/raid1/www/Hosts/bankrupt/TCREUR_Public/210329.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, March 29, 2021, Vol. 22, No. 57
Headlines
B E L G I U M
BL CONSUMER: Fitch Assigns Final CCC Rating on Class X Debt
F R A N C E
PROMONTORIA HOLDING: Moody's Affirms Caa1 CFR, Outlook Stable
G E R M A N Y
HAPAG-LLOYD AG: Moody's Hikes CFR to Ba2 on Profit Improvements
PARK LUXCO: Moody's Lowers CFR to B3 Amid Mobility Restrictions
I R E L A N D
ANCHORAGE CAPITAL 2: Moody's Assigns (P)B3 Rating to Class F Notes
CAIRN CLO IV: Fitch Affirms Final B- Rating on Class F-R Notes
DRYDEN 27 2017: Moody's Assigns B3 (sf) Rating to Class F-R Notes
DRYDEN 44 2015: Moody's Assigns B3 Rating to Class F-R-R Notes
DRYDEN 44 2015: S&P Assigns B- (sf) Rating to Class F-R-R Notes
EURO-GALAXY III: Fitch Assigns Final B- Rating on Class F-RRR Debt
EURO-GALAXY III: S&P Assigns B- (sf) Rating to EUR10MM Cl. F Notes
HARVEST CLO IX: Fitch Affirms B- Rating on Class F-R Notes
HAYFIN EMERALD I: Fitch Assigns Final B- Rating on F-R Debt
SOUND POINT CLO V: Fitch Gives B-(EXP) Rating to Cl. F Debt
L U X E M B O U R G
AI LADDER: S&P Places 'B' Long-Term ICR on CreditWatch Positive
BELRON GROUP: Moody's Affirms Ba3 CFR on Planned Distribution
LSF11 SKYSCRAPER: Fitch Withdraws B- Rating for Commercial Reasons
N O R W A Y
ADEVINTA: Fitch Affirms 'BB(EXP)' LT IDR, Outlook Stable
NORWEGIAN AIR: Ireland's High Court Okays Restructuring Scheme
S W E D E N
PERSTORP HOLDING: S&P Affirms 'B-' Rating, Outlook Negative
U N I T E D K I N G D O M
AI MISTRAL: Moody's Affirms Caa2 CFR, Alters Outlook to Stable
CANARY WHARF: Fitch Gives First-Time 'BB+' LT IDR, Outlook Stable
CINEWORLD GROUP: Seeks Shareholder Approval to Raise More Debt
FAB UK 2004-1: Fitch Affirms CCC Rating on 2 Note Classes
GFG ALLIANCE: UK Ministers Reject Gupta's Plea for Bailout
GREENSILL CAPITAL: Files Chapter 11 Bankruptcy Protection in N.Y.
KCA DEUTAG: Fitch Assigns First-Time 'B+' LT IDR, Outlook Stable
LIBERTY STEEL: Gov't. Willing to Support UK Assets in Entirety
METROCENTRE FINANCE: S&P Lowers Rating on CMBS Notes to 'CCC-(sf)'
MOTOR 2016-1: Moody's Affirms Ba1 Rating on GBP5M Class F Notes
TRINITY SQUARE 2021-1: Fitch Gives Final CCC Rating on Cl. H Notes
WOOHA BREWING: Enters Administration, Seeks Buyer for Business
X X X X X X X X
[*] BOND PRICING: For the Week March 22 to March 26, 2021
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B E L G I U M
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BL CONSUMER: Fitch Assigns Final CCC Rating on Class X Debt
-----------------------------------------------------------
Fitch Ratings has assigned BL Consumer Issuance Platform II S.a
r.l. Compartment BL Consumer Credit 2021 final ratings.
BL Consumer Issuance Platform II S.à r.l. Compartment BL Consumer
Credit 2021
DEBT RATING PRIOR
---- ------ -----
A XS2303841857 LT AAAsf New Rating AAA(EXP)sf
B XS2303842152 LT AAsf New Rating AA(EXP)sf
C XS2303842400 LT Asf New Rating A(EXP)sf
D XS2303842582 LT BBB-sf New Rating BBB-(EXP)sf
E XS2303842749 LT BB+sf New Rating BB+(EXP)sf
F XS2303843044 LT BB-sf New Rating BB-(EXP)sf
G XS2303843390 LT NRsf New Rating NR(EXP)sf
X XS2303843127 LT CCCsf New Rating CCC(EXP)sf
TRANSACTION SUMMARY
This transaction is the second public and first Fitch-rated
securitisation of revolving loan receivables and consumer loans
originated by Buy Way Personal Finance S.A./N.V. (Buy Way), an
unrated non-deposit-taking entity. Buy Way is a Belgian consumer
credit provider and insurance intermediary that offers credit
cards, revolving credit facilities and amortising personal loans to
individual customers in Belgium and Luxembourg.
KEY RATING DRIVERS
Mixed Portfolio
About 70.7% of the final portfolio comprises revolving credits such
as credit cards (52.2%), revolving credit lines (12.3%) and
"special drawings" (6.2%), i.e. amortising loans deducted from the
credit limit available under the revolving credits for the purchase
of specific goods. The remainder of the portfolio is composed of
amortising consumer loans (instalment loans).
Fitch has based its asset analysis of the revolving credits on its
Credit Card ABS Rating Criteria and of the instalment loans on its
Consumer ABS Rating Criteria.
Revolving Transaction, Portfolio Migration Risk
The transaction has a three-year revolving period until March 2024,
during which new receivables can be purchased by the issuer. After
three years, the issuer will be able to purchase only further
drawings on revolving credits already sold to a special-purpose
vehicle (SPV), subject to no prior seller event of default.
Fitch considers that the portfolio conditions related to the
transaction replenishment criteria could allow significant
movements in some of the portfolio characteristics, and stressed
this in its analysis. Fitch has taken into account possible
increases in the share of specific products when assigning its
asset levels to the portfolio. It also analysed different scenarios
in its cash flow analysis in which the shares of revolving credits
and instalment loans move up to their limit.
Key Counterparties Unrated
Buy Way acts in several capacities, most prominently as originator,
seller, servicer and seller interest credit facility provider to
the securitisation. The degree of reliance on Buy Way's servicing
activities is mainly mitigated by the appointment of Intrum NV as a
back-up servicer. At the same time, the presence of a pledge in
favour of the issuer on amounts held on the collection account
bank, a reserve fund and the overall set-up of the collection
process mitigate commingling and payment interruption risk.
However, Fitch's purchase rate assumptions for the revolving credit
sub-portfolio have been limited by the presence of an unrated
seller, among other things.
Coronavirus Impact
Charge-offs and delinquencies have been resilient to the impact of
the coronavirus pandemic and the share of Buy Way's book subject to
payment holidays has been very limited. However, performance has
been underpinned by government support schemes and Fitch expects
deterioration once these measures wind down and unemployment
rises.
Assumptions Address Expected Deterioration
The portfolio's annualised charge-off rate (for the revolving
credit sub-pool) has remained below Fitch's 4% applied steady
state, which provides room for deterioration before reaching the
long-term steady-state level. The charge-off rate could increase
and may exceed the steady-state level due to the coronavirus
pandemic, but Fitch's analytical approach aims to look through
short-term fluctuations.
Fitch would only consider changes to the steady-state assumptions
if Fitch expected the transaction's performance to reset to
materially different levels in the long term. Fitch applied a 6.25x
stress to charge-offs at the 'AAAsf' level, which is above the
standard criteria range (see Criteria Variations).
The instalment loan sub-portfolio's base-case default rate is 7%.
This accounts for potential deterioration in performance, in
addition to a potential shift of this sub-pool towards personal
loan products that have historically performed below average, as
the share of this sub-portfolio has increased significantly over
recent years.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Long-term asset performance improvement such as decreased
charge-offs and defaults, increased monthly payment rate,
increased portfolio yield or increased recoveries driven by a
sustainable positive change of the underlying asset quality
would contribute to positive revisions of Fitch's asset
assumptions, which could positively affect the notes' ratings.
-- The class A notes are rated 'AAAsf', the highest level on
Fitch's scale and cannot be upgraded. A decrease of 25% in
charge-offs for revolving credits and in defaults for
instalment loans would have a positive impact of up to one
rating category for the other notes.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Long-term asset performance deterioration, such as increased
charge-offs and defaults, reduced monthly payment rate,
reduced portfolio yield or reduced recoveries, which could be
driven by changes in portfolio characteristics, macroeconomic
conditions, business practices, credit policy or legislative
landscape, would contribute to negative revisions of Fitch's
asset assumptions that could negatively affect the notes'
ratings. An increase in the charge-offs and defaults
assumption by 25% and a decrease in the purchase rate
assumption to 0% in all scenarios would result in a downgrade
of up to one category for all notes.
Fitch acknowledges the uncertainty of the path of
coronavirus-related containment measures and has therefore
considered a more severe economic downturn than currently
contemplated in Fitch's base-case scenario. In the downside
scenario, a re-emergence of infections in the major economies
prolongs the health crisis and confidence shock, prompting
extensions or re-impositions of lockdown measures and preventing a
recovery in financial markets. This scenario could lead to a higher
risk of downgrade of the notes across all rating levels.
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.
CRITERIA VARIATION
Fitch deviated from its Credit Card ABS Rating Criteria as stressed
charge-offs with a 6.25x multiplier, above the range established by
the criteria. The deviation is driven by the particularly low
steady-state assumption, among the lowest for EMEA credit card
ABS.
The criteria variation has a detrimental impact of one notch on the
class C, D, E and X notes and of two notches on the class F notes.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
BL Consumer Issuance Platform II S.à r.l. Compartment BL Consumer
Credit 2021
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action
Fitch reviewed the results of a third party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.
Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
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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F R A N C E
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PROMONTORIA HOLDING: Moody's Affirms Caa1 CFR, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed Promontoria Holding 264
B.V.'s (WFS) Caa1 corporate family rating, Caa1-PD probability of
default rating and Caa1 guaranteed senior secured notes due 2023.
The outlook was changed to stable from negative.
The rating action reflects Moody's expectation that WFS' credit
metrics will continue to improve on the back of a steady recovery
in air cargo activities, which should support volume and earnings
growth. Furthermore, the action considers the company's solid cash
position as of December 2020 and the additional payroll support
funds (PSP) received during the first quarter of 2021, which
Moody's believes will provide sufficient liquidity buffer to
support WFS' business operations over the next 12-18 months.
RATINGS RATIONALE
WFS's Caa1 CFR reflects the adverse impact of the coronavirus
pandemic on the company's operations in 2020, leading to a 24%
revenue decline and a 70% drop in the company's adjusted EBITDA. As
a result Moody's adjusted leverage stood at around 9.0x in 2020 up
from around 6.0x in 2019. However, the extensive cost saving
initiatives, strong working capital management and government
relief measures enabled the company to generate approximately EUR65
million of free cash flow (FCF) in 2020 and maintain a solid
liquidity position with around EUR184 million of cash on balance
sheet. This is significantly above Moody's estimates and a key
mitigant to the weak credit metrics in 2020. While Moody's expects
material cash outflows in 2021 from the payments of deferrals,
higher working capital and capex needs, the company has received
additional PSP funds in Q1 2021, representing around $ 51 million.
The company is expecting to receive an additional $23 million as
part of these funds. In Moody's view, the liquidity will be
sufficient to cover the expected cash consumptions over the next
12-18 months and enable WFS to maintain its cash position above
EUR100 million over the period. The steady recovery in WFS cargo
business, which represents around 70% of its revenue, should also
support earnings growth and help offset the slower expected
recovery in ground handling. Moody's also understood that the
company may benefit from further PSP funds, although this has not
yet been confirmed.
A key constraint to the credit profile, however, is the company's
limited track record of generating positive FCF, which creates
uncertainty on its ability to maintain and improve its liquidity
position over time. FCF has been negative over 2015-2019 because of
high interest costs, large non-recurring expenses, coupled with
relatively low margins and moderate working capital and capex
needs. At the same time Moody's believes that the company will be
more efficient post-pandemic and will continue to focus on tight
working capital management. Moody's also assumed that the
non-recurring expenses will reduce to EUR10-20 million per annum
going forward, which will help limit the cash outflows.
The coronavirus outbreak and the government measures put in place
to contain it continue to disrupt economies and credit markets
across many sectors and regions. Although an economic recovery is
underway, its continuation will be closely tied to the containment
of the virus. As a result, the degree of uncertainty around Moody's
forecasts is unusually high. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety.
LIQUIDITY
WFS' liquidity profile is adequate with a cash on balance sheet as
of December 2020 of around EUR184 million, including the full
utilization of the EUR100 million revolving credit facility (RCF),
with around EUR30 million used for letter-of-credit. The company
also has access to committed and uncommitted factoring facility
lines. The company's working capital is seasonal with an
intra-month working cash need of around EUR40 million. The RCF has
one springing covenant test of 8.25x net senior secured leverage.
This has been replaced with a minimum liquidity test from Q2 2020
to Q1 2021. If the covenant waiver is not extended, the company
will likely breach its covenant test, but a breach is not an event
of default. Moody's notes that the company will face a debt
maturity wall in 2023.
STRUCTURAL CONSIDERATIONS
The EUR660 million senior secured notes due August 2023 (rated Caa1
and comprising 6.75% EUR400 million fixed rate and 6.25%+ Euribor
EUR260 million floating notes) have the same security and
guarantees as the EUR100 million RCF (unrated) due March 2023. The
security includes share pledges in subsidiaries, intragroup
receivables due to subsidiaries and cash. However, the notes rank
behind the RCF because of contractual subordination via the
intercreditor agreement in case of enforcement. This leads to an
outcome in which the senior secured notes are rated at the same
level as the CFR because the senior secured debt accounts for the
majority of modelled debt.
RATING OUTLOOK
The stable outlook recognizes WFS's solid liquidity position
despite the adverse effect from the coronavirus pandemic. It also
reflects the steady recovery in air cargo volumes since last summer
that will support the company's earnings growth. The stable outlook
also assumes that the company will maintain an adequate liquidity
over the next 12-18 months and proactively address its 2023
maturities.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward pressure could develop if the company is able to improve its
profitability, leading to an increase in Moody's adjusted
EBITA/interest to at least 1.0x; Moody's adjusted leverage declines
to below 7.0x and the company generates positive FCF on a sustained
basis, strengthening its liquidity profile. The successful
refinancing of its 2023 debt maturities could also put positive
pressure on the ratings.
Downward pressure could develop if the operating profitability does
not improve, reflected in Moody's adjusted EBITA/interest remaining
below 1.0x on a sustained basis, or if FCF remains negative for an
extended period of time, leading to a significant deterioration of
its liquidity profile, which in turn could lead to an unsustainable
capital structure. Negative rating pressure could also arise from
the increase in refinancing risks if the 2023 maturities are not
addressed.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
COMPANY PROFILE
Headquartered in Paris, France, WFS is a global aviation services
company, principally focused on cargo handling and ground handling,
with a small presence in transport infrastructure management and
services. The company operates across 22 countries through 179
airport locations and serves over 270 major airlines worldwide.
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G E R M A N Y
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HAPAG-LLOYD AG: Moody's Hikes CFR to Ba2 on Profit Improvements
---------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
of Hapag-Lloyd AG to Ba2 from Ba3, its probability of default
rating to Ba2-PD from Ba3-PD as well as the senior unsecured rating
to B1 from B2. Concurrently, Moody's has assigned a B1 rating to
the company's proposed EUR300 million senior unsecured bond. The
outlook on all ratings are stable.
"The upgrade to Ba2 was prompted by continued profitability
improvements and a reduction in financial leverage, supported by
more favorable industry conditions as well as management's
performance improvement measures and more prudent financial policy"
says Daniel Harlid, the lead Analyst for Hapag-Lloyd. "While we
expect freight rates to moderate over the next quarters, we expect
that Hapag-Lloyd's improved operating performance and leverage
metrics will be sustained", Mr. Harlid continues.
