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

                          E U R O P E

          Monday, March 22, 2021, Vol. 22, No. 52

                           Headlines



F R A N C E

ALMAVIVA: Fitch Assigns First-Time 'B(EXP)' LT IDR
FAURECIA SE: S&P Rates New EUR400MM Sr. Unsec. Green Notes 'BB'
PAPREC GROUP: S&P Alters Outlook to Positive, Affirms 'B' ICR
STELLAGROUP: S&P Alters Outlook to Stable, Affirms 'B' LT ICR


G E R M A N Y

GREENSILL BANK: Italy Guaranteed EUR86MM Loan to Gupta Firm
KIRK BEAUTY: Moody's Assigns B3 CFR Following Refinancing
WIRECARD AG: EY Denies Suggesting Termination of Asian Ops Audit


I R E L A N D

CONTEGO CLO VI: Fitch Assigns B-(EXP) Rating to Class F-R Notes
CVC CORDATUS XI: Fitch Assigns Final B- Rating on Class F Notes
DARTRY PARK: Moody's Assigns B3(sf) Rating to EUR12M Class E Notes
FINANCE IRELAND 1: Moody's Affirms B3 (sf) Rating on Class E Notes
LAST MILE 2021: Fitch Assigns B(EXP) Rating on Class F Debt

MAN GLG EURO III: Moody's Affirms B3 (sf) Rating on Class F Notes
MAN GLG EURO V: Moody's Affirms B2 Rating on EUR12M Class F Notes


I T A L Y

GAMMA BIDCO: S&P Alters Outlook to Stable, Affirms 'B' ICR


K A Z A K H S T A N

AGRARIAN CREDIT: Moody's Affirms Ba1 CFR, Alters Outlook to Pos.


N E T H E R L A N D S

KETER GROUP: Moody's Upgrades CFR to B3 on Earnings Growth
REPSOL INT'L: Moody's Gives Ba1 Rating to New EUR750M Hybrid Notes


R U S S I A

ALJBA ALLIANCE: Bank of Russia Cancels Banking License
CB EURO-ASIAN: Bank of Russia Terminates Provisional Administration
NATIONAL FACTORING: Fitch Affirms 'B+' LT IDR, Outlook Now Stable


S E R B I A

[*] Moody's Upgrades Ratings on 3 Serbian Cities


S P A I N

BBVA CONSUMO 11: Moody's Gives B1 Rating to EUR150M Series B Notes
VIA CELERE: S&P Assigns Prelim. B Long-Term Rating, Outlook Stable


S W E D E N

ROAR BIDCO: Fitch Assigns First-Time 'B(EXP)' LongTerm IDR


U N I T E D   K I N G D O M

ADVANZ PHARMA: S&P Gives B- ICR to Holding Co., Outlook Pos.
GREENSILL CAPITAL: 34 Creditors Submit A$1.75BB in Claims
SGS FINANCE: S&P Lowers Series 1, 2, 3 Notes Rating to 'CCC- (sf)'
TRINITY SQUARE 2021-1: S&P Assigns Prelim 'BB-' Rating on X Notes
TRITON UK: S&P Alters Outlook to Stable, Affirms 'B-' ICR

[*] UK: 200 Pubs Closed in Scotland Since Start of Pandemic


X X X X X X X X

[] BOND PRICING: For the Week March 15 to March 19, 2021

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F R A N C E
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ALMAVIVA: Fitch Assigns First-Time 'B(EXP)' LT IDR
--------------------------------------------------
Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating (IDR) of 'B(EXP)' to Almaviva Developpement (Almaviva). The
Outlook is Stable. Fitch has also assigned a senior secured debt
rating of 'B+(EXP)'/RR3/59% to the planned seven-year term loan B
(TLB) to be issued by Almaviva.

The assignment of final ratings will be subject to final
transaction terms being materially in line with the current draft
terms.

Almaviva's 'B(EXP)' IDR reflects its regionally focused mid-sized
operations and elevated leverage profile, with funds from
operations (FFO) adjusted leverage projected to remain at around
7.0x. This is counterbalanced by a supportive regulatory framework
with high barriers to entry, reflected in solid profitability for
the rating. The Stable Outlook is based on Fitch's expectations
that Almaviva will maintain its leading local market positions,
translating into steady operating performance mitigating high
financial leverage.

Almaviva directly owns the hospital operator Almaviva Sante, while
its real estate is owned and managed by Almaviva Patrimoine (the
PropCo). Almaviva and the PropCo are sister companies directly
owned by the acquisition vehicle, Almaviva Capital.

KEY RATING DRIVERS

Well-Positioned Regional Player: Almaviva's 'B(EXP)' IDR reflects
its mid-sized operations, well-positioned in demographically and
economically attractive regions of France, albeit smaller
nationwide. It benefits from high barriers to entry due to the
regulated sector and high levels of technical and investment
expertise.

Almaviva's focused regional approach, dense hospital network,
integrated service offering and extended end-to-end patient
hospital pathway ensure efficient attraction of patients and
recruitment of medical practitioners. These factors also help
realise scale-driven efficiencies and build stronger relationships
with local health authorities.

Supportive Regulation: Almaviva benefits from the supportive and
stable regulatory environment in France, with private providers
critical for meeting national hospital demand and service quality.
The French government is committed to adequate sector funding,
including the availability of additional funding also to the
private sector, and positive tariff outlook based on multi-year
agreement effective through 2022 with growing importance of
quality-based KPIs. This increases business visibility and benefits
market constituents with best-in-class service, particularly the
private operators.

Stable Local Market Position: Almaviva is exposed to open local
competition with private and public sector constituents, with less
emphasis on the commercial aspects of a hospital stay for patients
and more weight on quality of care and necessitating specialty
centres supported by best-in-class medical practitioners and
investments in technical equipment and hospital facilities.
Almaviva's local market position has been stable since 2016,
indicating its ability to maintain a competitive edge, although
market share changes are also partly attributable to recent sector
consolidation by private hospital groups.

Limited Scope for Profitability Improvement: Fitch views Almaviva's
EBITDA margins of 13%-14% as high for the sector, particularly
compared with private French operators or larger European private
hospital chains such as Fresenius' hospital group Helios in Germany
and Quironsalud in Spain. Given personnel-intensive operations and
a high share of outsourced/externally acquired products and
services tied to business volumes, Fitch sees limited headroom for
further structural profitability improvements.

Fitch views effective cost management without compromising service
standards, as an essential competitive differentiation and as
critical as a stable regulatory framework. Fitch forecasts EBITDA
margins at around 14% until 2024, assuming a recovery from around
13% in 2020 as a result of returning business volumes in
combination with implementation of internal optimisation projects.

Elevated Leverage, Slow Deleveraging: Fitch projects elevated
leverage levels with FFO adjusted leverage of 7.3x in FY21 (ending
December) and remaining slightly below 7.0x in the following years
on the back of steady FFO and manageable expected capex. Fitch
regards this indebtedness profile as high for the rating. However,
the high financial risk is mitigated by Almaviva's defensive
operating risk profile.

FCF to Improve: FCF generation has largely been negative, disrupted
by various acquisition-related charges, Covid-19 related cash
movements and bouts of capital intensity for equipment, services
roll-out or real estate development, Fitch projects FCF to
stabilise from 2022 at about 4% of sales, or EUR20 million-EUR30
million per year. The prospect of sustained moderate but positive
FCF generation supports the 'B(EXP)' IDR. Persistently negative FCF
would signal higher operating risks and could put the ratings under
pressure.

Latent M&A Risk: The French private hospitals market continues to
offer attractive acquisition opportunities, although the pace of
acquisitions could slow as the bulk of small and midsized
acquisitions in the regions targeted by leading group is now
complete and over 60% of French private hospital capacity is
concentrated by four leading groups. Fitch would consider any
acquisitions as event risk and have not included them in the rating
case. However, Fitch considers smaller scale clinics additions in
Almaviva's core regions or adjacent regions conceivable.

Bolt-on M&A could be supported by internally-generated FCF and a
committed revolving credit facility (RCF). EUR78 million will be
up-streamed outside of the restricted group and could be used for
larger-scale M&A.

Attractive Market Fundamentals: Fitch notes positive macro-trends
for long-term healthcare demand driven by social demographics, with
an increasing share of care-dependent people, growth of chronic
diseases, and the regulator's focus on availability of specialised
quality healthcare, in which private service providers play an
essential role. As one of the larger private hospital groups in
France Almaviva is well placed to continue capitalising on these
market trends. However, Fitch remains cautious about rising
healthcare costs for the national budget and the need to manage
budgetary pressures by the regulator in the medium to longer term.

DERIVATION SUMMARY

Fitch rates Almaviva in the framework of the ratings navigator for
healthcare providers. The sector peers tend to cluster in 'B'/'BB'
range, driven by the traits of their respective regulatory
frameworks influencing the quality of funding and government
healthcare policies, as well companies' operating profiles
including scale, degree of service and geographic diversification,
and patient and payor mix. Many sector constituents pursue dynamic
debt-funded M&A strategies given the importance of scale and
limited room for organic return maximisation.

In this context, Almaviva's 'B(EXP)' IDR reflects its mid-sized
regional-level operations with lower business scale and narrow
geographic diversification against much larger Fitch-rated US based
hospital operators such as HCA Healthcare (BB/Stable), Tenet
Healthcare (B/Stable) and Community Health Systems (CHS, CCC). The
quality of US regulation with complex, politicised and
unpredictable environment, varying patient/payor mix and
Medicare/Medicaid payment policies for individual service lines
weigh strongly on their ratings.

Compared with the European peers, Fitch also considers the French
regulatory regime as more beneficial for private hospital operators
given the freedom-of-choice principle, mitigating Almaviva's narrow
geographic focus. The Finnish provider of healthcare and social
services, Mehilainen Yhtyma Oy (B/Stable), is exposed to higher
restrictions, particularly based on the currently debated
healthcare reform, which would limit the participation of private
healthcare operators in in the public pay market.

All 'B' healthcare service providers show weak to elevated credit
metrics expressed in highly levered balance sheets following a
history of debt-funded acquisitions with FFO adjusted leverage
between 7.0x-8.0x and tight FFO fixed charge cover ranging between
1.5x-2.0x, whereas non-performing CHS shows unsustainable capital
structure with over 10.0x FFO adjusted leverage and around 1.0x FFO
fixed charge cover, explaining its 'CCC' rating.

Given the proximity of the hospital services to lab testing service
companies, which Fitch also regards as social infrastructure
assets, and which are subject to a similar triennial tariff
agreement in France, Fitch has compared Almaviva's 'B(EXP)' rating
with Synlab Bondco plc (B+/Stable), Laboratoire Eimer Selas
(Biogroup, B/Stable) and Inovie (B(EXP)/Stable). All three lab
testing companies tolerate higher leverage in the region of 8.0x
for 'B' rated Biogroup and Inovie, and 6.5x for Synlab given their
stronger operating and cash flow margins, non-cyclical revenue
pattern with high degree of visibility due to sector regulation
-for Synlab also reflecting its large business scale and wide
geographic footprint.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Organic sales growth of 6.3% in 2021 and 2.2% in 2022
    resulting from the catch-up effect of postponed non-urgent
    procedures, and 1.2%-1.0% subsequently;

-- 2021 sales reflecting the Maymard acquisition and 2022 and
    2023 sales growth reflecting the transfer of CIPM, Turin and
    Les Charmilles operating assets to Almaviva from PropCo;

-- EBITDA margin to gradually improve to 14% by 2024 primarily as
    a result of economies of scale, the higher utilisation of
    full-time employees and realised synergies;

-- Capex elevated at 8.3% of sales in 2021 and 4.0-5.0%
    afterwards;

-- No material M&A beyond the Maymard acquisition in 2021;

-- A one-off cash upstream outside the restricted group, which
    may be used for Almaviva and/or the PropCo. Fitch projects no
    dividends.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Almaviva would be
    reorganised as a going-concern in bankruptcy rather than
    liquidated given the company's main asset embedded in its
    brand and established position as one of the leading private
    hospital operators.

-- Fitch has assumed a 10% administrative claim.

-- Fitch estimates Almaviva's going concern (GC) EBITDA
    assumption at around EUR45 million, which includes pro forma
    adjustments for cash flows added via acquisition and expected
    asset transfers between Almaviva and the PropCo between now
    and 2023. The GC EBITDA is based on a stressed scenario
    reflecting adverse regulatory changes, the company's inability
    to manage costs or retain medical practitioners leading to
    deteriorating quality of care.

An EV / EBITDA multiple of 6.0x is applied to the GC EBITDA to
calculate a post-reorganisation enterprise value. The choice of
this multiple considered the following factors:

-- M&A precedent transactions for peers ranged from 10x-15x, with
    recent activity at the upper end;

-- This distressed multiple is in line with European sector peers

-- The multiple would be lower than Mehilainen Yhtyma Oy's 6.5x,
    given the latter's national leadership position in Finland
    with increasing diversification abroad, broader
    diversification across healthcare and social care service
    lines and larger scale, whereas its regulatory regime could be
    perceived as being less supportive for private sector
    operators in Finland.

-- After deducting 10% for administrative claims, Fitch's
    waterfall analysis generates an expected ranked recovery for
    the senior secured TLB in the 'RR3' category, leading to a
    'B+' instrument rating, which includes the pari passu ranking
    RCF of EUR80 million that Fitch assumes will be fully drawn
    prior to distress; the senior secured TLB and RCF rank after
    the structurally super senior Almaviva bank loans of about
    EUR27 million. Fitch also assumes the financial leases of
    EUR44 million at Almaviva level will remain available during
    and post- distress and will not crystalise as a debt
    obligation in the creditor mass;

-- The above results in a waterfall generated recovery
    computation (WGRC) output percentage of 59% based on current
    metrics and assumptions.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Successful implementation of Almaviva's business plan,
    including effective cost management, leading to sustained
    EBITDA margin growth and positive FCF (after capex);

-- A more conservative financial policy reflected in FFO adjusted
    leverage trending below 5.5x on a sustained basis;

-- FFO fixed charge cover above 2.0x.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Adverse regulatory changes or challenges in the strategy
    implementation with EBITDA margins declining to below 13%;

-- FCF mostly break-even to negative;

-- FFO adjusted leverage above 7.5x on a sustained basis;

-- Diminishing financial flexibility reflected in FFO fixed
    charge cover weakening below 1.5x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Fitch regards Almaviva's liquidity as
satisfactory. After projected negative FCF in 2021 due to the
refinancing and pandemic- related cash outflows, Fitch forecasts
the company will generate around EUR20 million of FCF from 2022 and
be able to self-fund its medium-term capex plan through 2024. In
Fitch's liquidity analysis, Fitch has excluded EUR20 million from
cash, which Fitch deems to be restricted for daily operations and
therefore not available for debt service. Fitch projects the
committed RCF of EUR80 million will remain undrawn in the next four
years.

The debt structure is concentrated. However, the planned
refinancing will extend the RCF/TLB maturities to 2027and 2028
respectively.

ESG CONSIDERATIONS

Exposure to Social Impacts: '4'

Almaviva operates in a healthcare market, which is subject to
sector regulation, as well as budgetary and pricing policies
adopted by the French government. Rising healthcare costs expose
private hospital operators to high risks of adverse regulatory
changes, which could constrain the companies' ability to maintain
operating profitability and cash flows. Fitch captures this risk in
the ESG Relevance Score of '4' for Exposure to Social Impact. This
may have a negative impact on Almaviva's credit profile and is
relevant to the rating in conjunction with other factors.

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 the way in which they are being
managed by the entity.

FAURECIA SE: S&P Rates New EUR400MM Sr. Unsec. Green Notes 'BB'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating and '3' recovery
rating to Faurecia SE's (BB/Positive/--) proposed EUR400 million
senior unsecured green notes due 2029. The '3' recovery rating
indicates S&P's expectation of meaningful recovery (50%-70%;
rounded estimate: 50%) in the event of a payment default. The
proposed green notes will rank pari passu with Faurecia's existing
unsecured debt.

Auto parts manufacturer Faurecia will use the proceeds to finance
or refinance eligible green projects. S&P expects that the proposed
transaction will be almost neutral for the company's credit metrics
because we assume that Faurecia's investments will not materially
change from our current expectations.

S&P said, "Our 'BB' long-term issuer credit rating on Faurecia
reflects our belief that the company will maintain leading market
positions in its three largest divisions (seating systems,
interiors, and clean mobility) and strict cost discipline. With a
gradual recovery of global auto production volumes expected in 2021
and 2022, we anticipate that Faurecia's operating performance will
gradually improve from the low level reported in 2020. For
instance, we forecast that in 2021 Faurecia's funds from operations
(FFO) to debt will increase to 22%-23% from 7.9% in 2020, and that
its free operating cash flow (FOCF) to debt will rise to 10%-11%
from zero. Our positive outlook on Faurecia indicates that we could
raise our rating in the next 12-18 months if the company
successfully delivers on its growth and operating margin targets
such that, by 2022, it reaches and sustains FFO to debt well above
20% and FOCF to debt comfortably over 10%." An upgrade would also
hinge on the company maintaining a prudent financial policy,
balancing shareholder returns and acquisitions with debt
reduction.

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P's issue and recovery ratings on Faurecia's senior unsecured
notes and EUR1.2 billion revolving credit facility are 'BB' and '3'
respectively. Indicative recovery prospects are mainly constrained
by factoring liabilities of about EUR1 billion (excluding
prepetition interest) and debt at operating companies, which it
considers priority liabilities in our payment waterfall. The
recovery rating of '3' on this debt reflects its expectation of
meaningful recovery prospects (50%-70%, rounded estimate: 50%) in
the event of a default.

-- In S&P's hypothetical default scenario for Faurecia, it assumes
a cyclical downturn in the industry, combined with intensified
competition, would hamper production volumes and prices, causing
the company's operating performance, EBITDA, and cash flow to
decline sharply.

-- S&P values Faurecia as a going concern, given its global
industrial footprint and long-standing relationships with auto
original equipment manufacturers.

Simulated default assumptions

-- Jurisdiction: France
-- Simulated year of default: 2026
-- EBITDA at emergence: EUR944 million
-- EBITDA multiple: 5x
-- Revolving credit facility assumed 85% drawn at default.

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): EUR4.5
billion

-- Priority claims: EUR1.6 billion*

-- Total value available to unsecured claims: EUR2.9 billion

-- Senior unsecured debt claims: EUR5.8 billion*

    --Recovery expectations: 50%-70% (rounded estimate: 50%)

*All debt amounts include six months of prepetition interest.


PAPREC GROUP: S&P Alters Outlook to Positive, Affirms 'B' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on French waste recycler
Paprec Group to positive from stable, and affirmed the 'B'
long-term issuer credit rating.

S&P said, "We are affirming the 'B' issue rating on Paprec's EUR575
million 4.0% senior secured notes and EUR225 million floating-rate
notes due in 2025. The '4' recovery rating is unchanged, reflecting
our expectation of 45% recovery in the case of a payment default.

"The outlook is positive because we forecast organic growth of
10%-11% for Paprec over the next 12 months and S&P Global
Ratings-adjusted EBITDA margins of around 16.5%-17.5%, which will
result in debt to EBITDA below 5.5x, and funds from operations
(FFO) to debt reaching about 14.5%-15.5%.

"Paprec's 2020 results will be significantly stronger than our
previous expectations.   Compared with our previous base case from
April 2020, we now expect that the adjusted EBITDA margin will
expand to 17.5% (versus a contraction to 14.0% that we had
forecast) from 15.4% in 2019. This is due to a stronger underlying
performance in Paprec's waste services division, for which volumes
collected quickly recovered following the end of the first lockdown
in France in May.

Paprec will report increased EBITDA in 2020, thanks to savings
realized when activity was reduced, mainly on third-party
landfilling, interim and energy costs, but also thanks to the
French government's unemployment support scheme.   The company was
also able to partially compensate lower volumes with higher fees.
Furthermore, Paprec was able to operate with higher volumes during
the second half of the year because the COVID-19 containment
measures barely affected the business and its continued
streamlining its cost structure, resulting in better profitability.
Lastly, the sales of the recycled raw materials division showed
resilience as indexation clauses fully worked and helped Paprec
offset up to 80% of lower selling prices.

S&&P said, "We expect our debt estimate for 2020 will be slightly
lower than we anticipated.  The company should repay its EUR200
million RCF in full following tight working capital management and
the issuance of a EUR144 million loan 80% guaranteed by the French
state (a PGE loan). Combined with higher EBITDA, Paprec should
report lower adjusted leverage in 2020, at 5.5x, versus 6.2x in our
previous forecast and 5.9x in 2019.

"We expect a stronger underlying performance in 2021, driven by
economic recovery and favorable regulation.   We forecast Paprec's
sales will increase organically by 10%-11% in 2021 and S&P Global
Ratings-adjusted EBITDA margins will stabilize at around
17.0%-17.5%. The waste services division should benefit from
stronger volumes in 2021, given the economic recovery we forecast
in France and numerous new contracts signed by the company in 2020.
The larger scale will have a positive effect on profitability.
Furthermore, we forecast Paprec will continue to charge a higher
fee to its clients for the collection, sorting, and recycling of
waste as the French regulatory landscape significantly evolves.
Recently the French government decided to significantly raise the
General Tax On Polluting Activities, which is charged to operators
when they use landfills. Consequently, operators will have to pass
on this higher tax to the client, but also increase their
proportion of recycling, which will result in higher costs. With
its strong capabilities across the entire waste services value
chain, dense network of facilities across France, and historically
strong relationships with its clients, we see Paprec as well placed
to benefit from this regulatory trend. In addition, we forecast the
sales of the recycled raw materials division will strongly rebound
in 2021, driven by generally higher raw material prices,
particularly for cardboard."

Rating headroom is tight, but supported by rapid deleveraging and
strong cash flow generation.   S&P said, "As a result of our
operating performance expectations for 2021, we forecast S&P Global
Ratings-adjusted leverage will reach about 4.8x-5.3x in 2021. We
also predict comfortably positive free operating cash flow (FOCF)
generation after capital expenditure (capex) funded by finance
leases of EUR40 million-EUR45 million and driven by the strong
operating performance, as well as slightly positive working capital
inflow thanks to strict management of receivables and payables.
Despite the increase in finance leases, the full reimbursement of
the RCF and the onboarding of the low-interest-rate PGE loan should
result in relatively stable interest costs. We consequently expect
strong FFO generation in 2021 of EUR210 million-EUR220 million
resulting in an FFO-to-debt ratio of 14.5%-15.5%."

The positive outlook signals the strengthening of credit metrics
toward the aggressive financial risk profile category.   However,
if Paprec were to engage into significant debt-funded acquisitions
in the context of the uncertain acquisition of Suez by Veolia, it
could threaten the improvements S&P expects. Given the limitations
of the PGE loan documentation, which caps acquisitions at EUR50
million per year in terms of enterprise value, any significant one
would require an entire new capital structure.

Environmental considerations are key to the sustainability of the
company's business.  Environmental and social factors are highly
relevant to our credit analysis of Paprec, since the company
provides environmental services such as the collection, sorting,
and processing of waste products. Paprec's operations are subject
to increasingly stringent regulation governing the treatment and
disposal of waste materials, air emissions, and soil contamination.
Paprec operates over 100 waste sorting and processing sites, as
well as landfill sites, subject to regulatory authorizations. The
company could incur significant costs to comply with these
regulations and maintain its licenses to operate. Furthermore,
environmental concerns regarding plastic waste will mean a gradual
move away from plastic, one of Paprec's key segments, representing
about 5% of volumes recycled. In addition, environmentally aware
consumers are increasingly promoting zero-waste behaviors. This
could reduce waste volumes and affect Paprec's performance.
However, in S&P's view, those changes will be gradual, leaving the
company sufficient time to adapt.

S&P said, "We consider Paprec's governance to be neutral to our
analysis.   The company is a family-owned business and we do not
see any deficiencies in its governance or management. We assess
management and governance as fair.

"The positive outlook reflects our expectation that Paprec will
decrease adjusted leverage toward 5x in the coming 12 months and
the FFO to debt will improve to 14.5%-15.5%. We anticipate that the
waste services business will grow strongly following economic
growth and positive regulatory developments and that prices of
recyclable materials will increase, all in all boosting EBITDA
margins to 17.0%-17.5%.

"We could raise the rating if Paprec's credit metrics confirm their
strengthening trend, with adjusted leverage below 5.5x and FFO to
debt above 12%, both on a sustained basis. This could happen if the
operational improvement realized in 2020 in waste services
continues, as well as if raw material prices confirm their
ascending trend in 2021.

"We could revise the outlook to stable if Paprec's operating
performance is weaker than expected, resulting in leverage
remaining above 5.5x or negative FOCF generation after capex funded
by finance leases. This could happen in case of economic
contraction in France or negative developments of raw material
prices, particularly cardboard.

"We could also revise the outlook if Paprec attempted a significant
debt-funded acquisition, undertook material shareholder
distributions that significantly increased its leverage, or if its
liquidity weakened substantially."


STELLAGROUP: S&P Alters Outlook to Stable, Affirms 'B' LT ICR
-------------------------------------------------------------
S&P Global Ratings revised the outlook on Stellagroup to stable
from negative and affirmed its 'B' long-term issuer credit rating
on the company.

The stable outlook reflects S&P's view that the company will report
solid performance and sales growth, supported by ongoing strong
demand for home improvement products, while generating adjusted
leverage of about 5.6x-5.8x.

S&P said, "After resilient results in 2020, we anticipate
Stellagroup will report strong organic growth in 2021. In 2020,
Stellagroup's reported revenue increased by 3.5%, supported by its
operations in Northern Europe (mainly Germany and the Netherlands)
where the company was mildly affected by the COVID-19 pandemic.
Stellagroup experienced a shift in its product mix as people
focused on home improvements during the pandemic. As a result, the
company saw a boom in demand for awnings, pergolas, screens, and
terrace roofs, with double-digit sales increases in 2020. We expect
this trend to continue in the coming quarters. For Stellagroup's
core product, rolling shutters, sales were broadly stable in 2020
due to lockdown restrictions in France. Therefore, the company will
benefit from a positive basis effect in the first part of 2021.
Overall, we forecast organic sales growth of 6%-7% in 2021. We note
that Stellagroup is mainly exposed to the residential end market
(more than 85% of sales), which has been very resilient during the
pandemic. We also expect the company's operating margins will
remain high, with an adjusted EBITDA margin of about 20%, since it
will continue controlling costs and integrating the Northern Europe
business."

Merger and acquisition (M&A) activity will boost Stellagroup's
sales in 2021. In December 2020, Stellagroup acquired Duotherm
GmbH--a company specialized in the development, manufacturing, and
sale of roller shutters and blinds in the German market--using
on-balance-sheet cash. Duotherm will bring an additional EUR30
million in sales to Stellagroup in 2021 and we believe it will
reinforce the company's market position in Germany. S&P understands
that Stellagroup will continue its bolt-on M&A strategy in the
coming years.

S&P said, "We expect Stellagroup's normalized FOCF will exceed
EUR40 million. In 2020, Stellagroup generated record FOCF of about
EUR65 million, on the back of its robust performance, lower capital
expenditure (capex), and working capital control. We expect
slightly lower FOCF in 2021 because the company will further invest
in its production footprint (notably as part of the integration of
the Northern Europe business) and pay additional corporate income
tax it postponed in 2020.

"We forecast adjusted leverage of 5.6x-5.8x in 2021-2022, which we
consider commensurate with the 'B' rating. This is a decrease from
about 6.4x in 2020, explained by the company's solid performance,
while adjusted debt is stable. We also expect EBITDA interest
coverage of over 5x in the coming years.

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

S&P could lower the ratings if:

-- Adjusted debt to EBITDA remained above 6.5x over a prolonged
period, as a result of debt-funded acquisitions, for example;

-- The group experienced severe operational issues, leading to
much lower FOCF;

-- Liquidity pressure arose; or

-- Stellagroup and its financial sponsor follow a more aggressive
strategy with regards to higher leverage or shareholder returns.

In S&P's view, the probability of an upgrade over our 12-month
rating horizon is limited, reflecting the group's high leverage.
Private-equity ownership may increase the possibility of higher
leverage or shareholder returns. Therefore, S&P could raise the
rating if:

-- Adjusted debt to EBITDA reduced consistently to below 5x;

-- Funds from operations (FFO) to debt increased consistently to
above 12%; and

-- Stellagroup and its owners showed a commitment to lowering and
maintaining leverage metrics at these levels.




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

GREENSILL BANK: Italy Guaranteed EUR86MM Loan to Gupta Firm
-----------------------------------------------------------
Tom Bergin at Reuters reports that the Italian government
guaranteed an EUR86 million (US$102 million) loan from Greensill
Bank, part of the collapsed Greensill Capital group, to one of
steel magnate Sanjeev Gupta's firms, according to accounts filed
with the Italian corporate registry in recent weeks.

The firm, Liberty Magona SRL, secured a guarantee from SACE SpA,
Italy's state-controlled export credit agency, for the loan under
measures to help companies navigate the coronavirus crisis,
according to Liberty Magona's accounts for a period from Jan. 1,
2019 to June 30, 2020 which include information on material
post-yearend events, Reuters discloses.

Piombino-based Liberty Magona, which makes galvanized steel, said
the three-year loan was taken out in late August last year to
strengthen its finances at a time when it was facing weaker demand
for its products due to the pandemic, Reuters relates.

The German financial regulator has filed a criminal complaint
against Bremen-based Greensill Bank, Reuters discloses.

Greensill Capital group filed for bankruptcy protection in Britain
and Australia this month, citing a US$5 billion exposure to
Indian-British businessman Gupta's GFG Alliance, Reuters relays.
It said Mr. Gupta's firms had begun to default on its obligations,
Reuters notes.

GFG, an umbrella company for Gupta's network of steel, aluminium
and energy companies, earlier said it was looking to secure
additional working capital facilities to help it weather
challenging market conditions but was also operationally strong and
benefiting from buoyant steel markets, according to Reuters.


KIRK BEAUTY: Moody's Assigns B3 CFR Following Refinancing
---------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
and a B3-PD probability of default rating to Kirk Beauty Two GmbH
("Douglas" or "the company"), the new parent company of German
beauty products retailer Douglas. The outlook is stable.

Concurrently, Moody's has withdrawn the Caa1 CFR and the Caa1-PD
probability of default rating of the previous parent company of the
Douglas group, Kirk Beauty One GmbH.

Moody's has also assigned a B3 rating to the proposed new senior
secured instruments to be issued by Douglas GmbH, including EUR1.0
billion notes due 2026, a EUR1.080 billion term-loan B (TLB) due
2026 and a EUR170 million revolving credit facility (RCF) and a
Caa2 rating to the EUR300 million PIK notes to be issued by Kirk
Beauty SUN GmbH and guaranteed by Douglas.

Proceeds from the new notes and TLB together with a EUR220 million
capital increase will be used to increase the available cash on the
balance sheet and to repay the outstanding debt, including the
EUR335 million senior notes due 2023 issued by Kirk Beauty One
GmbH, the EUR300 million senior secured notes due 2022 issued by
Douglas GmbH and the EUR1,670 million Term Loan B and the drawings
under the EUR200 million RCF due 2022 borrowed by several group's
entities. The ratings on the existing instruments will be withdrawn
upon repayment at completion of the refinancing.

"The B3 CFR reflects Douglas' reduced leverage and improved
liquidity profile following the completion of the proposed
refinancing, as well as Moody's expectation that its operating
performance will improve following the recently announced
transformation plan. However, this improvement remains subject to
execution risk and the initial leverage remains high at around
8.0x, which leaves the company weakly positioned in the rating
category," says Lorenzo Re, a Moody's Vice President - Senior
Analyst and lead analyst for Douglas.


RATINGS RATIONALE

The proposed refinancing will improve Douglas's liquidity by
addressing the upcoming debt maturities in 2022, by increasing the
available cash on balance sheet by almost EUR100 million and by
restoring the full availability under the new EUR170 million RCF.
The refinancing will also reduce the total amount of debt by EUR60
million owing to the equity injection by shareholders of EUR220
million, which will cover the cash burn caused by the
transformation plan. This equity contribution is a key driver for
the rating action, as part of the governance considerations
associated with the company's financial strategy and risk
management.

While Moody's views the refinancing as credit positive, the B3
rating is initially weakly positioned because leverage remains
high. Moody's expects that Douglas's financial metrics with
gradually improve on the back of recovering operating performance.
Douglas' leverage would be still at 8.1x in FY2021, higher than the
7.0x maximum threshold for the B3 rating, but it would reduce
towards 6.0x in the following two years, which would more
comfortably position the rating at the current level.

The company's operating results will benefit from the recently
announced transformation plan which will accelerate the shift to an
omnichannel distribution model. The plan targets up to EUR120
million cost savings via the downsizing of the store network, the
headcount reduction of both in-store and central and administrative
personnel and the store rental cost reduction. Moody's expects that
these measures will support Douglas's profitability by realigning
the store network cost structure. However, one-off costs for the
transformation of more than EUR90 million will weigh on cash
generation and Moody's expects that Douglas' free cash flow will
burn almost EUR220 million in the next two years. Moreover, given
the fixed cost structure of the store network, a faster than
expected shift to on-line sales and a weaker development of
like-for-like sales in the keep-open stores could materially impact
the group's margins.

Moody's forecasts that revenue will continue to grow at
low-single-digit rates through the next 4 years as a result of
continued growth of the on-line channel and assuming that part of
the sales of the stores to be closed will be recovered in the
keep-open stores. The agency expects that Douglas' Moody's adjusted
EBITDA margin will increase towards 17% in fiscal 2023, as the
one-off costs associated with the transformation plan reduce and
savings start to materialize.

However, the rating also factors (1) some uncertainties over the
company's short-term performance, due to the impact from lockdown
measures; (2) the risk of additional price pressures stemming from
the switch from off-line to on-line sales which has lower gross
margins; and (3) some execution risk on the transformation plan,
because a lower-than-expected transfer of sales from store to be
closed to keep-open stores would negatively impact the margin of
the off-line business. In addition, Moody's expects that after the
transformation plan, the ratio of EBIT/interest cover will remain
weak between 1.0x and 1.3x and free cash flow generation will
remain modest compared to the large debt amount, with FCF/ debt at
2.5%-3.0%.

Douglas' credit profile continues to be supported by its strong
market position and significant scale in the premium beauty retail
sector, which shows positive demand dynamics compared to other
segments of the retail business. However, demand in the beauty
sector is highly discretionary and exposed to consumer sentiment,
and competition in the sector remains strong.

LIQUIDITY

Moody's views Douglas' liquidity as adequate following the proposed
refinancing, supported by the full availability under the EUR170
million RCF, and by approximately EUR280 million cash pro-forma for
the transaction and net of the normal seasonal unwinding of working
capital. The company would not have any debt maturity before 2025
when the new RCF is due. These liquidity sources would cover the
expected negative free cash flow of approximately EUR200 million in
fiscal 2021 and EUR16 million in fiscal 2022, including one-off
costs for the transformation plan in excess of EUR90 million.

The RCF has a maximum senior secured net leverage covenant of 7.75x
to be tested if the RCF is drawn by more than 40%. Moody's does not
expect the covenant to be tested over the next 12-18 months.

STRUCTURAL CONSIDERATIONS

Moody's has assigned the CFR to Kirk Beauty Two GmbH, the top
company within the Douglas' restricted group and the entity that
will likely provide consolidated financial statements going
forward. However, the PIK notes are issued by Kirk Beauty Sun GmbH,
a sister company located outside of the Douglas' restricted group.
The company expects that Kirk Beauty Sun GmbH will be the ultimate
parent following the reorganization that it plans to complete in
the coming months.

Douglas' B3-PD probability of default rating is in line with the
CFR and reflects the use of a 50% family recovery rate, consistent
with a capital structure that includes bonds and bank debt. The
senior secured instruments, including the EUR1,080 million senior
secured Facility B, the EUR1,000 million senior secured notes and
the EUR170 million RCF are all rated B3, in line with the CFR,
reflecting the senior position of these instruments relative to the
junior instruments in the capital structure, the EUR300 million PIK
notes, that are rated Caa2. However, the size of the PIK note is
not enough to cause a notching uplift of the senior instruments.

The senior secured instruments are secured by share pledges, bank
accounts and intercompany receivables. The TLB and RCF benefit from
guarantees by certain subsidiaries representing at least 80% of the
group's EBITDA. Some of the obligors under the SFA are not
guarantors for the senior notes, however the loss sharing agreement
in the intercreditor agreement equalizes the ranking of claims
under the notes and the TLB.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Douglas'
financial metrics with gradually improve on the back of recovering
operating performance and the transformation plan, with leverage
declining below 7.0x by fiscal 2022.

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

Positive ratings pressure could result from (1) solid recovery in
operating performance and successful execution of the
transformation plan, with continued revenue growth and
profitability improvement; (2) Moody's-adjusted debt/EBITDA
reducing below 5.5x on a sustained basis; and (3) solid free cash
flow generation significantly in excess of Moody's current
expectations.

Negative pressure on the rating could materialise in case operating
performance does not recover after the completion of the
transformation plan, leading to: (1) free cash flow remaining
negative for an extended period of time; (2) leverage not reducing
below 7.0x after fiscal 2021; and (3) higher than expected cash
burn leading to liquidity deterioration.

LIST OF AFFECTED RATINGS

Issuer: Kirk Beauty One GmbH

Withdrawals:

LT Corporate Family Rating, Withdrawn , previously rated Caa1

Probability of Default, Withdrawn , previously rated Caa1-PD

Outlook action:

Outlook, Changed To Stable From Negative

Issuer: Douglas Einkaufs mbH & Co. KG

Assignment:

BACKED Senior Secured Bank Credit Facility, Assigned B3

Outlook Action:

Outlook, Assigned Stable

Issuer: Douglas Finance B.V.

Assignment:

BACKED Senior Secured Bank Credit Facility, Assigned B3

Outlook action:

Outlook, Changed To Stable From Negative

Issuer: Douglas GmbH

Assignments:

BACKED Senior Secured Bank Credit Facility, Assigned B3

BACKED Senior Secured Regular Bond/Debenture, Assigned B3

Outlook action:

Outlook, Changed To Stable From Negative

Issuer: Groupe Nocibe France S.A.S.

Assignment:

BACKED Senior Secured Bank Credit Facility, Assigned B3

Outlook action:

Outlook, Changed To Stable From Negative

Issuer: Kirk Beauty Netherlands B.V.

Assignment:

BACKED Senior Secured Bank Credit Facility, Assigned B3

Outlook action:

Outlook, Assigned Stable

Issuer: Nocibe France S.A.S.

Assignment:

BACKED Senior Secured Bank Credit Facility, Assigned B3

Outlook action:

Outlook, Changed To Stable From Negative

Issuer: Parfumerie Douglas GmbH

Outlook action:

Outlook, Changed To Stable From Negative

Issuer: Parfumerie Douglas International GmbH

Assignment:

BACKED Senior Secured Bank Credit Facility, Assigned B3

Outlook action:

Outlook, Changed To Stable From Negative

Issuer: Kirk Beauty Two GmbH

Assignments:

LT Corporate Family Rating, Assigned, B3

Probability of Default, Assigned, B3-PD

Outlook action:

Outlook, Assigned Stable

Issuer: Kirk Beauty Sun GmbH

Assignment:

BACKED Senior Secured PIK Notes, Assigned Caa2

Outlook action:

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail Industry
published in May 2018.

COMPANY PROFILE

Kirk Beauty Two GmbH (Douglas or the company), headquartered in
Dusseldorf, is a leading premium beauty platform in Europe,
offering more than 130,000 beauty and lifestyle products as of
December 2020 in online shops, the beauty marketplace and over
2,000 stores in 20 different European countries and e-commerce
operations in 24 countries. The group was acquired in August 2015
by funds advised by CVC Capital Partners. The founders, the Kreke
family, still retain a nearly 16% stake in the company. The company
generated EUR3,233 million and EUR497 million in revenue and
Moody's-adjusted EBITDA, respectively, in the fiscal year ended
September 2020.

WIRECARD AG: EY Denies Suggesting Termination of Asian Ops Audit
----------------------------------------------------------------
Olaf Storbeck at The Financial Times reports that EY denied on
March 19 that it had ever suggested a forensic audit into
Wirecard's Asian operations by rival KPMG should be terminated, as
German MPs grilled the Big Four firm over its role in the
accounting scandal.

According to the FT, Wirecard's former chair Thomas Eichelmann on
March 18 told MPs, who are holding an inquiry into the collapse of
the payments group, that EY's audit partner Martin Dahmen floated
the idea of scrapping the KPMG audit on a telephone conference in
early June 2020.

Mr. Eichelmann added that Christine Gartner, a Clifford Chance
partner then advising Wirecard's supervisory board and also on the
call, believed that Mr. Dahmen had made the same suggestion, the FT
relates.

Wirecard's supervisory board in late 2019 commissioned an audit
from KPMG into the group's outsourced Asian operations in a bid to
reassure investors over its accounting, the FT recounts.  While
KPMG had submitted its audit to Wirecard in late April, the probe
was still ongoing in June as KPMG evaluated additional transaction
data from late 2019, the FT notes.

The marathon inquiry by MPs last week focused on Wirecard's
internal controls and the conduct of EY, which provided the once
high-flying payments group with unqualified audits for a decade,
the FT relays.

Wirecard collapsed into insolvency last summer after uncovering
that EUR1.9 billion in corporate cash did not exist, the FT
recounts.

Appearing before MPs on March 19, Christian Orth, a senior EY
partner who led an internal investigation into the firm's work for
Wirecard, flatly rejected the idea that aborting the KPMG audit had
ever been suggested, the FT discloses.

According to the FT, describing it as a misunderstanding, Mr. Orth
told the inquiry that "what we pointed out to Wirecard is that we
need the report about the KPMG investigation for our own audit".
He added that EY had welcomed Wirecard's decision to mandate KPMG
and co-operated closely with its rival.

In testimony on March 18, Mr. Eichelmann dismissed the idea he
could have misinterpreted the suggestion, the FT notes.




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

CONTEGO CLO VI: Fitch Assigns B-(EXP) Rating to Class F-R Notes
---------------------------------------------------------------
Fitch Ratings has assigned Contego CLO VI DAC's reset notes
expected ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

DEBT                  RATING  
----                  ------  
Contego CLO VI DAC

A-R      LT  AAA(EXP)sf   Expected Rating
B-1-R    LT  AA(EXP)sf    Expected Rating
B-2-R    LT  AA(EXP)sf    Expected Rating
C-R      LT  A(EXP)sf     Expected Rating
D-R      LT  BBB-(EXP)sf  Expected Rating
E-R      LT  BB-(EXP)sf   Expected Rating
F-R      LT  B-(EXP)sf    Expected Rating

TRANSACTION SUMMARY

Contego CLO VI DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, and second-lien loans. A total note issuance of EUR414.5
million will be used to redeem the existing notes at the reset
date. The portfolio is actively managed by Five Arrow s Managers
LLP. The CLO has a 4.25-year reinvestment period and an 8.5-year
weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral)

Fitch assesses the average credit quality of obligors in the
'B'/'B-' category. The Fitch weighted average rating factor (WARF)
of the identified portfolio is 34.35.

High Recovery Expectations (Positive)

At least 90% of the portfolio will comprise senior secured
obligations. Fitch views the recovery prospects for these assets as
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch weighted average recovery rate (WARR) of the
identified portfolio is 63.54%.

Diversified Portfolio (Positive)

The indicative maximum exposure of the 10-largest obligors for
assigning the expected ratings is 16% of the portfolio balance. The
transaction also includes various concentration limits, including
the maximum exposure to the three-largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Positive)

The transaction has a 4.25-year reinvestment period and includes
reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Deviation from Model-Implied Rating (Negative)

The expected ratings on the class B-1-R, B-2-R, D-R and F-R notes
are one notch higher than the model-implied ratings (MIR). The
ratings are supported by the healthy performance of the existing
CLO, as well as the significant default cushion on the identified
portfolio at the assigned ratings due to the notable cushion
between the transaction's covenants and the portfolio's parameters,
including higher diversity (168 obligors) than in the model stress
for the identified portfolio. All the notes pass the assigned
ratings based on the identified portfolio and the coronavirus
baseline sensitivity that is used for surveillance.

The class F-R notes' deviation from the MIR also reflects Fitch's
view of a significant margin of safety provided by available credit
enhancement. The notes do not currently present a "real possibility
of default", which is the definition of 'CCC' in Fitch's Rating
Definitions.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- A reduction of the default rate (RDR) at all rating levels by
    25% and an increase in the recovery rate (RRR) by 25% at all
    rating levels would result in an upgrade of up to five notches
    depending on the notes, except for the class A notes, which
    are already at the highest rating on Fitch's scale and
    therefore cannot be upgraded.

-- At closing, Fitch will use a standardised stress portfolio
    (Fitch's stressed portfolio) that is customised to the
    portfolio limits as specified in the transaction documents.
    Even if the actual portfolio shows lower defaults and smaller
    losses at all rating levels than Fitch's stressed portfolio
    assumed at closing, an upgrade of the notes during the
    reinvestment period is unlikely, as the portfolio credit
    quality may still deteriorate, not only by natural credit
    migration, but also through reinvestments.

-- After the end of the reinvestment period, upgrades may occur
    on better-than-expected portfolio credit quality and deal
    performance, leading to higher credit enhancement and excess
    spread available to cover for losses in the remaining
    portfolio.

Factor that could, individually or collectively, lead to negative
rating action/downgrade:

-- An increase of the RDR at all rating levels by 25% and a
    decrease of the RRR by 25% at all rating levels will result in
    downgrades of no more than five notches depending on the
    notes.

Coronavirus Baseline Stress Scenario

Fitch recently updated its CLO coronavirus stress scenario to
assume half of the corporate exposure on Negative Outlook is
downgraded by one notch instead of 100%. The Stable Outlooks on all
the notes reflect the resilience of the tranches in the sensitivity
analysis Fitch ran in light of the coronavirus pandemic.

Coronavirus Severe Downside Stress Scenario

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The potential severe downside
stress incorporates a single-notch downgrade to all the corporate
exposure on Negative Outlook. This scenario shows resilience at the
current ratings for all notes except the class F-R notes.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

SUMMARY OF FINANCIAL ADJUSTMENTS

not applicable for EMEA CLOs

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio's information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio's
information or information on the risk-presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

CVC CORDATUS XI: Fitch Assigns Final B- Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned CVC Cordatus Loan Fund XI DAC's
refinancing notes final ratings.

