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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Monday, May 13, 2024, Vol. 25, No. 96

                           Headlines



F R A N C E

RENAULT SA: Moody's Affirms 'Ba1' CFR & Alters Outlook to Positive


G E R M A N Y

PROXES GMBH: EUR95MM Bank Debt Trades at 15% Discount


I R E L A N D

BOSPHORUS CLO V: Moody's Affirms B3 Rating on EUR10.5MM F Notes
CUMULUS STATIC 2024-1: Fitch Assigns 'BB-sf' Rating to Cl. F Notes
PENTA CLO 12: S&P Assigns B- (sf) Rating on Class F-R Notes
PROVIDUS CLO X: S&P Assigns B- (sf) Rating to Class F Notes
ROCKFORD TOWER 2019-1: Moody's Ups EUR9.75MM F Notes Rating to B2

TRINITAS EURO VII: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes


I T A L Y

MILTONIA MORTGAGE: S&P Assigns B-(sf) Rating on Class F-Dfrd Notes


L U X E M B O U R G

TRINSEO MATERIALS: $750MM Bank Debt Trades at 23% Discount


N E T H E R L A N D S

IGNITION MIDCO: EUR325MM Bank Debt Trades at 57% Discount


S P A I N

AUTO ABS 2022-1: DBRS Confirms B Rating on Class E Notes


S W E D E N

ELEDA MANAGEMENT: S&P Assigns 'B' Long-Term ICR, Outlook Stable


U N I T E D   K I N G D O M

ALLOY PARENT: Moody's Upgrades CFR to B3, Outlook Remains Stable
AMPHORA FINANCE: GBP301MM Bank Debt Trades at 1% Discount
CASTELL 2023-1: DBRS Confirms BB(high) Rating on 2 Note Classes
CAZOO GROUP: Motors.co.uk Among Potential Buyers of Assets
ELIZABETH FINANCE 2018: DBRS Confirms C Rating on Class E Notes

GREENSHIRES GROUP: Failed MBO Prompts Administration
LEGACY INDEPENDENT: Faces Dissolution Over Debts Amid Probe
MAVION GROUP: Director Faces 10-Year Disqualification
TED BAKER: Administrators Set to Publish First Report
UK LOGISTICS 2024-1: DBRS Gives Prov. BB Rating to Class E Notes



X X X X X X X X

[*] BOND PRICING: For the Week May 6 to May 10, 2024

                           - - - - -


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F R A N C E
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RENAULT SA: Moody's Affirms 'Ba1' CFR & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Ratings has affirmed all ratings of Renault S.A. (Renault
or the group) including its Ba1 long-term corporate family rating,
its Ba1-PD probability of default rating, the (P)Ba1 rating of its
senior unsecured EMTN programme and the Ba1 rating of the group's
senior unsecured notes. Moody's also affirmed the NP rating of
Renault's short term commercial paper and (P)NP other short term
program. Concurrently Moody's changed the outlook to positive from
stable.

RATINGS RATIONALE

The outlook change to positive was prompted by the improvement in
Renault's credit metrics last year, in particular profitability,
leverage and free cash flow. The positive outlook indicates that a
potential upgrade to investment grade is in reach in the next 12-18
months, provided that the company proves that credit metrics can be
further improved in a more competitive market environment. An
upgrade to investment grade would require the company to maintain
its Moody's adjusted EBITA margin, excluding the at-equity
contribution of Nissan Motor Co., Ltd. (Nissan, Baa3 stable), in
the mid-single digit territory in percentage terms (meaning at
least the 4.4% achieved in 2023), decrease its Moody's adjusted
leverage to comfortably below 2.75x (2.9x in 2023), sustain
positive free cash flow generation and preserve its very good
liquidity profile.

Moody's expects market conditions to become more challenging this
year, with an intensified competitive environment characterized by
an increasing price pressure. The company's product offensive with
10 model launches this year (including five electric), if proved
commercially successful, coupled with further progress on the cost
structure and organization's efficiency should support top line and
margin going forward, despite a more challenging market
environment. In particular, an upgrade to investment grade would
require the company to catchup with peers in terms of battery
electric vehicles (BEV) penetration; the commercial success of the
four battery electric models (Renault Scenic, Renault 5, Dacia
Spring and Alpine A290) to be launched this year will be
instrumental in this regard.

Moreover, the positive outlook factors in the expectation that the
company will use the EUR1.1 billion of proceeds from the sale of
Nissan shares to repay gross debt this year, and will continue to
prioritize debt repayment before further significantly raising
dividends in line with its public commitment to target an
investment grade rating. In line with the new alliance agreement
defined in January 2023, Renault will sale down its Nissan holdings
to reduce its stake in Nissan to 15%. To date, Renault already sold
down 310 million shares for a total proceeds of EUR1.1 billion. A
total of 888.6 million Nissan shares remain to be sold for a
potential proceed of around EUR3 billion at the price. As Renault
decreases its stake in Nissan, it mechanically reduces the equity
income it receives from Nissan (EUR797 million received in 2023)
and hence its Moody's adjusted EBITA and Moody's adjusted EBITDA.
Moody's expects that further sale of Nissan shares will be made in
conjunction with gross debt repayment so that the reduction in
equity income would not be hurtful to Renault's leverage.

While the 2023 good operating performance benefited from a
favorable price and mix environment as demand exceed supply amid
supply chain constraints, Moody's believes that the margin
expansion and the record free cash flow generation last year are
also a consequence of structural performance improvements including
fixed and variable costs reduction and increased investment
discipline. As a result, Renault's EBITA margin (as adjusted by
Moody's and excluding the equity income from Nissan) increased to
4.4% in 2023, up from 3.2% in 2022. The margin improvement coupled
with working capital release, measured capex spending and a very
modest dividend payout last year resulted in an increase in free
cash flow (Moody's adjusted) to EUR2.6 billion in 2023 up from
EUR1.3 billion in 2022. Finally, the Moody's adjusted debt/EBITDA
improved to 2.9x down from 4.3x thanks to margin expansion and debt
repayment.

Renault's Ba1 CFR reflects its position as one of Europe's largest
car manufacturers, with a solid competitive position in France; the
execution of the strategic plan called "Renaulution", which aims to
improve profitability and cash generation with evident signs of
success; and its prudent financial policy, very good liquidity and
a balanced debt maturity profile. The rating also reflects
Renault's ownership of RCI Banque with its commercial brand
Mobilize Financial Services, whose dividend payments contribute to
Renault's industrial cash flows, and the 15% ownership of the
French government, which supported Renault with a EUR4 billion
state guaranteed loan during the pandemic. Lastly, its
long-established and recently rebalanced strategic alliance with
Nissan and Mitsubishi Motors Corporation has substantial synergy
potential although the companies had material challenges to realize
this in the past.

The rating also incorporates Renault's history of low
profitability; its exposure to the cyclicality of the automotive
industry; its high exposure to Europe, which represents more than
70% of the group's unit sales (including France: around 25%); the
limited integration level of Renault's alliance with Nissan and
Mitsubishi; and the ongoing high need for investment spending
(capex and R&D) into alternative fuel and autonomous driving
technology, which will constrain future free cash flow.

In November 2022, Renault announced that it will change its
organizational structure, and break up its automotive activities
into a unit for electric vehicles and software (Ampere), a unit for
cars and light commercial vehicles with internal combustion and
hybrid engines (Power), and a unit for sports cars (Alpine). In
January 2024, Renault decided to cancel the previously announced
IPO of Ampere because of weak equity market conditions combined
with stronger than expected cash flow generation at group level
that allows Renault to self-fund the EUR1.5 billion cash burn it
forecasts for Ampere during the 2024 to mid-2025 period. HORSE, the
entity within Power that develops, produces and supplies hybrid and
internal combustion powertrains, will be deconsolidated from
Renault group this year and combined with Geely Automobile Holdings
Limited's (Ba1 stable) subsidiary specialized in power trains
design and production to form a new 50/50 joint venture. The joint
venture will effectively supply internal combustion, hybrid and
plug-in hybrid engines, transmissions and related technologies to
its shareholders as well as other automakers. Since the
announcement of the new organizational structure 18 months ago, the
group has been through significant organizational changes which
Moody's believes entail some degree of execution risk.

Execution risk around the transition to electric vehicles continues
to be significant. The global automotive industry remains at an
early stage of a significant long-term transition to reduce carbon
emissions by improving fuel efficiency and shifting to fully
electric vehicles. Key risks for automakers, including Renault,
include a loss of market share, inability to earn adequate profits
and returns on electric vehicles, as well as inability to
manufacture vehicles due to potential constraints in the supply of
critical materials.

That said, Renault has early developed and produced electric
vehicles in Europe as evidenced by the Zoé launched in 2013 and
later the Twingo. Over the last two years, however, Renault's peers
have accelerated their BEV penetration, while Renault has lost some
momentum. Last year, Renault sold 151 thousands BEV and 214
thousands hybrids vehicles in Europe. Sales of electrified vehicles
outside of Europe are unsignificant for Renault and as a result the
BEV share in its global unit sales amounted to 7% which is
comparatively lower than most of other European peers. Including
BEV and hybrid vehicles, the share of electrified models reached
16% last year. Renault is in a transition phase and expects to grow
its BEV share thanks to the upcoming product launches including
Scenic, R5, R4 for Renault, Spring for Dacia and a refreshed fully
electric line-up for Alpine.

LIQUIDITY

Renault's liquidity profile is very good. At end of December 2023,
Renault's principal sources of liquidity consisted of cash and cash
equivalents on the balance sheet, amounting to EUR14.5 billion;
current financial assets of around EUR1.0 billion; and undrawn
committed credit lines of EUR3.3 billion. Including funds from
operations, which Moody's expects to be around EUR4.8 billion in
2024, liquidity sources amount to around EUR24 billion.

These provide an ample coverage for liquidity requirements of below
EUR9 billion that could emerge during this year, including
short-term debt maturities of around EUR3.1 billion, expected
capital spending of around EUR3.3 billion (including leases
repayment), working cash estimated by Moody's at EUR1.5 billion or
3% of revenue according to Moody's standard assumption, small
working capital needs and EUR537 million for common dividends.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's would consider upgrading the ratings in case (1) the
Moody's-adjusted EBITA margin excluding the at-equity contribution
of Nissan remains sustainably in the mid-single digits (in
percentage terms); (2) Moody's-adjusted Debt/EBITDA decreases
comfortably below 2.75x and (3) the company generates positive free
cash flow on a sustained basis and preserves its very good
liquidity profile. Moreover, a rating upgrade would require
continued progress in the company's BEV penetration in line with
its major European peers.

Renault's ratings could be downgraded in case (1) Moody's-adjusted
EBITA margin excluding the at-equity contribution of Nissan weakens
below 3%; (2) Moody's-adjusted Debt/EBITDA consistently exceeds
3.5x and (3) the company's free cash flow turns negative for a
prolonged period. Furthermore, a significant weakening of Renault's
liquidity could trigger a rating downgrade.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Automobile
Manufacturers published in May 2021.



=============
G E R M A N Y
=============

PROXES GMBH: EUR95MM Bank Debt Trades at 15% Discount
-----------------------------------------------------
Participations in a syndicated loan under which ProXES GmbH is a
borrower were trading in the secondary market around 85.3
cents-on-the-dollar during the week ended Friday, May 10, 2024,
according to Bloomberg's Evaluated Pricing service data.

The EUR95 million Term loan facility is scheduled to mature on July
15, 2024.  The amount is fully drawn and outstanding.

ProXES GmbH designs and manufactures industrial machinery. The
Company offers food processing, pharmaceutical, and health-care
technologies. The Company's country of domicile is Germany.



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

BOSPHORUS CLO V: Moody's Affirms B3 Rating on EUR10.5MM F Notes
---------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Bosphorus CLO V Designated Activity Company:

EUR20,000,000 Class B-1 Secured Floating Rate Notes due 2032,
Upgraded to Aa1 (sf); previously on Dec 12, 2019 Definitive Rating
Assigned Aa2 (sf)

EUR13,250,000 Class B-2 Secured Fixed Rate Notes due 2032,
Upgraded to Aa1 (sf); previously on Dec 12, 2019 Definitive Rating
Assigned Aa2 (sf)

EUR21,000,000 Class C Secured Deferrable Floating Rate Notes due
2032, Upgraded to A1 (sf); previously on Dec 12, 2019 Definitive
Rating Assigned A2 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR97,000,000 Class A-1 Secured Floating Rate Notes due 2032,
Affirmed Aaa (sf); previously on Dec 12, 2019 Definitive Rating
Assigned Aaa (sf)

EUR120,000,000 Class A-2 Secured Floating Rate Notes due 2032,
Affirmed Aaa (sf); previously on Dec 12, 2019 Definitive Rating
Assigned Aaa (sf)

EUR25,350,000 Class D Secured Deferrable Floating Rate Notes due
2032, Affirmed Baa3 (sf); previously on Dec 12, 2019 Definitive
Rating Assigned Baa3 (sf)

EUR18,400,000 Class E Secured Deferrable Floating Rate Notes due
2032, Affirmed Ba3 (sf); previously on Dec 12, 2019 Definitive
Rating Assigned Ba3 (sf)

EUR10,500,000 Class F Secured Deferrable Floating Rate Notes due
2032, Affirmed B3 (sf); previously on Dec 12, 2019 Definitive
Rating Assigned B3 (sf)

Bosphorus CLO V Designated Activity Company, issued in December
2019, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Cross Ocean Adviser LLP. The transaction's
reinvestment period will end in June 2024.

RATINGS RATIONALE

The rating upgrades on the Class B-1, Class B-2 and Class C notes
are primarily a result of the benefit of the shorter period of time
remaining before the end of the reinvestment period in June 2024.

The affirmations on the ratings on the Class A-1, Class A-2, Class
D, Class E and Class F notes are primarily a result of the expected
losses on the notes remaining consistent with their current rating
levels, after taking into account the CLO's latest portfolio, its
relevant structural features and its actual over-collateralisation
ratios.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

Key model inputs:

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR349.3m

Diversity Score: 47

Weighted Average Rating Factor (WARF): 2905

Weighted Average Life (WAL): 4.06 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 4.19%

Weighted Average Coupon (WAC): 4.46%

Weighted Average Recovery Rate (WARR): 44.78%

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap provider,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance methodology" published in October 2023.
Moody's concluded the ratings of the notes are not constrained by
these risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: Once reaching the end of the
reinvestment period in June 2024, the main source of uncertainty in
this transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.

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.

CUMULUS STATIC 2024-1: Fitch Assigns 'BB-sf' Rating to Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Cumulus Static CLO 2024-1 DAC notes
final ratings, as detailed below.

