/raid1/www/Hosts/bankrupt/TCREUR_Public/191223.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, December 23, 2019, Vol. 20, No. 255
Headlines
G E R M A N Y
SC GERMANY 2018-1 UG: DBRS Confirms BB(high) Rating on Cl. D Notes
G R E E C E
ELLAKTOR SA: Fitch Assigns BB LT IDR, Outlook Stable
I R E L A N D
OCP EURO 2017-1: Moody's Assigns B3 Rating to EUR8MM Cl. F Notes
TYMON PARK: Fitch Affirms B-sf Class E Notes Rating
P O L A N D
BANK OCHRONY: Fitch Affirms BB- LT IDR, Outlook Stable
R O M A N I A
TAROM: Romania Set to Provide Two Batches of Funding
R U S S I A
KRANBANK JSC: Put on Provisional Administration, License Revoked
NEVSKY NARODNY: Put on Provisional Administration
TATTELECOM PJSC: Fitch Affirms BB LT IDR, Outlook Stable
T U R K E Y
PETKIM PETROKIMYA: Fitch Affirms B LT IDR, Outlook Stable
TURKCELL FINANSMAN: Fitch Affirms B+ LT IDRs, Outlook Now Stable
U N I T E D K I N G D O M
BEALES: May Put Business Up for Sale Amid Financial Review
BOOK PEOPLE: Enters Administration, Seeks Buyer for Business
CINEWORLD UK: Moody's Affirms B1 CFR, Outlook Stable
HIKMA PHARMACEUTICALS: Moody's Affirms Ba1 CFR, Outlook Stable
MARBLE ARCH 4: Fitch Upgrades Class E1C Debt to BB+sf
MARKETPLACE ORIGINATED 2019-1: Fitch Rates Class F Debt Final BB-sf
THG OPERATIONS: Fitch Assigns 'B+' Final LT IDR, Outlook Stable
[*] UK: Million Households Hit by Collapse of Energy Firms
X X X X X X X X
[*] BOND PRICING: For the Week December 16 to December 20, 2019
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G E R M A N Y
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SC GERMANY 2018-1 UG: DBRS Confirms BB(high) Rating on Cl. D Notes
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DBRS Ratings GmbH confirmed its ratings on the notes issued by SC
Germany Consumer 2018-1 UG (haftungsbeschränkt) (the Issuer) as
follows:
-- Class A Notes at AA (low) (sf)
-- Class B Notes at A (sf)
-- Class C Notes at BBB (sf)
-- Class D Notes at BB (high) (sf)
The rating on the Class A Notes addresses the timely payment of
interest and ultimate repayment of principal by the legal final
maturity date in December 2031. The ratings on the Class B Notes,
Class C Notes, and Class D Notes address the ultimate payment of
interest and ultimate repayment of principal by the legal final
maturity date.
The confirmations 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 December 2019 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 at their respective rating levels.
The Issuer is a securitization of consumer loans granted to
individuals residing in Germany, originated and serviced by
Santander Consumer Bank AG (SCB), a subsidiary of Santander
Consumer Finance SA (SCF). The transaction closed in December 2018
with an initial portfolio of EUR 1.6 billion and had a 12-month
revolving period, which ended on the December 2019 payment date.
PORTFOLIO PERFORMANCE
As of the December 2019 payment date, loans 0 to 30 days, 30 to 60
days, and 60 to 90 days delinquent represented 0.4%, 0.3%, and 0.1%
of the outstanding portfolio balance, respectively. Loans more than
90 days delinquent amounted to 0.1% of the outstanding principal
balance. Gross cumulative defaults stood at 0.4% of the aggregated
original portfolio balance.
PORTFOLIO ASSUMPTIONS
DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and maintained its base case PD and LGD
assumptions at 6.2% and 80.0%, respectively.
CREDIT ENHANCEMENT
The subordination of the respective junior obligations provides
credit enhancement to the rated notes. As of the December 2019
payment date, credit enhancement to the Class A Notes decreased to
17.9% from 18.5% at the initial rating in December 2018; credit
enhancement to the Class B Notes decreased to 13.7% from 14.3%;
credit enhancement to the Class C Notes decreased to 9.9% from
10.5%, and credit enhancement to the Class D Notes decreased to
8.6% from 9.3%. The decrease in credit enhancement is a result of
defaulted loans since closing and lack of amortization of the notes
due to the revolving period, which ended in December 2019.
The transaction benefits from a liquidity reserve available upon
the occurrence of a servicer termination event to cover senior
expenses and interest due on the Class A Notes. The liquidity
reserve is amortizing with a target balance equal to 0.5% of the
outstanding Class A Notes balance, subject to a floor of EUR 1.0
million. As of the December 2019 payment date, the reserve has
remained at its target balance of EUR 6.5 million.
The transaction is exposed to potential commingling and set-off
risks as debtors may open accounts with the originator and
collections are swept to the account bank on each monthly payment
date. As a mitigant, SCB in its capacity as servicer and the
originator will fund separate commingling and set-off reserves if
the DBRS Morningstar rating of SCB's parent company – SCF –
falls below specific thresholds or certain ownership thresholds are
breached, as defined in the transaction documentation. These
reserves continue to be unfunded as neither trigger has been
breached to date.
HSBC Bank plc acts as the account bank for the transaction. Based
on the DBRS Morningstar private rating of HSBC Bank plc, the
downgrade provisions outlined in the transaction documents, and
other mitigating factors inherent in the transaction structure,
DBRS Morningstar considers the risk arising from the exposure to
the account bank to be consistent with the ratings assigned to the
notes, as described in DBRS Morningstar's "Legal Criteria for
European Structured Finance Transactions" methodology.
Notes: All figures are in Euros unless otherwise noted.
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G R E E C E
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ELLAKTOR SA: Fitch Assigns BB LT IDR, Outlook Stable
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Fitch Ratings assigned ELLAKTOR S.A. a final Long-Term Issuer
Default Rating of 'BB' with a Stable Outlook. The agency has also
assigned Ellaktor Value PLC's EUR600 million notes issuance a final
rating of 'BB' with a Stable Outlook.
Fitch initially assigned expected ratings to two separate tranches
of senior unsecured notes due 2024 and due 2026. The agency is
withdrawing the expected rating of the tranche due 2026 as the
company has not proceeded with the notes issue within the
previously envisaged structure.
RATING RATIONALE
The ratings reflect the diversified infrastructure business risk
profile of the restricted group whose activities are concentrated
in Greece. The concession business benefits from the essential
infrastructure character of ELLAKTOR's major and mature toll road
concession Attiki Odos - a crucial ring-road around Athens.
However, traffic volatility has been high and tariffs flat. The
ring road is highly cash-generative but has a short tenor.
The renewable energy projects receive fixed tariffs under Greek
regulation, and are operated through long-term maintenance
contracts with wind-turbine manufacturers. Historical performance
has been strong with high availability levels, and cumulative
production mostly in line with P50 levels, and only in one year did
it fall below 1YP90 levels. The cash-flow stability from renewables
improves the overall profile of the restricted group's cash flows.
The ring-fencing provides some protection against the contagion
from the restructured Moreas motorway and ELLAKTOR's construction
business, which has a history of volatile profitability, although
it is expected to be downsized in the future. As some residual
exposure to the construction activities remains, Fitch will monitor
the evolution of this exposure over time.
The corporate high-yield debt structure provides some protection in
form of ring-fencing and covenants. The exposure to refinancing is
mitigated by Fitch's expectation that the company will deleverage
significantly until 2023.
The Stable Outlooks reflect its expectations of a moderate traffic
recovery to continue at Attiki Odos and a successful execution of
the renewable capex programme by end-2020. Additionally, it also
reflects its expectations that the company will embark on a
deleveraging path towards its rating sensitivity trigger in 2023.
The ratings were withdrawn with the following reason Forthcoming
Debt Issue/Transaction Carrying An Expected Rating Is No Longer
Expected to Proceed As Previously Envisaged
KEY RATING DRIVERS
Rating Approach
Fitch rates ELLAKTOR and the notes using its global infrastructure
and project finance master criteria. Fitch uses analytical elements
of the toll roads, bridges and tunnels sector criteria as well as
renewable energy project criteria. Fitch assesses the business risk
profile using the volume risk and price risk assessments for both
concessions and renewables including environmental business
segments and set an overall leverage guidance for the restricted
group considering both criteria (mainly toll roads) and peer
comparison. In addition to revenue risk (including volume risk and
price risk), Fitch has identified infrastructure development and
renewal and debt structure as key rating drivers.
Concessions Revenue Risk
Essential Infrastructure but High Volatility Traffic - Revenue Risk
- Volume: Midrange
The concession business generating over 70% of the restricted
group's EBITDA is underpinned mainly by toll road concessions in
Greece. Most of the restricted group's cash flows are generated by
Attiki Odos - a crucial ring-road around Athens. Contributions from
other minority-owned concessions are insignificant at present.
Attiki Odos constitutes essential infrastructure and is a backbone
of the road network of the metropolitan area of Athens, the
economic and administrative centre of Greece. The catchment area is
well-developed but historically has been underperforming. The ring
road is a mature concession but with a short tenor of five years.
Light vehicles and commuters represent the majority of traffic. Its
peak-to-trough traffic decline of 36% puts the ring road among the
weakest of its rated toll roads in terms of traffic volatility.
However, the severe decline was exacerbated by austerity measures
introduced following the Greek debt crisis. To date, traffic has
not recovered to its peak. The road benefits from limited
competition as inner-city roads can be heavily congested with
traffic. In addition, the ring road acts as the main conduit
between central Athens and Athens International Airport.
Limited History of Tariff Increases - Revenue Risk - Price: Weaker
Tariffs on Attiki Odos are subject to an inflation-linked cap but
with a limited history of tariff increases. The flat historical
toll rates reflect the challenging economic environment since the
introduction of the first austerity package in 2010, which led to a
substantial reduction in traffic.
Although the ring road is free to set its toll rates up to the cap,
there is some (contained) political interference. Improving
employment, rising disposable income and moderate fiscal loosening
could support potential tariff increases.
Renewables Revenue Risk
Strong Portfolio Performance - Revenue Risk - Volume Risk:
Midrange
The difference between the P50 and the 1YP90 forecasts is 14% in
operating projects. The historical performance of the portfolio has
been robust, performing slightly below 1YP90 estimates in only one
year, and the portfolio effect (i.e. lower production in one
project partially mitigated by higher production in other projects)
will mitigate any underperformance in wind farms. The overall
assessment of volume risk for the portfolio is 'Midrange' given the
difference between P50 and 1YP90. The higher degree of production
uncertainty in new projects is partially offset by the strong
performance of the current portfolio, as well by the potential
portfolio effect.
Fixed Tariffs Funded by Consumers - Revenue Risk - Price Risk:
Stronger
The renewable energy projects of the portfolio have two different
types of remuneration. The oldest projects are receiving fixed
feed-in-tariffs ("FiTs"), while the remainder is receiving
feed-in-premiums ("FiPs"). All except one project originates from
the pre-auctions period (before 2017) with tariffs of around
EUR90/MWh, fixed during the entire life of the power purchase
agreements (PPAs) signed with the market operator. The framework
relies on the pass-through to end-consumers, and therefore is
assessed as systemic risk. The portfolio mostly comprises wind
farms, with only one PV (2MWs) and one hydro (5MW) project in the
portfolio. Only projects on the islands (9MWs) are exposed to
curtailment due to grid instability.
In the past, the electricity system in Greece was subject to
retroactive measures to reduce tariffs, with the aim of eliminating
the renewables system deficit. The measures achieved their
objective, and the deficit used to pay renewables in Greece has
disappeared. While wind farms were affected by such measures, the
effect was smaller than for other technologies. Projects suffered
tariff reduction, but received extended PPAs in some cases.
Well-Maintained with Renewable Capacity Expansion - Infrastructure
Development and Renewal: Stronger
Attiki Odos is a modern motorway with high safety standards and
with sufficient capacity to accommodate forecast traffic. Its
maintenance and capex planning are well-defined. The two priorities
of the investment policy are concessions and renewables. Both are
capital-intensive and have high initial capital requirements. The
majority of the capex relates to the building-out of the wind farm
portfolio with a peak of capex cycle in 2019-2020, with
construction well-advanced for many wind farms and completion
expected by end-2020. Capex is funded mainly through debt. Funding
for capex is already secured.
Corporate High Yield Structure - Debt Structure - Midrange
The rated senior unsecured notes are issued within a high-yield
corporate structure with protection to the noteholders in form of
ring-fencing and covenants. Such covenants limit the restricted
group's ability to incur further debt, pay dividends or make
inter-company payments, all subject to certain baskets. However,
the covenant package is looser than in traditional project-finance
structures. The financial documentation allows the provision of
performance guarantees in favour of ELLAKTOR's construction
business but only for projects that the restricted group will
directly benefit from.
The notes effectively rank parri-passu with other ELLAKTOR's debt
(renewable debt) and all the debt of the guarantors in right of
payment. However, the notes are subordinated in terms of the
security provided to the benefit of the debt used for developing
renewable projects. The notes are also structurally subordinated to
the debt of the non-guarantor subsidiaries, typically with
non-recourse project-finance debt.
The notes are bullet and exposed to refinancing risk. The
proportion of bullet debt on the restricted group's total debt is
63% as the restricted group's other debt is fully amortising. The
debt is partially exposed to interest-rate risk as only the notes
are fixed-rate with the other debt being almost completely
floating.
PEER GROUP
French concessions and construction company Vinci S.A.
(A-/Positive) and the Italian toll road operator SIAS S.p.A.
(BBB+/Negative) are the closest peers.
Vinci's key activities mainly include toll road and airport
concessions and construction. The toll roads and airports generate
the majority of the group's EBITDA. Its toll road network is
considerably larger than ELLAKTOR's. In addition, Vinci's
consolidated leverage is lower, with a 2019-2021 average of 3.0x,
although this offsets the greater volatility of the contracting
business.
SIAS is the second-largest Italian toll road operator in wealthy
north-west Italy. Its average concession tenor is seven years,
similar to ELLAKTOR's mature concession Attiki Odos. Fitch-adjusted
leverage is expected to peak at 3.8x in 2022. Under a proposed
transaction, SIAS will be merged with its parent ASTM. The new
group will be firmly anchored in toll roads but will have a modest
exposure to the engineering & construction business.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
An upgrade is unlikely in the immediate future unless Attiki Odos
concession is extended or renewed
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
Fitch-adjusted net debt/EBITDAR for the restricted group exceeding
3.0x in 2023
A failure to manage refinancing in a timely manner
Loosening of a prudent financial policy
Negative rating action on the Greek sovereign
TRANSACTION SUMMARY
ELLAKTOR is an infrastructure and construction group with a strong
position in Greece. The transaction's restricted group consists of
concessions (excluding the Moreas Motorway), renewables, and
environment business. It excludes the construction and real estate
business.
Ellaktor Value PLC is the issuer and a wholly-owned subsidiary of
ELLAKTOR, which together with other guarantors, guarantees the
notes.
FINANCIAL ANALYSIS
Under Fitch's base and rating cases, Fitch projects five-year
average Fitch-adjusted net debt/EBITDAR for the restricted group to
reach 2.9x and 3.6x, respectively. Leverage peaks in 2019-2020 with
4.3x in 2019 and 4.0x in 2020 under the rating case as the group
reaches the peak of its renewable investment programme. Thereafter,
Fitch expects it to embark on a deleveraging path, in line with the
shortening of the remaining life of its main toll road concession
and renewable portfolio, towards 3.1x by 2023.
Fitch Cases
Fitch's key assumptions within base and rating case are:
Concessions
The recovery in traffic on Attiki Odos to continue moderately in
line with Fitch's GDP growth forecast with a multiplier of 1.5x
under Fitch base case and 1.0x under Fitch rating case
The effective toll rate reaching EUR2.45 under Fitch base case and
EUR2.4 under Fitch rating case up to 2023;
EBITDA margins post-2019 of 68%, other businesses (e.g. Attikes
Diadromes) flat contribution;
Renewables
Fitch uses P50 for its Fitch base case and 1YP90 for its rating
case, and in both cases a 2% haircut on production to reflect
uncertainty in production forecasts.
A 5% stress on operating expenditure has been applied in Fitch
rating case, while costs are in line with sponsor's case for Fitch
base case.
Other Assumptions
Between 2019 and 2023, around EUR390 million capex is assumed to be
spent under Fitch base case and around EUR430 million under Fitch
rating case, reflecting completion of renewable portfolio and
investment in Alimos Marina;
Dividends assumed at 50% of net income after 2022; and
Readily available cash excludes cash proportionally belonging to
minority shareholders in Attiki Odos.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or to the way in which they are being
managed by the entity.
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I R E L A N D
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OCP EURO 2017-1: Moody's Assigns B3 Rating to EUR8MM Cl. F Notes
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Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by OCP
Euro CLO 2017-1 Designated Activity Company:
EUR1,500,000 Class X Senior Secured Floating Rate Notes due 2032,
Definitive Rating Assigned Aaa (sf)
EUR218,700,000 Class A Senior Secured Floating Rate Notes due 2032,
Definitive Rating Assigned Aaa (sf)
EUR34,700,000 Class B Senior Secured Floating Rate Notes due 2032,
Definitive Rating Assigned Aa2 (sf)
EUR20,500,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2032, Definitive Rating Assigned A2 (sf)
EUR22,600,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2032, Definitive Rating Assigned Baa3 (sf)
EUR19,200,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2032, Definitive Rating Assigned Ba3 (sf)
EUR8,000,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2032, Definitive Rating Assigned B3 (sf)
RATINGS RATIONALE
The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology.
The Issuer issued the refinancing notes in connection with the
refinancing of the following classes of notes: Class A Notes, Class
B Notes, Class C Notes, Class D Notes, Class E Notes and Class F
Notes due 2030, previously issued on May 11, 2017. On the
refinancing date, the Issuer will use the proceeds from the
issuance of the refinancing notes to redeem in full the Original
Notes.
On the Original Closing Date, the Issuer also issued EUR 38.25
million of subordinated notes, which will remain outstanding.
Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
class X Notes amortise by 16.67% or EUR 250,000 over the first six
payment dates.
Class F notes are amortised partially through the interest
waterfall. 20% of all remaining interest proceeds available for
payment following the payment of the subordinated management fee is
used to redeem the Class F notes.
As part of this refinancing, the Issuer has set the reinvestment
period to 4.6 years and the weighted average life to 8.5 years. In
addition, the Issuer has amended the base matrix and modifiers that
Moody's has taken into account for the assignment of the definitive
ratings.
The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is expected to be fully ramped as
of the closing date.
Onex Credit Partners Europe LLP will manage the CLO. It will direct
the selection, acquisition and disposition of collateral on behalf
of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's c.a. four and
half-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations and credit improved obligations.
The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
March 2019.
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.
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in March 2019.
Moody's used the following base-case modeling assumptions:
Target Par Amount: EUR 350,000,000
Diversity Score: 46
Weighted Average Rating Factor (WARF): 2925
Weighted Average Spread (WAS): 3.42%
Weighted Average Coupon (WAC): 4.00%
Weighted Average Recovery Rate (WARR): 45%
Weighted Average Life (WAL): 8.5 years
Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.
TYMON PARK: Fitch Affirms B-sf Class E Notes Rating
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Fitch Ratings revised the Outlook on Tymon Park CLO DAC's class
A-2A, A-2B, B and C notes to Positive. All outstanding classes of
notes have been affirmed.
RATING ACTIONS
Tymon Park CLO DAC
Class A-1A-R XS1748399489; LT AAAsf Affirmed; previously at AAAsf
Class A-1B-R XS1748400162; LT AAAsf Affirmed; previously at AAAsf
Class A-2A-R XS1748400832; LT AAsf Affirmed; previously at AAsf
Class A-2B-R XS1748401301; LT AAsf Affirmed; previously at AAsf
Class B-R XS1748402028; LT Asf Affirmed; previously at Asf
Class C-R XS1748402705; LT BBBsf Affirmed; previously at BBBsf
Class D-R XS1748403422; LT BBsf Affirmed; previously at BBsf
Class E XS1280877611; LT B-sf Affirmed; previously at B-sf
TRANSACTION SUMMARY
Tymon Park CLO Designated Activity Company is a cash-flow
collateralised loan obligation (CLO) backed by a portfolio of
mainly European leveraged loans and bonds. The portfolio is managed
by Blackstone/GSO Debt Funds Management Europe Limited.
KEY RATING DRIVERS
End of Reinvestment Period
The Positive Outlook reflects that the transaction will be soon
exiting its reinvestment period. Post-reinvestment period, the
manager will only be able to reinvest proceeds from sale of credit
risk obligations, credit- improved obligations and from unscheduled
principal subject to the reinvestment criteria, including among
others, that the weighted average life (WAL) test is satisfied on
the last day of the reinvestment period and, after the end of the
reinvestment period, following any reinvestment. The current WAL of
the portfolio is 5.02 years versus the current covenant maximum is
5.34 years (against 7.15 years when notes were being refinanced).
In addition, performance has been satisfactory and the transaction
is passing all the par value and coverage tests, collateral quality
test and portfolio profile tests.
'B' Portfolio Credit Quality
Fitch places the average credit quality of obligors in the 'B'
range. The Fitch-weighted average rating factor (WARF) of the
current portfolio is 32.35 (per Fitch calculation), below the
current covenant maximum of 36. The exposure to 'CCC'-rated assets
is currently at 2.09%, below the covenant maximum of 7.5%. The
portfolio does not contain exposure to defaulted collateral
obligations.
High Recovery Expectations
The portfolio comprises 99.2% of senior secured obligations (above
its covenant minimum of 90%). 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 current portfolio is 67.05% (per Fitch calculation),
above the current covenant minimum of 60.8%.
Diversified Asset Portfolio
The transaction's collateral is well-diversified with the
10-largest obligors representing 13.7% of portfolio (below its
covenant maximum of 20%). In addition, the three-largest
(Fitch-defined) industries in the portfolio are currently at 31.4%,
within its covenant limit of 40%.
Portfolio Management
The transaction is still in its reinvestment period and includes
reinvestment criteria similar to 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 Analysis
Fitch used a customised proprietary cash-flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, and to assess their effectiveness,
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests.
Up to 10% of the portfolio can be invested in fixed-rate assets
(currently 2.25%), while fixed-rate liabilities represent 5% of the
target par. Fitch modelled both 0% and 10% fixed-rate buckets and
found that the rated notes can withstand the interest rate mismatch
associated with each scenario.
The calculation of the effective spread of assets having an
interest rate floor does not floor Euribor at zero and therefore
leads to an inflated weighted average spread due to the current
negative Euribor. In its cash-flow modelling, Fitch has applied a
haircut equal to the current 3-month Euribor (ie. 40bp) to the
current weighted average spread (WAS) covenant to reflect the WAS
overstatement.
Long-dated Assets
The portfolio as of November 15, 2019 contained two assets (1.8% of
portfolio) with a maturity date beyond the legal maturity of the
notes on January 21, 2029. They were both present in the portfolio
earlier but have been subsequently restructured with a maturity
extended to January 31, 2029. For the purpose of cash-flow
modelling, these assets are considered as defaulted at final
maturity and the transaction receives principal proceeds equal to
its recovery assumptions.
RATING SENSITIVITIES
A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated notes.
A 25% reduction in recovery rates would lead to a downgrade of up
to four notches for the rated notes.
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.
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P O L A N D
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BANK OCHRONY: Fitch Affirms BB- LT IDR, Outlook Stable
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Fitch Ratings affirmed Bank Ochrony Srodowiska's Long-Term Issuer
Default Rating at 'BB-' with a Stable Outlook and Viability Rating
at 'bb-'.
The affirmation reflects that there have not been any significant
changes to the bank's standalone credit profile since its last
rating review.
KEY RATING DRIVERS
IDRS, NATIONAL RATINGS AND SENIOR DEBT
BOS's IDRs, National Ratings and senior debt ratings are driven by
the bank's standalone credit strength, as reflected in its VR. The
Stable Outlook reflects the broadly balanced risks related to its
credit profile.
The National Ratings reflect the bank's creditworthiness relative
to Polish peers.
SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF)
The bank's SR and SRF reflect Fitch's view that there is a limited
probability of extraordinary sovereign support for BOS given that
the Polish resolution framework constrains provision of public
support for troubled banks, in line with EU state aid rules. At the
same time, the agency believes that the state would endeavour to
act pre-emptively to avoid BOS breaching regulatory capital
adequacy requirements due to the state's indirect ownership of the
bank and the bank's niche role in financing environmental
protection projects in Poland.
The state-owned National Fund for Environment Protection and Water
Resource Management (the Fund) remains BOS's majority shareholder
with a 58.1% stake at end-November 2019, while state-related
entities overall hold an about 72% share. Fitch believes that it
would be difficult for the Fund to increase capital at BOS without
triggering state aid and bail-in considerations if private
investors demonstrate that they are unwilling to participate in the
capital injection.
SUBORDINATED DEBT
The National Long-Term Rating of BOS's subordinated debt is notched
down once from the bank's National Rating for loss severity to
reflect below-average recovery prospects. No notching is applied
for incremental non-performance risk because write-down of the
notes will only occur once the point of non-viability is reached
and there is no coupon flexibility before non-viability.
VR
BOS's VR reflects the bank's weak franchise, less stable business
model compared with peers, high exposure to impaired and risky
loans and subdued, albeit improving, profitability. Positively, the
VR is underpinned by strengthened capitalisation and a reasonable
funding profile, supported by a gradually changing funding-mix.
BOS is a small universal bank focused exclusively on the domestic
market, holding about a 1% share of the banking sector assets. Its
expertise, strategic focus and competitive advantage are in
financing environmental protection, but its small overall size
limits this policy role. The bank's business model has suffered
from frequent shifts in strategic objectives coupled with somewhat
relaxed risk controls and underwriting standards, which negatively
impacted its results. Performance has improved under the current
management. However, a return to satisfactory sustainable
profitability is likely to be a lengthy and challenging process.
BOS's asset quality has gradually improved in the last two years
but remains a rating weakness. The bank's impaired loans (Stage 3
loans under IFRS 9) ratio went down to 16% at end-3Q19 (end-2018:
19%) but remains considerably higher than the sector average (about
6%). The coverage of impaired loans by all loan loss allowances
improved to 55% at end-3Q19 (end-2018: 43%), mainly due to a
reduction in Stage 3 loans, which Fitch expects to continue in
2020.
Sector concentrations and tail risk in the bank's exposure to
foreign currency (FC) mortgages (78% of Fitch Core Capital (FCC))
weigh on its assessment of asset quality. The bank's exposure to
real estate & construction together with the wind farm portfolio
constitute about half of the bank's institutional exposure.
However, the risk of further credit losses in the wind farm
portfolio has decreased since 2018 due to a sustainable improvement
in their revenues and relaxed tax legislation. At end-3Q19, only
16% of loans in the wind farm portfolio were classified as impaired
(end-2017: 70%). FC mortgages at BOS have generally performed worse
than at peers, but Fitch does not expect any further rapid quality
deterioration of this portfolio, assuming no economic stress.
Its assessment of the bank's capitalisation takes into account
relatively stable but still moderate capital levels. Capital
encumbrance by unreserved impaired loans has reduced over the last
two years, but sector concentration risks in the bank portfolio
(i.e. wind farms) still exist. At end-3Q19 BOS's FCC ratio was
14.3% (end-2018: 14.8%) and impaired loans net of loan loss
allowances accounted for 44% of bank's FCC (compared with a peak of
132% at end-2016).
The Court of Justice of the European Union's (CJEU) ruling
heightens the risk that Polish banks may face material losses on
their retail FC mortgage books arising from potential legal
disputes with customers. In its view, the impact will not be
immediate as it will depend on the Polish courts' reaction to the
ruling and on the future inflow of litigation brought against
banks. The FC mortgage portfolio represented 14% of loans at
end-3Q19. These exposures are split about 60/40 between Swiss franc
and euro loans.
In its view, the potential risks arising from FC-related litigation
following the CJEU judgement should be capital-neutral in the short
term, as potential losses related to a likely increase in the
number of legal cases brought by customers would likely be
recognised over an extended period of time. In this scenario, the
impact will be partly offset by the regulatory capital relief once
these loans, which are 150% risk-weighted, are cancelled or written
down. BOS's profitability is more vulnerable than the bank's
capitalisation to fallout from potential FC-related litigation,
given the bank's modest earnings generation.
BOS's weak operating profitability primarily reflects its small
size, muted pace of growth and low operational efficiency. Fitch
expects a gradual improvement thanks to the changing funding mix
(translating into decreased funding costs), contained credit losses
and better control of overheads. In 9M19 the operating
profit/risk-weighted assets ratio was a low 0.8%. BOS's net income
is not burdened by a special bank levy because the bank is under a
rehabilitation programme to be completed by 2021.
BOS's funding profile benefits from its largely stable
loans/deposits ratio (92% at end-3Q19), manageable FC refinancing
needs and reasonable coverage of short-term liabilities by liquid
assets. The total funding structure has become more deposit-centred
since BOS redeemed its senior bonds and part of its subordinated
debt in 2018-3Q19. BOS's deposits are granular and largely sourced
from private individuals (about 64% share in all deposits). At
end-3Q19, the bank's liquidity buffer was solid and equalled about
20% of assets and about 26% of customer deposits.
RATING SENSITIVITIES
IDRS, NATIONAL RATINGS AND SENIOR DEBT
The IDRs, National Ratings and senior debt ratings are sensitive to
changes in BOS's VR. The National Ratings are also sensitive to
changes in BOS's credit profile relative to its Polish peers.
SUBORDINATED DEBT
The National Long-Term Rating of BOS's subordinated debt is
primarily susceptible to changes in the bank's National Long-Term
Rating from which it is notched. The rating is also sensitive to
changes in its notching framework, which could arise if Fitch
changes its assessment of expected loss severity.
SR AND SRF
Any upgrade of the SR and upward revision of the SRF would be
contingent on a positive change of its assessment of the
sovereign's propensity to support BOS. While not impossible, this
is highly unlikely, in Fitch's view. BOS's SR could be downgraded
and the SRF revised downwards, if the state's indirect ownership in
the bank falls below 50%.
VR
An upgrade of BOS's VR is unlikely given the high uncertainty
related to the impact of the CJEU's ruling and the bank's exposure
to FC mortgages. Fitch expects to review this impact on the bank's
standalone credit profile once more information on contingent
liabilities becomes available. Nevertheless, the bank's VR could be
positively affected by a broadening of its franchise coupled with a
longer record of profitable operation under the current business
model, and improvements in its overall credit risk profile.
A marked and prolonged weakening in the Polish economy (not Fitch's
base scenario) that materially affects the bank's asset quality,
capitalisation and profitability could lead to downward pressure on
the VR.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or to the way in which they are being
managed by the entity.
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R O M A N I A
=============
TAROM: Romania Set to Provide Two Batches of Funding
----------------------------------------------------
Ch-aviation reports that Tarom is to receive two batches of funding
from the Romanian state coffers in order to stabilize the ailing
carrier and then to allow it to restructure going forward.
According to Ch-aviation, the country's Transport Minister Lucian
Bode announced on B1 TV, the Romanian television network, which was
then subsequently reported on news.ro, that he will discuss the
possibility of handing over EUR157 million (US$175 million) to
Tarom with the European Commission in Brussels.
The first tranche of EUR47 million (US$52 million) will be packaged
as "rescue aid", with the second consignment of EUR110 million
(US$122 million) to be allocated as "restructuring aid",
Ch-aviation discloses.
The minister stated that the money will have to be recovered from
the airline by the state, Ch-aviation notes.
"At Tarom, things look very bad," Ch-aviation quptes Mr. Bode as
saying. "We will close on RON190 million losses [USD44 million]
this year. We have around EUR20 million available at this moment
in the account." It was also his opinion that the carrier's fleet
needs some attention. "It is clear that we need to standardize the
fleet."
Mr. Bode also blamed his predecessor Razvan Cuc for having presided
over a "restructuring plan" which actually saw the airline's staff
numbers bloat from 1,700 to 1,900, Ch-aviation relates.
Subsequently Cuc announced in August this year that the airline was
firing 300 staff as part of restructuring at Tarom, Ch-aviation
recounts.
===========
R U S S I A
===========
KRANBANK JSC: Put on Provisional Administration, License Revoked
----------------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-2850, dated
December 13, 2019, revoked the banking license of Ivanovo-based
Joint-stock Company Kranbank, or JSC Kranbank (Reg. No. 2271;
hereinafter, Kranbank). The credit institution ranked 204th by
assets in the Russian banking system.
The Bank of Russia took this decision in accordance with Clauses 6
and 6.1, Part 1, Article 20 of the Federal Law "On Banks and
Banking Activities", based on the facts that Kranbank:
-- failed to comply with Bank of Russia regulations on
countering the legalization (laundering) of criminally obtained
incomes and the financing of terrorism. The credit institution
submitted to the authorized body incorrect information about
operations subject to obligatory control;
-- conducted operations indicative of intention to siphon off
assets;
-- understated the amount of loan loss provisions to be created.
The Bank of Russia estimates that an adequate reflection in the
credit institution's financial statements of risks taken will lead
to a significant (over 45%) decrease in capital and, consequently,
to grounds to take measures to prevent the credit institution's
insolvency (bankruptcy), which creates a real threat to the
interests of its creditors and depositors;
-- violated federal banking laws and Bank of Russia regulations,
due to which the regulator repeatedly applied supervisory measures
against it over the past 12 months, which included restrictions on
household deposit-taking.
The Bank of Russia's inspection revealed that most of Kranbank's
assets were impaired. The credit institution received an order to
make a proper assessment of risks assumed and to reflect its real
financial standing in the financial statements.
Kranbank made large-value payments under its lease agreements,
implying the attempt to siphon off assets. The non-market
conditions of these transactions forced the credit institution to
make advance payments, which considerably exceeded the cost of
leased real estate. The Bank of Russia submitted information about
the credit institution's transactions suggesting a criminal offence
to law enforcement agencies.
The Bank of Russia appointed a provisional administration to
Kranbank for the period until the appointment of a receiver or a
liquidator. In accordance with federal laws, the powers of the
credit institution's executive bodies were suspended.
The State Corporation Deposit Insurance Agency (hereinafter, the
Agency) involved JSC Zarubezhenergoproekt and Kranbank to act as
investors in the bankruptcy prevention measures for JSC CB
Solidarnost. Following the revocation of the banking license of
Kranbank, JSC Zarubezhenergoproekt will act independently as an
investor under the Plan for the Agency to participate in bankruptcy
prevention measures for JSC CB Solidarnost.
Information for depositors: Kranbank is a participant in the
deposit insurance system; therefore depositors6 will be compensated
for their deposits in the amount of 100% of the balance of funds
but no more than a total of RUR1.4 million per depositor (including
interest accrued).
Deposits will be repaid by the Agency. For details of the repayment
procedure, depositors may call the Agency's 24/7 hotline (8 800
200-08-05) or refer to its website (https://www.asv.org.ru/), the
Deposit Insurance / Insured Events section.
NEVSKY NARODNY: Put on Provisional Administration
-------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-2848, dated
December 13, 2019, revoked the banking license of Saint
Petersburg-based Public Joint-stock Company Nevsky Narodny Bank
(PJSC Nevsky Bank) (Reg. No. 1068; hereinafter, Nevsky Bank). The
credit institution ranked 317th by assets in the Russian banking
system.
The Bank of Russia took this decision in accordance with Clause 6,
Part 1 and Clauses 1 and 2, Part 2, Article 20 of the Federal Law
"On Banks and Banking Activities", based on the facts that Nevsky
Bank:
-- lost its capital as a result of the theft of a major part of
its assets;
-- violated federal banking laws and Bank of Russia regulations,
making the regulator repeatedly apply supervisory measures over the
last 12 months.
In the first ten days of December 2019, unidentified persons stole
cash and securities worth more than RUR3.0 billion from the credit
institution. The Bank created required loss provisions for
actually non-existent assets and as a result completely lost its
capital. Based on the credit institution's claim, law enforcement
agencies opened a criminal investigation into the theft of monetary
funds
The Bank of Russia appointed a provisional administration to Nevsky
Bank for the period until the appointment of a receiver or a
liquidator. In accordance with federal laws, the powers of the
credit institution's executive bodies were suspended.
Information for depositors: Nevsky Bank is a participant in the
deposit insurance system; therefore depositors will be compensated
for their deposits in the amount of 100% of the balance of funds
but no more than a total of RUR1.4 million per depositor (including
interest accrued).
Deposits are to be repaid by the State Corporation Deposit
Insurance Agency (hereinafter, the Agency) Depositors may obtain
detailed information regarding the repayment procedure 24/7 at the
Agency's hotline (8 800 200-08-05) and on its website
(https://www.asv.org.ru/) in the Deposit Insurance / Insurance
Events section.
TATTELECOM PJSC: Fitch Affirms BB LT IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings affirmed Russia-based PJSC Tattelecom's Long-Term
Issuer Default Rating and senior unsecured rating at 'BB'. The
Outlook on the Long-Term IDR is Stable.
Tattelecom is a regional fixed-line incumbent operator in the
Russian Republic of Tatarstan (BBB/Stable) with leading or strong
market positions in traditional voice telephony, broadband and
pay-TV segments. The company's challenger mobile segment is likely
to be a key growth driver in the medium term, compensating for a
modest contraction of fixed-line services. Fitch expects the
company's funds from operations adjusted net leverage to remain
moderate, at below 1.5x.
The ratings are constrained by the company's small size, resulting
in lower profitability and scale synergies versus peers, limited
access to capital markets and strategic challenges with mobile
development.
KEY RATING DRIVERS
Established Fixed-Line Incumbent Positions: Fitch expects
Tattelecom to retain its strong competitive positions of a regional
fixed-line incumbent operator supported by blanket network coverage
across its geographical franchise, dedicated regional focus and
full bundling capabilities enabled by growing mobile operations.
The company estimates its subscriber market shares at about 60% in
broadband, over 75% in traditional voice telephony and above 50% in
the pay-TV segment as of end-2018. These market shares steadily
increased in 2015-2018.
Low Growth Outlook: Fitch believes the company is only facing
low-to-mid single digit revenue outlook as the saturation of key
broadband and pay-TV services is already high, while the
competitive environment is intense. Regional broadband penetration
has exceeded 75% (by the regional regulator's estimates) limiting
further growth. Fitch does not expect any new large scale pricing
wars. However, bouts of creeping price competition are likely with
operators keen to expand their subscriber bases by offering
promotions and incentives to customers that may be induced to
switch their provider.
Mobile, Pay-TV To Stall: Fitch expects mobile growth to decelerate
after strong momentum following the service launch in 2014. The
company gained almost 10% subscriber market share in its area of
operations by end-2018, and any further efforts to aggressively
grow its market share are likely to require significant price
reductions and may trigger stronger competitor moves, in its view.
Fitch believes Tattelecom is more likely to focus on improving
profitability and churn reduction in the mobile segment, which will
likely be accompanied by lower headline growth.
Fitch also expects pay-TV momentum to slow down. 2019 may be
boosted by a switch-off of analogue broadcasting in Tatarstan, with
viewers forced to either acquire a free-to-air TV set-top-box or
get connected to a pay-TV operator - the latter would be beneficial
for Tattelecom. Adjusting for this one-off positive factor, further
pay-TV growth will be primarily driven by a gradual increase in the
take-up of this service by broadband-only customers, diluted by
modest price reductions on the back of heavy promotional
activities. Pay-TV is increasingly offered as a complimentary
service within a broader bundled service portfolio.
Mobile Challenges: Tattle is facing strategic uncertainty over its
ability to offer 5G services in the medium to long term. There is
no clarity on how 5G spectrum would be awarded and if any 5G
wholesale or sufficient regional options would be available. Russia
is clearly lagging in terms of 5G spectrum allocation, which
alleviates a need to make any strategic 5G choices in the short
term and is therefore positive for the company.
Tattelecom's mobile operations are likely to remain sub-scale,
putting pressure on the segment's and the company's overall
profitability. The company is a challenger in a very competitive
five-player mobile market. Although Tattelecom managed to rapidly
increase its subscriber market share to almost 10% in 2H19 from
below 1% at end-2014, its absolute scale remains low as it serviced
under one million subscribers in 2019.
Strategic Review In Progress: Tattelecom is currently reviewing its
strategy after significant management changes in 1H19, with a
likely stronger focus on core fixed-line strengths and less
emphasis on mobile expansion. Fitch expects cost-cutting and
efficiency improvement initiatives to come to the fore, which may
support margins in a low growth environment. Fitch views
Tattelecom's small size as a strategic constraint, reducing its
operational scale benefits and limiting its funding options.
Strong Cash Flow: Fitch expects Tattelecom's cash flow generation
to remain strong, with the pre-dividend free cash flow (FCF) margin
in the mid-to-high single-digit territory, supported by moderate
margin improvement on the back of end of the active mobile
expansion, cost efficiency initiatives in 2019—2020 and capex
discipline. Pre-dividend FCF was exceptionally strong in 2018-2019,
with the average Fitch-expected FCF margin of close to 10% due to
substantial capex reductions, but Fitch projects capex to rebound
to at least 17%-19% of revenues in the medium term.
Low Leverage: Fitch expects Tattelecom leverage to remain low, with
FFO adjusted net leverage unlikely to exceed 1.5x in the medium
term. Fitch believes low leverage fits the company's strategy to
have sufficient financial flexibility that may be needed to address
mobile and other strategic challenges such as compliance with
Yarovaya law. Dividends are pegged to net profit at the core
fixed-line unit and are unlikely to significantly grow.
Weak Parental Support: Fitch views operational and strategic ties
between the company and its controlling shareholder, OJSC
Svyazinvestneftekhim (SINEK; BBB-/Stable), as weak. Therefore
Tattelecom's rating primarily reflects the company's Standalone
Credit Profile. However, it is likely that SINEK would provide
liquidity or lobbying support if necessary.
DERIVATION SUMMARY
Tattelecom's wireline market positions (including all of fixed-line
telephony, broadband and pay-TV) are strong in its territory of
operations and compare well with those of Rostelecom, the Russian
nationwide incumbent telecoms operator. However, Tattelecom is only
a regional mobile challenger with significantly lower market share
than any of Russian federal mobile operators, PJSC Mobile
Telesystems (BB+/Stable), PJSC MegaFon (BB+/Stable), VEON
Ltd(BBB-/Stable) and LLC T2 RTK Holding (BB/Rating Watch Positive).
It is facing larger and better capitalised competitors.
Tattelecom's ratings are lower than its larger peers, reflecting
its significantly lower size, limited geographical franchise,
constrained funding options and strategic mobile challenges
mitigated by its moderate leverage.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for Tattelecom
include:
- Stable market positions in the fixed-line segments with legacy
voice fixed-line revenues continuing to decline by about 10% in
2020-2022
- Modest mobile subscriber market share increases of
substantially below 1% per year
- Overall low single-digit and decelerating revenue growth in
2020-2022
- EBITDA margin stabilising at 29%-30% in 2019-2022
- Capex intensity increasing to 17%-19% in 2020-2022
- Dividend distributions of slightly above RUB400 million per
year in 2019-2022.
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
Rating upside is constrained by the company's small size, its lack
of geographical diversification, limited access to capital markets
and strategic challenges.
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- A rise in FFO adjusted net leverage to above 2.5x on a
sustained basis.
- Cash flow pressures driven by revenue and market share losses,
particularly in the broadband and mobile segments.
- Deterioration in liquidity or higher refinancing risk.
LIQUIDITY AND DEBT STRUCTURE
Satisfactory Liquidity. Tattelecom has a satisfactory liquidity
position in the short term, with the Fitch-expected amount of cash
and cash equivalents of around RUB680 million at end-2019,
short-term RUB200 million overdraft facility and pre-dividend FCF
of around RUB480 million in 2020, which should be enough to cover
RUB1 billion of debt maturing next year. Fitch understands the
company can expect to receive substantial liquidity from
relationship banks.
The company's refinancing exposure is mitigated by its strong
relationships with local banks, including the affiliated Ak Bars
Bank, relatively low leverage at end-2019 and some flexibility in
capex and dividend payments.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or to the way in which they are being
managed by the entity.
===========
T U R K E Y
===========
PETKIM PETROKIMYA: Fitch Affirms B LT IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings affirmed Petkim Petrokimya Holdings A.S.'s Long-Term
Issuer Default Rating at 'B' with a Stable Outlook.
The affirmation reflects its view that Petkim's funds from
operations adjusted net leverage would remain within its 4x
negative rating sensitivity during 2019-2020 despite significant
supply-driven pressure across the company's major markets. The
impact of the resulting margin squeeze on leverage is partly offset
by delayed cash outflows to shareholders including no cash
dividends in 2019 and the deferral to beyond end-2019 of the
residual USD240 million cash consideration payable to a parent
company for the STAR refinery 18% stake.
The rating of Petkim reflects its high leverage, small scale and
high product concentration relative to larger, diversified global
peers. In particular, Petkim owns a single-site petrochemical
complex and is exposed to cyclical commodity polymers, which
results in inherent earnings volatility. Its business profile
benefits from a well-invested asset base and relative resilience to
foreign exchange volatility.
KEY RATING DRIVERS
Thermoplastics Recovery Unlikely Before 2021: Thermoplastic markets
remain under pressure as significant capacities, including those
from the US with cheap gas, arrived both in 2018 and 2019. Fitch
expects that the pace of new capacity arrivals will moderate from
2020. However, Fitch believes it will take time for growing demand
to digest new supply, with market pressure extending into 2020 and
recovery starting from 2021. Over the long-term Fitch believes that
global plastics demand will remain slightly above global GDP
growth, although in certain markets growth might be impacted by
rising environmental concerns, including those around single-use
plastics.
Spreads Turnaround Delayed to 2020: The earnings of Petkim reflect
the spread of its products to naphtha, its major feedstock. Fitch
now expects that spread pressure will bottom out in 2020, instead
of 2019 as envisaged earlier, for thermoplastics representing
nearly half of Petkim's non-trading revenues. The pressure partly
comes from oversupply in polyethylene (PE, 60%-65% of Petkim's
plastics sales) where spreads to naphtha will remain low in 2020
due to another 3 million tonnes of US ethylene capacities being
added in 2019. While supply-driven price pressure is not uniform
across markets, Fitch sees this as a key driver for earnings to
bottom out in 2020 and to gradually recover from 2021.
Turkish Lira Impact Manageable: Petkim has almost 90% of its plant
production costs, or 80%-85% of total cash costs, denominated in US
dollars as its major feedstock, naphtha, is purchased at US dollar
price. Simultaneously, the majority of sales is directly
denominated in US dollar and euros, or indirectly driven by lira
price indexation to the global US dollar benchmarks. This supports
Petkim's EBITDA during the periods of lira devaluation, thus
largely offsetting the company's hard-currency debt revaluation. FX
volatility could also have indirect implications such as weaker
domestic demand, although Petkim can choose to re-route its
products to export markets.
STAR Launch Adds to Earnings: In late 2018 Petkim's ultimate
corporate parent, State Oil Company of the Azerbaijan Republic
(SOCAR, BB+/Stable), launched a new STAR refinery located next to
Petkim's plants in Turkey with annual oil refinery capacity of
10mt. As a result, Petkim expects to have around USD40 million
annual savings on logistic costs from mid-2019 as STAR ramped up.
The refinery supplies up to 1.6 million tonnes (mt) of naphtha and
270 thousand tonnes of mixed xylene and/or reformate feedstock to
Petkim annually.
STAR Stake Purchase Smoothed: Fitch expects that Petkim will be
able to adjust the timing of the last of three equal USD240 million
instalments for its 18% stake in STAR in case of need, thus
minimising its impact on cash flows in 2019-2020 as market pressure
persists. The first two instalments were paid in 2018, funded by a
USD500 million bond placement. Fitch conservatively adds the
outstanding USD240 million payment to Petkim's adjusted debt.
Leverage Peak in 2020: FFO-adjusted net leverage trend will follow
Petkim's earnings and peak in 2020 at around 4x before declining
towards 3x in 2021-2022 as markets recover. The factors preventing
Petkim from higher 2019 and 2020 leverage include prudent capex and
zero cash dividends for 2019 and 2020. Petkim demonstrated its
ability to suspend cash dividend payments, if required, in 2019 and
Fitch believes this will continue in 2020 as its operating cash
flows generation will remain subdued.
Small Scale Commodity Player: Petkim is a Turkish commodity
chemical producer, making plastics and intermediates from naphtha.
Petkim has benefited from a widened naphtha-ethylene spread since
2014 when oil prices were rebased. However, Fitch forecasts that
the increase in global ethylene and polymer production, mainly in
the US and Middle East on the back of cheap gas, will put pressure
on petrochemical margins for unintegrated players, including
Petkim, in 2019 and partly in 2020. Petkim's small scale and
single-site operations are key factors driving the company's
business profile in the 'B' category.
Contingent Liabilities of STEAS: Petkim is 51%-owned by STEAS,
which in turn is 87%-owned by SOCAR and 13% by Goldman Sachs.
Petlim, a container terminal in the Aegean Region operating since
4Q16, is 70%-owned by Petkim and 30%-owned by Goldman Sachs.
Goldman Sachs has put options with STEAS and SIL (subsidiary of
SOCAR) until 2021 protecting the value of its stakes in STEAS and
Petlim. Should these options be exercised, STEAS would incur
liabilities of up to USD1 billion in respect of STEAS, and USD300
million in respect of Petlim, with the remaining of USD300 million
to be paid by SIL. While this is not its base case scenario, this
could result in pressure on Petkim to upstream additional cash to
STEAS.
Rating on Standalone Basis: SOCAR's IDR is aligned with that of
Azerbaijan (BB+/Stable) while its standalone credit profile
corresponds to 'b+'. Under Fitch's Parent and Subsidiary Rating
Linkage methodology, Fitch has not factored in any uplift on
Petkim's rating from SOCAR's ownership since Fitch does not view
support from the Azerbaijan government as the most likely scenario
and Fitch assesses the overall links between SOCAR and Petkim as
moderate. This assessment captures moderate legal ties between the
two companies (which takes into account lack of legal guarantees
but also assumes Petkim being subject to cross-default provision in
SOCAR's bond documentation), moderate strategic and strong
operational ties.
DERIVATION SUMMARY
Russia-based PJSC Kazanorgsintez (B+/Stable) is Petkim's closest
rated peer based on product mix (basic polymers) and geographical
concentration. Kazanorgsintez benefits from its more competitive
cost position, higher EBITDA margins (on average over 25%) and from
a stronger financial profile with FFO adjusted net leverage of
under 1x. Petkim, in turn, benefits from wider product
diversification while Kazanorgsintez's revenues are more
concentrated towards polyethylene.
Other Fitch-rated, commodity-focused EMEA chemical companies
include AI PLEX AcquiCo GmbH (B(EXP)/Stable), PAO SIBUR Holding
(BBB-/Stable), Ineos Group Holdings S.A. (BB+/Stable). AI PLEX
benefits from a leading position in the methacrylates business in
Europe with better geographical diversification but is more
leveraged than Petkim. Ineos' business profile is in the 'bbb'
category with better product and geographical diversification and
larger scale. SIBUR as well as US-based Westlake Chemical
Corporation (BBB/Stable) and NOVA Chemicals Corporation
(BB+/Negative) benefit from competitively-priced petrochemical
feedstock, placing them in a more advantageous position versus less
integrated players such as Petkim.
KEY ASSUMPTIONS
- Naphtha price following the crude oil price of USD62.5/bbl in
2020, USD60/bbl in 2021, and USD57.5/bbl thereafter
- USD/TRY at 6.3 in 2020, and 6.9 in 2021
- Thermoplastics margins pressuring EBITDA towards USD220 million
in 2020 (TRY1.4 billion) before a market-driven recovery towards
USD240 million - USD250 million (TRY1.7 billion) from 2021
- Trading operations to increase, partly diluting forecast EBITDA
margin for 2020-2022
- Low double-digit EBITDA margin over 2019-2022
- Capex-to-sales at around 4% over 2019-2022
- Cash dividends pay-out suspended in 2019 and 2020, before
resuming from 2021
- The last USD240 million instalment related to the 18% stake
purchase in the STAR Refinery to be paid in 2020-2021
The recovery analysis assumes that Petkim would be considered a
going-concern in bankruptcy and that the company would be
reorganised rather than liquidated. Fitch has assumed a 10%
administrative claim.
The going-concern EBITDA is 2020 forecast EBITDA, which better
reflects the operational profile of Petkim going forward (with
benefits from synergies with the STAR Refinery), discounted by 10%.
An enterprise value (EV) distressed multiple of 4x is applied.
The payment waterfall corresponds to a 'RR3' recovery for the
senior unsecured rating. However, in line with its methodology,
Fitch applies a soft cap of 'RR4' to reflect Petkim's asset
location in Turkey.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- FFO adjusted net leverage consistently below 3.0x (2018: 3.5x);
and
- Significant improvement in cash flow diversification, e.g.
higher cash flow generation at Petlim and dividends from the STAR
refinery.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- FFO net adjusted leverage sustained above 4.0x;
- Support provided to the parent resulting in higher leverage
(e.g. cash outflows related to put options being called by Petlim
and STEAS's minority shareholder); and
- Material deterioration in the outlook for petrochemical
margins.
LIQUIDITY AND DEBT STRUCTURE
Limited Liquidity: Petkim's liquidity was strained at end-September
2019, with cash and deposits of TRY3.4 billion slightly below
short-term debt of TRY3.5 billion. Current debt is mostly used to
finance working capital, including TRY1.1 billion of liabilities
resulting from letters of credit for naphtha procurement that Fitch
treats as debt. Petkim's debt maturity profile reflects some
reliance on domestic banks. This is not uncommon among Turkish
corporates but exposes the company to systemic liquidity risk and
results in a liquidity ratio being close to 1x. The rest of total
debt has remote maturity dates, including mainly a USD500 million
bond due in 2023.
SUMMARY OF FINANCIAL ADJUSTMENTS
- TRY16 million operating lease expenses were capitalised and
added to debt with 5x multiple as the issuer operates in Turkey
- TRY1,263 million (USD240 million-equivalent) residual
commitment to pay for the 18% stake in STAR refinery treated as
off-balance sheet debt
- TRY1,523 million of letters of credit arising from naphtha
purchases treated as debt
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or to the way in which they are being
managed by the entity.
TURKCELL FINANSMAN: Fitch Affirms B+ LT IDRs, Outlook Now Stable
----------------------------------------------------------------
Fitch Ratings revised the Outlook on Turkcell Finansman A.S.'s
Foreign- and Local-Currency Long-Term Issuer Default Ratings to
Stable from Negative, and affirmed the IDRs at 'B+'.
