/raid1/www/Hosts/bankrupt/TCREUR_Public/231127.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 27, 2023, Vol. 24, No. 237
Headlines
B E L G I U M
TELENET GROUP: Moody's Affirms Ba3 CFR, Alters Outlook to Negative
F R A N C E
CLAUDIUS FINANCE: S&P Withdraws 'B+' Rating on Credit Facility
LUKO: Placed in Receivership After Admiral Pulls Out of Deal
G E R M A N Y
DEMIRE DEUTSCHE: Moody's Cuts CFR to Caa2 & EUR600MM Notes to Caa3
KALLE GMBH: $88.8MM Bank Debt Trades at 32% Discount
VERWALTUNG GESUNDHEITS: EUR360MM Bank Debt Trades at 35% Discount
I R E L A N D
AVOCA CLO XIX: Moody's Ups Rating on EUR12MM Class F Notes to B1
CVC CORDATUS XXIX: Fitch Assigns B-sf Final Rating to Cl. F-2 Notes
HARVEST CLO XXXI: S&P Assigns Prelim B- (sf) Rating to Cl. F Notes
MAN EURO 2023-1: S&P Assigns B- (sf) Rating to Class F Notes
I T A L Y
DEDALUS SPA: Fitch Affirms 'B-' LT IDR, Alters Outlook to Negative
MOLISE: Moody's Affirms Ba2 Issuer Rating, Outlook Remains Stable
STRESA SECURITISATION: S&P Assigns Prelim B+(sf) Rating to D Notes
L U X E M B O U R G
ARVOS BIDCO: EUR293MM Bank Debt Trades at 58% Discount
N E T H E R L A N D S
HUNKEMOLLER INTERNATIONAL: S&P Cuts LT ICR to 'CCC+', Outlook Neg.
LEALAND FINANCE: $500MM Bank Debt Trades at 59% Discount
PHM NETHERLANDS: $370MM Bank Debt Trades at 22% Discount
P O R T U G A L
MADEIRA: Moody's Ups Issuer Rating to Ba1, Alters Outlook to Stable
R U S S I A
UZBEKNEFTEGAZ JSC: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
S P A I N
BBVA LEASING 3: Moody's Assigns (P)B1 Rating to EUR336MM B Notes
S W E D E N
SAMHALLSBYGGNADSBOLAGET: Fitch Cuts LT IDR to 'CCC+', on Watch Neg.
U N I T E D K I N G D O M
CESTRIAN IMAGING: Bought Out of Administration
COLMORE TANG: Enters Voluntary Liquidation
HARBOUR NO.1: S&P Affirms 'CCC- (sf)' Rating on Class G-Dfrd Notes
ROBIN AIRCRAFT: Goes Into Compulsory Liquidation
SCOTGOLD RESOURCES: Enters Administration, 80+ Jobs Affected
VERTICAL AEROSPACE: Expresses Going Concern Doubt Amid Cash Woes
WILKO LTD: Nearly 10,000 Former Staff Paid GBP42 Million
X X X X X X X X
[*] BOND PRICING: For the Week November 20 to November 24, 2023
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B E L G I U M
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TELENET GROUP: Moody's Affirms Ba3 CFR, Alters Outlook to Negative
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Moody's Investors Service has affirmed the Ba3 corporate family
rating and the Ba3-PD probability of default rating of Telenet
Group Holding NV's (Telenet or the company). Concurrently, Moody's
has affirmed the Ba3 instrument ratings on the backed senior
secured bank credit facilities issued by Telenet International
Finance S.ar.l. and Telenet Financing USD LLC as well as on the
senior secured notes issued by Telenet Finance Luxembourg Notes S.a
r.l. The outlook on all entities has been changed to negative from
stable.
RATINGS RATIONALE
The negative action is prompted by Telenet's announcement that it
will increase its reported net leverage target to 4x-5x from
3.5x-4.5x previously, aligning its capital structure with its
parent Liberty Global plc (Ba3 stable). The change in financial
policy follows the recent completion of Telenet's take private
transaction by Liberty Global.
While the details of the new capital structure under the revised
financial policy are unclear at present, the company's credit
metrics could weaken materially if the company increases its
reported net leverage in line with the public guidance. Moody's
notes that such a weakening could materialize in the form of cash
upstreaming to the parent or through a push down of the debt raised
to fund the take-private transaction of Telenet and currently
sitting at Liberty Global Belgium Holding's level. Moody's could
lower Telenet's rating to B1 should the company's financial profile
weaken on the back of the higher net leverage target.
Moody's had previously stated that the company's high cash balance
post towers disposal represented a mitigant against high leverage.
Telenet's ratings were also previously supported by the company's
more prudent financial policy compared with other credit pools of
the Liberty Global group.
The rating agency forecasts Moody's-adjusted gross leverage to be
around 4.7x in 2023 and to remain broadly flat in 2024, when
excluding the potential negative impact from the revised financial
policy. If Moody's were to assume that the debt Liberty Global
raised to fund the take-private transaction will be pushed down to
Telenet, Moody's-adjusted gross leverage would be around 5.4x in
2023 and 2024, 0.7x higher than current forecasts. Similarly, the
rating agency forecasts Moody's-adjusted CFO/debt to stand at
16%-17% over 2023 and 2024, excluding change in financial policy,
and in the 14%-15% range after taking into account a potential debt
push down.
Telenet's CFR is supported by the company's (1) position as one of
the leading operators in the Belgian telecom market, with a strong
presence in Flanders; (2) well-defined fibre strategy after the
agreement with Fluvius System Operator CV (Fluvius, A3 stable) to
merge their fixed network assets; (3) wholesale agreement with
Orange Belgium (a subsidiary of Orange, Baa1 positive) to provide
broadband coverage across Wallonia; and (4) good liquidity,
supported by a long-dated maturity profile and undrawn credit
facilities.
However, Telenet's rating is constrained by (1) its more aggressive
financial policy after the take-private by Liberty Global; (2) its
limited EBITDA growth prospects through 2025 under Moody's current
expectations; (3) uncertainties around the future ownership
structure of NetCo (recently rebranded as Wyre); (4) its large
capital spending requirements to fund the fibre upgrade; and (5)
potential for competition to increase substantially once the new
operator enters the market.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
Telenet's CIS-3 indicates that ESG considerations have a limited
impact on the current rating. This reflects social risks, including
industrywide exposure to customer data security and privacy, but
also pressure on its video segment, as well as governance risks,
reflecting the company's appetite for leverage, together with its
concentrated shareholder structure.
LIQUIDITY
Telenet benefits from a good liquidity profile, supported by
EUR1,075 million in cash and cash equivalents as of September 30,
2023, and access to three revolving credit facilities, currently
undrawn, of EUR25 million, EUR50 million and EUR570 million due
2024, 2026 and 2029, respectively. Telenet's liquidity profile also
benefits from a long-dated maturity profile with floating rate debt
fully swapped to maturity.
Following the take-private transaction by Liberty Global, Telenet's
high cash balance could reduce significantly, as a large portion
could be upstreamed to the parent company.
STRUCTURAL CONSIDERATIONS
Telenet's Ba3-PD probability of default rating is at the same level
as the CFR, reflecting the expected recovery rate of 50% that
Moody's typically assume for a capital structure that consists of a
mix of bank debt and bonds.
The senior secured on lending of the senior secured notes, issued
by Telenet Finance Luxembourg Notes S.a r.l., establishes a claim
position for the noteholders that is broadly equivalent to that of
the existing lenders under the Telenet senior secured bank credit
facilities. The senior secured bank credit facilities and the
senior secured notes are both rated Ba3, in line with the CFR.
The senior secured bank credit facilities benefit from
first-ranking security over shareholder loans in the Telenet group
and over the shares of the borrowers and guarantors, as well as
from upstream guarantees from subsidiaries accounting for at least
80% of group consolidated EBITDA (excluding EBITDA attributable to
any JV). Moody's consider security packages consisting mainly of
share pledges relatively weak and thus Moody's rank these
facilities pari passu with other unsecured liabilities. These
include trade payables, lease rejection claims, pension
obligations, handset financing liabilities, outstanding deferred
payments on the acquisition of 4G or 5G mobile spectrum and
obligations beyond 20 years under the company's clientele fee
agreement.
RATIONALE FOR NEGATIVE OUTLOOK
The negative outlook reflects Moody's expectation that Telenet's
credit quality will weaken over the next 12-18 months on the back
of the company's change in financial policy. The negative outlook
also reflects Moody's expectation that EBITDA will remain under
pressure over the same period, amid the arrival of a new operator
in the Belgian market.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Although currently unlikely given the company's negative outlook,
upward rating pressure could develop if Telenet: (1) improves its
operating performance significantly; (2) demonstrates a clear
commitment to maintaining its Moody's-adjusted gross debt/EBITDA
below 3.75x; (3) increases its Moody's-adjusted cash flow from
operations (CFO)/debt well above 20%; and (4) maintains strong
margins.
Telenet's ratings could come under downward pressure if: (1) there
is a marked deterioration in the company's operating performance,
on the back of, for instance, the entrance of a new operator in the
market; (2) its business profile weakens, as in the case of a
potential network separation; (3) the company's Moody's-adjusted
gross debt/EBITDA exceeds 4.75x, particularly if it is not
sufficiently balanced by cash on balance sheet, on a sustained
basis; and (4) its Moody's-adjusted CFO/debt falls below 15% and
FCF (after capital spending and dividends) deteriorates
LIST OF AFFECTED RATINGS
Issuer: Telenet Group Holding NV
Affirmations:
Probability of Default Rating, Affirmed Ba3-PD
LT Corporate Family Rating (Foreign Currency), Affirmed Ba3
Outlook Actions:
Outlook, Changed To Negative From Stable
Issuer: Telenet Finance Luxembourg Notes S.a r.l.
Affirmations:
Senior Secured Regular Bond/Debenture (Foreign Currency), Affirmed
Ba3
Senior Secured Regular Bond/Debenture (Local Currency), Affirmed
Ba3
Outlook Actions:
Outlook, Changed To Negative From Stable
Issuer: Telenet Financing USD LLC
Affirmations:
BACKED Senior Secured Bank Credit Facility (Local Currency),
Affirmed Ba3
Outlook Actions:
Outlook, Changed To Negative From Stable
Issuer: Telenet International Finance S.ar.l.
Affirmations:
BACKED Senior Secured Bank Credit Facility (Local Currency),
Affirmed Ba3
Outlook Actions:
Outlook, Changed To Negative From Stable
COMPANY PROFILE
Headquartered in Mechelen, Belgium, Telenet Group Holding NV is a
provider of broadband and mobile communications services
predominantly in Belgium but also in Luxembourg. Telenet generated
revenue of EUR2.8 billion and company-adjusted EBITDA of EUR1.4
billion over the 12 months to September 2023. Telenet is fully
owned by Liberty Global.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was
Telecommunications Service Providers published in November 2023.
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F R A N C E
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CLAUDIUS FINANCE: S&P Withdraws 'B+' Rating on Credit Facility
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S&P Global Ratings corrected by withdrawing its 'B+' issue rating
on the EUR50 million revolving credit facility (RCF), initially
assigned at the Claudius Finance Parent S.a.r.l. level.
On Sept. 15, 2023, the group issued a tap on its existing RCF and a
new EUR700 million term loan B at the Claudius Finance S.a.r.l.
level. S&P incorrectly identified these as being at the parent
level and rated them accordingly. S&P has now placed the group's
debt at the subsidiary level; its issue ratings are unchanged.
LUKO: Placed in Receivership After Admiral Pulls Out of Deal
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Amy O'Brien at Sifted reports that French insurtech Luko has been
placed in receivership, after its EUR14 million deal with incumbent
insurer Admiral fell through at the end of October.
Court-appointed administrator Helene Bourbouloux -- touted by
French press as the "Bankruptcy Madonna" -- is handling the new
public bidding process, Sifted relays, citing a person with direct
knowledge of the matter. During the process, Luko has no say in
the terms of a new deal, Sifted notes.
The deadline for potential buyers to make a fresh bid for Luko's
main business, Demain ES, is Dec. 13, Sifted discloses. The French
commercial court will then decide on the best offer, Sifted
states.
It's a sharp turn of fate for Luko, which had raised EUR69 million
to date from investors including Accel and Speedinvest, and once
had enough capital to acquire two insurtech rivals -- Coya and
Unkle -- both in 2022, Sifted relays.
It seems those were acquisitions it couldn't afford. Luko's
financial position significantly deteriorated after it was unable
to raise fresh capital from investors to cover debts of EUR45
million, EUR12 million of which it owed to shareholders of Unkle,
Sifted says.
According to Sifted, in the run up to Luko's hearing in the French
commercial court on Wednesday, Nov. 22, the insurtech had hoped the
judge would extend its safeguarding plan so it could finalise a
deal it had reached with a new buyer. That buyer was incumbent
insurer Allianz, the source tells Sifted, with whom it had agreed a
sale under the same conditions as the EUR14 million Admiral deal.
But the insurtech's cash position had significantly worsened since
June, and the court instead placed it into receivership, Sifted
recounts.
Court documents published this week reveal new details that emerged
before Admiral withdrew from the deal, Sifted discloses. Two
audits revealed that Luko owed EUR1.375 million in tax
contingencies, which were to be distributed between its creditor
Triple Point, the acquirer Admiral and Luko's founders, Sifted
notes. In addition, a fresh audit last month revealed a EUR2.3
million discrepancy between the insurance premiums collected by the
group's Luko Cover business and those collected on behalf of
third-party insurers, Sifted states.
Even if Luko manages to find a new buyer on the same terms as the
Admiral deal, its existing shareholders are set to lose a lot of
money, according to Sifted.
Although these accounting discoveries are individual to Luko's
business, it may have avoided this fire sale situation if it had
been able to tap investors for more runway, Sifted notes.
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G E R M A N Y
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DEMIRE DEUTSCHE: Moody's Cuts CFR to Caa2 & EUR600MM Notes to Caa3
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Moody's Investors Service has downgraded DEMIRE Deutsche
Mittelstand Real Estate AG's long term corporate family rating to
Caa2 from Caa1. At the same time the senior unsecured rating of its
EUR600 million note issuance maturing in October 2024 was
downgraded to Caa3 from Caa2. The outlook remains negative.
RATINGS RATIONALE
The downgrade reflects an increasing risk that DEMIRE will not
repay its October 2024 senior unsecured bond in full and in time.
Parallel to working on disposals, the company has started
discussions with a group of noteholders that will likely aim to
ease the refinancing pressure on the company with respect to its
senior unsecured debt, indicating a rising likelihood of a
restructuring or a distressed exchange. At the same time, the
progress with respect to disposal of assets that could repay debt
and hence facilitate a smaller refinancing proves to be difficult
in the current market for commercial real estate transactions.
Consequently the company considers alternative solutions and has
hired advisors for the process.
Governance considerations have been a key driver of the rating
action reflecting a high probability of a default given the
refinancing needs. Moody's continues to expect the company to be
successful disposing selected assets in the next 6 months, but the
company would probably require more time to generate sufficient
proceeds to fully repay the bond or enabling a refinancing of the
remaining outstanding bond amount with secured and not yet
encumbered property assets. Moreover, DEMIRE needs to roll about
EUR160 million of bank debt maturing just ahead or after the senior
unsecured bond maturity in 2024. Moody's also considers two larger
development projects with significant capital spending that will
require funding in the next years in its analysis.
In case of a restructuring or other distressed exchange, Moody's
currently does not anticipate losses for secured creditors of the
company. Recoveries for senior unsecured noteholders will depend on
a variety of factors in such a scenario. The real estate backing
can provide for meaningful recoveries, but will require time to
execute. Furthermore disposal progress up to a potential agreement
will have material implications on recoveries as well. Next to the
currently challenging real estate transaction market, crystallizing
the asset values at Fair Value REIT AG is less certain given the
less than 100% stake and high share of indirectly held assets
within Fair Value REIT AG. At the same time any refinancing of the
unsecured bonds would have to come at a currently prohibitively
high interest rate, which questions the sustainability of the
funding structure from a fixed charge cover perspective.
The notching of the senior unsecured notes below the CFR reflects
the anticipated higher recoveries on secured debt and still
possible encumbrance of currently unencumbered assets.
RATIONALE FOR THE OUTLOOK
The negative outlook reflects continuing uncertainty around
refinancing, disposal and ultimate recovery prospects.
LIQUIDITY
Liquidity concerns are the key credit driver for DEMIRE. The
company faces significant debt maturities, as around EUR660 million
outstanding debt is due in 2024. So far refinancing has not been
secured. The company had EUR132 million of cash available as of Q3
2023 (including cash at Fair Value REIT AG level which Moody's
considers not to be available for bond refinancing). DEMIRE bought
back bonds that reduced the maturity needs in 2024 to EUR499
million, and may actively pursue additional secured debt
refinancing. With no public announcement of key shareholders has
been made, no shareholder support is visible at this point.
Moody's perceives the refinancing risk of the secured debt
maturities on existing encumbered assets to be lower, even if some
assets may require asset management activities or cash support to
facilitate a refinancing or re-leveraging.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to an upgrade: A rating upgrade is less
likely to occur given the negative outlook, but it can occur if:
-- DEMIRE succeeds in disposing material asset volumes with
moderate discounts and thereby secures repayment of the majority of
the 2024 senior unsecured bond maturity
-- The company succeeds in raising sufficient alternative debt
financing to enable a bond refinancing at a sustainable interest
cover
Factors that could lead to a downgrade:
-- Expected recovery rates in case of a default or distressed
exchange to be lower than anticipated
PRINCIPAL METHOLOGY
The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2022.
KALLE GMBH: $88.8MM Bank Debt Trades at 32% Discount
----------------------------------------------------
Participations in a syndicated loan under which Kalle GmbH is a
borrower were trading in the secondary market around 67.5
cents-on-the-dollar during the week ended Friday, November 24,
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.
VERWALTUNG GESUNDHEITS: EUR360MM Bank Debt Trades at 35% Discount
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Participations in a syndicated loan under which GHD Verwaltung
Gesundheits GmbH Deutschland is a borrower were trading in the
secondary market around 64.8 cents-on-the-dollar during the week
ended Friday, November 24, 2023, according to Bloomberg's Evaluated
Pricing service data.
The EUR360 million facility is a Term loan that is scheduled to
mature on August 15, 2026. The amount is fully drawn and
outstanding.
GHD VerwaltungGesundheits GmbH Deutschland provides healthcare
services. The Company offers rehabilitation, wound care,
orthopedics, pediatrics, pain management, and other services. GHD
VerwaltungGesundheits conducts its business in Germany.
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I R E L A N D
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AVOCA CLO XIX: Moody's Ups Rating on EUR12MM Class F Notes to B1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Avoca CLO XIX Designated Activity Company:
EUR28,000,000 Class C Deferrable Mezzanine Floating Rate Notes due
2031, Upgraded to Aa3 (sf); previously on Mar 3, 2023 Upgraded to
A1 (sf)
EUR24,250,000 Class D Deferrable Mezzanine Floating Rate Notes due
2031, Upgraded to Baa1 (sf); previously on Mar 3, 2023 Upgraded to
Baa2 (sf)
EUR12,000,000 Class F Deferrable Junior Floating Rate Notes due
2031, Upgraded to B1 (sf); previously on Mar 3, 2023 Affirmed B2
(sf)
Moody's has also affirmed the ratings on the following notes:
EUR242,000,000 (Current outstanding amount EUR215,498,266) Class
A-1 Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Mar 3, 2023 Affirmed Aaa (sf)
EUR10,000,000 Class A-2 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Mar 3, 2023 Affirmed Aaa
(sf)
EUR14,500,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Mar 3, 2023 Upgraded to Aaa
(sf)
EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on Mar 3, 2023 Upgraded to Aaa (sf)
EUR21,250,000 Class E Deferrable Junior Floating Rate Notes due
2031, Affirmed Ba2 (sf); previously on Mar 3, 2023 Affirmed Ba2
(sf)
Avoca CLO XIX Designated Activity Company, issued in November 2018
is a collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by KKR Credit Advisors (Ireland) Unlimited Company. The
transaction's reinvestment period ended in April 2023.
RATINGS RATIONALE
The rating upgrades on the Class C, Class D and Class F notes are
primarily a result of the deleveraging of the Class A-1 notes
following amortisation of the underlying portfolio since the last
rating action in March 2023.
The affirmations on the ratings on the Class A-1, Class A-2, Class
B-1, Class B-2 and Class E 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.
The Class A-1 notes have paid down by approximately EUR26.5 million
(10.95%) in the last 12 months. As a result of the deleveraging,
over-collateralisation (OC) has increased across the capital
structure. According to the trustee report dated October 2023 [1]
the Class A/B, Class C, Class D, Class E and Class F OC ratios are
reported at 144.10%, 130.10%, 120.00%, 112.30% and 108.40% compared
to January 2023 [2] levels of 140.00%, 127.50%, 118.40%, 111.40%
and 107.80% respectively.
In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile than it
had assumed at the last rating action March 2023.
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: EUR374.6m
Diversity Score: 63
Weighted Average Rating Factor (WARF): 2898
Weighted Average Life (WAL): 3.77 years
Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.77%
Weighted Average Coupon (WAC): 4.78%
Weighted Average Recovery Rate (WARR): 44.66%
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 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: 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.
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.
CVC CORDATUS XXIX: Fitch Assigns B-sf Final Rating to Cl. F-2 Notes
-------------------------------------------------------------------
Fitch Ratings has assigned CVC Cordatus Loan Fund XXIX DAC's notes
final ratings, as detailed below.
Entity/Debt Rating Prior
----------- ------ -----
CVC Cordatus Loan
Fund XXIX DAC
Class A-1 Notes
XS2699901554 LT AAAsf New Rating AAA(EXP)sf
Class A-2 Notes
XS2699901638 LT AAAsf New Rating AAA(EXP)sf
Class B Notes
XS2699901802 LT AAsf New Rating AA(EXP)sf
Class C Notes
XS2699901984 LT Asf New Rating A(EXP)sf
Class D Notes
XS2699902446 LT BBB-sf New Rating BBB-(EXP)sf
Class E Notes
XS2699902362 LT BB-sf New Rating BB-(EXP)sf
Class F-1 Notes
XS2699902529 LT B+sf New Rating B+(EXP)sf
Class F-2 Notes
XS2699903170 LT B-sf New Rating B-(EXP)sf
Subordinated Notes
XS2699903097 LT NRsf New Rating NR(EXP)sf
TRANSACTION SUMMARY
CVC Cordatus Loan Fund XXIX DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds are being used to purchase a portfolio with a
target par of EUR375 million. The portfolio is actively managed by
CVC Credit Partners Investment Management Limited (CVC). The
collateralised loan obligation (CLO) has an approximately 4.5-year
reinvestment period and a seven-year weighted average life (WAL)
test. The WAL test can increase by one year subject to the
satisfaction of the WAL step-up conditions.
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 25.6.
High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 62.3%.
Diversified Portfolio (Positive): The transaction includes two
Fitch matrices, corresponding to a top-10 obligor concentration
limit at 20%, a seven-year WAL test and two fixed-rate asset limits
at 5% and 10%. It has various concentration limits, including the
maximum exposure to the three-largest Fitch-defined industries in
the portfolio at 40%. These covenants ensure that the asset
portfolio will not be exposed to excessive concentration.
Portfolio Management (Neutral): The transaction has an
approximately 4.5-year reinvestment period and includes
reinvestment criteria similar to those of other European
transactions.
Fitch's analysis is based on a stressed-case portfolio with the aim
of testing the robustness of the transaction structure against its
covenants and portfolio guidelines. The transaction could extend
the WAL test by one year on the date that is one year from closing
if the aggregate collateral balance (defaulted obligations at
Fitch-calculated collateral value) is at least at the target par
and if the transaction is passing all tests.
Cash Flow Modelling (Positive): The WAL used for the Fitch-stressed
portfolio analysis is 12 months less than the WAL covenant at the
issue date. This is to account for the strict reinvestment
conditions envisaged by the transaction after its reinvestment
period. These include, among others, passing the coverage tests,
Fitch WARF and Fitch ´CCC´ tests, together with a progressively
decreasing WAL covenant. These conditions, in the agency's opinion,
reduces the effective risk horizon of the portfolio during stress
periods.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean rating default rate (RDR) across all
ratings and a 25% decrease of the rating recovery rate (RRR) across
all ratings of the identified portfolio would have no impact on the
class A-1 and A-2 notes, would lead to a downgrade of no more than
one notch for the class D notes; two notches for the class B, C
notes, three notches for the class E notes; and a downgrade to
below 'B-sf' for the class F-1 and F-2 notes.
Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than initially assumed, due to
unexpectedly high levels of default and portfolio deterioration.
Due to the better metrics and shorter life of the identified
portfolio than the Fitch-stressed portfolio, the class B and C
notes show a rating cushion of one notch, and the class D to F-2
notes of two notches each.
Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the Fitch-stressed portfolio would lead to a downgrade of up to
four notches for the class A-1 to D notes, and to below 'B-sf' for
the class E, F-1 and F-2 notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings in the Fitch-stressed
portfolio would lead to an upgrade of up to two notches for the
rated notes, except for the 'AAAsf' rated notes.
During the reinvestment period, upgrades, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, leading
to the ability of the notes to withstand larger-than-expected
losses for the remaining life of the transaction.
After the end of the reinvestment period, upgrades may occur on
stable portfolio credit quality and deleveraging, leading to higher
credit enhancement and excess spread available to cover losses in
the remaining portfolio.
DATA ADEQUACY
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
HARVEST CLO XXXI: S&P Assigns Prelim B- (sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Harvest
CLO XXXI DAC's class A to F European cash flow CLO notes. At
closing, the issuer will issue unrated class Z and subordinated
notes.
Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments.
The portfolio's reinvestment period will end approximately 4.6
years after closing, while the non-call period will end 1.6 years
after closing.
The preliminary ratings reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.
-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.
Portfolio benchmarks
CURRENT
S&P weighted-average rating factor 2,847.79
Default rate dispersion 405.42
Weighted-average life including reinvestment (years) 4.59
Obligor diversity measure 128.51
Industry diversity measure 21.49
Regional diversity measure 1.31
Transaction key metrics
CURRENT
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 0.38
'AAA' weighted-average recovery (%) 36.35
Floating-rate assets (%) 90.00
Actual weighted-average spread (net of floors; %) 4.24
The current portfolio contains a larger proportion of assets that
have yet to be ramped up compared to what we would typically see in
other European CLO transactions at pricing. By closing, we expect
ramped up assets to be more in line with what is commonly seen in
European CLO transactions. We understand that at closing the
portfolio will be well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. Therefore, we have conducted our credit and cash
flow analysis by applying our criteria for corporate cash flow
CDOs.
S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the actual targeted weighted-average spread
(4.24%), and the actual targeted weighted-average coupon (4.97%) as
indicated by the collateral manager. We have assumed the actual
targeted weighted-average recovery rates at all rating levels. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.
"Our credit and cash flow analysis show that the class B-1, B-2, C,
D, E, and F notes benefit from break-even default rate (BDR) and
scenario default rate cushions that we would typically consider to
be in line with higher ratings than those assigned. However, as the
CLO is still in its reinvestment phase, during which the
transaction's credit risk profile could deteriorate, we have capped
our preliminary ratings on the notes." The class A notes can
withstand stresses commensurate with the assigned preliminary
rating.
Until the end of the reinvestment period in July 15, 2028, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and compares that with the
current portfolio's default potential plus par losses to date. As a
result, until the end of the reinvestment period, the collateral
manager may through trading deteriorate the transaction's current
risk profile, if the initial ratings are maintained.
S&P said, "Under our structured finance sovereign risk criteria, we
consider that the transaction's exposure to country risk is
sufficiently mitigated at the assigned preliminary ratings.
"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.
"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class A to F notes.
"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we also included the
sensitivity of the ratings on the class A to E notes based on four
hypothetical scenarios.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category--and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met--we have not included the above scenario analysis results
for the class F notes."
Environmental, social, and governance
S&P regards the exposure to ESG credit factors in the transaction
as being broadly in line with its benchmark for the sector.
Primarily due to the diversity of the assets within CLOs, the
exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
controversial weapons; nuclear weapon programs; illegal drugs or
narcotics; thermal coal; tobacco production; pornography; payday
lending; prostitution; and gambling and gaming companies.
Accordingly, since the exclusion of assets from these industries
and areas does not result in material differences between the
transaction and S&P's ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities.
Ratings list
PRELIM.
PRELIM. BALANCE
CLASS RATING* (MIL. EUR) SUB (%) INTEREST RATE§
A-1 AAA (sf) 236.00 41.00 Three/six-month EURIBOR
plus 1.71%
A-2 AAA (sf) 12.00 38.00 Three/six-month EURIBOR
plus 2.10%
B AA (sf) 42.00 27.75 Three/six-month EURIBOR
+2.85%
C A (sf) 23.00 21.75 Three/six-month EURIBOR
plus 3.50%
D BBB- (sf) 26.75 15.06 Three/six-month EURIBOR
plus 5.60%
E BB- (sf) 17.25 10.75 Three/six-month EURIBOR
plus 7.90%
F B- (sf) 12.00 7.75 Three/six-month EURIBOR
plus 8.84%
Z NR 0.25 N/A N/A
Sub. Notes NR 29.175 N/A N/A
*The preliminary ratings assigned to the class A and B notes
address timely interest and ultimate principal payments. The
preliminary ratings assigned to the class C, D, E, and F notes
address ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.
MAN EURO 2023-1: S&P Assigns B- (sf) Rating to Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Man Euro CLO
2023-1 DAC's class A to F notes. At closing, the issuer also issued
unrated subordinated notes.
The portfolio's reinvestment period will end approximately 2.15
years after closing, while the non-call period will end 1.5 years
after closing.
The ratings assigned to the notes reflect S&P's assessment of:
-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.
Portfolio benchmarks
CURRENT
S&P weighted-average rating factor 2783.79
Default rate dispersion 530.00
Weighted-average life (years) 4.53
Obligor diversity measure 103.10
Industry diversity measure 22.98
Regional diversity measure 1.19
Transaction key metrics
CURRENT
Total par amount (mil. EUR) 350
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 1.71
Covenanted 'AAA' weighted-average recovery (%) 35.16
Covenanted weighted-average spread (%) 4.15
Covenanted weighted-average coupon (%) 5.00
Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments.
Asset Priming Obligations And Uptier Priming Debt
Under the transaction documents, the issuer can purchase asset
priming (drop down) obligations and/or uptier priming debt to
address the risk where a distressed obligor could either move
collateral outside the existing creditors' covenant group or incur
new money debt senior to the existing creditors.
Rationale
The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. Therefore, S&P has conducted our credit and cash
flow analysis by applying its criteria for corporate cash flow
CDOs.
S&P said, "In our cash flow analysis, we used the EUR350 million
par amount, the covenanted weighted-average spread of 4.15%, the
covenanted weighted-average coupon of 5.00%, and the covenanted
weighted-average recovery rate for AAA, and the actual
weighted-average recovery rates for the rest of rating levels. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.
"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.
"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.
"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria."
Until the end of the reinvestment period on Jan. 15, 2026, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.
S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe our ratings
are commensurate with the available credit enhancement for the
class A to F notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B-1 to E notes
could withstand stresses commensurate with higher ratings than
those we have assigned. However, as the CLO is still in its
reinvestment phase, during which the transaction's credit risk
profile could deteriorate, we have capped our assigned ratings on
the notes.
"For the class F notes, our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses that
are commensurate with a lower rating. However, we have applied our
'CCC' rating criteria, resulting in a 'B- (sf)' rating on this
class of notes.
The ratings uplift (to 'B-') reflects several key factors,
including:
-- The available credit enhancement for this class of notes is in
the same range as other CLOs that we rate, and that have recently
been issued in Europe.
-- The portfolio's average credit quality is similar to other
recent CLOs.
-- S&P's model generated break-even default rate at the 'B-'
rating level of 24.01% (for a portfolio with a weighted-average
life of 4.53 years), versus if we were to consider a long-term
sustainable default rate of 3.1% for 4.53 years, which would result
in a target default rate of 14.04%.
-- For S&P to assign a rating in the 'CCC' category, it also
assesses (i) whether the tranche is vulnerable to non-payments in
the near future, (ii) if there is a one in two chance of this
tranche defaulting, and (iii) if it envisions this tranche to
default in the next 12-18 months.
-- Following this analysis, S&P considers that the available
credit enhancement for the class F notes is commensurate with a 'B-
(sf)' rating.
S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class A
to E notes based on four hypothetical scenarios.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."
The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds. GLG Partners LP manages the
transaction.
Ratings
AMOUNT CREDIT
CLASS RATING* (MIL. EUR) ENHANCEMENT (%) INTEREST RATE§
A AAA (sf) 210.00 40.00 Three/six-month EURIBOR
plus 1.75%
B-1 AA (sf) 30.30 28.49 Three/six-month EURIBOR
plus 3.25%
B-2 AA (sf) 10.00 28.49 6.70%
C A (sf) 21.00 22.49 Three/six-month EURIBOR
plus 4.25%
D BBB- (sf) 22.70 16.00 Three/six-month EURIBOR
plus 6.25%
E BB- (sf) 14.00 12.00 Three/six-month EURIBOR
plus 7.52%
F B- (sf) 12.30 8.49 Three/six-month EURIBOR
plus 10.13%
Sub Notes NR 29.00 N/A N/A
*The ratings assigned to the class A, B-1, and B-2 notes address
timely interest and ultimate principal payments. The ratings
assigned to the class C, D, E, and F notes address ultimate
interest and principal payments.
=========
I T A L Y
=========
DEDALUS SPA: Fitch Affirms 'B-' LT IDR, Alters Outlook to Negative
------------------------------------------------------------------
Fitch Ratings has revised Dedalus SpA's Outlook to Negative from
Stable, while affirming its Long-Term Issuer Default Rating (IDR)
at 'B-'. It has also affirmed Dedalus Finance GmbH's EUR1,210
million senior secured term loan B (TLB) at 'B'. The Recovery
Rating remains at 'RR3'.
The Negative Outlook reflects slow deleveraging progress and
tighter liquidity on the back of only partial completion of old
invoice collection following Enterprise Recourse Planning (ERP)
system functionality issues. Despite the company's strong position
in the fragmented European healthcare software market, Dedalus is
facing structurally higher R&D costs and has limited flexibility to
increase prices under long-term contracts with publicly-funded
healthcare customers.
Fitch expects Fitch-defined EBITDA leverage to exceed 10x by
end-2023, before it declines to below 8x in 2025, with weak
interest cover metrics given a largely unhedged interest rate
exposure.
While new senior management is committed to improving cash
collection and performance overall, and shareholder Ardian remains
supportive of the business, material deviations in reducing the
receivable collection backlog could impair financial flexibility
further and delay deleveraging, leading to negative rating
pressure.
KEY RATING DRIVERS
High Leverage: Fitch expects Dedalus's gross leverage to remain
high at above 10x at end-2023 after a spike to above 12x at
end-2022. Deleveraging is likely to be slow with EBITDA growth
weighed down by increasing R&D spend and limited pricing
flexibility. Fitch expects leverage to improve to below 8x by
end-2025 on efforts to improve profitability, reduce extraordinary
expenses and catch-up with invoice collection.
Focus on Cash Flow, Profitability: Dedalus's recent focus on
improving profitability and cash flow, with more attention to
receivables collection, should help liquidity in 4Q23 and into
2024, and contribute to stronger EBITDA generation from 2024.
Dedalus is likely to streamline its operating profile by exiting
some less profitable geographies and divesting non-core assets. Its
strategy was reviewed after the consortium led by Ardian increased
its equity stake in the company by 19% to 92% and the appointment
of a new CEO in October 2023.
Limited Pricing Flexibility: Dedalus has only limited flexibility
to increase its prices, while the positive impact of higher pricing
is likely to be delayed versus some of its ERP-providing IT peers.
The company benefits from operating under long-term contracts but
at the same time these contracts, particularly with public-funded
hospital customers, include price caps significantly below
inflation. Fitch expects pricing flexibility to increase as
contracts come up for renewal in the medium term.
Structurally Higher R&D: Structurally higher R&D expenditure will
be an impediment to EBITDA margin improvement in 2024. Fitch
expects the company's total R&D spending to stabilise at around 21%
of revenues including above EUR60 million per year (above 6% of
revenue) of capitalised R&D in 2024-2026. This increase is driven
by new European regulation that came into force in 2022 with
medical software treated similarly to medical devices, with much
more rigorous oversight and service level requirements.
Positively, high R&D expenditure increases barriers for new
entrants and strengthens the company's competitive position.
Receivables Collection Ongoing: Slower-than-expected progress with
collecting receivables accumulated during the period in which ERP
was not fully functional will result in lower positive working
capital (WC) impact from old invoice collection in 2023, with a
significant carry-over to 2024. However, Fitch understands from
management that old invoices are not being disputed by customers,
and collections should improve next year.
Increasing Healthcare Digitalisation: Dedalus is well-positioned to
benefit from the increasing digitalisation of European healthcare
systems. Governments are keen to promote investments in IT
infrastructure by allocating significant financing through
dedicated initiatives such as Future Hospital Act in Germany, Segur
de la Sante in France, Gara Sanita Digitale in Italy and others.
Overall, dedicated government funding significantly contributes to
a positive industry outlook for the next three-to-four years.
Strong Position in Fragmented Markets: Dedalus has strong positions
in its typically fragmented markets, with its market share varying
from 20% to 80% across key targeted sub-segments. Dedalus's main
competitive advantages are a dedicated focus on the healthcare
industry, strong R&D capabilities and a reasonably large size that
allows it to offer and maintain a broad range of healthcare systems
in compliance with local regulation and international best
practice.
Low Churn, Resilient Revenues: Low customer churn of around 1% and
a high share of recurring revenues (66% in 9M23) provide good cash
flow visibility and stability. The critical nature of healthcare
software products, combined with significant barriers to entry
including high switching costs, large initial R&D, rigorous medical
regulations, the long-term nature of contracts (three to six
years), as well as low technological risk underpin strong
customer-base sustainability.
Punitive Interest Cost: With all of its debt being at
floating-rates, Dedalus is heavily exposed to the negative impact
of interest-rate rises. Some protection comes from an interest rate
hedge on 50% of TLB at 3%. Applying Fitch's Global Economic
Outlook's assumptions on European rates, Fitch expects interest
payments to significantly increase in the next three years.
Interest cost will consume close to 70% of Fitch-defined 2024
EBITDA, leading to weaker cash flow generation and driving EBITDA
interest coverage lower to below 1.5x.
Cash Flow Under Pressure: Fitch forecasts Dedalus's free cash flow
(FCF) to be negative in 2023 before it turns marginally positive in
2024. Dedalus expects to significantly reduce non-recurring
expenses by close to EUR30 million in 2024 on completing the
migration to a new ERP platform from its legacy Agfa and DXC
infrastructure. Stronger old invoice collection should also
contribute to 2024 cash flow.
DERIVATION SUMMARY
The ratings of Dedalus are supported by its strong market positions
across its pan-European footprint, the long-term nature of its
contracts with a majority of revenues being recurring, and a stable
customer base with low single-digit churn rates.
Its close Fitch-rated peers (providers of healthcare
revenue-cycle-management (RCM) or other healthcare-related
software) FinThrive Software Intermediate Holdings, Inc.
(FinThrive; B-/Negative), Waystar Technologies, Inc. (Waystar;
B/Positive) and athenahealth Group Inc. (B/Negative) benefit from
significantly stronger EBITDA margins and higher organic revenue
growth driven by conducive US healthcare market fundamentals.
Similar to Dedalus's, these companies' ratings are constrained by
high leverage.
Dedalus's broader Fitch-rated peers in Europe include TeamSystem
S.p.A. (B/Stable), a leading Italian provider of ERP and accounting
software for SMEs, and Unit4 Group Holding B.V. (B/Stable), an ERP
provider for medium-sized people-centric organisations across
Europe. These peers also benefit from healthy market trends and a
sustainable customer base but have notably higher churn. Their
leverage is lower than Dedalus's.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Mid-single-digit revenue growth in 2023-2026
- Fitch-defined EBITDA margin at 14% in 2023, gradually increasing
to 20% by 2026
- Recurring exceptional costs of EUR5 million per annum deducted
from EBITDA to 2026
- WC outflows in 2023 followed by WC inflows in 2024 driven by
collection of previously billed revenues
- Capex at below 2% of revenue in 2023-2026
- Capitalised R&D costs treated as cash expenses and deducted from
EBITDA
- Factoring facility EUR37 million utilised and treated as debt
- No acquisitions or dividends to 2026
RECOVERY ANALYSIS
The recovery analysis assumes that Dedalus would be reorganised as
a going concern (GC) in a bankruptcy rather than liquidated.
Fitch estimates that its post-restructuring EBITDA would be around
EUR130 million. Fitch would expect a default to come from a fall in
revenue and EBITDA following software problems, unfavourable
changes in regulation, reputational damage or intensified
competition. The EUR130 million GC EBITDA is around 20% lower than
its Fitch-defined 2025 EBITDA forecast.
An enterprise value (EV) multiple of 6x is applied to the GC EBITDA
to calculate a post-reorganisation EV. The multiple is in line with
that of other similar software companies that exhibit good
pre-dividend FCF generation, a high share of recurring revenues and
low customer churn.
Fitch deducts a 10% of administrative claim from the EV to account
for bankruptcy and associated costs.
Fitch estimates the total amount of secured debt for claims at
EUR1,370 million, which includes a EUR1,210 million senior secured
term loan B (TLB), and assume that Dedalus's equally ranked EUR160
million revolving credit facility (RCF) and ancillary facilities
are fully drawn.
Fitch does not include in total debt Dedalus's EUR140 million
payment-in-kind (PIK) notes, which are outside of the scope of the
restricted group, and Fitch treats them as equity, in line with its
criteria. Similarly, Fitch does not include factoring facilities in
the total claims estimates as Fitch believes the factoring
programme will continue to be available through bankruptcy.
Fitch estimates expected recoveries for senior secured debt at 51%.
This results in the senior secured debt rating of 'B', one notch
above the IDR, with no headroom to increase senior secured debt at
the 'RR3' level.
RATING SENSITIVITIES
Factors That Could, Individually or Collectively, Lead to Upgrade
- EBITDA leverage below 6.5x
- Cash from operations (CFO) less capex/gross debt at above 5%
- Continued strong market leadership and strong FCF generation
- EBITDA interest coverage above 2.5x
Factors That Could, Individually or Collectively, Lead to the
Outlook Being RevisedTo Stable
- Visibility that EBITDA leverage is trending below 8.5x
- Improvement in EBITDA interest coverage and FCF turning positive
Factors That Could, Individually or Collectively, Lead to
Downgrade
- EBITDA leverage above 8.5x
- CFO less capex/gross debt persistently negative
- EBITDA interest coverage persistently below 2x
- A weakening market position manifested in slowing revenue growth
- Eroding liquidity position prompted by continuously weak or
negative FCF with RCF constantly drawn by a significant amount
LIQUIDITY AND DEBT STRUCTURE
Stretched Liquidity: Dedalus had above EUR30 million of cash on its
balance sheet, supported by more than EUR20 million headroom
remaining under its EUR160 million RCF as of end-September 2023.
Assuming acceleration of invoicing collection in 4Q23 and given an
additional EUR50 million tranche of its TLB facility in November
2023, existing liquidity should be sufficient to meet its interest
payment in 1Q24 even after excluding other cash preservation
measures. Subsequently, Fitch expects the company's FCF to turn
positive in 2024, which should strengthen its liquidity over the
longer term. Dedalus' TLB is due in 2027.
ISSUER PROFILE
Dedalus is a leading pan-European provider in a fragmented
healthcare software market, formed in May 2020 from the merger of
Dedalus's operations in Italy and France and Aceso, a carve-out of
the healthcare software business from Agfa-Gevaert with operations
in Germany, Austria, Switzerland and France.
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
----------- ------ -------- -----
Dedalus SpA LT IDR B- Affirmed B-
Dedalus
Finance GmbH
senior secured LT B Affirmed RR3 B
MOLISE: Moody's Affirms Ba2 Issuer Rating, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service has changed the outlooks to stable from
negative for 17 Italian RLGs and three GRIs, and affirmed their
ratings and Baseline Credit Assessments (BCA). Moody's has also
maintained the stable outlooks and affirmed the ratings and BCAs of
two Italian RLGs - the regions of Molise and Valle d'Aosta. At the
same time, Moody's has upgraded the Region of Piedmont's ratings to
Ba1 from Ba2 and its BCA to ba2 from ba3. The outlook remains
stable.
The rating actions follow Moody's rating action taken on the
Government of Italy (Baa3 Stable)'s sovereign rating on November
17, 2023. The outlook on Italy's rating was changed to stable from
negative and the Baa3 ratings were affirmed.
RATINGS RATIONALE
RATIONALE FOR CHANGING THE OUTLOOKS TO STABLE FROM NEGATIVE FOR 20
SUB-SOVEREIGN ENTITIES AND AFFIRMING THEIR RATINGS
Regional and Local Governments (RLGs)
The decision to change the outlooks of 17 RLGs to stable from
negative, mirrors the change of the Italian government's outlook
and reflects Italian RLGs' close institutional, operational, and
financial linkages with the central government.
The central government exerts a strong influence on RLGs' policies
and operations, and RLGs' finances are dependent on sovereign
decisions. The RLG sector is strongly regulated by the central
government, which defines fiscal consolidation targets, limits the
risk that RLGs can undertake and oversees their financial
performance. The central government defines the level of available
resources to fund key responsibilities, such as healthcare for
ordinary status regions, which accounts for around 80% of operating
revenue. Evidence of consistent financial support during the
pandemic and, more recently, measures to compensate higher
inflation and energy costs, underscores the financial linkages of
RLGs with the central government. Moreover, the Italian government
is directly or via its public owned bank Cassa Depositi e Prestiti
S.p.A. (Baa3 Stable) the main lender for the RLG sector.
The affirmation of the ratings and BCAs reflects the robust and
mature institutional framework, resilient operating performance,
and low levels of debt compared to international peers as well as
simple debt structures. The ratings within this group, ranging from
Baa1 (Autonomous Provinces of Bolzano and Trento) to Ba1 (several
RLGs), reflect differences in financial performance, levels of
autonomy, economic strength, budgetary flexibility and governance.
The ratings above the sovereign belong to regional governments with
special status which benefit from a wider legislative and financial
autonomy compared to ordinary status regions, negligible borrowing
needs and very large cash reserves. The Region of Lombardy (Baa2
Stable) is also rated above the sovereign, despite the absence of a
special status, due to its strong economic profile and affluent tax
base, very large cash reserves and negligible borrowing needs. RLGs
with ratings on par with the sovereign typically display strong
governance practices and sound credit fundamentals, reflected in a
good operating and financial performance and low and declining debt
levels. Overall, RLGs rated below the sovereign have moderate to
high debt levels, an adequate budgetary performance with some
exposure to the local economy or pressures arising from the
healthcare sector.
Government-Related Issuers
The decision to affirm MM S.p.A.'s long-term issuer and senior
secured ratings at Baa3 and Cassa del Trentino S.p.A.'s long-term
issuer and backed senior unsecured ratings at Baa1, while changing
the outlooks to stable from negative, mirrors the corresponding
decision on their respective owners (the City of Milan, Baa3
Stable, and the Autonomous Province of Trento, Baa1 Stable). From a
credit risk perspective, there is no meaningful distinction between
these two entities and their respective owners because of the tight
institutional and operational linkages between them.
RAI - Radiotelevisione italiana S.p.A.
The change in RAI's outlook to stable from negative mirrors the
change of the sovereign's outlook and reflects the close ties
between RAI and the central government. The Italian Ministry of
Economy and Finance owns 99.56% of RAI. RAI has a clear public
policy mandate of public media service provider and operates under
the terms of a multi-year concession and service contract agreement
with the central government. Moreover, the bulk of its revenues
consists of license fees set by the central government, which
closely oversees RAI's operations and financial performance. The
stable outlook also reflects Moody's expectation that RAI's
institutional framework and government support will remain
unchanged over the medium-term and will continue to ensure RAI's
financial sustainability. Moody's expects that RAI's financial
performance will remain stable and debt levels manageable.
Improving license fees, resilient advertising revenues, and
continued commitment to cost control resulted in an overall stable
operating performance over the last three years, despite the
cyclicality of expenses and adverse exogenous factors such as the
pandemic, inflationary pressures, and higher energy costs.
The affirmation of the Baa3 ratings and ba1 BCA reflects the stable
regulatory framework, recurring license fees, that provide revenue
stability and visibility, and its entrenched position in the
Italian society as a public broadcasting entity. These strengths
are counterbalanced by a competitive operating environment that
requires investments and innovation to maintain its brand
positioning. Moreover, RAI's public mandate, while granting revenue
stability and central government support, limits its profitability
and may result in higher borrowing needs over the coming years.
The ratings incorporate a one-notch uplift to the BCA reflecting
Moody's assessment of strong likelihood of support from the Italian
government.
RATIONALE FOR AFFIRMING THE RATINGS OF THE REGIONS OF MOLISE AND
VALLE D'AOSTA AND MAINTAINING THE STABLE OUTLOOK
Region of Molise (Molise)
Moody's has affirmed Molise's ba3 BCA and Ba2 long-term issuer and
senior unsecured debt ratings and maintained the stable outlook.
The affirmation reflects financial pressure from the regional
healthcare sector, large cumulated deficit and the region's weak
socioeconomic profile. These weaknesses are counterbalanced by the
region's improving budgetary practices, despite some delays in
budget approvals, and moderate and decreasing debt burden, a trend
which Moody's expect to continue.
The stable outlook reflects the region's capacity to post positive
operating outcomes and moderate debt levels, while remaining
committed to improve the healthcare sector performance. This will
enable Molise to gradually absorb its large cumulated deficit
according to the multi-year rebalancing plan.
Autonomous Region of Valle d'Aosta (Valle d'Aosta)
Moody's has affirmed Valle d'Aosta's baa2 BCA, Prime-2 short-term
issuer ratings and Baa2 long-term issuer and senior unsecured debt
ratings, and maintained the stable outlook.
The affirmation takes into account its wider legislative and
financial autonomy, granted by its special status. It also reflects
the very solid economic and financial indicators, the strong
governance and management practices, the very low and declining
debt levels, and ample liquidity profile. These positives are
somewhat counterbalanced by the region's small size, representing
0.2% of the national population.
The stable outlook of Valle d'Aosta reflects the region's capacity
to preserve its already good financial performance and debt
metrics, which provide a high degree of shock-absorption capacity.
RATIONALE FOR UPGRADING THE RATINGS OF THE REGION OF PIEDMONT AND
MAINTAINING THE STABLE OUTLOOK
Moody's upgraded the region's BCA to ba2 from ba3 and long-term
issuer and senior unsecured debt ratings to Ba1 from Ba2 reflecting
the region's ongoing improving fiscal metrics, as highlighted by
positive gross operating balances (5.8% of operating revenue as of
YE2022) and moderate and declining direct debt levels (68% of
operating revenue as of YE2022). Moody's expects Piedmont to
continue to display strong budgetary control thanks to improving
management and governance practices and strengthening quality of
its internal planning, in adherence with the central
government-imposed regulation on the sector. Moody's expects
Piedmont's liquidity position to continue to improve, reflected
through tighter spending controls as well as declining stock of
payables. In line with other Italian RLGs, Piedmont's debt stock
will continue to gradually decline, although from relatively higher
levels. Moody's expects the slow deleveraging trend to continue.
The stable outlook of Piedmont reflects its close institutional,
operational, and financial linkages with the central government, as
well as Moody's expectation that Piedmont's debt stock will
continue to decrease and financial management to improve.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS
Regional and local governments (RLGs)
Overall, the ratings of RLGs are immaterially (CIS-2) or more
negatively affected by ESG risks (CIS-3) due to some exposure to
social and environmental considerations. Governance risks are
overall not material or have a positive impact on ratings, except
for the Metropolitan city of Roma Capitale due to its moderately
weaker institutional structure. ESG factors have a positive impact
(CIS-1) on the ratings of the Autonomous Provinces of Trento and
Bolzano, the regions of Valle d'Aosta, Friuli Venezia Giulia and
Lombardy due to their very strong governance profile.
The exposure of Italian RLGs to environmental risks is generally
moderate (E-3), mainly driven by physical climate risks linked to
extreme weather events that could lead to revenue base
deterioration, weigh on investment and economic growth, creating
budgetary pressure for RLGs. The City of Milan has also some
exposure to air pollution, while the Metropolitan city of Roma
Capitale has also some exposure to waste management. The rating of
the City of Venice is more negatively affected by environmental
considerations (E-4) due to its geographical location that makes it
vulnerable to extreme weather events and sea level rise. The
exposure to environmental considerations is not material for the
Autonomous Provinces of Trento and Bolzano and the Autonomous
Region of Valle d'Aosta.
RLGs' exposure to social risks primarily arises from demographic
factors - such as ageing and in some cases also depopulation -, and
from weak labor and income in certain areas. These factors can
increase healthcare and social expenditures and limit the potential
for growth in locally-generated revenues. For the Autonomous
Provinces of Trento and Bolzano, the Autonomous Region of Valle
d'Aosta, the Autonomous Region of Friuli Venezia Giulia, the Region
of Lombardy, the cities of Milan and Venice these risks are muted
(S-2), while all other RLGs are more negatively affected (S-3 and
S-4). In particular, the regions of Abruzzo, Basilicata, Campania,
Molise, Puglia, Sardinia and Sicily have a weaker socioeconomic
profile, heightening their exposure to social considerations.
Overall, Italian RLGs benefit from a robust and mature
institutional framework, and close oversight by the central
government, which supports RLGs' commitment to financial
consolidation and low risk appetite. In addition, governance and
management practices ranges from appropriate to strong, usually
resulting in a muted (G-2) or positive credit impact (G-1) on RLGs'
ratings. The only exception is the Metropolitan city of Roma
Capitale which has some exposure (G-3) to governance
considerations, driven by a moderately weaker institutional
structure.
Cassa del Trentino S.p.A.
Environmental considerations are not material to Cassa del Trentino
S.p.A. (CdT)'s credit profile.
Social risks are not material to CdT's credit profile.
Governance considerations are material to CdT's credit profile. The
governance framework is intrinsically intertwined with the
Autonomous Province of Trento (PAT), which exerts strong control
over the entity and influences the definition of its strategy.
CdT's management practices are solid with a high degree of
transparency and disclosure.
MM S.p.A.
Environmental considerations are material to MM's credit quality.
MM is moderately exposed to physical climate risks and water
management, notably as an integrated water services provider.
Climate change-related environmental trends may weigh on water
networks and lead to additional costs and investment needs.
Mitigating these risks is MM's strong stance towards operating
efficiency and compliance with regulation, with good results in
terms of service quality.
Social considerations are material to MM's credit quality. Public
concern over environmental, social or affordability issues could
lead to adverse regulatory or political intervention, similar to
that faced by other regulated network operators. MM also has
moderate exposure to responsible production with requirements to
maintain its quality of service, which increases its investment and
maintenance costs.
Governance considerations are material to MM's credit quality. The
governance framework is intrinsically linked with that of its
supporting shareholder (the City of Milan), which exercises strong
control over the entity and determines its strategy. MM's
management practices are solid with a high degree of transparency
and disclosure.
RAI - Radiotelevisione italiana S.p.A.
ESG considerations have a limited impact on the ratings (CIS-3)
with potential for greater negative impact over time. The company
has exposure to secular societal trends reflecting the ongoing
transition to direct-to-consumer television and governance risks
related to its highly concentrated ownership structure. On the
other hand, environmental considerations have an overall immaterial
impact on RAI's credit ratings in line with the industry.
The nature of its media and entertainment activities, with limited
exposure to physical climate risk and very low emissions of
pollutants and carbon, results in low environmental risk (E-2).
RAI has material exposure to social considerations (S-4). It faces
risk from social and demographical trends associated with rapid and
structural changes in the media landscape towards television
consumption through direct-to-consumer subscription-video-on-demand
services, provided by large over-the-top (OTT) platforms.
RAI has some exposure to governance considerations (G-3). The main
risk is related to the company's highly concentrated ownership
structure. Government-owned enterprises may face a different set of
priorities with public policy goals that prevail over maximizing
financial results. On the other hand, since RAI fulfills a
government policy mandate, it benefits from close governance
oversight, early intervention and ongoing support. RAI's financial
policy is relatively conservative and its ability to execute
strategic plans is fairly good.
PUBLICATION OF RATING ACTIONS ON REGIONAL AND LOCAL GOVERNMENTS
The change of outlook to stable from negative and the affirmation
of the Italian sovereign issuer and bond ratings on November 17,
2023 prompted the publication of this credit rating action on
Italian regional and local governments on a date that deviates
from the previously scheduled release date in the sovereign release
calendar, published on https://ratings.moodys.com.
ECONOMIC DATA
The specific economic indicators, as required by EU regulation, are
not available for these entities. The following national economic
indicators are relevant to the sovereign rating, which was used as
an input to this credit rating action.
Sovereign Issuer: Italy, Government of
GDP per capita (PPP basis, US$): 51,827 (2022) (also known as Per
Capita Income)
Real GDP growth (% change): 3.7% (2022) (also known as GDP Growth)
Inflation Rate (CPI, % change Dec/Dec): 12.3% (2022)
Gen. Gov. Financial Balance/GDP: -8% (2022) (also known as Fiscal
Balance)
Current Account Balance/GDP: -1.5% (2022) (also known as External
Balance)
External debt/GDP: 128.0% (2022)
Economic resiliency: a3
Default history: No default events (on bonds or loans) have been
recorded since 1983.