RATINGS RATIONALE
The upgrade to Ba2 with a stable outlook reflects Hapag-Lloyd's
debt prepayments of $2.0 billion during the second half of 2020
which was substantially larger than expected by Moody's, also
resulting in a material increase of the company's unencumbered
asset base, increasing it to 29% as of February 2021 from 9% in
December 2019. While some of the prepayments have been a result of
a very strong market environment, the rating action also
incorporates Hapag-Lloyds commitment to maintain a more
conservative financial policy than in the past, not at least
evidenced by the introduction of a net debt / EBITDA target of
below 3.0x. As a reference, the Moody's-adjusted gross and net debt
/ EBITDA stood at 2.1x and 1.8x respectively as of December 31,
2020.
The container shipping market has performed very strongly amidst
the pandemic, supported by carriers meeting demand contraction
during the first half of 2020 by adjusting capacity in a
disciplined manner. Demand has since recovered, with volumes on key
trade lanes growing double digit, pushing freight rates to
unprecedent levels. While Moody's expects that currently elevated
freight rates will soften over the next quarters, Hapag-Lloyd's
decreased debt levels following the UASC merger in 2017 and its
increased unencumbered asset base has resulted in a balance sheet,
which is better positioned to meet potential adverse market
conditions.
The rating action balances the positives with still present
downside risks, such as the looming threat of additional lockdowns,
a deterioration in capacity discipline by carriers or rising bunker
rates. In addition, there has not been a long track record of the
recently improved performance in the container shipping industry,
which still needs to prove to be sustainable for the longer term.
Moody's also highlights risks attached to coming environmental
regulations over the medium term, which most likely will drive
capex levels for the industry higher as carriers adjust its fleet
toward being carbon neutral.
RATIONALE FOR STABLE OUTLOOK
The stable outlook assumes that recent performance improvements in
the industry and Hapag-Lloyd's disciplined actions to improve its
capital structure will be sustained, leading to a Moody's-adjusted
debt / EBITDA of 1.6x - 2.5x and an EBIT margin of 6-11% for the
next 12-18 months.
LIQUIDITY PROFILE
Moody's view Hapag-Lloyd's liquidity as good. The company had $681
million of cash and access to $585 million in revolving credit
facilities, all undrawn as of December 31, 2020. Given the high
volatility typical for container shipping, the company's covenants
include minimum equity and minimum liquidity, but no leverage or
coverage ratios. Hapag-Lloyd has a number of unencumbered vessels
and containers that could be pledged to raise additional liquidity.
Although maintenance capex needs are limited, the company has
recently ordered six new ultra large container vessels, which will
be financed with a combination of cash and debt. For the next 12
months, the company has around $625 million in debt coming due,
which in Moody's base case could be retired altogether given
expectations of strong free cash flow.
ESG CONSIDERATIONS
Moody's understands that Hapag-Lloyd's efforts to deleverage the
capital structure following the merger with UASC in 2017 and the
continued efforts to do so further, is the result of a strategic
decision fully backed by the company's owners. Moody's views this
as clearly positive under its corporate governance framework.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade requires sustained leverage and profitability
improvements, reflected in (1) debt / EBITDA remaining below 2.0x,
(2) sustained EBIT-Margin in the high single digit in percentage
terms and (3) sustaining RCF / net debt at least in the high
twenties in percentage terms. In addition, a prerequisite for
positive ratings pressure is that the company maintains the good
liquidity profile at all times.
Negative ratings pressure could arise (1) if the company's
debt/EBITDA exceeds 3.0x, (2) FFO interest coverage decreases below
4.5x or (3) EBIT-margin falls below 5% over the cycle.
Additionally, negative free cash flow and a weakened liquidity
profile would cause negative pressure on ratings.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Shipping
Methodology published in December 2020.
LIST OF AFFECTED RATINGS:
Upgrades:
Issuer: Hapag-Lloyd AG
Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD
LT Corporate Family Rating, Upgraded to Ba2 from Ba3
Senior Unsecured Regular Bond/Debenture, Upgraded to B1 from B2
Assignments:
Issuer: Hapag-Lloyd AG
Senior Unsecured Regular Bond/Debenture, Assigned B1
Outlook Actions:
Issuer: Hapag-Lloyd AG
Outlook, Remains Stable
COMPANY PROFILE
Hapag-Lloyd AG, headquartered in Hamburg, Germany, is the
fifth-largest container liner globally based on market share by
volume. As of December 31, 2020, it operated a fleet comprising 237
ships, including 112 owned and 125 chartered-in vessels. In 2020,
the company reported revenue of $14.6 billion and EBIT of $1.5
billion. Hapag-Lloyd was established in 1970 as a result of the
merger of Hapag (1847) and North German Lloyd (1857).
PARK LUXCO: Moody's Lowers CFR to B3 Amid Mobility Restrictions
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Moody's Investors Service has downgraded the corporate family
rating of Park LuxCo 3 S.C.A. ("Apcoa" or the "company"), a
Germany-based European parking operator, to B3 from B2 and its
probability of default rating to B3-PD from B2-PD. The ratings on
the guaranteed senior secured bank credit facilities at APCOA
Parking Holdings GmbH have also been downgraded to B3 from B2. The
outlook on both entities has been changed to stable from negative.
"The downgrade reflects our view that ongoing mobility restrictions
in Europe will continue to weigh on the company's earnings and cash
flow and that this will impede a recovery of its credit metrics to
levels considered in line with a B2 rating over the next 12 to 18
months, says Eric Kang, a Moody's Vice President - Senior Analyst
and lead analyst for Apcoa. "Under our base case forecasts, we
expect Moody's-adjusted debt/EBITDA to decrease to around 7.0x in
2022 from around 11.0x in 2020 but this will be slower than we
initially anticipated last May while Moody's-adjusted free cash
flow will not turn positive before 2022 although liquidity remains
adequate", adds Mr Kang.
RATINGS RATIONALE
The B3 CFR with a stable outlook reflects Moody's expectation that
Apcoa's credit metrics will remain outside the parameters for a B2
rating over the next 12-18 months due to continuing mobility
restrictions and a slower recovery in traffic in some of the
company's end markets once restrictions are lifted. While Moody's
expects a fast recovery in traffic in the company's main city
centres and shopping areas end markets, while traffic recovery in
the travel and events and hospitality end markets could be slower
in Moody's view. The rating agency regards the coronavirus outbreak
as a social risk under its ESG framework given the substantial
implications for public health and safety.
Under its base case forecasts, the rating agency expects
Moody's-adjusted debt/EBITDA to gradually reduce to around 7.0x in
2022 from around 11.0x in 2020. This level of leverage remains high
and hence the company will be better positioned in the B3 rating
category. Moody's also expects free cash flow to remain negative in
2021 at around EUR30 million to EUR45 million, before turning
slightly positive in 2022. Moody's expects the negative effects
from the coronavirus outbreak will only start to ease from the
second half of 2021.
Moody's views Apcoa's liquidity as adequate, although the rating
agency believes it is likely to weaken over the next two to three
quarters because of negative free cash flow until mobility
restrictions are lifted. As of January 2021, the company had EUR45
million of unrestricted cash and EUR34 million available under its
revolving credit facility (RCF). The testing of the net leverage
maintenance covenant was suspended until March 2022 and was
replaced during that period with a minimum liquidity test of EUR10
million. The nearest debt maturity is the RCF, which expires in
March 2023.
As it has done since the start of the pandemic, Moody's expects the
company to take swift actions to strengthen its liquidity if
mobility restrictions remain in place, or traffic remains weak
through the summer. Past actions include the raising of over EUR100
million of additional liquidity in May and June 2020 through a
combination of new equity and a term loan add-on.
The rating also reflects the strong operating track record prior to
the pandemic with respect to new business wins, retention rates,
volume and pricing improvements on existing contracts, and cost
efficiencies. This led to an increase of the company's adjusted
EBITDA to around EUR84 million in 2019 from EUR62 million in 2016.
RATING OUTLOOK
The stable outlook assumes that Apcoa's earnings will gradually
improve once mobility restrictions are lifted and that this will
lead to deleveraging to around 7.0x in 2022 and breakeven to
slightly positive free cash flow.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Negative rating action could materialize if operating performance
does not materially recover in the coming quarters and this leads
to a further deterioration in credit metrics and liquidity than
currently forecast by Moody's -- for example if Moody's-adjusted
debt/EBITDA remains sustainably above 7.5x and liquidity is not
comfortably above the minimum liquidity covenant of EUR10 million.
Negative rating pressure could also develop if changes in customer
habits, including less passenger car travel and car parking, look
likely to weaken the company's operating performance and cash flow
over the longer-term.
Upward rating pressure is unlikely to arise until the coronavirus
outbreak is brought under control, travel restrictions are lifted,
and car park traffic returns to more normal levels. Over time,
Moody's could upgrade Apcoa' ratings if Moody's-adjusted
debt/EBITDA is sustainably below 6.5x and the company maintains a
solid liquidity profile including positive Moody's-adjusted free
cash flow.
STRUCTURAL CONSIDERATIONS
The senior secured credit facilities are rated B3, at the same
level as the CFR, reflecting their pari passu ranking and upstream
guarantees from operating companies. The senior secured credit
facilities benefit from first ranking transaction security over
shares, bank accounts and intragroup receivables of material
subsidiaries. Moody's typically views debt with this type of
security package to be akin to unsecured debt. However, the credit
facilities benefit from upstream guarantees from operating
companies accounting for at least 80% of consolidated EBITDA.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
COMPANY PROFILE
Apcoa is a leading European parking operator, with strong presence
in Germany, Italy, the UK and Nordic countries. It generated
revenues of EUR532 million in 2020 (EUR721 million in 2019).
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I R E L A N D
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ANCHORAGE CAPITAL 2: Moody's Assigns (P)B3 Rating to Class F Notes
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Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Anchorage Capital Europe CLO 2 DAC (the "Issuer"):
EUR240,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)
EUR28,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)
EUR9,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)
EUR29,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A3 (sf)
EUR28,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)
EUR26,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)
EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)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.
As part of this reset, the Issuer will extend the reinvestment
period to around 4.25 years and the weighted average life to 9.0
years. It will also amend certain concentration limits, definitions
and minor features. In addition, the Issuer will amend the base
matrix and modifiers that Moody's will take 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 obligations and up to 10%
of the portfolio may consist of unsecured senior obligations,
second-lien loans, high yield bonds and mezzanine obligations. The
underlying portfolio is expected to be fully ramped as of the
closing date so there will be no effective date defined.
Anchorage CLO ECM, L.L.C ("Anchorage") 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 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.
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 Amount: EUR400,000,000
Diversity Score: 50
Weighted Average Rating Factor (WARF): 3425
Weighted Average Spread (WAS): 3.92%
Weighted Average Coupon (WAC): 5.00%
Weighted Average Recovery Rate (WARR): 43.90%
Weighted Average Life (WAL): 9.0 years
CAIRN CLO IV: Fitch Affirms Final B- Rating on Class F-R Notes
--------------------------------------------------------------
Fitch Ratings has assigned Cairn CLO IV DAC's (Cairn IV)
refinancing notes final ratings and affirmed the existing junior
notes.
Cairn CLO IV DAC
DEBT RATING PRIOR
---- ------ -----
A-R XS2306571733 LT AAAsf New Rating AAA(EXP)sf
A-RR XS1983350882 LT PIFsf Paid In Full AAAsf
B-R XS2306572384 LT AAsf New Rating AA(EXP)sf
B-RR XS1983351427 LT PIFsf Paid In Full AAsf
C-R XS2306573192 LT A+sf New Rating A(EXP)sf
C-RR XS1983352151 LT PIFsf Paid In Full Asf
D-R XS2306573788 LT BBB-sf New Rating BBB-(EXP)sf
D-RR XS1983352409 LT PIFsf Paid In Full BBB-sf
E-R XS2306574323 LT BB-sf New Rating BB-(EXP)sf
F-R XS1983353126 LT B-sf Affirmed B-sf
TRANSACTION SUMMARY
Cairn IV is a cash flow collateralised loan obligation (CLO)
actively managed by the manager, Cairn Loan Investments LLP. The
reinvestment period is scheduled to end in April 2021. On the
refinance closing date, the class A, B, C, D and E notes were
redeemed and re-issued at lower spreads. The class F notes have not
been refinanced. The weighted average life (WAL) covenant has been
extended by one year to 5.6 years and the Fitch matrix has been
updated.
KEY RATING DRIVERS
Average Portfolio Credit Quality: Fitch assesses the average credit
quality of obligors to be in the 'B'/'B-' category. The Fitch
weighted average rating factor (WARF) of the current portfolio is
33.03.
High Recovery Expectations: 100% of the portfolio will comprise
senior secured obligations. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch weighted average recovery rate (WARR)
of the identified portfolio is 62.85%.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is no more than 15.6% and no obligor represents more
than 2.2% of the portfolio balance.
WAL Extended: The WAL covenant has been extended by 12 months to
5.6 years. When analysing the updated matrix with the stressed
portfolio, the class E and F notes showed a maximum breakeven
default shortfall of -2.08% and -2.28%. The class E and F notes'
ratings are supported by the comfortable default cushion based on
both the current portfolio and the coronavirus baseline scenario,
which are used for Fitch's surveillance.
Deviation from Model-Implied Rating: The rating of the class E
notes is one notch higher than the model-implied ratings. The
rating is supported by the above-average credit enhancement (CE),
as well as the significant default cushion on the current portfolio
at the assigned rating due to the notable cushion between the
covenants of the transactions and the portfolio's parameters. The
class E notes pass the assigned ratings based on the current
portfolio and the coronavirus sensitivity analysis that the agency
uses for surveillance.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A 25% reduction of the mean default rate (RDR) across all
ratings and a 25% increase in the recovery rate (RRR) across
all ratings will result in an upgrade of no more than five
notches across the structure, apart from the class A notes,
which are already at the highest rating on Fitch's scale and
cannot be upgraded.
-- The transaction has a reinvestment period and the portfolio
will be actively managed. At closing, Fitch uses a
standardised stress portfolio (Fitch's Stress Portfolio) that
is customised to the specific portfolio limits for the
transaction as specified in the transaction documents. Even if
the actual portfolio shows lower defaults and losses at all
rating levels than Fitch's Stress 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
if there is better-than-expected portfolio credit quality and
deal performance, leading to higher CE and excess spread
available to cover for losses on the remaining portfolio.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A 25% increase of the mean RDR across all ratings and a 25%
decrease of the RRR across all ratings will result in
downgrades of between two to five notches across the
structure.
-- Downgrades may occur if the build-up of the notes' CE
following amortisation does not compensate for a higher loss
expectation than initially assumed due to unexpected high
levels of default and portfolio deterioration. As the
disruptions to supply and demand due to the coronavirus for
other vulnerable sectors become apparent, loan ratings in such
sectors would also come under pressure. Fitch will update the
sensitivity scenarios in line with the view of its Leveraged
Finance team.
-- Coronavirus Baseline Scenario: Fitch carried out a sensitivity
analysis on the current portfolio to envisage the coronavirus
baseline scenario. The agency notched down the ratings for
half of assets with corporate issuers on Negative Outlook by
one notch (floor at 'CCC'). This scenario shows resilience of
the assigned ratings, with a substantial cushion across all
the notes.
-- Coronavirus Downside Sensitivity: Fitch also considers a
sensitivity analysis that contemplates a more severe and
prolonged economic stress. The downside sensitivity
incorporates a single-notch downgrade to all Fitch-derived
ratings of assets with corporate issuers on Negative Outlook
regardless of sector. Under this downside scenario, all
classes pass the current ratings.
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 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
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
DRYDEN 27 2017: Moody's Assigns B3 (sf) Rating to Class F-R Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Dryden
27 R Euro CLO 2017 Designated Activity Company (the "Issuer"):
EUR278,500,000 Class A-R Senior Secured Floating Rate Notes due
2033, Definitive Rating Assigned Aaa (sf)
EUR33,250,000 Class B-1-R Senior Secured Floating Rate Notes due
2033, Definitive Rating Assigned Aa2 (sf)
EUR21,500,000 Class B-2-R Senior Secured Fixed Rate Notes due
2033, Definitive Rating Assigned Aa2 (sf)
EUR30,250,000 Class C-R Mezzanine Secured Deferrable Floating Rate
Notes due 2033, Definitive Rating Assigned A2 (sf)
EUR32,500,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes due 2033, Definitive Rating Assigned Baa3 (sf)
EUR24,000,000 Class E-R Mezzanine Secured Deferrable Floating Rate
Notes due 2033, Definitive Rating Assigned Ba3 (sf)
EUR13,000,000 Class F-R Mezzanine Secured Deferrable Floating Rate
Notes due 2033, 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-1 Notes,
Class A-2 Notes, Class B-1 Notes, Class B-2 Notes, Class C Notes,
Class D Notes, Class E Notes and Class F Notes due 2030 (the
"Original Notes"), previously issued on May 24, 2017 (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 Original Notes.