The rating action reflects the rating action recently taken on
TFS's parent, Turkcell Iletisim Hizmetleri A.S.
KEY RATING DRIVERS
TFS's ratings are based on potential support from its parent,
Turkcell. Fitch believes Turkcell would have a strong propensity to
support TFS given (i) its 100% stake and full operational control;
(ii) the close integration of the subsidiary with its parent; and
(iii) TFS's role in customer base acquisition for Turkcell.
The one-notch difference between the ratings of Turkcell and TFS
reflects the subsidiary's focus on a different segment (finance
rather than telecom services). Fitch also considers TFS's short
operating history and different branding, which in Fitch's view,
moderately reduce the reputational risk for the parent or potential
negative impact on other parts of Turkcell in case of TFS's
default.
The Stable Outlook reflects that on its parent.
RATING SENSITIVITIES
IDRs and National Ratings
As TFS's IDR is anchored to Turkcell's IDR, changes to the latter
will be reflected on the subsidiary. Turkcell's IDR is currently at
the level of Turkey's sovereign IDR of 'BB-' and may move in line
with it.
An equalisation of TFS's ratings with those of Turkcell is unlikely
because TFS's business segment (finance) is less important to
Turkcell than its core telecom business.
A weakening of TFS's strategic importance or Turkcell's propensity
or ability to support TFS may result in a widening of the notching
from the parent.
TFS's National Long-Term Rating is primarily sensitive to changes
in Turkcell's ability or propensity to provide support.
===========================
U N I T E D K I N G D O M
===========================
BEALES: May Put Business Up for Sale Amid Financial Review
----------------------------------------------------------
Scott Reid and Holly Williams at The Scotsman report that Beales,
the department store chain with a store in Perth, has confirmed it
is putting itself up for sale as it reviews its refinancing options
amid tough high street conditions.
According to The Scotsman, the Bournemouth-headquartered group,
which at 138 years old is one of Britain's oldest department store
businesses, said it had launched a formal sale process as part of a
strategic and financial review being led by KPMG, though a sale
remains just one option under consideration.
While Beales is reportedly looking at a small number of store
closures and moves to slash rents, the group said it also wants to
look at buying sites to expand a format that has seen early
successes in its new Fareham branch, The Scotsman relates.
Beales, which was founded in 1881 by John Elmes Beale, employs some
1,300 staff and another 300 in concessions across its 22 stores.
It was sold in a management buy-out to group chief executive
Anthony Brown in October last year.
BOOK PEOPLE: Enters Administration, Seeks Buyer for Business
------------------------------------------------------------
Business Sale reports that online and pop-up book retailer The Book
People has gone into administration, announcing that it has
appointed advisers from PricewaterhouseCoopers.
According to Business Sale, PwC administrators have said that there
will be no immediate redundancies and that trading will continue as
normal as administrators seek to secure a rapid sale of the
business. All orders already placed for Christmas are due to be
fulfilled, Business Sale notes.
Private equity firm Endless acquired the company in 2014, Business
Sale recounts. The Book People make sales of GBP71 million, but
its profits fell to GBP1.1 million from GBP6.2 million the year
before, with the company's debts then at GBP33 million, Business
Sale discloses.
Discussing the company's problems, Endless partner James Woolley,
as cited by Business Sale, said: "The well-documented challenges in
the retail environment compounded by the strength of global online
booksellers, has severely impacted operating cashflows over recent
years."
"While the administrators have funding to meet the payroll for
December, the longer-term prospects for the business, staff,
customers and suppliers will clearly be dependent upon whether a
sale can be secured," Business Sale quotes joint administrator and
PwC partner Toby Underwood as saying.
The Book People was founded in 1988 in Godalming, Surrey by Ted
Smart and Seni Glaister. The company employs nearly 400 staff and
operates from a warehouse in Bangor.
CINEWORLD UK: Moody's Affirms B1 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service affirmed the B1 corporate family rating
and the B1-PD probability of default rating of Cineworld UK Holdco
Limited. Concurrently, Moody's has also affirmed the B1 ratings of
the outstanding USD3,375 million and the EUR212 million of Senior
Secured Term Loan B borrowed by Crown Finance US, Inc. and the
USD462.5 million Senior Secured Revolving Credit Facility borrowed
by Cineworld UK Holdco Limited. The outlook for both entities
remains stable.
The rating action follows Cineworld's announcement that it has
agreed to acquire Cineplex, leading cinema operator in Canada with
a 75% box office market share. The acquisition implies an
enterprise value for Cineplex of C$2.8bn (US$2.1bn) and a 2019E
EBITDA multiple (including combination benefits) of 6.3x. The
acquisition will be 100% debt funded and subject to Cineworld's and
Cineplex's shareholder approval, and other regulatory approvals,
completion is expected to occur by the end of H1 2020.
"Cineworld's B1 corporate family rating will be weakly positioned
in the rating category following the acquisition of Cineplex. While
the acquisition will be strategically positive, it will result in
high leverage for Cineworld of 5.6x on a 2019E Moody's adjusted
Gross Debt/ EBITDA basis, pro-forma for the transaction," says
Gunjan Dixit, a Moody's Vice President -- Senior Credit Officer and
lead analyst for Cineworld.
"Although the box office will likely not be particularly strong in
2020, we expect the company to de-lever towards 5.0x by the end of
2020 mainly helped by EBITDA growth from synergy realization as
well as some debt reduction", adds Ms. Dixit.
RATINGS RATIONALE
De-leveraging in 2020 will be supported by EBITDA growth driven by
synergy realization from Cineplex (USD120 million of synergies
expected to be realized in 2020) and Regal (additional USD40
million in 2020) acquisitions supporting free cash flow generation,
repayment of the USD202 million payment to dissenting Regal
shareholders and some reduction in IFRS16 combined operating lease
liability as the company plans to renew some leases on more
favourable terms.
Performance of Cineworld in H12019 (revenue decline year-on-year of
11.1%) has suffered from weak film slate, closure of a number of
non-performing sites as well as the absence of the unlimited
subscription programme in the US. Moody's positively notes that the
company has integrated Regal operations well and has upsized its
2020 synergy target by 90% to USD190 million including additional
USD40 million of synergies targeted to be realized during the year.
The closure of non-performing theatres is complete as well as major
refurbishment work is well advanced and the company has also
launched the unlimited programme in the US in July 2019. Q32019 has
shown some signs of improvement coming from the launch of the
unlimited subscription programme. Moody's expects 2019 to see
revenue declines of 4.5%-5.5% for Cineworld (standalone excluding
Cineplex) supported mainly by a strong December. While the film
slate for 2020 does not appear to be particularly strong with fewer
franchise sequels (and Avatar postponed to 2021), Moody's expects
the company's overall revenue performance to improve over 2019 as
the year was exceptionally impacted by the restructuring/
integration of Regal in H1.
With the acquisition of Cineplex, Cineworld will become the #1
player in North America. The enlarged business would have 11,204
screens with 951 sites. The Canadian market although closer to the
US, remains comparatively underpenetrated in terms of admissions
per capita, number of screens per million and average ticket price,
providing room for growth. Future growth of Cineplex is likely to
be supported by the opening of 2-3 theatres per year. Cineworld
expects to realize USD130 million of synergies from this
acquisition with USD120 million targeted to be achieved in year
one. In this regard, Moody's takes good comfort from company's
track record of delivering synergies associated with Regal's
acquisition.
The B1 CFR assigned to Cineworld reflects its: (1) position as a
leading international cinema exhibitor with strong market positions
in its markets of operation. Scale is a powerful barrier to entry
and should drive economies in film rental and concession
procurement; (2) good geographical diversification with operations
in 11 national markets; (3) the value inherent in control of the
"first run window"; (4) the quality of the group's estate; (5) the
resilience of the industry over many years, driven by the strong
value proposition; and (6) the stated financial policy and
experienced management team.
The CFR also reflects (1) the relative maturity of the industry in
the UK and US, with declining attendance trends in the US; (2) the
reliance on Hollywood major studio output and seasonality of
earnings; (3) increasing alternative use of viewing online,
including increase in streaming services from competitors, (4) the
high gross starting leverage; and (5) the acquisition and
integration risks associated with a deal the size of the Cineplex
transaction.
Cineworld has adequate liquidity, despite some high sequential free
cash flow volatility as a result of seasonal working capital
swings, which are standard for the industry. As of June 30, 2019,
Cineworld had a cash balance of USD173 million.
The company also has access to a USD462.5 million revolving credit
facility (RCF; maturing in February 2023), which was drawn by
USD250 million as of June 30, 2019. Moody's expects the drawings to
be repaid by the year-end. The company's capital spending is likely
to increase in 2020 as it will continue to open new sites and
undertake substantial refurbishments of existing sites. The agency
expects this capital spending to be financed with organic cash flow
generation. Nevertheless, given the discretionary nature of these
investments, capital spending could be reduced in case of
underperformance. The RCF has a springing covenant, tested once
utilisation exceeds 35%. This financial covenant is a maximum total
net leverage of 5.5x, stepping down to 5.0x from and including June
30, 2021.
From a social risk standpoint, cinema operators will face changes
in the way consumers access content due to the increasing
competition from online streaming services, among others. From a
governance perspective, Moody's notes the company's tolerance for
large debt-funded acquisitions as demonstrated by the announced
purchase of Cineplex which follows the acquisition of Regal
Entertainment Group in 2018.
RATIONALE FOR THE STABLE OUTLOOK
The stable outlook reflects the expectation that Cineworld will
close the acquisition of Cineplex in accordance with the timetable
outlined and on the terms announced.
The stable outlook incorporates Moody's expectations that the
company will (1) deliver EBITDA growth and positive free cash flow
sufficient to de-lever the business to below 5.25x in the next 12
months, (2) maintain its market share, and (3) refrain from further
debt-financed acquisitions while keeping its existing financial
policy.
WHAT COULD CHANGE THE RATINGS DOWN/ UP
Moody's could consider a negative rating action if (1) free cash
flow turned negative, on a sustained basis; or (2) leverage
(Moody's adjusted debt-to-EBITDA) does not reduce below 5.25x
within 12 months. A negative rating action could also be considered
if liquidity weakened, attendance deteriorated, margins fell, there
was a loss in market share, or the company's scale or diversity was
diminished. Moody's could also consider a downgrade if there were
material and negative changes in competition, financial policy,
capital structure, or the business model such that there is a
material increase in credit risk.
Given the maturity of the industry in the UK and the US, limited
opportunities for growth and the secular decline in US attendance,
driven by the rise in competitive threats, an upgrade is unlikely
in the next 18 months. However, Moody's could consider an upgrade
if: (1) leverage (Moody's-adjusted gross debt/EBITDA) is sustained
below 4.25x; and (2) debt coverage (Moody's-adjusted free cash
flow/debt) is sustained above 5%.
LIST OF AFFECTED RATINGS
Issuer: Cineworld UK Holdco Limited
Affirmations:
Probability of Default Rating, Affirmed B1-PD
Corporate Family Rating, Affirmed B1
Backed Senior Secured Bank Credit Facility, Affirmed B1
Outlook Action:
Outlook, Remains Stable
Issuer: Crown Finance US, Inc.
Affirmation:
Backed Senior Secured Bank Credit Facilities, Affirmed B1
Outlook Action:
Outlook, Remains Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
COMPANY PROFILE
Cineworld Group plc was founded in 1995 and listed its shares on
the London Stock Exchange in May 2007. The Company has grown
through expansion and by acquisition to become one of the leading
cinema groups in Europe. Cineworld currently operates 9,498 screens
across 786 sites in the US, UK and Ireland, Poland, the Czech
Republic, Slovakia, Hungary, Bulgaria, Romania and Israel.
The largest shareholder in Cineworld is Global City Holdings B.V.,
a Greidinger Family holding vehicle, which holds approximately 28%
of the quoted equity. Pro forma for the Cineplex acquisition at
December 31, 2018, the group had LTM revenues of USD5,933 million
and EBITDA of USD1266 million.
HIKMA PHARMACEUTICALS: Moody's Affirms Ba1 CFR, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service affirmed all the ratings of London-listed
generic drug company Hikma Pharmaceuticals PLC, comprising the Ba1
corporate family rating, the Ba1-PD probability of default rating
and Ba1 instrument rating on its existing senior unsecured bond.
The outlook on all ratings is stable.
RATINGS RATIONALE
The affirmation of the Ba1 CFR is supported by the company's recent
good performance against price pressures, in particular in the US,
its good product pipeline of over 300 products across business
segments and geographies, and strong credit metrics as a result of
a conservative balance sheet structure.
However, those factors are balanced by (1) the company's relatively
small scale of over $2 billion sales and moderate margins from its
somewhat commoditized portfolio compared to generics peers, (2) the
expected slowdown in organic growth primarily driven by continued
downward pricing pressure in the retail generic market in the US,
(3) the risk of political instability in the Middle East and North
Africa region, and (4) acquisition-related event risk.
Since 2017, Hikma's sales volumes have been driven by some product
differentiation and also benefitted from certain drug shortages in
the US market (the region represents 66% of Hikma's revenue), as
well as capacity expansion. Its revenue grew up to 7% organically
year-on-year, reaching $2.1 billion for the last 12 months ended
June 30, 2019, compared with $1.9 billion in full year 2017. Its
core operating profit margin has also improved driven by the
increasing scale and production efficiencies, as well as product
mix shift to more complex therapies and chronic diseases.
In 1H 2019, Hikma's revenue was up by 6.5% year-on-year to $1
billion and its core EBITDA reached $288 million, up by 14%,
supported by (1) strong demand for its non-injectable generics
in-market portfolio and increasing sales volumes benefitting from
certain drug shortages in its Injectables business, (2) its solid
growth in injectables business, with higher entry barriers as it
focuses on complex products with R&D investments, and (3) effective
cost control, including some restructuring initiatives. As a
result, the group has maintained a Moody's-adjusted EBITDA margin
around 24-25% following the Roxane acquisition, albeit somewhat
below that of peers. Hikma's cash flow conversion and generation
has been consistent since 2017, reflected by annual free cash flow
generation (defined by Moody's) in the range of $130-160 million.
It is supported by the moderate dividend payout ratio of 20-30% of
core net income, limited non-recurring cash items and a low
interest burden, despite capex spend in the range of 7 -- 10% per
annum and ongoing working capital usage.
Therefore, Hikma was able to bring down its Moody's-adjusted gross
debt to $750 million as of June 2019, $200 million lower than
December 2016. Accordingly, Moody's-adjusted gross debt/EBITDA for
Hikma reduced to 1.4x as of June 30, 2019 from 2.3x for the year
end 2016.
Moody's expects that the company's organic growth will be in the
low-to-mid single digits in percentage terms over the next 12-18
months, backed by product pipeline approvals and launches. As of
the end of 2018, Hikma had over 300 products in its pipeline
spanning all three business segments, with targeted sales in all
geographies. The rating agency forecasts that Hikma will maintain
adjusted gross debt/EBITDA around 1.2x -- 1.4x over the next 12-18
months, assuming the $500 million bond maturing in April 2020 is
refinanced. The moderate deleveraging is supported by Hikma's
earnings growth from launch of product pipelines and capacity
expansion.
Governance considerations for Hikma's credit profile are generally
positive and include its track record of conservative balance sheet
management. The company has been operating well below its leverage
policy of under 3x net debt/EBITDA for over a decade. Hikma has
also demonstrated prudent acquisition strategies and funding,
particularly for its latest and largest: the funding for Roxane in
2016 consisted of a $575 million upfront cash payment and $1,044
million issuance of new shares to seller Boehringer Ingelheim (plus
a $224 million contingent consideration and a $118 million purchase
price adjustment).
Social risks that Moody's considers in Hikma's credit profile
principally include downward price pressure, particularly in US
generics, product safety and manufacturing compliance issues, as
well as political instability in the MENA region which could
adversely impact the stock levels and sales.
LIQUIDITY
Hikma's liquidity is adequate. At the end of June 2019, the company
had $322 million of cash on balance sheet. Liquidity is further
supported by its expectations of positive free cash flow well over
$100 million per annum in 2019-2020 and access to a fully undrawn
$1,175 million revolving credit facility (RCF), of which $175
million mature in December 2019 and the remainder in December 2021.
Although Hikma will not be able to address the April 2020 $500
million bond maturity entirely through available cash, committed
facilities and cash balances together would be sufficient to repay
this instrument. Moody's also expects that Hikma will maintain
ample headroom under its financial maintenance covenants,
applicable to the RCF and certain other committed facilities.
WHAT COULD CHANGE THE RATING UP/DOWN
The rating could be upgraded if the company was able to increase
the scale of the business and continued to demonstrate a track
record of organic growth. An upgrade would also require the company
to maintain Moody's-adjusted (gross) debt/EBITDA below 2.0x on a
sustained basis and increase Moody's-adjusted EBITDA margin
sustainably to the high 20s in percentage terms.
The rating could be downgraded if Moody's-adjusted (gross)
debt/EBITDA was to remain above 3.0x on a sustained basis, and the
group's free cash flow generation turned negative on a sustained
basis, leading to a deterioration in Hikma's liquidity profile.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Pharmaceutical
Industry published in June 2017.
CORPORATE PROFILE
Hikma Pharmaceuticals PLC is a medium-sized manufacturer of
generics and branded generics organised along three business
segments: Injectables, Generics, and Branded across US, MENA,
Europe and RoW regions. In the last 12 months to June 30, 2019, the
group generated revenue of $2.1 billion and reported core EBITDA of
$584 million.
The company was founded by Samih Darwazah in 1978 in Jordan and has
been listed on the London Stock Exchange since 2005. The founder's
family remains invested in the group and holds a 25% stake through
family-owned investment vehicle Darhold Limited whilst the second
largest shareholder is Boehringer Ingelheim, which received a 17%
stake in Hikma when it sold Roxane to the group.
MARBLE ARCH 4: Fitch Upgrades Class E1C Debt to BB+sf
-----------------------------------------------------
Fitch Ratings upgraded and affirmed Marble Arch Residential
Securitisation Ltd No 4 and ResLoc 2007-1 as detailed.
RATING ACTIONS
ResLoC UK 2007-1 plc
Class A3a XS0300468385; LT AAAsf Affirmed; previously at AAAsf
Class A3b XS0300470365; LT AAAsf Affirmed; previously at AAAsf
Class A3c 76116WAW0; LT AAAsf Affirmed; previously at AAAsf
Class B1a XS0300474193; LT AA+sf Upgrade; previously at AAsf
Class B1b XS0300474607; LT AA+sf Upgrade; previously at AAsf
Class C1a XS0300474789; LT AA-sf Upgrade; previously at A-sf
Class C1b XS0300475083; LT AA-sf Upgrade; previously at A-sf
Class D1a XS0300475323; LT BBB+sf Upgrade; previously at BBsf
Class D1b XS0300476057; LT BBB+sf Upgrade; previously at BBsf
Class E1b XS0300477022; LT BBBsf Upgrade; previously at Bsf
Class M1a XS0300473203; LT AAAsf Affirmed; previously at AAAsf
Class M1b XS0300473542; LT AAAsf Affirmed; previously at AAAsf
Marble Arch Residential Securitisation Ltd No 4
Class B1a XS0270496994; LT AAAsf Affirmed; previously at AAAsf
Class B1b XS0270510224; LT AAAsf Affirmed; previously at AAAsf
Class B1c XS0270513756; LT AAAsf Affirmed; previously at AAAsf
Class C1a XS0270497612; LT AAAsf Upgrade; previously at AA+sf
Class C1c XS0270513830; LT AAAsf Upgrade; previously at AA+sf
Class D1a XS0270498180; LT BBB+sf Affirmed; previously at BBB+sf
Class D1c XS0270513913; LT BBB+sf Affirmed; previously at BBB+sf
Class E1c XS0270514309; LT BB+sf Upgrade; previously at B+sf
TRANSACTION SUMMARY
The transactions comprise UK non-conforming residential mortgages
originated by the London Mortgage Company and London Personal Loans
Limited for MARS 4 and a combination of mortgage loans that were
either originated by Advantage or purchased by Advantage from
GMAC-RFC, Amber Homeloans Limited and Victoria Mortgage Funding for
ResLoc.
KEY RATING DRIVERS
New UK RMBS Rating Criteria
This rating action takes into account its new UK RMBS Rating
Criteria dated October 4, 2019. The note ratings are no longer
Under Criteria Observation. The portfolios of MARS 4 and ResLoc
comprise 66.4% and 87.3% of owner-occupied (OO) loans and 33.6% and
12.7% of buy-to-let (BTL), respectively. The two sub-pools were
analysed under the new criteria using Fitch's non-conforming and
BTL assumptions respectively. The upgrades of the junior and
mezzanine notes mainly result from the reduction of the
non-conforming sub-pool's weighted-average foreclosure frequency
(WAFF) after applying the performance adjustment factor and are
supported by the robust transaction structures.
Robust Transaction Structure
The combination of sequential amortisation and a non-amortising
reserve fund for MARS 4 has led to a substantial build-up in credit
enhancement (CE) available to the notes across the capital
structure. The transaction also benefits from an amortising
liquidity facility, which covers senior fees and interest
shortfalls on all classes, subject to the principal deficiency
ledger (PDL) on each class being greater than 50% of the then
outstanding principal on that tranche and a performance-related
trigger. Fitch does not expect the triggers to be breached in the
short to medium-term due to the stable transaction performance
observed.
The notes in ResLoc are currently amortising on a pro rata basis
and are expected to continue until the notes reach 10% of their
initial balance. Its reserve fund and liquidity facility are
non-amortising, providing a solid liquidity support to the notes
and a year-on-year increase of CE despite the notes' amortisation
profile.
Asset Performance within Expectations
Late-stage arrears in both transactions remain in line with the
previous year's review, with loans that are three months or more in
arrears at about 9.4% of the current pool balance for MARS 4 and
around 3.5% for ResLoc, as of end-3Q19. A persistently low
interest-rate environment, combined with a stable economic
environment in the UK, has supported borrower affordability
post-global financial crisis. Fitch expects the currently observed
stable transaction performance to continue in the short- to
medium-term.
RATING SENSITIVITIES
Fitch is of the opinion that the prolonged low interest-rate
environment has supported borrower affordability. An increase in
interest rates causing a payment shock could lead to a worsening of
asset performance beyond Fitch's expectations, potentially leading
to downgrades of the notes' ratings.
There are a small number of OO interest-only loans that have failed
to make their bullet payments at note maturity. The servicer has
informed Fitch that alternative payment plans with these borrowers
are currently being implemented. If this trend grows to a
significant number, Fitch may apply more conservative assumptions
in its asset-and-cash flow analysis.
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.
MARKETPLACE ORIGINATED 2019-1: Fitch Rates Class F Debt Final BB-sf
-------------------------------------------------------------------
Fitch Ratings assigned Marketplace Originated Consumer Assets
2019-1 Plc's notes the following final ratings:
RATING ACTIONS
Marketplace Originated Consumer Assets 2019-1 Plc
Class A1; LT AAAsf New Rating; previously at AAA(EXP)sf
Class A2; LT AAAsf New Rating; previously at AAA(EXP)sf
Class B; LT AA-sf New Rating; previously at AA-(EXP)sf
Class C; LT A-sf New Rating; previously at A-(EXP)sf
Class D; LT BBBsf New Rating; previously at BBB(EXP)sf
Class E; LT BB+sf New Rating; previously at BB+(EXP)sf
Class F; LT BB-sf New Rating; previously at BB-(EXP)sf
Class Z1; LT NRsf New Rating; previously at NR(EXP)sf
Class Z2; LT NRsf New Rating; previously at NR(EXP)sf
TRANSACTION SUMMARY
MOCA 2019-1 is a true-sale securitisation of a static pool of UK
unsecured consumer loans, originated through the marketplace
lending platform of Zopa Limited (servicer) and sold by London Bay
Loans Warehouse 1 Limited. This transaction is the second issuance
from this platform to be rated by Fitch, and the third overall.
KEY RATING DRIVERS
Increased Robustness Avoids Cap
Based on the combination of an increased length of operational and
performance history, planned retention of a more substantial
portion of originated assets on balance sheet and additional
regulatory oversight and an appointed back-up servicer at closing,
Fitch concluded that the highest rating category - 'AAAsf' - is
achievable for this issuance backed by Zopa's unsecured consumer
loans.
Historical Performance within Expectations
Fitch has assigned weighted average (WA) default and recovery base
cases of 7.1% and 22%, respectively. This is based on historical
performance that was achieved mainly in a favourable economic
environment and recent default vintages with slightly weaker
performance. Asset assumptions were derived from a long period of
strong origination growth until 2017, after which volumes
stabilised. Fitch applied a median default multiple of 5.0x and a
high recovery haircut of 60% at 'AAAsf'.
Sensitivity to Pro-Rata Period
The transaction features pro-rata amortisation of the rated notes
at closing up until the breach of a sequential trigger. Note
repayments are more sensitive to all aspects of asset performance
than in comparable sequential structures.
Riskier Markets Included
In contrast to previous MOCA transactions, the portfolio includes
loans from riskier borrowers corresponding to Zopa's risk markets D
and E. Their performance was factored into its asset assumptions.
The relative share of each Zopa market in the annual origination
volume has been variable since 2014. The loan terms have been
fairly stable in recent years.
RATING SENSITIVITIES
Expected impact on the note rating of increased defaults (class
A/B/C/D/E/F)
Increase default rate by 10%:
'AA+sf'/'A+sf'/'BBB+sf'/'BBB-sf'/'BB+sf'/'B+sf'
Increase default rate by 25%:
'AA-sf'/'Asf'/'BBBsf'/'BB+sf'/'BBsf'/'Bsf'
Increase default rate by 50%:
'Asf'/'BBBsf'/'BB+sf'/'BBsf'/'B+sf'/'NRsf'
Expected impact on the note rating of decreased recoveries (class
A/B/C/D/E/F)
Reduce recovery rates by 10%:
'AAAsf'/'AA-sf'/'A-sf'/'BBBsf'/'BB+sf'/'BB-sf'
Reduce recovery rates by 25%:
'AA+sf'/'A+sf'/'A-sf'/'BBBsf'/'BB+sf'/'BB-sf'
Reduce recovery rates by 50%:
'AA+sf'/'A+sf'/'BBB+sf'/'BBB-sf'/'BB+sf'/'B+sf'
Expected impact on the note rating of increased defaults and
decreased recoveries (class A/B/C/D/E/F)
Increase default rates by 10% and decrease recovery rates by 10%:
'AA+sf'/'A+sf'/'BBB+sf'/'BBB-sf'/'BB+sf'/'B+sf'
Increase default rates by 25% and decrease recovery rates by 25%:
'A+sf'/'A-sf'/'BBBsf'/'BB+sf'/'BB-sf'/'NRsf'
Increase default rates by 50% and decrease recovery rates by 50%:
'A-sf'/'BBBsf'/'BB+sf'/'BB-sf'/'NRsf'/'NRsf'
Expected impact of prepayments (class A/B/C/D/E/F)
Reduce base case prepayment rate to 10%:
'AAΑsf'/'AA-sf'/'A-sf'/'BBBsf'/'BBB-sf'/'BBsf'
Reduce base case prepayment rate to 15%:
'AA+sf'/'A+sf'/'Α-sf'/'BBBsf'/'BB+sf'/'BBsf'
Increase base case prepayment rate to 25%:
'AAΑsf'/'A+sf'/'Α-sf'/'BBBsf'/'BB+sf'/'BΒ-sf'
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.
THG OPERATIONS: Fitch Assigns 'B+' Final LT IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings assigned the beauty and wellbeing direct-to-consumer
seller THG Operations Holding Limited, a wholly owned trading
subsidiary of The Hut Group, a final Long-Term Issuer Default
Rating of 'B+' with a Stable Outlook. Fitch has also assigned a
final senior secured rating of 'BB-'/'RR3' to THG's bullet term
loan.
The assignment of the final instrument rating is in line with the
expected rating (assigned in November 2019), as the final terms
were consistent with the draft finance documentation and the
finalisation of the new trading restricted group conformed to
previous information.
The rating of THG reflects its strong business profile balanced by
high leverage. The group has strong positions in both beauty and
wellbeing D2C channels, good geographical diversification
facilitated by its internally developed intellectual property and
an established distribution network. Fitch also considers the
ability of THG to deleverage from its high leverage that is more
commensurate with a 'B' rating, which is partly offset by proven
access to equity financing, given moderate execution risks
associated with its organic growth strategy.
The Stable Outlook reflects Fitch's expectation that THG will
materially deliver its expected high growth, despite intense
competitive pressures. Profit expansion, along with maintaining a
conservative financial policy, should support deleveraging that
leads to limited refinancing risks by 2023.
KEY RATING DRIVERS
Established Business Model: The 'B+' IDR is supported by THG's
established position in the beauty (Lookfantastic) and wellbeing
(Myprotein) consumer markets, underpinned by moderate geographical
diversification and increasing penetration of markets outside of
the UK/Europe. The "Ingenuity" platform enables the group's
end-to-end supply chain to reach a global online audience.
Furthermore, the platform is also available to third-parties
including global FMCG groups providing tailored D2C solutions, with
high levels of customer retention indicating THG's strong in-house
capabilities.
Well Positioned for Growth: THG's business model is firmly placed
to capture the continuing transition of consumers to online
channels, as well as benefiting from supportive trends in global
demand for beauty and wellbeing products. M&A is not a
pre-requisite for future growth, although management will look to
add new brands to its portfolio. The 'B+' IDR captures Fitch's
expectation that future acquisitions will be funded conservatively
as in the past, and will continue to enhance the business model
around its existing capabilities, rather than transform it,
resulting in manageable integration risks.
Retail Enabled by Technology: THG's in-house "Ingenuity" platform
and owned infrastructure represent a high barrier to new entrants,
only matched partly by Amazon. However, THG operates in higher-end
segments, where brands are careful to curate their image, and in
how they reach out to consumers, versus Amazon's "mass"
positioning, with its main appeal to buyers as a marketplace
focussed on product breadth and service with swift delivery
capabilities.
Moderate Execution Risks to Persist: THG's core wellbeing and
beauty products (84% of 2018 EBITDA) are subject to fast-changing
consumer tastes; therefore, innovation of own brands and selection
of third-party products remain crucial as both markets are subject
to intense competition (substitution and price). Additionally,
deeper penetration in North America and APAC markets is central to
achieving the 20% (yoy) organic growth expected by management.
THG's M&A strategy, reflected in supply chain integration or
acquisition of beauty brands, revamped and relaunched in other
markets, results in moderate execution risks.
Solid Organic Growth, Stable Margins: Fitch projects steady
financial performance driven by high organic growth, which the
agency believes is largely achievable. Although some upside exists
from increasing pricing power, Fitch expects only stable to mildly
improving EBITDA margins towards 8.5% (2019 forecast: 8%) over the
next three years, as long-term investment is made in the business
at the expense of short-term margin accretion.
Good Ability to Deleverage: The latest debt refinancing brings
funds from operations (FFO)-adjusted gross leverage to an estimated
6.9x for 2019, which is high for a 'B+' IDR. Future deleveraging is
largely contingent on further profit expansion, derived from
organic sales growth as well as bolt-on M&A and resulting phased
synergies. Fitch currently expects broadly neutral free cash flow
(FCF) generation, after factoring in capex of around 6% of sales,
primarily in IT and related infrastructure.
Relatively Prudent Financial Policy: THG has refinanced its debt
which, supported by additional equity financing as a
diversification of its funding mix, provides additional flexibility
for future inorganic growth. THG's historical growth has benefited
from a strong equity commitment from its wide range of
institutional shareholders, in tandem with debt funding. The rating
reflects Fitch's expectation that THG will continue its prudent
financial policy with a target net debt/EBITDA at 3.5x-5.0x. Fitch
forecasts FFO- adjusted net and gross leverage trending to 4.0x and
4.5x, respectively, by 2023 with no dividends envisaged over this
period. These levels are fully consistent with the 'B+' rating.
DERIVATION SUMMARY
Fitch rates THG according to its global rating navigator framework
for consumer product companies. While Fitch recognises THG's
retailing and business service offerings, the group's business
model is underpinned by an end-to-end supply chain that aligns
THG's business model most closely with Fitch's consumer framework.
THG's 'B+'/Stable rating compares well with direct (via
representatives) beauty sellers Walnut Bidco Plc (Oriflame)
(B+/Stable) and Avon Products, Inc. (B+/Rating Watch Positive).
Both Oriflame and Avon Products, Inc.'s larger respective scale and
envisaged positive FCF are balanced against THG's greater
diversification of revenue streams and online D2C channel, which is
a direct challenge to representative-led beauty seller business
models. THG's business model is better placed to capture the
continuing transition of consumers to online channels.
The one-notch difference between THG and Sunshine Luxembourg VII
S.a.r.l - the vehicle used by EQT to acquire Nestle's Skin Health
Division (Galderma) ( (B/Stable) - takes into account Galderma's
initially weak credit metrics (post carve-out) despite its
significantly larger product offering and scale relative to THG.
THG is rated higher than Anastasia Beverly Hills, Inc. (ABH,
B/Negative), which now sells its products on THG's main beauty
product website (Lookfantastic). ABH is diversifying its
distribution channels in light of a sustained decline in revenue
and margins; historically distribution has been focused mainly in
U.S. department stores.
Non-food retailer Shop Direct Limited (B/Rating Watch Negative) is
rated is one notch lower than THG, given its geographical
concentration on the UK market and exposure to customer redress
payments (PPI) via its consumer finance division. Shop Direct also
operates exclusively in the online retail space, primarily with its
Very brand. Additionally, THG's organic growth provides a stronger
ability to deleverage.
THG's IDR at the same level as Ocado Group's PLC (B+/Stable)
despite current stronger financial metrics, and given Ocado's
accelerated transition from a pure UK online food retailer to an
international technology and business services provider with a
significant portion of long-term contracted earnings, adding
further scale and diversification. While both ratings also take
into consideration that respective revenue growth will be
underpinned by the increasing preference of consumers to shop
online, there is greater exposure to the online retail channel,
including greater inventory risk, at THG. However, Ocado's rating
is heavily influenced by risks associated with the timely delivery
of technology to the company's retail partners wishing to develop
their online segment. This requires significant up-front capex,
which can delay profit breakeven to 2023.
KEY ASSUMPTIONS
- High organic growth from the group's existing product portfolio
supplemented by acquired revenues, with a CAGR of around 20% for
2018-2022;
- Fitch-adjusted EBITDA margin improving towards 8.5% by 2022
(7.4% in 2018);
- Other items before FFO of GBP7 million reflecting a combination
of cash outflows associated with share-based incentive payments,
M&A- related fees including integration costs and non-capex
requirements of the warehouse in Poland;
- Working capital to remain broadly neutral with limited
volatility associated with higher inventory levels as part of
Brexit preparation;
- Capex at around 6% of annual sales (post transaction for the
restricted group) over the next four years;
- No dividends;
- Annual bolt-on M&A spending (2020 onwards) funded 50:50 by debt
and new equity. Fitch assumes purchased enterprise value
(EV)/EBITDA multiples of 10x with zero EBITDA recognised in the
year of acquisition, and then EBITDA evenly phased in over the
subsequent two years.
KEY RECOVERY RATING ASSUMPTIONS
- The recovery analysis assumes that THG would be restructured as
a going concern rather than liquidated in a default;
- THG post-reorganisation, going-concern EBITDA reflects Fitch's
view of a sustainable EBITDA of GBP82.8 million that is 10% below
the 2019 Fitch forecast EBITDA of GBP92 million. Given Fitch's high
degree of visibility over near-term growth, Fitch would increase
the EBITDA discount as the group's business scale grows by 2021 to
maintain the same post-restructuring EBITDA figure. The stress on
EBITDA would most likely result from operational issues likely
perpetuated by lower growth and weaker margins than currently
envisaged in the beauty and wellbeing divisions;
- Fitch applies a distressed EV/EBITDA multiple of 5.5x to
calculate a going-concern EV, reflecting THG's established position
in both beauty and wellbeing D2C channels, underpinned by
internally developed intellectual property.
- Based on the payment waterfall the multi-currency revolving
credit facility (RCF) of GBP150 million equivalent (assumed fully
drawn in a default) ranks pari passu with the senior secured term
loan totalling EUR600 million (or GBP510 million equivalent).
- Fitch has assumed that the warehouse loan relating to the
Polish distribution and production facility (GBP35 million) ranks
senior to the claims of senior secured facilities in the event of
distress. The warehouse itself does not form part of the collateral
for the lenders of the senior secured facilities and is ring-fenced
for the warehouse loan lenders.
After deducting 10% for administrative claims, Fitch's waterfall
analysis generates a ranked recovery for the senior secured loans
in the 'RR3' band, indicating a 'BB-' instrument rating, one notch
above the IDR. The waterfall analysis output percentage on current
metrics and assumptions is 57%.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action (BB-)
Greater business scale, diversity and maturity of the Ingenuity
platform across other brands and retail segments as reflected in
continuing double-digit sales growth and an EBITDA margin
(Fitch-defined) sustainably above 10%;
FFO-adjusted gross leverage sustainably below 4.5x (net of cash
below 4.0x); and
Enhanced financial flexibility demonstrated by FCF margin
sustainably above 2% and FFO fixed charge cover above 3.0x.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action (B)
More aggressive financial policy or operating underperformance
leading to a lack of deleveraging towards FFO-adjusted gross
leverage of 5.5x by 2021;
FFO fixed charge coverage below 2.0x for two consecutive years;
Increased competition and/or delay to or failure in conducting
bolt-on acquisition of brands leading to EBITDA margin
(Fitch-defined) sustainably below 7.5%; and
FCF margin consistently neutral to negative (below -2%) and greater
reliance on drawdowns from its RCF limiting liquidity buffer.
LIQUIDITY AND DEBT STRUCTURE
Comfortable Liquidity: Fitch expects THG to continue operating with
cash on balance sheet at 0.5x-1x EBITDA at all times. Along with
access to its RCF of GBP150 million this provides comfortable
liquidity given the lack of debt repayments over at least the next
three years, and limited cash flow seasonality during the year. In
its liquidity calculations Fitch strips out GBP25 million from
available cash reflecting intra-year working capital swings.
Given the expected thin generation of FCF (in absolute terms),
Fitch assumes that M&A would be externally-funded through a mix of
(primarily) debt and equity , for which there is a strong track
record of commitment from both existing and new investors.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or to the way in which they are being
managed by the entity.
[*] UK: Million Households Hit by Collapse of Energy Firms
----------------------------------------------------------
Adam Williams at The Telegraph reports that more than a million
households have been hit by the collapse of their energy supplier
in the last two years -- leaving many customers fearful of
switching to the cheapest providers in case they go bust.
According to The Telegraph, the failures of firms such as Economy
Energy, Extra Energy and Spark Energy have damaged consumer
confidence in the industry, according to a report by price
comparison website Compare the Market.
There has been a boom in lesser-known companies offering cheaper
rates than established providers in the past few years after
regulators sought to boost competition, prompting many people to
switch, The Telegraph relates.
