/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/231120.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 20, 2023, Vol. 24, No. 232 Headlines F R A N C E SEINE FINANCE: Moody's Assigns B3 CFR, Rates New Sec. Term Loan B3 VALLOUREC SA: S&P Upgrades Long-Term ICR to 'BB'; Outlook Positive G E R M A N Y KALLE GMBH: $88.8MM Bank Debt Trades at 28% Discount KALLE GMBH: EUR145MM Bank Debt Trades at 21% Discount TELE COLUMBUS: EUR525.2MM Bank Debt Trades at 41% Discount TRAVIATA BV: Fitch Affirms 'B' LongTerm IDR, Outlook Stable I R E L A N D MADISON PARK XIV: Moody's Affirms B3 Rating on EUR15.4MM F-R Notes MALLINCKRODT PLC: Fitch Assigns 'B-' LongTerm IDR, Outlook Stable SCULPTOR EUROPEAN VII: Moody's Affirms B3 Rating on Class F Notes TORO EUROPEAN 6: Fitch Hikes Rating on Class F Notes to 'B-sf' L U X E M B O U R G CULLINAN HOLDCO: Moody's Lowers CFR & Senior Secured Notes to B2 TRAVELPORT FINANCE: $2.80BB Bank Debt Trades at 52% Discount TRINSEO MATERIALS: $750MM Bank Debt Trades at 24% Discount N E T H E R L A N D S FLAMINGO GROUP: EUR280MM Bank Debt Trades at 20% Discount U N I T E D K I N G D O M BRAND EVENTS: Enters Administration, Owes GBP3 Million CJ SERVICES: Bought Out of Administration in Pre-pack Deal EVERTON FC: Potential GBP300MM Bill May Impact 777Partners Deal FUTURAMA: Ex-Employees Awarded GBP120,000 for Unfair Dismissal MARKS & SPENCER: Moody's Affirm 'Ba1' CFR, Alters Outlook to Pos. MORSES CLUB: Goes Into Administration, 101 Jobs Affected MORTIMER BTL 2023-1: S&P Assigns Prelim BB+ (sf) Rating to X Notes YOUNGS LAW: Enters Administration Following Financial Woes X X X X X X X X [*] BOND PRICING: For the Week November 13 to November 17, 2023 [*] Half of European Fintech Unlikely to Reach Profitability - - - - - =========== F R A N C E =========== SEINE FINANCE: Moody's Assigns B3 CFR, Rates New Sec. Term Loan B3 ------------------------------------------------------------------ Moody's Investors Service has assigned a B3 corporate family rating and B3-PD probability of default rating to Seine Finance Sarl (Silae or the company). Concurrently, Moody's has assigned B3 ratings to the planned EUR400 million senior secured term loan B borrowed by Seine Finance Sarl, the proceeds of which will be used to fund a EUR392 million cash dividend to Silae's shareholders. Concurrently, Moody's has assigned a B3 rating to the EUR250 million senior secured term loan B and the EUR75 million senior secured revolving credit facility (RCF) borrowed by Seine HoldCo SAS. The outlook on all ratings is positive. "The action reflects the aggressive nature of the refinancing of Silae's capital structure, the proceeds of which will be used to fund a large dividend to Silver Lake Partners, and associated weakening of the company's financial profile" said Fabrizio Marchesi, a Moody's Vice President-Senior Analyst and lead analyst for the company. "However, the rating also reflects Silae's strong historic financial performance and Moody's expectations that the company will improve its financial metrics over the coming 12-18 months, as well as the associated execution risk", added Mr. Marchesi. Corporate governance considerations were a key rating driver for the rating action. This reflects the appetite for high leverage of Silae's shareholders as demonstrated by the proposed refinancing (Financial Strategy and Risk Management), which are captured under Moody's General Principles for Assessing Environmental, Social and Governance Risks methodology for assessing ESG risks. RATINGS RATIONALE Silae has performed strongly since the leveraged buyout by Silver Lake Partners in 2020. The company's top-line grew to EUR128 million in 2022, as per audited accounts, with Moody's-adjusted EBITDA also improving and leverage reducing towards 3.0x as of 31 December 2022. Gains were mainly driven by strong growth in payslips processed as Silae's core payroll software product has gained popularity among distribution partners and their end customers. The planned EUR400 million senior secured term loan B add-on financing will, however, lead to a significant deterioration in Silae's financial metrics because the company's debt burden will rise to EUR650 million. Proforma for the refinancing, Moody's-adjusted (gross) leverage for Silae will increase to between 7-7.5x. Assuming the refinancing and further growth in Moody's-adjusted EBITDA, Moody's expects Silae's Moody's-adjusted leverage to improve towards mid-6x by the end of the year, with Moody's-adjusted (EBITDA less capex) / interest well below 2x and Moody's-adjusted free cash flow (FCF) / debt in the mid-single digits, both calculated on a proforma basis including the full-year impact of the refinancing. Although Moody's expects that Silae will continue to grow over the next 12-18 months, and thus improve its financial metrics, there is some degree of execution risk. Moody's forecasts that revenue will rise towards EUR190-195 million in 2024, underpinned by a new "more-for-more" product offering as well as ongoing volume growth, with Moody's-adjusted EBITDA also improving. This will result in a reduction of Moody's-adjusted leverage towards 5x by December 2024, with Moody's-adjusted (EBITDA less capex) / interest and Moody's-adjusted FCF / debt rising to above 2x and high-single digits, respectively. However, Moody's considers there to be some execution risk because the new product offering, which comes at a higher price point, has only recently been implemented (although current trading is encouraging in terms of take-up and churn) and continued market share gains need to be delivered in the context of a competitive market. The B3 CFR also reflects Silae's relatively small revenue base and a relatively short track record of operations; high geographic concentration; limited diversification, from a product line and distribution channel standpoint, although there has been some improvement since the buyout by Silver Lake Partners in 2020; and exposure to SMEs, which have a higher degree of operating risk when compared to larger companies, although this is partly mitigated by the diversity of Silae's end-user portfolio. Moody's also considers that there is a risk that the company could re-leverage via further debt-funded shareholder distributions or acquisitions. Concurrently, the rating is supported by the company's position as the leading French payroll software provider (as measured by the number of payslips) targeting small- and medium-sized enterprises (SMEs) that outsource payroll services predominantly to certified public accountants (CPAs), value-added resellers (VARs) and business process outsourcers (BPOs); good revenue visibility, given the recurring nature of software-as-a-service (SaaS) fees; best-in-class EBITDA margins; and good liquidity. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS Moody's believes that governance was a key rating driver in the rating action. Financial strategy and risk management is a governance consideration under Moody's General Principles for Assessing Environmental, Social and Governance Risks methodology. The sizable increase in debt demonstrates the aggressive financial policy of its owners and the overall tolerance to operate with high leverage. Silae is controlled by Silver Lake Partners, which controls the board. As a result, the company's board structure and policies reflect concentrated control and decision-making, while financial disclosure is more limited relative to publicly listed companies. These considerations are reflected in Silae's G-4 Issuer Profile Score (IPS), which reflects overall exposure to governance risk, and the company's Credit Impact Score (CIS) of CIS-4. LIQUIDITY Silae's liquidity is good, supported by a cash balance of EUR59 million as of August 31, 2023, proforma the refinancing, and access to a EUR75 million undrawn senior secured RCF. Additionally, Moody's expects the company to continue to generate healthy cash flow, with Moody's-adjusted FCF/debt likely to be above 5% from 2024 onwards. Silae's senior secured RCF contains a springing covenant, which will only be tested if the RCF is 40% drawn or more and has been set at a 40% headroom. STRUCTURAL CONSIDERATIONS The company's capital structure consists of a EUR75 million senior secured RCF due May 2027 and a EUR250 million senior secured term loan B due in November 2027, both borrowed by Seine HoldCo SAS, and a planned EUR400 million senior secured term loan B due November 2027, borrowed by Seine Finance Sarl. Security provided consists of pledges over shares, intercompany receivables and bank accounts. The EUR250 million senior secured term loan B, EUR400 million senior secured term loan B and EUR75 million senior secured RCF are all rated B3, in line with the CFR, as they are the only financial debt instruments in the capital structure and they all rank pari passu. The PDR is in line with the CFR and reflects Moody's assumption of a 50% family recovery rate. RATING OUTLOOK The positive outlook reflects Moody's expectation of solid financial performance characterized by growth in revenue and profitability as well as improving leverage, interest coverage and FCF generation over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive rating pressure could develop if Silae continues to grow in size by delivering solid organic revenue and EBITDA growth such that the company maintains Moody's-adjusted leverage below 5.5x; Moody's-adjusted (EBITDA less capex) / interest well above 2.0x; and Moody's-adjusted FCF / debt at high single-digit levels, while maintaining a good liquidity profile. An upgrade would also require that the company demonstrates a track record of prudent and predictable financial policies with an absence of significant re-leveraging transactions. Conversely, Silae's ratings could come under negative pressure if the company's revenue and EBITDA growth weakens materially, possibly as a result of subdued operating performance or increased competition; Moody's-adjusted leverage remains above 7.0x on a sustained basis, Moody's-adjusted (EBITDA less capex) / interest falls below 1.5x, or Moody's-adjusted FCF/debt turns negative, possibly due to a significant debt-funded acquisition or shareholder-friendly action; or the company's good liquidity position deteriorates. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Software published in June 2022. COMPANY PROFILE Seine Finance Sarl is the holding company of the group which controls Silae, a French provider of cloud-enabled payroll software for SMEs, which was founded in 2010 and is headquartered in Aix-en-Provence. Silae's main product is Silaexpert, a cloud-native SaaS software, which targets SMEs that outsource their payroll process. Silae distributes its product indirectly via a network of around 7,000 channel partners (mainly CPAs, but also some value-added resellers) through which it currently addresses around 0.9 million end customers and delivers around 6.8 million payslips per month. In the fiscal year ended December 31, 2022, Silae reported revenue of EUR128 million, as per its audited financial statements. VALLOUREC SA: S&P Upgrades Long-Term ICR to 'BB'; Outlook Positive ------------------------------------------------------------------ S&P Global Ratings raised its long-term issuer credit rating and issue rating on steel tube producer Vallourec S.A. and its senior unsecured notes to 'BB' from 'BB-'. S&P also affirmed its 'B' short-term rating on its commercial paper program. The positive outlook indicates the potential for another upgrade by the end of 2024, if the company completes its transformation and reduces net debt to less than EUR0.5 billion. Better-than-expected results and lower debt lead to a second upgrade in 2023. A strong market environment in the Eastern Hemisphere, supportive iron ore prices, and some benefits from its cost-cutting initiatives exceeded previous projections. After raising its guidance earlier this year, the company expects EBITDA in the range of EUR1,075 million-EUR1,175 million in 2023. S&P said, "Healthy oil prices, strong economic indicators in the U.S., and additional benefits from the restructuring program have led us to revise our EBITDA projection for 2024 to EUR0.9 billion-EUR1.0 billion (compared with EUR0.8 billion-EUR0.9 billion in March when we raised the rating to 'BB'). "The company's results for the first nine months of 2023 exceeded our expectations, including reported EBITDA of EUR915 million compared with our previous forecast of about EUR1 billion for the full year. At the same time, Vallourec demonstrated its progress toward reducing reported net debt. The good results were predominantly driven by enhanced selling prices for tubes (up 20% year on year) and some benefits from the restructuring plans and related cost-cutting initiatives. We believe that pricing will stabilize in the U.S. over the short term while the demand for pipes should remain supportive, despite some softening in the U.S. amid the rising interest rate environment; the Middle East is providing opportunities for growth. As a result, our revised base case forecasts further material reduction of adjusted net debt in 2023-2024 well below 2x." Vallourec's zero net debt objective is around the corner. As of Sept. 30, 2023, the company reported EUR0.75 billion of net debt, down from EUR1.1 billion at the start of the year. Under S&P's new base case it believes that zero net det could be achieved toward 2025 (excluding swings in working capital), with upside if the company divested some of its real estate in Germany, unlocking more efficiency from its restructuring program and better performance in 2025. The company's transformation strategy is intended to make it cycle-proof and enable it to benefit from a reshaped cost base. During 2022, the company finalized its social plan agreements in Europe, announced and prepared for the closure of its operations in Germany, and started ramping up production in Brazil. From the second quarter of 2024, the company targets a EUR230 million improvement in run-rate EBITDA and aims to cut capital expenditure (capex) by about EUR20 million a year. In S&P's view, the execution risk associated with these changes is not material. S&P will continue to monitor the ramp up of production in Brazil. Once the company has completed its plan, it estimates its free cash flow would remain positive even if EBITDA were to move as low as EUR400 million. The positive outlook indicates the potential for another upgrade by the end of 2024, if the company completed its transformation program and net debt was reduced to less than EUR0.5 billion. S&P said, "Under our base-case scenario, we expect reported EBITDA to land at about EUR1.1 billion in 2023 and EUR0.9 billion-EUR1.0 billion in 2024, and that free operating cash flow (FOCF) will be more than EUR300 million on average. As a result, we expect adjusted debt to EBITDA to be about 1.0x in 2023, and to drop below 1.0x in 2024. "We would consider adjusted debt to EBITDA of about 2x on average over the cycle to be commensurate with our 'BB' rating on Vallourec. Under mid-cycle conditions with EBITDA of about EUR750 million and reported net debt of EUR0.5 billion, we calculate adjusted debt to EBITDA to be below 1x." A possible upgrade would hinge on the following: -- Over-the-cycle EBITDA of at least EUR750 million. -- Adjusted debt to EBITDA below 2x at the bottom of the cycle. -- Restoring mining operations to close to normalized full capacity and completing the ramping up the Brazilian operations. S&P could revise the outlook to stable if: -- Demand for the company's product fell, or it encountered operational issues and as a result EBITDA was less than EUR700 million in 2024 and even lower in 2025. -- Implementation of the transformation program proves to be more complex than expected. ============= G E R M A N Y ============= KALLE GMBH: $88.8MM Bank Debt Trades at 28% Discount ---------------------------------------------------- Participations in a syndicated loan under which Kalle GmbH is a borrower were trading in the secondary market around 71.8 cents-on-the-dollar during the week ended Friday, November 17, 2023, according to Bloomberg's Evaluated Pricing service data. The $88.8 million facility is a Term loan that is scheduled to mature on December 29, 2023. The amount is fully drawn and outstanding. Kalle GmbH provides food machinery equipment. The Company's country of domicile is Germany. KALLE GMBH: EUR145MM Bank Debt Trades at 21% Discount ----------------------------------------------------- Participations in a syndicated loan under which Kalle GmbH is a borrower were trading in the secondary market around 79.2 cents-on-the-dollar during the week ended Friday, November 17, 2023, according to Bloomberg's Evaluated Pricing service data. The EUR145 million facility is a Term loan that is scheduled to mature on December 29, 2023. The amount is fully drawn and outstanding. Kalle GmbH provides food machinery equipment. The Company's country of domicile is Germany. TELE COLUMBUS: EUR525.2MM Bank Debt Trades at 41% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Tele Columbus AG is a borrower were trading in the secondary market around 59.3 cents-on-the-dollar during the week ended Friday, November 17, 2023, according to Bloomberg's Evaluated Pricing service data. The EUR525.2 million facility is a Term loan that is scheduled to mature on October 15, 2024. About EUR462.5 million of the loan is withdrawn and outstanding. Tele Columbus AG provides cable services. The Company offers cable television programming, telephone, and internet connection services to homeowners and the housing industry. Tele Columbus operates throughout Germany. TRAVIATA BV: Fitch Affirms 'B' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed Traviata B.V.'s (holdco) Long-Term Issuer Default Rating (IDR) at 'B' with Stable Outlook. The secured instrument rating on its term loan B (TLB) has been downgraded to 'B' from 'B+' and its Recovery Rating revised to 'RR4' from 'RR3' as a result of criteria change. All ratings have been removed from "Under Criteria Observation" (UCO) placed on 1 June 2023, following the publication of the final new Investment Holding Companies (IHC) Rating Criteria on 26 May 2023 (subsequently amended on 3 November 2023). Under the new IHC criteria Traviata's rating reflects limited diversification outside of its single investment in Axel Springer (AS), high financial leverage and relatively low interest cover metrics. Rating strengths are strong portfolio assets, historically stable dividends from AS and sufficient liquidity. The UCO indicated that the existing ratings may change as a direct result of the final criteria, and not because of a change of the underlying credit profile. The senior secured instrument ratings are now equal to the IDR as the current criteria impose an instrument-level rating cap at 'RR4', which translates into the instrument rating being at the same level as the IDR of 'B'. Traviata's revolving credit facility (RCF) ranking pari passu with the TLB was also downgraded to 'B' from 'B+ and withdrawn due to commercial reasons. KEY RATING DRIVERS New IHC Criteria IDR-Neutral: As a result of the new IHC rating criteria Fitch now derives Traviata's rating using a Fitch Navigator-style framework under which Fitch assesses a number of sub-factors similarly for other corporates. The combination of these factors and sub-factors is neutral to Traviata's 'B' IDR. Prior to the new IHC criteria, Fitch had derived Traviata's rating from the credit assessment of its sole investment, AS. No Portfolio Diversification: Traviata has only invested in a 48.54% stake in AS and Fitch expects it will not add any other assets to its portfolio. Its asset concentration significantly weighs on Traviata's credit profile as it makes Traviata fully reliant on the dividend stream from one entity. Strong Underlying Asset Quality: Despite the lack of portfolio diversification at Traviata, AS benefits from a solid credit profile supported by diversification across geographies and service platforms, accelerated transition towards digital, completed restructuring and tight cost control. Fitch expects AS's Fitch-defined EBITDA net leverage to decline to 2.1x by 2026 from 3.0x at end-2022. While Fitch sees some significant macro pressures in the US and Europe driving AS's performance below its prior expectations in 2023, Fitch believes revenue growth will recover in 2024 and EBITDA margins will gradually rise to around 19% by 2026. Stability of Dividends: Its base case assumes mid-single-digit pre-dividend free cash flow (FCF) margins for AS throughout the forecast period. This will allow for stable dividend