On the Original Closing Date, the Issuer also issued EUR46,900,000
of subordinated notes, which will remain outstanding.
As part of this reset, the Issuer has amended the base matrix and
modifiers which Moody's has taken into account for the assignment
of the definitive ratings.
The Issuer is a managed cash flow CLO. At least 90.0% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10.0% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio fully ramped as of the closing
date.
PGIM Loan Originator Manager Limited ("PGIM") 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
two-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations and credit improved obligations.
The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.
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:
Performing par and principal proceeds balance/Target Par Amount:
EUR466,000,000
Defaulted Par: EUR0 as of December 31, 2020
Diversity Score: 54
Weighted Average Rating Factor (WARF): 3210
Weighted Average Spread (WAS): 3.70%
Weighted Average Coupon (WAC): 4.50%
Weighted Average Recovery Rate (WARR): 42.5%
Weighted Average Life (WAL): 7.06 years
DRYDEN 44 2015: Moody's Assigns B3 Rating to Class F-R-R Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Dryden
44 Euro CLO 2015 Designated Activity Company (the "Issuer"):
EUR1,250,000 Class X-R-R Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)
EUR225,800,000 Class A-1-R-R Senior Secured Floating Rate Notes
due 2034, Definitive Rating Assigned Aaa (sf)
EUR16,200,000 Class A-2-R-R Senior Secured Fixed Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)
EUR30,000,000 Class B-1-R-R Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)
EUR10,000,000 Class B-2-R-R Senior Secured Fixed Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)
EUR14,500,000 Class C-1-R-R Mezzanine Secured Deferrable Floating
Rate Notes due 2034, Definitive Rating Assigned A2 (sf)
EUR10,000,000 Class C-2-R-R Mezzanine Secured Deferrable Fixed
Rate Notes due 2034, Definitive Rating Assigned A2 (sf)
EUR28,500,000 Class D-R-R Mezzanine Secured Deferrable Floating
Rate Notes due 2034, Definitive Rating Assigned Baa3 (sf)
EUR23,000,000 Class E-R-R Mezzanine Secured Deferrable Floating
Rate Notes due 2034, Definitive Rating Assigned Ba3 (sf)
EUR10,500,000 Class F-R-R Mezzanine 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 will issue the refinancing notes in connection with the
refinancing of the following classes of notes: Class A-1-R Notes,
Class A-2-R Notes, Class B-1-R Notes, Class B-2-R Notes, Class C-R
Notes, Class D-R Notes, Class E-R Notes and Class F-R Notes due
2030 (the "2018 Refinancing Notes"), previously issued on July 16,
2018 (the "2018 Refinancing Date"). On the refinancing date, the
Issuer will use the proceeds from the issuance of the refinancing
notes to redeem in full the 2018 Refinanced Notes.
On the Original Closing Date, the Issuer also issued EUR43.4
million of subordinated notes, which will remain outstanding.
Interest and principal amortisation amounts due to the Class X-R-R
Notes are paid pro rata with payments to the Class A-1-R-R Notes
and Class A-2-R-R notes. The Class X-R-R Notes amortise by 20% or
EUR250,000 over the first 5 payment dates, starting on the first
payment date.
As part of this reset, 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 90.0% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10.0% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio fully ramped as of the closing
date.
PGIM Loan Originator Manager Limited 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 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 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 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:
Performing par and principal proceeds balance/Target Par Amount:
EUR400,000,000
Defaulted Par: EUR0 as of December 31, 2020
Diversity Score: 54
Weighted Average Rating Factor (WARF): 3150
Weighted Average Spread (WAS): 3.80%
Weighted Average Coupon (WAC): 3.75%
Weighted Average Recovery Rate (WARR): 41.5%
Weighted Average Life (WAL): 8.5 years
DRYDEN 44 2015: S&P Assigns B- (sf) Rating to Class F-R-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Dryden 44 Euro CLO
2015 DAC's class X to F European cash flow reset CLO notes. At
closing, the issuer also issued unrated subordinated notes.
The portfolio's reinvestment period will end approximately four
years after closing.
The ratings reflect S&P's assessment of:
-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
our counterparty rating framework.
Portfolio Benchmarks
Current
S&P weighted-average rating factor 3,011.91
Default rate dispersion 688.85
Weighted-average life (years) 4.75
Obligor diversity measure 99.71
Industry diversity measure 20.57
Regional diversity measure 1.25
Transaction Key Metrics
Current
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 9.72
'AAA' weighted-average recovery (%) 34.52
Covenanted weighted-average spread (%) 3.80
Covenanted weighted-average coupon (%) 3.75
Frequency switch and interest smoothing mechanics
Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments for the remaining life
of the transaction without the ability to switch back to quarterly
paying. Interest proceeds from semiannual obligations will not be
trapped in the smoothing account for so long as the aggregate
principal amount of semiannual obligations is less than or equal to
5%; or the class F interest coverage ratio calculated in relation
to the second payment date following the determination date is
equal to or exceeds 140%, and the par value tests are passing.
Loss mitigation obligations
Another notable feature in this transaction is the introduction of
loss mitigation obligations. Loss mitigation obligations allow the
issuer to participate in potential new financing initiatives by the
borrower in default. This feature aims to mitigate the risk of
other market participants taking advantage of CLO restrictions,
which typically do not allow the CLO to participate in a defaulted
entity's new financing request, and hence increase the chance of
increased recovery for the CLO. While the objective is positive, it
can also lead to par erosion, as additional funds will be placed
with an entity that is under distress or in default. S&P said,
"This may cause greater volatility in our ratings if the loan's
positive effect does not materialize. In our view, the presence of
a bucket for loss mitigation obligations, the restrictions on the
use of principal proceeds to purchase these assets, and the
limitations in reclassifying proceeds received from these assets
from principal to interest help to mitigate the risk."
Loss mitigation obligation mechanics
Under the transaction documents, the issuer can purchase loss
mitigation obligations, which are assets of an existing collateral
obligation held by the issuer offered in connection with
bankruptcy, workout, or restructuring of an obligation, to improve
the recovery value of the related collateral obligation.
The purchase of loss mitigation obligations is not subject to the
reinvestment criteria or the eligibility criteria. Loss mitigation
obligations purchased using principal proceeds must meet the
restructured obligation criteria, and receive defaulted asset
credit in both the principal balance and par coverage tests. Loss
mitigation obligations purchased with interest receive no credit.
The transaction documents limit the CLO's exposure to loss
mitigation obligations that can be acquired with principal proceeds
to 5% of the target par amount.
The issuer may purchase loss mitigation obligations using either
interest proceeds, principal proceeds, or amounts standing to the
credit of the supplemental reserve account. The use of interest
proceeds to purchase loss mitigation obligations are subject to all
the interest coverage tests passing following the purchase and the
manager determining there are sufficient interest proceeds to pay
interest on all the rated notes on the upcoming payment date
including senior expenses. The usage of principal proceeds is
subject to the following conditions: (i) par coverage tests passing
following the purchase; (ii) the obligation meeting the
restructured obligation criteria; (iii) the obligation being pari
passu or senior to the obligation already held by the issuer; (iv)
its maturity falling before the rated notes' maturity date; and (v)
it is not purchased at a premium.
To protect the transaction from par erosion, any distributions
received from loss mitigation obligations that are purchased with
the use of principal proceeds will form part of the issuer's
principal account proceeds and cannot be recharacterized as
interest.
In this transaction, if a loss mitigation obligation that has been
purchased with interest subsequently becomes an eligible CDO, the
manager can designate it as such and transfer out of the principal
account into the interest account the market value of the asset.
S&P considered the alignment of interests for this re-designation
and took into account factors (amongst others) for example that the
reinvestment criteria has to be met and the market value cannot be
self-marked by the manager.
Rating rationale
The diversified collateral pool primarily comprises broadly
syndicated speculative-grade senior-secured term loans and
senior-secured bonds. Therefore, S&P has conducted its credit and
cash flow analysis by applying its criteria for corporate cash flow
CDOs.
S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (3.80%),
and the reference weighted-average coupon (3.75%) as indicated by
the collateral manager. We have assumed weighted-average recovery
rates, at all rating levels, in line with the recovery rates of the
actual portfolio presented to us. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category."
Under S&P's structured finance sovereign risk criteria, it
considers that the transaction's exposure to country risk is
sufficiently mitigated at the assigned ratings.
Until the end of the reinvestment period on April 15, 2025, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.
S&P considers that the transaction's documented counterparty
replacement and remedy mechanisms adequately mitigate its exposure
to counterparty risk under our current counterparty criteria.
The transaction's legal structure is bankruptcy remote, in line
with S&P's legal criteria.
S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe our ratings
are commensurate with the available credit enhancement for the
class X to F notes. Our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses
commensurate with the same or higher rating levels than those we
have assigned. However, as the CLO will be in its reinvestment
phase starting from closing, during which the transaction's credit
risk profile could deteriorate, we have capped our ratings assigned
to the notes.
"Under our fixed rate scenario and above mentioned parameters, the
class F notes' current BDR cushion is -1.29%. Based on the
portfolio's actual characteristics and additional overlaying
factors, including our long-term corporate default rates and the
class F notes' credit enhancement, in our view this class is able
to sustain a steady-state scenario, in accordance with our
criteria." S&P's analysis further reflects several factors,
including:
-- The class F notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that have
recently been issued in Europe.
-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 28.44% (for a portfolio with a
weighted-average life of 4.75 years) versus 14.73% if it was to
consider a long-term sustainable default rate of 3.1% for 4.75
years.
-- Whether the tranche is vulnerable to nonpayment in the near
future.
-- If there is a one-in-two chance for this note to default.
-- If we envision this tranche to default in the next 12-18
months.
S&P said, "Following this analysis, we consider that the available
credit enhancement for the class F notes is commensurate with the
assigned 'B- (sf)' rating.
"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
to five of the 10 hypothetical scenarios we looked at in our recent
publication.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."
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."
The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by PGIM Loan
Originator Manager Ltd.
Ratings List
Class Rating Amount Interest rate Credit
(mil. EUR) (%) enhancement (%)
X-R-R AAA (sf) 1.25 3mE + 0.40 N/A
A-1-R-R AAA (sf) 225.80 3mE + 0.88 39.50
A-2-R-R AAA (sf) 16.20 1.00 39.50
B-1-R-R AA (sf) 30.00 3mE + 1.50 29.50
B-2-R-R AA (sf) 10.00 1.75 29.50
C-1-R-R A (sf) 14.50 3mE + 2.35 23.38
C-2-R-R A (sf) 10.00 2.50 23.38
D-R-R BBB (sf) 28.50 3mE + 3.70 16.25
E-R-R BB- (sf) 23.00 3mE + 5.95 10.50
F-R-R B- (sf) 10.50 3mE + 8.03 7.88
Sub NR 43.40 N/A N/A
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.
EURO-GALAXY III: Fitch Assigns Final B- Rating on Class F-RRR Debt
------------------------------------------------------------------
Fitch Ratings has assigned Euro-Galaxy III CLO DAC's reset final
rating.
DEBT RATING PRIOR
---- ------ -----
Euro-Galaxy III CLO DAC
A-RRR XS2305240173 LT AAAsf New Rating AAA(EXP)sf
B-1-RRR XS2305240256 LT AAsf New Rating AA(EXP)sf
B-2-RRR XS2305240330 LT AAsf New Rating AA(EXP)sf
C-RRR XS2305240413 LT Asf New Rating A(EXP)sf
D-RRR XS2305240504 LT BBB-sf New Rating BBB-(EXP)sf
E-RRR XS2305240686 LT BB-sf New Rating BB-(EXP)sf
F-RRR XS2305240769 LT B-sf New Rating B-(EXP)sf
TRANSACTION SUMMARY
Euro-Galaxy III CLO DAC is a securitisation of mainly senior
secured obligations with a component of senior unsecured, mezzanine
and second-lien loans. Note proceeds will be used to redeem all
existing classes except the subordinated notes and to fund the
existing portfolio with a target par of EUR368.7 million. The
portfolio is managed by PineBridge Investments Europe Limited. The
CLO envisages a further two-year reinvestment period and a
seven-year weighted average life (WAL).
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral)
Fitch assesses the average credit quality of obligors to be in the
'B'/'B-' category. The Fitch weighted average rating factor (WARF)
of the identified portfolio is 34.5.
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 64.63%.
Diversified Portfolio (Positive)
The transaction limits the maximum exposure of the 10-largest
obligors to 20% 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 two-year reinvestment period and includes
reinvestment criteria similar to those of other European
transactions. The manager has one Fitch matrix under which they may
choose to use different combinations of weighted average spread
(WAS), WARF and WARR limits. 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 ratings of all of the notes other than the class A notes are
one notch higher than the model-implied rating (MIR) under the
stressed portfolio analysis. The rating is supported by the
significant default cushion under the current portfolio analysis
even after applying the coronavirus downside stress. In addition,
the class F note does 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:
-- At closing, Fitch uses a standardised stressed 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 (CE) and
excess spread available to cover for losses in the remaining
portfolio.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Downgrades may occur if the build-up of the notes' CE
following amortisation does not compensate for a larger loss
expectation than initially assumed due to unexpectedly high
levels of default and portfolio deterioration. As disruptions
to supply and demand due to coronavirus for other vulnerable
sectors become apparent, loan ratings in such sectors would
also come under pressure. Fitch will update the sensitivity
scenarios in line with the view of its leveraged finance team.
Coronavirus Baseline Scenario
The CLO coronavirus baseline scenario assumes that half of the
borrowers on Negative Outlook are downgraded, which is consistent
with the long-term historical average of the Fitch corporate Rating
Outlook conversion rate. The scenario is used to inform the rating
status for CLO notes ratings. The analysis is based on the current
portfolio and focused on a stable interest-rate scenario using all
default timing scenarios. Any tranches that show some vulnerability
under this scenario will see their Outlook being revised to
Negative or be placed on Rating Watch Negative. Under this downside
scenario, all classes pass the current ratings.
Coronavirus Downside Scenario Sensitivity
Fitch also considers a sensitivity analysis that contemplates a
more severe and prolonged economic stress. The downside sensitivity
incorporates a single-notch downgrade to all Fitch-derived ratings
of assets with corporate issuers on Negative Outlook regardless of
sector. Under this downside scenario, all classes pass the current
ratings.
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.
EURO-GALAXY III: S&P Assigns B- (sf) Rating to EUR10MM Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Euro-Galaxy III CLO
DAC's class A, B-1, B-2, C, D, E, and F notes. At closing, the
issuer will also issue EUR3.65 million of additional unrated
subordinated notes which, together with the EUR38.5 million of
existing unrated subordinated notes, will form the 42.15 million of
unrated subordinated notes.
The transaction is a reset of the existing Euro-Galaxy III CLO,
which originally closed in December 2013 (and has already been
reset in 2017 and refinanced in 2019). The issuance proceeds of the
refinancing notes will be used to redeem the refinanced notes
(class AR-RR, A-RR, B-1RR, B-2RR, C-RR, D-RR, E-RR, and F-RR notes
of the latest Euro-Galaxy III transaction) and pay fees and
expenses incurred in connection with the reset.
The reinvestment period, originally scheduled to last until January
2021, will be extended to April 2023. The covenanted maximum
weighted-average life will be 7.1 years from closing. The target
par will be reduced to EUR368.7 million from EUR369.2 million
modelled in 2019 for the transaction's refinancing.
Under the transaction documents, the manager will be allowed to
purchase loss mitigation obligations in connection with the default
of an existing asset with the aim of enhancing the global recovery
on such obligor. The manager will also be allowed to exchange
defaulted obligations for other defaulted obligations from a
different obligor with a better likelihood of recovery.
S&P considers that the closing date portfolio is well-diversified,
primarily comprising broadly syndicated speculative-grade senior
secured term loans. Therefore, it has conducted its credit and cash
flow analysis by applying our criteria for corporate cash flow
CDOs.
