/raid1/www/Hosts/bankrupt/TCREUR_Public/211129.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 29, 2021, Vol. 22, No. 232
Headlines
G E R M A N Y
RETAIL AUTOMOTIVE: DBRS Assigns BB Rating to Class F Notes
I R E L A N D
DILOSK 5: DBRS Finalizes BB(high) Rating on Class E Notes
RATHLIN RESIDENTIAL 2021-1: DBRS Rates Class C Notes 'B(sf)'
USIL EUROPEAN 36: DBRS Confirms B(high) Rating on Class F Notes
I T A L Y
SUNRISE SPV 93: DBRS Finalizes BB(high) Rating on Class E Notes
L U X E M B O U R G
CULLINAN HOLDCO: Fitch Assigns 'BB-' Final LT IDR
NORTHPOLE NEWCO: S&P Downgrades ICR to 'CCC+', Outlook Negative
N E T H E R L A N D S
OCI NV: Moody's Upgrades CFR to Ba1, Outlook Remains Stable
S P A I N
MEDIAPRO: Shareholders Agree on Recapitalization Plan
U N I T E D K I N G D O M
BLK SPORT: Goes Bust with GBP3-Million Debt
BULB ENERGY: Two Energy Suppliers Pitched Alternative Plans
CASTELL 2021-1: DBRS Gives Prov. B Rating to Class F Notes
COUNTESSWELLS DEVELOPMENT: Goes Into Administration
DERBY COUNTY FC: In Talks With City Council Over GBP100,000+ Owed
GFG ALLIANCE: Scraps Plan to Build GBP15MM Hotel in Lanarkshire
SAGE AR 1: DBRS Confirms B Rating on Class F Notes
SAGE AR 2021: DBRS Gives Prov. BB(high) Rating on Class E Notes
ZEPHYR MIDCO: S&P Affirms 'B-' Long-Term ICR, Outlook Stable
X X X X X X X X
[*] BOND PRICING: For the Week November 22 to November 26, 2021
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G E R M A N Y
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RETAIL AUTOMOTIVE: DBRS Assigns BB Rating to Class F Notes
----------------------------------------------------------
DBRS Ratings GmbH assigned ratings to the following classes of
notes (the Rated Notes) issued by Retail Automotive CP Germany 2021
UG (Haftungsbeschrankt) (the Issuer):
-- Class A Notes at AAA (sf)
-- Class B Notes at AA (high) (sf)
-- Class C Notes at A (high) (sf)
-- Class D Notes at BBB (high) (sf)
-- Class E Notes at BBB (low) (sf)
-- Class F Notes at BB (sf)
DBRS Morningstar did not assign ratings to the Class G Notes
(together with the Rated Notes, the Notes) issued in this
transaction.
The ratings of the Class A Notes, Class B Notes, and Class C Notes
address the timely payment of scheduled interest and ultimate
repayment of principal by the legal maturity date. The ratings of
the Class D Notes, Class E Notes, and Class F Notes address the
ultimate payment of interest and the ultimate repayment of
principal by the legal maturity date while junior to other
outstanding classes of notes, but the timely payment of interest
when they are the senior-most tranche, in accordance with the
Issuer's default definition provided in the transaction documents.
The Notes are backed by a pool of retail auto loan receivables
associated with a portfolio of new and used vehicle loans granted
by CreditPlus Bank AG (CreditPlus, the Seller and Servicer) to
private individual borrowers residing in Germany.
The transaction includes a 21-month revolving period, during which
time the Seller may offer additional receivables that the Issuer
may purchase, 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 a breach of performance triggers, an insolvency of
the Seller, or default of the Servicer.
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 that are 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 under which
they have invested.
-- CreditPlus's capabilities with respect to originations,
underwriting, servicing, and financial strength.
-- 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 Seller's portfolio.
-- The sovereign rating on the Federal Republic of Germany,
currently rated AAA with a Stable trend by DBRS Morningstar.
-- 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
During the revolving period, and prior to the fulfillment of the
enforcement conditions or an optional redemption event, the Issuer
applies the available funds in accordance with two separate
principal and interest priority of payments. Prior to a sequential
redemption event, principal is allocated to the Notes on a pro rata
basis. Following a sequential redemption event, principal is
allocated on a sequential basis. Once the amortization becomes
sequential it cannot be switched to pro rata.
The transaction benefits from liquidity support provided by a
liquidity reserve, funded to an amount equal to 0.7% of the initial
principal amount of the Class A Notes, Class B Notes, and Class C
Notes. The liquidity reserve is available to the Issuer only in a
restricted scenario where the principal collections are not
sufficient to cover the shortfalls in senior costs (servicer fees
and operating expenses), interests on the liquidity reserve itself,
swap payments, and interest on the Class A Notes, the Class B
Notes, and Class C Notes. The liquidity reserve required amount is
equal to 0.7% of the outstanding principal balance of the Class A
Notes, Class B Notes, and Class C Notes. Any excess amounts above
the target level will be returned directly to the Seller outside of
the priority of payments.
COUNTERPARTIES
The Bank of New York Mellon, Frankfurt branch (BNYM) is the account
bank for the transaction. DBRS Morningstar has a private rating on
BNYM, which meets DBRS Morningstar's criteria to act in such
capacity. The transaction documents contain downgrade provisions
consistent with DBRS Morningstar's criteria with respect to BNYM's
role as account bank.
The transaction is exposed to interest rate risk because of the
mismatch between the fixed-rate assets and the floating-rate
liabilities. The risk is mitigated by two different interest rate
swap agreements for the Class A Notes and the Class B to F Notes.
CreditPlus is the swap counterparty for the transaction. Its
obligations under the swap agreements are guaranteed by Credit
Agricole Consumer Finance, S.A. (CACF). DBRS Morningstar has a
private rating on CACF and the hedging documents include downgrade
provisions consistent with DBRS Morningstar's criteria.
DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.
CORONAVIRUS DISEASE (COVID-19) CONSIDERATIONS
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
securities (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 applied a moderate haircut to its expected
recovery rate.
Notes: All figures are in euros unless otherwise noted.
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I R E L A N D
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DILOSK 5: DBRS Finalizes BB(high) Rating on Class E Notes
---------------------------------------------------------
DBRS Ratings GmbH finalized its provisional ratings on the
residential mortgage-backed floating-rate notes 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 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.
RATING RATIONALE
The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in the Republic of Ireland. The proceeds of the notes
have been 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 envisages a prefunding
period lasting from closing to the first payment date in March
2022.
The mortgage loans are 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 is 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 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 are 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 are 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.
RATHLIN RESIDENTIAL 2021-1: DBRS Rates Class C Notes 'B(sf)'
-------------------------------------------------------------
DBRS Ratings GmbH assigned ratings to the following classes of
notes issued by Rathlin Residential 2021-1 DAC (the Issuer):
-- Class A Notes at A (low) (sf)
-- Class B Notes at BB (sf)
-- Class C Notes at B (sf)
All trends are Negative.
DBRS Morningstar does not rate the Class Z1 or Class Z2 Notes
(together with Class A, Class B, and Class C Notes, the Notes) also
issued in the transaction.
The rating on the Class A Notes addresses the timely payment of
interest and ultimate repayment of principal by the final legal
maturity date. The ratings on the Class B and Class C Notes address
the ultimate payment of interest and principal by the final legal
maturity date. DBRS Morningstar's ratings do not address payments
of Additional Note Payments (as defined in the transaction
documents).
The transaction benefits from an amortizing Class A reserve fund
and Non-amortizing Class B and Class C reserve funds that provide
liquidity support to the Class A, Class B, and Class C Notes,
respectively, as well as principal support at maturity, if
available.
Proceeds from the issuance of the Notes will be used to purchase a
first-charge portfolio composed of nonperforming, semiperforming,
and reperforming Irish residential mortgage loans originated by
Ulster Bank Ireland DAC with a total outstanding balance of EUR
645.7 million as of July 31, 2021 (the Portfolio). The servicing
and administration of the Portfolio is currently conducted by
Pepper Finance Corporation (the Administrator), which is also
expected to continue as Administrator of the assets for the
transaction.
The final maturity date of the transaction is September 2075.
RATING RATIONALE
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 loan portfolio and the
ability of the Administrator to perform collections and resolution
activities. DBRS Morningstar estimated the expected collections
from the mortgage loans based on the proposed business plan
strategies and used them as an input into the cash flow analysis.
-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the rated Notes according to the terms of the
transaction documents.
-- The sovereign rating of the Republic of Ireland, which DBRS
Morningstar rates at A (high) with a Positive trend and R-1
(middle) with a Stable trend as of the date of this press release.
-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.
DBRS Morningstar analyzed the transaction cash flow structure using
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 negative
effects may continue in the coming months for many nonperforming
loan (NPL) transactions. In particular, the deterioration of
macroeconomic conditions could negatively affect recoveries from
NPLs and the related real estate collaterals. 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, the Negative trend reflects the ongoing uncertainty
amid the coronavirus pandemic. DBRS Morningstar gives partial
credit to house price increases from 2023 onward in
non-investment-grade scenarios.
Notes: All figures are in euros unless otherwise noted.
USIL EUROPEAN 36: DBRS Confirms B(high) Rating on Class F Notes
---------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the following classes of
notes issued by Usil European Loan Conduit No. 36 DAC (Usil ELoC
No. 36 DAC or the Issuer):
-- Class RFN Notes at AAA (sf)
-- Class A-1 Notes at AAA (sf)
-- Class A-2 Notes at AAA (sf)
-- Class B Notes at AA (low) (sf)
-- Class C Notes at A (low) (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (high) (sf)
-- Class F Notes at B (high) (sf)
The trend on all ratings remains Stable.
The rating confirmations follow the transaction's stable
performance over the last 12 months, with no significant change in
rental performance from the last review in spite of the disruptions
to rental income brought on by the Coronavirus Disease (COVID-19)
pandemic and fire damage in one of the assets.
Usil Eloc No. 36 DAC is the securitization of a EUR 723.3 million
(EUR 723.9 million at issuance), floating-rate senior commercial
real estate loan (the senior loan) advanced by both Morgan Stanley
Principal Funding, Inc. and Morgan Stanley Bank, N.A. to borrowers
sponsored by Blackstone Group L.P. (Blackstone, or the Sponsor).
The senior loan is backed by a portfolio of 99 assets (100 at
inception) located throughout Germany. The assets are predominantly
light-industrial and warehouse properties and are part of the
Mileway logistics platform. The loan refinanced the original
acquisition loan and funded a progressive capex programme. In
addition to the senior loan, the transaction includes a EUR 105.6
million mezzanine loan, which is structurally and contractually
subordinated to the securitized senior loan.
The transaction includes a EUR 44.8 million capex facility as part
of the securitized senior loan and a further EUR 6.9 million from
the mezzanine loan to support Blackstone's EUR 66 million capex
budget over the life of the loan. As part of its business plan, the
Sponsor intended to increase both occupancy and rental rates
through the implementation of the capex project. As of August 2021,
EUR 27.5 million of the capex facility has been drawn.
The portfolio has been performing steadily since the last review
with contracted gross rent remaining above EUR 62.0 million over
the last 12 months. The weighted-average unexpired lease term
stands at 2.89 years as of Q3 2021 compared with 3.07 years in Q3
2020. Certain deferrals, rent-free periods, or lease re-gears took
place, as some tenants have asked for rental relief following the
onset of the COVID-19 pandemic. Per the August 2021 investor
report, EUR 2.2 million worth of rent-free periods have been
granted year-to-date across the portfolio.
Meanwhile, the vacancy has increased from 13.9% at last review to
18.0% in Q3 2021. This is largely driven by leases elapsing in the
first quarter of the year in the Louis-Krages-Straße 30 property
in Bremen, Germany, the second-largest property by annual rent in
the portfolio. There was a fire at the property in April 2020, with
a total of 30,000 m2 destroyed as a result. The asset is now in
line for substantial redevelopment, with the sponsor allowing
leases to elapse in order for the works to go ahead.
The increase in vacancy, however, did not have a negative impact on
the contracted rent, which on the contrary increased to EUR 64.1
million in Q3 2021 from EUR 63.0 million in Q3 2020. This is due to
the increase in the rental rates for some of the remaining tenants,
notably between Q1 2021 and Q2 2021.
DBRS Morningstar has also noted a stronger performance in net
rental income, which increased to EUR 58.9 million from EUR 56.9
million since the last review. This can be partially explained by
the decrease in rental arrears from EUR 4.0 million in Q3 2020 to
EUR 2.7 million in the latest quarter.
As a result, no changes were made to DBRS Morningstar's
underwriting assumptions with the DBRS Morningstar Net Cash Flow
and stressed value remaining at EUR 49.1 million and EUR 744.4
million, respectively.
DBRS Morningstar notes that the underlying loan's initial maturity
date is February 15, 2022, with three one-year extension options
available. As of the date of this rating action, it was unclear if
the extension option will be exercised; as per the Senior Facility
Agreement, the extension request should be submitted during the
period commencing the date falling 90 days prior to the Initial
Repayment Date (17 November 2021) and ending on the date falling 30
days prior to the Initial Repayment Date (16 January 2022).
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 tenants and borrowers. DBRS Morningstar anticipates that
vacancy rate increases and cash flow reductions may arise for many
commercial mortgage-backed security (CMBS) borrowers, some
meaningfully. In addition, commercial real estate values will be
negatively affected, at least in the short term, affecting
refinancing prospects for maturing loans and expected recoveries
for defaulted loans. The ratings are based on additional analysis
to expected performance as a result of the global efforts to
contain the spread of the coronavirus.
Notes: All figures are in euros unless otherwise noted.
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I T A L Y
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SUNRISE SPV 93: DBRS Finalizes BB(high) Rating on Class E Notes
---------------------------------------------------------------
DBRS Ratings GmbH finalized its provisional ratings on the
following classes of notes (collectively, the Rated Notes) 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 also issued in the
transaction.
The rating of 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 of 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 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's 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 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 at closing also funded the cash
reserve, payment interruption risk reserve and expenses, in
addition to the purchase of receivables.
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 a non-amortizing
EUR 4,220,257 payment interruption risk reserve and an amortizing
cash reserve starting at EUR 4,220,257, which would be subsequently
replenished through the transaction interest waterfalls to the
target amount of 2.5% of non-defaulted loan balances, subject to a
floor of EUR 4,220,257. Both reserves were initially funded with
the proceeds of the Class M Notes and can be used to cover senior
expenses, swap costs, and interest payments on the Rated Notes. The
cash reserve can be further used to replenish the payment
interruption risk reserve and offset defaulted receivables.
Principal funds can also be re-allocated to cover senior expenses,
swap costs, and interest payments on the Rated Notes if the
interest collections and the above reserves are not sufficient.
The transaction further benefits from a non-amortizing 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 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 (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, its performance data is considered as a
benchmark for meaningful 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 limits 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.
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L U X E M B O U R G
===================
CULLINAN HOLDCO: Fitch Assigns 'BB-' Final LT IDR
-------------------------------------------------
Fitch Ratings has assigned Cullinan Holdco SCSp (Graanul) a final
Long-Term Issuer Default Rating (IDR) of 'BB-' and its senior
secured notes a final senior secured rating of 'BB+' with a
Recovery Rating of 'RR2'.
The IDR reflects predictable cash flows underpinned by medium-term
take-or-pay contracts with investment-grade or high
sub-investment-grade utilities and pass-through or fixed-price
escalation provisions. The rating also incorporates Fitch's
expectations that the company will balance M&A activities and
dividend pay-out with maintaining its credit profile.
The rating is constrained by Graanul's small size relative to that
of other issuers in the 'BB' rating category, customer
concentration and exposure to environmental and renewable-energy
regulations.
The Stable Outlook reflects Fitch's expectations of successful
contract renewals and a continuation of favourable industry trends
in the medium term.
KEY RATING DRIVERS
Small Scale, Growth Potential: Graanul's scale is small with an
end-2020 EBITDA of EUR120 million, despite a leading position in
wood-pellet markets in Europe. Fitch forecasts EBITDA to grow to
around EUR170 million by 2024, based on investments in capacity
expansion and bolt-on acquisitions. Potential growth can be higher
if the company channels all funds available within the scope of its
financial policy to M&A rather than to dividend distributions.
Concentrated Customer Base: Graanul has a concentrated customer
base with the three-largest European off-takers, Drax Group
Holdings Limited (BB+/Stable), RWE AG (BBB+/Stable), and Orsted A/S
(BBB+/Stable), which currently account for around 90% of contracted
volumes. Customer concentration is not uncommon among pellet
producers who bid for large contracts that often result in a
significant share by a single customer in the total revenue mix.
Graanul is currently bidding for contracts with new customers and
diversification is likely to increase jointly with growth in
produced volumes in the medium term.
Some De-Leveraging Expected: The transaction related to the change
in the ownership structure drives an increase in funds from
operations (FFO) net leverage to 4.5x at end-2021 from 1.3x at
end-2020. Based on Fitch's growth assumptions and expected capex
Fitch forecasts pre-dividends free cash flow (FCF) generation of
EUR70 million-EUR80 million per annum. Despite high organically
generated FCF Fitch assumes only moderate deleveraging to around
4.2x over the next four years, due to expected bolt-on M&As and
dividend payments. Graanul, however, has low maintenance capex and
large flexibility in FCF deployment, which provides a buffer for
unforeseen business interruptions.
Medium-Term Revenue Visibility: Approximately on average 80% of
Graanul's revenue is contracted on a take-or-pay basis with the
balance sold on the spot market. Graanul targets take-or-pay
contracts with a duration of four to five years in contrast to
peers such as Enviva Partners, LP (BB-/Stable), which has a
weighted average contract duration of 13.2 years. Shorter contracts
allow for more frequent pricing renegotiation, but, at the same
time, may reduce long-term earnings visibility.
Supply-Chain Risk Moderating: A majority of supplies will continue
to be sourced locally from the EU member countries and Fitch
expects that the share of raw materials sourced from Belarus will
reduce to below mid-single digits in 2022. Furthermore, Fitch
expects the company to be able to increase deliveries from its
existing EU suppliers, if necessary.
Strong Renewal Rate: Renewal rates have historically been very
strong and Graanul has a long-lasting relationship of more than 10
years with its top-three customers. It is the largest European
wood-pellet supplier located in close proximity to its customers,
with an ability to provide sustainable bulk deliveries of
good-quality product, which supports future renewals.
Resilient Margins: Approximately 85% of take-or-pay contracts
include either shipping and a raw-material cost pass-through
mechanism or have fixed-price escalation clauses. Graanul also has
lower shipping costs than suppliers from North America, and has
modest benefits from its six own combined heat and power (CHP)
plants that provide energy and heat needed in pellets production.
Its large share of variable costs - estimated at 90% - partially
offsets the impact on margins from a volume decline.
Supportive Regulation: Currently renewable subsidies schemes for
renewable biomass in the UK, accounting for around 40% of Graanul's
market, run until 2027. The EU, which represents the other half of
Graanul's orders, is increasingly moving towards renewables. In the
recent EU 'Fit for 55' climate and energy laws package, the EU
increased its target share of renewable energy to 40% of total by
2030, from 32% currently.
Regulatory Risk: In its revised Renewable Energy Directive II, the
EU is proposing stricter regulation on the sources of wood that can
be used for pellet production. At present, the changes are not
expected to materially affect certified pellet producers, such as
Graanul and larger biomass utilities. However, regulatory
developments remain a risk as the stability of sources of supply
and treatment of biomass as renewable energy is critical for
Graanul's long-term business prospects.
Notching for Notes: Fitch rates the senior secured notes using a
generic approach for 'BB' category issuers, which reflects the
relative instrument ranking in the capital structure, in accordance
with Fitch's Corporates Recovery Ratings and Instrument Ratings
Criteria. The notes are secured by a share pledge of guarantors
comprising 85% of Graanul's EBITDA as of June 2021 and security
over assets in the US. The Recovery Rating is 'RR2'. This results
in the senior secured rating being notched up twice from the IDR.
DERIVATION SUMMARY
Graanul is the largest wood-pellet producer in the European markets
and competes directly with the largest global pellet producer
Enviva. Graanul is smaller in scale with an expected 2021 EBITDA of
around USD150 million-equivalent, compared with Enviva's forecast
USD260 million. Post-transaction Graanul's FFO net leverage of 4.5x
is comparable to Enviva's 2021 forecast. Both companies use
take-or-pay contracts but Graanul prefers shorter-term duration
(four to five years) versus Enviva's weighted average 13.2 years.
Shorter duration of contracts and proximity to European customers
result in Graanul's expected stronger EBITDA margins of over 28% in
2021, versus Enviva's 22%.
Sunoco LP (BB/Positive) is the largest fuel distributor in the US
distributing around 8 billion gallons per annum. In addition to
distributing motor fuel, Sunoco also distributes other petroleum
products such as propane and lubricating oil, and around 25% of its
volumes is sold under long-term contracts. Sunoco is larger than
both Enviva and Graanul but has comparable expected leverage of
4.0x-4.3x in 2021.
KEY ASSUMPTIONS
-- EBITDA CAGR of 6.7%, including M&A contribution, over 2020-
2024;
-- EBITDA margin of above 28% in 2021 and around 27% in 2022-
2024;
-- M&A of EUR60 million per annum in 2022-2024;
-- Capex on average EUR33 million per annum 2022-2024;
-- Dividends of EUR60 million per annum in 2023-2024;
-- Volume CAGR of 7.4%, including M&A contribution, over 2020-
2024.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- FFO net leverage consistently below 3.5x;
-- Improvement in the business profile including scale, customer
diversification and contract duration.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- EBITDA margin below 23%;
-- Adverse developments in regulation related to biomass energy;
-- Loss of contracts and/or material reduction in share of
contracted revenue;
-- FFO net leverage consistently above 4.3x.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity Post-Transaction: Following the bond issuance
all existing debt will be repaid. Graanul will maintain sufficient
liquidity with a new EUR100 million super senior revolving credit
facility due in 2025. Following the issuance of EUR630 million
notes, liquidity is also supported by a forecast cash balance of
around EUR60 million and FCF generation.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
ISSUER PROFILE
Graanul is the largest European wood pellet manufacturer and
second-largest globally, but due to a fragmented market, it
accounts for around 6% of global pellet production capacity and 8%
of global production. Its manufacturing plants, with a total output
of 2.9m/t, are located mainly in Europe with 83% of production
derived from assets in Estonia (36%), Latvia (44%) and Lithuania.
The sole non-European production facility accounting for 17% of
Graanul's capacity is located in the US (Woodville).
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch reclassified leases as other liabilities, effectively
reducing balance-sheet debt by EUR5.1 million at end-2020.
Furthermore, Fitch has reclassified EUR1.8 million of depreciation
of right- of-use assets and EUR0.1 million of interest on lease
liabilities as lease expenses, reducing Fitch EBITDA by EUR1.9
million in 2020.
Fitch added back EUR1.6 million of non-recurring transaction costs
to 2020 EBITDA.
NORTHPOLE NEWCO: S&P Downgrades ICR to 'CCC+', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
cybersecurity software provider Northpole Newco S.a.r.l. (NSO), as
well as its issue ratings on the company's debt, to 'CCC+' from
'B-'.
The negative outlook indicates that S&P could lower the ratings
over the next 12 months if it sees a high likelihood of an imminent
debt restructuring.
NSO's operating prospects are uncertain following the recent U.S.
trade blacklisting and negative publicity. S&P said, "The U.S.
government recently added NSO to its "entity list," which we
understand NSO will appeal. This restricts exports of U.S. hardware
and software to the company. The most material potential risk for
NSO from the blacklisting could be a slowdown in new license sales,
for example to government agencies allied to the U.S. To a lesser
extent, there is also a risk of a reduced renewal rate from
existing customers, although we view the Pegasus product as a
relatively mission-critical tool for its existing client base. In
Q3 2021, news outlets and Amnesty International alleged that NSO's
clients had misused its Pegasus product to target human rights
activists, journalists, and lawyers. This hampered the company's
ability to close deals, and we foresee potential further challenges
for NSO's operating prospects in Q4 2021 and in 2022."
Loss of access to U.S. software could be disruptive for NSO's
operations, but potentially not critical, since NSO is able to turn
to alternative solutions outside the U.S. NSO is not dependent on
U.S. hardware, and the blacklisting does not restrict sales of NSO
software to U.S. customers, although this only comprises a very
small percentage of its total revenue.
A formal challenge over whether a change of control took place
could potentially lead to a debt restructuring. In August 2021,
Berkeley Research Group replaced Novalpina Capital as the manager
of the fund that owns NSO. S&P understands that NSO does not
consider this to have triggered a change in control. However, if
lenders successfully challenge this conclusion, this could
potentially lead to a debt restructuring. A change of control would
trigger an acceleration of the term loan.
S&P said, "We also foresee a risk of a covenant breach in Q4
2021--when the first-lien net leverage covenant steps down to 4.00x
from 4.25x--as well as in subsequent quarters.We understand NSO has
some flexibility to reduce its cost base to reduce the risk of a
covenant breach, if needed. In addition, in the event of a breach,
NSO could remedy it through EBITDA equity cures. For example, it
can convert the $14 million shareholder loan that it received in
2020 into equity, and we understand NSO has additional options to
provide equity cures. Nevertheless, these may not be sufficient if
Q4 2021 license sales, which tend to be seasonally higher than
other quarters, significantly underperform, resulting in a sharp
decline in EBITDA. Securing a covenant waiver would be another
possibility for NSO, provided lenders agree to it.
"The negative outlook indicates that we could lower the ratings
over the next 12 months if we see a high likelihood of an imminent
debt restructuring.
"We could lower the ratings if we conclude that a potential debt
restructuring is likely within 12 months, through an uncured
covenant breach, weaker liquidity, or a potential acceleration of
the term loan if lenders successfully challenge NSO's conclusion
that no change of control was triggered."