SUMMARY OF MINUTES FROM RATING COMMITTEE
On November 16, 2023, a rating committee was called to discuss the
ratings of Lazio, Region of; Liguria, Region of; Campania, Region
of; Piedmont, Region of; Sicily, Autonomous Region of; Bolzano,
Autonomous Province of; Valle d'Aosta, Autonomous Region of;
Umbria, Region of; Lombardy, Region of; Puglia, Region of;
Basilicata, Region of; Sardinia, Autonomous Region of, Veneto,
Region of; Molise, Region of; Abruzzo, Region of; Trento,
Autonomous Province of; Friuli Venezia Giulia, Autonomous Region
of; Milan, City of; Venice, City of; Roma Capitale, Metropolitan
city of. The main points raised during the discussion were: The
issuers' economic fundamentals, including their economic strength,
have not materially changed. The issuers' institutions and
governance strength, have not materially changed. The issuers'
governance and/or management, have not materially changed. The
issuers' fiscal or financial strength, including their debt
profile, has not materially changed. The systemic risk in which the
issuers operate has materially decreased. An analysis of these
issuers, relative to peers.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Regional and local governments
The strengthening of Italy's credit profile, as reflected by an
upgrade of the sovereign rating, would exert upward pressure on
Italian sub-sovereign ratings in general, particularly on those
ratings currently on par or above the sovereign. In addition,
upward pressure would develop on sub-sovereigns currently rated
below the sovereign, if their financial performance were to improve
consistently over time.
A downgrade of Italy's sovereign rating or indications of weakening
government support for the Italian sub-sovereigns – or both -, or
a deterioration in their financial performance, would exert
downward pressure on the ratings.
Government-Related Issuers
The ratings of Cassa del Trentino S.p.A. and MM S.p.A. could be
upgraded following an upgrade of their owners, the Autonomous
Province of Trento and the City of Milan respectively.
A downgrade of the owners' ratings or a weakening of their support
would likely lead to a downgrade of the ratings.
RAI - Radiotelevisione italiana S.p.A.
The strengthening of Italy's credit profile, as reflected by an
upgrade of the sovereign rating, would exert upward pressure on
RAI's ratings.
A downgrade of Italy's sovereign rating or indications of weakening
government support – or both -, as well as any action by the
central government that could weaken the standalone financial
profile of RAI, could lead to a downgrade of RAI's ratings.
Additionally, downward pressure on the ratings could also arise
from one or a combination of the following: a material and
sustained deterioration in the financial performance; a large
increase in debt levels; a marked and sustained deterioration in
liquidity metrics.
The principal methodology used in rating Abruzzo, Region of,
Basilicata, Region of, Bolzano, Autonomous Province of, Campania,
Region of, Friuli Venezia Giulia, Autonomous Region of, Lazio,
Region of, Liguria, Region of, Lombardy, Region of, Milan, City of,
Molise, Region of, Piedmont, Region of, Puglia, Region of, Roma
Capitale, Metropolitan city of, Sardinia, Autonomous Region of,
Sicily, Autonomous Region of, Trento, Autonomous Province of,
Umbria, Region of, Valle d'Aosta, Autonomous Region of, Veneto,
Region of and Venice, City of was Regional and Local Governments
published in January 2018.
STRESA SECURITISATION: S&P Assigns Prelim B+(sf) Rating to D Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Stresa Securitisation S.R.L.'s class A, B-Dfrd, C-Dfrd, and D-Dfrd
asset-backed notes. At closing, the issuer will also issue unrated
class R and Z notes.
Stresa Securitisation is an RMBS transaction that securitizes a
pool of Italian residential mortgages granted to individuals
initially originated by Meliorbanca SpA (currently BPER Banca SpA),
now being serviced by doNext SpA.
The portfolio comprises performing loans, loans in arrears,
reperforming assets, as well as a portion of defaulted assets(loans
in arrears for more than 12 months).
In 2017, Stresa Securitisation, the issuer, carried out a
securitization transaction, the original securitization, which was
private, whose subscription proceeds the issuer used to buy the
portfolio. The issuer now will restructure the original
securitization through the issuance of new notes on the issue
date.
On the issue date, Stresa Securitisation will use the proceeds from
the issuance of the notes to pay down the outstanding notes and to
fund the liquidity reserve. At the same time, new notes will be
issued. Credit support for the notes is provided by a combination
of collateralization, subordination, and a liquidity reserve
account.
The liquidity reserve fund will be 4.75% of the class A notes'
outstanding balance with a floor of 2% of the class A notes'
initial balance. Stresa Securitisation can use the liquidity
reserve amount to cover senior payments and class A interest
shortfalls (excluding the additional coupon cap payments). The
liquidity reserve can amortize, and any amortized amount will be
used to redeem the rated notes providing also credit support.
S&P's preliminary ratings on the notes are capped at 'AA (sf)'
following the application of its sovereign and counterparty risk
criteria. The legal, and operational risks do not pose any
effective constraints on its ratings on the notes.
Preliminary ratings
CLASS PRELIMINARY RATING PRELIMINARY AMOUNT (%)
A AA (sf) 80.75
B-Dfrd A+ (sf) 3.75
C-Dfrd BBB (sf) 3.75
D-Dfrd B+ (sf) 3.25
R NR 3.84
Z NR 8.50
NR--Not rated.
N/A--Not applicable.
===================
L U X E M B O U R G
===================
ARVOS BIDCO: EUR293MM Bank Debt Trades at 58% Discount
------------------------------------------------------
Participations in a syndicated loan under which Arvos BidCo Sarl is
a borrower were trading in the secondary market around 41.6
cents-on-the-dollar during the week ended Friday, November 24,
2023, according to Bloomberg's Evaluated Pricing service data.
The EUR293 million facility is a Term loan that is scheduled to
mature on August 29, 2024. The amount is fully drawn and
outstanding.
Arvos BidCo S.a.r.l., is the parent company of the Arvos Group.
Arvos is an auxiliary power equipment provider operating in new
equipment and offering aftermarket services through two business
divisions: Ljungstrom for Air Preheaters (APH), including air
preheaters and gas-gas heaters for thermal power generation
facilities; and Schmidtsche Schack for Heat Transfer Solutions
(HTS) for a wide range of industrial processes mainly in the
petrochemical industry (Transfer Line Exchangers, Waste Heat Steam
Generators and High-Temperature Products). Arvos Group is a
carve-out from Alstom and is fully owned by Triton funds and by its
management. Arvos Midco S.ar.l. (formerly Alison Midco S.a.r.l.) is
the parent company of Arvos BidCo. The Company's country of
domicile is Luxembourg.
=====================
N E T H E R L A N D S
=====================
HUNKEMOLLER INTERNATIONAL: S&P Cuts LT ICR to 'CCC+', Outlook Neg.
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and issue
ratings on Shero Bidco B.V. and its EUR272.5 million senior secured
notes to 'CCC+' from 'B-'. Following the merger of Shero Bidco B.V.
and Hunkemoller International B.V. earlier this year, S&P then
withdrew its 'CCC+' long-term issuer credit and issue ratings on
Shero Bidco B.V. and assigned them to Dutch lingerie retailer
Hunkemoller International B.V. as the surviving entity following
the merger.
The negative outlook reflects the possibility of a further
downgrade if, following the recent shortfall in free operating cash
flows (FOCF) and weakened liquidity, the company cannot adjust to
topline volatility and restore sufficient FOCF to cover its lease
payments in full over the next 12 months, thereby escalating
pressure on liquidity or raising the prospects of a debt
restructuring.
S&P said, "Hunkemoller's current trading performance has fallen
short of our expectations owing to challenging market conditions
and increased competition. Over the first half of fiscal 2023, the
company reported revenue of EUR278 million, decreasing 2.8%
compared to the same period last year. The drop in revenue mainly
stemmed from 12.2% lower online sales and was slightly offset by a
limited uptick of in-store traffic. In turn, store sales only
increased 1.1% compared to first-half fiscal 2022. The group also
suffered from severe competition from international players and
volatile weather in Europe, as for most apparel retailers. Reported
earnings before depreciation, amortization, and impairments
(EBITDAI) reached EUR29.3 million for the first half of fiscal
2023, compared with EUR29.9 million over the same period last year.
The group managed to maintain a margin of 10.5%, supported by lower
head office and e-commerce costs. However, because of increased
capex and high, although decreasing, working capital outflows cash
generation suffered, and the reported cash position of EUR16.3
million as of July 31, 2023, in our opinion, was insufficient for
the group to avoid RCF drawings to make the timely semiannual
interest payment of EUR12 million due on Nov. 15, 2023, on its
senior secured notes.
"We anticipate that trading conditions will remain challenging and
have revised our forecast. For full-year fiscal 2023, we expect
revenue to drop about 5% compared to fiscal 2022, since we foresee
limited room for demand improvements across key markets. Persistent
cost-of-living inflation, along with only a moderate economic
rebound, will continue to weigh on consumer confidence and
discretionary spending, hitting the apparel segment particularly
hard. We therefore think that the group's topline performance will
be challenged over the next 12-24 months. While the group intends
to close unprofitable stores to support profitability, it will
likely further delay Hunkemoller's ability to reach the business
scale underpinning our original base case. In addition, long-term
cost saving initiatives are likely to bear the exceptional costs of
short-term implementation, while wage inflation will only gradually
ease. We now forecast S&P Global Ratings-adjusted EBITDA of EUR129
million in fiscal 2023 and EUR137 million in fiscal 2024, about
EUR15 million lower annually than our initial forecasts."
While temporary and part-prefunded, the DC construction is a burden
on the group's short-term liquidity and the benefits are unlikely
to be material before fiscal 2025. Hunkemoller started construction
of the DC in 2022 to centralize the shipment of online orders
previously fulfilled from individual stores. In September 2022, the
group signed a forward sale and lease back agreement including a
forward funding clause for a total consideration of EUR64.5
million, of which it has already received EUR22.4 million. While we
understand the construction is close to completion, and the
remaining capex is of much smaller scale, it will take another few
quarters until the DC is fully operational. In addition, the
company will likely also have some costs to onboard the facility
while already making the lease payments. Therefore, the timing of
the remainder of the agreed prepayments may have a significant
impact on the group's liquidity, already exposed to seasonal
volatility.
Although the group has been taking mitigating measures to preserve
cash following the unexpectedly high cost inflation and working
capital outflow in fiscal 2022, we forecast weak FOCF amid volatile
trading conditions for the next 12-18 months. Hunkemoller's FOCF
after lease payments was severely hit in fiscal 2022 and first-half
fiscal 2023. This was mainly due to unexpected weakness in earnings
exacerbated by adverse changes in working capital amid increasing
inventories. The inventory position started to reverse in
first-half fiscal 2023, and S&P expects the group will continue
unwinding its working capital position through improved stock
control, procurement management, and pricing strategy amid elevated
end market volatility. However, annual maintenance capex of about
EUR15 million, discretionary capex of up to EUR10 million, leases
of about EUR85 million, and the remaining DC payments, will weigh
on cash generation. While DC-related capex is part of its FOCF
calculation, the forward-funded payments related to the DC sale and
leaseback are excluded and are part of the financing cash flows.
S&P therefore estimates an FOCF after lease payments deficit of
about EUR40 million in fiscal 2023--excluding the EUR22 million
prepayment to be received related to the DC--and of about EUR10
million in fiscal 2024.
While the absence of material debt maturities and fixed interest on
the majority of the group's debt support its near-term liquidity,
headroom is very tight and overall constrained by low cash balances
and sizeable committed payments. The company closed second-quarter
fiscal 2023 with EUR16.3 million of cash, down from EUR21.3 million
at the end of fiscal 2022. While Hunkemoller has no near-term debt
maturities, and the EUR50 million RCF is due in April 2027, only
EUR31.1 million was available under the group's RCF as of July 31,
2023, with EUR18.9 million reserved for bank guarantees. Including
our 12-month forecast of cash funds from operations of 8 million,
we estimate the total of EUR55 million sources of liquidity as of
July 31, 2024. Taking into account the seasonality of the business
and the semiannual interest payment on the notes on Nov. 15, 2023,
S&P expects a year-end cash position of about EUR10 million with an
undrawn RCF. However, over the next 12 months, Hunkemoller's
liquidity headroom after making the seasonal working capital
payments will depend on its ability to restore earnings, in turn
driven by the degree of improvement in market conditions, and on
the execution of the working capital position improvement
measures.
S&P said, "With little flexibility around cash charges and sizeable
financial debt, we view the company's fixed-charge coverage as weak
and capital structure as unsustainable in the long term, absent
unforeseen improvements in trading conditions. Our EBITDAR to cash
interest plus rents ratio was 1.5x as of July 31, 2023, and we
forecast it will decrease toward 1.1x by year-end fiscal 2023 and
fiscal 2024. This is lower than the 1.3x-1.4x in our original base
case. The group's annual cash fixed charges largely comprise the
EUR24 million interest payments on its senior secured notes, EUR6
million on the term loan, and about EUR85 million of rents. We only
forecast a limited increase in year-over-year rent payments, since
the additional lease payments from the DC sale-and-leaseback
agreement and inflationary pressure on rental contracts largely
offset the positive impact of store closures and a large portion of
rent contracts being renegotiated." If the group cannot drastically
improve its earnings and cash generation over the next 12-36
months, a combination of weak FOCF and tight EBITDAR coverage
increase the likelihood of a potential debt restructuring or even
an inability to service its commitments in a timely manner.
The negative outlook reflects the possibility of a further
downgrade if, following the shortfall in FOCF and liquidity over
the 12 months to July 31, 2024, the company cannot adjust to
topline volatility and restore sufficient FOCF to cover its lease
payments in full, thereby escalating pressure on liquidity or
raising the prospects of a debt restructuring.
S&P said, "We could lower our rating on the company if we think the
likelihood of a payment default or distressed exchange within the
next 12 months increases. This could occur if the group's liquidity
further deteriorates and we no longer expect Hunkemoller to have
sufficient cash to meet its obligations or sustain its capital
structure. These outcomes could stem from persistently weak
operating performance or if its liquidity is strained by
unfavorable phasing of payments related to building and running the
new DC against the receipt of the prepayments, which depend on the
achievement of certain milestones.
"We could revise the outlook to stable if the company's performance
is stronger than our base case and it reduces the FOCF deficit,
increases liquidity headroom, and raises rolling-12-month EBITDAR
coverage. A further positive rating action on Hunkemoller is
possible if the company's operating performance significantly
outpaces our base case, such that its FOCF turns positive and is
sufficient to cover lease payments in full, while liquidity
improves to an adequate level. This would most likely occur on the
back of stronger improvement in market conditions than we currently
anticipate, cash inflows from the working capital management
significantly exceeding our base-case forecast, or if the company
receives extraordinary support from, for example, its shareholders,
which we presently do not expect."
LEALAND FINANCE: $500MM Bank Debt Trades at 59% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Lealand Finance Co
BV is a borrower were trading in the secondary market around 41.5
cents-on-the-dollar during the week ended Friday, November 24,
2023, according to Bloomberg's Evaluated Pricing service data.
The $500 million facility is a Term loan that is scheduled to
mature on June 30, 2025. The amount is fully drawn and
outstanding.
Lealand Finance is an affiliate of CB&I Holdings B.V. and Chicago
Bridge & Iron Company B.V. The Company’s country of domicile is
the Netherlands.
PHM NETHERLANDS: $370MM Bank Debt Trades at 22% Discount
--------------------------------------------------------
Participations in a syndicated loan under which PHM Netherlands
Midco BV is a borrower were trading in the secondary market around
78.1 cents-on-the-dollar during the week ended Friday, November 24,
2023, according to Bloomberg's Evaluated Pricing service data.
The $370 million facility is a Term loan that is scheduled to
mature on August 1, 2026. The amount is fully drawn and
outstanding.
PHM Netherlands Midco B.V., is the owner of Loparex International
B.V., a developer and producer of specialty paper and film release
liners. PHM Netherlands' country of domicile is the Netherlands.
===============
P O R T U G A L
===============
MADEIRA: Moody's Ups Issuer Rating to Ba1, Alters Outlook to Stable
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Moody's Investors Service has upgraded the long-term issuer rating
of the Autonomous Region of Madeira to Ba1 from Ba2, and changed
its outlook to stable from positive. The region's Baseline Credit
Assessment (BCA) was also upgraded by one notch to b2 from b3.
Moody's has also affirmed the Autonomous Region of Azores Ba1
long-term issuer rating and b1 BCA and changed its outlook to
stable from negative.
This rating action follows Moody's decision to upgrade the
Government of Portugal's rating to A3 from Baa2 and change its
outlook to stable from positive on November 17, 2023. The action on
the two regional governments reflects the related improvement in
the operating environment which decreases systemic risk for Azores
and Madeira. Both Azores and Madeira have significant macroeconomic
and financial linkages with the sovereign government.
RATINGS RATIONALE
Moody's anticipates the revenue base for both autonomous regions of
Azores and Madeira will strengthen, driven by the country's solid
medium-term growth prospects. This improvement is expected to
gradually boost shared tax revenue from VAT, Personal Income Tax,
and Corporate Tax, and increase state transfers to these regional
governments (which taxes account for around 70% and transfers for
around 20% of operating revenue on average for these two regions).
The tourism sector, a key contributor to these regions' economies,
accounting for approximately 19% and 28% of the Azores' and
Madeira's GDP respectively, is also on an upward trajectory. The
sector's growth in Portugal has surpassed pre-pandemic levels,
which positively impacts tax revenue collection, particularly VAT.
The improved revenue will support the regions' abilities to
maintain the recent improvement in fiscal outcomes, which in turn
will lead to reducing budgetary deficits and debt burdens. On the
other hand, Moody's also expects that the regions' main
responsibilities for education, social services and healthcare will
continue to exert pressure on their budgets, as the rating agency
believes these expenditures are difficult to contain. Moreover,
debt levels for both regions are projected to remain high in the
next two to three years.
Moody's notes that the ratings for both regions benefit from
Moody's assumption of a high likelihood of support from the central
government.
RATIONALE FOR RATING UPGRADE OF THE AUTONOMOUS REGION OF MADEIRA
Moody's upgrade of Madeira's long-term issuer rating to Ba1 from
Ba2 reflects the agency's expectation that the region's financial
performance will demonstrate sustained positive gross operating
balances equal to about 3% of operating revenue over the next two
to three years. These positive results will reduce the region's
financing deficit, which in turn will translate into a modest
decrease in the debt burden. According to the rating agency's
forecasts, the region's net direct and indirect debt will represent
around 327% of its operating revenue in 2025, down from 366% in
2022.
While Madeira's debt levels will remain very high, Moody's views
the track record of the central government in offering liquidity
support to the region through loans and guarantees since 2011 as a
credit positive. Moody's notes that the national government has
guaranteed the region's bond issuances and new loans since 2017,
and believes that the central government will continue providing
explicit guarantees on Madeira's bond issuances going forward,
thereby improving the region's debt affordability by allowing
access to lower interest rates. As of fiscal year end 2022, either
guarantees or direct loans from the national Treasury covered 82%
of the region's direct debt.
Madeira's ratings of Ba1 reflect a BCA of b2 and Moody's assumption
of a high likelihood of extraordinary support from the government
of Portugal. Moody's believes that the provision of highly
sensitive services, such as healthcare and education, represents an
incentive for the government to consider providing support to the
two autonomous regions in the event of financial distress.
RATIONALE FOR AFFIRMATION OF AZORES' RATING
The affirmation of Azores' Ba1 long-term issuer rating reflects the
region's persistently weak fiscal performance. While Moody's
expects an improvement in the region's operating revenue over the
medium term, the rating agency also expects continued growth in
operating expenditure, particularly in healthcare, which is likely
to maintain pressure on the regional budget. According to Moody's
forecast, the region's operating and overall financial balance will
improve for the 2023-2025 period, however, they will remain in
deficit territory, at around -10% and -12% of its operating
revenue, respectively. These ratios compare with a gross operating
and total financial balance to operating revenue of -12% and -21%
in 2022, respectively. The region's debt burden is also projected
to improve, thanks to higher operating revenue, falling to around
275% by 2025 compared with 303% in 2022. However, the debt burden
remains very high, as does Azores' direct debt which will measure
around EUR2.9 billion by 2025 compared with EUR2.8 billion in 2022
(and EUR706 million in 2017).
Azores' Ba1 rating incorporates a BCA of b1 and Moody's assumption
of a high likelihood of extraordinary support from the Government
of Portugal.
RATIONALE FOR STABLE OUTLOOKS
The stable outlooks on Azores and Madeira's ratings reflect Moody's
view that both Portuguese regional governments will benefit from
higher tax revenue and more transfers from the central government,
as the Portuguese economy improves, which will help both maintain
operating outcomes at current levels. The stable outlooks also
reflect Moody's view that both regions' debt stocks will continue
to be very high, resulting in high debt burdens for the next two to
three years. At the same time, the stable outlook mirrors the
expectation of a stable systemic risk environment.
Furthermore, the stable outlook for Azores reflects Moody's
expectations that, following the rescue plan for SATA in 2022,
there should be no further erosion of Azores' finances in the
medium-term due to contingent liabilities.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
AUTONOMOUS REGION OF MADEIRA
Madeira's ESG considerations have a limited impact on the current
rating, with potential for greater negative impact over time
(CIS-3).
Madeira has moderate credit exposures to environmental risks (E-3).
The main environmental risk comes from rain-induced flash floods,
which can produce destructive water currents, as well as rapid
flooding of low-lying areas after intense rainfalls. Madeira's
natural capital is one of its most positive assets with about two
thirds of the island's area protected.
Madeira has moderate credit exposures to social risks (S-3). This
score is mainly driven by labour market challenges with relatively
high youth unemployment and a relatively low share of population
with tertiary education. Other social aspects include the
increasing ageing population, which will affect social and
healthcare expenditure, for which the region is responsible for and
typically represents a high portion of expenses.
Madeira has moderate credit exposure to governance risks (G-3)
that, in the context of the sector, positions them below average.
While the region has recorded an improvement in the debt burden, it
remain high which highlights ongoing difficulties faced by
management. The region's rigid budget due to its key
responsibilities for education, healthcare and social services,
have a moderately negative impact on the region's policy
effectiveness. On the other hand, Moody's positively notes the
national government's guarantees on the region's bond issuances
improves Madeira's debt affordability by allowing for access to
lower interest rates. The region provides transparent and timely
financial reports.
AUTONOMOUS REGION OF AZORES
Azores' ESG considerations have a discernible impact on the current
rating (CIS-4).
Azores has moderate credit exposures to environmental risks (E-3).
The main environmental risk exposures relate to natural phenomena,
such as hurricanes. In 2019, Hurricane Lorenzo highlighted Azores'
exposure to climate change risk, driven by the region's small
economy and geographic location. However, expenditures of this kind
are usually funded through central government and EU funds. Azores'
natural capital is one of its most positive assets with a
significant portion of the archipelago denominated as protected
areas.
Azores has moderate credit exposures to social risks (S-3). This
score is mainly driven by labour market challenges with relatively
high youth unemployment. Other social aspects include the
increasing ageing population, which will also affect social and
healthcare expenditure, for which the region is responsible for and
typically represents a high portion of expenses.
Azores has high credit exposure to governance risks (G-4),
reflecting weaknesses in its financial planning, as evidenced by
negative operating balances and very high debt levels. Given the
region's high debt burden, including large contingent liabilities,
and its rigid budget Moody's believe that debt reduction will be
difficult to achieve in the medium term. The region provides
transparent and timely financial reports.
The specific economic indicators, as required by EU regulation, are
not available for these entities. The following national economic
indicators are relevant to the sovereign rating, which was used as
an input to this credit rating action.
Sovereign Issuer: Portugal, Government of
GDP per capita (PPP basis, US$): 42,692 (2022) (also known as Per
Capita Income)
Real GDP growth (% change): 6.9% (2022) (also known as GDP Growth)
Inflation Rate (CPI, % change Dec/Dec): 7.8% (2022)
Gen. Gov. Financial Balance/GDP: -0.3% (2022) (also known as Fiscal
Balance)
Current Account Balance/GDP: -1.1% (2022) (also known as External
Balance)
External debt/GDP: 168.8% (2022)
Economic resiliency: a1
Default history: No default events (on bonds or loans) have been
recorded since 1983.
SUMMARY OF MINUTES FROM RATING COMMITTEE
On November 17, 2023, a rating committee was called to discuss the
rating of the Azores, Autonomous Region of; Madeira, Autonomous
Region of. The main points raised during the discussion were: The
issuers' economic fundamentals, including its economic strength,
have materially increased. The Autonomous Region of Madeira's
fiscal or financial strength, including its debt profile, has
materially increased. The Autonomous Region of Azores' fiscal or
financial strength, including its debt profile, has not materially
changed. The systemic risk in which the issuers operate has
materially decreased.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward pressure would develop on Azores and Madeira's ratings if
their fiscal and financial performance improves significantly,
reflected in positive and continued gross operating margins and
reduced financing deficit levels. A significant reduction in their
debt burdens, resulting in better than anticipated debt to
operating revenue levels, could also exert upward pressure on their
ratings. In addition, an increase in the sovereign rating would
also exert upward pressure on the ratings of Azores and Madeira.
On the contrary, a deterioration in the fiscal situation, reflected
in a return to negative operating balances for Madeira and higher
deficit levels for Azores, and an increase in debt levels of these
two regions could exert downward pressure on their ratings. In
addition, a downgrade of the sovereign ratings would also exert
pressure on the ratings of Azores and Madeira.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.
===========
R U S S I A
===========
UZBEKNEFTEGAZ JSC: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed JSC Uzbekneftegaz's (UNG) Long-Term
Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook.
UNG's rating is equalised with that of its parent Uzbekistan
(BB-/Stable). UNG is a fully state-owned integrated natural gas and
liquid hydrocarbons producer with strong links to the government.
Fitch has also revised down UNG's Standalone Credit Profile (SCP)
to 'b' from 'b+' in view of the company's weaker-than-expected
profitability, projected slower deleveraging, consistently tight
liquidity and its recent interest coverage covenant breach for
which the company has obtained a waiver. The SCP remains under
pressure from tight liquidity and high leverage. Fitch forecasts
the coverage covenant might also be breached based on 2023 and 2024
results.
Fitch expects UNG's leverage to improve from 2025 as its
gas-to-liquids (GTL) plant is now operational and should start to
more significantly contribute to UNG's earnings from 2024 but it
remains subject to operational risks. The 'b' SCP also reflects
UNG's medium-scale production, integration into downstream
activities, low-cost position and limitations of the general
operating environment in Uzbekistan.
KEY RATING DRIVERS
'Very Strong' Support: UNG's rating equalisation reflects strong
ties with the government under its Government-Related Entities
(GRE) Rating Criteria. Fitch views the status, ownership and
control factor as 'Strong' as the state is UNG's sole ordinary
shareholder, although it has been considering selling a minority
stake in UNG to outside investors.
Fitch views the support record as 'Very Strong' because around 65%
of its consolidated debt was guaranteed by the state at end-2022.
However, Fitch expects the share of guaranteed debt to gradually
decline. Other forms of support include liberalised oil product
prices charged by UNG, selected tax incentives and reduced
dividends.
'Very Strong' Socio-Political Impact: Fitch views the
socio-political impact of UNG's default as 'Very Strong' because
the company is focused on providing gas and liquid hydrocarbons to
domestic utilities, industry and the private sector, and does not
export gas. Uzbekistan is reliant on gas for power generation,
heating and as automobile fuel. UNG is one of the largest companies
and employers in the country. Fitch assesses financial implications
of its default as 'Strong' as UNG is a large borrower, and hence
deemed a proxy issuer for the government, but its debt is
substantially smaller than that of the government.
Waiver Received: UNG's 1H23 results were weaker than expected
(mostly because the GTL plant was under-utilised due to gas
shortage in Uzbekistan last winter, and weaker joint ventures
performance). This along with increased interest charges led to UNG
breaching the interest cover covenant under its USD200 million club
loan based on its 1H23 results. Fitch understands from management
that UNG has received a waiver from the lenders but Fitch sees a
risk that the covenant might be breached based on the full 2023
results and beyond, which would require additional waivers.
SCP Remains Under Pressure: Following UNG's performance in 1H23,
Fitch has revised down UNG's projected EBITDA in 2023 and beyond.
As a result, Fitch now expects UNG's net leverage to be 4.5x-5x in
2023-2024, and around 4x in 2025-2026. This, along with the
covenant breach, led to the downward revision of the SCP to 'b'.
The SCP remains under pressure given UNG's operational risks
related to the GTL plant (which is yet to be fully ramped up), weak
liquidity, potential covenant breaches for the full 2023 and in
2024 and the risk of slower deleveraging than its rating case
suggests.
Liberalisation Supports Revenue: UNG has benefited from the 2020
abolition of regulated prices for condensate, oil and oil products
through higher revenue. Uzbekistan is planning to liberalise prices
for natural gas, first increasing prices for industrial customers
(in 2023) and later for households (potentially in 2024). This
could boost UNG's profitability if the collectability of
receivables does not deteriorate. Fitch conservatively assumes only
a moderate increase in UNG's natural gas prices.
Legacy Guarantees: UNG had UZS13 trillion of guarantees at
end-2022, mainly issued to its former subsidiary JSC Uztransgaz for
its gas purchases. Fitch views these liabilities as part of the
legacy from the previous group structure. UNG transferred its stake
in Uztransgaz to the state in 2019. According to the company, it
was agreed with the state that upcoming liabilities from Uztransgaz
will be restructured through a cash-neutral transaction. Fitch does
not add this guaranteed debt to UNG's total debt.
Medium Scale: UNG's consolidated hydrocarbon output was 539,000
barrels of oil equivalent per day in 2022. However, its per-barrel
profitability is fairly weak in view of regulated domestic gas
prices. Raw natural gas accounted for almost all of UNG's
production. Its PRMS 1P reserve life was 12.5 years at end-2022,
which Fitch views as adequate. UNG's low regulated realised natural
gas prices were counterbalanced by its downstream integration and
low upstream costs, resulting in funds from operations of around
USD550 million in 2022.
DERIVATION SUMMARY
The strength of UNG's ties with the government under Fitch's GRE
Rating Criteria is comparable with QatarEnergy's (AA-/Positive),
and slightly greater than OQ S.A.O.C.'s (OQ; BB+/Stable) and JSC
National Company KazMunayGas's (KMG; BBB/Stable). UNG's 'b' SCP is
two notches lower than that of State Oil Company of the Azerbaijan
Republic (SOCAR; BB+/Positive; SCP: bb-) due to the latter's much
lower leverage and stronger business profile.
Fitch assesses all five companies under its GRE Rating Criteria.
UNG's, NC KMG's and SOCAR's ratings are equalised with their
respective sovereigns'. QatarEnergy's and OQ's ratings are
constrained by their sovereigns'.
KEY ASSUMPTIONS
- Upstream volumes broadly stable in 2023-2026
- A moderate increase in domestic realised gas prices
- Brent oil price of USD80/bbl in 2023, USD75/bbl in 2024,
USD70/bbl in 2025 and USD65/bbl in 2026
- Annual capex averaging UZS8.5 trillion in 2023-2026
- Annual dividend averaging UZS725 billion in 2023-2026
RATING SENSITIVITIES
UNG
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- A sovereign upgrade
- EBITDA net leverage sustained below 3.5x, if accompanied by
improved liquidity, could be positive for the SCP but not
necessarily the IDR
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- A sovereign downgrade
- EBITDA net leverage sustained above 4.5x (eg. as a result of
further delays to UNG's downstream projects) or deteriorating
liquidity could be negative for the SCP but not necessarily the
IDR
- Unremedied/regular breach of financial covenants
- Unremedied material deterioration in liquidity could lead to
reassessment of the strength of sovereign linkage
Uzbekistan (see Fitch Affirms Uzbekistan at 'BB-'; Outlook Stable
dated 25 August 2023)
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
External Finances: A substantial worsening of external finances,
for example, via a large drop in remittances, or a widening in the
trade deficit, leading to a significant decline in foreign-exchange
reserves
Public Finances: A marked rise in the government debt-to-GDP ratio
or an erosion of sovereign fiscal buffers, for example, due to an
extended period of low growth or crystallisation of contingent
liabilities
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Macro: Consistent implementation of structural reforms that boost
GDP growth prospects and macroeconomic stability
Public Finances: Fiscal consolidation that enhances medium-term
public debt sustainability
Structural: A marked and sustained improvement in governance
standards and an easing in geopolitical risk
LIQUIDITY AND DEBT STRUCTURE
Weak Standalone Liquidity: UNG's projected liquidity is weak with a
liquidity score of 1.1x in 2023 and below 1x in 2024 due to
Fitch-projected negative free cash flow. In 2023, liquidity has
been supported by a cash inflow of UZS8.8 trillion from the sale of
some of industrial gas facilities at GTL.
The company's tight liquidity is counterbalanced by its strong
relationships with local and some international and Chinese banks,
as well as proven state support.
Air Products Deal: UNG has raised USD1 billion through selling
certain industrial gas facilities belonging to its GTL plant to Air
Products, and concluding a tolling service agreement with Air
Products. The tolling service agreement will enable UNG to use
those facilities in the next 15 years. In its projections, Fitch
treats tolling fees as an operating cost.
ISSUER PROFILE
UNG is Uzbekistan's national oil and gas company. It produces
natural gas, condensate, oil, oil products and petrochemicals. UNG
sells all of its gas domestically.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
UNG's IDR is equalised with Uzbekistan's rating.
ESG CONSIDERATIONS
Fitch has revised JSC Uzbekneftegaz's ESG Relevance Score for
Financial Transparency to '4' from '3' in view of below-average
quality of financial disclosure, its timeliness and transparency,
which has a negative impact on the credit profile, and is relevant
to the rating in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
JSC Uzbekneftegaz LT IDR BB- Affirmed BB-
senior unsecured LT BB- Affirmed RR4 BB-
=========
S P A I N
=========
BBVA LEASING 3: Moody's Assigns (P)B1 Rating to EUR336MM B Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the Notes to be issued by BBVA LEASING 3, FT (the
Issuer):
EUR2064M Series A Notes due November 2043, Assigned (P)Aa3 (sf)
EUR336M Series B Notes due November 2043, Assigned (P)B1 (sf)
The transaction is a static cash securitisation of credit rights
(interest and principal, excluding the purchase option and indirect
taxes, such as VAT) derived from lease receivables granted by Banco
Bilbao Vizcaya Argentaria, S.A. ("BBVA", LT Bank Deposits A2/ST
Bank Deposits P-1, LT Counterparty Risk Assessment A3(cr)/ST
Counterparty Risk Assessment P-2(cr)) to small and medium-sized
enterprises (SMEs), self-employed individuals and corporates
located in Spain.
RATINGS RATIONALE
The ratings of the Notes are primarily based on the analysis of the
credit quality of the underlying portfolio, the structural
integrity of the transaction, the roles of external counterparties
and the protection provided by credit enhancement.
In Moody's view, the strong credit positive features of this deal
include, amongst others:
(i) a diversified pool across industry sectors and regions;
(ii) a relatively granular pool as the top obligor represents less
than 1.2% of the pool volume and the effective number in terms of
obligor groups is 541; and
(iii) around 23.2% of the debtors are large corporate obligors.
However, the transaction has some challenging features, such as:
(i) exposure to the construction and building sector at around
16.2% of the pool volume, which includes a 6.8% exposure to real
estate developers, in terms of Moody's industry classification;
(ii) a strong linkage to BBVA as it holds several roles in the
transaction (originator, servicer, accounts bank and swap
counterparty); and
(iii) approximately 32.4% of the portfolio bears a floating
interest rate while the Notes are paying a fixed rate. However, to
mitigate the fixed-floating rate mismatch, the Issuer has entered
into a swap agreement with BBVA. Under the swap agreement, (i) the
issuer pays all interest collections on the collateral, (ii) the
swap counterparty pays a fixed rate of 2.92%, (iii) the notional
will be the average balance of the non-defaulted assets during the
calculation period immediately preceding each payment date.
Key collateral assumptions:
Mean default rate: Moody's assumed a mean default rate of 7.2% over
a weighted average life of 2.5 years (equivalent to a Ba3 proxy
rating as per Moody's Idealized Default Rates). This assumption is
based on: (1) the available historical vintage data, (2) the
performance of the previous transactions originated by BBVA, and
(3) the characteristics of the line-by-line portfolio information.
Moody's also took into account the current economic environment and
its potential impact on the portfolio's future performance, as well
as industry outlooks or past observed cyclicality of
sector-specific delinquency and default rates.
Default rate volatility: Moody's assumed a coefficient of variation
(i.e. the ratio of standard deviation over the mean default rate)
of 54.9% as a result of the analysis of the portfolio
concentrations in terms of single obligors and industry sectors.
Recovery rate: Moody's assumed a 35% stochastic mean recovery rate,
primarily based on the characteristics of the collateral-specific
line-by-line portfolio information, complemented by the available
historical vintage data. In addition, Moody's assumed a 12%
recovery rate mean upon insolvency of the originator.
Portfolio credit enhancement: the aforementioned assumptions
correspond to a portfolio credit enhancement assumption of 22%,
that takes into account the Spanish current local currency country
risk ceiling (LCC) of Aa1.
As of October 27, 2023, the audited provisional asset pool of
underlying assets was composed of a portfolio of 34,304 contracts
amounting to EUR2,601.6 million. The top industry sector in the
pool, in terms of Moody's industry classification, is
Transportation: Cargo (21.3%).
The top obligor group represents 1.2% of the portfolio and the
effective number of obligor groups is 541. The assets were
originated between 2006 and 2023 and have a weighted average
seasoning of 2.6 years and a weighted average remaining term of 4.8
years. The interest rate is floating for almost 32.4% of the pool
while the remaining part of the pool bears a fixed interest rate.
The weighted average spread on the floating portion is 1.3%, while
the weighted average interest on the fixed portion is 1.9%.
Geographically, the pool is concentrated mostly in the regions of
Catalonia (20.7%) and Madrid (19.5%). At closing there will be no
leases with more than 30 days in arrears.
Assets are represented by receivables belonging to different
sub-pools: equipment (42.5%), transportation (34.7%) and real
estate (22.8%). The securitized portfolio does not include the
final instalment amount to be paid by the lessee (if option is
chosen) to acquire full ownership of the leased asset (i.e. the
residual value instalment).
Key transaction structure features:
Reserve fund: the transaction benefits from EUR120,000,000 reserve
fund equivalent to 5% of the balance of the securitised portfolio
at closing. The reserve fund provides both credit and liquidity
protection to the Notes.
Counterparty risk analysis:
BBVA will act as servicer of the leases for the Issuer, while
Europea de Titulizacion, S.G.F.T., S.A (NR) will be the management
company (Gestora) of the transaction.
All of the payments under the assets in the securitised pool are
paid into the collection account at BBVA, from which they are
transferred into the Issuer account on the second day following
receipt. The Issuer account is held at BBVA with a transfer
requirement if the rating of the account bank falls below Baa2.
To mitigate the fixed-floating rate mismatch, the Issuer will enter
into a swap agreement with BBVA. The collateral trigger is set at
loss of Senior Unsecured of A3 and the transfer trigger at loss of
Long Term Senior Unsecured of Baa3.
Principal Methodology:
The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations methodology" published in September
2023.
Factors that would lead to an upgrade or downgrade of the ratings:
The Notes' ratings are sensitive to the performance of the
underlying portfolio, which in turn depends on economic and credit
conditions that may change. The evolution of the associated
counterparties risk, the level of credit enhancement and the
Spain's country risk could also impact the Notes' ratings.
===========
S W E D E N
===========
SAMHALLSBYGGNADSBOLAGET: Fitch Cuts LT IDR to 'CCC+', on Watch Neg.
-------------------------------------------------------------------
Fitch Ratings has downgraded Swedish property company SBB -
Samhallsbyggnadsbolaget i Norden AB's (SBB) Long-Term Issuer
Default Rating (IDR) to 'CCC+' from 'B-'. The senior unsecured debt
rating has been downgraded to 'B' from 'B+' and its Recovery Rating
remains 'RR2'. The ratings remain on Rating Watch Negative (RWN).
The downgrades reflect SBB's 3Q23 results and its tight liquidity,
including insufficient existing liquidity to reduce refinancing
risk after end-3Q24, and unfavourable real estate and capital
market conditions. SBB continues to undertake asset disposals but
execution risk remains high.
With post-3Q23 SEK8 billion announced disposal proceeds from EduCo,
Fitch believes SBB has sufficient liquidity to cover the bulk
SEK6.7 billion 1Q24 unsecured bond maturities, and SEK1.1 billion
secured debt refinancings (should banks not rollover the latter).
However, assuming no deferred cash dividend in June 2024 Fitch
forecasts additional liquidity is needed by end-3Q24.
Fitch expects to resolve the RWN following further information on
liquidity, particularly after the results of the tender offer
launched last week.
KEY RATING DRIVERS
Tight Liquidity: SBB's available liquidity at end-3Q23 was SEK2.37
billion of cash. After 3Q23, SBB expects to receive EduCo disposal
proceeds totaling SEK8 billion. Together with other disposal
receipts and outflows, Fitch calculates a potential liquidity
shortfall during 3Q24, assuming that secured banks do not roll
their facilities over, and the 2022 postponed dividend is not paid
in cash. This shortfall could be after 3Q24 if secured banks roll
their exposures over. SBB is therefore reliant upon further
disposal proceeds to refinance debt, including its 1Q25 scheduled
bond maturities totaling SEK5.3 billion.
Unreceptive Bond Market: SBB does not have capital market access to
refinance its unsecured bonds. This is due to several factors,
including a bondholder contesting a covenant breach, the merits of
which are contentious and if it proceeds to legal action, will take
time to resolve; creditors' concerns about real estate values and
their effect on SBB's residential and community service portfolio,
and refinance risk. Without bond market access, SBB needs to sell
assets to meet debt maturities.
Tender Offer: The voluntary tender offer launched 16 November
requested bids from bondholders. Fitch assumes that SBB will use
its liquidity to prioritise the maturing nominal value SEK6.6
billion 1Q24 bonds (whether tendered early or awaiting maturity in
1Q24). Use of the remaining liquidity depends on banks' appetites
for rolling over other near-term maturing secured facilities. SBB
also has the choice of prepaying other submitted tendered bonds.
Not a DDE: Fitch does not believe that the voluntary tender offer
is a distressed debt exchange (DDE) under its criteria. Investors
face a genuine choice between selling discounted bonds to SBB or
retaining the bonds under existing contractual terms to be repaid
at par. However, the unwillingness of the issuer under the tender
offer to repay bonds at par combined with the updated liquidity
profile is reflected in the downgrade of the IDR to 'CCC+'/RWN.
Ongoing Plans - Disposal Proceeds: In its 3Q23 results, SBB's
management showed that community service and residential real
estate continues to perform well, with high occupancy and rent
collection, and CPI-rent increases on long-dated leases. It also
again announced plans to sell its residential portfolio, raising
capital from an external equity contribution in 2024 (including an
IPO or strategic partnership). Proceeds would be used to reduce
leverage and repay debt. Income-producing assets are available to
sell, at a price. The Fitch-calculated LTV (gross debt/investment
property assets) at 3Q23 was 64%.
DERIVATION SUMMARY
The lower-yielding nature of SBB's residential rental portfolio and
longer lease length than peers (from both community service assets
and given the average tenure of residential assets), plus its
portfolio mix, allow SBB more leverage headroom and lower interest
cover than that of both commercial property-orientated Swedish
peers and EMEA commercial property peers, which underpin its EMEA
REIT Navigator mid-point ratio guidelines.
Fitch views SBB's real estate portfolio as stable, due to the
strength of Swedish residential properties with regulated below
open market rents and community-service properties' stable
government-entity tenant base with longer-term leases. This is
tempered by the regional location of some assets within SBB's
portfolio. Its portfolio fundamentals are less sensitive to
economic cycles than commercial office property companies that are
reliant on open market conditions with multiple participants
affecting market fundamentals.
See its previous rating action commentaries for peer analysis
justifying the investment-grade quality of SBB's property portfolio
before Fitch downgraded its ratings for heightened refinancing
risk.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Disposals of primarily community service properties during 2023
amounting to SEK6 billion
- Moderate 2.5%-4% rental growth in 2023-2026, driven by CPI
indexation and moderate inflation
- Around SEK1 billion in residential and community service
refurbishment capex per year, with a net 4%-6% income return on
spend
- No acquisitions during 2027
- Building-rights profits and disposal proceeds amounting to SEK0.8
billion-SEK1 billion per year in cash flow for the next four years
- Potential payment of SEK2.1 billion postponed 2023 dividend in
2Q24, followed by cash dividends at 90% of funds from operation to
2027
RECOVERY ANALYSIS
Its recovery analysis assumes that SBB would be liquidated rather
than restructured as a going concern in a default.
Recoveries are based on the 3Q23 independent valuation of the
investment property portfolio. Fitch has deducted disclosed
encumbered assets to total SEK61.4 billion of unencumbered
investment property assets. Fitch applies a standard 20% discount
to these valuations. The total amount Fitch assumes available to
unsecured creditors is around SEK49.1 billion. Fitch assumes no
cash is available in recovery scenarios.
After deducting a standard 10% for administrative claims, in the
debt hierarchy Fitch has deducted the recent SEK2.4 billion SBB
Residential Property AB preference shares, which rank ahead of
SBB's unsecured creditors. Fitch's principal waterfall analysis
generates a ranked recovery for senior unsecured debt of 'RR2' (a
waterfall generated recovery computation output percentage of 75%)
based on current metrics and assumptions. The 'RR2' indicates a 'B'
unsecured debt instrument rating. Given the structural
subordination of SBB's hybrids, Fitch estimates a ranked recovery
of 'RR6' with 0% expected recoveries. The 'RR6' band indicates a
'CCC-' instrument rating, two notches below SBB's IDR.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Proof that refinancing risk has eased, including improved capital
market receptivity to SBB
- Successful disposal proceeds used to prepay 2025 and 2026 debt
maturities, and increasing liquidity
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Lack of progress in refinancing secured bank funding
- Actions pointing to a widespread potential renegotiation of debt
terms and conditions, including any material reduction in lenders'
terms sought to avoid a default
LIQUIDITY AND DEBT STRUCTURE
Tight Liquidity: SBB's available liquidity at end-3Q23 was SEK2.37
billion of cash. The previous SEK3.5 billion of available revolving
credit facilities are not available for drawdown. Post-3Q23 SBB
expects to receive EduCo disposal proceeds totaling SEK8 billion.
Together with other disposal receipts and outflows, Fitch
calculates a potential liquidity shortfall during 3Q24, assuming
that secured banks do not roll their facilities over, and the 2022
postponed dividend is not paid in cash. This shortfall could be
post-3Q24 if secured banks roll their exposures over. SBB is
therefore reliant upon further disposal proceeds to refinance debt
including 1Q25 scheduled bond maturities of SEK5.3 billion.
ESG CONSIDERATIONS
SBB has an ESG credit relevance score of '4' for Governance
Structure to reflect previous key person risk (the previous CEO)
and continuing different voting rights among shareholders affording
greater voting rights to the key person.
SBB has an ESG relevance score '4' for Financial Transparency,
reflecting an ongoing investigation by the Swedish authorities into
application of accounting standards and disclosures. These
considerations have a negative impact on the credit profile, and
are relevant to the ratings in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
SBB –
Samhallsbyggnadsbolaget
i Norden AB LT IDR CCC+ Downgrade B-
ST IDR C Downgrade B
senior unsecured LT B Downgrade RR2 B+
subordinated LT CCC- Downgrade RR6 CCC
senior unsecured ST C Downgrade B
SBB Treasury Oyj
senior unsecured LT B Downgrade RR2 B+
===========================
U N I T E D K I N G D O M
===========================
CESTRIAN IMAGING: Bought Out of Administration
----------------------------------------------
Business Sale reports that Cestrian Imaging Limited, a large format
printing manufacturer based in Stockport, has been acquired out of
administration.
The company was acquired by print and design business Service
Graphics Ltd, part of the Grenadier Holdings Group, after Anthony
Collier and Simon Farr of FRP Advisory were appointed as joint
administrators, Business Sale relates.
According to Business Sale, the joint administrators reportedly
immediately secured the sale of the business and its assets
following their appointment on Nov. 17. The deal secures all 39
jobs at Cestrian and Service Graphics will take on all of the
firm's manufacturing capabilities, ensuring that customer orders
will continue to be serviced, Business Sale discloses.
Cestrian Imaging, which is based in Cheadle Hulme, produces large
format printing and retail printing services, with a focus on
window displays, point of sale displays and fabric graphics. The
company was part of the troubled PFI Group, which acquired the firm
just over two years ago, Business Sale notes.
Commenting on the sale, FRP partner and joint administrator Anthony
Collier, as cited by Business Sale, said: "We're pleased to have
secured a buyer for the company and we'll continue to work with
them to ensure a smooth transition for employees and customers."
"Unfortunately the business has faced increasing cashflow pressures
in recent months due to rising costs and supply chain challenges
meaning it was no longer able to meet its financial obligations as
they fell due."
COLMORE TANG: Enters Voluntary Liquidation
------------------------------------------
Ian Weinfass at Construction News reports that main contractor
Colmore Tang has entered voluntary liquidation after being hit by a
winding up order from HMRC.
The Birmingham-headquartered firm, which turned over GBP95 million
in the year to May 31, 2018, had been downsizing since the pandemic
hit, Construction News relates.
HARBOUR NO.1: S&P Affirms 'CCC- (sf)' Rating on Class G-Dfrd Notes
------------------------------------------------------------------
S&P Global Ratings raised to 'AA+ (sf)' from 'AA- (sf)' its rating
on Harbour No.1 PLC's class A2-Dfrd notes. At the same time, S&P
affirmed its 'AAA (sf)' rating on the class A1 notes, 'A (sf)'
rating on the class B-Dfrd notes, 'A- (sf)' rating on the class
C-Dfrd notes, 'BBB- (sf)' rating on the class D-Dfrd notes, 'BB
(sf)' rating on the class E-Dfrd notes, 'B- (sf)' rating on the
class F-Dfrd notes, and 'CCC- (sf)' rating on the class G-Dfrd
notes.
S&P said, "Our ratings address timely receipt of interest and
ultimate repayment of principal for the class A1 notes, and
ultimate receipt of interest and repayment of principal for the
other rated notes. Deferred interest accrues interest and will
become due and payable on the legal final maturity date.
"The rating actions follow our full analysis of the most recent
information received and reflect the transaction's current
structural features. Our review reflects the application of our
relevant criteria.
The performance of the loans in the collateral pool since closing
has been weaker. As of the September 2023 investor report, arrears
have increased to almost 50% of the portfolio from 36% at closing.
At the same time, the portfolio has suffered losses (currently at
about 0.29% of the closing portfolio).
The weighted-average foreclosure frequency (WAFF) and
weighted-average loss severity (WALS) levels for all rating levels
are shown in the table below. The effect of higher arrears on WAFF
has been tempered by the lower loan-to-value (LTV) and more
seasoned portfolio. The decreased WALS reflects a steady increase
in house prices, which has led to a reduction in the pool's
weighted-average indexed current LTV ratio.
WAFF and WALS levels
RATING LEVEL WAFF (%) WALS (%)
AAA 69.70 40.05
AA 63.28 33.19
A 59.08 22.84
BBB 54.12 16.98
BB 46.95 13.12
B 45.04 9.89
WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.
S&P's operational, legal, and counterparty risk analysis for the
transaction remains unchanged since closing.
The general reserve and liquidity reserve fund remains at the
target level.
S&P said, "Our model cash flow results improved compared to our
closing analysis, mainly because of the rising interest rate
environment. The Sterling Overnight Index Average currently exceeds
5%, versus less than 0.5% at closing.
"Following our review, we raised our rating on the class A2-Dfrd
notes. Though our credit and cash flow analysis suggest a higher
rating level than that assigned, our rating addresses ultimate
payment of interest and principal, which is not commensurate with
our 'AAA' rating definition. We therefore raised our rating to 'AA+
(sf)'.
"Considering the lower WAFF and WALS and higher excess spread since
closing, our credit and cash flow analysis suggests higher ratings
on the class B-Dfrd to F-Dfrd notes than those assigned. The
affirmations reflect various additional factors, such as the rate
at which the notes amortized since closing, each classes' relative
position in the waterfall for receiving interest and principal
payments, and the availability of the notes' hard and soft credit
enhancement. We also considered the high level of arrears observed
in the pool of owner-occupied interest-only borrowers.
"Our ratings on these notes also reflect the uncertain
macroeconomic outlook amid the cost-of-living crisis, the
challenging buy-to-let market environment, and a possible reduction
in excess spread, which may occur due to higher prepayments.
Considering all of these factors, we affirmed our ratings on the
class C-Dfrd to F-Dfrd notes.
"At closing, the class G-Dfrd notes faced large shortfalls in our
standard cash flow analysis due to their reliance on excess spread
generated on the asset portfolio. As of this review, this tranche
continues to face such shortfalls. We therefore affirmed our 'CCC-
(sf)' rating.
"Following our review of the class A1 notes, we concluded that our
rating remains robust at the current level despite the additional
sensitivities performed. We therefore affirmed our 'AAA (sf)'
rating."
ROBIN AIRCRAFT: Goes Into Compulsory Liquidation
------------------------------------------------
Flyer reports that Robin Aircraft has gone into compulsory
liquidation and ceased trading.
According to Flyer, the commercial court in Robin's home town of
Dijon on Nov. 20, issued the judicial liquidation of the French
aircraft manufacturer with immediate effect.
A Paris based receiver has been looking for a buyer since September
2023, with three candidates coming forward, Flyer relays, citing
one report in French newspaper Les Echoes. However, the judges at
the commercial court did not accept any of the recovery plans
proposed, Flyer notes.
The decision follows a difficult year for Robin Aircraft which
started in December 2022 when the European Aviation Safety Agency
(EASA) issued an urgent Airworthiness Directive (AD) regarding a
faulty wing spar, Flyer recounts.
The AD grounded aircraft affected which was caused by a
manufacturing problem, Flyer notes. They were allowed to fly again
by early 2023, with restrictions, but by then the company was in
financial difficulty resulting in some workers being laid off,
Flyer relates.
In February, Robin Aircraft was placed in a special "safeguarded"
regime to allow it to recover from the wing spar issue, Flyer
discloses.
In September, the Dijon commercial court changed the safeguard
status into a judicial recovery but it has not worked, Flyer
states.
SCOTGOLD RESOURCES: Enters Administration, 80+ Jobs Affected
------------------------------------------------------------
Emma Newlands at The Scotsman reports that Scotgold Resources has
finally gone into administration jeopardising more than 80 jobs,
following months of uncertainty over the future of the firm behind
Scotland's first commercial gold mine.
According to The Scotsman, the firm, responsible for the Cononish
mine near Tyndrum on the West Highland Way, announced in a stock
exchange filing that its board on Friday, Nov. 24, appointed Daniel
Bredenkamp and Christopher Pattinson of Australia-based Pitcher
Partners Accountants and Advisors (WA) Pty as joint and several
administrators. They say they have assumed control of the company
and will work with the board during the administration period to
"maximise the outcome for all stakeholders", The Scotsman relates.
The move comes after Scotgold said in early November that it
expected to appoint administrators "over the coming days" after
proposed funding from a strategic investor failed to bear fruit,
The Scotsman notes. It then said on Nov. 22 that it was continuing
to work with advisors, and expected to proceed with an
administration process for SGZ Cononish "soon", The Scotsman
recounts. It added at the time: "In addition, Bridge Barn, who are
the secured creditor over the assets of SGZ Cononish Limited have
notified the company that they enforced their rights under the loan
agreement signed on May 17, 2018. These include rights over the
shares held by the company in SGZ Grampian Limited.
"SGZ Cononish Limited and SGZ Grampian Limited represent the only
substantive assets of the Company and as such the board are also
exploring the appointment of administrators in Australia over
Scotgold Resources Limited."
Scotgold had also in October raised the possibility of appointing
administrators, coming after it did so in September when it issued
its most stark warning yet regarding its future after suspending
its shares from the stock market, The Scotsman discloses.
In May, it said it had raised GBP2 million, but stressed yet again
that its ability to continue as a going concern was "entirely
dependent" on the quantity of ore that produced henceforth, and in
January 2022 had cheered record-breaking production figures,
according to The Scotsman.
VERTICAL AEROSPACE: Expresses Going Concern Doubt Amid Cash Woes
----------------------------------------------------------------
Luke Barr at The Telegraph reports that a flying taxi business
owned by the billionaire boss of Ovo Energy has warned it will run
out of cash by next September.
According to The Telegraph, Vertical Aerospace, founded by Stephen
Fitzpatrick, is scrambling to raise funds after one of its aircraft
crashed during a test flight in the Cotswolds four months ago.
Concerns over the Bristol-based start-up's future were raised in a
recent letter to shareholders, as Mr. Fitzpatrick said the current
cash runway" will take it "towards the end of Q3 2024", The
Telegraph relates.
This has since been followed up with a further warning that says
"dependency on raising additional capital indicates that a material
uncertainty exists that may cast significant doubt" over its
ability to continue as a going concern, The Telegraph notes.
Vertical Aerospace, which is producing a five-seater flying taxi
that can reach speeds of up to 200mph, also said that it "may need
to scale back investments" if the group is unable to raise cash by
mid-2024, The Telegraph recounts.
So far, this year the company has racked up GBP42 million of
losses, down from GBP135 million posted for the same period last
year, The Telegraph discloses.
Vertical Aerospace was launched by Mr. Fitzpatrick in 2016 and
listed on the New York Stock Exchange two years ago, although it
has been registered in the Cayman Islands.
Its share price has fallen by 97% since its float and it is now
valued at around GBP168 million, down from an initial valuation of
GBP1.74 billion, The Telegraph states.
WILKO LTD: Nearly 10,000 Former Staff Paid GBP42 Million
--------------------------------------------------------
Express & Star reports that nearly 10,000 former staff of retailer
Wilko have been paid more than GBP42 million by the Government's
Insolvency Service since the high street retailer went bust.
According to Express & Star, the government agency has covered
redundancy pay and statutory notice pay owed to employees affected
by the collapse of the 93-year-old chain.
Some 9,800 payments have been made so far, with each claim
processed and paid within 24 hours on average, it revealed, Express
& Star notes.
The discount hardware and furnishings chain had 400 stores across
the UK when it fell into administration in August, having come
under pressure from weaker consumer spending and debts owed to
suppliers, Express & Star recounts.
The dramatic collapse saw almost all of Wilko's 12,500 workers
being made redundant, Express & Star states.
Handled by its Redundancy Payments Service (RPS), the Insolvency
Service said it began preparing for the influx of claims when Wilko
went into administration, despite hopes that it could still find a
buyer, Express & Star relates.
