Kreditanstalt fuer Wie 0.990 2/12/2051 EUR 56.050
Single Platform Invest 0.955 2/15/2041 EUR 55.095
Deutsche Telekom AG 4.125 7/23/2049 USD 69.604
Caisse des Depots et C 2.766 8/9/2049 USD 60.533
National Grid Electric 1.690 9/16/2041 GBP 51.506
Societe Nationale SNCF 2.931 1/14/2051 AUD 55.862
Yorkshire Water Servic 1.462 8/1/2051 GBP 66.700
Severn Trent Utilities 1.668 8/1/2057 GBP 72.036
Yorkshire Water Servic 1.823 2/1/2050 GBP 73.095
Republic of Ireland In 2.350 4/1/2116 EUR 70.900
Severn Trent Utilities 1.501 8/1/2058 GBP 67.719
Region Wallonne Belgiu 2.412 12/12/2044 EUR 73.877
Region Wallonne Belgiu 1.805 1/24/2040 EUR 70.407
Lloyds Banking Group P 0.995 2/15/2038 JPY 71.097
Region Wallonne Belgiu 1.600 3/29/2039 EUR 70.592
Evraz PLC 5.250 4/2/2024 USD 72.275
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.105
UBS Group AG 2.300 12/3/2035 AUD 63.129
Deutsche Telekom AG 3.500 4/15/2041 AUD 64.484
Windreich GmbH 6.500 3/1/2015 EUR 4.082
Comunidad Foral de Nav 1.800 3/25/2042 EUR 67.289
Caisse Francaise de Fi 1.555 2/12/2042 EUR 69.912
Autonomous Community o 1.931 4/4/2042 EUR 68.473
Single Platform Invest 3.070 8/15/2041 NOK 71.967
Mercedes-Benz Manufact 1.500 3/16/2027 HUF 75.000
Societe Generale SA 12.300 7/31/2024 USD 60.960
Societe Generale SA 25.260 10/30/2025 USD 9.500
SG Issuer SA 2.100 4/5/2033 EUR 73.360
Landesbank Baden-Wuert 0.500 9/5/2039 EUR 64.490
SG Issuer SA 0.850 10/16/2024 EUR 15.390
Societe Nationale SNCF 1.280 3/27/2120 EUR 32.317
Hemso Fastighets AB 2.615 11/30/2043 EUR 66.789
Heta Asset Resolution 4.327 12/31/2023 EUR 1.427
Heta Asset Resolution 5.730 12/31/2023 EUR 1.427
Banco Santander SA 2.280 2/28/2039 EUR 71.284
Societe Generale SA 1.700 1/19/2031 USD 71.122
Societe Generale SA 1.950 10/22/2031 USD 69.434
Bayerische Landesbank 1.500 7/14/2036 EUR 72.724
Kreditanstalt fuer Wie 0.250 10/6/2036 CAD 51.890
Assistance Publique Ho 2.000 5/25/2053 EUR 63.117
Kreditanstalt fuer Wie 1.087 1/21/2050 EUR 58.931
Societe Du Grand Paris 2.062 3/19/2070 EUR 57.132
Pescanova SA 6.750 3/5/2015 EUR 1.242
Department of Val d'Oi 0.207 10/10/2032 EUR 75.239
Centrosolar Group AG 7.000 2/15/2016 EUR 2.505
Single Platform Invest 0.363 2/15/2041 EUR 51.674
Kreditanstalt fuer Wie 1.115 5/17/2041 EUR 66.897
Havenbedrijf Rotterdam 1.100 3/23/2051 EUR 55.609
Kuntarahoitus Oyj 1.150 4/1/2051 EUR 62.457
Societe Generale SFH S 0.650 6/23/2035 EUR 72.101
Comunidad Foral de Nav 0.550 10/22/2035 EUR 67.438
Single Platform Invest 1.448 7/25/2053 EUR 55.731
Region Wallonne Belgiu 1.000 9/16/2059 EUR 40.256
Single Platform Invest 1.610 2/15/2043 EUR 64.530
Engie SA 2.750 11/20/2045 EUR 72.354
SAir Group 6.250 4/12/2005 CHF 11.269
Futureal Development H 3.500 11/16/2036 HUF 55.000
Flextronics Internatio 3.600 12/6/2031 HUF 70.000
LP Portfolio Vagyonkez 2.800 11/30/2030 HUF 66.800
Societe Generale SA 18.000 5/31/2024 USD 15.350
Anselma Issuer SA 2.174 12/31/2038 EUR 32.080
Thames Water Utilities 1.819 8/28/2049 GBP 66.447
SG Issuer SA 0.350 11/15/2023 EUR 33.050
Muenchener Hypothekenb 0.550 2/18/2046 CHF 66.375
Region Occitanie 0.834 11/22/2045 EUR 52.898
Societe Du Grand Paris 1.149 4/8/2069 EUR 38.068
Region de Bruxelles-Ca 0.256 2/26/2035 EUR 66.249
Caisse des Depots et C 1.365 11/2/2051 EUR 53.126
PJSC Koks via IMH Capi 5.900 9/23/2025 USD 8.640
Sanctuary Capital PLC 2.481 11/12/2037 GBP 67.596
Republic of Ireland In 0.835 7/8/2080 EUR 36.131
Deutsche Bank AG 2.330 2/11/2043 EUR 59.255
Single Platform Invest 1.301 6/25/2044 EUR 58.209
Raiffeisen Landesbank 1.523 2/1/2038 EUR 74.703
BNP Paribas SA 2.400 6/14/2048 EUR 71.752
Channel Link Enterpris 3.748 6/30/2050 EUR 72.971
Specialfastigheter Sve 1.280 9/20/2049 SEK 51.977
Espirito Santo Financi 4.936 10/27/2024 EUR 0.144
State of Saarland 0.050 11/5/2040 EUR 55.771
Ministeries Van de Vla 0.400 11/20/2043 EUR 50.486
SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000
Barclays Bank PLC 3.020 3/26/2051 USD 54.932
BNP Paribas SA 1.660 3/4/2031 USD 72.520
Vasakronan AB 1.668 10/16/2030 USD 74.828
Gebr Sanders GmbH & Co 8.750 10/22/2018 EUR 9.375
NRW Bank 0.800 10/22/2060 EUR 41.626
Leonteq Securities AG 8.200 11/16/2023 CHF 47.840
Societe Generale SA 1.000 10/20/2031 USD 73.500
Santander Consumer Ban 9.520 NOK 59.219
Danske Bank A/S 1.070 8/23/2038 JPY 72.808
Nostrum Oil & Gas Fina 8.000 7/25/2022 USD 25.941
Land Thueringen 1.127 4/2/2049 EUR 57.367
Region Auvergne-Rhone- 1.090 4/8/2037 EUR 69.716
Landesbank Baden-Wuert 0.327 5/7/2038 EUR 62.861
Landesbank Baden-Wuert 0.690 10/8/2035 EUR 62.720
NTRP Via Interpipe Ltd 10.250 8/2/2017 USD 0.915
Norske Skogindustrier 7.000 12/30/2026 EUR 0.010
Landwirtschaftliche Re 0.984 2/4/2042 EUR 65.184
United Utilities Water 1.585 7/12/2057 GBP 70.899
State of Lower Austria 1.886 3/2/2048 EUR 68.079
La Financiere Atalian 6.625 5/15/2025 GBP 71.929
Caisse des Depots et C 0.930 11/9/2050 EUR 46.885
Societe Wallonne de Fi 0.883 11/21/2044 EUR 51.305
Sovcombank Via SovCom 3.400 1/26/2025 USD 3.202
Liga Bank eG Regensbur 0.010 1/29/2036 EUR 62.599
Kreditanstalt fuer Wie 1.143 4/15/2050 EUR 59.368
ACCIONA Financiacion F 1.900 6/28/2034 EUR 70.415
Bayerische Landesbank 3.450 7/15/2036 EUR 70.034
Pongs & Zahn AG 8.500 11/1/2014 EUR 0.010
UBS AG/London 8.250 11/19/2026 EUR 54.160
DZ Bank AG Deutsche Ze 2.400 6/28/2024 EUR 67.520
Kardan NV 6.325 2/21/2021 ILS #N/A N/A
Nederlandse Waterschap 1.928 10/23/2048 EUR 71.681
Nordea Hypotek AB 2.250 10/15/2048 SEK 70.319
State of Brandenburg 0.375 1/29/2035 EUR 72.451
Gemeente Bergen OP Zoo 1.390 3/7/2039 EUR 74.333
Norddeutsche Landesban 2.000 1/31/2035 EUR 75.371
Kreditanstalt fuer Wie 0.400 8/12/2040 EUR 61.321
Heta Asset Resolution 4.716 12/31/2023 EUR 1.427
Severn Trent Utilities 1.523 8/1/2058 GBP 67.843
Single Platform Invest 1.442 7/25/2053 EUR 55.356
Region Wallonne Belgiu 1.741 4/7/2039 EUR 70.915
ALROSA Finance SA 3.100 6/25/2027 USD 8.640
Aareal Bank AG 1.576 2/23/2032 EUR 73.666
Kuntarahoitus Oyj 0.940 6/9/2064 EUR 54.579
Air Berlin Finance BV 8.500 3/6/2019 EUR 0.278
SNCF Reseau 0.350 7/25/2047 EUR 61.171
Intesa Sanpaolo Bank I 3.102 11/19/2035 AUD 64.140
Gazprom PJSC via Gaz F 2.950 1/27/2029 USD 63.023
Credit Agricole Corpor 1.300 2/2/2061 EUR 45.657
ING Bank NV 0.182 4/21/2033 EUR 73.934
LSEGA Financing PLC 3.200 4/6/2041 USD 69.342
Grand Delta Habitat 1.285 11/6/2040 EUR 61.915
Luzerner Kantonalbank 5.100 10/16/2026 USD 62.110
Zurcher Kantonalbank F 8.000 8/21/2024 CHF 71.690
Zurcher Kantonalbank F 10.000 11/11/2024 CHF 77.030
Zurcher Kantonalbank F 24.500 12/27/2023 CHF 74.380
Societe Generale SA 23.270 3/30/2026 USD 55.000
National Grid Electric 3.350 6/10/2036 AUD 70.092
BNP Paribas SA 2.800 1/18/2049 EUR 74.698
Office Public De L'Hab 1.700 12/22/2060 EUR 63.100
Land Thueringen 0.375 12/1/2051 EUR 42.891
Agence Francaise de De 1.954 11/13/2053 EUR 64.976
Unibail-Rodamco-Westfi 2.000 12/5/2033 EUR 74.935
National Grid Electric 1.151 2/20/2040 EUR 60.239
Morgan Stanley & Co In 3.100 10/28/2041 AUD 59.355
BNG Bank NV 0.630 7/11/2067 EUR 35.291
Vasakronan AB 2.400 6/20/2044 SEK 67.435
Republic of Ireland In 1.100 11/12/2096 EUR 38.108
Natixis SA 2.719 10/25/2032 AUD 72.363
Societe Generale SFH S 0.360 9/14/2033 EUR 73.834
Republic of Ireland In 1.020 9/10/2086 EUR 38.802
DZ Bank AG Deutsche Ze 1.000 2/18/2032 EUR 64.652
DZ Bank AG Deutsche Ze 0.190 1/14/2031 EUR 73.331
DZ Bank AG Deutsche Ze 1.580 7/22/2030 EUR 75.103
DZ HYP AG 0.375 11/10/2034 EUR 71.651
Landesbank Baden-Wuert 0.980 7/15/2032 EUR 73.358
Credit Agricole Corpor 10.200 8/6/2026 TRY 55.650
Region Wallonne Belgiu 1.657 3/31/2037 EUR 73.639
de Volksbank NV 1.552 4/12/2040 EUR 72.215
Credit Agricole Corpor 10.500 2/16/2027 TRY 52.861
Bankinter SA 1.200 6/5/2035 EUR 72.801
Uliving@Essex Issuerco 0.100 8/31/2058 GBP 63.348
Ukraine Government Bon 8.120 11/10/2035 UAH 28.007
Muenchener Hypothekenb 0.580 10/14/2035 EUR 66.890
ESB Finance DAC 2.000 4/17/2044 EUR 63.978
Landeskreditbank Baden 0.610 11/17/2050 EUR 50.352
Kreditanstalt fuer Wie 0.980 6/28/2051 EUR 55.749
Raiffeisen Bank Intern 0.370 2/3/2033 EUR 63.406
Hypo Vorarlberg Bank A 0.920 7/8/2036 EUR 58.631
Nordea Kredit Realkred 0.500 10/1/2053 DKK 65.653
UniCredit Bank AG 0.310 10/15/2035 EUR 67.817
Deutsche Telekom AG 3.500 9/6/2039 AUD 66.226
LSF9 Balta Issuer SARL 3.000 12/31/2030 EUR 64.945
Micro Small & Medium E 6.900 8/28/2026 USD 57.578
Zurcher Kantonalbank F 22.000 8/6/2024 USD 71.020
Hunland Feed Kft 2.880 7/21/2031 HUF 73.420
UBS AG/London 20.000 2/29/2024 CHF 76.500
Sustainable Capital PL 5.623 6/9/2024 USD 67.910
Societe Generale SA 7.280 5/6/2024 USD 40.250
Mifa Mitteldeutsche Fa 7.500 8/12/2018 EUR 1.500
BNG Bank NV 2.000 2/19/2038 AUD 62.964
Region de Bruxelles-Ca 1.500 2/15/2039 EUR 71.634
UBS AG/London 1.500 2/2/2031 USD 73.340
Jyske Realkredit A/S 0.500 10/1/2053 DKK 65.560
Deutsche Pfandbriefban 0.906 3/4/2050 EUR 55.119
Region Wallonne Belgiu 2.057 10/19/2043 EUR 69.216
DNB Boligkreditt AS 0.980 6/20/2044 EUR 61.459
Republic of Ireland In 2.000 6/29/2063 EUR 64.494
LR Realkredit AS 1.000 10/1/2050 DKK 65.997
Norddeutsche Landesban 2.730 12/28/2038 EUR 75.324
Credito Padano Banca d 3.100 EUR 36.384
Officine Maccaferri-Sp 5.750 6/1/2021 EUR 16.625
BNP Paribas SA 3.080 8/28/2039 AUD 57.211
Severn Trent Utilities 1.399 2/9/2057 GBP 64.075
Credit Agricole Corpor 10.320 7/22/2026 TRY 56.100
DekaBank Deutsche Giro 2.140 5/18/2046 EUR 69.560
Erilia SA 1.570 2/25/2038 EUR 75.072
Free and Hanseatic Cit 1.095 6/13/2046 EUR 61.691
Autonomous Community o 1.900 5/24/2039 EUR 72.307
Region de Bruxelles-Ca 1.813 1/22/2048 EUR 64.382
Grupo Isolux Corsan SA 1.000 12/30/2021 EUR 0.157
Ministeries Van de Vla 1.603 3/1/2038 EUR 74.189
Ukraine Government Bon 8.520 11/10/2033 UAH 30.851
Swedbank AB 0.350 9/22/2031 EUR 73.361
Autonomous Community o 1.089 10/31/2049 EUR 48.034
DZ HYP AG 0.050 1/31/2031 EUR 74.876
HSBC Bank PLC 1.700 2/9/2031 USD 75.058
Assistance Publique Ho 1.053 5/25/2052 EUR 48.217
Bayerische Landesbank 3.500 7/28/2036 EUR 68.970
Department of Loiret F 0.478 10/30/2040 EUR 57.060
United Kingdom Gilt 1.500 7/22/2047 GBP 53.861
Caisse Francaise de Fi 1.110 9/21/2046 EUR 60.605
KESZ Holding Business 2.800 6/17/2031 HUF 75.250
VTB Bank PJSC 5.000 USD 52.500
Wellis Magyarorszag Ke 3.000 2/26/2031 HUF 69.244
Societe Generale SA 20.000 12/18/2025 USD 19.750
Pentracor GmbH 8.500 5/29/2025 EUR 0.121
Societe Generale SA 8.000 8/18/2026 USD 64.150
Credit Suisse AG/Londo 19.000 2/14/2024 USD 49.630
Agence France Locale 0.586 6/20/2034 EUR 71.102
Specialfastigheter Sve 2.205 10/11/2038 SEK 74.379
NRW Bank 1.085 10/26/2041 EUR 65.656
Credit Bank of Moscow 7.625 USD 25.786
Agence Francaise de De 1.656 4/4/2054 EUR 60.085
Deutsche Bank Luxembou 2.386 4/27/2029 EUR 70.034
Landesbank Baden-Wuert 0.360 12/30/2030 EUR 73.578
Single Platform Invest 1.083 2/15/2041 EUR 60.284
Republic of Ireland In 1.230 6/1/2120 EUR 38.885
DZ Bank AG Deutsche Ze 1.000 2/13/2042 EUR 64.122
Credit Bank of Moscow 3.100 1/21/2026 EUR 21.438
Commerzbank AG 1.219 12/12/2039 EUR 62.514
Landesbank Baden-Wuert 0.590 9/22/2034 EUR 64.528
Single Platform Invest 1.390 6/25/2044 EUR 59.962
City of Lausanne Switz 0.600 7/6/2050 CHF 75.729
Heta Asset Resolution 5.920 12/31/2023 EUR 1.427
Norske Skogindustrier 7.125 10/15/2033 USD 0.010
Agrokor dd 9.125 2/1/2020 EUR 15.000
Aargau Verkehr AG 0.270 11/29/2049 CHF 72.969
Deutsche Apotheker-und 1.090 12/16/2039 EUR 59.396
Deutsche Wohnen SE 2.500 7/21/2034 EUR 73.380
SAir Group 5.500 7/23/2003 CHF 11.269
Deutsche Pfandbriefban 4.120 11/3/2031 EUR 60.623
Avanti Communications 9.000 10/1/2022 USD 13.750
SNCF Reseau 2.622 9/24/2049 USD 62.129
Comunidad Foral de Nav 2.100 4/30/2044 EUR 67.368
Banque Cantonale de Fr 0.100 11/1/2044 CHF 69.240
Standard Chartered Ban 1.730 1/26/2031 USD 75.036
DZ Bank AG Deutsche Ze 1.055 3/11/2031 EUR 70.016
Credit Agricole Corpor 15.000 7/14/2026 TRY 64.144
Single Platform Invest 1.265 2/4/2043 JPY 68.703
Credit Suisse AG/Londo 9.250 7/14/2026 USD 54.550
MET Hungary Solar Park 3.800 12/2/2031 HUF 73.850
Hell Energy Magyarorsz 3.000 7/28/2031 HUF 73.100
Zurcher Kantonalbank F 13.040 11/16/2023 CHF 66.370
Societe Generale SA 24.000 8/30/2024 USD 44.160
UBS AG/London 15.500 1/19/2024 USD 42.350
Muenchener Hypothekenb 1.543 11/16/2048 EUR 64.081
Bazalgette Finance Plc 0.740 11/30/2042 GBP 75.027
Landesbank Baden-Wuert 0.710 11/9/2035 EUR 62.706
Communaute Francaise d 2.050 7/26/2047 EUR 67.743
Republic of Ireland In 2.000 6/29/2064 EUR 64.042
Banco Santander SA 1.020 1/4/2034 EUR 68.435
Assistance Publique Ho 1.125 4/16/2047 EUR 55.195
Gazprom PJSC via Gaz F 3.250 2/25/2030 USD 61.337
BNP Paribas SA 2.100 1/24/2039 EUR 73.822
Credit Bank of Moscow 4.700 1/29/2025 USD 34.259
Cooperatieve Rabobank 0.500 12/29/2027 MXN 63.832
HSBC Continental Europ 2.150 3/14/2049 EUR 64.158
Charm Finance PLC 3.509 4/12/2048 GBP 68.396
Landesbank Hessen-Thue 0.750 9/18/2034 EUR 68.772
Kreditanstalt fuer Wie 0.980 2/9/2042 EUR 65.826
Agence France Locale 1.835 6/20/2040 EUR 73.777
Single Platform Invest 1.250 8/15/2051 EUR 53.680
Credit Agricole Corpor 15.000 6/18/2026 TRY 64.560
Batigere Grand Est SAH 1.600 11/14/2039 EUR 67.190
Land Thueringen 0.375 11/14/2034 EUR 72.472
Norske Skog Holding AS 8.000 2/24/2023 USD 0.006
Credit Agricole Corpor 11.190 1/15/2026 TRY 61.675
Banco Santander SA 1.000 1/14/2034 EUR 70.017
Cie de Saint-Gobain SA 3.000 12/23/2049 EUR 69.431
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.623
United Utilities Water 0.010 12/9/2036 GBP 71.811
Spain Government Bond 2.700 10/31/2048 EUR 76.060
Single Platform Invest 2.060 7/25/2033 NOK 75.156
Nomura Bank Internatio 1.150 10/6/2036 EUR 63.219
ABN AMRO Bank NV 1.171 4/4/2044 EUR 60.995
United Utilities Water 1.474 8/24/2031 USD 70.006
SAG Solarstrom AG 7.500 7/10/2017 EUR 31.000
Autonomous Community o 0.810 10/31/2040 EUR 57.477
Department of Bouches 1.068 5/21/2048 EUR 52.942
Societe Generale SA 2.360 5/25/2031 USD 73.788
Single Platform Invest 1.413 3/20/2051 EUR 55.465
Republic of Ireland In 1.180 5/25/2087 EUR 42.759
Credit Agricole Corpor 2.750 12/12/2034 AUD 69.119
Agrokor dd Via Aquariu 4.921 8/8/2017 EUR 14.625
Credit Suisse AG/Londo 3.880 10/31/2036 USD 74.119
United Utilities Water 0.010 9/30/2036 GBP 72.818
Gazprombank JSC 4.500 5/14/2032 USD 66.000
National Grid Electric 1.584 7/28/2056 GBP 67.491
Hemso Fastighets AB 3.050 1/18/2038 SEK 74.329
Caisse Francaise de Fi 1.670 12/7/2048 EUR 65.191
BNG Bank NV 2.280 10/17/2048 SEK 71.072
Ville de Paris 1.720 8/23/2047 EUR 62.306
UBS AG/London 2.350 12/17/2048 EUR 68.418
Republic of Ireland In 1.250 10/8/2121 EUR 39.394
BPCE SA 1.850 2/8/2036 EUR 74.471
Agrokor dd 8.875 2/1/2020 USD 15.000
Pescanova SA 8.750 2/17/2019 EUR 1.167
LFA Foerderbank Bayern 0.160 1/2/2040 EUR 59.063
Vasakronan AB 2.752 11/20/2031 AUD 74.306
Landesbank Baden-Wuert 1.080 7/16/2035 EUR 66.717
La Banque Postale Home 0.640 1/27/2042 EUR 59.755
Kommunekredit 1.700 6/26/2045 EUR 71.470
Single Platform Invest 1.375 7/25/2053 EUR 54.255
Basque Government 2.000 4/30/2059 EUR 56.358
Deutsche Bahn Finance 2.005 6/7/2039 SEK 69.967
Erste Group Bank AG 0.770 11/13/2033 EUR 67.184
United Utilities Water 0.379 12/9/2036 GBP 74.805
Kommunalbanken AS 1.920 4/19/2048 EUR 72.875
Credit Agricole Corpor 14.280 11/5/2026 TRY 61.381
HSBC Continental Europ 2.136 5/25/2038 EUR 72.397
Vasakronan AB 2.256 4/12/2044 EUR 72.655
Region Bourgogne-Franc 0.270 12/7/2035 EUR 63.729
Credit Agricole SA 3.000 1/28/2041 AUD 47.226
BNP Paribas SA 1.400 6/4/2041 EUR 62.316
NIBC Bank NV 0.660 7/14/2031 EUR 72.974
Assistance Publique Ho 0.800 3/23/2046 EUR 51.919
Orient Express Bank PJ 2.000 USD 12.071
Land Berlin 1.750 5/19/2042 EUR 74.909
State of North Rhine-W 1.491 8/23/2066 EUR 53.803
Societe Generale SA 20.000 1/29/2026 USD 16.750
SG Issuer SA 0.263 2/20/2025 EUR 23.670
Societe Generale SA 20.000 7/21/2026 USD 20.000
Finca Uco Cjsc 13.000 5/30/2025 AMD 10.600
Leonteq Securities AG/ 22.800 1/17/2024 CHF 51.130
DZ Bank AG Deutsche Ze 1.350 12/30/2030 EUR 73.430
Zurcher Kantonalbank F 8.500 11/26/2024 CHF 74.810
ACBA Bank OJSC 11.500 3/1/2026 AMD 0.000
Zurcher Kantonalbank F 5.300 4/15/2024 CHF 63.000
Societe Generale SA 21.000 12/26/2025 USD 26.000
RENE LEZARD Mode GmbH 7.250 11/25/2017 EUR 0.151