Portfolio Characteristics
S&P Global Ratings weighted-average rating factor 2813.24
Default rate dispersion 671.35
Weighted-average life (years) 4.53
Obligor diversity measure 127.86
Industry diversity measure 23.56
Regional diversity measure 1.36
Weighted-average rating 'B'
'CCC' category rated assets (%) 6.20
'AAA' weighted-average recovery rate 36.98
Floating-rate assets (%) 98.59
Weighted-average spread (net of floors; %) 3.65
S&P said, "In our cash flow analysis, we modelled the target par
amount of EUR368.7 million, a weighted-average spread of 3.50%, the
reference weighted-average coupon of 5.50%, and the actual
weighted-average recovery rates as indicated by the collateral
manager. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.
"Our credit and cash flow analysis shows that the class B-1, B-2,
C, D, and E notes benefit from break-even default rate (BDR) and
scenario default rate (SDR) cushions that we would typically
consider to be in line with higher ratings than those assigned.
However, as the CLO will be in reinvestment phase until April 2023,
during which the transaction's credit risk profile could
deteriorate, we have capped our ratings on the notes.
"Our credit and cash flow analysis highlighted above shows that the
class F notes benefit from a BDR-SDR cushion that we would
typically consider to be in line with a lower rating than 'B-
(sf)'. However, considering the long-term annual default rate of
3.1% and the portfolio WAL of 4.53 years, we believe the class F
note can sustain the steady-state scenario. We also do not consider
the class F notes to be currently vulnerable to non-payment.
Therefore, following the application of our "Criteria For Assigning
'CCC+', 'CCC', 'CCC-', And 'CC' Ratings," we have assigned a 'B-
(sf)' rating to the class F notes."
Elavon Financial Services DAC is the bank account provider and
custodian. The manager can purchase up to 20% non-euro assets
subject to entering into perfect asset swaps. The transaction
participants' documented replacement provisions are in line with
our counterparty criteria for liabilities rated up to 'AAA'.
S&P said, "Under our structured finance sovereign risk criteria,
the transaction's exposure to country risk is sufficiently
mitigated at the assigned rating levels.
"We consider the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for each class
of notes.
"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
to five of the 10 hypothetical scenarios we looked at in our
publication "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."
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."
PineBridge Investments Europe Ltd. is the collateral manager and
Credit Industriel et Commercial is the junior collateral manager.
Under S&P's "Global Framework For Assessing Operational Risk In
Structured Finance Transactions," published on Oct. 9, 2014, the
maximum potential rating on the liabilities is 'AAA'.
Ratings List
Class Rating Amount Interest rate* Subordination (%)
(mil. EUR)
A AAA (sf) 228.5 Three/six-month EURIBOR 38.03
plus 0.62%
B-1 AA (sf) 10.00 1.60% 27.92
B-2 AA (sf) 27.25 Three/six-month EURIBOR 27.92
plus 1.40%
C A (sf) 23.00 Three/six-month EURIBOR 21.68
plus 2.35%
D BBB (sf) 22.00 Three/six-month EURIBOR 15.72
plus 3.25%
E BB- (sf) 22.00 Three/six-month EURIBOR 9.75
plus 5.52%
F B- (sf) 10.00 Three/six-month EURIBOR 7.04
plus 7.98%
Sub NR 42.15 N/A N/A
*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.
EURIBOR--Euro Interbank Offered Rate.
N/A--Not applicable.
NR--Not rated.
HARVEST CLO IX: Fitch Affirms B- Rating on Class F-R Notes
----------------------------------------------------------
Fitch Ratings has affirmed Harvest CLO IX DAC and revised the
Outlooks on the class E and F notes to Stable from Negative.
Harvest CLO IX DAC
DEBT RATING PRIOR
---- ------ -----
A-R XS1653043734 LT AAAsf Affirmed AAAsf
B-1-R XS1653044039 LT AAsf Affirmed AAsf
B-2-R XS1659810573 LT AAsf Affirmed AAsf
C-R XS1653044385 LT Asf Affirmed Asf
D-R XS1653044625 LT BBBsf Affirmed BBBsf
E-R XS1653045192 LT BBsf Affirmed BBsf
F-R XS1653045432 LT B-sf Affirmed B-sf
TRANSACTION SUMMARY
The transaction is a cash flow CLO, mostly comprising senior
secured obligations. The transaction is still within its
reinvestment period and is actively managed by Investcorp Credit
Management EU Limited.
KEY RATING DRIVERS
Stable Asset Performance: Harvest CLO IX DAC was below par by 2.7%
as of the latest investor report dated 26 February 2021. All
portfolio profile tests, collateral quality tests and coverage
tests were passing. The manager classifies two assets for EUR8.6
million as defaulted.
Resilient to Coronavirus Stress
The affirmations reflect the broadly stable portfolio credit
quality since November 2020. The Stable Outlooks on all investment
grade notes, and the revision of the Outlooks on the sub-investment
grade notes to Stable from Negative reflect the default rate
cushion in the sensitivity analysis ran in light of the coronavirus
pandemic. 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%.
'B'/'B-' Portfolio
Fitch assesses the average credit quality of the obligors in the
'B'/'B-' category. The Fitch weighted average rating factor (WARF)
calculated by Fitch (assuming unrated assets are CCC) and by the
trustee for Harvest CLO IX DAC's current portfolio was 34.2 and
33.23, respectively, above and below the maximum covenant of 33.75.
The Fitch WARF would increase by 1.3 after applying the coronavirus
stress.
High Recovery Expectations
Senior secured obligations comprise at least 98.4% of the
portfolio. Fitch views the recovery prospects for these assets as
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch weighted average recovery rate (WARR) of the
current portfolio under Fitch's calculation is 63.8%.
Diversified Portfolio
The portfolio is well-diversified across obligors, countries and
industries. The top 10 obligor concentration is no more than 15.0%,
and no obligor represents more than 1.7% of the portfolio balance.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- At closing, Fitch used 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. This is because the portfolio
credit quality may still deteriorate, not only by natural
credit migration, but also because of reinvestment.
-- After the end of the reinvestment period, upgrades may occur
in the event of 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:
-- Downgrades may occur if build-up of the notes' credit
enhancement following amortisation does not compensate for a
higher loss expectation than initially assumed due to
unexpected high level of default and portfolio deterioration.
As the disruptions to supply and demand due to the Covid-19
disruption become apparent for other sectors, loan ratings in
those sectors would also come under pressure. Fitch will
update the sensitivity scenarios in line with the view of
Fitch's Leveraged Finance team.
-- Coronavirus Potential 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 the following stresses: applying
a notch downgrade to all the corporate exposure on Negative
Outlook. This scenario does not result in downgrades across
the capital structure.
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 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
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
HAYFIN EMERALD I: Fitch Assigns Final B- Rating on F-R Debt
-----------------------------------------------------------
Fitch Ratings has assigned Hayfin Emerald CLO I DAC final ratings.
Hayfin Emerald CLO I DAC
DEBT RATING PRIOR
---- ------ -----
A-1 XS1860197760 LT PIFsf Paid In Full AAAsf
A-2 XS1860198578 LT PIFsf Paid In Full AAAsf
A-3 XS1861140785 LT PIFsf Paid In Full AAAsf
A-R XS2307881206 LT AAAsf New Rating AAA(EXP)sf
B XS1860199113 LT PIFsf Paid In Full AAsf
B1-R XS2307881974 LT AAsf New Rating AA(EXP)sf
B2-R XS2307882600 LT AAsf New Rating
C XS1860200572 LT PIFsf Paid In Full Asf
C-R XS2307883244 LT Asf New Rating A(EXP)sf
D XS1860201208 LT PIFsf Paid In Full BBB-sf
D-R XS2307883913 LT BBB-sf New Rating BBB-(EXP)sf
E XS1860201380 LT PIFsf Paid In Full BB-sf
E-R XS2307884564 LT BB-sf New Rating BB-(EXP)sf
F XS1860201893 LT PIFsf Paid In Full B-sf
F-R XS2307884721 LT B-sf New Rating B-(EXP)sf
TRANSACTION SUMMARY
Hayfin Emerald CLO I DAC is a securitisation of mainly senior
secured loans (at least 90%) with a component of senior unsecured,
mezzanine, and second-lien loans. The note proceeds have been used
to redeem existing notes except for the subordinated notes and to
fund the current portfolio with a target par of EUR406.8 million.
The portfolio is managed by HayFin Capital Management LLP. The CLO
envisages a 4.5-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 is in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the current
portfolio is 34.2.
Recovery Inconsistent with Criteria (Negative): 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 portfolio is 62.7% based on the
current criteria, and 64.8% based on the existing recovery rate
provision in the transaction documents.
The recovery rate provision does not reflect the latest rating
criteria so assets without a recovery estimate or recovery rate by
Fitch can map to a higher recovery rate than the criteria. For
this, Fitch has applied a haircut of 1.5% to the WARR, which is in
line with the average impact on the WARR of EMEA CLOs following the
criteria update.
Diversified Portfolio (Positive): The transaction has four matrices
corresponding to two fixed rate assets at 0% and 10% and two 10
largest obligors limit at 16% and 25%. 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 (Neutral): The transaction has a 4.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.
Model-implied Ratings Deviation (Negative): The assigned ratings
are one notch above the model-implied ratings (MIR). When analysing
the updated matrices with the stressed portfolio, the notes showed
a maximum breakeven default rate shortfall ranging from -0.8% to
-3.1% across the structure at the assigned ratings.
However, the ratings are supported by the good performance of the
existing CLO, as well as the significant default cushion against
downgrade based on the portfolio due to the notable cushion between
the transaction's covenants and the portfolio's parameters,
including the higher diversity (126 obligors) of the portfolio.
All notes pass the assigned ratings based on the identified
portfolio and the coronavirus baseline sensitivity analysis that is
used for surveillance. The class F notes' deviation from the MIR
reflects the agency's view that the tranche displays a significant
margin of safety given the credit enhancement level at closing. The
notes do not present a "real possibility of default", which is the
definition of 'CCC' in Fitch's Rating Definitions.
RATING SENSITIVITIES
This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in up- and down
environments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A 125% default multiplier applied to the portfolio's mean
default rate, and with this being subtracted from all rating
default levels, and a 25% increase of the recovery rate at all
rating recovery levels, would lead to an upgrade of up to five
notches for the rated notes, except the class A-R 'notes,
which are already at the highest rating on Fitch's scale and
cannot be upgraded.
-- The transaction has a reinvestment period and the portfolio
will be actively managed. At closing, Fitch uses a
standardised stress portfolio (Fitch's Stress Portfolio) that
is customised to the specific portfolio limits for the
transaction as specified in the transaction documents. Even if
the actual portfolio shows lower defaults and losses at all
rating levels than Fitch's Stress 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
if there is better-than-expected portfolio credit quality and
deal performance, leading to higher note credit enhancement
and excess spread available to cover for losses on the
remaining portfolio.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A 125% default multiplier applied to the portfolio's mean
default rate, and with the increase added to all rating
default levels, and a 25% decrease of the recovery rate at all
rating recovery levels, would lead to a downgrade of up to
five notches for the rated notes.
-- Downgrades may occur if the build-up of the notes' credit
enhancement following amortisation does not compensate for a
higher loss expectation than initially assumed due to
unexpected high levels of default and portfolio deterioration.
Coronavirus Baseline Scenario
Fitch recently updated its CLO coronavirus stress scenario to
assume that half of the corporate exposure on Negative Outlook will
be downgraded by one notch instead of all of them (floor at 'CCC').
In this scenario, no ratings are affected.
Coronavirus Downside Scenario
Fitch recently updated its CLO coronavirus downside scenario to
assume the corporate exposure on Negative Outlook is downgraded by
one notch (floor at 'CCC'). In this scenario, only the class E and
F notes' ratings are affected and are one notch lower.
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
Hayfin Emerald CLO I DAC
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action
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.
SOUND POINT CLO V: Fitch Gives B-(EXP) Rating to Cl. F Debt
-----------------------------------------------------------
Fitch Ratings has assigned Sound Point Euro CLO Funding V DAC
expected ratings.
The assignment of final ratings is contingent on the final
documents conforming to information already received.
Sound Point Euro CLO V Funding DAC
DEBT RATING
---- ------
A Loan LT AAA(EXP)sf Expected Rating
A Note LT AAA(EXP)sf Expected Rating
B-1 LT AA(EXP)sf Expected Rating
B-2 LT AA(EXP)sf Expected Rating
C-1 LT A(EXP)sf Expected Rating
C-2 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
Subordinate Notes LT NR(EXP)sf Expected Rating
X LT AAA(EXP)sf Expected Rating
TRANSACTION SUMMARY
Sound Point Euro Funding V CLO DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds will be used to fund a portfolio with a target
par of EUR400 million. The portfolio will be actively managed by
Sound Point CLO C MOA, LLC. The collateralised loan obligation
(CLO) has a 5.2-year reinvestment period and a 9.23-year weighted
average life (WAL).
The class A notes are divided into floating-rate notes of EUR198
million and a floating-rate loan of EUR50 million. The tranches
rank pari-passu in the priority of payments.
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B/B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 32.70, below the maximum WARF covenant for assigning
expected ratings of 34.00.
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 63.26%,
above the minimum WARR covenant for assigning expected ratings of
62.00%.
Diversified Asset Portfolio (Positive): The indicative maximum
exposure of the 10 largest obligors for assigning the expected
ratings is 23% of the portfolio balance and maximum fixed rated
obligations are limited at 10% of the portfolio. 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 5.2-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, D, E and F notes are one notch higher than
the model-implied ratings (MIR).The ratings are supported by the
significant default cushion on the identified portfolio at the
assigned ratings due to the notable cushion between the covenants
of the transaction and the portfolio's parameters, including higher
diversity (125 obligors) of the identified portfolio.
All notes pass the assigned ratings based on the identified
portfolio and the coronavirus baseline sensitivity analysis that is
used for surveillance. The class F notes' deviation from the MIR
reflects the agency's view that the tranche displays a significant
margin of safety in the form of credit enhancement. The notes do
not 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% of the mean RDR 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
and class X notes, which are already at the highest rating on
Fitch's scale and cannot be upgraded. 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 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% of the mean
RDR 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 default rate cushion in the sensitivity
analysis ran in light of the coronavirus pandemic.
Coronavirus Potential 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 the following stresses: applying a notch
downgrade to all the corporate exposure on Negative Outlook. This
scenario shows resilience at the current ratings for all 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
Sound Point Euro CLO V Funding DAC
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
===================
L U X E M B O U R G
===================
AI LADDER: S&P Places 'B' Long-Term ICR on CreditWatch Positive
---------------------------------------------------------------
S&P Global Ratings placed its 'B' long-term issuer credit and issue
ratings on technology components and systems company AI Ladder
(Luxembourg) Subco S.a.r.l. (Laird) and its first-lien debt on
CreditWatch with positive implications.
The CreditWatch placement signals that S&P could raise the ratings
by at least one notch upon transaction close, which is expected in
the third quarter of 2021, once the outstanding reported debt is
repaid.
On March 8, 2021, chemicals and materials company DuPont agreed to
acquire Laird Performance Materials (LPM) from Laird for $2.3
billion. LPM contributed about 73% of Laird's revenue and 83% of
EBITDA in the 12 months ended September 2020.
S&P expectd Laird to repay all its outstanding reported debt of
about $0.58 billion using part of the $2.3 billion proceeds from
the LPM business disposal.
Under its debt documentation, Laird needs to prepay its outstanding
debt using proceeds from disposals of subsidiaries if the proceeds
in a financial year exceed either $44 million or 25% of the past 12
months' EBITDA. S&P said, "We understand that its rated first-lien
facilities of about $435 million--including its first-lien term
loan and drawings under its revolving credit facility--will be
repaid immediately upon transaction close. Furthermore, we
understand that Laird will repay its $144 million second-lien term
loan at or shortly after closing. While we anticipate that Laird
will still have some lease liabilities and factoring, which we
treat as debt, we expect its S&P Global Ratings-adjusted debt to
EBITDA will fall below 1x shortly after closing."
S&P said, "The disposal is likely to weaken our view of Laird's
business risk profile, but this is more than offset by our
expectation that Laird will have no outstanding reported debt."
Laird's remaining business will comprise the connectivity and
thermal insulation segments and a small central holdings structure.
