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

                          E U R O P E

          Monday, August 16, 2021, Vol. 22, No. 157

                           Headlines



C Z E C H   R E P U B L I C

ENERGO-PRO AS: Fitch Affirms 'BB-' LT IDR, Outlook Negative


F R A N C E

SPIE: S&P Affirms 'BB' Rating on Recovering Operations, Outlook Neg


G E O R G I A

PROCREDIT BANK: Fitch Affirms 'BB+' IDRs, Alters Outlook to Stable


G E R M A N Y

A-BEST 21: Fitch Assigns Final BB Rating on Class E Tranche
A-BEST 21: Moody's Rates EUR12.7MM E Notes 'Ba1'
WIRECARD AG: MPs Lose Bid to Publish Dynamite Report on EY Audits
WIRECARD AG: Union Investment Seeks Damages Over Collapse


R U S S I A

HAMKORBANK JSCB: S&P Alters Outlook to Pos., Affirms 'B+/B' ICRs


S P A I N

AYT GENOVA VIII: Moody's Upgrades Rating on EUR21MM C Notes to Ba2


U N I T E D   K I N G D O M

CINEWORD: Mulls US Listing, Warns of Going Concern Uncertainty
EUROSAIL-UK 07-4: Fitch Affirms CC Rating on Class E1c Notes
GATWICK AIRPORT: In Talks with Lenders to Ease Loan Terms
GLENBURN HOTEL: Enters Administration, Put Up for Sale
SIMTOM FOOD: Goes Into Administration, Interpath Seeks Offers

SYON SECURITIES 2019: Fitch Raises Class D Notes to 'B+'
VIRGIN MEDIA INC: Fitch Affirms Then Withdraws 'BB-' IDRs


X X X X X X X X

[*] BOND PRICING: For the Week August 9 to August 13, 2021

                           - - - - -


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C Z E C H   R E P U B L I C
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ENERGO-PRO AS: Fitch Affirms 'BB-' LT IDR, Outlook Negative
-----------------------------------------------------------
Fitch Ratings has affirmed ENERGO-PRO a.s.'s (EPas) Long-Term
Issuer Default Rating (IDR) at 'BB-' with a Negative Outlook.

The ratings reflect EPas's small size relative to other rated
European utilities, cash-flow volatility, FX exposure, risks
associated with the operating environment and key-person risk from
ultimate ownership by one individual. They also incorporate
increased distribution tariffs in Georgia, the supportive
regulatory regime for utilities networks in Bulgaria, and
geographic diversification.

The Negative Outlook reflects Fitch's expectation that leverage
will remain elevated above Fitch's negative guideline in 2021
despite an expected recovery in EBITDA to about the 2018-2019
level. Leverage increased substantially in 2020 due to weaker
operating cash flows, on the back of low hydro generation across
all regions, high electricity costs in Georgia, lower distribution
volumes, and high shareholder distribution under the permitted
investment clause in Eurobond documentation, which had not
previously been utilised. The funds were mainly used for funding
development projects of EPas's parent in Turkey.

KEY RATING DRIVERS

Elevated Credit Metrics: Fitch expects 2021 funds from operations
(FFO) net leverage (adjusted for connection fees and guarantees) to
remain above Fitch's negative trigger and to be only slightly below
it from 2022. Fitch forecasts FFO interest coverage (adjusted for
connection fees and guarantees) at over 3x in 2021-2024. Fitch's
calculations also include guarantees as off-balance sheet
obligations. At end-2020, guarantees amounted to EUR45 million.
Guarantees and higher than expected shareholder distributions have
a material negative impact on credit ratios and therefore EPas has
an ESG Relevance Score of '5' for Group Structure.

EBITDA Volatility: EPas's Fitch-calculated EBITDA ranged between
EUR96 million and EUR164 million in 2016-2020 due to variable hydro
generation and tariff changes. In 2020, Fitch-calculated EBITDA was
EUR105 million due to hydro generation being below the long-term
average in all three countries of operations, high purchased
electricity costs, the liberalisation of high-voltage customers
from May 2019 in Georgia and a sharp contraction of the economies
depressing distribution volumes.

Expected EBITDA Improvement: Fitch expects 2021 EBITDA to improve
to about the 2018-2019 level and slightly increase from 2022,
assuming 2021 hydro generation based on annualised 1H21 generation
volumes, which increased 3% yoy to about or slightly below the
nine-year averages from 2022. The improvement will also be driven
by a significant increase in the distribution tariff in Georgia in
2021. However, the sale of electricity generated in Turkey at
market prices, previously mainly sold at FiT, will weigh on
profitability, as market prices were significantly below FiT in
1H21. Substantially lower than expected hydro generation would
pressure EBITDA and may result in a downgrade.

Shareholder Distribution: The company distributed EUR40 million to
shareholders in 2020 under the cumulative EUR10 million annual
permitted investment clause in Eurobond documentation, which had
not previously been utilised. The funds were mainly used for
funding development projects of its parent in Turkey. The company
expects to distribute EUR10 million in 2021 under this clause.
Fitch's rating case includes distributions of EUR10 million in
2021, 2022, 2024 and EUR60 million in 2023. EPas expects its
dividend policy to remain flexible and subject to business needs.

HPP Liberalisation in Georgia: In 2020 Georgia adopted the
electricity market model, meaning that electricity producers with
installed capacity below 120MW will gradually be relieved of
public-service obligation as they transition to market-based
principles. EPas's hydro power plants (HPPs) will gradually be
deregulated in 2021-2027. Fitch expects this to have a positive
effect as market prices are materially higher than regulated ones.

Regulated, Quasi-Regulated EBITDA Shares to Decline: EPas's EBITDA
is dominated by regulated and quasi-regulated activities (73% in
2020, down from 89% in 2017, based on company estimates). However,
Fitch expects this share to decrease as the business mix shifts
towards market-based activities, following cessation of FiT
eligibility for its assets in Turkey from end-2020, expected
gradual HPP liberalisation in Georgia, and the expiry of reference
price plus premium mechanism in Bulgaria over 2024-2025. These
developments will have a mixed financial effect. Fitch may tighten
Fitch's rating sensitivities if Fitch believes cash flow
predictability decreases.

FX Risks Remain: EPas remains subject to FX fluctuations, as its
debt at end-2020, which consisted mainly of Eurobonds, was
euro-denominated. This is in contrast to its local-currency
denominated revenue, although the Bulgarian leva is pegged to the
euro. EPas does not use hedging instruments, other than holding
some cash in foreign currencies.

Key Person Risk: EPas has higher key person risk than the majority
of its rated peers, as the company is ultimately owned by one
individual. It is part of the larger DK Holding group. EPas is the
major cash-generating subsidiary within DK Holding group. EPas has
an ESG relevance score of '5' for Group Structure and '4' for
Governance Structure reflecting distributions to shareholder for
funding construction of assets within larger DK Holding group and
providing guarantees for sister company's debt. These factors are
negative for the rating.

Turkish Projects Outside Rating Case: EPas plans to consolidate
Turkish projects (Karakurt HPP and Alpaslan 2 HPP) once they will
not worsen its leverage metrics. These projects were constructed by
EPas's sister companies within the bigger DK Holding group and
commissioned in 4Q20-1Q21. The projects benefit from electricity
sales under FiT of USD73/MWh and a local bonus component of
USD13-23/MWh. In Fitch's view, consolidation of these projects
would improve the company's credit metrics and could result in a
revision of the Outlook to Stable. Consolidation of these projects
is not part of Fitch's rating case at present. Fitch will include
them in Fitch's rating case once the transaction is at a more
advanced stage.

EPas has an ESG Relevance Score of '5' for Group Structure as the
company has issued guarantees in favour of its sister companies
within the DK Holding group, and higher than expected distributions
have a material impact on its credit ratios. These factors have a
negative impact on the credit profile, and are highly relevant to
the rating, resulting in a revision of Outlook to Negative from
Stable in December 2020.

EPas has an ESG Relevance Score of '4' for Governance Structure due
to the company being part of the larger DK Holding, which is
ultimately owned by one individual. Key person risk from this
dominant shareholder has a negative impact on the credit profile,
and is relevant to the ratings in conjunction with other factors.

DERIVATION SUMMARY

EPas is smaller than other rated European utilities such as Energa
S.A. (BBB-/Rating Watch Positive) or Bulgarian Energy Holding EAD
(BB/Positive), although it is one of the largest utilities in
Georgia and Bulgaria. The company is focused on hydro generation
with a close-to-zero carbon footprint. Its EBITDA was more volatile
over 2013-2020 than that of many peers, but it benefits from mostly
neutral-to-positive free cash flow (FCF) generation and a large
portion of regulated and quasi-regulated income. EPas's leverage is
higher than Energa's.

EPas has greater geographic diversification and benefits from more
stable regulation and integration into networks than DTEK
Renewables B.V. (B-/Stable), one of the largest renewable (wind and
solar) energy producers in Ukraine that operates under FiT, and
Uzbekhydroenergo JSC (B+/Stable), a hydroenergy producer with a
monopoly position in Uzbekistan rated one notch lower than the
Republic of Uzbekistan (BB-/Stable), reflecting the assessment of
links with the state, its ultimate shareholder.

KEY ASSUMPTIONS

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

-- Bulgarian, Georgian and Turkish GDP to increase 3.8%-4.8%,
    4.3%-5.8%, 3.7%-6.3% in 2021-2024;

-- Bulgarian, Georgian, and Turkish CPI on average at 2.1%, 3.7%,
    12.7% respectively over 2021-2024;

-- Electricity generation at about 2.3 TWh in 2021 and to
    increase to about 2.6 TWh annually in 2022-2024;

-- Capex of about EUR61 million annually on average over 2021-
    2024;

-- Distributions of EUR10 million in 2021 and in 2022, EUR60
    million in 2023, and EUR10 million in 2024;

-- EUR/USD1.21- EUR/USD1.22, USD/TRY8.13-TRY9.6 and EUR/GEL3.51-
    GEL4.11 over 2021-2024;

-- EUR45 million guarantees included as off-balance sheet
    obligations in 2021-2024.

RATING SENSITIVITIES

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

-- Fitch does not anticipate an upgrade as reflected in the
    Negative Outlook. Nevertheless, improved FFO net leverage
    (excluding connection fees and including group guarantees) to
    below 4.5x and FFO interest coverage consistently above 4x
    would be positive for the rating;

-- The Outlook could be revised to Stable if the negative
    sensitivities below are not breached.

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

-- Higher distributions to shareholder and lower profitability
    and cash generation leading to FFO net leverage (excluding
    connection fees and including group guarantees) above 5.5x and
    FFO interest coverage below 3x on a sustained basis;

-- Continued low hydro generation;

-- Significant weakening of the business profile with lower
    predictability of cash flows may lead to a tighter leverage
    sensitivity or a downgrade.

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

Manageable Liquidity: At end-2020 EPas had EUR18 million of
unrestricted cash and equivalents and a EUR12 million available
under a revolving credit facility (EUR31 million at end-1H21),
against short-term financial liabilities of EUR38 million. The
company expects to repay or prolong loans upon maturity. Fitch
expects FCF to be slightly negative in 2021, which will add to
funding requirements. The next substantial debt maturity is in
December 2022, when Eurobonds of EUR370 million are due. Fitch
expects the company to refinance Eurobonds well ahead of maturity.

ISSUER PROFILE

EPas is a utility company headquartered in Czech Republic with
operating companies in Bulgaria, Georgia and Turkey. The company's
core activities are power distribution for over two million
customers and electricity generation at hydro power plants with
total installed capacity of 747 MW and a gas-fired plant of 110MW.

SUMMARY OF FINANCIAL ADJUSTMENTS

-- Surplus from inventory and property, plant and equipment (PPE)
    counts, income from penalties and fines, income from insurance
    claims, gains less losses on disposal of PPE and intangible
    assets, changes in inventory of products and in work in
    progress were excluded from EBITDA.

-- Fitch has included guarantees of EUR45 million at end-2020
    issued by EPas under loan agreements of its sister companies
    as off-balance sheet obligations in the adjusted debt
    calculations.

-- For the purpose of FFO net leverage (excluding connection
    fees) and FFO interest cover (excluding connection fees)
    calculations Fitch reduced FFO by the amount of customer
    connection fees received as they are set off against capex.

ESG CONSIDERATIONS

EPas has an ESG Relevance Score of '5' for Group Structure due to
issuance of guarantees in favour of its sister companies within the
DK Holding group, and higher than expected distributions have a
material impact on its credit ratios, which has a negative impact
on the credit profile, and is highly relevant to the rating,
resulting in the revision of Outlook to Negative from Stable in
December 2020.

EPas has an ESG Relevance Score of '4' for Governance Structure due
to the company being part of the larger DK Holding, which is
ultimately owned by one individual. Key person risk from this
dominant shareholder, which has a negative impact on the credit
profile, and is relevant to the rating in conjunction with other
factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.



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F R A N C E
===========

SPIE: S&P Affirms 'BB' Rating on Recovering Operations, Outlook Neg
-------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' ratings on French support
services provider Spie and its senior debt, with the recovery
rating on the debt remaining at '3'(50%).

The negative outlook reflects S&P's view that, despite Spie's
operational performance recovery in 2021 driving deleveraging
toward 4.5x and FFO to debt above 15%, COVID-19-related uncertainty
in end markets and Spie's historical underperformance in terms of
revenue growth and margins versus our previous expectations for
2017-2020 cloud our current forecasts.

Operational performance has significantly recovered since the
beginning of the second half of 2020. Spie suffered from important
business losses during the first wave of COVID-19 in March-May
2020, mostly in France where the economic activity was severely hit
by the strict lockdown and several of its customers had to
temporarily close their facilities or postpone their projects.
Nevertheless, activity has gradually but firmly recovered since
June 2020 and the first half sales of 2021 in France were slightly
above those reported in first-half 2019, despite some lasting
impact from clients in the aerospace industry. Meanwhile, activity
has continued to be strong in other European countries,
particularly in Germany. On the margin side, despite some
persistent minor losses of productivity (for example, the company's
employees having to respect social distancing at working sites),
profitability is globally back to pre-crisis levels thanks to some
extra costs, such as the purchase of sanitation equipment, having
been passed through to the clients.

S&P said, "We therefore expect 2021 sales and EBITDA to be back to
2019 levels, also fueled by an accretive midsize acquisitions
strategy.We forecast sales will grow by 3%-4% organically in 2021,
and that acquisitions will bring an additional 2%-3%. The solid
trend of the first half of the year should continue in the second
half. As of July 31, 2021, Spie's revenue was almost €200 million
on a pro forma basis, which is above its usual level of €200
million for a full year. This can be explained Spie halting
numerous acquisition processes in 2020 due to the impact of the
pandemic, which temporarily suspended negotiations. Spie has a
particular focus on Germany where the market is especially
fragmented and market space to grow is greater than in other
regions. Although financed by internal cash flows, targets acquired
are not dilutive in terms of margin which limits the impact on
leverage. Combined with a recovery in margins particularly marked
in France, we expect S&P Global adjusted EBITDA margins will reach
7.1% in 2021.

"The negative outlook reflects tight headroom within the rating. We
forecast leverage will decrease to around 4.0x-4.5x by year-end
2021, from 5.1x at year-end 2020, and that FFO to debt will rise to
about 15%-18%, from 14.1% in 2020. Deleveraging will be helped by
tight working capital management, which we expect to be only
slightly negative, at around €10 million-€30 million, despite
the repayment of €140 million of state deferred taxes from 2020.
That being said, since the SAG acquisition early in 2017, which
pushed leverage to 5.5x by year-end 2017, Spie underperformed our
expectations in terms of revenue growth and EBITDA margins in
2017-2020, which has resulted in weaker credits metrics and tight
headroom within the 'BB' rating. Combined with uncertain market
conditions, such underperformance could result in credit metrics
remaining above our triggers at year-end 2021.

"The negative outlook reflects our expectation that Spie's sales
will grow by 6%-8% in 2021 and S&P Global Ratings-adjusted EBITDA
margins will expand to 7.0%-7.2% in the favorable macroeconomic
environment compared with 2020. This is expected to drive
deleveraging to around 4.0x-4.5x and FFO to debt to 15%-18%.
However, there remains uncertainty in our forecasts, given the
COVID-19-related uncertainty in end markets, and Spie's historical
underperformance in terms of revenue growth and margins versus our
previous expectations for 2017-2020."

S&P could take a negative rating action if Spie's debt to EBITDA
remains above 4.5x or FFO to debt below 15% on a sustained basis.
This could happen if:

-- The company prioritizes debt-funded acquisitions or shareholder
returns over deleveraging to below these levels.

-- Operating headwinds impact Spie's ability to deliver on its
contracts and negatively affect EBITDA generation.

S&P could consider revising the outlook to stable if Spie confirms
its focuses on reducing its leverage while its operating
performance continues to improve such that, on a sustained basis,
debt to EBITDA improves below 4.5x and FFO to debt increases to
comfortably above 15%.




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G E O R G I A
=============

PROCREDIT BANK: Fitch Affirms 'BB+' IDRs, Alters Outlook to Stable
------------------------------------------------------------------
Fitch Ratings has revised the Outlooks on ProCredit Bank Georgia's
(PCBG) and JSC Halyk Bank Georgia's (HBG) Long-Term Issuer Default
Ratings (IDRs) to Stable from Negative and affirmed the IDRs at
'BB+'.

The revision of the Outlooks to Stable follows the revision of the
Outlook on Georgia's sovereign rating to Stable from Negative. The
banks' Viability Ratings are unaffected by this rating action.

KEY RATING DRIVERS

The affirmation of PCBG's and HBG's IDRs at 'BB+' and Support
Ratings at '3' reflects Fitch's view that the banks will likely be
supported by their respective parents, ProCredit Holding AG & Co.
KGaA (PCH, BBB/Stable) and JSC Halyk Bank (HBK, BBB-/Stable), in
case of need.

Fitch believes that PCH and HBK have a high propensity to support
their Georgian subsidiaries, given full ownership, common branding,
strong integration, a record of capital and liquidity support, and
reputational risks in case of the subsidiaries default. The
subsidiaries' small size relative to their parents (especially in
case of HBG) supports Fitch's view that the cost of potential
support would be manageable for the parent groups.

Fitch caps PCBG's ratings at one notch above the 'BB' Georgian
sovereign rating to reflect the country risks that domestic banks
are exposed to. In Fitch's view, in case of extreme macroeconomic
and sovereign stress there is a material risk of government
intervention in the banking sector. Such intervention could limit
the ability of PCBG to service its obligations or the parent's
propensity to continue providing support, or both.

The one-notch difference between the IDRs of HBG and HBK reflects
the cross-border nature of the parent-subsidiary relationship and
the limited role of the Georgian subsidiary in the group and its
modest contribution to the group's performance.

RATING SENSITIVITIES

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

-- PCBG's support-driven IDRs could be upgraded if Georgia's
    sovereign rating was upgraded. An upgrade of HBG's IDR would
    require both an upgrade of Georgia's sovereign rating and an
    upgrade of HBK.

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

-- PCBG's and HBG's IDRs could be downgraded if Georgian country
    risks materially increase or if Fitch revises down the support
    assessment from the parent banks. A downgrade of HBG's IDR
    would also be triggered by a downgrade of the parent bank.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

PCBG's and HBG's IDRs are linked to the ratings of their parents.

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
entities, either due to their nature or the way in which they are
being managed by the entities.



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

A-BEST 21: Fitch Assigns Final BB Rating on Class E Tranche
-----------------------------------------------------------
Fitch Ratings has assigned Asset-Backed European Securitisation
Transaction Twenty-One B.V. (A-BEST 21) final ratings.

     DEBT                RATING
     ----                ------
A-Best 21

A XS2367164493    LT  AAAsf  New Rating
B XS2368146457    LT  AAsf   New Rating
C XS2368150210    LT  Asf    New Rating
D XS2368152695    LT  BBBsf  New Rating
E XS2368153156    LT  BBsf   New Rating
M XS2368153586    LT  NRsf   New Rating

TRANSACTION SUMMARY

A-BEST 21 is a two-year revolving securitisation of auto loan and
lease receivables granted to German private and commercial obligors
and serviced by FCA Bank Deutschland GmbH (FCAD). Leases were not
part of the predecessor transaction (A-BEST 19). FCAD is fully
owned by FCA Bank S.p.A., which itself is a joint venture between
FCA Italy S.p.A. and Credit Agricole Consumer Finance S.A.

KEY RATING DRIVERS

Asset Type Drives Default Risk: Fitch has derived individual
default assumptions for loans and leases. Fitch assumes the share
of leases increases to 81% during the revolving period and assigned
3.5% and 3.7% default base cases and 5.5x and 5.25x default
multiples to loans and leases, respectively.

Default Assumptions Reflect Receding Coronavirus: Despite slightly
rising infections, Fitch's economic outlook for Germany has
improved since the end of 2020. Fitch does not expect further
material economic impacts from the pandemic and thus set Fitch's
base case default assumptions close to the better performing
mid-2010s vintages for loans and leases.

Lease Recoveries Only Unsecured: Only unsecured recoveries are
available for leases, which causes Fitch's recovery base case to be
very low at 7.5%. Nevertheless, it also reflects Fitch's
expectation that the pandemic no longer poses a substantial risk
for lessees' incomes, i.e. the source of recovery. For loans, the
recovery base case of 55% indicates Fitch's view that used car
prices have not been and are unlikely to be materially affected by
the pandemic over the medium term.

Excess Spread not Fully Used: Every asset is purchased on a present
value basis with a discount rate that is the higher of 5% and the
asset's interest rate. This provides for excess spread initially
and also gains from the difference between nominal and discounted
notional that is realised if a receivable prepays. The transaction
does not fully benefit from excess spread, due to the late
provisioning after eight months only. Additionally, high default
assumptions reduce excess spread quickly in stressed scenarios.

Servicer- and Counterparty-Related Risks: Fitch deems servicer
discontinuity risk to be reduced, even though there is no back-up
servicer in place at closing. The assets are standard, which allow
for a simple transfer to a different servicer and the amortising
liquidity reserve provides at least four months of interest
coverage for the class A to E notes. Other counterparty risks are
adequately reduced in line with Fitch's Structured Finance and
Covered Bonds Counterparty Rating Criteria.

RATING SENSITIVITIES

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

-- Increase in credit enhancement ratios as the transaction
    deleverages after the revolving period;

-- Smaller-than-assumed losses due to, for example, default rates
    being 10% lower than Fitch's base case, which could lead to an
    upgrade of one notch on all notes rated below 'AAAsf'.

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

-- Long-term asset performance deterioration such as increased
    delinquencies or reduced portfolio yield, which could be
    driven by changes in portfolio characteristics, macroeconomic
    conditions, business practices or the legislative landscape;

-- A longer-than-expected coronavirus crisis that erodes
    macroeconomic fundamentals and the auto market in Germany
    beyond Fitch's base case. For example, if default rates are
    25% higher than Fitch's base case, the ratings could be
    downgraded by two to three notches.

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

Asset-Backed European Securitisation Transaction Twenty One B.V.

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

Fitch reviewed the results of a third party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

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

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

A-BEST 21: Moody's Rates EUR12.7MM E Notes 'Ba1'
------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to Notes issued by Asset-Backed European Securitisation
Transaction Twenty-One B.V.:

EUR400,000,000 Class A Asset-Backed Floating Rate Notes due
September 2031, Assigned Aaa (sf)

EUR20,700,000 Class B Asset-Backed Fixed Rate Notes due September
2031, Assigned Aa1 (sf)

EUR20,200,000 Class C Asset-Backed Fixed Rate Notes due September
2031, Assigned Aa3 (sf)

EUR15,500,000 Class D Asset-Backed Fixed Rate Notes due September
2031, Assigned A3 (sf)

EUR12,700,000 Class E Asset-Backed Fixed Rate Notes due September
2031, Assigned Ba1 (sf)

Moody's has not assigned a rating to the subordinated EUR17,500,000
Class M Asset-Backed Fixed Rate Notes due September 2031.