But it was unable to secure a rescue deal and administrators sold
off a raft of the company's assets, including up to 71 stores to
Poundland and up to 51 shops to rival discounter B&M, Express &
Star discloses.
However, both deals did not automatically include staff, Express &
Star relays.
Wilko paid all its former employees any wages they were owed, as
well as holiday pay, overtime or commission that was due at the
time it went into administration, according to Express & Star.
But it was able to claim money for redundancy and notice pay from
the RPS, which distributes money held in the Government's National
Insurance Fund, Express & Star states.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week November 20 to November 24, 2023
---------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- ------- -----
United Kingdom Gil 0.500 10/22/2061 GBP 28.304
Republic of Austri 0.850 6/30/2120 EUR 39.745
Signa Development 5.500 7/23/2026 EUR 25.812
Tele Columbus AG 3.875 5/2/2025 EUR 66.006
Nitrogenmuvek Vegy 7.000 5/14/2025 EUR 62.682
Cullinan Holdco Sc 4.625 10/15/2026 EUR 73.388
United Kingdom Gil 0.625 7/31/2035 GBP 65.649
United Kingdom Gil 0.625 10/22/2050 GBP 38.258
Atos SE 1.750 5/7/2025 EUR 67.938
Clariane SE 0.875 3/6/2027 EUR 37.074
Clariane SE 1.875 EUR 25.325
United Kingdom Gil 0.875 7/31/2033 GBP 73.021
Atos SE 1.000 11/12/2029 EUR 45.908
Heimstaden Bostad 3.248 EUR 43.566
Heimstaden AB 6.750 EUR 19.102
Heimstaden AB 4.250 3/9/2026 EUR 44.799
Clariane SE 4.125 GBP 59.833
ams-OSRAM AG 2.125 11/3/2027 EUR 74.573
EnfraGen Energia S 5.375 12/30/2030 USD 73.739
CPI Property Group 1.750 1/14/2030 EUR 55.246
Deutsche Pfandbrie 4.679 6/28/2027 EUR 74.013
Kenbourne Invest S 6.875 11/26/2024 USD 71.618
Unigel Luxembourg 8.750 10/1/2026 USD 32.520
CPI Property Group 4.875 EUR 24.506
BRANICKS Group AG 2.250 9/22/2026 EUR 42.689
Altice France Hold 10.500 5/15/2027 USD 50.525
Clariane SE 2.250 10/15/2028 EUR 57.995
Altice France Hold 8.000 5/15/2027 EUR 47.708
Heimstaden AB 4.375 3/6/2027 EUR 40.881
CPI Property Group 1.500 1/27/2031 EUR 51.526
Pro-Gest SpA 3.250 12/15/2024 EUR 56.407
French Republic Go 0.750 5/25/2053 EUR 48.678
United Kingdom Inf 0.125 3/22/2051 GBP 71.509
MC Brazil Downstre 7.250 6/30/2031 USD 73.484
Audax Renovables S 4.200 12/18/2027 EUR 73.315
SBB Treasury Oyj 1.125 11/26/2029 EUR 54.414
CPI Property Group 1.625 4/23/2027 EUR 70.886
GTC Aurora Luxembo 2.250 6/23/2026 EUR 68.584
Vedanta Resources 6.125 8/9/2024 USD 63.174
Kenbourne Invest S 4.700 1/22/2028 USD 54.637
Atos SE 2.500 11/7/2028 EUR 51.769
Heimstaden Bostad 2.625 EUR 30.384
Eolo SpA 4.875 10/21/2028 EUR 68.440
United Kingdom Gil 1.125 10/22/2073 GBP 35.114
PCF GmbH 4.750 4/15/2026 EUR 67.899
Gol Finance SA 7.000 1/31/2025 USD 44.799
Liquid Telecommuni 5.500 9/4/2026 USD 59.537
Eutelsat SA 1.500 10/13/2028 EUR 71.626
CPI Property Group 4.875 EUR 24.986
Grupo Antolin-Irau 3.500 4/30/2028 EUR 70.552
Italy Buoni Polien 2.150 3/1/2072 EUR 54.731
Deutsche Pfandbrie 8.474 EUR 62.745
Heimstaden AB 9.966 SEK 28.000
Barclays PLC 4.375 USD 73.355
Italy Buoni Polien 1.700 9/1/2051 EUR 55.654
Orpea SA 2.625 3/10/2025 EUR 21.005
Julius Baer Group 3.625 USD 65.144
InterCement Financ 5.750 7/17/2024 USD 68.073
Castellum AB 3.125 EUR 69.763
Allianz SE 3.875 USD 64.511
Mitsubishi UFJ Inv 8.456 12/15/2050 EUR 46.024
Banco Santander SA 3.625 EUR 70.006
Braskem Netherland 5.875 1/31/2050 USD 69.001
SBB Treasury Oyj 0.750 12/14/2028 EUR 55.365
Samhallsbyggnadsbo 2.875 EUR 15.149
Dignity Finance PL 4.696 12/31/2049 GBP 73.188
Samhallsbyggnadsbo 2.624 EUR 15.158
Landesbank Baden-W 4.000 EUR 70.574
CPI Property Group 3.750 EUR 20.007
DEMIRE Deutsche Mi 1.875 10/15/2024 EUR 58.475
Victoria PLC 3.625 8/24/2026 EUR 74.666
Turkiye Government 17.800 7/13/2033 TRY 69.500
Heimstaden Bostad 3.625 EUR 37.163
UBS Group AG 4.375 USD 74.023
Republic of Austri 0.700 4/20/2071 EUR 40.307
Romanian Governmen 3.375 1/28/2050 EUR 61.782
Heimstaden Bostad 0.750 9/6/2029 EUR 60.079
Cie de Phalsbourg 5.000 3/27/2029 EUR 55.314
Samhallsbyggnadsbo 2.250 8/12/2027 EUR 63.021
United Kingdom Gil 1.250 7/31/2051 GBP 46.869
Heimstaden Bostad 1.625 10/13/2031 EUR 57.097
SIGNA Prime CM 201 4.000 4/30/2047 EUR 17.971
Vedanta Resources 8.950 3/11/2025 USD 70.987
Orsted AS 2.500 2/18/3021 GBP 62.978
Vedanta Resources 9.250 4/23/2026 USD 56.808
Nordea Bank Abp 3.750 USD 74.595
Orsted AS 1.500 2/18/3021 EUR 72.786
United Kingdom Gil 0.875 1/31/2046 GBP 47.403
VEON Holdings BV 3.375 11/25/2027 USD 71.573
MorphoSys AG 0.625 10/16/2025 EUR 64.917
United Kingdom Gil 1.250 10/22/2041 GBP 58.778
Rothschild & Co Co 3.650 EUR 66.250
Vodafone Group PLC 5.125 6/4/2081 USD 67.284
Swedbank AB 4.000 USD 73.429
BNP Paribas SA 4.500 USD 73.551
Romanian Governmen 2.000 4/14/2033 EUR 70.771
Casino Guichard Pe 4.469 EUR 0.250
United Kingdom Gil 1.125 1/31/2039 GBP 62.131
ING Groep NV 4.250 USD 67.538
Grand City Propert 5.901 EUR 55.342
Teva Pharmaceutica 4.100 10/1/2046 USD 62.043
ING Groep NV 3.875 USD 74.610
Trinseo Materials 5.125 4/1/2029 USD 39.184
Ukraine Government 6.750 6/20/2028 EUR 24.714
Altice France SA/F 4.125 1/15/2029 EUR 72.201
Altice France SA/F 5.125 7/15/2029 USD 70.383
Proximus SADP 0.750 11/17/2036 EUR 66.837
Italy Buoni Polien 1.500 4/30/2045 EUR 57.986
Samhallsbyggnadsbo 2.625 EUR 15.104
Heimstaden Bostad 3.000 EUR 33.879
ATF Netherlands BV 7.078 EUR 42.047
Standard Chartered 4.750 USD 73.750
Grand City Propert 1.500 EUR 42.991
Altice France SA/F 3.375 1/15/2028 EUR 73.259
Altice France SA/F 5.500 10/15/2029 USD 70.821
Heimstaden Bostad 1.000 4/13/2028 EUR 67.661
Kernel Holding SA 6.500 10/17/2024 USD 74.709
Casino Guichard Pe 4.498 3/7/2024 EUR 1.067
Voltalia SA 1.000 1/13/2025 EUR 28.840
VTR Finance NV 6.375 7/15/2028 USD 16.238
Citycon Oyj 4.496 EUR 69.177
Casino Guichard Pe 3.992 EUR 0.284
Altice France Hold 6.000 2/15/2028 USD 39.373
Ukraine Government 7.375 9/25/2034 USD 24.327
Herens Midco Sarl 5.250 5/15/2029 EUR 55.833
Heimstaden Bostad 1.375 7/24/2028 EUR 67.107
Prosus NV 3.832 2/8/2051 USD 58.000
Atento Luxco 1 SA 8.000 2/10/2026 USD 0.010
Coruripe Netherlan 10.000 2/10/2027 USD 74.993
Brit Insurance Hol 3.676 12/9/2030 GBP 72.833
Hungary Government 1.750 6/5/2035 EUR 69.863
Allianz SE 3.200 USD 74.797
Altice France Hold 4.000 2/15/2028 EUR 38.125
Samhallsbyggnadsbo 2.375 9/4/2026 EUR 70.128
Metro Bank PLC 9.139 6/26/2028 GBP 45.750
United Kingdom Inf 0.375 3/22/2062 GBP 72.495
Ukraine Government 7.253 3/15/2035 USD 24.501
Romanian Governmen 2.750 4/14/2041 EUR 60.898
Romanian Governmen 2.000 1/28/2032 EUR 73.586
NE Property BV 2.000 1/20/2030 EUR 74.543
Carnival PLC 1.000 10/28/2029 EUR 66.065
WPP Finance 2013 2.875 9/14/2046 GBP 58.879
AT Securities BV 7.747 USD 48.500
United Kingdom Gil 1.750 9/7/2037 GBP 71.609
Metalcorp Group SA 8.500 6/28/2026 EUR 1.187
Paper Industries I 9.803 3/1/2025 EUR 71.024
NatWest Group PLC 4.600 USD 70.000
BNP Paribas SA 4.625 USD 74.593
Altice France SA/F 5.500 1/15/2028 USD 73.845
Aroundtown SA 2.125 EUR 33.284
Citycon Oyj 3.625 EUR 56.308
Endo Luxembourg Fi 6.125 4/1/2029 USD 62.063
Romanian Governmen 4.000 2/14/2051 USD 64.876
HSE Finance Sarl 5.625 10/15/2026 EUR 48.554
Hellenic Republic 1.875 1/24/2052 EUR 61.527
Fastighets AB Bald 2.873 6/2/2081 EUR 68.559
Agps Bondco PLC 4.250 7/31/2025 EUR 72.749
Orpea SA 2.000 4/1/2028 EUR 20.438
Turkiye Government 17.300 7/19/2028 TRY 69.350
CaixaBank SA 3.625 EUR 71.703
Accor SA 0.700 12/7/2027 EUR 45.517
Intrum AB 3.000 9/15/2027 EUR 69.703
Altice France SA/F 4.250 10/15/2029 EUR 71.689
B2W Digital Lux Sa 4.375 12/20/2030 USD 16.000
Aroundtown SA 1.625 EUR 28.967
Romanian Governmen 2.875 4/13/2042 EUR 60.916
Russian Foreign Bo 5.100 3/28/2035 USD 35.404
AI Candelaria Spai 5.750 6/15/2033 USD 74.046
Berkeley Group PLC 2.500 8/11/2031 GBP 70.620
United Kingdom Gil 1.500 7/31/2053 GBP 49.079
CPI Property Group 2.750 1/22/2028 GBP 67.598
Allianz SE 2.625 EUR 70.978
Intesa Sanpaolo Sp 4.950 6/1/2042 USD 64.499
Italy Buoni Polien 2.150 9/1/2052 EUR 60.755
IMMOFINANZ AG 2.500 10/15/2027 EUR 70.656
Heimstaden Bostad 3.375 EUR 39.703
Commerzbank AG 4.250 EUR 75.111
Compact Bidco BV 5.750 5/1/2026 EUR 46.093
Intesa Sanpaolo Sp 4.125 EUR 74.947
La Financiere Atal 5.125 5/15/2025 EUR 71.892
VGP NV 1.500 4/8/2029 EUR 74.972
Hungary Government 0.500 11/18/2030 EUR 73.483
Spain Government B 1.000 10/31/2050 EUR 49.800
Unibail-Rodamco-We 5.142 EUR 74.623
Gol Finance SA 8.000 6/30/2026 USD 43.647
Casino Guichard Pe 5.250 4/15/2027 EUR 1.093
Agps Bondco PLC 5.000 1/14/2029 EUR 32.797
United Kingdom Inf 0.125 11/22/2065 GBP 64.096
Allianz SE 2.600 EUR 67.663
Prosus NV 2.778 1/19/2034 EUR 73.985
Castellum Helsinki 0.875 9/17/2029 EUR 72.061
Orpea SA 0.375 5/17/2027 EUR 38.991
Raiffeisen Bank In 4.500 EUR 66.397
Maxeda DIY Holding 5.875 10/1/2026 EUR 71.317
Aroundtown SA 2.875 EUR 33.086
Romanian Governmen 2.625 12/2/2040 EUR 60.938
Idorsia Ltd 0.750 7/17/2024 CHF 60.085
Ukraine Government 4.375 1/27/2032 EUR 21.491
Ukraine Government 7.750 9/1/2025 USD 30.989
United Kingdom Inf 0.125 3/22/2058 GBP 67.058
United Kingdom Gil 1.625 10/22/2071 GBP 44.821
La Banque Postale 3.000 EUR 67.503
Air France-KLM 0.125 3/25/2026 EUR 17.609
Aragvi Finance Int 8.450 4/29/2026 USD 68.425
Ukraine Government 7.750 9/1/2026 USD 28.627
Ellos Group AB/Bor 10.847 7/25/2024 SEK 72.731
gategroup Finance 3.000 2/28/2027 CHF 68.340
French Republic Go 0.750 5/25/2052 EUR 49.789
Victoria PLC 3.750 3/15/2028 EUR 63.961
Balder Finland Oyj 1.000 1/20/2029 EUR 70.872
Voyage Care BondCo 5.875 2/15/2027 GBP 74.047
Russian Railways V 0.898 10/3/2025 CHF 63.387
Ukraine Government 7.750 9/1/2027 USD 28.103
Denmark Government 0.250 11/15/2052 DKK 48.263
Republic of Austri 1.500 11/2/2086 EUR 53.700
CNP Assurances SAC 4.875 USD 73.839
BICO Group AB 2.875 3/19/2026 SEK 69.438
Fnac Darty SA 0.250 3/23/2027 EUR 67.794
Idorsia Ltd 2.125 8/4/2028 CHF 38.336
Bigben Interactive 1.125 2/19/2026 EUR 58.365
Kudelski SA 1.500 9/27/2024 CHF 72.740
CTP NV 1.500 9/27/2031 EUR 73.760
Spain Government B 0.850 7/30/2037 EUR 67.959
Ukraine Government 9.750 11/1/2030 USD 29.492
Gazprom PJSC Via G 2.500 3/21/2026 EUR 65.001
NAK Naftogaz Ukrai 7.625 11/8/2028 USD 48.235
Italy Buoni Polien 1.800 3/1/2041 EUR 66.519
Signa Development 5.500 7/23/2026 EUR 25.562
Hungary Government 3.125 9/21/2051 USD 58.600
Nykredit Realkredi 1.000 10/1/2050 DKK 72.373
Spain Government B 1.000 7/30/2042 EUR 60.445
Hungary Government 2.250 4/20/2033 HUF 69.499
Codere Finance 2 L 11.000 9/30/2026 EUR 60.830
Bank Gospodarstwa 2.000 11/3/2036 EUR 73.396
Gazprom PJSC via G 1.500 2/17/2027 EUR 61.996
Just Eat Takeaway. 0.625 2/9/2028 EUR 71.869
Unicaja Banco SA 4.875 EUR 73.559
EP Infrastructure 1.816 3/2/2031 EUR 72.369
Abengoa Abenewco 2 1.500 10/26/2024 EUR 1.405
EIG Pearl Holdings 4.387 11/30/2046 USD 72.611
Kernel Holding SA 6.750 10/27/2027 USD 62.577
Thames Water Kembl 4.625 5/19/2026 GBP 59.116
AnaCap Financial E 8.968 8/1/2024 EUR 65.187
Mallinckrodt Inter 10.000 6/15/2029 USD 6.000
United Kingdom Inf 0.125 11/22/2056 GBP 67.995
Turkiye Government 11.700 11/13/2030 TRY 58.400
Republic of Austri 0.250 10/20/2036 EUR 67.678
Prosus NV 4.987 1/19/2052 USD 69.142
Russian Foreign Bo 5.250 6/23/2047 USD 30.883
Vonovia SE 1.625 9/1/2051 EUR 50.563
Russian Railways V 0.840 3/12/2026 CHF 51.405
United Kingdom Gil 1.750 7/22/2057 GBP 51.260
Codere Finance 2 L 12.750 11/30/2027 EUR 7.641
Luzerner Kantonalb 1.500 CHF 72.841
Republic of Austri 1.850 5/23/2049 EUR 73.214
Bulgaria Governmen 1.375 9/23/2050 EUR 53.557
MHP Lux SA 6.950 4/3/2026 USD 74.740
Grand City Propert 6.332 EUR 58.190
Moby SpA 7.750 2/15/2023 EUR 60.525
NET4GAS sro 3.500 7/28/2026 EUR 75.000
Optivo Finance PLC 3.283 3/22/2048 GBP 65.181
Canary Wharf Group 3.375 4/23/2028 GBP 66.729
Ukraine Government 7.750 9/1/2029 USD 28.551
Kingdom of Belgium 0.400 6/22/2040 EUR 60.461
Casino Guichard Pe 3.580 2/7/2025 EUR 1.026
Casino Guichard Pe 4.048 8/5/2026 EUR 1.103
JSM Global Sarl 4.750 10/20/2030 USD 16.250
Rallye SA 4.371 2/28/2032 EUR 0.048
Portugal Obrigacoe 1.000 4/12/2052 EUR 50.734
Cellnex Finance Co 3.875 7/7/2041 USD 70.848
Rothesay Life PLC 5.000 GBP 67.927
Bank Gospodarstwa 2.000 11/3/2036 EUR 73.396
Mithra Pharmaceuti 4.250 12/17/2025 EUR 29.925
Chrome Holdco SAS 5.000 5/31/2029 EUR 71.592
Balder Finland Oyj 2.000 1/18/2031 EUR 67.613
Ukraine Government 7.750 9/1/2024 USD 31.510
Serbia Internation 1.650 3/3/2033 EUR 67.891
Ukraine Government 6.876 5/21/2031 USD 24.045
Ukraine Railways V 8.250 7/9/2026 USD 53.090
Aroundtown SA 3.375 EUR 39.442
Audax Renovables S 2.750 11/30/2025 EUR 73.338
French Republic Go 1.750 5/25/2066 EUR 61.888
GRENKE AG 5.375 EUR 69.727
Italy Buoni Polien 2.450 9/1/2050 EUR 66.600
Ireland Government 1.500 5/15/2050 EUR 65.729
NAK Naftogaz Ukrai 7.125 7/19/2026 EUR 46.480
Republic of Italy 3.875 5/6/2051 USD 65.678
MHP Lux SA 6.250 9/19/2029 USD 63.244
BPCE SFH SA 0.010 1/29/2036 EUR 64.899
TotalEnergies SE 2.125 EUR 74.100
PREOS Global Offic 7.500 12/9/2024 EUR 0.001
Intesa Sanpaolo Sp 4.700 9/23/2049 USD 67.058
United Kingdom Gil 1.750 1/22/2049 GBP 56.449
Agps Bondco PLC 6.000 8/5/2025 EUR 38.475
Gazprom PJSC via G 1.540 6/30/2027 CHF 61.244
LEG Immobilien SE 0.750 6/30/2031 EUR 74.402
Russian Foreign Bo 4.375 3/21/2029 USD 49.474
Nostrum Oil & Gas 5.000 6/30/2026 USD 70.138
alstria office REI 1.500 11/15/2027 EUR 72.374
Gazprom PJSC via G 3.897 EUR 60.048
Casino Guichard Pe 6.625 1/15/2026 EUR 1.140
Nexity SA 0.250 3/2/2025 EUR 59.491
Nexity SA 0.875 4/19/2028 EUR 36.204
Balder Finland Oyj 1.375 5/24/2030 EUR 66.671
Italy Buoni Polien 1.450 3/1/2036 EUR 71.688
Croatia Government 1.750 3/4/2041 EUR 69.860
BAT International 2.250 9/9/2052 GBP 40.145
Rallye SA 4.000 2/28/2032 EUR 0.057
JT International F 3.300 9/14/2051 USD 60.539
Abengoa Abenewco 2 1.500 10/26/2024 EUR 2.207
Kleopatra Holdings 6.500 9/1/2026 EUR 58.369
Solocal Group 10.845 3/15/2025 EUR 24.986
Electricite de Fra 4.500 12/4/2069 USD 66.430
Delivery Hero SE 2.125 3/10/2029 EUR 72.301
Samhallsbyggnadsbo 7.599 SEK 15.100
Altice France SA/F 4.000 7/15/2029 EUR 71.254
Marginalen Bank Ba 10.099 10/30/2028 SEK 60.000
Riverside Finance 3.875 12/5/2044 GBP 73.174
Development Bank o 6.750 5/2/2024 USD 41.453
NGD Holdings BV 6.750 12/31/2026 USD 70.199
Fresnillo PLC 4.250 10/2/2050 USD 69.359
Cabonline Group Ho 13.581 4/19/2026 SEK 67.254
Ageas SA/NV 3.875 EUR 73.878
NAK Naftogaz Ukrai 7.650 7/19/2025 USD 68.194
Russian Railways V 2.100 10/2/2023 CHF 69.492
Ocado Group PLC 0.750 1/18/2027 GBP 73.852
UBS Group AG 0.625 1/18/2033 EUR 70.276
FIGEAC-AERO 1.750 10/18/2028 EUR 15.448
R-Logitech Finance 10.250 9/26/2027 EUR 18.987
French Republic Go 1.500 5/25/2050 EUR 64.453
Republic of Austri 0.750 3/20/2051 EUR 53.259
Slovakia Governmen 0.375 4/21/2036 EUR 63.840
BCP V Modular Serv 6.750 11/30/2029 EUR 72.963
Prosus NV 4.027 8/3/2050 USD 60.125
K2A Knaust & Ander 10.043 SEK 44.990
SIGNA Prime CM 201 3.250 11/30/2029 EUR 23.837
Dtek Renewables Fi 8.500 11/12/2024 EUR 56.955
BNP Paribas SA 0.625 12/3/2032 EUR 72.693
OSB Group PLC 6.000 GBP 72.514
Ukraine Government 7.750 9/1/2028 USD 28.692
EnBW Energie Baden 2.125 8/31/2081 EUR 73.017
Mutuelle Assurance 3.500 EUR 70.671
United Kingdom Gil 1.625 10/22/2054 GBP 50.249
Metinvest BV 7.750 10/17/2029 USD 58.480
Neoen SA 2.000 6/2/2025 EUR 44.000
Bank Gospodarstwa 2.000 11/3/2036 EUR 73.396
Shell Internationa 3.000 11/26/2051 USD 65.070
Czech Republic Gov 1.500 4/24/2040 CZK 65.592
Russian Foreign Bo 4.750 5/27/2026 USD 53.875
Russian Foreign Bo 2.875 12/4/2025 EUR 61.107
Aedifica SA 0.750 9/9/2031 EUR 73.294
Union Fenosa Prefe 5.622 EUR 72.923
Finland Government 0.125 4/15/2052 EUR 42.446
Republic of Belaru 6.378 2/24/2031 USD 35.485
Gazprom PJSC via G 4.599 USD 51.465
Aroundtown SA 4.750 GBP 40.735
UBS Group AG 3.179 2/11/2043 USD 66.279
Aroundtown SA 1.450 7/9/2028 EUR 73.270
Logicor Financing 0.875 1/14/2031 EUR 70.886
Russian Railways V 2.200 5/23/2027 EUR 65.952
UBS Group AG 4.375 USD 74.365
Vonovia SE 1.500 6/14/2041 EUR 58.905
Vonovia SE 0.750 9/1/2032 EUR 71.121
Wirecard AG 0.500 9/11/2024 EUR 15.154
Ukraine Government 8.994 2/1/2026 USD 30.815
Republic of Austri 1.500 2/20/2047 EUR 69.068
Atrium Finance PLC 2.625 9/5/2027 EUR 74.987
UBM Development AG 5.500 EUR 71.546
Agps Bondco PLC 5.000 4/27/2027 EUR 33.554
Republic of Italy 4.000 10/17/2049 USD 68.383
Perrigo Finance Un 4.900 12/15/2044 USD 71.788
SAS AB 8.755 SEK 1.750
SPP-Distribucia AS 1.000 6/9/2031 EUR 70.833
Luzerner Kantonalb 2.000 CHF 72.110
Oscar Properties H 11.320 7/5/2024 SEK 11.369
Kenbourne Invest S 4.700 1/22/2028 USD 54.241
Slovakia Governmen 1.000 10/13/2051 EUR 47.041
Triodos Bank NV 2.250 2/5/2032 EUR 73.546
Financiere Immobil 6.000 1/30/2025 EUR 9.188
Slovenia Governmen 0.688 3/3/2081 EUR 38.758
Russian Foreign Bo 4.250 6/23/2027 USD 52.893
Thomas Cook Group 6.250 6/15/2022 EUR 0.688
Diageo Finance PLC 2.750 6/8/2038 GBP 73.628
Clariane SE 3.350 6/29/2028 EUR 62.919
United Utilities W 1.875 6/3/2042 GBP 56.019
Enel Finance Inter 0.875 9/28/2034 EUR 70.124
Thames Water Utili 1.250 1/31/2032 EUR 71.735
Gazprom PJSC via G 3.000 6/29/2027 USD 68.325
Netherlands Govern 0.500 1/15/2040 EUR 67.419
Societe Generale S 4.027 1/21/2043 USD 63.942
MMC Norilsk Nickel 3.375 10/28/2024 USD 74.625
Electricite de Fra 2.000 12/9/2049 EUR 56.649
Desenio Group AB 9.561 12/16/2024 SEK 65.510
Magnolia Bostad AB 10.961 3/18/2025 SEK 70.484
Russian Railways V 3.125 CHF 39.962
Digital Intrepid H 0.625 7/15/2031 EUR 73.278
Altice France SA/F 5.125 1/15/2029 USD 69.948
Muenchener Rueckve 1.000 5/26/2042 EUR 73.914
Nykredit Realkredi 1.000 10/1/2050 DKK 67.922
BAT International 4.000 11/23/2055 GBP 56.841
Bayer AG 1.000 1/12/2036 EUR 65.030
Serbia Internation 2.050 9/23/2036 EUR 62.258
Fastator AB 10.643 9/26/2025 SEK 69.741
Caybon Holding AB 10.513 3/3/2025 SEK 66.027
Agps Bondco PLC 5.500 11/13/2026 EUR 37.247
Romanian Governmen 3.375 2/8/2038 EUR 72.194
Hungary Government 1.500 11/17/2050 EUR 50.315
Nederlandse Gasuni 0.750 10/13/2036 EUR 67.904
RWE AG 1.000 11/26/2033 EUR 74.328
Marginalen Bank Ba 13.061 SEK 45.002
Arrival SA 3.500 12/1/2026 USD 1.129
Agps Bondco PLC 4.625 1/14/2026 EUR 38.006
BUPA Finance PLC 4.000 GBP 64.259
Russian Foreign Bo 1.850 11/20/2032 EUR 28.036
Russian Foreign Bo 7.500 3/31/2030 USD 65.152
Glencore Capital F 1.250 3/1/2033 EUR 73.555
Metinvest BV 8.500 4/23/2026 USD 69.300
HSE Finance Sarl 9.752 10/15/2026 EUR 50.406
Maisons du Monde S 0.125 12/6/2023 EUR 48.175
Kingdom of Belgium 1.700 6/22/2050 EUR 66.467
Slovakia Governmen 2.000 10/17/2047 EUR 67.589
Deutsche Bank AG/N 3.742 1/7/2033 USD 74.693
Latvia Government 1.375 5/16/2036 EUR 73.168
Russian Railways V 1.195 4/3/2028 CHF 50.186
PB International B 7.625 12/31/2025 USD 40.015
TotalEnergies Capi 3.127 5/29/2050 USD 67.016
MBT Systems GmbH 3.750 5/17/2029 EUR 70.101
AerCap Ireland Cap 3.850 10/29/2041 USD 72.290
Euroboden GmbH 5.500 10/1/2024 EUR 1.104
Holcim Finance Lux 0.625 1/19/2033 EUR 72.437
EnfraGen Energia S 5.375 12/30/2030 USD 74.801
Hellenic Republic 2.085 7/25/2057 EUR 28.757
Schlote Holding Gm 6.750 11/21/2024 EUR 36.925
BNP Paribas SA 2.000 9/13/2036 GBP 67.245
Deutsche Bahn Fina 0.625 12/8/2050 EUR 47.393
Marginalen Bank Ba 9.947 8/28/2029 SEK 55.000
Logicor Financing 2.000 1/17/2034 EUR 69.548
Kingdom of Belgium 2.150 6/22/2066 EUR 69.399
Turkiye Government 10.600 2/11/2026 TRY 66.000
Turkiye Government 10.500 8/11/2027 TRY 58.700
E.ON SE 0.875 10/18/2034 EUR 74.393
Mutuelle Assurance 2.125 6/21/2052 EUR 71.720
IOG Plc 13.403 9/20/2024 EUR 31.934
Slovakia Governmen 2.250 6/12/2068 EUR 61.486
Societe Generale S 4.027 1/21/2043 USD 64.030
Republic of Belaru 7.625 6/29/2027 USD 45.030
Sberbank of Russia 5.125 10/29/2022 USD 32.469
State of North Rhi 1.450 1/19/2122 EUR 44.992
Sydbank AS 3.252 EUR 63.023
Simon Internationa 1.125 3/19/2033 EUR 73.637
Scandinavian Airli 0.625 CHF 2.287
Sweden Government 0.500 11/24/2045 SEK 61.110
Kenbourne Invest S 6.875 11/26/2024 USD 72.062
Selina Hospitality 6.000 11/1/2026 USD 10.326
Ireland Government 0.400 5/15/2035 EUR 73.637
Russian Railways V 7.487 3/25/2031 GBP 67.085
Altice France Hold 6.000 2/15/2028 USD 39.550
Ireland Government 0.550 4/22/2041 EUR 63.203
University of Oxfo 2.544 12/8/2117 GBP 49.888
Elli Finance UK PL 8.750 6/15/2019 GBP 43.281
John Lewis PLC 4.250 12/18/2034 GBP 66.072
Landesbank Baden-W 0.375 2/21/2031 EUR 74.206
BPCE SA 2.125 10/13/2046 EUR 74.490
Russian Foreign Bo 5.625 4/4/2042 USD 67.006
BAE Systems PLC 3.000 9/15/2050 USD 63.365
VTB Bank OJSC Via 6.950 10/17/2022 USD 6.571
Altarea SCA 1.750 1/16/2030 EUR 72.547
Realkredit Danmark 1.000 10/1/2050 DKK 72.474
Ilija Batljan Inve 7.327 12/15/2024 SEK 22.975
Interpipe Holdings 8.375 5/13/2026 USD 73.376
DDM Debt AB 9.000 4/19/2026 EUR 65.851
ABN AMRO Bank NV 3.324 3/13/2037 USD 74.504
NPC Ukrenergo 6.875 11/9/2028 USD 26.649
NIBC Bank NV 2.850 2/21/2040 EUR 62.343
Verbund AG 0.900 4/1/2041 EUR 64.266
Flamingo Lux II SC 5.000 3/31/2029 EUR 71.477
Orpea SA 2.130 7/3/2024 EUR 23.940
Vonovia SE 0.625 3/24/2031 EUR 74.587
Global Fashion Gro 1.250 3/15/2028 EUR 74.014
Imperial Brands Fi 1.750 3/18/2033 EUR 72.278
Photon Energy NV 6.500 11/23/2027 EUR 52.072
Ukraine Railways V 7.875 7/15/2028 USD 48.317
Codere Finance 2 L 13.625 11/30/2027 USD 8.964
Prosus NV 1.985 7/13/2033 EUR 69.596
EnBW International 0.500 3/1/2033 EUR 72.430
Societe Generale S 3.625 3/1/2041 USD 61.598
Rickmers Holding A 8.875 6/11/2018 EUR 2.229
Euroboden GmbH 5.500 11/18/2025 EUR 1.101
Slovenia Governmen 0.488 10/20/2050 EUR 45.019
Berlin Hyp AG 0.375 4/21/2031 EUR 74.416
Samhallsbyggnadsbo 6.849 1/30/2027 SEK 62.424
City of Lugano Swi 0.150 11/28/2070 CHF 52.774
AstraZeneca PLC 3.000 5/28/2051 USD 67.517
Utmost Group PLC 6.125 GBP 74.577
CM.com NV 2.000 9/9/2026 EUR 63.827
Vnesheconombank Vi 6.800 11/22/2025 USD 6.560
State Agency of Ro 6.250 6/24/2030 USD 25.638
Quant AB 10.002 11/15/2025 EUR 69.497
WM Morrison Superm 3.500 7/27/2026 GBP 70.525
Vodafone Group PLC 3.375 8/8/2049 GBP 64.521
State of North Rhi 2.150 3/21/2119 EUR 63.157
Tresu Investment H 8.972 1/2/2025 EUR 23.471
Electricite de Fra 1.000 11/29/2033 EUR 72.794
Alfa Bank AO Via A 5.950 4/15/2030 USD 1.406
Gazprom PJSC via G 3.250 2/25/2030 USD 58.325
Kreditanstalt fuer 0.875 7/4/2039 EUR 69.719
Republic of Belaru 5.875 2/24/2026 USD 44.453
CK Hutchison Group 2.625 10/17/2034 GBP 67.711
UBS Group AG 3.179 2/11/2043 USD 66.265
OMV AG 1.000 7/3/2034 EUR 73.981
Novo Banco SA/Luxe 3.500 1/23/2043 EUR 73.324
Gazprom PJSC via G 2.950 1/27/2029 USD 62.982
Wuestenrot & Wuert 2.125 9/10/2041 EUR 71.925
CPI Property Group 5.800 SGD 43.978
VTB Bank PJSC Via 9.500 USD 17.564
EQT AB 0.875 5/14/2031 EUR 73.504
Shell Internationa 1.750 9/10/2052 GBP 46.728
Russian Railways V 4.375 3/1/2024 USD 75.000
State of North Rhi 1.950 9/26/2078 EUR 61.710
Annington Funding 2.924 10/6/2051 GBP 54.695
Vodafone Group PLC 3.000 8/12/2056 GBP 56.359
WM Morrison Superm 4.750 7/4/2029 GBP 62.395
Nykredit Realkredi 1.000 10/1/2053 DKK 71.523
Gazprom PJSC Via G 4.950 2/6/2028 USD 72.404
La Financiere Atal 6.625 5/15/2025 GBP 71.431
BNG Bank NV 0.125 4/19/2033 EUR 74.484
Vonovia SE 1.000 6/16/2033 EUR 70.733
Kingdom of Belgium 2.250 6/22/2057 EUR 72.912
Gazprom PJSC via G 2.950 4/15/2025 EUR 69.666
Shell Internationa 3.250 4/6/2050 USD 68.952
State of North Rhi 1.750 7/11/2068 EUR 60.031
Akelius Residentia 0.750 2/22/2030 EUR 74.197
Royalty Pharma PLC 3.300 9/2/2040 USD 67.929
Russian Foreign Bo 1.125 11/20/2027 EUR 40.344
Aroundtown SA 3.000 10/16/2029 GBP 68.863
Thermo Fisher Scie 2.000 10/18/2051 EUR 61.874
Diageo Finance PLC 1.250 3/28/2033 GBP 72.189
Barclays Bank PLC 4.331 12/28/2040 EUR 69.768
Medtronic Global H 1.750 7/2/2049 EUR 60.756
Air Berlin PLC 8.250 4/19/2018 EUR 0.570
Royalty Pharma PLC 3.350 9/2/2051 USD 60.144
BAT International 2.000 3/13/2045 EUR 56.100
BNP Paribas SA 2.824 1/26/2041 USD 63.108
Suek Securities DA 3.375 9/15/2026 USD 71.177
Deutsche Bahn Fina 1.125 5/29/2051 EUR 54.654
Sweden Government 1.375 6/23/2071 SEK 55.500
Intesa Sanpaolo Sp 2.100 11/13/2030 USD 72.606
Russian Foreign Bo 2.650 5/27/2036 EUR 34.337
Unigel Luxembourg 8.750 10/1/2026 USD 32.403
Vonovia Finance BV 1.625 10/7/2039 EUR 62.687
HOCHDORF Holding A 7.277 CHF 28.790
British Telecommun 3.625 11/21/2047 GBP 69.661
BNP Paribas SA 2.824 1/26/2041 USD 63.014
BMW Finance NV 0.200 1/11/2033 EUR 73.482
Havila Shipping AS 9.220 1/2/2025 NOK 45.889
Iren SpA 0.250 1/17/2031 EUR 74.448
Siemens Financieri 0.500 9/5/2034 EUR 72.750
BP Capital Markets 1.467 9/21/2041 EUR 63.144
Koninklijke Luchtv 0.750 CHF 28.000
Vonovia Finance BV 1.125 9/14/2034 EUR 69.051
Senvion Holding Gm 3.875 10/25/2022 EUR 0.104
Merlin Properties 1.875 12/4/2034 EUR 71.773
Turkiye Government 10.400 10/13/2032 TRY 40.000
YIT Oyj 5.750 EUR 73.834
ERWE Immobilien AG 7.500 12/10/2023 EUR 23.030
Turkiye Government 10.280 9/15/2027 TRY 54.000
Siemens Financieri 2.875 3/11/2041 USD 71.091
Tinkoff Bank JSC V 11.002 USD 55.000
Allied Irish Banks 12.500 6/25/2035 GBP 56.016
Prosus NV 2.031 8/3/2032 EUR 72.406
Mallinckrodt Inter 10.000 4/15/2025 USD 7.000
Ukraine Government 9.790 5/26/2027 UAH 63.000
Deutsche Bahn Fina 0.625 4/15/2036 EUR 68.833
GTLK Europe Capita 5.950 4/17/2025 USD 28.641
Novo Banco SA/Luxe 3.500 2/19/2043 EUR 71.897
Czech Republic Gov 1.950 7/30/2037 CZK 74.947
Evraz PLC 5.250 4/2/2024 USD 68.068
NIBC Bank NV 3.089 EUR 72.672
Lithuania Governme 0.500 7/28/2050 EUR 42.899
Republic of Belaru 6.200 2/28/2030 USD 35.487
Bakkegruppen AS 11.730 2/3/2025 NOK 51.653
Turkiye Government 8.000 3/12/2025 TRY 72.000
Turkiye Government 11.000 2/24/2027 TRY 58.500
LEG Immobilien SE 1.000 11/19/2032 EUR 71.605
European TopSoho S 4.000 9/21/2021 EUR 52.875
Credit Bank of Mos 5.150 2/20/2024 EUR 30.985
British Telecommun 4.250 11/8/2049 USD 72.942
Wellcome Trust Ltd 1.500 7/14/2071 GBP 37.647
Deutsche Telekom A 3.625 1/21/2050 USD 71.181
SCOR SE 1.375 9/17/2051 EUR 74.090
Barclays PLC 3.330 11/24/2042 USD 66.434
Ekosem-Agrar AG 2.500 12/7/2027 EUR 12.437
Samhallsbyggnadsbo 3.000 4/3/2040 EUR 47.363
MMC Norilsk Nickel 2.550 9/11/2025 USD 73.000
Bank Gospodarstwa 0.500 7/8/2031 EUR 73.838
FF Group Finance L 3.250 11/2/2021 CHF 7.346
Atento Luxco 1 SA 8.000 2/10/2026 USD 0.002
Turkiye Government 12.400 3/8/2028 TRY 57.500
SIGNA Prime CM 201 3.500 4/30/2047 EUR 20.228
Saxa Gres Spa 7.000 8/4/2027 EUR 4.152
Traton Finance Lux 1.250 3/24/2033 EUR 73.666
Finland Government 0.125 4/15/2036 EUR 67.457
Nykredit Realkredi 1.000 10/1/2053 DKK 66.455
Amprion GmbH 0.625 9/23/2033 EUR 72.356
Utmost Group PLC 4.000 12/15/2031 GBP 72.559
Beyond Housing Ltd 2.125 5/17/2051 GBP 52.620
Gecina SA 0.875 6/30/2036 EUR 67.303
Abengoa Abenewco 2 1.500 10/26/2024 USD 1.696
Nykredit Realkredi 1.500 10/1/2053 DKK 71.038
Ageas SA/NV 1.875 11/24/2051 EUR 74.515
STERIS Irish FinCo 3.750 3/15/2051 USD 70.513
Air Berlin PLC 6.750 5/9/2019 EUR 0.462
Altice France SA/F 5.125 7/15/2029 USD 69.637
ABH Financial Ltd 2.875 11/9/2022 CHF
State of North Rhi 1.375 1/15/2120 EUR 44.425
BP Capital Markets 1.104 11/15/2034 EUR 72.875
Nordea Kredit Real 1.000 10/1/2050 DKK 72.667
UBS Group AG 0.625 2/24/2033 EUR 71.358
Southern Housing 3.500 10/19/2047 GBP 67.643
Bank Gospodarstwa 2.375 11/27/2040 PLN 61.492
MC Brazil Downstre 7.250 6/30/2031 USD 73.204
BNP Paribas SA 1.250 7/13/2031 GBP 72.812
Ekosem-Agrar AG 2.500 7/31/2029 EUR 14.394
Chesnara PLC 4.750 8/4/2032 GBP 72.115
Cellnex Finance Co 3.875 7/7/2041 USD 70.286
Gazprom PJSC via G 1.850 11/17/2028 EUR 59.323
Richemont Internat 1.625 5/26/2040 EUR 72.263
Russian Federal Bo 7.700 3/16/2039 RUB 73.070
Orange SA 0.750 6/29/2034 EUR 74.239
Telefonica Emision 1.957 7/1/2039 EUR 73.082
Genfit SA 3.500 10/16/2025 EUR 24.948
Severstal OAO Via 3.150 9/16/2024 USD 5.484
Credit Bank of Mos 3.100 1/21/2026 EUR 22.679
Telefonica Emision 1.864 7/13/2040 EUR 70.634
Northern Powergrid 1.875 6/16/2062 GBP 44.891
Shell Internationa 2.875 11/26/2041 USD 70.231
Sberbank of Russia 5.250 5/23/2023 USD 32.983
ALROSA Finance SA 4.650 4/9/2024 USD 10.194
Prs Finance PLC 1.500 8/24/2034 GBP 71.923
Thomas Cook Financ 3.875 7/15/2023 EUR 0.810
South Eastern Powe 1.750 9/30/2034 GBP 69.488
esure Group PLC 6.000 GBP 69.553
Just Group PLC 5.000 GBP 66.097
Lloyds Banking Gro 3.369 12/14/2046 USD 62.506
National Grid PLC 0.750 9/1/2033 EUR 71.033
Borets Finance DAC 6.000 9/17/2026 USD 49.254
Gazprom PJSC via G 3.500 7/14/2031 USD 60.233
Gazprom PJSC Via G 4.364 3/21/2025 EUR 70.000
Phosagro OAO Via P 2.600 9/16/2028 USD 66.389
Deutsche Bahn Fina 1.375 4/16/2040 EUR 70.003
TotalEnergies Capi 3.386 6/29/2060 USD 66.995
Shell Internationa 3.125 11/7/2049 USD 67.236
Thames Water Utili 2.375 4/22/2040 GBP 56.788
Enel Finance Inter 1.125 10/17/2034 EUR 71.861
Deutsche Telekom A 1.750 12/9/2049 EUR 68.551
Nykredit Realkredi 2.000 10/1/2053 DKK 68.980
Tinkoff Bank JSC V 6.000 USD 48.743
Russian Agricultur 8.500 10/16/2023 USD 26.042
Pershing Square Ho 3.250 10/1/2031 USD 74.687
Vienna Insurance G 1.000 3/26/2036 EUR 73.591
Wales & West Utili 3.000 8/3/2038 GBP 71.440
ALROSA Finance SA 3.100 6/25/2027 USD 8.564
Altice France SA/F 5.500 10/15/2029 USD 70.561
Storebrand Livsfor 1.875 9/30/2051 EUR 74.490
Privatbank CJSC Vi 10.250 1/23/2018 USD 0.943
Codere Finance 2 L 13.625 11/30/2027 USD 8.964
Credit Mutuel Arke 0.875 3/11/2033 EUR 74.440
GTLK Europe Capita 4.349 2/27/2029 USD 21.658
Credit Bank of Mos 3.875 9/21/2026 USD 36.219
OGX Austria GmbH 8.500 6/1/2018 USD 0.019
Medtronic Global H 1.500 7/2/2039 EUR 68.838
Nestle Finance Int 0.875 6/14/2041 EUR 64.739
Enel Finance Inter 0.875 6/17/2036 EUR 65.886
Rallye SA 3.400 2/28/2032 EUR 0.066
Abengoa Abenewco 2 1.500 4/26/2024 EUR 0.498
Bank Gospodarstwa 2.250 7/21/2033 PLN 72.704
Finland Government 1.375 4/15/2047 EUR 68.417
Marston's Issuer P 7.890 7/16/2035 GBP 74.376
Cadent Finance PLC 2.750 9/22/2046 GBP 58.723
Republic of Poland 2.000 3/8/2049 EUR 64.215
Orpea SA 2.200 12/15/2024 EUR 23.747
Agri Resources Gro 8.000 3/17/2026 EUR 12.059
TotalEnergies Capi 3.461 7/12/2049 USD 72.166
Eni SpA 1.000 10/11/2034 EUR 71.896
Abengoa Abenewco 2 1.500 10/26/2024 USD 0.009
Kreditanstalt fuer 0.050 9/29/2034 EUR 71.073
Anchor Hanover Gro 2.000 7/21/2051 GBP 50.374
Telenor ASA 0.875 2/14/2035 EUR 72.774
Wales & West Utili 1.875 5/28/2041 GBP 56.970
Southern Housing 2.375 10/8/2036 GBP 68.571
Offentliga Hus I N 10.916 SEK 45.000
BP Capital Markets 0.933 12/4/2040 EUR 58.966
Aberdeen City Coun 0.100 2/28/2054 GBP 70.394
Societe Generale S 3.625 3/1/2041 USD 61.870
Rallye SA 3.250 2/28/2032 CHF 0.184
Southern Gas Netwo 1.250 12/2/2031 GBP 71.462
Deutsche Bahn Fina 1.850 11/23/2043 EUR 67.275
BPCE SA 3.582 10/19/2042 USD 63.970
Novo Banco SA/Luxe 3.500 1/2/2043 EUR 71.794
TotalEnergies Capi 2.986 6/29/2041 USD 71.272
Northern Powergrid 3.250 4/1/2052 GBP 66.937
Tritax Big Box REI 1.500 11/27/2033 GBP 66.497
A2A SpA 1.000 11/2/2033 EUR 71.453
Medtronic Global H 1.375 10/15/2040 EUR 65.533
Altice France Hold 10.500 5/15/2027 USD 50.384
Gol Finance SA 8.000 6/30/2026 USD 43.848
GTLK Europe DAC 5.125 5/31/2024 USD 36.114
VK IPJSC 1.625 10/1/2025 USD 47.000
Aroundtown SA 3.640 9/20/2030 EUR 70.098
Hungary Government 2.250 6/22/2034 HUF 66.342
Southern Gas Netwo 3.100 9/15/2036 GBP 73.389
Affordable Housing 2.893 8/11/2043 GBP 73.276
Engie SA 1.000 10/26/2036 EUR 67.983
Fastator AB 10.618 9/24/2027 SEK 67.716
ICADE 0.625 1/18/2031 EUR 74.251
Atos SE 1.125 4/17/2026 EUR 54.904
Nykredit Realkredi 1.500 10/1/2053 DKK 61.960
Ville de Paris 0.450 10/20/2045 EUR 50.273
Pershing Square Ho 4.950 7/15/2039 USD 73.980
Cadent Finance PLC 2.625 9/22/2038 GBP 65.701
ABN AMRO Bank NV 1.125 4/23/2039 EUR 69.376
Allianz Finance II 0.500 11/22/2033 EUR 74.131
Eastern Power Netw 1.875 6/1/2035 GBP 69.118
Societe Du Grand P 0.700 10/15/2060 EUR 35.976
Republic of Poland 2.000 10/25/2046 EUR 67.019
OGX Austria GmbH 8.375 4/1/2022 USD 0.019
Smurfit Kappa Trea 1.000 9/22/2033 EUR 74.032
Credit Bank of Mos 8.875 USD 12.688
Clarion Funding PL 1.875 1/22/2035 GBP 68.565
Metinvest BV 7.650 10/1/2027 USD 63.436
Engie SA 1.375 6/21/2039 EUR 65.493
BPCE SFH SA 0.500 1/23/2035 EUR 71.825
publity AG 5.500 6/19/2025 EUR 57.073
Home Credit & Fina 8.800 USD 5.344
Barclays PLC 3.811 3/10/2042 USD 67.192
FF Group Finance L 1.750 7/3/2019 EUR 5.729
Lithuania Governme 1.625 6/19/2049 EUR 60.515
Unibail-Rodamco-We 0.875 3/29/2032 EUR 73.728
Wendel SE 1.375 1/18/2034 EUR 73.293
Latvia Government 2.250 2/15/2047 EUR 71.717
RL Finance Bonds N 4.875 10/7/2049 GBP 73.665
Orbit Capital PLC 2.000 11/24/2038 GBP 62.382
Social Chain AG /T 5.750 4/7/2024 EUR 1.300
Electricite de Fra 1.875 10/13/2036 EUR 73.886
Bourbon Corp SA 11.652 EUR 0.894
Magnolia Bostad AB 11.876 5/19/2026 SEK 65.983
VTB Bank OJSC Via 4.073 10/24/2024 CHF 16.000
Derwent London PLC 1.875 11/17/2031 GBP 72.939
Close Brothers Fin 1.625 12/3/2030 GBP 74.301
Vedanta Resources 8.950 3/11/2025 USD 71.668
Vonovia Finance BV 1.000 1/28/2041 EUR 53.696
MMK International 4.375 6/13/2024 USD 27.960
Novolipetsk Steel 1.450 6/2/2026 EUR 69.441
Lukoil Securities 3.875 5/6/2030 USD 72.388
Ministeries Van de 1.875 6/2/2042 EUR 73.897
Lendlease Europe F 3.500 12/2/2033 GBP 67.697
Thermo Fisher Scie 1.625 10/18/2041 EUR 67.501
Air Berlin PLC 5.625 5/9/2019 CHF 0.422
Accent Capital PLC 2.625 7/18/2049 GBP 60.427
AstraZeneca PLC 2.125 8/6/2050 USD 56.159
Greenbit Energy AS 14.750 5/27/2025 NOK 71.430
VEON Holdings BV 3.375 11/25/2027 USD 71.987
Hacienda Investmen 5.075 2/15/2023 USD 23.124
Andorra Internatio 1.700 10/13/2041 EUR 63.099
BAWAG PSK Bank fue 0.625 6/19/2034 EUR 73.755
Czech Gas Networks 0.875 3/31/2031 EUR 74.510
Jyske Realkredit A 1.000 10/1/2050 DKK 72.497
GTLK Europe Capita 4.650 3/10/2027 USD 22.703
Guinness Partnersh 2.000 4/22/2055 GBP 46.755
Cadent Finance PLC 3.125 3/21/2040 GBP 69.154
Segro PLC 2.875 10/11/2037 GBP 72.589
BUPA Finance PLC 4.125 6/14/2035 GBP 73.657
Market Parent Finc 6.750 10/1/2029 GBP 67.333
Chancellor Masters 0.250 6/27/2068 GBP 54.750
Solocal Group 10.845 3/15/2025 EUR 20.509
Eurogrid GmbH 0.741 4/21/2033 EUR 73.999
Vnesheconombank Vi 6.025 7/5/2022 USD 6.586
Becton Dickinson E 1.213 2/12/2036 EUR 70.682
Novo Banco SA/Luxe 3.500 3/18/2043 EUR 71.539
Yorkshire Water Fi 2.750 4/18/2041 GBP 62.782
Nykredit Realkredi 1.500 10/1/2050 DKK 73.263
GTLK Europe Capita 4.800 2/26/2028 USD 22.591
Mitsubishi UFJ Inv 8.215 12/30/2099 EUR 2.188
Commune de Marseil 0.509 12/17/2041 EUR 56.478
Holcim Sterling Fi 2.250 4/4/2034 GBP 70.917
Jyske Realkredit A 1.000 10/1/2050 DKK 67.953
Latvia Government 1.875 2/19/2049 EUR 66.728
Ukreximbank Via Bi 9.950 11/14/2029 USD 70.000
DZ Bank AG Deutsch 4.972 11/24/2031 EUR 57.500
Nykredit Realkredi 0.500 10/1/2053 DKK 66.305
Russian Foreign Bo 5.875 9/16/2043 USD 62.532
Realkredit Danmark 1.000 10/1/2053 DKK 57.130
Standard Chartered 4.300 USD 75.000
Saltaire Finance P 2.711 5/9/2052 GBP 64.211
Becton Dickinson E 1.336 8/13/2041 EUR 60.563
Unibail-Rodamco-We 1.750 7/1/2049 EUR 56.051
National Gas Trans 1.125 1/14/2033 GBP 67.011
Saderea DAC 12.500 11/30/2026 USD 40.220
Dexia Credit Local 5.732 EUR 2.260
Croatia Government 1.250 3/3/2040 EUR 65.172
CNP Assurances SAC 1.875 10/12/2053 EUR 72.853
Engie SA 1.250 10/24/2041 EUR 59.839
Snam SpA 1.000 9/12/2034 EUR 71.430
Flagship Finance P 1.875 7/14/2061 GBP 45.393
SABIC Capital I BV 3.000 9/14/2050 USD 63.699
Intesa Sanpaolo Sp 4.375 1/12/2048 USD 63.704
City of Lausanne S 0.050 9/28/2054 CHF 60.435
United Utilities W 2.000 7/3/2033 GBP 73.576
Deutsche Bahn Fina 0.875 6/23/2039 EUR 65.800
Places For People 2.500 1/26/2036 GBP 69.642
Aroundtown SA 3.625 4/10/2031 GBP 66.699
adidas AG 0.625 9/10/2035 EUR 71.054
Eastern Power Netw 2.125 11/25/2033 GBP 74.153
Realkredit Danmark 1.000 10/1/2050 DKK 67.926
University College 1.625 6/4/2061 GBP 45.278
Northern Powergrid 2.250 10/9/2059 GBP 49.613
Lloyds Banking Gro 4.344 1/9/2048 USD 70.819
Clarion Funding PL 3.125 4/19/2048 GBP 64.465
Intu Debenture PLC 5.562 12/31/2027 GBP 39.762
Saltaire Finance P 1.527 11/23/2051 GBP 47.163
Yuksel Insaat AS 9.500 11/10/2015 USD 0.403
Lukoil Capital DAC 3.600 10/26/2031 USD 72.000
Hacienda Investmen 5.350 2/8/2028 USD 57.538
Siemens Financieri 3.300 9/15/2046 USD 71.027
State of Schleswig 0.200 8/15/2039 EUR 60.847
Thames Water Utili 4.625 6/4/2046 GBP 73.836
Alfa Bank AO Via A 5.900 USD 9.036
Cullinan Holdco Sc 4.625 10/15/2026 EUR 73.878
Intesa Sanpaolo Sp 4.700 9/23/2049 USD 62.811
Espirito Santo Fin 9.750 12/19/2025 EUR 0.348
Region de Bruxelle 1.121 5/11/2071 EUR 39.619
Avangardco Investm 10.000 10/29/2018 USD 0.107
LSEGA Financing PL 3.200 4/6/2041 USD 70.782
Yorkshire Water Fi 1.750 10/27/2032 GBP 70.182
Communaute Francai 0.625 6/11/2035 EUR 70.567
Aroundtown SA 4.750 3/27/2032 USD 67.046
Barclays Bank PLC 12.000 9/24/2025 TRY 65.613
ING Bank NV 1.000 2/17/2037 EUR 72.697
Slovenia Governmen 1.175 2/13/2062 EUR 52.554
Credit Bank of Mos 7.625 USD 25.764
Lehman Brothers UK 5.125 EUR 21.500
UkrLandFarming PLC 10.875 3/26/2018 USD 2.386
Sibur Securities D 2.950 7/8/2025 USD 65.510
Trinseo Materials 5.125 4/1/2029 USD 39.387
BNP Paribas SA 4.500 USD 68.425
InterCement Financ 5.750 7/17/2024 USD 68.150
Espirito Santo Fin 6.875 10/21/2019 EUR 0.132