   Entity/Debt                  Rating           
   -----------                  ------           
Cumulus Static
CLO 2024-1 DAC

   A XS2797421414           LT AAAsf  New Rating
   B XS2797421687           LT AAsf   New Rating
   C XS2797422065           LT Asf    New Rating
   D XS2797422149           LT BBBsf  New Rating
   E XS2797422651           LT BBsf   New Rating
   F XS2797422735           LT BB-sf  New Rating
   Sub notes XS2797422818   LT NRsf   New Rating

TRANSACTION SUMMARY

Cumulus Static CLO 2024-1 DAC is an arbitrage cash flow
collateralised loan obligation (CLO). Net proceeds from the notes
issue were used to purchase a static pool of primarily secured
senior loans and bonds, with a target par of EUR400 million.

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'/'B-'. The Fitch-weighted
average rating factor (WARF) of the identified portfolio is 24.6.

High Recovery Expectations (Positive): Senior secured obligations
and first-lien loans make up around 98.4% of the portfolio. 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 63.3%.

Diversified Portfolio Composition (Positive): The three largest
industries comprise 33.5% of the portfolio balance, the top 10
obligors represent 14.6% of the portfolio balance and the largest
obligor represents 1.8% of the portfolio.

Static Portfolio (Positive): The transaction does not have a
reinvestment period and discretionary sales are not permitted.
Fitch's analysis is based on the identified portfolio, which it
stressed by applying a one-notch reduction to all obligors with a
Negative Outlook (floored at CCC-), which is 13.9% of the
identified portfolio. Post the adjustment on Negative Outlook, the
WARF of the portfolio would be 26.2.

Deviation from Model-Implied Rating (MIR): The class B to E notes
are rated one notch below their model-implied ratings (MIR) due to
insufficient break-even default-rate cushion within the
Fitch-stressed portfolio at their MIRs, given uncertain
macro-economic conditions that increase default risk.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would lead to a downgrade of up to three
notches for the rated 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 WARF of the identified portfolio than the
Fitch-stressed portfolio and the deviation from their MIRs, the
class C notes display a rating cushion of one notch, and the class
B, D, E and F notes have a cushion of two notches.

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

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

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

Upgrades may result from stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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.

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for Cumulus Static CLO
2024-1 DAC. In cases where Fitch does not provide ESG relevance
scores in connection with the credit rating of a transaction,
programme, instrument or issuer, Fitch will disclose in the key
rating drivers any ESG factor which has a significant impact on the
rating on an individual basis.

PENTA CLO 12: S&P Assigns B- (sf) Rating on Class F-R Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Penta CLO 12
DAC's class A-R Loan and class A-R, B-R, C-R, D-R, E-R, and F-R
reset notes. At closing, the issuer had unrated subordinated notes
outstanding from the existing transaction.

This transaction is a reset of the already existing transaction
which closed in November 2022. The issuance proceeds of the
refinancing debt were used to redeem the refinanced debt (the
original transaction's class A-Loan and class A, B, C, D, E, and F
notes, for which S&P withdrew its ratings at the same time), and
pay fees and expenses incurred in connection with the reset.

Under the transaction documents, the rated loan and notes pay
quarterly interest unless there is a frequency switch event, upon
which the loan and notes will pay semiannually.

This transaction has a 1.5-year non-call period and the portfolio's
reinvestment period will end approximately 4.5 years after
closing.

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans that
are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization (OC).

-- The collateral manager's experienced team, which can affect the
performance of the rated loan and notes through collateral
selection, ongoing portfolio management, and trading. This is
assessed under our operational risk framework.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which is in line with our
counterparty rating framework.

  Portfolio benchmarks
                                                        CURRENT

  S&P Global Ratings weighted-average rating factor    2,856.91

  Default rate dispersion                                477.26

  Weighted-average life (years)                            4.48

  Obligor diversity measure                              131.20

  Industry diversity measure                              21.62

  Regional diversity measure                               1.21

  Weighted-average life (years) extended to
  cover the length of the reinvestment period              4.50


  Transaction key metrics (modeled assumptions)
                                                        CURRENT

  Total par amount (mil. EUR)                            400.00

  Defaulted assets (mil. EUR)                                 0

  Number of performing obligors                             148

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B

  'CCC' category rated assets (%)                          2.38

  Target 'AAA' weighted-average recovery (%)              36.56

  Target weighted-average spread (net of floors; %)        4.01

  Target weighted-average coupon(%)                        8.05


Rating rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. The portfolio primarily comprises broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we conducted our credit and cash flow analysis by
applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we modelled the EUR400 million par
amount, the covenanted weighted-average spread of 3.90%, the
covenanted weighted-average coupon of 7.50%, and the covenanted
weighted-average recovery rates. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our counterparty criteria.

"Following the application of our structured finance sovereign risk
criteria, the transaction's exposure to country risk is limited at
the assigned ratings, as the exposure to individual sovereigns does
not exceed the diversification thresholds outlined in our
criteria.

"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.

"The issuer purchased approximately EUR49 million of the portfolio
from the portfolio seller (PGGLF 2 ASSETCO DAC) via participations,
which comply with our legal criteria as well. The transaction
documents also require that the issuer and portfolio seller use
commercially reasonable efforts to elevate the participations by
transferring to the issuer the legal and beneficial interests as
soon as reasonably practicable following the issue date.

"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B-R to E-R 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 ratings on these notes. The class
A-R Loan and class A-R and F-R notes can withstand stresses
commensurate with the assigned ratings.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class
A-R Loan and class A-R, B-R, C-R, D-R, E-R, and F-R notes.

"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-R Loan and
class A-R to E-R 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-R notes."

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities, including, but not limited to the following:
the sale or extraction of thermal coal or coal-based power
generation, oil sands, fossil fuel from unconventional sources; the
production or trade of illegal drugs or narcotics; the development,
production, maintenance of weapons of mass destruction, including
biological and chemical weapons, anti-personnel land mines, cluster
munitions; the trade in ozone depleting substances, endangered or
protected wildlife; manufacture or trade in pornography or
prostitution materials; payday lending; gambling; production of
alcohol; more than 10% of revenues from sale or production of
civilian firearms; more than 5% of revenues from non-sustainable
palm oil production or marketing; more than 25% of revenues from
speculative transactions of soft commodities; and more than 5% of
revenues derived from tobacco distribution, manufacture, or sale.

"Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
our ESG benchmark for the sector, we have not made any specific
adjustments in our rating analysis to account for any ESG-related
risks or opportunities."


  Ratings
                        AMOUNT
  CLASS     RATING*   (MIL. EUR)  SUB (%)   INTEREST RATE§

  A-R       AAA (sf)    198.00     38.00   Three/six-month EURIBOR

                                           plus 1.49%

  A-R Loan  AAA (sf)     50.00     38.00   Three/six-month EURIBOR

                                           plus 1.49%

  B-R       AA (sf)      42.90     27.28   Three/six-month EURIBOR

                                           plus 2.20%

  C-R       A (sf)       23.90     21.30   Three/six-month EURIBOR

                                           plus 2.70%

  D-R       BBB- (sf)    29.00     14.05   Three/six-month EURIBOR

                                           plus 3.90%

  E-R       BB- (sf)     16.20     10.00   Three/six-month EURIBOR

                                           plus 7.09%

  F-R       B- (sf)      14.00      6.50   Three/six-month EURIBOR

                                           plus 8.81%

  Sub.      NR           36.25       N/A   N/A

*The ratings assigned to the class A-R Loan and the class A-R and
B-R notes address timely interest and ultimate principal payments.
The ratings assigned to the class C-R, D-R, E-R, and F-R 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.


PROVIDUS CLO X: S&P Assigns B- (sf) Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Providus CLO X
DAC's class A-1, A-2, B, C, D, E, and F notes. The issuer also
issued unrated subordinated notes.

The reinvestment period will be approximately 4.5 years, while the
non-call period will be 1.5 years after closing.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.

The ratings assigned to the notes reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio benchmarks
                                                         CURRENT

  S&P Global Ratings' weighted-average rating factor    2,880.05

  Default rate dispersion                                 541.28

  Weighted-average life (years)                             4.70

  Obligor diversity measure                               115.86

  Industry diversity measure                               13.97

  Regional diversity measure                                1.45



  Transaction key metrics
                                                         CURRENT

  Total par amount (mil. EUR)                             375.00

  Defaulted assets (mil. EUR)                               0.00

  Number of performing obligors                              138

  Portfolio weighted-average rating  
  derived from S&P's CDO evaluator                             B

  'CCC' category rated assets (%)                           1.47

  Actual 'AAA' weighted-average recovery (%)               36.83

  Actual weighted-average spread (%)                        4.10

  Actual weighted-average coupon (%)                        4.68


S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. We consider that the portfolio is well-diversified, primarily
comprising broadly syndicated speculative-grade senior secured term
loans and senior secured bonds. Therefore, we conducted our credit
and cash flow analysis by applying our criteria for corporate cash
flow CDOs.

"In our cash flow analysis, we modeled the actual weighted-average
spread of 4.10%, the covenanted weighted-average coupon of 4.50%, a
covenant weighted-average recovery rate of 35.81% at the 'AAA'
rating level and the actual weighted-average recovery rates at all
other 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.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.

"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B, C, D, and E notes could
withstand stresses commensurate with higher ratings than those we
have assigned. However, as the CLO will be in its reinvestment
phase starting from the effective date, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings assigned to the notes.

"The class A-1, A-2, and F notes can withstand stresses
commensurate with the assigned ratings. In our view, the portfolio
is granular in nature, and well-diversified across obligors,
industries, and asset characteristics when compared with other CLO
transactions we have rated recently. As such, we have not applied
any additional scenario and sensitivity analysis when assigning our
ratings to any classes of notes in this transaction.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class
A-1, A-2, B, C, D, E, and F notes.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A-1 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."

Providus CLO X DAC is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers. Permira
European CLO Manager LLP manages the transaction.

  Ratings list
                      AMOUNT
  CLASS   RATING*   (MIL. EUR)   SUB(%)     INTEREST RATE§

  A-1     AAA (sf)    232.50     38.00   Three/six-month EURIBOR
                                           plus 1.48%

  A-2     AAA (sf)      5.00     36.67   Three/six-month EURIBOR
                                           plus 1.75%

  B       AA (sf)      37.20     26.75   Three/six-month EURIBOR
                                           plus 2.25%

  C       A (sf)       21.60     20.99   Three/six-month EURIBOR
                                           plus 2.70%

  D       BBB- (sf)    26.20     14.00   Three/six-month EURIBOR
                                           plus 3.85%

  E       BB- (sf)     15.00     10.00   Three/six-month EURIBOR
                                           plus 6.74%

  F       B- (sf)      13.10      6.51   Three/six-month EURIBOR
                                           plus 6.63%

  Sub     NR           28.90       N/A   N/A

*The ratings assigned to the class A-1, A-2, and B 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.
§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.


ROCKFORD TOWER 2019-1: Moody's Ups EUR9.75MM F Notes Rating to B2
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Rockford Tower Europe CLO 2019-1 DAC:

EUR31,000,000 Class B-1 Senior Secured Floating Rate Notes due
2033, Upgraded to Aaa (sf); previously on Dec 4, 2019 Definitive
Rating Assigned Aa2 (sf)

EUR5,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2033,
Upgraded to Aaa (sf); previously on Dec 4, 2019 Definitive Rating
Assigned Aa2 (sf)

EUR25,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2033, Upgraded to Aa3 (sf); previously on Dec 4, 2019
Definitive Rating Assigned A2 (sf)

EUR9,750,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2033, Upgraded to B2 (sf); previously on Dec 4, 2019 Definitive
Rating Assigned B3 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2033, Affirmed Aaa (sf); previously on Dec 4, 2019 Definitive
Rating Assigned Aaa (sf)

EUR27,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2033, Affirmed Baa3 (sf); previously on Dec 4, 2019
Definitive Rating Assigned Baa3 (sf)

EUR23,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2033, Affirmed Ba3 (sf); previously on Dec 4, 2019
Definitive Rating Assigned Ba3 (sf)

Rockford Tower Europe CLO 2019-1 DAC, issued in December 2019, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured/mezzanine European loans. The
portfolio is managed by Rockford Tower Capital Management, L.L.C..
The transaction's reinvestment period will end in July 2024.

RATINGS RATIONALE

The rating upgrades on the Class B-1, Class B-2, Class C and Class
F notes are primarily a result of the benefit of the shorter period
of time remaining before the end of the reinvestment period in July
2024.

The affirmations on the ratings on the Class A, Class D 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.

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.

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: EUR405.1m

Defaulted Securities: None

Diversity Score: 62

Weighted Average Rating Factor (WARF): 2813

Weighted Average Life (WAL): 4.3 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 4.1%

Weighted Average Coupon (WAC): 2.9%

Weighted Average Recovery Rate (WARR): 43.5%

Par haircut in OC tests and interest diversion test: None

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance methodology" published in October 2023. Moody's
concluded the ratings of the notes are not constrained by these
risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: Once reaching the end of the
reinvestment period in July 2024, the main source of uncertainty in
this transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings.

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.

TRINITAS EURO VII: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Trinitas Euro CLO VII DAC's notes
expected ratings. The assignment of final ratings is contingent on
the receipt of final documents conforming to information already
reviewed.

   Entity/Debt               Rating           
   -----------               ------           
Trinitas Euro
CLO VII DAC

   A XS2809272441        LT AAA(EXP)sf  Expected Rating

   B XS2809272797        LT AA(EXP)sf   Expected Rating

   C XS2809273175        LT A(EXP)sf    Expected Rating

   D XS2809273332        LT BBB-(EXP)sf Expected Rating

   E XS2809273506        LT BB-(EXP)sf  Expected Rating

   F XS2809273761        LT B-(EXP)sf   Expected Rating

   Subordinated Notese
   XS2809273928          LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Trinitas Euro CLO VII DAC is a securitisation of mainly senior
secured loans and secured senior bonds (at least 90%) with a
component of senior unsecured, mezzanine and second-lien loans.
Note proceeds will be used to fund a portfolio with a target par of
EUR460 million. The portfolio is actively managed by Trinitas
Capital Management, LLC. The CLO will have an approximately 5-year
reinvestment period and an approximately 9-year weighted average
life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the 'B' category. The Fitch
weighted average rating factor (WARF) of the identified portfolio
is 23.6.

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 of the identified portfolio is 63.6%.

Diversified Portfolio (Positive): The transaction will include
various concentration limits in the portfolio, including a
fixed-rate obligation limit at 5%, a top 10 obligor concentration
limit at 20% and a maximum exposure to the three-largest
Fitch-defined industries at 40%. These covenants ensure the asset
portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction will have a
reinvestment period of about five years and include reinvestment
criteria similar to those of other European transactions. Fitch's
analysis is based on a stressed case portfolio with the aim of
testing the robustness of the transaction structure against its
covenants and portfolio guidelines.

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

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would not have any rating impact on the rated notes.

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

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

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

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

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

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

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

DATA ADEQUACY

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.

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for Trinitas Euro CLO
VII DAC. In cases where Fitch does not provide ESG relevance scores
in connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose in the key rating drivers
any ESG factor which has a significant impact on the rating on an
individual basis.