   DEBT                     RATING               PRIOR
   ----                     ------               -----
CVC Cordatus Loan Fund XI DAC

Class A-R             LT  AAAsf  New Rating    AAA(EXP)sf
Class B-1R            LT  AAsf   New Rating    AA(EXP)sf
Class B-2R            LT  AAsf   New Rating    AA(EXP)sf
Class C-R             LT  Asf    New Rating    A(EXP)sf
Class D-R             LT  BBBsf  New Rating    BBB(EXP)sf
Class E XS1859251370  LT  BBsf   Affirmed      BBsf
Class F XS1859251610  LT  B-sf   Affirmed      B-sf

TRANSACTION SUMMARY

CVC Cordatus Loan Fund XI DAC is a cash flow collateralised loan
obligation (CLO). The proceeds of this issue are being used to
redeem the old notes, with a new identified portfolio comprising
the existing portfolio, as modified by sales and purchases
conducted by the manager. The portfolio is managed by CVC Credit
Partners European CLO Management LLP. The refinanced CLO envisages
a two-year reinvestment period and a seven-year weighted average
life (WAL).

KEY RATING DRIVERS

'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 32.49.

High Recovery Expectations

Senior secured obligations comprise 99.2% of the portfolio. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. The
Fitch-weighted average recovery rate (WARR) of the identified
portfolio is 66.7 % as per the last investor report and Fitch's old
criteria. The WARR of the portfolio based on Fitch's updated
criteria as of 13 March 2021 was 64.85%. The manager has not
updated the Fitch Recovery assumptions.

Diversified Asset Portfolio

The transaction has two Fitch matrixes corresponding to maximum
exposure to the top 10 obligors. The transaction also includes
limits on Fitch-defined largest industry at a covenanted maximum
17.5% and the three-largest industries at 40%. These covenants
ensure that the asset portfolio will not be exposed to excessive
concentration.

Portfolio Management

On the refinancing date, the issuer extended the WAL covenant by
one year to seven years. The transaction features a two-year
reinvestment period. The reinvestment criterion is 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.

Affirmation of Junior Notes

The affirmation of the junior notes with Stable Outlooks reflect
the transaction's stable performance. The transaction is slightly
below par by 93bp with one defaulted asset comprising 45bp of the
portfolio. The coverage test, collateral quality test and portfolio
profile test are passing. As per 13 March 2021, exposure to assets
with a Fitch-derived rating of 'CCC+' was 3.66% (including unrated
asset) and 3.21% (excluding unrated assets), below the limit of
7.5%.

When analysing the current Fitch matrices with the stress portfolio
(extended WAL), the class E and F notes showed a breakeven default
shortfall of 3.83 and 5.51%, respectively, at the Fitch matrix
point indicated at the last investor report. The ratings are
supported by the available credit enhancement and a significant
default cushion on the current portfolio due to the notable cushion
between the transaction's covenants and the portfolio's
parameters.

Deviation from Model-Implied Rating

When analysing the current matrices with the stress portfolio and
extended WAL covenant, Fitch has applied a 50bp haircut to the
weighted average spread (WAS) of the portfolio as the WAS reported
in the investor report is artificially inflated by the negative
part of EURIBOR. Fitch has further applied a stress of 1.5% on the
WARR covenants as the Fitch Recovery assumptions in the current
documentation do not reflect Fitch's latest criteria.

Except for the class A notes, the ratings on classes B, C and D are
one notch higher than the model-implied rating (MIR).

The ratings across the capital structure are supported by the
stable performance of the portfolio, as well as the aforementioned
significant default cushion. All the notes pass the assigned
ratings based on the identified portfolio and the coronavirus
baseline sensitivity analysis that is used for surveillance.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- A reduction of the default rate (RDR) at all rating levels by
    25% and an increase in the recovery rate (RRR) by 25% at all
    rating levels would result in an upgrade of up to five notches
    depending on the notes.

-- At closing, Fitch uses a standardised stress portfolio
    (Fitch's stressed portfolio) that was customised to the
    portfolio limits as specified in the transaction documents.
    Even if the actual portfolio shows lower defaults and smaller
    losses at all rating levels than Fitch's stressed portfolio
    assumed at closing, an upgrade of the notes during the
    reinvestment period is unlikely, as the portfolio's credit
    quality may still deteriorate, not only by natural credit
    migration, but also through reinvestments.

-- After the end of the reinvestment period, upgrades may occur
    on better-than-expected portfolio credit quality and deal
    performance, leading to higher credit enhancement and excess
    spread available to cover for losses in the remaining
    portfolio.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- An increase of the RDR at all rating levels by 25% and a
    decrease of the RRR by 25% at all rating levels will result in
    downgrades of no more than six notches depending on the notes.

Coronavirus Baseline Stress Scenario

Fitch has recently updated its CLO coronavirus stress scenario to
assume half of the corporate exposure on Negative Outlook is
downgraded by one notch instead of 100%. The Stable Outlooks on all
the notes reflect the default rate cushion in the sensitivity
analysis ran in light of the coronavirus pandemic.

Coronavirus Severe Downside Stress Scenario

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The potential severe downside
stress incorporates a single-notch downgrade to all the corporate
exposure on Negative Outlook. This scenario shows the rating
resilience of all classes of notes.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio's information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio's
information or information on the risk-presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

DARTRY PARK: Moody's Assigns B3(sf) Rating to EUR12M Class E Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to the refinancing notes issued by
Dartry Park CLO Designated Activity Company (the "Issuer"):

EUR2,450,000 Class X Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

EUR248,000,000 Class A-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR35,000,000 Class A-2 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR26,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR26,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR24,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR12,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, 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 Moody's methodology.

The Issuer issues the refinancing notes in connection with the
refinancing of the following classes of notes: Class A-1A Notes,
Class A-1B Notes, Class A-2A Notes, Class A-2B Notes, Class B Notes
and Class C Notes due in 2029 (the "2017 Refinancing Notes"),
previously issued on 28 July 2017 (the "2017 Refinancing Date") as
well as the Class D Notes and Class E Notes due 2029 (the "2015
Original Notes"), previously issued on 16 March 2015 (the "Original
Closing Date"). On the refinancing date, the Issuer uses the
proceeds from the issuance of the refinancing notes to redeem in
full the 2017 Refinancing Notes and the 2015 Original Notes.

On the Original Closing Date, the Issuer also issued EUR44,600,000
of subordinated notes, which will remain outstanding. In addition,
the Issuer issues EUR7,490,000 of additional subordinated notes on
the refinancing date. The terms and conditions of the subordinated
notes are amended in accordance with the refinancing notes'
conditions.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-1 Notes. The
Class X Notes amortise by EUR306,250 over 8 payment dates starting
on the second payment date.

As part of this full refinancing, the Issuer has renewed the
reinvestment period at four years and extended the weighted average
life to 9 years. It has also amended certain concentration limits,
definitions (including the definition of "Adjusted Moody's Rating
Factor") and minor features. The issuer has included the ability
(i) to hold loss mitigation obligations and (ii) to purchase under
certain conditions restructured assets with additional cash
obtained from external sources referenced as restructured new money
assets in the deal documentation.

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 approximately 90%
ramped as of the closing date.

Blackstone Ireland Limited will continue to 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 four-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 or 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.

The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of corporate assets from a gradual and unbalanced
recovery in European economic activity.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.

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 December 2020.

Moody's used the following base-case modeling assumptions:

Target Par : EUR400,000,000

Diversity Score: 46

Weighted Average Rating Factor (WARF): 3070

Weighted Average Spread (WAS): 3.45%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 9.0 years

FINANCE IRELAND 1: Moody's Affirms B3 (sf) Rating on Class E Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two Classes
of Notes in Finance Ireland RMBS No. 1 Designated Activity Company.
The rating action reflects the increased levels of credit
enhancement for the affected Notes and better than expected
collateral performance. Moody's has also affirmed the rating of the
Notes that had sufficient credit enhancement to maintain the
current rating on the affected Notes.

EUR245.2M Class A Notes, Affirmed Aaa (sf); previously on Jul 24,
2019 Definitive Rating Assigned Aaa (sf)

EUR15.9M Class B Notes, Upgraded to Aa1 (sf); previously on Jul
24, 2019 Definitive Rating Assigned Aa2 (sf)

EUR8.7M Class C Notes, Upgraded to A1 (sf); previously on Jul 24,
2019 Definitive Rating Assigned A3 (sf)

EUR7.9M Class D Notes, Affirmed Baa3 (sf); previously on Jul 24,
2019 Definitive Rating Assigned Baa3 (sf)

EUR5.8M Class E Notes, Affirmed B3 (sf); previously on Jul 24,
2019 Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

Increase in Available Credit Enhancement:

Sequential amortization, coupled with consistent prepayment led to
the increase in the credit enhancement available in this
transaction.

For instance, the credit enhancement for Classes B and C increased
to 15.0% and 11.0% from 11.5% and 8.5% respectively since closing.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolio reflecting the collateral performance
to date.

The performance of the transaction has been stable since closing in
July 2019. 90+ delinquencies have increased, albeit low level, from
0.26% to 0.79% of current pool balance. There have been no
cumulative losses recorded to date.

Moody's decreased the expected loss assumption to 3.2% as a
percentage of original pool balance from 4.0% due to better than
expected performance.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has maintained the MILAN CE assumption
at 15.5%.

The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of consumer assets from a gradual and unbalanced
recovery in the Irish economic activity.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage. Please see "Moody's Approach to Rating RMBS Using the MILAN
Framework" for further information on Moody's analysis at the
initial rating assignment and the on-going surveillance in RMBS.

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (i) performance of the underlying collateral that
is better than Moody's expected; (ii) an increase in available
credit enhancement; and (iii) improvements in the credit quality of
the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include: (i) an increase in sovereign risk; (ii)
performance of the underlying collateral that is worse than Moody's
expected; (iii) deterioration in the Notes' available credit
enhancement; and (iv) deterioration in the credit quality of the
transaction counterparties.

LAST MILE 2021: Fitch Assigns B(EXP) Rating on Class F Debt
-----------------------------------------------------------
Fitch Ratings has assigned Last Mile Securities - PE 2021 DAC's
notes expected ratings.

DEBT             RATING
----             ------
Last Mile Securities - PE 2021 DAC

A1    LT  AAA(EXP)sf   Expected Rating
A2    LT  AA+(EXP)sf   Expected Rating
B     LT  AA-(EXP)sf   Expected Rating
C     LT  A-(EXP)sf    Expected Rating
D     LT  BBB-(EXP)sf  Expected Rating
E     LT  BB-(EXP)sf   Expected Rating
F     LT  B(EXP)sf     Expected Rating

TRANSACTION SUMMARY

The transaction is the securitisation of 100% of a EUR383.5million
commercial real estate loan, originated by Morgan Stanley Principal
Funding Inc. (the originator) to entities related to The Blackstone
Group Inc. The loan is backed by a portfolio of 49 primarily
logistics/light industrial assets located across Germany and the
Netherlands. The originator is retaining 5% of the liabilities
transferred to the issuer in the form of an issuer loan pari passu
with the notes.

KEY RATING DRIVERS

Granular, Secondary Portfolio: The portfolio overall comprises well
located secondary-quality light industrial properties, in proximity
to major German and Dutch cities. There is no particular
concentration to properties, with none accounting for more than
5.5% of market value. The tenancy schedule is diversified with the
majority of occupiers SMEs. The top 10 tenants account for 16.0% of
gross rental income, with none accounting for more than 2.1%.

Proven Positive Track Record: Since 2017, the sponsor has spent
almost EUR25 million in remedial and value-adding works on the
collateral. This has raised occupancy by 3.3% and translated into
9.6% higher net operating income (NOI) since 2018. Fitch expects
this trend to continue, as cash generated from the collateral
suffices to fund required capex works. This can support stronger
rental performance, especially as older leases roll off.

Limited Adverse Selection Scope: The fairly homogenous portfolio
adequately insulates the notes from the risk of adverse selection,
despite the weaker-than-usual deleveraging structure, and
issuer-level pro rata paydown. If the aggregate release amount of
disposed properties exceeds 10% of the original loan, the release
premium rises to 110% from 105%. When a property is disposed, the
release premium of the remaining properties is reduced by the
release premiums already distributed, unlike in recent CMBS
structures, subject to a 102.5% floor

Upsizing Lowers Debt Yield: The collateral value backing the
financing has experienced significant growth in recent years,
despite the LTV appearing to be in line with general lending
practices. Some of the value increase is supported by rental growth
but yield compression is the main driver behind it for most markets
represented in the portfolio. The senior leverage proposition is
more accurately expressed via its debt yield metric (based on NOI),
which has compressed from 10.2% to 8% since the collateral was last
financed in CMBS markets.

RATING SENSITIVITIES

KEY PROPERTY ASSUMPTIONS (all by market value)

-- 'Bsf' weighted average (WA) cap rate: 7.18%

-- 'Bsf' WA structural vacancy: 20.81%

-- 'Bsf' WA rental value decline: 7.78%

-- 'BBsf' WA cap rate: 7.72%

-- 'BBsf' WA structural vacancy: 23.14%

-- 'BBsf' WA rental value decline: 10.30%

-- 'BBBsf' WA cap rate: 8.31%

-- 'BBBsf' WA structural vacancy: 26.07%

-- 'BBBsf' WA rental value decline: 12.87%

-- 'Asf' WA cap rate: 8.94%

-- 'Asf' WA structural vacancy: 28.86%

-- 'Asf' WA rental value decline: 15.75%

-- 'AAsf' WA cap rate: 9.63%

-- 'AAsf' WA structural vacancy: 31.25%

-- 'AAsf' WA rental value decline: 18.80%

-- 'AAAsf' WA cap rate: 10.37%

-- 'AAAsf' WA structural vacancy: 37.06%

-- 'AAAsf' WA rental value decline: 21.84%

RATING SENSITIVITIES

Current ratings:
'AAAsf'/'AA+sf'/'AA-sf'/'A-sf'/'BBB-sf'/'BB-sf'/'Bsf'

The change in model output that would apply with 0.8x cap rates is
as follows:

'AAAsf'/'AAAsf'/'AA+sf'/'AA-sf'/'A-sf'/'BBBsf'/'BB+sf'

The change in model output that would apply with 1.25x rental value
declines is as follows:

'AA+sf'/'AAsf'/'Asf'/'BBB+sf'/'BB+sf'/'B+sf'/'B-sf'

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress. Under this severe scenario,
Fitch reduces the estimated rental value of each asset by 5%, with
the following change in model output:

'AA+sf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'Bsf'/'B-sf '

Factor that could, individually or collectively, lead to positive
rating actions/upgrade:

-- Letting vacant space or increasing rental income could lead to
    positive rating action.

Factor that could, individually or collectively, lead to negative
rating action/downgrade:

-- An increase in vacant space or worsening performance could
    lease to negative rating action.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

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

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

DATA ADEQUACY

Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was available for this
transaction. Overall, Fitch's assessment of the asset pool
information relied upon for the agency's rating analysis according
to its applicable rating methodologies indicates that it is
adequately reliable.

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 the way in which they are being
managed by the entity.

MAN GLG EURO III: Moody's Affirms B3 (sf) Rating on Class F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Man GLG
Euro CLO III Designated Activity Company, (the "Issuer"):

EUR212,000,000 Class A-R Senior Secured Floating Rate Notes due
2030, Assigned Aaa (sf)

EUR10,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2030, Assigned Aa1 (sf)

At the same time, Moody's upgraded one class of notes and affirmed
four classes of notes which have not been refinanced:

EUR23,300,000 Class B-1 Senior Secured Floating Rate Notes due
2030, Upgraded to Aa1 (sf); previously on Jun 19, 2020 Affirmed Aa2
(sf)

EUR32,000,000 Class C Deferrable Mezzanine Floating Rate Notes due
2030, Affirmed A2 (sf); previously on Jun 19, 2020 Affirmed A2
(sf)

EUR18,000,000 Class D Deferrable Mezzanine Floating Rate Notes due
2030, Affirmed Baa2 (sf); previously on Dec 8, 2020 Upgraded to
Baa2 (sf)

EUR19,800,000 Class E Deferrable Junior Floating Rate Notes due
2030, Affirmed Ba2 (sf); previously on Dec 8, 2020 Upgraded to Ba2
(sf)

EUR10,400,000 Class F Deferrable Junior Floating Rate Notes due
2030, Affirmed B3 (sf); previously on Jun 19, 2020 Downgraded to 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 our methodology.

Moody's upgrade of the Class B-1 Notes is a result of the
refinancing, which increases excess spread available as credit
enhancement to the rated notes.

Moody's rating affirmations of the Classes C, D, E and F Notes is a
result of the refinancing, which has no impact on the ratings of
the notes.

As part of this refinancing, the Issuer has extended the weighted
average life by 12 months to 5.4 years and has amended certain
definitions and minor features. 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 and up to 10% of the
portfolio may consist of unsecured senior loans, second-lien loans
and mezzanine loans. The portfolio is fully ramped up as of the
closing date.

GLG Partners LP 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 remaining reinvestment period
which will end in October 2021. 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.

The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of corporate assets from a gradual and unbalanced
recovery in global economic activity.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.

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 December 2020.

Moody's used the following base-case modeling assumptions:

Performing par and principal proceeds balance: EUR338.9 million

Defaulted Par: EUR12.0 million

Diversity Score: 54

Weighted Average Rating Factor (WARF): 3014

Weighted Average Spread (WAS): 3.70%

Weighted Average Recovery Rate (WARR): 43.0%

Weighted Average Life (WAL): 5.4 years

MAN GLG EURO V: Moody's Affirms B2 Rating on EUR12M Class F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Man GLG
Euro CLO V Designated Activity Company, (the "Issuer"):

EUR234,000,000 Class A-1R Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR14,000,000 Class A-2R Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR20,000,000 Class B-2R Senior Secured Fixed Rate Notes due 2031,
Definitive Rating Assigned Aa2 (sf)

EUR8,000,000 Class C-2R Deferrable Mezzanine Fixed Rate Notes due
2031, Definitive Rating Assigned A2 (sf)

EUR2,000,000 Class D-2R Deferrable Mezzanine Fixed Rate Notes due
2031, Definitive Rating Assigned Baa2 (sf)

At the same time, Moody's affirmed seven classes of notes which
have not been refinanced:

EUR8,000,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aa2 (sf); previously on Jul 14, 2020 Affirmed Aa2
(sf)

EUR10,000,000 Class B-3 Senior Secured Floating Rate Notes due
2031, Affirmed Aa2 (sf); previously on Jul 14, 2020 Affirmed Aa2
(sf)

EUR4,250,000 Class C-1 Deferrable Mezzanine Floating Rate Notes
due 2031, Affirmed A2 (sf); previously on Jul 14, 2020 Affirmed A2
(sf)

EUR15,750,000 Class C-3 Deferrable Mezzanine Floating Rate Notes
due 2031, Affirmed A2 (sf); previously on Jul 14, 2020 Affirmed A2
(sf)

EUR18,000,000 Class D-1 Deferrable Mezzanine Floating Rate Notes
due 2031, Affirmed Baa2 (sf); previously on Jul 14, 2020 Affirmed
Baa2 (sf)

EUR26,000,000 Class E Deferrable Junior Floating Rate Notes due
2031, Affirmed Ba2 (sf); previously on Jul 14, 2020 Affirmed Ba2
(sf)

EUR12,000,000 Class F Deferrable Junior Floating Rate Notes due
2031, Affirmed B2 (sf); previously on Dec 8, 2020 Upgraded to B2
(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 Moody's methodology.

Moody's rating affirmation of the Class B-1 Notes, Class B-3 Notes,
Class C-1 Notes, Class C-3 Notes, Class D-1 Notes, Class E Notes
and Class F Notes is a result of the refinancing, which has no
impact on the ratings of the notes.

As part of this refinancing, the Issuer has extended the weighted
average life by 12 months to 7.2 years and has amended certain
definitions and minor features. 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 and up to 10% of the
portfolio may consist of unsecured senior loans, second-lien loans
and mezzanine loans. The portfolio is fully ramped up as of the
closing date.

GLG Partners LP 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 remaining reinvestment period
which will end in December 2022. 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.

The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of corporate assets from a gradual and unbalanced
recovery in global economic activity.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.

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 December 2020.

Moody's used the following base-case modeling assumptions:

Performing par and principal proceeds balance: EUR394.6 million

Defaulted Par: 5.3 million

Diversity Score: 60

Weighted Average Rating Factor (WARF): 3245

Weighted Average Spread (WAS): 3.80%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 7.2 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, exposures to countries with LCC of
A1 or below cannot exceed 10%, with exposures to LCC of Baa1 to
Baa3 further limited to 5% and with exposures of LCC below Baa3 not
greater than 0%.



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

GAMMA BIDCO: S&P Alters Outlook to Stable, Affirms 'B' ICR
----------------------------------------------------------
S&P Global Ratings revised its outlooks on Gamenet Group and Gamma
Bidco, Gamenet's parent, to stable from negative, affirmed its 'B'
ratings on both entities and on Gamma's existing senior secured
notes, and assigned its 'B' rating to the proposed EUR525 million
senior secured notes, with a recovery rating of '3' reflecting
recovery prospects of 60% (rounded estimate).

The outlook is stable because S&P expects Gamenet will recover from
the pandemic over the next 12 months once restrictions are lifted,
and successfully integrate Lottomatica, leading to pro forma
adjusted leverage of 5.4x–5.7x, funds from operations (FFO) to
debt higher than 12%, and negative reported free operating cash
flow (FOCF) of EUR65 million-EUR85 million in 2021, before a
material improvement in 2022.

Gamenet Group is acquiring Lottomatica, IGT's Italian online,
sports betting and gaming machines B2C units for EUR950 million,
which we believe will enhance Gamenet's scale, brand, and
positioning in the Italian gaming market while offering potential
for significant cost synergies over time.

To meet the EUR725 million upfront acquisition consideration and
pay fees, Gamma Bidco, Gamenet's parent, intends to issue EUR525
million senior notes and receive a EUR225 million equity injection
from shareholder Apollo; Gamenet will pay the remainder in two
tranches of EUR100 million by December 2021 and EUR125 million by
September 2022.

Gamenet's acquisition of Lottomatica will be paid through the
issuance of new senior secured notes, an equity injection, and
deferred consideration.

Gamenet announced its agreement to acquire International Game
Technology PLC's (IGT's) business-to-consumer (B2C) Italian units
(excluding its lottery operations) on Dec. 7. Gamenet intends to
issue EUR525 million senior secured notes, and will receive a
EUR225 million cash common equity injection from its shareholder
Apollo, to meet the advance payment of EUR725 million. Gamenet will
pay the remaining EUR225 million in two fixed deferred earn-out
tranches: EUR100 million by December 2021 and EUR125 million by
September 2022. Should Gamenet be unable to meet the deferred
payment commitments, they are supported by an equity commitment
letter from Apollo Funds. The acquisition is expected to close in
first-half 2021, subject to customary conditions, including
approval from the Italian Customs and Monopolies Agency and the
relevant competition authority.

The acquisition should enhance Gamenet's competitive position in
the Italian market   S&P said, "In our view, adding Lottomatica
will increase Gamenet's scale and market share, while improving the
group's positions across all verticals (excluding lottery) in the
Italian gaming market. We believe larger scale should enhance the
group's ability to weather regulatory and operational risks
inherent to the business. Importantly, Gamenet will also strengthen
its position in the online gaming and betting segments, which are
fueling growth in the industry. Moreover, we think the group will
benefit from the Lottomatica brand's strong recognition in Italy."

However, Gamenet still faces concentration risk because it operates
only in Italy.   Gamenet's operations in a single
country--Italy--exposes it to regulatory and tax risk in one
jurisdiction, which limits Gamenet's ability to absorb unexpected
adverse developments that could harm its credit quality. S&P sadi,
"In addition, after the transaction, Gamenet will remain highly
exposed to land-based operations and, in particular, gaming
machines, which we view as having limited long-term growth
potential and lower margins than other gaming products. That said,
we expect the business mix to evolve in the coming years as the
online segment gains momentum. The group's betting concessions
expired in 2016 but have been renewed with yearly payments and
extended to June 2021, while the gaming machine concessions will
expire in 2022. We estimate that renewal fees for the concessions
could total as much as EUR400 million if they were renewed via a
tender process for an additional nine years. Given Gamenet's
previous history with sports betting licenses and recent statements
by Italian regulatory authorities, we assume the tenders will be
delayed and the group will pay annual licensing fees instead,
increasing from EUR20 million to about EUR45 million from 2022.
This is a key assumption for our forecasts during the term of the
financing, and highlights risks related to Gamenet's exposure to a
single regulatory regime, particularly in view of potential
post-pandemic government initiatives."

Gamenet is confident it can manage the integration of Lottomatica's
large operations on schedule, while realizing material synergies
over the next few years.   S&P said, "We anticipate that Gamenet
will successfully integrate Lottomatica since the two businesses
are similar in terms of product offering, and we understand
Gamenet's management has previous experience working at
Lottomatica. We also acknowledge Gamenet's sound track record of
integrating companies, such as Intralot Italy acquired in 2016 and
Goldbet acquired in 2018. Furthermore, the company has identified
about EUR50 million in potential cost synergies that it can achieve
from this acquisition, given an overlap in key areas including
personnel, IT, procurement, and offices. We forecast our adjusted
EBITDA margin to improve sustainably beyond 20% once the synergies
are fully realized. Nevertheless, since the acquired operations are
larger than Gamenet's stand-alone business, we cannot rule out
potential operational setbacks. However, this is not our base case,
given Gamenet's track record of outperforming on synergies after
previous acquisitions (Intralot Italy and Goldbet)."

S&P said, "Gamenet's operating performance is under pressure in
first-quarter 2021 as COVID-19-related restrictions continue, but
we expect it will have fully recovered in 2022.   The trading
environment remains challenging in Italy due to continued effects
of the pandemic. The group's land-based operations are currently
closed but its online channel continues to perform well. This
compensates to some extent for the closure of the retail network,
notably in online betting as sports events and competitions
resumed. We anticipate restrictions in Italy will be progressively
lifted in the coming weeks and we expect Gamenet's retail operating
performance will rapidly rebound, as demonstrated last year after
the first lockdown, when third-quarter 2020 earnings were 7.5%
higher than in third-quarter 3019. In the meantime, we believe
Gamenet will continue to execute its financial mitigation plan to
protect earnings and cash flow. Gamenet's stand-alone revenue
declined by about 39% to EUR452 million and our adjusted EBITDA
figure was down 35% to EUR94 million in 2020 versus EUR743 million
and EUR146 million respectively in 2019. We forecast that growth
will resume in 2021, but revenue and EBITDA will remain at least
20% -25% below 2019 levels. We expect Gamenet's operating
performance will return to prepandemic levels in 2022."

Pro forma leverage will remain high for the current rating in 2021,
but should reduce below 4.0x in 2022 once trading fully recovers.
S&P said, "We forecast continued operational headwinds in 2021 will
result in adjusted pro forma leverage remaining high at 5.4x-5.7x,
compared with 7.6x for Gamenet alone in 2020 and 3.4x in 2019. That
said, if operating performance returns to prepandemic levels in
2022 as forecast, we expect adjusted leverage should improve to
3.5x-3.8x."

Discretionary cash flow after payment of the fixed deferred
consideration payments will be negative in 2021 and minimal in
2022.   S&P said, "We anticipate the enlarged group will continue
to generate sound operating cash flow, with S&P Global
Ratings-adjusted FFO to debt of 12%-14% in 2021 and 19%-21% in
2022. However, we expect reported FOCF after leases will be
negative EUR65 million-EUR85 million in 2021 after positive EUR80
million for Gamenet alone in 2020, largely due to an expected
EUR145 million outflow mainly related to the payment of PREU gaming
taxes (PREU; Prelievo Unico Erariale) that were delayed in 2020
because of the pandemic. In 2022, we anticipate the group will
return to positive FOCF in the range of EUR130 million-EUR160
million as working capital dynamics normalize. That said, the group
will pay EUR100 million in 2021 and EUR125 million in 2022 to
complete its payment for the Lottomatica acquisition. We anticipate
that cash flow after payment of the deferred consideration will
remain minimal even in 2022, limiting headroom to absorb headwinds
in the next 12-24 months."

S&P said, "We forecast liquidity to remain adequate, supported by a
sound cash position at closing and the upsized RCF.   After the
transaction, the group is estimated to have EUR282 million of cash
available on the balance sheet. In addition, as part of the
transaction, Gamenet expects to upsize its super senior RCF to
EUR232 million (excluding guarantees) from EUR100 million to
provide additional liquidity to the enlarged group. The RCF will be
undrawn at closing. We expect the group will maintain adequate
liquidity despite anticipated cash burn in 2021 and the two
remaining payments for the Lottomatica acquisition."

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects.   Vaccine production is ramping up and rollouts
are gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

S&P said, "The stable outlook reflects our expectation that, in the
next 12 months, Gamenet will successfully integrate Lottomatica and
continue to recover from the pandemic, with operating performance
and credit metrics at least in line with our base case. We forecast
leverage at 5.4x-5.7x, FFO to debt higher than 12%, and negative
FOCF of EUR65 million-EUR85 million in 2021, before material
improvements in 2022. In our view, there is limited rating headroom
to absorb a sharper macroeconomic downturn, material delays in
recovery, or operational setbacks."

S&P could lower the rating in the next 12 months if Gamenet were
not able to improve credit metrics in line with its base case. A
downgrade could occur from one or a combination of the following:

-- Prolonged material weakness in operating earnings, for example,
from a prolonged shutdown or restrictions in response to COVID-19
such that adjusted leverage remains above 5.5x and FFO to debt
below 12% for a long period.

-- FOCF in 2021 deteriorated beyond our base case such that the
group needs to draw on balance-sheet cash or debt funding beyond
our forecast to meet commitments, including the deferred
acquisition payments, thereby weakening its credit position
entering 2022.

-- Liquidity weakened materially, for example due to a delayed
recovery and adverse regulatory developments that could result in
material cash burn beyond 2021.

-- More aggressive financial policy, reflected in prolonged weaker
credit metrics, debt-funded acquisitions, or shareholder returns.

-- Heightened risk of a specific default event, such as a
distressed exchange or restructuring, debt purchase below par, or
covenant breach.

An upgrade is unlikely at this stage, given the financial sponsor
ownership. That said, S&P's could consider an upgrade if Gamenet's
business and financial standing strengthened materially. Ratings
upside could follow successful integration of Lottomatica, a track
record of material scale and growth in earnings, margins anchored
above 20% in the average range, and demonstrated product, channel,
and earnings diversity. An upgrade would also be contingent on
leverage declining well below 4.0x and FOCF to debt increasing
beyond 10% on a sustainable basis, with a clear commitment from the
financial sponsor to maintain conservative credit metrics within
these thresholds for the long term.



===================
K A Z A K H S T A N
===================

AGRARIAN CREDIT: Moody's Affirms Ba1 CFR, Alters Outlook to Pos.
----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating and long-term issuer ratings of Agrarian Credit Corporation
JSC (ACC) and upgraded to Ba1 from Ba2 the CFR and to (P)Ba1 from
(P)Ba2 the senior unsecured MTN program rating of Fund Of Financial
Support for Agriculture JSC (FFSA). Concurrently, the rating agency
upgraded ACC's National Scale Rating to Aa2.kz from Aa3.kz and
FFSA's to Aa2.kz from A1.kz. The rating agency also changed the
outlook on ACC to positive from negative, while the outlook on FFSA
remained positive.

The rating action on the key operating subsidiaries of KazAgro
National Management Holding JSC (KazAgro) was prompted by their
transfer to Baiterek National Management Holding, JSC (Baiterek;
Baa3 positive) on March 15, 2021 with prospects of their further
restructuring and consolidation around ACC.

RATINGS RATIONALE

Agrarian Credit Corporation JSC

The affirmation of the company's Ba1 CFR reflects the new ownership
by Baiterek and ACC's increasing importance as a key government
entity responsible for channelling government funds to the local
agricultural sector, resulting in four notches of uplift from the
company's b2 standalone assessment.

Because of the Kazakhstan government's efforts to streamline the
efficiency of its operations among state-controlled entities,
KazAgro will cease to exist, transferring all its three operating
entities to Baiterek. It is also planned that in the next 12 to 18
months, FFSA's asset and liabilities will be transferred to ACC,
with the latter becoming a parent company for KazAgroFinance, JSC.
Moody's believes such restructuring will increase ACC's importance
as a key government operator responsible for providing affordable
funding to the local agricultural sector.

As a result of the ongoing restructurings, ACC's Ba1 CFR now
reflects: 1) very high support from its new immediate parent
Baiterek, which is 100% owned by the Government of Kazakhstan (Baa3
positive); 2) moderate leverage with an established track record of
reported profits that provides good loss absorption capacity; and
3) constraints in its standalone credit risk profile due to very
high asset risk and a number of weaknesses in its risk governance
structure and environmental risks. The company is exposed to
considerable environmental risks owing to its concentrated lending
to the agricultural sector, where borrowers' performance tends to
be volatile and vulnerable to adverse weather conditions. The
company's rapid growth in this very high-risk area of lending
reflects its elevated risk appetite. In combination with
observations of periodic cases of criminal investigations against
ACC's management the rating agency continues to apply a negative
notch for corporate behavior and risk management within the overall
b2 standalone credit assessment.

ACC's affirmed Ba1 long-term issuer ratings reflect the application
of Moody's Loss Given Default (LGD) analysis for speculative-grade
companies and the limited structural subordination of unsecured
obligations.

Fund Of Financial Support for Agriculture JSC

The one notch upgrade of the company's CFR to Ba1 captures 1) the
assumption of very high affiliate support from its new and higher
rated immediate parent, Baiterek; 2) moderate leverage and good
profitability that provides loss absorption capacity; and 3)
limited refinancing risks in the medium term. FFSA's ratings
continue to be constrained by the risks associated with FFSA's
volatile asset quality with an elevated level of problem loans,
stemming from its policy mandate, which was also recently strained
because of the coronavirus pandemic. The monoline nature of the
company's business also makes its financial metrics potentially
volatile, especially affecting its asset quality, earnings, and
liquidity, reflected in its b1 standalone assessment.

In line with the upgrade of FFSA's CFR, Moody's also upgraded to
(P)Ba1 from (P)Ba2 the company's senior unsecured MTN, which
reflects the relative positioning of unsecured obligations under
Moody's LGD model.

POSITIVE OUTLOOK

In assigning a positive outlook to ACC, Moody's takes into account
several factors, notably 1) the positive outlook on Baiterek's
ratings which indicates upward rating pressure for ACC, provided 2)
a successful execution of the planned merger over the next 12-18
months will result in an overall improved financial profile of ACC
and 3) corporate governance improvements will be achieved under the
new shareholder. Moody's expects a credit positive impact from the
planned integration of FFSA and KazAgroFinance, JSC, that both
exhibit higher capital levels and report better asset quality,
thereby mitigating ACC's current solvency weaknesses, as well as
improving business diversification and operating efficiency.

The positive outlook assigned to FFSA is driven by the upward
pressure on Baiterek's ratings and the existing merger plans with
ACC indicating the progressive convergence of the two entities'
credit-profiles.

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

A combination of Baiterek's rating upgrade and evidence of a
successful implementation of the government's plans to streamline
operations and improve operating efficiency among the entities
responsible for support of the local agricultural sector could lead
to an upgrade of ACC and FFSA's ratings.

Weakening capacity or willingness of Baiterek to provide support to
ACC and FFSA could result in downward ratings pressure; however,
this is considered unlikely at the moment.

LIST OF AFFECTED RATINGS

Issuer: Fund Of Financial Support for Agriculture JSC

Upgrades:

NSR Long-term Issuer Rating, Upgraded to Aa2.kz from A1.kz

Long-term Corporate Family Rating, Upgraded to Ba1 from Ba2

Senior Unsecured Medium-Term Note Program, Upgraded to (P)Ba1 from
(P)Ba2

Outlook Action:

Outlook, Remains Positive

Issuer: Agrarian Credit Corporation JSC

Affirmations:

Short-term Issuer Ratings, Affirmed NP

Long-term Issuer Ratings, Affirmed Ba1

Long-term Corporate Family Rating, Affirmed Ba1

Upgrade:

NSR Long-term Issuer Rating, Upgraded to Aa2.kz from Aa3.kz

Outlook Action:

Outlook, Changed To Positive From Negative



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

KETER GROUP: Moody's Upgrades CFR to B3 on Earnings Growth
----------------------------------------------------------
Moody's Investors Service has upgraded Keter Group B.V.'s corporate
family rating to B3 from Caa1 and its probability of default rating
to B3-PD from Caa1-PD. Concurrently, Moody's has upgraded to B3
from Caa1 the company's senior secured term loans B (B1 and B3)
(TLB) due 2023 and senior secured revolving credit facility, due in
2022 (EUR8 million tranche) and 2023 (EUR102 million tranche). The
outlook is stable.

"The rating upgrade reflects the sustained sales and earnings
growth momentum in 2020, resulting in a faster than anticipated
reduction in Moody's adjusted gross leverage to around 7.4x, and
the expectation that deleveraging will continue in 2021," says
Giuliana Cirrincione, a Moody's Analyst and lead analyst for
Keter.

"The upgrade also reflects the company's improved liquidity, owing
to both positive free cash flow generation in 2020 and the maturity
extension to July 2023 of EUR102.14 million of its EUR110 million
RCF, initially due in October 2022," adds Mrs. Cirrincione.

RATINGS RATIONALE

Keter's operating performance has improved significantly during
2020, despite the negative macroeconomic environment caused by the
coronavirus outbreak. Increased consumer spending on home
improvement as well as pent-up demand in the third quarter of 2020,
supported the company's topline, with an annual 2.4% sales increase
from 2019. At the same time, earnings benefitted from improved
product mix, SKU rationalization, lower raw material prices and
operational efficiency measures that the management had already put
in place before the start of the pandemic. This resulted in a
Moody's adjusted EBITDA of EUR177 million in 2020 (2019: EUR111
million) and a steady decline in Moody's adjusted gross debt to
EBITDA to around 7.4x (2019: 11.9x). Higher profitability and tight
working capital management also led to a free cash flow generation
of approximately EUR70 million, which turned positive for the first
time in three years.

Moody's expects that Keter's leverage will continue to decline,
albeit at a slower pace, towards 6.5x over the next 12-18 months.
Market demand will remain overall supportive given the cyclical
benefits of increased spend in home improvement and the stimulus
programmes implemented by governments in a number of Keter's key
markets. However, Moody's expects that Keter's earnings growth will
normalize over the next few months to reflect input costs inflation
following the favorable trend in commodity prices during 2020.
Keter remains exposed to a degree of earnings volatility related to
the fluctuation in polypropylene prices, partly mitigated by its
strategy to progressively increase the use of regrind in its
production.

Keter's B3 rating reflects (1) its leading market positions in the
global resin-based consumer furniture industry; (2) good geographic
diversification of sales across a number of countries in Europe,
North America and Israel; and (3) strong product diversification
and a broad distribution channel mix, underpinned by long-standing
relationships with major retail chains.

The B3 rating also reflects Keter's (1) still highly leveraged
capital structure; (2) a weak Moody's adjusted EBIT-to-interest
cover ratio, currently well below 1.0x; and (3) the significant
exposure to polypropylene prices -- despite the progressively
higher use of recycled resin -- which creates earnings volatility
risk and could materially slow the pace of deleveraging.

LIQUIDITY

Besides higher free cash flow generation, Keter's liquidity has
improved following the recent maturity extension of EUR102 million
(out of a total committed amount of EUR110 million) of its
currently undrawn RCF to July 2023, from October 2022 previously.
The company also relies on uncommitted short-term loans from local
banks, with an outstanding amount of EUR65 million as at end-2020,
and on a EUR31 million credit facility secured by trade receivables
and inventory, due in September 2022 and available for roughly
EUR14 million as at end-2020.

The rating agency expects Keter's liquidity to remain adequate over
the next 12-18 months, supported by EUR70 million cash balance as
of December 2020, availability under its committed credit lines and
positive free cash flow in the range of EUR20 million -- EUR30
million per year. Based on Moody's forecasts, these sources of
liquidity should be sufficient to cover the company's expected cash
requirements, including intra-year working capital swings of up to
EUR40 million due to business seasonality, and approximately EUR75
million annual capex (incl. the portion related to the lease
adjustment).

However, Moody's notes that the company will face a debt maturity
wall in 2023, and the B3 rating with a stable outlook assumes that
the management will proactively approach the refinancing of these
debts, at least 12 months ahead of maturity.

STRUCTURAL CONSIDERATIONS

Both senior secured credit facilities, i.e. the EUR1 billion TLB
and the EUR110 million RCF, are rated in line with the CFR of B3,
as these represent the vast majority of Keter's financial
indebtedness. The B3-PD reflects the use of a 50% recovery rate as
customary for capital structures with bank debt only and limited
covenant protection. While Moody's notes the presence of a PIK
instrument outside of the restricted group (the immediate parent of
the top company within the restricted group capitalises its
ownership of Keter via common equity), Moody's treats this
instrument as equity and does not include it in its debt and
leverage calculations.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations that the company
will be able to sustain revenue and earnings at a normalized level
over the next 12-18 months, leading to a Moody's adjusted gross
leverage towards 6.5x over the next 12-18 months. The outlook also
assumes that the company will maintain adequate liquidity with
moderately positive free cash flow, and will proactively address
the refinancing of its maturities at least one year in advance.

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

Positive pressure on the ratings could arise in case of stronger
than anticipated sales and earnings growth momentum, as evidenced
by a Moody's adjusted gross debt-to-EBITDA trending towards 5.5x,
consistently improving free cash flow and overall good liquidity.

Negative pressure on the ratings could materialize if operating
performance deteriorates, such that Moody's adjusted gross
debt-to-EBITDA remains sustainably above 7.0x. Weakening liquidity
as a result of either persistently negative free cash flow, lower
capacity under financial covenants or failure to proactively
address debt maturities at least one year in advance, would also
add negative pressure.

LIST OF AFFECTED RATINGS

Issuer: Keter Group B.V.

Upgrades:

Probability of Default Rating, Upgraded to B3-PD from Caa1-PD

LT Corporate Family Rating, Upgraded to B3 from Caa1

Senior Secured Bank Credit Facility, Upgraded to B3 from Caa1

Assignment:

Senior Secured Bank Credit Facility, Assigned B3

Outlook Action:

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Durables Industry published in April 2017.

COMPANY PROFILE

Keter Group B.V. (Keter) is the holding company, based in the
Netherlands, for a group of entities involved in the manufacturing
and distribution of a variety of resin-based consumer goods.
Keter's key products include garden furniture and home storage
solutions. Keter is majority owned by BC Partners, while minority
shareholders include funds advised by Private Equity firm PSP and
the original founders, the Sagol family. In 2020, Keter Group
generated EUR1.2 billion of revenues and EUR200 million of
(company-reported) EBITDA.

REPSOL INT'L: Moody's Gives Ba1 Rating to New EUR750M Hybrid Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to the proposed
EUR750 million guaranteed junior subordinated ("hybrid") notes to
be issued by Repsol International Finance B.V., a guaranteed
subsidiary of Repsol S.A. (Repsol). The existing ratings of Repsol
and its guaranteed subsidiaries, including Repsol's Baa2 long term
issuer rating, remain unchanged. The outlook on Repsol and its
guarantees subsidiaries is negative.

RATINGS RATIONALE

The Ba1 rating assigned to the proposed hybrid notes is two notches
below Repsol's Baa2 issuer rating, because the notes will be deeply
subordinated to the senior unsecured notes of Repsol International
Finance B.V. and rank senior only to common and preferred shares.
They will be perpetual and there will be no events of default.
Repsol may opt to defer coupon payments on a cumulative basis.

The proposed hybrid notes will qualify for the "basket C" and a 50%
equity treatment of the borrowing for the calculation of the credit
ratios by Moody's (please refer to Moody's Hybrid Equity Credit
methodology published in September 2018). The notes will share
similar terms and conditions as the other existing hybrid
instruments issued by Repsol International Finance B.V., which also
qualify as "basket C".

Given the relatively limited impact of the issuance on Repsol's
credit profile or its credit metrics, Repsol's ratings and outlook
remain unchanged in connection with the issuance.

RATING OUTLOOK

The negative rating outlook reflects the still significant
uncertainty regarding the degree of improvement of the economic
environment in Repsol's upstream and downstream businesses, with a
risk that the company will not be able to improve its retained cash
flow (RCF)/net debt sustainably over 25% in the next 12-18 months.

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

As the rating of the hybrid notes is positioned relative to the
issuer rating of Repsol, their rating could be impacted either by
(i) a change in the Baa2 issuer rating of Repsol, or by (ii) a
re-evaluation of its relative notching.

Moody's could downgrade Repsol's Baa2 issuer rating, if Repsol
failed to deliver an improvement of RCF/net debt above 25%, for
instance due to prolonged negative impact of the economic
downturn.

A combination of several factors could lead to a higher issuer
rating: further growth of Repsol's upstream scale, evidence of
company's resilience in the current environment; evidence of a
successful execution of its strategy to develop a profitable low
carbon energy business, and a stronger financial profile measured
by a sustainable RCF/Net Debt metric into mid-thirties in % terms.

Headquartered in Madrid, Spain, Repsol is a medium-sized integrated
oil and gas company and ranks as one of the largest industrial
corporations in Spain.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Integrated Oil
and Gas Methodology published in September 2019.



===========
R U S S I A
===========

ALJBA ALLIANCE: Bank of Russia Cancels Banking License
------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-365, dated March
12, 2021, cancelled the banking license of Moscow-based Aljba
Alliance Commercial Bank Ltd, or Aljba Alliance CB Ltd
(Registration No. 2593).  The credit institution ranked 282nd by
assets in the Russian banking system.

The licence of Aljba Alliance CB Ltd was cancelled following the
request that the credit institution submitted to the Bank of Russia
after the decision of its sole shareholder on its voluntary
liquidation (in accordance with Article 61 of the Civil Code of the
Russian Federation).

Based on the reporting data provided to the Bank of Russia, the
credit institution has sufficient assets to satisfy creditors'
claims.