Land Baden-Wuertte 0.125 11/19/2040 EUR 57.437
Enel Finance Inter 1.250 1/17/2035 EUR 72.994
Russian Federal Bo 6.100 7/18/2035 RUB 66.163
Credit Agricole SA 2.811 1/11/2041 USD 62.026
Severn Trent Utili 2.000 6/2/2040 GBP 59.244
Pozavarovalnica Sa 3.750 11/7/2039 EUR 74.263
Nationwide Buildin 0.500 5/5/2041 EUR 59.331
Caixa Economica Mo 6.679 EUR 75.000
ABN AMRO Bank NV 3.324 3/13/2037 USD 74.443
TotalEnergies Capi 1.618 5/18/2040 EUR 70.948
Nykredit Realkredi 0.500 10/1/2050 DKK 63.097
Alfa Bank AO Via A 6.950 USD 8.590
EWE AG 0.375 10/22/2032 EUR 71.979
Heineken NV 1.750 5/7/2040 EUR 72.923
Unibail-Rodamco-We 2.250 5/14/2038 EUR 74.043
Nordea Kredit Real 1.000 10/1/2050 DKK 68.063
Societe Nationale 1.000 1/19/2061 EUR 38.647
Annington Funding 3.935 7/12/2047 GBP 69.648
Royalty Pharma PLC 3.550 9/2/2050 USD 63.610
Allianz SE 3.200 USD 71.514
Braskem Netherland 5.875 1/31/2050 USD 69.100
DXC Capital Fundin 0.950 9/15/2031 EUR 72.474
Volkswagen Interna 1.500 1/21/2041 EUR 63.751
Nordea Kredit Real 1.000 10/1/2053 DKK 71.881
Sidetur Finance BV 10.000 4/20/2016 USD 0.726
Travelex Financing 8.000 5/15/2022 EUR 0.217
Societe Du Grand P 1.000 2/18/2070 EUR 37.451
Cardea Europe AG 7.250 12/8/2023 EUR 1.900
State of North Rhi 1.550 6/16/2048 EUR 67.304
Grand City Propert 2.000 10/25/2032 EUR 62.910
Cooperatieve Rabob 0.500 10/29/2027 MXN 66.358
GlaxoSmithKline Ca 1.625 5/12/2035 GBP 69.590
Republic of Belaru 6.875 2/28/2023 USD 38.232
AOC I Die Stadtent 7.500 4/8/2027 EUR 48.440
Segro Capital Sarl 0.500 9/22/2031 EUR 72.821
NPC Ukrenergo 6.875 11/9/2028 USD 26.791
Erste Group Bank A 0.500 1/12/2037 EUR 67.048
Credit Bank of Mos 4.700 1/29/2025 USD 35.017
Hexagon Housing As 3.625 4/22/2048 GBP 67.153
UK Municipal Bonds 1.625 8/26/2060 GBP 38.765
Zurich Finance Ire 2.250 12/8/2031 USD 73.493
Paragon Treasury P 2.000 5/7/2036 GBP 65.889
European Financial 1.450 9/5/2040 EUR 73.861
GTLK Europe Capita 4.949 2/18/2026 USD 19.145
Holcim Finance Lux 1.375 10/8/2036 EUR 61.909
DSV Finance BV 0.875 9/17/2036 EUR 67.939
Altice France SA/F 5.500 1/15/2028 USD 73.823
Nykredit Realkredi 1.000 10/1/2053 DKK 57.130
Chancellor Masters 2.350 6/27/2078 GBP 54.957
Metalloinvest Fina 3.375 10/22/2028 USD 54.744
Prosus NV 3.832 2/8/2051 USD 58.066
UNEDIC ASSEO 0.100 5/25/2034 EUR 71.490
Finland Government 0.500 4/15/2043 EUR 58.961
City of Lausanne S 0.600 11/30/2056 CHF 73.047
Grounds Real Estat 6.000 2/18/2024 EUR 70.000
United Utilities W 1.750 2/10/2038 GBP 61.661
NRW Bank 0.100 7/9/2035 EUR 68.569
BAWAG PSK Bank fue 0.375 3/25/2041 EUR 57.471
National Grid Elec 2.000 4/17/2040 GBP 59.173
City of Bern Switz 0.040 10/2/2070 CHF 54.915
Enexis Holding NV 0.375 4/14/2033 EUR 74.351
Standard Chartered 4.750 USD 73.000
Finland Government 0.250 9/15/2040 EUR 59.985
Paragon Treasury P 3.625 1/21/2047 GBP 70.136
East Slope Residen 0.100 2/28/2062 GBP 59.739
Covivio SA/France 0.875 1/20/2033 EUR 72.426
European Financial 1.375 5/31/2047 EUR 66.191
TMK OAO Via TMK Ca 4.300 2/12/2027 USD 65.108
Credit Bank of Mos 7.500 10/5/2027 USD 21.643
Interpipe Holdings 8.375 5/13/2026 USD 73.898
Liquid Telecommuni 5.500 9/4/2026 USD 59.035
Catena Media PLC 12.065 SEK 73.621
VTR Finance NV 6.375 7/15/2028 USD 16.218
LEG Immobilien SE 0.875 3/30/2033 EUR 69.926
Scottish Hydro Ele 2.250 9/27/2035 GBP 71.402
Canton of Zurich 0.100 6/23/2045 CHF 74.308
Rallye SA 4.000 2/28/2032 CHF 0.135
European Financial 1.800 7/10/2048 EUR 71.136
Zurich Finance Ire 1.625 6/17/2039 EUR 73.574
University of Live 3.375 6/25/2055 GBP 70.747
Heimstaden Bostad 2.800 5/4/2035 EUR 50.447
Lithuania Governme 0.750 7/15/2051 EUR 46.010
Alitalia-Societa A 5.250 7/30/2020 EUR 0.050
UNEDIC ASSEO 0.500 5/25/2036 EUR 69.508
ABN AMRO Bank NV 0.400 9/17/2041 EUR 56.924
Orange SA 1.375 9/4/2049 EUR 63.393
Bulgaria Governmen 1.500 6/21/2039 BGN 54.845
Wellcome Trust Ltd 2.517 2/7/2118 GBP 49.836
Alno AG 8.000 3/21/2019 EUR 16.300
Agence Francaise d 0.375 5/25/2036 EUR 66.736
Bulgaria Governmen 0.100 8/17/2031 BGN 71.550
Parnassia Groep BV 1.200 12/1/2051 EUR 68.616
Societe Du Grand P 1.625 4/8/2042 EUR 69.649
Hera SpA 1.000 4/25/2034 EUR 72.454
Manchester Airport 2.875 9/30/2044 GBP 63.554
BPCE SA 3.582 10/19/2042 USD 63.747
Sovcombank Via Sov 7.750 USD 1.299
Plusplus Capital F 11.000 7/29/2026 EUR 46.120
Gecci Investment K 5.750 8/1/2025 EUR 14.334
Anglo American Cap 3.950 9/10/2050 USD 70.019
Eversholt Funding 3.529 8/7/2042 GBP 73.120
Wessex Water Servi 1.250 1/12/2036 GBP 58.500
Operateur de Resea 3.000 1/26/2045 EUR 74.490
ABN AMRO Bank NV 0.625 1/24/2037 EUR 68.740
Linde PLC 1.000 9/30/2051 EUR 51.623
National Gas Trans 1.625 1/14/2043 GBP 50.367
LEG Immobilien SE 1.500 1/17/2034 EUR 72.019
Landwirtschaftlich 0.625 10/31/2036 EUR 71.613
Nitrogenmuvek Vegy 7.000 5/14/2025 EUR 62.682
Prologis Internati 0.750 3/23/2033 EUR 70.680
Nestle Finance Int 0.375 12/3/2040 EUR 59.772
Veganz Group AG 7.500 2/24/2025 EUR 73.334
Ilija Batljan Inve 10.827 SEK 5.048
Mallinckrodt Inter 10.000 4/15/2025 USD 6.669
Republic of Croati 1.000 11/27/2034 EUR 74.138
Intesa Sanpaolo Sp 2.625 3/11/2036 GBP 66.858
Deutsche Bahn Fina 0.750 7/16/2035 EUR 71.406
Luzerner Kantonalb 0.160 12/23/2043 CHF 72.729
Argenta Spaarbank 0.500 10/8/2041 EUR 58.036
Shell Internationa 0.875 11/8/2039 EUR 62.206
JAB Holdings BV 4.500 4/8/2052 USD 71.389
European Financial 2.000 2/28/2056 EUR 70.257
Italgas SpA 0.500 2/16/2033 EUR 71.442
National Grid Elec 1.625 10/7/2035 GBP 64.902
National Grid Elec 2.000 9/16/2038 GBP 61.903
Equinor ASA 3.250 11/18/2049 USD 68.682
Lehman Brothers UK 5.750 EUR 7.000
Muenchener Hypothe 0.010 11/2/2040 EUR 55.034
Syngenta Finance N 4.375 3/28/2042 USD 68.007
Karlou BV 7.750 6/18/2024 USD 11.503
Land Berlin 0.125 6/4/2035 EUR 69.622
Sovcombank Via Sov 7.600 USD 4.086
Societe Generale S 10.000 6/28/2034 USD 71.600
SCF Capital Design 3.850 4/26/2028 USD 65.611
Perrigo Co PLC 5.300 11/15/2043 USD 69.888
Dexia SA 5.752 EUR 2.750
Polyus Finance PLC 3.250 10/14/2028 USD 61.393
ESFIL-Espirito San 5.250 6/12/2015 EUR 0.158
Landesbank Hessen- 0.500 1/19/2037 EUR 68.075
Saleza AS 9.000 7/12/2021 EUR 0.203
Barclays Bank PLC 2.700 6/1/2032 USD 76.565
Rallye SA 5.250 2/28/2032 EUR 0.067
European Financial 1.200 2/17/2045 EUR 65.697
SCF Capital Design 5.375 6/16/2023 USD 73.032
DH Europe Finance 3.400 11/15/2049 USD 70.714
Vedanta Resources 6.125 8/9/2024 USD 63.791
BNP Paribas SA 0.500 9/29/2029 AUD 69.807
Nordea Bank Abp 3.750 USD 73.000
Tele Columbus AG 3.875 5/2/2025 EUR 64.001
EIG Pearl Holdings 4.387 11/30/2046 USD 72.733
Hyde Housing Assoc 1.750 8/18/2055 GBP 44.194
State of North Rhi 1.750 10/26/2057 EUR 64.119
Herens Midco Sarl 5.250 5/15/2029 EUR 56.435
EYEMAXX Real Estat 5.500 4/26/2023 EUR 1.326
Blend Funding PLC 3.459 9/21/2047 GBP 71.235
Debenhams PLC 5.250 7/15/2021 GBP 0.529
Transcapitalbank J 10.000 USD 2.365
State of Bremen 0.450 2/24/2051 EUR 46.007
Autonomous Communi 0.700 7/30/2033 EUR 74.340
Unilever PLC 1.500 6/11/2039 EUR 73.925
European Financial 1.750 7/17/2053 EUR 66.806
Medtronic Global H 1.625 10/15/2050 EUR 58.538
Air Liquide Financ 0.375 9/20/2033 EUR 73.415
Offshore Drilling 8.375 9/20/2020 USD 1.475
PIK Securities DAC 5.625 11/19/2026 USD 46.454
Societe Nationale 0.875 2/28/2051 EUR 45.389
Societa di Progett 3.375 12/31/2038 EUR 71.725
Credit Agricole SA 2.811 1/11/2041 USD 62.343
JAB Holdings BV 3.750 5/28/2051 USD 62.161
BNG Bank NV 0.250 11/22/2036 EUR 66.442
ESB Finance DAC 1.000 7/19/2034 EUR 74.297
Investor AB 0.375 10/29/2035 EUR 66.799
KTG Agrar SE 7.125 6/6/2017 EUR 0.502
Deutsche Bahn Fina 3.350 1/20/2042 AUD 67.958
CPI Property Group 2.696 3/21/2027 EUR 73.924
Alfa Bank AO Via A 5.500 10/26/2031 USD 0.626
TBI Bank EAD 5.250 7/30/2031 EUR 51.944
Deutsche Bank AG 4.500 11/27/2030 TRY 29.000
London & Quadrant 2.000 10/20/2038 GBP 61.942
LEG Immobilien SE 1.625 11/28/2034 EUR 70.111
London & Quadrant 3.750 10/27/2049 GBP 70.620
Orbit Capital PLC 3.500 3/24/2045 GBP 70.928
Nordea Kredit Real 1.500 10/1/2053 DKK 71.062
Land Berlin 0.100 1/18/2041 EUR 56.327
Junta de Castilla 1.275 4/7/2049 EUR 52.894
Ministeries Van de 1.000 1/23/2051 EUR 51.875
Realkredit Danmark 1.000 10/1/2053 DKK 66.455
Cooperatieve Rabob 0.625 2/25/2033 EUR 74.501
Virgolino de Olive 11.750 2/9/2022 USD 0.448
State of Bremen 0.150 9/14/2040 EUR 57.415
Ile-de-France Mobi 0.675 11/24/2036 EUR 68.604
HOWOGE Wohnungsbau 1.125 11/1/2033 EUR 73.521
Ukraine Government 7.750 8/1/2041 USD 41.836
Eurovita SpA 6.000 12/22/2025 EUR 35.687
Virgolino de Olive 10.500 1/28/2018 USD 0.171
AI Candelaria Spai 5.750 6/15/2033 USD 72.934
Nostrum Oil & Gas 7.000 2/16/2025 USD 25.131
Realkredit Danmark 1.000 10/1/2053 DKK 71.631
Banco Espirito San 6.585 EUR 1.373
Abengoa Abenewco 2 1.500 10/26/2024 USD 1.696
Motability Operati 2.375 7/3/2039 GBP 68.197
Gol Finance SA 7.000 1/31/2025 USD 44.400
WD Invest Sarl 1.900 10/2/2024 EUR 12.922
UNEDIC ASSEO 0.250 7/16/2035 EUR 69.907
Motability Operati 2.125 1/18/2042 GBP 61.981
Pershing Square Ho 4.950 7/15/2039 USD 73.980
Nationale-Nederlan 0.050 11/12/2040 EUR 56.149
Lehman Brothers UK 3.875 EUR 21.000
Volkswagen Interna 3.000 7/1/2039 EUR 74.264
Chelyabinsk Pipe P 4.500 9/19/2024 USD 60.787
National Grid Elec 0.872 11/26/2040 EUR 59.046
Nykredit Realkredi 0.500 10/1/2050 DKK 68.438
Nederlandse Waters 0.500 4/26/2051 EUR 46.563
Autonomous Communi 1.850 5/13/2061 EUR 51.251
Metinvest BV 7.750 10/17/2029 USD 59.000
Orbit Capital PLC 3.375 6/14/2048 GBP 67.753
Electricite de Fra 4.750 10/6/2045 USD 74.663
Kreditanstalt fuer 0.375 5/20/2036 EUR 70.235
Pro-Gest SpA 3.250 12/15/2024 EUR 56.407
BAWAG PSK Bank fue 0.010 11/19/2035 EUR 64.580
Bromford Housing G 3.125 5/3/2048 GBP 67.427
Thames Water Utili 1.760 8/28/2062 GBP 58.077
BNG Bank NV 1.550 2/19/2032 AUD 73.945
Petrobras Global F 4.500 2/4/2033 EUR 63.138
Raiffeisen-Landesb 0.500 5/27/2041 EUR 58.293
Assura Financing P 1.625 6/30/2033 GBP 68.717
Clarion Funding PL 1.875 9/7/2051 GBP 46.069
Scottish Hydro Ele 2.125 3/24/2036 GBP 68.971
Turkiye Government 9.100 2/16/2028 TRY 52.000
Veneto Banca SpA 9.878 12/1/2025 EUR 0.534
Cardiff University 3.000 12/7/2055 GBP 65.225
Credit Agricole It 0.125 3/15/2033 EUR 70.757
Steilmann SE 7.000 9/23/2018 EUR 1.429
Nordea Kredit Real 1.000 10/1/2053 DKK 66.547
JSM Global Sarl 4.750 10/20/2030 USD 13.300
B2W Digital Lux Sa 4.375 12/20/2030 USD 14.000
Realkredit Danmark 2.000 10/1/2053 DKK 68.980
British Telecommun 4.250 11/8/2049 USD 72.322
Sovcombank Via Sov 3.400 1/26/2025 USD 3.086
Luzerner Kantonalb 0.150 10/7/2044 CHF 71.468
Karbon Homes Ltd 3.375 11/15/2047 GBP 71.737
Muenchener Hypothe 0.010 10/19/2039 EUR 57.080
Land Securities Ca 2.750 9/22/2059 GBP 56.307
Nederlandse Waters 1.900 1/31/2035 AUD 67.382
Motability Operati 1.500 1/20/2041 GBP 56.508
DWR Cymru Financin 2.500 3/31/2036 GBP 72.436
Cie de Financement 0.600 10/25/2041 EUR 59.943
Ukraine Government 12.520 5/13/2026 UAH 73.486
Altice France Hold 8.000 5/15/2027 EUR 47.693
National Gas Trans 1.375 2/7/2031 GBP 74.245
Annington Funding 2.308 10/6/2032 GBP 72.291
State of Bremen 0.400 8/20/2049 EUR 46.741
Agrokor dd 9.875 5/1/2019 EUR 15.000
Heimstaden Bostad 2.800 5/4/2035 EUR 49.231
Metropolitan Housi 1.875 7/28/2036 GBP 65.507
Nederlandse Waters 0.375 9/28/2046 EUR 50.954
Peabody Capital No 3.250 9/14/2048 GBP 65.777
Societe Du Grand P 0.300 9/2/2036 EUR 65.106
BNG Bank NV 0.805 6/28/2049 EUR 52.477
Channel Link Enter 3.848 6/30/2050 GBP 65.281
A2A SpA 0.625 10/28/2032 EUR 71.885
Paper Industries I 9.803 3/1/2025 EUR 71.940
Banca Popolare di 9.500 9/29/2025 EUR 0.380
Hellas Telecommuni 8.500 10/15/2013 EUR 0.755
3i Group PLC 3.750 6/5/2040 GBP 72.703
Lithuania Governme 2.100 5/26/2047 EUR 73.240
Vnesheconombank Vi 6.800 11/22/2025 USD 6.560
S IMMO AG 2.000 10/15/2029 EUR 74.864
State of North Rhi 0.500 1/15/2052 EUR 45.842
Yandex NV 0.750 9/13/2022 USD 69.375
Muenchener Hypothe 1.000 4/18/2039 EUR 69.950
Region de Bruxelle 1.500 6/22/2070 EUR 47.475
Niedersachsen Inve 0.250 7/16/2035 EUR 71.105
European Financial 0.700 1/17/2053 EUR 48.629
Prosus NV 4.987 1/19/2052 USD 68.722
Cyprus Government 2.250 4/16/2050 EUR 67.527
Tennor Finance BV 5.750 6/17/2024 EUR 29.000
European Financial 0.700 1/20/2050 EUR 52.160
Jigsaw Funding PLC 3.375 5/5/2052 GBP 69.458
Deutsche Wohnen SE 1.300 4/7/2041 EUR 58.597
Fresnillo PLC 4.250 10/2/2050 USD 69.433
State of North Rhi 0.750 8/16/2041 EUR 63.185
Allergan Funding S 4.750 3/15/2045 USD 71.931
Free and Hanseatic 0.250 2/18/2041 EUR 58.234
Ministeries Van de 0.875 3/21/2046 EUR 54.949
Avanti Communicati 9.000 10/1/2022 USD 13.750
Kommunekredit 0.125 9/26/2040 EUR 57.812
Action Logement Se 0.500 10/30/2034 EUR 71.605
Nykredit Realkredi 0.500 10/1/2053 DKK 60.939
Credit Bank of Mos 5.550 2/14/2023 USD 23.564
EYEMAXX Real Estat 5.500 9/24/2024 EUR 1.445
TotalEnergies Capi 1.535 5/31/2039 EUR 72.089
SRV Group Oyj 4.875 EUR 40.000
Senivita Social Es 6.500 5/12/2025 EUR 3.860
Realkredit Danmark 1.500 10/1/2053 DKK 61.947
Jyske Realkredit A 1.500 10/1/2050 DKK 73.238
Sanctuary Capital 2.375 4/14/2050 GBP 55.528
JAB Holdings BV 2.250 12/19/2039 EUR 69.789
Cie Generale des E 0.625 11/2/2040 EUR 59.998
Region Wallonne Be 1.050 6/22/2040 EUR 64.227
BNG Bank NV 0.125 7/9/2035 EUR 68.910
Russian Federal Bo 7.000 7/30/2036 RUB 70.351
John Deere Cash Ma 1.650 6/13/2039 EUR 73.404
Nordea Kredit Real 0.500 10/1/2050 DKK 68.470
Samhallsbyggnadsbo 6.400 8/27/2025 NOK 71.669
La Poste SA 0.625 1/18/2036 EUR 68.044
London & Quadrant 3.125 2/28/2053 GBP 61.921
WPP Finance 2010 5.125 9/7/2042 USD 74.510
Societe Du Grand P 0.875 5/10/2046 EUR 53.837
Euronext NV 1.500 5/17/2041 EUR 67.721
Abengoa Abenewco 2 1.500 10/26/2024 USD 0.009
Sibur Securities D 3.450 9/23/2024 USD 74.204
DH Europe Finance 1.800 9/18/2049 EUR 63.910
Russian Foreign Bo 4.250 6/23/2027 USD 52.893
Prologis Internati 3.000 2/22/2042 GBP 67.623
RHP Finance PLC 3.250 2/5/2048 GBP 70.114
TechnipFMC PLC 4.000 6/14/2032 EUR 74.840
CPI Hungary Invest 2.250 8/7/2030 HUF 59.000
DLR Kredit A/S 1.000 10/1/2050 DKK 74.173
City of Lausanne S 0.540 11/6/2062 CHF 68.415
Autonomous Communi 1.255 10/31/2048 EUR 52.199
Altice France SA/F 3.375 1/15/2028 EUR 73.301
Citizen Treasury P 3.250 10/20/2048 GBP 66.708
SES SA 5.300 4/4/2043 USD 68.536
United Utilities W 0.010 7/27/2040 GBP 62.655
Bilt Paper BV 10.360 USD 1.082
ING-DiBa AG 1.000 5/23/2039 EUR 69.198
Investor AB 1.500 6/20/2039 EUR 69.662
State of North Rhi 0.200 1/27/2051 EUR 41.655
Ministeries Van de 0.125 10/15/2035 EUR 66.330
SES SA 5.300 4/4/2043 USD 68.370
Alno AG 8.500 5/14/2018 EUR 15.335
Immigon Portfolioa 10.138 EUR 17.146
Mallinckrodt Inter 10.000 6/15/2029 USD 6.611
Jyske Realkredit A 1.000 10/1/2053 DKK 71.665
Allergan Funding S 4.850 6/15/2044 USD 73.301
DH Europe Finance 1.350 9/18/2039 EUR 68.498
Societe Du Grand P 1.700 5/25/2050 EUR 62.514
Vedanta Resources 9.250 4/23/2026 USD 57.365
Espirito Santo Fin 3.125 12/2/2018 EUR 0.133
Salerno Pompei Nap 2.800 1/19/2045 EUR 69.578
Societe Du Grand P 1.000 11/26/2051 EUR 48.900
European Financial 0.050 1/18/2052 EUR 38.325
Nederlandse Waters 0.125 9/3/2035 EUR 68.482
Jyske Realkredit A 1.000 10/1/2053 DKK 66.497
Development Bank o 6.750 5/2/2024 USD 41.453
EYEMAXX Real Estat 5.500 7/22/2025 EUR 19.471
Cyprus Government 1.250 1/21/2040 EUR 65.079
Hylea Group SA 7.250 12/1/2022 EUR 0.060
Ministeries Van de 1.500 4/11/2044 EUR 66.243
Air Liquide Financ 3.500 9/27/2046 USD 72.441
Cooperatieve Rabob 0.750 6/21/2039 EUR 66.009
Linde PLC 0.375 9/30/2033 EUR 72.310
DWR Cymru Financin 1.375 3/31/2033 GBP 70.382
O1 Properties Fina 0.500 9/27/2028 USD 5.246
de Volksbank NV 0.375 9/16/2041 EUR 56.710
Bayerische Landesb 1.550 2/13/2040 EUR 46.987
Stichting Afwikkel 6.225 EUR 67.625
Orpea SA 2.564 11/30/2027 EUR 23.545
Credit Bank of Mos 7.121 6/25/2024 USD 23.492
AXA Bank Europe SC 0.250 6/9/2040 EUR 58.133
TechnipFMC PLC 3.750 10/7/2033 EUR 70.752
Realkredit Danmark 1.500 10/1/2053 DKK 71.055
Futures Treasury P 3.375 2/8/2044 GBP 72.293
ESB Finance DAC 1.875 7/21/2035 GBP 69.250
Platform HG Financ 1.926 9/15/2041 GBP 60.583
State of North Rhi 1.450 2/16/2043 EUR 70.462
Banca Popolare di 2.821 12/20/2017 EUR 0.396
ABN AMRO Bank NV 0.375 1/14/2035 EUR 71.107
New World Resource 4.000 10/7/2020 EUR 0.891
Caisse Francaise d 0.625 1/20/2042 EUR 60.021
University of Leed 3.125 12/19/2050 GBP 69.293
OGX Austria GmbH 8.375 4/1/2022 USD 0.019
Societe Generale S 13.500 8/23/2024 USD 49.000
Ukraine Government 7.750 9/1/2026 USD 29.088
Martlet Homes Ltd 3.000 5/9/2052 GBP 63.990
Vier Gas Transport 0.500 9/10/2034 EUR 68.057
Land Berlin 0.125 11/24/2045 EUR 48.193
Russian Federal Bo 7.100 5/15/2041 RUB 67.103
Grupo Antolin-Irau 3.500 4/30/2028 EUR 70.799
Intesa Sanpaolo Sp 1.400 2/8/2031 GBP 69.424
blueplanet Investm 5.500 2/26/2026 EUR 0.080
Kuntarahoitus Oyj 0.050 9/10/2035 EUR 68.335
Credit Suisse AG/L 1.250 2/22/2029 USD 73.896
Banco Espirito San 6.875 7/15/2016 EUR 19.875
States of Guernsey 3.375 12/12/2046 GBP 73.088
Kommunekredit 0.500 6/19/2039 DKK 63.269
Russian Foreign Bo 5.100 3/28/2035 USD 35.404
Cirio Finance Luxe 7.500 11/3/2002 EUR 1.238
La Banque Postale 0.250 2/12/2035 EUR 69.544
Blend Funding PLC 2.922 4/5/2054 GBP 59.856
Manchester Airport 2.875 3/31/2039 GBP 69.493
Codere Finance 2 L 11.000 9/30/2026 EUR 60.701
Bayerische Landesb 0.250 3/21/2036 EUR 68.695
Stonewater Funding 1.625 9/10/2036 GBP 64.551
Magyar Export-Impo 2.500 5/23/2029 HUF 71.979
UniCredit Bank Aus 0.050 9/21/2035 EUR 66.041
Havila Shipping AS 8.470 1/2/2025 NOK 42.549
Santander UK Group 5.625 9/15/2045 USD 74.253
Intesa Sanpaolo Sp 2.500 10/14/2031 USD 72.348
Catalyst Housing L 3.125 10/31/2047 GBP 64.227
RTE Reseau de Tran 1.125 7/8/2040 EUR 65.257
BNG Bank NV 0.875 10/24/2036 EUR 73.201
Orpea SA 2.000 8/9/2029 EUR 23.559
Caisse Francaise d 1.555 2/12/2042 EUR 71.726
Cooperatieve Rabob 0.500 10/30/2043 MXN 12.298
European Primary P 1.732 11/9/2055 GBP 45.141
Cadent Finance PLC 2.250 10/10/2035 GBP 68.228
Malta Government B 2.000 7/10/2051 EUR 62.236
NRW Bank 0.500 6/17/2041 EUR 59.976
Deutsche Lichtmiet 5.250 9/1/2025 EUR 0.720
La Poste SA 1.000 9/17/2034 EUR 74.274
National Grid Elec 1.657 7/28/2056 GBP 72.548
Societe Nationale 1.000 5/25/2040 EUR 63.779
Mondelez Internati 1.250 9/9/2041 EUR 63.853
National Grid Elec 0.010 3/26/2036 GBP 72.884
nextbike GmbH 6.000 3/31/2025 EUR 45.000
Affinity Water Fin 3.278 8/22/2042 GBP 65.568
Proximus SADP 1.500 5/14/2040 EUR 65.472
Metinvest BV 7.650 10/1/2027 USD 62.780
Romanian Governmen 2.000 4/14/2033 EUR 70.824
Hellas Telecommuni 6.054 1/15/2015 USD 0.016
DWR Cymru Financin 2.375 3/31/2034 GBP 69.150
Deutsche Lichtmiet 5.250 2/1/2027 EUR 0.500
CCEP Finance Irela 1.500 5/6/2041 EUR 67.003
DZ Bank AG Deutsch 5.122 11/2/2033 EUR 53.691
Norwegian Air Shut 7.500 11/10/2023 USD 73.375
Commune de Marseil 0.498 12/17/2040 EUR 58.245
Altice France SA/F 4.000 7/15/2029 EUR 71.330
Sovcombank Via Sov 8.000 4/7/2030 USD 7.539
Kommunekredit 0.625 11/21/2039 EUR 66.064
Department of Giro 0.765 4/29/2036 EUR 66.577
Jyske Realkredit A 1.500 10/1/2053 DKK 61.952
DekaBank Deutsche 1.100 11/25/2030 EUR 70.923
de Volksbank NV 0.125 11/19/2040 EUR 54.983
Deutsche Konsum RE 1.350 1/30/2025 EUR 64.122
Aster Treasury Plc 1.405 1/27/2036 GBP 65.430
NRW Bank 1.250 3/21/2044 EUR 66.260
Jyske Realkredit A 0.500 10/1/2050 DKK 68.513
RTE Reseau de Tran 1.125 9/9/2049 EUR 57.050
Ukraine Government 6.750 6/20/2028 EUR 24.787
Kingdom of Belgium 0.459 7/23/2079 EUR 26.889
Cirio Finanziaria 8.000 12/21/2005 EUR 0.478
Banco Santander SA 6.199 EUR 2.370
Atari SA 6.500 7/31/2026 EUR 0.130
Raiffeisenlandesba 0.500 1/22/2035 EUR 71.346
Altice France SA/F 5.125 1/15/2029 USD 69.869
Communaute Francai 2.300 4/25/2089 EUR 65.905
DLR Kredit A/S 1.000 10/1/2053 DKK 72.059
Republic of Irelan 1.425 9/18/2119 EUR 46.385
German Pellets Gmb 7.250 11/27/2019 EUR 1.254
Barclays Bank PLC 1.750 9/29/2032 USD 67.660
Free State of Bava 0.010 1/18/2035 EUR 69.992
Jyske Realkredit A 1.500 10/1/2053 DKK 71.045
Notting Hill Genes 2.000 6/3/2036 GBP 66.533
LIB-Landesimmobili 0.620 7/15/2041 EUR 60.172
State of Bremen 0.550 2/4/2050 EUR 48.513
Landwirtschaftlich 0.010 11/26/2040 EUR 55.919
Altice France SA/F 4.250 10/15/2029 EUR 71.654
SNCF Reseau 2.250 12/20/2047 EUR 72.269
Virgolino de Olive 10.500 1/28/2018 USD 0.171
Deutsche Telekom A 3.625 1/21/2050 USD 71.451
Herefordshire Capi 4.193 11/28/2049 GBP 71.098
Nordea Kredit Real 0.500 10/1/2050 DKK 63.406
Polyus Finance PLC 3.250 10/14/2028 USD 61.393
Santander UK Group 5.625 9/15/2045 USD 74.077
Nederlandse Waters 0.955 2/13/2051 EUR 54.169
Petrobras Global F 4.750 4/2/2038 EUR 48.639
DekaBank Deutsche 0.400 1/29/2035 EUR 72.315
Region de Bruxelle 1.220 6/23/2053 EUR 52.228
Banco Espirito San 7.125 11/28/2023 EUR 0.397
Stadt Graz 1.878 10/31/2046 EUR 70.742
Realkredit Danmark 1.500 10/1/2050 DKK 73.260
Nordea Kredit Real 2.000 10/1/2053 DKK 68.990
City of Zurich Swi 0.250 11/24/2051 CHF 72.208
State of Lower Sax 0.050 3/9/2035 EUR 69.624
Aon Global Ltd 4.250 12/12/2042 USD 74.037
Basque Government 1.375 10/31/2070 EUR 39.752
Aragvi Finance Int 8.450 4/29/2026 USD 68.133
Nats En Route PLC 1.750 9/30/2033 GBP 72.676
Land Thueringen 0.100 7/9/2035 EUR 69.155
Sovereign Housing 2.375 11/4/2048 GBP 56.557
Siemens Financieri 2.875 3/11/2041 USD 70.882
Swissgrid AG 0.050 6/30/2050 CHF 58.531
Land Securities Ca 2.625 9/22/2037 GBP 71.995
State of Brandenbu 0.050 8/10/2040 EUR 56.681
State of Rhineland 0.375 4/1/2041 EUR 59.827
Incommunities Trea 3.250 3/21/2049 GBP 69.277
Lehman Brothers UK 6.900 USD 3.986
Wrekin Housing Gro 2.500 10/22/2048 GBP 57.206
Abengoa Abenewco 1 6.000 6/10/2022 EUR 0.454
Aargau Verkehr AG 0.270 11/29/2049 CHF 74.037
Kommunekredit 0.010 5/4/2034 EUR 71.169
Region Wallonne Be 0.650 1/16/2051 EUR 44.026
Russian Federal Bo 5.900 3/12/2031 RUB 73.625
Cooperatieve Rabob 0.500 1/31/2033 MXN 38.292
Region Occitanie 0.727 11/16/2037 EUR 67.352
Ramfort GmbH 6.750 3/15/2026 EUR 34.545
Societe Nationale 2.842 3/31/2036 AUD 72.350
State of North Rhi 0.500 11/25/2039 EUR 63.472
Transports Publics 0.450 12/29/2056 CHF 63.544
Metropolitano de T 1.229 7/30/2036 EUR 69.661
Norwegian Air Shut 7.137 2/7/2023 SEK 73.176
SNCF Reseau 2.000 2/5/2048 EUR 67.544
Assistance Publiqu 1.750 11/27/2041 EUR 71.933
Caisse Francaise d 0.125 2/15/2036 EUR 65.709
British Telecommun 1.739 6/25/2039 GBP 71.322
Region of Pays de 0.924 11/4/2044 EUR 55.161
NAK Naftogaz Ukrai 7.625 11/8/2028 USD 48.022
Lithuania Governme 0.300 2/12/2032 EUR 72.741
Cirio Holding Luxe 6.250 2/16/2004 EUR 1.387
Altice France SA/F 4.125 1/15/2029 EUR 72.171
Jyske Realkredit A 2.000 10/1/2053 DKK 68.991
London & Quadrant 2.750 7/20/2057 GBP 54.754
Espirito Santo Fin 5.050 11/15/2025 EUR 0.244
SNCF Reseau 0.750 5/25/2036 EUR 70.282
Action Logement Se 0.750 7/19/2041 EUR 59.455
Canary Wharf Group 3.375 4/23/2028 GBP 66.541
Air Liquide Financ 3.500 9/27/2046 USD 72.295
Caisse Francaise d 0.500 10/1/2046 EUR 51.988
Endo Luxembourg Fi 6.125 4/1/2029 USD 62.000
Deutsche Pfandbrie 1.000 12/2/2030 EUR 70.852
Barclays Bank PLC 0.500 1/28/2033 MXN 41.211
Norske Skogindustr 7.000 12/30/2026 EUR 0.010
Island Offshore Sh 9.990 6/30/2024 NOK 45.000
Rikshem AB 1.910 11/16/2032 NOK 74.389
Celtic Resources H 4.125 10/9/2024 USD 14.562
Bayerische Landesb 2.020 10/14/2030 EUR 73.674
Clarion Funding PL 1.250 11/13/2032 GBP 70.020
Solarworld AG 9.691 2/24/2019 EUR 14.875
Hungary Government 3.125 9/21/2051 USD 58.638
Kommunekredit 0.875 11/3/2036 EUR 73.759
National Grid Elec 1.541 12/1/2053 GBP 70.278
Steilmann SE 6.750 6/27/2017 EUR 2.184
Zurich Finance Ire 1.600 12/17/2052 EUR 73.987
Muenchener Hypothe 0.250 5/2/2036 EUR 67.561
Intrum AB 3.000 9/15/2027 EUR 69.576
ACCIONA Financiaci 3.000 12/2/2039 EUR 73.102
Ukraine Government 7.750 9/1/2025 USD 30.650
Kreditanstalt fuer 1.000 10/19/2050 EUR 57.502
Ukraine Government 9.750 11/1/2030 USD 29.547
Aegon Bank NV 0.375 6/9/2036 EUR 67.704
Housing & Care 21 3.288 11/8/2049 GBP 66.363
Credit Agricole It 0.750 1/20/2042 EUR 57.363
Cooperatieve Rabob 0.500 7/30/2043 MXN 14.487
Romanian Governmen 4.000 2/14/2051 USD 64.967
MHP Lux SA 6.250 9/19/2029 USD 63.445
Unibail-Rodamco-We 2.000 5/29/2037 EUR 73.707
Land Berlin 0.050 8/6/2040 EUR 56.485
AXA Home Loan SFH 0.125 6/25/2035 EUR 67.598
Ukraine Government 7.750 9/1/2024 USD 31.744
Platform HG Financ 1.625 8/10/2055 GBP 42.869
Bank Nadra Via NDR 8.250 7/31/2018 USD 0.208
MMK International 4.375 6/13/2024 USD 27.960
Ukraine Government 7.253 3/15/2035 USD 24.708
Jyske Realkredit A 0.500 10/1/2053 DKK 60.972
Finmek Internation 7.000 12/3/2004 EUR 2.193
Terragon AG 6.500 5/24/2024 EUR 1.063
University of Sout 2.250 4/11/2057 GBP 52.492
German Pellets Gmb 7.250 7/9/2018 EUR 1.254
LiveWest Treasury 2.250 10/10/2043 GBP 61.153
Nostrum Oil & Gas 5.000 6/30/2026 USD 70.138
Land Berlin 0.350 9/9/2050 EUR 45.117
Agence Francaise d 1.125 3/2/2037 EUR 72.769
Nostrum Oil & Gas 8.000 7/25/2022 USD 25.941
Muenchener Hypothe 0.125 9/5/2035 EUR 68.015
Prosus NV 4.027 8/3/2050 USD 60.182
Kernel Holding SA 6.750 10/27/2027 USD 62.645
Banco Espirito San 6.765 EUR 0.772
Samhallsbyggnadsbo 5.231 12/18/2025 SEK 69.899
State of North Rhi 0.600 6/4/2041 EUR 61.681
State of North Rhi 1.000 10/16/2046 EUR 60.347
BNP Paribas SA 1.590 2/23/2051 EUR 60.102
Purple Protected A 1.600 9/8/2056 EUR 46.543
Romanian Governmen 3.375 1/28/2050 EUR 61.867
NRW Bank 1.250 5/13/2049 EUR 60.662
State of Hesse 0.227 8/20/2049 EUR 47.898
Republic of Belaru 5.875 2/24/2026 USD 44.453
MFB Magyar Fejlesz 2.900 10/22/2031 HUF 68.202
Region Centre 0.711 11/2/2036 EUR 67.079
Celtic Resources H 4.125 10/9/2024 USD 14.562
Aroundtown SA 2.970 9/26/2033 EUR 57.978
PCF GmbH 4.750 4/15/2026 EUR 68.588
Region Wallonne Be 1.000 9/16/2059 EUR 41.721
Deutsche Bahn Fina 3.100 5/20/2041 AUD 65.822
Heta Asset Resolut 4.729 12/31/2023 EUR 1.344
Abengoa Abenewco 2 1.500 4/26/2024 USD 0.498
Siemens Financieri 3.300 9/15/2046 USD 70.680
City of Lausanne S 0.230 11/1/2060 CHF 61.525
Sairgroup Finance 4.375 6/8/2006 EUR 0.250
Goldman Sachs Inte 16.288 3/17/2027 USD 39.290
Aroundtown SA 3.250 11/12/2032 EUR 61.864
DLR Kredit A/S 1.000 10/1/2053 DKK 68.090
HSBC Bank PLC 0.500 6/23/2027 MXN 68.282
Russian Foreign Bo 5.250 6/23/2047 USD 30.883
Yorkshire Water Se 1.462 8/1/2051 GBP 67.074
Gemeente Bergen OP 0.440 9/20/2044 EUR 54.373
Metalloinvest Fina 3.375 10/22/2028 USD 54.744
DLR Kredit A/S 1.000 10/1/2050 DKK 69.548
SNCF Reseau 1.425 8/14/2119 EUR 35.568
Barclays Bank PLC 2.180 3/18/2039 EUR 67.634
Barclays Bank PLC 5.000 11/1/2029 BRL 71.838
State of Bremen 0.500 6/14/2034 EUR 74.019
Realkredit Danmark 0.500 10/1/2050 DKK 68.431
La Veggia Finance 7.125 11/14/2004 EUR 0.628
Pershing Square Ho 3.000 7/15/2032 USD 69.665
LiveWest Treasury 1.875 2/18/2056 GBP 45.580
Caisse Francaise d 0.375 2/13/2040 EUR 60.123
New World Resource 8.000 4/7/2020 EUR 0.105
Ukraine Government 6.876 5/21/2031 USD 24.426
Severn Trent Utili 0.010 12/16/2055 GBP 39.378
Bromford Housing G 2.554 3/17/2054 GBP 54.704
Penarian Housing F 3.212 6/7/2052 GBP 66.343
Iberdrola Finanzas 1.000 2/2/2037 EUR 68.353
Swan Housing Capit 3.625 3/5/2048 GBP 70.578
Russian Foreign Bo 4.375 3/21/2029 USD 49.474
Alpine Holding Gmb 6.000 5/22/2017 EUR 0.372
Severn Trent Utili 1.602 9/29/2056 GBP 71.732
British Telecommun 3.883 6/25/2039 GBP 73.334
Societe Nationale 2.457 12/23/2050 USD 55.810
VIA A11 NV 4.490 9/30/2045 EUR 71.867
AnaCap Financial E 8.968 8/1/2024 EUR 65.045
Home Group Ltd 3.125 3/27/2043 GBP 66.991
Sovcombank Via Sov 7.600 USD 4.086
Ahtium PLC 4.000 12/16/2015 EUR 0.586
Sberbank of Russia 5.125 10/29/2022 USD 32.469
Eolo SpA 4.875 10/21/2028 EUR 68.749
Corporate Commerci 8.250 8/8/2014 USD 0.308
UBS AG/London 5.070 11/23/2025 EUR 58.500
Cie de Financement 0.975 8/11/2046 EUR 58.758
Northern Electric 2.750 5/24/2049 GBP 61.633
Land Berlin 0.625 1/26/2052 EUR 48.392
Free and Hanseatic 0.400 11/23/2051 EUR 44.318
Region de Bruxelle 0.444 3/19/2057 EUR 31.831
Ukraine Government 7.375 9/25/2034 USD 24.636
Autobahnen- und Sc 0.100 7/16/2035 EUR 68.965
Holcim US Finance 2.240 10/15/2031 USD 73.745
Aroundtown SA 2.700 10/31/2028 EUR 74.465
Notting Hill Genes 3.250 10/12/2048 GBP 65.295
EDOB Abwicklungs A 7.500 4/1/2012 EUR 1.537
Gazprom PJSC via G 2.950 1/27/2029 USD 62.982
Privatbank CJSC Vi 10.875 2/28/2018 USD 8.718
Republic of Irelan 0.740 11/27/2120 EUR 26.129
Swissgrid AG 0.200 6/29/2040 CHF 72.659
DLR Kredit A/S 1.500 10/1/2053 DKK 72.754
Landesbank Baden-W 0.460 12/30/2030 EUR 74.482
Phosphorus Holdco 10.000 4/1/2019 GBP 0.500
Department of L'Eu 0.643 8/31/2041 EUR 55.975
Autostrade per l'I 3.625 6/9/2038 EUR 71.379
Russian Foreign Bo 5.625 4/4/2042 USD 67.006
Norske Skogindustr 2.000 12/30/2115 EUR 0.367
MMC Norilsk Nickel 3.375 10/28/2024 USD 74.290
BPCE SFH SA 0.375 3/18/2041 EUR 57.947
Bayerische Landesb 1.820 5/12/2031 EUR 70.345
Region Wallonne Be 0.500 6/22/2037 EUR 64.773
State of Brandenbu 0.300 10/4/2049 EUR 45.787
Ville de Paris 2.017 5/25/2052 EUR 64.419
Yorkshire Water Se 1.758 2/1/2054 GBP 70.873
ABN AMRO Bank NV 1.115 3/3/2042 EUR 65.561
Cie de Financement 0.010 10/29/2035 EUR 65.589
State of Saarland 0.050 11/5/2040 EUR 56.550
Blend Funding PLC 3.508 5/4/2057 GBP 66.063
Region Wallonne Be 1.865 5/10/2051 EUR 61.513
Privatbank CJSC Vi 11.000 2/9/2021 USD 1.000
Metinvest BV 8.500 4/23/2026 USD 68.125
Alliander NV 1.125 4/8/2035 EUR 71.004
State Agency of Ro 6.250 6/24/2030 USD 26.150
German Pellets Gmb 7.250 4/1/2016 EUR 1.254
Societe Nationale 2.842 3/31/2036 AUD 72.282
DZ Bank AG Deutsch 1.026 9/23/2030 EUR 73.962
Golden Gate GmbH 6.500 10/11/2014 EUR 33.030
Stelius Befektetoe 3.100 9/17/2030 HUF 67.000
Deutsche Bahn Fina 2.005 6/7/2039 SEK 72.336
Fastighets AB Bald 1.293 3/3/2031 EUR 59.575
Solon SE 1.375 12/6/2012 EUR 0.745
Prosus NV 2.031 8/3/2032 EUR 72.425
Nykredit Realkredi 1.000 10/1/2056 DKK 64.105
Paradigm Homes Cha 2.250 5/20/2051 GBP 54.073
Batigere Grand Est 1.600 11/14/2039 EUR 67.746
Region of Pays de 0.877 10/28/2041 EUR 62.678
Jyske Realkredit A 0.500 10/1/2053 DKK 66.332
A-TEC Industries A 8.750 10/27/2014 EUR 0.100
Comunidad Foral de 1.800 3/25/2042 EUR 68.276
Stonewater Funding 3.375 11/2/2045 GBP 71.530
La Financiere Atal 5.125 5/15/2025 EUR 71.650
Tinkoff Bank JSC V 6.000 USD 48.743
Kelag-Kaerntner El 1.150 4/16/2041 EUR 56.687
Agence Francaise d 1.954 11/13/2053 EUR 66.761
Prosus NV 2.778 1/19/2034 EUR 73.984
Sovcombank Via Sov 7.750 USD 1.299
Romanian Governmen 2.000 1/28/2032 EUR 73.598
Deutsche Lichtmiet 5.750 12/1/2023 EUR 1.493
Nordea Kredit Real 1.000 10/1/2053 DKK 57.156
Rio Forte Investme 4.000 7/22/2014 EUR 2.744
VF Ukraine PAT via 6.200 2/11/2025 USD 74.327
Bayerische Landesb 0.770 6/18/2032 EUR 73.386
State of Saxony-An 0.500 3/24/2051 EUR 47.378
Credit Suisse Inte 9.500 3/24/2026 UAH 61.910
Anglo American Cap 3.950 9/10/2050 USD 69.897
Free State of Saxo 0.400 5/12/2036 EUR 70.227
Lukoil Capital DAC 3.600 10/26/2031 USD 72.000
State of Bremen 1.000 5/27/2039 EUR 70.214
Compact Bidco BV 5.750 5/1/2026 EUR 46.762
Ministeries Van de 1.000 10/13/2036 EUR 72.677
Gebr Sanders GmbH 8.750 10/22/2018 EUR 9.375
State of Rhineland 1.500 4/25/2052 EUR 63.881
Ile-de-France Mobi 0.950 5/28/2041 EUR 62.902
Nordea Kredit Real 0.500 10/1/2053 DKK 66.422
State of Hesse 0.750 8/4/2036 EUR 73.189
Scottish Hydro Ele 1.429 10/20/2056 GBP 66.604
DLR Kredit A/S 0.500 10/1/2053 DKK 68.053
Credit Bank of Mos 7.500 10/5/2027 USD 21.643
BASF SE 1.025 8/13/2048 JPY 64.058
MFB Magyar Fejlesz 4.200 4/20/2033 HUF 72.394
Chrome Holdco SAS 5.000 5/31/2029 EUR 71.550
Kairos Global Solu 1.900 7/3/2035 USD 71.486
International Fina 0.500 6/29/2027 ZAR 72.427
Realkredit Danmark 0.500 10/1/2053 DKK 66.290
Hazine Mustesarlig 10.180 9/8/2027 TRY 65.269
Sovcombank Via Sov 8.000 4/7/2030 USD 7.539
Raiffeisen Landesb 0.375 11/13/2034 EUR 71.790
GN Store Nord AS 1.970 3/3/2036 EUR 64.205
Raiffeisenlandesba 1.650 8/23/2046 EUR 67.420
HSE Finance Sarl 5.625 10/15/2026 EUR 49.939
Moby SpA 7.750 2/15/2023 EUR 60.525
Orpea SA 3.000 11/25/2041 EUR 23.561
Flamingo Lux II SC 5.000 3/31/2029 EUR 72.006
SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000
WM Morrison Superm 2.500 10/1/2031 GBP 38.020
Orpea SA 2.750 6/3/2033 EUR 27.124
Libra Longhurst Gr 3.250 5/15/2043 GBP 68.400
Master & Fellows o 3.068 4/28/2065 GBP 56.946
Landesbank Baden-W 0.900 5/28/2035 EUR 65.534
Voyage Care BondCo 5.875 2/15/2027 GBP 74.500
Pershing Square Ho 3.000 7/15/2032 USD 69.741
Bausparkasse Schwa 0.200 4/27/2033 EUR 74.072
UniCredit Bank AG 0.010 1/21/2036 EUR 65.709
Societe Generale S 2.000 2/26/2033 USD 68.716
Onward Homes Ltd 2.125 3/25/2053 GBP 49.440
Nationale-Nederlan 0.375 3/4/2041 EUR 58.159
British Telecommun 1.774 6/25/2042 GBP 72.080
Serbia Internation 2.050 9/23/2036 EUR 62.376
Region Wallonne Be 1.130 3/28/2036 EUR 73.738
Assistance Publiqu 1.099 4/6/2071 EUR 37.409
Autonomous Communi 2.738 10/31/2049 EUR 73.906
NRW Bank 1.400 3/19/2070 EUR 50.122
Nordea Kredit Real 1.500 10/1/2050 DKK 73.249
Republic of Irelan 1.560 2/16/2122 EUR 50.386
MVM Energetika Zrt 3.250 9/3/2031 HUF 70.000
Zurcher Kantonalba 10.150 8/19/2024 EUR 60.410
PJSC Koks via IMH 5.900 9/23/2025 USD 8.602
Serbia Internation 1.650 3/3/2033 EUR 67.936
Republic of Irelan 0.995 2/24/2121 EUR 33.811
NRW Bank 1.150 9/16/2051 EUR 56.718
Investitionsbank B 0.050 3/2/2035 EUR 69.540
National Grid Elec 1.151 2/20/2040 EUR 61.433
Region Occitanie 0.728 11/16/2037 EUR 65.201
Agence Francaise d 0.500 5/31/2035 EUR 71.116
Gecci Investment K 6.000 10/1/2027 EUR 7.127
Region of Ile de F 0.610 7/2/2040 EUR 60.400
State of Lower Sax 0.250 4/15/2036 EUR 68.755
Blend Funding PLC 2.467 6/16/2061 GBP 48.313
Turkiye Ihracat Kr 12.540 9/14/2028 TRY 45.854
Caisse Francaise d 1.699 1/18/2044 EUR 69.954
Ukraine Government 7.750 9/1/2027 USD 28.543
Land Baden-Wuertte 0.375 7/20/2048 EUR 47.277
HYPO NOE Landesban 1.605 8/23/2046 EUR 71.332
Kreditanstalt fuer 1.100 9/16/2051 EUR 58.614
Ville de Paris 1.165 6/9/2053 EUR 49.866
Charm Finance PLC 3.509 4/12/2048 GBP 69.036
BPCE SA 0.500 10/21/2034 EUR 68.020
Concessio Estacion 3.520 12/31/2037 EUR 73.115
Free and Hanseatic 0.200 9/3/2049 EUR 44.215
de Volksbank NV 1.500 7/23/2038 EUR 73.455
State of Brandenbu 0.375 1/29/2035 EUR 72.865
Anglian Water Serv 1.760 11/13/2035 GBP 63.834
Landesbank Baden-W 0.980 7/15/2032 EUR 73.564
Portugal Telecom I 6.250 7/26/2016 EUR 0.285
Altice France Hold 4.000 2/15/2028 EUR 38.193
Kommunekredit 0.500 7/30/2027 TRY 29.857
Malta Government B 1.000 8/23/2035 EUR 72.297
Erotik-Abwicklungs 7.750 7/9/2019 EUR 0.779
Cooperatieve Rabob 0.010 11/27/2040 EUR 54.270
Autonomous Communi 1.138 11/22/2052 EUR 46.561
Region de Bruxelle 1.710 5/5/2047 EUR 60.766
Credit Agricole SA 4.400 2/24/2042 AUD 58.574
BNP Paribas Issuan 20.000 9/18/2026 EUR 45.900
Bpifrance SACA 1.046 5/25/2050 EUR 50.108
Pfandbriefzentrale 0.050 10/6/2043 CHF 71.902
KTG Agrar SE 7.250 10/15/2019 EUR 0.530
British Telecommun 3.924 6/25/2042 GBP 69.533
SCC Power PLC 6.000 12/31/2028 USD 52.349
Maxeda DIY Holding 5.875 10/1/2026 EUR 71.010
National Grid Elec 1.676 9/24/2052 GBP 73.190
Region Auvergne-Rh 0.892 10/21/2041 EUR 59.652
niiio finance grou 4.000 5/31/2026 EUR 55.000
EVN AG 0.850 10/15/2035 EUR 68.960
Vasakronan AB 2.256 4/12/2044 EUR 60.993
Norske Skog Holdin 8.000 2/24/2021 EUR 0.006
NRW Bank 1.200 3/28/2039 EUR 72.254
JAB Holdings BV 4.500 4/8/2052 USD 71.710
VST Building Techn 7.000 6/28/2024 EUR 0.300
Operateur de Resea 2.850 2/3/2045 EUR 72.695
Ville de Paris 1.200 6/25/2039 EUR 69.108
Bausparkasse Wuest 1.830 4/3/2043 EUR 72.778
Dtek Renewables Fi 8.500 11/12/2024 EUR 56.955
Raiffeisen Landesb 0.250 3/4/2036 EUR 66.725
BPCE SFH SA 1.210 6/15/2039 EUR 68.754
Autonomous Region 1.095 9/27/2036 EUR 68.221
Deutsche Pfandbrie 1.340 10/16/2051 EUR 59.840
Region Provence-Al 0.753 1/5/2037 EUR 66.384
Ukraine Government 4.375 1/27/2032 EUR 21.629
Societe Generale S 14.000 8/8/2024 USD 23.120
CB First Investmen 8.000 EUR 82.773
Romanian Governmen 2.750 4/14/2041 EUR 60.998
Communaute Francai 0.626 8/24/2040 EUR 58.568
Joh Friedrich Behr 6.250 6/18/2024 EUR 7.930
Uliving@essex3 LLP 2.720 8/31/2066 GBP 48.659
Abengoa Abenewco 2 1.500 4/26/2024 USD 0.498
Jyske Realkredit A 1.000 10/1/2053 DKK 57.146
Futureal Developme 4.000 3/23/2031 HUF 69.000
AK BARS Bank Via A 8.000 7/13/2022 USD 31.000
Thames Water Utili 2.442 5/12/2050 GBP 44.825
Rena GmbH 8.250 7/11/2018 EUR 0.054
Yarlington Treasur 3.410 9/18/2057 GBP 61.942
Prosus NV 1.985 7/13/2033 EUR 69.556
Ghelamco Invest 4.250 1/21/2027 EUR 70.317
Midland Heart Capi 1.831 8/12/2050 GBP 48.189
Ile-de-France Mobi 0.200 11/16/2035 EUR 66.794
Severn Trent Utili 1.589 2/1/2067 GBP 69.580
Credit Suisse AG/L 13.300 11/29/2023 USD 73.370
Nederlandse Waters 1.625 1/29/2048 EUR 69.165
Stichting Afwikkel 6.250 10/26/2020 EUR 43.625
Elli Finance UK PL 8.750 6/15/2019 GBP 43.281
OGX Austria GmbH 8.500 6/1/2018 USD 0.019
Region de Bruxelle 0.562 12/23/2065 EUR 27.444
Russian Foreign Bo 7.500 3/31/2030 USD 65.152
Russian Foreign Bo 4.750 5/27/2026 USD 53.875
SG Issuer SA 0.600 3/7/2033 EUR 70.563
DZ Bank AG Deutsch 1.550 6/27/2041 EUR 72.223
Lloyds Bank PLC 0.500 7/26/2028 MXN 61.720
Credit Agricole It 1.000 1/17/2045 EUR 56.282
Rhaetische Bahn AG 0.050 8/3/2050 CHF 68.874
MBH Mortgage Bank 3.000 10/22/2031 HUF 67.710