However, some of these firms have precarious finances because they
offer ultra-low prices, The Telegraph notes.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week December 16 to December 20, 2019
---------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Intelsat Luxembourg SA 8.125 6/1/2023 USD 47.258
Intelsat Connect Finance 9.500 2/15/2023 USD 58.999
Ageasfinlux SA 0.947 EUR 60.492
Valaris plc 7.750 2/1/2026 USD 51.700
Mallinckrodt Internationa 4.750 4/15/2023 USD 37.689
Lecta SA 6.500 8/1/2023 EUR 47.071
Aldesa Financial Services 7.250 4/1/2021 EUR 49.743
European TopSoho Sarl 4.000 9/21/2021 EUR 76.587
Officine Maccaferri-SpA 5.750 6/1/2021 EUR 35.167
Teva Pharmaceutical Finan 4.100 10/1/2046 USD 72.571
Safari Verwaltungs GmbH 5.375 11/30/2022 EUR 75.917
Petra Diamonds US Treasur 7.250 5/1/2022 USD 63.594
Rallye SA 4.000 4/2/2021 EUR 30.000
Mallinckrodt Internationa 4.875 4/15/2020 USD 71.444
Casino Guichard Perrachon 3.992 EUR 58.502
Pro-Gest SpA 3.250 12/15/2024 EUR 58.243
Valaris plc 5.750 10/1/2044 USD 43.779
Intelsat Luxembourg SA 7.750 6/1/2021 USD 74.352
Kirk Beauty One GmbH 8.750 7/15/2023 EUR 66.316
Aggregate Holdings SA 5.000 8/10/2021 EUR 73.275
Naviera Armas SA 4.250 11/15/2024 EUR 72.083
Mallinckrodt Internationa 5.750 8/1/2022 USD 37.339
Casino Guichard Perrachon 1.033 EUR 37.293
Distribuidora Internacion 0.875 4/6/2023 EUR 54.105
Thomas Cook Group PLC 6.250 6/15/2022 EUR 6.908
Pizzaexpress Financing 1 8.625 8/1/2022 GBP 35.146
Intralot Capital Luxembou 5.250 9/15/2024 EUR 44.934
Ferroglobe PLC / Globe Sp 9.375 3/1/2022 USD 62.191
Galapagos SA/Luxembourg 5.375 6/15/2021 EUR 0.060
Astaldi SpA 7.125 12/1/2020 EUR 16.473
Nostrum Oil & Gas Finance 8.000 7/25/2022 USD 51.821
Mallinckrodt Internationa 5.500 4/15/2025 USD 31.783
Valaris plc 4.500 10/1/2024 USD 49.207
Vallourec SA 2.250 9/30/2024 EUR 68.065
Moby SpA 7.750 2/15/2023 EUR 34.022
Boparan Finance PLC 4.375 7/15/2021 EUR 71.632
Valaris plc 5.200 3/15/2025 USD 50.426
Mitsubishi UFJ Investor S 4.092 12/15/2050 EUR 59.831
Jain International Tradin 7.125 2/1/2022 USD 31.069
Abengoa Abenewco 2 Bis SA 1.500 4/26/2024 EUR
Rallye SA 4.371 1/23/2023 EUR 30.001
Cooperativa Muratori & Ce 6.000 2/15/2023 EUR 2.565
Mallinckrodt Internationa 5.625 10/15/2023 USD 33.296
Rothschild & Co Continuat 2.375 USD 69.445
Intralot Capital Luxembou 6.750 9/15/2021 EUR 64.011
Hema Bondco II BV 8.500 1/15/2023 EUR 35.649
Galapagos Holding SA 7.000 6/15/2022 EUR 7.473
Lecta SA 6.375 8/1/2022 EUR 47.366
O1 Properties Finance PLC 8.250 9/27/2021 USD 78.636
Societe Generale SA 1.989 USD 74.375
Obrascon Huarte Lain SA 4.750 3/15/2022 EUR 68.243
Vallourec SA 4.125 10/4/2022 EUR 5.449
Banco Pinto & Sotto Mayor 1.055 EUR 58.000
Credit Mutuel Arkea SA 0.216 EUR 75.231
Rallye SA 4.000 11/23/2020 CHF 28.054
Greenyard Fresh NV 3.750 12/22/2021 EUR 70.695
Boparan Finance PLC 5.500 7/15/2021 GBP 71.494
Astaldi SpA 4.875 6/21/2024 EUR 14.283
Senvion Holding GmbH 3.875 10/25/2022 EUR 5.583
FF Group Finance Luxembou 3.250 11/2/2021 CHF 12.435
Galapagos SA/Luxembourg 4.350 6/15/2021 EUR 0.060
Air France-KLM 0.125 3/25/2026 EUR 18.461
HOCHDORF Holding AG 2.500 CHF 51.819
Nostrum Oil & Gas Finance 7.000 2/16/2025 USD 51.650
Rallye SA 5.250 2/1/2022 EUR 28.100
NIBC Bank NV 0.552 EUR 68.275
Genfit 3.500 10/16/2022 EUR 21.996
Rallye SA 3.250 2/8/2024 CHF 25.999
Thomas Cook Finance 2 PLC 3.875 7/15/2023 EUR 6.500
Capital Raising GmbH 7.500 EUR 59.428
Odea Bank AS 7.625 8/1/2027 USD 72.653
Korian SA 2.500 EUR 47.824
Quadient 3.375 EUR 57.756
Debenhams PLC 5.250 7/15/2021 GBP 38.260
KCA Deutag UK Finance PLC 7.250 5/15/2021 USD 67.271
Neoen SA 1.875 10/7/2024 EUR 32.719
Cooperativa Muratori & Ce 6.875 8/1/2022 EUR 2.383
EA Partners II BV 6.750 6/1/2021 USD 47.500
FF Group Finance Luxembou 1.750 7/3/2019 EUR 4.500
Constellation Oil Service 9.500 11/9/2024 USD 44.630
Econocom Group SA/NV 0.500 3/6/2023 EUR 6.979
Transcapitalbank JSC Via 10.000 9/18/2020 USD 56.252
Union Fenosa Preferentes 1.237 EUR 72.562
Offshore Drilling Holding 8.375 9/20/2020 USD 30.700
Pierre & Vacances SA 2.000 4/1/2023 EUR 52.988
ADLER Real Estate AG 2.500 7/19/2021 EUR 15.253
Maisons du Monde SA 0.125 12/6/2023 EUR 42.847
Ferroglobe PLC / Globe Sp 9.375 3/1/2022 USD 62.191
Biocartis NV 4.000 5/9/2024 EUR 70.033
FIGEAC-AERO 1.125 10/18/2022 EUR 23.687
EA Partners I BV 6.875 9/28/2020 USD 41.650
Fuerstenberg Capital Erst 1.287 EUR 72.072
KCA Deutag UK Finance PLC 9.625 4/1/2023 USD 67.444
Hybrid Raising GmbH 6.625 EUR 60.483
Obrascon Huarte Lain SA 5.500 3/15/2023 EUR 68.538
VIEO BV 6.750 9/7/2020 EUR 40.963
Immigon Portfolioabbau AG 6.059 EUR 15.625
Bourbon Corp 6.446 EUR 2.628
Paragon GmbH & Co KGaA 4.500 7/5/2022 EUR 64.279
Alitalia-Societa Aerea It 5.250 7/30/2020 EUR 3.477
Air Berlin PLC 8.250 4/19/2018 EUR 1.848
KCA Deutag UK Finance PLC 9.875 4/1/2022 USD 67.473
NIBC Bank NV 2.627 USD 63.937
Banco Espirito Santo SA 4.000 1/21/2019 EUR 21.054
BNP Paribas SA 2.139 USD 67.780
Evan Group PLC 6.000 7/31/2022 EUR 61.464
Scholz Holding Gmbh 8.500 12/31/2019 EUR 0.376
DNB Bank ASA 2.188 USD 69.538
DNB Bank ASA 2.188 USD 69.767
Intelsat Connect Finance 9.500 2/15/2023 USD 59.887
Senivita Social Estate AG 6.500 5/12/2020 EUR 70.000
Avangardco Investments Pu 10.000 10/29/2018 USD 8.000
UkrLandFarming PLC 10.875 3/26/2018 USD 4.667
Rallye SA 3.400 1/31/2022 EUR 30.000
Orient Express Bank PJSC 10.000 USD 41.551
DOF Subsea AS 8.810 5/22/2020 NOK 68.675
Steinhoff Finance Holding 1.250 10/21/2023 EUR 44.573
Petra Diamonds US Treasur 7.250 5/1/2022 USD 63.644
Yuksel Insaat AS 9.500 11/10/2015 USD 0.939
EOS Imaging SA 6.000 5/31/2023 EUR 6.218
Lehman Brothers UK Capita 5.125 EUR 7.329
Eramet 4.000 EUR 50.917
Hellenic Bank PCL 10.000 EUR 48.164
Elli Finance UK PLC 8.750 6/15/2019 GBP 58.500
Banco Espirito Santo SA 2.625 5/8/2017 EUR 24.674
Golfino AG 8.000 11/18/2023 EUR 0.250
Grupo Isolux Corsan SA 0.250 12/30/2021 EUR 0.204
DNB Bank ASA 2.188 USD 69.434
Mallinckrodt Internationa 4.875 4/15/2020 USD 71.278
Autostrade per l'Italia S 3.625 6/9/2038 EUR 74.493
Lambay Capital Securities 6.250 GBP 1.054
Top Gun Realisations 74 P 6.500 7/1/2022 GBP 18.638
Yell Bondco PLC 8.500 5/2/2023 GBP 71.532
Mallinckrodt Internationa 5.500 4/15/2025 USD 33.798
DOF Subsea AS 9.500 3/14/2022 USD 60.696
Rickmers Holding AG 8.875 6/11/2018 EUR 1.505
Privatbank CJSC Via UK SP 11.000 2/9/2021 USD 20.239
Nexity SA 0.125 1/1/2023 EUR 66.682
Stichting Afwikkeling Ond 6.250 10/26/2020 EUR 3.061
House of Fraser Funding P 6.550 9/15/2020 GBP 4.868
Bilt Paper BV 9.640 USD 1.029
Air Berlin PLC 6.750 5/9/2019 EUR 1.882
DOF Subsea AS 9.850 11/27/2023 NOK 62.500
Mallinckrodt Internationa 5.625 10/15/2023 USD 33.396
Privatbank CJSC Via UK SP 10.250 1/23/2018 USD 29.999
Afren PLC 6.625 12/9/2020 USD 0.402
Abengoa Abenewco 2 Bis SA 1.500 4/26/2024 USD 5.238
Grupo Isolux Corsan SA 6.000 12/30/2021 EUR 1.298
Santhera Pharmaceuticals 5.000 2/17/2022 CHF 62.425
Air Berlin PLC 5.625 5/9/2019 CHF 1.060
Banco Espirito Santo SA 4.750 1/15/2018 EUR 25.602
Nexity SA 0.250 3/2/2025 EUR 69.639
Bank Otkritie Financial C 10.000 4/26/2019 USD 8.216
LA Perla Fashion Finance 7.250 3/29/2023 EUR 31.371
Stichting Afwikkeling Ond 11.250 EUR 1.128
Melin Group/Norway 7.350 10/30/2022 NOK 73.000
KCA Deutag UK Finance PLC 7.250 5/15/2021 USD 67.423
Koninklijke Luchtvaart Ma 0.750 CHF 36.550
Mitsubishi UFJ Investor S 3.834 12/30/2099 EUR 4.676
Banco Espirito Santo SA 7.125 11/28/2023 EUR 0.084
SSM Holding AB 8.034 5/9/2020 SEK 68.000
Wasps Finance Plc 6.500 5/13/2022 GBP 73.099
Tresu Investment Holding 5.000 9/29/2022 EUR 41.625
BAT International Finance 2.250 9/9/2052 GBP 73.320
Dexia SA 1.386 EUR 7.755
Afren PLC 11.500 2/1/2016 USD 0.413
Mallinckrodt Internationa 5.750 8/1/2022 USD 37.644
SLM Solutions Group AG 5.500 10/11/2022 EUR 70.624
CBo Territoria 3.750 7/1/2024 EUR 4.900
Scandinavian Airlines Sys 0.625 CHF 36.884
KTG Agrar SE 7.125 6/6/2017 EUR 0.561
Virgolino de Oliveira Fin 10.500 1/28/2018 USD 3.421
Paragon GmbH & Co KGaA 4.000 4/23/2024 CHF 68.250
Deutsche Bank AG/London 0.090 10/31/2034 USD 68.691
Dexia Credit Local SA 1.331 EUR 7.870
Abengoa Abenewco 2 Bis SA 1.500 4/26/2024 USD 5.253
Portigon AG 7.460 12/31/2019 EUR 21.000
Europejskie Centrum Odszk 5.790 4/14/2020 PLN 56.500
Top Gun Realisations 74 P 4.500 7/1/2022 EUR 26.926
Espirito Santo Financial 6.875 10/21/2019 EUR 0.060
Rallye SA 1.000 10/2/2020 EUR 30.125
KCA Deutag UK Finance PLC 9.875 4/1/2022 USD 67.562
HOCHDORF Holding AG 3.500 3/30/2020 CHF 26.350
Praktiker AG 5.875 2/10/2016 EUR 0.542
BIM SAS 2.500 11/13/2020 EUR 22.201
Banco Espirito Santo SA 2.250 EUR 0.081
Agrokor dd 9.875 5/1/2019 EUR 20.420
Allied Irish Banks PLC 12.500 6/25/2035 GBP 70.936
OGX Austria GmbH 8.500 6/1/2018 USD 0.001
Hellenic Republic Governm 2.085 7/25/2057 EUR 51.375
KCA Deutag UK Finance PLC 9.625 4/1/2023 USD 67.492
German Pellets GmbH 7.250 11/27/2019 EUR 0.727
Banca Popolare di Vicenza 9.500 9/29/2025 EUR 0.681
Prime Living AB 7.000 10/19/2020 SEK 5.000
New World Resources NV 4.000 10/7/2020 EUR 0.079
Agrokor dd 8.875 2/1/2020 USD 19.328
Erotik-Abwicklungsgesells 7.750 7/9/2019 EUR 0.779
Nostrum Oil & Gas Finance 8.000 7/25/2022 USD 49.897
Waste Italia SpA 10.500 11/15/2019 EUR 0.800
Constellation Oil Service 9.500 11/9/2024 USD 44.468
Hamon & CIE SA 5.500 1/30/2020 EUR 47.751
GNB - Cia de Seguros de V 3.102 EUR 73.717
Cirio Holding Luxembourg 6.250 2/16/2004 EUR 0.889
GEWA 5 to 1 GmbH & Co KG 6.500 3/24/2018 EUR 5.250
Elli Investments Ltd 12.250 6/15/2020 GBP 54.613
Lehman Brothers UK Capita 3.875 EUR 7.541
Melin Group/Norway 9.850 1/30/2023 NOK 50.000
Lehman Brothers UK Capita 5.750 EUR 1.436
Virgolino de Oliveira Fin 11.750 2/9/2022 USD 3.752
APP International Finance 11.750 10/1/2005 USD 0.899
OGX Austria GmbH 8.375 4/1/2022 USD 0.001
Veneto Banca SpA 9.500 12/1/2025 EUR 0.891
Norske Skogindustrier ASA 7.000 12/30/2026 EUR 0.049
Agrokor dd 9.125 2/1/2020 EUR 19.250
CNP Assurances 2.000 EUR 74.000
Pizzaexpress Financing 1 8.625 8/1/2022 GBP 35.242
LBI ehf 6.100 8/25/2011 USD 7.625
Lehman Brothers UK Capita 6.900 USD 2.745
Windreich GmbH 6.500 7/15/2016 EUR 8.125
Solship Invest 1 AS 5.000 12/8/2024 NOK 10.000
Afren PLC 10.250 4/8/2019 USD 0.413
Cooperatieve Rabobank UA 0.500 2/26/2029 HUF 70.840
Privatbank CJSC Via UK SP 10.875 2/28/2018 USD 30.991
Prime Living AB 4.500 9/29/2020 SEK 45.536
SeniVita Sozial gGmbH 7.000 EUR 35.200
Kaupthing ehf 7.625 2/28/2015 USD 0.250
Claranova SADIR 5.000 7/1/2023 EUR 1.180
JZ Capital Partners Ltd 6.000 7/30/2021 GBP 9.800
KTG Agrar SE 7.250 10/15/2019 EUR 0.561
WPE International Coopera 10.375 9/30/2020 USD 0.624
International Finance Fac 0.500 6/29/2027 ZAR 52.801
Corporate Commercial Bank 8.250 8/8/2014 USD 0.377
ESFIL-Espirito Santo Fina 5.250 6/12/2015 EUR 0.060
Aralco Finance SA 10.125 5/7/2020 USD 1.324
Top Gun Realisations 73 P 8.000 7/1/2023 GBP 0.685
German Pellets GmbH 7.250 7/9/2018 EUR 0.572
BBVA International Prefer 1.670 GBP 65.583
Hema Bondco II BV 8.500 1/15/2023 EUR 36.183
International Finance Fac 0.500 6/24/2024 ZAR 70.645
Portugal Telecom Internat 6.250 7/26/2016 EUR 0.596
NTRP Via Interpipe Ltd 10.250 8/2/2017 USD 30.069
Verimatrix SA 6.000 6/29/2022 EUR 3.834
Hellas Telecommunications 6.054 1/15/2015 USD 0.017
Cooperatieve Rabobank UA 0.500 10/29/2027 MXN 57.124
OGX Austria GmbH 8.500 6/1/2018 USD 0.001
Breeze Finance SA 6.708 4/19/2027 EUR 28.950
International Industrial 9.000 7/6/2011 EUR 0.185
Alpine Holding GmbH 6.000 5/22/2017 EUR 0.469
Lecta SA 6.375 8/1/2022 EUR 47.458
Alno AG 8.500 5/14/2018 EUR 3.250
Enertronica Santerno SpA 7.000 12/31/2022 EUR 50.600
Chr Bygga Bostader Holdin 9.000 7/5/2021 SEK 50.000
Nostrum Oil & Gas Finance 7.000 2/16/2025 USD 49.965
EFG International AG 0.286 EUR 39.750
Intralot Capital Luxembou 5.250 9/15/2024 EUR 45.000
Vneshprombank Ltd Via VPB 9.000 11/14/2016 USD 0.308
Tonon Luxembourg SA 9.250 1/24/2020 USD 1.217
Cirio Del Monte NV 7.750 3/14/2005 EUR 1.841
Havila Shipping ASA 6.270 11/7/2020 NOK 59.693
Stichting Afwikkeling Ond 6.625 5/14/2018 EUR 1.005
Cirio Finance Luxembourg 7.500 11/3/2002 EUR 3.381
Espirito Santo Financial 9.750 12/19/2025 EUR 0.544
Intralot Capital Luxembou 6.750 9/15/2021 EUR 65.000
Banco Santander SA 2.008 EUR 3.142
Barclays Bank PLC 0.080 10/30/2034 USD 71.925
Banco Espirito Santo SA 6.900 6/28/2024 EUR 25.000
Abengoa Abenewco 2 Bis SA 1.500 4/26/2024 EUR 5.375
Offshore Drilling Holding 8.375 9/20/2020 USD 27.670
Activa Resources AG 0.500 11/15/2021 EUR 6.000
Manchester Building Socie 6.750 GBP 14.468
Norske Skogindustrier ASA 2.000 12/30/2115 EUR 1.473
Bank Nadra Via NDR Financ 8.250 7/31/2018 USD 0.151
MLS Innovation Inc 5.300 7/11/2020 EUR 50.011
International Industrial 11.000 2/19/2013 USD 0.185
Windreich GmbH 6.500 3/1/2015 EUR 8.125
Depfa Funding II LP 6.500 EUR 59.161
Kaupthing ehf 5.750 10/4/2011 USD 0.250
CBo Territoria 6.000 1/1/2020 EUR 3.760
Cooperatieve Rabobank UA 0.500 7/30/2043 MXN 17.264
Banco Espirito Santo SA 2.430 EUR 0.975
Finmek International SA 7.000 12/3/2004 EUR 2.193
New World Resources NV 8.000 4/7/2020 EUR 1.473
Pro-Gest SpA 3.250 12/15/2024 EUR 58.658
Del Monte Finance Luxembo 6.625 5/24/2006 EUR 3.548
Thomas Cook Group PLC 6.250 6/15/2022 EUR 6.908
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.155
Banca Popolare di Vicenza 2.821 12/20/2017 EUR 0.228
Virgolino de Oliveira Fin 10.500 1/28/2018 USD 3.421
Steilmann SE 7.000 3/9/2017 EUR 1.429
Alpine Holding GmbH 5.250 6/10/2016 EUR 0.484
Banco Espirito Santo SA 6.875 7/15/2016 EUR 24.776
Deutsche Agrar Holding Gm 7.250 9/28/2018 EUR 1.254
Senvion Holding GmbH 3.875 10/25/2022 EUR 5.583
Alno AG 8.000 3/21/2019 EUR 4.620
PA Resources AB 13.500 3/3/2016 SEK 0.124
Lecta SA 6.500 8/1/2023 EUR 47.766
Boparan Finance PLC 4.375 7/15/2021 EUR 71.658
Russian Federal Bond - OF 0.250 7/20/2044 RUB 22.964
Depfa Funding III LP 0.378 EUR 56.396
Aldesa Financial Services 7.250 4/1/2021 EUR 50.491
EDOB Abwicklungs AG 7.500 4/1/2012 EUR 1.079
CRC Breeze Finance SA 6.110 5/8/2026 EUR 50.625
Saleza AS 9.000 7/12/2021 EUR 0.047
Havila Shipping ASA 5.000 11/7/2020 NOK 45.000
Norske Skog Holding AS 8.000 2/24/2023 USD 0.221
Stichting Afwikkeling Ond 8.450 8/20/2018 USD 1.005
Kirk Beauty One GmbH 8.750 7/15/2023 EUR 66.293
Bulgaria Steel Finance BV 12.000 5/4/2013 EUR 0.216
Odea Bank AS 7.625 8/1/2027 USD 73.599
HPI AG 3.500 EUR 5.000
Linas Matkasse Newco AB 8.000 10/9/2022 SEK 55.000
UBS AG/London 7.200 1/2/2020 EUR 67.320
Hellas Telecommunications 8.500 10/15/2013 EUR 0.444
Elli Finance UK PLC 8.750 6/15/2019 GBP 58.500
Stichting Afwikkeling Ond 2.343 EUR 0.604
Municipality Finance PLC 0.500 6/19/2024 ZAR 70.651
Espirito Santo Financial 5.050 11/15/2025 EUR 0.476
Espirito Santo Financial 3.125 12/2/2018 EUR 0.165
BNP Paribas Emissions- un 11.000 12/30/2019 EUR 63.850
Kommunekredit 0.500 7/30/2027 TRY 42.295
Steilmann SE 6.750 6/27/2017 EUR 2.184
BOA Offshore AS 0.409 7/17/2047 NOK 9.003
Region of Abruzzo Italy 0.036 11/7/2036 EUR 64.377
Vseukrainsky Aktsinerny B 10.900 6/14/2019 USD 1.056
Cooperatieve Rabobank UA 0.500 10/30/2043 MXN 17.021
Mriya Agro Holding PLC 10.950 3/30/2016 USD 7.701
Afren PLC 6.625 12/9/2020 USD 0.402
Lloyds Bank PLC 1.395 7/26/2033 USD 66.938
KPNQwest NV 8.125 6/1/2009 USD 0.634
Galapagos Holding SA 7.000 6/15/2022 EUR 7.473
Officine Maccaferri-SpA 5.750 6/1/2021 EUR 42.650
KPNQwest NV 10.000 3/15/2012 EUR 0.634
Rena GmbH 7.000 12/15/2015 EUR 2.096
Sairgroup Finance BV 4.375 6/8/2006 EUR 10.000
Afren PLC 11.500 2/1/2016 USD 0.413
Gebr Sanders GmbH & Co KG 8.750 10/22/2018 EUR 14.324
Solon SE 1.375 12/6/2012 EUR 0.769
Rena GmbH 8.250 7/11/2018 EUR 2.096
Manchester Building Socie 8.000 GBP 9.293
Thomas Cook Finance 2 PLC 3.875 7/15/2023 EUR 7.000
Tonon Luxembourg SA 12.500 5/14/2024 USD 1.203
Bibby Offshore Services P 7.500 6/15/2021 GBP 11.076
O1 Properties Finance PLC 8.250 9/27/2021 USD 49.348
SiC Processing GmbH 7.125 3/1/2016 EUR 2.227
Naviera Armas SA 4.250 11/15/2024 EUR 72.279
Decipher Production Ltd 12.500 9/27/2019 USD 1.500
Yell Bondco PLC 8.500 5/2/2023 GBP 71.675
Cattles Ltd 8.125 7/5/2017 GBP 0.255
Caixa Economica Montepio 5.000 EUR 50.000
getgoods.de AG 7.750 10/2/2017 EUR 0.126
Deutsche Bank AG 0.687 10/11/2049 EUR 67.267
Polnord SA 6.070 9/29/2020 PLN 10.000
Portugal Telecom Internat 5.242 11/6/2017 EUR 0.694
Finance and Credit Bank J 9.250 1/25/2019 USD 0.931
UkrLandFarming PLC 10.875 3/26/2018 USD 7.683
WEB Windenergie AG 5.250 4/8/2023 EUR 55.010
Island Offshore Shipholdi 4.090 6/30/2021 NOK 12.000
Deutsche Bank AG/London 0.116 6/30/2034 USD 65.267
Societe Generale SA 17.600 1/27/2020 USD 35.659
Phosphorus Holdco PLC 10.000 4/1/2019 GBP 2.423
Alpine Holding GmbH 5.250 7/1/2015 EUR 0.483
Societe Generale SA 9.250 10/1/2020 USD 24.869
Air Berlin Finance BV 8.500 3/6/2019 EUR 2.568
Virgolino de Oliveira Fin 10.875 1/13/2020 USD 21.128
Severstal PJSC 8.650 3/27/2026 RUB 63.130
Societe Generale SA 11.000 1/28/2020 USD 35.375
Boparan Finance PLC 5.500 7/15/2021 GBP 71.641
Afren PLC 10.250 4/8/2019 USD 0.413
German Pellets GmbH 7.250 4/1/2016 EUR 0.777
Landesbank Schleswig-Hols 2.373 1/5/2040 USD 49.449
MS Deutschland Beteiligun 6.875 12/18/2017 EUR 1.911
Astaldi SpA 7.125 12/1/2020 EUR 16.473
Mriya Agro Holding PLC 9.450 4/19/2018 USD 6.889
KPNQwest NV 7.125 6/1/2009 EUR 0.634
OGX Austria GmbH 8.375 4/1/2022 USD 0.001
Barclays Bank PLC 10.000 5/28/2020 USD 73.600
La Veggia Finance SA 7.125 11/14/2004 EUR 0.287
TransFin-M PAO 8.000 11/24/2026 RUB 70.000
Moby SpA 7.750 2/15/2023 EUR 34.433
Marine Subsea AS 9.000 12/16/2019 USD 0.688
New World Resources NV 4.000 10/7/2020 EUR 0.079
KPNQwest NV 8.875 2/1/2008 EUR 0.634
Otkritie Holding JSC 11.500 7/14/2027 RUB 0.010
UniCredit Bank AG 12.000 1/3/2020 EUR 60.170
Barclays Bank PLC 12.860 5/28/2020 USD 70.150
Ahtium PLC 9.750 4/4/2017 EUR 0.976
IDGC of Centre PJSC 6.850 11/12/2024 RUB 99.000
Mobylife Holding A/S 7.268 5/23/2020 SEK 8.125
SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000
Steilmann SE 7.000 9/23/2018 EUR 1.429
Kaupthing ehf 5.750 10/4/2011 USD 0.250
Barclays Bank PLC 0.656 10/10/2029 USD 71.349
Rosneft Oil Co PJSC 6.600 11/25/2026 RUB 70.010
Veneto Banca SpA 6.944 5/15/2025 EUR 0.495
Mox Telecom AG 7.250 11/2/2017 EUR 2.035
Societe Generale SA 17.000 6/30/2022 USD 72.800
SAG Solarstrom AG 7.500 7/10/2017 EUR 31.000
O1 Properties Finance AO 13.000 10/2/2020 RUB 67.000
Norske Skogindustrier ASA 7.125 10/15/2033 USD 0.140
Rio Forte Investments SA 4.000 7/22/2014 EUR 6.041
LBI ehf 6.100 8/25/2011 USD 7.625
Air Berlin Finance BV 6.000 3/6/2019 EUR 2.293
Ahtium PLC 4.000 12/16/2015 EUR 0.586
Gazprombank JSC 0.010 11/24/2022 RUB 70.670
Norske Skogindustrier ASA 7.125 10/15/2033 USD 0.140
Moscow Integrated Power C 6.800 11/7/2025 RUB 70.270
Waste Italia SpA 10.500 11/15/2019 EUR 1.000
Teksid Aluminum Luxembour 12.375 7/15/2011 EUR 0.182
WEB Windenergie AG 5.500 4/8/2023 EUR 55.010
Mifa Mitteldeutsche Fahrr 7.500 8/12/2018 EUR 2.410
Lloyds Bank PLC 0.500 7/26/2028 MXN 52.472
Grupo Isolux Corsan SA 0.250 12/30/2018 EUR 0.204
SAir Group 6.250 10/27/2002 CHF 9.875
Agrokor dd 8.875 2/1/2020 USD 19.328
Privatbank CJSC Via UK SP 10.875 2/28/2018 USD 30.991
Kaupthing ehf 9.000 USD 0.122
O1 Properties Finance PLC 7.000 1/29/2021 USD 70.069
Veneto Banca SpA 6.411 EUR 0.734
Sairgroup Finance BV 6.625 10/6/2010 EUR 9.973
Raiffeisen Centrobank AG 5.200 2/3/2020 EUR 43.000
Russian Helicopters JSC 11.900 1/15/2026 RUB 66.110
Eniro AB 6.000 4/14/2020 SEK 54.905
AKB Peresvet ZAO 0.510 2/14/2032 RUB 12.180
Heta Asset Resolution AG 0.148 12/31/2023 EUR 1.620
Raiffeisen Centrobank AG 5.200 12/30/2019 EUR 53.590
Sviaz Bank OAO 7.000 4/13/2022 RUB 70.000
International Bank of Aze 8.250 10/9/2024 USD 61.250
Windreich GmbH 6.750 3/1/2015 EUR 8.125
Polnord SA 5.820 12/22/2019 PLN 63.000
UniCredit Bank AG 4.100 10/1/2020 EUR 33.910
Bank Otkritie Financial C 10.000 4/26/2019 USD 8.216
Agrokor dd Via Aquarius + 4.921 8/8/2017 EUR 14.375
A-TEC Industries AG 2.750 5/10/2014 EUR 0.141
Societe Generale SA 1.600 1/9/2020 GBP 1.110
Royalbeach Spielwaren Und 7.375 11/10/2020 EUR 4.700
Agrokor dd 9.125 2/1/2020 EUR 19.250
J&T Banka AS 9.000 EUR 73.229
Pescanova SA 8.750 2/17/2019 EUR 0.360
Ideal Standard Internatio 11.750 5/1/2018 EUR 0.240
Polnord SA 6.070 12/30/2019 PLN 56.000
Cooperatieve Rabobank UA 0.500 11/30/2027 MXN 55.562
A-TEC Industries AG 8.750 10/27/2014 EUR 0.141
Bilt Paper BV 9.640 USD 1.029
Dolphin Drilling ASA 4.490 8/28/2019 NOK 0.115
EFG International Finance 6.130 6/20/2024 EUR 46.790
Polnord SA 5.760 2/27/2020 PLN 56.200
A-TEC Industries AG 5.750 11/2/2010 EUR 0.141
Sequa Petroleum NV 5.000 4/29/2020 USD 68.917
Windreich GmbH 6.250 3/1/2015 EUR 8.125
Societe Generale SA 14.720 6/25/2021 USD 76.145
mybet Holding SE 6.250 12/12/2020 EUR 0.500
RENE LEZARD Mode GmbH 7.250 11/25/2017 EUR 1.500
Commerzbank AG 3.450 12/23/2019 GBP 46.020
AKB Peresvet ZAO 0.510 8/4/2034 RUB
SAir Group 0.125 7/7/2005 CHF 9.875
Commerzbank AG 1.000 11/2/2020 USD 12.780
Espirito Santo Financial 5.125 5/30/2016 EUR 1.634
Centrosolar Group AG 7.000 2/15/2016 EUR 2.387
Finans-Avia OOO 10.000 7/31/2022 RUB 7.380
Top Gun Realisations 74 P 4.500 7/1/2022 EUR 26.926
WEB Windenergie AG 6.250 EUR 55.010
Cooperatieve Rabobank UA 0.500 12/29/2027 MXN 55.654
Natixis SA 0.300 6/25/2048 USD 45.790
Top Gun Realisations 73 P 8.000 7/1/2023 GBP 0.685
Zaklady Miesne Henryk Kan 6.970 3/29/2021 PLN
Sistema PJSFC 7.500 10/31/2025 RUB 70.060
Sberbank of Russia PJSC 7.550 7/12/2021 RUB 66.260
Credit Suisse AG 0.500 12/16/2025 BRL 64.372
Rio Forte Investments SA 3.900 7/10/2014 USD 6.000
Getin Noble Bank SA 5.790 12/12/2022 PLN 80.000
Barclays Bank PLC 0.252 6/17/2033 USD 70.421
SG Issuer SA 3.000 10/10/2034 ZAR 42.468
Heta Asset Resolution AG 0.066 12/31/2023 EUR 1.620
Bank J Safra Sarasin AG/G 10.400 3/5/2020 CHF 66.730
Leonteq Securities AG 14.000 6/12/2020 CHF 36.070
Polnord SA 6.210 5/22/2020 PLN 10.000
Podkarpacki Bank Spoldzie 5.090 5/28/2023 PLN 47.540
Golden Gate AG 6.500 10/11/2014 EUR 38.000
BLT Finance BV 12.000 2/10/2015 USD 10.500
Lehman Brothers Treasury 1.900 10/5/2035 EUR 3.400
Minicentrales Dos SA 0.010 6/6/2047 EUR 65.750
Center-Invest Commercial 7.500 3/3/2022 RUB 63.110
UBS AG/London 5.000 3/26/2021 EUR 70.330
TransFin-M PAO 10.000 10/8/2024 RUB 70.000
Veneto Banca SpA 6.950 2/25/2025 EUR 0.100
Bank Otkritie Financial C 0.010 7/16/2025 RUB 66.530
BNP Paribas Emissions- un 8.500 12/30/2019 EUR 66.960
Reso-Leasing OOO 9.500 10/3/2025 RUB 63.380
Sviaz Bank OAO 8.100 12/9/2021 RUB 100.110
Gold-Zack AG 7.000 12/14/2005 EUR 10.010
Touax SCA-SGTR-CITE-SGT-C 6.000 7/10/2020 EUR 17.794
Muehl Product & Service A 6.750 3/10/2005 DEM 0.001
IT Holding Finance SA 9.875 11/15/2012 EUR 0.202
Barclays Bank PLC 1.450 9/24/2038 MXN 30.255
Cooperativa Muratori & Ce 6.000 2/15/2023 EUR 2.565
I-Teco AO 12.000 9/22/2022 RUB 70.270
Russian Post FGUP 2.750 12/6/2023 RUB 70.000
Federal Grid Co Unified E 4.800 10/30/2048 RUB 64.670
Lehman Brothers Treasury 2.875 3/14/2013 CHF 3.750
Region of Molise Italy 0.060 12/15/2033 EUR 62.104
New World Resources NV 8.000 4/7/2020 EUR 1.473
Top Gun Realisations 74 P 6.500 7/1/2022 GBP 18.638
Societe Generale SA 10.000 6/26/2025 USD 70.950
Kardan NV 6.325 1/15/2020 ILS 6.500
Atari SA 0.100 4/1/2020 EUR
BNP Paribas Emissions- un 11.000 12/30/2019 EUR 66.180
LBI ehf 7.431 USD 0.001
SpareBank 1 SR-Bank ASA 1.426 12/21/2030 EUR 73.277
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.155
Minicentrales Dos SA 0.010 6/6/2047 EUR 65.750
Cooperativa Muratori & Ce 6.875 8/1/2022 EUR 2.383
Credit Suisse AG/London 7.600 8/10/2020 USD 65.343
TransFin-M PAO 9.500 4/13/2026 RUB 70.000
WEB Windenergie AG 4.500 EUR 55.010
Landesbank Hessen-Thuerin 2.250 7/13/2020 EUR 41.500
Virgolino de Oliveira Fin 10.875 1/13/2020 USD 21.128
Grupo Isolux Corsan SA 6.000 12/30/2021 USD 1.297
Sberbank of Russia PJSC 7.550 7/12/2021 RUB 66.170
Polnord SA 5.910 4/24/2020 PLN 57.000
State of Saxony-Anhalt 0.134 7/3/2028 EUR 42.000
Bibby Offshore Services P 7.500 6/15/2021 GBP 11.076
Elli Investments Ltd 12.250 6/15/2020 GBP 54.613
Mobile TeleSystems PJSC 7.900 7/8/2026 RUB 73.610
Heta Asset Resolution AG 7.500 12/31/2023 ATS 1.620
Barclays Bank PLC 10.500 5/29/2020 USD 33.490
Societe Generale SA 7.000 10/20/2020 USD
Bank Otkritie Financial C 0.010 9/24/2025 RUB 65.980
Otkritie Holding JSC 12.420 8/5/2025 RUB
Heta Asset Resolution AG 4.350 12/31/2023 EUR 1.666
HSBC Trinkaus & Burkhardt 8.200 12/27/2019 EUR 63.160
VTB Bank PJSC 9.000 11/26/2043 RUB 60.050
SAir Group 5.125 3/1/2003 CHF 13.500
Espirito Santo Financial 0.534 10/27/2024 EUR 1.322
Heta Asset Resolution AG 5.920 12/31/2023 EUR 1.620
Banco Espirito Santo SA 10.000 12/6/2021 EUR 0.084
SAir Group 5.500 7/23/2003 CHF 9.875
Tonon Luxembourg SA 9.250 1/24/2020 USD 1.217
Credito Padano Banca di C 3.100 EUR 34.642
Pescanova SA 5.125 4/20/2017 EUR 0.360
SALVATOR Vermoegensverwal 9.500 12/31/2021 EUR 6.000
Commerzbank AG 6.000 5/9/2022 USD 4.760
Natixis SA 3.500 3/23/2020 USD 61.191
Er-Telekom Holding ZAO 10.850 12/1/2021 RUB 60.060
Federal Grid Co Unified E 4.800 10/30/2048 RUB 63.870
Deutsche ETP GmbH & Co Im 3.000 11/30/2028 EUR 3.240
LBI ehf 2.250 2/14/2011 CHF 7.625
Northland Resources AB 4.000 10/15/2020 USD 0.138
O1 Group Finance OOO 10.500 4/22/2027 RUB 0.230
Kardan NV 6.775 2/2/2020 ILS 24.330
Investtorgstroi OOO 11.500 2/15/2034 RUB 60.890
Business-Consulting OAO 6.000 12/6/2030 RUB 39.670
Societe Generale SA 3.080 1/31/2033 USD 70.750
Northland Resources AB 4.000 10/15/2020 NOK 0.138
Kaupthing ehf 5.100 5/10/2045 ISK 0.250
Societe Generale SA 8.000 9/12/2020 USD 56.250
Samolet Group 9.500 12/17/2021 RUB 70.000
DekaBank Deutsche Girozen 4.300 4/17/2020 EUR 73.790
UBS AG/London 4.000 1/2/2020 EUR 62.020
SG Issuer SA 4.000 6/22/2026 EUR 75.900
Waste Management NN CJSC 8.200 6/15/2022 RUB 59.530
Credit Suisse AG/Nassau 7.000 6/22/2021 CHF 63.950
Russian Railways JSC 4.500 8/18/2033 RUB 70.060
Sviaz Bank OAO 7.000 4/7/2022 RUB 70.020
Cooperatieve Rabobank UA 0.500 1/31/2033 MXN 36.119
Zaklady Miesne Henryk Kan 6.970 3/29/2021 PLN
Leonteq Securities AG 9.000 10/1/2020 CHF 61.800
Main Road JSC 5.480 10/30/2028 RUB 98.000
Province of Brescia Italy 0.069 12/22/2036 EUR 67.735
Espirito Santo Financial 5.625 7/28/2017 EUR 1.272
AlphaNotes ETP Dac 0.010 9/9/2029 USD 68.429
AKB Peresvet ZAO 13.250 4/25/2018 RUB 18.250
KPNQwest NV 8.875 2/1/2008 EUR 0.634
Lehman Brothers Treasury 14.900 11/16/2010 EUR 2.571
Credito Padano Banca di C 3.100 EUR 34.383
Commerzbank AG 5.350 3/2/2020 USD 53.000
Leonteq Securities AG/Gue 10.600 12/8/2020 EUR 63.860
VTB Bank PJSC 9.000 8/14/2043 RUB 62.000
Federal Grid Co Unified E 5.000 6/30/2048 RUB 65.430
Northland Resources AB 12.250 3/26/2016 USD 2.621
Phosphorus Holdco PLC 10.000 4/1/2019 GBP 2.423
Irish Bank Resolution Cor 4.000 4/23/2018 EUR 45.461
Kaupthing ehf 3.300 ISK 0.250
Otkritie Holding JSC 10.000 4/20/2028 RUB
Cerruti Finance SA 6.500 7/26/2004 EUR 1.770
Heta Asset Resolution AG 5.730 12/31/2023 EUR 1.620
Virgolino de Oliveira Fin 11.750 2/9/2022 USD 3.752
Petromena ASA 10.850 11/19/2018 USD 0.607
Lehman Brothers Treasury 2.000 3/16/2035 EUR 3.400
Kaupthing ehf 5.000 1/4/2027 SKK 0.250
Barclays Bank PLC 0.500 1/28/2033 MXN 35.720
Landesbank Hessen-Thuerin 6.100 12/4/2023 EUR 56.050
Raiffeisen Centrobank AG 8.000 3/3/2020 EUR 67.760
UBS AG/London 8.500 1/6/2020 EUR 41.450
Gazprombank JSC 0.010 3/30/2020 RUB 72.860
UniCredit Bank AG 4.400 12/17/2019 EUR 58.570
Natixis SA 3.690 11/9/2020 USD 75.048
Raiffeisen Centrobank AG 10.000 5/11/2020 EUR 59.140
Landesbank Hessen-Thuerin 6.000 12/1/2022 EUR 60.320
Landesbank Hessen-Thuerin 3.500 9/8/2022 EUR 62.900
Landesbank Hessen-Thuerin 3.350 8/6/2021 EUR 72.800
Natixis SA 2.750 3/1/2021 USD 71.510
Federal Grid Co Unified E 9.350 10/17/2051 RUB 70.010
Northland Resources AB 15.000 7/15/2019 USD 2.621
Grupo Isolux Corsan SA 0.250 12/30/2021 USD 0.204
Lehman Brothers Treasury 1.900 11/2/2035 EUR 3.400
Lehman Brothers Treasury 11.000 6/29/2009 EUR 2.571
Lehman Brothers Treasury 5.103 6/22/2046 EUR 2.571
Kaupthing ehf 6.125 10/4/2016 USD 0.250
LBI ehf 7.431 USD 0.001
Landesbank Hessen-Thuerin 5.200 10/22/2024 EUR 74.980
Leonteq Securities AG/Gue 9.400 12/27/2019 CHF 73.120
Transneft PJSC 9.650 6/30/2023 RUB 70.200
JP Morgan Structured Prod 9.500 7/27/2020 USD 50.000
VTB Bank PJSC 3.000 8/14/2043 RUB 100.050
SALVATOR Vermoegensverwal 9.500 EUR 15.500
Raiffeisen Schweiz Genoss 6.250 2/17/2020 CHF 65.290
City of Predeal Romania 3.500 5/15/2026 RON 60.000
Valaris plc 8.000 1/31/2024 USD 55.660
Irish Bank Resolution Cor 6.750 11/30/2013 BGN 46.000
Laurel GmbH 7.125 11/16/2017 EUR 7.750
Heta Asset Resolution AG 0.356 12/31/2023 EUR 1.581
Societe Generale SA 10.000 12/31/2019 USD 47.350
Landesbank Hessen-Thuerin 4.150 1/15/2020 EUR 67.000
SG Issuer SA 6.420 9/25/2020 CHF 74.950
UBS AG/London 8.000 2/21/2020 EUR 63.650
TransFin-M PAO 10.500 6/28/2027 RUB 70.000
VTB Bank PJSC 9.000 9/1/2044 RUB 62.000
Raiffeisen Schweiz Genoss 9.000 12/18/2019 CHF 46.730
Commerzbank AG 2.450 3/9/2020 EUR 58.100
VTB Bank PJSC 3.000 12/6/2044 RUB 62.000
VTB Bank PJSC 9.000 12/6/2044 RUB 62.000
Podkarpacki Bank Spoldzie 5.790 2/23/2025 PLN 35.500
VTB Bank PJSC 3.000 11/26/2043 RUB 100.000
UBS AG/London 10.000 3/9/2020 CHF 59.150
Astana Finance BV 7.875 6/8/2010 EUR 16.000
Lehman Brothers Treasury 5.250 4/1/2023 EUR 2.571
Mriya Agro Holding PLC 9.450 4/19/2018 USD 6.889
Lehman Brothers Treasury 10.000 6/11/2038 JPY 2.571
Lehman Brothers Treasury 10.000 6/17/2009 USD 2.571
Deutsche Bank AG/London 2.000 10/25/2023 TRY 64.574
Deutsche Bank AG/London 0.500 10/18/2038 MXN 21.545
Agrokor dd 9.875 5/1/2019 EUR 20.420
OOO SPV Structural Invest 0.010 9/1/2023 RUB 66.740
Astana Finance BV 9.000 11/16/2011 USD 15.153
Kaupthing ehf 6.125 10/4/2016 USD 0.250
Samaratransneft-Terminal 17.000 6/20/2021 RUB 11.100
Natixis SA 3.100 7/26/2021 USD 79.207
Landesbank Baden-Wuerttem 5.000 4/24/2020 EUR 60.360
Commerzbank AG 6.000 6/6/2022 USD 5.930
Commerzbank AG 2.800 12/30/2019 USD 55.600
Commerzbank AG 2.540 4/15/2020 EUR 71.260
EFG International Finance 7.000 5/23/2022 EUR 71.840
Derzhava-platforma OOO 12.000 5/18/2023 RUB 60.060
Societe Generale SA 8.000 5/28/2027 USD 39.700
getBACK SA 5.700 2/16/2021 PLN
Commerzbank AG 3.200 4/6/2020 USD 70.050
Societe Generale SA 11.500 11/30/2020 USD 66.050
Rosselkhozbank JSC 15.000 1/29/2025 RUB 70.640
Credit Suisse AG/Nassau 7.000 1/13/2021 CHF 66.780
WEB Windenergie AG 2.750 12/17/2020 EUR 55.010
Espirito Santo Financial 5.050 11/15/2025 EUR 0.353
Credit Suisse AG/London 3.000 11/15/2025 ZAR 73.114
Aralco Finance SA 10.125 5/7/2020 USD 1.324
Lehman Brothers Treasury 11.000 12/20/2017 AUD 2.571
Intelsat SA 4.500 6/15/2025 USD 60.535
KPNQwest NV 7.125 6/1/2009 EUR 0.634
Banca Popolare di Vicenza 9.500 10/2/2025 EUR 0.106
SAir Group 2.750 7/30/2004 CHF 9.875
Hellas Telecommunications 6.054 1/15/2015 USD 0.017
Barclays Bank PLC 2.000 6/12/2029 TRY 43.408
Landesbank Baden-Wuerttem 4.000 4/24/2020 EUR 70.530
Credit Suisse AG/London 5.000 6/23/2020 EUR 47.160
DekaBank Deutsche Girozen 4.810 6/30/2020 EUR 65.880
UniCredit Bank AG 6.600 7/20/2028 EUR 35.940
Centralnaya Prigorodnaya 7.550 12/15/2027 RUB 70.000
Bank Julius Baer & Co Ltd 6.650 12/27/2019 CHF 72.150
Leonteq Securities AG 11.350 12/27/2019 CHF 50.910
Credit Suisse AG/London 8.000 12/23/2019 USD 64.840
EFG International Finance 7.200 10/26/2020 EUR 60.570
Finans-Avia OOO 0.010 7/31/2027 RUB 3.670
VTB Bank PJSC 9.000 9/15/2044 RUB 62.000
UBS AG/London 10.250 3/23/2020 EUR 46.800
EFG International Finance 8.000 1/29/2020 USD 49.370
UBS AG/London 11.500 3/9/2020 CHF 57.000
Northland Resources AB 15.000 7/15/2019 USD 2.621
Kreditanstalt fuer Wieder 0.250 10/6/2036 CAD 46.358
WPE International Coopera 10.375 9/30/2020 USD 0.624
Kaupthing ehf 3.750 2/1/2045 USD 0.100
Lehman Brothers Treasury 11.750 3/1/2010 EUR 2.571
Tonon Luxembourg SA 12.500 5/14/2024 USD 1.203
Lehman Brothers Treasury 7.000 4/24/2009 USD 2.571
Leonteq Securities AG 13.200 1/8/2020 CHF 59.250
Raiffeisen Schweiz Genoss 7.300 3/5/2020 CHF 65.780
Macquarie Internationale 11.550 8/28/2023 ZAR 14.918
Erste Group Bank AG 8.000 9/28/2023 EUR 62.600
SG Issuer SA 0.800 10/21/2020 SEK 40.460
Vonetize Plc 6.000 8/1/2022 ILS 65.700
Natixis SA 3.150 6/8/2021 USD 61.475
Natixis SA 2.100 6/8/2021 EUR 61.728
UniCredit Bank AG 4.600 10/8/2022 EUR 63.400
Vontobel Financial Produc 12.000 6/29/2020 EUR 71.570
TransFin-M PAO 9.000 2/6/2026 RUB 70.000
Fast Finance SA 10.500 1/15/2021 PLN 28.000
SG Issuer SA 6.650 10/10/2021 EUR 71.560
Metalloinvest Holding Co 0.010 3/7/2022 RUB 65.010
Metalloinvest Holding Co 0.010 3/10/2022 RUB 66.510
Raiffeisen Centrobank AG 6.000 7/21/2020 EUR 59.250
Leonteq Securities AG/Gue 10.200 6/3/2020 USD 65.540
Landesbank Hessen-Thuerin 3.150 5/11/2022 EUR 69.520
Podkarpacki Bank Spoldzie 5.790 10/24/2024 PLN 41.500
AKB Derzhava OJSC 8.000 7/10/2023 RUB 73.800
Landesbank Baden-Wuerttem 6.500 7/24/2020 EUR 70.010
Archer Finance OOO 9.250 3/29/2022 RUB
Kaupthing ehf 3.750 2/15/2024 ISK 0.250
ECM Real Estate Investmen 5.000 10/9/2011 EUR 15.375
Kaupthing ehf 7.500 12/5/2014 ISK 0.250
Kaupthing ehf 6.500 10/8/2010 ISK 0.250
BNP Paribas SA 0.500 11/16/2032 MXN 36.348
AKB Peresvet ZAO 13.000 10/7/2017 RUB 18.250
SG Issuer SA 3.300 9/26/2034 ZAR 44.738
IT Holding Finance SA 9.875 11/15/2012 EUR 0.202
Kaupthing ehf 4.390 10/14/2008 CZK 0.250
Heta Asset Resolution AG 4.875 12/31/2023 EUR 1.620
Nota-Bank OJSC 13.500 4/1/2016 RUB 31.500
Norske Skog Holding AS 8.000 2/24/2023 USD 0.221
LBI ehf 8.650 5/1/2011 ISK 7.625
LBI ehf 5.080 3/1/2013 ISK 7.625
Kaupthing ehf 7.000 7/24/2009 ISK 0.250
Otkritie Holding JSC 12.420 7/20/2028 RUB 1.500
Heta Asset Resolution AG 0.281 12/31/2023 EUR 1.620
SAir Group 2.125 11/4/2004 CHF 9.875
Lehman Brothers Treasury 4.680 12/12/2045 EUR 2.571
Pescanova SA 6.750 3/5/2015 EUR 0.363
House of Fraser Funding P 6.550 9/15/2020 GBP 4.868
Kaupthing ehf 9.750 9/10/2015 USD 0.250
SAir Group 4.250 2/2/2007 CHF 9.875
Kaupthing ehf 4.730 12/19/2008 SKK 0.250
Delta Credit Bank JSC 10.290 11/24/2021 RUB 67.530
Kaupthing ehf 7.625 2/28/2015 USD 0.250
Lehman Brothers Treasury 12.400 6/12/2009 USD 2.571
Hellas Telecommunications 8.500 10/15/2013 EUR 0.444
Ideal Standard Internatio 11.750 5/1/2018 EUR 0.240
Kaupthing ehf 5.250 7/18/2017 BGN 0.250
Raiffeisen Schweiz Genoss 5.750 9/2/2020 CHF 49.570
UBS AG/London 9.500 2/28/2020 EUR 53.600
UBS AG/London 10.000 2/28/2020 EUR 51.300
Bayerische Landesbank 3.400 7/16/2021 EUR 54.390
Rosneft Oil Co PJSC 8.700 3/23/2029 RUB 63.130
Commerzbank AG 13.200 9/19/2023 SEK 73.290
Landesbank Hessen-Thuerin 8.900 10/6/2020 EUR 30.400
Bayerische Landesbank 2.400 12/20/2019 EUR 60.760
Landesbank Hessen-Thuerin 3.000 7/6/2021 EUR 64.200
Pongs & Zahn AG 8.500 EUR 0.016
Metalloinvest Holding Co 0.010 3/7/2022 RUB 65.000
EFG International Finance 7.200 7/29/2020 EUR 11.410
BNP Paribas Emissions- un 7.000 12/30/2019 EUR 71.620
Landesbank Hessen-Thuerin 7.800 12/15/2022 EUR 75.040
TransFin-M PAO 10.000 10/23/2024 RUB 70.000
TransFin-M PAO 10.000 10/14/2024 RUB 70.000
SG Issuer SA 5.500 4/10/2021 EUR 69.820
COFIDUR SA 0.100 12/31/2024 EUR 24.500
Credit Suisse AG/London 6.750 1/23/2020 EUR 69.000
Municipality Finance PLC 0.250 6/28/2040 CAD 36.363
AKB Peresvet ZAO 0.510 6/23/2021 RUB 17.710
Samaratransneft-Terminal 12.000 4/27/2022 RUB 25.000
Lehman Brothers Treasury 13.500 11/28/2008 USD 2.571
PSN Pm OOO 9.500 9/10/2026 RUB 21.625
Leonteq Securities AG/Gue 10.000 2/3/2020 USD 60.600
Raiffeisen Switzerland BV 5.600 11/2/2020 CHF 75.190
DZ Bank AG Deutsche Zentr 10.500 12/27/2019 EUR 65.990
EFG International Finance 6.400 6/22/2020 CHF 59.960
Credit Suisse AG/Nassau 8.000 12/18/2019 EUR 70.480
SecurAsset SA 5.250 6/30/2022 EUR 53.250
Landesbank Hessen-Thuerin 4.000 2/17/2021 EUR 40.370
SG Issuer SA 5.000 7/10/2020 EUR 12.500
Federal Grid Co Unified E 5.000 3/23/2050 RUB 65.430
Leonteq Securities AG/Gue 8.000 12/27/2019 CHF 68.730
DekaBank Deutsche Girozen 7.000 2/1/2021 EUR 65.100
Podkarpacki Bank Spoldzie 4.990 10/6/2021 PLN 60.890
Derzhava-Garant OOO 9.500 6/24/2020 RUB 60.000
Lehman Brothers Treasury 6.000 12/6/2016 USD 2.571
HSBC Bank PLC 0.500 11/25/2025 BRL 64.678
Otkritie Holding JSC 10.770 9/17/2027 RUB 0.580
SAir Group 6.250 4/12/2005 CHF 9.875
MIK OAO 15.000 2/19/2020 RUB 12.010
Lehman Brothers Treasury 0.500 8/1/2020 EUR 2.571
Lehman Brothers Treasury 7.500 2/14/2010 AUD 2.571
Lehman Brothers Treasury 8.000 5/22/2009 USD 2.571
SAir Group 2.750 7/30/2004 CHF 9.875
Lehman Brothers Treasury 5.100 5/8/2017 HKD 3.400
DZ Bank AG Deutsche Zentr 6.500 12/27/2019 EUR 57.950
DZ Bank AG Deutsche Zentr 5.500 12/27/2019 EUR 51.160
DZ Bank AG Deutsche Zentr 6.250 12/27/2019 EUR 71.520
Societe Generale Effekten 7.315 3/20/2020 EUR 37.030
Societe Generale Effekten 17.942 12/20/2019 EUR 57.050
Societe Generale Effekten 7.603 12/20/2019 EUR 62.090
Societe Generale Effekten 14.901 12/20/2019 EUR 60.710
UBS AG/London 9.000 4/3/2020 CHF 72.900
DZ Bank AG Deutsche Zentr 10.250 12/27/2019 EUR
DZ Bank AG Deutsche Zentr 4.500 12/27/2019 EUR 73.860
DZ Bank AG Deutsche Zentr 4.500 12/27/2019 EUR 56.940
DZ Bank AG Deutsche Zentr 5.250 12/27/2019 EUR 57.910
Societe Generale Effekten 15.205 12/20/2019 EUR 69.120
Societe Generale Effekten 6.690 12/20/2019 EUR 34.910