The Bank of Russia will appoint a liquidation commission to Aljba
Alliance CB Ltd.

Aljba Alliance CB Ltd is a member of the deposit insurance system.


CB EURO-ASIAN: Bank of Russia Terminates Provisional Administration
-------------------------------------------------------------------
On March 15, 2021, the Bank of Russia terminated the activity of
the provisional administration appointed to manage CB Euro-Asian
Investment Bank LLC (hereinafter, the Bank).

No signs of the Bank's insolvency (bankruptcy) have been
established as a result of the provisional administration-conducted
inspection of its financial standing.

On February 25, 2021, the Arbitration Court of the City of Moscow
issued a ruling on the forced liquidation of the Bank.

The State Corporation Deposit Insurance Agency was appointed as a
receiver.

Further information on the results of the activity of the
provisional administration is available on the Bank of Russia
website.

The provisional administration was appointed by Bank of Russia
Order No. OD-2006, dated December 4, 2020, following the revocation
of the banking license from the Bank.



NATIONAL FACTORING: Fitch Affirms 'B+' LT IDR, Outlook Now Stable
-----------------------------------------------------------------
Fitch Ratings has revised National Factoring Company JSC's (NFC)
Outlook to Stable from Negative, while affirming the company's
Long-Term Issuer Default Rating at 'B+'.

KEY RATING DRIVERS

The change in Outlook reflects moderating economic uncertainties
due to the Covid-19 pandemic, as well as NFC's to-date favourable
performance during the crisis.

The IDRs of NFC reflect a narrowly focused monoline business model
with a high risk appetite, modest capital and concentrated funding.
They also reflect NFC's viable niche franchise, healthy portfolio
diversification and a record of credit-risk control.

NFC operates under a limited banking license (not allowed to
attract retail deposits) and is regulated by the Central Bank of
Russia (CBR). It is an integral part of the wider NFC Group that
includes an unregulated factoring entity, NFC-Premium. The bulk of
the NFC Group's profits are booked on NFC-Premium's accounts, yet
the unregulated entity's standalone leverage and share of impaired
receivables is significantly higher than that of NFC and these
factors affect the group's risk position accordingly. NFC accounted
for 61% of the group's assets at end-2020. The NFC Group's assets,
and therefore the risks they carry, are fungible between the
group's entities.

NFC is a mid-range factoring company in Russia, with a developed
franchise in servicing local-currency small-ticket SME factoring.
NFC's portfolio is granular and diversified by industries. Risk
appetite is shaped by the company's strategy to underwrite small
SME tickets or finance non-standard receivables of larger
companies, where competitive pressure is much lower. NFC tightened
underwriting since the start of the pandemic. This, together with
depressed economic activity in Russia and lower demand for
factoring in 1H20, curbed NFC's portfolio growth, which however
rebounded in 4Q20.

NFC has shown stable asset quality despite risks related to the
pandemic. Impaired receivables moderated to 1.5% at end-2020 from
2.3% at end-2019, well-covered by provisions at around 150% (147%
at end-2019). Impaired receivables on NFC-Premium's accounts were
higher, taking the combined share of impaired assets to 7.4% at
end-2020.

NFC's revenue was mainly interest-driven with a solid net interest
margin (NIM) at around 7% in 2020, which covered inherently high
operational costs. A reversal in impairment cost supported 2019 and
2020 profitability with returns on average assets (ROAA) and
average equity (ROAE) still modest at 0.6% and 2.7% in 2020
respectively (2017-2020 average: 0.8% and 4%). NFC Group's
profitability is historically significantly higher with ROAA and
ROAE at 2.3% and 19.2% in 2020 respectively, as most operating
costs are accounted for in NFC.

NFC's leverage is volatile, caused by a high turnover in the
short-term portfolio. Tangible leverage was around 4x at end-2020
(3x at end-2019), with NFC-Premium's leverage notably higher.
Management expects to grow the group's receivables by around 30% in
2021, which would push up leverage further.

NFC's capital adequacy ratio (N1) was 17% at end-3Q20, providing
sufficient regulatory headroom above the CBR-required level of
10.5% (including buffer). NFC's absolute capital size is small and,
in Fitch's view, can leave the group vulnerable to unforeseen
events and operational risk. NFC's capitalisation should also be
viewed in the context of additional risks in NFC-Premium and a
higher combined tangible leverage for both entities at around 8x
over the last two years.

NFC sources virtually all of its funding (99% at end-2020) from a
sister bank JSC Bank Uralsib (BB-/Stable), which is currently under
a financial rehabilitation jointly overseen by the CBR and Deposit
Insurance Agency. NFC's assets and liabilities are adequately
matched in currency and maturity. It has access to uncommitted
funding from a local bank and an international financial
institution.

NFC has an ESG Relevance Score of '4' for Governance Structure
because of very high reliance on related party funding and '4' for
Group Structure, as Fitch believes that its sizable unregulated
sister company NFC-Premium, which has a higher share of impaired
assets and higher leverage, reduces NFC's transparency and exposes
it to contagion risk.

RATING SENSITIVITIES

Factor that could, individually or collectively, lead to positive
rating action/upgrade:

-- An upgrade would require a strengthening of the franchise and
    a proven standalone funding capacity/diversification, as well
    as a record of stable profitability and a moderation of
    leverage and contagion risk to NFC Group.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Significant deterioration of asset quality and profitability
    both at NFC and NFC Group;

-- Increased leverage and/or reduced regulatory capital headroom;

-- Reduced availability of related-party funding and limited
    access to alternative sustainable funding sources.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

ESG CONSIDERATIONS

NFC has an ESG Relevance Score of 4 each for Governance Structure
and Group Structure, which reflect sizable business volumes outside
the rating scope and material borrowings from related parties. This
has a negative impact on the credit profile and is relevant to the
rating in conjunction with other factors.

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 the way in which they are being
managed by the entity.



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S E R B I A
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[*] Moody's Upgrades Ratings on 3 Serbian Cities
------------------------------------------------
Moody's Public Sector Europe has upgraded to Ba2 from Ba3 the
long-term issuer ratings of the City of Belgrade and the City of
Novi Sad. The long-term issuer ratings of the City of Valjevo were
upgraded to Ba3 from B1. Issuer outlooks on the three cities were
changed to stable from positive.

At the same time, Moody's has upgraded Belgrade and Novi Sad's
Baseline Credit Assessments to ba2 from ba3 and the BCA of Valjevo
to ba3 from b1.

The rating action follows the upgrade of the Government of Serbia's
sovereign rating to Ba2 from Ba3 with a stable outlook.

A List of Affected Credit Ratings https://bit.ly/2NzDdOw

RATINGS RATIONALE

RATIONALE FOR THE RATINGS UPGRADE

Moody's rating action on the cities of Belgrade, Novi Sad and
Valjevo reflects: (1) the improvement in the sovereign
creditworthiness, which Serbian sub-sovereigns benefit from; and
(2) the cities' continued good governance and budgetary management
practices and solid financial fundamentals, which will withstand
the impact of the coronavirus pandemic-induced shock. Moody's
expects that the cities' robust financial position will be largely
preserved, with debt burdens declining further from moderate or
very low levels.

Moody's views the creditworthiness of all three cities as closely
linked to that of the sovereign, as Serbian local governments
largely depend on revenues that are linked to the sovereign's
macroeconomic and fiscal performance. After being marginally
affected by last year's economic contraction, the shared personal
income tax (PIT), which constitutes around 50% of the Serbian
cities' operating revenue, will increase by 6% in 2021 as a result
of the economic growth of 4.7% estimated in 2021. Another 10-15% of
municipal operating budgets comprise fiscal transfers, mostly
non-earmarked, which Moody's forecasts to remain broadly stable.

Belgrade's rating is underpinned by its robust financial
performance supported by strong fiscal management. The city is
projected to register a financial surplus for 2020, contributing to
a declining direct debt burden projected at 34% of operating
revenue at year-end 2020. The rating is also underpinned by
Belgrade's role as the capital city and the country's largest
economic hub, accounting for almost 40% of national GDP. In
addition, the city's limited borrowing requirements and tight
control over its municipal companies, will contribute to
stabilising its net direct and indirect debt at around 40% of
operating revenue in the next two years (against 67% in 2016).

Novi Sad's and Valjevo's ratings upgrades also reflect their strong
operating performance with Novi Sad's gross operating balance (GOB)
averaging 19% of operating revenue over the last five years while
Valjevo's GOB averaged 17% over the same period. Moody's expects
such operating balances will shield the cities' budgets from the
negative effects of the coronavirus pandemic and future potential
shocks. As a result of the positive economic growth prospects in
2021 and 2022, which will translate into growing proceeds from
shared taxes and local taxes and fees, Moody's forecasts Novi Sad
and Valjevo's GOBs to remain strong at around 21% and 15% of
operating revenue in 2021 and 2022, respectively.

The rating of Novi Sad is supported by declining and low debt
levels (11% of operating revenue at year-end 2020) and ample
liquidity, which covers almost 2x of the city's outstanding debt
and mitigates its foreign-currency exposure. Meanwhile, Valjevo
fully repaid its debt in 2020 and will remain debt free in 2021 as
the city does not plan to take on new debt. Novi Sad's Ba2
long-term issuer rating also takes into account the city's
important role in the national economy as the second largest city
in the country, which supports its revenue base, and its strong
fiscal management practices, reflected in its operating
performance. Valjevo's rating also incorporates its smaller
economic size and more limited ability to generate revenues.

RATIONALE FOR STABLE OUTLOOKS

The stable outlook on the Serbian cities' ratings mirrors the
stable outlook on the sovereign rating. They also reflect Moody's
expectation that the cities will be able to preserve their overall
solid and stable financial performance, and moderate-to-low debt
levels. The cities' history of prudent budgetary management further
supports the stable outlook.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Environmental considerations are not material to Belgrade, Novi Sad
and Valjevo's credit profiles. Their main environmental risk
exposures relate to floods. However, as evidenced during the floods
in 2014, in the event of natural disasters, the national government
would provide support and bear most of the costs of recovery and
reconstruction at the local level.

Social considerations are material to Serbian cities. Belgrade and
Novi Sad are more specifically exposed to the evolution of their
demography, with its population exposed to net immigration flows.
The population growth is putting some strain to the cities' budgets
to meet the infrastructure and housing needs. The City of Valjevo
has lost 13% of population since 1991, but the decline slowed in
the recent years.

Governance considerations are material to Serbian cities' credit
profiles. While the cities have moderate fiscal flexibility, they
follow prudent budgetary management practices. Belgrade and Novi
Sad use prudent financing planning, which allows for multiyear
forecasting of key trends, providing the cities with the ability to
identify potential pressures and allowing for sufficient time to
adjust plans to mitigate any credit implications.

The specific economic indicators, as required by EU regulation, are
not available for Belgrade, City of; Novi Sad, City of; Valjevo,
City of. The following national economic indicators are relevant to
the sovereign rating, which was used as an input to this credit
rating action.

Sovereign Issuer: Serbia, Government of

GDP per capita (PPP basis, US$): 18,972 (2019 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 4.2% (2019 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 1.9% (2019 Actual)

Gen. Gov. Financial Balance/GDP: -0.2% (2019 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -6.9% (2019 Actual) (also known as
External Balance)

External debt/GDP: 61.5% (2019 Actual)

Economic resiliency: baa3

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983

SUMMARY OF MINUTES FROM RATING COMMITTEE

On March 11, 2021, a rating committee was called to discuss the
rating of the Belgrade, City of; Novi Sad, City of; Valjevo, City
of.

For Belgrade, the main points raised during the discussion were:
the issuer's institutions and governance strength, have materially
increased; and the systemic risk in which the issuer operates has
materially decreased. For Novi Sad, the main points raised during
the discussion were: the issuer's institutions and governance
strength, have materially increased; and the systemic risk in which
the issuer operates has materially decreased. For Valjevo, the main
points raised during the discussion were: the systemic risk in
which the issuer operates has materially decreased.

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

Given the limited fiscal autonomy and market insulation of the
cities, an upgrade of Belgrade and Novi Sad's ratings would require
an upgrade of Serbia's sovereign rating. In addition, the cities'
ultimate dependence on the central government is underpinned by the
sovereign's ability to change the institutional framework under
which Serbian sub-sovereigns operate. This prevents the City of
Belgrade and the City of Novi Sad being rated above the sovereign.
An upgrade of Serbia's sovereign rating associated with a
continuation of solid budgetary performance, moderate-to-low debt
levels and adequate liquidity levels would likely point to an
upgrade of the cities' ratings. Additionally for Valjevo, a
strengthening in financial management and performance along with
stronger revenue generation ability would also put upward pressure
on its rating.

Although unlikely given the recent sovereign upgrade, a
deterioration of the sovereign credit strength would apply downward
pressure on cities' ratings given the close financial,
institutional and operational linkages between the two tiers of
governments. Significant financial deterioration driven by reduced
operating margins, an unexpected sharp increase in debt as well as
the emergence of liquidity risks, would also exert downward
pressure on the ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.



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S P A I N
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BBVA CONSUMO 11: Moody's Gives B1 Rating to EUR150M Series B Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by BBVA Consumo 11, FT ("the issuer"):

EUR2,350 million Series A Fixed Rate Asset Backed Notes due Dec
2033, Assigned definitive rating Aa1 (sf)

EUR150 million Series B Fixed Rate Asset Backed Notes due Dec
2033, Assigned definitive rating B1 (sf)

RATINGS RATIONALE

The transaction is a static cash securitisation of Spanish
unsecured consumer loans originated by Banco Bilbao Vizcaya
Argentaria, S.A. (BBVA) (A3/ A3(cr), A2 Bank Deposits). The
portfolio consists of consumer loans used for several purposes,
such car acquisition, property improvement and other undefined or
general purposes. BBVA also acts as servicer, collection account
bank and issuer account bank provider of the transaction.

The underlying assets consist of consumer loans with mostly fixed
rates (98.8% of the pool) and a total outstanding balance of
approximately EUR2,618 million. As of 23rd of February 2021, the
provisional portfolio has 306,682 loans with a weighted average
interest of 6.8%. The portfolio is highly granular with the largest
and 20 largest borrower representing 0.004% and 0.062% of the pool,
respectively. The portfolio also benefits from a good geographic
diversification and good weighted average seasoning of 17.5 months.
No loans in grace period due to moratoriums will be securitised at
closing. The final portfolio will be selected at random from the
provisional portfolio to match the final note issuance amount.

The transaction benefits from credit strengths such as a strong
artificial write-off, which traps the available excess spread to
cover any losses when the loan has been six months in arrears.
Interest and principal on Class B are fully subordinated to Class A
and the amortization of the notes is fully sequential. No interest
rate risk as both interest on the asset and the notes are fixed.

However, Moody's notes that there is a risk of yield compression as
96.7% of the loans in the pool has the option of an automatic
discount on the loan interest rate as a result of the future cross
selling of other products. Various mitigants have been put in place
in the transaction structure, such as performance-related triggers
to stop the amortisation of the reserve fund. Commingling risk is
mitigated by the transfer of collections to the issuer account bank
within two days and the high rating of BBVA. If BBVA's long term
deposit rating is downgraded below Baa1, it will either transfer
the issuer account to an eligible entity or guarantee the
obligations of BBVA.

The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of consumer assets from a gradual and unbalanced
recovery in Spanish economic activity.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Moody's analysis focused, amongst other factors, on (i) an
evaluation of the underlying portfolio of consumer loans and the
eligibility criteria; (ii) historical performance provided on
BBVA's total book and past consumer loan ABS transactions and
performance of previous BBVA Consumo deals; (iii) the credit
enhancement provided by subordination, excess spread and the
reserve fund; (iv) the liquidity support available in the
transaction by way of principal to pay interest; and (v) the
overall legal and structural integrity of the transaction.

MAIN MODEL ASSUMPTIONS

Moody's determined a portfolio lifetime expected mean default rate
of 4.5%, expected recoveries of 15.0% and a portfolio credit
enhancement ("PCE") of 17.0%. The expected defaults and recoveries
capture our expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
its ABSROM cash flow model to rate consumer ABS transactions.

The portfolio expected mean default rate of 4.5% is in line with
recent Spanish consumer loan transaction average and is based on
Moody's assessment of the lifetime expectation for the pool taking
into account (i) historic performance of the loan book of the
originator, (ii) good performance track record on most recent BBVA
consumo deals with cumulative 3m+ arrears below 3.95%, (iii)
benchmark transactions, and (iv) other qualitative considerations.

Portfolio expected recoveries of 15% is in line with recent Spanish
consumer loan average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account (i) historic
performance of the loan book of the originator, (ii) benchmark
transactions, and (iii) other qualitative considerations such as
quality of data provided.

The PCE of 17.0% is in line with other Spanish consumer loan peers
and is based on Moody's assessment of the pool taking into account
the relative ranking to originator peers in the Spanish auto loan
market. The PCE of 17.0% results in an implied coefficient of
variation ("CoV") of 51%.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2020.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors or circumstances that could lead to an upgrade of the
ratings of the Notes would be (1) better than expected performance
of the underlying collateral; or (2) a lowering of Spain's
sovereign risk leading to the removal of the local currency ceiling
cap.

Factors or circumstances that could lead to a downgrade of the
ratings would be (1) worse than expected performance of the
underlying collateral; (2) deterioration in the credit quality of
BBVA; or (3) an increase in Spain's sovereign risk.

VIA CELERE: S&P Assigns Prelim. B Long-Term Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' preliminary long-term rating to
Spain-based Via Celere Desarrollos Inmobiliarios S.A. (Via Celere)
and 'B+' and '2' preliminary issue and recovery ratings to the
company's proposed EUR300 million senior secured bond, expected to
be due 2026.

S&P said, "The stable outlook reflects our view that the company's
revenue should remain supported by its solid pre-sales level and
continuous demand for its flats in Spain's main metropolitan
belts--where the majority of Via Celere's projects are
located--despite economic uncertainties and the pandemic's effects
on the Spanish housing market.

"Via Celere's business risk profile reflects our view of the
inherent volatility and cyclicality of the development industry in
Spain's highly fragmented housing market.   Via Celere operates as
one of the largest residential developers in Spain with a gross
asset value (GAV) of EUR1.7 billion and a GDV of EUR5.5 billion at
year-end 2020. The company delivered 1,932 units in 2020 and
benefits from inventories with a book value of about EUR1.2 billion
at year-end, representing a capacity to develop over 21,000 units,
with roughly half related to land bank. The company is mainly
concentrated on the metropolitan belts of large Spanish cities like
Madrid (35% of GAV), Malaga (22%), Barcelona (9%), Sevilla (8%),
and Valencia (7%), where demand for housing remains solid. We
believe most of the company's operating regions benefit from
positive population growth and stronger economic prospects compared
with more rural areas in Spain. The company's business model
focuses on the development of pre-sold condominiums, with 78% of
its total 2021 deliveries and 67% of 2022 deliveries already
secured, supporting cash flow visibility and predictability. That
said, our rating assessment takes into account the inherent
volatility and cyclicality of the real estate development industry
in the highly fragmented Spanish residential property market. The
top-five developers in Spain represent less than 10% of total units
delivered in 2020. Via Celere's concentration in Spain could make
the company vulnerable to changes in Spanish regulation and tax
incentives, mortgage availability, and economic growth, thereby
affecting demand for its products.

"We expect Via Celere's revenue and prices will remain stable
overall in 2021, despite the COVID-19 pandemic.   Although COVID-19
has hit the Spanish economy hard, the residential real estate
segment and, most notably, demand for new dwellings has remained
resilient. We forecast price growth in the Spanish housing market
of about 1.4% in 2021 versus 3.7% in 2019. Via Celere delivered
1,932 units in 2020, which is the largest 12-month delivery in
terms of units since the financial crisis of 2008-2009. Similarly,
when restrictions were eased following the first lockdown, Via
Celere resumed operations swiftly and commercialization of units
recovered significantly thanks to resilience in demand for new
housing, particularly in the fourth quarter when the company's
sales increased 1.2x compared with the same period of the previous
year. We understand price levels were in line with or slightly
above prices in 2019. We also note that Via Celere's large, good
quality land bank represents about nine years of housing
deliveries. This, coupled with our expectation of low cost
inflation as a result of the slowdown in economic growth and stable
prices should result in EBITDA margins of about 10%-12% (S&P Global
Ratings-adjusted, excluding any impairment reversals, compared with
the company's reported 14%-17% EBITDA margin). Via Celere targets
the mid-to-mid-high residential segment, with an average selling
price of about EUR316,000. We understand that the company may
complement its condominium business by entering the block sale
segment with institutional investors as buyers, which is gaining
traction as demand for rental homes in Spain is increasing. That
said, we do not expect any block sales before 2023.

"Our assessment of Via Celere's financial risk profile reflects the
company's financial-sponsor ownership and the risk that a
less-prudent financial policy could slow deleveraging.   Although
we expect the company´s credit metrics may improve in the near
term, our assessment of the financial risk profile incorporates its
private-equity ownership by Värde Partners, a global alternative
investor, which currently holds 76% of the share capital. This
could push Via Celere toward more aggressive leverage or
redeployment of sales proceeds than listed companies, for example.
Although we understand that the company aims to expand its
operations and revenue base, leverage levels should not increase
after the proposed bond issuance as we understand Värde Partners
is committed to a more conservative financial policy. That said, we
understand that the company will likely start paying dividends from
2021, albeit in small amounts.

"Via Celere benefits from a good free operating cash flow (FOCF)
base despite high adjusted debt to EBITDA.   Our rating considers
the company's robust positive FOCF, with forecast FOCF to debt of
15%-20% for the next 12-to-24 months. This is supported by limited
capital expenditure (capex) needs and working capital requirements,
given the company's existing owned land bank on the balance sheet
and high pre-sales levels. In 2020, the company further repaid
EUR200 million of debt, strongly improving its leverage metrics.
Including the proposed EUR300 million senior secured bond, we
expect S&P Global Ratings-adjusted debt to EBITDA of 8x-9x by
year-end 2021, up from 4.9x before the issuance at year-end 2020.
As of Dec. 31, 2020, our adjusted ratio of gross debt to EBITDA
stood at 4.9x (compared with reported gross debt to EBITDA of
4.1x--with differences mainly due to the company´s noncash
impairment reversals). Our EBITDA calculation excludes about EUR30
million of impairment reversals that we consider nonrecurring in
nature. We further believe, depending on deliveries per year, that
impairment charges may vary and therefore lead to increasing
volatility in the absolute EBITDA base and, hence, credit metrics.
Furthermore, we do not deduct cash on the balance sheet from our
debt calculation, in line with our criteria for the rating
assessment. However, we note a sufficient cash base on Via Celere's
balance sheet (estimated to be about EUR320 million post issuance).
We believe that Via Celere will maintain S&P Global
Ratings-adjusted EBITDA interest coverage of at least 2x

"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation of the proposed
senior secured notes.   Accordingly, the preliminary ratings should
not be construed as evidence of a final rating. If S&P Global
Ratings does not receive final documentation within a reasonable
timeframe, or if final documentation departs from materials
reviewed, we reserve the right to withdraw or revise our ratings.
Potential changes include, but are not limited to: The utilization
of bond proceeds; maturity, size, and conditions of the bonds;
financial and other covenants; and security and ranking of the
bonds.

"The stable outlook reflects our view that the company's revenue
should remain supported by its solid pre-sales level and continuous
demand for its flats in Spain's main metropolitan areas--where the
majority of Via Celere's projects are located--despite economic
uncertainties and the pandemic's impact on the Spanish housing
market

"Based on this, we forecast that Via Celere will maintain S&P
Global Ratings-adjusted EBITDA coverage of 2.0x-2.2x over the next
12 months, with S&P Global Ratings-adjusted debt to EBITDA
remaining high at 8x-9x (excluding approximately EUR25
million-EUR30 million of impairment reversals). Our base-case
scenario also factors in Via Celere's limited working capital needs
supported by its sizable land bank, resulting in good FOCF
coverage, with FOCF to debt of 15%-20%.

"We could lower the rating if we saw evidence of deteriorating
operating performance, for example, owing to a market downturn with
a significant decline in demand for Via Celere's assets, or
unexpected increasing construction costs." S&P would lower the
rating if Via Celere's financial ratios weaken such that:

-- Interest coverage falls to below 2.0x on a sustained basis;

-- Debt to EBITDA (excluding any impairment reversals) deviates
materially from our base case; or

-- FOCF to debt declines to 5% or less.

The likelihood of an upgrade is currently remote. However, a
positive rating action could follow if the company's credit metrics
move more in line with a higher financial risk assessment, and we
perceive that the risk of re-leveraging is low based on its
financial policy and our view of the owner's financial risk
appetite.




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ROAR BIDCO: Fitch Assigns First-Time 'B(EXP)' LongTerm IDR
----------------------------------------------------------
Fitch Ratings has assigned Roar Bidco AB (Recipharm) an expected
first-time Long-Term Issuer Default Rating (IDR) of 'B(EXP)'. The
Outlook is Positive. Fitch has also assigned Roar Bidco AB's
EUR1,115 million first-lien term loan B (TLB) an expected senior
secured rating of 'B+(EXP)'. The Recovery Rating is 'RR3'.

Recipharm is a leading European contract development manufacturing
organisation (CDMO), acquired by EQT and founding shareholders via
the acquisition vehicle Roar BidCo AB earlier this year.

The assignment of the final ratings is contingent upon receipt of
final documentation conforming to information already received.

The 'B(EXP)' IDR is constrained by high funds from operations (FFO)
gross leverage following the leveraged buy-out, at around 7.4x in
2021, a highly competitive CDMO market, especially within solids
(representing 44% of Recipharm's sales) and large-scale customers
with strong bargaining power. However, the company has shown solid
operating performance by moving up the product value chain with
improved scale as the number 4 CDMO globally with a broad product
offering including more advanced sterile and drug delivery
technologies. High barriers to entry, regulatory approvals and high
switching costs provide for a sticky customer base, which further
support the rating.

The Positive Outlook reflects Fitch's view that Recipharm will
continue to deliver solid operating and financial performance
supported by a prudent M&A and investment policy, leading to FFO
gross leverage trending structurally below 6.5x by 2023 which, if
achieved, would be commensurate with a higher rating.

KEY RATING DRIVERS

High Leverage; Strong Deleveraging Capacity: The high FFO gross
leverage following the leveraged buy-out of the group by EQT and
founders, at around 7.4x in 2021 is a key rating constraint and
corresponds to a 'B-' subfactor leverage rating in Fitch's Global
Generic Navigator. However, the deleveraging potential of the
underlying business is solid, based on organic growth and a gradual
shift into higher-tech areas (steriles, advanced delivery systems
(ADS), vaccines). Such features, alongside profitability
improvements via operating leverage and cost efficiencies, will
drive positive free cash flow (FCF). Fitch forecasts solid
deleveraging of around 0.5x p.a. towards 6.4x by 2023 and a 3%-5%
FCF margin over the forecast period.

Organic Growth Plan: Fitch expects the strategic focus under EQT to
be on the consolidation and alignment of Recipharm's various
business segments, continuing its ESG focus in reducing the carbon
footprint of its manufacturing facilities, and targeting new
contract wins in the higher-margin growth areas. This follows on
the group's record of building up scale since its inception in 1995
through a combination of organic growth and various larger-scale
acquisitions.

The assigned rating has headroom for accretive bolt-on acquisitions
funded by internally generated cash flow, with a
neutral-to-positive rating impact. Large-scale debt-funded M&A are
not included in the rating case and would be considered event
risk.

Strong Revenue Visibility: The rating is predicated on strong
revenue visibility and high barriers to entry, particularly in more
complex product areas where the manufacturing process is harder to
replicate. Setting up a contract manufacturer requires significant
capital investment, as well as technological know-how, regulatory
approvals and time to build reputation. Reliability of CDMOs is key
for pharma companies as switching suppliers can be high-risk and
time-consuming. These factors, combined with the long lifecycle of
pharma products (typically 10+ years), translate into high revenue
visibility with a record in maintaining its customer base, which is
a key rating driver.

Competitive Market with Large-Scale Customers: The CDMO market is
fragmented with the 10- largest players accounting for less than
20% of the overall market. Following the acquisition of Consort
Medical, Recipharm is the number four CDMO globally in sales yet
still represents only 1%-2% of the total global market. Large
global pharma customers typically have strong bargaining power in
new contract negotiations, especially in high-volume generics.
Recipharm's position versus large-scale customers is mitigated by a
strategic focus on faster-growing, more technologically advanced
ADS, plus sterile and development services (representing 55% of
sales).

Long-Term Structural Drivers: Fitch forecasts that overall demand
will continue to grow in the low to mid-single digits, with higher
pricing in the more technologically complex product areas, which
will support Recipharm's deleveraging. The global CDMO market,
estimated at around EUR90 billion, is supported by a growing trend
of pharmaceutical companies outsourcing production (opting for more
asset-light business models to focus on core activities, R&D,
marketing and sales), as well as long-term macro drivers of an
ageing population, growing healthcare demand and new drug
development.

DERIVATION SUMMARY

Fitch rates Recipharm according to its global Generic Rating
Navigator. Under this framework, the business profile of Recipharm
is supported by resilient end-market demand, continued outsourcing
trend and high entry barriers, with high switching cost and strong
revenue visibility. The rating is constrained by its overall
limited scale in a fragmented and competitive CDMO market with some
commoditisation in the solids segment (around 45% of overall
sales).

Fitch regards capital- and asset-intensive businesses such as
PharmaZell (European Medco Development, B/Stable), Ceva Sante
(Financiere Top Mendel, B/Stable) and privately rated CDMOs as the
closest peers to Recipharm as they all rely on ongoing investments
to grow at or above market and to maintain operating margins.
Recipharm enjoys stronger profitability and scale than most
privately-rated CDMO peers. Recipharm has a stronger business
profile, focused on prescription-drug manufacturing, steriles and
delivery systems with IP-rights.

Recipharm's and Ceva Sante's business scale and diversification
support higher debt capacity compared with the more specialised
PharmaZell, which has around 0.5x-1.0x lower 2022 leverage for the
same rating. Recipharm has higher FCF generation than Ceva Sante
(owing to lower capex) and a somewhat more stable contracted
business model than Ceva Sante.

In Fitch's wider pharmaceutical rated portfolio, Stada (Nidda
BondCo GmbH, B/Stable) is around 3x the size of Recipharm, with FFO
leverage projected to remain between 7.0-8.0x through 2022
(compared to 6.0-7.0x for Recipharm), both being relatively
strongly positioned 'B' rated credits.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Revenue CAGR of 5.8% (2020-2024) from organic portfolio growth
    (focused on a mix-shift strategy) plus additional Covid-19
    vaccine sales;

-- EBITDA margin at 20% in 2024, up from 17.2% in 2020;

-- Capex at 5%-5.5% of sales until 2024;

-- Working capital cash outflows of SEK70 million-SEK90 million
    p.a. until 2024;

-- No M&A for the next four years; headroom for selective bolt
    ons funded by internally generated cash flow;

-- No shareholder distributions for the next four years.

KEY RECOVERY RATING ASSUMPTIONS

Our recovery analysis assumes that Recipharm would be reorganised
as a going-concern (GC) in bankruptcy rather than liquidated.

Its SEK1,750 million GC EBITDA reflects stress assumptions from
weak operating performance with regulatory issues and/or increased
competition with deteriorating margins. The assumption also
reflects corrective measures taken in the reorganisation to offset
the adverse conditions that trigger default.

An enterprise value (EV) multiple of 6.0x is applied to the GC
EBITDA to calculate a post-reorganisation EV. The choice of this
multiple is based on positive market fundamentals, strong revenue
visibility with long-term customer contracts and high switching
costs, but also some traits of commoditisation within solids.

Recipharm's SEK3 billion revolving credit facility (RCF) is assumed
to be fully drawn upon default. It has around SEK225 million
(equivalent) of prior-ranking local facilities. The RCF and
EUR1,115 million first- lien TLB rank pari-passu between them, and
senior to the GBP228 million second-lien term loan in the debt
waterfall.

Assuming a 10% administrative claim, the allocation of value in the
liability waterfall results in a recovery corresponding to 'RR3'
for the first-lien RCF and TLB. This indicates a 'B+' instrument
rating for the first-lien TLB with a waterfall-generated recovery
computation (WGRC) of 64% based on current metrics and
assumptions.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Larger scale and/or increased high-tech offering and/or
    increased geographical diversification without weakening
    profitability by maintaining Fitch-defined EBITDA margin above
    19%.

-- Evidence of conservatively-funded growth strategy and
    financial policy leading to FFO gross leverage sustainably
    below 6.5x.

-- FCF margin at mid-to-high single digits.

Factors that could, individually or collectively, lead to the
Outlook being revised to Stable:

-- Failure to deliver on the business plan in 2021/2022 leading
    to EBITDA margins stabilising at around 17%-18%.

-- Material debt-funded M&A leading to FFO gross leverage
    sustainably above 7.0x.

-- Failure to boost operating performance resulting in FCF margin
    in the low-to-mid single digits.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Weak operating performance, product or regulatory issues or
    change in M&A or investment discipline leading to weaker
    EBITDA margin.

-- Aggressive financial policy leading to FFO gross leverage
    sustainably above 8.0x.

-- Consistently low single-digit FCF margin.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Ample Liquidity Supports Strategy: Following its acquisition by
EQT, Recipharm will have access to around SEK650 million of cash on
balance sheet, which Fitch projects would grow to around SEK1
billion by end-2022. In addition, the group will have access to an
undrawn SEK3 billion RCF. This provides ample liquidity to manage
intra-year working capital swings of up to SEK450 million as well
as internal capex needs and possible external investments.
Furthermore, Fitch projects positive FCF to add to the balance
sheet over time and provide further cash buffer for the group.

Fitch treats SEK600 million of the group's cash balances as
restricted cash, which corresponds to approximately half of the
intra-year peak-to-trough working capital requirements of the group
and approximately half of the cash balances held in India.

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 the way in which they are being
managed by the entity.



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

ADVANZ PHARMA: S&P Gives B- ICR to Holding Co., Outlook Pos.
------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to Cidron
Aida Bidco Ltd., holding company of ADVANZ, and its 'B-' issue
rating to the proposed term loan B (TLB).

Private equity firm Nordic Capital plans to acquire all of ADVANZ
Pharma Corp.'s shares and finance the acquisition by issuing a $360
million euro-denominated TLB.

S&P said, "The positive outlook reflects our forecast that ADVANZ's
revenue and EBITDA could exhibit organic growth, thanks to new
product launches, such that it does not rely on product
acquisitions to offset the natural decline in revenue from
established medicines.

"We forecast that ADVANZ's capital structure will remain highly
leveraged, with adjusted debt to EBITDA above 5.0x in the next 12
months.   Our adjusted debt includes all senior secured debt
instruments in the capital structure, which we forecast at $1.38
billion, and our estimate of $10 million-$15 million of lease
liabilities. We do not deduct cash because we expect the company to
allocate internally generated cash flow toward acquiring new
products, rather than repaying debt. Moreover, the company's
revenue base has declined in recent years, because of competitive
pressure on volume sold and prices. We forecast the company will
moderately reduce its leverage over the next 12 months, supported
by EBITDA growth coming from new product launches and potential
product acquisitions offsetting the decline in revenue from its
portfolio of established products.

"ADVANZ's product pipeline provides organic growth opportunities
that could take time to materialize in our view.  The acquisition
of Correvio Pharma in May 2020 strengthened ADVANZ's strategic
growth platform capabilities where the company can co-develop and
bring to market niche value-added medicines. The company's product
pipeline includes generic molecules--which are delivered via
devices and formulations that are hard to replicate due to complex
regulatory procedures--that provide significant benefits to
patients and doctors. Those products primarily come in injectable
form, and the company mostly focuses on the anti-infective,
endocrinology, and critical care therapies. The company's internal
commercial capabilities and solid relationships with European
hospitals should help underpin successful distribution. Moreover,
we think that the company's longstanding relationship with major
European manufacturers, which gives the company access to wide
technology and formulation, combined with its track record in
navigating complex regulatory processes (e.g., Lanreotide's
approval), make ADVANZ a preferred partner for development
activities. That said, we think that pipeline products can take
time to achieve their targeted revenue due to the need to navigate
complex regulatory processes and train and educate prescribers.

"We view ADVANZ's acquisitive stance as improving the company's
growth prospects, but entailing execution risks.  ADVANZ's strategy
is to expand its product portfolio by acquiring niche established
medicines from large pharmaceutical companies. The company is
looking to acquire differentiated generics with revenue that they
expect will decline at a moderate rate of less than 10% annually,
because they are difficult to replicate and have limited
competition. ADVANZ is also looking to acquire medicines that have
the potential to generate increasing revenue and that would
strengthen its product pipeline. The company has the capabilities
to extract synergies from new product acquisitions by integrating
them in its network of contract manufacturers, distributing them
through its in-house commercial capabilities, and using its
geographic reach to distribute them in new markets. That said, we
see execution risk coming from the need to transfer marketing
authorization for acquired products within the timeframe agreed
with the seller, the need to integrate new products in the
company's network of manufacturers and sales capabilities, and the
risk of paying high multiples for products that see revenue decline
faster than expected." The company relies on its disciplined
acquisition process, its in-house regulatory and sales teams, and
its longstanding relationship with its manufacturing partners to
manage these risks.

ADVANZ's portfolio of niche established medicines is exposed to
competition, which could create volatility in revenue and
profitability.  S&P said, "The company primarily distributes its
products in the U.K., as well as European and North American
markets (together more than 80% of revenue), which we view as
highly competitive for niche generic medications. Competitive
pressure could result in declining volumes in the case of new
entrants and pricing pressure, which could weigh on revenue and
profit margins. We forecast that ADVANZ will rely on its product
pipeline and its acquisition capabilities to offset the decline in
revenue for its established medicines and expand its revenue and
EBITDA base. We also expect cost synergies from newly acquired
products will alleviate pricing pressure on the company's profit
margins."

S&P said, "We forecast ADVANZ will generate substantial annual free
operating cash flow (FOCF) of $80 million-$100 million in the next
12 months, thanks to its high profit margins and capital
expenditure (capex)-light business model.  ADVANZ generates high
S&P Global Ratings-adjusted EBITDA margins of close to 40%
annually, thanks to its business model of having all development
and manufacturing activities outsourced and most employees located
in India. Moreover, the absence of in-house development and
manufacturing capabilities results in low annual capex
requirements, which we estimate at about 2.0%-2.5% of revenue in
the next 12 months. Our forecast also factors in an annual working
capital requirement of about $10 million-$15 million to increase
inventories for pipeline products and integrate stocks for recent
acquisitions."

The U.K. Competition and Market Authority's (CMA) ongoing
investigation of the company could weaken its credit metrics.  The
CMA currently has investigations open for four of ADVANZ's products
for alleged anti-competitive behavior. Nine investigations have
been opened on the company since 2016, but the CMA has dropped
five. The four open investigations are at a provisional stage with
no final decision reached. The CMA may impose a financial penalty
if it concludes that competition laws were infringed upon, which
could weigh on the company's credit quality. Nevertheless, ADVANZ
maintains that the company has not infringed any competition laws.

S&P said, "The positive outlook reflects our forecasts that
ADVANZ's recent acquisition of Correvio Pharma strengthens its
capabilities to establish a track record of organic revenue growth
of about 2%-3% annually, thanks to product launches and successful
commercialization to European hospitals of its pipeline products.
In this scenario, we estimate that the company would not rely on
product acquisition to offset the natural decline in revenue from
established medicines. At the same time, we forecast ADVANZ will
remain disciplined in its product-acquisition strategy and
integrate recent acquisitions seamlessly in its network of
manufacturers and internal commercial capabilities. Consequently,
we anticipate ADVANZ's S&P Global Ratings-adjusted debt to EBITDA
will improving to below 6.5x, while maintaining an S&P Global
Ratings-adjusted EBITDA margin of 38%-39% and generating high
annual FOCF of at least $100 million.

"We could upgrade ADVANZ if the company demonstrates organic
revenue growth while remaining disciplined in its acquisition
strategy and free of integration setbacks. An upgrade would also
depend on the company reducing leverage from the high level we
forecast in 2021 and continuing to generate stable profit margins
and high levels of annual FOCF. Moreover, an upgrade is conditional
upon timely resolution of the CMA's ongoing investigations of
ADVANZ for anti-competitive behavior in the U.K. We would need to
be confident that the investigations' outcomes do not threaten the
company's credit quality and growth prospects."

S&P's upside scenario comprises the following triggers:

-- Organic revenue growth of at least 2% annually from successful
product launches;

-- The S&P Global Ratings-adjusted debt-to-EBITDA ratio
sustainably declining to below 6.5x; and

-- Annual FOCF generation of at least $100 million.

S&P said, "We would revise the outlook to stable if ADVANZ is not
able to generate sufficient organic growth from product launches
and relies on product acquisitions to offset the decline in revenue
from established products. This would most likely happen in case of
unforeseen delays to new product launches or targeted revenue
taking longer to realize than expected. We could also revise the
outlook to stable in case of integration setbacks from recent
acquisitions, or if the company acquires products that we consider
higher risk, overall worsening its prospects to improve its
debt-leverage ratio."


GREENSILL CAPITAL: 34 Creditors Submit A$1.75BB in Claims
---------------------------------------------------------
Paulina Duran at Reuters reports that thirty-four creditors of
Greensill Capital Pty, the Australian parent of the collapsed
British supply chain financier, submitted over A$1.75 billion
(US$1.35 billion) in claims to the company, administrators said on
March 19.

About US$1.15 billion of that was made by Japan's Softbank Group, a
source familiar with the situation told Reuters.

Grant Thornton, administrator to the Australian parent and its
operating companies in the United Kingdom, also said the parent
held claims of under US$800 million against Greensill UK, Reuters
relates.

They said Greensill's Australian parent provided administration and
head office support to the London-based group that collapsed
earlier this month after losing insurance coverage for its debt
repackaging business, but operates "only in a limited capacity",
Reuters notes.

According to Reuters, they had also been put on notice by the
Association of German Banks about a contingent liability of close
to EUR2 billion (US$2.38 billion) to the Australian parent, Grant
Thornton said in an emailed statement.

"This claim does not appear in the company's accounts and has not
been formally verified by the administrators," Reuters quotes the
statement as saying.

Back in Australia, Grant Thornton said the claims submitted so far
had not yet been verified and excluded claims of employees of the
Australian company, 35 of whom had been made redundant, Reuters
relays.

A creditors committee was appointed on March 19, including includes
representatives of SoftBank, Credit Suisse, another unnamed
creditor, and a representative of employees, Reuters recounts.

SoftBank is a "significant" creditor of the parent, and Credit
Suisse holds security over some of its assets, Reuters says, citing
a March 11 regulatory document.

Switzerland's second-biggest bank and its asset management arm are
reeling from the implosion of around US$10 billion of funds related
to Greensill, Reuters states.  It is also trying to recoup a US$90
million outstanding bridge loan it made to the company last year,
Reuters notes.

Also present at the virtual March 19 meeting were the Australian
Taxation Office, Australia's corporate regulator, the Attorney
General's department and the Association of German banks, Reuters
recounts.

According to Reuters, Grant Thornton said it would provide a report
to creditors in about three weeks and a second meeting of creditors
would be held on April 22, where they would vote on whether to
liquidate the company or accept a restructuring proposal.

"The administrators confirmed to creditors that, at this stage,
they had not received a Deed of Company Arrangement proposal for
consideration," Reuters quotes the statement as saying.


SGS FINANCE: S&P Lowers Series 1, 2, 3 Notes Rating to 'CCC- (sf)'
------------------------------------------------------------------
S&P Global Ratings lowered its credit ratings on SGS Finance PLC's
(formerly Intu (SGS) Finance PLC) series 1, 2, and 3 notes to 'CCC-
(sf)' from 'B- (sf)'.

In June 2020, the total market value of the four underlying
properties had fallen to GBP1,275.6 million, a 29% decline compared
to the level in December 2019. As a result, the S&P Global Ratings
loan-to-value ratio (LTV) increased to 101%.

S&P said, "Since our last review took place in June 2020, the
market value of the four properties has further declined by
approximately 40%, to GBP753.5 million. In our analysis, the notes
did not pass our 'B' rating level stresses, because our LTV ratio
on these classes of notes is now 172% (the "S&P value" capped at
the market value of the property portfolio). Therefore, we applied
our 'CCC' criteria to assess if either a rating in the 'B-' or
'CCC' category would be appropriate. According to our 'CCC'
criteria, for structured finance issues, expected collateral
performance and the level of credit enhancement are the primary
factors in our assessment of the degree of financial stress and
likelihood of default. We performed a qualitative assessment of the
key variables, together with an analysis of performance and market
data, and we now consider repayment of the notes to be dependent
upon favorable business, financial, and economic conditions and
that it faces at least a one-in-two likelihood of default.

"We have therefore, lowered to 'CCC- (sf)' from 'B- (sf)' our
rating on the notes."

SGS Finance PLC is a debt platform with the flexibility to raise
various debt types secured on ring-fenced collateral. The notes are
secured by four shopping centers located throughout the U.K.: intu
Lakeside, intu Braehead, intu Watford, and intu Victoria Centre.
S&P's ratings on this transaction address the timely payment of
interest, payable semiannually, and the payment of principal no
later than the legal final maturity dates, which are between March
2028 (series 1) and September 2035 (series 3).

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety.


TRINITY SQUARE 2021-1: S&P Assigns Prelim 'BB-' Rating on X Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Trinity Square 2021-1 PLC's class A, B-Dfrd to G-Dfrd, and X-Dfrd
notes. The transaction will also issue class H-Dfrd and Z notes;
S1, S2, and Y certificates; and VRR loan notes.

Trinity Square 2021-1 is a static RMBS transaction that securitizes
a portfolio of GBP1.14 billion owner-occupied and buy-to-let (BTL)
mortgage loans secured on properties in the U.K. The transaction is
a refinancing of the Trinity Square 2015-1 PLC and Trinity Square
2016-1 PLC transactions, which closed in December 2015 and February
2016 respectively.

At closing, the issuer will use the issuance proceeds to purchase
the full beneficial interest in the mortgage loans from the seller
(Trinity Square 2021-1 Seller Ltd.). The issuer will grant security
over all of its assets in favor of the security trustee.

