/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/211213.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, December 13, 2021, Vol. 22, No. 242 Headlines B U L G A R I A BULGARIA: Water Utilities Face Bankruptcy Over Electricity Prices D E N M A R K NORDIC AVIATION: Plans to File for Chapter 11 F R A N C E BOOST BIDCO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable FAURECIA SE: S&P Alters Outlook to Stable, Affirms 'BB' LT ICR OBOL FRANCE 2: Moody's Affirms B3 CFR, Outlook Remains Stable ODYSSEE INVESTMENT: Fitch Assigns Final 'B+' LT IDR, Outlook Stable G E O R G I A TBC LEASING: Fitch Affirms 'BB-' LT IDR, Outlook Stable G E R M A N Y SAFARI BETEILIGUNGS: S&P Downgrades ICR to 'CC', Outlook Negative THYSSENKRUPP AG: Moody's Affirms B1 CFR, Alters Outlook to Positive [*] Oliver Otto Joins Rimon PC's Frankfurt Office as Partner I R E L A N D ALME LOAN III: Fitch Raises Class E-RR Notes to 'BB+' ALME LOAN IV: Fitch Raises Class F-R Notes to 'B+' OAK HILL IV: Fitch Raises Class F-R Notes to 'B+' OAK HILL VI: Fitch Raises Class F Notes to 'B+' SOUND POINT II: Fitch Rates Class F Notes 'B-', On Watch Positive L U X E M B O U R G ARMORICA LUX: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable KLEOPATRA HOLDINGS 2: Moody's Affirms B3 CFR, Alters Outlook to Neg MILLICOM INTERNATIONAL: Egan-Jones Keeps B- Sr. Unsecured Ratings TRAVIATA II: Moody's Assigns First Time B3 Corporate Family Rating N E T H E R L A N D S INTERTRUST NV: S&P Places 'BB' Sr. Sec. Notes Rating on Watch Dev. NXP SEMICONDUCTORS: Egan-Jones Keeps BB- Senior Unsecured Ratings SYNCREON GROUP: Moody's Withdraws B2 CFR on DP World Transaction S P A I N EUROPEAN RESIDENTIAL 2021-NPL1: S&P Assigns BB Rating to C Notes U N I T E D K I N G D O M ALEXANDER INGLIS: GrainCo Writes Off GBP4.5MM for Grain Stored CO-OPERATIVE BANK: Moody's Hikes Long Term Deposit Rating to B1 INTERFACE CONTRACTS: Blames Lack of Investment for Collapse MICRO FOCUS: Moody's Affirms B1 CFR, Alters Outlook to Negative NEPTUNE ENERGY: S&P Alters Outlook to Positive, Affirms BB- Rating VITAL INFRASTRUCTURE: Owes Over GBP18 Million to Creditors X X X X X X X X [*] BOND PRICING: For the Week December 6 to December 10, 2021 - - - - - =============== B U L G A R I A =============== BULGARIA: Water Utilities Face Bankruptcy Over Electricity Prices ------------------------------------------------------------------ Vladimir Spasic at Balkan Green Energy News reports that state-owned water and sewerage utilities in Bulgaria are facing bankruptcy due to high electricity prices caused by the energy crisis. According to Balkan Green Energy News, the government and regulatory authorities are trying to find the solution, but for now they have different views on the issue. Electricity prices on power exchange IBEX in Bulgaria have risen fivefold since January, from EUR45 per MWh to about EUR220, Balkan Green Energy News discloses. In total, 23 water and sewage companies under the Bulgarian Water Supply and Sewerage Holding pay EUR150 per MWh while the price in their business plans is EUR40 per MWh, Balkan Green Energy News relays, citing the state-owned holding. Business plans serve as a basis for setting their service prices which are both approved by the Energy and Water Regulatory Commission (EWRC), Balkan Green Energy News notes. Electricity suppliers are warning the companies under the Bulgarian Water Supply and Sewerage Holding, which serve about four million people out of seven million in Bulgaria, they would be cut off over unpaid bills, Balkan Green Energy News states. According to Balkan Green Energy News, the holding said on its website a few days ago, the holding managed to postpone the termination of supply for one of its companies, ViK Vidin, which was announced by the supplier Energo-Pro. Representatives of the holding, the Ministry of Regional Development and Public Works, and the Energy and Water Regulatory Commission have held meetings but no solutions have been found yet, Balkan Green Energy News notes. The ministry and the holding are blaming the EWRC, Balkan Green Energy News says. They say it has been refusing to take action for several months to protect its operators, despite existing legal provisions, according to Balkan Green Energy News. Deputy Minister Valentin Gramatikov stressed water and sewerage companies soon won't be able to perform their services, Balkan Green Energy News notes. He said there is no possibility that the new business plans with new prices would be approved by the commission and come into force on Jan. 1, so these companies must have new prices now, Balkan Green Energy News relates. According to Balkan Green Energy News, Executive Director of the Bulgarian Water and Sewerage Holding Kancho Kanchev underlined the current electricity prices do not correspond to the ones in the companies' business plans. Due to the huge difference, the debt to suppliers is EUR9 million and almost all the firms have officially announced electricity would be cut off, said Mr. Kanchev, adding that if nothing is done the debt is set to reach EUR 70 million, Balkan Green Energy News notes. The ministry sees three solutions: a price revision by the commission due to unforeseen and unavoidable events in line with the law on water supply and sewerage services, speeding up the procedure for adopting business plans, and to change the rule for setting the prices of services, Balkan Green Energy News discloses. The Energy and Water Regulatory Commission has said it cannot save water and sewerage utilities from bankruptcy, arguing it is not responsible for the matter, Balkan Green Energy News recounts. ============= D E N M A R K ============= NORDIC AVIATION: Plans to File for Chapter 11 ---------------------------------------------- Rachel Butt at Bloomberg News reports that Nordic Aviation Capital AS is planning to file for Chapter 11 bankruptcy this month to carry out its restructuring plan, according to people with knowledge of the matter. The aircraft lessor has shored up support from its largest creditors to implement the plan, said one of the people, who asked not to be identified because the discussions are private, Bloomberg relates. The people said major creditors have also agreed to provide financing to help fund Nordic Aviation's operations through bankruptcy, Bloomberg notes. Under a previous agreement with its biggest creditor groups, Nordic Aviation said it would convert "a substantial amount" of the group's debt into equity and raise a US$300 million equity rights offering and a US$200 million revolver, Bloomberg discloses. Debt holders led by Silver Point Capital and Sculptor Capital Management are set to take control of the aircraft lessor, Bloomberg states. According to Bloomberg, one of the people said the company remains on track to raise US$500 million of new money. Chapter 11 allows a firm to continue operating while it works out a plan to repay its debts, Bloomberg notes. Nordic Aviation Capital is an aircraft leasing company based in Billund, Denmark. NAC owns the world's largest fleet of smaller regional aircraft. =========== F R A N C E =========== BOOST BIDCO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings assigned its 'B' long-term issuer credit rating to French online office equipment distributor Boost Holdings (Bruneau) and its 'B' issue rating to the company's EUR305 million term loan B (TLB), due 2028. S&P said, "The stable outlook reflects our expectations that Bruneau will display modest revenue growth and stable profitability metrics over the next year by maintaining its niche market position, supported by continuous efforts to contain costs and a focus on marketing. "We are finalizing our ratings because the company completed the refinancing in a timely fashion and as per our expectations. The rating reflects Boost's successful refinancing in November, in line with our expectations, as well as the company's ownership by private-equity shareholders (Towerbrook and Equistone), with management holding about 18% of its shares. The company's capital structure is straightforward, with gross debt of about EUR400 million (excluding leases). This comprises a EUR305 million TLB and a EUR93 million shareholder loan--even if we recognize there are some equity-like features in it, which we treat as debt, while the cash position remains minimal. "The stable outlook reflects our expectations that Bruneau will display modest revenue growth and stable profitability metrics over the next year by maintaining its niche market position, supported by continuous efforts to contain costs and a focus on marketing. "We anticipate the group will post annual S&P Global Ratings-adjusted EBITDA of about EUR80 million and materially positive free operating cash flow (FOCF) of more than EUR35 million, resulting in adjusted leverage of about 5.5x (including the shareholder loan), while maintaining a comfortable liquidity position. "We could lower our ratings on Bruneau if the group's operating performance is meaningfully below our expectations, leading adjusted leverage to increase to 8x or more including the shareholder loan and 7x or more excluding the loan. This could stem from rapid deterioration of market share, or massive operating disruptions. We estimate that annual EBITDA of EUR50 million, together with a deterioration of the group's FOCF toward zero without prospects of rapid improvement, could lead to rating pressure. "We note the existing instruments restrict additional debt, acquisitions, and dividend distributions, which limits the risk of higher leverage in the coming years. "We see the possibility of a higher rating as remote in the next year. However, an upgrade could be supported over time by much lower leverage of well below 5x on an adjusted basis (including the shareholder loan) and a clear commitment from shareholders to maintain this level over time, alongside at least adequate liquidity and material positive FOCF. This could also be supported by much higher EBITDA, enhanced market positions, and more geographical diversity in its operations." FAURECIA SE: S&P Alters Outlook to Stable, Affirms 'BB' LT ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook to stable from positive and affirmed its 'BB' long-term issuer credit and issue ratings on global auto supplier Faurecia SE. The stable outlook reflects S&P's expectation that Faurecia will maintain FFO to debt above 15% and FOCF to debt above 5% in 2022 and 2023 as it integrates Hella, supported by progressively recovering auto production and the group's initiatives to limit its indebtedness. Prolonged market weakness and operating challenges will hamper Faurecia's credit metric improvement in 2021. Global automotive production is set to only modestly recover by 1%-3% in 2021 from last year's volume trough as a result of the industry's chip shortage and other related supply chain bottlenecks. S&P said, "We anticipate this will limit Faurecia's revenue growth to 3%-5% in 2021, amplified by its exposure to more volume-driven original equipment manufacturers (OEMs) and to the more affected European market (48% of 2020 sales). This is much weaker compared with our August 2021 base case of 12.5%-14.5% and will also affect the group's EBITDA margins due to operating leverage. We estimate that production disruptions created by volatile OEMs orders as well as ramp-up issues on a new seating program at the Highland Park facility (negative earnings impact of about EUR80 million) will further cap Faurecia's adjusted EBITDA margins at 8%-9% this year compared with 9%-10% in our previous forecast. We also project lower earnings will translate into more modest FOCF generation of about EUR300 million in 2021 and ultimately weaker leverage metrics. We notably anticipate FFO to debt and FOCF to debt to now remain below our respective 20% and 10% upside thresholds which we expected the company to reach in 2021 before integrating Hella." Operating headwinds could persist until at least mid-2022 and will further delay deleveraging after the Hella acquisition. S&P said, "We believe that component shortages and supply chain bottlenecks will carry through into 2022, limiting the visibility on a marked and steady recovery for automotive production. Semi-conductor scarcity is particularly affecting the soon-to-be consolidated electronics division of Hella (about 42% of sales) and Faurecia's Clarion segment because they are highly reliant on chips and other electronical components. Our new 10%-12% organic revenue growth assumption for the combined group in 2022 assumes a strong volume rebound in the second part of the year on the back of more stable auto production and components availability, with still limited visibility in first half of 2022. Higher raw material, transportation, and labor costs are other challenges that could somewhat limit the improvement in adjusted pro forma EBITDA margins to 9%-10% next year. While Faurecia has a track record of passing through about 80% of raw material cost increases to OEMs, higher distribution and labor expenses are typically more difficult to compensate. We also anticipate the earnings impact from the Highland Park ramp-up issues to come down below EUR30 million next year but view the general tightness in the U.S. labor market as a downside risk to our margin assumption. Overall, and assuming about EUR4 billion of higher adjusted debt to fund the Hella transaction, we project FFO to debt of 15%-20% in 2022 and only increasing above 20% in 2023. While we anticipate EBITDA growth will translate into higher FOCF of EUR500 million-EUR600 million in 2022, we estimate a broadly neutral contribution from Hella as volatile industry conditions complicate efficient inventory management and investments remain high. We forecast that this will translate into pro forma FOCF to debt remaining at 6%-8% in the next two years, only approaching our upside threshold of 10% beyond 2023. Moreover, given the multitude of supply-side bottlenecks and an often-unclear path to their resolution, the degree of uncertainty inherent in our forecast and our projected improvement in credit metrics is now higher than previously, which is also indicated by the outlook change." Faurecia's financial policy commitments provide comfortable rating headroom at the 'BB' rating level. The group's reiterated decision to fund the EUR5.3 billion purchase of 79.5% of Hella's capital with equity, as well as the intention to explore smaller asset disposals for up to EUR1 billion in the next two years will help keep FFO to debt and FOCF to debt well within the 15%-20% and 5%-10% bandwidths that we view as commensurate with the rating. The EUR1.3 billion equity component breaks down into about EUR570 million out of the EUR4.0 billion for the initial purchase of the 60% stake held by the Hella family payable in shares, and a planned subsequent rights issue of about EUR700 million. The lower immediate cash requirements to close the transaction than in a 100% tender offer acceptance rate scenario also provides some flexibility for Faurecia's financial policy. S&P said, "We estimate this will lead to a lower adjusted debt build up to close to EUR9 billion in 2022 compared with over EUR10 billion in our previous forecast. While we anticipate that Faurecia will target a higher ownership of Hella beyond 2022, we believe that the ultimate amount of minority interest purchases is not clear at this stage and execution could take time. Furthermore, management remains committed to reduce reported net debt to EBITDA to no more than 1.5x by 2023, which would be below the 1.6x-1.8x that we forecast for full-year 2021 on a stand-alone basis. This leads us to believe that the company will modulate its shareholder returns in line with operating performance to achieve this target, and that management will refrain from making further material debt-funded acquisitions during this period." S&P said, "The stable outlook reflects our expectation that Faurecia will maintain FFO to debt and FOCF to debt above 15% and 5% in 2022 and 2023 as it integrates Hella, supported by progressively recovering auto production and the group's initiatives to limit its indebtedness. We anticipate pro forma adjusted EBITDA margins will progressively increase above 10% over this period, supported by annual pro forma revenue growth of 10%-12%, ramp-up of synergies, and continued cost efficiencies in Faurecia's and Hella's stand-alone operations. "We could raise our rating on Faurecia in the next 18-24 months if it deleverages faster than currently expected after the acquisition of Hella, with FFO to debt recovering above 20% and FOCF to debt showing a clear trajectory toward 10%. To achieve these ratios, we estimate Faurecia would need to improve its pro forma adjusted EBITDA margin and annual FOCF above 11% and EUR800 million, respectively. "We could lower our rating on Faurecia if we anticipate FFO to debt and FOCF to debt declining to below 15% and 5% with no prospects for a quick recovery. This scenario could stem from prolonged auto production weakness, operating setbacks or challenges with integrating Hella, leading to weaker-than-expected EBITDA margins and FOCF, possibly compounded by unsuccessful attempts to curb leverage through measures such as asset disposals." OBOL FRANCE 2: Moody's Affirms B3 CFR, Outlook Remains Stable ------------------------------------------------------------- Moody's Investors Service has affirmed the B3 corporate family rating of Obol France 2 SAS (a holding company owner of French funeral operator OGF), and its B3-PD probability of default rating following the proposed amend and extend exercise of its term loan and revolving credit facility. Concurrently, Moody's has assigned a B3 rating to the EUR816 million senior secured Term Loan B and the EUR60 million senior secured revolving credit facility (RCF) due 2025, both borrowed by Obol France 3 SAS, a fully owned subsidiary of Obol France 2 SAS. The outlook remains stable. RATINGS RATIONALE OGF plans to amend its existing EUR941 million term loan and EUR60 million revolving credit facilities to (1) extend their maturity by more than two and a half years to September and December 2025, respectively, (2) reprice the existing facilities, and (3) repay EUR125 million