/raid1/www/Hosts/bankrupt/TCREUR_Public/211101.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, November 1, 2021, Vol. 22, No. 212
Headlines
G E R M A N Y
FORTUNA CONSUMER: DBRS Finalizes 'B' Rating on Class X Notes
I R E L A N D
CARLYLE EURO 2021-2: Moody's Gives B3 Rating to Class E Notes
DILOSK RMBS 5: DBRS Gives Prov. BB(high) Rating on Class E Notes
DRYDEN 69 EURO: Moody's Assigns (P)B3 Rating to Class F-R Notes
HARVEST CLO XXVII: Moody's Assigns (P)B3 Rating to EUR11MM F Notes
HAYFIN EMERALD III: Moody's Assigns (P)B3 Rating to Class F Notes
PENTA CLO 2021-2: Moody's Assigns B3 Rating to Class F Notes
RRE 9 LOAN: Moody's Assigns Ba3 Rating to EUR18MM Class D Notes
RRE 9 LOAN: S&P Assigns BB- Rating on EUR18MM Class D Notes
I T A L Y
SUNRISE SPV 93: DBRS Gives Prov. BB(high) Rating on Class E Notes
R U S S I A
ENEL RUSSIA: Moody's Withdraws 'Ba3' Corporate Family Rating
S P A I N
AUTO ABS 2020-1: DBRS Confirms B(high) Rating on Series E Notes
U K R A I N E
UKRENERGO: Moody's Rates USD Unsecured Notes Due 2026 'B3'
U N I T E D K I N G D O M
CNG ENERGY: On Brink of Collapse Amid Rising Gas Prices
DEKANIA EUROPE III: Fitch Affirms C Rating on 2 Tranches
DOWSON PLC 2021-2: Moody's Gives Caa2 Rating to Class X Notes
GREENSILL CAPITAL: Finance Scheme Had No Benefit to Taxpayers
O'KEEFE GROUP: Wins GBP8MM New Contracts Following CVA
[*] UK: EFL Mulls Tougher Punishments for Clubs in Administration
[*] UK: England & Wales Co Voluntary Liquidations Hit Record High
X X X X X X X X
[*] BOND PRICING: For the Week October 25 to October 29, 2021
[*] EUROPE: EU Officials Wants State-Aid Taps Retained for Now
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G E R M A N Y
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FORTUNA CONSUMER: DBRS Finalizes 'B' Rating on Class X Notes
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DBRS Ratings GmbH finalized its provisional ratings of AAA (sf), AA
(low) (sf), A (low) (sf), BBB (sf), B (high) (sf), and B (sf) on
the Class A, Class B, Class C, Class D, Class E, and Class X Notes
(together, the Rated Notes) issued by Fortuna Consumer Loan ABS
2021 Designated Activity Company (the Issuer).
DBRS Morningstar did not assign a provisional rating to the Class F
Notes also issued in this transaction.
The rating on the Class A Notes addresses the timely payment of
scheduled interest and the ultimate repayment of principal by the
legal final maturity date. The ratings on the Class B Notes, Class
C Notes, Class D Notes, and Class E Notes address the ultimate
repayment of interest (timely when most senior) and the ultimate
repayment of principal by the legal final maturity date. The rating
on the Class X Notes addresses the ultimate repayment of interest
and the ultimate repayment of principal by the legal final maturity
date.
The Notes are backed by a portfolio of unsecured consumer loans
brokered through auxmoney GmbH (auxmoney) in co-operation with
Süd-West-Kreditbank Finanzierung GmbH (SWK), and granted to
individuals domiciled in Germany.
The ratings are based on the following analytical considerations:
-- The transaction's capital structure, including form and
sufficiency of available credit enhancement;
-- Relevant credit enhancement in the form of subordination, a
cash reserve, and excess spread;
-- Credit enhancement levels that are sufficient to support DBRS
Morningstar's projected cumulative net loss assumptions under
various stressed cash flow assumptions for the Rated Notes;
-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms under which
they have invested;
-- SWK and auxmoney's capabilities with regard to originations and
underwriting;
-- CreditConnect GmbH's capabilities with regard to servicing;
-- The transaction parties' financial strength with regard to
their respective roles;
-- The credit quality of the collateral and historical and
projected performance of the seller's portfolio;
-- DBRS Morningstar's sovereign rating on the Republic of Germany,
currently at AAA with a Stable trend; and
-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology and the presence of legal opinions that
address the true sale of the assets to the Issuer.
TRANSACTION STRUCTURE
The transaction is static and the Class A Notes will begin to
amortize on the first interest payment date. The transaction
allocates payments on separate interest and principal priorities
and benefits from an amortizing liquidity reserve funded on the
issue date through the proceeds of a sub-loan granted by the
seller. The seller will sell and transfer the portfolio to the
Issuer in two tranches, the first on October 29, 2021 and the
second on November 30, 2021.
The notes repay sequentially and benefit from a PDL mechanism to
capture excess spread to cure principal deficiencies. Principal is
used to cover certain interest shortfall. The transaction structure
also incorporates interest deferral triggers, conditioned on PDL
debit amount and seniority of the notes, to defer interest payments
on the notes.
The interest rate risk arising from the mismatch between the
floating-rate notes and the fixed-rate contracts in the portfolio
is expected to be hedged through an interest rate swap, which is
expected to be consistent with DBRS Morningstar's criteria.
COUNTERPARTIES
Elavon Financial Services DAC is the account bank for the
transactions. Based on DBRS Morningstar's private rating of Elavon
Financial Services DAC and the downgrade provisions outlined in the
transaction documents, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be commensurate with the
ratings assigned.
BNP Paribas SA is the swap counterparty for the interest rate Swap.
DBRS Morningstar has a Long-Term Issuer Debt rating of AA (low) on
BNP Paribas SA, which meets its criteria to act in such capacity.
The swap documentation is expected to contain downgrade provisions
consistent with DBRS Morningstar's criteria.
COVID-19 CONSIDERATIONS
The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading in some cases
to increases in unemployment rates and adverse financial impact on
many borrowers. DBRS Morningstar anticipates that delinquencies
could continue to rise. The ratings are based on additional
analysis to expected performance as a result of the global efforts
to contain the spread of the coronavirus.
Notes: All figures are in euros unless otherwise noted.
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I R E L A N D
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CARLYLE EURO 2021-2: Moody's Gives B3 Rating to Class E Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Carlyle Euro CLO
2021-2 DAC (the "Issuer"):
EUR2,000,000 Class X Senior Secured Floating Rate Notes due 2035,
Definitive Rating Assigned Aaa (sf)
EUR285,200,000 Class A-1 Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)
EUR29,000,000 Class A-2A Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aa2 (sf)
EUR17,000,000 Class A-2B Senior Secured Fixed Rate Notes due 2035,
Definitive Rating Assigned Aa2 (sf)
EUR31,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned A3 (sf)
EUR28,750,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Baa3 (sf)
EUR24,200,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Ba3 (sf)
EUR13,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned B3 (sf)
RATINGS RATIONALE
The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.
The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is 95% ramped as of the closing date and to comprise of
predominantly corporate loans to obligors domiciled in Western
Europe. The remainder of the portfolio will be acquired during the
five month ramp-up period in compliance with the portfolio
guidelines.
CELF Advisors LLP ("CM Acronym") will manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.45 year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.
Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-1 Notes. The
Class X Notes amortise by EUR333,333 over six payment dates
starting on the 2nd payment date.
In addition to the eight classes of notes rated by Moody's, the
Issuer has issued EUR35.4 million of Subordinated Notes which are
not rated.
The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.
Methodology underlying the rating action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Moody's modelled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.
Moody's used the following base-case modelling assumptions:
Par Amount: EUR460,000,000
Diversity Score: 50
Weighted Average Rating Factor (WARF): 3018
Weighted Average Spread (WAS): 3.70%
Weighted Average Coupon (WAC): 5.00%
Weighted Average Recovery Rate (WARR): 44%
Weighted Average Life (WAL): 9 years
DILOSK RMBS 5: DBRS Gives Prov. BB(high) Rating on Class E Notes
----------------------------------------------------------------
DBRS Ratings GmbH assigned the following provisional ratings to the
residential mortgage-backed floating-rate notes to be issued by
Dilosk RMBS No. 5 DAC (the Issuer):
-- Class A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (sf)
-- Class E at BB (high) (sf)
-- Class F at BB (low) (sf)
DBRS Morningstar does not rate the Class X1, X2, Z1, and Z2 notes
also expected to be issued in this transaction.
The rating on the Class A notes addresses the timely payment of
interest and the ultimate payment of principal. The ratings on the
Class B, Class C, Class D, Class E, and Class F notes address the
timely payment of interest once most senior and the ultimate
repayment of principal on or before the final maturity date.
The provisional ratings are based on information provided to DBRS
Morningstar by the Issuer and its agents as of the date of this
press release. These ratings will be finalized upon review of the
final version of the transaction documents and of the relevant
opinions. If the information therein were substantially different,
DBRS Morningstar may assign different final ratings to the notes.
RATING RATIONALE
The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in the Republic of Ireland. The proceeds of the notes
will be used to fund the purchase of prime and performing Irish
owner-occupied (OO) and buy-to-let (BTL) mortgage loans secured
over properties located in Ireland. The mortgage loans were
originated by Dilosk DAC (Dilosk; the originator and the seller)
between 2020 and 2021.
This is the fifth securitization from Dilosk, following Dilosk RMBS
No. 4, which closed in February 2021. The initial mortgage
portfolio consists of EUR 258 million of first-lien mortgage loans
collateralized by OO and BTL residential properties in Ireland. The
mortgages – all originated by Dilosk – have mostly been granted
between 2020 and 2021. The transaction will also envisage a
prefunding period lasting from closing to the first payment date in
March 2022.
The mortgage loans will be serviced by BCMGlobal, trading as Link
Asset Services, which was also the delegate servicer in previous
Dilosk transactions. Underwriting guidelines are in accordance with
market practices observed in Ireland and are subject to the Central
Bank of Ireland's macroprudential mortgage regulations, which
specify restrictions on certain lending criteria.
Liquidity in the transaction is provided by the general reserve
fund (GRF), which can be used to pay senior costs and interest on
the rated notes (but also to clear principal deficiency ledger
balances). Liquidity for the Class A notes will be further
supported by a liquidity reserve fund (LRF), fully funded at
closing and then amortizing in line with the Class A notes.
Principal receipts from loans can be used to support liquidity for
the Class A notes and, after the Class A notes have been redeemed
in full, to support the liquidity for the most senior class of
notes outstanding (but only after shortfalls are first met from the
GRF and the LRF for Class A interest).
Credit enhancement for the Class A notes is calculated at 17.75%
and is provided by the subordination of the Class B to Class Z1
notes and the reserve funds. Credit enhancement for the Class B
notes is calculated at 9.50% and is provided by the subordination
of the Class C to Class Z1 notes and the reserve funds. Credit
enhancement for the Class C notes is calculated at 6.0% and is
provided by the subordination of the Class D to Class Z1 notes and
the reserve funds. Credit enhancement for the Class D notes is
calculated at 3.75% and is provided by the subordination of the
Class E to Class Z1 notes and the reserve funds. Credit enhancement
for the Class E notes is calculated at 2.25% and is provided by the
subordination of the Class F and Class Z1 notes and the reserve
funds. Credit enhancement for the Class F notes is calculated at
1.50% and is provided by the subordination of the Class Z1 notes
and the reserve funds.
A key structural feature is the provisioning mechanism in the
transaction that is linked to the arrears status of a loan besides
the usual provisioning based on losses. The degree of provisioning
increases with the increase in number of months in arrears status
of a loan. This is positive for the transaction, as provisioning
based on the arrears status traps any excess spread much earlier
for a loan that may ultimately end up in foreclosure.
The Issuer entered into a fixed-to-floating swap agreement with
Natixis that hedges the interest mismatch between the floating rate
paid by the notes and the fixed rate paid by part of the portfolio.
Moreover, to mitigate basis risk on the variable interest portion
of the portfolio, the servicer is contractually obliged to maintain
the standard variable rate rate on the loans at a minimum of the
three-month Euribor plus 3.25% for BTL loans and a minimum of
three-month Euribor plus 2.40% for OO loans, subject to such
variable interest not being less than zero.
Payments will be made directly by the borrowers via direct debit
into a collection account held at the BNP Paribas, Dublin Branch.
The amounts in the collections account will be transferred to the
Issuer account on the following business day. DBRS Morningstar's
private rating on BNP Paribas, Dublin branch in its role as Account
Bank is consistent with the threshold for the account bank as
outlined in DBRS Morningstar's "Legal Criteria for European
Structured Finance Transactions" methodology, given the ratings
assigned to the notes.
DBRS Morningstar based its ratings on a review of the following
analytical considerations:
-- The transaction capital structure and form and sufficiency of
available credit enhancement.
-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities. DBRS
Morningstar calculated probability of default (PD), loss given
default (LGD), and expected loss (EL) outputs on the mortgage
portfolio. DBRS Morningstar uses the PD, LGD, and ELs as inputs
into the cash flow tool. DBRS Morningstar analyzed the mortgage
portfolio in accordance with DBRS Morningstar's "Master European
Residential Mortgage-Backed Securities Rating Methodology and
Jurisdictional Addenda."
-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, Class
E, and Class F notes according to the terms of the transaction
documents. DBRS Morningstar analyzed the transaction structure
using Intex DealMaker.
-- The sovereign rating of A (high) with a Positive trend (as of
the date of this press release) on the Republic of Ireland.
-- The consistency of the legal structure with DBRS Morningstar's
"Legal Criteria for European Structured Finance Transactions"
methodology and the presence of legal opinions addressing the
assignment of the assets to the Issuer.
The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many borrowers. DBRS Morningstar anticipates that delinquencies
may continue to increase in the coming months for many RMBS
transactions. The ratings are based on additional analysis to
expected performance as a result of the global efforts to contain
the spread of the coronavirus.
Notes: All figures are in euros unless otherwise noted.
DRYDEN 69 EURO: Moody's Assigns (P)B3 Rating to Class F-R Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Dryden 69 Euro CLO 2018 DAC (the "Issuer"):
EUR248,000,000 Class A-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)
EUR14,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)
EUR18,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2034, Assigned (P)Aa2 (sf)
EUR12,000,000 Class C-1-R Mezzanine Secured Deferrable Floating
Rate Notes due 2034, Assigned (P)A2 (sf)
EUR14,000,000 Class C-2-R Mezzanine Secured Deferrable Fixed Rate
Notes due 2034, Assigned (P)A2 (sf)
EUR29,000,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)
EUR25,000,000 Class E-R Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)
EUR12,000,000 Class F-R Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)
RATINGS RATIONALE
The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.
