/raid1/www/Hosts/bankrupt/TCREUR_Public/220418.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, April 18, 2022, Vol. 23, No. 71
Headlines
A U S T R I A
INNIO GROUP: Fitch Affirms 'B' LT IDR, Outlook Stable
D E N M A R K
NORICAN GLOBAL: S&P Alters Outlook to Negative, Affirms 'B-' ICR
G E R M A N Y
GRUNENTHAL PHARMA: Moody's Affirms 'B1' CFR, Alters Outlook to Pos.
SGL CARBON: Moody's Upgrades CFR to B3 & Alters Outlook to Stable
G R E E C E
MYTILINEOS SA: Fitch Affirms 'BB' LT IDR, Outlook Stable
I R E L A N D
BLACKROCK EURO XIII: Fitch Gives B-(EXP) Rating to Class F Tranche
PREMIER PERICLASE: Trade Union Not Optimistic of a Rescue
TORO EUROPEAN 8: Moody's Assigns B3 Rating to EUR6.7MM Cl. F Notes
TORO EUROPEAN 8: S&P Assigns B- (sf) Rating to Class F Notes
[*] IRELAND: To Face "Wave" of Business Insolvencies, PwC Says
K A Z A K H S T A N
ONLINEKAZFINANCE: S&P Downgrades ICRs to 'CCC+/C', Watch Developing
N E T H E R L A N D S
SELECTA GROUP: Moody's Affirms Caa1 CFR & Alters Outlook to Stable
UPFIELD: S&P Downgrades Long-Term ICR to 'B-', Outlook Stable
R O M A N I A
GARANTI BANK: Fitch Affirms 'BB-' LT IDRs, Outlook Stable
R U S S I A
RUSSIAN RAILWAYS: Says Not in Default Despite CDDC Panel Ruling
SINERGIA JSC: Bank of Russia Cancels Banking License
S W I T Z E R L A N D
EUROCHEM GROUP: S&P Downgrades ICR to 'SD' Then Withdraws Rating
KONGSBERG AUTOMOTIVE: S&P Affirms 'B-' LT Issuer Credit Rating
U N I T E D K I N G D O M
BRITISH AIRWAYS: S&P Alters Outlook to Stable, Affirms 'BB' ICR
ENTAIN PLC: Moody's Upgrades CFR to Ba1, Outlook Remains Stable
GREENSILL: Credit Suisse Investors Should Not Absolve Execs
INTERNATIONAL CONSOLIDATED: S&P Affirms 'BB' LT Ratings
JOINT VENTURES: Goes Into Administration
OWL FINANCE: Moody's Withdraws 'Ca' Corporate Family Rating
PG MOTORS: Dep't. for Economy Accepts Disqualification Undertaking
X X X X X X X X
[*] BOND PRICING: For the Week April 11 to April 15, 2022
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A U S T R I A
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INNIO GROUP: Fitch Affirms 'B' LT IDR, Outlook Stable
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Fitch Ratings has affirmed Austria-based reciprocating engine maker
INNIO Group Holding GmbH's Long-Term Issuer Default Rating at 'B'
with a Stable Outlook. Fitch has also affirmed INNIO's senior
secured ratings at 'B+' with a Recovery Rating of 'RR3'.
The ratings of INNIO remain constrained by its medium scale,
niche-market focus and limited product diversification. Funds from
operations (FFO) gross leverage at end-2021 at 5.7x is consistent
with the rating, having fallen from 8.1x reached at end-2020.
Rating strengths are a material share of revenue derived from
higher-margin aftersales services, a strong market position in
gas-fired power generation and diversification by end-customer and
geography. It is exposed to end-markets with broadly favourable
long-term demand benefiting from de-carbonisation industry trends.
Free cash flow (FCF) improved significantly in 2021 to pre-pandemic
levels.
Fitch has withdrawn INNIO's senior secured second-lien rating as
the facilities have been repaid.
KEY RATING DRIVERS
Solid Recovery from Covid-19 Impact: INNIO's revenue mostly
recovered at end-2021 from a 9% decline in the previous year, as
strong demand for services mitigated lower demand for new equipment
sales, particularly in the oil & gas end-market. Fitch expects
continuing strong demand for services and a mild rebound in
equipment sales to lift revenue 2% - 3% above pre-pandemic levels.
This is underpinned by a strong order backlog, which stood at
EUR2.3 billion at end-2021, and provides good revenue visibility.
Strong Earnings Expected: INNIO's EBITDA margin improved to 21% in
2021, from 17% in 2020, which is strong for the rating, benefiting
mainly from the strong recovery in demand, a positive product mix
involving higher-margin service activities and higher cost
efficiencies achieved. Fitch expects the EBITDA margin to remain
broadly stable at 20% in the short-to-medium term, due to a less
favourable product mix in light of higher sales of new equipment
expected for 2022. However, cost improvement and likely continued
strong demand for services are expected to offset pressures from
input-cost volatility.
Strong Cash Flows Forecast: INNIO's cash flows are strong for the
rating and are expected by Fitch to remain broadly stable in the
short-to -medium term. FFO margin improved to around 14% in 2021,
from 10% in 2020, while FCF margin, which rose sharply to over 11%
in 2021 as a result of working-capital inflows, is expected to
stabilise at around 6%, assuming no significant volatility in
working capital and capex requirements.
Expected Leverage Within 'B' Category: At end-2021, gross leverage
on both an EBITDA and FFO basis improved slightly to under 6x,
driven by the recovery in trading, favourable tax effect and some
debt repayment. At under 6x, leverage is moderate to low for the
rating. Fitch expects INNIO's leverage ratios to remain stable over
the coming two to three years, assuming the continuation of its
conservative cash deployment policy. Further deleveraging below
5.5x gross debt/EBITDA could result in upward rating pressure.
Moderate Supply Chain/Inflation Risks: INNIO's supply chain is not
reliant on shipments of parts from war-affected regions and has
therefore seen no material disruptions. To date, INNIO has been
able to effectively navigate the high inflationary raw-material
cost environment, but continued global supply- chain constraints,
persistent volatility in oil & gas demand, and the capacity of
INNIO to pass on higher costs, are likely to have the largest
effect on Fitch's operating margin expectations in 2022.
Strong Niche Market Position: INNIO is the number one global
manufacturer in power generation and number two in gas compression
engines in a sector with high barriers to entry. Its market-leading
positions are protected by proven technology and reliability, low
life-cycle costs, fuel efficiency and a comprehensive service
offering. Its good diversification by end-customer and geography is
weakened by a narrow product range and it operating in a niche,
albeit growing, market. It has strong business risk, as more than
half of its revenue is generated from stable maintenance and
service activities, supporting high recurring revenue.
Positive Market Fundaments: The industry's shift towards
de-carbonisation, exemplified by zero carbon targets by 2050, means
that INNIO is well-positioned to capture market growth related to
the global energy transition to gas and hydrogen-led technologies.
INNIO's roadmap of its transition to full hydrogen next-generation
product capabilities, expected by 2025, and positive market
fundamentals, support and provide visibility to its long-term
growth prospects.
Minimal FX Risk: INNIO's transactional currency exposure is fairly
small as sales and operating costs are broadly matched in
currencies, although some mismatch results from the transfer of its
Waukesha activities to Welland, Canada. The debt currency mix
closely reflects INNIO's revenue and cost structure, providing a
natural hedge against foreign-exchange (FX) risk. INNIO's FX risk
has reduced significantly by a change in its reporting currency to
euros, to which most of its business is exposed.
DERIVATION SUMMARY
INNIO's closest competitors by product are Generac Power Systems
Inc and Rolls-Royce Power Systems (RRPS), both of which exhibit
stronger rating profiles than INNIO. Generac has a materially
stronger financial profile as it consistently generates FFO and FCF
margins of around 15% and 12%, respectively, due to a larger
exposure to residential end-markets. Its leverage, typically around
3x-4x, is also lower than INNIO's. This is offset by a less
diversified business profile (end-customer and geography) than
INNIO's.
RRPS, fully owned by Rolls-Royce plc (BB-/Stable) and benefiting
from intra-company funding arrangements), generates FFO margins
(usually around 7%) that are lower than those of INNIO as a result
of its exposure to a wider range of more competitive end-markets.
However, its business profile benefits from being far more
diversified than INNIO's by product offering and end-market.
Similarly rated diversified industrials companies such as TK
Elevator (B/Stable), exhibit higher leverage and weaker cash flows,
but these factors are offset by a much better business profile and
scale.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Revenue CAGR of 6% for 2020-2023, after a 9% decline in 2020,
driven by 6%-7% growth in services (supported by an enlarged
installed base leading to more long-term service agreements);
and recovery in new equipment sales, albeit below pre-pandemic
levels due to lower demand in the oil & gas sector.
-- Gross margin to improve to 36%-37% until 2024 from 35% in
2020, due to a favourable product mix and cost savings mainly
from improved production efficiencies.
-- Fitch-adjusted EBITDA margin to stabilise at 20% to 2024,
after having improved sharply to 21% at end-2021.
-- Working-capital requirements to lead to outflows of 2.5%-3% of
revenue from 2022 to support business growth, reversing
inflows in 2020 and 2021.
-- Total capex requirements to remain at 4%-5% of sales p.a. up
to 2024. R&D to remain at 50%-60% of total capex until 2024,
supporting continued innovation in hydrogen transition, while
maintenance capex remains stable at 1%.
Recovery Assumptions:
Fitch estimates under its bespoke recovery analysis that a
going-concern approach will lead to higher recoveries for
creditors, given INNIO's long-term proven robust business model,
long-term relationship with customers and suppliers, and existing
barriers to entry in the market.
Fitch estimates a going-concern value for INNIO at around EUR1.25
billion (before deducting 10% for administrative claims), assuming
a post-reorganisation EBITDA of about EUR209 million at a multiple
of 6x. This reflects the company's premium market positioning and
adjusts for the value factoring drawdown of about EUR150 million
(as per Fitch criteria the highest amount drawn in the past 12
months). Fitch's waterfall analysis generated a ranked recovery in
the 'RR3' band, indicating a 'B+' rating for the senior secured
debt. The waterfall analysis output percentage on current metrics
and assumptions is 52% for the senior secured debt.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- FFO gross leverage sustainably below 6x (2021E: 5.7x);
-- FCF margin above 5% (2021E: 11.8%);
-- FFO margin above 10% (2021E: 14%);
-- Improved business diversification through an expansion of the
product portfolio and successful transition to hydrogen
technologies;
-- Gross debt/EBITDA sustainably below 5x (2021E: 5.8x);
-- EBITDA margin above 18% (2021E: 21%).
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- FFO gross leverage above 8x;
-- FCF margin below 4%;
-- FFO margin below 8%;
-- FFO interest cover below 2x (2021E: 3x);
-- Gross debt/EBITDA sustainably above 7x;
-- EBITDA margin below 15%.
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
Satisfactory Liquidity: At end-2021, INNIO had EUR134 million of
Fitch-adjusted cash, which is adequate for its business and
financial profile. Liquidity is further boosted by a fully
available revolving credit facility of EUR200 million. Fitch
expects INNIO to maintain healthy liquidity in the short-to-medium
term, driven by healthy FCF generation (expected at around 6% of
revenue on a consistent basis) and a lack of material scheduled
debt repayments before 2025.
Fitch treats EUR25 million of reported cash as necessary for
operating needs of the business during the year and hence
unavailable for debt servicing.
ISSUER PROFILE
Austrian-based INNIO is a manufacturer and services provider of
mission critical solutions for power generation and gas
compression. It operates under two well-known brands, Jenbacher,
which manufactures reciprocating gas engines, and Waukesha, which
produces gas compression engines mainly for on-site power
generation in oil and gas fields.
DEBT RATING RECOVERY PRIOR
---- ------ -------- -----
INNIO Group Holding GmbH
LT IDR B Affirmed B
senior secured LT B+ Affirmed RR3 B+
Senior Secured 2nd Lien LT WD Withdrawn CCC+
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D E N M A R K
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NORICAN GLOBAL: S&P Alters Outlook to Negative, Affirms 'B-' ICR
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S&P Global Ratings revised its outlook on Danish metallics
enhancement firm Norican Global A/S (Norican) to negative from
stable and affirmed the 'B-' long-term issuer credit and issue
ratings.
The negative outlook reflects the risk that S&P could downgrade
Norican in the next six months if the company cannot successfully
refinance its EUR340 million senior secured notes, or if its
operating performance materially departs from our current base
case.
S&P said, "We expect Norican will show stable to slightly improving
credit ratios in 2022. We anticipate Norican will leverage its
record backlog, which stood at EUR221 million at year-end 2021, to
generate sales growth of about 11%-13% in 2022, with EBITDA margins
virtually unchanged from 2021 at 10%-11%. As a result of EBITDA
strengthening in absolute terms, we expect further improvement in
Norican's adjusted credit metrics. Under our updated base case, we
forecast Norican's adjusted debt to EBITDA will reduce to 7x-8x
(from 8.7x in 2021) and funds from operations (FFO) cash interest
coverage to 2x-3x (from 2.0x in 2021). We note that our adjusted
leverage figures exclude Norican's cash, which stood at EUR170
million at Dec. 31, 2021. Including cash in our debt adjustments,
this would result in adjusted leverage of 4.7x for 2021 and about
3.0x-4.0x in 2022. We also anticipate continued positive FOCF of
EUR10 million–EUR15 million in 2022, albeit moderating from
EUR43.5 million in 2021 and EUR25.1 million in 2020.
"Norican's EUR340 million senior secured notes mature on May 15,
2023, which threatens its liquidity. We understand that given the
current virtually shuttered high-yield bond market, the company
will probably seek to refinance in second-half 2022. It is
currently considering refinancing options. At the same time, the
absence of proactive liquidity management weighs on our liquidity
assessment. Therefore, we have revised down our liquidity score to
less than adequate from adequate.
"Norican's recent business rightsizing and more agile cost base
will help it navigate 2022-2023. The company's operating
performance strongly recovered in 2021 and we expect healthy
revenue expansion and stable operating margins to spur further
credit metric improvements in 2022. Over 2020-2021, Norican
undertook actions to streamline its operations through footprint
consolidation and rightsizing. Its average number of employees last
year was about 26% lower than in 2019. Although about EUR14 million
of cumulative costs from these actions constrained EBITDA during
the period, the company's cost position is now leaner and more
flexible. The agile cost base and asset-light business should help
mitigate the margin hit from broad cost inflation and potential
demand disruptions over 2022-2023. Furthermore, we understand that
the group has minimal direct exposure to Russia and Ukraine,
generating less than 1% of group sales from these countries in
2021, and has no direct suppliers in either country.
"The negative outlook reflects the risk that we could downgrade
Norican in the next six months if the company cannot successfully
refinance its EUR340 million senior secured notes, or if its
operating performance materially departs from our current base
case.
"We could lower the ratings if the company cannot address its
upcoming debt maturities within the next six months, or if we view
the capital structure as unsustainable." This could be the case
if:
-- There is a material negative deviation from our base case and
credit metrics weaken substantially; or
-- Debt capital markets remain dislocated for an extended period
and the company cannot secure alternative funding options.
S&P could raise its ratings if the company successfully refinances
its maturities, resulting in a healthy and long-term debt maturity
profile. An upgrade would also hinge on its S&P Global
Ratings-adjusted debt to EBITDA trending toward 6x, with
consistently healthy prospects for positive FOCF, and its FFO cash
interest cover moving to sustainably above 2.5x.
ESG credit indicators: E-3, S-2, G-3
S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of Norican. The group
derives about 60% of its revenue from the auto end market, which we
view as having elevated environmental risk. In addition, Norican's
products--aluminum and steel castings equipment--carry a higher
exposure to environmental risks. In our view, its offering is
directly linked to commodities and their above-average
energy-intensive production processes, which will be subject to
increasing costs to cope with environmental regulation compliance.
Governance factors are also a moderately negative consideration.
Our assessment of the company's financial risk profile as highly
leveraged reflects corporate decision-making that prioritizes the
interests of the controlling owners, as is the case for most rated
entities owned by private-equity sponsors. Our assessment also
reflects their generally finite holding periods and a focus on
maximizing shareholder returns."
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G E R M A N Y
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GRUNENTHAL PHARMA: Moody's Affirms 'B1' CFR, Alters Outlook to Pos.
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Moody's Investors Service affirmed Grunenthal Pharma GmbH & Co.
KG's ("Grunenthal" or "the company") B1 corporate family rating,
its B1-PD probability of default rating and the B1 rating on the
backed senior secured notes issued by its subsidiary Grunenthal
GmbH. At the same time, Moody's changed the outlook to positive
from stable.
RATINGS RATIONALE
The rating action reflects Grunenthal's operating performance in
2021 which has been stronger than expected. This was supported by
continued revenue growth of its largest-selling drugs, including
Palexia which lost its regulatory exclusivity in Europe in 2021 but
has not yet seen generic competition, and a good ramp-up of Qutenza
in the US. This translated into total revenue growth of 15% in 2021
(also including for the first time Crestor) and strong free cash
flow generation in excess of EUR200 million. Moody's-adjusted debt
/ EBITDA amounted to 3.3x at the end of 2021, positioning the
company strongly in its rating category.
Moody's still expects that Grünenthal will start to face generic
competition on Palexia in 2022, which could result in a decline in
turnover and earnings , but that any revenue decline will be
limited given these generics will not be initially substitutable in
the company's main markets. Grunenthal has also started to take
measures to reduce its costs, including commercial costs to support
Palexia, with a view to protecting its earnings. Moody's projects
that leverage will remain between 3.0x and 3.5x in 2022-23. This
assumes that any acquisition undertaken by Grunenthal would be
funded through its available cash on balance sheet and that gross
debt would not increase.
The B1 rating of Grünenthal continues to incorporate (1) its
diversified product portfolio of established brands which supports
solid free cash flow generation; (2) its expertise in the
therapeutic area of pain, including research and development (R&D)
capabilities; (3) its moderate leverage, with Moody's-adjusted
debt/EBITDA expected to be around 3.0x-3.5x in 2022-23; and (4)
good liquidity.
However, Grunenthal's rating also takes into account (1) its small
size, with EUR1.5 billion of revenue in 2021, which limits
economies of scale and increases earnings volatility; (2) the
expected entrance of generics of its largest-selling drug Palexia
(tapentadol) in 2022, which increases risks of earnings volatility;
(3) its limited late-stage pipeline, as projects under development
will not generate significant earnings over the next three years;
and (4) its mature drug portfolio, which could prompt the company
to make acquisitions.
Grunenthal has good liquidity, underpinned by a sizable cash
position of EUR327 million as of December 31, 2021, access to a
EUR400 million revolving credit facility (RCF) maturing in 2026,
which is currently undrawn, and projected free cash flow of EUR110
million-EUR120 million annually in 2022-23. The next debt maturity
of the company is its EUR75 million Schuldschein notes due in
2024.
ESG CONSIDERATIONS
Grunenthal, like most companies in the pharmaceutical sector, has a
high exposure to social risks. Grünenthal's drug portfolio include
several opioid products, which can result in addiction. Opioids
have faced significant litigation in the US market, although the
company does not commercialize opioids in the US, where the risk of
litigation is highest. The company has not been subject to opioid
litigation in Europe and its other markets. In Europe, the
prescription of opioid drugs is much more limited and controlled
than in the US, reducing the overall risk of abuse. In addition,
since 2017, the company has been focusing its product acquisitions
and pipeline developments on non-opioid drugs and reduced its
revenue share from opioid products, a trend which will continue
over the medium term. Grunenthal is also involved in litigations on
thalidomide, a drug that it withdrew from the market in 1961. So
far, the company has not had any final ruling against it. While the
outcome of these legal proceedings is difficult to assess, their
conclusion is still several years off.
Grunenthal operates with moderate leverage. The company has been
active at acquisitions in recent years in order to fill its product
portfolio and pipeline. It is a 100%-family-owned company, and its
19 shareholders appoint the five members of the supervisory board,
who are experienced professionals and have no relationship with
Grunenthal's owners.
STRUCTURAL CONSIDERATIONS
Grunenthal's capital structure comprises EUR950 million of backed
senior secured notes, EUR75 million of Schuldschein notes, and a
EUR400 million RCF all issued at the level of Grunenthal GmbH, the
main operating company of the group and a subsidiary of Grunenthal
Pharma GmbH & Co. KG. Grunenthal GmbH represents about 60% of the
group's consolidated EBITDA.
All debt instruments share the same collateral which essentially
comprises share pledges on Grunenthal GmbH and offer limited
protections to creditors in case of a default. Therefore, Moody's
has modelled all instruments as unsecured in its Loss Given Default
(LGD) analysis. Moody's rates the backed senior secured bonds at
B1, in line with the corporate family rating, and ranks it in line
with other financial debts and operating leases.
Moody's bases its calculation on a 50% recovery rate applicable to
financing structures which include a mix of bond and bank debt.
RATIONALE FOR THE OUTLOOK
The positive outlook reflects Moody's expectation that Grünenthal
will be able to largely offset earnings erosion from generic
competition on Palexia in 2022-23 and continue to grow its drug
Qutenza, while advancing its late-stage pipeline. Moody's also
expects that Grunenthal's leverage will remain between 3.0x and
3.5x in 2022-23.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade Grunenthal if it can return to sustainable
growth by strengthening its drug portfolio and its pipeline of
late-stage products. Quantitatively, a positive rating action would
require that Grünenthal maintains a Moody's-adjusted debt/EBITDA
ratio of less than 3.5x and continues to generate robust free cash
flow.
Conversely, Grunenthal's ratings could become under pressure if the
earnings of its existing and acquired drug portfolio decline more
quickly than what Moody's currently expects. The rating agency
could also downgrade Grunenthal if its Moody's-adjusted debt/EBITDA
ratio exceeds 4.5x for a prolonged period, for instance, because of
a debt-financed acquisition.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Pharmaceuticals
published in November 2021.
CORPORATE PROFILE
Founded in 1946 and headquartered in Aachen, Germany, Grunenthal is
a family-owned pharmaceutical company focused on pain therapies. It
is one of the world's largest seller of centrally acting
analgesics, which are compounds that inhibit pain by acting on the
central nervous system. In 2021, the company generated EUR1.5
billion of revenue. Grunenthal owns a portfolio of about 100
products that it sells in more than 100 countries.
SGL CARBON: Moody's Upgrades CFR to B3 & Alters Outlook to Stable
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Moody's Investors Service upgraded SGL Carbon SE's (SGL Carbon or
the company) corporate family rating and probability of default
rating to B3 and B3-PD from Caa1 and Caa1-PD respectively.
Concurrently, Moody's affirmed the B3 rating of the EUR250 million
guaranteed senior secured notes. The outlook has been changed to
stable from positive.
RATINGS RATIONALE
The upgrade of SGL Carbon's CFR to B3 reflects significant
improvements in the company's liquidity profile over the last 12
months, solid trading performance in 2021, and expectations for SGL
Carbon to maintain credit metrics commensurate with a B3 rating.
Through a combination of internal cash flow generation and
disposals of non-core assets, the company's cash balance increased
to EUR221 million as of end December 2021 from EUR142 million as of
end December 2020. SGL Carbon also extended its revolving credit
facility (RCF) by one year to January 2024, and its nearest debt
maturity occurs in September 2023 when the EUR151 million (amount
outstanding as of end December 2021) convertible bond matures. The
high cash balance and management's focus on cash conservation
provide financial flexibility to manage the upcoming maturities,
which Moody's expect SGL Carbon to address well ahead of the due
date.
In 2021, the company benefitted from solid demand in its key
end-markets, such as wind energy, semiconductor and the automotive
industry, which supported a reduction in Moody's adjusted gross
leverage (including pension provisions) to 6.2x in 2021 from 11.6x
in 2020. SGL Carbon publicly guides company-adjusted EBITDA to be
in the range of EUR110 million to EUR130 million in 2022 leading to
an estimated Moody's adjusted gross leverage in the range of 6x to
7x, assuming slightly lower adjusted debt levels. The expiration of
a larger carbon fiber contract in mid-2022 and higher raw material
costs will pressure earnings, but cost savings from the
restructuring program initiated in 2020 and higher pricing will
somewhat mitigate the negative effect. In terms of the expiring
carbon fiber contract, SGL Carbon took already preemptive steps by
gaining new customers and will shift capacity to the lower-margin
wind energy market, where it experiences strong demand for carbon
fibers. In response to the volatile energy costs, the company
hedged over 80% of its electricity and gas consumption to increase
cost visibility.
Moody's expects SGL Carbon's credit metrics to remain in line with
the current rating over the next 18 months under Moody's baseline
economic forecast. Potential negative developments in the global
economy or extended temporary factory shutdowns at its customers
would likely lead to a downward adjustment in Moody's view on SGL's
credit metrics, but the company's high cash balance should provide
sufficient financial flexibility even under a less favorable
scenario.
The company generated significant Moody's adjusted free cash flow
(FCF) of EUR84 million in 2021 supported by moderate capital
expenditure compared to historical values and some working capital
releases. The majority of the capital expenditure was invested in
the graphite solutions business unit, a focus area for the company,
and historically, SGL Carbon consumed FCF mainly because of large
investments. Moody's expects disciplined capital spending to
facilitate positive FCF over the next 18 months even though working
capital is likely to weigh on cash generation in 2022. Expectations
for sustained positive free cash flow are among the considerations
supporting the B3 rating.
The limited track record of consistently growing the revenue base,
as well profitability that remains comparably weak to other B3
rated peers with Moody's adjusted EBITDA margin of around 11.5%
(excluding equity accounted income) in 2021, constrain the rating.
Moody's expects SGL Carbon's EBITDA margin to decline in 2022
because of raw material inflation and a carbon fiber contract
expiration. At the same time, the company aims to increase its
profitability over time and has confirmed its mid-term profit
targets, including company-adjusted EBITDA margin improvements by
approximately 1% to 3% by 2025 compared to 2021 levels.
LIQUIDITY PROFILE
SGL Carbon's liquidity is solid. Liquidity sources consist of an
undrawn EUR175 million RCF, around EUR221 million cash on its
balance sheet as of the end of December 2021 and expected internal
cash generation. These sources are sufficient to cover the
company's capital spending, working cash needs and swings in
working capital over the next 12-18 months. The company's nearest
debt maturity occurs in September 2023 when the EUR151 million
(amount outstanding as of end December 2021) convertible bond
matures. Moody's expects the refinancing of the convertible well
ahead of the maturity date.
The company's RCF has two financial covenants, including a net
debt/EBITDA covenant. The rating incorporates the expectation that
the company will comfortably meet the covenant requirement under
its RCF at all times.
OUTLOOK
The stable outlook on SGL Carbon's rating reflects the expectation
that credit metrics will remain in line with a B3 rating over the
next 18 months and that the company will address the upcoming
maturities well ahead of the due date.
ESG CONSIDERATIONS
Moody's governance assessment for SGL Carbon incorporates
positively the company's shareholder base, which includes, SKion
GmbH and Bayerische Motoren Werke Aktiengesellschaft. Furthermore,
the company takes a proactive approach towards its liquidity
profile.
STRUCTURAL CONSIDERATIONS
SGL Carbon's guaranteed senior secured notes are rated B3, in line
with the CFR, even though they are, similar to the obligations
under the RCF, effectively senior to the 2023 convertible bond.
Other liabilities ranked ahead of the convertible include trade
payables, operating leases and bank loans. In Moody's loss given
default analysis, the loss absorption of the convertible bond is
considered as too low for an upnotch of the senior secured notes.
The senior secured notes are guaranteed by subsidiaries
representing in aggregate at least 70% of the consolidated EBITDA
of the group and are secured by share pledges.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could consider upgrading SGL Carbon's rating, although
unlikely over the next 12 months, if the company continues to
generate positive FCF on a sustainable basis and Moody's adjusted
leverage would reduce to below 5x while building a track record of
EBITDA growth for all business segments. An upgrade furthermore
would require SGL Carbon to maintain an adequate liquidity profile
and to lengthen the debt maturity profile.
Moody's could downgrade SGL Carbon's rating if Moody's adjusted
gross leverage ratio rises again above 7.0x for a prolonged period
of time. A downgrade would also be likely with substantial
weakening of the company's liquidity profile or lack of progress on
refinancing upcoming maturities well ahead of the due date.
The principal methodology used in these ratings was Chemical
Industry published in March 2019.
COMPANY PROFILE
Headquartered in Wiesbaden, Germany, SGL Carbon SE is one of the
world's leading manufacturers of carbon fiber and specialty
graphite solutions and applications. In 2021, the company reported
company-adjusted EBITDA of EUR140 million on sales revenue of
around EUR1,007 million, equivalent to a company-adjusted EBITDA
margin of around 14%. The company supplies to a broad range of
industries ranging from the more traditional industrial sectors,
such as chemical and automotive industries, to high-growth areas
such as the solar, lithium-ion battery, fuel cell and LED
industries. SGL Carbon is listed on the Frankfurt Stock Exchange.
As of December 31, 2021, the company's largest shareholders were
SKion GmbH, Bayerische Motoren Werke Aktiengesellschaft and
Volkswagen Aktiengesellschaft.
===========
G R E E C E
===========
MYTILINEOS SA: Fitch Affirms 'BB' LT IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Mytilineos S.A.'s (MYTIL) Long-Term
Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. Fitch
has also affirmed MYTIL's notes' senior unsecured rating at 'BB'
and the senior unsecured rating of the notes issued by Mytilineos
Financial Partners S.A. and guaranteed by MYTIL at 'BB'. The
Recovery Rating is 'RR4'. A full list of rating actions is below.
The rating affirmation reflects expected strong increase in EBITDA
and funds from operations (FFO) in 2022-2023, accompanied by solid
deleveraging capacity, with a good liquidity position. Fitch
forecasts FFO net leverage to decline from 3.3x in 2021 to about
3.0x in 2022 and to below 2.5x from 2023. Despite ongoing large
capex in 2022-2025, mainly attributed to organic expansion into the
power & gas division, Fitch expects free cash flow (FCF) to turn
positive from 2023. Fitch views the group's expansion in the less
cyclical electricity business as credit-positive.