Pentracor GmbH 8.500 5/29/2025 EUR 0.252
Russian Foreign Bo 2.875 12/4/2025 EUR 61.107
Landesbank Baden-W 0.590 9/22/2034 EUR 64.557
Gazprom PJSC via G 4.599 USD 51.465
Orpea SA 2.770 12/18/2028 EUR 23.545
ALROSA Finance SA 4.650 4/9/2024 USD 10.194
Bundesrepublik Deu 1.250 8/15/2048 EUR 72.586
Nomura Bank Intern 1.138 12/19/2039 EUR 56.546
Landesbank Baden-W 0.905 4/1/2041 EUR 50.305
HSE Finance Sarl 9.742 10/15/2026 EUR 50.406
Ukraine Government 9.790 5/26/2027 UAH 63.000
DXC Capital Fundin 0.950 9/15/2031 EUR 72.667
State of North Rhi 0.375 9/2/2050 EUR 45.082
Russian Foreign Bo 5.875 9/16/2043 USD 62.532
Thames Water Utili 2.620 3/22/2033 GBP 68.953
Malta Government B 1.500 10/22/2045 EUR 61.130
Cooperatieve Rabob 0.500 11/30/2027 MXN 66.545
SiC Processing Gmb 7.125 3/1/2016 EUR 0.643
UBS AG/London 9.250 11/27/2023 CHF 65.750
MBH Mortgage Bank 3.000 1/28/2036 HUF 56.990
Sekerbank Turk AS 18.840 12/10/2027 TRY
Ukraine Government 7.750 9/1/2028 USD 28.219
Ukraine Government 7.750 9/1/2029 USD 28.211
LSF9 Balta Issuer 3.000 12/31/2030 EUR 63.167
DZ Bank AG Deutsch 0.600 2/19/2036 EUR 64.549
GN Store Nord AS 3.200 11/26/2036 GBP 72.331
Gazprom PJSC via G 3.250 2/25/2030 USD 58.325
Societe Wallonne d 0.883 11/21/2044 EUR 51.412
UBS AG/London 11.000 1/8/2024 CHF 19.820
Barclays Bank PLC 23.300 9/30/2025 TRY 74.773
State of North Rhi 1.491 8/23/2066 EUR 54.947
State of North Rhi 1.850 3/18/2089 EUR 53.508
DZ HYP AG 0.375 11/10/2034 EUR 71.972
Region de Bruxelle 1.400 3/11/2054 EUR 49.917
Orpea SA 3.144 12/22/2025 EUR 23.672
Grand City Propert 2.500 6/27/2039 EUR 61.703
Channel Link Enter 3.748 6/30/2050 EUR 74.054
Vnesheconombank Vi 6.025 7/5/2022 USD 6.586
Elli Investments L 12.250 6/15/2020 GBP 52.250
Borets Finance DAC 6.000 9/17/2026 USD 49.254
Landesbank Baden-W 0.400 2/12/2031 EUR 73.766
La Financiere Atal 6.625 5/15/2025 GBP 71.458
Caisse de Refinanc 0.250 2/7/2035 EUR 69.497
Landeskreditbank B 0.610 11/17/2050 EUR 51.870
Republic of Belaru 6.378 2/24/2031 USD 35.485
Finance and Credit 9.250 1/25/2019 USD 0.166
Achmea Bank NV 0.250 9/29/2036 EUR 65.733
Romanian Governmen 2.875 4/13/2042 EUR 60.983
Bulgaria Steel Fin 12.000 5/4/2013 EUR 0.216
Societe Generale S 1.137 1/26/2037 EUR 69.104
Free and Hanseatic 0.300 9/16/2050 EUR 44.401
Codere Finance 2 L 12.750 11/30/2027 EUR 7.641
National Grid Elec 1.690 9/16/2041 GBP 52.628
Banco Santander SA 1.000 1/14/2034 EUR 70.665
Grand Delta Habita 1.500 9/1/2049 EUR 54.986
State of Mecklenbu 0.239 11/17/2070 EUR 23.460
Basque Government 1.000 10/31/2050 EUR 46.975
Ile-de-France Mobi 1.275 2/14/2042 EUR 65.750
United Utilities W 1.662 8/11/2056 GBP 73.424
Free State of Bava 0.010 3/28/2036 EUR 66.124
SNCF Reseau 0.350 7/25/2047 EUR 64.481
Gazprom PJSC via G 3.897 EUR 60.048
DZ Bank AG Deutsch 1.000 2/13/2042 EUR 64.994
Affinity Water Fin 0.230 11/22/2042 GBP 62.614
Bank of Valletta P 3.750 6/15/2031 EUR 71.358
Societe Nationale 1.280 3/27/2120 EUR 32.384
Deutsche Bank AG 0.650 6/3/2031 EUR 72.263
National Grid Elec 1.541 12/1/2056 GBP 68.699
UniCredit SpA 0.725 11/27/2030 EUR 70.005
Landesbank Baden-W 1.080 7/16/2035 EUR 66.806
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.646
Credit Suisse AG/L 7.000 12/17/2026 EUR 68.870
BAE Systems PLC 3.000 9/15/2050 USD 63.683
National Grid Elec 1.584 7/28/2056 GBP 70.510
Deutsche Pfandbrie 4.120 11/3/2031 EUR 52.744
ACCIONA Financiaci 1.900 6/28/2034 EUR 72.616
Uliving@Essex2 Iss 0.100 8/31/2063 GBP 59.673
Rena GmbH 7.000 12/15/2015 EUR 0.054
Societe Generale S 22.750 10/17/2024 USD 17.700
Deutsche Bank AG 1.725 1/16/2045 EUR 39.895
Nordea Kredit Real 1.500 10/1/2053 DKK 61.968
Landesbank Baden-W 0.290 8/6/2031 EUR 71.661
Land Thueringen 0.125 1/13/2051 EUR 40.666
Gazprom PJSC Via G 4.950 2/6/2028 USD 72.404
Raiffeisenlandesba 0.375 1/15/2035 EUR 70.275
National Grid Elec 1.541 12/1/2053 GBP 70.498
Severn Trent Utili 1.399 2/9/2057 GBP 66.124
Societe Generale S 14.300 8/22/2024 USD 17.770
Comunidad Foral de 2.100 4/30/2044 EUR 68.550
Jyske Realkredit A 0.500 10/1/2050 DKK 63.220
Rikshem AB 3.250 5/31/2041 AUD 58.477
Stadt Graz 1.824 10/31/2047 EUR 68.787
Belfius Bank SA 1.533 3/26/2038 EUR 74.134
Swedbank AB 0.350 9/22/2031 EUR 72.678
Department of Bouc 0.981 5/14/2047 EUR 54.048
Nationwide Buildin 0.750 5/8/2035 EUR 72.386
Ahtium PLC 9.750 4/4/2017 EUR 0.726
Severn Trent Utili 1.501 8/1/2058 GBP 68.370
Agatos SpA 4.750 12/31/2026 EUR 29.800
Caisse Francaise d 0.010 10/19/2035 EUR 65.352
Realkredit Danmark 0.500 10/1/2053 DKK 60.905
Norwegian Air Shut 7.500 11/10/2023 USD 73.375
ASCE Group OJSC 7.000 6/11/2031 USD 60.737
CNH Industrial Fin 2.200 7/15/2039 EUR 68.398
Norddeutsche Lande 1.350 10/20/2038 EUR 62.719
VTB Bank OJSC Via 6.250 6/30/2035 USD 23.363
Deutsche Bank AG 1.750 4/9/2035 EUR 62.398
Kreditanstalt fuer 0.788 11/4/2039 EUR 64.577
Caisse des Depots 1.015 7/22/2050 EUR 50.980
Alpine Holding Gmb 5.250 7/1/2015 EUR 0.372
Windreich GmbH 6.500 3/1/2015 EUR 4.082
Thames Water Utili 1.771 8/28/2057 GBP 60.014
Banco Santander SA 2.280 2/28/2039 EUR 72.369
Nostrum Oil & Gas 7.000 2/16/2025 USD 27.428
Land Thueringen 0.375 12/1/2051 EUR 43.979
Nostrum Oil & Gas 8.000 7/25/2022 USD 25.941
DZ Bank AG Deutsch 1.000 2/18/2032 EUR 64.365
Windreich GmbH 6.500 7/15/2016 EUR 4.082
Societe Generale S 24.000 11/14/2024 USD 54.300
Italy Buoni Polien 2.800 3/1/2067 EUR 66.169
Nationale-Nederlan 0.050 9/24/2035 EUR 66.373
Comunidad Foral de 1.450 5/8/2040 EUR 65.768
Region de Bruxelle 1.000 4/21/2051 EUR 50.435
Aareal Bank AG 1.800 7/21/2036 EUR 62.767
Mondelez Internati 1.250 9/9/2041 EUR 63.851
PIK Securities DAC 5.625 11/19/2026 USD 46.454
Muenchener Hypothe 1.495 10/5/2050 EUR 60.787
DZ Bank AG Deutsch 0.800 1/21/2041 EUR 62.767
Deutsche Pfandbrie 0.903 11/19/2029 EUR 74.139
State of Brandenbu 0.750 8/8/2036 EUR 73.076
ESB Finance DAC 2.000 4/17/2044 EUR 65.497
National Grid Elec 2.226 12/19/2039 GBP 61.022
ING Bank NV 0.182 4/21/2033 EUR 73.974
Ukraine Government 8.994 2/1/2026 USD 30.656
DZ Bank AG Deutsch 0.190 1/14/2031 EUR 73.101
Severn Trent Utili 1.668 8/1/2057 GBP 72.919
Regiao Autonoma Ma 1.141 12/4/2034 EUR 71.995
Republic of Irelan 0.835 7/8/2080 EUR 37.960
Sairgroup Finance 6.625 10/6/2010 EUR 0.250
Romanian Governmen 2.625 12/2/2040 EUR 61.056
BNG Bank NV 10.010 6/17/2025 TRY 63.873
State of Lower Aus 0.815 9/22/2056 EUR 44.732
Land Thueringen 0.250 3/5/2040 EUR 59.957
Landesbank Baden-W 5.300 2/13/2034 AUD 73.391
getgoods.de AG 7.750 10/2/2017 EUR 0.527
Eurogrid GmbH 0.875 11/20/2040 EUR 58.809
Deutsche Bank AG 3.500 4/14/2048 EUR 71.685
Veneto Banca SpA 6.411 EUR 0.345
Depfa Funding II L 6.500 EUR 64.317
LSEGA Financing PL 3.200 4/6/2041 USD 70.812
United Utilities W 1.587 8/16/2056 GBP 71.761
Severn Trent Utili 1.626 8/11/2051 GBP 73.390
Nestle Hungaria Kf 1.750 5/31/2028 HUF 74.500
Credit Agricole SA 3.750 6/9/2040 AUD 63.892
Credit Bank of Mos 8.875 USD 12.688
Raiffeisen Bank In 0.370 2/3/2033 EUR 62.440
BNG Bank NV 2.300 3/3/2036 AUD 67.972
State of Rhineland 0.375 3/10/2051 EUR 44.946
Jain International 7.125 2/1/2022 USD 22.000
Hampshire Trust Ba 7.250 5/10/2028 GBP 72.135
Uliving@Essex Issu 0.100 8/31/2058 GBP 62.864
Societe Du Grand P 2.062 3/19/2070 EUR 58.456
Nordea Kredit Real 0.500 10/1/2053 DKK 60.972
Landesbank Hessen- 1.050 11/17/2060 EUR 46.974
Assistance Publiqu 2.000 5/25/2053 EUR 64.657
Region Wallonne Be 0.150 5/10/2035 EUR 66.322
Standard Chartered 3.040 1/18/2042 USD 67.837
Credit Agricole SA 3.610 4/20/2036 AUD 64.022
Engie SA 2.750 11/20/2045 EUR 73.483
Credit Suisse AG/L 9.000 4/22/2024 USD 32.470
Del Monte Finance 6.625 5/24/2006 EUR 1.000
Kreditanstalt fuer 0.816 12/19/2050 EUR 50.548
Grand Delta Habita 1.500 6/2/2045 EUR 58.308
Sovcombank Via Sov 3.400 1/26/2025 USD 3.086
DZ Bank AG Deutsch 0.780 3/5/2030 EUR 72.201
Ukraine Government 12.520 5/13/2026 UAH 73.486
Societe Generale S 0.831 11/25/2031 EUR 69.835
United Utilities W 1.585 7/12/2057 GBP 71.501
Region de Bruxelle 1.100 6/22/2066 EUR 39.830
SAir Group 4.250 2/2/2007 CHF 10.000
Department of Bouc 0.482 10/20/2045 EUR 49.017
Alfa Bank AO Via A 5.500 10/26/2031 USD 0.626
Kommunekredit 2.200 9/27/2041 AUD 59.103
Region Auvergne-Rh 1.090 4/8/2037 EUR 70.476
Severstal OAO Via 3.150 9/16/2024 USD 5.484
Offshore Drilling 8.375 9/20/2020 USD 1.475
State of Brandenbu 0.600 10/13/2051 EUR 48.352
Region Nouvelle-Aq 0.814 11/22/2044 EUR 55.135
Gazprom PJSC via G 3.500 7/14/2031 USD 60.233
Landesbank Hessen- 4.375 3/30/2042 USD 66.856
Banco Espirito San 6.900 6/28/2024 EUR 19.860
Landesbank Hessen- 0.980 11/9/2060 EUR 45.606
Societe Nationale 1.400 5/18/2120 EUR 32.118
Land Berlin 0.625 8/25/2036 EUR 71.588
Belfius Bank SA 0.125 6/19/2034 EUR 69.899
Region Wallonne Be 1.550 4/28/2120 EUR 43.479
Brussels Municipal 0.832 3/29/2041 EUR 60.690
Erdoel-Lagergesell 1.200 6/4/2043 EUR 64.529
Caisse des Depots 0.398 12/15/2050 EUR 40.749
Region Wallonne Be 0.037 10/22/2031 EUR 74.304
DZ Bank AG Deutsch 5.158 6/26/2029 EUR 74.532
Natixis SA 2.719 10/25/2032 AUD 73.074
CaixaBank SA 4.000 7/7/2042 EUR 74.226
Caisse Francaise d 1.093 10/14/2051 EUR 55.223
State of Lower Aus 1.886 3/2/2048 EUR 69.636
Spain Government B 1.900 10/31/2052 EUR 61.836
Yorkshire Water Se 1.462 8/1/2051 GBP 68.589
Caisse des Depots 0.930 11/9/2050 EUR 48.267
Bayerische Landesb 3.550 10/14/2036 EUR 69.444
UBS AG/London 9.080 8/2/2027 SEK 57.970
Deutsche Pfandbrie 0.906 3/4/2050 EUR 55.515
City of Amsterdam 1.515 2/26/2044 EUR 70.446
Kreditanstalt fuer 0.600 2/16/2051 EUR 50.714
Severn Trent Utili 1.399 2/9/2057 GBP 65.250
State of Brandenbu 0.300 11/17/2045 EUR 51.445
Ville de Paris 0.650 11/25/2070 EUR 31.561
DLR Kredit A/S 0.500 10/1/2053 DKK 62.708
Muenchener Hypothe 1.300 5/7/2061 EUR 52.382
Irish Bank Resolut 0.566 6/21/2016 EUR 0.076
Republic of Irelan 0.740 9/22/2078 EUR 36.258
Deutsche Pfandbrie 0.640 9/10/2030 EUR 69.844
Malta Government B 1.400 8/20/2046 EUR 55.690
Agence France Loca 0.586 6/20/2034 EUR 71.448
Credit Agricole Co 2.400 5/17/2048 EUR 52.132
Region Wallonne Be 1.250 6/22/2071 EUR 45.892
Peine GmbH 2.000 7/5/2023 EUR 44.500
Lehman Brothers Tr 0.500 12/20/2017 AUD 0.100
Northland Resource 4.000 10/15/2020 USD 0.271
Alpine Holding Gmb 5.250 6/10/2016 EUR 0.372
Yorkshire Water Se 1.460 8/1/2056 GBP 66.122
Elia Transmission 1.560 1/30/2044 EUR 72.219
Russian Federal Bo 0.250 7/20/2044 RUB 17.400
Tjiwi Kimia Intern 13.250 8/1/2001 USD 0.001
SAir Group 0.125 7/7/2005 CHF 10.000
Societe Generale S 2.970 4/15/2036 USD 66.533
Free State of Saxo 0.010 12/17/2035 EUR 67.413
Comunidad Foral de 0.550 10/22/2035 EUR 67.995
Hypo Tirol Bank AG 0.740 5/29/2040 EUR 61.897
Land Thueringen 0.375 11/14/2034 EUR 72.953
CDC Habitat SEM 0.853 2/15/2041 EUR 58.932
BNG Bank NV 2.000 2/19/2038 AUD 63.871
Raiffeisenbank AS 8.891 EUR 71.896
NRW Bank 0.650 7/20/2037 EUR 68.626
Yorkshire Water Se 1.823 2/1/2050 GBP 73.531
Caisse des Depots 0.913 11/20/2050 EUR 47.961
Banque Federative 0.376 10/15/2031 EUR 72.347
MOL Hungarian Oil 1.900 4/12/2031 HUF 64.700
B+N Referencia Ipa 3.500 6/24/2031 HUF 74.600
Region Wallonne Be 1.805 1/24/2040 EUR 71.338
Credit Agricole Co 10.150 2/5/2025 TRY 70.463
Anglian Water Serv 0.850 12/23/2040 JPY 71.936
Romanian Governmen 3.375 2/8/2038 EUR 72.177
Alfa Bank AO Via A 5.950 4/15/2030 USD 1.406
Orpea SA 2.300 3/6/2025 EUR 23.682
Sibur Securities D 3.450 9/23/2024 USD 74.204
Region Hauts-de-Fr 0.691 7/9/2042 EUR 57.368
Sibur Securities D 2.950 7/8/2025 USD 65.510
Steilmann SE 7.000 3/9/2017 EUR 1.429
Baromfi-Coop Terme 3.000 7/19/2031 HUF 73.400
Russian Federal Bo 6.900 2/6/2036 RUB 72.552
State of North Rhi 1.960 1/24/2079 EUR 64.172
Depfa Funding III 3.062 EUR 54.267
Kingdom of Belgium 0.558 9/24/2077 EUR 30.168
Heta Asset Resolut 4.099 12/31/2023 EUR 1.344
National Grid Elec 3.350 6/10/2036 AUD 71.058
State of Brandenbu 0.125 1/26/2046 EUR 47.990
State of Lower Aus 1.000 9/15/2121 EUR 29.804
Barclays Bank PLC 4.100 1/29/2048 USD 70.315
Raiffeisenlandesba 0.998 11/4/2033 EUR 68.949
Cooperatieve Rabob 1.099 6/28/2051 EUR 56.745
BPCE SA 2.255 3/12/2040 AUD 52.899
FNG Benelux Holdin 5.000 8/28/2023 EUR 1.013
Landesbank Hessen- 1.000 7/15/2060 EUR 46.258
NRW Bank 0.106 8/17/2050 EUR 39.759
Deutsche Pfandbrie 1.500 8/25/2041 EUR 71.011
State of Lower Aus 0.460 10/8/2049 EUR 45.070
Evan Group PLC 6.000 7/31/2022 EUR 2.022
Region Hauts-de-Fr 0.402 2/18/2043 EUR 52.458
Dolphin Drilling A 4.490 8/28/2019 NOK 0.644
Gazprom PJSC via G 1.500 2/17/2027 EUR 61.999
Land Thueringen 0.200 9/12/2039 EUR 60.623
GB Social Housing 3.814 4/9/2047 GBP 68.311
Ville de Paris 0.850 8/4/2051 EUR 47.724
Die Schweizerische 0.180 12/14/2061 CHF 54.771
Deutsche Telekom A 4.125 7/23/2049 USD 73.278
State of North Rhi 0.800 7/30/2049 EUR 53.632
BCP V Modular Serv 6.750 11/30/2029 EUR 72.801
United Utilities W 0.359 10/5/2048 GBP 50.528
Ukraine Government 9.790 5/26/2027 UAH 63.000
Cooperatieve Rabob 0.500 12/29/2027 MXN 65.383
EnBW International 2.080 1/21/2041 EUR 66.615
Hacienda Investmen 5.350 2/8/2028 USD 57.538
SAG Solarstrom AG 7.500 7/10/2017 EUR 31.000
Ministeries Van de 0.634 11/19/2060 EUR 34.843
Autonomous Communi 2.300 5/24/2049 EUR 66.939
VTB Bank PJSC 5.000 USD 54.100
Deutsche Bank AG/L 13.750 6/20/2026 TRY 27.828
Anselma Issuer SA 2.174 12/31/2038 EUR 30.080
Ukraine Government 11.720 7/30/2025 UAH 71.093
Hemso Fastighets A 1.460 7/7/2042 JPY 73.530
Deutsche Wohnen SE 1.700 12/5/2036 EUR 70.720
Republic of Belaru 7.625 6/29/2027 USD 45.030
Bayerische Landesb 2.250 10/17/2033 EUR 69.247
Autonomous Communi 1.655 10/31/2050 EUR 56.674
Ministeries Van de 0.400 11/20/2043 EUR 51.549
Kingdom of Belgium 0.675 7/7/2080 EUR 31.865
Region Wallonne Be 0.970 6/24/2043 EUR 57.131
UniCredit Bank AG 7.500 5/16/2024 EUR 70.730
MS Deutschland Bet 6.875 12/18/2017 EUR 0.151
Anselma Issuer SA 1.574 12/31/2038 EUR 31.230
Credit Agricole Co 1.000 1/31/2033 AUD 64.711
MMC Norilsk Nickel 2.550 9/11/2025 USD 74.184
Region de Bruxelle 0.274 12/11/2040 EUR 55.228
Autonomous Communi 1.900 5/24/2039 EUR 73.230
Kuntarahoitus Oyj 0.940 6/9/2064 EUR 56.221
Slovenska Sporitel 4.490 EUR 62.062
Cooperatieve Rabob 1.850 3/29/2049 EUR 63.618
Ville de Paris 0.750 11/30/2041 EUR 59.826
BNG Bank NV 0.630 7/11/2067 EUR 36.399
Hemso Fastighets A 3.020 9/14/2048 SEK 72.516
United Utilities W 0.387 10/5/2057 GBP 42.313
Ile-de-France Mobi 1.586 2/23/2052 EUR 60.200
United Utilities W 1.702 11/21/2057 GBP 72.627
Turkiye Government 12.600 10/1/2025 TRY 68.350
DZ HYP AG 1.430 10/26/2046 EUR 64.641
Thomas Cook Group 6.250 6/15/2022 EUR 0.688
Aareal Bank AG 1.741 1/12/2045 EUR 48.973
Marseille Provence 1.000 1/15/2038 EUR 67.681
Phosagro OAO Via P 2.600 9/16/2028 USD 66.389
Malta Government B 1.200 5/13/2037 EUR 70.633
Republic of Irelan 1.210 10/27/2111 EUR 40.714
Morhomes PLC 2.508 2/19/2051 GBP 51.720
FLUVIUS System Ope 3.000 10/27/2044 EUR 72.954
Communaute Francai 1.581 1/23/2120 EUR 43.604
National Grid Elec 1.541 12/1/2056 GBP 68.868
Cooperatieve Rabob 1.650 8/24/2036 EUR 73.070
Canton of Neuchate 0.100 10/29/2049 CHF 67.877
State of Bremen 0.500 5/6/2041 EUR 60.493
Deutsche Bank AG 2.330 2/11/2043 EUR 60.409
Barclays Bank PLC 0.779 11/15/2024 USD 9.890
Credit Suisse AG/L 7.000 5/16/2024 CHF 65.600
Hypo Vorarlberg Ba 6.125 EUR 74.450
Rosseti Kuban PJSC 10.440 11/21/2025 RUB 75.000
ING Groep NV 0.975 2/14/2034 EUR 71.080
Cie DU Chemin de F 0.280 11/29/2052 CHF 58.024
Ville de Paris 0.963 6/8/2050 EUR 49.126
VTB Bank PJSC Via 9.500 USD 17.564
Societe Nationale 2.820 4/28/2036 AUD 72.153
Banco Santander SA 1.000 10/1/2033 EUR 73.749
BOA Offshore AS 0.409 7/17/2047 NOK 4.741
State of Saxony-An 1.223 5/4/2046 EUR 68.066
HSBC Bank PLC 10.300 12/20/2024 TRY 72.964
Spain Government B 1.450 10/31/2071 EUR 43.822
Republic of Belaru 6.200 2/28/2030 USD 35.487
BPCE SFH SA 1.229 4/12/2049 EUR 58.738
Cie de Financement 0.900 7/18/2058 EUR 47.920
Land Berlin 0.625 7/15/2039 EUR 65.666
Swedbank Hypotek A 1.500 7/13/2048 EUR 65.016
Region de Bruxelle 1.506 2/21/2039 EUR 71.575
Malta Government B 1.800 8/28/2051 EUR 58.432
State of Brandenbu 0.500 11/21/2039 EUR 63.745
Thames Water Utili 1.819 8/28/2049 GBP 65.873
Kommunekredit 0.869 11/12/2043 SEK 60.610
Ville de Paris 1.165 6/9/2053 EUR 50.000
Societe Generale S 20.000 11/28/2025 USD 5.750
UBS AG/London 21.600 8/2/2027 SEK 63.020
Barclays Bank PLC 9.000 10/23/2024 USD 9.820
Mox Telecom AG 7.250 11/2/2017 EUR 2.270
Grand Delta Habita 1.285 11/6/2040 EUR 62.509
PJSC Koks via IMH 5.900 9/23/2025 USD 8.602
UBS AG/London 1.860 2/28/2049 EUR 65.001
Frigate Luxembourg 2.000 8/1/2032 EUR 51.432
Arkea Home Loans S 1.534 3/31/2043 EUR 70.812
Hamon & CIE SA 3.300 1/31/2035 EUR 44.077
Bayerische Landesb 1.020 11/12/2035 EUR 68.767
Specialfastigheter 1.180 12/2/2044 SEK 57.568
SNCF Reseau 2.622 9/24/2049 USD 63.648
ING Bank NV 2.410 3/16/2031 AUD 73.180
Deutsche Bank Luxe 1.560 10/6/2028 EUR 69.155
Deutsche Bank AG 0.510 9/16/2031 EUR 74.257
Landeskreditbank B 2.500 5/21/2036 AUD 67.088
Region de Bruxelle 0.640 7/20/2045 EUR 50.690
Societe Du Grand P 0.576 10/29/2052 EUR 39.527
UBS Group AG 2.300 12/3/2035 AUD 62.439
Landeskreditbank B 1.862 4/6/2062 EUR 67.735
Portugal Obrigacoe 1.150 4/11/2042 EUR 64.883
Hypo Vorarlberg Ba 1.590 8/25/2050 EUR 47.321
Landesbank Baden-W 10.000 1/26/2024 EUR 34.340
Societe Generale S 1.000 10/20/2031 USD 74.500
Credit Suisse AG/L 16.300 12/26/2023 USD 42.350
German Real Estate 3.000 EUR 73.250
Nederlandse Waters 1.770 12/28/2048 EUR 70.259
Deutsche Telekom A 3.500 4/15/2041 AUD 67.072
Renovables Atlasol 2.200 12/31/2038 EUR 69.306
Banco Santander SA 2.011 4/12/2039 EUR 73.224
Santander Internat 1.365 1/28/2061 EUR 50.835
Societe Generale S 3.920 12/9/2036 AUD 69.118
Grand City Propert 2.600 2/25/2034 EUR 70.764
Caisse des Depots 1.365 11/2/2051 EUR 54.592
Deutsche Bank AG 0.700 10/28/2031 EUR 68.870
Bazalgette Finance 0.010 8/5/2036 GBP 71.669
Bazalgette Finance 0.174 5/16/2049 GBP 58.856
Deutsche Bank AG 0.710 9/24/2031 EUR 68.847
Region Occitanie 0.834 11/22/2045 EUR 53.943
Landesbank Hessen- 0.750 8/18/2036 EUR 64.270
Havenbedrijf Rotte 1.100 3/23/2051 EUR 56.798
Region de Bruxelle 0.765 7/15/2052 EUR 42.724
Societe Generale S 1.100 2/20/2034 EUR 70.660
Free and Hanseatic 0.010 11/5/2035 EUR 67.662
SNCF Reseau 2.777 7/29/2115 EUR 67.517
Deutsche Bahn Fina 1.520 7/3/2035 SEK 73.459
O1 Properties Fina 0.500 9/27/2028 USD 5.246
Raiffeisen Switzer 9.000 2/2/2024 EUR 73.590
ArmSwissBank CJSC 6.000 6/1/2026 USD 0.000
Landesbank Hessen- 2.000 11/25/2036 EUR 63.400
Rosselkhozbank JSC 0.010 12/24/2023 RUB 65.000
RENE LEZARD Mode G 7.250 11/25/2017 EUR 0.160
UBS AG/London 1.600 4/18/2049 EUR 61.011
Leonteq Securities 27.000 12/22/2023 CHF 41.240
Kommuninvest I Sve 2.000 10/21/2041 SEK 74.249
Deutsche Bank AG/L 3.977 10/10/2042 USD 71.180
Centre Hospitalier 1.500 4/27/2050 EUR 72.806
Ville de Paris 0.831 2/23/2056 EUR 42.036
Tonon Luxembourg S 12.500 5/14/2024 USD 0.010
Deutsche Pfandbrie 0.857 9/18/2037 EUR 60.667
Cooperatieve Rabob 0.500 8/21/2028 MXN 61.220
Nederlandse Waters 1.370 3/23/2065 EUR 52.126
Land Berlin 0.500 6/19/2047 EUR 51.284
NRW Bank 0.710 10/22/2036 EUR 71.797
Kuntarahoitus Oyj 1.200 7/21/2061 EUR 59.032
Assistance Publiqu 0.800 3/23/2046 EUR 52.964
Societe Generale S 2.000 1/30/2036 USD 60.906
Santander Internat 2.770 7/2/2035 USD 68.935
Kreditanstalt fuer 0.620 1/14/2050 EUR 50.777
UniCredit SpA 1.490 10/23/2035 EUR 71.134
Landesbank Baden-W 1.050 7/17/2034 EUR 68.807
Severn Trent Utili 1.566 2/1/2058 GBP 69.292
A-TEC Industries A 2.750 5/10/2014 EUR 0.100
Barclays Bank PLC 3.900 2/15/2042 AUD 63.658
Landesbank Saar 0.680 3/29/2034 EUR 70.245
Deutsche Bank AG 0.687 10/11/2049 EUR 36.319
Barclays Bank PLC 1.150 9/27/2034 EUR 69.528
Aktia Bank Oyj 0.800 2/26/2036 EUR 64.002
CBo Territoria 7.000 6/30/2028 EUR 4.420
Vontobel Financial 14.300 8/21/2024 USD 70.760
STAVMAT Epitoanyag 3.000 7/20/2031 HUF 73.600
Sustainable Capita 5.623 6/9/2024 USD 67.910
AKB Peresvet ZAO 0.510 6/23/2021 RUB 27.000
Banque Cantonale V 17.050 6/6/2024 CHF 70.970
SG Issuer SA 2.100 5/16/2033 EUR 74.730
Republic of Irelan 1.020 9/10/2086 EUR 40.716
Lehman Brothers Tr 5.648 11/2/2035 EUR 0.100
DAH Holding GmbH 7.250 9/28/2018 EUR 0.718
Region de Bruxelle 0.592 12/10/2061 EUR 31.490
Oberoesterreichisc 0.641 10/13/2035 EUR 57.430
Department of L'Eu 1.110 6/18/2039 EUR 68.167
Regie Autonome des 0.640 8/13/2041 EUR 59.287
Bayerische Landesb 1.850 3/5/2031 EUR 71.199
Bayerische Landesb 3.500 7/28/2036 EUR 68.151
PA Resources AB 13.500 3/3/2016 SEK 0.124
Evraz PLC 5.250 4/2/2024 USD 68.068
Nederlandse Waters 1.610 12/4/2052 EUR 65.380
LR Realkredit AS 1.000 10/1/2050 DKK 66.353
Landesbank Baden-W 0.660 10/9/2034 EUR 65.017
Region de Bruxelle 1.144 1/14/2056 EUR 44.788
Kreditanstalt fuer 1.267 3/22/2051 EUR 62.664
Kommunekredit 0.375 2/3/2045 DKK 52.567
Yorkshire Water Se 1.709 2/1/2058 GBP 69.383
Bankinter SA 1.200 6/5/2035 EUR 73.503
Malta Government B 2.400 8/13/2052 EUR 67.849
Landshypotek Bank 1.680 1/20/2042 SEK 69.987
Kreditanstalt fuer 0.980 2/9/2042 EUR 66.943
SunDell Estate Nyr 3.250 11/12/2030 HUF 68.000
Axial Javito Keres 2.000 9/23/2030 HUF 68.151
Kingdom of Belgium 1.170 5/12/2121 EUR 36.864
Region Wallonne Be 1.150 9/2/2120 EUR 32.265
Vasakronan AB 1.130 5/27/2042 JPY 67.045
SCF Capital Design 3.850 4/26/2028 USD 65.611
Region Auvergne-Rh 0.543 9/28/2036 EUR 66.087
Banque Federative 1.590 2/5/2031 USD 74.425
Santander Consumer 9.520 NOK 59.437
Agence Francaise d 2.302 10/25/2044 USD 60.152
Deutsche Telekom A 3.500 9/6/2039 AUD 68.779
UBS Group AG 2.370 2/25/2036 USD 66.434
Landesbank Baden-W 1.300 6/21/2049 EUR 52.024
Region Occitanie 0.792 11/23/2043 EUR 56.355
Caisse des Depots 3.000 11/8/2051 AUD 58.734
Grand Delta Habita 1.630 3/6/2045 EUR 60.519
Centre Hospitalier 1.580 2/11/2061 EUR 68.646
DZ Bank AG Deutsch 1.850 2/19/2049 EUR 69.722
Region de Bruxelle 1.620 2/8/2044 EUR 66.196
Praktiker AG 5.875 2/10/2016 EUR 0.001
Regie Autonome des 0.875 8/18/2080 EUR 33.657
Severn Trent Utili 1.457 8/1/2058 GBP 67.237
Batigere Grand Est 2.030 5/29/2070 EUR 66.495
United Utilities W 1.591 9/25/2056 GBP 71.342
Santander Internat 1.150 4/8/2041 EUR 62.620
Sidetur Finance BV 10.000 4/20/2016 USD 0.726
Raiffeisen Schweiz 4.500 8/20/2024 CHF 76.650
CBo Territoria 3.750 7/1/2024 EUR
Credit Suisse AG/L 28.000 9/23/2024 USD 2.550
VTB Bank PJSC 9.881 USD 53.500
Landesbank Baden-W 15.000 2/23/2024 EUR 74.760
Duna Aszfalt Ut Es 2.990 10/17/2029 HUF 61.000
Agrokor dd 8.875 2/1/2020 USD 15.000
Hemso Fastighets A 2.127 4/18/2039 EUR 65.461
Vajda-Papir Gyarto 3.500 5/17/2031 HUF 72.100
Pannon Work Szemel 3.000 10/30/2030 HUF 70.400
Kreditanstalt fuer 1.000 10/20/2050 EUR 58.141
Agence France Loca 2.550 3/20/2036 AUD 69.779
Banque et Caisse d 1.230 4/26/2046 EUR 65.546
Barclays Bank PLC 1.340 2/1/2051 EUR 50.332
Batigere Grand Est 1.610 10/23/2040 EUR 65.958
DZ Bank AG Deutsch 0.420 2/17/2033 EUR 70.288
Aareal Bank AG 2.783 5/18/2037 EUR 69.635
Kuntarahoitus Oyj 1.449 3/1/2061 EUR 64.779
NIBC Bank NV 0.410 1/27/2031 EUR 72.889
Specialfastigheter 1.280 9/20/2049 SEK 54.394
Credit Suisse AG/L 4.700 7/1/2046 AUD 69.983
Kommunekredit 1.700 6/26/2045 EUR 72.057
Veneto Banca SpA 6.944 5/15/2025 EUR 0.544
Ministeries Van de 1.874 3/28/2058 EUR 56.846
Credit Agricole CI 0.550 8/11/2031 EUR 74.181
Autonomous Communi 1.744 7/1/2061 EUR 48.085
Republic of Irelan 1.250 10/8/2121 EUR 41.271
SpareBank 1 SMN 1.000 7/3/2034 EUR 68.397
Societe Du Grand P 1.149 4/8/2069 EUR 39.142
Saastopankkien Kes 0.975 8/18/2034 EUR 68.085
Landesbank Saar 0.650 11/19/2035 EUR 66.809
Region Bourgogne-F 0.397 12/3/2045 EUR 47.602
Thames Water Utili 1.846 8/28/2047 GBP 67.978
United Utilities W 1.435 11/21/2056 GBP 67.648
UBS AG/London 8.250 11/19/2026 EUR 54.420
Federal Grid Co - 7.000 3/23/2050 RUB 55.000
SkyGreen Buildings 3.000 12/29/2030 HUF 65.800
LFA Foerderbank Ba 0.050 9/29/2034 EUR 70.587
Micro Small & Medi 6.900 8/28/2026 USD 57.488
Landesbank Hessen- 0.900 5/12/2036 EUR 66.216
Veneto Banca SpA 6.950 2/25/2025 EUR 0.544
DZ Bank AG Deutsch 1.250 9/30/2060 EUR 51.007
Kardan NV 6.325 2/21/2021 ILS
Communaute Francai 1.380 11/7/2046 EUR 58.999
Grupo Isolux Corsa 1.000 12/30/2021 EUR 0.157
Landesbank Baden-W 0.350 1/20/2031 EUR 73.657
IBP Markets Ltd 5.000 GBP 50.997
Kuntarahoitus Oyj 1.150 9/24/2051 EUR 63.818
Region Occitanie 0.766 10/7/2041 EUR 59.692
Royal Schiphol Gro 2.890 10/25/2034 AUD 73.625
Muenchener Hypothe 0.250 10/31/2044 CHF 73.853
Deutsche Bank AG 2.010 12/10/2052 EUR 49.268
Citigroup Global M 1.230 8/20/2039 EUR 63.606
Societe Publique d 1.272 8/23/2036 EUR 71.612
Nationale-Nederlan 1.432 3/21/2039 EUR 73.116
Parnassia Groep BV 1.260 12/3/2046 EUR 73.324
Region de Bruxelle 1.225 6/21/2070 EUR 38.712
Morgan Stanley & C 1.105 6/18/2041 EUR 60.050
Vasakronan AB 1.700 6/28/2044 EUR 32.909
Bazalgette Finance 0.074 5/16/2049 GBP 60.354
DNB Boligkreditt A 0.980 6/20/2044 EUR 62.282
BNP Paribas SA 3.950 7/11/2039 AUD 71.595
Bayerische Landesb 0.490 4/9/2035 EUR 65.318
Nederlandse Waters 0.877 6/24/2054 EUR 48.608
Communaute Francai 1.010 7/19/2051 EUR 48.811
UBS AG/London 2.350 12/17/2048 EUR 71.362
Telia Co AB 3.000 9/25/2064 EUR 70.263
Deutsche Pfandbrie 0.710 9/10/2031 EUR 66.929
Communaute Francai 0.749 9/16/2080 EUR 44.986
Oberoesterreichisc 0.285 11/6/2042 EUR 51.429
Landshypotek Bank 1.815 2/25/2041 SEK 72.761
Region Bourgogne-F 0.270 12/7/2035 EUR 64.320
Region de Bruxelle 0.453 12/7/2055 EUR 33.747
Pescanova SA 5.125 4/20/2017 EUR 0.990
State of Lower Aus 0.550 11/13/2080 EUR 27.216
Bayer Construct Ep 3.700 10/21/2031 HUF 73.800
ArmSwissBank CJSC 6.750 6/15/2024 USD 0.000
AutoWallis Nyrt 3.000 7/27/2031 HUF 67.100
Landesbank Hessen- 1.500 11/17/2036 EUR 64.500
Leonteq Securities 24.000 12/15/2023 CHF 44.980
SG Issuer SA 0.850 10/16/2024 EUR 15.390
SG Issuer SA 0.900 4/7/2036 EUR 66.485
Kreditanstalt fuer 1.175 4/14/2051 EUR 61.065
SG Issuer SA 2.250 10/28/2029 EUR 73.670
Banco Santander SA 0.790 9/30/2031 EUR 74.004
Landesbank Baden-W 0.100 3/5/2031 EUR 74.152
Saechsische Aufbau 0.300 2/18/2042 EUR 54.708
Region de Bruxelle 1.036 1/7/2060 EUR 40.372
Citigroup Global M 1.150 9/19/2039 EUR 62.291
Caisse des Depots 0.916 1/20/2051 EUR 48.417
State of North Rhi 1.467 6/12/2045 EUR 68.781
Vasakronan AB 0.950 3/22/2039 JPY 71.454
Aareal Bank AG 1.850 3/20/2035 EUR 66.279
Novolipetsk Steel 1.450 6/2/2026 EUR 69.441
Landesbank Baden-W 0.590 12/7/2035 EUR 61.799
State of Saxony-An 0.475 9/30/2050 EUR 48.028
Region de Bruxelle 1.419 6/22/2045 EUR 63.497
Kreditanstalt fuer 1.171 7/19/2051 EUR 60.323
La Banque Postale 1.623 2/13/2042 EUR 71.414
Housing & Care 21 3.288 11/8/2049 GBP 66.271
Lloyds Bank PLC 2.450 2/1/2049 EUR 67.552
Region de Bruxelle 0.650 2/15/2061 EUR 33.253
Department of Giro 0.418 11/12/2041 EUR 55.099
Caisse Francaise d 0.865 2/17/2042 EUR 61.705
Elli Investments L 12.250 6/15/2020 GBP 52.250
State Savings Bank 12.700 1/19/2024 USD 34.250
Kommunekredit 1.062 9/9/2041 EUR 68.023
State of North Rhi 1.641 8/11/2066 EUR 58.098
Muenchener Hypothe 1.185 5/5/2059 EUR 51.634
Deutsche Lichtmiet 5.750 1/1/2023 EUR 5.100
Metal Hungaria Hol 3.000 11/17/2030 HUF 63.500
MBH Mortgage Bank 3.000 8/21/2030 HUF 71.040
Vasakronan AB 2.162 5/4/2040 SEK 68.174
SpareBank 1 Boligk 1.490 12/14/2038 EUR 73.160
Suek Securities DA 3.375 9/15/2026 USD 71.177
Hypo Vorarlberg Ba 0.400 12/22/2031 EUR 67.699
Renovables Atlasol 2.200 12/31/2038 EUR 69.306
ING Bank NV 0.465 4/21/2041 EUR 61.569
Landesbank Hessen- 0.700 2/24/2032 EUR 73.962
Centre Hospitalier 0.800 6/28/2041 EUR 60.629
Region de Bruxelle 1.000 10/29/2059 EUR 39.845
Kleopatra Holdings 6.500 9/1/2026 EUR 58.619
Muenchener Hypothe 0.400 8/11/2031 EUR 73.682
Region de Bruxelle 1.813 1/22/2048 EUR 65.696
Regie Autonome des 0.953 5/24/2052 EUR 50.458
UBS Group AG 2.490 3/4/2036 USD 67.552
MMC Norilsk Nickel 6.625 10/14/2022 USD 74.625
Bayerische Landesb 1.820 3/12/2031 EUR 70.722
Landeskreditbank B 1.017 3/15/2061 EUR 50.819
Region Wallonne Be 2.057 10/19/2043 EUR 70.300
Region de Bruxelle 0.900 6/28/2046 EUR 51.289
Ukraine Government 9.700 6/7/2028 UAH 50.741
Landesbank Baden-W 0.660 7/14/2036 EUR 60.829
de Volksbank NV 1.506 6/14/2038 EUR 74.065
Caisse des Depots 1.900 9/14/2048 EUR 64.697
Region Centre 0.924 11/2/2043 EUR 56.597
Credit Agricole Co 12.000 11/17/2025 TRY 60.121
Lloyds Bank PLC 2.637 1/16/2040 AUD 63.977
Banco Santander SA 0.010 10/1/2032 EUR 70.341
Ville de Paris 0.464 8/20/2040 EUR 58.746
Landesbank Hessen- 2.400 3/22/2052 EUR 64.735
Deutsche Bank AG 2.825 2/25/2043 EUR 65.967
Penarian Housing F 3.212 6/7/2052 GBP 66.925
Kuntarahoitus Oyj 1.155 11/19/2060 EUR 46.698
Severn Trent Utili 1.523 8/1/2058 GBP 68.970
Hypo Vorarlberg Ba 1.520 7/8/2050 EUR 46.508
Hemso Fastighets A 2.680 7/10/2035 AUD 64.601
Danske Bank A/S 0.910 10/17/2039 JPY 72.253
La Banque Postale 0.640 1/27/2042 EUR 60.737
Zurcher Kantonalba 10.000 10/25/2024 CHF 68.790
Flextronics Intern 3.600 12/6/2031 HUF 70.000
Zurcher Kantonalba 12.500 2/14/2024 CHF 65.790
Wingholding Zrt 3.000 9/22/2031 HUF 64.350
Societe Generale S 21.000 12/26/2025 USD 26.000
Federal Grid Co - 7.000 6/30/2048 RUB 55.010
Russian Post FGUP 2.750 12/6/2023 RUB 61.010
Societe Generale S 15.760 8/13/2026 USD 51.400
ABN AMRO Bank NV 1.585 1/21/2039 EUR 73.639
Assistance Publiqu 1.502 5/9/2044 EUR 66.134
Region Auvergne-Rh 0.650 5/18/2038 EUR 62.894
United Kingdom Gil 1.500 7/22/2047 GBP 54.218
Ministeries Van de 1.392 11/12/2041 EUR 63.917
Societe Generale S 5.050 11/25/2036 USD 45.482
Orient Express Ban 2.000 USD 12.000
Nederlandse Waters 0.996 11/4/2049 EUR 57.177
Batigere Grand Est 1.550 11/14/2039 EUR 66.836
Hemso Fastighets A 1.130 10/31/2039 EUR 60.586
ABN AMRO Bank NV 0.450 12/12/2036 EUR 67.293
Realkredit Danmark 0.500 10/1/2050 DKK 63.154
Vasakronan AB 2.277 3/11/2039 EUR 41.994
Santander Internat 1.320 8/8/2039 EUR 67.496
Nordea Hypotek AB 2.250 10/15/2048 SEK 73.389
Santander Consumer 9.520 NOK 62.114
Kreditanstalt fuer 1.270 6/29/2051 EUR 62.192
Region Auvergne-Rh 0.805 7/26/2039 EUR 63.423
Nomura Bank Intern 1.175 7/8/2033 EUR 70.688
Landesbank Baden-W 0.150 8/11/2031 EUR 73.076
Region Auvergne-Rh 1.150 4/8/2039 EUR 67.830
Air Berlin Finance 8.500 3/6/2019 EUR 0.278
DNB Boligkreditt A 1.594 1/29/2043 EUR 70.751
Chelyabinsk Pipe P 4.500 9/19/2024 USD 60.787
ABN AMRO Bank NV 1.425 4/17/2045 EUR 64.355
Region Wallonne Be 1.246 5/12/2070 EUR 43.829
Republic of Austri 0.100 7/10/2040 EUR 58.295
Centrosolar Group 7.000 2/15/2016 EUR 2.505
Serbia Treasury Bo 2.300 3/18/2047 EUR 55.669
ABN AMRO Bank NV 1.070 3/3/2041 EUR 65.049
Nederlandse Waters 1.870 11/8/2057 EUR 68.661
de Volksbank NV 1.552 4/12/2040 EUR 72.838
DZ Bank AG Deutsch 1.200 11/25/2050 EUR 51.836
Nederlandse Waters 0.932 12/2/2060 EUR 45.759
Region Wallonne Be 1.040 5/28/2040 EUR 61.717
Yorkshire Water Se 1.758 2/1/2054 GBP 71.172
Assistance Publiqu 1.053 5/25/2052 EUR 49.496
United Utilities W 1.556 10/25/2056 GBP 69.997
Thames Water Utili 1.846 8/28/2047 GBP 67.282
Thames Water Utili 1.819 8/28/2049 GBP 65.152
Federal Grid Co - 7.000 6/30/2048 RUB 55.010
Raiffeisenlandesba 3.093 6/9/2036 EUR 53.350
DZ Bank AG Deutsch 1.840 12/21/2048 EUR 69.051
HSBC Continental E 2.220 1/24/2048 EUR 65.211
BNP Paribas SA 2.700 2/21/2049 EUR 73.719
Agence Francaise d 1.955 11/21/2053 EUR 67.131
Region Wallonne Be 1.127 10/3/2036 EUR 70.018
Assistance Publiqu 0.490 9/30/2040 EUR 58.261
Landesbank Baden-W 0.540 10/7/2031 EUR 72.768
MetMax Europe Zrt 3.000 12/11/2030 HUF 74.500
National Grid Elec 1.608 8/24/2040 GBP 53.768
Kreditanstalt fuer 1.143 4/15/2050 EUR 60.955
Lea bank ASA 12.460 NOK 75.280
Kommunekredit 1.336 10/1/2032 AUD 70.800
Credit Agricole Co 1.300 2/2/2061 EUR 47.753
Nederlandse Waters 1.675 4/26/2046 EUR 70.696
Region de Bruxelle 1.750 1/17/2048 EUR 65.799
Akademiska Hus AB 0.850 2/17/2033 SEK 74.369
Department of Giro 0.650 12/17/2038 EUR 63.952
DZ Bank AG Deutsch 1.055 3/11/2031 EUR 69.785
Landesbank Baden-W 0.200 3/26/2031 EUR 74.582
Assistance Publiqu 1.800 4/10/2048 EUR 65.390
Republic of Irelan 2.045 3/22/2075 EUR 70.044
Nederlandse Waters 1.650 5/27/2061 EUR 60.143
Landesbank Baden-W 0.520 3/7/2031 EUR 74.417
NRW Bank 0.550 7/23/2035 EUR 72.502
Deutsche Pfandbrie 2.000 7/9/2032 EUR 72.287
Deutsche Bank AG/L 14.900 5/30/2028 TRY 50.898
Lloyds Bank PLC 2.450 7/23/2048 EUR 67.828
Nederlandse Waters 2.010 5/3/2058 EUR 71.806
Deutsche Pfandbrie 1.850 9/20/2032 EUR 70.773
Department of Loir 0.915 11/23/2043 EUR 58.025
State of Rhineland 0.375 7/20/2048 EUR 48.562
Sveriges Sakerstal 1.378 7/13/2046 SEK 63.506
Landesbank Baden-W 0.400 12/1/2031 EUR 73.868
Republic of Irelan 1.100 11/12/2096 EUR 40.010
Luminis SA 1.800 9/2/2059 EUR 41.951
JAB Holdings BV 2.000 12/19/2039 EUR 69.187
Region de Bruxelle 1.053 11/14/2059 EUR 40.773
Kuntarahoitus Oyj 0.983 11/3/2060 EUR 54.827
Republic of Irelan 0.810 7/10/2079 EUR 37.713
Region de Bruxelle 1.286 12/17/2046 EUR 55.159
Hellas Telecommuni 6.054 1/15/2015 USD 0.016
Landesbank Saar 0.835 2/19/2035 EUR 69.793
DZ Bank AG Deutsch 0.350 11/10/2042 EUR 56.760
Region Wallonne Be 1.135 10/10/2069 EUR 42.422
Agence Francaise d 0.537 7/16/2040 EUR 62.354
Batigere Grand Est 1.800 8/12/2050 EUR 58.451
Landeskreditbank B 1.025 4/1/2061 EUR 51.103
Raiffeisen Switzer 7.750 7/21/2025 CHF 74.500
Societe Generale S 20.000 9/18/2026 USD 9.500
SFO Social Develop 10.210 1/8/2027 RUB 60.050
Abroncs Kereskedoh 2.800 12/17/2027 HUF 74.000
COFIDUR SA 0.100 12/31/2024 EUR 30.400
SG Issuer SA 0.010 6/22/2033 EUR 75.320
Caisse des Depots 1.460 1/24/2052 EUR 55.809
Barclays Bank PLC 2.000 5/7/2036 MXN 30.300
Caisse des Depots 0.696 9/14/2040 EUR 60.008
FLUVIUS System Ope 0.810 4/8/2033 EUR 70.525
Region de Bruxelle 1.922 4/24/2059 EUR 56.748
Raiffeisen Bank In 0.430 9/9/2030 EUR 72.232
Caisse des Depots 1.075 9/15/2050 EUR 50.770
Wirtschafts- und I 0.200 12/14/2045 EUR 47.209
Kreditanstalt fuer 0.918 10/11/2050 EUR 56.751
Ville de Paris 0.395 12/18/2045 EUR 47.687
Norddeutsche Lande 1.420 4/28/2039 EUR 62.398
Nationale-Nederlan 1.400 3/18/2039 EUR 72.851
Natixis SA 4.510 4/12/2043 AUD 70.300
Kreditanstalt fuer 0.820 4/15/2050 EUR 55.904
Republic of Irelan 1.320 11/28/2119 EUR 35.703
DZ Bank AG Deutsch 0.500 3/2/2038 EUR 58.566
Phosphorus Holdco 10.000 4/1/2019 GBP 0.500
Landesbank Hessen- 0.450 1/7/2032 EUR 73.971
Ville de Paris 0.921 5/26/2053 EUR 47.098
Regie Autonome des 0.938 5/25/2050 EUR 49.637
Gazprom PJSC via G 1.850 11/17/2028 EUR 59.323
Kommunekredit 2.180 7/16/2040 AUD 59.409
Caisse des Depots 1.552 8/16/2038 EUR 72.026
New World Resource 8.000 4/7/2020 EUR 0.105
Barclays Bank PLC 3.020 3/26/2051 USD 58.702
Batigere Grand Est 1.550 8/12/2041 EUR 63.953
Landesbank Hessen- 0.750 12/17/2035 EUR 65.600
Nederlandse Waters 0.260 11/10/2036 EUR 66.822
Windreich GmbH 6.250 3/1/2015 EUR 4.082
DZ Bank AG Deutsch 0.520 11/23/2033 EUR 68.981
ALROSA Finance SA 3.100 6/25/2027 USD 8.564
Severn Trent Utili 1.500 10/20/2056 GBP 69.036
Landesbank Hessen- 1.000 3/9/2037 EUR 68.900
MET Hungary Solar 3.800 12/2/2031 HUF 73.850
Gazprombank JSC 4.500 5/14/2032 USD 66.667
SG Issuer SA 2.100 3/30/2034 EUR 68.510
UBS AG/London 12.000 4/24/2025 USD 62.830
Raiffeisen Switzer 8.580 2/2/2024 CHF 73.780
Leonteq Securities 6.000 1/24/2025 CHF 13.000
Credit Suisse AG/L 1.400 11/4/2025 CHF 56.090
Mifa Mitteldeutsch 7.500 8/12/2018 EUR 1.550
Communaute Francai 1.367 1/20/2070 EUR 53.590
Norddeutsche Lande 1.280 9/2/2039 EUR 60.234
Societe Du Grand P 1.923 5/25/2066 EUR 54.808
VTB Bank OJSC Via 6.250 6/30/2035 USD 23.363
Region de Bruxelle 0.930 5/3/2051 EUR 47.111
DZ HYP AG 0.205 6/5/2040 EUR 55.823
Landeskreditbank B 0.812 12/16/2060 EUR 46.098
Agence France Loca 1.941 4/20/2042 EUR 73.956
Kuntarahoitus Oyj 0.854 1/14/2060 EUR 52.981
Landesbank Baden-W 0.590 10/7/2032 EUR 70.192
Belfius Bank SA 1.296 2/20/2040 EUR 68.993
City of Gothenburg 1.990 2/20/2045 SEK 72.989
Grupo Isolux Corsa 6.000 12/30/2021 EUR 0.673
HSBC Bank PLC 2.102 1/30/2047 EUR 64.958
Commerzbank AG 1.046 12/18/2034 EUR 71.366
Department of L'Eu 0.442 10/25/2045 EUR 48.420
Erste Group Bank A 1.400 5/7/2034 EUR 69.126
Landesbank Hessen- 1.150 6/23/2036 EUR 68.317
Kingdom of Belgium 2.750 6/10/2071 USD 57.372
Kingdom of Belgium 0.650 6/22/2071 EUR 37.724
Junta de Castilla 1.270 10/31/2044 EUR 58.128
BPCE SFH SA 1.420 3/30/2039 EUR 71.444
Caisse des Depots 1.780 1/15/2048 EUR 65.129
Caisse des Depots 1.000 2/26/2051 EUR 49.131
Bayerische Landesb 0.400 7/15/2031 EUR 74.689
DekaBank Deutsche 1.080 12/9/2039 EUR 63.351
SG Issuer SA 0.100 6/11/2029 NZD 71.857
Officine Maccaferr 5.750 6/1/2021 EUR 16.625
Bibby Offshore Ser 7.500 6/15/2021 GBP 11.625
Italy Buoni Polien 2.700 3/1/2047 EUR 72.407
Kreditanstalt fuer 1.208 3/10/2051 EUR 61.680
State of Saarland 0.500 3/15/2051 EUR 47.375
Assistance Publiqu 1.810 11/17/2043 EUR 70.195
Oberbank AG 2.280 6/22/2038 EUR 66.005
Region de Bruxelle 1.036 6/29/2049 EUR 48.326
Republic of Irelan 1.230 6/23/2121 EUR 40.404
Centre Hospitalier 1.160 9/6/2039 EUR 62.595
Landesbank Baden-W 0.490 6/9/2031 EUR 73.379
Landesbank Baden-W 0.520 12/9/2031 EUR 72.154
State of North Rhi 1.650 5/16/2047 EUR 69.790
Caisse des Depots 1.902 9/11/2048 EUR 66.308
BNP Paribas SA 1.450 11/17/2041 EUR 63.239
Cooperatieve Rabob 2.360 9/25/2047 EUR 71.616
Muenchener Hypothe 1.003 3/9/2060 EUR 47.651
Region de Bruxelle 1.310 12/15/2069 EUR 40.635