As part of this reset, the Issuer will extend the reinvestment
period to 4.7 years and the weighted average life to 9 years. It
will also amend certain concentration limits, definitions including
the definition of "Adjusted Weighted Average Rating Factor" and
minor features. The issuer will include the ability to hold loss
mitigation obligations. In addition, the Issuer will amend the base
matrix and modifiers that Moody's will take into account for the
assignment of the definitive ratings.
The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is expected to be fully ramped as
of the closing date.
PGIM Loan Originator Manager Limited ("PGIM") will continue to
manage the CLO. It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage in
trading activity, including discretionary trading, during the
transaction's 4.7 years reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations and credit improved obligations.
The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.
Moody's used the following base-case modeling assumptions:
Target Par Amount: EUR400,000,000
Diversity Score: 52
Weighted Average Rating Factor (WARF): 3100
Weighted Average Spread (WAS): 3.85%
Weighted Average Coupon (WAC): 4.25%
Weighted Average Recovery Rate (WARR): 41.50%
Weighted Average Life (WAL): 9 years
HARVEST CLO XXVII: Moody's Assigns (P)B3 Rating to EUR11MM F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Harvest CLO
XXVII Designated Activity Company (the "Issuer"):
EUR246,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)
EUR28,100,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)
EUR12,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)
EUR26,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)
EUR26,400,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)
EUR23,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)
EUR11,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)
RATINGS RATIONALE
The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.
The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The portfolio is expected to be 80% ramped up as of the
closing date and to comprise of predominantly corporate loans to
obligors domiciled in Western Europe. The remainder of the
portfolio will be acquired during the 7 months ramp-up period in
compliance with the portfolio guidelines.
Investcorp Credit Management EU Limited ("Investcorp") will manage
the CLO. It will direct the selection, acquisition and disposition
of collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
four-and-a-half-year reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations and credit improved obligations.
In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR250,000 of Class Z Notes due 2034 and
EUR36,050,000 of Subordinated Notes due 2034 which are not rated.
The Class Z Notes accrue interest in an amount equivalent to a
certain proportion of the subordinated management fees and its
notes' payment is pari passu with the payment of the subordinated
management fee.
The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.
Moody's used the following base-case modeling assumptions:
Target Par Amount: EUR400,000,000
Diversity Score: 48
Weighted Average Rating Factor (WARF): 3050
Weighted Average Spread (WAS): 3.70%
Weighted Average Coupon (WAC): 4.00%
Weighted Average Recovery Rate (WARR): 44.5%
Weighted Average Life (WAL): 8.5 years
HAYFIN EMERALD III: Moody's Assigns (P)B3 Rating to Class F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Hayfin Emerald CLO III DAC (the "Issuer"):
EUR310,000,000 Class A Senior Secured Floating Rate Notes due
2035, Assigned (P)Aaa (sf)
EUR36,300,000 Class B-1 Senior Secured Floating Rate Notes due
2035, Assigned (P)Aa2 (sf)
EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2035,
Assigned (P)Aa2 (sf)
EUR31,200,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)A2 (sf)
EUR35,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Baa3 (sf)
EUR24,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Ba3 (sf)
EUR14,200,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)B3 (sf)
RATINGS RATIONALE
The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.
As part of this reset, the Issuer will increase the target par
amount by EUR100 million to EUR500 million. In addition, the Issuer
will amend the base matrix and modifiers that Moody's will take
into account for the assignment of the definitive ratings.
On the original closing date, the Issuer also issued EUR1.0 million
of Class M Notes and EUR 37.8 million of Subordinated Notes, which
will remain outstanding. The terms and conditions of the Class M
Notes and Subordinated Notes will be amended in accordance with the
refinancing notes' conditions. The Class M Notes accrue interest in
an amount equivalent to the senior and subordinated management fees
and its notes' payments rank senior to payment of interest and
principal on the rated notes with regards to the senior management
fee component and junior to the payment of interest and principal
on the rated notes with regards to the subordinated management fee
component.
The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is expected to be approximately 80%
ramped as of the closing date.
Hayfin Emerald Management LLP will continue to manage the CLO. It
will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
five-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations and credit improved obligations.
The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.
Methodology underlying the rating action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.
Moody's used the following base-case modeling assumptions:
Target Par Amount: EUR500,000,000
Defaulted Par: EUR0 as of October 04, 2021
Diversity Score(*): 52
Weighted Average Rating Factor (WARF): 2975
Weighted Average Spread (WAS): 3.60%
Weighted Average Coupon (WAC): 4.00%
Weighted Average Recovery Rate (WARR): 43.0%
Weighted Average Life (WAL): 9 years
PENTA CLO 2021-2: Moody's Assigns B3 Rating to Class F Notes
------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Penta CLO 2021-2
Designated Activity Company (the "Issuer"):
EUR217,000,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)
EUR23,400,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)
EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)
EUR21,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)
EUR23,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)
EUR18,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)
EUR12,700,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned B3 (sf)
RATINGS RATIONALE
The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.
The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and at least
70% of the portfolio must consist of senior secured loans.
Therefore, up to 10% of the portfolio may consist of senior
unsecured obligations, second-lien loans, mezzanine obligations and
high yield bonds. The portfolio is almost fully ramped as of the
closing date.
Partners Group (UK) Management Ltd ("Partners Group") will manage
the CLO. It will direct the selection, acquisition and disposition
of collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
four-year and a half reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations or credit improved obligations.
In addition to the seven classes of notes rated by Moody's, the
Issuer had issued EUR27,900,000 Subordinated Notes due 2034, which
are not rated.
The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.
Methodology underlying the rating action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.
Moody's used the following base-case modeling assumptions:
Par Amount: EUR350,000,000
Diversity Score: 50
Weighted Average Rating Factor (WARF): 3049
Weighted Average Spread (WAS): 3.50%
Weighted Average Coupon (WAC): 3.50%
Weighted Average Recovery Rate (WARR): 43.8%
Weighted Average Life (WAL): 8.5 years
RRE 9 LOAN: Moody's Assigns Ba3 Rating to EUR18MM Class D Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by RRE 9 Loan
Management Designated Activity Company (the "Issuer"):
EUR242,000,000 Class A-1 Senior Secured Floating Rate Notes due
2036, Definitive Rating Assigned Aaa (sf)
EUR18,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2036, Definitive Rating Assigned Ba3 (sf)
RATINGS RATIONALE
The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.
The Issuer is a managed cash flow CLO. At least 92.5% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 7.5% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The portfolio is 80% ramped as of the closing date and to
comprise of predominantly corporate loans to obligors domiciled in
Western Europe. The remainder of the portfolio will be acquired
during the 4 months ramp-up period in compliance with the portfolio
guidelines.
Redding Ridge Asset Management (UK) LLP ("Redding Ridge") will
manage the CLO. It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage in
trading activity, including discretionary trading, during the
transaction's 4.6 year reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations or credit improved obligations.
In addition to the three classes of notes rated by Moody's, the
Issuer had issued three classes of notes due 2036 and Performance
Notes, Preferred Return Notes and Subordinated Notes due 2121,
which are not rated.
The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.
Methodology underlying the rating action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.