RATINGS RATIONALE

The Notes are backed by a 2-year revolving pool of German auto loan
and lease instalments (residual value cash flows are not
securitized) originated by FCA Bank Deutschland GmbH, (NR). FCA
Bank Deutschland GmbH is a fully owned subsidiary of FCA Bank
S.p.A. (Baa1/P-2/Baa2(cr)/P-2(cr)). The portfolio consists of auto
loans and auto leases extended to private and commercial obligors
in Germany. The originator will also act as the servicer of the
portfolio and swap counterparty during the life of the transaction.
This is the fourth public auto ABS securitisation transaction in
Germany rated by Moody's originated by FCA Bank Deutschland GmbH
since 2002.

The securitised assets are made up of monthly paying auto loans and
auto leases that FCA Bank Deutschland GmbH granted to private and
commercial customers resident in Germany with a total outstanding
discounted principal balance of approximately EUR484,195,487 as of
July 23, 2021 pool cut-off date. The Reserve Fund will be funded to
0.50% of the total rated Notes balance at closing and the total
credit enhancement for the Class A Notes will be 17.88%.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio, a simple transaction
structure, and the positive performance of previous issuances.
Additionally, the Class A, B, C, D and E Notes benefit from an
amortising liquidity reserve sized at 0.50% of the rated Notes
balance at closing with a floor of EUR 250,000. This reserve is
fully funded at closing and will provide liquidity during the life
of the transaction to pay senior expenses and coupons on Class A,
B, C, D and E Notes in the event of a cash flow disruption. In
addition, the contractual documents include the obligation of the
calculation agent to estimate amounts due in the event that a
servicer report is not available. This reduces the risk of any
technical non-payment of interest on the Notes.

However, Moody's notes that the transaction features some credit
weaknesses such as: (i) the 2 year revolving period which could
create volatility of pool performance; (ii) the relatively high
proportion of balloon loans and (iii) following the default of any
lease receivables, the issuer will not benefit from the proceeds
arising from the sale of the vehicle leading to lower recoveries.

The portfolio of underlying assets was distributed through dealers
to private individuals (39.95%) and self-employed/commercial
borrowers (60.05%) to finance the purchase of new (87.76%) and used
(12.24%) cars. As of July 23, 2021 the portfolio consists of 43,886
auto finance contracts to 40,781 borrowers and lessees with a
weighted average seasoning of 17.0 months. The contracts are either
equal instalment lease payments (60.9% of the portfolio as of the
cut-off date) or equal instalment loan payments during the life of
the contract and a larger balloon payment at maturity (39.1% of the
portfolio as of the cutoff date). On average, the balloon
instalment portion accounts for 56.80% of the total principal of
loan payments. The residual value component of the leases has not
been securitized.

During the revolving period of two years used car loans are limited
to 40.0% of the pool. Used car leases are not allowed in the
portfolio. Given that Moody's have no specific limit on the
contract type, to determine Moody's portfolio assumption, Moody's
tested different portfolio mixes of loan and lease contracts.

Moody's determined the portfolio lifetime expected loss of 2.50%,
and Aaa portfolio credit enhancement ("PCE") of 13.0% related to
borrower receivables. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
the cash flow model to rate Auto ABS.

Portfolio expected loss of 2.50% is in line with the EMEA Auto ABS
average and is based on Moody's assessment of the lifetime
expectation for the pool taking into account: (i) historic
performance of the book of the originator; (ii) benchmark
transactions; and (iii) other qualitative considerations, such as
the low recoveries on the lease component of the portfolio.

PCE of 13.0% is slightly higher than the EMEA Auto ABS average and
is based on Moody's assessment of the pool which is mainly driven
by: (i) the exposure to balloon payments despite considering the
strength of the originator; (ii) no recovery cash flows from the
sale of the car for defaulted lease contracts; (iii) the relative
ranking to originator peers in the EMEA market; and (iv) the
weighted average current loan-to-value of 67.80% which is in line
with the sector average. The PCE level of 13% results in an implied
coefficient of variation ("CoV") of approximately 45%.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
December 2020.

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

Factors or circumstances that could lead to an upgrade of the
ratings of the Notes would be better than expected performance of
the underlying collateral.

Factors or circumstances that could lead to a downgrade of the
ratings would be: (i) worse than expected performance of the
underlying collateral; (ii) deterioration in the credit quality of
FCA Bank S.p.A.; or (iii) an increase in Germany's sovereign risk.

WIRECARD AG: MPs Lose Bid to Publish Dynamite Report on EY Audits
-----------------------------------------------------------------
Olaf Storbeck at The Financial Times reports that EY has won a
victory in a battle over the publication of a report into its
audits of Wirecard, after Germany's top court dismissed a lawsuit
from MPs who had investigated one of the country's biggest
corporate scandals.

According to the FT, the parliamentary committee that examined the
failure of Wirecard had asked the Federal High Court of Justice to
decide whether an unredacted version of a report it had
commissioned into EY's audits could be published.

The full report, which was written by Martin Wambach, a partner at
accounting firm Roedl & Partner, cited more than 150 internal EY
documents that were submitted to the committee but were deemed
classified under German law, the FT relates.

MPs argued that publishing the full report was important for
shareholders trying to sue EY for damages over Wirecard, the FT
discloses.  EY had said that the release of the full report and
cache of documents would jeopardize its business secrets as well as
infringe the rights of its employees, the FT relays.

The court rejected the attempts by MPs on formal grounds, arguing
that the parliamentary committee can no longer pursue lawsuits
since it had dissolved itself, said people familiar with the
matter, the FT notes.

The ruling by the court in Karlsruhe is a reprieve for EY, which
gave Wirecard unqualified audits for a decade before the once
high-flying payments group collapsed last year in one of Europe's
biggest frauds, the FT states.

The explosive report found serious shortcomings in EY's work, the
FT recounts.  The report found the firm failed to spot fraud risk
indicators, did not fully implement professional guidelines and, on
key questions, relied on verbal assurances from executives, the FT
discloses.


WIRECARD AG: Union Investment Seeks Damages Over Collapse
---------------------------------------------------------
Olaf Storbeck at The Financial Times reports that a former top
Wirecard shareholder is seeking damages over the collapse of the
payments group in a landmark lawsuit that threatens the
compensation bondholders and banks are also seeking.

According to the FT, Union Investment, Germany's third-largest
asset manager, has filed a lawsuit in Munich against Wirecard's
administrator, which over the past year has been selling the
remaining assets of the failed payments group.

The asset manager said it suffered EUR243 million in losses when
Wirecard filed for insolvency in June 2020, the FT relates.

The lawsuit cites more than 70 releases and company statements
Wirecard made between 2014 and 2020 that Union says are misleading
and fraudulent, the FT notes.

"Our client [Union] was induced to buy the securities by fraudulent
and misleading statements by Wirecard," the FT quotes Nadine
Herrmann, a lawyer at Quinn Emanuel, as saying, adding that the
claims of shareholders should be treated in the same way as other
creditors in insolvency proceedings.

The claims of equity holders in an insolvency procedure are
typically last in line under German law, settled only after other
creditors have been paid.

If successful, the lawsuit would be a blow to the banks and
bondholders who lent Wirecard more than EUR3 billion and would be
forced to share any payout from the administrator, the FT
discloses.

According to a report seen by the FT, creditors, shareholders and
other aggrieved parties have filed more EUR14 billion of claims
with the administrator Michael Jaffe.

Mr. Jaffe and his team have so far generated about EUR600 million
selling Wirecard's assets, including its European core business to
Spanish lender Santander and Wirecard North America to US payments
firm Syncapay, the FT discloses.

In addition to those proceeds, EUR300 million in cash is held at
Wirecard Bank, the FT states.  The administrator is also evaluating
whether to make a claim against former Wirecard board members under
their director and officer liability insurance as well as against
EY, the payment group's former auditor, according to the FT.

Wirecard's other creditors have dismissed the claim from Union,
filing two legal opinions to the administrator laying out their
case, the FT relates.




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

HAMKORBANK JSCB: S&P Alters Outlook to Pos., Affirms 'B+/B' ICRs
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Uzbekistan-based
Hamkorbank JSCB to positive from negative and affirmed its 'B+/B'
long and short-term issuer credit ratings.

S&P said, "We anticipate that Hamkorbank's creditworthiness may
strengthen thanks to continuing improvement of its capital position
with our forecast risk-adjusted capital (RAC) ratio sustainably
higher than 10%.In 2020, the bank's capital adequacy measured by
our RAC ratio improved to 10% from 9.2% on the back of sustainably
strong financial performance and conservative capital management.
Last year, Hamkorbank outperformed our previous expectations,
demonstrating better profitability and only modest asset quality
deterioration." In particular, the bank's return on average equity
was close to 27.5% thanks to the increase of its net interest
margin (NIM) close to 10%, coupled with improved operating
efficiency and despite increased cost-of-risk (COR) to 147 basis
points (bps) from 24bps a year earlier. At the same time, the
bank's nonperforming assets increased to 7.0%, which was worse than
the system average of 3.0%-4.0%, but much better than our earlier
expectations of 13.0%-15.0%.

Although the bank's RAC ratio might fall below 10% in 2021-2022 due
to high lending growth, a reduced NIM, and growing operating
expenditure, we see a chance that the bank's RAC ratio may instead
strengthen further. We note, in particular, that higher risk
weights the central bank applies to retail and corporate loans with
high interest rates might require the bank to keep more capital for
such loans to maintain its capital adequacy ratio (CAR) at a
comfortable level. We expect Hamkorbank's management will maintain
its CAR at around 15% through 2021 against the 13% regulatory
minimum. We believe that stricter regulation might slow the bank's
annual lending growth to below 30%, supporting the RAC ratio. We
also think that the bank might be successful in counterbalancing
potential pressure on lending rates by repricing its funding and
protecting its NIM and profitability. Sustainably strong
profitability in previous years with annual return on average
equity (ROAE) at 25% or greater since 2013 and no expected common
dividends distribution, support potential favorable dynamics of the
bank's capital buffer in coming years.

S&P said, "We expect that the bank's asset quality will likely
stabilize with stage 3 loans reducing to 4.7% in 2021 and 4.3% in
2022, which is close to our systemwide expectations. We note that
in first-half 2021 the bank's ratio of nonperforming loans (NPLs)
under local standards reduced to 2.4% from 3.5% as of year-end
2020, versus NPL growth in the system to 5.6% on June 30, 2021,
from 2.1% at year-end 2020. We also note that most of the customers
in the restructured portfolio, representing about 23% of the total
loans as of mid-year 2021, service their debt well according to the
new schedule. We do not expect a new significant influx of problem
loans from the restructured portfolio and believe that the COR will
gradually reduce to 1.0%-1.2% over 2021-2022. As of year-end 2020,
the bank's provisioning coverage ratio was about 31% versus 70%-80%
average for other banks in the system. That said, we think that a
very low provisioning coverage ratio is a weakness of the bank's
risk profile and may lead to higher provisioning needs and
profitability pressure in the future.

"In our view, the bank's sound and stable franchise in small and
midsize enterprises and retail lending, sizable customer base, and
diverse lending mix will support its business position. We view
that the presence of international financial institutions among
shareholders underpins the bank's relatively good corporate
governance and transparency, which we consider to be generally
better than for other Uzbek banks.

"The positive outlook on Hamkorbank reflects our view that the
bank's creditworthiness may strengthen in the next 12-18 months
thanks to potentially stronger capital adequacy with forecast RAC
ratio being sustainably above 10%. The positive outlook also
reflects our expectations that the bank will continue to actively
grow its business with a focus on retail and micro lending and
demonstrate solid profitability with ROAE sustainably exceeding
20%. Finally, we believe that the bank's asset quality will
gradually improve with a reducing share of problem assets and the
COR remaining under 1.2%.

"We could raise our rating on Hamkorbank if its RAC ratio exceeds
and remains sustainably above 10% in the next 12-18 months,
supported by the bank's solid profitability and capital generation
capacity, and if its capital adequacy ratio remains at least 100bps
above the regulatory threshold. An upgrade would be possible only
if we saw further improvement of the bank's asset quality with a
share of problem assets closer to our system average assumptions
and new loan loss provisions not exceeding those of domestic
peers.

"We could revise the outlook to stable if the bank's forecast
capital buffer came under pressure from high asset growth and lower
profitability jeopardized by higher than expected credit losses.
Significant deterioration of capital adequacy ratios with a buffer
of lower than 100bps above the regulatory threshold might prompt us
to consider a negative rating action."




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

AYT GENOVA VIII: Moody's Upgrades Rating on EUR21MM C Notes to Ba2
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of seven notes
and affirmed the ratings of three notes in AyT GENOVA HIPOTECARIO
VI, FTH, AyT GENOVA HIPOTECARIO VII, FTH and AyT GENOVA HIPOTECARIO
VIII, FTH. The rating action reflects better than expected
collateral performance for AyT GENOVA HIPOTECARIO VI, FTH and AyT
GENOVA HIPOTECARIO VII, FTH and, for all three transactions, the
increased levels of credit enhancement available for the affected
notes.

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain the current rating on the affected
notes.

Issuer: AyT GENOVA HIPOTECARIO VI, FTH

EUR524M Class A2 Notes, Affirmed Aa1 (sf); previously on Nov 10,
2020 Affirmed Aa1 (sf)

EUR7M Class B Notes, Upgraded to Aa3 (sf); previously on Nov 10,
2020 Affirmed A2 (sf)

EUR7.7M Class C Notes, Upgraded to A2 (sf); previously on Nov 10,
2020 Upgraded to Baa1 (sf)

EUR7.3M Class D Notes, Upgraded to Baa1 (sf); previously on Nov
10, 2020 Upgraded to Baa3 (sf)

Issuer: AyT GENOVA HIPOTECARIO VII, FTH

EUR1048.45M Class A2 Notes, Affirmed Aa1 (sf); previously on Jun
29, 2018 Affirmed Aa1 (sf)

EUR22.4M Class B Notes, Upgraded to A3 (sf); previously on Jun 29,
2018 Upgraded to Baa1 (sf)

EUR21.15M Class C Notes, Affirmed Ba1 (sf); previously on Jun 29,
2018 Affirmed Ba1 (sf)

Issuer: AyT GENOVA HIPOTECARIO VIII , FTH

EUR1575M Class A2 Notes, Upgraded to Aa2 (sf); previously on Jun
29, 2018 Upgraded to Aa3 (sf)

EUR21M Class B Notes, Upgraded to Baa1 (sf); previously on Jun 29,
2018 Upgraded to Baa2 (sf)

EUR21M Class C Notes, Upgraded to Ba2 (sf); previously on Jun 29,
2018 Confirmed at Ba3 (sf)

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 rating action is prompted by:

decreased key collateral assumptions, namely the portfolio
Expected Loss (EL) assumptions, for AyT GENOVA HIPOTECARIO VI, FTH
and AyT GENOVA HIPOTECARIO VII, FTH due to better than expected
collateral performance

an increase in credit enhancement for the affected tranches in all
three transactions

Revision of Key Collateral Assumptions

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

The performance of AyT GENOVA HIPOTECARIO VI, FTH and AyT GENOVA
HIPOTECARIO VII, FTH has continued to improve since the last
respective rating actions. Total delinquencies have increased only
marginally in the past year for AyT GENOVA HIPOTECARIO VI, FTH and
they have decreased for AyT GENOVA HIPOTECARIO VII, FTH; 90 days
plus arrears currently stand at 0.00% and 0.13% of the respective
current pool balances. Cumulative defaults currently stand at,
respectively, 0.44% and 0.75% of the original pool balances for AyT
GENOVA HIPOTECARIO VI, FTH and AyT GENOVA HIPOTECARIO VII, FTH,
unchanged from a year earlier.

Moody's decreased the expected loss assumption to 0.17% as a
percentage of original pool balance from 0.20% due to the improving
performance for AyT GENOVA HIPOTECARIO VI, FTH. Moody's also
decreased the expected loss assumption for AyT GENOVA HIPOTECARIO
VII, FTH to 0.38% as a percentage of original pool balance from
0.40% due to the improving performance.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has maintained the MILAN CE
assumptions for all three transactions at their current level of
6.00%.

Increase in Available Credit Enhancement

Sequential amortization and non-amortizing reserve funds led to the
increase in the credit enhancement available in the three
transactions.

For instance, the credit enhancement for Class B notes in AyT
GENOVA HIPOTECARIO VI, FTH increased to 10.35% from 9.21% since the
last rating action. The credit enhancement for Class B notes in AyT
GENOVA HIPOTECARIO VII, FTH increased to 6.62% from 5.51% since the
last rating action. Finally, the credit enhancement for Class A2
notes in AyT GENOVA HIPOTECARIO VIII, FTH increased to 9.18% from
7.94% since the last rating action.

Counterparty Exposure

The rating actions took into consideration the notes' exposure to
relevant counterparties, such as servicer, account banks or swap
providers.

Moody's assessed the exposure to Banco Santander S.A. (Spain)
acting as swap counterparty in AyT GENOVA HIPOTECARIO VI, FTH.
Moody's analysis considered the risks of additional losses on the
notes if they were to become unhedged following a swap counterparty
default by using the CR assessment as reference point for swap
counterparties. Moody's concluded that the ratings of the Class C
notes in AyT GENOVA HIPOTECARIO VI, FTH are constrained by the swap
agreement entered between the issuer and Banco Santander S.A.
(Spain).

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 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.



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

CINEWORD: Mulls US Listing, Warns of Going Concern Uncertainty
--------------------------------------------------------------
Alice Hancock at The Financial Times reports that UK-based
Cineworld is considering listing all or part of its business in the
US as it warned that there could be "no certainty" over its
recovery from the pandemic.

According to the FT, the world's second-largest cinema group by
number of screens said on Aug. 12 that it was considering ways to
capture some of the liquidity in US markets, through either a
listing of the overall Cineworld group or a partial listing of
Regal, its US cinema network.

Mooky Greidinger, Cineworld's chief executive, said the plans were
embryonic and that the FTSE 250 company could consider a dual
listing of its business in the US and UK, choose to raise further
capital in the UK or issue more shares, the FT relates.

The share price of Cineworld's rival, US-listed AMC, has surged
after it became a popular "meme stock" for retail investors, the FT
recounts.  AMC's share price is up more than 1,460 per cent since
the start of the year, the FT notes.

Mr. Greidinger, as cited by the FT, said that Cineworld's decision
to consider a US listing had "nothing to do" with AMC's recent
stock performance.

A potential dual listing for Cineworld comes as cinemas begin to
make a slow recovery from the pandemic hit to business, with the
majority of blockbuster film releases delayed until the fourth
quarter of the year, the FT states.

Admissions in the six months to the end of June were 14.1m, 70%
lower than in the same period last year, the FT discloses.
Cineworld only began to reopen its cinemas in April, the FT
recounts.

Its directors warned of "material uncertainty" over Cineworld's
ability to continue as a going concern, saying further lockdowns or
a disruption to cinema attendance as a result of outbreaks of new
variants of coronavirus would cause it to breach covenants on its
term loans in June 2022, the FT relates.

Cineworld came close to financial collapse in November and has
faced a court battle with one of its landlords and a shareholder
revolt over a GBP65 million bonus package for its top two
executives, the FT relays.

The group could also be liable to pay US$260 million to Regal
shareholders in a dispute over its takeover of the US cinema
company in 2018, according to the FT.  Cineworld said it was
"engaging with the dissenting shareholders to reach a constructive
resolution", the FT notes.

Total revenues in the first half of the year plunged 59% to
US$292.8 million, compared with the same period in 2020, the FT
discloses.  The company narrowed its losses, however, reporting a
pre-tax loss of US$576.4 million compared with a US$1.6 billion
loss in the first six months of last year, the FT notes.


EUROSAIL-UK 07-4: Fitch Affirms CC Rating on Class E1c Notes
------------------------------------------------------------
Fitch Ratings has upgraded Eurosail-UK 07-4 BL Plc's (ES07-4) class
B1a notes and affirmed the others. Fitch has also affirmed
Eurosail-UK 07-3 BL Plc's (ES07-3) notes and revised the Outlook on
ES07-3's class D1a notes to Stable from Negative.

        DEBT                    RATING           PRIOR
        ----                    ------           -----
Eurosail-UK 07-3 BL Plc

Class A3a XS0308666493    LT  AAAsf  Affirmed    AAAsf
Class A3c XS0308710143    LT  AAAsf  Affirmed    AAAsf
Class B1a XS0308672384    LT  AA+sf  Affirmed    AA+sf
Class B1c XS0308716421    LT  AA+sf  Affirmed    AA+sf
Class C1a XS0308673192    LT  A-sf   Affirmed    A-sf
Class C1c XS0308718047    LT  A-sf   Affirmed    A-sf
Class D1a XS0308673945    LT  Bsf    Affirmed    Bsf
Class E1c XS0308725844    LT  CCCsf  Affirmed    CCCsf

Eurosail-UK 07-4 BL Plc

Class A3 XS1150797600     LT  AAAsf  Affirmed    AAAsf
Class A4 XS1150799481     LT  AAAsf  Affirmed    AAAsf
Class A5 XS1150799721     LT  AAAsf  Affirmed    AAAsf
Class B1a XS0311705759    LT  A+sf   Upgrade     Asf
Class C1a XS0311708696    LT  Bsf    Affirmed    Bsf
Class D1a XS0311713001    LT  B-sf   Affirmed    B-sf
Class E1c XS0311717416    LT  CCsf   Affirmed    CCsf

TRANSACTION SUMMARY

The transactions comprise UK non-conforming mortgage loans
originated by Southern Pacific Mortgage Limited, Preferred
Mortgages Limited (both formerly wholly-owned subsidiaries of
Lehman Brothers), London Mortgage Company and Alliance and
Leicester Plc.

KEY RATING DRIVERS

Arrears Remain Elevated: Payment holidays across both transactions
have declined substantially, reaching 1.6% and 0.9% of ES07-3's and
ES07-4's respective collateral balance as at June 2021. This
decline is in line with the trend seen in the UK mortgage market.
There is a risk that borrowers coming off payment holidays may
still face financial difficulties, causing them to fall into
arrears. However, the recent removal of many Covid-19 restrictions
in the UK and continued government support schemes that are in
place until September 2021 should allow most borrowers to resume
making full payments.

Total arrears in both transactions have been trending down from the
highs reached during the pandemic, with total arrears at 22.9% for
ES07-3 and 22.1% for ES07-4 in June 2021. Both transactions have
reported a moderate accumulation of late stage arrears during the
pandemic, with loans in arrears by more than three months
representing 16.3% and 17% of the mortgage pools for ES07-3 and
ES07-4, respectively.

The rise in late state arrears is due to the moratorium on
possessions implemented during the pandemic. The moratorium
hampered servicers' ability to proceed with possession orders,
leading to increased late stage arrears, which would ordinarily be
foreclosed upon the borrower reaching more than three months in
arrears. Fitch expects the level of late stage arrears to gradually
decline now that the moratorium on possessions has been lifted and
servicers are able to take necessary actions to mitigate the risk
of borrowers defaulting. This is reflected in the Stable Outlooks
on the notes.

Credit Enhancement Increasing: Credit enhancement (CE) continues to
increase in ES07-3 as the transaction amortises sequentially. CE on
the senior notes has increased to 47.0% compared with 41.7% at
Fitch's previous review in August 2020.

In contrast, ES07-4's notes are amortising pro-rata and CE is
increasing at a slower pace than ES07-3, until the pro rata
triggers are breached and note payment switches to sequential. The
build-up in CE for the class B1a notes of ES07-4 has still been
sufficient for the notes to withstand higher rating stresses,
leading Fitch to upgrade the notes.