A downgrade would likely coincide with a deterioration in operating
performance due to the trade blacklisting and negative publicity.
S&P said, "We could revise the outlook to stable if we think the
risk of a potential debt restructuring has receded. We would
require NSO's operating uncertainty to subside and for the company
to increase its covenant headroom toward 10%."
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Social capital.
=====================
N E T H E R L A N D S
=====================
OCI NV: Moody's Upgrades CFR to Ba1, Outlook Remains Stable
-----------------------------------------------------------
Moody's Investors Service upgraded OCI N.V.'s corporate family
rating and probability of default rating to Ba1 and Ba1-PD from Ba2
and Ba2-PD respectively. Concurrently Moody's upgraded the
instrument rating of OCI's backed senior secured notes to Ba1 from
Ba3. The outlook remains stable.
RATINGS RATIONALE
The upgrade of OCI's rating to Ba1 reflects the significant gross
debt reduction during 2021 and Moody's expectation that the
company, on the back of expected strong cash generation, will
further reduce gross debt in 2022. Lower gross debt enables OCI to
maintain credit metrics commensurate with a Ba1 rating through
cycles of the volatile fertilizer and methanol markets.
The upgrade of the backed senior secured notes by two notches,
aligning it with the level of the CFR, reflects Moody's view that a
material difference between expected loss rates in an event of
default for debt issued at the Fertiglobe levels and at the OCI
level is not sufficiently likely to warrant notching at this time.
OCI's Moody's adjusted gross debt declined to $4.22 billion as of
Q3-2021 from $4.86 billion as of December 2020. Based on already
announced bond redemptions, Moody's expects OCI's adjusted gross
debt to further decrease to around $4 billion by the end of the
year. The company has used a combination of its FCF generation and
proceeds from the IPO of its majority owned subsidiary Fertiglobe
plc (Fertiglobe) to repay debt. Throughout 2021, OCI benefitted
from increasing prices and solid sales volumes for nitrogen
fertilizers and methanol, and Moody's expects the pricing
environment for OCI's products to remain favorable in 2022,
although prices will likely normalize as 2022 progresses. However,
even under a more normalized pricing environment and given the
company's intention to start paying semi-annual dividends at the
OCI N.V. level, Moody's expects OCI to allocate a substantial part
of its cash generation and cash on balance sheet to reduce gross
debt during 2022. This view also considers OCI's publicly stated
intention to reach an investment grade capital structure.
Moody's expects the favorable pricing environment to contribute to
strong consolidated credit metrics in 2021, with Moody's adjusted
gross debt/EBITDA around 1.7x. In light of the expected further
debt reduction, Moody's expects that consolidated Moody's adjusted
gross debt /EBITDA will not exceed 2.5x in a scenario where prices
return to five year averages. The lower absolute debt level
provides OCI with more flexibility to manage inherent cyclicality.
The Ba1 rating also incorporates OCI group's complex capital
structure which might constrain its ability to apply FCF to debt
reduction. Cash flow generated within the Fertiglobe perimeter (50%
majority owned and accounts for around 50%-60% of OCI's
consolidated EBITDA) is not directly available to service debt at
the OCI N.V. level or at other operating subsidiaries. Cash from
the Fertiglobe perimeter can only be upstreamed to the OCI N.V.
level via dividend payments, which results in cash leakage to
minority shareholders.
OCI's diversification across nitrogen fertilizers and methanol and
its geographically diversified production and sales footprint
support the credit profile. OCI's asset base is strategically
located to serve the high demand regions in the Americas and
Europe, but also the relevant markets east of the Suez Canal. The
company furthermore benefits from access to low cost natural gas in
the US, North Africa and the UAE, which results in a favorable
positioning on the global cost curve. However, the short track
record of solid operating performance with its current production
footprint constrains OCI's rating. Furthermore, the focus of the
company's capital allocation following an extensive investment
program has been debt reduction, but OCI intends to introduce a
dividend, and the lack of track record and clarity on parameters
the company will consider when determining dividend levels also
constrains the Ba1 rating. At the same time, Moody's recognizes the
significant debt reduction since 2019 and favorably considers the
company's intention to maintain an investment grade capital
structure and to maintain its net leverage (company definition) at
around 2x through the cycle.
STRUCTURAL CONSIDERATIONS
The Ba1 rating of the backed senior secured notes in line with the
CFR reflects Moody's view that debt issued across the group will
have largely comparable recovery prospects and that the company
will take further steps to simplify its capital structure that are
unlikely to result in a meaningfully worse position for OCI
creditors relative to Fertiglobe creditors.
LIQUIDITY PROFILE
OCI's liquidity profile is good. As of September 2021 the company
had around $750 million cash on balance sheet and over $900 million
of combined availability under its revolving credit facilities at
OCI, Fertiglobe and IFCO. Moody's expects that taking into account
the Fertiglobe IPO proceeds and already announced debt repayments,
OCI's cash balance at year end will be in excess of $950 million.
These liquidity sources in combination with expected FFO generation
in the range of $1.6 to $1.7 billion in the next 12 months are
sufficient to accommodate expected dividend payments (including
minority dividends and common dividends), swings in working
capital, scheduled debt repayments and expected capital
expenditures.
ESG CONSIDERATIONS
Moody's views the chemical industry as being exposed to very high
environmental risks. OCI's Dutch operations are subject to the EU
CO2 emission trading scheme and the Dutch government's Climate
Accord, published in June 2019, which could result in more
stringent limitations on the emissions of greenhouse gases. In the
US, the company's plants are currently only subject to greenhouse
gas emission reporting standards. However, more stringent
regulation on greenhouse gas emissions in the Netherlands or the US
could have a significant impact on OCI either directly through
capital improvements at its plants and limitations to the output or
indirectly by resulting in competitive disadvantages vis-à-vis
competitors not subject to the same or similar regulations. OCI is
aiming at reducing its emissions compared with 2019 by 20% by 2030
and aims to be carbon neutral by 2050. In addition, the European
green deal aims at reducing fertilizer use by at least 20% by 2030,
which will challenge nitrogen fertilizer producers such as OCI.
OCI is the largest producer of bio-methanol and has taken several
initiatives to position itself to benefit from the transition to a
low carbon economy. While the company is involved in several
projects, the near-term credit impact is likely to be limited.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's would consider upgrading OCI's rating if the company
continues to clearly commit towards achieving and sustaining an
investment grade rating, backed by demonstration of balanced
capital allocation through industry and capex cycles at the OCI
N.V. level. An upgrade would be supported by the company's
consolidated leverage remaining around 2x through the cycle with
RCF/Debt in the mid 20s and FCF/Debt around 10%. Furthermore, we
would consider a track record of dividend payments from Fertiglobe
to OCI that did not impair Fertiglobe's credit profile a supporting
factor.
OCI's ratings could be downgraded if OCI's Moody's adjusted gross
leverage would exceed 3x on a sustainable basis and FCF/Debt would
approach the mid single digits. Any evidence of capital allocation
decisions prioritizing shareholder returns will also be negative
for the rating.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Chemical
Industry published in March 2019.
=========
S P A I N
=========
MEDIAPRO: Shareholders Agree on Recapitalization Plan
-----------------------------------------------------
Irene Garcia Perez at Bloomberg News reports that shareholders of
Mediapro, producer of broadcasts for Spain's LaLiga soccer league,
agreed on a recapitalization plan to help its balance sheet recover
from the ravages of the pandemic.
Mediapro said in an emailed statement on Nov. 26 the deal includes
an injection of EUR150 million (US$170 million) to provide
liquidity and a capital increase of EUR470 million that will be
fully subscribed by shareholders related to Orient Hontai Capital,
the company's largest investor, Bloomberg relates.
Other owners, including advertising giant WPP Plc and founders
Jaume Roures and Tatxo Benet will see their stake diluted, although
Roures and Benet will continue to manage the group, Bloomberg
discloses. The statement said the agreement, expected to close in
the coming days, will reduce the company's leverage to three times
its earnings before interest, taxes, depreciation and amortization,
Bloomberg notes.
Barcelona-based Mediapro had been in talks with lenders since March
after a EUR50 million capital increase and a EUR110 million loan in
2020 proved insufficient to compensate for a drop in revenue caused
by Covid-19, Bloomberg recounts. Creditors Searchlight Capital
Partners LP and Invesco Ltd., which provided a EUR60-million
bridging loan earlier this year, had also proposed a restructuring
that would have given them control of the business, Bloomberg
states.
Revenue for the producer of soccer-match coverage, films and shows
for broadcasters fell 38% to EUR1.12 billion last year, Bloomberg
discloses.
Mediapro expects to close the year with revenue above EUR1.2
billion, and upgraded its Ebitda outlook to EUR160 million from
EUR124 million, Bloomberg relays, citing the Nov. 26 statement.
===========================
U N I T E D K I N G D O M
===========================
BLK SPORT: Goes Bust with GBP3-Million Debt
-------------------------------------------
Robert Watts at The Sunday Times reports that a sportswear business
launched by a high-profile Tory mayor and ally of Boris Johnson has
collapsed owing GBP3 million to the taxman and other creditors.
Ben Houchen, 34, founded BLK Sport in 2016 and still mentions
starting the business in his profile on the website of the Tees
Valley Combined Authority he runs, The Sunday Times notes.
However, BLK, which sold a range of club-branded tops and other
sports clothing, in fact collapsed with seven-figure debts in early
2018, The Sunday Times relates.
According to The Sunday Times, the liquidator's report states that
there were insufficient funds to repay creditors, which included
sports clubs, small businesses and HM Revenue & Customs.
The governing body for rugby league was owed more than GBP124,000
by BLK, The Sunday Times discloses.
BULB ENERGY: Two Energy Suppliers Pitched Alternative Plans
-----------------------------------------------------------
Nathalie Thomas at The Financial Times reports that at least two
energy suppliers pitched plans that would have allowed the
customers of the collapsed group Bulb to be transferred to
alternative providers at less cost to consumers and taxpayers,
according to people familiar with the plans.
Bulb has been bailed out by UK taxpayers to the tune of GBP1.7
billion after Britain's seventh biggest energy supplier admitted on
Nov. 22 that it would no longer be able to withstand the high
wholesale gas and electricity prices that have triggered the worst
crisis in the sector for 20 years, the FT relates.
The failed energy supplier, which was founded by former Bain
management consultant Hayden Wood and ex-Barclays trader Amit Gudka
in 2015, represents the biggest taxpayer bailout since the rescue
of Royal Bank of Scotland and HBOS in 2008, the FT notes.
Senior industry executives told the FT that several suppliers had
approached the regulator Ofgem with plans that would have allowed
Bulb's customers to be dealt with via the usual safety net for
failed energy companies rather than a "special administration".
Bulb was placed into special administration on Nov. 24, marking the
first time the mechanism, effectively a quasi-nationalisation, has
been used for an energy company, the FT relays.
Processing Bulb's 1.6 million customers via this route would have
cost considerably less than a special administration, according to
several people familiar with the process, the FT states.
One senior industry executive told the FT it was a "fundamental
lie" that it was "impossible" for any other supplier to take on
Bulb's customers.
UK business secretary Kwasi Kwarteng told the House of Commons on
Nov. 24 that Ofgem had advised him that using the supplier of last
resort mechanism was "not viable . . . because of the size of its
customer book", the FT recounts.
In a letter to Mr. Kwarteng justifying the decision to pursue a
special administration for Bulb, published on Nov. 24, Ofgem's
chief executive Jonathan Brearley said the supplier of last resort
mechanism was already "under considerable" strain from managing the
failure of 20-plus other energy companies in recent months, the FT
relates.
According to the FT, Mr. Brearley also warned that some customers
who pay for their electricity via prepayment meters, who are often
from low income households, risked losing the "ability to top up"
their meter via a supplier of last resort process.
CASTELL 2021-1: DBRS Gives Prov. B Rating to Class F Notes
----------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the following
classes of notes to be issued by Castell 2021-1 plc (Castell 2021
or the Issuer):
-- Class A notes at AAA (sf)
-- Class B notes at AA (sf)
-- Class C notes at A (sf)
-- Class D notes at BBB (sf)
-- Class E notes at BB (low) (sf)
-- Class F notes at B (sf)
-- Class X1 notes at AA (low) (sf)
The provisional ratings on the Class A and Class X1 notes address
the timely payment of interest and the ultimate repayment of
principal on or before the legal final maturity date. The
provisional 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. DBRS Morningstar does not rate the Class X2
notes.
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.
Castell 2021 is a bankruptcy-remote special-purpose vehicle
incorporated in the United Kingdom. The notes will be used to fund
the purchase of UK second-lien mortgage loans originated by Optimum
Credit Limited (Optimum Credit). Pepper UK Limited (Pepper) will be
the primary and special servicer of the portfolio. Optimum Credit,
established in November 2013, is a specialist provider of
second-lien mortgages based in Cardiff, Wales. Both Optimum Credit
and Pepper are part of the Pepper Group Limited, a worldwide
consumer finance business, third-party loan servicer, and asset
manager, which has been operating successfully in Australia since
2001. CSC Capital Markets UK Limited will be appointed as the
backup servicer facilitator.
Unlike the previous Castell transaction, Castell 2021 will include
a prefunding period that allows the Issuer to purchase newly
originated mortgages prior to the first interest payment date (IPD)
falling in December 2021 with the proceeds of a prefunding
principal reserve. A deterioration in credit quality is mitigated
by prefunding portfolio conditions. Any funds remaining in the
prefunding principal reserve on the first payment date will repay
the principal-backed notes pro rata. There will also be a
prefunding revenue reserve established to mitigate the effect of
negative carry during the first payment period.
DBRS Morningstar was provided with information on a provisional
mortgage portfolio as of September 30, 2021. The portfolio consists
of 6,976 mortgage loans with an aggregate principal balance of GBP
307.9 million. The average loan per borrower is GBP 44,141.
All of the mortgage loans in the provisional portfolio are owner
occupied and almost all loans are repaying on a capital and
interest basis. Within the portfolio, 87.6% of the loans are
fixed-rate loans that switch to floating rate upon completion of
the initial fixed-rate period whereas 9.1% are floating-rate loans
for life and the remaining 3.3% are fixed-rate loans for life.
Interest rate risk is expected to be hedged through a
fixed-floating interest rate swap with NatWest Markets Plc (NWM) to
mitigate the fixed interest rate risk from the mortgage loans and
Sonia payable on the notes. The Issuer will pay the swap
counterparty an amount equal to the swap notional amount multiplied
by the swap rate and, in turn, the Issuer will receive the swap
notional amount multiplied by Sonia. NWM currently has a DBRS
Morningstar Long Term Critical Obligations Rating of A (high) and a
Long-Term Issuer Rating of A (low), both with Stable trends.
Following a review of the provisions outlined in the swap
agreement, DBRS Morningstar concludes that NWM meets DBRS
Morningstar's criteria to act in such capacity. The transaction
documents contain downgrade and collateral posting provisions with
respect to NWM's role as hedging counterparty, consistent with DBRS
Morningstar criteria.
On the first IPD, the Issuer will enter into an additional hedging
agreement with a swap counterparty or increase the notional amount
under the existing swap agreement with NWM to hedge the exposure of
additional fixed-rate loans acquired during the prefunding period.
The transaction documentation will include a maximum fixed swap
rate that cannot be exceeded.
Furthermore, approximately 2.8% of the portfolio by loan balance
comprises loans originated to borrowers with a prior County Court
Judgement, 0.3% of the borrowers are in arrears, and 11.4% of the
loans were granted to self-employed borrowers, unemployed
borrowers, or pensioners (referring to the primary borrower's
employment status only). The weighted-average (WA) seasoning of the
portfolio is relatively low at five months and the WA remaining
term is approximately 15 years. The WA current loan-to-value ratio,
including any prior-ranking balances of the portfolio, is 63.5%.
Credit enhancement for the Class A notes is expected to be 27.0% at
closing and is to be provided by the subordination of the Class B
to Class G notes (excluding the uncollateralized Class X1 and X2
notes). The Class A notes benefit from further liquidity support
provided by an amortizing liquidity reserve, which can support the
payment of senior fees and interest on the Class A notes. The
liquidity reserve fund (LRF) will be unfunded at closing, with the
required amount of 1.0% of the outstanding balance of the Class A
notes. Initially, the LRF will be funded through principal
receipts. Any subsequent use of the LRF will be replenished from
revenue receipts. The excess amounts following amortization of the
Class A notes will form part of available principal.
The structure includes a principal deficiency ledger (PDL)
comprising seven subledgers (Class A PDL to Class G PDL) that
provision for realized losses as well as the use of any principal
receipts applied to meet any shortfall in payment of senior fees
and interest. The losses will be allocated starting from the Class
G PDL and then to the subledgers of each class of notes in
reverse-sequential order.
Available principal funds can be used to provide liquidity support
to the transaction. Following the application of the available
revenue funds and liquidity reserve, available principal funds can
be used to pay senior fees, swap payments, and interest shortfalls
on the Class A to Class F notes. In more detail, principal is
available to provide liquidity support to the Class B to Class F
notes provided the respective PDL balance is less than 10% of the
outstanding balance of the respective class of notes. There is no
condition for principal used to provide liquidity support for the
Class A notes, given that available revenue funds and the LRF have
been applied first. Any use will be recorded as a debit in the
PDL.
The coupon on the notes will step up on the interest payment date
falling in February 2026, which is also the first optional
redemption date. The notes can be redeemed in full, at the
outstanding balance plus accrued interest, on any subsequent
payment date. DBRS Morningstar considered the increased interest
payable on the notes on the step-up date in its cash flow
analysis.
The Issuer account bank is Citibank N.A., London Branch. Based on
DBRS Morningstar's private rating on the account bank, the
downgrade provisions outlined in the transaction documents, and
structural mitigants, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be consistent with the
ratings assigned to the notes, as described in DBRS Morningstar's
"Legal Criteria for European Structured Finance Transactions"
methodology.
DBRS Morningstar based its ratings on a review of the following
analytical considerations:
-- The transaction's 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, which DBRS Morningstar used as inputs into the cash flow
tool. DBRS Morningstar analyzed the mortgage portfolio in
accordance with DBRS Morningstar's "European RMBS Insight: UK
Addendum".
-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, Class
E, Class F, and Class X1 notes according to the terms of the
transaction documents. DBRS Morningstar analyzed the transaction
structure using Intex DealMaker.
-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as a downgrade, and
replacement language in the transaction documents.
-- DBRS Morningstar's sovereign rating on the United Kingdom of
Great Britain and Northern Ireland at AA (high) with a Stable trend
as of the date of this press release.
-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology and 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 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. For this transaction, DBRS
Morningstar conducted additional analysis to determine the
transaction benefits from sufficient liquidity support in case of
high level of payment moratoria in the portfolio.
Notes: All figures are in British pound sterling unless otherwise
noted.
COUNTESSWELLS DEVELOPMENT: Goes Into Administration
---------------------------------------------------
BBC News reports that Countesswells Development Ltd, the company
behind the development of a new 3,000-home community on the
outskirts of Aberdeen, has gone into administration.
CDL -- owned by Stewart Milne Group -- was managing the emerging
community, which got planning permission in 2014.
CDL blamed the oil and gas downturn and coronavirus pandemic for
the administration move, but said it firmly believed in the future
of the project, BBC relates.
A UK government guarantee for private sector lending for the
project was previously made, BBC notes.
According to BBC, the Treasury said it regretted the administration
but would "stand behind the guarantee that supported the
development".
Administrators FRP Advisory said the "immediate priority" was to
finalise current construction, including the completion of
affordable housing projects, BBC relays.
DERBY COUNTY FC: In Talks With City Council Over GBP100,000+ Owed
-----------------------------------------------------------------
Nigel Slater at DerbyshireLive reports that Derby City Council has
confirmed talks are ongoing with Derby County after it was revealed
the club owed the authority more than GBP100,000.
According to DerbyshireLive, a "statement of affairs" report
reveals a long list of creditors to which The Derby County Football
Club Limited, the club's company name, owes money.
The report was published after the Rams were placed into
administration in September -- the consequences of which saw Derby
deducted 12 league points, DerbyshireLive relates.
Administrators Quantuma are now handling the club's financial
affairs while trying to find a new owner for the football club and
have filed the report as part of the administration process,
DerbyshireLive discloses.
It shows that more than GBP26 million is owed to HMRC and GBP20
million to MSD Holdings, DerbyshireLive notes.
There are also creditors locally. It also says the club owes Derby
City Council a total of GBP116,138, DerbyshireLive relays.
The report files this as three separate payments to Derby City
Council, Derby City Council (BACS payments) and Derby City Council
(Direct Debit Payments) -- making up the combined six-figure total,
according to DerbyshireLive.
Derby City Council says the payments were for "business rates and
rental of south car park for matchdays", DerbyshireLive notes.
It also said in a statement that the club's auditors "have a duty"
to deal with the debt owed, DerbyshireLive recounts.
Throughout the past few months, administrators Andrew Hosking and
Carl Jackson have spoken positively about being able to secure the
club's future, DerbyshireLive discloses.
According to DerbyshireLive, recently they have told local media
that they hope a new buyer for the club can be found and a purchase
deal agreed in the New Year.
GFG ALLIANCE: Scraps Plan to Build GBP15MM Hotel in Lanarkshire
---------------------------------------------------------------
Michael Glackin at The Sunday Times reports that Sanjeev Gupta's
troubled GFG Alliance has scrapped plans to build a 100-room hotel
in Lanarkshire adjacent to the Clydebridge steelworks he purchased
in 2016.
The GBP15 million hotel was to be the first of a series of
developments on land near the group's industrial plants, The Sunday
Times states.
The decision is the latest setback for Gupta since the near
implosion of his industrial empire after the collapse of GFG's main
financier, Greensill Capital, in March, The Sunday Times notes.
That left Mr. Gupta's firms being pursued by creditors and has
forced him to seek fresh financing and embark on a series of asset
sales, The Sunday Times discloses.
According to The Sunday Times, the Serious Fraud Office is also
investigating "suspected fraud, fraudulent trading and money
laundering" in relation to GFG and Greensill.
SAGE AR 1: DBRS Confirms B Rating on Class F Notes
--------------------------------------------------
DBRS Ratings Limited confirmed its ratings on the following classes
of Commercial Mortgage-Backed Floating Rate Notes due November 2030
issued by Sage AR Funding No. 1 Plc (the Issuer):
-- Class A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class C at A (high) (sf)
-- Class D at BBB (sf)
-- Class E at BB (low) (sf)
-- Class F at B (sf)
All trends are Stable.
The rating confirmations follow the transaction's stable
performance over the last 12 months, with no material deviation
from issuance and in spite of the Coronavirus Disease (COVID-19)
pandemic.
The transaction is a securitization of a GBP 220 million
floating-rate senior social housing backed loan (the Senior Loan)
advanced by the Issuer to a single borrower, Sage Borrower AR1
Limited (the Borrower). The Senior Loan is on-lent by the Borrower
to its parent, Sage Rented Limited (SRL), a for-profit registered
provider of social housing, and was used to finance SRL's
acquisition of properties as well as associated costs and expenses.
The Senior Loan is backed by 1,609 residential units comprising
mostly houses or apartments located across England. The loan term
was five years with an expected final repayment date on November
15, 2025.
Sage Housing Limited (Sage) was established in May 2017 and is
majority-owned by Blackstone Inc. The portfolio is a mixture of
new-build houses and flats in new purpose-built schemes dating from
2017. Each scheme is generally in a good residential location close
to transport links and amenities. Approximately 60% of the
portfolio is in London, the South East, and the South West. SRL has
appointed Places for People (PFP) for the day-to-day management of
the units.
The Senior Loan interest comprises two parts: (1) Sonia (subject to
zero floor) plus a margin that is a function of the weighted
average (WA) of the aggregate interest amounts payable on the rated
notes; and (2) the lower of excess cash flow and 9% fixed interest
on the retention tranche (Class R).
To hedge against increases in the interest payable under the loan
resulting from fluctuations in Sonia, the Borrower entered into an
interest cap agreement with Merrill Lynch International (the
Hedging Counterparty), with a purchased cap strike rate of 0.5%,
for the full notional amount of the rated notes. As at the current
review date, the Hedging Counterparty has a rating which is
commensurate with that of DBRS Morningstar's ratings criteria. The
hedge will initially be in place for two years only; however, it
must be renewed annually for the remaining term of the loan. If the
hedge is not extended as described, there will be a loan event of
default and sequential payment trigger event on the notes.
The Senior Loan has a rated loan-to-value (LTV) ratio of 67.76%,
calculated on Savills market value subject to tenancy (MVSTT) of
GBP 308.4 million dated September 18, 2020. There is no scheduled
loan amortization. Subject to partial prepayments of the loan, the
Borrower shall repay the loan in full on the termination date. The
final legal maturity of the notes is expected to be on November 17,
2030, five years after the Senior Loan maturity on November 15,
2025.
There have been no asset sales since issuance and the Senior Loan
is performing in line with its covenants. In particular, the rated
debt yield (DY) of 4.24% has remained consistently above the cash
trap level of 3.75% while the rated LTV is well below the cash trap
level of 78.0%. Vacancy across the portfolio dropped to 2.52% as at
the August 2021 interest payment date compared with 9.0% at
issuance, as Sage has continued to proactively lease up any
vacancies across the schemes.
DBRS Morningstar maintained its net cash flow (NCF) assumption
constant at GBP 8.5 million as at underwriting. In addition, DBRS
Morningstar maintained its cap rate at 4.25% as at underwriting,
which translates to a DBRS Morningstar value of GBP 200.2 million,
representing a 35.1% haircut to MVSTT.
The transaction benefits from a liquidity reserve facility of GBP
6.5 million, which is provided by Deutsche Bank AG London Branch.
The liquidity reserve facility may be used to cover shortfalls on
the payment of interest due by the issuer to the holders of the
Class A to Class C notes. No drawings have been made under the
liquidity reserve facility since issuance.