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

MILTONIA MORTGAGE: S&P Assigns B-(sf) Rating on Class F-Dfrd Notes
------------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Miltonia Mortgage
Finance S.r.l.'s class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and
F-Dfrd asset-backed notes. At closing, the issuer also issued
unrated class G-Dfrd, Z, R, and Y notes.

Miltonia Mortgage Finance is a static RMBS transaction that
securitizes a pool of Italian residential mortgage loans mainly
granted to individuals. The portfolio comprises performing loans
and loans in arrears.

The loans in the pool were originated mostly between 2007 and 2011,
by three different banks, namely: Barclays Bank PLC, Milan branch;
Macquarie Bank Ltd.; and Banca Woolwich S.p.A.

Credit enhancement for the rated notes consists of subordination, a
liquidity reserve fund, and a cash reserve funded on the closing
date.

The liquidity reserve fund is 0.5% of the class A and B-Dfrd notes'
outstanding balance with no floor. Miltonia Mortgage Finance can
use the amortizing liquidity reserve amount to cover senior
payments, class A principal deficiency ledger (PDL), deferred
purchase price (DPP), and class A and B-Dfrd interest shortfalls.

The cash reserve fund is 2.8% of the class A to G-Dfrd notes'
outstanding balance minus the liquidity reserve fund required
amount. It is amortizing and can be used to cover senior fees,
interest shortfalls, and cure the PDLs on the class A through Z
notes. Any excess of both reserve funds can be used to pay
principal on the rated notes. Principal can also be used to pay
senior fees and interest on the most senior outstanding class of
notes.

The transaction incorporates a balance guaranteed swap to hedge the
mismatch between the notes, which pay a coupon based on the
three-month Euro Interbank Offered Rate, and the portion of loans,
which will either pay a fixed-rate of interest for life, or a
fixed-rate before or after reversion. There is also a balance
guaranteed interest rate cap that mitigates the risk of rising
interest rates for the portion of the portfolio that comprises
loans with caps.

S&P said, "Our ratings on the class A, B-Dfrd, C-Dfrd, and D-Dfrd
notes are capped at 'AA', following the application of our
sovereign and counterparty risk criteria. The class E-Dfrd and
F-Dfrd notes can be rated up to the unsolicited sovereign credit
rating on Italy, 'BBB'."

Legal and operational risks do not constrain the ratings on the
notes.

  Ratings

  CLASS       RATING       AMOUNT (%)

  A           AA (sf)       3,650.4

  B-Dfrd      AA (sf)         128.3
    
  C-Dfrd      AA- (sf)        111.7

  D-Dfrd      A (sf)           62.1

  E-Dfrd      BB- (sf)         41.4

  F-Dfrd      B- (sf)          51.7

  G-Dfrd      NR               62.1

  Z           NR               31.0

  R           NR              115.0

  Y           NR                1.0

  NR--Not rated.




===================
L U X E M B O U R G
===================

TRINSEO MATERIALS: $750MM Bank Debt Trades at 23% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Trinseo Materials
Operating SCA is a borrower were trading in the secondary market
around 76.8 cents-on-the-dollar during the week ended Friday, May
10, 2024, according to Bloomberg's Evaluated Pricing service data.

The $750 million Term loan facility is scheduled to mature on May
3, 2028.  About $726.9 million of the loan is withdrawn and
outstanding.

Trinseo is a specialty material solutions provider. The Company's
country of domicile is Luxembourg.




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

IGNITION MIDCO: EUR325MM Bank Debt Trades at 57% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Ignition Midco BV
is a borrower were trading in the secondary market around 43.2
cents-on-the-dollar during the week ended Friday, May 10, 2024,
according to Bloomberg's Evaluated Pricing service data.

The EUR325 millionTerm loan facility is scheduled to mature on July
4, 2025.  The amount is fully drawn and outstanding.

Ignition Midco B.V. operates as a special purpose entity.  The
Company's country of domicile is the Netherlands.



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

AUTO ABS 2022-1: DBRS Confirms B Rating on Class E Notes
--------------------------------------------------------
DBRS Ratings GmbH took the following credit rating actions on the
Notes issued by Auto ABS Spanish Loans 2022-1 FT (the Issuer):

-- Class A Notes upgraded to AA (sf) from AA (low) (sf)
-- Class B Notes confirmed at A (sf)
-- Class C Notes upgraded to BBB (high) (sf) from BBB (sf)
-- Class D Notes confirmed at BB (high) (sf)
-- Class E Notes confirmed at B (sf)

Additionally, Morningstar DBRS removed the Under Review with
Positive Implications (UR-Pos.) status on the rated notes. These
credit ratings were placed UR-Pos. on 24 January 2024, following
the release of an updated "Rating European Consumer and Commercial
ABS" methodology, which introduced a revision of the approach to
assessing residual value (RV) risk.

The credit rating on the Class A Notes addresses the timely payment
of interest and the ultimate repayment of principal by the legal
final maturity date in February 2032. The credit ratings on the
Class B, Class C, Class D, and Class E Notes (together with the
Class A Notes, the Notes) address the ultimate payment of interest
and the ultimate repayment of principal by the legal final maturity
date in February 2032.

The rating actions follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the March 2024 payment date;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables;

-- Current available credit enhancement to the Notes to cover the
expected losses and RV loss assumed at their respective credit
rating levels; and

-- The updated "Rating European Consumer and Commercial
Asset-Backed Securitizations" methodology.

The transaction represents the issuance of notes backed by a
portfolio of approximately EUR 700 million fixed-rate receivables
related to amortizing and balloon auto loans granted by Stellantis
Financial Services España, E.F.C., S.A. (formerly PSA Financial
Services Spain, E.F.C., S.A.; the originator) to private
individuals in Spain for the acquisition of new or used vehicles.
The originator also services the portfolio. The transaction also
features a cash reserve, which was funded by the Class F Notes. The
transaction closed in May 2022 and included a seven-month revolving
period that ended in December 2022.

Following the end of the revolving period, the Class A to Class E
Notes started amortizing on a pro rata basis, subject to certain
subordination events. Once a sequential event is triggered, the
principal repayment of the Notes will become sequential and is
nonreversible until the Notes are fully redeemed. As of the March
2024 payment date, no sequential event had occurred.

The transaction has exposure to RV risk arising from the balloon
loans, which have equal payment instalments during the tenure of
the loan and a final large balloon instalment on the last payment
date. On this date, the borrower has the option to return the
vehicle instead of paying the final balloon instalment. If the
proceeds of the vehicle sale are not sufficient to repay the loan
in full, the borrower is released from any further repayment
obligation, hence exposing the Issuer to RV risk.

PSAG Automoviles Comercial España SA (PSAG or the Manufacturer)
mitigates the RV risk in this transaction by undertaking to
repurchase the vehicle at a price equal to the balloon amount.
Morningstar DBRS believes that the undertaking mitigates but does
not completely eliminate the Issuer's RV risk, and its benefits are
limited to the manufacturer's credit standing and financial
strength.

PORTFOLIO PERFORMANCE

As of the March 2024 payment date, loans that were one to two and
two to three months delinquent represented 0.14% and 0.03% of the
outstanding portfolio balance, respectively. Gross cumulative
defaults represented 0.47% of the aggregate original and subsequent
portfolios.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables. Morningstar DBRS updated its base case PD and
LGD assumptions to 2.3% and 42.0%, respectively.

The RV loss estimates that Morningstar DBRS used were 24.3%, 17.7%,
12.3%, 6.2%, and 2.3% for the AA (sf), A (sf), BBB (high) (sf), BB
(high) (sf), and B (sf) scenarios, respectively.

Credit Enhancement

Credit enhancement is provided by the subordination of the junior
notes. As of the March 2024 payment date, Subordination available
to the Class A, Class B, Class C, Class D, and Class E Notes was
21.7%, 15.9%, 10.7%, 3.9% and 0.5%, respectively, slightly down
from 21.9%, 16.1%, 10.9%, 4.0% and 0.7% as of the March 2023
payment date, respectively.

The transaction benefits from the amortizing cash reserve, funded
through the subscription proceeds of the Class F Notes. The cash
reserve is available to cover senior costs and interest payments on
the Notes. As of the March 2024 payment date, the cash reserve was
at its target balance of EUR 3.4 million.

BNP Paribas Securities Services, Spanish Branch (BNPSS) acts as the
account bank for the transaction. Based on Morningstar DBRS'
private credit rating on BNPSS, the downgrade provisions outlined
in the transaction documents, and structural mitigants inherent in
the transaction structure, Morningstar DBRS considers the risk
arising from the exposure to BNPSS to be consistent with the credit
ratings assigned to the Notes, as described in Morningstar DBRS'
"Legal Criteria for European Structured Finance Transactions"
methodology.

Banco Santander SA (Santander) acts as the interest rate swap
agreement counterparty for the transaction. Morningstar DBRS'
Critical Obligations Rating of AA (low) on Santander is above the
first rating threshold, as described in Morningstar DBRS'
"Derivative Criteria for European Structured Finance Transactions"
methodology.

Notes: All figures are in euros unless otherwise noted.





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

ELEDA MANAGEMENT: S&P Assigns 'B' Long-Term ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Eleda Management AB, Eleda's holding company. S&P also assigned
its 'B' issue rating to the EUR765 million term loan B. The '3'
recovery rating reflects its expectations of meaningful recovery
(50%-70%; rounded estimate 50%) in the event of a default.

The stable outlook reflects S&P's view that Eleda will generate
strong organic growth, underpinned by its strong order book,
favorable trends in its addressable markets, and broadly stable
EBITDA margins, leading to adjusted leverage of 6.4x in 2024 and
positive free operating cash flow (FOCF) generation over the next
12 months.

Private equity firm Bain Capital created holding company Eleda
Management in December 2023 to acquire approximately 51% of Eleda.
Eleda's previous majority stakeholder, Altor, has retained a
minority stake of about 13%, while key personnel owns roughly 37%.
To finance the transaction, Eleda Management issued a new EUR765
million term loan B, supported by a EUR150 million revolving credit
facility (RCF) and a EUR153 million delayed draw term loan.

Eleda operates in a fragmented market with limited barriers to
entry, which results in structurally low margins for other
participants in the sector. Eleda provides engineering, groundwork,
installation, and maintenance services to multiple end-markets
across power distribution, water and sewerage, roads,
business-to-business customers, and data centers. The company
generates about 83% of revenues in Sweden, followed by Norway and
Denmark. Eleda specializes in small to midsize contracts and
services and has a leading position on this segment, with a market
share of 11%. Eleda also competes with smaller local players and
larger construction companies but does not bid on the same tenders.
Nevertheless, the market is very fragmented and competitive, which
limits participants' pricing power. We see limited tangible
barriers to entry, although Eleda's entrenched customer
relationships, strong track record, and early positioning on
promising segments, such as data centers, provide a competitive
edge.

Tailwinds in Eleda's end markets will drive solid revenue growth.
Eleda's addressable market amounts to an estimated Swedish krona
(SEK) 249 billion. S&P said, "We expect it will expand by 5% over
2022-2028. High and counter-cyclical investment needs in the
critical infrastructure segment will be the main drivers, with
increased environmental demands and regulatory requirements. With
its local presence and execution capabilities, Eleda has built a
track record of above-market growth and is well positioned to
continue benefiting from these market tailwinds. We forecast mid-
to high-single-digit revenue growth over 2024-2025. 71% of the
company's revenues stem from repeat customers, framework
agreements, and maintenance-type medium-term contracts. Although
these contracts do not protect Eleda against possible volume
decreases, they provide some revenue visibility and ensure Eleda
will capture a share of the market growth. Client concentration in
this industry is typically higher than in many other business
services, with Eleda's top 10 clients accounting for about 40% of
total revenues in 2023. However, Eleda's clients are mostly
municipalities, public sector, and semi-public companies, and the
average duration of the company's relationships with the top 20
accounts is more than 21 years. Eleda's revenue visibility is also
supported by its strong order book, which, at the beginning of
2024, accounted for about 70% of this year's budget and 30% of next
year's budget."

Eleda's stable margins and low working capital and capital
expenditure (capex) needs support sound cash flow generation. The
company's stable margins are underpinned by its focus on lower-risk
short-term projects, indexation clauses in its multi-year
maintenance contracts, and careful project selection.
Subcontracting means its cost base is fairly flexible but may
constrain margin expansion. S&P said, "We forecast a broadly stable
adjusted EBITDA margin of 8.7%-8.8% over 2024-2025. To reach S&P
Global Ratings-adjusted EBITDA, we deduct exceptional costs from
the company-calculated EBITDA. Eleda has low capex and working
capital requirements, which support its cash flows. Yet, the
company experienced higher-than-usual working capital outflows in
2022 because of larger contracts and slower invoicing. S&P
forecasts negative FOCF of about SEK29 million in 2024, including
transaction costs, and positive FOCF of about SEK615 million in
2025, together with an adjusted funds from operations (FFO) cash
interest coverage of 1.9x in 2024 and 2.1x in 2025."

The rating on Eleda Management is constrained by Eleda's financial
sponsor ownership and market consolidation strategy. S&P forecasts
Eleda's adjusted debt to EBITDA will be 6.4x at year-end 2024 and
decline to 5.9x in 2025, on the back of EBITDA growth. However, its
financial-sponsor ownership and appetite for acquisitions may limit
deleveraging. With a focus on regional and capability expansion,
Eleda has acquired 27 companies since 2017, including eight
platforms and 19 bolt-on acquisitions, and has demonstrated good
integration capabilities. S&P believes the company will continue
its expansion strategy in the Nordics to strengthen its market
presence.

The stable outlook reflects S&P's view that Eleda will generate
good organic growth, underpinned by its strong order book and
favorable trends in its addressable markets, and broadly stable
EBITDA margins, leading to adjusted leverage of 6.4x in 2024 and
positive FOCF generation over the next 12 months.

S&P could lower the rating on Eleda Management if:

-- Economic challenges or operational missteps resulted in
negative or limited FOCF on a sustained basis;

-- FFO cash interest coverage declined sustainably below 2.0x; or

-- Eleda adopted a more aggressive financial policy, with
debt-funded acquisitions or shareholder-friendly returns that push
adjusted debt to EBITDA above 7.0x.

S&P said, "We could consider taking a positive rating action if
Eleda outperformed our forecasts such that debt to EBITDA fell
below 5x and FFO to debt increased above 12% on a sustained basis.
An upgrade would also hinge on shareholders demonstrating and
sustaining a prudent financial policy that supports these credit
metrics.

"Governance factors are a moderately negative consideration in our
credit rating analysis of Eleda. Our assessment of the company's
financial risk profile as highly leveraged reflects corporate
decision-making that prioritizes the interests of the controlling
owners, in line with our view of most rated entities owned by
private-equity sponsors. Our assessment also reflects generally
finite holding periods and a focus on maximizing shareholder
returns."