Region Wallonne Be 2.070 8/27/2049 EUR 67.875
Region de Bruxelle 1.016 9/23/2057 EUR 41.675
Agence Francaise d 2.360 1/30/2045 AUD 55.045
Espirito Santo Fin 5.125 5/30/2016 EUR 0.158
Air Berlin Finance 6.000 3/6/2019 EUR 0.278
BNP Paribas SA 1.150 11/20/2034 EUR 72.681
Kuntarahoitus Oyj 0.858 2/22/2051 EUR 60.011
Deutsche Pfandbrie 1.720 3/7/2042 EUR 72.983
Kreditanstalt fuer 0.400 8/12/2040 EUR 62.179
Stichting Afwikkel 6.625 5/14/2018 EUR 43.625
United Utilities W 1.474 8/24/2031 USD 71.169
Landesbank Hessen- 1.650 5/27/2030 EUR 40.633
BKS Bank AG 1.390 1/19/2032 EUR 74.037
CDC Habitat SEM 1.060 5/22/2036 EUR 69.677
Nykredit Realkredi 1.182 1/17/2034 EUR 71.104
French Republic Go 0.500 6/25/2044 EUR 55.908
Landesbank Saar 0.720 6/29/2035 EUR 68.039
Landwirtschaftlich 0.984 2/4/2042 EUR 66.183
Lehman Brothers Tr 4.000 4/13/2011 CHF 0.100
Societe Generale S 24.000 8/30/2024 USD 48.620
SG Issuer SA 2.100 8/23/2033 EUR 18.450
Societe Generale S 14.400 12/14/2023 USD 21.450
Barclays Bank PLC 0.613 11/15/2024 USD 9.770
Zurcher Kantonalba 10.000 5/23/2024 CHF 68.510
Citigroup Global M 3.880 3/2/2026 EUR 57.240
Credit Suisse AG/L 24.000 3/22/2024 USD 62.900
Futureal Developme 3.500 11/16/2036 HUF 55.000
LP Portfolio Vagyo 3.400 9/23/2031 HUF 62.150
UBS AG/London 26.000 3/22/2024 CHF 20.820
Leonteq Securities 30.000 2/6/2024 CHF 15.940
DZ Bank AG Deutsch 2.000 12/29/2031 EUR 72.750
SALVATOR Vermoegen 9.500 EUR 7.900
Societe Generale S 12.000 7/14/2026 USD 37.000
Landesbank Baden-W 0.360 12/30/2030 EUR 73.891
Raiffeisen-Landesb 2.010 12/7/2048 EUR 69.435
Societe Generale S 0.360 9/14/2033 EUR 74.078
Oberoesterreichisc 0.350 10/9/2041 EUR 54.492
Kuntarahoitus Oyj 1.300 4/8/2061 EUR 61.370
Region Wallonne Be 1.272 10/3/2040 EUR 63.834
Muenchener Hypothe 0.490 9/17/2032 EUR 72.755
Szinorg Universal 3.000 5/15/2030 HUF 71.118
SUN Group Keresked 5.500 1/17/2032 HUF 75.000
Landesbank Baden-W 0.560 9/22/2033 EUR 67.067
State of Lower Aus 0.400 10/13/2050 EUR 43.705
IT Holding Finance 9.875 11/15/2012 EUR 0.015
Department of Loir 0.478 10/30/2040 EUR 57.943
Caisse des Depots 0.945 5/19/2051 EUR 49.033
BNG Bank NV 0.562 6/7/2051 EUR 54.655
Sanctuary Capital 2.481 11/12/2037 GBP 68.042
Nationwide Buildin 1.573 5/7/2041 EUR 72.292
Communaute Francai 0.788 8/30/2049 EUR 47.023
State of North Rhi 1.513 7/27/2065 EUR 56.022
Deutsche Pfandbrie 2.490 2/21/2033 EUR 73.984
Basque Government 2.350 4/11/2049 EUR 69.292
BNG Bank NV 1.040 11/28/2047 EUR 58.130
Kreditanstalt fuer 1.208 6/17/2051 EUR 61.447
BPCE SA 2.250 3/13/2040 AUD 53.164
Landesbank Hessen- 0.500 12/3/2031 EUR 73.187
Erste Group Bank A 1.010 10/7/2041 EUR 50.638
Credit Bank of Mos 7.625 USD 25.764
Societe Generale S 2.300 4/20/2048 EUR 71.931
DZ Bank AG Deutsch 1.070 10/6/2042 EUR 64.528
Cooperatieve Rabob 2.255 9/20/2047 EUR 70.309
Landesbank Baden-W 0.500 7/30/2031 EUR 73.043
Nederlandse Waters 2.000 8/6/2058 EUR 72.139
Region Wallonne Be 2.160 2/23/2044 EUR 71.268
Kreditanstalt fuer 1.115 5/17/2041 EUR 68.078
BNP Paribas SA 2.730 9/27/2034 AUD 64.868
Credit Agricole SA 3.000 1/19/2041 AUD 48.075
National Grid Elec 2.037 2/15/2039 EUR 72.587
Region Wallonne Be 1.961 5/22/2045 EUR 68.792
Lukoil Securities 3.875 5/6/2030 USD 72.388
Land Berlin 0.150 2/22/2036 EUR 68.031
Vasakronan AB 1.770 10/26/2033 NOK 71.542
Credit Agricole Co 2.480 8/18/2050 USD 51.506
Portugal Telecom I 5.242 11/6/2017 EUR 0.694
Metropole de Lyon 0.540 12/7/2050 EUR 42.630
Intesa Sanpaolo Ba 3.102 11/19/2035 AUD 64.566
Autonomous Communi 0.810 10/31/2040 EUR 58.410
Land Baden-Wuertte 1.150 4/5/2049 EUR 61.902
Region de Bruxelle 1.065 6/22/2047 EUR 53.959
Region Wallonne Be 1.300 6/16/2068 EUR 44.014
SCC Power PLC 6.000 12/31/2028 USD 52.349
Zurcher Kantonalba 8.100 2/2/2024 CHF 69.850
Vontobel Financial 8.400 12/4/2023 EUR 72.300
Credit Suisse AG/L 14.300 12/15/2023 USD 44.230
ArmSwissBank CJSC 9.000 6/1/2025 AMD 0.000
Zurcher Kantonalba 12.000 4/26/2024 EUR 58.850
Kraus-M ZAO 10.000 12/10/2026 RUB 60.050
Epito-Es Epuletkar 3.000 11/11/2030 HUF 65.500
SG Issuer SA 0.021 8/15/2033 EUR 54.990
DEPFA PLC 4.357 1/26/2034 EUR 0.010
Vontobel Financial 7.120 12/7/2023 EUR 54.830
Natixis SA 2.530 8/30/2036 AUD 60.662
SG Issuer SA 2.700 11/28/2034 ZAR 42.364
Norddeutsche Lande 1.090 11/15/2043 EUR 65.130
Raiffeisenverband 1.617 1/29/2048 EUR 64.352
Credit Agricole Co 1.550 9/8/2031 AUD 71.326
Basque Government 2.000 4/30/2059 EUR 57.988
Region Auvergne-Rh 0.645 4/9/2040 EUR 59.332
Credit Agricole SA 6.750 9/29/2042 AUD 72.131
Communaute Francai 2.350 8/18/2062 EUR 67.820
Commerzbank AG 1.200 2/25/2036 EUR 71.272
French Republic Go 0.500 5/25/2040 EUR 62.802
UniCredit Bank AG 0.610 5/2/2033 EUR 71.588
Kreditanstalt fuer 2.760 8/8/2046 USD 70.106
Nederlandse Waters 0.750 10/4/2041 EUR 62.686
Credit Agricole Co 15.000 6/18/2026 TRY 60.144
EDOB Abwicklungs A 7.500 4/1/2012 EUR 1.537
Vasakronan AB 2.050 5/28/2044 EUR 36.522
Cooperatieve Rabob 1.430 9/1/2036 EUR 70.424
Deutsche Pfandbrie 3.100 9/7/2046 USD 65.570
United Utilities W 0.379 12/9/2036 GBP 73.687
NRW Bank 1.245 9/7/2060 EUR 51.614
Societe Generale S 1.510 12/20/2044 EUR 62.200
Aareal Bank AG 0.300 12/11/2030 EUR 68.826
Region Auvergne-Rh 0.800 5/22/2040 EUR 60.499
DekaBank Deutsche 0.230 4/22/2031 EUR 74.217
Credit Agricole CI 1.000 4/26/2036 EUR 67.347
Ferrovie Luganesi 0.280 12/31/2044 CHF 72.836
NRW Bank 0.800 10/22/2060 EUR 42.619
Kreditanstalt fuer 1.075 12/20/2049 EUR 60.307
Department of Bouc 1.068 5/21/2048 EUR 54.067
Caisse Francaise d 1.668 2/23/2043 EUR 71.437
National Grid Elec 2.920 9/30/2044 AUD 56.204
Region Occitanie 0.776 10/6/2041 EUR 59.824
Region Auvergne-Rh 0.530 9/29/2036 EUR 66.093
Credit Agricole Co 0.650 11/5/2034 EUR 67.726
Republic of Irelan 1.200 4/15/2120 EUR 39.187
HSBC Bank PLC 10.300 12/10/2024 TRY 73.477
Commerzbank AG 1.219 12/12/2039 EUR 64.359
Department of Bouc 0.810 12/16/2041 EUR 59.903
Region Auvergne-Rh 0.493 10/23/2037 EUR 63.213
Ukraine Government 11.900 10/8/2025 UAH 69.977
Muenchener Hypothe 1.000 6/30/2037 EUR 64.758
BPCE SFH SA 0.860 7/25/2036 EUR 70.597
Communaute Francai 1.115 7/11/2039 EUR 64.861
Communaute Francai 1.187 9/16/2069 EUR 49.559
Erste Group Bank A 1.540 3/18/2034 EUR 70.821
Credit Agricole CI 0.810 11/1/2033 EUR 70.232
Parnassia Groep BV 1.470 12/1/2045 EUR 61.051
Nordea Eiendomskre 2.200 6/17/2043 NOK 73.438
Kreditanstalt fuer 0.699 10/20/2036 EUR 72.772
Ukraine Government 6.000 9/13/2028 UAH 40.420
Region Auvergne-Rh 0.697 8/2/2036 EUR 68.017
Goldman Sachs Inte 2.034 7/7/2036 EUR 72.583
Communaute Francai 1.397 7/18/2059 EUR 49.540
SNCF Reseau 2.303 7/11/2067 EUR 62.879
Kreditanstalt fuer 0.980 6/28/2051 EUR 57.293
Republic of Irelan 2.000 6/29/2064 EUR 66.256
Communaute Francai 1.340 7/1/2054 EUR 52.145
Landwirtschaftlich 0.400 7/29/2036 EUR 69.502
Merrill Lynch BV 2.500 8/2/2036 USD 70.622
BNP Paribas SA 3.660 8/9/2039 AUD 69.271
Lloyds Bank PLC 2.450 7/20/2048 EUR 67.782
NRW Bank 1.020 8/1/2049 EUR 53.500
Muenchener Hypothe 1.010 8/6/2044 EUR 54.040
Region Provence-Al 1.525 6/29/2037 EUR 73.692
Republic of Irelan 2.000 6/29/2063 EUR 66.938
BPCE SA 2.160 10/6/2031 USD 73.525
Nederlandse Waters 1.950 8/29/2058 EUR 66.856
Lloyds Bank PLC 1.765 8/17/2037 EUR 68.983
BPCE SA 2.450 2/24/2035 AUD 65.327
Lloyds Bank PLC 2.170 8/28/2038 EUR 71.878
Region de Bruxelle 1.800 8/17/2048 EUR 66.147
Muenchener Hypothe 1.002 2/21/2050 EUR 55.483
Avanti Communicati 9.000 10/1/2022 USD 13.750
Credit Agricole Co 14.280 11/5/2026 TRY 57.292
Raiffeisenverband 1.853 2/5/2049 EUR 67.368
Commerzbank AG 1.430 1/23/2040 EUR 65.937
Belfius Bank SA 0.190 1/28/2031 EUR 73.789
Societe Du Grand P 2.100 2/14/2069 EUR 58.181
BNP Paribas SA 0.500 11/16/2032 MXN 38.943
Erste Group Bank A 0.940 5/22/2034 EUR 64.244
Espirito Santo Fin 4.948 10/27/2024 EUR 0.158
Premium Green PLC 1.630 12/30/2030 AUD 72.440
Nederlandse Waters 1.551 11/24/2061 EUR 60.552
Vasakronan AB 1.870 6/3/2039 EUR 37.937
Republic of Irelan 1.230 6/1/2120 EUR 40.750
Agence Francaise d 0.714 7/10/2045 EUR 54.673
Region de Bruxelle 0.910 1/31/2053 EUR 44.769
Banque Cantonale d 0.100 11/1/2044 CHF 70.665
Bausparkasse Wuest 0.485 6/25/2040 EUR 58.964
Republic of Irelan 1.230 5/29/2120 EUR 40.548
SNCF Reseau 1.100 10/27/2036 EUR 73.010
Serbia Treasury Bo 1.500 3/26/2033 EUR 70.110
Region de Bruxelle 1.065 6/12/2058 EUR 41.978
BNP Paribas SA 3.750 6/12/2040 AUD 72.888
Norske Skogindustr 7.125 10/15/2033 USD 0.010
Converse Bank 9.750 4/20/2024 AMD 0.000
Landesbank Hessen- 0.750 11/17/2036 EUR 68.200
Societe Generale S 12.000 12/31/2036 USD 64.700
UBS AG/London 7.750 3/4/2024 USD 66.600
DZ Bank AG Deutsch 2.400 6/28/2024 EUR 75.270
Credit Suisse AG/L 19.000 2/14/2024 USD 49.810
DekaBank Deutsche 2.500 2/2/2024 EUR 30.260
Raiffeisen Switzer 15.000 1/23/2024 CHF 35.220
Zurcher Kantonalba 21.750 2/8/2024 CHF 40.770
Societe Generale S 16.000 7/3/2024 USD 28.200
Kreditanstalt fuer 1.201 9/13/2051 EUR 60.618
Hungary Government 3.000 4/25/2041 HUF 59.125
Nederlandse Waters 2.032 1/23/2058 EUR 71.839
DZ HYP AG 1.226 8/25/2036 EUR 66.982
Heta Asset Resolut 5.730 12/31/2023 EUR 1.344
Raiffeisen-Landesb 1.470 5/3/2069 EUR 49.472
United Utilities W 0.010 9/30/2036 GBP 71.612
Ministeries Van de 0.875 6/3/2045 EUR 52.355
Landesbank Baden-W 0.690 10/8/2035 EUR 62.846
Kommunekredit 0.100 9/30/2033 DKK 71.705
Landesbank Baden-W 0.260 5/28/2031 EUR 74.417
BNP Paribas SA 1.300 1/28/2037 EUR 68.086
Region Wallonne Be 1.240 5/28/2069 EUR 42.342
Landesbank Baden-W 0.300 6/18/2031 EUR 74.492
Communaute Francai 0.392 1/22/2041 EUR 54.393
Hamburgische Inves 0.380 2/24/2042 EUR 59.776
DLR Kredit A/S 0.500 10/1/2050 DKK 69.621
Landesbank Baden-W 0.580 3/2/2033 EUR 68.921
Liga Bank eG Regen 0.010 1/29/2036 EUR 63.110
Assistance Publiqu 0.683 3/19/2041 EUR 59.694
Landesbank Hessen- 0.350 10/13/2031 EUR 72.533
Malta Government B 1.000 8/23/2035 EUR 72.100
Deutsche Bank Luxe 2.386 4/27/2029 EUR 69.542
Landesbank Baden-W 0.060 9/1/2031 EUR 72.313
BNG Bank NV 1.873 11/24/2047 EUR 70.376
Landesbank Baden-W 0.230 7/9/2031 EUR 73.870
HSBC Bank PLC 2.220 7/20/2037 EUR 74.377
Autonomous Communi 1.515 6/21/2051 EUR 53.057
BNP Paribas SA 1.400 6/4/2041 EUR 63.118
Communaute Francai 1.787 6/14/2044 EUR 66.895
Nederlandse Waters 2.030 9/28/2058 EUR 68.768
Landesbank Baden-W 0.500 12/8/2031 EUR 72.195
Autonomous Communi 1.646 7/30/2060 EUR 48.329
Nederlandse Waters 1.955 6/28/2058 EUR 70.135
Landesbank Hessen- 0.530 11/4/2031 EUR 73.539
Raiffeisen-Landesb 1.922 4/19/2058 EUR 65.785
United Kingdom Inf 0.125 3/22/2073 GBP 66.236
DZ HYP AG 1.536 10/24/2039 EUR 74.817
BNG Bank NV 2.020 8/7/2058 EUR 70.988
Citigroup Global M 1.010 12/1/2034 EUR 68.887
Caisse des Depots 1.617 3/18/2049 EUR 61.761
SpareBank 1 Nord N 1.580 3/13/2034 EUR 74.168
State of Hesse 0.450 9/23/2044 EUR 53.339
Landesbank Hessen- 0.850 3/12/2035 EUR 68.122
Privatbank CJSC Vi 10.875 2/28/2018 USD 8.718
Natixis SA 1.150 1/23/2035 EUR 71.678
Credit Bank of Mos 4.700 1/29/2025 USD 35.017
Caisse des Depots 2.345 1/29/2050 AUD 51.149
Deutsche Bank AG 1.050 9/1/2031 EUR 71.276
Muenchener Hypothe 1.000 5/7/2035 EUR 71.959
Credit Agricole Co 2.480 3/4/2036 USD 68.288
Region Occitanie 1.339 3/21/2042 EUR 66.230
Ville de Paris 0.760 5/25/2066 EUR 33.394
Nederlandse Waters 0.190 11/2/2050 EUR 43.585
Autonomous Communi 1.089 10/31/2049 EUR 49.498
Windreich GmbH 6.750 3/1/2015 EUR 4.082
Region de Bruxelle 0.556 12/23/2064 EUR 28.237
Bulgaria Steel Fin 12.000 5/4/2013 EUR 0.216
SpareBank 1 SR-Ban 1.650 2/24/2042 EUR 61.484
Barclays Bank PLC 2.500 12/29/2032 USD 70.922
Landesbank Saar 0.710 12/6/2035 EUR 67.267
Landesbank Saar 0.760 5/8/2034 EUR 70.462
Lehman Brothers Tr 8.875 1/28/2011 HKD 0.100
Region Auvergne-Rh 1.832 5/6/2042 EUR 69.626
Vasutvillamosito K 3.000 2/3/2031 HUF 65.000
Credit Suisse AG/L 16.500 3/22/2024 CHF 27.490
Nordea Bank Abp 0.620 10/14/2026 SEK 63.660
Federal Grid Co - 7.000 3/23/2050 RUB 55.000
Leonteq Securities 17.000 2/21/2024 CHF 53.220
Corner Banca SA 21.000 2/20/2024 CHF 40.420
Credit Suisse AG/L 2.500 7/23/2025 SEK 16.750
Societe Generale S 1.580 9/16/2024 USD 2.750
DZ Bank AG Deutsch 7.250 6/28/2024 EUR 72.850
Hamburg Commercial 2.597 2/1/2036 EUR 63.170
Dr Wiesent Sozial 7.000 EUR 0.001
Opus Global Nyrt 2.800 10/29/2029 HUF 70.000
Meta Wolf AG 6.750 3/10/2005 DEM 0.110
SG Issuer SA 3.300 9/26/2034 ZAR 46.321
Landesbank Baden-W 0.820 5/27/2032 EUR 72.821
Barclays Bank PLC 3.070 12/3/2032 AUD 73.828
Commune de Marseil 1.688 12/6/2038 EUR 74.349
SG Issuer SA 3.000 10/10/2034 ZAR 44.466
Assistance Publiqu 0.750 12/3/2041 EUR 60.122
Oberoesterreichisc 0.650 10/15/2035 EUR 57.494
KPNQwest NV 10.000 3/15/2012 EUR 0.717
Societe Du Grand P 1.955 4/16/2069 EUR 56.260
Sparekassen Bredeb 3.750 4/15/2031 DKK 72.090
Societe Wallonne d 1.066 9/18/2046 EUR 52.363
Norske Skog Holdin 8.000 2/24/2021 EUR 0.006
DNB Boligkreditt A 1.080 5/16/2039 EUR 68.693
Pick Szeged Szalam 2.000 12/6/2029 HUF 72.810
Bayerische Landesb 3.850 11/18/2036 EUR 71.813
Agence Francaise d 1.862 2/25/2054 EUR 65.509
Hypo Vorarlberg Ba 0.570 8/26/2030 EUR 73.691
Credit Agricole Co 1.815 11/30/2033 USD 67.865
Metropole de Lyon 0.500 12/28/2048 EUR 44.519
Rio Forte Investme 4.750 11/10/2015 EUR 2.389
Hungary Government 4.000 4/28/2051 HUF 61.623
Credit Agricole SA 3.270 10/5/2041 AUD 55.949
Vasakronan AB 1.000 6/15/2041 EUR 27.508
Agence Francaise d 2.330 2/10/2041 AUD 59.692
Nationwide Buildin 1.336 2/26/2041 EUR 69.678
French Republic Go 0.500 5/25/2072 EUR 34.384
State of Hesse 0.375 4/9/2040 EUR 59.970
Agence Francaise d 1.890 11/20/2048 EUR 68.896
Deutsche Apotheker 1.616 1/15/2038 EUR 69.706
Caisse des Depots 0.571 2/18/2041 EUR 58.024
BNP Paribas SA 1.125 11/5/2034 EUR 70.745
Muenchener Hypothe 0.300 9/6/2032 EUR 71.530
Region Wallonne Be 1.600 3/29/2039 EUR 71.375
Credit Bank of Mos 3.875 9/21/2026 USD 36.219
Ukraine Government 8.520 11/10/2033 UAH 33.575
Ukraine Government 8.120 11/10/2035 UAH 30.404
Kuntarahoitus Oyj 0.448 3/19/2040 EUR 61.975
NRW Bank 1.245 11/4/2051 EUR 58.000
Norddeutsche Lande 1.100 10/13/2034 EUR 70.142
Landesbank Hessen- 2.435 2/6/2048 EUR 65.421
Credit Agricole SA 1.000 4/6/2035 EUR 67.792
Abengoa Abenewco 1 6.000 6/10/2022 EUR 0.454
Landesbank Baden-W 0.650 12/1/2031 EUR 73.180
Natixis SA 3.600 11/11/2041 AUD 61.788
Muenchener Hypothe 1.692 11/6/2051 EUR 63.659
Natixis SA 3.550 11/12/2041 AUD 61.928
Hypo-Bank Burgenla 2.010 2/7/2048 EUR 69.893
Citigroup Global M 2.000 3/25/2039 EUR 72.507
Caisse des Depots 0.606 9/30/2039 EUR 61.061
Region Wallonne Be 0.638 6/21/2047 EUR 46.649
Lloyds Bank PLC 2.280 1/29/2044 EUR 67.646
LBI ehf 7.431 USD 0.001
Ville de Paris 0.758 8/20/2060 EUR 36.432
Cooperatieve Rabob 1.300 3/28/2039 EUR 72.148
Aareal Bank AG 1.576 2/23/2032 EUR 72.852
Region Bourgogne-F 0.300 12/3/2040 EUR 55.572
Barclays Bank PLC 1.382 11/27/2045 EUR 55.845
UBS Group AG 2.210 11/24/2035 USD 65.834
Premium Green PLC 1.610 9/30/2030 AUD 73.283
Heta Asset Resolut 4.875 12/31/2023 EUR 1.344
Region Wallonne Be 1.222 6/24/2080 EUR 41.167
Kreditanstalt fuer 2.820 11/8/2046 USD 70.984
Espirito Santo Fin 5.050 11/15/2025 EUR 0.244
Landesbank Hessen- 1.200 2/9/2052 EUR 56.336
Region Wallonne Be 1.220 6/12/2050 EUR 52.721
Region de Bruxelle 1.810 3/22/2053 EUR 59.605
Citigroup Global M 2.560 4/29/2025 EUR 23.990
Zurcher Kantonalba 22.000 8/6/2024 USD 71.570
SG Issuer SA 2.100 12/6/2033 EUR 42.930
VTB Bank PJSC 3.750 EUR 39.000
Vontobel Financial 6.750 4/22/2024 EUR 64.160
Leonteq Securities 30.000 1/5/2024 CHF 18.940
Landesbank Hessen- 1.250 4/7/2037 EUR 72.500
Leonteq Securities 27.000 1/9/2024 CHF 16.020
Basler Kantonalban 24.000 3/8/2024 CHF 23.360
ArmSwissBank CJSC 6.500 5/2/2025 USD 0.000
ACBA Bank OJSC 11.500 3/1/2026 AMD 9.828
Bank Vontobel AG 22.000 1/10/2024 CHF 16.100
Skandinaviska Ensk 4.500 11/7/2024 EUR 61.350
Credit Suisse AG/L 20.000 11/29/2024 USD 14.140
Societe Generale S 27.300 10/20/2025 USD 9.000
BNP Paribas Issuan 1.300 4/22/2026 EUR 65.720
VTB Bank PJSC 18.750 RUB 58.030
State of Saxony-An 2.402 7/3/2028 EUR 60.000
RUSAL Bratsk OJSC 0.010 4/7/2026 RUB 73.650
Kreditanstalt fuer 1.087 1/21/2050 EUR 60.447
Landesbank Baden-W 0.150 9/20/2030 EUR 73.533
Caisse Francaise d 1.670 12/7/2048 EUR 66.228
Landesbank Baden-W 0.460 1/7/2031 EUR 74.599
Agence Francaise d 1.950 11/19/2053 EUR 62.042
Landesbank Baden-W 0.500 4/16/2031 EUR 73.866
Standard Chartered 3.000 4/30/2036 AUD 65.422
Kreditanstalt fuer 0.250 10/6/2036 CAD 52.401
Caisse des Depots 1.410 5/21/2049 EUR 58.367
Department of Bouc 0.432 2/1/2046 EUR 47.841
Aareal Bank AG 0.625 9/16/2030 EUR 71.645
Cie Generale de Na 0.350 12/29/2056 CHF 68.329
Norske Skog Holdin 8.000 2/24/2023 USD 0.006
Region de Bruxelle 1.620 4/30/2049 EUR 60.208
Landesbank Baden-W 0.510 4/15/2031 EUR 73.935
Landesbank Baden-W 6.750 4/26/2024 EUR 31.500
SunDell Estate Nyr 3.650 7/9/2031 HUF 70.000
SR-Boligkreditt AS 1.252 12/2/2041 EUR 66.801
Department of L'Eu 0.515 5/25/2040 EUR 59.297
UniCredit Bank AG 0.310 10/15/2035 EUR 67.934
Kreditanstalt fuer 0.951 9/9/2050 EUR 55.648
LFA Foerderbank Ba 0.125 9/30/2038 EUR 62.055
Landesbank Baden-W 0.060 1/20/2031 EUR 74.300
Metropole de Lyon 0.500 12/28/2049 EUR 43.170
DZ Bank AG Deutsch 0.700 4/29/2036 EUR 70.440
Landesbank Baden-W 0.200 5/7/2031 EUR 74.220
Landesbank Baden-W 0.500 4/21/2031 EUR 73.826
Landesbank Baden-W 0.440 5/7/2031 EUR 73.331
Barclays Bank PLC 3.020 4/23/2036 NZD 72.288
Region Wallonne Be 0.050 10/26/2032 EUR 71.268
Oberoesterreichisc 0.610 1/28/2037 EUR 66.359
Storebrand Bank AS 8.170 NOK 56.852
Deutsche Bank AG 2.530 10/7/2036 USD 66.717
Caisse des Depots 2.615 11/15/2049 AUD 54.730
Caisse des Depots 0.750 11/6/2048 EUR 49.019
Muenchener Hypothe 0.550 2/18/2046 CHF 68.507
Landesbank Baden-W 0.900 11/22/2034 EUR 67.131
Willhem AB 1.824 10/18/2038 SEK 64.813
Region Wallonne Be 0.850 1/26/2071 EUR 35.181
Nederlandse Waters 1.577 12/9/2039 GBP 63.606
Kreditanstalt fuer 0.990 2/12/2051 EUR 57.644
Kreditanstalt fuer 0.683 2/22/2051 EUR 52.347
Landesbank Baden-W 0.380 2/12/2031 EUR 73.647
Landesbank Baden-W 0.580 3/2/2033 EUR 68.921
NRW Bank 1.180 3/3/2051 EUR 57.792
Credit Agricole Co 1.280 12/5/2039 EUR 67.161
Credit Agricole Co 2.800 2/23/2041 AUD 59.436
Norddeutsche Lande 0.675 2/25/2033 EUR 70.930
Natixis SA 2.800 3/3/2041 USD 66.400
Landesbank Saar 0.670 3/10/2034 EUR 70.248
NRW Bank 0.473 6/23/2049 EUR 49.456
Landesbank Baden-W 0.430 1/22/2031 EUR 74.117
Landesbank Baden-W 0.080 2/12/2031 EUR 74.216
Landesbank Hessen- 1.370 9/22/2031 EUR 68.055
Landesbank Baden-W 0.140 10/20/2031 EUR 72.407
Landesbank Baden-W 0.370 10/20/2031 EUR 71.570
Landesbank Baden-W 0.510 6/18/2031 EUR 73.433
Agence Francaise d 1.656 4/4/2054 EUR 61.781
Region de Bruxelle 0.829 7/2/2043 EUR 56.468
Landesbank Baden-W 0.280 9/1/2031 EUR 71.386
Landesbank Hessen- 0.300 9/15/2031 EUR 72.420
Agence Francaise d 1.911 10/26/2048 EUR 69.279
Regie Autonome des 1.900 6/26/2048 EUR 69.238
Landesbank Baden-W 0.550 11/9/2032 EUR 69.648
Region Centre 0.668 11/2/2035 EUR 69.087
Specialfastigheter 2.375 6/25/2048 SEK 73.224
ABN AMRO Bank NV 1.530 7/2/2038 EUR 73.813
Autonomous Communi 1.442 10/26/2049 EUR 54.480
Landesbank Baden-W 0.530 11/10/2031 EUR 72.445
Republic of Irelan 1.190 10/7/2101 EUR 41.993
DZ Bank AG Deutsch 0.625 7/21/2036 EUR 63.661
BNG Bank NV 0.632 7/12/2066 EUR 37.099
Region de Bruxelle 1.029 1/14/2048 EUR 52.204
Communaute Francai 2.100 6/30/2067 EUR 61.624
BNG Bank NV 2.000 4/17/2058 EUR 71.585
Landesbank Hessen- 0.450 8/19/2031 EUR 73.588
Landesbank Baden-W 0.360 8/11/2031 EUR 72.063
Cooperatieve Rabob 2.250 9/15/2047 EUR 70.244
HSBC Bank PLC 2.230 9/6/2047 EUR 65.667
DNB Boligkreditt A 1.634 2/13/2043 EUR 70.849
Landesbank Baden-W 0.490 5/28/2031 EUR 73.473
UniCredit Bank AG 2.250 10/14/2039 EUR 71.881
Landesbank Baden-W 0.300 3/17/2033 EUR 69.617
Landesbank Hessen- 0.850 10/17/2034 EUR 68.991
Caisse Francaise d 0.726 10/29/2039 EUR 62.882
Landesbank Hessen- 0.500 2/2/2032 EUR 72.803
Hypo Tirol Bank AG 1.010 1/20/2040 EUR 65.801
Societe Generale S 1.700 1/19/2031 USD 72.715
NRW Bank 1.235 12/16/2061 EUR 50.442
BPCE SFH SA 1.536 12/21/2038 EUR 73.554
Caisse Francaise d 1.500 2/7/2039 EUR 74.204
Citigroup Global M 1.000 9/30/2036 EUR 65.857
Barclays Bank PLC 3.100 12/13/2044 AUD 52.866
Kuntarahoitus Oyj 1.005 11/4/2060 EUR 54.970
Landesbank Baden-W 0.380 11/18/2030 EUR 74.357
Premium Green PLC 1.650 3/28/2031 AUD 71.365
Kuntarahoitus Oyj 0.726 1/8/2060 EUR 47.342
Region Wallonne Be 1.165 6/29/2059 EUR 46.701
Wirtschafts- und I 0.170 12/9/2041 EUR 54.777
Agrokor dd 9.125 2/1/2020 EUR 15.000
Landesbank Baden-W 0.430 12/9/2030 EUR 74.477
Slovenska Sporitel 4.820 EUR 64.530
Landesbank Saar 0.540 11/18/2033 EUR 69.484
Agence France Loca 0.210 12/20/2035 EUR 66.442
Caisse des Depots 1.474 6/5/2049 EUR 58.306
NTRP Via Interpipe 10.250 8/2/2017 USD 0.864
Credit Agricole Co 2.610 7/27/2050 USD 53.172
Assistance Publiqu 0.630 7/30/2042 EUR 56.473
Societe Generale S 0.690 4/21/2033 EUR 72.391
Muenchener Hypothe 0.805 4/16/2036 EUR 65.011
Norske Skogindustr 7.125 10/15/2033 USD 0.010
Caisse des Depots 1.382 3/16/2045 EUR 61.864
Landesbank Baden-W 0.200 4/16/2031 EUR 74.401
Danske Bank A/S 0.805 8/12/2036 EUR 70.155
Cooperatieve Rabob 3.000 3/25/2036 AUD 70.988
Caisse des Depots 1.150 2/3/2042 EUR 61.906
Muenchener Hypothe 0.568 6/15/2032 EUR 74.462
Wirtschafts- und I 0.650 2/8/2039 EUR 65.935
Landesbank Saar 0.890 9/4/2034 EUR 71.060
Region de Bruxelle 2.344 2/14/2053 EUR 68.295
Credit Suisse AG/L 5.200 11/27/2023 USD 9.860
Bank Julius Baer & 13.600 6/17/2024 CHF 63.650
UBS AG/London 9.500 12/8/2023 USD 53.700
Vontobel Financial 7.250 6/24/2024 EUR 53.940
OPUS TIGAZ Gazhalo 2.800 3/24/2031 HUF 64.000
Landesbank Hessen- 1.500 1/20/2037 EUR 63.200
SG Issuer SA 8.700 1/20/2025 SEK 73.220
MKB-Leasing OOO 14.700 12/22/2027 RUB 65.000
Societe Generale S 20.000 1/29/2026 USD 16.750
Mercedes-Benz Manu 1.500 3/16/2027 HUF 75.000
MKB-Leasing OOO 16.000 10/12/2026 RUB 70.020
Citigroup Global M 2.540 9/13/2024 EUR 40.300
Zurcher Kantonalba 10.000 2/27/2024 CHF 73.770
Vontobel Financial 24.000 12/22/2023 EUR 50.480
Credit Suisse AG/L 2.500 10/7/2025 SEK 17.350
Zurcher Kantonalba 10.000 6/6/2024 CHF 69.400
Gold-Zack AG 7.000 12/14/2005 EUR 6.001
UBS AG/London 16.300 1/8/2024 EUR 31.150
VTB Bank PJSC 7.600 4/2/2031 RUB 60.010
Bank Julius Baer & 13.350 5/14/2024 CHF 67.900
Market Epito Zrt 2.950 10/22/2029 HUF 68.000
Zurcher Kantonalba 16.700 4/19/2024 CHF 61.590
Heta Asset Resolut 7.500 12/31/2023 ATS 1.344
Merrill Lynch BV 2.510 8/25/2036 USD 70.585
Banque et Caisse d 1.270 5/7/2045 EUR 67.277
Assistance Publiqu 0.634 8/27/2045 EUR 48.403
Landesbank Hessen- 1.300 6/4/2035 EUR 71.600
Norddeutsche Lande 1.200 1/13/2037 EUR 65.327
Bayerische Landesb 1.680 12/18/2037 EUR 71.781
Credit Agricole Co 1.920 10/16/2032 USD 71.902
Landesbank Hessen- 0.700 7/7/2034 EUR 67.867
Alteo Nyrt 2.450 10/8/2031 HUF 67.900
Quintet Private Ba 6.050 5/26/2026 USD 61.900
Societe Generale S 11.000 7/14/2026 USD 11.600
BNP Paribas Issuan 1.560 2/2/2039 EUR 59.390
Caisse des Depots 1.630 12/28/2046 EUR 63.729
Societe Wallonne d 0.894 10/23/2045 EUR 50.810
Jyske Realkredit A 1.000 10/1/2056 DKK 64.326
Deutsche Pfandbrie 0.480 5/19/2031 EUR 66.232
Hypo Tirol Bank AG 1.530 4/10/2043 EUR 68.312
JAB Holdings BV 3.750 5/28/2051 USD 62.066
Landesbank Hessen- 1.383 3/28/2042 EUR 69.670
BNP Paribas SA 1.660 3/4/2031 USD 73.781
Caisse des Depots 1.018 2/16/2051 EUR 49.452
Ukraine Government 10.710 4/26/2028 UAH 53.665
Ville de Rennes 0.505 10/22/2034 EUR 68.242
CDC Habitat SEM 1.170 5/4/2037 EUR 69.365
Societe Du Grand P 2.145 11/26/2068 EUR 59.416
Vasakronan AB 1.310 12/10/2040 EUR 31.049
State of North Rhi 0.200 7/17/2034 EUR 72.654
ABN AMRO Bank NV 0.500 12/12/2039 EUR 61.543
Assa Abloy AB 0.650 8/28/2034 EUR 69.437
BNG Bank NV 1.410 7/28/2031 AUD 74.190
Lehman Brothers Tr 4.050 9/16/2008 EUR 0.100
Aareal Bank AG 1.068 2/18/2050 EUR 55.825
Land Thueringen 1.127 4/2/2049 EUR 58.512
Kommunalkredit Aus 1.183 6/2/2031 EUR 71.400
DNB Boligkreditt A 1.569 1/31/2042 EUR 71.015
Landesbank Hessen- 0.650 9/16/2036 EUR 63.153
Ukraine Government 6.000 12/23/2026 UAH 52.473
Credito Padano Ban 3.100 EUR 36.339
Nykredit Realkredi 1.000 10/1/2050 DKK 71.232
City of Hanover Ge 1.560 5/3/2048 EUR 69.082
Credit Mutuel Arke 2.060 9/21/2038 EUR 72.050
Kuntarahoitus Oyj 1.220 3/27/2060 EUR 59.793
DZ HYP AG 1.965 7/19/2058 EUR 64.963
Goldman Sachs Inte 2.500 7/26/2048 EUR 68.424
Kommunalbanken AS 1.920 4/19/2048 EUR 74.189
Senvion Holding Gm 3.875 10/25/2022 EUR 0.104
Hypo Vorarlberg Ba 1.020 7/15/2041 EUR 49.594
BPCE SA 2.250 3/13/2040 AUD 53.643
CDC Habitat SEM 1.700 3/21/2039 EUR 71.310
Communaute Francai 1.140 9/20/2059 EUR 44.667
Erste Group Bank A 0.880 2/12/2035 EUR 62.435
Natixis SA 0.300 6/25/2048 USD 30.312
Citigroup Global M 1.200 12/23/2036 EUR 66.940
Societe Nationale 2.931 1/14/2051 AUD 57.452
Landesbank Hessen- 0.600 2/18/2036 EUR 63.856
Banque Internation 1.300 1/15/2041 EUR 57.149
Norddeutsche Lande 1.350 2/3/2038 EUR 63.827
BNP Paribas SA 1.000 1/23/2040 MXN 21.872
Kommunalkredit Aus 0.570 9/15/2037 EUR 63.581
Vasakronan AB 2.533 1/28/2044 EUR 38.763
HSBC Continental E 1.385 11/18/2039 EUR 62.799
National Grid Elec 3.120 12/10/2039 AUD 63.414
Landeskreditbank B 1.443 3/18/2042 EUR 73.204
Batigere Grand Est 1.400 8/31/2050 EUR 52.039
Banque et Caisse d 0.900 8/6/2042 EUR 65.340
Lehman Brothers Tr 10.600 4/22/2014 MXN 0.100
Lehman Brothers Tr 4.680 12/12/2045 EUR 0.100
Barclays Bank PLC 2.325 1/2/2041 USD 70.929
Canton of Neuchate 0.350 7/14/2050 CHF 72.801
Department of Val 0.390 11/18/2041 EUR 54.711
Agrokor dd 8.875 2/1/2020 USD 15.000
Ministeries Van de 0.600 11/19/2055 EUR 35.683
Virgolino de Olive 11.750 2/9/2022 USD 0.448
Bilt Paper BV 10.360 USD 1.082
Barclays Bank PLC 1.235 11/27/2040 EUR 59.398
Region Wallonne Be 0.808 6/24/2038 EUR 64.321
SAir Group 2.125 11/4/2004 CHF 10.000
Heta Asset Resolut 5.270 12/31/2023 EUR 1.344
Vasakronan AB 0.914 5/27/2030 EUR 67.995
Landesbank Hessen- 1.150 3/9/2037 EUR 67.415
Region Bourgogne-F 0.841 5/12/2037 EUR 66.372
Landesbank Hessen- 1.350 3/16/2037 EUR 69.312
Heta Asset Resolut 4.259 12/31/2023 EUR 1.344
Vontobel Financial 12.000 7/22/2024 EUR 56.860
Raiffeisen Switzer 20.000 5/8/2024 EUR 64.610
SG Issuer SA 2.100 6/8/2034 EUR 74.100
MASTERPLAST Nyrt 2.900 8/25/2031 HUF 67.500
Unibank OJSC 5.300 2/5/2024 USD 0.000
Fast Credit Capita 11.500 7/13/2024 AMD 0.000
Zurcher Kantonalba 20.000 3/8/2024 CHF 42.740
Nordea Bank Abp 2.000 2/3/2026 SEK 51.520
Vorosko Kereskedel 4.750 1/25/2032 HUF 70.500
Raiffeisen Schweiz 20.000 9/11/2024 CHF 59.560
TMK PJSC 7.350 2/28/2025 RUB 60.150
SG Issuer SA 2.100 12/27/2033 EUR 42.470
SG Issuer SA 1.750 3/17/2034 EUR 60.100
Credit Suisse AG/L 10.000 10/31/2024 EUR 72.410
Zurcher Kantonalba 8.000 4/5/2024 CHF 71.490
UniCredit Bank AG 10.600 6/28/2024 EUR 69.790
UBS AG/London 16.500 7/22/2024 CHF 62.700
SG Issuer SA 1.500 1/24/2034 EUR 59.900
SG Issuer SA 1.750 4/21/2034 EUR 73.720
Landesbank Hessen- 5.648 1/26/2037 EUR 68.100
Raiffeisen Switzer 4.300 1/14/2025 CHF 75.310
Zurcher Kantonalba 15.000 4/3/2024 CHF 52.420
DZ Bank AG Deutsch 5.900 12/18/2023 EUR 62.390
Leonteq Securities 11.000 12/7/2023 CHF 18.330
SG Issuer SA 1.800 8/14/2034 EUR 62.390
Leonteq Securities 24.500 1/26/2024 CHF 13.500
Zurcher Kantonalba 20.000 1/23/2024 CHF 45.750
Bank Vontobel AG 9.250 2/19/2024 EUR 56.800
Veragold Mining Co 5.000 12/31/2025 EUR 73.000
Zurcher Kantonalba 8.500 7/19/2024 CHF 72.810
Citigroup Global M 1.800 11/17/2036 EUR 62.760
Credit Suisse AG/L 10.250 5/15/2024 CHF 66.160
Zurcher Kantonalba 8.500 2/23/2024 CHF 67.600
Bank Julius Baer & 15.300 6/17/2024 EUR 63.700
Landesbank Hessen- 1.000 10/14/2036 EUR 62.750
Zurcher Kantonalba 8.500 6/19/2024 CHF 69.360
Landesbank Hessen- 1.750 2/16/2037 EUR 67.000
Societe Generale S 8.000 9/18/2036 USD 69.400
Bank Vontobel AG 16.250 12/22/2023 EUR 60.900
TKK OOO 12.000 9/20/2046 RUB 60.100
Zurcher Kantonalba 15.000 3/6/2024 CHF 68.020
Societe Generale S 0.705 11/12/2035 EUR 64.630
Zurcher Kantonalba 10.000 1/30/2024 USD 72.080
UBS AG/London 12.000 2/22/2024 CHF 42.800
Zurcher Kantonalba 8.500 8/19/2024 CHF 60.170
AKB Peresvet ZAO 0.510 8/4/2034 RUB 29.010
Landesbank Hessen- 0.800 11/26/2035 EUR 63.900
Danske Bank A/S 9.000 7/9/2026 SEK 70.380
UBS AG/London 7.540 7/3/2024 USD 9.840
UBS AG/London 8.000 4/7/2025 CHF 72.050
Landesbank Hessen- 0.900 11/20/2035 EUR 65.300
Societe Generale S 8.000 8/18/2026 USD 69.000
Russian Railways J 7.690 10/15/2040 RUB 50.000
Citigroup Global M 13.200 12/18/2023 SEK 78.330
DZ Bank AG Deutsch 1.400 12/30/2030 EUR 74.050
UBS AG/London 7.950 7/3/2024 USD 9.880
Federal Grid Co - 6.150 9/7/2048 RUB 55.000
Barclays Bank PLC 2.730 9/27/2024 EUR 57.280
Landesbank Hessen- 1.000 11/29/2034 EUR 69.600
Zurcher Kantonalba 9.000 2/9/2024 CHF 72.430
Basler Kantonalban 17.000 7/19/2024 CHF 52.910
Richter Gedeon Nyr 1.750 6/4/2031 HUF 72.500
Zurcher Kantonalba 17.400 4/19/2024 USD 63.790
Credit Agricole Co 10.500 2/16/2027 TRY 48.896
Raiffeisen-Landesb 0.050 9/13/2033 EUR 69.627
Cie de Financement 1.494 12/17/2038 EUR 74.348
Caisse des Depots 1.270 10/1/2051 EUR 53.080
Banque Internation 0.530 9/2/2030 EUR 74.346
Credit Agricole CI 0.440 8/30/2033 EUR 69.189
ABN AMRO Bank NV 1.355 2/21/2039 EUR 70.885
Kreditanstalt fuer 0.693 2/8/2050 EUR 50.444
Citigroup Global M 1.200 8/25/2041 EUR 59.382
DNB Boligkreditt A 1.530 12/21/2043 EUR 68.388
Credit Agricole CI 0.440 9/6/2033 EUR 67.609
Ile-de-France Mobi 1.000 12/2/2043 EUR 59.712
Cooperatieve Rabob 2.090 12/27/2047 EUR 67.772
Centre Hospitalier 0.490 12/1/2036 EUR 67.212
Cie de Financement 1.760 11/15/2048 EUR 66.536
Kreditanstalt fuer 1.027 10/26/2050 EUR 56.920
DZ Bank AG Deutsch 0.600 11/16/2035 EUR 64.884
Landesbank Hessen- 0.850 11/19/2035 EUR 66.670
BKS Bank AG 1.500 3/18/2032 EUR 74.269
Minicentrales Dos 0.010 6/6/2047 EUR 66.375
Landesbank Hessen- 0.950 6/11/2035 EUR 68.849
A-TEC Industries A 5.750 11/2/2010 EUR 0.100
SAir Group 2.750 7/30/2004 CHF 10.000
Erste Group Bank A 1.200 2/11/2040 EUR 55.446
Credit Agricole Co 2.750 12/12/2034 AUD 69.787
Cie de Financement 1.101 5/17/2039 EUR 69.033
Landesbank Baden-W 0.821 8/24/2032 EUR 72.617
Landesbank Baden-W 0.570 4/23/2031 EUR 74.557
Ministeries Van de 1.053 6/3/2050 EUR 50.482
Credit Agricole CI 0.400 12/4/2032 EUR 69.441
DZ Bank AG Deutsch 0.750 9/21/2035 EUR 66.900
Purple Protected A 2.085 10/27/2060 EUR 43.842
State of Rhineland 0.100 10/1/2040 EUR 58.797
Credit Agricole CI 0.580 4/6/2033 EUR 69.564
Raiffeisenlandesba 0.750 6/20/2031 EUR 72.858
SG Issuer SA 1.050 11/20/2025 EUR 10.120
Pervyi Konteinerny 0.010 2/6/2026 RUB 72.780
SAir Group 5.125 3/1/2003 CHF 10.000
Tonon Luxembourg S 9.250 1/24/2020 USD 0.606
Tonon Luxembourg S 9.250 1/24/2020 USD 0.606
DNB Boligkreditt A 1.230 11/18/2039 EUR 69.649
Muenchener Hypothe 1.750 12/19/2046 EUR 69.956
BPCE SFH SA 1.403 1/13/2039 EUR 71.991
Cooperatieve Rabob 1.315 2/28/2039 EUR 71.092
Credit Agricole Co 25.680 8/10/2027 TRY 77.455
Barclays Bank PLC 1.000 8/31/2034 EUR 67.083
Standard Chartered 0.500 9/11/2040 JPY 63.665
DZ Bank AG Deutsch 0.700 11/2/2035 EUR 66.176
Nederlandse Waters 0.230 10/22/2035 EUR 69.477
Credit Agricole Co 1.100 12/16/2034 EUR 70.650
Kreditanstalt fuer 0.880 12/7/2050 EUR 55.976
Kuntarahoitus Oyj 1.005 12/7/2060 EUR 55.101
Nomura Bank Intern 0.400 12/3/2030 EUR 74.260
Kreditanstalt fuer 0.943 6/9/2050 EUR 57.623
Credit Agricole CI 0.390 12/16/2032 EUR 69.267
Muenchener Hypothe 0.420 12/10/2035 EUR 65.520
Office Public De L 1.700 12/22/2060 EUR 64.496
UniCredit Bank Aus 0.150 4/29/2033 EUR 72.025
Minicentrales Dos 0.010 6/6/2047 EUR 58.375
Caisse des Depots 1.300 4/28/2051 EUR 53.778
Kommunalkredit Aus 1.055 10/6/2031 EUR 69.467
Credit Agricole Co 15.000 7/14/2026 TRY 59.749
Assistance Publiqu 1.795 3/30/2048 EUR 65.343
HSBC Continental E 2.150 3/14/2049 EUR 64.133
BPCE SA 2.730 10/5/2036 AUD 63.814
Norddeutsche Lande 2.208 6/4/2036 EUR 70.213
Bank of Ireland Mo 1.548 4/17/2043 EUR 70.286
Natixis SA 2.720 5/27/2036 USD 71.529
Landesbank Baden-W 0.395 1/29/2031 EUR 74.159
Landesbeteiligunge 1.450 6/15/2046 EUR 58.743
Caisse des Depots 0.642 2/12/2041 EUR 57.253
BNG Bank NV 1.627 4/25/2046 EUR 70.940
Caisse des Depots 0.950 2/17/2051 EUR 48.331
Landesbank Baden-W 0.436 9/25/2031 EUR 72.519
NRW Bank 0.420 2/8/2039 EUR 63.149
Landesbank Baden-W 0.400 7/2/2031 EUR 72.956
Kuntarahoitus Oyj 0.040 2/9/2034 EUR 71.836
Citigroup Global M 1.000 8/31/2036 EUR 65.577
de Volksbank NV 1.510 12/13/2038 EUR 73.301
Basque Government 1.750 4/22/2050 EUR 59.169
Ville de Paris 0.963 12/6/2051 EUR 48.306
Region de Bruxelle 1.020 4/30/2060 EUR 39.706
Credit Agricole Co 17.520 1/27/2027 TRY 62.740
DekaBank Deutsche 0.848 8/2/2032 EUR 74.313
Kreditanstalt fuer 1.030 12/6/2049 EUR 59.587
Credit Agricole CI 0.500 2/23/2033 EUR 70.832
Kreditanstalt fuer 0.680 2/23/2051 EUR 52.646
HSBC Continental E 0.800 12/13/2034 EUR 67.308
Banca Popolare di 9.500 10/2/2025 EUR 0.380
Nationwide Buildin 1.673 1/28/2041 EUR 73.477
BNG Bank NV 2.011 12/18/2045 EUR 73.904
Region of Pays de 0.427 3/9/2034 EUR 71.200
Nationwide Buildin 1.618 1/28/2041 EUR 72.724
BPCE SA 2.320 3/4/2036 USD 63.159
Region of Pays de 0.449 3/9/2035 EUR 68.689
Credit Agricole Co 11.640 3/24/2027 TRY 50.628
Ukraine Government 9.500 3/19/2025 UAH 72.417
DNB Boligkreditt A 0.846 7/14/2036 EUR 70.753
Credit Agricole CI 0.550 3/17/2033 EUR 69.728
DZ HYP AG 1.300 7/18/2041 EUR 68.155
Purple Protected A 1.518 1/25/2061 EUR 63.715
Credit Agricole CI 0.490 9/13/2033 EUR 69.501
Region de Bruxelle 0.875 6/22/2057 EUR 38.473
Credit Agricole Co 9.450 3/8/2027 TRY 46.637
Deutsche Bank AG/L 11.210 6/26/2025 TRY 71.219
Eika Boligkreditt 1.245 3/28/2039 EUR 70.527
Kreditanstalt fuer 1.271 5/20/2051 EUR 62.360
Region Bourgogne-F 0.895 5/20/2038 EUR 67.995
Landesbank Hessen- 0.900 10/27/2036 EUR 65.309
ABN AMRO Bank NV 1.171 4/4/2044 EUR 61.898
Communaute Francai 1.815 3/26/2049 EUR 63.831
Credit Agricole CI 0.730 6/2/2033 EUR 70.432
Credit Agricole Co 15.000 6/18/2026 TRY 60.223
Caisse des Depots 2.766 8/9/2049 USD 61.939
Caisse Francaise d 1.640 7/10/2048 EUR 67.051
Communaute Francai 2.105 7/23/2068 EUR 61.970
Landesbank Baden-W 0.260 7/29/2030 EUR 74.618
Region of Pays de 1.704 10/23/2040 EUR 70.365
Nederlandse Waters 1.928 10/23/2048 EUR 72.971
Ukraine Government 8.750 4/20/2033 UAH 34.985
BNP Paribas SA 2.400 6/14/2048 EUR 73.096
NRW Bank 1.000 6/24/2051 EUR 54.166
Ukraine Government 9.780 5/10/2029 UAH 47.124
Societe Generale S 0.650 6/23/2035 EUR 72.487
Region Wallonne Be 2.100 6/26/2048 EUR 69.995
Landesbank Baden-W 0.710 11/9/2035 EUR 62.819
Ukraine Government 9.610 11/10/2029 UAH 44.971
Hypo Vorarlberg Ba 0.500 6/23/2031 EUR 70.284
Argentum Capital S 0.500 11/30/2033 EUR 63.444
Deutsche Bank AG/L 4.320 6/15/2037 AUD 71.486
Grand Delta Habita 1.750 10/28/2061 EUR 66.146
Raiffeisenlandesba 1.174 7/11/2034 EUR 66.028
Commerzbank AG 1.150 6/28/2034 EUR 74.235
Region Provence-Al 0.623 10/15/2035 EUR 68.558
Caisse des Depots 1.370 6/28/2037 EUR 74.224
National Grid Elec 2.020 3/12/2032 AUD 72.095
Caisse Francaise d 1.720 11/6/2047 EUR 67.742
Societe Generale S 3.050 11/23/2031 AUD 72.886
Credit Agricole CI 1.160 10/25/2036 EUR 68.227
Credito Padano Ban 3.100 EUR 36.621
Caisse des Depots 1.930 3/6/2048 EUR 67.249
Credit Agricole CI 0.540 9/20/2033 EUR 69.848
Natixis SA 3.000 10/18/2051 USD 63.088
Goldman Sachs Inte 2.300 5/25/2037 EUR 72.544
Banco Santander SA 1.020 1/4/2034 EUR 69.026
SpareBank 1 SR-Ban 1.020 10/8/2036 EUR 62.592
Lloyds Bank PLC 2.560 9/4/2038 SEK 74.080
Credit Agricole Co 10.800 3/24/2026 TRY 59.082
Ukraine Government 12.520 5/13/2026 UAH 73.486
Credit Agricole CI 0.850 11/19/2033 EUR 70.028
Grenke Finance PLC 0.819 2/15/2030 EUR 66.423
Berlin Hyp AG 0.750 3/4/2050 EUR 52.331
Cooperatieve Rabob 1.485 9/3/2041 EUR 70.875
Citigroup Global M 1.010 10/28/2035 EUR 67.941
BPCE SFH SA 1.512 4/20/2043 EUR 68.188
Stadshypotek AB 1.444 4/19/2038 EUR 73.818
de Volksbank NV 1.495 7/26/2038 EUR 73.548
BNP Paribas SA 2.050 8/14/2039 EUR 74.340
Kreissparkasse Koe 0.350 2/19/2035 EUR 67.493
Grand Delta Habita 1.820 3/18/2050 EUR 59.466
Credit Agricole Co 1.190 2/26/2040 EUR 64.380
State of Rhineland 0.500 7/30/2036 EUR 71.248
Department of Val 0.929 5/19/2041 EUR 62.438
Landesbank Baden-W 1.000 3/18/2039 EUR 58.821
Rio Forte Investme 3.900 7/10/2014 USD 2.566
Purple Protected A 1.570 4/30/2061 EUR 46.066
New World Resource 4.000 10/7/2020 EUR 0.891
Region Wallonne Be 0.250 12/29/2036 EUR 62.488
Nederlandse Waters 1.850 2/11/2059 EUR 65.329
Purple Protected A 1.598 2/5/2061 EUR 64.710
Cooperatieve Rabob 1.460 6/1/2040 EUR 72.029
Caisse Francaise d 1.428 2/19/2049 EUR 62.258
Grand City Propert 2.800 2/25/2039 EUR 65.227
Credit Agricole Co 11.340 2/12/2026 TRY 57.082
CDC Habitat SEM 1.043 5/12/2036 EUR 69.575
BPCE SFH SA 1.529 12/14/2038 EUR 73.576
Akademiska Hus AB 2.080 4/17/2045 SEK 69.541
Barclays Bank PLC 2.320 1/11/2041 USD 57.060
DNB Boligkreditt A 1.530 1/25/2039 EUR 74.209
Purple Protected A 1.565 12/23/2060 EUR 61.329
Barclays Bank PLC 1.240 11/14/2034 EUR 69.999
HSBC Continental E 1.410 12/12/2039 EUR 62.815
ECM Real Estate In 5.000 10/9/2011 EUR 15.375
Landesbank Hessen- 0.600 11/26/2035 EUR 64.368
Agence Metropolita 0.500 7/7/2035 EUR 69.738