The rating is supported by diversified business profile,
synergistic business model, and vertically integrated and low
unit-cost metallurgy operations. The rating also reflects a strong
and growing market position in domestic electricity, which provides
the group with sustainable cash flows.
KEY RATING DRIVERS
Aluminium Prices Remain High: Strong aluminium market fundamentals
should be positive for MYTIL's EBITDA generation in the short to
medium term. In 2022 Fitch expects the metallurgy division's EBITDA
will increase further by more than 30% yoy underpinned by high
aluminium prices and premia received by the company despite the
hedging of large volumes for 2022 and inflationary pressure on
costs. Fitch forecasts further improvement of metallurgy division
performance from 2023, supported by expected high aluminium
prices.
Expected Profitability Rise: Fitch forecasts that expected high
aluminium prices in 2023 accompanied by expected lower gas and
electricity prices should support the recovery of the group's
EBITDA margin towards 17%-18% over 2023-2025 compared with 13% in
2021-2022. Fitch-defined EBITDA margin declined to 13.1% in 2021
from 15.5% in 2020, mainly driven by lower profitability in
metallurgy and the power & gas divisions, while the sustainable
engineering solutions (SES) and renewables & storage development
(RSD) divisions reported better performance on a yoy basis. Higher
electricity and gas prices, especially in 2H21, eroded MYTIL's
profitability.
Ongoing Power Sector Growth: The group plans to start commercial
usage of new combined cycle gas turbine (CCGT) power plant in 3Q22,
which will add 826MW to its total installed capacity in the power &
gas division. In addition, MYTIL is actively developing its RES
portfolio and plans to develop around 1,000MW of solar farms by
2025 that it acquired in Greece in 2021. Execution of these
projects will drive capex growth, which Fitch estimates to be above
EUR250 million per year during 2022-2024.
However, Fitch positively views the group's growing penetration of
the electricity market, which will be a source of relatively stable
cash flow generation once the projects are commissioned. Fitch
expects the power & gas division to make up about 40% of EBITDA by
2024-2025.
FCF Under Pressure in 2022: A rebound in the RSD division's
operating activity, and particularly the growing execution of
build-own-transfer (BOT) projects in 2021 has resulted in growing
working capital needs. Combined with increased capex primarily
attributed to the construction of new CCGT power plant, this
materially eroded MYTIL's FCF generation in 2021, which was in line
with Fitch's previous forecast.
Ongoing material capex and working capital fluctuation, mainly
driven by BOT projects in 2022 will again result in negative FCF
generation. Fitch expects it to turn positive from 2023 thanks to
expected better cash flow generation in metallurgy and power & gas
divisions. Fitch also expects sizeable relief of working capital
under BOT projects in 2023. Nevertheless, the group has flexibility
to postpone growth capex and preserve cash in case of need as only
around 20% of total projected capex in 2022-2025 is for maintenance
works.
Rising Margins in Construction: MYTIL has significantly improved
its EBITDA margin in SES division from 5.2% in 2020 to 9.0% in
2021. Fitch forecasts the SES segment's profitability will improve
in the coming years to above 9% supported by execution of more
complex sustainable projects (solid and liquid waste management,
infrastructure, energy efficiency project).
The performance of the RSD division in 2021 was in line with
Fitch's previous forecast and Fitch expects it to improve
profitability to over 9% since 2022 from about 6%-7% in 2019-2021,
supported by successful execution of BOT projects, which usually
have double-digit margins versus solar power plants developed for
third parties. Fitch expects RSD and SES to contribute about 25% to
EBITDA on average over 2022-2025 (15% in 2021).
Energy Transition Drives Growth: MYTIL aims to reduce Scope 1 and 2
carbon dioxide emission in metallurgy by 65%, in the power division
by 50% per MWh and to have a neutral carbon footprint in SES and
RSD by 2030. In the long term, the group targets net zero emissions
by 2050. While this transformation bears significant unpredictable
costs, Fitch views positively the group's aim to achieve low-carbon
aluminium production as it will support the company's longer-term
sustainability.
Deleveraging Capacity: Fitch forecasts that FFO net leverage will
improve towards 3.0x in 2022 (3.3x in 2021) and fall below 2.5x
from 2023. Nevertheless, currently high inflationary pressure,
ongoing large capex and potential working capital fluctuation could
put pressure on the group's leverage metrics. Moreover, large
debt-funded M&As could also be viewed by Fitch as credit-negative
but are considered to be an event risk.
Diversified Business Profile: The group's operations across three
sectors offer diversification and strengthen the overall business
profile. In 2021 lower EBITDA generation in the power & gas
division was mitigated by better RSD and SES performance and solid
albeit deteriorated performance in metallurgy division.
Furthermore, synergies within the group's diversified business
units provide certain cost-competitive advantages. Historically,
the FFO margin has been above 12%, but reduced in 2021-2022 to
about 10%-11%. Nevertheless, Fitch expects sustained FFO margins of
over 12% from 2023.
Small-Scale, Low Cost Aluminium Unit: MYTIL is a small-scale,
single-plant aluminium producer, which operates across the value
chain. Its own alumina production covers more than 100% of its
aluminium smelter needs and its self-sufficiency in bauxite is
about 35% of its total alumina refining needs. CRU estimates that
MYTIL's alumina refinery and aluminium smelter are positioned in
the first quartile of the global cost curve. Fitch expects MYTIL's
site to remain cost-competitive, supported by the recently
completed cost-optimisation programme.
DERIVATION SUMMARY
Given the diversified nature of MYTIL's operations, Fitch compared
the group's separate business units with the most relevant
companies that operate in the metallurgy, utilities and
construction industries.
Metallurgy: The group's metallurgy business, which is the core
EBITDA driver, benefits from a competitive cost base positioned in
the first quartile of the global aluminium cost curve, partial
self-sufficiency in bauxite, in-house anode production and a
captive power plant that produces steam for alumina production.
However, its small scale in comparison with Alcoa Corporation
(BBB-/Stable) and China Hongqiao Group Limited (BB/Positive),
single-asset base and low exposure to value-added-products
constrain the group's business-profile assessment.
Power & Gas: MYTIL is the largest independent power producer (IPP)
in Greece and second-largest power producer after state-owned
Public Power Corporation S.A. (PPC; BB-/Stable). It operates
high-quality assets that are strongly positioned at the front end
of the merit order. A challenging regulatory environment following
the transition to target model in Greece and expected material
capex over the forecast horizon are key constraining factors. The
group is comparable with other EMEA electricity generation
companies, including PPC, Drax Group Holding Limited (BB+/Stable),
Bulgarian Energy Holding EAD (BB/Positive) and Uzbekhydroenergo JSC
(BB-/Stable).
RSD and SES Businesses: MYTIL has a fairly strong position in the
niche segment of energy-project construction with a long record and
historically solid order backlog, which provides revenue visibility
over the medium term. However, the business-profile assessment
remains constrained by its small scale in comparison with Ferrovial
S.A. (BBB/Stable), Petrofac Limited (B+/Negative) and Webuild
S.p.A. (BB/Stable), and by a somewhat concentrated project
portfolio and customer base, plus a fairly high, albeit descending,
exposure to developing markets with a higher risk profile. Its
continued expansion into solar power and growing presence in
infrastructure projects should improve the business-segment
diversification and will provide the group with solid cash
generation once the projects are successfully delivered.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Fitch's aluminium price deck at USD2,950/tonne in 2022,
USD2,600/tonne in 2023, USD2,500/tonne in 2024 and
USD2,250/tonne in 2025;
-- USD/EUR exchange rate of 0.90 over the next four years;
-- Aluminium production increases to 245kt in 2022;
-- Material contribution to EBITDA from the new CCGT power plant
from end-3Q22;
-- EBITDA margin at about 13% in 2022 with further EBITDA margin
improvement towards 18% by 2025;
-- Working-capital volatility driven primarily by RSD and SES
business units. Fitch forecasts outflow of about EUR200
million in 2022, followed by working-capital reversal in 2023
2024 mainly due to execution of BOT projects;
-- High capex in 2022-2024, in line with management's guidance,
primarily reflecting the development of RES projects. Total
capex is estimated at about EUR1.4 billion during 2022-2025.
Reduction of capex level to about EUR250 million in 2025;
-- Dividends payments with pay-out ratio of 35% over the next
four years.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- FFO net leverage below 2.0x on a sustained basis;
-- Net debt/EBITDA below 1.5x on sustained basis;
-- Further increase in scale with higher contribution from the
less volatile power & gas segment;
-- Sustained positive FCF.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- FFO net leverage sustained above 3.0x;
-- Net debt/EBITDA above 2.5x on sustained basis;
-- EBITDA margins below 10% on a sustained basis;
-- Sustained negative FCF;
-- Material debt-funded M&As.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Good Liquidity Position: As at end-2021 the group had EUR564
million of Fitch-defined readily available cash, which was more
than sufficient to cover its short-term debt repayments and
expected negative FCF of around EUR233 million in 2022. The group
has minor scheduled maturities until November 2024, when its EUR500
million senior unsecured bond matures. Available undrawn credit
facilities as at end-2021 of around EUR275 million with maturity
over one year provide an additional cash buffer. Fitch forecasts
FCF to turn positive from 2023.
Exposure to Greek Financial System: Following the additional bond
issue in 2021, the group has considerably decreased its exposure to
Greek financial institutions to about 28%. However, the majority of
cash at end-2021 was located within various Greek banks. Fitch
notes positively that Greek banks' financial profiles have
substantially improved over the last year.
ISSUER PROFILE
MYTIL is a Greek-domiciled diversified industrial group that
operates in metallurgy (44% of 2021 EBITDA), power generation and
supply (41%), RSD (6%) and SES (9%). MYTIL is the only vertically
integrated bauxite mining, alumina refinery and aluminium smelter
in the EU.
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch reclassified around EUR7.7 million of depreciation of
right-of-use assets and around EUR2.2 million of interest on lease
liabilities as lease expenses, reducing Fitch-calculated EBITDA by
around EUR9.9 million in 2021. EUR50.7 million of lease liabilities
were not included into total debt for 2021.
Fitch adjusted debt as at end-2021 for factoring and pre-export
financing (PXF) by EUR107.4 million and EUR95.8 million,
respectively. Related adjustments were made in the cash flow
statement. Fitch has also adjusted EUR2.2 million of factoring and
PXF-related interest paid in the cash flow statement.
Fitch adjusted cash in the amount of 5% of revenue attributed to
the construction segment, which Fitch treats as not readily
available for debt repayment because of seasonal working-capital
swings. Fitch also adjusted for cash held in countries (Algeria,
Ghana and Libya) with potential barriers to access by EUR1.5
million as at end-2021.
Fitch also adjusted debt as at end-2021 by EUR29.1 million to
indicate the actual outstanding amount to be redeemed.
Fitch reallocated EUR137 million attributed to the development of
the group's BOT projects from capex to changes in working capital
in the cash flow statement.
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.
DEBT RATING RECOVERY PRIOR
---- ------ -------- -----
Mytilineos S.A.
LT IDR BB Affirmed BB
senior unsecured LT BB Affirmed BB
senior unsecured LT BB Affirmed RR4 BB
Mytilineos Financial Partners S.A.
senior unsecured LT BB Affirmed RR4 BB
=============
I R E L A N D
=============
BLACKROCK EURO XIII: Fitch Gives B-(EXP) Rating to Class F Tranche
------------------------------------------------------------------
Fitch Ratings has assigned BlackRock European CLO XIII DAC expected
ratings.
DEBT RATING
---- ------
BLACKROCK EUROPEAN CLO XIII DAC
A-1 LT AAA(EXP)sf Expected Rating
A-2 LT AAA(EXP)sf Expected Rating
B LT AA(EXP)sf Expected Rating
C LT A(EXP)sf Expected Rating
D LT BBB-(EXP)sf Expected Rating
E LT BB-(EXP)sf Expected Rating
F LT B-(EXP)sf Expected Rating
Subordinated Notes LT NR(EXP)sf Expected Rating
TRANSACTION SUMMARY
BlackRock European CLO XIII DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds will be used to purchase a portfolio with a
target par of EUR400 million. The portfolio will be actively
managed by BlackRock Investment Management (UK) Limited
(BlackRock). The collateralised loan obligation (CLO) has a
4.5-year reinvestment period and an 8.5-year weighted average life
(WAL).
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 25.1.
High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 63.6%.
Diversified Asset Portfolio (Positive): The transaction has a
concentration limit for the 10 largest obligors of 22.5%. The
transaction also includes various concentration limits, including
the maximum exposure to the three largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure the
asset portfolio will not be exposed to excessive concentration.
Portfolio Management (Neutral): The transaction has a 4.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.
Cash Flow Modelling (Positive): The WAL used for the transaction's
stress portfolio analysis was reduced by 12 months. This reduction
to the risk horizon accounts for the strict reinvestment conditions
envisaged after the reinvestment period. These include passing the
coverage tests and the Fitch 'CCC' maximum limit after reinvestment
and a WAL covenant that progressively steps down over time, both
before and after the end of the reinvestment period. In Fitch's
opinion, these conditions would reduce the effective risk horizon
of the portfolio during the stress period.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A 25% increase of the mean default rate (RDR) across all
ratings and a 25% decrease of the recovery rate (RRR) across
all ratings would result in downgrades of up to five notches
across the capital structure.
-- Downgrades may occur if the loss expectation is larger 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 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings would result in
upgrades of up to four notches across the capital structure
except for 'AAAsf' rated notes, which are already at the
highest rating on Fitch's scale and cannot be upgraded.
-- Upgrades may occur on better-than-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.
DATA ADEQUACY
BLACKROCK EUROPEAN CLO XIII DAC
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.
PREMIER PERICLASE: Trade Union Not Optimistic of a Rescue
---------------------------------------------------------
Simon Doyle at LMFM reports that the trade union representing
workers at Premier Periclase says it's losing hope that their jobs
will be saved.
The local plant is under examinership for unpaid energy bills, LMFM
discloses.
According to LMFM, the Drogheda-based company is under examinership
as it owes Bord Gais and Energia in the region of EUR3.5 million in
energy costs.
The High Court granted extra time to see if a survival plan can be
agreed with the company's creditors or a potential investor, which
UNITE trade union says brings the 94 workers' fate up to the middle
of next month, LMFM relates.
Speaking on The Michael Reade Show on LMFM on April 12 its Regional
Officer Willie Quigley said it's looking less likely the debt will
be settled, LMFM notes.
TORO EUROPEAN 8: Moody's Assigns B3 Rating to EUR6.7MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Toro European CLO 8
DAC (the "Issuer"):
EUR184,800,000 Class A Secured Floating Rate Notes due 2035,
Definitive Rating Assigned Aaa (sf)
EUR34,300,000 Class B Secured Floating Rate Notes due 2035,
Definitive Rating Assigned Aa2 (sf)
EUR16,000,000 Class C Secured Deferrable Floating Rate Notes due
2035, Definitive Rating Assigned A2 (sf)
EUR21,100,000 Class D Secured Deferrable Floating Rate Notes due
2035, Definitive Rating Assigned Baa3 (sf)
EUR17,800,000 Class E Secured Deferrable Floating Rate Notes due
2035, Definitive Rating Assigned Ba3 (sf)
EUR6,700,000 Class F Secured Deferrable Floating Rate Notes due
2035, Definitive Rating Assigned B3 (sf)
RATINGS RATIONALE
The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.
The Issuer is a managed cash flow CLO. At least 92.5% of the
portfolio must consist of senior secured obligations and up to 7.5%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 90% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the 5.5-month ramp-up period in compliance with the
portfolio guidelines.
Chenavari Credit Partners LLP will manage the CLO. It will direct
the selection, acquisition and disposition of collateral on behalf
of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.5-year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.
In addition to the six classes of notes rated by Moody's, the
Issuer has issued EUR26,700,000 of Subordinated Notes which are not
rated.
The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.
Methodology underlying the rating action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.
Moody's used the following base-case modeling assumptions:
Par Amount: EUR305,000,000
Diversity Score: 42
Weighted Average Rating Factor (WARF): 2951
Weighted Average Spread (WAS): 3.84%
Weighted Average Coupon (WAC): 4.00%
Weighted Average Recovery Rate (WARR): 44.0%
Weighted Average Life (WAL): 7.5 years
TORO EUROPEAN 8: S&P Assigns B- (sf) Rating to Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Toro European CLO 8
DAC's class A to F European cash flow CLO notes. At closing, the
issuer issued unrated subordinated notes.
Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments.
The portfolio's reinvestment period ends approximately 4.5 years
and a non-call period 1.5 years after closing.
The ratings reflect S&P's assessment of:
-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.
Portfolio Benchmarks
CURRENT
S&P weighted-average rating factor 2,760.53
Default rate dispersion 517.82
Weighted-average life (years) 5.29
Obligor diversity measure 110.68
Industry diversity measure 20.53
Regional diversity measure 1.27
Transaction Key Metrics
CURRENT
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 1.15
'AAA' actual weighted-average recovery (%) 36.12
Actual floating-rate assets (%) 93.77
Actual weighted-average spread (net of floors; %) 3.97
S&P said, "The portfolio is well diversified, primarily comprising
broadly syndicated speculative-grade senior-secured term loans and
senior-secured bonds. Therefore, we have conducted our credit and
cash flow analysis by applying our criteria for corporate cash flow
CDOs.
"In our cash flow analysis, we used the EUR305 million target par
amount, the covenanted weighted-average spread (3.84%), and the
covenanted weighted-average coupon (4.00%) as indicated by the
collateral manager. We have assumed weighted-average recovery
rates, at all rating levels, in line with the recovery rates of the
actual portfolio presented to us. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.
"Our credit and cash flow analysis shows that the class B, C, and D
notes benefit from break-even default rate (BDR) and scenario
default rate cushions that we would typically consider to be in
line with higher ratings than those assigned. However, as the CLO
is still in its reinvestment phase, during which the transaction's
credit risk profile could deteriorate, we have capped our ratings
on the notes. The class A and E notes can withstand stresses
commensurate with the assigned ratings.
"The class F notes' current BDR cushion is a negative cushion at
the current rating level. Nevertheless, based on the portfolio's
actual characteristics and additional overlaying factors, including
our long-term corporate default rates and recent economic outlook
we believe this class is able to sustain a steady-state scenario,
in accordance with our criteria." S&P's analysis further reflects
several factors, including:
-- The class F notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.
-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 27.17% (for a portfolio with a
weighted-average life of 5.29 years) versus 16.40% if it was to
consider a long-term sustainable default rate of 3.1% for 5.29
years.
-- Whether the tranche is vulnerable to nonpayment in the near
future.
-- If there is a one-in-two chance for this note to default.
-- If S&P envisions this tranche to default in the next 12-18
months.
-- Following this analysis, S&P considers that the available
credit enhancement for the class F notes is commensurate with the
assigned 'B- (sf)' rating.
S&P said, "Until the end of the reinvestment period on Oct. 15,
2026, the collateral manager may substitute assets in the portfolio
for so long as our CDO Monitor test is maintained or improved in
relation to the initial ratings on the notes. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating, and it
compares that with the current portfolio's default potential plus
par losses to date. As a result, until the end of the reinvestment
period, the collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.
"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.
"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our counterparty criteria.
"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria (see "Asset Isolation And
Special-Purpose Entity Methodology," published on March 29, 2017).
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class A
to F notes.
"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
to five of the 10 hypothetical scenarios we looked at in our
publication, "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class E notes "Criteria For Assigning 'CCC+', 'CCC',
'CCC-', And 'CC' Ratings," published on Oct. 1, 2012))."
Environmental, social, and governance (ESG) factors
S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries: 30%
of revenues from thermal coal mining or generation of electricity
using coal; manufacturing or sale of tobacco and tobacco products,
including e-cigarettes; the development, production or trade in
controversial weapons or illegal drugs or narcotics, including
recreational marijuana; and trade of products, services or
activities involving pornography or prostitution, or of human
trafficking, sexual violence against women, forced labor or child
labor as defined by the International Labour Organisation ("ILO")
conventions, severe environmental damage, gross corruption,
including extortion and bribery; production or marketing of
controversial weapons; production of nuclear weapons or thermal
coal production; the extraction of thermal coal, fossil fuels from
unconventional sources; extraction of petroleum via fracking; the
production of or trade in pornography, adult entertainment, or
prostitution; and the sale or promotion of marijuana. Accordingly,
since the exclusion of assets from these industries does not result
in material differences between the transaction and our ESG
benchmark for the sector, no specific adjustments have been made in
our rating analysis to account for any ESG-related risks or
opportunities."
The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by Chenavari
Credit Partners LLP.
Ratings List
CLASS RATING AMOUNT INTEREST RATE CREDIT
(MIL. EUR) (%) ENHANCEMENT (%)
A AAA (sf) 184.80 3mE + 1.05 39.41
B AA (sf) 34.30 3mE + 2.70 28.16
C A (sf) 16.00 3mE + 3.50 22.92
D BBB- (sf) 21.10 3mE + 4.80 16.00
E BB- (sf) 17.80 3mE + 7.28 10.16
F B- (sf) 6.70 3mE + 9.66 7.97
Subordinated NR 26.70 N/A N/A
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.
[*] IRELAND: To Face "Wave" of Business Insolvencies, PwC Says
--------------------------------------------------------------
Robert Besser at Big News Network reports that Irish businesses
face "a wave" of insolvencies starting this year, according to PwC
Ireland, the largest professional services firm in Ireland.
PwC said that while business failures were reported at a low 15 per
10,000 in the last 12 months, they have begun to increase in the
first three months of 2022, Big News Network relates.
In particular, the end of Ireland's Covid business supports is
expected to result in increasing numbers of insolvencies throughout
the country, as has been the trend in Britain, Big News Network
relays, citing PwC.
According to Big News Network, Ken Tyrrell of PwC Ireland, as
quoted in the Irish Examiner, said "Most business owners are very
aware that the current economic environment is very fluid, given
the war in Ukraine, and businesses are facing some strong headwinds
in the form of geopolitical uncertainty, higher energy costs, price
inflation, continued supply chain issues, as well as upward
pressure on interest rates."
"We expect a restructuring wave to hit Ireland with an increased
level of insolvencies in the later part of this year and 2023,"
Tyrrell said, notes the report.
PwC also reported that businesses in Ireland will participate in
the Small Company Administrative Rescue Process, or Scarp, and
examinership this year and in 2023, Big News Network notes.
===================
K A Z A K H S T A N
===================
ONLINEKAZFINANCE: S&P Downgrades ICRs to 'CCC+/C', Watch Developing
-------------------------------------------------------------------
S&P Global Ratings lowered its long- and short-term issuer credit
ratings on Kazakhstan-based OnlineKazFinance Microfinance
Organization LLP (OKF) to 'CCC+/C' from 'B/B' and placed them on
CreditWatch with developing implications. S&P also revised down its
Kazakhstan national scale rating to 'kzB+' from 'kzBB+'.
S&P siad, "The downgrade reflects our view that OKF's credit risks
have significantly increased, primarily due to our weaker group
credit profile (GCP) assessment for parent IDF Eurasia. We note
that the group extracts almost 70% of its revenue from Russia,
which is currently facing extremely challenging economic,
financing, and operating conditions. We understand that the group's
key operating companies in Russia, Money Man and ID Collect,
currently have adequate liquidity buffers and very comfortable debt
maturity profiles for 2022. Positively, both Russian subsidiaries
do not have foreign-currency-denominated debt." At the same time,
the weaker macroeconomic environment in Russia may lead to higher
credit losses and pressure profitability in the coming quarters,
while tough monetary conditions may constrain Russia-based
companies from attracting new funding and supporting business
growth.
Kazakhstan's economy has been somewhat sheltered from regional
turbulence so far, but tighter financing conditions and high tenge
volatility may weaken OKF's financial performance and make strategy
execution difficult. As of March 1, 2022, funding denominated in
foreign currency represented about 48% of its liabilities with an
unhedged position of about 6.8%. In or view, OKF is currently
exposed to high counterparty risk by hedging its currency risk
mainly with a low-rated broker. S&P said, "Although the broker has
been fulfilling its obligations so far, we see a high risk that OKF
might face significant losses due to the realization of
counterparty credit risk and high currency volatility. Like the
Russia-based entities, we recognize OKF's comfortable funding
maturity profile versus its assets, relatively large portion of
undrawn credit lines, and adequate liquidity. The company is also
working to diversify its hedging capabilities with brokers that
have higher creditworthiness. In our view, this might cushion OKF
from default if the regional operating environment continues to
deteriorate."
The potential group restructuring and demerger of Kazakhstani
companies may shield OKF's creditworthiness from the direct
implications of Russia-related contagion. The planned
restructuring, with the establishment of a new company in the
United Arab Emirates holding Kazakhstan-based assets, including
OKF, will likely lead to full organizational and financial
separation from the Russian part of the business. S&P said, "If
successful, we will likely no longer link our OKF rating to IDF
Eurasia's consolidated group creditworthiness, which we currently
assess at 'ccc+'. Our long-term rating on OKF after the
restructuring is completed will likely be based on the
creditworthiness of the new group housing IDF Eurasia's Kazakhstan
assets. Although, management plans to finalize the restructuring
over the next two-to-three months, we think that uncertainty
regarding the timing remains."
CreditWatch
The CreditWatch developing reflects the uncertainty of the future
trajectory and the potential to raise, lower, or affirm the ratings
over the next 90 days.
S&P said, "We could raise the rating on OKF on completion of the
legal entity restructuring if it is fully ring-fenced from IDF
Eurasia's Russian assets organizationally, operationally, and
financially as a result of the group's planned restructuring. An
upgrade would be contingent on OKF maintaining adequate liquidity
and a stable funding profile. We would expect no major losses from
its foreign-exchange mismatches or lending business, and a
reduction in its foreign currency risks by relying more on local
currency funding.
"We could affirm the rating on OKF in the next 90 days if the
planned restructuring is materially delayed or indefinitely
postponed, but IDF Eurasia's consolidated group creditworthiness
does not further weaken. Maintaining adequate liquidity and a
stable funding profile at the Russian and Kazakhstani companies
would remain a prerequisite of the affirmation.
"We could lower the rating on OKF if we see a material credit
weakening at its sister companies in Russia, with limited progress
or significant delays to the legal entity restructuring. A
significant increase in credit losses and material constraints to
attracting new funding, together with deteriorating liquidity,
might also lead us to take a negative rating action."
=====================
N E T H E R L A N D S
=====================
SELECTA GROUP: Moody's Affirms Caa1 CFR & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed the Caa1 corporate family
rating and the Caa1-PD probability of default rating of Selecta
Group B.V. (Selecta), a pan European operator of vending machines.
At the same time Moody's affirmed the Caa1 rating of the backed
senior secured first lien notes due 2026, the Caa3 rating of the
backed senior secured second lien notes due 2026, and the B1 rating
of the EUR150 million backed super senior secured revolving credit
facility (SSRCF) due 2026. The outlook was changed to stable from
negative.
RATINGS RATIONALE
The ratings affirmation and changed outlook to stable reflects the
progress Selecta has made in improving its business since the
restructure in October 2020 that included a debt for equity swap.
Although the pandemic impacted performance throughout the year the
company generated net sales of EUR1.04 billion in 2021 reaching 73%
of 2019 levels, with Q4 2021 net sales at 79% of pre covid levels.
Moody's expects net sales and EBITDA to continue recovering
reaching pre covid levels by year end 2024.
The company has responded to the changed operating environment by
exiting unprofitable locations and reducing it machine park, in
addition to introducing new and healthier fresh products on the go
that address its clients' changing requirements. The company is
also focused on leveraging its pan European footprint by providing
services to companies across multiple sites and countries. The
company reduced full time employees to around 7,000 by YE 2021 from
roughly 10,000 in 2019, with a corresponding reduction in the van
fleet.
Selecta's ability to generate free cash flow (FCF) has been
historically constrained because of working capital swings, high
capital expenditure, a sustained level of high exceptional costs
due to restructuring, synergies initiatives and M&A activity. The
company generated a negative Moody's adjusted FCF of EUR86.3
million in 2021, and the rating agency expects the company to
generate negative FCF of around EUR20 million in each of the next
two years before turning moderately positive in 2024.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
Although exposure to environmental risks is typically low for
services companies, the vending industry faces environmental
considerations including carbon footprint of its operations and the
increased focus from regulators and consumers on the use of plastic
disposables. Selecta publishes a Sustainability Report that is
available publicly on its website. The group's objectives include a
reduction in carbon footprint, through network optimization and cup
recycling.
Governance factors Moody's consider in Selecta's credit profile
include its ownership profile and its financial policy, which is
tolerant of high leverage, and its track record of combining
organic growth with acquisitions.
OUTLOOK
The stable outlook reflects Moody's expectation of adequate
liquidity and a continued recovery in Selecta's operating
performance leading to improved credit metrics and cash flow
generation.
KEY CREDIT METRICS
Moody's adjusted debt/EBITDA stood at 7.9x as of December 31, 2021
and is expected to decrease to around 7x by YE 2022 and 6x by YE
2023. Moody's adjusted EBITA/ interest expenses was weak as of as
of December 31, 2021 and is expected to improve above 0.5x in the
next twelve to 18 months. Moody's adjusted retained cash flow
(RCF)/Net debt was 5.4% for FY2021 and is expected to improve to
around 6% by YE 2022 and 9% by YE 2023.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade would require Selecta to (1) improve cash flow
generation such as that FCF generation is sustainably positive and
(2) EBITA/interest expenses moves sustainably towards 1x; and (3)
Moody's adjusted debt/EBITDA decreases sustainably below 6x.
Downward pressure on the ratings could arise if (1) liquidity
deteriorates; or (2) Selecta's operating performance weakens such
that Moody's adjusted debt/EBITDA remains elevated for a sustained
period.