Payment Interruption Risk Mitigated: ES07-4 has an amortising
liquidity reserve dedicated to cover interest shortfalls on the
class A3 notes, but ES07-3 does not include any dedicated liquidity
facilities. Both transactions have reserve funds available to cover
for credit losses, and there may not be sufficient funds to cover
for payment interruption if it is previously depleted due to weak
asset performance. Nevertheless, given the transactions' extensive
performance history Fitch does not expect the reserve funds to be
drawn to cover for losses in the short to medium term. Fitch
considers the reserve funds and the dedicated liquidity reserve for
ES07-4 adequate to provide coverage for payment interruption risk.

Coronavirus-related Alternative Assumptions: Fitch applied
alternative coronavirus assumptions to the non-conforming portion
of the two pools. The combined application of revised 'Bsf'
representative pool weighted average foreclosure frequency (WAFF)
and revised rating multiples resulted in multiples to the current
foreclosure frequency assumptions of 1.2x at 'Bsf' and 1.0x at
'AAAsf' for both transactions. The alternative coronavirus
assumptions are more modest for higher rating levels as the
corresponding rating assumptions are already meant to withstand
more severe macroeconomic shocks.

RATING SENSITIVITIES

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

-- Sustained improvement in asset performance manifested in
    declines in arrears and defaults could lead to reductions in
    expected FF and increased CE. This would provide the potential
    for upgrades. Fitch tested an additional rating sensitivity
    scenario by applying a decrease in the FF of 15% and an
    increase in the recovery rate (RR) of 15%, which could result
    in upgrades of up to four notches in both transactions.

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

-- Further deterioration in the performance of the mortgage pools
    could be caused by declines in economic activity and a
    withdrawal of government support schemes. Additionally, the
    current ratings may be sensitive to the resolution of the
    Libor-rate exposure on both the underlying mortgages and the
    notes.

-- For example, if material basis risk is introduced or if the
    net asset yield is materially lower, ratings may be negatively
    affected. A 15% increase in the WAFF and a 15% decrease in the
    WARR would result in downgrades of up to five notches.

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

Eurosail-UK 07-3 BL Plc, Eurosail-UK 07-4 BL Plc

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 transaction's Eurosail-UK
07-3 BL Plc, Eurosail-UK 07-4 BL Plc 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.

ESG CONSIDERATIONS

ES07-3 and ES07-4 have an ESG Relevance Score of '4' for Customer
Welfare - Fair Messaging, Privacy & Data Security due to the pools
exhibiting an interest-only maturity concentration of legacy
non-conforming owner-occupied loans of greater than 20%, which has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

ES07-3 and ES07-4 have an ESG Relevance Score of '4' for Human
Rights, Community Relations, Access & Affordability due to a
significant proportion of the pools containing owner-occupied loans
advanced with limited affordability checks, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

GATWICK AIRPORT: In Talks with Lenders to Ease Loan Terms
---------------------------------------------------------
Philip Georgiadis and Oliver Ralph at The Financial Times report
that Gatwick airport is in talks with its lenders to ease the terms
of its loans after losses mounted in the first half of the year
disrupted by the pandemic.

According to the FT, the UK's second-busiest airport has been badly
hit by restrictions on international travel, and on Aug. 13
reported a net loss of GBP245 million in the six months to the end
of June as passenger numbers collapsed to 569,000.

The airport's executives expect passenger numbers to rise to 9m by
the end of the year as demand for flying gradually increases, but
that would be below the 10m people who used the airport last year,
the FT states.  In a normal year, Gatwick would expect about 40m
passengers, the FT discloses.

"In common with just about everybody else in the sector, we didn't
anticipate having passenger volumes in 2021 that would end up being
lower than we saw in 2020," the FT quotes Gatwick's chief executive
Stewart Wingate as saying.

As a result of the losses and continuing weak demand for travel,
Gatwick has asked lenders to agree to short-term waivers on its
loans to avoid it defaulting., the FT relates.  The airport and its
lenders agreed to similar waivers last year, as has larger rival
Heathrow, the FT recounts.

Gatwick, located about 25 miles south of central London, is
currently only using one of its two terminals, the FT notes.

According to the FT, Gatwick had GBP779 million of liquidity at the
end of June, which it said was enough to last it for the next 12
months, and Mr. Wingate promised no staff would lose their jobs
after the UK's furlough scheme winds down at the end of next month.
The airport employs 1,750 staff, down from 3,300 before the
pandemic, the FT discloses.


GLENBURN HOTEL: Enters Administration, Put Up for Sale
------------------------------------------------------
Gary Flockhart at The Scotsman reports that The Glenburn Hotel on
the Isle of Bute has filed for administration.

The Glenburn Hotel has been closed since November 2020, with staff
initially being placed on furlough, The Scotsman relates.

However, it was confirmed on Aug. 13 all staff will be made
redundant with immediate effect, The Scotsman discloses.

The hotel had traded briefly since the start of the first lockdown
in early 2020, The Scotsman notes.

According to The Scotsman, the administration has been caused by
significant operating costs, coupled with the fall in revenue due
to the Covid pandemic while still having to meet significant
maintenance and running costs.

All remaining staff will be made redundant with immediate effect
and joint administrators Stuart Robb and Chad Griffin from FRP
Advisory will begin the process of marketing the hotel for sale and
are urging any interested parties to contact FRP Advisory as soon
as possible, The Scotsman states.

Situated on the Isle of Bute, The Glenburn Hotel became Scotland's
first "hydropathic" hotel, with affluent guests coming for its
health spas and stunning surroundings.  It features around 121
guest rooms, ballroom, restaurants, bars, terrace, conference
facilities and extensive terraced gardens.


SIMTOM FOOD: Goes Into Administration, Interpath Seeks Offers
-------------------------------------------------------------
Business Sale reports that administrators from Interpath Advisory
are seeking offers for the business and assets of
Leicestershire-based world foods manufacturer Simtom Food Products,
which has fallen into administration.

The company, which was founded in 1977 and known for its Indian
food products including sauces, pickles and chutneys, collapsed as
a result of the Covid-19 pandemic.  Previously, the business had
been investing heavily in expanding its operations, but these plans
were derailed by the onset of coronavirus and, more recently, it
was impacted by labour shortages, Business Sale relates.

According to Business Sale, prior to the appointment of joint
administrators Tim Bateson and Howard Smith of Interpath, the
company had made the majority of its approximately 60-strong
workforce redundant.

In its most recently available results, for the year ending March
31 2020, Simtom reported gross profits of close to GBP3.5 million
on turnover of GBP18 million, Business Sale discloses, Business
Sale notes.  While turnover and gross profits were both up from
GBP10.2 million and GBP2.4 million respectively the year prior, the
company slid from a post-tax profit of close to GBP35,000 to a
post-tax loss of GBP568,067, Business Sale states.

At the time, the company's fixed assets were valued at GBP7.7
million and its current assets at close to GBP5.1 million,
according to Business Sale. The company owed around GBP8.6 million
to creditors within one year and around GBP2.9 million to creditors
falling after one year, leaving it with net assets of approximately
GBP1 million, Business Sale discloses.


SYON SECURITIES 2019: Fitch Raises Class D Notes to 'B+'
--------------------------------------------------------
Fitch Ratings has upgraded Syon Securities 2019 DAC (Syon 2019) and
Syon Securities 2020 DAC (Syon 2020) and removed Syon 2019's class
B notes from Rating Watch Positive (RWP).

       DEBT                    RATING          PRIOR
       ----                    ------          -----
Syon Securities 2020 DAC

Class A XS2113685940    LT  Asf     Upgrade    A-sf
Class B XS2113686088    LT  BBBsf   Upgrade    BBB-sf
Class C XS2113686245    LT  BBsf    Upgrade    BB-sf

Syon Securities 2019 DAC

Class A XS2025580031    LT  A+sf    Upgrade    A-sf
Class B XS2025581195    LT  BBB+sf  Upgrade    BBB-sf
Class C XS2025587804    LT  BBsf    Upgrade    BB-sf
Class D XS2025587986    LT  B+sf    Upgrade    Bsf

TRANSACTION SUMMARY

Syon 2019 and Syon 2020 are the first two synthetic securitisations
of owner-occupied residential mortgage loans originated by Bank of
Scotland Plc (BoS) under the Halifax brand and secured over
properties located in England, Wales and Scotland. The transactions
are for risk-transfer purposes and include loans selected with
loan-to-values (LTV) higher than 90% and a high proportion of
first-time buyers (FTB).

KEY RATING DRIVERS

Off RWP: Fitch placed Syon 2019's class B notes on RWP following
the retirement of its coronavirus-related additional stress
analysis scenario (see 'Fitch Retires UK and European RMBS
Coronavirus Additional Stress Scenario Analysis, except for UK
Non-Conforming'). Fitch has retired its additional stress scenario
analysis applied in conjunction with its UK RMBS Rating Criteria
for UK prime pools, resulting in improved asset levels. Together
with the stable asset performance in the pool, this has contributed
to the upgrades.

Reduction in Allocated Defaults: As of April 2021 for Syon 2019 and
May 2021 for Syon 2020, 20 and 15 months have elapsed since
closing. In a variation from its criteria, defaults distributed
beyond the end of protection have not been allocated in Fitch's
cash flow modelling. The reduction in the allocated defaults over
the remaining life of the transaction contributes to the upgrades.

High LTV Lending: The pools consist of loans originated with a LTV
above 90%, in 2018-2020. As a result, the weighted average current
LTV of the pool is higher than usual for Fitch-rated RMBS at 91.1%
(Syon 2019) and 92.0% (Syon 2020). Fitch's weighted average
sustainable LTV for the pools is also high at 117.5% (Syon 2019)
and 120.8% (Syon 2020), resulting in a higher foreclosure frequency
(FF) and lower recovery rate (RR) for the pools compared with
transactions with lower LTV metrics.

High Concentration of FTB: FTBs make up 79.4% (Syon 2019) and 77.2%
(Syon 2020) of borrowers in the pools, a high concentration
compared with other RMBS transactions. Fitch considers that FTBs
are more likely to suffer foreclosure than other borrowers and due
to the high prevalence in this pool, considers the concentration
analytically significant. In a variation to its criteria, Fitch has
applied an upward adjustment of 1.3x to each loan where the
borrower is a FTB.

Given the impact on the FF, accessibility to affordable housing for
FTBs is a factor affecting Fitch's ESG scores.

Accrued Interest Covered by Issuer: Under the financial guarantee,
the issuer provides BoS with protection from losses of accrued
interest as well as principal losses. As a result, rising interest
rates will place a stress on the issuer as interest payments from
borrowers accrue at a faster rate. In a variation to its criteria,
Fitch has not applied a reduction to the currently observed margin
earned from standard variable rate loans in any of its rating
scenarios.

Counterparty Exposure: The transactions are exposed to BoS as
account bank provider and counterparty to the financial guarantee.
In the event of a default of BoS, the transaction would end due to
the termination of the guarantee with the potential for funds held
to redeem the notes at the account bank being lost. Fitch has
capped the rating of the notes at that of BoS as a result of this
counterparty dependency.

The transaction has an ESG Relevance Score of '5' for Transaction
Parties & Operational Risk due to the exposure to BoS as account
provider whose default would terminate the guarantee with the
potential for redemptions funds to be lost. As a result, Fitch has
capped the rating of the notes at that of BoS.

RATING SENSITIVITIES

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

-- The transactions' performance may be affected by changes in
    market conditions and economic environment. Weakening asset
    performance is strongly correlated to increasing levels of
    delinquencies and defaults that could reduce credit
    enhancement (CE) available to the notes. Additionally,
    unanticipated declines in recoveries could also result in
    lower net proceeds, which may make certain note ratings
    susceptible to potential negative rating action depending on
    the extent of the decline in recoveries.

-- Fitch assumed a 15% increase in the weighted average (WA) FF
    and a 15% decrease in the WARR. The results indicate a
    downgrade of up to one notch for the class A, C and D notes in
    Syon 2019 and up to two notches for all other tranches.

-- The transactions are particularly sensitive to rising interest
    rates, which will place a stress on the issuer's ability to
    meet unpaid interest on the loans as interest payments from
    borrowers accrues at a faster rate.

-- The pro-rata conditions are linked to levels of three-month
    plus arrears, which are breached in Fitch's stress scenarios.
    Pro-rata amortisation throughout the protection period could
    have a negative rating impact. However, this is associated
    with rather unlikely scenarios (material asset
    underperformance, but not sufficient to switch the principal
    allocation to sequential). Material increases in recovery
    timing may also result in negative rating action on the notes
    as larger interest accruals would increase the issuer exposure
    to credit events.

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

-- Fitch tested an additional rating sensitivity scenario by
    applying a decrease in the FF of 15% and an increase in the RR
    of 15%. The results indicate a indicate up to a one-notch
    upgrade for the class A and B in Syon 2020, a two-notch
    upgrade for the class B and D notes in Syon 2019 and the class
    C notes in Syon 2020 and a three-notch upgrade for the class C
    notes in Syon 2019.

BEST/WORST CASE RATING SCENARIO

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

CRITERIA VARIATION

Fitch considers that FTBs are more likely to suffer foreclosure
than other borrowers and has considered their high concentration in
these pools analytically significant. Fitch has therefore applied
an upward adjustment of 1.3x to each loan where the borrower is a
FTB instead of 1.1x, as per its criteria.

In these transactions, a reduced loan margin is beneficial as the
issuer is required to compensate BoS for accrued interest on
defaulted loans. As a result, no margin compression has been
applied and instead the current margin above SONIA has been applied
in all scenarios.

Fitch has modified the even-and back-loaded defaults distribution
provided by its criteria so that the defaults that would otherwise
have occurred beyond the seven-year protection period have been
spread evenly across the original term of the transactions.
Defaults distributed beyond the end of protection have not been
allocated in Fitch's cash flow modelling.

The impact of the criteria variations is a negative movement of one
notch for the class B, C and D notes in Syon 2019 and all class of
notes in Syon 2020.

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.

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

Prior to the transactions closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Prior to the transactions closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

ESG CONSIDERATIONS

The transactions have an ESG Relevance Score of '5' for Transaction
Parties & Operational Risk due to the exposure to BoS as account
provider whose default would terminate the guarantee with the
potential for redemptions funds to be lost. As a result, Fitch
capped the rating of the notes at that of BoS.

The transactions have an ESG Relevance Score of '4' for Human
Rights, Community Relations, Access & Affordability due to the
significant concentration of FTBs which are characterised by higher
credit profile compared other borrowers and may impact the credit
risk of the 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.

VIRGIN MEDIA INC: Fitch Affirms Then Withdraws 'BB-' IDRs
---------------------------------------------------------
Fitch Ratings has affirmed Virgin Media Inc's (VMI) Long- and
Short-Term Issuer Default Ratings (IDR) at 'BB-' with Stable
Outlook and 'B', respectively. The agency has also withdrawn the
IDRs following the completion of VMI's joint venture with Liberty
Global plc - VMED O2 Limited (VMED O2; BB-/Stable), which
effectively constitutes a corporate reorganisation and makes VMI's
IDRs obsolete.

Fitch has confirmed with Liberty Global plc management that an
equivalent guarantor and security structure exist for all of VMED
O2 group debt, including VMI's legacy debt. Recoveries and
instrument notching of the legacy debt are now driven by VMED O2's
IDR; which at 'BB-' implies no change to the underlying debt
ratings.

Following the withdrawal Fitch will no longer provide ratings or
analytical coverage of VMI.

The ratings have been withdrawn for commercial purposes.

KEY RATING DRIVERS

Strong Business Profile: The IDR of VMED O2 reflects its enhanced
business profile, as the merger makes it the UK's second-largest
telecoms carrier after the incumbent BT Group plc (BBB/Stable). The
merger roughly doubles its revenue and provides it with a strong
convergent position at a time when the UK is at a more nascent
stage in fixed-mobile development than some European markets. The
combination brings together the solid brand positions of VMI and O2
UK in fixed and mobile services, respectively, which should help
drive revenue opportunities over time.

Synergies and Financial Policy: The near- to-medium term potential
to deliver targeted cost synergies is expected to underpin solid
cash-flow generation. A financial policy to manage net debt/EBITDA
towards the upper end of a 4x-5x range, combined with visible cash
flow, anchors the rating at 'BB-'. The consistency with which
leverage at other Liberty Global plc ventures is managed and a
tendency to upstream available free cash flow (FCF) by way of
shareholder distributions provide clarity over anticipated
capitalisation.

DERIVATION SUMMARY

VMI has a larger absolute scale than peer cable operators with
strong mobile franchise such as VodafoneZiggo Group B.V.
(B+/Stable) in the Netherlands or Telenet Group Holding N.V.
(BB-/Stable) in Belgium. The merger between Sunrise Communications
Group AG (WD) and UPC Holding BV (BB-/Negative) has created a
strong challenger in Switzerland with an established mobile
business and fixed cable network and improved competitive position
but with higher leverage that is now in line with VMI's.

However, the UK market is more structurally challenging than most
European markets, with four facilities-based mobile operators, a
number of strong broadband players offering convergent offers and
content, and in particular with sports being a strong driver of
consumer preferences.

The merger with TEF UK has made VMI a stronger competitor for BT
plc (BBB/Stable), but the latter benefits from wider broadband
coverage and a stronger B2B market.

KEY ASSUMPTIONS

-- Pro-forma 2021 revenue base of GBP10.7 billion to grow at flat
    to low single digits until 2024;

-- Pro-forma 2021 EBITDA margin of 32% to expand to 36% by 2024
    as cost synergies are delivered;

-- Capex to reduce progressively to 18% of sales by 2024 from 22%
    - 23% in 2021;

-- JV capitalisation/equalisation payment of GBP5.5 billion paid
    in 2021; excess FCF paid in shareholder dividends thereafter
    subject to a target maximum leverage of 5.0x.

RATING SENSITIVITIES

Rating sensitivities are no longer relevant given the rating
withdrawal.

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

Sufficient Liquidity: In Fitch's view VMI's liquidity profile is
sufficient based on expected positive FCF during 2021-2024, full
availability under a GBP1 billion revolving credit facility as of
end-1Q21 and unrestricted cash and cash equivalents at end-1Q21 of
GBP6 million.

Liberty Global plc manages liquidity across its portfolio on a
flexible basis and would be expected to provide support to or
reduce shareholder payments from VMI if necessary.

Reported short-term maturities at end-1Q21 included approximately
GBP2 billion of vendor financing- related debt. Nonetheless
liquidity is managed more tightly than at other Liberty Global
portfolio businesses.

ISSUER PROFILE

VMI, a cable operator based in the UK, is a wholly-owned subsidiary
of Liberty Global plc. It provides broadband internet, video,
fixed-line telephony and broadcasting services in the U.K. and
Ireland. It also has a comprehensive MVNO allowing the provision of
triple/quad-play offers.

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.