Societe Generale Effekten 8.778 3/20/2020 EUR 67.150
Landesbank Baden-Wuerttem 4.000 4/24/2020 EUR 37.000
Landesbank Baden-Wuerttem 4.000 4/24/2020 EUR 64.440
Landesbank Baden-Wuerttem 2.500 4/24/2020 EUR 76.200
Landesbank Baden-Wuerttem 2.500 4/24/2020 EUR 40.420
Landesbank Baden-Wuerttem 9.000 4/24/2020 EUR 73.410
Landesbank Baden-Wuerttem 4.500 5/22/2020 EUR 69.990
Landesbank Baden-Wuerttem 6.000 5/22/2020 EUR 65.890
Landesbank Baden-Wuerttem 2.000 4/24/2020 EUR 73.600
Landesbank Baden-Wuerttem 5.000 4/24/2020 EUR 63.380
Societe Generale Effekten 12.468 12/20/2019 EUR 71.650
Societe Generale Effekten 5.778 12/20/2019 EUR 73.790
Societe Generale Effekten 9.732 12/20/2019 EUR 66.580
Societe Generale Effekten 28.586 12/20/2019 EUR 52.080
Landesbank Baden-Wuerttem 5.000 4/24/2020 EUR 72.700
Landesbank Baden-Wuerttem 3.000 4/24/2020 EUR 60.380
Landesbank Baden-Wuerttem 2.000 4/24/2020 EUR 72.310
Landesbank Baden-Wuerttem 5.000 4/24/2020 EUR 69.370
Landesbank Baden-Wuerttem 5.500 4/24/2020 EUR 66.890
Landesbank Baden-Wuerttem 6.500 4/24/2020 EUR 70.940
Landesbank Baden-Wuerttem 3.500 4/24/2020 EUR 67.690
Landesbank Baden-Wuerttem 6.000 4/24/2020 EUR 65.610
UBS AG/London 4.300 6/25/2020 EUR 71.970
UBS AG/London 3.900 1/2/2020 EUR 73.780
UBS AG/London 7.200 1/2/2020 EUR 65.110
UBS AG/London 10.700 1/2/2020 EUR 69.410
UBS AG/London 5.800 6/25/2020 EUR 67.450
UBS AG/London 12.700 1/2/2020 EUR 69.030
UBS AG/London 13.600 1/2/2020 EUR 55.730
Raiffeisen Schweiz Genoss 7.400 4/1/2020 CHF 73.980
Raiffeisen Schweiz Genoss 5.800 9/28/2021 CHF 64.430
Raiffeisen Schweiz Genoss 7.200 9/28/2020 EUR 63.240
Landesbank Baden-Wuerttem 7.000 7/24/2020 EUR 68.110
Vontobel Financial Produc 12.000 3/13/2020 EUR 56.120
Vontobel Financial Produc 11.000 3/13/2020 EUR 66.880
Vontobel Financial Produc 6.500 3/13/2020 EUR 72.950
Vontobel Financial Produc 9.500 3/13/2020 EUR 67.230
Vontobel Financial Produc 15.500 3/27/2020 EUR 72.910
Vontobel Financial Produc 18.000 3/13/2020 EUR 69.250
Vontobel Financial Produc 10.500 3/13/2020 EUR 65.540
Vontobel Financial Produc 17.500 1/3/2020 EUR 69.750
Vontobel Financial Produc 15.500 1/3/2020 EUR 67.710
Vontobel Financial Produc 11.000 1/3/2020 EUR 65.990
Vontobel Financial Produc 5.500 1/3/2020 EUR 53.800
Vontobel Financial Produc 12.500 1/3/2020 EUR 59.350
Vontobel Financial Produc 9.000 1/3/2020 EUR 64.550
Vontobel Financial Produc 4.000 1/3/2020 EUR 70.790
Vontobel Financial Produc 3.500 1/3/2020 EUR 73.120
Vontobel Financial Produc 6.500 1/3/2020 EUR 64.670
Vontobel Financial Produc 8.500 1/3/2020 EUR 61.180
Vontobel Financial Produc 9.000 1/3/2020 EUR 46.280
Vontobel Financial Produc 10.500 1/3/2020 EUR 58.060
Vontobel Financial Produc 12.500 1/3/2020 EUR 55.270
Vontobel Financial Produc 7.500 1/3/2020 EUR 65.610
Vontobel Financial Produc 11.000 1/3/2020 EUR 58.330
Vontobel Financial Produc 8.000 1/3/2020 EUR 62.340
Vontobel Financial Produc 15.000 1/3/2020 EUR 75.050
HSBC Trinkaus & Burkhardt 10.000 6/26/2020 EUR 69.390
HSBC Trinkaus & Burkhardt 8.000 9/25/2020 EUR 72.790
HSBC Trinkaus & Burkhardt 9.000 2/28/2020 EUR 71.350
Vontobel Financial Produc 10.500 12/31/2019 EUR 50.000
Vontobel Financial Produc 11.000 12/31/2019 EUR 50.020
HSBC Trinkaus & Burkhardt 15.000 12/27/2019 EUR 31.990
HSBC Trinkaus & Burkhardt 7.900 3/27/2020 EUR 38.540
HSBC Trinkaus & Burkhardt 12.600 6/26/2020 EUR 37.100
HSBC Trinkaus & Burkhardt 9.100 2/28/2020 EUR 37.130
DZ Bank AG Deutsche Zentr 8.250 12/27/2019 EUR 31.780
HSBC Trinkaus & Burkhardt 6.100 12/27/2019 EUR 60.470
HSBC Trinkaus & Burkhardt 2.400 12/27/2019 EUR 66.520
Goldman Sachs & Co Wertpa 12.000 6/24/2020 EUR 54.970
Goldman Sachs & Co Wertpa 13.000 6/24/2020 EUR 58.200
Goldman Sachs & Co Wertpa 6.000 12/27/2019 EUR 73.770
Goldman Sachs & Co Wertpa 7.000 12/27/2019 EUR 69.770
Goldman Sachs & Co Wertpa 14.000 12/27/2019 EUR 60.340
Goldman Sachs & Co Wertpa 16.000 12/27/2019 EUR 53.770
Goldman Sachs & Co Wertpa 10.000 12/27/2019 EUR
Goldman Sachs & Co Wertpa 5.000 3/25/2020 EUR 67.860
Goldman Sachs & Co Wertpa 6.000 3/25/2020 EUR 64.640
Goldman Sachs & Co Wertpa 7.000 3/25/2020 EUR 61.770
Goldman Sachs & Co Wertpa 10.000 3/25/2020 EUR 57.150
Goldman Sachs & Co Wertpa 4.000 6/24/2020 EUR 70.660
Goldman Sachs & Co Wertpa 4.000 6/24/2020 EUR 74.800
Goldman Sachs & Co Wertpa 6.000 6/24/2020 EUR 64.580
Goldman Sachs & Co Wertpa 6.000 3/25/2020 EUR 67.990
Goldman Sachs & Co Wertpa 9.000 3/25/2020 EUR 61.880
Goldman Sachs & Co Wertpa 5.000 6/24/2020 EUR 72.610
Goldman Sachs & Co Wertpa 7.000 6/24/2020 EUR 66.250
Goldman Sachs & Co Wertpa 8.000 6/24/2020 EUR 63.560
Goldman Sachs & Co Wertpa 10.000 6/24/2020 EUR 61.700
Goldman Sachs & Co Wertpa 4.000 12/27/2019 EUR 70.270
Goldman Sachs & Co Wertpa 7.000 12/27/2019 EUR 63.100
Goldman Sachs & Co Wertpa 8.000 12/27/2019 EUR 60.030
Leonteq Securities AG/Gue 11.000 1/30/2020 USD 55.250
UniCredit Bank AG 3.700 9/14/2022 EUR 65.390
Societe Generale Effekten 6.325 12/20/2019 EUR 68.200
Societe Generale Effekten 12.982 12/20/2019 EUR 55.830
BNP Paribas Emissions- un 9.000 12/30/2019 EUR 71.040
BNP Paribas Emissions- un 9.500 12/30/2019 EUR 75.270
BNP Paribas Emissions- un 11.000 12/30/2019 EUR 51.670
BNP Paribas Emissions- un 8.000 12/30/2019 EUR 63.220
BNP Paribas Emissions- un 9.000 12/30/2019 EUR 70.090
BNP Paribas Emissions- un 12.000 12/30/2019 EUR 58.800
BNP Paribas Emissions- un 9.000 12/30/2019 EUR 55.190
Raiffeisen Centrobank AG 8.454 12/27/2019 EUR 73.340
Raiffeisen Centrobank AG 13.033 12/27/2019 EUR 71.450
Landesbank Baden-Wuerttem 4.500 1/24/2020 EUR 59.750
Landesbank Baden-Wuerttem 7.000 1/24/2020 EUR 66.560
Landesbank Baden-Wuerttem 3.500 1/24/2020 EUR 68.520
Landesbank Baden-Wuerttem 2.500 1/24/2020 EUR 68.240
Landesbank Baden-Wuerttem 3.500 1/24/2020 EUR 64.270
Landesbank Baden-Wuerttem 5.500 1/24/2020 EUR 58.520
Landesbank Baden-Wuerttem 4.500 1/24/2020 EUR 74.410
Landesbank Baden-Wuerttem 7.000 1/24/2020 EUR 71.640
Landesbank Baden-Wuerttem 2.500 1/24/2020 EUR 59.660
Landesbank Baden-Wuerttem 2.500 1/24/2020 EUR 62.140
Landesbank Baden-Wuerttem 4.500 1/24/2020 EUR 29.330
UBS AG/London 6.000 2/24/2020 CHF 66.350
Landesbank Baden-Wuerttem 2.500 2/28/2020 EUR 66.760
Landesbank Baden-Wuerttem 4.000 2/28/2020 EUR 60.170
UBS AG/London 9.000 8/24/2020 EUR 69.600
UBS AG/London 9.000 8/24/2020 CHF 67.800
UBS AG/London 11.000 8/24/2020 CHF 68.050
UBS AG/London 12.000 2/24/2020 USD 47.450
Landesbank Baden-Wuerttem 2.500 1/24/2020 EUR 63.930
Landesbank Baden-Wuerttem 4.500 1/24/2020 EUR 58.190
Vontobel Financial Produc 8.000 12/31/2019 EUR 67.760
Leonteq Securities AG/Gue 10.000 8/31/2020 EUR 74.450
DekaBank Deutsche Girozen 2.400 8/21/2020 EUR 55.560
DekaBank Deutsche Girozen 5.000 2/28/2020 EUR 54.960
Raiffeisen Schweiz Genoss 6.000 3/5/2020 CHF 65.520
Vontobel Financial Produc 10.000 12/31/2019 EUR 62.550
Vontobel Financial Produc 14.000 12/31/2019 EUR 51.320
UniCredit Bank AG 4.750 9/18/2020 EUR 63.370
Landesbank Hessen-Thuerin 3.500 9/28/2022 EUR 67.060
Raiffeisen Centrobank AG 9.755 3/24/2020 EUR 69.150
DZ Bank AG Deutsche Zentr 6.750 12/27/2019 EUR 62.070
DZ Bank AG Deutsche Zentr 5.000 12/27/2019 EUR 31.300
Raiffeisen Centrobank AG 6.620 3/24/2020 EUR 59.600
Raiffeisen Centrobank AG 5.359 3/24/2020 EUR 72.840
Raiffeisen Centrobank AG 6.935 3/24/2020 EUR 72.040
Raiffeisen Centrobank AG 8.511 3/24/2020 EUR 60.310
Banque Cantonale Vaudoise 6.300 9/7/2020 CHF 71.500
Bayerische Landesbank 3.400 10/2/2020 EUR 73.500
Bayerische Landesbank 3.250 10/2/2020 EUR 71.760
Landesbank Baden-Wuerttem 4.000 8/28/2020 EUR 70.430
Landesbank Baden-Wuerttem 7.000 8/28/2020 EUR 68.630
Landesbank Baden-Wuerttem 2.500 8/28/2020 EUR 72.640
Landesbank Baden-Wuerttem 4.000 8/28/2020 EUR 67.280
Landesbank Baden-Wuerttem 2.500 8/28/2020 EUR 66.640
Landesbank Baden-Wuerttem 4.000 8/28/2020 EUR 60.610
Landesbank Baden-Wuerttem 3.000 8/28/2020 EUR 39.320
Landesbank Baden-Wuerttem 5.000 8/28/2020 EUR 34.950
Landesbank Baden-Wuerttem 7.000 8/28/2020 EUR 74.740
Landesbank Baden-Wuerttem 4.000 8/28/2020 EUR 71.020
Landesbank Baden-Wuerttem 2.500 8/28/2020 EUR 67.630
Landesbank Baden-Wuerttem 3.500 8/28/2020 EUR 62.640
Landesbank Baden-Wuerttem 4.500 8/28/2020 EUR 60.800
Landesbank Baden-Wuerttem 6.000 8/28/2020 EUR 72.710
Landesbank Baden-Wuerttem 6.500 8/28/2020 EUR 68.160
Landesbank Baden-Wuerttem 2.500 8/28/2020 EUR 69.850
Landesbank Baden-Wuerttem 4.000 8/28/2020 EUR 63.070
Landesbank Baden-Wuerttem 3.000 8/28/2020 EUR 71.900
Landesbank Baden-Wuerttem 5.000 8/28/2020 EUR 65.550
Credit Suisse AG/London 4.590 2/28/2020 EUR 53.320
Landesbank Hessen-Thuerin 4.650 9/28/2023 EUR 64.960
Credit Suisse AG/London 4.360 2/28/2020 EUR 73.690
DekaBank Deutsche Girozen 7.250 4/1/2021 EUR 63.800
DekaBank Deutsche Girozen 7.700 3/26/2021 EUR 70.120
UBS AG/London 6.250 3/2/2020 CHF 65.950
UBS AG/London 10.000 8/31/2020 CHF 70.300
UBS AG/London 9.000 8/31/2020 CHF 65.700
UBS AG/London 10.500 8/31/2020 EUR 64.600
UBS AG/London 10.000 3/2/2020 EUR 55.000
Vontobel Financial Produc 4.300 9/25/2020 EUR 65.920
HSBC Trinkaus & Burkhardt 6.100 9/25/2020 EUR 62.980
HSBC Trinkaus & Burkhardt 12.600 3/27/2020 EUR 72.560
HSBC Trinkaus & Burkhardt 5.800 3/27/2020 EUR 63.090
HSBC Trinkaus & Burkhardt 6.100 6/26/2020 EUR 62.810
HSBC Trinkaus & Burkhardt 11.300 9/25/2020 EUR 54.830
HSBC Trinkaus & Burkhardt 6.800 6/26/2020 EUR 70.880
Landesbank Baden-Wuerttem 5.000 12/29/2020 EUR 49.190
Leonteq Securities AG 16.200 6/4/2020 EUR 71.670
Deutsche Bank AG 4.200 12/24/2019 EUR 74.500
Deutsche Bank AG 4.200 3/24/2020 EUR 73.500
HSBC Trinkaus & Burkhardt 2.000 3/27/2020 EUR 76.430
Vontobel Financial Produc 12.000 12/31/2019 EUR 67.760
Vontobel Financial Produc 12.000 12/31/2019 EUR 73.880
Vontobel Financial Produc 13.500 3/13/2020 EUR 67.480
Vontobel Financial Produc 9.500 3/13/2020 EUR 66.110
Vontobel Financial Produc 11.000 3/13/2020 EUR 70.850
UBS AG/London 8.000 4/3/2020 USD 60.700
UBS AG/London 7.500 9/28/2020 EUR 73.700
UBS AG/London 9.000 10/5/2020 EUR 61.200
Raiffeisen Schweiz Genoss 11.600 1/3/2020 CHF 70.570
Raiffeisen Schweiz Genoss 8.500 4/1/2020 CHF 62.780
UBS AG/London 9.100 1/2/2020 EUR 72.250
UBS AG/London 7.300 3/26/2020 EUR 66.810
Landesbank Baden-Wuerttem 5.000 7/24/2020 EUR 74.620
Landesbank Baden-Wuerttem 3.000 7/24/2020 EUR 46.330
Landesbank Baden-Wuerttem 5.000 7/24/2020 EUR 42.410
Vontobel Financial Produc 5.500 3/13/2020 EUR 65.150
Vontobel Financial Produc 7.500 3/13/2020 EUR 70.930
Vontobel Financial Produc 8.500 3/13/2020 EUR 69.030
Vontobel Financial Produc 14.000 1/3/2020 EUR 73.910
Vontobel Financial Produc 11.500 3/13/2020 EUR 63.950
Vontobel Financial Produc 9.000 3/13/2020 EUR 70.360
Leonteq Securities AG 10.200 1/8/2020 CHF 73.360
Vontobel Financial Produc 7.000 3/13/2020 EUR 63.520
Credit Suisse AG/London 7.000 1/6/2020 CHF 70.640
Vontobel Financial Produc 10.500 1/3/2020 EUR 75.870
Vontobel Financial Produc 6.500 1/3/2020 EUR 73.990
Vontobel Financial Produc 7.500 1/3/2020 EUR 67.540
Vontobel Financial Produc 10.500 1/3/2020 EUR 61.820
Vontobel Financial Produc 6.000 1/3/2020 EUR 66.600
Vontobel Financial Produc 5.000 1/3/2020 EUR 68.630
Vontobel Financial Produc 9.500 1/3/2020 EUR 59.570
Vontobel Financial Produc 7.500 1/3/2020 EUR 62.870
Vontobel Financial Produc 10.500 1/3/2020 EUR 44.260
Vontobel Financial Produc 6.500 1/3/2020 EUR 51.020
Vontobel Financial Produc 7.500 1/3/2020 EUR 48.520
Vontobel Financial Produc 11.500 1/3/2020 EUR 56.630
Vontobel Financial Produc 14.000 1/3/2020 EUR 55.000
Vontobel Financial Produc 11.500 1/3/2020 EUR 58.780
Vontobel Financial Produc 4.500 1/3/2020 EUR 74.390
Vontobel Financial Produc 3.500 1/3/2020 EUR 72.480
Vontobel Financial Produc 5.500 1/3/2020 EUR 67.000
HSBC Trinkaus & Burkhardt 10.000 6/26/2020 EUR 69.390
HSBC Trinkaus & Burkhardt 6.500 3/27/2020 EUR 66.190
Vontobel Financial Produc 6.500 12/31/2019 EUR 49.850
Vontobel Financial Produc 7.500 12/31/2019 EUR 49.890
Vontobel Financial Produc 9.000 12/31/2019 EUR 49.940
Goldman Sachs & Co Wertpa 8.000 6/24/2020 EUR 63.450
HSBC Trinkaus & Burkhardt 13.100 3/27/2020 EUR 34.650
DZ Bank AG Deutsche Zentr 10.000 12/27/2019 EUR 75.680
DZ Bank AG Deutsche Zentr 7.500 12/27/2019 EUR 57.070
HSBC Trinkaus & Burkhardt 5.500 12/27/2019 EUR 68.480
DZ Bank AG Deutsche Zentr 10.750 12/27/2019 EUR 39.310
UBS AG/London 10.000 2/6/2020 EUR 57.250
Leonteq Securities AG/Gue 14.000 1/15/2020 USD 34.900
Vontobel Financial Produc 9.000 3/27/2020 EUR 51.200
Bank Julius Baer & Co Ltd 10.700 1/10/2020 CHF 76.050
Investtorgstroi OOO 12.000 9/20/2028 RUB 60.060
UBS AG/London 11.300 1/2/2020 EUR 61.330
UBS AG/London 21.900 1/2/2020 EUR 63.020
UBS AG/London 25.000 1/2/2020 EUR 70.140
UBS AG/London 14.300 1/2/2020 EUR 75.730
UBS AG/London 25.200 1/2/2020 EUR 60.120
UBS AG/London 13.000 3/26/2020 EUR 65.980
UBS AG/London 13.400 1/2/2020 EUR 58.200
UBS AG/London 11.090 4/8/2020 USD 4.818
DZ Bank AG Deutsche Zentr 8.400 3/23/2020 EUR 70.810
HSBC Trinkaus & Burkhardt 8.800 9/25/2020 EUR 72.770
HSBC Trinkaus & Burkhardt 8.000 9/25/2020 EUR 74.040
HSBC Trinkaus & Burkhardt 10.200 9/25/2020 EUR 56.040
HSBC Trinkaus & Burkhardt 8.100 9/25/2020 EUR 59.070
HSBC Trinkaus & Burkhardt 9.500 7/24/2020 EUR 56.710
HSBC Trinkaus & Burkhardt 9.800 6/26/2020 EUR 77.520
HSBC Trinkaus & Burkhardt 8.500 3/27/2020 EUR 57.620
HSBC Trinkaus & Burkhardt 8.400 6/26/2020 EUR 58.260
Landesbank Baden-Wuerttem 3.000 12/29/2020 EUR 54.050
Deutsche Bank AG 4.200 6/23/2020 EUR 72.400
Deutsche Bank AG 4.200 9/22/2020 EUR 72.800
Deutsche Bank AG 4.200 12/22/2020 EUR 73.200
Commerzbank AG 12.250 12/31/2019 EUR 69.940
Vontobel Financial Produc 10.000 3/27/2020 EUR 65.390
Vontobel Financial Produc 11.000 12/31/2019 EUR 67.730
DZ Bank AG Deutsche Zentr 5.750 3/25/2020 EUR 68.230
Leonteq Securities AG/Gue 10.600 1/15/2020 CHF 34.140
Vontobel Financial Produc 10.300 2/7/2020 EUR 70.150
UBS AG/London 11.500 1/2/2020 EUR 70.460
UBS AG/London 15.900 1/2/2020 EUR 63.510
UBS AG/London 8.700 1/2/2020 EUR 63.560
UBS AG/London 9.900 3/26/2020 EUR 71.860
UBS AG/London 9.400 1/2/2020 EUR 62.390
UBS AG/London 11.700 1/2/2020 EUR 75.490
UBS AG/London 20.900 1/2/2020 EUR 50.660
Raiffeisen Schweiz Genoss 6.400 4/8/2020 CHF 74.000
UBS AG/London 12.000 4/13/2020 USD 55.370
Vontobel Financial Produc 5.000 3/20/2020 EUR 69.660
Leonteq Securities AG/Gue 10.000 2/8/2021 USD 74.390
Vontobel Financial Produc 13.500 3/27/2020 EUR 75.670
Vontobel Financial Produc 15.500 1/3/2020 EUR 72.860
Vontobel Financial Produc 7.500 3/27/2020 EUR 55.880
Vontobel Financial Produc 7.500 1/3/2020 EUR 64.300
Vontobel Financial Produc 15.000 3/27/2020 EUR 57.420
Vontobel Financial Produc 10.500 3/27/2020 EUR 67.130
Vontobel Financial Produc 6.500 3/27/2020 EUR 74.360
Vontobel Financial Produc 12.500 3/27/2020 EUR 64.150
Vontobel Financial Produc 8.500 3/27/2020 EUR 70.510
Vontobel Financial Produc 6.500 1/3/2020 EUR 73.260
Vontobel Financial Produc 11.500 1/3/2020 EUR 64.890
Vontobel Financial Produc 9.000 1/3/2020 EUR 68.810
Vontobel Financial Produc 6.000 3/27/2020 EUR 58.550
Vontobel Financial Produc 14.000 1/3/2020 EUR 46.510
Vontobel Financial Produc 7.500 3/27/2020 EUR 65.900
Vontobel Financial Produc 9.000 1/3/2020 EUR 70.390
Vontobel Financial Produc 6.500 3/27/2020 EUR 74.050
Vontobel Financial Produc 13.000 3/27/2020 EUR 65.570
Vontobel Financial Produc 10.500 1/3/2020 EUR 68.270
Commerzbank AG 10.500 1/24/2020 EUR 66.750
UniCredit Bank AG 10.100 6/26/2020 EUR 71.420
UniCredit Bank AG 8.000 6/26/2020 EUR 73.170
UniCredit Bank AG 14.700 6/26/2020 EUR 68.660
UniCredit Bank AG 13.500 6/26/2020 EUR 75.840
UniCredit Bank AG 9.000 6/25/2021 EUR 73.730
UniCredit Bank AG 7.000 6/25/2021 EUR 75.440
UniCredit Bank AG 8.000 6/25/2021 EUR 74.520
UniCredit Bank AG 8.400 3/27/2020 EUR 75.490
HSBC Trinkaus & Burkhardt 0.750 4/22/2020 EUR 72.240
Vontobel Financial Produc 8.000 2/4/2020 EUR 71.810
Commerzbank AG 15.000 12/31/2019 EUR 66.170
Vontobel Financial Produc 6.500 3/27/2020 EUR 70.040
Vontobel Financial Produc 12.500 3/27/2020 EUR 57.280
Vontobel Financial Produc 14.500 1/3/2020 EUR 65.020
Vontobel Financial Produc 12.000 1/3/2020 EUR 68.940
Vontobel Financial Produc 9.000 3/27/2020 EUR 66.310
Vontobel Financial Produc 6.000 3/27/2020 EUR 72.360
Vontobel Financial Produc 8.500 1/3/2020 EUR 67.720
Vontobel Financial Produc 10.500 1/3/2020 EUR 64.440
Vontobel Financial Produc 12.500 1/3/2020 EUR 61.470
Vontobel Financial Produc 9.500 1/3/2020 EUR 73.390
Vontobel Financial Produc 10.000 3/27/2020 EUR 70.930
Vontobel Financial Produc 12.500 3/27/2020 EUR 67.680
Vontobel Financial Produc 15.000 1/3/2020 EUR 58.810
Societe Generale Effekten 7.647 12/20/2019 EUR 41.130
Societe Generale Effekten 11.986 6/19/2020 EUR 46.410
Societe Generale Effekten 14.041 6/19/2020 EUR 44.250
Societe Generale Effekten 18.572 12/20/2019 EUR 58.520
Societe Generale Effekten 19.890 3/20/2020 EUR 63.150
Societe Generale Effekten 10.925 12/20/2019 EUR 73.700
Societe Generale Effekten 16.168 12/20/2019 EUR 66.320
Societe Generale Effekten 11.799 12/20/2019 EUR 72.580
Societe Generale Effekten 21.194 12/20/2019 EUR 61.530
Societe Generale Effekten 15.295 12/20/2019 EUR 74.750
Societe Generale Effekten 7.429 12/20/2019 EUR 71.010
Societe Generale Effekten 10.269 12/20/2019 EUR 65.790
Societe Generale Effekten 14.421 12/20/2019 EUR 59.630
Societe Generale Effekten 11.766 3/20/2020 EUR 68.740
Societe Generale Effekten 15.968 3/20/2020 EUR 63.430
UBS AG/London 10.000 1/30/2020 EUR 61.350
Societe Generale Effekten 6.636 12/20/2019 EUR 71.280
Societe Generale Effekten 9.716 12/20/2019 EUR 65.340
Societe Generale Effekten 10.664 12/20/2019 EUR 64.380
Societe Generale Effekten 13.508 12/20/2019 EUR 60.580
Societe Generale Effekten 23.462 12/20/2019 EUR 51.740
Societe Generale Effekten 24.410 12/20/2019 EUR 50.980
Landesbank Baden-Wuerttem 4.500 3/26/2021 EUR 71.380
Vontobel Financial Produc 19.000 6/12/2020 EUR 75.700
Commerzbank AG 3.500 12/31/2019 EUR 66.390
Vontobel Financial Produc 21.000 1/3/2020 EUR 70.620
Vontobel Financial Produc 6.500 1/3/2020 EUR 54.550
Vontobel Financial Produc 15.500 3/27/2020 EUR 73.910
Vontobel Financial Produc 13.000 3/27/2020 EUR 61.680
Vontobel Financial Produc 9.500 3/27/2020 EUR 63.700
UBS AG/London 15.500 1/2/2020 EUR 69.930
UBS AG/London 5.900 1/2/2020 EUR 73.440
UBS AG/London 13.900 1/2/2020 EUR 61.470
UBS AG/London 9.100 6/25/2020 EUR 43.450
UBS AG/London 7.200 3/26/2020 EUR 46.790
UBS AG/London 9.700 1/2/2020 EUR 41.890
UBS AG/London 18.200 1/2/2020 EUR 68.210
UBS AG/London 9.300 1/2/2020 EUR 66.170
UBS AG/London 10.100 1/2/2020 EUR 64.900
UBS AG/London 9.100 3/26/2020 EUR 43.930
Vontobel Financial Produc 18.000 1/3/2020 EUR 70.920
Vontobel Financial Produc 24.000 1/3/2020 EUR 71.180
DZ Bank AG Deutsche Zentr 7.250 3/25/2020 EUR
DZ Bank AG Deutsche Zentr 8.250 3/25/2020 EUR 62.170
UBS AG/London 10.000 7/10/2020 EUR 74.800
UniCredit Bank AG 12.300 6/26/2020 EUR 67.440
UniCredit Bank AG 9.600 12/27/2021 EUR 73.600
UniCredit Bank AG 13.900 12/29/2020 EUR 64.730
UniCredit Bank AG 11.000 12/29/2020 EUR 70.080
Vontobel Financial Produc 10.500 1/3/2020 EUR 74.170
Vontobel Financial Produc 14.500 3/27/2020 EUR 69.470
Vontobel Financial Produc 14.500 3/27/2020 EUR 72.630
Vontobel Financial Produc 17.000 3/27/2020 EUR 69.630
Vontobel Financial Produc 16.500 1/3/2020 EUR 69.710
Vontobel Financial Produc 13.500 1/3/2020 EUR 73.890
Bank Julius Baer & Co Ltd 9.650 1/17/2020 USD 54.050
HSBC Trinkaus & Burkhardt 10.800 3/27/2020 EUR 67.270
HSBC Trinkaus & Burkhardt 10.200 6/26/2020 EUR 68.260
HSBC Trinkaus & Burkhardt 9.300 6/26/2020 EUR 69.600
HSBC Trinkaus & Burkhardt 8.200 2/28/2020 EUR 72.220
HSBC Trinkaus & Burkhardt 15.300 12/27/2019 EUR 33.970
HSBC Trinkaus & Burkhardt 13.500 3/27/2020 EUR 36.690
HSBC Trinkaus & Burkhardt 11.300 3/27/2020 EUR 38.280
HSBC Trinkaus & Burkhardt 13.000 6/26/2020 EUR 39.210
HSBC Trinkaus & Burkhardt 11.200 6/26/2020 EUR 40.410
HSBC Trinkaus & Burkhardt 9.500 2/28/2020 EUR 39.720
HSBC Trinkaus & Burkhardt 9.200 12/27/2019 EUR 64.740
HSBC Trinkaus & Burkhardt 6.900 3/27/2020 EUR 69.610
BNP Paribas Emissions- un 11.000 6/25/2020 EUR 73.380
BNP Paribas Emissions- un 15.000 3/26/2020 EUR 72.970
BNP Paribas Emissions- un 9.000 3/26/2020 EUR 66.500
BNP Paribas Emissions- un 9.000 3/26/2020 EUR 70.860
BNP Paribas Emissions- un 15.000 3/26/2020 EUR 61.830
BNP Paribas Emissions- un 9.000 6/25/2020 EUR 71.390
UBS AG/London 7.500 2/14/2020 EUR 73.100
Leonteq Securities AG/Gue 3.750 2/20/2023 CHF 63.380
Leonteq Securities AG/Gue 11.000 3/2/2020 CHF 41.370
Raiffeisen Schweiz Genoss 5.250 8/26/2020 CHF 74.700
Landesbank Hessen-Thuerin 4.000 9/22/2020 EUR 61.300
UniCredit Bank AG 4.500 3/12/2022 EUR 71.090
Raiffeisen Schweiz Genoss 10.300 2/19/2020 EUR 73.730
Landesbank Hessen-Thuerin 3.500 9/22/2020 EUR 76.700
DekaBank Deutsche Girozen 5.000 9/14/2020 EUR 75.130
DekaBank Deutsche Girozen 7.000 9/14/2020 EUR 67.310
UniCredit Bank AG 9.100 1/3/2020 EUR 54.490
UniCredit Bank AG 11.400 1/3/2020 EUR 45.830
UniCredit Bank AG 7.000 1/3/2020 EUR 64.620
UniCredit Bank AG 10.500 1/3/2020 EUR 64.830
UniCredit Bank AG 10.500 1/3/2020 EUR 74.120
UniCredit Bank AG 14.800 1/3/2020 EUR 40.740
UniCredit Bank AG 6.300 1/3/2020 EUR 57.180
UniCredit Bank AG 14.600 1/3/2020 EUR 51.770
UniCredit Bank AG 12.500 1/3/2020 EUR 21.080
UniCredit Bank AG 11.000 1/3/2020 EUR 45.510
UBS AG/London 7.500 2/21/2020 EUR 46.800
UBS AG/London 8.500 8/21/2020 EUR 57.400
EFG International Finance 6.400 3/8/2021 EUR 59.580
Leonteq Securities AG 7.400 3/2/2020 CHF 18.350
Leonteq Securities AG 7.200 3/2/2020 CHF 75.470
Leonteq Securities AG 10.000 3/2/2020 EUR 54.230
Raiffeisen Schweiz Genoss 7.400 3/2/2020 EUR 74.660
Raiffeisen Schweiz Genoss 7.000 3/2/2020 CHF 68.240
Landesbank Baden-Wuerttem 4.450 10/23/2020 EUR 73.070
DekaBank Deutsche Girozen 3.150 3/5/2021 EUR 68.740
DekaBank Deutsche Girozen 2.850 3/6/2020 EUR 74.740
Landesbank Baden-Wuerttem 3.000 2/28/2020 EUR 74.620
Landesbank Baden-Wuerttem 5.000 2/28/2020 EUR 65.930
Landesbank Baden-Wuerttem 7.000 2/28/2020 EUR 59.140
Landesbank Baden-Wuerttem 4.500 2/28/2020 EUR 75.440
Landesbank Baden-Wuerttem 2.000 2/28/2020 EUR 66.700
Landesbank Baden-Wuerttem 3.000 2/28/2020 EUR 63.210
Landesbank Baden-Wuerttem 4.000 2/28/2020 EUR 57.190
Landesbank Baden-Wuerttem 2.000 2/28/2020 EUR 62.630
Landesbank Baden-Wuerttem 3.000 2/28/2020 EUR 59.100
Landesbank Baden-Wuerttem 2.500 2/28/2020 EUR 56.740
Landesbank Baden-Wuerttem 3.500 2/28/2020 EUR 52.770
Landesbank Baden-Wuerttem 4.500 2/28/2020 EUR 51.110
Landesbank Baden-Wuerttem 5.500 2/28/2020 EUR 47.950
Landesbank Baden-Wuerttem 3.000 2/28/2020 EUR 53.260
Landesbank Baden-Wuerttem 4.500 2/28/2020 EUR 48.770
Landesbank Baden-Wuerttem 6.000 2/28/2020 EUR 45.080
Landesbank Baden-Wuerttem 2.500 2/28/2020 EUR 63.270
Landesbank Baden-Wuerttem 3.500 2/28/2020 EUR 60.330
Landesbank Baden-Wuerttem 4.500 2/28/2020 EUR 56.360
Landesbank Baden-Wuerttem 4.000 2/28/2020 EUR 68.210
Landesbank Baden-Wuerttem 5.500 2/28/2020 EUR 62.400
Landesbank Baden-Wuerttem 7.000 2/28/2020 EUR 57.590
Landesbank Baden-Wuerttem 4.500 2/28/2020 EUR 74.020
Landesbank Baden-Wuerttem 6.000 2/28/2020 EUR 68.510
Landesbank Baden-Wuerttem 2.500 2/28/2020 EUR 73.910
Landesbank Baden-Wuerttem 3.500 2/28/2020 EUR 68.370
Landesbank Baden-Wuerttem 4.500 2/28/2020 EUR 65.530
Landesbank Baden-Wuerttem 2.000 2/28/2020 EUR 63.550
Landesbank Baden-Wuerttem 3.500 2/28/2020 EUR 56.860
Landesbank Baden-Wuerttem 5.000 2/28/2020 EUR 51.570
Landesbank Baden-Wuerttem 2.500 2/28/2020 EUR 24.200
Landesbank Baden-Wuerttem 4.000 2/28/2020 EUR 22.120
UniCredit Bank AG 4.000 3/2/2020 EUR 42.930
Goldman Sachs & Co Wertpa 14.000 12/27/2019 EUR 70.800
Goldman Sachs & Co Wertpa 6.000 12/27/2019 EUR 73.570
UBS AG/London 10.500 2/28/2020 CHF 40.550
UBS AG/London 7.500 2/28/2020 EUR 74.050
Raiffeisen Schweiz Genoss 5.750 9/9/2020 CHF 50.910
DekaBank Deutsche Girozen 3.100 3/27/2020 EUR 73.950
Leonteq Securities AG/Gue 8.200 3/2/2020 CHF 19.800
DekaBank Deutsche Girozen 2.200 5/28/2021 EUR 64.350
DekaBank Deutsche Girozen 2.900 5/29/2020 EUR 53.880
UniCredit Bank AG 8.600 1/3/2020 EUR 45.420
UniCredit Bank AG 12.700 1/3/2020 EUR 50.170
UniCredit Bank AG 14.900 1/3/2020 EUR 46.270
UniCredit Bank AG 4.400 1/3/2020 EUR 66.230
UniCredit Bank AG 10.200 1/3/2020 EUR 65.220
UniCredit Bank AG 8.100 1/3/2020 EUR 70.400
UniCredit Bank AG 11.500 1/3/2020 EUR 65.590
UniCredit Bank AG 12.200 1/3/2020 EUR 71.750
UniCredit Bank AG 8.900 1/3/2020 EUR 58.410
UniCredit Bank AG 5.800 1/3/2020 EUR 18.770
UniCredit Bank AG 4.900 1/3/2020 EUR 56.680
UniCredit Bank AG 14.700 1/3/2020 EUR 72.730
UniCredit Bank AG 13.900 1/3/2020 EUR 40.410
UniCredit Bank AG 5.100 1/3/2020 EUR 75.840
UniCredit Bank AG 14.200 1/3/2020 EUR 50.480
UniCredit Bank AG 11.200 1/3/2020 EUR 39.520
UniCredit Bank AG 8.300 1/3/2020 EUR 70.710
UniCredit Bank AG 14.800 1/3/2020 EUR 57.540
Leonteq Securities AG/Gue 7.500 2/6/2020 CHF 64.250
Leonteq Securities AG 3.800 2/15/2021 CHF 31.570
Credit Suisse AG/Nassau 5.500 2/17/2020 CHF 70.640
UBS AG/London 6.000 1/31/2020 CHF 60.850
UBS AG/London 5.250 1/31/2020 CHF 39.200
UBS AG/London 6.500 7/31/2020 CHF 69.950
UBS AG/London 6.750 7/31/2020 CHF 70.500
UBS AG/London 5.500 1/31/2020 EUR 66.400
UBS AG/London 7.500 7/31/2020 EUR 43.200
UBS AG/London 6.000 1/31/2020 EUR 72.600
UBS AG/London 6.500 1/31/2020 USD 50.100
EFG International Finance 7.800 2/15/2021 EUR 68.330
Raiffeisen Schweiz Genoss 5.250 2/9/2021 CHF 47.170
Raiffeisen Schweiz Genoss 7.000 2/12/2020 CHF 68.020
Vontobel Financial Produc 6.100 1/30/2020 EUR 70.680
DekaBank Deutsche Girozen 3.500 8/21/2020 EUR 73.330
Corner Banca SA 7.600 2/2/2021 CHF 66.680
DekaBank Deutsche Girozen 2.050 12/11/2020 EUR 61.050
DekaBank Deutsche Girozen 2.750 12/11/2020 EUR 53.280
DekaBank Deutsche Girozen 3.000 2/14/2020 EUR 67.880
DekaBank Deutsche Girozen 4.250 8/21/2020 EUR 70.390
DekaBank Deutsche Girozen 6.550 8/21/2020 EUR 64.720
Landesbank Hessen-Thuerin 3.500 3/9/2022 EUR 66.650
Landesbank Baden-Wuerttem 3.500 11/27/2020 EUR 74.210
Landesbank Baden-Wuerttem 2.600 11/27/2020 EUR 55.890
DekaBank Deutsche Girozen 2.050 2/14/2020 EUR 57.460
UBS AG/London 6.250 2/7/2020 CHF 40.200
UBS AG/London 6.500 2/7/2020 CHF 61.700
UBS AG/London 8.250 2/7/2020 EUR 58.550
UBS AG/London 5.000 2/7/2020 CHF 75.450
UBS AG/London 8.000 2/7/2020 CHF 48.200
Raiffeisen Centrobank AG 5.286 12/27/2019 EUR 73.780
Raiffeisen Centrobank AG 5.815 12/27/2019 EUR 66.480
Raiffeisen Centrobank AG 6.344 12/27/2019 EUR 74.000
EFG International Finance 7.200 2/22/2021 CHF 27.720
Barclays Bank PLC 3.500 8/17/2020 USD 69.770
Raiffeisen Schweiz Genoss 6.900 2/19/2020 EUR 73.520
Raiffeisen Schweiz Genoss 7.200 2/19/2020 CHF 71.610
Leonteq Securities AG/Gue 2.300 2/8/2023 CHF 59.240
UniCredit Bank AG 6.400 3/5/2021 EUR 54.150
UniCredit Bank AG 5.350 3/5/2021 EUR 65.790
DekaBank Deutsche Girozen 3.700 3/6/2020 EUR 54.910
Landesbank Hessen-Thuerin 5.550 3/16/2023 EUR 64.820
UBS AG/London 6.500 2/14/2020 USD 56.450
DZ Bank AG Deutsche Zentr 4.750 6/24/2020 EUR
DZ Bank AG Deutsche Zentr 8.250 6/24/2020 EUR
DZ Bank AG Deutsche Zentr 4.500 9/23/2020 EUR
DZ Bank AG Deutsche Zentr 6.500 9/23/2020 EUR
DZ Bank AG Deutsche Zentr 4.750 3/25/2020 EUR
UniCredit Bank AG 10.100 6/25/2021 EUR 73.220
UniCredit Bank AG 8.600 12/24/2021 EUR 74.660
UniCredit Bank AG 13.600 3/27/2020 EUR 70.420
UniCredit Bank AG 10.800 3/27/2020 EUR 72.760
UniCredit Bank AG 7.700 12/24/2021 EUR 74.940
Commerzbank AG 21.500 1/24/2020 EUR 71.440
Commerzbank AG 11.500 6/26/2020 EUR 74.010
DekaBank Deutsche Girozen 3.700 10/2/2020 EUR 66.870
Leonteq Securities AG 10.200 12/27/2019 CHF 66.730
Leonteq Securities AG/Gue 10.600 12/27/2019 EUR 71.330
Raiffeisen Schweiz Genoss 8.500 12/27/2019 CHF 66.360
Credit Suisse AG/London 7.500 12/30/2019 CHF 70.150
UniCredit Bank AG 4.200 7/26/2022 EUR 67.860
Vontobel Financial Produc 4.450 12/31/2019 EUR 74.080
UniCredit Bank AG 8.900 12/29/2020 EUR 57.800
UniCredit Bank AG 7.900 12/29/2020 EUR 72.110
UniCredit Bank AG 6.800 12/29/2020 EUR 58.800
UniCredit Bank AG 7.400 12/29/2020 EUR 57.880
UniCredit Bank AG 6.700 12/29/2020 EUR 72.140
UniCredit Bank AG 9.100 12/29/2020 EUR 54.170
UniCredit Bank AG 8.300 12/29/2020 EUR 67.290
UniCredit Bank AG 6.000 12/29/2020 EUR 58.960
UniCredit Bank AG 8.400 12/29/2020 EUR 53.500
UniCredit Bank AG 9.200 12/29/2020 EUR 52.580
UniCredit Bank AG 6.700 12/29/2020 EUR 53.950
UniCredit Bank AG 8.500 12/29/2020 EUR 57.130
UniCredit Bank AG 10.100 12/29/2020 EUR 54.490
UniCredit Bank AG 6.800 12/29/2020 EUR 56.730
UniCredit Bank AG 7.400 12/29/2020 EUR 55.070
UniCredit Bank AG 6.100 12/29/2020 EUR 58.910
UniCredit Bank AG 6.800 12/29/2020 EUR 57.480
UniCredit Bank AG 6.600 12/29/2020 EUR 62.380
UniCredit Bank AG 9.300 12/29/2020 EUR 58.310
UniCredit Bank AG 9.400 12/29/2020 EUR 68.750
UniCredit Bank AG 7.200 12/29/2020 EUR 72.300
UniCredit Bank AG 14.800 12/29/2020 EUR 32.240
UniCredit Bank AG 6.500 12/29/2020 EUR 57.850
UniCredit Bank AG 12.200 12/29/2020 EUR 34.440
UniCredit Bank AG 9.300 12/29/2020 EUR 53.360
UniCredit Bank AG 6.900 12/29/2020 EUR 68.270
UniCredit Bank AG 10.600 12/29/2020 EUR 68.240
UniCredit Bank AG 11.200 12/29/2020 EUR 67.070
UniCredit Bank AG 6.200 12/29/2020 EUR 70.190
UniCredit Bank AG 8.300 12/29/2020 EUR 71.130
UniCredit Bank AG 10.100 12/29/2020 EUR 56.380
UniCredit Bank AG 10.700 12/29/2020 EUR 68.990
UniCredit Bank AG 9.200 12/29/2020 EUR 72.420
UniCredit Bank AG 7.300 12/29/2020 EUR 74.370
UniCredit Bank AG 8.200 12/29/2020 EUR 68.560
UniCredit Bank AG 7.900 12/29/2020 EUR 54.970
UniCredit Bank AG 8.900 12/29/2020 EUR 52.750
UniCredit Bank AG 7.500 12/29/2020 EUR 70.100
UniCredit Bank AG 8.400 12/29/2020 EUR 74.430
UniCredit Bank AG 9.500 12/29/2020 EUR 71.980
UniCredit Bank AG 6.600 12/29/2020 EUR 60.130
UniCredit Bank AG 6.500 12/29/2020 EUR 64.470
UniCredit Bank AG 7.200 12/29/2020 EUR 28.180
UniCredit Bank AG 8.100 12/29/2020 EUR 57.650
UniCredit Bank AG 7.300 12/29/2020 EUR 62.930
UniCredit Bank AG 8.700 12/29/2020 EUR 73.390
UniCredit Bank AG 6.500 12/29/2020 EUR 28.270
UniCredit Bank AG 10.700 12/29/2020 EUR 59.950
UniCredit Bank AG 9.100 12/29/2020 EUR 62.910
UniCredit Bank AG 7.000 12/29/2020 EUR 60.360
UniCredit Bank AG 10.900 12/29/2020 EUR 64.190
UniCredit Bank AG 9.700 12/29/2020 EUR 66.470
UniCredit Bank AG 12.000 12/29/2020 EUR 60.760
UniCredit Bank AG 8.300 12/29/2020 EUR 58.310
UniCredit Bank AG 7.200 12/29/2020 EUR 70.960
UniCredit Bank AG 9.000 12/29/2020 EUR 57.780
UniCredit Bank AG 7.900 12/29/2020 EUR 59.570
UniCredit Bank AG 5.700 1/3/2020 EUR 61.360
UniCredit Bank AG 6.100 1/3/2020 EUR 74.550
UniCredit Bank AG 13.800 1/3/2020 EUR 23.700
UBS AG/London 11.000 9/7/2020 EUR 70.600
UBS AG/London 9.000 9/7/2020 EUR 72.300
Vontobel Financial Produc 7.500 3/27/2020 EUR 66.160
Vontobel Financial Produc 12.000 1/3/2020 EUR 57.250
Vontobel Financial Produc 9.000 3/27/2020 EUR 62.800
Vontobel Financial Produc 11.000 1/3/2020 EUR 71.100
Vontobel Financial Produc 13.000 1/3/2020 EUR 66.910
Vontobel Financial Produc 12.500 3/27/2020 EUR 75.730
HSBC Trinkaus & Burkhardt 7.000 12/27/2019 EUR 71.260
HSBC Trinkaus & Burkhardt 5.400 6/26/2020 EUR 56.220
HSBC Trinkaus & Burkhardt 7.300 12/27/2019 EUR 70.600
HSBC Trinkaus & Burkhardt 7.400 12/27/2019 EUR 62.420
UBS AG/London 13.000 1/21/2020 USD 74.450
UBS AG/London 9.000 7/20/2020 CHF 65.850
UBS AG/London 6.000 7/20/2020 CHF 63.000
UBS AG/London 6.500 7/20/2020 EUR 57.350
Natixis SA 3.450 7/26/2021 RUB 80.899
Leonteq Securities AG/Gue 6.200 7/27/2021 CHF 63.490
UniCredit Bank AG 4.000 8/24/2021 EUR 69.350
Leonteq Securities AG 10.000 8/3/2020 CHF 32.020
Raiffeisen Schweiz Genoss 7.500 7/27/2020 CHF 61.910
Raiffeisen Schweiz Genoss 6.500 1/30/2020 CHF 61.120
Credit Suisse AG/Nassau 7.250 7/30/2020 EUR 75.930
Landesbank Baden-Wuerttem 4.150 10/22/2021 EUR 71.820
Leonteq Securities AG/Gue 10.000 7/27/2020 CHF 62.850
Leonteq Securities AG 7.200 2/2/2021 EUR 64.480
Raiffeisen Centrobank AG 8.687 12/27/2019 EUR 61.480
Raiffeisen Centrobank AG 7.992 12/27/2019 EUR 66.850
Raiffeisen Centrobank AG 6.255 12/27/2019 EUR 67.050
Raiffeisen Centrobank AG 6.950 12/27/2019 EUR 61.490
Deutsche Bank AG 4.200 12/27/2019 EUR 72.580
DekaBank Deutsche Girozen 4.000 8/21/2020 EUR 66.330
BNP Paribas Emissions- un 3.000 12/30/2019 EUR 73.850
Landesbank Baden-Wuerttem 2.300 8/27/2021 EUR 64.040
Deutsche Bank AG 4.200 12/24/2019 EUR 73.400
Deutsche Bank AG 4.200 12/24/2019 EUR 70.200
Deutsche Bank AG 4.200 12/24/2019 EUR 68.800
Deutsche Bank AG 4.200 12/24/2019 EUR 66.890
Deutsche Bank AG 4.200 12/24/2019 EUR 65.090
Deutsche Bank AG 4.200 12/24/2019 EUR 63.370
Deutsche Bank AG 4.200 12/24/2019 EUR 61.750
Deutsche Bank AG 4.200 12/24/2019 EUR 64.600
Deutsche Bank AG 4.200 12/24/2019 EUR 71.010
Deutsche Bank AG 9.000 12/24/2019 EUR
Deutsche Bank AG 9.000 12/24/2019 EUR 53.430
Deutsche Bank AG 4.200 12/24/2019 EUR
Deutsche Bank AG 4.200 12/24/2019 EUR
Deutsche Bank AG 4.200 12/24/2019 EUR
Deutsche Bank AG 4.200 12/24/2019 EUR
Deutsche Bank AG 9.000 12/24/2019 EUR 68.700
Deutsche Bank AG 9.000 12/24/2019 EUR 66.200
Deutsche Bank AG 9.000 12/24/2019 EUR 60.350
Deutsche Bank AG 9.000 12/24/2019 EUR 58.700
Deutsche Bank AG 9.000 12/24/2019 EUR 68.990
Deutsche Bank AG 4.200 12/24/2019 EUR 68.000
Deutsche Bank AG 4.200 12/24/2019 EUR
Deutsche Bank AG 4.200 12/24/2019 EUR 70.600
Leonteq Securities AG/Gue 5.600 8/6/2020 CHF 74.670
Raiffeisen Schweiz Genoss 6.300 2/3/2020 CHF 64.990
Raiffeisen Schweiz Genoss 5.800 8/3/2020 EUR 54.190
UBS AG/London 8.000 7/20/2020 CHF 62.400
UBS AG/London 9.000 7/20/2020 CHF 71.200
UBS AG/London 10.000 7/20/2020 EUR 68.650
UBS AG/London 9.750 7/20/2020 EUR 67.050
UBS AG/London 8.000 7/20/2020 EUR 56.900
Credit Suisse AG/Nassau 5.000 2/6/2020 CHF 60.690
DekaBank Deutsche Girozen 8.150 2/26/2021 EUR 66.730
Leonteq Securities AG/Gue 10.000 2/6/2020 CHF 74.190
Landesbank Hessen-Thuerin 2.750 8/31/2020 EUR 70.000
Leonteq Securities AG 6.200 8/6/2020 CHF 62.790
Leonteq Securities AG 7.000 8/3/2020 EUR 74.100
Goldman Sachs & Co Wertpa 14.000 12/27/2019 EUR 71.200
Goldman Sachs & Co Wertpa 16.000 12/27/2019 EUR 68.580
Goldman Sachs & Co Wertpa 14.000 3/25/2020 EUR 69.950
Goldman Sachs & Co Wertpa 13.000 6/24/2020 EUR 70.580
Goldman Sachs & Co Wertpa 12.000 6/24/2020 EUR 72.220
Goldman Sachs & Co Wertpa 10.000 12/27/2019 EUR 75.000
Goldman Sachs & Co Wertpa 14.000 12/27/2019 EUR 69.320
Goldman Sachs & Co Wertpa 12.000 3/25/2020 EUR 71.920
Leonteq Securities AG 7.800 1/30/2020 CHF 54.290
HSBC Trinkaus & Burkhardt 2.700 12/27/2019 EUR 65.390
HSBC Trinkaus & Burkhardt 3.300 12/27/2019 EUR 70.290
HSBC Trinkaus & Burkhardt 5.300 12/27/2019 EUR 57.870
Landesbank Hessen-Thuerin 1.950 9/3/2021 EUR 56.660
Goldman Sachs & Co Wertpa 9.000 12/27/2019 EUR 66.260
Goldman Sachs & Co Wertpa 15.000 12/27/2019 EUR 50.230
Goldman Sachs & Co Wertpa 4.000 3/25/2020 EUR 71.490
Goldman Sachs & Co Wertpa 13.000 3/25/2020 EUR 53.440
Goldman Sachs & Co Wertpa 5.000 6/24/2020 EUR 67.440
Goldman Sachs & Co Wertpa 7.000 6/24/2020 EUR 62.050
Goldman Sachs & Co Wertpa 10.000 6/24/2020 EUR 58.330
Goldman Sachs & Co Wertpa 5.000 3/25/2020 EUR 71.780
Goldman Sachs & Co Wertpa 8.000 3/25/2020 EUR 64.890
Goldman Sachs & Co Wertpa 15.000 3/25/2020 EUR 55.460
Goldman Sachs & Co Wertpa 6.000 6/24/2020 EUR 69.260
Goldman Sachs & Co Wertpa 3.000 12/27/2019 EUR 74.570
Goldman Sachs & Co Wertpa 5.000 12/27/2019 EUR 66.440
UniCredit Bank AG 5.000 9/14/2021 EUR 68.030
Societe Generale Effekten 15.533 6/19/2020 EUR 61.060
DekaBank Deutsche Girozen 5.500 2/26/2021 EUR 73.970
BNP Paribas Emissions- un 8.000 12/30/2019 EUR 27.520
BNP Paribas Emissions- un 9.000 12/30/2019 EUR 54.170
BNP Paribas Emissions- un 7.500 12/30/2019 EUR 64.910
BNP Paribas Emissions- un 10.000 12/30/2019 EUR 60.140
BNP Paribas Emissions- un 12.000 12/30/2019 EUR 62.020
BNP Paribas Emissions- un 14.000 12/30/2019 EUR 58.680
BNP Paribas Emissions- un 11.000 12/30/2019 EUR 64.480
BNP Paribas Emissions- un 11.000 12/30/2019 EUR 66.240
BNP Paribas Emissions- un 9.500 12/30/2019 EUR 53.840
BNP Paribas Emissions- un 10.000 12/30/2019 EUR 59.650
BNP Paribas Emissions- un 7.500 12/30/2019 EUR 58.030
BNP Paribas Emissions- un 12.000 12/30/2019 EUR 50.300
BNP Paribas Emissions- un 8.000 12/30/2019 EUR 74.010
SG Issuer SA 3.000 9/2/2021 EUR 63.680
Raiffeisen Centrobank AG 9.511 12/27/2019 EUR 71.770
Raiffeisen Centrobank AG 12.681 12/27/2019 EUR 73.470
Raiffeisen Centrobank AG 14.442 12/27/2019 EUR 73.440
Raiffeisen Centrobank AG 11.272 12/27/2019 EUR 74.260
Landesbank Baden-Wuerttem 2.500 1/24/2020 EUR 67.450
Landesbank Baden-Wuerttem 6.000 1/24/2020 EUR 72.170
Landesbank Baden-Wuerttem 2.500 1/24/2020 EUR 72.540
Landesbank Baden-Wuerttem 4.500 1/24/2020 EUR 65.900
Landesbank Baden-Wuerttem 4.500 1/24/2020 EUR 60.760
Landesbank Baden-Wuerttem 6.000 1/24/2020 EUR 71.460
Landesbank Baden-Wuerttem 3.500 1/24/2020 EUR 56.430
Landesbank Baden-Wuerttem 4.500 1/24/2020 EUR 53.590
Landesbank Baden-Wuerttem 3.000 1/24/2020 EUR 31.730
Landesbank Baden-Wuerttem 6.000 1/24/2020 EUR 27.320
Landesbank Baden-Wuerttem 5.500 1/24/2020 EUR 66.910
UBS AG/London 6.500 2/24/2020 CHF 53.400
Landesbank Baden-Wuerttem 5.500 2/28/2020 EUR 57.520
Landesbank Baden-Wuerttem 4.000 1/24/2020 EUR 68.420
UBS AG/London 10.000 8/24/2020 CHF 69.550