payments, which is consistent with its historical trend, and key to Traviata's debt service ability. However, Fitch sees a limited ability by Traviata to heavily influence AS's dividend payments, given its non-controlling stake in AS. Mixed Leverage Metrics at Holdco: Under Fitch's IHC criteria Traviata's financial structure factor is weighed down by its flat gross debt/recurring cash flow at 10.5x throughout its four-year forecast period and which corresponds more to a 'ccc' rating category. High cash flow-based leverage is, however, offset by a comfortable loan-to-value (LTV) ratio of above 30%, which is commensurate with at least the 'bb' rating category. LTV increases to around 70% when stressed using around a 30% standard deviation to represent share price volatility of a broad listed peer group. Low Holdco Interest Cover: Traviata's debt rating is weighed down by its relatively weak dividend/interest coverage. With no debt amortisation this effectively measures cash flow debt service. The relative stability of AS's dividend stream coupled with fully hedged interest rates drives a forecast coverage at around 1.3x, compared with the downgrade threshold of 1.1x, and is likely to anchor Traviata's debt rating at the current level. At the same time, Fitch has relaxed the upgrade threshold to 1.7x, to align it with the navigator. Its rating case assumes an annual opco dividend of EUR125 million, translating into EUR61 million of dividends for Traviata. Sufficient Liquidity at Holdco: The rating is supported by sufficient liquidity with an EUR125 million undrawn RCF in place, which Fitch expects to cover around two years of interest payments in case dividend payments from AS are disrupted. Despite adequate holdco liquidity access, AS is not listed and shareholding agreement may pose some restrictions on Traviata's ability to dispose of its stake in a reasonably short timeframe in case of liquidity constraints. Instrument Rating at 'RR4': The senior secured instrument ratings are now equal to the IDR due to the instrument-level rating cap at 'RR4' under the new criteria, which translates into the instrument rating of 'B', the same level of the IDR with maximum expected recoveries of 50%. The cap reflects the lower predictability of recovery prospects given the volatility of investments' equity valuations, which can deteriorate rapidly when an investment approaches financial distress, as well as the absence of control over investments. DERIVATION SUMMARY Traviata's only investment is the 48.54% stake in AS, with dividends from this asset constituting a key source of interest payments on its EUR637 million senior secured TLB. As a result of changes in the IHC Rating Criteria Fitch is no longer focusing on Traviata's direct linkage with AS's income stream quality, proportionate holdco leverage, liquidity, and range of cash flow metrics. Fitch now uses a navigator framework encompassing an analysis of factors that are more common among investment holding companies. Key analytical areas include factors such as diversification of the portfolio, access to capital, underlying assets strength and its equity value, financial structure covering cash flow (dividend)-based leverage and LTV metrics, liquidity and financial flexibility -including stability of cash flows, readily available liquidity and asset liquidity. Factors with weaker scores tend to weigh more on the overall assessment. In Traviata's case they are poor diversification, high dividends-based leverage and low interest coverage and asset liquidity. These are offset by sufficient liquidity to cover interest payments in case of dividend flow disruption. Traviata's rating is equal to that of Ordu Yardimlasma Kurums's (OYAK) (B/Stable), which has significantly higher asset diversification, but lower credit quality, lower LTV ratios and higher liquidity of assets, and some dependency on dividends from one asset. Oyak's rating is constrained by Turkiye's Country Ceiling. Traviata's rating is significantly below the rating of Criteria Caixa S.A. Unipersonal (BBB+/Stable), which has a portfolio of high-quality, largely listed investment-grade assets and follows a more conservative investment and financial policy. KEY ASSUMPTIONS For Traviata - Flat dividend inflow of EUR61 million from AS throughout the forecast period - Undrawn EUR125 million RCF throughout the forecast period - Flat dividend/interest coverage at 1.3x over 2023-2025 - Flat gross drawn debt / dividends at 10.5x throughout the forecast period mitigated by Fitch-calculated stressed LTV leverage trending below 70% by 2024, which is consistent with the 'B' IDR RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Holdco dividend/interest coverage above 1.7x on a consistent basis provided that Traviata maintains at least two-year coverage from readily available liquidity - Holdco gross drawn debt/recurring cash dividends below 6.0x on a sustained basis Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Holdco's dividend interest coverage at less than 1.1x on a sustained basis, permanent drawdown on the holdco RCF (even if partly) to fund interest costs, or a deterioration in coverage from readily available liquidity to 12- 18 months - Holdco gross drawn debt to recurring cash dividends above 8.0x on a sustained basis LIQUIDITY AND DEBT STRUCTURE Sufficient Liquidity: Traviata's liquidity comprised EUR52 million of cash and equivalents at end-June 2023 and the EUR125 million RCF (undrawn at end-June 2023). This provides a satisfactory cushion against shortfall in dividend receipts from AS to meet annual interest payments. A springing net proportionate leverage covenant is set at 8.75x once the RCF is drawn above 40%. AS's own access to liquidity is strong, supported by EUR247 million of cash and equivalents at end-June 2023 as well as access to a EUR1.5 billion RCF, of which EUR428 million was drawn as at end-June 2023. The RCF was fully refinanced in 2022 and its maturity was extended to 2027 with a one-year further extension option in place. ISSUER PROFILE Traviata is the investment holding company used by KKR to fund its ownership stake in AS in 2019, in a transaction that resulted in the delisting of AS. AS is a diversified media company encompassing classified media (classified portals focused on recruitment and real estate) and news media (national and international news including leading digital portals, Insider and Politico) and media marketing. 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 ----------- ------ -------- ----- Traviata B.V. LT IDR B Affirmed B senior secured LT B Downgrade RR4 B+ senior secured LT WD Withdrawn B ============= I R E L A N D ============= MADISON PARK XIV: Moody's Affirms B3 Rating on EUR15.4MM F-R Notes ------------------------------------------------------------------ Moody's Investors Service has upgraded the ratings on the following notes issued by Madison Park Euro Funding XIV DAC: EUR47,700,000 Class B-1-R Senior Secured Floating Rate Notes due 2032, Upgraded to Aaa (sf); previously on Dec 21, 2021 Definitive Rating Assigned Aa2 (sf) EUR37,250,000 Class C-1-R Senior Secured Deferrable Floating Rate Notes due 2032, Upgraded to A1 (sf); previously on Dec 21, 2021 Definitive Rating Assigned A2 (sf) EUR31,000,000 Class D-R Senior Secured Deferrable Floating Rate Notes due 2032, Upgraded to Baa2 (sf); previously on Dec 21, 2021 Definitive Rating Assigned Baa3 (sf) Moody's has also affirmed the ratings on the following notes: EUR324,400,000 Class A-1-R Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf); previously on Dec 21, 2021 Definitive Rating Assigned Aaa (sf) EUR25,750,000 Class E-R Senior Secured Deferrable Floating Rate Notes due 2032, Affirmed Ba3 (sf); previously on Dec 21, 2021 Definitive Rating Assigned Ba3 (sf) EUR15,400,000 Class F-R Senior Secured Deferrable Floating Rate Notes due 2032, Affirmed B3 (sf); previously on Dec 21, 2021 Definitive Rating Assigned B3 (sf) Madison Park Euro Funding XIV DAC, issued in July 2019 and refinanced in December 2021, is a collateralised loan obligation (CLO) backed by a portfolio of predominantly European senior secured loan and senior secured bonds. The portfolio is managed by Credit Suisse Asset Management Limited. The transaction's reinvestment period will end in January 2024. RATINGS RATIONALE The rating upgrades on the Class B-1-R, C-1-R and D-R 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 rating affirmations on the Class A-1-R, E-R and F-R notes reflect the expected losses of the notes continuing to remain consistent with their current ratings after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralization levels. 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 and higher diversity score 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: EUR511.40m Defaulted Securities: EUR8.42m Diversity Score: 68 Weighted Average Rating Factor (WARF): 2879 Weighted Average Life (WAL): 3.86 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.94% Weighted Average Coupon (WAC): 4.80% Weighted Average Recovery Rate (WARR): 43.41% 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 2021. 