S&P considers the collateral to be nonconforming based on the
prevalence of loans to self-certified borrowers and borrowers with
adverse credit history, such as prior county court judgments
(CCJs), an individual voluntary arrangement, or a bankruptcy order.

The pool is well seasoned with more than 97% of loans being more
than 10 years seasoned.

Of the preliminary pool, 1.5% of the mortgage loans by current
balance are currently granted payment holidays due to COVID-19.
Payment holiday usage peaked at 18.6% for the preliminary pool.

Approximately 5.2% of the pool comprises BTL loans, and the
remaining 94.8% are owner-occupier loans.

There is high exposure to interest-only loans in the pool at 71.1%,
and 7.4% of the mortgage loans are currently in arrears greater
than (or equal to) one month.

A general reserve fund provides credit enhancement for the class A
to G-Dfrd notes, a liquidity reserve fund provides liquidity
support for the class A and B-Dfrd notes, and principal can be used
to pay senior fees and interest on the notes subject to various
conditions.

Kensington Mortgage Company Ltd. is the mortgage administrator in
this transaction.

S&P said, "There are no rating constraints in the transaction under
our counterparty, operational risk, or structured finance sovereign
risk criteria. We consider the issuer to be bankruptcy remote.

"Our credit and cash flow analysis and related assumptions consider
the transaction's ability to withstand the potential repercussions
of the COVID-19 outbreak, namely, higher defaults and longer
recovery timing. Considering these factors, we believe that the
available credit enhancement is commensurate with the preliminary
ratings assigned. As the situation evolves, we will update our
assumptions and estimates accordingly."

  Preliminary Ratings

  Class    Prelim. Rating    Class size (%)*
  A          AAA (sf)           87.00
  B-Dfrd     AA+ (sf)            6.00
  C-Dfrd     AA (sf)             2.00
  D-Dfrd     A (sf)              1.50
  E-Dfrd     BBB+ (sf)           1.00
  F-Dfrd     BBB- (sf)           1.00
  G-Dfrd     BB (sf)             0.50
  H-Dfrd     NR                  1.00
  X-Dfrd     BB- (sf)            1.50
  Z          NR                  1.00
  S1 certs   NR                   N/A
  S2 certs   NR                   N/A
  Y certs    NR                   N/A
  VRR loan notes   NR            5.00

*As a percentage of 95% of the total pool balance for the class A
to X-Dfrd notes.
N/A--Not applicable.
NR--Not rated.


TRITON UK: S&P Alters Outlook to Stable, Affirms 'B-' ICR
---------------------------------------------------------
S&P Global Ratings revised its outlook on video software provider
Triton UK Midco (Synamedia) to stable from negative and affirmed
its 'B-' long-term issuer credit rating. S&P also affirmed its 'B'
issue ratings on its first lien secured term loan and revolving
credit facility (RCF).

The outlook revision reflects the group's resilient revenues and
significant cost savings in FY2021.  After a 9.5% revenue decline
and an S&P Global Ratings-adjusted EBITDA margin of 1.2% in FY2020,
S&P forecasts that Synamedia will report a modest 1%-2% revenue
decline and a 17%-19% adjusted EBITDA margin in FY2021. Its
resilient revenue reflects strong growth in its Video Network
business underpinned by a key customer win, offset by decline in
its Video Platform business due to a decline in smart card volumes
in China and some deals being postponed. The substantially higher
adjusted EBITDA reflects a significant reduction in exceptional
costs (separately disclosed items) to about $25 million, and over
$50 million of annualized cost savings thanks to the completion of
its cost restructuring program.

S&P said, "We expect Synamedia to report solid cash flows before
working capital movements and reduced leverage in FY2021.   With
its substantial EBITDA improvement, we assume Synamedia will
generate about $20 million of FOCF after lease payments and before
working capital movements, comfortably more than its annual debt
amortization of about $11 million. We also assume that the
significant improvement in EBITDA will reduce Synamedia's S&P
Global Ratings-adjusted gross leverage to about 4.2x-4.4x in
FY2021.

"An unusually large working capital outflow in FY2021 does not
weigh on our view of Synamedia's underlying ability to generate
cash.  While we expect Synamedia's FOCF to be negative after a
large working capital outflow of about $50 million in FY2021, we
view the size of the outflow as abnormal and unlikely to recur in
this magnitude. The outflow reflects cash payments in FY2021 for a
portion of the unusually high restructuring costs incurred in
FY2020, and a one-off payment to Cisco.

"We see scope for further improvement in revenue in FY2022, but
there is material execution risk.  We assume that Synamedia could
transition to modest revenue growth of up to 1% on a recovery in
its Video Platform business. We think that demand for new
generation products, including the recently launched Iris
(end-to-end addressable advertising) and Clarissa (business
insights), will support the improved revenue performance. However,
execution risk is material given significant supply-side
competition and an expected continued decline in revenues from
legacy products. We also see the group's relatively low recurring
revenue share of about 50% as a key risk to revenue performance,
although we acknowledge that this share is closer to 75% if visible
revenues, such as repeat product orders, are included. If Synamedia
manages to transition to revenue growth, we expect further solid
growth in the group's EBITDA thanks to further cost savings and
reduced exceptional costs. We also assume a further improvement in
the group's FOCF after lease payments.

"Further rating upside might also depend on the financial policy.
We understand that Synamedia's net leverage could temporarily
increase to about 4x-5x if it pursues a debt-funded acquisition,
for example. We estimate this will translate to S&P Global
Ratings-adjusted gross leverage of up to around 4.9x-5.9x from
FY2022 onward. As a result, we foresee some risk that Synamedia's
S&P Global Ratings-adjusted gross leverage could increase above the
about 5.5x we require for a 'B' rating, at least temporarily. We
understand that Synamedia would intend to subsequently reduce its
net leverage back toward 3.0x-3.5x over the long term.

"The stable outlook reflects our expectation that Synamedia's
revenue resilience and EBITDA growth in FY2021 will enable the
group to generate solid FOCF of about $20 million after lease
payments and before working capital movements, comfortably more
than its annual debt amortization of about $11 million.

"We could raise the rating if Synamedia transitions to positive
revenue growth and FOCF (after lease payments) of above $30
million, compared with about $20 million of debt amortization in
FY2022. An upgrade would also hinge on Synamedia maintaining its
S&P Global Ratings-adjusted leverage at around 5.5x or below on a
sustainable basis thanks to a prudent financial policy.

"We could lower the rating if Synamedia's FOCF after lease payments
and before working capital movements is negative. This could lead
us to conclude that the group's capital structure is unsustainable
over the medium term despite no immediate liquidity pressures."

This could happen if the group's revenue declines by more than 5%
in FY2021 due to unexpectedly weak performance in the second half
of the financial year, for example due to declining demand for
smartcards in China or a significant postponement of deals.


[*] UK: 200 Pubs Closed in Scotland Since Start of Pandemic
-----------------------------------------------------------
Scott Reid at The Scotsman reports that trade body the Scottish
Beer & Pub Association (SBPA) said around 210 million pints in beer
sales have been lost due to a full year of either forced closure,
or trading under "severe" restrictions.

Since the first lockdown was announced in March 2020, pubs and
other hospitality businesses have been among those hardest hit, The
Scotsman discloses.  They have also faced a number of restrictions
to their trade during other periods of being open under the tier
system, The Scotsman notes.

The SBPA is urging the Scottish Government to "give the sector
hope" by aligning closely to the unlocking timetable outlined south
of the Border, The Scotsman states.

According to The Scotsman, Emma McClarkin, the association's chief
executive, said: "Our sector has been devastated by Covid-19 and
the lockdowns.  It has been a year to forget for the Scotland's
pubs and bars.

"It is estimated that 200 pubs have been lost forever -- 210
million pints in beer sales have also been missed, wiping out
GBP820 million in trade value from the sector.

"Sadly, we still haven't seen the full extent of the damage yet and
won't do for some time until things really do go back to normal.
And by normal, I mean a return to what life was like pre-Covid.

"Whilst we continue to assess the full damage to our sector, I urge
the First Minister to give our businesses the hope that they
desperately need by providing a viable route out of lockdown.

"The previous levels were entirely unviable for the majority of
hospitality businesses, and they are desperately hoping for a more
straight-forward approach to unlocking this time."