DNB Boligkreditt AS 1.530 12/21/2043 EUR 67.885
Republic of Ireland In 1.210 10/27/2111 EUR 38.818
Santander Consumer Ban 9.520 NOK 62.021
NRW Bank 1.000 2/26/2050 EUR 54.634
Raiffeisenlandesbank O 1.174 7/11/2034 EUR 66.806
Bayerische Landesbank 2.250 10/17/2033 EUR 70.362
Region Wallonne Belgiu 2.070 8/27/2049 EUR 65.604
Nederlandse Waterschap 0.877 6/24/2054 EUR 44.561
Kommunekredit 2.200 9/27/2041 AUD 58.419
Credit Agricole SA 1.000 4/6/2035 EUR 67.696
Caisse Francaise de Fi 1.699 1/18/2044 EUR 69.062
Belfius Bank SA 1.561 4/27/2043 EUR 70.731
Republic of Ireland In 1.230 5/29/2120 EUR 38.684
Windreich GmbH 6.250 3/1/2015 EUR 4.082
Virgolino de Oliveira 10.875 1/13/2020 USD 36.000
Kreditanstalt fuer Wie 0.935 12/16/2039 EUR 68.190
Agence Francaise de De 0.537 7/16/2040 EUR 60.664
Single Platform Invest 1.370 7/25/2053 EUR 53.671
Raiffeisen-Landesbank 0.520 2/4/2033 EUR 74.855
Agence Francaise de De 2.302 10/25/2044 USD 59.349
United Utilities Water 1.587 8/16/2056 GBP 68.524
Malta Government Bond 2.400 8/13/2052 EUR 64.280
Vnesheconombank Via VE 6.025 7/5/2022 USD 6.678
Norske Skogindustrier 7.125 10/15/2033 USD 0.010
Cooperatieve Rabobank 0.500 8/21/2028 MXN 57.967
Portugal Obrigacoes do 1.150 4/11/2042 EUR 64.215
Citigroup Global Marke 1.200 12/23/2036 EUR 64.619
Telia Co AB 1.070 3/1/2039 JPY 74.151
Ministeries Van de Vla 1.564 11/12/2046 EUR 61.365
Specialfastigheter Sve 2.375 6/25/2048 SEK 70.595
Banco Santander SA 2.011 4/12/2039 EUR 72.406
Stadshypotek AB 1.545 5/24/2038 EUR 75.231
Regie Autonome des Tra 0.875 8/18/2080 EUR 32.849
Kreissparkasse Heilbro 2.000 9/12/2044 EUR 73.925
Novolipetsk Steel Via 1.450 6/2/2026 EUR 69.395
State of Saarland 0.500 3/15/2051 EUR 46.139
Argentum Capital SA 1.377 5/25/2034 EUR 69.141
SNCF Reseau 2.777 7/29/2115 EUR 65.640
Single Platform Invest 1.842 2/15/2044 EUR 68.623
Kommuninvest I Sverige 2.000 10/21/2041 SEK 71.507
Bayerische Landesbank 3.550 10/14/2036 EUR 70.434
UBS AG/London 5.250 4/22/2024 CHF 70.800
JP Morgan Structured P 8.000 11/4/2024 USD 52.800
Societe Generale SA 12.000 12/31/2036 USD 64.700
Credit Suisse AG/Londo 1.000 12/20/2027 EUR 51.460
MVM Energetika Zrt 3.250 9/3/2031 HUF 70.000
Raiffeisen Switzerland 4.300 1/14/2025 CHF 73.420
Richter Gedeon Nyrt 1.750 6/4/2031 HUF 72.500
Department of L'Eure F 1.666 12/18/2038 EUR 74.562
Grand Delta Habitat 1.630 3/6/2045 EUR 59.785
Caisse des Depots et C 1.780 1/15/2048 EUR 63.963
Norddeutsche Landesban 1.600 8/1/2039 EUR 63.338
Region Wallonne Belgiu 1.885 10/20/2037 EUR 75.051
Deutsche Pfandbriefban 1.340 10/16/2051 EUR 59.275
Nederlandse Waterschap 1.930 11/7/2047 EUR 73.124
Single Platform Invest 2.600 7/30/2036 NOK 73.919
State of North Rhine-W 1.960 1/24/2079 EUR 62.160
Muenchener Hypothekenb 1.500 9/27/2038 EUR 73.772
Communaute Francaise d 0.749 9/16/2080 EUR 43.328
Communaute Francaise d 1.581 1/23/2120 EUR 43.390
Berlin Hyp AG 0.110 1/20/2031 EUR 73.908
DZ Bank AG Deutsche Ze 1.250 9/30/2060 EUR 49.734
ABN AMRO Bank NV 0.250 12/12/2032 EUR 75.458
Santander Internationa 2.770 7/2/2035 USD 67.923
Danske Bank A/S 0.805 8/12/2036 EUR 70.435
Single Platform Invest 1.920 11/5/2040 EUR 65.924
Region de Bruxelles-Ca 1.065 6/22/2047 EUR 52.709
Region Auvergne-Rhone- 0.493 10/23/2037 EUR 62.442
Hypo-Bank Burgenland A 1.010 10/29/2049 EUR 52.756
Single Platform Invest 1.480 7/25/2053 EUR 55.825
Standard Chartered Ban 3.000 4/30/2036 AUD 64.643
Single Platform Invest 1.897 3/3/2037 EUR 74.959
Kuntarahoitus Oyj 0.875 11/14/2034 SEK 73.226
Bilt Paper BV 10.360 USD 1.326
Nederlandse Waterschap 0.190 11/2/2050 EUR 42.442
Belfius Bank SA 1.533 3/26/2038 EUR 73.608
Raiffeisenlandesbank O 0.658 9/29/2031 EUR 71.833
National Grid Electric 2.920 9/30/2044 AUD 54.995
State of North Rhine-W 1.650 5/16/2047 EUR 68.610
Deutsche Pfandbriefban 0.857 9/18/2037 EUR 59.396
Bayerische Landesboden 0.030 10/22/2035 EUR 65.659
NRW Bank 0.612 10/21/2050 EUR 47.389
Ferrovie Luganesi SA 0.280 12/31/2044 CHF 71.963
Hemso Fastighets AB 2.127 4/18/2039 EUR 65.628
Deutsche Bank AG 0.687 10/11/2049 EUR 35.767
Autonomous Community o 1.138 11/22/2052 EUR 45.071
SCC Power PLC 6.000 12/31/2028 USD 51.994
Barclays Bank PLC 1.011 2/1/2041 EUR 54.060
Landesbank Hessen-Thue 0.750 3/18/2036 EUR 64.993
Banque et Caisse d'Epa 1.230 4/26/2046 EUR 65.049
ASCE Group OJSC 7.000 6/11/2031 USD 60.564
Societe Generale SFH S 0.570 3/15/2036 EUR 69.805
Serbia Treasury Bonds 1.500 3/26/2033 EUR 69.662
Irish Bank Resolution 6.750 11/30/2013 BGN 33.250
Single Platform Invest 1.600 2/15/2041 EUR 67.002
Single Platform Invest 1.690 7/25/2053 EUR 59.435
Landesbank Hessen-Thue 2.400 3/22/2052 EUR 64.579
Credit Suisse AG/Londo 28.000 9/23/2024 USD 1.810
Basler Kantonalbank 16.900 5/24/2024 CHF 79.740
Hamburg Commercial Ban 2.597 2/1/2036 EUR 63.170
Kreditanstalt fuer Wie 0.820 4/15/2050 EUR 54.392
National Grid Electric 2.020 3/12/2032 AUD 71.423
Communaute Francaise d 1.600 6/22/2047 EUR 59.707
Vasakronan AB 1.700 6/28/2044 EUR 38.039
Caisse Francaise de Fi 1.640 7/10/2048 EUR 66.026
Goldman Sachs Internat 2.500 7/26/2048 EUR 64.729
Basque Government 2.350 4/11/2049 EUR 67.714
BPCE SA 2.160 10/6/2031 USD 71.985
Republic of Ireland In 1.190 10/7/2101 EUR 40.048
Hemso Fastighets AB 2.975 10/25/2038 SEK 74.205
UBS Group AG 2.370 2/25/2036 USD 64.600
KPNQwest NV 8.875 2/1/2008 EUR 0.611
Ministeries Van de Vla 0.875 6/3/2045 EUR 51.345
HSBC Continental Europ 1.140 8/26/2049 EUR 49.427
Kommunekredit 0.342 9/1/2042 EUR 56.107
Muenchener Hypothekenb 1.000 5/7/2035 EUR 71.437
Premium Green PLC 1.630 12/30/2030 AUD 71.911
Landesbeteiligungen Ba 1.450 6/15/2046 EUR 57.607
Batigere Grand Est SAH 1.485 10/25/2039 EUR 65.650
A-TEC Industries AG 5.750 11/2/2010 EUR 0.100
Deutsche Pfandbriefban 0.700 10/22/2029 EUR 74.587
Aareal Bank AG 1.068 2/18/2050 EUR 54.967
Deutsche Bahn Finance 1.520 7/3/2035 SEK 71.304
La Banque Postale Home 1.379 4/4/2040 EUR 71.881
Standard Chartered Ban 3.040 1/18/2042 USD 65.867
Single Platform Invest 0.457 2/15/2046 EUR 46.138
Ville de Paris 1.300 11/18/2036 EUR 74.554
Bayerische Landesbank 3.850 11/18/2036 EUR 72.830
HSBC Continental Europ 2.220 1/24/2048 EUR 65.311
Danske Bank A/S 1.544 5/25/2038 EUR 75.179
Credit Agricole Corpor 2.400 5/17/2048 EUR 49.999
DZ Bank AG Deutsche Ze 0.350 11/10/2042 EUR 56.021
Single Platform Invest 1.315 12/15/2038 EUR 65.332
Landesbank Hessen-Thue 1.150 6/23/2036 EUR 68.153
Banque Federative du C 1.590 2/5/2031 USD 72.611
Landesbank Baden-Wuert 0.400 7/2/2031 EUR 72.646
Single Platform Invest 0.901 2/15/2041 EUR 59.071
Kuntarahoitus Oyj 1.200 7/21/2061 EUR 57.484
NRW Bank 1.000 6/24/2051 EUR 53.160
DekaBank Deutsche Giro 0.250 1/31/2031 EUR 74.399
Credit Agricole Corpor 11.640 3/24/2027 TRY 54.622
French Republic Govern 0.500 6/25/2044 EUR 54.759
Prosus NV 1.985 7/13/2033 EUR 66.546
Ville de Paris 0.758 8/20/2060 EUR 35.238
Rikshem AB 3.250 5/31/2041 AUD 57.437
Infogroup Holding Kft 3.000 5/20/2031 HUF 67.200
Erste Group Bank AG 9.000 1/31/2024 EUR 72.000
Baromfi-Coop Termelo E 3.000 7/19/2031 HUF 70.500
Cordia International I 3.000 7/27/2030 HUF 67.000
Vorosko Kereskedelmi E 4.750 1/25/2032 HUF 70.500
Corner Banca SA 20.000 12/19/2023 CHF 52.640
SG Issuer SA 1.100 3/17/2025 EUR 80.300
Fast Credit Capital UC 11.500 7/13/2024 AMD 0.000
Kuntarahoitus Oyj 1.449 3/1/2061 EUR 63.187
Hemso Fastighets AB 2.418 11/30/2038 EUR 69.381
Landesbank Hessen-Thue 1.150 12/22/2036 EUR 67.246
Landesbank Baden-Wuert 0.500 12/8/2031 EUR 71.945
Commune de Marseille 1.688 12/6/2038 EUR 73.523
Single Platform Invest 0.950 7/25/2047 EUR 46.738
Alfa Bank AO Via Alfa 5.900 USD 8.200
HSBC Bank PLC 2.230 9/6/2047 EUR 63.836
FNG Benelux Holding NV 5.000 8/28/2023 EUR 1.013
Caisse des Depots et C 1.548 8/9/2038 EUR 72.377
BNG Bank NV 2.000 7/24/2058 EUR 69.524
Deutsche Bank AG 2.530 10/7/2036 USD 64.298
Goldman Sachs Internat 2.060 3/31/2035 EUR 72.342
NORD/LB Luxembourg SA 0.542 9/30/2037 EUR 64.228
Autonomous Community o 1.250 10/31/2040 EUR 62.399
Virgolino de Oliveira 11.750 2/9/2022 USD 0.313
Region Wallonne Belgiu 1.246 5/12/2070 EUR 42.643
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.010
Landesbank Baden-Wuert 0.590 10/7/2032 EUR 70.009
Landesbank Baden-Wuert 0.540 10/7/2031 EUR 72.462
ECM Real Estate Invest 5.000 10/9/2011 EUR 15.375
Santander Internationa 1.700 12/12/2049 EUR 44.048
LBI ehf 7.431 USD 0.001
Societe Generale SA 2.900 10/24/2039 AUD 53.234
Muenchener Hypothekenb 0.568 6/15/2032 EUR 74.069
Erdoel-Lagergesellscha 1.200 6/4/2043 EUR 63.822
Region de Bruxelles-Ca 0.283 10/24/2033 EUR 69.259
Caisse Francaise de Fi 0.865 2/17/2042 EUR 60.975
Oldenburgische Landesb 2.050 7/29/2052 EUR 73.795
ING Groep NV 0.975 2/14/2034 EUR 71.846
Banque Internationale 1.190 1/18/2041 EUR 54.469
Deutsche Bank AG 2.825 2/25/2043 EUR 64.784
Credit Agricole Corpor 12.000 11/17/2025 TRY 64.361
Landesbank Baden-Wuert 1.140 1/19/2061 EUR 45.002
Bayerische Landesbank 0.500 12/2/2030 EUR 74.900
BPCE SA 1.920 12/9/2030 AUD 73.454
Grupo Isolux Corsan SA 6.000 12/30/2021 EUR 0.673
Natixis SA 4.530 3/16/2048 AUD 66.635
State of Saxony-Anhalt 1.808 5/15/2048 EUR 71.102
Landesbank Hessen-Thue 0.500 10/14/2031 EUR 74.475
Ukraine Government Bon 9.990 8/27/2031 UAH 38.201
UniCredit SpA 1.490 10/23/2035 EUR 70.233
New World Resources NV 8.000 4/7/2020 EUR 0.105
Rena GmbH 7.000 12/15/2015 EUR 0.054
Region Centre 0.552 5/12/2033 EUR 74.151
Kingdom of Belgium Gov 0.650 6/22/2071 EUR 37.047
Communaute Francaise d 0.782 2/8/2061 EUR 36.323
Single Platform Invest 1.010 3/20/2051 EUR 50.421
Gazprom PJSC via Gaz F 1.500 2/17/2027 EUR 63.965
Kreditanstalt fuer Wie 1.271 5/20/2051 EUR 60.730
Raiffeisenbank AS 8.891 EUR 75.212
Caisse des Depots et C 0.606 9/30/2039 EUR 60.198
Malta Government Bond 1.400 8/20/2046 EUR 55.640
Kreditanstalt fuer Wie 0.650 2/24/2041 EUR 62.833
Luzerner Kantonalbank 0.150 10/7/2044 CHF 71.606
Banco Santander SA 0.010 10/1/2032 EUR 69.330
SNCF Reseau 1.100 10/27/2036 EUR 72.415
Landeskreditbank Baden 1.862 4/6/2062 EUR 65.772
Leonteq Securities AG/ 24.000 8/14/2024 CHF 70.940
Rosselkhozbank JSC 0.010 12/24/2023 RUB 65.000
OPUS TIGAZ Gazhalozati 2.800 3/24/2031 HUF 64.000
Raiffeisen Schweiz Gen 5.500 11/29/2023 CHF 65.150
Raiffeisen Switzerland 17.500 12/27/2023 CHF 37.990
Nestle Hungaria Kft 1.750 5/31/2028 HUF 74.500
United Engine Corp JSC 11.500 6/26/2024 RUB 65.000
Duna Aszfalt Ut Es Mel 2.990 10/17/2029 HUF 61.000
Landshypotek Bank AB 0.750 2/16/2033 SEK 74.264
Regie Autonome des Tra 0.938 5/25/2050 EUR 49.144
United Kingdom Inflati 0.125 3/22/2073 GBP 66.369
Bazalgette Finance Plc 0.010 8/5/2036 GBP 72.152
Assistance Publique Ho 1.987 8/11/2042 EUR 73.010
Belfius Bank SA 1.434 9/10/2036 EUR 75.647
Commerzbank AG 0.900 10/7/2030 EUR 73.662
State of Rhineland-Pal 0.500 7/30/2036 EUR 70.813
Banco Santander SA 0.790 9/30/2031 EUR 74.437
Credit Agricole SA 3.270 10/5/2041 AUD 55.401
Deutsche Pfandbriefban 2.000 7/9/2032 EUR 72.057
LFA Foerderbank Bayern 0.125 9/30/2038 EUR 61.346
Assistance Publique Ho 0.791 8/27/2051 EUR 42.443
Heta Asset Resolution 4.875 12/31/2023 EUR 1.427
Privatbank CJSC Via UK 10.875 2/28/2018 USD 8.779
Greenleaves Capital De 2.665 9/25/2031 AUD 74.944
State of Brandenburg 0.050 8/10/2040 EUR 55.861
Yorkshire Water Servic 1.460 8/1/2056 GBP 66.050
Kingdom of Belgium Gov 0.675 7/7/2080 EUR 30.201
Assistance Publique Ho 0.490 9/30/2040 EUR 57.381
Batigere Grand Est SAH 1.800 8/12/2050 EUR 57.575
City of St Gallen 0.140 9/16/2044 CHF 73.709
Bayerische Landesbank 0.900 11/29/2035 EUR 68.251
State of North Rhine-W 1.467 6/12/2045 EUR 67.728
Municipality of Arnhem 0.605 2/24/2040 EUR 63.429
Region de Bruxelles-Ca 1.015 1/23/2051 EUR 47.410
Caisse des Depots et C 1.900 9/14/2048 EUR 63.454
Banco Santander SA 2.930 9/17/2038 EUR 74.299
Hypo-Bank Burgenland A 2.010 2/7/2048 EUR 68.969
Stadshypotek AB 1.444 4/19/2038 EUR 73.105
Ukraine Government Bon 11.290 11/10/2025 UAH 65.291
Bazalgette Finance Plc 0.174 5/16/2049 GBP 59.104
Hypo-Bank Burgenland A 0.810 9/17/2031 EUR 71.908
Banque Internationale 0.680 10/9/2030 EUR 75.439
Kommunekredit 0.869 11/12/2043 SEK 58.188
Danske Bank A/S 0.910 10/17/2039 JPY 67.537
Credit Agricole Corpor 2.000 11/23/2032 USD 70.554
DLR Kredit A/S 0.500 10/1/2053 DKK 61.618
Societe Du Grand Paris 1.923 5/25/2066 EUR 53.334
Communaute Francaise d 1.040 7/19/2101 EUR 38.986
Department of Gironde 0.846 4/29/2039 EUR 64.582
Credit Agricole Corpor 2.480 3/4/2036 USD 66.443
Assistance Publique Ho 0.666 3/19/2040 EUR 60.618
Autonomous Community o 1.515 6/21/2051 EUR 51.504
Single Platform Invest 1.490 3/20/2051 EUR 56.961
Gazprom PJSC via Gaz F 3.500 7/14/2031 USD 60.224
Communaute Francaise d 1.010 7/19/2051 EUR 47.392
Bayerische Landesbank 0.800 10/16/2036 EUR 65.980
State of North Rhine-W 1.267 9/16/2051 EUR 58.711
Vasakronan AB 1.130 5/27/2042 JPY 64.909
Cooperatieve Rabobank 1.400 4/7/2037 EUR 75.439
LP Portfolio Vagyonkez 3.400 9/23/2031 HUF 62.150
Appeninn Holding 3.500 11/22/2029 HUF 68.000
DZ Bank AG Deutsche Ze 1.290 6/25/2030 EUR 75.290
Raiffeisen Switzerland 10.000 7/17/2024 CHF 69.420
ENVIEN Magyarorszag Kf 2.500 5/18/2031 HUF 74.140
Vontobel Financial Pro 10.250 4/26/2024 EUR 73.050
Zurcher Kantonalbank F 20.000 3/8/2024 CHF 50.270
Metal Hungaria Holding 3.000 11/17/2030 HUF 63.000
Leonteq Securities AG/ 27.000 12/22/2023 CHF 56.130
Societe Generale SA 15.000 9/29/2025 USD 7.250
Zurcher Kantonalbank F 17.500 6/7/2024 CHF 63.270
Nordea Bank Abp 8.570 1/20/2029 SEK 74.620
Hell Energy Magyarorsz 2.700 12/18/2029 HUF 66.400
Nordea Bank Abp 1.700 2/27/2028 SEK 64.130
Zurcher Kantonalbank F 14.000 8/21/2024 CHF 70.840
Vontobel Financial Pro 14.300 8/21/2024 USD 71.640
B+N Referencia Ipari K 2.900 12/20/2029 HUF 71.650
Progress Etteremhaloza 3.000 9/18/2030 HUF 71.300
MOL Hungarian Oil & Ga 1.100 9/22/2030 HUF 58.500
Landesbank Hessen-Thue 1.000 10/29/2035 EUR 63.700
Pick Szeged Szalamigya 2.000 12/6/2029 HUF 71.040
UBS Group AG 2.490 3/4/2036 USD 65.703
BNP Paribas SA 1.450 11/17/2041 EUR 62.552
Single Platform Invest 0.815 4/1/2042 EUR 53.135
Deutsche Pfandbriefban 1.850 9/20/2032 EUR 70.469
Single Platform Invest 2.150 10/21/2041 NOK 64.393
BNP Paribas SA 2.670 3/13/2030 AUD 75.077
ABN AMRO Bank NV 1.950 12/7/2048 EUR 69.161
Deutsche Apotheker-und 1.616 1/15/2038 EUR 69.001
Autonomous Community o 3.076 10/10/2053 EUR 74.437
Swedbank Hypotek AB 1.490 8/15/2038 EUR 74.077
BNP Paribas SA 2.050 8/14/2039 EUR 73.421
Land Thueringen 1.100 7/3/2047 EUR 61.819
Region Auvergne-Rhone- 1.150 4/8/2039 EUR 66.983
Region Wallonne Belgiu 2.168 7/26/2047 EUR 67.564
Region Auvergne-Rhone- 0.805 7/26/2039 EUR 62.576
Region Auvergne-Rhone- 0.645 4/9/2040 EUR 58.421
Centre Hospitalier Uni 1.160 9/6/2039 EUR 61.232
State of Hesse 0.375 4/9/2040 EUR 59.197
Landesbank Baden-Wuert 0.060 9/1/2031 EUR 71.903
Agence France Locale 2.550 3/20/2036 AUD 68.672
BNP Paribas SA 0.500 11/16/2032 MXN 37.997
Agence Francaise de De 2.360 1/30/2045 AUD 53.619
Swedbank Hypotek AB 1.445 3/29/2038 EUR 74.398
Luminis SA 1.800 9/2/2059 EUR 43.730
Region Auvergne-Rhone- 0.800 5/22/2040 EUR 59.594
Deutsche Bank AG 2.010 12/10/2052 EUR 47.929
Region Wallonne Belgiu 1.250 4/30/2055 EUR 47.310
BPCE SA 1.980 10/6/2030 AUD 74.432
Batigere Grand Est SAH 1.550 8/12/2041 EUR 63.374
Landesbank Baden-Wuert 0.900 11/22/2034 EUR 67.104
Deutsche Pfandbriefban 0.903 11/19/2029 EUR 75.250
Single Platform Invest 1.800 7/25/2053 EUR 61.272
Nationwide Building So 1.573 5/7/2041 EUR 71.754
Single Platform Invest 1.830 11/5/2040 EUR 64.599
Caisse des Depots et C 1.460 1/24/2052 EUR 54.337
Region de Bruxelles-Ca 0.640 7/20/2045 EUR 49.623
Region Bretagne SCI 0.700 12/2/2038 EUR 61.620
Region Wallonne Belgiu 1.150 9/2/2120 EUR 31.469
Kaupthing ehf 5.082 12/1/2008 EUR 0.250
Region Wallonne Belgiu 1.727 3/29/2038 EUR 74.744
BNG Bank NV 1.627 4/25/2046 EUR 69.996
Raiffeisen-Landesbank 1.470 5/3/2069 EUR 48.614
Citigroup Global Marke 1.180 12/23/2036 EUR 64.317
Region Wallonne Belgiu 1.240 5/28/2069 EUR 40.800
VTB Bank OJSC Via VTB 6.250 6/30/2035 USD 23.371
Region Hauts-de-France 0.691 7/9/2042 EUR 56.405
Caisse des Depots et C 1.382 3/16/2045 EUR 60.796
BKS Bank AG 1.390 1/19/2032 EUR 74.809
Vasakronan AB 1.870 6/3/2039 EUR 43.147
Region de Bruxelles-Ca 0.274 12/11/2040 EUR 54.321