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" 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. MALLINCKRODT PLC: Fitch Assigns 'B-' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has assigned a first-time Long-term Issuer Default Rating (IDR) of 'B-' to Mallinckrodt plc (MNK or Mallinckrodt refers to this entity and its subsidiaries). The Rating Outlook is Stable. The rating reflects Fitch's expectation that the company will emerge from bankruptcy with a significantly repaired balance sheet and elimination of its opioid settlement obligations. However, the rating also reflects the operating challenges the company is facing regarding its two largest revenue-generating products, Acthar and INOmax, which are significant contributors to FCF and margins. In addition, the company needs to successfully commercialize Terlivaz and StratGraft. Fitch has also assigned 'BB-'/'RR1' ratings to ST US AR Finance LLC's ABL facility and Mallinckrodt International Finance S.A.'s and Mallinckrodt CB LLC's first-out, first-lien (1L) term loans. Mallinckrodt International Finance S.A.'s and Mallinckrodt CB LLC's second-out, first-lien loans and notes were assigned 'B'/'RR3' ratings. KEY RATING DRIVERS Repaired Balance Sheet and Liability Profile: MNK's emergence from its most recent Chapter 11 process has improved the company's credit profile. The bankruptcy reduced debt by $1.9 billion and eliminated $1 billion in scheduled opioid litigation payments. Fitch expects MNK to emerge from bankruptcy with EBITDA leverage around 3.5x and annual FCF ranging between $180 million to $250 million. Improved financial flexibility should help the company stabilize the operating challenges it's facing while pursuing organic and external growth opportunities in the long term. Many of the financial metrics are generally consistent with a higher rating. However, execution risk regarding stabilizing its two very profitable products and commercializing its two recently approved products offset the impact on the credit metrics on the rating. Moreover, while the bankruptcy eliminated the opioid litigation payments, other potential liabilities remain, including a Wells notice from the SEC, and the company is still liable for annual CMS settlement payments ranging from $20 million to $63 million. Fitch views the CMS payments as manageable for the firm. Stabilization of Specialty Brands Critical: Fitch believes moderation of the underlying headwinds, particularly those regarding Acthar (22% of total sales) and INOmax (18% of total sales), is critical to MNK's long-term credit profile. Competitive alternatives have been taking share from these two top-selling products. As a result, Fitch revenue forecast for these products results in modestly declining top line revenue over the forecast period. MNK intends to bring follow-on products Acthar Gel SelfJect and INOmax Evolve to market within the next year or so. These next generation products should be easier and less costly to administer; however the company will need to demonstrate their value to providers and payers. Fitch assumes Therakos to stabilize from the continued recovery in stem-cell transplant treatments volume post COVID, while being challenged by the competition of new oral therapies. New Potential Drivers: MNK needs to invest and successfully commercialize new products, such as StrataGraft for the treatment of deep partial-thickness thermal burns as opposed to treating the burns with autografts. It also launched Terlivaz (terlipressin) for the treatment of hepatorenal syndrome type 1, as they have the potential to be key long-term growth drivers. Fitch also expects MNK to eventually expand its drug pipeline via targeted M&A and strategic collaborations, although Fitch does not expect the contribution from M&A and two new products to be significant early in the forecast. Specialty Generics a Competitive Segment: MNK's generic medication sales are relatively resistant to economic trends, although they are partly sensitive to insurance rolls and third-party reimbursement. More importantly, pricing on many of its generic products is competitive and can periodically face significantly increased pressure on reimbursement. In addition, increased concern regarding opioid abuse has reduced demand for a number of the company's narcotic analgesics medications and active pharmaceutical ingredients. However, 3Q23 performance was stronger than expected from supply-related issues and a new product. Fitch expects this growth will be short-lived as market participants adjust. Leaner Operations: MNK has made progress in improving its operating efficiency through optimally allocating resources and reducing its cost structure. This has helped to moderately offset the negative effects of operating headwinds. In the long term, Fitch believes the company will need to pursue external investments to strengthen its pipeline growth opportunities. As a result, Fitch's expectation is that MNK will have an adjusted EBITDA in the range of $450 million to $500 million over the forecast period. DERIVATION SUMMARY MNK (B-/Stable) is meaningfully smaller (revenues/EBITDA) than its peers, Jazz Pharmaceuticals plc/JAZZ (BB-/Positive Outlook) and Bausch Health Companies Inc./BHC (CCC). MNK's EBITDA leverage is stronger than BHC's and weaker than JAZZ's. MNK's near-term revenue challenges are more significant than those for BHC and JAZZ. MNK's pipeline is similar to BHC's but sparse compared to JAZZ's. Product revenue concentration is relatively similar for all three firms. KEY ASSUMPTIONS - Low- to mid-single-digit revenue declines through 2026 as Acthar and INOmax face competitive pressure early on and the commercialization of StrataGraft and Terlivaz advances. - Acthar/CMS payments of $20 million to $63 million during the forecast period. These payments are deducted from EBITDA. - Annual EBITDA ranging between $450 million to $500 million as the company works to defend Acthar and INOmax market share, while further commercializing Terlivaz and StrataGraft; - Manageable annual capital expenditures of roughly $70 million; - Stable working capital as revenues remain flat to slightly declining; - Annual FCF remains positive during 2024 through 2026; - Bolt-on acquisitions totalling roughly $400 million in the outer years of the forecast period contributing to EBITDA at an assumed 10x multiple; - Leverage relatively flat during the forecast period. RECOVERY ANALYSIS In assigning instrument ratings for issuers with a 'B+' or below IDR, Fitch conducts a bespoke analysis. The recovery analysis assumes that Mallinckrodt plc would be considered a going concern in bankruptcy and that the company would be reorganized rather than liquidated. Fitch estimates a going concern enterprise value (EV) of $1.5 billion for Mallinckrodt plc and assumes that administrative claims consume 10% of this value in the recovery analysis. The going concern EV is based upon estimates of post-reorganization EBITDA and the assignment of an EBITDA multiple. Fitch assumes a going concern EBITDA, which assumes both depletion of the current position to reflect an assumed cause of distress that provoked default, and a level of corrective action assumed to occur during restructuring. Fitch's estimate of Mallinckrodt plc 's going concern EBITDA of $300 million reflects a scenario in which the company continues to face significant share erosion with Acthar Gel and and less so with INOmax. Fitch assumes in the scenario MNK would continue to invest in its business related to R&D and marketing, with ongoing efforts to improve operational efficiencies. Fitch assumes a recovery enterprise value / EBITDA multiple of 5.0x which is lower than the 6.0x-7.0x Fitch typically assigns to specialty pharmaceutical manufacturers. The multiple reflects the competitive headwinds that Mallinckrodt plc faces with more profitable Acthar Gel and INOmax, while recognizing the relative stability in a number of the company's other businesses. Fitch applies a waterfall analysis to the going concern EV based on the relative claims of the debt in the capital structure, and assumes that the company would draw $160 million on its ABL facility in a bankruptcy scenario. ST US AR Finance LLC's AR ABL Facility and first-out, first-lien loans and notes have outstanding recovery prospects in a reorganization scenario and is rated 'BB-'/RR1 (100%), three notches above the IDR. Second-out, first-lien loans and notes have good recovery prospects in a reorganization scenario and are rated 'B'/RR3 (70%), one notch above the IDR. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - Improving business profile and declining execution risk which could result from some combination of stable/growing revenue for Acthar Gel and INOmax along with successful commercialization of StrataGraft and Terlivaz is considered to be the most important sensitivity; - Fitch's expectation of durably improving FCF; - Fitch's expectation of EBITDA leverage sustained below 5.0x; - Fitch's expectation of Operating EBITDA interest coverage sustained above 2.5x. Factors that could, individually or collectively, lead to negative rating action/downgrade: - Inability to improve business profile and reduce execution risk which could be evidenced by continued deterioration in Acthar Gel and INOmax revenues along with delayed or unsuccessful commercialization of StrataGraft and Terlivaz is considered to be the most important sensitivity; - Fitch's expectation of deteriorating EBITDA and FCF; - Fitch's expectation of Operating EBITDA interest coverage sustained below 1.75x. LIQUIDITY AND DEBT STRUCTURE Fitch expects MNK will maintain adequate liquidity with a $200 million A/R Facility due 2027 and positive annual FCF during 2024 through 2026 positive FCF and no debt maturities until 2028. ISSUER PROFILE Mallinckrodt Public Limited Company (Mallinckrodt/MNK) makes drugs used to treat pain and various disorders in neurology, rheumatology, nephrology, oncology and respiration. It operates with two business segments: Specialty Branded Pharmaceuticals accounts for 59% of total firm revenues and Specialty Generics Pharmaceuticals accounts for roughly 41% of total firm sales. SUMMARY OF FINANCIAL ADJUSTMENTS Fitch adds back stock compensation expense to EBITDA. In addition, Fitch adds back fresh-start accounting adjustments and opioid settlement payments to EBITDA. Fitch also deducts Achthar/CMS payments historically and prospectively to EBITDA. ESG CONSIDERATIONS Mallinckrodt has an ESG Relevance Score of '4' for Exposure to Social Impacts due to pressure to contain healthcare spending growth, the highly sensitive political environment and social pressure to contain costs or restrict pricing. This has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Mallinckrodt CB LLC senior secured LT BB- New Rating RR1 senior secured LT B New Rating RR3 Mallinckrodt International Finance SA senior secured LT BB- New Rating RR1 senior secured LT B New Rating RR3 Mallinckrodt plc LT IDR B- New Rating ST US AR Finance LLC senior secured LT BB- New Rating RR1 SCULPTOR EUROPEAN VII: Moody's Affirms B3 Rating on Class F Notes ----------------------------------------------------------------- Moody's Investors Service has upgraded the ratings on the following notes issued by Sculptor European CLO VII DAC: EUR11,200,000 Class B-1 Senior Secured Floating Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Dec 11, 2020 Assigned Aa2 (sf) EUR12,400,000 Class B-2 Senior Secured Fixed Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Dec 11, 2020 Assigned