LIQUIDITY
Selecta's liquidity is adequate consisting of EUR154.1 million as
of December 31, 2021, comprising EUR52.2 million of cash in
addition EUR101.9 million of drawing capacity under the EUR150
million SSRCF. The main demands on cash are capital expenditure
that averages around EUR75 million equating to 7% of net sales.
The SSRCF has a financial maintenance covenant of minimum liquidity
of EUR25 million that will be tested quarterly with the last test
date in September 2023.
STRUCTURAL CONSIDERATIONS
Selecta's debt structure comprises a B1 rated EUR150 million SSRCF
and approximately EUR717 million equivalent Caa1 rated backed
senior secured first lien notes and Caa3 rated EUR257 million
equivalent backed senior secured second lien notes, all issued by
Selecta Group B.V. The SSRCF is rated three notches above the first
lien senior secured notes reflecting its priority ranking. The
second lien is rated two notches below the first lien senior
secured notes reflecting its ranking behind the first lien debt.
Both the SSRCF and senior secured notes are guaranteed by group
companies representing at least 80% of consolidated EBITDA and are
secured principally by share pledges over the guarantors, in each
case subject to legal limitations.
LIST OF AFFECTED RATINGS
Affirmations:
Issuer: Selecta Group B.V.
Probability of Default Rating, Affirmed Caa1-PD
LT Corporate Family Rating, Affirmed Caa1
BACKED Senior Secured Bank Credit Facility, Affirmed B1
BACKED Senior Secured Regular Bond/Debenture, Affirmed Caa3
BACKED Senior Secured Regular Bond/Debenture, Affirmed Caa1
Outlook Actions:
Issuer: Selecta Group B.V.
Outlook, Changed To Stable From Negative
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
PROFILE
Selecta is the leading operator of vending machines in Europe by
revenue, with operations in 16 countries across Europe. It operates
a network of snack and beverage vending machines on behalf of a
broad and diverse client base. It offers a wide range of products
in its vending machines, including hot and cold beverages and
various snacks and confectionary items, and its clients include
many both private and public organisations.
Selecta's business model covers the full value chain of the vending
services market. It originates new contracts for the placement of
vending machines on clients' premises, and bids for concessions to
place vending machines with public entities. The company purchases
vending machines for its clients, installs them at their premises
and manages the sourcing and stocking of the food and beverage
vending products on behalf of its clients. It provides cleaning,
maintenance and technical support services, and also sells vending
machines, vending machine parts and products.
UPFIELD: S&P Downgrades Long-Term ICR to 'B-', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and issue
ratings on Netherlands plant-based food producer Upfield's (Sigma
HoldCo B.V.) parent Sigma HoldCo B.V. and the revolving credit
facility (RCF) and term loan B (TLB) to 'B-' from 'B'.
S&P also lowered the issue rating on the subordinated unsecured
notes due 2026 to 'CCC' from 'CCC+'.
The stable outlook reflects S&P's view that Upfield will adequately
fund its operations in 2022 thanks to large positive free operating
cash flow (FOCF) forecast at EUR160 million-EUR180 million.
Last year, Upfield did not reduce adjusted leverage, which stood at
10x despite strong positive FOCF. Upfield reported revenue growth
of 1.8% (at constant rates) spurred by all regions except some
European markets accounting for 20% of sales--notably Germany,
France, the Nordics, and eastern Europe. This was mostly due to
price increases, given margarine volumes remain in decline in
mature European markets. S&P notes the continued expansion of the
core margarine business in emerging markets, growth in the U.S.
thanks notably to dairy alternatives, and a strong rebound in the
foodservice channel post COVID-19 lockdowns. However, revenue
growth was offset by weaker-than-expected profitability with S&P
Global Ratings-adjusted EBITDA of about EUR565 million versus our
projection of about EUR645 million. This was mainly due to
higher-than-expected commodity costs, high logistics costs, and
disruptions in the U.S., together with some restructuring costs.
Edible oil prices, a main margarine component, have increased
sharply (partly offset by hedging) along with other costs like
labor, notably with high labor shortages in U.S. transportation.
This high cost inflation was mostly offset by proactive price
increases and cost savings but S&P Global Ratings-adjusted margin
was still 100 basis points (bps) lower than in 2020. In turn, S&P
Global Ratings-adjusted leverage remained above 10x at year-end
2021 and well above our base-case projections of 9.0x-9.5x. However
FOCF rose strongly to become positive, reaching EUR220 million in
2021, reflecting better working capital management and stable
capital expenditure (capex). S&P notes the group improved its cash
conversion, particularly thanks to improved trade terms with
suppliers and customers.
S&P said, "Despite our forecast 10% topline growth in 2022, we
expect limited deleveraging due to pressure from soaring input
costs and supply chain issues that will continue weighing on
profitability. In our new base case for 2022, we forecast revenue
growth of 10% and EBITDA margin decreasing by about 100 bps versus
2021. We expect Upfield's profitability to suffer from the very
high increase in edible oil prices spurred by the global shortage
of sunflower oil, as well as high energy costs resulting from the
Russia-Ukraine conflict. In that context, we forecast organic
revenue growth will mostly be from proactive price increases across
all product categories and regions, largely offsetting declining
volumes as some consumers may trade down or consume less. The
company was an early mover in price negotiations during 2021,
reflecting its dominant market position in its core margarine
business, and we expect price increases to accelerate gradually
through 2022 as it looks to protect profitability. We also expect
additional cost savings from the value creation plan, including
price pack architecture, lower promotions, and simplified recipes,
which should help mitigate inflation. Upfield has strong brand
equity and pricing power as a market leader, which helps it pass on
price increases to customers. However, we believe negotiations with
retailers in regions like Europe could lead to a time lag between
input cost hikes and final price increases. In addition, we expect
the rollover of hedging coverage to be less favorable in 2022 as
this was made at much higher market prices than last year. In terms
of credit metrics and despite our assumption that most of the drawn
amounts under the RCF will be repaid in 2022, adjusted debt
leverage should only decrease gradually to about 9.5x by year-end
2022 from 10.5x in 2021. For 2023, we see a rebound in
profitability, with adjusted EBITDA margin up about 200 bps. This,
combined with lower but still-positive revenue growth thanks to
expansion in emerging markets, dairy alternatives, and price
increases, should lead to further deleveraging. However, it also
assumes no new debt-financed acquisitions. We forecast adjusted
leverage will reduce to about 8.0x-8.5x on that basis. We also
forecast stable working capital and capex for 2022 and 2023. This
should translate into healthy FOCF of about EUR160 million-EUR180
million in 2022, rising to EUR260 million-EUR300 million in 2023,
supported by improved profitability and negligible separation
costs.
"We see future growth mainly via adjacent plant-based categories,
expansion of current brands, new strategic partnerships, and
emerging markets with lower penetration. Upfield generates roughly
75% of revenue from margarine products, which is relatively
noncyclical but suffers from structurally declining volumes in
Europe due to changing consumer preferences. Therefore, we see
volume growth tied to emerging markets such as Latin America and
Asia Pacific, the Middle East, and Africa given the significantly
lower penetration of Upfield's products in these regions, as well
as to emerging adjacent categories. In that context, the company is
currently focused on simplifying its core European margarine
business through product range rationalization with the aim of
reinvigorating its top brands while diversifying toward dynamic
plant-based categories experiencing growth momentum. After the
acquisition of Arivia in 2020, with its best-known brand
plant-based cheese Violife, Upfield aims to expand its plant-based
market position via minority stake investments and strategic
partnerships such as those already announced in 2022: Alternative
Foods and Change foods, which are focused on plant-based eggs and
precision fermentation processes to create nature-identical dairy
casein proteins, respectively. Overall, we believe that the group
is well positioned to capitalize on emerging plant-based trends
thanks to its solid market position and its strong production and
distribution capabilities, although we note that those categories
still represent a small share of the portfolio at less than 15% of
total sales. We understand that Upfield is willing to deleverage
its capital structure and believe it plausible that the group halts
debt-financed acquisitions in 2022. However, we see it continuing
to pursue strategic partnerships or bolt-on acquisitions in
adjacent plant-based categories with the support of its
private-equity shareholder. We also note that there is no near-team
refinancing risk since its senior and subordinated debt facilities
are due in 2025 and 2026 respectively.
"The stable outlook reflects our view that Upfield can generate
stable and positive FOCF to self-fund its operations and support
investments in business expansion. For the current rating, we would
need to see deleveraging over the next 12 months from the current
10x. Despite high commodity and energy cost pressures in 2022, we
see Upfield as able to stabilize margins by proactively increasing
prices and controlling operational costs. We believe the group can
adequately offset structurally declining volumes for its core
margarine business in mature markets like northwest Europe with
increasing penetration in emerging markets, expansion into dynamic
plant-based adjacent categories, and reformulation of its margarine
brands towards 100% natural products.
"We could lower the ratings in the next 12 months if Upfield cannot
deleverage from current high levels. In addition, we could take a
negative rating action should Upfield generate neutral to negative
FOCF, threatening its ability to adequately fund day-to-day
operations and invest in business expansion. Such a cash flow drop
would mean the group cannot pass on soaring input costs to its
customers adequately and in a timely manner, suffers large volume
declines, or reports higher-than-expected exceptional costs due to
business disruptions.
"We could raise the rating if adjusted leverage reduces clearly and
sustainably toward 7x with strong FOCF that is similar to 2021
levels. This could happen if Upfield significantly exceeds our
expectations in terms of profitability by fully and quickly
offsetting cost inflation pressures with significant price
increases while maintaining high volume growth in key markets for
margarine and alternatives and seamlessly executing cost-saving
programs. We would also need to see evidence of supportive
financial policy regarding debt-financed acquisitions as Upfield
progresses on its deleveraging path."
ESG credit indicators: E-2, S-2, G-3
=============
R O M A N I A
=============
GARANTI BANK: Fitch Affirms 'BB-' LT IDRs, Outlook Stable
---------------------------------------------------------
Fitch Ratings has downgraded Garanti Bank S.A.'s (GBR) Shareholder
Support Rating (SSR) to 'b' from 'b+'. At the same time GBR's
Long-Term Issuer Default Rating (IDR) is affirmed at 'BB-' with
Stable Outlook and Viability Rating (VR) at 'bb-'.
The downgrade of the SSR follows the recent downgrade of GBR's 100%
shareholder, Turkiye Garanti Bankasi A.S.'s (Garanti BBVA)
Long-Term Foreign-Currency IDR to 'B'.
The affirmation of GBR's VR reflects no major changes to the bank's
standalone credit profile since the last rating action in February
2022. The affirmation of GBR's IDRs with Stable Outlook reflects
Fitch's view that GBR's risk profile continues to be sufficiently
independent from Garanti BBVA to allow GBR to be rated above
Garanti BBVA.
KEY RATING DRIVERS
SSR
GBR's SSR is driven by potential institutional support from Banco
Bilbao Vizcaya Argentaria (BBVA; BBB+/Stable), the majority and
controlling shareholder of Garanti BBVA, which Fitch views as the
ultimate source of support if ever required. GBR's SSR indicates a
limited probability of institutional support from BBVA, due to
Fitch's view of the low strategic importance of the Romanian
operations for BBVA.
In addition, Fitch would not expect BBVA to support GBR over and
above the support it would extend to Garanti BBVA. Hence, Garanti
BBVA 's 'B' Long-Term Foreign-Currency IDR, which incorporates
Fitch's view of government intervention risk in the Turkish banking
sector, constrains Fitch's assessment of shareholder support
available to GBR to 'b'.
IDRS AND VR
GBR's IDRs are driven by its standalone credit profile, as
reflected in its VR of 'bb-'. The key rating drivers for GBR's
IDRs, and VR are those outlined in Fitch's Rating Action Commentary
published on 3 February 2022.
In Fitch's view, GBR's risk profile is sufficiently independent of
Garanti BBVA's, reflecting limited direct exposure of the
subsidiary to the parent (and its home market), a fairly
independent franchise, limited reliance on non-equity funding from
the parent and rather strong Romanian regulations to allow GBR's VR
to be rated above Garanti BBVA' Long-Term s Foreign Currency IDR.
Contagion risk usually limits the potential uplift of a
subsidiary's VR from the parent's Long-Term IDR to a maximum of
three notches under Fitch's criteria.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- GBR's IDRs are primarily sensitive to changes in the VR. In
Fitch's view GBR's VR and IDR have sufficient rating headroom
To absorb potential weakening of key financial metrics.
-- Potential contagion risk means that GBR's VR and IDRs are
likely to be sensitive to a multi-notch downgrade of Garanti
BBVA's Long-Term Foreign-Currency IDR.
-- GBR's SSR is sensitive to a downgrade of Garanti BBVA's Long-
Term Foreign-Currency IDR or to a weakening in Fitch's
assessment of GBR's strategic importance to Garanti BBVA.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A sustained improvement in the bank's franchise together with
the maintenance of key financial credit metrics could lead to
upside for the VR. However, any upgrade would be limited to
three notches above Garanti BBVA's Long-Term Foreign-Currency
IDR.
-- GBR's SSR will be upgraded if Garanti BBVA's Long-Term
Foreign-Currency IDR is upgraded, or if GBR's strategic
importance for BBVA increases, both of which are unlikely at
present.
VR ADJUSTMENTS
The VR of 'bb-' is below the 'bb' implied score due to the
following adjustment reasons: business profile
The operating environment score of 'bb+' is below the 'bbb'
category implied score for Romania due to the following adjustment
reason: macroeconomic stability (negative).
The capitalisation & leverage score of 'bb+' is below the 'bbb'
category implied score due to the following adjustment reason: risk
profile and business model (negative).
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
GBR's SSR is driven by potential support from BBVA and constrained
by Garanti BBVA's Long-Term Foreign-Currency IDR.
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.
DEBT RATING PRIOR
---- ------ -----
Garanti Bank S.A.
LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
Viability bb- Affirmed bb-
Shareholder Support b Downgrade b+
===========
R U S S I A
===========
RUSSIAN RAILWAYS: Says Not in Default Despite CDDC Panel Ruling
---------------------------------------------------------------
Irene Garcia Perez at Bloomberg News reports that Russian Railways
denied that it's in default, saying it met all its debt obligations
and that the money didn't reach creditors because intermediaries
blocked the payments.
According to Bloomberg News, the state-owned company, which faces
sanctions after Russia's invasion of Ukraine, has missed payments
on four bonds since the war started, as they got stuck in the
banking system for compliance reasons.
A derivatives panel ruled on April 11 that it's in default because
of a "failure to pay", Bloomberg News relates.
In its statement on April 12, Russian Railways said that it made
the payments on time, but as a result of the sanctions the funds
never reached the accounts of creditors. It also said that it has
applied to the U.K. Financial Sanctions Authority for a license to
service all of its debt obligations, and that meeting its payment
obligations "remains a priority", Bloomberg News recounts.
"Russia and Russian-owned entities are going to have difficulties
paying given overall sanctions against the government," Bloomberg
quotes Jeff Grills, head of emerging-markets debt at Aegon Asset
Management, which manages about US$466 billion, as saying. "So
Russian Railways is not unexpected, despite their efforts to pay."
Russian Railways is the first firm to be called in default by
international financial bodies since sanctions cut off Russian
companies from global markets, Bloomberg notes.
While the Russian Railways ruling of the Credit Derivatives
Determinations Committees on April 11 will trigger a payout on
credit-default swaps, it doesn't have a direct impact on bonds,
Bloomberg states.
SINERGIA JSC: Bank of Russia Cancels Banking License
----------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-761, dated April
15, 2022, cancelled the banking licence of the Moscow-based
Non-bank settlement credit institution Sinergia JSC (Sinergia NBCI)
(Reg. No. 2884-K). The credit institution ranked 364th by assets
in the Russian banking system.
The licence of Sinergia NBCI was cancelled following the request
that the credit institution submitted to the Bank of Russia after
the decision of its general shareholders' meeting on its voluntary
liquidation (in accordance with Article 61 of the Civil Code of the
Russian Federation).
Based on the reporting data provided to the Bank of Russia, the
credit institution has sufficient assets to satisfy creditors'
claims.
The Bank of Russia will appoint a liquidation commission to
Sinergia NBCI.
Sinergia NBCI is a member of the deposit insurance system.
=====================
S W I T Z E R L A N D
=====================
EUROCHEM GROUP: S&P Downgrades ICR to 'SD' Then Withdraws Rating
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
mineral fertilizer producer EuroChem Group AG to 'SD' (selective
default).
S&P said, "We subsequently withdrew our ratings following the EU
decision to ban the provision of credit ratings to legal persons,
entities, and bodies established in Russia.
"On April 14, 2022, we downgraded EuroChem to 'SD' due to the
missed coupon payment on the $700 million 5.5% fixed-rate notes.
According to the terms of the notes, the company had 10 days from
the due date of March 13, 2022, to pay the overdue coupon before an
event of default was triggered, and this period has ended. We note
that the company has the funds to pay the due interest, but the
payment has not been processed due to the administrative
difficulties stemming from the application of international
sanctions. These measures have restricted the ability of
noteholders to receive interest, principal payments, or both, on
time and in full.
"The withdrawal of the ratings follows the EU's decision on March
15, 2022, to ban the provision of credit ratings to legal persons,
entities, or bodies established in Russia and our ensuing
announcement that we will withdraw all our outstanding ratings on
relevant issuers before April 15, 2022, the deadline imposed by the
EU."
KONGSBERG AUTOMOTIVE: S&P Affirms 'B-' LT Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from positive and
affirmed its 'B-' long-term issuer credit rating on auto supplier
Kongsberg Automotive Holding ASA. S&P also affirmed its 'B' issue
rating, with a '2' recovery rating, on the company's senior secured
notes.
The stable outlook reflects Kongsberg's improved cash cushion after
recent disposals and S&P's belief that the company will partly
mitigate the negative impact on its EBITDA margin from rising input
costs and production stoppages at its customers, leading to neutral
FOCF.
Supply chain disruptions will continue to hit Kongsberg's earnings
in 2022 after a difficult fourth quarter in 2021. In the quarter,
the company reported an EBIT margin of 4.0% excluding its
discontinued operations, a steep decline from 8.6% the previous
year. This reflects challenges to offset the negative impact from
production stoppages of auto and commercial vehicle original
equipment manufacturers (OEMs) and surging in input costs such as
raw material and freight. The company is particularly exposed to
brass, steel, and plastics. Supply chain bottlenecks have continued
in the first months of 2022 and the Russia-Ukraine conflict
exacerbated the issue. S&P said, "We understand that management is
looking at ways to mitigate these effects through price
negotiations with customers, sourcing of alternative suppliers, and
the use of other chips when possible. Nevertheless, implementing
these measures takes time, and we assume that the company's EBITDA
margin will drop to 8.0%-9.0% in 2022 from 9.7% in 2021. In 2023,
we forecast an EBITDA margin improvement to 9%-10%, relying on
volume growth recovery, successful cost management, and moderation
of recent spikes in some materials and energy."
FOCF remains a constraining factor for the rating. Kongsberg
generated negative FOCF from 2017-2019. Excluding discontinued
operations, it generated break-even FOCF in 2021, compared with a
negative FOCF of about EUR3 million in 2020. Inventory buildup
induced by the supply chain disruptions (safety stocks, and
stop-and-go from customers) resulted in a net working capital
outflow of about EUR24 million for 2021. S&P said, "We think that
Kongsberg's FOCF will remain subdued in 2022, reflecting our
expectations of moderate revenue growth and lower EBITDA margin
combined with continued consumption of working capital of up to
EUR15 million and capital expenditure (capex) of EUR33
million-EUR38 million. We consider the company's capex in 2021
(3.0%-3.5% of sales) unusually low, and assume a gradual increase
toward 5% over the next couple of years to support top line growth
and the development of new products, especially in the field of
electrified powertrains."
Asset disposal proceeds strengthen Kongsberg's liquidity. In
February 2022, the company completed the sale of its interior
comfort systems (ICS) business to Lear Corp. In April, it also
completed the disposal of its light duty cable (LDC) business.
Total proceeds from both disposals amount to about EUR200 million.
Kongsberg used EUR20 million to repay the drawings under its EUR50
million revolving credit facility and EUR75 million to partially
redeem its EUR275 million senior secured notes due in 2025. S&P
said, "We understand management intends to use about EUR25 million
to repurchase shares, although timing remains subject to improved
economic conditions. The rest of the proceeds will support organic
growth through capex. We think the net proceeds retained after debt
repayment and share buybacks bolster Kongsberg's liquidity cushion
and will help weather the difficult operating environment this
year. In addition, the debt repayment of EUR95 million offsets the
loss of EBITDA from the disposals, so our adjusted debt to EBITDA,
which we calculate on a gross debt basis, will likely remain
moderate for the rating in 2022-2023, at 3.5x-4.5x."
S&P said, "Our view of Kongsberg's business has not materially
changed with the sale of the ICS and LDC businesses. With the
disposal of its interior business that was exclusively exposed to
passenger cars, the company has materially increased its dependance
on the commercial vehicle end-market. It now accounts for about 56%
of its sales from 40% previously. On the other hand, the passenger
car end-market now accounts for about 26% of its sales, compared
with 45% before. The company's business now exhibits a somewhat
lower degree of diversification, but we think this is offset by its
stronger competitive position with leadership position in all its
remaining subsegments excluding driveline. In addition, the
remaining business lines are more profitable, especially thanks to
the greater weight of Kongsberg's specialty products division.
Nevertheless, as illustrated in fourth-quarter 2021, the company's
exposure to volatile raw material prices remains a key constraining
factor.
"The stable outlook reflects Kongsberg's improved cash cushion
following recent disposals and our belief that the company will
partly mitigate the negative impact on its EBITDA margin from
rising input costs and production stoppages at its customers,
leading to neutral FOCF.
"We could lower our rating on Kongsberg if we expect its adjusted
debt-to-EBITDA ratio will exceed 7x and its adjusted FOCF will turn
and stay negative, accompanied by a materially tightening liquidity
position."
S&P could raise its ratings on Kongsberg if successful management
of input-cost inflation and investment spending enable the company
to deliver the following sustainable credit metrics:
-- Adjusted FOCF to debt trending toward 5%.
-- An adjusted EBITDA margin of more than 9%.
-- Adjusted debt to EBITDA below 5x.
ESG credit indicators: E-3, S-2, G-2
===========================
U N I T E D K I N G D O M
===========================
BRITISH AIRWAYS: S&P Alters Outlook to Stable, Affirms 'BB' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on British Airways PLC (BA)
to stable from negative, following the same rating action on parent
International Consolidated Airlines Group S.A. (IAG), and affirmed
its 'BB' long-term issuer credit rating on the airline.
S&P also lowered its issue rating on BA's 2020-1 Class A enhanced
equipment trust certificate (EETC) to 'A' from 'A+'--capped at the
rating on liquidity facility provider, Natixis (New York Branch)
(A/Stable/A-1). The ratings on all other BA EETCs are unchanged.
The stable outlook mirrors that on IAG given the airline's integral
relationship with the group.
S&P said, "We think omicron-related disruption has been
short-lived, and positive traffic momentum will resume in
second-quarter 2022, then pick up pace in the summer months and
continue through the rest of the year. The omicron variant
temporarily constrained passenger volumes in first-quarter 2022,
but there is mounting pent-up demand that should support a strong
summer season. Assuming no renewed and protracted travel
restrictions beyond those currently in place, we anticipate
European airline traffic will reach 50%-65% of 2019 levels in 2022
and 70%-85% in 2023, rising close to the 2019 base only by 2024. We
believe that short-haul leisure and VFR trips will buoy domestic
destinations and cross-Europe air passenger numbers. We anticipate
air travel between Europe and North America will increase to
50%-65% of 2019 levels in 2022 after North Atlantic destinations
reopened for vaccinated travelers in November 2021. By contrast,
air travel between Europe and Asia will continue lagging that in
other regions because of severe mobility restrictions in major
aviation markets, especially China/Hong Kong. Under normal
operating conditions in 2019, BA deployed about 80% of its capacity
on long-haul international flights, mainly to transatlantic
destinations. Furthermore, we anticipate a delayed recovery of
business and corporate traffic, which typically is one of BA's most
profitable segments."
After a sluggish 2021, BA plans to restore its capacity and rebuild
its network in 2022. In first-quarter 2022, BA will increase its
operating capacity (available seat kilometers; ASK) to 60% of 2019
levels from 53% in fourth-quarter 2021. This represents a
significant increase compared to 2021, when it flew only 28% of
pre-pandemic capacity. After temporary omicron-related demand
weakness in first-quarter 2022, positive traffic momentum should
resume during the remainder of 2022, fueled by pent up demand.
Consequently, BA now expects to fly 85% of 2019 capacity by
third-quarter 2022, including close to 100% on the North Atlantic
route, and rebuild capacity to 80% of 2019 levels in 2022, assuming
no COVID-19-related disruption. S&P said, "We consider the
competitive landscape in the intra-European and transatlantic
airline sectors to be generally supportive for BA's recovery
because some close competitors either downsized networks or ceased
to fly. That said, we believe a full air traffic recovery depends
on health conditions. Even though we don't expect governments to
resort to widespread lockdowns again, the emergence of a new
rapidly spreading variant could cast a shadow over the revival of
ticket sales. In addition, the rising cost of living, linked to
high energy prices, could dampen demand for air travel.
Furthermore, in view of the current geopolitical tensions in
eastern Europe there is a risk that an escalated situation could
hamper consumer confidence and propensity to travel. Therefore, the
way forward is prone to uncertainties. Accordingly, in our
base-case scenario, BA will see 60%-65% of pre-pandemic traffic
(revenue passenger kilometers; RPK) in 2022, expanding gradually to
reach close to 2019 passenger volumes in 2024."
BA reported negative EBITDA in 2021, but air travel demand recovery
and strong forward bookings at higher yields will help restore
earnings and contribute to the group's financial recovery in 2022.
After incurring a close to GBP800 million reported EBITDA loss in
first-half 2021, BA's negative earnings moderated significantly in
the third quarter and turned slightly positive in the fourth
quarter, fueled by a demand spike and cost-saving measures,
resulting in a reported EBITDA loss of about GBP915 million in
2021. S&P said, "Should our air traffic forecast materialize, we
expect BA's EBITDA to rebound to GBP1.5 billion-GBP1.8 billion in
2022 (50%-60% of GBP3 billion in 2019), which is in line with our
March 2021 forecast. EBITDA will further improve to GBP2.0
billion-GBP2.3 billion in 2023, which is still below pre-COVID-19
levels of GBP3.0 billion in 2019. EBITDA recovery will benefit from
BA's consistent strong market position at London Heathrow Airport,
with about 50% of the take-off and landing rights, and a large
affluent catchment area, as well as its high-value premium-traffic
routes across the North Atlantic. That said, uncertainty about the
interplay between yields development, swings in oil prices, and
potential inflationary pressure on consumer sentiment is only
partly captured in our EBITDA forecasts and may exert additional
pressure. Jet fuel costs, which are closely linked to oil price
inflation, are a key expense for BA. The parent IAG has hedged 60%
of its fuel exposure in 2022 and we estimate a similar hedge level
for BA, which mitigates, but not fully offsets, the surge in oil
prices in the short term. We believe that BA is well placed to push
through higher ticket prices, building on the significantly
increased yields (to close to the pre-pandemic averages) in
fourth-quarter 2021 and resilient recovery of high-margin premium
leisure traffic." That said the inflationary impact is likely
emerging with hedge contracts rolled over for 2023 at potentially
higher prices.
BA's new aircraft deliveries will delay balance-sheet deleveraging
in 2022 and 2023, so credit metric recovery predominantly depends
on air traffic. Recovery in air travel demand and strong forward
bookings will help BA to achieve significantly positive operating
cash flows in 2022. That said, BA plans to ramp up its new aircraft
investments, which had been deferred or were subject to
manufacturers' delivery delays in the past two years. This will
result in continually negative free operating cash flow (after
lease payments; FOCF) and accumulation of debt, but also lower
fleet running costs and environmental impacts over time. S&P said,
"According to our forecast, capital expenditure (capex) will
increase to GBP2 billion this year (after only GBP0.4 billion in
2021) and remain at this level in 2023. We forecast BA's S&P Global
Ratings-adjusted debt will increase to GBP8.5 billion-GBP9.0
billion by year-end 2022 and peak at close to GBP9.0 billion in
2023, from about GBP8.1 billion in 2021. Consequently, credit
metric recovery predominantly depends on the uninterrupted recovery
of EBITDA and operating cash flows. According to our base-case
scenario, BA's adjusted funds from operations (FFO) to debt will
bounce back to 12%-15% in 2022 and subsequently to 15%-20% in 2023,
which is consistent with our aggressive financial risk profile
assessment."
S&P's outlook on BA mirrors that on IAG due to the airline's
integral relationship with and core status within the group.
S&P said, "The stable outlook reflects our expectation that the air
passenger traffic recovery will continue. Consequently, we expect
IAG's EBITDA to turn significantly positive in 2022, increasing but
remaining below pre-pandemic levels in 2023. This should allow the
group to restore its credit ratios to rating commensurate levels,
with adjusted FFO to debt exceeding 12% in 2022 and further
improving to 18%-20% in 2023. We also factor in its sustained solid
liquidity position--a critical and stabilizing rating factor."
S&P would lower the rating if:
-- Passenger demand falls short of our expectations of an
uninterrupted recovery persisting for the rest of 2022 or appears
structurally weaker than expected, hindering a turnaround in IAG's
EBITDA to significantly positive; and
-- If S&P does not expect adjusted FFO to debt will recover to at
least 12% in 2022.
This could occur if a major resurgence of the pandemic prompts
severe and prolonged travel restrictions, geopolitical tensions
escalate, or inflationary pressures mount, curbing consumer
confidence and travel affordability. In this scenario, S&P might
conclude that the fundamental risk characteristics of the industry
have worsened and reflect that in its assessment of business risk.