Astana Finance BV 7.875 6/8/2010 EUR 16.000
Erste Group Bank AG 1.230 5/29/2033 EUR 72.156
BPCE SFH SA 1.775 3/11/2042 EUR 73.933
Santander Internationa 1.192 12/7/2045 EUR 55.353
Aktia Bank Oyj 1.050 9/9/2041 EUR 54.930
Region Provence-Alpes- 0.623 10/15/2035 EUR 68.028
BPCE SFH SA 0.843 7/19/2044 EUR 56.393
SAir Group 6.250 10/27/2002 CHF 11.272
State of Rhineland-Pal 0.872 10/31/2036 EUR 74.021
Commune de Marseille 1.714 11/18/2036 EUR 74.909
Societe Generale SA 5.050 11/25/2036 USD 42.128
Communaute Francaise d 1.760 1/26/2043 EUR 67.030
Danske Bank A/S 1.490 2/15/2038 EUR 75.147
Muenchener Hypothekenb 1.420 4/20/2038 EUR 74.550
Aareal Bank AG 0.255 9/17/2029 EUR 74.245
Landesbank Baden-Wuert 0.140 10/20/2031 EUR 71.982
ING Bank NV 2.830 9/28/2051 USD 58.809
Region Auvergne-Rhone- 0.530 9/29/2036 EUR 65.366
Barclays Bank PLC 4.150 4/5/2039 AUD 67.873
Ukraine Government Bon 9.700 12/6/2028 UAH 44.940
Region Auvergne-Rhone- 0.543 9/28/2036 EUR 63.986
Credit Bank of Moscow 8.875 USD 12.637
Bibby Offshore Service 7.500 6/15/2021 GBP 11.625
Single Platform Invest 1.085 6/20/2050 EUR 51.207
BPCE SA 1.850 10/30/2030 AUD 73.499
Telia Co AB 3.000 9/25/2064 EUR 68.681
Erste Group Bank AG 1.400 5/7/2034 EUR 70.410
Hacienda Investments L 5.350 2/8/2028 USD 57.610
Landesbank Hessen-Thue 1.050 5/28/2036 EUR 67.363
ING Bank NV 0.335 4/21/2036 EUR 67.607
Hungary Government Bon 4.000 4/28/2051 HUF 61.672
SCF Capital Designated 3.850 4/26/2028 USD 65.679
Landesbank Baden-Wuert 0.260 5/28/2031 EUR 74.053
Caisse des Depots et C 0.945 5/19/2051 EUR 47.833
CDC Habitat SEM 0.814 2/15/2040 EUR 59.443
Landesbank Baden-Wuert 1.000 3/18/2039 EUR 58.474
Landesbank Baden-Wuert 0.905 4/1/2041 EUR 49.499
Landesbank Baden-Wuert 0.150 8/11/2031 EUR 72.679
LFA Foerderbank Bayern 0.050 9/29/2034 EUR 70.198
Nederlandse Waterschap 1.080 10/26/2050 EUR 55.284
Serbia Treasury Bonds 2.300 3/18/2047 EUR 54.249
Vodafone Group PLC 4.600 8/9/2046 USD 69.387
Kommuninvest I Sverige 2.000 10/21/2039 SEK 73.815
Region de Bruxelles-Ca 1.500 4/5/2037 EUR 74.967
Societe Generale SA 14.400 12/14/2023 USD 21.450
UniCredit Bank AG 5.300 4/8/2025 EUR 61.110
Vontobel Financial Pro 10.650 3/22/2024 EUR 79.960
HH Finance PLC 5.000 5/19/2028 EUR 50.050
Landesbank Baden-Wuert 10.000 1/26/2024 EUR 34.270
Societe Generale SA 13.700 11/30/2023 USD 45.100
Leonteq Securities AG/ 20.200 11/14/2023 CHF 29.470
UniCredit Bank AG 5.250 7/1/2024 EUR 15.330
Parnassia Groep BV 1.470 12/3/2046 EUR 58.466
Single Platform Invest 2.000 2/1/2039 EUR 72.655
SG Issuer SA 0.900 4/7/2036 EUR 66.359
Cooperatieve Rabobank 1.460 6/1/2040 EUR 70.978
Purple Protected Asset 1.598 2/5/2061 EUR 61.807
BPCE SA 2.250 3/13/2040 AUD 52.726
SpareBank 1 Boligkredi 1.490 12/14/2038 EUR 72.052
Credit Agricole Corpor 10.800 3/24/2026 TRY 56.508
Agence Francaise de De 1.914 11/22/2048 EUR 67.818
Stadt Graz 1.824 10/31/2047 EUR 67.391
Muenchener Hypothekenb 1.172 10/30/2047 EUR 61.311
Deutsche Bank AG 0.700 10/28/2031 EUR 67.869
HSBC Continental Europ 1.500 7/26/2049 EUR 54.988
Muenchener Hypothekenb 1.495 10/5/2050 EUR 59.733
Caisse Francaise de Fi 1.093 10/14/2051 EUR 54.101
Vasakronan AB 3.270 6/26/2034 AUD 70.228
Vasakronan AB 2.533 1/28/2044 EUR 43.942
Ville de Paris 1.165 6/9/2053 EUR 48.501
DAH Holding GmbH 7.250 9/28/2018 EUR 0.718
KPNQwest NV 10.000 3/15/2012 EUR 0.761
Regie Autonome des Tra 0.953 5/24/2052 EUR 49.186
Ministeries Van de Vla 1.095 6/3/2055 EUR 44.536
Credit Agricole Corpor 11.340 2/12/2026 TRY 61.233
KPNQwest NV 7.125 6/1/2009 EUR 0.615
Windreich GmbH 6.750 3/1/2015 EUR 4.082
DZ Bank AG Deutsche Ze 0.700 8/24/2033 EUR 71.254
UBS AG/London 2.630 9/3/2044 AUD 52.581
Hellas Telecommunicati 6.054 1/15/2015 USD 0.016
HSBC Bank PLC 10.300 12/10/2024 TRY 74.203
United Utilities Water 1.435 11/21/2056 GBP 65.547
Italy Buoni Poliennali 2.700 3/1/2047 EUR 71.009
BPCE SFH SA 1.295 6/8/2037 EUR 73.345
Citigroup Global Marke 1.030 10/25/2034 EUR 68.026
Kreditanstalt fuer Wie 0.660 11/12/2039 EUR 65.875
United Utilities Water 1.556 10/25/2056 GBP 68.029
Banco Santander SA 1.840 7/20/2033 EUR 74.329
United Kingdom Inflati 0.125 3/22/2068 GBP 63.741
Hypo Vorarlberg Bank A 0.741 10/16/2036 EUR 56.756
Municipality of Utrech 0.950 3/2/2037 EUR 72.960
Rikshem AB 2.900 1/23/2035 AUD 66.161
Natixis SA 1.813 12/10/2030 USD 75.420
Ukraine Government Bon 12.500 4/27/2029 UAH 50.519
Deutsche Pfandbriefban 0.320 12/9/2030 EUR 67.404
BPCE SFH SA 1.186 5/9/2039 EUR 68.879
Aareal Bank AG 2.020 11/20/2034 EUR 69.502
Autonomous Community o 1.442 10/26/2049 EUR 52.955
SAir Group 5.125 3/1/2003 CHF 11.269
Ministeries Van de Vla 2.317 7/3/2045 EUR 70.637
Raiffeisenverband Salz 1.617 1/29/2048 EUR 63.337
Societe Du Grand Paris 2.100 2/14/2069 EUR 56.859
HSBC Continental Europ 2.200 2/19/2049 EUR 65.312
Ukraine Government Bon 9.710 11/19/2031 UAH 37.036
Kreditanstalt fuer Wie 0.902 11/16/2050 EUR 54.840
Rikshem AB 1.910 11/16/2032 NOK 72.970
DZ Bank AG Deutsche Ze 0.740 11/2/2035 EUR 66.155
SpareBank 1 SR-Bank AS 2.800 9/19/2044 EUR 72.235
Kuntarahoitus Oyj 1.155 11/19/2060 EUR 44.709
Banque Federative du C 0.125 11/6/2030 EUR 75.199
Praktiker AG 5.875 2/10/2016 EUR 0.001
BPCE SA 2.614 3/4/2036 AUD 63.494
Norddeutsche Landesban 1.450 5/10/2039 EUR 61.867
DZ Bank AG Deutsche Ze 0.300 2/12/2032 EUR 72.691
Region Hauts-de-France 0.402 2/18/2043 EUR 51.497
Single Platform Invest 1.250 10/18/2035 EUR 62.399
Single Platform Invest 2.085 1/24/2044 NOK 58.742
Kreditanstalt fuer Wie 1.175 4/14/2051 EUR 59.466
Kreditanstalt fuer Wie 1.171 7/19/2051 EUR 58.690
Kuntarahoitus Oyj 1.300 4/8/2061 EUR 59.823
Kreditanstalt fuer Wie 1.267 3/22/2051 EUR 61.050
Kreditanstalt fuer Wie 1.208 3/10/2051 EUR 60.077
Single Platform Invest 1.040 6/25/2044 EUR 55.321
Ukraine Government Bon 11.720 7/30/2025 UAH 67.998
Deutsche Bank AG 3.500 4/14/2048 EUR 70.262
Oberoesterreichische L 0.953 9/16/2039 EUR 51.008
DZ Bank AG Deutsche Ze 0.500 2/24/2031 EUR 74.633
Jyske Realkredit A/S 1.000 10/1/2056 DKK 63.421
Alfa-Bank AO 10.200 2/10/2025 RUB 65.000
UniCredit Bank AG 0.900 3/24/2036 EUR 65.520
TransFin-M PAO 10.500 6/28/2027 RUB 60.000
Daniella Kereskedelmi 3.000 7/30/2030 HUF 73.800
Alteo Nyrt 3.150 10/28/2029 HUF 70.300
Parnassia Groep BV 1.260 12/3/2046 EUR 72.378
Renovables Atlasol SA 2.200 12/31/2038 EUR 69.901
Vasakronan AB 2.130 5/27/2041 SEK 66.272
Specialfastigheter Sve 1.120 2/19/2044 SEK 55.940
Cooperatieve Rabobank 2.090 12/27/2047 EUR 62.749
ASH8 Debt Co UK 1 PLC 3.651 12/31/2055 GBP 71.829
DZ Bank AG Deutsche Ze 0.780 3/5/2030 EUR 72.326
Nederlandse Waterschap 2.000 8/6/2058 EUR 70.773
BNG Bank NV 2.020 8/7/2058 EUR 69.858
BKS Bank AG 2.165 6/21/2039 EUR 69.864
ING Bank NV 1.445 7/6/2038 EUR 74.833
AB Financial Products 3.952 7/30/2040 EUR 68.738
Air Berlin Finance BV 6.000 3/6/2019 EUR 0.278
UkrLandFarming PLC 10.875 3/26/2018 USD 2.378
Region Wallonne Belgiu 1.550 4/28/2120 EUR 39.702
Single Platform Invest 0.532 2/15/2044 EUR 45.079
Societe Generale SA 2.480 7/17/2040 USD 53.109
NRW Bank 1.830 3/31/2042 EUR 75.198
Pfandbriefbank schweiz 0.375 6/15/2046 CHF 74.733
Nationwide Building So 1.336 2/26/2041 EUR 69.097
Landesbank Baden-Wuert 0.821 8/24/2032 EUR 72.458
Single Platform Invest 1.220 11/28/2033 EUR 74.052
Region Wallonne Belgiu 1.225 9/2/2120 EUR 33.208
DZ Bank AG Deutsche Ze 0.750 9/21/2035 EUR 66.547
Lehman Brothers Treasu 4.350 8/8/2016 SGD 0.100
Kreditanstalt fuer Wie 0.680 11/12/2039 EUR 63.104
Commerzbank AG 2.350 2/24/2042 EUR 73.355
Norddeutsche Landesban 1.090 11/15/2043 EUR 64.538
Ministeries Van de Vla 1.656 2/23/2038 EUR 75.666
HSBC Continental Europ 2.820 7/10/2045 EUR 75.152
City of Amsterdam Neth 1.359 2/26/2044 EUR 67.324
Nationale-Nederlanden 1.400 3/18/2039 EUR 72.157
Getin Noble Bank SA 10.570 4/29/2024 PLN 31.206
Aareal Bank AG 0.380 9/16/2031 EUR 67.028
Credit Suisse AG/Londo 2.000 9/30/2030 USD 75.228
Landesbank Hessen-Thue 1.370 9/22/2031 EUR 68.668
Deutsche Bank AG 0.510 9/16/2031 EUR 75.393
Deutsche Pfandbriefban 0.765 9/12/2036 EUR 49.881
BPCE SA 2.820 12/18/2039 AUD 58.135
UniCredit Bank AG 1.120 5/14/2057 EUR 48.681
Santander Internationa 1.365 1/28/2061 EUR 45.661
Single Platform Invest 1.000 7/15/2036 EUR 58.989
Ville de Paris 0.921 5/26/2053 EUR 43.218
Sparkasse Oberoesterre 0.480 5/24/2033 EUR 74.990
Oberoesterreichische L 0.641 10/13/2035 EUR 57.580
Region de Bruxelles-Ca 1.016 9/23/2057 EUR 40.397
ABN AMRO Bank NV 1.290 3/25/2037 EUR 74.745
Societe Generale SA 18.000 8/30/2024 USD 25.310
AutoWallis Nyrt 3.000 7/27/2031 HUF 67.100
UBS AG/London 9.000 7/2/2027 USD 71.980
DZ Bank AG Deutsche Ze 14.100 6/28/2024 EUR 65.080
Swissquote Bank SA 21.060 4/11/2024 CHF 35.330
Bank Vontobel AG 22.000 1/10/2024 CHF 19.100
Societe Generale SA 0.705 11/12/2035 EUR 63.730
Converse Bank 10.500 5/22/2024 AMD 0.000
Zurcher Kantonalbank F 10.150 8/19/2024 EUR 67.600
UniCredit Bank AG 10.550 2/22/2024 EUR 64.580
Zurcher Kantonalbank F 12.000 2/14/2024 CHF 35.460
Landesbank Hessen-Thue 1.100 12/27/2034 EUR 70.100
Zalaco Sutoipari zrt 3.500 7/24/2030 HUF 73.133
Bank Vontobel AG 29.500 1/22/2024 CHF 19.300
Banque Internationale 1.000 2/18/2036 EUR 62.688
Kuntarahoitus Oyj 0.858 2/22/2051 EUR 58.689
Nederlandse Waterschap 1.577 12/9/2039 GBP 62.852
Credit Agricole Corpor 10.800 3/24/2026 TRY 59.457
Metropolis of Grenoble 0.700 11/18/2033 EUR 74.420
BPCE SFH SA 1.601 11/2/2038 EUR 74.594
BNG Bank NV 1.040 11/28/2047 EUR 57.218
Grenke Finance PLC 0.819 2/15/2030 EUR 64.168
Greenleaves Capital De 2.659 9/25/2031 AUD 75.221
Credit Agricole CIB Fi 0.850 11/19/2033 EUR 69.567
Region Occitanie 0.728 11/16/2037 EUR 64.465
Societe Generale SA 2.650 2/25/2030 USD 73.599
DNB Boligkreditt AS 1.570 9/27/2038 EUR 75.324
Assistance Publique Ho 1.750 6/25/2039 EUR 74.643
Communaute Francaise d 1.520 7/22/2069 EUR 49.966
Royal Schiphol Group N 3.090 7/1/2034 AUD 74.768
Communaute Francaise d 1.787 6/14/2044 EUR 65.758
Region de Bruxelles-Ca 1.500 8/2/2038 EUR 72.007
Region de Bruxelles-Ca 1.000 4/21/2051 EUR 49.008
Cie de Financement Fon 1.887 1/31/2049 EUR 67.306
Lloyds Bank PLC 2.450 2/1/2049 EUR 66.642
Region Bretagne SCI 0.544 12/7/2036 EUR 65.165
Greenleaves Capital De 2.610 9/25/2031 AUD 74.615
Credit Agricole Corpor 17.520 1/27/2027 TRY 66.962
Citigroup Global Marke 2.700 6/1/2035 USD 71.865
Norddeutsche Landesban 0.350 2/11/2031 EUR 74.631
Credit Agricole Corpor 1.700 1/25/2031 USD 74.641
Minicentrales Dos SA 0.010 6/6/2047 EUR 66.533
Landesbank Hessen-Thue 0.500 2/18/2036 EUR 62.870
DLR Kredit A/S 0.500 10/1/2050 DKK 63.939
Kommunekredit 0.100 9/30/2033 DKK 71.545
Natixis SA 1.650 8/5/2030 USD 75.150
Sveriges Sakerstallda 0.928 11/7/2034 SEK 70.971
Agence Francaise de De 0.714 7/10/2045 EUR 53.461
A-TEC Industries AG 2.750 5/10/2014 EUR 0.100
Nationwide Building So 1.425 3/16/2038 EUR 74.134
Banque et Caisse d'Epa 0.880 2/10/2037 EUR 74.062
Region de Bruxelles-Ca 1.000 10/29/2059 EUR 38.613
National Grid Electric 1.797 7/14/2056 GBP 72.141
Lehman Brothers Treasu 8.000 8/3/2009 USD 0.100
HSBC Continental Europ 1.300 10/23/2039 EUR 61.572
Premium Green PLC 1.610 9/30/2030 AUD 72.767
Deutschsprachige Gemei 2.210 4/29/2042 EUR 75.659
Ville de Paris 0.963 6/8/2050 EUR 47.289
LBI ehf 2.250 2/14/2011 CHF 7.750
Barclays Bank PLC 1.000 8/31/2034 EUR 70.445
Batigere Grand Est SAH 1.600 11/14/2044 EUR 59.572
Batigere Grand Est SAH 1.540 11/4/2041 EUR 62.886
Natixis SA 1.600 8/28/2030 USD 74.672
Ville de Paris 1.512 4/19/2038 EUR 72.524
Saastopankkien Keskusp 0.860 1/18/2036 EUR 63.844
Single Platform Invest 2.600 1/19/2038 NOK 72.031
Region Wallonne Belgiu 1.972 5/4/2039 EUR 73.359
Muenchener Hypothekenb 0.867 2/25/2047 EUR 55.857
Landshypotek Bank AB 1.680 1/20/2042 SEK 67.035
Landesbank Baden-Wuert 0.820 6/15/2034 EUR 67.143
Ukraine Government Bon 6.000 11/20/2024 UAH 71.808
Cattles Ltd 8.125 7/5/2017 GBP 0.027
Single Platform Invest 2.320 9/18/2041 EUR 74.036
Banque et Caisse d'Epa 0.900 8/6/2042 EUR 64.773
Muenchener Hypothekenb 0.490 9/17/2032 EUR 72.397
BPCE SA 1.820 12/4/2030 USD 72.777
DNB Boligkreditt AS 1.545 5/18/2038 EUR 75.597
Assistance Publique Ho 1.665 4/10/2049 EUR 61.090
Kommunalbanken AS 2.057 5/23/2048 EUR 75.265
Credit Bank of Moscow 7.121 6/25/2024 USD 23.437
Deutsche Bank AG 2.348 8/15/2034 EUR 67.236
Single Platform Invest 1.105 1/18/2040 EUR 61.365
SpareBank 1 SR-Bank AS 0.970 10/9/2040 EUR 54.113
Norddeutsche Landesban 0.350 12/11/2030 EUR 75.351
Landesbank Saar 0.540 11/18/2033 EUR 69.353
Kreditanstalt fuer Wie 0.210 11/18/2037 EUR 63.251
State of Lower Austria 0.550 11/13/2080 EUR 26.024
Banque Internationale 0.775 11/18/2032 EUR 69.719
Nationwide Building So 1.693 3/15/2039 EUR 75.811
Norddeutsche Landesban 0.500 6/16/2031 EUR 74.530
Communaute Francaise d 2.350 8/18/2062 EUR 66.139
Societe Generale SA 2.420 5/27/2031 USD 73.664
Landesbank Saar 0.680 3/29/2034 EUR 70.071
Sparekassen Bredebro 3.750 4/15/2031 DKK 71.938
Norddeutsche Landesban 0.450 5/14/2031 EUR 74.476
Deutsche Pfandbriefban 0.480 5/19/2031 EUR 66.533
Landesbank Hessen-Thue 0.500 3/10/2034 EUR 66.193
Kommunekredit 2.180 7/16/2040 AUD 58.734
Norddeutsche Landesban 0.400 4/15/2031 EUR 74.396
BPCE SFH SA 0.860 7/25/2036 EUR 70.426
Portugal Telecom Inter 5.242 11/6/2017 EUR 0.694
Berlin Hyp AG 0.055 10/16/2030 EUR 74.403
State of Hesse 0.450 9/23/2044 EUR 52.405
Norddeutsche Landesban 0.750 11/23/2032 EUR 71.641
Barclays Bank PLC 1.150 9/27/2034 EUR 73.035
Berlin Hyp AG 0.440 10/29/2035 EUR 60.246
Banque Internationale 0.675 10/29/2030 EUR 75.380
Deutsche Bank AG 2.267 8/25/2034 EUR 66.581
Serbia Treasury Bonds 2.250 2/26/2041 EUR 59.763
Societe Generale SA 2.060 3/12/2031 USD 72.507
Hypo-Bank Burgenland A 1.905 4/8/2042 EUR 73.420
Metal Hungaria Holding 3.500 11/16/2031 HUF 70.000
UBS AG/London 7.750 12/1/2023 CHF 65.650
B+N Referencia Ipari K 3.500 6/24/2031 HUF 74.600
Otthon Centrum Holding 3.000 4/19/2031 HUF 69.900
MBH Mortgage Bank Co P 3.000 8/21/2030 HUF 68.560
SALVATOR Vermoegensver 9.500 EUR 7.900
MOL Hungarian Oil & Ga 1.900 4/12/2031 HUF 61.700
DVM Construction Foval 3.000 7/29/2030 HUF 74.300
Inecobank CJSC 10.000 4/28/2025 AMD 0.000
Raiffeisen Switzerland 6.000 1/22/2024 CHF 59.310
Landesbank Baden-Wuert 15.000 2/23/2024 EUR 65.620
SG Issuer SA 1.750 4/21/2034 EUR 64.400
Vajda-Papir Gyarto Ker 3.500 5/17/2031 HUF 70.800
Federal Grid Co - Ross 5.300 10/30/2048 RUB 55.000
Zurcher Kantonalbank F 16.500 3/27/2024 CHF 42.260
Anselma Issuer SA 1.574 12/31/2038 EUR 33.230
MetMax Europe Zrt 3.000 12/11/2030 HUF 71.600
Corner Banca SA 8.000 1/17/2024 CHF 48.190
Federal Grid Co - Ross 7.000 6/30/2048 RUB 55.000
Dr Wiesent Sozial gGmb 7.000 EUR 0.001
MASTERPLAST Nyrt 2.900 8/25/2031 HUF 67.500
Agrar Mezogazdasagi Te 2.900 8/24/2031 HUF 75.260
DZ Bank AG Deutsche Ze 3.411 10/11/2050 EUR 56.650
Market Epito Zrt 2.950 10/22/2029 HUF 68.000
COFIDUR SA 0.100 12/31/2024 EUR 30.400
UBS AG/London 26.000 3/22/2024 CHF 25.980
Axial Javito Kereskede 2.000 9/23/2030 HUF 67.753
Alteo Nyrt 2.450 10/8/2031 HUF 65.100
DZ Bank AG Deutsche Ze 1.740 10/11/2050 EUR 56.650
HPI AG 3.500 EUR 0.600
Nederlandse Waterschap 0.955 2/13/2051 EUR 52.858
Nederlandse Waterschap 1.650 5/27/2061 EUR 58.631
Autonomous Community o 1.655 10/31/2050 EUR 55.207
Societe Nationale SNCF 2.910 1/27/2051 AUD 55.718
Nomura Bank Internatio 1.450 12/10/2041 EUR 59.009
Bayerische Landesbank 1.680 12/18/2037 EUR 72.846
BNG Bank NV 1.410 1/15/2038 EUR 74.679
State of North Rhine-W 0.200 7/17/2034 EUR 72.234
Communaute Francaise d 0.392 1/22/2041 EUR 53.552
DZ Bank AG Deutsche Ze 1.840 12/21/2048 EUR 67.818
Nederlandse Waterschap 2.030 9/28/2058 EUR 67.237
Natixis SA 3.300 11/4/2036 AUD 65.999
Lloyds Bank PLC 2.450 7/23/2048 EUR 66.960
Muenchener Hypothekenb 1.666 8/7/2042 EUR 72.047
Region de Bruxelles-Ca 1.419 6/22/2045 EUR 61.976
Region de Bruxelles-Ca 1.528 4/5/2049 EUR 59.574
Department of L'Eure F 1.110 6/18/2039 EUR 67.326
Lloyds Bank PLC 2.450 7/20/2048 EUR 66.915
SNCF Reseau 2.303 7/11/2067 EUR 61.219
Landesbank Baden-Wuert 1.300 6/21/2049 EUR 51.336
Single Platform Invest 2.290 7/19/2038 NOK 68.014
Lloyds Bank PLC 2.280 1/29/2044 EUR 66.900
Agence Francaise de De 1.790 2/8/2049 EUR 65.695
Italy Buoni Poliennali 0.950 3/1/2037 EUR 63.731
Natixis SA 3.080 10/25/2036 AUD 64.165
Landesbank Baden-Wuert 0.290 8/6/2031 EUR 71.346