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

[*] BOND PRICING: For the Week August 9 to August 13, 2021
----------------------------------------------------------
Issuer         Coupon  Maturity     Currency  Price
------         ------  --------     --------  -----
Casino Guichard 1.004                 EUR     43.323
Casino Guichard 3.992                 EUR     72.701
Hurricane Energy7.500     7/24/2022   USD     63.333
Mitsubishi UFJ I3.957     12/15/2050  EUR     50.127
Intralot Capital5.250     9/15/2024   EUR     59.981
Accor SA        0.700     12/07/2027  EUR     51.846
Fuerstenberg Cap5.625                 EUR     49.275
Rallye SA       4.000     2/28/2030   EUR     30.875
Air France-KLM  0.125     3/25/2026   EUR     15.866
EYEMAXX Real Est5.500     4/26/2023   EUR     61.991
Metro Bank PLC  5.500     6/26/2028   GBP     65.325
EA Partners II B6.750     06/01/2021  USD     42.125
Econocom Group S0.500     03/06/2023  EUR     7.649
Voltalia SA     1.000     1/13/2025   EUR     31.131
Korian SA       0.875     03/06/2027  EUR     57.107
Mallinckrodt Int5.750     08/01/2022  USD     66.500
EYEMAXX Real Est5.500     9/24/2024   EUR     44.473
PB International7.625     1/26/2022   USD     30.833
FIGEAC-AERO     1.125     10/18/2022  EUR     22.338
Pierre Et Vacanc2.000     04/01/2023  EUR     29.904
Rallye SA       4.371     1/23/2023   EUR     31.699
Korian SA       2.500                 EUR     42.099
Wirecard AG     0.500     09/11/2024  EUR     10.990
HOCHDORF Holding2.500                 CHF     57.502
Nexity SA       0.250     03/02/2025  EUR     67.729
Mallinckrodt Int4.750     4/15/2023   USD     24.500
Hylea Group SA  7.250     12/01/2022  EUR     35.500
Maisons du Monde0.125     12/06/2023  EUR     46.355
Naviera Armas SA6.500     7/31/2023   EUR     69.864
Quadient SA     3.375                 EUR     58.213
Moby SpA        7.750     2/15/2023   EUR     31.524
Nostrum Oil & Ga8.000     7/25/2022   USD     27.458
Intu Debenture P5.562     12/31/2027  GBP     39.500
Intelsat Luxembo8.125     06/01/2023  USD     3.316
Mallinckrodt Int5.625     10/15/2023  USD     68.250
Privatbank CJSC 10.250    1/23/2018   USD     10.000
Air Berlin PLC  6.750     05/09/2019  EUR     0.325
Mallinckrodt Int5.500     4/15/2025   USD     69.250
Bourbon Corp    8.061                 EUR     15.770
Intelsat Jackson5.500     08/01/2023  USD     58.500
Officine Maccafe5.750     06/01/2021  EUR     19.906
O1 Properties Fi0.500     9/27/2028   USD     10.000
Air Berlin PLC  8.250     4/19/2018   EUR     0.268
Intelsat Jackson8.500     10/15/2024  USD     58.000
Abengoa Abenewco1.500     4/26/2024   EUR     1.183
EYEMAXX Real Est5.500     7/22/2025   EUR     73.981
Orient Express B2.000                 USD     30.190
Debenhams PLC   5.250     7/15/2021   GBP     1.001
PREOS Global Off7.500     12/09/2024  EUR     64.500
Rallye SA       3.400     1/31/2022   EUR     34.132
Rallye SA       3.250     02/08/2024  CHF     32.435
Offshore Drillin8.375     9/20/2020   USD     6.967
Union Fenosa Pre1.107                 EUR     70.420
Thomas Cook Grou6.250     6/15/2022   EUR     0.484
Lloyds Bank PLC 2.661     2/22/2033   USD     77.178
Nostrum Oil & Ga7.000     2/16/2025   USD     27.458
Hellenic Bank PC10.000                EUR     57.440
Senvion Holding 3.875     10/25/2022  EUR     0.504
Neoen SA        1.875     10/07/2024  EUR     43.572
Rallye SA       5.250     02/01/2022  EUR     32.887
Genfit          3.500     10/16/2025  EUR     18.669
Intelsat Connect9.500     2/15/2023   USD     33.397
Immigon Portfoli5.801                 EUR     12.226
Ziton A/S       7.900     10/03/2022  EUR     65.000
Neoen SA        2.000     06/02/2025  EUR     52.947
OGX Austria GmbH8.375     04/01/2022  USD     0.022
Turkey Governmen10.500    08/11/2027  TRY     74.950
Lloyds Bank PLC 2.308     4/26/2033   USD     80.836
Naviera Armas SA4.250     11/15/2024  EUR     68.360
Travelex Financi8.000     5/15/2022   EUR     1.333
Rickmers Holding8.875     06/11/2018  EUR     0.565
Koninklijke Luch0.750                 CHF     25.250
DOF Subsea AS   8.260     11/27/2023  NOK     27.250
EA Partners I BV6.875     9/28/2020   USD     0.503
Galapagos Holdin7.000     6/15/2022   EUR     1.500
Jain Internation7.125     02/01/2022  USD     21.750
Stichting Afwikk6.250     10/26/2020  EUR     5.263
Intelsat Luxembo7.750     06/01/2021  USD     2.500
Mitsubishi UFJ I3.704     12/30/2099  EUR     5.333
Nexity SA       0.125     01/01/2023  EUR     64.819
Air Berlin PLC  5.625     05/09/2019  CHF     0.510
Bank Otkritie Fi10.000    4/26/2019   USD     10.000
Avangardco Inves10.000    10/29/2018  USD     0.396
Intelsat Jackson9.750     7/15/2025   USD     58.750
Nexity SA       0.875     4/19/2028   EUR     59.001
Dexia Credit Loc1.181                 EUR     3.391
Barclays Bank PL2.852     3/28/2033   USD     71.793
Banco Espirito S7.125     11/28/2023  EUR     0.139
Rallye SA       4.000     11/23/2020  CHF     28.000
Bilt Paper BV   9.640                 USD     1.699
Thomas Cook Fina3.875     7/15/2023   EUR     2.410
Deutsche Bank AG2.218     3/15/2033   USD     72.300
Norddeutsche Lan7.490                 EUR     67.891
OGX Austria GmbH8.500     06/01/2018  USD     0.022
FF Group Finance3.250     11/02/2021  CHF     8.422
Scandinavian Air0.625                 CHF     23.000
Senivita Social 4.000     05/12/2025  EUR     8.010
UkrLandFarming P10.875    3/26/2018   USD     1.885
Yell Bondco PLC 8.500     05/02/2023  GBP     54.480
Yuksel Insaat AS9.500     11/10/2015  USD     1.007
Alitalia-Societa5.250     7/30/2020   EUR     0.100
Privatbank CJSC 10.875    2/28/2018   USD     29.354
Privatbank CJSC 11.000    02/09/2021  USD     3.772
Hamon & CIE SA  3.300     1/31/2035   EUR     45.890
JP Morgan Struct0.379     9/30/2021   EUR     1.000
REM Saltire Hold7.000     12/31/2024  NOK     51.777
Grupo Isolux Cor1.000     12/30/2021  EUR     0.182
Hellenic Republi2.085     7/25/2057   EUR     47.720
Gamalife - Cia d2.957                 EUR     72.991
Alno AG         8.500     5/14/2018   EUR     16.226
FF Group Finance1.750     07/03/2019  EUR     5.442
Eramet SA       4.000                 EUR     66.173
Fuerstenberg Cap1.020                 EUR     48.138
Joh Friedrich Be7.750     11/11/2020  EUR     45.000
EDOB Abwicklungs7.500     04/01/2012  EUR     3.495
JZ Capital Partn6.000     7/30/2021   GBP     9.600
Claranova SADIR 5.000     07/01/2023  EUR     1.110
EOS Imaging SA  6.000     5/31/2023   EUR     6.857
Lehman Brothers 5.125                 EUR     8.008
Espirito Santo F6.875     10/21/2019  EUR     0.244
Stichting Afwikk11.250                EUR     1.258
Banco Espirito S6.875     7/15/2016   EUR     25.250
Norske Skogindus7.000     12/30/2026  EUR     0.001
DOF Subsea AS   9.500     3/14/2022   USD     27.194
WD Invest Sarl  1.900     10/02/2024  EUR     10.051
Lehman Brothers 6.900                 USD     3.986
Tresu Investment5.000     9/29/2022   EUR     28.250
Hema Bondco II B8.500     1/15/2023   EUR     0.780
EFG Internationa0.321                 EUR     66.617
Saleza AS       9.000     07/12/2021  EUR     0.203
Verimatrix SA   6.000     6/29/2022   EUR     3.801
Banco Espirito S2.106                 EUR     0.124
Dexia SA        1.244                 EUR     1.402
Pentracor GmbH  8.500     5/29/2025   EUR     71.175
Deutsche Bank AG1.268     6/28/2033   USD     71.650
KTG Agrar SE    7.125     06/06/2017  EUR     2.885
Lehman Brothers 3.875                 EUR     8.000
International In9.000     07/06/2011  EUR     0.176
KPNQwest NV     10.000    3/15/2012   EUR     0.474
JP Morgan Struct0.379     9/30/2021   EUR     1.000
Virgolino de Oli10.500    1/28/2018   USD     0.882
Praktiker AG    5.875     02/10/2016  EUR     0.069
JP Morgan Struct0.379     9/30/2021   EUR     1.000
ESFIL-Espirito S5.250     06/12/2015  EUR     0.112
New World Resour4.000     10/07/2020  EUR     0.231
Solon SE        1.375     12/06/2012  EUR     0.745
Banca Popolare d2.821     12/20/2017  EUR     0.159
Joh Friedrich Be6.250     6/18/2024   EUR     45.500
BNP Paribas SA  7.625                 USD     50.000
Finance and Cred9.250     1/25/2019   USD     0.257
Agrokor dd      9.875     05/01/2019  EUR     15.000
Banca Popolare d9.500     9/29/2025   EUR     0.049
Norske Skogindus2.000     12/30/2115  EUR     0.113
Cirio Holding Lu6.250     2/16/2004   EUR     0.728
LBI ehf         6.100     8/25/2011   USD     9.883
Norwegian Air Sh5.000     02/07/2023  SEK     44.592
Lehman Brothers 5.750                 EUR     3.962
Hellas Telecommu6.054     1/15/2015   USD     0.001
Breeze Finance S6.708     4/19/2027   EUR     31.000
Virgolino de Oli11.750    02/09/2022  USD     1.336
Intralot Capital5.250     9/15/2024   EUR     60.035
Corporate Commer8.250     08/08/2014  USD     0.308
Nostrum Oil & Ga8.000     7/25/2022   USD     27.865
Allied Irish Ban12.500    6/25/2035   GBP     61.150
Windreich GmbH  6.500     03/01/2015  EUR     4.475
Tennor Finance B5.750     6/17/2024   EUR     75.000
Mallinckrodt Int5.625     10/15/2023  USD     68.183
Finmek Internati7.000     12/03/2004  EUR     2.193
Portugal Telecom6.250     7/26/2016   EUR     0.175
Cirio Finanziari8.000     12/21/2005  EUR     1.295
Mallinckrodt Int5.750     08/01/2022  USD     66.300
New World Resour8.000     04/07/2020  EUR     0.110
UniCredit Bank A0.107     11/19/2029  EUR     67.979
Norwegian Air Sh6.375     11/15/2024  USD     49.542
Alpine Holding G6.000     5/22/2017   EUR     2.233
Alno AG         8.000     3/21/2019   EUR     16.200
OGX Austria GmbH8.375     04/01/2022  USD     0.022
Veneto Banca SpA9.878     12/01/2025  EUR     0.448
SAG Solarstrom A6.250     12/14/2015  EUR     31.000
Societe Centrale2.500     5/15/2023   EUR     6.880
Dr Wiesent Sozia7.000                 EUR     0.011
Agrokor dd      9.125     02/01/2020  EUR     15.000
Mallinckrodt Int5.500     4/15/2025   USD     62.500
Abengoa Abenewco1.500     4/26/2024   USD     1.069
Cooperatieve Rab0.500     10/30/2043  MXN     15.182
KPNQwest NV     8.875     02/01/2008  EUR     0.474
Cirio Finance Lu7.500     11/03/2002  EUR     2.665
Civitas Properti4.000     11/24/2022  EUR     47.000
Ghelamco Invest 4.500     5/23/2022   EUR     40.000
Orange SA       3.000     6/15/2022   EUR     10.000
Cooperatieve Rab0.500     7/30/2043   MXN     15.987
Sairgroup Financ4.375     06/08/2006  EUR     1.525
Banco Espirito S6.900     6/28/2024   EUR     25.296
International In11.000    2/19/2013   USD     0.276
CBo Territoria  3.750     07/01/2024  EUR     4.700
KPNQwest NV     7.125     06/01/2009  EUR     0.484
Depfa Funding II0.235                 EUR     57.237
Santander Consum5.110                 NOK     44.846
Virgolino de Oli10.500    1/28/2018   USD     0.882
Lloyds Bank PLC 0.500     7/26/2028   MXN     59.625
OGX Austria GmbH8.500     06/01/2018  USD     0.022
Stichting Afwikk6.625     5/14/2018   EUR     5.250
Santander Consum5.110                 NOK     44.846
Alpine Holding G5.250     07/01/2015  EUR     2.233
Offshore Drillin8.375     9/20/2020   USD     6.967
Rallye SA       1.000     10/02/2020  EUR     27.309
Bank Nadra Via N8.250     7/31/2018   USD     0.208
Sidetur Finance 10.000    4/20/2016   USD     2.082
KPNQwest NV     8.125     06/01/2009  USD     0.474
Nostrum Oil & Ga7.000     2/16/2025   USD     27.592
Cirio Del Monte 7.750     3/14/2005   EUR     0.590
Agrokor dd      8.875     02/01/2020  USD     15.000
Island Offshore 2.790     6/30/2022   NOK     4.777
Virgolino de Oli10.875    1/13/2020   USD     34.000
Banco Espirito S2.286                 EUR     0.237
WPE Internationa10.375    9/30/2020   USD     5.000
Grupo Isolux Cor6.000     12/30/2021  EUR     0.229
Abengoa Abenewco1.500     4/26/2024   USD     1.069
Espirito Santo F9.750     12/19/2025  EUR     0.389
Intelsat Connect9.500     2/15/2023   USD     33.397
Alpine Holding G5.250     06/10/2016  EUR     2.233
SpareBank 1 SR-B1.212     12/21/2030  EUR     73.522
SAS AB          4.410                 SEK     26.464
Waste Italia SpA10.500    11/15/2019  EUR     0.782
Peine GmbH      2.000     07/05/2023  EUR     44.500
Windreich GmbH  6.500     7/15/2016   EUR     4.475
Sberbank of Russ0.010     7/24/2028   RUB     80.100
German Pellets G7.250     04/01/2016  EUR     1.000
German Pellets G7.250     11/27/2019  EUR     1.000
Bulgaria Steel F12.000    05/04/2013  EUR     0.216
Espirito Santo F3.125     12/02/2018  EUR     1.485
A-TEC Industries2.750     05/10/2014  EUR     0.100
Hellas Telecommu8.500     10/15/2013  EUR     0.540
Norske Skog Hold8.000     2/24/2021   EUR     0.006
Cattles Ltd     8.125     07/05/2017  GBP     0.027
SiC Processing G7.125     03/01/2016  EUR     2.381
Erotik-Abwicklun7.750     07/09/2019  EUR     0.779
Elli Investments12.250    6/15/2020   GBP     52.250
Del Monte Financ6.625     5/24/2006   EUR     4.413
Sberbank of Russ0.010     7/23/2026   RUB     80.100
SAG Solarstrom A7.500     07/10/2017  EUR     31.000
Credit Suisse AG5.880     6/28/2023   USD     10.000
Havila Shipping 4.700     01/02/2025  NOK     24.195
Vneshprombank Lt9.000     11/14/2016  USD     0.078
O1 Properties Fi8.250     9/27/2021   USD     10.440
KTG Agrar SE    7.250     10/15/2019  EUR     2.885
Havila Shipping 3.950     01/02/2025  NOK     51.646
Lehman Brothers 5.220     03/01/2024  EUR     0.100
Hema Bondco II B8.500     1/15/2023   EUR     0.780
Virgolino de Oli10.875    1/13/2020   USD     34.000
Deutsche Bank AG13.750    6/20/2026   TRY     72.069
Golfino AG      8.000     11/18/2023  EUR     0.020
Intelsat Jackson9.750     7/15/2025   USD     58.500
Pescanova SA    5.125     4/20/2017   EUR     0.319
Senvion Holding 3.875     10/25/2022  EUR     0.504
Kommunekredit   0.500     7/30/2027   TRY     33.770
CRC Breeze Finan6.110     05/08/2026  EUR     30.273
Intelsat Jackson8.500     10/15/2024  USD     58.500
Phosphorus Holdc10.000    04/01/2019  GBP     0.974
Naviera Armas SA4.250     11/15/2024  EUR     68.990
Norske Skog Hold8.000     2/24/2023   USD     0.006
Agrokor dd      9.875     05/01/2019  EUR     15.000
Pongs & Zahn AG 8.500     11/01/2014  EUR     0.002
Commerzbank AG  0.077     11/19/2029  EUR     63.129
Virgolino de Oli11.750    02/09/2022  USD     1.336
Intelsat Luxembo12.500    11/15/2024  USD     65.750
Stichting Afwikk2.207                 EUR     1.258
Credit Suisse AG12.450    12/08/2021  USD     40.590
Credit Suisse AG4.250     03/07/2022  USD     9.900
Veneto Banca SpA6.950     2/25/2025   EUR     0.449
Aralco Finance S10.125    05/07/2020  USD     0.934
Officine Maccafe5.750     06/01/2021  EUR     19.906
Ahtium PLC      4.000     12/16/2015  EUR     0.586
Air Berlin Finan6.000     03/06/2019  EUR     0.357
Cooperatieve Rab0.500     10/29/2027  MXN     62.118
SALVATOR Vermoeg9.500                 EUR     9.900
Gebr Sanders Gmb8.750     10/22/2018  EUR     9.375
International Fi0.500     6/29/2027   ZAR     65.586
Yell Bondco PLC 8.500     05/02/2023  GBP     54.480
Cooperatieve Rab0.500     11/30/2027  MXN     61.836
Depfa Funding II6.500                 EUR     60.509
NTRP Via Interpi10.250    08/02/2017  USD     30.500
AKB Peresvet ZAO0.510     2/14/2032   RUB     12.250
Getin Noble Bank5.250     7/28/2023   PLN     73.398
SALVATOR Vermoeg9.500     12/31/2021  EUR     8.800
Decipher Product12.500    9/27/2019   USD     1.500
Turkiye Ihracat 12.540    9/14/2028   TRY     73.991
Espirito Santo F5.050     11/15/2025  EUR     1.097
BNG Bank NV     10.010    6/17/2025   TRY     73.373
Caixa Economica 5.000                 EUR     50.040
Sberbank of Russ0.010     7/29/2024   RUB     80.100
Steilmann SE    6.750     6/27/2017   EUR     2.184
Landesbank Hesse6.800     7/18/2024   EUR     70.970
Golden Gate AG  6.500     10/11/2014  EUR     37.500
Sequa Petroleum 5.000     4/29/2020   USD     30.718
A-TEC Industries8.750     10/27/2014  EUR     0.100
HPI AG          3.500                 EUR     3.011
getgoods.de AG  7.750     10/02/2017  EUR     0.367
Portugal Telecom5.242     11/06/2017  EUR     0.694
MS Deutschland B6.875     12/18/2017  EUR     1.810
Veneto Banca SpA6.411                 EUR     0.342
BOA Offshore AS 0.409     7/17/2047   NOK     8.777
Barclays Bank PL4.000     7/19/2022   USD     9.970
Barclays Bank PL5.090     06/08/2022  USD     9.940
DZ Bank AG Deuts0.488     03/11/2031  EUR     57.129
Bank Otkritie Fi10.000    4/26/2019   USD     10.000
Air Berlin Finan8.500     03/06/2019  EUR     0.357
Privatbank CJSC 10.875    2/28/2018   USD     29.354
German Pellets G7.250     07/09/2018  EUR     1.000
La Veggia Financ7.125     11/14/2004  EUR     0.287
Mox Telecom AG  7.250     11/02/2017  EUR     2.272
Steilmann SE    7.000     9/23/2018   EUR     1.429
Credit Suisse AG20.000    11/29/2024  USD     13.340
Muehl Product & 6.750     03/10/2005  DEM     0.102
SAir Group      0.125     07/07/2005  CHF     12.625
Russian Federal 0.250     7/20/2044   RUB     20.000
SFO Akkord Finan10.000    02/12/2024  RUB     67.810
Ahtium PLC      9.750     04/04/2017  EUR     0.717
Uppfinnaren 1 AB11.000                SEK     40.000
Santander Consum5.110                 NOK     45.107
KPNQwest NV     7.125     06/01/2009  EUR     0.484
Credit Suisse AG27.250    07/03/2024  USD     9.700
Ukraine Governme8.120     11/10/2035  UAH     69.163
Steilmann SE    7.000     03/09/2017  EUR     1.429
Getin Noble Bank4.250     8/30/2024   PLN     60.039
KPNQwest NV     8.875     02/01/2008  EUR     0.474
Barclays Bank PL0.500     1/28/2033   MXN     37.304
Rena GmbH       7.000     12/15/2015  EUR     2.096
WEB Windenergie 4.000     12/17/2025  EUR     0.010
Barclays Bank PL5.000     11/01/2029  BRL     66.961
Banco Santander 1.858                 EUR     1.565
Phones4u Finance9.500     04/01/2018  GBP     71.750
EFG Internationa12.000    10/19/2021  USD     66.110
Moby SpA        7.750     2/15/2023   EUR     33.382
Stichting Afwikk8.450     8/20/2018   USD     5.250
Dyadya Doner OOO13.500    4/25/2023   RUB     16.510
Rio Forte Invest4.000     7/22/2014   EUR     5.814
COFIDUR SA      0.100     12/31/2024  EUR     24.050
International Ba8.250     10/09/2024  USD     60.375
Bibby Offshore S7.500     6/15/2021   GBP     11.625
Ukraine Governme6.000     1/22/2031   UAH     62.721
New World Resour4.000     10/07/2020  EUR     0.231
Metalloinvest Ho0.010     03/07/2022  RUB     70.000
Sairgroup Financ6.625     10/06/2010  EUR     1.509
A-TEC Industries5.750     11/02/2010  EUR     0.100
UkrLandFarming P10.875    3/26/2018   USD     1.885
Activa Resources0.500     11/15/2021  EUR     0.500
Banco Espirito S10.000    12/06/2021  EUR     0.139
Cooperatieve Rab0.500     1/31/2033   MXN     36.400
Centrosolar Grou7.000     2/15/2016   EUR     2.505
SG Issuer SA    5.000     04/02/2024  EUR     58.780
SG Issuer SA    2.100     04/05/2033  EUR     31.130
Getin Noble Bank4.250     7/26/2024   PLN     65.837
BRAbank ASA     7.260                 NOK     50.193
MTS-Bank PAO    9.500     10/28/2029  RUB     51.860
Lehman Brothers 1.000     10/05/2035  EUR     0.100
WEB Windenergie 4.500                 EUR     0.010
LBI ehf         7.431                 USD     0.001
Credit Suisse AG6.250     11/28/2025  USD     11.570
Thomas Cook Grou6.250     6/15/2022   EUR     0.484
Natixis SA      0.300     6/25/2048   USD     51.061
Northland Resour15.000    7/15/2019   USD     2.621
Tonon Luxembourg12.500    5/14/2024   USD     0.399
Rena GmbH       8.250     07/11/2018  EUR     2.096
Credit Suisse AG5.200     8/17/2022   USD     9.829
City of Predeal 2.985     5/15/2026   RON     61.000
RENE LEZARD Mode7.250     11/25/2017  EUR     0.500
SAir Group      6.250     10/27/2002  CHF     12.625
SAir Group      5.125     03/01/2003  CHF     12.750
Credit Suisse AG11.150    12/08/2021  CHF     42.210
Credit Suisse AG16.500    05/10/2024  USD     10.290