of its TLB with proceeds from the issuance of a payment-in-kind (PIK) instrument raised by Obol France 1 SAS, a vehicle sitting outside of the restricted group. The proposed amendment will result in a 125 bps increase in the TLB margin as well as a 100 bps increase in the revolving facility margin to 475 bps and 450 bps, respectively. The company will pay a 0.5% consent fee amounting to c. EUR4 million. Moody's expects the transaction will result in a reduction of around 1.0x in the company's leverage, to around 6.7x, from previously expected 7.7x by financial year ending March 31, 2022. The maturity extension of its facilities is positive from a liquidity and refinancing risk perspective. However, even after the partial repayment of the TLB, leverage remains above the 6.0x threshold for an upgrade to B2. In addition, the EUR125 million PIK raised outside the restricted group creates structural complexity and increases the risk that the instrument may be refinanced within the restricted group in the future once sufficient financial flexibility develops. Moody's expects the company to continue to generate positive FCF of around EUR20 million annually. The interest savings resulting from the partial repayment of the term loan will be compensated by the increase in margin following the amend and extend exercise. The B3 rating continues to reflect the company's relatively small size and geographical concentration in France; the expected lower mortality in coming years after the sharp increase resulting from the coronavirus pandemic; the expected increase in costs as a result of rising inflation; the fragmented and competitive French funeral services industry, which has led to a gradual erosion of OGF's market share and makes the company reliant on expansionary capital spending and acquisitions to achieve growth; and the execution risk related to the company's initiatives aimed at defending its market share and restoring organic earnings growth. OGF's rating is supported by its leading market position in France with a nationwide presence and a solid asset base; the defensive growth of the funeral industry in the long term because of an ageing population; its solid profitability, underpinned by an integrated business model, a positive track record in upselling and implementing price increases; its good liquidity and free cash flow generation capacity; and the potential for the revised strategy to restore organic topline growth and improve cost efficiencies. LIQUIDITY OGF's liquidity is adequate. As of July 2021, the company had a sizeable cash buffer of EUR34 million and access to a fully undrawn EUR60 million committed revolving credit facility (RCF). The RCF contains a springing covenant of net leverage not exceeding 9.45x, tested when the facility is more than 35% utilised. Moody's expects OGF to maintain a comfortable buffer against this threshold. These sources of liquidity, together with annual operating cash flow of EUR90 million- EUR100 million, will be more than sufficient to cover the company's cash needs, primarily capital spending of around EUR40 million and lease payments of around EUR35 million. Following the amend and extend exercise, the company will not have debt maturities until December 2025, when the TLB is due. STRUCTURAL CONSIDERATIONS Following the amend and extend transaction, the group's capital structure will comprise a EUR816 million senior secured term loan B due in December 2025 and a EUR60 million senior secured RCF due in September 2025. The B3 ratings of the term loan B and the RCF are in line with the CFR, reflecting the fact that these two facilities rank pari passu and represent substantially all of the company's financial debt. Both instruments are secured by first-priority ranking pledges over shares, intercompany receivables and bank accounts, and are guaranteed by the group's operating subsidiaries representing not less than 80% of its consolidated EBITDA. OGF's B3-PD probability of default rating reflects Moody's assumption of a 50% family recovery rate, in line with first-lien covenant-lite structures. RATIONALE FOR STABLE OUTLOOK The stable outlook reflects Moody's expectation that OGF will stabilize its earnings by maintaining its market share and pricing power, as well as via cost-cutting initiatives, with its Moody's-adjusted gross debt/EBITDA trending towards 6.0x over 2022-2023. Moody's also expects that the company will maintain a cautious approach towards acquisitions, while it will continue to keep a good liquidity and positive FCF generation. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the rating could develop in case of higher than anticipated earnings growth, leading to a reduction in leverage such that the company's Moody's-adjusted gross debt to EBITDA ratio improves sustainably below 6.0x. A positive rating action would also require the company to maintain positive free cash flow generation and adequate liquidity. Given the presence of the PIK instrument outside of the restricted group, an upgrade would also require visibility on the refinancing of this instrument, which represents around 1.0x of the company's EBITDA. Downward pressure could materialize if OGF's leverage increases on a sustainable basis, as a result of weaker operating performance or debt-financed acquisitions. The ratings could also be downgraded if OGF's free cash flow turns negative or if its liquidity deteriorates significantly, in case of a material shareholder distribution or more aggressive acquisition spending. LIST OF AFFECTED RATINGS Assignments: Issuer: Obol France 3 SAS Senior Secured Revolving Credit Facility, Assigned B3 Senior Secured Term Loan B2, Assigned B3 Affirmations: Issuer: Obol France 2 SAS Probability of Default Rating, Affirmed B3-PD Corporate Family Rating, Affirmed B3 Outlook Actions: Issuer: Obol France 2 SAS Issuer: Obol France 3 SAS Outlook, Remains Stable PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. COMPANY PROFILE Obol France 2 SAS (OGF) is the leading funeral services company in France. In financial year 2021, OGF generated revenue of EUR637 million and company-reported EBITDA of EUR134 million, excluding IFRS16. Since 2017, Ontario Teachers' Pension Plan is the controlling shareholder of OGF, holding around 97% in 2021, with the remaining shares owned by the company's management and employees. ODYSSEE INVESTMENT: Fitch Assigns Final 'B+' LT IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has assigned French telecom network services provider Odyssee Investment Bidco's (Odyssee) a final Long-Term Issuer Default Rating (IDR) of 'B+'. The Outlook is Stable. Fitch has also assigned Odyssee's EUR1,625 million senior secured term loan B (TLB) a final rating of 'BB-'. The ratings take into account Odyssee's proposed fungible add-on totalling EUR200 million and the revolving credit facility (RCF) that will be used to finance two new M&A transactions. The ratings reflect high funds from operations (FFO) gross leverage (adjusted for acquisitions) of 7x at closing of the new acquisitions, despite expected strong free cash flow (FCF) generation supported by Odyssee's above-average profitability. However, Fitch expects Odyssee to deleverage towards a 'B' rating category median of 5.5x over Fitch's four-year forecast period. Rating weaknesses are offset by a business profile in a 'BB' rating category, with leading market shares in select geographies, and improving diversification following expansion into the US market. Odyssee's EBITDA and size have continued to grow with inorganic investments but new geographies could present execution risks. KEY RATING DRIVERS High Pro-Forma Leverage: Fitch expects pro-forma FFO gross leverage for Odyssee to be above 7x, which is not commensurate with a 'B' rating category median of 5.5x. The debt-financed investments improve Odyssee's business profile, and Fitch's expectations of deleveraging are improved by additional equity. Fitch believes that Odyssee has the ability to deleverage rapidly to below 6x in the medium term on the back of an expected strong FCF margin of 4%-5%, reflecting a flexible cost base. Its FCF generation is commensurate with a 'BB' rating category, which partially mitigates its high leverage metrics. Strong Profitability: Fitch expects Odyssee's profitability and cash generation to remain strong for the rating with forecast EBIT and FFO margins of about 11% and 9%, respectively, over 2021-2024. This is despite Fitch's lower profitability assumptions for the US business. Odyssee's profitability is strong compared with that of peers such as Spie and Whistler, and in line with investment-grade medians in Fitch's diversified services navigator. Odyssee benefits from a competitive business model based on a variable cost base in a lean and flexible organisation, well-managed recourse to sub-contractors and solid project management. Additionally, it has low capex requirements compared with other business services groups. Ambitious Organic Growth Expectations: Odyssee is expected to benefit from low penetration rates and strong growth prospects in the new geographies it has entered, such as Germany and Benelux. Fitch expects Odyssee's organic growth to be in line with historical averages, around 4%-5% of revenue in Fitch's forecast period, which is lower than management's projections. Despite recent large acquisitions, Fitch does not expect Odyssee to make sizeable acquisitions or aggressive shareholder-friendly policies that will drive leverage higher. Deviation from these expectations could hinder deleveraging and increase pressure on the current ratings. Modest Business Profile: Market-leading positions, strong contract execution and a reputation for expertise and quality continue to support Odyssee's business profile. Its scale and diversification are commensurate with a 'BB' rating. Fitch expects EBITDA to be close to EUR440 million post acquisitions by the end of 2022. Dependence on the French telecom infrastructure and on Orange has declined further following recent acquisitions. Services diversification is also satisfactory as Odyssee moves up the value chain and increases its added-value per contract. Nonetheless, customer, geographic and end-market concentration remains. Its contracted income structure is expected to remain in line with a 'B' rating category. Acquisitions to Improve Market Penetration: Odyssee has entered Benelux and consolidated its presence in Germany, the UK, and Spain with acquisitions, and will broaden its global footprint in the US.. Further expansion into the US lowers single-market exposure to France. Odyssee continues to expand its customer base, which translate into greater penetration of existing non-French clients. The acquisitive strategy, however, presents moderate execution risks. Leading Market Position: Leading market positions in its core service fields in France, Ireland and the UK, Germany, and Benelux with its Circet and KN brands, are a strong positive credit factor. Odyssee has effectively used its expertise in telecom infrastructure services to secure out-sourcing contracts with several major European telecom operators, such as Orange, SFR, Deutsche Telekom, and BT/Openreach. Fitch believes that the group is the only market operator able to work on all technologies while being involved in the design, roll-out, activation and maintenance of their client's network. Small U.S. Contribution Likely: In the less profitable US market, Odyssee is expected to remain a small operator in the medium term, but with good growth prospects, driven by low penetration rates in the states it operates in. Although Odyssee has entered this market with a JV partner, which shares its expertise and minimises execution risks, expansion into the US market on a large scale is challenging and not expected to be a major contributor to the business profile. Manageable Earning Risks: Moderate diversification and a significant exposure to build contracts create meaningful, but manageable, earning risks, notably through contract renewal risk. Its operations remain concentrated in France (42% pro-forma for recent acquisitions), but Fitch expects this share to decrease. Its two largest customers still account for around 24% of revenue and its services offering is focused on the telecommunication infrastructure market. Longer technology cycles and high fiber coverage in the long term could weigh on the availability of build contracts. The telecom industry's low cyclicality, growing maintenance and subscriber connection capabilities, good retention rate and the trend toward out-sourcing are mitigating factors. DERIVATION SUMMARY Odyssee's business profile solidly maps to the 'BB' rating category. Its ratings are supported by leading market positions, strong contract execution, adequate scale and services diversification within the TMT sector, and exposure to high-profile customers. However, diversification and customer concentration remain weak features of the business profile. Odyssee is stronger than smaller similarly-rated peers that are more focussed on one service offering and one country. It also compares well with peers that offer a wider range of services to broader end-markets, such as Spie, Morrison or Telent. As with most Fitch-rated medium-sized business services companies, Odyssee benefits from a leading position on a specific end-market. Sales also tend to be concentrated on a limited number of customers in a small number of countries. However, this is a characteristic of the TMT sector composed of few operators, often a leader in their own country. Fitch believes that Odyssee's resilience through the cycle is likely to be greater than services peers' as the group is exposed to the telecom industry with low cyclicality. Odyssee's lean and flexible cost structure supports operating and cash profitability that is both significantly higher than peers' and strong for the current rating. Pro-forma FFO gross leverage of 7x is high for the rating, and is above Fitch's 'B' rating median of 5.5x. However, Fitch expects Odyssee to deleverage rapidly to below 6x within the next 24 months on the back of strong FCF generation, which is more commensurate with the current rating. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Organic revenue to grow 3%-5% p.a. to 2024; -- Revenue in 2021 and 2022 driven by acquisitions; -- Group EBIT margin at 10%-11%, with some dilution effect from M&As for 2021-2024; -- Capital expenditure around 1.5% of revenue in 2021-2024; -- Small bolt-on acquisitions capped at EUR50 million per year in 2023 and 2024 and all cash-funded; -- Change in working capital around 2%-3% of revenue p.a. to 2024. Going-Concern (GC) Approach A GC EBITDA of EUR260 million, compared with 2022 pro forma post-acquisition EBITDA of EUR400 million is assumed, implying a discount rate of about 33% (previously 31%). A financial distress is likely to occur if Odyssee loses one or two customers that account for 10%-20% revenue, coupled with erosion in EBITDA margin toward the industry average (approx. 10%) from the current double digits. Fitch's cash flow calculation shows, with the assumed GC EBITDA, Odyssee is still able to remain cash flow-neutral as a GC. An enterprise value (EV) multiple of 5.0x is used to calculate a post-reorganisation valuation, which reflects Odyssee's absolute small size (though sizable relative to peers') and a business model that is exposed to regulations, TMT development and concentration in customers. RCF, TLB, and small amount of local bank lines comprise Odyssee's debt quantum. The RCF carries a springing covenant (net senior secured debt leverage of under 9.0x) when utilisation exceeds 40%. Fitch does not expect any breach of covenant with Fitch's GC EBITDA assumption. Therefore, the RCF is assumed to be fully drawn at EUR300 million. Fitch also considered the factoring utilisation of EUR160 million in the recovery analysis. Our analysis results in an instrument rating of 'BB-' with a Recovery Rating of 'RR3' and 52% recoveries. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- FFO gross leverage sustainably below 5.5x; -- FCF margin sustainably above 5%; -- Increasing share of life-of-contract revenue and improving contract length. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Failing to deliver an FFO gross leverage below 6.5x before end-2022; -- FCF margin below 2.5%; -- Loss of contracts with key customers. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. LIQUIDITY AND DEBT STRUCTURE Comfortable Liquidity: Fitch expects Odyssee to have approx. EUR40 million cash at end-2021 and close to EUR100 million at end-2022, after Fitch's adjustment for restricted cash. Fitch deems internally generated cash more than sufficient to accommodate working-capital swings. The liquidity position is additionally supported by the untapped portion of RCF worth EUR113 million post its US company acquisition. On the back of solid cash generation, Fitch anticipates gradual cash build-up in the coming years to more than EUR400 million by 2023, which will grant the group some deleveraging capacity. ISSUER PROFILE France-based Odyssee is the number one provider of telecom infrastructure services for telecom operators in France and now has leading positions in several other European countries. 