S&P said, "Although we currently don't see liquidity as a near-term
risk, we would lower the rating if air traffic does not recover in
line with our expectations, external funding becomes unexpectedly
unavailable for IAG, and if management's proactive efforts to
adjust spending are insufficient to preserve at least adequate
liquidity, such that sources exceed uses by more than 1.2x in the
coming 12 months.
"We could raise the ratings if we expect adjusted FFO to debt to
improve sustainably above 20% and FOCF (after lease payments) turns
positive, and we expect this to persist. An upgrade would also
hinge on our view of IAG maintaining prudent capital spending and
shareholder returns."
ESG credit indicators: E-3, S-5, G-2
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Health and safety
ENTAIN PLC: Moody's Upgrades CFR to Ba1, Outlook Remains Stable
---------------------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba2 Entain plc's
("Entain" or "the company") corporate family rating. Moody's has
also upgraded to Ba1-PD from Ba2-PD the probability of default
rating and to Ba1 from Ba2 the rating on the GBP590 million senior
secured revolving credit facility (RCF) due 2026 issued by Entain.
Moody's has upgraded to Ba1 from Ba2 the senior secured term loan
B3 (TLB3) and B4 (TLB4) due in 2024 and 2027 issued by Entain's
subsidiary Entain Holdings (Gibraltar) Limited. The rating outlook
for both entities remains stable.
"Entain's business model has demonstrated resilience during the
Covid-19 pandemic, with growth on its on-line offer somewhat
offsetting the drop in revenues from the retail betting shops.
Entain's sharp rebound in 2021 with the retail re-opening and solid
cash flow generation has led to credit metrics that positions it
well in the Ba1 rating category", says Stefano Cavalleri Vice
President Senior Analyst and lead analyst for Entain.
RATINGS RATIONALE
The upgrade reflects Moody's expectation that Entain will maintain
leverage as measured by Debt to EBITDA below 3x in 2022 and that
the same ratio will trend towards 2.5x in 2023. Entain will benefit
from retail revenues returning to pre-pandemic levels over the next
12 months as well as continued growth in its on-line business. The
action also takes into account a likely decline in online revenues
from the UK in 2023 as a result of an expected tightening of the
regulation as well as the expectation that the joint venture in the
USA will break-even at EBITDA level in 2023. Moody's expects Entain
to grow both organically and through acquisitions while adhering to
a leverage target of 2x reported net debt to EBITDA.
The Ba1 CFR is supported by (1) Entain's business profile that has
improved over time through a combination of targeted acquisitions,
geographic diversification and organic growth; (2) the underlying
positive trend in demand in the online gaming sector as well as the
demonstrated ability to migrate part of its retail customers to
online during the lock down period; (3) the size of the group with
revenues set to well exceed GBP4 billion in 2022 while maintaining
profitability and strong market share over the years; (4) the
competitive advantage stemming from Entain's proprietary technology
platform and customer relationship management system (CRM) combined
with the company's online tools and pro-active approach to gambling
safety (5) strong free cash flow generation, that remained positive
in 2020 and 2021 and sufficient to cover the funding requirement of
BetMGM JV, combined with demonstrated deleveraging.
Entain's rating, however, remains constrained by (1) the highly
competitive nature of the online betting and gaming industry; (2)
the highly acquisitive nature of the company, being a consolidation
platform, that is unlikely to change in the near future; (3) the
company's ability to cash on the growth in the US market through
its JV and (4) the ongoing threat of greater regulation and gaming
tax increases, particularly in the largest and most established
European markets due to social pressure.
ESG CONSIDERATIONS
Entain has a highly negative exposure to social risks. Entain
operates in jurisdictions where the gaming industry is subject to
an evolving and tightening regulatory environment aimed at
protecting players subject to gambling addiction issues as well as
preventing money laundering. Although, gaming remains a popular
source of entertainment, in the UK Entain faces growing social
responsibility pressures, which could lead to tighter gaming
regulations for online gaming as already seen in the UK retail
segment and in Germany and the Netherlands. Entain's activities are
largely online, which positions the company well in the context of
changing consumer preferences from land-based gaming to online.
Entain's exit from unregulated markets, pre-emptive stance on
making betting safer, combined with its geographical
diversification across Europe and rapid growth in the USA would
help to mitigate its exposure to regulatory risk together with its
focus on responsible gambling.
LIQUIDITY
Entain's liquidity position is good, evidenced by (1) material cash
flow generation, a cash on balance sheet of GBP487 million (of
which GBP206 million is from customer deposits); (2) an undrawn590
million senior secured RCF with expiry in 2026. The next debt
maturities relate to the 2022 and 2023 Ladbrokes notes which are
likely to be repaid.
The senior secured RCF benefits from a springing covenant once
drawn for at least 40%; the covenant level would is set at 6.0x
with a stepdown to 5.0x after 2023, leaving plenty of headroom.
Capex are assumed to be largely non-discretionary and in the region
of GBP200 million; MGM JV still requires material investments for
2022 but reducing significantly in 2023. Both capex and JV
investments are well covered by internal cash flow generation.
STRUCTURAL CONSIDERATIONS
The rating of the senior secured TLB3 and TLB4 is also Ba1 in line
with the CFR reflecting a single debtor class in the capital
structure. The senior secured TLB3 and TLB4 rank pari passu because
they share the same security, consisting mainly of share pledges.
The senior secured TLB3 and TLB4 also benefit from the guarantees
of material subsidiaries representing at least 75% of the
consolidated EBITDA. The senior secured Ladbroke bonds rank pari
passu with the senior secured TLB3 and TLB4 and share the same
security.
RATIONALE FOR THE STABLE OUTLOOK
The stable outlook reflects the expected recovery in retail
revenues to pre-Covid levels over the next 12 months. In addition,
the stable outlook reflects the view that leverage will continue to
decline despite possible regulatory headwinds in the UK. Entain's
effort to date to pursue a responsible gaming strategy would
possibly mitigate some of the foreseen negative impacts from the
review of the Gaming Act later in 2022.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward pressure on the ratings could arise over time if the
company's (1) Moody's-adjusted gross leverage falls sustainably
below 2.5x; (2) the company's retained cash flow (RCF)/Net debt (as
adjusted by Moody's) remains sustainably above 35%. For an upgrade
Moody's also expects the group to further define its dividend
policy and reduce its appetite for yearly acquisitions.
Downward pressure on the ratings could occur if the company's (1)
Moody's-adjusted gross leverage is maintained for a prolonged
period of time above 3.5-4.0x; (2) retained cash flow (RCF)/Net
debt (as adjusted by Moody's) deteriorates towards 20% and (3)
changes to its financial policy resulting in greater appetite for
leverage. A downgrade could also occur as a result of materially
adverse regulatory actions in one or more of the larger
geographies.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Gaming
published in June 2021.
COMPANY PROFILE
Entain is one of the largest global gaming & betting operators with
revenues of GBP3.9 billion and EBITDA of GBP0.9 billion for 2021;
it has operations in 31 regulated or regulating territories, more
than 25,000 people in 20 offices across five continents. Listed on
the London Stock Exchange and a constituent of the FTSE 100 index,
it has a market capitalisation exceeding GBP9.2 billion.
GREENSILL: Credit Suisse Investors Should Not Absolve Execs
-----------------------------------------------------------
Stephen Morris at The Financial Times reports that two of the most
influential proxy advisers have counselled Credit Suisse
shareholders to vote against a motion to absolve executives and
board members from blame for the multiple scandals afflicting the
Swiss lender.
On April 12, ISS and Glass Lewis both released reports that said
they would not recommend discharging the board and top executives
from legal liability for the 2020 fiscal year ahead of the bank's
April 29 annual meeting, the FT relates.
The FT reported in March that shareholders were pressuring chair
Axel Lehmann not to include director discharge votes at the AGM.
This was in protest over the board's decision not to release a
report into failings around the collapse of specialist supply-chain
finance firm Greensill last year, which caused Credit Suisse to
freeze US$10 billion of client funds, US$2.7 billion of which are
yet to be recovered, the FT notes.
According to the FT, Glass Lewis noted that Credit Suisse
"continues to be subject to numerous investigations and proceedings
concerning multiple business units in multiple jurisdictions" and
has "suffered significant financial and reputational damages
through its exposure to the default of the Archegos fund and the
Greensill fund".
It said shareholders "could reasonably hold the board and
executives accountable for the identified deficiencies in the
company's risk and control framework", the FT relays.
ISS, as cited by the FT, said it was also against the 2020
discharge motion "due to a range of risk and control issues
revealed by investigations and settlements, which have entailed
substantial monetary and reputational costs for the company, and by
extension its shareholders".
Under Swiss law, corporate directors and executives are liable to
shareholders for misleading or incorrect statements, as well as for
causing damage to the company, either intentionally or through
negligence, the FT discloses.
INTERNATIONAL CONSOLIDATED: S&P Affirms 'BB' LT Ratings
-------------------------------------------------------
S&P Global Ratings revised its rating outlook to stable from
negative and affirmed its 'BB' long-term ratings on International
Consolidated Airlines Group S.A. (IAG) and its outstanding
unsecured debt.
S&P said, "The stable outlook reflects our expectation that
continued recovery of air traffic should allow IAG to restore
EBITDA to about 50% of the pre-pandemic levels and achieve credit
ratios commensurate with the ratings in 2022.
"We think the omicron-related disruption has been short-lived, and
positive traffic momentum will resume in the second quarter of
2022, pick up in the summer months, and continue through the rest
of the year. The omicron variant constrained passenger volumes in
first-quarter 2022, but pent-up demand should support a strong
summer season. Assuming no renewed and protracted travel
restrictions beyond those currently in place, we anticipate
European airline traffic will reach 50%-65% of 2019 levels in 2022
and 70%-85% in 2023, rising close to the 2019 base only by 2024. We
believe that short-haul leisure and VFR trips will buoy domestic
destinations and cross-Europe air passenger numbers. We anticipate
air travel between Europe and North America increasing to 50%-65%
of 2019 levels in 2022, after North Atlantic destinations reopened
for vaccinated travelers in November 2021. By contrast, air travel
between Europe and Asia, which accounts for less than 10% of IAG's
capacity in 2019, will continue lagging that in other regions
because of severe mobility restrictions in major aviation markets,
especially China and Hong Kong. Furthermore, we anticipate a
delayed recovery of business and corporate traffic, typically one
of IAG's most profitable segments." The pandemic has accelerated
work-from-home trends and the use of digital technologies, which
could have a lasting impact on demand for corporate travel.
Companies are also likely to rethink their cost-savings efforts to
support a green agenda, depressing demand further.
After a sluggish 2021, IAG aims to ramp up its capacity and rebuild
its network in 2022. In first-quarter 2022, IAG increased its
operating capacity (available seat kilometers; ASK) to 65% of 2019
levels from the 58% deployed in fourth-quarter 2021. This
represented a significant increase compared with 2021, when it flew
36% of pre-pandemic capacity. After temporary omicron-related
demand weakness during that quarter, positive traffic momentum
should resume during the remainder of this year, fueled by pent up
demand. Consequently, IAG now expects to fly 90% of 2019 capacity
by third-quarter 2022, including close to 100% on North Atlantic
routes, and rebuild capacity to 85% of 2019 levels in 2022,
assuming no COVID-19-related adversities. S&P said, "We consider
the competitive landscape in the intra-European and Transatlantic
airline sectors to be generally supportive of IAG's recovery,
thanks to market-share gains after competitors downsized networks
or ceased to fly. That said, we believe a full air traffic recovery
depends on health conditions. Even though we don't expect
governments to again resort to widespread lockdowns, the emergence
of a new rapidly spreading variant could cast a shadow over the
revival of ticket sales. In addition, the rising cost of living,
linked to high energy prices, could dampen demand for air travel.
Furthermore, in view of the current geopolitical situation in
Eastern Europe, there is a risk that an escalation of tensions
could hamper consumer confidence and propensity to travel.
Therefore, the way forward is prone to uncertainties. Accordingly,
in our base-case scenario, IAG will see up to 65% of pre-pandemic
traffic (revenue passenger kilometers; RPK) in 2022, expanding
gradually toward the 2019 passenger volumes in 2024 as travel
restrictions ease, booster jabs increase immunity to new variants,
and customer appetite for business and long-haul travel returns."
IAG reported negative EBITDA and operating cash flows in 2021, but
the anticipated air traffic recovery and strong forward bookings at
higher yields will contribute to the group's financial recovery in
2022. After reporting a EUR1.1 billion EBITDA loss in first-half
2021, IAG's negative earnings moderated in the second half, fueled
by a spike in demand and cost-savings measures, resulting in a
smaller reported EBITDA loss of EUR1 billion for 2021. S&P said,
"Should our air traffic forecast materialize, we expect IAG's
EBITDA to rebound to EUR2.6 billion-EUR2.8 billion in 2022,
compared with our March 2021 forecast of up to EUR3 billion, owing
to slower demand recovery. We believe EBITDA will further improve
to EUR4.0 billion-EUR4.5 billion in 2023, which is still below the
pre-COVID-19 level of EUR5.4 billion in 2019. However, uncertainty
about yield development, swings in oil prices, and the potential
impact of inflation on consumer sentiment are only partly captured
in our EBITDA forecasts and may exert additional pressure. The cost
of jet fuel, which is closely linked to oil price inflation, is a
key expense for IAG. IAG has hedged 60% of its fuel exposure in
2022, which mitigates, but does not fully offset, the surge in oil
prices in the short term. We believe the group is well placed to
push through higher ticket prices, building on significantly
increased yields (to close to the pre-pandemic averages) in
fourth-quarter 2021 and resilient recovery of the high-margin
premium leisure traffic segment." That said, the impact of
inflation will likely emerge as hedge contracts are rolled over for
2023 at potentially higher prices.
Deliveries of IAG's new aircraft will delay balance-sheet
deleveraging in 2022 and 2023, so the recovery of its credit
metrics to rating-commensurate levels hinges predominantly on the
air traffic recovery.IAG has implemented measures to safeguard its
cash and contain capital spending to counterbalance the slump in
passenger volumes during the pandemic and curb the accumulation of
new debt. IAG slashed its capital expenditure (capex) to EUR6.5
billion in 2020-2022, from the EUR14.2 billion it communicated
before the pandemic. It spent only EUR0.7 billion on capex in 2021,
significantly below its previous guidance of EUR1.25 billion,
because of manufacturers postponing aircraft deliveries to 2022.
That said, capex will accelerate this year to EUR3.9 billion and at
least EUR4.0 billion in 2023. This will result in continually
negative free operating cash flow (after lease payments; FOCF) and
a buildup of financial leverage, while reducing the fleet's running
cost and environmental impact over time. S&P said, "We forecast
IAG's S&P Global Ratings-adjusted debt will increase to EUR14.0
billion-EUR14.5 billion by year-end 2022 and peak in 2023 to
EUR15.0 billion-EUR15.5 billion, from about EUR12.4 billion in 2021
(including about a EUR665 million upfront payment from American
Express, as adjusted by S&P Global Ratings, which we view as akin
to debt). Consequently, the recovery of the group's credit metrics
to the rating-commensurate levels hinges predominantly on the
uninterrupted recovery of EBITDA and operating cash flows.
According to our base-case scenario, IAG's adjusted funds from
operations (FFO) to debt will bounce back to 12%-15% in 2022 and
subsequently to 18%-20% in 2023, which is consistent with our 'BB'
rating threshold of 12% or higher."
S&P said, "We have revised down our assessment of IAG's liquidity
to strong from exceptional, with no impact on the rating. According
to our base case, IAG's sources-to-uses ratio falls below the 2.0x
threshold for our exceptional liquidity category in 2023 because
the large, committed capex for new aircraft has no funding
attached. According to our methodology, we include in our base case
only arranged committed funding. However, we continue to regard IAG
as one of the airline industry's financially strongest groups, with
total liquidity of about EUR11.8 billion on Dec. 31, 2021,
comprising EUR7.9 billion of available cash, cash equivalents, and
interest-bearing deposits, as well as nearly EUR3.9 billion of
undrawn committed general and aircraft facilities maturing beyond
24 months, as adjusted by S&P Global Ratings. IAG demonstrates
proactive treasury management, continued access to debt markets,
and an ability to safeguard liquidity. We factor in that IAG will
arrange the necessary aircraft funding well ahead of deliveries,
underpinned by the group's well-established and solid relationships
with banks and high standing in credit markets. We believe that
IAG's most recent treasury measures provide it with ample liquidity
headroom for unforeseen setbacks or operating headwinds, as the
traffic recovery unfolds. That said, the group's liquidity depends
on a sustained recovery of air passenger traffic and IAG's
operating cash flow turning positive from 2022, which we assume in
our base case.
"The stable outlook reflects our expectation that the air passenger
traffic recovery will continue. Consequently, we expect IAG's
EBITDA to turn significantly positive in 2022, before increasing
but remaining below pre-pandemic levels in 2023. This should allow
the group to restore its credit ratios to rating-commensurate
levels, with adjusted FFO to debt in excess of 12% in 2022 and
further improving to 18%-20% in 2023. We also factor in IAG's
sustained solid liquidity position--a critical and stabilizing
rating factor."
S&P would lower the rating if:
-- Passenger demand fell short of our expectations of
uninterrupted recovery for the rest of 2022 or appears to be
structurally weaker than expected, hindering a turnaround of IAG's
EBITDA to significantly positive; and
-- S&P does not expect that adjusted FFO to debt will recover to
at least 12% in 2022.
This could occur if a major resurgence of the pandemic prompts
renewed severe and prolonged travel restrictions, geopolitical
tensions in Europe escalate, or mounting inflation curbs consumer
confidence and affordability to travel. S&P said, "In this
scenario, we might conclude that the fundamental risk
characteristics of the industry have worsened and reflect that in
our assessment of business risk.
Although we currently don't see liquidity as a near-term risk, we
would lower the rating if air traffic does not recover in line with
our expectations, external funding becomes unexpectedly unavailable
for IAG, and IAG's efforts to adjust spending are insufficient to
preserve at least adequate liquidity such that sources exceed uses
by more than 1.2x in the coming 12 months."
S&P could raise ratings if it expects adjusted FFO to debt to
improve sustainably above 20% and FOCF (after lease payments) turns
positive, and S&P expects both to persist. An upgrade would also
hinge on its view that IAG was maintaining prudent capital spending
and shareholder returns.
ESG credit indicators: E-3, S-5, G-2
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Health and safety
JOINT VENTURES: Goes Into Administration
----------------------------------------
Tiya Thomas-Alexander at Construction News reports that a slew of
property and construction firms run by a father and son have
collapsed in Tunbridge Wells, Kent.
As many as 20 firms linked to the pair have filed for
administration in the past six months, Construction News relays,
citing Companies House records. Last month, the parent company,
Joint Ventures in Property (JVIP) Group, also filed for
administration, Construction News recounts.
The group was run by Peter and Dick Dabner, along with their
business partner Paul Bohill. According to Companies House, Peter
Dabner was named as the director of 29 companies, Construction News
notes. Of these, 15 real estate companies have gone into
administration, along with five other construction or building
firms, Construction News states.
Companies started to sink into administration in October last year,
Construction News relays.
Insolvency practitioner Michael Chamberlain has been appointed as
the administrator over most of the companies, including JVIP,
Construction News discloses.
According to Construction News, five construction firms went into
administration in March: St Ledger Ltd, Wall Street Property
Investment Ltd, 5CPG Ltd, Water Margin Ltd and Launch Pad
Strategies Ltd. The companies do not currently have websites or
contact details and could not be reached by Construction News.
Michael Chamberlain was appointed to oversee the winding down of
four of the firms, but not Launch Pad Strategies, which appointed
Brian Burke from the business advisory firm Quantuma, Construction
News states.
JVIP was given an exemption to publish its full accounts in
November 2020, Construction News recounts. It is unclear as to
what was owed to unsecured and secured creditors, according to
Construction News. The wider group was incorporated in 2014.
OWL FINANCE: Moody's Withdraws 'Ca' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of Owl Finance
Limited, including the Ca Corporate Family rating and the C-PD
Probability of Default rating. Concurrently, Moody's has also
withdrawn the backed senior secured bond rating of Ca at Yell
Bondco plc. At the time of the withdrawal, all ratings were on
review for upgrade.
Owl Finance is the indirect 100% shareholder of Yell Limited, a
leading provider of digital marketing services to small and medium
enterprises ("SMEs") in the UK.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings for its own business
reasons.
PG MOTORS: Dep't. for Economy Accepts Disqualification Undertaking
------------------------------------------------------------------
The Department for the Economy (the Department) has accepted a
disqualification undertaking from the director of a company which
operated in the sale of used cars and light motor vehicles.
The undertaking was received for five years from Paul Anthony
Gallagher (31) of Orchard Road, Strabane and Harbour Street,
Donegal in respect of his conduct as a director of PG Motors Sales
& Servicing Limited - In Liquidation.
The Company traded in car sales from premises at Orchard Road,
Strabane, Co. Tyrone. The Company went into Liquidation on October
4, 2018, with an estimated deficiency as regards creditors of
GBP278,172. There was a total of GBP100 owing as share capital
resulting in an estimated deficiency as regards members of
GBP278,272.
The Department accepted the disqualification undertaking from Paul
Anthony Gallagher on March 8, 2022, based on the following unfit
conduct which solely for the purposes of the disqualification
procedure was not disputed:
(a) Causing the company to file VAT returns which he knew or
ought to have known were inaccurate, resulting in a loss of monies
properly due to the Crown. Failing to fulfil his responsibilities
to HMRC in respect of making accurate disclosures of sales and the
resulting VAT due, which ultimately led to a significant assessment
of GBP275,107 being raised, placing the company in a position
whereby it had no prospect of paying its debts as they fell due.
PG Motors Sales and Servicing Limited incurred a loss to HMRC in
monies totalling GBP275,107.00 due to the Crown in respect of VAT
from 2015/16 to the date of liquidation.