The loan structure does not include any default financial covenants
prior to a permitted change of control (CoC). The default covenants
of the loan only occur after a permitted CoC takes place and when
the rated LTV is higher than 85%. Additionally, the new obligors
must ensure that, after the CoC date, the rated DY is not less than
85% of the rated DY on the date of the permitted CoC.
To comply with risk retention requirements, an entity within the
Sage Group has retained a residual interest consisting of no less
than 5% of the nominal and fair market value of the overall capital
structure by subscribing to the unrated and junior-ranking GBP 11
million Class R notes. This retention note ranks junior in relation
to interest and principal payments to all rated notes in the
transaction.
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 tenants and borrowers. DBRS Morningstar anticipates that
vacancy rate increases and cash flow reductions may continue to
arise for many CMBS borrowers. In addition, commercial real estate
values could be negatively affected, at least in the short term,
affecting refinancing prospects for maturing loans and expected
recoveries for defaulted loans.
Notes: All figures are in British pound sterling unless otherwise
noted.
SAGE AR 2021: DBRS Gives Prov. BB(high) Rating on Class E Notes
---------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the following
classes of notes to be issued by SAGE AR Funding 2021 PLC (the
Issuer):
-- Class A notes at AAA (sf)
-- Class B notes at AA (low) (sf)
-- Class C notes at A (low) (sf)
-- Class D notes at BBB (sf)
-- Class E notes at BB (high) (sf)
The trends on all ratings are Stable.
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 versions of the transaction documents and of the relevant
opinions. If the information therein is substantially different,
DBRS Morningstar may assign different final ratings to the Notes.
The transaction is a securitization of a GBP 274.9 million
floating-rate social housing-backed loan advanced by the Issuer to
a single borrower, Sage Borrower AR2 Limited. The loan is then
on-lent by the borrower to its parent, Sage Rented Limited (Parent
RP or SRL), a for-profit registered provider of social housing, and
is used to directly or indirectly finance or refinance the Parent
RP's acquisition of the properties as well as cover the associated
costs and expenses. The loan is backed by 1,712 residential units
comprising mostly houses or apartments located across England.
Sage Housing Group (the Sponsor or Sage) was established in May
2017 and is majority owned by Blackstone. Sage's core business is
the provision of new affordable homes rented at a discount to the
prevailing open market rate and let only to people on local
authority housing waiting lists who are in need of housing. The
transaction represents the second securitization by the Sponsor
following Sage AR Funding No. 1 Plc, which was issued in October
2020 and rated by DBRS Morningstar.
The portfolio securing the loan consists of 1,712 recently
completed social housing units across 134 development sites in
England, totaling 3,482 beds. Based on market value subject to
tenancy (MVSTT), the vast majority of the properties are located in
the South East and the East of England at 41.7% and 30.3% of the
portfolio, respectively. Most of the rented units are on a "starter
lease" and then transferred to a periodic assured shorthold tenancy
after an initial probationary period of 12 months, which is
extendable to 18 months. Tenants in social housing typically occupy
the units for more than five years beyond the probationary period.
SRL has appointed Places for People (PFP) for the day-to-day
management of the units. PFP is a leading, nationwide-registered
provider with a property portfolio of more than 200k units under
management in diverse markets. It has a core social housing
business with a G1/V1 rating from the regulator and more than 50
years of experience managing properties and tenants.
The facility represents a loan-to-value (LTV) ratio of 72.9% (68.0%
based on the rated notes) calculated on the Savills MVSTT valuation
of GBP 376.9 million dated 14 October 2021. Based on a borrower pro
forma net operating income of GBP 10.9 million, the debt yield (DY)
at the 30 September 2021 cut-off date was 4.25% for the rated notes
and 3.97% for the whole loan, including the subordinated Class R
amount.
DBRS Morningstar's value of GBP 239.0 million represents a DBRS
Morningstar LTV of 115.0% for the whole loan and equates to a
haircut of 36.6% to the Savills valuation. DBRS Morningstar based
its valuation on an underwritten net cash flow (NCF) of
approximately GBP 10.0 million and by applying a cap rate of 4.20%.
The DBRS Morningstar DY at the cut-off date was 3.93% for the rated
notes and 3.67% for the whole loan.
Although the outbreak of the Coronavirus Disease (COVID-19) has
negatively affected all commercial real estate sectors, the
portfolio of affordable rented housing has experienced a relatively
limited impact compared with other asset types. Sage's affordable
rents business has an arrears level of 2.3% (in respect of tenants
in occupancy for over eight weeks) and 3.1% (in respect of tenants
who have been in occupancy for over 18 months). DBRS Morningstar
notes that such levels of arrears are in line with the sector's
benchmarks.
The proceeds of the notes will be advanced to a wholly owned, newly
incorporated subsidiary of SRL and then on-lent to SRL. SRL will in
turn grant third-party security by way of mortgages over the
properties and a share pledge over the shares in the borrower in
order to secure the borrower's obligations under the facility
agreement. SRL will also grant security to the borrower by way of a
fixed charge over its segregated account into which rent is paid
and over its right to receive rental income under the occupational
leases. The borrower will maintain full signing rights and full
discretion over SRL's segregated account.
The loan carries a floating rate of Sterling Overnight Index
Average (Sonia) floored at 0% with a loan margin. There is no
interest payable on the portion corresponding to the Class R notes.
The loan is interest only (with no scheduled amortization) until
the expected loan repayment date on 15 November 2026. Following the
initial five-year term, the loan may be extended on an annual basis
until 15 November 2046, with a loan margin step-up, provided that
no loan default for non-payment is continuing and satisfactory
hedging is in place up to the relevant extended termination date.
However, failure to repay the loan at the expected loan maturity is
a cash sweep event and also triggers a minimum annual amortization
of 1.0% on the loan balance on the date of the initial extension
request. A cash sweep event means that any excess funds available
following the payment of interest and amortization (together with
the payment of certain senior costs including, inter alia, agent
fees, corporate costs, asset management fees, and repair and
maintenance costs) are used to repay the loan. If the loan is
extended, there will also be a step-up in the margin payable on the
rated notes, on and from the first expected note maturity date on
17 November 2026.
The transaction does not have financial default covenants prior to
a permitted change of control; however, there are cash trap
covenants set at a rated LTV of 78.00% and rated DY of 3.56%.
To hedge against increases in the interest payable under the loan
resulting from fluctuations in Sonia, the borrower will purchase an
interest rate cap agreement from a hedge provider with a rating, as
at the cut-off date, commensurate with that of DBRS Morningstar's
rating criteria. The interest rate cap agreement is expected to
provide for an interest rate cap with a strike rate of 0.75% and
cover the full notional amount of the rated notes. The hedge will
initially be in place for two years; however, it must be renewed
annually for the remaining term of the loan. DBRS Morningstar
anticipates that the hedge will be extended for the full duration
of the loan term. If the hedge is not extended as described, there
will be a loan event of default and sequential payment trigger
event on the notes.
The interest rate cap agreements, prior to the expected loan
maturity date, are required to have a cap strike equal to the
higher of 1.00% and the rate that provides a hedged interest
coverage ratio of 1.5 times (x). Following the expected maturity
date, the interest rate cap agreements are expected to have a cap
strike of the higher of 0.75% and the rate that provides an
interest coverage ratio of 1.5x. This would result in 24 months of
interest coverage on the notes.
On the closing date, GBP 5.6 million of the proceeds from the
issuance of the Class A notes will be used to fund the Issuer
Liquidity Reserve. The Issuer Liquidity Reserve can be used to
cover interest shortfalls on the Class A, Class B, Class C, and
Class D notes.
According to DBRS Morningstar's analysis, the Issuer Liquidity
Reserve amount, as at closing, could cover interest payments on the
covered notes up to 12 months or 5 months based on the interest
rate cap strike rate of 0.75% or the Sonia cap of 4.00%,
respectively.
The legal final maturity of the notes is expected to be in November
2051, five years after the final loan termination date. DBRS
Morningstar believes that this provides sufficient time to enforce
the loan collateral and repay the bondholders, given the security
structure and jurisdiction of the underlying loan.
To satisfy risk retention requirements, an entity within the Sage
Group will retain a residual interest consisting of no less than 5%
of the nominal and fair market value of the overall capital
structure by subscribing to the unrated and junior-ranking GBP 18.5
million Class R notes. This retention note ranks junior in relation
to interest and principal payments on all rated notes in the
transaction.
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 tenants and borrowers. DBRS Morningstar anticipates that
vacancy rate increases and cash flow reductions may continue to
arise for many commercial mortgage-backed security (CMBS)
borrowers, some meaningfully. In addition, commercial real estate
values will be negatively affected, at least in the short term,
affecting refinancing prospects for maturing loans and expected
recoveries for defaulted loans.
Notes: All figures are in British pound sterling unless otherwise
noted.
ZEPHYR MIDCO: S&P Affirms 'B-' Long-Term ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer credit rating
on Zephyr Midco 2 Ltd. (Zephyr) and its 'B-' issue rating on the
group's debt.
S&P said, "The stable outlook reflects our view that Zephyr will
maintain funds from operations (FFO) cash interest coverage of at
least 2x and reduce adjusted debt to EBITDA toward 8.0x over the
next 12 months.
"We expect Zephyr's credit metrics to stabilize in 2022 thanks to
the full-year contribution from Penguin Portals and the easing of
energy market headwinds.We expect Zephyr's operating performance
will improve in 2021 compared with 2020, when the COVID-19 pandemic
adversely affected operations. However, due to higher marketing and
staff costs, headwinds in the energy comparison segment, and the
acquisition of Penguin Portals that Zephyr partly funded with debt,
the group's adjusted leverage will remain very high. We forecast
adjusted debt to EBITDA will be above 10x pro forma the
acquisition, reducing toward 8x in 2022 from 9.4x in the fiscal
year ended in Sept. 30, 2020 (FY2020) thanks to revenue and EBITDA
growth, reduction in outstanding earn-out liabilities, and good
execution in integrating the acquired businesses. We forecast that
Zephyr will generate adjusted EBITDA of GBP100 million-GBP105
million in 2021 and GBP145 million-GBP155 million in 2022, with
FOCF of GBP40 million-GBP45 million in 2021 and GBP55 million-GBP60
million in 2022. We understand the group plans to reduce leverage
in the short term and does not plan to start paying dividends to
its controlling owners during this period. That said, we think the
relatively small scale and scope of the business and high quantum
of debt will limit leverage reduction prospects--we estimate that
the group will have about GBP1.2 billion of financial debt on
balance sheet at the end of 2021.
"Recovery in the property division will support an improvement in
Zephyr's financial metrics. We expect Zephyr's subscription-based
property revenue to grow by 10%-20% per year in 2021-2022 after a
tough 2020, with successful sales efforts and marketing campaigns
resulting in consistent growth in a number of Zephyr's U.K.-based
real estate partners. Revenue growth will stem from recovery in
discretionary spend and agents committing to long-term contracts
after the expiry of rebates offered at the beginning of the
pandemic. We forecast revenue in the marketing sub-segment will
return to pre-pandemic levels by the end of 2022. We also expect
revenue growth will stem from new business wins--including the
acquired mortgage lending solution business--in the data
sub-segment, and strong sales and price rises in the software
sub-segment. We note that continuing investment in marketing,
staff, and technology to drive medium-term revenue, as well as by
some normalization of costs after pandemic-related savings in 2020,
will partly offset the improvement in the property segment's
profitability.
"We anticipate the current pressures in the energy market will
weigh on profitability in 2021.The sharp increase in wholesale
energy prices and low switching in the Money business have hampered
Zephyr's comparisons business in 2021. High energy prices and
regulated price caps are making it uneconomical for suppliers to
offer attractive tariffs to consumers, leading to negligible energy
switching. We project revenue in the uSwitch segment to be about
30% down year-on-year in 2021 compared with 2020. Low switching has
also hindered Zephyr's Money platform, which comprises revenue
generated from financial product switching services, because
consumers are using up savings accumulated during lockdowns in
2020-2021. We expect the headwinds from high wholesale energy
prices to ease by the end of first half of 2022, but we do not
expect revenue in the comparisons business segment to fully recover
to FY2020 levels until the end of 2022.
"We think the acquisition of Admiral Group's price comparison
division, Penguin Portals, has strengthened Zephyr's competitive
position and increased its addressable market.In our view, the
acquisition, completed in April 2021, complements Zephyr's
expertise in the household service comparison segments and
increases its total addressable market to GBP1.5 billion from
GBP600 million. It gives Zephyr a greater presence in the car and
home insurance markets, two of the largest markets in the U.K. for
price comparison websites and markets in which it did not have a
meaningful presence previously. We forecast the combined group's
revenue will reach about GBP520 million-GBP540 million in 2022,
supported by organic growth through cross-selling opportunities.
That said, we note that the acquired insurance-focused price
comparison websites have lower profitability compared with Zephyr's
existing portfolio due to structural factors including higher
marketing spend. We therefore forecast that, following the
acquisition and incorporating some cost synergies from efficiency
improvements, market share gain, and headcount rationalization,
Zephyr's adjusted EBITDA margin will somewhat reduce to about
25%-30% in 2021-2022 compared with 36% in FY2020.
"The stable outlook reflects our view that Zephyr's organic revenue
growth, gradually alleviating challenges in the comparisons
business segment, and integration of the acquired businesses will
support its adjusted EBITDA growth and positive FOCF generation
over the next 12 months. The outlook also reflects our assumption
that Zephyr will maintain an FFO cash interest coverage ratio of at
least 2x and adequate liquidity, with adjusted debt to EBITDA
dropping toward 8.0x in 2022.
"We could lower the rating if the group experienced operating
setbacks that it could not fully offset with lower costs, resulting
in lower EBITDA, an inability to generate positive reported FOCF,
and constrained liquidity position, such that the group's capital
structure would become unsustainable in the medium term.
"We are unlikely to upgrade Zephyr over the next 12 months owing to
its very high leverage and the headwinds it is facing in the energy
comparison market. Over the longer term, we could raise the ratings
if the group's operating performance exceeded our base-case
expectations, such that it reduced adjusted debt to EBITDA toward
7.5x and maintained FOCF to debt sustainably above 5%. An upgrade
would also be contingent on our view of the group's financial
policy remaining supportive of such credit metrics."
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week November 22 to November 26, 2021
---------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Banca Monte dei Paschi 5.375 1/18/2028 EUR 78.140
Aggregate Holdings SA 6.875 11/09/2025 EUR 62.500
Casino Guichard Perrac 3.992 EUR 67.644
Casino Guichard Perrac 1.257 EUR 38.929
Mitsubishi UFJ Investo 3.951 12/15/2050 EUR 51.496
Moby SpA 7.750 2/15/2023 EUR 59.956
Rallye SA 4.000 2/28/2030 EUR 23.118
EYEMAXX Real Estate AG 5.500 4/26/2023 EUR 10.084
Andrade Gutierrez Inte 9.500 12/30/2024 USD 51.500
EYEMAXX Real Estate AG 5.500 9/24/2024 EUR 9.950
Rallye SA 4.371 1/23/2023 EUR 23.520
Voltalia SA 1.000 1/13/2025 EUR 30.804
Maisons du Monde SA 0.125 12/06/2023 EUR 47.852
Korian SA 1.875 EUR 43.792
Korian SA 0.875 03/06/2027 EUR 58.007
Mallinckrodt Internati 5.750 08/01/2022 USD 54.000
BAT International Fina 2.250 09/09/2052 GBP 74.654
Aggregate Holdings SA 5.500 5/17/2024 EUR 62.513
Mallinckrodt Internati 5.625 10/15/2023 USD 54.750
Intelsat Jackson Holdi 5.500 08/01/2023 USD 51.000
EYEMAXX Real Estate AG 5.500 7/22/2025 EUR 7.928
Neoen SA 2.000 06/02/2025 EUR 53.803
Metro Bank PLC 5.500 6/26/2028 GBP 75.111
Air France-KLM 0.125 3/25/2026 EUR 16.150
PREOS Global Office Re 7.500 12/09/2024 EUR 73.000
Accor SA 0.700 12/07/2027 EUR 53.143