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

ALLOY PARENT: Moody's Upgrades CFR to B3, Outlook Remains Stable
----------------------------------------------------------------
Moody's Ratings upgraded the corporate family rating of precision
parts manufacturer Alloy Parent Limited (Doncasters) to B3 from
Caa1, as well as its probability of default rating to B3-PD from
Caa1-PD. Concurrently, Moody's has withdrawn the Caa1 instrument
ratings on the backed senior secured first lien bank credit
facilities due 2024 issued by Doncasters US Finance LLC and
Doncasters US LLC. The outlook remains stable for Doncasters.
Subsequently, both outlooks for Doncasters US Finance LLC and
Doncasters US LLC have been withdrawn.

The upgrades principally reflect:

-- The successful refinancing of the company's senior debt, which
was maturing in 2024

-- Current and projected credit ratios in line with a higher
rating, with a strong industry backdrop

-- Improved liquidity through the restoration of full revolving
facility availability

RATINGS RATIONALE

At the end of April 2024, Doncasters borrowed a new six-year $500
million senior secured term loan B. It currently matures in
December 2027 but would automatically extend in case of PIK debt
extension or equitisation. The company was therefore able to repay
all its outstanding first lien debt, which was maturing in December
2024, including (i) $339 million for its previous term loan B and
accrued interest and (ii) $70 million of outstanding drawings under
its revolving asset-based lending (ABL) facility. The successful
refinancing of both the term loan and the ABL was a key driver of
the upgrade. It reflects good financial risk management, a
governance factor.

Continuous improvements in financial performance and resulting
credit ratios since the 2020 restructuring also supported the
upgrade to B3. Doncasters has grown its revenue by strong
double-digit percentages annually on a like-for-like basis,
including over 30% in 2023. EBITDA more than doubled since 2020 to
over $80 million in 2023 (including $13 million acquired from
Uni-Pol in 2022). Moody's estimates that Moody's-adjusted gross
debt/EBITDA in 2023 was 5.7x, pro forma for the recent refinancing.
While the transaction increased leverage from 5.0x in December
2023, Moody's-adjusted leverage has reduced consistently, from 6.6x
in 2022 and 7.2x in 2021. Very strong demand in aerospace and
energy end-markets over the medium-term provide good deleveraging
potential to below 5.0x in the next 12-18 months. Successfully
navigating supply chain and labour constraints and maintaining a
high degree of control over operations will be key in this regard.
While EBITDA continued to grow in 2023, the company did not meet
Moody's profit expectations, led by a combination of the above
factors. The rating agency regards them as one-off but they do
reflect risks inherent to the industry including inventory
write-offs, labour disputes and unplanned furnace outages.

Additional factors which support Doncasters' B3 CFR include (i)
diversified end markets and platforms, (ii) leading positions on
critical long-term programmes and some vertical integration into
superalloys, and (iii) long-term sales contracts including
improvements on market share commitments and protection against
inflation.

Nevertheless, the following elements constrain Doncasters' credit
quality: (i) substantially larger competitors, (ii) a high degree
of customer concentration and currently high reliance on more
volatile superalloys in profit mix, and (iii) around $720 million
of PIK debt outside the restricted group, following a repayment of
$50 million through the refinancing exercise. Its cash pay portion
represents a cash outflow from the restricted group of $4 million
per annum, accruing at 13.5%. The company's new $50 million delayed
draw facility can be drawn to repay PIK debt.

Moody's has withdrawn Doncasters US LLC's and Doncasters US Finance
LLC's Caa1 instrument ratings because these debt tranches are no
longer outstanding following the company's refinancing.

LIQUIDITY

Better liquidity was a driver of Doncasters' upgrade to B3. As part
of the refinancing, the company restored full availability under
its GBP90 million ABL facility, which now matures in July 2027. The
company also had $35 million of cash on balance sheet as of
December 31, 2023. Access to external sources of liquidity is
particularly important for Doncasters in light of its relatively
modest cash balance and working capital needs. In addition, the
company has a track record of continued negative free cash flow
(FCF) generation. Moody's expects improvement toward break-even
this year and the rating agency projects that Doncasters will turn
FCF positive from 2025.

RATING OUTLOOK

The outlook is stable and reflects Moody's expectation that
Doncasters will continue to renew contracts on better terms, grow
revenue and profit in the next couple of years, leading to good
deleveraging on a gross debt basis but a continued lack of
meaningfully positive free cash flow. The outlook also incorporates
the expectation that the company will not embark on any debt-funded
acquisitions or make debt-funded shareholder distributions.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Positive ratings pressure could develop over time if:

-- Revenue and EBITDA organic growth continue above double-digit
percentages and,

-- Moody's-adjusted leverage decreases below 5.0x on a permanent
basis and,

-- Moody's-adjusted FCF becomes sustainably positive and,

-- Moody's-adjusted EBITA/Interest expense moves above 1.5x on a
sustainable basis and,

-- No shareholder distributions or material debt-funded
acquisitions are made.

Doncasters' ratings could be downgraded if:

-- Revenue and EBITDA decline organically or in case of
significant contract losses or operational issues or,

-- Moody's-adjusted gross debt/EBITDA moves sustainably above
6.0x, including as a result of debt-funded transactions or,

-- FCF remains negative beyond 2024 or the liquidity position
deteriorates below a $50-60 million range, or

-- Moody's-adjusted EBITA/Interest expense drops below 1x, or,

-- The risk that Doncasters will be unable to refinance its very
large PIK facility above the restricted group and without any
detrimental effect to the restricted group's creditors increases.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
published in September 2021.

COMPANY PROFILE

Doncasters, headquartered in England, is a global, vertically
integrated tier one and two supplier of precision components
principally for aeroengines, industrial gas turbines and automotive
applications. In 2023, Doncasters had revenue and EBITDA before
exceptional items of $717 million and $89 million respectively.

AMPHORA FINANCE: GBP301MM Bank Debt Trades at 1% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Amphora Finance Ltd
is a borrower were trading in the secondary market around 99.3
cents-on-the-dollar during the week ended Friday, May 10, 2024,
according to Bloomberg's Evaluated Pricing service data.

The GBP301 million Term loan facility is scheduled to mature on
June 2, 2025.  The amount is fully drawn and outstanding.

Amphora Finance Limited operates as a special purpose entity. The
Company was formed for the purpose of issuing debt securities to
repay existing credit facilities, refinance indebtedness, and for
acquisition purposes. The Company's country of domicile is the
United Kingdom.


CASTELL 2023-1: DBRS Confirms BB(high) Rating on 2 Note Classes
---------------------------------------------------------------
DBRS Ratings Limited took the following credit rating actions on
the bonds issued by Castell 2023-1 PLC:

-- Class A confirmed at AAA (sf)
-- Class B confirmed at AA (high) (sf)
-- Class C confirmed at AA (low) (sf)
-- Class D confirmed at A (low) (sf)
-- Class E confirmed at BB (high) (sf)
-- Class F confirmed at BB (high) (sf)
-- Class X upgraded to AAA (sf) from BB (high) (sf)

The credit ratings on the Class A and Class X notes address the
timely payment of interest and ultimate payment of principal on or
before the legal final maturity date in May 2055. The credit
ratings on the Class B, Class C, Class D, Class E, and Class F
notes address the timely payment of interest once most senior and
the ultimate repayment of principal on or before the final maturity
date.

The credit rating actions follow an annual review of the
transaction and are based on the following analytical
considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses as of the March 2024 payment date.

-- Portfolio default rate (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables.

-- Current available credit enhancement (CE) to the notes to cover
the expected losses at their respective credit rating levels.

The transaction is a securitization of UK second-lien mortgage
loans originated by UK Mortgage Lending Limited (UKML; formerly
Optimum Credit Limited). UKML is a specialist UK second charge
mortgage lender based in Cardiff, UK, and has offered financing to
homeowners in England, Wales, and Scotland since its launch in
November 2013. Pepper UK Limited is the primary and special
servicer of the portfolio.

PORTFOLIO PERFORMANCE

As of the March 2024 payment date, loans two to three months in
arrears represented 0.7% of the outstanding portfolio balance, and
loans more than three months in arrears represented 2.9%.
Cumulative defaults amounted to 0.7% of the original portfolio
balance.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base-case PD and LGD
assumptions at the B (sf) credit rating level to 5.8% and 42.2%,
respectively.

CREDIT ENHANCEMENT

CE is provided by the subordination of the respective junior notes.
Current CE levels to the rated notes compared with the CE levels at
closing are as follows:

-- Class A CE is 32.6%, up from 27.0%
-- Class B CE is 24.7%, up from 20.5%
-- Class C CE is 17.8%, up from 14.8%
-- Class D CE is 11.8%, up from 9.8%
-- Class E CE is 9.0%, up from 7.5%
-- Class F CE is 7.2%, up from 6.0%

The transaction benefits from a liquidity reserve fund (LRF), which
covers senior fees, interest on the Class A notes, and senior
deferred consideration. The LRF is currently at its target level of
GBP 2.3 million, equal to 1.0% of the outstanding Class A note
balance.

Citibank N.A./London Branch acts as the account bank for the
transaction. Based on the Morningstar DBRS private credit rating on
Citibank N.A./London Branch, the downgrade provisions outlined in
the transaction documents, and other mitigating factors inherent in
the transaction structure, Morningstar DBRS considers the risk
arising from the exposure to the account bank to be consistent with
the credit rating assigned to the Class A notes, as described in
Morningstar DBRS' "Legal Criteria for European Structured Finance
Transactions" methodology.

Banco Santander SA acts as the swap counterparty. Morningstar DBRS'
Long Term Critical Obligations Rating on the swap counterparty,
currently AA (low), is above the first credit rating threshold as
described in Morningstar DBRS' "Derivative Criteria for European
Structured Finance Transactions" methodology.

Notes: All figures are in British pound sterling unless otherwise
noted.


CAZOO GROUP: Motors.co.uk Among Potential Buyers of Assets
----------------------------------------------------------
Mark Kleinman at Sky News reports that a privately owned used-car
platform is circling Cazoo Group, its stricken US-listed rival
which is on the brink of administration.

Sky News has learnt that Motors.co.uk is a leading contender to
acquire Cazoo's marketplace operation, which would include its
brand and intellectual property assets.

According to Sky News, the process to auction the used-car
platform's constituent parts comes after it spent tens of millions
of pounds on sponsorship deals in football, snooker and darts in a
rapid attempt to gain market share.

Earlier last week, Cazoo filed a notice of intention to appoint
Teneo as administrator, just three years after it floated in New
York with a valuation of US$8 billion, Sky News relates.

The filing was intended to provide protection from creditors while
Teneo finalises asset sales, Sky News notes.

Since an announcement last month about a restructuring of the
group, advisers have offloaded a string of assets and unwound
Cazoo's previous operating model to transform it into a
marketplace, Sky News states.

Among those have been the disposal of Cazoo's vehicle fleet, which
sources said had been achieved at higher-than-anticipated values,
reflecting a current shortage of used cars in the market, according
to Sky News.

Teneo is also said to have struck a deal with Constellation
Automotive, the owner of Cazoo's rival, Cinch, involving a handful
of sites and dozens of jobs, Sky News notes.

Meanwhile, several parties are understood to have expressed an
interest in Cazoo's wholesale operation and other vehicle
collection sites, Sky News states.

One insider said the formal triggering of insolvency proceedings
was likely to attract wider attention in Cazoo's assets, including
its brand, Sky News relates.

It was unclear on May 10 how much Motors.co.uk or other suitors for
the marketplace were likely to bid for it, according to Sky News.


ELIZABETH FINANCE 2018: DBRS Confirms C Rating on Class E Notes
---------------------------------------------------------------
DBRS Ratings Limited took the following credit rating actions on
the commercial mortgage-backed floating-rate notes due July 2028
(the notes) issued by Elizabeth Finance 2018 DAC (the Issuer):

Morningstar DBRS downgraded its credit ratings on the Class A and
Class C notes as follows:

-- Class A downgraded to A (sf) from A (high) (sf)
-- Class C downgraded to B (high) (sf) from BB (low) (sf)

Morningstar DBRS also confirmed its credit ratings on the Class B,
Class D, and Class E notes:

-- Class B confirmed at BBB (low) (sf)
-- Class D confirmed at CCC (sf)
-- Class E confirmed at C (sf)

The trends on all credit ratings remain Negative.

CREDIT RATING RATIONALE

Elizabeth Finance 2018 DAC is a securitization of two senior
commercial real estate loans that Goldman Sachs International Bank
advanced in August 2018. The GBP 21.2 million MCR loan was granted
to refinance an office asset, Universal Square, located in
Manchester. The GBP 69.6 million Maroon loan was granted to
refinance a portfolio of three secondary retail properties located
in King's Lynn and Loughborough in England and Dunfermline in
Scotland. The MCR loan was repaid in full on the October 2020
Interest Payment Date (IPD).

The only remaining loan, Maroon, breached its loan-to-value (LTV)
covenant, when a January 2020 portfolio revaluation concluded a
market value decline of 17% year over year, resulting in an LTV of
96%. The initial special servicer, CBRE Loan Services Limited
(CBRELS), subsequently agreed to a standstill until the initial
loan maturity in January 2021. It was also agreed that three months
before such maturity, the Maroon borrower would provide an exit
strategy showing how it expected to repay the loan in full on the
initial maturity date; however, the special servicer considered the
exit strategy provided by the Maroon borrower to be unsatisfactory.
As a result, in October 2020, CBRELS accelerated the loan and,
subsequently, the common security agent appointed fixed-charge
receivers with the aim of disposing the three assets securing the
loan.

Following the appointment of the fixed-charge receivers, the
controlling Class D Noteholders exercised their right to replace
CBRELS with Mount Street Mortgage Servicing Limited (Mount Street)
as the special servicer. Subsequently, Mount Street temporarily
suspended the sale of the portfolio and sought to implement asset
management initiatives to improve and stabilize the portfolio's net
operating income (NOI) and to wait for an improvement of the retail
investment market. Waypoint Asset Management LLC took over as asset
manager in June 2022 and sought to rebase the in-place leases and
collect the rent arrears.

The loan performance has remained largely unchanged since the last
annual review. Although the annual contracted rent across the
portfolio decreased to GBP 6.1 million in January 2024 from GBP 6.7
million a year ago because of new leases contracted at lower rental
levels, this was offset by a reduction in nonrecoverable costs and
improvement in the collection rate. As a result, NOI increased to
GBP 5.3 million in January 2024 from GBP 4.1 million in January
2023. Despite the improvement in NOI, the reported debt service
coverage ratio continues to be under pressure from the sharp
increase in base rate (the loan is unhedged since maturity) and
stands at 0.98 times as of January 2024. The borrower was able to
meet its debt service obligations over the past 12 months, apart
from the default interest that has not been paid since the July
2023 IPD.