The Department has accepted twenty nine Disqualification
Undertakings in the financial year commencing April 1, 2021.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week April 11 to April 15, 2022
---------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Yandex NV 0.750 03/03/2025 USD 43.000
Gazprom PJSC Via Gaz 8.625 4/28/2034 USD 43.500
Gazprom PJSC Via Gaz 3.12511/17/2023 EUR
Lukoil Securities BV 3.875 05/06/2030 USD 56.000
Gazprom PJSC Via Gaz 5.150 02/11/2026 USD 41.250
Gazprom PJSC Via Gaz 1.450 03/06/2023 CHF 20.002
Sberbank of Russia V 5.12510/29/2022 USD 8.000
Vnesheconombank Via 6.80011/22/2025 USD 33.500
VTB Bank PJSC Via VT 9.500 USD 16.000
VEON Holdings BV 3.37511/25/2027 USD 58.550
Gazprom PJSC Via Gaz 4.950 7/19/2022 USD 41.000
Gazprom PJSC Via Gaz 2.25011/22/2024 EUR 35.000
Gazprom PJSC Via Gaz 4.250 04/06/2024 GBP 20.001
VTB Bank OJSC Via VT 6.95010/17/2022 USD 89.900
Lukoil Capital DAC 3.60010/26/2031 USD 55.000
Lukoil International 4.750 11/02/2026 USD 59.750
Gazprom PJSC Via Gaz 2.500 3/21/2026 EUR 32.730
Russian Railways Via 4.600 03/06/2023 EUR 10.000
Gazprom PJSC Via Gaz 7.288 8/16/2037 USD 45.000
Gazprom PJSC via Gaz 3.250 2/25/2030 USD 38.000
Aragvi Finance Inter 8.450 4/29/2026 USD 63.131
Metinvest BV 8.500 4/23/2026 USD 48.125
Russian Foreign Bond 2.875 12/04/2025 EUR 15.000
Gazprom PJSC Via Gaz 4.364 3/21/2025 EUR 32.498
Vnesheconombank Via 5.94211/21/2023 USD 33.500
Gazprom PJSC via Gaz 4.599 USD 6.000
Kernel Holding SA 6.50010/17/2024 USD 47.427
Gazprom PJSC via Gaz 2.950 1/27/2029 USD 40.000
Metinvest BV 7.75010/17/2029 USD 49.125
Gazprom PJSC via Gaz 3.500 7/14/2031 USD 37.000
Russian Railways Via 2.100 10/02/2023 CHF 9.660
Gazprom PJSC via Gaz 1.540 6/30/2027 CHF 30.000
MHP SE 7.750 05/10/2024 USD 45.395
Lukoil Capital DAC 2.800 4/26/2027 USD 59.000
Sberbank of Russia V 5.250 5/23/2023 USD 100.475
Gazprom PJSC via Gaz 3.000 6/29/2027 USD 39.000
VEON Holdings BV 4.000 04/09/2025 USD 60.484
Gazprom PJSC Via Gaz 4.950 02/06/2028 USD 40.000
MHP Lux SA 6.950 04/03/2026 USD 44.426
Russian Railways Via 3.125 CHF 14.000
Gunvor Group Ltd 6.250 9/30/2026 USD 70.812
Metinvest BV 5.625 6/17/2025 EUR 44.993
Gazprom PJSC Via Gaz 4.950 3/23/2027 USD 38.000
Gazprom Neft OAO Via 4.375 9/19/2022 USD 25.958
Russian Railways Via 5.700 04/05/2022 USD 9.000
Lukoil International 6.656 06/07/2022 USD 70.000
Russian Railways Via 7.487 3/25/2031 GBP 10.004
Pro-Gest SpA 3.25012/15/2024 EUR 74.625
Evraz PLC 5.375 3/20/2023 USD 35.234
Kernel Holding SA 6.75010/27/2027 USD 47.639
VEON Holdings BV 7.250 4/26/2023 USD 65.040
Credit Bank of Mosco 3.100 1/21/2026 EUR 5.000
Ozon Holdings PLC 1.875 2/24/2026 USD 73.313
MMC Norilsk Nickel O 2.550 09/11/2025 USD 60.500
Frigoglass Finance B 6.875 02/12/2025 EUR 64.975
Tinkoff Bank JSC Via 6.000 USD 20.000
Novolipetsk Steel Vi 4.700 5/30/2026 USD 35.510
NAK Naftogaz Ukraine 7.125 7/19/2024 EUR 25.000
MHP Lux SA 6.250 9/19/2029 USD 43.928
MMC Norilsk Nickel O 2.80010/27/2026 USD 60.500
ALROSA Finance SA 4.650 04/09/2024 USD 24.000
Vnesheconombank Via 6.025 07/05/2022 USD 42.500
Evraz PLC 5.250 04/02/2024 USD 67.500
Gtlk Europe Capital 4.349 2/27/2029 USD 15.302
Severstal OAO Via St 3.150 9/16/2024 USD 12.500
ALROSA Finance SA 3.100 6/25/2027 USD 17.375
Phosagro OAO Via Pho 3.050 1/23/2025 USD 22.750
Mitsubishi UFJ Inves 3.97112/15/2050 EUR 36.766
VF Ukraine PAT via V 6.200 02/11/2025 USD 43.576
MMC Norilsk Nickel O 4.100 04/11/2023 USD 64.000
Metinvest BV 7.650 10/01/2027 USD 49.042
Russian Railways Via 4.375 03/01/2024 USD 15.123
Polyus Finance PLC 3.25010/14/2028 USD 78.314
Russian Railways Via 0.840 03/12/2026 CHF 15.050
Dtek Renewables Fina 8.500 11/12/2024 EUR 30.326
Russian Railways Via 0.898 10/03/2025 CHF 15.500
Credit Bank of Mosco 3.875 9/21/2026 USD 10.000
Gazprom Neft OAO Via 6.00011/27/2023 USD 21.025
Phosagro OAO Via Pho 2.600 9/16/2028 USD 20.250
Banca Monte dei Pasc 5.375 1/18/2028 EUR 65.244
Metalloinvest Financ 3.37510/22/2028 USD 91.470
NAK Naftogaz Ukraine 7.625 11/08/2026 USD 24.304
Gtlk Europe Capital 4.650 03/10/2027 USD 14.500
NPC Ukrenergo 6.875 11/09/2026 USD 32.269
Eurotorg LLC Via Bon 9.00010/22/2025 USD 36.410
GTLK Europe DAC 5.125 5/31/2024 USD 9.000
Credit Bank of Mosco 5.150 2/20/2024 EUR
Novatek OAO Via Nova 4.42212/13/2022 USD 40.000
Credit Bank of Mosco 4.700 1/29/2025 USD 10.250
Credit Bank of Mosco 7.500 10/05/2027 USD 90.781
NGD Holdings BV 6.75012/31/2026 USD 26.028
Ukraine Railways Via 8.250 07/09/2024 USD 86.970
VTB Bank OJSC Via VT 4.07310/24/2024 CHF 15.000
Standard Profil Auto 6.250 4/30/2026 EUR 72.515
Boparan Finance PLC 7.62511/30/2025 GBP 69.286
Eurochem Finance DAC 5.500 3/13/2024 USD 28.750
Alfa Bank AO Via Alf 5.950 4/15/2030 USD 10.000
VEON Holdings BV 4.950 6/16/2024 USD 61.882
Metinvest BV 7.750 4/23/2023 USD 49.125
Phosagro OAO Via Pho 3.949 4/24/2023 USD 22.000
State Agency of Road 6.250 6/24/2028 USD 30.834
Gtlk Europe Capital 4.800 2/26/2028 USD 14.500
VEON Holdings BV 3.37511/25/2027 USD 59.784
VEON Holdings BV 5.950 2/13/2023 USD 59.123
NAK Naftogaz Ukraine 7.375 7/19/2022 USD 26.534
Aggregate Holdings S 6.875 11/09/2025 EUR 43.067
Severstal OAO Via St 5.90010/17/2022 USD 13.000
MMC Norilsk Nickel O 6.62510/14/2022 USD 38.500
Russian Federal Bond 7.250 05/10/2034 RUB 70.299
MMK International Ca 4.375 6/13/2024 USD 32.000
Banca Monte dei Pasc 10.500 7/23/2029 EUR 73.758
Credit Bank of Mosco 7.625 USD 75.535
Gtlk Europe Capital 5.950 4/17/2025 USD 14.500
Global Fashion Group 1.250 3/15/2028 EUR 69.140
Credit Bank of Mosco 8.875 USD 93.750
Russian Agricultural 8.50010/16/2023 USD 101.000
Russian Railways Via 1.195 04/03/2028 CHF 14.150
Gtlk Europe Capital 4.949 2/18/2026 USD 11.250
Lukoil Capital DAC 3.60010/26/2031 USD 55.000
Haya Real Estate SA 5.25011/15/2022 EUR 69.357
Credit Bank of Mosco 5.550 2/14/2023 USD 99.000
Casino Guichard Perr 3.992 EUR 47.500
Sovcombank Via SovCo 7.600 USD 5.000
Interpipe Holdings P 8.375 5/13/2026 USD 31.242
Casino Guichard Perr 1.413 EUR 27.511
Ukraine Railways Via 7.875 7/15/2026 USD 78.000
Novolipetsk Steel Vi 4.500 6/15/2023 USD 40.000
Intelsat Jackson Hol 5.500 08/01/2023 USD 42.750
PIK Securities DAC 5.62511/19/2026 USD 94.327
Polyus Finance PLC 4.699 3/28/2022 USD 41.057
Russian Foreign Bond 5.250 6/23/2047 USD 25.000
Korian SA 0.875 03/06/2027 EUR 50.327
Alfa Bank AO Via Alf 6.950 USD 101.170
Serbia International 2.050 9/23/2036 EUR 76.508
Ukreximbank Via Biz 9.750 1/22/2025 USD 94.400
Mobile Telesystems O 5.000 5/30/2023 USD 15.000
Novolipetsk Steel Vi 4.000 9/21/2024 USD 40.500
Intelsat Jackson Hol 8.50010/15/2024 USD 45.500
Lukoil Securities BV 3.875 05/06/2030 USD 58.000
ABH Financial Ltd Vi 2.700 06/11/2023 EUR 4.971
Ekosem-Agrar AG 7.500 08/01/2024 EUR 26.850
Lukoil Capital DAC 2.800 4/26/2027 USD 58.000
Sibur Securities DAC 2.950 07/08/2025 USD 20.050
Teva Pharmaceutical 4.100 10/01/2046 USD 75.694
Ekosem-Agrar AG 8.500 12/07/2022 EUR 30.921
Credit Bank of Mosco 7.121 6/25/2024 USD 99.537
Rusal Capital DAC 4.850 02/01/2023 USD 30.461
Korian SA 1.875 EUR 37.088
ABH Financial Ltd Vi 2.875 11/09/2022 CHF 27.500
Sibur Securities DAC 3.450 9/23/2024 USD 35.000
Intelsat Jackson Hol 9.750 7/15/2025 USD 44.500
Polyus Finance PLC 5.250 02/07/2023 USD 99.990
Accor SA 0.700 12/07/2027 EUR 48.382
United Kingdom Gilt 0.50010/22/2061 GBP 67.973
Russian Foreign Bond 12.750 6/24/2028 USD 30.023
VEON Holdings BV 4.000 04/09/2025 USD 60.384
Lukoil International 4.563 4/24/2023 USD 62.750
Prosus NV 3.832 02/08/2051 USD 76.590
SCF Capital Designat 5.375 6/16/2023 USD 15.329
Sovcombank Via SovCo 7.750 USD 4.609
Rusal Capital DAC 5.300 05/03/2023 USD 101.050
Ukreximbank Via Biz 9.625 4/27/2022 USD 27.979
Hungary Government B 2.250 4/20/2033 HUF 71.447
Suek Securities DAC 3.375 9/15/2026 USD 17.702
State of North Rhine 0.950 01/10/2121 EUR 65.143
Cardea Europe AG 7.250 12/08/2023 EUR 51.938
Polyus Finance PLC 4.700 1/29/2024 USD 99.305
Banca Monte dei Pasc 8.000 1/22/2030 EUR 69.049
Delivery Hero SE 2.125 03/10/2029 EUR 67.608
Russian Foreign Bond 5.875 9/16/2043 USD 39.667
Celtic Resources Hol 4.125 10/09/2024 USD 30.000
Paragon GmbH & Co KG 4.500 07/05/2027 EUR 58.834
Uralkali OJSC Via Ur 4.00010/22/2024 USD 19.000
Voltalia SA 1.000 1/13/2025 EUR 30.087
TMK OAO Via TMK Capi 4.300 02/12/2027 USD 91.875
BAT International Fi 2.250 09/09/2052 GBP 57.416
MorphoSys AG 0.62510/16/2025 EUR 74.133
Ukreximbank Via Biz 9.95011/14/2029 USD 23.244
Czech Republic Gover 1.500 4/24/2040 CZK 71.330
Russian Foreign Bond 5.625 04/04/2042 USD 39.667
Gazprom PJSC via Gaz 3.250 2/25/2030 USD 38.000
Rallye SA 4.000 2/28/2030 EUR 16.500
Banca Monte dei Pasc 8.500 09/10/2030 EUR 69.853
Ukraine Government I 7.750 09/01/2022 USD 49.294
Quadient SA 3.375 EUR 58.023
Lithuania Government 0.750 7/15/2051 EUR 72.001
Vonovia SE 1.625 09/01/2051 EUR 74.591
Air France-KLM 0.125 3/25/2026 EUR 15.964
Metro Bank PLC 5.500 6/26/2028 GBP 63.444
Mallinckrodt Interna 5.750 08/01/2022 USD 49.250
Russian Foreign Bond 4.750 5/27/2026 USD 24.090
Neoen SA 2.000 06/02/2025 EUR 52.722
Sibur Securities DAC 4.125 10/05/2023 USD 26.208
Maisons du Monde SA 0.125 12/06/2023 EUR 47.182
Delivery Hero SE 1.500 1/15/2028 EUR 69.460
Gazprom PJSC Via Gaz 4.950 7/19/2022 USD 100.020
Biocartis Group NV 4.000 05/09/2024 EUR 71.913
Russian Federal Bond 7.000 7/30/2036 RUB 68.490
Gazprom PJSC Via Gaz 4.950 02/06/2028 USD 19.000
VEON Holdings BV 7.250 4/26/2023 USD 65.218
Union Fenosa Prefere 1.067 EUR 68.833
Carnival PLC 1.00010/28/2029 EUR 72.765
Rallye SA 4.371 1/23/2023 EUR 13.197
Metinvest BV 7.75010/17/2029 USD 45.000
Kernel Holding SA 6.50010/17/2024 USD 48.114
Paragon GmbH & Co KG 4.000 4/23/2023 CHF 70.200
VEON Holdings BV 5.950 2/13/2023 USD 59.418
Deutsche Bahn Financ 0.625 12/08/2050 EUR 74.705
Gazprom PJSC via Gaz 4.599 USD 100.000
Moby SpA 7.750 2/15/2023 EUR 65.566
Gazprom PJSC Via Gaz 8.625 4/28/2034 USD 132.555
Arrival SA 3.500 12/01/2026 USD 61.875
Gazprom PJSC Via Gaz 5.150 02/11/2026 USD 23.167
MHP Lux SA 6.250 9/19/2029 USD 43.782
Wirecard AG 0.500 09/11/2024 EUR 11.114
Gazprom PJSC via Gaz 3.500 7/14/2031 USD 39.536
DNB Bank ASA 0.954 USD 71.104
Gazprom PJSC Via Gaz 7.288 8/16/2037 USD 22.000
Gazprom PJSC via Gaz 2.950 1/27/2029 USD 22.500
Econocom Group SA/NV 0.500 03/06/2023 EUR 7.907
MHP SE 7.750 05/10/2024 USD 44.202
Haya Real Estate SA 5.12511/15/2022 EUR 69.696
Turkey Government Bo 12.600 10/01/2025 TRY 71.800
Kernel Holding SA 6.75010/27/2027 USD 47.632
VEON Holdings BV 4.950 6/16/2024 USD 60.970
Pierre Et Vacances S 2.000 04/01/2023 EUR 27.640
Metinvest BV 8.500 4/23/2026 USD 49.500
Metinvest BV 7.650 10/01/2027 USD 48.925
VF Ukraine PAT via V 6.200 02/11/2025 USD 39.747
MHP Lux SA 6.950 04/03/2026 USD 46.249
Ukraine Government B 9.790 5/26/2027 UAH 56.652
NPC Ukrenergo 6.875 11/09/2026 USD 32.814
Fuerstenberg Capital 5.625 EUR 54.440
HOCHDORF Holding AG 2.500 CHF 44.537
Nexity SA 0.250 03/02/2025 EUR 62.614
Odea Bank AS 7.625 08/01/2027 USD 75.961
Nostrum Oil & Gas Fi 8.000 7/25/2022 USD 26.093
Neoen SA 1.875 10/07/2024 EUR 43.112
DNB Bank ASA 0.929 USD 70.350
Metinvest BV 7.750 4/23/2023 USD 45.419
PB International BV 7.62512/31/2025 USD 52.250
Mallinckrodt Interna 5.62510/15/2023 USD 48.750
Turkey Government Bo 10.600 02/11/2026 TRY 65.200
Offshore Drilling Ho 8.375 9/20/2020 USD 5.000
Nostrum Oil & Gas Fi 7.000 2/16/2025 USD 24.625
PIK Securities DAC 5.62511/19/2026 USD 18.745
AstraZeneca PLC 2.125 08/06/2050 USD 76.034
DNB Bank ASA 0.758 USD 70.510
Gazprom PJSC Via Gaz 4.950 3/23/2027 USD 93.000
Ukraine Government I 7.750 09/01/2026 USD 37.500
Aragvi Finance Inter 8.450 4/29/2026 USD 62.873
SRV Group Oyj 4.875 3/27/2025 EUR 70.268
Ukraine Government I 7.750 09/01/2023 USD 47.500
Turkey Government Bo 8.000 03/12/2025 TRY 65.350
Gazprom PJSC Via Gaz 3.12511/17/2023 EUR
NAK Naftogaz Ukraine 7.625 11/08/2026 USD 25.120
BAT International Fi 4.00011/23/2055 GBP 74.576
Ukraine Government I 7.750 09/01/2027 USD 36.406
Intu Debenture PLC 5.56212/31/2027 GBP 40.700
Wellcome Trust Ltd/T 1.500 7/14/2071 GBP 74.375
Rallye SA 3.250 02/08/2024 CHF 13.328
Aggregate Holdings S 5.500 5/17/2024 EUR 43.476
Celtic Resources Hol 4.125 10/09/2024 USD 29.996
Scandinavian Airline 0.625 CHF 19.251
Polyus Finance PLC 3.25010/14/2028 USD 25.000
Rallye SA 5.250 02/01/2022 EUR 17.189
Senvion Holding GmbH 3.87510/25/2022 EUR 0.177
Shell International 1.750 09/10/2052 GBP 69.852
Andrade Gutierrez In 9.50012/30/2024 USD 53.000
Republic of Belarus 6.378 2/24/2031 USD 9.333
Mallinckrodt Interna 4.750 4/15/2023 USD 41.000
Northern Powergrid N 1.875 6/16/2062 GBP 75.434
Officine Maccaferri- 5.750 06/01/2021 EUR 16.395
Privatbank CJSC Via 10.250 1/23/2018 USD 4.000
State Agency of Road 6.250 6/24/2028 USD 23.070
City of Kyiv Via PBR 7.50012/15/2022 USD 30.665
Deutsche Lichtmiete 5.250 09/01/2025 EUR 11.000
Republic of Belarus 5.875 2/24/2026 USD 9.667
FIGEAC-AERO 1.12510/18/2022 EUR 22.925
Interpipe Holdings P 8.375 5/13/2026 USD 28.866
Turkey Government Bo 10.500 08/11/2027 TRY 58.000
Republic of Belarus 7.625 6/29/2027 USD 10.100
Societe Du Grand Par 1.000 2/18/2070 EUR 74.846
Metinvest BV 5.625 6/17/2025 EUR 45.000
Hungary Government B 2.250 6/22/2034 HUF 68.837
Mallinckrodt Interna 5.500 4/15/2025 USD 51.000
Slovenia Government 0.688 03/03/2081 EUR 60.903
Deutsche Lichtmiete 5.750 01/01/2023 EUR 5.000
EFG International AG 0.551 EUR 96.402
Rallye SA 3.400 1/31/2022 EUR 13.666
Thomas Cook Group PL 6.250 6/15/2022 EUR 0.510
European Financial S 0.050 1/18/2052 EUR 73.333
Ukreximbank Via Biz 9.625 4/27/2022 USD 27.979
Prosus NV 3.832 02/08/2051 USD 76.592
PREOS Global Office 7.500 12/09/2024 EUR 58.580
Turkey Government Bo 9.000 7/24/2024 TRY 72.950
Vonovia Finance BV 1.000 1/28/2041 EUR 72.579
Debenhams PLC 5.250 7/15/2021 GBP 0.500
Deutsche Lichtmiete 5.250 02/01/2027 EUR 9.001
Societe Du Grand Par 0.70010/15/2060 EUR 71.881
BAT International Fi 2.000 3/13/2045 EUR 73.826
DOF Subsea AS 9.11011/27/2023 NOK 35.000
Avangardco Investmen 10.00010/29/2018 USD 0.348
Air Berlin PLC 8.250 4/19/2018 EUR 0.783
Eurotorg LLC Via Bon 9.00010/22/2025 USD 100.750
Ukreximbank Via Biz 7.623 02/09/2023 USD 21.265
DOF Subsea AS 9.500 4/30/2022 USD 35.145
Russian Foreign Bond 5.250 6/23/2047 USD 22.000
EYEMAXX Real Estate 5.500 4/26/2023 EUR 3.373
Deutsche Lichtmiete 5.750 12/01/2023 EUR 10.000
Air Berlin PLC 6.750 05/09/2019 EUR 0.502
Koninklijke Luchtvaa 0.750 CHF 20.500
Bank Gospodarstwa Kr 2.250 7/21/2033 PLN 71.700
Nexity SA 0.875 4/19/2028 EUR 52.580
Ukreximbank Via Biz 9.750 1/22/2025 USD 24.464
Hellenic Bank PCL 10.000 EUR 57.222
Banco Espirito Santo 7.12511/28/2023 EUR 0.391
Basque Government 1.37510/31/2070 EUR 67.676
Development Bank of 6.750 05/02/2024 USD 10.276
Yell Bondco PLC 8.500 05/02/2023 GBP 60.177
Mitsubishi UFJ Inves 3.68712/30/2099 EUR 5.000
Rallye SA 4.00011/23/2020 CHF 11.863
Travelex Financing P 8.000 5/15/2022 EUR 1.833
Flagship Finance PLC 1.875 7/14/2061 GBP 76.637
Stichting Afwikkelin 6.25010/26/2020 EUR 5.375
Ziton A/S 7.900 10/03/2022 EUR 69.750
UkrLandFarming PLC 10.875 3/26/2018 USD 1.524
Fuerstenberg Capital 1.020 EUR 54.405
EYEMAXX Real Estate 5.500 7/22/2025 EUR 75.000
Ukraine Government B 12.520 5/13/2026 UAH 67.509
EA Partners II BV 6.750 06/01/2021 USD 0.612
Russian Federal Bond 6.900 7/23/2031 RUB 72.402
Societe Nationale SN 1.000 1/19/2061 EUR 72.759
Boparan Finance PLC 7.62511/30/2025 GBP 68.500
Turkey Government In 5.750 05/11/2047 USD 72.486
Stichting Afwikkelin 11.250 EUR 0.502
M Objekt Real Estate 6.000 7/22/2024 EUR 59.123
FF Group Finance Lux 1.750 07/03/2019 EUR 3.353
Ukraine Government I 12.520 5/13/2026 UAH 67.509
Dexia Credit Local S 1.206 EUR 3.089
SAS AB 4.377 SEK 28.916
Norddeutsche Landesb 7.490 EUR 60.503
REM Saltire Holding 7.00012/31/2024 NOK 53.371
City of Bern Switzer 0.040 10/02/2070 CHF 67.495
Bank Gospodarstwa Kr 2.37511/27/2040 PLN 63.770
Russian Foreign Bond 4.750 5/27/2026 USD 22.838
Allied Irish Banks P 12.500 6/25/2035 GBP 59.599
Immigon Portfolioabb 5.772 EUR 11.630
Thomas Cook Finance 3.875 7/15/2023 EUR 0.522
Hyde Housing Associa 1.750 8/18/2055 GBP 74.456
Lehman Brothers UK C 5.125 EUR 35.000
Rickmers Holding AG 8.875 06/11/2018 EUR 0.635
OGX Austria GmbH 8.375 04/01/2022 USD 0.003
LSF9 Balta Issuer SA 3.00012/31/2030 EUR 71.843
Virgolino de Oliveir 11.750 02/09/2022 USD 0.500
TF Bank AB 6.178 SEK 51.561
Ukraine Government I 9.790 5/26/2027 UAH 56.652
Genfit 3.50010/16/2025 EUR 25.571
Praktiker AG 5.875 02/10/2016 EUR 0.069
Haya Real Estate SA 5.25011/15/2022 EUR 70.094
Pro-Gest SpA 3.25012/15/2024 EUR 74.710
Boparan Finance PLC 7.62511/30/2025 GBP 68.179
Autonomous Community 2.965 09/08/2039 JPY 67.612
Agrokor dd 9.875 05/01/2019 EUR 15.000
Barclays Bank PLC 12.000 9/24/2025 TRY 55.976
Barclays Bank PLC 1.268 3/28/2034 USD 71.094
Galapagos Holding SA 7.000 6/15/2022 EUR 0.001
Hylea Group SA 7.250 12/01/2022 EUR 4.600
Hellenic Republic Go 2.085 7/25/2057 EUR 42.455
Pentracor GmbH 8.500 5/29/2025 EUR 17.000
National Grid Gas PL 1.625 1/14/2043 GBP 72.850
Claranova SE 5.000 07/01/2023 EUR 1.000
Privatbank CJSC Via 11.000 02/09/2021 USD 1.000
Platform HG Financin 1.625 08/10/2055 GBP 73.949
niiio finance group 4.000 5/31/2026 EUR 35.000
Standard Profil Auto 6.250 4/30/2026 EUR 72.443
FF Group Finance Lux 3.250 11/02/2021 CHF 6.141
Ukraine Government I 7.253 3/15/2033 USD 34.933
Elli Finance UK PLC 8.750 6/15/2019 GBP 65.125
EA Partners I BV 6.875 9/28/2020 USD 0.814
Rallye SA 1.000 10/02/2020 EUR 21.785
WD Invest Sarl 1.900 10/02/2024 EUR 11.205
Serbia International 2.050 9/23/2036 EUR 76.566
Dtek Renewables Fina 8.500 11/12/2024 EUR 30.326
Barclays Bank PLC 1.092 7/28/2034 USD 69.250
Credit Bank of Mosco 7.625 USD 74.883
Lloyds Bank PLC 1.376 07/05/2033 USD 66.134
OGX Austria GmbH 8.500 06/01/2018 USD 0.002
AK BARS Bank Via AK 8.000 7/13/2022 USD 25.000
Santhera Pharmaceuti 7.500 8/17/2024 CHF 75.643
Yuksel Insaat AS 9.500 11/10/2015 USD 0.100
EOS Imaging SA 6.000 5/31/2023 EUR 7.250
Bank Nadra Via NDR F 8.250 7/31/2018 USD 0.208
Alno AG 8.500 5/14/2018 EUR 17.676
Espirito Santo Finan 6.87510/21/2019 EUR 0.244
Cirio Finance Luxemb 7.500 11/03/2002 EUR 1.920
Veneto Banca SpA 9.878 12/01/2025 EUR 0.571
Lehman Brothers UK C 3.875 EUR 35.000
Frigoglass Finance B 6.875 02/12/2025 EUR 65.792
Nordiska Kreditmarkn 8.750 SEK 74.825
Hellas Telecommunica 6.054 1/15/2015 USD 0.001
Intelsat Jackson Hol 8.50010/15/2024 USD 44.504
Cirio Holding Luxemb 6.250 2/16/2004 EUR 0.723
Hamon & CIE SA 3.300 1/31/2035 EUR 46.000
Ghelamco Invest 4.500 5/23/2022 EUR 40.010
Lloyds Bank PLC 1.836 4/25/2034 USD 74.727
Ukraine Government I 12.520 5/13/2026 UAH 67.509
Del Monte Finance Lu 6.625 5/24/2006 EUR 4.337
Tresu Investment Hol 5.000 02/02/2025 EUR 48.796
Andrade Gutierrez In 11.000 8/20/2021 USD 57.167
City of Lugano Switz 0.15011/28/2070 CHF 69.952
Cooperatieve Raboban 0.50010/29/2027 MXN 61.340
State Savings Bank o 7.293 1/19/2024 USD 28.000
LBI ehf 6.100 8/25/2011 USD 10.631
Bourbon Corp 8.305 EUR 0.596
Norwegian Air Shuttl 5.000 02/07/2023 SEK 41.500
Alitalia-Societa Aer 5.250 7/30/2020 EUR 0.100
Norske Skogindustrie 7.00012/30/2026 EUR 0.010
Barclays Bank PLC 1.44410/30/2034 USD 73.618
Banco Espirito Santo 2.163 EUR 0.144
Ukraine Government I 7.375 9/25/2032 USD 34.917
Virgolino de Oliveir 10.500 1/28/2018 USD 0.455
Ukraine Government B 3.700 7/14/2022 USD 75.833
Banco Espirito Santo 6.900 6/28/2024 EUR 24.474
Swissgrid AG 0.050 6/30/2050 CHF 73.122
German Pellets GmbH 7.25011/27/2019 EUR 1.859
Air Berlin PLC 5.625 05/09/2019 CHF 0.503
Lloyds Bank PLC 0.444 7/29/2033 USD 66.543
Espirito Santo Finan 3.125 12/02/2018 EUR 0.287
Russian Foreign Bond 4.250 6/23/2027 USD 25.000
Agrokor dd 8.875 02/01/2020 USD 15.000
Verimatrix SA 6.000 6/29/2022 EUR 3.809
Phosphorus Holdco PL 10.000 04/01/2019 GBP 1.500
Bilt Paper BV 10.360 USD 1.071
Mallinckrodt Interna 5.750 08/01/2022 USD 48.875
Ukraine Government I 7.750 09/01/2026 USD 37.659
Havila Shipping ASA 5.460 01/02/2025 NOK 25.673
Orpea SA 3.00011/25/2041 EUR 73.031
Banco Santander SA 1.909 EUR 1.676
VPV Lebensversicheru 3.477 8/17/2026 EUR 69.471
Lithuania Government 0.500 7/28/2050 EUR 69.371
Russian Foreign Bond 5.100 3/28/2035 USD 16.000
Cirio Finanziaria Sp 8.00012/21/2005 EUR 0.777
City of Lausanne Swi 0.050 9/28/2054 CHF 73.350
Ukraine Government B 3.900 10/05/2023 USD 39.799
Haya Real Estate SA 5.12511/15/2022 EUR 70.023
Banco Espirito Santo 2.343 EUR 0.294
Andrade Gutierrez In 9.50012/30/2024 USD 53.250
Lloyds Bank PLC 1.197 7/26/2033 USD 72.632
ESFIL-Espirito Santo 5.250 06/12/2015 EUR 0.111
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.816
Kommunekredit 0.500 7/30/2027 TRY 20.128
Gazprom Neft PJSC 7.150 12/07/2029 RUB 71.980
Russian Foreign Bond 5.625 04/04/2042 USD 40.667
Dexia SA 1.230 EUR 2.980
Portugal Telecom Int 6.250 7/26/2016 EUR 0.285
Ukraine Government B 3.700 4/27/2023 USD 49.209
Intelsat Jackson Hol 9.750 7/15/2025 USD 43.604
Ukraine Government I 9.790 5/26/2027 UAH 56.652
Privatbank CJSC Via 10.875 2/28/2018 USD 8.000
Barclays Bank PLC 5.000 11/01/2029 BRL 61.167
Ukraine Government B 8.750 2/16/2033 UAH 47.916
Region Wallonne Belg 1.135 10/10/2069 EUR 75.056
Espirito Santo Finan 9.75012/19/2025 EUR 0.287