Aa2 (sf) EUR18,900,000 Class C Senior Secured Deferrable Floating Rate Notes due 2034, Upgraded to A1 (sf); previously on Dec 11, 2020 Assigned A2 (sf) Moody's has also affirmed the ratings on the following notes: EUR186,000,000 Class A Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Dec 11, 2020 Assigned Aaa (sf) EUR20,500,000 Class D Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Baa3 (sf); previously on Dec 11, 2020 Assigned Baa3 (sf) EUR18,600,000 Class E Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Ba3 (sf); previously on Dec 11, 2020 Assigned Ba3 (sf) EUR5,100,000 Class F Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed B3 (sf); previously on Dec 11, 2020 Assigned B3 (sf) Sculptor European CLO VII DAC, issued in December 2020, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Sculptor Europe Loan Management Limited. The transaction's reinvestment period will end in January 2024. RATINGS RATIONALE The upgrades on the ratings on the Class B and C 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 to the ratings on the Class A, D, E 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. Key model inputs: The key model inputs Moody's uses in its analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on its published methodology and could differ from the trustee's reported numbers. In its base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR296.93m Defaulted Securities: EUR3.06m Diversity Score: 56 Weighted Average Rating Factor (WARF): 2910 Weighted Average Life (WAL): 3.87 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 4.04% Weighted Average Coupon (WAC): 4.13% Weighted Average Recovery Rate (WARR): 43.75% 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 2021. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as account bank and swap provider, using the methodology "Moody's Approach to Assessing Counterparty Risks in Structured Finance 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. Moody's tested for a possible extension of the actual weighted average life in its analysis. 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. TORO EUROPEAN 6: Fitch Hikes Rating on Class F Notes to 'B-sf' -------------------------------------------------------------- Fitch Ratings has upgraded Toro European CLO 6 DAC's class D-R notes and affirmed the rest. A full list of rating actions is below. Entity/Debt Rating Prior ----------- ------ ----- Toro European CLO 6 DAC A-R XS2376114976 LT AAAsf Affirmed AAAsf B-1 XS2027426969 LT AA+sf Affirmed AA+sf B-2-R XS2376115437 LT AA+sf Affirmed AA+sf C-R XS2376115783 LT Asf Affirmed Asf D-R XS2376115940 LT BBBsf Upgrade BBB-sf E XS2027431027 LT BB-sf Affirmed BB-sf F XS2027431290 LT B-sf Affirmed B-sf TRANSACTION SUMMARY Toro European CLO 6 DAC is a cash flow CLO comprising mostly senior secured obligations. The transaction is actively managed by Chenavari Credit Partners LLP and will exit its reinvestment period in January 2024. KEY RATING DRIVERS Stable Performance; Low Refinancing Risk: Since Fitch's last rating action in January 2023, the portfolio's performance has remained stable. Defaults increased by EUR2.9 million but their effect was offset by a decreased weighted average life (WAL) and net portfolio gains. As per the last trustee report dated 4 October 2023, the transaction was passing all its tests. In addition, the notes are not exposed to near- and medium-term refinancing risk, with only 0.6% of the assets in the portfolio maturing before 2024, and 2.5% in 2025. This has resulted in the upgrade of the class D-R notes and affirmation of all others. 'B' Portfolio: Fitch assesses the average credit quality of the underlying obligors at 'B'. The Fitch-calculated weighted average rating factor of the current portfolio is 24.0 as reported by the trustee. High Recovery Expectations: Senior secured obligations comprise 95.3% 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 61.4%. Diversified Portfolio: The top 10 obligor concentration as calculated by the Fitch is 13.9%, and no obligor represents more than 2% of the portfolio balance. Transaction in Reinvestment Period: Given the manager's ability to reinvest, Fitch's analysis is based on a stressed portfolio, which tested the notes' achievable ratings, 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 D-R and E notes, to below 'B-sf' for the class F notes and would have no impact on the rest. 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, B-2-R and C-R notes display a rating cushion of one notch, the class D-R and E notes two notches and the class F notes four notches. The class A-R note 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 Fitch-stressed portfolio would lead to downgrades of no more than three notches for the class B-1 and B-2-R notes, two notches for the class C-R and D-R notes, one notch for the class A-R 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 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 have no impact on the class A notes and would result in upgrades of no more than one notch for the class B-1, B-2-R and C-R notes, two notches for the class D-R and E notes and four notches for the class 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. =================== L U X E M B O U R G =================== CULLINAN HOLDCO: Moody's Lowers CFR & Senior Secured Notes to B2 ---------------------------------------------------------------- Moody's Investors Service downgraded Cullinan Holdco SCSp's (Graanul or the company) long term corporate family rating to B2 from B1, the probability of default rating to B2-PD from B1-PD as well as the rating of the EUR630 million floating and fixed rate backed senior secured notes maturing October 2026, issued by Cullinan Holdco SCSp, to B2 from B1. The outlook remains negative. The rating action reflects: -- Moody's expectation for low spot prices caused by excess wood pellets supply and a weaker than expected demand pick-up due to relatively mild temperatures to result in high Moody's-adjusted gross leverage of around 9.6x for 2023 and 6.4x in 2024. -- Moody's expects the resolution of the customer dispute to stabilize earnings and cash flows for the latter months of 2023 and later periods, but Graanul will not benefit from retroactive application of new contractual terms that could have resulted in receipt of one-off payments. RATINGS RATIONALE Graanul's B2 CFR takes into account its strong market position as one of Europe's largest wood pellets producers; its strong production footprint in the Baltics that yields economies of scale; the current regulatory environment, supporting carbon-neutral biomass including wood pellets; and the ability to reduce capital investments to levels of around EUR12 million annually to cover asset maintenance. At the same time, its operational concentration as a single product-company with a high customer and geographical concentration; its highly leveraged capital structure; the risk of adverse changes in the regulatory environment in either the wood pellets or utility sectors; and the threat of technological advances in renewable energy generation that could potentially make these technologies more competitive when compared to biomass all constrain the rating. LIQUIDITY Moody's considers Graanul's liquidity adequate. On June 30, 2023, the company had EUR23.5 million of cash on balance sheet. Moody's estimates EUR75 million availability under its committed EUR100 million backed senior secured revolving credit facility (RCF). Moody's expects the company to draw on its RCF to meet its cash flow requirements. The RCF is subject to a springing first lien net leverage covenant (8.7x senior secured leverage ratio), when drawings exceed 40% and has around 15% headroom. The company has drawn around EUR15 million bilateral facilities from local banks. The next material maturity is in April 2026 for the RCF, followed by October 2026 for the fixed and floating backed senior secured notes. OUTLOOK The negative outlook on Graanul's ratings reflects the weak metrics relative to expectations for its B2 rating category as well as the uncertainties with regards to the wood pellets pricing environment and the seasonal demand pick-up for the current heating season in the northern hemisphere. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded (1) absent a meaningful recovery of wood pellets prices and restoration of sustainable EBITDA; (2) inability to deleverage to 6.5x Moody's-adjusted gross debt/EBITDA; (3) EBITA/interest expense below 1.0x; or (4) deterioration of the company's liquidity, including lack of progress on timely refinancing of the RCF or bonds. The ratings could be upgraded if (1) leverage is reduced to below 5.0x Moody's-adjusted gross debt/EBITDA on a sustainable basis, (2) EBITA margin restored to levels above 15%, (3) EBITA/interest expense above 2.0x, and (4) maintenance of good liquidity. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Manufacturing published in September 2021. COMPANY PROFILE Cullinan Holdco SCSp is a Luxembourg-domiciled intermediate holding company that owns the entire share capital of AS Graanul Invest following the acquisition of 80% of the company's capital by Apollo Global Management, Inc. Graanul is headquartered in Tallinn/Estonia and is the largest utility-grade wood pellet producer in Europe with 12 production plants in the Baltics region (Estonia, Latvia and Lithuania) and the US. The company also owns six combined heat and power plants in Estonia and Latvia, which are biomass-fired and provide the majority of the company's internal heat and power needs. For the twelve months ended June 30, 2023, the company generated EUR595 million in revenues and around EUR120 million in company-adjusted EBITDA. TRAVELPORT FINANCE: $2.80BB Bank Debt Trades at 52% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Travelport Finance Luxembourg Sarl is a borrower were trading in the secondary market around 47.9 cents-on-the-dollar during the week ended Friday, November 17, 2023, according to Bloomberg's Evaluated Pricing service data. The $2.80 billion facility is a Term loan that is scheduled to mature on May 30, 2026. About $37.3 million of the loan is withdrawn and outstanding. Travelport Finance Luxembourg Sarl operates as a subsidiary of Travelport Holdings Ltd. The Company’s country of domicile is Luxembourg. TRINSEO MATERIALS: $750MM Bank Debt Trades at 24% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Trinseo Materials Operating SCA is a borrower were trading in the secondary market around 76.3 cents-on-the-dollar during the week ended Friday, November 17, 2023, according to Bloomberg's Evaluated Pricing service data. The $750 million facility is a Term loan that is scheduled to mature on May 3, 2028. About $730.6 million of the loan is withdrawn and outstanding. Trinseo is a specialty material solutions provider. The Company's country of domicile is Luxembourg. ===================== N E T H E R L A N D S ===================== FLAMINGO GROUP: EUR280MM Bank Debt Trades at 20% Discount --------------------------------------------------------- Participations in a syndicated loan under which Flamingo Group International Ltd is a borrower were trading in the secondary market around 80 cents-on-the-dollar during the week ended Friday, November 17, 2023, according to Bloomberg's Evaluated Pricing service data. The EUR280 million facility is a Term loan that is scheduled to mature on February 7, 2025. The amount is fully drawn and outstanding. Flamingo Group International Limited is a business combination created in February 2018 between Flamingo Horticulture Ltd (Flamingo UK), a supplier of cut flowers and premium vegetables to the UK premium and value retailers, and Afriflora, a supplier of sweetheart roses to major European retailers such as Lidl, Aldi and Edeka. The company runs farming operations primarily in Kenya and Ethiopia. In 2021 the combined entity generated revenues of GBP699 million and reported EBITDA of GBP72 million. Flamingo is owned by private equity funds managed and advised by Sun Capital Partners, Inc. and its affiliates. The Company's country of domicile is the Netherlands. =========================== U N I T E D K I N G D O M =========================== BRAND EVENTS: Enters Administration, Owes GBP3 Million ------------------------------------------------------ Oliver Gill at The Sunday Times reports that the event organiser behind celebrity chef Tom Kerridge's Pub in the Park music and food festivals has collapsed, leaving the taxman GBP1 million out of pocket. According to The Sunday Times, local councils were also among creditors owed GBP3 million as, unbeknown to tens of thousands of fans, the event organiser Brand Events TM fell into administration in June, half way through the festival's summer tour. Kerridge, who complained in September that his two-Michelin-starred pub in Marlow made him just GBP17 of profit on a GBP175 Sunday meal, has been the public face of Pub in the Park since it launched in 2017. He is also leading a campaign on behalf of the hospitality sector to persuade the government to provide more financial support to the sector. CJ SERVICES: Bought Out of Administration in Pre-pack Deal ---------------------------------------------------------- Business Sale reports that CJ Services UK Ltd, a retail display specialist headquartered in Cheshire, has been acquired out of administration in a pre-pack transaction. The company, which was founded in 1995, is based in Runcorn and has a global presence. The company fell into administration as a result of the massive pressures that have impacted the retail supply chain amid the COVID-19 pandemic and cost-of-living crisis, Business Sale relates. These headwinds have led to several major retail display firms facing severe financial distress, Business Sale notes. In its accounts for the year ending September 30 2022, CJ Services reported turnover of GBP6.6 million, down from GBP10.5 million a year earlier, and fell from an operating profit of GBP365,604 in 2021 to a GBP612,296 loss in 2022, Business Sale discloses. The company's directors stated that it had been "a year of consolidation and restructure" following the "fallout of COVID and the loss of a significant customer." According to Business Sale, Simon Farr and Anthony Collier of specialist business advisory FRP Advisory were appointed as joint administrators to the company and have subsequently secured a sale of the business and its assets to CJ Retail Solutions Global Ltd in a deal that safeguards 54 jobs and helps to ensure continuity of service for the firm's customers. EVERTON FC: Potential GBP300MM Bill May Impact 777Partners Deal --------------------------------------------------------------- Simon Mullock at Mirror reports that Everton are facing the prospect of seeing American investment firm 777Partners walk away from a GBP500 million deal to buy the club following the news that they could be facing a GBP300 million compensation bill. Majority shareholder Farhad Moshiri's proposed sale suffered a hammer blow on Nov.17 when the Merseysiders were rocked by a Premier League decision to dock them 10 points for failing to meet profit and sustainability rules, Mirror relates. The reality of being plunged into another relegation fight was compounded when an interim hearing held before the same independent commission ruled that Leeds, Leicester and Burnley could purse a compensation claim that would take Everton to the brink of the financial abyss -- and virtually guarantee that Sean Dyche's side will be playing in the Championship next season, Mirror states. It is understood that 777Partners included a series of clauses in their deal with Mr. Moshiri that would see the price to buy Everton slashed if the Premier League's case against the club was upheld, Mirror notes. But Everton are now faced with the prospect of having to pay three of the clubs relegated in the last three seasons GBP100 million each in compensation, Mirror discloses. It is unlikely that 777Partners will agree to foot that bill given the club already has debts in excess of GBP500 million, Mirror states. Everton don't have the funds to pay any significant compensation bill, Mirror says. If they are forced into administration they would incur a nine-point penalty that would leave them needing a miracle to beat the drop, according to Mirror. Leeds, Leicester and Burnley were given 28 days to decide whether they are going all the way in their fight for recompense, Mirror states. Everton's board are now in the process of lodging an appeal against a ruling which instantly plunged the team into the bottom three, Mirror discloses. If the punishment is upheld they will be facing a battle for the future of a club that is supposed to be moving into a new 52,888-capacity stadium next year, Mirror relays. Their argument that stadium costs were amongst a number of mitigating factors which saw them fail the Premier League's PSR rules by less than GBP20 million were given little credence by the panel, according to Mirror. FUTURAMA: Ex-Employees Awarded GBP120,000 for Unfair Dismissal -------------------------------------------------------------- Jo Francis at Printweek reports that five former employees of PFI Group subsidiary Futurama have been awarded nearly GBP120,000 in total after a judge found they had been unfairly or wrongfully dismissed. Futurama went into administration in May, Printweek recounts. Prior to that parent Rymack Sign Solutions, which trades as PFI Group, had made a big writedown related to the business and had ousted the senior management team, Printweek notes. The five former employees: CEO Marc Edwards, finance director William [Jo] Evans, commercial director David Sharp, operations and installation director David Hurley, and acting managing director Terence Elrick were summarily dismissed on Feb. 23 on the claimed grounds of gross misconduct, Printweek discloses. However, at a hearing last month at Leeds Employment Tribunal before Employment Judge Deeley, the judge found that the respondent did not provide any evidence of any investigation undertaken into the claimants' alleged gross misconduct, Printweek recounts. The judge also stated that Futurama director and PFI Group CEO Darren McMurray had requested the hearing be postponed, but this was refused, Printweek notes. Mr. McMurray's request for an extension for submissions to the tribunal was granted and set at 4:00 p.m. on Oct. 9, the day prior to the hearing, Printweek discloses. The five were awarded unpaid wages, unpaid expenses, accrued holiday pay, notice pay, and a basic award for unfair dismissal (except for Elrick who had less than two years' service), according to Printweek. The total came to just under GBP119,000, Printweek states. The unfair dismissal award for Mr. Sharp will be confirmed in a separate judgment, Printweek relays. Because Futurama is in administration the claims will be handled by the Redundancy Payments Service, Printweek notes. MARKS & SPENCER: Moody's Affirm 'Ba1' CFR, Alters Outlook to Pos. ----------------------------------------------------------------- Moody's Investors Service has affirmed the Ba1 long-term corporate family rating of Marks & Spencer p.l.c. (M&S or the company). Moody's has also affirmed the Ba1-PD probability of default rating, Ba1 senior unsecured long-term ratings, as well as the provisional (P)Ba1 rating on the GBP3 billion senior unsecured MTN programme issued by the company. The outlook has been changed to positive from stable. The rating action reflects: -- The company's strong trading performance in the first half of fiscal 2024 ended September 30 and prospects for further growth -- Its established market position and improving competitiveness, underpinned by an ongoing multiyear strategic plan aiming to structurally reduce operating costs, raise margins and gain market share -- Moderate leverage and dividend payout, and a track record of bolt-on only acquisitions RATINGS RATIONALE The ratings reflect the company's: (i) established position in the UK retail market and reputation for high quality at affordable prices; (ii) improving competitiveness, as evidenced by the recent strong growth in Food and, to a lesser extent, Clothing & Home (C&H); (iii) an ongoing strategic plan aiming at structurally reducing operating costs, raising operating margins and gaining market share; (iv) relatively conservative financial policies including moderate leverage and dividend pay-out and prudent approach to acquisitions; and (v) good liquidity profile. The ratings also reflect: (i) the highly competitive nature of the UK retail market, which could impact growth and profitability over the next 12-18 