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. ============= G E O R G I A ============= TBC LEASING: Fitch Affirms 'BB-' LT IDR, Outlook Stable ------------------------------------------------------- Fitch Ratings has affirmed JSC TBC Leasing's (TBCL) Long-Term Issuer Default Rating (IDR) at 'BB-', with a Stable Outlook. TBCL operates solely in Georgia, its domestic market, and is the market leader in leasing. The company mainly provides financial leasing to the corporate clients of TBC Bank (BB-/Stable/bb-) as well as to SMEs, microbusinesses and individuals. KEY RATING DRIVERS TBCL's IDRs are driven by expectations of support from TBC Bank. The Stable Outlook mirrors that on the parent. Fitch's view of a high probability of support is based on the high reputational risk from a subsidiary default for TBC Bank, as this would significantly damage its reputation with its key wholesale lenders. Fitch's view is also underpinned by full ownership, close integration with and a record of capital and funding support from TBC Bank. To support TBCL's growth, the parent has injected new equity on several occasions (most recently in December 2019) and has already approved additional available capital of GEL2.5 million, to be disbursed based on TBCL's needs. TBC Bank provides TBCL with subordinated and senior loans as well as letters of support to enable third-party borrowing. It also facilitates TBCL's bond placements. TBCL operates solely in Georgia, and is the market leader in leasing. TBCL's clients are often higher-risk than those of TBC Bank (the impaired exposures ratio, including both leases and other financial assets, slightly decreased in 9M21 from a peak of 24% at end-2020), but this is partly mitigated by access to liquid collateral and from the adequate pricing of risk. TBCL aligns its strategy and risk policies with those of the parent, although TBCL's management is independent in its operational decisions. TBCL's standalone credit profile does not drive the IDR as it is constrained by a monoline business model, weak asset quality, high risk appetite, and tolerance for high leverage (gross debt to tangible equity of 7.2x at end-3Q21). Positively, TBCL's profitability is a strength (pre-tax income to average assets of annualised 2.8% in 9M21), being above TBC Bank's target and highlighting TBCL's positive contribution to the parent's performance. TBCL's senior secured debt rating is equalised with the company's Long-Term IDR, notwithstanding the bond's secured nature and an outstanding buffer of contractually subordinated debt. This reflects high uncertainty on asset recoveries in the event of both TBCL and TBC Bank being in default, a scenario that would likely be accompanied by considerable macroeconomic stress in the country. RATING SENSITIVITIES Developments that may collectively or individually lead to positive rating action/upgrade: -- An upgrade of TBC Bank's Long-Term IDR by one notch would lead to an upgrade of TBCL's IDR and senior secured bond rating; -- An upgrade of TBCL's Long-Term IDR would be mirrored in an upgrade of the company's senior secured bond rating. Developments that may collectively or individually lead to negative rating action/downgrade: -- A downgrade of TBC Bank's Long-Term IDR would lead to a downgrade of TBCL's IDR, because the two IDRs are equalized; -- A material weakening of TBC Bank's propensity or ability to support TBCL could result in the subsidiary's rating being notched down from the parent's IDR. This could be driven, for example, by greater regulatory restrictions on support or diminishing of TBCL's strategic importance; -- A downgrade of TBCL's Long-Term IDR would be mirrored in a downgrade of the company's senior secured bond rating. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Financial Institutions and Covered Bond issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS TBCL's IDRs are driven by support from TBC Bank. ESG CONSIDERATIONS As support-driven issuers have strong linkages to their support providers, the ESG Relevance Score assigned to the 'supported' subsidiaries often mirror those of their corporate and FI parents. This reflects Fitch's opinion that many of the ESG elements at the parent level are credit-relevant for the subsidiary. 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. ============= G E R M A N Y ============= SAFARI BETEILIGUNGS: S&P Downgrades ICR to 'CC', Outlook Negative ----------------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit and issue ratings on Safari Beteiligungs GmbH (Safari) and its EUR350 million senior secured notes to 'CC' from 'CCC'. The negative outlook indicates that S&P would lower its ratings on Safari and its debt to 'SD' (selective default) and 'D' (default), respectively, if the proposed debt restructuring is undertaken. The downgrade stems from Safari's announcement of a debt-restructuring plan.On Dec. 2, 2021, Safari announced an ad-hoc group of noteholders had reached an agreement for the terms of a proposed refinancing transaction. Subject to requisite consents and approvals needed to complete the transaction, it will include the following terms: -- The exchange of EUR130 million senior secured notes into payment-in-kind (PIK) notes at the holding company level, with a maturity in September 2026. These notes will be unsecured and subordinated to the debt outstanding at Safari Holding Verwaltungs GmbH, and mandatorily convertible into preferred equity if they are not repaid at maturity. -- Amendments to the remaining EUR220 million of senior secured notes outstanding that will see the maturity extended by three years to December 2025, from November 2022, and variations to note interest payable, from an all-cash interest structure to a pay-if-you-can cash and PIK interest structure for the first 18 months. -- Provision of an additional EUR30 million of senior secured notes with the same terms as the amended senior secured notes. The proceeds from these notes will be used together with cash on balance sheet to repay the outstanding EUR40 million revolving credit facility (RCF). These new notes will not be issued if Safari can raise a EUR30 million super senior RCF prior to the effective date. -- At the effective date, the existing senior secured note holders will become majority shareholders of Safari. Implementation of the proposed transaction will be subject to the level of consent achieved in the lock-up agreement. If a minimum of 90% of each series of existing noteholders consent, the transaction will be implemented without need for a scheme of arrangement. If 75%-90% of the note value representing noteholders consent, an English scheme of arrangement will be launched. S&P understands that more than 75% of noteholders have provided nonbonding indications of support for the transaction. Therefore, S&P believes there is a high probability of the group completing the restructuring. S&P said, "We view the proposed transaction as distressed and therefore, upon implementation, we will view it as a tantamount to a default.In our view, the transaction will result in investors receiving less than originally promised on the original securities, comprising the EUR350 million senior secured notes due November 2022. We view the current capital structure as unsustainable, including a high level of debt and servicing costs, rendering a debt restructuring highly likely even if there was a deviation from the proposed terms. We believe the effects of regulatory measures and--in more recent times--continued near term impacts from pandemic-related restrictions, will continue to weigh on the group's performance and credit metrics, also increasing the refinancing risk associated with its upcoming maturities. We therefore consider the proposed transaction distressed rather than opportunistic. As a result, upon the proposed transaction becoming effective, we expect to lower our long-term issuer credit rating on Safari to 'SD'. "We believe the group has near-term operational liquidity.Safari's liquidity has been supported by nearly EUR80 million of state aid received in April, May, and November 2021. With EUR73 million of cash on the balance sheet at June 30, 2021, Safari has sufficient liquidity to pay about EUR19 million of interest due in the next 12 months and does not face imminent liquidity stress. We understand the company intends to pay its next interest coupon due mid-December. However, this is subject to the evolution of the pandemic in Germany and potential further restrictions that could hamper the group's capacity to operate and deteriorate its liquidity position." S&P Global Ratings believes the new omicron variant is a stark reminder that the COVID-19 pandemic is far from over. Although already declared a variant of concern by the World Health Organization, uncertainty still surrounds its transmissibility, severity, and the effectiveness of existing vaccines against it. Early evidence points toward faster transmissibility, which has led many countries to close their borders with Southern Africa or reimpose international travel restrictions. Over the coming weeks, we expect additional evidence and testing will show the extent of the danger it poses to enable us to make a more informed assessment of the risks to credit. S&P said, "Meanwhile, we can expect a precautionary stance in markets, as well as governments to put into place short-term containment measures. Nevertheless, we believe this shows that, once again, more coordinated, and decisive efforts are needed to vaccinate the world's population to prevent the emergence of new, more dangerous variants." S&P said, "The negative outlook indicates that we would lower the ratings on Safari and its debt to 'SD' (selective default) and 'D' (default), respectively, if the proposed debt restructuring is undertaken. Although not our base case, we could also lower the ratings if the group misses an interest payment or otherwise defaults prior to the implementation of the proposed restructuring. Subsequently, we will review the company's entire capital structure, financial plan, and liquidity. "We would lower our long-term issuer credit rating on Safari to 'SD' and our issue rating on the debt instruments to 'D' upon completion of the restructuring. We could also lower the ratings if the group misses an interest payment, or otherwise defaults prior to the restructuring. "As the group progresses toward implementation of a restructuring, we currently view upside as remote until execution and implementation has occurred, after which we would assess the new capital structure. We could raise the issuer credit rating if the transaction is not executed and we no longer view default as a virtual certainty, for instance, if the group receives material extraordinary liquidity and equity capital support from its shareholders or the government." Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: -- Health and safety THYSSENKRUPP AG: Moody's Affirms B1 CFR, Alters Outlook to Positive ------------------------------------------------------------------- Moody's Investors Service has affirmed the B1 corporate family rating and the B1-PD probability of default rating of German steel and diversified industrial company thyssenkrupp AG ("tk" or "group"). Moody's also affirmed the B1 ratings on the group's senior unsecured debt instruments, including the (P)B1 euro debt issuance programme rating and the NP/(P)NP short-term ratings. The outlook on all ratings has been changed to positive from stable. "The outlook change to positive recognizes tk's strengthened operating performance in the financial year ended September 2021 (2020/21), the strong recovery in earnings and significantly reduced cash burn compared with the prior year", says Goetz Grossmann, a Moody's Vice President and lead analyst for tk. "While some credit metrics remain stretched for the B1 rating at present, we expect them to continue improving and free cash flow to near break-even in 2021/22, primarily driven by the group's currently strongly performing steel business. The affirmed B1 rating benefits from a good financial flexibility following the group's disposal of the elevator business last year, which provides headroom for ongoing performance improvement measures, but doesn't take into account the implications of possible ongoing portfolio adjustments on its business and financial profile." RATINGS RATIONALE Supporting factors of the outlook change to positive mainly comprise tk's improved profitability and cash flow generation in 2020/21, which Moody's forecasts to further strengthen over the next two years. Performance improvements are driven by a cyclical recovery and the ongoing implementation of efficiency improvement measures. Expecting tk's Moody's-adjusted EBITA margin to clearly widen towards 4% in 2021/22 from 1.5% in 2020/21, such a level will be just in line with Moody's guidance for a Ba3 rating. Key driver of the improvement will be an expected substantial earnings recovery in the group's Steel Europe segment, thanks to the spike in steel prices and spreads during the first half of 2021, which will translate into higher profits with a delay after recent contract renewals with many key customers. Although steel prices will likely reverse and earnings return to more normal levels over the next 12-18 months, Moody's expects tk's profitability to continue benefitting from sustained cost savings related to ongoing extensive restructuring efforts. Implemented measures already yielded significant cost and efficiency improvements in recent quarters, while additional actions currently underway should bring further benefits over the next two years. At the same time, most of associated implementation costs have already been incurred (e.g. around EUR300 million spent in 2020/21) and weighed on tk's Moody's-adjusted margins in previous years. Moody's also acknowledges the group's progress with its loss-making "Multi Tracks" (MT) businesses, some of which it could sell or close during 2020/21 and which will yield additional margins and cash flow benefits going forward. Although uncertainty remains around the still weakly performing MT businesses and ongoing restructuring, which still require cash payments in the low 3-digit million euro range over the next two years, Moody's recognizes the group's recent achievements and continuing focus on structurally enhancing its profitability. As announced at its capital markets day (CMD) on December 2, 2021, tk aims at a 4%-6% company-adjusted EBIT margin range in the medium term (versus 2.3% in 2020/21). It further targets reported FCF before M&A to turn sustainably positive after its EUR1.3 billion negative FCF in 2020/21 and around break-even FCF guided for 2021/22. Moody's expects minor negative Moody's-adjusted FCF for 2021/22 and a slightly positive figure for 2022/23. In these forecasts Moody's does not assume tk to resume dividend payments, although the group stated at its CMD that reliable dividends are a "clear target". That said, the rating agency expects tk to maintain its conservative financial policy that it has demonstrated so far, including the use of its sizeable cash position principally for debt repayments at least until FCF turns sustainably positive. While earnings have started to recover in 2020/21, tk's gross leverage remains high with a 9.0x Moody's-adjusted debt/EBITDA ratio as of September 30, 2021, which Moody's expects to noticeably reduce to below 5x in both 2021/22 and 2022/23. These forecasts assume regular debt repayments along the contractual maturities and significantly improving EBITDA towards EUR2.5 billion in 2021/22. Moody's forecasts for tk continue to include the Steel Europe segment, for which the group currently evaluates stand-alone options, but excludes acquisitions or possible additional asset disposals besides those recently signed in the MT segment (e.g. stainless steel business AST, Infrastructure, Mining). Additional disposals in the MT segment, however, would help further strengthen tk's profitability and cash generation as the segment remains still loss-making and cash burning, more than offsetting the resulting reduction in scale and business diversification. LIQUIDITY Tk's liquidity is very strong, supported by its sizeable cash position of over EUR9 billion and available committed credit lines of around EUR1.5 billion as of September 30, 2021. Further cash sources include Moody's forecast of tk's annual funds from operations to exceed EUR1.5 billion over the next 12-18 months, almost sufficient to cover expected capital spending of around EUR1.6 billion and moderate working capital spending. The assessment does not assume tk to initiate dividend payments or pursue larger acquisitions, but to use its available cash to repay its upcoming debt maturities amounting to around EUR2.5 billion over the next 6 quarters (from October 1, 2021). Proceeds from recently signed asset disposals provide a further cash source while additional disposals in the group's Multi-Tracks segment appear likely over the coming months or quarters. However, such disposals are only qualitatively considered as far as no binding offers have been received. Moody's liquidity assessment also includes as alternative liquidity tk's around 19% stake in TK Elevator Holdco GmbH. RATIONALE FOR THE POSITIVE OUTLOOK The positive outlook indicates a possible upgrade of tk's ratings over the next 12-18 months if its (1) credit metrics materially strengthened during 2021/22 as Moody's currently predicts, and if levels in line with a Ba3 rating could be visibly maintained thereafter, and (2) negative FCF progressively reduced towards break-even during 2021/22. For an upgrade Moody's would further require tk to maintain strong liquidity and a prudent financial policy focused on de-leveraging, also in the context of possible additional portfolio adjustments. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of the ratings could be warranted, if tk's (1) profitability improved towards a 4% Moody's-adjusted EBITA margin, (2) leverage declined towards 5x Moody's-adjusted gross debt/EBITDA, (3) FCF turned positive, (4) liquidity remained strong; all on a sustainable basis. For a positive rating action, Moody's would also evaluate the implications of possible ongoing portfolio adjustments for tk's business and financial profile. Moody's could downgrade the ratings, if tk's (1) Moody's-adjusted EBITA margin reduced sustainably below 1.5%, (2) net leverage exceeded 4x Moody's-adjusted net debt/EBITDA, (3) negative FCF could not be reduced towards break-even from 2021/22, (4) currently very strong liquidity materially weakened. Negative rating pressure could also build from a possible shift towards a more shareholder-oriented financial policy. LIST OF AFFECTED RATINGS: Issuer: thyssenkrupp AG Affirmations: LT Corporate Family Rating, Affirmed B1 Probability of Default Rating, Affirmed B1-PD Commercial Paper, Affirmed NP Other Short Term, Affirmed (P)NP Senior Unsecured Medium-Term Note Program, Affirmed (P)B1 Senior Unsecured Regular Bond/Debenture, Affirmed B1 Outlook Actions: Outlook, Changed To Positive From Stable PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Manufacturing published in September 2021. COMPANY PROFILE Headquartered in Essen, Germany, thyssenkrupp AG is a diversified industrial conglomerate operating in about 56 countries. In the financial year ended September 30, 2021, tk reported revenue of 34 billion and company-adjusted EBIT of EUR796 million with around 101,000 employees (as of September 30, 2021). The group is active in capital goods manufacturing through its Marine Systems (MS), Automotive Technology (AT) and Industrial Components (IC) segments, as well as steel manufacturing and steel related services through Steel Europe (SE) and Materials Services (MX). In 2019/20, the group segmented certain business units as "Multi-Tracks" for sale, closure, restructuring or continuation in partnerships. [*] Oliver Otto Joins Rimon PC's Frankfurt Office as Partner ------------------------------------------------------------ Global law firm Rimon PC is pleased to welcome Oliver Otto as a bankruptcy, restructuring and insolvency Partner in the firm's recently opened Frankfurt office in Germany. Mr. Otto joins Rimon from DLA Piper. Mr. Otto specializes in bankruptcy and restructuring with a focus on the finance, technology, energy, and manufacturing sectors. He represents creditors in insolvency proceedings as well as in fraudulent insolvencies. He also provides counsel to corporate entities and executives in near-insolvency scenarios. He has advised large corporate groups on tailoring and implementing financial restructuring measures. Mr. Otto also regularly advises on the insolvency remote structuring of a variety of financial tools, including leasing products. Clients from the banking and investment sectors regularly approach Mr. Otto for assistance in the structuring and implementation of NPL portfolio solutions, both sell-side and buy-side. Mr. Otto's recent work includes advising a state fund on the recovery of its investment in a German-African solar project and advising a private fund on its exit from an investment in the German health sector. "I am excited to join the Rimon team and to offer a full set of finance and restructuring services for creditors and debtors," said Mr. Otto on joining Rimon. "Rimon's flexible and agile structure will add significant value for my clients. I am very much looking forward to working closely with the other well-respected teams at Rimon to provide comprehensive and integrated high end legal services." Rimon has been rapidly expanding its European and global presence, opening its Frankfurt office in September 2021. Its European footprint covers offices in Berlin, Frankfurt, London, Paris, Warsaw, and Moscow. With a revenue increase of more than 50% in 2020, Rimon is one of the most dynamically growing law firms worldwide.  "We are very excited to continue to grow the German arm of Rimon," said Michael Moradzadeh, CEO and Founding Partner of Rimon. "We have seen high demand in Europe for our model of legal services and we are pleased to add talented attorneys like Oliver to our team. We have grown our European presence significantly in the last year -- we now have offices in London, Paris, Warsaw and Moscow as well as Frankfurt and Berlin in Germany. We are anticipating future expansion in Germany and Europe generally." Frankfurt Partner Bernd Geier said, "Oliver Otto is a well-known expert in restructuring and core finance. We are delighted to welcome him strengthening our banking and restructuring practice. He will seamlessly advise clients together with our tax and regulatory team." Frankfurt Partner, Stephan Krampe also commented: "Oliver is a key player in our full-service approach and underscores our ambition to grow our German operations with further lateral partner hires." Mr. Otto received his legal education at Johann Wolfgang Goethe-University Frankfurt am Main and the higher regional court at Frankfurt am Main. Rimon has 45 offices across five continents. The firm is widely known as being at the vanguard of legal innovation. The firm has been repeatedly recognized by the Financial Times as one of North America's most innovative law firms. The firm's Managing Partners were both named "Legal Rebels" by the American Bar Association's ABA Journal and have spoken on innovations in the practice of law at Harvard and Stanford Law Schools. Rimon and its lawyers have also received numerous awards for excellence, including from Best Lawyers and Chambers. ============= I R E L A N D ============= ALME LOAN III: Fitch Raises Class E-RR Notes to 'BB+' ----------------------------------------------------- Fitch Ratings has upgraded ALME Loan Funding III DAC's class B-1-RR, B-2-RR, C-RR, D-RR and E-RR notes and removed them from Under Criteria Observation (UCO). The class A-RR notes were affirmed. The Rating Outlook remains Stable on all notes. DEBT RATING PRIOR ---- ------ ----- ALME Loan Funding III DAC A-RR XS2114310324 LT AAAsf Affirmed AAAsf B-1-RR XS2114311058 LT AA+sf Upgrade AAsf B-2-RR XS2114336048 LT AA+sf Upgrade AAsf C-RR XS2114311561 LT A+sf Upgrade Asf D-RR XS2114312379 LT BBB+sf Upgrade BBB-sf E-RR XS2114313005 LT BB+sf Upgrade BB-sf TRANSACTION SUMMARY The transaction is a cash flow collateralized loan obligation backed by a portfolio of mainly European leveraged loans and bonds. The transaction is currently in its reinvestment period until April of 2022. KEY RATING DRIVERS CLO Criteria Update and Cash Flow Modelling: The rating actions mainly reflect the impact of the recently updated Fitch CLOs and Corporate CDOs Rating Criteria, a shorter risk horizon incorporated into Fitch's stressed portfolio analysis and stable performance of the transaction. The analysis considered modelling results for the current and stressed portfolios. The stressed portfolio is based on a Fitch collateral quality matrix specified in the transaction documentation and underpins model implied ratings in this review. All ratings assigned are in line with the model implied ratings. While the transaction has four Fitch collateral quality matrices, Fitch's analysis was based on the matrix that the agency considered is most relevant when considering current and historical portfolios for this CLO; specifically, the matrix with a top 10 obligors limit of 17.0% and fixed rate collateral debt obligations limit of 5.0%. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The largest issuer and largest 10 issuers in Fitch's current portfolio analysis represent 1.6% and 14.4% of the portfolio, respectively. Stable Asset Performance: The portfolio has a net target par gain of 0.2%. The transaction is passing all collateral quality, portfolio profile and coverage tests. Exposure to assets with a Fitch-derived rating of 'CCC+' and below is reported by the trustee as of the October 2021 investor report at 2.3% compared with the 7.5% limit. 'B'/'B-' Portfolio: Fitch assesses the average credit quality of the obligors to be at the 'B'/'B-' rating level. The trustee calculated Fitch weighted-average rating factor (WARF) was 33.09 as of the October 2021 investor report, under the covenant maximum limit of 34.00. The Fitch calculated WARF is 24.62 after applying the recently updated Fitch CLOs and Corporate CDOs Rating Criteria. High Recovery Expectations: 99.6% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as being more favorable than for second-lien, unsecured and mezzanine assets. The Fitch weighted-average recovery rate (WARR) of the current portfolio is reported by the trustee at 66.10%, compared with the covenant minimum of 61.90%. As the WARR calculation in transaction documentation is based on an earlier version of Fitch's CLO Rating Criteria, assets without a Fitch recovery estimate or recovery rate can map to a higher recovery rate than is possible in Fitch's current criteria. To factor in this difference, in the stressed portfolio analysis, Fitch applied a 1.5% haircut on the WARR, which is in line with the average impact of Fitch's current rating criteria on the WARR across EMEA CLOs. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: -- An increase of the default rate (RDR) at all rating levels by 25% of the mean RDR and a decrease of the recovery rate (RRR) by 25% at all rating levels would result in downgrades of up to three notches, depending on the notes; -- Downgrades may occur if the build-up of the notes' credit enhancement (CE) following amortization does not compensate for a higher loss expectation than initially assumed due to unexpected high level of default and portfolio deterioration. Factors that could, individually or collectively, lead to positive rating action/upgrade: -- A reduction of the RDR at all rating levels by 25% of the mean RDR and an increase in the RRR by 25% at all rating levels would result in upgrades of up to three notches, depending on the notes; -- Except for the tranches already at the highest 'AAAsf' rating, upgrades may occur in case of better-than-expected portfolio credit quality and deal performance, leading to higher CE available to cover for losses on the remaining portfolio. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ALME LOAN IV: Fitch Raises Class F-R Notes to 'B+' -------------------------------------------------- Fitch Ratings has upgraded ALME Loan Funding IV DAC's class B-R, C-R, D-R, E-R and F-R notes and affirmed the class A-R notes. The class B-R through F-R notes have been removed from Under Criteria Observation (UCO) and all notes maintain a Stable Rating Outlook. DEBT RATING PRIOR ---- ------ ----- ALME Loan Funding IV DAC A-R XS1724884124 LT AAAsf Affirmed AAAsf B-R XS1724884983 LT AA+sf Upgrade AAsf C-R XS1724885527 LT A+sf Upgrade Asf D-R XS1724886418 LT BBB+sf Upgrade BBBsf E-R XS1724886764 LT BB+sf Upgrade BBsf F-R XS1724887143 LT B+sf Upgrade B-sf TRANSACTION SUMMARY ALME Loan Funding IV DAC is a cash flow CLO comprised of mostly senior secured obligations. The transaction is actively managed by Apollo Management International LLP and will exit its reinvestment period in January 2022. KEY RATING DRIVERS CLO Criteria Update: The rating actions mainly reflect the impact of the recently updated Fitch CLOs and Corporate CDOs Rating Criteria and the shorter risk horizon incorporated in Fitch's stressed portfolio analysis. The analysis was based on both current and stressed portfolios. Stressed Portfolio Analysis: The rating actions are in line with the model implied ratings produced from Fitch's updated stressed portfolio analysis, which applied the agency's collateral quality matrix specified in the transaction documentation. The transaction has two matrices but Fitch analysed the matrix specifying the top-10 obligor limit of 20% as the deal currently has a top-10 obligor exposure of 14.0%, which is unlikely to increase beyond 20% during the remaining reinvestment period. Fitch also applied a haircut of 1.5% to the weighted average recovery rate (WARR) as the calculation of the WARR in transaction documentation reflects an earlier version of Fitch's CLO criteria. Stable Asset Performance: The transaction metrics indicate stable asset performance. The transaction is passing all coverage tests, collateral quality tests, and portfolio profile tests. Exposure to assets with a Fitch-derived rating (FDR) of 'CCC+' and below is 2.1% excluding non-rated assets as calculated by Fitch. 'B'/'B-' Portfolio: Fitch assesses the average credit quality of the transaction's underlying obligors in the 'B'/'B-' category. The weighted average rating factor (WARF) as calculated by the trustee was 32.65, which is below the maximum covenant of 34. The WARF, as calculated by Fitch under the updated Fitch CLOs and Corporate CDOs' Rating Criteria, is 24.2. High Recovery Expectations: Senior secured obligations comprise 99.4% of the portfolio as calculated by the trustee. Fitch views the recovery prospects for these assets as more favorable than for second-lien, unsecured and mezzanine assets. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The top 10 obligor concentration is 14.0%, and no obligor represents more than 1.6% of the portfolio balance. Cash Flow Modelling: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and the various structural features of the transaction, and to assess their effectiveness, including the structural protection provided by excess spread diverted through the par value and interest coverage tests. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: -- An increase of the rating default rate (RDR) at all rating levels by 25% of the mean RDR and a decrease of the rating recovery rate (RRR) by 25% at all rating levels will result in downgrades of up to three notches, depending on the notes; -- Downgrades may occur if the build-up of the notes' credit enhancement (CE) does not compensate for a larger loss expectation than initially assumed due to unexpectedly high levels of defaults and portfolio deterioration. Factors that could, individually or collectively, lead to positive rating action/upgrade: -- A reduction of the RDR at all rating levels by 25% of the mean RDR and an increase in the RRR by 25% at all rating levels would result in an upgrade of up to three notches, depending on the notes; -- Except for the tranche already at the highest 'AAAsf' rating, upgrades may occur in the case of better than expected portfolio credit quality and deal performance that leads to higher CE and excess spread available to cover losses in the remaining portfolio. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. OAK HILL IV: Fitch Raises Class F-R Notes to 'B+' ------------------------------------------------- Fitch Ratings has upgraded Oak Hill European Credit Partners IV Designated Activity Company's class B-1-R, B-2-R, C-R, D-R, E-R and F-R notes, removed them from Under Criteria Observation. The Class A-1-R and A-2-R notes were affirmed. All notes remain on a Stable Rating Outlook. DEBT RATING PRIOR ---- ------ ----- Oak Hill European Credit Partners IV DAC A-1-R XS1736667640 LT AAAsf Affirmed AAAsf A-2-R XS1736668457 LT AAAsf Affirmed AAAsf B-1-R XS1736668960 LT AA+sf Upgrade AAsf B-2-R XS1736669778 LT AA+sf Upgrade AAsf C-R XS1736670602 LT A+sf Upgrade Asf D-R XS1736671162 LT BBB+sf Upgrade BBBsf E-R XS1736671592 LT BB+sf Upgrade BBsf F-R XS1736671915 LT B+sf Upgrade B-sf TRANSACTION SUMMARY Oak Hill European Credit Partners IV Designated Activity Company is a cash flow CLO mostly comprising senior secured obligations. The transaction is actively managed by Oak Hill Advisors, LLP and will exit its reinvestment period in January 2022. KEY RATING DRIVERS CLO Criteria Update: The rating actions mainly reflect the impact of Fitch's recently updated CLOs and Corporate CDOs Rating Criteria and the shorter risk horizon incorporated in Fitch's stressed portfolio analysis. The analysis considered modelling results for the current and stressed portfolios. The stressed portfolio analysis is based on Fitch's collateral quality matrix specified in the transaction documentation and underpins the model-implied ratings in this review. Fitch's analysis was based on the matrix that the agency considered most relevant when considering current and historical portfolios for this CLO, specifically the matrix with the lowest top 10 obligors' limit of 18.50% and fixed rate collateral debt obligations at 12.50%. When analyzing the matrix, Fitch applied a haircut of 1.5% to the weighted average recovery rate as the calculation in the transaction documentation is not in line with the latest criteria. This analysis supports model-implied ratings of approximately one to two notches above the current ratings under the updated criteria. As a result, the class A-1R and A-2R notes have been affirmed, and the class B-R to F-R notes have been upgraded in line with the model-implied ratings. Stable Asset Performance: The transaction's metrics indicate stable asset performance. As of the Nov. 8. 2021 trustee report, the collateral quality tests, coverage tests and portfolio profile tests are in compliance, except for the marginal failure of the weighted average life test (WAL). Exposure to assets with a Fitch-derived rating of 'CCC+' and below (excluding non-rated assets) is 5.73 as calculated by Fitch. B'/'B-' Portfolio: Fitch assesses the average credit quality of the transaction's underlying obligors at the 'B'/'B-' level. The weighted average rating factor (WARF) as calculated by the trustee was 34.06, which is below the maximum covenant of 35.00. Fitch calculates the WARF as 24.97 under the updated criteria. High Recovery Expectations: Senior secured obligations comprise 99.04% of the portfolio. Fitch views the recovery prospects for these assets as more favorable than for second-lien, unsecured and mezzanine assets. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The top 10 obligor concentration is 14.22%, and no obligor represents more than 1.61% of the portfolio balance as calculated by Fitch. Cash Flow Modelling: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and the various structural features of the transaction, and to assess their effectiveness, including the structural protection provided by excess spread diverted through the par value and interest coverage tests. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: -- An increase of the default rate (RDR) at all rating levels by 25% of the mean RDR and a decrease of the recovery rate (RRR) by 25% at all rating levels in the stressed portfolio would result in downgrades of up to five notches, depending on the notes; -- Downgrades may occur if the build-up of the notes' credit enhancement (CE) following amortization does not compensate for a larger loss expectation than initially assumed, due to unexpectedly high levels of defaults and portfolio deterioration. Factors that could, individually or collectively, lead to positive rating action/upgrade: -- A reduction of the RDR at all rating levels by 25% of the mean RDR and an increase in the RRR by 25% at all rating levels in the stressed portfolio would result in upgrades of up to four notches, depending on the notes; -- Except for the tranches already at the highest 'AAAsf' rating, upgrades may occur in case of better-than- expected portfolio credit quality and deal performance, and continued amortization that leads to higher CE and excess spread available to cover losses in the remaining portfolio. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. SUMMARY OF FINANCIAL ADJUSTMENTS no financial statement data has been received USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Oak Hill European Credit Partners IV DAC Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk presenting entities. Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. OAK HILL VI: Fitch Raises Class F Notes to 'B+' ----------------------------------------------- Fitch Ratings has upgraded Oak Hill European Credit Partners VI Designated Activity Company's class B-1 to F notes, removed them from Under Criteria Observation (UCO) and affirmed the class A notes, as detailed below. All notes are on Stable Outlook. DEBT RATING PRIOR ---- ------ ----- Oak Hill European Credit Partners VI DAC A-1 XS1720167664 LT AAAsf Affirmed AAAsf A-2 XS1720609434 LT AAAsf Affirmed AAAsf B-1 XS1720168043 LT AA+sf Upgrade AAsf B-2 XS1720168399 LT AA+sf Upgrade AAsf C XS1720168712 LT A+sf Upgrade Asf D XS1720169017 LT A-sf Upgrade BBBsf E XS1720169520 LT BB+sf Upgrade BB-sf F XS1720169876 LT B+sf Upgrade B-sf TRANSACTION SUMMARY Oak Hill European Credit Partners VI DAC is a cash flow CLO mostly comprising senior secured obligations. The transaction is actively managed by Oak Hill Advisors (Europe), LLP and will exit its reinvestment period in January 2022. KEY RATING DRIVERS CLO Criteria Update: The rating actions mainly reflect the impact of Fitch's recently updated CLOs and Corporate CDOs Rating Criteria and the shorter risk horizon incorporated in Fitch's stressed portfolio analysis. The analysis considered modelling results for the current and stressed portfolios. The stressed portfolio analysis is based on Fitch's collateral quality matrix specified in the transaction documentation and underpins the model-implied ratings in this review. While the transaction has four Fitch collateral quality matrices, Fitch's analysis was based on the matrix that Fitch deemed most relevant when considering the current and historical portfolios for this CLO, specifically the matrix with the lowest top-10 obligor limit of 18.5% and fixed-rate collateral debt obligations at 12.5%. It is also the matrix the manager could move to currently. When analysing the matrix, Fitch applied a haircut of 1.5% to the weighted average recovery rate (WARR) as the calculation in the transaction documentation is not in line with the latest criteria. This analysis supports model-implied ratings of approximately one to two notches above the current ratings under the updated criteria for all but the class A notes. As a result, the class B-1 to F notes have been upgraded and the class A-1 and A-2 notes have been affirmed in line with the model-implied ratings. Stable Asset Performance: The transaction's metrics indicate stable asset performance. As of the 8 November 2021 trustee report, the aggregate portfolio amount when adjusted for trustee-reported recoveries on defaulted assets, was 1.19% under the original target par amount. It is passing all collateral quality, coverage and portfolio profile tests. Exposure to assets with a Fitch-derived rating of 'CCC+' and below (excluding non-rated assets) is 5.98% as calculated by Fitch. B'/'B-' Portfolio: Fitch assesses the average credit quality of the transaction's underlying obligors at the 'B'/'B-' level. The weighted average rating factor (WARF) as calculated by the trustee was 34.32, which is below the maximum covenant of 35. Fitch calculated the WARF at 24.97 under the updated criteria. High Recovery Expectations: Senior secured obligations comprise 98.94% of the portfolio. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The top- 10 obligor concentration is 14.2%, and no obligor represents more than 1.64% of the portfolio balance as calculated by Fitch. Cash Flow Modelling: Fitch used a customised proprietary cash flow model to replicate the principal and interest waterfalls and the various structural features of the transaction, and to assess their effectiveness, including the structural protection provided by excess spread diverted through the par value and interest coverage tests. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: -- An increase of the default rate (RDR) at all rating levels by 25% of the mean RDR and a decrease of the recovery rate (RRR) by 25% at all rating levels in the stressed portfolio would result in downgrades of up to three notches, depending on the notes. -- Downgrades may occur if the build-up of the notes' credit enhancement (CE) following amortisation does not compensate for a larger loss expectation than initially assumed, due to unexpectedly high levels of defaults and portfolio deterioration. Factors that could, individually or collectively, lead to positive rating action/upgrade: -- A reduction of the RDR at all rating levels by 25% of the mean RDR and an increase in the RRR by 25% at all rating levels in the stressed portfolio would result in upgrades of up to three notches, depending on the notes. -- Except for the tranches already at the highest 'AAAsf' rating, upgrades may occur in case of better-than- expected portfolio credit quality and deal performance, and continued amortisation that leads to higher CE and excess spread available to cover losses in the remaining portfolio. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other nationally recognised statistical rating organisations and/or European securities and markets authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk-presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. SOUND POINT II: Fitch Rates Class F Notes 'B-', On Watch Positive ----------------------------------------------------------------- Fitch Ratings has placed Sound Point Euro CLO II Funding DAC's class B-1, B-2, D, E, and F notes on Rating Watch Positive (RWP) and removed them from Under Criteria Observation (UCO). Fitch has affirmed the class A and C note with Stable Outlook, as detailed below. The transaction in the process of a reset. If the reset is not executed, Fitch expects to upgrade the ratings placed on RWP within six months. DEBT RATING PRIOR ---- ------ ----- Sound Point Euro CLO II Funding DAC A XS2032700978 LT AAAsf Affirmed AAAsf B-1 XS2032701513 LT AAsf Rating Watch On AAsf B-2 XS2032701943 LT AAsf Rating Watch On AAsf C XS2032702248 LT A+sf Affirmed A+sf D XS2032702677 LT BBB-sf Rating Watch On BBB-sf E XS2032702917 LT BB-sf Rating Watch On BB-sf F XS2032702594 LT B-sf Rating Watch On B-sf TRANSACTION SUMMARY Sound Point Euro CLO II Funding DAC is a cash flow CLO mostly comprising senior secured obligations. The transaction is actively managed by Sound Point CLO C-MOA, LLC and will exit its reinvestment period in April 2024. KEY RATING DRIVERS Stress Portfolio Analysis: The rating actions mainly reflect the impact of Fitch's recently updated CLOs and Corporate CDOs Rating Criteria. The stressed portfolio analysis is based on Fitch's collateral quality matrix specified in the transaction documentation and underpins the model-implied ratings in this review. When analysing the matrix, Fitch applied a haircut of 1.5% to the weighted average recovery rate (WARR) as the calculation of the WARR in transaction documentation reflects a previous version of the CLO criteria. This analysis supports a model-implied rating of approximately one to two notches above the current ratings under the updated criteria for all but class A and C notes. Stable Asset Performance: The transaction metrics indicate a stable asset performance. As of the October 2021 trustee report, all collateral quality, portfolio profile and coverage tests are in compliance. Exposure to assets with a Fitch-derived rating (FDR) of 'CCC+' and below (excluding non-rated assets) is 1.24% as calculated by Fitch. 'B'/'B-' Portfolio: Fitch assesses the average credit quality of the transaction's underlying obligors in the 'B/B-' level. The Fitch weighted average rating facto (WARF) as calculated by the Trustee was 32.42, which is below the maximum covenant of 33.60. The WARF as calculated by Fitch under the updated criteria is 24.40. High Recovery Expectations: The portfolio consists of 100% senior secured obligations, as reported by the trustee. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The top 10 obligor concentration is 10.06%, and no obligor represents more than 1.45% of the portfolio balance, as calculated by Fitch. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: -- An increase of the default rate (RDR) across all ratings by 25% of the mean RDR and a 25% decrease of the recovery rate (RRR) by 25% across all ratings will result in downgrades of no more than three notches, depending on the notes. -- Downgrades may occur if the build-up of credit enhancement following amortisation does not compensate for a larger loss expectation than initially assumed due to unexpectedly high levels of defaults and portfolio deterioration. Factors that could, individually or collectively, lead to positive rating action/upgrade: -- A reduction of the RDR at all rating levels by 25% of the mean RDR and an increase in the RRR by 25% at all rating levels would result in an upgrade of no more than five notches across the structure. -- After the end of the reinvestment period, upgrades may occur on better-than-initially expected portfolio credit quality and deal performance, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Sound Point Euro CLO II Funding DAC Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk presenting entities. Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. =================== L U X E M B O U R G =================== ARMORICA LUX: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings assigned its 'B' long-term issuer credit rating to Luxembourg-based landscaping services group Armorica Lux S.a.r.l. (idverde) and its 'B' issue rating to the EUR335 million senior secured term loan B. The recovery rating on the senior secured facilities is '3', indicating its expectation of meaningful recovery (rounded estimate: 55%) in the event of a payment default. The ratings are in line with S&P's preliminary ratings assigned on July 1st, 2021. The stable outlook reflects our view that Armorica Lux S.a.r.l. will continue to increase its revenue and EBITDA base via the integration of tuck-in acquisitions and organic growth, and will be able to generate positive free operating cash flow (FOCF) after 2021, as a result of EBITDA margin expansion through operating efficiencies. idverde is a leading landscaping services provider in Europe with a recurring revenue base and good customer diversification. In S&P's view, idverde's business is supported by its leadership position in the European business-to-business (B2B) landscaping market, with a focus on private and public sector clients. The company is more than three times the size of its closest competitor and is the No.1 player for B2B landscaping services in France, the U.K., and Denmark, and the No.2 in the Netherlands. Across the five countries that it serves--the group entered Germany in 2021 through an acquisition--the group benefits from stable demand for its services and recurring revenue that on the one hand is derived from its contracts, which are typically signed for a long-term duration of three to 10 years or often automatically renewed, and on the other hand from its solid customer retention rates. S&P said, "These range from 90% in the creation segment to 95% in the maintenance segment, both of which we consider as high retention rates for a business services company. This supports our view that the group has a very predictable revenue and earnings base. Additionally, we also note the diversified customer base, with the company serving more than 14,000 private and public sector clients, with no reliance on a single customer." The relatively small size and product scope, highly fragmented and competitive nature of the landscaping market, and concentration on France and the U.K. all constrain the rating. S&P said, "We consider the business as constrained by its relatively small size, with just EUR671 million in revenue in 2020, particularly compared with peers in the facility management industry. There is also a lack of service differentiation, with all activities focused on the provision of landscaping services, pertaining either to the creation or maintenance of green spaces. We view the outsourced landscaping market as highly fragmented and competitive, which means that idverde competes with thousands of regional and local landscaping service providers, with limited pricing power. For instance, in France alone there are more than 30,000 landscaping companies, although many of them target individual clients, unlike idverde. Moreover, we also consider the company to have limited geographic diversification, with more than 80% of revenue emanating from just two countries, France and the U.K., which makes the group vulnerable to macroeconomic developments in these specific markets." Profitability is below average compared with other outsourced specialty landscaping facilities services providers, but is expected to improve. S&P said, "We compare the company with peers such as BrightView Landscapes LLC and Outdoor Home Service Holdings LLC. With S&P Global Ratings-adjusted margins well below 10%, idverde's profitability reflects the large share of labor in costs, relatively low value-added activities with limited pricing upside, and the highly competitive environment. But EBITDA margins have also been constrained by high exceptional costs, in particular those associated with integrating bolt-on acquisitions. Since we expect that idverde will continue to make small acquisitions every year, we also forecast that the group will incur integration costs on a recurring basis every year, which will continue to burden the group's profitability." This will be partially offset by expected cost savings and operating efficiency improvements, such as procurement savings and an improved sales mix toward higher-value-added services. S&P said, "idverde's operating performance remained resilient during the pandemic in 2020, which supports our view of the resilience of the business.Despite a loss of revenue estimated at about EUR51 million (around 8% of revenue) due to reduced activity during the first lockdown in March to May 2020, the company's revenue expanded by 8.5% to EUR671 million in 2020, supported both by organic growth and solid contribution from acquisitions. Due to the nature of the services it provides, idverde benefited from a catch-up effect during the second half of the year as green spaces have to be maintained, irrespective of prevailing economic conditions. Thanks to the group's largely flexible cost base, with a high share of labor costs directly linked to the level of activity, idverde's EBITDA margins also remained resilient with a limited decline in S&P Global Ratings-adjusted EBITDA margins to 6.9% from 7.7% in 2019. "We consider idverde's capital structure as highly leveraged.Our assessment of the group's financial risk profile reflects the private equity ownership and our expectation that S&P Global Ratings-adjusted debt to EBITDA will amount to about 7.5x at year-end 2021, following the refinancing transaction. We expect adjusted leverage will decline to about 6.2x-6.5x in 2022, driven by solid revenue and EBITDA, growth both on an organic and inorganic basis, and run-off of transaction costs. The group's adjusted debt of about EUR490 million at the end of 2021 will comprise the EUR335 million senior secured term loan B, about EUR52 million of factoring debt, expected lease liabilities of about EUR95 million, EUR6 million in local debt, and our adjustment of EUR7 million associated with the group's pension obligations. Due to the financial sponsor ownership, we only incorporate gross debt in our leverage calculation. We note that Core Equity Holdings (CEH) provided equity in the form of convertible bonds at the time it acquired idverde in 2018. We have excluded this financing from our financial analysis because we believe the common-equity financing and the non-common-equity financing are sufficiently aligned. "The group is likely to maintain a strong interest coverage ratio and to generate positive FOCF, which supports our view that the capital structure is sustainable despite initial high leverage. We view positively the group's improving profitability, relatively low capital expenditure (capex) at about 2.5% of revenue, and moderate working capital requirements, which will support FOCF generation from 2022. In 2021, the company was affected by transaction costs and exceptional working capital outflows due to repayments of value-added tax (VAT) and social security payment deferrals granted in the Netherlands and the U.K. as part of those governments' COVID-19-related support plans. We forecast S&P Global Ratings-adjusted FOCF will improve to EUR25 million-EUR40 million in 2022 and 2023, from marginally negative in 2021. "The stable outlook reflects our view that idverde will continue to increase its revenue and EBITDA base via the integration of tuck-in acquisitions and organic growth, and will be able to generate positive FOCF after 2021, as a result of EBITDA margin expansion through operating efficiencies." S&P could lower its rating if idverde experienced a material deterioration in profitability due to unexpected operational issues or high exceptional costs associated with integrating bolt-on acquisitions, resulting in: -- Sustained negative FOCF; -- Funds from operations (FFO) cash interest coverage declining below 2x on a sustained basis; or -- Liquidity issues or tight covenant headroom. Alternatively, financial policy decisions, including large debt-funded acquisitions or dividends, which resulted in S&P Global Ratings-adjusted debt to EBITDA remaining above 7x on a sustained basis, could result in a downgrade. S&P said, "We consider an upgrade unlikely in the coming 12 months. However, we could raise the rating if the revenue and EBITDA base increased faster than we project and if shareholders committed to demonstrating and sustaining a prudent financial policy, with S&P Global Ratings-adjusted debt to EBITDA of less than 5x." KLEOPATRA HOLDINGS 2: Moody's Affirms B3 CFR, Alters Outlook to Neg ------------------------------------------------------------------- Moody's Investors Service affirmed the corporate family rating of Kleopatra Holdings 2 S.C.A ("Klockner Pentaplast" or "KP") at B3 along with a B2 instrument rating of the senior secured 1st lien revolving credit facility and senior secured 1st lien term loan B, as well as guaranteed senior secured notes due 2026 issued by Kleopatra Finco S.a r.l. The agency also affirmed the Caa2 instrument rating of the guaranteed senior notes due 2026 issued by Kleopatra Holdings 2 S.C.A. The rating outlook on all ratings was changed to negative from stable. RATINGS RATIONALE The rating action reflects material deterioration in profitability over the course of the first three quarters of 2021 as measured by the EBITDA margin declining to 13.7% for the twelve months ending September 2021 from 15.5% in 2020 (as adjusted by Moody's). This reduction in EBITDA resulted from lags in passing through escalating costs of raw materials and other variable expenses such as energy, transportation, labour and packaging. Despite the majority (approximately 60%) of KP's contracts not being based on an index for pass-through purposes, the company experienced significant margin compression in the first nine months of 2021. As a result, KP's leverage measured as debt/EBITDA rose sharply to 9.2x for the twelve months ending September 2021 from 7.9x pro forma for the refinancing in January 2021 (as adjusted by Moody's). The agency expects KP's leverage to exceed 10.0x in 2021 before reducing gradually in 2022. The rating action also considered an expectation of gradual turnaround in margin erosion and deleveraging over several quarters as price increases are implemented and raw material prices stabilise. However, at present there is no sufficient evidence that costs will stabilize and supply chain issues will abate. Demand for some of KP's pharma products has waned in 2021 following fewer non-coronavirus related infections in 2020 and resulting high inventory levels remaining throughout the distribution channel to the final consumer. At the same time, demand for its protein packaging products has also been negatively affected in 2021 by supply chain disruptions in the meat packing industry particularly as a result of labour shortages in Europe. KP's CFR continues to reflect (i) ongoing challenge of achieving timely pass-throughs of input cost increases to customers as raw material prices vary; (ii) high leverage after refinancing in January 2021 exacerbated by recent expense pass-through challenges; (iii) shift towards greater sustainability in a competitive environment. More positively, the rating also takes into account KP's (i) large and globally diversified business albeit with some concentration in Europe; (ii) focus on less cyclical food and pharma end-markets; (iii) good liquidity bolstered by expectation of positive free cash flow after 2021; (iv) experienced management team that demonstrated execution of stronger performance in 2020. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS Environmental considerations for KP include consumer- and regulation-driven trends towards reducing the negative environmental effects of plastic waste and plastic packaging, particularly in the EU and UK. KP is very focused on the sustainability trends, has developed new and more sustainable products and has a clear innovation focus on sustainability. The company also engages in industry initiatives and set clear targets around using recycled materials. Social considerations include health and safety given that KP is a manufacturer with 31 sites and almost 6,000 employees. Governance considerations include the aggressive financial policy reflected in the company's high leverage and track record of shareholder dividends. LIQUIDITY The company's liquidity position is good and supported by the fully undrawn and committed EUR150 million revolving facility due 2025, ca. EUR70 million on cash as of September 2021 and limited seasonality in cash flows. KP will not have any larger debt maturities until 2025/26. There is a one financial maintenance covenant related to the RCF, which is only tested if the RCF is drawn by more than 40% (net of cash), however Moody's does not expect the company to utilize its RCF in the near term. STRUCTURAL CONSIDERATIONS KP's capital structure includes senior secured term loans and revolving credit facility (RCF), senior secured notes and senior notes. The RCF, term loans and secured notes rank pari passu, while the senior notes are subordinated to them in terms of ranking which is reflected in the B2 instrument ratings for the around EUR1.2 billion of senior secured term loans and EUR400 million of senior secured notes, one notch above the CFR of B3. The senior notes rating at Caa2 reflects the notes' subordination to a substantial amount of secured debt. RATING OUTLOOK The negative rating outlook reflects the company's weakening profitability and rising leverage in the wake of the increase in input costs. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS While unlikely in the near term, the rating could be upgraded if the company manages to reduce its Moody's-adjusted debt/EBITDA sustainably below 6.5x (including factoring), combined with Moody's-adjusted free cash flow/debt at least in the mid-single digits in percentage terms. The rating outlook is likely to be stabilised if KP's profitability strengthens and it leverage is reduced to below 8.0x while maintaining a positive free cash flow. The rating is likely to be downgraded if KP fails to stem its margin erosion and reduce its leverage over the next few quarters. Negative free cash flow and any liquidity challenges could also lead to a downgrade. LIST OF AFFECTED RATINGS Affirmations: Issuer: Kleopatra Holdings 2 S.C.A LT Corporate Family Rating, Affirmed B3 Probability of Default Rating, Affirmed B3-PD Senior Unsecured Regular Bond/Debenture, Affirmed Caa2 Issuer: Kleopatra Finco S.a r.l. Senior Secured Bank Credit Facility, Affirmed B2 Senior Secured Regular Bond/Debenture, Affirmed B2 Issuer: Klockner Pentaplast of America, Inc. BACKED Senior Secured Bank Credit Facility, Affirmed B2 Outlook Actions: Issuer: Kleopatra Finco S.a r.l. Outlook, Changed To Negative From Stable Issuer: Kleopatra Holdings 2 S.C.A Outlook, Changed To Negative From Stable Issuer: Klockner Pentaplast of America, Inc. Outlook, Changed To Negative From Stable PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers Methodology published in September 2020. COMPANY PROFILE Kleopatra Holdings 2 S.C.A is a plastic packaging manufacturing firm that specialises in the manufacturing of flexible plastic films and rigid plastic trays for use across a wide range of end markets. Total revenue on a YTD September 2021 basis was EUR1.4 billion. The majority of revenue (circa 60%) was generated in Europe, but also around a quarter in North America and the rest across the world including South America and the Asia Pacific region. Strategic Value Partners (SVP) has been the majority shareholder of the group following a financial restructuring and subsequent recapitalisation in June 2012. MILLICOM INTERNATIONAL: Egan-Jones Keeps B- Sr. Unsecured Ratings ----------------------------------------------------------------- Egan-Jones Ratings Company, on November 24, 2021, maintained its 'B-' local currency senior unsecured ratings on debt issued by Millicom International Cellular S.A. EJR also maintained its 'B' rating on commercial paper issued by the Company. Headquartered in Luxembourg, Luxembourg, Millicom International Cellular S.A. is a dedicated emerging markets telecom provider with mobile operations in numerous countries in Central America, South America, and Africa. TRAVIATA II: Moody's Assigns First Time B3 Corporate Family Rating ------------------------------------------------------------------ Moody's Investors Service has assigned a first-time B3 Corporate Family Rating and a B3-PD Probability of Default rating to Traviata II S.a r.l. ("Traviata"), the top entity of the restricted group that owns a 48.5% equity stake in Axel Springer SE ( "Axel Springer"), a leading European news media and classifieds company. Concurrently, Moody's has assigned B3 ratings to the outstanding EUR637 million guaranteed senior secured Term Loan B (TLB) and to the EUR125 million guaranteed senior secured revolving credit facility both due in 2026 and issued by Traviata B.V., a 100% owned subsidiary of Traviata. The outlook on both entities is stable. "The B3 rating factors in the strong credit profile of Axel Springer, which is more than offset by Traviata's very high initial proportionate leverage of around 6.5x, its reliance on the dividend flow from Axel Springer to service its debt obligations, and the structurally subordinated position of Traviata's creditors relative to those at Axel Springer level," says Agustin Alberti, a Moody's Vice President - Senior Analyst, and lead analyst for Traviata. RATINGS RATIONALE Traviata's B3 rating reflects (1) the strong credit profile of Axel Springer, a leading European media company with positive growth prospects for its digital businesses, stable margins and solid free cash flow generation; (2) the large equity stake of 48.5% in Axel Springer and the coordination of action, including the uniform exercise of voting rights with the principal shareholders according to the shareholder agreements; (3) its good dividend coverage of interests, as the dividends received from Axel Springer cover around 2.0x its debt service obligations, (4) its strong liquidity, mainly supported by access to a EUR125 million undrawn RCF; and (5) the solid asset coverage with a Loan to Value ratio estimated at around 20%-30%. The rating also reflects (1) the credit challenges affecting Axel Springer mainly related to the secular decline of the legacy print business and the need to compensate this decline with investments in growth businesses, and to the exposure of some of its segments to the cyclicality of the advertising markets; (2) Traviata's high initial proportionate leverage of around 6.5x, although it is expected to decline over the next 2 years; (3) the reliance on Axel Springer's' dividends to service its debt as well as the lack of a minimum dividend policy in the shareholder agreement; and the (4) the structural subordination of its debt to the debt at Axel Springer level. Axel Springer is one of the largest European media companies with leading positions and strong brands across its main segments (News Media and Classifieds Media, generate more than 90% of the adj. EBITDA). The company has successfully transitioned from print to digital activities, which currently account for approximately 80% of total revenues compared to 14% in 2008. Moody's expects that the company's topline growth will mainly come from its digital segments. The group has been active in corporate acquisitions and disposals looking to strengthen its business profile through the expansion into growth businesses and the diversification outside its core market. Germany still represents around 60% of its revenues, but the US has become its second largest market (17% of total revenues) following the recent acquisition of Politico, a political journalism company. Revenue and profit growth at Axel Springer will progressively improve its free cash flow (FCF) generation and will allow to reduce leverage due to a mix of EBITDA growth and debt repayments. Traviata's proportionate adjusted debt/EBITDA ratio will be high in 2021 at around 6.5x, although Moody's projects a reduction to 6.0x by 2022 owing to deleveraging efforts at Axel Springer level and Traviata's voluntary debt repayments. Axel Springer has a long track record of distributing recurring and growing annual dividends. Since Traviata became shareholder in 2019, the dividend was cut in half, setting a new level of recurring annual distributions at EUR125 million, corresponding to an average of 50% EPS pay-out, and providing some cushion for dividend payment in case of operating underperformance. Traviata will therefore receive around EUR60 million of annual recurring dividends from Axel Springer, allowing the company to pay interests of around EUR30- EUR35 million, translating into a c. 2.0x coverage. In 2021, Axel Springer distributed an extraordinary dividend of EUR400 million with the proceeds from the sale of Classifieds business La Centrale. Traviata used the dividends received mainly to repay debt. In Moody's view, Traviata has strong influence in the decision making process, owing to the shareholder agreement with Axel Springer's other key shareholders, Friede Springer and Mathias Döpfner, who own 45.5% of the company. While there is a risk that the controlling shareholders may not agree on the dividend policy, this is mitigated by the proven track record of dividend distributions even in times of economic downcycles, and the fact that the EUR125 million RCF could cover more than 3 years of annual interests. Moody's views Traviata's asset coverage as strong and therefore a positive consideration for the rating. The rating agency estimates a low Loan to Value ratio of around 20%-30%, which should facilitate access to liquidity if needed and provides good recovery expectations in case of default. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS The secular rise of consumer digital consumption and the related fragmentation of audiences represents a key risk for Axel Springer's legacy print media segments while at the same time an opportunity for its more digital businesses. These are social considerations associated with changes in demographic and societal trends. Governance considerations which Moody's takes into account in assessing Traviata's credit quality, relate to Axel Springer management's proven track record in successfully transitioning the company from print to digital and expanding outside of Germany. Traviata is controlled by funds managed by KKR & Co. Inc. ("KKR") and co-investors. As it is often the case in highly levered, private equity sponsored deals, owners have a high tolerance for leverage/risk and governance is comparatively less transparent. LIQUIDITY Moody's considers Traviata's liquidity as strong, supported by the c. EUR60 annual dividend flow from Axel Springer, cash and cash equivalents of around EUR20 million and a EUR125 million revolving credit facility due 2026, fully undrawn. The company will not have any material maturities until 2026, when the outstanding EUR637 million TLB and the RCF mature. The RCF contains one leverage incurrence covenant set at 8.75x (net proportional leverage, tested when the RCF is at least 40% drawn on a quarterly basis). STRUCTURAL CONSIDERATIONS Traviata's probability of default rating is B3-PD, based on an expected family recovery rate of 50%, in line with covenant-lite first-lien capital structures. The company's capital structure comprises an outstanding EUR637 million TLB and a EUR125 million RCF both due 2026. The B3 rated debt facilities rank pari passu and benefit from the same security and guarantee structure. Traviata B.V.'s facilities are secured against company's and Axel Springer share pledges, bank accounts and intercompany receivables. RATIONALE FOR STABLE OUTLOOK The stable outlook reflects the expected growth, solid FCF generation and potential for deleveraging at Axel Springer, given that the credit quality of the operating company is a key driver for the assigned ratings at Traviata. However, it also incorporates Moody's expectation that Traviata will continue to exert strong influence on Axel Springer; annual dividends from Axel Springer will be able to more than cover its debt obligations and that leverage and liquidity levels will be kept at levels commensurate with its rating category. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward as well as downward pressure on the ratings will primarily be driven by movements in the credit profile of Axel Springer, the underlying operating asset that drives the credit quality of Traviata. However, any upward pressure resulting from fundamental improvements will have to be viewed in the context of risks inherent in the structure, such as the structural subordination of holdco liabilities and the joint control over strategic and financial decisions taken by Axel Springer's management team. In addition, upward pressure could develop if Traviata's proportionate leverage levels trend towards 5.5x and dividend coverage of interests remains at or above 2.0x on a sustained basis. Downward rating pressure could be exerted if proportionate Moody's-adjusted debt/EBITDA remains above 6.5x and dividend coverage of interests falls below 1.2x on a sustained basis. A weakening of the company's liquidity could also lead to downward pressure on its rating. LIST OF AFFECTED RATINGS: Issuer: Traviata B.V. Assignments: BACKED Senior Secured Bank Credit Facility, Assigned B3 Outlook Actions: Outlook, Assigned Stable Issuer: Traviata II S.a r.l. Assignments: LT Corporate Family Rating, Assigned B3 Probability of Default Rating, Assigned B3-PD Outlook Actions: Outlook, Assigned Stable PRINCIPAL METHODOLOGIES The methodologies used in these ratings were Media published in June 2021. COMPANY PROFILE Traviata II S.a r.l. is a holding company, which sole activity consists of owning, through its subsidiary Traviata B.V., a 48.5% stake in Axel Springer SE, a leading European media company. The company is controlled by KKR & Co. Inc. and co-investors. ===================== N E T H E R L A N D S ===================== INTERTRUST NV: S&P Places 'BB' Sr. Sec. Notes Rating on Watch Dev. ------------------------------------------------------------------ S&P Global Ratings placed its 'BB' ratings on Dutch admin services provider Intertrust N.V. and its senior secured notes on CreditWatch with developing implications. The recovery rating remains '3', indicating its estimate of about 60% (rounded figure) recovery in the event of a default. The developing implications indicate that S&P could affirm, raise, or lower its ratings on Intertrust depending on its assessment of the combined company's operations and capital structure if the transaction is completed. The CreditWatch placement follows Intertrust's announcement that the group has reached a conditional agreement with unrated CSC on a recommended all-cash public offer for all of Intertrust's issued and outstanding share capital for EUR20 per share, representing total equity value of about EUR1.8 billion. CSC has publicly stated that it plans to finance the acquisition through committed financing, including a combination of debt and available cash resources. CSC has also indicated it will ensure that Intertrust remains prudently financed with financial leverage at a sustainable level. The proposed transaction is subject to regulatory and customary competition authorities' approvals, and is expected to close in the second half of 2022. S&P expects to resolve the CreditWatch placement upon the close of the transaction. NXP SEMICONDUCTORS: Egan-Jones Keeps BB- Senior Unsecured Ratings ----------------------------------------------------------------- Egan-Jones Ratings Company, on November 29, 2021, maintained its 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by NXP Semiconductors N.V. Headquartered in Eindhoven, Netherlands, NXP Semiconductors N.V. is an American, Dutch domiciled multinational semiconductor manufacturer with headquarters in Eindhoven, Netherlands that focuses in the automotive industry. SYNCREON GROUP: Moody's Withdraws B2 CFR on DP World Transaction ---------------------------------------------------------------- Moody's Investors Service has withdrawn all debt ratings of syncreon Group B.V. after the company was acquired by DP World Limited (Baa3 Stable), a multinational logistics company that specializes in cargo logistics, port terminal operations, maritime services and free trade zones. Moody's took the following actions on syncreon Group B.V.: Corporate Family Rating - Withdrawn, previously B2 Probability of Default Rating - Withdrawn, previously B2-PD Gtd Senior Secured First Lien First Out Term Loan, Withdrawn, previously Ba3 (LGD2) Gtd Senior Secured First Lien Second Out Term Loan, Withdrawn, previously B3 (LGD4) Outlook Actions: Issuer: syncreon Group B.V. Outlook, Changed To Rating Withdrawn From Stable RATINGS RATIONALE Pursuant to the terms of the transaction, all rated debt at syncreon was repaid at closing (December 1, 2021). syncreon Group B.V. designs and implements integrated, customized and flexible logistics solutions that include e-commerce, fulfillment, manufacturing support, assembly and export packing for automotive and technology customers that outsource supply chain activities. Revenue for the latest twelve months ended September 30, 2021 was nearly $1.3 billion. ========= S P A I N ========= EUROPEAN RESIDENTIAL 2021-NPL1: S&P Assigns BB Rating to C Notes ---------------------------------------------------------------- S&P Global Ratings has assigned its credit ratings to European Residential Loan Securitisation 2021-NPL1 (ERLS 2021-NPL1)'s class A1, A2, B-Dfrd, and C-Dfrd notes, issued by LSF11 Boson Investments s.a.r.l. acting on behalf of its Compartment 2 (LSF11–Comp2). At closing, the issuer also issued unrated class P and D notes. ERLS 2021-NPL1 is a Spanish NPL and REO properties transaction that securitizes a portfolio totaling approximately EUR627 million in current balance (with a valuation amount of approximately EUR565 million), of which the REO portfolio represents a total valuation of approximately EUR31 million. The collateral comprises residential properties (including annexes), commercial properties, and land (93.8%, 4.3%, and 1.6%, respectively). LSF11 Boson Investments acting on behalf of its Compartment 1 (LSF11-Comp1) acquired the portfolio from Banco de Sabadell S.A. in December 2020, and the acquisition closed in July 2021. LSF11-Comp1 owns the loans, while a Spanish property company (REOCo) owns the REO assets. The portfolio also includes some sub-participation loans. The REOs are properties that the REOCo has acquired through auctions after the foreclosure process or through amicable solutions, and which will be sold in the open market. S&P has analyzed both the loans and REO assets using its global framework for assessing securitizations of nonperforming loans and its rating to principles criteria. On the closing date, LSF11-Comp1 (as the transferor) transferred its contractual position under the various transaction documents--including the REOCo loan and the REOCo shares--to LSF11-Comp2 (the issuer). LSF11-Comp2 used the notes proceeds to pay this transfer and the interest rate cap fees, and to fund the class A, B-Dfrd, and C-Dfrd notes reserve funds, the issuer general account, the issuer operating expenses (opex) account, and the REO general account, among other fees. The portfolio is serviced by Servihabitat Servicios Inmobiliarios S.L.U., a Spanish servicer. It has over 30 years of experience in the market and a good track record in both amicable solutions and judicial process. Servihabitat is responsible for the day-to-day servicing and implementation of the business plan that it devised in conjunction with Hudson Advisors Spain S.L.U., the asset manager in the transaction. The servicer and the asset manager are both affiliates of Lone Star Capital Investment S.a.r.l., the retention holder. Following S&P's review of the servicing process, we believe that Servihabitat can perform its functions in the transaction. S&P's ratings on the class A1 and A2 notes address the timely payment of interest and the ultimate payment of principal. The timely payment of interest on these notes is supported by the amortizing class A reserve fund, which was fully funded at closing to its required level of 5% of the class A1 and A2 notes' balance. The ratings on the class B-Dfrd and C-Dfrd notes address the ultimate payment of interest and principal. A nonpayment of interest, even when they are the most senior outstanding notes, will not trigger an event of default under the transaction documents. The class B-Dfrd and C-Dfrd notes also benefit from two liquidity nonamortizing reserve funds. Once the class B-Dfrd and C-Dfrd notes become the most senior notes, the reserves will be released and will be part of the available funds. Therefore, these amounts also provide credit enhancement to the notes. The issuer is a Luxemburg entity, which we consider bankruptcy remote under our legal criteria. At closing, it created security over the transaction documents, the receivables, the issuer's bank accounts, and the REOCo shares in the security trustee's favor. The REOCo also created security over the transaction documents and the REOCo's bank account. In S&P's view, the structure mitigates legal risks commensurate with the ratings assigned. Under S&P's operational risk criteria, it has considered the servicer and the asset manager as performance key transaction parties. The transaction is capped at 'A' under this framework, driven by the junior position of the asset manager fee in the waterfall, which makes it less likely to incentivize a replacement if required. The Spanish bank account provider commits to replace itself upon losing the 'BBB' issuer credit rating. Under S&P's counterparty criteria, the transaction is therefore capped at 'A' in its analysis. Ratings Assigned CLASS RATING CLASS BALANCE (MIL. EUR) A1 A (sf) 200.0 A2 A (sf) 20.0 B-Dfrd BBB (sf) 12.0 C-Dfrd BB (sf) 16.0 P NR 2.0 D NR 376.8 S&P's ratings address timely receipt of interest and ultimate repayment of principal on the class A1 and A2 notes, while its ratings on the class B-Dfrd and C-Dfrd notes address the ultimate payment of interest and principal no later than the legal final maturity date. NR--Not rated. =========================== U N I T E D K I N G D O M =========================== ALEXANDER INGLIS: GrainCo Writes Off GBP4.5MM for Grain Stored -------------------------------------------------------------- Suzie Horne at Farmers Weekly reports that Farmer-owned trader GrainCo has written off GBP4.5 million in its latest accounts for grain stored on its behalf by failed merchant Alexander Inglis & Son. Despite this, the business, which is in turn owned by storage and marketing group Tynegrain, reported a pre-tax profit of GBP385,457 for the year ended June 30, 2021, Farmers Weekly discloses. This compares with a pre-tax sum of GBP2.087 million the previous year, Farmers Weekly notes. Turnover at GrainCo rose to almost GBP181.9 million in the latest year, from GBP174.7 million in the 2020 accounts, Farmers Weekly states. Without the write off, the business would have made a GBP4.9 million pre-tax profit, according to Farmers Weekly. Managing director Gary Bright pointed out that the company has a strong balance sheet, with net assets of GBP20.6 million, Farmers Weekly relates. "We benefit from being a business with diverse income streams and significant revenue, which allowed this loss to be absorbed and still make a profit ," Farmers Weekly quotes Mr. Bright as saying. "We have a full recovery stock insurance policy so I'm confident that the loss [of the stored grain value] will be recovered." According to Farmers Weekly, a note to the accounts states: "During the year, Alexander Inglis & Son, a company that provided storage facilities to the company entered administration. Stock owned by GrainCo and stored by Alexander Inglis & Son on the company's behalf was included in GrainCo's stock at a value of over GBP4,530,006. The directors have written off this stock in full in the financial statements to June 30, 2021, as the administrators report would indicate that it is unlikely that this grain will be recovered." The Inglis business went into administration in May 2021, with the administrators' report subsequently showing a likely deficit of GBP70 million, although trade estimates put it higher than this, Farmers Weekly recounts. Farmers accounted for more than one-third of the 166 unsecured creditors listed in a report issued by the administrators in July and were owed more than GBP6 million by the Inglis business, Farmers Weekly states. This sum is separate to that claimed for crops stored on behalf of growers and merchants, Farmers Weekly notes. The administrators have subsequently confirmed that there is expected to be no funds available to pay unsecured creditors, according to Farmers Weekly. CO-OPERATIVE BANK: Moody's Hikes Long Term Deposit Rating to B1 --------------------------------------------------------------- Moody's Investors Service upgraded the long-term deposit ratings of The Co-operative Bank plc (The Co-operative Bank) to Ba3 from B2, and the senior unsecured debt rating of The Co-operative Bank Finance p.l.c. (The Co-operative Bank Finance), the holding company of The Co-operative Bank, to B1 from B3. Moody's also upgraded the standalone Baseline Credit Assessment (BCA) of The Co-operative Bank to b1 from b2. The outlook on the senior unsecured debt rating of The Co-operative Bank Finance and on the long-term deposit ratings of The Co-operative Bank remains positive. RATINGS RATIONALE Moody's said the two notch upgrade of The Co-operative Bank's long-term deposit ratings to Ba3 from B2 and the upgrade of The Co-operative Bank Finance's senior unsecured debt rating to B1 from B3 reflect several factors, namely (1) the bank's continued progress towards a more sustainable business model particularly in relation to improvements int its profitability, as indicated by the upgrade of The Co-operative Bank's BCA to b1 from b2, and (2) lower loss-given-failure, resulting in an additional notch of uplift under Moody's advanced Loss Given Failure analysis. Moody's believes that the risk that The Co-operative Bank will remain loss making has lowered, resulting in the one-notch BCA upgrade. The rating agency believes that, following the restructuring over the last several years, charges for exceptional items will reduce going forward and moderate loan growth and potentially higher base rates in the UK will support the bank's revenue. At the same time, Moody's believes that The Co-operative Bank's profitability will remain very weak and achieving returns in excess of its cost of capital is highly unlikely in the next 12-18 months (excluding exceptional items). Furthermore, the operating environment in the UK is still uncertain; the demand for credit might remain low for longer, and a rate rise might be delayed. The Co-operative Bank's cost of funding will also increase as a result of the need to issue additional capital instruments to meet with its minimum requirements for own funds and eligible liabilities (MREL). As such, despite the improvements, the rating agency continues to believe that The Co-operative Bank still lacks a sustainable business model, which continues to be a key governance consideration and a key rating constraint. The Co-operative Bank indicated that it will need to issue MREL-compliant debt by the end of 2022 to comply with its requirements; this additional debt, coupled with Moody's expectation that the bank's balance sheet will only moderately grow, provides additional protection to The Co-operative Bank's junior depositors and to The Co-operative Bank Finance's senior unsecured bondholders. This results in an additional notch of upgrade to the bank's long-term deposit rating and to the holding company's senior unsecured debt rating. OUTLOOK The outlook on The Co-operative Bank Finance's senior unsecured debt rating and The Co-operative Bank's long-term deposit ratings remains positive. The outlooks reflect further potential improvements in The Co-operative Bank's profitability, which will make the bank's capital less susceptible to a stress. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The Co-operative Bank's BCA could be upgraded following a continuous improvement in profitability, leading to durable and sustainable internal capital generation through earnings. An upgrade of the BCA would lead to an upgrade of the long-term deposit ratings of The Co-operative Bank and the senior unsecured debt rating for The Co-operative Bank Finance. The Co-operative Bank Finance's senior unsecured debt rating and The Co-operative Bank's long-term deposit ratings could also be upgraded following a material increase in the stock of bail-in-able liabilities issued by The Co-operative Bank Finance or by The Co-operative Bank. The Co-operative Bank's BCA could be downgraded following evidence that the bank will not be able to return to a sustainable level of net profitability beyond 2021. A downgrade of The Co-operative Bank's BCA would lead to a downgrade of all long-term ratings of The Co-operative Bank and The Co-operative Bank Finance. The Co-operative Bank Finance's senior unsecured debt rating and The Co-operative Bank's long-term deposit ratings could also be downgraded if the bank fails to issue additional loss-absorbing debt. LIST OF AFFECTED RATINGS Issuer: The Co-operative Bank Finance p.l.c. Upgrades: Long-term Issuer Ratings, upgraded to B1 from B3, outlook remains Positive Senior Unsecured Regular Bond/Debenture, upgraded to B1 from B3, outlook remains Positive Affirmations: Short-term Issuer Ratings, affirmed NP Outlook Action: Outlook remains Positive Issuer: The Co-operative Bank plc Upgrades: Long-term Counterparty Risk Ratings, upgraded to Ba2 from B1 Long-term Bank Deposits, upgraded to Ba3 from B2, outlook remains Positive Long-term Counterparty Risk Assessment, upgraded to Ba1(cr) from Ba3(cr) Baseline Credit Assessment, upgraded to b1 from b2 Adjusted Baseline Credit Assessment, upgraded to b1 from b2 Affirmations: Short-term Counterparty Risk Ratings, affirmed NP Short-term Bank Deposits, affirmed NP Short-term Counterparty Risk Assessment, affirmed NP(cr) Outlook Action: Outlook remains Positive PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks Methodology published in July 2021. INTERFACE CONTRACTS: Blames Lack of Investment for Collapse ----------------------------------------------------------- Joshua Stein at Construction News reports that a lack of investment by major water companies was to blame for an M&E specialist's collapse, according to the company's administrators. Interface Contracts Limited entered administration in early November, Construction News recounts. According to Construction News, a new report from the firm's administrators Quantuma Advisory said Interface's turnover had been "severely impacted" when water companies scaled back investing as the AMP6 spending period ended in 2019. The problem was compounded as investment in the AMP7 period got off to a slow start and the COVID-19 pandemic disrupted works, Construction News discloses. The administrators said the events had a "significant and detrimental impact on the company's turnover", which was around GBP1 million per month lower than expected in the nine months following the start of the pandemic, Construction News relates. It recorded turnover in the year to March 31, 2020 of GBP6.6 million in comparison to GBP10 million in 2019, with a net loss of GBP830,000, Construction News states. Revenue for 2019 had also been significantly lower than the GBP19 million it recorded in 2018, Construction News notes. In the latest full financial year, ending March 31, 2021, Interface made a GBP110,000 net profit but owed GBP1 million to HMRC in VAT/PAYE and NIC, Construction News discloses. The contractor built up an order book worth GBP7 million before it collapsed but the administrators said many of its high value contracts had been delayed due to the pandemic and the company's losses mounted as it waited for work to start, according to Construction News. At the start of the current financial year the company appointed a new managing director Kevin Duffy, but he left four months later in August, Construction News relays. There had been an attempt to sell the business as a going concern but this collapsed in September, Construction News notes. The company had 51 employees in 2019 and also used around 100 other operatives who were not direct employees. MICRO FOCUS: Moody's Affirms B1 CFR, Alters Outlook to Negative --------------------------------------------------------------- Moody's Investors Service has affirmed Micro Focus International plc's (Micro Focus or the company) B1 corporate family rating and B1-PD probability of default rating, as well as the B1 ratings on the senior secured bank credit facilities borrowed at subsidiaries MA FinanceCo., LLC and Seattle