Mallinckrodt Internati 5.500 4/15/2025 USD 54.875
Mallinckrodt Internati 4.750 4/15/2023 USD 35.625
Hylea Group SA 7.250 12/01/2022 EUR 13.100
Fuerstenberg Capital I 5.625 EUR 48.509
Lehman Brothers UK Cap 5.125 EUR 7.781
Hellenic Bank PCL 10.000 EUR 60.675
Rallye SA 5.250 02/01/2022 EUR 19.817
Neoen SA 1.875 10/07/2024 EUR 43.688
Intu Debenture PLC 5.562 12/31/2027 GBP 39.709
Econocom Group SA/NV 0.500 03/06/2023 EUR 7.740
Offshore Drilling Hold 8.375 9/20/2020 USD 8.000
Paragon GmbH & Co KGaA 4.500 07/05/2022 EUR 71.334
Intelsat Jackson Holdi 8.500 10/15/2024 USD 53.000
Nexity SA 0.875 4/19/2028 EUR 57.193
Quadient SA 3.375 EUR 58.525
Rallye SA 3.250 02/08/2024 CHF 20.500
Wirecard AG 0.500 09/11/2024 EUR 12.000
Pierre Et Vacances SA 2.000 04/01/2023 EUR 28.431
PB International BV 7.625 1/26/2022 USD 42.571
O1 Properties Finance 0.500 9/27/2028 USD 12.000
Debenhams PLC 5.250 7/15/2021 GBP 0.501
FIGEAC-AERO 1.125 10/18/2022 EUR 21.970
Paragon GmbH & Co KGaA 4.000 4/23/2023 CHF 60.600
Tresu Investment Holdi 5.000 9/29/2022 EUR 28.250
Intelsat Jackson Holdi 9.750 7/15/2025 USD 50.500
Nostrum Oil & Gas Fina 8.000 7/25/2022 USD 24.292
HOCHDORF Holding AG 2.500 CHF 59.455
Union Fenosa Preferent 1.107 EUR 71.292
Bourbon Corp 8.305 EUR 0.124
Rallye SA 4.000 11/23/2020 CHF 20.585
Privatbank CJSC Via UK 10.250 1/23/2018 USD 10.000
FF Group Finance Luxem 3.250 11/02/2021 CHF 7.758
Rickmers Holding AG 8.875 06/11/2018 EUR 0.591
Intelsat SA 4.500 6/15/2025 USD 15.000
Intelsat Luxembourg SA 8.125 06/01/2023 USD 0.750
Nexity SA 0.250 03/02/2025 EUR 66.711
Andrade Gutierrez Inte 11.000 8/20/2021 USD 56.204
Air Berlin PLC 8.250 4/19/2018 EUR 0.773
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.985
Lehman Brothers UK Cap 3.875 EUR 9.842
Turkey Government Bond 10.500 08/11/2027 TRY 72.100
Officine Maccaferri-Sp 5.750 06/01/2021 EUR 17.401
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.089
Immigon Portfolioabbau 5.801 EUR 12.350
Rallye SA 3.400 1/31/2022 EUR 22.585
Eterna Mode Holding Gm 7.750 06/03/2024 EUR 94.862
Intelsat Connect Finan 9.500 2/15/2023 USD 25.000
Koninklijke Luchtvaart 0.750 CHF 22.750
Turkey Government Bond 8.000 03/12/2025 TRY 75.050
Nostrum Oil & Gas Fina 7.000 2/16/2025 USD 26.137
Stichting Afwikkeling 6.250 10/26/2020 EUR 5.375
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.844
Air Berlin PLC 6.750 05/09/2019 EUR 0.573
Banco Espirito Santo S 7.125 11/28/2023 EUR 0.514
Claranova SADIR 5.000 07/01/2023 EUR 1.100
Jain International Tra 7.125 02/01/2022 USD 22.617
Alitalia-Societa Aerea 5.250 7/30/2020 EUR 0.100
Yuksel Insaat AS 9.500 11/10/2015 USD 0.379
Intelsat Luxembourg SA 7.750 06/01/2021 USD 1.000
Autonomous Community o 2.965 09/08/2039 JPY 69.004
EA Partners I BV 6.875 9/28/2020 USD 0.741
Offshore Drilling Hold 8.375 9/20/2020 USD 8.000
OGX Austria GmbH 8.375 04/01/2022 USD 0.003
Norddeutsche Landesban 7.490 EUR 63.876
Scandinavian Airlines 0.625 CHF 20.495
Ziton A/S 7.900 10/03/2022 EUR 70.000
Dexia SA 1.227 EUR 2.773
Galapagos Holding SA 7.000 6/15/2022 EUR 0.010
EA Partners II BV 6.750 06/01/2021 USD 1.281
Stichting Afwikkeling 11.250 EUR 0.416
Avangardco Investments 10.000 10/29/2018 USD 0.656
Mitsubishi UFJ Investo 3.699 12/30/2099 EUR 5.000
Dexia Credit Local SA 1.180 EUR 3.239
Yell Bondco PLC 8.500 05/02/2023 GBP 70.224
DOF Subsea AS 9.500 3/14/2022 USD 29.000
Genfit 3.500 10/16/2025 EUR 17.904
Travelex Financing PLC 8.000 5/15/2022 EUR 1.427
Fuerstenberg Capital E 1.020 EUR 47.990
Virgolino de Oliveira 11.750 02/09/2022 USD 1.003
Havila Shipping ASA 5.050 01/02/2025 NOK 21.419
KTG Agrar SE 7.125 06/06/2017 EUR 2.098
Stichting Afwikkeling 6.625 5/14/2018 EUR 5.375
Joh Friedrich Behrens 7.750 11/11/2020 EUR 50.590
Thomas Cook Finance 2 3.875 7/15/2023 EUR 0.965
Orient Express Bank PJ 2.000 USD 31.160
Hema Bondco II BV 8.500 1/15/2023 EUR 0.112
Hellenic Republic Gove 2.085 7/25/2057 EUR 46.991
UkrLandFarming PLC 10.875 3/26/2018 USD 2.150
FF Group Finance Luxem 1.750 07/03/2019 EUR 5.442
DOF Subsea AS 8.410 11/27/2023 NOK 28.001
Air Berlin PLC 5.625 05/09/2019 CHF 0.631
Andrade Gutierrez Inte 9.500 12/30/2024 USD 53.248
KPNQwest NV 10.000 3/15/2012 EUR 0.453
OGX Austria GmbH 8.500 06/01/2018 USD 0.003
International Industri 9.000 07/06/2011 EUR 0.051
Cirio Holding Luxembou 6.250 2/16/2004 EUR 0.723
REM Saltire Holding AS 7.000 12/31/2024 NOK 52.443
Espirito Santo Financi 6.875 10/21/2019 EUR 0.244
Alno AG 8.500 5/14/2018 EUR 15.323
EFG International AG 0.551 EUR 82.770
Espirito Santo Financi 9.750 12/19/2025 EUR 0.061
Privatbank CJSC Via UK 11.000 02/09/2021 USD 1.523
Norwegian Air Shuttle 5.000 02/07/2023 SEK 44.813
Virgolino de Oliveira 10.500 1/28/2018 USD 0.766
Mallinckrodt Internati 5.500 4/15/2025 USD 48.500
Lehman Brothers UK Cap 6.900 USD 3.986
Senivita Social Estate 4.000 05/12/2025 EUR 7.160
Agrokor dd 9.875 05/01/2019 EUR 15.000
Lehman Brothers UK Cap 5.750 EUR 7.000
Joh Friedrich Behrens 6.250 6/18/2024 EUR 49.500
Norske Skogindustrier 2.000 12/30/2115 EUR 0.113
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Praktiker AG 5.875 02/10/2016 EUR 0.069
Deutsche Bank AG/Londo 1.067 3/15/2033 USD 69.732
EOS Imaging SA 6.000 5/31/2023 EUR 6.959
Allied Irish Banks PLC 12.500 6/25/2035 GBP 60.921
Bulgaria Steel Finance 12.000 05/04/2013 EUR 0.216
Windreich GmbH 6.500 03/01/2015 EUR 4.475
Lloyds Bank PLC 0.352 4/26/2033 USD 74.722
Privatbank CJSC Via UK 10.875 2/28/2018 USD 7.223
Bilt Paper BV 10.360 USD 1.193
Hellas Telecommunicati 6.054 1/15/2015 USD 0.001
Tennor Finance BV 5.750 6/17/2024 EUR 75.000
Banca Popolare di Vice 2.821 12/20/2017 EUR 0.100
Phosphorus Holdco PLC 10.000 04/01/2019 GBP 0.974
Rallye SA 1.000 10/02/2020 EUR 20.502
International Industri 11.000 2/19/2013 USD 0.051
UniCredit Bank AG 0.107 11/19/2029 EUR 68.716
Banca Popolare di Vice 9.500 9/29/2025 EUR 0.049
Bank Otkritie Financia 10.000 4/26/2019 USD 9.563
Deutsche Bank AG/Londo 4.200 6/30/2034 USD 74.821
New World Resources NV 4.000 10/07/2020 EUR 0.231
New World Resources NV 8.000 04/07/2020 EUR 0.506
Russian Federal Bond - 0.250 7/20/2044 RUB 20.000
Nexity SA 0.125 01/01/2023 EUR 63.715
Alpha Services and Hol 3.250 EUR 68.131
Andrade Gutierrez Inte 11.000 8/20/2021 USD 56.204
German Pellets GmbH 7.250 11/27/2019 EUR 1.393
Civitas Properties Fin 4.000 11/24/2022 EUR 65.000
Banco Espirito Santo S 6.875 7/15/2016 EUR 24.250
Commerzbank AG 0.077 11/19/2029 EUR 64.916
ESFIL-Espirito Santo F 5.250 06/12/2015 EUR 0.111
OGX Austria GmbH 8.375 04/01/2022 USD 0.003
KPNQwest NV 8.875 02/01/2008 EUR 0.453
Norske Skogindustrier 7.000 12/30/2026 EUR 0.596
Ghelamco Invest 4.500 5/23/2022 EUR 40.010
KPNQwest NV 7.125 06/01/2009 EUR 0.453
Pentracor GmbH 8.500 5/29/2025 EUR 61.000
SAS AB 4.377 SEK 25.754
LBI ehf 6.100 8/25/2011 USD 9.375
Portugal Telecom Inter 6.250 7/26/2016 EUR 0.271
BNG Bank NV 10.010 6/17/2025 TRY 73.200
Phones4u Finance PLC 9.500 04/01/2018 GBP 71.750
Alpine Holding GmbH 5.250 07/01/2015 EUR 3.084
Cirio Finanziaria SpA 8.000 12/21/2005 EUR 1.838
Verimatrix SA 6.000 6/29/2022 EUR 3.836
Banco Espirito Santo S 2.083 EUR 0.128
Saleza AS 9.000 07/12/2021 EUR 0.203
Cirio Finance Luxembou 7.500 11/03/2002 EUR 1.769
Windreich GmbH 6.500 7/15/2016 EUR 4.475
Island Offshore Shipho 3.030 6/30/2022 NOK 4.765
Fuerstenberg Capital D 1.609 EUR 55.000
Societe Centrale des B 2.500 5/15/2023 EUR 6.880
Hamon & CIE SA 3.300 1/31/2035 EUR 45.974
Vneshprombank Ltd Via 9.000 11/14/2016 USD 0.078
Nostrum Oil & Gas Fina 8.000 7/25/2022 USD 27.448
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.614
Virgolino de Oliveira 11.750 02/09/2022 USD 1.003
Virgolino de Oliveira 10.500 1/28/2018 USD 0.750
WD Invest Sarl 1.900 10/02/2024 EUR 11.177
Veneto Banca SpA 9.878 12/01/2025 EUR 0.571
Depfa Funding II LP 6.500 EUR 60.782
Mallinckrodt Internati 5.750 08/01/2022 USD 46.125
Cooperatieve Rabobank 0.500 10/30/2043 MXN 15.932
Espirito Santo Financi 3.125 12/02/2018 EUR 0.459
UBS AG/London 13.250 05/04/2022 USD 57.150
Sberbank of Russia PJS 8.500 11/14/2031 RUB 60.190
Kommunekredit 0.500 7/30/2027 TRY 32.851
Waste Italia SpA 10.500 11/15/2019 EUR 0.550
Mallinckrodt Internati 5.625 10/15/2023 USD 53.375
Deutsche Bank AG 0.756 6/28/2033 USD 78.500
Virgolino de Oliveira 10.875 1/13/2020 USD 36.000
Corporate Commercial B 8.250 08/08/2014 USD 0.308
Cooperatieve Rabobank 0.500 7/30/2043 MXN 16.247
Agrokor dd 8.875 02/01/2020 USD 15.000
Banco Espirito Santo S 6.900 6/28/2024 EUR 24.301
Sairgroup Finance BV 4.375 06/08/2006 EUR 1.568
Bank Nadra Via NDR Fin 8.250 7/31/2018 USD 0.208
Alpine Holding GmbH 6.000 5/22/2017 EUR 3.084
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
Stichting Afwikkeling 2.203 EUR 0.416
JP Morgan Structured P 12.000 01/04/2027 ZMW 65.093
Activa Resources AG 0.500 11/15/2021 EUR 0.300
Hellas Telecommunicati 8.500 10/15/2013 EUR 0.540
Bulgaria Steel Finance 12.000 05/04/2013 EUR 0.216
JP Morgan Structured P 13.000 12/22/2027 ZMW 68.291
Del Monte Finance Luxe 6.625 5/24/2006 EUR 4.558
Turkey Government Bond 11.700 11/13/2030 TRY 70.700
CRC Breeze Finance SA 6.110 05/08/2026 EUR 30.236
Deutsche Bank AG/Londo 4.120 3/27/2035 USD 74.667
SiC Processing GmbH 7.125 03/01/2016 EUR 2.406
Moby SpA 7.750 2/15/2023 EUR 59.956
Turkey Government Bond 1.500 10/09/2024 TRY 525.000
Aralco Finance SA 10.125 05/07/2020 USD 0.934
SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000
Credit Agricole Corpor 10.500 2/16/2027 TRY 69.695
KTG Agrar SE 7.250 10/15/2019 EUR 2.098
Depfa Funding III LP 0.235 EUR 57.279
Banco Espirito Santo S 2.263 EUR 0.236
Grupo Isolux Corsan SA 1.000 12/30/2021 EUR 0.077
Norwegian Air Shuttle 6.375 11/15/2024 USD 48.206
German Pellets GmbH 7.250 04/01/2016 EUR 1.393
Air Berlin Finance BV 8.500 03/06/2019 EUR 0.336
Ahtium PLC 9.750 04/04/2017 EUR 0.726
WPE International Coop 10.375 9/30/2020 USD 5.000
Intelsat Jackson Holdi 8.500 10/15/2024 USD 52.740
Intelsat Jackson Holdi 9.750 7/15/2025 USD 51.534
Deutsche Bank AG 0.687 10/11/2049 EUR 70.647
Intelsat Connect Finan 9.500 2/15/2023 USD 24.116
Grupo Isolux Corsan SA 6.000 12/30/2021 EUR 0.194
O1 Properties Finance 8.250 9/27/2021 USD 11.329
Intelsat Jackson Holdi 9.750 7/15/2025 USD 51.534
Agrokor dd 9.125 02/01/2020 EUR 15.000
Deutsche Agrar Holding 7.250 9/28/2018 EUR 0.704
Peine GmbH 2.000 07/05/2023 EUR 44.500
Rena GmbH 7.000 12/15/2015 EUR 2.096
DZ Bank AG Deutsche Ze 0.487 03/11/2031 EUR 69.475
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.006
Steilmann SE 7.000 9/23/2018 EUR 1.429
Finmek International S 7.000 12/03/2004 EUR 2.193
Solon SE 1.375 12/06/2012 EUR 0.745
A-TEC Industries AG 8.750 10/27/2014 EUR 0.100
OGX Austria GmbH 8.500 06/01/2018 USD 0.003
Agrokor dd 9.875 05/01/2019 EUR 15.000
CBo Territoria 3.750 07/01/2024 EUR 4.730
Kardan NV 6.325 2/21/2021 ILS 11.020
Deutsche Bank AG/Londo 4.872 12/23/2035 USD 72.437
Intelsat Luxembourg SA 12.500 11/15/2024 USD 65.750
Natixis SA 0.300 6/25/2048 USD 53.035
Norske Skogindustrier 7.125 10/15/2033 USD 0.596
Instabank ASA 7.530 NOK 38.457
SG Issuer SA 2.700 11/28/2034 ZAR 45.912
BOA Offshore AS 0.409 7/17/2047 NOK 7.283
Golden Gate AG 6.500 10/11/2014 EUR 37.600
Virgolino de Oliveira 10.875 1/13/2020 USD 36.000
A-TEC Industries AG 2.750 05/10/2014 EUR 0.100
Cooperatieve Rabobank 0.500 1/31/2033 MXN 38.777
Raiffeisen Schweiz Gen 11.000 6/29/2022 CHF 71.600
Lehman Brothers Treasu 5.220 03/01/2024 EUR 0.100
Erotik-Abwicklungsgese 7.750 07/09/2019 EUR 0.779
Steilmann SE 6.750 6/27/2017 EUR 2.184
JP Morgan Structured P 12.000 8/28/2026 ZMW 70.513
Mox Telecom AG 7.250 11/02/2017 EUR 2.247
ECM Real Estate Invest 5.000 10/09/2011 EUR 15.375
Cooperatieve Rabobank 0.500 10/29/2027 MXN 62.421
Barclays Bank PLC 0.500 10/01/2031 TRY 17.773
Agrokor dd Via Aquariu 4.921 08/08/2017 EUR 14.625
Havila Shipping ASA 4.300 01/02/2025 NOK 51.605
Banco Espirito Santo S 10.000 12/06/2021 EUR 0.514
Veneto Banca SpA 6.944 5/15/2025 EUR 0.571
Cattles Ltd 8.125 07/05/2017 GBP 0.027
Caixa Economica Montep 5.000 EUR 50.020
Alno AG 8.000 3/21/2019 EUR 16.000
Credit Suisse AG/Londo 20.000 11/29/2024 USD 14.280
Lloyds Bank PLC 0.500 7/26/2028 MXN 59.162
Yell Bondco PLC 8.500 05/02/2023 GBP 70.224
Finance and Credit Ban 9.250 1/25/2019 USD 0.181
La Veggia Finance SA 7.125 11/14/2004 EUR 0.287
Bank2 ASA 5.690 NOK 57.739
Instabank ASA 9.500 NOK 49.916
BRAbank ASA/NO 7.510 NOK 53.882
Credit Suisse AG/Londo 11.600 12/08/2021 EUR 9.470
Golfino AG 8.000 11/18/2023 EUR 0.020
Instabank ASA 5.530 3/28/2028 NOK 63.695
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Getin Noble Bank SA 6.870 4/29/2024 PLN 49.863
UkrLandFarming PLC 10.875 3/26/2018 USD 2.150
Banco Santander SA 1.857 EUR 1.685
Veneto Banca SpA 6.411 EUR 0.345
Getin Noble Bank SA 5.310 04/04/2024 PLN 57.984
Centrosolar Group AG 7.000 2/15/2016 EUR 2.505
Air Berlin Finance BV 6.000 03/06/2019 EUR 0.336
MOL Hungarian Oil & Ga 1.900 04/12/2031 HUF 73.300
German Pellets GmbH 7.250 07/09/2018 EUR 1.393
Instabank ASA 8.290 02/04/2030 NOK 68.017
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.089
UBS AG/London 21.250 2/18/2022 USD 63.900
EFG International Fina 9.700 9/26/2022 CHF 8.930
Pongs & Zahn AG 8.500 11/01/2014 EUR 0.002
Portugal Telecom Inter 5.242 11/06/2017 EUR 0.694
Veneto Banca SpA 6.950 2/25/2025 EUR 0.571
MS Deutschland Beteili 6.875 12/18/2017 EUR 0.602
SALVATOR Vermoegensver 9.500 12/31/2021 EUR 8.600
Agrokor dd 8.875 02/01/2020 USD 15.000
getgoods.de AG 7.750 10/02/2017 EUR 0.527
Getin Noble Bank SA 5.250 12/21/2023 PLN 56.875
SAG Solarstrom AG 7.500 07/10/2017 EUR 31.000
Hellas Telecommunicati 6.054 1/15/2015 USD 0.001
WEB Windenergie AG 6.250 EUR 0.010
Credit Suisse AG/Londo 6.250 10/31/2025 USD 11.360
Cooperatieve Rabobank 0.500 11/30/2027 MXN 61.558
AKB Peresvet ZAO 0.510 2/14/2032 RUB 13.010
Sairgroup Finance BV 6.625 10/06/2010 EUR 1.568
Norske Skog Holding AS 8.000 2/24/2023 USD 0.006
SFO Akkord Finans 10.000 02/12/2024 RUB 67.060
Santander Consumer Ban 5.530 NOK 46.493
Bibby Offshore Service 7.500 6/15/2021 GBP 11.625
Resa SA/Belgium 1.950 7/22/2036 EUR 50.010
Rena GmbH 8.250 07/11/2018 EUR 2.096
Credit Suisse AG 0.500 12/16/2025 BRL 60.025
NTRP Via Interpipe Ltd 10.250 08/02/2017 USD 28.938
Deutsche Bank AG/Londo 13.750 6/20/2026 TRY 74.167
Getin Noble Bank SA 4.250 8/30/2024 PLN 69.176
SAir Group 0.125 07/07/2005 CHF 12.625
Nostrum Oil & Gas Fina 7.000 2/16/2025 USD 27.515
A-TEC Industries AG 5.750 11/02/2010 EUR 0.100
SALVATOR Vermoegensver 9.500 EUR 10.100
New World Resources NV 8.000 04/07/2020 EUR 0.506
Ahtium PLC 4.000 12/16/2015 EUR 0.586
Barclays Bank PLC 5.000 11/01/2029 BRL 59.972
COFIDUR SA 0.100 12/31/2024 EUR 24.050
Cooperatieve Rabobank 0.500 8/21/2028 MXN 57.051
Credit Agricole Corpor 9.450 03/08/2027 TRY 66.034
Kreditanstalt fuer Wie 0.250 10/06/2036 CAD 51.345
Credit Suisse AG/Londo 8.100 8/23/2022 CHF 67.000
Raiffeisen Schweiz Gen 10.000 12/31/2024 CHF 69.780
Pescanova SA 5.125 4/20/2017 EUR 0.319
Rio Forte Investments 4.000 7/22/2014 EUR 5.001
KPNQwest NV 8.125 06/01/2009 USD 0.453
Pervyi Konteinernyi Te 0.010 02/06/2026 RUB 67.540
Getin Noble Bank SA 5.250 1/31/2024 PLN 67.875
HSBC Bank PLC 0.500 12/22/2025 BRL 59.604
Otkritie Holding JSC 0.010 10/03/2036 RUB 0.010
RENE LEZARD Mode GmbH 7.250 11/25/2017 EUR 0.200
HSBC Bank PLC 0.500 11/25/2025 BRL 60.151
Ukraine Government Bon 6.000 1/22/2031 UAH 62.548
Gebr Sanders GmbH & Co 8.750 10/22/2018 EUR 9.375
UBS AG/London 9.500 2/28/2022 CHF 62.750
Credito Padano Banca d 3.100 EUR 33.682
Steilmann SE 7.000 03/09/2017 EUR 1.429
DekaBank Deutsche Giro 3.300 04/08/2022 EUR 48.290
SAir Group 5.125 03/01/2003 CHF 12.750
Getin Noble Bank SA 5.250 11/30/2023 PLN 62.875
KPNQwest NV 7.125 06/01/2009 EUR 0.453
Pescanova SA 8.750 2/17/2019 EUR 0.319
Espirito Santo Financi 5.050 11/15/2025 EUR 0.330
TransKomplektHolding O 9.500 11/02/2028 RUB 70.000
Credit Suisse AG/Londo 4.500 3/21/2022 USD 9.780
Alteo Nyrt 2.450 10/08/2031 HUF 72.500
Dr Wiesent Sozial gGmb 7.000 EUR 0.010
Stichting Afwikkeling 8.450 8/20/2018 USD 5.375
Agrokor dd 9.125 02/01/2020 EUR 15.000
Norske Skogindustrier 7.125 10/15/2033 USD 0.596
Getin Noble Bank SA 5.250 8/31/2023 PLN 64.875
UniCredit Bank AG 6.600 7/20/2028 EUR 39.040
Leonteq Securities AG 28.840 11/16/2021 CHF 62.480
Leonteq Securities AG 29.220 11/26/2021 CHF 58.060
Bank Julius Baer & Co 7.200 1/26/2022 CHF 66.100
Espirito Santo Financi 5.050 11/15/2025 EUR 0.547
Credit Suisse AG/Londo 5.000 4/19/2022 USD 9.994
Mifa Mitteldeutsche Fa 7.500 08/12/2018 EUR 2.100
HPI AG 3.500 EUR 3.011
Cooperatieve Rabobank 0.500 12/29/2027 MXN 61.101
Getin Noble Bank SA 4.250 7/26/2024 PLN 57.575
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.844
Alpine Holding GmbH 5.250 06/10/2016 EUR 3.084
SAir Group 4.250 02/02/2007 CHF 12.625
Getin Noble Bank SA 5.250 7/28/2023 PLN 67.875
Banca Popolare di Vice 9.500 10/02/2025 EUR 0.049
Decipher Production Lt 12.500 9/27/2019 USD 1.500
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.985
Sequa Petroleum NV 5.000 4/29/2020 USD 30.500
Getin Noble Bank SA 4.750 5/31/2024 PLN 63.870
Bank Julius Baer & Co 11.700 4/26/2022 CHF 43.250
Turkiye Ihracat Kredi 12.540 9/14/2028 TRY 70.074
Hema Bondco II BV 8.500 1/15/2023 EUR 0.112
International Bank of 8.250 10/09/2024 USD 60.375
Aralco Finance SA 10.125 05/07/2020 USD 0.934
Heta Asset Resolution 0.212 12/31/2023 EUR 1.558
Ukraine Government Bon 8.220 05/10/2035 UAH 69.493
Ukraine Government Bon 8.120 11/10/2035 UAH 68.442
Ukraine Government Bon 6.000 12/11/2030 UAH 62.797
Lehman Brothers Treasu 6.650 8/24/2011 AUD 0.100
Credit Suisse AG/Londo 6.500 3/28/2022 USD 4.330
Barclays Bank PLC 4.000 7/19/2022 USD 9.897
Vontobel Financial Pro 9.000 12/24/2021 EUR 70.250
Gold-Zack AG 7.000 12/14/2005 EUR 1.100
Skandinaviska Enskilda 6.400 1/15/2025 SEK 74.350
Nizhniy Novgorod Regio 6.100 5/27/2026 RUB 94.050
Credit Agricole Corpor 10.320 7/22/2026 TRY 71.480
Luminis SA 1.800 09/02/2059 EUR 68.681
Nordea Bank Abp 4.100 7/20/2023 SEK 51.500
DZ Bank AG Deutsche Ze 19.400 3/25/2022 EUR 53.830
UBS AG/London 13.500 4/14/2022 CHF 58.100
RUSAL Bratsk OJSC 0.010 04/07/2026 RUB 70.090
Rio Forte Investments 4.750 11/10/2015 EUR 5.000
SG Issuer SA 3.300 9/26/2034 ZAR 50.662
Espirito Santo Financi 5.125 5/30/2016 EUR 0.528
Intelsat Luxembourg SA 12.500 11/15/2024 USD 65.750
Santander Consumer Ban 5.530 NOK 46.493
Landesbank Baden-Wuert 5.400 2/25/2022 EUR 70.320