Moody's used the following base-case modeling assumptions:
Par Amount: EUR400,000,000
Diversity Score(1): 44
Weighted Average Rating Factor (WARF): 3298
Weighted Average Spread (WAS): 3.55%
Weighted Average Coupon (WAC): 2.75%
Weighted Average Recovery Rate (WARR): 45.8%
Weighted Average Life (WAL): 9.21 years
RRE 9 LOAN: S&P Assigns BB- Rating on EUR18MM Class D Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to RRE 9 Loan
Management DAC's class A-1 to D notes. At closing, the issuer also
issued unrated subordinated notes.
This is a European cash flow CLO transaction, securitizing a
portfolio of primarily senior secured leveraged loans and bonds.
The transaction is managed by Redding Ridge Asset Management (UK)
LLP.
The ratings assigned the notes reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
our counterparty rating framework.
-- Under the transaction documents, the rated notes will pay
quarterly interest unless there is a frequency switch event.
Following this, the notes will permanently switch to semiannual
payment.
-- The portfolio's reinvestment period ends approximately 4.5
years after closing, and the portfolio's maximum average maturity
date is nine years after closing.
Portfolio Benchmarks
CURRENT
S&P Global Ratings weighted-average rating factor 2,818.20
Default rate dispersion 444.22
Weighted-average life (years) 5.15
Obligor diversity measure 107.33
Industry diversity measure 19.46
Regional diversity measure 1.33
Transaction Key Metrics
CURRENT
Total par amount (mil. EUR) 400
Defaulted assets (mil. EUR) 0
Number of performing obligors 140
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 1.56
'AAA' covenanted weighted-average recovery (%) 36.80
Covenanted weighted-average spread (%) 3.55
Reference weighted-average coupon (%) 2.75
Workout obligations
Under the transaction documents, the issuer may purchase debt and
non-debt assets of an existing borrower offered in connection with
a workout, restructuring, or bankruptcy (workout obligations), to
maximize the overall recovery prospects on the borrower's
obligations held by the issuer.
The transaction documents limit the CLO's exposure to workout
obligations quarterly, and on a cumulative basis, may not exceed
10% of target par if purchased with principal proceeds.
The issuer may only purchase workout obligations provided the
following are satisfied:
Using principal proceeds or amounts designated as principal
proceeds, provided that:
-- The obligation is a debt obligation;
-- It is pari passu or senior to the obligation already held by
the issuer;
-- Its maturity date falls before the rated notes' maturity date;
-- It is not purchased at a premium; and
-- The class A-1, A-2, B, and C par value tests are satisfied
after the acquisition or the performing portfolio balance exceeds
the reinvestment target par balance.
Using interest proceeds, provided that:
-- The class C interest coverage test is satisfied after the
acquisition; and
-- The manager believes there will be enough interest proceeds on
the following payment date to pay interest on all the rated notes.
The issuer may also purchase workout obligations using amounts
standing to the credit of the supplemental reserve account.
In all instances where principal proceeds or amounts designated as
principal proceeds are used to purchase workout obligations:
-- A zero carrying value is assigned to the workout obligations
until they fully satisfy the eligibility criteria (following which
the obligation will be subject to the same treatment as other
obligations held by the issuer); and
-- All and any distributions received from a workout obligation
will be retained as principal and may not be transferred into any
other account.
The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. S&P said, "Therefore, we have conducted our credit
and cash flow analysis by applying our criteria for corporate cash
flow CDOs. As such, we have not applied any additional scenario and
sensitivity analysis when assigning ratings to any classes of notes
in this transaction."
S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (3.55%),
the reference weighted-average coupon (2.75%), and the covenanted
weighted-average recovery rates at 'AAA' level as indicated by the
collateral manager. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category. Our credit and cash flow analysis indicates that the
available credit enhancement for the class A-2 to D notes could
withstand stresses commensurate with higher ratings than those we
have assigned. However, as the CLO will be in its reinvestment
phase starting from closing, during which the transaction's credit
risk profile could deteriorate, we have capped our ratings assigned
to the notes.
"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our counterparty criteria.
"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.
"We consider the transaction's legal structure to be bankruptcy
remote, in line with our legal criteria.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our assigned ratings
are commensurate with the available credit enhancement for the
class A-1, A-2, B, C, and D notes.
"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-1 to D notes
to five of the 10 hypothetical scenarios we looked at in our
publication, "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class D notes."
Environmental, social, and governance (ESG) factors
S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
controversial weapons, nuclear weapons, thermal coal, oil and gas,
pornography or prostitution, opioid manufacturing or distribution,
and hazardous chemicals. Accordingly, since the exclusion of assets
from these industries does not result in material differences
between the transaction and our ESG benchmark for the sector, no
specific adjustments have been made in our rating analysis to
account for any ESG-related risks or opportunities."
Ratings Assigned
CLASS RATING* AMOUNT SUB (%) INTEREST RATE§
(MIL. EUR)
A-1 AAA (sf) 242.00 39.50 Three/six-month EURIBOR
plus 1.02%
A-2 AA (sf) 34.00 31.00 Three/six-month EURIBOR
plus 1.70%
B A (sf) 42.00 20.50 Three/six-month EURIBOR
plus 2.05%
C BBB- (sf) 26.00 14.00 Three/six-month EURIBOR
plus 3.00%
D BB- (sf) 18.00 9.50 Three/six-month EURIBOR
plus 6.15%
Sub notes NR 46.45 N/A N/A
*The ratings assigned to the class A-1 and A-2 notes address timely
interest and ultimate principal payments. The ratings assigned to
the class B, C, and D notes address ultimate interest and principal
payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
EURIBOR--Euro Interbank Offered Rate.
=========
I T A L Y
=========
SUNRISE SPV 93: DBRS Gives Prov. BB(high) Rating on Class E Notes
-----------------------------------------------------------------
DBRS Ratings GmbH assigned provisional ratings to the following
classes of notes (collectively, the Rated Notes and, together with
the unrated Class M Notes, the Notes) to be issued by Sunrise SPV
93 S.r.l. - Sunrise 2021-2 (the Issuer):
-- Class A Notes at AA (high) (sf)
-- Class B Notes at A (high) (sf)
-- Class C Notes at BBB (high) (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (high) (sf)
DBRS Morningstar does not rate the Class M Notes to be issued in
the transaction.
The rating on the Class A Notes addresses the timely payment of
scheduled interest and the ultimate repayment of principal on or
before the legal final maturity date. The ratings on the Class B,
Class C, Class D, and Class E Notes address the ultimate payment of
interest but the timely payment of scheduled interest when they
become the senior-most tranche and the ultimate repayment of
principal on or before the legal final maturity date.
The provisional ratings are based on the information provided to
DBRS Morningstar by the Issuer and its agents as at the date of
this press release. The ratings will be finalized upon review of
the final version of the transaction documents and of the relevant
opinions. If the information therein were substantially different,
DBRS Morningstar may assign different final ratings to the Rated
Notes.
The transaction is a securitization of fixed-rate consumer, auto
and other purpose loans granted by Agos Ducato S.p.A. (the
originator and servicer) to private individuals residing in Italy.
DBRS Morningstar based its ratings on the following analytical
considerations:
-- The transaction capital structure, including form and
sufficiency of available credit enhancement.
-- Credit enhancement levels sufficient to support DBRS
Morningstar's projected expected net losses under various stress
scenarios.
-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms of the
notes.