months; (ii) the high exposure to consumer spending in the UK, which generated 91% of operating profit in the first half of fiscal 2024; (iii) execution risks related to the ongoing multiyear transformation plan, which could impact the company's competitiveness and credit profile; and (iv) potential further financial support to Ocado Retail Limited. M&S is experiencing similar challenges that other UK and European retailers currently face, including an uncertain macroeconomic environment, changing consumer preferences and inflationary pressures. Despite these pressures, the company's operating performance was resilient in fiscal 2023, ended April 1, 2023, and stronger than expected in the first half of fiscal 2024 ended September 30, with revenue growing 14.7% year on year in Food and 5.7% in C&H, improving operating margins, and stronger credit metrics. Moody's adjusted gross debt/EBITDA reduced to 2.7x at the end of September 2023 on a last 12 months basis, versus 3.3x at April 1, 2023 (end fiscal 2023) and a peak of 6.4x during the pandemic. Moody's adjusted EBITDA (calculated including exceptional items i.e. not giving the company the benefit of any add-backs except for impairments) was GBP1.27 billion on a last 12 months basis as of September 30, 2023, compared with GBP1.11 billion last April. The company has continued to use free cash flows to reduce its gross debt to GBP3.40 billion at the end of September 2023, versus GBP3.80 billion in April and a peak of GBP4.31 billion in April 2021. Retained cash flow to net debt stood at 42.1% versus 33.7% in fiscal 2023. M&S generated Moody's adjusted free cash flow of GBP406 million on a last 12 months basis, or 11.9% of debt versus 6.2% in fiscal 2023. Moody's anticipates moderate revenue growth in mid single digits and stable to growing margins in 2024, as the benefits of cost reduction initiatives offset continued high cost inflation, albeit moderating. The company is implementing a number of strategic initiatives aiming to grow market share across its business and improve profitability. These initiatives require significant investments into the stores, technology and the supply chain. Moody's expects these investments to be funded through internally generated cash flows and target cumulative cost reductions estimated at around GBP400 million by fiscal 2028. The company's credit profile is also supported by its long-standing moderate financial policy and good liquidity, which should allow the company to execute its multiyear strategic plan with no significant credit impact. While management has not expressed specific credit metric targets, it has recently reiterated its commitment to a strong balance sheet. The reinstatement of a modest dividend is consistent with this prudent financial policy. LIQUIDITY M&S's liquidity is good. It had a sizeable cash balance of GBP829 million as at September 30, 2023, down from GBP1.07 billion in April. The company benefits from a GBP850 million revolving credit facility expiring in June 2026 with margins linked to delivery of its net zero roadmap, and currently undrawn. STRUCTURAL COSIDERATIONS The company's senior unsecured bonds issued under its senior unsecured medium term note programme are rated Ba1, in line with the CFR. This reflects Moody's understanding that core trade payables and rental agreements are direct obligations of the company meaning that structural subordination for financial creditors, which is often the case in Holdco/Opco capital structures, is not relevant. ESG CONSIDERATIONS Although management has publicly committed to maintaining a strong balance sheet in line with an investment grade rating, it has so far refrained from formulating clear credit metric targets nor announced a clear dividend policy. The company has been reducing debt in recent years and acquisitions have historically been bolt-on in nature and funded through internally generated cash flows. OUTLOOK The positive rating outlook reflects Moody's expectation that M&S will successfully execute its strategic initiatives and transformational plan and it will continue to grow organically and improve its profitability over the next 12-18 months. Additionally, Moody's expects the company to maintain its good liquidity and moderate financial policies. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward rating pressure could develop if the company continues to grow organically and maintains stable or growing margins and maintains a Moody's-adjusted debt/EBITDA below 3.0x, with Moody's-adjusted retained cash flow/net debt in the mid-20s or above in percentage terms while generating solid free cash flows. Downward rating pressure could develop if Moody's-adjusted debt/EBITDA increases significantly above 4.0x for a sustained period; Moody's-adjusted retained cash flow/net debt falls below the mid-teens in percentage terms; or there is a material decline in growth or profitability for a sustained period. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Retail and Apparel published in November 2023. COMPANY PROFILE M&S is a leading UK clothing and food retailer with annual sales of about GBP12 billion. The company is listed on the London Stock Exchange, with a market capitalisation of approximately GBP5.0 billion at the date of publishing. MORSES CLUB: Goes Into Administration, 101 Jobs Affected -------------------------------------------------------- Sam Metcalf at TheBusinessDesk.com reports that over 101 staff at stricken doorstep lender Morses Club and sister company Shelby Finance have been made redundant after the firm collapsed into administration. Nottingham-based Morses Club posted a notice of intention to appoint administrators following a fraught 18 months trying to stave off insolvency, TheBusinessDesk.com relates. According to TheBusinessDesk.com, on Nov. 17, Ed Boyle and Rob Spence from Interpath Advisory were appointed joint administrators to Morses Club and sister company Shelby Finance. The administrators have retained 272 staff across the two businesses while they assess options for it -- but 101 people have been laid off, TheBusinessDesk.com discloses. The two companies provide short-term consumer loans, with Morses Club providing home collect credit and Shelby Finance providing loans online under the Dot Dot Loans brand. The companies have been under sustained financial pressure for some time, a situation which was exacerbated in recent years by Morses Club facing a significant number of customer redress claims for unaffordable lending, TheBusinessDesk.com states. In order to address these issues, the management team has been seeking to restructure the businesses, TheBusinessDesk.com notes. As part of this restructuring, in May, Morses Club entered into a Scheme of Arrangement to provide a mechanism to maximise redress payments to customers and to also allow the businesses to continue to operate, according to TheBusinessDesk.com. However, the firm has been unable to complete the refinancing of its existing debt facilities, TheBusinessDesk.com discloses. As a result of the insolvency of Morses Club, the Scheme automatically terminates early, TheBusinessDesk.com notes. Shortly prior to the appointment of the joint administrators, all new lending ceased, but the companies continue to collect outstanding loans from customers, TheBusinessDesk.com relays. MORTIMER BTL 2023-1: S&P Assigns Prelim BB+ (sf) Rating to X Notes ------------------------------------------------------------------ S&P Global Ratings has assigned preliminary credit ratings to Mortimer BTL 2023-1 PLC's (Mortimer 2023-1) class A and B notes and class C-Dfrd to X-Dfrd interest deferrable notes. Mortimer 2023-1 is a static RMBS transaction that securitizes a portfolio of buy-to-let (BTL) mortgage loans secured on properties in the U.K. LendInvest BTL Ltd. originated the loans in the pool between 2018 and 2023. Of the loans in the pool, 32% come from the Mortimer 2019-1 PLC transaction (which was called on its first optional redemption date in September 2022), whereas 68% are new originations. At closing, the issuer will use the issuance proceeds to purchase the full beneficial interest in the mortgage loans from the seller. The issuer will grant security over all of its assets in favor of the security trustee. Credit enhancement for the rated notes will consist of subordination from the closing date, the general reserve fund, and overcollateralization following the step-up date, which will result from the release of the excess amount from the liquidity reserve fund to the principal priority of payments. The transaction will feature a general reserve fund and liquidity reserve fund to provide liquidity. The transaction incorporates a swap to hedge the mismatch between the notes, which pay a coupon based on the compounded daily Sterling Overnight Index Average (SONIA), and the loans, which primarily pay fixed-rate interest before reversion. There are no rating constraints in the transaction under its counterparty, operational risk, or structured finance sovereign risk criteria. S&P considers the issuer to be bankruptcy remote. Ratings CLASS PRELIM. RATING CLASS SIZE (% OF COLLATERAL) A AAA (sf) 89.50 B* AA (sf) 5.50 C-Dfrd A+ (sf) 2.00 D-Dfrd BBB+ (sf) 2.00 E-Dfrd BBB- (sf) 1.00 X-Dfrd BB+ (sf) 1.25 Certificates NR N/A *The transaction documents allow the class B notes to defer interest, but S&P's preliminary rating addresses the timely payment of interest. NR--Not rated. N/A--Not applicable. YOUNGS LAW: Enters Administration Following Financial Woes ---------------------------------------------------------- John Hyde at The Law Society Gazette reports that a national firm was forced into administration after struggling to pay back loans taken to survive the Covid pandemic. Administrators handling the affairs of Youngs Law said in a report that the firm had been successful until as recently as last year, when it reported net profits of GBP317,000, The Law Society Gazette relates. But the business closed last month, with directors attributing the failure of the company to its inability to service historic loans obtained during the pandemic, together with the high level of staffing costs, The Law Society Gazette discloses. Net assets plunged from GBP491,000 in April 2022 to just GBP739 in April this year, The Law Society Gazette states. The report by insolvency firm