DekaBank Deutsche Giro 2.800 05/02/2022 EUR 52.810
Credit Suisse AG/Londo 15.000 6/27/2022 USD 68.620
Credito Padano Banca d 3.100 EUR 33.922
Credit Agricole Corpor 10.800 3/24/2026 TRY 71.422
BNP Paribas SA 1.000 1/23/2040 MXN 24.250
Purple Protected Asset 2.100 4/15/2060 EUR 69.136
Teksid Aluminum Luxemb 12.375 7/15/2011 EUR 0.122
Officine Maccaferri-Sp 5.750 06/01/2021 EUR 18.179
Barclays Bank PLC 0.500 1/28/2033 MXN 40.570
Nizhniy Novgorod Regio 6.750 6/14/2025 RUB 98.930
SAir Group 2.125 11/04/2004 CHF 12.625
Purple Protected Asset 2.085 10/27/2060 EUR 76.185
Lehman Brothers Treasu 1.000 10/05/2035 EUR 0.100
Otkritie Holding JSC 10.000 4/20/2028 RUB 6.440
Leonteq Securities AG/ 22.620 12/23/2021 CHF 37.120
Landesbank Baden-Wuert 5.650 5/27/2022 EUR 53.120
BNP Paribas Emissions- 5.000 3/24/2022 EUR 75.010
Muehl Product & Servic 6.750 03/10/2005 DEM 0.102
SAir Group 6.250 10/27/2002 CHF 12.625
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.500
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
Dolphin Drilling ASA 4.490 8/28/2019 NOK 0.644
International Finance 0.500 6/29/2027 ZAR 64.429
City of Novosibirsk Ru 7.300 10/08/2026 RUB 99.800
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.006
Astana Finance BV 7.875 06/08/2010 EUR 16.000
DekaBank Deutsche Giro 4.250 05/03/2022 EUR 71.560
UniCredit Bank AG 4.350 11/21/2021 EUR 50.110
Credit Suisse AG/Londo 4.250 12/28/2022 USD 9.970
Societe Generale SA 20.000 02/02/2023 USD 67.000
Societe Generale SA 21.000 12/23/2022 USD 71.640
Leonteq Securities AG/ 2.750 9/15/2022 CHF 22.140
Aranynektar Termekgyar 3.500 04/03/2030 HUF 72.661
State of Saxony-Anhalt 0.109 07/03/2028 EUR 60.000
Lehman Brothers Treasu 6.250 09/05/2011 EUR 0.100
Irish Bank Resolution 6.750 11/30/2013 BGN 33.250
HSBC Bank PLC 0.500 6/23/2027 MXN 63.902
Espirito Santo Financi 0.338 10/27/2024 EUR 0.297
Minicentrales Dos SA 0.010 06/06/2047 EUR 59.327
Region of Saratov Russ 8.100 11/20/2024 RUB 73.080
Deutsche Bank AG/Londo 0.500 04/05/2038 MXN 26.136
Cerruti Finance SA 6.500 7/26/2004 EUR 2.058
Promsvyazbank PJSC 2.500 9/29/2029 RUB 63.420
AKB Peresvet ZAO 0.510 08/04/2034 RUB 31.320
Northland Resources AB 4.000 10/15/2020 USD 0.271
Thomas Cook Finance 2 3.875 7/15/2023 EUR 0.965
Norske Skog Holding AS 8.000 2/24/2023 USD 0.006
LBI ehf 7.431 USD 0.001
Getin Noble Bank SA 5.870 6/28/2024 PLN 57.675
SG Issuer SA 7.500 1/20/2025 SEK 68.650
UBS AG/London 15.000 06/03/2022 USD 64.400
Landesbank Baden-Wuert 3.250 2/24/2023 EUR 65.690
Landesbank Baden-Wuert 5.250 11/26/2021 EUR 70.700
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Region of Stavropol Ru 6.200 12/14/2027 RUB 65.340
AKB Peresvet ZAO 13.000 10/07/2017 RUB 32.625
Lehman Brothers Treasu 2.000 3/16/2035 EUR 0.100
Norske Skogindustrier 7.000 12/30/2026 EUR 0.596
Waste Italia SpA 10.500 11/15/2019 EUR 0.550
Northland Resources AB 15.000 7/15/2019 USD 2.621
Santander Consumer Ban 5.530 NOK 46.493
Privatbank CJSC Via UK 10.875 2/28/2018 USD 7.223
Bank Otkritie Financia 0.010 9/24/2025 RUB 67.060
Bank Otkritie Financia 0.010 7/16/2025 RUB 70.430
BNP Paribas Issuance B 4.490 06/10/2025 BRL 74.716
Kuntarahoitus Oyj 0.250 6/28/2040 CAD 40.327
Windreich GmbH 6.750 03/01/2015 EUR 4.475
EFG International Fina 12.750 1/31/2022 USD 61.690
UBS AG/London 13.500 07/07/2022 CHF 64.250
UBS AG/London 14.500 10/17/2022 USD 66.300
Raiffeisen Schweiz Gen 3.000 9/21/2029 CHF 69.640
Araratbank OJSC 5.500 9/19/2023 USD 25.578
Bayerische Landesbank 1.550 2/23/2024 EUR 75.670
Bayerische Landesbank 3.500 1/26/2024 EUR 70.990
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.500
Lehman Brothers Treasu 6.300 12/21/2018 USD 0.100
Mostotrest PJSC 0.010 7/29/2026 RUB 61.520
Lehman Brothers Treasu 23.300 9/16/2008 USD 0.100
Rosbank PJSC 0.040 4/30/2024 RUB 65.000
Lehman Brothers Treasu 7.750 01/03/2012 AUD 0.100
KPNQwest NV 8.875 02/01/2008 EUR 0.453
Phones4u Finance PLC 9.500 04/01/2018 GBP 71.750
Solarwatt GmbH 7.000 11/01/2015 EUR 15.500
DANY COLL LLC 0.100 7/19/2022 RUB 1.300
SAir Group 6.250 04/12/2005 CHF 12.625
Ukraine Government Bon 6.000 8/28/2030 UAH 63.414
Credit Agricole Corpor 5.220 11/28/2025 BRL 74.490
Leonteq Securities AG/ 4.000 08/10/2022 CHF 60.000
Leonteq Securities AG 5.400 7/25/2022 CHF 57.830
Societe Generale SA 9.000 7/22/2022 USD 57.300
UBS AG/London 11.250 07/01/2022 CHF 68.350
Credit Suisse AG/Londo 9.250 12/28/2021 CHF 61.760
Raiffeisen Centrobank 10.000 3/24/2023 EUR 1.000
BrokerCreditService St 8.000 1/30/2024 USD 64.660
Danske Bank A/S 10.300 07/09/2023 SEK 11.500
UBS AG/London 13.250 4/29/2022 CHF 66.750
DZ Bank AG Deutsche Ze 22.700 6/24/2022 EUR 76.370
Leonteq Securities AG 23.030 4/22/2022 CHF 73.740
WEB Windenergie AG 6.500 EUR 0.010
City of Predeal Romani 2.985 5/15/2026 RON 69.000
Landesbank Baden-Wuert 5.750 11/26/2021 EUR 72.280
Bank Julius Baer & Co 15.000 11/12/2021 USD 55.550
Rosbank PJSC 0.010 4/30/2024 RUB 65.000
Lehman Brothers Treasu 3.600 3/19/2018 JPY 0.100
Rio Forte Investments 3.900 07/10/2014 USD 5.000
Northland Resources AB 15.000 7/15/2019 USD 2.621
SAir Group 2.750 7/30/2004 CHF 12.625
Minicentrales Dos SA 0.010 06/06/2047 EUR 66.811
Barclays Bank PLC 2.000 05/07/2036 MXN 33.601
Lehman Brothers Treasu 8.000 12/27/2032 JPY 0.100
Bilt Paper BV 10.360 USD 1.193
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
Heta Asset Resolution 4.350 12/31/2023 EUR 1.558
LBI ehf 6.100 8/25/2011 USD 9.375
Ukraine Government Bon 6.000 1/28/2032 UAH 60.549
Ukraine Government Bon 8.750 2/16/2033 UAH 75.606
Ukraine Government Bon 6.000 09/10/2031 UAH 61.281
Lehman Brothers Treasu 0.143 11/02/2035 EUR 0.100
Ukraine Government Bon 6.000 9/13/2028 UAH 68.261
Lehman Brothers Treasu 13.500 11/28/2008 USD 0.100
Lehman Brothers Treasu 5.000 05/02/2022 EUR 0.100
ECM Real Estate Invest 5.000 10/09/2011 EUR 15.375
Purple Protected Asset 1.480 11/30/2060 EUR 69.978
Societe Generale SA 6.000 06/06/2022 USD 2.340
Credit Suisse AG/Londo 8.250 05/05/2022 USD 69.780
Societe Generale SA 6.000 05/09/2022 USD 13.030
SG Issuer SA 0.800 10/28/2030 EUR 20.150
Luzerner Kantonalbank 25.000 03/09/2022 CHF 51.480
Leonteq Securities AG 4.000 12/18/2026 CHF 72.660
UBS AG/London 12.000 12/13/2021 CHF 65.950
Rosbank PJSC 0.030 4/30/2024 RUB 65.000
DeloPorts LLC 0.010 11/14/2025 RUB 70.020
Russian Post FGUP 2.750 12/06/2023 RUB 70.000
BNP Paribas Issuance B 5.000 11/05/2024 EUR 26.780
Lehman Brothers Treasu 7.000 2/15/2010 CHF 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 15.000 06/04/2009 CHF 0.100
City of Novosibirsk Ru 7.850 11/27/2027 RUB 73.670
New World Resources NV 4.000 10/07/2020 EUR 0.231
MTS-Bank PAO 9.500 10/28/2029 RUB 51.370
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
Credit Agricole Corpor 10.200 08/06/2026 TRY 71.035
Getin Noble Bank SA 5.250 5/31/2023 PLN 69.875
Astana Finance BV 9.000 11/16/2011 USD 15.250
Lehman Brothers Treasu 7.500 10/24/2008 USD 0.100
MIK OAO 15.000 2/19/2020 RUB 13.875
Raiffeisen Switzerland 4.000 8/30/2022 CHF 45.180
Vontobel Financial Pro 9.400 5/13/2022 EUR 51.850
Credit Suisse AG/Londo 11.750 11/15/2021 USD 70.900
Lehman Brothers Treasu 16.000 10/28/2008 USD 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu 5.375 02/04/2014 USD 0.100
Lehman Brothers Treasu 8.000 12/31/2010 USD 0.100
Rosbank PJSC 0.020 4/30/2024 RUB 65.000
Irish Bank Resolution 4.000 4/23/2018 EUR 33.250
Turkey Government Bond 11.000 2/24/2027 TRY 75.100
RGS Nedvizhimost OOO 12.000 10/18/2017 RUB 0.335
Lehman Brothers Treasu 5.120 4/30/2027 EUR 0.100
Lehman Brothers Treasu 2.875 3/14/2013 CHF 0.100
Lehman Brothers Treasu 4.050 9/16/2008 EUR 0.100
Ukraine Government Bon 6.000 10/11/2028 UAH 68.059
OOO SPV Structural Inv 0.010 09/01/2023 RUB 66.740
Ukraine Government Bon 6.000 9/18/2030 UAH 63.293
Leonteq Securities AG 7.000 03/09/2022 CHF 71.630
DekaBank Deutsche Giro 4.250 4/14/2022 EUR 38.870
UniCredit Bank AG 3.250 3/29/2022 EUR 26.400
Vontobel Financial Pro 6.700 03/07/2022 EUR 56.570
UniCredit Bank AG 3.750 3/26/2022 EUR 56.520
Landesbank Baden-Wuert 2.300 7/22/2022 EUR 60.240
Araratbank OJSC 5.250 09/11/2022 USD 25.438
Leonteq Securities AG 5.600 5/16/2022 CHF 58.420
Landesbank Baden-Wuert 2.750 11/26/2021 EUR 59.570
UniCredit Bank AG 3.500 8/24/2022 EUR 68.240
UniCredit Bank AG 4.200 8/24/2022 EUR 74.000
Bayerische Landesbank 2.300 11/26/2021 EUR 58.240
Raiffeisen Schweiz Gen 7.200 03/02/2022 CHF 68.880
Landesbank Baden-Wuert 3.000 9/23/2022 EUR 54.250
Societe Generale Effek 5.600 09/04/2023 EUR 42.400
WEB Windenergie AG 2.250 9/25/2028 EUR 0.010
UniCredit Bank AG 3.700 6/25/2022 EUR 61.630
UniCredit Bank AG 4.250 6/28/2022 EUR 46.460
UniCredit Bank AG 3.800 6/28/2022 EUR 55.880
Leonteq Securities AG/ 3.750 2/20/2023 CHF 56.130
UniCredit Bank AG 3.350 6/14/2022 EUR 51.330
UniCredit Bank AG 3.700 06/04/2022 EUR 66.240
SG Issuer SA 9.180 1/20/2025 SEK 73.240
Landesbank Baden-Wuert 3.800 1/28/2022 EUR 45.820
DekaBank Deutsche Giro 3.100 12/03/2021 EUR 45.060
Landesbank Baden-Wuert 3.400 11/25/2022 EUR 57.880
SG Issuer SA 0.263 2/20/2025 EUR 19.600
EFG International Fina 7.000 2/28/2022 CHF 69.250
Landesbank Baden-Wuert 5.000 2/25/2022 EUR 74.230
Landesbank Baden-Wuert 1.200 2/25/2022 EUR 72.740
Landesbank Baden-Wuert 3.700 2/25/2022 EUR 62.970
Landesbank Baden-Wuert 4.000 3/25/2022 EUR 73.630
Landesbank Baden-Wuert 4.800 3/25/2022 EUR 70.350
Landesbank Baden-Wuert 3.250 12/23/2022 EUR 62.820
Bayerische Landesbank 2.500 12/03/2021 EUR 57.720
Landesbank Baden-Wuert 6.400 2/25/2022 EUR 69.610
Landesbank Baden-Wuert 3.900 2/25/2022 EUR 79.460
Landesbank Baden-Wuert 4.900 2/25/2022 EUR 70.000
Landesbank Baden-Wuert 2.600 2/25/2022 EUR 66.590
Societe Generale Effek 3.000 7/22/2022 USD 5.500
Raiffeisen Switzerland 10.500 07/11/2024 USD 19.330
Societe Generale SA 8.600 7/29/2022 USD 61.400
Erste Group Bank AG 5.550 8/30/2022 EUR 46.950
UniCredit Bank AG 3.200 09/10/2022 EUR 50.330
SecurAsset SA 5.250 6/30/2022 EUR 44.450
UniCredit Bank AG 9.000 12/27/2021 EUR 73.300
Landesbank Baden-Wuert 4.700 3/25/2022 EUR 42.070
Landesbank Baden-Wuert 3.300 3/25/2022 EUR 53.560
UniCredit Bank AG 7.000 3/29/2022 EUR 59.010
UniCredit Bank AG 5.450 3/15/2022 EUR 45.740
EFG International Fina 10.500 02/07/2022 EUR 65.730
Societe Generale SA 1.580 9/16/2024 USD 3.180
UniCredit Bank AG 3.500 10/08/2022 EUR 45.940
DekaBank Deutsche Giro 3.900 4/25/2022 EUR 39.690
UniCredit Bank AG 3.750 4/19/2022 EUR 69.790
UniCredit Bank AG 8.000 12/24/2021 EUR 80.660
UniCredit Bank AG 5.800 12/24/2021 EUR 66.070
UniCredit Bank AG 10.200 12/24/2021 EUR 49.170
UniCredit Bank AG 8.500 12/24/2021 EUR 54.610
UniCredit Bank AG 5.600 12/24/2021 EUR 57.970
UniCredit Bank AG 12.300 12/24/2021 EUR 58.680
UniCredit Bank AG 7.700 12/24/2021 EUR 57.860
UniCredit Bank AG 6.800 12/24/2021 EUR 61.550
UniCredit Bank AG 8.600 12/24/2021 EUR 70.870
UniCredit Bank AG 9.400 12/24/2021 EUR 63.240
UniCredit Bank AG 7.100 12/24/2021 EUR 76.710
UniCredit Bank AG 8.100 12/24/2021 EUR 59.110
UniCredit Bank AG 6.600 12/24/2021 EUR 63.650
UniCredit Bank AG 6.400 12/24/2021 EUR 54.260
UniCredit Bank AG 13.700 12/24/2021 EUR 63.920
UniCredit Bank AG 10.500 12/24/2021 EUR 65.140
UniCredit Bank AG 12.200 12/24/2021 EUR 72.040
UniCredit Bank AG 7.300 12/24/2021 EUR 51.030
UniCredit Bank AG 6.900 12/24/2021 EUR 62.370
UniCredit Bank AG 6.000 12/24/2021 EUR 65.790
UniCredit Bank AG 5.500 8/14/2023 EUR 82.880
UniCredit Bank AG 7.700 12/24/2021 EUR 77.970
UniCredit Bank AG 9.500 12/24/2021 EUR 68.950
UniCredit Bank AG 11.400 12/24/2021 EUR 61.730
UniCredit Bank AG 7.900 12/24/2021 EUR 73.650
UniCredit Bank AG 8.600 12/24/2021 EUR 73.200
UniCredit Bank AG 8.100 12/24/2021 EUR 48.180
UniCredit Bank AG 10.300 12/24/2021 EUR 72.070
UniCredit Bank AG 13.000 12/24/2021 EUR 67.730
UniCredit Bank AG 4.600 9/14/2022 EUR 73.530
Landesbank Baden-Wuert 4.000 12/27/2021 EUR 48.500
UniCredit Bank AG 5.150 01/02/2023 EUR 59.630
Leonteq Securities AG/ 4.000 03/08/2022 EUR 53.250
Landesbank Baden-Wuert 3.400 1/27/2023 EUR 62.340
SG Issuer SA 5.000 5/23/2024 EUR 59.310
SG Issuer SA 5.000 04/02/2024 EUR 58.430
SG Issuer SA 8.700 1/20/2025 SEK 71.910
Credit Suisse AG/Londo 12.450 12/08/2021 USD 15.810
Bank Julius Baer & Co 12.500 12/10/2021 USD 60.350
Vontobel Financial Pro 13.250 12/24/2021 EUR 62.153
Leonteq Securities AG 13.000 03/11/2022 CHF 67.710
Societe Generale Effek 8.000 12/16/2021 EUR 42.210
Landesbank Baden-Wuert 3.950 12/27/2021 EUR 58.020
Landesbank Baden-Wuert 6.900 12/27/2021 EUR 51.220
EFG International Fina 6.200 12/18/2023 USD 56.890
UBS AG/London 11.750 6/16/2022 CHF 71.650
Credit Suisse AG/Londo 12.500 12/16/2021 USD 60.840
EFG International Fina 6.200 08/05/2022 EUR 61.130
SG Issuer SA 11.170 7/20/2025 SEK 62.420
UniCredit Bank AG 3.650 7/23/2022 EUR 62.330
Landesbank Baden-Wuert 3.050 9/23/2022 EUR 58.500
Bayerische Landesbank 2.000 2/18/2022 EUR 61.780
UniCredit Bank AG 4.200 12/08/2021 EUR 33.000
Societe Generale Effek 7.550 8/23/2024 EUR 76.800
Landesbank Baden-Wuert 3.000 9/23/2022 EUR 59.750
UniCredit Bank AG 5.800 12/24/2021 EUR 74.480
UniCredit Bank AG 8.000 12/24/2021 EUR 65.040
UniCredit Bank AG 10.200 12/24/2021 EUR 57.790
UniCredit Bank AG 8.300 12/24/2021 EUR 72.720
UniCredit Bank AG 9.600 12/24/2021 EUR 67.640
Finca Uco Cjsc 6.000 2/25/2022 USD 25.556
Landesbank Baden-Wuert 2.300 6/24/2022 EUR 54.440
UniCredit Bank AG 4.500 1/18/2022 EUR 46.560
Goldman Sachs & Co Wer 10.000 12/22/2021 EUR 72.140
Goldman Sachs & Co Wer 14.000 12/22/2021 EUR 63.760
Landesbank Baden-Wuert 2.800 12/23/2022 EUR 72.130
UniCredit Bank AG 3.500 2/13/2023 EUR 41.990
Danske Bank A/S 5.300 7/15/2023 SEK 43.660
Landesbank Baden-Wuert 2.300 2/25/2022 EUR 60.330
Landesbank Baden-Wuert 2.650 1/27/2023 EUR 70.890
DZ Bank AG Deutsche Ze 15.000 12/24/2021 EUR 45.990
BNP Paribas Emissions- 13.000 12/23/2021 EUR 45.500
BNP Paribas Emissions- 15.000 12/23/2021 EUR 43.070
BNP Paribas Emissions- 17.000 12/23/2021 EUR 41.700
BNP Paribas Emissions- 7.500 12/23/2021 EUR 52.640
BNP Paribas Emissions- 7.000 12/23/2021 EUR 51.310
BNP Paribas Emissions- 8.000 12/23/2021 EUR 51.420
BNP Paribas Emissions- 9.000 12/23/2021 EUR 51.540
Credit Suisse AG/Londo 10.750 12/08/2021 USD 60.320
Credit Suisse AG/Londo 10.500 12/28/2021 USD 61.790
DZ Bank AG Deutsche Ze 17.100 12/24/2021 EUR 72.560
EFG International Fina 7.000 12/29/2022 USD 49.600
UBS AG/London 12.000 1/17/2022 CHF 70.450
DZ Bank AG Deutsche Ze 13.100 12/24/2021 EUR 48.400
Credit Suisse AG/Londo 2.500 12/21/2021 EUR 61.840
BNP Paribas Emissions- 11.000 12/23/2021 EUR 47.240
BNP Paribas Emissions- 12.000 12/23/2021 EUR 46.350
BNP Paribas Emissions- 11.000 12/23/2021 EUR 45.270
BNP Paribas Emissions- 16.000 12/23/2021 EUR 42.370
BNP Paribas Emissions- 6.500 12/23/2021 EUR 52.520
BNP Paribas Emissions- 8.500 12/23/2021 EUR 52.750
BNP Paribas Emissions- 7.500 12/23/2021 EUR 50.150
BNP Paribas Emissions- 8.500 12/23/2021 EUR 50.270
BNP Paribas Emissions- 9.500 12/23/2021 EUR 50.380
BNP Paribas Emissions- 9.500 12/23/2021 EUR 47.070
Goldman Sachs & Co Wer 10.000 3/23/2022 EUR 75.150
Goldman Sachs & Co Wer 13.000 6/22/2022 EUR 68.780
UBS AG/London 10.000 1/18/2022 USD 62.700
Raiffeisen Schweiz Gen 5.000 12/29/2021 CHF 62.450
UniCredit Bank AG 4.300 7/26/2022 EUR 74.630
UniCredit Bank AG 4.200 7/26/2022 EUR 31.160
UniCredit Bank AG 4.450 7/23/2022 EUR 66.990
UniCredit Bank AG 4.150 7/26/2022 EUR 49.990
Bayerische Landesbank 2.000 1/28/2022 EUR 62.920
EFG International Fina 7.000 2/21/2022 CHF 65.500
Landesbank Baden-Wuert 2.550 12/27/2021 EUR 53.440
Landesbank Baden-Wuert 2.500 12/27/2021 EUR 51.020
UniCredit Bank AG 4.250 11/21/2021 EUR 33.960
Landesbank Baden-Wuert 2.550 11/26/2021 EUR 64.000
Landesbank Baden-Wuert 3.000 12/23/2022 EUR 57.880
DekaBank Deutsche Giro 2.500 10/24/2023 EUR 64.220
UniCredit Bank AG 3.600 10/05/2022 EUR 71.180
UniCredit Bank AG 3.850 10/05/2023 EUR 71.840
AKB Metallurgical Inve 6.500 09/04/2023 RUB 89.020
Landesbank Baden-Wuert 2.800 4/25/2022 EUR 60.830
Erste Group Bank AG 4.350 2/28/2022 EUR 42.800
UniCredit Bank AG 4.200 11/21/2021 EUR 51.580
Landesbank Baden-Wuert 2.500 1/28/2022 EUR 57.890
Landesbank Baden-Wuert 2.500 6/24/2022 EUR 61.630
Landesbank Baden-Wuert 3.400 2/24/2023 EUR 64.960
SG Issuer SA 7.600 1/20/2025 SEK 70.190
Societe Generale SA 4.500 12/29/2022 USD 6.250
UniCredit Bank AG 4.200 9/21/2022 EUR 47.490
UniCredit Bank AG 9.100 12/24/2021 EUR 61.180
UniCredit Bank AG 6.900 12/24/2021 EUR 69.440
UniCredit Bank AG 8.900 12/24/2021 EUR 70.090
UniCredit Bank AG 3.750 9/14/2022 EUR 70.630
UniCredit Bank AG 4.800 12/24/2021 EUR 80.280
Goldman Sachs & Co Wer 14.000 3/23/2022 EUR 67.880
Bank Julius Baer & Co 8.500 2/18/2022 EUR 63.550
DZ Bank AG Deutsche Ze 3.650 12/24/2021 EUR 49.250
Bank Julius Baer & Co 21.450 1/28/2022 EUR 75.200
Bank Vontobel AG 10.508 8/19/2022 CHF 68.690
Bank Vontobel AG 10.507 8/19/2022 CHF 68.690
Vontobel Financial Pro 23.000 3/25/2022 EUR 81.830
Vontobel Financial Pro 21.500 3/25/2022 EUR 83.920
Societe Generale Effek 26.500 11/26/2021 EUR 76.620
Corner Banca SA 13.000 1/19/2022 CHF 51.300
Leonteq Securities AG/ 15.000 1/19/2022 USD 66.960
Zurcher Kantonalbank F 7.000 7/25/2022 CHF 73.550
Credit Suisse AG/Londo 12.000 4/15/2022 USD 71.280
Credit Suisse AG/Londo 11.000 4/19/2022 CHF 71.280
Zurcher Kantonalbank F 11.000 1/27/2022 USD 65.180
Zurcher Kantonalbank F 10.200 1/27/2022 CHF 69.900
SG Issuer SA 1.400 12/28/2032 EUR 29.510
SG Issuer SA 2.100 01/06/2033 EUR 30.320
SG Issuer SA 1.500 12/30/2032 EUR 49.410
SG Issuer SA 0.021 6/14/2033 EUR 27.840
Bank Julius Baer & Co 14.500 1/13/2023 USD 74.300
Zurcher Kantonalbank F 15.000 7/20/2022 CHF 73.750
Vontobel Financial Pro 12.500 9/23/2022 EUR 72.050
Vontobel Financial Pro 13.500 6/24/2022 EUR 70.890
Vontobel Financial Pro 19.000 3/25/2022 EUR 74.705
Leonteq Securities AG/ 21.050 05/04/2022 CHF 63.390
Zurcher Kantonalbank F 11.000 6/24/2022 CHF 71.480
Vontobel Financial Pro 11.750 3/25/2022 EUR 39.691
Bank Julius Baer & Co 12.650 4/26/2022 USD 43.500
Vontobel Financial Pro 12.500 6/24/2022 EUR 71.050
Landesbank Baden-Wuert 3.300 1/27/2023 EUR 66.240
Landesbank Baden-Wuert 7.200 1/27/2023 EUR 60.910
Vontobel Financial Pro 14.000 4/26/2022 CHF 53.439
Landesbank Baden-Wuert 5.150 1/27/2023 EUR 63.330
DZ Bank AG Deutsche Ze 10.500 4/22/2022 EUR 61.820
Vontobel Financial Pro 6.400 2/28/2022 EUR 48.900