Mifa Mitteldeuts7.500     08/12/2018  EUR     2.000
Getin Noble Bank5.250     11/30/2023  PLN     65.269
Rio Forte Invest3.900     07/10/2014  USD     5.750
Mriya Agro Holdi10.950    3/30/2016   USD     4.667
Intelsat Jackson9.750     7/15/2025   USD     56.936
Bilt Paper BV   9.640                 USD     1.699
Credit Suisse AG4.180     9/14/2022   USD     9.800
Vontobel Financi9.100     2/21/2022   EUR     70.169
Kardan NV       6.325     2/21/2021   ILS     14.140
Getin Noble Bank5.250     12/21/2023  PLN     74.676
Russian Post FGU2.750     12/06/2023  RUB     70.000
Resa SA/Belgium 1.950     7/22/2036   EUR     50.000
Veneto Banca SpA6.944     5/15/2025   EUR     0.449
Banca Popolare d9.500     10/02/2025  EUR     0.049
Rosbank PJSC    0.040     4/30/2024   RUB     65.000
Heta Asset Resol5.030     12/31/2023  EUR     1.438
Mriya Agro Holdi9.450     4/19/2018   USD     4.667
Hellas Telecommu8.500     10/15/2013  EUR     0.540
Landesbank Baden5.400     2/25/2022   EUR     73.950
Credit Suisse AG11.500    12/08/2021  EUR     42.290
Otkritie Holding0.010     9/17/2027   RUB     3.500
Archer Finance O9.250     3/29/2022   RUB     0.120
BNP Paribas SA  1.000     1/23/2040   MXN     21.986
Astana Finance B7.875     06/08/2010  EUR     16.000
DANY COLL LLC   0.100     7/19/2022   RUB     1.970
PA Resources AB 13.500    03/03/2016  SEK     0.124
Phosphorus Holdc10.000    04/01/2019  GBP     0.974
Intelsat Luxembo12.500    11/15/2024  USD     65.750
ECM Real Estate 5.000     10/09/2011  EUR     15.375
LBI ehf         7.431                 USD     0.001
Heta Asset Resol7.500     12/31/2023  ATS     1.438
Otkritie Holding0.010     10/03/2036  RUB     0.010
Credit Suisse AG4.530     07/12/2023  USD     9.630
Credit Suisse AG6.960     8/24/2022   USD     9.900
BRAbank ASA/NO  7.210                 NOK     51.443
Windreich GmbH  6.750     03/01/2015  EUR     4.475
Windreich GmbH  6.250     03/01/2015  EUR     4.475
Pescanova SA    8.750     2/17/2019   EUR     0.319
Grupo Isolux Cor6.000     12/30/2021  USD     0.229
SAir Group      5.500     7/23/2003   CHF     12.625
OOO SPV Structur0.010     09/01/2023  RUB     66.740
Lehman Brothers 2.875     3/14/2013   CHF     0.100
Norske Skogindus7.125     10/15/2033  USD     0.001
Espirito Santo F5.625     7/28/2017   EUR     0.544
Agrokor dd Via A4.921     08/08/2017  EUR     14.625
UBS AG/London   25.250    08/10/2021  CHF     72.200
Thomas Cook Fina3.875     7/15/2023   EUR     2.410
Eiendomskreditt 2.050     9/17/2029   NOK     68.924
Bulgaria Steel F12.000    05/04/2013  EUR     0.216
New World Resour8.000     04/07/2020  EUR     0.110
IT Holding Finan9.875     11/15/2012  EUR     0.238
EDOB Abwicklungs7.500     04/01/2012  EUR     3.495
Landesbank Hesse3.000     08/06/2021  EUR     35.300
BNP Paribas Issu5.000     11/05/2024  EUR     28.820
UBS AG/London   17.250    10/21/2021  CHF     69.550
Norske Skog Hold8.000     2/24/2021   EUR     0.006
SAir Group      4.250     02/02/2007  CHF     12.625
Espirito Santo F5.125     5/30/2016   EUR     0.546
Deutsche Bank AG0.500     10/18/2038  MXN     17.639
Pescanova SA    6.750     03/05/2015  EUR     0.319
Solarwatt GmbH  7.000     11/01/2015  EUR     15.500
Bank2 ASA       5.270                 NOK     59.547
Getin Noble Bank5.240     4/29/2024   PLN     61.349
Bayerische Lande2.000     1/28/2022   EUR     65.240
Credit Suisse AG11.600    12/08/2021  EUR     39.000
Corner Banca SA 12.000    6/21/2022   CHF     64.050
Danske Bank A/S 6.860     07/09/2022  SEK     25.860
Gold-Zack AG    7.000     12/14/2005  EUR     5.000
Citigroup Global9.000     8/18/2022   USD     0.752
Landesbank Baden7.000     11/26/2021  EUR     69.840
Bank Otkritie Fi0.010     7/16/2025   RUB     72.880
Norske Skog Hold8.000     2/24/2023   USD     0.006
Waste Italia SpA10.500    11/15/2019  EUR     0.782
Lehman Brothers 5.120     4/30/2027   EUR     0.100
Deutsche Agrar H7.250     9/28/2018   EUR     1.254
Astana Finance B9.000     11/16/2011  USD     15.250
SAir Group      6.250     04/12/2005  CHF     12.625
Ukraine Governme6.000     11/22/2028  UAH     67.642
Ukraine Governme6.000     11/28/2029  UAH     65.169
Espirito Santo F0.355     10/27/2024  EUR     0.297
Lehman Brothers 10.000    06/11/2038  JPY     0.100
Agrokor dd      8.875     02/01/2020  USD     15.000
Rosbank PJSC    0.010     4/30/2024   RUB     65.000
HSBC Bank PLC   0.500     12/22/2025  BRL     65.600
Lehman Brothers 2.000     3/16/2035   EUR     0.100
Cooperatieve Rab0.500     8/21/2028   MXN     57.717
UniCredit Bank A6.600     7/20/2028   EUR     46.520
Citigroup Global12.379    11/13/2023  SEK     72.470
Landesbank Hesse5.500     5/25/2023   EUR     30.050
Landesbank Hesse6.250     12/22/2022  EUR     58.300
Credit Suisse AG18.000    8/17/2021   USD     68.970
UBS AG/London   7.000     8/16/2021   CHF     55.400
Societe Generale13.010    02/02/2023  USD     74.450
Lehman Brothers 4.100     06/10/2014  SGD     0.100
Petromena ASA   10.850    11/19/2018  USD     0.622
DeloPorts LLC   0.010     11/14/2025  RUB     70.020
Vontobel Financi10.000    11/22/2021  EUR     74.685
Hellas Telecommu6.054     1/15/2015   USD     0.001
Northland Resour4.000     10/15/2020  NOK     0.271
Elli Investments12.250    6/15/2020   GBP     52.250
Rio Forte Invest4.750     11/10/2015  EUR     5.750
Lehman Brothers 7.750     01/03/2012  AUD     0.100
Credit Agricole 5.400     1/31/2028   BRL     75.005
Laurel GmbH     7.125     11/16/2017  EUR     7.750
Norske Skogindus7.125     10/15/2033  USD     0.001
Tonon Luxembourg12.500    5/14/2024   USD     0.399
Heta Asset Resol5.920     12/31/2023  EUR     1.438
WEB Windenergie 2.250     9/25/2028   EUR     0.010
Banque Cantonale5.800     08/09/2021  CHF     56.340
Societe Generale6.000     05/09/2022  USD     8.680
UniCredit Bank A4.050     10/24/2021  EUR     61.320
Societe Generale6.000     06/06/2022  USD     1.460
Credit Suisse AG10.000    02/02/2023  USD     10.000
Leonteq Securiti2.750     9/15/2022   CHF     18.630
Leonteq Securiti28.630    12/15/2021  CHF     59.310
UBS AG/London   9.300     08/12/2021  CHF     63.000
Lehman Brothers 5.103     6/22/2046   EUR     0.100
LBI ehf         6.100     8/25/2011   USD     9.883
Lehman Brothers 3.860     9/21/2011   SGD     0.100
Sberbank CIB JSC0.010     01/04/2030  RUB     52.462
Instabank ASA   7.190                 NOK     36.881
Instabank ASA   5.190     3/28/2028   NOK     60.261
Lehman Brothers 4.200     12/03/2008  HKD     0.100
Deutsche Bank AG2.000     10/25/2023  TRY     67.623
Cooperatieve Rab0.500     12/29/2027  MXN     61.416
Lehman Brothers 7.500     10/24/2008  USD     0.100
Agrokor dd      9.125     02/01/2020  EUR     15.000
Phones4u Finance9.500     04/01/2018  GBP     71.750
Ukraine Governme6.000     1/27/2027   UAH     72.953
Leonteq Securiti4.290     7/30/2021   USD     52.560
Leonteq Securiti2.630     7/30/2021   USD     35.630
Bayerische Lande2.300     11/26/2021  EUR     60.560
Landesbank Baden2.300     7/22/2022   EUR     62.880
Credit Suisse AG6.190     9/14/2022   USD     10.000
Getin Noble Bank5.250     1/31/2024   PLN     72.727
Turkey Governmen8.000     03/12/2025  TRY     #N/A N/A
DeltaCredit Bank1.000     7/28/2025   RUB     73.000
Lehman Brothers 2.500     12/15/2011  GBP     0.100
Getin Noble Bank4.750     5/31/2024   PLN     71.875
Rosbank PJSC    0.030     4/30/2024   RUB     65.000
KPNQwest NV     8.875     02/01/2008  EUR     0.474
Getin Noble Bank5.250     04/04/2024  PLN     64.780
Lehman Brothers 16.000    12/26/2008  USD     0.100
Rosbank PJSC    0.020     4/30/2024   RUB     65.000
Credito Padano B3.100                 EUR     34.091
Ukraine Governme6.000     9/18/2030   UAH     63.407
Ukraine Governme6.000     9/13/2028   UAH     68.143
Ukraine Governme6.000     4/23/2031   UAH     62.215
Ukraine Governme5.000     2/20/2032   UAH     55.004
Intelsat SA     4.500     6/15/2025   USD     34.200
Ukraine Governme6.000     06/04/2031  UAH     62.003
Ukraine Governme6.000     09/10/2031  UAH     61.494
Ukraine Governme6.000     10/11/2028  UAH     67.938
Ukraine Governme8.420     05/10/2034  UAH     72.297
Ukraine Governme8.310     11/10/2034  UAH     71.183
Ukraine Governme8.630     05/10/2033  UAH     74.465
Ukraine Governme8.220     05/10/2035  UAH     70.205
Ukraine Governme6.000     03/12/2031  UAH     62.440
Ukraine Governme6.000     8/28/2030   UAH     63.532
Ukraine Governme6.000     1/28/2032   UAH     60.816
Ukraine Governme6.000     12/11/2030  UAH     62.944
Ukraine Governme6.000     5/16/2029   UAH     66.437
Aralco Finance S10.125    05/07/2020  USD     0.934
KPNQwest NV     7.125     06/01/2009  EUR     0.484
LBI ehf         5.080     03/01/2013  ISK     9.500
Nota-Bank OJSC  13.500    04/01/2016  RUB     31.500
Ukraine Governme6.000     10/15/2031  UAH     61.316
Ukraine Governme8.520     11/10/2033  UAH     73.346
Ukraine Governme6.000     12/23/2026  UAH     73.269
Barclays Bank PL2.000     05/07/2036  MXN     39.634
Getin Noble Bank5.250     8/31/2023   PLN     73.348
SAir Group      2.125     11/04/2004  CHF     12.625
Getin Noble Bank5.240     11/09/2023  PLN     74.792
UBS AG/London   9.750     9/13/2021   CHF     73.900
Landesbank Hesse3.600     08/12/2021  EUR     49.900
Landesbank Hesse5.200     01/11/2024  EUR     73.020
UniCredit Bank A4.150     10/12/2022  EUR     60.430
Landesbank Baden4.000     10/22/2021  EUR     42.820
Landesbank Baden3.250     10/22/2021  EUR     68.760
Landesbank Baden2.150     8/27/2021   EUR     66.730
Landesbank Baden3.500     8/27/2021   EUR     52.490
Skandinaviska En8.300     7/17/2023   SEK     74.840
UniCredit Bank A3.800     6/28/2022   EUR     61.770
Leonteq Securiti4.000     08/10/2022  CHF     74.090
Raiffeisen Schwe5.800     9/28/2021   CHF     68.420
Landesbank Baden3.000     12/23/2022  EUR     65.630
Landesbank Baden3.200     12/23/2022  EUR     67.690
Zurcher Kantonal6.000     8/24/2021   EUR     73.970
Leonteq Securiti8.130     2/21/2022   EUR     70.160
Leonteq Securiti4.000     2/21/2022   EUR     68.620
Raiffeisen Schwe4.500     2/21/2023   CHF     74.060
Landesbank Baden3.050     9/23/2022   EUR     69.680
Leonteq Securiti10.000    08/09/2021  CHF     57.750
Landesbank Hesse6.300     8/31/2023   EUR     55.070
Landesbank Hesse4.000     6/22/2022   EUR     38.630
UniCredit Bank A3.350     6/14/2022   EUR     54.650
Leonteq Securiti5.600     5/16/2022   CHF     68.730
Landesbank Baden2.100     8/27/2021   EUR     50.230
Landesbank Hesse5.350     9/22/2023   EUR     31.210
Landesbank Baden3.050     9/23/2022   EUR     60.050
Landesbank Baden2.850     9/23/2022   EUR     67.030
Societe Generale6.100     04/03/2023  EUR     75.330
UniCredit Bank A4.100     8/24/2022   EUR     64.290
Leonteq Securiti5.400     7/25/2022   CHF     68.140
Leonteq Securiti6.200     7/27/2021   CHF     66.540
UniCredit Bank A5.350     8/24/2021   EUR     42.230
Landesbank Baden3.150     12/27/2021  EUR     72.620
Danske Bank A/S 10.300    07/09/2023  SEK     11.200
UniCredit Bank A4.000     2/28/2022   EUR     60.250
Landesbank Hesse8.900     3/16/2023   EUR     66.220
Landesbank Baden2.800     4/25/2022   EUR     63.560
Leonteq Securiti3.750     2/20/2023   CHF     50.700
Societe Generale3.900     3/23/2022   USD     0.030
Landesbank Hesse5.650     10/28/2022  EUR     60.410
DekaBank Deutsch3.900     4/25/2022   EUR     41.730
Landesbank Baden3.000     9/23/2022   EUR     61.280
UBS AG/London   10.250    8/26/2021   CHF     70.050
UBS AG/London   10.000    8/26/2021   EUR     67.550
Bank Julius Baer9.500     8/26/2021   CHF     56.900
Credit Suisse AG6.000     8/24/2022   CHF     72.480
Societe Generale4.890     2/16/2023   USD     #N/A N/A
SG Issuer SA    9.180     1/20/2025   SEK     69.850
Bayerische Lande2.000     2/18/2022   EUR     64.070
Landesbank Hesse3.500     8/17/2022   EUR     77.070
Leonteq Securiti7.200     9/24/2021   CHF     65.730
Raiffeisen Schwe6.500     09/02/2021  CHF     70.730
Landesbank Baden3.700     2/25/2022   EUR     64.030
Landesbank Baden4.000     3/25/2022   EUR     71.030
Landesbank Baden4.800     3/25/2022   EUR     68.240
UBS AG/London   12.500    09/06/2021  CHF     69.050
UBS AG/London   8.000     03/04/2022  EUR     67.150
UBS AG/London   7.500     09/06/2021  CHF     72.400
UBS AG/London   8.500     09/06/2021  CHF     72.650
Erste Group Bank4.350     2/28/2022   EUR     43.650
UBS AG/London   7.000     9/23/2021   EUR     74.370
Landesbank Hesse4.000     3/23/2022   EUR     42.810
Landesbank Hesse3.500     03/09/2022  EUR     41.270
Landesbank Baden6.400     2/25/2022   EUR     72.000
Landesbank Baden3.300     2/25/2022   EUR     74.030
Landesbank Baden1.200     2/25/2022   EUR     72.970
Landesbank Hesse6.400     03/09/2023  EUR     65.730
Raiffeisen Schwe7.200     03/02/2022  CHF     74.620
UniCredit Bank A4.000     3/13/2022   EUR     65.690
Landesbank Hesse5.900     03/09/2023  EUR     69.400
Landesbank Baden4.900     2/25/2022   EUR     67.970
Landesbank Baden2.600     2/25/2022   EUR     67.310
UBS AG/London   12.250    8/26/2021   CHF     68.450
UBS AG/London   10.750    8/26/2021   CHF     68.300
SG Issuer SA    0.263     2/20/2025   EUR     19.120
SG Issuer SA    7.600     1/20/2025   SEK     65.890
DekaBank Deutsch3.000     8/27/2021   EUR     66.920
Landesbank Hesse5.150     6/14/2022   EUR     63.170
Skandinaviska En9.020     7/17/2023   SEK     73.340
UniCredit Bank A4.450     7/23/2022   EUR     71.610
Landesbank Hesse4.000     8/18/2021   EUR     51.200
Landesbank Hesse3.600     7/27/2022   EUR     67.560
SecurAsset SA   5.250     6/30/2022   EUR     35.850
SG Issuer SA    11.170    7/20/2025   SEK     60.840
SG Issuer SA    4.000     6/22/2026   EUR     68.140
Landesbank Hesse2.000     3/29/2022   EUR     43.260
EFG Internationa7.600     10/11/2021  CHF     63.840
Leonteq Securiti5.600     8/24/2021   CHF     44.200
DekaBank Deutsch2.500     09/10/2021  EUR     71.270
Landesbank Baden2.500     9/23/2022   EUR     69.820
Rosseti South PJ9.240     07/01/2022  RUB     72.460
Raiffeisen Schwe5.250     8/24/2021   CHF     73.360
Zurcher Kantonal8.500     8/24/2021   CHF     64.970
Raiffeisen Switz4.000     8/30/2022   CHF     41.400
EFG Internationa6.500     8/30/2021   CHF     74.830
Societe Generale9.000     7/22/2022   USD     57.500
Landesbank Baden3.000     9/23/2022   EUR     55.830
Societe Generale5.600     09/04/2023  EUR     43.850
Landesbank Hesse5.800     9/24/2024   EUR     57.090
Landesbank Baden2.650     9/23/2022   EUR     67.560
UniCredit Bank A6.300     10/16/2021  EUR     33.960
UniCredit Bank A4.200     7/26/2022   EUR     33.610
UniCredit Bank A4.150     7/26/2022   EUR     53.350
UniCredit Bank A4.300     7/26/2022   EUR     58.600
Landesbank Hesse6.700     10/13/2023  EUR     61.390
Leonteq Securiti6.000     8/17/2021   CHF     40.170
Landesbank Baden3.400     11/26/2021  EUR     70.630
Landesbank Baden2.750     11/26/2021  EUR     73.830
Raiffeisen Schwe5.000     12/29/2021  CHF     69.900
Landesbank Hesse3.000     08/11/2022  EUR     66.920
Landesbank Hesse7.500     11/03/2023  EUR     56.310
Landesbank Hesse6.200     6/17/2022   EUR     50.790
EFG Internationa14.800    8/19/2021   CHF     48.420
Raiffeisen Schwe5.000     8/24/2022   CHF     73.600
Raiffeisen Schwe6.000     8/24/2022   CHF     75.220
Landesbank Hesse7.250     06/08/2023  EUR     69.690
Landesbank Hesse5.500     06/08/2023  EUR     73.660
UniCredit Bank A4.300     6/28/2022   EUR     67.800
UniCredit Bank A4.250     6/28/2022   EUR     49.310
Landesbank Hesse3.500     07/06/2022  EUR     35.120
Landesbank Hesse2.000     6/13/2022   EUR     52.020
Landesbank Hesse6.000     03/10/2023  EUR     65.470
Araratbank OJSC 5.250     09/11/2022  USD     25.155
Landesbank Hesse4.000     8/31/2022   EUR     49.230
EFG Internationa6.400     08/09/2021  CHF     69.570
Landesbank Baden3.500     1/28/2022   EUR     56.480
Landesbank Hesse6.350     11/19/2024  EUR     62.510
Credit Suisse AG6.000     8/22/2022   CHF     72.100
Leonteq Securiti6.100     2/21/2022   CHF     71.380
Vontobel Financi6.700     03/07/2022  EUR     63.400
UniCredit Bank A3.250     3/29/2022   EUR     27.710
UniCredit Bank A3.750     3/26/2022   EUR     60.740
Landesbank Baden2.600     9/23/2022   EUR     69.990
Leonteq Securiti7.200     08/06/2021  CHF     68.030
UBS AG/London   5.500     8/19/2021   EUR     65.250
UBS AG/London   6.500     8/19/2021   CHF     65.300
UniCredit Bank A4.000     11/21/2022  EUR     58.770
Corner Banca SA 14.200    8/24/2021   USD     3.210
Credit Suisse AG7.500     8/13/2021   CHF     74.060
Zurcher Kantonal8.000     2/25/2022   CHF     70.100
UBS AG/London   10.000    8/19/2021   CHF     66.900
UBS AG/London   5.750     8/20/2021   EUR     66.550
Raiffeisen Schwe4.600     2/20/2023   CHF     75.320
Zurcher Kantonal9.750     8/26/2021   USD     72.910
Zurcher Kantonal7.250     09/02/2021  CHF     74.510
UBS AG/London   10.750    8/19/2021   CHF     69.200
Corner Banca SA 8.600     10/12/2021  CHF     67.600
UBS AG/London   7.000     2/21/2022   EUR     60.850
UBS AG/London   11.500    8/19/2021   CHF     69.200
DekaBank Deutsch4.250     4/14/2022   EUR     40.620
Raiffeisen Switz10.500    07/11/2024  USD     19.800
Landesbank Hesse4.000     08/03/2022  EUR     57.980
Societe Generale3.000     7/22/2022   USD     5.800
Landesbank Hesse3.350     9/21/2022   EUR     61.830
UniCredit Bank A3.600     8/23/2021   EUR     32.430
UniCredit Bank A4.600     9/14/2022   EUR     61.370
SG Issuer SA    3.000     09/02/2021  EUR     47.730
Landesbank Hesse5.000     11/25/2022  EUR     54.890
UniCredit Bank A4.200     9/21/2022   EUR     50.270
UniCredit Bank A9.900     12/24/2021  EUR     74.170
DekaBank Deutsch2.500     10/22/2021  EUR     73.100
EFG Internationa6.000     8/13/2021   CHF     71.960
EFG Internationa6.200     8/16/2021   CHF     62.110
DekaBank Deutsch2.150     1/21/2022   EUR     64.050
UniCredit Bank A4.200     03/01/2023  EUR     65.590
Landesbank Baden4.700     3/25/2022   EUR     46.160
Landesbank Hesse6.600     02/01/2024  EUR     68.190
Landesbank Baden3.300     3/25/2022   EUR     55.300
EFG Internationa10.500    02/07/2022  EUR     67.630
UniCredit Bank A9.000     12/27/2021  EUR     66.960
Leonteq Securiti11.400    9/20/2021   CHF     2.770
Landesbank Baden3.250     2/24/2023   EUR     67.030
Landesbank Baden4.100     1/28/2022   EUR     53.100
Landesbank Hesse6.150     8/25/2022   EUR     61.870
DZ Bank AG Deuts20.200    9/24/2021   EUR     63.370
Landesbank Hesse4.000     05/11/2022  EUR     50.480
Leonteq Securiti7.000     7/30/2021   CHF     58.900
Landesbank Hesse5.900     8/25/2023   EUR     62.540
Landesbank Hesse4.000     06/08/2022  EUR     47.830
DekaBank Deutsch2.300     11/12/2021  EUR     60.980
Landesbank Baden3.250     12/23/2022  EUR     64.630
Landesbank Baden2.650     12/23/2022  EUR     71.230
EFG Internationa6.500     10/25/2021  CHF     72.260
EFG Internationa7.000     10/25/2021  EUR     69.280
UniCredit Bank A4.350     10/26/2021  EUR     52.280
Bayerische Lande2.500     12/03/2021  EUR     60.070
Landesbank Baden3.800     1/28/2022   EUR     51.560
DekaBank Deutsch3.100     12/03/2021  EUR     46.780
Leonteq Securiti4.750     11/01/2021  CHF     15.860
Landesbank Hesse4.000     11/10/2021  EUR     37.350
Landesbank Hesse5.450     11/17/2022  EUR     64.630
UniCredit Bank A4.350     11/21/2021  EUR     58.290
Leonteq Securiti7.200     10/27/2021  CHF     59.990
Leonteq Securiti6.200     10/18/2021  CHF     71.160
Leonteq Securiti7.000     10/19/2021  CHF     70.850
Nordea Bank Abp 4.100     7/20/2023   SEK     51.630
Landesbank Hesse6.500     05/11/2023  EUR     66.470
Landesbank Hesse3.500     05/11/2022  EUR     56.280
SG Issuer SA    8.700     1/20/2025   SEK     67.700
Raiffeisen Schwe4.700     10/20/2021  CHF     72.160