The special servicer began marketing the three properties securing
the Maroon loan in Q1 2024. The special servicer is of the view
that market information, such as broker opinions and purchase
offers, will be key in establishing property values. The most
recent valuation was conducted in January 2020, when CBRE appraised
the portfolio at GBP 68,900,000, a 34% drop in value from
origination in 2018 (then valued at GBP 104,700,000).

The loan was amortizing by 1% of the initial loan balance annually,
however, amortization is no longer required after the expected note
maturity date (July 2023). As such, amortization stopped following
the July 2023 IPD and the outstanding loan balance stands at GBP
63,051,870 as of January 2024, a decrease of 9.4% from the initial
loan balance. Together with the latest available valuation, this
translates into an LTV of 91.5%.

The Maroon loan had a three-year initial term and two one-year
extension options with the expected note maturity date in July
2023. The transaction has now entered into its tail period with the
final note maturity scheduled in July 2028.

As the loan's performance and key metrics have remained stable over
the past 12 months, Morningstar DBRS has maintained its assumptions
of a Morningstar DBRS net cash flow of GBP 4.8 million and
Morningstar DBRS value of GBP 50.4 million, which translates in a
Morningstar DBRS LTV of 125%. At the same time, Morningstar DBRS
has removed the amortization credit from its analysis following the
conclusion of the loan amortization payments and took into account
that the transaction has entered into its tail period. This
resulted in a downgrade of the ratings on the Class A and Class C
notes, while the ratings on the Class B, Class D, and Class E notes
were confirmed. Reflecting the uncertainty around the outcome of
the sales process against the backdrop of challenging market
conditions, Morningstar DBRS maintained Negative trends on all
classes of notes and will monitor the marketing process. In
particular, bids below Morningstar DBRS value or a further delay of
the sales process, could affect the ratings negatively.

The loan is no longer hedged and carries a floating interest rate
equal to an aggregate of Sonia (subject to zero floor), a baseline
credit adjustment spread of 0.1193% (following transition from
LIBOR to Sonia) plus a margin of 2.7%. There is a Sonia cap of 5%
with respect to payments on the notes following the expected note
maturity date (July 2023).

The transaction still benefits from a liquidity facility of GBP 3.4
million as of January 2024, provided by ING Bank N.V. The liquidity
facility can be used to cover interest shortfalls on the Class A,
Class B, Class C, and Class D Notes. Furthermore, at closing, the
Issuer funded an interest reserve using the proceeds from the
notes' issuance, which currently stands at GBP 58,000. The reserve
stands to the credit of the Issuer transaction account and forms
part of the interest available funds on each IPD to cover interest
shortfalls on all classes of notes.

Morningstar DBRS' credit ratings on Elizabeth Finance 2018 DAC
address the credit risk associated with the identified financial
obligations in accordance with the relevant transaction documents.
The associated financial obligations for each of the rated notes
are the related Interest Payment Amounts and the related Class
Balances.

Notes: All figures are in British pounds sterling unless otherwise
noted.



GREENSHIRES GROUP: Failed MBO Prompts Administration
----------------------------------------------------
Sam Metcalf at TheBusinessDesk.com reports that a failed management
buy-out at a Leicestershire print and packaging firm was enough to
plunge it into administration, with 56 jobs lost.

According to documents seen by TheBusinessDesk.com, an offer from
directors Marcus Cross and Richard Dalby of the family-owned
Greenshires Group to buy the firm in a pre-pack deal was agreed but
the deal fell apart at the last minute and it called in FRP
Advisory to act as administrators.

The administrator's documents show a company which was making a
small annual profit, TheBusinessDesk.com notes.  However, a
combination of factors including suppliers tightening credit terms,
financing of a new rigid box division, high debt financing costs
and the implications of legacy debt left the directors with nowhere
to go and Nathan Jones and John Lowe of FRP were called in as joint
administrators on February 2023, TheBusinessDesk.com  discloses.

Greenshires employed 56 long-serving staff, FRP were appointed,
including the directors, TheBusinessDesk.com states. All were
immediately made redundant, except three who kept on in a
short-term consultancy basis to help with the wind-down of the
company, TheBusinessDesk.com recounts.

FRP says that unsecured creditors are unlikely to receive any of
the almost GBP1 million owed to them, according to
TheBusinessDesk.com.


LEGACY INDEPENDENT: Faces Dissolution Over Debts Amid Probe
-----------------------------------------------------------
Pritti Mistry at BBC News reports that a funeral firm at the centre
of a major police inquiry is to be dissolved over debts of more
than GBP40,000.

According to BBC, District Judge Robert Thomson ordered Legacy
Independent Funeral Directors to be wound up during a Hull
Magistrates' Court hearing on May 10.

He heard the firm tried to repay some of the GBP40,938.08 owed for
unpaid council fees before "a whistle blower" contacted police
about the way bodies were being stored at its premises, BBC
relates.

District Judge Thompson heard Legacy last made a payment of
GBP1,500 on Feb. 29 to Hull City Council, BBC discloses.

The authority served Robert Bush, director of the Hull-based
company, with a winding-up petition on April 16, BBC states.

It became apparent in February last year that the company owed the
authority more than GBP51,000 but an arrangement was made by Legacy
to repay the outstanding debt, the court heard, BBC relays.

The court was told the firm had also owed utility companies more
than GBP5,000, BBC notes.

According to BBC, Solicitor advocate Paul Thompson, representing
Hull City Council, said the business was not operating and
"certainly will not ever operate again".


MAVION GROUP: Director Faces 10-Year Disqualification
-----------------------------------------------------
The Insolvency Service on May 9 disclosed that a London-based
builder has been disqualified as a company director for ten years
after he overstated his company's turnover to claim the maximum
Bounce Back Loan during the pandemic and then failed to show the
money had been spent on his business.

Marcel Ion, 39, from Bromley, was the sole director of Mavion Group
Ltd, a construction business which was registered at Cornshaw Road,
Dagenham.

In June 2020, Ion applied for a GBP50,000 Bounce Back Loan on his
company's behalf, stating that the business had a turnover of
GBP205,410.  

But Mavion Group Ltd went into liquidation in August 2022, owing
more than GBP180,000 -- including the full amount of the loan --
and triggering an investigation by the Insolvency Service.

Lawrence Zussman, Deputy Head of Company Investigations at the
Insolvency Service, said:

"Marcel Ion blatantly took advantage of a government scheme to
support businesses when they were facing huge challenges posed by
the pandemic.

"His lengthy ban shows the Insolvency Service will pursue those who
seek to abuse taxpayers' money and remove them from the business
arena."

Investigators found that the company had made sales of around
GBP82,900 between January and December 2019, according to the
business's bank account, proving that Ion had exaggerated the
company's turnover on the loan application by more than double the
actual amount.

They also discovered that five days after the £50,000 loan entered
the company's bank account in July 2020, Ion began to move money
into his personal bank account.  More than GBP35,360 was
transferred to his personal account by the end of April 2021.
Investigators found no evidence that these payments were for the
economic benefit of the company.

Under the rules of the scheme, companies could apply for a loan of
between GBP2,000 and a maximum of GBP50,000.  For companies whose
business had started trading before 2019, the amount of loan they
were eligible for was based on their turnover for the 2019 calendar
year.

Any money loaned under the scheme had to be used for the economic
benefit of the company.

The Secretary of State for Business and Trade accepted a 10-year
disqualification undertaking from Ion, which began on May 1, 2024.
It prevents him from becoming involved in the promotion, formation
or management of a company, without the permission of the court.


TED BAKER: Administrators Set to Publish First Report
-----------------------------------------------------
Geoff Ho at Express reports that Ted Baker's creditors could find
out how much they are likely to get back from the collapsed fashion
chain as early as this week.

According to Express, administrator Teneo is poised to publish its
first report for creditors of No Ordinary Designer Label (NODL),
the former UK licence holder of Ted Baker, which will set out what
went wrong at the company and the likely prospects of recovering
the money that it owes them.

Teneo is also expected to confirm that Mike Ashley's Frasers Group
has fended off competition from the likes of Next to acquire the UK
licencing rights to Ted Baker, Express discloses.

NODL fell into administration in late March after promised
investment from Dutch retail group AARC failed to materialise,
Express relates.

US licensing group Authentic Brands, which has owned the Ted Baker
brand since August 2022, terminated AARC's management contract with
NODL when it failed to make good on its promises to invest in the
firm, Express recounts.  However, Authentic could not prevent NODL
from crashing into administration, Express notes.


UK LOGISTICS 2024-1: DBRS Gives Prov. BB Rating to Class E Notes
----------------------------------------------------------------
DBRS Ratings Limited assigned provisional credit ratings to the
following classes of notes to be issued by UK Logistics 2024-1 DAC
(the Issuer):

-- Class A notes at AAA (sf)
-- Class B notes at AA (low) (sf)
-- Class C notes at A (low) (sf)
-- Class D notes at BBB (low) (sf)
-- Class E notes at BB (sf)

CREDIT RATING RATIONALE

The transaction is a securitization of two senior commercial real
estate (CRE) loans originated by Barclays Bank PLC. The St. Modwen
Facility of GBP 328.0 million and the Mileway Facility of GBP 209.8
million will be advanced by Barclays Bank PLC to borrowers
ultimately owned by Blackstone Real Estate Partners (Blackstone or
the Sponsor) in connection with refinancing the acquisition of two
last-mile logistics portfolios comprising 6 million square feet
(sf) of standing logistics assets and 3 million sf of industrial
outdoor storage (IOS) located in England and largely concentrated
in Greater Manchester.

St. Modwen

The St. Modwen Facility relates to a term loan facility to be
advanced by the Issuer to four borrowers (the St. Modwen Borrowers)
ultimately owned by Blackstone, for the purpose of refinancing
existing indebtedness of the St. Modwen Borrowers (and other
members of the group); refinancing the acquisition of the St.
Modwen property portfolio (the acquisition of the St Modwen
portfolio was a combination of property and unit acquisitions), for
general corporate purposes and financing or refinancing financing
costs. The Borrower group comprises one Jersey limited liability
company and three Jersey property unit trusts. The collateral
securing the loan comprises 49 logistics assets located in two
prime urban logistics submarkets, Trafford Park and Heywood
Industrial Park in Greater Manchester. Trafford Park has
multi-modal transport links, including a freight terminal and
direct connection to the M60 ring road and M62 arterial motorway;
it also benefits from close proximity to Manchester Airport and a
tram link to the city center. Heywood (10 kilometers (km) from the
central business district) is a key distribution hub, with
excellent access to the M60 and M62. Valuations prepared for the
properties by CBRE in April 2024 concluded an aggregate market
value (MV) of the collateral at GBP 531.6 million. Based on the
special assumption of a corporate portfolio sale representing 0%
stamp duty land tax (SDLT), CBRE concluded a value of GBP 562.4
million. The loan-to-value ratio (LTV) based on these values equals
61.7% and 58.3%, respectively. The portfolio has an occupancy rate
of 88%, with vacancy largely concentrated to three properties only;
in economic terms, this translates to an economic vacancy of 8.82%.
The portfolio income comprises rental payments from typical
standing logistics assets and also from leased IOS, which forms 10%
of in-place income. IOS generally comprises industrial-zoned land
used to store bulky goods. Typical uses include third-party
logistics (3PLs)/truck parking, container storage, equipment
rental, building materials, waste and environmental services/green
energy conversion, storage of chemicals, electric vehicle (EV)
charging, and self-storage. The borrowers indicated a budget of GBP
25.0 million of refurbishment (refurb) capital expenditures
(capex), which includes capex for identified environmental, social,
and governance (ESG) measures to meet 15% carbon emission reduction
targets and achieve at least an EPC B rating for all assets such as
window upgrades, LED lighting upgrades, installation of solar
photovoltaics (PVs), modernization of building insulation, and
roofing. The majority of the units within the portfolio (circa 80%)
fall within the C-E rating category.

The portfolio has a weighted-average lease term to break (WALTb)
and a weighted-average lease term to expiry (WALTe) of 3.1 years
and 4.8 years, respectively. In aggregate, the portfolio tenant
base is granular with the top 10 tenants accounting for 39% of the
rental income. Included in the top 10 tenants are Great Bear (or
Culina), which forms 10% of gross operating income (GRI); Martin
Brower UK Limited, 6%; Iron Mountain (UK) PLC, 4%; and SIG Trading
Limited, 4%. As at the Cut-Off Date 31January 2024, the properties
generated GBP 23.9 million of GRI, which reflects a day-one debt
yield (DY) of 7.4%. Morningstar DBRS' long-term sustainable net
cash flow (NCF) assumption for the portfolio is GBP 22.2 million,
representing a haircut of 8.5% to in-place GRI. The corresponding
Morningstar DBRS value of GBP 344.2 million represents a haircut of
35.3% to the CBRE valuation.

There are no loan financial covenants applicable prior to a
permitted change of control (PCOC), but cash trap covenants are
applicable both prior to and post-PCOC. More precisely, the cash
trap levels are set as follows: the LTV ratio is greater than 73.4%
and the DY is less than 6.7%. After a PCOC, the financial default
covenants on the LTV and the DY will be applicable; they are set,
respectively, at the LTV ratio being greater than the PCOC LTV +15%
and at 85% of the DY as at the PCOC date. The senior loan is
interest-only prior to a PCOC and carries a floating rate, which is
referenced to the sterling overnight index average (Sonia) (floored
at 0%) plus a margin that is a function of the weighted average
(WA) of the aggregate interest amounts payable on the notes.
Morningstar DBRS understands that the borrowers will purchase an
interest cap agreement to hedge against increases in the interest
payable under the loan. This must be in place by the first interest
payment date (IPD). The cap agreement will cover 95% of the
outstanding loan balance with a strike rate of the higher of 3.5%
and the rate that ensures that, as at the date on which the
relevant hedging transaction is contracted, the hedged interest
coverage ratio (ICR) is not less than 1.5 times (x). until the
first hedging renewal date, being the first IPD falling after the
second anniversary of the utilization date, and, thereafter at each
subsequent hedging renewal date until loan maturity, the higher of:
(1) the lower of (A) 3.5%, and (B) in respect of any hedging
transaction in the form of a swap, the market prevailing swap
(fixed leg) rate on the date on which the relevant hedging
transaction is contracted; and (2) the rate that ensures that, as
at the date on which the relevant hedging transaction is
contracted, the hedged interest coverage ratio (ICR) is not less
than 1.5x. The maturity date of the loan is 15 May 2029. For the
purpose of satisfying the applicable risk retention requirements,
Barclays Bank PLC will advance a GBP [16.4] million loan (the
Issuer Loan) to the Issuer, representing 5% of the total
securitized balance.