-- The originator's financial strength and capabilities with
respect to originations, underwriting, and servicing.
-- DBRS Morningstar's operational risk review of the originator,
which is deemed to be an acceptable servicer.
-- The transaction parties' financial strength with regard to
their respective roles.
-- The credit quality, diversification of the collateral, and
historical and projected performance of the originator's
portfolio.
-- DBRS Morningstar's sovereign rating on the Republic of Italy,
currently at BBB (high) with a Negative trend.
-- The expected consistency of the transaction's legal structure
with DBRS Morningstar's "Legal Criteria for European Structured
Finance Transactions" methodology.
TRANSACTION STRUCTURE
The proceeds of the Class M Notes also fund the cash reserve,
payment interruption risk reserve, and closing expenses.
The transaction includes a 12-month revolving period. During the
revolving period, the originator may offer additional receivables
that the Issuer will purchase, provided that the eligibility
criteria and concentration limits set out in the transaction
documents are satisfied. The revolving period may end earlier than
scheduled if certain events occur, such as the breach of
performance triggers, insolvency of the originator, or replacement
of the servicer.
The transaction allocates collections in separate interest and
principal priorities of payments and benefits from an amortizing
EUR 4,220,257 cash reserve and a nonamortizing EUR 4,220,257
payment interruption risk reserve, both funded with the proceeds of
the Class M Notes. Both reserves can be used to cover senior
expenses, swap costs, and interest payments on the Rated Notes. The
cash reserve can also be used to offset defaulted receivables.
Principal funds can be reallocated to cover senior expenses, swap
costs, and interest payments on the Rated Notes.
The transaction further benefits from a nonamortizing rata
posticipata reserve to supplement interest amounts not made by
borrowers during the payment holiday. This reserve will be funded
through the transaction interest waterfalls if specific thresholds
are breached, and will be released when the threshold breach is
cured.
At the end of revolving period, the Notes will be repaid on a fully
sequential basis.
COUNTERPARTIES
Crédit Agricole Corporate and Investment Bank, Milan Branch
(CA-CIB) acts as both the account bank and swap counterparty for
the transaction. Based on DBRS Morningstar's private rating on
CA-CIB, the downgrade provisions outlined in the transaction
documents, and other mitigating factors inherent in the transaction
structure, DBRS Morningstar considers the risk arising from the
exposure to the account bank and the swap provider to be consistent
with the ratings assigned to the Rated Notes.
PORTFOLIO ASSUMPTIONS, COVID-19 CONSIDERATIONS, AND KEY DRIVERS
As the originator has a long operating history of consumer and auto
loan lending in Italy, the performance data is considered
meaningful for detailed vintage analysis. DBRS Morningstar elected
to revise its assumption of lifetime expected gross default to
6.69%, reflecting the long and improving historical data and the
proposed concentration limit during the revolving period.
DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.
The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many borrowers. DBRS Morningstar anticipates that delinquencies
may continue to increase in the coming months for many asset-backed
security (ABS) transactions. The ratings are based on additional
analysis to expected performance as a result of the global efforts
to contain the spread of the coronavirus. For this transaction,
DBRS Morningstar assumed a moderate decline in the expected
recovery rate.
Notes: All figures are in euros unless otherwise noted.
===========
R U S S I A
===========
ENEL RUSSIA: Moody's Withdraws 'Ba3' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba3 corporate family
rating and Ba3-PD probability of default rating of Enel Russia,
PJSC. The outlook at the time of the withdrawal was stable. The
company currently has no rated debt.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings for its own business
reasons.
COMPANY PROFILE
Enel Russia, PJSC is a power generation company in Russia with
total gross electrical capacity of 5.7 gigawatt (GW). ENEL S.p.A.
(Enel group, Baa1 stable)'s share in the company's authorised
capital is 56.4%, PFR Partners Fund I Limited's share is 7.4%, and
other minority shareholders' share is 36.2%. In the 12 months ended
June 30, 2021, the company reported consolidated revenue of RUB44.7
billion and Moody's-adjusted EBITDA of RUB7.3 billion.
=========
S P A I N
=========
AUTO ABS 2020-1: DBRS Confirms B(high) Rating on Series E Notes
---------------------------------------------------------------
DBRS Ratings GmbH confirmed the ratings on the following series of
notes issued by Auto ABS Spanish Loans 2020-1 FT (the Issuer):
-- Series A Notes at AA (high) (sf)
-- Series B Notes at A (high) (sf)
-- Series C Notes at A (low) (sf)
-- Series D Notes at BB (sf)
-- Series E Notes at B (high) (sf)
The rating on the Series A Notes addresses the timely payment of
interest and the ultimate repayment of principal by the legal final
maturity date in June 2031. The ratings on the Series B Notes,
Series C Notes, Series D Notes, and Series E Notes (together with
the Series A Notes, the Notes) address the ultimate payment of
interest and the ultimate repayment of principal by the legal final
maturity date.
The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:
-- Portfolio performance, in terms of delinquencies and defaults,
as of the September 2021 payment date;
-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the receivables;
-- Current available credit enhancement to the rated notes to
cover the expected losses and residual value (RV) losses assumed at
their respective rating levels;
-- No replenishment period termination event; and
-- Current economic environment and an assessment of sustainable
performance, as a result of the Coronavirus Disease (COVID-19)
pandemic.
The transaction represents the issuance of the Notes backed by a
portfolio of approximately EUR 600 million of fixed-rate
receivables related to standard and balloon auto loans granted by
PSA Financial Services (the originator) to private individuals
residing in Spain for the acquisition of new or used vehicles. The
originator also services the portfolio. The unrated Series F Notes
funded the cash reserve.
The transaction has exposure to RV risk that arises from the
balloon loans, which have equal payment instalments before maturity
and a final large balloon instalment on the last payment date. The
borrower has the option to return the vehicle instead of paying the
final balloon instalment. The borrower must comply with certain
requirements to fulfil its obligations (including but not limited
to giving consent to the sale of the vehicle and to the application
of the proceeds of sale of the vehicle toward repayment of the loan
up to its full repayment), the vehicle must be returned in adequate
conditions and meet certain requirement in terms of maintenance and
mileage. If the proceeds of sale were not sufficient to repay the
loan in full, the borrower would be free from any further repayment
obligation, hence exposing the Issuer to RV risk.
In this transaction, the RV risk is mitigated by the undertaking of
the PSA Group (the manufacturer) to repurchase the vehicle at a
price equal to the balloon amount. DBRS Morningstar believes that
the undertaking mitigates but does not remove the Issuer's RV risk,
and benefits are limited to the manufacturer's credit standing and
financial strength. The manufacturer's undertaking is considered to
be validly transferred to the Issuer.
The transaction includes a 13-month revolving period scheduled to
end in December 2021. During the revolving period, the originator
may offer additional receivables that the Issuer purchases provided
that eligibility criteria and concentration limits set out in the
transaction documents are satisfied. The revolving period may end
earlier than scheduled if certain events occur, such as the breach
of performance triggers, the originator's insolvency, or the
servicer's replacement. No revolving period termination event has
occurred to date.
The repayment of the Notes will start after the end of the
revolving period on the first principal payment date in January
2022 on a pro rata basis unless certain events, such as the breach
of performance triggers, the servicer's insolvency, or the
servicer's termination, occur (subordination events). Under these
circumstances, the principal repayment of the Notes will become
fully sequential and the switch is not reversible. No subordination
event has occurred to date.