UniCredit Bank A7.000     3/29/2022   EUR     62.550
Raiffeisen Switz4.800     11/23/2023  CHF     47.920
UniCredit Bank A4.450     12/29/2022  EUR     37.380
UniCredit Bank A4.700     12/19/2021  EUR     33.680
SG Issuer SA    7.500     1/20/2025   SEK     64.310
Landesbank Hesse3.500     01/05/2022  EUR     56.190
Landesbank Hesse4.000     01/05/2022  EUR     35.180
UniCredit Bank A3.800     12/29/2022  EUR     72.850
Landesbank Hesse3.500     01/05/2022  EUR     53.520
Landesbank Hesse5.400     04/05/2023  EUR     46.040
Landesbank Hesse7.800     12/15/2022  EUR     57.810
Landesbank Baden2.750     3/25/2022   EUR     60.730
Landesbank Baden2.500     3/25/2022   EUR     70.050
Landesbank Baden3.400     1/27/2023   EUR     63.900
Landesbank Baden3.400     11/25/2022  EUR     59.540
Landesbank Hesse4.000     12/21/2022  EUR     69.280
Landesbank Baden3.250     8/27/2021   EUR     52.890
Landesbank Hesse4.000     10/12/2022  EUR     62.750
DekaBank Deutsch2.500     10/24/2023  EUR     64.080
Landesbank Hesse6.000     9/21/2023   EUR     48.590
DekaBank Deutsch2.300     9/24/2021   EUR     52.930
Leonteq Securiti6.000     9/14/2021   CHF     65.900
Landesbank Baden3.000     12/23/2022  EUR     60.080
Center-Invest Co6.000     03/03/2022  RUB     65.200
UniCredit Bank A3.850     10/05/2023  EUR     74.530
Landesbank Hesse6.700     5/17/2022   EUR     52.730
Landesbank Hesse4.350     2/24/2023   EUR     59.310
Landesbank Hesse5.100     2/17/2023   EUR     40.720
UniCredit Bank A4.250     11/21/2021  EUR     35.040
UniCredit Bank A4.200     11/21/2021  EUR     60.270
Vontobel Financi11.500    9/24/2021   EUR     74.810
Vontobel Financi12.500    9/24/2021   EUR     72.940
Landesbank Baden3.500     8/26/2022   EUR     67.970
Landesbank Baden5.450     8/26/2022   EUR     61.620
Corner Banca SA 6.400     09/07/2021  CHF     75.750
Landesbank Hesse5.000     9/21/2023   EUR     57.790
Landesbank Baden3.250     11/26/2021  EUR     72.890
TransKomplektHol9.500     11/02/2028  RUB     70.000
SG Issuer SA    5.000     5/23/2024   EUR     59.670
Landesbank Baden4.000     12/27/2021  EUR     55.710
Landesbank Baden3.400     2/24/2023   EUR     66.390
Landesbank Baden3.950     8/27/2021   EUR     57.350
UniCredit Bank A5.150     01/02/2023  EUR     61.470
Leonteq Securiti10.600    7/26/2021   USD     69.870
Raiffeisen Schwe7.000     7/26/2021   AUD     68.100
UniCredit Bank A9.600     12/27/2021  EUR     70.530
Landesbank Baden3.400     2/25/2022   EUR     56.640
UBS AG/London   6.500     08/02/2021  CHF     66.250
Landesbank Baden4.750     2/25/2022   EUR     47.080
EFG Internationa6.200     08/05/2022  EUR     61.680
EFG Internationa11.500    08/02/2021  USD     37.680
Landesbank Hesse4.000     03/01/2023  EUR     57.720
Landesbank Hesse6.600     2/17/2023   EUR     66.110
Skandinaviska En8.600     7/17/2023   SEK     75.340
DekaBank Deutsch2.600     10/24/2023  EUR     64.280
Vontobel Financi11.500    9/24/2021   EUR     75.104
Landesbank Baden3.500     1/28/2022   EUR     68.180
Landesbank Baden5.700     1/28/2022   EUR     59.800
DZ Bank AG Deuts5.750     9/22/2021   EUR     72.120
Landesbank Hesse4.700     2/24/2023   EUR     53.400
Leonteq Securiti6.400     11/03/2021  CHF     49.050
UniCredit Bank A4.200     12/08/2021  EUR     34.580
DekaBank Deutsch2.750     3/18/2022   EUR     72.580
Landesbank Baden2.100     7/28/2023   EUR     72.040
UniCredit Bank A5.450     3/15/2022   EUR     47.700
UniCredit Bank A5.050     01/11/2022  EUR     53.480
UBS AG/London   6.250     7/26/2021   CHF     70.750
UniCredit Bank A8.900     12/27/2021  EUR     72.680
Zurcher Kantonal9.000     7/30/2021   EUR     71.120
UBS AG/London   13.750    7/26/2021   USD     66.950
DekaBank Deutsch3.450     8/13/2021   EUR     76.450
UBS AG/London   7.000     7/26/2021   EUR     51.750
EFG Internationa10.000    7/26/2021   EUR     42.820
Raiffeisen Switz5.500     7/26/2021   EUR     50.160
EFG Internationa11.500    08/02/2021  USD     41.490
BNP Paribas Emis23.000    12/23/2021  EUR     9.660
Landesbank Baden3.150     6/24/2022   EUR     67.850
Landesbank Baden4.850     6/24/2022   EUR     60.630
Leonteq Securiti8.000     08/05/2021  CHF     56.660
UniCredit Bank A5.350     2/27/2023   EUR     56.070
BNP Paribas Issu18.000    8/13/2029   EUR     68.390
EFG Internationa12.750    1/31/2022   USD     66.700
UniCredit Bank A5.000     2/22/2022   EUR     68.720
Landesbank Baden3.700     9/24/2021   EUR     59.010
Landesbank Hesse4.000     04/12/2023  EUR     58.950
Leonteq Securiti7.200     09/08/2021  CHF     54.480
DekaBank Deutsch3.300     04/08/2022  EUR     49.790
Leonteq Securiti4.000     03/08/2022  EUR     57.870
SG Issuer SA    1.400     03/07/2033  EUR     30.800
UniCredit Bank A17.000    11/15/2021  NOK     69.780
DZ Bank AG Deuts9.000     2/23/2022   EUR     63.720
Leonteq Securiti4.000     4/19/2022   EUR     62.680
Leonteq Securiti12.000    02/09/2022  CHF     62.960
Vontobel Financi17.500    12/24/2021  EUR     75.104
Vontobel Financi19.000    12/24/2021  EUR     75.722
Vontobel Financi15.500    12/24/2021  EUR     59.740
Vontobel Financi14.500    12/24/2021  EUR     60.360
Vontobel Financi20.000    12/24/2021  EUR     56.930
Vontobel Financi17.500    12/24/2021  EUR     58.600
Vontobel Financi19.000    12/24/2021  EUR     57.390
Vontobel Financi18.000    12/24/2021  EUR     57.880
Landesbank Baden2.300     6/24/2022   EUR     55.890
Landesbank Baden4.050     8/26/2022   EUR     68.790
Landesbank Baden4.700     4/25/2022   EUR     69.020
UniCredit Bank A7.500     12/24/2021  EUR     73.370
UniCredit Bank A8.900     12/24/2021  EUR     65.890
UniCredit Bank A7.700     12/24/2021  EUR     70.210
UniCredit Bank A10.200    12/24/2021  EUR     61.020
UniCredit Bank A7.100     12/24/2021  EUR     72.790
UniCredit Bank A6.600     12/24/2021  EUR     76.890
UniCredit Bank A6.900     12/24/2021  EUR     73.180
EFG Internationa6.130     6/20/2024   EUR     2.990
Leonteq Securiti17.000    11/10/2021  CHF     72.740
UniCredit Bank A8.600     12/24/2021  EUR     67.960
UniCredit Bank A11.400    12/24/2021  EUR     67.960
UniCredit Bank A5.800     12/24/2021  EUR     74.330
UniCredit Bank A9.400     12/24/2021  EUR     71.380
UniCredit Bank A10.200    12/24/2021  EUR     44.170
UniCredit Bank A8.500     12/24/2021  EUR     48.150
UniCredit Bank A7.300     12/24/2021  EUR     69.740
UniCredit Bank A6.900     12/24/2021  EUR     70.600
UniCredit Bank A7.700     12/24/2021  EUR     50.600
UniCredit Bank A6.000     12/24/2021  EUR     56.610
UniCredit Bank A9.100     12/24/2021  EUR     64.060
UniCredit Bank A6.900     12/24/2021  EUR     71.440
UniCredit Bank A7.900     12/24/2021  EUR     70.280
UniCredit Bank A8.000     12/24/2021  EUR     67.520
UniCredit Bank A8.300     12/24/2021  EUR     67.890
UniCredit Bank A9.600     12/24/2021  EUR     64.000
Zurcher Kantonal8.000     2/23/2022   CHF     73.910
Landesbank Hesse4.400     12/22/2022  EUR     51.490
UniCredit Bank A4.300     8/24/2021   EUR     48.210
UniCredit Bank A3.500     9/19/2021   EUR     31.790
Landesbank Hesse5.000     9/29/2022   EUR     62.580
Landesbank Baden4.500     8/27/2021   EUR     71.970
Landesbank Baden2.750     8/27/2021   EUR     60.240
Landesbank Baden3.000     10/25/2024  EUR     68.340
DZ Bank AG Deuts14.600    9/24/2021   EUR     51.450
UniCredit Bank A3.850     9/19/2021   EUR     65.680
EFG Internationa9.800     9/21/2021   EUR     52.200
UniCredit Bank A4.300     12/19/2021  EUR     58.080
Landesbank Hesse4.400     01/05/2023  EUR     45.190
EFG Internationa7.000     5/23/2022   EUR     38.590
DekaBank Deutsch1.000     11/02/2021  EUR     56.230
Landesbank Baden2.550     12/27/2021  EUR     56.230
Landesbank Baden2.500     12/27/2021  EUR     52.250
DekaBank Deutsch6.300     10/01/2021  EUR     51.190
Landesbank Baden2.500     6/24/2022   EUR     63.030
UniCredit Bank A4.300     10/18/2021  EUR     39.060
UniCredit Bank A3.800     10/24/2021  EUR     59.810
DZ Bank AG Deuts12.800    9/24/2021   EUR     74.860
Landesbank Baden3.500     8/27/2021   EUR     58.230
Landesbank Baden4.800     2/25/2022   EUR     46.630
Landesbank Hesse6.150     03/11/2025  EUR     56.460
Landesbank Baden7.050     4/25/2022   EUR     64.530
Landesbank Baden2.700     4/25/2022   EUR     74.570
Erste Group Bank5.550     8/30/2022   EUR     50.300
Vontobel Financi14.000    9/24/2021   EUR     68.790
Landesbank Baden5.550     1/28/2022   EUR     65.910
Goldman Sachs & 18.000    9/22/2021   EUR     63.570
Landesbank Hesse3.000     10/20/2022  EUR     65.690
UniCredit Bank A3.200     09/10/2022  EUR     55.090
Landesbank Baden2.600     9/24/2021   EUR     60.930
Citigroup Global8.050     1/24/2023   EUR     62.920
Landesbank Hesse6.500     2/16/2023   EUR     67.840
Societe Generale4.500     12/29/2022  USD     8.840
Landesbank Baden6.250     8/27/2021   EUR     64.840
Landesbank Baden9.000     8/27/2021   EUR     58.320
UniCredit Bank A4.450     09/11/2023  EUR     60.020
Danske Bank A/S 5.300     7/15/2023   SEK     43.410
UniCredit Bank A4.130     2/13/2022   EUR     70.030
Societe Generale4.500     12/29/2022  USD     0.040
Societe Generale4.500     12/30/2024  USD     77.490
UniCredit Bank A3.500     2/13/2023   EUR     44.240
Vontobel Financi8.500     12/24/2021  EUR     54.160
Finca Uco Cjsc  6.000     2/25/2022   USD     25.612
Leonteq Securiti7.200     9/22/2021   CHF     47.410
Vontobel Financi12.500    12/24/2021  EUR     61.710
Vontobel Financi13.500    12/24/2021  EUR     61.020
Vontobel Financi16.500    12/24/2021  EUR     59.150
Vontobel Financi14.000    3/25/2022   EUR     60.920
Vontobel Financi12.000    3/25/2022   EUR     61.990
Vontobel Financi17.500    3/25/2022   EUR     58.980
Vontobel Financi12.000    12/24/2021  EUR     62.660
Landesbank Hesse6.000     10/06/2022  EUR     47.050
Landesbank Hesse4.000     08/09/2023  EUR     61.910
UniCredit Bank A7.100     12/24/2021  EUR     72.870
UniCredit Bank A8.000     12/24/2021  EUR     74.130
UniCredit Bank A8.100     12/24/2021  EUR     67.360
UniCredit Bank A6.600     12/24/2021  EUR     62.190
UniCredit Bank A6.400     12/24/2021  EUR     73.240
UniCredit Bank A7.900     12/24/2021  EUR     70.340
UniCredit Bank A10.500    12/24/2021  EUR     71.040
UniCredit Bank A13.700    12/24/2021  EUR     74.770
UniCredit Bank A8.100     12/24/2021  EUR     66.490
UniCredit Bank A10.300    12/24/2021  EUR     71.330
UniCredit Bank A12.300    12/24/2021  EUR     65.170
UniCredit Bank A6.800     12/24/2021  EUR     53.360
Vontobel Financi10.000    3/25/2022   EUR     65.940
Goldman Sachs & 14.000    12/22/2021  EUR     69.700
Leonteq Securiti8.000     09/01/2021  CHF     66.340
Landesbank Hesse3.500     9/29/2021   EUR     43.580
Landesbank Baden4.750     8/27/2021   EUR     72.430
Landesbank Baden3.750     8/27/2021   EUR     74.660
Landesbank Baden5.000     8/27/2021   EUR     53.990
Societe Generale1.580     9/16/2024   USD     3.880
Vontobel Financi9.500     12/24/2021  EUR     66.650
Vontobel Financi10.500    12/24/2021  EUR     65.740
Vontobel Financi11.500    3/25/2022   EUR     64.270
Goldman Sachs & 14.000    9/22/2021   EUR     69.590
Goldman Sachs & 16.000    12/22/2021  EUR     67.290
Landesbank Baden3.500     8/27/2021   EUR     57.990
UniCredit Bank A3.500     10/08/2022  EUR     48.490
Landesbank Hesse5.700     11/24/2022  EUR     60.780
Landesbank Baden2.500     1/28/2022   EUR     60.520
Goldman Sachs & 13.000    6/22/2022   EUR     73.610
Goldman Sachs & 14.000    3/23/2022   EUR     73.020
UniCredit Bank A4.400     12/10/2022  EUR     73.090
Landesbank Baden4.500     8/27/2021   EUR     66.160
Landesbank Hesse5.200     9/30/2022   EUR     43.990
Credit Suisse AG12.450    12/08/2021  USD     42.560
Credit Suisse AG11.200    12/08/2021  CHF     40.250
Societe Generale8.000     5/28/2027   USD     53.400
DZ Bank AG Deuts16.300    3/25/2022   EUR     74.230
DZ Bank AG Deuts20.200    3/25/2022   EUR     70.770
DZ Bank AG Deuts24.200    12/24/2021  EUR     67.760
DZ Bank AG Deuts10.250    3/23/2022   EUR     74.390
Landesbank Hesse5.600     02/11/2025  EUR     66.020
SG Issuer SA    2.100     2/14/2033   EUR     30.430
Vontobel Financi8.000     3/25/2022   EUR     62.280
Vontobel Financi7.500     12/24/2021  EUR     66.300
DZ Bank AG Deuts9.000     11/24/2021  EUR     69.330
BNP Paribas Emis0.170     9/23/2021   EUR     0.430
Vontobel Financi7.000     3/25/2022   EUR     63.600
Vontobel Financi8.500     12/24/2021  EUR     63.290
UniCredit Bank A5.000     04/08/2022  PLN     0.100
Vontobel Financi21.000    9/24/2021   EUR     71.090
Vontobel Financi8.000     12/24/2021  EUR     68.962
Leonteq Securiti25.000    8/26/2021   USD     6.600
Credit Suisse AG4.500     3/21/2022   USD     9.719
Leonteq Securiti24.530    4/22/2022   CHF     67.100
Leonteq Securiti15.000    4/13/2022   CHF     55.120
Vontobel Financi19.000    3/25/2022   EUR     73.200
Bank Julius Baer8.800     10/19/2021  CHF     27.636
UBS AG/London   7.500     4/19/2022   EUR     0.068
Leonteq Securiti16.000    5/25/2022   CHF     62.810
Vontobel Financi11.500    3/25/2022   EUR     73.260
Vontobel Financi16.000    3/25/2022   EUR     69.950
Vontobel Financi12.500    12/24/2021  EUR     73.510
Vontobel Financi20.000    12/24/2021  EUR     68.290
Vontobel Financi22.500    12/24/2021  EUR     66.900
Vontobel Financi13.500    3/25/2022   EUR     71.320
Vontobel Financi23.000    12/24/2021  EUR     67.078
EFG Internationa7.000     3/23/2023   USD     63.710
Vontobel Financi28.350    8/26/2021   EUR     50.069
Vontobel Financi24.500    12/24/2021  EUR     69.850
Credit Suisse AG6.100     09/08/2022  USD     10.000
Landesbank Baden5.000     6/24/2022   EUR     65.800
EFG Internationa24.000    06/07/2022  USD     69.400
Vontobel Financi24.380    12/08/2021  USD     57.427
Vontobel Financi23.950    06/03/2022  EUR     65.034
Leonteq Securiti12.000    06/08/2022  CHF     59.030
Bank Vontobel AG13.002    9/19/2022   CHF     66.600
Vontobel Financi18.000    9/24/2021   EUR     73.960
Vontobel Financi23.000    9/24/2021   EUR     69.690
Vontobel Financi8.000     9/24/2021   EUR     54.340
Vontobel Financi7.500     12/24/2021  EUR     55.990
Vontobel Financi6.500     9/24/2021   EUR     54.060
Raiffeisen Schwe17.000    9/14/2021   CHF     75.720
Landesbank Baden6.900     12/27/2021  EUR     69.770
Zuercher Kantona8.624     4/25/2022   CHF     0.096
Vontobel Financi6.500     3/25/2022   EUR     56.960
Vontobel Financi7.000     3/25/2022   EUR     57.300
Vontobel Financi10.500    3/25/2022   EUR     55.772
DZ Bank AG Deuts18.800    9/24/2021   EUR     75.110
DZ Bank AG Deuts13.100    12/24/2021  EUR     68.180
Vontobel Financi23.500    9/24/2021   EUR     75.510
Vontobel Financi17.000    12/24/2021  EUR     73.429
Vontobel Financi6.500     12/24/2021  EUR     55.560
Vontobel Financi7.000     12/24/2021  EUR     55.780
Vontobel Financi10.500    3/25/2022   EUR     73.260
Vontobel Financi15.500    12/24/2021  EUR     72.821
Leonteq Securiti22.620    12/23/2021  CHF     45.850
Leonteq Securiti24.870    6/14/2022   CHF     69.910
Credit Suisse AG7.110     8/17/2022   USD     9.730
Vontobel Financi18.650    06/09/2022  EUR     72.900
Leonteq Securiti22.340    4/14/2022   CHF     59.810
Bank Julius Baer10.200    5/30/2023   EUR     18.900
EFG Internationa18.000    4/14/2022   CHF     62.800
Zurcher Kantonal5.000     8/18/2021   CHF     56.190
Vontobel Financi12.500    9/24/2021   EUR     70.770
Vontobel Financi15.000    9/24/2021   EUR     45.782
Erste Group Bank8.000     7/31/2024   EUR     68.850
Corner Banca SA 17.200    4/26/2022   CHF     72.610
Vontobel Financi19.500    3/25/2022   EUR     69.601
Bank Julius Baer11.700    4/26/2022   CHF     70.250
Bank Julius Baer11.800    4/26/2022   EUR     70.350
UniCredit Bank A5.550     7/19/2022   EUR     73.550
Landesbank Baden4.750     8/27/2021   EUR     73.610
Landesbank Baden2.500     8/27/2021   EUR     67.330
Landesbank Baden3.750     8/27/2021   EUR     62.910
Landesbank Baden6.500     8/27/2021   EUR     70.200
Landesbank Baden6.250     8/27/2021   EUR     68.310
Landesbank Baden8.000     8/27/2021   EUR     65.690
Landesbank Baden3.500     8/27/2021   EUR     73.060
Credit Suisse AG13.000    11/26/2021  USD     64.150
Vontobel Financi10.000    3/25/2022   EUR     61.740
Vontobel Financi11.000    12/24/2021  EUR     55.922
Vontobel Financi7.500     3/25/2022   EUR     55.982
Vontobel Financi9.000     3/25/2022   EUR     61.060
Vontobel Financi10.000    12/24/2021  EUR     59.540
EFG Internationa15.000    02/03/2022  USD     68.310
UBS AG/London   19.750    02/03/2022  USD     73.200
Vontobel Financi22.500    9/24/2021   EUR     70.150
Vontobel Financi18.500    12/24/2021  EUR     71.880
Vontobel Financi20.000    9/24/2021   EUR     71.330
Vontobel Financi22.000    9/24/2021   EUR     69.460
Vontobel Financi17.000    12/24/2021  EUR     73.300
Vontobel Financi22.500    9/24/2021   EUR     74.670
DZ Bank AG Deuts20.200    9/24/2021   EUR     72.680
DZ Bank AG Deuts20.200    12/24/2021  EUR     72.610
Leonteq Securiti5.700     7/27/2022   CHF     1.110
Corner Banca SA 13.000    1/19/2022   CHF     63.440
DZ Bank AG Deuts10.250    8/25/2021   EUR     55.650
Citigroup Global8.200     3/21/2024   SEK     63.440
Vontobel Financi16.000    3/25/2022   EUR     60.040
Landesbank Hesse5.250     5/15/2025   EUR     71.680
DekaBank Deutsch2.800     05/02/2022  EUR     53.800
Landesbank Baden3.400     8/23/2024   EUR     65.670
Vontobel Financi19.500    12/24/2021  EUR     72.420
Vontobel Financi20.500    9/24/2021   EUR     72.040
Vontobel Financi17.500    12/24/2021  EUR     72.470
Luzerner Kantona25.000    03/09/2022  CHF     74.410
Vontobel Financi18.000    9/24/2021   EUR     73.350
Vontobel Financi19.000    9/24/2021   EUR     72.320
Vontobel Financi21.000    9/24/2021   EUR     70.380
Vontobel Financi23.000    9/24/2021   EUR     68.580
Vontobel Financi16.000    12/24/2021  EUR     73.950
DZ Bank AG Deuts22.000    9/24/2021   EUR     71.360
DZ Bank AG Deuts22.400    12/24/2021  EUR     70.350
DZ Bank AG Deuts21.300    9/24/2021   EUR     71.630
DZ Bank AG Deuts17.100    12/24/2021  EUR     75.210
Landesbank Baden5.600     11/26/2021  EUR     73.040
Raiffeisen Centr10.000    3/24/2023   EUR     1.000
Vontobel Financi17.000    3/25/2022   EUR     72.780
Vontobel Financi16.500    12/24/2021  EUR     72.650
Vontobel Financi11.000    12/24/2021  EUR     67.940
Vontobel Financi14.500    12/24/2021  EUR     63.110
Landesbank Baden4.000     5/27/2022   EUR     48.040
Landesbank Baden3.300     5/27/2022   EUR     56.340
Leonteq Securiti17.600    03/08/2022  USD     70.670
Landesbank Baden2.200     1/27/2023   EUR     63.620
BNP Paribas Emis25.000    9/23/2021   EUR     73.820
BNP Paribas Emis6.500     9/23/2021   EUR     70.960
BNP Paribas Emis7.000     9/23/2021   EUR     69.380
BNP Paribas Emis9.500     9/23/2021   EUR     68.160
BNP Paribas Emis11.000    12/23/2021  EUR     63.540
BNP Paribas Emis13.000    12/23/2021  EUR     64.350
BNP Paribas Emis14.000    12/23/2021  EUR     62.990
BNP Paribas Emis16.000    12/23/2021  EUR     61.070
BNP Paribas Emis15.000    12/23/2021  EUR     59.640
BNP Paribas Emis17.000    12/23/2021  EUR     60.450
BNP Paribas Emis10.000    9/23/2021   EUR     65.970
BNP Paribas Emis12.000    9/23/2021   EUR     62.790
BNP Paribas Emis14.000    9/23/2021   EUR     63.100
BNP Paribas Emis13.000    9/23/2021   EUR     61.650
BNP Paribas Emis17.000    9/23/2021   EUR     58.680
BNP Paribas Emis8.500     12/23/2021  EUR     72.070
BNP Paribas Emis9.000     12/23/2021  EUR     70.770
BNP Paribas Emis8.500     12/23/2021  EUR     69.110
BNP Paribas Emis9.500     12/23/2021  EUR     69.520
BNP Paribas Emis10.000    12/23/2021  EUR     67.620
BNP Paribas Emis9.500     12/23/2021  EUR     65.430