DZ Bank AG Deutsche Ze 4.000 12/24/2021 EUR 51.080
Vontobel Financial Pro 17.000 3/25/2022 EUR 70.220
Vontobel Financial Pro 19.500 3/25/2022 EUR 67.830
Vontobel Financial Pro 22.550 3/29/2022 EUR 69.940
Leonteq Securities AG/ 7.000 11/07/2022 CHF 71.210
Leonteq Securities AG/ 20.760 6/17/2022 CHF 58.810
Vontobel Financial Pro 15.000 6/24/2022 EUR 74.540
Vontobel Financial Pro 17.500 6/24/2022 EUR 72.510
Vontobel Financial Pro 20.000 3/25/2022 EUR 42.343
Bank Julius Baer & Co 11.800 4/26/2022 EUR 43.300
Vontobel Financial Pro 15.500 6/24/2022 EUR 68.590
SG Issuer SA 2.100 5/16/2033 EUR 29.880
Leonteq Securities AG 10.000 7/20/2022 CHF 50.550
Raiffeisen Schweiz Gen 10.000 6/29/2022 CHF 72.760
Vontobel Financial Pro 13.500 6/24/2022 EUR 73.210
Vontobel Financial Pro 12.900 4/26/2022 EUR 41.605
Leonteq Securities AG 24.530 4/22/2022 CHF 75.760
Leonteq Securities AG/ 16.000 06/01/2022 USD 54.070
Luzerner Kantonalbank 7.500 6/15/2022 CHF 65.820
Vontobel Financial Pro 24.380 12/08/2021 USD 36.042
Credit Suisse AG/Londo 6.100 09/08/2022 USD 9.800
DekaBank Deutsche Giro 4.000 07/07/2022 EUR 57.260
Vontobel Financial Pro 18.650 06/09/2022 EUR 50.280
Bank Vontobel AG 6.504 12/05/2022 CHF 67.800
Bank Vontobel AG 6.504 12/05/2022 CHF 68.000
Landesbank Baden-Wuert 5.000 6/24/2022 EUR 70.450
Landesbank Baden-Wuert 4.000 5/27/2022 EUR 43.500
Landesbank Baden-Wuert 3.300 5/27/2022 EUR 54.730
Bayerische Landesbank 3.700 7/15/2022 EUR 77.350
Landesbank Baden-Wuert 2.850 12/27/2021 EUR 81.140
UniCredit Bank AG 5.550 7/19/2022 EUR 72.970
Vontobel Financial Pro 8.700 04/04/2022 CHF 67.557
Leonteq Securities AG/ 21.520 07/01/2022 CHF 58.260
Leonteq Securities AG/ 25.460 07/01/2022 CHF 62.990
Leonteq Securities AG/ 12.000 6/28/2022 CHF 57.580
Vontobel Financial Pro 15.500 6/24/2022 EUR 74.860
Vontobel Financial Pro 13.000 6/24/2022 EUR 69.130
Vontobel Financial Pro 16.000 6/24/2022 EUR 66.910
Vontobel Financial Pro 10.500 6/24/2022 EUR 72.150
BNP Paribas Emissions- 11.000 6/23/2022 EUR 65.080
BNP Paribas Emissions- 14.000 3/24/2022 EUR 62.450
BNP Paribas Emissions- 8.000 6/23/2022 EUR 70.040
BNP Paribas Emissions- 14.000 12/23/2021 EUR 59.200
BNP Paribas Emissions- 19.000 12/23/2021 EUR 53.970
BNP Paribas Emissions- 13.000 6/23/2022 EUR 63.340
BNP Paribas Emissions- 8.000 3/24/2022 EUR 69.050
BNP Paribas Emissions- 10.000 3/24/2022 EUR 65.110
BNP Paribas Emissions- 8.500 6/23/2022 EUR 68.530
BNP Paribas Emissions- 9.000 6/23/2022 EUR 66.260
BNP Paribas Emissions- 8.000 12/23/2021 EUR 67.810
BNP Paribas Emissions- 10.000 12/23/2021 EUR 68.040
BNP Paribas Emissions- 15.000 12/23/2021 EUR 57.750
BNP Paribas Emissions- 22.000 12/23/2021 EUR 53.050
Leonteq Securities AG/ 12.000 06/08/2022 CHF 42.770
Zurcher Kantonalbank F 6.500 6/14/2022 CHF 66.850
Landesbank Baden-Wuert 7.900 11/25/2022 EUR 69.950
UBS AG/London 8.750 6/23/2022 CHF 64.550
UBS AG/London 13.000 6/23/2022 CHF 66.800
EFG International Fina 6.000 12/22/2023 USD 61.230
Credit Suisse AG/Londo 6.190 9/14/2022 USD 9.840
Zurcher Kantonalbank F 12.000 6/21/2022 CHF 68.970
Leonteq Securities AG 10.000 12/14/2022 CHF 71.420
Leonteq Securities AG/ 23.690 06/03/2022 CHF 52.630
EFG International Fina 24.000 06/07/2022 USD 55.850
Landesbank Baden-Wuert 4.350 11/25/2022 EUR 59.040
Landesbank Baden-Wuert 6.600 11/25/2022 EUR 56.160
Raiffeisen Schweiz Gen 10.500 6/21/2022 CHF 79.000
Leonteq Securities AG 17.000 11/10/2021 CHF 60.840
Zurcher Kantonalbank F 8.000 2/23/2022 CHF 75.550
Landesbank Baden-Wuert 3.000 10/25/2024 EUR 56.290
Vontobel Financial Pro 7.500 12/24/2021 EUR 54.110
Landesbank Baden-Wuert 2.500 6/24/2022 EUR 61.610
DZ Bank AG Deutsche Ze 24.600 6/24/2022 EUR 73.510
Bank Julius Baer & Co 8.550 5/13/2022 USD 73.150
BrokerCreditService St 3.000 2/28/2023 USD 63.000
BrokerCreditService St 3.500 4/30/2024 USD 65.050
UBS AG/London 8.000 06/09/2023 CHF 72.650
Leonteq Securities AG/ 21.880 06/10/2022 CHF 75.270
Leonteq Securities AG/ 24.870 6/14/2022 CHF 50.870
Landesbank Baden-Wuert 4.700 4/25/2022 EUR 52.320
Landesbank Baden-Wuert 7.050 4/25/2022 EUR 47.910
Landesbank Baden-Wuert 2.700 4/25/2022 EUR 58.300
Bank Vontobel AG 11.500 4/25/2022 USD 56.530
BNP Paribas Emissions- 14.000 12/23/2021 EUR 44.240
BNP Paribas Emissions- 15.000 12/23/2021 EUR 41.470
BNP Paribas Emissions- 9.000 12/23/2021 EUR 48.610
BNP Paribas Emissions- 10.000 12/23/2021 EUR 48.720
UBS AG/London 6.500 12/09/2021 USD 60.600
UBS AG/London 12.250 06/09/2022 CHF 66.550
EFG International Fina 11.000 06/10/2022 USD 72.240
Credit Suisse AG/Londo 10.000 12/01/2021 USD 58.870
Credit Suisse AG/Londo 12.450 12/08/2021 USD 16.900
Credit Suisse AG/Londo 11.150 12/08/2021 CHF 8.570
Landesbank Baden-Wuert 3.000 12/23/2022 EUR 63.590
Raiffeisen Schweiz Gen 5.000 04/05/2022 CHF 71.730
UniCredit Bank AG 4.000 11/21/2022 EUR 64.580
Landesbank Baden-Wuert 3.500 1/28/2022 EUR 49.450
Landesbank Baden-Wuert 4.800 2/25/2022 EUR 42.410
UBS AG/London 14.000 02/10/2022 CHF 60.800
Vontobel Financial Pro 24.500 3/25/2022 EUR 61.910
Leonteq Securities AG/ 10.000 4/29/2022 USD 57.700
Corner Banca SA 15.000 05/02/2022 USD 60.010
Landesbank Baden-Wuert 3.000 1/28/2022 EUR 54.310
Zurcher Kantonalbank F 7.500 4/29/2022 CHF 72.050
Landesbank Baden-Wuert 2.750 3/25/2022 EUR 58.060
UniCredit Bank AG 4.450 12/29/2022 EUR 35.870
UniCredit Bank AG 4.300 12/19/2021 EUR 50.370
EFG International Fina 7.000 5/23/2022 EUR 42.730
DZ Bank AG Deutsche Ze 9.000 11/24/2021 EUR 50.110
Landesbank Baden-Wuert 2.750 11/25/2022 EUR 73.720
DZ Bank AG Deutsche Ze 15.000 12/24/2021 EUR 41.770
UniCredit Bank AG 3.800 12/29/2022 EUR 61.970
DekaBank Deutsche Giro 3.000 12/29/2022 EUR 68.560
UBS AG/London 13.250 05/12/2022 USD 59.650
Leonteq Securities AG/ 4.000 4/19/2022 EUR 60.170
Citigroup Global Marke 8.200 3/21/2024 SEK 57.450
SG Issuer SA 1.400 03/07/2033 EUR 29.050
SG Issuer SA 2.100 04/05/2033 EUR 30.060
DZ Bank AG Deutsche Ze 9.000 2/23/2022 EUR 46.300
Goldman Sachs & Co Wer 16.000 12/22/2021 EUR 61.570
UniCredit Bank AG 6.000 7/28/2023 EUR 42.180
Landesbank Baden-Wuert 3.500 1/28/2022 EUR 51.070
UBS AG/London 10.250 08/03/2022 CHF 73.200
Landesbank Baden-Wuert 4.750 2/25/2022 EUR 42.810
Landesbank Baden-Wuert 3.400 2/25/2022 EUR 54.810
Raiffeisen Switzerland 9.000 7/29/2022 CHF 67.640
UBS AG/London 19.750 02/03/2022 USD 56.200
UniCredit Bank AG 5.350 2/27/2023 EUR 53.920
Leonteq Securities AG 13.000 05/09/2022 CHF 58.650
Corner Banca SA 14.000 05/09/2022 CHF 59.100
Raiffeisen Switzerland 4.800 11/23/2023 CHF 51.690
UniCredit Bank AG 4.700 12/19/2021 EUR 32.380
UBS AG/London 10.000 07/08/2022 CHF 72.550
Landesbank Baden-Wuert 5.700 1/28/2022 EUR 43.610
UniCredit Bank AG 17.000 11/15/2021 NOK 73.950
Vontobel Financial Pro 12.500 12/24/2021 EUR 43.090
Vontobel Financial Pro 16.500 12/24/2021 EUR 40.390
Vontobel Financial Pro 17.500 12/24/2021 EUR 39.790
Vontobel Financial Pro 19.500 12/24/2021 EUR 75.892
Vontobel Financial Pro 18.000 3/25/2022 EUR 60.050
Vontobel Financial Pro 13.500 3/25/2022 EUR 66.320
Vontobel Financial Pro 11.000 12/24/2021 EUR 70.500
Vontobel Financial Pro 18.500 12/24/2021 EUR 71.160
Vontobel Financial Pro 17.000 3/25/2022 EUR 61.480
Vontobel Financial Pro 12.000 3/25/2022 EUR 68.100
Vontobel Financial Pro 17.500 3/25/2022 EUR 41.290
Vontobel Financial Pro 16.000 3/25/2022 EUR 42.290
EFG International Fina 15.000 02/10/2022 EUR 58.260
UBS AG/London 7.750 08/10/2022 CHF 77.250
Vontobel Financial Pro 16.000 3/25/2022 EUR 74.090
Vontobel Financial Pro 22.500 12/24/2021 EUR 77.280
DekaBank Deutsche Giro 2.600 10/24/2023 EUR 64.420
Landesbank Baden-Wuert 2.500 12/27/2021 EUR 59.410
UniCredit Bank AG 4.150 10/12/2022 EUR 76.050
Landesbank Baden-Wuert 5.100 11/25/2022 EUR 57.930
Raiffeisen Switzerland 10.500 02/08/2022 CHF 69.800
Vontobel Financial Pro 23.500 12/24/2021 EUR 82.500
Leonteq Securities AG 12.000 02/09/2022 CHF 56.280
Vontobel Financial Pro 15.500 12/24/2021 EUR 41.020
Vontobel Financial Pro 14.500 12/24/2021 EUR 41.680
Vontobel Financial Pro 20.000 12/24/2021 EUR 38.090
Vontobel Financial Pro 19.000 3/25/2022 EUR 69.310
Vontobel Financial Pro 14.500 3/25/2022 EUR 64.510
Vontobel Financial Pro 15.500 3/25/2022 EUR 62.840
Vontobel Financial Pro 20.000 12/24/2021 EUR 57.460
Vontobel Financial Pro 12.000 3/25/2022 EUR 44.390
Vontobel Financial Pro 12.000 12/24/2021 EUR 43.920
Vontobel Financial Pro 11.000 3/25/2022 EUR 70.210
Vontobel Financial Pro 16.000 12/24/2021 EUR 85.204
Landesbank Baden-Wuert 3.500 8/26/2022 EUR 52.560
Leonteq Securities AG 12.400 05/12/2022 CHF 63.720
Landesbank Baden-Wuert 5.450 8/26/2022 EUR 46.540
Leonteq Securities AG/ 15.000 05/12/2022 USD 72.420
UniCredit Bank AG 9.600 12/27/2021 EUR 67.290
EFG International Fina 15.000 02/03/2022 USD 61.720
UBS AG/London 11.250 02/03/2023 CHF 73.850
DZ Bank AG Deutsche Ze 19.300 12/24/2021 EUR 37.220
UBS AG/London 13.500 05/12/2022 USD 59.700
UniCredit Bank AG 5.250 12/01/2023 EUR 45.750
Vontobel Financial Pro 14.000 12/24/2021 EUR 72.960
Vontobel Financial Pro 20.000 12/24/2021 EUR 61.400
DZ Bank AG Deutsche Ze 12.250 2/23/2022 EUR 64.710
Landesbank Baden-Wuert 4.050 8/26/2022 EUR 53.110
Vontobel Financial Pro 15.000 12/24/2021 EUR 56.830
Vontobel Financial Pro 8.500 12/24/2021 EUR 67.370
Leonteq Securities AG 15.000 1/25/2022 CHF 65.220
Vontobel Financial Pro 10.000 3/25/2022 EUR 48.020
Vontobel Financial Pro 13.000 3/25/2022 EUR 44.770
Vontobel Financial Pro 16.500 12/24/2021 EUR 65.750
UniCredit Bank AG 4.450 09/11/2023 EUR 46.750
Vontobel Financial Pro 16.000 3/25/2022 EUR 77.240
Vontobel Financial Pro 17.500 3/25/2022 EUR 75.350
Vontobel Financial Pro 14.000 12/24/2021 EUR 50.050
Vontobel Financial Pro 8.000 12/24/2021 EUR 60.010
Vontobel Financial Pro 10.000 12/24/2021 EUR 56.200
Vontobel Financial Pro 11.500 12/24/2021 EUR 52.850
Landesbank Baden-Wuert 5.550 1/28/2022 EUR 48.570
Zurcher Kantonalbank F 8.000 4/29/2022 USD 72.200
Vontobel Financial Pro 10.500 12/24/2021 EUR 46.630
Vontobel Financial Pro 11.000 12/24/2021 EUR 45.680
Vontobel Financial Pro 7.000 3/25/2022 EUR 52.320
Vontobel Financial Pro 11.500 3/25/2022 EUR 46.290
Bank Julius Baer & Co 18.300 2/18/2022 USD 70.550
Vontobel Financial Pro 9.500 12/24/2021 EUR 47.560
Vontobel Financial Pro 7.500 12/24/2021 EUR 50.790
Vontobel Financial Pro 21.500 12/24/2021 EUR 71.890
Vontobel Financial Pro 9.000 12/24/2021 EUR 48.600
Vontobel Financial Pro 12.000 12/24/2021 EUR 44.840
Vontobel Financial Pro 8.000 3/25/2022 EUR 49.830
Vontobel Financial Pro 14.000 3/25/2022 EUR 68.860
Vontobel Financial Pro 8.000 12/24/2021 EUR 49.630
Landesbank Baden-Wuert 3.200 11/25/2022 EUR 62.890
Vontobel Financial Pro 13.500 12/24/2021 EUR 42.370
Vontobel Financial Pro 19.000 12/24/2021 EUR 38.610
Vontobel Financial Pro 18.000 12/24/2021 EUR 39.160
Vontobel Financial Pro 14.000 3/25/2022 EUR 43.260
Vontobel Financial Pro 25.000 12/24/2021 EUR 82.690
Vontobel Financial Pro 23.000 3/25/2022 EUR 81.830
Vontobel Financial Pro 21.500 3/25/2022 EUR 83.920
Societe Generale SA 4.500 12/29/2022 USD 0.460
Erste Group Bank AG 4.350 2/20/2022 EUR 43.050
Zurcher Kantonalbank F 15.500 01/06/2022 CHF 74.680
Leonteq Securities AG 12.000 06/08/2022 CHF 66.060
Societe Generale SA 3.900 3/23/2022 USD 0.400
Vontobel Financial Pro 18.500 12/24/2021 EUR 40.280
Vontobel Financial Pro 11.000 12/24/2021 EUR 48.290
Vontobel Financial Pro 14.500 12/24/2021 EUR 43.780
Goldman Sachs & Co Wer 22.000 11/24/2021 EUR 73.770
Landesbank Baden-Wuert 3.300 12/27/2021 EUR 62.330
Landesbank Baden-Wuert 5.150 12/27/2021 EUR 54.340
Vontobel Financial Pro 17.000 12/24/2021 EUR 76.560
Vontobel Financial Pro 8.000 12/24/2021 EUR 38.644
Vontobel Financial Pro 9.000 12/24/2021 EUR 38.763
Leonteq Securities AG/ 17.000 11/30/2021 USD 61.770
Bank Julius Baer & Co 16.000 05/11/2022 EUR 65.650
Leonteq Securities AG/ 21.530 5/17/2022 CHF 66.210
Leonteq Securities AG/ 21.420 05/11/2022 CHF 56.920
DZ Bank AG Deutsche Ze 24.700 12/24/2021 EUR 66.250
DZ Bank AG Deutsche Ze 20.200 3/25/2022 EUR 70.150
DZ Bank AG Deutsche Ze 24.100 3/25/2022 EUR 65.680
DZ Bank AG Deutsche Ze 18.800 5/27/2022 EUR 72.540
DZ Bank AG Deutsche Ze 21.200 6/24/2022 EUR 69.680
DZ Bank AG Deutsche Ze 19.000 9/23/2022 EUR 72.940
Vontobel Financial Pro 13.750 12/24/2021 EUR 70.976
DZ Bank AG Deutsche Ze 17.800 12/24/2021 EUR 33.080
UBS AG/London 14.000 07/07/2022 USD 69.850
UBS AG/London 16.300 01/08/2024 EUR 42.050
DZ Bank AG Deutsche Ze 10.250 3/23/2022 EUR 55.330
Landesbank Baden-Wuert 4.050 3/24/2023 EUR 60.940
Vontobel Financial Pro 16.450 03/03/2023 EUR 76.649
DZ Bank AG Deutsche Ze 24.200 12/24/2021 EUR 30.710
DZ Bank AG Deutsche Ze 16.300 3/25/2022 EUR 36.980
Bank Julius Baer & Co 10.200 5/30/2023 EUR 15.750
Societe Generale Effek 20.500 12/24/2021 EUR 82.190
Societe Generale Effek 22.500 11/26/2021 EUR 73.220
Societe Generale Effek 20.250 3/25/2022 EUR 76.520
Societe Generale Effek 23.250 12/24/2021 EUR 72.180
Vontobel Financial Pro 18.000 12/24/2021 EUR 78.584
BNP Paribas Emissions- 9.500 12/23/2021 EUR 76.070
BNP Paribas Emissions- 23.000 12/23/2021 EUR 2.870
Landesbank Baden-Wuert 13.180 1/28/2022 EUR 71.380
Vontobel Financial Pro 10.000 12/24/2021 EUR 52.380
Vontobel Financial Pro 9.000 3/25/2022 EUR 53.080
Vontobel Financial Pro 15.000 3/25/2022 EUR 47.610
Vontobel Financial Pro 7.500 3/25/2022 EUR 55.730
Vontobel Financial Pro 16.500 3/25/2022 EUR 72.200
Vontobel Financial Pro 19.500 3/25/2022 EUR 67.710
Vontobel Financial Pro 20.500 3/25/2022 EUR 66.400
Vontobel Financial Pro 17.500 3/25/2022 EUR 70.610
Vontobel Financial Pro 21.000 3/25/2022 EUR 64.970
Vontobel Financial Pro 22.000 3/25/2022 EUR 63.810
Vontobel Financial Pro 23.000 3/25/2022 EUR 62.730
Vontobel Financial Pro 24.000 3/25/2022 EUR 61.720
Vontobel Financial Pro 20.500 12/24/2021 EUR 67.080
Vontobel Financial Pro 23.000 12/24/2021 EUR 63.540
Vontobel Financial Pro 22.000 12/24/2021 EUR 65.290
Bank Vontobel AG 6.507 8/17/2022 CHF 66.400
Vontobel Financial Pro 17.000 12/24/2021 EUR 79.002
DZ Bank AG Deutsche Ze 12.600 3/25/2022 EUR 39.540
DZ Bank AG Deutsche Ze 20.200 3/25/2022 EUR 35.280
Societe Generale Effek 28.500 11/26/2021 EUR 76.510
Zurcher Kantonalbank F 16.250 05/04/2022 EUR 60.590
Landesbank Baden-Wuert 5.250 4/28/2023 EUR 66.290
Landesbank Baden-Wuert 3.150 4/28/2023 EUR 70.790
Landesbank Baden-Wuert 5.700 4/28/2023 EUR 48.040
Landesbank Baden-Wuert 4.350 4/28/2023 EUR 49.560
Landesbank Baden-Wuert 3.000 4/28/2023 EUR 51.870
Vontobel Financial Pro 20.500 6/24/2022 EUR 73.090
DZ Bank AG Deutsche Ze 16.000 12/24/2021 EUR 58.900
DZ Bank AG Deutsche Ze 14.400 3/25/2022 EUR 61.850
DZ Bank AG Deutsche Ze 16.700 3/25/2022 EUR 59.080
UniCredit Bank AG 8.000 3/25/2022 EUR 67.210
EFG International Fina 15.000 9/26/2022 CHF 77.280
Vontobel Financial Pro 22.500 12/24/2021 EUR 45.230
Vontobel Financial Pro 23.500 3/25/2022 EUR 77.080
Vontobel Financial Pro 16.000 3/25/2022 EUR 50.300
Vontobel Financial Pro 22.000 12/24/2021 EUR 66.450
Vontobel Financial Pro 24.000 12/24/2021 EUR 69.620
EFG International Fina 7.000 3/23/2023 USD 48.990
Vontobel Financial Pro 24.500 12/24/2021 EUR 63.450
Vontobel Financial Pro 19.500 3/25/2022 EUR 70.259
Landesbank Baden-Wuert 2.200 1/27/2023 EUR 49.760
Societe Generale Effek 22.000 3/25/2022 EUR 74.240
Vontobel Financial Pro 9.000 12/24/2021 EUR 78.520
Vontobel Financial Pro 17.750 3/25/2022 EUR 43.479
Vontobel Financial Pro 12.000 12/24/2021 EUR 62.760
Vontobel Financial Pro 17.500 12/24/2021 EUR 64.720
Vontobel Financial Pro 12.500 12/24/2021 EUR 72.000
Vontobel Financial Pro 11.500 12/24/2021 EUR 73.170
Vontobel Financial Pro 14.000 12/24/2021 EUR 69.740
Vontobel Financial Pro 16.000 12/24/2021 EUR 66.610
Vontobel Financial Pro 17.000 12/24/2021 EUR 65.680
Societe Generale Effek 19.750 11/26/2021 EUR 78.910
Leonteq Securities AG/ 15.000 4/13/2022 CHF 67.340
Landesbank Baden-Wuert 6.500 5/27/2022 EUR 60.460
DZ Bank AG Deutsche Ze 25.000 12/24/2021 EUR 76.550
DZ Bank AG Deutsche Ze 20.700 3/25/2022 EUR 80.670
UBS AG/London 16.000 9/19/2022 CHF 68.600
Landesbank Baden-Wuert 4.050 10/28/2022 EUR 47.630
Landesbank Baden-Wuert 6.350 10/28/2022 EUR 44.080
Landesbank Baden-Wuert 3.500 10/28/2022 EUR 69.860
Vontobel Financial Pro 23.500 3/25/2022 EUR 74.380
DZ Bank AG Deutsche Ze 17.100 3/25/2022 EUR 46.290
Vontobel Financial Pro 20.000 12/24/2021 EUR 66.111
Bank Vontobel AG 6.007 9/26/2022 CHF 64.610
Bank Vontobel AG 4.255 6/27/2022 CHF 62.310
Bank Vontobel AG 14.006 9/26/2022 CHF 50.250
UBS AG/London 15.250 2/24/2022 USD 58.400
UBS AG/London 6.500 8/24/2022 CHF 71.850
Credit Suisse AG/Londo 11.000 2/23/2022 USD 61.220
Vontobel Financial Pro 23.000 12/24/2021 EUR 72.920
EFG International Fina 16.000 2/24/2022 CHF 60.020
Vontobel Financial Pro 9.000 12/24/2021 EUR 53.600
Vontobel Financial Pro 16.350 3/14/2022 EUR 82.901
Leonteq Securities AG/ 17.600 03/08/2022 USD 57.150
Vontobel Financial Pro 20.500 12/24/2021 EUR 66.250
Leonteq Securities AG/ 8.130 2/21/2022 EUR 68.020
Leonteq Securities AG/ 6.100 2/21/2022 CHF 65.960
Vontobel Financial Pro 11.000 3/25/2022 EUR 72.870
Bank Vontobel AG 14.004 09/02/2022 CHF 65.300
Societe Generale Effek 17.500 11/26/2021 EUR 83.140
Societe Generale Effek 24.500 11/26/2021 EUR 70.520
Societe Generale Effek 20.500 11/26/2021 EUR 76.330
Societe Generale Effek 21.250 12/24/2021 EUR 75.240
Vontobel Financial Pro 16.000 12/24/2021 EUR 54.815
Leonteq Securities AG 17.000 2/23/2022 CHF 66.870
Landesbank Baden-Wuert 5.750 10/28/2022 EUR 65.450
Zurcher Kantonalbank F 10.000 4/13/2022 CHF 76.270
Bank Vontobel AG 6.007 9/26/2022 CHF 64.800
Vontobel Financial Pro 24.500 12/24/2021 EUR 71.330
Vontobel Financial Pro 25.000 12/24/2021 EUR 76.080
UniCredit Bank AG 5.050 01/11/2022 EUR 47.560
Leonteq Securities AG/ 6.000 2/20/2023 CHF 68.080
Vontobel Financial Pro 12.500 12/24/2021 EUR 70.690
Vontobel Financial Pro 20.500 3/25/2022 EUR 61.000
DekaBank Deutsche Giro 2.150 1/21/2022 EUR 71.220
Landesbank Baden-Wuert 4.100 1/28/2022 EUR 46.880
Vontobel Financial Pro 6.500 12/24/2021 EUR 64.500
Vontobel Financial Pro 10.500 3/25/2022 EUR 40.049
UniCredit Bank AG 8.200 2/16/2022 EUR 59.960
SG Issuer SA 0.500 10/29/2030 EUR 52.050
UniCredit Bank AG 9.400 12/24/2021 EUR 75.500
Zurcher Kantonalbank F 8.000 2/25/2022 CHF 71.110
SG Issuer SA 2.100 2/14/2033 EUR 29.760
Leonteq Securities AG/ 20.000 06/01/2022 EUR 77.230
Societe Generale Effek 25.000 12/24/2021 EUR 69.980