Caisse des Depots et C 1.275 5/5/2051 EUR 52.051
UniCredit Bank Austria 0.150 4/29/2033 EUR 71.846
Landesbank Baden-Wuert 1.100 5/7/2040 EUR 62.238
Norddeutsche Landesban 1.350 2/3/2038 EUR 63.055
State of Lower Austria 1.750 5/2/2047 EUR 66.303
HSBC Continental Europ 2.200 2/27/2049 EUR 65.198
Banque Internationale 1.300 1/15/2041 EUR 55.696
SG Issuer SA 0.100 6/11/2029 NZD 70.459
Aareal Bank AG 2.783 5/18/2037 EUR 71.200
Commune de Marseille 0.711 11/29/2033 EUR 74.498
Deutsche Bank AG 2.784 4/3/2034 EUR 71.185
Department of Gironde 0.650 12/17/2038 EUR 63.156
Region Wallonne Belgiu 1.222 6/24/2080 EUR 40.501
National Grid Electric 1.541 12/1/2056 GBP 66.380
Single Platform Invest 2.965 2/15/2042 NOK 73.784
Single Platform Invest 1.850 11/5/2040 EUR 69.691
Kuntarahoitus Oyj 1.000 10/25/2049 EUR 61.301
Hypo Vorarlberg Bank A 0.570 8/26/2030 EUR 74.515
Region Wallonne Belgiu 1.165 6/29/2059 EUR 45.167
French Republic Govern 0.500 5/25/2040 EUR 61.807
Region Wallonne Belgiu 1.961 5/22/2045 EUR 67.551
HYPO NOE Landesbank fu 3.000 6/20/2051 EUR 73.271
Lehman Brothers Treasu 5.642 10/5/2035 EUR 0.100
Agence Francaise de De 2.360 10/17/2044 AUD 53.894
United Utilities Water 1.591 9/25/2056 GBP 70.690
Sequa Petroleum NV 5.000 4/29/2020 USD 30.250
Bayerische Landesbank 0.770 6/18/2032 EUR 74.044
Hungary Government Bon 3.000 4/25/2041 HUF 58.767
Single Platform Invest 0.740 4/1/2042 EUR 54.318
Region de Bruxelles-Ca 1.053 11/14/2059 EUR 39.528
Vasakronan AB 2.050 5/28/2044 EUR 41.909
Caisse des Depots et C 1.015 7/22/2050 EUR 49.788
ABN AMRO Bank NV 0.450 12/12/2036 EUR 66.795
Nomura Bank Internatio 1.138 12/19/2039 EUR 53.835
Oberoesterreichische L 0.763 12/15/2050 EUR 48.197
Region de Bruxelles-Ca 0.453 12/7/2055 EUR 31.171
Single Platform Invest 1.130 5/1/2030 EUR 65.069
Slovenska Sporitelna A 4.820 EUR 64.530
Aareal Bank AG 1.850 3/20/2035 EUR 67.249
BNG Bank NV 2.000 9/5/2058 EUR 64.714
BNG Bank NV 1.750 2/2/2043 EUR 72.417
Barclays Bank PLC 0.800 2/16/2038 JPY 74.501
Caisse des Depots et C 1.630 12/28/2046 EUR 62.633
BPCE SFH SA 1.597 2/13/2042 EUR 71.668
Credit Agricole Corpor 2.090 5/9/2038 EUR 74.661
Landesbank Hessen-Thue 1.383 3/28/2042 EUR 70.358
Hypo Tirol Bank AG 1.530 4/10/2043 EUR 67.450
Akademiska Hus AB 1.925 5/22/2048 EUR 75.107
Berlin Hyp AG 0.375 9/29/2031 EUR 72.652
Landesbank Hessen-Thue 1.350 5/15/2034 EUR 74.552
Kommunalbanken AS 2.000 5/21/2048 EUR 74.795
Erste Group Bank AG 1.540 3/18/2034 EUR 72.201
Single Platform Invest 1.150 5/25/2066 EUR 42.448
Municipality of Arnhem 0.460 9/20/2049 EUR 47.048
Norddeutsche Landesban 1.000 9/10/2032 EUR 74.071
Landesbank Hessen-Thue 1.050 11/17/2060 EUR 46.054
State of Brandenburg 0.300 11/17/2045 EUR 50.455
State of Hesse 0.100 10/1/2037 EUR 62.833
Societe Generale SA 3.820 4/26/2039 AUD 61.932
Region Wallonne Belgiu 1.000 6/22/2045 EUR 53.674
Citigroup Global Marke 1.500 5/13/2051 EUR 51.751
Agence Francaise de De 2.330 2/10/2041 AUD 58.337
Muenchener Hypothekenb 0.805 4/16/2036 EUR 65.323
Department of Val d'Oi 0.929 5/19/2041 EUR 61.505
Assistance Publique Ho 0.683 3/19/2041 EUR 58.784
Landesbank Saar 0.720 6/29/2035 EUR 67.691
Region de Bruxelles-Ca 1.310 12/15/2069 EUR 39.425
Commerzbank AG 1.400 7/21/2031 EUR 74.191
HSBC Continental Europ 2.890 9/11/2039 AUD 58.231
Landesbank Baden-Wuert 0.380 11/18/2030 EUR 74.046
Caisse des Depots et C 1.022 9/13/2049 EUR 49.389
Landesbank Hessen-Thue 2.180 3/17/2042 EUR 67.021
Region de Bruxelles-Ca 1.810 3/22/2053 EUR 58.126
Region Occitanie 1.339 3/21/2042 EUR 65.232
Deutsche Pfandbriefban 3.100 9/7/2046 USD 61.697
French Republic Govern 1.250 5/25/2038 EUR 74.198
SkyGreen Buildings Kft 3.000 12/29/2030 HUF 65.800
DZ Bank AG Deutsche Ze 1.370 12/30/2030 EUR 75.050
Credit Suisse AG/Londo 7.000 11/11/2024 CHF 69.920
Leonteq Securities AG 28.000 9/5/2024 CHF 73.750
Zurcher Kantonalbank F 6.600 11/8/2023 CHF 60.040
Bank Vontobel AG 6.000 11/17/2023 CHF 64.600
SG Issuer SA 2.100 8/23/2033 EUR 16.310
BNP Paribas Issuance B 5.200 8/20/2031 EUR 74.310
MKB-Leasing OOO 16.000 10/12/2026 RUB 70.020
SG Issuer SA 5.000 5/23/2024 EUR 53.560
ArmSwissBank CJSC 6.000 6/1/2026 USD 0.000
Leonteq Securities AG/ 23.000 5/15/2024 CHF 76.540
Zurcher Kantonalbank F 6.900 2/2/2024 CHF 73.710
Landesbank Hessen-Thue 1.000 3/9/2037 EUR 69.000
Bank Julius Baer & Co 5.750 2/12/2024 CHF 54.000
Zurcher Kantonalbank F 10.000 7/12/2024 CHF 66.080
Vontobel Financial Pro 9.200 6/28/2024 EUR 69.330
Zurcher Kantonalbank F 10.000 5/31/2024 CHF 66.830
Bank Vontobel AG 23.000 6/4/2024 CHF 64.800
Landesbank Hessen-Thue 1.250 4/7/2037 EUR 72.700
Societe Generale SA 12.000 7/14/2026 USD 29.500
Societe Generale SA 10.260 4/14/2025 USD 50.000
Landesbank Hessen-Thue 1.250 11/10/2036 EUR 65.150
VTB Bank PJSC 3.750 EUR 48.000
Zurcher Kantonalbank F 10.100 10/10/2024 USD 66.650
Raiffeisen Schweiz Gen 7.300 1/24/2024 CHF 66.450
Leonteq Securities AG/ 17.000 2/21/2024 CHF 56.590
Zurcher Kantonalbank F 5.100 1/31/2025 CHF 19.440
UBS AG/London 7.750 3/4/2024 USD 65.250
Zurcher Kantonalbank F 12.250 12/15/2023 CHF 60.660
Zurcher Kantonalbank F 8.500 8/19/2024 CHF 68.800
Leonteq Securities AG/ 16.000 3/6/2024 CHF 68.870
VTB Bank PJSC 9.897 USD 50.000
Zurcher Kantonalbank F 8.400 6/3/2024 CHF 78.280
Landesbank Hessen-Thue 1.500 10/27/2036 EUR 58.650
Converse Bank 9.750 4/20/2024 AMD 10.182
UniCredit Bank AG 14.700 2/23/2024 EUR 75.110
Skandinaviska Enskilda 4.500 11/7/2024 EUR 61.350
Swissquote Bank SA 25.390 5/30/2024 CHF 67.670
Landesbank Hessen-Thue 1.750 2/16/2037 EUR 67.300
Credit Suisse AG/Londo 5.200 11/27/2023 USD 9.860
Raiffeisen Switzerland 5.800 1/17/2024 CHF 64.030
Raiffeisen Switzerland 6.000 1/18/2024 CHF 69.780
Leonteq Securities AG/ 28.000 5/30/2024 CHF 66.760
Landesbank Hessen-Thue 5.642 1/26/2037 EUR 68.700
Russian Railways JSC 12.940 2/28/2040 RUB 50.000
Leonteq Securities AG/ 15.000 4/3/2024 CHF 53.750
Societe Generale SA 16.000 7/3/2024 USD 24.160
UniCredit Bank AG 12.700 8/23/2024 EUR 73.870
UBS AG/London 7.000 4/25/2024 USD 9.861
Bank Vontobel AG 16.250 12/22/2023 EUR 60.900
Bank Julius Baer & Co 13.350 5/14/2024 CHF 65.350
Zurcher Kantonalbank F 12.500 2/14/2024 CHF 65.340
Zurcher Kantonalbank F 20.000 1/23/2024 CHF 46.130
Leonteq Securities AG/ 14.000 4/30/2024 CHF 53.050
UBS AG/London 12.000 2/15/2024 CHF 73.950
Credit Suisse AG/Londo 10.250 5/15/2024 CHF 63.420
Landesbank Baden-Wuert 13.100 11/24/2023 EUR 60.420
Leonteq Securities AG/ 20.000 2/9/2024 CHF 57.100
Credit Suisse AG/Londo 20.000 11/29/2024 USD 13.138
Credit Suisse AG/Londo 2.500 7/23/2025 SEK 16.710
Leonteq Securities AG/ 24.000 3/27/2024 CHF 36.660
Raiffeisen Switzerland 18.000 1/23/2024 CHF 43.310
Barclays Bank PLC 2.730 9/27/2024 EUR 53.750
BNP Paribas Issuance B 5.000 11/5/2024 EUR 30.370
Hemso Fastighets AB 2.380 3/3/2033 NOK 74.422
Single Platform Invest 2.395 3/3/2037 NOK 71.761
Muenchener Hypothekenb 0.105 2/17/2031 EUR 74.717
Banque Internationale 0.510 2/10/2031 EUR 73.367
Department of Bouches 0.872 12/18/2037 EUR 67.967
Raiffeisenverband Salz 1.853 2/5/2049 EUR 66.394
Parnassia Groep BV 1.470 12/1/2045 EUR 59.351
Banque et Caisse d'Epa 1.270 5/7/2045 EUR 66.769
CDC Habitat SEM 1.043 5/12/2036 EUR 68.960
Landesbank Baden-Wuert 0.060 1/20/2031 EUR 73.974
Societe Generale SA 2.200 12/17/2040 USD 51.564
La Banque Postale Home 1.470 12/1/2037 EUR 74.304
BNP Paribas Issuance B 0.700 9/23/2033 EUR 72.936
Nationwide Building So 1.481 12/8/2037 EUR 75.266
Commune de Marseille 1.079 11/19/2046 EUR 55.292
DNB Boligkreditt AS 1.455 1/11/2038 EUR 74.534
BPCE SFH SA 1.558 1/17/2039 EUR 75.224
Akademiska Hus AB 2.600 10/27/2047 SEK 73.448
Single Platform Invest 0.932 2/15/2041 EUR 57.773
de Volksbank NV 1.603 10/1/2038 EUR 74.005
DNB Boligkreditt AS 1.640 9/28/2043 EUR 69.113
Societe Generale SA 3.110 10/28/2041 AUD 52.431
Raiffeisen-Landesbank 1.380 7/24/2059 EUR 52.116
Raiffeisenlandesbank O 1.900 8/21/2037 EUR 64.350
Single Platform Invest 0.950 2/15/2044 EUR 54.566
Banque Internationale 2.160 6/27/2039 EUR 72.351
NRW Bank 1.048 10/11/2041 EUR 65.236
Communaute Francaise d 1.950 8/9/2049 EUR 63.685
Agence Francaise de De 1.600 7/25/2043 EUR 68.267
HSBC Bank PLC 0.500 6/23/2027 MXN 67.198
Landesbank Hessen-Thue 0.900 11/10/2036 EUR 64.971
Citigroup Global Marke 1.080 10/1/2036 EUR 63.751
Landesbank Hessen-Thue 0.600 11/11/2031 EUR 74.930
SpareBank 1 SMN 1.000 7/3/2034 EUR 70.553
Single Platform Invest 1.050 6/25/2044 EUR 57.515
Ville de Paris 0.963 12/6/2051 EUR 47.089
Centre Hospitalier de 1.580 2/11/2061 EUR 67.922
Raiffeisen-Landesbank 2.010 12/7/2048 EUR 68.624
Muenchener Hypothekenb 0.420 12/10/2035 EUR 64.972
Region Auvergne-Rhone- 0.697 8/2/2036 EUR 67.289
Agence Francaise de De 0.368 1/12/2046 EUR 47.675
Single Platform Invest 2.000 2/1/2039 EUR 72.422
Muenchener Hypothekenb 0.100 8/14/2034 EUR 68.734
Commerzbank AG 1.430 1/23/2040 EUR 61.716
Raiffeisen-Landesbank 0.050 9/13/2033 EUR 69.566
BPCE SFH SA 1.500 5/2/2038 EUR 75.479
Banco Espirito Santo S 10.000 12/6/2021 EUR 0.397
Single Platform Invest 0.835 10/14/2061 EUR 39.728
Lehman Brothers Treasu 3.630 3/2/2012 EUR 0.100
Minicentrales Dos SA 0.010 6/6/2047 EUR 58.533
CDC Habitat SEM 1.060 5/22/2036 EUR 69.071
Norddeutsche Landesban 0.825 2/12/2036 EUR 62.949
Credit Agricole Corpor 1.760 1/20/2031 USD 74.747
Raiffeisen-Landesbank 0.550 1/20/2031 EUR 72.005
Region Centre 0.725 12/12/2039 EUR 61.874
Berlin Hyp AG 0.349 12/10/2031 EUR 72.002
Caisse des Depots et C 0.916 1/20/2051 EUR 47.059
Societe Nationale SNCF 2.503 1/14/2041 AUD 59.860
Muenchener Hypothekenb 0.030 1/14/2031 EUR 73.850
CDC Habitat SEM 1.170 5/4/2037 EUR 68.768
Single Platform Invest 1.117 5/25/2066 EUR 40.015
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.010
Landesbank Hessen-Thue 0.600 10/28/2032 EUR 72.363
Landesbank Hessen-Thue 0.700 10/29/2035 EUR 65.496
Agence Metropolitaine 0.500 7/7/2035 EUR 69.113
Caisse des Depots et C 1.075 9/15/2050 EUR 49.373
Hypo Vorarlberg Bank A 1.520 7/8/2050 EUR 46.302
NRW Bank 1.182 8/7/2050 EUR 54.886
Single Platform Invest 0.924 2/18/2049 EUR 46.985
Petromena ASA 10.850 11/19/2018 USD 0.622
Lehman Brothers Treasu 7.585 11/22/2009 MXN 0.100
Raiffeisen Bank Intern 0.430 9/9/2030 EUR 72.365
Astana Finance BV 9.000 11/16/2011 USD 15.250
Kuntarahoitus Oyj 0.854 1/14/2060 EUR 51.542
Assistance Publique Ho 0.647 7/17/2040 EUR 59.751
BNP Paribas SA 3.180 11/19/2039 AUD 57.397
Department of Bouches 1.865 5/10/2038 EUR 73.938
Cooperatieve Rabobank 5.000 4/27/2037 AUD 74.159
Belfius Bank SA 1.550 1/28/2039 EUR 72.435
BPCE SFH SA 1.375 3/22/2038 EUR 74.262
Single Platform Invest 1.840 11/5/2040 EUR 69.494
Single Platform Invest 1.230 2/3/2034 EUR 74.722
Banca Popolare di Vice 9.500 10/2/2025 EUR 0.380
BPCE SFH SA 1.420 3/30/2039 EUR 72.973
Barclays Bank PLC 3.900 2/15/2042 AUD 62.718
Severn Trent Utilities 1.500 10/20/2056 GBP 67.715
Region Wallonne Belgiu 1.300 6/16/2068 EUR 42.441
Kreditanstalt fuer Wie 0.885 11/14/2039 EUR 67.727
Kaupthing ehf 4.350 10/20/2008 EUR 0.250
CDC Habitat SEM 1.150 4/30/2037 EUR 68.556
Severn Trent Utilities 1.566 2/1/2058 GBP 66.155
NRW Bank 1.510 3/7/2046 EUR 66.376
Region Wallonne Belgiu 1.590 6/9/2036 EUR 75.564
Department of Bouches 1.544 6/13/2036 EUR 74.968
Transports publics fri 0.500 6/27/2041 CHF 72.436
Societe Publique de Ge 1.272 8/23/2036 EUR 70.956
Landesbank Hessen-Thue 0.750 11/14/2034 EUR 68.390
Societa di Progetto Br 3.375 12/31/2038 EUR 69.730
Region Auvergne-Rhone- 0.250 10/23/2034 EUR 68.151
Single Platform Invest 1.156 2/12/2041 EUR 60.863
SpareBank 1 SR-Bank AS 1.650 2/24/2042 EUR 60.865
Ville de Paris 1.293 2/22/2049 EUR 55.623
Nederlandse Waterschap 1.675 4/26/2046 EUR 69.552
Regie Autonome des Tra 0.640 8/13/2041 EUR 58.418
Muenchener Hypothekenb 0.040 1/17/2031 EUR 74.603
Region de Bruxelles-Ca 0.930 5/3/2051 EUR 45.804
Nationwide Building So 1.673 1/28/2041 EUR 72.880
BNG Bank NV 2.011 12/18/2045 EUR 72.901
Citigroup Global Marke 2.000 3/21/2037 EUR 72.509
Ukraine Government Bon 11.570 3/1/2028 UAH 52.516
Natixis SA 3.630 6/14/2039 AUD 64.240
Region Auvergne-Rhone- 0.650 5/18/2038 EUR 62.894
Agrokor dd 8.875 2/1/2020 USD 15.000
National Grid Electric 1.819 5/11/2056 GBP 72.933
Espirito Santo Financi 5.050 11/15/2025 EUR 0.458
Credit Agricole Corpor 9.450 3/8/2027 TRY 50.608
Landesbank Hessen-Thue 0.950 6/11/2035 EUR 69.089
Kreditanstalt fuer Wie 0.730 1/21/2050 EUR 53.077
HSBC Continental Europ 1.385 11/18/2039 EUR 62.587
Landesbank Hessen-Thue 0.830 1/12/2032 EUR 73.852
Single Platform Invest 1.165 6/6/2046 EUR 54.328
Vasakronan AB 3.300 1/14/2042 AUD 57.742
Single Platform Invest 3.770 3/3/2046 AUD 61.109
SNCF Reseau 1.475 3/30/2065 EUR 46.030
Yorkshire Water Servic 1.758 2/1/2054 GBP 70.761
Severn Trent Utilities 1.457 8/1/2058 GBP 65.923
NRW Bank 1.022 12/23/2041 EUR 64.769
Norske Skog Holding AS 8.000 2/24/2023 USD 0.006
City of Gothenburg Swe 1.990 2/20/2045 SEK 70.350
Raiffeisen-Landesbank 1.893 12/19/2039 EUR 75.624
Region Wallonne Belgiu 2.650 11/7/2044 EUR 75.923
Bank of Ireland Mortga 1.574 3/31/2043 EUR 69.684
Grand Delta Habitat 1.750 10/28/2061 EUR 65.443
Cooperatieve Rabobank 1.520 9/7/2043 EUR 67.923
Single Platform Invest 0.780 4/1/2042 EUR 54.796
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.623
Ministeries Van de Vla 1.392 11/12/2041 EUR 62.969
Commune de Marseille 1.927 11/23/2041 EUR 75.434
Region Hauts-de-France 1.760 11/24/2037 EUR 74.548
Societe Generale SA 3.470 1/26/2033 USD 75.283
Caisse Francaise de Fi 1.466 2/1/2038 EUR 75.200
BNG Bank NV 1.920 2/12/2048 EUR 70.792
Caisse Francaise de Fi 1.668 2/23/2043 EUR 70.543
Deutsche Pfandbriefban 2.490 2/21/2033 EUR 73.932
Deutsche Bank AG 3.050 2/2/2037 EUR 72.941
DZ HYP AG 1.528 3/12/2040 EUR 72.122
Akademiska Hus AB 1.894 3/16/2048 EUR 74.663
Landesbank Hessen-Thue 1.745 2/20/2035 EUR 72.761
DLR Kredit A/S 1.500 10/1/2050 DKK 73.563
SR-Boligkreditt AS 1.508 6/4/2038 EUR 73.668
Single Platform Invest 2.050 9/1/2044 NOK 60.824
de Volksbank NV 1.210 3/28/2036 EUR 74.619
Landesbank Hessen-Thue 0.900 10/27/2036 EUR 65.004
Ukraine Government Bon 6.000 6/4/2031 UAH 27.443
Kuntarahoitus Oyj 1.150 9/24/2051 EUR 62.447
Single Platform Invest 1.150 8/17/2033 EUR 73.789
CDC Habitat SEM 1.700 3/21/2039 EUR 70.716
State of Lower Austria 1.950 5/22/2047 EUR 67.095
Ukraine Government Bon 8.880 5/10/2032 UAH 33.871
Single Platform Invest 1.440 7/18/2042 EUR 62.271
Citigroup Global Marke 2.000 3/25/2039 EUR 69.761
Raiffeisenlandesbank O 0.810 9/18/2034 EUR 63.087
Credit Mutuel Arkea SA 1.165 9/23/2039 EUR 62.365
Vasakronan AB 1.770 10/26/2033 NOK 70.180
Caisse des Depots et C 2.670 9/17/2049 AUD 53.977
Credit Agricole Corpor 1.620 8/24/2030 USD 75.199
Erste Group Bank AG 0.570 8/14/2032 EUR 69.205
Vilogia SA d'HLM 1.500 8/7/2034 EUR 74.293
Department of Gironde 0.418 11/12/2041 EUR 54.178
Hypo Vorarlberg Bank A 0.375 11/4/2030 EUR 72.729
Landesbank Baden-Wuert 0.460 10/28/2030 EUR 74.687
Raiffeisen-Landesbank 0.060 10/3/2031 EUR 74.939
National Grid Electric 2.226 12/19/2039 GBP 59.979
Landesbank Hessen-Thue 0.650 11/13/2034 EUR 67.569
Kuntarahoitus Oyj 0.983 11/3/2060 EUR 53.344
Raiffeisen-Landesbank 0.180 10/10/2034 EUR 67.433
Solarwatt GmbH 7.000 11/1/2015 EUR 15.500
Region Centre 2.162 6/2/2043 EUR 71.698
Barclays Bank PLC 1.235 11/27/2040 EUR 61.410
Kreditanstalt fuer Wie 1.208 6/17/2051 EUR 59.840
Societe Generale SA 2.000 9/30/2030 USD 75.014
Muenchener Hypothekenb 0.300 1/27/2031 EUR 74.490
Wirtschafts- und Infra 0.192 1/28/2042 EUR 53.376
Region Wallonne Belgiu 0.037 10/22/2031 EUR 74.036
DZ Bank AG Deutsche Ze 0.200 10/2/2034 EUR 64.399
BKS Bank AG 1.500 3/18/2032 EUR 75.062
Kuntarahoitus Oyj 0.040 2/9/2034 EUR 71.440
Single Platform Invest 1.350 1/31/2034 EUR 74.603
Autonomous Community o 1.646 7/30/2060 EUR 46.641
Citigroup Global Marke 1.100 8/9/2036 EUR 64.246
Single Platform Invest 1.000 7/8/2034 EUR 70.990
Raiffeisen-Landesbank 1.140 4/26/2051 EUR 53.913
Region Wallonne Belgiu 0.850 1/26/2071 EUR 33.878
Muenchener Hypothekenb 1.185 5/5/2059 EUR 50.571
Caisse des Depots et C 1.000 2/26/2051 EUR 47.731
Single Platform Invest 1.850 2/15/2041 NOK 61.438
Landesbank Baden-Wuert 0.395 1/29/2031 EUR 73.849
Single Platform Invest 1.960 8/1/2034 NOK 72.356
Hypo Vorarlberg Bank A 0.500 6/23/2031 EUR 71.412