Credit Agricole CI 1.750 3/3/2037 EUR 74.235
NRW Bank 1.510 3/7/2046 EUR 67.261
Solarwatt GmbH 7.000 11/1/2015 EUR 15.500
Credit Agricole Co 10.320 7/22/2026 TRY 51.911
Agence Metropolita 0.800 7/1/2040 EUR 62.514
Kreditanstalt fuer 0.830 12/9/2050 EUR 55.377
DZ Bank AG Deutsch 0.640 12/7/2035 EUR 65.401
Deutsche Pfandbrie 0.500 11/18/2030 EUR 68.222
Banco Espirito San 10.000 12/6/2021 EUR 0.397
Hypo Vorarlberg Ba 0.375 11/4/2030 EUR 71.868
Kreditanstalt fuer 0.902 11/16/2050 EUR 56.411
Pescanova SA 8.750 2/17/2019 EUR 1.103
Nomura Bank Intern 0.400 11/5/2030 EUR 73.366
BPCE SA 2.315 11/19/2035 AUD 62.372
Caisse Francaise d 0.510 11/19/2040 EUR 59.319
Autonomous Communi 1.950 5/24/2041 EUR 70.328
Purple Protected A 1.580 5/25/2060 EUR 39.652
Kreditanstalt fuer 0.953 1/24/2042 EUR 66.637
Kingdom of Belgium 1.400 6/22/2053 EUR 59.149
Credit Agricole Co 10.200 8/6/2026 TRY 51.506
Citigroup Global M 1.180 12/23/2036 EUR 66.626
Region de Bruxelle 1.250 1/10/2060 EUR 44.241
Norddeutsche Lande 0.750 2/16/2032 EUR 74.652
SAir Group 6.250 4/12/2005 CHF 10.000
Lloyds Bank PLC 2.580 3/28/2039 SEK 73.762
Nederlandse Waters 0.700 10/25/2050 EUR 50.300
Lloyds Bank PLC 1.920 4/16/2044 EUR 63.638
SNCF Reseau 1.475 3/30/2065 EUR 47.409
Raiffeisen-Landesb 0.180 10/10/2034 EUR 67.544
Barclays Bank PLC 3.130 4/9/2051 USD 59.865
Credit Agricole CI 0.830 4/6/2036 EUR 66.355
Communaute Francai 0.948 10/11/2059 EUR 42.159
Credit Agricole Co 0.900 10/1/2034 EUR 69.305
Sparkasse Oberoest 0.200 3/22/2033 EUR 73.636
Kreditanstalt fuer 0.730 1/21/2050 EUR 54.573
Citigroup Global M 1.000 1/21/2036 EUR 66.466
Norddeutsche Lande 1.450 5/10/2039 EUR 62.665
Region Centre 0.834 5/12/2042 EUR 57.571
Communaute Francai 0.785 8/24/2050 EUR 46.592
Bank Vontobel AG 9.500 12/4/2023 EUR 56.500
LP Portfolio Vagyo 2.800 11/30/2030 HUF 66.800
SG Issuer SA 1.600 4/21/2034 EUR 65.360
Ardshinbank CJSC 4.000 7/12/2024 USD 0.000
Opus Global Nyrt 3.200 4/29/2031 HUF 71.000
Vontobel Financial 5.000 3/26/2024 EUR 34.490
Societe Generale S 21.000 2/23/2026 USD 49.750
Alfa-Bank AO 10.200 2/10/2025 RUB 65.000
SG Issuer SA 1.600 4/18/2034 EUR 68.270
Zurcher Kantonalba 12.300 2/16/2024 EUR 61.920
Ardshinbank CJSC 9.750 7/3/2025 AMD 9.660
ITK Holding zrt 2.900 6/23/2031 HUF 65.100
Infogroup Holding 3.000 5/20/2031 HUF 67.200
SG Issuer SA 2.100 7/3/2034 EUR 76.210
Raiffeisen Switzer 15.000 2/6/2024 CHF 34.810
Societe Generale S 25.260 10/30/2025 USD 9.500
SG Issuer SA 0.021 7/7/2033 EUR 64.540
Societe Generale S 21.000 11/30/2023 USD 3.220
Pongs & Zahn AG 8.500 11/1/2014 EUR 0.010
Hell Energy Magyar 2.700 12/18/2029 HUF 69.400
B+N Referencia Ipa 2.900 12/20/2029 HUF 71.650
VTB Bank PJSC 10.000 RUB 59.260
Appeninn Holding 3.500 11/22/2029 HUF 68.000
Joh Friedrich Behr 7.750 11/11/2020 EUR 8.111
VTB Bank PJSC 0.010 4/22/2026 RUB 71.250
VTB Bank PJSC 0.010 4/8/2026 RUB 69.570
Alteo Nyrt 3.150 10/28/2029 HUF 73.400
Landesbank Baden-W 0.327 5/7/2038 EUR 62.961
Ukraine Government 11.940 6/24/2026 UAH 65.828
Nederlandse Waters 1.770 12/23/2047 EUR 73.004
DZ HYP AG 1.172 4/25/2039 EUR 69.763
Region de Bruxelle 2.410 8/23/2063 EUR 65.131
Ministeries Van de 1.095 6/3/2055 EUR 45.986
La Banque Postale 1.379 4/4/2040 EUR 70.910
Lehman Brothers Tr 5.648 3/16/2035 EUR 0.100
Luminis SA 2.120 5/3/2029 EUR 71.499
Landesbank Hessen- 0.700 9/25/2034 EUR 67.386
DNB Boligkreditt A 1.080 5/16/2039 EUR 68.912
Aranynektar Termek 3.500 4/3/2030 HUF 66.205
Progress Etteremha 3.000 9/18/2030 HUF 74.100
SG Issuer SA 0.021 6/14/2033 EUR 73.410
ENSI Kft 4.750 1/25/2032 HUF 73.300
SAir Group 5.500 7/23/2003 CHF 10.000
SAir Group 6.250 10/27/2002 CHF 10.000
Grupo Isolux Corsa 6.000 12/30/2021 USD 0.673
HSBC Continental E 2.200 2/27/2049 EUR 65.200
Bayerische Landesb 0.800 10/16/2036 EUR 64.930
Saastopankkien Kes 0.840 10/22/2035 EUR 63.913
Barclays Bank PLC 2.070 12/18/2035 USD 63.494
Department of Loir 0.550 12/18/2045 EUR 49.742
Nomura Bank Intern 1.415 1/27/2042 EUR 61.065
Ukraine Government 6.000 11/20/2024 UAH 74.494
Nederlandse Waters 0.964 6/11/2059 EUR 49.875
ING Bank NV 0.335 4/21/2036 EUR 66.967
Raiffeisen-Landesb 1.140 4/26/2051 EUR 54.701
Landesbank Hessen- 0.900 7/8/2036 EUR 63.119
Kuntarahoitus Oyj 1.000 10/25/2049 EUR 62.599
Credit Agricole Co 1.830 2/4/2031 AUD 74.569
NRW Bank 0.642 2/9/2051 EUR 48.575
Kreditanstalt fuer 0.935 12/16/2039 EUR 69.181
State of Lower Aus 0.585 10/11/2049 EUR 47.188
Credit Mutuel Arke 0.730 10/14/2036 EUR 62.592
NRW Bank 1.070 10/29/2049 EUR 57.144
BNP Paribas SA 2.750 10/24/2034 AUD 64.840
Agence Francaise d 1.914 11/22/2048 EUR 69.389
Batigere Grand Est 1.500 12/15/2051 EUR 53.476
NatWest Markets PL 1.250 12/4/2034 EUR 71.659
DZ HYP AG 1.033 12/6/2049 EUR 54.483
Belfius Bank SA 1.550 1/28/2039 EUR 73.047
HSBC Continental E 1.140 8/26/2049 EUR 49.514
Societe Generale S 2.060 3/12/2031 USD 74.135
BNP Paribas SA 2.720 12/12/2034 AUD 64.290
Serbia Treasury Bo 2.250 2/26/2041 EUR 60.927
Ukraine Government 11.890 5/6/2026 UAH 66.435
Kreditanstalt fuer 0.680 11/12/2039 EUR 64.197
Virgolino de Olive 10.875 1/13/2020 USD 36.000
Free and Hanseatic 1.095 6/13/2046 EUR 62.853
Region de Bruxelle 0.540 9/13/2044 EUR 50.574
Communaute Francai 0.886 6/22/2057 EUR 42.352
Bazalgette Finance 0.688 6/27/2050 GBP 57.642
Bayerische Landesb 3.450 7/15/2036 EUR 69.067
La Banque Postale 1.311 5/9/2040 EUR 69.972
Banque Internation 0.580 1/29/2031 EUR 73.339
United Kingdom Inf 0.125 3/22/2068 GBP 63.525
Decipher Productio 12.500 9/27/2019 USD 1.500
HSBC Continental E 2.040 3/29/2049 EUR 62.375
BNG Bank NV 1.603 3/19/2048 EUR 66.695
Republic of Irelan 1.180 5/25/2087 EUR 44.793
Region Wallonne Be 1.000 6/22/2045 EUR 54.739
UniCredit Bank AG 1.120 5/14/2057 EUR 49.889
NRW Bank 1.085 10/26/2041 EUR 66.445
Ukraine Government 8.420 5/10/2034 UAH 32.693
Ukraine Government 8.220 5/10/2035 UAH 31.116
BNP Paribas SA 3.180 7/23/2034 AUD 68.817
BNG Bank NV 0.799 7/25/2039 EUR 66.412
Ukraine Government 5.000 2/20/2032 UAH 25.433
BNG Bank NV 1.990 6/12/2058 EUR 71.267
Norddeutsche Lande 1.560 10/20/2038 EUR 64.847
Raiffeisen-Landesb 1.380 7/24/2059 EUR 52.969
HSBC Continental E 1.500 7/26/2049 EUR 55.026
Norddeutsche Lande 1.175 11/10/2036 EUR 65.321
Landesbank Hessen- 0.650 10/6/2031 EUR 73.748
Department of L'Eu 0.959 11/25/2037 EUR 69.780
BNG Bank NV 2.000 7/24/2058 EUR 70.648
BNG Bank NV 2.160 3/5/2058 EUR 72.920
State of Lower Aus 1.800 3/9/2043 EUR 73.314
Vasakronan AB 2.130 5/27/2041 SEK 65.649
Landeskreditbank B 0.605 6/16/2036 EUR 72.711
BNG Bank NV 2.000 9/5/2058 EUR 66.095
Communaute Francai 1.040 7/19/2101 EUR 40.687
Commune de Marseil 1.079 11/19/2046 EUR 56.324
NIBC Bank NV 0.660 7/14/2031 EUR 72.804
Aareal Bank AG 0.255 9/17/2029 EUR 73.771
Caisse des Depots 1.065 9/20/2049 EUR 52.616
SpareBank 1 SR-Ban 2.800 9/19/2044 EUR 72.846
BNP Paribas SA 1.050 3/29/2036 EUR 67.940
HSBC Continental E 1.200 9/26/2039 EUR 60.805
LFA Foerderbank Ba 0.250 3/19/2037 EUR 68.108
Batigere Grand Est 1.600 11/14/2044 EUR 60.268
HSBC Continental E 2.200 2/19/2049 EUR 65.314
City of Amsterdam 1.359 2/26/2044 EUR 68.233
Sequa Petroleum NV 5.000 4/29/2020 USD 30.250
Societe Nationale 2.503 1/14/2041 AUD 61.242
DekaBank Deutsche 1.585 12/28/2035 EUR 57.717
Specialfastigheter 1.215 5/14/2035 SEK 72.556
Nederlandse Waters 0.810 7/8/2050 EUR 52.554
BLT Finance BV 12.000 2/10/2015 USD 10.500
Barclays Bank PLC 1.988 12/1/2040 USD 68.875
Agence France Loca 0.550 6/20/2040 EUR 60.298
Nederlandse Waters 1.900 3/15/2052 EUR 70.078
Municipality of Ut 0.950 3/2/2037 EUR 73.487
Nederlandse Waters 1.000 11/24/2050 EUR 55.364
Credit Agricole Co 2.000 11/23/2032 USD 72.218
Norddeutsche Lande 1.170 11/24/2038 EUR 60.628
Autonomous Communi 1.931 4/4/2042 EUR 69.715
Vasakronan AB 3.300 1/14/2042 AUD 58.766
Banca di Cividale 4.120 10/2/2036 EUR 69.962
LBI ehf 7.431 USD 0.001
Agence France Loca 0.570 9/20/2040 EUR 60.087
Teksid Aluminum Lu 12.375 7/15/2011 EUR 0.619
State of Hesse 0.100 10/1/2037 EUR 63.803
Caisse Francaise d 1.110 9/21/2046 EUR 61.115
Autonomous Communi 1.550 5/11/2051 EUR 53.908
OP Corporate Bank 1.400 3/16/2035 EUR 70.459
Raiffeisen Bank zr 11.597 EUR 68.283
Region Centre 2.156 6/2/2042 EUR 73.625
UniCredit Bank AG 0.900 3/24/2036 EUR 66.380
Leonteq Securities 7.000 1/31/2024 CHF 13.200
Bank Vontobel AG 17.500 1/5/2024 CHF 66.800
Swissquote Bank SA 27.050 7/31/2024 CHF 59.390
TKK OOO 10.900 12/31/2033 RUB 60.100
Evocabank CJSC 11.000 9/27/2025 AMD 10.878
Federal Grid Co - 5.300 10/30/2048 RUB 55.000
Federal Grid Co - 5.300 10/30/2048 RUB 55.000
Rosbank PJSC 0.010 4/30/2024 RUB 70.000
Deutsche Bank AG 3.050 2/2/2037 EUR 73.846
KPNQwest NV 8.875 2/1/2008 EUR 0.717
Heta Asset Resolut 5.920 12/31/2023 EUR 1.344
Credit Agricole Co 0.720 5/10/2033 EUR 70.884
Deutsche Pfandbrie 0.613 9/30/2032 EUR 62.314
Metropole de Lyon 0.376 12/22/2044 EUR 48.865
Department of Giro 0.846 4/29/2039 EUR 65.405
Region de Bruxelle 0.283 10/24/2033 EUR 69.646
Banca Popolare di 1.590 12/30/2035 EUR 72.970
Ukraine Government 11.870 1/6/2027 UAH 63.340
Caisse Francaise d 1.930 12/14/2048 EUR 70.321
Muenchener Hypothe 1.543 11/16/2048 EUR 65.074
Ukraine Government 11.820 11/25/2026 UAH 64.092
Virgolino de Olive 10.875 1/13/2020 USD 36.000
Cooperatieve Rabob 2.940 3/11/2036 AUD 70.555
Deutsche Pfandbrie 0.765 9/12/2036 EUR 52.067
Akademiska Hus AB 1.252 2/13/2043 SEK 60.039
Landesbank Hessen- 0.350 1/20/2031 EUR 74.372
Alfa Bank AO Via A 5.900 USD 9.036
Agence Francaise d 1.600 7/25/2043 EUR 69.493
Lloyds Bank PLC 2.480 7/5/2038 SEK 73.428
Goldman Sachs Inte 2.076 7/27/2036 EUR 72.609
Belfius Bank SA 1.561 4/27/2043 EUR 70.192
Turkiye Government 5.750 5/11/2047 USD 70.089
Ville de Paris 1.460 9/17/2038 EUR 73.253
Natixis SA 3.600 11/16/2041 AUD 62.503
Republic of Austri 2.100 9/20/2117 EUR 66.600
Italy Buoni Polien 0.950 3/1/2037 EUR 64.948
DZ Bank AG Deutsch 0.700 11/30/2035 EUR 66.215
DNB Bank ASA 1.185 1/14/2038 EUR 67.740
Stichting Afwikkel 8.450 8/20/2018 USD 43.625
Vodafone Group PLC 4.600 8/9/2046 USD 72.746
Department of Bouc 0.668 4/1/2042 EUR 57.561
Spain Government B 1.200 10/31/2040 EUR 65.520
Bank Vontobel AG 7.200 1/19/2027 EUR 9.100
VTB Bank PJSC 0.010 10/14/2026 RUB 70.000
Corner Banca SA 20.000 12/19/2023 CHF 40.790
Leonteq Securities 23.000 6/26/2024 CHF 51.670
Bank Vontobel AG 11.500 8/5/2024 USD 73.500
Gazprom Capital OO 12.910 RUB 60.000
UBS AG/London 5.500 5/12/2025 CHF 60.250
UniCredit Bank AG 6.600 7/20/2028 EUR 0.030
Biznes Nedvizhimos 10.800 12/18/2026 RUB 62.010
Ardshinbank CJSC 9.250 2/8/2025 AMD 0.000
Evocabank CJSC 11.000 9/28/2024 AMD 0.000
SG Issuer SA 2.270 2/4/2032 EUR 64.370
Swissquote Bank SA 23.370 1/5/2024 CHF 44.110
Leonteq Securities 24.000 5/22/2024 CHF 53.490
Nordea Bank Abp 9.350 1/20/2029 SEK 74.650
Credit Suisse AG/L 1.000 12/20/2027 EUR 51.460
Senivita Social Es 8.500 6/30/2025 EUR 0.020
Citigroup Global M 2.930 9/15/2025 EUR 39.350
SG Issuer SA 5.000 4/2/2024 EUR 54.570
Leonteq Securities 28.000 4/11/2024 CHF 26.920
Landesbank Baden-W 0.400 11/8/2039 EUR 63.090
Rikshem AB 2.900 1/23/2035 AUD 67.004
Swedbank Hypotek A 1.491 11/29/2038 EUR 73.731
Region Wallonne Be 1.250 4/30/2055 EUR 48.739
Berlin Hyp AG 0.349 12/10/2031 EUR 71.837
Hemso Fastighets A 2.615 11/30/2043 EUR 66.749
Hemso Fastighets A 2.418 11/30/2038 EUR 69.186
Regie Autonome des 1.070 4/28/2050 EUR 52.762
Kuntarahoitus Oyj 0.870 10/11/2050 EUR 60.533
Kuntarahoitus Oyj 0.130 9/2/2033 EUR 73.749
Assistance Publiqu 1.850 12/21/2046 EUR 67.449
NRW Bank 1.021 8/11/2051 EUR 54.504
Ile-de-France Mobi 1.200 4/8/2050 EUR 53.575
Oberbank AG 0.230 10/7/2041 EUR 55.619
Societe Generale S 2.190 10/14/2035 USD 61.518
Department of Bouc 0.457 10/8/2040 EUR 57.814
Citigroup Global M 2.700 6/1/2035 USD 74.209
LBI ehf 2.250 2/14/2011 CHF 7.750
Erste Group Bank A 1.230 5/29/2033 EUR 70.831
Region Wallonne Be 1.107 10/3/2036 EUR 69.822
Credit Agricole Co 2.700 6/3/2035 AUD 68.659
Agence France Loca 0.330 12/20/2040 EUR 56.679
Region Wallonne Be 1.225 9/2/2120 EUR 33.714
BPCE SFH SA 1.186 5/9/2039 EUR 69.060
Bayerische Landesb 0.650 12/22/2023 EUR 83.640
VTB Bank PJSC 8.400 5/21/2030 RUB 75.000
Ministeries Van de 2.317 7/3/2045 EUR 71.824
Ministeries Van de 1.564 11/12/2046 EUR 62.608
Region Wallonne Be 0.828 8/28/2048 EUR 48.584
Norddeutsche Lande 1.570 9/9/2038 EUR 65.227
Santander Internat 1.100 12/7/2040 EUR 63.374
Department of Bouc 0.445 12/8/2043 EUR 51.574
Department of Bouc 0.467 12/8/2044 EUR 50.206
Berlin Hyp AG 0.055 10/16/2030 EUR 74.207
Citigroup Global M 3.200 4/27/2051 AUD 52.581
Bayerische Landesb 3.180 2/16/2038 EUR 62.852
Aareal Bank AG 0.380 9/16/2031 EUR 66.330
Erste Group Bank A 1.065 5/17/2041 EUR 51.951
AB Financial Produ 3.952 7/30/2040 EUR 71.613
Kreditanstalt fuer 0.660 11/12/2039 EUR 66.697
Communaute Francai 0.782 2/8/2061 EUR 37.697
Kingdom of Belgium 1.600 6/22/2047 EUR 67.511
Raiffeisenlandesba 1.500 10/21/2039 EUR 57.705
Region Wallonne Be 1.741 4/7/2039 EUR 71.861
Kreditanstalt fuer 0.885 11/14/2039 EUR 68.701
HSBC Continental E 1.300 10/23/2039 EUR 61.796
Liga Bank eG Regen 0.760 12/8/2036 EUR 66.691
ASH8 Debt Co UK 1 3.651 12/31/2055 GBP 72.443
Agence Francaise d 1.774 3/24/2044 EUR 71.208
UBS AG/London 0.120 5/25/2040 MXN 14.997
SNCF Reseau 2.029 1/22/2048 EUR 68.523
Santander Internat 1.700 12/12/2049 EUR 45.825
Italy Buoni Polien 0.150 5/15/2051 EUR 59.169
Berlin Hyp AG 1.157 12/9/2039 EUR 59.997
Landesbank Hessen- 1.235 12/10/2049 EUR 57.915
Barclays Bank PLC 1.011 2/1/2041 EUR 52.582
Region de Bruxelle 0.658 1/7/2041 EUR 59.908
Raiffeisen Landesb 1.132 8/16/2049 EUR 57.194
Credit Agricole Co 1.170 12/11/2034 EUR 73.378
Ukraine Government 11.570 3/1/2028 UAH 56.320
Region Wallonne Be 1.502 6/13/2036 EUR 74.230
Credit Agricole SA 3.450 3/4/2041 AUD 51.704
Credit Suisse AG/L 4.750 6/7/2046 AUD 70.327
Department of Bouc 0.558 3/15/2035 EUR 72.148
Cie de Financement 1.630 5/26/2046 EUR 67.233
Department of Bouc 0.561 9/15/2035 EUR 70.915
Department of Bouc 0.543 12/15/2034 EUR 72.639
BNP Paribas SA 3.080 8/28/2039 AUD 57.957
Norske Skogindustr 2.000 12/30/2115 EUR 0.367
MMC Norilsk Nickel 6.625 10/14/2022 USD 74.625
Assistance Publiqu 0.666 3/19/2040 EUR 61.480
Department of Bouc 1.100 7/8/2039 EUR 67.948
State of North Rhi 0.880 7/12/2040 EUR 67.339
Deutsche Bank AG 2.348 8/15/2034 EUR 68.205
Societe Generale S 0.570 3/15/2036 EUR 70.243
Belfius Bank SA 0.780 7/22/2036 EUR 69.806
Norddeutsche Lande 1.000 10/13/2036 EUR 63.818
Region Wallonne Be 0.591 2/10/2040 EUR 57.075
Department of Bouc 0.906 5/20/2039 EUR 65.976
HSBC Continental E 2.025 3/19/2049 EUR 62.177
Deutsche Bank AG/L 12.780 3/16/2028 TRY 44.801
Department of Bouc 0.855 5/20/2038 EUR 67.557
BPCE SFH SA 1.390 3/11/2039 EUR 71.230
Region Provence-Al 1.547 11/29/2038 EUR 71.601
Thomas Cook Financ 3.875 7/15/2023 EUR 0.810
Kreditanstalt fuer 1.800 10/25/2048 EUR 73.878
Ukraine Government 9.700 12/8/2032 UAH 38.464
Societe Generale S 0.570 6/30/2031 EUR 74.233
ABN AMRO Bank NV 1.597 6/26/2043 EUR 69.024
Region Wallonne Be 2.168 7/26/2047 EUR 68.856
Aareal Bank AG 1.465 7/24/2029 EUR 73.133
NRW Bank 0.921 10/20/2041 EUR 64.482
DZ Bank AG Deutsch 0.530 7/26/2033 EUR 67.519
Region Wallonne Be 1.945 10/20/2039 EUR 73.060
BPCE SA 3.000 11/18/2036 AUD 65.978
Kuntarahoitus Oyj 0.185 8/2/2033 EUR 74.425
Aareal Bank AG 1.475 7/19/2029 EUR 73.239
Muenchener Hypothe 1.666 8/7/2042 EUR 73.262
BNP Paribas SA 1.000 11/5/2036 EUR 65.030
Deutsche Bank AG/L 0.500 4/5/2038 MXN 23.351
Swedbank Hypotek A 1.669 2/27/2043 EUR 71.671
Department of Bouc 0.872 12/18/2037 EUR 68.703
Barclays Bank PLC 6.400 6/16/2031 MXN 68.038
Bayerische Landesb 0.700 6/12/2037 EUR 68.735
Goldman Sachs Inte 2.200 3/29/2048 EUR 64.355
Vasakronan AB 2.400 6/20/2044 SEK 66.867
Region Wallonne Be 1.930 10/20/2039 EUR 72.892
Lloyds Bank PLC 2.520 9/4/2038 SEK 73.224
Societe Publique d 2.003 9/27/2044 EUR 71.407
Region de Bruxelle 1.500 8/2/2038 EUR 72.860
Caisse des Depots 1.548 8/9/2038 EUR 73.175
Communaute Francai 1.920 8/8/2048 EUR 64.554
Region Wallonne Be 1.890 5/22/2045 EUR 67.800
Agence Francaise d 0.368 1/12/2046 EUR 48.862
Erste Group Bank A 1.760 2/15/2034 EUR 73.056
Saastopankkien Kes 0.860 1/18/2036 EUR 63.778
Department of Loir 0.790 11/22/2039 EUR 63.600
Erste Group Bank A 0.770 11/13/2033 EUR 65.794
Region Wallonne Be 0.865 7/20/2044 EUR 52.608
Lehman Brothers Tr 5.500 6/22/2010 USD 0.100
BNG Bank NV 0.772 8/5/2050 EUR 50.086
NRW Bank 1.182 8/7/2050 EUR 56.043
Natixis SA 2.810 7/24/2050 AUD 47.032
BPCE SA 1.920 12/9/2030 AUD 73.992
Oberoesterreichisc 0.763 12/15/2050 EUR 48.133
Department of Bouc 0.490 12/8/2045 EUR 48.920
Kreditanstalt fuer 0.210 11/18/2037 EUR 64.106
Banque Internation 0.480 11/13/2030 EUR 73.703
Purple Protected A 1.480 11/30/2060 EUR 39.781
LFA Foerderbank Ba 0.010 12/15/2033 EUR 72.353
BPCE SA 1.850 10/30/2030 AUD 74.035
Cattles Ltd 8.125 7/5/2017 GBP 0.027
Portugal Obrigacoe 0.900 10/12/2035 EUR 74.193
Raiffeisen Landesb 1.622 5/28/2054 EUR 61.213
Heta Asset Resolut 5.030 12/31/2023 EUR 1.344
Raiffeisen Landesb 1.622 5/28/2054 EUR 61.615
Raiffeisen Landesb 1.622 5/28/2054 EUR 62.258
BNP Paribas SA 3.580 7/23/2040 AUD 71.244
Department of Bouc 0.671 5/5/2042 EUR 57.431
Aareal Bank AG 1.300 9/19/2031 EUR 71.915
Region Wallonne Be 1.717 2/2/2038 EUR 73.412
Aareal Bank AG 0.520 4/18/2031 EUR 68.743
Aareal Bank AG 2.020 11/20/2034 EUR 68.615
Liga Bank eG Regen 0.850 5/4/2034 EUR 72.521
Department of Giro 0.979 6/25/2040 EUR 64.698
Credit Agricole Co 26.040 3/24/2027 TRY 77.626
Cerruti Finance SA 6.500 7/26/2004 EUR 0.901
LBI ehf 8.650 5/1/2011 ISK 7.750
SG Issuer SA 0.263 2/20/2025 EUR 23.790
UBS AG/London 18.000 4/8/2024 CHF 41.900
Raiffeisen Schweiz 5.500 11/29/2023 CHF 65.080
JP Morgan Structur 13.000 6/28/2033 ZMW 56.668
Unibank OJSC 9.800 2/26/2024 AMD 0.000
Leonteq Securities 30.000 8/7/2024 CHF 40.240
Leonteq Securities 20.000 8/7/2024 CHF 45.200
Armenian Economy D 11.000 10/3/2025 AMD 0.000
Swissquote Bank SA 21.550 4/17/2024 CHF 50.930
Leonteq Securities 14.000 11/29/2023 CHF 66.350
Landesbank Baden-W 4.000 12/22/2023 EUR 71.880
Citigroup Global M 7.800 4/19/2027 EUR 60.720
Raiffeisen Switzer 6.000 1/18/2024 CHF 57.300
DZ Bank AG Deutsch 5.000 6/26/2024 EUR 72.130
Landeskreditbank B 0.730 10/4/2050 EUR 53.227
BPCE SFH SA 0.430 5/7/2040 EUR 58.760
Communaute Francai 2.041 4/12/2069 EUR 61.979
Landesbank Hessen- 0.664 11/1/2032 EUR 72.118
IT Holding Finance 9.875 11/15/2012 EUR 0.015
Region de Bruxelle 1.100 5/25/2051 EUR 51.786
Caisse des Depots 2.205 9/28/2041 AUD 57.658
Muenchener Hypothe 1.285 4/19/2039 EUR 71.575
Communaute Francai 2.000 4/14/2076 EUR 62.291
Eika Boligkreditt 0.560 11/29/2039 EUR 61.293
Deutsche Bank AG 2.784 4/3/2034 EUR 72.176
Credit Agricole Co 2.950 8/22/2039 AUD 62.496
Citigroup Global M 2.900 3/15/2041 USD 67.479
Municipality of Ar 0.605 2/24/2040 EUR 64.110
DZ Bank AG Deutsch 0.250 1/21/2033 EUR 74.283
Natixis SA 2.710 5/26/2036 USD 71.449
DZ HYP AG 1.528 3/12/2040 EUR 72.648
Caisse des Depots 1.438 5/24/2051 EUR 56.138
Ukraine Government 9.760 7/23/2031 UAH 40.964
Ukraine Government 8.630 5/10/2033 UAH 34.560
Ukraine Government 6.000 10/11/2028 UAH 40.033
Ukraine Government 8.750 2/16/2033 UAH 35.186
Ukraine Government 8.310 11/10/2034 UAH 31.844
Landesbank Hessen- 0.700 11/4/2033 EUR 68.699
Landesbank Hessen- 1.150 11/24/2036 EUR 67.634
Banque Internation 2.160 6/27/2039 EUR 73.016
Landeskreditbank B 1.236 5/22/2045 EUR 66.789
Barclays Bank PLC 7.830 7/26/2038 MXN 58.801
State of Lower Aus 1.750 5/2/2047 EUR 67.909
Communaute Francai 2.177 8/17/2068 EUR 63.902
Hungary Government 3.000 10/27/2038 HUF 62.263
Ukraine Government 7.750 8/1/2041 USD 41.732
United Kingdom Gil 2.500 7/22/2065 GBP 61.716
Turkiye Government 16.900 9/2/2026 TRY 72.500
State of North Rhi 0.950 1/10/2121 EUR 37.088
Turkiye Government 4.875 4/16/2043 USD 65.041
Ministeries Van de 0.940 5/12/2050 EUR 46.128
Banque Internation 2.120 8/20/2040 EUR 71.415
Irish Bank Resolut 6.750 11/30/2013 BGN 33.250
Lehman Brothers Tr 1.750 2/7/2010 EUR 0.100
de Volksbank NV 1.414 4/1/2038 EUR 74.165
Region de Bruxelle 0.690 6/22/2050 EUR 41.851
Nederlandse Waters 1.125 7/8/2050 EUR 57.714
DZ Bank AG Deutsch 6.250 9/25/2024 EUR 67.270
Raiffeisen Switzer 6.000 10/7/2024 CHF 54.010
Vontobel Financial 12.000 12/22/2023 EUR 70.300
Vontobel Financial 11.000 12/22/2023 EUR 73.300
Vontobel Financial 18.000 12/22/2023 EUR 59.500
Vontobel Financial 16.500 12/22/2023 EUR 61.550
Vontobel Financial 15.500 12/22/2023 EUR 63.840
Vontobel Financial 17.500 12/22/2023 EUR 69.280
Vontobel Financial 16.500 12/22/2023 EUR 71.350
Zurcher Kantonalba 17.750 3/20/2024 CHF 66.050
Societe Generale E 12.750 9/27/2024 EUR 74.190
BNP Paribas Emissi 13.000 12/21/2023 EUR 69.060
Leonteq Securities 28.000 8/21/2024 CHF 58.020
Leonteq Securities 20.000 8/21/2024 CHF 70.990
Leonteq Securities 16.000 3/20/2024 CHF 44.630
HSBC Trinkaus & Bu 10.700 12/22/2023 EUR 47.580
HSBC Trinkaus & Bu 5.300 12/22/2023 EUR 54.280
HSBC Trinkaus & Bu 8.400 3/22/2024 EUR 63.250
HSBC Trinkaus & Bu 6.200 6/28/2024 EUR 66.480
HSBC Trinkaus & Bu 5.700 2/23/2024 EUR 66.920
HSBC Trinkaus & Bu 12.300 3/22/2024 EUR 48.560
HSBC Trinkaus & Bu 8.100 9/27/2024 EUR 54.670
HSBC Trinkaus & Bu 6.400 9/27/2024 EUR 58.010
HSBC Trinkaus & Bu 5.000 9/27/2024 EUR 62.380
HSBC Trinkaus & Bu 15.100 12/22/2023 EUR 45.910
HSBC Trinkaus & Bu 9.400 3/22/2024 EUR 51.760
HSBC Trinkaus & Bu 6.700 3/22/2024 EUR 55.830
DekaBank Deutsche 3.200 4/25/2025 EUR 51.530
Leonteq Securities 14.000 7/3/2024 CHF 46.840
Leonteq Securities 24.000 7/3/2024 CHF 54.280
DZ Bank AG Deutsch 16.250 12/20/2023 EUR 71.370
DekaBank Deutsche 5.050 4/17/2025 EUR 68.810
Sberbank of Russia 0.010 8/31/2028 RUB 66.300
Sberbank of Russia 0.010 9/4/2026 RUB 71.900
Vontobel Financial 22.250 6/28/2024 EUR 70.590
BNP Paribas Emissi 21.000 12/21/2023 EUR 61.520
BNP Paribas Emissi 25.000 12/21/2023 EUR 58.740
BNP Paribas Emissi 16.000 6/27/2024 EUR 72.740
BNP Paribas Emissi 18.000 6/27/2024 EUR 69.180
Vontobel Financial 16.500 12/22/2023 EUR 65.820
Leonteq Securities 15.000 7/24/2024 CHF 46.190
Leonteq Securities 23.000 7/24/2024 CHF 39.840
Raiffeisen Switzer 17.500 12/27/2023 CHF 40.110
DZ Bank AG Deutsch 12.250 3/20/2024 EUR 73.220
Vontobel Financial 13.500 12/22/2023 EUR 46.520
Landesbank Hessen- 1.000 4/3/2035 EUR 64.900
Zurcher Kantonalba 4.500 9/2/2024 CHF 67.180
UniCredit Bank AG 4.200 9/29/2025 EUR 41.920
Landesbank Hessen- 1.000 4/9/2035 EUR 67.100
Bank Vontobel AG 18.000 7/19/2024 CHF 49.900
Vontobel Financial 8.750 12/22/2023 EUR 50.170
UniCredit Bank AG 9.300 2/23/2024 EUR 70.270
UBS AG/London 14.750 11/27/2023 CHF 27.800
UBS AG/London 12.000 11/27/2023 CHF 15.560
Landesbank Baden-W 3.200 9/26/2025 EUR 69.310
DZ Bank AG Deutsch 7.200 12/18/2023 EUR 67.320
UniCredit Bank AG 13.100 2/23/2024 EUR 70.980
UniCredit Bank AG 11.200 2/23/2024 EUR 65.420
UBS AG/London 15.250 11/27/2023 CHF 12.960
UniCredit Bank AG 8.500 2/23/2024 EUR 73.110
UniCredit Bank AG 12.100 2/23/2024 EUR 63.370
UniCredit Bank AG 12.000 2/23/2024 EUR 74.040
BNP Paribas Emissi 6.000 6/27/2024 EUR 73.630
Bank Vontobel AG 5.000 7/19/2024 CHF 67.500
DekaBank Deutsche 2.100 9/20/2024 EUR 61.460
Leonteq Securities 27.000 7/24/2024 CHF 47.320
Landesbank Baden-W 2.600 2/28/2025 EUR 61.880
UniCredit Bank AG 10.500 9/23/2024 EUR 39.680
Societe Generale S 15.840 8/30/2024 USD 18.800
BNP Paribas Emissi 6.000 9/26/2024 EUR 74.690
Bank Vontobel AG 7.500 7/19/2024 CHF 41.100
BNP Paribas Emissi 3.000 3/21/2024 EUR 73.910
Landesbank Hessen- 1.000 4/30/2035 EUR 68.250
UBS AG/London 19.500 7/19/2024 CHF 64.100
Zurcher Kantonalba 2.550 8/26/2024 CHF 12.830
Leonteq Securities 5.500 8/26/2024 CHF 50.400
Bank Vontobel AG 23.500 4/29/2024 CHF 27.300
UBS AG/London 12.000 11/4/2024 EUR 68.800
Basler Kantonalban 26.000 5/8/2024 CHF 31.050
BNP Paribas Emissi 24.000 12/21/2023 EUR 62.590
BNP Paribas Emissi 18.000 6/27/2024 EUR 69.270
BNP Paribas Emissi 14.000 12/21/2023 EUR 74.270
BNP Paribas Emissi 18.000 12/21/2023 EUR 67.820
DZ Bank AG Deutsch 10.500 3/20/2024 EUR 65.910
Raiffeisen Schweiz 9.000 5/2/2025 CHF 70.160
Raiffeisen Schweiz 18.400 5/2/2024 CHF 26.660
Bank Vontobel AG 10.500 7/29/2024 EUR 58.300
Bank Vontobel AG 9.250 9/10/2024 CHF 67.400
Bank Vontobel AG 11.000 9/10/2024 EUR 66.000
Credit Suisse AG/L 8.500 3/11/2024 CHF 55.130
Landesbank Hessen- 0.850 2/18/2036 EUR 61.600
Raiffeisen Schweiz 10.200 10/28/2024 CHF 61.300
Raiffeisen Schweiz 8.000 5/2/2025 CHF 70.630
DZ Bank AG Deutsch 0.680 6/7/2024 EUR 59.490
Landesbank Baden-W 2.850 1/23/2026 EUR 71.100
SG Issuer SA 9.180 1/20/2025 SEK 73.780
UBS AG/London 5.500 2/12/2024 CHF 60.950
UBS AG/London 7.250 2/12/2024 CHF 49.450
HSBC Trinkaus & Bu 15.200 12/22/2023 EUR 76.390
UBS AG/London 14.250 8/19/2024 CHF 39.650
Bank Vontobel AG 19.500 2/5/2024 CHF 63.600
ACBA Bank OJSC 11.000 12/1/2025 AMD 0.000
DekaBank Deutsche 6.150 8/29/2025 EUR 70.800
Bank Julius Baer & 17.200 2/16/2024 CHF 50.100
HSBC Trinkaus & Bu 14.000 12/22/2023 EUR 28.010
HSBC Trinkaus & Bu 6.000 12/22/2023 EUR 40.820
Raiffeisen Schweiz 5.700 1/24/2024 CHF 66.640
Raiffeisen Schweiz 7.300 1/24/2024 CHF 67.040
Zurcher Kantonalba 24.673 6/28/2024 CHF 63.680
DZ Bank AG Deutsch 20.100 3/22/2024 EUR 71.600
DZ Bank AG Deutsch 18.700 6/28/2024 EUR 74.880
EFG International 4.500 2/12/2024 USD 39.760
UniCredit Bank AG 10.200 2/23/2024 EUR 67.680
Bank Vontobel AG 13.000 3/18/2024 CHF 26.700
Bank Vontobel AG 16.500 12/18/2023 CHF 14.500
Zurcher Kantonalba 10.000 7/12/2024 CHF 71.980
UBS AG/London 19.000 7/12/2024 CHF 36.850
UBS AG/London 14.250 7/12/2024 EUR 63.800
Sberbank of Russia 0.010 8/21/2028 RUB 66.200
DZ Bank AG Deutsch 9.000 12/20/2023 EUR 59.120
Leonteq Securities 10.000 5/30/2024 CHF 54.600
Zurcher Kantonalba 10.000 7/12/2024 EUR 74.230
Zurcher Kantonalba 10.000 7/12/2024 CHF 69.230
DZ Bank AG Deutsch 6.250 12/20/2023 EUR 62.220
EFG International 10.300 8/23/2024 USD 33.440
Zurcher Kantonalba 15.000 7/12/2024 CHF 58.570
DZ Bank AG Deutsch 0.700 6/25/2031 EUR 73.440
SG Issuer SA 1.750 4/21/2034 EUR 59.760
Leonteq Securities 8.000 5/30/2024 CHF 66.860
UniCredit Bank AG 10.850 2/1/2024 EUR 72.490
Societe Generale S 10.010 8/29/2024 USD 17.150
UniCredit Bank AG 7.400 12/9/2024 EUR 41.410
DekaBank Deutsche 3.700 12/15/2025 EUR 74.570
UniCredit Bank AG 4.550 12/22/2025 EUR 52.790
Credit Suisse AG/L 9.000 11/27/2023 USD
Landesbank Hessen- 0.500 12/23/2036 EUR 62.500
UBS AG/London 8.560 6/29/2027 SEK 56.620
SG Issuer SA 1.600 6/26/2034 EUR 13.710
Bank Vontobel AG 14.000 12/27/2023 CHF 32.000
Bank Vontobel AG 16.000 12/27/2023 EUR 61.300
Landesbank Baden-W 11.000 6/28/2024 EUR 65.790
Landesbank Baden-W 4.000 6/28/2024 EUR 46.110
Landesbank Baden-W 5.100 6/28/2024 EUR 40.240
Landesbank Baden-W 7.000 6/28/2024 EUR 34.890
Landesbank Baden-W 8.000 6/28/2024 EUR 32.550
Landesbank Baden-W 3.950 6/28/2024 EUR 72.250
Landesbank Baden-W 4.400 6/28/2024 EUR 68.960
Landesbank Baden-W 4.900 6/28/2024 EUR 65.990
Landesbank Baden-W 5.350 6/28/2024 EUR 72.220
Bank Julius Baer & 7.500 4/29/2024 EUR 57.600
Leonteq Securities 9.000 5/2/2025 CHF 73.490
Landesbank Baden-W 6.250 4/28/2025 EUR 70.320
Landesbank Baden-W 7.500 4/28/2025 EUR 66.810
Landesbank Baden-W 8.500 4/28/2025 EUR 67.270
BNP Paribas Issuan 3.700 1/23/2024 EUR 27.660
BNP Paribas Issuan 4.600 1/23/2024 EUR 4.230
BNP Paribas Issuan 3.700 1/23/2024 EUR 19.150
BNP Paribas Issuan 2.800 1/23/2024 EUR 41.570
BNP Paribas Issuan 2.200 1/23/2024 EUR 41.480
BNP Paribas Issuan 3.400 1/23/2024 EUR 16.680
Sberbank of Russia 0.010 1/15/2027 RUB 69.500
DZ Bank AG Deutsch 0.320 12/30/2030 EUR 74.100
Vontobel Financial 5.150 3/19/2025 EUR 35.850
Raiffeisen Schweiz 7.100 1/24/2024 CHF 55.540
Zurcher Kantonalba 7.500 1/18/2024 CHF 65.150
Sberbank of Russia 0.010 1/26/2027 RUB 68.600
Landesbank Baden-W 3.200 1/22/2027 EUR 68.910
DekaBank Deutsche 3.100 2/23/2024 EUR 73.810
Armenian Economy D 10.500 5/4/2025 AMD 0.000
Societe Generale E 19.498 1/26/2024 EUR 45.770
UBS AG/London 15.750 2/5/2024 CHF 34.000
Bank Vontobel AG 7.000 12/4/2023 CHF 61.600
EFG International 11.500 12/8/2023 USD 54.870
UBS AG/London 13.750 12/11/2023 CHF 15.940
UBS AG/London 9.750 6/10/2024 CHF 65.150
Leonteq Securities 9.600 6/13/2024 CHF 68.140
Zurcher Kantonalba 5.100 1/31/2025 CHF 20.220
Leonteq Securities 6.000 2/7/2024 CHF 47.570
Raiffeisen Schweiz 5.500 2/7/2024 CHF 56.530
Leonteq Securities 7.000 2/7/2024 CHF 67.370
DZ Bank AG Deutsch 2.120 12/29/2031 EUR 73.480
Bank Vontobel AG 6.200 2/2/2024 CHF 69.000
Raiffeisen Schweiz 5.800 2/7/2024 CHF 68.320
SG Issuer SA 8.410 1/20/2027 SEK 75.410
UniCredit Bank AG 4.900 3/10/2025 EUR 68.270
Bank Vontobel AG 7.500 2/5/2024 CHF 58.900
Leonteq Securities 7.000 2/9/2024 CHF 57.320
Raiffeisen Schweiz 5.900 4/11/2024 CHF 65.080
UBS AG/London 17.400 4/14/2027 SEK 59.460
UBS AG/London 14.250 4/8/2024 USD 51.150
UBS AG/London 10.750 4/8/2024 CHF 71.000
Landesbank Baden-W 3.400 6/27/2025 EUR 69.540
Nordea Bank Abp 3.050 7/20/2026 SEK 72.500
Raiffeisen Switzer 10.000 4/16/2024 USD 52.170
Otthon Centrum Hol 3.000 4/19/2031 HUF 71.100
Vontobel Financial 11.250 6/28/2024 EUR 68.920
Vontobel Financial 12.250 6/28/2024 EUR 50.420
Bank Vontobel AG 6.750 4/3/2024 CHF 73.700
UniCredit Bank AG 4.950 5/11/2026 EUR 72.250
Leonteq Securities 7.000 4/11/2024 CHF 55.470
Nordea Bank Abp 2.000 4/29/2027 SEK 57.810
Raiffeisen Schweiz 4.500 4/8/2025 CHF 75.760
Raiffeisen Switzer 5.400 4/11/2024 EUR 64.150
BNP Paribas Emissi 3.000 4/21/2026 EUR 69.100
Landesbank Baden-W 3.000 6/26/2026 EUR 67.180
Societe Generale S 7.620 11/29/2024 USD 57.200
Leonteq Securities 20.000 5/2/2024 CHF 33.140
Leonteq Securities 25.000 5/2/2024 CHF 28.730
Leonteq Securities 27.500 5/2/2024 CHF 29.520
Landesbank Baden-W 6.000 12/22/2023 EUR 60.520
Raiffeisen Bank In 12.518 9/25/2024 EUR 67.850
Raiffeisen Bank In 13.503 9/25/2024 EUR 65.870
Raiffeisen Bank In 14.558 9/25/2024 EUR 55.760
UBS AG/London 8.000 7/24/2024 USD 9.815
Leonteq Securities 3.500 5/15/2024 EUR 69.450
UBS AG/London 13.000 9/30/2024 CHF 20.060
Bank Vontobel AG 10.000 12/18/2023 EUR 53.100
Bank Vontobel AG 8.000 6/17/2024 CHF 52.400
Societe Generale E 8.250 4/26/2024 EUR 68.100
Societe Generale E 13.250 4/26/2024 EUR 59.380
Leonteq Securities 8.400 10/28/2024 CHF 69.610
Swissquote Bank SA 12.050 5/2/2024 CHF 66.790
Vontobel Financial 11.750 6/28/2024 EUR 53.050
Vontobel Financial 10.750 6/28/2024 EUR 58.950
Landesbank Hessen- 0.700 1/12/2037 EUR 68.100
Banque Internation 6.200 11/25/2024 CHF 67.710
Ameriabank CJSC 9.750 2/19/2024 AMD 8.500
SG Issuer SA 1.250 2/28/2033 EUR 46.880
Societe Generale S 15.800 12/5/2024 USD 45.580
Sovcombank Leasing 9.250 5/19/2025 RUB 65.000
Leonteq Securities 5.000 11/29/2023 CHF 65.170
Leonteq Securities 7.800 11/29/2023 CHF 66.080
Leonteq Securities 8.000 11/29/2023 CHF 48.840
Leonteq Securities 5.200 11/29/2023 CHF 64.480
Leonteq Securities 7.800 11/29/2023 CHF 62.410
Leonteq Securities 10.000 11/29/2023 EUR 35.750
Leonteq Securities 6.000 11/29/2023 USD 65.360
Raiffeisen Schweiz 6.600 11/29/2023 CHF 63.130
Bank Vontobel AG 8.000 11/27/2023 EUR 28.500
Raiffeisen Schweiz 6.000 11/29/2023 CHF 65.320
Raiffeisen Schweiz 7.800 11/29/2023 CHF 61.290
Raiffeisen Schweiz 7.000 11/29/2023 CHF 66.370
Bank Vontobel AG 5.250 5/28/2024 CHF 65.500
Raiffeisen Schweiz 3.550 11/29/2023 CHF 63.520
Raiffeisen Switzer 8.000 3/19/2024 CHF 69.020
Bank Julius Baer & 18.400 3/20/2024 CHF 60.650
Fast Credit Capita 6.250 7/13/2024 USD 0.000
Nordea Bank Abp 3.050 7/20/2027 SEK 65.750
Landesbank Baden-W 4.200 6/27/2025 EUR 64.820
Citigroup Global M 2.500 4/29/2025 EUR 30.380
UniCredit Bank AG 1.120 1/20/2031 EUR 72.840
DekaBank Deutsche 2.500 5/17/2024 EUR 56.650
DekaBank Deutsche 2.400 5/17/2024 EUR 34.720
UBS AG/London 7.800 4/20/2026 EUR 43.630
UniCredit Bank AG 1.550 7/18/2031 EUR 73.180
Sberbank of Russia 0.010 11/23/2026 RUB 68.000
DekaBank Deutsche 3.200 12/20/2024 EUR 66.310
Basler Kantonalban 7.400 6/3/2024 CHF 69.610
UBS AG/London 9.250 4/8/2026 EUR 43.070
Citigroup Global M 2.500 5/16/2031 EUR 69.950
Landesbank Hessen- 1.900 5/12/2036 EUR 64.350
Zurcher Kantonalba 4.700 4/8/2024 CHF 13.050
Landesbank Hessen- 1.750 5/19/2036 EUR 65.000
Leonteq Securities 2.700 4/1/2026 EUR 41.830
Reneszansz Kofarag 3.200 4/9/2031 HUF 73.000
Raiffeisen Schweiz 6.200 4/4/2024 CHF 64.640
Vontobel Financial 11.250 6/28/2024 EUR 49.980
Bank Vontobel AG 9.000 4/3/2024 EUR 67.400
UBS AG/London 16.000 4/1/2024 USD 70.150
DZ Bank AG Deutsch 1.350 12/30/2030 EUR 74.670
Landesbank Hessen- 1.000 3/17/2036 EUR 62.050
Luyser CJSC 7.000 12/6/2024 USD 0.000
Luyser CJSC 9.500 11/23/2024 AMD 11.000
Zurcher Kantonalba 6.700 5/7/2024 CHF 66.430
BNP Paribas Emissi 6.000 12/21/2023 EUR 73.130
BNP Paribas Emissi 8.000 12/21/2023 EUR 73.250
BNP Paribas Emissi 7.500 12/21/2023 EUR 68.670
BNP Paribas Emissi 9.500 12/21/2023 EUR 68.780
BNP Paribas Emissi 9.000 12/21/2023 EUR 66.030
BNP Paribas Emissi 10.000 12/21/2023 EUR 66.080
BNP Paribas Emissi 9.500 12/21/2023 EUR 63.530
BNP Paribas Emissi 11.000 12/21/2023 EUR 63.620
BNP Paribas Emissi 12.000 12/21/2023 EUR 60.240
BNP Paribas Emissi 14.000 12/21/2023 EUR 60.350
BNP Paribas Emissi 15.000 12/21/2023 EUR 57.320
BNP Paribas Emissi 17.000 12/21/2023 EUR 57.430
BNP Paribas Emissi 18.000 12/21/2023 EUR 55.610
BNP Paribas Emissi 20.000 12/21/2023 EUR 55.720
BNP Paribas Emissi 7.000 6/27/2024 EUR 73.570
Raiffeisen Schweiz 6.600 5/13/2024 CHF 64.540
Raiffeisen Schweiz 6.200 5/13/2024 CHF 69.540
Bank Julius Baer & 10.150 5/21/2024 USD 58.450
UBS AG/London 12.250 3/8/2024 EUR 60.700
Zurcher Kantonalba 12.500 3/8/2024 CHF 46.270
Raiffeisen Schweiz 6.400 5/13/2024 CHF 54.020
DZ Bank AG Deutsch 5.500 3/20/2024 EUR 70.970
UBS AG/London 10.250 3/10/2025 CHF 92.400
BNP Paribas Emissi 22.000 12/21/2023 EUR 62.470
BNP Paribas Emissi 16.000 6/27/2024 EUR 73.490
Leonteq Securities 23.000 3/27/2024 CHF 24.980
Leonteq Securities 18.000 3/27/2024 CHF 38.830
SG Issuer SA 1.600 8/7/2034 EUR 12.860
Credit Suisse AG/L 11.500 6/20/2024 CHF 70.990
Raiffeisen Switzer 19.000 3/27/2024 CHF 46.380
DZ Bank AG Deutsch 6.000 3/20/2024 EUR 72.230
Bank Vontobel AG 20.750 6/24/2024 CHF 26.800
Bank Vontobel AG 15.000 3/11/2024 CHF 43.800
Bank Vontobel AG 21.000 3/11/2024 CHF 43.500
Basler Kantonalban 11.200 9/16/2024 CHF 74.640
Basler Kantonalban 18.000 6/17/2024 CHF 47.900
UBS AG/London 11.250 9/16/2024 EUR 63.050
DZ Bank AG Deutsch 10.000 6/28/2024 EUR 72.300
DZ Bank AG Deutsch 17.600 3/22/2024 EUR 70.390
DZ Bank AG Deutsch 11.600 12/18/2023 EUR 72.330
UniCredit Bank AG 6.600 9/22/2025 EUR 44.910
DZ Bank AG Deutsch 5.250 12/20/2023 EUR 64.490
UBS AG/London 12.500 3/22/2024 CHF 70.400
Leonteq Securities 25.000 3/27/2024 CHF 25.610
DZ Bank AG Deutsch 8.250 6/26/2024 EUR 60.820
Leonteq Securities 6.000 3/25/2024 USD 65.790
Leonteq Securities 5.000 3/25/2024 CHF 66.000
DekaBank Deutsche 3.600 4/26/2024 EUR 63.670
Raiffeisen Schweiz 8.700 12/28/2023 CHF 70.600
Leonteq Securities 28.000 3/20/2024 CHF 67.210
Corner Banca SA 15.000 7/3/2024 CHF 76.160
Landesbank Baden-W 7.000 3/22/2024 EUR 70.480
Landesbank Baden-W 9.500 3/22/2024 EUR 62.360
BNP Paribas Emissi 25.000 12/21/2023 EUR 63.450
BNP Paribas Emissi 18.000 6/27/2024 EUR 71.230
BNP Paribas Emissi 17.000 12/21/2023 EUR 70.290
BNP Paribas Emissi 9.000 12/30/2024 EUR 71.540
BNP Paribas Emissi 22.000 12/21/2023 EUR 74.390
BNP Paribas Emissi 19.000 12/21/2023 EUR 70.400
BNP Paribas Emissi 20.000 12/21/2023 EUR 66.610
BNP Paribas Emissi 23.000 12/21/2023 EUR 63.340
BNP Paribas Emissi 11.000 12/21/2023 EUR 60.520
BNP Paribas Emissi 12.000 12/21/2023 EUR 57.600
BNP Paribas Emissi 15.000 12/21/2023 EUR 55.070
BNP Paribas Emissi 10.000 6/27/2024 EUR 69.700
BNP Paribas Emissi 12.000 6/27/2024 EUR 63.090
BNP Paribas Emissi 16.000 6/27/2024 EUR 59.100
UniCredit Bank AG 10.500 12/31/2024 EUR 73.300
Corner Banca SA 22.000 3/20/2024 CHF 23.730
Societe Generale S 23.270 3/30/2026 USD 55.000
Leonteq Securities 7.000 3/25/2024 CHF 54.190
Vontobel Financial 22.500 12/22/2023 EUR 69.020
Vontobel Financial 19.000 12/22/2023 EUR 73.160
Vontobel Financial 19.000 3/22/2024 EUR 73.310
Vontobel Financial 13.500 3/22/2024 EUR 40.770
Vontobel Financial 12.000 3/22/2024 EUR 43.150
Vontobel Financial 24.000 12/22/2023 EUR 67.130
Vontobel Financial 23.000 3/22/2024 EUR 60.080
Vontobel Financial 16.000 3/22/2024 EUR 69.600
Vontobel Financial 14.000 3/22/2024 EUR 72.630
Vontobel Financial 21.500 3/22/2024 EUR 62.150
Vontobel Financial 25.000 12/22/2023 EUR 57.800
Vontobel Financial 17.500 12/22/2023 EUR 66.700
Vontobel Financial 20.000 3/22/2024 EUR 71.630
Vontobel Financial 22.000 12/22/2023 EUR 72.290
Vontobel Financial 24.000 12/22/2023 EUR 72.420
Vontobel Financial 18.000 12/22/2023 EUR 72.040
Vontobel Financial 20.000 12/22/2023 EUR 72.170
Landesbank Baden-W 7.650 8/23/2024 EUR 68.040
Landesbank Baden-W 9.700 8/23/2024 EUR 63.950
BNP Paribas Emissi 15.000 12/21/2023 EUR 72.430
BNP Paribas Emissi 19.000 12/21/2023 EUR 66.550
BNP Paribas Emissi 19.000 6/27/2024 EUR 66.940
BNP Paribas Emissi 21.000 6/27/2024 EUR 65.460
BNP Paribas Emissi 15.000 12/30/2024 EUR 72.950
Vontobel Financial 23.500 12/22/2023 EUR 74.980
Raiffeisen Switzer 15.000 3/20/2024 CHF 33.300
UBS AG/London 12.000 3/15/2024 CHF 67.150
Bank Vontobel AG 25.000 7/22/2024 USD 42.000
DZ Bank AG Deutsch 22.100 12/22/2023 EUR 60.440
Landesbank Baden-W 5.700 4/28/2025 EUR 72.960