Mileway

The Mileway Facility relates to a term loan facility to be advanced
by the Issuer to three borrowers (the Mileway Borrowers) ultimately
owned by Blackstone for the purpose of refinancing existing
indebtedness of the Mileway Borrowers (and other members of the
group), refinancing the acquisition of the Mileway property
portfolio, for general corporate purposes, and financing or
refinancing financing costs. Each borrower is a private limited
liability company incorporated under the laws of Jersey. The
collateral securing the loan comprises 17 prime UK logistics assets
located within densely populated urban areas, with good highway
connectivity. Of the portfolio value, 53% is located in London and
the South East; the Midlands accounts for 23%; the North East,
Yorkshire and Humberside, and North West account for 18%; and the
remaining 6% is located in the South West. Valuations prepared for
the properties by Jones Lang LaSalle (JLL) in March 2024 concluded
an aggregate MV of the collateral at GBP 317.5 million including a
portfolio premium of 2.5%. Based on the special assumption of a
corporate portfolio sale representing 0% SDLT, JLL concluded a
value of GBP 325.0 million. The LTV based on these values equals
66.2% and 64.3%, respectively.

The portfolio is well occupied and has an occupancy rate of 96%; in
economic terms, this translates to an economic vacancy of 8.7%. The
portfolio income comprises rental payments from typical standing
logistics assets and also from leased IOS, which forms 17% of
in-place income. The borrowers indicated a budget of GBP 22.0
million of refurb capex, which includes capex for identified ESG
measures to meet 15% carbon emission reduction targets and achieve
at least an EPC B rating for all assets such as LED lighting
upgrades, installation of solar PVs, modernization of building
insulation, and roofing. The majority of the units within the
portfolio (circa 80%) fall within the C-E rating category. The
portfolio has a WALTb and a WALTe of 5.0 years and 7.3 years,
respectively. In aggregate, the portfolio tenant base is granular
with the top 10 tenants accounting for 29% of the rental income and
no single tenant accounting for more than 5% of the total rent.

As at the Cut-Off Date 31January 2024, the properties generated GBP
16.4 million of GRI, which reflects a day-one DY of 8.0%.
Morningstar DBRS' long-term sustainable NCF assumption for the
portfolio is GBP 16.0 million, representing a haircut of 5.0% to
in-place GRI. The corresponding Morningstar DBRS value of GBP 237.6
million represents a haircut of 25.2% to the JLL valuation. There
are no loan financial covenants applicable prior to a PCOC, but
cash trap covenants are applicable both prior to and post-PCOC.
More precisely, the cash trap levels are set as follows: the LTV
ratio is greater than 74.5% and the DY is less than 6.8%. After a
PCOC, the financial default covenants on the LTV and the DY will be
applicable; they are set, respectively, at the LTV ratio being
greater than the PCOC LTV +15% and at 85% of the DY as at the PCOC
date.

The senior loan is interest-only prior to a PCOC and carries a
floating rate, which is referenced to Sonia (floored at 0%) plus a
margin that is a function of the WA of the aggregate interest
amounts payable on the notes. Morningstar DBRS understands that the
borrowers will purchase an interest cap agreement to hedge against
increases in the interest payable under the loan by the first IPD.
The cap agreement will cover 95% of the outstanding loan balance
with a strike rate of the higher of 3.5% and the rate that ensures
that, as at the date on which the relevant hedging transaction is
contracted, the hedged interest coverage ratio (ICR) is not less
than 1.5x times until the first hedging renewal date, being the
first IPD falling after the second anniversary of the utilization
date, and, thereafter at each subsequent hedging renewal date until
loan maturity, the higher of: (1) the lower of (A) 3.5%, and (B) in
respect of any hedging transaction in the form of a swap, the
market prevailing swap (fixed leg) rate on the date on which the
relevant hedging transaction is contracted; and (2) the rate that
ensures that, as at the date on which the relevant hedging
transaction is contracted, the hedged ICR is not less than 1.5x.
The maturity date of the loan is 15 May 2029.

For the purpose of satisfying the applicable risk retention
requirements, Barclays Bank PLC will advance a GBP [10.5] million
loan (the Issuer Loan) to the Issuer, representing 5% of the total
securitized balance.

In aggregate, Morningstar DBRS' NCF and valuation for the St.
Modwen and Mileway portfolios are GBP 38.3 million and GBP 661.6
million, respectively, implying a WA capitalization rate of
approximately 6.6%. The transaction is expected to repay in full by
15 May 2029. If the loans are not repaid by then, the transaction
will have five years' tail to allow the special servicer to work
out the loan(s) by May 2034, or where the final note maturity date
is automatically extended pursuant to an extension of the final
loan maturity date, the date falling 5 years after the final loan
maturity date, which in each case is the final note maturity date.

On the closing date, it is indicated by the arranger that the
Issuer will establish a reserve that will be credited with the
initial Issuer liquidity reserve required amount. Part of the
noteholders' subscription for the Class A notes will be used to
provide 95% of the liquidity support for the transaction, which
will be set at GBP [27] million or [5]% of the total outstanding
balance of the notes. The remaining 5% will be funded by the Issuer
Loan. Morningstar DBRS understands that the liquidity reserve will
cover the interest payments to the Class A to Class C notes. No
liquidity withdrawal can be made to cover shortfalls in funds
available to the Issuer to pay any amounts in respect of the
interest due on the Class D and Class E notes. The Class D and
Class E notes are subject to an available funds cap where the
shortfall is attributable to an increase in the WA margin of the
notes.

Based on a cap strike rate of 3.5% and a Sonia cap of [5.0]% for
the two loans, Morningstar DBRS estimated that the liquidity
reserve will cover approximately 15 months of interest payments and
12 months of interest payments, respectively, assuming the Issuer
does not receive any revenue.

Notes: All figures are in GBP unless otherwise noted.