It will be much smaller, with revenue of about $165 million in the
12 months ended September 2020 (compared with about $620 million
for the entire Laird pre-disposal); be significantly less
diversified; and prove less profitable, with an estimated S&P
Global Ratings-adjusted EBITDA margin of 13%-15% (compared with
about 20% for the entire pre-disposal business). This is partly
offset by our anticipation of solid growth prospects over the next
three-to five-years. However, S&P still expects Laird to have a
stronger credit profile overall thanks to the full repayment of its
outstanding reported debt.
S&P said, "We understand that Advent International is seeking to
exit its remaining investment in Laird, and that the scope of
Laird's business could reduce further.
"We anticipate that Advent will fully relinquish its control in
Laird over the next year or so, which will prompt us to review
Laird's ownership and financial policy. In addition, we understand
the scope of the business might reduce further through a sale of
the connectivity or thermal insulation segment."
CreditWatch
S&P said, "We plan to resolve the CreditWatch placement after the
transaction closes, which is expected in the third quarter of 2021,
and once the outstanding reported debt is repaid. We anticipate
that we will upgrade Laird by at least one notch, depending on the
business prospects of the remaining operations and the future
capital structure, ownership, and financial policy.
"We could affirm all ratings if the transaction falls through or if
it does not materially improve Laird's overall credit profile."
BELRON GROUP: Moody's Affirms Ba3 CFR on Planned Distribution
-------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating and Ba3-PD probability of default rating of Belron Group SA,
a leading provider of vehicle glass repair, replacement and
recalibration services in Europe, North America, and Australasia.
Outlook is stable.
At the same time, Moody's has (1) affirmed the Ba3 instrument
ratings on all the currently outstanding backed senior secured term
loans and (2) assigned Ba3 rating to the EUR665 million backed
senior secured revolving credit facility (RCF), which was upsized
from EUR400 million and to the new EUR1.575 billion equivalent
backed senior secured term loan (split across EUR and USD
denominated tranches) issued by Belron Luxembourg S.a.r.l. The
outlook on all ratings remains stable.
Proceeds from the new EUR1.575 billion equivalent backed senior
secured term loan, along with around EUR412 million of current cash
on balance sheet will be used to fund a EUR1.462 billion
distribution to shareholders and refinance the EUR525 million Term
Loan due November 2024.
RATINGS RATIONALE
The rating affirmation and maintaining the stable outlook balances
the short-term increase in leverage as a result of the substantial
payment to shareholders against (1) a resilient business model
alongside strong cash flow generation that has performed well
during the coronavirus pandemic and (2) Moody's expectation of good
deleveraging prospects driven by a continuing track record of good
profitability and cost efficiencies. Belron's Ba3 is strongly
positioned in the rating category. Moody's-adjusted debt/EBITDA
will increase to 5.0x pro forma for the transaction from 3.7x in
2020 but is expected to decrease below 4.5x by then end of 2021.
Belron's Ba3 CFR is supported by (1) relatively stable business
model underpinned by the largely non-discretionary nature of its
services, (2) leading market positions across diversified
geographies with limited competitors in mainly fragmented markets,
(3) well established relationships with large insurers, and (4)
stable organic through-the-cycle growth rates, supported by
premiumisation and higher complexity of works, despite flat volumes
of the auto parc in a few developed markets.
The CFR is constrained by (1) the company's limited product
diversity and the execution risks involved in diversifying into new
markets, (2) a degree of price pressure on contract renewals; (3)
the risk of some major insurers insourcing vehicle glass repair and
replacement services although Moody's recognises such efforts to
date have mainly been subsequently reversed; (4) the material
proportion of business not covered by insurers which is vulnerable
to competitors and postponement during economic downturns.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
Moody's considers the impact of environmental, social and
governance (ESG) factors when assessing companies' credit quality.
Belron is owned by a Belgium-based automotive service company
D'leteren (55%) and a private equity group Clayton, Dubilier &
Rice. Partial ownership by a private equity sponsor implies a
relatively aggressive financial policy. The planned debt-funded
shareholder distribution will be the third one since October 2018
totaling EUR2.7bn, which speaks to the company's appetite for large
distributions to shareholders. This is however mitigated by the
company's strong performance and a financial policy target to keep
net leverage below 4.25x (or below 4.1x post IFRS).
The company's business is exposed to weather conditions, unusually
bad weather often lead to increased damage to vehicles and vehicle
glasses and hence can temporarily boost demand for the company's
service. The increased frequency of extreme weather events in the
recent years linked to the climate change could support company's
revenue and profitability the company in the short-term. However,
longer term and more significant consequences of the climate change
will likely have more mixed and negative impact on the company and
many other industries.
LIQUIDITY
Belron's liquidity is good reflecting Moody's expectation of
positive free cash flow in the next 12 to 18 months, a cash balance
of EUR210 million pro forma for the transaction, and full drawing
capacity under the newly upsized EUR665 million RCF.
STRUCTURAL CONSIDERATIONS
The Ba3-PD PDR is aligned with the Ba3 CFR as typical for capital
structures with first lien bank debt with only a springing
covenant. The senior secured term loans and RCF are rated Ba3, also
in line with the CFR, reflecting their first priority pari passu
ranking. These instruments are guaranteed by material subsidiaries
representing at least 80% of consolidated EBITDA, and are secured
by share pledges as well as floating charges over all assets of the
US and UK businesses.
RATING OUTLOOK
The stable outlook incorporates Moody's expectation of a
continuation of solid operating performance including growth in
revenues and stable-to-improving margins, leading to a gradual
deleveraging towards 4.5x. It also assumes that Belron will comply
with its financial policy target of maintaining net leverage below
4.1x (post IFRS).
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward rating pressure could materialise if (1) the
Moody's-adjusted debt / EBITDA decreases towards 4.0x and the
rating agency is comfortable that future shareholder distributions
or debt funded acquisitions will not increase leverage above that
level (2) the Moody's-adjusted EBITA margin remains in the low
double percentage digit, and (3) the Moody's-adjusted free cash
flow / debt is above 10% with a good liquidity profile. For a
potential upgrade, the company would also need to demonstrate a
track record of conservative financial policy.
Conversely, negative pressure could be exerted on the rating if (1)
the Moody's-adjusted debt/EBITDA ratio is above 5.0x for a
prolonged period or (2) there is a sustained decline in organic
revenue or profitability or (3) free cash flow generation or
liquidity materially weakens.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
LIST OF AFFECTED RATINGS:
Assignments:
Issuer: Belron Finance Limited
Backed Senior Secured Bank Credit Facility, Assigned Ba3
Issuer: Belron Finance US LLC
Backed Senior Secured Bank Credit Facility, Assigned Ba3
Issuer: Belron Luxembourg S.a.r.l.
Backed Senior Secured Bank Credit Facility, Assigned Ba3
Affirmations:
Issuer: Belron Finance 2019 LLC
Backed Senior Secured Bank Credit Facility, Affirmed Ba3
Issuer: Belron Finance Limited
Backed Senior Secured Bank Credit Facility, Affirmed Ba3
Issuer: Belron Finance US LLC
Backed Senior Secured Bank Credit Facility, Affirmed Ba3
Issuer: Belron Group SA
LT Corporate Family Rating, Affirmed Ba3
Probability of Default Rating, Affirmed Ba3-PD
Outlook Actions:
Issuer: Belron Finance 2019 LLC
Outlook, Remains Stable
Issuer: Belron Finance Limited
Outlook, Remains Stable
Issuer: Belron Finance US LLC
Outlook, Remains Stable
Issuer: Belron Luxembourg S.a.r.l.
Outlook, Assigned Stable
Issuer: Belron Group SA
Outlook, Remains Stable
COMPANY PROFILE
Belron is the market leader in the vehicle glass repair and
replacement industry, with an established presence in 40 countries.
The group operates under more than seven different brands, with
Carglass (Continental Europe), Autoglass (UK) and Safelite (US)
being the most well-known. The company generated revenue of EUR3.9
billion and EUR852 million of management-adjusted EBITDA in 2020.
LSF11 SKYSCRAPER: Fitch Withdraws B- Rating for Commercial Reasons
------------------------------------------------------------------
Fitch Ratings has affirmed LSF11 Skyscraper Midco's EUR210 million
loan due 2028 at 'B-'/'RR6'/0% and subsequently withdrawn the
rating. This loan is a private loan issued by an intermediate
holding company within MBCC Group/LSF11 Skyscraper Holdco Sarl
Group.
Fitch has chosen to withdraw the Ratings of LSF11 Skyscraper Midco
1 Sarl's subordinated debt rating for commercial reasons. Fitch
will no longer provide ratings or analytical coverage of the
issuer.
KEY RATING DRIVERS
Key Rating Drivers are no longer relevant as the ratings have been
withdrawn.
RATING SENSITIVITIES
Rating sensitivities are no longer relevant given today's rating
withdrawal.
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. For more information on Fitch's ESG
Relevance Scores, visit www.fitchratings.com/esg. Following the
rating withdrawal Fitch will no longer provide ESG Relevance Scores
for the entity.
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.
===========
N O R W A Y
===========
ADEVINTA: Fitch Affirms 'BB(EXP)' LT IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Adevinta's Long-Term Issuer Default
Rating at 'BB(EXP)' with a Stable Outlook, and senior secured debt
instruments at 'BB+(EXP)'. Fitch has also assigned these debt
instruments a 'RR2' Recovery Rating.
The assignment of final ratings would depend on the completion of
the acquisition of eBay's Classified Group (eBayC) and Adevinta's
shareholder, Schibsted ASA, completing the acquisition of eBayC's
Danish operations. If the Danish assets are not sold, Adevinta's
ratings are likely to be downgraded a notch.
Following its acquisition of eBayC, Adevinta will become one of the
largest and most diversified global online classified groups, with
a significant market segment and geographic diversification. It
holds number one or two positions in its key markets by traffic or
revenues, which leads to sustainably robust EBITDA margins of above
30% and strong free cash flow (FCF) generation. This will allow for
rapid deleveraging from the Fitch-estimated high 8.1x pro-forma
(for acquisitions) funds from operations (FFO) net leverage for
2020.
KEY RATING DRIVERS
Acquisition on Track: Adevinta targets to close the eBayC
transaction in 2Q21 after having addressed the UK regulator's
concerns in early March 2021. The remedies proposed by Adevinta and
eBay are the divestment of each company's primary classifieds
operations in the UK that, on a combined basis, would represent
less than 5% of the group's total consolidated revenues.
Fitch believes the proposed remedies do not significantly change
the company's operating and financial profile versus Fitch's
earlier expectations while the impact on leverage may be neutral if
at least some divestment proceeds are applied to deleveraging.
Adevinta's key rating drivers remain unchanged.
Leading Market Positions: Adevinta holds number one or two
positions by traffic or ad listings in most of its large markets,
which Fitch views as a key factor in sustaining profitable
operations. Leading classified operators benefit from a virtuous
cycle of a large number of visitors attracting more advertisers and
sellers that generate high volumes of classified ad inventory -
which in turn stimulates visitor interest.
Most horizontal and vertical classifieds markets are dominated by
one or two players that have a coveted 'must see' status and can
obtain disproportionately large shares of revenues and sustain
significant pricing premiums compared with smaller competitors.
Strong Organic Growth: Fitch expects Adevinta to maintain strong
organic revenue growth annually, in the high single-digits to
mid-teens percentages. It will be driven by the wider adoption of
online classifieds and by additional opportunities from
transactional services and cross-synergies between the company's
horizontal and vertical segments.
Diversified Operations: Adevinta's business portfolio is
well-diversified by geographies, vertical and horizontal markets,
and advertising versus non-advertising revenues. Diversification is
a mitigating factor in a downturn. In times of financial need, its
large portfolio of brands and sites provides substantial divestment
opportunities without compromising its overall strategy. Pro-forma
for the eBayC transaction, the share of advertising revenues was
28% in 2019, with cars, real estate and horizontal classifieds
contributing 40%, 15% and 11%, respectively.
Integration Synergies: Adevinta expects the acquisition of eBayC to
generate substantial operating and cost synergies but revenue
synergies are less obvious, in Fitch's view. Synergies may come
from sharing best practices and common IT solutions, having less
operating and administrative duplication, and from Adevinta's
larger scale, which has a positive impact on procurement costs,
including on cloud services.
Marketing Cost Reduction Flexibility: Fitch views Adevinta as
having substantial flexibility to quickly and significantly reduce
its marketing cost in a downturn, which would have a mitigating
impact on financial performance. Marketing accounted for a sizeable
20% of Adevinta's total operating costs in 2019.
Pandemic Impact Short-Lived: Fitch expects the negative impact of
the pandemic to be short-lived, with a swift recovery in visitor
traffic and leads . Some markets, such as France, already resumed
yoy organic growth in 3Q20 and 4Q20.
Strong Cash Flow Generation: Adevinta's credit profile is supported
by strong FCF generation, with a pre-dividend FCF margin in the
low-to-mid teen percentages. Fitch believes the company can
sustainably generate strong Fitch-defined EBITDA margins of above
30% under an asset-light business model with low capex requirements
of less than 5% of revenues.
Capex/Acquisitions to Aid Revenue: Capex is likely to be
supplemented with bolt-on acquisitions that may be equal or surpass
capex. Even taking this into account Fitch estimates Adevinta's
cash flow generating capacity to be high. Bolt-on acquisitions are
likely to help maintain or achieve market-leading positions and to
expand Adevinta's expertise, including in IT, and enable new
services, such as transaction-related services.
High Leverage, Rapid Deleveraging: Fitch expects Adevinta to
rapidly deleverage from a Fitch-estimated peak pro-forma FFO net
leverage of 8.1x at end-2020. Assuming no or minimal dividends
until the net debt/EBITDA (company definition) drops to within its
targeted 1x-4x, Fitch projects Adevinta's FFO net leverage to
improve to 5.5x at end-2021 and, potentially, to 4.3x in 2022.
Deleveraging is supported by continuing organic revenue and
EBITDA/FFO growth and by net debt reduction via strong FCF. Fitch
expects Adevinta to adhere to a prudent shareholder distribution
policy that would not jeopardise its deleveraging progress.
Moderate bolt-on acquisitions can be accommodated within the
current rating while any large deals would be treated as an event
risk.
DERIVATION SUMMARY
Adevinta is a leading global classified ads company generating more
classified revenues than its similarly large peer Traviata B.V.
(B/Stable). The latter's key operating asset is AxelSpringer SE,
although AxelSpringer is larger due to its significant media
business. Adevinta also generates more classified revenues than
Prosus Classifieds and 5x more classified revenues than Speedster
Bidco GmbH (AutoScout24; B/Negative). Adevinta's leading market
positions in its vertical markets, and its geographic and business
diversification are comparable to AxelSpringer's classifieds
segment and are ahead of AutoScout24 as the latter is focused on
the motor segment and is only number two player in its most
important German market.
Unlike Prosus, and similarly to AxelSpringer and AutoScout24,
Adevinta generates most of its revenues in western Europe, with
limited exposure to emerging markets. Like most of its peers,
Adevinta is strongly cash-generative with capex at below 5% of
revenue (similar to AutoScout24) and EBITDA margins of above 30%,
which is behind that of AutoScout24 and AxelSpringer (the latter on
classifieds revenues).
Adevinta's estimated pro-forma FFO net leverage of 8.1x is high and
comparable to AutoScout24's. However, with a public leverage target
of below 4x net debt/EBITDA, Adevinta may be more committed to
deleveraging than some of its privately owned peers.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Resumption of growth in 2021, with absolute 2021 revenues
slightly above 2019 levels and EBITDA slightly below 2020
levels.
-- Gradual EBITDA margin improvement in 2021-2023, with this
metric exceeding the 2019 level from 2022.
-- Minimal cash outflows from working capital at below EUR10
million a year until 2023.
-- Cash capex below 4% of revenues per year until 2023.
-- Bolt-on M&A of around EUR50 million a year for the next three
years.
-- No dividends until leverage declines to below 4x net
debt/EBITDA.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- FFO net leverage below 4x on a sustained basis with strong
progress in integrating operations of Adevinta and eBayC,
while maintaining the enlarged group's strong market position.
-- Pre-dividend FCF margin sustained in the mid-to-high teens on
the back of EBITDA margin improvements and low capex
requirements.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Slow progress with reducing FFO net leverage to below 5x
within 18-24 months from the eBayC transaction closure.
-- Market share pressures and a loss of number one or two status
in key markets.
-- Lack of progress in integrating operations of Adevinta and
eBayC, with insignificant post-merger synergies.
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
Comfortable Liquidity: Following the acquisition of eBayC, Adevinta
will have access to a five-year EUR450 million revolving credit
facility, which comfortably covers its operating liquidity needs
and is likely to be sufficient to support its bolt-on
acquisitions.
Fitch projects Adevinta to generate strong FCF, which would also be
an important liquidity source. Debt instruments raised in
conjunction with the eBayC acquisition announcement mature in 2025
and 2027, which protect it from short-to medium- term refinancing
risks.
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.
NORWEGIAN AIR: Ireland's High Court Okays Restructuring Scheme
--------------------------------------------------------------
Conor Humphries at Reuters reports that Ireland's High Court
cleared the way on March 26 for Norwegian Air to raise new capital
and emerge from bankruptcy protection in Ireland and Norway in May
by approving the airline's restructuring scheme.
Norwegian's survival plan, announced last year, puts a definitive
end to its long-haul business, leaving a slimmed-down airline
focusing on Nordic and European routes, Reuters notes.
"We can now go forward with the reconstruction in Norway and
initiate a capital raise," Reuters quotes Chief Executive Jacob
Schram as saying in a statement following the ruling.
The Irish court made the ruling, a key milestone in the airline's
battle to survive the coronavirus pandemic which has decimated air
travel, after none of its creditors challenged the proposed
restructuring during a two-day hearing, Reuters relays.
A key condition of the scheme is that Norwegian raises at least
NOK4.5 billion (US$524 million) from new shares and hybrid capital,
of which Norway's government has said it is willing to contribute
NOK1.5 billion, Reuters discloses.
According to Reuters, Justice Michael Quinn told the court that
there was "sufficient confidence" that the investment could be
secured.
Norwegian's next step is to secure a similar approval from a
Norwegian court and then seek permission from the Norwegian
financial regulator to proceed with a new share issue, Reuters
states.
Norwegian, as cited by Reuters, said a voting process in Norway on
its restructuring proposal would be concluded around April 9. It
would exit the restructuring process on May 26, once it had secured
the new funding, according to Reuters.
===========
S W E D E N
===========
PERSTORP HOLDING: S&P Affirms 'B-' Rating, Outlook Negative
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B-' ratings on Sweden-based
Perstorp Holding and its debt, while revised its recovery rating to
'4' from '3' with recovery prospects now estimated at 45% instead
of 55%, due to a new revolving credit facility (RCF) that we
consider priority debt relative to the existing senior facilities.
The negative outlook on Perstorp reflects S&P's forecast of
elevated leverage, negative FOCF in 2021 and 2022, and execution
risks related to the penta project in India.
S&P said, "We forecast negative free cash flow as the company
increases its capital spending. The pandemic has hurt Perstorp's
profitability since sales and EBITDA declined year on year by 21%
and 25%, respectively in 2020. As a result, leverage surpassed 9.0x
by the end of 2020. Still, the company posted strong cash flow
generation of SEK300 million last year, thanks to significant
reductions in working capital and capex, and maintained adequate
liquidity. Notwithstanding high adjusted leverage at the end of
2020, Perstorp decided to resume its strategic investment project
in India (the penta plant) to support future organic growth and
maintain its leading market position in penta chemicals, a building
block within the resins and coatings value chain. However, although
the project aligns with the company's strategy, we note the
committed nature of such spending once the project is underway.
Perstorp will also need to maintain healthy operating cash flow
amid the still uncertain--albeit recovering--market environment to
partly support the expenditure and reduce the impact on leverage
and liquidity. Execution risks are high, in our view, due to the
project's scale and that it will resume amid the pandemic situation
in India, although we note that Perstorp has a demonstrated track
record of project delivery. In our base-case scenario, the
company's free cash flow will be negative SEK300 million–SEK500
million in 2021-2022. We now forecast capex in the range SEK900
million-SEK1,000 million over the next two years. We assume the
penta project will only gradually contribute to EBITDA improvement
from 2023 when the plant is fully operating, and on a full run-rate
basis in 2024."
A new recently signed RCF strengthens Perstorp's liquidity
position. S&P said, "During the fourth quarter of 2020, the
company announced that it has been granted a new RCF of SEK600
million, which we consider ranks ahead of the existing senior
facilities we rate. We understand from the company that the
facility includes a scheme of credit guarantees that will cover 75%
of the RCF amount issued by Swedish Export Credit Agency (EKN).
Combined with the significant undrawn committed line (EUR100
million under the existing RCF), no immediate debt maturities, and
negligible amortization on its U.S. dollar term loan, we anticipate
healthy headroom of liquidity sources against uses for the next 12
months. We also expect the company to comply with its existing
springing covenant."
"Leverage will remain high since we expect Perstorp's end market to
improve only gradually. Overall sales volumes were already
sequentially stronger in the fourth quarter of 2020, when Perstorp
reported 6% and 4% organic growth year on year and quarter on
quarter, respectively, supported by stronger demand in several
segments and restocking. Still, we expect market demand for
Perstorp's products will improve gradually and anticipate EBITDA
will return to pre-pandemic levels only after 2022. As such, we
forecast leverage to remain high at 8.2x-8.4x in 2021, improving to
below 8.0x-8.2x in 2022."
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 negative outlook on Perstorp reflects our forecast
of elevated leverage, negative FOCF in 2021 and 2022, and execution
risks related to the penta project in India.
"We could lower the rating if demand for Perstorp's products does
not recover as much as we anticipate in 2021, leading to limited
recovery of EBITDA and adjusted debt to EBITDA remaining higher
than 8.5x. Reduced covenant headroom or pressure on liquidity could
also lead to a downgrade.
"We could revise the outlook to stable over the next 12 months if
Perstorp's earnings do not weaken as much as we anticipate, or if
we see signs of a faster-than-expected recovery in end markets that
strengthens the group's debt to EBITDA. We could raise the rating
over the next year if the company's business and performance
strengthen materially beyond our expectations, such that debt to
EBITDA improves to below 6.5x on a sustained basis. We would also
expect the liquidity sources-to-uses ratio to remain above 1.2x."
===========================
U N I T E D K I N G D O M
===========================
AI MISTRAL: Moody's Affirms Caa2 CFR, Alters Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service has affirmed the corporate family rating
of AI Mistral Holdco Ltd's (V.Group) at Caa2 and downgraded
V.Group's senior secured bank credit facilities issued by AI
Mistral (Luxembourg) Subco S.ar.l to Caa2 from Caa1. Moody's also
affirmed V.Group's probability of default rating at Caa2-PD and
appended an /LD indicator pointing to a limited default. Further,
Moody's revised the rating outlook to stable from negative for both
issuers.
RATINGS RATIONALE
The rating action reflects the recent balance sheet restructuring
completed by V.Group which included forgiveness of $98 million of
its second lien debt and "up-tiering" of the remaining amount to be
pari passu with the first lien debt, as well as extending the
maturities of the revolving credit facility and acquisition credit
facility. Positively, V.Group's shareholders made a $50 million
equity infusion as part of the restructuring. Also, the "springing"
net leverage covenant in the revolving credit facility was replaced
with a minimum liquidity and the interest cost was reduced
significantly.
Moody's has appended V.Group's PDR of Caa2-PD with the "/LD"
indicator reflecting Moody's view of the transaction as a
distressed exchange which is considered a limited default pursuant
to the agency's definition.
The downgrade of the term loan to Caa2 from Caa1 reflects the
reduction in support as a result of eliminating the second lien
loan and the pari passu nature of all the debt instruments in the
new capital structure.
V.Group's Caa2 corporate family rating (CFR) continues to reflect
the company's high leverage and lack of organic growth in both
revenue and fleet under full technical management (FTM) in recent
years. More positively, the rating incorporates the company's top
two market position in marine operations.
Moody's anticipates V.Group's leverage to remain very high,
potentially in the double digits, in 2021; over time, this could
lead to an unsustainable capital structure.
The restructuring completed by V.Group has shored up its liquidity
through the additional cash infusion, maturity extensions, easing
of the covenant and reduction in the cost of debt. While currently
adequate, V.Group's liquidity could again come under pressure
should its operations fail to recover.
RATIONALE FOR STABLE OUTLOOK
The stable rating outlook reflects V.Group's improved liquidity
following the equity injection, debt forgiveness and interest
reduction.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Although unlikely in the near term, positive rating momentum could
result from resumed growth in vessels under full technical
management leading to leverage, as measured by Moody's-adjusted
debt/EBITDA, declining sustainably below 8.0x with a meaningfully
reduced level of reported exceptional expenses.
Negative rating pressure could occur from continuing decline in
ships in FTM, free cash flow remaining consistently negative or a
material further weakening in liquidity.
STRUCTURAL CONSIDERATIONS
V.Group's capital structure includes a $499.5 million (outstanding
amount) first lien facility, a $57.5 million revolving credit
facility (RCF) and a $30 million acquisition facility (ACF).
Pursuant to the recently completed restructuring, a $172.5 million
second lien facility has been partially forgiven ($98 million) with
the remainder being converted into two first lien loans pari passu
with the existing first lien loan and revolving facilities.
Simultaneously, the maturity of the RCF and ACF were extended to
December 2023 from March 2022.
LIST OF AFFECTED RATINGS
Affirmations:
Issuer: AI Mistral Holdco Ltd
LT Corporate Family Rating, Affirmed Caa2
Probability of Default Rating, Affirmed Caa2-PD /LD (/LD
appended)
Downgrades:
Issuer: AI Mistral (Luxembourg) Subco S.ar.l.
Senior Secured Bank Credit Facility, Downgraded to Caa2 from Caa1
Assignments:
Issuer: AI Mistral (Luxembourg) Subco S.ar.l.
Senior Secured Bank Credit Facility, Assigned Caa2
Outlook Actions:
Issuer: AI Mistral (Luxembourg) Subco S.ar.l.
Outlook, Changed To Stable From Negative
Issuer: AI Mistral Holdco Ltd
Outlook, Changed To Stable From Negative
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
AI Mistral Holdco Ltd (V.Group), headquartered in London, UK, is a
provider of ship management services and supplementary marine
services, including technical, staff management and commercial
services across the commercial shipping, cruise, energy and defense
sectors, with reported revenue of around $547 million in 2019. The
company has been majority-owned by funds managed and advised by
Advent International since March 9, 2017.
CANARY WHARF: Fitch Gives First-Time 'BB+' LT IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned Canary Wharf Group Investment Holdings
plc a first-time Long-Term Issuer Default Rating (IDR) of 'BB+'
with a Stable Outlook. Fitch has also assigned an expected senior
secured rating of 'BBB-(EXP)' to a proposed bond issue totalling
GBP900 million.
The ratings reflect the group's landmark Canary Wharf campus
assets, but specifically a sub-segment of properties (the pooled
portfolio) totalling GBP1.5 billion in value as at end-December
2020 and related GBP900 million of secured bonds that will
refinance the group's near-term debt maturities. Fitch's analysis
focuses on the financial profile resulting from the pooled
portfolio's retail assets, income-producing offices and
subordinated income from the group's other secured financings,
which flow to the rated entity.
The assignment of final ratings is contingent on receipt of final
documentation conforming to information already received.
KEY RATING DRIVERS
Established East London Location: Canary Wharf is a large London
office campus with complementary retail and residential assets,
open spaces, security and entertainment in east London, an area
that is expanding. Canary Wharf's office rents and all-in occupancy
cost ratios (OCRs) are lower than the West End, Mid-Town, City and
Southbank office equivalents. Crossrail/Elizabeth Line's planned
2022 opening of the central section (Paddington to Abbey Wood
stations) will alleviate the site's congestion on the Jubilee Line
and DLR public transportation links.
Pandemic's Effects on Offices: Working remotely post-pandemic of
even 1.5 days per week means offices are likely to be reconfigured
to include more inhouse break-out areas and less dense workspaces.
Some tenants will look to reduce surplus space, especially in
secondary-quality offices on short leases. However if no near-term
lease renewal is scheduled, contractually, the tenant will continue
to pay existing rent (or look to sub-let) until lease expiry.
Canary Wharf's concentration on prime office and long-dated leases
limits the risk of significant voids.
Pandemic's Effect on Retail: The retail portfolio constitutes 12%
of the group's, and 63% of the pooled portfolio's 2022's income,
based on Fitch's forecasts. The pandemic has affected Canary
Wharf's retail portfolio in three main ways.
Footfall Down: The contraction of office worker throughput
adversely affected on-site footfall which, net of a less severe
decline from the weekend residential catchment, was down around 76%
in 2020. Some of this should reverse in post-vaccine UK and as
tenants announce policies for workers to return to their offices
from 3Q21.
F&B Impact: Food & beverage (F&B) tenants, which are a significant
part of the retail mix given the office environment, have been
severely affected. F&B constitutes the bulk of the 31% (GBP14.6m)
of 'concessions granted' LTM retail rents that will be written-off.
An additional 17% of LTM retail rent remains uncollected (a similar
proportion to peers). Flexibility granted to mainly small F&B
operators is markedly higher than peers' destination shopping
centres, which have reported higher footfall recovery during
non-lockdown periods. Fitch expects Canary Wharf's uncollected and
F&B-weighted portion of uncollected retail rents to recover in
2022.
Retail Rents to Decline: Canary Wharf's retail rental income has
already fallen due to tenant insolvencies. Fitch believes that the
wider effect of secular changes resulting from ecommerce and
retailers' excess space is less applicable to this particular
retail portfolio. Reflecting many retailers' financial weakness,
Fitch believes that Canary Wharf will suffer some lower retail
rents on lease renewals, despite more affordable OCRs compared with
peers' destination shopping centres.
The re-leasing of some 27,000 sq ft of retail units during LTM
points to a 5% decrease of base rent or a potential 28% increase in
turnover rent mechanisms (based on tenant turnover estimates).
Currently, void space (25,296 sq ft) ERVs are averaging 14% below
pre-covid levels. Fitch's base case assumes 15% to 20% lower rent
renewals scheduled lease expiries.
Analytical Approach: The IDR reflects the qualitative factors of
the group and the financial metrics of the pooled portfolio. The
group has secured asset financings with different loan-to-value
(LTV) and interest cover ratios, liquidity features and debt
maturities. Secured financings are non-recourse, although
reputational risk may prompt management to cure covenant breaches.
Consistent with Fitch's treatment of peers' secured funding, Fitch
includes the cash rents of the issuer's direct portfolio and
recurring 'subordinated income' (post-debt service of the secured
financings) to form a synthetic EBITDA for the pooled portfolio.
The financial metrics of the pooled portfolio include reduced
retail rents, pre-let office newbuilds and (re)letting of
lease-expired office space, thus tenant incentives decrease rental
income on a cash basis. In its forecasts, Fitch takes into account
pre-let rental income to quality tenants coming on-stream 12-18
months ahead. Therefore, projected net debt/EBITDA metrics are
based on cashflows, rather than accounting-standard straight-lined
rents.
Pooled Portfolio Composition: Assessing the initial pooled
portfolio and its GBP900 million of debt, corresponding 2021
cashflow-based income is primarily derived from (i) retail and car
park assets (around 26%), (ii) two Westferry office assets (16%),
(iii) rental-derived regular subordinated income (47%) up-streamed
to the rated entity, mainly from the CMBS and 25 Churchill secured
financings. After other income streams and deducting central
administration costs, pooled portfolio EBITDA is forecast to be
GBP47 million (2022 Fitch forecast: GBP73 million).
Pooled Portfolio Ratios: For the pooled portfolio, net debt/EBITDA
improves to 9.3x in 2024 after an initial 16x as office tenant
incentives mature and full rents flow. The interest cover is around
2x, benefitting from the new debt's lower cost.
Secured Debt Uplift: Fitch provides a one-notch uplift from the IDR
to derive the 'BBB-' instrument rating. The new debt is secured not
with pledges directly over the physical properties, but over the
issuer's assets (including its indirect equity stakes in pooled
portfolio asset-owning entities). The pooled portfolio's
income-generative property asset cover relative to net debt,
however, is above 1.5x and the expected ratings assume that the
debt documentation effectively ring-fences the pooled portfolio
against creditors of other secured debt; this supports the rating
uplift.
Security Package: The rated debt is currently secured by (i) a
floating charge over the material assets of CWG NewCo Limited,
which indirectly includes the asset-owning property vehicles within
the group, and those of the pooled portfolio; (ii) charges over the
shares in entities including CWG NewCo Limited and its subsidiary
Canary Wharf Group plc; and (iii) assignments of certain existing
and future structural intercompany receivables between Canary Wharf
Group Investment Holdings plc and group entities.
Direct fixed charges over the pooled portfolio's assets are not
granted. Other group secured financings are non-recourse and
constitute prior-ranking debt which is covenanted to be less than
45% of group assets, within the bounds of a maximum 60% net LTV
covenant (financial policy: less than 50%) for the group.
DERIVATION SUMMARY
Although the Canary Wharf group's GBP8.4 billion (end-2020) of
property portfolio is comparable in size and quality with rated
peers including The British Land Company Plc's (IDR: A-/Stable)
GBP11.2 billion (at share) and Land Securities plc's (Short-Term
IDR: F1) GBP11.8 billion, Canary Wharf has a greater degree of
segregated funding. Thus this transaction's 'BB+' IDR reflects a
sub-segment of the group and its bespoke financing.
Whereas British Land and Land Securities' office portfolios are
focussed on central London, Canary Wharf is geographically limited
to its east London site. All peers' office portfolios demonstrate
quality assets, strong tenant bases and high occupancy rates,
complemented by retail offers.
Fitch's analytical approach for Canary Wharf's pooled portfolio is
similar to peers, and follows the same concept of measuring net
debt/recurring rental-derived EBITDA, encompassing subordinated
income streams whether from Hammerson plc's (IDR: BBB/Rating Watch
Negative) debt-free and debt-funded JVs or British Land's
equivalents including its CMBS-type financings. The pooled
portfolio's EBITDA-equivalent has a higher proportion of
subordinated income streams than peers' EBITDA, and the issuer has
the potential risk of the wider group's property development
activity to make demands upon its liquidity. This concentration
should improve as this initial tranche of debt has additional
assets (and debt) added to it.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Fitch's analysis focussed on cash rents, and a cash rental
derived EBITDA.
Retail Portfolio:
-- Continued lack of collection of 2020's levels of outstanding
retail rents including the F&B-weighted portion of uncollected
rents in 2021.
-- Future years have scheduled lease expiries, with estimated
rental value (ERV) reductions upon expiry of 15%-20%.
-- Some rental uplift from a recovery in office worker footfall
in 2022 and Crossrail/Elizabeth line operating in 2H20 (whose
entrance/concourse has its own additional retail units too).
Office Portfolio:
-- Scheduled lease expiries followed by re-letting at below prime
rent levels and with tenant incentives.
-- Group operating costs of GBP50m in 2021, reducing to GBP46m in
2024.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Pooled portfolio net debt/cash-based rental-derived EBITDA
below 9.0x. Fitch's forward-looking analysis may include
existing/new collateral assets which have pre-let rent
incentives maturing in 12-18 months' time to quality tenants.
-- Pooled portfolio net interest cover above 2x.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Pooled portfolio net debt/cash-based rental-derived EBITDA
above 10.5x.
-- Pooled portfolio net interest cover below 2x.
-- Events which cause issuer cashflows to be diverted to support
secured financings (including debt-servicing of development
activity) and speculative property development.
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
Adequate Liquidity: As of end-December 2020, the issuer had
GBP403.5 million of cash on the balance sheet, GBP127.4 million of
which is restricted, mainly for collateral for borrowings. The
group has GBP221 million of undrawn construction facilities to
enable completion of existing projects outside the current pooled
portfolio.
Under the proposed transaction, the new GBP900 million bond will
refinance GBP829 million of maturing loans, improving the debt
maturity profile and providing additional cash after fees of GBP49
million to the balance sheet. The transaction will also create a
GBP30 million super-senior RCF available to the issuer.
Green Bond: The issuer intends to allocate an amount from the net
proceeds of this GBP900 million green bond to the financing and
refinancing of the Green Asset Pool (as defined) pursuant to the
company's Green Bond Framework.
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.
CINEWORLD GROUP: Seeks Shareholder Approval to Raise More Debt
--------------------------------------------------------------
Muvija M & Chris Peters at Reuters report that Cineworld will ask
shareholders to approve an increase in its debt ceiling next month
after the pandemic-stricken cinema group plunged to a US$3 billion
loss last year.
The Regal Cinemas owner, forced by coronavirus lockdowns to shut
most of its almost 800 theatres in October and temporarily lay off
about 45,000 staff, sunk to its first pretax loss as a listed
company last year, after a US$212.3 million profit in 2019, Reuters
discloses.
According to Reuters, the group, which is set to reopen its U.S.
chains next month, said it had secured commitments for a new US$213
million 7.5% convertible bond due in 2025 to bolster its finances.
It also has waivers on its borrowing terms until June next year,
Reuters notes.
It expects to reopen cinemas in Britain and the rest of the world
in May, and sees pent-up demand after strong industry reopenings in
China, Japan and Australia, Reuters states.
Big-budget releases such as Marvel's superhero film "Black Widow,"
the James Bond movie "No Time to Die" and "Godzilla vs. Kong" could
also give a boost, Reuters says.
But the London-listed company said there remained material
uncertainty about its ability to stay in business, and further
coronavirus restrictions, or delays in new movie releases, would
probably require it to raise more funds, according to Reuters.
Cineworld's net debt at the end of 2020 was US$8.32 billion, more
than four times its current market value, Reuters discloses.
On top of coronavirus lockdowns, cinema groups are grappling with
the soaring popularity of streaming services, Reuters states.
Adjusted for one-off items, Cineworld's 2020 loss was US$1.33
billion, compared with analysts' average forecast for a US$1.29
billion loss, Reuters relays, citing Refinitiv data.
According to Reuters, data from Refinitiv Eikon shows the group's
debt is rated "junk" by major credit rating agencies and its
combined credit score, a measure of how likely a company is to
default in the next year on a scale of 100 (very unlikely) to 1
(highly likely), was "1" as of March 25.
FAB UK 2004-1: Fitch Affirms CCC Rating on 2 Note Classes
---------------------------------------------------------
Fitch Ratings has upgraded FAB UK 2004-1 Limited's class A-1E &
A-1F to 'AAsf' from 'BBsf' and class A-2E to 'BBBsf' from 'BBsf'.
FAB UK 2004-1 Ltd
DEBT RATING PRIOR
---- ------ -----
A-1E XS0187962104 LT AAsf Upgrade BBsf
A-1F XS0187962369 LT AAsf Upgrade BBsf
A-2E XS0187962799 LT BBBsf Upgrade BBsf
A-3E XS0187962872 LT CCCsf Affirmed CCCsf
A-3F XS0187963094 LT CCCsf Affirmed CCCsf
TRANSACTION SUMMARY
The transaction is a securitisation of UK structured-finance
assets. At closing the SPV issued GBP204.5 million of fixed- and
floating-rate notes and used the proceeds to buy a GBP200 million
portfolio managed by Gulf International Bank (UK) Ltd. The
transaction is currently amortising with a performing and
non-performing balance of GBP33.5 million and GBP13.5 million
respectively.
KEY RATING DRIVERS
Portfolio Amortisation
The upgrades of the class A-1E to A-2E notes reflect the positive
impact from the portfolio amortisation. The performing portfolio
has amortised by around GBP19 million to GBP33.5 million as of
December 2020 since the last review in April 2020. As a result,
class A-1E and A-1F notes have further amortised to an outstanding
notional balance of GBP0.8 million only, yielding credit
enhancement (CE) of 98%. Class A-2E notes have seen their CE
increase to 68% from 42% in the last review.
Currently, class A-2E rating is capped at 'BBBsf' due to the
transaction's concentration in the UK RMBS sector. In contrast, the
ratings of class A-1E and A-1F are not capped as the notes are
expected to be paid in full within 12 months, most likely to be in
June 2021 based on Fitch's expectations for current portfolio
amortisation.
Timely-Interest Constraint
Class A-3E & A-3F notes' 'CCCsf' ratings reflect the risk of
non-timely interest payment when principal repayment becomes
unreliable towards the tail of the transaction as the portfolio
becomes more concentrated. The non-timely payment of interest when
class A-3 is most senior is an event of default. Fitch forecasts
that interest generated from the asset is unlikely to fully cover
the senior expenses and class A-3 timely interest when class A-3
becomes most senior. Currently class A-3 interest has been
deferred. While the model-implied rating of class A-3 is below
'CCCsf' due to the timely-interest constraint, with a 41% CE, the
note is still compatible with a 'CCCsf' rating.
Stable Portfolio Quality; High Concentration
The portfolio's credit quality has been stable with an average
rating at 'BBB'/'BBB-' and with no new defaults. Yet the portfolio
is concentrated by industry and by obligor. The UK RMBS sector
represents 94% of the performing portfolio. The largest and the top
10 obligors represent 17% and 91%, respectively, of the performing
portfolio balance.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Upgrades may occur to class A-2 notes if the portfolio's
credit quality remains stable and the portfolio continues to
amortise such that class A-2 notes are expected to be paid in
full within 12 months and therefore the 'BBBsf' rating cap is
no longer applied. Class A-3 notes ratings are currently
constrained by the timely-interest payment.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Downgrades may occur if the build-up of the notes' CE
following amortisation does not compensate for a larger loss
expectation than initially assumed due to unexpectedly high
levels of default and portfolio deterioration, or the
principal amortisation may slow to such an extent that it may
not be able to cover the negative carry, leading to a timely
interest payment shortfall of the most senior notes.
Coronavirus Baseline Scenario
In this scenario, the rating of each asset is adjusted down by one
notch, but with no impact on the ratings.
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.
Fitch did not undertake a review of the information provided about
the underlying asset pool ahead of the transaction's initial
closing. The subsequent performance of the transaction over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.
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.
GFG ALLIANCE: UK Ministers Reject Gupta's Plea for Bailout
----------------------------------------------------------
Sylvia Pfeifer and Jim Pickard at The Financial Times report that
UK ministers have turned down a plea from metals tycoon Sanjeev
Gupta for an emergency loan to prevent his group from collapsing as
it searches for rescue financing.
Mr. Gupta wrote to ministers at the department of business on March
25 asking for GBP170 million to help with working capital as his
metals and commodities empire, GFG Alliance, buckles under billions
of dollars of debt, the FT relates. The collapse of its main
lender Greensill Capital earlier this month has forced the group,
which has US$20 billion in turnover and employs 35,000 people
across four continents, to look for alternative funds, the FT
recounts.
The government wrote back on March 26 formally rejecting the
request and citing multiple concerns, the FT relays, citing people
familiar with the situation.
"It was a quick response," the FT quotes one government figure as
saying.
The terse letter -- running to only a few paragraphs -- said there
would be no taxpayer bailout of GFG because of concerns about the
group's opaque structure and fears that any handout could end up
leaving the UK.
"Our priority is the UK sites and jobs, not this corporate entity,"
the person, as cited by the FT, said.
GFG remains in talks to secure long-term financing from other
providers after Greensill filed for insolvency, the FT notes. One
sticking point is understood to be getting agreement from
Greensill, which holds security over certain GFG assets, to permit
the raising of alternative financing, the FT states.
According to the FT, complicating the situation is that
administrators to Greensill are still trying to establish the
identity of all the investors in the finance company and their
position within the financing chain.
GREENSILL CAPITAL: Files Chapter 11 Bankruptcy Protection in N.Y.
-----------------------------------------------------------------
Uday Sampath at Reuters reports that British fund Greensill Capital
on March 25 filed for Chapter 11 bankruptcy protection in New York,
days after it filed for insolvency in Britain.
Greensill began to unravel earlier this month when its main insurer
stopped providing credit insurance on US$4.1 billion of debt in
portfolios it had created for clients including Swiss bank Credit
Suisse, Reuters relates.
The company listed estimated assets between US$10 million and US$50
million, Reuters relays, citing the New York court filing.
KCA DEUTAG: Fitch Assigns First-Time 'B+' LT IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned KCA Deutag Alpha Limited (KCAD) a
first-time Long-Term Issuer Default Rating (IDR) of 'B+' with a
Stable Outlook and a senior secured rating of 'B+' with a Recovery
Rating of 'RR4'.
KCAD's 'B+' rating takes into account its geographically
diversified operations with significant exposure to the Middle
East, including Oman and Saudi Arabia, and Russia, where operations
have proved to be more resilient during downturns compared with
other regions. The rating also reflects KCAD's presence in onshore
and offshore as well as its conservative leverage, sound liquidity
and free cash flow (FCF)-generation capacity.
The rating is constrained by the limited track record of KCAD's
financial policy implementation following the financial
restructuring at end-2020, which involved a debt-for-equity swap,
the oilfield services (OFS) sector's high volatility, spare
capacity and competition, the company's relatively modest scale and
its status as largely a one-service provider (onshore and offshore
drilling).
KCAD's strategy includes pursuing opportunistic acquisitions, given
the expected consolidation in the sector, but its revised financial
policy targets a maximum net debt/EBITDA ratio of 2x, which is more
conservative than most peers. Fitch assumes that acquisitions will
be funded from FCF and larger acquisitions will include an equity
element.
KEY RATING DRIVERS
Material Debt Reduction Post-restructuring: KCAD completed a
financial restructuring in December 2020, which was initiated after
oil prices collapsed on the back of the Covid-19 pandemic in March
2020. The company's operations were less significantly affected by
the pandemic than some peers, thanks to KCAD's high focus on
resilient oil producing regions in the onshore. However, its debt
load was unsustainable. As a result of the restructuring, the
company cut its outstanding debt to USD501 million from USD1.9
billion, significantly reduced interest payments and notably
improved its liquidity position, with the only reinstated bond
falling due in 2025.
Low Leverage: KCAD's funds from operations (FFO) net leverage
following the restructuring is conservative and significantly lower
than most peers. Under Fitch's base case it will reach 2.0x in 2021
and fall to 1.6x in 2022. Fitch projects KCAD will generate around
USD120 million in FCF over 2021-2023, which could be used to fund
inorganic growth opportunities.
Conservative Financial Policy: Fitch forecasts deleveraging to
below Fitch's positive rating sensitivity by 2022. However, the
track record of adherence to the company's revised financial policy
(net debt/EBITDA below 2x), including following a potential IPO or
a merger considered by the shareholders and management as exit
opportunities, will be important for the rating trajectory.
Onshore Focus: KCAD's drilling operations are focused on onshore
(around 63% of total EBITDA in 2020), but offshore also represents
a significant part of the business (34%). The remaining 3% is its
rig construction and engineering units. KCAD's onshore fleet
includes 77 rigs, 71 of which it owns, while all of its offshore
platforms and jack-ups (31 units) are owned by KCAD's clients.
Regionally Diversified Onshore Operations: In the land business,
most rigs are located in Oman (29% of total rigs), followed by
Russia (23%) and Saudi Arabia (10%). Operations in the Middle East
and Russia have proved relatively resilient, with above-average
utilisations. KCAD's operations are particularly strong in Oman,
where it has a market share of above 20%. However, Fitch notes that
Oman (BB-/Negative) has a lower rating than some of its Middle
Eastern peers, such as Saudi Arabia (A/Negative) and UAE
(AA-/Stable), and its upstream cost of production is higher.
Weak Utilisations: Utilisation in the land business significantly
dropped to around 50% in 2H20 from 78% in 1Q20, mainly driven by
very low utilisation in non-core countries and regions, such as
Europe, Africa and Iraq. Fitch assumes that utilisation will
gradually improve on the back of stronger oil prices and the
relaxation of OPEC+ restrictions. Day rates have remained
relatively resilient and on average declined by mid-single digits
compared with 1Q20. Fitch assumes day rates will remain depressed
over 2021-2022 before marginally improving in 2023-2024.
Depressed Offshore Operations: Currently around half of KCAD's
offshore rigs are stacked, but Fitch expects utilisation to
somewhat improve to 60% by 2021, a low level by historical
standards. KCAD's offshore operations are asset-light and have low
operating leverage, making KCAD less exposed to highly volatile
offshore market. The long-term nature of most contracts in the
segment also makes its performance more predictable.
Order Book: KCAD's order book provides some certainty of its
near-term performance, particularly in 2021, during which 76% of
the company's projected revenue is covered by the contract backlog.
At 1 November 2020, total backlog amounted to USD2.4 billion
(excluding an optional part), compared with Fitch-projected revenue
of USD1.1 billion in 2021. KCAD's revenue is relatively diversified
by customer compared with peers.
Slow Sector Recovery Ahead: The OFS sector has been badly affected
by the 2014-2016 oil price slump and the pandemic. Fitch expects
that despite the recent price improvements, most oil and gas
companies will aim to keep capex relatively stable in 2021 after
cutting it in 2020. At the same time, drilling activity should
moderately pick up, particularly in 2H21 and beyond in the Middle
East and Russia, as OPEC+ restrictions are eased.
The energy transition may lead to a significant reduction in oil
demand in the long term, but its impact on the sector in the next
five years is likely to be limited. KCAD is working on delivering a
comprehensive sustainability strategy, which is yet to be finalised
and could provide growth and/or diversification opportunities
beyond those considered in Fitch's base case.
DERIVATION SUMMARY
Fitch regards UAE-headquartered ADES International Holding PLC
(B+/Stable) and Canadian Precision Drilling Corporation (Precision,
B+/Stable) as KCAD's closest peers. However, unlike these two
peers, KCAD also operates rig construction and engineering units,
which currently do not contribute much to KCAD's profits but could
provide growth opportunities over the longer term.
ADES's operations are focused on Saudi Arabia and Kuwait
(AA/Negative), where the cost of upstream production is very low,
and benefits from a high share of contracted revenue and a strong
backlog, although its leverage is higher than KCAD.
Unlike KCAD, Precision focusses solely on onshore operations.
Although Precision is expected to test downgrade sensitivities on
leverage metrics under Fitch's base case, this should be mitigated
by expected generation of FCF and strong liquidity, which allows
the company to return to stronger metrics in an eventual upturn.
KEY ASSUMPTIONS
-- 2020 is based on 11 months, and an estimate for December;
-- Further decline in the offshore and land segment in line with
management guidance, before land drilling picks up in 2022
with the oil price stabilizing;
-- EBITDA margin stabilising at around 20%, reflecting the growth
in higher-margin land drilling business;
-- Capital expenditures at around USD65 million per year over
2021-2023;
-- No dividend payments.
KEY RECOVERY ANALYSIS ASSUMPTIONS
-- The recovery analysis assumes that KCAD would be reorganized
as a going concern in bankruptcy rather than liquidated.
-- The going concern EBITDA reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level upon which we
base the enterprise valuation (EV). KCAD's going concern
EBITDA of USD210 million (net of lease charges) reflects the
downturn in 2020 followed by one year of moderate recovery.
-- In a distressed scenario, Fitch believes that a 3.5x multiple
reflects a conservative view of KCAD's EV. This reflects the
structurally declining industry with pricing pressure, which
is dependent on robust E&P budgets.
-- Fitch ranks the super senior basket above the senior secured
notes.
-- Fitch applies an additional 10% haircut for administrative
claim to the EV generated by the going concern EBITDA and
distressed EV multiple assumption. Value is distributed to
each instrument on a priority-ranking basis, from most senior
to most junior in the capital structure. Along with the
application of Fitch's Country-Specific Treatment of Recovery
Ratings Criteria, this results in a waterfall-generated
recovery calculation of 50% for the USD500 million senior
secured notes. Fitch's analysis generated a Recovery Rating of
'RR4' indicating a 'B+' instrument rating.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Track record of maintaining a conservative financial profile
(FFO net leverage below 2x through the cycle).
-- Material improvement in business profile (higher exposure to
low-cost producers or larger scale).
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Large debt-funded acquisitions, sizeable capex or dividends
leading to FFO net leverage consistently above 3x.
-- Unexpected erosion in competitive position leading to
significantly lower utilisation or daily rig rates.
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
Following the restructuring, KCAD's liquidity is strong, with no
debt maturities until 2025. Fitch expects KCAD to generate positive
FCF under Fitch's base case over 2021-2023, which could be used for
opportunistic bolt-on acquisitions.
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.
LIBERTY STEEL: Gov't. Willing to Support UK Assets in Entirety
--------------------------------------------------------------
Jim Pickard and Sylvia Pfeifer at The Financial Times report that
the government on March 5 said it is willing to support Liberty
Steel's UK assets in their "entirety" as Britain's third-largest
steelmaker teeters on the edge of collapse, with 3,000 jobs hanging
in the balance.
Kwasi Kwarteng, the business secretary, on March 25 told MPs he was
assessing how the company, the main subsidiary of conglomerate GFG
Alliance, could receive state help, the FT relates.
GFG's owner, Sanjeev Gupta, has been trying to secure alternative
financing after the collapse of its main lender, Greensill Capital,
this month, the FT discloses. Mr. Gupta has also hired advisers to
help him restructure the group, the FT notes.
According to the FT, Mr. Kwarteng said the government was "looking
at all options to see what we can do" to protect jobs at the
company's UK operations.
"The company has a range of assets, spread across England and Wales
in particular, and we're looking very closely at what specific
assets, what specific jobs are necessary and we hope to support the
company in its entirety," the FT quotes Mr. Kwarten as saying in
the House of Commons.
Liberty employs about 3,000 people in the UK at 12 locations,
including sites in Rotherham, Stocksbridge, Motherwell, Newport and
Hartlepool. The company also owns steel plants in France, eastern
Europe, the US and Australia.
Paris earlier said it was extending a EUR20 million loan to
Liberty, which would be ringfenced and used to support the Hayange
and Ascoval sites in northern France, which the company bought last
year, the FT recounts.
The FT revealed that the government was drawing up options for
Liberty including a temporary quasi-nationalization of the sort
deployed to save British Steel two years ago.
However, industry experts believe Liberty could be more difficult
to sell as a single entity because GFG is not a consolidated legal
structure and its member parts are independent entities, each with
their own distinct financial issues, the FT relays.
In the UK, some of Liberty's plants face particular concerns; its
speciality steel businesses, for example, which supply aerospace
and oil and gas customers, have been hit hard by the Covid-induced
downturn in those sectors, according to the FT.
METROCENTRE FINANCE: S&P Lowers Rating on CMBS Notes to 'CCC-(sf)'
------------------------------------------------------------------
S&P Global Ratings lowered to 'CCC- (sf)' from 'B- (sf)' its credit
rating on Metrocentre Finance PLC's (formerly Intu Metrocentre
Finance PLC) notes.
In June 2020, the total market value of the property had fallen to
GBP532.1 million, a 26% decline compared with the level in December
2019.
S&P said, "Since our previous review in December 2020, the market
value of the property has further declined by approximately 18%, to
GBP437.0 million. In our analysis, the notes did not pass our 'B'
rating level stresses, because our whole loan loan-to-value ratio
on this class of notes is now 117% (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."
S&P has therefore, lowered to 'CCC- (sf)' from 'B- (sf)' its rating
on the notes.
Metrocentre Finance is backed by a fixed-rate interest-only loan
secured on the Metrocentre (formerly Intu Metrocentre) regional
shopping center and associated retail park, in Gateshead, South
West of Newcastle in the U.K. Metrocentre was until recently owned
by Intu Properties PLC for nearly 25 years. The owner and former
manager of the shopping center, Intu Properties PLC, has now gone
into administration. As a result, the borrower has appointed a new
asset manager and property manager to manage the property daily.
The shopping center is one of Europe's largest covered shopping and
leisure destinations with over two million square feet of leasable
floor area, as well as multi-story car parks, comprising almost
10,000 spaces, and a bus/coach park.
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) credit factors for this
credit rating change:
-- Health and safety.
MOTOR 2016-1: Moody's Affirms Ba1 Rating on GBP5M Class F Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two notes in
Motor 2016-1 plc. The rating action reflects an increase in credit
enhancement for the affected tranches and better than expected
collateral performance.
Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain the current rating on the affected
notes.
GBP528M Class A Notes, Affirmed Aaa (sf); previously on Oct 6,
2020 Affirmed Aaa (sf)
GBP15M Class B Notes, Affirmed Aaa (sf); previously on Oct 6, 2020
Affirmed Aaa (sf)
GBP30M Class C Notes, Affirmed Aaa (sf); previously on Oct 6, 2020
Upgraded to Aaa (sf)
GBP9M Class D Notes, Upgraded to Aaa (sf); previously on Oct 6,
2020 Upgraded to Aa1 (sf)
GBP13M Class E Notes, Upgraded to Aa3 (sf); previously on Oct 6,
2020 Upgraded to A1 (sf)
GBP5M Class F Notes, Affirmed Ba1 (sf); previously on Oct 6, 2020
Upgraded to Ba1 (sf)
RATINGS RATIONALE
The rating action is prompted by better than expected collateral
performance and the increased levels of credit enhancement.
Revision of Key Collateral Assumptions:
As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.
Delinquencies with 90 days plus arrears are currently standing at
2.6% of current pool balance. Cumulative defaults currently stand
at 1.4% of original pool balance plus replenished amounts.
The current default probability is 3.25% of the current portfolio
balance, which translates into a default probability assumption on
original balance of 1.70%. Moody's maintained the assumption for
the fixed recovery rate at 40% and the portfolio credit enhancement
of 12.5%.
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 UK 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.
Increase in Available Credit Enhancement
Sequential amortization led to the increase in the credit
enhancement available in this transaction.
For instance, the credit enhancement for the most senior tranche
affected by the rating action, class D, increased to 16.5% from
11.1% since the last rating action.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
December 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 include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement, (3) improvements in the credit quality of the
transaction counterparties and (4) a decrease in sovereign risk.
Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.
TRINITY SQUARE 2021-1: Fitch Gives Final CCC Rating on Cl. H Notes
------------------------------------------------------------------
Fitch Ratings has assigned Trinity Square 2021-1 PLC's (TSQ2021-1)
notes final ratings.
Trinity Square 2021-1
DEBT RATING PRIOR
---- ------ -----
Class A XS2318720864 LT AAAsf New Rating AAA(EXP)sf
Class B XS2318721086 LT AAsf New Rating AA(EXP)sf
Class C XS2318720948 LT Asf New Rating A(EXP)sf
Class D XS2318721169 LT BBB+sf New Rating BBB+(EXP)sf
Class E XS2318721243 LT BB+sf New Rating BB+(EXP)sf
Class F XS2318721326 LT BBsf New Rating BB(EXP)sf
Class G XS2318721599 LT BB-sf New Rating BB-(EXP)sf
Class H XS2318723025 LT CCCsf New Rating CCC(EXP)sf
Class X XS2318721755 LT BB-sf New Rating BB-(EXP)sf
Class Z XS2318721672 LT NRsf New Rating NR(EXP)sf
TRANSACTION SUMMARY
TSQ2021-1 is a securitisation of legacy owner-occupied (OO) and
buy-to-let (BTL) mortgages originated by GE Money Home Lending
Limited (GEHMLL) and GE Money Mortgages Limited (GEMLL). The
transaction is a refinancing of the Trinity Square 2015-1 Plc (TSQ
2015-1) and Trinity Square 2016-1 Plc (TSQ 2016-1) issuance.
KEY RATING DRIVERS
Additional Coronavirus Assumptions: Fitch has applied coronavirus
assumptions to the mortgage portfolio (see EMEA RMBS: Criteria
Assumptions Updated due to Impact of the Coronavirus Pandemic).
The combined application of revised 'Bsf' representative pool
weighted average foreclosure frequency (WAFF) and revised rating
multiples resulted in a multiple to the current FF assumptions of
about 1.3x at 'Bsf'.
Performing, Seasoned Loans: The weighted average portfolio
seasoning is high at 14 years, with origination concentrated
between 2004 and 2014. The OO loans (94.8% of the pool) contain a
high proportion of self-certified, interest-only and loans with
adverse credit history. Fitch therefore applied its non-conforming
assumptions to this sub-pool.
When setting the originator adjustment for the portfolio, Fitch has
taken into account the better historical asset performance compared
with the average for the non-conforming sector and the average
annualised constant default rate since closing of TSQ 2015-1 and
TSQ 2016-1. This resulted in a positive originator adjustment of
0.8x for the OO sub-pool and no adjustment for the BTL sub-pool.
Interest Deferability: The interest payments for all notes other
than the class A notes are deferrable at all times. In its
analysis, Fitch tested the class A and B notes' ratings on a timely
basis and assessed the materiality of the interest deferability
exposure for the class C and D notes. Fitch considers the available
liquidity protection adequate at the assigned ratings. Nonetheless,
mezzanine notes' ratings are constrained to the 'Asf' rating
category.
Purchased Portfolio: The portfolio is a purchased portfolio
acquired initially by Kensington Mortgage Company Limited from GE
Money in August 2015 and subsequently sold to the seller (Citibank
N.A., London Branch) for this securitisation. Fitch notes the
indemnities offered by the seller are capped at GBP75 million and
for three years after closing. These limitations are mitigated by
the loans' 14 years seasoning, the due diligence performed as part
of the current and 2015 purchases, and the absence of material
breaches of representations since 2015.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Stable to improved asset performance driven by stable
delinquencies and defaults would lead to increasing credit
enhancement and potential upgrades. Fitch tested an additional
rating sensitivity scenario by applying a decrease in the FF
of 15% and an increase in the recovery rate (RR) of 15%. The
impact on the subordinated notes could be an upgrade of up to
two categories.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- The broader global economy remains under stress from the
coronavirus pandemic, with surging unemployment and pressure
on businesses stemming from social-distancing guidelines.
Government measures related to the coronavirus pandemic
introduced a suspension on tenant evictions and mortgage
payment holidays, both for up to three months. Fitch
acknowledges the uncertainty of the path of coronavirus
related containment measures and has therefore considered more
severe economic scenarios.
-- As outlined in "Fitch Ratings Coronavirus Scenarios: Baseline
and Downside Cases", Fitch considers a more severe downside
coronavirus scenario for sensitivity purposes whereby a more
severe and prolonged period of stress is assumed with a
halting recovery from 2Q21. Under this scenario, Fitch assumed
a 15% increase in the WAFF and a 15% decrease in the WARR. The
results indicate downgrades of up to two categories.
The transaction's performance may be affected by changes in market
conditions and economic environment. Weakening economic performance
is strongly correlated to increasing levels of delinquencies and
defaults that could reduce credit enhancement available to the
notes.
Additionally, unanticipated declines in recoveries could also
result in lower net proceeds, which may make certain notes' ratings
susceptible to potential negative rating actions depending on the
extent of the decline in recoveries. Fitch conducts sensitivity
analyses by stressing both a transaction's base-case FF and RR
assumptions, and examining the rating implications on all classes
of issued 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.
CRITERIA VARIATION
Fitch conducted additional analysis to assess the class F, G and X
notes' ratings in scenarios where the prepayments profile is closer
to historical trends for the short to medium term and asset margin
compression is disapplied as not observable since TSQ 2015-1 and
TSQ 2016-1 closing. This constitutes a criteria variation with
respect to the standard Fitch prepayment assumption applied as part
of its cash flow analysis.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information and concluded that there were no
findings that affected the rating analysis.
Fitch conducted a review of a small targeted sample of GEHMLL and
GEMLL's origination files during the TSQ2016-1 rating process and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices,
and the other information provided to the agency about the asset
portfolio.
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
Trinity Square 2021-1: Customer Welfare - Fair Messaging, Privacy &
Data Security: 4, Human Rights, Community Relations, Access &
Affordability: 4
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.
WOOHA BREWING: Enters Administration, Seeks Buyer for Business
--------------------------------------------------------------
Business Sale reports that craft brewery WooHa Brewing Company has
filed for administration and is seeking a buyer for its business
and assets.
According to Business Sale, the company blamed the financial
strains of COVID-19 and Brexit, saying it had suffered as a result
of the pressures caused by the pandemic on the global hospitality
and licensed trade industry, as well the increased costs for
exporters following Brexit.
The Kinloss-based firm have appointed Iain Fraser and Tom MacLennan
of FRP partners as administrators, and have instructed them to find
a buyer for the firm, Business Sale relates.
"Despite every effort by the directors to keep the business trading
and ensure it would be able to capitalize on the recovery when it
comes, the severe financial problems meant that administration was
the only option," Business Sale quotes Mr. Fraser as saying. "We
will also be looking to sell the business and assets, either in
whole or in part as quickly as possible and would ask any
interested parties to contact FRP as soon as they can."
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week March 22 to March 26, 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 * * *