Bank Vontobel AG 16.000 12/27/2023 CHF 39.800
Bank Vontobel AG 23.000 12/27/2023 CHF 17.100
Basler Kantonalban 26.000 12/29/2023 USD 44.380
UBS AG/London 13.750 7/1/2024 CHF 52.000
BNP Paribas Emissi 27.000 12/21/2023 EUR 56.140
BNP Paribas Emissi 16.000 12/30/2024 EUR 71.420
Leonteq Securities 9.000 1/21/2025 CHF 74.520
DZ Bank AG Deutsch 13.000 12/20/2023 EUR 70.570
DZ Bank AG Deutsch 5.500 1/24/2024 EUR 72.380
Raiffeisen Switzer 20.000 3/20/2024 CHF 23.840
Bank Julius Baer & 7.300 3/21/2024 CHF 68.950
Zurcher Kantonalba 17.000 3/15/2024 CHF 51.630
DZ Bank AG Deutsch 15.600 12/22/2023 EUR 60.470
Landesbank Baden-W 6.050 8/23/2024 EUR 73.420
Vontobel Financial 15.250 12/22/2023 EUR 57.420
Landesbank Baden-W 4.750 9/25/2026 EUR 71.130
SG Issuer SA 7.600 1/20/2025 SEK 66.880
DZ Bank AG Deutsch 8.500 12/18/2023 EUR 55.790
BNP Paribas Emissi 4.750 8/12/2026 EUR 73.400
Zurcher Kantonalba 10.000 5/2/2024 CHF 63.890
BNP Paribas Issuan 3.300 7/1/2030 EUR 68.560
DZ Bank AG Deutsch 21.000 9/27/2024 EUR 74.520
BNP Paribas Issuan 1.200 8/12/2026 EUR 69.500
Bank Vontobel AG 20.500 11/4/2024 CHF 43.000
Leonteq Securities 24.000 8/14/2024 CHF 65.670
Leonteq Securities 22.000 8/14/2024 CHF 57.870
UBS AG/London 9.500 8/15/2029 EUR 63.360
Leonteq Securities 28.000 9/5/2024 CHF 62.990
Leonteq Securities 10.340 8/31/2026 EUR 63.180
UniCredit Bank AG 14.200 2/23/2024 EUR 73.700
Leonteq Securities 25.000 9/5/2024 EUR 66.780
Swissquote Bank SA 29.000 6/4/2024 CHF 63.510
Leonteq Securities 24.000 9/4/2024 CHF 65.030
Swissquote Bank SA 27.700 9/4/2024 CHF 54.420
UniCredit Bank AG 20.000 12/22/2023 EUR 65.950
UniCredit Bank AG 19.100 3/22/2024 EUR 70.150
UniCredit Bank AG 19.400 6/28/2024 EUR 71.860
UniCredit Bank AG 19.100 12/31/2024 EUR 74.590
UniCredit Bank AG 20.000 12/31/2024 EUR 73.840
Bank Vontobel AG 19.000 4/9/2024 CHF 18.300
Vontobel Financial 21.000 12/22/2023 EUR 63.820
Vontobel Financial 20.000 12/22/2023 EUR 65.540
Vontobel Financial 15.500 12/22/2023 EUR 73.550
Vontobel Financial 19.000 12/22/2023 EUR 67.370
BNP Paribas Emissi 22.000 12/21/2023 EUR 74.790
Basler Kantonalban 22.000 9/6/2024 CHF 61.220
Leonteq Securities 11.000 12/11/2024 CHF 61.530
Swissquote Bank SA 24.040 9/11/2024 CHF 62.820
Leonteq Securities 22.000 9/11/2024 CHF 61.360
Vontobel Financial 9.500 6/28/2024 EUR 70.290
Vontobel Financial 11.500 6/28/2024 EUR 68.900
Vontobel Financial 7.000 6/28/2024 EUR 74.480
Vontobel Financial 8.000 6/28/2024 EUR 72.150
Vontobel Financial 14.500 6/28/2024 EUR 67.120
Vontobel Financial 17.000 6/28/2024 EUR 66.420
Vontobel Financial 10.500 9/27/2024 EUR 70.580
Vontobel Financial 14.500 9/27/2024 EUR 68.270
UniCredit Bank AG 19.600 3/22/2024 EUR 73.000
UniCredit Bank AG 19.800 6/28/2024 EUR 74.360
Zurcher Kantonalba 19.000 8/23/2024 CHF 62.480
DZ Bank AG Deutsch 11.100 8/23/2024 EUR 70.570
DZ Bank AG Deutsch 8.300 12/31/2024 EUR 73.960
DZ Bank AG Deutsch 9.500 12/31/2024 EUR 72.230
DZ Bank AG Deutsch 12.500 12/31/2024 EUR 69.990
UBS AG/London 15.240 1/31/2024 USD 5.237
UBS AG/London 16.120 5/14/2027 SEK 72.740
EFG International 8.000 2/2/2024 CHF 61.370
Landesbank Hessen- 3.000 3/10/2037 EUR 66.400
Sberbank of Russia 0.010 2/4/2027 RUB 67.800
HSBC Trinkaus & Bu 19.000 6/28/2024 EUR 68.760
HSBC Trinkaus & Bu 15.000 6/28/2024 EUR 73.280
HSBC Trinkaus & Bu 20.750 3/22/2024 EUR 65.510
HSBC Trinkaus & Bu 9.000 3/22/2024 EUR 72.320
Bank Julius Baer & 8.850 9/9/2024 EUR 68.650
Leonteq Securities 25.000 12/11/2024 CHF 53.810
Luzerner Kantonalb 3.600 7/6/2026 EUR 40.920
Leonteq Securities 27.600 6/26/2024 CHF 34.260
Leonteq Securities 21.600 6/26/2024 CHF 51.490
Leonteq Securities 10.200 6/26/2024 EUR 63.450
Bank Vontobel AG 16.000 6/17/2024 USD 59.400
Vontobel Financial 19.000 6/28/2024 EUR 74.810
Vontobel Financial 19.500 3/22/2024 EUR 72.540
Vontobel Financial 11.000 6/28/2024 EUR 57.820
Vontobel Financial 8.500 6/28/2024 EUR 56.100
Vontobel Financial 7.500 6/28/2024 EUR 67.790
Vontobel Financial 16.500 6/28/2024 EUR 68.940
Vontobel Financial 11.000 3/22/2024 EUR 68.580
Vontobel Financial 14.000 6/28/2024 EUR 59.430
Vontobel Financial 7.500 3/22/2024 EUR 64.750
Vontobel Financial 9.000 6/28/2024 EUR 56.650
Vontobel Financial 12.500 6/28/2024 EUR 58.590
Vontobel Financial 13.500 6/28/2024 EUR 60.220
UniCredit Bank AG 6.800 7/25/2024 EUR 67.670
HSBC Trinkaus & Bu 19.200 9/27/2024 EUR 72.410
HSBC Trinkaus & Bu 17.100 9/27/2024 EUR 75.570
Landesbank Baden-W 10.000 6/28/2024 EUR 68.350
HSBC Trinkaus & Bu 9.000 9/27/2024 EUR 65.440
HSBC Trinkaus & Bu 5.100 9/27/2024 EUR 71.870
HSBC Trinkaus & Bu 6.900 2/23/2024 EUR 68.530
HSBC Trinkaus & Bu 6.700 8/23/2024 EUR 68.800
Landesbank Baden-W 7.200 6/28/2024 EUR 61.840
Landesbank Baden-W 9.500 6/28/2024 EUR 56.370
HSBC Trinkaus & Bu 11.200 12/22/2023 EUR 69.480
Societe Generale E 12.500 6/28/2024 EUR 67.180
HSBC Trinkaus & Bu 8.800 3/22/2024 EUR 65.660
HSBC Trinkaus & Bu 7.700 9/27/2024 EUR 66.560
HSBC Trinkaus & Bu 7.800 12/30/2024 EUR 66.050
HSBC Trinkaus & Bu 6.900 12/30/2024 EUR 67.260
HSBC Trinkaus & Bu 5.200 3/28/2025 EUR 69.480
HSBC Trinkaus & Bu 9.900 12/22/2023 EUR 61.430
HSBC Trinkaus & Bu 10.100 3/22/2024 EUR 61.600
Landesbank Baden-W 8.900 1/24/2025 EUR 72.640
DZ Bank AG Deutsch 0.510 6/25/2031 EUR 74.510
DZ Bank AG Deutsch 0.440 6/25/2031 EUR 72.400
Landesbank Baden-W 3.500 6/27/2025 EUR 68.580
Landesbank Baden-W 4.000 6/27/2025 EUR 61.480
Sberbank of Russia 0.010 3/27/2028 RUB 72.200
Landesbank Baden-W 2.700 4/28/2025 EUR 75.260
UniCredit Bank AG 5.400 4/30/2024 EUR 40.170
DekaBank Deutsche 3.100 4/26/2024 EUR 68.730
DekaBank Deutsche 6.600 1/17/2025 EUR 33.480
Erste Group Bank A 4.250 1/31/2026 EUR 72.650
UBS AG/London 5.250 12/22/2023 CHF 63.750
Vontobel Financial 12.500 9/27/2024 EUR 71.840
Vontobel Financial 11.500 6/28/2024 EUR 65.740
Leonteq Securities 7.000 12/27/2023 CHF 48.670
Vontobel Financial 8.500 9/27/2024 EUR 57.370
Bank Vontobel AG 11.000 7/26/2024 USD 60.200
Leonteq Securities 26.000 7/31/2024 CHF 41.250
Landesbank Baden-W 4.100 1/23/2026 EUR 73.020
Erste Group Bank A 5.250 1/31/2026 EUR 27.000
UBS AG/London 6.250 12/22/2023 CHF 46.400
UBS AG/London 8.000 12/22/2023 USD 73.100
Vontobel Financial 22.000 6/28/2024 EUR 74.440
Leonteq Securities 7.000 12/27/2023 USD 64.680
Leonteq Securities 6.000 12/27/2023 CHF 64.360
Basler Kantonalban 11.000 7/26/2024 CHF 70.000
National Mortgage 8.500 3/4/2024 AMD 0.000
DekaBank Deutsche 4.300 4/26/2024 EUR 55.760
Landesbank Baden-W 3.000 4/23/2027 EUR 68.240
Landesbank Baden-W 4.000 4/23/2027 EUR 61.820
Landesbank Baden-W 3.100 4/23/2027 EUR 66.030
Landesbank Hessen- 1.800 6/9/2036 EUR 63.950
UBS AG/London 13.000 5/6/2024 USD 73.720
Societe Generale S 18.000 5/31/2024 USD 15.350
UBS AG/London 10.000 3/23/2026 USD 22.510
Sberbank of Russia 0.010 3/25/2026 RUB 72.900
Zurcher Kantonalba 10.000 1/24/2025 CHF 70.410
UniCredit Bank AG 4.650 12/30/2024 USD 55.570
Landesbank Baden-W 4.000 1/2/2026 EUR 65.170
Vontobel Financial 6.200 12/8/2023 EUR 62.510
Sberbank of Russia 0.010 11/27/2026 RUB 68.800
UBS AG/London 7.750 12/8/2023 CHF 59.350
Landesbank Hessen- 1.500 1/20/2037 EUR 66.300
UBS AG/London 8.500 12/8/2023 EUR 57.950
Leonteq Securities 5.200 12/13/2023 EUR 67.320
Credit Suisse AG/L 4.750 6/6/2024 CHF 65.910
Landesbank Baden-W 3.250 1/2/2026 EUR 57.460
UBS AG/London 6.750 12/1/2023 CHF 65.250
UBS AG/London 6.250 12/1/2023 CHF 48.850
UBS AG/London 4.750 12/1/2023 CHF 65.200
UBS AG/London 5.250 12/1/2023 CHF 65.200
UBS AG/London 7.750 12/1/2023 CHF 65.250
Bank Vontobel AG 8.250 11/27/2023 EUR 50.200
Bank Vontobel AG 4.000 12/2/2024 CHF 76.000
Bank Vontobel AG 4.750 5/31/2024 CHF 66.500
Bank Vontobel AG 5.250 12/1/2023 CHF 66.500
Societe Generale S 20.000 12/18/2025 USD 19.750
UniCredit Bank AG 3.200 1/20/2025 CHF 74.930
Leonteq Securities 8.800 12/7/2023 CHF 73.180
DekaBank Deutsche 3.300 1/12/2026 EUR 55.450
Raiffeisen Schweiz 8.200 12/6/2023 CHF 74.080
Raiffeisen Schweiz 4.900 12/6/2023 CHF 70.550
Raiffeisen Schweiz 7.600 12/6/2023 CHF 68.320
Raiffeisen Schweiz 5.500 12/6/2023 CHF 67.750
Landesbank Baden-W 2.500 1/2/2026 EUR 74.650
Landesbank Baden-W 2.300 1/2/2026 EUR 68.240
Sberbank of Russia 0.010 12/7/2026 RUB 68.000
UniCredit Bank AG 4.600 3/26/2024 EUR 73.450
Landesbank Baden-W 4.100 6/27/2025 EUR 67.620
Landesbank Hessen- 1.400 3/5/2036 EUR 63.300
Bank Vontobel AG 6.500 11/4/2024 CHF 66.200
Bank Vontobel AG 10.000 11/4/2024 EUR 60.500
UBS AG/London 5.250 12/1/2023 EUR 35.450
UBS AG/London 7.750 12/1/2023 CHF 69.600
UBS AG/London 6.500 12/1/2023 CHF 64.800
UBS AG/London 7.250 12/1/2023 CHF 64.800
Leonteq Securities 23.000 5/15/2024 CHF 59.980
Sberbank of Russia 0.010 11/30/2028 RUB 73.700
Landesbank Hessen- 1.400 1/13/2037 EUR 65.350
Leonteq Securities 6.100 12/6/2023 CHF 48.590
Banque Cantonale V 5.400 12/6/2023 CHF 6.640
Credit Suisse AG/L 15.500 12/15/2023 USD 44.190
Leonteq Securities 5.000 12/13/2023 CHF 67.140
UniCredit Bank AG 18.700 12/22/2023 EUR 50.230
UBS AG/London 10.250 7/5/2024 CHF 71.000
DZ Bank AG Deutsch 5.500 6/26/2024 EUR 72.150
Leonteq Securities 14.000 12/23/2024 CHF 73.520
Leonteq Securities 20.000 9/26/2024 USD 48.550
Swissquote Bank SA 10.000 6/26/2024 CHF 68.140
Raiffeisen Switzer 20.000 6/26/2024 CHF 37.030
Raiffeisen Switzer 9.250 6/23/2025 CHF 72.480
DZ Bank AG Deutsch 6.500 9/25/2024 EUR 64.450
DZ Bank AG Deutsch 8.000 3/20/2024 EUR 61.350
DZ Bank AG Deutsch 6.750 12/20/2023 EUR 65.670
DZ Bank AG Deutsch 7.500 6/26/2024 EUR 55.830
DZ Bank AG Deutsch 7.750 9/25/2024 EUR 64.400
Leonteq Securities 24.000 7/17/2024 CHF 48.200
EFG International 15.000 7/12/2024 CHF 63.390
Finca Uco Cjsc 13.000 5/30/2025 AMD 10.600
Finca Uco Cjsc 7.500 5/30/2025 USD 0.000
UBS AG/London 8.250 1/13/2025 CHF 74.100
UBS AG/London 25.000 7/12/2024 CHF 57.200
Vontobel Financial 11.750 6/28/2024 EUR 71.200
Vontobel Financial 14.000 6/28/2024 EUR 71.520
Corner Banca SA 18.500 9/23/2024 CHF 44.990
DZ Bank AG Deutsch 6.250 12/20/2023 EUR 71.090
DZ Bank AG Deutsch 6.250 3/20/2024 EUR 73.710
Ingrad AO 15.500 2/27/2030 RUB 63.000
DZ Bank AG Deutsch 6.750 3/20/2024 EUR 73.870
DZ Bank AG Deutsch 8.500 6/26/2024 EUR 67.310
HSBC Trinkaus & Bu 15.500 6/27/2025 EUR 69.490
Raiffeisen Schweiz 6.000 1/31/2024 CHF 67.410
Leonteq Securities 9.000 1/31/2024 CHF 56.270
Leonteq Securities 22.000 9/18/2024 CHF 53.600
UniCredit Bank AG 17.300 3/22/2024 EUR 67.060
UniCredit Bank AG 17.800 6/28/2024 EUR 68.790
UniCredit Bank AG 19.200 6/28/2024 EUR 67.520
UniCredit Bank AG 19.700 12/31/2024 EUR 70.390
Leonteq Securities 20.000 9/18/2024 CHF 71.190
Swissquote Bank SA 28.320 9/18/2024 CHF 59.000
UniCredit Bank AG 19.100 3/22/2024 EUR 65.260
UniCredit Bank AG 18.800 12/31/2024 EUR 71.000
Citigroup Global M 4.950 10/19/2029 CHF 9.196
HSBC Trinkaus & Bu 23.250 3/22/2024 EUR 56.620
BNP Paribas Emissi 20.000 6/27/2024 EUR 68.540
BNP Paribas Emissi 13.000 12/30/2024 EUR 73.620
BNP Paribas Emissi 14.000 3/21/2024 EUR 69.580
BNP Paribas Emissi 17.000 3/21/2024 EUR 67.990
BNP Paribas Emissi 20.000 3/21/2024 EUR 65.490
Raiffeisen Schweiz 6.800 1/24/2024 CHF 55.520
Raiffeisen Schweiz 6.700 1/24/2024 CHF 12.690
Raiffeisen Schweiz 7.200 1/24/2024 CHF 73.190
Bank Vontobel AG 12.000 1/22/2024 EUR 70.000
UniCredit Bank AG 17.700 12/22/2023 EUR 63.110
BNP Paribas Emissi 22.000 3/21/2024 EUR 66.090
DZ Bank AG Deutsch 10.250 3/20/2024 EUR 58.380
DZ Bank AG Deutsch 4.250 6/26/2024 EUR 58.800
DZ Bank AG Deutsch 14.800 9/27/2024 EUR 59.040
DZ Bank AG Deutsch 9.500 9/27/2024 EUR 64.450
DZ Bank AG Deutsch 8.250 3/20/2024 EUR 56.000
UniCredit Bank AG 14.900 6/28/2024 EUR 57.070
UniCredit Bank AG 16.400 3/22/2024 EUR 53.840
DZ Bank AG Deutsch 12.300 9/27/2024 EUR 62.910
DZ Bank AG Deutsch 11.800 9/27/2024 EUR 61.570
Leonteq Securities 8.600 8/12/2024 EUR 61.090
Banque Internation 6.000 11/30/2023 CHF 64.570
Vontobel Financial 17.500 3/22/2024 EUR 57.960
Vontobel Financial 21.000 3/22/2024 EUR 55.860
Vontobel Financial 11.500 3/22/2024 EUR 63.910
Vontobel Financial 16.000 6/28/2024 EUR 59.590
Vontobel Financial 14.000 3/22/2024 EUR 60.520
Vontobel Financial 9.000 3/22/2024 EUR 69.250
Vontobel Financial 8.500 6/28/2024 EUR 71.340
Vontobel Financial 13.500 6/28/2024 EUR 61.680
Vontobel Financial 11.500 6/28/2024 EUR 64.550
Vontobel Financial 19.000 6/28/2024 EUR 58.200
Vontobel Financial 24.000 3/22/2024 EUR 50.290
Vontobel Financial 12.500 6/28/2024 EUR 63.250
Landesbank Baden-W 3.200 3/27/2026 EUR 67.700
Landesbank Hessen- 1.000 3/20/2035 EUR 64.600
DZ Bank AG Deutsch 0.630 12/30/2030 EUR 74.380
Landesbank Hessen- 1.000 3/6/2035 EUR 65.950
Raiffeisen Switzer 10.500 8/5/2024 CHF 68.410
Raiffeisen Switzer 20.000 5/10/2024 CHF 51.090
EFG International 4.500 2/26/2024 USD 38.490
Bank Julius Baer & 8.950 7/8/2024 EUR 67.000
UniCredit Bank AG 18.000 9/27/2024 EUR 72.200
UniCredit Bank AG 19.100 9/27/2024 EUR 71.170
DZ Bank AG Deutsch 9.900 7/26/2024 EUR 68.830
Leonteq Securities 15.300 8/7/2024 CHF 52.970
Zurcher Kantonalba 10.000 7/3/2024 CHF 73.000
Zurcher Kantonalba 16.000 1/3/2024 CHF 48.060
BNP Paribas Emissi 11.000 3/21/2024 EUR 71.310
BNP Paribas Emissi 12.000 3/21/2024 EUR 68.940
BNP Paribas Emissi 15.000 3/21/2024 EUR 67.350
BNP Paribas Emissi 7.000 12/21/2023 EUR 73.200
BNP Paribas Emissi 19.000 12/21/2023 EUR 64.080
BNP Paribas Emissi 9.500 12/30/2024 EUR 74.540
BNP Paribas Emissi 10.000 12/30/2024 EUR 72.680
BNP Paribas Emissi 11.000 12/30/2024 EUR 71.460
BNP Paribas Emissi 14.000 12/30/2024 EUR 71.410
Vontobel Financial 10.250 6/28/2024 EUR 66.580
Leonteq Securities 24.000 7/10/2024 CHF 41.440
Citigroup Global M 14.650 7/22/2024 HKD 34.250
Raiffeisen Switzer 20.000 7/10/2024 CHF 53.740
DZ Bank AG Deutsch 5.000 9/25/2024 EUR 72.090
BNP Paribas Emissi 12.000 12/21/2023 EUR 73.550
BNP Paribas Emissi 16.000 12/21/2023 EUR 66.500
BNP Paribas Emissi 17.000 12/21/2023 EUR 64.030
BNP Paribas Emissi 13.000 6/27/2024 EUR 72.570
BNP Paribas Emissi 14.000 6/27/2024 EUR 70.580
BNP Paribas Emissi 15.000 6/27/2024 EUR 68.760
BNP Paribas Emissi 15.000 12/21/2023 EUR 69.170
DZ Bank AG Deutsch 8.250 12/20/2023 EUR 68.850
Vontobel Financial 11.500 12/22/2023 EUR 71.760
Vontobel Financial 13.500 12/22/2023 EUR 67.540
Vontobel Financial 19.500 12/22/2023 EUR 57.570
Vontobel Financial 14.500 12/22/2023 EUR 64.990
Vontobel Financial 12.500 12/22/2023 EUR 68.880
Vontobel Financial 14.000 12/22/2023 EUR 66.230
HSBC Trinkaus & Bu 7.000 1/26/2024 EUR 73.980
HSBC Trinkaus & Bu 10.000 4/26/2024 EUR 71.960
HSBC Trinkaus & Bu 11.750 5/24/2024 EUR 71.220
HSBC Trinkaus & Bu 14.750 7/26/2024 EUR 70.020
HSBC Trinkaus & Bu 20.250 6/28/2024 EUR 63.700
HSBC Trinkaus & Bu 22.750 3/22/2024 EUR 59.940
Leonteq Securities 6.400 2/3/2025 EUR 74.020
Vontobel Financial 12.500 2/9/2024 EUR 64.810
Vontobel Financial 12.000 2/9/2024 EUR 64.710
Leonteq Securities 22.000 8/7/2024 CHF 46.510
Societe Generale E 11.250 8/23/2024 EUR 73.650
Societe Generale E 13.250 8/23/2024 EUR 71.690
Leonteq Securities 21.000 8/14/2024 CHF 52.220
Swissquote Bank SA 21.320 7/17/2024 CHF 59.650
Swissquote Bank SA 26.040 7/17/2024 CHF 42.590
Raiffeisen Switzer 10.000 7/17/2024 CHF 72.670
Raiffeisen Switzer 17.000 7/17/2024 CHF 70.070
Leonteq Securities 21.000 7/17/2024 CHF 59.510
Vontobel Financial 16.000 6/28/2024 EUR 74.730
Vontobel Financial 20.000 9/27/2024 EUR 67.980
Vontobel Financial 11.500 9/27/2024 EUR 74.040
Vontobel Financial 15.500 9/27/2024 EUR 70.260
Vontobel Financial 12.500 9/27/2024 EUR 72.430
Vontobel Financial 14.000 9/27/2024 EUR 71.250
Vontobel Financial 17.000 9/27/2024 EUR 69.420
Vontobel Financial 18.500 9/27/2024 EUR 68.680
Bank Julius Baer & 6.350 7/18/2024 CHF 69.200
Landesbank Baden-W 7.250 7/26/2024 EUR 73.890
Zurcher Kantonalba 10.100 10/10/2024 USD 72.150
UniCredit Bank AG 17.100 12/22/2023 EUR 68.660
DZ Bank AG Deutsch 7.000 6/26/2024 EUR 63.420
Credit Suisse AG/L 7.000 11/11/2024 CHF 73.260
DZ Bank AG Deutsch 4.500 9/25/2024 EUR 68.770
UBS AG/London 5.000 2/9/2024 CHF 66.900
Leonteq Securities 24.000 1/9/2025 CHF 69.420
UniCredit Bank AG 15.800 9/27/2024 EUR 74.510
UniCredit Bank AG 16.900 9/27/2024 EUR 73.310
BNP Paribas Emissi 8.500 3/21/2024 EUR 70.570
BNP Paribas Emissi 13.000 3/21/2024 EUR 66.750
BNP Paribas Emissi 11.000 6/27/2024 EUR 71.600
BNP Paribas Emissi 13.000 6/27/2024 EUR 67.820
BNP Paribas Emissi 8.500 12/21/2023 EUR 68.730
BNP Paribas Emissi 11.000 12/21/2023 EUR 68.880
BNP Paribas Emissi 14.000 12/21/2023 EUR 66.320
BNP Paribas Emissi 15.000 12/21/2023 EUR 63.850
BNP Paribas Emissi 7.000 3/21/2024 EUR 74.510
Swissquote Bank SA 26.120 7/10/2024 CHF 42.340
Leonteq Securities 24.000 7/10/2024 CHF 54.300
Leonteq Securities 26.000 7/10/2024 CHF 39.610
Societe Generale E 10.750 6/28/2024 EUR 71.690
Basler Kantonalban 24.000 7/5/2024 CHF 40.430
Bank Vontobel AG 28.000 9/9/2024 CHF 56.000
HSBC Trinkaus & Bu 8.600 9/27/2024 EUR 57.320
DZ Bank AG Deutsch 9.750 6/26/2024 EUR 73.170
DZ Bank AG Deutsch 8.250 9/25/2024 EUR 73.560
HSBC Trinkaus & Bu 7.700 3/28/2025 EUR 67.290
HSBC Trinkaus & Bu 6.300 7/26/2024 EUR 69.440
HSBC Trinkaus & Bu 6.700 9/27/2024 EUR 60.890
HSBC Trinkaus & Bu 5.100 3/28/2025 EUR 70.820
HSBC Trinkaus & Bu 6.000 8/23/2024 EUR 69.580
Landesbank Baden-W 7.500 6/27/2025 EUR 67.720
HSBC Trinkaus & Bu 18.900 9/27/2024 EUR 70.650
HSBC Trinkaus & Bu 17.500 9/27/2024 EUR 72.660
Bank Vontobel AG 22.000 7/1/2024 CHF 53.000
DZ Bank AG Deutsch 8.000 6/28/2024 EUR 73.750
Basler Kantonalban 21.000 7/5/2024 CHF 54.710
UBS AG/London 8.000 1/6/2025 CHF 74.550
Bank Vontobel AG 15.500 11/18/2024 CHF 50.900
Leonteq Securities 20.000 8/28/2024 CHF 55.750
Erste Group Bank A 14.500 8/2/2024 EUR 53.450
Bank Vontobel AG 9.500 7/1/2024 EUR 71.800
DZ Bank AG Deutsch 7.500 9/27/2024 EUR 74.810
Vontobel Financial 9.000 9/27/2024 EUR 72.390
HSBC Trinkaus & Bu 14.750 4/26/2024 EUR 68.770
HSBC Trinkaus & Bu 16.250 5/24/2024 EUR 68.690
HSBC Trinkaus & Bu 17.500 12/30/2024 EUR 68.920
HSBC Trinkaus & Bu 18.750 9/27/2024 EUR 66.670
BNP Paribas Issuan 19.000 9/18/2026 EUR 60.990
BNP Paribas Issuan 16.000 9/18/2026 EUR 73.330
Leonteq Securities 25.000 12/18/2024 CHF 56.270
Citigroup Global M 6.220 9/25/2024 SGD 5.052
HSBC Trinkaus & Bu 17.600 9/27/2024 EUR 73.060
HSBC Trinkaus & Bu 15.100 12/30/2024 EUR 75.110
UniCredit Bank AG 17.200 12/22/2023 EUR 75.370
UniCredit Bank AG 19.700 12/22/2023 EUR 72.040
UniCredit Bank AG 19.000 3/22/2024 EUR 75.650
Raiffeisen Schweiz 20.000 8/7/2024 CHF 47.140
DZ Bank AG Deutsch 26.000 3/22/2024 EUR 67.010
DZ Bank AG Deutsch 23.000 6/28/2024 EUR 71.340
HSBC Trinkaus & Bu 6.200 12/30/2024 EUR 68.780
HSBC Trinkaus & Bu 6.200 1/26/2024 EUR 69.310
Landesbank Baden-W 8.500 6/27/2025 EUR 64.650
HSBC Trinkaus & Bu 15.500 9/27/2024 EUR 76.690
Landesbank Baden-W 8.900 6/27/2025 EUR 70.970
HSBC Trinkaus & Bu 15.200 3/22/2024 EUR 72.600
UBS AG/London 7.250 8/5/2024 CHF 71.250
Zurcher Kantonalba 8.500 1/27/2025 EUR 70.230
HSBC Trinkaus & Bu 19.900 9/27/2024 EUR 67.570
Leonteq Securities 7.000 1/31/2024 CHF 60.340
Bank Julius Baer & 8.000 10/11/2024 CHF 70.350
Landesbank Baden-W 6.300 4/26/2024 EUR 66.300
Raiffeisen Schweiz 15.500 4/11/2024 CHF 44.070
Raiffeisen Switzer 8.100 1/13/2025 CHF 71.620
DZ Bank AG Deutsch 10.300 4/26/2024 EUR 58.240
DZ Bank AG Deutsch 24.400 12/22/2023 EUR 49.090
UBS AG/London 18.750 4/15/2024 CHF 23.200
Landesbank Baden-W 6.900 4/26/2024 EUR 68.220
Landesbank Baden-W 9.250 4/26/2024 EUR 63.250
Landesbank Baden-W 9.850 4/26/2024 EUR 65.080
Landesbank Baden-W 11.000 4/26/2024 EUR 70.620
Credit Suisse AG/L 8.000 4/11/2024 CHF 65.980
UniCredit Bank AG 11.400 12/22/2023 EUR 65.380
UniCredit Bank AG 11.100 3/22/2024 EUR 67.790
UniCredit Bank AG 13.800 3/22/2024 EUR 58.920
UniCredit Bank AG 19.300 12/22/2023 EUR 52.590
UniCredit Bank AG 16.900 3/22/2024 EUR 56.290
UniCredit Bank AG 15.200 6/28/2024 EUR 59.530
Leonteq Securities 22.000 4/17/2024 CHF 38.330
Leonteq Securities 26.000 4/17/2024 CHF 27.900
Leonteq Securities 18.000 4/17/2024 CHF 72.530
Raiffeisen Schweiz 16.000 4/18/2024 CHF 48.670
Raiffeisen Schweiz 16.500 4/18/2024 CHF 60.340
Raiffeisen Switzer 10.700 10/18/2024 CHF 70.910
Goldman Sachs Inte 0.100 1/13/2025 EUR 15.100
Raiffeisen Schweiz 4.500 4/29/2025 CHF 62.500
Raiffeisen Schweiz 7.600 1/19/2024 CHF 61.650
Raiffeisen Schweiz 6.000 4/19/2024 CHF 60.870
Leonteq Securities 8.000 4/25/2024 CHF 52.580
Leonteq Securities 7.000 4/25/2024 CHF 56.320
JP Morgan Structur 12.200 4/22/2025 USD 0.000
Raiffeisen Schweiz 4.200 10/21/2024 CHF 67.290
Raiffeisen Schweiz 6.600 7/26/2024 CHF 69.390
Raiffeisen Schweiz 6.000 4/26/2024 CHF 61.400
Leonteq Securities 5.000 4/25/2024 CHF 61.990
Leonteq Securities 7.000 4/22/2024 USD 62.140
Leonteq Securities 15.000 4/26/2024 CHF 63.840
Bank Vontobel AG 5.250 4/22/2024 CHF 60.800
Bank Vontobel AG 4.000 4/23/2025 CHF 70.900
Ameriabank CJSC 9.500 7/14/2024 AMD 0.000
UBS AG/London 19.000 7/15/2024 CHF 56.350
Bank Vontobel AG 14.500 1/16/2024 CHF 56.700
Leonteq Securities 9.000 1/22/2024 CHF 58.310
Raiffeisen Switzer 6.000 1/22/2024 CHF 62.600
UBS AG/London 6.500 1/22/2024 CHF 55.850
UBS AG/London 7.000 1/22/2024 CHF 58.600
Raiffeisen Schweiz 7.300 7/1/2024 CHF 62.360
UBS AG/London 9.000 7/2/2027 USD 71.980
UBS AG/London 10.000 7/1/2024 CHF 70.600
UBS AG/London 16.250 1/4/2024 CHF 63.700
UBS AG/London 10.000 12/29/2023 EUR 53.700
UniCredit Bank AG 6.600 12/22/2023 EUR 65.980
UniCredit Bank AG 5.400 12/22/2023 EUR 71.580
UniCredit Bank AG 5.900 12/22/2023 EUR 68.640
UniCredit Bank AG 8.900 12/22/2023 EUR 59.130
UniCredit Bank AG 8.100 12/22/2023 EUR 61.240
UniCredit Bank AG 7.300 12/22/2023 EUR 63.510
UniCredit Bank AG 9.800 12/22/2023 EUR 57.170
UniCredit Bank AG 10.700 12/22/2023 EUR 55.170
UniCredit Bank AG 13.000 12/22/2023 EUR 74.330
UniCredit Bank AG 15.800 12/22/2023 EUR 64.970
UniCredit Bank AG 13.900 12/22/2023 EUR 70.910
UniCredit Bank AG 14.800 12/22/2023 EUR 67.800
UniCredit Bank AG 15.600 12/22/2023 EUR 62.910
UniCredit Bank AG 13.000 12/22/2023 EUR 69.990
UniCredit Bank AG 14.300 12/22/2023 EUR 66.250
UniCredit Bank AG 11.700 12/22/2023 EUR 74.180
UniCredit Bank AG 11.900 12/22/2023 EUR 72.960
UBS AG/London 16.000 1/8/2024 CHF 30.900
Leonteq Securities 9.200 7/7/2025 CHF 32.670
Bank Vontobel AG 20.000 1/5/2024 CHF 15.400
Leonteq Securities 9.000 7/8/2024 CHF 58.630
UniCredit Bank AG 16.550 8/18/2025 USD 36.940
ObedinenieAgroElit 13.750 5/22/2024 RUB 34.540
HSBC Trinkaus & Bu 11.500 3/22/2024 EUR 70.070
HSBC Trinkaus & Bu 8.300 9/27/2024 EUR 74.960
Landesbank Baden-W 7.200 6/28/2024 EUR 73.460
Landesbank Baden-W 7.100 11/22/2024 EUR 69.490
Landesbank Baden-W 9.000 11/22/2024 EUR 64.200
Landesbank Baden-W 7.700 11/22/2024 EUR 69.710
HSBC Trinkaus & Bu 8.600 12/22/2023 EUR 66.190
HSBC Trinkaus & Bu 5.000 12/22/2023 EUR 71.670
HSBC Trinkaus & Bu 6.900 9/27/2024 EUR 68.250
HSBC Trinkaus & Bu 5.800 12/30/2024 EUR 69.510
HSBC Trinkaus & Bu 7.200 1/26/2024 EUR 68.080
DZ Bank AG Deutsch 4.750 12/18/2023 EUR 62.090
Landesbank Baden-W 5.500 8/23/2024 EUR 40.180
Landesbank Baden-W 7.200 8/23/2024 EUR 35.350
Landesbank Baden-W 9.200 8/23/2024 EUR 32.420
Landesbank Baden-W 6.500 8/23/2024 EUR 72.350
Landesbank Baden-W 7.900 8/23/2024 EUR 68.220
Leonteq Securities 8.000 8/30/2024 CHF 64.660
Raiffeisen Switzer 9.100 8/26/2024 CHF 67.750
UBS AG/London 18.000 2/26/2024 CHF 36.950
DZ Bank AG Deutsch 11.400 12/22/2023 EUR 59.740
DZ Bank AG Deutsch 7.500 12/22/2023 EUR 68.900
DZ Bank AG Deutsch 8.700 12/22/2023 EUR 65.530
DZ Bank AG Deutsch 22.200 12/22/2023 EUR 68.100
DZ Bank AG Deutsch 24.700 12/22/2023 EUR 59.880
EFG International 8.000 3/5/2024 CHF 54.920
SG Issuer SA 5.000 5/30/2029 EUR 46.020
Leonteq Securities 17.000 12/5/2023 CHF 14.730
Leonteq Securities 24.000 9/25/2024 CHF 68.390
Raiffeisen Schweiz 20.000 9/25/2024 CHF 64.220
DekaBank Deutsche 2.300 5/10/2024 EUR 74.340
Sberbank of Russia 0.010 4/6/2026 RUB 72.600
Landesbank Baden-W 4.100 6/27/2025 EUR 65.320
Bank Vontobel AG 5.000 12/11/2023 CHF 69.200
Bank Vontobel AG 7.000 12/11/2023 CHF 66.800
Leonteq Securities 7.000 12/13/2023 CHF 50.510
Landesbank Hessen- 1.580 12/16/2036 EUR 67.500
UBS AG/London 5.750 12/15/2023 CHF 62.750
UBS AG/London 6.000 12/15/2023 CHF 62.100
UBS AG/London 5.000 12/15/2023 EUR 28.540
UBS AG/London 5.250 12/15/2023 CHF 63.350
UBS AG/London 7.500 12/15/2023 CHF 46.500
Raiffeisen Schweiz 5.700 12/13/2023 CHF 67.030
Raiffeisen Schweiz 6.000 12/13/2023 CHF 67.120
Bank Vontobel AG 7.750 12/11/2023 CHF 66.900
Bank Vontobel AG 4.750 12/15/2023 CHF 64.300
Leonteq Securities 7.000 12/20/2023 CHF 61.270
Raiffeisen Schweiz 7.000 6/17/2024 CHF 75.800
Raiffeisen Schweiz 8.000 12/20/2023 CHF 64.570
Raiffeisen Schweiz 6.300 12/20/2023 CHF 64.520
Raiffeisen Schweiz 4.600 12/17/2024 CHF 76.390
Bank Vontobel AG 9.000 12/18/2023 EUR 71.600
Bank Vontobel AG 6.000 12/18/2023 CHF 40.300
Sberbank of Russia 0.010 12/21/2026 RUB 68.000
Landesbank Hessen- 2.000 3/16/2037 EUR 67.700
DZ Bank AG Deutsch 1.300 12/29/2031 EUR 74.040
Landesbank Baden-W 3.000 2/27/2026 EUR 71.990
Landesbank Baden-W 4.000 2/27/2026 EUR 73.570
Bank Julius Baer & 5.750 2/12/2024 CHF 56.650
Leonteq Securities 5.200 2/14/2024 EUR 70.310
Leonteq Securities 8.000 2/14/2024 CHF 57.900
Leonteq Securities 5.000 2/14/2024 CHF 70.230
Landesbank Baden-W 3.000 2/27/2026 EUR 63.320
Landesbank Baden-W 3.000 2/27/2026 EUR 56.230
Bank Vontobel AG 10.750 2/12/2024 CHF 63.000
UBS AG/London 6.250 3/4/2024 CHF 57.850
UBS AG/London 5.250 3/4/2024 EUR 68.550
Leonteq Securities 25.000 1/3/2025 CHF 72.970
Leonteq Securities 22.000 10/2/2024 CHF 65.810
Swissquote Bank SA 21.060 4/11/2024 CHF 35.710
Bank Vontobel AG 5.500 12/27/2023 CHF 66.500
Sberbank of Russia 0.010 12/11/2026 RUB 69.120
Raiffeisen Schweiz 6.300 12/27/2023 CHF 41.930
Raiffeisen Schweiz 6.000 12/27/2023 CHF 64.330
UBS AG/London 5.250 1/12/2024 USD 61.650
UBS AG/London 6.250 1/12/2024 CHF 65.050
UBS AG/London 9.500 1/12/2024 CHF 49.100
UBS AG/London 5.500 1/12/2024 CHF 62.450
UBS AG/London 6.500 1/12/2024 CHF 61.550
Landesbank Baden-W 2.300 7/24/2026 EUR 75.610
Landesbank Baden-W 2.500 7/24/2026 EUR 63.750
Raiffeisen Bank In 10.000 2/12/2024 EUR 65.370
Leonteq Securities 5.000 1/4/2024 CHF 64.190
Landesbank Baden-W 4.600 12/22/2023 EUR 27.480
Landesbank Baden-W 5.000 12/22/2023 EUR 73.720
Landesbank Baden-W 3.000 12/22/2023 EUR 56.720
Landesbank Baden-W 9.500 12/22/2023 EUR 58.150
Landesbank Baden-W 6.000 12/22/2023 EUR 67.830
Landesbank Baden-W 7.500 12/22/2023 EUR 56.710
Landesbank Baden-W 4.900 12/22/2023 EUR 64.580
Landesbank Baden-W 6.500 12/22/2023 EUR 56.550
Landesbank Baden-W 3.100 12/22/2023 EUR 59.540
Landesbank Baden-W 8.100 12/22/2023 EUR 40.330
Landesbank Baden-W 4.300 12/22/2023 EUR 59.960
UBS AG/London 18.000 4/15/2024 USD 61.050
Landesbank Baden-W 4.150 12/22/2023 EUR 57.190
Landesbank Baden-W 4.500 12/22/2023 EUR 38.160
Landesbank Baden-W 3.100 12/22/2023 EUR 59.960
UBS AG/London 5.750 12/29/2023 CHF 61.800
UBS AG/London 4.750 12/29/2023 EUR 58.350
Leonteq Securities 7.000 1/5/2024 CHF 48.320
UniCredit Bank AG 16.800 3/22/2024 EUR 50.610
UniCredit Bank AG 15.200 3/22/2024 EUR 51.860
UBS AG/London 10.750 2/2/2024 EUR 47.600
UBS AG/London 9.740 1/17/2024 USD 3.020
Raiffeisen Schweiz 7.400 1/18/2024 CHF 64.880
Uniservice Capital 8.800 1/21/2029 RUB 70.380
DZ Bank AG Deutsch 0.570 12/30/2030 EUR 73.080
BNP Paribas Issuan 3.400 1/23/2024 EUR 54.620
BNP Paribas Issuan 3.400 1/23/2024 EUR 9.530
BNP Paribas Issuan 6.000 1/23/2024 EUR 36.510
DekaBank Deutsche 2.050 4/12/2024 EUR 46.760
DZ Bank AG Deutsch 22.700 6/28/2024 EUR 68.340
DZ Bank AG Deutsch 15.700 6/28/2024 EUR 74.170
UBS AG/London 8.250 5/26/2025 CHF 69.950
Basler Kantonalban 12.000 8/26/2024 CHF 69.990
Basler Kantonalban 17.900 5/30/2024 CHF 71.570
UniCredit Bank AG 9.400 11/22/2024 EUR 63.760
UniCredit Bank AG 9.400 2/23/2024 EUR 55.710
UniCredit Bank AG 11.000 11/22/2024 EUR 58.880
UniCredit Bank AG 8.000 11/22/2024 EUR 66.300
UniCredit Bank AG 10.200 11/22/2024 EUR 62.050
UniCredit Bank AG 11.800 11/22/2024 EUR 57.540
UniCredit Bank AG 8.700 11/22/2024 EUR 65.760
UniCredit Bank AG 12.700 11/22/2024 EUR 56.350
UniCredit Bank AG 15.400 6/27/2024 EUR 73.060
Leonteq Securities 27.000 5/30/2024 CHF 50.840
UBS AG/London 10.000 5/27/2024 CHF 66.250
Sberbank of Russia 0.010 3/6/2028 RUB 68.700
Leonteq Securities 8.200 1/17/2024 CHF 10.440
Leonteq Securities 5.200 1/17/2024 EUR 64.550
Erste Group Bank A 10.750 3/31/2026 EUR 68.350
DekaBank Deutsche 2.750 2/14/2025 EUR 75.410
Landesbank Hessen- 1.350 4/16/2036 EUR 63.500
DekaBank Deutsche 3.350 4/8/2024 EUR 52.650
DekaBank Deutsche 2.600 4/8/2024 EUR 72.600
DekaBank Deutsche 2.150 1/31/2025 EUR 73.370
UniCredit Bank AG 10.100 11/22/2024 EUR 70.910
UniCredit Bank AG 8.100 11/22/2024 EUR 74.870
UniCredit Bank AG 9.000 11/22/2024 EUR 72.690
UniCredit Bank AG 13.400 2/23/2024 EUR 73.670
UniCredit Bank AG 12.300 8/23/2024 EUR 55.220
UniCredit Bank AG 11.300 8/23/2024 EUR 56.640
UniCredit Bank AG 10.800 2/23/2024 EUR 53.670
UniCredit Bank AG 14.100 2/23/2024 EUR 50.030
UniCredit Bank AG 10.300 8/23/2024 EUR 58.250
UniCredit Bank AG 13.400 8/23/2024 EUR 53.930
UniCredit Bank AG 12.400 2/23/2024 EUR 51.560
UniCredit Bank AG 9.400 8/23/2024 EUR 59.950
Bank Vontobel AG 18.000 6/28/2024 CHF 49.000
IDBank CJSC 9.250 5/25/2024 AMD 0.000
Leonteq Securities 10.000 11/26/2024 CHF 54.360
BNP Paribas Emissi 8.000 12/21/2023 EUR 74.610
Bank Vontobel AG 5.500 5/28/2024 CHF 61.900
UniCredit Bank AG 15.500 3/22/2024 EUR 49.520
UniCredit Bank AG 14.200 6/28/2024 EUR 52.630
UniCredit Bank AG 13.000 6/28/2024 EUR 53.900
UniCredit Bank AG 14.900 12/22/2023 EUR 47.850
UniCredit Bank AG 13.900 3/22/2024 EUR 50.960
DekaBank Deutsche 3.350 4/5/2024 EUR 61.390
Leonteq Securities 8.000 3/11/2024 CHF 19.290
Raiffeisen Schweiz 6.800 12/11/2023 CHF 72.660
Bank Vontobel AG 7.500 3/11/2024 CHF 60.200
Bank Vontobel AG 6.250 3/11/2025 CHF 57.400
DZ Bank AG Deutsch 12.750 12/20/2023 EUR 56.100
DZ Bank AG Deutsch 11.000 3/20/2024 EUR 58.600
Bank Vontobel AG 10.000 5/28/2024 CHF 41.700
UniCredit Bank AG 17.300 12/22/2023 EUR 46.060
Raiffeisen Schweiz 6.500 3/18/2024 CHF 70.870
Landesbank Baden-W 7.300 5/24/2024 EUR 66.240
Landesbank Baden-W 5.900 6/28/2024 EUR 72.700
Landesbank Baden-W 7.700 6/28/2024 EUR 67.050
Landesbank Baden-W 10.000 6/28/2024 EUR 62.720
Zurcher Kantonalba 6.900 5/10/2024 CHF 60.700
DZ Bank AG Deutsch 7.250 12/20/2023 EUR 48.360
Leonteq Securities 24.000 5/17/2024 CHF 46.700
Finca Uco Cjsc 12.000 2/10/2025 AMD 0.000
Leonteq Securities 7.000 3/18/2024 CHF 42.910
Landesbank Baden-W 9.300 5/24/2024 EUR 60.740
Vontobel Financial 21.000 6/28/2024 EUR 55.080
Barclays Bank PLC 4.400 3/22/2027 EUR 1.040
Vontobel Financial 11.500 6/28/2024 EUR 59.490
Landesbank Baden-W 1.000 8/12/2039 EUR 64.320
Landesbank Hessen- 1.500 8/23/2034 EUR 69.300
UniCredit Bank AG 3.350 8/30/2024 EUR 68.650
BNP Paribas Emissi 3.000 3/21/2024 EUR 72.400
BNP Paribas Emissi 6.000 9/26/2024 EUR 73.360
BNP Paribas Emissi 6.000 12/30/2024 EUR 74.550
Raiffeisen Schweiz 20.000 9/25/2024 CHF 59.240
Landesbank Baden-W 0.750 8/12/2039 EUR 65.890
Zurcher Kantonalba 10.000 5/8/2024 CHF 72.170
Leonteq Securities 24.000 12/27/2024 CHF 67.840
Leonteq Securities 23.000 12/27/2024 CHF 68.100
BNP Paribas Emissi 3.000 6/27/2024 EUR 73.450
Zurcher Kantonalba 19.500 9/18/2024 CHF 64.680
Swissquote Bank SA 6.000 1/26/2024 CHF 73.370
Landesbank Baden-W 7.800 1/26/2024 EUR 38.700
Landesbank Baden-W 6.000 1/26/2024 EUR 44.880
Finca Uco Cjsc 12.500 6/21/2024 AMD 0.000
Finca Uco Cjsc 6.500 6/21/2024 USD 0.000
Swissquote Bank SA 16.380 7/31/2024 CHF 45.920
UniCredit Bank AG 23.800 12/1/2023 EUR
UniCredit Bank AG 24.400 6/28/2024 EUR 55.700
UniCredit Bank AG 15.900 3/22/2024 EUR 53.920
UniCredit Bank AG 19.200 6/28/2024 EUR 73.650
UniCredit Bank AG 18.000 12/22/2023 EUR 73.510
UniCredit Bank AG 19.000 12/22/2023 EUR 71.830
UniCredit Bank AG 18.900 3/22/2024 EUR 72.640
Swissquote Bank SA 22.120 4/11/2024 CHF 47.190
Leonteq Securities 11.000 10/11/2024 CHF 63.250
Corner Banca SA 13.000 7/11/2024 CHF 72.340
Nordea Bank Abp 9.370 7/20/2029 SEK 74.070
Landesbank Baden-W 5.000 1/26/2024 EUR 73.590
Nordea Bank Abp 8.660 7/20/2028 SEK 73.770
Bank Vontobel AG 4.000 4/9/2024 CHF 73.700
Landesbank Baden-W 5.900 12/22/2023 EUR 24.860
Landesbank Baden-W 2.400 12/22/2023 EUR 34.710
Landesbank Baden-W 5.000 12/22/2023 EUR 49.470
Landesbank Baden-W 5.300 12/22/2023 EUR 71.170
Landesbank Baden-W 8.500 12/22/2023 EUR 49.660
Landesbank Baden-W 4.100 12/22/2023 EUR 69.600
Landesbank Baden-W 2.300 12/22/2023 EUR 62.790
Landesbank Baden-W 6.300 12/22/2023 EUR 45.920
Landesbank Baden-W 3.000 12/22/2023 EUR 63.890
Landesbank Baden-W 2.500 12/22/2023 EUR 68.400
Landesbank Baden-W 9.200 12/22/2023 EUR 49.370
Landesbank Baden-W 6.100 12/22/2023 EUR 60.040
Landesbank Baden-W 7.000 12/22/2023 EUR 21.790
Landesbank Baden-W 3.100 12/22/2023 EUR 29.200
Landesbank Baden-W 2.500 12/22/2023 EUR 62.780
Landesbank Baden-W 3.000 12/22/2023 EUR 43.070
Landesbank Baden-W 4.300 12/22/2023 EUR 54.430
UBS AG/London 4.750 12/29/2023 CHF 62.600
UBS AG/London 6.500 12/29/2023 CHF 46.250
Bank Vontobel AG 5.000 1/4/2024 CHF 63.500
Raiffeisen Switzer 5.900 1/3/2024 CHF 64.680
Raiffeisen Switzer 6.500 1/3/2024 CHF 64.930
VTB Bank PJSC 0.010 11/25/2026 RUB 67.860
Bank Vontobel AG 6.000 1/5/2024 CHF 68.300
Leonteq Securities 7.000 4/19/2024 CHF 60.920
Leonteq Securities 7.000 4/19/2024 CHF 53.340
Leonteq Securities 6.000 1/10/2024 CHF 64.220
Basler Kantonalban 6.000 1/19/2024 CHF 66.630
UBS AG/London 7.000 1/26/2024 CHF 71.100
Vontobel Financial 23.000 9/27/2024 EUR 72.550
UniCredit Bank AG 11.600 12/31/2024 EUR 71.700
Vontobel Financial 11.000 3/22/2024 EUR 67.240
Vontobel Financial 11.250 3/22/2024 EUR 73.720
UniCredit Bank AG 23.200 12/22/2023 EUR 57.650
UniCredit Bank AG 13.500 3/22/2024 EUR 61.190
UniCredit Bank AG 15.100 3/22/2024 EUR 66.450
UniCredit Bank AG 14.600 3/22/2024 EUR 60.950
UniCredit Bank AG 16.300 3/22/2024 EUR 58.640
UniCredit Bank AG 19.100 3/22/2024 EUR 72.530
UniCredit Bank AG 19.800 6/28/2024 EUR 72.760
UniCredit Bank AG 18.100 3/22/2024 EUR 70.410
UniCredit Bank AG 20.000 12/22/2023 EUR 70.220
UniCredit Bank AG 18.200 3/22/2024 EUR 73.930
UniCredit Bank AG 19.700 3/22/2024 EUR 71.430
UniCredit Bank AG 18.600 6/28/2024 EUR 74.580
Landesbank Hessen- 1.500 2/10/2037 EUR 65.500
SG Issuer SA 2.000 12/22/2036 EUR 64.160
Leonteq Securities 7.000 1/10/2024 CHF 62.720
Raiffeisen Switzer 6.000 1/10/2024 CHF 64.230
Raiffeisen Switzer 4.400 1/6/2025 CHF 74.700
UBS AG/London 6.000 1/26/2024 CHF 64.900
Vontobel Financial 4.600 1/30/2024 EUR 60.870
Goldman Sachs Inte 0.098 1/13/2025 EUR 16.050
Goldman Sachs Inte 0.060 1/13/2025 EUR 43.950
Goldman Sachs Inte 0.070 1/13/2025 EUR 66.700
DekaBank Deutsche 2.600 4/26/2024 EUR 44.560
Finca Uco Cjsc 6.500 4/20/2024 USD 0.000
Raiffeisen Switzer 7.400 2/5/2024 CHF 62.160
Bank Julius Baer & 18.000 2/9/2024 CHF 44.800
DZ Bank AG Deutsch 14.100 12/18/2023 EUR 73.370
Evocabank CJSC 5.000 9/28/2024 USD 0.000
UniCredit Bank AG 5.600 6/30/2025 EUR 62.930
Raiffeisen Schweiz 10.000 12/7/2023 CHF 25.480
UBS AG/London 6.750 1/29/2024 CHF 64.000
UBS AG/London 7.750 1/29/2024 CHF 60.650
IDBank CJSC 3.000 7/5/2024 AMD 0.000
Leonteq Securities 12.000 1/29/2024 CHF 23.440
Raiffeisen Switzer 9.800 1/29/2024 CHF 65.480
Raiffeisen Switzer 7.200 11/30/2023 CHF 53.990
Swissquote Bank SA 11.030 8/12/2024 CHF 67.290
Leonteq Securities 9.000 11/12/2024 CHF 70.960
Bank Vontobel AG 9.000 5/12/2025 EUR 65.500
BNP Paribas Emissi 5.000 6/27/2024 EUR 71.670
DekaBank Deutsche 3.400 6/27/2025 EUR 73.510
Landesbank Baden-W 3.250 8/23/2024 EUR 70.890
Wellis Magyarorsza 3.000 2/26/2031 HUF 69.837
DekaBank Deutsche 2.700 3/15/2024 EUR 67.500
DekaBank Deutsche 2.500 3/15/2024 EUR 72.900
DZ Bank AG Deutsch 1.080 12/30/2030 EUR 74.670
UniCredit Bank AG 3.450 4/2/2024 EUR 58.850
BNP Paribas Emissi 17.000 6/27/2024 EUR 70.110
BNP Paribas Emissi 18.000 6/27/2024 EUR 67.420
BNP Paribas Emissi 12.000 12/30/2024 EUR 74.820
Leonteq Securities 5.000 1/31/2024 CHF 67.300
Leonteq Securities 6.000 1/31/2024 USD 67.580
Leonteq Securities 7.000 6/7/2024 CHF 62.370
DZ Bank AG Deutsch 7.250 6/26/2024 EUR 70.160
Vontobel Financial 25.000 12/22/2023 EUR 72.910
Vontobel Financial 24.500 3/22/2024 EUR 73.930
Vontobel Financial 13.000 3/22/2024 EUR 64.370
Vontobel Financial 20.500 12/22/2023 EUR 55.780
Vontobel Financial 23.000 12/22/2023 EUR 54.200
Vontobel Financial 14.500 12/22/2023 EUR 61.460
Vontobel Financial 18.500 12/22/2023 EUR 57.530
Vontobel Financial 11.000 12/22/2023 EUR 67.410
Vontobel Financial 20.500 3/22/2024 EUR 57.200
Vontobel Financial 12.000 12/22/2023 EUR 64.860
Vontobel Financial 18.500 3/22/2024 EUR 58.240
DZ Bank AG Deutsch 14.800 3/22/2024 EUR 70.240
DZ Bank AG Deutsch 23.700 3/22/2024 EUR 57.980
DZ Bank AG Deutsch 17.600 12/22/2023 EUR 68.450
DZ Bank AG Deutsch 13.200 3/22/2024 EUR 62.760
UBS AG/London 21.250 4/2/2024 CHF 22.360
DZ Bank AG Deutsch 23.000 12/22/2023 EUR 70.420
DZ Bank AG Deutsch 23.600 3/22/2024 EUR 68.550
Bank Vontobel AG 5.500 5/7/2024 CHF 65.100
Raiffeisen Schweiz 8.200 2/6/2024 CHF 62.120
Raiffeisen Schweiz 7.400 2/6/2024 CHF 61.660
Raiffeisen Schweiz 6.000 5/6/2024 CHF 66.520
DekaBank Deutsche 3.900 6/9/2026 EUR 58.190
Leonteq Securities 8.000 5/16/2024 CHF 69.440
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN 1529-2754.
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