Jain International T 7.125 02/01/2022 USD 21.017
Bank Vontobel AG 15.000 11/07/2022 EUR 58.100
KTG Agrar SE 7.125 06/06/2017 EUR 1.860
Transports Publics D 0.45012/29/2056 CHF 74.765
EYEMAXX Real Estate 5.500 9/24/2024 EUR 3.847
Mallinckrodt Interna 5.62510/15/2023 USD 48.693
Corporate Commercial 8.250 08/08/2014 USD 0.308
Jain International T 7.125 3/31/2026 USD 28.000
Windreich GmbH 6.500 7/15/2016 EUR 4.475
Norwegian Air Shuttl 6.37511/15/2024 USD 47.497
Solarworld AG 9.691 2/24/2019 EUR 20.875
Cooperatieve Raboban 0.500 7/30/2043 MXN 12.976
Russian Federal Bond 6.700 3/14/2029 RUB 72.999
Mallinckrodt Interna 5.500 4/15/2025 USD 49.405
Senivita Social Esta 4.000 05/12/2025 EUR 6.510
Finmek International 7.000 12/03/2004 EUR 2.193
Societe Centrale des 2.500 5/15/2023 EUR 6.880
Fuerstenberg Capital 1.609 EUR 58.241
New World Resources 8.000 04/07/2020 EUR 0.506
Ukraine Government B 3.70012/22/2022 USD 60.471
Windreich GmbH 6.500 03/01/2015 EUR 4.475
Barclays Bank PLC 1.089 9/29/2034 USD 65.411
Banca Popolare di Vi 9.500 9/29/2025 EUR 0.049
City of Kyiv Via PBR 7.50012/15/2022 USD 30.665
Norske Skog Holding 8.000 2/24/2021 EUR 0.006
Ukraine Government B 3.890 02/02/2023 USD 56.395
Joh Friedrich Behren 6.250 6/18/2024 EUR 29.301
MS Deutschland Betei 6.87512/18/2017 EUR 0.620
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.363
Lehman Brothers UK C 5.750 EUR 7.000
International Financ 0.500 6/29/2027 ZAR 63.997
Enertronica Santerno 7.00012/31/2022 EUR 68.450
Single Platform Inve 0.363 2/15/2041 EUR 72.091
Region Wallonne Belg 1.225 09/02/2120 EUR 71.848
Finance and Credit B 9.250 1/25/2019 USD 0.141
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
Lehman Brothers UK C 6.900 USD 3.986
Raiffeisen Schweiz G 4.800 04/07/2022 EUR 54.010
Island Offshore Ship 6.230 6/30/2022 NOK 4.543
CBo Territoria 3.750 07/01/2024 EUR 4.710
Landesbank Baden-Wue 4.050 3/24/2023 EUR 39.450
BBI Development SA 11.610 2/22/2023 PLN 0.010
Barclays Bank PLC 0.652 4/19/2033 USD 67.612
Offshore Drilling Ho 8.375 9/20/2020 USD 5.000
Region de Bruxelles- 0.592 12/10/2061 EUR 67.964
Banca Popolare di Vi 2.82112/20/2017 EUR 0.100
Sairgroup Finance BV 4.375 06/08/2006 EUR 1.568
Kairos Global Soluti 1.900 07/03/2035 USD 72.236
Grupo Isolux Corsan 1.00012/30/2021 EUR 0.011
Nostrum Oil & Gas Fi 8.000 7/25/2022 USD 27.187
Basque Government 1.00010/31/2050 EUR 74.358
Irish Bank Resolutio 0.566 6/21/2016 EUR 0.500
Ukraine Government B 3.900 3/30/2023 USD 51.459
VTB Bank PJSC 7.600 04/02/2031 RUB 75.000
Green City Energy Kr 4.00012/30/2026 EUR 10.010
Cooperatieve Raboban 0.50010/30/2043 MXN 12.511
Hellas Telecommunica 8.50010/15/2013 EUR 0.834
Kingdom of Belgium G 0.459 7/23/2079 EUR 61.590
Banco Espirito Santo 6.875 7/15/2016 EUR 24.500
Mriya Agro Holding P 10.950 3/30/2016 USD 4.667
Norske Skogindustrie 2.00012/30/2115 EUR 0.113
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Saleza AS 9.000 07/12/2021 EUR 0.203
CRC Breeze Finance S 6.110 05/08/2026 EUR 31.538
Republic of Ireland 0.74011/27/2120 EUR 64.273
Erste Group Bank AG 4.50010/15/2022 EUR 63.500
Credit Suisse Intern 9.500 3/24/2026 UAH 67.720
DZ Bank AG Deutsche 16.700 3/25/2022 EUR 31.980
Ukraine Government I 7.750 09/01/2027 USD 36.777
Lloyds Bank PLC 0.352 4/26/2033 USD 67.427
Russian Foreign Bond 5.875 9/16/2043 USD 40.000
UBS AG/London 13.250 05/04/2022 USD 35.850
State Transport Leas 7.440 5/14/2035 RUB 74.810
Stichting Afwikkelin 6.625 5/14/2018 EUR 5.375
Single Platform Inve 0.815 04/01/2042 EUR 74.578
MOL Hungarian Oil & 1.900 04/12/2031 HUF 64.900
Elli Finance UK PLC 8.750 6/15/2019 GBP 65.125
KTG Agrar SE 7.25010/15/2019 EUR 1.860
Societe Generale SA 7.310 5/22/2026 USD 67.750
Ukraine Government B 8.120 11/10/2035 UAH 41.901
Havila Shipping ASA 4.710 01/02/2025 NOK 40.000
Waste Italia SpA 10.50011/15/2019 EUR 0.550
Ukreximbank Via Biz 7.623 02/09/2023 USD 21.265
Alpine Holding GmbH 6.000 5/22/2017 EUR 3.084
Republic of Belarus 7.625 6/29/2027 USD 10.000
UkrLandFarming PLC 10.875 3/26/2018 USD 1.524
Region de Bruxelles- 0.444 3/19/2057 EUR 64.015
Andrade Gutierrez In 11.000 8/20/2021 USD 57.167
Societe Nationale SN 1.280 3/27/2120 EUR 69.252
Hema Bondco II BV 8.500 1/15/2023 EUR 0.113
RUSNANO AO 6.750 12/12/2023 RUB 71.120
Danske Bank A/S 5.300 7/15/2023 SEK 40.920
DekaBank Deutsche Gi 7.650 03/10/2023 EUR 41.240
Steilmann SE 7.000 03/09/2017 EUR 1.429
Moby SpA 7.750 2/15/2023 EUR 65.566
Joh Friedrich Behren 7.750 11/11/2020 EUR 29.500
Ukraine Government B 6.000 1/28/2032 UAH 37.943
UBS AG/London 9.750 3/17/2023 CHF 45.650
Bank Otkritie Financ 0.010 7/16/2025 RUB 70.000
OGX Austria GmbH 8.375 04/01/2022 USD 0.002
Alpine Holding GmbH 5.250 07/01/2015 EUR 3.084
Ukraine Government B 9.700 03/10/2032 UAH 52.835
NTRP Via Interpipe L 10.250 08/02/2017 USD 29.500
Deutsche Bank AG 0.687 10/11/2049 EUR 55.544
Zurcher Kantonalbank 6.000 2/13/2023 CHF 70.520
Bank Otkritie Financ 0.010 9/24/2025 RUB 68.990
UBS AG/London 19.250 11/07/2022 CHF 74.350
Van Lanschot Kempen 0.843 04/04/2024 EUR 100.800
Yell Bondco PLC 8.500 05/02/2023 GBP 60.177
BASF SE 1.025 8/13/2048 JPY 74.794
Societe Generale SA 6.820 5/18/2026 USD 66.900
Kardan NV 6.325 2/21/2021 ILS 12.900
Grupo Isolux Corsan 6.00012/30/2021 EUR 0.192
City of Lausanne Swi 0.230 11/01/2060 CHF 75.825
Lloyds Bank PLC 0.256 9/29/2034 USD 73.906
New World Resources 4.000 10/07/2020 EUR 0.574
German Pellets GmbH 7.250 07/09/2018 EUR 1.859
Erste Group Bank AG 7.250 03/03/2026 EUR 54.250
Societe Generale SA 7.00011/29/2024 USD 63.100
Ministeries Van de V 0.63411/19/2060 EUR 70.445
Bulgaria Steel Finan 12.000 05/04/2013 EUR 0.216
Aralco Finance SA 10.125 05/07/2020 USD 2.910
Espirito Santo Finan 5.05011/15/2025 EUR 0.287
Kingdom of Belgium G 0.650 6/22/2071 EUR 68.377
Krakowski Bank Spold 8.020 9/20/2023 PLN 70.010
TBI Bank EAD 5.250 7/30/2031 EUR 55.916
VTB Bank PJSC 10.000 RUB 67.000
Erste Group Bank AG 4.100 4/30/2022 EUR 63.600
Turkey Government In 4.875 4/16/2043 USD 69.638
Bank Julius Baer & C 13.250 01/05/2023 USD 54.250
Golden Gate AG 6.500 10/11/2014 EUR 33.000
Norske Skogindustrie 7.12510/15/2033 USD 0.010
Mriya Agro Holding P 9.450 4/19/2018 USD 4.667
Rena GmbH 7.00012/15/2015 EUR 2.096
Russian Foreign Bond 1.85011/20/2032 EUR 15.274
Caixa Economica Mont 5.000 EUR 50.020
Agrokor dd 9.125 02/01/2020 EUR 15.000
Stichting Afwikkelin 8.450 8/20/2018 USD 5.375
Futureal Development 3.50011/16/2036 HUF 74.000
Communaute Francaise 0.886 6/22/2057 EUR 74.500
Barclays Bank PLC 0.500 1/28/2033 MXN 35.259
CB First Investment 8.000 EUR 74.830
Cattles Ltd 8.125 07/05/2017 GBP 0.027
A-TEC Industries AG 5.750 11/02/2010 EUR 0.100
Alpine Holding GmbH 5.250 06/10/2016 EUR 3.084
Societe Nationale SN 1.400 5/18/2120 EUR 74.638
Region Wallonne Belg 0.850 1/26/2071 EUR 66.575
French Republic Gove 0.500 5/25/2072 EUR 64.799
Societe Generale SA 24.000 11/08/2024 USD 66.750
Zurcher Kantonalbank 21.250 10/04/2022 CHF 66.480
BNP Paribas Emission 10.00012/22/2022 EUR 72.280
Erotik-Abwicklungsge 7.750 07/09/2019 EUR 0.779
Ukraine Government I 7.750 09/01/2025 USD 37.125
Batigere Grand Est S 1.400 8/31/2050 EUR 73.383
Rio Forte Investment 4.000 7/22/2014 EUR 4.406
Steilmann SE 6.750 6/27/2017 EUR 2.184
Ukraine Government I 4.375 1/27/2030 EUR 35.695
Deutsche Bank AG 1.725 1/16/2045 EUR 72.435
Hell Energy Magyaror 2.70012/18/2029 HUF 69.200
Intelsat Jackson Hol 9.750 7/15/2025 USD 43.604
Veragold Mining Co G 5.00012/31/2022 EUR 56.000
State of Mecklenburg 0.23911/17/2070 EUR 71.823
Senvion Holding GmbH 3.87510/25/2022 EUR 0.177
International Bank o 8.250 10/09/2024 USD 60.375
Russian Federal Bond 6.100 7/18/2035 RUB 63.966
Quintet Private Bank 3.65011/13/2023 EUR
SiC Processing GmbH 7.125 03/01/2016 EUR 2.418
Turkey Government Bo 11.70011/13/2030 TRY 53.875
AlphaNotes ETP Dac 0.010 09/09/2029 USD 66.538
Hungary Government B 3.000 4/25/2041 HUF 67.790
Deutsche Bank AG/Lon 0.34811/26/2034 USD 65.899
Barclays Bank PLC 0.956 3/28/2033 USD 70.054
Green City Energy Kr 4.75012/30/2023 EUR 10.000
BNG Bank NV 10.010 6/17/2025 TRY 52.489
Specialfastigheter S 1.280 9/20/2049 SEK 75.056
Communaute Francaise 0.782 02/08/2061 EUR 69.287
EFG International Fi 9.800 06/07/2023 USD 72.990
Credit Suisse AG/Lon 5.200 8/17/2022 USD 9.860
RUSNANO AO 6.750 3/26/2024 RUB 72.300
OGX Austria GmbH 8.500 06/01/2018 USD 0.002
Republic of Austria 0.850 6/30/2120 EUR 66.763
Ukraine Government I 9.750 11/01/2028 USD 36.622
Steilmann SE 7.000 9/23/2018 EUR 1.429
JP Morgan Structured 11.00012/30/2026 ZMW 67.712
German Pellets GmbH 7.250 04/01/2016 EUR 1.859
Republic of Belarus 6.378 2/24/2031 USD 10.000
Sberbank of Russia P 0.010 10/05/2028 RUB 70.200
Depfa Funding II LP 6.500 EUR 61.844
A-TEC Industries AG 8.75010/27/2014 EUR 0.100
Development Bank of 6.750 05/02/2024 USD 10.276
Barclays Bank PLC 0.348 5/30/2034 USD 70.956
Ahtium PLC 4.00012/16/2015 EUR 0.586
Region de Bruxelles- 0.650 2/15/2061 EUR 70.426
DekaBank Deutsche Gi 5.970 02/09/2023 EUR 72.240
Ukraine Government I 7.750 09/01/2023 USD 46.230
Virgolino de Oliveir 11.750 02/09/2022 USD 0.500
Ukraine Government B 5.000 2/20/2032 UAH 33.754
Veneto Banca SpA 6.411 EUR 0.345
Russian Foreign Bond 4.375 3/21/2029 USD 15.000
Erste Group Bank AG 6.250 8/31/2022 EUR 60.300
Lehman Brothers Trea 1.000 10/05/2035 EUR 0.100
State of Lower Austr 0.55011/13/2080 EUR 72.053
Solon SE 1.375 12/06/2012 EUR 0.745
LSF9 Balta Issuer SA 3.00012/31/2030 EUR 71.843
Corner Banca SA 8.000 06/08/2022 EUR 66.170
Deutsche Bank AG/Lon 13.750 6/20/2026 TRY 32.466
Pescanova SA 5.125 4/20/2017 EUR 0.319
Air Berlin Finance B 8.500 03/06/2019 EUR 0.377
Ukraine Government B 8.520 11/10/2033 UAH 45.596
Deutsche Bank AG/Lon 1.62510/31/2034 USD 67.597
Russian Federal Bond 7.700 3/23/2033 RUB 73.533
Credit Suisse AG/Lon 6.500 3/28/2022 USD 3.731
Russian Federal Bond 7.700 3/16/2039 RUB 70.286
Ukraine Government B 8.310 11/10/2034 UAH 43.614
Virgolino de Oliveir 10.875 1/13/2020 USD 36.000
Dolphin Drilling ASA 4.490 8/28/2019 NOK 0.644
SAir Group 4.250 02/02/2007 CHF 12.625
Republic of Belarus 6.875 2/28/2023 USD 11.000
Credito Padano Banca 3.100 EUR 33.729
Pannon Work Szemelyz 3.00010/30/2030 HUF 73.550
VEB.RF GK 7.27011/17/2026 RUB 73.430
Virgolino de Oliveir 10.500 1/28/2018 USD 0.455
Spain Government Bon 1.45010/31/2071 EUR 74.156
Stichting Afwikkelin 2.197 EUR 0.502
Windreich GmbH 6.250 03/01/2015 EUR 4.475
Ukraine Government B 9.780 05/10/2029 UAH 59.029
Republic of Belarus 6.200 2/28/2030 USD 10.000
WPE International Co 10.375 9/30/2020 USD 5.000
Societe Generale SA 5.000 01/10/2023 USD 43.330
Credit Suisse AG/Lon 5.500 7/26/2023 USD 9.400
Credit Suisse AG/Lon 20.000 11/05/2024 USD 50.500
Credit Suisse AG/Lon 13.000 6/16/2022 CHF 67.790
BNP Paribas Emission 3.000 3/24/2022 EUR 71.300
Single Platform Inve 1.850 2/15/2041 NOK 75.686
Slovenia Government 0.48810/20/2050 EUR 72.062
Region de Bruxelles- 0.56212/23/2065 EUR 63.786
Ukraine Government B 6.000 8/28/2030 UAH 41.325
Ukraine Government B 8.750 4/20/2033 UAH 47.276
Single Platform Inve 0.559 2/15/2047 EUR 70.116
Cooperatieve Raboban 0.500 1/31/2033 MXN 37.064
Sairgroup Finance BV 6.625 10/06/2010 EUR 1.568
Region Wallonne Belg 1.150 09/02/2120 EUR 69.500
Peine GmbH 2.000 07/05/2023 EUR 44.500
Credit Suisse AG/Lon 4.450 6/28/2023 USD 8.890
Raiffeisen Switzerla 4.000 8/30/2022 CHF 30.370
WEB Windenergie AG 4.500 EUR 0.010
RUSAL Bratsk OJSC 0.010 04/07/2026 RUB 68.520
Ukraine Government B 6.00010/23/2024 UAH 72.148
Vontobel Financial P 18.000 6/24/2022 EUR 65.750
EFG International Fi 10.600 8/23/2023 EUR 65.710
Credit Suisse AG/Lon 20.00011/29/2024 USD 12.630
Norske Skog Holding 8.000 2/24/2021 EUR 0.006
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
getgoods.de AG 7.750 10/02/2017 EUR 0.527
Getin Noble Bank SA 8.040 8/30/2024 PLN 68.619
Leonteq Securities A 6.770 5/27/2022 USD 45.610
Corner Banca SA 6.600 08/02/2022 CHF 23.920
GTC Magyarorszag Zrt 2.250 12/07/2030 HUF 74.390
Russian Federal Bond 5.700 5/17/2028 RUB 70.603
Vontobel Financial P 13.500 9/23/2022 EUR 67.850
Russian Federal Bond 6.000 10/06/2027 RUB 73.750
Pongs & Zahn AG 8.500 11/01/2014 EUR 0.100
Norske Skog Holding 8.000 2/24/2023 USD 0.006
Ukraine Government B 9.980 03/06/2030 UAH 57.748
Solarwatt GmbH 7.000 11/01/2015 EUR 15.500
Ukraine Government I 6.750 6/20/2026 EUR 36.527
Premium Green PLC 0.60010/31/2046 EUR 61.898
Credit Suisse AG/Lon 8.500 09/09/2022 EUR 72.580
Luzerner Kantonalban 23.000 06/07/2022 CHF 28.920
UniCredit Bank AG 6.600 7/20/2028 EUR 47.810
Mostotrest PJSC 0.010 7/29/2026 RUB 49.400
Vontobel Financial P 9.00012/23/2022 EUR 71.670
Alrosa PJSC 5.750 05/10/2030 RUB 75.000
Pervyi Konteinernyi 5.000 12/09/2025 RUB 72.050
Leonteq Securities A 2.750 9/15/2022 CHF 57.620
Alno AG 8.000 3/21/2019 EUR 15.000
Russian Foreign Bond 4.875 9/16/2023 USD 48.905
BrokerCreditService 1.514 12/06/2031 USD 73.854
Mriya Agro Holding P 10.950 3/30/2016 USD 4.667
Windreich GmbH 6.750 03/01/2015 EUR 4.475
Region de Bruxelles- 0.55612/23/2064 EUR 64.163
Ukraine Government B 9.700 12/08/2032 UAH 51.715
Ukraine Government B 8.630 05/10/2033 UAH 46.691
Agrokor dd 8.875 02/01/2020 USD 15.000
Societe Generale SA 24.000 8/30/2024 USD 66.550
UBS AG/London 14.000 07/07/2022 USD 48.250
Vontobel Financial P 5.00012/23/2022 EUR 73.860
Banque Cantonale Vau 22.200 08/02/2022 CHF 71.260
RUSNANO AO 8.860 3/27/2028 RUB 75.000
Sberbank of Russia P 0.010 12/05/2024 RUB 60.760
Resa SA/Belgium 1.950 7/22/2036 EUR 50.010
Russian Federal Bond 7.650 04/10/2030 RUB 74.337
Rosselkhozbank JSC 21.600 7/15/2025 RUB 60.360
SAir Group 5.500 7/23/2003 CHF 12.625
Credit Agricole Corp 15.700 10/07/2026 TRY 62.846
Ahtium PLC 9.750 04/04/2017 EUR 0.726
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Credit Agricole Corp 10.200 08/06/2026 TRY 51.086
Deutsche Agrar Holdi 7.250 9/28/2018 EUR 0.735
Skandinaviska Enskil 8.600 7/17/2023 SEK 67.260
EFG International Fi 18.00010/20/2022 CHF 69.410
Vontobel Financial P 7.50012/23/2022 USD 77.980
BNP Paribas Issuance 5.000 11/05/2024 EUR 32.130
Pervyi Konteinernyi 0.010 02/06/2026 RUB 51.740
Societe Generale SA 10.00011/30/2022 USD 67.400
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.816
Ukraine Government B 10.570 05/10/2027 UAH 68.328
Single Platform Inve 0.419 2/15/2040 EUR 74.064
Portugal Telecom Int 5.242 11/06/2017 EUR 0.694
Hungary Government B 3.00010/27/2038 HUF 70.426
Nostrum Oil & Gas Fi 7.000 2/16/2025 USD 27.152
Privatbank CJSC Via 10.875 2/28/2018 USD 8.000
Russian Federal Bond 6.900 5/23/2029 RUB 73.055
Agrokor dd 9.875 05/01/2019 EUR 15.000
Ukraine Government B 8.750 11/10/2032 UAH 47.876
Region Wallonne Belg 1.222 6/24/2080 EUR 73.572
Hema Bondco II BV 8.500 1/15/2023 EUR 0.113
Commerzbank AG 0.06011/19/2029 EUR 70.954
Republic of Belarus 6.875 2/28/2023 USD 7.849
Hungary Government B 4.000 4/28/2051 HUF 72.733
Norske Skogindustrie 2.00012/30/2115 EUR 0.113
DekaBank Deutsche Gi 5.600 4/25/2022 EUR 70.240
Hunland Feed Kft 2.880 7/21/2031 HUF 74.250
SG Issuer SA 8.120 7/20/2023 SEK 71.140
Leonteq Securities A 8.510 5/27/2022 USD 34.700
Landesbank Baden-Wue 6.75011/25/2022 EUR 59.270
VTB Bank PJSC 0.010 10/04/2022 RUB 70.000
UBS AG/London 7.000 1/26/2024 USD 73.800
UBS AG/London 0.120 5/25/2040 MXN 14.554
Veneto Banca SpA 6.950 2/25/2025 EUR 0.571
La Veggia Finance SA 7.12511/14/2004 EUR 0.287
Norske Skogindustrie 7.12510/15/2033 USD 0.010
Single Platform Inve 0.428 2/15/2040 EUR 75.079
Deutsche Bank AG/Lon 1.796 6/30/2034 USD 65.449
Cooperatieve Raboban 0.50012/29/2027 MXN 59.533
Republic of Austria 0.700 4/20/2071 EUR 76.895
Aralco Finance SA 10.125 05/07/2020 USD 2.910
Credito Padano Banca 3.100 EUR 33.530
Turkiye Ihracat Kred 12.540 9/14/2028 TRY 46.366
Citigroup Global Mar 12.37911/13/2023 SEK 58.860
BNP Paribas Emission 8.000 6/23/2022 EUR 49.350
Axial Javito Kereske 2.000 9/23/2030 HUF 68.377
DekaBank Deutsche Gi 7.050 4/28/2023 EUR 63.050
SALVATOR Vermoegensv 9.500 EUR 7.600
Lloyds Bank PLC 1.83610/25/2033 USD 69.269
Ukraine Government B 9.700 12/08/2027 UAH 63.346
Ukraine Government B 6.000 1/22/2031 UAH 40.245
BPCE SA 2.250 3/13/2040 AUD 71.728
Lehman Brothers Trea 2.875 3/14/2013 CHF 0.100
Pescanova SA 6.750 03/05/2015 EUR 0.319
Ukraine Government I 6.876 5/21/2029 USD 35.416
Vontobel Financial P 22.000 3/25/2022 EUR 57.330
EFG International Fi 9.000 06/07/2023 EUR 75.900
VEB.RF GK 6.590 06/10/2027 RUB 71.220
Societe Generale Eff 5.000 5/27/2022 EUR 77.300
DZ Bank AG Deutsche 11.680 8/26/2022 EUR 66.830
UniCredit Bank AG 23.50010/28/2022 EUR 77.300
Zalaco Sutoipari zrt 3.500 7/24/2030 HUF 75.563
Gold-Zack AG 7.00012/14/2005 EUR 1.521
Green City Energy Kr 5.75012/30/2033 EUR 9.000
Kingdom of Belgium G 0.558 9/24/2077 EUR 65.770
Kreditanstalt fuer W 0.250 10/06/2036 CAD 51.097
Ukraine Government B 9.990 12/10/2031 UAH 54.351
Officine Maccaferri- 5.750 06/01/2021 EUR 16.372
Region de Bruxelles- 0.731 8/25/2060 EUR 71.381
Mox Telecom AG 7.250 11/02/2017 EUR 2.270
Ville de Paris 0.760 5/25/2066 EUR 74.251
SecurAsset SA 5.250 6/30/2022 EUR 28.420
UBS AG/London 12.25011/18/2022 EUR 46.150
Rosselkhozbank JSC 9.000 RUB 73.090
UBS AG/London 8.250 07/07/2022 CHF 67.050
Credit Suisse AG/Lon 7.500 3/24/2022 CHF 66.200
Epito-Es Epuletkarba 3.000 11/11/2030 HUF 73.600
Bank J Safra Sarasin 12.750 04/06/2022 CHF 68.600
Bank Julius Baer & C 12.600 04/04/2022 EUR 66.950
EFG International Fi 8.000 06/10/2022 CHF 68.180
JP Morgan Structured 12.000 01/04/2027 ZMW
EFG International Fi 10.000 9/20/2023 USD 64.790
Zurcher Kantonalbank 9.00012/30/2022 CHF 68.780
Szinorg Universal zr 3.000 5/15/2030 HUF 72.058
Norske Skog Holding 8.000 2/24/2023 USD 0.006
Single Platform Inve 1.860 2/15/2041 NOK 76.012
SAG Solarstrom AG 7.500 07/10/2017 EUR 31.000
Takarek Mortgage Ban 3.00010/22/2031 HUF 73.650
HSBC Bank PLC 10.300 12/10/2024 TRY 61.726
Ville de Paris 0.65011/25/2070 EUR 65.512
Region de Bruxelles- 0.845 9/30/2059 EUR 73.324
Getin Noble Bank SA 9.770 4/29/2024 PLN 62.869
Bulgaria Steel Finan 12.000 05/04/2013 EUR 0.216
Single Platform Inve 2.050 09/01/2044 NOK 75.734
Lloyds Bank PLC 0.500 7/26/2028 MXN 57.289
Credit Suisse AG/Lon 8.000 08/05/2022 EUR 66.640
Russian Foreign Bond 4.250 6/23/2027 USD 24.828
SG Issuer SA 0.263 2/20/2025 EUR 20.150
Danske Bank A/S 10.300 07/09/2023 SEK 11.600
UniCredit Bank AG 3.600 10/05/2022 EUR 53.320
Sberbank of Russia P 0.010 11/05/2025 RUB 69.400
Zurcher Kantonalbank 12.500 11/04/2022 CHF 72.800
Societe Generale SA 18.000 5/31/2024 USD 32.323
Banque International 15.000 01/05/2023 EUR 51.220
UBS AG/London 7.000 8/18/2022 USD 56.950
Sberbank of Russia P 0.010 8/25/2025 RUB 60.000
Centrosolar Group AG 7.000 2/15/2016 EUR 2.505
Societe Generale SA 1.323 1/31/2034 USD 72.643
Phosphorus Holdco PL 10.000 04/01/2019 GBP 1.500
Republic of Belarus 5.875 2/24/2026 USD 10.000
Sequa Petroleum NV 5.000 4/29/2020 USD 30.250
Ukraine Government B 6.000 9/18/2030 UAH 41.166
Ukraine Government B 6.00010/15/2031 UAH 38.546
Ukraine Government B 11.580 02/02/2028 UAH 68.989
LBI ehf 6.100 8/25/2011 USD 10.631
Ukraine Government B 8.880 05/10/2032 UAH 49.173
Republic of Ireland 1.200 4/15/2120 EUR 72.697
Agrokor dd Via Aquar 4.921 08/08/2017 EUR 14.625
Rena GmbH 8.250 07/11/2018 EUR 2.096
Skandinaviska Enskil 8.300 7/17/2023 SEK 66.890
Sberbank of Russia P 0.010 2/27/2025 RUB 73.800
UBS AG/London 13.500 4/29/2024 USD 43.770
Sberbank of Russia P 0.010 3/26/2024 RUB 53.450
Banque Cantonale Vau 20.650 8/22/2022 CHF 74.110
Luzerner Kantonalban 23.100 8/15/2022 CHF 52.710
Citigroup Global Mar 13.20012/18/2023 SEK 61.630
Vontobel Financial P 15.50012/23/2022 EUR 66.880
Leonteq Securities A 14.000 02/01/2023 USD 68.940
Leonteq Securities A 27.800 4/22/2022 CHF 47.120
Bank Vontobel AG 8.758 06/02/2022 CHF 46.300
Golfino AG 8.00011/18/2023 EUR 0.020
EFG International Fi 11.12012/27/2024 EUR 29.510
Sberbank of Russia P 0.010 10/04/2024 RUB 71.410
AKB Peresvet ZAO 0.510 6/23/2021 RUB 25.000
SG Issuer SA 6.760 7/20/2024 SEK 77.800
Sberbank of Russia P 0.010 8/25/2025 RUB 73.300
PA Resources AB 13.500 03/03/2016 SEK 0.124
Deutsche Bank AG/Lon 0.500 04/05/2038 MXN 23.794
Lehman Brothers Trea 2.000 3/16/2035 EUR 0.100
United Kingdom Gilt 0.62510/22/2050 GBP 75.422
HSBC Bank PLC 0.50011/25/2025 BRL 63.423
Ukraine Government B 6.000 10/11/2028 UAH 47.608
Espirito Santo Finan 5.05011/15/2025 EUR 0.287
Ukraine Government B 9.700 06/02/2032 UAH 52.436
Ukraine Government B 9.700 8/25/2032 UAH 52.157
Ukraine Government B 9.980 04/10/2030 UAH 58.468
Ukraine Government B 8.220 05/10/2035 UAH 42.761
SAir Group 0.125 07/07/2005 CHF 12.625
New World Resources 4.000 10/07/2020 EUR 0.574
New World Resources 8.000 04/07/2020 EUR 0.506
Irish Bank Resolutio 4.000 4/23/2018 EUR 33.250
Bank Julius Baer & C 22.500 05/03/2022 CHF 58.200
Leonteq Securities A 11.000 9/15/2022 CHF 46.520
Sberbank of Russia P 0.010 12/05/2025 RUB 73.700
Bank Vontobel AG 10.009 10/03/2022 EUR 68.900
BNP Paribas Issuance 11.840 04/04/2022 EUR 70.220
Skandinaviska Enskil 7.600 1/15/2024 SEK 75.760
Zurcher Kantonalbank 21.75010/21/2022 CHF 58.530
DekaBank Deutsche Gi 11.20012/23/2022 EUR 60.880
Green City Energy Kr 5.00012/31/2036 EUR 9.000
Sberbank of Russia P 0.010 5/28/2024 RUB 61.200