BNP Paribas Emis7.500     9/23/2021   EUR     71.120
BNP Paribas Emis7.500     9/23/2021   EUR     67.860
BNP Paribas Emis8.500     9/23/2021   EUR     68.010
BNP Paribas Emis11.000    12/23/2021  EUR     66.040
BNP Paribas Emis15.000    12/23/2021  EUR     61.730
BNP Paribas Emis13.000    9/23/2021   EUR     64.300
BNP Paribas Emis16.000    9/23/2021   EUR     60.270
BNP Paribas Emis18.000    9/23/2021   EUR     57.730
BNP Paribas Emis6.500     12/23/2021  EUR     71.260
BNP Paribas Emis7.000     12/23/2021  EUR     69.960
BNP Paribas Emis7.500     12/23/2021  EUR     68.710
BNP Paribas Emis8.500     9/23/2021   EUR     71.270
BNP Paribas Emis8.000     9/23/2021   EUR     69.530
BNP Paribas Emis9.000     9/23/2021   EUR     69.680
BNP Paribas Emis9.000     9/23/2021   EUR     65.810
BNP Paribas Emis12.000    12/23/2021  EUR     65.170
BNP Paribas Emis11.000    9/23/2021   EUR     63.990
BNP Paribas Emis15.000    9/23/2021   EUR     61.960
BNP Paribas Emis14.000    9/23/2021   EUR     59.960
BNP Paribas Emis19.000    9/23/2021   EUR     56.830
BNP Paribas Emis7.500     12/23/2021  EUR     71.660
BNP Paribas Emis8.000     12/23/2021  EUR     70.370
BNP Paribas Emis9.000     12/23/2021  EUR     67.220
DZ Bank AG Deuts17.800    12/24/2021  EUR     71.340
UBS AG/London   16.300    01/08/2024  EUR     42.050
BNP Paribas Issu5.450     1/14/2022   EUR     68.060
Vontobel Financi9.000     12/24/2021  EUR     73.730
Corner Banca SA 15.200    08/11/2021  CHF     4.110
Vontobel Financi21.000    12/24/2021  EUR     70.150
Landesbank Baden7.300     3/25/2022   EUR     67.470
Landesbank Baden5.150     12/27/2021  EUR     72.730
Vontobel Financi20.000    12/24/2021  EUR     75.004
Raiffeisen Switz6.800     05/06/2022  EUR     0.010
Vontobel Financi15.000    3/25/2022   EUR     66.610
Vontobel Financi21.000    12/24/2021  EUR     71.800
Vontobel Financi19.500    3/25/2022   EUR     72.820
Vontobel Financi10.000    12/24/2021  EUR     72.600
Vontobel Financi9.000     3/25/2022   EUR     71.590
Vontobel Financi7.500     3/25/2022   EUR     74.350
Vontobel Financi11.000    12/24/2021  EUR     64.670
Vontobel Financi7.000     3/25/2022   EUR     70.450
Vontobel Financi7.500     12/24/2021  EUR     70.060
Vontobel Financi14.000    3/25/2022   EUR     75.070
Vontobel Financi9.000     12/24/2021  EUR     67.810
Vontobel Financi13.000    3/25/2022   EUR     62.670
Landesbank Hesse7.000     10/20/2022  EUR     56.700
SG Issuer SA    2.100     01/06/2033  EUR     28.820
Landesbank Baden3.000     1/28/2022   EUR     71.690
Vontobel Financi12.000    12/24/2021  EUR     63.850
Vontobel Financi8.000     3/25/2022   EUR     67.640
Vontobel Financi8.000     12/24/2021  EUR     68.810
Erste Group Bank4.350     2/20/2022   EUR     44.050
Vontobel Financi8.000     9/24/2021   EUR     52.971
Vontobel Financi10.500    9/24/2021   EUR     57.320
Vontobel Financi10.500    9/24/2021   EUR     71.430
Vontobel Financi15.000    9/24/2021   EUR     64.450
Vontobel Financi17.500    9/24/2021   EUR     62.180
Vontobel Financi18.500    9/24/2021   EUR     61.090
Vontobel Financi20.500    9/24/2021   EUR     59.050
SG Issuer SA    1.400     12/28/2032  EUR     27.810
SG Issuer SA    1.500     12/30/2032  EUR     48.100
Vontobel Financi11.500    12/24/2021  EUR     71.150
Vontobel Financi14.000    12/24/2021  EUR     68.270
Vontobel Financi13.500    3/25/2022   EUR     74.740
Vontobel Financi20.000    12/24/2021  EUR     65.852
Vontobel Financi23.500    3/25/2022   EUR     74.250
Landesbank Baden5.100     11/25/2022  EUR     73.150
UBS AG/London   15.250    2/24/2022   USD     56.000
UBS AG/London   6.500     8/24/2022   CHF     74.400
Banque Cantonale10.875    11/05/2021  EUR     69.460
UBS AG/London   21.250    2/18/2022   USD     51.600
Landesbank Baden5.000     3/25/2022   EUR     70.960
Vontobel Financi9.500     9/24/2021   EUR     73.000
Vontobel Financi18.500    12/24/2021  EUR     59.500
Landesbank Baden2.300     2/25/2022   EUR     62.930
Vontobel Financi8.000     12/24/2021  EUR     54.695
Vontobel Financi11.500    9/24/2021   EUR     69.920
Vontobel Financi12.500    9/24/2021   EUR     68.480
Vontobel Financi19.500    9/24/2021   EUR     60.050
Vontobel Financi21.500    9/24/2021   EUR     58.100
Vontobel Financi9.000     12/24/2021  EUR     55.104
Landesbank Hesse5.700     6/16/2022   EUR     65.430
Landesbank Hesse4.000     6/16/2022   EUR     55.110
Vontobel Financi10.000    12/24/2021  EUR     59.540
Vontobel Financi13.000    9/24/2021   EUR     67.020
Vontobel Financi14.000    9/24/2021   EUR     65.710
Vontobel Financi16.000    9/24/2021   EUR     63.250
Landesbank Hesse5.300     9/23/2022   EUR     43.750
Vontobel Financi7.500     12/24/2021  EUR     73.910
Vontobel Financi17.000    9/24/2021   EUR     75.882
UniCredit Bank A4.500     1/18/2022   EUR     53.130
Zurcher Kantonal8.125     02/11/2022  EUR     61.530
UBS AG/London   8.750     9/27/2021   CHF     73.550
UniCredit Bank A10.300    12/24/2021  EUR     61.420
BNP Paribas Emis5.000     12/23/2021  EUR     55.740
BNP Paribas Emis7.000     3/24/2022   EUR     60.660
Leonteq Securiti10.000    12/06/2021  CHF     75.720
Zurcher Kantonal6.750     02/11/2022  CHF     72.470
Bank Julius Baer7.400     1/25/2022   EUR     73.700
Zurcher Kantonal9.750     02/11/2022  USD     62.490
UBS AG/London   5.750     8/16/2021   CHF     71.550
UBS AG/London   12.000    12/06/2021  USD     74.550
Raiffeisen Schwe7.750     1/27/2022   CHF     72.370
BNP Paribas Emis4.000     3/24/2022   EUR     71.750
BNP Paribas Emis10.000    3/24/2022   EUR     6.900
UniCredit Bank A11.300    12/24/2021  EUR     59.180
UniCredit Bank A9.300     12/24/2021  EUR     67.730
UniCredit Bank A10.100    12/24/2021  EUR     66.160
BNP Paribas Emis10.000    12/23/2021  EUR     4.350
DekaBank Deutsch2.000     02/10/2023  EUR     74.360
EFG Internationa9.700     9/26/2022   CHF     11.420
Leonteq Securiti7.750     1/17/2022   CHF     71.160
BNP Paribas Emis6.000     3/24/2022   EUR     72.060
BNP Paribas Emis6.000     9/23/2021   EUR     51.860
Zurcher Kantonal5.350     7/29/2021   CHF     54.740
Credit Suisse AG10.750    7/26/2021   USD     61.020
UBS AG/London   13.000    02/07/2022  CHF     66.800
UBS AG/London   11.000    08/05/2021  CHF     71.900
UBS AG/London   11.250    1/24/2022   CHF     71.200
Bank Julius Baer10.300    1/31/2022   USD     72.100
Leonteq Securiti12.400    08/03/2021  CHF     75.310
Raiffeisen Schwe3.200     12/18/2026  CHF     66.980
Bank ZENIT PJSC 0.100     3/27/2025   RUB     70.020
Leonteq Securiti3.900     9/21/2029   CHF     74.650
Raiffeisen Schwe3.400     3/21/2025   CHF     55.470
Raiffeisen Schwe3.000     9/21/2029   CHF     69.640
Raiffeisen Schwe2.700     9/22/2026   CHF     54.960
Leonteq Securiti3.900     12/20/2024  CHF     51.670
Leonteq Securiti4.000     12/18/2026  CHF     69.250
Leonteq Securiti3.600     9/22/2026   CHF     57.950
Pongs & Zahn AG 8.500                 EUR     0.002
UniCredit Bank A9.300     12/24/2021  EUR     50.880
UniCredit Bank A6.400     12/24/2021  EUR     64.930
UniCredit Bank A9.900     12/24/2021  EUR     62.590
UniCredit Bank A9.100     12/24/2021  EUR     57.970
UniCredit Bank A11.200    12/24/2021  EUR     36.270
UniCredit Bank A10.500    12/24/2021  EUR     72.470
UniCredit Bank A10.900    12/24/2021  EUR     60.600
UBS AG/London   6.750     5/16/2022   CHF     74.650
UniCredit Bank A9.100     12/24/2021  EUR     55.820
Landesbank Hesse6.000     03/06/2025  EUR     56.660
UniCredit Bank A9.700     12/24/2021  EUR     64.970
UniCredit Bank A11.400    12/24/2021  EUR     50.580
UniCredit Bank A12.900    12/24/2021  EUR     47.820
UniCredit Bank A7.800     12/24/2021  EUR     54.360
UniCredit Bank A8.100     12/24/2021  EUR     41.280
UniCredit Bank A8.300     12/24/2021  EUR     60.340
UniCredit Bank A6.300     12/24/2021  EUR     73.540
UniCredit Bank A7.500     12/24/2021  EUR     69.440
UniCredit Bank A6.600     12/24/2021  EUR     71.130
UniCredit Bank A9.900     12/24/2021  EUR     53.920
UniCredit Bank A9.700     12/24/2021  EUR     38.500
UniCredit Bank A10.900    12/24/2021  EUR     53.970
UniCredit Bank A7.000     12/24/2021  EUR     72.440
UBS AG/London   7.000     10/04/2021  CHF     73.800
UBS AG/London   7.250     10/04/2021  CHF     67.550
UniCredit Bank A8.200     11/26/2021  EUR     69.780
UBS AG/London   10.750    7/29/2021   CHF     68.750
Credit Suisse AG6.200     7/29/2022   CHF     75.470
Barclays Bank PL2.730     9/27/2024   EUR     65.480
Leonteq Securiti7.200     1/31/2022   CHF     74.350
Gmina Miasta San1.400     11/25/2032  PLN     0.010
Bayerische Lande3.500     1/26/2024   EUR     73.990
Raiffeisen Schwe6.600     3/23/2022   CHF     70.870
Skandinaviska En6.000     1/15/2025   SEK     75.470
Vontobel Financi9.200     1/24/2022   EUR     67.410
Raiffeisen Schwe5.300     9/20/2022   CHF     75.360
Landesbank Baden2.650     10/27/2023  EUR     74.530
Raiffeisen Schwe7.000     08/03/2021  CHF     71.800
UBS AG/London   8.000     1/24/2022   CHF     70.550
SG Issuer SA    0.850     7/29/2024   EUR     15.370
DekaBank Deutsch3.200     11/04/2022  EUR     72.790
Raiffeisen Schwe8.000     1/31/2022   CHF     75.190
Corner Banca SA 9.000     1/21/2022   CHF     74.040
Raiffeisen Schwe8.600     12/13/2021  CHF     74.480
Leonteq Securiti8.000     12/13/2022  CHF     59.780
Zurcher Kantonal4.000     02/11/2022  CHF     56.730
UniCredit Bank A5.700     12/24/2021  EUR     61.170
UniCredit Bank A8.900     12/24/2021  EUR     39.810
UniCredit Bank A9.700     12/24/2021  EUR     74.430
UniCredit Bank A10.000    12/24/2021  EUR     49.360
BNP Paribas Emis3.000     12/23/2021  EUR     71.300
Leonteq Securiti3.400     3/20/2024   CHF     43.330
UniCredit Bank A10.400    12/24/2021  EUR     52.810
UniCredit Bank A10.000    12/24/2021  EUR     49.560
UniCredit Bank A12.500    12/24/2021  EUR     45.610
BNP Paribas Emis9.000     9/23/2021   EUR     1.730
BNP Paribas Emis4.000     3/24/2022   EUR     57.080
BNP Paribas Emis7.000     12/23/2021  EUR     59.980
UniCredit Bank A7.300     12/24/2021  EUR     74.380
UniCredit Bank A8.100     12/24/2021  EUR     72.390
UniCredit Bank A9.000     12/24/2021  EUR     70.570
UniCredit Bank A14.600    12/24/2021  EUR     75.030
UniCredit Bank A8.300     12/24/2021  EUR     55.800
UniCredit Bank A10.800    12/24/2021  EUR     48.100
UniCredit Bank A11.700    12/24/2021  EUR     46.790
DekaBank Deutsch2.800     1/13/2023   EUR     75.050
DekaBank Deutsch4.000     1/14/2022   EUR     65.960
EFG Internationa7.800     1/17/2022   CHF     71.000
Leonteq Securiti11.800    12/20/2021  CHF     73.130
UBS AG/London   10.000    1/17/2022   CHF     73.700
Zurcher Kantonal6.000     1/28/2022   CHF     73.710
UBS AG/London   10.000    7/29/2021   CHF     68.700
UBS AG/London   11.750    7/29/2021   CHF     66.550
Leonteq Securiti10.000    12/23/2021  CHF     74.340
Vontobel Financi21.500    9/24/2021   EUR     71.160
Leonteq Securiti7.000     10/25/2021  EUR     75.590
DekaBank Deutsch3.250     11/25/2022  EUR     68.180
Landesbank Baden4.000     11/26/2021  EUR     68.510
Landesbank Baden5.750     11/26/2021  EUR     70.840
Landesbank Baden4.250     11/26/2021  EUR     74.540
Landesbank Baden3.000     11/26/2021  EUR     63.520
Landesbank Baden3.250     11/26/2021  EUR     73.110
Landesbank Baden4.000     11/26/2021  EUR     70.800
EFG Internationa13.400    10/31/2022  CHF     74.490
Raiffeisen Schwe4.000     11/15/2022  CHF     71.230
Zurcher Kantonal5.750     11/26/2021  CHF     73.890
UBS AG/London   8.500     11/22/2021  EUR     62.250
SG Issuer SA    0.350     11/15/2023  EUR     20.620
Bayerische Lande1.350     12/23/2022  EUR     60.570
Leonteq Securiti7.420     11/22/2021  EUR     58.430
DekaBank Deutsch3.700     12/17/2021  EUR     65.810
Landesbank Baden3.690     12/23/2022  EUR     71.050
Raiffeisen Schwe7.800     11/22/2021  CHF     57.630
Zurcher Kantonal6.000     12/06/2021  CHF     74.060
UBS AG/London   7.000     11/29/2021  EUR     59.750
Landesbank Baden2.600     1/26/2024   EUR     73.880
Bank Julius Baer8.200     10/15/2021  EUR     71.650
Vontobel Financi6.500     9/24/2021   EUR     49.640
Vontobel Financi13.000    9/24/2021   EUR     70.840
Vontobel Financi15.500    12/24/2021  EUR     67.090
Vontobel Financi13.500    12/24/2021  EUR     69.970
Vontobel Financi16.000    9/24/2021   EUR     67.050
UBS AG/London   10.000    12/27/2021  CHF     74.900
UBS AG/London   5.750     12/27/2021  CHF     73.050
EFG Internationa12.000    12/31/2021  USD     73.990
EFG Internationa13.000    12/27/2021  CHF     6.060
EFG Internationa11.120    12/27/2024  EUR     57.720
Leonteq Securiti15.180    12/27/2021  EUR     7.740
Leonteq Securiti11.000    01/03/2022  CHF     55.500
Leonteq Securiti8.600     01/07/2022  CHF     74.770
UniCredit Bank A11.100    12/24/2021  EUR     59.780
WEB Windenergie 5.250     04/08/2023  EUR     0.010
Landesbank Hesse7.700     8/20/2021   EUR     50.900
Landesbank Hesse5.750     11/21/2022  EUR     73.700
Leonteq Securiti7.500     11/08/2022  CHF     65.670
Leonteq Securiti12.000    11/08/2021  EUR     67.170
UniCredit Bank A4.200     12/06/2022  EUR     66.320
Bayerische Lande3.000     11/26/2021  EUR     69.990
UBS AG/London   8.000     11/08/2021  CHF     56.750
EFG Internationa13.000    11/08/2021  EUR     55.110
BNP Paribas Emis3.000     9/23/2021   EUR     70.170
Leonteq Securiti9.400     1/13/2022   CHF     70.860
Zurcher Kantonal7.500     7/28/2021   CHF     54.720
Landesbank Baden3.500     3/24/2023   EUR     69.660
EFG Internationa0.600     09/06/2022  EUR     75.130
Raiffeisen Centr6.000     10/07/2021  EUR     73.590
UBS AG/London   7.000     9/13/2021   CHF     67.550
UBS AG/London   7.750     9/13/2021   EUR     55.100
UBS AG/London   8.500     9/13/2021   EUR     65.300
Raiffeisen Schwe5.000     9/13/2022   CHF     74.310
Landesbank Baden2.100     10/27/2023  EUR     63.110
EFG Internationa9.000     9/20/2021   EUR     59.160
UBS AG/London   7.500     9/20/2021   CHF     54.750
UBS AG/London   8.250     9/20/2021   CHF     71.700
UBS AG/London   7.250     09/06/2021  CHF     55.850
EFG Internationa7.000     09/06/2021  EUR     75.530
Zurcher Kantonal8.000     1/14/2022   CHF     74.720
Zurcher Kantonal13.000    1/14/2022   EUR     71.930
EFG Internationa0.600     9/20/2022   EUR     70.510
Vontobel Financi14.500    9/24/2021   EUR     68.790
Vontobel Financi11.500    9/24/2021   EUR     72.010
UBS AG/London   10.000    11/15/2021  CHF     73.500
Zurcher Kantonal5.750     11/19/2021  CHF     75.040
UBS AG/London   10.500    11/15/2021  CHF     73.300
Landesbank Baden6.500     10/22/2021  EUR     67.710
DZ Bank AG Deuts16.200    9/24/2021   EUR     75.090
DZ Bank AG Deuts20.700    9/24/2021   EUR     67.860
Landesbank Baden3.900     10/22/2021  EUR     66.540
Landesbank Baden2.650     3/25/2022   EUR     71.020
Zurcher Kantonal6.300     12/16/2022  CHF     56.240
Landesbank Baden5.300     3/25/2022   EUR     62.930
Raiffeisen Schwe8.500     12/13/2021  CHF     53.270
UBS AG/London   12.000    12/20/2021  CHF     52.900
UBS AG/London   14.000    12/20/2021  CHF     62.900
UBS AG/London   7.000     12/20/2021  CHF     61.600
Leonteq Securiti7.500     12/20/2021  EUR     59.760
Bayerische Lande1.450     1/26/2024   EUR     63.700
Zurcher Kantonal10.750    1/21/2022   CHF     54.900
Landesbank Baden4.500     9/24/2021   EUR     68.760
Landesbank Baden7.250     9/24/2021   EUR     61.860
DZ Bank AG Deuts9.500     9/22/2021   EUR     59.730
UBS AG/London   7.000     08/12/2021  CHF     69.750
Vontobel Financi10.250    9/24/2021   EUR     51.126
Leonteq Securiti5.910     09/02/2021  EUR     73.440
Leonteq Securiti1.430     09/02/2021  EUR     64.420
Leonteq Securiti6.330     09/02/2021  EUR     64.870
Leonteq Securiti11.390    09/02/2021  EUR     73.960
Leonteq Securiti7.590     09/02/2021  EUR     68.390
Leonteq Securiti9.220     09/02/2021  EUR     65.140
UBS AG/London   9.000     08/12/2021  CHF     73.050
Citigroup Global6.500     2/21/2030   EUR     73.530
UniCredit Bank A6.900     12/24/2021  EUR     71.650
Leonteq Securiti4.500     09/02/2021  EUR     73.300
Leonteq Securiti7.290     09/02/2021  EUR     74.570
Leonteq Securiti8.590     09/02/2021  EUR     73.700
Leonteq Securiti2.470     09/02/2021  EUR     64.490
Leonteq Securiti3.650     09/02/2021  EUR     64.610
Zurcher Kantonal7.000     8/18/2021   CHF     60.880
BNP Paribas Emis5.000     9/23/2021   EUR     59.000
BNP Paribas Emis6.000     9/23/2021   EUR     54.920
BNP Paribas Emis6.000     12/23/2021  EUR     56.150
BNP Paribas Emis10.000    9/23/2021   EUR     1.800
BNP Paribas Emis5.000     3/24/2022   EUR     58.480
BNP Paribas Emis6.000     9/23/2021   EUR     73.650
BNP Paribas Emis5.000     12/23/2021  EUR     75.040
BNP Paribas Emis6.000     12/23/2021  EUR     73.050
Zurcher Kantonal7.000     2/21/2022   CHF     71.210
Credit Suisse AG6.100     8/15/2022   CHF     74.240
Leonteq Securiti10.000    8/17/2021   CHF     70.470
Vontobel Financi13.500    9/24/2021   EUR     68.720
UniCredit Bank A10.300    12/24/2021  EUR     64.440
UniCredit Bank A5.900     12/24/2021  EUR     75.000
Leonteq Securiti9.660     09/02/2021  EUR     73.810
Leonteq Securiti5.020     09/02/2021  EUR     64.770
Leonteq Securiti6.070     09/02/2021  EUR     71.950
Bank Julius Baer14.750    8/16/2021   EUR     0.800
Leonteq Securiti10.600    8/13/2021   CHF     57.300
Vontobel Financi10.000    9/24/2021   EUR     70.009
Araratbank OJSC 5.500     1/29/2024   USD     25.118
Vontobel Financi10.500    9/24/2021   EUR     56.350
Vontobel Financi11.500    9/24/2021   EUR     72.310
Vontobel Financi14.500    9/24/2021   EUR     68.270
Vontobel Financi16.000    9/24/2021   EUR     66.450
Vontobel Financi8.000     9/24/2021   EUR     61.980
Vontobel Financi17.000    9/24/2021   EUR     64.680
Vontobel Financi18.500    9/24/2021   EUR     63.100
Credit Suisse AG7.500     08/05/2021  CHF     74.510
Zurcher Kantonal10.200    08/06/2021  CHF     69.920
UniCredit Bank A6.600     9/13/2023   EUR     73.470
Leonteq Securiti11.200    08/04/2021  CHF     73.430
UBS AG/London   10.750    08/05/2021  CHF     71.800
UBS AG/London   10.500    10/18/2021  CHF     61.950
Zurcher Kantonal8.000     10/22/2021  EUR     62.740
Landesbank Hesse4.000     6/14/2023   EUR     69.600
Zurcher Kantonal8.000     5/16/2022   CHF     58.030
Bayerische Lande2.500     7/22/2022   EUR     67.620
UBS AG/London   12.000    08/05/2021  CHF     69.550
UBS AG/London   11.500    08/05/2021  CHF     69.550
EFG Internationa5.600     07/11/2024  EUR     25.820
Landesbank Baden3.250     7/28/2023   EUR     66.220
Societe Generale13.479    12/24/2021  EUR     66.020
UniCredit Bank A10.500    12/24/2021  EUR     66.550
UBS AG/London   7.000     9/27/2021   CHF     72.450
UBS AG/London   8.250     9/27/2021   CHF     73.400
BNP Paribas Emis5.000     9/23/2021   EUR     54.600
BNP Paribas Emis5.000     3/24/2022   EUR     52.810
Zurcher Kantonal8.000     7/30/2021   CHF     69.050
DekaBank Deutsch3.500     2/24/2023   EUR     72.280
Vontobel Financi4.000     12/14/2021  EUR     70.180
UniCredit Bank A4.900     5/22/2023   EUR     73.930
DekaBank Deutsch4.150     07/01/2022  EUR     58.040
Vontobel Financi16.500    9/24/2021   EUR     44.690
Araratbank OJSC 5.500     9/19/2023   USD     25.391
Leonteq Securiti7.000     8/16/2021   CHF     57.560
DekaBank Deutsch3.400     09/09/2022  EUR     72.140
UBS AG/London   7.000     8/23/2021   EUR     55.650
UBS AG/London   5.500     8/23/2021   CHF     68.300
Skandinaviska En4.400     7/15/2022   SEK     70.355
Leonteq Securiti6.600     10/12/2021  CHF     48.330
DekaBank Deutsch4.000     11/05/2021  EUR     65.360
Landesbank Baden4.400     9/23/2022   EUR     60.640
Otkritie Holding0.010     12/08/2027  RUB     2.010