Landesbank Baden-Wuerttem 3.500 1/24/2020 EUR 73.840
UBS AG/London 7.500 8/24/2020 CHF 64.200
UBS AG/London 11.000 8/24/2020 CHF 70.850
Landesbank Baden-Wuerttem 3.500 1/24/2020 EUR 60.500
Raiffeisen Schweiz Genoss 7.200 2/24/2020 CHF 65.930
Vontobel Financial Produc 9.000 12/31/2019 EUR 54.480
Vontobel Financial Produc 7.000 12/31/2019 EUR 66.220
DZ Bank AG Deutsche Zentr 5.100 12/31/2019 EUR 29.710
UniCredit Bank AG 3.800 8/30/2023 EUR 67.770
Raiffeisen Schweiz Genoss 7.200 3/10/2020 CHF 68.490
Raiffeisen Schweiz Genoss 7.100 3/10/2020 CHF 68.620
Landesbank Hessen-Thuerin 5.200 1/8/2024 EUR 70.700
Raiffeisen Centrobank AG 5.500 10/9/2020 EUR 61.330
HSBC Trinkaus & Burkhardt 2.900 12/27/2019 EUR 75.920
HSBC Trinkaus & Burkhardt 8.700 12/27/2019 EUR 61.890
BNP Paribas Emissions- un 7.000 12/30/2019 EUR 70.030
UBS AG/London 10.000 9/7/2020 CHF 43.500
Raiffeisen Centrobank AG 8.342 3/24/2020 EUR 72.250
UBS AG/London 8.700 1/2/2020 EUR 67.500
UBS AG/London 6.300 1/2/2020 EUR 73.460
UBS AG/London 7.600 1/2/2020 EUR 73.720
UBS AG/London 6.900 1/2/2020 EUR 75.310
UBS AG/London 6.600 1/2/2020 EUR 70.300
UBS AG/London 3.000 1/2/2020 EUR 72.510
UBS AG/London 6.500 1/2/2020 EUR 71.850
UBS AG/London 6.700 3/26/2020 EUR 75.050
UBS AG/London 4.200 6/25/2020 EUR 65.600
Leonteq Securities AG 9.000 12/17/2019 CHF 73.450
Credit Suisse AG/Nassau 7.000 12/17/2019 CHF 70.160
Societe Generale Effekten 12.545 1/2/2020 EUR 69.370
Societe Generale Effekten 13.866 1/2/2020 EUR 68.120
Societe Generale Effekten 15.847 1/2/2020 EUR 67.220
Societe Generale Effekten 4.622 1/2/2020 EUR 72.100
Societe Generale Effekten 9.244 1/2/2020 EUR 62.020
Societe Generale Effekten 10.564 1/2/2020 EUR 76.410
Societe Generale Effekten 4.622 1/2/2020 EUR 73.400
Societe Generale Effekten 7.923 1/2/2020 EUR 65.450
DekaBank Deutsche Girozen 3.150 10/2/2020 EUR 68.430
BNP Paribas Emissions- un 10.000 12/30/2019 EUR 70.060
BNP Paribas Emissions- un 9.500 12/30/2019 EUR 72.800
BNP Paribas Emissions- un 10.000 12/30/2019 EUR 74.070
BNP Paribas Emissions- un 12.000 12/30/2019 EUR 69.820
BNP Paribas Emissions- un 10.000 12/30/2019 EUR 58.890
BNP Paribas Emissions- un 8.000 12/30/2019 EUR 65.730
BNP Paribas Emissions- un 10.000 12/30/2019 EUR 64.090
BNP Paribas Emissions- un 5.000 12/30/2019 EUR 66.040
BNP Paribas Emissions- un 11.000 12/30/2019 EUR 71.170
BNP Paribas Emissions- un 12.000 12/30/2019 EUR 63.860
BNP Paribas Emissions- un 8.500 12/30/2019 EUR 63.770
BNP Paribas Emissions- un 9.000 12/30/2019 EUR 61.930
BNP Paribas Emissions- un 13.000 12/30/2019 EUR 60.010
Societe Generale Effekten 5.745 12/20/2019 EUR 68.510
Societe Generale Effekten 7.341 12/20/2019 EUR 64.510
Societe Generale Effekten 9.140 3/20/2020 EUR 67.470
Societe Generale Effekten 11.121 9/18/2020 EUR 69.420
Societe Generale Effekten 16.597 12/20/2019 EUR 55.460
Societe Generale Effekten 15.959 12/20/2019 EUR 66.490
Societe Generale Effekten 11.171 12/20/2019 EUR 74.800
Societe Generale Effekten 12.129 12/20/2019 EUR 73.510
Societe Generale Effekten 14.363 12/20/2019 EUR 70.510
Societe Generale Effekten 16.278 12/20/2019 EUR 67.470
Societe Generale Effekten 9.256 12/20/2019 EUR 33.890
Societe Generale Effekten 9.901 3/20/2020 EUR 36.350
Credit Suisse AG/London 10.500 3/23/2020 USD 69.120
Leonteq Securities AG 10.000 3/17/2020 CHF 62.870
DZ Bank AG Deutsche Zentr 10.250 12/27/2019 EUR 62.060
DZ Bank AG Deutsche Zentr 7.000 12/27/2019 EUR 74.010
DZ Bank AG Deutsche Zentr 6.750 12/27/2019 EUR 74.380
DZ Bank AG Deutsche Zentr 7.500 12/27/2019 EUR 74.630
Leonteq Securities AG/Gue 10.200 3/18/2020 CHF 58.270
Leonteq Securities AG/Gue 10.000 12/20/2019 CHF 59.930
Vontobel Financial Produc 4.250 12/30/2019 EUR 55.780
UBS AG/London 11.000 3/12/2020 USD 64.300
UBS AG/London 11.000 3/12/2020 CHF 61.600
UniCredit Bank AG 5.550 10/5/2021 EUR 66.770
UBS AG/London 11.000 3/12/2020 CHF 62.450
UBS AG/London 12.000 3/12/2020 EUR 48.550
Leonteq Securities AG/Gue 9.000 12/27/2019 CHF 74.270
Leonteq Securities AG/Gue 10.200 12/20/2019 CHF 66.550
Raiffeisen Centrobank AG 6.197 12/27/2019 EUR 55.550
Landesbank Hessen-Thuerin 6.000 8/25/2023 EUR 58.480
Deutsche Bank AG 3.200 12/24/2019 EUR 62.600
Deutsche Bank AG 3.200 12/24/2019 EUR 61.200
Deutsche Bank AG 3.200 12/24/2019 EUR 61.000
Deutsche Bank AG 3.200 12/24/2019 EUR 58.000
Deutsche Bank AG 3.200 12/24/2019 EUR 57.300
Deutsche Bank AG 3.200 12/24/2019 EUR 64.500
Raiffeisen Switzerland BV 7.800 4/27/2020 EUR 74.990
UniCredit Bank AG 3.700 5/18/2022 CHF 64.420
Landesbank Hessen-Thuerin 3.450 9/9/2020 EUR 71.500
EFG International Finance 8.000 3/9/2020 USD 42.910
Commerzbank AG 10.000 3/2/2020 EUR 26.680
Landesbank Hessen-Thuerin 3.100 10/6/2020 EUR 70.600
DZ Bank AG Deutsche Zentr 6.000 7/22/2020 EUR 72.920
DZ Bank AG Deutsche Zentr 12.000 6/24/2020 EUR 72.410
DZ Bank AG Deutsche Zentr 10.000 12/27/2019 EUR 72.780
Vontobel Financial Produc 6.000 1/3/2020 EUR 67.440
Vontobel Financial Produc 9.000 1/3/2020 EUR 61.810
Vontobel Financial Produc 4.000 1/3/2020 EUR 69.150
Vontobel Financial Produc 5.500 1/3/2020 EUR 65.380
Vontobel Financial Produc 12.000 1/3/2020 EUR 53.810
Vontobel Financial Produc 8.500 1/3/2020 EUR 58.990
Vontobel Financial Produc 7.000 1/3/2020 EUR 72.770
Vontobel Financial Produc 9.500 1/3/2020 EUR 68.960
Vontobel Financial Produc 8.500 1/3/2020 EUR 70.830
Vontobel Financial Produc 7.000 1/3/2020 EUR 72.190
Vontobel Financial Produc 10.000 1/3/2020 EUR 65.120
Vontobel Financial Produc 16.000 1/3/2020 EUR 55.670
DekaBank Deutsche Girozen 3.800 11/13/2020 EUR 72.860
UBS AG/London 9.330 4/9/2020 USD 5.865
Societe Generale Effekten 17.003 9/18/2020 EUR 71.490
Societe Generale Effekten 25.504 9/18/2020 EUR 68.490
DZ Bank AG Deutsche Zentr 8.250 3/23/2020 EUR 68.590
UniCredit Bank AG 6.000 2/22/2022 EUR 69.790
Vontobel Financial Produc 10.500 3/27/2020 EUR 69.630
Vontobel Financial Produc 8.500 1/3/2020 EUR 72.700
Vontobel Financial Produc 9.000 1/3/2020 EUR 53.950
Vontobel Financial Produc 10.500 1/3/2020 EUR 51.200
Vontobel Financial Produc 11.000 3/27/2020 EUR 51.520
Vontobel Financial Produc 9.500 3/27/2020 EUR 53.640
Vontobel Financial Produc 12.500 1/3/2020 EUR 48.740
BNP Paribas Emissions- un 6.500 12/30/2019 EUR 43.420
Bank Julius Baer & Co Ltd 12.050 5/4/2020 USD 75.400
Bank Julius Baer & Co Ltd 15.500 5/4/2020 USD 72.400
Vontobel Financial Produc 11.500 1/3/2020 EUR 63.850
Vontobel Financial Produc 10.500 3/27/2020 EUR 65.840
Vontobel Financial Produc 11.500 3/27/2020 EUR 64.310
Vontobel Financial Produc 13.000 1/3/2020 EUR 62.050
Vontobel Financial Produc 9.500 1/3/2020 EUR 61.340
Vontobel Financial Produc 11.500 1/3/2020 EUR 58.660
Vontobel Financial Produc 10.500 3/27/2020 EUR 60.990
Commerzbank AG 13.750 12/31/2019 EUR 58.680
Commerzbank AG 10.250 12/31/2019 EUR 68.680
Commerzbank AG 12.250 12/31/2019 EUR 64.830
Vontobel Financial Produc 9.500 2/28/2020 EUR 53.600
Vontobel Financial Produc 14.500 1/3/2020 EUR 60.360
Vontobel Financial Produc 12.500 3/27/2020 EUR 62.870
Vontobel Financial Produc 13.500 3/27/2020 EUR 61.520
Vontobel Financial Produc 16.000 1/3/2020 EUR 58.760
Societe Generale Effekten 8.740 12/20/2019 EUR 61.640
Societe Generale Effekten 12.017 12/20/2019 EUR 57.460
Societe Generale Effekten 20.320 12/20/2019 EUR 49.780
Societe Generale Effekten 21.194 12/20/2019 EUR 49.060
Societe Generale Effekten 22.068 12/20/2019 EUR 48.370
Societe Generale Effekten 6.443 3/20/2020 EUR 70.690
Societe Generale Effekten 9.805 3/20/2020 EUR 65.200
Societe Generale Effekten 13.447 3/20/2020 EUR 75.400
Leonteq Securities AG/Gue 13.000 8/4/2020 CHF 44.140
Societe Generale Effekten 26.656 12/20/2019 EUR 59.180
Societe Generale Effekten 24.652 3/20/2020 EUR 73.930
Societe Generale Effekten 29.695 3/20/2020 EUR 69.000
Societe Generale Effekten 5.899 12/20/2019 EUR 44.420
Societe Generale Effekten 9.832 12/20/2019 EUR 38.320
Societe Generale Effekten 12.017 12/20/2019 EUR 35.900
Societe Generale Effekten 8.684 3/20/2020 EUR 44.060
Societe Generale Effekten 10.925 3/20/2020 EUR 41.650
Societe Generale Effekten 7.866 12/20/2019 EUR 73.410
Societe Generale Effekten 10.269 12/20/2019 EUR 69.040
Societe Generale Effekten 12.891 12/20/2019 EUR 65.110
Societe Generale Effekten 15.732 12/20/2019 EUR 61.630
Societe Generale Effekten 24.471 12/20/2019 EUR 53.210
Societe Generale Effekten 11.766 3/20/2020 EUR 72.090
Societe Generale Effekten 24.471 12/20/2019 EUR 71.880
Societe Generale Effekten 6.773 12/20/2019 EUR 72.960
Vontobel Financial Produc 7.500 3/27/2020 EUR 59.440
Raiffeisen Schweiz Genoss 9.500 4/22/2020 CHF 66.940
DZ Bank AG Deutsche Zentr 9.250 12/27/2019 EUR 67.360
BNP Paribas Emissions- un 9.000 12/30/2019 EUR 70.870
BNP Paribas Emissions- un 18.000 12/30/2019 EUR 56.850
UniCredit Bank AG 14.000 12/29/2020 EUR 36.770
UniCredit Bank AG 12.800 12/29/2020 EUR 37.200
UniCredit Bank AG 8.600 1/3/2020 EUR 35.060
UniCredit Bank AG 16.200 6/26/2020 EUR 68.160
UniCredit Bank AG 7.500 12/24/2021 EUR 74.770
UniCredit Bank AG 10.200 12/28/2020 EUR 72.700
UniCredit Bank AG 10.100 6/25/2021 EUR 72.830
UniCredit Bank AG 19.300 3/27/2020 EUR 66.290
UniCredit Bank AG 10.500 6/26/2020 EUR 72.210
UniCredit Bank AG 13.300 6/26/2020 EUR 69.980
UniCredit Bank AG 19.700 3/27/2020 EUR 72.510
DekaBank Deutsche Girozen 2.700 5/29/2020 EUR 54.080
DekaBank Deutsche Girozen 3.100 5/28/2021 EUR 70.260
Landesbank Baden-Wuerttem 2.750 5/31/2021 EUR 58.550
Deutsche Bank AG 6.200 12/24/2019 EUR 53.600
Deutsche Bank AG 6.200 12/24/2019 EUR 51.200
Deutsche Bank AG 6.200 12/24/2019 EUR 58.600
Deutsche Bank AG 6.200 12/24/2019 EUR 56.400
Deutsche Bank AG 6.200 12/24/2019 EUR 58.730
Deutsche Bank AG 6.200 12/24/2019 EUR 56.290
Deutsche Bank AG 6.200 12/24/2019 EUR 51.190
Deutsche Bank AG 6.200 12/24/2019 EUR 65.030
Landesbank Baden-Wuerttem 4.000 4/24/2020 EUR 61.020
Landesbank Baden-Wuerttem 5.000 4/24/2020 EUR 57.220
Landesbank Baden-Wuerttem 2.000 4/24/2020 EUR 72.130
Landesbank Baden-Wuerttem 3.500 4/24/2020 EUR 65.250
Landesbank Baden-Wuerttem 5.000 4/24/2020 EUR 58.950
Landesbank Baden-Wuerttem 4.000 4/24/2020 EUR 72.170
Landesbank Baden-Wuerttem 5.000 4/24/2020 EUR 69.070
Landesbank Baden-Wuerttem 6.000 4/24/2020 EUR 63.370
Landesbank Baden-Wuerttem 2.000 4/24/2020 EUR 72.800
Landesbank Baden-Wuerttem 3.500 4/24/2020 EUR 65.860
Landesbank Baden-Wuerttem 5.000 4/24/2020 EUR 61.080
Landesbank Baden-Wuerttem 2.000 4/24/2020 EUR 60.040
Landesbank Baden-Wuerttem 3.000 4/24/2020 EUR 57.130
Landesbank Baden-Wuerttem 4.000 4/24/2020 EUR 51.910
Landesbank Baden-Wuerttem 5.000 4/24/2020 EUR 49.880
Landesbank Baden-Wuerttem 2.500 4/24/2020 EUR 26.270
Landesbank Baden-Wuerttem 4.500 4/24/2020 EUR 23.790
Landesbank Baden-Wuerttem 2.000 4/24/2020 EUR 63.110
Landesbank Baden-Wuerttem 3.000 4/24/2020 EUR 60.310
Landesbank Baden-Wuerttem 4.000 4/24/2020 EUR 57.680
Landesbank Baden-Wuerttem 2.000 4/24/2020 EUR 68.660
Landesbank Baden-Wuerttem 3.500 4/24/2020 EUR 60.900
Landesbank Baden-Wuerttem 2.000 4/24/2020 EUR 60.970
Landesbank Baden-Wuerttem 4.000 4/24/2020 EUR 54.740
Landesbank Baden-Wuerttem 2.500 5/22/2020 EUR 66.680
Landesbank Baden-Wuerttem 4.000 5/22/2020 EUR 60.180
Landesbank Baden-Wuerttem 5.500 5/22/2020 EUR 55.020
Landesbank Baden-Wuerttem 5.000 5/22/2020 EUR 72.460
Landesbank Baden-Wuerttem 2.500 4/24/2020 EUR 56.910
Landesbank Baden-Wuerttem 4.000 4/24/2020 EUR 51.830
Landesbank Baden-Wuerttem 4.000 4/24/2020 EUR 68.890
Landesbank Baden-Wuerttem 5.500 4/24/2020 EUR 64.180
Landesbank Baden-Wuerttem 2.000 4/24/2020 EUR 66.930
Landesbank Baden-Wuerttem 3.000 4/24/2020 EUR 63.800
Landesbank Baden-Wuerttem 2.000 4/24/2020 EUR 74.490
Landesbank Baden-Wuerttem 3.500 4/24/2020 EUR 65.140
UBS AG/London 4.800 1/2/2020 EUR 67.860
UBS AG/London 3.300 1/2/2020 EUR 65.950
UBS AG/London 5.100 3/26/2020 EUR 57.290
UBS AG/London 13.000 5/4/2020 CHF 54.650
UBS AG/London 10.500 11/3/2020 CHF 72.000
EFG International Finance 7.000 11/17/2020 CHF 62.890
DekaBank Deutsche Girozen 5.950 12/4/2020 EUR 57.530
Raiffeisen Schweiz Genoss 5.200 11/11/2020 CHF 62.530
Raiffeisen Schweiz Genoss 3.400 5/14/2020 CHF 60.290
Corner Banca SA 8.200 5/14/2020 CHF 20.640
Landesbank Hessen-Thuerin 4.000 6/8/2022 EUR 65.290
Landesbank Hessen-Thuerin 4.000 6/8/2022 EUR 62.600
HSBC Trinkaus & Burkhardt 6.600 12/27/2019 EUR 21.540
HSBC Trinkaus & Burkhardt 5.000 12/27/2019 EUR 21.490
HSBC Trinkaus & Burkhardt 3.200 12/27/2019 EUR 21.440
HSBC Trinkaus & Burkhardt 4.600 12/27/2019 EUR 49.810
Landesbank Baden-Wuerttem 4.500 6/26/2020 EUR 66.570
Landesbank Baden-Wuerttem 4.850 6/26/2020 EUR 68.310
Landesbank Baden-Wuerttem 5.000 6/26/2020 EUR 52.570
Landesbank Baden-Wuerttem 5.250 6/26/2020 EUR 72.200
UBS AG/London 10.500 4/20/2020 EUR 56.150
UBS AG/London 6.250 4/20/2020 CHF 48.200
Corner Banca SA 8.000 5/25/2021 CHF 66.820
UniCredit Bank AG 5.000 6/11/2021 EUR 64.340
Citigroup Global Markets 7.200 5/24/2023 SEK 41.800
Raiffeisen Schweiz Genoss 5.750 5/18/2020 CHF 60.060
Raiffeisen Schweiz Genoss 6.500 5/18/2020 CHF 20.390
Raiffeisen Schweiz Genoss 5.300 11/23/2020 CHF 61.220
Bank Julius Baer & Co Ltd 6.000 5/11/2020 CHF 69.950
Landesbank Hessen-Thuerin 4.000 6/22/2022 EUR 61.070
Leonteq Securities AG/Gue 5.500 5/25/2021 CHF 63.900
Landesbank Hessen-Thuerin 3.500 12/18/2019 EUR 56.700
Leonteq Securities AG 7.800 5/14/2021 CHF 29.130
Leonteq Securities AG 6.800 5/11/2021 EUR 74.690
DekaBank Deutsche Girozen 3.500 8/14/2020 EUR 74.660
UniCredit Bank AG 8.300 12/29/2020 EUR 71.470
UniCredit Bank AG 7.700 12/29/2020 EUR 73.220
UniCredit Bank AG 8.100 12/29/2020 EUR 63.590
UniCredit Bank AG 12.100 1/3/2020 EUR 22.250
UniCredit Bank AG 6.200 12/29/2020 EUR 69.470
UniCredit Bank AG 8.200 12/29/2020 EUR 71.890
UniCredit Bank AG 6.200 12/29/2020 EUR 75.890
UniCredit Bank AG 7.400 12/29/2020 EUR 73.410
UniCredit Bank AG 8.800 12/29/2020 EUR 69.980
UniCredit Bank AG 11.800 1/3/2020 EUR 54.550
UniCredit Bank AG 8.000 1/3/2020 EUR 73.610
UniCredit Bank AG 10.200 1/3/2020 EUR 67.440
UniCredit Bank AG 5.400 1/3/2020 EUR 1.010
UniCredit Bank AG 7.400 1/3/2020 EUR 49.230
UniCredit Bank AG 11.400 1/3/2020 EUR 41.180
UniCredit Bank AG 8.200 1/3/2020 EUR 73.520
UniCredit Bank AG 7.000 12/29/2020 EUR 72.850
UniCredit Bank AG 8.400 12/29/2020 EUR 75.960
UniCredit Bank AG 8.500 12/29/2020 EUR 55.300
UniCredit Bank AG 6.100 12/29/2020 EUR 56.820
UniCredit Bank AG 9.800 12/29/2020 EUR 53.040
UniCredit Bank AG 7.200 12/29/2020 EUR 67.710
UniCredit Bank AG 6.800 12/29/2020 EUR 55.440
UniCredit Bank AG 9.400 12/29/2020 EUR 68.970
UniCredit Bank AG 6.300 12/29/2020 EUR 65.190
UniCredit Bank AG 7.300 12/29/2020 EUR 62.470
UniCredit Bank AG 9.800 12/29/2020 EUR 61.760
UniCredit Bank AG 8.700 12/29/2020 EUR 74.340
UniCredit Bank AG 9.300 12/29/2020 EUR 69.480
UniCredit Bank AG 8.700 12/29/2020 EUR 71.050
UniCredit Bank AG 8.100 12/29/2020 EUR 72.000
UniCredit Bank AG 7.600 12/29/2020 EUR 46.030
UniCredit Bank AG 6.700 12/29/2020 EUR 47.600
UniCredit Bank AG 6.600 12/29/2020 EUR 60.230
UniCredit Bank AG 6.900 12/29/2020 EUR 74.470
UniCredit Bank AG 11.800 12/29/2020 EUR 61.450
UniCredit Bank AG 8.700 12/29/2020 EUR 9.860
UniCredit Bank AG 9.800 12/29/2020 EUR 74.620
UniCredit Bank AG 8.800 12/29/2020 EUR 62.290
UniCredit Bank AG 9.500 12/29/2020 EUR 60.940
UniCredit Bank AG 11.000 12/29/2020 EUR 71.570
UniCredit Bank AG 8.400 12/29/2020 EUR 57.470
UniCredit Bank AG 11.500 12/29/2020 EUR 70.500
UniCredit Bank AG 8.100 12/29/2020 EUR 70.770
UniCredit Bank AG 9.200 12/29/2020 EUR 68.320
UniCredit Bank AG 10.000 12/29/2020 EUR 47.550
UniCredit Bank AG 9.300 12/29/2020 EUR 48.130
UniCredit Bank AG 8.100 12/29/2020 EUR 59.600
UniCredit Bank AG 6.600 12/29/2020 EUR 62.400
UniCredit Bank AG 8.400 12/29/2020 EUR 27.310
UniCredit Bank AG 8.900 12/29/2020 EUR 27.220
UniCredit Bank AG 9.200 12/29/2020 EUR 72.110
UniCredit Bank AG 7.300 12/29/2020 EUR 62.560
UniCredit Bank AG 10.500 12/29/2020 EUR 69.250
UniCredit Bank AG 6.600 12/29/2020 EUR 63.840
UniCredit Bank AG 6.600 12/29/2020 EUR 58.720
UniCredit Bank AG 8.300 12/29/2020 EUR 55.250
UniCredit Bank AG 9.300 12/29/2020 EUR 53.070
UniCredit Bank AG 10.500 12/29/2020 EUR 48.260
UniCredit Bank AG 7.000 12/29/2020 EUR 51.540
UniCredit Bank AG 8.400 12/29/2020 EUR 54.510
UniCredit Bank AG 9.400 12/29/2020 EUR 72.850
UniCredit Bank AG 7.600 12/29/2020 EUR 49.450
UniCredit Bank AG 9.200 12/29/2020 EUR 49.960
UniCredit Bank AG 8.000 12/29/2020 EUR 50.150
UniCredit Bank AG 8.500 12/29/2020 EUR 55.390
UniCredit Bank AG 6.400 12/29/2020 EUR 59.980
UniCredit Bank AG 7.500 12/29/2020 EUR 70.080
UniCredit Bank AG 12.000 12/29/2020 EUR 30.990
UniCredit Bank AG 9.400 12/29/2020 EUR 74.600
UniCredit Bank AG 8.300 12/29/2020 EUR 68.320
UniCredit Bank AG 13.900 12/29/2020 EUR 29.910
UniCredit Bank AG 7.800 12/29/2020 EUR 71.440
UniCredit Bank AG 8.700 12/29/2020 EUR 47.440
UniCredit Bank AG 10.600 12/29/2020 EUR 69.780
UniCredit Bank AG 8.400 12/29/2020 EUR 55.860
UniCredit Bank AG 10.800 12/29/2020 EUR 65.700
UniCredit Bank AG 8.000 12/29/2020 EUR 70.080
UniCredit Bank AG 8.100 12/29/2020 EUR 61.470
UniCredit Bank AG 9.200 12/29/2020 EUR 54.390
UniCredit Bank AG 6.100 12/29/2020 EUR 74.520
UniCredit Bank AG 8.900 12/29/2020 EUR 60.010
Landesbank Hessen-Thuerin 4.000 7/20/2022 EUR 70.880
Raiffeisen Centrobank AG 5.300 7/21/2020 EUR 61.870
DekaBank Deutsche Girozen 3.000 1/18/2021 EUR 65.260
UBS AG/London 11.000 12/20/2019 CHF 46.900
Corner Banca SA 11.200 1/3/2020 CHF 55.220
Credit Suisse AG/Nassau 7.200 7/5/2021 CHF 67.840
UniCredit Bank AG 5.000 7/26/2021 EUR 73.820
UniCredit Bank AG 6.400 7/23/2021 EUR 74.120
DekaBank Deutsche Girozen 2.000 7/30/2021 EUR 66.940
Landesbank Baden-Wuerttem 3.000 2/26/2021 EUR 74.270
UBS AG/London 11.250 12/20/2019 EUR 54.950
DekaBank Deutsche Girozen 2.100 1/5/2021 EUR 67.890
Landesbank Hessen-Thuerin 2.600 7/29/2020 EUR 69.300
UniCredit Bank AG 3.500 1/5/2021 EUR 50.600
UniCredit Bank AG 3.500 1/5/2021 EUR 47.750
UniCredit Bank AG 3.500 1/5/2021 EUR 71.000
UniCredit Bank AG 4.000 1/5/2021 EUR 57.350
DekaBank Deutsche Girozen 4.550 7/31/2020 EUR 68.290
DekaBank Deutsche Girozen 6.050 7/31/2020 EUR 59.700
DekaBank Deutsche Girozen 2.250 1/22/2021 EUR 74.080
Landesbank Baden-Wuerttem 3.000 2/25/2022 EUR 59.630
Landesbank Baden-Wuerttem 2.600 9/25/2020 EUR 61.580
Raiffeisen Centrobank AG 5.200 2/3/2020 EUR 72.630
Societe Generale SA 8.000 12/24/2020 USD 66.260
UBS AG/London 6.000 12/30/2019 CHF 69.750
UBS AG/London 5.250 12/30/2019 CHF 74.750
UBS AG/London 7.500 12/30/2019 EUR 53.600
DekaBank Deutsche Girozen 3.250 1/24/2020 EUR 52.060
Leonteq Securities AG/Gue 7.600 1/9/2020 CHF 71.270
Leonteq Securities AG/Gue 10.000 1/3/2020 CHF 43.730
Raiffeisen Schweiz Genoss 6.900 12/30/2019 EUR 58.810
Leonteq Securities AG/Gue 5.200 6/12/2020 CHF 59.810
UBS AG/London 7.000 1/6/2020 CHF 67.900
BNP Paribas Emissions- un 3.000 12/30/2019 EUR 63.510
BNP Paribas Emissions- un 6.000 12/30/2019 EUR 63.600
Landesbank Baden-Wuerttem 5.000 2/28/2020 EUR 50.020
Landesbank Baden-Wuerttem 4.500 1/24/2020 EUR 65.100
Landesbank Baden-Wuerttem 3.000 1/24/2020 EUR 63.430
BNP Paribas Emissions- un 8.000 12/30/2019 EUR 55.850
Landesbank Baden-Wuerttem 2.500 1/24/2020 EUR 55.650
Landesbank Baden-Wuerttem 4.500 1/24/2020 EUR 48.290
Landesbank Baden-Wuerttem 3.000 1/24/2020 EUR 72.500
Landesbank Baden-Wuerttem 2.000 1/24/2020 EUR 64.040
Landesbank Baden-Wuerttem 4.000 1/24/2020 EUR 54.390
Landesbank Baden-Wuerttem 3.500 1/24/2020 EUR 20.490
Landesbank Baden-Wuerttem 3.000 1/24/2020 EUR 55.470
Landesbank Baden-Wuerttem 4.000 1/24/2020 EUR 50.490
Landesbank Baden-Wuerttem 2.000 1/24/2020 EUR 66.340
UniCredit Bank AG 5.000 1/3/2020 EUR 57.960
UniCredit Bank AG 12.900 1/3/2020 EUR 25.190
UniCredit Bank AG 6.400 1/3/2020 EUR 68.890
UBS AG/London 11.000 12/27/2019 USD 65.270
UBS AG/London 6.000 12/27/2019 EUR 73.200
UBS AG/London 10.000 12/27/2019 CHF 50.600
UBS AG/London 9.500 12/27/2019 CHF 55.400
UBS AG/London 7.000 6/22/2020 CHF 73.900
UBS AG/London 6.000 6/29/2020 CHF 53.100
UBS AG/London 6.250 6/29/2020 CHF 61.500
UBS AG/London 7.500 6/29/2020 EUR 58.500
UBS AG/London 8.000 12/27/2019 CHF 71.250
UBS AG/London 6.000 12/28/2020 CHF 62.100
Zurcher Kantonalbank Fina 6.500 7/3/2020 CHF 38.370
Bank Julius Baer & Co Ltd 13.600 1/3/2020 CHF 53.350
HSBC Trinkaus & Burkhardt 5.400 12/27/2019 EUR 56.190
HSBC Trinkaus & Burkhardt 3.200 12/27/2019 EUR 62.750
HSBC Trinkaus & Burkhardt 5.200 12/27/2019 EUR 58.940
HSBC Trinkaus & Burkhardt 2.500 12/27/2019 EUR 67.250
HSBC Trinkaus & Burkhardt 3.500 12/27/2019 EUR 63.100
Landesbank Hessen-Thuerin 3.500 8/3/2022 EUR 59.770
Leonteq Securities AG/Gue 10.000 1/9/2020 CHF 64.740
Landesbank Hessen-Thuerin 3.500 8/3/2022 EUR 73.990
Raiffeisen Schweiz Genoss 6.200 1/6/2020 CHF 59.500
Raiffeisen Schweiz Genoss 5.200 1/6/2021 CHF 63.850
Raiffeisen Schweiz Genoss 5.000 7/6/2020 CHF 76.480
Landesbank Hessen-Thuerin 5.750 8/3/2023 EUR 70.220
Leonteq Securities AG/Gue 10.000 1/13/2020 CHF 65.450
UniCredit Bank AG 5.200 5/4/2020 USD 38.520
DekaBank Deutsche Girozen 2.800 3/13/2020 EUR 77.220
Raiffeisen Schweiz Genoss 5.000 4/3/2020 CHF 36.730
DekaBank Deutsche Girozen 2.800 4/24/2020 EUR 74.140
Vontobel Financial Produc 5.500 3/20/2020 EUR 64.730
DekaBank Deutsche Girozen 2.750 10/23/2020 EUR 76.960
Leonteq Securities AG/Gue 7.200 9/28/2020 EUR 69.280
DekaBank Deutsche Girozen 4.250 5/3/2022 EUR 63.050
UBS AG/London 9.000 4/14/2020 CHF 67.950
UBS AG/London 7.000 4/14/2020 CHF 75.500
DekaBank Deutsche Girozen 4.250 11/9/2020 EUR 72.320
DekaBank Deutsche Girozen 6.200 11/9/2020 EUR 69.450
EFG International Finance 5.600 4/26/2021 CHF 66.110
UBS AG/London 6.250 6/21/2021 CHF 62.950
UBS AG/London 10.000 12/20/2019 EUR 61.800
Landesbank Hessen-Thuerin 5.650 7/20/2023 EUR 70.760
Raiffeisen Schweiz Genoss 5.700 12/29/2020 EUR 73.340
UBS AG/London 12.000 3/5/2020 CHF 55.250
HSBC Trinkaus & Burkhardt 5.300 12/27/2019 EUR 64.640
HSBC Trinkaus & Burkhardt 2.600 12/27/2019 EUR 73.160
HSBC Trinkaus & Burkhardt 6.200 12/27/2019 EUR 70.030
UBS AG/London 11.000 3/6/2020 USD 73.300
UBS AG/London 11.000 3/5/2020 CHF 60.550
UBS AG/London 10.000 9/7/2020 EUR 73.050
Leonteq Securities AG/Gue 6.000 9/17/2020 CHF 60.660
Leonteq Securities AG/Gue 8.000 3/17/2020 CHF 69.490
Raiffeisen Centrobank AG 10.286 3/24/2020 EUR 66.640
Raiffeisen Centrobank AG 10.929 3/24/2020 EUR 65.520
Raiffeisen Centrobank AG 9.643 3/24/2020 EUR 67.950
UBS AG/London 10.100 1/2/2020 EUR 68.000
UBS AG/London 8.300 1/2/2020 EUR 68.910
UBS AG/London 9.200 1/2/2020 EUR 70.760
Leonteq Securities AG 13.000 12/17/2019 CHF 67.690
Raiffeisen Schweiz Genoss 8.500 3/17/2020 CHF 73.580
Societe Generale Effekten 17.167 1/2/2020 EUR 61.890
Societe Generale Effekten 18.488 1/2/2020 EUR 62.150
Societe Generale Effekten 13.205 1/2/2020 EUR 70.930
Societe Generale Effekten 15.186 1/2/2020 EUR 54.550
Societe Generale Effekten 9.244 1/2/2020 EUR 74.100
Societe Generale Effekten 15.186 1/2/2020 EUR 66.950
Societe Generale Effekten 11.885 1/2/2020 EUR 73.410
Societe Generale Effekten 11.885 1/2/2020 EUR 59.060
Societe Generale Effekten 16.507 1/2/2020 EUR 54.010
Landesbank Baden-Wuerttem 4.650 2/28/2020 EUR 59.380
EFG International Finance 6.200 5/3/2021 CHF 66.700
Raiffeisen Schweiz Genoss 6.600 4/27/2020 EUR 75.140
Raiffeisen Centrobank AG 8.852 12/27/2019 EUR 74.420
Raiffeisen Centrobank AG 7.731 12/27/2019 EUR 74.230
Deutsche Bank AG 3.200 12/24/2019 EUR 56.200
Deutsche Bank AG 3.200 12/24/2019 EUR 63.340
Deutsche Bank AG 3.200 12/24/2019 EUR 62.700
Deutsche Bank AG 3.200 12/24/2019 EUR 61.000
Deutsche Bank AG 3.200 12/24/2019 EUR 68.810
Deutsche Bank AG 3.200 12/24/2019 EUR
Deutsche Bank AG 3.200 12/24/2019 EUR 73.400
Deutsche Bank AG 3.200 12/24/2019 EUR 70.350
Deutsche Bank AG 3.200 12/24/2019 EUR 67.530
Deutsche Bank AG 3.200 12/24/2019 EUR 65.290
Vontobel Financial Produc 21.000 6/26/2020 EUR 59.120
UniCredit Bank AG 6.200 6/26/2020 EUR 75.270
UniCredit Bank AG 12.300 6/26/2020 EUR 69.900
Vontobel Financial Produc 17.000 9/25/2020 EUR 68.130
Commerzbank AG 12.750 3/27/2020 EUR 66.770
Aragon OOO 11.750 3/16/2029 RUB 101.200
Leonteq Securities AG/Gue 13.400 1/3/2020 EUR 62.070
DekaBank Deutsche Girozen 2.200 5/8/2020 EUR 54.380
DekaBank Deutsche Girozen 3.300 5/8/2020 EUR 71.560
UniCredit Bank AG 4.900 11/14/2021 EUR 63.020
Landesbank Hessen-Thuerin 5.500 5/25/2023 EUR 67.420
Deutsche Bank AG 3.200 12/24/2019 EUR 66.860
Deutsche Bank AG 3.200 12/24/2019 EUR 60.180
Deutsche Bank AG 3.200 12/24/2019 EUR 57.310
Deutsche Bank AG 3.200 12/24/2019 EUR 66.100
Deutsche Bank AG 3.200 12/24/2019 EUR 58.500
Deutsche Bank AG 3.200 12/24/2019 EUR 61.300
Deutsche Bank AG 3.200 12/24/2019 EUR
Deutsche Bank AG 3.200 12/24/2019 EUR 52.200
Deutsche Bank AG 3.200 12/24/2019 EUR 54.300
Deutsche Bank AG 3.200 12/24/2019 EUR
Deutsche Bank AG 3.200 12/24/2019 EUR 61.850
Deutsche Bank AG 3.200 12/24/2019 EUR 58.770
Deutsche Bank AG 3.200 12/24/2019 EUR 55.960
Landesbank Baden-Wuerttem 3.750 1/24/2020 EUR 60.990
Landesbank Baden-Wuerttem 5.000 1/24/2020 EUR 62.730
Landesbank Hessen-Thuerin 5.900 8/25/2023 EUR 47.320
UBS AG/London 8.000 4/27/2020 EUR 59.150
Raiffeisen Schweiz Genoss 5.500 5/4/2020 CHF 61.290
Raiffeisen Schweiz Genoss 5.300 5/4/2020 EUR 74.470
Raiffeisen Schweiz Genoss 4.700 11/4/2020 CHF 61.930
UniCredit Bank AG 6.350 5/14/2021 EUR 57.620
Raiffeisen Schweiz Genoss 6.250 4/27/2020 CHF 62.300
Raiffeisen Schweiz Genoss 7.250 4/27/2020 CHF 73.190
Raiffeisen Centrobank AG 9.325 12/27/2019 EUR 60.950
Raiffeisen Centrobank AG 6.197 12/27/2019 EUR 67.040
Leonteq Securities AG/Gue 8.000 10/27/2020 CHF 66.730
HSBC Trinkaus & Burkhardt 3.900 12/27/2019 EUR 41.370
DekaBank Deutsche Girozen 8.100 4/23/2021 EUR 73.910
Landesbank Baden-Wuerttem 3.000 3/26/2021 EUR 59.840
Landesbank Baden-Wuerttem 5.500 3/26/2021 EUR 54.780
Vontobel Financial Produc 14.000 1/3/2020 EUR 54.180
Vontobel Financial Produc 10.000 1/3/2020 EUR 60.700
Vontobel Financial Produc 10.500 3/27/2020 EUR 59.810
Vontobel Financial Produc 8.500 1/3/2020 EUR 64.660
Vontobel Financial Produc 14.500 3/27/2020 EUR 64.710
Vontobel Financial Produc 6.500 1/3/2020 EUR 71.370
Vontobel Financial Produc 16.000 3/27/2020 EUR 73.400
Vontobel Financial Produc 4.500 3/27/2020 EUR 66.460
UniCredit Bank AG 6.000 1/18/2021 EUR 54.760
DekaBank Deutsche Girozen 5.000 7/31/2020 EUR 48.000
Landesbank Baden-Wuerttem 3.800 2/26/2021 EUR 46.120
UBS AG/London 8.500 6/22/2020 EUR 54.950
Leonteq Securities AG/Gue 7.200 1/4/2021 CHF 75.320
Leonteq Securities AG/Gue 8.400 1/3/2020 CHF 68.430
Leonteq Securities AG/Gue 8.000 1/12/2021 EUR 73.530
UniCredit Bank AG 3.450 9/14/2022 EUR 73.880
BNP Paribas Emissions- un 13.000 12/30/2019 EUR 52.370
BNP Paribas Emissions- un 9.000 12/30/2019 EUR 73.760
Landesbank Baden-Wuerttem 2.000 2/28/2020 EUR 62.910
Landesbank Baden-Wuerttem 3.000 2/28/2020 EUR 56.890
Landesbank Baden-Wuerttem 4.000 2/28/2020 EUR 54.480
BNP Paribas Emissions- un 6.000 12/30/2019 EUR 56.430
BNP Paribas Emissions- un 8.000 12/30/2019 EUR 60.100
Landesbank Baden-Wuerttem 5.000 1/24/2020 EUR 48.580
Landesbank Baden-Wuerttem 2.000 1/24/2020 EUR 73.010
Landesbank Baden-Wuerttem 4.000 1/24/2020 EUR 56.480
BNP Paribas Emissions- un 10.000 12/30/2019 EUR 55.910
Landesbank Baden-Wuerttem 5.000 1/24/2020 EUR 70.690
Landesbank Baden-Wuerttem 3.000 1/24/2020 EUR 58.800
Landesbank Baden-Wuerttem 5.000 1/24/2020 EUR 52.590
Landesbank Baden-Wuerttem 3.000 1/24/2020 EUR 51.990
Landesbank Baden-Wuerttem 4.500 1/24/2020 EUR 71.260
UBS AG/London 9.000 1/6/2020 USD 50.050
UBS AG/London 5.750 1/6/2020 CHF 74.300
UBS AG/London 7.750 1/6/2020 EUR 70.650
Landesbank Baden-Wuerttem 3.500 6/26/2020 EUR 75.820
UBS AG/London 11.000 9/21/2020 CHF 71.550
Vontobel Financial Produc 5.500 4/15/2020 EUR 75.080
BNP Paribas Emissions- un 10.000 12/30/2019 EUR 72.010
Landesbank Baden-Wuerttem 3.000 9/25/2020 EUR 74.900
Landesbank Baden-Wuerttem 5.000 9/25/2020 EUR 70.510
Landesbank Baden-Wuerttem 7.000 9/25/2020 EUR 67.320
Landesbank Baden-Wuerttem 7.000 9/25/2020 EUR 72.030
Raiffeisen Schweiz Genoss 9.400 12/27/2019 CHF 50.430
UniCredit Bank AG 4.100 2/13/2023 EUR 70.360
Leonteq Securities AG/Gue 10.000 1/3/2020 USD 60.140
UBS AG/London 8.000 6/15/2020 EUR 61.250
UBS AG/London 8.500 6/15/2020 CHF 69.400
Leonteq Securities AG/Gue 7.000 12/27/2019 CHF 69.480
Leonteq Securities AG/Gue 8.000 12/27/2019 EUR 42.650
EFG International Finance 7.200 12/29/2020 EUR 61.390
Landesbank Baden-Wuerttem 3.500 7/24/2020 EUR 65.280
Corner Banca SA 7.600 6/16/2020 CHF 61.670
DekaBank Deutsche Girozen 3.000 6/21/2021 EUR 38.290
Leonteq Securities AG/Gue 8.000 1/3/2020 CHF 75.740
Vontobel Financial Produc 4.600 4/15/2020 EUR 57.920
EFG International Finance 9.800 9/21/2021 EUR 59.830
UniCredit Bank AG 5.500 10/26/2021 EUR 73.110
Leonteq Securities AG/Gue 9.000 1/12/2021 USD 49.220
Landesbank Hessen-Thuerin 4.000 7/7/2021 EUR 71.060
UBS AG/London 6.250 1/6/2020 CHF 50.000
UBS AG/London 12.000 1/6/2020 CHF 52.400
Landesbank Hessen-Thuerin 4.000 1/26/2022 EUR 61.880
BNP Paribas Emissions- un 4.000 12/30/2019 EUR 59.980
BNP Paribas Emissions- un 7.000 12/30/2019 EUR 60.070
Landesbank Baden-Wuerttem 4.000 1/24/2020 EUR 52.190
Landesbank Baden-Wuerttem 6.000 1/24/2020 EUR 45.470
Landesbank Baden-Wuerttem 3.000 1/24/2020 EUR 73.390
Landesbank Baden-Wuerttem 6.000 1/24/2020 EUR 60.630
Landesbank Baden-Wuerttem 3.500 1/24/2020 EUR 51.740
Landesbank Baden-Wuerttem 4.000 1/24/2020 EUR 74.920
Landesbank Baden-Wuerttem 4.000 1/24/2020 EUR 67.980
Landesbank Baden-Wuerttem 2.500 1/24/2020 EUR 22.040
Landesbank Baden-Wuerttem 2.000 1/24/2020 EUR 59.870
Landesbank Baden-Wuerttem 4.000 1/24/2020 EUR 48.400
Landesbank Baden-Wuerttem 3.000 1/24/2020 EUR 52.970
Landesbank Baden-Wuerttem 5.000 1/24/2020 EUR 46.310
Landesbank Baden-Wuerttem 3.000 1/24/2020 EUR 61.340
Landesbank Baden-Wuerttem 4.000 1/24/2020 EUR 57.080
Landesbank Baden-Wuerttem 3.000 1/24/2020 EUR 56.410
Landesbank Baden-Wuerttem 6.000 1/24/2020 EUR 62.950
Landesbank Baden-Wuerttem 3.000 1/24/2020 EUR 69.700
Landesbank Baden-Wuerttem 4.000 1/24/2020 EUR 74.900
UBS AG/London 5.750 7/6/2020 EUR 61.700
Credit Suisse AG/Nassau 7.000 12/27/2019 CHF 71.570
Corner Banca SA 8.600 6/16/2020 CHF 69.290
DekaBank Deutsche Girozen 3.500 1/24/2020 EUR 44.070
Landesbank Hessen-Thuerin 4.000 1/13/2021 EUR 45.000
UBS AG/London 7.500 9/21/2020 USD 57.770
UBS AG/London 10.000 9/21/2020 EUR 67.800
UBS AG/London 11.000 9/21/2020 CHF 71.500
Citigroup Global Markets 7.000 6/16/2022 SEK 66.240
Bayerische Landesbank 3.100 10/23/2020 EUR 73.220
UBS AG/London 11.000 1/10/2020 EUR 48.450
Vontobel Financial Produc 4.000 1/3/2020 EUR 71.840
Vontobel Financial Produc 11.000 1/3/2020 EUR 58.570
Vontobel Financial Produc 7.000 1/3/2020 EUR 62.010
Vontobel Financial Produc 10.000 1/3/2020 EUR 56.260
Vontobel Financial Produc 6.000 1/3/2020 EUR 73.740
Vontobel Financial Produc 6.000 1/3/2020 EUR 74.860
Landesbank Baden-Wuerttem 4.350 7/24/2020 EUR 45.410
Vontobel Financial Produc 6.500 1/3/2020 EUR 73.600
Vontobel Financial Produc 8.000 1/3/2020 EUR 69.080
Vontobel Financial Produc 12.000 1/3/2020 EUR 61.610
Vontobel Financial Produc 14.000 1/3/2020 EUR 58.480
Vontobel Financial Produc 9.500 1/3/2020 EUR 71.450
Vontobel Financial Produc 11.500 1/3/2020 EUR 67.980
Societe Generale Effekten 27.705 6/19/2020 EUR 70.460
UniCredit Bank AG 4.450 10/30/2020 EUR 72.920
Societe Generale Effekten 19.641 9/18/2020 EUR 70.070
Societe Generale Effekten 21.263 12/20/2019 EUR 68.860
Leonteq Securities AG/Gue 11.000 1/15/2020 CHF 29.840
Leonteq Securities AG/Gue 11.000 1/9/2020 CHF 66.870
Vontobel Financial Produc 16.000 1/3/2020 EUR 62.040
BNP Paribas Emissions- un 6.500 12/30/2019 EUR 73.570
BNP Paribas Emissions- un 15.000 12/30/2019 EUR 58.420
BNP Paribas Emissions- un 13.000 12/30/2019 EUR 60.260
BNP Paribas Emissions- un 8.000 12/30/2019 EUR 68.960
BNP Paribas Emissions- un 10.000 12/30/2019 EUR 61.410
BNP Paribas Emissions- un 12.000 12/30/2019 EUR 61.470
BNP Paribas Emissions- un 14.000 12/30/2019 EUR 53.700
Vontobel Financial Produc 20.500 6/26/2020 EUR 70.980
Vontobel Financial Produc 11.500 1/3/2020 EUR 69.390
Vontobel Financial Produc 15.000 1/3/2020 EUR 65.490
Vontobel Financial Produc 10.500 1/3/2020 EUR 70.810
Vontobel Financial Produc 11.500 1/3/2020 EUR 65.650
Vontobel Financial Produc 13.000 1/3/2020 EUR 63.800
Vontobel Financial Produc 14.500 1/3/2020 EUR 62.060
Vontobel Financial Produc 8.000 1/3/2020 EUR 72.020
Leonteq Securities AG/Gue 14.200 1/15/2020 USD 30.540
Vontobel Financial Produc 14.000 1/3/2020 EUR 64.880
BNP Paribas Emissions- un 16.000 12/30/2019 EUR 55.700
BNP Paribas Emissions- un 11.000 12/30/2019 EUR 67.920
BNP Paribas Emissions- un 7.000 12/30/2019 EUR 68.930
BNP Paribas Emissions- un 8.500 12/30/2019 EUR 64.950
Vontobel Financial Produc 17.000 6/26/2020 EUR 73.330
UBS AG/London 11.000 4/17/2020 CHF 40.400
DekaBank Deutsche Girozen 2.550 11/13/2020 EUR 71.510
Vontobel Financial Produc 8.000 1/3/2020 EUR 75.500
Vontobel Financial Produc 9.000 1/3/2020 EUR 69.750
Vontobel Financial Produc 16.000 1/3/2020 EUR 60.410
BNP Paribas Emissions- un 19.000 3/26/2020 EUR 69.510
Vontobel Financial Produc 17.500 9/25/2020 EUR 73.210
Vontobel Financial Produc 18.500 6/26/2020 EUR 71.970
Vontobel Financial Produc 12.500 1/3/2020 EUR 68.030
Vontobel Financial Produc 13.500 1/3/2020 EUR 65.620
Vontobel Financial Produc 14.500 1/3/2020 EUR 64.040
Vontobel Financial Produc 12.000 1/3/2020 EUR 67.270
Vontobel Financial Produc 10.500 1/3/2020 EUR 67.640
Vontobel Financial Produc 17.000 1/3/2020 EUR 58.840
Vontobel Financial Produc 13.500 1/3/2020 EUR 66.720
Vontobel Financial Produc 6.500 1/3/2020 EUR 74.420
Vontobel Financial Produc 4.000 1/3/2020 EUR 73.470
BNP Paribas Emissions- un 28.000 12/30/2019 EUR 66.290
UBS AG/London 12.600 6/25/2020 EUR 69.770
Landesbank Hessen-Thuerin 2.850 11/30/2020 EUR 70.800
Deutsche Bank AG 4.200 12/24/2019 EUR 62.700
Deutsche Bank AG 4.200 12/24/2019 EUR 61.000
Deutsche Bank AG 4.200 12/24/2019 EUR 58.600
Deutsche Bank AG 4.200 12/24/2019 EUR 56.300
Deutsche Bank AG 4.200 12/24/2019 EUR 54.900
Deutsche Bank AG 6.200 12/24/2019 EUR 55.000
Deutsche Bank AG 4.200 12/24/2019 EUR 53.600
Deutsche Bank AG 6.200 12/24/2019 EUR 53.600
Deutsche Bank AG 8.200 12/24/2019 EUR 58.700
Deutsche Bank AG 8.200 12/24/2019 EUR 56.400
Deutsche Bank AG 8.200 12/24/2019 EUR 55.000
Deutsche Bank AG 8.200 12/24/2019 EUR 52.500
Leonteq Securities AG/Gue 5.000 10/20/2020 CHF 65.300
Vontobel Financial Produc 7.500 5/14/2020 EUR 61.520
UniCredit Bank AG 6.850 5/14/2021 EUR 69.710
Landesbank Baden-Wuerttem 4.550 2/28/2020 EUR 67.770
Landesbank Baden-Wuerttem 6.500 2/28/2020 EUR 47.560
UBS AG/London 7.000 4/20/2020 CHF 66.000
Vontobel Financial Produc 8.300 12/18/2019 EUR 52.730
UniCredit Bank AG 4.500 1/18/2022 EUR 73.580
UBS AG/London 11.000 9/28/2020 EUR 73.950
UBS AG/London 12.000 3/26/2020 EUR 48.600
UBS AG/London 10.000 9/28/2020 EUR 60.550
Deutsche Bank AG 6.200 12/24/2019 EUR 35.900
UBS AG/London 8.400 3/26/2020 EUR 65.450
UBS AG/London 21.600 1/2/2020 EUR 58.840
HSBC Trinkaus & Burkhardt 8.500 12/27/2019 EUR 71.490
HSBC Trinkaus & Burkhardt 8.800 12/27/2019 EUR 62.130
HSBC Trinkaus & Burkhardt 4.700 12/27/2019 EUR 71.370
HSBC Trinkaus & Burkhardt 7.200 12/27/2019 EUR 69.050
HSBC Trinkaus & Burkhardt 9.700 12/27/2019 EUR 32.590
HSBC Trinkaus & Burkhardt 6.200 12/27/2019 EUR 67.460
HSBC Trinkaus & Burkhardt 3.700 12/27/2019 EUR 74.350
UBS AG/London 5.500 3/26/2020 EUR 71.300
Bank Julius Baer & Co Ltd 10.800 6/12/2020 CHF 73.050
Raiffeisen Switzerland BV 9.500 3/11/2020 EUR 56.870
DZ Bank AG Deutsche Zentr 6.500 3/25/2020 EUR
Societe Generale Effekten 13.204 3/20/2020 EUR 52.810
Societe Generale Effekten 25.249 12/20/2019 EUR 50.940
Societe Generale Effekten 11.910 3/20/2020 EUR 68.320
Societe Generale Effekten 20.195 3/20/2020 EUR 60.720
Societe Generale Effekten 14.134 6/19/2020 EUR 69.540
Societe Generale Effekten 22.486 6/19/2020 EUR 63.390
Commerzbank AG 17.000 5/22/2020 EUR 71.540
Societe Generale Effekten 7.767 3/20/2020 EUR 70.020
Societe Generale Effekten 9.838 3/20/2020 EUR 66.550
Societe Generale Effekten 8.673 6/19/2020 EUR 72.130
Societe Generale Effekten 7.890 12/20/2019 EUR 74.760
Societe Generale Effekten 9.468 12/20/2019 EUR 69.900
Societe Generale Effekten 11.564 6/19/2020 EUR 74.290
Societe Generale Effekten 19.159 3/20/2020 EUR 74.390
Societe Generale Effekten 6.312 12/20/2019 EUR 58.870
Societe Generale Effekten 9.074 12/20/2019 EUR 53.170
Societe Generale Effekten 12.230 12/20/2019 EUR 48.520
Societe Generale Effekten 4.660 3/20/2020 EUR 68.790
Societe Generale Effekten 7.249 3/20/2020 EUR 62.100
Societe Generale Effekten 10.097 3/20/2020 EUR 56.890
Societe Generale Effekten 12.849 6/19/2020 EUR 59.190
Leonteq Securities AG/Gue 7.500 3/11/2021 CHF 68.750
DZ Bank AG Deutsche Zentr 5.000 7/22/2020 EUR 68.460
Deutsche Bank AG 8.200 9/22/2020 EUR 64.700
DZ Bank AG Deutsche Zentr 9.000 6/24/2020 EUR
Vontobel Financial Produc 18.000 1/3/2020 EUR 74.110
Zurcher Kantonalbank Fina 7.500 3/13/2020 EUR 72.620
Societe Generale Effekten 22.525 3/20/2020 EUR 56.190
Societe Generale Effekten 23.301 3/20/2020 EUR 55.630
Societe Generale Effekten 18.632 6/19/2020 EUR 71.910
Deutsche Bank AG 8.200 12/24/2019 EUR 74.600
Raiffeisen Centrobank AG 10.995 6/23/2020 EUR 68.300
HSBC Trinkaus & Burkhardt 9.500 3/27/2020 EUR 67.690
UBS AG/London 8.300 3/26/2020 EUR 66.680