Landesbank Baden-Wuert 0.500 7/30/2031 EUR 72.736
Single Platform Invest 1.235 12/20/2050 EUR 53.234
Single Platform Invest 1.013 12/20/2050 EUR 49.081
BNP Paribas SA 1.050 3/29/2036 EUR 67.547
Societe Generale SA 1.040 3/25/2041 EUR 59.568
Commerzbank AG 1.150 6/28/2034 EUR 71.798
SG Issuer SA 0.600 3/7/2033 EUR 70.363
Landeskreditbank Baden 0.700 3/11/2041 EUR 62.806
Caisse des Depots et C 2.730 3/2/2041 AUD 62.821
Region of Pays de la L 0.449 3/9/2035 EUR 68.024
Region de Bruxelles-Ca 1.029 1/14/2048 EUR 50.916
DZ HYP AG 0.300 8/21/2035 EUR 67.868
Caisse des Depots et C 2.630 9/16/2049 AUD 53.485
Barclays Bank PLC 1.630 10/16/2030 USD 73.982
Landesbank Hessen-Thue 0.600 9/27/2032 EUR 72.613
Credit Industriel Et C 2.160 10/29/2035 USD 64.973
Region Wallonne Belgiu 0.050 10/26/2032 EUR 71.012
Sibur Securities DAC 3.450 9/23/2024 USD 73.792
Banque Federative du C 2.460 6/7/2032 AUD 72.560
HSBC Continental Europ 1.200 9/26/2039 EUR 60.569
Caisse des Depots et C 1.065 9/20/2049 EUR 51.438
UBS AG/London 2.700 9/16/2044 AUD 53.326
BNG Bank NV 2.028 11/6/2045 EUR 73.560
Single Platform Invest 1.840 7/25/2053 EUR 58.261
BNG Bank NV 2.131 11/20/2045 EUR 75.069
Ville de Paris 1.160 10/27/2036 EUR 72.978
Transports Publics Neu 0.320 10/28/2037 CHF 73.592
O1 Properties Finance 0.500 9/27/2028 USD 5.175
Single Platform Invest 1.170 6/13/2040 JPY 71.518
Credit Suisse AG/Londo 9.500 10/25/2024 CHF 66.610
Credit Suisse AG/Londo 16.300 12/26/2023 USD 46.310
Vasutvillamosito Kft 3.000 2/3/2031 HUF 65.000
MKB-Leasing OOO 14.700 12/22/2027 RUB 65.000
Leonteq Securities AG 6.000 1/10/2024 CHF 63.650
UBS AG/London 9.500 12/8/2023 USD 46.600
UBS AG/London 4.750 12/1/2023 CHF 64.950
IDBank CJSC 9.250 5/25/2024 AMD 0.000
Opus Global Nyrt 3.200 4/29/2031 HUF 71.000
Wingholding Zrt 3.000 9/22/2031 HUF 64.350
ITK Holding zrt 2.900 6/23/2031 HUF 65.100
Landesbank Baden-Wuert 3.000 10/25/2024 EUR 35.220
Bank Vontobel AG 9.500 12/4/2023 EUR 59.300
UBS AG/London 13.750 12/11/2023 CHF 15.780
Senivita Social Estate 8.500 6/30/2025 EUR 0.020
ENSI Kft 4.750 1/25/2032 HUF 73.300
SUN Group Kereskedelmi 5.500 1/17/2032 HUF 75.000
SG Issuer SA 0.300 2/16/2032 EUR 23.050
Raiffeisen Switzerland 15.000 2/6/2024 CHF 32.970
Abroncs Kereskedohaz K 2.800 12/17/2027 HUF 74.000
Epito-Es Epuletkarbant 3.000 11/11/2030 HUF 65.500
Armenian Economy Devel 11.000 10/3/2025 AMD 0.000
Pannon Work Szemelyzet 3.000 10/30/2030 HUF 70.400
AutoWallis Nyrt 3.000 4/15/2030 HUF 72.670
SG Issuer SA 2.100 5/16/2034 EUR 67.860
BNP Paribas Issuance B 1.300 4/22/2026 EUR 68.070
Bayer Construct Epitoi 3.700 10/21/2031 HUF 72.040
Landesbank Baden-Wuert 0.500 10/18/2039 EUR 62.220
Pannonia Bio Ltd 2.400 9/18/2029 HUF 73.870
Bayerische Landesbank 1.100 1/26/2024 EUR 56.240
Landesbank Baden-Wuert 0.500 12/23/2039 EUR 63.710
State of Saxony-Anhalt 2.502 7/3/2028 EUR 60.000
Baromfi-Coop Termelo E 3.000 5/19/2028 HUF 74.100
Forras Vagyonkezelesi 3.250 10/1/2030 HUF 74.530
Golden Gate GmbH 6.500 10/11/2014 EUR 33.000
Raiffeisen Schweiz Gen 17.700 11/21/2023 CHF 28.130
Opus Global Nyrt 2.800 10/29/2029 HUF 70.000
Norddeutsche Landesban 1.150 7/1/2036 EUR 65.133
Region de Bruxelles-Ca 2.410 8/23/2063 EUR 63.592
Landesbank Hessen-Thue 0.900 7/8/2036 EUR 63.085
NRW Bank 1.235 12/16/2061 EUR 49.358
Metropole de Lyon 0.500 12/28/2049 EUR 42.086
Centre Hospitalier Reg 1.500 4/27/2050 EUR 71.795
Erste Group Bank AG 1.850 1/30/2034 EUR 74.285
Kuntarahoitus Oyj 0.448 3/19/2040 EUR 60.954
Credit Agricole Corpor 1.190 2/26/2040 EUR 62.908
Cooperatieve Rabobank 2.360 9/25/2047 EUR 66.838
Nederlandse Waterschap 1.610 12/4/2052 EUR 64.090
La Banque Postale Home 1.475 12/17/2038 EUR 72.806
Caisse Francaise de Fi 1.930 12/14/2048 EUR 69.294
Argentum Capital SA 2.650 1/20/2038 EUR 73.556
Landeskreditbank Baden 1.236 5/22/2045 EUR 65.410
BPCE SA 2.250 3/13/2040 AUD 52.216
Region de Bruxelles-Ca 1.750 1/17/2048 EUR 64.332
Region of Pays de la L 1.704 10/23/2040 EUR 69.477
Barclays Bank PLC 2.800 10/28/2036 USD 66.222
Santander Internationa 1.320 8/8/2039 EUR 63.610
Muenchener Hypothekenb 1.002 2/21/2050 EUR 54.533
Akademiska Hus AB 1.798 10/5/2043 EUR 75.390
ING Bank NV 2.600 10/19/2031 AUD 71.530
Ville de Paris 1.460 9/17/2038 EUR 72.394
Kreditanstalt fuer Wie 0.699 10/20/2036 EUR 72.201
Lloyds Bank PLC 1.765 8/17/2037 EUR 68.570
Caisse Francaise de Fi 1.760 7/10/2047 EUR 67.721
Communaute Francaise d 2.100 6/30/2067 EUR 59.999
Region Wallonne Belgiu 2.100 6/26/2048 EUR 69.438
ING Bank NV 1.490 8/15/2038 EUR 75.193
Credito Padano Banca d 3.100 EUR 36.663
Berlin Hyp AG 0.460 10/7/2031 EUR 73.292
Wirtschafts- und Infra 0.500 8/28/2046 EUR 50.176
Assistance Publique Ho 0.750 12/3/2041 EUR 59.241
NRW Bank 0.765 12/10/2036 EUR 70.900
Cooperatieve Rabobank 2.250 9/15/2047 EUR 65.414
DNB Boligkreditt AS 1.573 11/2/2038 EUR 74.629
Ile-de-France Mobilite 1.200 4/8/2050 EUR 52.366
Erste Group Bank AG 0.950 5/5/2035 EUR 63.328
ING Bank NV 0.465 4/21/2041 EUR 60.753
Deutsche Pfandbriefban 0.710 9/10/2031 EUR 67.097
Region de Bruxelles-Ca 1.467 3/1/2039 EUR 68.086
SpareBank 1 Nord Norge 1.580 3/13/2034 EUR 75.382
Merrill Lynch BV 2.580 8/11/2036 AUD 63.539
Northland Resources AB 4.000 10/15/2020 USD 0.271
Hypo Tirol Bank AG 0.740 5/29/2040 EUR 61.294
Lehman Brothers Treasu 5.642 3/16/2035 EUR 0.100
State of Bremen 0.102 2/7/2033 EUR 75.088
Vasakronan AB 0.914 5/27/2030 EUR 68.587
Hypo Tirol Bank AG 1.010 1/20/2040 EUR 65.228
Region Occitanie 0.786 12/14/2046 EUR 48.204
Citigroup Global Marke 0.610 5/5/2031 EUR 71.735
Single Platform Invest 0.419 2/15/2040 EUR 51.799
Landesbank Baden-Wuert 0.780 5/27/2031 EUR 74.979
Saastopankkien Keskusp 0.975 8/18/2034 EUR 69.019
National Grid Electric 3.120 12/10/2039 AUD 62.343
Natixis SA 2.810 7/24/2050 AUD 46.022
Cie Generale de Naviga 0.350 12/29/2056 CHF 65.453
DZ HYP AG 1.033 12/6/2049 EUR 52.847
DZ Bank AG Deutsche Ze 0.340 7/30/2031 EUR 74.357
Dolphin Drilling ASA 4.490 8/28/2019 NOK 0.644
State of North Rhine-W 1.641 8/11/2066 EUR 56.912
Single Platform Invest 1.416 2/15/2041 EUR 64.263
Veneto Banca SpA 6.944 5/15/2025 EUR 0.594
BNP Paribas SA 1.125 11/5/2034 EUR 70.605
Lehman Brothers Treasu 6.650 8/24/2011 AUD 0.100
Batigere Grand Est SAH 1.550 11/14/2039 EUR 66.283
Landeskreditbank Baden 0.812 12/16/2060 EUR 44.445
Aareal Bank AG 0.625 9/16/2030 EUR 72.691
Municipality of Gronin 1.404 7/1/2041 EUR 71.294
City of Hanover German 1.580 11/17/2042 EUR 72.738
State of Lower Austria 0.585 10/11/2049 EUR 45.962
Spain Government Bond 1.200 10/31/2040 EUR 64.585
PA Resources AB 13.500 3/3/2016 SEK 0.124
Landesbank Baden-Wuert 0.310 12/9/2039 EUR 49.710
NRW Bank 0.185 8/17/2033 EUR 74.241
Ukraine Government Bon 11.870 1/6/2027 UAH 59.523
BNP Paribas SA 1.300 1/28/2037 EUR 67.779
Agence Metropolitaine 0.800 7/1/2040 EUR 61.630
Raiffeisen Landesbank 1.622 5/28/2054 EUR 60.523
Single Platform Invest 1.870 11/21/2044 EUR 58.851
Aktia Bank Oyj 0.965 12/11/2040 EUR 54.982
Single Platform Invest 1.082 3/17/2039 EUR 62.374
Banque et Caisse d'Epa 1.000 1/4/2042 EUR 66.695
Landesbank Baden-Wuert 0.500 11/25/2030 EUR 75.143
Agence Francaise de De 1.862 2/25/2054 EUR 63.761
Single Platform Invest 0.915 2/15/2043 EUR 55.857
ING Bank NV 2.550 10/15/2031 AUD 71.304
Norddeutsche Landesban 1.560 10/20/2038 EUR 64.058
BNG Bank NV 0.632 7/12/2066 EUR 35.986
HSBC Bank PLC 2.130 11/30/2036 EUR 74.223
Cooperatieve Rabobank 1.514 2/22/2038 EUR 74.402
Communaute Francaise d 1.940 2/19/2048 EUR 63.420
Deutsche Bank AG/Londo 12.780 3/16/2028 TRY 49.127
Region de Bruxelles-Ca 1.506 2/21/2039 EUR 70.688
Agence Francaise de De 1.805 2/18/2049 EUR 65.907
HSBC Continental Europ 2.025 3/19/2049 EUR 62.192
Assistance Publique Ho 1.795 3/30/2048 EUR 64.122
Caisse Francaise de Fi 1.718 3/4/2049 EUR 65.810
BNG Bank NV 2.000 4/17/2058 EUR 70.511
Communaute Francaise d 1.760 2/22/2038 EUR 74.813
Commerzbank AG 2.565 5/15/2043 EUR 74.175
Region Occitanie 0.580 10/6/2036 EUR 64.839
BPCE SFH SA 1.229 4/12/2049 EUR 57.446
ABN AMRO Bank NV 1.637 6/4/2038 EUR 74.508
HSBC Continental Europ 2.040 3/29/2049 EUR 62.393
Ukraine Government Bon 8.630 5/10/2033 UAH 31.749
Ukraine Government Bon 8.220 5/10/2035 UAH 28.645
Kuntarahoitus Oyj 1.170 9/22/2056 EUR 59.850
Ukraine Government Bon 8.750 4/20/2033 UAH 32.198
ABN AMRO Bank NV 1.530 7/2/2038 EUR 73.192
ABN AMRO Bank NV 1.600 6/15/2038 EUR 74.048
Credit Agricole Corpor 2.850 9/15/2051 AUD 49.584
Kreditanstalt fuer Wie 0.620 1/14/2050 EUR 49.218
Kreditanstalt fuer Wie 0.220 11/19/2035 EUR 68.951
Kreditanstalt fuer Wie 0.480 11/19/2040 EUR 61.106
Communaute Francaise d 1.728 4/11/2049 EUR 64.009
Commerzbank AG 1.046 12/18/2034 EUR 70.016
Lloyds Bank PLC 2.832 9/12/2044 EUR 73.604
Deutsche Bank AG/Londo 0.500 10/18/2038 MXN 18.240
Landesbank Saar 0.835 2/19/2035 EUR 69.459
Land Baden-Wuerttember 1.150 4/5/2049 EUR 60.853
Societe Du Grand Paris 1.955 4/16/2069 EUR 54.867
Societe Generale SA 1.100 2/20/2034 EUR 70.788
Rio Forte Investments 3.900 7/10/2014 USD 2.611
Societe Generale SA 0.831 11/25/2031 EUR 69.795
Communaute Francaise d 1.725 4/23/2049 EUR 63.935
Communaute Francaise d 1.363 4/16/2040 EUR 65.731
Brussels Municipalitie 0.832 3/29/2041 EUR 59.883
Barclays Bank PLC 1.340 2/1/2051 EUR 52.638
BNP Paribas SA 1.660 2/26/2031 USD 72.413
DZ Bank AG Deutsche Ze 0.700 4/29/2036 EUR 69.964
Ville de Paris 0.850 8/4/2051 EUR 43.975
Natixis SA 2.930 7/29/2051 AUD 46.922
Societe Nationale SNCF 3.190 4/19/2041 AUD 66.891
Commerzbank AG 1.200 2/25/2036 EUR 70.339
Norddeutsche Landesban 1.420 4/28/2039 EUR 61.601
BNG Bank NV 1.410 7/28/2031 AUD 73.439
NIBC Bank NV 0.410 1/27/2031 EUR 72.967
Akademiska Hus AB 0.850 2/17/2033 SEK 72.794
Hamburgische Investiti 0.380 2/24/2042 EUR 58.830
Kreditanstalt fuer Wie 0.683 2/22/2051 EUR 50.817
Landeskreditbank Baden 1.017 3/15/2061 EUR 49.129
Barclays Bank PLC 3.130 4/9/2051 USD 56.067
Landesbank Saar 0.710 12/6/2035 EUR 66.902
Goldman Sachs Internat 3.200 3/16/2041 AUD 60.258
Republic of Poland Gov 1.750 4/25/2032 PLN 75.615
Single Platform Invest 2.230 3/17/2039 NOK 67.267
Banque Internationale 1.300 3/4/2041 EUR 55.584
Credit Agricole SA 3.450 3/4/2041 AUD 50.986
BNP Paribas SA 0.720 7/1/2031 EUR 72.808
Oberoesterreichische L 0.445 3/28/2036 EUR 66.884
Hypo Tirol Bank AG 0.645 7/21/2031 EUR 75.119
Oberoesterreichische L 0.285 11/6/2042 EUR 51.495
Banque Internationale 1.250 2/18/2041 EUR 55.315
Arkea Home Loans SFH S 1.393 3/31/2037 EUR 75.737
Kreditanstalt fuer Wie 2.760 8/8/2046 USD 68.998
Cooperatieve Rabobank 1.300 3/28/2039 EUR 71.516
UniCredit Bank AG 1.725 4/1/2042 EUR 73.058
Single Platform Invest 1.340 4/4/2042 EUR 62.104
DZ HYP AG 1.226 8/25/2036 EUR 66.541
Erdoel-Lagergesellscha 1.281 9/30/2036 EUR 74.716
Municipality of Eindho 1.134 10/18/2066 EUR 62.315
Instabank ASA i 12.250 NOK 73.550
SG Issuer SA 0.010 6/22/2033 EUR 67.610
Zurcher Kantonalbank F 7.000 11/8/2023 CHF 42.440
Citigroup Global Marke 2.500 4/29/2025 EUR 20.820
Vontobel Financial Pro 7.250 6/24/2024 EUR 47.760
Erste Group Bank AG 14.500 8/2/2024 EUR 59.600
Federal Grid Co - Ross 7.000 6/30/2048 RUB 55.010
Raiffeisen Schweiz Gen 8.700 12/28/2023 CHF 62.910
Sovcombank Leasing OOO 9.250 5/19/2025 RUB 65.000
Federal Grid Co - Ross 7.000 3/23/2050 RUB 55.000
Federal Grid Co - Ross 7.000 3/23/2050 RUB 55.000
Landesbank Baden-Wuert 0.400 11/8/2039 EUR 63.280
UBS AG/London 4.000 6/23/2033 EUR 72.690
Golfino AG 8.000 11/18/2023 EUR 0.020
Landesbank Baden-Wuert 0.500 12/2/2039 EUR 64.230
SG Issuer SA 2.250 10/28/2029 EUR 73.470
DZ Bank AG Deutsche Ze 1.740 10/11/2050 EUR 56.650
Deutsche Bank AG/Londo 13.750 6/20/2026 TRY 21.560
Leonteq Securities AG/ 28.880 11/17/2023 CHF 28.750
Caisse des Depots et C 0.571 2/18/2041 EUR 57.110
Cooperatieve Rabobank 2.481 2/26/2036 AUD 67.467
Rikshem AB 2.137 1/29/2036 EUR 73.625
Akademiska Hus AB 1.664 1/11/2045 EUR 72.584
Akademiska Hus AB 1.715 11/17/2042 EUR 75.046
Agence Francaise de De 1.890 11/20/2048 EUR 67.323
Societe Generale SA 3.310 11/29/2033 AUD 68.902
Agence Francaise de De 1.911 10/26/2048 EUR 67.708
Nationwide Building So 1.600 10/4/2038 EUR 75.041
Communaute Francaise d 2.177 8/17/2068 EUR 62.226
Landwirtschaftliche Re 0.210 9/30/2033 EUR 74.355
Region Provence-Alpes- 1.750 7/24/2037 EUR 75.091
BNG Bank NV 1.885 11/26/2048 EUR 68.653
Republic of Austria Go 2.100 9/20/2117 EUR 63.996
UBS AG/London 0.120 5/25/2040 MXN 14.432
Abengoa Abenewco 1 SA 6.000 6/10/2022 EUR 0.454
Heta Asset Resolution 7.500 12/31/2023 ATS 1.427
Lloyds Bank PLC 2.637 1/16/2040 AUD 62.817
Credit Agricole Corpor 1.280 12/5/2039 EUR 65.666
Nationwide Building So 1.618 1/28/2041 EUR 73.313
Muenchener Hypothekenb 0.250 10/31/2044 CHF 72.065
Natixis SA 2.950 10/28/2034 AUD 67.526
Region Nouvelle-Aquita 0.777 5/12/2041 EUR 59.658
Kingdom of Belgium Gov 1.400 6/22/2053 EUR 57.357
Assistance Publique Ho 0.634 8/27/2045 EUR 47.399
Region Bretagne SCI 0.770 12/1/2039 EUR 60.395
Societe Generale SA 4.740 3/24/2030 USD 70.844
DZ Bank AG Deutsche Ze 0.600 12/4/2035 EUR 64.655
Communaute Francaise d 0.961 1/7/2047 EUR 54.929
Kuntarahoitus Oyj 1.005 12/7/2060 EUR 53.566
Assistance Publique Ho 1.502 5/9/2044 EUR 65.094
Cie de Saint-Gobain SA 1.875 5/3/2035 EUR 72.950
SR-Boligkreditt AS 1.252 12/2/2041 EUR 65.906
Nomura Bank Internatio 1.733 2/7/2033 EUR 74.714
BNG Bank NV 1.990 6/12/2058 EUR 70.191
Malta Government Bond 1.000 8/23/2035 EUR 72.050
Muenchener Hypothekenb 0.510 1/10/2035 EUR 71.440
DZ Bank AG Deutsche Ze 1.740 10/11/2050 EUR 56.202
Turkiye Government Bon 17.300 7/19/2028 TRY 67.900
Banque Internationale 0.480 11/13/2030 EUR 74.167
Penarian Housing Finan 3.212 6/7/2052 GBP 65.723
Societe Generale SA 2.300 1/28/2036 USD 59.522
Caisse des Depots et C 0.642 2/12/2041 EUR 56.224
Landesbank Baden-Wuert 0.300 8/9/2030 EUR 74.435
Kreditanstalt fuer Wie 1.270 6/29/2051 EUR 60.614
Cooperatieve Rabobank 2.940 3/11/2036 AUD 71.386
Societe Generale SA 0.570 6/30/2031 EUR 73.942
Landeskreditbank Baden 1.025 4/1/2061 EUR 49.416
Credit Agricole Corpor 2.105 10/22/2035 USD 64.126
Nederlandse Waterschap 1.847 3/31/2042 EUR 75.245
Single Platform Invest 1.295 10/5/2043 JPY 67.989
Bank Vontobel AG 11.500 8/5/2024 USD 68.800
Basler Kantonalbank 13.000 8/7/2024 CHF 68.270
Ardshinbank CJSC 4.000 7/12/2024 USD 0.000
Leonteq Securities AG 15.500 11/6/2023 CHF 47.650
Leonteq Securities AG/ 3.500 5/15/2024 EUR 70.430
Raiffeisen Schweiz Gen 8.200 12/6/2023 CHF 68.300
Leonteq Securities AG 23.000 6/26/2024 CHF 60.980
Finca Uco Cjsc 7.500 5/30/2025 USD 0.000
Raiffeisen Switzerland 9.000 2/2/2024 EUR 69.720
Finca Uco Cjsc 7.500 11/16/2024 USD 0.000
Raiffeisen Schweiz Gen 15.500 4/11/2024 CHF 54.710
MirLand Development Co 1.000 12/31/2023 ILS #N/A N/A
Swissquote Bank SA 29.720 12/5/2023 CHF 19.330
Leonteq Securities AG/ 15.000 4/30/2024 CHF 38.490
Norddeutsche Landesban 2.180 9/20/2034 EUR 70.590
Pongs & Zahn AG 8.500 EUR 0.001
Leonteq Securities AG/ 22.000 1/9/2024 CHF 54.090
Landesbank Baden-Wuert 1.250 6/5/2039 EUR 67.010
Single Platform Invest 2.212 4/6/2034 NOK 75.167
Banque Internationale 1.020 3/25/2040 EUR 54.228
Aareal Bank AG 0.300 12/11/2030 EUR 69.909
Ringkjoebing Landboban 1.230 5/28/2036 EUR 68.687
Berlin Hyp AG 1.057 2/21/2059 EUR 49.340
Landeskreditbank Baden 0.547 2/18/2041 EUR 60.958
Aktia Bank Oyj 0.850 12/21/2040 EUR 53.616
Renovables Atlasol SA 2.200 12/31/2038 EUR 69.901
Single Platform Invest 2.450 6/10/2037 NOK 71.445
Credit Agricole Corpor 11.550 1/28/2026 TRY 60.567
Ville de Paris 0.373 12/21/2044 EUR 46.004
Citigroup Global Marke 2.650 3/17/2040 USD 63.719
Banque Internationale 1.215 3/5/2040 EUR 56.321
DZ Bank AG Deutsche Ze 0.650 12/22/2036 EUR 62.222
Nordea Eiendomskreditt 2.200 6/17/2043 NOK 71.130
Agence Francaise de De 1.815 11/15/2044 EUR 69.893
Department of Loiret F 0.915 11/23/2043 EUR 57.001
DZ Bank AG Deutsche Ze 1.070 10/6/2042 EUR 63.741
Natixis SA 3.600 11/11/2041 AUD 60.804
BPCE SFH SA 1.529 12/14/2038 EUR 73.441
Muenchener Hypothekenb 1.003 3/9/2060 EUR 46.615
BPCE SFH SA 1.536 12/21/2038 EUR 73.418
State of Brandenburg 0.050 2/28/2033 EUR 74.160
Communaute Francaise d 1.930 1/15/2048 EUR 63.362
Sveriges Sakerstallda 1.600 10/19/2038 EUR 73.737
BPCE SFH SA 1.580 11/22/2038 EUR 74.029
Agence Francaise de De 1.774 3/24/2044 EUR 69.929
Caisse des Depots et C 3.000 11/8/2051 AUD 57.113