===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week May 6 to May 10, 2024
----------------------------------------------------
Issuer                  Coupon    Maturity Currency  Price
------                  ------    -------- --------  -----
Altice France Holding   10.500   5/15/2027  USD     35.593
Codere Finance 2 Luxem  11.000   9/30/2026  EUR     34.412
Solocal Group           10.940   3/15/2025  EUR     20.356
Solis Bond Co DAC       10.327   5/31/2024  EUR     50.000
Codere Finance 2 Luxem  12.750  11/30/2027  EUR      1.035
IOG Plc                 13.428   9/20/2024  EUR      4.938
Caybon Holding AB       10.566    3/3/2025  SEK     35.210
Altice France Holding   10.500   5/15/2027  USD     38.336
Kvalitena AB publ       10.067    4/2/2024  SEK     45.000
Oscar Properties Holdi  11.270    7/5/2024  SEK      1.000
R-Logitech Finance SA   10.250   9/26/2027  EUR     15.334
Codere Finance 2 Luxem  13.625  11/30/2027  USD      1.000
Codere Finance 2 Luxem  13.625  11/30/2027  USD      1.000
Offentliga Hus I Norde  10.871              SEK     43.304
YA Holding AB           12.758  12/17/2024  SEK     15.026
Immigon Portfolioabbau  10.258              EUR      9.751
Tinkoff Bank JSC Via T  11.002              USD     43.213
Bilt Paper BV           10.360              USD      1.538
Saderea DAC             12.500  11/30/2026  USD     48.083
Ilija Batljan Invest A  10.768              SEK      3.500
Privatbank CJSC Via UK  10.250   1/23/2018  USD      3.768
Solocal Group           10.940   3/15/2025  EUR      8.893
UkrLandFarming PLC      10.875   3/26/2018  USD      4.206
Plusplus Capital Finan  11.000   7/29/2026  EUR     11.220
Marginalen Bank Bankak  12.996              SEK     45.000
Codere Finance 2 Luxem  11.000   9/30/2026  EUR     34.412
Avangardco Investments  10.000  10/29/2018  USD      0.108
Virgolino de Oliveira   11.750    2/9/2022  USD      0.677
Bourbon Corp SA         11.652              EUR      1.375
Virgolino de Oliveira   10.500   1/28/2018  USD      0.010
Transcapitalbank JSC V  10.000              USD      1.450
Virgolino de Oliveira   10.500   1/28/2018  USD      0.010
Bakkegruppen AS         11.720    2/3/2025  NOK     45.373
Sidetur Finance BV      10.000   4/20/2016  USD      0.373
Privatbank CJSC Via UK  10.875   2/28/2018  USD      5.264
Phosphorus Holdco PLC   10.000    4/1/2019  GBP      0.242
Societe Generale SA     24.000   11/8/2024  USD     46.880
Goldman Sachs Internat  16.288   3/17/2027  USD     28.200
Societe Generale SA     14.300   8/22/2024  USD      8.930
Ukraine Government Bon  11.000   4/23/2037  UAH     24.795
Bulgaria Steel Finance  12.000    5/4/2013  EUR      0.216
Societe Generale SA     14.000    8/8/2024  USD     37.100
Societe Generale SA     15.000   9/29/2025  USD      6.370
Societe Generale SA     22.750  10/17/2024  USD     22.100
Virgolino de Oliveira   10.875   1/13/2020  USD     36.000
Privatbank CJSC Via UK  11.000    2/9/2021  USD      1.000
Credit Suisse AG/Londo  20.000  11/29/2024  USD     15.740
Societe Generale SA     26.640  10/30/2025  USD      2.170
Credit Suisse AG/Londo  11.200   8/26/2024  USD     39.300
UBS AG/London           16.500   7/22/2024  CHF     22.020
Deutsche Bank AG/Londo  14.900   5/30/2028  TRY     48.606
Societe Generale SA     20.000  11/28/2025  USD      5.650
Societe Generale SA     20.000  12/18/2025  USD     19.600
Societe Generale SA     27.300  10/20/2025  USD      8.400
Societe Generale SA     11.000   7/14/2026  USD     12.350
Societe Generale SA     20.000   1/29/2026  USD     15.300
Societe Generale SA     20.000   7/21/2026  USD      3.940
Societe Generale SA     23.510   6/23/2026  USD      3.943
Virgolino de Oliveira   10.875   1/13/2020  USD     36.000
Societe Generale SA     16.000    7/3/2024  USD     16.500
BNP Paribas Issuance B  20.000   9/18/2026  EUR     28.600
Societe Generale SA     20.000   9/18/2026  USD     12.110
Sidetur Finance BV      10.000   4/20/2016  USD      0.373
Societe Generale SA     21.000  12/26/2025  USD     26.000
Societe Generale SA     16.000    8/1/2024  USD     13.800
Societe Generale SA     15.000    8/1/2024  USD     18.700
Tonon Luxembourg SA     12.500   5/14/2024  USD      0.010
KPNQwest NV             10.000   3/15/2012  EUR      0.773
Petromena ASA           10.850  11/19/2018  USD      0.622
Deutsche Bank AG/Londo  12.780   3/16/2028  TRY     45.239
Ukraine Government Bon  11.000   4/24/2037  UAH     27.286
Societe Generale SA     16.000    8/1/2024  USD     30.600
Ukraine Government Bon  12.500   4/27/2029  UAH     38.506
Ukraine Government Bon  11.000   4/20/2037  UAH     24.435
Leonteq Securities AG/  26.000   7/24/2024  CHF     47.920
Fast Credit Capital UC  11.500   7/13/2024  AMD      0.000
Converse Bank           10.500   5/22/2024  AMD      9.400
NTRP Via Interpipe Ltd  10.250    8/2/2017  USD      1.013
Lehman Brothers Treasu  11.750    3/1/2010  EUR      0.100
Tonon Luxembourg SA     12.500   5/14/2024  USD      0.010
Bank Julius Baer & Co   13.600   6/17/2024  CHF     50.100
Societe Generale SA     16.000    7/3/2024  USD     28.500
Bank Vontobel AG        13.000   6/26/2024  CHF      6.600
Russian Railways JSC     8.720  10/15/2040  RUB     50.000
Bank Vontobel AG        10.000   5/28/2024  CHF      5.400
UBS AG/London           21.600    8/2/2027  SEK     43.710
Inecobank CJSC          10.000   4/28/2025  AMD      0.000
Evocabank CJSC          11.000   9/27/2025  AMD      0.000
Basler Kantonalbank     24.000    7/5/2024  CHF     35.500
Ukraine Government Bon  10.570   5/10/2027  UAH     44.648
Zurcher Kantonalbank F  24.673   6/28/2024  CHF     41.500
National Mortgage Co R  12.000   3/30/2026  AMD      0.000
Bilt Paper BV           10.360              USD      1.538
Virgolino de Oliveira   11.750    2/9/2022  USD      0.677
Lehman Brothers Treasu  14.900   9/15/2008  EUR      0.100
Ukraine Government Bon  11.000   2/16/2037  UAH     24.593
Ukraine Government Bon  11.000   3/24/2037  UAH     24.726
Ukraine Government Bon  11.000    4/8/2037  UAH     24.791
Ukraine Government Bon  11.000    4/1/2037  UAH     24.759
Bank Vontobel AG        13.500    1/8/2025  CHF     17.200
Leonteq Securities AG   24.000   1/13/2025  CHF     27.030
Bank Vontobel AG        14.000    3/5/2025  CHF     43.700
Landesbank Baden-Wuert  11.500   9/27/2024  EUR     49.000
UBS AG/London           19.500   7/19/2024  CHF     42.900
Bank Vontobel AG        18.000   7/19/2024  CHF     39.400
Leonteq Securities AG/  27.000   7/24/2024  CHF     11.490
Landesbank Baden-Wuert  15.500   1/24/2025  EUR     44.910
Landesbank Baden-Wuert  12.500   6/28/2024  EUR     40.550
Landesbank Baden-Wuert  14.500   6/28/2024  EUR     36.180
Swissquote Bank SA      25.080   6/12/2024  CHF     38.150
EFG International Fina  11.120  12/27/2024  EUR     34.610
Bank Julius Baer & Co   15.300   6/17/2024  EUR     50.050
Russian Railways JSC    12.940   2/28/2040  RUB     50.000
Vontobel Financial Pro  19.500   6/28/2024  EUR     49.420
Raiffeisen Schweiz Gen  20.000   6/12/2024  CHF     32.240
Citigroup Global Marke  25.530   2/18/2025  EUR      1.180
UniCredit Bank GmbH     19.200   6/28/2024  EUR     46.480
BNP Paribas Emissions-  13.000   6/27/2024  EUR     50.300
Zurcher Kantonalbank F  16.000   6/14/2024  CHF     46.980
UBS AG/London           18.500   6/14/2024  CHF     26.240
Leonteq Securities AG/  11.000   5/13/2024  CHF     35.470
Bank Julius Baer & Co   12.720   2/17/2025  CHF     41.100
Bank Vontobel AG        21.000   6/10/2024  CHF     36.100
Zurcher Kantonalbank F  17.500    6/7/2024  CHF     49.960
Raiffeisen Switzerland  18.000   6/12/2024  CHF     36.770
Raiffeisen Switzerland  16.000   6/12/2024  CHF     24.850
Zurcher Kantonalbank F  13.000    6/7/2024  CHF     46.490
Basler Kantonalbank     16.000   6/14/2024  CHF     24.180
EFG International Fina  24.000   6/14/2024  CHF     35.190
Ist Saiberian Petroleu  14.000  12/28/2024  RUB     10.170
UBS AG/London           13.500   8/15/2024  CHF     47.850
DZ Bank AG Deutsche Ze  11.200   6/28/2024  EUR     44.330
Landesbank Baden-Wuert  18.000    1/3/2025  EUR     49.380
Landesbank Baden-Wuert  15.000    1/3/2025  EUR     52.200
UBS AG/London           13.000   9/30/2024  CHF     17.880
UniCredit Bank GmbH     14.900   9/27/2024  EUR     46.690
Landesbank Baden-Wuert  13.000   3/28/2025  EUR     50.060
Leonteq Securities AG/  22.000   10/2/2024  CHF     49.200
Landesbank Baden-Wuert  10.500    1/2/2026  EUR     48.660
Landesbank Baden-Wuert  15.000   3/28/2025  EUR     48.470
DZ Bank AG Deutsche Ze  13.250   6/26/2024  EUR     52.290
DZ Bank AG Deutsche Ze  14.000   9/25/2024  EUR     48.770
ObedinenieAgroElita OO  13.750   5/22/2024  RUB     50.000
Leonteq Securities AG/  10.340   8/31/2026  EUR     53.030
UniCredit Bank GmbH     19.800   6/28/2024  EUR     29.390
Finca Uco Cjsc          12.000   2/10/2025  AMD      0.000
UniCredit Bank GmbH     16.550   8/18/2025  USD     27.710
UniCredit Bank GmbH     13.800   9/27/2024  EUR     34.610
UniCredit Bank GmbH     15.800   9/27/2024  EUR     32.850
UniCredit Bank GmbH     16.900   9/27/2024  EUR     32.160
UniCredit Bank GmbH     19.100   9/27/2024  EUR     31.040
UniCredit Bank GmbH     18.000   9/27/2024  EUR     31.560
Societe Generale SA     15.000  10/31/2024  USD     49.800
Landesbank Baden-Wuert  23.000   6/28/2024  EUR     47.550
Landesbank Baden-Wuert  19.000    1/3/2025  EUR     52.260
Landesbank Baden-Wuert  25.000    1/3/2025  EUR     48.360
Landesbank Baden-Wuert  27.000   9/27/2024  EUR     51.670
UniCredit Bank GmbH     14.800   9/27/2024  EUR     33.670
Landesbank Baden-Wuert  27.000   6/28/2024  EUR     45.160
Landesbank Baden-Wuert  22.000    1/3/2025  EUR     49.020
Leonteq Securities AG   24.000    1/9/2025  CHF     49.560
Leonteq Securities AG   28.000    9/5/2024  CHF     45.040
UniCredit Bank GmbH     14.700   8/23/2024  EUR     33.590
UniCredit Bank GmbH     14.500  11/22/2024  EUR     36.940
UniCredit Bank GmbH     13.100   2/28/2025  EUR     40.660
UniCredit Bank GmbH     13.800   2/28/2025  EUR     40.000
UniCredit Bank GmbH     14.500   2/28/2025  EUR     39.220
UniCredit Bank GmbH     14.800   9/27/2024  EUR     36.450
UniCredit Bank GmbH     16.400   9/27/2024  EUR     42.500
Vontobel Financial Pro  15.500   6/28/2024  EUR     46.720
Vontobel Financial Pro  13.250   9/27/2024  EUR     49.490
BNP Paribas Issuance B  19.000   9/18/2026  EUR      0.820
HSBC Trinkaus & Burkha  20.250   6/28/2024  EUR     24.800
HSBC Trinkaus & Burkha  17.500  12/30/2024  EUR     32.720
HSBC Trinkaus & Burkha  18.750   9/27/2024  EUR     29.020
Bank Vontobel AG        12.000   9/30/2024  EUR     12.500
UniCredit Bank GmbH     14.300   8/23/2024  EUR     36.560
UniCredit Bank GmbH     13.900  11/22/2024  EUR     39.680
UniCredit Bank GmbH     13.700   9/27/2024  EUR     37.640
UniCredit Bank GmbH     15.100   9/27/2024  EUR     44.230
UniCredit Bank GmbH     13.500   2/28/2025  EUR     42.810
Societe Generale SA     25.260  10/30/2025  USD      8.557
HSBC Trinkaus & Burkha  17.600   9/27/2024  EUR     32.200
HSBC Trinkaus & Burkha  15.100  12/30/2024  EUR     35.940
HSBC Trinkaus & Burkha  12.500  12/30/2024  EUR     38.300
HSBC Trinkaus & Burkha  10.800  12/30/2024  EUR     40.620
UniCredit Bank GmbH     10.700    2/3/2025  EUR     24.590
UniCredit Bank GmbH     10.700   2/17/2025  EUR     24.850
Societe Generale SA     15.110  10/31/2024  USD     28.000
Landesbank Baden-Wuert  10.000  10/25/2024  EUR     37.550
Landesbank Baden-Wuert  11.500  10/25/2024  EUR     32.680
EFG International Fina  10.300   8/23/2024  USD     31.280
UniCredit Bank GmbH     17.800   6/28/2024  EUR     27.020
UniCredit Bank GmbH     19.200   6/28/2024  EUR     26.290
UniCredit Bank GmbH     18.800  12/31/2024  EUR     33.710
Landesbank Baden-Wuert  10.000   8/23/2024  EUR     44.250
BNP Paribas Emissions-  18.000   6/27/2024  EUR     47.300
BNP Paribas Emissions-  20.000   6/27/2024  EUR     47.560
BNP Paribas Emissions-  23.000   6/27/2024  EUR     46.020
BNP Paribas Emissions-  17.000   6/27/2024  EUR     49.280
BNP Paribas Emissions-  21.000   6/27/2024  EUR     45.760
Leonteq Securities AG   28.000   8/21/2024  CHF     41.810
Armenian Economy Devel  10.500    5/4/2025  AMD      0.000
UniCredit Bank GmbH     15.700   6/28/2024  EUR     44.890
UBS AG/London           10.000   3/23/2026  USD     27.090
HSBC Trinkaus & Burkha  17.000   6/28/2024  EUR     33.120
Societe Generale SA     10.010   8/29/2024  USD     47.400
Societe Generale SA     15.360   11/8/2024  USD     24.400
DZ Bank AG Deutsche Ze  16.000   6/28/2024  EUR     32.670
UniCredit Bank GmbH     19.500   6/28/2024  EUR     30.820
Leonteq Securities AG/  20.000    8/7/2024  CHF     10.270
Leonteq Securities AG/  30.000    8/7/2024  CHF     28.920
UniCredit Bank GmbH     18.500  12/31/2024  EUR     38.210
UniCredit Bank GmbH     19.300  12/31/2024  EUR     37.600
Raiffeisen Schweiz Gen  20.000    8/7/2024  CHF     37.580
UniCredit Bank GmbH     18.200   6/28/2024  EUR     31.960
Leonteq Securities AG/  22.000    8/7/2024  CHF     28.750
DZ Bank AG Deutsche Ze  10.750  12/27/2024  EUR     45.000
UniCredit Bank GmbH     19.300  12/31/2024  EUR     36.610
Societe Generale SA     15.840   8/30/2024  USD   #N/A N/A
UniCredit Bank GmbH     10.500   9/23/2024  EUR     30.130
Evocabank CJSC          11.000   9/28/2024  AMD      0.000
Leonteq Securities AG/  21.000   8/14/2024  CHF     42.000
Leonteq Securities AG   20.000    7/3/2024  CHF      9.410
Leonteq Securities AG   26.000    7/3/2024  CHF     33.810
Swissquote Bank SA      23.990    7/3/2024  CHF     40.930
HSBC Trinkaus & Burkha  18.100  12/30/2024  EUR     47.330
HSBC Trinkaus & Burkha  15.700  12/30/2024  EUR     50.630
Corner Banca SA         18.500   9/23/2024  CHF     14.250
Raiffeisen Switzerland  20.000   6/26/2024  CHF     32.910
Vontobel Financial Pro  23.000   6/28/2024  EUR     41.620
Vontobel Financial Pro  11.000   6/28/2024  EUR     47.340
Leonteq Securities AG/  27.600   6/26/2024  CHF     28.900
UniCredit Bank GmbH     15.600   6/28/2024  EUR     46.790
UniCredit Bank GmbH     14.100   6/28/2024  EUR     48.690
Vontobel Financial Pro  18.000   6/28/2024  EUR     46.090
Vontobel Financial Pro  19.500   6/28/2024  EUR     44.430
Vontobel Financial Pro  12.500   6/28/2024  EUR     47.550
Leonteq Securities AG   23.000   6/26/2024  CHF     35.910
Leonteq Securities AG/  20.000   9/26/2024  USD     31.780
Leonteq Securities AG/  21.600   6/26/2024  CHF      8.820
Leonteq Securities AG/  25.000    9/5/2024  EUR     49.720
Swissquote Bank SA      29.000    6/4/2024  CHF     43.950
Leonteq Securities AG   24.000    9/4/2024  CHF     48.420
UniCredit Bank GmbH     19.400   6/28/2024  EUR     28.240
UniCredit Bank GmbH     19.100  12/31/2024  EUR     35.550
UniCredit Bank GmbH     20.000  12/31/2024  EUR     34.860
Leonteq Securities AG/  24.000   8/14/2024  CHF     42.870
Zurcher Kantonalbank F  22.000    8/6/2024  USD     34.130
Leonteq Securities AG/  20.000    7/3/2024  CHF     40.130
UniCredit Bank GmbH     16.100  12/31/2024  EUR     48.200
UniCredit Bank GmbH     17.000  12/31/2024  EUR     46.510
UniCredit Bank GmbH     18.000  12/31/2024  EUR     45.140
UniCredit Bank GmbH     18.900  12/31/2024  EUR     43.910
UniCredit Bank GmbH     19.800  12/31/2024  EUR     42.850
Vontobel Financial Pro  24.500   9/27/2024  EUR     44.720
Bank Vontobel AG        20.500   11/4/2024  CHF     38.500
Leonteq Securities AG/  22.000   8/14/2024  CHF     41.440