PORTFOLIO PERFORMANCE
As of the September 2021 payment date, loans that were one to two
months and two to three months delinquent represented 0.32% and
0.02% of the portfolio balance, respectively. There are no loans
more than 90 days in arrears. Gross cumulative defaults amounted to
0.11% of the aggregate original and subsequent portfolios, 35.89%
of which have been recovered.
PORTFOLIO ASSUMPTIONS AND KEY DRIVERS
DBRS Morningstar maintained its base case PD and LGD assumptions at
2.2% and 60.0%, respectively. DBRS Morningstar used the following
for RV loss: 11.98%, 10.12%, 8.97%, 5.72%, and 4.25% for the AA
(high) (sf), A (high) (sf), A (low) (sf), BB (sf), and B (high)
(sf)) scenarios, respectively.
CREDIT ENHANCEMENT
The subordination of the junior notes and the cash reserve provide
credit enhancement. As of the September 2021 payment date, credit
enhancement to the Series A, Series B, Series C, Series D, and
Series E Notes was 20.18%, 12.65%, 6.40%, 2.30%, and 0.85%,
respectively, unchanged from closing given that the transaction is
still in the revolving period.
The transaction benefits from an amortizing EUR 5.1 million cash
reserve funded through the subscription proceeds of the Series F
Notes. The cash reserve can be used to cover senior costs and
interest on the Notes.
Banco Santander SA (Santander) acts as the account bank for the
transaction. Based on the Santander's reference rating of A (high),
which is one notch below its DBRS Morningstar's Long Term Critical
Obligations Rating (COR) of AA (low), the downgrade provisions
outlined in the transaction documents, and structural mitigants
inherent in the transaction structure, DBRS Morningstar considers
the risk arising from the exposure to Santander to be consistent
with the ratings assigned to the notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.
Santander also acts as the interest rate CAP agreement counterparty
for the transaction. DBRS Morningstar's COR of Santander at AA
(low) is above the First Rating Threshold as described in DBRS
Morningstar's "Derivative Criteria for European Structured Finance
Transactions" methodology.
DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.
The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many borrowers. DBRS Morningstar anticipates that delinquencies
may continue to increase in the coming months for many ABS
transactions. The ratings are based on additional analysis to
expected performance as a result of the global efforts to contain
the spread of the coronavirus.
For this transaction, DBRS Morningstar conducted additional
sensitivity analysis to determine that the transaction benefits
from sufficient liquidity support to withstand potentially high
payment holiday levels in the portfolio. As per the eligibility
criteria, there are no loans under coronavirus moratoriums in the
portfolio.
Notes: All figures are in euros unless otherwise noted.
=============
U K R A I N E
=============
UKRENERGO: Moody's Rates USD Unsecured Notes Due 2026 'B3'
----------------------------------------------------------
Moody's Investors Service has assigned a definitive B3 rating on
USD denominated (up to EUR750 million equivalent) guaranteed senior
unsecured notes to be issued by National Power Company Ukrenergo
("Ukrenergo"), due 2026. Concurrently, Moody's has assigned a
stable outlook to Ukrenergo.
The assigned B3 rating is based solely upon the unconditional and
irrevocable guarantee of all amounts payable to be provided by the
Minister of Finance of Ukraine, on behalf of the Cabinet of
Ministers of Ukraine.
Ukrenergo is the electricity transmission network operator and
system operator in Ukraine. The Government of Ukraine owns the
plant, property and equipment of the electricity network, but has
granted Ukrenergo rights over operating and economic management.
Ukrenergo is a private joint stock company, with 100% of shares
owned by the Ministry of Energy of Ukraine.
Ukrenergo will use the proceeds of the issuance to repay amounts
owed to State Enterprise Guaranteed Buyer ("Guaranteed Buyer").
Guaranteed Buyer pays renewable generators a premium over wholesale
market prices for the electricity they produce, and receives all
its funding from Ukrenergo, who in turn recovers the monies through
regulated tariffs.
RATINGS RATIONALE
The B3 rating on the notes is in-line with the Ukraine's government
bond rating and reflects Moody's belief that the terms of the
Guarantee provided by the Minister of Finance are sufficient for
credit substitution. The outlook reflects the outlook on the rating
of Ukraine.
In particular, the Guarantee: (1) contains an irrevocable and
unconditional obligation on the guarantor to pay all amounts
payable after receiving a demand notice from any noteholder; (2)
remains in force until all obligations have been finally and
irrevocably paid; (3) ensures payments are received within the
non-payment event of default grace period of the notes; and (4)
prevents the Minister of Finance from relying on defences to
payment that would ordinarily be available to it as a guarantor
under English law.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The rating of the guaranteed notes is fundamentally linked to that
of the Government of Ukraine, and any change of that rating would
be expected to translate into a rating change on the notes.
The principal methodology used in this rating was Rating
Transactions Based on the Credit Substitution Approach: Letter of
Credit-backed, Insured and Guaranteed Debts published in May 2017.
===========================
U N I T E D K I N G D O M
===========================
CNG ENERGY: On Brink of Collapse Amid Rising Gas Prices
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Mark Kleinman at Sky News reports that an energy supplier to tens
of thousands of small businesses is on the brink of becoming the
14th provider to collapse in the last three months, further
underlining the scale of the crisis gripping the sector.
Sky News has learnt that CNG Energy's retail arm -- which only
supplies commercial customers -- is close to falling into the
Supplier of Last Resort (SOLR) system operated by Ofgem, the
industry regulator.
That outcome has become inevitable after CNG and its advisers at
Interpath, a restructuring firm, did not receive any viable bids
for the retail arm in a process which commenced several weeks ago,
Sky News relays, citing insiders.
According to Sky News, one source said the transition of CNG's
45,000 customers, which include schools, hairdressers, hotels and
restaurants, into SOLR could take place within a matter of days.
The fate of the company's retail arm is separate to that of its
wholesale shipping business, which provides gas to other energy
suppliers operating in the UK market, Sky News states.
CNG remains in talks with industry stakeholders including Glencore
to try to ensure an orderly outcome for its wholesale clients,
which are said to include Opal, Zebra, Entice and Osso, Sky News
notes.
DEKANIA EUROPE III: Fitch Affirms C Rating on 2 Tranches
--------------------------------------------------------
Fitch has upgraded the Class C notes in Dekania II and affirmed the
ratings on the rest of the notes in Dekania II and in Dekania III.
DEBT RATING PRIOR
---- ------ -----
Dekania Europe CDO II Plc
Class C XS0265871409 LT BB+sf Upgrade BBsf
Class D1 XS0265875145 LT CCCsf Affirmed CCCsf
Class D2 XS0266479913 LT CCCsf Affirmed CCCsf
Class E XS0265883164 LT CCsf Affirmed CCsf
Dekania Europe CDO III Plc
Class B XS0298467159 LT BBsf Affirmed BBsf
Class C XS0298467407 LT CCCsf Affirmed CCCsf
Class D XS0298468637 LT CCsf Affirmed CCsf
Class E XS0298469361 LT Csf Affirmed Csf
Class F XS0298469874 LT Csf Affirmed Csf
TRANSACTION SUMMARY
Dekania Europe CDO II and III are cash flow CDO transactions
managed by Dekania Capital Management, LLC, an affiliate of Cohen
Brothers LLC. The notes are backed primarily by euro-denominated
hybrid capital securities and subordinated bonds issued
predominantly by small and mid-sized European insurance companies
and, to a lesser extent, banks.