Quantuma stated that Youngs Law had been incorporated in 2014 and traded from five offices, the biggest of which was in Havant, Hampshire. It specialised in personal injury and clinical negligence but also handled prison law, family matters, conveyancing, probate and wills. The company had been under pressure from its creditors after defaulting on certain loan repayments, including the amount due to the financier of its professional indemnity insurance premium, The Law Society Gazette notes. Quantuma was enlisted by the directors in June to assist with the managed wind-down of the company and the transfer of clients to other firms, The Law Society Gazette recounts. File transfer specialist Recovery First was brought in to find alternative solicitors for the PI and clinical negligence claims. Work in progress valued at GBP1.25 million was sold to five different firms, according to The Law Society Gazette. Deals were later agreed to sell the rest of the work to four firms for a total of GBP11,500, The Law Society Gazette relays. According to The Law Society Gazette, administrators said that if the company had not entered administration when it did, the SRA would have likely intervened. Immediately following the appointment of administrators, all 43 staff were contacted to confirm they had been made redundant, The Law Society Gazette relates. The employees have preferential claims worth around GBP46,000 which are expected to be paid in full, The Law Society Gazette states. Unsecured claims come to almost GBP2 million, including GBP834,000 in trade creditor claims and a further GBP259,000 owed to employees, The Law Society Gazette notes. There is not expected to be enough realisations to pay anything back to unsecured creditors, according to The Law Society Gazette. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week November 13 to November 17, 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 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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 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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 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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 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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 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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 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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 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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 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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 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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 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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 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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 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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 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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 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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 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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 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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 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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 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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 [*] Half of European Fintech Unlikely to Reach Profitability ------------------------------------------------------------ European fintech lending startups have racked up over EUR11 billion in debt facilities in 2023 to help them lend to consumers and businesses. However, cracks in their credit models and approach are starting to appear. Based on findings from 95 in-depth interviews and due diligence of 27 fintechs, credit fund WinYield has exposed some serious challenges on the horizon for the industry. WinYield found that fintech lenders lack the necessary credit experience: less than 10% of the fintechs interviewed had staff with previous relevant credit experience. Common underwriting models were composed of a black box using basic regression analysis with no human overlay to assess the actual viability of loans. WinYield found in many cases that delayed payments were running up to 10% of the entire fintech lenders portfolio, this is four times higher than in bank SME portfolios. While the $12 billion in debt facilities is largely composed of senior debt, it's the EUR514 million ($550 million) venture capital that is at risk of disappearing which has first-loss exposure. Having analysed the various operating models, the report finds many fintech lenders are running an uneconomical business. It was clear that most will never become profitable. This was largely because marketing and operational costs were significantly underestimated while the market opportunity was dramatically overhyped. Fabricio Mercier, founder of WinYield, commented: "Ecommerce, for example, was a EUR596bn sales market according to Statista in 2022. It sounds like a huge number. But because there's a 30-day sales cycle, fintech lenders in ecommerce have to lend 12 times a year to keep the same amount of lending on their books. In addition to this, the vast majority of ecommerce companies are either operating abroad, or have very limited trading history. Factoring this in, the opportunity plummets to somewhere between EUR1.5 to EUR2.5 billion. That's more than 200x smaller!" Many European fintech lenders are opting for the multi-product approach and aggressive marketing budgets favoured in the US. But this does not work in a fragmented European market where the break-even portfolio size is much too high. "The US market is a single market with its own regulation. Europe, on the other hand, has 27 different markets with 27 different combinations of rules, laws and languages. It is therefore incredibly difficult for a single fintech to compete across all 27 jurisdictions of the European market. Europeans also find very limited synergies when adding a second product because doing so would require an entirely new client journey, operations, and funding facilities. Another way to think of this is to look at the number of full-time employees per million of assets under management. Single product, uni jurisdiction fintech can go as low as 2 FTEs per million even in the case of a small portfolio vs 12 for a multi-product/multi jurisdiction," added Fabricio Mercier. Reaching profitability will be a challenge for most European fintech lenders. Those that do become profitable will likely need to pivot several times and ultimately partner with a bank. Indeed, European banks are getting more competitive, using partners like Thought Machine and others to plug their APIs to fintechs directly. Based on the numbers WinYield gathered, with a single product and one jurisdiction, the asset under management ("AUM") level for which a lending fintech would break even can be as high as EUR150 million for a SaaS lender, EUR35 million for an embedded lender and EUR160 million for a credit card lender. Reaching these levels may be challenging in many European countries. Fabricio Mercier, CEO of WinYield commented: "The VC funding drought has actually helped clean a lot of the malpractice in fintech lending, bringing European fintechs to their senses with a degree of discipline and rationality returning to their decision making. Now we are entering into the phase of Fintech 3.0, with more experienced founders doing more with less. Although there's still a lot of learning to be done, the fintech sector is reshaping for a better future. By getting serious and institutionalised, fintech will grow again, partnering with credit funds and banks." Off the back of the report, WinYield offers the following considerations that fintech founders could act on to achieve sustainable growth: -- Start with a small team of no more than 5 people, build a product that works well, and then start looking at scaling the business -- Find a funding partner who understands the intricacies of your operations and the fintech lending ecosystem and seek the highest LTV possible -- Find a niche market where high cost of money solves a problem that is not related to high credit risk. For investors, WinYield recommends: -- Don't trust black box underwriting – you are the credit expert. -- Favour fintechs that are growing steadily by focusing more on their product and risk proposition as opposed to following a VC agenda. -- Partner with small funds or high quality advisors to reduce your workload as transactions tend to be smaller than expected. Despite the challenges faced by fintechs today, the outlook is not all doom and gloom. Fabricio Mercier, CEO of WinYield noted, "Our latest industry report reflects that the ample liquidity provided by VCs fostered bad habits among fintech lenders. It's become clear that the bull market of 2020 was creating an irrational bubble in fintech lending. While there are still many bad apples, we believe that the shortage of venture capital may bring European fintechs to their senses with a degree of discipline and rationality returning to their decision making. However, a lot of education is needed to have a healthy market." About WinYield WinYield -- https://www.winyield.co/ -- is a specialised fintech credit fund founded in 2022 with a focus on providing first-loss financing for fintech and investment solutions for early-stage fintech companies. WinYield is tackling the challenge of venture capital funding scarcity for lending fintechs, particularly in segments such as early-stage fintechs. WinYield leverages expertise in identifying risk earlier with real-time, big data analysis and by partnering with the originator in the underwriting. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2023. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. * * * End of Transmission * * *