Societe Generale SA 2.920 2/21/2035 USD 66.489
BNG Bank NV 0.799 7/25/2039 EUR 65.687
Caisse des Depots et C 1.895 9/4/2048 EUR 64.095
BNG Bank NV 1.900 7/11/2058 EUR 63.916
Kreditanstalt fuer Wie 1.635 6/26/2042 EUR 74.208
DZ HYP AG 1.965 7/19/2058 EUR 63.041
BPCE SFH SA 1.470 8/2/2038 EUR 73.264
Land Berlin 0.500 6/19/2047 EUR 50.221
Deutsche Bank AG/Londo 4.320 6/15/2037 AUD 70.610
Grenke Finance PLC 2.040 4/16/2029 EUR 73.732
Citigroup Global Marke 2.950 9/29/2041 AUD 57.217
DLR Kredit A/S 2.000 10/1/2053 DKK 67.892
BNP Paribas SA 3.950 7/11/2039 AUD 69.484
DZ Bank AG Deutsche Ze 0.500 2/4/2036 EUR 62.919
Akademiska Hus AB 1.766 11/29/2046 EUR 73.130
ING Bank NV 1.557 1/17/2039 EUR 75.502
AK BARS Bank Via AK BA 8.000 7/13/2022 USD 31.000
Cerruti Finance SA 6.500 7/26/2004 EUR 0.901
Natixis SA 2.530 8/30/2036 AUD 59.873
Nederlandse Waterschap 0.932 12/2/2060 EUR 44.412
Agence Francaise de De 1.833 2/26/2052 EUR 63.928
BPCE SFH SA 1.533 4/12/2038 EUR 74.449
Deutsche Bank AG 1.050 9/1/2031 EUR 70.350
Single Platform Invest 1.080 5/17/2033 EUR 73.893
City of Hanover German 1.560 5/3/2048 EUR 67.767
Natixis SA 2.955 5/28/2050 USD 59.562
Aareal Bank AG 3.600 12/11/2042 EUR 73.492
Barclays Bank PLC 10.200 2/14/2025 TRY 70.852
Laurel GmbH 7.125 11/16/2017 EUR 7.750
DZ Bank AG Deutsche Ze 0.800 1/21/2041 EUR 61.929
Landesbank Hessen-Thue 0.350 1/20/2031 EUR 74.092
NRW Bank 0.533 1/21/2041 EUR 59.806
DZ Bank AG Deutsche Ze 0.500 3/2/2038 EUR 57.429
French Republic Govern 0.500 5/25/2072 EUR 33.437
Kuntarahoitus Oyj 0.939 2/15/2050 EUR 60.874
Barclays Bank PLC 3.070 12/3/2032 AUD 73.223
Credit Agricole Corpor 1.850 1/22/2031 USD 75.139
DZ Bank AG Deutsche Ze 0.650 9/17/2035 EUR 65.379
Agence Metropolitaine 0.750 5/25/2034 EUR 75.383
Natixis SA 2.420 9/29/2035 AUD 61.543
Lehman Brothers Treasu 10.442 11/22/2008 CHF 0.100
Bayerische Landesbank 0.870 11/29/2034 EUR 70.114
Portugal Obrigacoes do 0.900 10/12/2035 EUR 73.880
Berlin Hyp AG 1.157 12/9/2039 EUR 60.335
Societe Generale SA 1.113 7/17/2031 EUR 75.206
Agence France Locale 0.550 6/20/2040 EUR 59.455
Single Platform Invest 0.678 2/15/2041 EUR 55.190
Department of Loiret F 0.790 11/22/2039 EUR 62.749
Banca di Cividale SpA/ 4.120 10/2/2036 EUR 70.946
Cooperatieve Rabobank 1.430 9/1/2036 EUR 70.832
Morgan Stanley & Co In 3.470 1/27/2042 AUD 62.806
ABN AMRO Bank NV 1.070 3/3/2041 EUR 64.420
Barclays Bank PLC 2.000 10/8/2042 EUR 64.276
Region de Bruxelles-Ca 0.731 8/25/2060 EUR 32.803
Bulgaria Steel Finance 12.000 5/4/2013 EUR 0.216
Bazalgette Finance Plc 0.688 6/27/2050 GBP 56.905
Ville de Rennes 0.505 10/22/2034 EUR 67.790
Willhem AB 1.824 10/18/2038 SEK 62.595
Lehman Brothers Treasu 7.250 10/6/2008 EUR 0.100
NRW Bank 1.070 10/29/2049 EUR 56.182
Citigroup Global Marke 3.900 2/18/2042 AUD 66.417
Communaute Francaise d 2.000 4/14/2076 EUR 61.408
DZ Bank AG Deutsche Ze 1.250 2/23/2037 EUR 68.129
Single Platform Invest 2.070 6/1/2040 NOK 64.603
Landesbank Hessen-Thue 0.260 1/21/2031 EUR 75.213
Ville de Paris 2.100 10/23/2045 EUR 73.009
BNP Paribas SA 1.000 1/23/2040 MXN 21.243
Single Platform Invest 2.744 5/25/2036 EUR 68.558
Heta Asset Resolution 5.270 12/31/2023 EUR 1.427
Lehman Brothers Treasu 3.700 6/6/2009 EUR 0.100
Batigere Grand Est SAH 2.030 5/29/2070 EUR 65.662
Nomura Bank Internatio 1.380 1/19/2037 EUR 65.358
Region Provence-Alpes- 1.620 3/17/2039 EUR 71.260
DZ Bank AG Deutsche Ze 0.800 2/2/2037 EUR 63.677
Lloyds Bank PLC 1.920 4/16/2044 EUR 62.895
HSBC Continental Europ 1.410 12/12/2039 EUR 62.605
Credit Agricole Corpor 1.170 12/11/2034 EUR 72.464
Single Platform Invest 1.050 3/17/2039 EUR 62.022
Kreditanstalt fuer Wie 0.943 6/9/2050 EUR 56.088
Region de Bruxelles-Ca 0.845 9/30/2059 EUR 36.173
Lloyds Bank PLC 2.170 8/28/2038 EUR 71.396
Kuntarahoitus Oyj 1.770 8/30/2048 EUR 75.649
Societe Publique d'Adm 2.003 9/27/2044 EUR 70.247
HYPO NOE Landesbank fu 1.790 8/18/2037 EUR 68.626
de Volksbank NV 0.831 7/19/2038 EUR 65.730
Grupo Isolux Corsan SA 0.250 12/30/2018 EUR 0.157
Grupo Isolux Corsan SA 1.000 12/30/2021 USD 0.157
BPCE SFH SA 1.403 1/13/2039 EUR 71.844
BPCE SFH SA 1.458 1/26/2038 EUR 74.037
Landesbank Hessen-Thue 2.435 2/6/2048 EUR 65.222
Grupo Isolux Corsan SA 6.000 12/30/2021 USD 0.673
BNG Bank NV 1.603 3/19/2048 EUR 65.714
BNP Paribas SA 2.700 2/21/2049 EUR 72.629
Arkea Public Sector SC 1.642 5/18/2043 EUR 70.193
State of North Rhine-W 2.000 4/16/2038 SEK 73.723
DZ Bank AG Deutsche Ze 0.500 10/20/2036 EUR 61.129
Akademiska Hus AB 2.305 5/16/2040 SEK 73.965
Ukraine Government Bon 10.360 11/10/2027 UAH 51.473
Ukraine Government Bon 9.990 12/10/2031 UAH 37.712
DZ Bank AG Deutsche Ze 0.600 5/15/2036 EUR 63.092
Region Occitanie 0.766 10/7/2041 EUR 58.752
DZ Bank AG Deutsche Ze 0.480 9/22/2036 EUR 61.169
Banque Internationale 1.085 10/22/2040 EUR 53.899
BNG Bank NV 0.043 9/17/2033 EUR 70.260
Deutsche Apotheker-und 0.800 12/21/2035 EUR 64.955
Oberoesterreichische L 0.350 10/9/2041 EUR 54.619
Landesbank Hessen-Thue 0.980 11/9/2060 EUR 44.696
Bayerische Landesbank 1.690 4/23/2037 EUR 73.931
Barclays Bank PLC 1.645 6/3/2041 USD 64.421
SAir Group 2.750 7/30/2004 CHF 11.250
Lehman Brothers Treasu 9.250 6/20/2012 USD 0.100
Nederlandse Waterschap 0.260 11/10/2036 EUR 66.174
Ministeries Van de Vla 0.600 11/19/2055 EUR 33.870
Kuntarahoitus Oyj 1.005 11/4/2060 EUR 53.490
DZ Bank AG Deutsche Ze 0.500 12/21/2035 EUR 63.276
Region de Bruxelles-Ca 2.215 6/1/2041 EUR 73.388
BPCE SFH SA 1.187 5/2/2039 EUR 68.756
Single Platform Invest 2.520 1/18/2040 NOK 69.388
Banque Internationale 0.580 1/29/2031 EUR 73.882
Single Platform Invest 2.210 9/27/2038 NOK 67.781
Single Platform Invest 2.150 8/5/2036 NOK 68.525
Wirtschafts- und Infra 0.421 3/17/2039 EUR 62.611
Region de Bruxelles-Ca 1.144 1/14/2056 EUR 43.398
Hypo Tirol Bank AG 0.670 7/21/2031 EUR 75.227
Single Platform Invest 1.910 8/15/2036 NOK 67.624
Single Platform Invest 1.860 2/15/2041 NOK 61.568
Single Platform Invest 2.300 2/25/2036 NOK 72.120
DZ Bank AG Deutsche Ze 0.460 12/20/2035 EUR 62.723
NRW Bank 0.420 2/8/2039 EUR 62.408
DZ Bank AG Deutsche Ze 0.530 7/26/2033 EUR 67.695
Kommunekredit 1.375 5/18/2046 SEK 63.303
Credit Agricole Corpor 3.200 3/19/2041 AUD 61.639
Barclays Bank PLC 2.520 6/30/2031 AUD 74.326
Aareal Bank AG 0.520 4/18/2031 EUR 69.890
Single Platform Invest 2.230 4/4/2040 NOK 65.772
Santander Internationa 1.150 4/8/2041 EUR 58.607
DZ Bank AG Deutsche Ze 0.660 4/1/2036 EUR 63.973
Credit Agricole Corpor 1.120 11/21/2034 EUR 70.697
DZ Bank AG Deutsche Ze 0.710 12/3/2035 EUR 65.174
Citigroup Global Marke 2.900 3/15/2041 USD 64.665
Single Platform Invest 2.820 7/3/2041 NOK 71.397
DZ Bank AG Deutsche Ze 0.625 7/21/2036 EUR 62.962
Landesbank Baden-Wuert 0.360 7/9/2030 EUR 75.038
Caisse des Depots et C 2.940 3/2/2051 AUD 56.641
DZ Bank AG Deutsche Ze 0.500 8/18/2036 EUR 61.544
DZ HYP AG 1.300 7/18/2041 EUR 67.247
Aareal Bank AG 1.800 7/21/2036 EUR 64.125
Norddeutsche Landesban 1.600 4/14/2037 EUR 68.437
DZ Bank AG Deutsche Ze 0.500 10/21/2032 EUR 71.991
Banque Internationale 2.120 8/20/2040 EUR 70.682
Single Platform Invest 1.163 5/25/2066 EUR 42.187
Hypo Vorarlberg Bank A 0.390 10/21/2030 EUR 73.201
Single Platform Invest 1.140 3/26/2040 EUR 56.903
DZ Bank AG Deutsche Ze 0.600 11/16/2035 EUR 64.476
Credit Agricole Corpor 1.920 10/16/2032 USD 70.216
Credit Agricole Corpor 3.000 9/25/2034 USD 73.337
Nederlandse Waterschap 0.230 10/22/2035 EUR 68.979
Nederlandse Waterschap 1.752 4/8/2042 EUR 74.337
Nederlandse Waterschap 1.551 11/24/2061 EUR 59.011
Raiffeisenlandesbank O 3.325 5/23/2042 EUR 75.068
City of Amsterdam Neth 1.350 3/29/2038 EUR 75.233
Nederlandse Waterschap 1.870 11/8/2057 EUR 67.176
Nederlandse Waterschap 0.750 10/4/2041 EUR 61.939
Kommuninvest I Sverige 2.000 10/21/2040 SEK 72.622
Landesbank Baden-Wuert 9.500 12/22/2023 EUR 75.930
Leonteq Securities AG/ 21.000 8/14/2024 CHF 67.980
Raiffeisen Schweiz Gen 6.200 4/4/2024 CHF 64.080
Russian Federal Bond - 7.100 5/15/2041 RUB 66.623
SG Issuer SA 2.100 12/27/2033 EUR 35.950
Landesbank Hessen-Thue 0.750 11/17/2036 EUR 69.200
UBS AG/London 18.750 5/31/2024 CHF 33.000
Leonteq Securities AG/ 24.000 12/15/2023 CHF 45.930
DZ Bank AG Deutsche Ze 2.000 12/30/2030 EUR 74.150
Citigroup Global Marke 1.050 5/20/2036 EUR 63.962
Region Occitanie 0.834 11/18/2044 EUR 54.399
Caisse des Depots et C 0.820 3/10/2050 EUR 45.794
Nomura Bank Internatio 1.175 7/8/2033 EUR 68.884
Caisse des Depots et C 2.205 9/28/2041 AUD 56.294
Natixis SA 3.550 11/12/2041 AUD 60.918
Caisse des Depots et C 1.300 4/28/2051 EUR 52.321
Landesbank Saar 0.130 8/24/2033 EUR 72.126
Erste Group Bank AG 0.860 5/26/2031 EUR 75.306
Brussels Municipalitie 0.892 3/29/2041 EUR 60.685
Volksbank Weinheim eG 2.600 12/8/2058 EUR 72.058
Credit Agricole Corpor 2.950 8/22/2039 AUD 61.599
State of Rhineland-Pal 0.100 10/1/2040 EUR 58.305
ING Bank NV 1.520 9/18/2030 USD 75.336
Ukraine Government Bon 6.000 1/14/2026 UAH 56.304
BNG Bank NV 0.710 10/5/2046 JPY 71.660
Nationwide Building So 1.420 4/23/2041 EUR 72.760
Brussels Municipalitie 0.892 9/29/2041 EUR 59.826
Landesbank Hessen-Thue 0.500 2/2/2032 EUR 72.644
Italy Buoni Poliennali 2.150 9/1/2052 EUR 59.101
DZ Bank AG Deutsche Ze 0.180 12/7/2032 EUR 73.414
Ukraine Government Bon 8.420 5/10/2034 UAH 30.060
Ukraine Government Bon 9.000 7/17/2030 UAH 37.878
Ukraine Government Bon 9.730 9/24/2031 UAH 37.357
State of Lower Austria 0.400 10/13/2050 EUR 42.448
BPCE SA 2.285 12/3/2035 AUD 61.275
Bayerische Landesbank 0.400 7/15/2031 EUR 75.146
Credit Agricole SA 6.750 9/29/2042 AUD 71.297
United Kingdom Gilt 1.250 7/31/2051 GBP 46.498
DZ Bank AG Deutsche Ze 0.520 6/23/2031 EUR 74.042
Ville de Paris 0.760 5/25/2066 EUR 32.240
Italy Buoni Poliennali 1.700 9/1/2051 EUR 54.238
Caisse des Depots et C 0.750 11/6/2048 EUR 47.927
Credit Agricole Corpor 0.100 10/21/2030 EUR 74.127
Leonteq Securities AG/ 15.300 8/7/2024 CHF 61.220
SG Issuer SA 11.680 1/31/2024 CHF 46.800
Landesbank Baden-Wuert 11.190 8/23/2024 EUR 72.420
HSBC Trinkaus & Burkha 17.800 9/27/2024 EUR 73.280
HSBC Trinkaus & Burkha 17.100 8/23/2024 EUR 73.630
HSBC Trinkaus & Burkha 10.300 12/30/2024 EUR 70.630
UniCredit Bank AG 16.300 12/31/2024 EUR 74.700
Landesbank Baden-Wuert 6.000 11/22/2024 EUR 61.350
UniCredit Bank AG 10.710 8/8/2024 EUR 76.770
Landesbank Baden-Wuert 9.300 11/22/2024 EUR 65.600
Landesbank Baden-Wuert 7.200 6/28/2024 EUR 50.810
HSBC Trinkaus & Burkha 15.600 12/22/2023 EUR 78.000
HSBC Trinkaus & Burkha 11.200 12/22/2023 EUR 71.630
HSBC Trinkaus & Burkha 10.700 12/22/2023 EUR 43.080
HSBC Trinkaus & Burkha 5.300 12/22/2023 EUR 48.710
HSBC Trinkaus & Burkha 5.000 9/27/2024 EUR 56.700
HSBC Trinkaus & Burkha 15.100 12/22/2023 EUR 41.870
HSBC Trinkaus & Burkha 6.700 3/22/2024 EUR 50.300
Leonteq Securities AG 24.000 7/3/2024 CHF 64.010
Leonteq Securities AG/ 20.000 8/7/2024 CHF 45.280
Leonteq Securities AG/ 30.000 8/7/2024 CHF 45.250
Bank Julius Baer & Co 6.900 2/7/2025 CHF 72.900
DZ Bank AG Deutsche Ze 23.600 3/22/2024 EUR 79.800
Bank Vontobel AG 13.500 12/2/2024 EUR 76.500
Basler Kantonalbank 22.000 9/6/2024 CHF 71.470
HSBC Trinkaus & Burkha 14.750 3/22/2024 EUR 80.140
Leonteq Securities AG/ 22.000 8/14/2024 CHF 58.240
Sberbank of Russia PJS 0.010 12/11/2026 RUB 69.120
Raiffeisen Schweiz Gen 6.300 12/27/2023 CHF 43.830
UBS AG/London 5.250 1/12/2024 USD 54.850
UBS AG/London 5.500 1/12/2024 CHF 59.800
Raiffeisen Bank Intern 10.000 2/12/2024 EUR 50.620
Leonteq Securities AG/ 5.000 1/4/2024 CHF 63.650
Landesbank Baden-Wuert 4.600 12/22/2023 EUR 40.650
Landesbank Baden-Wuert 2.400 12/22/2023 EUR 51.240
Landesbank Baden-Wuert 3.200 12/22/2023 EUR 75.690
Landesbank Baden-Wuert 5.300 12/22/2023 EUR 70.610
Landesbank Baden-Wuert 6.000 12/22/2023 EUR 66.740
Landesbank Baden-Wuert 4.200 12/22/2023 EUR 74.140
Landesbank Baden-Wuert 8.500 12/22/2023 EUR 46.770
Landesbank Baden-Wuert 3.000 12/22/2023 EUR 55.170
Landesbank Baden-Wuert 4.300 12/22/2023 EUR 54.190
Landesbank Baden-Wuert 6.100 12/22/2023 EUR 54.360
Landesbank Baden-Wuert 7.000 12/22/2023 EUR 21.300
Landesbank Baden-Wuert 3.100 12/22/2023 EUR 28.190
UBS AG/London 4.750 12/29/2023 CHF 67.200
UBS AG/London 5.750 12/29/2023 CHF 59.950
UBS AG/London 4.750 12/29/2023 EUR 58.800
UBS AG/London 6.500 12/29/2023 CHF 44.100
Bank Vontobel AG 5.000 1/4/2024 CHF 62.900
Leonteq Securities AG 7.000 1/5/2024 CHF 45.940
Raiffeisen Switzerland 5.900 1/3/2024 CHF 64.140
Raiffeisen Switzerland 6.500 1/3/2024 CHF 62.530
VTB Bank PJSC 0.010 11/25/2026 RUB 65.150
Biznes Nedvizhimost JS 10.800 12/18/2026 RUB 62.010
Societe Generale SA 15.000 2/1/2024 USD 21.100
UBS AG/London 16.300 1/8/2024 EUR 30.600
Landesbank Baden-Wuert 2.850 1/23/2026 EUR 70.080
Landesbank Hessen-Thue 0.850 2/18/2036 EUR 61.600
DZ Bank AG Deutsche Ze 1.030 12/30/2030 EUR 74.340
Nordea Bank Abp 2.000 2/3/2026 SEK 45.320
DZ Bank AG Deutsche Ze 0.530 12/30/2030 EUR 74.690
Region of Chelyabinsk 6.000 12/17/2027 RUB 62.050
DZ Bank AG Deutsche Ze 0.950 12/30/2030 EUR 74.870
HSBC Trinkaus & Burkha 6.800 12/30/2024 EUR 75.050
HSBC Trinkaus & Burkha 16.100 12/30/2024 EUR 74.600
HSBC Trinkaus & Burkha 17.700 7/26/2024 EUR 73.010
HSBC Trinkaus & Burkha 12.200 9/27/2024 EUR 69.970
HSBC Trinkaus & Burkha 6.200 12/30/2024 EUR 75.910
HSBC Trinkaus & Burkha 11.500 3/22/2024 EUR 72.050
HSBC Trinkaus & Burkha 8.300 9/27/2024 EUR 75.450
Landesbank Baden-Wuert 7.100 11/22/2024 EUR 57.060
Landesbank Baden-Wuert 9.000 11/22/2024 EUR 53.210
HSBC Trinkaus & Burkha 16.800 12/22/2023 EUR 78.780
Landesbank Baden-Wuert 6.300 11/22/2024 EUR 74.510
Landesbank Baden-Wuert 5.000 6/28/2024 EUR 59.150
Landesbank Baden-Wuert 9.500 6/28/2024 EUR 46.930
Landesbank Baden-Wuert 6.500 6/28/2024 EUR 71.450
HSBC Trinkaus & Burkha 12.300 3/22/2024 EUR 44.320
HSBC Trinkaus & Burkha 8.100 9/27/2024 EUR 50.180
HSBC Trinkaus & Burkha 6.400 9/27/2024 EUR 52.950
HSBC Trinkaus & Burkha 9.400 3/22/2024 EUR 46.930
Leonteq Securities AG/ 14.000 7/3/2024 CHF 55.820
DZ Bank AG Deutsche Ze 1.030 12/30/2030 EUR 75.090
DekaBank Deutsche Giro 1.000 1/20/2025 EUR 24.620
DekaBank Deutsche Giro 2.500 2/2/2024 EUR 30.230
EFG International Fina 4.900 12/28/2023 USD 40.070
Leonteq Securities AG/ 17.000 2/11/2025 EUR 78.410
Gazprombank JSC 6.400 12/28/2030 RUB 75.000
Region of Chelyabinsk 6.000 12/17/2027 RUB 65.000
Erste Group Bank AG 6.250 2/1/2026 EUR 72.100
UniCredit Bank AG 10.000 8/30/2024 EUR 78.940
Raiffeisen Schweiz Gen 20.000 8/7/2024 CHF 56.310
DZ Bank AG Deutsche Ze 9.750 6/26/2024 EUR 71.290
Leonteq Securities AG/ 22.000 8/7/2024 CHF 71.180
DZ Bank AG Deutsche Ze 10.000 3/20/2024 EUR 73.120
DZ Bank AG Deutsche Ze 8.250 9/25/2024 EUR 71.770
Swissquote Bank SA 27.700 9/4/2024 CHF 59.510
SG Issuer SA 1.600 4/18/2034 EUR 59.150
Leonteq Securities AG/ 8.000 4/25/2024 CHF 70.850
Raiffeisen Schweiz Gen 4.200 10/21/2024 CHF 65.390
Raiffeisen Schweiz Gen 6.600 7/26/2024 CHF 67.110
Leonteq Securities AG/ 5.000 4/25/2024 CHF 61.490
Leonteq Securities AG/ 7.000 4/22/2024 USD 61.570
Leonteq Securities AG/ 15.000 4/26/2024 CHF 47.030
Raiffeisen Schweiz Gen 7.600 1/19/2024 CHF 61.050
SG Issuer SA 2.000 6/22/2034 EUR 79.230
Raiffeisen Schweiz Gen 6.000 4/26/2024 CHF 60.920
DZ Bank AG Deutsche Ze 0.950 12/30/2030 EUR 74.560
Leonteq Securities AG/ 7.000 4/19/2024 CHF 60.340
UBS AG/London 8.440 5/26/2027 SEK 55.050
Leonteq Securities AG 25.000 12/18/2024 CHF 65.050
Raiffeisen Schweiz Gen 4.500 4/29/2025 CHF 61.920
Leonteq Securities AG/ 7.000 4/25/2024 CHF 53.600
SG Issuer SA 2.100 8/7/2034 EUR 65.370
DekaBank Deutsche Giro 2.600 4/26/2024 EUR 39.560
Raiffeisen Schweiz Gen 6.000 4/19/2024 CHF 60.370
Landesbank Hessen-Thue 1.500 12/10/2036 EUR 65.850
Leonteq Securities AG 24.000 8/21/2024 CHF 72.510
Leonteq Securities AG/ 6.000 11/8/2023 CHF 59.980
BNP Paribas Emissions- 19.000 12/21/2023 EUR 73.900
BNP Paribas Emissions- 12.000 12/21/2023 EUR 66.530
BNP Paribas Emissions- 15.000 12/21/2023 EUR 45.020
BNP Paribas Emissions- 7.000 12/21/2023 EUR 71.730
BNP Paribas Emissions- 8.000 12/21/2023 EUR 67.130
BNP Paribas Emissions- 12.000 12/21/2023 EUR 64.290
Raiffeisen Switzerland 7.400 2/5/2024 CHF 58.920
BNP Paribas Emissions- 12.000 12/21/2023 EUR 51.700
BNP Paribas Emissions- 11.000 12/21/2023 EUR 56.640
BNP Paribas Emissions- 10.000 12/21/2023 EUR 55.460
BNP Paribas Emissions- 14.000 12/21/2023 EUR 58.030