KEY RATING DRIVERS
Increase in Credit Enhancement
The upgrades and affirmations reflect the increase in credit
enhancement (CE) for all rated notes. Due to the pay-off of one
EUR12 million asset in Dekania II, the class B notes have been paid
off and the class C note paid down by EUR2.6 million since the last
rating action on 2 November 2020. The CE on the class C note is now
55.2% and on the class D notes it is 26.3%; this is 9.8% and 4.9%
higher than at the last review, respectively.
In Dekania III, the class B note has been paid down by EUR1.5
million since the last rating action. The class B notes now have a
CE of 65.4%, class C notes have a CE of 32.0%, and class D notes
have a CE of 7.8%, about 2% higher for each than at the last
review.
High Obligor Concentration
The obligor concentration is high for both transactions. In Dekania
II, one asset paid off in the past year increasing the
concentration. The performing portfolio comprises seven assets from
six obligors for Dekania II and seven assets from seven obligors
for Dekania III.
Risk from Perpetual Assets / Long Maturities
The high proportion of assets maturing on or after 2035, including
the perpetual assets, contribute to the tail risk that may affect
the notes. These assets will be more exposed to a potential
downward rating migration. Assets maturing on or after 2035
comprise 60% of the Dekania II and 98% of the Dekania III
performing portfolios. Perpetual assets comprise around 15% of the
Dekania II and 76% of the Dekania III performing portfolios.
Perpetual securities were treated as long-dated assets as described
in Fitch's CLOs and Corporate CDOs Rating Criteria, available at
www.fitchratings.com, whereby they are assumed to be sold and
receive the expected recovery value at the maturity of the CDO
notes.
Improved Credit Quality
Both portfolios' credit quality have improved due to some upgrades
of the underlying assets. In addition, the default rate assumptions
have been lowered, reflecting the latest CLOs and Corporate CDOs
Rating Criteria.
One issuer is under a compulsory winding up order. The issuer has
contributed one asset of EUR12 million in each of the two
portfolios. These assets have been excluded from the performing
assets used in the analysis.
Low Excess Spread
As the majority of the portfolios mature on or after 2035, the
transactions rely on excess spread and interest proceeds to pay
down the notes. The class E par value test for Dekania II, and the
class D and E/F par value tests for Dekania III are failing,
redirecting interest to pay down the class B notes. In addition,
interest from the perpetual assets, which consists of one of the
assets in Dekania II and four of the assets in Dekania III, are
recharacterised as principal according to the transaction
documents. The excess spread has been low in the past year due to
senior notes having been paid down and cost of funding having
increased. None of the notes rated 'B' and higher has accumulated
further deferred interest over the past 12 months.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- An increase of the default rate (RDR) at all rating levels by
25% of the mean RDR and a decrease of the recovery rate (RRR)
by 25% at all rating levels will result in no downgrades of
the most senior note;
-- Downgrades may occur if the build-up of the notes' credit
enhancement (CE) following amortisation does not compensate
for a higher loss expectation than initially assumed due to an
unexpected high level of default and portfolio deterioration.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A reduction of the RDR at all rating levels by 25% of the mean
RDR and an increase in the RRR by 25% at all rating levels
would result in an upgrade of up to one notch for the most
senior note;
-- Except for the tranches already at the highest 'AAAsf' rating,
upgrades may occur should there be better-than-expected
portfolio credit quality and deal performance, and continued
amortisation that leads to higher CE and excess spread
available to cover for losses on the remaining portfolio.
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
Dekania Europe CDO II Plc, Dekania Europe CDO III 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 Dekania
Europe CDO II Plc, Dekania Europe CDO III 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.
DOWSON PLC 2021-2: Moody's Gives Caa2 Rating to Class X Notes
-------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to Notes issued by Dowson 2021-2 Plc:
GBP281.2M Floating Rate Class A Notes due October 2028, Definitive
Rating Assigned Aaa (sf)
GBP41.4M Floating Rate Class B Notes due October 2028, Definitive
Rating Assigned Aa1 (sf)
GBP33.1M Floating Rate Class C Notes due October 2028 Definitive
Rating Assigned A2 (sf)
GBP22.7M Floating Rate Class D Notes due October 2028, Definitive
Rating Assigned Baa3 (sf)
GBP18.6M Floating Rate Class E Notes due October 2028, Definitive
Rating Assigned Ba3 (sf)
GBP16.5M Floating Rate Class F Notes due October 2028, Definitive
Rating Assigned Caa1 (sf)
GBP41.4M Floating Rate Class X Notes due October 2028, Definitive
Rating Assigned Caa2 (sf)
RATINGS RATIONALE
The Notes are backed by a static pool of United Kingdom auto
finance contracts originated by Oodle Financial Services Limited
("Oodle", NR). This represents the fourth issuance sponsored by
Oodle. The originator will also act as the servicer of the
portfolio during the life of the transaction.
The portfolio of auto finance contracts backing the Notes consists
of Hire Purchase ("HP") agreements granted to individuals resident
in the United Kingdom. Hire Purchase agreements are a form of
secured financing without the option to hand the car back at
maturity. Therefore, there is no explicit residual value risk in
the transaction. Under the terms of the HP agreements, the
originator retains legal title to the vehicles until the borrower
has made all scheduled payments required under the contract.
The portfolio of assets amounts to approximately GBP413.5 million
as of the 4 October 2021 pool cut-off date. The portfolio consists
of 52,420 agreements originated over the past 5 years and is
predominantly made of used vehicles (99.3%) distributed through
national and regional dealers as well as brokers. It has a weighted
average seasoning of 12.0 months.
The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.
The transaction's main credit strengths are the significant excess
spread, the static and granular nature of the portfolio, and
counterparty support through the back-up servicer (Equiniti Gateway
Limited (NR)), interest rate hedge provider (BNP Paribas (Aa3(cr)/
P-1(cr)) and independent cash manager (Citibank N.A., London Branch
(Aa3(cr)/ P-1(cr)). The structure contains specific cash reserves
for each asset-backed tranche which cumulatively equal 1.17% of the
pool and will amortise in line with the notes. Each tranche reserve
will be purely available to cover liquidity shortfalls related to
the relevant Note throughout the life of the transaction and can
serve as credit enhancement following the tranche's repayment. The
Class A reserve provides approximately 7 months of liquidity at the
beginning of the transaction. The portfolio has an initial yield of
16.9% (excluding fees). Available excess spread can be trapped to
cover defaults and losses, as well as to replenish the tranche
reserves to their target level through the waterfall mechanism
present in the structure.
Moody's determined the portfolio lifetime expected defaults of 14%,
expected recoveries of 30% and portfolio credit enhancement ("PCE")
of 37.5% 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 we
expect the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
its ABSROM cash flow model.
Portfolio expected defaults of 14% is higher than the average for
UK auto transactions and is based on Moody's assessment of the
lifetime expectation for the pool taking into account: (i) the
higher average risk of the borrowers, (ii) historic performance of
the book of the originator, (iii) benchmark transactions, and (iv)
other qualitative considerations.
Portfolio expected recoveries of 30% is in line with the UK auto
transaction average and is based on Moody's assessment of the
lifetime expectation for the pool taking into account: (i) historic
performance of the originator's book, (ii) benchmark transactions,
and (iii) other qualitative considerations.