Mifa Mitteldeutsche 7.500 08/12/2018 EUR 2.270
BOA Offshore AS 0.409 7/17/2047 NOK 5.248
Bilt Paper BV 10.360 USD 1.071
Pescanova SA 8.750 2/17/2019 EUR 0.319
Virgolino de Oliveir 10.875 1/13/2020 USD 36.000
SAir Group 6.250 04/12/2005 CHF 12.625
Communaute Francaise 0.749 9/16/2080 EUR 75.603
Rio Forte Investment 3.900 07/10/2014 USD 4.852
Vontobel Financial P 16.500 3/25/2022 EUR 56.040
Sberbank of Russia P 0.010 05/07/2025 RUB 74.400
ENVIEN Magyarorszag 2.500 5/18/2031 HUF 74.870
Danske Bank A/S 8.050 07/09/2023 SEK 71.260
Bank Julius Baer & C 10.150 4/25/2022 USD 45.400
Sberbank of Russia P 0.01012/21/2026 RUB 70.000
Bank Julius Baer & C 8.800 5/23/2022 CHF 59.950
Wingholding Zrt 3.000 9/22/2031 HUF 69.200
JP Morgan Structured 12.000 8/28/2026 ZMW 71.835
Leonteq Securities A 8.000 6/13/2023 USD 20.440
UBS AG/London 7.25010/21/2022 EUR 73.700
DZ Bank AG Deutsche 22.700 6/24/2022 EUR 65.870
Stelius Befektetoe Z 3.100 9/17/2030 HUF 74.500
Sberbank of Russia P 0.100 12/05/2024 RUB 64.850
DZ Bank AG Deutsche 19.400 3/25/2022 EUR 42.790
Banco Espirito Santo 10.000 12/06/2021 EUR 0.388
Ukraine Government B 12.500 4/27/2029 UAH 68.931
Lehman Brothers Trea 8.000 4/20/2009 EUR 0.100
Societe Generale SA 5.40011/17/2037 USD 74.831
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
Ukraine Government B 6.000 4/23/2031 UAH 39.631
Ukraine Government B 8.420 05/10/2034 UAH 44.606
Cooperatieve Raboban 0.50011/30/2027 MXN 60.236
Lehman Brothers Trea 10.44211/22/2008 CHF 0.100
Credit Agricole Corp 9.450 03/08/2027 TRY 46.425
Kingdom of Belgium G 0.675 07/07/2080 EUR 69.658
Skandinaviska Enskil 9.500 7/17/2023 SEK 68.400
Citigroup Global Mar 12.000 2/13/2024 SEK 72.410
Leonteq Securities A 10.000 03/01/2023 USD 62.130
EFG International Fi 9.800 6/21/2023 EUR 49.930
JD Capital PLC 5.000 5/21/2028 EUR 70.000
Credit Suisse AG/Lon 16.30012/26/2023 USD 55.920
Vontobel Financial P 5.500 6/17/2022 USD 47.380
Credit Suisse AG/Lon 9.500 04/01/2022 EUR 66.560
Leonteq Securities A 8.380 7/20/2022 CHF 55.970
Danske Bank A/S 7.470 07/09/2023 SEK 77.460
Corner Banca SA 13.68010/28/2022 EUR 61.880
Leonteq Securities A 20.400 1/18/2023 CHF 76.450
Bank Vontobel AG 24.000 08/09/2022 CHF 42.800
EFG International Fi 11.000 06/10/2022 USD 46.790
Skandinaviska Enskil 8.520 1/15/2024 SEK 77.450
Societe Generale Eff 4.00011/22/2022 USD 75.210
Credit Suisse AG/Lon 14.000 6/16/2022 USD 67.650
UBS AG/London 10.250 9/19/2022 CHF 68.550
Luzerner Kantonalban 22.620 6/20/2022 CHF 39.230
State of Saxony-Anha 0.773 07/03/2028 EUR 60.000
Skandinaviska Enskil 6.500 1/15/2024 SEK 73.850
Sberbank of Russia P 0.010 11/07/2024 RUB 64.000
Sberbank of Russia P 0.010 8/20/2025 RUB 61.300
Russian Foreign Bond 12.750 6/24/2028 USD 45.207
Purple Protected Ass 1.580 5/25/2060 EUR 59.397
Lehman Brothers Trea 3.82010/20/2009 USD 0.100
Cie DU Chemin de Fer 0.28011/29/2052 CHF 62.852
Ukraine Government B 9.790 5/14/2031 UAH 54.527
Ukraine Government B 9.760 7/23/2031 UAH 54.080
Ukraine Government B 10.360 11/10/2027 UAH 65.773
ECM Real Estate Inve 5.000 10/09/2011 EUR 15.375
BPCE SA 2.250 3/13/2040 AUD 71.318
Purple Protected Ass 1.600 09/08/2056 EUR 74.639
Luminis SA 1.800 09/02/2059 EUR 58.851
Leonteq Securities A 24.360 9/13/2022 CHF 42.850
Credit Suisse AG/Lon 4.180 9/14/2022 USD 9.660
Leonteq Securities A 7.500 6/28/2022 CHF 67.450
Credit Suisse AG/Lon 10.000 3/28/2022 CHF 69.670
Credit Suisse AG/Lon 8.00010/14/2022 EUR 69.550
Sberbank of Russia P 0.010 08/07/2025 RUB 70.800
Credit Suisse AG/Lon 8.450 06/07/2023 USD 9.770
Raiffeisen Centroban 10.000 3/24/2023 EUR 56.660
Credit Suisse AG/Lon 4.600 11/09/2022 USD 9.653
Raiffeisen Schweiz G 16.000 7/19/2022 EUR 69.210
DZ Bank AG Deutsche 4.000 6/24/2022 EUR 71.360
Vontobel Financial P 7.350 6/15/2022 USD 55.660
EFG International Fi 7.000 4/20/2022 USD 53.890
Raiffeisen Schweiz G 7.000 2/20/2023 CHF 76.280
Skandinaviska Enskil 5.800 1/15/2025 SEK 68.300
Republic of Bashkort 5.900 9/24/2025 RUB 73.100
Barclays Bank PLC 2.730 9/27/2024 EUR 49.200
RENE LEZARD Mode Gmb 7.25011/25/2017 EUR 0.110
Erste Group Bank AG 6.750 5/31/2024 EUR 66.600
Raiffeisen Schweiz G 6.600 3/23/2022 CHF 63.400
Dr Wiesent Sozial gG 7.000 EUR 0.010
Societe Generale SA 5.05011/25/2036 USD 74.178
Ukraine Government I 7.375 9/25/2032 USD 34.926
Gebr Sanders GmbH & 8.75010/22/2018 EUR 9.375
KPNQwest NV 10.000 3/15/2012 EUR 0.453
Northland Resources 4.00010/15/2020 USD 0.271
Ministeries Van de V 0.60011/19/2055 EUR 72.594
Barclays Bank PLC 13.810 4/16/2024 TRY 72.254
Single Platform Inve 0.924 2/18/2049 EUR 72.279
Lehman Brothers Trea 2.000 5/17/2010 EUR 0.100
Ukraine Government B 9.700 10/06/2027 UAH 65.594
Ukraine Government B 9.610 10/11/2029 UAH 57.467
Metropole de Lyon 0.540 12/07/2050 EUR 74.859
Credit Agricole Corp 11.340 02/12/2026 TRY 56.614
Banca Popolare di Vi 9.500 10/02/2025 EUR 0.049
Air Berlin Finance B 6.000 03/06/2019 EUR 0.402
Credit Agricole Corp 14.280 11/05/2026 TRY 62.579
KPNQwest NV 7.125 06/01/2009 EUR 0.453
Waste Italia SpA 10.50011/15/2019 EUR 0.550
CDC Habitat SEM 0.814 2/15/2040 EUR 75.453
UniCredit Bank AG 4.150 7/26/2022 EUR 52.950
MetMax Europe Zrt 3.000 12/11/2030 HUF 73.800
Leonteq Securities A 10.00010/19/2022 CHF 79.400
Credit Suisse AG/Lon 11.000 4/19/2022 CHF 46.040
UniCredit Bank AG 3.350 6/14/2022 EUR 60.020
BNP Paribas Issuance 6.310 07/05/2023 SEK 76.230
Credit Suisse AG/Lon 11.000 3/28/2022 USD 35.320
BNP Paribas Issuance 7.980 1/20/2025 SEK 74.910
Sberbank of Russia P 0.010 3/27/2028 RUB 73.400
Sberbank of Russia P 0.010 11/05/2025 RUB 56.000
Leonteq Securities A 15.000 3/29/2022 CHF 58.140
Leonteq Securities A 4.000 08/10/2022 CHF 60.230
Credit Suisse AG/Lon 13.50012/14/2022 CHF 71.960
Societe Generale SA 3.900 3/23/2022 USD 0.350
Bank Julius Baer & C 21.150 08/09/2022 CHF 46.650
AutoWallis Nyrt 3.000 7/27/2031 HUF 72.000
Zurcher Kantonalbank 11.250 04/01/2022 CHF 64.410
Sberbank of Russia P 0.010 7/24/2028 RUB 72.700
EFG International Fi 10.600 06/01/2023 USD 72.320
Credit Suisse AG/Lon 16.000 6/27/2022 EUR 56.190
Russian Federal Bond 7.100 5/15/2041 RUB 67.972
UBS AG/London 8.25011/19/2026 EUR 61.460
EFG International Fi 9.100 9/20/2023 EUR 65.900
DekaBank Deutsche Gi 11.800 4/21/2022 EUR 74.390
Sberbank of Russia P 0.010 1/29/2025 RUB 58.220
SG Issuer SA 2.200 01/10/2025 EUR 72.690
Nordea Bank Abp 7.450 7/20/2024 SEK 77.280
SG Issuer SA 0.35011/15/2023 EUR 21.980
COFIDUR SA 0.10012/31/2024 EUR 24.050
Societe Generale SA 27.30010/20/2025 USD 33.650
Cerruti Finance SA 6.500 7/26/2004 EUR 2.058
Teksid Aluminum Luxe 12.375 7/15/2011 EUR 0.122
Ukraine Government B 9.800 04/02/2031 UAH 54.803
Ukraine Government B 11.570 03/01/2028 UAH 68.749
Single Platform Inve 0.745 2/15/2047 EUR 73.724
BPCE SA 2.285 12/03/2035 AUD 75.936
BPCE SA 2.255 03/12/2040 AUD 70.905
Heta Asset Resolutio 0.20712/31/2023 EUR 3.285
Polski Bank Spoldzie 8.270 9/14/2027 PLN 71.396
SG Issuer SA 0.100 06/11/2029 NZD 70.419
Hellas Telecommunica 8.50010/15/2013 EUR 0.834
Republic of Belarus 6.200 2/28/2030 USD 10.000
Norske Skogindustrie 7.00012/30/2026 EUR 0.010
Communaute Francaise 0.500 6/27/2046 EUR 75.356
KPNQwest NV 8.875 02/01/2008 EUR 0.453
Gazprom PJSC Via Gaz 2.250 7/19/2022 CHF 20.693
DZ Bank AG Deutsche 9.410 8/26/2022 EUR 33.140
SG Issuer SA 0.015 11/07/2033 EUR 71.040
EFG International Fi 17.000 9/15/2022 EUR 35.620
Credit Suisse AG/Lon 4.70011/30/2022 USD 9.583
Bank Julius Baer & C 14.500 4/20/2022 EUR 62.050
Sberbank of Russia P 0.01012/17/2025 RUB 73.600
Sberbank of Russia P 0.01012/17/2025 RUB 57.300
Leonteq Securities A 20.000 08/10/2022 CHF 50.760
Sberbank of Russia P 0.01011/26/2025 RUB 72.800
Sberbank of Russia P 0.01011/27/2025 RUB 56.800
SG Issuer SA 2.270 02/04/2032 EUR 72.730
Societe Generale SA 16.000 08/01/2024 USD 35.850
Societe Generale SA 16.000 08/01/2024 USD 47.500
Rosselkhozbank JSC 9.000 RUB 74.020
Sberbank of Russia P 0.01012/22/2025 RUB 73.200
Societe Generale SA 21.00011/30/2023 USD 18.300
Landesbank Baden-Wue 5.650 5/27/2022 EUR 47.420
Corner Banca SA 12.600 10/12/2022 EUR 69.160
Bank Vontobel AG 15.010 08/08/2022 USD 70.900
Vontobel Financial P 9.400 5/13/2022 EUR 47.780
Sberbank of Russia P 0.946 04/01/2025 RUB 72.400
Zurcher Kantonalbank 7.000 08/10/2022 USD 53.180
SG Issuer SA 1.500 1/24/2034 EUR 77.330
Societe Generale Eff 18.000 9/23/2022 EUR 72.270
UBS AG/London 18.50011/25/2022 USD 78.950
UBS AG/London 9.750 04/06/2023 USD 53.350
Bank Vontobel AG 20.000 9/26/2022 EUR 45.300
Credit Suisse AG/Lon 12.000 7/14/2022 USD 66.930
Leonteq Securities A 18.00012/27/2022 CHF 75.380
UBS AG/London 13.250 04/06/2023 USD 77.550
Societe Generale SA 6.000 05/09/2022 USD 2.120
EFG International Fi 13.000 8/24/2022 CHF 81.700
Bank Vontobel AG 22.300 08/02/2022 CHF 69.900
Societe Generale SA 20.00012/18/2025 USD 73.000
BrokerCreditService 14.000 09/09/2022 USD 45.000
UBS AG/London 7.250 12/09/2022 CHF 67.750
Raiffeisen Schweiz G 14.000 7/19/2022 USD 77.420
Raiffeisen Schweiz G 12.00010/19/2022 CHF 73.610
EFG International Fi 7.500 7/26/2022 USD 62.350
SG Issuer SA 7.700 1/20/2024 SEK 77.980
Societe Generale SA 16.000 8/30/2024 USD 46.250
Corner Banca SA 13.200 12/07/2022 CHF 53.920
Credit Suisse AG/Lon 8.50012/16/2022 CHF 65.410
Credit Suisse AG/Lon 8.00012/19/2022 CHF 72.660
EFG International Fi 6.500 4/26/2023 USD 35.490
EFG International Fi 11.410 4/26/2022 EUR 78.730
Nordea Bank Abp 7.100 7/20/2024 SEK 76.100
Nordea Bank Abp 9.000 7/20/2024 SEK 75.050
Sberbank of Russia P 0.010 03/06/2028 RUB 73.200
Bank Vontobel AG 7.254 9/19/2022 CHF 63.300
Zurcher Kantonalbank 15.200 9/21/2022 USD 38.920
Bank Julius Baer & C 14.300 02/08/2023 CHF 75.450
DeltaCredit Bank JSC 1.00010/20/2025 RUB 60.000
Barclays Bank PLC 0.433 3/14/2023 USD
Skandinaviska Enskil 6.400 1/15/2025 SEK 61.730
SG Issuer SA 6.130 1/20/2024 SEK 75.750
Leonteq Securities A 9.000 6/13/2023 CHF 75.160
EFG International Fi 9.65012/23/2024 EUR 64.520
Nordea Bank Abp 5.813 7/20/2024 SEK 73.380
Muehl Product & Serv 6.750 03/10/2005 DEM 0.104
Raiffeisen Schweiz G 10.00012/31/2024 CHF 67.470
Skandinaviska Enskil 5.750 1/15/2025 SEK 68.180
Societe Generale SA 18.000 11/02/2023 USD 41.130
Sberbank of Russia P 0.010 10/06/2025 RUB 73.700
VTB Bank PJSC 0.010 8/15/2023 RUB 55.900
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.500
Credit Agricole Corp 2.480 8/18/2050 USD 75.656
Barclays Bank PLC 1.59612/23/2033 USD 74.908
Natixis SA 0.300 6/25/2048 USD 39.222
Single Platform Inve 0.462 2/15/2040 EUR 75.552
Barclays Bank PLC 0.836 4/25/2034 USD 69.918
Minicentrales Dos SA 0.010 06/06/2047 EUR 59.125
Purple Protected Ass 1.48011/30/2060 EUR 61.751
Single Platform Inve 0.751 11/06/2047 EUR 72.633
Credit Suisse AG 0.50012/16/2025 BRL 63.270
Ukraine Government B 9.700 12/06/2028 UAH 59.974
Region de Bruxelles- 0.453 12/07/2055 EUR 68.659
Societe Wallonne de 0.94810/23/2051 EUR 71.642
Societe Wallonne de 0.90410/23/2047 EUR 71.944
Ukraine Government B 6.000 06/12/2030 UAH 41.883
Lehman Brothers Trea 7.50010/24/2008 USD 0.100
Irish Bank Resolutio 6.75011/30/2013 BGN 33.250
LBI ehf 7.431 USD 0.001
Ukraine Government B 10.710 4/26/2028 UAH 65.362
Ukraine Government B 6.000 1/14/2026 UAH 62.534
Region de Bruxelles- 0.45012/22/2056 EUR 67.521
Thomas Cook Finance 3.875 7/15/2023 EUR 0.522
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
SAir Group 2.125 11/04/2004 CHF 12.625
BNP Paribas SA 1.000 1/23/2040 MXN 21.488
Societe Generale SA 2.696 6/30/2035 USD 71.716
KPNQwest NV 7.125 06/01/2009 EUR 0.453
Astana Finance BV 7.875 06/08/2010 EUR 16.000
Lukoil International 4.563 4/24/2023 USD 48.492
Ukraine Government I 8.994 02/01/2024 USD 39.083
Mriya Agro Holding P 9.450 4/19/2018 USD 4.667
Communaute Francaise 1.000 10/08/2069 EUR 70.329
Northland Resources 15.000 7/15/2019 USD 2.621
Espirito Santo Finan 5.125 5/30/2016 EUR 0.528
Lehman Brothers Trea 7.320 7/31/2013 GBP 0.100
Lehman Brothers Trea 8.280 7/31/2013 GBP 0.100
Reso-Leasing OOO 7.500 06/02/2024 RUB 59.510
Leonteq Securities A 22.770 8/30/2022 CHF 46.860
Sberbank of Russia P 0.010 2/27/2024 RUB 71.600
Sberbank of Russia P 0.010 03/06/2025 RUB 71.000
Bank Vontobel AG 12.508 9/26/2022 CHF 62.000
UBS AG/London 16.750 3/31/2022 CHF 39.950
VTB Bank PJSC 0.010 3/21/2023 RUB 59.000
Sberbank of Russia P 0.01011/20/2025 RUB 73.700
Vasutvillamosito Kft 3.000 02/03/2031 HUF 73.200
UBS AG/London 10.50010/28/2022 USD 73.150
UBS AG/London 12.250 3/24/2022 CHF 41.400
Credit Suisse AG/Lon 11.20011/14/2022 CHF 64.380
Leonteq Securities A 24.020 6/29/2022 CHF 51.360
Sberbank of Russia P 0.010 7/24/2025 RUB 73.400
Sberbank of Russia P 0.010 08/12/2025 RUB 71.900
Societe Generale SA 6.000 06/06/2022 USD 0.040
DZ Bank AG Deutsche 10.750 6/22/2022 EUR 61.090
Societe Generale SA 8.600 7/29/2022 USD 49.600
Zurcher Kantonalbank 15.500 11/08/2022 USD 78.350
Zurcher Kantonalbank 20.500 9/13/2022 CHF 46.550
Russian Foreign Bond 2.650 5/27/2036 EUR 12.662
UBS AG/London 4.500 07/01/2024 CHF 72.500
Corner Banca SA 15.400 4/26/2022 CHF 62.140
Leonteq Securities A 21.100 4/21/2022 CHF 45.590
Raiffeisen Schweiz G 12.000 01/04/2023 CHF 48.790
Aranynektar Termekgy 3.500 04/03/2030 HUF 65.682
Sberbank of Russia P 1.055 4/15/2024 RUB 72.100
Sberbank of Russia P 0.010 10/06/2025 RUB 67.700
Sberbank of Russia P 0.010 10/07/2025 RUB 56.300
Credit Suisse AG/Lon 6.000 06/07/2022 CHF 74.910
OOO SPV Structural I 0.010 09/01/2023 RUB 66.740
Sberbank of Russia P 1.20312/18/2024 RUB 59.100
Pick Szeged Szalamig 2.000 12/06/2029 HUF 92.300
Sberbank of Russia P 0.010 1/27/2025 RUB 63.710
Pannonia Bio Ltd 2.400 9/18/2029 HUF 74.020
DeltaCredit Bank JSC 1.000 5/18/2026 RUB 55.280
Credit Agricole Corp 15.000 6/18/2026 TRY 65.148
Thomas Cook Group PL 6.250 6/15/2022 EUR 0.510
Lehman Brothers Trea 2.370 7/15/2013 USD 0.100
Credit Agricole Corp 11.640 3/24/2027 TRY 52.759
Barclays Bank PLC 1.645 06/03/2041 USD 75.170
Ukraine Government B 6.00011/20/2024 UAH 71.480
Ukraine Government B 12.500 10/12/2029 UAH 67.990
Veneto Banca SpA 6.944 5/15/2025 EUR 0.571
Credit Agricole Corp 10.800 3/24/2026 TRY 54.348
Ukraine Government I 7.750 09/01/2025 USD 37.421
Ukraine Government B 9.910 08/07/2030 UAH 56.526
Ukraine Government B 6.00011/28/2029 UAH 43.511
Ukraine Government B 9.820 02/12/2031 UAH 55.140
Credit Agricole Corp 11.190 1/15/2026 TRY 56.354
Intelsat SA 4.500 6/15/2025 USD 9.500
Societe Generale SA 4.404 3/31/2034 USD 72.303
Petromena ASA 10.85011/19/2018 USD 0.622
Hellas Telecommunica 6.054 1/15/2015 USD 0.001
Bibby Offshore Servi 7.500 6/15/2021 GBP 11.625
Credit Agricole Corp 10.500 2/16/2027 TRY 49.316
Credit Agricole Corp 15.000 7/14/2026 TRY 64.036
Credit Agricole Corp 6.000 2/26/2027 BRL 74.229
Barclays Bank PLC 0.500 10/01/2031 TRY 8.967
Communaute Francaise 0.750 02/04/2061 EUR 69.635
Societe Generale SA 2.480 7/17/2040 USD 70.380
Deutsche Bank AG/Lon 0.50010/18/2038 MXN 15.118
Barclays Bank PLC 7.830 7/26/2038 MXN 73.572
Deutsche Bank AG/Lon 2.00010/25/2023 TRY 57.792
Ukraine Government I 9.750 11/01/2028 USD 36.659
Ukraine Government I 8.994 02/01/2024 USD 39.093
Credit Agricole Corp 12.00011/17/2025 TRY 59.160
Cie Generale de Navi 0.35012/29/2056 CHF 73.093
BLT Finance BV 12.000 02/10/2015 USD 10.500
Credit Agricole Corp 15.000 6/18/2026 TRY 64.313
Skandinaviska Enskil 10.360 7/17/2023 SEK 74.810
Sberbank of Russia P 0.010 07/02/2025 RUB 73.900
Danske Bank A/S 9.430 07/09/2024 SEK 79.260
Raiffeisen Schweiz G 12.000 07/12/2022 CHF 64.980
Agrar Mezogazdasagi 2.900 8/24/2031 HUF 74.880
Bank Julius Baer & C 15.000 6/22/2022 CHF 60.750
Basler Kantonalbank 10.00012/16/2022 CHF 70.220
VTB Bank PJSC 0.01011/15/2022 RUB 62.000
Sberbank of Russia P 0.946 03/11/2025 RUB 62.800
Sberbank of Russia P 0.010 11/05/2025 RUB 73.700
Societe Generale SA 10.800 3/31/2026 USD 64.850
Bank Vontobel AG 20.504 05/12/2022 CHF 64.000
Corner Banca SA 19.000 04/12/2022 CHF 74.930
Bank Julius Baer & C 11.000 04/07/2022 USD 66.800
EFG International Fi 7.100 04/06/2022 EUR 64.110
Credit Suisse AG/Lon 8.000 04/12/2022 EUR 63.010
Leonteq Securities A 28.960 5/17/2022 CHF 62.470
Sberbank of Russia P 0.010 3/25/2025 RUB 70.000
Russian Federal Bond 5.900 03/12/2031 RUB 65.000
Raiffeisen Switzerla 12.000 9/22/2022 CHF 52.040
UBS AG/London 9.750 9/26/2022 CHF 65.850
Bank Julius Baer & C 9.250 05/11/2022 EUR 53.400
Erste Group Bank AG 10.000 3/31/2022 EUR 71.650
Credit Suisse AG/Lon 10.500 07/08/2022 EUR 36.420
UBS AG/London 8.500 03/08/2023 CHF 68.500
UBS AG/London 28.500 7/28/2022 USD 44.650
Sberbank of Russia P 0.010 7/29/2024 RUB 64.900
UniCredit Bank AG 4.400 04/12/2023 EUR 60.280
SG Issuer SA 19.750 11/08/2022 EUR
DekaBank Deutsche Gi 7.260 5/30/2022 EUR 72.500
Russian Foreign Bond 5.100 3/28/2035 USD 16.000
Zurcher Kantonalbank 8.000 4/22/2022 EUR 68.150
Leonteq Securities A 27.290 4/26/2022 CHF 33.660
SAir Group 5.125 03/01/2003 CHF 12.750
Vontobel Financial P 11.00012/23/2022 EUR 71.710
UBS AG/London 5.00012/15/2023 EUR 70.000
Progress Etteremhalo 3.000 9/18/2030 HUF 73.500
VTB Bank PJSC 0.010 9/13/2022 RUB 60.070
Rosselkhozbank JSC 5.450 2/13/2025 RUB 72.390
Sberbank of Russia P 0.010 8/21/2025 RUB 58.800
Sberbank of Russia P 1.055 5/13/2024 RUB 71.100
Sberbank of Russia P 0.010 02/06/2023 RUB 58.850
Sberbank of Russia P 1.054 7/16/2024 RUB 64.400
Ukraine Government I 7.750 09/01/2022 USD 48.845
Ukraine Government I 7.750 09/01/2024 USD 38.083
IT Holding Finance S 9.87511/15/2012 EUR 0.015
Barclays Bank PLC 3.800 9/30/2031 USD 65.926
Turkey Government Bo 11.000 2/24/2027 TRY 60.800
Astana Finance BV 9.00011/16/2011 USD 15.250
Ukraine Government I 7.750 09/01/2024 USD 38.144
Ukraine Government B 9.990 8/27/2031 UAH 54.871
Credit Agricole Corp 11.550 1/28/2026 TRY 55.276
Credit Agricole Corp 10.800 3/24/2026 TRY 50.964
Ukraine Government B 6.00011/26/2025 UAH 63.487
Ukraine Government B 6.000 11/12/2025 UAH 63.767
Credit Agricole SA 3.000 1/19/2041 AUD 73.000
Ukraine Government I 4.375 1/27/2030 EUR 35.721
Lehman Brothers Trea 11.000 07/04/2011 USD 0.100
Ukraine Government I 7.253 3/15/2033 USD 35.077
Turkey Government Bo 12.400 03/08/2028 TRY 62.400
Barclays Bank PLC 1.450 9/24/2038 MXN 29.698
Ukraine Government I 6.750 6/20/2026 EUR 36.333
SAir Group 2.750 7/30/2004 CHF 12.625
Cooperatieve Raboban 0.500 8/21/2028 MXN 56.515
Ukraine Government I 6.876 5/21/2029 USD 35.375
Espirito Santo Finan 0.48110/27/2024 EUR 0.297
Leonteq Securities A 2.500 06/05/2024 EUR 70.420
Skandinaviska Enskil 9.020 7/17/2023 SEK 67.040
SG Issuer SA 4.000 6/22/2026 EUR 73.410
Landesbank Baden-Wue 3.000 9/23/2022 EUR 61.760
SG Issuer SA 11.170 7/20/2025 SEK 41.550
UniCredit Bank AG 4.200 7/26/2022 EUR 28.710
UniCredit Bank AG 4.450 7/23/2022 EUR 47.930
UniCredit Bank AG 3.650 7/23/2022 EUR 46.840
Landesbank Baden-Wue 2.500 8/25/2023 EUR 67.420
Landesbank Baden-Wue 2.300 9/23/2022 EUR 73.610
Landesbank Baden-Wue 3.050 9/23/2022 EUR 60.460
SG Issuer SA 8.300 7/21/2025 SEK 61.320
EFG International Fi 6.100 05/11/2023 USD 46.400
Credit Suisse AG/Lon 8.250 05/05/2022 USD 46.080
Banque Cantonale Vau 10.600 05/05/2022 CHF 67.610
Bank Vontobel AG 7.007 11/02/2022 CHF 67.400
Leonteq Securities A 22.080 05/06/2022 CHF 38.330
Vontobel Financial P 11.500 6/24/2022 EUR 69.710
Credit Suisse AG/Lon 8.000 08/03/2022 CHF 44.700
Zurcher Kantonalbank 9.000 05/11/2022 CHF 71.810
Vontobel Financial P 15.750 08/03/2022 EUR 38.210
Vontobel Financial P 19.000 6/24/2022 EUR 58.640
Vontobel Financial P 15.000 6/24/2022 EUR 63.250
Bank Julius Baer & C 8.250 05/04/2022 CHF 67.550
Vontobel Financial P 17.750 3/25/2022 EUR 43.170
Vontobel Financial P 17.000 6/24/2022 EUR 72.660
Vontobel Financial P 11.000 6/24/2022 EUR 69.120
Vontobel Financial P 15.000 6/24/2022 EUR 75.120
Bank Vontobel AG 11.00610/31/2022 CHF 76.400
Bank Vontobel AG 8.50310/31/2022 CHF 75.800
UBS AG/London 13.000 05/06/2024 USD 42.500
UBS AG/London 12.750 11/07/2022 USD 41.750
UBS AG/London 10.250 11/07/2022 CHF 70.850
UBS AG/London 19.750 05/05/2022 USD 51.500
Zurcher Kantonalbank 21.500 05/12/2022 USD 51.920
UBS AG/London 14.000 05/05/2022 CHF 32.100
Bank Vontobel AG 9.00610/31/2022 CHF 43.200
UBS AG/London 14.500 11/07/2022 CHF 55.600
EFG International Fi 6.500 4/20/2022 CHF 52.300
Vontobel Financial P 9.500 6/24/2022 EUR 67.790
EFG International Fi 5.500 4/20/2022 USD 57.870
DZ Bank AG Deutsche 10.000 3/23/2022 EUR 61.440
DZ Bank AG Deutsche 10.000 6/22/2022 EUR 61.700
DZ Bank AG Deutsche 5.250 6/22/2022 EUR 71.130
DZ Bank AG Deutsche 9.000 6/22/2022 EUR 69.440
DZ Bank AG Deutsche 13.000 3/23/2022 EUR 64.280
DZ Bank AG Deutsche 10.500 6/22/2022 EUR 65.550
DZ Bank AG Deutsche 8.750 3/23/2022 EUR 70.180
DZ Bank AG Deutsche 6.750 6/22/2022 EUR 70.980
Vontobel Financial P 17.000 6/24/2022 EUR 69.890
Vontobel Financial P 17.000 6/24/2022 EUR 60.810
Vontobel Financial P 13.000 6/24/2022 EUR 66.010
Vontobel Financial P 14.000 6/24/2022 EUR 72.020
DekaBank Deutsche Gi 3.500 11/04/2022 EUR 54.390
AutoWallis Nyrt 3.000 4/15/2030 HUF 74.580
EFG International Fi 4.90011/24/2023 USD 65.260
Landesbank Baden-Wue 2.200 1/27/2023 EUR 31.270
DekaBank Deutsche Gi 2.80010/20/2023 EUR 63.640
Landesbank Baden-Wue 3.400 8/23/2024 EUR 32.110
EFG International Fi 4.67011/23/2022 EUR 70.610
Leonteq Securities A 8.00011/23/2022 CHF 77.250
DekaBank Deutsche Gi 3.25011/25/2022 EUR 68.220