Landesbank Baden3.600     6/23/2023   EUR     59.440
Erste Group Bank5.800     10/31/2024  EUR     69.350
DekaBank Deutsch2.400     6/17/2022   EUR     69.020
EFG Internationa16.000    10/11/2021  CHF     63.680
UBS AG/London   7.000     10/11/2021  CHF     57.150
UniCredit Bank A6.250     11/04/2021  EUR     70.600
EFG Internationa10.400    10/15/2021  EUR     61.750
Leonteq Securiti6.000     11/23/2021  CHF     55.390
Derzhava-Garant 8.500     06/12/2030  RUB     5.280
Vontobel Financi21.500    9/24/2021   EUR     69.980
Vontobel Financi19.500    9/24/2021   EUR     71.880
DZ Bank AG Deuts15.000    12/24/2021  EUR     65.710
Leonteq Securiti18.000    04/12/2022  CHF     57.620
Raiffeisen Schwe4.400     10/21/2021  CHF     66.870
Vontobel Financi10.000    11/11/2021  EUR     73.599
UBS AG/London   7.750     10/25/2021  EUR     58.100
EFG Internationa5.350     10/24/2022  USD     72.990
Landesbank Baden2.900     11/26/2021  EUR     73.330
Landesbank Baden2.000     11/26/2021  EUR     67.650
Landesbank Baden4.000     11/26/2021  EUR     60.880
DekaBank Deutsch3.700     11/25/2022  EUR     63.690
Leonteq Securiti2.290     10/29/2021  EUR     52.700
DekaBank Deutsch2.550     7/30/2021   EUR     51.570
Societe Generale10.000    8/27/2021   EUR     75.150
Societe Generale12.750    8/27/2021   EUR     64.610
Societe Generale14.750    8/27/2021   EUR     61.760
Vontobel Financi9.500     9/24/2021   EUR     54.410
Societe Generale13.750    10/22/2021  EUR     66.530
Societe Generale7.250     10/22/2021  EUR     70.460
Vontobel Financi10.000    12/24/2021  EUR     73.800
Vontobel Financi5.500     9/24/2021   EUR     51.320
Societe Generale10.750    8/27/2021   EUR     68.130
Societe Generale9.750     10/22/2021  EUR     73.420
Vontobel Financi7.500     12/24/2021  EUR     55.690
Societe Generale11.750    10/22/2021  EUR     69.660
Vontobel Financi11.500    9/24/2021   EUR     54.750
Societe Generale8.750     8/27/2021   EUR     72.520
Vontobel Financi5.500     12/24/2021  EUR     52.510
Vontobel Financi11.500    12/24/2021  EUR     68.640
Vontobel Financi5.500     3/25/2022   EUR     53.640
Societe Generale13.250    10/22/2021  EUR     59.550
Societe Generale11.250    10/22/2021  EUR     62.430
Vontobel Financi17.500    3/25/2022   EUR     67.740
Societe Generale10.500    9/24/2021   EUR     55.480
Societe Generale12.500    9/24/2021   EUR     52.690
Societe Generale8.500     9/24/2021   EUR     59.060
Vontobel Financi9.000     12/24/2021  EUR     56.320
Vontobel Financi8.000     3/25/2022   EUR     57.590
Vontobel Financi8.000     12/24/2021  EUR     55.900
Societe Generale6.500     9/24/2021   EUR     63.970
Societe Generale4.500     9/24/2021   EUR     71.310
Societe Generale10.500    9/24/2021   EUR     67.620
Vontobel Financi21.000    9/24/2021   EUR     62.512
Societe Generale14.500    9/24/2021   EUR     61.070
Societe Generale12.500    9/24/2021   EUR     64.040
Societe Generale8.500     9/24/2021   EUR     72.090
Vontobel Financi6.000     12/24/2021  EUR     48.600
Societe Generale6.500     8/27/2021   EUR     71.390
Societe Generale10.500    8/27/2021   EUR     61.450
Societe Generale14.500    8/27/2021   EUR     55.390
Societe Generale8.500     8/27/2021   EUR     65.670
Societe Generale12.500    8/27/2021   EUR     58.130
Russian Bank for8.500     12/03/2030  RUB     67.080
Lehman Brothers 8.500     07/06/2009  CHF     0.100
Tonon Luxembourg9.250     1/24/2020   USD     1.000
Tonon Luxembourg9.250     1/24/2020   USD     1.000
Lehman Brothers 7.500     9/13/2009   CHF     0.100
Lehman Brothers 4.500     08/02/2009  USD     0.100
Lehman Brothers 4.350     08/08/2016  SGD     0.100
Lehman Brothers 6.650     8/24/2011   AUD     0.100
Lehman Brothers 7.250     10/06/2008  EUR     0.100
Lehman Brothers 8.000     5/22/2009   USD     0.100
Lehman Brothers 9.000     3/17/2009   GBP     0.100
Lehman Brothers 3.850     4/24/2009   USD     0.100
Lehman Brothers 4.000     4/24/2009   USD     0.100
Lehman Brothers 9.000     6/13/2009   USD     0.100
Lehman Brothers 7.375     9/20/2008   EUR     0.100
Lehman Brothers 10.500    08/09/2010  EUR     0.100
Lehman Brothers 7.000     11/28/2008  CHF     0.100
Lehman Brothers 4.500     03/06/2013  CHF     0.100
Lehman Brothers 4.600     10/11/2017  ILS     0.100
Lehman Brothers 3.500     12/20/2027  USD     0.100
Lehman Brothers 6.850     12/22/2008  EUR     0.100
MIK OAO         15.000    2/19/2020   RUB     13.875
Lehman Brothers 16.000    10/08/2008  CHF     0.100
Lehman Brothers 8.280     3/26/2009   USD     0.100
Lehman Brothers 7.600     3/26/2009   EUR     0.100
Lehman Brothers 0.500     12/20/2017  USD     0.100
Lehman Brothers 0.500     12/20/2017  USD     0.100
Dolphin Drilling4.490     8/28/2019   NOK     0.644
Lehman Brothers 0.500     12/20/2017  USD     0.100
Lehman Brothers 11.000    12/20/2017  AUD     0.100
Lehman Brothers 11.000    12/20/2017  AUD     0.100
Lehman Brothers 11.000    12/20/2017  AUD     0.100
Lehman Brothers 8.800     12/27/2009  EUR     0.100
Lehman Brothers 0.500     12/20/2017  AUD     0.100
Lehman Brothers 0.500     12/20/2017  AUD     0.100
Lehman Brothers 4.000     01/04/2011  USD     0.100
Lehman Brothers 0.500     12/20/2017  AUD     0.100
Lehman Brothers 8.000     12/31/2010  USD     0.100
Lehman Brothers 0.500     12/20/2017  AUD     0.100
AKB Peresvet ZAO0.510     6/23/2021   RUB     32.680
Lehman Brothers 9.300     12/21/2010  EUR     0.100
Lehman Brothers 2.400     6/20/2011   JPY     0.100
Lehman Brothers 1.600     6/21/2010   JPY     0.100
Lehman Brothers 6.000     5/23/2018   CZK     0.100
Lehman Brothers 4.000     5/30/2010   USD     0.100
Lehman Brothers 4.000     5/17/2010   USD     0.100
Lehman Brothers 2.250     05/12/2009  USD     0.100
Lehman Brothers 7.150     3/21/2013   USD     0.100
Lehman Brothers 3.500     6/20/2011   EUR     0.100
Lehman Brothers 5.500     6/22/2010   USD     0.100
Lehman Brothers 7.500     2/14/2010   AUD     0.100
Lehman Brothers 7.600     1/31/2013   AUD     0.100
Lehman Brothers 3.450     5/23/2013   USD     0.100
Lehman Brothers 6.450     2/20/2010   AUD     0.100
Lehman Brothers 10.000    10/22/2008  USD     0.100
Lehman Brothers 10.000    10/23/2008  USD     0.100
Lehman Brothers 4.800     11/16/2012  HKD     0.100
Lehman Brothers 5.200     11/09/2011  EUR     0.100
Lehman Brothers 14.900    11/16/2010  EUR     0.100
Irish Bank Resol6.750     11/30/2013  BGN     33.250
Lehman Brothers 13.000    2/16/2009   CHF     0.100
Lehman Brothers 6.300     12/21/2018  USD     0.100
Lehman Brothers 5.375     02/04/2014  USD     0.100
Lehman Brothers 8.000     3/21/2018   USD     0.100
AlphaNotes ETP D0.010     09/09/2029  USD     68.640
Lehman Brothers 5.500     4/23/2014   EUR     0.100
Lehman Brothers 16.000    10/28/2008  USD     0.100
Lehman Brothers 6.600     5/23/2012   AUD     0.100
Lehman Brothers 9.000     05/06/2011  CHF     0.100
Lehman Brothers 8.000     5/22/2009   USD     0.100
Lehman Brothers 10.000    5/22/2009   USD     0.100
Lehman Brothers 16.000    11/09/2008  USD     0.100
Lehman Brothers 8.000     3/19/2012   USD     0.100
SG Issuer SA    0.850     10/16/2024  EUR     11.980
Leonteq Securiti12.000    10/18/2021  CHF     60.100
UBS AG/London   14.250    10/25/2021  CHF     58.650
UBS AG/London   10.000    10/25/2021  CHF     58.050
Nutritek Interna8.750     12/11/2008  USD     2.089
Lehman Brothers 1.680     03/05/2015  EUR     0.100
Lehman Brothers 13.500    11/28/2008  USD     0.100
Lehman Brothers 6.750     04/05/2012  EUR     0.100
Lehman Brothers 2.480     05/12/2009  USD     0.100
Lehman Brothers 13.000    7/25/2012   EUR     0.100
SG Issuer SA    3.000     10/10/2034  ZAR     46.990
Credit Suisse AG0.500     01/08/2026  BRL     64.812
Instabank ASA   9.200                 NOK     48.825
Northland Resour4.000     10/15/2020  USD     0.271
SG Issuer SA    2.700     11/28/2034  ZAR     44.480
SG Issuer SA    3.300     9/26/2034   ZAR     49.217
Lehman Brothers 4.690     2/19/2017   EUR     0.100
Lehman Brothers 6.000     2/14/2012   EUR     0.100
Lehman Brothers 7.000     2/15/2012   EUR     0.100
Heta Asset Resol0.211     12/31/2023  EUR     1.438
Lehman Brothers 4.000     11/24/2016  EUR     0.100
Lehman Brothers 1.500     10/25/2011  EUR     0.100
Lehman Brothers 5.500     6/15/2009   CHF     0.100
Bank Otkritie Fi0.010     9/24/2025   RUB     72.470
Lehman Brothers 7.585     11/22/2009  MXN     0.100
Lehman Brothers 6.000     9/20/2011   EUR     0.100
Lehman Brothers 3.400     9/21/2009   HKD     0.100
Lehman Brothers 8.000     10/23/2008  USD     0.100
Grupo Isolux Cor1.000     12/30/2021  USD     0.182
Grupo Isolux Cor0.250     12/30/2018  EUR     0.182
Lehman Brothers 18.250    10/02/2008  USD     0.100
Lehman Brothers 7.000     10/22/2010  EUR     0.100
Lehman Brothers 1.500     10/12/2010  EUR     0.100
ECM Real Estate 5.000     10/09/2011  EUR     15.375
Getin Noble Bank4.250     6/28/2024   PLN     64.715
HSBC Bank PLC   0.500     6/23/2027   MXN     63.874
Lehman Brothers 3.000     8/13/2011   EUR     0.100
Lehman Brothers 2.500     8/23/2012   GBP     0.100
Lehman Brothers 4.000     10/12/2010  USD     0.100
Vontobel Financi17.500    9/24/2021   EUR     48.360
Vontobel Financi14.000    9/24/2021   EUR     51.940
Vontobel Financi13.000    9/24/2021   EUR     70.220
Vontobel Financi20.000    9/24/2021   EUR     61.620
Leonteq Securiti8.150     09/02/2021  CHF     37.710
Landesbank Baden5.050     10/22/2021  EUR     67.710
Landesbank Baden3.050     10/22/2021  EUR     74.050
Landesbank Baden2.950     10/22/2021  EUR     75.720
Corner Banca SA 8.620     8/30/2021   CHF     75.330
Landesbank Hesse7.000     4/29/2022   EUR     73.790
UBS AG/London   7.000     8/30/2021   CHF     66.550
Landesbank Baden2.350     9/23/2022   EUR     66.610
Landesbank Baden4.100     10/22/2021  EUR     70.360
Societe Generale9.250     10/22/2021  EUR     65.950
DekaBank Deutsch3.600     07/01/2022  EUR     69.820
Lehman Brothers 0.010     9/20/2011   USD     0.100
Northland Resour12.250    3/26/2016   USD     2.621
Lehman Brothers 8.050     12/20/2010  HKD     0.100
Minicentrales Do0.010     06/06/2047  EUR     67.500
Instabank ASA   7.800     02/04/2030  NOK     65.337
Lehman Brothers 7.750     2/21/2016   EUR     0.100
Promsvyazbank PJ2.500     9/29/2029   RUB     65.950
Lehman Brothers 4.100     8/23/2010   USD     0.100
Lehman Brothers 7.500     5/30/2010   AUD     0.100
Lehman Brothers 2.300     06/06/2013  USD     0.100
Lehman Brothers 4.300     06/04/2012  USD     0.100
Barclays Bank PL1.450     9/24/2038   MXN     31.418
Lehman Brothers 15.000    06/04/2009  CHF     0.100
Lehman Brothers 4.600     08/01/2013  EUR     0.100
Lehman Brothers 5.000     11/22/2012  EUR     0.100
Lehman Brothers 5.550     03/12/2015  EUR     0.100
Lehman Brothers 13.500    06/02/2009  USD     0.100
Lehman Brothers 10.442    11/22/2008  CHF     0.100
Deutsche Bank AG0.500     04/05/2038  MXN     24.715
Lehman Brothers 5.250     04/01/2023  EUR     0.100
AKB Peresvet ZAO13.250    4/25/2018   RUB     31.375
Lehman Brothers 16.800    8/21/2009   USD     0.100
Lehman Brothers 14.100    11/12/2008  USD     0.100
Lehman Brothers 13.432    01/08/2009  ILS     0.100
Lehman Brothers 0.500     07/02/2020  EUR     0.100
Lehman Brothers 3.100     06/04/2010  USD     0.100
Lehman Brothers 2.500     8/15/2012   CHF     0.100
Lehman Brothers 13.150    10/30/2008  USD     0.100
Lehman Brothers 0.500     08/01/2020  EUR     0.100
Lehman Brothers 6.000     08/07/2013  EUR     0.100
Lehman Brothers 6.250     09/05/2011  EUR     0.100
Lehman Brothers 11.750    03/01/2010  EUR     0.100
Lehman Brothers 4.000     03/10/2011  EUR     0.100
Lehman Brothers 0.500     12/20/2017  USD     0.100
Lehman Brothers 6.000     3/18/2015   USD     0.100
Lehman Brothers 1.000     2/26/2010   USD     0.100
Lehman Brothers 7.550     12/29/2008  USD     0.100
Lehman Brothers 7.000     4/24/2009   USD     0.100
Lehman Brothers 16.200    5/14/2009   USD     0.100
Lehman Brothers 5.100     05/08/2017  HKD     0.100
Lehman Brothers 3.350     10/13/2016  EUR     0.100
Credito Padano B3.100                 EUR     33.866
Lehman Brothers 5.000     4/24/2017   EUR     0.100
Lehman Brothers 5.000     05/02/2022  EUR     0.100
Lehman Brothers 4.000     4/13/2011   CHF     0.100
Lehman Brothers 7.000     4/14/2009   EUR     0.100
Lehman Brothers 6.000     10/24/2008  EUR     0.100
Heta Asset Resol4.350     12/31/2023  EUR     1.438
Lehman Brothers 5.750     6/15/2009   CHF     0.100
Lehman Brothers 0.250     7/21/2014   EUR     0.100
Lehman Brothers 2.000     10/28/2010  EUR     0.100
Lehman Brothers 11.000    6/29/2009   EUR     0.100
Lehman Brothers 8.000     08/03/2009  USD     0.100
Lehman Brothers 11.000    12/19/2011  USD     0.100
Norske Skogindus7.000     12/30/2026  EUR     0.001
Lehman Brothers 3.500     10/24/2011  USD     0.100
Lehman Brothers 3.500     10/31/2011  USD     0.100
Lehman Brothers 0.250     10/19/2012  CHF     0.100
Lehman Brothers 5.200     3/19/2018   EUR     0.100
Norske Skogindus2.000     12/30/2115  EUR     0.113
Lehman Brothers 14.900    9/15/2008   EUR     0.100
Lehman Brothers 1.750     02/07/2010  EUR     0.100
Lehman Brothers 15.000    3/30/2011   EUR     0.100
Lehman Brothers 6.600     2/22/2012   EUR     0.100
Lehman Brothers 10.000    3/27/2009   USD     0.100
Lehman Brothers 5.000     10/24/2008  CHF     0.100
Lehman Brothers 7.750     1/30/2009   EUR     0.100
Sidetur Finance 10.000    4/20/2016   USD     2.082
Petromena ASA   9.750     5/24/2016   NOK     0.607
Espirito Santo F5.050     11/15/2025  EUR     0.983
Lehman Brothers 3.700     06/06/2009  EUR     0.100
Lehman Brothers 0.800     12/30/2016  EUR     0.100
AKB Peresvet ZAO13.000    10/07/2017  RUB     31.375
Lehman Brothers 10.000    2/16/2009   CHF     0.100
Lehman Brothers 0.500     12/20/2017  AUD     0.100
Lehman Brothers 11.000    2/16/2009   CHF     0.100
Lehman Brothers 7.000     2/15/2010   CHF     0.100
Lehman Brothers 4.000     06/05/2011  USD     0.100
Lehman Brothers 1.460     2/19/2012   JPY     0.100
Lehman Brothers 11.250    12/31/2008  USD     0.100
SAir Group      2.750     7/30/2004   CHF     12.625
SAir Group      2.750     7/30/2004   CHF     12.625
Lehman Brothers 3.000     09/12/2036  JPY     0.100
Lehman Brothers 11.000    07/04/2011  USD     0.100
Lehman Brothers 12.000    07/04/2011  EUR     0.100
Lehman Brothers 5.500     07/08/2013  EUR     0.100
Landesbank Hesse0.650     10/01/2031  EUR     10.127
Lehman Brothers 11.000    07/04/2011  CHF     0.100
Lehman Brothers 0.500     06/02/2020  EUR     0.100
Lehman Brothers 7.250     07/08/2014  EUR     0.100
Lehman Brothers 3.000     9/13/2010   JPY     0.100
Lehman Brothers 9.250     6/20/2012   USD     0.100
Lehman Brothers 3.820     10/20/2009  USD     0.100
IT Holding Finan9.875     11/15/2012  EUR     0.238
Lehman Brothers 4.100     5/20/2009   USD     0.100
Lehman Brothers 2.000     5/17/2010   EUR     0.100
Ukraine Governme6.000     9/19/2029   UAH     65.610
Lehman Brothers 4.500     03/07/2015  EUR     0.100
Northland Resour15.000    7/15/2019   USD     2.621
Ukraine Governme6.000     06/12/2030  UAH     63.983
Lehman Brothers 2.300     6/27/2013   USD     0.100
City of Novosibi7.300     10/08/2026  RUB     69.700
Credit Suisse AG0.500     12/16/2025  BRL     66.175
Lehman Brothers 6.720     12/29/2008  EUR     0.100
Lehman Brothers 7.625     7/22/2011   HKD     0.100
Lehman Brothers 12.000    7/13/2037   JPY     0.100
Lehman Brothers 7.060     12/29/2008  EUR     0.100
Heta Asset Resol5.730     12/31/2023  EUR     1.438
Lehman Brothers 6.000     6/21/2011   EUR     0.100
Lehman Brothers 6.600     02/09/2009  EUR     0.100
Lehman Brothers 2.000     6/21/2011   EUR     0.100
WPE Internationa10.375    9/30/2020   USD     5.000
BLT Finance BV  12.000    02/10/2015  USD     10.500
Lehman Brothers 4.870     10/08/2013  USD     0.100
Lehman Brothers 4.000     12/02/2012  EUR     0.100
Teksid Aluminum 12.375    7/15/2011   EUR     0.122
Irish Bank Resol4.000     4/23/2018   EUR     33.250
Lehman Brothers 8.280     7/31/2013   GBP     0.100
Lehman Brothers 8.600     7/31/2013   GBP     0.100
Lehman Brothers 3.600     3/19/2018   JPY     0.100
Lehman Brothers 2.370     7/15/2013   USD     0.100
Lehman Brothers 6.000     03/04/2015  USD     0.100
Lehman Brothers 10.600    4/22/2014   MXN     0.100
Lehman Brothers 1.000     05/09/2012  EUR     0.100
Lehman Brothers 23.300    9/16/2008   USD     0.100
Lehman Brothers 3.000     06/03/2010  EUR     0.100
Lehman Brothers 12.400    06/12/2009  USD     0.100
Lehman Brothers 2.000     6/28/2011   EUR     0.100
Lehman Brothers 7.600     03/04/2010  NZD     0.100
Lehman Brothers 17.000    06/02/2009  USD     0.100
Lehman Brothers 10.000    6/17/2009   USD     0.100
Lehman Brothers 7.600     5/21/2013   USD     0.100
Lehman Brothers 6.000     3/17/2011   EUR     0.100
PSN Pm OOO      9.500     09/10/2026  RUB     21.625
Credit Agricole 0.390     12/16/2032  EUR     73.283
BNP Paribas SA  0.500     11/16/2032  MXN     28.981
Lehman Brothers 6.700     4/21/2011   USD     0.100
Lehman Brothers 4.820     12/18/2036  EUR     0.100
Lehman Brothers 13.000    12/14/2012  USD     0.100
Lehman Brothers 4.680     12/12/2045  EUR     0.100
Otkritie Holding10.000    4/20/2028   RUB     3.490
Mriya Agro Holdi10.950    3/30/2016   USD     4.667
Lehman Brothers 1.280     11/06/2010  JPY     0.100
Lehman Brothers 1.950     11/04/2013  EUR     0.100
Lehman Brothers 4.000     2/28/2010   EUR     0.100
Bibby Offshore S7.500     6/15/2021   GBP     11.625
Mriya Agro Holdi9.450     4/19/2018   USD     4.667
Lehman Brothers 8.000     12/27/2032  JPY     0.100
Lehman Brothers 1.500     02/08/2012  CHF     0.100
Heta Asset Resol0.131     12/31/2023  EUR     1.438
Lehman Brothers 8.875     1/28/2011   HKD     0.100
Cerruti Finance 6.500     7/26/2004   EUR     2.058
HSBC Bank PLC   0.500     11/25/2025  BRL     66.128
LBI ehf         8.650     05/01/2011  ISK     9.500
Heta Asset Resol5.270     12/31/2023  EUR     1.439
Lehman Brothers 7.500     7/31/2013   GBP     0.100
Lehman Brothers 7.320     7/31/2013   GBP     0.100
Heta Asset Resol4.875     12/31/2023  EUR     1.438
Minicentrales Do0.010     06/06/2047  EUR     59.375
Lehman Brothers 3.025     1/31/2015   EUR     0.100
Lehman Brothers 0.750     3/29/2012   EUR     0.100
Lehman Brothers 5.250     11/21/2009  USD     0.100
Kuntarahoitus Oy0.250     6/28/2040   CAD     40.421
Lehman Brothers 6.000     7/28/2010   EUR     0.100
Lehman Brothers 4.500     12/30/2010  USD     0.100
Lehman Brothers 3.630     03/02/2012  EUR     0.100
Kreditanstalt fu0.250     10/06/2036  CAD     49.119
Lehman Brothers 6.000     7/28/2010   EUR     0.100
Lehman Brothers 7.000     07/11/2010  EUR     0.100
Lehman Brothers 3.000     08/08/2017  EUR     0.100
Lehman Brothers 4.150     8/25/2020   EUR     0.100
Lehman Brothers 6.000     12/06/2016  USD     0.100
Lehman Brothers 0.129     11/02/2035  EUR     0.100
Lehman Brothers 0.500     2/16/2009   EUR     0.100
LBI ehf         2.250     2/14/2011   CHF     9.500
Lehman Brothers 4.250     3/13/2021   EUR     0.100
Lehman Brothers 8.000     4/20/2009   EUR     0.100
AKB Peresvet ZAO0.510     08/04/2034  RUB     30.120
Lehman Brothers 4.050     9/16/2008   EUR     0.100
RGS Nedvizhimost12.000    10/18/2017  RUB     0.335
Leonteq Securiti4.560     7/30/2021   USD     71.240
Leonteq Securiti3.770     7/30/2021   USD     66.900



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2021.  All rights reserved.  ISSN 1529-2754.

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

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

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


                * * * End of Transmission * * *