BNP Paribas Emissions- 10.000 12/21/2023 EUR 57.580
BNP Paribas Emissions- 10.000 12/21/2023 EUR 71.500
BNP Paribas Emissions- 3.000 4/21/2026 EUR 67.400
DZ Bank AG Deutsche Ze 8.500 12/18/2023 EUR 72.200
Credit Suisse AG/Londo 8.000 12/9/2024 CHF 72.450
Leonteq Securities AG/ 8.000 5/16/2024 CHF 68.090
UBS AG/London 17.040 5/26/2027 SEK 65.250
Vontobel Financial Pro 14.500 9/27/2024 EUR 78.770
Corner Banca SA 7.000 11/13/2023 CHF 69.930
UBS AG/London 10.750 11/13/2023 CHF 58.050
UBS AG/London 16.000 4/1/2024 USD 70.150
SG Issuer SA 4.900 10/9/2034 EUR 76.800
Vontobel Financial Pro 10.250 6/28/2024 EUR 66.770
Zurcher Kantonalbank F 22.000 8/14/2024 USD 73.970
Credit Suisse AG/Londo 7.250 8/14/2024 CHF 69.800
DekaBank Deutsche Giro 4.000 11/8/2024 EUR 56.220
Societe Generale SA 24.000 11/8/2024 USD 62.800
DZ Bank AG Deutsche Ze 10.500 9/25/2024 EUR 79.020
Swissquote Bank SA 8.320 8/21/2024 CHF 73.240
Vontobel Financial Pro 8.400 12/4/2023 EUR 69.780
Societe Generale SA 7.620 11/29/2024 USD 57.200
Corner Banca SA 6.000 11/8/2023 CHF 69.240
Bank Vontobel AG 6.750 4/3/2024 CHF 69.900
DekaBank Deutsche Giro 6.150 8/29/2025 EUR 72.770
Landesbank Baden-Wuert 2.300 6/28/2024 EUR 73.440
BNP Paribas Emissions- 9.000 12/21/2023 EUR 70.250
BNP Paribas Emissions- 14.000 12/21/2023 EUR 47.720
Bank Julius Baer & Co 18.000 2/9/2024 CHF 49.250
BNP Paribas Emissions- 10.000 12/21/2023 EUR 59.290
BNP Paribas Emissions- 12.000 12/21/2023 EUR 66.270
BNP Paribas Emissions- 12.000 12/21/2023 EUR 64.570
BNP Paribas Emissions- 12.000 12/21/2023 EUR 51.560
BNP Paribas Emissions- 13.000 12/21/2023 EUR 50.580
BNP Paribas Emissions- 13.000 12/21/2023 EUR 73.460
Armenian Economy Devel 10.500 5/4/2025 AMD 0.000
SG Issuer SA 1.800 8/14/2034 EUR 55.890
SG Issuer SA 1.125 8/21/2034 EUR 66.200
Societe Generale Effek 19.498 1/26/2024 EUR 47.190
Raiffeisen Schweiz Gen 8.600 1/4/2024 CHF 54.010
Raiffeisen Switzerland 6.500 8/12/2024 CHF 72.490
UBS AG/London 15.750 2/5/2024 CHF 43.350
Sberbank of Russia PJS 0.010 6/22/2028 RUB 67.100
DekaBank Deutsche Giro 3.200 7/21/2025 EUR 56.750
Landesbank Baden-Wuert 3.200 7/25/2025 EUR 71.640
VTB Bank PJSC 0.010 4/8/2026 RUB 69.070
Landesbank Hessen-Thue 1.350 4/16/2036 EUR 63.500
ASCE Group OJSC 12.000 6/11/2031 AMD 0.000
DekaBank Deutsche Giro 2.750 7/21/2025 EUR 71.840
Landesbank Baden-Wuert 2.500 7/25/2025 EUR 75.050
Landesbank Baden-Wuert 3.100 7/24/2026 EUR 67.010
VTB Bank PJSC 3.750 EUR 48.000
DZ Bank AG Deutsche Ze 1.080 12/30/2030 EUR 73.720
Bank Vontobel AG 4.000 4/9/2024 CHF 72.500
UBS AG/London 18.000 4/15/2024 USD 60.450
Landesbank Baden-Wuert 3.200 3/27/2026 EUR 66.770
Leonteq Securities AG/ 3.000 2/9/2026 CHF 76.110
Swissquote Bank SA 28.320 9/18/2024 CHF 65.460
Leonteq Securities AG/ 22.000 9/18/2024 CHF 60.160
Landesbank Hessen-Thue 1.000 3/17/2036 EUR 62.050
UniCredit Bank AG 4.950 5/11/2026 EUR 67.200
UBS AG/London 7.250 2/12/2024 CHF 52.200
HSBC Trinkaus & Burkha 14.000 12/22/2023 EUR 27.820
HSBC Trinkaus & Burkha 6.000 12/22/2023 EUR 39.680
Bank Julius Baer & Co 17.200 2/16/2024 CHF 54.850
UBS AG/London 5.500 2/12/2024 CHF 58.050
Leonteq Securities AG/ 5.000 4/11/2024 EUR 74.330
Global Refuse Holding 5.100 1/28/2032 HUF #N/A N/A
Raiffeisen Schweiz Gen 5.900 4/11/2024 CHF 64.500
UBS AG/London 14.250 4/8/2024 USD 51.600
Leonteq Securities AG/ 5.000 4/11/2024 CHF 74.440
SG Issuer SA 1.600 4/21/2034 EUR 54.740
Nordea Bank Abp 2.000 4/29/2027 SEK 57.990
Raiffeisen Schweiz Gen 4.500 4/8/2025 CHF 74.180
Raiffeisen Switzerland 5.400 4/11/2024 EUR 63.550
UBS AG/London 17.400 4/14/2027 SEK 52.890
UBS AG/London 10.750 4/8/2024 CHF 71.000
Leonteq Securities AG/ 7.000 4/11/2024 CHF 52.800
UBS AG/London 14.250 8/19/2024 CHF 47.650
Leonteq Securities AG 25.000 12/11/2024 CHF 61.450
Landesbank Baden-Wuert 5.000 9/25/2026 EUR 67.040
UBS AG/London 7.250 4/3/2024 USD 9.264
Bank Vontobel AG 19.500 2/5/2024 CHF 55.700
Luyser CJSC 7.000 12/6/2024 USD 0.000
Luyser CJSC 9.500 11/23/2024 AMD 0.000
Raiffeisen Schweiz Gen 7.400 2/6/2024 CHF 58.530
Zurcher Kantonalbank F 6.700 5/7/2024 CHF 65.730
Bank Vontobel AG 8.000 11/6/2023 CHF 61.800
Bank Vontobel AG 9.000 11/6/2023 CHF 55.800
UBS AG/London 10.750 11/13/2023 CHF 58.000
Bank Vontobel AG 5.500 5/7/2024 CHF 63.900
Raiffeisen Schweiz Gen 8.200 2/6/2024 CHF 58.690
Raiffeisen Schweiz Gen 6.000 5/6/2024 CHF 65.910
Leonteq Securities AG/ 5.200 5/10/2024 EUR 65.550
IDBank CJSC 4.000 3/21/2024 USD 0.000
Leonteq Securities AG/ 5.000 5/10/2024 CHF 66.090
DekaBank Deutsche Giro 3.100 6/6/2025 EUR 70.020
Bank Vontobel AG 6.500 5/7/2024 CHF 64.400
Raiffeisen Schweiz Gen 6.600 5/13/2024 CHF 63.270
Raiffeisen Schweiz Gen 6.200 5/13/2024 CHF 70.410
Raiffeisen Schweiz Gen 6.400 5/13/2024 CHF 57.450
Leonteq Securities AG 20.000 9/18/2024 CHF 69.240
EFG International Fina 4.500 2/12/2024 USD 39.170
UniCredit Bank AG 18.800 7/25/2024 EUR 75.210
UniCredit Bank AG 9.900 7/25/2024 EUR 70.140
Landesbank Baden-Wuert 2.300 7/24/2026 EUR 74.830
Landesbank Baden-Wuert 2.500 7/24/2026 EUR 63.700
Landesbank Baden-Wuert 5.900 12/22/2023 EUR 36.790
Landesbank Baden-Wuert 5.000 12/22/2023 EUR 65.080
Landesbank Baden-Wuert 3.600 12/22/2023 EUR 70.510
Landesbank Baden-Wuert 5.000 12/22/2023 EUR 50.460
Landesbank Baden-Wuert 3.000 12/22/2023 EUR 57.700
Landesbank Baden-Wuert 7.500 12/22/2023 EUR 56.980
Landesbank Baden-Wuert 4.900 12/22/2023 EUR 64.660
Landesbank Baden-Wuert 2.700 12/22/2023 EUR 75.030
Landesbank Baden-Wuert 6.500 12/22/2023 EUR 53.070
Landesbank Baden-Wuert 4.100 12/22/2023 EUR 65.080
Landesbank Baden-Wuert 3.100 12/22/2023 EUR 59.100
Landesbank Baden-Wuert 2.300 12/22/2023 EUR 62.270
Landesbank Baden-Wuert 8.100 12/22/2023 EUR 33.940
Landesbank Baden-Wuert 6.300 12/22/2023 EUR 39.960
Landesbank Baden-Wuert 2.500 12/22/2023 EUR 61.630
Landesbank Baden-Wuert 9.200 12/22/2023 EUR 44.950
Landesbank Baden-Wuert 4.000 12/22/2023 EUR 65.100
Landesbank Baden-Wuert 4.150 12/22/2023 EUR 55.080
Landesbank Baden-Wuert 2.500 12/22/2023 EUR 60.340
Landesbank Baden-Wuert 4.500 12/22/2023 EUR 38.050
Landesbank Baden-Wuert 3.000 12/22/2023 EUR 42.830
Landesbank Baden-Wuert 4.300 12/22/2023 EUR 52.960
Landesbank Baden-Wuert 3.100 12/22/2023 EUR 58.250
Bank Vontobel AG 6.000 1/5/2024 CHF 67.800
Landesbank Hessen-Thue 1.500 2/10/2037 EUR 65.350
SG Issuer SA 2.000 12/22/2036 EUR 62.880
Leonteq Securities AG/ 7.000 1/10/2024 CHF 60.500
Raiffeisen Switzerland 6.000 1/10/2024 CHF 63.720
Raiffeisen Switzerland 4.400 1/6/2025 CHF 72.770
Raiffeisen Switzerland 7.700 1/10/2024 CHF 74.880
Ardshinbank CJSC 9.250 2/8/2025 AMD 0.000
Basler Kantonalbank 6.000 1/19/2024 CHF 66.040
UBS AG/London 7.000 1/26/2024 CHF 68.300
UBS AG/London 6.000 1/26/2024 CHF 63.850
Vontobel Financial Pro 4.600 1/30/2024 EUR 60.980
Goldman Sachs Internat 0.098 1/13/2025 EUR 17.000
Goldman Sachs Internat 0.060 1/13/2025 EUR 47.250
Goldman Sachs Internat 0.100 1/13/2025 EUR 17.300
Goldman Sachs Internat 0.070 1/13/2025 EUR 59.450
Landesbank Hessen-Thue 5.642 1/14/2037 EUR 64.000
Citigroup Global Marke 6.220 9/25/2024 SGD 4.983
DZ Bank AG Deutsche Ze 13.300 9/27/2024 EUR 60.240
DZ Bank AG Deutsche Ze 15.100 9/27/2024 EUR 58.710
DZ Bank AG Deutsche Ze 17.000 9/27/2024 EUR 57.630
DZ Bank AG Deutsche Ze 20.900 9/27/2024 EUR 74.410
DZ Bank AG Deutsche Ze 9.400 9/27/2024 EUR 66.150
DZ Bank AG Deutsche Ze 10.800 9/27/2024 EUR 63.330
Vontobel Financial Pro 8.900 8/9/2024 EUR 78.760
Landesbank Baden-Wuert 6.200 8/22/2025 EUR 75.140
Vontobel Financial Pro 13.750 9/27/2024 EUR 78.190
DZ Bank AG Deutsche Ze 12.400 9/27/2024 EUR 61.080
DZ Bank AG Deutsche Ze 14.200 9/27/2024 EUR 59.440
DZ Bank AG Deutsche Ze 16.000 9/27/2024 EUR 58.090
DZ Bank AG Deutsche Ze 18.000 9/27/2024 EUR 57.220
DZ Bank AG Deutsche Ze 8.800 9/27/2024 EUR 67.860
DZ Bank AG Deutsche Ze 10.100 9/27/2024 EUR 64.700
DZ Bank AG Deutsche Ze 11.600 9/27/2024 EUR 62.190
DekaBank Deutsche Giro 2.450 8/30/2024 EUR 74.470
Landesbank Baden-Wuert 2.600 3/22/2024 EUR 70.680
Sberbank of Russia PJS 0.010 7/24/2028 RUB 66.800
Citigroup Global Marke 4.950 10/19/2029 CHF 9.255
Zurcher Kantonalbank F 19.000 8/23/2024 CHF 76.660
UBS AG/London 9.900 7/1/2024 EUR 74.120
Unibank OJSC 5.250 5/20/2024 USD 4.339
Landesbank Baden-Wuert 2.600 1/26/2024 EUR 58.000
Landesbank Baden-Wuert 3.000 1/26/2024 EUR 69.000
DZ Bank AG Deutsche Ze 1.510 6/25/2031 EUR 74.900
Leonteq Securities AG/ 6.000 1/9/2024 CHF 43.160
UBS AG/London 7.750 12/8/2023 CHF 59.350
UBS AG/London 7.250 11/10/2023 CHF 54.350
Raiffeisen Schweiz Gen 7.700 11/8/2023 CHF 19.620
Raiffeisen Schweiz Gen 5.600 11/8/2023 CHF 68.500
Landesbank Baden-Wuert 3.000 11/28/2025 EUR 66.170
UBS AG/London 6.250 11/10/2023 CHF 61.400
Bank Vontobel AG 6.250 5/7/2024 CHF 65.700
Leonteq Securities AG 7.000 11/15/2023 CHF 41.660
Morgan Stanley BV 0.050 11/22/2027 EUR 74.290
Bank Vontobel AG 6.250 11/13/2023 CHF 66.700
UniCredit Bank AG 4.650 7/30/2024 EUR 64.860
UniCredit Bank AG 3.950 7/30/2024 EUR 57.080
Erste Group Bank AG 5.500 8/2/2025 EUR 31.250
Bank Vontobel AG 28.000 9/9/2024 CHF 61.800
Landesbank Baden-Wuert 7.000 8/22/2025 EUR 72.370
Raiffeisen Schweiz Gen 6.000 12/27/2023 CHF 63.770
UBS AG/London 6.250 1/12/2024 CHF 64.000
UBS AG/London 9.500 1/12/2024 CHF 46.950
UBS AG/London 6.500 1/12/2024 CHF 59.600
Credit Suisse AG/Londo 7.250 8/22/2024 CHF 70.450
UBS AG/London 8.000 11/10/2023 CHF 63.900
Leonteq Securities AG/ 5.000 11/15/2023 CHF 66.120
Leonteq Securities AG/ 5.200 11/15/2023 EUR 66.140
Bank Vontobel AG 7.000 11/6/2023 EUR 60.100
Credit Suisse AG/Londo 8.000 11/20/2023 USD 46.165
Raiffeisen Schweiz Gen 6.200 11/15/2023 CHF 21.620
Raiffeisen Schweiz Gen 6.500 11/15/2023 CHF 67.410
Landesbank Hessen-Thue 1.500 1/20/2037 EUR 66.800
UBS AG/London 8.500 12/8/2023 EUR 58.250
SG Issuer SA 2.100 12/6/2033 EUR 35.890
Banque Cantonale Vaudo 5.400 12/6/2023 CHF 6.600
Credit Suisse AG/Londo 15.500 12/15/2023 USD 44.190
Leonteq Securities AG/ 5.000 12/13/2023 CHF 66.600
Corner Banca SA 8.000 12/13/2023 CHF 76.190
Leonteq Securities AG/ 5.200 12/13/2023 EUR 66.720
Leonteq Securities AG 7.000 12/13/2023 CHF 70.760
Credit Suisse AG/Londo 4.750 6/6/2024 CHF 65.490
Landesbank Hessen-Thue 1.500 12/16/2036 EUR 67.900
UBS AG/London 8.500 11/10/2023 CHF 9.540
UBS AG/London 5.000 11/10/2023 CHF 63.400
UBS AG/London 6.250 11/10/2023 CHF 63.450
UBS AG/London 9.250 11/10/2023 CHF 42.250
UBS AG/London 11.750 11/10/2023 CHF 73.450
Vontobel Financial Pro 4.000 11/30/2023 EUR 61.640
Raiffeisen Switzerland 8.200 11/8/2023 EUR 61.680
Raiffeisen Schweiz Gen 7.000 11/8/2023 CHF 68.790
Raiffeisen Schweiz Gen 7.300 11/8/2023 CHF 71.000
DekaBank Deutsche Giro 2.700 12/13/2024 EUR 69.010
Raiffeisen Schweiz Gen 5.500 11/15/2023 CHF 66.130
Raiffeisen Schweiz Gen 6.200 11/15/2023 CHF 67.350
Raiffeisen Schweiz Gen 7.500 11/15/2023 CHF 68.560
SG Issuer SA 1.500 9/16/2033 EUR 73.430
UniCredit Bank AG 7.400 12/9/2024 EUR 40.990
EFG International Fina 4.500 2/26/2024 USD 37.520
DekaBank Deutsche Giro 3.700 12/15/2025 EUR 73.700
UBS AG/London 7.500 11/17/2023 CHF 44.600
UBS AG/London 6.500 11/17/2023 CHF 74.100
UBS AG/London 5.750 11/17/2023 CHF 44.550
UBS AG/London 6.000 11/17/2023 CHF 69.900
UBS AG/London 6.000 11/17/2023 CHF 63.250
UBS AG/London 7.500 11/17/2023 CHF 68.250
UBS AG/London 8.000 11/17/2023 CHF 44.650
UBS AG/London 8.250 11/20/2023 USD 61.000
VTB Bank PJSC 0.010 10/14/2026 RUB 65.030
UniCredit Bank AG 4.550 12/22/2025 EUR 49.160
Quintet Private Bank E 3.650 11/13/2023 EUR 3.795
Credit Suisse AG/Londo 9.000 11/27/2023 USD 43.350
Basler Kantonalbank 7.000 11/17/2023 CHF 70.870
Landesbank Hessen-Thue 0.500 12/23/2036 EUR 62.500
Leonteq Securities AG/ 8.000 11/22/2023 CHF 65.510
Bank Vontobel AG 7.500 11/6/2023 CHF 65.500
Bank Vontobel AG 5.750 11/6/2023 CHF 39.300
Bank Vontobel AG 8.500 11/6/2023 CHF 74.300
Bank Vontobel AG 8.250 11/27/2023 EUR 40.600
Bank Vontobel AG 4.750 5/31/2024 CHF 65.200
UniCredit Bank AG 4.650 12/30/2024 USD 56.820
DekaBank Deutsche Giro 3.300 1/12/2026 EUR 56.380
UniCredit Bank AG 3.200 1/20/2025 CHF 74.340
Raiffeisen Schweiz Gen 7.600 12/6/2023 CHF 67.950
Landesbank Baden-Wuert 2.500 1/2/2026 EUR 73.950
UBS AG/London 6.750 12/1/2023 CHF 64.750
UBS AG/London 6.500 12/1/2023 CHF 62.600
Sberbank of Russia PJS 0.010 11/30/2028 RUB 73.110
Leonteq Securities AG/ 6.100 12/6/2023 CHF 46.150
Bank Vontobel AG 4.000 12/2/2024 CHF 74.800
Bank Vontobel AG 5.250 12/1/2023 CHF 66.000
Leonteq Securities AG/ 8.800 12/7/2023 CHF 66.120
UBS AG/London 6.250 12/1/2023 CHF 46.550
UBS AG/London 5.250 12/1/2023 CHF 65.000
Landesbank Baden-Wuert 3.250 1/2/2026 EUR 56.800
UBS AG/London 5.250 12/1/2023 EUR 40.500
UBS AG/London 7.750 12/1/2023 CHF 69.600
UBS AG/London 7.250 12/1/2023 CHF 62.650
Landesbank Hessen-Thue 1.400 1/13/2037 EUR 65.200
Landesbank Baden-Wuert 2.250 8/22/2025 EUR 73.310
Landesbank Baden-Wuert 2.000 8/22/2025 EUR 61.740
Landesbank Baden-Wuert 4.000 8/22/2025 EUR 66.110
Landesbank Baden-Wuert 3.250 8/22/2025 EUR 52.920
UniCredit Bank AG 4.100 9/1/2025 EUR 70.480
DekaBank Deutsche Giro 4.000 9/1/2025 EUR 22.720
Sintekom TH OOO 13.000 1/23/2025 RUB 21.200
BrokerCreditService St 3.500 4/30/2024 USD 53.000
BrokerCreditService St 8.000 1/30/2024 USD 62.170
Landesbank Baden-Wuert 2.500 8/22/2025 EUR 72.760
Bank Vontobel AG 7.000 2/5/2024 CHF 72.200
UniCredit Bank AG 3.600 9/2/2024 EUR 23.470
Landesbank Baden-Wuert 3.100 8/28/2026 EUR 70.770
UniCredit Bank AG 3.450 4/2/2024 EUR 56.600
Landesbank Baden-Wuert 2.000 8/22/2025 EUR 73.570
DekaBank Deutsche Giro 3.650 8/30/2024 EUR 21.040
Ingrad AO 15.500 2/27/2030 RUB 63.000
Erste Group Bank AG 4.500 8/31/2025 EUR 35.650
Landesbank Hessen-Thue 1.000 3/6/2035 EUR 66.000
Landesbank Baden-Wuert 2.400 8/22/2025 EUR 73.530
DZ Bank AG Deutsche Ze 1.620 6/25/2031 EUR 68.540
Sberbank of Russia PJS 0.010 8/3/2028 RUB 65.610
DekaBank Deutsche Giro 3.100 8/30/2024 EUR 60.410
SG Issuer SA 2.270 2/4/2032 EUR 62.810
Credit Suisse AG/Londo 8.000 11/4/2024 CHF 75.960
Bank Vontobel AG 20.500 11/4/2024 CHF 48.600
DZ Bank AG Deutsche Ze 0.540 12/30/2030 EUR 73.800
DZ Bank AG Deutsche Ze 10.700 9/27/2024 EUR 72.610
Landesbank Baden-Wuert 4.100 6/27/2025 EUR 65.620
Vontobel Financial Pro 5.000 3/26/2024 EUR 32.650
SG Issuer SA 2.100 2/14/2033 EUR 73.050
Sberbank of Russia PJS 0.010 3/6/2028 RUB 67.200
Landesbank Hessen-Thue 1.400 3/5/2036 EUR 63.250
DZ Bank AG Deutsche Ze 0.940 12/30/2030 EUR 75.340
UniCredit Bank AG 4.600 3/26/2024 EUR 72.160
Raiffeisen Schweiz Gen 4.900 12/6/2023 CHF 69.180
Raiffeisen Schweiz Gen 5.500 12/6/2023 CHF 67.170
Landesbank Baden-Wuert 2.300 1/2/2026 EUR 68.330
Sberbank of Russia PJS 0.010 11/27/2026 RUB 68.700
Sberbank of Russia PJS 0.010 12/7/2026 RUB 67.410
DZ Bank AG Deutsche Ze 0.630 12/30/2030 EUR 73.780
VTB Bank PJSC 0.010 3/25/2026 RUB 70.810
DZ Bank AG Deutsche Ze 1.710 12/29/2031 EUR 71.920
Raiffeisen Schweiz Gen 10.150 9/11/2024 CHF 76.270
Sberbank of Russia PJS 0.010 11/2/2026 RUB 69.010
Vontobel Financial Pro 6.250 6/28/2024 EUR 72.440
Vontobel Financial Pro 19.750 6/28/2024 EUR 62.300
Vontobel Financial Pro 13.000 6/28/2024 EUR 64.700
Bank Vontobel AG 6.500 9/5/2024 CHF 76.100
Leonteq Securities AG 28.000 8/21/2024 CHF 69.820
Bank Vontobel AG 6.750 9/10/2024 EUR 74.300
Luzerner Kantonalbank 9.700 10/1/2024 CHF 52.260
Bank Vontobel AG 4.000 3/8/2024 CHF 65.500
Leonteq Securities AG 11.000 12/11/2024 CHF 67.480
Raiffeisen Schweiz Gen 20.000 9/11/2024 CHF 69.980
Landesbank Baden-Wuert 2.500 1/2/2026 EUR 75.560
Bank Vontobel AG 5.000 9/3/2024 CHF 75.200
Leonteq Securities AG/ 22.000 9/11/2024 CHF 71.300
Landesbank Baden-Wuert 7.250 8/23/2024 EUR 60.560
Vontobel Financial Pro 16.000 6/28/2024 EUR 63.100
Vontobel Financial Pro 8.250 9/27/2024 EUR 69.090
Vontobel Financial Pro 17.250 9/27/2024 EUR 63.540
Vontobel Financial Pro 12.250 9/27/2024 EUR 65.400
Bank Vontobel AG 10.000 8/19/2024 CHF 59.300
DekaBank Deutsche Giro 4.250 11/8/2024 EUR 75.700
Sberbank of Russia PJS 0.010 11/2/2028 RUB 65.400
UBS AG/London 4.500 9/16/2024 CHF 66.200
Zurcher Kantonalbank F 5.500 10/11/2024 CHF 70.250
Swissquote Bank SA 24.040 9/11/2024 CHF 73.280
Landesbank Baden-Wuert 5.000 8/23/2024 EUR 65.490
Basler Kantonalbank 7.000 11/10/2023 CHF 44.710
Vontobel Financial Pro 8.000 6/28/2024 EUR 69.410
Vontobel Financial Pro 14.500 9/27/2024 EUR 64.110