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

[] BOND PRICING: For the Week March 15 to March 19, 2021
--------------------------------------------------------
Issuer                      Coupon  Maturity  Currency  Price
------                      ------  --------  --------  -----
Europcar Mobility Group       4.12511/15/2024     EUR   70.704
Intralot Capital Luxemb       5.250 9/15/2024     EUR   42.069
Voltalia SA                   1.000 1/13/2025     EUR   32.928
PB International BV           7.625 1/26/2022     USD   65.210
Europcar Mobility Group       4.000 4/30/2026     EUR   70.303
Intralot Capital Luxemb       6.750 9/15/2021     EUR   65.032
Transportes Aereos Port       5.625 12/02/2024    EUR   68.615
Casino Guichard Perrach       0.767               EUR   33.874
Accor SA                      0.700 12/07/2027    EUR   52.232
Casino Guichard Perrach       3.992               EUR   54.801
Andrade Gutierrez Inter       9.50012/30/2024     USD   62.931
DTEK Finance PLC             10.75012/31/2024     USD   63.750
Tullow Oil PLC                7.000 03/01/2025    USD   70.887
European TopSoho Sarl         4.000 9/21/2021     EUR   64.907
Fuerstenberg Capital II       5.625               EUR   52.979
Obrascon Huarte Lain SA       4.750 3/15/2022     EUR   71.847
Carnival PLC                  1.00010/28/2029     EUR   72.783
Vallourec SA                  4.125 10/04/2022    EUR    5.140
Wirecard AG                   0.500 09/11/2024    EUR    7.250
Rallye SA                     4.371 1/23/2023     EUR   19.000
Rallye SA                     4.000 04/02/2021    EUR   19.418
Obrascon Huarte Lain SA       5.500 3/15/2023     EUR   71.557
Korian SA                     0.875 03/06/2027    EUR   56.375
Odea Bank AS                  7.625 08/01/2027    USD   67.835
Mallinckrodt Internatio       5.750 08/01/2022    USD   40.750
Korian SA                     2.500               EUR   42.625
Norwegian Air Shuttle A       7.250 11/11/2022    EUR   50.001
Metro Bank PLC                5.500 6/26/2028     GBP   65.049
Moby SpA                      7.750 2/15/2023     EUR   23.675
Air France-KLM                0.125 3/25/2026     EUR   14.348
Naviera Armas SA              6.500 7/31/2023     EUR   53.628
Mitsubishi UFJ Investor       3.97712/15/2050     EUR   51.269
Valaris plc                   7.750 02/01/2026    USD    8.750
Maisons du Monde SA           0.125 12/06/2023    EUR   42.393
Petra Diamonds US Treas       7.250 05/01/2022    USD   41.000
Ageasfinlux SA                0.833               EUR   71.397
Nexity SA                     0.125 01/01/2023    EUR   63.269
Valaris plc                   5.750 10/01/2044    USD    9.000
Quadient SA                   3.375               EUR   57.630
Pacific Drilling SA           8.375 10/01/2023    USD   27.000
Econocom Group SA/NV          0.500 03/06/2023    EUR    7.146
Distribuidora Internaci       0.875 04/06/2023    EUR   62.854
Avation Capital SA            6.500 5/15/2021     USD   72.928
Nexity SA                     0.250 03/02/2025    EUR   66.004
Union Fenosa Preferente       1.108               EUR   71.750
Valaris plc                   4.875 06/01/2022    USD    9.970
Amigo Luxembourg SA           7.625 1/15/2024     GBP   61.117
Genfit                        3.50010/16/2022     EUR   19.980
Valaris plc                   5.200 3/15/2025     USD    8.750
Hurricane Energy PLC          7.500 7/24/2022     USD   43.688
Neoen SA                      2.000 06/02/2025    EUR   72.272
Pierre Et Vacances SA         2.000 04/01/2023    EUR   49.814
Intelsat Luxembourg SA        8.125 06/01/2023    USD    6.500
Valaris plc                   8.000 1/31/2024     USD    8.063
Officine Maccaferri-SpA       5.750 06/01/2021    EUR   34.915
Neoen SA                      1.875 10/07/2024    EUR   68.650
Paper Industries Interm       6.000 03/01/2025    EUR   73.270
Cooperativa Muratori &        6.000 2/15/2023     EUR    1.952
Intelsat Jackson Holdin       5.500 08/01/2023    USD   69.938
Koninklijke Luchtvaart        0.750               CHF   23.050
Mallinckrodt Internatio       5.62510/15/2023     USD   41.750
Mallinckrodt Internatio       4.750 4/15/2023     USD    7.375
Nostrum Oil & Gas Finan       8.000 7/25/2022     USD   23.100
Cooperativa Muratori &        6.875 08/01/2022    EUR    1.560
Grupo Isolux Corsan SA        1.00012/30/2021     EUR    0.318
VIC Properties SA             3.000 5/28/2025     EUR   60.000
AX Del1 Oy                    5.000 4/19/2021     EUR   69.699
Stockmann OYJ Abp            10.750               EUR   43.573
O1 Properties Finance P       8.250 9/27/2021     USD   22.295
Intelsat Luxembourg SA        7.750 06/01/2021    USD    7.000
Senvion Holding GmbH          3.87510/25/2022     EUR    1.447
Kudelski SA                   1.500 9/27/2024     CHF   75.328
Jain International Trad       7.125 02/01/2022    USD   16.303
Valaris plc                   4.500 10/01/2024    USD    8.750
Naviera Armas SA              4.25011/15/2024     EUR   53.884
Biocartis Group NV            4.000 05/09/2024    EUR   67.164
Offshore Drilling Holdi       8.375 9/20/2020     USD    9.820
Intelsat Jackson Holdin       8.50010/15/2024     USD   73.030
Swissport Investments S       6.75012/15/2021     EUR    1.264
Valaris plc                   4.700 3/15/2021     USD    8.750
Thomas Cook Group PLC         6.250 6/15/2022     EUR    0.845
ADLER Real Estate AG          2.500 7/19/2021     EUR   13.943
Rallye SA                     3.250 02/08/2024    CHF   18.000
Nostrum Oil & Gas Finan       7.000 2/16/2025     USD   25.839
Pacific Drilling SA          11.000 04/01/2024    USD    4.500
Intelsat Jackson Holdin       9.750 7/15/2025     USD   74.030
Rallye SA                     5.250 02/01/2022    EUR   14.357
Intu SGS Finance PLC          3.875 3/17/2023     GBP   55.006
HOCHDORF Holding AG           2.500               CHF   59.391
Valaris plc                   7.375 6/15/2025     USD   10.000
Rallye SA                     4.00011/23/2020     CHF   16.213
Swissport Investments S       9.75012/15/2022     EUR   35.656
Galapagos Holding SA          7.000 6/15/2022     EUR    7.758
Intu Debenture PLC            5.56212/31/2027     GBP   49.000
Mallinckrodt Internatio       5.500 4/15/2025     USD   40.500
FIGEAC-AERO                   1.12510/18/2022     EUR   21.487
EOS Imaging SA                6.000 5/31/2023     EUR    6.818
EA Partners II BV             6.750 06/01/2021    USD   41.480
Andrade Gutierrez Inter       9.50012/30/2024     USD   63.855
Wasps Finance Plc             6.500 5/13/2022     GBP   61.314
Abengoa Abenewco 2 Bis        1.500 4/26/2024     EUR    1.500
Senivita Social Estate        2.000 05/12/2025    EUR   25.010
Travelex Financing PLC        8.000 5/15/2022     EUR    2.195
Grupo Isolux Corsan SA        6.00012/30/2021     EUR    0.769
Intelsat Connect Financ       9.500 2/15/2023     USD   27.000
Intu Metrocentre Financ       4.125 12/06/2023    GBP   45.399
Mitchells & Butlers Fin       2.168 6/15/2036     GBP   71.506
Air Berlin PLC                6.750 05/09/2019    EUR    0.698
Paragon GmbH & Co KGaA        4.500 07/05/2022    EUR   57.041
KCA Deutag UK Finance P       9.875 04/01/2022    USD   48.333
Rallye SA                     3.400 1/31/2022     EUR   19.460
Privatbank CJSC Via UK       11.000 02/09/2021    USD    9.550
Air Berlin PLC                8.250 4/19/2018     EUR    0.811
KCA Deutag UK Finance P       9.625 04/01/2023    USD   48.710
Valaris plc                   4.750 1/15/2024     USD    7.250
Lambay Capital Securiti       6.250               GBP    0.001
Valaris plc                   5.400 12/01/2042    USD    8.500
Cabonline Group Holding       7.500 12/09/2022    SEK   72.912
Virgolino de Oliveira F      10.500 1/28/2018     USD    1.034
Debenhams PLC                 5.250 7/15/2021     GBP    1.179
FF Group Finance Luxemb       1.750 07/03/2019    EUR    5.666
Norwegian Air Shuttle A       5.000 02/07/2023    SEK   45.500
Banco Espirito Santo SA       7.12511/28/2023     EUR    0.001
Valaris plc                   5.850 1/15/2044     USD    6.000
EA Partners I BV              6.875 9/28/2020     USD    0.890
Avangardco Investments       10.00010/29/2018     USD    3.250
FF Group Finance Luxemb       3.250 11/02/2021    CHF    7.835
WD Invest Sarl                1.900 10/02/2024    EUR    7.724
Stobart Finance PLC           2.750 05/08/2024    GBP   60.000
Rickmers Holding AG           8.875 06/11/2018    EUR    0.796
UkrLandFarming PLC           10.875 3/26/2018     USD    3.333
Virgolino de Oliveira F      11.750 02/09/2022    USD    1.296
Claranova SADIR               5.000 07/01/2023    EUR    1.110
YA Holding AB                 4.000 6/18/2022     SEK   60.272
Allied Irish Banks PLC       12.500 6/25/2035     GBP   60.295
Fuerstenberg Capital Er       1.301               EUR   52.479
Mitsubishi UFJ Investor       3.70012/30/2099     EUR    4.910
Hellenic Bank PCL            10.000               EUR   46.704
Eramet SA                     4.000               EUR   52.825
Vallourec SA                  4.125 08/02/2027    EUR   74.270
Thomas Cook Finance 2 P       3.875 7/15/2023     EUR    1.041
KCA Deutag UK Finance P       7.250 5/15/2021     USD   48.500
Bank Otkritie Financial      10.000 4/26/2019     USD    9.029
Privatbank CJSC Via UK       10.250 1/23/2018     USD   29.974
Yuksel Insaat AS              9.500 11/10/2015    USD    2.537
Joh Friedrich Behrens A       7.750 11/11/2020    EUR   35.000
Jacktel AS                   10.000 12/04/2023    USD   20.135
Stichting Afwikkeling O       6.25010/26/2020     EUR    2.976
Norddeutsche Landesbank       7.780               EUR   61.000
Immigon Portfolioabbau        5.705               EUR   12.512
Santhera Pharmaceutical       5.000 2/17/2022     CHF   34.428
Intralot Capital Luxemb       5.250 9/15/2024     EUR   41.996
DOF Subsea AS                 8.37011/27/2023     NOK   25.166
Dexia Credit Local SA         1.208               EUR    4.217
Norwegian Air Shuttle A       6.37511/15/2024     USD   70.000
Bilt Paper BV                 9.640               USD    0.876
Air Berlin PLC                5.625 05/09/2019    CHF    0.802
JZ Capital Partners Ltd       6.000 7/30/2021     GBP    9.050
Mitchells & Butlers Fin       1.918 9/15/2034     GBP   73.817
Mallinckrodt Internatio       5.750 08/01/2022    USD   39.250
Intu SGS Finance PLC          4.250 9/17/2030     GBP   56.573
Petra Diamonds US Treas       7.250 05/01/2022    USD   39.125
Afren PLC                     6.625 12/09/2020    USD    0.065
Europcar Mobility Group       4.12511/15/2024     EUR   70.506
Hamon & CIE SA                3.300 1/30/2025     EUR   44.750
Tresu Investment Holdin       5.000 9/29/2022     EUR   29.263
Bourbon Corp                  7.989               EUR    0.458
Yell Bondco PLC               8.500 05/02/2023    GBP   40.000
Tullow Oil PLC                7.000 03/01/2025    USD   70.852
Alno AG                       8.500 5/14/2018     EUR   15.057
Dexia SA                      1.265               EUR    2.212
ESFIL-Espirito Santo Fi       5.250 06/12/2015    EUR    1.232
Orient Express Bank PJS      10.000               USD   30.789
Intu SGS Finance PLC          4.625 3/17/2028     GBP   56.242
HI Bidco AS                   8.400 1/30/2023     NOK   69.084
Banca Popolare di Vicen       9.500 9/29/2025     EUR    0.011
Breeze Finance SA             6.708 4/19/2027     EUR   28.950
Alitalia-Societa Aerea        5.250 7/30/2020     EUR    2.060
Hema Bondco II BV             8.500 1/15/2023     EUR    1.085
Stichting Afwikkeling O      11.250               EUR    0.506
New World Resources NV        8.000 04/07/2020    EUR    0.105
Paragon GmbH & Co KGaA        4.000 4/23/2024     CHF   39.000
DOF Subsea AS                 9.500 3/14/2022     USD   25.239
CBo Territoria                3.750 07/01/2024    EUR    4.700
KTG Agrar SE                  7.125 06/06/2017    EUR    2.397
Scandinavian Airlines S       0.625               CHF   23.784
Tennor Finance BV             5.750 6/17/2024     EUR   75.000
Espirito Santo Financia       6.87510/21/2019     EUR    0.529
Norske Skogindustrier A       7.00012/30/2026     EUR    0.001
Rallye SA                     1.000 10/02/2020    EUR   15.309
Intralot Capital Luxemb       6.750 9/15/2021     EUR   65.032
Abengoa Abenewco 2 Bis        1.500 4/26/2024     USD    0.770
Gamalife - Cia de Segur       2.959               EUR   69.571
Afren PLC                    11.500 02/01/2016    USD    0.032
OGX Austria GmbH              8.500 06/01/2018    USD    0.030
Europcar Mobility Group       4.000 4/30/2026     EUR   70.237
Cirio Holding Luxembour       6.250 2/16/2004     EUR    0.792
MaxFastigheter i Sverig       6.500               SEK   54.792
Privatbank CJSC Via UK       10.875 2/28/2018     USD   30.000
Deutsche Bank AG              1.968 6/28/2033     USD   75.625
Civitas Properties Fina       4.00011/24/2022     EUR   47.000
Banca Popolare di Vicen       2.82112/20/2017     EUR    0.227
Waste Italia SpA             10.50011/15/2019     EUR    0.727
New World Resources NV        4.000 10/07/2020    EUR    1.011
Norwegian Air Shuttle A       4.33011/23/2021     NOK   65.189
Banco Espirito Santo SA       2.110               EUR    0.045
KCA Deutag UK Finance P       7.250 5/15/2021     USD   48.417
Pacific Drilling SA           8.375 10/01/2023    USD   26.000
Afren PLC                    10.250 04/08/2019    USD    0.015
OGX Austria GmbH              8.375 04/01/2022    USD    0.010
Steinhoff Finance Holdi       1.25010/21/2023     EUR   43.500
Manchester Building Soc       8.000               GBP   31.161
Banco Espirito Santo SA       6.875 7/15/2016     EUR   20.500
Societe Generale SA          10.55012/30/2022     USD   67.875
Transportes Aereos Port       5.625 12/02/2024    EUR   68.115
Verimatrix SA                 6.000 6/29/2022     EUR    4.034
Alpine Holding GmbH           6.000 5/22/2017     EUR    0.173
Hellenic Republic Gover       2.085 7/25/2057     EUR   50.375
International Industria       9.000 07/06/2011    EUR    0.329
Ghelamco Invest               4.500 5/23/2022     EUR   40.000
Avation Capital SA            6.500 5/15/2021     USD   71.830
Elli Investments Ltd         12.250 6/15/2020     GBP   51.580
Agrokor dd                    9.875 05/01/2019    EUR   15.000
Praktiker AG                  5.875 02/10/2016    EUR    0.069
Veneto Banca SpA              9.878 12/01/2025    EUR    0.013
International Industria      11.000 2/19/2013     USD    0.355
Agrokor dd                    9.125 02/01/2020    EUR   15.000
Cattles Ltd                   8.125 07/05/2017    GBP    0.031
REM Saltire AS                7.110 6/30/2021     NOK   52.624
Kaupthing ehf                 7.625 2/28/2015     USD    0.250
Vseukrainsky Aktsinerny      10.900 6/14/2019     USD    1.056
Havila Shipping ASA           2.590 01/02/2025    NOK   25.000
KCA Deutag UK Finance P       9.875 04/01/2022    USD   48.083
Banco Espirito Santo SA       6.900 6/28/2024     EUR   20.514
Societe Centrale des Bo       2.500 5/15/2023     EUR    6.880
Manchester Building Soc       6.750               GBP   26.857
Norske Skog Holding AS        8.000 2/24/2021     EUR    0.015
Steilmann SE                  7.000 03/09/2017    EUR    1.429
Mallinckrodt Internatio       5.500 4/15/2025     USD   40.913
Hellas Telecommunicatio       6.054 1/15/2015     USD    0.001
Intelsat Jackson Holdin       8.50010/15/2024     USD   72.865
Finmek International SA       7.000 12/03/2004    EUR    2.193
Portugal Telecom Intern       6.250 7/26/2016     EUR    0.175
Espirito Santo Financia       3.125 12/02/2018    EUR    1.793
Norske Skogindustrier A       2.00012/30/2115     EUR    0.113
Linas Matkasse Newco AB       8.000 10/09/2022    SEK   55.750
Cirio Del Monte NV            7.750 3/14/2005     EUR    0.601
Chr Bygga Bostader Hold       9.000 07/05/2021    SEK   50.000
Virgolino de Oliveira F      10.500 1/28/2018     USD    1.034
Russian Federal Bond -        0.250 7/20/2044     RUB   18.941
Mallinckrodt Internatio       5.62510/15/2023     USD   30.000
Saleza AS                     9.000 07/12/2021    EUR    0.203
Island Offshore Shiphol       2.690 6/30/2021     NOK    4.179
SAS AB                        4.407               SEK   32.486
Lehman Brothers UK Capi       3.875               EUR    8.766
Komplett Bank ASA             8.500               NOK   66.708
LBI ehf                       6.100 8/25/2011     USD    8.625
Phosphorus Holdco PLC        10.000 04/01/2019    GBP    0.612
Kaupthing ehf                 5.750 10/04/2011    USD    0.250
Dr Wiesent Sozial gGmbH       7.000               EUR    0.210
Kredyt Inkaso SA              5.150 4/26/2023     PLN   74.300
ML 33 Invest AS               7.500               NOK   56.787
Kommunekredit                 0.500 7/30/2027     TRY   41.421
Autonomous Community of       2.965 09/08/2039    JPY   72.078
Abengoa Abenewco 2 Bis        1.500 4/26/2024     USD    1.243
Lehman Brothers UK Capi       5.125               EUR    8.454
Bank Nadra Via NDR Fina       8.250 7/31/2018     USD    0.208
UniCredit Bank AG            12.60012/24/2021     EUR   58.640
OGX Austria GmbH              8.375 04/01/2022    USD    0.024
Intelsat Connect Financ       9.500 2/15/2023     USD   26.906
Hellas Telecommunicatio       8.50010/15/2013     EUR    0.540
Societe Generale SA          12.000 07/08/2021    USD   41.000
Alno AG                       8.000 3/21/2019     EUR   14.000
Corporate Commercial Ba       8.250 08/08/2014    USD    0.308
MS Deutschland Beteilig       6.87512/18/2017     EUR    1.900
Cirio Finance Luxembour       7.500 11/03/2002    EUR    2.302
Steilmann SE                  7.000 9/23/2018     EUR    1.429
Sairgroup Finance BV          4.375 06/08/2006    EUR    0.233
Banco Espirito Santo SA       2.290               EUR    0.289
Swissport Investments S       9.75012/15/2022     EUR   35.656
Amigo Luxembourg SA           7.625 1/15/2024     GBP   62.025
German Pellets GmbH           7.250 04/01/2016    EUR    0.634
Lehman Brothers UK Capi       5.750               EUR    2.225
KPNQwest NV                  10.000 3/15/2012     EUR    0.068
German Pellets GmbH           7.250 07/09/2018    EUR    0.634
Virgolino de Oliveira F      10.875 1/13/2020     USD   30.000
Steilmann SE                  6.750 6/27/2017     EUR    2.184
Espirito Santo Financia       9.75012/19/2025     EUR    1.137
EDOB Abwicklungs AG           7.500 04/01/2012    EUR    2.000
Lehman Brothers UK Capi       6.900               USD    2.745
KCA Deutag UK Finance P       9.625 04/01/2023    USD   48.710
Del Monte Finance Luxem       6.625 5/24/2006     EUR    1.813
Afren PLC                    10.250 04/08/2019    USD    0.015
Gebr Sanders GmbH & Co        8.75010/22/2018     EUR    9.478
Deutsche Bank AG/London       2.120 8/28/2034     USD   78.750
Erotik-Abwicklungsgesel       7.750 07/09/2019    EUR    0.779
KTG Agrar SE                  7.25010/15/2019     EUR    2.397
Credit Suisse AG/London       0.500 11/02/2023    USD   10.360
SAG Solarstrom AG             7.500 07/10/2017    EUR   31.000
Activa Resources AG           0.50011/15/2021     EUR    1.000
Vneshprombank Ltd Via V       9.00011/14/2016     USD    0.078
Autostrade per l'Italia       2.730 12/10/2038    JPY   28.440
Odea Bank AS                  7.625 08/01/2027    USD   67.801
Sairgroup Finance BV          6.625 10/06/2010    EUR    0.233
Afren PLC                     6.625 12/09/2020    USD    0.065
Offshore Drilling Holdi       8.375 9/20/2020     USD    9.820
Cooperatieve Rabobank U       0.500 7/30/2043     MXN   16.529
SAir Group                    5.500 7/23/2003     CHF   12.625
Uppfinnaren 1 AB             11.000               SEK   40.000
Depfa Funding II LP           6.500               EUR   60.272
Norske Skog Holding AS        8.000 2/24/2023     USD    0.015
Solship Invest 1 AS           5.000 12/08/2024    NOK    6.788
Cooperatieve Rabobank U       0.50010/30/2043     MXN   16.573
Bulgaria Steel Finance       12.000 05/04/2013    EUR    0.216
Nostrum Oil & Gas Finan       8.000 7/25/2022     USD   24.325
Agrokor dd                    8.875 02/01/2020    USD   15.000
Deutsche Agrar Holding        7.250 9/28/2018     EUR    1.254
Senvion Holding GmbH          3.87510/25/2022     EUR    1.447
German Pellets GmbH           7.25011/27/2019     EUR    0.634
Caixa Economica Montepi       5.000               EUR   50.000
International Finance F       0.500 6/29/2027     ZAR   66.434
Barclays Bank PLC             0.333 4/13/2022     USD    9.770
Tonon Luxembourg SA          12.500 5/14/2024     USD    0.543
Windreich GmbH                6.500 03/01/2015    EUR    5.875
Solstad Offshore ASA          4.000 9/24/2021     NOK    4.500
Skandinaviska Enskilda        9.500 7/17/2023     SEK   58.630
Credit Suisse AG/London       8.00012/21/2023     USD    9.800
Nostrum Oil & Gas Finan       7.000 2/16/2025     USD   24.282
Sidetur Finance BV           10.000 4/20/2016     USD    3.532
Solon SE                      1.375 12/06/2012    EUR    0.544
La Veggia Finance SA          7.12511/14/2004     EUR    0.287
Intelsat Jackson Holdin       9.750 7/15/2025     USD   72.499
Paper Industries Interm       6.000 03/01/2025    EUR   73.270
Rio Forte Investments S       4.000 7/22/2014     EUR    5.538
Golden Gate AG                6.500 10/11/2014    EUR   37.500
A-TEC Industries AG           8.75010/27/2014     EUR    0.100
International Bank of A       8.250 10/09/2024    USD   60.375
Marine Subsea AS              9.00012/16/2019     USD    0.688
Alpine Holding GmbH           5.250 07/01/2015    EUR    0.173
UniCredit Bank AG             0.11511/19/2029     EUR   72.343
Tonon Luxembourg SA           9.250 1/24/2020     USD    1.000
Commerzbank AG                0.08511/19/2029     EUR   62.545
Mriya Agro Holding PLC       10.950 3/30/2016     USD    5.000
Rena GmbH                     8.250 07/11/2018    EUR    2.096
WPE International Coope      10.375 9/30/2020     USD    5.706
Stichting Afwikkeling O       2.207               EUR    0.506
Afren PLC                    11.500 02/01/2016    USD    0.032
Finance and Credit Bank       9.250 1/25/2019     USD    0.257
Lehman Brothers Treasur       5.220 03/01/2024    EUR    0.100
SiC Processing GmbH           7.125 03/01/2016    EUR    2.572
Danske Bank A/S               6.010 07/09/2023    SEK   71.930
HPI AG                        3.500               EUR    3.011
Pescanova SA                  8.750 2/17/2019     EUR    0.319
Veneto Banca SpA              6.950 2/25/2025     EUR    0.018
SAG Solarstrom AG             6.25012/14/2015     EUR   31.000
Virgolino de Oliveira F      10.875 1/13/2020     USD   30.000
Societe Generale SA           8.900 11/01/2021    USD   66.500
Naviera Armas SA              4.25011/15/2024     EUR   54.326
KPNQwest NV                   8.875 02/01/2008    EUR    0.068
Societe Generale SA          21.00012/23/2022     USD   68.950
Stichting Afwikkeling O       6.625 5/14/2018     EUR    2.976
Havila Shipping ASA           4.270 01/02/2025    NOK   50.982
Lloyds Bank PLC               0.500 7/26/2028     MXN   59.821
Golfino AG                    8.00011/18/2023     EUR    0.050
Muehl Product & Service       6.750 03/10/2005    DEM    0.050
OGX Austria GmbH              8.500 06/01/2018    USD    0.030
Rena GmbH                     7.00012/15/2015     EUR    2.096
Credit Suisse AG/London      10.00010/26/2023     USD   10.124
Intelsat Jackson Holdin       9.750 7/15/2025     USD   72.499
Barclays Bank PLC             5.000 11/01/2029    BRL   70.919
Resa SA/Belgium               1.950 7/22/2036     EUR   50.000
Ahtium PLC                    9.750 04/04/2017    EUR    0.709
Pescanova SA                  5.125 4/20/2017     EUR    0.319
Air Berlin Finance BV         6.000 03/06/2019    EUR    0.652
Credit Suisse AG/London       6.500 3/28/2022     USD    3.740
Getin Noble Bank SA           5.260 3/31/2023     PLN   74.749
Credit Suisse AG/London      11.750 1/31/2022     USD   73.846
UBS AG/London                 9.000 11/10/2022    USD    5.646
Banco Santander SA            1.855               EUR    2.117
Galapagos Holding SA          7.000 6/15/2022     EUR    7.758
AKB Peresvet ZAO              0.510 08/04/2034    RUB   19.000
A-TEC Industries AG           2.750 05/10/2014    EUR    0.100
Norske Skog Holding AS        8.000 2/24/2021     EUR    0.015
Alpine Holding GmbH           5.250 06/10/2016    EUR    0.173
Cooperatieve Rabobank U       0.500 1/31/2033     MXN   41.003
CRC Breeze Finance SA         6.110 05/08/2026    EUR   39.920
Opus-Chartered Issuance       5.000 03/08/2027    USD   66.440
Mifa Mitteldeutsche Fah       7.500 08/12/2018    EUR    2.100
Veneto Banca SpA              6.411               EUR    0.628
SpareBank 1 SR-Bank ASA       1.20712/21/2030     EUR   71.885
Officine Maccaferri-SpA       5.750 06/01/2021    EUR   34.915
Zurcher Kantonalbank Fi      11.000 7/22/2021     CHF   75.250
KPNQwest NV                   7.125 06/01/2009    EUR    0.068
Aralco Finance SA            10.125 05/07/2020    USD    0.934
Cooperatieve Rabobank U       0.50011/30/2027     MXN   65.602
Yell Bondco PLC               8.500 05/02/2023    GBP   40.000
Veneto Banca SpA              6.944 5/15/2025     EUR    0.018
Barclays Bank PLC             2.000 06/12/2029    TRY   41.858
SG Issuer SA                  0.263 2/20/2025     EUR   20.060
Top Gun Realisations 73       8.000 07/01/2023    GBP    1.387
Landesbank Baden-Wuertt       6.000 8/27/2021     EUR   66.420
Thomas Cook Group PLC         6.250 6/15/2022     EUR    0.845
Swissport Investments S       6.75012/15/2021     EUR    1.264
SAir Group                    4.250 02/02/2007    CHF   12.625
Naviera Armas SA              6.500 7/31/2023     EUR   54.010
SG Issuer SA                  0.820 08/02/2021    SEK    0.820
Air Berlin Finance BV         8.500 03/06/2019    EUR    0.635
New World Resources NV        8.000 04/07/2020    EUR    0.105
Hema Bondco II BV             8.500 1/15/2023     EUR    1.085
Sequa Petroleum NV            5.000 4/29/2020     USD   28.765
Kaupthing ehf                 5.750 10/04/2011    USD    0.250
UkrLandFarming PLC           10.875 3/26/2018     USD    3.403
Skandinaviska Enskilda        7.880 1/16/2023     SEK   71.885
Otkritie Holding JSC          0.010 9/17/2027     RUB    1.820
SAir Group                    0.125 07/07/2005    CHF   12.625
Intelsat SA                   4.500 6/15/2025     USD   52.500
BOA Offshore AS               0.409 7/17/2047     NOK    7.546
Cooperatieve Rabobank U       0.50010/29/2027     MXN   65.704
Norske Skogindustrier A       7.12510/15/2033     USD    0.001
Mox Telecom AG                7.250 11/02/2017    EUR    1.354
Agrokor dd                    9.875 05/01/2019    EUR   15.000
SAir Group                    5.125 03/01/2003    CHF   12.500
Skandinaviska Enskilda        8.300 7/17/2023     SEK   56.520
Credit Suisse AG/London      20.00011/29/2024     USD   11.550
Agrokor dd                    8.875 02/01/2020    USD   15.000
Lehman Brothers Treasur       1.000 10/05/2035    EUR    0.100
LBI ehf                       7.431               USD    0.001
Northland Resources AB        4.00010/15/2020     NOK    0.271
Virgolino de Oliveira F      11.750 02/09/2022    USD    1.296
Getin Noble Bank SA           5.250 4/29/2024     PLN   64.990
Dolphin Drilling ASA          4.490 8/28/2019     NOK    0.644
Skandinaviska Enskilda        8.600 7/17/2023     SEK   57.050
Danske Bank A/S               8.050 07/09/2023    SEK   64.690
Derzhava-Garant OOO           7.250 06/12/2030    RUB   12.300
getgoods.de AG                7.750 10/02/2017    EUR    0.170
Stichting Afwikkeling O       8.450 8/20/2018     USD    2.976
Kaupthing ehf                 6.125 10/04/2016    USD    0.250
Getin Noble Bank SA           4.750 5/31/2024     PLN   66.166
Thomas Cook Finance 2 P       3.875 7/15/2023     EUR    1.041
Bank Otkritie Financial      10.000 4/26/2019     USD    9.029
Lehman Brothers Treasur       0.215 11/02/2035    EUR    0.100
Windreich GmbH                6.500 7/15/2016     EUR    5.875
Landesbank Hessen-Thuer       7.50012/13/2024     EUR    0.100
Landesbank Hessen-Thuer       9.600 01/09/2023    EUR    0.100
LBI ehf                       7.431               USD    0.001
O1 Properties Finance P       8.250 9/27/2021     USD   22.295
Portugal Telecom Intern       5.242 11/06/2017    EUR    0.694
UBS AG/London                12.250 5/31/2021     EUR   10.960
Getin Noble Bank SA           4.250 6/28/2024     PLN   68.000
Agrokor dd                    9.125 02/01/2020    EUR   15.000
Espirito Santo Financia       5.05011/15/2025     EUR    1.243
Credit Suisse AG/London       6.500 4/30/2021     USD    3.380
Hellas Telecommunicatio       6.054 1/15/2015     USD    0.001
Norske Skog Holding AS        8.000 2/24/2023     USD    0.015
SAir Group                    2.750 7/30/2004     CHF   12.625
Landesbank Baden-Wuertt       2.050 7/23/2021     EUR   68.360
Nordea Bank Abp               7.150 7/20/2024     SEK   72.740
Kardan NV                     6.325 02/04/2021    ILS    9.570
Barclays Bank PLC             1.450 9/24/2038     MXN   34.748
SALVATOR Vermoegensverw       9.500               EUR   11.100
SALVATOR Vermoegensverw       9.50012/31/2021     EUR    8.250
Cooperatieve Rabobank U       0.500 8/21/2028     MXN   61.730
Moby SpA                      7.750 2/15/2023     EUR   23.675
Centrosolar Group AG          7.000 2/15/2016     EUR    2.505
Bibby Offshore Services       7.500 6/15/2021     GBP   11.639
Landesbank Hessen-Thuer       4.000 3/20/2023     EUR    0.100
Grupo Isolux Corsan SA        0.25012/30/2018     EUR    0.318
Grupo Isolux Corsan SA        6.00012/30/2021     USD    0.813
Ideal Standard Internat      11.750 05/01/2018    EUR    0.050
Ahtium PLC                    4.00012/16/2015     EUR    0.586
Lehman Brothers Treasur       2.875 3/14/2013     CHF    0.100
Getin Noble Bank SA           4.270 8/30/2024     PLN   66.817
UniCredit Bank AG             5.45011/21/2022     EUR    9.500
Skandinaviska Enskilda        6.000 1/17/2023     SEK   69.995
Bank Julius Baer & Co L       7.300 1/25/2021     EUR   62.750
Skandinaviska Enskilda        7.600 1/15/2024     SEK   73.510
Societe Generale SA          10.00012/30/2022     USD   58.670
Russian Post FGUP             2.750 12/06/2023    RUB   70.000
Credit Suisse AG              0.50012/16/2025     BRL   67.613
SAir Group                    6.25010/27/2002     CHF   12.625
Solarwatt GmbH                7.000 11/01/2015    EUR   15.500
Top Gun Realisations 73       8.000 07/01/2023    GBP    1.387
Concern Rossium LLC           6.000 08/05/2030    RUB  100.020
City of Predeal Romania       2.500 5/15/2026     RON   60.000
DekaBank Deutsche Giroz       6.000 06/02/2021    EUR   56.170
NTRP Via Interpipe Ltd       10.250 08/02/2017    USD   30.500
HSBC Bank PLC                 0.50012/22/2025     BRL   66.635
Kaupthing ehf                 9.000               USD    0.122
Credit Agricole CIB Fin       0.39012/16/2032     EUR   54.196
Heta Asset Resolution A       4.87512/31/2023     EUR    2.078
SFO Akkord Finans            10.000 02/12/2024    RUB   61.540
Espirito Santo Financia       5.05011/15/2025     EUR    0.851
Landesbank Hessen-Thuer       8.60011/17/2022     EUR   60.420
Bank Julius Baer & Co L      10.000 6/21/2021     EUR   62.850
BNP Paribas SA               10.500 02/10/2021    USD   62.010
Societe Generale SA          17.000 1/17/2030     USD   56.100
Windreich GmbH                6.750 03/01/2015    EUR    5.875
AKB Peresvet ZAO              0.510 2/14/2032     RUB   12.500
Getin Noble Bank SA           5.280 7/28/2023     PLN   74.982
Agrokor dd Via Aquarius       4.921 08/08/2017    EUR   14.625
Eiendomskreditt AS            2.220 9/17/2029     NOK   68.373
KPNQwest NV                   8.125 06/01/2009    USD    0.068
Zaklady Miesne Henryk K       5.460 3/29/2021     PLN
Societe Generale SA           6.000 05/09/2022    USD    2.230
Societe Generale SA          20.000 03/02/2022    USD   52.500
Bulgaria Steel Finance       12.000 05/04/2013    EUR    0.216
BRAbank ASA/NO                7.350               NOK   61.539
Getin Noble Bank SA           5.25012/21/2023     PLN   69.000
SG Issuer SA                  2.70011/28/2034     ZAR   44.429
OOO SPV Structural Inve       0.010 09/01/2023    RUB   66.740
Deutsche Bank AG/London       0.50010/18/2038     MXN   16.046
Elli Investments Ltd         12.250 6/15/2020     GBP   51.823
Danske Bank A/S               7.470 07/09/2023    SEK   72.930
Erste Group Bank AG           7.00011/21/2023     EUR   21.100
Decipher Production Ltd      12.500 9/27/2019     USD    1.500
Otkritie Holding JSC          0.010 12/08/2027    RUB    1.900
Cooperativa Muratori &        6.875 08/01/2022    EUR    1.560
Instabank ASA                 7.930 02/04/2030    NOK   73.638
Spoldzielczy Bank Rozwo       3.750 7/16/2025     PLN   75.000
Minicentrales Dos SA          0.010 06/06/2047    EUR   67.383
SAir Group                    2.125 11/04/2004    CHF   12.625
Norske Skogindustrier A       7.12510/15/2033     USD    0.001
WEB Windenergie AG            2.250 9/25/2028     EUR    0.010
Societe Generale SA          17.000 03/03/2021    USD   43.100
Landesbank Baden-Wuertt       2.500 8/27/2021     EUR   63.010
Bayerische Landesbank         3.400 7/16/2021     EUR   67.210
Leonteq Securities AG        11.200 1/27/2021     USD   73.790
Landesbank Hessen-Thuer       7.300 02/07/2023    EUR    0.100
Landesbank Hessen-Thuer       6.900 1/30/2023     EUR
Northland Resources AB        4.00010/15/2020     USD    0.271
PA Resources AB              13.500 03/03/2016    SEK    0.124
Tonon Luxembourg SA           9.250 1/24/2020     USD    1.000
Gold-Zack AG                  7.00012/14/2005     EUR   10.510
SAir Group                    6.250 04/12/2005    CHF   12.625
Cooperatieve Rabobank U       0.50012/29/2027     MXN   64.963
Minicentrales Dos SA          0.010 06/06/2047    EUR   65.750
Natixis SA                    0.300 6/25/2048     USD   51.735
Samaratransneft-Termina      17.000 6/20/2021     RUB   15.700
Mriya Agro Holding PLC        9.450 4/19/2018     USD    5.000
Landesbank Hessen-Thuer       5.200 01/11/2024    EUR   70.470
SG Issuer SA                  2.98012/28/2021     EUR   60.190
Leonteq Securities AG/G       8.000 09/01/2021    CHF   71.320
SG Issuer SA                  5.500 04/10/2021    EUR
Satra Forvaltnings AB         9.000 2/27/2021     SEK   65.000
Landesbank Hessen-Thuer       5.650 2/21/2023     EUR    0.100
Bank Julius Baer & Co L      10.100 1/25/2021     USD   56.550
Danske Bank A/S               6.860 07/09/2022    SEK   25.670
Nordea Bank Abp               7.430 1/20/2025     SEK   82.000
Landesbank Hessen-Thuer       8.450 1/24/2023     EUR    0.100
Corner Banca SA              16.400 03/02/2021    CHF   12.630
Phosphorus Holdco PLC        10.000 04/01/2019    GBP    0.612
ECM Real Estate Investm       5.000 10/09/2011    EUR   15.375
Heta Asset Resolution A       4.35012/31/2023     EUR    2.082
Nordea Bank Abp               5.813 7/20/2024     SEK   71.000
SG Issuer SA                 10.400 2/23/2021     USD    3.040
WPE International Coope      10.375 9/30/2020     USD    5.706
Norske Skogindustrier A       2.00012/30/2115     EUR    0.113
Kaupthing ehf                 6.125 10/04/2016    USD    0.250
Lehman Brothers Treasur       5.103 6/22/2046     EUR    0.100
Bibby Offshore Services       7.500 6/15/2021     GBP   11.639
DekaBank Deutsche Giroz       1.780 02/05/2021    EUR   62.860
Corner Banca SA               7.600 02/02/2021    CHF   68.640
Erste Group Bank AG           8.000 9/28/2023     EUR    0.300
WEB Windenergie AG            4.00012/17/2025     EUR    0.010
Skandinaviska Enskilda        6.500 1/15/2024     SEK   71.760
COFIDUR SA                    0.10012/31/2024     EUR   24.050
New World Resources NV        4.000 10/07/2020    EUR    1.011
Societe Generale SA           8.00010/13/2021     USD   71.000
BRAbank ASA                   7.380               NOK   56.110
KPNQwest NV                   8.875 02/01/2008    EUR    0.068
Getin Noble Bank SA           4.250 7/26/2024     PLN   74.000
Getin Noble Bank SA           5.270 8/31/2023     PLN   69.997
BLT Finance BV               12.000 02/10/2015    USD   10.500
Norske Skogindustrier A       7.00012/30/2026     EUR    0.001
LBI ehf                       6.100 8/25/2011     USD    8.625
Societe Generale SA           8.000 8/18/2021     USD   17.250
Landesbank Hessen-Thuer       5.200 01/08/2024    EUR   46.060
Societe Generale SA           4.890 2/16/2023     USD   55.340
Landesbank Hessen-Thuer       6.750 1/14/2025     EUR   72.170
Leonteq Securities AG/G      10.000 02/08/2021    USD   70.030
EFG International Finan       7.000 5/23/2022     EUR   47.750
Societe Generale SA           1.580 9/16/2024     USD    2.610
Leonteq Securities AG         6.400 5/25/2021     CHF   72.550
UniCredit Bank AG            10.500 5/19/2021     EUR    3.400
Landesbank Baden-Wuertt       3.500 2/26/2021     EUR   71.030
Raiffeisen Switzerland        4.800 6/14/2021     EUR   66.220
Credit Suisse AG/London       8.750 5/20/2021     GBP   60.960
Banque Cantonale Vaudoi       7.550 08/03/2021    CHF   73.230
Leonteq Securities AG        12.00010/18/2021     CHF   65.120
Leonteq Securities AG/G       2.750 9/15/2022     CHF   13.790
Petromena ASA                10.85011/19/2018     USD    0.622
Irish Bank Resolution C       6.75011/30/2013     BGN   33.250
BNP Paribas Issuance BV       6.550 3/28/2025     EUR   44.030
Polski Bank Spoldzielcz       3.760 9/14/2027     PLN   65.346
Lehman Brothers Treasur       5.100 05/08/2017    HKD    0.100
Getin Noble Bank SA           5.250 4/28/2023     PLN   74.732
Barclays Bank PLC             0.500 1/28/2033     MXN   38.461
Lehman Brothers Treasur       7.375 9/20/2008     EUR    0.100
UBS AG/London                 7.250 02/08/2021    CHF   60.300
Societe Generale SA          12.000 2/17/2025     USD   57.200
Societe Generale SA           8.600 7/29/2022     USD   45.000
EFG International Finan       6.130 6/20/2024     EUR    3.000
Erste Group Bank AG           4.350 2/28/2022     EUR   52.300
Kancelaria Medius SA          5.770 03/07/2021    PLN   40.000
UBS AG/London                10.000 3/22/2021     EUR   43.450
UBS AG/London                12.500 7/19/2021     USD   70.250
Erste Group Bank AG           5.550 8/30/2022     EUR   52.650
Erste Group Bank AG           4.350 2/20/2022     EUR   52.750
getBACK SA                    4.210 2/16/2021     PLN
BNP Paribas Emissions-        8.000 6/24/2021     EUR   66.340
Landesbank Baden-Wuertt      14.770 5/25/2021     EUR    6.110
Leonteq Securities AG        30.000 06/09/2021    CHF   15.200
EFG International Finan       5.600 07/11/2024    EUR   24.660
Landesbank Baden-Wuertt       8.150 02/04/2021    EUR    0.780
Credit Suisse AG/London       6.250 7/21/2022     CHF   73.550
SG Issuer SA                  7.000 2/17/2021     EUR   72.310
UBS AG/London                13.500 7/15/2021     CHF    7.490
Leonteq Securities AG/G      25.000 2/18/2021     USD    6.120
Credit Suisse AG/London      10.000 1/25/2021     CHF   74.660
Credit Suisse AG/London       8.750 03/04/2021    EUR   65.710
RENE LEZARD Mode GmbH         7.25011/25/2017     EUR    1.500
Societe Generale SA          17.500 1/26/2023     USD   71.000
Societe Generale SA          10.000 12/02/2021    USD   58.300
Vontobel Financial Prod       0.154 06/10/2021    EUR   62.400
Astana Finance BV             7.875 06/08/2010    EUR   16.000
HSBC Bank PLC                 0.50011/25/2025     BRL   67.165
Santander Consumer Bank       5.160               NOK   58.614
Rio Forte Investments S       3.900 07/10/2014    USD    5.500
Grupo Isolux Corsan SA        1.00012/30/2021     USD    0.318
Getin Noble Bank SA           5.260 04/04/2024    PLN   65.000
SG Issuer SA                  7.600 2/22/2021     EUR    2.350
Erste Group Bank AG           7.200 9/30/2024     EUR    0.350
Banco Espirito Santo SA      10.000 12/06/2021    EUR    0.001
Lehman Brothers Treasur       6.000 6/21/2011     EUR    0.100
Lehman Brothers Treasur       2.000 3/16/2035     EUR    0.100
Getin Noble Bank SA           5.250 11/09/2023    PLN   70.814
Instabank ASA                 7.500               NOK   41.146
Rio Forte Investments S       4.750 11/10/2015    EUR    5.500
Heta Asset Resolution A       0.21712/31/2023     EUR    2.078
Heta Asset Resolution A       5.92012/31/2023     EUR    2.078
AKB Peresvet ZAO              0.510 6/23/2021     RUB   19.020
Mriya Agro Holding PLC        9.450 4/19/2018     USD    5.000
Tonon Luxembourg SA          12.500 5/14/2024     USD    0.543
Hellas Telecommunicatio       8.50010/15/2013     EUR    0.540
Northland Resources AB       15.000 7/15/2019     USD    2.621
A-TEC Industries AG           5.750 11/02/2010    EUR    0.100
Bilt Paper BV                 9.640               USD    0.876
Aralco Finance SA            10.125 05/07/2020    USD    0.934
Raiffeisen Schweiz Geno      11.500 2/18/2021     CHF   52.300
Leonteq Securities AG/G       6.400 11/03/2021    CHF   51.780
Societe Generale SA           6.000 06/06/2022    USD    4.570
Raiffeisen Centrobank A       5.000 9/20/2021     EUR   69.710
Leonteq Securities AG         7.400 03/04/2021    CHF   66.240
Raiffeisen Centrobank A       5.000 08/09/2021    EUR   67.960
Skandinaviska Enskilda        4.100 1/17/2022     SEK   73.650
Corner Banca SA               8.000 5/25/2021     CHF   57.180
Landesbank Hessen-Thuer       7.000 01/09/2023    EUR   59.140
SG Issuer SA                  6.700 07/10/2024    EUR   71.960
Societe Generale SA          10.250 02/02/2023    USD   61.300
SG Issuer SA                  2.200 01/10/2025    EUR   72.660
SG Issuer SA                  6.650 10/10/2021    EUR
Concern Rossium LLC           6.250 12/11/2029    RUB   60.060
AKB Peresvet ZAO             13.000 10/07/2017    RUB   19.625
Windreich GmbH                6.250 03/01/2015    EUR    5.875
Bank Otkritie Financial       0.010 9/24/2025     RUB   72.780
Corner Banca SA               7.350 1/16/2023     CHF   67.710
Cooperativa Muratori &        6.000 2/15/2023     EUR    1.952
KPNQwest NV                   7.125 06/01/2009    EUR    0.068
Bank Otkritie Financial       0.010 7/16/2025     RUB   73.140
Pescanova SA                  6.750 03/05/2015    EUR    0.319
PSN Pm OOO                    9.500 09/10/2026    RUB   21.625
Otkritie Holding JSC          0.010 10/03/2036    RUB    0.010
Privatbank CJSC Via UK       10.875 2/28/2018     USD   30.000
Getin Noble Bank SA           5.250 5/31/2023     PLN   69.255
Concern Rossium LLC           6.000 08/05/2030    RUB  100.020
Espirito Santo Financia       5.125 5/30/2016     EUR    1.527
Landesbank Baden-Wuertt       3.000 2/26/2021     EUR   66.570
Zurcher Kantonalbank Fi       7.750 7/23/2021     EUR   70.980
UBS AG/London                14.000 07/06/2021    USD   64.090
Citigroup Global Market       8.050 1/24/2023     EUR   62.930
BNP Paribas Emissions-        9.000 3/25/2021     EUR   66.090
Landesbank Baden-Wuertt      10.500 2/26/2021     EUR   68.230
Landesbank Baden-Wuertt       2.000 6/25/2021     EUR   70.010
WEB Windenergie AG            3.750 9/26/2026     EUR    0.010
WEB Windenergie AG            2.500 9/26/2021     EUR    0.010
UBS AG/London                14.000 6/28/2021     CHF   71.650
Deutsche Bank AG              3.800 02/04/2030    USD
Lehman Brothers Treasur      11.00012/20/2017     AUD    0.100
Santander Consumer Bank       5.160               NOK   59.205
Credito Padano Banca di       3.100               EUR   33.831
KPNQwest NV                   8.875 02/01/2008    EUR    0.068
BNP Paribas SA                0.50011/16/2032     MXN   32.993
Kreditanstalt fuer Wied       0.250 10/06/2036    CAD   49.170
Lehman Brothers Treasur       6.650 8/24/2011     AUD    0.100
Landesbank Hessen-Thuer       0.650 10/01/2031    EUR   10.464
Raiffeisen Schweiz Geno       5.800 9/28/2021     CHF   57.900
Raiffeisen Schweiz Geno       6.250 04/01/2021    CHF   66.450
Landesbank Baden-Wuertt       3.00012/23/2022     EUR   64.450
Landesbank Baden-Wuertt       3.20012/23/2022     EUR   67.590
DekaBank Deutsche Giroz       4.000 4/23/2021     EUR   67.500
Corner Banca SA               6.200 10/05/2021    CHF   67.830
Landesbank Hessen-Thuer       3.600 08/12/2021    EUR   52.500
Citigroup Global Market      12.37911/13/2023     SEK   69.380
Corner Banca SA               8.600 10/12/2021    CHF   72.490
UniCredit Bank AG             4.00011/21/2022     EUR   65.560
Raiffeisen Schweiz Geno       5.700 10/12/2021    CHF   72.010
Landesbank Baden-Wuertt       3.500 1/28/2022     EUR   59.000
Landesbank Hessen-Thuer       6.35011/19/2024     EUR   62.820
Leonteq Securities AG         7.600 4/15/2021     CHF   70.860
Leonteq Securities AG/G       5.40010/19/2021     CHF   61.510
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   63.470
EFG International Finan      12.00010/19/2021     USD   50.840
DekaBank Deutsche Giroz       2.300 11/12/2021    EUR   61.150
BNP Paribas Issuance BV       6.310 07/05/2023    SEK   69.430
Landesbank Baden-Wuertt       3.25012/23/2022     EUR   63.700
Landesbank Baden-Wuertt       2.65012/23/2022     EUR   70.260
Landesbank Hessen-Thuer       2.000 6/13/2022     EUR   55.150
Natixis SA                    3.150 06/08/2021    USD   70.870
Natixis SA                    2.100 06/08/2021    EUR   59.180
Leonteq Securities AG         5.000 6/15/2021     CHF   57.570
Banque Cantonale Vaudoi       5.800 08/09/2021    CHF   60.720
Leonteq Securities AG        10.000 08/09/2021    CHF   62.230
Leonteq Securities AG        10.000 08/09/2021    CHF   66.010
Landesbank Baden-Wuertt       3.050 9/23/2022     EUR   69.020
Raiffeisen Schweiz Geno       7.500 02/09/2021    EUR   70.450
Raiffeisen Schweiz Geno       5.200 02/09/2021    CHF   66.600
Landesbank Hessen-Thuer       6.25012/13/2024     EUR   71.350
Raiffeisen Schweiz Geno       5.400 8/17/2022     CHF   71.470
Raiffeisen Schweiz Geno       7.800 2/14/2022     EUR   72.040
Raiffeisen Schweiz Geno      10.500 2/17/2021     CHF   73.410
Raiffeisen Schweiz Geno       7.500 5/14/2021     CHF   62.440
Zurcher Kantonalbank Fi       6.000 5/25/2021     CHF   69.010
Zurcher Kantonalbank Fi       6.000 5/25/2021     CHF   63.080
DZ Bank AG Deutsche Zen       8.250 3/24/2021     EUR   50.700
Zurcher Kantonalbank Fi       6.800 5/25/2021     EUR   66.460
Zurcher Kantonalbank Fi       6.000 5/25/2021     EUR   65.450
Credit Suisse AG/London       7.000 2/17/2021     CHF   65.930
Leonteq Securities AG/G      13.750 2/17/2021     EUR    3.280
Leonteq Securities AG/G       6.000 8/17/2022     CHF   73.310
Leonteq Securities AG/G      15.470 5/18/2021     CHF    7.620
DZ Bank AG Deutsche Zen       6.400 2/24/2021     EUR   67.010
UniCredit Bank AG            14.300 3/26/2021     EUR   71.000
UniCredit Bank AG            14.800 6/25/2021     EUR   72.010
UniCredit Bank AG            13.300 6/25/2021     EUR   73.710
UniCredit Bank AG            13.900 3/26/2021     EUR   73.380
Zurcher Kantonalbank Fi       6.000 5/27/2021     CHF   75.340