Vontobel Financial Pro 11.000 12/24/2021 EUR 39.013
Landesbank Baden-Wuert 6.400 5/27/2022 EUR 52.830
Landesbank Baden-Wuert 6.700 5/27/2022 EUR 69.020
Vontobel Financial Pro 17.500 6/24/2022 EUR 74.290
UBS AG/London 12.250 3/24/2022 CHF 59.750
Vontobel Financial Pro 9.200 3/23/2022 EUR 64.630
Vontobel Financial Pro 17.500 12/24/2021 EUR 69.680
Vontobel Financial Pro 21.000 12/24/2021 EUR 66.370
Bank Julius Baer & Co 10.000 3/28/2022 USD 69.250
Vontobel Financial Pro 15.500 12/24/2021 EUR 61.914
Landesbank Baden-Wuert 3.050 3/25/2022 EUR 58.400
Landesbank Baden-Wuert 7.300 3/25/2022 EUR 50.070
Vontobel Financial Pro 14.750 6/24/2022 EUR 74.027
Vontobel Financial Pro 5.550 5/18/2022 EUR 58.030
Leonteq Securities AG/ 8.500 11/14/2022 EUR 75.300
Leonteq Securities AG 8.500 11/17/2022 CHF 74.930
Landesbank Baden-Wuert 4.550 5/27/2022 EUR 55.350
Landesbank Baden-Wuert 8.500 5/27/2022 EUR 50.840
EFG International Fina 14.000 11/21/2022 CHF 59.500
BNP Paribas Emissions- 15.000 6/23/2022 EUR 60.600
BNP Paribas Emissions- 8.500 3/24/2022 EUR 67.290
BNP Paribas Emissions- 13.000 3/24/2022 EUR 63.670
BNP Paribas Emissions- 15.000 3/24/2022 EUR 61.300
BNP Paribas Emissions- 17.000 3/24/2022 EUR 57.910
BNP Paribas Emissions- 9.500 12/23/2021 EUR 65.900
BNP Paribas Emissions- 10.000 12/23/2021 EUR 63.060
BNP Paribas Emissions- 13.000 12/23/2021 EUR 60.740
BNP Paribas Emissions- 18.000 12/23/2021 EUR 55.890
DZ Bank AG Deutsche Ze 17.200 6/24/2022 EUR 56.880
Corner Banca SA 20.000 04/06/2022 USD 78.570
Leonteq Securities AG/ 9.000 02/01/2023 CHF 70.590
Landesbank Baden-Wuert 5.000 3/25/2022 EUR 53.730
Vontobel Financial Pro 21.000 12/24/2021 EUR 65.250
Vontobel Financial Pro 19.500 3/25/2022 EUR 77.960
Vontobel Financial Pro 21.500 12/24/2021 EUR 76.300
Vontobel Financial Pro 17.000 12/24/2021 EUR 73.400
Vontobel Financial Pro 23.000 12/24/2021 EUR 68.344
Landesbank Baden-Wuert 3.400 8/23/2024 EUR 51.680
Vontobel Financial Pro 19.500 12/24/2021 EUR 52.250
Vontobel Financial Pro 18.500 12/24/2021 EUR 63.850
Vontobel Financial Pro 9.500 12/24/2021 EUR 77.090
Vontobel Financial Pro 10.500 12/24/2021 EUR 75.780
Vontobel Financial Pro 11.000 12/24/2021 EUR 74.450
Vontobel Financial Pro 13.000 12/24/2021 EUR 70.820
Vontobel Financial Pro 14.500 12/24/2021 EUR 68.630
Vontobel Financial Pro 15.500 12/24/2021 EUR 67.630
Corner Banca SA 14.600 11/23/2021 USD 64.730
Vontobel Financial Pro 4.050 7/15/2022 EUR 34.580
Vontobel Financial Pro 12.500 12/24/2021 EUR 52.690
Vontobel Financial Pro 20.000 12/24/2021 EUR 46.810
Vontobel Financial Pro 25.000 12/24/2021 EUR 76.740
Vontobel Financial Pro 13.500 3/25/2022 EUR 51.920
Vontobel Financial Pro 11.500 3/25/2022 EUR 54.030
Vontobel Financial Pro 7.500 3/25/2022 EUR 59.340
Vontobel Financial Pro 10.500 12/24/2021 EUR 55.200
Vontobel Financial Pro 23.000 12/24/2021 EUR 66.490
Vontobel Financial Pro 25.000 12/24/2021 EUR 70.348
Vontobel Financial Pro 16.500 12/24/2021 EUR 69.140
Vontobel Financial Pro 21.000 3/25/2022 EUR 76.140
Vontobel Financial Pro 18.000 3/25/2022 EUR 79.910
Vontobel Financial Pro 16.000 12/24/2021 EUR 84.810
Vontobel Financial Pro 18.000 12/24/2021 EUR 81.810
Vontobel Financial Pro 20.000 12/24/2021 EUR 78.990
Landesbank Baden-Wuert 3.100 11/26/2021 EUR 62.090
Vontobel Financial Pro 14.000 12/24/2021 EUR 65.453
Zurcher Kantonalbank F 14.550 11/18/2021 USD 67.390
Bank Julius Baer & Co 7.300 2/22/2022 EUR 61.600
UBS AG/London 9.500 04/11/2022 CHF 72.850
Leonteq Securities AG/ 2.700 04/01/2026 EUR 46.590
Vontobel Financial Pro 16.500 6/24/2022 EUR 68.790
Vontobel Financial Pro 15.000 6/24/2022 EUR 74.270
Vontobel Financial Pro 16.000 3/25/2022 EUR 73.900
UBS AG/London 7.000 2/21/2022 EUR 71.900
UBS AG/London 10.000 03/03/2022 CHF 66.100
Vontobel Financial Pro 9.750 3/25/2022 EUR 40.827
Vontobel Financial Pro 17.000 3/25/2022 EUR 68.990
Vontobel Financial Pro 15.000 3/25/2022 EUR 84.230
Vontobel Financial Pro 22.500 3/25/2022 EUR 74.460
Societe Generale Effek 21.500 11/26/2021 EUR 78.000
Societe Generale Effek 17.000 3/25/2022 EUR 82.460
Societe Generale Effek 26.250 11/26/2021 EUR 68.180
Vontobel Financial Pro 7.500 3/25/2022 EUR 40.638
Leonteq Securities AG/ 4.000 2/21/2022 EUR 65.840
Vontobel Financial Pro 7.000 3/25/2022 EUR 42.343
Vontobel Financial Pro 16.500 3/25/2022 EUR 82.010
Vontobel Financial Pro 23.500 3/25/2022 EUR 72.710
Landesbank Baden-Wuert 5.600 11/26/2021 EUR 53.940
Leonteq Securities AG 13.000 6/21/2022 CHF 69.310
Landesbank Baden-Wuert 3.150 6/24/2022 EUR 51.940
Landesbank Baden-Wuert 4.850 6/24/2022 EUR 45.320
Vontobel Financial Pro 8.000 12/24/2021 EUR 32.751
Vontobel Financial Pro 20.000 12/24/2021 EUR 58.240
Leonteq Securities AG 28.630 12/15/2021 CHF 38.450
Vontobel Financial Pro 14.500 6/24/2022 EUR 69.540
Raiffeisen Schweiz Gen 10.000 12/14/2022 CHF 72.000
Leonteq Securities AG/ 23.180 4/29/2022 USD 59.330
Leonteq Securities AG 15.000 6/15/2022 CHF 56.280
Vontobel Financial Pro 3.750 01/03/2023 EUR 46.090
Vontobel Financial Pro 11.500 6/24/2022 EUR 79.032
Landesbank Baden-Wuert 8.600 6/24/2022 EUR 68.580
Vontobel Financial Pro 16.750 3/25/2022 EUR 71.435
Landesbank Baden-Wuert 7.150 6/24/2022 EUR 54.550
DZ Bank AG Deutsche Ze 24.800 12/24/2021 EUR 72.610
DZ Bank AG Deutsche Ze 23.700 6/24/2022 EUR 69.590
Vontobel Financial Pro 12.400 3/16/2022 EUR 61.645
DZ Bank AG Deutsche Ze 17.600 6/24/2022 EUR 66.890
Landesbank Baden-Wuert 10.500 6/24/2022 EUR 51.980
Landesbank Baden-Wuert 4.200 6/24/2022 EUR 58.320
Citigroup Global Marke 9.000 8/18/2022 USD 0.882
Leonteq Securities AG/ 11.000 05/05/2022 CHF 66.630
Zurcher Kantonalbank F 15.000 02/04/2022 USD 57.450
UniCredit Bank AG 5.250 09/11/2023 EUR 84.050
Landesbank Baden-Wuert 4.450 4/25/2022 EUR 59.200
Landesbank Baden-Wuert 6.700 4/25/2022 EUR 54.280
Landesbank Baden-Wuert 10.000 4/25/2022 EUR 50.160
Leonteq Securities AG 22.340 4/14/2022 CHF 61.970
EFG International Fina 18.000 4/14/2022 CHF 69.440
Landesbank Baden-Wuert 3.000 5/27/2022 EUR 44.390
Landesbank Baden-Wuert 7.750 5/27/2022 EUR 38.740
Landesbank Baden-Wuert 3.500 5/27/2022 EUR 67.250
DZ Bank AG Deutsche Ze 21.000 12/24/2021 EUR 82.120
DZ Bank AG Deutsche Ze 23.900 12/24/2021 EUR 73.570
Leonteq Securities AG 23.390 4/19/2022 CHF 71.430
Bank Julius Baer & Co 7.400 7/13/2022 CHF 79.750
Landesbank Baden-Wuert 7.200 4/25/2022 EUR 66.760
UniCredit Bank AG 6.200 4/13/2022 EUR 66.870
Landesbank Baden-Wuert 5.200 5/27/2022 EUR 41.030
DZ Bank AG Deutsche Ze 8.750 12/22/2021 EUR 73.390
DZ Bank AG Deutsche Ze 17.900 6/24/2022 EUR 83.300
Zurcher Kantonalbank F 11.500 3/25/2022 CHF 60.020
UBS AG/London 12.500 6/23/2022 USD 67.050
Leonteq Securities AG 18.000 04/12/2022 CHF 68.150
Raiffeisen Switzerland 10.800 04/12/2022 CHF 77.560
Vontobel Financial Pro 13.250 12/24/2021 EUR 62.073
Raiffeisen Switzerland 12.000 1/25/2022 CHF 68.480
Leonteq Securities AG/ 10.000 4/26/2022 EUR 61.450
DZ Bank AG Deutsche Ze 20.200 12/24/2021 EUR 67.410
DZ Bank AG Deutsche Ze 21.800 12/24/2021 EUR 73.090
DZ Bank AG Deutsche Ze 14.900 12/24/2021 EUR 65.160
Bank Julius Baer & Co 12.050 3/18/2022 USD 62.450
Societe Generale Effek 16.465 04/06/2022 EUR 68.640
DZ Bank AG Deutsche Ze 18.500 12/24/2021 EUR 59.250
DZ Bank AG Deutsche Ze 22.400 12/24/2021 EUR 54.510
DZ Bank AG Deutsche Ze 17.100 12/24/2021 EUR 74.080
Landesbank Baden-Wuert 5.400 11/25/2022 EUR 57.240
DZ Bank AG Deutsche Ze 12.750 10/26/2022 EUR 75.650
DZ Bank AG Deutsche Ze 22.900 9/23/2022 EUR 75.040
DZ Bank AG Deutsche Ze 16.800 9/23/2022 EUR 60.750
Vontobel Financial Pro 12.500 12/24/2021 EUR 76.290
Vontobel Financial Pro 13.500 12/24/2021 EUR 74.650
Zurcher Kantonalbank F 25.000 9/20/2022 CHF 59.930
Credit Suisse AG/Londo 12.500 7/14/2022 USD 66.970
Leonteq Securities AG/ 3.400 3/20/2024 CHF 46.810
Zurcher Kantonalbank F 11.250 10/20/2022 USD 61.660
Credit Suisse AG/Londo 9.500 9/27/2024 USD 9.750
Bank Vontobel AG 7.500 01/03/2023 EUR 47.900
Leonteq Securities AG/ 10.000 07/12/2023 CHF 72.280
Zurcher Kantonalbank F 20.500 08/09/2022 CHF 77.230
Leonteq Securities AG/ 12.000 7/29/2022 CHF 73.370
Vontobel Financial Pro 14.750 6/24/2022 EUR 66.819
Leonteq Securities AG/ 12.000 4/22/2022 USD 61.270
Leonteq Securities AG/ 21.100 4/21/2022 CHF 71.070
DZ Bank AG Deutsche Ze 22.700 3/25/2022 EUR 65.300
DZ Bank AG Deutsche Ze 24.600 3/25/2022 EUR 70.620
Zuercher Kantonalbank 8.624 4/25/2022 CHF 0.280
Vontobel Financial Pro 12.500 3/25/2022 EUR 39.711
Vontobel Financial Pro 14.500 6/24/2022 EUR 74.177
UBS AG/London 7.000 4/21/2023 USD 71.400
Bank Vontobel AG 7.000 12/27/2022 CHF 66.200
Zurcher Kantonalbank F 10.400 07/08/2022 CHF 73.300
Landesbank Baden-Wuert 4.150 6/23/2023 EUR 56.670
Landesbank Baden-Wuert 2.800 6/23/2023 EUR 58.720
Landesbank Baden-Wuert 3.100 2/25/2022 EUR 67.530
Zurcher Kantonalbank F 10.750 7/15/2022 EUR 70.080
Leonteq Securities AG/ 17.000 08/02/2022 USD 71.240
Zurcher Kantonalbank F 27.000 9/13/2022 USD 70.120
Zurcher Kantonalbank F 26.000 9/13/2022 CHF 70.130
Landesbank Baden-Wuert 9.000 10/28/2022 EUR 72.250
Landesbank Baden-Wuert 6.500 10/28/2022 EUR 74.790
Bank Vontobel AG 13.002 9/19/2022 CHF 50.100
Bank Vontobel AG 7.000 9/19/2022 CHF 68.190
Credit Suisse AG/Londo 8.000 10/28/2022 CHF 70.360
Credit Suisse AG/Londo 12.500 7/29/2022 USD 72.490
Landesbank Baden-Wuert 4.800 8/25/2023 EUR 68.330
Landesbank Baden-Wuert 6.100 8/25/2023 EUR 66.760
Credit Suisse AG/Londo 15.750 8/30/2024 USD 9.180
Landesbank Baden-Wuert 4.000 10/28/2022 EUR 77.770
Corner Banca SA 12.000 6/21/2022 CHF 46.690
Zurcher Kantonalbank F 15.000 8/24/2022 CHF 60.930
Landesbank Baden-Wuert 3.650 3/24/2023 EUR 71.620
DZ Bank AG Deutsche Ze 12.250 8/24/2022 EUR 66.590
Landesbank Baden-Wuert 2.850 9/23/2022 EUR 66.440
Landesbank Baden-Wuert 4.700 9/23/2022 EUR 63.440
Landesbank Baden-Wuert 6.800 9/23/2022 EUR 61.140
Leonteq Securities AG 15.000 08/02/2022 CHF 63.430
Bank Julius Baer & Co 5.250 08/10/2022 CHF 69.300
Vontobel Financial Pro 12.250 6/24/2022 EUR 62.840
Zurcher Kantonalbank F 11.250 07/06/2022 EUR 51.440
Leonteq Securities AG/ 22.520 07/06/2022 CHF 54.240
Leonteq Securities AG/ 22.130 07/08/2022 CHF 61.600
Leonteq Securities AG/ 22.310 08/10/2022 USD 57.260
Credit Suisse AG/Londo 15.000 07/07/2022 USD 65.580
UBS AG/London 14.500 6/30/2022 CHF 71.900
Credit Suisse AG/Londo 13.500 8/17/2022 CHF 73.440
UniCredit Bank AG 7.300 12/24/2021 EUR 70.860
UniCredit Bank AG 9.000 12/24/2021 EUR 66.360
UniCredit Bank AG 14.600 12/24/2021 EUR 67.350
UniCredit Bank AG 6.900 12/24/2021 EUR 71.280
UniCredit Bank AG 12.500 12/24/2021 EUR 31.260
Skandinaviska Enskilda 6.000 1/15/2025 SEK 73.190
Zurcher Kantonalbank F 4.000 02/11/2022 CHF 62.940
UBS AG/London 19.750 4/21/2022 USD 59.600
UBS AG/London 7.000 12/20/2021 CHF 61.600
Skandinaviska Enskilda 4.400 7/15/2022 SEK 73.120
UniCredit Bank AG 8.300 12/24/2021 EUR 56.340
UniCredit Bank AG 12.500 12/24/2021 EUR 73.790
UniCredit Bank AG 8.000 12/24/2021 EUR 68.600
UniCredit Bank AG 5.800 12/24/2021 EUR 75.840
Raiffeisen Schweiz Gen 8.000 1/31/2022 CHF 67.230
UBS AG/London 12.000 12/20/2021 CHF 55.450
Credit Suisse AG/Londo 6.200 11/30/2022 USD 9.900
Vontobel Financial Pro 23.950 06/03/2022 EUR 46.201
Leonteq Securities AG 13.200 10/19/2022 CHF 76.130
Leonteq Securities AG/ 14.200 10/19/2022 USD 75.860
DekaBank Deutsche Giro 4.000 8/18/2022 EUR 62.530
DZ Bank AG Deutsche Ze 10.750 8/24/2022 EUR 61.230
Vontobel Financial Pro 10.000 6/24/2022 EUR 73.489
Vontobel Financial Pro 9.750 6/24/2022 EUR 64.965
DZ Bank AG Deutsche Ze 24.700 12/24/2021 EUR 66.790
DZ Bank AG Deutsche Ze 20.800 3/25/2022 EUR 71.070
DZ Bank AG Deutsche Ze 24.300 3/25/2022 EUR 67.610
DZ Bank AG Deutsche Ze 23.000 6/24/2022 EUR 68.520
DZ Bank AG Deutsche Ze 21.000 12/24/2021 EUR 68.930
Vontobel Financial Pro 9.500 6/24/2022 EUR 54.087
Landesbank Baden-Wuert 3.150 7/22/2022 EUR 60.920
Landesbank Baden-Wuert 4.500 7/22/2022 EUR 58.710
Landesbank Baden-Wuert 7.200 7/22/2022 EUR 55.930
Landesbank Baden-Wuert 9.250 7/22/2022 EUR 54.890
Leonteq Securities AG/ 28.010 4/19/2022 CHF 32.370
Bank Vontobel AG 10.500 1/16/2023 CHF 74.500
Bank Vontobel AG 10.500 1/16/2023 CHF 74.500
Leonteq Securities AG/ 10.000 1/19/2023 USD 68.630
Leonteq Securities AG/ 10.000 7/19/2022 CHF 47.240
Zurcher Kantonalbank F 8.000 07/01/2022 CHF 70.100
Vontobel Financial Pro 9.500 6/24/2022 EUR 51.435
Landesbank Baden-Wuert 6.200 3/24/2023 EUR 68.120
Zurcher Kantonalbank F 12.500 08/03/2022 CHF 74.300
Leonteq Securities AG 16.000 5/25/2022 CHF 45.560
Leonteq Securities AG/ 25.030 2/25/2022 USD 67.080
Raiffeisen Schweiz Gen 10.000 1/16/2023 CHF 73.240
Leonteq Securities AG/ 27.290 4/26/2022 CHF 72.910
UBS AG/London 11.000 12/27/2021 CHF 63.500
UBS AG/London 10.000 12/27/2021 CHF 70.050
EFG International Fina 13.000 12/27/2021 CHF 6.040
Raiffeisen Schweiz Gen 7.500 02/10/2022 CHF 70.210
EFG International Fina 11.120 12/27/2024 EUR 60.240
Zurcher Kantonalbank F 6.250 12/30/2021 EUR 71.520
Araratbank OJSC 5.500 1/29/2024 USD 25.490
DekaBank Deutsche Giro 2.800 1/13/2023 EUR 75.720
DekaBank Deutsche Giro 4.000 1/14/2022 EUR 61.430
Raiffeisen Schweiz Gen 3.400 3/21/2025 CHF 59.940
Leonteq Securities AG 3.900 12/20/2024 CHF 57.290
Raiffeisen Schweiz Gen 3.200 12/18/2026 CHF 70.250
Raiffeisen Schweiz Gen 7.750 1/27/2022 CHF 66.510
Corner Banca SA 9.000 1/21/2022 CHF 67.910
Leonteq Securities AG 3.600 9/22/2026 CHF 59.790
Raiffeisen Schweiz Gen 2.700 9/22/2026 CHF 56.740
DekaBank Deutsche Giro 2.000 02/10/2023 EUR 75.430
Leonteq Securities AG 8.600 1/24/2023 CHF 72.670
Leonteq Securities AG/ 7.600 1/23/2023 CHF 73.420
Danske Bank A/S 6.860 07/09/2022 SEK 25.880
Bank Julius Baer & Co 8.350 1/30/2023 CHF 74.850
UBS AG/London 13.000 02/07/2022 CHF 63.700
UBS AG/London 8.000 1/24/2022 CHF 66.300
UBS AG/London 11.250 1/24/2022 CHF 58.700
UBS AG/London 7.250 1/24/2022 CHF 73.350
Vontobel Financial Pro 9.200 1/24/2022 EUR 57.240
Vontobel Financial Pro 9.500 12/24/2021 EUR 58.100
Vontobel Financial Pro 15.500 12/24/2021 EUR 48.820
Vontobel Financial Pro 6.000 12/24/2021 EUR 67.050
Vontobel Financial Pro 11.500 12/24/2021 EUR 54.560
Vontobel Financial Pro 7.500 12/24/2021 EUR 62.200
Vontobel Financial Pro 13.500 12/24/2021 EUR 51.500
Raiffeisen Schweiz Gen 8.500 12/13/2021 CHF 57.260
Leonteq Securities AG/ 7.500 12/20/2021 EUR 57.940
Zurcher Kantonalbank F 6.300 12/16/2022 CHF 61.520
Bayerische Landesbank 1.450 1/26/2024 EUR 60.530
Zurcher Kantonalbank F 8.150 12/27/2021 CHF 77.660
Leonteq Securities AG/ 9.400 02/04/2022 CHF 71.380
UBS AG/London 14.000 12/20/2021 CHF 60.250
UBS AG/London 10.250 12/20/2021 CHF 71.450
Leonteq Securities AG 7.200 1/31/2022 CHF 66.970
Otkritie Holding JSC 0.010 9/30/2027 RUB 3.400
UniCredit Bank AG 5.650 11/06/2023 EUR 78.230
Bayerische Landesbank 1.350 12/23/2022 EUR 57.600
Raiffeisen Schweiz Gen 6.600 3/23/2022 CHF 63.110
Leonteq Securities AG/ 8.000 11/25/2021 EUR 99.320
Leonteq Securities AG 10.000 12/06/2021 CHF 69.240
Barclays Bank PLC 2.730 9/27/2024 EUR 64.180
DekaBank Deutsche Giro 3.700 12/17/2021 EUR 63.600
DekaBank Deutsche Giro 3.200 11/04/2022 EUR 72.970
Credit Suisse AG/Londo 10.800 12/07/2021 USD 58.400
BNP Paribas Issuance B 7.150 11/07/2024 SEK 64.010
UniCredit Bank AG 3.200 01/02/2023 EUR 81.010
Landesbank Baden-Wuert 3.600 6/23/2023 EUR 57.880
UBS AG/London 7.500 11/22/2021 CHF 74.500
UBS AG/London 8.000 12/06/2021 CHF 70.650
UBS AG/London 8.500 11/22/2021 EUR 67.150
Bayerische Landesbank 3.600 10/28/2022 EUR 74.730
SG Issuer SA 0.350 11/15/2023 EUR 24.550
Leonteq Securities AG/ 7.420 11/22/2021 EUR 56.480
Leonteq Securities AG/ 8.000 12/06/2021 EUR 74.030
UBS AG/London 7.000 11/29/2021 EUR 72.450
Raiffeisen Schweiz Gen 7.800 11/22/2021 CHF 68.750
EFG International Fina 12.000 11/29/2024 USD 87.280
BNP Paribas Emissions- 10.000 3/24/2022 EUR 3.860
BNP Paribas Emissions- 7.000 12/23/2021 EUR 54.680
DekaBank Deutsche Giro 3.250 11/25/2022 EUR 67.740
Bank Julius Baer & Co 7.650 01/10/2022 USD 55.950
Otkritie Holding JSC 0.010 08/05/2025 RUB 3.000
Zurcher Kantonalbank F 7.000 2/21/2022 CHF 65.900
Leonteq Securities AG/ 6.600 01/09/2023 CHF 74.120
UBS AG/London 7.850 01/02/2025 USD 10.310
Bayerische Landesbank 2.500 7/22/2022 EUR 64.640
Raiffeisen Schweiz Gen 18.000 8/23/2022 CHF 63.680
Leonteq Securities AG 15.000 6/21/2022 CHF 54.730
UBS AG/London 9.750 12/23/2022 CHF 73.300
Vontobel Financial Pro 19.500 6/24/2022 EUR 69.092
UniCredit Bank AG 6.900 12/24/2021 EUR 73.490
EFG International Fina 9.400 12/12/2022 CHF 68.830
Leonteq Securities AG 8.000 12/13/2022 CHF 63.340
Landesbank Baden-Wuert 4.400 9/23/2022 EUR 46.020
Landesbank Baden-Wuert 2.350 9/23/2022 EUR 51.750
UniCredit Bank AG 9.200 12/24/2021 EUR 63.750
UniCredit Bank AG 5.900 12/24/2021 EUR 77.410
Leonteq Securities AG/ 6.800 11/29/2021 CHF 77.520
Bayerische Landesbank 2.650 2/25/2022 EUR 78.700
BNP Paribas Emissions- 5.000 12/23/2021 EUR 74.340
BNP Paribas Emissions- 7.000 3/24/2022 EUR 56.290
Leonteq Securities AG/ 9.000 11/29/2021 EUR 75.540
UBS AG/London 10.500 11/15/2021 CHF 68.300
UBS AG/London 10.250 11/15/2021 CHF 74.250
UBS AG/London 10.000 1/17/2022 CHF 66.850
Leonteq Securities AG/ 7.750 1/17/2022 CHF 70.600
Vontobel Financial Pro 4.000 12/14/2021 EUR 72.570
DZ Bank AG Deutsche Ze 11.000 9/21/2022 EUR 62.180
DeltaCredit Bank JSC 1.000 10/20/2025 RUB 72.060
Bank Julius Baer & Co 13.950 03/01/2022 USD 59.550
Leonteq Securities AG/ 6.000 11/23/2021 CHF 53.910
WEB Windenergie AG 4.000 12/17/2025 EUR 0.010
DekaBank Deutsche Giro 2.400 6/17/2022 EUR 68.820
UBS AG/London 13.500 1/17/2022 CHF 64.500
Landesbank Baden-Wuert 2.650 3/25/2022 EUR 54.510
Landesbank Baden-Wuert 5.300 3/25/2022 EUR 46.680
Bank Julius Baer & Co 7.250 06/02/2022 CHF 73.250
Raiffeisen Schweiz Gen 5.000 9/13/2022 CHF 72.330
DekaBank Deutsche Giro 4.150 07/01/2022 EUR 69.350
Raiffeisen Schweiz Gen 5.500 5/24/2022 CHF 73.430
Otkritie Holding JSC 0.010 9/17/2027 RUB 4.200
UBS AG/London 9.250 10/21/2022 CHF 62.300
Zurcher Kantonalbank F 8.125 02/11/2022 EUR 62.360
Zurcher Kantonalbank F 9.750 02/11/2022 USD 62.980
UniCredit Bank AG 9.300 12/24/2021 EUR 63.220
Bank Julius Baer & Co 10.300 1/31/2022 USD 67.600
UniCredit Bank AG 8.100 12/24/2021 EUR 68.400
UniCredit Bank AG 10.100 12/24/2021 EUR 61.450
DekaBank Deutsche Giro 3.500 2/24/2023 EUR 72.720
UniCredit Bank AG 6.500 12/24/2021 EUR 73.260
UniCredit Bank AG 10.400 12/24/2021 EUR 52.520
UniCredit Bank AG 12.000 12/24/2021 EUR 75.620
UniCredit Bank AG 13.000 12/24/2021 EUR 72.050
UniCredit Bank AG 14.100 12/24/2021 EUR 68.840
UniCredit Bank AG 10.800 12/24/2021 EUR 33.440
UniCredit Bank AG 5.800 12/24/2021 EUR 74.190
UniCredit Bank AG 13.600 12/24/2021 EUR 70.410
UniCredit Bank AG 10.000 12/24/2021 EUR 34.680
UniCredit Bank AG 11.700 12/24/2021 EUR 32.310
UBS AG/London 13.000 2/14/2022 CHF 57.550
Leonteq Securities AG 11.000 01/03/2022 CHF 58.710
UniCredit Bank AG 8.100 12/24/2021 EUR 66.020
UniCredit Bank AG 10.300 12/24/2021 EUR 59.700
Leonteq Securities AG/ 15.180 12/27/2021 EUR 3.890
Zurcher Kantonalbank F 8.000 5/16/2022 CHF 62.290
UniCredit Bank AG 6.600 9/13/2023 EUR 72.100
Otkritie Holding JSC 0.010 12/08/2027 RUB 2.690
Zurcher Kantonalbank F 10.750 1/21/2022 CHF 58.600
Vontobel Financial Pro 10.000 11/22/2021 EUR 70.189
UniCredit Bank AG 4.800 12/24/2021 EUR 83.590
UniCredit Bank AG 9.200 12/24/2021 EUR 76.910
UniCredit Bank AG 6.100 12/24/2021 EUR 77.380
UniCredit Bank AG 10.500 12/24/2021 EUR 63.300
UniCredit Bank AG 10.300 12/24/2021 EUR 55.550
UniCredit Bank AG 11.300 12/24/2021 EUR 53.090
DekaBank Deutsche Giro 3.200 02/03/2023 EUR 83.370
Leonteq Securities AG 11.800 12/20/2021 CHF 65.090
Leonteq Securities AG 11.000 12/20/2021 CHF 72.450
Bayerische Landesbank 3.000 2/25/2022 EUR 73.910
Leonteq Securities AG/ 12.200 02/07/2022 USD 71.980
BNP Paribas Emissions- 6.000 3/24/2022 EUR 70.510
BNP Paribas Emissions- 5.000 3/24/2022 EUR 38.820
Pongs & Zahn AG 8.500 EUR 0.003
Leonteq Securities AG 18.000 11/24/2021 CHF 69.800
Landesbank Baden-Wuert 2.900 11/26/2021 EUR 76.280
Landesbank Baden-Wuert 4.000 11/26/2021 EUR 70.830
Landesbank Baden-Wuert 2.000 11/26/2021 EUR 67.270
Landesbank Baden-Wuert 3.000 11/26/2021 EUR 62.830
Landesbank Baden-Wuert 4.000 11/26/2021 EUR 59.890
Landesbank Baden-Wuert 3.500 11/26/2021 EUR 79.800
Landesbank Baden-Wuert 3.250 11/26/2021 EUR 72.800
Landesbank Baden-Wuert 4.000 11/26/2021 EUR 70.240
DekaBank Deutsche Giro 3.700 11/25/2022 EUR 61.410
EFG International Fina 13.400 10/31/2022 CHF 68.510
UniCredit Bank AG 10.900 12/24/2021 EUR 63.250
UniCredit Bank AG 8.900 12/24/2021 EUR 72.030
UniCredit Bank AG 5.700 12/24/2021 EUR 53.500
UniCredit Bank AG 9.300 12/24/2021 EUR 43.350
UniCredit Bank AG 7.800 12/24/2021 EUR 46.850
UniCredit Bank AG 6.400 12/24/2021 EUR 66.610
UniCredit Bank AG 8.100 12/24/2021 EUR 46.490
UniCredit Bank AG 8.300 12/24/2021 EUR 61.150
UniCredit Bank AG 6.300 12/24/2021 EUR 71.870
UniCredit Bank AG 9.900 12/24/2021 EUR 59.460
UniCredit Bank AG 7.500 12/24/2021 EUR 67.170
UniCredit Bank AG 9.100 12/24/2021 EUR 41.210
UniCredit Bank AG 6.600 12/24/2021 EUR 72.860
UniCredit Bank AG 9.900 12/24/2021 EUR 48.410
UniCredit Bank AG 9.700 12/24/2021 EUR 42.550
UniCredit Bank AG 8.900 12/24/2021 EUR 44.420
UniCredit Bank AG 11.200 12/24/2021 EUR 39.280
UniCredit Bank AG 9.700 12/24/2021 EUR 69.690
UniCredit Bank AG 10.500 12/24/2021 EUR 67.510
UniCredit Bank AG 11.100 12/24/2021 EUR 56.290
UniCredit Bank AG 10.900 12/24/2021 EUR 37.780
UniCredit Bank AG 11.400 12/24/2021 EUR 44.820
UniCredit Bank AG 12.900 12/24/2021 EUR 41.790
UniCredit Bank AG 10.000 12/24/2021 EUR 41.810
UniCredit Bank AG 9.100 12/24/2021 EUR 50.450
UniCredit Bank AG 4.200 12/06/2022 EUR 68.920
EFG International Fina 13.000 11/08/2021 EUR 50.660
UBS AG/London 8.000 11/08/2021 CHF 70.550
UBS AG/London 8.250 11/08/2021 CHF 72.700
Bayerische Landesbank 3.000 11/26/2021 EUR 67.670
Leonteq Securities AG 7.500 11/08/2022 CHF 68.740
Leonteq Securities AG/ 12.000 11/08/2021 EUR 71.780
DekaBank Deutsche Giro 3.400 02/04/2022 EUR 80.490
SG Issuer SA 0.850 10/16/2024 EUR 12.710
BNP Paribas Issuance B 7.200 12/17/2024 SEK 69.390
Bank Julius Baer & Co 17.100 11/10/2021 USD 61.550
DekaBank Deutsche Giro 2.300 11/12/2021 EUR 56.190
Vontobel Financial Pro 7.000 6/24/2022 EUR 70.750
Vontobel Financial Pro 7.500 9/23/2022 EUR 72.810
Vontobel Financial Pro 6.500 9/23/2022 EUR 74.100
Vontobel Financial Pro 10.000 11/11/2021 EUR 69.850
Vontobel Financial Pro 9.100 2/21/2022 EUR 65.962
Lehman Brothers Treasu 7.250 07/08/2014 EUR 0.100
Lehman Brothers Treasu 5.500 07/08/2013 EUR 0.100
Lehman Brothers Treasu 6.000 08/07/2013 EUR 0.100
PSN Pm OOO 9.500 09/10/2026 RUB 21.625
Lehman Brothers Treasu 14.100 11/12/2008 USD 0.100
Lehman Brothers Treasu 16.800 8/21/2009 USD 0.100
Lehman Brothers Treasu 6.000 03/04/2015 USD 0.100
Lehman Brothers Treasu 3.500 6/20/2011 EUR 0.100
Lehman Brothers Treasu 5.500 4/23/2014 EUR 0.100
Deutsche Bank AG/Londo 2.000 10/25/2023 TRY 68.993
Laurel GmbH 7.125 11/16/2017 EUR 7.750
Lehman Brothers Treasu 10.000 10/23/2008 USD 0.100
Lehman Brothers Treasu 6.600 5/23/2012 AUD 0.100
Lehman Brothers Treasu 3.450 5/23/2013 USD 0.100
Lehman Brothers Treasu 17.000 06/02/2009 USD 0.100
Lehman Brothers Treasu 16.000 10/08/2008 CHF 0.100
Lehman Brothers Treasu 11.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 3.000 06/03/2010 EUR 0.100
Lehman Brothers Treasu 12.400 06/12/2009 USD 0.100
Lehman Brothers Treasu 7.600 5/21/2013 USD 0.100
Lehman Brothers Treasu 2.000 6/28/2011 EUR 0.100
BNP Paribas SA 0.500 11/16/2032 MXN 32.765
Lehman Brothers Treasu 7.150 3/21/2013 USD 0.100
Lehman Brothers Treasu 16.200 5/14/2009 USD 0.100
Lehman Brothers Treasu 1.000 05/09/2012 EUR 0.100
Lehman Brothers Treasu 10.600 4/22/2014 MXN 0.100
Lehman Brothers Treasu 7.000 4/24/2009 USD 0.100
Lehman Brothers Treasu 16.000 11/09/2008 USD 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu 13.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 10.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 8.800 12/27/2009 EUR 0.100
Lehman Brothers Treasu 9.300 12/21/2010 EUR 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 4.000 01/04/2011 USD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 8.000 3/21/2018 USD 0.100
Lehman Brothers Treasu 11.750 03/01/2010 EUR 0.100
Lehman Brothers Treasu 6.000 3/18/2015 USD 0.100
Lehman Brothers Treasu 1.000 2/26/2010 USD 0.100
Lehman Brothers Treasu 4.000 03/10/2011 EUR 0.100
Lehman Brothers Treasu 4.600 08/01/2013 EUR 0.100
Lehman Brothers Treasu 10.000 5/22/2009 USD 0.100
Lehman Brothers Treasu 8.000 5/22/2009 USD 0.100
Lehman Brothers Treasu 10.442 11/22/2008 CHF 0.100
Lehman Brothers Treasu 13.500 06/02/2009 USD 0.100
Lehman Brothers Treasu 7.600 03/04/2010 NZD 0.100
Lehman Brothers Treasu 9.000 05/06/2011 CHF 0.100
Lehman Brothers Treasu 5.000 11/22/2012 EUR 0.100
Lehman Brothers Treasu 5.550 03/12/2015 EUR 0.100
Lehman Brothers Treasu 7.500 2/14/2010 AUD 0.100
Lehman Brothers Treasu 7.600 1/31/2013 AUD 0.100
Polski Bank Spoldzielc 3.780 9/14/2027 PLN 69.800
Lehman Brothers Treasu 8.000 3/19/2012 USD 0.100
Lehman Brothers Treasu 6.450 2/20/2010 AUD 0.100
Lehman Brothers Treasu 5.500 6/22/2010 USD 0.100
Lehman Brothers Treasu 10.000 10/22/2008 USD 0.100
Lehman Brothers Treasu 12.000 07/04/2011 EUR 0.100
Lehman Brothers Treasu 11.000 07/04/2011 CHF 0.100
Lehman Brothers Treasu 10.000 6/17/2009 USD 0.100
Lehman Brothers Treasu 2.500 8/15/2012 CHF 0.100
Lehman Brothers Treasu 13.150 10/30/2008 USD 0.100
Lehman Brothers Treasu 0.500 08/01/2020 EUR 0.100
Lehman Brothers Treasu 0.500 06/02/2020 EUR 0.100
Lehman Brothers Treasu 11.000 07/04/2011 USD 0.100
Lehman Brothers Treasu 16.000 12/26/2008 USD 0.100
Lehman Brothers Treasu 13.432 01/08/2009 ILS 0.100
Lehman Brothers Treasu 0.500 07/02/2020 EUR 0.100
Lehman Brothers Treasu 3.100 06/04/2010 USD 0.100
SAir Group 5.500 7/23/2003 CHF 12.625
Lehman Brothers Treasu 14.900 11/16/2010 EUR 0.100
Lehman Brothers Treasu 3.000 9/13/2010 JPY 0.100
Lehman Brothers Treasu 2.370 7/15/2013 USD 0.100
Espirito Santo Financi 5.625 7/28/2017 EUR 0.528
Credit Suisse AG/Londo 0.500 01/08/2026 BRL 59.660
Lehman Brothers Treasu 4.870 10/08/2013 USD 0.100
Lehman Brothers Treasu 1.950 11/04/2013 EUR 0.100
DeltaCredit Bank JSC 1.000 5/18/2026 RUB 67.960
Heta Asset Resolution 5.730 12/31/2023 EUR 1.558
Lehman Brothers Treasu 7.320 7/31/2013 GBP 0.100
Lehman Brothers Treasu 8.875 1/28/2011 HKD 0.100
BLT Finance BV 12.000 02/10/2015 USD 10.500
KPNQwest NV 8.875 02/01/2008 EUR 0.453
Lehman Brothers Treasu 8.050 12/20/2010 HKD 0.100
Lehman Brothers Treasu 7.625 7/22/2011 HKD 0.100
Lehman Brothers Treasu 6.600 02/09/2009 EUR 0.100
Lehman Brothers Treasu 6.720 12/29/2008 EUR 0.100
Lehman Brothers Treasu 3.630 03/02/2012 EUR 0.100
IT Holding Finance SA 9.875 11/15/2012 EUR 0.030
IT Holding Finance SA 9.875 11/15/2012 EUR 0.030
Lehman Brothers Treasu 5.250 11/21/2009 USD 0.100
Credit Agricole Corpor 5.400 1/31/2028 BRL 69.021
Norske Skogindustrier 2.000 12/30/2115 EUR 0.113
Eiendomskreditt AS 2.350 9/17/2029 NOK 69.958
Lehman Brothers Treasu 2.300 6/27/2013 USD 0.100
Lehman Brothers Treasu 3.820 10/20/2009 USD 0.100
Heta Asset Resolution 5.270 12/31/2023 EUR 1.566
Mriya Agro Holding PLC 10.950 3/30/2016 USD 4.667
SAir Group 2.750 7/30/2004 CHF 12.625
AlphaNotes ETP Dac 0.010 09/09/2029 USD 71.810
Mriya Agro Holding PLC 10.950 3/30/2016 USD 4.667
SG Issuer SA 3.000 10/10/2034 ZAR 48.435
Nota-Bank OJSC 13.500 04/01/2016 RUB 31.500
KPNQwest NV 7.125 06/01/2009 EUR 0.453
DeltaCredit Bank JSC 1.000 7/28/2025 RUB 73.000
Grupo Isolux Corsan SA 1.000 12/30/2021 USD 0.077
Grupo Isolux Corsan SA 0.250 12/30/2018 EUR 0.077
Pescanova SA 6.750 03/05/2015 EUR 0.319
Grupo Isolux Corsan SA 6.000 12/30/2021 USD 0.229
Lehman Brothers Treasu 8.280 7/31/2013 GBP 0.100
Lehman Brothers Treasu 7.500 7/31/2013 GBP 0.100
Lehman Brothers Treasu 8.600 7/31/2013 GBP 0.100
Heta Asset Resolution 5.920 12/31/2023 EUR 1.558
Lehman Brothers Treasu 7.060 12/29/2008 EUR 0.100
Heta Asset Resolution 0.128 12/31/2023 EUR 1.558
Lehman Brothers Treasu 4.000 12/02/2012 EUR 0.100
Lehman Brothers Treasu 1.280 11/06/2010 JPY 0.100
Lehman Brothers Treasu 9.250 6/20/2012 USD 0.100
BNP Paribas Issuance B 3.880 08/05/2025 BRL 72.146
LBI ehf 5.080 03/01/2013 ISK 9.375
LBI ehf 8.650 05/01/2011 ISK 9.375
WPE International Coop 10.375 9/30/2020 USD 5.000
Mriya Agro Holding PLC 9.450 4/19/2018 USD 4.667
Credit Agricole Corpor 10.800 3/24/2026 TRY 74.337
Lehman Brothers Treasu 3.000 09/12/2036 JPY 0.100
Lehman Brothers Treasu 6.700 4/21/2011 USD 0.100
Lehman Brothers Treasu 2.300 06/06/2013 USD 0.100
Lehman Brothers Treasu 7.500 5/30/2010 AUD 0.100
Lehman Brothers Treasu 4.300 06/04/2012 USD 0.100
Lehman Brothers Treasu 1.460 2/19/2012 JPY 0.100
Lehman Brothers Treasu 4.000 06/05/2011 USD 0.100
Lehman Brothers Treasu 4.680 12/12/2045 EUR 0.100
Lehman Brothers Treasu 4.820 12/18/2036 EUR 0.100
VTB Bank PJSC 0.010 6/17/2025 RUB 102.680
Heta Asset Resolution 7.500 12/31/2023 ATS 1.558
Lehman Brothers Treasu 4.100 8/23/2010 USD 0.100
Bibby Offshore Service 7.500 6/15/2021 GBP 11.625
Getin Noble Bank SA 6.700 11/09/2023 PLN 60.536
Lehman Brothers Treasu 1.500 02/08/2012 CHF 0.100
Lehman Brothers Treasu 7.750 2/21/2016 EUR 0.100
Lehman Brothers Treasu 0.010 9/20/2011 USD 0.100
Dyadya Doner OOO 13.500 4/25/2023 RUB 28.800
Lehman Brothers Treasu 11.250 12/31/2008 USD 0.100
Barclays Bank PLC 1.450 9/24/2038 MXN 37.084
Lehman Brothers Treasu 10.000 06/11/2038 JPY 0.100
Lehman Brothers Treasu 12.000 7/13/2037 JPY 0.100
Mriya Agro Holding PLC 9.450 4/19/2018 USD 4.667
Lehman Brothers Treasu 2.000 6/21/2011 EUR 0.100
Northland Resources AB 12.250 3/26/2016 USD 2.621
Lehman Brothers Treasu 5.250 04/01/2023 EUR 0.100
Lehman Brothers Treasu 13.000 12/14/2012 USD 0.100
Lehman Brothers Treasu 6.000 6/21/2011 EUR 0.100
Getin Noble Bank SA 5.930 4/28/2023 PLN 76.111
Lehman Brothers Treasu 7.000 07/11/2010 EUR 0.100
Lehman Brothers Treasu 6.000 7/28/2010 EUR 0.100
Lehman Brothers Treasu 6.000 7/28/2010 EUR 0.100
Lehman Brothers Treasu 5.200 3/19/2018 EUR 0.100
Lehman Brothers Treasu 3.500 10/31/2011 USD 0.100
Lehman Brothers Treasu 3.500 10/24/2011 USD 0.100
Credit Agricole Corpor 10.200 12/13/2027 TRY 65.865
Lehman Brothers Treasu 7.000 2/15/2012 EUR 0.100
Lehman Brothers Treasu 1.750 02/07/2010 EUR 0.100
Lehman Brothers Treasu 8.280 3/26/2009 USD 0.100
Lehman Brothers Treasu 6.850 12/22/2008 EUR 0.100
Lehman Brothers Treasu 6.000 2/14/2012 EUR 0.100
Lehman Brothers Treasu 15.000 3/30/2011 EUR 0.100
Lehman Brothers Treasu 4.690 2/19/2017 EUR 0.100
Lehman Brothers Treasu 14.900 9/15/2008 EUR 0.100
Credit Agricole Corpor 6.000 2/26/2027 BRL 72.125
Lehman Brothers Treasu 7.600 3/26/2009 EUR 0.100
Lehman Brothers Treasu 7.550 12/29/2008 USD 0.100
Sberbank CIB JSC 0.010 01/04/2030 RUB 51.212
Lehman Brothers Treasu 6.600 2/22/2012 EUR 0.100
Petromena ASA 9.750 5/24/2016 NOK 0.607
Lehman Brothers Treasu 6.000 3/17/2011 EUR 0.100
Windreich GmbH 6.250 03/01/2015 EUR 4.475
Lehman Brothers Treasu 8.000 4/20/2009 EUR 0.100
AKB Peresvet ZAO 0.510 6/23/2021 RUB 32.010
Lehman Brothers Treasu 8.500 07/06/2009 CHF 0.100
Lehman Brothers Treasu 7.500 9/13/2009 CHF 0.100
Lehman Brothers Treasu 5.103 6/22/2046 EUR 0.100
Lehman Brothers Treasu 3.700 06/06/2009 EUR 0.100
Heta Asset Resolution 5.030 12/31/2023 EUR 1.558
Heta Asset Resolution 4.875 12/31/2023 EUR 1.558
Lehman Brothers Treasu 4.000 2/28/2010 EUR 0.100
Barclays Bank PLC 10.200 2/14/2025 TRY 75.505
Lehman Brothers Treasu 4.100 5/20/2009 USD 0.100
Lehman Brothers Treasu 2.000 5/17/2010 EUR 0.100
Ukraine Government Bon 8.310 11/10/2034 UAH 70.481
Ukraine Government Bon 8.520 11/10/2033 UAH 72.677
Lehman Brothers Treasu 11.000 6/29/2009 EUR 0.100
Lehman Brothers Treasu 2.000 10/28/2010 EUR 0.100
Ukraine Government Bon 8.420 05/10/2034 UAH 71.610
Lehman Brothers Treasu 8.000 08/03/2009 USD 0.100
Bank Otkritie Financia 10.000 4/26/2019 USD 9.563
Ukraine Government Bon 8.630 05/10/2033 UAH 73.817
Ukraine Government Bon 8.750 11/10/2032 UAH 75.013
Lehman Brothers Treasu 5.500 6/15/2009 CHF 0.100
Lehman Brothers Treasu 1.500 10/25/2011 EUR 0.100
Lehman Brothers Treasu 11.000 12/19/2011 USD 0.100
Ukraine Government Bon 6.000 9/19/2029 UAH 65.603
Ukraine Government Bon 6.000 11/28/2029 UAH 65.140
Ukraine Government Bon 6.000 12/23/2026 UAH 73.833
Ukraine Government Bon 6.000 1/27/2027 UAH 73.476
Ukraine Government Bon 6.000 11/22/2028 UAH 67.742
Ukraine Government Bon 6.000 03/12/2031 UAH 62.276
Ukraine Government Bon 6.000 4/23/2031 UAH 62.056
Ukraine Government Bon 6.000 5/16/2029 UAH 66.474
Ukraine Government Bon 6.000 06/12/2030 UAH 63.884
Lehman Brothers Treasu 9.000 6/13/2009 USD 0.100
Lehman Brothers Treasu 8.000 5/22/2009 USD 0.100
Lehman Brothers Treasu 4.500 03/07/2015 EUR 0.100
Lehman Brothers Treasu 6.000 12/06/2016 USD 0.100
Lehman Brothers Treasu 4.150 8/25/2020 EUR 0.100
Lehman Brothers Treasu 4.250 3/13/2021 EUR 0.100
Lehman Brothers Treasu 0.500 2/16/2009 EUR 0.100
Northland Resources AB 4.000 10/15/2020 NOK 0.271
LBI ehf 2.250 2/14/2011 CHF 9.375
Ukraine Government Bon 6.000 10/15/2031 UAH 61.110
Lehman Brothers Treasu 4.000 11/24/2016 EUR 0.100
Purple Protected Asset 1.580 5/25/2060 EUR 66.639
DeltaCredit Bank JSC 1.000 10/30/2025 RUB 70.000
Lehman Brothers Treasu 0.750 3/29/2012 EUR 0.100
Lehman Brothers Treasu 3.025 1/31/2015 EUR 0.100
Deutsche Bank AG/Londo 0.500 10/18/2038 MXN 20.617
Phosphorus Holdco PLC 10.000 04/01/2019 GBP 0.974
Lehman Brothers Treasu 4.500 12/30/2010 USD 0.100
PA Resources AB 13.500 03/03/2016 SEK 0.124
Hellas Telecommunicati 8.500 10/15/2013 EUR 0.540
Lehman Brothers Treasu 3.000 08/08/2017 EUR 0.100
Lehman Brothers Treasu 4.500 03/06/2013 CHF 0.100
Lehman Brothers Treasu 5.750 6/15/2009 CHF 0.100
Lehman Brothers Treasu 5.000 10/24/2008 CHF 0.100
Lehman Brothers Treasu 7.750 1/30/2009 EUR 0.100
Ukraine Government Bon 8.750 4/20/2033 UAH 74.586
Lehman Brothers Treasu 2.400 6/20/2011 JPY 0.100
Ukraine Government Bon 6.000 06/04/2031 UAH 61.809
Lehman Brothers Treasu 2.500 12/15/2011 GBP 0.100
Lehman Brothers Treasu 7.585 11/22/2009 MXN 0.100
Ukraine Government Bon 5.000 2/20/2032 UAH 54.862
Lehman Brothers Treasu 4.350 08/08/2016 SGD 0.100
Lehman Brothers Treasu 4.000 4/13/2011 CHF 0.100
Lehman Brothers Treasu 10.000 3/27/2009 USD 0.100
Lehman Brothers Treasu 7.000 4/14/2009 EUR 0.100
Lehman Brothers Treasu 6.000 10/24/2008 EUR 0.100
Lehman Brothers Treasu 0.250 7/21/2014 EUR 0.100
Lehman Brothers Treasu 9.000 3/17/2009 GBP 0.100
Lehman Brothers Treasu 4.000 4/24/2009 USD 0.100
Lehman Brothers Treasu 3.850 4/24/2009 USD 0.100
Lehman Brothers Treasu 10.500 08/09/2010 EUR 0.100
Lehman Brothers Treasu 1.600 6/21/2010 JPY 0.100
Lehman Brothers Treasu 3.860 9/21/2011 SGD 0.100
Lehman Brothers Treasu 7.375 9/20/2008 EUR 0.100
Lehman Brothers Treasu 7.250 10/06/2008 EUR 0.100
Lehman Brothers Treasu 7.000 11/28/2008 CHF 0.100
Lehman Brothers Treasu 4.500 08/02/2009 USD 0.100
Lehman Brothers Treasu 4.000 5/17/2010 USD 0.100
Lehman Brothers Treasu 2.480 05/12/2009 USD 0.100
Lehman Brothers Treasu 4.000 5/30/2010 USD 0.100
Lehman Brothers Treasu 0.250 10/19/2012 CHF 0.100
AKB Peresvet ZAO 13.250 4/25/2018 RUB 32.625
Lehman Brothers Treasu 1.680 03/05/2015 EUR 0.100
Lehman Brothers Treasu 6.750 04/05/2012 EUR 0.100
Lehman Brothers Treasu 3.350 10/13/2016 EUR 0.100
Lehman Brothers Treasu 0.800 12/30/2016 EUR 0.100
Lehman Brothers Treasu 5.000 4/24/2017 EUR 0.100
Lehman Brothers Treasu 5.100 05/08/2017 HKD 0.100
Nutritek International 8.750 12/11/2008 USD 2.089
Credit Agricole Corpor 11.190 03/12/2027 TRY 74.306
Lehman Brothers Treasu 6.000 5/23/2018 CZK 0.100
Lehman Brothers Treasu 2.250 05/12/2009 USD 0.100
Lehman Brothers Treasu 18.250 10/02/2008 USD 0.100
Lehman Brothers Treasu 7.000 10/22/2010 EUR 0.100
LBI ehf 7.431 USD 0.001
Lehman Brothers Treasu 3.400 9/21/2009 HKD 0.100
Lehman Brothers Treasu 4.000 10/12/2010 USD 0.100
Lehman Brothers Treasu 4.200 12/03/2008 HKD 0.100
Lehman Brothers Treasu 1.500 10/12/2010 EUR 0.100
Petromena ASA 10.850 11/19/2018 USD 0.622
Lehman Brothers Treasu 8.000 10/23/2008 USD 0.100
Lehman Brothers Treasu 2.500 8/23/2012 GBP 0.100
Lehman Brothers Treasu 3.000 8/13/2011 EUR 0.100
Lehman Brothers Treasu 6.000 9/20/2011 EUR 0.100
Lehman Brothers Treasu 13.000 7/25/2012 EUR 0.100
Lehman Brothers Treasu 4.100 06/10/2014 SGD 0.100
Lehman Brothers Treasu 3.500 12/20/2027 USD 0.100
Lehman Brothers Treasu 5.200 11/09/2011 EUR 0.100
Lehman Brothers Treasu 4.800 11/16/2012 HKD 0.100
Lehman Brothers Treasu 4.600 10/11/2017 ILS 0.100
Barclays Bank PLC 2.000 06/12/2029 TRY 28.627
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2021. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
* * * End of Transmission * * *