Landesbank Baden-Wuert 9.000 8/23/2024 EUR 72.520
Landesbank Baden-Wuert 11.000 8/23/2024 EUR 70.700
Communication Technolo 5.250 1/27/2032 HUF 65.000
Citigroup Global Marke 7.800 4/19/2027 EUR 55.860
Evocabank CJSC 11.000 9/28/2024 AMD 10.794
Evocabank CJSC 5.000 9/28/2024 USD 0.000
UBS AG/London 9.000 6/3/2024 CHF 72.700
UBS AG/London 9.250 11/27/2023 CHF 61.450
UBS AG/London 15.250 11/27/2023 CHF 14.360
DekaBank Deutsche Giro 3.400 6/27/2025 EUR 66.670
Raiffeisen Switzerland 7.200 11/30/2023 CHF 57.430
Leonteq Securities AG/ 12.000 10/7/2024 CHF 73.850
Leonteq Securities AG 26.000 7/10/2024 CHF 46.230
SG Issuer SA 9.180 1/20/2025 SEK 69.260
Leonteq Securities AG 24.000 7/10/2024 CHF 65.880
Leonteq Securities AG/ 7.000 6/7/2024 CHF 62.780
TKK OOO 17.171 12/31/2033 RUB 62.000
UBS AG/London 13.500 4/29/2024 USD 65.730
Landesbank Baden-Wuert 2.400 11/24/2023 EUR 70.700
Landesbank Baden-Wuert 3.000 11/24/2023 EUR 72.530
UniCredit Bank AG 4.850 5/23/2025 EUR 71.580
UBS AG/London 7.250 11/20/2023 CHF 54.600
Leonteq Securities AG/ 20.000 7/3/2024 CHF 65.020
Corner Banca SA 16.000 1/3/2025 USD 80.550
Leonteq Securities AG 26.000 7/3/2024 CHF 43.860
Leonteq Securities AG/ 10.000 1/3/2025 CHF 73.710
Corner Banca SA 15.000 7/3/2024 CHF 77.610
Swissquote Bank SA 23.990 7/3/2024 CHF 62.690
Ardshinbank CJSC 9.750 7/3/2025 AMD 0.000
Zurcher Kantonalbank F 10.000 6/26/2024 CHF 67.340
Zurcher Kantonalbank F 8.000 12/23/2024 CHF 77.090
Landesbank Baden-Wuert 8.100 11/24/2023 EUR 61.850
Landesbank Baden-Wuert 9.100 11/24/2023 EUR 65.990
Landesbank Baden-Wuert 5.100 11/24/2023 EUR 71.830
Landesbank Baden-Wuert 11.750 11/24/2023 EUR 28.850
Landesbank Baden-Wuert 4.500 11/24/2023 EUR 67.400
Raiffeisen Schweiz Gen 6.000 11/23/2023 CHF 59.150
UniCredit Bank AG 1.550 7/18/2031 EUR 70.990
Leonteq Securities AG 20.000 7/3/2024 CHF 55.130
Zurcher Kantonalbank F 8.500 6/19/2024 CHF 66.090
UBS AG/London 14.750 11/27/2023 CHF 31.450
UniCredit Bank AG 18.000 12/22/2023 EUR 80.060
UniCredit Bank AG 17.000 12/31/2024 EUR 78.350
UBS AG/London 12.000 11/27/2023 CHF 15.200
UniCredit Bank AG 15.800 12/31/2024 EUR 79.950
Landesbank Hessen-Thue 1.500 10/1/2036 EUR 64.100
Basler Kantonalbank 10.000 1/20/2025 CHF 71.850
Sberbank of Russia PJS 0.010 10/3/2028 RUB 58.710
Landesbank Baden-Wuert 3.000 10/24/2025 EUR 59.190
Nordea Bank Abp 0.620 10/14/2026 SEK 59.950
DZ Bank AG Deutsche Ze 23.900 6/28/2024 EUR 72.280
DZ Bank AG Deutsche Ze 12.100 6/28/2024 EUR 74.840
Raiffeisen Schweiz Gen 4.000 9/27/2024 CHF 20.980
Landesbank Baden-Wuert 2.600 10/24/2025 EUR 73.460
UniCredit Bank AG 1.120 1/20/2031 EUR 70.340
UniCredit Bank AG 1.560 1/20/2031 EUR 73.020
UBS AG/London 7.800 4/20/2026 EUR 37.540
DekaBank Deutsche Giro 2.400 5/17/2024 EUR 34.390
Citigroup Global Marke 1.290 4/29/2025 EUR 68.990
Leonteq Securities AG 14.000 12/23/2024 CHF 71.470
Swissquote Bank SA 10.000 6/26/2024 CHF 64.890
Raiffeisen Switzerland 20.000 6/26/2024 CHF 42.770
Bank Vontobel AG 8.500 12/23/2024 CHF 65.200
Vontobel Financial Pro 16.750 6/28/2024 EUR 55.390
Unibank OJSC 5.300 2/5/2024 USD 0.000
UniCredit Bank AG 0.900 7/18/2031 EUR 73.790
UniCredit Bank AG 4.900 5/14/2024 USD 72.950
Bank Julius Baer & Co 10.150 5/21/2024 USD 55.800
Landesbank Baden-Wuert 1.000 8/12/2039 EUR 63.450
EFG International Fina 12.000 11/20/2023 CHF 22.020
Landesbank Baden-Wuert 0.750 8/12/2039 EUR 65.020
Leonteq Securities AG/ 11.000 12/7/2023 CHF 17.470
Raiffeisen Schweiz Gen 10.000 12/7/2023 CHF 36.080
Raiffeisen Switzerland 9.250 6/23/2025 CHF 70.030
Corner Banca SA 18.500 9/23/2024 CHF 45.050
Leonteq Securities AG/ 20.000 9/26/2024 USD 47.500
Vontobel Financial Pro 11.750 6/28/2024 EUR 72.600
Vontobel Financial Pro 14.000 6/28/2024 EUR 72.010
DZ Bank AG Deutsche Ze 18.600 3/22/2024 EUR 73.830
DZ Bank AG Deutsche Ze 18.600 6/28/2024 EUR 74.110
DZ Bank AG Deutsche Ze 21.000 6/28/2024 EUR 72.150
SG Issuer SA 5.000 4/2/2024 EUR 54.210
HSBC Trinkaus & Burkha 6.700 9/27/2024 EUR 55.580
SG Issuer SA 7.600 1/20/2025 SEK 66.880
Bank Vontobel AG 22.000 7/1/2024 CHF 64.700
DZ Bank AG Deutsche Ze 21.600 3/22/2024 EUR 71.010
DZ Bank AG Deutsche Ze 16.400 6/28/2024 EUR 76.260
DZ Bank AG Deutsche Ze 15.800 9/27/2024 EUR 77.770
Bank Julius Baer & Co 7.000 1/6/2025 CHF 75.500
TransKomplektHolding J 9.500 11/2/2028 RUB 60.100
HSBC Trinkaus & Burkha 8.600 9/27/2024 EUR 52.610
Landesbank Baden-Wuert 8.500 6/27/2025 EUR 54.560
Landesbank Baden-Wuert 6.100 6/27/2025 EUR 61.480
HSBC Trinkaus & Burkha 15.200 3/22/2024 EUR 69.800
Raiffeisen Switzerland 10.000 4/16/2024 USD 50.640
Citigroup Global Marke 2.560 4/29/2025 EUR 21.000
Vontobel Financial Pro 11.250 12/31/2024 EUR 74.390
Vontobel Financial Pro 16.000 12/31/2024 EUR 72.600
Raiffeisen Schweiz Gen 20.000 10/16/2024 CHF 78.190
SG Issuer SA 2.100 11/6/2034 EUR 71.090
Ameriabank CJSC 9.500 7/14/2024 AMD 0.000
UBS AG/London 19.000 7/15/2024 CHF 51.650
Bank Vontobel AG 14.500 1/16/2024 CHF 54.900
UBS AG/London 16.500 7/22/2024 CHF 60.000
Leonteq Securities AG/ 9.000 1/22/2024 CHF 61.510
UBS AG/London 18.000 4/8/2024 CHF 43.600
EFG International Fina 15.000 11/13/2023 CHF 42.040
DekaBank Deutsche Giro 3.900 6/9/2026 EUR 74.970
Vontobel Financial Pro 13.750 9/27/2024 EUR 74.270
Vontobel Financial Pro 20.000 9/27/2024 EUR 72.530
DZ Bank AG Deutsche Ze 16.000 3/20/2024 EUR 72.430
Vontobel Financial Pro 16.750 9/27/2024 EUR 73.180
Bank Vontobel AG 15.500 11/18/2024 CHF 63.000
Corner Banca SA 23.000 8/21/2024 CHF 51.830
Raiffeisen Switzerland 12.300 8/21/2024 CHF 65.890
BNP Paribas Emissions- 11.000 12/21/2023 EUR 65.550
BNP Paribas Emissions- 15.000 12/21/2023 EUR 45.980
BNP Paribas Emissions- 10.000 12/21/2023 EUR 57.360
BNP Paribas Emissions- 9.000 12/21/2023 EUR 63.120
BNP Paribas Emissions- 7.000 12/21/2023 EUR 61.920
BNP Paribas Emissions- 10.000 12/21/2023 EUR 71.450
BNP Paribas Emissions- 11.000 12/21/2023 EUR 69.300
BNP Paribas Emissions- 7.000 12/21/2023 EUR 59.580
BNP Paribas Emissions- 7.000 12/21/2023 EUR 65.280
UBS AG/London 9.750 6/10/2024 CHF 61.750
SG Issuer SA 3.100 5/18/2028 EUR 64.840
SG Issuer SA 4.000 6/22/2026 EUR 68.650
SG Issuer SA 11.170 7/20/2025 SEK 50.890
Vontobel Financial Pro 22.500 3/22/2024 EUR 78.870
Vontobel Financial Pro 24.500 6/28/2024 EUR 75.980
Vontobel Financial Pro 22.500 6/28/2024 EUR 77.950
Vontobel Financial Pro 17.500 3/22/2024 EUR 74.340
Vontobel Financial Pro 14.500 6/28/2024 EUR 43.420
Vontobel Financial Pro 24.000 3/22/2024 EUR 46.860
Vontobel Financial Pro 12.500 6/28/2024 EUR 57.150
Vontobel Financial Pro 25.000 3/22/2024 EUR 75.900
Vontobel Financial Pro 13.500 3/22/2024 EUR 43.140
Vontobel Financial Pro 16.500 3/22/2024 EUR 40.710
Vontobel Financial Pro 13.500 6/28/2024 EUR 62.680
Vontobel Financial Pro 15.000 3/22/2024 EUR 67.210
Societe Generale SA 4.500 12/30/2024 USD 70.630
Raiffeisen Schweiz Gen 20.000 9/25/2024 CHF 71.870
Leonteq Securities AG 20.000 8/28/2024 CHF 60.320
DZ Bank AG Deutsche Ze 23.300 12/22/2023 EUR 72.130
DZ Bank AG Deutsche Ze 14.800 3/22/2024 EUR 74.850
DZ Bank AG Deutsche Ze 19.300 12/22/2023 EUR 73.070
DZ Bank AG Deutsche Ze 12.400 6/28/2024 EUR 74.830
Landesbank Hessen-Thue 1.200 8/28/2035 EUR 67.800
Landesbank Hessen-Thue 1.000 9/3/2035 EUR 64.850
Landesbank Hessen-Thue 1.350 7/30/2035 EUR 68.400
Landesbank Hessen-Thue 1.000 8/6/2035 EUR 66.000
SFO Social Development 10.210 1/8/2027 RUB 60.050
Zurcher Kantonalbank F 10.000 5/8/2024 CHF 68.710
Swissquote Bank SA 11.030 8/12/2024 CHF 66.990
DZ Bank AG Deutsche Ze 2.120 12/29/2031 EUR 72.550
Bank Vontobel AG 6.200 2/2/2024 CHF 68.400
Raiffeisen Schweiz Gen 5.800 2/7/2024 CHF 67.740
SG Issuer SA 8.410 1/20/2027 SEK 67.870
UniCredit Bank AG 4.900 3/10/2025 EUR 69.000
Bank Vontobel AG 7.500 2/5/2024 CHF 60.200
Leonteq Securities AG/ 7.000 2/9/2024 CHF 68.320
Landesbank Hessen-Thue 2.000 3/16/2037 EUR 68.000
DZ Bank AG Deutsche Ze 1.300 12/29/2031 EUR 73.210
Landesbank Baden-Wuert 3.000 2/27/2026 EUR 70.950
Landesbank Baden-Wuert 4.000 2/27/2026 EUR 71.900
Leonteq Securities AG/ 5.200 2/14/2024 EUR 71.050
Leonteq Securities AG/ 8.000 2/14/2024 CHF 57.030
Leonteq Securities AG/ 5.000 2/14/2024 CHF 70.980
Landesbank Baden-Wuert 3.000 2/27/2026 EUR 63.370
Landesbank Baden-Wuert 3.000 2/27/2026 EUR 56.010
UniCredit Bank AG 13.100 2/23/2024 EUR 64.910
UniCredit Bank AG 12.700 11/24/2023 EUR 64.850
UniCredit Bank AG 10.000 2/23/2024 EUR 73.870
UniCredit Bank AG 11.000 2/23/2024 EUR 70.500
UniCredit Bank AG 12.000 2/23/2024 EUR 67.600
Leonteq Securities AG/ 8.000 9/23/2024 CHF 81.100
SG Issuer SA 1.750 4/21/2034 EUR 52.020
Bank Vontobel AG 11.000 2/23/2024 CHF 14.600
Ardshinbank CJSC 9.250 3/13/2024 AMD 0.000
Zurcher Kantonalbank F 8.500 2/23/2024 CHF 72.080
Landesbank Baden-Wuert 7.800 3/22/2024 EUR 49.800
Landesbank Baden-Wuert 12.500 3/22/2024 EUR 38.510
Landesbank Baden-Wuert 9.500 3/22/2024 EUR 67.730
Landesbank Baden-Wuert 7.400 3/22/2024 EUR 73.620
Zurcher Kantonalbank F 10.000 7/12/2024 CHF 68.780
Zurcher Kantonalbank F 15.000 7/12/2024 CHF 74.130
Zurcher Kantonalbank F 10.000 7/12/2024 EUR 54.980
UBS AG/London 14.250 7/12/2024 EUR 60.500
Raiffeisen Switzerland 13.400 5/30/2024 CHF 66.060
BNP Paribas Emissions- 1.450 6/4/2026 EUR 74.260
Raiffeisen Schweiz Gen 19.500 6/6/2024 CHF 73.610
UniCredit Bank AG 8.400 6/28/2024 EUR 76.510
Swissquote Bank SA 26.980 6/5/2024 CHF 42.920
Corner Banca SA 13.000 9/5/2024 CHF 68.710
Swissquote Bank SA 18.790 6/5/2024 CHF 76.930
Vontobel Financial Pro 7.120 12/7/2023 EUR 49.320
Vontobel Financial Pro 11.000 6/28/2024 EUR 47.790
UBS AG/London 12.500 12/2/2024 CHF 69.750
Leonteq Securities AG/ 14.000 12/9/2024 CHF 71.640
Swissquote Bank SA 25.080 6/12/2024 CHF 66.770
UBS AG/London 8.750 6/10/2025 CHF 68.700
Meta Wolf AG 6.750 3/10/2005 DEM 0.110
Landesbank Hessen-Thue 1.800 6/9/2036 EUR 63.950
Sberbank of Russia PJS 0.010 5/10/2028 RUB 73.500
DEPFA PLC 4.483 1/26/2034 EUR 0.010
Landesbank Baden-Wuert 5.400 12/22/2023 EUR 45.590
Landesbank Baden-Wuert 2.750 12/22/2023 EUR 54.980
Landesbank Baden-Wuert 2.400 6/27/2025 EUR 41.370
Landesbank Baden-Wuert 3.600 2/27/2026 EUR 51.080
DekaBank Deutsche Giro 2.000 8/30/2024 EUR 47.480
DekaBank Deutsche Giro 2.100 2/2/2024 EUR 58.610
DekaBank Deutsche Giro 4.150 7/26/2024 EUR 41.220
Landesbank Baden-Wuert 2.200 3/22/2024 EUR 73.630
Landesbank Baden-Wuert 4.100 3/22/2024 EUR 63.420
Landesbank Baden-Wuert 4.200 3/22/2024 EUR 70.420
Landesbank Baden-Wuert 2.600 3/22/2024 EUR 64.600
Landesbank Baden-Wuert 5.250 3/22/2024 EUR 52.860
Landesbank Baden-Wuert 5.100 3/22/2024 EUR 49.700
Landesbank Baden-Wuert 2.700 3/22/2024 EUR 75.590
Landesbank Baden-Wuert 5.600 3/22/2024 EUR 61.820
Landesbank Baden-Wuert 3.000 3/22/2024 EUR 67.530
Landesbank Baden-Wuert 4.900 3/22/2024 EUR 74.950
UBS AG/London 7.640 4/20/2026 SEK 31.590
Landesbank Baden-Wuert 3.460 3/22/2024 EUR 68.240
Ameriabank CJSC 9.500 3/13/2024 AMD 0.000
Raiffeisen Schweiz Gen 6.400 3/4/2024 CHF 70.670
Raiffeisen Schweiz Gen 8.000 12/4/2023 CHF 53.970
Raiffeisen Schweiz Gen 7.300 3/4/2024 CHF 51.780
Raiffeisen Schweiz Gen 8.000 12/4/2023 CHF 75.980
Bank Vontobel AG 10.000 3/4/2024 EUR 53.100
Bank Vontobel AG 9.000 3/4/2024 CHF 74.500
DekaBank Deutsche Giro 4.100 4/2/2026 EUR 58.490
UniCredit Bank AG 4.700 4/13/2026 EUR 60.450
Bank Vontobel AG 12.000 2/26/2024 CHF 53.700
Nordea Bank Abp 8.260 7/20/2028 SEK 74.750
UBS AG/London 6.750 3/18/2024 EUR 70.550
Raiffeisen Schweiz Gen 6.200 2/28/2024 CHF 71.920
Landesbank Baden-Wuert 9.250 3/22/2024 EUR 45.130
Landesbank Baden-Wuert 11.000 3/22/2024 EUR 41.380
Landesbank Baden-Wuert 9.250 3/22/2024 EUR 71.830
Bank Vontobel AG 7.000 2/26/2024 CHF 71.500
Raiffeisen Bank Intern 8.000 4/8/2024 EUR 71.880
Nordea Bank Abp 2.000 3/25/2027 SEK 66.130
BNP Paribas Emissions- 4.320 2/22/2024 EUR 67.710
Landesbank Baden-Wuert 4.200 12/22/2023 EUR 49.150
Landesbank Baden-Wuert 4.700 2/23/2024 EUR 60.350
Landesbank Baden-Wuert 2.300 2/28/2025 EUR 45.270
Landesbank Baden-Wuert 2.200 4/28/2025 EUR 46.260
Landesbank Baden-Wuert 2.100 12/22/2023 EUR 40.740
DekaBank Deutsche Giro 2.300 9/20/2024 EUR 44.280
DekaBank Deutsche Giro 2.400 3/14/2025 EUR 55.740
Corner Banca SA 13.000 4/3/2024 CHF 31.390
Landesbank Baden-Wuert 3.000 3/22/2024 EUR 68.110
Landesbank Baden-Wuert 3.000 3/22/2024 EUR 75.710
Landesbank Baden-Wuert 3.700 3/22/2024 EUR 58.670
Landesbank Baden-Wuert 3.000 3/22/2024 EUR 60.020
Landesbank Baden-Wuert 5.400 4/26/2024 EUR 74.490
Landesbank Baden-Wuert 6.000 3/22/2024 EUR 73.070
Landesbank Baden-Wuert 5.600 3/22/2024 EUR 72.780
Landesbank Baden-Wuert 4.500 3/22/2024 EUR 65.690
Landesbank Baden-Wuert 4.500 3/22/2024 EUR 60.330
Landesbank Baden-Wuert 6.400 3/22/2024 EUR 54.470
UBS AG/London 4.000 5/26/2026 SEK 68.110
UBS AG/London 13.000 9/30/2024 CHF 23.960
UBS AG/London 4.000 8/3/2026 SEK 56.240
Landesbank Hessen-Thue 2.000 3/10/2037 EUR 69.700
Bank Vontobel AG 6.500 3/1/2024 CHF 70.900
Inecobank CJSC 9.600 6/16/2024 AMD 0.000
DekaBank Deutsche Giro 3.550 8/11/2025 EUR 63.320
Landesbank Baden-Wuert 3.050 8/28/2026 EUR 69.220
STAVMAT Epitoanyag Ker 3.000 7/20/2031 HUF 70.600
Zurcher Kantonalbank F 16.000 6/14/2024 CHF 60.570
UBS AG/London 18.500 6/14/2024 CHF 36.450
UBS AG/London 14.000 6/14/2024 USD 60.900
Sberbank of Russia PJS 0.010 7/5/2028 RUB 73.010
Societe Generale SA 11.000 7/14/2026 USD 11.600
Landesbank Baden-Wuert 3.000 7/25/2025 EUR 72.930
Landesbank Baden-Wuert 3.300 7/25/2025 EUR 65.420
SG Issuer SA 0.021 7/7/2033 EUR 56.080
DZ Bank AG Deutsche Ze 0.640 12/30/2030 EUR 74.890
SG Issuer SA 0.021 6/14/2033 EUR 63.660
DekaBank Deutsche Giro 2.300 8/9/2024 EUR 66.000
Bank Julius Baer & Co 8.150 12/13/2023 CHF 73.950
SG Issuer SA 0.015 11/7/2033 EUR 56.030
SG Issuer SA 0.021 8/15/2033 EUR 48.290
Landesbank Baden-Wuert 2.300 8/22/2025 EUR 74.700
Landesbank Baden-Wuert 2.100 8/22/2025 EUR 63.460
Landesbank Baden-Wuert 3.000 8/22/2025 EUR 68.730
Landesbank Hessen-Thue 1.000 8/19/2036 EUR 62.750
Landesbank Hessen-Thue 1.750 8/4/2036 EUR 63.400
Bank Vontobel AG 8.250 3/4/2024 CHF 77.200
SunDell Estate Nyrt 3.650 7/9/2031 HUF 70.000
EFG International Fina 8.000 3/5/2024 CHF 57.260
SG Issuer SA 5.000 5/30/2029 EUR 42.570
Leonteq Securities AG/ 17.000 12/5/2023 CHF 17.390
Citigroup Global Marke 2.500 5/16/2031 EUR 68.670
Zurcher Kantonalbank F 4.700 4/8/2024 CHF 12.400
ArmSwissBank CJSC 6.500 5/2/2025 USD 0.000
Leonteq Securities AG/ 27.000 2/16/2024 CHF 26.830
UniCredit Bank AG 6.400 2/28/2024 EUR 71.980
Landesbank Baden-Wuert 4.100 1/23/2026 EUR 71.290
Erste Group Bank AG 5.250 1/31/2026 EUR 35.500
UBS AG/London 6.250 12/22/2023 CHF 44.200
UBS AG/London 8.000 12/22/2023 USD 68.750
Leonteq Securities AG/ 6.000 12/27/2023 CHF 63.860
Bank Vontobel AG 5.000 12/11/2023 CHF 67.700
Leonteq Securities AG/ 7.000 12/13/2023 CHF 47.990
Citigroup Global Marke 9.160 12/18/2023 EUR 71.570
SG Issuer SA 1.500 1/24/2034 EUR 53.920
Landesbank Hessen-Thue 1.500 1/20/2037 EUR 63.150
Leonteq Securities AG 7.000 12/20/2023 CHF 56.140
Raiffeisen Schweiz Gen 8.000 12/20/2023 CHF 62.190
Raiffeisen Schweiz Gen 6.300 12/20/2023 CHF 63.980
Raiffeisen Schweiz Gen 4.600 12/17/2024 CHF 74.340
Bank Vontobel AG 6.000 12/18/2023 CHF 42.200
Sberbank of Russia PJS 0.010 12/21/2026 RUB 68.100
DekaBank Deutsche Giro 6.600 1/17/2025 EUR 46.210
UBS AG/London 5.250 12/22/2023 CHF 63.500
Unibank OJSC 9.800 2/26/2024 AMD 10.300
Leonteq Securities AG/ 7.000 12/27/2023 CHF 46.290
Leonteq Securities AG/ 7.000 12/27/2023 USD 64.070
Bank Vontobel AG 5.500 12/27/2023 CHF 63.500
Raiffeisen Switzerland 10.500 7/11/2024 USD 21.710
Landesbank Hessen-Thue 1.580 12/16/2036 EUR 68.000
UniCredit Bank AG 9.400 1/20/2025 EUR 78.300
UBS AG/London 5.750 12/15/2023 CHF 60.650
UBS AG/London 6.000 12/15/2023 CHF 59.700
UBS AG/London 5.000 12/15/2023 EUR 28.520
UBS AG/London 5.250 12/15/2023 CHF 63.150
UBS AG/London 7.500 12/15/2023 CHF 44.400
Raiffeisen Schweiz Gen 7.300 12/13/2023 CHF 75.240
Raiffeisen Schweiz Gen 5.700 12/13/2023 CHF 64.190
Raiffeisen Schweiz Gen 6.000 12/13/2023 CHF 66.630
Bank Vontobel AG 7.750 12/11/2023 CHF 59.100
Bank Vontobel AG 4.750 12/15/2023 CHF 63.800
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
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The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
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