UniCredit Bank AG            12.200 6/25/2021     EUR   73.370
UniCredit Bank AG            13.800 3/26/2021     EUR   71.850
UniCredit Bank AG            12.200 6/25/2021     EUR   72.370
UniCredit Bank AG            18.300 3/26/2021     EUR   55.610
UniCredit Bank AG            17.600 6/25/2021     EUR   56.840
UniCredit Bank AG            12.900 3/26/2021     EUR   71.390
UniCredit Bank AG            14.200 3/26/2021     EUR   69.690
DZ Bank AG Deutsche Zen      10.800 2/26/2021     EUR   66.360
DZ Bank AG Deutsche Zen      13.100 3/26/2021     EUR   63.750
DZ Bank AG Deutsche Zen       7.000 6/25/2021     EUR   70.770
DZ Bank AG Deutsche Zen       9.000 6/25/2021     EUR   67.470
DZ Bank AG Deutsche Zen      11.300 6/25/2021     EUR   64.730
DZ Bank AG Deutsche Zen      10.700 2/26/2021     EUR   64.230
DZ Bank AG Deutsche Zen      13.400 3/26/2021     EUR   61.300
DZ Bank AG Deutsche Zen       7.000 6/25/2021     EUR   70.690
DZ Bank AG Deutsche Zen       9.300 6/25/2021     EUR   67.150
DZ Bank AG Deutsche Zen      11.700 6/25/2021     EUR   64.000
DZ Bank AG Deutsche Zen       8.000 2/26/2021     EUR   70.510
DZ Bank AG Deutsche Zen      10.200 6/25/2021     EUR   73.270
DZ Bank AG Deutsche Zen      11.800 3/26/2021     EUR   73.860
DZ Bank AG Deutsche Zen      10.700 2/26/2021     EUR   68.130
DZ Bank AG Deutsche Zen      13.400 2/26/2021     EUR   63.890
DZ Bank AG Deutsche Zen       7.400 6/25/2021     EUR   73.570
DZ Bank AG Deutsche Zen       9.200 6/25/2021     EUR   70.180
DZ Bank AG Deutsche Zen      11.200 6/25/2021     EUR   66.140
Credit Suisse AG/London       8.500 5/18/2021     EUR   60.760
Credit Suisse AG/London       7.500 8/13/2021     CHF   69.780
Zurcher Kantonalbank Fi       9.250 8/26/2021     CHF   52.980
Vontobel Financial Prod      12.000 3/26/2021     EUR   64.550
Raiffeisen Schweiz Geno       6.000 2/19/2021     EUR   61.000
UBS AG/London                11.000 2/19/2021     CHF   70.900
UBS AG/London                 7.000 2/21/2022     EUR   62.750
UBS AG/London                 5.500 8/19/2021     EUR   67.150
UBS AG/London                10.000 8/19/2021     CHF   69.700
UBS AG/London                 6.500 8/19/2021     CHF   66.800
UBS AG/London                12.000 8/19/2021     CHF   13.580
UBS AG/London                 5.750 8/20/2021     EUR   68.000
Zurcher Kantonalbank Fi       5.000 2/19/2021     EUR   70.410
Landesbank Hessen-Thuer       3.000 06/04/2021    EUR   71.400
Landesbank Hessen-Thuer       5.70011/24/2022     EUR   56.840
Landesbank Hessen-Thuer       4.000 06/04/2021    EUR   59.500
Landesbank Hessen-Thuer       4.000 2/17/2021     EUR   53.580
Landesbank Hessen-Thuer       4.000 2/17/2021     EUR   38.710
UniCredit Bank AG             3.850 2/14/2021     EUR   51.060
Landesbank Hessen-Thuer       6.700 5/17/2022     EUR   56.910
Landesbank Hessen-Thuer       6.600 2/17/2023     EUR   54.240
Landesbank Hessen-Thuer       4.350 2/24/2023     EUR   48.280
Landesbank Hessen-Thuer       5.300 9/23/2022     EUR   45.490
Raiffeisen Schweiz Geno       4.00012/15/2021     CHF   67.690
Landesbank Hessen-Thuer       5.150 6/14/2022     EUR   62.450
Landesbank Baden-Wuertt       2.300 7/23/2021     EUR   66.930
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   60.030
Landesbank Baden-Wuertt       2.200 7/23/2021     EUR   68.900
Skandinaviska Enskilda        9.020 7/17/2023     SEK   58.540
Credit Suisse AG/Nassau       7.000 6/22/2021     CHF   53.070
Vontobel Financial Prod       4.200 07/06/2021    EUR   67.320
SecurAsset SA                 5.250 6/30/2022     EUR   48.700
Raiffeisen Schweiz Geno       4.00012/22/2021     CHF   67.680
SG Issuer SA                  4.000 6/22/2026     EUR   45.450
Landesbank Baden-Wuertt       3.000 9/23/2022     EUR   60.690
Landesbank Baden-Wuertt       2.650 9/23/2022     EUR   67.020
Landesbank Hessen-Thuer       2.500 6/21/2021     EUR   68.500
Landesbank Hessen-Thuer       6.70010/13/2023     EUR   60.410
EFG International Finan      11.400 6/28/2021     USD   50.210
UBS AG/London                 6.250 6/21/2021     CHF   53.800
SG Issuer SA                 11.170 7/20/2025     SEK   50.350
Raiffeisen Schweiz Geno       5.00012/29/2021     CHF   67.670
Raiffeisen Schweiz Geno       4.10012/29/2021     CHF   67.400
Credit Suisse AG/Nassau       7.200 07/05/2021    CHF   56.940
UniCredit Bank AG             4.300 7/26/2022     EUR   60.230
UniCredit Bank AG             4.200 7/26/2022     EUR   38.370
UniCredit Bank AG             4.450 7/23/2022     EUR   59.700
UniCredit Bank AG             4.150 7/26/2022     EUR   55.120
UniCredit Bank AG             3.650 7/23/2022     EUR   62.130
UniCredit Bank AG             6.400 7/23/2021     EUR   74.860
Bayerische Landesbank         2.000 1/28/2022     EUR   64.820
Landesbank Baden-Wuertt       2.700 6/25/2021     EUR   59.470
Landesbank Baden-Wuertt       2.500 6/24/2022     EUR   61.960
EFG International Finan       7.00010/25/2021     EUR   70.540
Landesbank Hessen-Thuer       5.200 9/30/2022     EUR   46.500
Societe Generale SA           8.000 5/28/2027     USD   35.300
Landesbank Hessen-Thuer       5.500 5/25/2023     EUR   35.260
Leonteq Securities AG/G       5.000 08/02/2021    USD   67.380
UniCredit Bank AG             5.700 5/14/2021     EUR   47.880
Landesbank Hessen-Thuer       4.000 8/18/2021     EUR   44.320
UniCredit Bank AG             3.600 8/23/2021     EUR   42.210
Landesbank Hessen-Thuer       5.00011/25/2022     EUR   56.170
Raiffeisen Switzerland       10.500 07/11/2024    USD   18.660
Landesbank Hessen-Thuer       6.150 8/25/2022     EUR   57.620
DekaBank Deutsche Giroz       4.250 05/03/2022    EUR   63.910
UniCredit Bank AG             4.000 2/28/2022     EUR   62.000
SG Issuer SA                  5.600 01/10/2023    EUR
UniCredit Bank AG             4.25011/21/2021     EUR   38.890
UniCredit Bank AG             4.20011/21/2021     EUR   64.230
Raiffeisen Switzerland        4.440 4/19/2021     EUR   59.600
Landesbank Hessen-Thuer       4.00011/24/2021     EUR   61.280
Landesbank Hessen-Thuer       4.700 2/24/2023     EUR   54.310
Landesbank Hessen-Thuer       5.000 02/10/2023    EUR   67.690
Raiffeisen Schweiz Geno       4.70010/20/2021     CHF   59.810
Landesbank Baden-Wuertt       4.00010/22/2021     EUR   47.210
Landesbank Baden-Wuertt       3.25010/22/2021     EUR   71.030
EFG International Finan       5.600 4/26/2021     CHF   57.930
Landesbank Hessen-Thuer       4.000 6/16/2022     EUR   54.810
UBS AG/London                11.000 3/15/2021     EUR   45.250
UBS AG/London                 7.000 3/15/2021     EUR   53.000
Landesbank Baden-Wuertt       3.750 3/26/2021     EUR   45.380
Bayerische Landesbank         2.250 7/23/2021     EUR   56.040
Leonteq Securities AG/G       5.600 8/24/2021     CHF   51.230
DekaBank Deutsche Giroz       2.500 09/10/2021    EUR   72.770
EFG International Finan       6.500 8/30/2021     CHF   64.850
Zurcher Kantonalbank Fi       8.500 8/24/2021     CHF   64.580
Raiffeisen Schweiz Geno       5.250 8/24/2021     CHF   63.210
Landesbank Hessen-Thuer       5.800 9/24/2024     EUR   56.810
UniCredit Bank AG             8.40012/24/2021     EUR   70.280
UniCredit Bank AG             7.70012/24/2021     EUR   71.660
UniCredit Bank AG             9.200 6/25/2021     EUR   69.650
UniCredit Bank AG            12.100 6/25/2021     EUR   63.610
Zurcher Kantonalbank Fi       5.000 7/23/2021     EUR   68.050
UBS AG/London                14.250 7/19/2021     USD   59.730
Raiffeisen Schweiz Geno       5.250 07/05/2021    CHF   71.470
Raiffeisen Schweiz Geno       4.500 07/05/2021    CHF   63.800
Zurcher Kantonalbank Fi       5.750 7/16/2021     CHF   72.250
Landesbank Hessen-Thuer       4.000 08/09/2023    EUR   58.740
UniCredit Bank AG             7.800 6/25/2021     EUR   67.420
UniCredit Bank AG            10.700 6/25/2021     EUR   54.500
UniCredit Bank AG            10.100 6/25/2021     EUR   59.880
UniCredit Bank AG             9.700 6/25/2021     EUR   70.800
UniCredit Bank AG            10.900 6/25/2021     EUR   68.810
UniCredit Bank AG            11.300 6/25/2021     EUR   74.780
UniCredit Bank AG            12.500 6/25/2021     EUR   71.920
UniCredit Bank AG            11.100 6/25/2021     EUR   69.670
UniCredit Bank AG             6.400 6/25/2021     EUR   70.820
UniCredit Bank AG             9.300 6/25/2021     EUR   64.520
UniCredit Bank AG             6.500 6/25/2021     EUR   66.360
UniCredit Bank AG             7.500 6/25/2021     EUR   62.800
UniCredit Bank AG            11.800 6/25/2021     EUR   52.360
UniCredit Bank AG             8.500 6/25/2021     EUR   59.660
UniCredit Bank AG             9.600 6/25/2021     EUR   56.920
Skandinaviska Enskilda        7.800 7/15/2024     SEK   70.940
Skandinaviska Enskilda        6.500 7/15/2024     SEK   71.800
UniCredit Bank AG             8.10012/24/2021     EUR   67.680
UniCredit Bank AG             5.80012/24/2021     EUR   72.700
UniCredit Bank AG             5.50012/24/2021     EUR   70.650
UniCredit Bank AG            10.60012/24/2021     EUR   67.190
UniCredit Bank AG             9.40012/24/2021     EUR   71.750
UniCredit Bank AG            10.20012/24/2021     EUR   55.720
UniCredit Bank AG             8.50012/24/2021     EUR   59.160
UniCredit Bank AG             6.90012/24/2021     EUR   69.990
UniCredit Bank AG             7.70012/24/2021     EUR   61.320
UniCredit Bank AG             6.80012/24/2021     EUR   63.710
UniCredit Bank AG             6.00012/24/2021     EUR   66.520
UBS AG/London                 6.500 07/12/2021    EUR   52.700
EFG International Finan       7.000 07/11/2022    CHF   73.170
Landesbank Hessen-Thuer       5.200 08/09/2024    EUR   69.370
Landesbank Hessen-Thuer       3.350 5/19/2021     EUR   61.400
Societe Generale Effekt      24.419 6/25/2021     EUR   71.840
Leonteq Securities AG/G       8.600 07/12/2021    EUR   52.210
Raiffeisen Schweiz Geno       7.100 07/12/2021    EUR   72.770
UniCredit Bank AG             5.40012/24/2021     EUR   58.290
Landesbank Baden-Wuertt       2.55012/27/2021     EUR   56.820
Landesbank Baden-Wuertt       2.50012/27/2021     EUR   49.990
Landesbank Hessen-Thuer       4.000 11/10/2021    EUR   37.610
Landesbank Hessen-Thuer       5.100 2/17/2023     EUR   51.240
Raiffeisen Schweiz Geno       8.800 03/01/2021    EUR   44.770
Landesbank Baden-Wuertt       3.700 9/24/2021     EUR   60.590
Landesbank Baden-Wuertt       3.000 3/26/2021     EUR   55.760
Landesbank Baden-Wuertt       5.500 3/26/2021     EUR   46.510
Landesbank Baden-Wuertt       2.500 3/26/2021     EUR   71.500
Landesbank Baden-Wuertt       2.500 3/26/2021     EUR   69.690
UniCredit Bank AG            10.20012/24/2021     EUR   66.140
UniCredit Bank AG             6.60012/24/2021     EUR   65.890
UniCredit Bank AG            10.000 6/25/2021     EUR   67.460
UniCredit Bank AG             9.100 6/25/2021     EUR   69.340
UniCredit Bank AG            10.100 6/25/2021     EUR   58.160
UniCredit Bank AG             5.400 6/25/2021     EUR   71.050
Zurcher Kantonalbank Fi       7.250 7/23/2021     USD   70.920
Zurcher Kantonalbank Fi       7.500 7/23/2021     CHF   70.930
Credit Suisse AG/London       4.500 07/12/2021    EUR   59.490
UBS AG/London                 7.000 7/19/2021     CHF   53.000
Raiffeisen Switzerland        4.000 8/30/2022     CHF   46.360
Landesbank Baden-Wuertt       3.000 9/23/2022     EUR   55.890
Landesbank Baden-Wuertt       2.500 9/23/2022     EUR   68.920
Societe Generale Effekt       5.600 09/04/2023    EUR   44.550
Landesbank Hessen-Thuer       3.350 9/21/2022     EUR   60.280
UniCredit Bank AG             3.750 9/14/2022     EUR   68.640
SG Issuer SA                  3.000 09/02/2021    EUR   41.400
DekaBank Deutsche Giroz       1.000 11/02/2021    EUR   56.300
SG Issuer SA                  9.000 7/20/2023     SEK   72.670
UniCredit Bank AG             5.000 5/14/2021     EUR   61.340
Leonteq Securities AG         7.200 02/02/2021    EUR   56.900
Landesbank Hessen-Thuer       8.200 06/09/2022    EUR   70.490
Rosseti South PJSC            9.240 07/01/2022    RUB   70.020
Societe Generale SA           9.000 7/22/2022     USD   41.900
Societe Generale Effekt       3.000 7/22/2022     USD    9.450
UniCredit Bank AG             4.30010/18/2021     EUR   44.950
Landesbank Hessen-Thuer       5.70010/27/2022     EUR   60.190
UniCredit Bank AG             3.80010/24/2021     EUR   64.780
UniCredit Bank AG             4.05010/24/2021     EUR   50.760
Landesbank Hessen-Thuer       3.000 08/06/2021    EUR   36.900
UniCredit Bank AG             3.90010/24/2021     EUR   40.060
EFG International Finan       6.200 8/16/2021     CHF   71.220
UniCredit Bank AG             3.200 09/10/2022    EUR   57.090
Leonteq Securities AG         6.200 2/17/2021     CHF   59.950
Landesbank Hessen-Thuer       5.750 04/07/2022    EUR   70.570
UBS AG/London                 6.500 02/08/2021    EUR   62.900
Leonteq Securities AG         6.000 8/17/2021     CHF   41.490
Leonteq Securities AG         5.000 2/17/2021     CHF   56.070
UniCredit Bank AG             9.10012/24/2021     EUR   68.200
UniCredit Bank AG             6.90012/24/2021     EUR   73.010
UniCredit Bank AG             7.50012/24/2021     EUR   63.520
UniCredit Bank AG             7.90012/24/2021     EUR   73.110
UniCredit Bank AG             8.00012/24/2021     EUR   70.490
UniCredit Bank AG             7.300 6/25/2021     EUR   73.540
UniCredit Bank AG             8.200 6/25/2021     EUR   71.370
UniCredit Bank AG             6.000 6/25/2021     EUR   55.880
UniCredit Bank AG             4.700 6/25/2021     EUR   59.730
UniCredit Bank AG             7.500 6/25/2021     EUR   52.680
UniCredit Bank AG            11.400 6/25/2021     EUR   73.450
UniCredit Bank AG             7.600 6/25/2021     EUR   63.750
UniCredit Bank AG             8.90012/24/2021     EUR   51.660
UniCredit Bank AG             4.40012/24/2021     EUR   61.660
UniCredit Bank AG             7.900 6/25/2021     EUR   73.250
UniCredit Bank AG            10.700 6/25/2021     EUR   66.480
UniCredit Bank AG             7.00012/24/2021     EUR   73.200
UniCredit Bank AG             4.35011/21/2021     EUR   48.450
Leonteq Securities AG/G       7.20010/27/2021     CHF   66.440
Landesbank Hessen-Thuer       6.450 2/24/2023     EUR   62.520
Leonteq Securities AG/G       3.600 03/01/2021    EUR   57.800
Landesbank Baden-Wuertt       4.500 3/26/2021     EUR   50.480
Landesbank Baden-Wuertt       5.000 3/26/2021     EUR   48.590
Landesbank Baden-Wuertt       4.500 3/26/2021     EUR   69.510
Landesbank Baden-Wuertt       3.000 3/26/2021     EUR   55.490
Landesbank Baden-Wuertt       3.500 3/26/2021     EUR   68.040
Landesbank Baden-Wuertt       3.500 3/26/2021     EUR   65.630
Landesbank Baden-Wuertt       6.000 3/26/2021     EUR   47.250
Landesbank Baden-Wuertt       3.500 3/26/2021     EUR   67.110
Landesbank Baden-Wuertt       3.000 3/26/2021     EUR   55.920
Landesbank Baden-Wuertt       2.500 3/26/2021     EUR   56.120
Landesbank Baden-Wuertt       4.500 3/26/2021     EUR   62.040
Landesbank Hessen-Thuer       2.000 3/29/2022     EUR   47.150
Landesbank Hessen-Thuer       5.45011/17/2022     EUR   66.740
UniCredit Bank AG             3.800 8/30/2023     EUR   48.550
Landesbank Hessen-Thuer       6.000 9/21/2023     EUR   55.540
DekaBank Deutsche Giroz       2.300 9/24/2021     EUR   54.180
Landesbank Hessen-Thuer       4.000 04/12/2023    EUR   61.990
Leonteq Securities AG/G       7.500 03/11/2021    CHF   63.290
UniCredit Bank AG             4.200 9/21/2022     EUR   52.110
Corner Banca SA               6.500 2/24/2021     CHF   71.390
DekaBank Deutsche Giroz       7.700 3/26/2021     EUR   67.170
UBS AG/London                 8.000 03/01/2021    USD   53.380
BNP Paribas Emissions-       12.000 3/25/2021     EUR    2.260
Corner Banca SA               6.400 09/07/2021    CHF   65.600
Landesbank Hessen-Thuer       5.000 9/21/2023     EUR   64.310
DekaBank Deutsche Giroz       3.400 3/26/2021     EUR   65.720
Landesbank Hessen-Thuer       5.700 6/16/2022     EUR   60.110
Landesbank Hessen-Thuer       4.000 3/23/2022     EUR   50.370
Leonteq Securities AG/G       3.750 2/20/2023     CHF   43.910
EFG International Finan       6.400 03/08/2021    EUR   55.670
EFG International Finan       6.000 8/13/2021     CHF   62.470
Leonteq Securities AG/G       6.200 02/10/2021    CHF   44.430
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   64.640
SG Issuer SA                  7.740 7/20/2025     SEK   62.780
Leonteq Securities AG/G       7.000 04/09/2021    EUR   59.650
Societe Generale Effekt       3.750 5/24/2021     EUR   41.280
SG Issuer SA                  8.700 1/20/2025     SEK   55.720
Landesbank Hessen-Thuer       6.500 05/11/2023    EUR   64.900
Landesbank Hessen-Thuer       3.500 05/11/2022    EUR   60.180
Landesbank Hessen-Thuer       4.000 05/11/2022    EUR   55.780
Societe Generale SA           3.900 3/23/2022     USD    2.920
Landesbank Baden-Wuertt       2.75011/26/2021     EUR   59.850
Landesbank Baden-Wuertt       3.40011/26/2021     EUR   71.890
Corner Banca SA              19.000 03/09/2021    CHF    5.040
Leonteq Securities AG        15.000 03/09/2021    CHF    9.590
Leonteq Securities AG/G      17.000 03/09/2021    USD   11.150
DZ Bank AG Deutsche Zen      10.250 6/21/2021     EUR    5.110
Leonteq Securities AG/G      11.000 03/10/2021    EUR    1.640
UBS AG/London                 9.500 9/13/2021     CHF   73.900
Landesbank Baden-Wuertt       2.700 3/26/2021     EUR   52.070
Landesbank Baden-Wuertt       4.500 3/26/2021     EUR   49.000
Landesbank Baden-Wuertt       6.500 3/26/2021     EUR   73.460
Landesbank Hessen-Thuer       4.000 3/17/2021     EUR   54.810
Landesbank Baden-Wuertt       3.500 8/27/2021     EUR   54.460
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   63.810
Landesbank Baden-Wuertt       2.150 8/27/2021     EUR   66.780
DekaBank Deutsche Giroz       8.150 2/26/2021     EUR   62.800
Landesbank Hessen-Thuer       6.000 03/10/2023    EUR   59.450
EFG International Finan       6.400 08/09/2021    CHF   61.010
Landesbank Baden-Wuertt       2.000 2/25/2022     EUR   73.210
Danske Bank A/S               5.300 7/15/2023     SEK   45.660
Erste Group Bank AG           4.75012/20/2021     EUR   64.150
SG Issuer SA                  9.180 1/20/2025     SEK   57.110
DekaBank Deutsche Giroz       3.150 03/05/2021    EUR   37.480
Leonteq Securities AG/G       2.300 02/08/2023    CHF   42.330
UniCredit Bank AG             4.500 1/18/2022     EUR   45.650
UniCredit Bank AG             3.500 2/13/2023     EUR   45.790
Landesbank Baden-Wuertt       3.000 2/26/2021     EUR   49.290
Landesbank Baden-Wuertt       3.800 2/26/2021     EUR   45.920
Landesbank Baden-Wuertt       2.300 2/25/2022     EUR   62.850
Landesbank Baden-Wuertt       3.000 2/25/2022     EUR   72.860
UniCredit Bank AG             3.80012/29/2022     EUR   60.940
Landesbank Hessen-Thuer       4.000 01/05/2022    EUR   36.930
Landesbank Hessen-Thuer       5.900 03/09/2023    EUR   62.690
Landesbank Baden-Wuertt       2.800 4/25/2022     EUR   63.650
Leonteq Securities AG/G       7.000 02/12/2021    CHF   65.780
Landesbank Hessen-Thuer       1.830 3/15/2021     EUR   59.810
UniCredit Bank AG             6.400 03/05/2021    EUR   38.760
UniCredit Bank AG             5.100 03/05/2021    EUR   49.120
UniCredit Bank AG             4.650 03/05/2021    EUR   37.060
Landesbank Hessen-Thuer       7.600 03/09/2023    EUR   59.190
Landesbank Hessen-Thuer       5.550 3/16/2023     EUR   55.310
Landesbank Hessen-Thuer       8.900 3/16/2023     EUR   63.270
UniCredit Bank AG             5.600 4/16/2021     EUR   50.620
UniCredit Bank AG             3.750 4/19/2022     EUR   68.260
UniCredit Bank AG             3.80010/24/2021     EUR   64.150
Landesbank Hessen-Thuer       3.500 01/05/2022    EUR   54.430
Landesbank Hessen-Thuer       3.500 01/05/2022    EUR   57.090
Landesbank Hessen-Thuer       5.400 04/05/2023    EUR   44.460
DekaBank Deutsche Giroz       2.050 05/03/2021    EUR   59.570
Landesbank Baden-Wuertt       2.800 6/25/2021     EUR   64.230
Nordea Bank Abp               4.100 7/20/2023     SEK   51.500
Landesbank Hessen-Thuer       6.400 03/09/2023    EUR   57.850
EFG International Finan       7.000 2/21/2022     CHF   70.760
EFG International Finan       7.200 2/22/2021     CHF   16.820
Raiffeisen Switzerland        7.000 8/19/2021     EUR   71.560
EFG International Finan       8.620 8/24/2022     CHF   73.640
Raiffeisen Schweiz Geno       4.600 2/20/2023     CHF   70.520
Bank Julius Baer & Co L       8.100 2/23/2021     EUR   66.050
EFG International Finan       8.160 2/26/2025     EUR   72.180
Zurcher Kantonalbank Fi      24.500 6/22/2021     EUR   12.250
EFG International Finan      27.000 6/24/2021     EUR   13.590
DZ Bank AG Deutsche Zen       5.750 9/22/2021     EUR   73.670
UBS AG/London                 9.350 12/07/2022    USD    9.950
Vontobel Financial Prod      25.000 3/26/2021     EUR
Vontobel Financial Prod      18.500 6/25/2021     EUR
Vontobel Financial Prod      10.700 3/26/2021     EUR
Vontobel Financial Prod       8.050 3/26/2021     EUR
Leonteq Securities AG/G       5.880 6/16/2021     EUR   57.640
Leonteq Securities AG/G       3.380 6/16/2021     USD   44.360
UniCredit Bank AG             4.500 03/12/2022    EUR   46.440
DekaBank Deutsche Giroz       3.900 4/25/2022     EUR   44.710
EFG International Finan       7.400 03/08/2021    CHF   67.840
UniCredit Bank AG             6.30010/16/2021     EUR   41.160
HSBC Trinkaus & Burkhar       5.000 10/07/2021    EUR   73.720
Goldman Sachs & Co Wert      13.000 3/24/2021     EUR   70.180
Landesbank Hessen-Thuer       5.750 08/03/2023    EUR   52.590
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   59.090
DekaBank Deutsche Giroz       2.550 7/30/2021     EUR   54.290
Leonteq Securities AG/G       6.200 7/27/2021     CHF   56.570
UniCredit Bank AG             3.500 8/24/2022     EUR   66.570
UniCredit Bank AG             4.100 8/24/2022     EUR   65.240
UniCredit Bank AG             5.350 8/24/2021     EUR   46.680
UniCredit Bank AG             4.200 8/24/2022     EUR   63.730
Leonteq Securities AG/G      26.000 5/28/2021     CHF   13.530
BNP Paribas Emissions-       10.000 3/25/2021     EUR    1.940
BNP Paribas Emissions-        9.000 6/24/2021     EUR   73.660
BNP Paribas Emissions-        5.500 3/25/2021     EUR   74.890
BNP Paribas Emissions-        8.000 3/25/2021     EUR   65.930
BNP Paribas Emissions-        7.500 6/24/2021     EUR   68.690
BNP Paribas Emissions-        9.000 6/24/2021     EUR   66.700
BNP Paribas Emissions-        8.500 6/24/2021     EUR   72.580
BNP Paribas Emissions-       11.000 3/25/2021     EUR   71.730
BNP Paribas Emissions-        8.500 3/25/2021     EUR   72.450
BNP Paribas Emissions-       17.000 6/24/2021     EUR
BNP Paribas Emissions-        6.000 3/25/2021     EUR   73.970
BNP Paribas Emissions-        8.500 3/25/2021     EUR   71.120
BNP Paribas Emissions-        8.000 3/25/2021     EUR   69.990
BNP Paribas Emissions-       10.000 3/25/2021     EUR   68.560
BNP Paribas Emissions-        7.500 6/24/2021     EUR   72.170
BNP Paribas Emissions-        8.500 6/24/2021     EUR   72.580
BNP Paribas Emissions-       12.000 3/25/2021     EUR   65.770
BNP Paribas Emissions-       10.000 6/24/2021     EUR   69.900
BNP Paribas Emissions-       15.000 3/25/2021     EUR   66.930
BNP Paribas Emissions-       10.000 6/24/2021     EUR   72.310
BNP Paribas Emissions-        9.500 6/24/2021     EUR   71.250
BNP Paribas Emissions-       11.000 6/24/2021     EUR   70.190
BNP Paribas Emissions-       12.000 6/24/2021     EUR   69.000
BNP Paribas Emissions-       13.000 6/24/2021     EUR   67.880
Landesbank Baden-Wuertt       3.00012/23/2022     EUR   59.610
DekaBank Deutsche Giroz       2.50010/24/2023     EUR   62.170
SG Issuer SA                  8.120 7/20/2023     SEK   66.980
UniCredit Bank AG             4.500 10/05/2022    EUR   67.660
UniCredit Bank AG             3.600 10/05/2022    EUR   68.920
UniCredit Bank AG             3.850 10/05/2023    EUR   73.910
Leonteq Securities AG        22.300 6/15/2021     EUR   11.820
Vontobel Financial Prod       8.000 3/26/2021     EUR   73.580
Vontobel Financial Prod       4.000 06/09/2021    EUR   72.950
Landesbank Baden-Wuertt       4.750 8/27/2021     EUR   69.190
Landesbank Baden-Wuertt       6.250 8/27/2021     EUR   65.420
Landesbank Baden-Wuertt       3.750 8/27/2021     EUR   73.420
Landesbank Baden-Wuertt       6.500 8/27/2021     EUR   72.000
Landesbank Baden-Wuertt       8.000 8/27/2021     EUR   68.990
Landesbank Baden-Wuertt       2.750 8/27/2021     EUR   64.240
Landesbank Baden-Wuertt       4.000 8/27/2021     EUR   58.720
Landesbank Baden-Wuertt       5.000 8/27/2021     EUR   56.060
Landesbank Baden-Wuertt       5.750 8/27/2021     EUR   53.620
Landesbank Baden-Wuertt       3.500 8/27/2021     EUR   59.880
Landesbank Baden-Wuertt       6.250 8/27/2021     EUR   73.410
Landesbank Baden-Wuertt       5.250 8/27/2021     EUR   71.250
Landesbank Baden-Wuertt       4.000 8/27/2021     EUR   73.120
Landesbank Baden-Wuertt       5.000 8/27/2021     EUR   69.530
Landesbank Baden-Wuertt       4.750 8/27/2021     EUR   71.560
Landesbank Baden-Wuertt       2.500 8/27/2021     EUR   70.580
Landesbank Baden-Wuertt       3.750 8/27/2021     EUR   66.100
Landesbank Baden-Wuertt       4.500 8/27/2021     EUR   64.190
Landesbank Baden-Wuertt       2.750 8/27/2021     EUR   57.080
Landesbank Baden-Wuertt       3.500 8/27/2021     EUR   55.410
Landesbank Baden-Wuertt       5.000 8/27/2021     EUR   52.500
UBS AG/London                 6.750 07/05/2021    CHF   52.050
Banque Cantonale Vaudoi       6.800 6/28/2021     CHF   52.240
EFG International Finan       8.200 07/04/2022    CHF   72.590
Zurcher Kantonalbank Fi       6.000 07/12/2021    CHF   73.170
Leonteq Securities AG         8.600 07/05/2021    CHF   72.610
Landesbank Hessen-Thuer       4.00012/21/2022     EUR   65.650
TransKomplektHolding OO       9.500 11/02/2028    RUB   70.000
Landesbank Baden-Wuertt       3.400 1/27/2023     EUR   63.000
SG Issuer SA                  5.000 5/23/2024     EUR   61.640
SG Issuer SA                  5.000 04/02/2024    EUR   60.760
UniCredit Bank AG             5.150 01/02/2023    EUR   62.810
Landesbank Baden-Wuertt       4.00012/27/2021     EUR   58.990
DekaBank Deutsche Giroz       2.150 1/21/2022     EUR   69.810
SG Issuer SA                  2.98012/28/2021     USD   59.800
DekaBank Deutsche Giroz       6.000 06/11/2021    EUR   47.930
UBS AG/London                 6.500 6/28/2021     EUR   52.850
Raiffeisen Schweiz Geno       6.700 3/15/2021     EUR   58.320
Societe Generale Effekt      12.250 2/26/2021     EUR   74.090
Citigroup Global Market      12.900 07/01/2021    EUR    4.640
Corner Banca SA              14.200 8/24/2021     USD   10.060
Landesbank Baden-Wuertt       4.500 2/26/2021     EUR   67.430
Landesbank Baden-Wuertt       3.500 2/26/2021     EUR   69.330
Landesbank Baden-Wuertt       4.250 2/26/2021     EUR   62.820
Landesbank Baden-Wuertt       6.500 2/26/2021     EUR   67.610
Credit Suisse AG/London       7.000 8/25/2021     EUR   67.650
DZ Bank AG Deutsche Zen       7.000 3/26/2021     EUR   73.920
DZ Bank AG Deutsche Zen      10.700 3/26/2021     EUR   69.980
DZ Bank AG Deutsche Zen       7.750 3/24/2021     EUR   70.120
DZ Bank AG Deutsche Zen       3.900 3/26/2021     EUR   74.390
DZ Bank AG Deutsche Zen       7.200 3/26/2021     EUR   69.640
DZ Bank AG Deutsche Zen       8.800 3/26/2021     EUR   71.120
DZ Bank AG Deutsche Zen      12.800 3/26/2021     EUR   69.900
DZ Bank AG Deutsche Zen       6.500 3/22/2021     EUR   72.230
DZ Bank AG Deutsche Zen       5.700 3/22/2021     EUR   73.670
DZ Bank AG Deutsche Zen       7.300 3/22/2021     EUR   70.730
DZ Bank AG Deutsche Zen       3.300 6/21/2021     EUR   73.350
DZ Bank AG Deutsche Zen       4.300 6/21/2021     EUR   71.430
DZ Bank AG Deutsche Zen       3.800 3/22/2021     EUR   73.430
UBS AG/London                12.750 2/26/2021     CHF   68.000
UBS AG/London                12.000 2/26/2021     EUR   67.200
Leonteq Securities AG         7.200 9/22/2021     CHF   54.130
Leonteq Securities AG         7.000 9/22/2021     CHF   70.690
Finca Uco Cjsc                6.000 2/25/2022     USD   25.610
Leonteq Securities AG/G       6.000 06/08/2021    USD   42.030
Leonteq Securities AG/G       5.800 3/29/2021     CHF   52.690
Societe Generale SA          21.000 4/27/2022     USD   52.750
Citigroup Global Market       8.200 3/21/2024     SEK   64.860
Vontobel Financial Prod      19.500 3/26/2021     EUR   72.370
Vontobel Financial Prod      18.000 6/25/2021     EUR   73.000
Landesbank Hessen-Thuer       3.000 05/03/2022    EUR   54.600
Bank Julius Baer & Co L       9.000 2/23/2021     EUR   72.100
Landesbank Baden-Wuertt       3.000 2/26/2021     EUR   72.680
Landesbank Baden-Wuertt       3.800 3/26/2021     EUR   73.070
Landesbank Baden-Wuertt       2.500 2/26/2021     EUR   40.410
Landesbank Baden-Wuertt       4.300 2/26/2021     EUR   59.730
EFG International Finan       4.700 2/24/2023     USD   69.800
Credit Suisse AG/London       6.000 8/22/2022     CHF   66.930
Leonteq Securities AG/G       4.000 2/21/2022     EUR   68.110
Raiffeisen Schweiz Geno      10.170 2/24/2021     CHF    2.350
DZ Bank AG Deutsche Zen       7.200 3/24/2021     EUR   69.900
DZ Bank AG Deutsche Zen       4.200 3/24/2021     EUR   73.980
SG Issuer SA                  1.750 2/22/2021     EUR   59.650
Skandinaviska Enskilda        6.800 1/15/2024     SEK   70.510
Vontobel Financial Prod       5.000 4/13/2021     EUR   53.910
EFG International Finan       7.000 3/21/2022     CHF   72.710
Vontobel Financial Prod      11.500 9/24/2021     EUR   72.550
Landesbank Hessen-Thuer       5.250 5/15/2025     EUR   68.760
Landesbank Hessen-Thuer       6.100 4/26/2024     EUR   69.820
Zurcher Kantonalbank Fi       8.000 04/09/2021    EUR   53.060
Landesbank Hessen-Thuer       6.300 8/31/2023     EUR   69.220
Norddeutsche Landesbank       2.500 3/15/2021     EUR   51.250
Landesbank Baden-Wuertt       2.600 9/23/2022     EUR   69.130
Araratbank OJSC               5.250 09/11/2022    USD   24.710
Landesbank Hessen-Thuer       4.000 8/31/2022     EUR   50.000
Landesbank Hessen-Thuer       6.200 6/17/2022     EUR   52.850
Leonteq Securities AG/G       4.000 08/10/2022    CHF   60.880
DekaBank Deutsche Giroz       5.500 2/26/2021     EUR   42.830
BNP Paribas Emissions-       16.000 3/25/2021     EUR    2.950
SG Issuer SA                  0.263 4/16/2025     EUR   28.420
UBS AG/London                 6.500 08/02/2021    CHF   65.250
EFG International Finan      11.000 02/02/2021    EUR   69.980
EFG International Finan       6.200 08/05/2022    EUR   67.430
EFG International Finan      11.500 08/02/2021    USD   55.970
Leonteq Securities AG         8.000 08/05/2021    CHF   59.570
SG Issuer SA                  9.500 07/12/2021    EUR   62.370
Raiffeisen Centrobank A       6.750 09/07/2021    EUR   73.250
BNP Paribas Issuance BV      18.000 8/13/2029     EUR   69.970
EFG International Finan       9.000 08/09/2021    USD   70.930
EFG International Finan       9.800 08/09/2021    USD   74.230
Bayerische Landesbank         3.000 03/12/2021    EUR   50.320
UniCredit Bank AG             8.200 6/25/2021     EUR   62.500
UniCredit Bank AG             9.00012/27/2021     EUR   62.330
UniCredit Bank AG             6.00012/27/2021     EUR   70.050
Landesbank Hessen-Thuer       4.000 3/15/2023     EUR   73.560
DZ Bank AG Deutsche Zen       5.550 3/24/2021     EUR   51.240
DZ Bank AG Deutsche Zen       6.500 3/24/2021     EUR   48.280
UniCredit Bank AG             4.200 03/01/2023    EUR   66.520
SG Issuer SA                 10.58012/27/2022     EUR   72.590
Skandinaviska Enskilda        5.850 1/17/2022     SEK   74.100
Societe Generale SA           8.000 03/02/2021    USD   64.830
Landesbank Baden-Wuertt       4.700 3/25/2022     EUR   50.060
Landesbank Baden-Wuertt       3.300 3/25/2022     EUR   56.630
Corner Banca SA               6.000 2/15/2021     CHF   54.850
Leonteq Securities AG/G       7.800 2/16/2021     USD    1.910
Raiffeisen Switzerland        8.250 2/15/2021     CHF    5.560
Leonteq Securities AG/G       4.900 2/16/2021     CHF    1.190
DekaBank Deutsche Giroz       2.750 3/18/2022     EUR   72.350
DekaBank Deutsche Giroz       2.700 3/19/2021     EUR   55.700
Leonteq Securities AG/G       5.850 2/22/2021     USD   60.170
EFG International Finan      10.000 2/25/2021     USD   66.350
UniCredit Bank AG             5.450 3/15/2022     EUR   52.060
Bayerische Landesbank         2.500 04/01/2021    EUR   55.440
Raiffeisen Schweiz Geno       5.750 2/25/2021     CHF   69.700
UniCredit Bank AG             4.400 3/26/2021     EUR   39.120
UniCredit Bank AG             3.250 3/29/2022     EUR   19.880
UniCredit Bank AG             3.750 3/26/2022     EUR   63.190
DekaBank Deutsche Giroz       4.250 4/14/2022     EUR   43.100
Societe Generale Effekt       6.100 04/03/2023    EUR   52.030
DekaBank Deutsche Giroz       2.300 4/16/2021     EUR   54.490
Credit Suisse AG/London       9.600 1/25/2021     EUR   68.820
EFG International Finan       7.200 7/25/2022     CHF   70.320
UBS AG/London                 7.000 7/26/2021     EUR   57.450
UBS AG/London                13.750 7/26/2021     USD   69.750
EFG International Finan      10.000 7/26/2021     EUR   61.550
Nordea Bank Abp               6.063 7/20/2024     SEK   71.350
DekaBank Deutsche Giroz       3.400 09/04/2023    EUR   64.770
Raiffeisen Switzerland        5.500 7/26/2021     EUR   54.200
EFG International Finan      11.500 08/02/2021    USD   58.400
Leonteq Securities AG/G      10.600 7/26/2021     USD   61.520
Raiffeisen Schweiz Geno       7.000 7/26/2021     AUD   67.630
Zurcher Kantonalbank Fi       9.000 7/30/2021     EUR   62.210
Leonteq Securities AG/G      11.400 9/20/2021     CHF    8.760
Leonteq Securities AG         3.800 2/15/2021     CHF   21.650
EFG International Finan       7.000 2/15/2021     CHF   53.450
Raiffeisen Schweiz Geno       5.250 02/09/2021    CHF   43.420
Landesbank Hessen-Thuer       3.500 03/09/2022    EUR   53.150
getBACK SA                    4.210 4/30/2021     PLN
SG Issuer SA                  4.000 08/02/2021    EUR   66.960
Landesbank Baden-Wuertt       2.750 3/25/2022     EUR   61.040
Landesbank Baden-Wuertt       2.500 3/25/2022     EUR   69.240
Leonteq Securities AG/G       4.200 06/01/2021    CHF   26.660
Landesbank Baden-Wuertt       3.100 2/25/2022     EUR   52.450
Landesbank Hessen-Thuer       4.00012/22/2021     EUR   63.000
Raiffeisen Switzerland        4.80011/23/2023     CHF   42.130
Landesbank Hessen-Thuer       6.25012/22/2022     EUR   52.020
UniCredit Bank AG             4.45012/29/2022     EUR   39.970
UniCredit Bank AG             4.30012/19/2021     EUR   62.510
UniCredit Bank AG             4.70012/19/2021     EUR   37.610
Landesbank Hessen-Thuer       4.400 01/05/2023    EUR   50.300
SG Issuer SA                  7.500 1/20/2025     SEK   52.240
Skandinaviska Enskilda       10.360 7/17/2023     SEK   63.980
Landesbank Hessen-Thuer       3.600 7/27/2022     EUR   65.290
Zaklady Miesne Henryk K       5.460 3/29/2021     PLN
Landesbank Hessen-Thuer       4.000 08/03/2022    EUR   57.670
Raiffeisen Schweiz Geno       4.000 01/06/2022    CHF   68.330
Natixis SA                    2.500 07/12/2021    EUR   53.180
Landesbank Hessen-Thuer       7.500 11/03/2023    EUR   56.860
Leonteq Securities AG         7.600 7/13/2021     CHF   59.240
Leonteq Securities AG         8.000 7/19/2021     CHF   63.800
SG Issuer SA                  4.000 7/20/2021     SEK   71.000
UniCredit Bank AG             3.750 8/23/2021     EUR   42.550
Landesbank Hessen-Thuer       6.000 12/01/2022    EUR   59.260
Landesbank Baden-Wuertt       2.600 9/24/2021     EUR   61.450
Landesbank Hessen-Thuer       3.500 09/08/2022    EUR   65.590
Landesbank Hessen-Thuer       4.000 03/08/2021    EUR   69.100
DekaBank Deutsche Giroz       3.000 8/27/2021     EUR   45.420
Leonteq Securities AG/G       7.500 02/12/2021    CHF   64.190
UniCredit Bank AG             4.000 3/13/2022     EUR   40.200
EFG International Finan       7.200 1/25/2021     EUR   51.580
UniCredit Bank AG             4.200 02/12/2021    EUR   38.200
UniCredit Bank AG             4.400 02/12/2021    EUR   48.010
UniCredit Bank AG             5.900 02/12/2021    EUR   41.670
Landesbank Baden-Wuertt       3.000 3/26/2021     EUR   50.070
UniCredit Bank AG             4.130 2/13/2022     EUR   41.310
EFG International Finan       8.000 02/01/2021    CHF   65.930
Landesbank Hessen-Thuer       6.500 2/16/2023     EUR   48.480
DekaBank Deutsche Giroz       2.800 02/12/2021    EUR   44.580
Societe Generale SA           4.50012/30/2024     USD   61.420
Societe Generale SA           4.50012/29/2022     USD    8.500
EFG International Finan       7.000 02/08/2021    CHF   63.170
SG Issuer SA                  7.600 1/20/2025     SEK   53.810
UniCredit Bank AG             4.600 9/14/2022     EUR   56.720
UniCredit Bank AG             4.250 9/14/2022     EUR   69.080
UniCredit Bank AG             3.700 9/14/2022     EUR   61.190
EFG International Finan       7.200 02/08/2021    EUR   54.070
UniCredit Bank AG             4.200 2/19/2022     EUR   42.410
EFG International Finan       7.800 2/15/2021     EUR   39.450
EFG International Finan       7.400 1/25/2021     CHF   66.590
Societe Generale SA           4.50012/29/2022     USD    0.170
Leonteq Securities AG        21.800 6/25/2021     CHF   11.200
Citigroup Global Market       7.200 5/24/2023     SEK   56.240
Landesbank Hessen-Thuer       4.000 6/22/2022     EUR   48.930
UniCredit Bank AG             6.600 7/20/2028     EUR   32.050
Leonteq Securities AG/G       5.500 5/25/2021     CHF   55.210
Landesbank Hessen-Thuer       4.000 07/07/2021    EUR   49.210
UniCredit Bank AG             5.500 07/09/2021    EUR   36.020
DekaBank Deutsche Giroz       3.000 6/21/2021     EUR   38.660
Citigroup Global Market       7.000 6/16/2022     SEK   72.660
Landesbank Hessen-Thuer       6.800 7/14/2022     EUR   64.840
UniCredit Bank AG             3.600 7/18/2021     EUR   39.120
Landesbank Hessen-Thuer       3.00010/20/2022     EUR   64.890
Landesbank Hessen-Thuer       7.00010/20/2022     EUR   51.520
Raiffeisen Schweiz Geno       6.000 09/02/2022    CHF   72.580
Landesbank Baden-Wuertt       4.750 2/25/2022     EUR   51.100
Landesbank Baden-Wuertt       2.600 2/25/2022     EUR   63.720
Landesbank Baden-Wuertt       2.200 2/25/2022     EUR   69.610
Landesbank Baden-Wuertt       3.500 2/25/2022     EUR   65.580
Landesbank Baden-Wuertt       5.700 2/25/2022     EUR   66.550
Leonteq Securities AG        14.500 06/03/2021    CHF   73.840
Landesbank Hessen-Thuer       4.000 03/01/2023    EUR   60.650
Leonteq Securities AG/G       4.000 03/03/2022    EUR   24.380
Landesbank Baden-Wuertt       5.810 3/26/2021     EUR   72.200
UBS AG/London                 7.500 09/06/2021    CHF   72.400
Bank Julius Baer & Co L      12.800 03/04/2021    CHF   56.450
Landesbank Baden-Wuertt       6.400 2/25/2022     EUR   72.590
Landesbank Baden-Wuertt       3.500 8/27/2021     EUR   59.950
Landesbank Baden-Wuertt       3.400 2/25/2022     EUR   57.920
Landesbank Baden-Wuertt       2.300 2/25/2022     EUR   73.190
Landesbank Baden-Wuertt       5.300 2/25/2022     EUR   73.980
Landesbank Baden-Wuertt       1.200 2/25/2022     EUR   67.600
Landesbank Baden-Wuertt       3.700 2/25/2022     EUR   61.520
Landesbank Baden-Wuertt       5.100 2/25/2022     EUR   62.260
Landesbank Baden-Wuertt       1.900 2/25/2022     EUR   72.040
Landesbank Baden-Wuertt       3.100 2/25/2022     EUR   68.870
Landesbank Baden-Wuertt       4.500 2/25/2022     EUR   69.980
Societe Generale Effekt      17.500 2/26/2021     EUR
UniCredit Bank AG             5.350 2/27/2023     EUR   57.050
UBS AG/London                 8.000 03/04/2022    EUR   69.400
UBS AG/London                 8.500 09/06/2021    CHF   66.500
UBS AG/London                12.250 8/26/2021     CHF   71.650
UBS AG/London                10.000 8/26/2021     EUR   70.250
Credit Suisse AG/London       8.000 5/24/2021     EUR   67.620
Leonteq Securities AG         5.000 2/27/2024     CHF   71.330
EFG International Finan       6.400 5/24/2021     EUR   59.770
UBS AG/London                11.160 03/01/2021    CHF   68.750
Credit Suisse AG/London       6.000 8/24/2022     CHF   69.790
Societe Generale SA           9.640 1/28/2021     USD   48.700
Landesbank Baden-Wuertt      12.550 2/26/2021     EUR   64.400
Bank Julius Baer & Co L      10.400 2/26/2021     CHF   51.250
Landesbank Baden-Wuertt       4.800 2/25/2022     EUR   50.490
Vontobel Financial Prod      20.000 3/26/2021     EUR   74.660
Landesbank Hessen-Thuer       6.150 03/11/2025    EUR   66.960
UBS AG/London                 3.000 3/25/2021     EUR   60.000
UBS AG/London                15.600 3/25/2021     EUR   64.430
UBS AG/London                 4.400 3/25/2021     EUR   60.940
UBS AG/London                 5.000 3/25/2021     EUR   67.330
BNP Paribas Emissions-        7.000 3/25/2021     EUR   74.040
BNP Paribas Emissions-       10.000 3/25/2021     EUR   68.980
UBS AG/London                11.000 3/25/2021     EUR   67.480
UBS AG/London                 5.600 3/25/2021     EUR   70.590
BNP Paribas Emissions-       11.000 3/25/2021     EUR   73.380
BNP Paribas Emissions-        6.000 6/24/2021     EUR   70.170
BNP Paribas Emissions-        7.000 6/24/2021     EUR   67.720
BNP Paribas Emissions-       11.000 6/24/2021     EUR   71.260
BNP Paribas Emissions-       14.000 6/24/2021     EUR   68.160
BNP Paribas Emissions-        9.000 6/24/2021     EUR   59.700
BNP Paribas Emissions-        6.500 3/25/2021     EUR   68.370
BNP Paribas Emissions-       11.000 3/25/2021     EUR   63.940
BNP Paribas Emissions-       11.000 6/24/2021     EUR   65.110
BNP Paribas Emissions-       12.000 6/24/2021     EUR   70.700
BNP Paribas Emissions-        9.000 3/25/2021     EUR   67.640
BNP Paribas Emissions-        9.500 6/24/2021     EUR   72.980
BNP Paribas Emissions-        9.000 6/24/2021     EUR   71.900
BNP Paribas Emissions-        8.000 3/25/2021     EUR   71.690
BNP Paribas Emissions-        9.500 3/25/2021     EUR   68.610
BNP Paribas Emissions-       12.000 3/25/2021     EUR   64.570
DZ Bank AG Deutsche Zen       4.750 3/22/2021     EUR   65.880
UBS AG/London                 6.500 2/28/2022     CHF   73.250
Bank Julius Baer & Co L       9.500 8/26/2021     CHF   59.300
Zurcher Kantonalbank Fi       9.450 2/26/2021     CHF   69.020
DekaBank Deutsche Giroz       3.200 2/25/2022     EUR   72.020
Credit Suisse AG/London       7.500 5/25/2021     CHF   67.270
Zurcher Kantonalbank Fi      10.000 03/05/2021    CHF   66.070
UniCredit Bank AG             6.000 2/22/2022     EUR   69.230
Landesbank Baden-Wuertt       9.690 2/26/2021     EUR   58.470
Erste Group Bank AG           9.250 3/31/2025     EUR    0.550
Vontobel Financial Prod       8.200 03/01/2021    EUR   71.220
UBS AG/London                 7.100 9/23/2021     EUR   63.800
UBS AG/London                 4.900 3/25/2021     EUR   73.600
BNP Paribas Emissions-       13.000 3/25/2021     EUR   70.870
BNP Paribas Emissions-        6.000 3/25/2021     EUR   73.890
BNP Paribas Emissions-        8.000 3/25/2021     EUR   71.330
BNP Paribas Emissions-       19.000 3/25/2021     EUR    3.260
BNP Paribas Emissions-       10.000 6/24/2021     EUR
UBS AG/London                11.800 6/24/2021     EUR   58.230
BNP Paribas Emissions-       12.000 3/25/2021     EUR   69.070
UBS AG/London                13.900 6/24/2021     EUR   70.860
BNP Paribas Emissions-       13.000 3/25/2021     EUR   71.890
BNP Paribas Emissions-       16.000 6/24/2021     EUR   68.900
BNP Paribas Emissions-       13.000 6/24/2021     EUR   72.340
BNP Paribas Emissions-       10.000 3/25/2021     EUR   73.410
BNP Paribas Emissions-        9.000 3/25/2021     EUR   62.960
Landesbank Hessen-Thuer       4.000 06/08/2022    EUR   42.990
Landesbank Hessen-Thuer       7.250 06/08/2023    EUR   68.270
Landesbank Hessen-Thuer       5.500 06/08/2023    EUR   70.720
Landesbank Hessen-Thuer       4.000 06/08/2022    EUR   51.300
Landesbank Baden-Wuertt       2.300 7/22/2022     EUR   62.700
Vontobel Financial Prod       6.500 3/26/2021     EUR   62.530
UBS AG/London                12.200 3/25/2021     EUR   67.950
Leonteq Securities AG        14.530 3/18/2021     CHF   20.450
EFG International Finan       7.400 3/22/2021     CHF   68.760
EFG International Finan       6.800 3/22/2021     EUR   57.570
Natixis SA                    2.750 03/01/2021    USD   47.110
EFG International Finan       6.800 3/29/2021     CHF   65.000
EFG International Finan       7.400 3/29/2021     EUR   56.440
Landesbank Baden-Wuertt       3.650 6/25/2021     EUR   60.880
Leonteq Securities AG         7.200 09/08/2021    CHF   55.080
Leonteq Securities AG/G       8.000 09/08/2021    EUR   68.510
DekaBank Deutsche Giroz       3.100 04/08/2022    EUR   48.620
Leonteq Securities AG/G       4.000 03/08/2022    EUR   62.040
Goldman Sachs & Co Wert      13.000 3/24/2021     EUR   69.940
DekaBank Deutsche Giroz       3.300 04/08/2022    EUR   51.430
UBS AG/London                 8.000 3/15/2021     EUR   48.400
UBS AG/London                 8.000 3/15/2021     CHF   69.950
UBS AG/London                10.000 3/15/2021     EUR   72.500
DekaBank Deutsche Giroz       6.300 10/01/2021    EUR   54.420
Landesbank Baden-Wuertt       2.55011/26/2021     EUR   66.070
UniCredit Bank AG             4.000 06/07/2022    EUR   41.000
Leonteq Securities AG/G       5.600 5/25/2021     CHF   38.290
UniCredit Bank AG             3.700 06/04/2022    EUR   65.390
Leonteq Securities AG         5.600 5/16/2022     CHF   59.650
Landesbank Baden-Wuertt       2.100 8/27/2021     EUR   54.010
Landesbank Hessen-Thuer       5.350 9/22/2023     EUR   36.400
SG Issuer SA                  3.100 5/18/2028     EUR   71.920
Landesbank Baden-Wuertt       2.200 6/25/2021     EUR   64.530
Landesbank Baden-Wuertt       3.550 6/25/2021     EUR   53.510
Landesbank Baden-Wuertt       2.250 6/25/2021     EUR   69.490
EFG International Finan       7.000 06/08/2021    EUR   51.620
EFG International Finan       5.550 07/12/2021    USD    4.170
DekaBank Deutsche Giroz       3.250 06/08/2021    EUR   56.270
Bayerische Landesbank         2.30011/26/2021     EUR   60.780
UniCredit Bank AG             5.400 06/04/2021    EUR   50.580
UniCredit Bank AG             5.000 06/11/2021    EUR   62.960
UniCredit Bank AG             4.650 06/04/2022    EUR   69.030
Leonteq Securities AG         7.800 5/14/2021     CHF   17.340
Leonteq Securities AG         6.800 05/11/2021    EUR   53.980
UniCredit Bank AG             3.350 6/14/2022     EUR   57.270
Leonteq Securities AG         6.200 06/08/2021    CHF   53.700
UniCredit Bank AG             4.300 6/28/2022     EUR   62.640
UniCredit Bank AG             3.800 6/28/2022     EUR   64.050
UniCredit Bank AG             4.250 6/28/2022     EUR   53.160
Natixis SA                    3.150 06/09/2021    USD   69.680
Landesbank Hessen-Thuer       3.500 07/06/2022    EUR   43.590
Raiffeisen Schweiz Geno       4.100 06/08/2022    CHF   67.060