Spinco, Inc. The outlook on all ratings has changed to negative from stable. "The change in outlook to negative from stable largely reflects our expectation of weaker than expected free cash flow generation over the next 12-18 months on the back of continued high levels of exceptional items and reduced EBITDA" says Luigi Bucci, Moody's lead analyst for Micro Focus. "Risks to maintaining its B1 rating have increased for Micro Focus with leverage likely to remain high at around 4.5x-5.5x over the next 12-18 months. The recently announced cost savings will start supporting deleveraging only from fiscal 2023 when EBITDA is expected to start growing again" adds Mr Bucci. RATINGS RATIONALE Micro Focus B1 CFR reflects: (1) its strong position in the enterprise software market, supported by its global footprint and a wide product range; (2) the company's continued commitment to deleveraging; (3) Moody's expectation that revenues will stabilize in fiscal 2024, ending October, on the back of sales execution and product development enhancements; and (4) its good liquidity, supported by solid, although weakened, free cash flow (FCF) generation. These strengths are offset by the company's: (1) product portfolio of mainly mature software applications; (2) uncertainties related to the trajectory of maintenance revenues; (3) sustained levels of exceptional charges over the next two years, at best, which will drag FCF over the same time-frame; and (4) continued high leverage until fiscal 2023. The change in outlook to negative from stable reflects Moody's anticipation that Micro Focus' FCF generation will be weaker than previously expected over fiscals 2022-23 with Moody's-adjusted leverage remaining outside of the levels required for a B1 rating. While previous estimates were anticipating a material improvement in FCF in fiscal 2022, the rating agency now expects the overall recovery to be slower and more gradual because of the restructuring charges from a new round of cost savings initiatives together with a continued decline in EBITDA over the year, as cost reductions will not offset the impact of top-line decline. Moody's believes that the restructuring programme carries execution risk as the overall charges to achieve the targeted savings might exceed current expectations. Moody's expects Micro Focus' revenues to decline organically (i.e. excluding the impact from the recent disposal of its Archiving and Risk Management Business, Digital Safe) by 3%-4% and 1%-2% over fiscal 2022 and 2023, respectively (fiscal 2021: around 5%). The rating agency also forecasts company-adjusted EBITDA, pre-restructuring costs, to decline towards $930-$940 million in fiscal 2022 before recovering to approximately $1 billion in fiscal 2023 (fiscal 2021: around $1 billion), supported by cost cutting. The rating agency forecasts Moody's-adjusted leverage to stand at around 5.4x in fiscal 2022 (fiscal 2021: 5.0x) as lower EBITDA will offset the positive impact from debt repayments to be funded through the disposal of Digital Safe and excess cash flows. Leverage should then start to reduce in fiscal 2023 through EBITDA growth and an expectation of continued debt repayments through excess cash flows, ending the fiscal year at around 4.8x. The rating agency notes that it will treat restructuring charges as costs for its adjusted metrics, although they are considered as exceptional items by the company. Moody's estimates Moody's-adjusted FCF, post dividends and leases, to stand at around $120-130 million and $210-220 million over fiscal 2022 and 2023, respectively. Moody's expects annual cash exceptional charges to amount to approximately $100 million over the same timeframe, driven by restructuring. The rating agency also anticipates a step-up in capex largely driven by higher capitalized product development costs. This is likely to translate into a Moody's-adjusted FCF/debt of around 3% and 5% in 2021 and 2022, respectively. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS In terms of governance, the company's financial policy has been historically aggressive, with most of its excess liquidity distributed to shareholders, as demonstrated by the distribution of the SUSE S.A. (B1 stable) disposal proceeds. However, Moody's views positively the actions implemented from 2020 onwards to protect the company's credit quality from ongoing operational underperformance. These include the recent announcement to use the net proceeds from the disposal of Digital Safe for debt repayments or the suspension of the dividend payout in 2020 with a subsequent reinstatement in 2021 under more conservative terms. The company remains also committed to its stated net leverage target of 2.7x, a level which, in Moody's view, will not be likely achieved in the mid-term because of the ongoing operating performance challenges that Micro Focus is facing. LIQUIDITY Micro Focus has a good liquidity, based on the company's underlying cash flow, available cash resources of $560 million as of October 2021 and a $350 million committed senior secured revolving credit facility (RCF) due 2024, currently undrawn. Moody's notes that Micro Focus has no significant debt maturity until 2024 when a portion of its term loans will come due. STRUCTURAL CONSIDERATIONS The instrument rating on the senior secured term loans due 2024-2025 and the RCF due 2024 are in line with the CFR, reflecting the pari passu nature of the instruments. The rated debt benefits from cross guarantees from the US and UK borrowers and guarantors, and comprehensive asset security. RATIONALE FOR NEGATIVE OUTLOOK The negative outlook reflects Moody's view that FCF generation over the next 12-18 months will be weaker than previously anticipated because of sustained levels of exceptional charges and reduced EBITDA. The negative outlook also takes into account the challenge for the company to reduce leverage from current high levels. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Whilst unlikely in light of the recent change in outlook, a rating upgrade would depend on evidence of a successful execution of the company's strategy to stabilise its revenue base and improve EBITDA. Upward pressure on Micro Focus' rating could arise if: (1) its Moody's-adjusted FCF/debt was to improve towards the mid-teens percentages on a sustained basis; and (2) its Moody's-adjusted debt/EBITDA fell below 3.5x. Moody's would consider a rating downgrade if Micro Focus is not able to demonstrate evidence of debt reduction and to reduce significantly the rate of revenue or EBITDA decline. The rating would face downward pressure if: (1) the company's Moody's-adjusted FCF/debt failed to recover back to the mid-single digit percentages after the lows noted in fiscal 2021; (2) its Moody's-adjusted leverage was greater than 4x, particularly if it is not sufficiently balanced by cash on balance sheet, with no expectation of improvement; (3) its liquidity weakened; and (4) there was any large debt-funded acquisition. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Software Industry published in August 2018. LIST OF AFFECTED RATINGS Affirmations: Issuer: Micro Focus International plc Probability of Default Rating, Affirmed B1-PD LT Corporate Family Rating, Affirmed B1 Issuer: MA FinanceCo., LLC Senior Secured Bank Credit Facility, Affirmed B1 Issuer: Seattle Spinco, Inc. Senior Secured Bank Credit Facility, Affirmed B1 Outlook Actions: Issuer: Micro Focus International plc Outlook, Changed To Negative From Stable Issuer: MA FinanceCo., LLC Outlook, Changed To Negative From Stable Issuer: Seattle Spinco, Inc. Outlook, Changed To Negative From Stable COMPANY PROFILE Headquartered in Newbury, the UK, Micro Focus International plc (Micro Focus) is a global provider of enterprise software solutions, operating under five business segments. Micro Focus is listed both on the London Stock Exchange and the New York Stock Exchange. In fiscal 2021, Micro Focus generated $2.9 billion in revenue and around $1 billion in company-adjusted EBITDA. NEPTUNE ENERGY: S&P Alters Outlook to Positive, Affirms BB- Rating ------------------------------------------------------------------ S&P Global Ratings revised its outlook on Neptune Energy Group Midco Ltd. to positive from stable and affirmed its 'BB-' rating. S&P said, "We expect that Neptune Energy Group Midco Ltd. will post strong credit metrics in 2021, supported by high oil and gas prices, and will maintain funds from operations (FFO) to debt above 30% for the next few years. "The investments that oil and gas exploration and production company Neptune is making in its business could help increase production over time, while keeping costs and reserves under control. "We therefore revised our outlook on Neptune to positive from stable." The positive outlook indicates that S&P may upgrade Neptune in the next 12-18 months, if the company successfully improves its business, while keeping FFO to debt above 30%. Given the high oil and gas prices, S&P Global Ratings expects Neptune to post exceptionally strong financial results in 2021. Results will likely remain healthy in 2022-2023. After a weak 2020, oil and gas prices rebounded very strongly in 2021. The economic recovery in many countries across the world boosted demand. Coupled with the oil supply limitations imposed by OPEC+, this supported Brent oil prices during 2021. Neptune is most exposed to European gas prices, which benefited from strong demand combined with low inventory levels. As a result, the Title Transfer Facility (TTF) benchmark recorded multiyear records. S&P said, "We expect Neptune's adjusted EBITDA to double in 2021 to about $1.95 billion–$2.05 billion, from about $0.91 billion in 2020. This will likely translate into FFO to debt of 50%-54% in 2021, well above our 20% threshold for the current rating. Although we expect commodity prices will gradually decline in 2022, we anticipate that the price environment will remain supportive." Neptune is forecast to maintain EBITDA of around $1.9 billion-$2.1 billion and FFO to debt above 30% in 2022. The company enjoyed a short-term Norwegian tax refund in 2020-2021, and will resume tax payments from 2022 onward, which will depress FFO. The company's capital allocation and financial policy decisions will also be important in maintaining FFO to debt above 30%. Any potential upgrade depends on our expectation that Neptune improves its business within the next 12-18 months. Neptune is on target to increase production to close to 200,000 barrels of oil equivalent per day (boepd) by 2023, bringing it in line with its higher rated peers. The company's expected average production for 2021, excluding insurance income, is 130,000-135,000 boepd, or about 150,000-155,000 boepd at year-end. This makes it smaller than peers such as: -- Harbour Energy (BB/Stable/--; 185,000-195,000 boepd, pro forma the merger with Premier Oil); -- Lundin Energy (BBB-/Stable/--; 180,000-195,000 boepd); or -- Aker BP (BBB-/Positive/--; 210,000-220,000 boepd). For a potential upgrade, the company would need to demonstrate a record of improving production, while at least maintaining its reserves and keeping costs under control. In 2020, the company's proved and probable (2P) reserves declined somewhat to 601 million barrels of oil equivalent (boe) from 633 million boe in 2019. In S&P's view, it is vital that the company limit and potentially reverse this decline in future years. Neptune expects its operating costs per barrel will be about $11.5 per boe in 2021, and we anticipate that this metric will remain broadly stable in 2022. It could improve in later years, as the company continues to expand production and enhance efficiency of operations. S&P said, "We anticipate that Neptune will strengthen the business through organic development, but acquisitions are also possible. Average production in 2021 will be around 130,000-135,000 boepd (excluding volumes reimbursed by insurance), which is somewhat lower than the 142,400 boepd in 2020. We attribute this to the deferral of maintenance during 2020, as well as prolonged outages at the company's Touat joint venture and the Hammerfest LNG facility operated by Equinor. These facilities are insured and so the losses from these outages will be reimbursed. Average production in 2021 including insurance income will be about 145,000-155,000 boepd. Production in the fourth quarter of 2021 has already risen to about 150,000-155,000 boepd. The maintenance at Hammerfest LNG is expected to be completed in March 2022 and should help Neptune's production recover by about 10,000-15,000 boepd. At the same time, Neptune continues to invest in exploration and develop its project pipeline. The company expects its new assets (Fenja and Njord in Norway, and Seagull in the U.K.) will add about 50,000 boepd in late 2022-2023. Acquisitions could also be used to boost production. We expect Neptune may acquire smaller assets in its existing areas--focusing on assets that have good value creation opportunities in monetary terms and also from an environmental, social, and governance (ESG) perspective." A supportive financial policy will be important to future rating actions. Ownership by financial sponsors restricts our financial risk assessment but does not cap the rating. The company's aim is to maintain its net debt-to-EBITDAX (earnings before interest, taxes, depreciation, amortization, and exploration expense; as defined by the company) below 1.5x. It intends that any increase above 1.5x would only be temporary. S&P said, "Our expectation that FFO to debt be above 30% for a higher rating means that Neptune would need to maintain comfortable headroom under this ratio of closer to 1x. There is no strict dividend policy, so the shareholders will need to find the right balance between investing in the business and making dividend payments. Getting this right is crucial for a potential upgrade because a lack of investment (organic or inorganic) may limit strengthening of the business, which is required for a higher rating. In our base case, we assume that shareholder distributions will depend on cash flow generation and may be increased when commodity prices are supportive or cut when prices are low." S&P said, "The positive outlook indicates that we may upgrade Neptune in the next 12-18 months if the company continues to strengthen its business, while maintaining a FFO-to-debt ratio above 30%. Based on our oil and gas price assumptions, we expect Neptune to post adjusted EBITDA of $1.95 billion–$2.05 billion in 2021, and $1.9 billion-$2.1 billion in 2022, compared with about $0.91 billion in 2020. This should translate into FFO to debt of 50%-54% in 2021, and 30%-34% in 2022, compared with 21% in 2020." S&P could raise the rating if the company demonstrates the following: -- Stronger business through a combination of organic projects and merger and acquisition (M&A) activity, leading to higher production of close to 200,000 boepd, while maintaining the size of the reserves and continuing to reduce costs; -- FFO to debt above 30%; and -- Adherence to the financial policy, with net debt-to-EBITDAX (as defined by the company) comfortably below the stated target of 1.5x. S&P may revise the outlook back to stable if Neptune is no longer on track to strengthen its business, or if it does so at the expense of its leverage so that FFO to debt falls well below 30%. VITAL INFRASTRUCTURE: Owes Over GBP18 Million to Creditors ---------------------------------------------------------- Tom Duffy at Liverpool Echo reports that Vital Infrastructure Asset Management, a company that was one of Liverpool City Council's main highways contractors now owes over GBP18 million to creditors. VIAM collapsed into administration earlier this year following cash flow problems, Liverpool Echo recounts. VIAM, previously known as King Construction, had been working on a number of major road projects in the city. Now administrators TENEO have revealed that VIAM owes a total of GBP18,870,730.97 to creditors, Liverpool Echo discloses. The largest sum is GBP7074,358.23 owed to Angel Bidco, which was a parent company, Liverpool Echo states. A total of GBP6,359,054.79 is owed to HMRC, and GBP526,853.11 is owed to CEMEX UK Materials Ltd., Liverpool Echo notes. Large sums of cash are also owed to two companies linked to Mark Doyle, who previously owned King Construction, according to Liverpool Echo. A report by the administrators also explains some of the background to the company's collapse into administration, Liverpool Echo relays. It explains that VIAM originally traded as King Construction, a specialist highways, construction and maintenance company. It explains that in early 2020 VIAM began to run out of money because it was owed GBP3 million from a customer following a number of "contractual disputes", Liverpool Echo recounts. The "liquidity problems" prevented VIAM from paying a number of contractors on time, according to Liverpool Echo. In response to these problems the company's directors sought another GBP2 million of funding from NVM and placed some staff on furlough, Liverpool Echo notes. The Covid 19 pandemic exacerbated the company's many problems, Liverpool Echo states. In May this year creditors took plant machinery from sites in Bootle and Skelmersdale without permission, Liverpool Echo recounts. VIAM's directors then decided to appoint administrators due to a lack of funding and other problems, Liverpool Echo discloses. According to Liverpool Echo, the report reveals that NVM Private Equity invested GBP18,593,594 in VIAM. ESF granted loans of GBP4,903,142 on December 4, 2019, Liverpool Echo states. TC Loans granted GBP2,894,453 on November 13, 2020. Liverpool Echo notes. The report states that administrators do no expect there to be sufficient funds to fully repay NVM, ESF and TC Loans, who are all secured creditors, Liverpool Echo discloses. The report states that VIAM owes GBP12.4 million in total to unsecured creditors (creditors with no security), Liverpool Echo relays. The administrators do not expect there to be sufficient funds to pay money to the unsecured creditors, Liverpool Echo notes. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week December 6 to December 10, 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 * * *