Vontobel Financial Pro  24.500   6/28/2024  EUR     40.370
UniCredit Bank GmbH     10.300   9/27/2024  EUR     30.540
Landesbank Baden-Wuert  15.000   8/23/2024  EUR     35.330
UBS AG/London           14.250   8/19/2024  CHF     30.150
Raiffeisen Switzerland  10.500   7/11/2024  USD     24.330
Leonteq Securities AG   24.000   9/25/2024  CHF     50.590
Raiffeisen Schweiz Gen  20.000   9/25/2024  CHF     40.400
Raiffeisen Schweiz Gen  20.000   9/25/2024  CHF     28.500
UniCredit Bank GmbH     15.800   6/28/2024  EUR     24.950
UniCredit Bank GmbH     17.000   6/28/2024  EUR     24.320
UniCredit Bank GmbH     18.200   6/28/2024  EUR     23.750
UniCredit Bank GmbH     19.500   6/28/2024  EUR     23.240
UniCredit Bank GmbH     17.200  12/31/2024  EUR     31.270
UniCredit Bank GmbH     18.000  12/31/2024  EUR     31.110
UniCredit Bank GmbH     18.800  12/31/2024  EUR     30.990
UniCredit Bank GmbH     19.600  12/31/2024  EUR     30.910
Leonteq Securities AG   20.000   9/18/2024  CHF     50.810
UniCredit Bank GmbH     19.700  12/31/2024  EUR     33.510
HSBC Trinkaus & Burkha  22.250   6/27/2025  EUR     47.500
HSBC Trinkaus & Burkha  17.500   6/27/2025  EUR     50.470
HSBC Trinkaus & Burkha  11.250   6/27/2025  EUR     39.660
HSBC Trinkaus & Burkha  15.500   6/27/2025  EUR     36.930
Leonteq Securities AG   23.000  12/27/2024  CHF     33.390
Bank Vontobel AG        12.250   6/17/2024  CHF     44.100
UBS AG/London           15.750  10/21/2024  CHF     47.450
UBS AG/London           14.250   7/12/2024  EUR     17.700
Landesbank Baden-Wuert  11.000    1/3/2025  EUR     39.720
HSBC Trinkaus & Burkha  17.400   6/28/2024  EUR     47.520
Vontobel Financial Pro  14.500   6/28/2024  EUR     48.730
Vontobel Financial Pro  11.000   6/28/2024  EUR     40.630
Basler Kantonalbank     17.000   7/19/2024  CHF     40.060
Vontobel Financial Pro  16.500   6/28/2024  EUR     46.070
Vontobel Financial Pro  19.500   6/28/2024  EUR     43.870
Bank Vontobel AG        20.000   6/26/2024  CHF     32.900
UniCredit Bank GmbH     13.400   9/27/2024  EUR     39.310
Raiffeisen Schweiz Gen  16.000   7/24/2024  CHF     47.200
HSBC Trinkaus & Burkha  14.800  12/30/2024  EUR     38.260
HSBC Trinkaus & Burkha  13.400  12/30/2024  EUR     39.620
HSBC Trinkaus & Burkha  17.500   9/27/2024  EUR     48.550
HSBC Trinkaus & Burkha  17.400  12/30/2024  EUR     41.440
HSBC Trinkaus & Burkha  19.000   3/28/2025  EUR     39.570
HSBC Trinkaus & Burkha  16.300   3/28/2025  EUR     40.860
HSBC Trinkaus & Burkha  19.600  11/22/2024  EUR     41.970
Bank Vontobel AG        10.000   8/19/2024  CHF      7.900
Leonteq Securities AG/  15.000   7/24/2024  CHF      8.760
Bank Vontobel AG        25.000   7/22/2024  USD     25.200
Vontobel Financial Pro  16.500   6/28/2024  EUR     47.920
Vontobel Financial Pro  15.000   6/28/2024  EUR     49.950
Vontobel Financial Pro  14.000   6/28/2024  EUR     47.750
Vontobel Financial Pro  21.500   6/28/2024  EUR     42.990
UniCredit Bank GmbH     17.800   6/28/2024  EUR     43.350
Bank Vontobel AG        22.000   5/31/2024  CHF     21.100
Finca Uco Cjsc          13.000  11/16/2024  AMD      0.000
Bank Vontobel AG        10.000    9/2/2024  EUR     50.000
Leonteq Securities AG/  16.000   6/20/2024  CHF     25.370
Raiffeisen Switzerland  20.000   6/19/2024  CHF     36.520
HSBC Trinkaus & Burkha  19.700   6/28/2024  EUR     42.510
HSBC Trinkaus & Burkha  15.500   6/28/2024  EUR     52.440
Swissquote Bank SA      20.120   6/20/2024  CHF      9.330
DZ Bank AG Deutsche Ze  19.400   6/28/2024  EUR     45.390
Leonteq Securities AG/  20.000   6/19/2024  CHF     35.620
Leonteq Securities AG/  24.000   6/19/2024  CHF     36.440
Leonteq Securities AG/  23.400   6/19/2024  CHF     35.080
Leonteq Securities AG/  15.000   9/12/2024  USD     24.020
Leonteq Securities AG/  21.000   5/22/2024  USD     25.160
Raiffeisen Switzerland  20.000   5/22/2024  CHF     30.180
Leonteq Securities AG/  19.000   6/10/2024  CHF     34.180
BNP Paribas Emissions-  16.000   6/27/2024  EUR     49.060
DZ Bank AG Deutsche Ze  16.900   6/28/2024  EUR     51.850
Leonteq Securities AG/  30.000    5/8/2024  CHF     24.420
Landesbank Baden-Wuert  13.000    1/3/2025  EUR     39.240
DZ Bank AG Deutsche Ze  12.500   6/26/2024  EUR     42.990
Raiffeisen Switzerland  20.000    5/8/2024  EUR     46.330
Bank Vontobel AG        10.500   7/29/2024  EUR     47.900
UBS AG/London           13.750    7/1/2024  CHF     35.150
Raiffeisen Switzerland  17.500   5/30/2024  CHF     39.250
Swissquote Bank SA      26.980    6/5/2024  CHF     32.140
Armenian Economy Devel  11.000   10/3/2025  AMD      0.000
Leonteq Securities AG/  14.000    7/3/2024  CHF      8.620
Leonteq Securities AG/  21.000    6/5/2024  CHF     38.640
Landesbank Baden-Wuert  15.500   9/27/2024  EUR     40.180
Leonteq Securities AG/  24.000    6/5/2024  CHF     35.770
Leonteq Securities AG/  28.000    6/5/2024  CHF     26.820
Vontobel Financial Pro  10.750   6/28/2024  EUR     49.170
Raiffeisen Switzerland  16.000   5/22/2024  CHF     24.040
Leonteq Securities AG/  26.000   5/22/2024  CHF     26.470
Leonteq Securities AG/  24.000   5/22/2024  CHF     38.700
ACBA Bank OJSC          11.500    3/1/2026  AMD      9.250
Bank Vontobel AG        12.000   6/10/2024  CHF     37.600
UBS AG/London           14.500  10/14/2024  CHF     44.950
HSBC Trinkaus & Burkha  13.600   9/27/2024  EUR     45.900
Finca Uco Cjsc          12.500   6/21/2024  AMD      0.000
Leonteq Securities AG   24.000    7/3/2024  CHF     37.910
HSBC Trinkaus & Burkha  15.900   9/27/2024  EUR     42.000
Landesbank Baden-Wuert  18.000  11/22/2024  EUR     50.130
HSBC Trinkaus & Burkha  18.300   9/27/2024  EUR     39.120
Landesbank Baden-Wuert  13.300   8/23/2024  EUR     42.210
DZ Bank AG Deutsche Ze  12.000   9/25/2024  EUR     52.400
Raiffeisen Schweiz Gen  20.000   9/11/2024  CHF     44.210
DZ Bank AG Deutsche Ze  12.750   6/26/2024  EUR     52.190
Citigroup Global Marke  14.650   7/22/2024  HKD     35.865
Leonteq Securities AG/  28.000   5/30/2024  CHF     37.450
Leonteq Securities AG/  27.000   5/30/2024  CHF      6.250
Ameriabank CJSC         10.000   2/20/2025  AMD      9.010
Zurcher Kantonalbank F  21.000   5/17/2024  CHF     45.110
Leonteq Securities AG/  26.000   7/31/2024  CHF     35.740
Landesbank Baden-Wuert  12.000   1/24/2025  EUR     51.650
UniCredit Bank GmbH     11.900   6/28/2024  EUR     50.850
UniCredit Bank GmbH     18.000   6/28/2024  EUR     38.600
UniCredit Bank GmbH     19.800   6/28/2024  EUR     35.080
Zurcher Kantonalbank F  22.000   7/24/2024  USD     51.500
Swissquote Bank SA      27.050   7/31/2024  CHF     42.400
Swissquote Bank SA      16.380   7/31/2024  CHF      8.510
UniCredit Bank GmbH     13.200   6/28/2024  EUR     49.000
UniCredit Bank GmbH     17.100   6/28/2024  EUR     40.670
UniCredit Bank GmbH     18.900   6/28/2024  EUR     36.730
Landesbank Baden-Wuert  20.000   5/24/2024  EUR     48.810
Leonteq Securities AG   24.000   8/21/2024  CHF     46.420
Raiffeisen Switzerland  12.300   8/21/2024  CHF     12.300
Basler Kantonalbank     18.000   6/21/2024  CHF     37.700
DZ Bank AG Deutsche Ze  23.200   6/28/2024  EUR     47.720
DZ Bank AG Deutsche Ze  24.100   6/28/2024  EUR     50.750
HSBC Trinkaus & Burkha  17.300   9/27/2024  EUR     34.400
HSBC Trinkaus & Burkha  11.200  12/30/2024  EUR     42.820
HSBC Trinkaus & Burkha  19.600  12/30/2024  EUR     39.800
HSBC Trinkaus & Burkha  15.200  12/30/2024  EUR     43.470
HSBC Trinkaus & Burkha  18.100   3/28/2025  EUR     39.960
HSBC Trinkaus & Burkha  14.400   3/28/2025  EUR     42.430
Vontobel Financial Pro  17.000   9/27/2024  EUR     49.000
Vontobel Financial Pro  18.000   9/27/2024  EUR     47.590
Vontobel Financial Pro  21.000   9/27/2024  EUR     45.450
Vontobel Financial Pro  23.500   6/28/2024  EUR     40.950
Raiffeisen Switzerland  20.000   7/10/2024  CHF     39.270
ACBA Bank OJSC          11.000   12/1/2025  AMD      9.400
UBS AG/London           19.000   7/12/2024  CHF     36.500
Bank Vontobel AG        18.000   6/28/2024  CHF     38.300
Swissquote Bank SA      25.390   5/30/2024  CHF     39.930
Swissquote Bank SA      20.240   7/10/2024  CHF     56.540
Swissquote Bank SA      26.120   7/10/2024  CHF     37.210
Leonteq Securities AG/  20.000   7/17/2024  CHF     45.340
HSBC Trinkaus & Burkha  19.000   6/28/2024  EUR     27.250
HSBC Trinkaus & Burkha  11.000   6/28/2024  EUR     35.690
HSBC Trinkaus & Burkha  15.000   6/28/2024  EUR     46.610
HSBC Trinkaus & Burkha  15.000   6/28/2024  EUR     30.050
Leonteq Securities AG   24.000   7/10/2024  CHF     40.030
Leonteq Securities AG   26.000   7/10/2024  CHF     36.920
UBS AG/London           18.750   5/31/2024  CHF     26.480
Swissquote Bank SA      21.320   7/17/2024  CHF     44.830
Swissquote Bank SA      26.040   7/17/2024  CHF     38.640
Leonteq Securities AG   21.000   7/17/2024  CHF     44.710
UniCredit Bank GmbH     19.700   6/28/2024  EUR     33.520
UniCredit Bank GmbH     18.600  12/31/2024  EUR     40.680
UniCredit Bank GmbH     19.500  12/31/2024  EUR     39.910
Bank Vontobel AG        23.000    6/4/2024  CHF     38.300
Vontobel Financial Pro  18.000   6/28/2024  EUR     49.210
Leonteq Securities AG/  24.000   7/10/2024  CHF     36.840
Vontobel Financial Pro  21.000   6/28/2024  EUR     46.690
Swissquote Bank SA      24.040   9/11/2024  CHF     46.090
Leonteq Securities AG/  22.000   9/11/2024  CHF     44.760
Leonteq Securities AG   18.000   9/11/2024  CHF     16.360
Vontobel Financial Pro  19.500   9/27/2024  EUR     46.510
Raiffeisen Switzerland  20.000   5/10/2024  CHF     40.990
UniCredit Bank GmbH     14.700  11/22/2024  EUR     38.490
EFG International Fina  15.000   7/12/2024  CHF     34.110
Swissquote Bank SA      23.200   8/28/2024  CHF     48.590
Finca Uco Cjsc          13.000   5/30/2025  AMD      0.000
Vontobel Financial Pro  16.000   6/28/2024  EUR     47.420
Vontobel Financial Pro  19.000   6/28/2024  EUR     45.080
Leonteq Securities AG/  23.000   5/15/2024  CHF     44.530
Raiffeisen Schweiz Gen  19.500    6/6/2024  CHF     38.700
Vontobel Financial Pro  13.500   6/28/2024  EUR     50.200
Leonteq Securities AG   20.000   8/28/2024  CHF     13.420
Raiffeisen Schweiz Gen  20.000   8/28/2024  CHF     17.200
UBS AG/London           25.000   7/12/2024  CHF     42.200
Landesbank Baden-Wuert  11.000   6/28/2024  EUR     27.310
Bank Vontobel AG        15.500  11/18/2024  CHF     42.900
Basler Kantonalbank     21.000    7/5/2024  CHF     39.740
Leonteq Securities AG   24.000   7/17/2024  CHF     31.530
Basler Kantonalbank     22.000    9/6/2024  CHF     45.360
UniCredit Bank GmbH     15.000   8/23/2024  EUR     35.130
Vontobel Financial Pro  18.000   9/27/2024  EUR     26.410
Leonteq Securities AG/  23.000   7/24/2024  CHF     36.170
Vontobel Financial Pro  24.750   6/28/2024  EUR     31.590
Vontobel Financial Pro  23.000   6/28/2024  EUR     49.880
Leonteq Securities AG/  19.000    6/3/2024  CHF     46.740
Leonteq Securities AG/  19.000   5/24/2024  CHF      9.170
Societe Generale SA     16.000   8/30/2024  USD     20.400
Societe Generale SA     16.000   8/30/2024  USD     27.500
Societe Generale SA     18.000   8/30/2024  USD     14.000
Societe Generale SA     15.000   8/30/2024  USD     18.300
Bank Vontobel AG        11.500   5/16/2024  CHF     51.400
Leonteq Securities AG/  24.000   5/17/2024  CHF     63.310
Basler Kantonalbank     18.000   6/17/2024  CHF     34.490
UBS AG/London           11.250   9/16/2024  EUR     50.950
Ukraine Government Bon  12.500  10/12/2029  UAH     37.196
Ukraine Government Bon  11.870    1/6/2027  UAH     49.217
Ukraine Government Bon  11.580    2/2/2028  UAH     41.453
Ukraine Government Bon  11.110   3/29/2028  UAH     39.925
Ukraine Government Bon  11.880   12/9/2026  UAH     49.941
Ukraine Government Bon  11.570    3/1/2028  UAH     41.065
Ukraine Government Bon  10.710   4/26/2028  UAH     38.912
Lehman Brothers Treasu  18.250   10/2/2008  USD      0.100
Lehman Brothers Treasu  14.900  11/16/2010  EUR      0.100
Lehman Brothers Treasu  16.000   10/8/2008  CHF      0.100
Lehman Brothers Treasu  11.000  12/20/2017  AUD      0.100
Lehman Brothers Treasu  11.000  12/20/2017  AUD      0.100
Lehman Brothers Treasu  11.000  12/20/2017  AUD      0.100
Lehman Brothers Treasu  11.000   2/16/2009  CHF      0.100
Lehman Brothers Treasu  10.000   2/16/2009  CHF      0.100
Lehman Brothers Treasu  13.000   2/16/2009  CHF      0.100
Lehman Brothers Treasu  10.000  10/23/2008  USD      0.100
Lehman Brothers Treasu  10.000  10/22/2008  USD      0.100
Lehman Brothers Treasu  16.000  10/28/2008  USD      0.100
Lehman Brothers Treasu  16.200   5/14/2009  USD      0.100
Lehman Brothers Treasu  10.600   4/22/2014  MXN      0.100
Lehman Brothers Treasu  16.000   11/9/2008  USD      0.100
Lehman Brothers Treasu  10.000   5/22/2009  USD      0.100
Lehman Brothers Treasu  15.000    6/4/2009  CHF      0.100
Lehman Brothers Treasu  10.442  11/22/2008  CHF      0.100
Lehman Brothers Treasu  17.000    6/2/2009  USD      0.100
Lehman Brothers Treasu  13.500    6/2/2009  USD      0.100
Lehman Brothers Treasu  23.300   9/16/2008  USD      0.100
Lehman Brothers Treasu  12.400   6/12/2009  USD      0.100
Lehman Brothers Treasu  10.000   6/17/2009  USD      0.100
Lehman Brothers Treasu  11.000    7/4/2011  USD      0.100
Lehman Brothers Treasu  11.000    7/4/2011  CHF      0.100
Lehman Brothers Treasu  12.000    7/4/2011  EUR      0.100
Lehman Brothers Treasu  16.000  12/26/2008  USD      0.100
Lehman Brothers Treasu  13.432    1/8/2009  ILS      0.100
Lehman Brothers Treasu  13.150  10/30/2008  USD      0.100
Lehman Brothers Treasu  16.800   8/21/2009  USD      0.100
Lehman Brothers Treasu  14.100  11/12/2008  USD      0.100
Lehman Brothers Treasu  11.250  12/31/2008  USD      0.100
Lehman Brothers Treasu  13.000  12/14/2012  USD      0.100
Lehman Brothers Treasu  12.000   7/13/2037  JPY      0.100
Lehman Brothers Treasu  10.000   6/11/2038  JPY      0.100
BLT Finance BV          12.000   2/10/2015  USD     10.500
Banco Espirito Santo S  10.000   12/6/2021  EUR      0.058
Lehman Brothers Treasu  10.500    8/9/2010  EUR      0.100
Lehman Brothers Treasu  10.000   3/27/2009  USD      0.100
Lehman Brothers Treasu  11.000   6/29/2009  EUR      0.100
Lehman Brothers Treasu  11.000  12/19/2011  USD      0.100
Lehman Brothers Treasu  15.000   3/30/2011  EUR      0.100
Lehman Brothers Treasu  13.500  11/28/2008  USD      0.100
Bulgaria Steel Finance  12.000    5/4/2013  EUR      0.216
Lehman Brothers Treasu  13.000   7/25/2012  EUR      0.100
Teksid Aluminum Luxemb  12.375   7/15/2011  EUR      0.619
Credit Agricole Corpor  10.500   2/16/2027  TRY     50.684
Ukraine Government Bon  10.360  11/10/2027  UAH     40.791
Credit Agricole Corpor  10.200  12/13/2027  TRY     46.425
Codere Finance 2 Luxem  12.750  11/30/2027  EUR      1.035
Privatbank CJSC Via UK  10.875   2/28/2018  USD      5.264
UkrLandFarming PLC      10.875   3/26/2018  USD      4.206
Tailwind Energy Chinoo  12.500   9/27/2019  USD      1.500
Phosphorus Holdco PLC   10.000    4/1/2019  GBP      0.242
PA Resources AB         13.500    3/3/2016  SEK      0.124



                           *********


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 2024.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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members of the same firm for the term of the initial subscription
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