DekaBank Deutsche Giroz       2.000 6/25/2021     EUR   68.960
UniCredit Bank AG             5.600 07/02/2021    EUR   61.510
UniCredit Bank AG             3.700 6/25/2022     EUR   61.770
UniCredit Bank AG             6.350 5/14/2021     EUR   53.210
Landesbank Hessen-Thuer       4.40012/22/2022     EUR   52.510
Landesbank Baden-Wuertt       3.050 9/23/2022     EUR   59.640
Landesbank Baden-Wuertt       2.850 9/23/2022     EUR   66.670
SG Issuer SA                  8.300 7/21/2025     SEK   65.810
Landesbank Hessen-Thuer       2.750 5/20/2021     EUR   64.500
Bayerische Landesbank         2.000 2/18/2022     EUR   63.710
Landesbank Hessen-Thuer       3.500 8/17/2022     EUR   73.440
Leonteq Securities AG         5.400 7/25/2022     CHF   58.970
UniCredit Bank AG             3.800 9/19/2021     EUR   39.760
UniCredit Bank AG             3.850 9/19/2021     EUR   51.530
Landesbank Hessen-Thuer       5.900 8/25/2023     EUR   47.120
Landesbank Hessen-Thuer       5.000 9/29/2022     EUR   57.970
UniCredit Bank AG             3.500 10/08/2022    EUR   50.350
DekaBank Deutsche Giroz       3.100 5/28/2021     EUR   41.630
EFG International Finan       6.200 05/03/2021    CHF   58.020
UniCredit Bank AG             4.300 8/24/2021     EUR   50.530
UniCredit Bank AG             3.500 9/19/2021     EUR   40.210
Landesbank Hessen-Thuer       3.500 9/29/2021     EUR   42.650
Leonteq Securities AG/G       3.000 9/20/2022     CHF   67.030
Landesbank Hessen-Thuer       3.000 07/06/2021    EUR   45.900
Landesbank Hessen-Thuer       6.000 10/06/2022    EUR   55.080
Landesbank Hessen-Thuer       6.000 08/04/2022    EUR   69.010
Bank Vontobel AG             22.005 06/07/2021    CHF   15.100
UniCredit Bank AG             4.300 7/18/2021     EUR   55.990
Landesbank Hessen-Thuer       4.000 7/21/2021     EUR   59.510
Landesbank Hessen-Thuer       4.000 7/21/2021     EUR   59.840
Corner Banca SA              20.000 4/27/2021     CHF    5.200
Landesbank Baden-Wuertt       2.500 1/28/2022     EUR   60.770
Landesbank Hessen-Thuer       7.80012/15/2022     EUR   63.480
Landesbank Hessen-Thuer       5.40011/24/2022     EUR   66.870
Landesbank Hessen-Thuer       3.000 08/11/2022    EUR   65.400
UniCredit Bank AG             4.400 12/10/2022    EUR   48.430
UniCredit Bank AG             4.200 12/08/2021    EUR   39.040
Landesbank Hessen-Thuer       5.65010/28/2022     EUR   45.520
UniCredit Bank AG             4.050 3/26/2021     EUR   42.100
UniCredit Bank AG             5.550 3/26/2021     EUR   51.940
UniCredit Bank AG             3.700 3/26/2021     EUR   66.660
Leonteq Securities AG         6.000 05/12/2021    CHF   69.800
Landesbank Baden-Wuertt       3.40011/25/2022     EUR   59.360
Nordea Bank Abp               3.500 7/20/2024     SEK   68.630
Landesbank Baden-Wuertt       3.000 7/23/2021     EUR   67.160
Landesbank Baden-Wuertt       3.250 8/27/2021     EUR   54.720
Landesbank Hessen-Thuer       4.000 10/12/2022    EUR   61.360
Leonteq Securities AG/G       4.750 11/01/2021    CHF   15.200
UniCredit Bank AG             6.300 3/26/2021     EUR   37.880
Vontobel Financial Prod       6.700 03/07/2022    EUR   57.460
UniCredit Bank AG             3.600 3/29/2022     EUR   60.590
Landesbank Baden-Wuertt       3.950 8/27/2021     EUR   59.350
Leonteq Securities AG/G       5.000 9/13/2021     CHF   69.000
Landesbank Baden-Wuertt       3.25011/26/2021     EUR   73.230
DekaBank Deutsche Giroz       3.100 12/03/2021    EUR   49.750
Landesbank Hessen-Thuer       5.500 12/03/2024    EUR   67.920
BNP Paribas Emissions-       10.000 3/25/2021     EUR   70.330
BNP Paribas Emissions-       10.000 6/24/2021     EUR   71.060
BNP Paribas Emissions-        7.500 6/24/2021     EUR   73.970
BNP Paribas Emissions-        5.500 3/25/2021     EUR   74.940
BNP Paribas Emissions-        9.500 3/25/2021     EUR   72.600
BNP Paribas Emissions-       10.000 3/25/2021     EUR   71.750
BNP Paribas Emissions-       11.000 3/25/2021     EUR   69.230
BNP Paribas Emissions-       18.000 3/25/2021     EUR    3.120
BNP Paribas Emissions-        5.500 3/25/2021     EUR   74.010
BNP Paribas Emissions-        7.000 3/25/2021     EUR   72.530
BNP Paribas Emissions-        8.500 3/25/2021     EUR   71.220
BNP Paribas Emissions-       12.000 6/24/2021     EUR   68.640
BNP Paribas Emissions-       12.000 6/24/2021     EUR   66.330
Bank Julius Baer & Co L      11.500 03/01/2021    CHF   71.100
Leonteq Securities AG        16.000 03/02/2021    CHF    3.800
Landesbank Hessen-Thuer       5.26010/22/2024     EUR   73.940
Raiffeisen Schweiz Geno       5.150 3/24/2021     CHF   72.390
DekaBank Deutsche Giroz       2.60010/24/2023     EUR   62.400
EFG International Finan       9.800 9/21/2021     EUR   43.310
BNP Paribas Issuance BV       4.00010/31/2022     EUR   71.740
Landesbank Baden-Wuertt       2.50012/27/2021     EUR   60.450
Landesbank Baden-Wuertt       3.15012/27/2021     EUR   73.160
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   64.730
Danske Bank A/S              10.300 07/09/2023    SEK    9.500
Danske Bank A/S               6.976 07/09/2023    SEK   65.790
Danske Bank A/S               6.300 01/09/2023    SEK   72.290
UniCredit Bank AG             4.150 10/12/2022    EUR   62.030
Natixis SA                    1.500 10/04/2021    EUR   58.060
DekaBank Deutsche Giroz       8.100 4/23/2021     EUR   71.100
Leonteq Securities AG         7.400 9/28/2021     CHF   68.270
Concern Rossium LLC           6.25012/13/2028     RUB   60.060
Banque Cantonale Vaudoi       4.500 3/29/2021     EUR   50.570
Banque Cantonale Vaudoi       4.500 3/29/2021     CHF   53.040
EFG International Finan      26.000 6/24/2021     CHF   13.120
DekaBank Deutsche Giroz       3.400 4/30/2021     EUR   45.780
DekaBank Deutsche Giroz       2.800 05/02/2022    EUR   54.050
Leonteq Securities AG         7.400 6/21/2021     CHF   67.060
Leonteq Securities AG/G       8.200 6/21/2021     EUR   59.040
DZ Bank AG Deutsche Zen       5.000 9/20/2021     EUR   74.600
DZ Bank AG Deutsche Zen      16.900 3/26/2021     EUR   72.320
DZ Bank AG Deutsche Zen      13.100 6/25/2021     EUR   74.070
Leonteq Securities AG/G      20.700 3/19/2021     USD    6.030
Leonteq Securities AG        20.600 3/19/2021     EUR    6.000
Leonteq Securities AG        30.000 6/22/2021     CHF   15.190
Leonteq Securities AG        20.000 3/19/2021     CHF    5.860
Bank Vontobel AG             10.003 5/18/2021     CHF    5.180
Vontobel Financial Prod      21.000 3/26/2021     EUR
Vontobel Financial Prod      22.500 3/26/2021     EUR
Vontobel Financial Prod      24.000 3/26/2021     EUR
DZ Bank AG Deutsche Zen      20.200 3/22/2021     EUR    4.510
DZ Bank AG Deutsche Zen      19.200 6/21/2021     EUR    8.940
Societe Generale Effekt      23.500 3/26/2021     EUR
Leonteq Securities AG        15.600 4/20/2021     CHF    4.170
EFG International Finan      29.000 5/25/2021     CHF   14.750
Societe Generale Effekt      21.750 5/28/2021     EUR
EFG International Finan      15.000 05/06/2021    USD    7.650
Leonteq Securities AG/G       3.420 6/16/2021     USD   73.770
UBS AG/London                 7.750 6/21/2021     CHF   73.600
Goldman Sachs & Co Wert      25.000 3/24/2021     EUR   71.470
Leonteq Securities AG/G       4.290 7/30/2021     USD   67.760
Leonteq Securities AG/G       2.630 7/30/2021     USD   64.560
Goldman Sachs & Co Wert      21.000 6/23/2021     EUR   72.450
Leonteq Securities AG/G       4.710 6/16/2021     USD   75.340
UBS AG/London                11.250 6/21/2021     USD   54.450
Bank Vontobel AG             10.253 5/17/2021     EUR   49.000
Vontobel Financial Prod      20.000 6/25/2021     EUR
Raiffeisen Centrobank A       5.750 7/19/2021     EUR   61.250
Skandinaviska Enskilda        6.300 7/15/2022     SEK   63.180
Raiffeisen Centrobank A       6.250 7/19/2021     EUR   71.610
UBS AG/London                 7.250 6/21/2021     CHF   53.400
UBS AG/London                 8.500 6/21/2021     EUR   73.450
UniCredit Bank AG             5.550 7/19/2022     EUR   73.170
Leonteq Securities AG        20.400 5/18/2021     CHF   10.520
Corner Banca SA              21.000 5/18/2021     CHF   10.390
Leonteq Securities AG        20.000 5/20/2021     CHF   10.300
Vontobel Financial Prod      24.500 6/25/2021     EUR
BNP Paribas Emissions-        0.170 9/23/2021     EUR    0.550
Vontobel Financial Prod      23.000 6/25/2021     EUR
UBS AG/London                10.000 6/14/2021     EUR   54.700
Zurcher Kantonalbank Fi       8.250 6/18/2021     CHF   70.180
Landesbank Baden-Wuertt       2.100 7/28/2023     EUR   72.030
Corner Banca SA              15.000 05/04/2021    CHF    7.020
DZ Bank AG Deutsche Zen      21.900 3/22/2021     EUR    4.790
Bayerische Landesbank         3.200 2/19/2021     EUR   53.030
Leonteq Securities AG/G      10.000 06/03/2022    CHF   13.590
Landesbank Baden-Wuertt       4.000 5/27/2022     EUR   50.850
Landesbank Baden-Wuertt       3.300 5/27/2022     EUR   56.760
UniCredit Bank AG             9.60012/27/2021     EUR   65.070
UniCredit Bank AG             8.90012/27/2021     EUR   67.090
Corner Banca SA              15.200 08/11/2021    CHF   11.530
UBS AG/London                11.500 6/14/2021     USD   71.650
UBS AG/London                14.750 6/14/2021     USD    9.950
UBS AG/London                 7.500 6/14/2021     EUR   53.750
UBS AG/London                11.200 3/25/2021     EUR   70.390
UBS AG/London                 7.000 6/24/2021     EUR   64.220
UBS AG/London                10.200 3/25/2021     EUR   73.650
UBS AG/London                 7.200 3/25/2021     EUR   70.920
Vontobel Financial Prod       4.500 3/26/2021     EUR   64.590
Vontobel Financial Prod       4.000 3/26/2021     EUR   74.970
UBS AG/London                 2.000 3/25/2021     EUR   63.210
UBS AG/London                 7.400 3/25/2021     EUR   69.460
UBS AG/London                 9.000 02/01/2021    EUR   56.250
UBS AG/London                 9.900 3/25/2021     EUR   68.480
BNP Paribas Emissions-        9.000 3/25/2021     EUR   71.480
UBS AG/London                 4.900 3/25/2021     EUR   64.230
UBS AG/London                 9.000 9/23/2021     EUR   61.310
BNP Paribas Emissions-       16.000 3/25/2021     EUR   65.560
UBS AG/London                 6.200 3/25/2021     EUR   71.020
BNP Paribas Emissions-        9.000 3/25/2021     EUR   73.250
BNP Paribas Emissions-       11.000 3/25/2021     EUR   71.170
BNP Paribas Emissions-       12.000 6/24/2021     EUR   72.460
BNP Paribas Emissions-        7.000 3/25/2021     EUR   66.230
BNP Paribas Emissions-        8.000 3/25/2021     EUR   64.540
BNP Paribas Emissions-        6.500 3/25/2021     EUR   75.040
BNP Paribas Emissions-        6.500 6/24/2021     EUR   74.710
BNP Paribas Emissions-        7.500 3/25/2021     EUR   68.530
BNP Paribas Emissions-        5.000 6/24/2021     EUR   71.990
BNP Paribas Emissions-       11.000 6/24/2021     EUR   72.320
BNP Paribas Emissions-        8.500 3/25/2021     EUR   69.040
BNP Paribas Emissions-        9.500 3/25/2021     EUR   69.200
BNP Paribas Emissions-       10.000 3/25/2021     EUR   67.790
BNP Paribas Emissions-        6.500 3/25/2021     EUR   75.100
BNP Paribas Emissions-       12.000 3/25/2021     EUR   71.480
BNP Paribas Emissions-       11.000 6/24/2021     EUR   72.510
BNP Paribas Emissions-        9.000 3/25/2021     EUR   71.590
BNP Paribas Emissions-        9.500 3/25/2021     EUR   70.750
BNP Paribas Emissions-       12.000 3/25/2021     EUR   67.710
BNP Paribas Emissions-        6.500 3/25/2021     EUR   74.160
BNP Paribas Emissions-        7.500 3/25/2021     EUR   70.970
BNP Paribas Emissions-        9.000 3/25/2021     EUR   70.150
BNP Paribas Emissions-        7.500 3/25/2021     EUR   71.060
BNP Paribas Emissions-       10.000 6/24/2021     EUR   70.410
BNP Paribas Emissions-       11.000 3/25/2021     EUR   66.530
BNP Paribas Emissions-        7.000 6/24/2021     EUR   73.630
BNP Paribas Emissions-        7.500 6/24/2021     EUR   72.290
BNP Paribas Emissions-        8.000 6/24/2021     EUR   71.490
BNP Paribas Emissions-        8.500 6/24/2021     EUR   70.710
BNP Paribas Emissions-        9.000 6/24/2021     EUR   69.490
BNP Paribas Emissions-       11.000 6/24/2021     EUR   67.180
BNP Paribas Emissions-       13.000 3/25/2021     EUR   66.270
BNP Paribas Emissions-       15.000 6/24/2021     EUR   69.740
Vontobel Financial Prod      15.000 3/26/2021     EUR
Landesbank Baden-Wuertt       2.300 6/24/2022     EUR   55.670
Landesbank Baden-Wuertt       4.100 1/28/2022     EUR   56.690
Landesbank Baden-Wuertt       3.400 2/24/2023     EUR   65.050
HSBC Trinkaus & Burkhar       7.600 6/25/2021     EUR    3.300
HSBC Trinkaus & Burkhar       5.700 6/25/2021     EUR   54.450
Landesbank Hessen-Thuer       6.600 02/01/2024    EUR   67.650
Leonteq Securities AG        27.000 06/02/2021    CHF   13.770
UniCredit Bank AG             5.050 01/11/2022    EUR   34.700
UniCredit Bank AG             5.750 01/11/2022    EUR   68.370
HSBC Trinkaus & Burkhar       6.500 6/25/2021     EUR    2.850
Landesbank Baden-Wuertt       3.250 2/24/2023     EUR   65.430
BNP Paribas Emissions-       23.00012/23/2021     EUR   21.280
Erste Group Bank AG           9.250 4/30/2025     EUR    0.600
Zurcher Kantonalbank Fi       7.750 07/02/2021    EUR   72.750
Landesbank Hessen-Thuer       5.600 02/11/2025    EUR   63.470
UBS AG/London                12.000 3/25/2021     CHF    6.980
Nordea Bank Abp               9.000 7/20/2024     SEK   71.530
Leonteq Securities AG/G      27.000 5/25/2021     EUR    9.810
Bank Julius Baer & Co L      10.200 5/30/2023     EUR   25.800
Zurcher Kantonalbank Fi       4.750 6/18/2021     CHF   65.800
Zurcher Kantonalbank Fi       7.750 6/18/2021     EUR   61.930
Erste Group Bank AG           8.000 7/31/2024     EUR   69.500
Nordea Bank Abp               7.100 7/20/2024     SEK   74.490
DZ Bank AG Deutsche Zen      11.250 2/24/2021     EUR   73.930
Leonteq Securities AG/G      25.000 8/26/2021     USD   18.890
Vontobel Financial Prod      20.000 3/26/2021     EUR
Vontobel Financial Prod       9.690 3/26/2021     USD   74.750
Bayerische Landesbank         2.500 12/03/2021    EUR   60.150
DekaBank Deutsche Giroz       5.150 5/21/2021     EUR   45.070
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   72.220
Landesbank Baden-Wuertt       3.000 7/23/2021     EUR   72.060
DekaBank Deutsche Giroz       2.00011/19/2021     EUR   55.060
UniCredit Bank AG             4.35010/26/2021     EUR   32.960
Landesbank Baden-Wuertt       3.800 1/28/2022     EUR   55.230
Goldman Sachs & Co Wert      15.000 3/24/2021     EUR   73.070
Goldman Sachs & Co Wert       4.000 3/24/2021     EUR   71.470
Goldman Sachs & Co Wert       6.000 3/24/2021     EUR   61.860
Goldman Sachs & Co Wert       8.000 3/24/2021     EUR   56.960
Goldman Sachs & Co Wert      14.000 3/24/2021     EUR   45.000
DZ Bank AG Deutsche Zen       6.750 6/23/2021     EUR   74.480
Goldman Sachs & Co Wert      10.000 3/24/2021     EUR   51.860
DZ Bank AG Deutsche Zen       6.250 6/23/2021     EUR   74.280
DZ Bank AG Deutsche Zen       8.250 3/24/2021     EUR   74.210
Goldman Sachs & Co Wert      15.000 3/24/2021     EUR   61.610
Goldman Sachs & Co Wert      17.000 3/24/2021     EUR   59.380
Banque Cantonale Vaudoi       4.500 3/29/2021     CHF   50.490
Landesbank Baden-Wuertt       2.300 2/26/2021     EUR   64.220
Landesbank Baden-Wuertt       1.750 2/26/2021     EUR   68.500
Landesbank Baden-Wuertt       4.000 2/26/2021     EUR   72.890
Leonteq Securities AG/G       8.130 2/21/2022     EUR   71.280
Leonteq Securities AG/G       5.700 2/21/2022     CHF   72.990
DZ Bank AG Deutsche Zen       7.900 3/24/2021     EUR   67.770
DZ Bank AG Deutsche Zen       8.500 3/24/2021     EUR   66.870
DZ Bank AG Deutsche Zen       7.000 6/23/2021     EUR   68.650
DZ Bank AG Deutsche Zen       6.700 6/23/2021     EUR   71.020
DZ Bank AG Deutsche Zen       6.200 3/24/2021     EUR   70.390
DZ Bank AG Deutsche Zen       9.800 3/24/2021     EUR   65.700
DZ Bank AG Deutsche Zen       5.600 6/23/2021     EUR   69.760
Raiffeisen Schweiz Geno       5.000 8/24/2022     CHF   69.470
Raiffeisen Schweiz Geno       4.500 2/21/2023     CHF   66.840
Raiffeisen Schweiz Geno       6.000 8/24/2022     CHF   71.560
Corner Banca SA              30.000 06/08/2021    USD   14.800
Leonteq Securities AG/G      29.000 06/08/2021    CHF   14.700
Landesbank Baden-Wuertt       9.000 2/26/2021     EUR   67.410
Landesbank Baden-Wuertt       6.900 2/26/2021     EUR   70.420
Landesbank Baden-Wuertt       7.500 2/26/2021     EUR   61.660
Landesbank Baden-Wuertt       5.000 3/26/2021     EUR   71.670
Vontobel Financial Prod       5.600 2/22/2021     EUR   64.690
Leonteq Securities AG/G      14.000 2/24/2021     USD    3.340
Landesbank Baden-Wuertt       5.400 2/26/2021     EUR   73.040
Landesbank Baden-Wuertt       6.700 2/26/2021     EUR   70.580
Landesbank Baden-Wuertt       7.500 2/26/2021     EUR   72.900
Landesbank Baden-Wuertt       3.750 2/26/2021     EUR   38.860
Landesbank Baden-Wuertt       2.750 2/26/2021     EUR   65.510
Landesbank Baden-Wuertt       4.500 2/26/2021     EUR   71.190
Leonteq Securities AG        12.400 2/24/2021     CHF    2.870
Goldman Sachs & Co Wert      18.000 5/26/2021     EUR   73.090
Goldman Sachs & Co Wert      19.000 6/23/2021     EUR   71.630
UBS AG/London                 5.000 3/26/2021     EUR   72.750
Erste Group Bank AG          10.500 4/29/2021     EUR   69.450
UBS AG/London                10.000 3/29/2021     EUR   45.400
Societe Generale SA           8.848 3/29/2024     USD   59.650
Goldman Sachs & Co Wert      18.000 4/21/2021     EUR   73.350
Goldman Sachs & Co Wert      18.000 7/21/2021     EUR   72.550
Goldman Sachs & Co Wert      19.000 2/24/2021     EUR
Goldman Sachs & Co Wert      18.000 9/22/2021     EUR   72.520
Vontobel Financial Prod      16.500 6/25/2021     EUR   74.040
Vontobel Financial Prod      17.500 3/26/2021     EUR   73.890
Landesbank Baden-Wuertt       3.250 9/24/2021     EUR   59.650
Leonteq Securities AG/G       4.000 4/19/2022     EUR   65.090
Credit Suisse AG/London       9.20012/16/2021     USD    9.875
Raiffeisen Schweiz Geno       6.900 08/03/2022    CHF   72.480
Vontobel Financial Prod       5.500 3/26/2021     EUR   67.600
Bank Julius Baer & Co L       8.250 1/31/2022     USD   66.350
Raiffeisen Switzerland        8.500 02/03/2021    EUR   69.600
Bank Julius Baer & Co L      10.300 1/31/2022     USD   73.800
Bank Julius Baer & Co L       9.200 02/01/2021    EUR   53.800
Leonteq Securities AG        16.600 02/03/2021    CHF    4.250
Vontobel Financial Prod      11.500 3/26/2021     EUR
Bank Julius Baer & Co L       9.200 02/05/2021    CHF   59.850
UBS AG/London                12.000 02/05/2021    CHF    8.060
Credit Suisse AG/London       7.500 08/05/2021    CHF   70.470
Vontobel Financial Prod      12.500 3/26/2021     EUR   63.630
UBS AG/London                14.500 02/05/2021    CHF   68.350
Vontobel Financial Prod      13.500 3/26/2021     EUR
Vontobel Financial Prod      14.500 3/26/2021     EUR
Vontobel Financial Prod       9.500 03/12/2021    EUR   55.700
Vontobel Financial Prod      12.500 3/26/2021     EUR   74.900
Vontobel Financial Prod       4.000 03/12/2021    EUR   65.900
SG Issuer SA                  0.850 7/29/2024     EUR    9.900
Landesbank Baden-Wuertt       5.000 7/23/2021     EUR   68.820
Landesbank Baden-Wuertt       4.000 7/23/2021     EUR   67.570
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   67.840
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   65.730
Zurcher Kantonalbank Fi       8.000 05/07/2021    CHF   55.300
UBS AG/London                 8.50011/22/2021     EUR   72.100
Credit Suisse AG/London       6.200 7/29/2022     CHF   72.740
UBS AG/London                10.000 5/20/2021     CHF   72.150
UBS AG/London                13.750 1/29/2021     CHF   70.300
EFG International Finan      23.000 1/29/2021     EUR   11.710
Landesbank Baden-Wuertt       3.250 7/28/2023     EUR   66.420
Societe Generale Effekt      17.468 6/25/2021     EUR   71.310
Zurcher Kantonalbank Fi       5.75011/26/2021     CHF   66.980
Zurcher Kantonalbank Fi       8.125 02/11/2022    EUR   57.630
Zurcher Kantonalbank Fi       9.750 02/11/2022    USD   60.220
Landesbank Baden-Wuertt       4.300 7/23/2021     EUR   72.140
Vontobel Financial Prod      14.500 03/12/2021    EUR
Vontobel Financial Prod      18.000 03/12/2021    EUR   66.430
Societe Generale Effekt       8.734 6/25/2021     EUR   71.420
Landesbank Baden-Wuertt       2.000 7/23/2021     EUR   58.770
Landesbank Baden-Wuertt       5.500 6/25/2021     EUR   52.180
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   55.090
Landesbank Baden-Wuertt       6.500 6/25/2021     EUR   70.210
DekaBank Deutsche Giroz       5.500 12/03/2021    EUR   67.760
DZ Bank AG Deutsche Zen       7.000 3/22/2021     EUR   73.990
EFG International Finan      10.800 5/26/2021     CHF   58.250
Credit Suisse AG/London       8.000 2/25/2021     EUR   56.500
Landesbank Baden-Wuertt       3.69012/23/2022     EUR   70.780
Landesbank Hessen-Thuer       4.00012/27/2023     EUR   72.860
Credit Suisse AG/London       9.250 2/26/2021     EUR   65.010
Raiffeisen Schweiz Geno       7.80011/22/2021     CHF   57.050
BNP Paribas Emissions-       12.000 6/24/2021     EUR   60.280
BNP Paribas Emissions-        5.000 6/24/2021     EUR   71.990
BNP Paribas Emissions-        6.500 6/24/2021     EUR   70.490
BNP Paribas Emissions-        9.000 6/24/2021     EUR   65.660
BNP Paribas Emissions-        8.000 6/24/2021     EUR   64.600
BNP Paribas Emissions-       10.000 6/24/2021     EUR   61.080
BNP Paribas Emissions-       11.000 6/24/2021     EUR   73.600
Vontobel Financial Prod       5.100 5/28/2021     EUR   70.310
Credit Suisse AG/London       7.000 7/20/2021     EUR   72.810
DZ Bank AG Deutsche Zen       6.200 2/24/2021     EUR   69.230
BNP Paribas Emissions-        9.000 6/24/2021     EUR   73.630
BNP Paribas Emissions-        9.500 6/24/2021     EUR   71.710
Leonteq Securities AG/G      14.000 7/20/2021     EUR   69.600
Leonteq Securities AG/G      11.800 4/20/2021     CHF   70.380
Vontobel Financial Prod       4.800 6/18/2021     EUR   70.260
UniCredit Bank AG            10.100 2/26/2021     EUR   70.080
UniCredit Bank AG             8.20011/26/2021     EUR   72.820
UniCredit Bank AG             9.100 7/23/2021     EUR   71.420
Bank Julius Baer & Co L      10.600 7/22/2021     USD   50.450
Credit Suisse AG/London       7.500 4/21/2021     EUR   57.960
Vontobel Financial Prod       3.400 6/18/2021     EUR   59.990
DZ Bank AG Deutsche Zen      10.300 3/26/2021     EUR   67.150
DZ Bank AG Deutsche Zen       6.000 3/26/2021     EUR   72.840
DZ Bank AG Deutsche Zen       9.000 3/26/2021     EUR   60.990
Banque Cantonale Vaudoi      11.400 7/21/2021     EUR   56.820
Banque Cantonale Vaudoi      11.280 7/21/2021     CHF   56.700
UBS AG/London                11.750 7/22/2021     CHF   56.500
UBS AG/London                 8.000 1/24/2022     CHF   69.700
UBS AG/London                15.000 7/22/2021     CHF   70.550
Zurcher Kantonalbank Fi       5.350 7/29/2021     CHF   60.330
EFG International Finan       5.600 1/22/2024     CHF   73.990
Bank Julius Baer & Co L       7.850 1/25/2022     USD   66.100
Zurcher Kantonalbank Fi       7.500 5/28/2021     CHF   63.030
Landesbank Baden-Wuertt       3.000 7/23/2021     EUR   70.720
Landesbank Baden-Wuertt       2.500 6/25/2021     EUR   63.260
Landesbank Baden-Wuertt       4.000 6/25/2021     EUR   54.790
Landesbank Baden-Wuertt       5.500 6/25/2021     EUR   50.320
Landesbank Baden-Wuertt       6.500 6/25/2021     EUR   72.250
Landesbank Baden-Wuertt       2.000 6/25/2021     EUR   70.130
Landesbank Baden-Wuertt       3.500 6/25/2021     EUR   63.450
Credit Suisse AG/London       8.000 5/21/2021     CHF   70.940
DekaBank Deutsche Giroz       3.40012/16/2022     EUR   59.450
DekaBank Deutsche Giroz       3.70012/17/2021     EUR   65.850
UniCredit Bank AG             4.450 01/02/2024    EUR   70.830
Corner Banca SA               7.500 05/06/2022    EUR   72.050
Credit Suisse AG/London      10.750 7/26/2021     USD   68.030
Credit Suisse AG/London       7.600 7/23/2021     EUR   60.220
EFG International Finan       5.350 1/24/2023     USD   73.010
Vontobel Financial Prod       7.500 3/26/2021     EUR   72.360
Vontobel Financial Prod      16.000 3/26/2021     EUR
Bank Julius Baer & Co L      10.600 1/25/2021     EUR   69.700
EFG International Finan       4.620 1/27/2021     EUR   72.800
Bank Julius Baer & Co L       8.200 1/25/2021     CHF   56.500
Vontobel Financial Prod       9.100 2/21/2022     EUR   72.690
UBS AG/London                15.000 7/15/2021     CHF   41.850
UBS AG/London                 7.500 1/17/2022     CHF   72.800
BNP Paribas Emissions-       15.350 2/25/2021     EUR    1.510
BNP Paribas Emissions-        6.000 3/24/2022     EUR   72.640
BNP Paribas Emissions-        3.000 9/23/2021     EUR   70.340
BNP Paribas Emissions-        6.000 3/25/2021     EUR   73.720
BNP Paribas Emissions-        7.000 3/24/2022     EUR   64.100
BNP Paribas Emissions-       10.00012/23/2021     EUR    9.450
Credit Suisse AG/London       8.000 7/19/2021     CHF   70.580
Corner Banca SA              11.000 7/21/2021     CHF   56.070
Raiffeisen Schweiz Geno       5.200 1/17/2023     CHF   69.980
Raiffeisen Schweiz Geno       8.200 4/20/2021     CHF   55.920
Credit Suisse AG/London      11.500 5/20/2021     CHF   56.780
UBS AG/London                 7.000 1/31/2022     EUR   99.050
UniCredit Bank AG             3.200 01/02/2023    EUR   71.940
UBS AG/London                11.000 1/29/2021     CHF   66.650
Bank Julius Baer & Co L       6.950 2/19/2021     CHF   62.550
Leonteq Securities AG        14.800 05/04/2021    CHF   74.090
Societe Generale SA          17.040 4/27/2021     USD   70.000
Leonteq Securities AG/G       8.00011/25/2021     EUR   72.480
DZ Bank AG Deutsche Zen       6.750 3/24/2021     EUR   74.650
SG Issuer SA                  0.85010/16/2024     EUR    9.940
Raiffeisen Schweiz Geno       6.300 4/28/2021     CHF   71.730
BNP Paribas Issuance BV       7.150 11/07/2024    SEK   71.600
EFG International Finan      12.880 02/01/2021    CHF   62.980
Zurcher Kantonalbank Fi       7.500 7/28/2021     CHF   61.070
DZ Bank AG Deutsche Zen       7.500 3/24/2021     EUR   51.170
DZ Bank AG Deutsche Zen       5.250 3/24/2021     EUR   56.910
DZ Bank AG Deutsche Zen       5.500 3/24/2021     EUR   69.780
Zurcher Kantonalbank Fi       8.000 1/14/2022     CHF   69.120
Landesbank Baden-Wuertt       3.500 3/24/2023     EUR   69.220
Credit Suisse AG/London       9.250 4/14/2021     EUR   66.190
Societe Generale SA          13.010 02/02/2023    USD   55.150
EFG International Finan       5.350 1/17/2023     USD   69.660
Vontobel Financial Prod       3.800 08/11/2021    EUR   74.330
BNP Paribas Emissions-       10.000 3/24/2022     EUR   11.950
BNP Paribas Emissions-       12.000 3/25/2021     EUR    2.330
UniCredit Bank AG            12.600 3/26/2021     EUR   68.500
UniCredit Bank AG             9.600 3/26/2021     EUR   72.540
SG Issuer SA                  9.800 05/03/2021    USD   56.700
UniCredit Bank AG            11.300 3/26/2021     EUR   52.850
UniCredit Bank AG            13.300 3/26/2021     EUR   66.100
Leonteq Securities AG/G       6.800 5/18/2021     EUR   61.150
UniCredit Bank AG             5.300 3/26/2021     EUR   73.410
UniCredit Bank AG            12.800 3/26/2021     EUR   64.290
EFG International Finan       7.200 4/26/2022     CHF   66.860
UniCredit Bank AG             9.600 3/26/2021     EUR   55.560
UniCredit Bank AG            11.100 6/25/2021     EUR   70.540
UniCredit Bank AG            13.500 6/25/2021     EUR   71.570
UniCredit Bank AG            12.00012/24/2021     EUR   74.180
UniCredit Bank AG            13.00012/24/2021     EUR   72.280
UniCredit Bank AG            10.500 3/26/2021     EUR   69.890
Credit Suisse AG/London      10.75011/29/2021     USD   61.445
UBS AG/London                13.500 4/26/2021     USD
Raiffeisen Schweiz Geno       4.00011/15/2022     CHF   65.730
Vontobel Financial Prod       5.400 2/23/2021     EUR   74.280
BNP Paribas Emissions-        3.00012/23/2021     EUR   69.520
BNP Paribas Emissions-        7.000 6/24/2021     EUR   73.740
BNP Paribas Emissions-        7.00012/23/2021     EUR   63.590
Corner Banca SA               4.200 7/20/2021     CHF   74.060
Raiffeisen Schweiz Geno       8.50012/13/2021     CHF   60.670
Luzerner Kantonalbank A       7.120 6/18/2021     CHF   72.150
Zurcher Kantonalbank Fi       6.30012/16/2022     CHF   58.440
Leonteq Securities AG/G      17.490 3/17/2021     EUR    4.190
EFG International Finan      10.26012/19/2024     CHF   73.470
UBS AG/London                12.00012/20/2021     CHF   62.250
UBS AG/London                12.750 6/18/2021     CHF   58.800
UBS AG/London                14.00012/20/2021     CHF   74.100
UBS AG/London                10.25012/20/2021     CHF   73.700
UBS AG/London                 7.00012/20/2021     CHF   61.600
Credit Suisse AG/London       6.000 6/16/2022     CHF   73.300
Credit Suisse AG/London       8.000 6/18/2021     CHF   71.230
EFG International Finan       5.35012/19/2022     USD   70.850
Leonteq Securities AG/G       7.000 6/20/2022     CHF   71.280
Leonteq Securities AG/G       7.50012/20/2021     EUR   59.920
Pongs & Zahn AG               8.500               EUR    0.002
EFG International Finan       8.60012/20/2021     CHF   73.590
Zurcher Kantonalbank Fi       6.25012/30/2021     EUR   73.720
Leonteq Securities AG/G      12.000 3/23/2021     EUR   72.640
Leonteq Securities AG        11.00012/20/2021     CHF   74.350
Leonteq Securities AG        10.400 3/23/2021     CHF   73.100
Leonteq Securities AG/G       9.500 6/23/2021     CHF   72.640
Vontobel Financial Prod       8.000 03/12/2021    EUR   62.850
Bank Julius Baer & Co L      12.000 05/05/2021    CHF   73.500
Landesbank Baden-Wuertt      13.120 2/26/2021     EUR   72.690
Vontobel Financial Prod       4.000 03/12/2021    EUR   67.490
Vontobel Financial Prod       8.000 03/12/2021    EUR   71.080
Vontobel Financial Prod      16.500 06/11/2021    EUR   68.290
Skandinaviska Enskilda        6.000 1/15/2025     SEK   62.490
Skandinaviska Enskilda        5.800 1/15/2025     SEK   71.760
Zurcher Kantonalbank Fi       4.000 02/11/2022    CHF   59.880
Zurcher Kantonalbank Fi       6.750 02/11/2022    CHF   67.160
Credit Suisse AG/London       8.000 05/04/2021    EUR   66.090
Leonteq Securities AG         4.00012/18/2026     CHF   68.030
Leonteq Securities AG         3.900 9/21/2029     CHF   71.570
Raiffeisen Schweiz Geno       3.000 9/21/2029     CHF   65.520
Leonteq Securities AG         3.90012/20/2024     CHF   51.850
Zurcher Kantonalbank Fi       3.00011/19/2021     CHF   72.600
Zurcher Kantonalbank Fi       8.750 05/07/2021    CHF   64.020
DZ Bank AG Deutsche Zen      10.900 3/22/2021     EUR    2.380
Bank Julius Baer & Co L      10.000 06/01/2021    CHF   68.700
UBS AG/London                12.250 02/12/2021    CHF    7.270
DZ Bank AG Deutsche Zen       7.000 3/22/2021     EUR   73.230
DZ Bank AG Deutsche Zen      10.250 3/22/2021     EUR    2.510
UBS AG/London                 9.300 08/12/2021    CHF   62.950
UBS AG/London                 6.200 3/25/2021     EUR   63.470
UBS AG/London                 7.100 6/24/2021     EUR   62.300
UBS AG/London                 8.000 3/25/2021     EUR   59.540
UBS AG/London                 4.000 6/24/2021     EUR   64.530
Landesbank Baden-Wuertt       6.300 6/25/2021     EUR   71.460
Landesbank Baden-Wuertt       3.800 7/23/2021     EUR   70.700
Landesbank Baden-Wuertt       2.500 7/23/2021     EUR   64.170
Landesbank Baden-Wuertt       1.600 6/25/2021     EUR   67.260
UBS AG/London                13.250 06/04/2021    EUR    5.220
UBS AG/London                 2.600 3/25/2021     EUR   67.120
UBS AG/London                 9.500 3/25/2021     EUR   75.180
Leonteq Securities AG/G       9.500 06/03/2021    EUR   54.300
UBS AG/London                 9.000 6/24/2021     EUR   58.840
UBS AG/London                 9.700 3/25/2021     EUR   55.950
Landesbank Baden-Wuertt       4.750 6/25/2021     EUR   64.610
Landesbank Baden-Wuertt       7.750 6/25/2021     EUR   64.480
Leonteq Securities AG         5.750 01/09/2023    CHF   73.840
UBS AG/London                12.000 12/06/2021    USD   66.590
Vontobel Financial Prod      10.000 3/26/2021     EUR   69.980
Skandinaviska Enskilda        6.400 1/15/2025     SEK   64.740
Skandinaviska Enskilda        5.750 1/15/2025     SEK   71.590
Raiffeisen Schweiz Geno       5.60011/29/2022     CHF   71.540
Nordea Bank Abp               8.500 1/20/2025     SEK   68.590
Credit Suisse AG/London       8.000 6/30/2021     CHF   69.670
DZ Bank AG Deutsche Zen       4.500 3/22/2021     EUR   60.870
Vontobel Financial Prod      15.000 3/26/2021     EUR
UBS AG/London                14.500 02/12/2021    CHF   67.450
Vontobel Financial Prod       8.480 02/12/2021    EUR
UBS AG/London                10.750 02/12/2021    CHF   67.050
BNP Paribas Issuance BV       8.300 2/25/2021     EUR   66.750
UBS AG/London                10.00010/25/2021     CHF   66.650
Raiffeisen Schweiz Geno       7.000 05/11/2021    CHF   64.080
UniCredit Bank AG            14.200 3/26/2021     EUR   64.230
UniCredit Bank AG            10.30012/24/2021     EUR   69.100
UBS AG/London                 7.75010/25/2021     EUR   60.050
Raiffeisen Schweiz Geno       3.400 3/21/2025     CHF   52.320
UBS AG/London                 7.000 08/12/2021    CHF   69.750
UBS AG/London                12.250 2/14/2022     CHF   73.000
UBS AG/London                13.500 4/23/2021     CHF    1.750
Leonteq Securities AG/G       3.650 09/02/2021    EUR   56.850
Leonteq Securities AG/G       2.380 09/02/2021    EUR   72.720
Leonteq Securities AG/G       3.430 09/02/2021    EUR   69.480
Leonteq Securities AG/G       6.070 09/02/2021    EUR   64.050
Leonteq Securities AG/G       9.220 09/02/2021    EUR   60.150
Leonteq Securities AG/G       5.120 09/02/2021    EUR   65.990
Leonteq Securities AG/G       7.940 09/02/2021    EUR   61.040
Leonteq Securities AG/G       9.500 09/02/2021    EUR   71.290
Leonteq Securities AG/G       1.150 09/02/2021    EUR   66.320
Leonteq Securities AG/G       2.370 09/02/2021    EUR   67.040
Leonteq Securities AG/G       3.790 09/02/2021    EUR   67.850
Leonteq Securities AG/G       5.270 09/02/2021    EUR   68.770
Leonteq Securities AG/G       6.690 09/02/2021    EUR   69.620
Leonteq Securities AG/G       9.500 09/02/2021    EUR   59.050
Leonteq Securities AG/G      11.140 09/02/2021    EUR   57.620
Vontobel Financial Prod       7.500 3/26/2021     EUR   70.360
Skandinaviska Enskilda        9.200 7/15/2024     SEK   67.650
UniCredit Bank AG            13.200 6/25/2021     EUR   65.670
Leonteq Securities AG/G       5.910 09/02/2021    EUR   60.760
Leonteq Securities AG/G       3.290 09/02/2021    EUR   52.720
Leonteq Securities AG/G       6.020 09/02/2021    EUR   54.370
UBS AG/London                12.000 4/23/2021     CHF   67.250
Leonteq Securities AG/G       4.500 09/02/2021    EUR   59.910
Leonteq Securities AG/G       5.020 09/02/2021    EUR   57.580
Leonteq Securities AG/G       8.760 09/02/2021    EUR   55.910
Leonteq Securities AG/G       9.660 09/02/2021    EUR   62.990
Leonteq Securities AG/G       2.470 09/02/2021    EUR   56.050
Leonteq Securities AG/G       8.590 09/02/2021    EUR   62.350
Leonteq Securities AG/G       1.430 09/02/2021    EUR   55.380
Leonteq Securities AG/G       6.330 09/02/2021    EUR   58.370
Leonteq Securities AG/G       4.570 09/02/2021    EUR   53.530
Leonteq Securities AG/G       7.440 09/02/2021    EUR   55.130
Leonteq Securities AG/G       7.130 09/02/2021    EUR   71.150
Leonteq Securities AG/G       9.900 09/02/2021    EUR   66.060
Leonteq Securities AG/G       4.670 09/02/2021    EUR   66.540
Leonteq Securities AG/G       7.590 09/02/2021    EUR   61.910
Vontobel Financial Prod       5.500 3/26/2021     EUR   73.830
Vontobel Financial Prod      11.000 3/26/2021     EUR   65.900
Vontobel Financial Prod       6.500 3/26/2021     EUR   72.050
EFG International Finan       5.350 12/02/2022    USD   70.080
Vontobel Financial Prod      18.500 3/26/2021     EUR
DekaBank Deutsche Giroz       3.25011/25/2022     EUR   66.880
Vontobel Financial Prod      17.500 3/26/2021     EUR
Corner Banca SA               5.250 1/24/2023     CHF   72.460
Corner Banca SA              12.200 4/27/2021     CHF   70.420
Leonteq Securities AG/G       7.00010/25/2021     EUR   71.920
Leonteq Securities AG/G      13.500 05/12/2021    EUR    6.440
DZ Bank AG Deutsche Zen      12.400 3/22/2021     EUR    2.760
Zurcher Kantonalbank Fi       5.000 4/23/2021     EUR   70.800
Raiffeisen Schweiz Geno       6.900 7/27/2022     CHF   73.460
Vontobel Financial Prod       9.500 3/26/2021     EUR   67.250
Vontobel Financial Prod       8.500 3/26/2021     EUR   68.770
Leonteq Securities AG        19.000 1/27/2021     CHF    5.050
Leonteq Securities AG/G      18.600 1/27/2021     USD    4.930
Skandinaviska Enskilda        4.400 7/15/2022     SEK   69.785
Leonteq Securities AG/G       7.290 09/02/2021    EUR   62.570
Leonteq Securities AG/G       8.480 09/02/2021    EUR   68.440
Leonteq Securities AG/G      11.390 09/02/2021    EUR   64.010
Leonteq Securities AG/G       3.920 09/02/2021    EUR   69.150
Leonteq Securities AG/G       6.460 09/02/2021    EUR   63.320
UniCredit Bank AG             9.30012/24/2021     EUR   59.420
UniCredit Bank AG             7.50012/24/2021     EUR   71.760
UniCredit Bank AG             8.00012/24/2021     EUR   69.380
Raiffeisen Schweiz Geno       7.200 3/23/2021     CHF   60.550
EFG International Finan       5.350 11/07/2022    USD   70.200
Bayerische Landesbank         2.30012/19/2022     EUR   74.080
Credit Suisse AG/London       6.000 3/21/2022     USD   10.000
Vontobel Financial Prod      13.000 3/26/2021     EUR   71.460
UBS AG/London                 5.750 8/16/2021     CHF   71.550
Araratbank OJSC               5.500 9/19/2023     USD   24.584
Leonteq Securities AG         7.000 8/16/2021     CHF   64.050
Vontobel Financial Prod      10.000 03/12/2021    EUR   64.280
Vontobel Financial Prod      15.000 03/12/2021    EUR   65.490
Raiffeisen Schweiz Geno       6.000 11/01/2022    CHF   73.490
UniCredit Bank AG             9.90012/24/2021     EUR   67.360
UniCredit Bank AG            13.300 6/25/2021     EUR   70.130
UniCredit Bank AG             9.900 6/25/2021     EUR   62.380
UniCredit Bank AG            12.700 6/25/2021     EUR   62.760
DZ Bank AG Deutsche Zen       7.600 3/24/2021     EUR   59.510
UBS AG/London                 7.000 8/16/2021     CHF   57.600
Landesbank Hessen-Thuer       4.000 9/20/2023     EUR   73.860
Vontobel Financial Prod       6.500 03/12/2021    EUR   72.730
Vontobel Financial Prod      14.000 03/12/2021    EUR   57.800
Raiffeisen Schweiz Geno       8.200 02/01/2021    USD   63.260
Leonteq Securities AG/G      15.400 03/12/2021    USD   58.540
Leonteq Securities AG         8.00012/13/2022     CHF   64.460
Corner Banca SA              22.000 3/16/2021     CHF   13.140
Leonteq Securities AG/G      17.570 03/10/2021    CHF   70.840
UBS AG/London                 9.00012/13/2021     CHF   71.400
EFG International Finan      15.500 6/16/2021     EUR    7.370
Societe Generale Effekt      18.066 3/19/2021     EUR
BNP Paribas Emissions-        6.000 3/25/2021     EUR   66.850
BNP Paribas Emissions-        9.000 9/23/2021     EUR    6.300
BNP Paribas Emissions-       11.000 3/25/2021     EUR    2.130
UBS AG/London                14.000 06/11/2021    CHF   67.550
BNP Paribas Emissions-       12.000 3/25/2021     EUR   69.450
Credit Suisse AG/London       6.000 06/07/2022    CHF   73.140
Leonteq Securities AG/G      15.000 6/16/2021     CHF   70.520
Leonteq Securities AG/G      11.400 6/16/2021     EUR   63.400
Leonteq Securities AG         6.80012/13/2022     CHF   72.980
WEB Windenergie AG            6.250               EUR    0.010
EFG International Finan       5.35012/19/2022     USD   71.580
Credit Suisse AG/London       8.560 12/06/2022    USD    9.601
Vontobel Financial Prod      13.000 03/12/2021    EUR   65.790
Vontobel Financial Prod      16.000 06/11/2021    EUR   61.370
Vontobel Financial Prod       9.500 03/12/2021    EUR   68.390
DZ Bank AG Deutsche Zen       7.250 3/22/2021     EUR   73.250
BNP Paribas Emissions-        5.000 3/25/2021     EUR   68.850
BNP Paribas Emissions-        7.000 3/25/2021     EUR   63.790
BNP Paribas Emissions-       18.000 3/25/2021     EUR   72.620
Raiffeisen Schweiz Geno       5.300 9/20/2022     CHF   70.040
EFG International Finan      13.000 11/08/2021    EUR   64.870
Landesbank Baden-Wuertt       2.65010/27/2023     EUR   73.200
EFG International Finan       9.700 9/26/2022     CHF   16.170
Bayerische Landesbank         3.00011/26/2021     EUR   68.560
Bank Julius Baer & Co L       7.250 05/07/2021    USD   67.500
Societe Generale Effekt      13.989 6/25/2021     EUR   62.460
UniCredit Bank AG            15.100 6/25/2021     EUR   53.950
UniCredit Bank AG             5.70012/24/2021     EUR   68.290
UniCredit Bank AG            12.000 6/25/2021     EUR   74.070
UniCredit Bank AG             7.600 6/25/2021     EUR   70.070
UniCredit Bank AG             9.700 6/25/2021     EUR   66.210
UniCredit Bank AG            14.200 6/25/2021     EUR   68.590
Raiffeisen Schweiz Geno       6.600 3/23/2022     CHF   68.270
UBS AG/London                14.250 05/06/2021    CHF   72.900
UniCredit Bank AG            10.700 3/26/2021     EUR   71.130
UniCredit Bank AG            11.000 3/26/2021     EUR   63.220
UniCredit Bank AG            14.500 3/26/2021     EUR   65.350
Landesbank Baden-Wuertt       4.100 4/23/2021     EUR   69.210
Landesbank Baden-Wuertt       3.400 4/23/2021     EUR   51.990
Landesbank Baden-Wuertt       4.000 3/26/2021     EUR   67.060
Landesbank Baden-Wuertt       2.500 3/26/2021     EUR   73.350
Landesbank Baden-Wuertt       4.000 3/26/2021     EUR   65.880
Landesbank Baden-Wuertt       7.600 3/26/2021     EUR   56.670
Landesbank Baden-Wuertt       3.250 3/26/2021     EUR   62.670
Landesbank Baden-Wuertt       2.600 3/26/2021     EUR   63.960
BNP Paribas Emissions-       18.000 3/25/2021     EUR   70.380
UBS AG/London                14.280 5/17/2021     CHF    4.220
DZ Bank AG Deutsche Zen       7.900 3/24/2021     EUR   69.770
Leonteq Securities AG/G      10.600 8/13/2021     CHF   66.490
DZ Bank AG Deutsche Zen       4.900 3/22/2021     EUR   72.520
Landesbank Baden-Wuertt       4.25011/26/2021     EUR   67.970
Landesbank Baden-Wuertt       4.00011/26/2021     EUR   58.290
Landesbank Baden-Wuertt       3.10011/26/2021     EUR   64.210
Landesbank Baden-Wuertt       3.25011/26/2021     EUR   71.430
Landesbank Baden-Wuertt       2.10011/26/2021     EUR   74.340
Landesbank Baden-Wuertt       4.00011/26/2021     EUR   69.660
Vontobel Financial Prod      14.500 9/24/2021     EUR   72.400
DZ Bank AG Deutsche Zen       6.250 3/22/2021     EUR   73.100
UniCredit Bank AG            12.300 2/26/2021     EUR   73.650
Landesbank Baden-Wuertt       2.00011/26/2021     EUR   63.190
Credit Suisse AG/London       6.100 8/15/2022     CHF   71.370
Societe Generale Effekt       4.500 07/03/2023    EUR   69.300
UniCredit Bank AG            13.300 2/26/2021     EUR   66.340
Bank Julius Baer & Co L       4.050 4/28/2021     CHF   71.700
UBS AG/London                10.250 4/19/2021     EUR   74.250
Landesbank Baden-Wuertt       3.00011/26/2021     EUR   71.760
Landesbank Baden-Wuertt       2.00011/26/2021     EUR   67.570
Vontobel Financial Prod      12.500 6/25/2021     EUR   72.230
UniCredit Bank AG            12.200 7/23/2021     EUR   69.530
UniCredit Bank AG            10.500 7/23/2021     EUR   72.560
Vontobel Financial Prod      16.500 6/25/2021     EUR   70.380
Zurcher Kantonalbank Fi       8.000 05/04/2021    CHF   66.150
UniCredit Bank AG            11.100 2/26/2021     EUR   70.630
Bank Julius Baer & Co L       5.450 4/28/2021     CHF   67.100
Zurcher Kantonalbank Fi       9.250 4/30/2021     USD   70.250
UniCredit Bank AG            13.60012/24/2021     EUR   71.490
UniCredit Bank AG            13.900 6/25/2021     EUR   56.150
UniCredit Bank AG            13.400 3/26/2021     EUR   53.340
UniCredit Bank AG            13.100 3/26/2021     EUR   50.470
UniCredit Bank AG            10.200 6/25/2021     EUR   68.370
UniCredit Bank AG            10.40012/24/2021     EUR   68.930
UniCredit Bank AG             8.300 3/26/2021     EUR   59.780
UniCredit Bank AG            10.700 3/26/2021     EUR   56.290
UniCredit Bank AG            10.100 3/26/2021     EUR   67.830
UniCredit Bank AG            11.40012/24/2021     EUR   75.110
UniCredit Bank AG            14.000 3/26/2021     EUR   70.810
UniCredit Bank AG             6.600 3/26/2021     EUR   62.210
UniCredit Bank AG             8.100 3/26/2021     EUR   58.670
Credit Suisse AG/London      10.000 5/14/2021     EUR   66.610
Leonteq Securities AG        10.000 8/17/2021     CHF   66.520
Raiffeisen Centrobank A       7.250 12/06/2021    EUR   87.000
Leonteq Securities AG/G       1.600 1/28/2022     EUR   33.760
UBS AG/London                 6.250 06/07/2021    CHF   53.000
Credit Suisse AG/London       5.500 1/28/2021     CHF   73.550
Leonteq Securities AG/G       2.29010/29/2021     EUR   47.650
BNP Paribas Emissions-       10.000 3/25/2021     EUR
BNP Paribas Issuance BV       5.000 11/05/2024    EUR   26.560
EFG International Finan       5.35011/15/2022     USD   68.900
UniCredit Bank AG             8.40012/24/2021     EUR   70.230
UniCredit Bank AG            10.200 6/25/2021     EUR   67.230
UniCredit Bank AG            13.300 3/26/2021     EUR   60.360
UniCredit Bank AG             9.00012/24/2021     EUR   73.090
BNP Paribas Emissions-        9.00012/23/2021     EUR
UniCredit Bank AG             8.700 3/26/2021     EUR   68.380
EFG International Finan       5.35010/31/2022     USD   72.470
DZ Bank AG Deutsche Zen       4.700 2/24/2021     EUR   73.700
UBS AG/London                10.50010/18/2021     CHF   70.700
UniCredit Bank AG             8.30012/24/2021     EUR   71.600
UniCredit Bank AG            13.200 6/25/2021     EUR   64.900
UniCredit Bank AG            14.300 6/25/2021     EUR   70.250
UniCredit Bank AG            14.10012/24/2021     EUR   70.660
UniCredit Bank AG            14.900 3/26/2021     EUR   69.170
UniCredit Bank AG             9.900 6/25/2021     EUR   72.120
SG Issuer SA                  7.440 05/03/2021    CHF   54.050
UniCredit Bank AG            12.50012/24/2021     EUR   73.210
UniCredit Bank AG            14.900 3/26/2021     EUR   48.360
UniCredit Bank AG             9.700 3/26/2021     EUR   64.990
UniCredit Bank AG             6.200 3/26/2021     EUR   63.910
UniCredit Bank AG            13.100 3/26/2021     EUR   72.540
Raiffeisen Schweiz Geno      12.840 2/15/2021     CHF   52.040
UniCredit Bank AG            11.100 3/26/2021     EUR   70.450
UniCredit Bank AG             8.700 6/25/2021     EUR   73.820
UniCredit Bank AG             6.400 3/26/2021     EUR   70.740
UniCredit Bank AG            13.700 3/26/2021     EUR   63.550
Erste Group Bank AG          12.00011/21/2024     EUR    0.450
UniCredit Bank AG            11.800 3/26/2021     EUR   65.590