PCE of 37.5% is higher than the EMEA Auto ABS average and is based
on Moody's assessment of the pool which is mainly driven by: (i)
the relative ranking to originator peers in the UK market and (ii)
the weighted average original loan-to-value of 98.1% which is worse
than the sector average. The PCE level of 37.5% results in an
implied coefficient of variation ("CoV") of 32.9%.
The principal methodology used in these ratings was 'Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS' published in
September 2021.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that would lead to an upgrade of the ratings of Class C - X
Notes include significantly better than expected performance of the
pool together with an increase in credit enhancement of Notes. The
Class B Note is constrained to Aa1 (sf) due to Moody's operational
risk assessment.
Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of (a) servicing or cash management interruptions and (b) the risk
of increased linkage due to a downgrade of the hedge provider's
rating; and (ii) economic conditions being worse than forecast
resulting in higher arrears and losses.
GREENSILL CAPITAL: Finance Scheme Had No Benefit to Taxpayers
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Robert Smith at The Financial Times reports that the UK's
government spending watchdog said there was no evidence that
Greensill Capital's supply-chain finance scheme for NHS England
provided any benefit to taxpayers, undercutting claims from the
collapsed lender's founder that it saved the government GBP100
million a year.
According to the FT, the findings were part of a National Audit
Office report published on Friday following an investigation that
focused on a lending scheme for pharmacies in England that Lex
Greensill helped establish during his stint as a government adviser
and was later administered by the company he founded.
Greensill Capital, which once claimed to be the UK's most valuable
financial technology company, went into administration in March,
prompting scrutiny of the extraordinary access its founder had to
the British government, the FT recounts. Its demise also dragged
former prime minister David Cameron into the biggest Westminster
lobbying scandal for a generation, the FT notes.
The NAO report said the UK health department was "unable to provide
evidence of realised benefits" stemming from the scheme, in
contrast to projections in its 2012 business case that it could
deliver GBP100 million of annual savings for the NHS, the FT
relates.
According to the FT, the report notes this estimate was based on
"advice provided by Lex Greensill". The now-disgraced financier
made the same claim during an appearance before the Treasury select
committee in May, telling MPs that the scheme "saved the taxpayer
over GBP100 million a year", the FT discloses.
The scheme was initially awarded to Greensill's former employer
Citigroup in 2013, under an existing contract the US bank had with
the UK government, the FT notes. It was then awarded to US
technology company Taulia in 2018, with Greensill Capital acting as
a "subcontractor" providing the underlying financing to pharmacies,
after the two groups submitted a joint bid in a tender process, the
FT relays.
According to the FT, while Greensill had completed a five-year
stint as a government adviser on supply-chain finance only months
before this bid was submitted, the NAO did not find evidence that
there was "any discussion of a potential conflict of interest".
O'KEEFE GROUP: Wins GBP8MM New Contracts Following CVA
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Grant Prior at Construction Enquirer reports that civils contractor
O'Keefe group has won two new contracts worth more than GBP8
million after suppliers overwhelmingly voted in favour of a
proposed Company Voluntary Arrangement.
More than 90% of creditors backed the CVA last month, Construction
Enquirer relates.
And the firm is now winning work regularly with the latest Hadlow
College project for Willmott Dixon worth GBP600,000 and The Brooks
contract for Elkins Construction worth GBP7.5 million, Construction
Enquirer discloses.
[*] UK: EFL Mulls Tougher Punishments for Clubs in Administration
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Ricky Charlesworth at Mirror reports that the English Football
League are said to be exploring changes with regards to how they
punish clubs who fall into administration.
According to Mirror, a report in The Sun on Sunday claims that the
league are looking at proposals that would discourage attempts by
clubs to appeal the automatic 12-point deduction.
Such an instance occurred with Championship side Derby County
earlier this season, Mirror discloses. The Rams were placed into
administration and were immediately docked 12 points but have since
appealed the decision, Mirror recounts.
It is reported that one of the options the EFL is considering is to
make the administrators personally responsible for the legal fees
that are required to make an appeal, Mirror states.
That would mean them paying a fee of around GBP300,000 directly,
rather than the amount coming from club funds, Mirror notes.
In addition, it is reported that the league are also considering
handing out extra points deductions, on top of the 12-point
docking, for spurious claims, Mirror discloses.
That would perhaps make teams think twice before trying their luck,
according to Mirror. The report adds that adding a further six
points for such instances "has a lot of backing within the ranks of
chairmen and executives", according to Mirror.
[*] UK: England & Wales Co Voluntary Liquidations Hit Record High
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David Milliken at Reuters reports that England and Wales have seen
a surge in company directors winding up businesses that are unable
to pay their debts, taking so-called voluntary liquidations to
their highest level since 2009 in the depths of the global
financial crisis.
According to Reuters, government data showed on Oct. 26 total
company insolvencies in England and Wales jumped in the three
months to the end of September to their highest since the start of
the COVID-19 pandemic at 3,765, up 43% on a year earlier.
Forced liquidations of companies remained near an all-time low, due
to legal restrictions on creditors' ability to act against
businesses during the pandemic, as well as a GBP79 billion (US$109
billion) programme of government loan guarantees, Reuters
discloses.
But creditors' voluntary liquidations -- which in normal times
account for two thirds of insolvencies -- rose to their highest
total since the three months to the end of June 2009 in the latest
quarter at 3,471, more than 90% of the total, Reuters states.
"Relative calm waters -- largely due to the unprecedented
government economic support over the last 18 months -- may be
giving way to stormier seas," Reuters quotes Richard Tett, head of
the insolvency practice at law firm Freshfields, as saying.
Mr. Tett added businesses were likely to come under further
pressure in the coming months due to a surge in energy prices and
the removal of legal restrictions on forced insolvencies.
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X X X X X X X X
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[*] BOND PRICING: For the Week October 25 to October 29, 2021
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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
[*] EUROPE: EU Officials Wants State-Aid Taps Retained for Now
--------------------------------------------------------------
Aoife White at Bloomberg News reports that Europe would do more
harm than good if it turns off its state-aid taps too soon in the
wake of the coronavirus pandemic, the region's top subsidy enforcer
warned.
Olivier Guersent, the head of the European Commission's competition
service, said that even firms that have weathered the storm without
needing state handouts could still be dragged down if the rules are
tightened before the crisis has abated, Bloomberg relates.
"It would be a mistake" to cut off the aid before it's clear how
well European countries are managing the spread of the virus or if
a vaccine-resistant strain emerges, Mr. Guersent, as cited by
Bloomberg, said in an interview. "We all hoped that by this time
we would know" where it ends "but we're not out of the woods yet."
The European Union will soon decide on extending special state-aid
measures beyond a Dec. 31 deadline, which allowed more government
support than its tough rulebook would normally allow, Bloomberg
discloses. So far governments have pledged EUR3 trillion (US$3.5
trillion) in subsidies to help economies weather the biggest
economic storm since the great depression, Bloomberg notes.
Regulators have suggested a progressive phase out to end many
support programs by June next year, Bloomberg states. But
officials are weighing government responses before publishing the
new rules in the near future, Bloomberg relays.
According to Bloomberg, Mr. Guersent said while the EU will have to
stop emergency liquidity and solvency support at some time, it
could potentially allow governments more leeway to grant investment
aid to spur health or other innovations.
*********
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,
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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.
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