UBS AG/London 5.100 3/26/2020 EUR 72.670
HSBC Trinkaus & Burkhardt 5.100 3/27/2020 EUR 69.640
HSBC Trinkaus & Burkhardt 9.000 12/27/2019 EUR 73.360
UBS AG/London 17.600 1/2/2020 EUR 61.810
Vontobel Financial Produc 9.250 4/3/2020 EUR 74.340
Corner Banca SA 12.000 1/3/2020 CHF 70.580
Bank Julius Baer & Co Ltd 7.000 3/23/2020 CHF 74.150
Landesbank Baden-Wuerttem 3.200 7/24/2020 EUR 61.820
Leonteq Securities AG/Gue 6.000 6/23/2020 CHF 61.250
UniCredit Bank AG 3.600 7/18/2021 EUR 53.340
Luzerner Kantonalbank AG 10.000 4/8/2020 CHF 58.150
DZ Bank AG Deutsche Zentr 8.750 12/27/2019 EUR 62.130
Leonteq Securities AG/Gue 8.000 12/27/2019 CHF 71.680
Deutsche Bank AG 4.200 12/24/2019 EUR 73.500
Deutsche Bank AG 4.200 12/24/2019 EUR 73.800
Deutsche Bank AG 4.200 12/24/2019 EUR 72.200
Deutsche Bank AG 4.200 12/24/2019 EUR 65.320
Deutsche Bank AG 4.200 12/24/2019 EUR 73.200
Deutsche Bank AG 4.200 12/24/2019 EUR 70.800
Vontobel Financial Produc 8.000 12/31/2019 EUR 68.420
HSBC Trinkaus & Burkhardt 4.170 3/27/2020 EUR 71.780
Deutsche Bank AG 6.200 12/24/2019 EUR 68.700
Deutsche Bank AG 6.200 12/24/2019 EUR 58.300
Deutsche Bank AG 6.200 12/24/2019 EUR 72.300
HSBC Trinkaus & Burkhardt 13.200 12/27/2019 EUR 58.590
HSBC Trinkaus & Burkhardt 7.800 3/27/2020 EUR 73.540
UBS AG/London 13.000 3/26/2020 EUR 63.360
HSBC Trinkaus & Burkhardt 9.000 12/27/2019 EUR 60.970
HSBC Trinkaus & Burkhardt 4.600 12/27/2019 EUR 70.860
HSBC Trinkaus & Burkhardt 10.500 12/27/2019 EUR 64.460
HSBC Trinkaus & Burkhardt 9.000 12/27/2019 EUR 67.470
HSBC Trinkaus & Burkhardt 6.300 12/27/2019 EUR 74.470
HSBC Trinkaus & Burkhardt 5.400 3/27/2020 EUR 70.190
HSBC Trinkaus & Burkhardt 3.600 3/27/2020 EUR 75.890
HSBC Trinkaus & Burkhardt 8.900 12/27/2019 EUR 65.060
HSBC Trinkaus & Burkhardt 5.600 12/27/2019 EUR 73.600
HSBC Trinkaus & Burkhardt 11.600 12/27/2019 EUR 31.000
HSBC Trinkaus & Burkhardt 6.200 12/27/2019 EUR 36.960
Leonteq Securities AG/Gue 12.000 1/3/2020 CHF 69.170
Deutsche Bank AG 4.200 12/24/2019 EUR 68.950
Deutsche Bank AG 4.200 12/24/2019 EUR 61.890
Deutsche Bank AG 4.200 12/24/2019 EUR 67.600
Vontobel Financial Produc 7.000 12/31/2019 EUR 68.390
Deutsche Bank AG 6.200 12/24/2019 EUR 72.300
Deutsche Bank AG 6.200 12/24/2019 EUR 73.560
Luzerner Kantonalbank AG 6.000 4/8/2020 CHF 74.380
Leonteq Securities AG 13.000 1/3/2020 CHF 69.680
Erste Group Bank AG 6.000 4/29/2020 EUR 74.900
Deutsche Bank AG 4.200 12/24/2019 EUR 72.500
Deutsche Bank AG 4.200 12/24/2019 EUR 66.700
Natixis SA 1.500 10/4/2021 EUR 68.296
Deutsche Bank AG 6.200 12/24/2019 EUR 58.900
UBS AG/London 15.200 3/26/2020 EUR 77.470
HSBC Trinkaus & Burkhardt 9.400 12/27/2019 EUR 75.970
Societe Generale Effekten 16.052 3/20/2020 EUR 71.060
Societe Generale Effekten 4.142 12/20/2019 EUR 66.030
Societe Generale Effekten 14.192 9/18/2020 EUR 60.780
Societe Generale Effekten 14.499 3/20/2020 EUR 65.390
Vontobel Financial Produc 11.000 3/27/2020 EUR 75.350
Deutsche Bank AG 8.200 12/22/2020 EUR 61.200
Societe Generale Effekten 8.285 3/20/2020 EUR 68.790
Societe Generale Effekten 11.651 3/20/2020 EUR 64.680
Societe Generale Effekten 14.240 3/20/2020 EUR 62.020
Societe Generale Effekten 24.337 3/20/2020 EUR 55.160
Societe Generale Effekten 12.528 6/19/2020 EUR 67.350
Societe Generale Effekten 9.637 6/19/2020 EUR 63.650
Societe Generale Effekten 10.740 9/18/2020 EUR 64.660
Societe Generale Effekten 19.134 12/20/2019 EUR 55.720
Societe Generale Effekten 25.890 3/20/2020 EUR 57.160
Societe Generale Effekten 15.793 3/20/2020 EUR 74.510
Commerzbank AG 22.000 12/31/2019 EUR 65.790
UBS AG/London 12.900 6/25/2020 EUR 70.530
UBS AG/London 10.700 3/26/2020 EUR 60.530
UBS AG/London 6.900 3/26/2020 EUR 67.520
UBS AG/London 6.100 1/2/2020 EUR 73.400
UBS AG/London 6.700 12/28/2020 EUR 75.040
UBS AG/London 7.400 12/28/2020 EUR 73.770
Danske Bank A/S 10.300 7/9/2023 SEK 53.900
Deutsche Bank AG 4.200 12/24/2019 EUR 65.500
Deutsche Bank AG 4.200 12/24/2019 EUR 55.200
Deutsche Bank AG 4.200 12/24/2019 EUR 70.100
UBS AG/London 14.000 3/26/2020 EUR 70.220
UBS AG/London 9.600 3/26/2020 EUR 70.590
UBS AG/London 5.700 3/26/2020 EUR 69.880
UBS AG/London 6.600 3/26/2020 EUR 74.210
UBS AG/London 15.100 1/2/2020 EUR 61.730
Raiffeisen Centrobank AG 9.367 6/23/2020 EUR 70.370
Deutsche Bank AG 6.200 12/24/2019 EUR 64.600
UBS AG/London 7.500 3/26/2020 EUR 65.170
UBS AG/London 6.200 3/26/2020 EUR 68.650
Deutsche Bank AG 4.200 12/24/2019 EUR 50.600
Deutsche Bank AG 4.200 12/24/2019 EUR 61.900
DZ Bank AG Deutsche Zentr 5.500 12/27/2019 EUR 64.490
Deutsche Bank AG 4.200 12/24/2019 EUR 61.000
UBS AG/London 8.600 1/2/2020 EUR 68.980
UBS AG/London 19.000 1/2/2020 EUR 58.750
UBS AG/London 15.600 3/26/2020 EUR 74.030
UBS AG/London 22.400 1/2/2020 EUR 56.050
UBS AG/London 21.600 3/26/2020 EUR 74.940
UBS AG/London 8.900 3/26/2020 EUR 64.380
UBS AG/London 10.500 3/26/2020 EUR 63.690
UBS AG/London 7.700 3/26/2020 EUR 72.210
UBS AG/London 11.600 1/2/2020 EUR 65.120
Vontobel Financial Produc 12.000 6/26/2020 EUR 62.700
Vontobel Financial Produc 13.000 3/27/2020 EUR 61.110
Landesbank Hessen-Thuerin 4.000 12/18/2019 EUR 67.070
Vontobel Financial Produc 3.500 6/25/2020 EUR 65.120
Vontobel Financial Produc 8.000 1/3/2020 EUR 64.320
Vontobel Financial Produc 8.000 3/27/2020 EUR 66.030
Leonteq Securities AG/Gue 7.000 7/14/2020 CHF 71.720
Vontobel Financial Produc 8.000 3/27/2020 EUR 64.450
Raiffeisen Schweiz Genoss 5.000 1/14/2020 EUR 72.990
Landesbank Baden-Wuerttem 3.050 7/24/2020 EUR 69.750
Commerzbank AG 9.500 3/27/2020 EUR 67.150
UniCredit Bank AG 3.750 10/2/2020 EUR 26.760
Bank Julius Baer & Co Ltd 10.800 1/21/2020 USD 70.150
Societe Generale Effekten 23.164 9/18/2020 EUR 74.700
Societe Generale Effekten 25.507 9/18/2020 EUR 74.460
Vontobel Financial Produc 15.000 3/27/2020 EUR 69.800
Vontobel Financial Produc 13.000 6/26/2020 EUR 69.410
DZ Bank AG Deutsche Zentr 9.500 10/21/2020 EUR 76.990
DZ Bank AG Deutsche Zentr 5.500 12/23/2020 EUR 73.660
DZ Bank AG Deutsche Zentr 7.500 12/23/2020 EUR 70.980
UBS AG/London 10.500 10/2/2020 USD 66.370
Vontobel Financial Produc 20.500 9/25/2020 EUR 72.625
UBS AG/London 13.700 9/24/2020 EUR 74.290
DZ Bank AG Deutsche Zentr 11.750 3/25/2020 EUR 72.600
DZ Bank AG Deutsche Zentr 7.750 9/23/2020 EUR 74.240
DekaBank Deutsche Girozen 0.010 6/29/2046 EUR 70.150
Bank Julius Baer & Co Ltd 9.650 4/27/2020 USD 74.100
Bank Julius Baer & Co Ltd 8.500 4/27/2020 EUR 75.400
Credit Suisse AG/London 8.000 10/26/2020 EUR 72.690
mybet Holding SE 6.250 12/11/2020 EUR 30.000
Landesbank Hessen-Thuerin 7.000 4/29/2022 EUR 53.390
Credit Suisse AG/London 8.000 10/26/2020 CHF 73.090
Commerzbank AG 10.250 3/27/2020 EUR 72.160
Vontobel Financial Produc 19.500 6/25/2020 EUR 73.540
DZ Bank AG Deutsche Zentr 9.750 9/23/2020 EUR
DZ Bank AG Deutsche Zentr 5.750 6/24/2020 EUR 73.840
DZ Bank AG Deutsche Zentr 7.750 6/24/2020 EUR 71.500
DZ Bank AG Deutsche Zentr 12.500 3/25/2020 EUR 74.800
Aragon OOO 11.500 7/10/2029 RUB 70.000
DZ Bank AG Deutsche Zentr 14.250 3/25/2020 EUR 71.160
DZ Bank AG Deutsche Zentr 10.500 6/24/2020 EUR 72.480
DZ Bank AG Deutsche Zentr 9.000 9/23/2020 EUR 73.250
DZ Bank AG Deutsche Zentr 8.250 12/23/2020 EUR 73.840
EFG International Finance 5.150 6/10/2020 EUR 68.860
UBS AG/London 13.500 9/11/2020 USD 58.020
Leonteq Securities AG 16.000 12/16/2020 CHF 61.910
Vontobel Financial Produc 13.400 9/16/2020 USD 56.090
DZ Bank AG Deutsche Zentr 7.800 9/21/2020 EUR 71.490
DZ Bank AG Deutsche Zentr 4.500 3/25/2020 EUR
DZ Bank AG Deutsche Zentr 10.600 9/25/2020 EUR 71.460
DZ Bank AG Deutsche Zentr 5.250 6/24/2020 EUR 68.880
UBS AG/London 13.500 10/19/2020 USD 67.010
Commerzbank AG 8.750 3/27/2020 EUR 69.030
Bank Julius Baer & Co Ltd 8.150 5/26/2020 EUR 64.800
DZ Bank AG Deutsche Zentr 5.250 6/22/2020 EUR
DZ Bank AG Deutsche Zentr 5.000 9/21/2020 EUR 69.040
DZ Bank AG Deutsche Zentr 6.250 9/21/2020 EUR 69.990
Commerzbank AG 12.750 3/27/2020 EUR 63.530
Vontobel Financial Produc 17.500 6/26/2020 EUR 73.960
Leonteq Securities AG 15.400 4/8/2020 CHF 67.400
Commerzbank AG 6.000 12/31/2019 EUR 74.310
Commerzbank AG 20.250 12/31/2019 EUR 71.130
Commerzbank AG 19.000 1/24/2020 EUR 72.310
BNP Paribas Emissions- un 21.000 3/26/2020 EUR 70.050
Landesbank Hessen-Thuerin 8.000 4/7/2020 EUR 78.940
BNP Paribas Emissions- un 15.000 9/24/2020 EUR 74.180
BNP Paribas Emissions- un 20.000 3/26/2020 EUR 69.350
BNP Paribas Emissions- un 22.000 3/26/2020 EUR 69.880
BNP Paribas Emissions- un 24.000 3/26/2020 EUR 70.420
BNP Paribas Emissions- un 14.000 9/24/2020 EUR 74.040
BNP Paribas Emissions- un 14.000 3/26/2020 EUR 72.100
Raiffeisen Schweiz Genoss 3.400 3/21/2025 CHF 60.820
Landesbank Hessen-Thuerin 8.000 5/15/2020 EUR 60.190
Landesbank Hessen-Thuerin 8.400 5/8/2020 EUR 37.280
Landesbank Hessen-Thuerin 7.400 6/12/2020 EUR 69.330
DekaBank Deutsche Girozen 3.000 5/20/2020 EUR 72.740
Landesbank Baden-Wuerttem 6.000 3/27/2020 EUR 70.020
Vontobel Financial Produc 15.000 1/3/2020 EUR 72.330
Vontobel Financial Produc 8.000 1/3/2020 EUR 69.330
Commerzbank AG 14.500 12/31/2019 EUR 71.620
Societe Generale Effekten 15.867 6/19/2020 EUR 74.730
Societe Generale Effekten 16.690 12/20/2019 EUR 63.040
Vontobel Financial Produc 9.500 1/3/2020 EUR 71.040
Vontobel Financial Produc 6.000 1/3/2020 EUR 60.530
EFG International Finance 7.400 12/21/2020 USD 74.840
Leonteq Securities AG/Gue 5.000 5/5/2020 EUR 33.520
HSBC Trinkaus & Burkhardt 6.900 12/27/2019 EUR 68.540
Vontobel Financial Produc 15.000 12/31/2019 EUR 34.400
Societe Generale Effekten 21.499 12/20/2019 EUR 74.730
DekaBank Deutsche Girozen 4.050 7/3/2020 EUR 70.400
Vontobel Financial Produc 14.500 1/3/2020 EUR 62.120
Vontobel Financial Produc 11.500 1/3/2020 EUR 67.940
Vontobel Financial Produc 10.500 1/3/2020 EUR 70.140
Vontobel Financial Produc 8.500 1/3/2020 EUR 74.670
Vontobel Financial Produc 7.500 1/3/2020 EUR 57.040
UBS AG/London 5.700 1/2/2020 EUR 59.030
Vontobel Financial Produc 7.000 12/31/2019 EUR 62.360
DekaBank Deutsche Girozen 2.900 1/4/2021 EUR 76.540
DekaBank Deutsche Girozen 2.100 1/4/2021 EUR 67.880
Zurcher Kantonalbank Fina 5.000 12/14/2020 EUR 74.230
DZ Bank AG Deutsche Zentr 6.250 3/25/2020 EUR
DZ Bank AG Deutsche Zentr 8.250 3/25/2020 EUR 56.070
DZ Bank AG Deutsche Zentr 8.750 3/25/2020 EUR 68.820
Vontobel Financial Produc 5.400 1/6/2020 EUR 42.870
HSBC Trinkaus & Burkhardt 7.600 6/26/2020 EUR 70.260
HSBC Trinkaus & Burkhardt 6.500 6/26/2020 EUR 69.680
Vontobel Financial Produc 13.000 3/13/2020 EUR 61.640
DekaBank Deutsche Girozen 2.300 1/8/2021 EUR 74.420
Vontobel Financial Produc 7.000 12/27/2019 EUR 42.490
HSBC Trinkaus & Burkhardt 2.750 3/27/2020 EUR 73.950
Landesbank Baden-Wuerttem 2.500 10/23/2020 EUR 51.500
Landesbank Baden-Wuerttem 5.000 10/23/2020 EUR 45.050
Landesbank Hessen-Thuerin 3.500 1/5/2022 EUR 61.980
Landesbank Hessen-Thuerin 4.000 1/5/2022 EUR 70.690
UBS AG/London 9.000 10/19/2020 USD 63.200
UBS AG/London 6.000 4/16/2020 CHF 71.100
Landesbank Baden-Wuerttem 3.000 3/27/2020 EUR 68.340
Vontobel Financial Produc 12.000 1/3/2020 EUR 65.850
Vontobel Financial Produc 10.000 1/3/2020 EUR 65.580
Vontobel Financial Produc 15.500 1/3/2020 EUR 61.770
Goldman Sachs & Co Wertpa 23.000 12/27/2019 EUR 66.680
Societe Generale SA 8.000 12/3/2020 USD 58.800
Vontobel Financial Produc 8.500 1/3/2020 EUR 53.930
Vontobel Financial Produc 10.500 1/3/2020 EUR 71.040
HSBC Trinkaus & Burkhardt 1.000 4/22/2020 EUR 74.900
Leonteq Securities AG/Gue 6.400 6/4/2020 CHF 18.410
Leonteq Securities AG/Gue 9.000 6/4/2020 USD 68.760
Vontobel Financial Produc 10.000 12/31/2019 EUR 68.750
DekaBank Deutsche Girozen 3.800 12/18/2020 EUR 57.740
Vontobel Financial Produc 19.500 9/25/2020 EUR 69.160
Vontobel Financial Produc 13.000 1/3/2020 EUR 63.910
Vontobel Financial Produc 12.000 1/3/2020 EUR 62.240
Vontobel Financial Produc 11.000 1/3/2020 EUR 63.860
Raiffeisen Centrobank AG 5.200 12/30/2019 EUR 72.900
Goldman Sachs & Co Wertpa 24.000 12/27/2019 EUR 73.710
Leonteq Securities AG/Gue 9.800 6/12/2020 CHF 46.080
Vontobel Financial Produc 11.000 1/3/2020 EUR 68.900
Vontobel Financial Produc 8.500 1/3/2020 EUR 73.350
Vontobel Financial Produc 10.000 1/3/2020 EUR 51.180
Leonteq Securities AG/Gue 7.000 12/15/2020 CHF 73.610
Leonteq Securities AG/Gue 7.400 12/18/2019 EUR 71.380
Plaza Centers NV 6.900 7/1/2020 ILS 21.370
Plaza Centers NV 6.000 7/1/2020 ILS 21.510
Landesbank Baden-Wuerttem 3.000 11/27/2020 EUR 73.010
Landesbank Baden-Wuerttem 6.000 11/27/2020 EUR 67.410
Landesbank Baden-Wuerttem 4.500 11/27/2020 EUR 70.530
Societe Generale Effekten 19.126 3/20/2020 EUR 54.450
HSBC Trinkaus & Burkhardt 10.500 12/27/2019 EUR 72.680
HSBC Trinkaus & Burkhardt 6.600 1/24/2020 EUR 73.710
HSBC Trinkaus & Burkhardt 11.100 12/27/2019 EUR 65.800
HSBC Trinkaus & Burkhardt 8.900 3/27/2020 EUR 71.650
HSBC Trinkaus & Burkhardt 4.300 12/27/2019 EUR 46.760
HSBC Trinkaus & Burkhardt 8.100 1/24/2020 EUR 40.340
HSBC Trinkaus & Burkhardt 7.600 12/27/2019 EUR 63.760
HSBC Trinkaus & Burkhardt 7.100 1/24/2020 EUR 74.170
Landesbank Baden-Wuerttem 3.300 12/29/2020 EUR 76.070
Landesbank Baden-Wuerttem 3.000 7/23/2021 EUR 73.720
UniCredit Bank AG 3.800 12/29/2022 EUR 60.150
DekaBank Deutsche Girozen 5.150 7/3/2020 EUR 72.120
UBS AG/London 10.000 4/24/2020 USD 61.080
Vontobel Financial Produc 12.500 1/3/2020 EUR 73.020
Vontobel Financial Produc 19.500 6/12/2020 EUR 75.940
Vontobel Financial Produc 9.500 1/3/2020 EUR 65.740
UniCredit Bank AG 4.450 12/29/2022 EUR 68.330
UniCredit Bank AG 5.900 12/19/2020 EUR 56.200
Vontobel Financial Produc 12.500 1/3/2020 EUR 60.270
Vontobel Financial Produc 14.500 1/3/2020 EUR 57.120
Societe Generale SA 8.000 12/2/2020 USD 54.340
UBS AG/London 9.000 4/24/2020 EUR 59.050
BNP Paribas Emissions- un 8.000 12/30/2019 EUR 58.900
DekaBank Deutsche Girozen 5.150 5/21/2021 EUR 71.170
Vontobel Financial Produc 9.500 12/31/2019 EUR 52.070
Vontobel Financial Produc 7.550 12/31/2019 EUR 52.000
Landesbank Hessen-Thuerin 6.250 12/22/2022 EUR 58.920
Vontobel Financial Produc 7.000 1/3/2020 EUR 72.390
Vontobel Financial Produc 9.000 1/3/2020 EUR 67.830
UniCredit Bank AG 4.300 12/19/2021 EUR 63.700
Vontobel Financial Produc 13.500 1/3/2020 EUR 42.480
Raiffeisen Schweiz Genoss 7.000 4/30/2020 EUR 63.700
Leonteq Securities AG/Gue 7.000 10/29/2020 CHF 66.730
UniCredit Bank AG 5.500 1/4/2020 EUR 43.450
HSBC Trinkaus & Burkhardt 11.400 12/27/2019 EUR 70.890
HSBC Trinkaus & Burkhardt 8.600 12/27/2019 EUR 72.500
HSBC Trinkaus & Burkhardt 11.800 12/27/2019 EUR 36.100
HSBC Trinkaus & Burkhardt 5.800 3/27/2020 EUR 68.420
HSBC Trinkaus & Burkhardt 10.000 12/27/2019 EUR 78.720
Vontobel Financial Produc 6.200 12/31/2019 EUR 64.220
Vontobel Financial Produc 11.500 1/3/2020 EUR 71.130
Vontobel Financial Produc 12.500 1/3/2020 EUR 68.960
Vontobel Financial Produc 16.000 1/3/2020 EUR 70.390
Goldman Sachs & Co Wertpa 25.000 1/22/2020 EUR 72.920
Goldman Sachs & Co Wertpa 24.000 2/26/2020 EUR 76.400
Vontobel Financial Produc 7.000 6/19/2020 USD 72.250
Vontobel Financial Produc 14.000 1/3/2020 EUR 69.190
Vontobel Financial Produc 8.000 1/3/2020 EUR 70.030
Vontobel Financial Produc 11.500 1/3/2020 EUR 61.980
Vontobel Financial Produc 10.500 1/3/2020 EUR 63.800
Vontobel Financial Produc 12.000 1/3/2020 EUR 72.710
HSBC Trinkaus & Burkhardt 3.000 8/10/2020 EUR 71.920
HSBC Trinkaus & Burkhardt 6.000 2/28/2020 EUR 74.160
Vontobel Financial Produc 12.000 1/3/2020 EUR 65.810
Vontobel Financial Produc 13.500 1/3/2020 EUR 58.650
UniCredit Bank AG 4.700 12/19/2021 EUR 66.740
Vontobel Financial Produc 14.000 1/3/2020 EUR 58.220
Vontobel Financial Produc 10.500 1/3/2020 EUR 46.360
Vontobel Financial Produc 12.500 1/3/2020 EUR 75.150
Vontobel Financial Produc 10.000 1/3/2020 EUR 67.650
Vontobel Financial Produc 8.500 1/3/2020 EUR 70.950
Vontobel Financial Produc 6.500 1/3/2020 EUR 74.580
Vontobel Financial Produc 7.500 1/3/2020 EUR 72.660
Vontobel Financial Produc 11.000 1/3/2020 EUR 67.250
Vontobel Financial Produc 7.500 1/3/2020 EUR 71.420
Vontobel Financial Produc 11.500 1/3/2020 EUR 64.480
Landesbank Hessen-Thuerin 4.750 3/3/2020 EUR 76.700
Landesbank Hessen-Thuerin 3.250 7/8/2020 EUR 76.500
Vontobel Financial Produc 11.500 1/3/2020 EUR 74.220
Vontobel Financial Produc 10.000 12/31/2019 EUR 42.790
Vontobel Financial Produc 10.000 12/31/2019 EUR 73.560
Landesbank Baden-Wuerttem 2.550 2/28/2020 EUR 73.910
Leonteq Securities AG/Gue 6.200 3/11/2020 CHF 68.040
Vontobel Financial Produc 8.000 3/27/2020 EUR 64.060
BNP Paribas Emissions- un 6.000 3/26/2020 EUR 66.530
BNP Paribas Emissions- un 9.000 6/25/2020 EUR 68.090
Bank Julius Baer & Co Ltd 10.100 2/14/2020 USD 71.650
Vontobel Financial Produc 12.000 1/3/2020 EUR 66.870
UBS AG/London 10.000 6/19/2020 EUR 64.950
DZ Bank AG Deutsche Zentr 5.500 3/25/2020 EUR 54.670
DekaBank Deutsche Girozen 2.000 10/16/2020 EUR 56.700
UniCredit Bank AG 5.350 10/18/2020 EUR 57.540
HSBC Trinkaus & Burkhardt 11.400 12/27/2019 EUR 44.910
Raiffeisen Schweiz Genoss 5.750 2/25/2021 CHF 68.610
HSBC Trinkaus & Burkhardt 11.500 12/27/2019 EUR 75.130
DekaBank Deutsche Girozen 4.700 5/29/2020 EUR 72.060
DekaBank Deutsche Girozen 6.000 5/29/2020 EUR 59.150
BNP Paribas Emissions- un 19.000 12/30/2019 EUR 61.580
EFG International Finance 6.600 9/28/2020 EUR 69.640
DekaBank Deutsche Girozen 2.000 10/9/2020 EUR 72.480
Landesbank Baden-Wuerttem 5.000 1/24/2020 EUR 54.000
Landesbank Baden-Wuerttem 7.000 1/24/2020 EUR 49.910
Commerzbank AG 8.000 11/6/2020 USD 4.000
Vontobel Financial Produc 8.500 3/27/2020 EUR 59.250
Vontobel Financial Produc 7.000 3/27/2020 EUR 62.250
Vontobel Financial Produc 10.000 3/27/2020 EUR 56.570
Vontobel Financial Produc 6.000 1/3/2020 EUR 67.610
Vontobel Financial Produc 7.000 1/3/2020 EUR 60.570
DZ Bank AG Deutsche Zentr 5.500 12/27/2019 EUR 56.010
Landesbank Hessen-Thuerin 7.000 10/20/2022 EUR 74.610
Vontobel Financial Produc 9.000 1/3/2020 EUR 71.010
Vontobel Financial Produc 4.500 3/27/2020 EUR 71.940
Vontobel Financial Produc 4.000 1/3/2020 EUR 71.260
DZ Bank AG Deutsche Zentr 11.000 6/24/2020 EUR 75.740
Leonteq Securities AG/Gue 7.000 9/29/2020 CHF 70.050
UniCredit Bank AG 4.200 12/8/2021 EUR 70.240
Vontobel Financial Produc 5.500 3/27/2020 EUR 65.600
Vontobel Financial Produc 12.000 3/27/2020 EUR 54.330
Vontobel Financial Produc 11.000 3/27/2020 EUR 61.130
Vontobel Financial Produc 9.000 1/3/2020 EUR 57.110
DZ Bank AG Deutsche Zentr 13.750 12/27/2019 EUR 54.260
Landesbank Baden-Wuerttem 3.700 6/26/2020 EUR 65.980
Leonteq Securities AG 11.200 12/17/2019 CHF 72.860
Bank Julius Baer & Co Ltd 5.450 12/18/2019 CHF 71.600
Landesbank Hessen-Thuerin 7.700 1/20/2023 EUR 63.960
EFG International Finance 7.000 11/16/2020 EUR 63.350
BNP Paribas Emissions- un 16.000 12/30/2019 EUR 69.210
UBS AG/London 12.000 6/12/2020 USD 52.370
BNP Paribas Emissions- un 15.000 6/25/2020 EUR 70.800
Landesbank Baden-Wuerttem 3.000 1/24/2020 EUR 59.740
Landesbank Hessen-Thuerin 5.650 10/28/2022 EUR 41.600
UniCredit Bank AG 6.100 8/12/2020 EUR 58.070
DZ Bank AG Deutsche Zentr 11.500 2/26/2020 EUR 50.330
DZ Bank AG Deutsche Zentr 6.500 2/26/2020 EUR 65.510
DZ Bank AG Deutsche Zentr 4.750 3/25/2020 EUR 68.870
Bank Julius Baer & Co Ltd 6.900 1/22/2020 CHF 73.050
Zurcher Kantonalbank Fina 11.500 1/23/2020 USD 59.420
Landesbank Baden-Wuerttem 5.000 1/24/2020 EUR 74.270
Landesbank Baden-Wuerttem 7.000 1/24/2020 EUR 69.030
Landesbank Baden-Wuerttem 4.000 1/24/2020 EUR 49.040
Landesbank Baden-Wuerttem 6.500 1/24/2020 EUR 45.140
Landesbank Baden-Wuerttem 4.000 1/24/2020 EUR 73.640
Landesbank Baden-Wuerttem 6.000 1/24/2020 EUR 69.170
Bank Julius Baer & Co Ltd 9.700 1/24/2020 USD 67.600
HSBC Trinkaus & Burkhardt 10.500 6/26/2020 EUR 42.490
HSBC Trinkaus & Burkhardt 7.700 6/26/2020 EUR 45.390
HSBC Trinkaus & Burkhardt 5.200 6/26/2020 EUR 49.580
HSBC Trinkaus & Burkhardt 9.700 2/28/2020 EUR 41.150
Deutsche Bank AG 4.200 12/24/2019 EUR 73.490
Commerzbank AG 14.750 12/31/2019 EUR 67.140
Commerzbank AG 14.250 12/31/2019 EUR 70.380
Vontobel Financial Produc 10.000 1/24/2020 EUR 64.870
Vontobel Financial Produc 11.000 1/24/2020 EUR 64.980
UBS AG/London 20.000 1/24/2020 CHF 58.000
Vontobel Financial Produc 13.000 1/3/2020 EUR 65.900
Vontobel Financial Produc 9.000 1/3/2020 EUR 72.480
Vontobel Financial Produc 10.500 1/3/2020 EUR 70.140
Vontobel Financial Produc 12.000 1/3/2020 EUR 67.960
Vontobel Financial Produc 10.500 3/27/2020 EUR 69.760
Vontobel Financial Produc 8.500 3/27/2020 EUR 73.340
Vontobel Financial Produc 9.500 3/27/2020 EUR 71.580
Vontobel Financial Produc 12.000 3/27/2020 EUR 68.170
UBS AG/London 24.500 3/26/2020 EUR 67.950
UBS AG/London 23.700 6/25/2020 EUR 68.190
UBS AG/London 15.900 6/25/2020 EUR 71.560
UBS AG/London 20.300 6/25/2020 EUR 70.560
DZ Bank AG Deutsche Zentr 7.750 12/27/2019 EUR 65.260
Vontobel Financial Produc 26.000 8/26/2020 EUR 69.710
UBS AG/London 13.700 1/2/2020 EUR 62.640
UBS AG/London 7.300 3/26/2020 EUR 75.220
UBS AG/London 7.200 1/2/2020 EUR 69.470
Leonteq Securities AG 20.000 5/12/2020 CHF 45.110
Vontobel Financial Produc 12.000 1/3/2020 EUR 65.210
Vontobel Financial Produc 16.500 1/3/2020 EUR 58.590
Vontobel Financial Produc 10.000 1/3/2020 EUR 69.170
Vontobel Financial Produc 13.000 1/3/2020 EUR 71.610
Raiffeisen Centrobank AG 8.362 12/27/2019 EUR 74.680
Raiffeisen Centrobank AG 7.394 12/27/2019 EUR 70.160
Raiffeisen Centrobank AG 7.922 12/27/2019 EUR 69.230
Raiffeisen Centrobank AG 5.721 12/27/2019 EUR 66.740
Vontobel Financial Produc 11.000 1/3/2020 EUR 60.610
Vontobel Financial Produc 12.000 1/3/2020 EUR 59.150
UBS AG/London 12.000 5/14/2020 EUR 68.500
UBS AG/London 9.000 5/14/2020 CHF 70.500
BNP Paribas Emissions- un 6.000 12/30/2019 EUR 65.270
Credit Suisse AG/London 9.750 2/18/2020 USD 68.770
Vontobel Financial Produc 15.000 1/3/2020 EUR 68.100
Vontobel Financial Produc 12.500 1/3/2020 EUR 72.640
Vontobel Financial Produc 13.500 1/3/2020 EUR 70.280
Vontobel Financial Produc 16.000 1/3/2020 EUR 66.030
SG Issuer SA 5.000 5/23/2024 EUR 62.590
SG Issuer SA 5.000 4/2/2024 EUR 61.820
Leonteq Securities AG/Gue 6.600 8/18/2020 CHF 71.600
Leonteq Securities AG/Gue 6.000 8/18/2020 CHF 70.310
UniCredit Bank AG 5.250 9/19/2020 EUR 58.740
Raiffeisen Schweiz Genoss 9.000 10/12/2020 CHF 67.690
Landesbank Hessen-Thuerin 6.600 2/17/2023 EUR 59.050
Landesbank Hessen-Thuerin 4.350 2/24/2023 EUR 42.250
DekaBank Deutsche Girozen 2.800 1/24/2020 EUR 61.470
DekaBank Deutsche Girozen 2.900 1/31/2020 EUR 77.980
DekaBank Deutsche Girozen 2.900 2/21/2020 EUR 77.420
Vontobel Financial Produc 27.500 8/12/2020 USD 57.370
Vontobel Financial Produc 9.500 6/12/2020 EUR 67.970
Vontobel Financial Produc 9.000 9/11/2020 EUR 69.510
DZ Bank AG Deutsche Zentr 4.500 9/23/2020 EUR 70.780
DZ Bank AG Deutsche Zentr 6.000 6/24/2020 EUR 61.300
HSBC Trinkaus & Burkhardt 2.620 12/30/2019 EUR 74.740
DZ Bank AG Deutsche Zentr 5.250 12/27/2019 EUR 71.280
DZ Bank AG Deutsche Zentr 17.000 6/26/2020 EUR 72.570
Vontobel Financial Produc 4.500 6/12/2020 EUR 72.170
UBS AG/London 23.400 6/25/2020 EUR 68.970
Leonteq Securities AG/Gue 4.750 11/1/2021 CHF 44.650
Vontobel Financial Produc 10.500 1/3/2020 EUR 74.660
Vontobel Financial Produc 12.000 1/3/2020 EUR 48.720
EFG International Finance 8.000 4/21/2020 USD 42.750
Leonteq Securities AG 7.400 4/24/2020 USD 43.400
Bayerische Landesbank 2.400 11/13/2020 EUR 73.530
DekaBank Deutsche Girozen 2.200 5/15/2020 EUR 73.650
DekaBank Deutsche Girozen 2.100 5/15/2020 EUR 60.550
DekaBank Deutsche Girozen 2.200 4/20/2020 EUR 67.500
UniCredit Bank AG 4.000 7/31/2020 EUR 66.160
Commerzbank AG 30.000 6/30/2020 USD 0.010
Landesbank Baden-Wuerttem 3.250 6/26/2020 EUR 69.910
Vontobel Financial Produc 17.500 1/3/2020 EUR 49.610
Vontobel Financial Produc 16.000 1/3/2020 EUR 51.670
BNP Paribas Emissions- un 11.000 12/30/2019 EUR 71.490
BNP Paribas Emissions- un 25.000 12/30/2019 EUR 61.780
BNP Paribas Emissions- un 21.000 3/26/2020 EUR 72.600
UBS AG/London 18.600 6/25/2020 EUR 66.570
UBS AG/London 23.400 3/26/2020 EUR 64.450
UBS AG/London 10.200 6/25/2020 EUR 72.190
UBS AG/London 22.700 3/26/2020 EUR 61.370
Landesbank Baden-Wuerttem 6.500 8/28/2020 EUR 69.610
Vontobel Financial Produc 8.500 12/31/2019 EUR 69.740
DZ Bank AG Deutsche Zentr 6.250 12/27/2019 EUR 40.000
DZ Bank AG Deutsche Zentr 10.500 12/27/2019 EUR 71.640
BNP Paribas Emissions- un 18.000 12/30/2019 EUR 71.320
BNP Paribas Emissions- un 13.000 12/30/2019 EUR 68.520
UniCredit Bank AG 7.800 12/29/2020 EUR 42.350
UniCredit Bank AG 9.200 12/29/2020 EUR 40.490
UniCredit Bank AG 19.800 6/26/2020 EUR 73.130
Societe Generale SA 12.000 4/2/2020 USD 48.200
Vontobel Financial Produc 11.000 3/27/2020 EUR 57.260
DZ Bank AG Deutsche Zentr 10.000 3/25/2020 EUR 69.720
DZ Bank AG Deutsche Zentr 4.500 12/27/2019 EUR 58.980
Leonteq Securities AG 9.000 3/27/2020 USD 43.800
Commerzbank AG 3.900 3/23/2022 USD 7.190
Landesbank Hessen-Thuerin 5.200 9/30/2022 EUR 70.920
Leonteq Securities AG/Gue 6.000 6/8/2020 CHF 63.430
UniCredit Bank AG 5.750 7/4/2020 EUR 48.610
DekaBank Deutsche Girozen 4.400 2/21/2020 EUR 67.970
DekaBank Deutsche Girozen 2.750 4/17/2020 EUR 75.140
DekaBank Deutsche Girozen 2.700 4/17/2020 EUR 60.930
Landesbank Baden-Wuerttem 5.200 1/24/2020 EUR 58.740
Landesbank Baden-Wuerttem 5.600 1/24/2020 EUR 47.480
Natixis SA 4.975 3/23/2020 USD 45.731
DekaBank Deutsche Girozen 3.200 5/3/2021 EUR 73.820
DekaBank Deutsche Girozen 2.050 5/3/2021 EUR 55.480
Societe Generale SA 13.000 4/16/2020 USD 43.220
Commerzbank AG 1.580 9/16/2024 USD 4.330
UniCredit Bank AG 5.100 4/16/2021 EUR 69.630
DekaBank Deutsche Girozen 2.200 4/16/2021 EUR 62.190
UBS AG/London 6.500 3/30/2020 CHF 72.750
BNP Paribas Emissions- un 9.500 12/30/2019 EUR 73.360
Leonteq Securities AG/Gue 5.600 5/25/2021 CHF 61.000
Landesbank Baden-Wuerttem 4.650 3/27/2020 EUR 64.980
UniCredit Bank AG 4.000 6/11/2020 EUR 67.030
UBS AG/London 11.000 5/4/2020 USD 67.600
UBS AG/London 9.500 11/16/2020 USD 61.200
Raiffeisen Schweiz Genoss 6.000 5/25/2020 EUR 68.310
Raiffeisen Schweiz Genoss 4.600 5/25/2020 CHF 59.230
Raiffeisen Schweiz Genoss 8.600 5/28/2020 CHF 61.160
Raiffeisen Schweiz Genoss 7.500 5/25/2020 CHF 21.290
Raiffeisen Schweiz Genoss 6.450 5/25/2020 CHF 73.460
UBS AG/London 6.000 5/18/2020 CHF 60.650
UBS AG/London 10.000 5/18/2020 CHF 50.700
Landesbank Hessen-Thuerin 2.350 12/21/2020 EUR 74.100
BNP Paribas Emissions- un 5.000 12/30/2019 EUR 52.870
BNP Paribas Emissions- un 7.000 12/30/2019 EUR 53.320
BNP Paribas Emissions- un 8.000 12/30/2019 EUR 50.950
BNP Paribas Emissions- un 6.000 12/30/2019 EUR 70.620
BNP Paribas Emissions- un 8.000 12/30/2019 EUR 70.330
BNP Paribas Emissions- un 4.000 12/30/2019 EUR 52.320
BNP Paribas Emissions- un 5.000 12/30/2019 EUR 49.980
BNP Paribas Emissions- un 7.000 12/30/2019 EUR 50.390
Leonteq Securities AG 5.600 5/16/2022 CHF 74.740
DekaBank Deutsche Girozen 2.660 2/28/2020 EUR 74.520
Leonteq Securities AG/Gue 7.000 12/1/2020 CHF 75.160
Landesbank Hessen-Thuerin 5.350 9/22/2023 EUR 67.620
DekaBank Deutsche Girozen 2.800 6/19/2020 EUR 54.920
EFG International Finance 7.000 6/8/2021 EUR 70.420
EFG International Finance 5.550 7/12/2021 USD 57.420
Leonteq Securities AG/Gue 6.000 5/22/2020 CHF 62.570
Landesbank Baden-Wuerttem 3.100 7/24/2020 EUR 64.530
DekaBank Deutsche Girozen 3.800 10/23/2020 EUR 65.000
Raiffeisen Schweiz Genoss 6.500 10/9/2020 CHF 56.610
Landesbank Hessen-Thuerin 4.750 5/11/2023 EUR 61.930
Landesbank Baden-Wuerttem 4.400 1/24/2020 EUR 69.520
Landesbank Baden-Wuerttem 4.100 1/24/2020 EUR 72.230
Landesbank Baden-Wuerttem 4.100 1/24/2020 EUR 64.550
Leonteq Securities AG/Gue 10.000 4/17/2020 CHF 46.650
UBS AG/London 5.500 4/6/2020 CHF 75.550
UBS AG/London 3.900 1/2/2020 EUR 69.110
UBS AG/London 4.500 3/26/2020 EUR 59.860
UBS AG/London 5.000 1/2/2020 EUR 67.870
UniCredit Bank AG 10.600 1/3/2020 EUR 75.520
UniCredit Bank AG 7.700 1/3/2020 EUR 60.800
UniCredit Bank AG 9.900 1/3/2020 EUR 53.950
Landesbank Hessen-Thuerin 8.600 11/17/2022 EUR 64.640
Landesbank Baden-Wuerttem 3.000 12/29/2020 EUR 67.540
Landesbank Baden-Wuerttem 4.400 12/29/2020 EUR 75.870
UBS AG/London 9.500 4/20/2020 CHF 63.300
EFG International Finance 7.200 11/2/2020 EUR 65.930
Landesbank Hessen-Thuerin 4.000 11/24/2021 EUR 55.750
Landesbank Hessen-Thuerin 4.000 11/24/2021 EUR 66.140
Landesbank Hessen-Thuerin 2.200 11/24/2020 EUR 56.950
Landesbank Hessen-Thuerin 6.450 2/24/2023 EUR 64.710
Leonteq Securities AG/Gue 6.400 11/3/2021 CHF 70.770
Leonteq Securities AG/Gue 6.400 11/3/2020 EUR 56.670
Landesbank Hessen-Thuerin 3.000 6/4/2021 EUR 73.800
Landesbank Hessen-Thuerin 4.000 6/4/2021 EUR 48.700
DekaBank Deutsche Girozen 2.000 6/25/2021 EUR 62.620
UniCredit Bank AG 6.000 12/25/2021 EUR 74.550
Bayerische Landesbank 3.100 7/10/2020 EUR 67.240
UBS AG/London 5.750 11/23/2020 CHF 63.500
UBS AG/London 8.000 6/8/2020 CHF 71.250
UBS AG/London 10.750 6/8/2020 CHF 63.700
UBS AG/London 6.500 12/7/2020 EUR 61.100
UBS AG/London 7.250 6/8/2020 USD 67.930
Corner Banca SA 11.000 12/18/2019 CHF 54.590
Leonteq Securities AG 5.000 6/15/2021 CHF 60.100
Leonteq Securities AG/Gue 7.000 6/15/2020 CHF 59.630
UBS AG/London 7.100 1/2/2020 EUR 58.290
UBS AG/London 4.300 1/2/2020 EUR 58.560
Raiffeisen Schweiz Genoss 6.500 12/18/2019 CHF 50.010
Raiffeisen Schweiz Genoss 5.300 12/15/2020 EUR 74.150
Deutsche Bank AG 5.500 12/24/2019 EUR
Deutsche Bank AG 5.500 12/24/2019 EUR 60.600
Deutsche Bank AG 5.500 12/24/2019 EUR 55.200
Deutsche Bank AG 5.500 12/24/2019 EUR 54.900
Deutsche Bank AG 5.500 12/24/2019 EUR 68.100
Deutsche Bank AG 5.500 12/24/2019 EUR
Deutsche Bank AG 5.500 12/24/2019 EUR
DekaBank Deutsche Girozen 4.300 1/4/2021 EUR 57.980
UBS AG/London 8.750 6/15/2020 EUR 71.750
Bayerische Landesbank 3.000 7/17/2020 EUR 71.000
DekaBank Deutsche Girozen 3.350 7/10/2020 EUR 69.110
Raiffeisen Schweiz Genoss 6.300 1/6/2020 CHF 57.610
Raiffeisen Schweiz Genoss 5.000 12/22/2020 CHF 74.620
BNP Paribas Emissions- un 8.500 12/30/2019 EUR 65.020
BNP Paribas Emissions- un 15.000 12/30/2019 EUR 65.220
BNP Paribas Emissions- un 19.000 12/30/2019 EUR 65.340
BNP Paribas Emissions- un 6.500 12/30/2019 EUR 72.750
BNP Paribas Emissions- un 8.500 12/30/2019 EUR 72.820
BNP Paribas Emissions- un 11.000 12/30/2019 EUR 72.890
BNP Paribas Emissions- un 5.000 12/30/2019 EUR 71.260
BNP Paribas Emissions- un 7.000 12/30/2019 EUR 71.320
BNP Paribas Emissions- un 9.500 12/30/2019 EUR 64.460
BNP Paribas Emissions- un 17.000 12/30/2019 EUR 64.690
BNP Paribas Emissions- un 4.000 12/30/2019 EUR 55.190
BNP Paribas Emissions- un 8.000 12/30/2019 EUR 55.310
BNP Paribas Emissions- un 14.000 12/30/2019 EUR 55.500
BNP Paribas Emissions- un 20.000 12/30/2019 EUR 61.780
BNP Paribas Emissions- un 4.500 12/30/2019 EUR 58.090
BNP Paribas Emissions- un 6.500 12/30/2019 EUR 75.840
BNP Paribas Emissions- un 18.000 12/30/2019 EUR 66.270
BNP Paribas Emissions- un 20.000 12/30/2019 EUR 68.340
BNP Paribas Emissions- un 4.500 12/30/2019 EUR 65.980
BNP Paribas Emissions- un 6.500 12/30/2019 EUR 66.040
Vontobel Financial Produc 9.500 1/3/2020 EUR 73.710
Vontobel Financial Produc 14.500 1/3/2020 EUR 65.780
Vontobel Financial Produc 13.000 1/3/2020 EUR 67.580
Vontobel Financial Produc 16.000 1/3/2020 EUR 64.050
Vontobel Financial Produc 16.000 1/3/2020 EUR 61.790
Vontobel Financial Produc 18.000 1/3/2020 EUR 68.270
Vontobel Financial Produc 13.000 1/3/2020 EUR 72.240
Vontobel Financial Produc 11.500 1/3/2020 EUR 74.650
Vontobel Financial Produc 14.500 1/3/2020 EUR 69.990
Leonteq Securities AG/Gue 10.280 6/11/2020 CHF 70.020
UBS AG/London 5.400 1/2/2020 EUR 56.220
UBS AG/London 6.100 6/25/2020 EUR 58.960
UBS AG/London 8.100 1/2/2020 EUR 55.460
Raiffeisen Schweiz Genoss 7.100 6/15/2020 CHF 58.450
Raiffeisen Schweiz Genoss 9.500 12/15/2020 CHF 75.020
Credit Suisse AG/Nassau 7.000 12/30/2019 CHF 58.200
Deutsche Bank AG 5.500 12/24/2019 EUR
Deutsche Bank AG 5.500 12/24/2019 EUR
Deutsche Bank AG 5.500 12/24/2019 EUR 62.000
Deutsche Bank AG 5.500 12/24/2019 EUR 57.800
Deutsche Bank AG 5.500 12/24/2019 EUR
Deutsche Bank AG 5.500 12/24/2019 EUR 61.300
Deutsche Bank AG 5.500 12/24/2019 EUR 50.000
Credit Suisse AG/London 7.000 12/18/2019 CHF 55.530
Leonteq Securities AG 10.000 12/27/2019 EUR 72.870
Credit Suisse AG/London 7.000 12/23/2019 EUR 51.140
UBS AG/London 10.250 6/15/2020 CHF 52.450
UBS AG/London 7.000 12/14/2020 CHF 61.450
UBS AG/London 6.500 12/14/2020 EUR 72.500
UniCredit Bank AG 3.750 8/23/2021 EUR 71.860
Landesbank Baden-Wuerttem 4.150 2/28/2020 EUR 58.650
Landesbank Hessen-Thuerin 5.200 9/8/2022 EUR 72.550
DekaBank Deutsche Girozen 2.150 8/28/2020 EUR 76.360
Landesbank Hessen-Thuerin 4.000 3/8/2021 EUR 55.300
Raiffeisen Switzerland BV 5.000 8/14/2020 EUR 50.360
Landesbank Hessen-Thuerin 4.500 9/8/2021 EUR 65.720
EFG International Finance 6.000 8/24/2020 CHF 70.280
Landesbank Hessen-Thuerin 3.100 8/13/2020 EUR 61.200
DekaBank Deutsche Girozen 3.100 1/10/2020 EUR 36.370
Leonteq Securities AG 8.000 1/27/2020 EUR 72.270
Barclays Bank PLC 13.500 10/16/2020 EUR 76.720
Raiffeisen Centrobank AG 4.737 12/27/2019 EUR 57.530
Raiffeisen Centrobank AG 6.767 12/27/2019 EUR 58.230
Zurcher Kantonalbank Fina 7.250 10/19/2020 CHF 72.540
Landesbank Hessen-Thuerin 5.450 11/17/2022 EUR 65.610
UniCredit Bank AG 11.600 1/3/2020 EUR 44.440
UniCredit Bank AG 12.200 1/3/2020 EUR 54.230
UniCredit Bank AG 9.800 1/3/2020 EUR 48.170
UniCredit Bank AG 7.500 1/3/2020 EUR 62.590
UniCredit Bank AG 5.300 1/3/2020 EUR 61.160
UniCredit Bank AG 6.000 1/3/2020 EUR 50.690
UniCredit Bank AG 6.500 1/3/2020 EUR 46.860
UniCredit Bank AG 5.400 1/3/2020 EUR 51.700
UniCredit Bank AG 11.600 1/3/2020 EUR 72.310
UniCredit Bank AG 11.000 1/3/2020 EUR 41.220
UniCredit Bank AG 3.800 1/3/2020 EUR 70.470
UniCredit Bank AG 7.200 1/3/2020 EUR 55.900
UniCredit Bank AG 7.100 1/3/2020 EUR 61.790
UniCredit Bank AG 6.900 1/3/2020 EUR 52.230
UniCredit Bank AG 6.800 1/3/2020 EUR 58.350
UniCredit Bank AG 8.500 1/3/2020 EUR 65.160
UniCredit Bank AG 10.300 1/3/2020 EUR 48.280
UniCredit Bank AG 7.600 1/3/2020 EUR 73.610
UniCredit Bank AG 6.000 1/3/2020 EUR 71.620
UniCredit Bank AG 10.900 1/3/2020 EUR 60.430
UniCredit Bank AG 8.600 1/3/2020 EUR 34.590
UniCredit Bank AG 9.900 1/3/2020 EUR 50.090
UniCredit Bank AG 4.600 1/3/2020 EUR 62.890
UniCredit Bank AG 4.700 1/3/2020 EUR 74.630
UniCredit Bank AG 10.000 1/3/2020 EUR 54.760
DZ Bank AG Deutsche Zentr 7.250 8/26/2020 EUR 73.160
Landesbank Hessen-Thuerin 3.350 8/13/2020 EUR 75.200
BNP Paribas Issuance BV 6.400 6/1/2020 EUR 60.900
BNP Paribas Issuance BV 6.200 6/1/2020 EUR 70.650
Leonteq Securities AG/Gue 2.500 6/5/2024 EUR 61.650
Landesbank Hessen-Thuerin 4.000 11/10/2021 EUR 70.850
EFG International Finance 7.200 10/26/2020 USD 56.730
Raiffeisen Centrobank AG 8.571 12/27/2019 EUR 20.250
Raiffeisen Centrobank AG 6.767 12/27/2019 EUR 71.540
Raiffeisen Centrobank AG 7.444 12/27/2019 EUR 73.030
Landesbank Hessen-Thuerin 5.100 2/17/2023 EUR 62.470
UniCredit Bank AG 4.850 11/1/2020 EUR 59.374
UniCredit Bank AG 12.100 1/3/2020 EUR 42.290
UniCredit Bank AG 6.300 1/3/2020 EUR 74.350
UniCredit Bank AG 9.800 1/3/2020 EUR 63.260
UniCredit Bank AG 7.300 1/3/2020 EUR 47.400
UniCredit Bank AG 8.800 1/3/2020 EUR 44.530
UniCredit Bank AG 6.800 1/3/2020 EUR 62.960
UniCredit Bank AG 5.000 1/3/2020 EUR 2.190
UniCredit Bank AG 3.400 1/3/2020 EUR 71.170
UniCredit Bank AG 12.200 1/3/2020 EUR 39.150
UniCredit Bank AG 8.700 1/3/2020 EUR 69.000
UniCredit Bank AG 11.200 1/3/2020 EUR 50.690
UniCredit Bank AG 3.900 1/3/2020 EUR 57.820
UniCredit Bank AG 8.400 1/3/2020 EUR 47.150
UniCredit Bank AG 8.000 1/3/2020 EUR 48.600
UniCredit Bank AG 12.900 1/3/2020 EUR 56.790
UniCredit Bank AG 11.900 1/3/2020 EUR 49.740
UniCredit Bank AG 3.600 1/3/2020 EUR 73.670
UniCredit Bank AG 13.000 1/3/2020 EUR 48.840
UniCredit Bank AG 8.800 1/3/2020 EUR 59.870
UniCredit Bank AG 10.100 1/3/2020 EUR 68.330
UniCredit Bank AG 8.700 1/3/2020 EUR 66.110
Vontobel Financial Produc 20.500 9/25/2020 EUR 53.460
UBS AG/London 6.700 6/25/2020 EUR 74.380
UniCredit Bank AG 12.900 1/3/2020 EUR 32.170
UniCredit Bank AG 10.900 1/3/2020 EUR 35.450
UniCredit Bank AG 11.600 1/3/2020 EUR 67.680
UniCredit Bank AG 4.400 1/3/2020 EUR 61.740
UniCredit Bank AG 8.000 1/3/2020 EUR 78.690
UniCredit Bank AG 4.900 1/3/2020 EUR 73.390
UniCredit Bank AG 7.000 1/3/2020 EUR 67.130
Landesbank Baden-Wuerttem 3.000 12/29/2020 EUR 74.910
Landesbank Baden-Wuerttem 3.600 12/29/2020 EUR 74.380
UniCredit Bank AG 4.250 11/21/2021 EUR 72.240
UniCredit Bank AG 4.200 11/21/2021 EUR 65.500
UBS AG/London 18.000 6/25/2020 EUR 63.460
UBS AG/London 16.300 6/25/2020 EUR 68.390
UniCredit Bank AG 5.350 7/28/2020 EUR 75.710
Leonteq Securities AG/Gue 5.000 9/8/2020 CHF 42.860
Vontobel Financial Produc 6.000 1/3/2020 EUR 62.620
BNP Paribas Emissions- un 8.000 3/26/2020 EUR 67.060
BNP Paribas Emissions- un 10.000 3/26/2020 EUR 67.580
Vontobel Financial Produc 16.000 9/25/2020 EUR 68.700
UniCredit Bank AG 3.500 9/19/2021 EUR 53.310
DekaBank Deutsche Girozen 2.000 9/18/2020 EUR 75.490
Leonteq Securities AG/Gue 8.200 9/1/2020 CHF 73.350
DZ Bank AG Deutsche Zentr 10.250 3/25/2020 EUR 65.960
Commerzbank AG 2.100 8/28/2020 EUR 63.550
Landesbank Baden-Wuerttem 6.100 3/27/2020 EUR 61.640
Zurcher Kantonalbank Fina 6.750 2/19/2020 EUR 62.220
UniCredit Bank AG 5.000 9/26/2021 EUR 66.460
Landesbank Baden-Wuerttem 4.250 2/28/2020 EUR 59.980
Vontobel Financial Produc 5.500 1/3/2020 EUR 62.130
BNP Paribas Emissions- un 7.000 6/25/2020 EUR 67.050
BNP Paribas Emissions- un 8.000 6/25/2020 EUR 67.570
DekaBank Deutsche Girozen 3.650 3/27/2020 EUR 66.830
UniCredit Bank AG 3.800 9/19/2021 EUR 65.040
UniCredit Bank AG 3.850 9/19/2021 EUR 60.630
DZ Bank AG Deutsche Zentr 8.250 3/25/2020 EUR 61.610
Landesbank Baden-Wuerttem 4.450 8/28/2020 EUR 69.320
Leonteq Securities AG/Gue 5.200 7/28/2020 CHF 67.430
Landesbank Baden-Wuerttem 2.800 1/24/2020 EUR 76.390
Societe Generale SA 8.600 7/29/2022 USD 47.900
Landesbank Baden-Wuerttem 3.500 8/28/2020 EUR 74.900
Leonteq Securities AG/Gue 7.800 2/16/2021 USD 51.930
Landesbank Hessen-Thuerin 4.000 10/13/2021 EUR 66.240
Landesbank Hessen-Thuerin 6.250 7/15/2022 EUR 57.690
Landesbank Hessen-Thuerin 4.000 4/29/2020 EUR 77.070
Federal Grid Co Unified E 5.000 3/23/2050 RUB
Societe Generale Effekten 9.840 3/27/2020 EUR 67.210
Societe Generale Effekten 13.120 3/27/2020 EUR 65.150
Societe Generale Effekten 8.614 9/25/2020 EUR 74.680
Societe Generale Effekten 21.836 6/25/2021 EUR 71.180
Landesbank Baden-Wuerttem 3.500 6/25/2021 EUR 73.960
Bank Julius Baer & Co Ltd 8.100 5/5/2020 USD 74.600
Goldman Sachs & Co Wertpa 10.000 5/20/2020 EUR 70.400
Vontobel Financial Produc 8.000 3/27/2020 EUR 72.150
Vontobel Financial Produc 9.500 3/27/2020 EUR 70.390
Vontobel Financial Produc 17.000 3/27/2020 EUR 59.190
Vontobel Financial Produc 17.500 3/27/2020 EUR 68.680
Vontobel Financial Produc 5.000 3/27/2020 EUR 71.370
Landesbank Baden-Wuerttem 2.000 6/25/2021 EUR 74.890
Goldman Sachs & Co Wertpa 6.000 1/22/2020 EUR 60.920
Goldman Sachs & Co Wertpa 7.000 1/22/2020 EUR 63.300
Societe Generale Effekten 4.910 12/31/2019 EUR 71.650
Societe Generale Effekten 7.014 12/31/2019 EUR 64.620
Societe Generale Effekten 7.497 3/27/2020 EUR 73.580
Societe Generale Effekten 8.434 3/27/2020 EUR 70.150
Societe Generale Effekten 9.372 3/27/2020 EUR 70.440
Societe Generale Effekten 9.372 3/27/2020 EUR 67.070
Societe Generale Effekten 12.183 3/27/2020 EUR 64.870
Societe Generale Effekten 14.057 3/27/2020 EUR 65.440
Landesbank Baden-Wuerttem 6.500 6/25/2021 EUR 74.250
Goldman Sachs & Co Wertpa 5.000 1/22/2020 EUR 65.040
Goldman Sachs & Co Wertpa 5.000 2/26/2020 EUR 65.310
Goldman Sachs & Co Wertpa 5.000 3/25/2020 EUR 65.500
Landesbank Baden-Wuerttem 6.500 6/25/2021 EUR 60.670
Landesbank Baden-Wuerttem 5.000 6/25/2021 EUR 74.900
Landesbank Baden-Wuerttem 3.500 6/25/2021 EUR 76.480
Goldman Sachs & Co Wertpa 7.000 12/27/2019 EUR 62.830
Goldman Sachs & Co Wertpa 7.000 2/26/2020 EUR 61.710
Goldman Sachs & Co Wertpa 6.000 4/22/2020 EUR 66.310
Landesbank Baden-Wuerttem 3.000 6/25/2021 EUR 66.450
Societe Generale Effekten 10.309 3/27/2020 EUR 67.350
Societe Generale Effekten 11.246 3/27/2020 EUR 67.640
Societe Generale Effekten 11.714 3/27/2020 EUR 64.720
Societe Generale Effekten 9.490 6/26/2020 EUR 74.690
Societe Generale Effekten 11.863 6/26/2020 EUR 69.030
Societe Generale Effekten 14.829 6/26/2020 EUR 64.690
Societe Generale Effekten 17.795 6/26/2020 EUR 66.040
Landesbank Baden-Wuerttem 5.000 6/25/2021 EUR 62.170
Goldman Sachs & Co Wertpa 6.000 12/27/2019 EUR 60.400
Goldman Sachs & Co Wertpa 8.000 2/26/2020 EUR 64.140
Goldman Sachs & Co Wertpa 6.000 5/20/2020 EUR 66.750
Goldman Sachs & Co Wertpa 23.000 4/22/2020 EUR 75.010
Deutsche Bank AG 8.200 3/24/2020 EUR 72.400
Goldman Sachs & Co Wertpa 23.000 2/26/2020 EUR 74.850
Goldman Sachs & Co Wertpa 24.000 3/25/2020 EUR 73.540
Landesbank Hessen-Thuerin 5.000 8/11/2021 EUR 59.650
Raiffeisen Schweiz Genoss 7.410 7/13/2020 CHF 71.130
Deutsche Bank AG 8.200 6/23/2020 EUR 73.100
DZ Bank AG Deutsche Zentr 8.000 6/24/2020 EUR 73.200
Societe Generale Effekten 4.208 12/31/2019 EUR 71.610
Societe Generale Effekten 7.014 12/31/2019 EUR 71.770
Societe Generale Effekten 8.767 12/31/2019 EUR 64.720
Societe Generale Effekten 6.092 3/27/2020 EUR 73.150
Societe Generale Effekten 7.966 3/27/2020 EUR 70.010
Societe Generale Effekten 9.840 3/27/2020 EUR 70.580
Societe Generale Effekten 10.777 3/27/2020 EUR 67.500
Societe Generale Effekten 11.714 3/27/2020 EUR 67.780
Societe Generale Effekten 13.589 3/27/2020 EUR 62.510
Societe Generale Effekten 6.082 4/24/2020 EUR 73.230
Societe Generale Effekten 3.507 12/31/2019 EUR 71.570
Societe Generale Effekten 5.611 12/31/2019 EUR 71.690
Societe Generale Effekten 6.560 3/27/2020 EUR 73.290
Societe Generale Effekten 12.652 3/27/2020 EUR 65.010
Societe Generale Effekten 10.137 4/24/2020 EUR 67.830
Societe Generale Effekten 15.205 4/24/2020 EUR 63.830
Societe Generale Effekten 7.118 6/26/2020 EUR 73.610
DekaBank Deutsche Girozen 3.200 1/7/2020 EUR 79.770
Societe Generale Effekten 6.312 12/31/2019 EUR 71.730
Societe Generale Effekten 10.521 12/31/2019 EUR 64.820
Societe Generale Effekten 5.623 3/27/2020 EUR 73.010
Societe Generale Effekten 7.029 3/27/2020 EUR 73.440
Societe Generale Effekten 7.966 3/27/2020 EUR 73.720
Societe Generale Effekten 7.497 3/27/2020 EUR 69.860
Societe Generale Effekten 8.903 3/27/2020 EUR 70.290
Societe Generale Effekten 11.246 3/27/2020 EUR 64.580
Societe Generale Effekten 14.057 3/27/2020 EUR 62.660
Societe Generale Effekten 8.110 4/24/2020 EUR 73.960
Societe Generale Effekten 12.671 4/24/2020 EUR 68.740
DZ Bank AG Deutsche Zentr 9.000 12/27/2019 EUR 75.840
DZ Bank AG Deutsche Zentr 5.000 6/24/2020 EUR 71.970
Societe Generale Effekten 8.958 9/18/2020 EUR 70.620
Societe Generale Effekten 21.992 12/20/2019 EUR 48.850
Societe Generale Effekten 26.897 12/20/2019 EUR 71.010
Societe Generale Effekten 9.018 3/20/2020 EUR 68.050
Societe Generale Effekten 7.619 6/19/2020 EUR 70.250
Societe Generale Effekten 22.874 3/20/2020 EUR 55.350
Societe Generale Effekten 11.570 6/19/2020 EUR 65.660
Societe Generale Effekten 26.581 12/20/2019 EUR 67.080
Societe Generale Effekten 8.860 12/20/2019 EUR 70.380
Societe Generale Effekten 25.074 3/20/2020 EUR 63.290
Vontobel Financial Produc 15.500 6/26/2020 EUR 55.890
Societe Generale Effekten 22.874 3/20/2020 EUR 58.100
Societe Generale Effekten 14.077 3/20/2020 EUR 75.310
Vontobel Financial Produc 14.500 3/27/2020 EUR 61.390
Societe Generale Effekten 21.992 12/20/2019 EUR 71.290
Societe Generale Effekten 4.839 3/20/2020 EUR 73.930
Societe Generale Effekten 9.898 3/20/2020 EUR 67.050
Societe Generale Effekten 20.895 3/20/2020 EUR 59.140
Societe Generale Effekten 21.995 3/20/2020 EUR 58.640
Societe Generale Effekten 10.159 6/19/2020 EUR 70.670
Societe Generale Effekten 22.214 3/20/2020 EUR 65.240
Societe Generale Effekten 4.905 12/20/2019 EUR 66.080
Societe Generale Effekten 17.156 3/20/2020 EUR 58.210
Societe Generale Effekten 7.337 6/19/2020 EUR 71.170
Societe Generale Effekten 19.471 6/19/2020 EUR 60.810
Vontobel Financial Produc 13.500 6/12/2020 EUR 59.490
Vontobel Financial Produc 10.500 6/12/2020 EUR 58.030
SG Issuer SA 0.800 11/30/2020 SEK 18.200
UniCredit Bank AG 3.500 9/22/2020 EUR 72.740
SG Issuer SA 5.000 7/10/2021 EUR 12.500
DZ Bank AG Deutsche Zentr 5.000 9/21/2020 EUR 73.400
DZ Bank AG Deutsche Zentr 6.500 9/21/2020 EUR 68.610
DZ Bank AG Deutsche Zentr 4.750 12/21/2020 EUR 73.740
DZ Bank AG Deutsche Zentr 7.000 12/21/2020 EUR 73.670
DZ Bank AG Deutsche Zentr 6.500 12/21/2020 EUR 73.140
DZ Bank AG Deutsche Zentr 7.500 9/21/2020 EUR 71.560
DZ Bank AG Deutsche Zentr 9.250 9/23/2020 EUR
Vontobel Financial Produc 6.000 3/27/2020 EUR 72.360
Vontobel Financial Produc 13.500 6/25/2020 EUR 64.960
Landesbank Baden-Wuerttem 5.000 4/24/2020 EUR 68.970
Landesbank Baden-Wuerttem 6.000 4/24/2020 EUR 71.750
DZ Bank AG Deutsche Zentr 12.500 4/22/2020 EUR 48.610
Vontobel Financial Produc 6.000 6/25/2020 EUR 73.260
Credit Suisse AG/London 10.000 4/20/2020 USD 72.470
Vontobel Financial Produc 9.500 3/27/2020 EUR 74.890
DZ Bank AG Deutsche Zentr 8.500 9/23/2020 EUR 77.010
EFG International Finance 15.000 4/23/2020 USD 45.310
Vontobel Financial Produc 13.000 3/27/2020 EUR 71.370
Vontobel Financial Produc 9.500 6/25/2020 EUR 68.490
Vontobel Financial Produc 9.500 6/26/2020 EUR 73.610
Leonteq Securities AG/Gue 19.610 9/4/2020 USD 60.670
Societe Generale Effekten 24.205 9/18/2020 EUR 74.470
Vontobel Financial Produc 11.000 9/25/2020 EUR 57.601
Vontobel Financial Produc 23.000 3/27/2020 EUR 71.120
Leonteq Securities AG/Gue 5.000 1/20/2020 CHF 23.410
National Capital JSC 10.000 9/15/2020 RUB 60.060
Leonteq Securities AG/Gue 5.000 5/3/2021 EUR 67.560
UniCredit Bank AG 4.500 11/18/2020 EUR 53.340
Vontobel Financial Produc 13.500 6/12/2020 EUR 74.140
Vontobel Financial Produc 9.500 6/12/2020 EUR 75.240
Vontobel Financial Produc 14.500 6/12/2020 EUR 69.710
Vontobel Financial Produc 17.000 6/12/2020 EUR 67.520
Landesbank Hessen-Thuerin 4.000 10/14/2020 EUR 37.660
DZ Bank AG Deutsche Zentr 6.900 3/23/2020 EUR 70.520
DZ Bank AG Deutsche Zentr 11.000 3/23/2020 EUR
DZ Bank AG Deutsche Zentr 10.000 6/22/2020 EUR
DZ Bank AG Deutsche Zentr 11.000 6/22/2020 EUR 63.270
DZ Bank AG Deutsche Zentr 9.250 9/21/2020 EUR 64.410
DZ Bank AG Deutsche Zentr 11.000 9/21/2020 EUR
SG Issuer SA 0.820 8/2/2021 SEK 19.810
Vontobel Financial Produc 14.500 3/27/2020 EUR 71.130
Vontobel Financial Produc 10.500 6/26/2020 EUR 68.910
Vontobel Financial Produc 5.000 3/27/2020 EUR 76.090
DZ Bank AG Deutsche Zentr 6.100 3/23/2020 EUR 72.550
VTB Bank PJSC 3.000 9/15/2044 RUB 100.000
DekaBank Deutsche Girozen 2.700 7/1/2020 EUR 72.080
Landesbank Hessen-Thuerin 7.770 7/15/2021 EUR 28.160
Leonteq Securities AG/Gue 20.000 6/24/2020 USD 63.390
Vontobel Financial Produc 9.000 6/25/2020 EUR 70.590
Vontobel Financial Produc 8.000 3/27/2020 EUR 72.110
Vontobel Financial Produc 20.500 3/27/2020 EUR 72.250
DZ Bank AG Deutsche Zentr 6.250 6/22/2020 EUR 67.920
DZ Bank AG Deutsche Zentr 5.000 6/22/2020 EUR 71.450
DZ Bank AG Deutsche Zentr 7.750 9/21/2020 EUR 67.130
DZ Bank AG Deutsche Zentr 6.000 9/21/2020 EUR 67.230
Vontobel Financial Produc 13.000 6/26/2020 EUR 73.740
Vontobel Financial Produc 18.500 6/26/2020 EUR 66.580
Landesbank Baden-Wuerttem 3.170 5/22/2020 EUR 70.290
Landesbank Hessen-Thuerin 4.000 6/16/2022 EUR 73.710
EFG International Finance 8.000 5/26/2020 USD 46.750
Landesbank Hessen-Thuerin 5.300 9/23/2022 EUR 68.570
HSBC Trinkaus & Burkhardt 5.400 3/27/2020 EUR 72.790
EFG International Finance 7.000 10/12/2020 EUR 64.280
UniCredit Bank AG 4.750 10/24/2021 EUR 9.310
HSBC Trinkaus & Burkhardt 11.100 6/26/2020 EUR 74.470
HSBC Trinkaus & Burkhardt 6.500 9/25/2020 EUR 49.200
HSBC Trinkaus & Burkhardt 2.900 9/25/2020 EUR 58.640
HSBC Trinkaus & Burkhardt 6.300 1/24/2020 EUR 47.010
HSBC Trinkaus & Burkhardt 9.500 2/28/2020 EUR 42.620
HSBC Trinkaus & Burkhardt 3.600 2/28/2020 EUR 53.590
HSBC Trinkaus & Burkhardt 2.600 3/27/2020 EUR 57.440
BNP Paribas Emissions- un 10.000 3/26/2020 EUR 66.770
BNP Paribas Emissions- un 13.000 3/26/2020 EUR 61.830
Landesbank Hessen-Thuerin 7.250 3/15/2023 EUR 49.460
Landesbank Baden-Wuerttem 3.350 8/28/2020 EUR 58.120
EFG International Finance 7.200 11/30/2020 EUR 67.050
Landesbank Baden-Wuerttem 2.500 7/24/2020 EUR 74.830
DZ Bank AG Deutsche Zentr 6.250 3/25/2020 EUR 67.030
Vontobel Financial Produc 8.500 6/26/2020 EUR 75.010
Landesbank Baden-Wuerttem 5.000 4/24/2020 EUR 71.430
HSBC Trinkaus & Burkhardt 5.100 3/27/2020 EUR 64.640
HSBC Trinkaus & Burkhardt 5.600 6/26/2020 EUR 64.130
HSBC Trinkaus & Burkhardt 7.700 9/25/2020 EUR 60.050
HSBC Trinkaus & Burkhardt 5.700 9/25/2020 EUR 64.170
HSBC Trinkaus & Burkhardt 10.600 3/27/2020 EUR 76.970
Bank Julius Baer & Co Ltd 15.300 3/23/2020 USD 69.650
Raiffeisen Switzerland BV 7.600 3/25/2020 EUR 66.890
HSBC Trinkaus & Burkhardt 8.000 6/26/2020 EUR 70.840
HSBC Trinkaus & Burkhardt 8.200 9/25/2020 EUR 70.520
HSBC Trinkaus & Burkhardt 5.400 12/28/2020 EUR 74.430
HSBC Trinkaus & Burkhardt 6.000 7/24/2020 EUR 74.070
HSBC Trinkaus & Burkhardt 10.300 6/26/2020 EUR 56.730
HSBC Trinkaus & Burkhardt 10.300 1/24/2020 EUR 55.720
HSBC Trinkaus & Burkhardt 9.400 7/24/2020 EUR 57.870
EFG International Finance 8.400 1/3/2020 CHF 24.530
Leonteq Securities AG 5.200 12/22/2020 CHF 61.160
Raiffeisen Schweiz Genoss 6.000 1/6/2020 CHF 50.480
BNP Paribas Emissions- un 12.000 12/30/2019 EUR 61.540
BNP Paribas Emissions- un 3.500 12/30/2019 EUR 55.020
BNP Paribas Emissions- un 19.000 12/30/2019 EUR 73.140
BNP Paribas Emissions- un 12.000 12/30/2019 EUR 69.900
BNP Paribas Emissions- un 9.500 12/30/2019 EUR 58.250
BNP Paribas Emissions- un 18.000 12/30/2019 EUR 55.620
BNP Paribas Emissions- un 4.500 12/30/2019 EUR 75.780
BNP Paribas Emissions- un 5.000 12/30/2019 EUR 75.000
BNP Paribas Emissions- un 16.000 12/30/2019 EUR 75.340
BNP Paribas Emissions- un 20.000 12/30/2019 EUR 75.460
BNP Paribas Emissions- un 20.000 12/30/2019 EUR 71.720
BNP Paribas Emissions- un 19.000 12/30/2019 EUR 71.500
BNP Paribas Emissions- un 9.000 12/30/2019 EUR 66.420
BNP Paribas Emissions- un 16.000 12/30/2019 EUR 68.220
BNP Paribas Emissions- un 19.000 12/30/2019 EUR 65.120
Vontobel Financial Produc 9.500 1/3/2020 EUR 64.390
Vontobel Financial Produc 13.500 1/3/2020 EUR 58.750
Vontobel Financial Produc 5.500 1/3/2020 EUR 71.330
Credit Suisse AG/London 6.600 5/22/2020 CHF 62.260
Credit Suisse AG/London 8.750 5/21/2020 USD 62.400
Vontobel Financial Produc 6.500 1/3/2020 EUR 72.620
Vontobel Financial Produc 10.000 1/3/2020 EUR 67.200
HSBC Trinkaus & Burkhardt 5.000 2/10/2020 EUR 54.690
HSBC Trinkaus & Burkhardt 11.400 12/27/2019 EUR 43.220
HSBC Trinkaus & Burkhardt 7.300 12/27/2019 EUR 48.950
HSBC Trinkaus & Burkhardt 5.000 12/27/2019 EUR 53.760
HSBC Trinkaus & Burkhardt 11.500 3/27/2020 EUR 43.710
HSBC Trinkaus & Burkhardt 9.800 3/27/2020 EUR 73.380
HSBC Trinkaus & Burkhardt 10.300 3/27/2020 EUR 45.000
HSBC Trinkaus & Burkhardt 6.900 3/27/2020 EUR 49.760
HSBC Trinkaus & Burkhardt 5.000 3/27/2020 EUR 53.950
HSBC Trinkaus & Burkhardt 9.400 2/28/2020 EUR 45.980
HSBC Trinkaus & Burkhardt 6.600 12/27/2019 EUR 69.740
HSBC Trinkaus & Burkhardt 3.900 12/27/2019 EUR 77.480
HSBC Trinkaus & Burkhardt 9.500 3/27/2020 EUR 71.330
HSBC Trinkaus & Burkhardt 7.700 3/27/2020 EUR 75.270
HSBC Trinkaus & Burkhardt 9.200 3/27/2020 EUR 68.750
HSBC Trinkaus & Burkhardt 6.500 6/26/2020 EUR 74.160
HSBC Trinkaus & Burkhardt 6.600 2/28/2020 EUR 74.220
HSBC Trinkaus & Burkhardt 7.300 12/27/2019 EUR 61.190
HSBC Trinkaus & Burkhardt 4.100 12/27/2019 EUR 69.790
HSBC Trinkaus & Burkhardt 5.400 12/27/2019 EUR 71.790
DZ Bank AG Deutsche Zentr 6.750 12/27/2019 EUR 59.960
DZ Bank AG Deutsche Zentr 11.250 12/27/2019 EUR 44.580
DZ Bank AG Deutsche Zentr 5.250 12/27/2019 EUR 72.390
Vontobel Financial Produc 5.750 11/27/2020 EUR 70.930
UBS AG/London 7.000 5/21/2020 EUR 73.450
DZ Bank AG Deutsche Zentr 14.500 12/27/2019 EUR 70.110
DZ Bank AG Deutsche Zentr 8.250 12/27/2019 EUR 67.870
Vontobel Financial Produc 10.500 1/3/2020 EUR 73.780
Vontobel Financial Produc 15.500 1/3/2020 EUR 65.370
Vontobel Financial Produc 17.650 12/17/2019 EUR 74.480
Vontobel Financial Produc 11.500 1/3/2020 EUR 71.580
Vontobel Financial Produc 13.000 1/3/2020 EUR 69.550
Societe Generale Effekten 6.507 12/20/2019 EUR 74.630
Societe Generale Effekten 7.288 12/20/2019 EUR 72.780
Societe Generale Effekten 8.849 12/20/2019 EUR 69.300
Societe Generale Effekten 9.890 12/20/2019 EUR 68.160
Societe Generale Effekten 10.671 12/20/2019 EUR 66.600
Societe Generale Effekten 13.534 12/20/2019 EUR 62.810
Societe Generale Effekten 23.164 12/20/2019 EUR 54.150
Societe Generale Effekten 24.205 12/20/2019 EUR 53.310
Societe Generale Effekten 24.986 12/20/2019 EUR 52.460
Societe Generale Effekten 29.411 12/20/2019 EUR 54.870
Vontobel Financial Produc 16.000 3/13/2020 EUR 64.830
Vontobel Financial Produc 16.000 3/13/2020 EUR 71.220
UniCredit Bank AG 6.400 5/11/2020 EUR 75.730
Leonteq Securities AG/Gue 18.400 4/8/2020 USD 68.250
Leonteq Securities AG/Gue 15.600 4/8/2020 EUR 67.450
Vontobel Financial Produc 16.000 6/26/2020 EUR 72.310
Vontobel Financial Produc 5.000 6/25/2020 EUR 51.260
Vontobel Financial Produc 13.000 6/26/2020 EUR 65.580
Vontobel Financial Produc 6.550 6/26/2020 EUR 60.350
Vontobel Financial Produc 4.500 3/27/2020 EUR 73.800
Vontobel Financial Produc 5.500 3/27/2020 EUR 71.820
Vontobel Financial Produc 7.500 3/27/2020 EUR 68.210
Vontobel Financial Produc 6.500 3/27/2020 EUR 69.950
Vontobel Financial Produc 9.000 3/27/2020 EUR 66.710
Vontobel Financial Produc 11.500 3/27/2020 EUR 63.870
Landesbank Baden-Wuerttem 5.400 7/24/2020 EUR 75.330
Vontobel Financial Produc 10.000 3/27/2020 EUR 65.170
Vontobel Financial Produc 5.500 6/26/2020 EUR 71.550
Vontobel Financial Produc 4.500 6/26/2020 EUR 73.140
Vontobel Financial Produc 7.500 6/26/2020 EUR 68.650
Vontobel Financial Produc 8.500 6/26/2020 EUR 67.340
Vontobel Financial Produc 9.500 6/26/2020 EUR 66.130
Vontobel Financial Produc 6.500 6/26/2020 EUR 70.050
Vontobel Financial Produc 10.500 6/26/2020 EUR 64.990
Vontobel Financial Produc 11.500 6/26/2020 EUR 63.940
Vontobel Financial Produc 16.000 3/27/2020 EUR 70.330
BNP Paribas Emissions- un 10.000 3/26/2020 EUR 75.390
BNP Paribas Emissions- un 14.000 3/26/2020 EUR 70.920
BNP Paribas Emissions- un 12.000 9/24/2020 EUR 73.070
BNP Paribas Emissions- un 9.500 12/30/2019 EUR 72.670
BNP Paribas Emissions- un 12.000 12/30/2019 EUR 70.400
BNP Paribas Emissions- un 21.000 12/30/2019 EUR 63.540
BNP Paribas Emissions- un 10.000 3/26/2020 EUR 73.770
BNP Paribas Emissions- un 14.000 3/26/2020 EUR 69.470
BNP Paribas Emissions- un 17.000 3/26/2020 EUR 67.410
BNP Paribas Emissions- un 19.000 12/30/2019 EUR 55.120
BNP Paribas Emissions- un 8.000 3/26/2020 EUR 70.490
BNP Paribas Emissions- un 7.000 9/24/2020 EUR 71.610
BNP Paribas Emissions- un 8.500 9/24/2020 EUR 69.200
BNP Paribas Emissions- un 10.000 9/24/2020 EUR 67.090
BNP Paribas Emissions- un 7.000 12/24/2020 EUR 72.920
BNP Paribas Emissions- un 11.000 12/24/2020 EUR 67.470
BNP Paribas Emissions- un 22.000 12/30/2019 EUR 69.370
BNP Paribas Emissions- un 18.000 3/26/2020 EUR 73.380
BNP Paribas Emissions- un 13.000 12/30/2019 EUR 73.110
BNP Paribas Emissions- un 16.000 12/30/2019 EUR 69.660
BNP Paribas Emissions- un 21.000 12/30/2019 EUR 73.990
BNP Paribas Emissions- un 11.000 9/24/2020 EUR 74.610
BNP Paribas Emissions- un 13.000 12/24/2020 EUR 73.600
BNP Paribas Emissions- un 12.000 12/30/2019 EUR 73.030
BNP Paribas Emissions- un 15.000 12/30/2019 EUR 74.680
BNP Paribas Emissions- un 17.000 3/26/2020 EUR 76.910
BNP Paribas Emissions- un 17.000 12/30/2019 EUR 58.870
BNP Paribas Emissions- un 9.000 9/24/2020 EUR 70.210
BNP Paribas Emissions- un 7.500 12/24/2020 EUR 72.640
BNP Paribas Emissions- un 11.000 12/24/2020 EUR 68.580
Vontobel Financial Produc 11.000 6/26/2020 EUR 71.460
Vontobel Financial Produc 9.500 9/25/2020 EUR 72.970
Vontobel Financial Produc 6.500 9/25/2020 EUR 67.000
Vontobel Financial Produc 5.000 6/25/2020 EUR 69.180
BNP Paribas Emissions- un 18.000 3/26/2020 EUR 73.180
Landesbank Hessen-Thuerin 6.200 7/24/2020 EUR 77.980
Landesbank Hessen-Thuerin 6.400 8/18/2020 EUR 61.810
Landesbank Hessen-Thuerin 9.500 5/15/2020 EUR 33.810
UniCredit Bank AG 3.800 7/23/2020 EUR 26.320
Landesbank Hessen-Thuerin 8.000 11/17/2020 EUR 65.960
Rosselkhozbank JSC 8.100 7/11/2025 RUB 89.000
Rosselkhozbank JSC 8.100 7/14/2025 RUB 70.020
DekaBank Deutsche Girozen 2.500 7/29/2020 EUR 72.730
BNP Paribas Emissions- un 8.500 12/30/2019 EUR 51.220
BNP Paribas Emissions- un 10.000 12/30/2019 EUR 49.150
BNP Paribas Emissions- un 9.500 12/30/2019 EUR 55.560
BNP Paribas Emissions- un 11.000 12/30/2019 EUR 52.920
BNP Paribas Emissions- un 4.500 12/30/2019 EUR 64.890
BNP Paribas Emissions- un 4.500 12/30/2019 EUR 69.630
BNP Paribas Emissions- un 5.000 12/30/2019 EUR 66.440
BNP Paribas Emissions- un 5.500 12/30/2019 EUR 65.460
BNP Paribas Emissions- un 8.000 12/30/2019 EUR 71.530
BNP Paribas Emissions- un 9.000 12/30/2019 EUR 67.700
BNP Paribas Emissions- un 10.000 12/30/2019 EUR 65.140
BNP Paribas Emissions- un 11.000 12/30/2019 EUR 62.780
BNP Paribas Emissions- un 7.000 12/30/2019 EUR 61.780
BNP Paribas Emissions- un 10.000 12/30/2019 EUR 50.380
BNP Paribas Emissions- un 11.000 12/30/2019 EUR 48.240
BNP Paribas Emissions- un 5.500 12/30/2019 EUR 71.050
BNP Paribas Emissions- un 8.000 12/30/2019 EUR 61.470
BNP Paribas Emissions- un 9.500 12/30/2019 EUR 58.890
BNP Paribas Emissions- un 4.000 12/30/2019 EUR 59.950
BNP Paribas Emissions- un 7.500 12/30/2019 EUR 74.790
BNP Paribas Emissions- un 9.500 12/30/2019 EUR 70.720
Vontobel Financial Produc 9.000 6/5/2020 EUR 51.010
UniCredit Bank AG 4.000 6/7/2022 EUR 61.150
Raiffeisen Schweiz Genoss 5.200 12/1/2020 CHF 59.160
EFG International Finance 10.900 5/29/2020 USD 75.500
Leonteq Securities AG 7.400 11/25/2020 CHF 51.440
Raiffeisen Centrobank AG 5.500 6/30/2020 EUR 70.810
Leonteq Securities AG 6.200 6/8/2021 CHF 74.240
Deutsche Bank AG 15.000 12/24/2019 EUR 51.580
Deutsche Bank AG 15.000 12/24/2019 EUR 53.900
Deutsche Bank AG 15.000 12/24/2019 EUR 74.100
Deutsche Bank AG 15.000 12/24/2019 EUR 65.300
Deutsche Bank AG 15.000 12/24/2019 EUR 50.900
Deutsche Bank AG 15.000 12/24/2019 EUR 49.180
UBS AG/London 7.000 6/2/2020 CHF 58.250
Leonteq Securities AG/Gue 8.000 12/27/2019 CHF 73.060
UniCredit Bank AG 3.850 6/28/2022 EUR 64.740
Raiffeisen Centrobank AG 8.226 6/23/2020 EUR 68.620
Raiffeisen Centrobank AG 10.775 12/27/2019 EUR 68.690
Raiffeisen Centrobank AG 7.258 6/23/2020 EUR 70.880
Raiffeisen Centrobank AG 9.507 12/27/2019 EUR 71.000
Raiffeisen Centrobank AG 6.338 12/27/2019 EUR 71.110
Credit Suisse AG/Nassau 7.250 6/8/2020 EUR 69.740
UniCredit Bank AG 3.800 6/28/2022 EUR 63.830
Natixis SA 3.150 6/9/2021 USD 61.322
Landesbank Baden-Wuerttem 5.000 2/28/2020 EUR 54.180
Landesbank Baden-Wuerttem 5.300 2/28/2020 EUR 58.600
Landesbank Baden-Wuerttem 4.500 2/28/2020 EUR 70.250
Landesbank Hessen-Thuerin 3.500 7/6/2022 EUR 72.770
Raiffeisen Schweiz Genoss 4.800 12/8/2020 CHF 58.430
Leonteq Securities AG 5.200 6/11/2020 CHF 57.910
Landesbank Baden-Wuerttem 5.000 7/24/2020 EUR 49.520
UBS AG/London 21.300 1/2/2020 EUR 53.930
UBS AG/London 13.900 1/2/2020 EUR 61.870
UBS AG/London 21.700 1/2/2020 EUR 59.920
UBS AG/London 11.100 1/2/2020 EUR 74.000
UBS AG/London 9.400 1/2/2020 EUR 67.540
UBS AG/London 14.500 1/2/2020 EUR 39.210
UBS AG/London 11.200 1/2/2020 EUR 63.700
UBS AG/London 9.800 1/2/2020 EUR 67.740
UBS AG/London 19.800 1/2/2020 EUR 59.000
UBS AG/London 21.400 1/2/2020 EUR 68.340
UBS AG/London 19.000 1/2/2020 EUR 62.860
UBS AG/London 19.600 1/2/2020 EUR 68.690
HSBC Trinkaus & Burkhardt 12.500 3/27/2020 EUR 41.110
HSBC Trinkaus & Burkhardt 6.900 3/27/2020 EUR 47.700
HSBC Trinkaus & Burkhardt 9.200 2/28/2020 EUR 44.180
Vontobel Financial Produc 10.500 1/3/2020 EUR 73.440
Vontobel Financial Produc 14.000 1/3/2020 EUR 66.960
Vontobel Financial Produc 17.500 1/3/2020 EUR 68.210
Vontobel Financial Produc 10.000 1/3/2020 EUR 73.730
Vontobel Financial Produc 15.000 1/3/2020 EUR 65.800
UBS AG/London 10.000 6/12/2020 EUR 73.700
Vontobel Financial Produc 10.500 1/3/2020 EUR 74.170
Vontobel Financial Produc 9.000 1/3/2020 EUR 72.730
HSBC Trinkaus & Burkhardt 10.000 3/27/2020 EUR 73.130
HSBC Trinkaus & Burkhardt 29.800 1/24/2020 EUR 73.820
HSBC Trinkaus & Burkhardt 28.800 1/24/2020 EUR 53.400
HSBC Trinkaus & Burkhardt 29.000 1/24/2020 EUR 59.530
HSBC Trinkaus & Burkhardt 8.800 12/27/2019 EUR 73.710
HSBC Trinkaus & Burkhardt 29.100 1/24/2020 EUR 50.380
HSBC Trinkaus & Burkhardt 8.300 3/27/2020 EUR 75.030
HSBC Trinkaus & Burkhardt 7.600 12/27/2019 EUR 44.910
HSBC Trinkaus & Burkhardt 11.600 12/27/2019 EUR 40.060
HSBC Trinkaus & Burkhardt 7.300 3/27/2020 EUR 45.920
HSBC Trinkaus & Burkhardt 10.600 3/27/2020 EUR 41.970
HSBC Trinkaus & Burkhardt 30.000 1/24/2020 EUR 59.660
UniCredit Bank AG 5.050 1/11/2022 EUR 47.180
HSBC Trinkaus & Burkhardt 1.620 3/27/2020 EUR 75.950
Vontobel Financial Produc 11.500 1/3/2020 EUR 57.550
Vontobel Financial Produc 11.000 1/3/2020 EUR 70.170
Vontobel Financial Produc 6.900 12/16/2019 EUR 69.410
Leonteq Securities AG/Gue 10.200 12/17/2019 EUR 73.960
Leonteq Securities AG/Gue 4.000 12/14/2020 CHF 1.190
HSBC Trinkaus & Burkhardt 4.000 12/30/2019 EUR 70.210
DZ Bank AG Deutsche Zentr 10.250 9/23/2020 EUR 69.620
BNP Paribas Emissions- un 22.000 3/26/2020 EUR 70.880
BNP Paribas Emissions- un 25.000 3/26/2020 EUR 69.780
BNP Paribas Emissions- un 21.000 3/26/2020 EUR 72.220
BNP Paribas Emissions- un 23.000 3/26/2020 EUR 75.020
BNP Paribas Emissions- un 20.000 3/26/2020 EUR 73.710
Landesbank Baden-Wuerttem 7.500 10/23/2020 EUR 74.930
Vontobel Financial Produc 10.000 6/12/2020 EUR 71.680
Vontobel Financial Produc 13.000 6/12/2020 EUR 69.350
Vontobel Financial Produc 13.500 6/26/2020 EUR 70.090
Vontobel Financial Produc 9.500 3/27/2020 EUR 73.060
Vontobel Financial Produc 13.000 3/27/2020 EUR 69.860
Vontobel Financial Produc 11.500 3/27/2020 EUR 71.470
Vontobel Financial Produc 9.500 6/26/2020 EUR 73.780
Vontobel Financial Produc 10.500 6/26/2020 EUR 72.280
Vontobel Financial Produc 12.000 6/26/2020 EUR 71.140
Vontobel Financial Produc 12.500 6/26/2020 EUR 75.090
Vontobel Financial Produc 17.000 6/26/2020 EUR 72.240
Vontobel Financial Produc 19.000 6/25/2020 EUR 73.280
Vontobel Financial Produc 24.000 3/27/2020 EUR 71.220
Raiffeisen Centrobank AG 5.333 3/5/2020 EUR 73.370
DekaBank Deutsche Girozen 3.450 7/31/2020 EUR 57.330
Leonteq Securities AG/Gue 5.000 8/17/2020 CHF 66.410
UBS AG/London 6.300 1/2/2020 EUR 73.680
UBS AG/London 3.800 3/26/2020 EUR 59.000
UBS AG/London 4.000 1/2/2020 EUR 66.650
Leonteq Securities AG/Gue 10.600 2/17/2020 CHF 58.270
Leonteq Securities AG 5.000 2/17/2021 CHF 58.330
UBS AG/London 10.000 8/10/2020 USD 58.910
UBS AG/London 6.000 2/10/2020 EUR 58.100
UBS AG/London 6.500 8/10/2020 CHF 66.300
UBS AG/London 10.000 8/10/2020 CHF 66.750
UBS AG/London 6.500 2/8/2021 EUR 69.200
Raiffeisen Schweiz Genoss 6.000 2/17/2020 CHF 61.060
Zurcher Kantonalbank Fina 6.250 2/13/2020 EUR 66.140
Credit Suisse AG/London 9.500 2/24/2020 USD 67.210
DZ Bank AG Deutsche Zentr 6.750 12/27/2019 EUR 53.850
DZ Bank AG Deutsche Zentr 8.750 12/27/2019 EUR 61.910
DZ Bank AG Deutsche Zentr 5.750 12/27/2019 EUR 72.660
DZ Bank AG Deutsche Zentr 9.000 12/27/2019 EUR 24.940
DZ Bank AG Deutsche Zentr 11.250 12/27/2019 EUR 62.200
Landesbank Hessen-Thuerin 4.000 9/14/2022 EUR 69.690
WEB Windenergie AG 2.250 9/25/2028 EUR 55.010
Leonteq Securities AG/Gue 5.600 8/24/2021 CHF 59.880
UBS AG/London 8.750 8/17/2020 CHF 37.350
UBS AG/London 9.500 8/17/2020 CHF 64.600
UBS AG/London 10.000 8/17/2020 CHF 66.400
UBS AG/London 9.000 8/17/2020 EUR 69.050
UBS AG/London 8.000 8/17/2020 EUR 61.050
UBS AG/London 7.000 8/17/2020 EUR 75.100
UBS AG/London 8.000 8/17/2020 CHF 61.650
Raiffeisen Schweiz Genoss 5.340 8/17/2020 CHF 71.720
DekaBank Deutsche Girozen 3.000 9/11/2020 EUR 65.700
Vontobel Financial Produc 3.840 2/17/2020 EUR 68.960
Leonteq Securities AG 8.000 8/24/2020 CHF 68.450
Raiffeisen Schweiz Genoss 6.500 2/24/2020 CHF 66.820
Raiffeisen Schweiz Genoss 5.250 2/24/2020 CHF 73.020
DZ Bank AG Deutsche Zentr 11.750 3/25/2020 EUR 53.780
Leonteq Securities AG/Gue 8.400 12/18/2019 CHF 21.260
HSBC Trinkaus & Burkhardt 8.600 12/27/2019 EUR 68.590
HSBC Trinkaus & Burkhardt 6.200 6/26/2020 EUR 72.740
UniCredit Bank AG 4.200 1/4/2021 EUR 53.640
Leonteq Securities AG/Gue 7.400 12/22/2020 CHF 73.560
Leonteq Securities AG/Gue 4.000 12/29/2020 CHF 37.650
DZ Bank AG Deutsche Zentr 6.250 3/25/2020 EUR
Landesbank Baden-Wuerttem 5.000 8/27/2021 EUR 71.940
UBS AG/London 7.000 10/26/2020 CHF 69.600
UBS AG/London 10.000 4/17/2020 EUR 67.100
UniCredit Bank AG 4.350 10/26/2021 EUR 44.230
Vontobel Financial Produc 8.500 3/27/2020 EUR 73.280
Raiffeisen Schweiz Genoss 6.250 12/18/2019 CHF 20.340
Leonteq Securities AG/Gue 7.000 12/15/2020 EUR 72.340
HSBC Trinkaus & Burkhardt 5.200 6/26/2020 EUR 73.940
HSBC Trinkaus & Burkhardt 9.900 12/27/2019 EUR 68.630
HSBC Trinkaus & Burkhardt 7.000 6/26/2020 EUR 67.900
HSBC Trinkaus & Burkhardt 5.700 6/26/2020 EUR 67.220
Vontobel Financial Produc 10.500 3/13/2020 EUR 71.080
Vontobel Financial Produc 14.500 3/13/2020 EUR 64.470
Vontobel Financial Produc 15.000 3/13/2020 EUR 70.980
BNP Paribas Emissions- un 10.000 3/26/2020 EUR 73.540
BNP Paribas Emissions- un 17.000 3/26/2020 EUR 71.140
BNP Paribas Emissions- un 19.000 6/25/2020 EUR 72.750
Leonteq Securities AG/Gue 5.000 10/13/2020 CHF 68.440
Societe Generale Effekten 3.750 5/24/2021 EUR 50.480
Bayerische Landesbank 3.200 11/20/2020 EUR 57.070
Landesbank Baden-Wuerttem 3.500 12/29/2020 EUR 63.690
Bank Julius Baer & Co Ltd 6.400 2/21/2020 EUR 59.200
BNP Paribas Emissions- un 12.000 3/26/2020 EUR 70.490
Landesbank Hessen-Thuerin 6.000 10/6/2022 EUR 68.510
DZ Bank AG Deutsche Zentr 8.000 2/26/2020 EUR 72.800
DekaBank Deutsche Girozen 2.400 10/9/2020 EUR 63.490
DekaBank Deutsche Girozen 2.900 10/9/2020 EUR 46.650
Landesbank Baden-Wuerttem 3.000 2/28/2020 EUR 63.150
Landesbank Baden-Wuerttem 5.000 2/28/2020 EUR 57.170
Landesbank Baden-Wuerttem 7.500 2/28/2020 EUR 74.920
Landesbank Baden-Wuerttem 5.000 2/28/2020 EUR 73.130
Landesbank Baden-Wuerttem 7.000 2/28/2020 EUR 68.820
UBS AG/London 10.000 2/20/2020 CHF 58.700
Raiffeisen Schweiz Genoss 6.600 4/3/2020 EUR 58.360
UniCredit Bank AG 6.300 10/16/2021 EUR 54.410
UniCredit Bank AG 4.650 4/16/2021 EUR 59.810
Vontobel Financial Produc 17.650 1/22/2020 EUR 38.720
Landesbank Baden-Wuerttem 3.500 7/24/2020 EUR 76.130
Landesbank Baden-Wuerttem 5.000 7/24/2020 EUR 71.290
Landesbank Baden-Wuerttem 5.000 7/24/2020 EUR 72.800
Landesbank Baden-Wuerttem 2.500 7/24/2020 EUR 56.970
Landesbank Baden-Wuerttem 7.000 7/24/2020 EUR 46.860
Landesbank Baden-Wuerttem 5.000 7/24/2020 EUR 74.890
Leonteq Securities AG/Gue 6.250 12/6/2021 CHF 1.780
UBS AG/London 6.800 1/2/2020 EUR 72.370
UBS AG/London 7.200 1/2/2020 EUR 70.330
UBS AG/London 20.700 1/2/2020 EUR 54.780
UBS AG/London 8.500 1/2/2020 EUR 69.990
UBS AG/London 5.600 1/2/2020 EUR 74.970
UBS AG/London 18.700 1/2/2020 EUR 71.540
HSBC Trinkaus & Burkhardt 13.900 12/27/2019 EUR 38.710
HSBC Trinkaus & Burkhardt 4.800 12/27/2019 EUR 51.200
HSBC Trinkaus & Burkhardt 5.000 3/27/2020 EUR 51.490
Leonteq Securities AG 3.600 9/22/2026 CHF 65.620
Raiffeisen Schweiz Genoss 3.000 9/21/2029 CHF 71.750
UniCredit Bank AG 3.500 1/29/2020 EUR 28.910
Leonteq Securities AG 3.900 12/20/2024 CHF 63.210
Raiffeisen Schweiz Genoss 3.200 12/18/2026 CHF 69.320
Leonteq Securities AG 4.000 12/18/2026 CHF 74.210
Raiffeisen Schweiz Genoss 10.000 12/31/2024 CHF 74.450
Credit Suisse AG/London 9.000 1/23/2020 USD 7.860
Raiffeisen Switzerland BV 4.800 11/23/2023 CHF 61.720
Landesbank Baden-Wuerttem 2.550 12/27/2021 EUR 74.720
DZ Bank AG Deutsche Zentr 12.000 6/24/2020 EUR 64.120
Vontobel Financial Produc 9.500 6/26/2020 EUR 60.150
Vontobel Financial Produc 17.000 3/27/2020 EUR 69.050
Leonteq Securities AG/Gue 16.400 12/14/2020 USD 71.550
Leonteq Securities AG/Gue 6.200 2/10/2021 CHF 67.790
UBS AG/London 10.000 8/3/2020 CHF 67.750
Raiffeisen Schweiz Genoss 6.000 2/10/2020 CHF 59.390
Vontobel Financial Produc 4.200 2/3/2020 EUR 57.490
Bayerische Landesbank 3.000 9/11/2020 EUR 74.800
Leonteq Securities AG/Gue 3.400 3/20/2024 CHF 56.930
UBS AG/London 9.500 2/3/2020 CHF 61.650
UBS AG/London 5.750 2/3/2020 CHF 59.200
UBS AG/London 6.000 8/3/2020 CHF 30.750
UBS AG/London 9.000 8/3/2020 EUR 71.450
Landesbank Baden-Wuerttem 5.000 3/27/2020 EUR 69.080
Landesbank Baden-Wuerttem 4.750 3/27/2020 EUR 73.330
Landesbank Baden-Wuerttem 5.200 3/27/2020 EUR 56.910
Bayerische Landesbank 3.300 9/11/2020 EUR 72.030
UniCredit Bank AG 3.600 3/5/2020 EUR 63.820
UniCredit Bank AG 3.750 9/7/2020 EUR 27.650
DZ Bank AG Deutsche Zentr 5.750 9/23/2020 EUR 66.750
DZ Bank AG Deutsche Zentr 4.250 9/23/2020 EUR
Landesbank Baden-Wuerttem 4.000 8/27/2021 EUR 73.670
Landesbank Baden-Wuerttem 6.000 8/27/2021 EUR 70.400
Bayerische Landesbank 3.300 10/30/2020 EUR 58.940
Landesbank Baden-Wuerttem 3.000 10/23/2020 EUR 66.030
UniCredit Bank AG 3.120 9/25/2020 EUR 52.340
UniCredit Bank AG 3.900 10/24/2021 EUR 65.040
HSBC Trinkaus & Burkhardt 4.400 9/25/2020 EUR 53.790
HSBC Trinkaus & Burkhardt 6.300 2/28/2020 EUR 47.270
HSBC Trinkaus & Burkhardt 12.300 6/26/2020 EUR 42.170
HSBC Trinkaus & Burkhardt 7.600 6/26/2020 EUR 47.030
UBS AG/London 12.000 6/19/2020 USD 64.770
Leonteq Securities AG/Gue 4.200 6/1/2021 CHF 37.680
Bayerische Landesbank 3.100 10/9/2020 EUR 58.990
Landesbank Hessen-Thuerin 4.000 12/22/2021 EUR 59.840
Bank Julius Baer & Co Ltd 6.250 10/5/2020 CHF 66.700
Leonteq Securities AG/Gue 7.000 4/16/2020 CHF 52.530
Landesbank Baden-Wuerttem 4.500 9/25/2020 EUR 73.220
Landesbank Baden-Wuerttem 6.000 9/25/2020 EUR 70.370
Societe Generale SA 9.000 7/22/2022 USD 47.100
EFG International Finance 6.000 8/3/2020 USD 50.950
EFG International Finance 6.600 8/3/2020 EUR 70.570
getBACK SA 5.900 12/30/2020 PLN
UniCredit Bank AG 3.600 8/23/2021 EUR 56.530
Commerzbank AG 4.000 12/30/2019 EUR 71.800
EFG International Finance 7.200 10/5/2020 USD 54.900
HSBC Trinkaus & Burkhardt 10.100 12/27/2019 EUR 73.210
HSBC Trinkaus & Burkhardt 3.360 12/30/2019 EUR 69.060
EFG International Finance 7.000 11/23/2020 CHF 72.460
Landesbank Hessen-Thuerin 5.700 10/27/2022 EUR 57.980
Leonteq Securities AG/Gue 7.600 10/6/2020 CHF 75.300
Landesbank Baden-Wuerttem 3.000 12/29/2020 EUR 73.710
SG Issuer SA 6.800 1/6/2020 USD 59.010
DekaBank Deutsche Girozen 4.150 4/30/2020 EUR 70.420
HSBC Trinkaus & Burkhardt 8.700 9/25/2020 EUR 69.150
HSBC Trinkaus & Burkhardt 7.300 6/26/2020 EUR 71.930
HSBC Trinkaus & Burkhardt 10.000 1/24/2020 EUR 69.690
Landesbank Hessen-Thuerin 4.000 8/18/2021 EUR 44.260
UniCredit Bank AG 4.300 8/29/2020 EUR 73.640
Zurcher Kantonalbank Fina 6.250 8/24/2020 CHF 74.810
Bayerische Landesbank 2.700 9/18/2020 EUR 60.040
EFG International Finance 5.800 8/31/2020 EUR 69.950
DekaBank Deutsche Girozen 2.000 9/18/2020 EUR 57.770
UniCredit Bank AG 4.300 8/24/2021 EUR 72.310
Leonteq Securities AG/Gue 5.000 8/25/2020 CHF 68.890
Zurcher Kantonalbank Fina 12.250 2/27/2020 USD 70.710
BNP Paribas Emissions- un 14.000 3/26/2020 EUR 74.060
HSBC Trinkaus & Burkhardt 9.800 1/24/2020 EUR 45.440
Vontobel Financial Produc 6.000 1/3/2020 EUR 57.660
Vontobel Financial Produc 7.000 1/3/2020 EUR 75.130
Vontobel Financial Produc 10.500 3/27/2020 EUR 69.630
DZ Bank AG Deutsche Zentr 6.750 12/27/2019 EUR 58.960
DZ Bank AG Deutsche Zentr 4.750 6/24/2020 EUR 63.210
DZ Bank AG Deutsche Zentr 6.000 6/24/2020 EUR 73.920
Vontobel Financial Produc 7.500 3/27/2020 EUR 67.320
Vontobel Financial Produc 9.250 3/26/2020 EUR 59.280
DZ Bank AG Deutsche Zentr 7.500 6/24/2020 EUR 64.640
DZ Bank AG Deutsche Zentr 8.750 6/24/2020 EUR 61.790
Commerzbank AG 11.500 3/27/2020 EUR 72.050
Commerzbank AG 7.250 3/27/2020 EUR 71.650
DZ Bank AG Deutsche Zentr 8.500 6/24/2020 EUR 75.340
DZ Bank AG Deutsche Zentr 11.000 6/24/2020 EUR 74.760
Commerzbank AG 6.000 3/27/2020 EUR 69.220
Commerzbank AG 8.000 3/27/2020 EUR 65.700
Leonteq Securities AG/Gue 5.000 12/27/2019 EUR 58.880
HSBC Trinkaus & Burkhardt 7.400 3/27/2020 EUR 73.020
HSBC Trinkaus & Burkhardt 8.800 7/24/2020 EUR 69.250
Leonteq Securities AG/Gue 5.400 6/30/2020 CHF 61.870
BNP Paribas Emissions- un 8.000 12/30/2019 EUR 61.230
Luzerner Kantonalbank AG 10.000 8/28/2020 CHF 72.780
Landesbank Baden-Wuerttem 2.900 10/23/2020 EUR 71.480
Landesbank Hessen-Thuerin 7.000 1/9/2023 EUR 51.120
Leonteq Securities AG 15.000 5/15/2020 CHF 40.600
Leonteq Securities AG/Gue 4.900 2/16/2021 CHF 49.480
EFG International Finance 5.500 9/21/2020 USD 53.060
EFG International Finance 8.000 11/23/2020 EUR 50.150
EFG International Finance 7.800 11/24/2020 USD 70.130
Credit Suisse AG/London 8.500 2/26/2020 CHF 60.980
UniCredit Bank AG 4.500 11/12/2022 EUR 63.860
UniCredit Bank AG 3.800 10/24/2021 EUR 64.940
UBS AG/London 7.000 3/27/2020 CHF 61.550
HSBC Trinkaus & Burkhardt 7.200 12/27/2019 EUR 67.880
HSBC Trinkaus & Burkhardt 5.100 6/26/2020 EUR 51.670
HSBC Trinkaus & Burkhardt 3.300 6/26/2020 EUR 56.940
HSBC Trinkaus & Burkhardt 8.800 9/25/2020 EUR 46.030
HSBC Trinkaus & Burkhardt 3.400 1/24/2020 EUR 53.640
HSBC Trinkaus & Burkhardt 10.400 6/26/2020 EUR 43.790
Leonteq Securities AG/Gue 8.100 4/6/2020 CHF 64.920
Landesbank Hessen-Thuerin 3.000 8/6/2021 EUR 63.200
getBACK SA 5.700 4/30/2021 PLN
Leonteq Securities AG/Gue 2.750 9/15/2022 CHF 40.150
Raiffeisen Schweiz Genoss 3.000 9/22/2020 CHF 15.390
Raiffeisen Schweiz Genoss 2.700 9/22/2026 CHF 59.800
Leonteq Securities AG/Gue 6.000 4/2/2020 CHF 72.620
HSBC Trinkaus & Burkhardt 5.600 12/28/2020 EUR 48.720
Landesbank Hessen-Thuerin 5.400 11/24/2022 EUR 70.080
DZ Bank AG Deutsche Zentr 7.750 3/23/2020 EUR
Credit Suisse AG/London 13.000 3/27/2020 USD 73.210
Landesbank Hessen-Thuerin 6.000 8/4/2022 EUR 67.690
HSBC Trinkaus & Burkhardt 7.200 9/25/2020 EUR 71.330
Raiffeisen Schweiz Genoss 5.000 1/10/2020 EUR 73.470
Leonteq Securities AG/Gue 6.600 6/30/2020 CHF 74.440
Vontobel Financial Produc 12.000 3/27/2020 EUR 61.400
Vontobel Financial Produc 27.000 6/26/2020 EUR 63.500
DZ Bank AG Deutsche Zentr 16.000 2/26/2020 EUR 66.290
UBS AG/London 15.000 8/21/2020 CHF 61.690
Credit Suisse AG/London 13.100 7/31/2020 USD 65.130
DZ Bank AG Deutsche Zentr 4.750 6/24/2020 EUR 68.310
Landesbank Baden-Wuerttem 6.500 1/22/2021 EUR 74.750
Vontobel Financial Produc 24.550 3/27/2020 EUR 64.170
Vontobel Financial Produc 7.000 9/25/2020 EUR 67.330
DZ Bank AG Deutsche Zentr 5.000 6/22/2020 EUR 72.790
DZ Bank AG Deutsche Zentr 6.250 6/22/2020 EUR 73.350
DZ Bank AG Deutsche Zentr 7.500 3/25/2020 EUR
DZ Bank AG Deutsche Zentr 8.000 9/23/2020 EUR 71.640
Vontobel Financial Produc 23.500 12/31/2019 EUR 63.320
Vontobel Financial Produc 9.500 6/26/2020 EUR 73.950
Vontobel Financial Produc 6.000 6/25/2020 EUR 69.220
DZ Bank AG Deutsche Zentr 6.250 9/21/2020 EUR 74.070
DZ Bank AG Deutsche Zentr 7.000 9/21/2020 EUR 69.320
BNP Paribas Emissions- un 12.000 3/26/2020 EUR 74.080
BNP Paribas Emissions- un 19.000 3/26/2020 EUR 71.680
BNP Paribas Emissions- un 23.000 3/26/2020 EUR 70.590
BNP Paribas Emissions- un 14.000 6/25/2020 EUR 73.880
BNP Paribas Emissions- un 17.000 6/25/2020 EUR 71.720
BNP Paribas Emissions- un 16.000 3/26/2020 EUR 72.640
Vontobel Financial Produc 11.550 12/31/2019 EUR 62.540
Bank Julius Baer & Co Ltd 9.300 3/16/2020 USD 62.400
HSBC Trinkaus & Burkhardt 6.300 3/27/2020 EUR 74.360
HSBC Trinkaus & Burkhardt 5.900 1/24/2020 EUR 67.760
HSBC Trinkaus & Burkhardt 9.200 1/24/2020 EUR 70.540
DZ Bank AG Deutsche Zentr 6.250 12/27/2019 EUR 69.180
UBS AG/London 5.250 6/1/2020 USD 65.050
Landesbank Baden-Wuerttem 6.000 10/23/2020 EUR 74.430
Landesbank Baden-Wuerttem 3.000 10/23/2020 EUR 74.190
BNP Paribas Emissions- un 5.000 12/30/2019 EUR 73.340
Landesbank Baden-Wuerttem 7.000 10/23/2020 EUR 71.540
DekaBank Deutsche Girozen 6.300 7/3/2020 EUR 56.800
Leonteq Securities AG/Gue 7.200 12/8/2020 USD 69.690
Landesbank Baden-Wuerttem 5.000 3/27/2020 EUR 63.530
Landesbank Baden-Wuerttem 7.000 3/27/2020 EUR 59.330
Landesbank Baden-Wuerttem 4.500 3/27/2020 EUR 72.490
Vontobel Financial Produc 15.500 1/3/2020 EUR 68.160
Vontobel Financial Produc 9.000 1/3/2020 EUR 72.480
Vontobel Financial Produc 5.500 1/3/2020 EUR 75.900
Vontobel Financial Produc 7.000 1/3/2020 EUR 71.380
Vontobel Financial Produc 9.000 1/3/2020 EUR 67.400
Goldman Sachs & Co Wertpa 23.000 12/27/2019 EUR 74.830
Goldman Sachs & Co Wertpa 20.000 12/27/2019 EUR 71.600
Vontobel Financial Produc 30.000 3/27/2020 EUR 61.680
Vontobel Financial Produc 20.000 3/27/2020 EUR 67.490
Vontobel Financial Produc 20.000 9/25/2020 EUR 57.210
Vontobel Financial Produc 21.000 9/25/2020 EUR 68.550
Vontobel Financial Produc 22.000 9/25/2020 EUR 67.660
Vontobel Financial Produc 23.000 9/25/2020 EUR 66.860
Vontobel Financial Produc 18.500 9/25/2020 EUR 70.260
Vontobel Financial Produc 25.000 6/26/2020 EUR 65.810
Vontobel Financial Produc 24.500 9/25/2020 EUR 66.530
UBS AG/London 5.500 1/17/2020 CHF 72.900
Raiffeisen Schweiz Genoss 7.840 1/22/2020 CHF 65.930
UniCredit Bank AG 5.900 2/12/2021 EUR 57.640
Deutsche Bank AG 6.200 12/24/2019 EUR 46.380
Deutsche Bank AG 6.200 12/24/2019 EUR 74.680
Deutsche Bank AG 6.200 12/24/2019 EUR 58.310
Deutsche Bank AG 6.200 12/24/2019 EUR
Deutsche Bank AG 6.200 12/24/2019 EUR 47.110
Deutsche Bank AG 5.200 12/24/2019 EUR 48.230
Deutsche Bank AG 5.200 12/24/2019 EUR 60.360
Deutsche Bank AG 5.200 12/24/2019 EUR 48.880
Raiffeisen Schweiz Genoss 6.450 1/22/2020 CHF 71.570
Leonteq Securities AG/Gue 8.000 1/17/2020 CHF 47.000
Raiffeisen Schweiz Genoss 7.000 1/15/2020 CHF 70.420
Landesbank Baden-Wuerttem 3.000 3/26/2021 EUR 74.840
Landesbank Baden-Wuerttem 3.000 3/26/2021 EUR 75.390
Deutsche Bank AG 6.200 12/24/2019 EUR 50.240
Deutsche Bank AG 6.200 12/24/2019 EUR 72.770
Landesbank Hessen-Thuerin 6.500 2/16/2023 EUR 69.700
DekaBank Deutsche Girozen 2.800 2/12/2021 EUR 73.630
Leonteq Securities AG/Gue 7.200 7/29/2020 CHF 72.400
Raiffeisen Schweiz Genoss 6.250 1/29/2020 CHF 72.850
DekaBank Deutsche Girozen 2.900 2/14/2020 EUR 67.810
Leonteq Securities AG/Gue 7.000 1/29/2020 CHF 69.780
Leonteq Securities AG/Gue 8.200 1/29/2020 EUR 57.570
Leonteq Securities AG/Gue 8.000 7/29/2020 EUR 59.860
Credit Suisse AG/London 9.000 3/19/2021 USD 9.549
UBS AG/London 7.500 3/16/2020 EUR 75.600
UBS AG/London 9.750 3/9/2020 EUR 66.600
DZ Bank AG Deutsche Zentr 5.500 6/24/2020 EUR 66.490
DZ Bank AG Deutsche Zentr 8.500 6/24/2020 EUR 63.930
DZ Bank AG Deutsche Zentr 11.000 6/24/2020 EUR 62.140
DekaBank Deutsche Girozen 3.400 1/24/2020 EUR 56.640
Deutsche Bank AG 4.200 12/24/2019 EUR 45.000
Deutsche Bank AG 6.200 12/24/2019 EUR 57.030
Deutsche Bank AG 6.200 12/24/2019 EUR 54.800
Deutsche Bank AG 4.200 12/24/2019 EUR 54.740
Deutsche Bank AG 4.200 12/24/2019 EUR 52.360
Deutsche Bank AG 4.200 12/24/2019 EUR 74.520
Deutsche Bank AG 4.200 12/24/2019 EUR 72.960
Deutsche Bank AG 4.200 12/24/2019 EUR
Deutsche Bank AG 4.200 12/24/2019 EUR 58.800
Deutsche Bank AG 4.200 12/24/2019 EUR 56.000
Deutsche Bank AG 4.200 12/24/2019 EUR 75.400
Deutsche Bank AG 6.200 12/24/2019 EUR 67.620
Deutsche Bank AG 4.200 12/24/2019 EUR 74.840
EFG International Finance 7.400 1/11/2021 USD 73.180
EFG International Finance 7.200 1/25/2021 EUR 57.270
Leonteq Securities AG/Gue 10.000 3/16/2020 USD 57.940
Corner Banca SA 7.400 7/22/2020 CHF 64.040
Leonteq Securities AG/Gue 6.600 1/22/2020 EUR 70.780
Raiffeisen Centrobank AG 9.940 12/27/2019 EUR 57.690
Raiffeisen Centrobank AG 6.026 12/27/2019 EUR 55.030
UniCredit Bank AG 3.250 2/27/2022 EUR 61.510
Leonteq Securities AG/Gue 6.800 3/16/2020 CHF 70.500
Landesbank Hessen-Thuerin 4.000 8/26/2020 EUR 55.000
Raiffeisen Schweiz Genoss 7.000 9/23/2020 EUR 60.100
Raiffeisen Centrobank AG 8.395 12/27/2019 EUR 57.020
Raiffeisen Centrobank AG 5.665 12/27/2019 EUR 55.780
Zurcher Kantonalbank Fina 5.750 1/30/2020 CHF 18.390
Federal Grid Co Unified E 5.300 9/7/2048 RUB 63.150
UBS AG/London 12.500 3/16/2020 CHF 39.400
EFG International Finance 7.400 3/29/2021 EUR 61.900
Zurcher Kantonalbank Fina 7.150 3/19/2020 CHF 19.310
Leonteq Securities AG/Gue 9.000 3/16/2020 CHF 52.670
Landesbank Hessen-Thuerin 4.000 8/26/2020 EUR 63.200
VTB Bank PJSC 3.000 9/1/2044 RUB 100.000
Commerzbank AG 18.250 12/31/2019 EUR 69.610
Commerzbank AG 16.750 3/27/2020 EUR 70.950
Commerzbank AG 16.000 4/24/2020 EUR 71.790
Vontobel Financial Produc 14.000 6/26/2020 EUR 72.200
Vontobel Financial Produc 15.000 6/26/2020 EUR 70.890
Vontobel Financial Produc 16.000 3/27/2020 EUR 71.350
Vontobel Financial Produc 19.500 3/27/2020 EUR 69.040
Vontobel Financial Produc 16.500 6/25/2020 EUR 71.970
Vontobel Financial Produc 15.500 3/27/2020 EUR 72.960
Vontobel Financial Produc 17.000 3/27/2020 EUR 71.280
Vontobel Financial Produc 18.500 3/27/2020 EUR 69.690
Vontobel Financial Produc 19.500 6/26/2020 EUR 68.820
Vontobel Financial Produc 18.500 6/26/2020 EUR 69.920
Vontobel Financial Produc 17.000 6/26/2020 EUR 70.830
Vontobel Financial Produc 16.000 6/26/2020 EUR 72.070
Vontobel Financial Produc 21.000 6/26/2020 EUR 68.060
Vontobel Financial Produc 13.000 3/27/2020 EUR 74.100
Vontobel Financial Produc 15.000 3/27/2020 EUR 70.420
Vontobel Financial Produc 12.000 3/27/2020 EUR 73.750
Vontobel Financial Produc 12.500 6/26/2020 EUR 73.340
Vontobel Financial Produc 13.500 3/27/2020 EUR 72.030
EFG International Finance 7.200 2/8/2021 EUR 75.690
DekaBank Deutsche Girozen 4.250 10/9/2020 EUR 55.470
Federal Grid Co Unified E 5.000 6/30/2048 RUB 66.930
Leonteq Securities AG/Gue 8.000 8/5/2020 CHF 73.120
EFG International Finance 8.600 2/7/2020 USD 48.960
DekaBank Deutsche Girozen 6.300 10/9/2020 EUR 66.280
Leonteq Securities AG/Gue 9.000 8/5/2020 USD 73.550
Podkarpacki Bank Spoldzie 5.790 3/31/2025 PLN 38.000
Business-Consulting OAO 8.500 3/26/2020 RUB 60.060
UniCredit Bank AG 3.500 12/19/2019 EUR 29.930
Raiffeisen Schweiz Genoss 6.070 1/29/2020 CHF 74.930
Landesbank Baden-Wuerttem 2.000 7/24/2020 EUR 73.860
UniCredit Bank AG 4.200 2/19/2022 EUR 65.630
UniCredit Bank AG 12.900 1/3/2020 EUR 60.930
Landesbank Baden-Wuerttem 3.500 7/24/2020 EUR 62.700
Landesbank Baden-Wuerttem 3.500 7/24/2020 EUR 57.260
Landesbank Baden-Wuerttem 2.000 7/24/2020 EUR 61.490
Landesbank Baden-Wuerttem 3.500 7/24/2020 EUR 55.750
Landesbank Baden-Wuerttem 2.000 7/24/2020 EUR 67.940
Landesbank Baden-Wuerttem 4.000 7/24/2020 EUR 24.770
Landesbank Hessen-Thuerin 4.100 7/13/2020 EUR 75.000
BNP Paribas Emissions- un 8.500 12/30/2019 EUR 71.090
BNP Paribas Emissions- un 9.500 12/30/2019 EUR 66.500
BNP Paribas Emissions- un 6.500 12/30/2019 EUR 54.310
BNP Paribas Emissions- un 10.000 12/30/2019 EUR 50.240
BNP Paribas Emissions- un 12.000 12/30/2019 EUR 72.580
BNP Paribas Emissions- un 10.000 12/30/2019 EUR 59.410
DekaBank Deutsche Girozen 3.600 12/20/2019 EUR 57.740
Vontobel Financial Produc 16.500 3/13/2020 EUR 70.240
Vontobel Financial Produc 16.500 3/13/2020 EUR 60.080
Vontobel Financial Produc 14.500 6/12/2020 EUR 68.130
Fonciere Volta SA 4.500 7/30/2020 EUR 2.360
UniCredit Bank AG 4.750 3/26/2021 EUR 72.820
Deutsche Bank AG 7.200 12/24/2019 EUR 48.000
Deutsche Bank AG 7.200 12/24/2019 EUR 58.830
Deutsche Bank AG 7.200 12/24/2019 EUR 73.050
Deutsche Bank AG 7.200 12/24/2019 EUR 62.650
Deutsche Bank AG 7.200 12/24/2019 EUR 56.090
Deutsche Bank AG 7.200 12/24/2019 EUR 53.550
Deutsche Bank AG 7.200 12/24/2019 EUR 44.300
Landesbank Baden-Wuerttem 2.000 7/24/2020 EUR 67.340
Landesbank Baden-Wuerttem 5.000 7/24/2020 EUR 56.860
Landesbank Baden-Wuerttem 3.000 7/24/2020 EUR 65.680
Landesbank Baden-Wuerttem 4.000 7/24/2020 EUR 62.650
Landesbank Baden-Wuerttem 5.000 7/24/2020 EUR 70.900
UniCredit Bank AG 14.500 1/3/2020 EUR 53.230
Landesbank Baden-Wuerttem 2.000 7/24/2020 EUR 63.310
UniCredit Bank AG 10.900 1/3/2020 EUR 37.150
UniCredit Bank AG 7.800 1/3/2020 EUR 67.030
Landesbank Baden-Wuerttem 3.500 7/24/2020 EUR 61.150
UniCredit Bank AG 14.700 1/3/2020 EUR 34.460
Landesbank Baden-Wuerttem 4.000 7/24/2020 EUR 70.460
Bank Julius Baer & Co Ltd 6.150 1/10/2020 CHF 75.800
UBS AG/London 11.000 6/29/2020 CHF 60.850
UBS AG/London 5.750 6/29/2020 CHF 74.800
UBS AG/London 6.500 6/29/2020 CHF 61.350
UBS AG/London 3.200 3/26/2020 EUR 60.390
UBS AG/London 7.300 1/2/2020 EUR 69.160
Leonteq Securities AG 7.600 7/13/2021 CHF 70.750
Leonteq Securities AG/Gue 6.200 1/13/2021 CHF 68.160
TGC-1 PJSC 5.800 2/14/2022 RUB 70.000
Polski Bank Spoldzielczy 4.790 6/22/2021 PLN 61.000
Credit Suisse AG/London 6.250 11/28/2025 USD 11.627
DZ Bank AG Deutsche Zentr 8.000 9/23/2020 EUR 71.190
Vontobel Financial Produc 20.000 9/25/2020 EUR 54.370
Societe Generale Effekten 24.650 9/18/2020 EUR 73.780
Leonteq Securities AG 12.000 8/28/2020 CHF 52.540
Vontobel Financial Produc 22.000 9/25/2020 EUR 66.680
Societe Generale Effekten 23.702 9/18/2020 EUR 73.910
Societe Generale Effekten 25.598 9/18/2020 EUR 73.670
Societe Generale Effekten 10.036 12/20/2019 EUR 64.540
Vontobel Financial Produc 20.000 9/25/2020 EUR 65.670
Vontobel Financial Produc 13.000 9/25/2020 EUR 50.775
Landesbank Baden-Wuerttem 3.000 4/24/2020 EUR 72.760
Landesbank Baden-Wuerttem 6.500 4/24/2020 EUR 65.440
Landesbank Baden-Wuerttem 6.000 4/24/2020 EUR 69.210
Polski Bank Spoldzielczy 4.790 11/26/2024 PLN 45.000
Landesbank Hessen-Thuerin 4.000 4/20/2022 EUR 63.190
DekaBank Deutsche Girozen 3.000 7/31/2020 EUR 58.710
Landesbank Baden-Wuerttem 3.000 7/24/2020 EUR 68.800
Landesbank Baden-Wuerttem 5.000 7/24/2020 EUR 75.840
Landesbank Baden-Wuerttem 6.500 7/24/2020 EUR 71.680
Landesbank Baden-Wuerttem 2.000 7/24/2020 EUR 70.870
UniCredit Bank AG 5.200 1/3/2020 EUR 54.010
UniCredit Bank AG 5.000 2/12/2021 EUR 66.070
Deutsche Bank AG 6.200 12/24/2019 EUR 45.000
Deutsche Bank AG 6.200 12/24/2019 EUR 69.900
Deutsche Bank AG 6.200 12/24/2019 EUR 71.500
Deutsche Bank AG 6.200 12/24/2019 EUR
Deutsche Bank AG 6.200 12/24/2019 EUR 49.060
Deutsche Bank AG 6.200 12/24/2019 EUR 45.300
Deutsche Bank AG 5.200 12/24/2019 EUR 46.000
Deutsche Bank AG 5.200 12/24/2019 EUR 50.210
Deutsche Bank AG 5.200 12/24/2019 EUR 48.200
DekaBank Deutsche Girozen 7.050 10/9/2020 EUR 51.800
Leonteq Securities AG/Gue 7.000 2/5/2020 CHF 18.220
Landesbank Baden-Wuerttem 2.000 7/24/2020 EUR 70.300
Landesbank Baden-Wuerttem 5.000 7/24/2020 EUR 61.930
Landesbank Baden-Wuerttem 3.000 7/24/2020 EUR 74.830
Landesbank Baden-Wuerttem 6.500 7/24/2020 EUR 65.800
Deutsche Bank AG 6.200 12/24/2019 EUR 46.000
Deutsche Bank AG 6.200 12/24/2019 EUR 48.230
Deutsche Bank AG 6.200 12/24/2019 EUR 67.630
Deutsche Bank AG 6.200 12/24/2019 EUR 60.350
Deutsche Bank AG 5.200 12/24/2019 EUR 72.990
Deutsche Bank AG 5.200 12/24/2019 EUR 75.000
Deutsche Bank AG 5.200 12/24/2019 EUR 58.280
Deutsche Bank AG 5.200 12/24/2019 EUR 50.500
DekaBank Deutsche Girozen 4.250 4/14/2022 EUR 73.470
UBS AG/London 6.750 1/17/2020 CHF 67.950
Zurcher Kantonalbank Fina 3.500 1/23/2020 CHF 17.670
Deutsche Bank AG 6.200 12/24/2019 EUR 72.300
Deutsche Bank AG 6.200 12/24/2019 EUR 43.300
Deutsche Bank AG 6.200 12/24/2019 EUR 73.020
Deutsche Bank AG 6.200 12/24/2019 EUR 73.600
Deutsche Bank AG 6.200 12/24/2019 EUR 56.370
Deutsche Bank AG 6.200 12/24/2019 EUR 50.500
Leonteq Securities AG/Gue 5.500 1/30/2020 CHF 62.900
UBS AG/London 6.250 1/17/2020 CHF 41.000
Raiffeisen Schweiz Genoss 7.500 2/5/2020 CHF 70.840
Landesbank Baden-Wuerttem 3.500 7/24/2020 EUR 60.670
Landesbank Baden-Wuerttem 4.000 7/24/2020 EUR 64.900
Landesbank Baden-Wuerttem 5.500 7/24/2020 EUR 67.780
Landesbank Baden-Wuerttem 2.500 7/24/2020 EUR 65.060
Landesbank Baden-Wuerttem 4.500 7/24/2020 EUR 58.570
Vontobel Financial Produc 5.250 2/21/2020 EUR 62.310
Landesbank Hessen-Thuerin 2.750 10/23/2020 EUR 75.800
Leonteq Securities AG/Gue 10.000 2/5/2020 EUR 60.440
Erste Group Bank AG 6.250 3/29/2023 EUR 70.150
UniCredit Bank AG 6.300 3/26/2021 EUR 52.880
Deutsche Bank AG 7.200 12/24/2019 EUR 56.100
Deutsche Bank AG 7.200 12/24/2019 EUR 53.610
Deutsche Bank AG 7.200 12/24/2019 EUR 67.660
Deutsche Bank AG 7.200 12/24/2019 EUR 47.200
UniCredit Bank AG 4.250 3/29/2021 EUR 62.320
UniCredit Bank AG 3.630 3/12/2020 EUR 59.030
UBS AG/London 12.000 3/9/2020 CHF 40.950
UBS AG/London 11.250 3/9/2020 EUR 62.550
Deutsche Bank AG 4.200 12/24/2019 EUR 46.800
Deutsche Bank AG 4.200 12/24/2019 EUR 43.200
Deutsche Bank AG 6.200 12/24/2019 EUR 52.420
Deutsche Bank AG 6.200 12/24/2019 EUR 75.170
Deutsche Bank AG 4.200 12/24/2019 EUR
Deutsche Bank AG 6.200 12/24/2019 EUR
Deutsche Bank AG 6.200 12/24/2019 EUR 58.670
Deutsche Bank AG 6.200 12/24/2019 EUR 56.060
Deutsche Bank AG 4.200 12/24/2019 EUR 53.290
Deutsche Bank AG 6.200 12/24/2019 EUR 75.500
Deutsche Bank AG 4.200 12/24/2019 EUR 67.560
EFG International Finance 7.600 1/11/2021 CHF 69.470
EFG International Finance 8.400 1/10/2020 USD 51.700
UBS AG/London 5.400 1/2/2020 EUR 53.680
EFG International Finance 7.400 1/25/2021 CHF 68.760
Deutsche Bank AG 7.200 12/24/2019 EUR 74.710
UniCredit Bank AG 4.050 3/26/2021 EUR 51.820
UniCredit Bank AG 4.600 3/26/2021 EUR 57.230
Deutsche Bank AG 7.200 12/24/2019 EUR 46.900
Deutsche Bank AG 7.200 12/24/2019 EUR 57.430
Deutsche Bank AG 7.200 12/24/2019 EUR 54.470
Deutsche Bank AG 7.200 12/24/2019 EUR 52.450
Deutsche Bank AG 7.200 12/24/2019 EUR 74.610
Deutsche Bank AG 7.200 12/24/2019 EUR 56.320
Deutsche Bank AG 7.200 12/24/2019 EUR 65.060
Deutsche Bank AG 7.200 12/24/2019 EUR 58.880
Deutsche Bank AG 7.200 12/24/2019 EUR 48.900
UniCredit Bank AG 3.250 3/29/2022 EUR 26.860
UBS AG/London 8.500 3/9/2020 USD 53.650
Leonteq Securities AG/Gue 8.000 7/22/2020 CHF 64.530
Raiffeisen Schweiz Genoss 10.020 1/15/2020 EUR 68.680
Bank Julius Baer & Co Ltd 8.800 1/24/2020 EUR 65.200
DekaBank Deutsche Girozen 2.000 1/22/2021 EUR 69.100
Deutsche Bank AG 4.200 12/24/2019 EUR 47.900
Deutsche Bank AG 6.200 12/24/2019 EUR 48.900
Deutsche Bank AG 4.200 12/24/2019 EUR 60.210
Deutsche Bank AG 6.200 12/24/2019 EUR 60.270
Deutsche Bank AG 4.200 12/24/2019 EUR 57.340
DZ Bank AG Deutsche Zentr 12.000 3/25/2020 EUR 60.490
UniCredit Bank AG 8.000 12/29/2020 EUR 75.150
Vontobel Financial Produc 15.000 6/26/2020 EUR 73.730
Commerzbank AG 11.000 5/22/2020 EUR 71.960
DZ Bank AG Deutsche Zentr 14.500 12/27/2019 EUR 72.710
Landesbank Hessen-Thuerin 5.750 7/12/2024 EUR 71.480
Vontobel Financial Produc 17.500 6/12/2020 EUR 74.450
Vontobel Financial Produc 14.500 6/12/2020 EUR 72.810
Vontobel Financial Produc 15.500 6/12/2020 EUR 71.440
Vontobel Financial Produc 12.500 3/13/2020 EUR 73.490
Commerzbank AG 21.500 1/24/2020 EUR 70.170
Commerzbank AG 23.250 12/31/2019 EUR 68.870
DZ Bank AG Deutsche Zentr 15.750 3/25/2020 EUR 71.870
Societe Generale Effekten 25.373 6/19/2020 EUR 70.440
Societe Generale Effekten 27.444 6/19/2020 EUR 69.520
Societe Generale Effekten 27.934 3/20/2020 EUR 71.120
Societe Generale Effekten 17.902 3/20/2020 EUR 67.660
Societe Generale Effekten 23.301 6/19/2020 EUR 68.770
Societe Generale Effekten 26.984 9/18/2020 EUR 70.410
Leonteq Securities AG/Gue 8.950 3/19/2020 USD 52.530
UniCredit Bank AG 14.000 1/3/2020 EUR 35.690
UniCredit Bank AG 9.800 1/3/2020 EUR 75.250
UniCredit Bank AG 10.400 1/3/2020 EUR 41.420
Landesbank Baden-Wuerttem 5.000 7/24/2020 EUR 51.970
Landesbank Baden-Wuerttem 2.500 7/24/2020 EUR 26.670
UniCredit Bank AG 6.900 1/3/2020 EUR 49.110
UBS AG/London 10.250 12/27/2019 EUR 51.500
UBS AG/London 3.800 1/2/2020 EUR 61.520
VTB Bank PJSC 9.000 9/18/2046 RUB 62.000
BNP Paribas Emissions- un 6.500 12/30/2019 EUR 28.890
BNP Paribas Emissions- un 10.000 12/30/2019 EUR 68.310
BNP Paribas Emissions- un 10.000 12/30/2019 EUR 65.710
Societe Generale SA 12.000 7/8/2021 USD 49.470
Bayerische Landesbank 3.150 7/31/2020 EUR 70.160
Landesbank Baden-Wuerttem 5.000 2/28/2020 EUR 64.000
Landesbank Baden-Wuerttem 4.000 2/28/2020 EUR 56.900
Vontobel Financial Produc 3.850 1/27/2020 EUR 73.220
Leonteq Securities AG/Gue 6.000 1/20/2021 CHF 66.880
UBS AG/London 5.500 1/13/2020 CHF 74.200
UBS AG/London 6.250 7/13/2020 CHF 26.080
UBS AG/London 6.000 1/13/2020 CHF 55.600
UBS AG/London 7.000 1/13/2020 EUR 68.150
UBS AG/London 5.250 7/13/2020 CHF 63.600
Landesbank Hessen-Thuerin 2.750 5/20/2021 EUR 64.700
Deutsche Bank AG 6.200 12/24/2019 EUR 75.240
Deutsche Bank AG 6.200 12/24/2019 EUR 72.940
Deutsche Bank AG 6.200 12/24/2019 EUR 73.500
Deutsche Bank AG 6.200 12/24/2019 EUR 68.900
Deutsche Bank AG 6.200 12/24/2019 EUR 66.200
Deutsche Bank AG 6.200 12/24/2019 EUR 72.550
Deutsche Bank AG 6.200 12/24/2019 EUR 70.420
Deutsche Bank AG 6.200 12/24/2019 EUR 68.860
Deutsche Bank AG 6.200 12/24/2019 EUR 66.950
Deutsche Bank AG 6.200 12/24/2019 EUR 65.150
Deutsche Bank AG 6.200 12/24/2019 EUR 63.430
Deutsche Bank AG 6.200 12/24/2019 EUR 61.810
Deutsche Bank AG 6.200 12/24/2019 EUR 67.700
Deutsche Bank AG 6.200 12/24/2019 EUR 64.600
Deutsche Bank AG 6.200 12/24/2019 EUR 62.800
Deutsche Bank AG 6.200 12/24/2019 EUR 61.100
Deutsche Bank AG 6.200 12/24/2019 EUR
Deutsche Bank AG 6.200 12/24/2019 EUR
Deutsche Bank AG 6.200 12/24/2019 EUR
Deutsche Bank AG 6.200 12/24/2019 EUR 64.300
Deutsche Bank AG 6.200 12/24/2019 EUR 65.380
Deutsche Bank AG 6.200 12/24/2019 EUR 61.950
Deutsche Bank AG 6.200 12/24/2019 EUR 58.670
Deutsche Bank AG 6.200 12/24/2019 EUR 53.520
Deutsche Bank AG 6.200 12/24/2019 EUR 74.100
Deutsche Bank AG 6.200 12/24/2019 EUR
Deutsche Bank AG 6.200 12/24/2019 EUR
Deutsche Bank AG 6.200 12/24/2019 EUR 74.550
Deutsche Bank AG 6.200 12/24/2019 EUR 66.700
Deutsche Bank AG 6.200 12/24/2019 EUR 62.000
Deutsche Bank AG 6.200 12/24/2019 EUR 57.900
Deutsche Bank AG 6.200 12/24/2019 EUR
Deutsche Bank AG 6.200 12/24/2019 EUR
Deutsche Bank AG 6.200 12/24/2019 EUR
Deutsche Bank AG 6.200 12/24/2019 EUR
Deutsche Bank AG 6.200 12/24/2019 EUR 60.700
Deutsche Bank AG 6.200 12/24/2019 EUR 55.300
Deutsche Bank AG 6.200 12/24/2019 EUR 62.100
Deutsche Bank AG 6.200 12/24/2019 EUR 55.900
Deutsche Bank AG 6.200 12/24/2019 EUR 28.400
Deutsche Bank AG 6.200 12/24/2019 EUR
Deutsche Bank AG 6.200 12/24/2019 EUR
Corner Banca SA 10.600 1/13/2020 CHF 67.430
Raiffeisen Schweiz Genoss 6.800 7/20/2020 CHF 63.480
Raiffeisen Schweiz Genoss 6.500 1/20/2020 CHF 62.780
Bayerische Landesbank 3.550 8/21/2020 EUR 70.570
Deutsche Bank AG 6.200 12/24/2019 EUR 68.100
Landesbank Hessen-Thuerin 3.500 8/17/2022 EUR 71.820
HSBC Trinkaus & Burkhardt 6.900 6/26/2020 EUR 66.170
HSBC Trinkaus & Burkhardt 5.600 6/26/2020 EUR 65.490
HSBC Trinkaus & Burkhardt 5.300 6/26/2020 EUR 66.900
HSBC Trinkaus & Burkhardt 5.800 12/27/2019 EUR 71.490
Credit Suisse AG/London 11.250 5/15/2020 USD 68.730
Vontobel Financial Produc 13.500 3/13/2020 EUR 73.780
Vontobel Financial Produc 18.500 3/13/2020 EUR 60.260
Vontobel Financial Produc 13.000 6/12/2020 EUR 70.710
Commerzbank AG 12.500 12/31/2019 EUR 71.730
Societe Generale Effekten 26.408 6/19/2020 EUR 69.970
Lehman Brothers Treasury 3.000 8/13/2011 EUR 2.571
Lehman Brothers Treasury 6.000 9/20/2011 EUR 2.571
Lehman Brothers Treasury 18.250 10/2/2008 USD 2.571
Lehman Brothers Treasury 3.400 9/21/2009 HKD 2.571
Lehman Brothers Treasury 4.000 10/12/2010 USD 2.571
Lehman Brothers Treasury 4.690 2/19/2017 EUR 2.571
Lehman Brothers Treasury 3.820 10/20/2009 USD 2.571
Lehman Brothers Treasury 4.000 2/28/2010 EUR 2.571
Lehman Brothers Treasury 2.000 5/17/2010 EUR 2.571
Lehman Brothers Treasury 3.630 3/2/2012 EUR 2.571
Lehman Brothers Treasury 0.750 3/29/2012 EUR 2.571
EDOB Abwicklungs AG 7.500 4/1/2012 EUR 1.079
Lehman Brothers Treasury 3.025 1/31/2015 EUR 2.571
Lehman Brothers Treasury 2.000 6/21/2011 EUR 2.571
Lehman Brothers Treasury 4.500 12/30/2010 USD 2.571
Lehman Brothers Treasury 4.500 3/7/2015 EUR 2.571
Lehman Brothers Treasury 2.370 7/15/2013 USD 2.571
Lehman Brothers Treasury 1.950 11/4/2013 EUR 2.571
Lehman Brothers Treasury 4.870 10/8/2013 USD 2.571
HSBC Bank PLC 0.500 6/23/2027 MXN 57.333
Lehman Brothers Treasury 5.220 3/1/2024 EUR 2.571
Heta Asset Resolution AG 5.030 12/31/2023 EUR 1.620
Lehman Brothers Treasury 3.700 6/6/2009 EUR 2.571
Lehman Brothers Treasury 8.280 7/31/2013 GBP 2.571
Lehman Brothers Treasury 7.320 7/31/2013 GBP 2.571
Petromena ASA 9.750 5/24/2016 NOK 0.607
Samaratransneft-Terminal 10.000 3/30/2022 RUB 18.040
Lehman Brothers Treasury 8.600 7/31/2013 GBP 2.571
Lehman Brothers Treasury 7.500 7/31/2013 GBP 2.571
Lehman Brothers Treasury 7.000 7/11/2010 EUR 2.571
Lehman Brothers Treasury 4.150 8/25/2020 EUR 2.571
Lehman Brothers Treasury 6.000 7/28/2010 EUR 2.571
Lehman Brothers Treasury 6.000 7/28/2010 EUR 2.571
Norske Skogindustrier ASA 2.000 12/30/2115 EUR 1.473
Lehman Brothers Treasury 0.500 2/16/2009 EUR 2.571
Norske Skogindustrier ASA 7.000 12/30/2026 EUR 0.049
HSBC Bank PLC 0.500 12/22/2025 BRL 64.287
Lehman Brothers Treasury 4.250 3/13/2021 EUR 2.571
Lehman Brothers Treasury 8.000 4/20/2009 EUR 2.571
Lehman Brothers Treasury 6.000 3/17/2011 EUR 2.571
Lehman Brothers Treasury 3.600 3/19/2018 JPY 2.571
Credit Suisse AG/London 0.500 1/8/2026 BRL 64.085
Lehman Brothers Treasury 3.000 8/8/2017 EUR 2.571
Solarwatt GmbH 7.000 11/1/2015 EUR 15.500
SG Issuer SA 2.700 11/28/2034 ZAR 39.963
Lehman Brothers Treasury 6.000 6/21/2011 EUR 2.571
Lehman Brothers Treasury 4.100 5/20/2009 USD 2.571
Lehman Brothers Treasury 9.000 3/17/2009 GBP 2.571
Lehman Brothers Treasury 7.000 11/28/2008 CHF 2.571
Lehman Brothers Treasury 8.000 5/22/2009 USD 2.571
RGS Nedvizhimost OOO 12.000 10/18/2017 RUB 0.335
Lehman Brothers Treasury 4.000 4/24/2009 USD 2.571
Lehman Brothers Treasury 3.850 4/24/2009 USD 2.571
Lehman Brothers Treasury 8.000 3/19/2012 USD 2.571
KPNQwest NV 8.875 2/1/2008 EUR 0.634
Lehman Brothers Treasury 6.720 12/29/2008 EUR 2.571
Lehman Brothers Treasury 7.750 2/21/2016 EUR 2.571
Lehman Brothers Treasury 5.120 4/30/2027 EUR 2.571
Lehman Brothers Treasury 6.600 2/9/2009 EUR 2.571
Lehman Brothers Treasury 7.060 12/29/2008 EUR 2.571
Lehman Brothers Treasury 7.625 7/22/2011 HKD 2.571
Societe Generale SA 0.500 5/22/2024 MXN 72.599
Lehman Brothers Treasury 4.100 8/23/2010 USD 2.571
Lehman Brothers Treasury 3.500 12/20/2027 USD 2.571
Lehman Brothers Treasury 4.000 1/4/2011 USD 2.571
Lehman Brothers Treasury 8.800 12/27/2009 EUR 2.571
Lehman Brothers Treasury 0.500 12/20/2017 AUD 2.571
Lehman Brothers Treasury 1.000 2/26/2010 USD 2.571
Lehman Brothers Treasury 6.000 3/18/2015 USD 3.400
Lehman Brothers Treasury 2.400 6/20/2011 JPY 2.571
Rio Forte Investments SA 4.750 11/10/2015 EUR 6.000
Lehman Brothers Treasury 4.050 9/16/2008 EUR 2.571
Lehman Brothers Treasury 3.000 9/12/2036 JPY 3.750
Lehman Brothers Treasury 4.820 12/18/2036 EUR 2.571
Lehman Brothers Treasury 13.000 12/14/2012 USD 2.571
Heta Asset Resolution AG 5.270 12/31/2023 EUR 1.620
Lehman Brothers Treasury 2.300 6/27/2013 USD 2.571
Investtorgstroi OOO 11.500 1/19/2023 RUB 60.090
Lehman Brothers Treasury 12.000 7/13/2037 JPY 2.571
Lehman Brothers Treasury 8.875 1/28/2011 HKD 3.400
Lehman Brothers Treasury 8.000 12/27/2032 JPY 2.571
Lehman Brothers Treasury 1.500 2/8/2012 CHF 2.571
Lehman Brothers Treasury 8.050 12/20/2010 HKD 2.571
Lehman Brothers Treasury 6.700 4/21/2011 USD 2.571
Lehman Brothers Treasury 11.250 12/31/2008 USD 2.571
Lehman Brothers Treasury 4.300 6/4/2012 USD 2.571
Lehman Brothers Treasury 4.000 6/5/2011 USD 2.571
Lehman Brothers Treasury 5.200 11/9/2011 EUR 3.400
Lehman Brothers Treasury 7.600 5/21/2013 USD 2.571
Lehman Brothers Treasury 0.500 6/2/2020 EUR 2.571
Lehman Brothers Treasury 11.000 7/4/2011 USD 2.571
Lehman Brothers Treasury 11.000 7/4/2011 CHF 2.571
Lehman Brothers Treasury 13.150 10/30/2008 USD 2.571
Lehman Brothers Treasury 6.000 8/7/2013 EUR 2.571
Lehman Brothers Treasury 13.432 1/8/2009 ILS 2.571
Lehman Brothers Treasury 6.250 9/5/2011 EUR 2.571
Lehman Brothers Treasury 2.500 8/15/2012 CHF 2.571
Lehman Brothers Treasury 3.100 6/4/2010 USD 2.571
Lehman Brothers Treasury 0.500 7/2/2020 EUR 2.571
Lehman Brothers Treasury 16.000 12/26/2008 USD 2.571
Lehman Brothers Treasury 2.300 6/6/2013 USD 2.571
Lehman Brothers Treasury 7.500 5/30/2010 AUD 2.571
Lehman Brothers Treasury 1.460 2/19/2012 JPY 3.750
Lehman Brothers Treasury 7.750 1/3/2012 AUD 2.571
Lehman Brothers Treasury 16.800 8/21/2009 USD 2.571
Lehman Brothers Treasury 14.100 11/12/2008 USD 2.571
Lehman Brothers Treasury 7.250 7/8/2014 EUR 2.571
Lehman Brothers Treasury 7.000 2/15/2010 CHF 2.571
Lehman Brothers Treasury 13.000 2/16/2009 CHF 2.571
Lehman Brothers Treasury 10.000 2/16/2009 CHF 2.571
Lehman Brothers Treasury 11.000 2/16/2009 CHF 2.571
Lehman Brothers Treasury 6.300 12/21/2018 USD 2.571
Lehman Brothers Treasury 5.375 2/4/2014 USD 2.571
Lehman Brothers Treasury 0.500 12/20/2017 AUD 2.571
Lehman Brothers Treasury 0.500 12/20/2017 AUD 2.571
Lehman Brothers Treasury 0.500 12/20/2017 AUD 2.571
Lehman Brothers Treasury 9.300 12/21/2010 EUR 2.571
Lehman Brothers Treasury 0.500 12/20/2017 AUD 3.400
Lehman Brothers Treasury 8.000 12/31/2010 USD 2.571
Lehman Brothers Treasury 0.500 12/20/2017 USD 2.571
Lehman Brothers Treasury 0.500 12/20/2017 USD 2.571
Lehman Brothers Treasury 0.500 12/20/2017 USD 2.571
Lehman Brothers Treasury 0.500 12/20/2017 USD 2.571
Lehman Brothers Treasury 11.000 12/20/2017 AUD 2.571
Lehman Brothers Treasury 11.000 12/20/2017 AUD 2.571
Lehman Brothers Treasury 8.000 3/21/2018 USD 2.571
Lehman Brothers Treasury 4.000 3/10/2011 EUR 2.571
Lehman Brothers Treasury 7.600 1/31/2013 AUD 2.571
Lehman Brothers Treasury 10.000 10/23/2008 USD 2.571
Lehman Brothers Treasury 6.000 3/4/2015 USD 2.571
Lehman Brothers Treasury 3.500 6/20/2011 EUR 2.571
Lehman Brothers Treasury 7.150 3/21/2013 USD 2.571
Lehman Brothers Treasury 5.500 6/22/2010 USD 3.400
Lehman Brothers Treasury 6.450 2/20/2010 AUD 2.571
Lehman Brothers Treasury 9.000 5/6/2011 CHF 2.571
Lehman Brothers Treasury 16.200 5/14/2009 USD 2.571
Lehman Brothers Treasury 4.600 8/1/2013 EUR 2.571
Lehman Brothers Treasury 5.500 4/23/2014 EUR 2.571
Lehman Brothers Treasury 10.000 5/22/2009 USD 2.571
Lehman Brothers Treasury 15.000 6/4/2009 CHF 2.571
Lehman Brothers Treasury 10.600 4/22/2014 MXN 2.571
Lehman Brothers Treasury 10.442 11/22/2008 CHF 2.571
Lehman Brothers Treasury 7.600 3/4/2010 NZD 2.571
Lehman Brothers Treasury 16.000 11/9/2008 USD 2.571
Lehman Brothers Treasury 1.000 5/9/2012 EUR 2.571
Lehman Brothers Treasury 3.450 5/23/2013 USD 2.571
Lehman Brothers Treasury 10.000 10/22/2008 USD 2.571
Lehman Brothers Treasury 6.600 5/23/2012 AUD 2.571
Lehman Brothers Treasury 16.000 10/28/2008 USD 2.571
Lehman Brothers Treasury 5.250 11/21/2009 USD 2.571
Lehman Brothers Treasury 3.000 6/3/2010 EUR 2.571
Lehman Brothers Treasury 2.000 6/28/2011 EUR 2.571
Lehman Brothers Treasury 5.000 11/22/2012 EUR 2.571
Lehman Brothers Treasury 5.550 3/12/2015 EUR 2.571
Lehman Brothers Treasury 12.000 7/4/2011 EUR 2.571
KPNQwest NV 7.125 6/1/2009 EUR 0.634
Lehman Brothers Treasury 13.500 6/2/2009 USD 2.571
Lehman Brothers Treasury 23.300 9/16/2008 USD 2.571
Lehman Brothers Treasury 17.000 6/2/2009 USD 2.571
Societe Generale SA 0.500 4/4/2024 MXN 73.312
Lehman Brothers Treasury 16.000 10/8/2008 CHF 2.571
Cooperatieve Rabobank UA 0.500 8/21/2028 MXN 52.385
Lehman Brothers Treasury 4.050 9/16/2008 EUR 2.571
Lehman Brothers Treasury 4.600 10/11/2017 ILS 3.750
Lehman Brothers Treasury 4.800 11/16/2012 HKD 2.571
Lehman Brothers Treasury 0.010 9/20/2011 USD 2.571
Lehman Brothers Treasury 1.600 6/21/2010 JPY 2.571
Lehman Brothers Treasury 4.200 12/3/2008 HKD 3.400
Lehman Brothers Treasury 5.200 3/19/2018 EUR 2.571
Lehman Brothers Treasury 14.900 9/15/2008 EUR 2.571
Lehman Brothers Treasury 3.500 10/31/2011 USD 2.571
Lehman Brothers Treasury 3.500 10/24/2011 USD 2.571
Lehman Brothers Treasury 3.000 9/13/2010 JPY 3.750
Lehman Brothers Treasury 5.000 4/24/2017 EUR 2.571
Mriya Agro Holding PLC 10.950 3/30/2016 USD 7.701
Lehman Brothers Treasury 3.350 10/13/2016 EUR 2.571
Lehman Brothers Treasury 9.250 6/20/2012 USD 2.571
Lehman Brothers Treasury 8.000 10/23/2008 USD 2.571
UniCredit Bank AG 9.100 1/3/2020 EUR 66.660
UniCredit Bank AG 10.700 1/3/2020 EUR 56.610
UniCredit Bank AG 7.500 1/3/2020 EUR 50.010
UniCredit Bank AG 5.500 1/3/2020 EUR 65.770
UniCredit Bank AG 12.600 1/3/2020 EUR 69.070
UniCredit Bank AG 12.200 1/3/2020 EUR 73.280
Vontobel Financial Produc 19.500 6/26/2020 EUR 73.280
Raiffeisen Centrobank AG 6.728 12/27/2019 EUR 60.700
Deutsche Bank AG 6.200 12/24/2019 EUR 47.010
Raiffeisen Centrobank AG 7.468 12/27/2019 EUR 56.060
Vontobel Financial Produc 3.700 12/20/2019 EUR 62.080
Raiffeisen Centrobank AG 6.850 12/27/2019 EUR 56.650
Vontobel Financial Produc 16.000 6/12/2020 EUR 62.840
DZ Bank AG Deutsche Zentr 12.600 12/23/2019 EUR 71.890
Vontobel Financial Produc 4.500 3/13/2020 EUR 54.790
DZ Bank AG Deutsche Zentr 6.700 12/23/2019 EUR 73.330
DZ Bank AG Deutsche Zentr 9.000 12/23/2019 EUR 68.650
Vontobel Financial Produc 4.500 3/27/2020 EUR 54.940
DZ Bank AG Deutsche Zentr 7.700 12/23/2019 EUR 74.220
Vontobel Financial Produc 19.000 6/26/2020 EUR 67.960
Vontobel Financial Produc 7.000 6/26/2020 EUR 58.420
UniCredit Bank AG 12.900 1/3/2020 EUR 58.520
UniCredit Bank AG 9.600 1/3/2020 EUR 57.490
Raiffeisen Centrobank AG 7.606 12/27/2019 EUR 73.100
Raiffeisen Centrobank AG 5.806 6/23/2020 EUR 72.870
UniCredit Bank AG 13.000 1/3/2020 EUR 72.870
UniCredit Bank AG 6.100 1/3/2020 EUR 54.600
Raiffeisen Centrobank AG 8.687 12/27/2019 EUR 59.210
DZ Bank AG Deutsche Zentr 6.250 12/23/2019 EUR 59.720
DZ Bank AG Deutsche Zentr 4.800 12/23/2019 EUR 68.800
DZ Bank AG Deutsche Zentr 6.000 12/23/2019 EUR 68.820
DZ Bank AG Deutsche Zentr 8.000 12/23/2019 EUR 43.780
DZ Bank AG Deutsche Zentr 4.700 12/23/2019 EUR 54.370
DZ Bank AG Deutsche Zentr 5.900 12/23/2019 EUR 74.020
DZ Bank AG Deutsche Zentr 4.750 12/23/2019 EUR 65.430
DZ Bank AG Deutsche Zentr 6.250 12/23/2019 EUR 65.450
DZ Bank AG Deutsche Zentr 7.500 12/23/2019 EUR 65.470
Raiffeisen Centrobank AG 7.000 10/9/2020 EUR 67.380
DZ Bank AG Deutsche Zentr 5.000 12/23/2019 EUR 70.880
DZ Bank AG Deutsche Zentr 6.500 12/23/2019 EUR 68.440
DZ Bank AG Deutsche Zentr 8.250 12/23/2019 EUR 62.440
DZ Bank AG Deutsche Zentr 4.750 12/23/2019 EUR 73.810
DZ Bank AG Deutsche Zentr 7.500 12/23/2019 EUR 70.920
DZ Bank AG Deutsche Zentr 7.500 12/23/2019 EUR 54.620
Lehman Brothers Treasury 4.350 8/8/2016 SGD 3.750
Lehman Brothers Treasury 6.650 8/24/2011 AUD 3.400
Lehman Brothers Treasury 6.000 2/14/2012 EUR 2.571
Lehman Brothers Treasury 6.600 2/22/2012 EUR 2.571
Lehman Brothers Treasury 0.250 10/19/2012 CHF 2.571
Lehman Brothers Treasury 15.000 3/30/2011 EUR 2.571
Lehman Brothers Treasury 1.680 3/5/2015 EUR 2.571
Lehman Brothers Treasury 7.000 2/15/2012 EUR 2.571
Lehman Brothers Treasury 6.750 4/5/2012 EUR 2.571
UniCredit Bank AG 12.700 1/3/2020 EUR 73.450
UniCredit Bank AG 4.300 1/3/2020 EUR 54.400
UniCredit Bank AG 5.200 1/3/2020 EUR 63.330
UniCredit Bank AG 14.600 1/3/2020 EUR 67.550
UniCredit Bank AG 4.200 1/3/2020 EUR 61.280
UniCredit Bank AG 13.800 1/3/2020 EUR 43.520
Raiffeisen Centrobank AG 3.383 12/27/2019 EUR 54.540
Raiffeisen Centrobank AG 7.895 12/27/2019 EUR 71.190
Raiffeisen Centrobank AG 8.571 12/27/2019 EUR 72.680
Vontobel Financial Produc 6.500 6/26/2020 EUR 61.160
UniCredit Bank AG 12.100 1/3/2020 EUR 72.100
UniCredit Bank AG 9.600 1/3/2020 EUR 50.070
UniCredit Bank AG 12.600 1/3/2020 EUR 71.960
UniCredit Bank AG 4.200 1/3/2020 EUR 59.430
UniCredit Bank AG 14.200 1/3/2020 EUR 62.290
UniCredit Bank AG 3.300 1/3/2020 EUR 74.180
UniCredit Bank AG 3.700 1/3/2020 EUR 68.030
UniCredit Bank AG 10.000 1/3/2020 EUR 72.860
UniCredit Bank AG 11.300 1/3/2020 EUR 49.150
UniCredit Bank AG 5.700 1/3/2020 EUR 59.180
UniCredit Bank AG 14.300 1/3/2020 EUR 58.310
Raiffeisen Centrobank AG 10.210 12/27/2019 EUR 63.720
Vontobel Financial Produc 18.000 6/26/2020 EUR 70.710
Raiffeisen Centrobank AG 8.852 12/27/2019 EUR 56.540
Vontobel Financial Produc 3.700 12/20/2019 EUR 62.080
UniCredit Bank AG 11.200 1/3/2020 EUR 53.090
UniCredit Bank AG 5.700 1/3/2020 EUR 69.230
DZ Bank AG Deutsche Zentr 7.000 12/23/2019 EUR 58.520
DZ Bank AG Deutsche Zentr 7.500 12/23/2019 EUR 68.450
DZ Bank AG Deutsche Zentr 6.250 12/23/2019 EUR 71.770
DZ Bank AG Deutsche Zentr 4.900 12/23/2019 EUR 68.910
DZ Bank AG Deutsche Zentr 5.900 12/23/2019 EUR 66.620
DZ Bank AG Deutsche Zentr 6.250 12/23/2019 EUR 54.600
DZ Bank AG Deutsche Zentr 8.500 12/23/2019 EUR 57.970
DZ Bank AG Deutsche Zentr 4.750 12/23/2019 EUR 73.810
DZ Bank AG Deutsche Zentr 4.750 12/23/2019 EUR 57.850
DZ Bank AG Deutsche Zentr 6.500 12/23/2019 EUR 67.290
DZ Bank AG Deutsche Zentr 7.300 12/23/2019 EUR 65.110
Vontobel Financial Produc 4.000 12/20/2019 EUR 31.360
Vontobel Financial Produc 9.000 9/25/2020 EUR 67.560
Vontobel Financial Produc 9.500 6/26/2020 EUR 66.060
DZ Bank AG Deutsche Zentr 13.600 12/23/2019 EUR 70.480
Vontobel Financial Produc 6.500 3/27/2020 EUR 55.520
Vontobel Financial Produc 5.000 1/3/2020 EUR 54.290
Vontobel Financial Produc 6.000 3/27/2020 EUR 58.210
Lehman Brothers Treasury 7.585 11/22/2009 MXN 3.750
Lehman Brothers Treasury 11.000 12/19/2011 USD 2.571
ECM Real Estate Investmen 5.000 10/9/2011 EUR 15.375
Lehman Brothers Treasury 8.280 3/26/2009 USD 2.571
Lehman Brothers Treasury 6.850 12/22/2008 EUR 2.571
Lehman Brothers Treasury 7.600 3/26/2009 EUR 2.571
Lehman Brothers Treasury 7.550 12/29/2008 USD 2.571
Deutsche Bank AG/London 0.500 4/5/2038 MXN 22.447
Lehman Brothers Treasury 1.500 10/25/2011 EUR 2.571
Lehman Brothers Treasury 4.000 11/24/2016 EUR 2.571
Lehman Brothers Treasury 2.500 12/15/2011 GBP 2.571
Lehman Brothers Treasury 7.500 9/13/2009 CHF 2.571
Otkritie Holding JSC 12.090 12/8/2027 RUB 0.010
Lehman Brothers Treasury 6.000 10/24/2008 EUR 2.571
Lehman Brothers Treasury 2.000 10/28/2010 EUR 2.571
Lehman Brothers Treasury 4.000 4/13/2011 CHF 2.571
Lehman Brothers Treasury 7.000 4/14/2009 EUR 2.571
Lehman Brothers Treasury 5.000 10/24/2008 CHF 2.571
Lehman Brothers Treasury 7.750 1/30/2009 EUR 2.571
Lehman Brothers Treasury 1.280 11/6/2010 JPY 3.750
Lehman Brothers Treasury 4.000 12/2/2012 EUR 2.571
Lehman Brothers Treasury 4.500 8/2/2009 USD 2.571
Lehman Brothers Treasury 10.500 8/9/2010 EUR 2.571
Lehman Brothers Treasury 4.500 3/6/2013 CHF 2.571
Lehman Brothers Treasury 7.375 9/20/2008 EUR 2.571
Lehman Brothers Treasury 3.860 9/21/2011 SGD 3.750
Lehman Brothers Treasury 9.000 6/13/2009 USD 2.571
Lehman Brothers Treasury 5.500 6/15/2009 CHF 2.571
Lehman Brothers Treasury 8.000 8/3/2009 USD 2.571
Lehman Brothers Treasury 5.750 6/15/2009 CHF 2.571
Lehman Brothers Treasury 7.500 10/24/2008 USD 2.571
Lehman Brothers Treasury 8.500 7/6/2009 CHF 2.571
Lehman Brothers Treasury 7.250 10/6/2008 EUR 2.571
Otkritie Holding JSC 12.140 10/3/2036 RUB 0.010
Lehman Brothers Treasury 10.000 3/27/2009 USD 2.571
Lehman Brothers Treasury 0.250 7/21/2014 EUR 2.571
Bulgaria Steel Finance BV 12.000 5/4/2013 EUR 0.216
Lehman Brothers Treasury 6.000 5/23/2018 CZK 2.571
Lehman Brothers Treasury 2.250 5/12/2009 USD 2.571
Lehman Brothers Treasury 10.000 1/3/2012 BRL 2.571
Lehman Brothers Treasury 4.000 5/17/2010 USD 2.571
Lehman Brothers Treasury 5.000 5/2/2022 EUR 2.571
Lehman Brothers Treasury 0.800 12/30/2016 EUR 2.571
Nutritek International Co 8.750 12/11/2008 USD 2.089
Lehman Brothers Treasury 4.000 5/30/2010 USD 2.571
Lehman Brothers Treasury 2.480 5/12/2009 USD 2.571
Lehman Brothers Treasury 2.500 8/23/2012 GBP 2.571
Lehman Brothers Treasury 4.100 6/10/2014 SGD 3.750
Lehman Brothers Treasury 13.000 7/25/2012 EUR 2.571
Lehman Brothers Treasury 1.750 2/7/2010 EUR 2.571
Lehman Brothers Treasury 7.000 10/22/2010 EUR 2.571
Lehman Brothers Treasury 1.500 10/12/2010 EUR 2.571
UniCredit Bank AG 13.600 1/3/2020 EUR 38.770
UniCredit Bank AG 8.900 1/3/2020 EUR 56.810
UniCredit Bank AG 10.300 1/3/2020 EUR 74.120
UniCredit Bank AG 4.300 1/3/2020 EUR 66.170
UniCredit Bank AG 10.000 1/3/2020 EUR 66.360
Vontobel Financial Produc 7.500 9/25/2020 EUR 63.190
UniCredit Bank AG 5.600 1/3/2020 EUR 62.320
UniCredit Bank AG 11.600 1/3/2020 EUR 74.410
Raiffeisen Centrobank AG 12.334 12/27/2019 EUR 64.390
Deutsche Bank AG 3.200 12/24/2019 EUR 65.670
Raiffeisen Centrobank AG 6.438 12/27/2019 EUR 53.980
Vontobel Financial Produc 7.500 6/12/2020 EUR 61.430
UniCredit Bank AG 14.700 1/3/2020 EUR 70.730
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2019. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
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or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
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