Leonteq Securities AG         9.00011/15/2021     CHF   69.910
UniCredit Bank AG            12.000 6/25/2021     EUR   74.460
UniCredit Bank AG            14.60012/24/2021     EUR   69.870
UniCredit Bank AG             8.400 3/26/2021     EUR   70.290
UniCredit Bank AG            12.200 3/26/2021     EUR   74.390
Credit Suisse AG/London       7.750 7/28/2021     CHF   70.930
UniCredit Bank AG            13.500 3/26/2021     EUR   70.720
Landesbank Hessen-Thuer       5.250 06/03/2024    EUR   70.470
UniCredit Bank AG            10.700 2/26/2021     EUR   73.590
UBS AG/London                 8.750 06/07/2021    EUR   58.450
Landesbank Hessen-Thuer       5.750 07/12/2024    EUR   71.980
Zurcher Kantonalbank Fi       6.000 05/04/2021    CHF   67.620
DZ Bank AG Deutsche Zen       7.500 2/24/2021     EUR   68.670
Corner Banca SA              17.000 2/17/2021     CHF    4.000
Landesbank Baden-Wuertt       3.00011/26/2021     EUR   60.120
Leonteq Securities AG        13.000 2/17/2021     CHF    3.010
DekaBank Deutsche Giroz       3.70011/25/2022     EUR   63.050
Raiffeisen Switzerland        7.000 1/29/2021     EUR   60.980
Vontobel Financial Prod      11.500 3/26/2021     EUR   73.590
Vontobel Financial Prod      14.500 3/26/2021     EUR   69.450
Societe Generale SA           8.000 7/14/2021     USD    1.130
Bank Julius Baer & Co L      10.900 02/12/2021    USD   72.500
Landesbank Hessen-Thuer       7.700 8/20/2021     EUR   65.780
Vontobel Financial Prod       4.000 3/26/2021     EUR   73.670
EFG International Finan       7.600 5/27/2021     EUR   60.870
Societe Generale Effekt      13.500 3/26/2021     EUR   72.230
Vontobel Financial Prod       9.750 3/26/2021     EUR   66.010
Vontobel Financial Prod      10.000 2/26/2021     EUR   62.190
Vontobel Financial Prod       6.000 3/26/2021     EUR   59.660
Vontobel Financial Prod       7.750 3/26/2021     EUR   62.680
UBS AG/London                 3.900 3/25/2021     EUR   69.440
UBS AG/London                11.000 6/28/2021     CHF   69.700
UBS AG/London                10.750 6/28/2021     CHF   61.070
Credit Suisse AG/London       9.500 3/29/2021     EUR   67.230
EFG International Finan      13.00012/27/2021     CHF   12.390
UBS AG/London                13.750 6/28/2021     CHF    9.730
Vontobel Financial Prod       7.250 3/26/2021     EUR   69.900
Vontobel Financial Prod      10.250 2/26/2021     EUR   55.520
Vontobel Financial Prod       9.500 2/26/2021     EUR   72.280
Vontobel Financial Prod       7.000 3/26/2021     EUR   55.710
Bank Julius Baer & Co L       8.350 1/30/2023     CHF   73.450
Credit Suisse AG/London       7.500 1/29/2021     CHF   67.670
UniCredit Bank AG             6.600 2/19/2024     EUR   69.730
BNP Paribas Emissions-       12.000 3/25/2021     EUR    2.260
Leonteq Securities AG        16.000 4/13/2021     CHF   10.880
Leonteq Securities AG/G       6.000 01/10/2023    CHF   71.060
Vontobel Financial Prod       6.500 3/29/2021     EUR   59.840
Vontobel Financial Prod       7.500 03/12/2021    EUR   58.370
Vontobel Financial Prod      10.500 06/11/2021    EUR   71.880
Vontobel Financial Prod      11.500 06/11/2021    EUR   66.400
Raiffeisen Schweiz Geno       5.000 01/10/2023    CHF   69.120
UniCredit Bank AG             5.55012/27/2023     EUR   69.160
Corner Banca SA              15.500 03/09/2021    CHF   69.130
BNP Paribas Issuance BV       7.20012/17/2024     SEK   70.070
Vontobel Financial Prod      16.000 03/12/2021    EUR   66.110
Vontobel Financial Prod      11.500 03/12/2021    EUR   55.050
Vontobel Financial Prod      17.000 03/12/2021    EUR   70.150
Vontobel Financial Prod       7.500 06/11/2021    EUR   73.020
Raiffeisen Schweiz Geno       8.200 7/13/2021     CHF   70.770
DZ Bank AG Deutsche Zen      12.200 3/22/2021     EUR    2.670
Leonteq Securities AG/G       3.35012/13/2021     EUR   61.900
Raiffeisen Schweiz Geno       5.500 12/06/2022    CHF   73.320
UBS AG/London                 4.600 3/25/2021     EUR   58.700
Vontobel Financial Prod       6.500 03/12/2021    EUR   69.260
Vontobel Financial Prod       8.000 03/12/2021    EUR   66.930
Vontobel Financial Prod       5.000 03/12/2021    EUR   73.350
Vontobel Financial Prod      12.000 03/12/2021    EUR   70.180
Leonteq Securities AG         9.400 1/13/2022     CHF   67.720
DZ Bank AG Deutsche Zen       7.000 3/22/2021     EUR   61.250
DZ Bank AG Deutsche Zen      11.600 3/22/2021     EUR    2.590
Credit Suisse AG/London       7.000 06/09/2021    CHF   71.340
Vontobel Financial Prod       0.088 06/10/2021    EUR   66.200
Landesbank Hessen-Thuer       7.000 4/29/2022     EUR   58.950
Landesbank Baden-Wuertt       6.500 6/25/2021     EUR   70.340
Landesbank Baden-Wuertt       6.500 7/23/2021     EUR   56.570
Luzerner Kantonalbank A       6.000 6/23/2021     CHF   73.160
UBS AG/London                 4.500 3/25/2021     EUR   74.520
UBS AG/London                12.500 3/25/2021     EUR   54.800
UBS AG/London                 8.700 3/25/2021     EUR   63.920
Landesbank Baden-Wuertt       4.500 6/25/2021     EUR   59.730
Landesbank Baden-Wuertt       4.250 6/25/2021     EUR   73.250
Landesbank Baden-Wuertt       7.800 6/25/2021     EUR   65.210
Landesbank Baden-Wuertt       4.200 7/23/2021     EUR   59.850
Landesbank Baden-Wuertt       2.900 6/25/2021     EUR   63.160
Landesbank Hessen-Thuer       6.250 7/15/2022     EUR   67.060
Landesbank Baden-Wuertt       3.700 6/25/2021     EUR   66.710
UBS AG/London                 7.100 3/25/2021     EUR   61.550
UBS AG/London                 9.000 3/25/2021     EUR   57.690
EFG International Finan      12.800 06/09/2021    USD   61.400
Landesbank Baden-Wuertt       5.750 6/25/2021     EUR   63.240
Landesbank Baden-Wuertt       5.100 6/25/2021     EUR   71.760
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   73.120
Landesbank Baden-Wuertt       5.500 7/23/2021     EUR   62.410
Landesbank Baden-Wuertt       7.000 6/25/2021     EUR   48.750
Landesbank Baden-Wuertt       2.500 6/25/2021     EUR   61.730
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   64.630
Leonteq Securities AG/G       7.000 5/25/2022     CHF   72.990
Landesbank Baden-Wuertt       4.500 6/25/2021     EUR   61.550
Bayerische Landesbank         1.35012/23/2022     EUR   59.480
EFG International Finan       0.600 9/20/2022     EUR   62.350
Societe Generale SA          12.000 4/18/2024     USD   49.300
Banque Cantonale Vaudoi       5.500 04/08/2021    CHF   51.260
Bayerische Landesbank         2.700 5/14/2021     EUR   52.970
Citigroup Global Market       6.800 05/07/2024    SEK
DekaBank Deutsche Giroz       2.850 9/23/2022     EUR    4.990
Leonteq Securities AG/G       5.000 02/03/2021    EUR    0.520
BNP Paribas Emissions-        7.500 1/28/2021     EUR   66.920
DZ Bank AG Deutsche Zen       5.250 3/24/2021     EUR   69.710
Zurcher Kantonalbank Fi       8.000 5/19/2021     USD   72.590
Raiffeisen Schweiz Geno       6.000 6/30/2021     EUR   58.690
Landesbank Hessen-Thuer       7.770 7/15/2021     EUR   30.710
Bank Julius Baer & Co L       6.300 02/11/2021    EUR   68.050
Leonteq Securities AG/G      10.000 5/28/2021     EUR   62.700
Raiffeisen Schweiz Geno       6.00012/30/2021     CHF   70.660
Vontobel Financial Prod      10.300 3/29/2021     EUR
Skandinaviska Enskilda        7.450 1/15/2025     SEK   68.950
Vontobel Financial Prod      18.500 03/12/2021    EUR
EFG International Finan       5.350 12/06/2022    USD   70.930
Vontobel Financial Prod       6.500 03/12/2021    EUR   73.660
UBS AG/London                 3.400 6/24/2021     EUR   62.560
UBS AG/London                 3.000 3/25/2021     EUR   61.640
UBS AG/London                 8.700 6/24/2021     EUR   65.180
UBS AG/London                 7.700 3/25/2021     EUR   66.460
UBS AG/London                 6.300 6/24/2021     EUR   68.860
Bank Julius Baer & Co L       5.300 03/08/2021    EUR   61.350
Vontobel Financial Prod       5.000 03/12/2021    EUR   71.790
Vontobel Financial Prod       9.500 03/12/2021    EUR   64.770
Vontobel Financial Prod      11.000 03/12/2021    EUR   67.620
Vontobel Financial Prod       4.900 3/29/2021     EUR   73.070
Skandinaviska Enskilda        6.250 1/15/2025     SEK   72.240
Landesbank Baden-Wuertt       5.500 6/25/2021     EUR   72.480
Landesbank Baden-Wuertt       5.900 7/23/2021     EUR   67.020
Landesbank Baden-Wuertt       5.500 7/23/2021     EUR   66.900
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   68.440
Landesbank Baden-Wuertt       5.500 6/25/2021     EUR   69.480
UBS AG/London                 4.400 3/25/2021     EUR   60.230
UBS AG/London                 6.200 3/25/2021     EUR   72.930
UBS AG/London                 2.500 3/25/2021     EUR   65.140
UBS AG/London                 6.200 3/25/2021     EUR   69.140
UBS AG/London                 5.500 3/25/2021     EUR   71.410
UBS AG/London                 2.700 3/25/2021     EUR   63.330
UBS AG/London                 4.600 3/25/2021     EUR   57.210
UBS AG/London                 9.700 3/25/2021     EUR   61.770
UBS AG/London                11.900 3/25/2021     EUR   69.390
Leonteq Securities AG/G      12.200 02/07/2022    USD   72.990
Bank Julius Baer & Co L       8.900 02/12/2021    EUR   72.450
Leonteq Securities AG        13.600 02/10/2021    CHF    3.190
UBS AG/London                 5.400 6/24/2021     EUR   75.040
UBS AG/London                 4.000 6/24/2021     EUR   68.260
Credit Suisse AG/London       6.000 08/08/2022    CHF   72.740
UBS AG/London                 3.800 3/25/2021     EUR   71.620
UBS AG/London                18.100 3/25/2021     EUR   73.470
UBS AG/London                16.900 6/24/2021     EUR   75.970
Bank Julius Baer & Co L       8.900 02/12/2021    CHF   72.450
Bank Julius Baer & Co L       9.500 05/07/2021    EUR   71.650
Araratbank OJSC               5.500 1/29/2024     USD   24.704
UBS AG/London                 8.75011/15/2021     CHF   73.400
UniCredit Bank AG             6.900 3/26/2021     EUR   69.550
UniCredit Bank AG             9.20012/24/2021     EUR   67.120
Landesbank Baden-Wuertt       3.600 3/26/2021     EUR   74.070
Landesbank Baden-Wuertt       1.800 4/23/2021     EUR   56.700
Landesbank Baden-Wuertt       4.400 4/23/2021     EUR   50.010
Landesbank Baden-Wuertt       5.700 3/26/2021     EUR   65.810
Landesbank Baden-Wuertt       5.100 3/26/2021     EUR   62.430
Landesbank Baden-Wuertt       1.950 3/26/2021     EUR   67.240
Landesbank Baden-Wuertt       4.500 3/26/2021     EUR   59.140
UniCredit Bank AG             9.600 3/26/2021     EUR   65.160
UniCredit Bank AG            11.900 3/26/2021     EUR   69.060
Bank Julius Baer & Co L      14.750 8/16/2021     EUR    8.250
UniCredit Bank AG            11.400 6/25/2021     EUR   63.900
UniCredit Bank AG             8.40012/24/2021     EUR   68.290
UBS AG/London                 6.750 5/14/2021     CHF   73.350
UniCredit Bank AG             5.800 3/26/2021     EUR   72.030
UniCredit Bank AG            10.200 6/25/2021     EUR   65.400
Landesbank Baden-Wuertt       3.250 3/26/2021     EUR   71.270
Landesbank Baden-Wuertt       2.900 4/23/2021     EUR   73.450
UniCredit Bank AG            10.50012/24/2021     EUR   71.100
UniCredit Bank AG             9.500 3/26/2021     EUR   73.330
Vontobel Financial Prod      11.000 05/11/2021    EUR   54.870
UniCredit Bank AG            12.500 3/26/2021     EUR   61.420
UniCredit Bank AG            13.600 3/26/2021     EUR   65.220
UniCredit Bank AG             9.700 3/26/2021     EUR   71.690
UniCredit Bank AG            10.10012/24/2021     EUR   70.590
UBS AG/London                 7.250 10/04/2021    CHF   66.800
UniCredit Bank AG             9.30012/24/2021     EUR   71.620
UBS AG/London                 7.000 10/04/2021    CHF   69.800
EFG International Finan       5.35010/24/2022     USD   67.260
Credit Suisse AG/London       7.250 4/27/2021     EUR   64.050
UniCredit Bank AG            13.800 3/26/2021     EUR   66.050
UniCredit Bank AG            11.800 6/25/2021     EUR   68.770
DZ Bank AG Deutsche Zen      12.000 2/24/2021     EUR   65.470
UniCredit Bank AG             8.400 3/26/2021     EUR   73.850
UniCredit Bank AG            13.000 6/25/2021     EUR   67.380
DZ Bank AG Deutsche Zen      12.200 2/24/2021     EUR   73.200
Leonteq Securities AG/G      21.800 1/28/2021     USD   14.330
Zurcher Kantonalbank Fi      15.000 06/11/2021    CHF   71.220
UniCredit Bank AG            18.900 3/26/2021     EUR   57.990
Landesbank Baden-Wuertt       5.500 4/23/2021     EUR   65.530
Landesbank Baden-Wuertt       2.950 3/26/2021     EUR   69.770
Landesbank Baden-Wuertt       5.150 3/26/2021     EUR   64.590
DekaBank Deutsche Giroz       4.150 07/01/2022    EUR   59.320
Zurcher Kantonalbank Fi      10.50011/19/2021     CHF   71.380
BNP Paribas Emissions-        3.000 3/25/2021     EUR   70.520
UniCredit Bank AG            12.400 6/25/2021     EUR   66.070
DekaBank Deutsche Giroz       3.400 07/02/2021    EUR   72.450
UniCredit Bank AG            12.400 3/26/2021     EUR   67.780
Skandinaviska Enskilda       10.150 1/15/2025     SEK   69.950
UniCredit Bank AG            11.30012/24/2021     EUR   65.460
UniCredit Bank AG            17.100 3/26/2021     EUR   60.170
Bank Julius Baer & Co L       6.650 5/14/2021     EUR   68.750
Bank Julius Baer & Co L       6.500 2/16/2021     EUR   67.050
UniCredit Bank AG             8.200 3/26/2021     EUR   67.230
Zurcher Kantonalbank Fi       7.000 8/18/2021     CHF   61.350
Zurcher Kantonalbank Fi       6.500 2/19/2021     CHF   66.990
UniCredit Bank AG            10.800 6/25/2021     EUR   72.350
BNP Paribas Emissions-       10.000 9/23/2021     EUR    6.870
UniCredit Bank AG            10.30012/24/2021     EUR   66.690
UniCredit Bank AG            15.800 3/26/2021     EUR   63.710
UniCredit Bank AG            12.900 6/25/2021     EUR   69.250
UniCredit Bank AG            13.200 3/26/2021     EUR   67.180
BNP Paribas Emissions-        5.000 3/25/2021     EUR   72.590
BNP Paribas Emissions-        8.000 3/24/2022     EUR
Barclays Bank PLC             2.730 9/27/2024     EUR   50.260
UBS AG/London                10.50011/15/2021     CHF   73.200
UBS AG/London                11.000 5/14/2021     CHF   57.350
BNP Paribas Emissions-        5.000 6/24/2021     EUR   73.220
BNP Paribas Emissions-        5.000 9/23/2021     EUR   74.070
UniCredit Bank AG            15.300 6/25/2021     EUR   62.210
UniCredit Bank AG            16.700 6/25/2021     EUR   60.650
UniCredit Bank AG            15.300 3/26/2021     EUR   62.420
UniCredit Bank AG            11.000 3/26/2021     EUR   69.650
UniCredit Bank AG            13.000 6/25/2021     EUR   56.890
UniCredit Bank AG            10.90012/24/2021     EUR   72.250
UniCredit Bank AG            10.200 6/25/2021     EUR   47.220
UniCredit Bank AG             7.80012/24/2021     EUR   62.250
UniCredit Bank AG             8.10012/24/2021     EUR   51.580
UniCredit Bank AG            13.600 6/25/2021     EUR   62.620
UniCredit Bank AG            12.300 6/25/2021     EUR   71.740
UniCredit Bank AG             6.000 6/25/2021     EUR   68.460
UniCredit Bank AG             6.50012/24/2021     EUR   72.490
Credit Suisse AG/London      13.00011/30/2021     USD   70.060
UniCredit Bank AG             9.90012/24/2021     EUR   60.180
UniCredit Bank AG            12.300 6/25/2021     EUR   44.360
UniCredit Bank AG             9.70012/24/2021     EUR   49.220
UniCredit Bank AG             8.90012/24/2021     EUR   50.320
UniCredit Bank AG            11.20012/24/2021     EUR   47.350
UniCredit Bank AG            11.200 6/25/2021     EUR   45.670
UniCredit Bank AG             9.70012/24/2021     EUR   70.710
UniCredit Bank AG            12.800 6/25/2021     EUR   73.310
UniCredit Bank AG            11.000 6/25/2021     EUR   56.710
UniCredit Bank AG             8.300 6/25/2021     EUR   62.630
UniCredit Bank AG            11.10012/24/2021     EUR   65.520
UniCredit Bank AG            12.000 6/25/2021     EUR   55.020
UniCredit Bank AG            11.40012/24/2021     EUR   58.000
UniCredit Bank AG            12.90012/24/2021     EUR   56.230
UniCredit Bank AG            10.00012/24/2021     EUR   58.120
UniCredit Bank AG            11.700 6/25/2021     EUR   68.220
UniCredit Bank AG             9.800 6/25/2021     EUR   71.570
UniCredit Bank AG             9.10012/24/2021     EUR   61.370
UniCredit Bank AG            12.000 6/25/2021     EUR   65.250
Landesbank Hessen-Thuer       6.000 03/06/2025    EUR   52.940
Credit Suisse AG/London       8.500 1/25/2021     EUR   58.570
Zurcher Kantonalbank Fi       9.000 11/05/2021    EUR   72.540
Nordea Bank Abp               7.000 7/20/2024     SEK   72.240
UBS AG/London                 8.000 11/08/2021    CHF   59.000
UBS AG/London                10.000 05/06/2021    EUR   74.000
Leonteq Securities AG/G       3.400 3/20/2024     CHF   38.080
Leonteq Securities AG/G       8.800 05/07/2021    EUR   65.330
Societe Generale Effekt      12.240 6/25/2021     EUR   66.560
Societe Generale Effekt      13.47912/24/2021     EUR   67.990
Credit Suisse AG/London       6.250 3/26/2021     EUR   55.520
Zurcher Kantonalbank Fi       7.000 2/21/2022     CHF   70.890
SG Issuer SA                  6.940 1/20/2025     SEK   72.420
EFG International Finan       5.35011/29/2022     USD   70.600
Raiffeisen Schweiz Geno       7.060 06/02/2021    USD   57.400
DZ Bank AG Deutsche Zen       4.750 9/20/2021     EUR   74.440
Credit Suisse AG/London       7.000 5/31/2021     CHF   70.940
Zurcher Kantonalbank Fi       6.000 2/18/2021     CHF   65.790
Vontobel Financial Prod      10.00012/24/2021     EUR   72.410
UBS AG/London                 7.250 6/28/2021     EUR   73.150
Landesbank Baden-Wuertt       2.600 1/26/2024     EUR   72.770
UBS AG/London                 5.75012/27/2021     CHF   68.550
UBS AG/London                10.00012/27/2021     CHF   73.150
Zurcher Kantonalbank Fi       5.000 8/18/2021     CHF   61.920
Raiffeisen Schweiz Geno      12.150 3/24/2021     CHF   11.870
Leonteq Securities AG        11.000 01/03/2022    CHF   62.140
DZ Bank AG Deutsche Zen       6.250 3/22/2021     EUR   64.130
Leonteq Securities AG/G       7.000 06/02/2022    CHF   73.680
Raiffeisen Schweiz Geno       7.000 08/10/2021    CHF   68.960
EFG International Finan      11.12012/27/2024     EUR   59.510
EFG International Finan      12.00012/31/2021     USD   67.680
UBS AG/London                 9.50011/29/2021     CHF   71.900
UniCredit Bank AG             4.65012/22/2023     EUR   71.610
UBS AG/London                 7.00011/29/2021     EUR   57.650
EFG International Finan      17.800 5/27/2021     USD    8.520
Bank Julius Baer & Co L       7.420 02/08/2021    EUR   55.300
Vontobel Financial Prod      19.500 6/25/2021     EUR   68.130
Vontobel Financial Prod       9.500 3/26/2021     EUR   65.870
Vontobel Financial Prod       7.500 3/26/2021     EUR   68.210
Vontobel Financial Prod       5.500 3/26/2021     EUR   70.780
EFG International Finan       9.000 9/20/2021     EUR   60.600
UBS AG/London                 7.500 9/20/2021     CHF   57.600
UniCredit Bank AG             6.400 6/25/2021     EUR   67.600
Landesbank Baden-Wuertt       3.600 6/23/2023     EUR   58.190
SG Issuer SA                  6.130 1/20/2024     SEK   73.620
Landesbank Baden-Wuertt       2.10010/27/2023     EUR   62.980
UBS AG/London                12.750 9/27/2021     CHF   69.850
Leonteq Securities AG         7.500 11/08/2022    CHF   70.140
DekaBank Deutsche Giroz       2.400 6/17/2022     EUR   67.190
Leonteq Securities AG/G       6.00011/23/2021     CHF   55.460
Raiffeisen Schweiz Geno       8.600 4/21/2021     CHF   58.250
Bayerische Landesbank         2.050 7/23/2021     EUR   65.130
Corner Banca SA              12.200 4/21/2021     USD   70.630
UBS AG/London                 7.000 9/27/2021     CHF   68.500
Citigroup Global Market       6.01010/23/2024     RUB
Raiffeisen Schweiz Geno       4.40010/21/2021     CHF   51.130
Landesbank Hessen-Thuer       6.500 07/05/2024    EUR   65.740
Raiffeisen Schweiz Geno       3.20012/18/2026     CHF   64.810
Raiffeisen Schweiz Geno      10.00012/31/2024     CHF   72.220
Leonteq Securities AG         3.600 9/22/2026     CHF   54.180
Raiffeisen Schweiz Geno       2.700 9/22/2026     CHF   50.150
DekaBank Deutsche Giroz       7.250 04/01/2021    EUR    1.960
UBS AG/London                 7.50011/14/2025     USD    9.850
DZ Bank AG Deutsche Zen       9.000 3/24/2021     EUR   60.100
Goldman Sachs & Co Wert      13.000 3/24/2021     EUR   70.500
Goldman Sachs & Co Wert       5.000 3/24/2021     EUR   67.170
DekaBank Deutsche Giroz       3.750 2/26/2021     EUR    0.830
Goldman Sachs & Co Wert       7.000 3/24/2021     EUR   59.970
Goldman Sachs & Co Wert      22.000 3/24/2021     EUR   74.830
Leonteq Securities AG/G      14.550 3/24/2021     EUR    3.100
Leonteq Securities AG/G      17.610 3/24/2021     EUR    3.580
DekaBank Deutsche Giroz       3.65010/15/2021     EUR    3.020
Leonteq Securities AG/G      15.18012/27/2021     EUR   15.240
Nutritek International        8.750 12/11/2008    USD    2.089
Lehman Brothers Treasur       2.500 8/23/2012     GBP    0.100
Lehman Brothers Treasur       3.000 8/13/2011     EUR    0.100
Kaupthing ehf                 3.750 2/15/2024     ISK    0.250
Lehman Brothers Treasur       3.400 9/21/2009     HKD    0.100
Lehman Brothers Treasur       4.000 10/12/2010    USD    0.100
Lehman Brothers Treasur       7.00010/22/2010     EUR    0.100
Lehman Brothers Treasur       8.00010/23/2008     USD    0.100
Lehman Brothers Treasur       4.100 06/10/2014    SGD    0.100
Lehman Brothers Treasur       6.000 9/20/2011     EUR    0.100
Lehman Brothers Treasur       1.500 10/12/2010    EUR    0.100
ECM Real Estate Investm       5.000 10/09/2011    EUR   15.375
Lehman Brothers Treasur      11.00012/20/2017     AUD    0.100
Lehman Brothers Treasur      11.00012/20/2017     AUD    0.100
Lehman Brothers Treasur       0.50012/20/2017     AUD    0.100
Lehman Brothers Treasur       0.50012/20/2017     USD    0.100
Lehman Brothers Treasur      10.000 2/16/2009     CHF    0.100
Lehman Brothers Treasur       6.30012/21/2018     USD    0.100
Lehman Brothers Treasur      11.000 2/16/2009     CHF    0.100
Lehman Brothers Treasur       7.000 2/15/2010     CHF    0.100
Kaupthing ehf                 4.73012/19/2008     SKK    0.250
Lehman Brothers Treasur       8.80012/27/2009     EUR    0.100
Lehman Brothers Treasur      14.90011/16/2010     EUR    0.100
Lehman Brothers Treasur      16.000 10/08/2008    CHF    0.100
Lehman Brothers Treasur       8.00012/31/2010     USD    0.100
Lehman Brothers Treasur       0.50012/20/2017     USD    0.100
Lehman Brothers Treasur       0.50012/20/2017     AUD    0.100
Lehman Brothers Treasur       0.50012/20/2017     AUD    0.100
Lehman Brothers Treasur       9.30012/21/2010     EUR    0.100
Lehman Brothers Treasur       4.000 01/04/2011    USD    0.100
Lehman Brothers Treasur       0.50012/20/2017     AUD    0.100
Lehman Brothers Treasur       0.50012/20/2017     AUD    0.100
Lehman Brothers Treasur       5.375 02/04/2014    USD    0.100
Lehman Brothers Treasur       0.80012/30/2016     EUR    0.100
Banca Popolare di Vicen       9.500 10/02/2025    EUR    0.011
Lehman Brothers Treasur       3.35010/13/2016     EUR    0.100
Lehman Brothers Treasur       6.000 5/23/2018     CZK    0.100
Lehman Brothers Treasur       4.000 5/17/2010     USD    0.100
Kaupthing ehf                 5.250 7/18/2017     BGN    0.250
Lehman Brothers Treasur       6.000 3/18/2015     USD    0.100
Lehman Brothers Treasur       1.000 2/26/2010     USD    0.100
Lehman Brothers Treasur       5.200 11/09/2011    EUR    0.100
Lehman Brothers Treasur       4.80011/16/2012     HKD    0.100
Lehman Brothers Treasur       4.600 10/11/2017    ILS    0.100
Lehman Brothers Treasur       3.50012/20/2027     USD    0.100
Lehman Brothers Treasur      13.000 7/25/2012     EUR    0.100
Lehman Brothers Treasur      18.250 10/02/2008    USD    0.100
Lehman Brothers Treasur       2.250 05/12/2009    USD    0.100
Lehman Brothers Treasur       4.000 5/30/2010     USD    0.100
Lehman Brothers Treasur       2.480 05/12/2009    USD    0.100
HSBC Bank PLC                 0.500 6/23/2027     MXN   66.349
Lehman Brothers Treasur       7.58511/22/2009     MXN    0.100
Lehman Brothers Treasur       4.00011/24/2016     EUR    0.100
Getin Noble Bank SA           5.25011/30/2023     PLN   72.000
Lehman Brothers Treasur       8.000 08/03/2009    USD    0.100
Lehman Brothers Treasur       5.500 6/15/2009     CHF    0.100
Lehman Brothers Treasur      11.000 6/29/2009     EUR    0.100
Lehman Brothers Treasur       1.50010/25/2011     EUR    0.100
Lehman Brothers Treasur       5.500 4/23/2014     EUR    0.100
Lehman Brothers Treasur       1.600 6/21/2010     JPY    0.100
Lehman Brothers Treasur       6.450 2/20/2010     AUD    0.100
Lehman Brothers Treasur       6.600 5/23/2012     AUD    0.100
Lehman Brothers Treasur       9.000 05/06/2011    CHF    0.100
Lehman Brothers Treasur       7.600 03/04/2010    NZD    0.100
Kaupthing ehf                 7.625 2/28/2015     USD    0.250
Lehman Brothers Treasur       7.150 3/21/2013     USD    0.100
Lehman Brothers Treasur       6.000 03/04/2015    USD    0.100
Lehman Brothers Treasur      10.000 5/22/2009     USD    0.100
Lehman Brothers Treasur       4.600 08/01/2013    EUR    0.100
Lehman Brothers Treasur      15.000 06/04/2009    CHF    0.100
Kaupthing ehf                 2.775 05/10/2045    ISK    0.250
Lehman Brothers Treasur      10.44211/22/2008     CHF    0.100
Lehman Brothers Treasur       8.000 5/22/2009     USD    0.100
Lehman Brothers Treasur      17.000 06/02/2009    USD    0.100
Lehman Brothers Treasur      13.500 06/02/2009    USD    0.100
Lehman Brothers Treasur       5.00011/22/2012     EUR    0.100
RGS Nedvizhimost OOO         12.00010/18/2017     RUB    0.335
Lehman Brothers Treasur       5.500 6/22/2010     USD    0.100
Lehman Brothers Treasur       3.450 5/23/2013     USD    0.100
Lehman Brothers Treasur       7.500 2/14/2010     AUD    0.100
Lehman Brothers Treasur      10.00010/22/2008     USD    0.100
Lehman Brothers Treasur      16.00010/28/2008     USD    0.100
Lehman Brothers Treasur       3.500 6/20/2011     EUR    0.100
Lehman Brothers Treasur       7.600 1/31/2013     AUD    0.100
Lehman Brothers Treasur      11.750 03/01/2010    EUR    0.100
Lehman Brothers Treasur       8.000 3/21/2018     USD    0.100
Lehman Brothers Treasur       4.000 03/10/2011    EUR    0.100
Lehman Brothers Treasur       8.000 3/19/2012     USD    0.100
Lehman Brothers Treasur      13.432 01/08/2009    ILS    0.100
Landesbank Hessen-Thuer       4.000 5/15/2023     EUR   66.980
Erste Group Bank AG           5.80010/31/2024     EUR   65.750
DekaBank Deutsche Giroz       4.000 11/05/2021    EUR   66.660
Raiffeisen Schweiz Geno       5.000 9/13/2022     CHF   69.850
EFG International Finan      12.530 3/18/2021     CHF   66.660
Raiffeisen Switzerland        7.700 3/16/2021     EUR   65.080
UniCredit Bank AG             6.250 11/04/2021    EUR   71.420
Leonteq Securities AG         6.600 10/12/2021    CHF   54.730
EFG International Finan      14.000 3/18/2021     USD   67.100
Zurcher Kantonalbank Fi       6.50010/15/2021     CHF   72.540
Rosbank PJSC                  0.030 4/30/2024     RUB   65.000
UBS AG/London                 7.000 10/11/2021    CHF   59.150
Leonteq Securities AG        10.800 10/11/2021    CHF   70.590
UBS AG/London                 8.400 3/25/2021     EUR   69.220
DekaBank Deutsche Giroz       3.200 11/04/2022    EUR   70.700
UBS AG/London                 4.800 3/25/2021     EUR   64.230
UBS AG/London                 5.300 3/25/2021     EUR   61.570
Leonteq Securities AG         7.500 10/04/2021    CHF   72.520
EFG International Finan       0.600 09/06/2022    EUR   66.900
UBS AG/London                 6.000 9/23/2021     EUR   64.400
UBS AG/London                 5.200 9/23/2021     EUR   66.500
Nordea Bank Abp               7.450 7/20/2024     SEK   73.370
Zurcher Kantonalbank Fi       7.750 09/09/2021    EUR   70.680
UBS AG/London                 3.900 3/25/2021     EUR   65.390
WEB Windenergie AG            6.500               EUR    0.010
Raiffeisen Centrobank A       6.000 10/07/2021    EUR   69.080
UBS AG/London                 7.000 9/13/2021     CHF   66.600
Landesbank Hessen-Thuer       2.700 09/12/2023    EUR   71.760
Skandinaviska Enskilda        6.350 7/15/2024     SEK   71.370
UBS AG/London                 7.750 9/13/2021     EUR   58.150
UBS AG/London                 8.500 9/13/2021     EUR   65.300
SG Issuer SA                  5.000 07/10/2021    EUR   12.500
EFG International Finan       8.80010/15/2021     CHF   69.740
EFG International Finan      10.40010/15/2021     EUR   50.980
Zurcher Kantonalbank Fi       8.00010/22/2021     EUR   59.610
Zurcher Kantonalbank Fi      10.250 4/23/2021     CHF   65.250
DekaBank Deutsche Giroz       2.800 1/13/2023     EUR   72.190
Raiffeisen Schweiz Geno       5.20012/20/2021     CHF   71.470
Credit Suisse AG/London       8.750 6/23/2021     EUR   60.440
DZ Bank AG Deutsche Zen      12.100 3/26/2021     EUR   71.070
Zurcher Kantonalbank Fi       8.000 5/16/2022     CHF   63.830
Landesbank Baden-Wuertt       5.000 7/23/2021     EUR   51.330
Landesbank Baden-Wuertt       4.000 6/25/2021     EUR   56.350
SG Issuer SA                  0.35011/15/2023     EUR   18.340
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   67.890
Landesbank Baden-Wuertt       6.500 6/25/2021     EUR   52.410
Landesbank Baden-Wuertt       5.500 6/25/2021     EUR   70.550
Leonteq Securities AG/G      15.000 2/25/2021     EUR    3.460
Leonteq Securities AG        13.200 5/25/2021     CHF   72.040
Leonteq Securities AG/G       7.42011/22/2021     EUR   59.700
Bayerische Landesbank         2.500 7/22/2022     EUR   65.470
Leonteq Securities AG         5.000 8/23/2021     CHF   73.750
Leonteq Securities AG/G      10.000 05/10/2021    EUR   52.300
DekaBank Deutsche Giroz       3.000 9/24/2021     EUR   56.200
Raiffeisen Schweiz Geno       8.000 5/14/2021     CHF   54.420
Corner Banca SA               8.620 8/30/2021     CHF   72.810
Leonteq Securities AG/G       8.150 09/02/2021    CHF   46.180
Zurcher Kantonalbank Fi       5.500 03/10/2021    CHF   72.410
Landesbank Baden-Wuertt       4.10010/22/2021     EUR   70.510
Landesbank Baden-Wuertt       5.05010/22/2021     EUR   68.620
Zurcher Kantonalbank Fi      10.875 5/27/2021     EUR   69.870
Landesbank Baden-Wuertt       2.50010/22/2021     EUR   65.240
Landesbank Baden-Wuertt       2.95010/22/2021     EUR   70.590
UBS AG/London                 7.250 09/06/2021    CHF   58.600
Societe Generale SA          14.220 5/13/2021     USD   43.300
BNP Paribas Emissions-        5.000 06/04/2021    EUR   53.630
Landesbank Baden-Wuertt       3.05010/22/2021     EUR   73.190
Landesbank Baden-Wuertt       1.20010/22/2021     EUR   70.220
Landesbank Baden-Wuertt       2.90010/22/2021     EUR   68.860
UBS AG/London                11.000 5/17/2021     USD   57.980
Leonteq Securities AG/G       8.000 5/14/2021     CHF   55.660
EFG International Finan       7.000 09/06/2021    EUR   71.770
Zurcher Kantonalbank Fi      10.750 5/21/2021     CHF   62.290
Zurcher Kantonalbank Fi      14.000 5/21/2021     CHF   66.590
DZ Bank AG Deutsche Zen       7.200 3/26/2021     EUR   64.190
Zurcher Kantonalbank Fi       5.500 6/30/2022     CHF   71.120
Citigroup Global Market       3.850 8/22/2022     EUR   70.600
Raiffeisen Schweiz Geno       5.250 8/16/2022     CHF   73.420
UBS AG/London                 7.000 8/23/2021     EUR   58.250
UBS AG/London                 5.500 8/23/2021     CHF   66.650
Leonteq Securities AG/G       7.000 8/23/2021     EUR   72.490
UBS AG/London                10.750 05/07/2021    USD   52.500
Skandinaviska Enskilda        5.520 7/15/2024     SEK   72.540
Landesbank Hessen-Thuer       4.000 6/14/2023     EUR   69.920
UBS AG/London                 7.000 8/30/2021     CHF   65.800
Raiffeisen Schweiz Geno       5.000 05/10/2022    CHF   72.280
Raiffeisen Schweiz Geno       5.550 03/03/2021    CHF   70.320
DekaBank Deutsche Giroz       4.000 1/14/2022     EUR   66.320
EFG International Finan       5.35012/27/2022     USD   69.640
Credit Suisse AG/London       6.000 6/24/2022     CHF   72.860
DZ Bank AG Deutsche Zen       9.000 3/26/2021     EUR   71.170
DZ Bank AG Deutsche Zen       9.900 3/26/2021     EUR   71.420
DZ Bank AG Deutsche Zen      10.900 3/26/2021     EUR   65.090
Metalloinvest Holding C       0.010 03/07/2022    RUB   70.010
UBS AG/London                 7.750 5/24/2021     EUR   52.900
Bank Julius Baer & Co L       9.000 1/25/2021     EUR   56.550
Zurcher Kantonalbank Fi       6.500 7/22/2021     CHF   72.940
Zurcher Kantonalbank Fi       9.500 7/22/2021     EUR   52.440
Credit Suisse AG/London       6.000 7/13/2022     CHF   73.240
DZ Bank AG Deutsche Zen       4.250 3/24/2021     EUR   69.020
DZ Bank AG Deutsche Zen       6.500 3/24/2021     EUR   69.380
DZ Bank AG Deutsche Zen       4.500 3/24/2021     EUR   73.150
DZ Bank AG Deutsche Zen       8.500 3/24/2021     EUR   66.420
Zurcher Kantonalbank Fi      10.750 1/21/2022     CHF   61.210
Landesbank Baden-Wuertt       5.000 7/23/2021     EUR   62.990
Landesbank Baden-Wuertt       2.000 6/25/2021     EUR   72.410
Landesbank Baden-Wuertt       3.500 6/25/2021     EUR   69.240
Landesbank Baden-Wuertt       5.000 6/25/2021     EUR   56.220
Leonteq Securities AG        17.400 2/25/2021     CHF   74.680
Leonteq Securities AG/G       4.89011/26/2021     USD   61.090
EFG International Finan      10.85011/29/2024     USD   68.480
DZ Bank AG Deutsche Zen       5.100 3/22/2021     EUR   68.670
Bank Julius Baer & Co L       8.000 2/26/2021     CHF   54.400
Leonteq Securities AG        14.000 2/26/2021     CHF   11.160
Raiffeisen Schweiz Geno       5.60011/22/2021     EUR   72.320
Raiffeisen Schweiz Geno       4.00011/22/2022     CHF   73.210
Raiffeisen Schweiz Geno       9.000 5/25/2021     CHF   57.380
BNP Paribas Emissions-       13.000 6/24/2021     EUR   57.840
BNP Paribas Emissions-        6.000 6/24/2021     EUR   72.400
BNP Paribas Emissions-        7.000 6/24/2021     EUR   68.660
BNP Paribas Emissions-        8.000 6/24/2021     EUR   65.250
BNP Paribas Emissions-        9.500 6/24/2021     EUR   62.400
BNP Paribas Emissions-        5.000 6/24/2021     EUR   68.370
BNP Paribas Emissions-       12.000 6/24/2021     EUR   73.130
Zurcher Kantonalbank Fi       6.000 12/06/2021    CHF   68.370
Astana Finance BV             9.00011/16/2011     USD   15.250
Lehman Brothers Treasur       2.50012/15/2011     GBP    0.100
Credito Padano Banca di       3.100               EUR   34.062
BNP Paribas SA                1.000 1/23/2040     MXN   22.829
Lehman Brothers Treasur       5.000 4/24/2017     EUR    0.100
Lehman Brothers Treasur      13.50011/28/2008     USD    0.100
Lehman Brothers Treasur       4.050 9/16/2008     EUR    0.100
Lehman Brothers Treasur       1.680 03/05/2015    EUR    0.100
Lehman Brothers Treasur       3.50010/31/2011     USD    0.100
Lehman Brothers Treasur      14.900 9/15/2008     EUR    0.100
Lehman Brothers Treasur       3.50010/24/2011     USD    0.100
Espirito Santo Financia       5.625 7/28/2017     EUR    0.843
Lehman Brothers Treasur       6.750 04/05/2012    EUR    0.100
Lehman Brothers Treasur       0.25010/19/2012     CHF    0.100
Lehman Brothers Treasur      12.000 07/04/2011    EUR    0.100
Kaupthing ehf                 9.750 09/10/2015    USD    0.250
Lehman Brothers Treasur       8.280 3/26/2009     USD    0.100
Lehman Brothers Treasur       7.55012/29/2008     USD    0.100
Lehman Brothers Treasur       8.00012/27/2032     JPY    0.100
Lehman Brothers Treasur       1.500 02/08/2012    CHF    0.100
Lehman Brothers Treasur       5.120 4/30/2027     EUR    0.100
Lehman Brothers Treasur       0.000 9/21/2010     JPY    0.100
Lehman Brothers Treasur       2.000 6/21/2011     EUR    0.100
Heta Asset Resolution A       0.18712/31/2023     EUR    2.078
Kaupthing ehf                 7.000 7/24/2009     ISK    0.250
LBI ehf                       8.650 05/01/2011    ISK    8.625
Kuntarahoitus Oyj             0.250 6/28/2040     CAD   38.453
Otkritie Holding JSC         10.000 4/20/2028     RUB    2.300
Lehman Brothers Treasur       4.50012/30/2010     USD    0.100
Lehman Brothers Treasur       7.000 07/11/2010    EUR    0.100
Lehman Brothers Treasur       6.000 12/06/2016    USD    0.100
Lehman Brothers Treasur       6.000 7/28/2010     EUR    0.100
Lehman Brothers Treasur       4.150 8/25/2020     EUR    0.100
Lehman Brothers Treasur       3.630 03/02/2012    EUR    0.100
Lehman Brothers Treasur       4.500 03/07/2015    EUR    0.100
Ideal Standard Internat      11.750 05/01/2018    EUR    0.050
Lehman Brothers Treasur       3.025 1/31/2015     EUR    0.100
Lehman Brothers Treasur       0.750 3/29/2012     EUR    0.100
EDOB Abwicklungs AG           7.500 04/01/2012    EUR    2.000
Lehman Brothers Treasur       6.000 7/28/2010     EUR    0.100
Northland Resources AB       12.250 3/26/2016     USD    2.621
Lehman Brothers Treasur      13.000 2/16/2009     CHF    0.100
Lehman Brothers Treasur       0.50012/20/2017     USD    0.100
Lehman Brothers Treasur       0.50012/20/2017     USD    0.100
Santander Consumer Bank       5.160               NOK   58.614
Lehman Brothers Treasur       8.05012/20/2010     HKD    0.100
Lehman Brothers Treasur       7.750 2/21/2016     EUR    0.100
Lehman Brothers Treasur       7.06012/29/2008     EUR    0.100
Lehman Brothers Treasur       6.72012/29/2008     EUR    0.100
Lehman Brothers Treasur       4.100 8/23/2010     USD    0.100
MIK OAO                      15.000 2/19/2020     RUB   13.875
Lehman Brothers Treasur       3.600 3/19/2018     JPY    0.100
Kaupthing ehf                 7.500 12/05/2014    ISK    0.250
Lehman Brothers Treasur       2.300 6/27/2013     USD    0.100
Irish Bank Resolution C       4.000 4/23/2018     EUR   33.250
Teksid Aluminum Luxembo      12.375 7/15/2011     EUR    0.122
SG Issuer SA                  3.300 9/26/2034     ZAR   49.333
Espirito Santo Financia       0.34910/27/2024     EUR    0.304
Lehman Brothers Treasur       2.370 7/15/2013     USD    0.100
Kaupthing ehf                 6.500 10/08/2010    ISK    0.250
Lehman Brothers Treasur       4.100 5/20/2009     USD    0.100
Lehman Brothers Treasur       2.000 5/17/2010     EUR    0.100
Lehman Brothers Treasur       4.000 2/28/2010     EUR    0.100
Heta Asset Resolution A       5.03012/31/2023     EUR    2.078
Lehman Brothers Treasur       6.600 02/09/2009    EUR    0.100
Heta Asset Resolution A       5.73012/31/2023     EUR    2.078
Lehman Brothers Treasur       7.625 7/22/2011     HKD    0.100
Cerruti Finance SA            6.500 7/26/2004     EUR    2.061
Lehman Brothers Treasur       6.85012/22/2008     EUR    0.100
Lehman Brothers Treasur       7.600 3/26/2009     EUR    0.100
Lehman Brothers Treasur       0.010 9/20/2011     USD    0.100
Kaupthing ehf                 1.615               ISK    0.250
Lehman Brothers Treasur       3.82010/20/2009     USD    0.100
Kaupthing ehf                 4.39010/14/2008     CZK    0.250
Lehman Brothers Treasur       7.750 01/03/2012    AUD    0.100
Lehman Brothers Treasur       0.500 07/02/2020    EUR    0.100
Lehman Brothers Treasur       3.100 06/04/2010    USD    0.100
Lehman Brothers Treasur       0.500 08/01/2020    EUR    0.100
Lehman Brothers Treasur      10.00010/23/2008     USD    0.100
Lehman Brothers Treasur       5.500 07/08/2013    EUR    0.100
Lehman Brothers Treasur       0.500 06/02/2020    EUR    0.100
Lehman Brothers Treasur       7.500 5/30/2010     AUD    0.100
Lehman Brothers Treasur       4.300 06/04/2012    USD    0.100
Lehman Brothers Treasur       4.000 06/05/2011    USD    0.100
Lehman Brothers Treasur       7.250 07/08/2014    EUR    0.100
Lehman Brothers Treasur       2.300 06/06/2013    USD    0.100
Lehman Brothers Treasur       1.460 2/19/2012     JPY    0.100
Lehman Brothers Treasur       2.000 6/28/2011     EUR    0.100
Lehman Brothers Treasur       7.600 5/21/2013     USD    0.100
Lehman Brothers Treasur      10.000 6/17/2009     USD    0.100
Lehman Brothers Treasur      13.15010/30/2008     USD    0.100
Lehman Brothers Treasur       2.500 8/15/2012     CHF    0.100
KPNQwest NV                   7.125 06/01/2009    EUR    0.068
Lehman Brothers Treasur       6.250 09/05/2011    EUR    0.100
Lehman Brothers Treasur      16.800 8/21/2009     USD    0.100
Lehman Brothers Treasur      14.100 11/12/2008    USD    0.100
Lehman Brothers Treasur       6.000 08/07/2013    EUR    0.100
Waste Italia SpA             10.50011/15/2019     EUR    0.727
Lehman Brothers Treasur      11.00012/19/2011     USD    0.100
Lehman Brothers Treasur      15.000 3/30/2011     EUR    0.100
Lehman Brothers Treasur       6.600 2/22/2012     EUR    0.100
Lehman Brothers Treasur       6.000 2/14/2012     EUR    0.100
Lehman Brothers Treasur       4.690 2/19/2017     EUR    0.100
Lehman Brothers Treasur       1.750 02/07/2010    EUR    0.100
Lehman Brothers Treasur       7.000 2/15/2012     EUR    0.100
Lehman Brothers Treasur       5.200 3/19/2018     EUR    0.100
Deutsche Bank AG/London       2.00010/25/2023     TRY   63.967
Kaupthing ehf                 5.000 01/04/2027    SKK    0.250
Lehman Brothers Treasur       4.82012/18/2036     EUR    0.100
Lehman Brothers Treasur      12.000 7/13/2037     JPY    0.100
Lehman Brothers Treasur      10.000 06/11/2038    JPY    0.100
Lehman Brothers Treasur       4.200 12/03/2008    HKD    0.100
Lehman Brothers Treasur       8.875 1/28/2011     HKD    0.100
LBI ehf                       5.080 03/01/2013    ISK    8.625
Heta Asset Resolution A       5.27012/31/2023     EUR    2.078
Credit Suisse AG/London       0.500 01/08/2026    BRL   66.294
Lehman Brothers Treasur      11.25012/31/2008     USD    0.100
Lehman Brothers Treasur       3.000 09/12/2036    JPY    0.100
Lehman Brothers Treasur       5.250 04/01/2023    EUR    0.100
Lehman Brothers Treasur       6.700 4/21/2011     USD    0.100
Lehman Brothers Treasur      13.00012/14/2012     USD    0.100
Lehman Brothers Treasur       4.680 12/12/2045    EUR    0.100
Getin Noble Bank SA           5.280 1/31/2024     PLN   68.000
Lehman Brothers Treasur       5.000 05/02/2022    EUR    0.100
Lehman Brothers Treasur      16.00012/26/2008     USD    0.100
Lehman Brothers Treasur      11.000 07/04/2011    USD    0.100
Lehman Brothers Treasur      11.000 07/04/2011    CHF    0.100
Lehman Brothers Treasur       5.550 03/12/2015    EUR    0.100
Lehman Brothers Treasur       3.000 06/03/2010    EUR    0.100
Lehman Brothers Treasur      12.400 06/12/2009    USD    0.100
Lehman Brothers Treasur      23.300 9/16/2008     USD    0.100
Lehman Brothers Treasur       2.400 6/20/2011     JPY    0.100
Lehman Brothers Treasur       7.000 4/24/2009     USD    0.100
Lehman Brothers Treasur      16.000 11/09/2008    USD    0.100
Lehman Brothers Treasur      10.600 4/22/2014     MXN    0.100
Lehman Brothers Treasur      16.200 5/14/2009     USD    0.100
Lehman Brothers Treasur       1.000 05/09/2012    EUR    0.100
SG Issuer SA                  3.000 10/10/2034    ZAR   47.033
Kaupthing ehf                 3.750 02/01/2045    USD    0.232
Lehman Brothers Treasur       8.600 7/31/2013     GBP    0.100
Lehman Brothers Treasur       8.280 7/31/2013     GBP    0.100
Lehman Brothers Treasur       7.500 7/31/2013     GBP    0.100
Lehman Brothers Treasur       7.320 7/31/2013     GBP    0.100
Lehman Brothers Treasur       1.280 11/06/2010    JPY    0.100
Lehman Brothers Treasur       1.950 11/04/2013    EUR    0.100
Instabank ASA                 5.500 3/28/2028     NOK   64.574
Laurel GmbH                   7.12511/16/2017     EUR    7.750
Mriya Agro Holding PLC       10.950 3/30/2016     USD    5.000
IT Holding Finance SA         9.87511/15/2012     EUR    0.231
AKB Peresvet ZAO             13.250 4/25/2018     RUB   19.625
Lehman Brothers Treasur       3.000 9/13/2010     JPY    0.100
Lehman Brothers Treasur       3.860 9/21/2011     SGD    0.100
Lehman Brothers Treasur      10.000 3/27/2009     USD    0.100
Lehman Brothers Treasur       0.250 7/21/2014     EUR    0.100
Lehman Brothers Treasur       7.750 1/30/2009     EUR    0.100
Lehman Brothers Treasur       2.00010/28/2010     EUR    0.100
Lehman Brothers Treasur       7.00011/28/2008     CHF    0.100
Lehman Brothers Treasur       5.750 6/15/2009     CHF    0.100
Lehman Brothers Treasur       4.000 4/13/2011     CHF    0.100
Lehman Brothers Treasur       3.850 4/24/2009     USD    0.100
Lehman Brothers Treasur      10.500 08/09/2010    EUR    0.100
Lehman Brothers Treasur       5.00010/24/2008     CHF    0.100
Lehman Brothers Treasur       4.000 4/24/2009     USD    0.100
Lehman Brothers Treasur       8.500 07/06/2009    CHF    0.100
IT Holding Finance SA         9.87511/15/2012     EUR    0.231
Lehman Brothers Treasur       9.250 6/20/2012     USD    0.100
Nota-Bank OJSC               13.500 04/01/2016    RUB   31.500
Lehman Brothers Treasur       4.350 08/08/2016    SGD    0.100
Lehman Brothers Treasur       4.500 03/06/2013    CHF    0.100
Lehman Brothers Treasur       4.500 08/02/2009    USD    0.100
Lehman Brothers Treasur       4.870 10/08/2013    USD    0.100
Lehman Brothers Treasur       4.000 12/02/2012    EUR    0.100
Lehman Brothers Treasur       3.700 06/06/2009    EUR    0.100
Northland Resources AB       15.000 7/15/2019     USD    2.621
Heta Asset Resolution A       7.50012/31/2023     ATS    2.078
Lehman Brothers Treasur       5.25011/21/2009     USD    0.100
Deutsche Bank AG/London       0.500 04/05/2038    MXN   24.204
Lehman Brothers Treasur       0.500 2/16/2009     EUR    0.100
Lehman Brothers Treasur       4.250 3/13/2021     EUR    0.100
Lehman Brothers Treasur       3.000 08/08/2017    EUR    0.100
Rosbank PJSC                  0.040 4/30/2024     RUB   65.000
LBI ehf                       2.250 2/14/2011     CHF    8.625
Lehman Brothers Treasur       6.000 3/17/2011     EUR    0.100
Petromena ASA                 9.750 5/24/2016     NOK    0.607
Rosbank PJSC                  0.010 4/30/2024     RUB   65.000
Instabank ASA                 9.380               NOK   57.265
Lehman Brothers Treasur       8.000 4/20/2009     EUR    0.100
Rosbank PJSC                  0.020 4/30/2024     RUB   65.000
Sidetur Finance BV           10.000 4/20/2016     USD    3.532
Lehman Brothers Treasur       7.50010/24/2008     USD    0.100
Lehman Brothers Treasur       6.00010/24/2008     EUR    0.100
Lehman Brothers Treasur       7.500 9/13/2009     CHF    0.100
Lehman Brothers Treasur       9.000 6/13/2009     USD    0.100
Lehman Brothers Treasur       9.000 3/17/2009     GBP    0.100
SAir Group                    2.750 7/30/2004     CHF   12.625
Lehman Brothers Treasur       7.250 10/06/2008    EUR    0.100
Lehman Brothers Treasur       8.000 5/22/2009     USD    0.100
Lehman Brothers Treasur       7.000 4/14/2009     EUR    0.100
Leonteq Securities AG/G      12.900 1/29/2021     USD    3.560
Vontobel Financial Prod       5.300 1/29/2021     EUR   74.320
DekaBank Deutsche Giroz       7.000 02/01/2021    EUR   62.040



                           *********


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 2021.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *