/raid1/www/Hosts/bankrupt/TCREUR_Public/210503.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, May 3, 2021, Vol. 22, No. 82
Headlines
B E L A R U S
EXPORT-IMPORT INSURANCE: Fitch Affirms 'B' IFS Rating, Outlook Neg
F R A N C E
COMPACT BIDCO: Moody's Assigns B2 CFR, Outlook Stable
EUTELSAT COMMUNICATIONS: S&P Affirms BB+ Rating on Sr. Unsec. Debt
PARTS HOLDING: Moody's Upgrades CFR to B3 on Revenue Improvement
REXEL SA: Moody's Gives Ba3 Rating to New EUR300M Bonds Due 2028
TAURUS 2019-1: DBRS Confirms BB Rating on Class E Notes
G E R M A N Y
KIRK BEAUTY: S&P Ups Issuer Rating to B- on Refinancing Completion
STANDARD PROFIL: S&P Assigns Preliminary 'B-' ICR, Outlook Stable
TACKLE SARL: S&P Alters Outlook to Stable, Affirms 'B' LT ICR
G R E E C E
AEGEAN BALTIC BANK: S&P Affirms 'B' ICR, Outlook Stable
MYTILINEOS SA: Fitch Assigns Final BB Rating to EUR500MM Notes
I R E L A N D
ARMADA EURO I: Moody's Assigns B3 Rating to EUR11.7M Class F Notes
BERG FINANCE 2021: S&P Assigns Prelim BB-(sf) Rating to E Notes
ENERGIA GROUP: Fitch Ups Sr. Sec. Notes Ratings to BB+, Removes UCO
RETIRO MORTGAGE: DBRS Gives BB(sf) Rating to Class B Notes
I T A L Y
KEDRION SPA: S&P Assigns Preliminary 'B' ICR, Outlook Positive
SUNRISE SPV 92: DBRS Gives BB(high) Rating to Class E Notes
WEBUILD SPA.: S&P Affirms 'BB-' Long-Term ICR, Off Watch Negative
S P A I N
IM CAJAMAR 3: DBRS Gives Prov. CCC(low) Rating to Series B Notes
IM CAJAMAR 5: Moody's Upgrades EUR12M Class C Notes to B2 (sf)
INVICTUS MEDIA: Fitch Lowers IDR to 'CCC-', Removes Negative Watch
JOYE MEDIA: S&P Cuts Rating to CCC- on Potential Restructuring
NEINOR HOMES: Fitch Assigns Final BB Rating to EUR300MM Sec. Notes
SANTANDER HIPOTECARIO: DBRS Confirms C Rating on 3 Series C Notes
TDA CAM 6: Fitch Affirms B Rating on Class B Tranche
U N I T E D K I N G D O M
BERKELEY BURKE: Sipp Victims Face Reduced Payments Due to Delays
FERGUSON MARINE: Posts GBP10MM Loss Following Nationalization
FERROGLOBE PLC: Moody's Alters Outlook on Caa1 CFR to Stable
FOOTBALL INDEX: UK Government Launches Probe Into Collapse
MCCLURE SOLICITORS: Jones Whyte Buys Firm Out of Administration
VIRGIN ACTIVE: Landlords Oppose Restructuring Plan
X X X X X X X X
[*] BOND PRICING: For the Week April 26 to April 30, 2021
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B E L A R U S
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EXPORT-IMPORT INSURANCE: Fitch Affirms 'B' IFS Rating, Outlook Neg
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Fitch Ratings has affirmed Export-Import Insurance Company of the
Republic of Belarus's (Eximgarant) Insurer Financial Strength (IFS)
Rating at 'B'. The Outlook is Negative.
KEY RATING DRIVERS
The rating and Outlook continue to reflect Eximgarant's 100% state
ownership (Belarus; Local-Currency Long-Term Issuer Default Rating
(IDR): B/Negative) and the insurer's systemic role as the local
export credit agency, as reflected by the state guarantees for
insurance liabilities under compulsory lines and export insurance.
The rating also reflects Eximgarant's robust profit generation,
adequate capital position, significant exposure to domestic
financial risks and the weak quality of the insurer's investment
portfolio.
The Belarusian state has established strong support for Eximgarant
through its legal framework to develop a well-functioning export
insurance system. In February 2021, new regulation on export
development was enforced, which confirmed the exclusive right of
Eximgarant for state guarantees in the export insurance, but has
also established incentives for a wider usage of bank and insurance
instruments by Belarusian exporters. As a result, Eximgarant
expects to see strong growth in the percentage of exports to be
covered by insurance. Despite the potential rise of competition,
Fitch believes that the new regulation will not weaken Eximgarant's
business profile.
The pandemic has had a limited impact on Eximgarant's premium
volumes, as Belarus has not implemented a rigid lockdown regime
like most other countries and the Belarusian non-life sector's
premium written grew by 6% in 2020. Eximgarant recorded a 2%
decline in business volumes in 2020, which reflected 14% growth in
export insurance and 13% decline in motor third-party liability
insurance due to a drop in cross-border traffic and a 24%
contraction in domestic financial risk insurance, which was the
insurer's deliberate choice.
Eximgarant reported a stronger net income of BYN54 million in 2020,
compared with BYN27 million in 2019. This was due to an increase in
FX gains of BYN32 million in 2020 from FX losses of BYN2 million in
2019. However, the underwriting result weakened, with the combined
ratio at 120% in 2020 from 103% in 2019. This was due to the poor
underwriting result of the financial risk and export insurance.
Eximgarant had few paid and reserved claims, but their impact on
its underwriting result was rather pronounced due to the high
levels of net retention and a geographical concentration in export
insurance.
Eximgarant remains considerably exposed to domestic financial risks
insurance, which accounted for 34% of its non-export portfolio per
gross written premiums (GWP) in 2020. Eximgarant writes various
kinds of credit default insurance for loans issued by Belarusian
banks and for corporate bonds. The large exposure and the absence
of local government guarantee on financial risks insurance
negatively affects Eximgarant's credit profile.
Eximgarant's capital position, as measured by Fitch's Prism
Factor-Based Model, remained supportive of its rating category in
2020, in line with 2019. The insurer maintains a very strong
regulatory solvency position with a Solvency I-like statutory ratio
of 56x at end-2020.
Fitch views the credit quality of Eximgarant's investment portfolio
as weak. The invested portfolio is exposed to sovereign risks and
has significant issuer concentration. At end-2020, government bonds
accounted for 19% of the total investment portfolio. The company
also invests in deposits with state-owned banks, shares of
state-owned corporates, and loans to the same, which comprised 47%,
9% and 16% of total invested assets, respectively.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A downgrade of Belarus's Local-Currency Long-Term IDR would
lead to a downgrade of the insurer's IFS Rating.
-- A significant adverse change in the insurer's relationship
with the government would also likely have a direct impact on
Eximgarant's ratings.
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- A revision of the Outlook on Belarus's Local-Currency Long
Term IDR to Stable would lead to a revision of the Outlook on
the insurer's IFS Rating.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
ESG CONSIDERATIONS
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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COMPACT BIDCO: Moody's Assigns B2 CFR, Outlook Stable
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Moody's Investors Service has assigned a B2 corporate family rating
and B2-PD probability of default to Compact Bidco BV, a holding
company of European producer of precast concrete building solutions
Consolis Group SAS. Concurrently, Moody's has assigned a B3
instrument rating to the proposed EUR300 million senior secured
notes. The outlook on the ratings is stable.
The proceeds from the notes issuance will be used to repay the
company's existing debt and will be additionally complemented by
EUR50 million PIK notes issued outside of the restricted group.
RATINGS RATIONALE
The rating is supported by (1) Consolis' market position as a
leading provider of precast concrete solutions in Europe; (2) its
good geographic diversification with manufacturing footprint across
a number of Western and Eastern European countries, especially
focused on the Nordic Region, with some additional exposure to
Utilities in Emerging Markets; (3) flexible cost structure with a
large proportion of variable costs and partially indexed contracts
with customers allowing for quicker pass on of higher input costs;
(4) growing penetration of precast concrete at cost of traditional
in-situ concrete; and (5) the low capital intensity of the
business.
However, the rating is constrained by (1) the company's
vulnerability to cyclical and volatile new-build construction
activity with a substantial share of non-residential construction;
(2) the execution risk related to the envisaged disposal of the
loss-making Civil Works France business; (3) limited product
diversification as a non-integrated concrete producer; (4)
relatively high industry fragmentation and competitive nature of
concrete production in Europe; and (5) limited track record of
generating positive free cash flow.
RATIONALE FOR STABLE OUTLOOK
The stable rating outlook reflects Moody's expectation that the
company will execute the sale of Civil Works France business, with
the put option allowing the sale already signed while the
completion of the disposal is planned by the end of 2021, and would
be able to maintain gross leverage (Moody's adjusted) below 5.5x.
Furthermore, the stable outlook is conditional upon Consolis
maintaining an at least adequate liquidity profile.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Positive rating pressure could arise if:
Moody's adjusted gross leverage were to sustain below 4x;
Moody's adjusted EBIT/ Interest above 2.5x;
Sustainably positive FCF generation;
Conversely, negative rating pressure could arise if:
Inability to close the sale of CWF division as planned by the end
of 2021
Moody's adjusted gross leverage were to increase above 5.5x;
Moody's adjusted EBIT/ Interest below 1.5x;
The company's liquidity profile were to weaken as a results of
negative FCF, shareholder distributions or M&A
LIQUIDITY
The liquidity profile of Compact Bidco BV following the proposed
refinancing is adequate. This is reflected in around EUR90 million
of unrestricted cash as of December 2020 complemented by a EUR75
million undrawn super senior revolving credit facility (RCF). The
RCF with 4.5 years to maturity contains a springing covenant set at
1.4x super senior leverage ratio tested quarterly only when the
facility is more than 40% drawn. The covenant will not be tested in
the first three quarters following the closing date. Moody's views
these sources as sufficient to cover any cash flow seasonality.
STRUCTURAL CONSIDERATION
In the loss given default (LGD) assessment for Compact Bidco BV,
Moody's ranks the proposed new senior secured 5-year EUR300 million
notes behind the super senior EUR75 million RCF (not rated) and
EUR107 million trade payables as of December 2020. This structural
subordination of senior secured notes results in one notch lower
rating of B3 compared to the B2 CFR. Moody's assumes a standard
recovery rate of 50% due to the covenant lite package consisting of
bonds and loans.
The capital structure also include EUR50 million of PIK notes,
issued outside of the restricted group. These notes will mature
after the senior secured notes and are not guaranteed by the
restricted group. Therefore, Moody's does not include it in debt
and leverage calculations. However, the potential existence of the
PIK notes implies an additional risk of potential cash leakage over
time.
ESG CONSIDERATIONS
Moody's takes into account the impact of environmental, social and
governance (ESG) factors when assessing companies' credit quality.
The main environmental and social risks are not material in case of
Consolis. The company is less exposed than cement peers to
environmental risks as its production process is significantly less
energy intensive and carbon emitting. Only 5-10% of CO2-emission
comes from Consolis own manufacturing and energy consumption while
80-90% is linked to raw materials (cement) reported under indirect
emission (Scope 3).
The company is owned by the private equity firm Bain Capital. As a
result, Moody's expects its financial policy to favour shareholders
over creditors as evidenced by its higher leverage tolerance.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Building
Materials published in May 2019.
COMPANY PROFILE'
Headquartered in Paris, France, Consolis is a leading European
producer of precast concrete building solutions and elements. The
company holds #1 and #2 positions across a number of European
markets including the Netherlands, Sweden, Denmark, Finland, CEE
and the Baltics region with some diversification into Emerging
Markets. In 2020, Consolis generated approximately EUR1 billion of
revenue from continued operations and employed around 10,500
people. Consolis Group SAS was created in 2007 and since 2017 is
ultimately owned by Bain Capital.
EUTELSAT COMMUNICATIONS: S&P Affirms BB+ Rating on Sr. Unsec. Debt
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S&P Global Ratings affirmed its 'BBB-/A-3' long- and short-term
issuer credit ratings (ICRs) on Eutelsat Communications S.A., its
'BBB-' issue-level ratings on the senior unsecured debt issued by
Eutelsat S.A., and its 'BB+' issue-level rating on the senior
unsecured debt issued by Eutelsat Communications S.A.
The stable outlook reflects S&P's anticipation that Eutelsat will
maintain relatively comfortable metrics for the rating over the
next two years, including adjusted debt to EBITDA of 3.3x-3.4x,
funds from operations (FFO) to debt at or slightly above 25%, and
FOCF to debt stabilizing at 13%-14%.
S&P views the deal as a good opportunity for Eutelsat to acquire a
foothold in the low earth orbit (LEO) market.On April 27, 2021, the
company announced that it secured a 24% stake in OneWeb (which will
be scaled down to 20% once an additional investment is concluded),
a provider of LEO satellite services, for $550 million. Eutelsat
will finance the transaction with EUR296 million of C-Band proceeds
it expects to receive in full in 2022 as well as cash from its
balance sheet. The main advantage of LEO satellites is their low
latency (less than 100 milliseconds, which compares with at least
250 milliseconds for geosynchronous equatorial orbit [GEO]
satellites), which is particularly relevant for cloud, backhaul,
and 5G-related applications. LEO satellites could also potentially
address the government, mobility, and fixed data verticals,
although it will take some time to prove their viability. For
example, the high cost of terminals for LEO satellites is an issue
for broadband services, and satellite operators will have to lower
these costs.
The acquisition is unlikely to have a significant effect on
Eutelsat's near-term strategy. S&P said, "Overall, we do not expect
the deal to have a significant effect on the company's business
over the short- to mid-term because it will continue to mostly
provide GEO solutions (unlike
com.spglobal.ratings.services.article.services.news.xsd.MarkedData@7c2d105c
which offers joint GEO/medium earth orbit [MEO] solutions). As
such, we currently choose not to consolidate OneWeb's financial
metrics with those of Eutelsat. This also reflects Eutelsat's lack
of control over, or accounting consolidation with, the target
company. Furthermore, we understand the company does not plan to
increase its participation or take control of OneWeb in the near
term. However, if the LEO technology continues to gain momentum in
the coming years, it could become more complementary to the group's
offerings and critical to its future growth. Should OneWeb's
importance to Eutelsat's business risk profile and overall strategy
increase significantly in the future and should Eutelsat materially
increase its stake in the company, we could revise our view and
consider consolidating the target company in our adjusted metrics
on a pro-rata basis."
The difference between the acquisition price and the level of
C-Band proceeds will likely only slightly increase Eutelsat's
leverage in fiscal 2022. S&P said, "We now expect the company's
leverage to rise to 3.3x-3.4x in fiscal 2022, which is up from
about 3.2x under our previous forecasts and from 3.2x in fiscal
2020. The transaction is unlikely to affect Eutelsat's FOCF because
we do not consolidate OneWeb in its adjusted metrics. We forecast
the company's FOCF to debt will be in the 13%-14% range over the
coming years, which is slightly above our previous forecasts, due
to its more favorable working capital prospects."
S&P said, "The stable outlook on Eutelsat reflects our anticipation
that it will maintain relatively comfortable metrics for the
current rating over the next two years, including adjusted debt to
EBITDA of 3.3x-3.4x, FFO to debt at or slightly above 25%, and FOCF
to debt stabilizing in the 13%-14% range. It also incorporates our
view that the company's video segment will remain resilient,
allowing it to leverage its portfolio of established orbital
positions and partly mitigate the ongoing pressures facing its data
segment.
"We could lower our rating on Eutelsat if its adjusted debt to
EBITDA increases to more than 3.5x while its FFO to debt and FOCF
to debt remain below 20% and 10%, respectively. This could occur
due to continued revenue erosion amid a worsening trading
environment, potentially because of lower-than-expected growth from
the fixed broadband and in-flight connectivity segments or a more
severe deterioration in its broadcast and government segments. It
could also occur due to a combination of higher dividends and
capital expenditure (capex) than we currently anticipate or
additional acquisitions.
"We could raise our rating on Eutelsat if it establishes a clear
track record of maintaining adjusted debt to EBITDA of less than
3.0x, FFO to debt of more than 25%, and FOCF to debt of greater
than 15%. We would also need to see longer-term credit resilience
from the overall business, including a successful fixed broadband
strategy and a return to revenue growth, as guided by management."
PARTS HOLDING: Moody's Upgrades CFR to B3 on Revenue Improvement
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Moody's Investors Service has upgraded the ratings of car parts
distributor Parts Holding Europe S.A.S (PHE or the company),
including the corporate family rating to B3 from Caa1 and the
probability of default rating to B3-PD from Caa1-PD. Concurrently,
Moody's has also upgraded the ratings on the existing guaranteed
senior secured notes due 2025 and guaranteed senior secured
floating rate notes due 2022 issued by Parts Europe S.A. to B3 from
Caa1. The outlook on both entities was changed to stable from
positive.
"The upgrade of the CFR to B3 is driven by our expectation that
PHE's revenues and earnings will continue to improve over the next
12-18 months and result in credit metrics more commensurate with a
B3 CFR, notably Moody's-adjusted debt/EBITDA of around 6.5x, and
continued positive underlying free cash flow", says Eric Kang, a
Moody's Vice President - Senior Analyst and lead analyst for PHE.
RATINGS RATIONALE
The B3 CFR with a stable outlook reflects Moody's expectations that
continuing improvements in revenues and earnings over the next
12-18 months will lead to credit metrics more commensurate with a
B3 CFR, notably Moody's-adjusted debt/EBITDA of 6.5x or below and
continued positive Moody's-adjusted free cash flow before unwinding
of deferred tax and social charges payments. This level of leverage
will be towards the higher end of the parameters set for a B3 CFR,
and will weakly position the company at this rating level.
Debt-funded acquisitions could also hinder the pace of deleveraging
but the rating agency expects the company to focus on small bolt-on
acquisitions which will not materially increase leverage.
Moody's continues to view PHE's liquidity as adequate and expects
the company to generate positive free cash flow over the next 12-18
months although at low levels in 2021 due to the unwinding of
deferred social charges and tax payments. Moody's also views
refinancing risk with respect to the remaining EUR304 million
senior secured notes due in May 2022 as low, given the improving
trading and credit metrics as well as the announcement by the
company that it has secured a committed bridge facility to
refinance in full the 2022 notes. If the bridge is eventually drawn
to refinance the 2022 notes, it will rank pari passu with the
existing 2025 notes, and have the same maturity, security, and
guarantees.
The CFR also incorporates the resilient nature of the company's
operating performance through economic cycles. This is because the
light vehicle aftermarket sector in the countries where the company
operates has historically been more resilient to economic downturns
than sales of new vehicles. The current market environment,
characterized by a broadly stable car parc size of vehicles older
than four years provides greater stability to the independent
aftermarket (IAM) channel than the original equipment suppliers
(OES) channel, which is closely linked to new vehicle
registrations.
LIQUIDITY
Moody's views PHE's liquidity as adequate. As of December 31, 2020,
the company had cash balances of EUR113 million. The EUR100 million
RCF was fully undrawn, of which EUR78 million can be used for cash
drawings. The company also has access to factoring facilities of
EUR198 million in aggregate (on- and off-balance sheet). Around
EUR108 million of the factoring facilities was utilized at year-end
2020, and of this amount EUR98 million was utilized on a
non-recourse basis.
Moody's expects the company to maintain sufficient headroom under
the springing financial maintenance covenant, which applies to the
RCF, and which is set at 0.7x super senior net leverage when the
RCF is drawn by 35%. A breach of this maintenance covenant triggers
a draw-stop, but not an event of default.
The nearest debt maturities are the non-recourse factoring
programme with Factofrance (EUR97 million outstanding at year-end
2020) and the EUR100 million super senior revolving credit facility
(RCF), which expire in January 2022 if the 2022 notes are still
outstanding by then. If the bridge that the company intends to put
in place is eventually drawn to refinance the 2022 notes the
maturity of the factoring programme and the RCF will be extended to
January 2024 and July 2025 respectively.
STRUCTURAL CONSIDERATIONS
The B3 ratings on the senior secured notes is at the same level as
the CFR reflecting the relatively small quantum of super senior
debt ranking ahead, namely the RCF and the French state-guaranteed
loan. While the RCF and the French state-guaranteed loan benefit
from the same security package as the notes (i.e. shares, bank
accounts and intercompany receivables), they will rank ahead of the
notes in an enforcement scenario under the provisions of the
intercreditor agreement. Also, the obligations of the notes'
subsidiary guarantor are capped at EUR330 million.
RATING OUTLOOK
The stable outlook assumes that PHE's earnings will continue
improving over the next 12 to 18 months, leading to deleveraging to
around 6.5x in 2022 and continued positive free cash flow before
the unwinding of deferred social charges and tax payments.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's will consider upgrading the ratings if a continued
improvement in operating performance leads to Moody's-adjusted
debt/EBITDA reducing to below 6.0x, Moody's-adjusted EBITA/interest
increasing above 1.5x, and the company maintains a solid liquidity
profile including positive Moody's-adjusted free cash flow / debt
of around 5%.
Negative rating action could materialize if the company fails to
sustain the recent improvements in operating performance and cash
flow generation, or liquidity materially weakens. This would be
evidenced by Moody's-adjusted debt/EBITDA remaining sustainably
above 7.0x, weak Moody's-adjusted EBITA/ interest cover of around
1.0x, or sustained negative free cash flow.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.
COMPANY PROFILE
Headquartered in France, Parts Holding Europe S.A.S is a leading
aftermarket light vehicle (LV) spare parts distributor and truck
spare parts distributor and repairer in France, Benelux, Italy, and
Spain. It also owns Oscaro, the leading online car parts retailer
in France, since November 2018. The company generated revenue of
around EUR1.8 billion in 2020.
REXEL SA: Moody's Gives Ba3 Rating to New EUR300M Bonds Due 2028
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Moody's Investors Service has assigned a Ba3 rating to the new
EUR300 million sustainability-linked bonds due 2028 and issued by
Rexel SA, a leading global distributor of low voltage products. The
Ba2 corporate family rating, the Ba2-PD probability of default
rating, and the Ba3 ratings on the existing senior unsecured notes
are unchanged. The outlook is stable.
Net proceeds from the new notes will be used to partially refinance
the existing EUR500 million senior unsecured notes due 2025.
RATINGS RATIONALE
The Ba2 CFR is supported by the company's large scale and
geographical diversification, as well as strong market positions
with either number one or two market rankings in most Western
European countries and North American states. The rating also
benefits from the company's prudent financial policy and solid cash
flow generation. This is reflected by the early repayment of the
EUR300 million senior notes due 2024 at the end of 2020 following
better-than-anticipated free cash flow.
Moody's expects the recovery in sales witnessed in the first
quarter of 2021 will continue during the rest of the year because
of the pick-up in economic activity and the favourable pricing
environment around copper. Still, Rexel remains exposed to a
deterioration of the macroeconomic environment that could arise
because of the uncertain sanitary situation. The rating agency
expects that Rexel's digital transformation initiated in 2017 will
enable the company to better adapt its operations (e.g. pricing,
branch assortment, or receivable collections) as it navigates
through continued challenging market conditions over the next 12-18
months.
The rating agency expects Moody's-adjusted debt/EBITDA to reduce
towards 4.0x over the next 12-18 months from 4.5x at year-end 2020
as revenue revert towards the level of 2019. Moody's forecasts free
cash flow of around EUR150 million in 2021 compared to EUR425
million in 2020, reflecting working capital outflow related to
higher activity levels and resumption of the dividend.
LIQUIDITY
Moody's views Rexel's liquidity as good. As of December 31, 2020,
the company had cash balances of around EUR685 million and a fully
available revolving credit facility (RCF) of EUR850 million, which
expires in January 2025. In addition, Rexel has access to
securitization programs of around EUR1.1 billion in aggregate, of
which around EUR956 million was utilized as of December 31, 2020.
Excluding the securitization programs which mainly mature over
2022-2023, there are no material debt maturities before 2025 when
the RCF and the remaining senior notes which will not be repaid by
the new notes (around EUR200 million) mature.
The terms and conditions of the RCF agreement offer flexibility in
terms of maintenance financial covenants (tested semi-annually, in
June and December). This is because Rexel can exceed its 3.5x net
leverage ratio as defined by the senior facility agreement on three
separate accounting dates during the life of the RCF, being
specified that only two of such three accounting dates may be
consecutive and provided that the ratio does not exceed 3.75x on
two accounting dates and 3.90x on one accounting date. Moody's
expects the company to stay in compliance with the covenant over
the next 12-18 months.
STRUCTURAL CONSIDERATIONS
The senior unsecured notes including the new sustainability-linked
notes are rated Ba3, one notch below the CFR, reflecting their
junior ranking to other short-term financial liabilities and the
sizeable amount of trade payables at the operating subsidiary's
level.
RATING OUTLOOK
The stable outlook reflects Moody's expectation that Rexel will
continue to demonstrate resilient performance in the current
macroeconomic climate, with sales growth and profitability
improving from current levels. The stable outlook also assumes no
adverse change in the company's current financial policy in
relation to dividends and acquisitions.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Upward pressure on the ratings could materialize if Rexel
demonstrates a prudent financial policy and successfully achieves
its target for improving its profitability, leading to
Moody's-adjusted debt/EBITDA trending towards 3.5x and a
Moody's-adjusted retained cash flow/debt of above 15%.
The ratings could be downgraded if, as a result of continued volume
pressure, and a decline in Rexel's margins, Moody's-adjusted
debt/EBITDA rises sustainably above 5.0x or if Moody's-adjusted
retained cash flow/debt falls sustainably below 10%.
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was Distribution &
Supply Chain Services Industry published in June 2018.
COMPANY PROFILE
Based in France, Rexel is a leading global distributor of low
voltage products. In 2020, Rexel reported total sales and
management EBITA of EUR12.6 billion and EUR536 million
respectively.
TAURUS 2019-1: DBRS Confirms BB Rating on Class E Notes
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DBRS Ratings GmbH confirmed its ratings on all classes of the
Commercial Mortgage-Backed Floating-Rate Notes issued by Taurus
2019-1 FR DAC (the Issuer) and maintained the rating trend on the
Class E Notes at Positive, as follows:
-- Class A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (low) (sf)
All trends are Stable.
-- Class E at BB (sf)
Trend maintained at Positive.
The rating confirmations are based on the slightly weakened
performance of the portfolio since the last review. There were only
two asset disposals in 2020 and the main tenant has vacated several
assets resulting in a slightly higher vacancy rate. The maintenance
of the Positive Trend is mainly driven by the deleveraging
requirements of the senior loan. Although the sponsor has several
ways to deleverage the loan, the exact timing and prepayment amount
are hard to predict; nevertheless, partial prepayment of the senior
loan will continue to benefit the most junior class's noteholders
hence the maintenance of the Positive Trend.
The issuer is the securitization of 95% interest of an original EUR
249.6 million, 65% loan-to-value (LTV) five-year senior commercial
real estate acquisition facility advanced by Bank of America
Merrill Lynch International DAC (BofAML or the Loan Seller) to
Colony Capital (Colony or the sponsor) in the context of a
sale-and-lease-back operation between Colony and Électricité de
France (EDF). The senior loan was advanced to three French
borrowers, and BofAML also provided a co-terminus mezzanine term
loan. As of the February 2021 interest payment date (IPD), the
senior loan balance reduced to EUR 194.8 million with a LTV of
63.7%.
Since inception, 22 assets have been sold, of which two were
disposed in 2020. As of the February 2021 IPD, the disposed assets
were generally in line with the business plan provided at issuance:
16 out of 22 disposed assets were included in the liquidating pool
at issuance. Currently, there are still 39 properties in the
liquidating pool with a total market value (MV) of EUR 46.2
million, according to the valuation report at issuance.
The remaining portfolio reported an LTV of 63.7%, which is above
the year-three cash trap covenant of 55.1%. Also, DBRS Morningstar
noted a total EUR 2.6 million rent arrears have passed 90-day
overdue as of the February 2021 IPD. Should such arrears be
excluded from debt yield (DY) covenant calculation, as DBRS
Morningstar understood from the loan document, the senior loan's DY
would reduce to below 11.0%, thus breaching the year-three DY cash
trap covenant. As per the November 2020 servicer report, the
long-term arrears are mainly related to ENEDIS 2019 service charge
reconciliation, insurance recoveries, and disputed charges at the
Marseille asset, and the sponsor was working with the anchor tenant
to resolve the arrears. DBRS Morningstar views the term default
risk of the senior loan as low given the current default covenants
of 71.7% LTV and 9.6% DY.
Given the high 90-day or more rental arrears, DBRS Morningstar has
lowered its net cash flow (NCF) assumption to EUR 21.1 million,
which is equal to the latest reported EUR 23.7 million projected
net operating income (NOI) excluding the EUR 2.6 million arrears.
This is lower than the EUR 21.7 million NCF derived by removing
disposed assets from DBRS Morningstar's NCF from last review. The
resulting DBRS Morningstar value assumption for the portfolio is
now EUR 255.7 million, which represents a 16.4% haircut to the
current reported MV.
DBRS Morningstar expects the sponsor to continue property disposals
and vacancy lease up once the market recovers from the outbreak of
Coronavirus Disease (COVID-19), but before then, the loan would
likely be partially paid down using cash-trapped proceeds (if
any).
The rating currently assigned to the Class E notes is lower than
the rating stress the class can withstand as per the output of DBRS
Morningstar's direct sizing hurdles. In this transaction, the
assigned rating was underpinned by a weakened performance of the
portfolio and the persistence of the coronavirus outbreak. However,
a Positive Trend was maintained to reflect the potential credit
uplift in the coming year.
The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
tenants and borrowers. DBRS Morningstar anticipates that vacancy
rate increases and cash flow reductions may continue to arise for
many CMBS borrowers, some meaningfully. In addition, CRE values
will be negatively affected, at least in the short term, impacting
refinancing prospects for maturing loans and expected recoveries
for defaulted loans. The ratings are based on additional analysis
to expected performance as a result of the global efforts to
contain the spread of the coronavirus.
Notes: All figures are in Euros unless otherwise noted.
=============
G E R M A N Y
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KIRK BEAUTY: S&P Ups Issuer Rating to B- on Refinancing Completion
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S&P Global Ratings raised its long-term issuer rating on Kirk
Beauty One GmbH to 'B-'. S&P also assigned its 'B-' issue rating
with a '3' recovery rating to the new senior secured instruments,
and its 'CCC' issue rating with a '6' recovery rating to the new
senior unsecured notes. S&P withdrew its ratings on the old debt
instruments.
The negative outlook reflects Kirk Beauty's very high leverage in
FY2021 for the rating category, coupled with materially negative
FOCF generation expected for FY2021 in the context of the company's
transformation plan and challenging trading environment. These
factors could prevent Kirk Beauty from improving credit metrics and
cash flow generation in FY2022.
The execution of the refinancing has resolved the group's
short-term refinancing risk and improved liquidity.
Kirk Beauty raised a new term loan B of EUR600 million, senior
secured notes of EUR1,305 million, a EUR170 million revolving
credit facility, and EUR475 million subordinated PIK notes. The
company also received a EUR220 million contribution from existing
shareholders in the form of NCE. Kirk Beauty used the proceeds to
redeem its existing RCF due in February 2022, senior secured notes
due July 2022, senior secured term loan due August 2022, and senior
unsecured debt due July 2023. As a result, the next bullet payment
will be in 2026. At the closing of the transaction, the company had
EUR192 million cash on balance sheet and the fully undrawn RCF,
supporting the company's liquidity position.
S&P said, "We expect Kirk Beauty's leverage to be very high in
FY2021 in the context of its negative FOCF generation.
Specifically, we expect adjusted debt to EBITDA to increase to
9.0x-9.2x in FY2021 excluding NCE, an EBITDAR (earnings before
interest, tax, debt, amortization, and rent) coverage ratio of
about 1.1x, and significantly negative FOCF after lease payments of
about EUR190 million. In our view, this is a transitional year
because the company is implementing its transformation plan and is
still affected by the pandemic-induced lockdowns in some of the
countries where it operates. We see the shareholders' contribution
as a way to finance part of the one-off costs associated with the
transformation. We forecast an improvement in FY2022, with the
company continuing to grow its omnichannel capabilities and
benefiting from cost efficiencies and operating expense reduction."
This will likely translate into debt to EBITDA of about 7.0x
excluding NCE, an EBITDAR cover ratio of about 1.5x, and limited
FOCF.
Kirk Beauty is well positioned in the beauty market as a leading
European perfume and cosmetics retailer, although it faces
operational headwinds due to continuing trading restrictions in
many of the group's geographies. S&P said, "With fast-growing
e-commerce operations that generated about 25% of total group sales
in FY2020, and a presence in prime locations, we think Kirk Beauty
has a strong network in its core markets. During the COVID-19
pandemic, the group's strong online presence has facilitated its
market share gains because a large section of the market comprises
independents that do not offer such capabilities. For FY2020, Kirk
Beauty's revenue declined by 6.4%, with online sales growing by
41%. Between June and October 2020, when restrictions were lifted
in its countries of operation, net sales were broadly flat versus
the previous year despite the challenging operating environment,
thanks to 47% growth in online sales. In November and December,
further lockdowns hindered the company's performance, resulting in
overall sales declining by 9% for Q1 FY2021, with strong growth of
74% in online sales. More generally, we think the group's size and
product breadth are key competitive advantages because they make
Kirk Beauty a key entry point for large consumer brands."
S&P said, "That said, we perceive several trends that are likely to
threaten the group's repositioning as a leading online and offline
beauty retailer.The further growth of online shopping via pure
online players increases competitive pressure and will continue
depressing industry margins on products such as perfumes and
cosmetics. We also see the potential for some large branded
companies, such as L'Oreal, to bypass third-parties such as Kirk
Beauty and sell directly to end customers, particularly through
online channels, although at present this is a relatively marginal
threat.
"In our view, there is significant execution risk associated with
the company's ongoing transformation program.As the focus shifts to
omnichannel, Kirk Beauty has announced a store optimization program
(SOP) with the aim of reducing its store footprint. The company
also announced its "Forward Organization" initiative, expecting to
achieve savings from the reorganization of group functions. The SOP
entails about 505 store closures, mainly in Southern Europe. In its
Q1 FY2021 results, the company reported that 77% of stores were on
track to be closed. Although these initiatives should contribute
positively to Kirk Beauty's operating performance over time, since
the company expects an EBITDA contribution of about EUR120 million,
it will entail large net one-off cash costs--budgeted at EUR94
million--that will weigh on its adjusted profitability and FOCF
generation for FY2021 and FY2022. Furthermore, if Kirk Beauty's
transition to online were to continue at its current rapid pace, it
could require an even larger store network reorganization, which
would likely translate into greater one-off costs than those
budgeted over the forecast period. In general, Kirk Beauty's growth
in the expanding online segment will also require frequent
investments in new systems, logistics, and distribution networks to
maintain its capabilities. Since 2018, the group's cash flow
performance has been highly affected by large one-off costs in
relation to its transformation plan.
"The execution risk associated with the group's transformation
plan, coupled with the uncertain macroeconomic environment and high
leverage, weighs on our outlook on the company. In addition to the
execution risk associated with the transformation plan, we think
the uncertain macroeconomic environment will likely weigh on the
group's performance. Kirk Beauty's product offering is
discretionary in nature, so the sales recovery could be hampered by
a weak economic environment characterized by high unemployment
rates and constrained spending power, which is likely to reduce
consumer demand in 2022. Consumers might become more price
sensitive, which would increase existing negative pressures on
topline and operating margins. We also note that lockdowns are
currently in place in Germany and France, the two largest markets
for Douglas, with click and collect as an option in some stores and
home delivery. We therefore remain cautious about the company's
ability to meet our base-case scenario and, in light of the group's
very high leverage and the still-weak FOCF generation anticipated
for 2021 and 2022, we see very limited headroom under the rating.
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 negative outlook reflects the high execution risk associated
with the group's transformation plan in an uncertain trading
environment. This, combined with its very high adjusted debt to
EBITDA of 9.0x-9.2x (excluding NCE in FY2021) and material negative
FOCF generation expectations for 2021, leaves the group with no
headroom for underperformance against our current base case.
S&P could lower the rating if the group experienced any material
underperformance against its base case, struggling to grow in the
context of its highly leveraged capital structure. This could
occur, for example, if:
-- The company failed to restore revenue growth and adjusted
EBITDA margins of about 12% in FY2021, while delivering on the
transformation plan on time and budget, with negative FOCF not
exceeding EUR200 million;
-- Subsequently, in FY2022, the group failed to increase its
revenue and margins, generate positive FOCF after lease payments,
and improve adjusted debt to EBITDA to 7.0x excluding NCE; and
-- Liquidity weakened materially at any point, or the likelihood
of a distressed debt restructuring increased.
S&P could revise the outlook to stable if, on the back of increased
earnings visibility and continuing market share gains:
-- The group's operating performance stabilized with FOCF
generation after lease payments, turning significantly positive,
with the liquidity position remaining robust;
-- Adjusted debt to EBITDA metrics improved sustainably toward
6.0x excluding NCE, and EBITDAR interest cover increased to at
least 1.2x.
STANDARD PROFIL: S&P Assigns Preliminary 'B-' ICR, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' preliminary issuer credit and
issue ratings to Germany-headquartered Standard Profil Automotive
GmbH and its proposed senior secured notes.
The stable outlook reflects S&P's expectation that Standard Profil
will achieve strong top-line growth in the next 12 months,
supporting adjusted debt to EBITDA slightly below 5x and about
break-even adjusted FOCF in 2021.
Standard Profil is a small auto supplier focused on the
commoditized niche segment of sealing products. With 2020 revenue
of EUR288 million, the company's total revenue base is one of the
smallest among rated auto supplier peers globally, which is
primarily the result of the group's narrow focus on sealing
systems. S&P views sealing products as relatively low-value-added
components, because end-product complexity is limited and the
offerings of different players are close substitutes. This is also
reflected by Standard Profil's low annual research and development
(R&D) spending, excluding tooling costs, which historically
amounted to less than 0.5% of revenue. Despite some market share
gains prior to 2018 and in 2020, the company is not a dominant
player in its niche market. S&P said, "In Europe, we understand the
company holds the No. 3 position, with a market share of about 20%,
after global leader Cooper Standard with more than 30% and
SaarGummi with more than 25%. Standard Profil ranks fifth globally,
with about a 6% market share. We think that these factors afford
the company limited pricing power with its car original equipment
manufacturer (OEM) customers, and create exposure to possible
adverse changes in its small subsegment, for example related to
competitive dynamics or technological changes. Unlike most peers,
Standard Profil develops in-house tooling and molds for the sealing
production. We believe this degree of vertical integration may
allow additional operational flexibility to address car OEMs'
evolving needs, with the company recently securing new contracts
thanks to shorter lead times."
S&P said, "Standard Profil is private-equity owned, and we
anticipate only modest debt leverage reduction in the next two
years.Standard Profil has been owned by private equity firm Actera
Group since 2013. Pro forma the proposed notes issuance, we
estimate that the company's adjusted debt to EBITDA will be
slightly below 5.0x in 2021, and we forecast leverage modestly
declining toward 4.5x in 2022 by virtue of organic EBITDA growth.
We do not perceive Actera's financial policy stance as particularly
aggressive relative to other financial sponsors, and our adjusted
leverage remained between 3.0x-6.0x over 2017–2020. That said,
although we understand that there is limited appetite for large
debt-funded acquisitions or outsized shareholder returns, we
believe that any future FOCF generation could be allocated toward
dividends (EUR34 million paid out in 2017) or bolt-on mergers or
acquisitions (M&A) as part of the company's international expansion
strategy, constraining material and sustainable deleveraging. Given
Actera's financial sponsor ownership, we assess Standard Profil's
leverage on a gross debt basis. We estimate adjusted debt of EUR300
million-EUR325 million in 2021, including about EUR20 million of
leases, and a small amount of pension liabilities. We treat the
preference shares to be issued by Standard Profil's direct parent,
Luxembourg-based intermediate holding company Sealing Technologies
S.à r.l., as equity under our criteria.
"We think FOCF generation is a weakness for the rating and will
remain subdued in 2021-2022. Standard Profil's adjusted FOCF turned
negative in 2018 with a cash burn of about EUR26 million, and
remained in a slight deficit of EUR1 million-EUR2 million in 2019
and 2020. This is primarily a function of the company's high
capital expenditure (capex) intensity of 10%-15% of sales
historically. We acknowledge that a material share of Standard
Profil's capex is directly linked to new contracts, as it relates
to the in-house development of tooling before the start of
production of new vehicle platforms as well as capacity
adjustments. In light of our forecast for a strong sales rebound in
2021 and 2022, we expect capex to remain high at 12%-14% of sales
in the near term. As a result, we expect this to drive only about
break-even adjusted FOCF in 2021 and positive FOCF of up to EUR15
million in 2022, and the rating to remain constrained by the lack
of a recent and extended track record of materially positive FOCF
during periods of slower growth.
"The company's competitive cost structure is a key strength and
supported margin and cash flow resilience during 2020.We view
favorably Standard Profil's track record of above-average S&P
Global Ratings-adjusted EBITDA margins of 15%-20% (after
capitalization of tooling costs which represents about 4% of EBITDA
margins on average) and its ability to maintain such levels through
the cycle. This is mainly due to the company's production
footprint, which is primarily situated in low-cost countries (with
major plants in Turkey, Morocco, South Africa, Mexico, Bulgaria,
and China), paired with the high labor intensity of sealing
production. In 2020, all of the company's workforce was employed in
countries with a minimum wage that is less than half the average
for Organization for Economic Cooperation and Development
countries. We think an efficient cost structure represents an
important advantage in this segment, which mainly competes on cost
and time to delivery rather than differentiated products. Moreover,
Standard Profil's cost structure is very flexible, with about 50%
of total operating expenses related to variable items, in
particular materials (mainly rubber, plastics, metals, and black
carbon), direct labor, and scraps. This was evident during last
year's downturn when Standard Profil's revenue declined by 17%,
while its adjusted EBITDA margin slightly improved to about 18%
from 17% in 2019, and its FOCF deficit remained stable at about
negative EUR1 million. Although helped by lower raw material prices
and tooling revenue growth, we think this underscores the company's
margin stability during weak market conditions. We believe that the
company's margins benefited somewhat from the depreciation of
emerging market currencies in recent years, which could turn into a
headwind if currency movements reverse. That said, this effect is
mainly confined to labor costs, since materials are typically
priced in hard currency even if used at the company's sites in
low-cost countries."
Standard Profil's strong order book provides visibility during
possibly bumpy market recovery in 2021-2022. Standard Profil has
secured sizable new business even through the pandemic, with its
2020 order intake increasing by 70% to EUR669 million from EUR392
million in 2019. This was helped by major contract wins. Overall,
Standard Profil's healthy order book totaling EUR2.1 billion
implies that the group's revenue for 2021 and 2022 are nearly fully
contracted, subject to the usual flexibility of OEMs to adjust
volumes within contractual limits. S&P said, "We also view
positively the company's portfolio exposure to newer platforms and
the fast-growing battery electric vehicle (BEV) market. About 50%
of models to be supplied in 2021 have a start of production after
2019 (such as Tesla Model Y, Toyota CH-R, Fiat 500e and Ford
Mach-E), and Standard Profil expects to generate an increasing
share of its revenue from BEV players. As such, we think the
company is set to grow faster than global light vehicle production
over the next couple of years, and believe its robust order book
partly shields the company from near-term market volatility
stemming from supply-side issues, such as the industry's global
chip shortage and the lagging demand recovery in Europe. Sealings
are used in both internal combustion engine vehicles and hybrid
cars as well as BEVs, but we think the electric vehicle transition
and an increasing share of SUVs could be tailwinds, since BEVs have
higher noise cancellation requirements and SUVs have higher sealing
content."
At this stage, Standard Profil's activities are fairly concentrated
geographically and across customers, but diversification should
improve in the medium term. In S&P's view, the company's historical
focus toward the European market and high customer concentration
carry some degree of risk. Europe accounted for about 85% of 2020
revenue, and the top 3 OEM brands represented close to 60% of
revenue. Notably, the end of production for two platforms caused
underperformance compared with the overall market growth in 2018
and 2019, when Standard Profil's revenue declined by 4% and 12%
respectively. That said, its current backlog shows increasing
diversification in North America and China, which could increase
the combined share of business from these markets to about 25%-30%
by 2025.
S&P said, "The final rating will depend on the company's successful
note issuance. We expect Standard Profil to issue EUR275 million of
senior secured notes to refinance its existing bank and
government-guaranteed loans. The final rating will depend on our
receipt and satisfactory review of all final transaction
documentation. If S&P Global Ratings does not receive final
documentation within a reasonable time frame, or if final
documentation departs from materials reviewed, it reserves the
right to withdraw or revise the ratings. Potential changes include,
but are not limited to, utilization of new notes proceeds,
maturity, size and conditions of the notes, financial and other
covenants, security, and ranking. In particular, we note that as
part of the refinancing, Standard Profil seeks to release about
EUR94 million of restricted cash held at year-end 2020 that secure
the company's current borrowings. Most of it is linked to the move
of the company's headquarter to Germany from Turkey in 2019, when
the German group parent acquired subsidiaries of the group. We
understand this restricted cash will be used to repay existing
loans, and, as a result, become fungible in connection with the
re-financing. Our preliminary liquidity assessment and rating is
based on the assumption that after the transaction is completed,
most of the group's cash will reside in at the parent company in
Germany and other entities where it is freely accessible, excluding
about EUR30 million that we assume will remain at operating
companies in Turkey, Morocco, South Africa, China, and Mexico.
"The stable outlook reflects our expectation that Standard Profil
will show revenue growth of more than 20% and adjusted EBITDA
margins exceeding 18% in 2021 as auto markets recover and the
company execute on its order book. We estimate this will translate
into adjusted debt to EBITDA slightly below 5x and broadly
breakeven FOCF.
"We could lower our ratings on Standard Profil if its adjusted FOCF
turns materially negative in 2021 while top-line growth falls short
of our expectations, or if the company's liquidity weakened
unexpectedly. We could also lower the rating if Standard Profil did
not manage to swiftly progress toward positive adjusted FOCF on a
sustainable basis after 2021. Albeit unlikely at this stage, such
scenarios could lead us to reassess liquidity and our view of the
sustainability of the capital structure.
"We could raise our ratings on Standard Profil if it generates debt
to EBITDA comfortably below 5x and FOCF to debt above 5% on a
sustained basis. This could stem from faster-than-anticipated
EBITDA growth and market share gains, or the company allocating its
FOCF toward debt repayment. Any upgrade would be contingent upon a
financial policy clearly committed to credit metrics commensurate
with a higher rating."
TACKLE SARL: S&P Alters Outlook to Stable, Affirms 'B' LT ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on German sports betting
operator Tackle S.a.r.l (Tipico) to stable from negative to reflect
its view that the company will be able to smoothly manage the
implementation of the new regulatory regime and generate a high
level of free operating cash flow over the next 12 months.
S&P also affirmed the ratings, including the 'B' long-term issuer
credit rating, and assigned a 'B' rating and a '3' recovery rating
to the company's proposed senior secured debt issue.
Refinancing the term loans B maturing in 2022 and 2024 will extend
the group's maturity profile. On April 26, 2021, Tipico launched
the refinancing of its term loans B (EUR890 million maturing in
August 2022 and EUR585 million maturing in 2024) with a EUR1,455
million term loan B maturing in 2028. The transaction is
leverage-neutral on both gross-debt and S&P Global Ratings-adjusted
bases. (In our adjustments, S&P doesn't net cash.) The contemplated
transaction includes a EUR351 million of dividend distribution to
be paid in 2021 with existing cash on the balance sheet. S&P said,
"We view the refinancing as a positive credit factor, particularly
because it removes the near-term maturity risk of the 2022 term
loan B. We expect to withdraw our 'B' ratings on the existing term
loans upon completion of this refinancing and repayment of the old
debt."
S&P said, "It's also our understanding that as part of the
transaction, the majority owner--CVC Capital Partners--will
transfer its ownership stake into a new fund. To that extent, some
of the CVC's Tipico holding may be through a deeply subordinated
shareholder loan issued at an entity above Tipico in the group
structure. This loan bears no cash interest and matures after the
remaining senior debt, and so we consider it to be equity-like
under our criteria.
"Despite increasing restrictions, the new regulatory framework
increases the visibility of German earnings. So far, 14 out of the
16 German states have ratified the interstate treaty on gambling,
which will also legalize online gaming under certain restrictions.
This is more than the 13-state minimum required to enforce the
treaty. We currently envisage a full implementation of the treaty
in July 2021, as planned. Concerning the other two states, we are
not aware of any fundamental political refusal of the treaty or any
substantial deviation in the implementation.
"In October 2020, Tipico received its sports betting license, which
allowed it to operate under the transitional regime. Currently, the
company fully complies with the new sets of rules and restrictions
to be enforced in July 2021 both for online sports betting and
online casinos. The regulation concerning a EUR1,000 deposit limit
for online betting is not currently enforced given ongoing legal
challenges on its implementation, and this could take well into
2022 to solve. We view this deferred enforcement as a positive
development for Tipico, as it will spread the financial impact of
the new regulatory framework through 2023.
"As a result, we forecast there will be a EUR50 million-EUR60
million impact on EBITDA in 2023, not in 2021 as we expected
earlier. At the same time, the full impact of the new rules for
online casinos will occur in 2021. We expect this to decrease
EBITDA by about EUR100 million. Consequently, Tipico's leverage
will increase, but we forecast that it will remain below 6x in the
next three years.
"We believe there's potential for some litigation risk associated
with online gaming, which had been illegal in Germany. While online
gaming was considered to be illegal in most German states, over the
past few years Tipico operated on the basis of EU law. While we've
heard that some individual players have used legal means to reclaim
gaming losses, the overall number of claims and disputed amounts
appears to be minor so far. In addition, a German city prosecutor
office has contacted Tipico regarding its prior online gaming.
Nevertheless, we do not incorporate any material litigation risk in
terms of both monetary impact or reputation and relationships with
regulators in our ratings and forecast. This is because we believe
the agreed legalization of online gaming--as well as the
possibility of appealling any potential case to the EU court of
justice--could help to mitigate any larger impacts for Tipico."
U.S. business will require further investments for a number of
years. In fourth-quarter 2020, Tipico started online sports betting
operations in the U.S. when it received its license from the State
of New Jersey. This expansion will have a positive impact on
geographic diversification, as the company's sole market had been
German-speaking countries in Europe, and we believe it will benefit
earnings as well. Nonetheless, the U.S. expansion will require
substantial investments, which will limit the overall group's
cash-flow generation by about EUR10 million-EUR40 million annually
over the next three years.
Tipico is entering the U.S. market only via its mobile application
and does not intend to open physical locations. The company is
working on getting five to 10 more licenses to expand its U.S.
footprint. S&P said, "It's our understanding that the company is
only setting up business in states that have fully legalized
gaming. While currently loss-making, the business could build
substantial value over the coming years given U.S. states continue
to legalize gaming. In our view, some EU and U.K. operators with
online technological and product expertise are becoming
strategically valuable to U.S. players seeking to grow their
domestic online businesses." In this respect, under the proposed
security package, the group's U.S. subsidiaries do not form part of
the guarantor bank group. As a result, these entities--and any
potential value built in the U.S., including cash capex investment
into these subsidiary operations--is not acceding to the security
package.
The impact from COVID-19-related government disruptions has been
lower than previously forecast. Tipico posted solid earnings for
fiscal-year 2020 considering the disruption in the second quarter.
Although its top line declined by about 10% in 2020, the group was
able to cut costs, leading to a higher-than-expected EBITDA margin.
Indeed, preliminary figures indicate the group's margin increased
by 400 basis points compared with 2019. In addition, due to tight
working-capital management and overall better performance, S&P
expects Tipico to generate free operating cash flow (FOCF) after
lease payments of more than EUR100 million. For the first three
months of 2021, the group also exhibited solid earnings, almost in
line with those of the prior year, with company-adjusted EBITDA
down by only EUR5 million-10 million. This is despite the impact of
new some regulatory restrictions and mainly supported by an
increase in the number of players.
S&P said, "The stable outlook reflects our view that in the next 12
months, Tipico will be able to smoothly manage the implementation
of the new regulatory regime and maintain S&P Global
Ratings-adjusted leverage below 6.0x. The outlook also incorporates
Tipico's ability to sustain solid cash generation with, S&P Global
Ratings-adjusted FOCF to debt of about 5%-10% and no substantial
financial impact from ongoing legal cases in Germany related to
online gaming."
S&P could lower the rating if the group reports weak operating
results--due to, for example, regulatory headwinds or
higher-than-expected investments in the U.S.--or if it undertakes
debt-financed dividend distributions. Specifically, S&P could lower
its rating if:
-- Debt to EBITDA exceeds 7.0x;
-- FOCF to debt declines to below 5% with no near-term recovery
prospects; or
-- S&P envisages a larger-than-expected financial effect from a
litigation in Germany that substantially affects its forecasted
credit metrics, hurt's the group's standing with regulators, or
both.
S&P said, "We view an upgrade as remote because we assess the group
as highly leveraged as well as being owned and controlled by a
financial sponsor (FS-6). However, we could consider a positive
rating action if Tipico and its owner, CVC, commit to a more
conservative long-term financial policy, demonstrated by a
sustainable track record of reducing and maintaining lower
leverage." Specifically, S&P could raise the rating, if:
-- S&P Global Raitngs-adjusted debt to EBITDA remains comfortably
below 5.0x on sustainable long-term basis, with no risk of
releveraging from an action such as a dividend recapitalization;
-- FOCF to debt is greater than 10%, and
-- These are accompanied by a financial policy commitment from the
owner.
Any ratings upside would also require evidence of successfully
operating and performing to budget under the new regulatory
framework and no evidence of material contingent risk, such as
litigation or a regulatory action against the company. Lastly, S&P
would view as supportive continued growth in the strength and
sustainability of the business, such as increasing its customer
base both in sports betting and casinos, stable margins, and
organic growth in revenue, EBITDA, and cash flows.
===========
G R E E C E
===========
AEGEAN BALTIC BANK: S&P Affirms 'B' ICR, Outlook Stable
-------------------------------------------------------
S&P Global Ratings took various rating actions on Greek banks.
Specifically, S&P:
-- Raised its long-term ICRs on National Bank of Greece S.A.
(NBG), Eurobank S.A, and Alpha Bank S.A. to 'B+' from 'B'.
-- Raised its long-term ICRs on Piraeus Bank S.A. (Piraeus) to 'B'
from 'B-'.
-- Affirmed its 'B-/B' long- and short-term ratings on Alpha
Services and Holdings S.A. and Piraeus Financial Holdings S.A.
-- Affirmed S&P's 'B' long-term ICR on Aegean Baltic Bank S.A.
(ABB).
The outlooks on all the entities are stable.
At the same time, S&P raised its resolution counterparty ratings
(RCRs) on NBG, Eurobank, and Alpha Bank to 'BB-/B' from 'B/B', and
our RCRs on Piraeus to 'B+/B' from 'B-/B'.
S&P also assigned 'B+' issue ratings to Eurobank's senior preferred
notes.
In addition, S&P raised its issue ratings on several senior and
hybrid instruments under the banks' existing euro medium-term note
(EMTN) programs.
On April 23, 2021, S&P raised the long-term rating on Greece to
'BB' from 'BB-' on its expectation government policies will steer
toward structural reforms, which, together with the expected
deployment of EU funds, would result in improved economic
performance.
S&P believes this should boost business prospects, credit supply,
and demand in Greece, and increase investor appetite for purchasing
problem assets, helping financial institutions to offload them from
their balance sheets.
Higher predictability of policy-making and EU support should
improve Greece's economic prospects. S&P said, "On April 23, 2021,
we raised our long-term sovereign rating on
com.spglobal.ratings.services.article.services.news.xsd.MarkedData@553e3ad
to 'BB' from 'BB-' with a positive outlook. We expect Greece's
economic and budgetary performance to improve visibly over
2021-2024, with the government's policies steered toward budgetary
consolidation and structural reforms, supported by the expected
deployment of EU funds. Following an 8.25% GDP contraction in 2020,
the Greek economy is expected to rebound in 2021 with a growth rate
close to 5%. Over the next three years, we expect Greece's economic
growth will surpass the eurozone average, including in real GDP per
capita terms. We also expect economic performance will remain
balanced, fueled mainly by domestic demand and exports, although we
do not expect 2021 tourism receipts will recover to 2019 levels. In
this context, we expect a steady rise in private consumption amid
higher employment, following the decline in 2020, as well as
pent-up demand, reflected by the highest gross household savings
and bank deposit data in about a decade." Good economic prospects
set the scene for credit supply and demand to resume and support
banks' business prospects and progress in the clean-up of legacy
assets, while improving sector confidence.
Greek banks have reduced legacy assets by more than EUR30 billion
in the past three years. The sector has leveraged the
government-sponsored Hercules Asset Protection Scheme, under which
the government extends first-loss guarantees on senior tranches of
notes backed by pools of nonperforming exposures (NPEs) that are
securitized by Greek banks. S&P said, "We expect divestments to
continue through large NPE securitizations. Another example is the
efforts aimed at improving judiciary system efficiency, including
changes to the debtor protection scheme. In our view, foreign
distressed debt purchasers welcomed these changes in anticipation
of better recovery prospects for bad Greek debt: the four major
banks were able to proceed with large NPE securitizations in 2020
and early 2021. As a result, the systemwide stock of NPEs decreased
by 5 percentage points (mostly owing to Eurobank's EUR6.5 billion
Cairo transaction) in 2020. We expect the systemwide NPE ratio to
drop below 20% by year-end 2022. Transactions taking place in 2021
include Alpha Bank's EUR10.8 billion Galaxy, Eurobank's EUR3.3
billion Mexico, NBG's EUR6.0 billion Frontier, and Piraeus' EUR7.0
billion Vega and Phoenix. Of note, for transactions announced but
not yet signed, there is a question mark on the capacity of
distressed asset purchasers, most of which are already highly
leveraged. Given very large volumes of ongoing and upcoming NPE
disposals, we expect banks' reported NPE ratios will continue to
improve during 2021 and 2022, despite our anticipation of higher
problem loan formation due to the COVID-19 pandemic."
Funding and liquidity risks for Greek banks are decreasing. Banks
continue to enjoy strong deposit growth despite full abolishment of
capital controls in 2019. Systemwide domestic deposits increased by
more than about EUR21 billion in the past two years to reach
EUR173.7 billion at year-end 2020. Simultaneously, banks continue
deleveraging with large NPE disposals, given the pace of new
lending remains insufficient to drive an increase of outstanding
stock. At year-end 2020, the loan-to-deposit ratio for the system
improved to 90% from 103% in 2019. The ECB's Pandemic Emergency
Purchase Program, launched at the pandemic's onset to stabilize
financial markets, will continue to absorb the economic shocks
stemming from the COVID-19 pandemic, including in Greece. The ECB's
decision to consider Greek government bonds as eligible instruments
for TLTRO funding was quite beneficial for banks, notably for their
cost of funding. Besides granting an eligibility requirements
waiver for securities issued by the Greek government, the ECB has
been accepting Greek government bonds as collateral in its
repurchase operations, further boosting liquidity support to the
banking system. The total borrowings of the four largest banks
through the scheme stood above EUR40 billon on March 30, 2021.
That said, earnings restoration and still-weak capital remain key
challenges for Greek banks. S&P said, "As with Cyprus, we now
believe that Greek banks are left with a stiffer competitive
environment amid the pandemic and a private sector still recovering
from the past decade's crises. Even in a context of improving
economic prospects, Greek banks have a long way to go to improve
their returns. Pressure on margins and fee income will prevail at
least until year-end 2022, as banks compete to grab business from
households, small and midsize enterprises, and large corporates
that survived several episodes of economic disruption and, more
recently, the pandemic. Uncertainty regarding the pace of recovery
persists, given the emergence of successive waves of infections in
Greece and its main trading partners and potential further
government restrictions. In turn, this could delay the recovery in
the services and tourism sectors. We expect elevated cost of risk
over the next 12-18 months to cover the additional provisions
needed to complete NPE disposals, or for loans under debt
moratoria, where we expect a default rate close to 25%. Lower cost
of funding and meaningful cost savings, thanks to branch and
headcount reductions completed over recent years, will help support
bottom-line profitability, but only to some degree."
S&P said, "In our view, the ECB funding support, visible increase
in domestic deposits, and ongoing deleveraging have led to a
visible improvement in Greek banks' liquidity profiles.Now, all
four banks' broad liquid assets cover their short-term funding
needs more than sufficiently. Greek banks have also regained access
to repurchase agreement funding from interbank markets abroad. As a
result, we now view liquidity risk as rating neutral for Alpha
Bank, Eurobank, NBG, and Piraeus, leading to our positive rating
actions. On the back of these developments, we have reclassified
the banking sector in Greece to group '8' from '9', under our
Banking Industry Country Risk Assessment (BICRA). Other countries
in group '8' are Russia, Georgia, Jordan, Kazakhstan, and Armenia.
The anchor for banks operating only in Greece is now 'bb-'
following our revision versus 'b+' previously.
"In light of the upcoming securitizations and NPE sales to bring
the NPE ratio below 10% in 2022, as per its target, we have also
revised our view on Alpha bank's capitalization. We now believe
Alpha Bank's risk-adjusted capital (RAC) will remain below 5% over
our forecast horizon, which is in line with that of peers.
"We have affirmed our ratings on ABB due to specific factors.The
affirmation of our ratings on ABB reflects our view that the
improving economic environment in Greece will not materially affect
its risk profile, which remains primarily exposed to vulnerability
or volatility in the worldwide shipping industry. The affirmation
also incorporates our view that, at this rating level, ABB's strong
capitalization, prudent underwriting, and expertise reduce its
vulnerability to potential stress in the shipping segment and
mitigate its business concentration and aggressive growth.
"Following our review of the banking system, the RCRs on the Greek
banks are now one-notch higher than the ICRs, having previously
been aligned.This is because we are now more comfortable regarding
the likelihood of a successful resolution outcome. Still, we
constrain the uplift to one-notch--instead of the standard two
notches for banks rated between 'B-' and 'BB+'--since we observe
that most loss-absorbing buffers for RCR liabilities are
represented by corporate deposits or uninsured deposits, while
senior and subordinated debt are still negligible. We therefore see
only moderate likelihood that the resolution process would preserve
an institution's operational capacity. We list the resulting rating
changes on various subordinated instruments at Alpha Bank,
Eurobank, NBG, and Piraeus at the end of this report."
The ratings on Alpha Services and Holdings S.A. and Piraeus
Financials Holdings S.A. continue to reflect the subordination of
the nonoperating holding companies (NOHCs) under the banks'
corporate structures. S&P said, "At this anchor level, we usually
rate NOHCs two notches below the group standalone credit profile
(SACP) to indicate the increased credit risk that arises from
possible regulatory and operational constraints on upstreaming
resources. We also continue to believe that Piraeus Financials
Holdings does not currently meet our definition for a 'CCC+' rating
under our criteria. Therefore, the 'B-/B' ratings on both holdings
have been affirmed. We have also affirmed the 'CCC' issue-level
rating on the NOHCs' instruments."
Aegean Baltic Bank S.A.
Outlook
The stable outlook on ABB reflects the balance between risks over
the next 12 months in the shipping industry stemming from the deep
global economic shock, and ABB's sound capital position and good
financial track record. S&P anticipates that ABB will preserve its
solvency, with RAC remaining above 10% through 2021-2022, and
maintain adequate funding and liquidity and high collateralization
in its loan book. However, the bank's high concentration in the
highly volatile shipping industry makes it more vulnerable to the
downside risks we see in our global economic forecasts.
Downside scenario: S&P could take negative rating action if it
concludes that:
-- ABB's asset quality has significantly deteriorated compared
with historical levels.
-- The bank proves unable to preserve its sound capitalization.
Specifically, this could happen if RAC fell below 10% on a
sustained basis, mostly due to rising credit losses or aggressive
growth. In turn, this could stem from a scenario in which shipping
industry trade volumes and business activity are more severely
affected, putting material pressure on shippers' cash flow capacity
and overall financial profiles.
-- The bank's funding or liquidity profiles deteriorate because of
fast growth or high asset-liability mismatches.
Upside scenario: S&P sees limited likelihood of a positive rating
action, owing to the uncertain length of the COVID-19 pandemic and
its related challenges for the global shipping industry. In
addition, it expects capital profile erosion due to rapid growth.
Alpha Bank S.A. And Alpha Services And Holdings S.A.
Outlook
SS&P said, "Our stable outlook on Alpha Bank S.A. and Alpha
Services and Holdings S.A. over the next 12 months balances the
bank's low quality of capital and weak earnings against its
improved liquidity and the benefits from its ongoing strategic
transformation targeting a cleaner balance sheet. During this
period, we expect the economic rebound in Greece, supported by
expected utilization of structural EU funds, to remain supportive
of the bank's operational performance and its ongoing
transformation. In this context, we believe that the bank's asset
quality will improve until year-end 2022, notably owing to
inorganic outflows--including the Galaxy and Cosmos
securitizations--but will remain weaker than that of higher-rated
peers. Additional expected NPE disposals will curtail capital
build-up and lead to a moderate weakening of the bank's
capitalization profile, offsetting the benefits of ongoing cost
savings as well as a lower cost of funding, in our view."
Alpha Bank S.A.
Downside scenario: S&P could take a negative rating action over the
next 12 months if macroeconomic conditions in Greece do not improve
as we anticipate, leading to resumed stress on asset quality with
NPEs remaining high, or the bank's RAC worsens below 3%.
Upside scenario: A positive rating action over the next 12 months
is unlikely and would hinge on the bank bringing its asset quality
and profitability on par with higher-rated peers, coupled with an
improved capitalization profile, including quality of capital.
During this period, S&P will closely monitor how the bank delivers
on its de-risking process and brings its NPE ratio and cost of risk
more in line with those of higher-rated peers.
Alpha Services and Holdings S.A.
Downside scenario: S&P could lower the rating if macroeconomic
conditions in Greece substantially worsen, causing asset quality to
come under strain again and NPEs to rise to levels like those in
the past downturn. Additionally, S&P could lower the rating on
Alpha Services and Holdings if it saw a lower likelihood of Alpha
Bank meeting its obligations toward the NOHC.
Upside scenario: A positive rating action on Alpha Services and
Holdings would follow a positive rating action on Alpha Bank.
However, an upgrade of the subordinated notes at the NOHC level
would require an upward revision of the group SACP by at least two
notches, and appears remote at this stage.
Piraeus Bank S.A. And Piraeus Financials Holdings S.A.
Outlook
S&P said, "Our stable outlook on Piraeus Bank S.A. and Piraeus
Financials Holdings S.A. over the next 12 months balances the
bank's low quality of capital, weak earnings capacity, and deeper
legacy NPEs than those of domestic peers, against its improved
liquidity and the benefits from its ongoing strategic
transformation targeting a cleaner balance sheet. During this
period, we expect the economic rebound in Greece, supported by
expected utilization of structural EU funds, to remain supportive
of the bank's operational performance and its ongoing
transformation. In this context, we believe that the bank's asset
quality will further improve until year-end 2022, notably owing to
inorganic outflows--including the newly announced Sunrise 1 and 2
securitizations--but Piraeus' risk profile will remain weaker than
higher-rated peers'. We expect high credit losses stemming from
Piraeus' de-risking strategy to pressure the bank's capitalization,
despite the EUR1.4 billion share capital increase and up to EUR600
million of additional tier 1 issuances planned for 2021."
Piraeus Bank S.A.
Downside scenario: S&P could take a negative rating action over the
next 12 months if macroeconomic conditions in Greece do not improve
as we anticipate, leading to resumed stress on asset quality, with
no positive trend in NPEs. Additionally, S&P could take a negative
rating action if capital-enhancement actions implemented by Piraeus
are more than offset by credit losses linked to the de-risking
strategy, leading Piraeus' RAC ratio below the 3% threshold with
still-significant legacy NPEs to tackle.
Upside scenario: A positive rating action over the next 12 months
appears remote and would hinge on the bank bringing its asset
quality and profitability on par with higher-rated peers while
maintaining its RAC ratio above the 3% threshold. During this
period, S&P will closely monitor how the bank delivers on its
de-risking process and whether it can bring its NPE ratio and cost
of risk more in line with those of higher-rated peers.
Piraeus Financials Holdings S.A.
Downside scenario: S&P could take a negative rating action if
macroeconomic conditions in Greece substantially worsen, leading to
intensified stress on asset quality and NPEs rising to levels
similar to those seen in the past downturn, or if Piraeus' funding
profile unexpectedly weakens. Additionally, it could take a
negative rating action on Piraeus Financial Holdings if we saw a
lower likelihood of Piraeus Bank meeting its obligations toward the
NOHC.
Upside scenario: A positive rating action on Piraeus Financial
Holdings is highly unlikely at this stage because of the holding
company's structural subordination to Piraeus Bank. At the 'bb-'
anchor level, S&P usually rates NOHCs two notches below the group
SACP. Therefore, an upgrade of the NOHC would require S&P to revise
the group SACP upward by at least two notches. Consequently, an
upgrade of the subordinated notes at the NOHC level appears remote
at this stage.
National Bank of Greece
Outlook
S&P said, "Our stable outlook on NBG over the next 12 months
balances its low quality of capital and weak earnings against its
improved liquidity. During this period, we expect the economic
rebound in Greece, supported by expected utilization of structural
EU funds, to remain supportive of the bank's operational
performance and asset-quality restoration as part of its ongoing
strategic transformation. In this context, we expect NBG's RAC will
remain above 3%. NBG already cleaned up a big part of its legacy
loans and is well positioned to expand its lending against a strong
economic rebound. We expect cost of risk to start normalizing until
2022, since NBG has lower volumes of NPE disposals in the pipeline
than peers. Nevertheless, despite gradual earnings improvement, we
expect NBG's return on equity will remain below that of European
peers during 2021-2022."
Downside scenario: S&P said, "We could take a negative rating
action over the next 12 months should NBG's RAC drop below 3% on a
sustained basis or its asset-quality metrics deteriorate. This
could happen if macroeconomic conditions in Greece do not improve
as we anticipate or internal capital generation remains
insufficient to the detriment of RAC."
Upside scenario: A positive rating action over the next 12 months
is remote, owing to NBG's low quality of capital and weak earnings,
as well as its still-high NPE ratio compared to peers'. S&P said,
"We could consider a positive action beyond 12 months if RAC
improves above 5% on a sustained basis, coupled with significant
progress on quality of capital. However, this hinges upon a
meaningful improvement of NBG's internal capital generation, which
is not our base-case scenario. During the coming year, we will
closely monitor how the bank delivers on its de-risking process and
brings its earnings, NPE ratio, and cost of risk more in line with
those of higher-rated peers."
Eurobank S.A.
Outlook
S&P said, "Our stable outlook on Eurobank over the next 12 months
balances its low quality of capital and weak earnings against its
improved liquidity. During this period, we expect the economic
rebound in Greece, supported by expected utilization of structural
EU funds, will remain supportive for its ongoing
transformation--aimed at the restoration of operational performance
and asset quality. During 2021-2020, we expect Eurobank's RAC will
stay at about 4.0%. Eurobank, like NBG, has already disposed of a
large part of its legacy problem loans, which should support its
lending growth against a strong economic rebound. In our view, the
benefits of significant cost-cutting efforts in recent years will
be partly offset until year-end 2022 by additional provisioning
needs for planned NPE sales, and slight margin contraction. With
planned NPE disposals ahead, we expect Eurobank's NPE ratio will
continue to improve but remain above the European average. However,
our forecast remains sensitive to potential delays in NPE disposals
and a higher credit cost burden from the loans under debt moratoria
than we anticipate."
Downside scenario: S&P could take a negative rating action should
RAC drop below 3% on a sustained basis or if asset-quality metrics
deteriorate again. This could happen if macroeconomic conditions in
Greece do not improve as we anticipate.
Upside scenario: A positive rating action over the next 12-18
months is remote owing to the low quality of capital and weak
earnings, as well as still-high NPE ratio, compared to those of
peers. S&P said, "We could also consider a positive action if RAC
improves above 5% on a sustained basis, coupled with significant
progress on quality of capital. However, this hinges upon
meaningful improvement of Eurobank's internal capital generation,
which is not our base-case scenario. During this period, we will
closely monitor how the bank delivers on its de-risking process and
brings its earnings, NPE ratio, and cost of risk more in line with
those of higher-rated peers."
BICRA Score Snapshot
Greece
TO FROM
BICRA group 8 9
Economic risk 8 9
Economic resilience High Risk Very High risk
Economic imbalances Very High risk Very High risk
Credit risk in the economy Very High risk Very High risk
Trend Stable Stable
Industry risk 8 8
Institutional framework High Risk High Risk
Competitive dynamics Very High Risk High risk
Systemwide funding Very High risk Extremely High Risk
Trend Stable Stable
Banking Industry Country Risk Assessment (BICRA) economic risk and
industry risk scores are on a scale from 1 (lowest risk) to 10
(highest risk).
Ratings List
Aegean Baltic Bank S.A.
RATINGS AFFIRMED
Aegean Baltic Bank S.A.
Issuer Credit Rating B/Stable/B
Alpha Services and Holdings Societe Anonyme
RATINGS AFFIRMED
Alpha Services and Holdings Societe Anonyme
Issuer Credit Rating B-/Stable/B
Alpha Group Jersey Ltd.
Preference Stock D
Alpha Services and Holdings Societe Anonyme
Subordinated CCC
UPGRADED; RATINGS AFFIRMED
TO FROM
Alpha Bank SA
Issuer Credit Rating B+/Stable/B B/Stable/B
Resolution Counterparty Rating BB-/--/B B/--/B
Eurobank S.A
NEW RATING
Senior Unsecured B+
UPGRADED; RATINGS AFFIRMED
TO FROM
Eurobank S.A
Issuer Credit Rating B+/Stable/B B/Stable/B
Resolution Counterparty Rating BB-/--/B B/--/B
National Bank of Greece S.A.
UPGRADED TO FROM
National Bank of Greece S.A.
Senior Unsecured B+ B
Subordinated CCC+ CCC
UPGRADED; RATINGS AFFIRMED
TO FROM
National Bank of Greece S.A.
Issuer Credit Rating B+/Stable/B B/Stable/B
Resolution Counterparty Rating BB-/--/B B/--/B
Piraeus Financial Holdings S.A.
RATINGS AFFIRMED
Piraeus Financial Holdings S.A.
Issuer Credit Rating B-/Stable/B
Piraeus Financial Holdings S.A.
Subordinated CCC
Piraeus Group Finance PLC
Commercial Paper B
UPGRADED; RATINGS AFFIRMED
TO FROM
Piraeus Bank S.A.
Issuer Credit Rating B/Stable/B B-/Stable/B
Resolution Counterparty Rating B+/--/B B-/--/B
MYTILINEOS SA: Fitch Assigns Final BB Rating to EUR500MM Notes
--------------------------------------------------------------
Fitch Ratings has assigned Mytilineos S.A.'s (MYTIL) new EUR500
million 2.25% green notes due in 2026 a final senior unsecured
rating of 'BB'. The Recovery Rating is 'RR4'.
The new notes rank pari passu with Mytilineos Financial Partners
S.A.'s existing EUR500 million notes due 2024 that are guaranteed
by MYTIL. Proceeds are primarily being used for debt repayment as
well as general-corporate purposes. The new notes allow MYTIL to
further improve its maturity profile, which will support financial
flexibility over the medium term.
The Long-Term Issuer Default Rating of MYTIL of 'BB' reflects
reasonable liquidity with no material debt maturities before 2024,
a diversified business profile, a synergistic business model,
vertically integrated and low unit-cost metallurgy operations as
well as a strong and growing market position in domestic
electricity that provide the group with sustainable cash flows.
KEY RATING DRIVERS
Better-Than-Expected 2020 Performance: MYTIL's diversification
limited the pandemic impact on 2020 performance. The group's funds
from operations (FFO) net leverage was 2.2x at end-2020,
significantly lower than the 3.4x Fitch had expected in June 2020,
primarily stemming from higher spark spreads in the power division.
Lower working-capital needs from delays in implementation of new
projects in the renewables & storage development (RSD) and
sustainable engineering solutions (SES) units along with deferred
capex contributed to the group's ability to generate positive free
cash flow (FCF) despite challenging market conditions.
Major Growth in Power Division: The group expects to develop around
700MW of solar farms that were recently acquired in Greece and
further expand its wind portfolio by 2024 as well as complete
construction of its new CCGT power plant by end-2021. These
projects, along with smaller-scale organic growth initiatives, will
result in capex averaging more than EUR300 million p.a. in
2021-2024. They will also increase the group's penetration in the
electricity market and provide increasing stable cash flows once
commissioned. As a result, Fitch expects the EBITDA share of the
power division to be sustainably at about 40% by 2024, exceeding
the metallurgy business's 35% based on Fitch's aluminium price
deck.
Negative FCF: As MYTIL is further scaling up its capex Fitch
expects negative FCF in 2021-2022 before it turns neutral in 2023
as the power division starts providing material incremental cash
flows. The new power plant will start commercial operations in
mid-2022, while the renewable energy sources (RES) portfolio will
gradually ramp up. However, the group has flexibility to postpone
growth capex and preserve cash in case of need as only around 22%
of total projected capex in 2021-2024 is for maintenance works.
Limited M&A Headroom: Fitch understands from management that the
group will keep monitoring the market for small bolt-on
acquisitions. MYTIL is active in the bidding process of acquiring
Domestic Energy Producers Alliance (DEPA), a natural gas supply
company of Greece.
Management aims to maintain net debt-to-EBITDA below 3x, with
temporary deviations to accommodate possible acquisitions or heavy
capex. Fitch expects FFO net leverage to increase to 3.3x at
end-2021, temporarily exceeding Fitch's negative guideline of 3.0x.
In Fitch's view, the group currently has limited headroom in its
'BB' rating for material spending on acquisitions. Fitch would
consider M&A an event risk.
Diversified Business Profile/Synergistic Model: The group's
operations across three sectors with distinctive characteristics
offer diversification and strengthen the overall business profile.
This was evident in 2020 where weaker metallurgy, RSD and SES
performance was fully mitigated by strong power-generation
performance. Furthermore, synergies created within the group's
diversified business units provide certain cost-competitive
advantages. Historically FFO margin has been above 12% and Fitch
expects sustainable FFO margins of 12%-14% over the next four
years.
Small-Scale, Low Cost Aluminium Unit: Fitch forecasts the
metallurgy division to account for about 35% of EBITDA on average
over 2021-2024 (46% in 2020). MYTIL is a small-scale, single-plant
aluminium producer, which operates across the value chain. Its own
alumina production covers more than 100% of its aluminium smelter
needs and its self-sufficiency in bauxite was about 35% of its
total alumina refining needs in 2020. CRU estimates that MYTIL's
alumina refinery and aluminium smelter are positioned in the first
and second quartile of the global cost curve, respectively. Fitch
expects MYTIL's site to remain cost-competitive, further supported
by a cost-optimisation programme (Hephaestus) in 2021.
Margins to Improve in Construction: Fitch expects MYTIL to improve
profitability in RSD to over 10% from 2022 from about 6%-7% in
2019-2020, following the successful execution of BOT projects,
which usually have double-digit margins versus solar power plants
developed for third parties. Fitch also forecasts the SES segment's
profitability to improve to above 10% from 2021, supported by
implementation of more complex sustainable projects (solid and
liquid waste management, infrastructure, energy efficiency
project). Fitch expects RSD and SES to contribute 30% to EBITDA on
average over 2021-2024 (9% in 2020).
Expansion in Solar Power: Fitch positively views expansion into
solar power projects in the construction business, due to strong
underlying demand for renewables globally and MYTIL's solid
experience in this niche. This will support revenue growth in RSD,
and has lower construction risk than traditional gas-fired
projects. However, this expansion slightly erodes profitability as
solar parks' margins for third parties are usually of single-digit
range. In addition, the execution of BOT projects, which are funded
by MYTIL at the initial stage, drives higher working-capital
volatility and is subject to the risk of sales delay that might
constrain revenue and cash flow generation versus Fitch's rating
case.
Growing Power Business Enhances Stability: Fitch deems MYTIL's
growing electricity business, which is characterised by low
cyclicality relative to other divisions', as credit-positive. The
group is the largest domestic independent power producer and
supplier. Fitch foresees some short-term volatility in the market
with the introduction of the target model in Greece as seen in many
European countries. However, Fitch does not expect this to
materially affect the power business, which Fitch believes will
remain resilient. The group also continues to expand its share in
the Greek electricity supply market (currently 7.7%).
Green Agenda in Focus: MYTIL aims to reduce Scope 1 and 2 carbon
dioxide emission in metallurgy by 65%, in the power division by 50%
per MWh and to have a neutral carbon footprint in SES and RSD by
2030. Over the long term, the group targets to achieve net zero
emissions by 2050. The cost of such transformation is significant,
which given uncertainties around the regulatory framework, is hard
to predict. From 2024, the group expects to produce all its
aluminium from renewable energy sources.
DERIVATION SUMMARY
Given the diversified nature of MYTIL's operations, Fitch compares
the group's separate business units with the most relevant
companies that operate in the metallurgy, utilities and
construction industries.
Metallurgy: The group's metallurgy business, which is the core
EBITDA driver, benefits from a competitive cost base positioned in
the first/second quartile of the global aluminium cost curve,
partial self-sufficiency in bauxite, in-house anode production and
a captive power plant that produces steam for alumina production.
However, its small scale in comparison with United Company RUSAL,
international public joint-stock company (B+/Stable), Alcoa
Corporation (BB+/Stable) and China Hongqiao Group Limited
(BB-/Stable), single-asset base and low exposure to
value-added-products constrain the group's business-profile
assessment.
Power & Gas: MYTIL is the largest IPP in Greece and second-largest
power producer after the state-owned Public Power Corporation S.A.
(PPC; BB-/Stable). It operates high-quality assets that are
strongly positioned at the front end of the merit order. A
challenging regulatory environment following the transition to
target model in Greece and expected material capex over the rating
horizon are key constraining factors. The group is comparable to
other EMEA utilities and electricity generation companies,
including PPC, Enel Russia PJSC (BB+/Stable), Bulgarian Energy
Holding EAD (BB/Positive).
RSD and SES Businesses: MYTIL possesses a fairly strong position in
the niche segment of energy-project construction with a long record
and historically strong order backlog, which provides revenue
visibility over the medium term. However, the business-profile
assessment remains constrained by its small scale in comparison
with Ferrovial S.A. (BBB/Stable), Petrofac Limited (BBB-/Negative)
and Webuild S.p.A. (BB/Negative), and by a rather concentrated
project portfolio and customer base, plus a fairly high exposure to
developing markets with a higher risk profile. Its expansion into
solar power and growing presence in infrastructure projects should
improve the business-segment diversification and will provide the
group with solid cash generation once the projects are successfully
delivered.
KEY ASSUMPTIONS
-- Fitch's aluminium price deck at USD1,950/tonne in 2021,
USD1,850/tonne in 2022-2023 and USD1,900/tonne in 2024;
-- USD/EUR exchange rate of 0.83 over the next four years;
-- Aluminium production gradually increases to 250kt in 2022;
-- Material contribution to EBITDA from the new CCGT power plant
starting from mid-2022;
-- EBITDA margin at around 15% on average during 2021-2024;
-- Working-capital volatility driven primarily by RSD and SES
business units. Fitch forecasts outflow of about EUR100
million p.a. in 2021-2022, followed by working-capital
reversal in 2023-2024 mainly due to execution of BOT projects.
-- High capex in 2021-2024, in line with management's guidance,
primarily reflecting the new power plant construction and
development of RES projects. Total capex is estimated at about
EUR1.2 billion during 2021-2024; and
-- Stable dividends of around EUR50 million per year, in line
with 2020's, over the next four years.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- FFO net leverage below 2.0x on a sustained basis;
-- Further increase in scale with higher contribution from the
less volatile power & gas segment;
-- Sustained positive FCF.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- FFO net leverage sustained above 3.0x;
-- EBITDA margins below 10% on a sustained basis;
-- Sustained negative FCF;
-- Material debt-funded M&As.
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
Healthy Liquidity: As at end-2020, MYTIL had EUR467 million of
Fitch-defined readily available cash that was more than sufficient
to cover its short-term debt repayments and expected negative FCF
of around EUR300 million in 2021. The group has minor scheduled
maturities until November 2024, when its EUR500 million senior
unsecured bond matures. Available undrawn credit facilities of
around EUR836 million at end-2020 with maturity over one year
provide an additional cash buffer.
The proceeds from the new bond are primarily being used to repay
around EUR300 million of higher-interest bank loans, which further
strengthen MYTIL's debt maturity profile.
Exposure to Greek Financial System: Most of MYTIL's bank debt is
from Greek financial institutions and about 49% of its cash at
end-2020 was held within various Greek banks, rated by Fitch at
'B-' and below. The Greek banking sector faces significant
asset-quality issues with an extremely high level of non-performing
loans.
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch reclassified around EUR6.7 million of depreciation of
right-of-use assets and around EUR2.3 million of interest on lease
liabilities as lease expenses, reducing Fitch-calculated EBITDA by
around EUR9 million in 2020.
Fitch adjusted debt as at end-2020 for factoring and pre-export
financing (PXF) by EUR65.7 million and EUR45 million, respectively.
Related adjustments were made in the cash flow statement. Fitch has
also adjusted EUR2.8 million of factoring and PXF-related interest
paid in the cash flow statement.
Fitch adjusted cash in the amount of 5% of revenue attributed to
the construction segment, which Fitch treats as not readily
available for debt repayment because of seasonal working-capital
swings. Fitch also adjusted for cash held in countries (Algeria,
Ghana and Libya) with potential barriers to access by EUR1.6
million as at end-2020.
Fitch also adjusted debt as at end-2020 by EUR27.7 million to
indicate the actual outstanding amount to be redeemed.
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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I R E L A N D
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ARMADA EURO I: Moody's Assigns B3 Rating to EUR11.7M Class F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Armada
Euro CLO I Designated Activity Company (the "Issuer"):
EUR223,000,000 Class A Senior Secured Floating Rate Notes due
2033, Assigned Aaa (sf)
EUR28,000,000 Class B-1 Senior Secured Floating Rate Notes due
2033, Assigned Aa2 (sf)
EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2033,
Assigned Aa2 (sf)
EUR23,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned A2 (sf)
EUR22,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned Baa3 (sf)
EUR17,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned Ba3 (sf)
EUR11,700,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2033, 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.
On September 21, 2017 (the "Original Closing Date"), the Issuer
also issued EUR34,500,000 of Subordinated Notes, which will remain
outstanding.
As part of this reset, the Issuer has extended the reinvestment
period to around 4.25 years and the weighted average life to 8.5
years. It has also amended certain concentration limits,
definitions and minor features. In addition, the Issuer has amended
the base matrix and modifiers that Moody's has taken into account
for the assignment of the definitive ratings.
The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans.
Brigade Capital Europe Management LLP will continue to manage the
CLO. It will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
four and a quarter-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 European corporate assets from a gradual and
unbalanced recovery in European economic activity.
Moody's regard 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: EUR360 million
Diversity Score: 50
Weighted Average Rating Factor (WARF): 3056
Weighted Average Spread (WAS): 3.50%
Weighted Average Coupon (WAC): 4.25%
Weighted Average Recovery Rate (WARR): 45.50%
Weighted Average Life (WAL): 8.5 years
BERG FINANCE 2021: S&P Assigns Prelim BB-(sf) Rating to E Notes
---------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Berg
Finance 2021 DAC's class A to E notes. At closing, Berg Finance
2021 will also issue unrated class X1 and X2 certificates.
The transaction will be a securitization of two loans originated
between March 2021 and April 2021 by Goldman Sachs Bank Europe SE
to facilitate the refinancing of commercial real estate. The Big
Mountain loan has a balance of EUR148.3 million, of which EUR22.5
remains undrawn and represents the unutilized commitment that will
fund the issuer reserve account to fund additional drawings by the
Big Mountain borrower for amounts payable to the vendor for the
acquisition of the properties. The loan is secured by 25
predominantly office properties in France and the Netherlands.
The balance on the Sirocco loan is EUR150.8 million. It is secured
by four office buildings located in Austria, the Netherlands,
Finland, and Germany.
As part of EU, U.K., and U.S. risk retention requirements, the
issuer and the issuer lender (Goldman Sachs), will enter into a
EUR15.5 million (representing 5% of the aggregate principal amount
of the notes and the issuer loan) issuer loan agreement. The issuer
lender will advance the issuer loan to the issuer on the closing
date. The issuer will apply the issuer loan proceeds as partial
consideration for the purchase of the Big Mountain and Sirocco
loans.
Berg Finance 2021 will also issue an additional EUR11.2 million of
class A notes, the proceeds of which, together with a portion
(EUR590,000) of the issuer loan, will be held in cash in the
transaction account. These funds will serve as a liquidity reserve
in lieu of a traditional liquidity facility. The total note
issuance is therefore larger than the outstanding loan balance.
S&P's preliminary ratings on the notes reflect its assessment of
the underlying loans' credit, cash flow, and legal characteristics,
and an analysis of the transaction's counterparty and operational
risks.
Preliminary Ratings
CLASS PRELIM. RATING* PRELIM. AMOUNT
(MIL. EUR)
A AAA (sf) 160.0**
B AA- (sf) 43.4
C A- (sf) 29.4
D BBB- (sf) 36.5
E BB- (sf) 26.0
X1 NR N/A
X2 NR N/A
*S&P's ratings address timely payment of interest and payment of
principal not later than the legal final maturity.
**Includes EUR11.2 million to fund the issuer liquidity reserve.
NR--Not rated.
N/A--Not applicable.
NCF--Net cash flow.
EURIBOR--Euro Interbank Offered Rate.
ENERGIA GROUP: Fitch Ups Sr. Sec. Notes Ratings to BB+, Removes UCO
-------------------------------------------------------------------
Fitch Ratings has upgraded Energia Group's senior secured notes
ratings to 'BB+' with a Recovery Rating 'RR2' from 'BB' with 'RR3'.
Energia Group's super senior secured ratings have been affirmed at
'BB+'/'RR1'. The debt ratings have been removed from Under Criteria
Observation (UCO).
The upgrade of the senior secured instruments and the affirmation
of the super senior debt reflect Fitch's application of the
agency's updated Corporates Recovery Ratings and Instrument Ratings
Criteria to Energia Group's debt ratings. The ratings were placed
on UCO following the publication of the updated criteria on 9 April
2021.
Energia Group Limited's 'BB-' Long-Term Issuer Default Rating (IDR)
is unaffected.
KEY RATING DRIVERS
Recovery Ratings Criteria Update: RR and instrument ratings for
Energia group's instruments are based on Fitch's newly introduced
rating grid for issuers with 'BB' category IDRs. This grid reflects
average recovery characteristics for instruments of similar-ranking
instruments. Energia's senior secured ratings are viewed as a
category 2 first-lien, which translates into a two-notch uplift
from the IDR of 'BB-' with a 'RR2'. The senior secured notes rank
equally with the super senior secured revolving credit facility
(RCF) debt in respect of payment obligations but junior to it upon
enforcement.
DERIVATION SUMMARY
Energia has a lower share of contracted earnings than Drax Group
Holdings Limited (Drax, BB+/Stable), but it is more integrated and
diversified. Fitch allows Energia 4.5x funds from operations (FFO)
net leverage at 'BB-' compared with Drax's 2.8x at 'BB+', implying
a broadly similar debt capacity for a given rating.
ContourGlobal Plc (BB-/Stable) is a large generation holding
company also rated on the basis of a restricted group business and
financial profile, and has a slightly higher debt capacity (FFO
gross leverage at 4.5x) than Energia, due to its larger size and
diversification, which is partially offset by limited vertical
integration. Techem Verwaltungsgesellschaft 674 mbH (B/Negative)
has a 8.0x FFO (gross) leverage sensitivity at its 'B' rating,
indicating a higher debt capacity due to its high share of
contracted revenues.
KEY ASSUMPTIONS
-- Total cash impact of around EUR20million (EBITDA and
replacement cost of the transformer) from Huntstown 2 outage;
-- No property-damage or business-interruption insurance pay
outs;
-- Supply EBITDA margins for Power NI and Energia of around 5%
until 2025, with regulation remaining in place for residential
supply in Northern Ireland;
-− Average load factor of 28% for owned wind farms leading to
an
EBITDA margin of around 71% on average through to financial
year ending March 2025 with a similar EBITDA trend for the
power purchasing agreements portfolio;
-− Huntstown 1 EBITDA based on existing capacity agreements and
management guidance with a return to service of H2 in FY23;
-− Capex of restricted group on average at around EUR80 million
per year until FY25, reflecting new growth projects such as
bio-energy assets and further onshore wind projects; Fitch
assumes only limited earnings contribution from growth capex;
-− Dividend of EUR40 million in FY21, followed by flexible pay
outs up to net debt/EBITDA of around 4.0x.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A decrease in restricted group's FFO net leverage to below
3.7x on a sustained basis;
-- A decrease in business risk accompanied by an increase in
share of EBITDA from regulated and quasi-regulated assets to
above 65%.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Large debt-funded expansion or deterioration in operating
performance, resulting in restricted group's FFO net leverage
above 4.5x and FFO interest cover below 3x on a sustained
basis;
-- A reduction of the proportion of regulated and quasi-regulated
earnings to below 50% leading to a reassessment of maximum
debt capacity;
-- A material increase in the super senior RCF could be negative
for the senior secured rating.
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
Strong Liquidity: As at end-2020, Energia had around EUR 177.2
million of unrestricted cash and short-term deposits as well as
GBP114.5 million of undrawn liquidity available on the cash portion
of its RCF expiring in September 2023. The group has no material
short-term debt and its senior secured notes are not due until
2024-2025.
Wind-capacity assets and debt financed with project-finance
facilities are excluded from Fitch's debt calculation as the debt
is held outside the restricted group on a non-recourse basis. The
group paid EUR40 million dividends on 1 October 2020.
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.
RETIRO MORTGAGE: DBRS Gives BB(sf) Rating to Class B Notes
----------------------------------------------------------
DBRS Ratings GmbH assigned ratings of A (sf), BBB (sf), BB (sf),
and BB (low) (sf) to the Class A1, Class A2, Class B, and Class C
notes (together, the Rated Notes) issued by Retiro Mortgage
Securities DAC (the Issuer). All trends are Negative. DBRS
Morningstar does not rate the Class D or Class E notes (together
with the Rated Notes, the Notes).
DBRS Morningstar's ratings on the Class A1 and Class A2 (together,
the Class A notes) address the timely payment of interest and
ultimate repayment of principal by the final legal maturity date.
Ratings on the Class B and Class C notes address the ultimate
payment of interest and principal. The transaction benefits from an
amortizing Liquidity Reserve Fund and from separate nonamortizing
Class B and Class C Reserve Funds that provide liquidity support to
the Class A, Class B, and Class C notes, respectively, and
principal support to the Rated Notes at maturity, if available.
As of November 2020, the current balance of the asset-level loans
was approximately EUR 678.4 million. Nonperforming loans (NPLs)
represent the vast majority of the portfolio by current balance
(91.9%) while more than half of the portfolio by property valuation
is Real Estate Owned (REOs). The portfolio is resulting from the
aggregation of four subportfolios (Wind, Tag, Normandia, and Tambo)
acquired over time by OCM Luxembourg OPPS X S.à r.l., which
operates as sponsor and retention holder in the transaction.
Redwood MS Limited (Redwood) and VicAsset Holdings LLC (VicAsset)
are acting as Master Servicers in this transaction.
RATING RATIONALE
The ratings are based on the following analytical considerations:
-- Portfolio Composition: The portfolio is fully secured with more
than half of the assets by valuation already under management
(REOs) and mostly comprises residential assets (61.7% of total
valuation). The majority of the mortgages are first lien (92.6% by
current balance) and 8.1% of the current balance is related to
performing and subperforming loans.
-- Geographical Concentration: 26.3% and 27.1% of the portfolio by
property valuation is concentrated in the Catalonia and Valencian
Community regions, respectively. These two regions have passed
regional regulations which could potentially have an impact on the
repossession/sale of assets within the portfolio.
Mitigants: Redwood applied a three-month delay in recoveries from
properties in the Catalonia and Valencian Community regions. DBRS
Morningstar stressed the timing depending on the region and legal
stage of each asset. DBRS Morningstar believes that its analysis
reflects the geographical distribution of the portfolio since it is
based on the historical sales and repossession data provided.
Additionally, there are still many uncertainties around these
regulations as they are still under negotiation.
-- Sequential Amortization: The Class A2 notes will begin to
amortize following the full repayment of the Class A1 notes unless
an Enforcement Notice has been delivered. The Class B notes will
begin to amortize following the full repayment of the Class A2
notes and the same applies to the Class C notes.
-- Priority of Payments: Interest and principal payments on the
Class B notes are fully subordinated to the repayment of both
interest (including Class A Additional Note Payments) and principal
repayment of the Class A notes. The interest and principal payments
on the Class C notes are subordinated to both interest (including
Class B Additional Note Payments) and principal payments on the
Class B notes.
-- Liquidity Support: The Liquidity Reserve Fund, the Class B
Reserve Fund, and the Class C Reserve Fund provide liquidity
support to the respective classes of notes. The initial balance of
the Liquidity Reserve Fund will be equal to 5.0% of the initial
Class A notes balance, whereas the Class B and C Reserve Funds will
be equal to 7.5% and 10.5% of the initial Class B and Class C notes
balance at closing, respectively.
-- Servicer Fee Deferral Structure: 50% of the servicing fees
payable to the servicers will be subordinated to the Class C notes
principal payments if the cumulative gross recoveries are below 80%
of the initial business plan.
-- Secured Loan Structure: The structure is not a true sale
structure, as most commonly seen in NPL securitizations. The Issuer
does not own the securitized assets (mortgage loans and real estate
assets), but instead has subscribed to secured loan notes issued by
the four Irish entities which own the Spanish mortgage loans as
well as the share capital in the Spanish propcos. Security, even
when effective, is weaker and less immediate than ownership.
Mitigant: The security package is comprehensive and should be
effective; in particular, the Irish share pledges over the shares
of the Mortgage Lenders (or Irish Borrowers) would permit to take
control of each Mortgage Lender's loan portfolio and its Spanish
propco subsidiaries.
-- Additional Note Payments and Liquidating Structure: DBRS
Morningstar does not rate the payment of Additional Note Payments,
but the Additional Note Payments on the Class A notes have a higher
ranking than the paydown of interest and principal amounts due on
the Class B notes and could have an impact on the Issuer's ability
to meet payment obligations to Class B noteholders. The same
applies to the Class C noteholders in respect of Class A and Class
B Additional Note Payments.
Mitigant: The rating analysis conducted by DBRS Morningstar in
relation to the Class B and Class C notes has accounted for the
cash flow leakages deriving from the payment of the Additional Note
Payments on the Class A and Class B notes.
-- Squatters and Vandalized Properties: If there are squatters on
any property, the squatters may need to be incentivized to leave
and/or a court order may be required to evict them, causing delay
and additional cost.
Mitigants: Out of 9,480 assets in the portfolio, 773 were squatted
as of 30 November 2020. To account for potential delays and lower
recoveries due to greater costs, Redwood anticipated some squatter
eviction costs in its initial business plan. DBRS Morningstar
followed the same approach and applied an additional six-month
delay in the sale of properties occupied by squatters.
-- Interest Rate Risk: The coupon payable on the Notes is linked
to three-month Euribor and a potential rise could have an impact on
the Issuer's ability to meet interest payments on the Notes.
Mitigants: The Issuer will enter into an interest rate cap
agreement, whereby the interest rate cap provider will be obliged
to make payments to the Issuer on each payment date if three-month
Euribor exceeds 0.0% for the first three years and 0.5% for a
further two years. Following the termination of the interest rate
cap agreement, the coupon and the Additional Note Payment payable
on the Rated Notes will become subject to a capped rate.
Additionally, cash flows have been assessed in accordance with DBRS
Morningstar's "Interest Rate Stresses for European Structured
Finance Transactions" methodology.
-- Tax Risks: The multijurisdictional structure, involving Spanish
propcos, Irish Mortgage Lenders, and Luxembourg holding companies
ultimately controlled by Cayman Island funds, could potentially be
challenged by the Spanish tax authorities if they believe that it
has been set up with a view to avoiding withholding taxes.
Mitigants: DBRS Morningstar understands that the structure reflects
the substantial operational and managerial capabilities of the
Oaktree Capital Management, L.P. group in Ireland and Luxembourg.
-- Coronavirus Disease (COVID-19)'s Impact on the Spanish Economy:
In order to tackle the coronavirus crisis, the Spanish national
government and the Catalonian regional government have granted
COVID-19 Legal Moratoria. The impact of the pandemic and the
moratoria on the portfolio is difficult to forecast. However, this
could result in a temporary reduction and/or postponement of
recoveries and ultimately affect the Issuer's available funds to
pay the amounts due under the Notes.
Mitigants: The COVID-19 Legal Moratoria have had little impact on
the portfolio so far. Only 10 borrowers had agreed to a three-month
extension on the maturity date of their loans and 19 tenants had
agreed to either 50% forgiveness of between two and four months of
rent or the temporary rent payment holiday. No coronavirus-related
moratoria have been granted to borrowers in relation to the Tambo
or Normandia subportfolios. DBRS Morningstar incorporated its
revised expectation of a moderate medium-term decline in
residential property prices.
DBRS Morningstar based its ratings on an analysis of the projected
recoveries of the underlying collateral, the historical performance
and expertise of the servicers, the availability of liquidity to
fund interest shortfalls and special-purpose vehicle expenses, and
the transaction's legal and structural features. DBRS Morningstar's
A (sf) rating stress assumes a haircut of approximately 44.2% to
the servicers' initial business plan for the portfolio. For the BBB
(sf), BB (sf), and BB (low) (sf) rating stresses, DBRS Morningstar
assumes a haircut of approximately 38.9%, 31.4%, and 29.7% to the
servicers' initial business plan, respectively.
Collections on the asset-level loans and in relation to the REO
Assets are payable into a collection account in the name of a
Mortgage Lender or a propco with Banco Bilbao Vizcaya Argentaria,
S.A.; Banco Santander SA; or CaixaBank, S.A. These collections
(minus various expenses) will be paid monthly to a Mortgage Lender
Payment Account with Citibank Europe Plc and (minus various
Mortgage Lender deductions and expenses) from such Mortgage Lender
Payment Accounts to a transaction account in the name of the
Issuer. DBRS Morningstar currently rates Citibank Europe Plc with a
public Long-Term Issuer Rating of AA (low) with a Stable trend.
This counterparty meets DBRS Morningstar's minimum criteria to act
in such capacity. The transaction documents contain downgrade
provisions relating to the transaction account bank where, if
downgraded below BBB (low), the Issuer will replace the account
bank. The downgrade provision is consistent with DBRS Morningstar's
criteria for the initial rating of A (sf) with a Negative trend
assigned to the Class A1 notes.
BNP Paribas SA is the interest rate cap counterparty for the
transaction. DBRS Morningstar rates BNP Paribas SA at AA (low) and
R-1 (middle) with Stable trends and concluded that it meets DBRS
Morningstar's criteria to act in such capacity. The transaction
documents contain downgrade provisions with respect to BNP Paribas
SA's role as hedging counterparty, consistent with DBRS Morningstar
criteria.
The final maturity date of the transaction is in July 2075.
The coronavirus and the resulting isolation measures have resulted
in a sharp economic contraction, increases in unemployment rates,
and reduced investment activities. DBRS Morningstar anticipates
that collections in European NPL securitizations will continue to
be disrupted in the coming months and that the deteriorating
macroeconomic conditions could negatively affect recoveries from
NPLs and the related real estate collateral. The ratings are based
on additional analysis and adjustments to expected performance as a
result of the global efforts to contain the spread of the
coronavirus. For this transaction, DBRS Morningstar incorporated
its expectation of a moderate medium-term decline in property
prices; however, partial credit to house price increases from 2023
onwards is given in non-investment-grade scenarios.
Notes: All figures are in Euros unless otherwise noted.
=========
I T A L Y
=========
KEDRION SPA: S&P Assigns Preliminary 'B' ICR, Outlook Positive
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit rating to Kedrion SpA, and its preliminary 'B' issue rating
and preliminary '3' recovery rating (rounded estimate: 60%) to the
group's proposed EUR140 million senior secured term loan and EUR410
million senior secured bond.
The positive outlook reflects S&P's expectation that Kedrion's
EBITDA will continue to grow, supported by the positive dynamics of
the plasma derivatives market, the group's increasing market share
in the U.S., and its tight grip on costs.
Kedrion's vertically integrated business model, strong access to
plasma, and the plasma industry's high barriers to entry are key
credit strengths. With a 3% market share, Kedrion is the
fifth-largest plasma producer globally in an industry that has been
largely dominated by three groups: CSL (29%), Grifols (20%), and
Takeda (20%). However, Kedrion holds a strong position in the
markets in which it operates, such as No. 1 position in Italy
(about 35% market share), and has a strong presence in specific
niches in core markets such as anti-rabies, anti-D, and factor VII
in the U.S. In S&P's view, scale is an important factor in the
plasma industry since large groups can secure better prices and
larger-volume contracts, and benefit from barriers to entry in
terms of their extensive manufacturing footprints. Kedrion collects
and fractionates human plasma and distributes plasma-derived
products worldwide. These products are used to treat rare and
debilitating conditions such as primary immunodeficiency,
hemophilia, Rh sensitization, and contagious diseases. The group
has 27 plasma-collection centers worldwide and five manufacturing
facilities across the U.S., Hungary, and Italy. Kedrion is
refinancing its current capital structure by issuing a EUR100
million RCF, a EUR140 million senior secured term loan A, and a
EUR410 million senior secured bond.
S&P said, "Although we expect the COVID-19 pandemic to continue to
weaken Kedrion's top line in 2021, we forecast solid revenue
visibility in 2022-2023, supported by strong demand for
immunoglobulin and further penetration into the U.S. Kedrion
generates 37% of its revenue from the key U.S. market. This
compares unfavorably with Grifols or CSL, which have a much
stronger presence in this margin-accretive market. Having said
that, we expect Kedrion to increase its exposure to the U.S. thanks
to the ramp-up of its fractionation plant in Melville, New York,
which we expect will be fully operational by 2023. This plant had
to cease operations in 2016 as the result of an inspection by the
U.S. Food and Drug Administration (FDA). We understand that a
subsequent refit has been successful and do not expect the same
issue to reoccur thanks to the stringent standards that the group
has put in place." Kedrion's revenues should benefit from its good
product mix and its exposure to the fast-growing immunoglobin
segment. The group generated 54% of its 2020 sales revenues from
intravenous immunoglobulin and hyperimmune intravenous
immunoglobulin, 14% from unprocessed plasma, 11% from albumin, and
9% from coagulation factors. Therefore, failure to successfully
expand in the U.S. or potential delays in the ramp-up of the
Melville plant could put pressure on the group's credit
assessment.
Kedrion should continue to benefit from privileged access to
plasma, although contract-renewal risks and competition for tenders
are rising. Plasma collection is a key factor in the group's
success because it is almost a unique raw material, and procurement
is difficult because human blood is not easily accessible. Only the
U.S. and Germany allow plasma-collection groups to remunerate
donors for their plasma, and thus there is a structural deficit in
the global blood banks, particularly in Europe, where financial
incentives are almost nonexistent in most countries. Kedrion
sources its plasma from its 27 wholly owned collection centers,
third parties, and through its agreement with the Italian national
health service (NHS). Blood collection in the Italian NHS is based
on the voluntary, nonremunerated, and ethical decision of the
donors. This system, despite producing limited volumes, has proved
resilient. Having said that, tenders have become very competitive
as bigger players have entered the market, and we do not rule out
further competition when the next tenders take place. This could
dent Kedrion's profitability and, potentially, its access to plasma
in Italy. Italian plasma represents 20% of Kedrion's total plasma
supply. In terms of third-party suppliers, Kedrion relies on a
diverse group of independent plasma-collection companies in Europe.
In the U.S., it relies on a single party that accounts for 22% of
the total plasma collected from third-party suppliers. S&P said,
"We understand that the commercial agreement with this partner ends
in 2024, which increases the group's contract-renewal risk and
weighs negatively on our business risk assessment. However, Kedrion
is one of the few net sellers of plasma in the market and aims to
increase its number of collection centers to reinforce the
independence of its plasma supply, which we view as critical."
Kedrion's broad customer base and good geographical diversity are
offset by its limited manufacturing footprint compared with that of
its peers. The group's customer base is well diversified and not
dependent on one single customer or national tender. Kedrion's main
customers are government authorities; national health services,
through tender awards; and private distributors. S&P expects the
group's presence in the U.S. to increase, which should drive growth
in margins. Emerging markets also have significant untapped growth
potential. Having said that, Kedrion has only five manufacturing
sites, of which only three are capable of fractionation--the
process of separating plasma from blood--highlighting the group's
dependence on a limited number of plants. Any operational setbacks
or bottlenecks could materially damage the group's operations and,
notably, its profitability. This weighs negatively on our business
risk assessment.
S&P expects the demand for plasma-derived proteins to increase by
6%-7% over the next three years. Kedrion operates in the unique and
dynamic EUR20 billion plasma derivatives market. The market's
favorable prospects reflect longer life expectancy, new diseases,
improved diagnosis of certain rare conditions that are treated with
plasma protein therapies, and increased diagnosis of immunoglobulin
alpha-1 deficiencies. As plasma is a key constituent of life-saving
drugs, the plasma industry--collection and fractionation--is highly
regulated and benefits from high barriers to entry. This is because
it requires sizable capital expenditure (capex), and there is a
long lead time before capacity is built, certified, and
operational. The risk of substitution or generic competition is
limited given the importance of production expertise in the
industry. The only alternatives to some plasma-derived products are
recombinants--genetically engineered clotting factors--which are
more expensive and more difficult to create. A strict adherence to
regulatory and quality standards is also important in the plasma
industry. Failure to comply with the U.S. FDA or other regulatory
bodies' requirements could hinder the group's operations
substantially.
Kedrion's S&P Global Ratings-adjusted leverage will likely
stabilize at 5.0x over the next couple of years. This is thanks to
steady growth, margin improvements, and supportive investments in
its manufacturing facilities. S&P said, "We expect the group's
profitability to improve as it increases its exposure to the
margin-accretive U.S. market, realizes cost savings, increases
utilization of its manufacturing facilities, and incurs lower
one-off costs relating to the refit of its Melville plant. We
expect Kedrion's adjusted EBITDA margin to remain within the
15%-16% range, allowing it to reduce debt to EBITDA to about 5.0x
in 2022 from around 5.9x in 2021. Our adjusted debt calculations
include the proposed EUR140 million senior secured term loan A, the
senior secured EUR410 million senior secured bond, EUR70 million at
the family investment vehicle, and EUR116 million of adjustments
for lease liabilities. We apply a 5% haircut to cash as we consider
that a proportion of Kedrion's cash might not be fully accessible.
Finally, the group's liquidity will benefit from the EUR100 million
RCF, which we assume will remain undrawn."
Rating pressure could arise from Kedrion's inability to maintain
free operating cash flow (FOCF) of EUR10 million-EUR15 million. S&P
expects capex to remain around EUR65 million over the next two
years, mainly driven by the group's operations, plasma centers, and
other strategic projects. Working capital should remain broadly
flat at EUR6 million-EUR8 million over the same period, driven
primarily by changes in inventory. The group has the flexibility to
increase its cash flows by selling plasma centers or delaying
capex, but the timing and extent of such measures remain
uncertain.
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 positive outlook reflects our expectation that
Kedrion's top line and EBITDA will continue to grow, supported by
the positive dynamics of the plasma derivatives market, an
increasing contribution from the U.S., and lower one-off costs.
This should allow the group to deleverage from above 5.5x adjusted
debt to EBITDA in 2021 to close to 5.0x by 2022-2023, alongside
positive FOCF of at least EUR10 million.
"We could lower our ratings if Kedrion's performance deviates from
our base case such that the group fails to maintain adjusted debt
to EBITDA significantly below 6x. Serious operational
setbacks--such as higher costs than the group expects for plasma or
the expansion of its plasma-collection capacity--could put pressure
on EBITDA and increase leverage. We could also lower the rating if
Kedrion fails to generate positive FOCF for a protracted period due
to larger working capital swings than we expect or higher capex
than in our base-case scenario. Finally, we could lower the ratings
if we regarded Kedrion's financial policy as more aggressive than
in our base case, due to unexpected and material debt-financed
acquisitions, or if the group failed to maintain adequate covenant
headroom by the end of 2021.
"We could take a positive rating action if Kedrion achieved a
strong improvement in its EBITDA margins above our base case,
pushing adjusted leverage comfortably and sustainably below 5.0x
from 2022, while generating FOCF of at least EUR20 million. This
scenario could result, for example, from significant gains in
market share in the U.S., enhanced operating efficiency, and a
conservative approach to external expansion."
SUNRISE SPV 92: DBRS Gives BB(high) Rating to Class E Notes
-----------------------------------------------------------
DBRS Ratings GmbH assigned the following ratings to the Class A,
Class B, Class C, Class D, and Class E Notes (the Rated Notes and,
together with the unrated Class M Notes, the Notes) issued by
Sunrise SPV 92 S.r.l. - Sunrise 2021-1 (Sunrise 2021-1 or the
Issuer):
-- AA (high) (sf) to the Class A Notes
-- A (high) (sf) to the Class B Notes
-- BBB (high) (sf) to the Class C Notes
-- BBB (sf) to the Class D Notes
-- BB (high) (sf) to the Class E Notes
DBRS Morningstar does not rate the Class M Notes in the
transaction.
The rating on the Class A Notes addresses the timely payment of
scheduled interest and the ultimate repayment of principal on or
before the legal final maturity date in July 2046. The ratings on
the Class B, Class C, Class D, and Class E Notes address the
ultimate payment of interest but the timely payment of scheduled
interest when they become the senior-most tranche and the ultimate
repayment of principal on or before the legal final maturity date.
DBRS Morningstar based its ratings on the following analytical
considerations:
-- The transaction capital structure, including form and
sufficiency of available credit enhancement.
-- Credit enhancement levels sufficient to support DBRS
Morningstar's projected expected net losses under various stress
scenarios.
-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms of the
notes.
-- Agos Ducato S.p.A.'s (Agos or the Originator) financial
strength and capabilities with respect to originations,
underwriting, and servicing.
-- DBRS Morningstar's operational risk review on Agos, which is
deemed to be an acceptable servicer.
-- The transaction parties' financial strength with regard to
their respective roles.
-- The credit quality, diversification of the collateral, and
historical and projected performance of the Originator's
portfolio.
-- DBRS Morningstar's sovereign rating on the Republic of Italy at
BBB (high) with a Negative trend.
-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.
TRANSACTION STRUCTURE
The transaction represents the issuance of the Notes backed by a
portfolio of approximately EUR 1.41 billion of fixed-rate
receivables related to consumer and auto loans granted by the
Originator to private individuals residing in Italy. The Originator
will also service the portfolio.
The transaction includes a 18-month revolving period scheduled to
end in October 2022. During the revolving period, the Originator
may offer additional receivables that the Issuer will purchase,
provided that the eligibility criteria and concentration limits set
out in the transaction documents are satisfied. The revolving
period may end earlier than scheduled if certain events occur, such
as the breach of performance triggers, insolvency of the
Originator, or replacement of the servicer.
The transaction allocates collections in separate interest and
principal priorities of payments and benefits from an amortizing
EUR 7.0 million cash reserve and a nonamortizing EUR 7.0 million
payment interruption risk reserve, both funded with the proceeds of
the Class M Notes. Both reserves can be used to cover senior costs
and interests on the Rated Notes. The cash reserve can also be used
to offset defaulted receivables. Principal funds can be reallocated
to cover senior expenses and interests on the Rated Notes.
The transaction further benefits from a nonamortizing rata
posticipata reserve to supplement interest amounts not made by
borrowers during the payment holiday. This reserve will be funded
through the transaction interest waterfalls if specific thresholds
are breached. This reserve will be released when the threshold
breach is cured.
At the end of revolving period, the Notes will be repaid on a fully
sequential basis.
Credit Agricole Corporate and Investment Bank, Milan Branch (CA-CIB
Milan) acts as the account bank for the transaction. Based on the
DBRS Morningstar private rating on CA-CIB Milan, the downgrade
provisions outlined in the transaction documents, and other
mitigating factors inherent in the transaction structure, DBRS
Morningstar considers the risk arising from the exposure to the
account banks to be consistent with the ratings assigned to the
Notes, as described in DBRS Morningstar's "Legal Criteria for
European Structured Finance Transactions" methodology.
DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.
The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
borrowers. DBRS Morningstar anticipates that delinquencies may
continue to increase in the coming months for many asset-backed
security (ABS) transactions, some meaningfully. The ratings are
based on additional analysis to expected performance as a result of
the global efforts to contain the spread of the coronavirus.
Notes: All figures are in Euros unless otherwise noted.
WEBUILD SPA.: S&P Affirms 'BB-' Long-Term ICR, Off Watch Negative
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term issuer credit
rating on Webuild S.p.A., and removed it from CreditWatch, where it
was placed with negative implications on March 24, 2020.
The stable outlook reflects our expectations that Webuild will post
FFO to debt of about 17%-18% in 2021-2022, while integrating
Astaldi without major hinderance or cost overruns.
=========
S P A I N
=========
IM CAJAMAR 3: DBRS Gives Prov. CCC(low) Rating to Series B Notes
----------------------------------------------------------------
DBRS Ratings GmbH assigned provisional ratings to the following
series of notes to be issued by IM BCC Cajamar PYME 3 FT (the
Issuer):
-- Series A Notes at AA (low) (sf)
-- Series B Notes at CCC (low) (sf)
The transaction is a cash flow securitization collateralized by a
portfolio of secured and unsecured loans originated by Cajamar Caja
Rural S.C.C. (Cajamar or the Originator; rated BB (high) with a
Negative trend by DBRS Morningstar) to small and medium-size
enterprises (SME) and self-employed individuals based in Spain. As
of 3 March 2021, the transaction's provisional portfolio included
36,491 loans to 29,099 obligor groups, totalling EUR 1.5 billion.
At closing, the Originator will select the final portfolio of EUR
1.0 billion from the provisional pool.
The rating of the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal maturity date in June 2057. The rating of the Series B Notes
addresses the ultimate payment of interest and principal on or
before the legal maturity date.
Interest and principal payments on the Notes will be made monthly
on the 22nd of each month, with the first payment date on 22 June
2021. The Notes will pay a fixed interest rate equal to 0.5% until
22 November r 2022 After that, the Notes will pay an interest rate
of one-month Euribor plus a 0.20% and 0.30% margin for the Series A
and Series B notes, respectively.
The provisional pool exhibits low borrower concentration. The
largest obligor group represents 0.95% of the portfolio balance and
the top ten and top twenty borrowers represent 3.2% and 4.9% of the
outstanding pool balance, respectively; at closing, the largest
obligor group cannot represent more than 0.5% of the portfolio
balance. As per DBRS Morningstar's Industry classification, the
pool exhibits a high industry concentration in Farming/Agriculture,
which represents 34.9% of the pool balance, followed by Building
and Development and Business Equipment and Services at 8.6% and
7.7%, respectively. There is a high concentration of borrowers in
Andalusia (35.5% of the portfolio balance), which is expected given
that Andalusia is the home region of the Originator. Additionally,
9.5% of the outstanding balance of the provisional portfolio
corresponds to refinance loans, which have a higher default
expectation. At closing, the maximum percentage of refinance loans
transferred to the Issuer cannot exceed 5.0% of the portfolio
balance.
The Series A Notes benefit from 26.0% credit enhancement through
subordination of the Series B Notes and the presence of a reserve
fund. The Series B Notes benefit from 3.0% credit enhancement
provided by the reserve fund. The reserve fund will be funded
through a subordinated loan and is available to cover senior fees
and interest and principal on the Series A Notes and, once the
Series A Notes are fully amortized, interest and principal on the
Series B Notes. The reserve fund will not amortize through the life
of the transaction. The Series B Notes interest and principal
payments are subordinated to the Series A Notes payments.
The transaction does not include any mechanisms to address
commingling risk. As such, DBRS Morningstar's analysis includes a
stress equivalent to the interruption of interest and principal
proceeds for a period of six months, assuming that senior expenses
and interest on the Series A Notes would be paid from the Cash
Reserve for this period.
The ratings are based on DBRS Morningstar's "Rating CLOs Backed by
Loans to European SMEs" methodology and the following analytical
considerations:
-- The probability of default (PD) for the portfolio was
determined using the historical performance information supplied.
The historical data has been provided separately for refinance
loans and "regular" loans. DBRS Morningstar adjusted the annual PD
for the loans of the portfolio that have lower internal ratings
(i.e., ratings 1 and 2) considering a PD of 99.0% and 21.0% for
loans with an internal rating of 1 and 2, respectively. For the
remaining portfolio, DBRS Morningstar assumed an annual PD of 1.8%
for the standard loans and an annual PD of 8.1% for refinance loans
based on the historical performance data provided. DBRS Morningstar
applied additional adjustments to expected performance in the
context of the current Coronavirus Disease (COVID-19) pandemic.
-- The assumed weighted-average life (WAL) of the portfolio is 3.7
years.
-- The PD and WAL were used in the DBRS Morningstar Diversity
Model to generate the hurdle rates for the respective ratings.
-- The recovery rate was determined by considering the security
level, the type of collateral and, if applicable, the respective
market value decline rates for Spain. For the Series A Notes, DBRS
Morningstar applied a 50.8% recovery rate for secured loans and a
15.8% recovery rate for unsecured loans. For the Series B Notes,
DBRS Morningstar applied a 75.7% recovery rate for secured loans,
and a 21.5% recovery rate for unsecured loans.
-- The break-even rates for the interest rate stresses and default
timings were determined using the DBRS Morningstar proprietary cash
flow tool.
The transaction structure was analyzed in a proprietary Excel-based
cash flow engine, considering the default rates at which the Notes
did not return all specified cash flows.
The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
borrowers. DBRS Morningstar anticipates that delinquencies may
increase in the coming months for many SME transactions, some
meaningfully. The ratings are based on additional analysis and
adjustments to expected performance as a result of the global
efforts to contain the spread of the coronavirus. For this
transaction, DBRS Morningstar increased the expected default rate
for obligors in certain industries based on their perceived
exposure to the adverse disruptions of the coronavirus.
Notes: All figures are in Euros unless otherwise noted.
IM CAJAMAR 5: Moody's Upgrades EUR12M Class C Notes to B2 (sf)
--------------------------------------------------------------
Moody's Investors Service has upgraded and affirmed the ratings of
Notes in five AyT BBK and IM Cajamar RMBS transactions. The
upgrades reflect the better than expected performance and increased
levels of credit enhancement for the affected Notes.
Issuer: AyT HIPOTECARIO BBK I, FTA
EUR914.5M Class A Notes, Affirmed Aa1 (sf); previously on Jun 29,
2018 Affirmed Aa1 (sf)
EUR46M Class B Notes, Affirmed Aa1 (sf); previously on Jun 29,
2018 Affirmed Aa1 (sf)
EUR39.5M Class C Notes, Upgraded to A1 (sf); previously on Jun 29,
2018 Upgraded to A3 (sf)
Issuer: AyT HIPOTECARIO BBK II, FTA
EUR918M Class A Notes, Affirmed Aa1 (sf); previously on Jun 29,
2018 Affirmed Aa1 (sf)
EUR43.5M Class B Notes, Affirmed Aa1 (sf); previously on Jun 29,
2018 Affirmed Aa1 (sf)
EUR38.5M Class C Notes, Upgraded to Baa2 (sf); previously on Jun
29, 2018 Upgraded to Baa3 (sf)
Issuer: Serie AYT C.G.H. BBK II, FTA
EUR955.5M Class A Notes, Affirmed Aa1 (sf); previously on Apr 25,
2018 Upgraded to Aa1 (sf)
EUR30.5M Class B Notes, Upgraded to Ba1 (sf); previously on Jul
10, 2015 Confirmed at Ba2 (sf)
EUR7M Class C Notes, Affirmed B1 (sf); previously on Jul 10, 2015
Confirmed at B1 (sf)
Issuer: IM CAJAMAR 3, FTA
EUR1155M Class A Notes, Upgraded to Aa2 (sf); previously on Jul
10, 2015 Upgraded to A1 (sf)
EUR28.8M Class B Notes, Upgraded to Baa2 (sf); previously on Jul
10, 2015 Upgraded to Ba1 (sf)
EUR6MClass C Notes, Upgraded to Ba3 (sf); previously on Jul 10,
2015 Upgraded to B2 (sf)
EUR10.2M Class D Notes, Upgraded to B2 (sf); previously on Jul 10,
2015 Confirmed at Caa1 (sf)
Issuer: IM CAJAMAR 5, FTA
EUR962M Class A Notes, Upgraded to A2 (sf); previously on May 14,
2016 Upgraded to Baa1 (sf)
EUR11.5M Class B Notes, Upgraded to Ba1 (sf); previously on May
14, 2016 Upgraded to Ba3 (sf)
EUR12M Class C Notes, Upgraded to B2 (sf); previously on May 14,
2016 Upgraded to Caa1 (sf)
EUR14.5M Class D Notes, Upgraded to Caa3 (sf); previously on Nov
3, 2009 Downgraded to Ca (sf)
The maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.
RATINGS RATIONALE
The upgrades of the ratings of the Notes are prompted by the better
than expected collateral performance and increase in credit
enhancements for the affected tranches. For instance, cumulative
defaults have remained largely unchanged in the past year, below
are the exact figures for each transaction:
(i) AyT HIPOTECARIO BBK I, FTA, to 1.25% from 1.24%.
(ii) AyT HIPOTECARIO BBK II, FTA, to 1.97% from 1.94%.
(iii) Serie AYT C.G.H. BBK II, FTA, to 1.86% from 1.80%.
(iv) IM CAJAMAR 3, FTA, 3.71% unchanged.
(v) IM CAJAMAR 5, FTA, to 5.78% from 5.74%.
Moody's affirmed the ratings of the classes of Notes that had
sufficient credit enhancements to maintain their current ratings.
Key Collateral Assumption Revised
As part of the rating actions, Moody's reassessed its lifetime loss
expectations and recovery rates for the portfolios reflecting their
collateral performances to date.
(i) AyT HIPOTECARIO BBK I, FTA, to 1.00% from 1.30%.
(ii) AyT HIPOTECARIO BBK II, FTA, to 1.49% from 1.70%.
(iii) Serie AYT C.G.H. BBK II, FTA, to 1.46% from 2.05%.
(iv) IM CAJAMAR 3, FTA, to 1.75% from 2.45%.
(v) IM CAJAMAR 5, FTA, to 2.63% from 4.15%.
All as a percentage of the original pool balance for each
transaction.
Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target ratings levels and the volatility of future
losses. As a result, Moody's has revised the MILAN CE assumptions
of each transaction as follows:
(i) AyT HIPOTECARIO BBK I, FTA, 8.0% unchanged.
(ii) AyT HIPOTECARIO BBK II, FTA, 8.0% unchanged.
(iii) Serie AYT C.G.H. BBK II, FTA, to 8.0% from 9.0%.
(iv) IM CAJAMAR 3, FTA, to 8.0% from 10.0%.
(v) IM CAJAMAR 5, FTA, to 13.5% from 14.7%.
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 Spanish economic activity.
Moody's regard the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.
The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors or circumstances that could lead to an upgrade of the
ratings include: (i) performance of the underlying collateral that
is better than Moody's expected; (ii) an increase in the Notes'
available credit enhancement; (iii) improvements in the credit
quality of the transaction counterparties; and (iv) a decrease in
sovereign risk.
Factors or circumstances that could lead to a downgrade of the
ratings include: (i) an increase in sovereign risk; (ii)
performance of the underlying collateral that is worse than Moody's
expected; (iii) deterioration in the Notes' available credit
enhancement; and (iv) deterioration in the credit quality of the
transaction counterparties.
INVICTUS MEDIA: Fitch Lowers IDR to 'CCC-', Removes Negative Watch
------------------------------------------------------------------
Fitch Ratings has downgraded Invictus Media S.A.U's (Imagina)
Issuer Default Rating to 'CCC-' from 'CCC+'. The Rating Watch
Negative (RWN) has been removed. Fitch has also downgraded
Imagina's senior secured and senior secured second lien instrument
ratings.
The downgrade reflects Fitch's view that unless additional funding
is raised within the next three months, the company will have
insufficient liquidity to meet its interest payments and EUR25
million debt repayments on the amortising portion of its term debt
due in 2H21. Fitch believes that Imagina has hired advisors to
assess funding options and commenced discussions with lenders
regarding potential restructuring and short-term liquidity.
The ratings reflects both the risk of default in the short term and
uncertainty around Imagina's ability to secure additional funding,
which is subject to agreement by lenders. A further downgrade would
be expected if the company is unable to raise new financing over
the coming weeks. If the company is able to restructure its debt,
any material reduction in terms for existing lenders could be
considered a distressed debt exchange (DDE) and also lead to a
downgrade.
KEY RATING DRIVERS
Short-Term Liquidity Crisis: Working capital in 2020 benefitted
from payment extensions with sports rights holders and other
contract timing differences that Fitch expects to reverse in 2021.
The working-capital outflows in 2021 are likely to exceed EBITDA
and Fitch forecasts insufficient liquidity within the next three
months unless additional funding is secured. Fitch expects Imagina
to be assessing several sources of additional liquidity including
applying to funds managed by state-owned Sociedad Española de
Participaciones Industriales (SEPI). Additional funding could take
weeks to conclude and with liquidity reserves expected to be
exhausted within the next three months any new funding may not come
quickly enough.
2020 EBITDA Below Expectations: Since the ratings were placed on
RWN earlier this month Fitch have had greater clarity on Imagina's
2020 EBITDA. With Imagina being unable to fully monetise the French
League rights after unsuccessful negotiations with broadcasters,
the league contributed a negative EUR290 million to 2020 EBITDA.
The company also changed its accounting method for its La Liga
international contract to an accrual basis based on matches played
from revenue recognised on receipt of cash. With fewer matches
played in the fourth quarter than anticipated, full-year EBITDA on
that contract was lower than expected.
Covenant Breach Likely: Fitch expects Imagina to breach its EUR60
million minimum liquidity covenant during 2021. It reported EUR99
million cash at end-2020, leaving EUR39 million headroom on the
covenant. The reversal of working capital, syndicated loan and
Ligue de Football Professionnel (LFP) settlement payments are all
expected to result in a breach of the covenant during 2021. This
covenant was agreed in June 2020 as a means of extending its
existing adjusted gross leverage covenant. The company's EUR980
million syndicated facilities also have cross-default provisions in
respect of the covenants.
Future Football Disruption Possible: Imagina should have fairly
good visibility on 2021 revenues as long as matches continue to be
played. Football leagues globally have adapted well to the Covid-19
pandemic and have been able to play matches in empty stadia. Future
disruption to match schedules could occur if infection rates
increase among teams or if governments place new restrictions on
live sports as occurred during the first wave of the pandemic.
Capacity to Recover: The pandemic has led to delays to and
cancellations of football-match schedules globally and restrictions
on content production. Fitch believes that Imagina's strong
position in the sports audio visual market, long-term relationship
with La Liga and content-production capabilities should allow a
return to EBITDA growth from FY21. The loss of the French league
reduces the proportion of EBITDA from sports rights, which in
Fitch's view, lowers execution risks in improving the operating
profile.
DERIVATION SUMMARY
Fitch assesses Imagina using Fitch's Ratings Navigator for
diversified media companies and by benchmarking it against
Fitch-rated selected rights-management and content-producing peers,
none of which Fitch views as a complete comparator given Imagina's
fully integrated business model.
Imagina's operating profile is less robust than that of Pinewood
Group Limited (BBB-/Stable). The 'CCC-' rating reflects Imagina's
volatile and uncertain cash flow generation, which risks
insufficient liquidity in 2021. The extent of the coronavirus
impact in 2021 is also uncertain at this stage.
Imagina has a strong competitive position, and stronger regional,
rather than global, sector relevance but this is offset by high
dependence on key accounts (in particular the International La Liga
contract), a lower free cash flow (FCF) base in 2020 relative to
peers' as a result of the pandemic and the LFP settlements payable
in France. This places Imagina in a weaker position than Banijay
Group SAS's (B/Negative) unleveraged credit quality.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Revenue to increase in 2021 by 9.3% as global lockdowns are
lifted and all matches are played with a TV audience in the
first half of the year and live attendance in the second half.
-- Fitch-defined EBITDA margin (after deducting lease expenses
and excluding the LFP settlement) to improve to 8.9% in 2021
after a significant EBITDA loss in 2020 due to loss-making
French football rights.
-- Capex around 4%-6% of sales in 2021 and 2022.
-- Working-capital outflow in 2021 of around 10% of revenue.
-- Non-recurring cash outflows of around EUR42 million relate to
the remainder of LFP settlement and payment to previous
shareholder Prisa.
-- Available liquidity resources fully drawn throughout 2020.
KEY RECOVERY ASSUMPTIONS
-- Fitch uses a going-concern (GC) approach for Imagina in our
recovery analysis, assuming that the company would be
considered a GC in the event of a bankruptcy rather than be
liquidated.
-- A 10% administrative claim.
-- Post-restructuring GC EBITDA estimated at EUR118 million.
-- Fitch uses an enterprise value (EV) multiple of 4.5x to
calculate a post-restructuring valuation.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- The ratings would be upgraded on sufficient improvement in
liquidity that enables the company to meet its financial
obligations for the next six to 12 months and provides
adequate headroom to manage potential prolonged football-match
disruptions.
-- Positive monthly FCF generation on a sustained basis.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Negative cash position or failure to make interest payments or
debt repayments on the amortising portion of the term debt.
-- Failure to secure additional financing in the next three
months either through new debt facilities or new equity
investments.
-- Announcement of debt restructuring with a material change in
terms for existing lenders or failure to reach agreement with
lenders resulting in alternative restructuring paths including
court intervention.
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
Unfunded Liquidity: At end-2020 Imagina had EUR99 million in cash
and equivalents and EUR1 million of undrawn credit facilities. It
is Fitch's expectation that working-capital outflows in 2021 will
eliminate existing liquidity reserves, forcing the company to seek
additional financing over the next three months. Thereafter Fitch
expects modest EBITDA growth and a return to positive FCF
generation from 2022.
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.
JOYE MEDIA: S&P Cuts Rating to CCC- on Potential Restructuring
--------------------------------------------------------------
S&P Global Ratings downgraded Joye Media S.L., the parent of
European audio-visual group Mediapro, to 'CCC-' from 'CCC+', and
lowered its issue ratings on its EUR740 million first-lien debt,
including the EUR60 million revolving credit facility (RCF), to
'CCC', and its EUR180 million second-lien debt to 'C'.
The negative outlook reflects S&P's view of an increasing
probability of default in the next 12 months, either conventional
or through a distressed exchange or restructuring, absent favorable
developments.
Joye Media has appointed restructuring advisors.
S&P said, "We understand that Joye Media, the parent of Mediapro,
has engaged and appointed external advisors to explore the
company's strategic options for restructuring or raising additional
liquidity. We also understand that certain existing lenders have
formed an ad hoc group to engage with the company and advisors.
Although the process is at a preliminary stage, we view the
company's capital structure as unsustainable, with gross debt
approaching EUR1.0 billion. Additionally, in our view the group is
likely to remain exposed to continuing macroeconomic setbacks
associated with the COVID-19 pandemic and its impact on the live
sports sector. We would likely view any restructuring that results
in existing lenders receiving less than originally promised as a
distressed exchange and therefore a selective default.
"Absent additional funding, Joye Media's liquidity will be under
severe pressure over the next six months. We understand that, as of
March 31, 2021, Joye media had about EUR110 million of cash on its
balance sheet. We note that the group must comply with a minimum
liquidity maintenance covenant of EUR60 million, leaving only EUR50
million available as sources under our calculations." Within the
next six months, the group's major outflow commitments include:
-- A debt amortization payment of EUR25 million;
-- The last tranche of the EUR100 million penalty in connection
with the French football rights litigation, coming due by the end
of first-half 2021, which we estimate at about EUR12 million; and
-- An estimated EUR40 million-EUR50 million of working capital
outflows.
In S&P's view Joye Media's liquidity sources could be exhausted by
June-July 2021. For this reason, absent any additional funding, we
cannot exclude that the company could go through a conventional
default over the next six months.
Financial support from SEPI could provide liquidity relief, but the
process is still uncertain. S&P notes that at the end of February
Joye Media applied to obtain financial support from the Spanish
government-owned
com.spglobal.ratings.services.article.services.news.xsd.MarkedData@1478998f
through the EUR10 billion Fondo de Apoyo a la Solvencia de Empresas
Estrategicas created last year to provide last-recourse support to
strategic Spanish companies hit by the pandemic. The timing and
outcome of this process are uncertain, since SEPI usually takes a
few months to process the requests and grant financial aid. The
eligibility, accessibility, and ultimately structure of any support
remains highly uncertain, in our view.
Alternatively, the company may ultimately consider different
options depending on the outcome of discussions with SEPI, such as
negotiating other financing options with lenders or an additional
capital increase from shareholders. S&P has limited visibility
about the company's ability to raise cash from these sources.
S&P said, "We have revised downward our assessment of the group's
business risk and management and governance.Given the abrupt
interruption of the French League contract in 2020, the termination
of the profitable domestic Spanish Liga broadcasting rights, and
the uncertain recovery of the company's other activities amid the
prolonged health emergency, we revised our assessment of the
company's business risk profile to weak from fair. In the first
nine months of 2020, the company's revenue was EUR676 million,
about EUR567 million lower than in 2019, of which EUR386 million is
linked to the termination of the La Liga's domestic rights contract
and the rest to underperformance due to the pandemic. While the
termination of the La Liga's domestic contract was not a surprise,
we expected the company would offset the lower revenue by winning
the French contract, which would have also strengthened its
geographic diversification. However, Joye Media was unable to honor
payments to the French Professional Football League and ultimately
entered into litigation, which resulted in the cancellation of the
contract, a EUR100 million penalty, and the shutting down of its
newly established operations in France. We now believe the company
to be smaller and less diversified than when we assigned the rating
in 2018.
"Additionally, we have revised downward our assessment of the
group's management and governance to weak. This reflects the
company's track record of litigations, entailing negative financial
and business impact, as well as past instances of criminal
misconduct, including by senior management. Although the company
has since taken action to improve its internal controls, we would
need to see a track record of their effectiveness before revising
our assessment of management and governance upward."
Environmental, social, and governance (ESG) credit factors for this
credit rating change:
-- Health and safety
The negative outlook reflects S&P's view of an increasing
probability of default in the next 12 months, either conventional
or through a distressed exchange or restructuring, absent favorable
developments.
S&P said, "We could lower ratings if the company announced a debt
restructuring that we viewed as a distressed exchange and therefore
selective default. We could also lower the rating if the company
was not successful in completing a restructuring transaction and
faced a conventional default. This could occur for example if the
company faced a liquidity crisis, filed for bankruptcy, became
insolvent, or fell into payment default.
"We view ratings upside as remote, given the group's liquidity
position and, in our view, unsustainable capital structure.
However, we could raise the rating if we no longer believed there
was a high probability of a default occurring, which includes the
potential for a distressed exchange or specific default events.
This would also require Joye Media to demonstrate adequate
liquidity. In our view, this could happen if the group received
material additional extraordinary liquidity support from its
shareholders or the government, without triggering a default."
NEINOR HOMES: Fitch Assigns Final BB Rating to EUR300MM Sec. Notes
------------------------------------------------------------------
Fitch Ratings has assigned Spanish housebuilder Neinor Homes S.A.'s
EUR300 million senior secured notes a final rating of 'BB'/RR3.
The ratings reflect the company's leading position in Spain with a
well-positioned portfolio in the most lucrative regions of the
country as well as the development of its own build-to-rent (BTR)
portfolio, which allows the company to incur higher leverage. The
rating is constrained by the less favourable regulatory environment
for Spanish homebuilders compared with France or Germany, which
results in higher cash flow volatility, smaller scale and higher
leverage.
KEY RATING DRIVERS
Domestic Market Leader: Neinor Homes is the largest homebuilder in
the highly-fragmented Spanish residential market. The January 2021
equity-funded merger with Quabit Inmobiliaria, S.A. further
strengthens Neinor's position, as the company delivered more than
3,900 units (more than 5,000 units pro forma for Quabit) over 2018
to 2020. Fitch forecasts Neinor's revenue to reach around EUR900
million in 2021, although Fitch expects its EBITDA margin to
decrease to 13% in 2021 (2020: 17.6%) as Quabit's margins have
historically been lower.
Large Land Bank: Neinor has a large landbank on its balance sheet
of around 16,600 units after the Quabit merger. This equates to
around 6.5 years of land availability relative to its current level
of annual deliveries, although the company plans to buy more land
in the coming years to help ramp up its sales.
Weak Working Capital Profile: Fitch views Neinor's working capital
profile as a credit negative, although the company mitigates this
with recurring servicing revenue as well as project
diversification. The pre-sale rates before construction starts are
relatively low at 30% to 40%. Furthermore, compared with other
countries' homebuilder markets, customer payment terms only include
an initial 10% of the sales price and 10% during the construction
period. Like other Spanish housebuilders, this means that Neinor
has to finance the remaining 80% from its own sources, which can be
a drag on cash flow.
BTR Carries Higher Leverage: Neinor is currently developing its own
BTR portfolio, which the company plans to retain and let. Neinor
will essentially become a real estate company for this segment.
This results in higher leverage than other homebuilding companies
rated at a similar level. The medium-term run-rate BTR EBITDA is
around EUR15 million, to which Fitch has applied a 'BB' rating
category debt capacity of 12x EBITDA. This would allocate EUR180
million of group debt to the real estate business, reducing the
remaining debt and leverage attributed to homebuilding activities.
Leverage High for Rating: Fitch considers Neinor's funds from
operations (FFO) gross leverage to be reasonably high for the
rating at around 6.0x over the rating horizon including the debt
attributed to the BTR portfolio. If Fitch excludes attributable BTR
debt, the resultant figures are comparable with other build-to-sell
(BTS) rated homebuilders. Fitch forecasts Neinor's FFO gross
leverage metrics will improve to around 4.0-4.5x (FFO net leverage:
2.0-2.5x) in FY22 and FY23. Neinor's FFO fixed charge cover ratio
is around 5x.
Portfolio in Good Locations: Fitch does not consider the Spanish
residential market to be undersupplied, unlike most markets in
Europe. Neinor is positioned in the most lucrative regions within
Spain, where demand is stable or growing and there is a limited
housing supply, together with low mortgage interest rates.
Senior Secured Rating: Under Fitch's Corporate Recovery Ratings and
Instrument Ratings Criteria updated on 9 April 2021, the secured
debt of a company with a 'BB-' IDR can be rated up to two notches
from the IDR with a recovery rating of 'RR2'. Like other 'BB-'
rated Spanish homebuilders, Neinor's secured debt has a one-notch
uplift to 'BB' and a 'RR3' Recovery Rating, reflecting the
significant volatility of collateral values in this asset class in
Spain.
DERIVATION SUMMARY
Neinor is the largest residential developer in Spain. The company
is well-positioned relative to peers, which include Via Celere
Desarrollos Inmobiliarios, S.A (BB-/Stable), Miller Homes Group
Holdings plc (BB-/Stable) and Consus Real Estate AG (B-/Stable).
Homebuilders' operating and regulation environments differ across
EMEA, making a direct comparison difficult. The Spanish homebuilder
funding model is similar to that of the UK, requiring the company
to fund land and completion costs with only a small purchaser's
deposit (10% in Spain compared with around 5% for the UK). Upon
completion the remainder is payable. Developer loans from banks in
Spain (who administer the escrowed purchasers' deposits) provide a
discipline of minimum 30% pre-sale requirements for their developer
loan funding, which advance up to 60% debt relative to
costs-to-build.
Neinor has a substantial 6.5-year landbank of around 16,600 units.
Via Celere has benefited from its past equity-funded acquisitions
and has a longer 10-year landbank (based on current output),
pointing to gross margin stability and little need to re-invest in
further landbank over the near-term (although Fitch included some
capex in its base case).
After the merger with Quabit, Neinor's size is similar to Miller
Homes at 2,620 units (2020), although smaller than the major
Russian homebuilders - PJSC PIK Group (BB-/Stable) and PJSC LSR
Group (B+/Stable) at over 10,000 units in high-storey buildings.
Neinor's core BTS business profile is similar to that of Via
Celere, with both entities targeting affluent areas of Spain with
good demographic growth potential, and avoiding regions of Spain's
legacy years of housing oversupply.
Neinor is also dedicating its construction expertise and land bank
to BTR, but unlike Via Celere it intends to keep the BTR assets on
its balance sheet. Via Celere has yet to procure forward purchasers
for its BTR portfolio. Neinor will retain its BTR projects making
it in part a real estate company. As a result of the BTR segment,
Neinor's consolidated leverage is higher than peers, with FFO gross
leverage of around 6.0x during 2021 and 2022.
Neinor's homebuilding FFO gross leverage is around 4.0-4.5x (net
leverage: 2.0-2.5x) over 2021-2022. This recognises the different
debt capacity for a given rating level of BTS versus BTR, by
allocating EUR180 million of Neinor's debt to the BTR platform
(using a synthetic 12x multiple to its EBITDA). This
homebuilder-type leverage compares with Miller Homes' FFO gross
leverage of 3.6x (net: 2.2x) by end-December 2021, and Via Celere's
FFO net leverage of 3.2x and below 2x without the BTR portfolio
capex (2x maintained when the first tranche of BTR is sold as not
all of its BTR profits are distributed).
Each peer has different financial policies. Rather than penalise a
company for its private equity ownership and assume that cash will
be extracted out of the group, despite bonds' permitted
distribution mechanisms, Fitch has been transparent in disclosing
and where appropriate replicating management's intentions to target
certain financial policies over the rating horizon.
If Neinor's management accelerated improvements in financial
metrics it could warrant an upgrade as detailed in the rating
sensitivities. Equally, if dividend payouts and use of cash changed
and worsened metrics, the ratings could be downgraded. For these
Spanish homebuilders, Fitch's forecasts - which its forward-looking
ratings are based on - depend on maintaining or increasing FY20
operational capacity, sales momentum (aided by comparable pre-let
proportions), disciplined average selling prices (ASP), providing
visibility on gross margins and resultant financial policy.
KEY ASSUMPTIONS
-- Revenue increase in 2021 due to the Quabit merger, following
by a decrease in 2022-2024 due to the subsequent years' lower
level of units sold;
-- EBITDA margin decline to 13% in 2021 (2020: 17.6%) due to
Quabit sales in 2021. which have lower ASP, then growing
steadily to 17% for the group following an increase in EBITDA
generation for the BTR division;
-- Working capital outflows averaging EUR57 million per year
during 2021-2024;
-- Dividend payments at around EUR50 million per year during
2021-2024.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- FFO gross leverage below 2.0x excluding debt attributed to
BTR;
-- Positive free cash flow (FCF) generation on a sustained basis.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- FFO gross leverage above 4.5x excluding debt attributed to
BTR;
-- Increase in working capital volatility in the homebuilding
segment due to a higher degree of speculative development
content;
-- A substantial increase in shareholder pay-outs.
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: Following the EUR300 million secured bond issue
and refinancing of the majority of existing loans, Neinor has only
around EUR138 million of development loan debt to mature during
2021-2023. The group's liquidity is also supported by the
prospective EUR50 million super-senior revolving credit facility,
which together with cash, should be more than sufficient to cover
slightly negative FCF over the rating horizon as well as working
capital needs.
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.
SANTANDER HIPOTECARIO: DBRS Confirms C Rating on 3 Series C Notes
-----------------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the bonds
issued by three Santander RMBS transactions:
FTA, Santander Hipotecario 7 (SH7):
-- Series A notes confirmed at AAA (sf)
-- Series B notes upgraded to BBB (high) (sf) from BB (high) (sf)
-- Series C notes confirmed at C (sf)
FTA, Santander Hipotecario 8 (SH8):
-- Series A notes confirmed at AAA (sf)
-- Series B notes upgraded to B (high) (sf) from B (low) (sf)
-- Series C notes confirmed at C (sf)
FTA, Santander Hipotecario 9 (SH9):
-- Series A notes confirmed at AA (high) (sf)
-- Series B notes upgraded to BB (sf) from BB (low) (sf)
-- Series C notes at confirmed C (sf)
The ratings on the Series A and Series B notes address the timely
payment of interest and the ultimate payment of principal on or
before their respective legal final maturity dates in 2054. The
ratings on the Series C notes address the ultimate payment of
interest and principal on or before their respective legal final
maturity dates.
The rating actions follow an annual review of the transactions and
are based on the following analytical considerations:
-- Portfolio performance, in terms of delinquencies, defaults, and
losses as of the latest payment date for each transaction;
-- Portfolio default rates (PD), loss given defaults (LGD), and
expected loss assumptions for the outstanding collateral pools;
-- Current available credit enhancements to the Rated Notes to
cover the expected losses at their respective rating levels;
-- Current economic environment and an assessment of sustainable
performance, as a result of the Coronavirus Disease (COVID-19)
pandemic;
The Series C notes of each transaction were issued to fund the
reserve fund and are in a first-loss position supported only by
available excess spreads. Given the characteristics of the Series C
notes, as defined in the respective transaction documents, the
default would most likely be recognized at maturity or following
early termination of the transactions.
The three Santander RMBS transactions are securitizations of
Spanish prime residential mortgage loans originated and serviced by
Banco Santander SA (Santander).
PORTFOLIO PERFORMANCE
The portfolios are performing within DBRS Morningstar's
expectations. For SH7, as of the March 2021 payment date, the 90+
days delinquency ratio was at 0.6% of the collateral portfolio,
while the current cumulative default ratio stood at 4.2% of the
original portfolio balance. For SH8, as of the February 2021
payment date, the 90+ days delinquency ratio was at 0.7% of the
collateral portfolio, while the current cumulative default ratio
stood at 5.5%. For SH9, as of the February 2021 payment date, the
90+ days delinquency ratio was at 0.5% of the collateral portfolio,
while the current cumulative default ratio stood at 2.7%.
PORTFOLIO ASSUMPTIONS AND KEY DRIVERS
DBRS Morningstar conducted a loan-by-loan analysis on the remaining
collateral pools of receivables and updated its PD and LGD
assumptions, including the Coronavirus Disease (COVID-19)
adjustments. For SH7, the base-case PD and LGD are 5.6% and 45.1%,
respectively. For SH8, the base-case PD and LGD are 6.0% and 46.5%,
respectively, while for SH9, they are 6.6% and 39.8%,
respectively.
CREDIT ENHANCEMENT
The credit enhancements available to all the rated notes have
continued to increase as the transactions continue to deleverage.
The Series A notes in all three transactions are supported by the
subordination of the Series B notes and the Reserve Fund, which is
available to cover senior fees, interest, and principal of the
Series A and Series B notes. The Series B notes are solely
supported by the respective reserve funds. For SH7, as of March
2021, the credit enhancements to the Series A notes and Series B
notes were 50.5% and 7.6%, respectively, up from 46.3% and 6.9%, as
of March 2020. For SH8, as of February 2021, the credit
enhancements to the Series A notes and Series B notes were 46.8%
and 3.4%, respectively, up from 42.8% and 2.7% as at February 2020.
For SH9, as of February 2021, the credit enhancements to the Series
A notes and Series B notes were 54.9% and 7.6%, respectively, up
from 50.1% and 6.9% as at February 2020.
The Series C notes will be repaid according to the reserve fund
amortization.
The reserve funds in all three transactions are able to amortize
once they have reached 10% of the outstanding balance of the Series
A and Series B notes, maintaining such percentage until the reserve
fund reaches the floor of 1.8% of the initial amount of the Series
A and Series B notes for SH7 and SH8, and the floor of 2.2% for
SH9. The reserve funds for SH7, SH8, and SH9 are currently at EUR
63.6 million, EUR 12.7 million, and EUR 28.6 million, respectively.
The reserve funds are at the target levels for SH7 and SH9, and
below the target of EUR 28.1 million for SH8.
Santander acts as the account bank for all three transactions and
as the swap counterparty for SH7 and SH8. Based on Santander's
reference rating of A (high), being one notch below its DBRS
Morningstar Long-Term Critical Obligations Rating (COR) of AA
(low), the downgrade provisions outlined in the transaction
documents, and other mitigating factors inherent in the
transactions' structures, DBRS Morningstar considers the risk
arising from the exposure to the account bank to be consistent with
the ratings assigned to the most senior notes in each transaction,
as described in DBRS Morningstar's "Legal Criteria for European
Structured Finance Transactions" methodology. Santander's COR is
also consistent with the First Rating Threshold as described in
DBRS Morningstar's "Derivative Criteria for European Structured
Finance Transactions" methodology.
DBRS Morningstar analyzed the transactions' structures in Intex
DealMaker.
The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
borrowers. DBRS Morningstar anticipates that delinquencies may
continue to increase in the coming months for many RMBS
transactions, some meaningfully. The ratings are based on
additional analysis and adjustments to expected performance as a
result of the global efforts to contain the spread of the
coronavirus.
For these transactions, DBRS Morningstar increased the expected
default rate for certain borrowers, incorporated a moderate
reduction of collateral values, and considered reported payment
holidays in its cash flow analysis.
Notes: All figures are in Euros unless otherwise noted.
TDA CAM 6: Fitch Affirms B Rating on Class B Tranche
----------------------------------------------------
Fitch Ratings has affirmed three Spanish RMBS TdA CAM transactions.
The Outlooks are Stable.
DEBT RATING PRIOR
---- ------ -----
TDA CAM 6, FTA
Class A3 ES0377993029 LT A+sf Affirmed A+sf
Class B ES0377993037 LT Bsf Affirmed Bsf
TDA CAM 4, FTA
Class A ES0377991007 LT AAAsf Affirmed AAAsf
Class B ES0377991015 LT Asf Affirmed Asf
TDA CAM 5, FTA
Class A ES0377992005 LT AAAsf Affirmed AAAsf
Class B ES0377992013 LT BBBsf Affirmed BBBsf
TRANSACTION SUMMARY
The transactions comprise fully amortising residential mortgages
serviced by Banco de Sabadell S.A. (BBB-/Stable/F3).
KEY RATING DRIVERS
Counterparty Risks Cap Ratings
TdA CAM 4 class B notes' rating is capped at the issuer account
bank's deposit rating (Societe Generale S.A., A-/Stable/F1, deposit
rating A), as the main source of structural credit enhancement (CE)
for the notes is a reserve fund (RF) held at the account bank. The
rating cap reflects the excessive counterparty dependence on the
SPV account bank holding the cash reserves, as the sudden loss of
these amounts could imply a downgrade of 10 or more notches of the
notes in accordance with Fitch's Structured Finance and Covered
Bonds Counterparty Rating Criteria.
Fitch views the payment interruption risk for TdA CAM 6 as being
insufficiently mitigated because the available liquidity source
(RF) has been volatile and may be depleted in case of performance
deterioration. In the event of the RF amortising to its absolute
floor, it could be insufficient to cover senior fees, net swap
payments and senior notes' interest in a servicer disruption. The
notes' maximum achievable rating is 'A+sf', in line with Fitch's
Structured Finance and Covered Bonds Counterparty Rating Criteria.
Resilient to Coronavirus Additional Stresses
The rating affirmations with Stable Outlooks reflect Fitch's view
that the securitisation notes are sufficiently protected by CE and
excess spread to absorb the additional projected losses driven by
the coronavirus pandemic, which are producing an economic recession
and increased unemployment in Spain. Fitch also considered a
downside coronavirus scenario for sensitivity purposes whereby a
more severe and prolonged period of stress is assumed, which
accommodates a further 15% increase to the portfolio weighted
average foreclosure frequency (WAFF) and a 15% decrease to the WA
recovery rates (WARR).
Fitch expects structural CE to continue increasing in the short
term for all transactions given the prevailing sequential
amortisation of the notes. However, the CE ratio for the senior and
junior notes of TdA CAM 6 could reduce in the medium term if
performance triggers are met, allowing the RF to amortise to its
absolute floor. Fitch views these CE trends as sufficient to
withstand the current rating stresses.
Low Payment Holidays Take-up
Fitch does not expect the Covid-19 emergency-support measures
introduced by the Spanish government and banks for vulnerable
borrowers to negatively affect the SPV's liquidity position. This
is because of the low take-up rate on payment holidays that range
between 4.2% (TdA CAM 6) and 4.8% (TdA CAM 4) of the loan
portfolios as of February 2021. As a result Fitch views the current
and projected liquidity sources as sufficiently robust to offset
Covid-19 related liquidity stress.
TDA CAM 6, FTA has an Environmental, Social and Governance (ESG)
Relevance Score of '5' for "Transaction & Collateral Structure" due
to payment interruption risk not being mitigated by the expected RF
volatility.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- TdA CAM 4 and TdA CAM 5 class A notes are rated at the highest
level on Fitch's scale and therefore cannot be upgraded.
-- For TdA CAM 4 class B notes, an upgrade of the SPV account
bank's long-term deposit rating (DR) could trigger a
corresponding upgrade of the notes. This because the notes'
rating is capped at the bank rating by excessive counterparty
risk.
-- For TdA CAM 6 class A notes, improved liquidity protection
against a servicer disruption event. This because the rating
is capped at 'A+sf' by unmitigated payment interruption risk.
-- For TdA CAM 5 and TdA CAM 6 junior notes, increase in CE as
the transactions deleverage to fully compensate for the credit
losses and cash flow stresses that are commensurate with
higher rating scenarios, all else being equal.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- For TdA CAM 4 and TdA CAM 5 class A notes, a downgrade to
Spain's Long-Term Issuer Default Rating (IDR) lowering the
maximum achievable rating for Spanish structured finance
transactions. This, because the class A notes are capped at
the 'AAAsf' maximum achievable rating in Spain, six notches
above the sovereign IDR.
-- For TdA CAM 4 class B notes, a downgrade of the SPV account
bank's Long-Term DR could trigger a corresponding downgrade of
the notes. This, because the notes' rating is capped at the
bank rating by excessive counterparty risk.
-- For TdA CAM 5's class A notes, a weaker liquidity position due
to large take-ups on mortgage payment moratoriums and new
defaults as a consequence of the coronavirus crisis exposing
the transaction to payment interruption risk in the event of
servicer distress. In such a scenario, the notes would be
downgraded to 'A+sf'.
-- A longer-than-expected coronavirus crisis that erodes
macroeconomic fundamentals and the mortgage market in Spain
beyond Fitch's current base case and downside sensitivities.
CE ratios unable to fully compensate the credit losses and
cash flow stresses associated with the current ratings
scenarios, all else being equal.
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
pools and the transactions. 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.
Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. The subsequent performance of the transactions 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.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
TdA CAM 4's class B notes are capped at the issuer account bank 's
deposit rating because the notes are exposed to excessive
counterparty risk.
ESG CONSIDERATIONS
TDA CAM 6, FTA has an Environmental, Social and Governance (ESG)
Relevance Score of '5' for "Transaction & Collateral Structure" due
to payment interruption risk not being mitigated by expected RF
volatility. This has a negative impact on the credit profile, and
is highly relevant to the rating, resulting in a maximum achievable
rating of 'A+sf' for this transaction.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
===========================
U N I T E D K I N G D O M
===========================
BERKELEY BURKE: Sipp Victims Face Reduced Payments Due to Delays
----------------------------------------------------------------
Gary Thompson at The Sunday Times reports that the compensation
bill for failed pensions investments is expected to hit GBP1
billion by next year but many victims face reduced payments because
of delays in dealing with complaints.
According to The Sunday Times, the Financial Services Compensation
Scheme has so far paid out GBP695 million in claims relating to
mis-sold Sipps (self-invested pension plans). The deluge of
complaints has been sparked by a landmark decision by the ombudsman
in 2017 in favour of a complaint against the Berkeley Burke Sipp,
which was upheld by the High Court in October 2018, The Sunday
Times notes.
This held Sipp providers liable for losses incurred by toxic
investments held inside the pensions, The Sunday Times states.
The decision was reinforced by a ruling last month by the Court of
Appeal, which sided with a claimant against the Sipp provider, The
Sunday Times recounts.
FERGUSON MARINE: Posts GBP10MM Loss Following Nationalization
-------------------------------------------------------------
BBC News reports that nationalized shipyard tasked with delivering
two ferries recorded a GBP100 million loss in the first few months
it was under Scottish government ownership.
Ferguson Marine (Port Glasgow) Holdings Ltd was nationalized in
August 2019 after it went into administration, BBC recounts.
The firm went bust amid delays, cost overruns and recriminations
over an order for two CalMac ferries, BBC discloses.
The turnaround director appointed by the government insisted the
losses were due to "accounting matters", BBC notes.
Ferguson Marine was contracted to deliver two vessels for CalMac
for GBP97 million, with an initial completion date set for 2018 but
the work has seen repeated delays and overspending, according to
BBC.
Companies House accounts published on April 28 show that Ferguson
Marine reported a GBP100 million comprehensive loss between August
12, 2019, and March 31, 2020, BBC relays.
However, in a letter to a government committee in March, Ferguson
Marine director Tim Hair said the loss did not reflect the
performance of the Inverclyde shipyard, BBC notes.
According to BBC, he said it was based on "the auditor's view of
the contractual arrangements in place at the time the shipyard was
brought into public ownership".
He said that as a result of contractual changes "the reported loss
will not be realised and will therefore be reversed in the accounts
for the year ending March 31, 2021, which will show a corresponding
profit".
He added: "Both the 2020 loss and the 2021 profit are simply
accounting matters that are not reflective of the underlying
performance of the shipyard, and do not have any impact on the
estimated costs to complete the ferries."
He said the total costs of remedial work to complete the vessels
were unchanged at between GBP110.3 million and GBP114.3 million,
BBC notes.
FERROGLOBE PLC: Moody's Alters Outlook on Caa1 CFR to Stable
------------------------------------------------------------
Moody's Investors Service upgraded to Caa1-PD from Ca-PD the
probability of default rating of Ferroglobe PLC. Concurrently,
Moody's affirmed the company's Caa1 corporate family rating and the
Caa2 instrument rating on its $350 million guaranteed senior
unsecured notes due in March 2022. The outlook on all ratings has
been changed to stable from negative.
RATINGS RATIONALE
The upgrade of Ferroglobe's PDR to Caa1-PD from Ca-PD follows the
company's announcement on April 21, 2021 of a successful conclusion
of the consent process with holders of the $350 million guaranteed
senior unsecured notes due March 2022 under the lock-up agreement
the company had entered into on March 27, 2021. This allows the
execution of the planned debt restructuring transaction in line
with the terms communicated by the company on March 28, 2021.
Moody's previously indicated that the execution of this transaction
would likely be considered a distressed exchange and that the
rating agency would therefore likely append the "LD" designation to
the PDR at the closing of the transaction. However, (i) because
there is no immediate loss for the existing noteholders, (ii)
Ferroglobe being able to avoid a scheme of arrangement, and (iii)
due to the improving operating performance in a more supportive
market environment, Moody's now does not necessarily consider the
transaction as a means for Ferroglobe to avoid a disorderly default
on its current debt structure. Accordingly, the rating agency does
not consider the transaction a distressed exchange.
The transaction entails the exchange of around 96% of the notional
of the existing $350 million guaranteed senior unsecured notes at
par with new senior secured notes with maturity in December 2025.
Current noteholders shall also receive up to 3.75% of the equity in
Ferroglobe. Moody's expects the remaining 4% of the existing senior
unsecured notes to be redeemed at maturity. The transaction also
foresees the issuance of a new $60 million super-senior secured
loan maturing in June 2025 and $40 million of equity increase. By
extending Ferroglobe's maturity profile and providing net $74
million (after deducting transaction-related costs of $26 million)
of new liquidity, the transaction removes the substantial
refinancing risk and improves Ferroglobe's liquidity position.
Ferroglobe's 2020 results published on March 1, 2021 confirmed that
the company achieved a turnaround in terms of reported adjusted
EBITDA generation which turn positive to the tune of $33 million in
2020 compared with a loss of $29 million in 2019. Moody's continues
to project that the company will further improve its profitability
over the next few quarters driven by ongoing cost reductions and
slowly recovering product prices.
Despite the envisaged strengthened liquidity as a result of the
transaction, Moody's continues to consider Ferroglobe's credit
quality as commensurate with the current Caa1 CFR. While, the
exchange of the notes addresses the large March 2022 debt maturity
issue, it does not lower the company's overall debt quantum.
Nevertheless, the execution of the transaction, the company's
turnaround plan published on February 1, 2021 alongside more
tangible signs of an improving market environment have reduced the
negative rating pressure.
LIQUIDITY
Ferroglobe's liquidity remains weak despite the materially improved
debt maturity profile driven by the exchange of the $350 million
guaranteed notes. As of December 2020, the company reported
unrestricted cash and cash equivalents of $102.7 million.
Ferroglobe had utilized $27.2 million under the $100 million North
American Asset-Based Loan (ABL) revolver. However, the remaining
$72.8 million might not be fully available as additional
utilisation requires to pledge sufficient receivables and
inventories as collateral. In addition, Ferroglobe has access to a
factoring agreement which replaced the previous receivable
securitisation programme in October 2020.
Although the exchange of the notes alongside the injection of fresh
capital improves Ferroglobe's liquidity to some extent, Moody's
still considers the company's liquidity position as weak due to the
expected significant cash outflow of around $100 million in 2021
related to the turnaround initiatives.
STRUCTURAL CONSIDERATIONS
Ferroglobe's unsecured notes due March 2022 are rated Caa2, one
notch below the CFR. This reflects the expected exchange at par
contemplated by the planned transaction, as well as the
subordinated ranking of the notes with respect to the $100 million
North American ABL revolver.
RATIONALE FOR OUTLOOK
The stable outlook reflects the material improvement of
Ferroglobe's debt maturity profile upon completion of the debt
restructuring process as well as Moody's expectation that the
capital injections related to the debt restructuring transaction
will enable the company to fund the cash needs of its operations
for the next 12-18 months. The stable outlook also reflects more
tangible signs of a recovery of Ferroglobe's operating performance
driven by improving market conditions and cost efficiency
measures.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Positive pressure on the ratings could develop if the company:
Improves its operating profitability and credit metrics with
Moody's-adjusted gross debt/EBITDA falling to less than 6.0x and
positive free cash flow (FCF) generation on a sustained basis
further improves its liquidity position such that it can be
considered adequate
The ratings could be downgraded in case of a renewed market
downturn, preventing further meaningful recovery in the company's
profitability in the next twelve months. In particular, a downgrade
could be triggered if its Moody's-adjusted gross debt/EBITDA
remains above 8.0x for a prolonged period.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.
COMPANY PROFILE
Headquartered in London, Ferroglobe PLC is a leading producer of
silicon metal and silicon/manganese alloys, with revenue of $1.1
billion in 2020. Ferroglobe, which is 54% owned by Grupo Villar
Mir, S.A.U. (Grupo Villar Mir), was formed in December 2015 through
the combination of the Europe-based Ferroatlántica, a subsidiary
of the Spanish Villar Mir industrial conglomerate, and the US-based
competitor Globe Specialty Metals Inc. The company is listed on the
NASDAQ and had a market capitalisation of $0.6 billion as of April
22, 2021.
FOOTBALL INDEX: UK Government Launches Probe Into Collapse
----------------------------------------------------------
Consultancy.uk reports that the UK Government has announced that
Football Index will now face a public investigation into its
collapse.
The news comes after sports news service The Athletic revealed how
the firm gave a rosy picture of its finances until the dramatic
collapse, and spoke to multiple whistle-blowers about life working
for the chaotic firm, Consultancy.uk notes.
According to Consultancy.uk, the UK Government announced a review
looking into Football Index, and gambling watchdog the UK Gambling
Commission, which has come under fierce criticism following reports
of advance warnings about the platform's stability.
Football Index was a UK-licensed and regulated gambling product
that allowed customers to gamble on both the future success of
football players and the rules of the platform itself.
Customers purchased imaginary shares for the chance to win daily
pay-outs calculated based on player performance on match days, and
their presence in the platform's Media Rankings, which paid out on
the top trending footballers each day.
Launched in 2015, it soon became a fixture of the sports betting
sector and was a sponsor of Queens Park Rangers and Nottingham
Forest football teams. It's rapid ascent pales in comparison to its
sudden fall from grace, however. Having suffered a crash after a
reduction in dividend payments earlier in 2021, the company
appointed administrators in March, leaving some users facing the
loss of thousands of pounds as a result, Consultancy.uk recounts.
Richard Toone, Adrian Hyde and Adrian Rabet from Begbies Traynor
been appointed joint administrators of BetIndex, which trades as
Football Index in the UK following a High Court order,
Consultancy.uk relays. At the time, players were estimated to have
up to GBP58 million in plays at stake, according to
Consultancy.uk.
MCCLURE SOLICITORS: Jones Whyte Buys Firm Out of Administration
---------------------------------------------------------------
Ian McConnell at The Herald reports that eighty-four jobs have been
saved with the purchase of the goodwill, work-in-progress and
certain assets of 168-year-old McClure Solicitors, after the
Scottish law firm fell into administration amid the coronavirus
pandemic.
According to The Herald, the acquisition has been made by
fast-growing legal practice Jones Whyte.
Jones Whyte said on April 29 that the transaction sees the existing
partners and staff of McClure Solicitors, comprising 84 people,
transferring to it with immediate effect, The Herald relates. It
noted 13 "satellite offices" of McClure Solicitors would close.
Jones Whyte added that the offices of McClure Solicitors in Glasgow
and Greenock would be "retained in the short term".
The deal was announced following the appointment of Tom MacLennan
and Chad Griffin, partners with FRP, as joint administrators of
McClure Solicitors, The Herald notes.
FRP, as cited by The Herald, said: "The pandemic had a significant
impact on the operating model, resulting in the firm entering
administration in late April 2021." It added that McClure
Solicitors had "expanded in recent years by opening two additional
satellite offices in Scotland", in Edinburgh and Aberdeen, and "11
satellite offices in England".
"We are delighted that Jones Whyte has agreed to acquire the
assets, goodwill and work-in-progress of McClure Solicitors, thus
ensuring continuity of client service, the preservation of
employment and the safeguarding of client funds," The Herald quotes
Mr. MacLennan as saying.
Founded in 1853 in Greenock, McClure Solicitors specialised in
private client work, such as wills, estate and wealth planning,
trusts, conveyancing, and inheritance planning.
VIRGIN ACTIVE: Landlords Oppose Restructuring Plan
--------------------------------------------------
Bonnie Eslinger at Law360 reports that landlords objecting to
Virgin Active's proposed restructuring suggested on April 29 they
weren't invited to the negotiating table because they were the
"lunch" as the gym chain seeks to use a new insolvency tool to
force objecting creditors to accept the plan.
April 29 marked the start of a four-day High Court hearing for an
application from three Virgin Active units for court approval of
the arrangement, which they say will prevent the business from
going into administration, Law360 notes. The gym operator has told
the court it is facing mounting financial troubles due to the
impact of the COVID-19 pandemic and could run out of money by May,
Law360 relates.
According to Law360, a group of landlords -- including British
Land, Land Securities, Knight Frank and Aberdeen Standard units --
are challenging the plan, claiming they are being unfairly treated
under the scheme compared to secured creditors and shareholders.
Virgin Active Chief Executive Matthew Bucknall was cross-examined
on April 29 by Robin Dicker QC of South Square, acting for the ad
hoc group of landlords, Law360 relays.
"If you're not at the table, that's because you're lunch," Mr.
Dicker said to the executive. "That's essentially how the
landlords were regarded in this process isn't it?"
The lawyer for the landlords said the deal now before the court was
a compromise reached between Virgin Active's shareholders and the
company's lenders, Law360 notes.
Mr. Bucknall said the solution will save the company, according to
Law360.
"We were running out of cash, but those shareholders had nothing to
do with the landlord negotiations at all," Law360 quotes the Virgin
Active executive as saying. "They were putting in what we felt was
the maximum that we could get from the shareholders and then we
looked at the other stakeholders."
The landlords' lawyer also asked Mr. Bucknall why Virgin Active was
seeking approval for its plan under a new insolvency process put
into law in June 2020 that allows a restructuring plan to be
imposed on a dissenting class of creditors, Law360 recounts.
The executive said the landlords were not expected to go along with
a company voluntary arrangement, according to an analysis done by
Virgin Active's advisers with Deloitte, Law360 notes.
According to Law360, the lawyer for the landlords noted that under
a company voluntary arrangement, the secured creditors would not be
given a vote as they are under the new restructuring tool.
In written submissions to the court, Virgin Active Holdings Ltd.,
Virgin Active Ltd. and Virgin Active Health Clubs Ltd., argue that
the small group of landlords have not proposed an viable
alternative to the plan before the court and suggest that they are
taking a stand in this case to prevent similar restructuring plans
from other companies under the new Part 26A of the U.K.'s Companies
Act 2006, Law360 relays.
Virgin Active was given a go-ahead from the court back on April 1
to take the planned restructuring to creditors for approval. The
company did not secure the 75% approval needed from the landlords,
according to its written submissions. That's why it's now seeking
the court to sanction the restructuring plan under "cram down"
provisions of the new law.
According to the judge's April 1 ruling, the proposed restructuring
plan includes the capitalization of about GBP350 million (US$483
million) in debts, the waiver or deferral of about GBP24.8 million
in liabilities under licensing arrangements, and the provision of
GBP45 million in loans.
In addition to its debts to secured creditors under a previous
GBP200 million financing deal, Virgin will owe its landlords up to
GBP30 million in unpaid rent arrears by May, the ruling said. The
plan will affect 67 leases relating to 45 properties in the U.K.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week April 26 to April 30, 2021
---------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Fuerstenberg Capital I 5.625 EUR 44.445
Casino Guichard Perrac 3.992 EUR 67.940
Casino Guichard Perrac 0.767 EUR 38.774
Rallye SA 4.000 04/02/2021 EUR 28.333
Intralot Capital Luxem 5.250 9/15/2024 EUR 57.610
Obrascon Huarte Lain S 4.750 3/15/2022 EUR 70.500
Mitsubishi UFJ Investo 3.960 12/15/2050 EUR 58.693
PB International BV 7.625 1/26/2022 USD 27.000
Accor SA 0.700 12/07/2027 EUR 55.793
Air France-KLM 0.125 3/25/2026 EUR 15.388
Andrade Gutierrez Inte 9.500 12/30/2024 USD 53.484
Naviera Armas SA 6.500 7/31/2023 EUR 60.240
Orient Express Bank PJ 10.000 USD 30.750
Mallinckrodt Internati 5.750 08/01/2022 USD 74.250
VIC Properties SA 3.000 5/28/2025 EUR 70.000
Distribuidora Internac 0.875 04/06/2023 EUR 67.298
BNP Paribas SA 7.625 USD 99.963
Norwegian Air Shuttle 7.250 11/11/2022 EUR 45.000
Korian SA 0.875 03/06/2027 EUR 57.157
Jain International Tra 7.125 02/01/2022 USD 21.000
FIGEAC-AERO 1.125 10/18/2022 EUR 21.542
Obrascon Huarte Lain S 5.500 3/15/2023 EUR 69.339
Mallinckrodt Internati 4.750 4/15/2023 USD 11.500
Moby SpA 7.750 2/15/2023 EUR 23.557
EYEMAXX Real Estate AG 5.500 4/26/2023 EUR 71.390
O1 Properties Finance 0.500 9/27/2028 USD 14.000
Rallye SA 4.371 1/23/2023 EUR 28.000
Voltalia SA 1.000 1/13/2025 EUR 33.251
Quadient SA 3.375 EUR 57.735
HOCHDORF Holding AG 2.500 CHF 53.080
Cooperativa Muratori & 6.000 2/15/2023 EUR 2.880
Biocartis Group NV 4.000 05/09/2024 EUR 70.044
Neoen SA 2.000 06/02/2025 EUR 58.060
Econocom Group SA/NV 0.500 03/06/2023 EUR 7.327
Wirecard AG 0.500 09/11/2024 EUR 9.006
Cooperativa Muratori & 6.875 08/01/2022 EUR 2.596
Officine Maccaferri-Sp 5.750 06/01/2021 EUR 35.515
Pierre Et Vacances SA 2.000 04/01/2023 EUR 29.226
Nexity SA 0.125 01/01/2023 EUR 65.615
Nostrum Oil & Gas Fina 8.000 7/25/2022 USD 23.500
Union Fenosa Preferent 1.113 EUR 70.420
Maisons du Monde SA 0.125 12/06/2023 EUR 44.132
Neoen SA 1.875 10/07/2024 EUR 49.203
Vallourec SA 4.125 10/04/2022 EUR 5.948
Korian SA 2.500 EUR 43.096
Mallinckrodt Internati 5.625 10/15/2023 USD 75.000
Turkey Government Bond 8.000 03/12/2025 TRY 72.800
Naviera Armas SA 4.250 11/15/2024 EUR 60.295
Paper Industries Inter 6.000 03/01/2025 EUR 70.000
Intelsat Jackson Holdi 5.500 08/01/2023 USD 62.000
Valaris plc 7.750 02/01/2026 USD 11.000
Metro Bank PLC 5.500 6/26/2028 GBP 60.617
Rallye SA 3.250 02/08/2024 CHF 28.007
Koninklijke Luchtvaart 0.750 CHF 25.000
Norwegian Air Shuttle 5.000 02/07/2023 SEK 46.322
Valaris plc 5.200 3/15/2025 USD 11.000
Intu Debenture PLC 5.562 12/31/2027 GBP 46.833
SAS AB 3.406 SEK 71.000
Stockmann OYJ Abp 10.750 EUR 44.750
Intelsat Luxembourg SA 8.125 06/01/2023 USD 8.125
Hurricane Energy PLC 7.500 7/24/2022 USD 50.425
Fuerstenberg Capital E 1.301 EUR 44.333
Rallye SA 5.250 02/01/2022 EUR 27.929
Genfit 3.500 10/16/2025 EUR 19.177
Scandinavian Airlines 0.625 CHF 23.261
Wasps Finance Plc 6.500 5/13/2022 GBP 70.299
Travelex Financing PLC 8.000 5/15/2022 EUR 1.588
Mallinckrodt Internati 5.500 4/15/2025 USD 75.000
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.836
Nexity SA 0.250 03/02/2025 EUR 69.151
Cabonline Group Holdin 7.500 12/09/2022 SEK 80.583
Lambay Capital Securit 6.250 GBP 0.082
Debenhams PLC 5.250 7/15/2021 GBP 1.751
Valaris plc 5.750 10/01/2044 USD 10.875
Abengoa Abenewco 2 Bis 1.500 4/26/2024 EUR 0.982
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.782
ADLER Real Estate AG 2.500 7/19/2021 EUR 13.937
Swissport Investments 6.750 12/15/2021 EUR 0.942
Intelsat Jackson Holdi 8.500 10/15/2024 USD 62.938
Norddeutsche Landesban 7.780 EUR 65.547
Galapagos Holding SA 7.000 6/15/2022 EUR 7.498
Linas Matkasse Newco A 8.000 10/09/2022 SEK 55.750
Nostrum Oil & Gas Fina 7.000 2/16/2025 USD 20.759
Air Berlin PLC 8.250 4/19/2018 EUR 0.895
EOS Imaging SA 6.000 5/31/2023 EUR 6.765
Rallye SA 4.000 11/23/2020 CHF 28.200
Intelsat Jackson Holdi 9.750 7/15/2025 USD 63.438
Swissport Investments 9.750 12/15/2022 EUR 45.679
Hellenic Republic Gove 2.085 7/25/2057 EUR 50.375
Offshore Drilling Hold 8.375 9/20/2020 USD 9.624
Privatbank CJSC Via UK 10.250 1/23/2018 USD 30.002
Rallye SA 3.400 1/31/2022 EUR 28.961
Dexia Credit Local SA 1.187 EUR 3.143
Yell Bondco PLC 8.500 05/02/2023 GBP 40.054
EA Partners II BV 6.750 06/01/2021 USD 44.000
Valaris plc 4.875 06/01/2022 USD 7.027
Air Berlin PLC 6.750 05/09/2019 EUR 0.259
Hema Bondco II BV 8.500 1/15/2023 EUR 0.122
Virgolino de Oliveira 10.500 1/28/2018 USD 0.949
Avangardco Investments 10.000 10/29/2018 USD 1.500
Bank Otkritie Financia 10.000 4/26/2019 USD 9.539
UkrLandFarming PLC 10.875 3/26/2018 USD 2.886
Valaris plc 8.000 1/31/2024 USD 11.000
Mitsubishi UFJ Investo 3.700 12/30/2099 EUR 5.969
Santhera Pharmaceutica 5.000 2/17/2022 CHF 39.609
Intelsat Connect Finan 9.500 2/15/2023 USD 36.000
Stichting Afwikkeling 6.250 10/26/2020 EUR 5.365
Eramet SA 4.000 EUR 63.346
Stobart Finance PLC 2.750 05/08/2024 GBP 65.000
Valaris plc 4.500 10/01/2024 USD 3.980
EA Partners I BV 6.875 9/28/2020 USD 0.774
Valaris plc 4.700 3/15/2021 USD 11.000
HI Bidco AS 8.480 1/30/2023 NOK 69.087
BAT International Fina 2.250 09/09/2052 GBP 74.157
Societe Centrale des B 2.500 5/15/2023 EUR 6.880
FF Group Finance Luxem 3.250 11/02/2021 CHF 9.769
FF Group Finance Luxem 1.750 07/03/2019 EUR 5.304
Claranova SADIR 5.000 07/01/2023 EUR 1.110
Deutsche Bank AG 2.652 6/28/2033 USD 70.530
Vseukrainsky Aktsinern 10.900 6/14/2019 USD 1.056
Intelsat Luxembourg SA 7.750 06/01/2021 USD 5.000
WD Invest Sarl 1.900 10/02/2024 EUR 8.375
Catena Media PLC 7.984 SEK 64.164
Banco Espirito Santo S 7.125 11/28/2023 EUR 0.096
Rickmers Holding AG 8.875 06/11/2018 EUR 0.766
Mallinckrodt Internati 5.750 08/01/2022 USD 65.250
Lehman Brothers UK Cap 5.125 EUR 7.919
Thomas Cook Finance 2 3.875 7/15/2023 EUR 1.024
Joh Friedrich Behrens 6.250 6/18/2024 EUR 43.028
Stichting Afwikkeling 11.250 EUR 1.210
DOF Subsea AS 9.500 3/14/2022 USD 25.172
OGX Austria GmbH 8.375 04/01/2022 USD 0.001
Andrade Gutierrez Inte 9.500 12/30/2024 USD 53.484
CNP Assurances 2.000 EUR 50.005
Joh Friedrich Behrens 7.750 11/11/2020 EUR 44.160
Privatbank CJSC Via UK 11.000 02/09/2021 USD 9.042
Grupo Isolux Corsan SA 1.000 12/30/2021 EUR 0.267
New World Resources NV 4.000 10/07/2020 EUR 0.912
Havila Shipping ASA 4.880 01/02/2025 NOK 24.631
Rallye SA 1.000 10/02/2020 EUR 27.304
Hamon & CIE SA 3.300 1/30/2025 EUR 44.750
Mallinckrodt Internati 5.500 4/15/2025 USD 74.867
Lehman Brothers UK Cap 3.875 EUR 7.398
OGX Austria GmbH 8.500 06/01/2018 USD 0.001
DOF Subsea AS 8.450 11/27/2023 NOK 25.196
Alno AG 8.500 5/14/2018 EUR 14.770
Bourbon Corp 7.989 EUR 0.273
KTG Agrar SE 7.125 06/06/2017 EUR 2.932
Hellenic Bank PCL 10.000 EUR 46.066
Dexia SA 1.232 EUR 1.351
Agrokor dd 9.875 05/01/2019 EUR 15.000
German Pellets GmbH 7.250 11/27/2019 EUR 0.588
Lehman Brothers UK Cap 6.900 USD 2.745
Mallinckrodt Internati 5.625 10/15/2023 USD 74.940
Espirito Santo Financi 6.875 10/21/2019 EUR 0.301
Valaris plc 7.375 6/15/2025 USD 13.750
Alpine Holding GmbH 6.000 5/22/2017 EUR 1.007
Gamalife - Cia de Segu 2.957 EUR 69.997
JZ Capital Partners Lt 6.000 7/30/2021 GBP 9.050
Yuksel Insaat AS 9.500 11/10/2015 USD 2.495
CBo Territoria 3.750 07/01/2024 EUR 4.700
Alitalia-Societa Aerea 5.250 7/30/2020 EUR 1.699
Virgolino de Oliveira 11.750 02/09/2022 USD 1.545
Cirio Finanziaria SpA 8.000 12/21/2005 EUR 1.375
Senivita Social Estate 2.000 05/12/2025 EUR 9.700
Verimatrix SA 6.000 6/29/2022 EUR 3.951
Cirio Holding Luxembou 6.250 2/16/2004 EUR 0.620
Allied Irish Banks PLC 12.500 6/25/2035 GBP 60.614
Autonomous Community o 2.965 09/08/2039 JPY 71.910
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.006
Immigon Portfolioabbau 5.795 EUR 12.466
Privatbank CJSC Via UK 10.875 2/28/2018 USD 29.749
Abengoa Abenewco 2 Bis 1.500 4/26/2024 USD 0.903
Pongs & Zahn AG 8.500 11/01/2014 EUR 0.002
Banca Popolare di Vice 2.821 12/20/2017 EUR 0.150
Tresu Investment Holdi 5.000 9/29/2022 EUR 28.255
Valaris plc 5.850 1/15/2044 USD 14.000
Valaris plc 5.400 12/01/2042 USD 12.337
Norske Skogindustrier 7.000 12/30/2026 EUR 0.001
Norwegian Air Shuttle 6.375 11/15/2024 USD 50.750
Bilt Paper BV 9.640 USD 1.000
Finmek International S 7.000 12/03/2004 EUR 2.193
Valaris plc 4.750 1/15/2024 USD 14.000
Banca Popolare di Vice 9.500 9/29/2025 EUR 0.049
Banco Espirito Santo S 2.106 EUR 0.100
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.351
Lehman Brothers UK Cap 5.750 EUR 2.225
Virgolino de Oliveira 10.500 1/28/2018 USD 0.949
Manchester Building So 6.750 GBP 30.051
International Industri 9.000 07/06/2011 EUR 0.254
Veneto Banca SpA 9.878 12/01/2025 EUR 0.407
Portugal Telecom Inter 6.250 7/26/2016 EUR 0.175
KCA Deutag UK Finance 9.875 04/01/2022 USD 48.430
Air Berlin PLC 5.625 05/09/2019 CHF 0.513
International Industri 11.000 2/19/2013 USD 0.280
Nostrum Oil & Gas Fina 8.000 7/25/2022 USD 23.299
KCA Deutag UK Finance 9.625 04/01/2023 USD 49.709
Russian Federal Bond - 0.250 7/20/2044 RUB 19.000
Ghelamco Invest 4.500 5/23/2022 EUR 40.000
KPNQwest NV 7.125 06/01/2009 EUR 0.068
Credit Suisse AG/Londo 4.740 6/29/2022 USD 9.900
Kaupthing ehf 7.625 2/28/2015 USD 0.250
Autostrade per l'Itali 2.730 12/10/2038 JPY 28.682
Phones4u Finance PLC 9.500 04/01/2018 GBP 71.750
New World Resources NV 8.000 04/07/2020 EUR 0.036
Praktiker AG 5.875 02/10/2016 EUR 0.069
Kommunekredit 0.500 7/30/2027 TRY 32.432
Cooperatieve Rabobank 0.500 10/30/2043 MXN 14.404
Civitas Properties Fin 4.000 11/24/2022 EUR 47.000
Hellas Telecommunicati 6.054 1/15/2015 USD 0.001
Cooperatieve Rabobank 0.500 10/29/2027 MXN 62.920
Grupo Isolux Corsan SA 6.000 12/30/2021 EUR 0.732
Virgolino de Oliveira 10.875 1/13/2020 USD 32.000
Corporate Commercial B 8.250 08/08/2014 USD 0.308
SpareBank 1 SR-Bank AS 1.207 12/21/2030 EUR 73.990
Cooperatieve Rabobank 0.500 7/30/2043 MXN 14.493
Cooperatieve Rabobank 0.500 1/31/2033 MXN 37.498
ESFIL-Espirito Santo F 5.250 06/12/2015 EUR 1.311
Elli Investments Ltd 12.250 6/15/2020 GBP 52.265
Island Offshore Shipho 2.790 6/30/2021 NOK 2.651
Cirio Finance Luxembou 7.500 11/03/2002 EUR 2.545
Banco Espirito Santo S 6.875 7/15/2016 EUR 20.375
Steilmann SE 6.750 6/27/2017 EUR 2.184
Centrosolar Group AG 7.000 2/15/2016 EUR 2.505
Kaupthing ehf 5.750 10/04/2011 USD 0.250
Offshore Drilling Hold 8.375 9/20/2020 USD 9.624
CRC Breeze Finance SA 6.110 05/08/2026 EUR 30.272
O1 Properties Finance 8.250 9/27/2021 USD 13.569
Waste Italia SpA 10.500 11/15/2019 EUR 0.500
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.510
Del Monte Finance Luxe 6.625 5/24/2006 EUR 4.426
Agrokor dd 9.125 02/01/2020 EUR 15.000
Alno AG 8.000 3/21/2019 EUR 15.250
OGX Austria GmbH 8.375 04/01/2022 USD 0.001
KPNQwest NV 8.875 02/01/2008 EUR 0.068
Norske Skogindustrier 2.000 12/30/2115 EUR 0.113
Bank Nadra Via NDR Fin 8.250 7/31/2018 USD 0.208
MaxFastigheter i Sveri 6.500 SEK 50.104
ML 33 Invest AS 7.500 NOK 61.704
Tennor Finance BV 5.750 6/17/2024 EUR 75.000
Sairgroup Finance BV 4.375 06/08/2006 EUR 0.233
Espirito Santo Financi 3.125 12/02/2018 EUR 1.752
LBI ehf 6.100 8/25/2011 USD 9.904
KCA Deutag UK Finance 7.250 5/15/2021 USD 48.500
Caixa Economica Montep 5.000 EUR 50.000
Banco Espirito Santo S 6.900 6/28/2024 EUR 20.375
UBS AG/London 14.000 07/06/2021 USD 69.760
Breeze Finance SA 6.708 4/19/2027 EUR 28.950
BNG Bank NV 10.010 6/17/2025 TRY 69.465
Intelsat Jackson Holdi 9.750 7/15/2025 USD 73.250
Veneto Banca SpA 6.411 EUR 0.761
Intelsat Jackson Holdi 8.500 10/15/2024 USD 62.375
Pongs & Zahn AG 8.500 EUR 0.002
Steilmann SE 7.000 03/09/2017 EUR 1.429
Grenke Finance PLC 0.819 2/15/2030 EUR 63.553
Chr Bygga Bostader Hol 9.000 07/05/2021 SEK 50.000
Stichting Afwikkeling 6.625 5/14/2018 EUR 5.375
Solstad Offshore ASA 3.900 9/24/2021 NOK 4.666
Bulgaria Steel Finance 12.000 05/04/2013 EUR 0.216
Hellas Telecommunicati 8.500 10/15/2013 EUR 0.540
Windreich GmbH 6.500 7/15/2016 EUR 4.315
Rena GmbH 7.000 12/15/2015 EUR 2.096
Alpine Holding GmbH 5.250 07/01/2015 EUR 1.007
REM Saltire AS 7.200 6/30/2021 NOK 51.679
Manchester Building So 8.000 GBP 34.667
KTG Agrar SE 7.250 10/15/2019 EUR 2.932
KPNQwest NV 10.000 3/15/2012 EUR 0.068
Abengoa Abenewco 2 Bis 1.500 4/26/2024 USD 1.315
AKB Peresvet ZAO 0.510 08/04/2034 RUB 36.860
Decipher Production Lt 12.500 9/27/2019 USD 1.500
Sairgroup Finance BV 6.625 10/06/2010 EUR 0.233
Agrokor dd 8.875 02/01/2020 USD 15.000
Saleza AS 9.000 07/12/2021 EUR 0.203
Naviera Armas SA 4.250 11/15/2024 EUR 60.805
Turkey Government Bond 11.700 11/13/2030 TRY 73.250
Phosphorus Holdco PLC 10.000 04/01/2019 GBP 0.613
Finance and Credit Ban 9.250 1/25/2019 USD 0.257
Mox Telecom AG 7.250 11/02/2017 EUR 1.354
SiC Processing GmbH 7.125 03/01/2016 EUR 2.614
Alpine Holding GmbH 5.250 06/10/2016 EUR 1.007
Depfa Funding III LP 0.040 EUR 37.034
Veneto Banca SpA 6.950 2/25/2025 EUR 0.407
Officine Maccaferri-Sp 5.750 06/01/2021 EUR 35.515
Erotik-Abwicklungsgese 7.750 07/09/2019 EUR 0.779
La Veggia Finance SA 7.125 11/14/2004 EUR 0.287
WPE International Coop 10.375 9/30/2020 USD 4.922
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.782
OGX Austria GmbH 8.500 06/01/2018 USD 0.001
Cattles Ltd 8.125 07/05/2017 GBP 0.027
Hema Bondco II BV 8.500 1/15/2023 EUR 0.122
Aralco Finance SA 10.125 05/07/2020 USD 0.934
KCA Deutag UK Finance 9.875 04/01/2022 USD 48.083
German Pellets GmbH 7.250 07/09/2018 EUR 0.588
Banco Espirito Santo S 2.286 EUR 0.235
Windreich GmbH 6.500 03/01/2015 EUR 4.315
Credit Suisse AG/Londo 20.000 11/29/2024 USD 11.890
Dr Wiesent Sozial gGmb 7.000 EUR 0.020
Deutsche Bank AG 0.687 10/11/2049 EUR 72.814
Yell Bondco PLC 8.500 05/02/2023 GBP 40.309
Turkiye Ihracat Kredi 12.540 9/14/2028 TRY 72.225
KCA Deutag UK Finance 7.250 5/15/2021 USD 48.417
SFO Akkord Finans 10.000 02/12/2024 RUB 61.540
Barclays Bank PLC 0.350 05/06/2022 USD 9.865
Banco Santander SA 1.860 EUR 2.117
Deutsche Bank AG/Londo 13.750 6/20/2026 TRY 66.765
Lehman Brothers Treasu 5.220 03/01/2024 EUR 0.100
SAS AB 4.407 SEK 37.652
Espirito Santo Financi 9.750 12/19/2025 EUR 1.134
Agrokor dd 9.875 05/01/2019 EUR 15.000
KCA Deutag UK Finance 9.625 04/01/2023 USD 49.709
Portugal Telecom Inter 5.242 11/06/2017 EUR 0.694
MS Deutschland Beteili 6.875 12/18/2017 EUR 1.920
BOA Offshore AS 0.409 7/17/2047 NOK 7.396
Sidetur Finance BV 10.000 4/20/2016 USD 2.749
Gold-Zack AG 7.000 12/14/2005 EUR 11.030
Intelsat Connect Finan 9.500 2/15/2023 USD 28.000
Virgolino de Oliveira 10.875 1/13/2020 USD 32.000
Rena GmbH 8.250 07/11/2018 EUR 2.096
German Pellets GmbH 7.250 04/01/2016 EUR 0.588
AKB Peresvet ZAO 0.510 2/14/2032 RUB 11.000
Swissport Investments 9.750 12/15/2022 EUR 45.679
Uppfinnaren 1 AB 11.000 SEK 40.000
International Finance 0.500 6/29/2027 ZAR 63.210
Russian Post FGUP 2.750 12/06/2023 RUB 70.000
Intralot Capital Luxem 5.250 9/15/2024 EUR 56.034
Credit Suisse AG/Londo 5.000 3/29/2023 USD 9.610
Promsvyazbank PJSC 2.500 9/29/2029 RUB 67.120
Havila Shipping ASA 4.130 01/02/2025 NOK 49.964
Ideal Standard Interna 11.750 05/01/2018 EUR 0.050
Paper Industries Inter 6.000 03/01/2025 EUR 70.000
Credit Agricole Corpor 5.400 1/31/2028 BRL 73.571
Stichting Afwikkeling 2.207 EUR 1.210
Stichting Afwikkeling 8.450 8/20/2018 USD 5.375
Air Berlin Finance BV 8.500 03/06/2019 EUR 0.510
Getin Noble Bank SA 5.250 4/29/2024 PLN 50.146
Ahtium PLC 4.000 12/16/2015 EUR 0.586
SAir Group 6.250 10/27/2002 CHF 12.625
Vneshprombank Ltd Via 9.000 11/14/2016 USD 0.078
AKB Peresvet ZAO 0.510 6/23/2021 RUB 53.590
Top Gun Realisations 7 8.000 07/01/2023 GBP 1.476
Nostrum Oil & Gas Fina 7.000 2/16/2025 USD 23.482
Ahtium PLC 9.750 04/04/2017 EUR 0.768
NTRP Via Interpipe Ltd 10.250 08/02/2017 USD 30.500
Rio Forte Investments 4.750 11/10/2015 EUR 5.720
UniCredit Bank AG 10.300 12/24/2021 EUR 68.030
DZ Bank AG Deutsche Ze 0.490 03/11/2031 EUR 43.346
getgoods.de AG 7.750 10/02/2017 EUR 0.291
Golfino AG 8.000 11/18/2023 EUR 0.010
DekaBank Deutsche Giro 6.000 06/02/2021 EUR 57.110
Depfa Funding II LP 6.500 EUR 60.474
Norske Skogindustrier 7.125 10/15/2033 USD 0.001
Rio Forte Investments 4.000 7/22/2014 EUR 5.859
Moby SpA 7.750 2/15/2023 EUR 23.557
A-TEC Industries AG 8.750 10/27/2014 EUR 0.100
SAir Group 4.250 02/02/2007 CHF 12.625
Deutsche Agrar Holding 7.250 9/28/2018 EUR 1.254
Commerzbank AG 0.085 11/19/2029 EUR 64.718
Solship Invest 1 AS 5.000 12/08/2024 NOK 6.682
Societe Generale SA 8.000 8/18/2021 USD 34.060
Steilmann SE 7.000 9/23/2018 EUR 1.429
Rio Forte Investments 3.900 07/10/2014 USD 5.394
Credit Suisse AG/Londo 6.500 3/28/2022 USD 4.420
City of Predeal Romani 2.500 5/15/2026 RON 61.000
Barclays Bank PLC 2.000 06/12/2029 TRY 31.926
Air Berlin Finance BV 6.000 03/06/2019 EUR 0.315
HSBC Bank PLC 0.500 6/23/2027 MXN 65.005
Espirito Santo Financi 5.050 11/15/2025 EUR 1.230
Deutsche Bank AG/Londo 0.500 10/18/2038 MXN 15.015
Credit Suisse AG/Londo 12.250 02/08/2024 USD 9.750
Gebr Sanders GmbH & Co 8.750 10/22/2018 EUR 9.492
Dolphin Drilling ASA 4.490 8/28/2019 NOK 0.644
Sequa Petroleum NV 5.000 4/29/2020 USD 28.764
Veneto Banca SpA 6.944 5/15/2025 EUR 0.407
Kingdom of Belgium 0.459 7/23/2079 EUR 71.829
Lloyds Bank PLC 0.500 7/26/2028 MXN 59.466
SAir Group 6.250 04/12/2005 CHF 12.625
Barclays Bank PLC 0.500 4/13/2022 USD
Norske Skogindustrier 7.125 10/15/2033 USD 0.001
Pescanova SA 5.125 4/20/2017 EUR 0.319
Pescanova SA 8.750 2/17/2019 EUR 0.319
UBS AG/London 10.250 4/19/2021 EUR 73.950
BNP Paribas Issuance B 6.550 3/28/2025 EUR 64.350
Credit Suisse AG/Londo 6.250 10/31/2025 USD 11.501
Activa Resources AG 0.500 11/15/2021 EUR 1.000
SAir Group 5.500 7/23/2003 CHF 12.625
BLT Finance BV 12.000 02/10/2015 USD 10.500
Galapagos Holding SA 7.000 6/15/2022 EUR 7.498
Lehman Brothers Treasu 1.000 10/05/2035 EUR 0.100
Barclays Bank PLC 5.000 11/01/2029 BRL 65.893
Muehl Product & Servic 6.750 03/10/2005 DEM 0.080
Virgolino de Oliveira 11.750 02/09/2022 USD 1.545
Solon SE 1.375 12/06/2012 EUR 0.544
Societe Generale SA 6.000 05/09/2022 USD 13.950
Leonteq Securities AG/ 5.880 6/16/2021 EUR 16.600
SG Issuer SA 5.000 5/23/2024 EUR 61.930
Golden Gate AG 6.500 10/11/2014 EUR 37.600
Thomas Cook Finance 2 3.875 7/15/2023 EUR 1.024
Lehman Brothers Treasu 0.188 11/02/2035 EUR 0.100
Otkritie Holding JSC 0.010 10/03/2036 RUB 0.010
Swissport Investments 6.750 12/15/2021 EUR 0.942
Bank Otkritie Financia 0.010 9/24/2025 RUB 71.050
Credit Suisse AG/Londo 4.970 4/29/2022 USD 9.900
Zurcher Kantonalbank F 11.000 7/22/2021 CHF 67.350
Banco Espirito Santo S 10.000 12/06/2021 EUR 0.098
AKB Peresvet ZAO 13.000 10/07/2017 RUB 46.500
Danske Bank A/S 5.300 7/15/2023 SEK 45.850
Societe Generale SA 22.000 11/03/2022 USD 58.400
COFIDUR SA 0.100 12/31/2024 EUR 24.050
Bibby Offshore Service 7.500 6/15/2021 GBP 11.500
Intelsat Jackson Holdi 9.750 7/15/2025 USD 73.250
Credit Agricole Corpor 10.320 7/22/2026 TRY 70.737
BRAbank ASA 7.440 NOK 57.933
ECM Real Estate Invest 5.000 10/09/2011 EUR 15.375
UniCredit Bank AG 0.115 11/19/2029 EUR 71.236
SG Issuer SA 0.263 2/20/2025 EUR 19.940
Leonteq Securities AG/ 6.400 11/03/2021 CHF 51.020
Societe Generale SA 12.560 09/08/2023 USD
Cooperativa Muratori & 6.875 08/01/2022 EUR 2.596
Credit Agricole Corpor 10.500 2/16/2027 TRY 71.062
Credito Padano Banca d 3.100 EUR 34.168
New World Resources NV 8.000 04/07/2020 EUR 0.036
SAir Group 2.125 11/04/2004 CHF 12.625
Agrokor dd 8.875 02/01/2020 USD 15.000
Norske Skog Holding AS 8.000 2/24/2023 USD 0.006
Cooperatieve Rabobank 0.500 11/30/2027 MXN 62.901
SALVATOR Vermoegensver 9.500 12/31/2021 EUR 9.250
Leonteq Securities AG 12.500 5/20/2021 CHF 64.860
Tonon Luxembourg SA 9.250 1/24/2020 USD 1.000
Landesbank Hessen-Thue 0.650 10/01/2031 EUR 10.320
Grupo Isolux Corsan SA 0.250 12/30/2018 EUR 0.265
Agrokor dd Via Aquariu 4.921 08/08/2017 EUR 14.625
International Bank of 8.250 10/09/2024 USD 60.375
Windreich GmbH 6.750 03/01/2015 EUR 4.315
Instabank ASA 5.380 3/28/2028 NOK 71.087
Minicentrales Dos SA 0.010 06/06/2047 EUR 67.347
Societe Generale SA 12.000 07/08/2021 USD
Landesbank Baden-Wuert 6.000 8/27/2021 EUR 55.880
Leonteq Securities AG/ 3.350 12/13/2021 EUR 68.630
Santander Consumer Ban 5.280 NOK 61.002
Barclays Bank PLC 1.450 9/24/2038 MXN 31.388
Astana Finance BV 7.875 06/08/2010 EUR 16.000
SG Issuer SA 4.000 7/20/2021 SEK 71.000
Societe Generale SA 6.000 06/06/2022 USD 14.700
BNP Paribas Emissions- 10.000 6/24/2021 EUR 60.000
Phones4u Finance PLC 9.500 04/01/2018 GBP 71.750
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.836
BNP Paribas SA 1.000 1/23/2040 MXN 19.850
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
Espirito Santo Financi 0.352 10/27/2024 EUR 0.300
A-TEC Industries AG 5.750 11/02/2010 EUR 0.100
Instabank ASA 7.380 NOK 48.428
A-TEC Industries AG 2.750 05/10/2014 EUR 0.100
KPNQwest NV 7.125 06/01/2009 EUR 0.068
UniCredit Bank AG 6.600 7/20/2028 EUR 45.780
Landesbank Hessen-Thue 7.000 10/20/2022 EUR 53.810
Metalloinvest Holding 0.010 03/10/2022 RUB 73.160
UkrLandFarming PLC 10.875 3/26/2018 USD 2.886
Credit Agricole Corpor 10.200 08/06/2026 TRY 70.375
Kaupthing ehf 5.750 10/04/2011 USD 0.250
Credit Agricole Corpor 11.190 1/15/2026 TRY 74.476
SAir Group 0.125 07/07/2005 CHF 12.625
Credit Agricole CIB Fi 0.390 12/16/2032 EUR 61.601
Cooperativa Muratori & 6.000 2/15/2023 EUR 2.880
KPNQwest NV 8.875 02/01/2008 EUR 0.068
Cooperatieve Rabobank 0.500 12/29/2027 MXN 62.277
Skandinaviska Enskilda 9.500 7/17/2023 SEK 75.520
SAir Group 5.125 03/01/2003 CHF 12.500
Barclays Bank PLC 2.730 9/27/2024 EUR 71.810
Resa SA/Belgium 1.950 7/22/2036 EUR 50.000
Archer Finance OOO 9.250 3/29/2022 RUB 0.020
Solarwatt GmbH 7.000 11/01/2015 EUR 15.500
LBI ehf 6.100 8/25/2011 USD 9.904
Northland Resources AB 4.000 10/15/2020 NOK 0.271
AlphaNotes ETP Dac 0.010 09/09/2029 USD 68.996
Bulgaria Steel Finance 12.000 05/04/2013 EUR 0.216
Samaratransneft-Termin 17.000 6/20/2021 RUB 32.000
Societe Generale SA 4.500 12/29/2022 USD 4.190
Credit Suisse AG/Londo 8.750 5/20/2021 GBP 63.250
UniCredit Bank AG 5.050 01/11/2022 EUR 35.870
Credit Suisse AG/Londo 8.000 05/04/2021 EUR 74.560
SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000
Santander Consumer Ban 5.280 NOK 60.483
Kaupthing ehf 4.390 10/14/2008 CZK 0.250
SAir Group 2.750 7/30/2004 CHF 12.625
Otkritie Holding JSC 10.000 4/20/2028 RUB 2.440
Credito Padano Banca d 3.100 EUR 33.959
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.351
Mriya Agro Holding PLC 9.450 4/19/2018 USD 4.376
Barclays Bank PLC 0.500 1/28/2033 MXN 35.423
Espirito Santo Financi 5.125 5/30/2016 EUR 1.526
Cooperatieve Rabobank 0.500 8/21/2028 MXN 58.521
HSBC Bank PLC 10.300 12/10/2024 TRY 74.156
Raiffeisen Switzerland 5.500 7/26/2021 EUR 54.580
EFG International Fina 6.130 6/20/2024 EUR 2.990
Skandinaviska Enskilda 8.300 7/17/2023 SEK 73.280
Landesbank Hessen-Thue 5.400 04/05/2023 EUR 47.360
Nordea Bank Abp 4.100 7/20/2023 SEK 51.500
SG Issuer SA 3.000 09/02/2021 EUR 49.090
Credit Suisse AG/Londo 7.250 4/27/2021 EUR 72.610
Privatbank CJSC Via UK 10.875 2/28/2018 USD 29.749
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
Windreich GmbH 6.250 03/01/2015 EUR 4.315
OOO SPV Structural Inv 0.010 09/01/2023 RUB 66.740
Agrokor dd 9.125 02/01/2020 EUR 15.000
Landesbank Baden-Wuert 2.050 7/23/2021 EUR 68.680
Landesbank Hessen-Thue 5.000 02/10/2023 EUR 71.830
Raiffeisen Switzerland 4.000 8/30/2022 CHF 55.490
Credit Suisse AG/Londo 10.250 05/03/2021 CHF 68.440
SG Issuer SA 5.000 07/10/2021 EUR
Getin Noble Bank SA 4.750 5/31/2024 PLN 71.874
Getin Noble Bank SA 4.250 6/28/2024 PLN 59.875
Top Gun Realisations 7 8.000 07/01/2023 GBP 1.476
Bilt Paper BV 9.640 USD 1.000
Heta Asset Resolution 7.500 12/31/2023 ATS 1.994
Lehman Brothers Treasu 14.900 9/15/2008 EUR 0.100
Getin Noble Bank SA 5.250 7/28/2023 PLN 65.059
Kaupthing ehf 9.000 USD 0.122
Pescanova SA 6.750 03/05/2015 EUR 0.319
Societe Generale Effek 3.000 7/22/2022 USD 8.050
SG Issuer SA 2.980 12/28/2021 USD 71.170
Citigroup Global Marke 12.379 11/13/2023 SEK 71.760
Landesbank Hessen-Thue 3.600 08/12/2021 EUR 58.100
Barclays Bank PLC 0.517 05/06/2022 USD 9.950
SG Issuer SA 1.400 12/28/2032 EUR 26.010
UBS AG/London 25.250 08/10/2021 CHF 68.050
Credit Suisse AG/Londo 10.000 1/20/2023 USD 9.780
Bank Julius Baer & Co 10.600 7/22/2021 USD 58.650
Kardan NV 6.325 2/21/2021 ILS 13.860
Bank Julius Baer & Co 9.500 05/07/2021 EUR 70.750
WEB Windenergie AG 4.000 12/17/2025 EUR 0.010
Metalloinvest Holding 0.010 03/07/2022 RUB 70.010
Rosbank PJSC 0.010 4/30/2024 RUB 65.000
Aralco Finance SA 10.125 05/07/2020 USD 0.934
Lehman Brothers Treasu 2.000 3/16/2035 EUR 0.100
Mriya Agro Holding PLC 9.450 4/19/2018 USD 4.376
Minicentrales Dos SA 0.010 06/06/2047 EUR 65.750
Kaupthing ehf 1.588 ISK 0.250
Ideal Standard Interna 11.750 05/01/2018 EUR 0.050
Espirito Santo Financi 5.050 11/15/2025 EUR 0.852
Credit Agricole Corpor 9.450 03/08/2027 TRY 66.519
Lehman Brothers Treasu 6.650 8/24/2011 AUD 0.100
Credit Agricole CIB Fi 7.000 06/12/2023 TRY 75.665
Kaupthing ehf 6.125 10/04/2016 USD 0.250
EYEMAXX Real Estate AG 5.500 9/24/2024 EUR 69.379
Eiendomskreditt AS 2.270 9/17/2029 NOK 71.603
Bank Otkritie Financia 10.000 4/26/2019 USD 9.539
PA Resources AB 13.500 03/03/2016 SEK 0.124
New World Resources NV 4.000 10/07/2020 EUR 0.912
Phosphorus Holdco PLC 10.000 04/01/2019 GBP 0.613
LBI ehf 7.431 USD 0.001
Credit Suisse AG/Londo 0.500 01/08/2026 BRL 63.445
KPNQwest NV 8.125 06/01/2009 USD 0.068
Credit Agricole Corpor 10.200 12/13/2027 TRY 67.955
Norske Skog Holding AS 8.000 2/24/2023 USD 0.006
Lehman Brothers Treasu 5.500 6/22/2010 USD 0.100
HSBC Bank PLC 10.300 12/20/2024 TRY 74.117
LBI ehf 8.650 05/01/2011 ISK 9.375
Credit Agricole Corpor 10.800 3/24/2026 TRY 70.162
Heta Asset Resolution 5.730 12/31/2023 EUR 1.994
Heta Asset Resolution 5.920 12/31/2023 EUR 1.994
Cerruti Finance SA 6.500 7/26/2004 EUR 2.061
Norske Skogindustrier 7.000 12/30/2026 EUR 0.001
UniCredit Bank AG 5.500 07/09/2021 EUR 47.670
DekaBank Deutsche Giro 2.000 11/19/2021 EUR 67.930
Societe Generale SA 4.890 2/16/2023 USD
Leonteq Securities AG/ 2.630 7/30/2021 USD 71.290
TransKomplektHolding O 9.500 11/02/2028 RUB 70.000
SG Issuer SA 5.000 04/02/2024 EUR 58.550
Skandinaviska Enskilda 8.600 7/17/2023 SEK 73.840
Skandinaviska Enskilda 4.400 7/15/2022 SEK 71.045
RENE LEZARD Mode GmbH 7.250 11/25/2017 EUR 1.000
BNP Paribas Issuance B 5.000 11/05/2024 EUR 27.710
Zurcher Kantonalbank F 10.200 08/06/2021 CHF 73.680
SALVATOR Vermoegensver 9.500 EUR 10.800
Derzhava-Garant OOO 7.500 06/12/2030 RUB 0.990
State of Saxony-Anhalt 0.030 07/03/2028 EUR 60.000
Tonon Luxembourg SA 9.250 1/24/2020 USD 1.000
AKB Peresvet ZAO 13.250 4/25/2018 RUB 46.500
Irish Bank Resolution 4.000 4/23/2018 EUR 33.250
Getin Noble Bank SA 4.250 8/30/2024 PLN 68.371
Intelsat SA 4.500 6/15/2025 USD 35.152
Kaupthing ehf 3.750 02/01/2045 USD 0.232
Nota-Bank OJSC 13.500 04/01/2016 RUB 31.500
SAG Solarstrom AG 7.500 07/10/2017 EUR 31.000
Astana Finance BV 9.000 11/16/2011 USD 15.250
Lehman Brothers Treasu 4.050 9/16/2008 EUR 0.100
Lehman Brothers Treasu 7.375 9/20/2008 EUR 0.100
Hellas Telecommunicati 6.054 1/15/2015 USD 0.001
Lehman Brothers Treasu 8.000 10/23/2008 USD 0.100
Credit Agricole Corpor 10.800 3/24/2026 TRY 72.926
Lehman Brothers Treasu 23.300 9/16/2008 USD 0.100
Heta Asset Resolution 0.131 12/31/2023 EUR 1.994
UBS AG/London 13.750 7/26/2021 USD 70.810
Credit Suisse AG/Nassa 7.000 6/22/2021 CHF 55.930
Danske Bank A/S 10.300 07/09/2023 SEK 11.000
Vontobel Financial Pro 5.000 4/13/2021 EUR 58.463
Landesbank Hessen-Thue 5.000 9/21/2023 EUR 72.020
Corner Banca SA 12.200 4/27/2021 CHF 73.560
UBS AG/London 13.500 4/26/2021 USD 66.950
Credit Suisse AG/Londo 8.750 6/23/2021 EUR 70.940
Santander Consumer Ban 5.280 NOK 60.483
Turkey Government Bond 10.500 08/11/2027 TRY 73.000
IT Holding Finance SA 9.875 11/15/2012 EUR 0.255
Petromena ASA 9.750 5/24/2016 NOK 0.607
HSBC Bank PLC 0.500 11/25/2025 BRL 64.266
Heta Asset Resolution 4.350 12/31/2023 EUR 1.994
Northland Resources AB 4.000 10/15/2020 USD 0.271
Banca Popolare di Vice 9.500 10/02/2025 EUR 0.049
Lehman Brothers Treasu 2.875 3/14/2013 CHF 0.100
Lehman Brothers Treasu 4.350 08/08/2016 SGD 0.100
Nutritek International 8.750 12/11/2008 USD 2.089
MIK OAO 15.000 2/19/2020 RUB 13.875
Deutsche Bank AG/Londo 0.500 04/05/2038 MXN 23.347
BNP Paribas SA 0.500 11/16/2032 MXN 27.540
Kaupthing ehf 7.000 7/24/2009 ISK 0.250
Raiffeisen Switzerland 6.800 05/06/2022 EUR 0.020
Landesbank Hessen-Thue 4.000 07/07/2021 EUR 49.480
DekaBank Deutsche Giro 3.000 6/21/2021 EUR 45.840
Societe Generale SA 3.900 3/23/2022 USD 0.890
UBS AG/London 10.000 8/19/2021 CHF 70.750
UniCredit Bank AG 13.000 6/25/2021 EUR 73.650
Zurcher Kantonalbank F 8.000 2/25/2022 CHF 72.140
Leonteq Securities AG 5.000 6/15/2021 CHF 69.600
Credit Suisse AG/Londo 8.500 5/18/2021 EUR 62.250
Zurcher Kantonalbank F 9.250 8/26/2021 CHF 67.900
Landesbank Hessen-Thue 3.350 5/19/2021 EUR 76.700
UBS AG/London 7.000 2/21/2022 EUR 63.800
UBS AG/London 5.500 8/19/2021 EUR 67.300
UBS AG/London 5.750 8/20/2021 EUR 69.800
Societe Generale Effek 29.303 6/25/2021 EUR 66.510
Leonteq Securities AG/ 8.600 07/12/2021 EUR 62.470
UBS AG/London 6.500 8/19/2021 CHF 67.300
Landesbank Hessen-Thue 5.150 6/14/2022 EUR 69.590
BNP Paribas Emissions- 8.500 6/24/2021 EUR 71.740
BNP Paribas Emissions- 9.500 6/24/2021 EUR 71.930
BNP Paribas Emissions- 13.000 6/24/2021 EUR 64.380
BNP Paribas Emissions- 9.000 6/24/2021 EUR 66.980
BNP Paribas Emissions- 7.500 6/24/2021 EUR 73.450
BNP Paribas Emissions- 9.000 6/24/2021 EUR 70.920
BNP Paribas Emissions- 10.000 6/24/2021 EUR 69.610
BNP Paribas Emissions- 12.000 6/24/2021 EUR 72.780
BNP Paribas Emissions- 10.000 6/24/2021 EUR 71.110
BNP Paribas Emissions- 11.000 6/24/2021 EUR 68.680
BNP Paribas Emissions- 12.000 6/24/2021 EUR 67.230
Vontobel Financial Pro 14.500 6/25/2021 EUR 75.250
Vontobel Financial Pro 18.000 6/25/2021 EUR 73.450
Corner Banca SA 15.400 06/02/2021 CHF 71.670
Vontobel Financial Pro 16.000 6/25/2021 EUR 73.910
Vontobel Financial Pro 17.000 6/25/2021 EUR 72.540
Vontobel Financial Pro 19.500 6/25/2021 EUR 72.140
Raiffeisen Schweiz Gen 7.000 7/26/2021 AUD 68.170
BNP Paribas Emissions- 10.000 6/24/2021 EUR 70.430
DekaBank Deutsche Giro 3.400 09/04/2023 EUR 75.990
BNP Paribas Emissions- 9.500 6/24/2021 EUR 71.580
Leonteq Securities AG/ 10.600 7/26/2021 USD 72.270
UBS AG/London 7.500 09/06/2021 CHF 72.400
Leonteq Securities AG 22.300 6/15/2021 EUR 6.240
Leonteq Securities AG 21.800 6/25/2021 CHF 5.680
Leonteq Securities AG/ 4.000 03/03/2022 EUR 34.260
Vontobel Financial Pro 11.000 6/25/2021 EUR 68.179
Landesbank Baden-Wuert 5.700 2/25/2022 EUR 71.730
Landesbank Baden-Wuert 1.200 2/25/2022 EUR 70.000
Landesbank Baden-Wuert 3.700 2/25/2022 EUR 62.780
Landesbank Baden-Wuert 2.800 6/25/2021 EUR 64.880
Citigroup Global Marke 8.050 1/24/2023 EUR 63.570
Erste Group Bank AG 4.350 2/20/2022 EUR 55.450
SG Issuer SA 7.600 1/20/2025 SEK 66.370
UniCredit Bank AG 4.200 2/19/2022 EUR 51.920
DekaBank Deutsche Giro 3.000 8/27/2021 EUR 59.130
Landesbank Hessen-Thue 3.500 03/09/2022 EUR 57.480
UniCredit Bank AG 4.000 3/13/2022 EUR 55.600
Landesbank Hessen-Thue 5.900 03/09/2023 EUR 66.460
EFG International Fina 7.000 2/21/2022 CHF 73.400
Landesbank Hessen-Thue 6.400 03/09/2023 EUR 63.150
Leonteq Securities AG 6.400 5/25/2021 CHF 58.550
Landesbank Hessen-Thue 3.500 07/06/2022 EUR 46.490
Leonteq Securities AG 8.000 06/08/2021 CHF 65.000
UniCredit Bank AG 3.700 6/25/2022 EUR 60.460
UniCredit Bank AG 6.000 12/25/2021 EUR 76.670
Landesbank Hessen-Thue 2.000 6/13/2022 EUR 61.510
UBS AG/London 10.000 8/26/2021 EUR 70.450
Bank Julius Baer & Co 9.500 8/26/2021 CHF 69.050
UBS AG/London 10.750 8/26/2021 CHF 73.800
DZ Bank AG Deutsche Ze 4.300 6/21/2021 EUR 71.510
UBS AG/London 7.000 7/26/2021 EUR 55.400
Credit Suisse AG/Londo 6.000 8/24/2022 CHF 74.970
Credit Suisse AG/Londo 7.500 5/25/2021 CHF 68.480
UBS AG/London 10.250 8/26/2021 CHF 73.800
EFG International Fina 10.000 7/26/2021 EUR 64.480
Landesbank Hessen-Thue 2.300 02/09/2023 EUR 74.110
UniCredit Bank AG 4.130 2/13/2022 EUR 58.260
Landesbank Hessen-Thue 6.500 2/16/2023 EUR 53.850
Societe Generale SA 4.500 12/30/2024 USD 65.180
Societe Generale SA 4.500 12/29/2022 USD 6.100
EFG International Fina 11.500 08/02/2021 USD 60.330
DZ Bank AG Deutsche Ze 5.750 9/22/2021 EUR 74.180
Societe Generale SA 22.000 8/31/2022 USD 73.800
Corner Banca SA 15.000 05/04/2021 CHF 3.580
BNP Paribas Emissions- 8.000 6/24/2021 EUR 73.230
EFG International Fina 14.800 8/19/2021 CHF 67.980
Vontobel Financial Pro 16.500 6/25/2021 EUR 58.334
Landesbank Baden-Wuert 2.200 7/23/2021 EUR 69.190
Landesbank Hessen-Thue 6.000 03/10/2023 EUR 63.670
UniCredit Bank AG 6.000 6/25/2021 EUR 67.570
UniCredit Bank AG 5.400 12/24/2021 EUR 69.230
Landesbank Baden-Wuert 3.500 7/23/2021 EUR 66.130
Raiffeisen Schweiz Gen 5.600 07/12/2021 CHF 45.000
UniCredit Bank AG 7.500 12/24/2021 EUR 53.790
UniCredit Bank AG 10.200 12/24/2021 EUR 70.090
UniCredit Bank AG 4.700 6/25/2021 EUR 72.810
Landesbank Baden-Wuert 2.300 7/23/2021 EUR 67.900
Landesbank Hessen-Thue 4.000 6/16/2022 EUR 55.680
Landesbank Hessen-Thue 5.300 9/23/2022 EUR 45.300
Societe Generale SA 8.000 5/28/2027 USD 44.400
DZ Bank AG Deutsche Ze 3.300 6/21/2021 EUR 73.810
Raiffeisen Schweiz Gen 5.000 12/29/2021 CHF 66.720
Landesbank Baden-Wuert 3.000 6/25/2021 EUR 65.260
UniCredit Bank AG 6.600 12/24/2021 EUR 56.110
UniCredit Bank AG 10.000 6/25/2021 EUR 74.470
UniCredit Bank AG 7.500 6/25/2021 EUR 63.170
Skandinaviska Enskilda 9.020 7/17/2023 SEK 72.110
Corner Banca SA 14.200 8/24/2021 USD 6.610
UniCredit Bank AG 9.100 12/24/2021 EUR 72.640
UniCredit Bank AG 4.100 12/24/2021 EUR 65.500
UniCredit Bank AG 7.600 6/25/2021 EUR 53.280
UniCredit Bank AG 4.400 12/24/2021 EUR 73.430
Landesbank Hessen-Thue 6.700 10/13/2023 EUR 67.750
UniCredit Bank AG 8.700 6/25/2021 EUR 74.550
UniCredit Bank AG 10.700 6/25/2021 EUR 71.250
UniCredit Bank AG 12.100 6/25/2021 EUR 67.600
Zurcher Kantonalbank F 5.000 7/23/2021 EUR 69.980
UniCredit Bank AG 4.400 6/25/2021 EUR 64.550
UniCredit Bank AG 5.400 6/25/2021 EUR 60.220
UniCredit Bank AG 8.900 12/24/2021 EUR 60.090
UniCredit Bank AG 10.100 6/25/2021 EUR 48.040
Landesbank Hessen-Thue 6.200 6/17/2022 EUR 52.860
Landesbank Baden-Wuert 3.000 9/23/2022 EUR 66.000
Landesbank Baden-Wuert 2.650 9/23/2022 EUR 68.240
UBS AG/London 14.250 7/19/2021 USD 66.620
DZ Bank AG Deutsche Ze 5.600 6/23/2021 EUR 69.440
UBS AG/London 7.000 7/19/2021 CHF 53.800
Landesbank Hessen-Thue 2.500 6/21/2021 EUR 68.900
SG Issuer SA 4.000 6/22/2026 EUR 62.320
EFG International Fina 11.400 6/28/2021 USD 50.970
SG Issuer SA 11.170 7/20/2025 SEK 62.000
Credit Suisse AG/Londo 7.000 8/25/2021 EUR 73.750
UBS AG/London 6.250 6/21/2021 CHF 56.800
Vontobel Financial Pro 18.000 6/25/2021 EUR 69.910
Vontobel Financial Pro 13.500 6/25/2021 EUR 67.800
Vontobel Financial Pro 21.000 6/25/2021 EUR 75.660
Vontobel Financial Pro 15.500 6/25/2021 EUR 65.500
Vontobel Financial Pro 22.000 6/25/2021 EUR 74.690
Goldman Sachs & Co Wer 14.000 12/22/2021 EUR 74.150
Goldman Sachs & Co Wer 16.000 12/22/2021 EUR 72.600
Goldman Sachs & Co Wer 19.000 6/23/2021 EUR 68.360
Goldman Sachs & Co Wer 14.000 9/22/2021 EUR 74.070
Goldman Sachs & Co Wer 15.000 7/21/2021 EUR 73.850
Goldman Sachs & Co Wer 18.000 7/21/2021 EUR 69.530
Landesbank Hessen-Thue 5.700 6/16/2022 EUR 57.470
Vontobel Financial Pro 10.500 6/25/2021 EUR 73.340
Vontobel Financial Pro 12.000 6/25/2021 EUR 70.440
Goldman Sachs & Co Wer 18.000 9/22/2021 EUR 69.560
Landesbank Hessen-Thue 5.200 9/30/2022 EUR 46.590
Vontobel Financial Pro 16.500 6/25/2021 EUR 71.330
Vontobel Financial Pro 14.500 6/25/2021 EUR 72.740
Landesbank Baden-Wuert 2.600 2/25/2022 EUR 65.430
Natixis SA 2.500 07/12/2021 EUR 57.090
Leonteq Securities AG 7.600 7/13/2021 CHF 62.260
Landesbank Baden-Wuert 3.050 9/23/2022 EUR 64.900
Landesbank Baden-Wuert 2.850 9/23/2022 EUR 67.800
DekaBank Deutsche Giro 2.550 7/30/2021 EUR 59.540
Landesbank Hessen-Thue 2.750 5/20/2021 EUR 59.100
Bayerische Landesbank 2.000 2/18/2022 EUR 65.200
Landesbank Hessen-Thue 3.500 8/17/2022 EUR 70.550
UniCredit Bank AG 4.300 7/26/2022 EUR 60.980
UniCredit Bank AG 3.650 7/23/2022 EUR 61.050
UniCredit Bank AG 6.400 7/23/2021 EUR 77.010
Bayerische Landesbank 2.000 1/28/2022 EUR 66.360
Credit Suisse AG/Nassa 7.200 07/05/2021 CHF 60.150
UniCredit Bank AG 4.200 7/26/2022 EUR 42.510
UniCredit Bank AG 4.450 7/23/2022 EUR 72.310
UniCredit Bank AG 4.150 7/26/2022 EUR 62.040
Landesbank Hessen-Thue 3.600 7/27/2022 EUR 71.010
SG Issuer SA 4.000 08/02/2021 EUR 65.150
Landesbank Hessen-Thue 4.000 08/03/2022 EUR 64.250
Landesbank Hessen-Thue 5.750 08/03/2023 EUR 68.000
Landesbank Baden-Wuert 3.500 7/23/2021 EUR 65.060
Landesbank Hessen-Thue 7.500 11/03/2023 EUR 63.820
Landesbank Baden-Wuert 2.000 2/25/2022 EUR 73.710
Landesbank Hessen-Thue 4.000 8/18/2021 EUR 54.650
Landesbank Hessen-Thue 5.100 2/17/2023 EUR 58.930
UniCredit Bank AG 4.250 11/21/2021 EUR 43.670
UniCredit Bank AG 4.200 11/21/2021 EUR 58.490
Leonteq Securities AG/ 7.200 10/27/2021 CHF 65.270
Landesbank Hessen-Thue 4.000 11/24/2021 EUR 48.730
UniCredit Bank AG 4.500 1/18/2022 EUR 57.640
Landesbank Hessen-Thue 5.000 11/25/2022 EUR 56.590
Raiffeisen Switzerland 10.500 07/11/2024 USD 19.330
UniCredit Bank AG 3.500 2/13/2023 EUR 50.900
UniCredit Bank AG 3.600 8/23/2021 EUR 49.680
Landesbank Hessen-Thue 5.900 8/25/2023 EUR 36.480
Landesbank Hessen-Thue 4.000 06/08/2022 EUR 53.780
Landesbank Hessen-Thue 4.000 06/08/2022 EUR 58.630
Leonteq Securities AG 8.400 05/11/2021 CHF 60.430
UniCredit Bank AG 3.750 8/23/2021 EUR 56.100
UniCredit Bank AG 3.900 10/24/2021 EUR 50.130
UniCredit Bank AG 4.050 10/24/2021 EUR 66.110
EFG International Fina 6.200 8/16/2021 CHF 74.280
Landesbank Baden-Wuert 2.300 7/22/2022 EUR 63.710
UniCredit Bank AG 3.200 09/10/2022 EUR 57.130
Landesbank Baden-Wuert 2.600 9/24/2021 EUR 62.180
UniCredit Bank AG 3.800 10/24/2021 EUR 58.360
Landesbank Hessen-Thue 6.000 12/01/2022 EUR 46.580
Erste Group Bank AG 5.550 8/30/2022 EUR 54.000
DekaBank Deutsche Giro 3.100 5/28/2021 EUR 45.260
Vontobel Financial Pro 6.700 03/07/2022 EUR 58.150
UniCredit Bank AG 3.250 3/29/2022 EUR 20.350
UniCredit Bank AG 3.600 3/29/2022 EUR 72.080
UniCredit Bank AG 3.750 3/26/2022 EUR 63.200
Landesbank Hessen-Thue 4.000 7/21/2021 EUR 70.840
Landesbank Hessen-Thue 5.650 10/28/2022 EUR 61.380
Landesbank Hessen-Thue 3.000 08/11/2022 EUR 66.730
Landesbank Hessen-Thue 6.250 12/22/2022 EUR 55.490
UniCredit Bank AG 4.450 12/29/2022 EUR 44.850
UniCredit Bank AG 4.300 12/19/2021 EUR 56.430
UniCredit Bank AG 4.700 12/19/2021 EUR 40.670
Landesbank Hessen-Thue 4.400 01/05/2023 EUR 53.170
EFG International Fina 7.000 5/23/2022 EUR 56.980
SG Issuer SA 7.500 1/20/2025 SEK 64.760
UniCredit Bank AG 4.400 12/10/2022 EUR 64.130
UniCredit Bank AG 4.200 12/08/2021 EUR 42.520
Landesbank Hessen-Thue 5.400 11/24/2022 EUR 64.140
Landesbank Baden-Wuert 2.750 3/25/2022 EUR 61.840
Landesbank Baden-Wuert 2.500 3/25/2022 EUR 70.760
Leonteq Securities AG/ 4.200 06/01/2021 CHF 29.110
Landesbank Baden-Wuert 3.100 2/25/2022 EUR 67.930
Raiffeisen Switzerland 4.800 11/23/2023 CHF 58.990
Credit Suisse AG/Londo 6.810 4/29/2022 USD 9.900
BNP Paribas Emissions- 23.000 12/23/2021 EUR 16.360
Leonteq Securities AG/ 3.750 2/20/2023 CHF 64.020
Leonteq Securities AG 27.000 06/02/2021 CHF 7.090
EFG International Fina 6.000 8/13/2021 CHF 64.450
Leonteq Securities AG 6.000 8/17/2021 CHF 47.810
Raiffeisen Schweiz Gen 5.800 9/28/2021 CHF 66.900
DekaBank Deutsche Giro 4.000 4/23/2021 EUR 70.990
Corner Banca SA 6.200 10/05/2021 CHF 72.710
UniCredit Bank AG 5.750 01/11/2022 EUR 56.420
DekaBank Deutsche Giro 3.250 06/08/2021 EUR 55.350
HSBC Trinkaus & Burkha 6.500 6/25/2021 EUR 1.470
Natixis SA 2.970 06/08/2021 USD 72.880
Landesbank Baden-Wuert 3.250 2/24/2023 EUR 70.390
HSBC Trinkaus & Burkha 5.700 6/25/2021 EUR 59.070
UniCredit Bank AG 4.250 6/28/2022 EUR 58.620
DekaBank Deutsche Giro 6.000 06/11/2021 EUR 58.390
Landesbank Baden-Wuert 4.100 1/28/2022 EUR 62.860
UniCredit Bank AG 4.350 10/26/2021 EUR 34.460
SG Issuer SA 2.980 12/28/2021 EUR 71.540
Landesbank Baden-Wuert 3.550 6/25/2021 EUR 58.840
Landesbank Baden-Wuert 2.250 6/25/2021 EUR 69.710
Landesbank Hessen-Thue 5.350 9/22/2023 EUR 39.910
Landesbank Baden-Wuert 2.200 6/25/2021 EUR 65.340
EFG International Fina 7.000 10/25/2021 EUR 72.800
Leonteq Securities AG 6.200 06/08/2021 CHF 53.120
DekaBank Deutsche Giro 5.150 5/21/2021 EUR 54.900
Landesbank Baden-Wuert 3.250 12/23/2022 EUR 68.810
Landesbank Baden-Wuert 2.650 12/23/2022 EUR 71.650
Landesbank Hessen-Thue 4.700 2/24/2023 EUR 54.780
Landesbank Hessen-Thue 6.450 2/24/2023 EUR 50.050
Landesbank Hessen-Thue 5.700 11/24/2022 EUR 59.790
Landesbank Hessen-Thue 4.000 06/04/2021 EUR 68.200
Landesbank Baden-Wuert 2.500 1/28/2022 EUR 61.580
Bayerische Landesbank 2.300 11/26/2021 EUR 62.020
UniCredit Bank AG 5.400 06/04/2021 EUR 66.020
Leonteq Securities AG/ 5.500 5/25/2021 CHF 57.970
EFG International Fina 7.000 06/08/2021 EUR 53.710
EFG International Fina 5.550 07/12/2021 USD 4.170
UniCredit Bank AG 4.350 11/21/2021 EUR 63.570
Corner Banca SA 8.000 5/25/2021 CHF 59.590
Leonteq Securities AG 7.800 5/14/2021 CHF 17.340
EFG International Fina 6.200 8/16/2021 CHF 64.840
DekaBank Deutsche Giro 2.500 10/22/2021 EUR 73.970
Leonteq Securities AG 7.400 9/28/2021 CHF 72.460
Landesbank Baden-Wuert 3.000 12/23/2022 EUR 69.650
Landesbank Baden-Wuert 3.200 12/23/2022 EUR 68.530
DekaBank Deutsche Giro 4.250 4/14/2022 EUR 47.430
Landesbank Hessen-Thue 6.800 7/14/2022 EUR 71.520
UniCredit Bank AG 4.300 7/18/2021 EUR 63.760
UniCredit Bank AG 3.600 7/18/2021 EUR 45.300
UBS AG/London 21.800 6/24/2021 EUR 73.510
UBS AG/London 12.200 6/24/2021 EUR 68.090
UniCredit Bank AG 5.350 8/24/2021 EUR 50.640
Raiffeisen Schweiz Gen 5.000 04/05/2022 CHF 75.460
Corner Banca SA 8.600 10/12/2021 CHF 70.850
Landesbank Baden-Wuert 3.500 1/28/2022 EUR 65.690
Landesbank Hessen-Thue 6.350 11/19/2024 EUR 68.210
Landesbank Hessen-Thue 4.000 3/23/2022 EUR 52.970
SG Issuer SA 9.180 1/20/2025 SEK 70.170
Landesbank Baden-Wuert 2.800 4/25/2022 EUR 64.580
Erste Group Bank AG 4.350 2/28/2022 EUR 54.950
Landesbank Hessen-Thue 5.550 3/16/2023 EUR 54.740
UniCredit Bank AG 4.500 03/12/2022 EUR 57.030
UniCredit Bank AG 3.500 8/24/2022 EUR 65.710
UniCredit Bank AG 4.000 2/28/2022 EUR 62.880
UniCredit Bank AG 4.000 11/21/2022 EUR 70.650
HSBC Trinkaus & Burkha 5.000 10/07/2021 EUR 73.510
Landesbank Baden-Wuert 3.950 8/27/2021 EUR 65.150
Landesbank Baden-Wuert 3.400 11/25/2022 EUR 64.330
DekaBank Deutsche Giro 3.100 12/03/2021 EUR 54.910
Landesbank Baden-Wuert 3.800 1/28/2022 EUR 61.260
Bayerische Landesbank 2.500 12/03/2021 EUR 66.740
Landesbank Hessen-Thue 5.600 02/11/2025 EUR 69.310
Leonteq Securities AG/ 4.750 11/01/2021 CHF 37.930
UniCredit Bank AG 4.730 01/02/2023 EUR 64.990
Landesbank Baden-Wuert 3.000 7/23/2021 EUR 64.620
Leonteq Securities AG/ 4.290 7/30/2021 USD 40.210
SG Issuer SA 0.263 4/16/2025 EUR 29.250
Leonteq Securities AG/ 6.200 7/27/2021 CHF 69.190
UniCredit Bank AG 4.100 8/24/2022 EUR 65.880
Landesbank Baden-Wuert 4.000 10/22/2021 EUR 54.730
Landesbank Baden-Wuert 3.500 8/27/2021 EUR 59.800
Leonteq Securities AG 7.200 08/06/2021 CHF 70.850
Araratbank OJSC 5.250 09/11/2022 USD 25.018
Landesbank Hessen-Thue 4.000 8/31/2022 EUR 55.040
DekaBank Deutsche Giro 2.300 11/12/2021 EUR 67.410
SG Issuer SA 7.740 7/20/2025 SEK 75.010
Landesbank Baden-Wuert 2.150 8/27/2021 EUR 67.870
EFG International Fina 6.400 08/09/2021 CHF 63.610
Landesbank Baden-Wuert 2.600 9/23/2022 EUR 70.520
Landesbank Baden-Wuert 3.500 7/23/2021 EUR 70.000
EFG International Fina 12.000 10/19/2021 USD 67.360
Leonteq Securities AG/ 4.000 08/10/2022 CHF 66.410
Landesbank Baden-Wuert 4.000 5/27/2022 EUR 56.040
Landesbank Baden-Wuert 3.300 5/27/2022 EUR 61.960
Leonteq Securities AG 5.400 7/25/2022 CHF 63.940
DekaBank Deutsche Giro 2.800 05/02/2022 EUR 59.190
Landesbank Baden-Wuert 2.300 6/24/2022 EUR 61.070
DekaBank Deutsche Giro 3.400 4/30/2021 EUR 49.550
Landesbank Baden-Wuert 2.550 12/27/2021 EUR 57.390
Landesbank Baden-Wuert 2.500 12/27/2021 EUR 51.010
Landesbank Hessen-Thue 4.400 12/22/2022 EUR 53.280
UniCredit Bank AG 4.300 8/24/2021 EUR 50.010
Landesbank Hessen-Thue 4.000 11/10/2021 EUR 42.880
Landesbank Hessen-Thue 3.000 08/06/2021 EUR 40.500
DekaBank Deutsche Giro 1.000 11/02/2021 EUR 62.440
DekaBank Deutsche Giro 3.900 4/25/2022 EUR 49.360
Leonteq Securities AG/ 6.100 2/21/2022 CHF 73.380
Credit Suisse AG/Londo 4.500 07/12/2021 EUR 71.600
SecurAsset SA 5.250 6/30/2022 EUR 49.500
Leonteq Securities AG/ 4.000 2/21/2022 EUR 68.620
Leonteq Securities AG/ 2.500 06/05/2024 EUR 70.150
DZ Bank AG Deutsche Ze 11.200 6/25/2021 EUR 71.130
Zurcher Kantonalbank F 9.750 8/26/2021 USD 72.180
UBS AG/London 6.750 07/05/2021 CHF 52.900
Landesbank Hessen-Thue 4.000 08/09/2023 EUR 60.000
UniCredit Bank AG 7.800 6/25/2021 EUR 65.640
UniCredit Bank AG 10.700 6/25/2021 EUR 60.450
UniCredit Bank AG 9.700 6/25/2021 EUR 64.620
UniCredit Bank AG 11.300 6/25/2021 EUR 74.950
UniCredit Bank AG 10.100 6/25/2021 EUR 71.450
UniCredit Bank AG 6.400 6/25/2021 EUR 69.360
UniCredit Bank AG 9.300 6/25/2021 EUR 62.400
UniCredit Bank AG 7.500 6/25/2021 EUR 70.990
UniCredit Bank AG 11.800 6/25/2021 EUR 57.670
UniCredit Bank AG 8.500 6/25/2021 EUR 67.050
UniCredit Bank AG 9.600 6/25/2021 EUR 63.590
UniCredit Bank AG 7.600 6/25/2021 EUR 69.870
UniCredit Bank AG 8.100 12/24/2021 EUR 65.760
UniCredit Bank AG 5.800 12/24/2021 EUR 71.490
UniCredit Bank AG 6.600 12/24/2021 EUR 72.720
UniCredit Bank AG 11.000 12/24/2021 EUR 74.970
UniCredit Bank AG 10.200 12/24/2021 EUR 59.120
UniCredit Bank AG 8.500 12/24/2021 EUR 63.450
UniCredit Bank AG 6.900 12/24/2021 EUR 68.390
UniCredit Bank AG 7.700 12/24/2021 EUR 66.070
UniCredit Bank AG 6.800 12/24/2021 EUR 68.990
UniCredit Bank AG 6.000 12/24/2021 EUR 72.230
Landesbank Baden-Wuert 4.000 8/27/2021 EUR 71.550
Landesbank Baden-Wuert 3.500 8/27/2021 EUR 71.970
Landesbank Baden-Wuert 4.000 8/27/2021 EUR 62.330
Landesbank Baden-Wuert 2.750 8/27/2021 EUR 58.560
Landesbank Baden-Wuert 3.500 8/27/2021 EUR 56.630
Landesbank Baden-Wuert 5.000 8/27/2021 EUR 53.240
Leonteq Securities AG 20.000 5/20/2021 CHF 5.350
Leonteq Securities AG 20.400 5/18/2021 CHF 5.460
Corner Banca SA 21.000 5/18/2021 CHF 5.160
Goldman Sachs & Co Wer 21.000 6/23/2021 EUR 68.750
Landesbank Baden-Wuert 5.000 8/27/2021 EUR 68.050
Erste Group Bank AG 8.000 7/31/2024 EUR 70.700
Landesbank Baden-Wuert 3.750 8/27/2021 EUR 73.340
Landesbank Baden-Wuert 5.750 8/27/2021 EUR 64.810
Landesbank Baden-Wuert 3.250 8/27/2021 EUR 66.770
Landesbank Baden-Wuert 5.000 8/27/2021 EUR 58.560
Corner Banca SA 30.000 06/08/2021 USD 7.330
Leonteq Securities AG/ 29.000 06/08/2021 CHF 7.530
Vontobel Financial Pro 11.500 6/25/2021 EUR 74.443
Leonteq Securities AG 30.000 06/09/2021 CHF 7.780
BNP Paribas Emissions- 9.000 6/24/2021 EUR 73.390
BNP Paribas Emissions- 9.500 6/24/2021 EUR 74.990
BNP Paribas Emissions- 11.000 6/24/2021 EUR 71.040
BNP Paribas Emissions- 8.500 6/24/2021 EUR 73.640
BNP Paribas Emissions- 10.000 6/24/2021 EUR 75.470
BNP Paribas Emissions- 11.000 6/24/2021 EUR 72.300
BNP Paribas Emissions- 13.000 6/24/2021 EUR 70.200
BNP Paribas Emissions- 15.000 6/24/2021 EUR 67.180
BNP Paribas Emissions- 7.500 6/24/2021 EUR 72.030
BNP Paribas Emissions- 8.500 6/24/2021 EUR 72.220
BNP Paribas Emissions- 12.000 6/24/2021 EUR 67.310
BNP Paribas Emissions- 11.000 6/24/2021 EUR 74.040
BNP Paribas Emissions- 13.000 6/24/2021 EUR 65.850
Leonteq Securities AG/ 6.000 06/08/2021 USD 4.250
BNP Paribas Emissions- 11.000 6/24/2021 EUR 66.060
BNP Paribas Emissions- 10.000 6/24/2021 EUR 75.440
BNP Paribas Emissions- 9.500 6/24/2021 EUR 70.120
EFG International Fina 15.000 05/06/2021 USD 7.710
Corner Banca SA 20.000 4/27/2021 CHF 5.250
UBS AG/London 8.000 03/04/2022 EUR 70.450
BNP Paribas Emissions- 0.170 9/23/2021 EUR 0.440
SG Issuer SA 1.500 12/30/2032 EUR 50.940
UBS AG/London 6.500 07/12/2021 EUR 55.650
UBS AG/London 21.250 2/18/2022 USD 62.600
Landesbank Hessen-Thue 3.000 05/03/2022 EUR 66.000
DZ Bank AG Deutsche Ze 19.300 6/25/2021 EUR 60.880
Leonteq Securities AG 15.600 4/20/2021 CHF 4.180
DZ Bank AG Deutsche Ze 13.900 6/25/2021 EUR 70.240
EFG International Fina 29.000 5/25/2021 CHF 14.760
Banque Cantonale Vaudo 6.800 6/28/2021 CHF 53.250
Landesbank Baden-Wuert 3.250 9/24/2021 EUR 72.660
Finca Uco Cjsc 6.000 2/25/2022 USD 25.176
Leonteq Securities AG 7.200 9/22/2021 CHF 63.640
Citigroup Global Marke 8.200 3/21/2024 SEK 56.710
Landesbank Hessen-Thue 4.000 6/22/2022 EUR 54.330
Landesbank Baden-Wuert 3.000 7/23/2021 EUR 68.260
Landesbank Baden-Wuert 3.000 7/23/2021 EUR 72.260
Leonteq Securities AG/ 3.770 7/30/2021 USD 61.070
Leonteq Securities AG 6.800 05/11/2021 EUR 53.270
UniCredit Bank AG 4.000 06/07/2022 EUR 50.240
UniCredit Bank AG 3.800 6/28/2022 EUR 59.170
UniCredit Bank AG 3.800 12/29/2022 EUR 73.450
Landesbank Hessen-Thue 3.500 01/05/2022 EUR 54.900
Landesbank Hessen-Thue 3.500 01/05/2022 EUR 53.310
UniCredit Bank AG 6.350 5/14/2021 EUR 66.080
EFG International Fina 6.200 05/03/2021 CHF 62.570
Landesbank Hessen-Thue 6.150 8/25/2022 EUR 61.140
Landesbank Baden-Wuert 2.300 2/25/2022 EUR 63.860
Societe Generale Effek 6.100 04/03/2023 EUR 59.740
UniCredit Bank AG 3.750 4/19/2022 EUR 67.430
getBACK SA 4.610 9/14/2021 PLN
Landesbank Baden-Wuert 3.650 6/25/2021 EUR 59.990
UniCredit Bank AG 6.300 10/16/2021 EUR 41.420
UBS AG/London 11.300 6/24/2021 EUR 69.060
UniCredit Bank AG 3.800 10/24/2021 EUR 62.660
UniCredit Bank AG 5.700 5/14/2021 EUR 60.100
Landesbank Hessen-Thue 4.000 01/05/2022 EUR 41.550
Landesbank Hessen-Thue 5.500 5/25/2023 EUR 39.160
Landesbank Hessen-Thue 6.100 4/26/2024 EUR 64.790
Zurcher Kantonalbank F 24.500 6/22/2021 EUR 27.550
EFG International Fina 27.000 6/24/2021 EUR 13.640
EFG International Fina 26.000 6/24/2021 CHF 13.150
Leonteq Securities AG 5.600 5/16/2022 CHF 63.310
UniCredit Bank AG 3.350 6/14/2022 EUR 56.860
Leonteq Securities AG/ 5.600 5/25/2021 CHF 45.350
UniCredit Bank AG 3.700 06/04/2022 EUR 64.410
Landesbank Baden-Wuert 2.100 8/27/2021 EUR 53.480
EFG International Fina 5.600 4/26/2021 CHF 62.480
UBS AG/London 12.900 6/24/2021 EUR 67.130
Landesbank Hessen-Thue 2.000 3/29/2022 EUR 51.070
EFG International Fina 7.600 10/11/2021 CHF 66.400
HSBC Trinkaus & Burkha 7.600 6/25/2021 EUR 1.690
DZ Bank AG Deutsche Ze 13.100 6/25/2021 EUR 76.090
Landesbank Hessen-Thue 4.000 05/11/2022 EUR 62.750
SG Issuer SA 8.700 1/20/2025 SEK 68.610
Landesbank Baden-Wuert 3.700 9/24/2021 EUR 66.510
DZ Bank AG Deutsche Ze 14.600 9/24/2021 EUR 73.580
Landesbank Hessen-Thue 3.500 05/11/2022 EUR 60.920
Landesbank Hessen-Thue 6.500 05/11/2023 EUR 70.820
Banque Cantonale Vaudo 5.800 08/09/2021 CHF 61.890
Raiffeisen Schweiz Gen 7.500 5/14/2021 CHF 63.930
Leonteq Securities AG/ 15.470 5/18/2021 CHF 3.650
UniCredit Bank AG 17.600 6/25/2021 EUR 59.500
DZ Bank AG Deutsche Ze 9.300 6/25/2021 EUR 74.320
Corner Banca SA 15.200 08/11/2021 CHF 7.790
UBS AG/London 6.500 08/02/2021 CHF 63.900
Landesbank Baden-Wuert 2.500 12/27/2021 EUR 59.410
Leonteq Securities AG 7.200 9/24/2021 CHF 70.330
Leonteq Securities AG/ 11.400 9/20/2021 CHF 5.780
DZ Bank AG Deutsche Ze 11.000 6/23/2021 EUR 74.320
UniCredit Bank AG 3.750 12/21/2021 EUR 65.330
Landesbank Baden-Wuert 3.400 2/24/2023 EUR 70.030
Leonteq Securities AG 30.000 6/22/2021 CHF 7.770
Leonteq Securities AG/ 3.380 6/16/2021 USD 47.780
Landesbank Hessen-Thue 4.000 12/21/2022 EUR 71.440
Landesbank Baden-Wuert 3.400 1/27/2023 EUR 67.990
Leonteq Securities AG/ 3.420 6/16/2021 USD 49.490
UniCredit Bank AG 5.150 01/02/2023 EUR 67.040
Landesbank Baden-Wuert 4.000 12/27/2021 EUR 65.800
Zurcher Kantonalbank F 9.000 7/30/2021 EUR 70.660
EFG International Fina 6.200 08/05/2022 EUR 70.450
EFG International Fina 11.500 08/02/2021 USD 55.400
Leonteq Securities AG 8.000 08/05/2021 CHF 72.760
Landesbank Baden-Wuert 3.050 9/23/2022 EUR 70.270
DekaBank Deutsche Giro 2.050 05/03/2021 EUR 70.360
Zurcher Kantonalbank F 6.000 5/25/2021 CHF 72.940
Zurcher Kantonalbank F 6.000 5/25/2021 EUR 70.250
UniCredit Bank AG 12.200 6/25/2021 EUR 71.350
DZ Bank AG Deutsche Ze 7.000 6/25/2021 EUR 70.170
DZ Bank AG Deutsche Ze 9.000 6/25/2021 EUR 66.300
DZ Bank AG Deutsche Ze 11.300 6/25/2021 EUR 62.960
DZ Bank AG Deutsche Ze 11.700 6/25/2021 EUR 70.040
DZ Bank AG Deutsche Ze 10.300 6/25/2021 EUR 70.850
Landesbank Baden-Wuert 3.500 7/23/2021 EUR 71.420
UniCredit Bank AG 4.150 10/12/2022 EUR 62.320
Natixis SA 1.500 10/04/2021 EUR 72.250
Leonteq Securities AG/ 9.200 9/21/2021 EUR 74.920
EFG International Fina 9.800 9/21/2021 EUR 53.540
Landesbank Baden-Wuert 2.550 11/26/2021 EUR 65.160
Leonteq Securities AG 6.000 9/14/2021 CHF 70.370
Landesbank Baden-Wuert 3.000 12/23/2022 EUR 64.670
Landesbank Baden-Wuert 2.500 6/24/2022 EUR 67.680
Bayerische Landesbank 2.250 7/23/2021 EUR 62.530
DekaBank Deutsche Giro 2.600 10/24/2023 EUR 67.440
DekaBank Deutsche Giro 2.500 10/24/2023 EUR 67.170
UniCredit Bank AG 3.850 10/05/2023 EUR 74.760
UBS AG/London 9.500 9/13/2021 CHF 74.050
Landesbank Hessen-Thue 4.000 10/12/2022 EUR 67.690
UniCredit Bank AG 3.600 10/05/2022 EUR 68.190
Center-Invest Commerci 5.250 03/03/2022 RUB 65.000
DekaBank Deutsche Giro 6.300 10/01/2021 EUR 58.900
UniCredit Bank AG 4.300 10/18/2021 EUR 49.440
Landesbank Hessen-Thue 5.700 10/27/2022 EUR 59.450
Landesbank Hessen-Thue 3.000 10/20/2022 EUR 66.070
UniCredit Bank AG 3.850 9/19/2021 EUR 41.300
Leonteq Securities AG/ 8.000 09/01/2021 CHF 69.880
UniCredit Bank AG 5.350 2/27/2023 EUR 61.980
Landesbank Hessen-Thue 4.000 03/01/2023 EUR 62.170
UBS AG/London 10.000 6/14/2021 EUR 65.550
UBS AG/London 14.750 6/14/2021 USD 9.150
Landesbank Hessen-Thue 5.000 9/29/2022 EUR 61.480
Landesbank Hessen-Thue 3.000 07/06/2021 EUR 45.800
Societe Generale SA 1.580 9/16/2024 USD 4.840
UniCredit Bank AG 3.500 9/19/2021 EUR 46.690
Landesbank Hessen-Thue 3.500 9/29/2021 EUR 43.350
UniCredit Bank AG 3.500 10/08/2022 EUR 56.840
Landesbank Hessen-Thue 6.000 10/06/2022 EUR 60.020
DekaBank Deutsche Giro 3.100 04/08/2022 EUR 59.120
DekaBank Deutsche Giro 3.300 04/08/2022 EUR 56.490
Leonteq Securities AG/ 4.000 03/08/2022 EUR 65.920
Raiffeisen Schweiz Gen 4.700 10/20/2021 CHF 70.650
Leonteq Securities AG 7.200 09/08/2021 CHF 57.400
Landesbank Hessen-Thue 4.000 04/12/2023 EUR 67.060
Landesbank Baden-Wuert 2.500 9/23/2022 EUR 70.330
Societe Generale Effek 5.600 09/04/2023 EUR 51.400
Landesbank Hessen-Thue 3.350 9/21/2022 EUR 65.510
UniCredit Bank AG 4.600 9/14/2022 EUR 66.660
UniCredit Bank AG 3.700 9/14/2022 EUR 60.420
UniCredit Bank AG 3.750 9/14/2022 EUR 67.850
Barclays Bank PLC 0.500 06/08/2022 USD 10.000
Landesbank Hessen-Thue 5.200 01/08/2024 EUR 60.630
DekaBank Deutsche Giro 2.300 9/24/2021 EUR 59.660
Landesbank Hessen-Thue 6.000 9/21/2023 EUR 56.180
Landesbank Baden-Wuert 3.250 8/27/2021 EUR 60.170
Corner Banca SA 6.400 09/07/2021 CHF 69.320
UniCredit Bank AG 3.800 8/30/2023 EUR 59.200
Opus-Chartered Issuanc 5.000 03/08/2027 USD 68.720
Bank Julius Baer & Co 10.200 5/30/2023 EUR 23.050
Landesbank Baden-Wuert 2.700 6/25/2021 EUR 59.970
Vontobel Financial Pro 11.500 6/25/2021 EUR 71.092
Leonteq Securities AG/ 22.620 12/23/2021 CHF 72.910
UniCredit Bank AG 4.200 9/21/2022 EUR 58.980
Leonteq Securities AG/ 25.000 8/26/2021 USD 12.710
Landesbank Hessen-Thue 2.500 6/17/2021 EUR 73.700
UBS AG/London 7.500 6/14/2021 EUR 54.400
UniCredit Bank AG 8.200 6/25/2021 EUR 76.370
Landesbank Baden-Wuert 4.800 2/25/2022 EUR 55.070
Raiffeisen Centrobank 5.750 7/19/2021 EUR 62.470
UniCredit Bank AG 6.000 2/22/2022 EUR 69.670
DekaBank Deutsche Giro 3.200 2/25/2022 EUR 73.200
Leonteq Securities AG/ 26.000 5/28/2021 CHF 6.940
Landesbank Baden-Wuert 3.000 6/25/2021 EUR 64.390
Societe Generale Effek 3.750 5/24/2021 EUR 34.340
Landesbank Hessen-Thue 6.700 5/17/2022 EUR 55.880
Landesbank Hessen-Thue 6.600 2/17/2023 EUR 64.270
Landesbank Hessen-Thue 4.350 2/24/2023 EUR 59.680
Zurcher Kantonalbank F 7.750 6/18/2021 EUR 65.450
Landesbank Baden-Wuert 3.300 3/25/2022 EUR 61.800
UniCredit Bank AG 5.450 3/15/2022 EUR 56.730
UniCredit Bank AG 7.000 3/29/2022 EUR 68.680
Leonteq Securities AG/ 3.400 3/20/2024 CHF 54.330
Leonteq Securities AG/ 2.750 9/15/2022 CHF 30.970
Leonteq Securities AG 3.600 9/22/2026 CHF 64.860
Raiffeisen Schweiz Gen 3.000 9/21/2029 CHF 73.450
Leonteq Securities AG 3.900 12/20/2024 CHF 61.630
Raiffeisen Schweiz Gen 3.200 12/18/2026 CHF 75.270
Raiffeisen Schweiz Gen 3.400 3/21/2025 CHF 64.680
Leonteq Securities AG/ 5.000 9/13/2021 CHF 73.600
Raiffeisen Schweiz Gen 2.700 9/22/2026 CHF 61.250
UBS AG/London 7.250 6/21/2021 CHF 54.100
Landesbank Baden-Wuert 3.300 9/24/2021 EUR 66.410
UBS AG/London 6.500 6/28/2021 EUR 53.800
Landesbank Baden-Wuert 4.700 3/25/2022 EUR 54.630
UniCredit Bank AG 9.600 12/27/2021 EUR 62.590
Landesbank Baden-Wuert 3.500 8/27/2021 EUR 65.940
Landesbank Baden-Wuert 3.400 2/25/2022 EUR 63.250
Landesbank Baden-Wuert 4.750 2/25/2022 EUR 55.810
Landesbank Hessen-Thue 4.000 3/15/2023 EUR 70.970
UniCredit Bank AG 3.800 9/19/2021 EUR 49.780
WEB Windenergie AG 2.250 9/25/2028 EUR 0.010
Zurcher Kantonalbank F 8.500 8/24/2021 CHF 65.230
Raiffeisen Schweiz Gen 5.250 8/24/2021 CHF 67.000
Landesbank Hessen-Thue 5.800 9/24/2024 EUR 63.000
Landesbank Baden-Wuert 3.000 9/23/2022 EUR 60.940
UBS AG/London 11.250 6/21/2021 USD 54.450
UniCredit Bank AG 9.000 12/27/2021 EUR 74.670
UniCredit Bank AG 4.200 03/01/2023 EUR 67.150
Skandinaviska Enskilda 6.300 7/15/2022 SEK 72.530
Landesbank Hessen-Thue 6.150 03/11/2025 EUR 65.860
Landesbank Baden-Wuert 2.750 11/26/2021 EUR 59.150
Leonteq Securities AG/ 5.600 8/24/2021 CHF 46.710
EFG International Fina 6.500 8/30/2021 CHF 66.910
Leonteq Securities AG/ 7.420 11/22/2021 EUR 63.630
Landesbank Baden-Wuert 3.690 12/23/2022 EUR 71.830
BNP Paribas Emissions- 8.000 6/24/2021 EUR 70.640
BNP Paribas Emissions- 9.500 6/24/2021 EUR 67.000
BNP Paribas Emissions- 5.000 6/24/2021 EUR 68.640
BNP Paribas Emissions- 12.000 6/24/2021 EUR 71.500
BNP Paribas Emissions- 11.000 6/24/2021 EUR 74.130
EFG International Fina 17.800 5/27/2021 USD 8.570
Vontobel Financial Pro 10.250 9/24/2021 EUR 71.790
Leonteq Securities AG 13.200 5/25/2021 CHF 63.590
DekaBank Deutsche Giro 3.700 12/17/2021 EUR 71.930
EFG International Fina 10.800 5/26/2021 CHF 68.380
UBS AG/London 10.000 5/20/2021 CHF 71.950
UniCredit Bank AG 4.450 01/02/2024 EUR 72.550
Bayerische Landesbank 1.350 12/23/2022 EUR 65.060
BNP Paribas Emissions- 12.000 6/24/2021 EUR 63.950
BNP Paribas Emissions- 13.000 6/24/2021 EUR 60.950
BNP Paribas Emissions- 11.000 6/24/2021 EUR 72.220
UniCredit Bank AG 4.650 12/22/2023 EUR 72.470
Landesbank Hessen-Thue 4.000 9/20/2023 EUR 66.340
Araratbank OJSC 5.500 9/19/2023 USD 25.050
UBS AG/London 7.000 8/16/2021 CHF 58.400
UBS AG/London 10.750 6/28/2021 CHF 68.000
Vontobel Financial Pro 15.500 6/25/2021 EUR 76.650
Societe Generale SA 21.000 12/23/2022 USD 74.100
Landesbank Baden-Wuert 3.500 3/24/2023 EUR 70.480
Zurcher Kantonalbank F 10.750 1/21/2022 CHF 73.170
Raiffeisen Schweiz Gen 5.000 9/13/2022 CHF 73.740
Landesbank Baden-Wuert 2.100 10/27/2023 EUR 63.810
Leonteq Securities AG/ 11.800 4/20/2021 CHF 66.100
Vontobel Financial Pro 3.400 6/18/2021 EUR 71.331
Landesbank Baden-Wuert 5.500 4/23/2021 EUR 64.440
Landesbank Baden-Wuert 3.400 4/23/2021 EUR 63.160
UBS AG/London 7.750 9/13/2021 EUR 58.800
UBS AG/London 11.750 7/22/2021 CHF 71.050
UniCredit Bank AG 11.100 7/23/2021 EUR 74.330
UBS AG/London 8.000 1/24/2022 CHF 70.800
Zurcher Kantonalbank F 5.350 7/29/2021 CHF 71.910
UBS AG/London 15.000 7/22/2021 CHF 64.700
UBS AG/London 11.250 1/24/2022 CHF 73.300
EFG International Fina 13.000 12/27/2021 CHF 12.420
Bank Julius Baer & Co 6.650 5/14/2021 EUR 68.900
Bank Julius Baer & Co 14.750 8/16/2021 EUR 5.000
Raiffeisen Schweiz Gen 8.000 5/14/2021 CHF 55.140
Vontobel Financial Pro 9.100 2/21/2022 EUR 72.877
Zurcher Kantonalbank F 7.000 2/21/2022 CHF 72.130
Leonteq Securities AG 11.000 01/03/2022 CHF 71.600
BNP Paribas Emissions- 10.000 9/23/2021 EUR 4.670
BNP Paribas Emissions- 5.000 06/04/2021 EUR 54.310
Raiffeisen Schweiz Gen 6.000 6/30/2021 EUR 62.720
Zurcher Kantonalbank F 7.000 8/18/2021 CHF 62.980
UBS AG/London 10.000 7/15/2021 CHF 72.800
UBS AG/London 11.750 6/28/2021 CHF 73.550
UBS AG/London 10.000 6/28/2021 CHF 73.300
UBS AG/London 11.000 5/17/2021 USD 66.010
Leonteq Securities AG/ 8.000 5/14/2021 CHF 56.210
Landesbank Baden-Wuert 2.950 10/22/2021 EUR 72.950
Zurcher Kantonalbank F 7.750 09/09/2021 EUR 71.370
Raiffeisen Centrobank 6.000 10/07/2021 EUR 69.120
Landesbank Baden-Wuert 4.400 4/23/2021 EUR 60.440
Zurcher Kantonalbank F 9.500 7/22/2021 EUR 66.310
Zurcher Kantonalbank F 7.500 7/28/2021 CHF 72.340
UBS AG/London 8.500 9/13/2021 EUR 65.300
UBS AG/London 14.250 10/25/2021 CHF 66.250
BNP Paribas Issuance B 7.200 12/17/2024 SEK 69.450
Leonteq Securities AG 16.000 4/13/2021 CHF 14.120
Vontobel Financial Pro 11.500 06/11/2021 EUR 71.050
UBS AG/London 7.750 5/24/2021 EUR 53.650
Vontobel Financial Pro 10.500 06/11/2021 EUR 70.680
UBS AG/London 7.750 10/25/2021 EUR 60.850
UBS AG/London 12.000 4/23/2021 CHF 67.250
UBS AG/London 7.000 10/04/2021 CHF 74.450
UBS AG/London 7.250 10/04/2021 CHF 65.400
Landesbank Baden-Wuert 2.900 4/23/2021 EUR 72.950
Landesbank Baden-Wuert 4.100 4/23/2021 EUR 68.430
UBS AG/London 7.000 9/13/2021 CHF 65.250
Raiffeisen Schweiz Gen 4.400 10/21/2021 CHF 57.550
Vontobel Financial Pro 16.000 06/11/2021 EUR 64.220
SG Issuer SA 0.850 10/16/2024 EUR 11.180
Raiffeisen Schweiz Gen 8.200 4/20/2021 CHF 68.380
Credit Suisse AG/Londo 7.500 4/21/2021 EUR 60.940
Landesbank Baden-Wuert 1.800 4/23/2021 EUR 69.430
Leonteq Securities AG 12.000 10/18/2021 CHF 71.250
Vontobel Financial Pro 5.100 5/28/2021 EUR 70.653
Raiffeisen Schweiz Gen 8.600 4/21/2021 CHF 61.780
EFG International Fina 10.400 10/15/2021 EUR 63.510
UBS AG/London 7.000 10/11/2021 CHF 60.050
Erste Group Bank AG 5.800 10/31/2024 EUR 69.250
Landesbank Baden-Wuert 3.600 6/23/2023 EUR 62.870
UBS AG/London 5.500 8/23/2021 CHF 65.500
Zurcher Kantonalbank F 6.300 12/16/2022 CHF 63.380
UBS AG/London 7.000 8/23/2021 EUR 59.150
Danske Bank A/S 6.860 07/09/2022 SEK 25.790
UniCredit Bank AG 9.200 12/24/2021 EUR 73.490
UniCredit Bank AG 10.200 6/25/2021 EUR 72.060
UniCredit Bank AG 11.400 6/25/2021 EUR 70.010
UniCredit Bank AG 8.400 12/24/2021 EUR 75.030
UniCredit Bank AG 10.300 12/24/2021 EUR 71.470
UniCredit Bank AG 15.300 6/25/2021 EUR 66.530
UniCredit Bank AG 16.700 6/25/2021 EUR 64.140
UniCredit Bank AG 11.300 12/24/2021 EUR 69.850
UniCredit Bank AG 12.400 6/25/2021 EUR 71.860
Credit Suisse AG/Londo 8.250 4/27/2021 CHF 72.260
UniCredit Bank AG 11.800 6/25/2021 EUR 67.110
UniCredit Bank AG 9.300 12/24/2021 EUR 70.980
UniCredit Bank AG 13.000 6/25/2021 EUR 65.440
UniCredit Bank AG 10.100 12/24/2021 EUR 69.670
Bank Julius Baer & Co 8.850 4/28/2021 CHF 69.600
UniCredit Bank AG 7.300 12/24/2021 EUR 73.610
UniCredit Bank AG 8.100 12/24/2021 EUR 72.110
UniCredit Bank AG 9.000 12/24/2021 EUR 70.770
UniCredit Bank AG 12.900 6/25/2021 EUR 62.440
UniCredit Bank AG 13.900 6/25/2021 EUR 70.020
UniCredit Bank AG 10.200 6/25/2021 EUR 62.210
UniCredit Bank AG 10.400 12/24/2021 EUR 63.050
UniCredit Bank AG 12.600 12/24/2021 EUR 71.800
UniCredit Bank AG 8.300 12/24/2021 EUR 65.960
UniCredit Bank AG 13.200 6/25/2021 EUR 58.390
UniCredit Bank AG 14.100 6/25/2021 EUR 60.400
UniCredit Bank AG 11.700 6/25/2021 EUR 64.680
UniCredit Bank AG 10.000 12/24/2021 EUR 68.640
UniCredit Bank AG 10.800 12/24/2021 EUR 66.890
UniCredit Bank AG 12.500 12/24/2021 EUR 63.900
UniCredit Bank AG 11.700 12/24/2021 EUR 65.360
UniCredit Bank AG 7.600 6/25/2021 EUR 73.470
UniCredit Bank AG 9.900 6/25/2021 EUR 69.240
UniCredit Bank AG 8.700 6/25/2021 EUR 71.270
UniCredit Bank AG 11.100 6/25/2021 EUR 67.340
UBS AG/London 11.750 7/29/2021 CHF 71.800
Bank Julius Baer & Co 16.250 05/04/2021 CHF 69.450
Skandinaviska Enskilda 6.000 1/15/2025 SEK 72.300
Zurcher Kantonalbank F 4.000 02/11/2022 CHF 69.390
Bank Julius Baer & Co 7.500 05/05/2021 CHF 73.450
Vontobel Financial Pro 16.500 06/11/2021 EUR 71.860
UBS AG/London 9.300 08/12/2021 CHF 71.550
UBS AG/London 7.000 08/12/2021 CHF 69.750
UniCredit Bank AG 13.200 6/25/2021 EUR 63.640
Leonteq Securities AG/ 4.500 09/02/2021 EUR 65.490
Leonteq Securities AG/ 5.910 09/02/2021 EUR 66.030
Leonteq Securities AG/ 7.290 09/02/2021 EUR 67.550
Leonteq Securities AG/ 8.590 09/02/2021 EUR 67.060
Leonteq Securities AG/ 9.660 09/02/2021 EUR 67.490
Leonteq Securities AG/ 1.430 09/02/2021 EUR 70.850
Leonteq Securities AG/ 2.470 09/02/2021 EUR 71.250
Leonteq Securities AG/ 3.650 09/02/2021 EUR 71.750
Leonteq Securities AG/ 5.020 09/02/2021 EUR 72.280
Leonteq Securities AG/ 6.330 09/02/2021 EUR 72.770
Leonteq Securities AG/ 3.290 09/02/2021 EUR 69.510
Leonteq Securities AG/ 4.570 09/02/2021 EUR 70.020
Leonteq Securities AG/ 6.020 09/02/2021 EUR 70.540
Leonteq Securities AG/ 7.440 09/02/2021 EUR 71.060
Leonteq Securities AG/ 8.760 09/02/2021 EUR 71.570
Leonteq Securities AG/ 9.900 09/02/2021 EUR 70.810
Leonteq Securities AG/ 11.390 09/02/2021 EUR 68.080
Leonteq Securities AG/ 9.220 09/02/2021 EUR 73.750
Raiffeisen Schweiz Gen 8.500 12/13/2021 CHF 69.870
SG Issuer SA 0.850 7/29/2024 EUR 13.530
UBS AG/London 14.000 6/28/2021 CHF 68.300
UBS AG/London 8.000 6/28/2021 CHF 75.900
UBS AG/London 13.750 6/28/2021 CHF 7.610
Vontobel Financial Pro 14.500 9/24/2021 EUR 74.180
Vontobel Financial Pro 17.000 9/24/2021 EUR 71.370
Vontobel Financial Pro 20.000 9/24/2021 EUR 69.180
Vontobel Financial Pro 23.000 6/25/2021 EUR 66.700
UBS AG/London 11.000 6/28/2021 CHF 69.700
EFG International Fina 11.120 12/27/2024 EUR 66.370
Bayerische Landesbank 2.500 7/22/2022 EUR 70.960
Vontobel Financial Pro 13.000 9/24/2021 EUR 75.650
Vontobel Financial Pro 18.500 9/24/2021 EUR 70.230
Vontobel Financial Pro 14.000 6/25/2021 EUR 75.460
Vontobel Financial Pro 15.500 6/25/2021 EUR 73.380
Vontobel Financial Pro 16.000 9/24/2021 EUR 72.840
Vontobel Financial Pro 17.500 6/25/2021 EUR 71.550
Vontobel Financial Pro 21.000 6/25/2021 EUR 68.170
UBS AG/London 10.000 12/27/2021 CHF 74.200
UBS AG/London 7.250 6/28/2021 EUR 73.250
Vontobel Financial Pro 19.500 6/25/2021 EUR 69.850
Vontobel Financial Pro 18.500 6/25/2021 EUR 70.540
Vontobel Financial Pro 20.000 6/25/2021 EUR 68.550
Vontobel Financial Pro 17.500 9/24/2021 EUR 70.200
Vontobel Financial Pro 16.500 6/25/2021 EUR 72.590
Vontobel Financial Pro 14.000 9/24/2021 EUR 74.070
Credit Suisse AG/Londo 10.800 12/07/2021 USD 54.600
UBS AG/London 12.000 12/06/2021 USD 73.560
Leonteq Securities AG/ 9.500 06/03/2021 EUR 58.900
Landesbank Baden-Wuert 5.700 6/25/2021 EUR 72.500
Landesbank Baden-Wuert 5.900 7/23/2021 EUR 71.770
Landesbank Baden-Wuert 2.500 7/23/2021 EUR 66.070
Landesbank Baden-Wuert 4.200 7/23/2021 EUR 61.100
Landesbank Baden-Wuert 6.500 7/23/2021 EUR 57.130
Landesbank Baden-Wuert 4.500 6/25/2021 EUR 71.960
Landesbank Baden-Wuert 3.000 6/25/2021 EUR 69.500
Landesbank Baden-Wuert 3.700 6/25/2021 EUR 67.530
Landesbank Baden-Wuert 4.750 6/25/2021 EUR 65.100
Landesbank Baden-Wuert 5.750 6/25/2021 EUR 63.460
Landesbank Baden-Wuert 7.750 6/25/2021 EUR 70.080
Deutsche Bank AG 3.800 02/04/2030 USD
Landesbank Baden-Wuert 5.050 10/22/2021 EUR 69.410
EFG International Fina 7.000 09/06/2021 EUR 74.500
Raiffeisen Schweiz Gen 6.600 3/23/2022 CHF 67.910
BNP Paribas Emissions- 10.000 3/24/2022 EUR 9.800
Leonteq Securities AG 10.000 8/17/2021 CHF 72.410
BNP Paribas Emissions- 5.000 3/24/2022 EUR 71.240
BNP Paribas Emissions- 7.000 3/24/2022 EUR 69.440
Landesbank Baden-Wuert 4.100 10/22/2021 EUR 71.690
Skandinaviska Enskilda 6.400 1/15/2025 SEK 75.120
Landesbank Baden-Wuert 4.800 10/22/2021 EUR 67.540
BNP Paribas Emissions- 6.000 9/23/2021 EUR 71.850
EFG International Fina 9.700 9/26/2022 CHF 13.740
BNP Paribas Emissions- 10.000 12/23/2021 EUR 7.280
BNP Paribas Emissions- 6.000 6/24/2021 EUR 69.660
UBS AG/London 7.250 09/06/2021 CHF 59.450
BNP Paribas Emissions- 7.000 12/23/2021 EUR 69.190
Leonteq Securities AG/ 6.000 5/20/2021 CHF 74.800
Societe Generale SA 8.000 7/14/2021 USD 5.000
Corner Banca SA 11.000 7/21/2021 CHF 71.570
Zurcher Kantonalbank F 8.000 10/22/2021 EUR 66.780
BNP Paribas Emissions- 9.000 9/23/2021 EUR 4.300
UBS AG/London 12.500 06/11/2021 CHF 74.300
UBS AG/London 9.000 06/11/2021 CHF 76.450
UBS AG/London 14.000 06/11/2021 CHF 59.050
Leonteq Securities AG/ 15.000 6/16/2021 CHF 61.690
EFG International Fina 15.500 6/16/2021 EUR 7.420
Leonteq Securities AG/ 11.400 6/16/2021 EUR 67.630
Leonteq Securities AG 8.000 12/13/2022 CHF 70.800
UBS AG/London 10.750 05/07/2021 USD 52.800
Leonteq Securities AG/ 10.000 05/10/2021 EUR 55.130
BNP Paribas Emissions- 7.000 6/24/2021 EUR 74.650
Barclays Bank PLC 2.000 5/28/2021 USD 11.560
Societe Generale Effek 12.240 6/25/2021 EUR 66.230
Societe Generale Effek 13.989 6/25/2021 EUR 61.650
Zurcher Kantonalbank F 14.000 5/21/2021 CHF 68.400
Societe Generale Effek 13.479 12/24/2021 EUR 67.980
UBS AG/London 7.000 9/27/2021 CHF 73.050
UBS AG/London 9.750 6/18/2021 CHF 74.250
UBS AG/London 7.000 12/20/2021 CHF 61.600
UBS AG/London 10.250 12/20/2021 CHF 74.700
UBS AG/London 12.000 12/20/2021 CHF 71.000
Landesbank Baden-Wuert 2.000 7/23/2021 EUR 60.490
Landesbank Baden-Wuert 3.000 6/25/2021 EUR 62.470
Landesbank Baden-Wuert 2.000 6/25/2021 EUR 67.870
Landesbank Baden-Wuert 3.500 6/25/2021 EUR 58.360
Landesbank Baden-Wuert 2.000 6/25/2021 EUR 71.550
Zurcher Kantonalbank F 6.250 12/30/2021 EUR 74.590
UBS AG/London 6.500 05/03/2021 CHF 72.150
Landesbank Baden-Wuert 5.500 7/23/2021 EUR 71.880
Landesbank Baden-Wuert 7.000 6/25/2021 EUR 52.610
Landesbank Baden-Wuert 5.000 7/23/2021 EUR 69.800
Landesbank Baden-Wuert 7.000 6/25/2021 EUR 70.920
DekaBank Deutsche Giro 5.500 12/03/2021 EUR 57.230
Landesbank Baden-Wuert 2.000 6/25/2021 EUR 66.950
Landesbank Baden-Wuert 4.000 6/25/2021 EUR 67.220
Landesbank Baden-Wuert 5.000 6/25/2021 EUR 60.950
Landesbank Baden-Wuert 5.000 7/23/2021 EUR 74.020
Landesbank Baden-Wuert 4.000 6/25/2021 EUR 61.910
Landesbank Baden-Wuert 2.500 6/25/2021 EUR 76.200
Landesbank Baden-Wuert 6.500 6/25/2021 EUR 56.270
Landesbank Baden-Wuert 4.500 6/25/2021 EUR 62.030
Leonteq Securities AG/ 8.150 09/02/2021 CHF 42.720
Leonteq Securities AG 11.800 12/20/2021 CHF 71.960
Landesbank Baden-Wuert 3.000 6/25/2021 EUR 66.700
Landesbank Baden-Wuert 2.500 6/25/2021 EUR 70.130
Landesbank Baden-Wuert 5.500 6/25/2021 EUR 61.200
Landesbank Baden-Wuert 3.000 6/25/2021 EUR 70.950
Landesbank Baden-Wuert 6.500 6/25/2021 EUR 73.840
Landesbank Baden-Wuert 5.500 6/25/2021 EUR 56.830
Landesbank Baden-Wuert 3.500 7/23/2021 EUR 56.300
Landesbank Baden-Wuert 5.000 7/23/2021 EUR 52.030
Leonteq Securities AG 11.000 12/20/2021 CHF 75.020
Zurcher Kantonalbank F 8.000 5/16/2022 CHF 72.260
UBS AG/London 7.000 8/30/2021 CHF 64.300
DekaBank Deutsche Giro 3.000 9/24/2021 EUR 71.650
DekaBank Deutsche Giro 4.000 1/14/2022 EUR 72.670
Societe Generale Effek 17.468 6/25/2021 EUR 70.550
Zurcher Kantonalbank F 8.125 02/11/2022 EUR 66.370
Zurcher Kantonalbank F 9.750 02/11/2022 USD 68.090
Leonteq Securities AG/ 11.200 08/04/2021 CHF 75.140
UBS AG/London 12.000 08/05/2021 CHF 71.650
UBS AG/London 11.500 08/05/2021 CHF 73.800
Araratbank OJSC 5.500 1/29/2024 USD 24.978
Leonteq Securities AG/ 13.500 05/12/2021 EUR 3.120
UBS AG/London 10.500 11/15/2021 CHF 73.800
UBS AG/London 11.000 5/14/2021 CHF 67.750
Credit Suisse AG/Londo 10.000 5/14/2021 EUR 74.020
Leonteq Securities AG/ 6.800 5/18/2021 EUR 60.780
BNP Paribas Issuance B 7.150 11/07/2024 SEK 71.120
Credit Suisse AG/Londo 11.500 5/20/2021 CHF 67.090
Credit Suisse AG/Londo 7.600 7/23/2021 EUR 70.540
UBS AG/London 14.000 12/20/2021 CHF 65.750
EFG International Fina 5.600 07/11/2024 EUR 25.830
Zurcher Kantonalbank F 8.000 05/07/2021 CHF 67.510
Bank Julius Baer & Co 10.000 6/21/2021 EUR 63.950
Landesbank Baden-Wuert 3.250 7/28/2023 EUR 67.060
Bayerische Landesbank 1.450 1/26/2024 EUR 66.660
Leonteq Securities AG/ 7.500 12/20/2021 EUR 59.750
WEB Windenergie AG 2.500 9/26/2021 EUR 0.010
Vontobel Financial Pro 20.000 6/25/2021 EUR 62.500
Vontobel Financial Pro 22.000 6/25/2021 EUR 61.120
Vontobel Financial Pro 16.500 9/24/2021 EUR 65.040
Vontobel Financial Pro 18.000 6/25/2021 EUR 63.980
Vontobel Financial Pro 16.000 6/25/2021 EUR 65.600
Raiffeisen Schweiz Gen 7.800 11/22/2021 CHF 60.120
Raiffeisen Schweiz Gen 9.000 5/25/2021 CHF 67.690
BNP Paribas Emissions- 9.000 6/24/2021 EUR 70.830
Societe Generale SA 10.000 12/02/2021 USD 64.200
Raiffeisen Schweiz Gen 7.060 06/02/2021 USD 58.430
BNP Paribas Emissions- 8.000 6/24/2021 EUR 64.060
UBS AG/London 7.000 11/29/2021 EUR 62.300
Landesbank Baden-Wuert 3.000 11/26/2021 EUR 61.680
DekaBank Deutsche Giro 3.250 11/25/2022 EUR 71.490
Vontobel Financial Pro 11.000 05/11/2021 EUR 61.217
EFG International Fina 9.000 9/20/2021 EUR 60.230
Leonteq Securities AG/ 2.290 10/29/2021 EUR 51.290
SG Issuer SA 7.440 05/03/2021 CHF 54.050
UniCredit Bank AG 10.000 6/25/2021 EUR 67.390
UniCredit Bank AG 12.300 6/25/2021 EUR 59.590
UniCredit Bank AG 7.500 6/25/2021 EUR 73.090
UniCredit Bank AG 12.300 6/25/2021 EUR 48.180
UniCredit Bank AG 10.900 12/24/2021 EUR 74.390
UniCredit Bank AG 15.100 6/25/2021 EUR 56.850
UniCredit Bank AG 5.700 12/24/2021 EUR 70.090
UniCredit Bank AG 9.900 12/24/2021 EUR 71.500
UniCredit Bank AG 9.900 6/25/2021 EUR 68.260
UniCredit Bank AG 7.400 12/24/2021 EUR 70.100
UniCredit Bank AG 11.200 6/25/2021 EUR 50.030
UniCredit Bank AG 12.800 6/25/2021 EUR 71.580
UniCredit Bank AG 11.000 6/25/2021 EUR 56.880
UniCredit Bank AG 12.900 12/24/2021 EUR 59.100
UniCredit Bank AG 9.100 12/24/2021 EUR 66.020
Landesbank Hessen-Thue 7.000 4/29/2022 EUR 73.380
SG Issuer SA 9.800 05/03/2021 USD 56.700
UniCredit Bank AG 10.200 6/25/2021 EUR 52.090
Societe Generale SA 13.010 02/02/2023 USD 65.200
UniCredit Bank AG 11.700 6/25/2021 EUR 73.430
UniCredit Bank AG 13.000 6/25/2021 EUR 60.850
UniCredit Bank AG 7.800 12/24/2021 EUR 63.230
UniCredit Bank AG 11.800 6/25/2021 EUR 73.730
UniCredit Bank AG 9.900 12/24/2021 EUR 64.490
UniCredit Bank AG 8.900 12/24/2021 EUR 53.600
UniCredit Bank AG 8.300 6/25/2021 EUR 63.780
UniCredit Bank AG 10.000 12/24/2021 EUR 58.210
UniCredit Bank AG 9.300 12/24/2021 EUR 59.740
UniCredit Bank AG 8.100 12/24/2021 EUR 55.220
UniCredit Bank AG 8.300 12/24/2021 EUR 71.070
UniCredit Bank AG 13.600 6/25/2021 EUR 66.080
UniCredit Bank AG 9.700 12/24/2021 EUR 52.150
UniCredit Bank AG 11.200 12/24/2021 EUR 49.600
UniCredit Bank AG 11.100 12/24/2021 EUR 69.140
UniCredit Bank AG 12.000 6/25/2021 EUR 54.980
Rosbank PJSC 0.030 4/30/2024 RUB 65.000
HPI AG 3.500 EUR 3.011
UBS AG/London 5.750 8/16/2021 CHF 71.550
Mifa Mitteldeutsche Fa 7.500 08/12/2018 EUR 2.100
Landesbank Hessen-Thue 7.700 8/20/2021 EUR 54.070
EFG International Fina 13.000 11/08/2021 EUR 67.940
Vontobel Financial Pro 4.300 5/24/2021 EUR 75.770
UBS AG/London 8.000 11/08/2021 CHF 59.600
Leonteq Securities AG/ 6.000 11/23/2021 CHF 55.250
DekaBank Deutsche Giro 2.400 6/17/2022 EUR 72.570
Raiffeisen Schweiz Gen 5.500 5/24/2022 CHF 76.090
Zurcher Kantonalbank F 9.000 06/04/2021 CHF 74.630
DekaBank Deutsche Giro 4.150 07/01/2022 EUR 59.370
Landesbank Hessen-Thue 5.750 07/12/2024 EUR 62.160
UBS AG/London 6.250 06/07/2021 CHF 53.950
UBS AG/London 8.750 06/07/2021 EUR 58.400
Bayerische Landesbank 2.700 5/14/2021 EUR 58.970
Leonteq Securities AG 6.600 10/12/2021 CHF 64.320
UniCredit Bank AG 11.400 12/24/2021 EUR 61.600
UniCredit Bank AG 12.000 6/25/2021 EUR 69.500
Landesbank Hessen-Thue 6.000 03/06/2025 EUR 54.580
UBS AG/London 14.250 05/06/2021 CHF 61.250
UBS AG/London 7.500 9/20/2021 CHF 58.300
Vontobel Financial Pro 10.000 12/24/2021 EUR 75.182
Vontobel Financial Pro 15.000 9/24/2021 EUR 65.995
Vontobel Financial Pro 19.500 6/25/2021 EUR 63.351
SG Issuer SA 0.350 11/15/2023 EUR 20.430
Vontobel Financial Pro 19.500 6/25/2021 EUR 68.488
Leonteq Securities AG/ 4.890 11/26/2021 USD 67.510
Vontobel Financial Pro 10.000 9/24/2021 EUR 73.725
Lehman Brothers Treasu 9.250 6/20/2012 USD 0.100
Mriya Agro Holding PLC 10.950 3/30/2016 USD 4.374
Lehman Brothers Treasu 3.000 9/13/2010 JPY 0.100
Heta Asset Resolution 5.270 12/31/2023 EUR 1.994
Mriya Agro Holding PLC 10.950 3/30/2016 USD 4.374
Getin Noble Bank SA 5.250 11/30/2023 PLN 70.645
Getin Noble Bank SA 5.250 12/21/2023 PLN 70.412
Getin Noble Bank SA 5.250 04/04/2024 PLN 59.778
Lehman Brothers Treasu 8.600 7/31/2013 GBP 0.100
Lehman Brothers Treasu 7.320 7/31/2013 GBP 0.100
WPE International Coop 10.375 9/30/2020 USD 4.922
Lehman Brothers Treasu 3.600 3/19/2018 JPY 0.100
Lehman Brothers Treasu 8.280 7/31/2013 GBP 0.100
Spoldzielczy Bank Rozw 3.750 7/16/2025 PLN 74.885
Lehman Brothers Treasu 1.280 11/06/2010 JPY 0.100
Lehman Brothers Treasu 4.000 12/02/2012 EUR 0.100
Lehman Brothers Treasu 7.500 7/31/2013 GBP 0.100
Leonteq Securities AG/ 15.180 12/27/2021 EUR 11.440
DekaBank Deutsche Giro 3.700 11/25/2022 EUR 68.250
Leonteq Securities AG 14.800 05/04/2021 CHF 61.760
Landesbank Baden-Wuert 2.000 11/26/2021 EUR 65.220
Landesbank Baden-Wuert 4.000 11/26/2021 EUR 59.500
Landesbank Hessen-Thue 7.770 7/15/2021 EUR 36.840
EFG International Fina 15.000 4/30/2021 CHF 67.580
DekaBank Deutsche Giro 2.300 4/16/2021 EUR 54.570
Bibby Offshore Service 7.500 6/15/2021 GBP 11.500
Lehman Brothers Treasu 5.250 11/21/2009 USD 0.100
Lehman Brothers Treasu 2.300 6/27/2013 USD 0.100
Kaupthing ehf 6.500 10/08/2010 ISK 0.250
Lehman Brothers Treasu 1.950 11/04/2013 EUR 0.100
Lehman Brothers Treasu 4.870 10/08/2013 USD 0.100
Lehman Brothers Treasu 3.630 03/02/2012 EUR 0.100
Lehman Brothers Treasu 0.750 3/29/2012 EUR 0.100
Lehman Brothers Treasu 3.000 08/08/2017 EUR 0.100
Hellas Telecommunicati 8.500 10/15/2013 EUR 0.540
Lehman Brothers Treasu 6.000 7/28/2010 EUR 0.100
Lehman Brothers Treasu 6.000 7/28/2010 EUR 0.100
Lehman Brothers Treasu 4.500 03/07/2015 EUR 0.100
Lehman Brothers Treasu 3.025 1/31/2015 EUR 0.100
Kuntarahoitus Oyj 0.250 6/28/2040 CAD 38.412
Getin Noble Bank SA 4.250 7/26/2024 PLN 54.818
Lehman Brothers Treasu 3.820 10/20/2009 USD 0.100
IT Holding Finance SA 9.875 11/15/2012 EUR 0.255
Lehman Brothers Treasu 6.000 3/17/2011 EUR 0.100
Lehman Brothers Treasu 0.500 2/16/2009 EUR 0.100
Credit Suisse AG 0.500 12/16/2025 BRL 64.694
Bank Otkritie Financia 0.010 7/16/2025 RUB 72.660
Lehman Brothers Treasu 4.000 2/28/2010 EUR 0.100
Lehman Brothers Treasu 4.100 5/20/2009 USD 0.100
Lehman Brothers Treasu 2.000 5/17/2010 EUR 0.100
Heta Asset Resolution 4.875 12/31/2023 EUR 1.994
Heta Asset Resolution 5.030 12/31/2023 EUR 1.994
Rosbank PJSC 0.020 4/30/2024 RUB 65.000
Kaupthing ehf 7.500 12/05/2014 ISK 0.250
Lehman Brothers Treasu 2.370 7/15/2013 USD 0.100
Teksid Aluminum Luxemb 12.375 7/15/2011 EUR 0.122
Grupo Isolux Corsan SA 6.000 12/30/2021 USD 0.732
Grupo Isolux Corsan SA 1.000 12/30/2021 USD 0.265
Getin Noble Bank SA 5.250 1/31/2024 PLN 64.875
Rosbank PJSC 0.040 4/30/2024 RUB 65.000
Lehman Brothers Treasu 3.700 06/06/2009 EUR 0.100
HSBC Bank PLC 0.500 12/22/2025 BRL 63.716
Barclays Bank PLC 10.200 2/14/2025 TRY 71.328
Sidetur Finance BV 10.000 4/20/2016 USD 2.749
Lehman Brothers Treasu 4.250 3/13/2021 EUR 0.100
Lehman Brothers Treasu 8.500 07/06/2009 CHF 0.100
Lehman Brothers Treasu 5.103 6/22/2046 EUR 0.100
Getin Noble Bank SA 5.250 3/31/2023 PLN 75.230
Lehman Brothers Treasu 7.500 9/13/2009 CHF 0.100
Lehman Brothers Treasu 0.250 7/21/2014 EUR 0.100
Lehman Brothers Treasu 4.500 03/06/2013 CHF 0.100
Espirito Santo Financi 5.625 7/28/2017 EUR 0.785
Lehman Brothers Treasu 5.500 6/15/2009 CHF 0.100
Lehman Brothers Treasu 8.000 08/03/2009 USD 0.100
Lehman Brothers Treasu 1.500 10/25/2011 EUR 0.100
Lehman Brothers Treasu 10.000 3/27/2009 USD 0.100
Kaupthing ehf 6.125 10/04/2016 USD 0.250
Lehman Brothers Treasu 5.750 6/15/2009 CHF 0.100
Lehman Brothers Treasu 4.000 4/13/2011 CHF 0.100
Lehman Brothers Treasu 7.000 4/14/2009 EUR 0.100
Lehman Brothers Treasu 2.000 10/28/2010 EUR 0.100
Lehman Brothers Treasu 7.750 1/30/2009 EUR 0.100
Lehman Brothers Treasu 3.860 9/21/2011 SGD 0.100
Lehman Brothers Treasu 10.500 08/09/2010 EUR 0.100
Lehman Brothers Treasu 8.000 5/22/2009 USD 0.100
Lehman Brothers Treasu 5.000 10/24/2008 CHF 0.100
Lehman Brothers Treasu 7.500 10/24/2008 USD 0.100
Lehman Brothers Treasu 6.000 10/24/2008 EUR 0.100
Lehman Brothers Treasu 8.000 4/20/2009 EUR 0.100
Lehman Brothers Treasu 7.000 07/11/2010 EUR 0.100
Lehman Brothers Treasu 4.500 12/30/2010 USD 0.100
Lehman Brothers Treasu 4.150 8/25/2020 EUR 0.100
Lehman Brothers Treasu 6.000 12/06/2016 USD 0.100
Kreditanstalt fuer Wie 0.250 10/06/2036 CAD 49.140
Lehman Brothers Treasu 3.500 10/31/2011 USD 0.100
BRAbank ASA/NO 7.440 NOK 62.052
Lehman Brothers Treasu 7.585 11/22/2009 MXN 0.100
Lehman Brothers Treasu 6.600 2/22/2012 EUR 0.100
Lehman Brothers Treasu 3.500 10/24/2011 USD 0.100
Lehman Brothers Treasu 0.250 10/19/2012 CHF 0.100
Lehman Brothers Treasu 2.400 6/20/2011 JPY 0.100
Lehman Brothers Treasu 1.600 6/21/2010 JPY 0.100
Lehman Brothers Treasu 6.000 2/14/2012 EUR 0.100
Lehman Brothers Treasu 7.000 2/15/2012 EUR 0.100
Lehman Brothers Treasu 4.690 2/19/2017 EUR 0.100
Lehman Brothers Treasu 15.000 3/30/2011 EUR 0.100
Lehman Brothers Treasu 6.750 04/05/2012 EUR 0.100
Lehman Brothers Treasu 5.100 05/08/2017 HKD 0.100
Lehman Brothers Treasu 5.000 4/24/2017 EUR 0.100
Lehman Brothers Treasu 13.500 11/28/2008 USD 0.100
Lehman Brothers Treasu 1.680 03/05/2015 EUR 0.100
Getin Noble Bank SA 5.250 8/31/2023 PLN 65.875
Lehman Brothers Treasu 1.750 02/07/2010 EUR 0.100
Heta Asset Resolution 0.217 12/31/2023 EUR 1.994
Kaupthing ehf 5.000 01/04/2027 SKK 0.250
Lehman Brothers Treasu 5.200 3/19/2018 EUR 0.100
Lehman Brothers Treasu 4.000 11/24/2016 EUR 0.100
SG Issuer SA 3.300 9/26/2034 ZAR 47.580
SG Issuer SA 2.700 11/28/2034 ZAR 42.832
SG Issuer SA 3.000 10/10/2034 ZAR 45.358
Lehman Brothers Treasu 2.500 12/15/2011 GBP 0.100
Lehman Brothers Treasu 11.000 6/29/2009 EUR 0.100
Lehman Brothers Treasu 11.000 12/19/2011 USD 0.100
Lehman Brothers Treasu 4.500 08/02/2009 USD 0.100
Lehman Brothers Treasu 4.000 4/24/2009 USD 0.100
Lehman Brothers Treasu 9.000 3/17/2009 GBP 0.100
Lehman Brothers Treasu 7.250 10/06/2008 EUR 0.100
Lehman Brothers Treasu 9.000 6/13/2009 USD 0.100
Lehman Brothers Treasu 7.000 11/28/2008 CHF 0.100
Lehman Brothers Treasu 3.850 4/24/2009 USD 0.100
Northland Resources AB 15.000 7/15/2019 USD 2.621
Northland Resources AB 15.000 7/15/2019 USD 2.621
LBI ehf 2.250 2/14/2011 CHF 9.375
Lehman Brothers Treasu 4.000 10/12/2010 USD 0.100
ECM Real Estate Invest 5.000 10/09/2011 EUR 15.375
Lehman Brothers Treasu 7.000 10/22/2010 EUR 0.100
Lehman Brothers Treasu 4.800 11/16/2012 HKD 0.100
Petromena ASA 10.850 11/19/2018 USD 0.622
PSN Pm OOO 9.500 09/10/2026 RUB 21.625
Natixis SA 0.300 6/25/2048 USD 45.671
LBI ehf 7.431 USD 0.001
Lehman Brothers Treasu 3.400 9/21/2009 HKD 0.100
Lehman Brothers Treasu 3.000 8/13/2011 EUR 0.100
Getin Noble Bank SA 5.250 11/09/2023 PLN 70.605
Kaupthing ehf 3.750 2/15/2024 ISK 0.250
Lehman Brothers Treasu 2.500 8/23/2012 GBP 0.100
Lehman Brothers Treasu 18.250 10/02/2008 USD 0.100
Lehman Brothers Treasu 6.000 5/23/2018 CZK 0.100
Lehman Brothers Treasu 3.350 10/13/2016 EUR 0.100
Lehman Brothers Treasu 0.800 12/30/2016 EUR 0.100
Lehman Brothers Treasu 5.000 05/02/2022 EUR 0.100
Lehman Brothers Treasu 2.250 05/12/2009 USD 0.100
Kaupthing ehf 5.250 7/18/2017 BGN 0.250
RGS Nedvizhimost OOO 12.000 10/18/2017 RUB 0.335
Lehman Brothers Treasu 13.000 7/25/2012 EUR 0.100
Lehman Brothers Treasu 4.000 5/17/2010 USD 0.100
Lehman Brothers Treasu 4.000 5/30/2010 USD 0.100
Lehman Brothers Treasu 2.480 05/12/2009 USD 0.100
Lehman Brothers Treasu 4.100 06/10/2014 SGD 0.100
Elli Investments Ltd 12.250 6/15/2020 GBP 52.265
Lehman Brothers Treasu 6.000 9/20/2011 EUR 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 9.300 12/21/2010 EUR 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 8.800 12/27/2009 EUR 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Kaupthing ehf 4.730 12/19/2008 SKK 0.250
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu 4.000 01/04/2011 USD 0.100
Lehman Brothers Treasu 16.000 10/08/2008 CHF 0.100
KPNQwest NV 7.125 06/01/2009 EUR 0.068
Lehman Brothers Treasu 4.600 10/11/2017 ILS 0.100
Lehman Brothers Treasu 5.200 11/09/2011 EUR 0.100
Lehman Brothers Treasu 3.500 12/20/2027 USD 0.100
Waste Italia SpA 10.500 11/15/2019 EUR 0.500
Lehman Brothers Treasu 1.500 10/12/2010 EUR 0.100
Lehman Brothers Treasu 5.375 02/04/2014 USD 0.100
Lehman Brothers Treasu 13.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 6.300 12/21/2018 USD 0.100
Lehman Brothers Treasu 11.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 4.200 12/03/2008 HKD 0.100
Lehman Brothers Treasu 8.000 12/31/2010 USD 0.100
Kaupthing ehf 7.625 2/28/2015 USD 0.250
Lehman Brothers Treasu 8.050 12/20/2010 HKD 0.100
Irish Bank Resolution 6.750 11/30/2013 BGN 33.250
Kommunalbanken AS 4.800 12/01/2022 TRY 75.963
Sberbank CIB CJSC 0.010 01/04/2030 RUB 51.366
Lehman Brothers Treasu 1.000 2/26/2010 USD 0.100
Lehman Brothers Treasu 6.000 3/18/2015 USD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 8.000 3/19/2012 USD 0.100
KPNQwest NV 8.875 02/01/2008 EUR 0.068
Lehman Brothers Treasu 8.000 3/21/2018 USD 0.100
Lehman Brothers Treasu 4.000 03/10/2011 EUR 0.100
Lehman Brothers Treasu 1.000 05/09/2012 EUR 0.100
Lehman Brothers Treasu 10.600 4/22/2014 MXN 0.100
Lehman Brothers Treasu 10.442 11/22/2008 CHF 0.100
Lehman Brothers Treasu 10.000 5/22/2009 USD 0.100
Northland Resources AB 12.250 3/26/2016 USD 2.621
Lehman Brothers Treasu 5.250 04/01/2023 EUR 0.100
Getin Noble Bank SA 5.250 5/31/2023 PLN 70.147
Credit Agricole Corpor 10.150 02/05/2025 TRY 73.003
Getin Noble Bank SA 5.250 4/28/2023 PLN 70.093
Instabank ASA 9.430 NOK 58.748
Lehman Brothers Treasu 6.700 4/21/2011 USD 0.100
Lehman Brothers Treasu 3.000 09/12/2036 JPY 0.100
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.006
Lehman Brothers Treasu 13.000 12/14/2012 USD 0.100
SAir Group 2.750 7/30/2004 CHF 12.625
Lehman Brothers Treasu 0.500 08/01/2020 EUR 0.100
Lehman Brothers Treasu 4.680 12/12/2045 EUR 0.100
Deutsche Bank AG/Londo 2.000 10/25/2023 TRY 65.214
Lehman Brothers Treasu 4.820 12/18/2036 EUR 0.100
Lehman Brothers Treasu 7.750 2/21/2016 EUR 0.100
Lehman Brothers Treasu 5.500 4/23/2014 EUR 0.100
Lehman Brothers Treasu 15.000 06/04/2009 CHF 0.100
Lehman Brothers Treasu 7.600 03/04/2010 NZD 0.100
Lehman Brothers Treasu 13.500 06/02/2009 USD 0.100
Lehman Brothers Treasu 5.000 11/22/2012 EUR 0.100
Lehman Brothers Treasu 4.600 08/01/2013 EUR 0.100
Lehman Brothers Treasu 1.460 2/19/2012 JPY 0.100
Lehman Brothers Treasu 6.250 09/05/2011 EUR 0.100
Lehman Brothers Treasu 16.800 8/21/2009 USD 0.100
Lehman Brothers Treasu 4.000 06/05/2011 USD 0.100
Lehman Brothers Treasu 2.300 06/06/2013 USD 0.100
Lehman Brothers Treasu 4.300 06/04/2012 USD 0.100
Lehman Brothers Treasu 10.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 7.000 2/15/2010 CHF 0.100
Lehman Brothers Treasu 14.900 11/16/2010 EUR 0.100
Lehman Brothers Treasu 11.750 03/01/2010 EUR 0.100
Lehman Brothers Treasu 3.000 06/03/2010 EUR 0.100
Lehman Brothers Treasu 7.600 5/21/2013 USD 0.100
Lehman Brothers Treasu 11.000 07/04/2011 USD 0.100
Lehman Brothers Treasu 11.000 07/04/2011 CHF 0.100
Lehman Brothers Treasu 8.875 1/28/2011 HKD 0.100
Lehman Brothers Treasu 5.550 03/12/2015 EUR 0.100
Lehman Brothers Treasu 2.000 6/28/2011 EUR 0.100
Lehman Brothers Treasu 0.500 06/02/2020 EUR 0.100
Lehman Brothers Treasu 12.400 06/12/2009 USD 0.100
Lehman Brothers Treasu 5.500 07/08/2013 EUR 0.100
Polski Bank Spoldzielc 3.750 9/14/2027 PLN 64.873
Lehman Brothers Treasu 10.000 6/17/2009 USD 0.100
Lehman Brothers Treasu 12.000 07/04/2011 EUR 0.100
Lehman Brothers Treasu 6.850 12/22/2008 EUR 0.100
Lehman Brothers Treasu 7.550 12/29/2008 USD 0.100
Lehman Brothers Treasu 7.600 3/26/2009 EUR 0.100
Lehman Brothers Treasu 7.500 5/30/2010 AUD 0.100
Lehman Brothers Treasu 14.100 11/12/2008 USD 0.100
Lehman Brothers Treasu 7.250 07/08/2014 EUR 0.100
Lehman Brothers Treasu 6.000 08/07/2013 EUR 0.100
Lehman Brothers Treasu 11.250 12/31/2008 USD 0.100
Kaupthing ehf 9.750 09/10/2015 USD 0.250
Lehman Brothers Treasu 8.280 3/26/2009 USD 0.100
Lehman Brothers Treasu 16.000 12/26/2008 USD 0.100
LBI ehf 5.080 03/01/2013 ISK 9.375
Lehman Brothers Treasu 2.673 9/21/2010 JPY 0.100
Laurel GmbH 7.125 11/16/2017 EUR 7.750
Lehman Brothers Treasu 7.750 01/03/2012 AUD 0.100
Lehman Brothers Treasu 2.500 8/15/2012 CHF 0.100
Lehman Brothers Treasu 0.500 07/02/2020 EUR 0.100
Lehman Brothers Treasu 13.150 10/30/2008 USD 0.100
Lehman Brothers Treasu 13.432 01/08/2009 ILS 0.100
Lehman Brothers Treasu 3.100 06/04/2010 USD 0.100
Lehman Brothers Treasu 16.000 11/09/2008 USD 0.100
Lehman Brothers Treasu 16.200 5/14/2009 USD 0.100
Lehman Brothers Treasu 9.000 05/06/2011 CHF 0.100
Lehman Brothers Treasu 6.450 2/20/2010 AUD 0.100
Lehman Brothers Treasu 7.625 7/22/2011 HKD 0.100
Lehman Brothers Treasu 17.000 06/02/2009 USD 0.100
Lehman Brothers Treasu 8.000 5/22/2009 USD 0.100
Kaupthing ehf 2.775 05/10/2045 ISK 0.250
Lehman Brothers Treasu 7.000 4/24/2009 USD 0.100
Lehman Brothers Treasu 10.000 10/23/2008 USD 0.100
Lehman Brothers Treasu 6.000 03/04/2015 USD 0.100
Lehman Brothers Treasu 2.430 9/25/2009 USD 0.100
Lehman Brothers Treasu 10.000 10/22/2008 USD 0.100
Lehman Brothers Treasu 16.000 10/28/2008 USD 0.100
Lehman Brothers Treasu 6.600 5/23/2012 AUD 0.100
Lehman Brothers Treasu 3.450 5/23/2013 USD 0.100
Lehman Brothers Treasu 6.600 02/09/2009 EUR 0.100
Lehman Brothers Treasu 6.720 12/29/2008 EUR 0.100
Lehman Brothers Treasu 7.600 1/31/2013 AUD 0.100
Lehman Brothers Treasu 7.060 12/29/2008 EUR 0.100
Lehman Brothers Treasu 3.500 6/20/2011 EUR 0.100
Lehman Brothers Treasu 7.150 3/21/2013 USD 0.100
Norske Skogindustrier 2.000 12/30/2115 EUR 0.113
Lehman Brothers Treasu 7.500 2/14/2010 AUD 0.100
Lehman Brothers Treasu 10.000 06/11/2038 JPY 0.100
Lehman Brothers Treasu 6.000 6/21/2011 EUR 0.100
Lehman Brothers Treasu 2.000 6/21/2011 EUR 0.100
Lehman Brothers Treasu 8.000 12/27/2032 JPY 0.100
Lehman Brothers Treasu 4.100 8/23/2010 USD 0.100
Lehman Brothers Treasu 1.500 02/08/2012 CHF 0.100
Lehman Brothers Treasu 5.120 4/30/2027 EUR 0.100
Lehman Brothers Treasu 0.010 9/20/2011 USD 0.100
Lehman Brothers Treasu 12.000 7/13/2037 JPY 0.100
UniCredit Bank AG 5.600 4/16/2021 EUR 61.410
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2021. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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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.
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