UBS AG/London 13.250 4/29/2022 CHF 56.700
Bank Vontobel AG 11.501 05/02/2022 EUR 67.600
EFG International Fi 6.080 05/05/2022 USD 49.050
Leonteq Securities A 21.050 05/04/2022 CHF 66.630
Leonteq Securities A 6.700 11/04/2022 USD 67.120
Zurcher Kantonalbank 20.750 05/12/2022 CHF 62.100
UBS AG/London 9.500 11/07/2022 CHF 75.550
UBS AG/London 10.500 11/07/2022 CHF 75.200
Vontobel Financial P 17.000 6/24/2022 EUR 65.110
Vontobel Financial P 12.000 6/24/2022 EUR 64.680
Vontobel Financial P 15.500 6/24/2022 EUR 71.700
Vontobel Financial P 12.500 6/24/2022 EUR 63.860
Vontobel Financial P 11.000 6/24/2022 EUR 63.450
Leonteq Securities A 14.000 9/14/2022 CHF 57.570
Vontobel Financial P 19.500 6/24/2022 EUR 33.240
Vontobel Financial P 8.000 6/24/2022 EUR 64.860
Vontobel Financial P 6.500 6/24/2022 EUR 67.120
Bank Vontobel AG 12.500 6/20/2022 CHF 68.000
Bank Vontobel AG 12.500 9/19/2022 CHF 65.200
DZ Bank AG Deutsche 7.000 3/23/2022 EUR 62.080
DZ Bank AG Deutsche 9.250 6/24/2022 EUR 67.790
Vontobel Financial P 15.000 6/24/2022 EUR 74.690
Vontobel Financial P 18.000 6/24/2022 EUR 33.770
Vontobel Financial P 6.250 6/24/2022 EUR 72.100
EFG International Fi 16.000 6/23/2022 USD 66.460
Bank Julius Baer & C 13.000 6/22/2022 CHF 50.450
Vontobel Financial P 16.000 6/24/2022 EUR 60.860
Vontobel Financial P 17.000 6/24/2022 EUR 69.780
Vontobel Financial P 9.500 6/24/2022 EUR 62.990
Leonteq Securities A 22.790 6/22/2022 CHF 40.440
Vontobel Financial P 7.500 6/24/2022 EUR 67.210
Vontobel Financial P 12.000 6/24/2022 EUR 74.010
UBS AG/London 11.250 07/01/2022 CHF 59.450
UniCredit Bank AG 6.000 7/28/2023 EUR 39.440
UBS AG/London 10.000 07/08/2022 CHF 53.050
Societe Generale SA 9.000 7/22/2022 USD 48.700
Vontobel Financial P 12.000 6/24/2022 EUR 43.330
Leonteq Securities A 2.800 7/29/2022 EUR 61.250
Leonteq Securities A 22.450 7/29/2022 CHF 42.360
Vontobel Financial P 12.500 6/24/2022 EUR 72.950
Vontobel Financial P 8.250 6/24/2022 EUR 64.730
Leonteq Securities A 10.000 11/02/2022 CHF 58.150
DZ Bank AG Deutsche 5.500 6/20/2022 EUR 73.900
DZ Bank AG Deutsche 5.100 9/19/2022 EUR 74.660
Societe Generale Eff 4.750 6/24/2022 EUR 54.180
BNP Paribas Issuance 9.000 5/18/2022 SEK 67.560
Vontobel Financial P 9.000 6/24/2022 EUR 68.010
Vontobel Financial P 14.750 6/24/2022 EUR 34.950
Zurcher Kantonalbank 12.500 08/09/2022 EUR 58.360
Bank Vontobel AG 7.550 1/30/2023 CHF 71.900
Leonteq Securities A 6.200 5/20/2022 EUR 46.220
Societe Generale Eff 15.750 5/27/2022 EUR 46.730
Vontobel Financial P 5.750 6/24/2022 EUR 72.060
Leonteq Securities A 12.000 7/29/2022 CHF 67.860
Leonteq Securities A 20.000 7/29/2022 CHF 48.170
Societe Generale Eff 3.000 7/22/2022 USD 9.920
Vontobel Financial P 7.250 6/24/2022 EUR 74.390
Vontobel Financial P 11.750 6/24/2022 EUR 50.170
Vontobel Financial P 9.750 6/24/2022 EUR 73.000
Societe Generale Eff 11.750 5/27/2022 EUR 52.350
Vontobel Financial P 12.250 6/24/2022 EUR 66.090
Vontobel Financial P 13.000 6/24/2022 EUR 72.340
Landesbank Baden-Wue 3.50012/22/2023 EUR 73.170
Vontobel Financial P 8.250 6/24/2022 EUR 56.800
Vontobel Financial P 17.750 6/24/2022 EUR 39.250
Societe Generale Eff 5.750 5/27/2022 EUR 68.930
Societe Generale Eff 13.750 5/27/2022 EUR 49.250
Leonteq Securities A 5.000 1/30/2023 USD 56.820
DZ Bank AG Deutsche 4.700 6/20/2022 EUR 75.240
DZ Bank AG Deutsche 5.600 9/19/2022 EUR 73.750
Vontobel Financial P 7.000 6/24/2022 EUR 73.990
UBS AG/London 9.75012/23/2022 CHF 62.800
UBS AG/London 9.250 6/23/2023 USD 68.300
UBS AG/London 7.750 6/23/2023 CHF 66.850
Vontobel Financial P 7.000 9/23/2022 EUR 71.710
Vontobel Financial P 10.500 9/23/2022 EUR 66.550
Vontobel Financial P 7.000 6/24/2022 EUR 71.840
Landesbank Baden-Wue 4.600 8/25/2023 EUR 74.970
Vontobel Financial P 12.000 9/23/2022 EUR 67.280
Vontobel Financial P 11.500 6/24/2022 EUR 67.900
DZ Bank AG Deutsche 4.75012/19/2022 EUR 75.240
DZ Bank AG Deutsche 9.50012/19/2022 EUR 74.540
Leonteq Securities A 24.610 7/15/2022 CHF 63.000
Leonteq Securities A 28.010 4/19/2022 CHF 16.050
Vontobel Financial P 9.000 6/24/2022 EUR 72.290
EFG International Fi 8.000 1/19/2023 CHF 68.110
DZ Bank AG Deutsche 9.000 8/26/2022 EUR 74.450
DZ Bank AG Deutsche 7.80012/23/2022 EUR 75.800
DZ Bank AG Deutsche 14.400 6/24/2022 EUR 72.800
DZ Bank AG Deutsche 11.700 8/26/2022 EUR 71.830
Leonteq Securities A 8.00012/20/2022 CHF 59.730
Goldman Sachs & Co W 7.000 5/25/2022 EUR 69.730
Goldman Sachs & Co W 7.000 6/22/2022 EUR 69.770
Leonteq Securities A 10.000 3/17/2023 CHF 69.210
DZ Bank AG Deutsche 8.250 3/23/2022 EUR 71.590
DZ Bank AG Deutsche 9.500 6/22/2022 EUR 65.290
UniCredit Bank AG 5.350 2/27/2023 EUR 55.500
Vontobel Financial P 9.500 6/24/2022 EUR 71.480
Vontobel Financial P 11.500 6/24/2022 EUR 69.000
Vontobel Financial P 13.500 6/24/2022 EUR 70.440
Vontobel Financial P 14.000 6/24/2022 EUR 66.880
Vontobel Financial P 10.500 6/24/2022 EUR 74.120
Vontobel Financial P 7.000 6/24/2022 EUR 65.030
Vontobel Financial P 8.500 6/24/2022 EUR 62.110
Vontobel Financial P 9.000 6/24/2022 EUR 64.300
Zurcher Kantonalbank 8.000 07/01/2022 CHF 67.890
Zurcher Kantonalbank 18.000 07/01/2022 USD 74.840
Zurcher Kantonalbank 8.750 07/01/2022 CHF 68.980
Vontobel Financial P 7.500 6/24/2022 EUR 61.590
Vontobel Financial P 8.000 6/24/2022 EUR 68.660
Vontobel Financial P 20.500 6/24/2022 EUR 64.040
Vontobel Financial P 6.000 6/24/2022 EUR 67.930
Raiffeisen Schweiz G 10.00012/14/2022 CHF 64.920
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 72.130
DZ Bank AG Deutsche 6.750 9/21/2022 EUR 73.170
DZ Bank AG Deutsche 11.750 3/23/2022 EUR 64.260
DZ Bank AG Deutsche 8.000 9/21/2022 EUR 66.700
DZ Bank AG Deutsche 10.000 3/23/2022 EUR 68.970
Vontobel Financial P 3.750 01/03/2023 EUR 44.400
Vontobel Financial P 13.500 6/24/2022 EUR 58.060
Vontobel Financial P 7.500 6/24/2022 EUR 74.190
Vontobel Financial P 5.000 6/24/2022 EUR 57.660
Leonteq Securities A 15.000 6/15/2022 CHF 31.720
Bank Julius Baer & C 7.450 9/26/2022 USD 56.750
Vontobel Financial P 7.000 6/24/2022 EUR 65.860
Vontobel Financial P 10.000 6/24/2022 EUR 61.530
Vontobel Financial P 6.000 6/24/2022 EUR 61.380
Vontobel Financial P 6.500 6/24/2022 EUR 63.580
Vontobel Financial P 11.000 6/24/2022 EUR 69.070
Vontobel Financial P 15.500 6/24/2022 EUR 65.140
Corner Banca SA 10.40012/14/2022 CHF 49.400
Vontobel Financial P 7.000 6/24/2022 EUR 66.390
UBS AG/London 10.25012/23/2022 CHF 63.050
UBS AG/London 8.250 6/23/2022 CHF 37.950
UBS AG/London 8.000 6/23/2022 USD 59.350
Credit Suisse AG/Lon 15.000 6/14/2022 CHF 63.380
UBS AG/London 16.75012/23/2022 CHF 52.800
Credit Suisse AG/Lon 11.000 6/15/2022 CHF 43.820
Raiffeisen Schweiz G 8.000 9/14/2022 EUR 64.340
Vontobel Financial P 15.500 6/24/2022 EUR 72.400
Vontobel Financial P 13.500 6/24/2022 EUR 66.130
Vontobel Financial P 16.000 6/24/2022 EUR 63.510
Societe Generale Eff 8.500 7/22/2022 EUR 64.810
Societe Generale Eff 8.000 7/22/2022 EUR 55.420
Zurcher Kantonalbank 11.000 6/22/2022 USD 65.330
Bank Julius Baer & C 15.000 6/15/2022 USD 69.900
Vontobel Financial P 6.000 6/24/2022 EUR 57.950
Vontobel Financial P 5.000 6/24/2022 EUR 61.090
Vontobel Financial P 8.000 6/24/2022 EUR 64.010
Leonteq Securities A 20.000 6/15/2022 CHF 45.520
Vontobel Financial P 12.000 6/24/2022 EUR 72.210
UBS AG/London 6.800 6/15/2026 USD 72.450
Vontobel Financial P 7.000 6/24/2022 EUR 58.240
Vontobel Financial P 7.000 6/24/2022 EUR 63.720
Vontobel Financial P 14.500 6/24/2022 EUR 74.800
Vontobel Financial P 9.000 6/24/2022 EUR 71.970
Vontobel Financial P 16.000 6/24/2022 EUR 55.730
Vontobel Financial P 8.500 6/24/2022 EUR 72.120
Vontobel Financial P 8.000 6/24/2022 EUR 75.840
Vontobel Financial P 5.500 6/24/2022 EUR 55.750
Vontobel Financial P 18.000 6/24/2022 EUR 56.240
Vontobel Financial P 18.000 6/24/2022 EUR 71.530
Vontobel Financial P 11.000 6/24/2022 EUR 69.310
Vontobel Financial P 10.000 6/24/2022 EUR 67.590
Vontobel Financial P 14.500 6/24/2022 EUR 73.260
Vontobel Financial P 8.500 6/24/2022 EUR 72.780
Raiffeisen Schweiz G 11.00012/14/2022 CHF 69.810
Vontobel Financial P 20.500 6/24/2022 EUR 59.020
Societe Generale Eff 16.500 6/24/2022 EUR 71.500
Societe Generale Eff 12.000 7/22/2022 EUR 48.570
Societe Generale Eff 14.000 7/22/2022 EUR 46.300
Societe Generale Eff 9.000 7/22/2022 EUR 73.360
Vontobel Financial P 15.000 6/24/2022 EUR 68.790
Societe Generale Eff 9.000 7/22/2022 EUR 73.470
Raiffeisen Switzerla 8.200 11/03/2022 CHF 53.360
Raiffeisen Schweiz G 12.000 05/03/2022 USD 53.750
UniCredit Bank AG 4.200 9/21/2022 EUR 49.890
Zurcher Kantonalbank 12.750 05/11/2022 CHF 78.540
Vontobel Financial P 18.000 6/24/2022 EUR 65.370
DekaBank Deutsche Gi 2.800 05/02/2022 EUR 53.330
Landesbank Baden-Wue 2.300 6/24/2022 EUR 56.610
Landesbank Baden-Wue 3.000 7/22/2022 EUR 64.850
Raiffeisen Switzerla 6.500 11/03/2022 CHF 68.990
Landesbank Baden-Wue 3.300 5/27/2022 EUR 56.570
Landesbank Baden-Wue 4.000 5/27/2022 EUR 46.060
Societe Generale Eff 18.250 6/24/2022 EUR 61.020
Vontobel Financial P 14.500 6/24/2022 EUR 65.160
Vontobel Financial P 9.000 9/23/2022 EUR 68.360
Landesbank Baden-Wue 6.300 8/25/2023 EUR 71.470
Landesbank Baden-Wue 7.800 8/25/2023 EUR 69.280
Landesbank Baden-Wue 6.800 8/25/2023 EUR 49.820
Vontobel Financial P 7.500 9/23/2022 EUR 72.840
Vontobel Financial P 6.500 9/23/2022 EUR 74.570
Landesbank Baden-Wue 4.00010/28/2022 EUR 71.920
Leonteq Securities A 20.000 7/13/2022 CHF 47.530
Vontobel Financial P 14.500 6/24/2022 EUR 68.600
Vontobel Financial P 12.000 6/24/2022 EUR 72.190
Vontobel Financial P 13.750 6/24/2022 EUR 52.160
Vontobel Financial P 17.750 6/24/2022 EUR 55.150
Vontobel Financial P 15.250 9/23/2022 EUR 59.710
Leonteq Securities A 18.000 8/31/2022 CHF 45.680
DZ Bank AG Deutsche 14.600 6/24/2022 EUR 73.310
Goldman Sachs & Co W 7.000 9/21/2022 EUR 71.140
Goldman Sachs & Co W 6.00012/21/2022 EUR 71.900
Goldman Sachs & Co W 6.000 4/21/2022 EUR 72.940
Goldman Sachs & Co W 7.000 7/20/2022 EUR 70.210
Leonteq Securities A 22.220 9/16/2022 CHF 48.720
Leonteq Securities A 22.68010/14/2022 CHF 68.290
Vontobel Financial P 7.500 9/23/2022 EUR 70.350
Vontobel Financial P 13.500 9/23/2022 EUR 63.440
Vontobel Financial P 12.000 6/24/2022 EUR 64.490
Landesbank Baden-Wue 8.800 8/25/2023 EUR 67.500
Landesbank Baden-Wue 4.000 8/25/2023 EUR 63.350
Landesbank Baden-Wue 11.60010/28/2022 EUR 73.750
Landesbank Baden-Wue 5.200 8/25/2023 EUR 51.040
Vontobel Financial P 11.000 9/23/2022 EUR 68.570
Landesbank Baden-Wue 4.400 8/25/2023 EUR 73.970
Leonteq Securities A 12.000 7/15/2022 CHF 61.840
EFG International Fi 9.000 1/16/2023 CHF 49.830
Leonteq Securities A 26.120 8/31/2022 CHF 64.510
Vontobel Financial P 13.000 6/24/2022 EUR 67.210
Vontobel Financial P 16.000 6/24/2022 EUR 64.060
Vontobel Financial P 18.000 6/24/2022 EUR 62.780
Vontobel Financial P 16.000 6/24/2022 EUR 54.820
Vontobel Financial P 11.500 6/24/2022 EUR 68.960
Vontobel Financial P 4.000 6/24/2022 EUR 67.500
Vontobel Financial P 4.500 6/24/2022 EUR 67.630
Vontobel Financial P 11.000 9/23/2022 EUR 72.430
DZ Bank AG Deutsche 20.000 6/24/2022 EUR 67.460
DZ Bank AG Deutsche 15.800 9/23/2022 EUR 70.110
SG Issuer SA 0.021 8/15/2033 EUR 55.280
Societe Generale Eff 10.750 5/27/2022 EUR 58.100
Credit Suisse AG/Lon 6.000 8/22/2022 CHF 71.710
Societe Generale Eff 11.500 6/24/2022 EUR 57.210
Societe Generale Eff 15.500 6/24/2022 EUR 52.020
Societe Generale Eff 12.750 7/22/2022 EUR 55.680
Societe Generale Eff 14.750 7/22/2022 EUR 53.230
Societe Generale Eff 11.750 8/26/2022 EUR 57.610
Societe Generale Eff 13.750 8/26/2022 EUR 54.840
Vontobel Financial P 12.000 9/23/2022 EUR 72.970
Vontobel Financial P 10.000 6/24/2022 EUR 69.790
Vontobel Financial P 14.000 6/24/2022 EUR 70.930
Vontobel Financial P 13.500 6/24/2022 EUR 70.790
Landesbank Baden-Wue 2.700 7/22/2022 EUR 57.530
DZ Bank AG Deutsche 20.400 6/24/2022 EUR 69.450
Societe Generale Eff 11.250 6/24/2022 EUR 71.520
Societe Generale Eff 14.750 6/24/2022 EUR 41.090
Societe Generale Eff 8.250 7/22/2022 EUR 49.150
Credit Suisse AG/Lon 6.000 8/24/2022 CHF 71.170
Bank Julius Baer & C 6.750 12/01/2022 CHF 76.950
Landesbank Baden-Wue 9.300 9/23/2022 EUR 66.930
Landesbank Baden-Wue 1.750 9/23/2022 EUR 66.080
Landesbank Baden-Wue 4.000 9/23/2022 EUR 77.490
Leonteq Securities A 24.48010/14/2022 CHF 52.210
Bank Julius Baer & C 10.250 7/18/2022 CHF 50.450
Societe Generale Eff 12.500 6/24/2022 EUR 72.210
Societe Generale Eff 18.000 5/27/2022 EUR 37.290
Raiffeisen Schweiz G 18.520 7/13/2022 CHF 47.480
Basler Kantonalbank 12.00010/14/2022 CHF 69.960
Landesbank Baden-Wue 7.500 7/22/2022 EUR 74.810
Societe Generale Eff 9.500 6/24/2022 EUR 61.200
Societe Generale Eff 13.500 6/24/2022 EUR 54.260
Societe Generale Eff 19.500 6/24/2022 EUR 48.800
Societe Generale Eff 17.750 8/26/2022 EUR 51.140
Societe Generale Eff 8.00010/28/2022 EUR 65.410
Landesbank Baden-Wue 3.300 7/22/2022 EUR 73.660
DZ Bank AG Deutsche 24.000 6/24/2022 EUR 49.710
Landesbank Baden-Wue 3.150 7/22/2022 EUR 70.100
Landesbank Baden-Wue 4.700 7/22/2022 EUR 66.040
Societe Generale Eff 3.000 6/24/2022 EUR 71.010
Societe Generale Eff 6.250 7/22/2022 EUR 53.800
Landesbank Baden-Wue 9.250 7/22/2022 EUR 45.050
Raiffeisen Schweiz G 4.500 2/21/2023 CHF 73.470
Raiffeisen Schweiz G 6.000 8/24/2022 CHF 72.360
Bank Julius Baer & C 26.650 5/31/2022 USD 51.000
Leonteq Securities A 14.00011/30/2022 CHF 67.300
Corner Banca SA 8.200 8/30/2023 CHF 71.910
EFG International Fi 22.900 6/15/2022 CHF 47.200
Societe Generale Eff 9.750 8/26/2022 EUR 72.300
Bank Julius Baer & C 8.05012/16/2022 USD 61.800
Landesbank Baden-Wue 5.500 9/23/2022 EUR 74.490
Landesbank Baden-Wue 5.800 9/23/2022 EUR 45.740
Landesbank Baden-Wue 9.000 9/23/2022 EUR 41.980
Societe Generale Eff 15.000 5/27/2022 EUR 70.780
Vontobel Financial P 19.000 9/23/2022 EUR 48.630
Vontobel Financial P 17.000 9/23/2022 EUR 62.140
DZ Bank AG Deutsche 6.800 9/19/2022 EUR 71.970
DZ Bank AG Deutsche 5.00012/19/2022 EUR 74.420
Vontobel Financial P 15.000 9/23/2022 EUR 68.630
Vontobel Financial P 6.500 9/23/2022 EUR 63.470
Vontobel Financial P 15.000 9/23/2022 EUR 72.930
Vontobel Financial P 19.500 6/24/2022 EUR 69.440
Vontobel Financial P 9.500 9/23/2022 EUR 64.280
Vontobel Financial P 4.500 6/24/2022 EUR 62.610
Vontobel Financial P 5.000 9/23/2022 EUR 66.100
Vontobel Financial P 5.500 6/24/2022 EUR 66.940
Vontobel Financial P 18.500 9/23/2022 EUR 63.530
Vontobel Financial P 20.000 9/23/2022 EUR 64.280
DZ Bank AG Deutsche 8.750 3/23/2022 EUR 71.150
DZ Bank AG Deutsche 8.250 3/23/2022 EUR 71.370
Zurcher Kantonalbank 15.000 7/20/2022 CHF 61.440
Zurcher Kantonalbank 15.000 7/19/2022 CHF 70.630
DZ Bank AG Deutsche 8.000 6/22/2022 EUR 73.010
DZ Bank AG Deutsche 6.600 9/19/2022 EUR 74.830
Societe Generale Eff 11.000 5/27/2022 EUR 71.380
Vontobel Financial P 10.500 9/23/2022 EUR 71.200
Societe Generale Eff 9.250 9/23/2022 EUR 73.960
DZ Bank AG Deutsche 6.300 6/20/2022 EUR 75.030
DZ Bank AG Deutsche 7.200 6/20/2022 EUR 73.700
Societe Generale Eff 11.750 9/23/2022 EUR 47.500
Vontobel Financial P 6.000 9/23/2022 EUR 57.810
Vontobel Financial P 6.000 9/23/2022 EUR 68.510
Vontobel Financial P 4.500 9/23/2022 EUR 71.740
Vontobel Financial P 12.000 9/23/2022 EUR 61.630
UniCredit Bank AG 6.15010/21/2024 EUR 72.750
DZ Bank AG Deutsche 5.60012/19/2022 EUR 73.470
DZ Bank AG Deutsche 6.100 9/19/2022 EUR 72.810
Vontobel Financial P 7.500 9/23/2022 EUR 75.510
Vontobel Financial P 11.000 9/23/2022 EUR 71.580
Vontobel Financial P 11.500 9/23/2022 EUR 69.600
Vontobel Financial P 16.500 9/23/2022 EUR 64.970
Vontobel Financial P 13.000 9/23/2022 EUR 67.510
Vontobel Financial P 15.000 9/23/2022 EUR 68.580
Vontobel Financial P 20.000 9/23/2022 EUR 70.820
Vontobel Financial P 21.000 6/24/2022 EUR 68.060
Vontobel Financial P 23.000 6/24/2022 EUR 66.890
Vontobel Financial P 9.000 9/23/2022 EUR 70.980
Vontobel Financial P 18.000 9/23/2022 EUR 57.360
Vontobel Financial P 7.000 6/24/2022 EUR 61.710
Vontobel Financial P 12.500 9/23/2022 EUR 74.710
Vontobel Financial P 4.500 9/23/2022 EUR 64.880
Raiffeisen Schweiz G 10.000 10/12/2022 EUR 70.140
Landesbank Baden-Wue 8.750 7/22/2022 EUR 46.520
UniCredit Bank AG 8.130 8/26/2022 EUR 53.330
Societe Generale Eff 10.750 7/22/2022 EUR 58.960
Societe Generale Eff 16.750 7/22/2022 EUR 51.320
Societe Generale Eff 5.000 9/23/2022 EUR 75.490
Societe Generale Eff 17.000 9/23/2022 EUR 52.130
Landesbank Baden-Wue 4.300 7/22/2022 EUR 71.560
Vontobel Financial P 11.500 6/24/2022 EUR 70.210
Landesbank Baden-Wue 6.500 7/22/2022 EUR 62.540
Landesbank Baden-Wue 10.000 7/22/2022 EUR 74.340
Landesbank Baden-Wue 4.000 7/22/2022 EUR 58.230
Societe Generale Eff 12.750 6/24/2022 EUR 42.830
Leonteq Securities A 13.00011/30/2022 USD 51.530
EFG International Fi 14.00010/13/2022 CHF 58.320
DZ Bank AG Deutsche 6.20012/19/2022 EUR 72.790
Vontobel Financial P 14.000 9/23/2022 EUR 67.110
Vontobel Financial P 19.500 9/23/2022 EUR 63.410
Vontobel Financial P 9.000 9/23/2022 EUR 72.450
Vontobel Financial P 11.500 9/23/2022 EUR 66.700
Vontobel Financial P 6.000 9/23/2022 EUR 63.200
Vontobel Financial P 7.500 9/23/2022 EUR 64.000
Vontobel Financial P 19.500 9/23/2022 EUR 69.630
Leonteq Securities A 24.000 10/11/2022 CHF 76.850
Vontobel Financial P 13.000 9/23/2022 EUR 75.960
Vontobel Financial P 16.000 6/24/2022 EUR 58.020
Vontobel Financial P 14.000 6/24/2022 EUR 69.020
Vontobel Financial P 16.000 6/24/2022 EUR 67.350
Vontobel Financial P 5.000 6/24/2022 EUR 67.120
Vontobel Financial P 14.000 9/23/2022 EUR 69.520
Vontobel Financial P 9.500 9/23/2022 EUR 73.740
Vontobel Financial P 8.000 9/23/2022 EUR 75.370
Vontobel Financial P 11.000 9/23/2022 EUR 72.220
EFG International Fi 22.000 9/15/2022 CHF 43.460
Vontobel Financial P 10.500 6/24/2022 EUR 73.820
Vontobel Financial P 9.500 6/24/2022 EUR 59.880
Vontobel Financial P 13.500 6/24/2022 EUR 56.250
Vontobel Financial P 11.500 6/24/2022 EUR 57.970
Leonteq Securities A 6.000 2/20/2023 CHF 64.980
Vontobel Financial P 18.000 6/24/2022 EUR 53.420
Vontobel Financial P 19.500 6/24/2022 EUR 70.250
Vontobel Financial P 17.000 6/24/2022 EUR 69.540
Vontobel Financial P 11.500 6/24/2022 EUR 72.830
Vontobel Financial P 5.000 9/23/2022 EUR 68.370
Vontobel Financial P 4.000 6/24/2022 EUR 52.530
DZ Bank AG Deutsche 14.200 9/23/2022 EUR 66.380
Vontobel Financial P 3.500 9/23/2022 EUR 53.160
Landesbank Baden-Wue 5.850 7/22/2022 EUR 51.110
Landesbank Baden-Wue 2.300 7/22/2022 EUR 73.110
Societe Generale Eff 12.250 7/22/2022 EUR 43.720
Landesbank Baden-Wue 3.150 7/22/2022 EUR 52.480
DZ Bank AG Deutsche 20.200 6/24/2022 EUR 39.530
DZ Bank AG Deutsche 15.400 9/23/2022 EUR 57.200
DZ Bank AG Deutsche 21.100 9/23/2022 EUR 52.920
DZ Bank AG Deutsche 16.500 6/24/2022 EUR 74.890
DZ Bank AG Deutsche 13.500 6/24/2022 EUR 75.180
DZ Bank AG Deutsche 15.500 6/24/2022 EUR 73.090
DZ Bank AG Deutsche 17.600 6/24/2022 EUR 71.310
DZ Bank AG Deutsche 21.000 6/24/2022 EUR 68.750
DZ Bank AG Deutsche 12.900 9/23/2022 EUR 76.100
DZ Bank AG Deutsche 10.750 3/23/2022 EUR 71.840
DZ Bank AG Deutsche 8.500 7/20/2022 EUR 72.790
DZ Bank AG Deutsche 14.800 9/23/2022 EUR 72.130
DZ Bank AG Deutsche 8.500 6/20/2022 EUR 71.110
DZ Bank AG Deutsche 14.400 9/23/2022 EUR 72.670
Zurcher Kantonalbank 10.000 7/20/2022 CHF 72.220
DZ Bank AG Deutsche 16.00010/26/2022 EUR 73.200
Societe Generale Eff 5.750 9/23/2022 EUR 57.480
Societe Generale Eff 9.750 9/23/2022 EUR 49.740
EFG International Fi 8.160 2/26/2025 EUR 74.120
UniCredit Bank AG 10.400 08/11/2022 EUR 64.330
Leonteq Securities A 22.440 10/11/2022 CHF 45.160
Vontobel Financial P 16.500 6/24/2022 EUR 75.040
Vontobel Financial P 10.000 9/23/2022 EUR 63.600
Vontobel Financial P 22.000 6/24/2022 EUR 69.110
Vontobel Financial P 8.000 6/24/2022 EUR 65.460
Vontobel Financial P 10.000 6/24/2022 EUR 72.740
Vontobel Financial P 12.500 9/23/2022 EUR 70.820
Vontobel Financial P 8.500 6/24/2022 EUR 74.970
Vontobel Financial P 18.000 6/24/2022 EUR 65.830
Vontobel Financial P 15.000 9/23/2022 EUR 73.550
Vontobel Financial P 15.500 9/23/2022 EUR 68.330
Vontobel Financial P 7.000 6/24/2022 EUR 77.320
UniCredit Bank AG 11.900 11/09/2022 EUR 47.820
Vontobel Financial P 10.000 9/23/2022 EUR 66.600
Vontobel Financial P 14.500 6/24/2022 EUR 65.650
Societe Generale Eff 8.250 9/23/2022 EUR 75.200
Societe Generale Eff 3.750 9/23/2022 EUR 64.890
Societe Generale Eff 7.750 9/23/2022 EUR 52.870
Societe Generale Eff 13.750 9/23/2022 EUR 45.850
Vontobel Financial P 16.000 6/24/2022 EUR 72.400
Vontobel Financial P 15.000 9/23/2022 EUR 73.480
Vontobel Financial P 14.000 9/23/2022 EUR 73.900
SG Issuer SA 0.021 07/07/2033 EUR 66.350
EFG International Fi 6.200 2/20/2023 CHF 75.200
Raiffeisen Schweiz G 4.600 2/20/2023 CHF 73.800
Vontobel Financial P 19.000 6/24/2022 EUR 71.890
Vontobel Financial P 16.500 9/23/2022 EUR 58.750
Vontobel Financial P 13.000 6/24/2022 EUR 60.090
Vontobel Financial P 15.500 6/24/2022 EUR 73.080
Vontobel Financial P 18.500 6/24/2022 EUR 70.990
Vontobel Financial P 7.000 9/23/2022 EUR 77.350
Vontobel Financial P 21.500 6/24/2022 EUR 73.360
Vontobel Financial P 17.000 9/23/2022 EUR 67.260
Vontobel Financial P 14.500 6/24/2022 EUR 65.580
Vontobel Financial P 11.500 9/23/2022 EUR 67.390
Vontobel Financial P 13.500 9/23/2022 EUR 68.480
EFG International Fi 8.620 8/24/2022 CHF 73.560
Vontobel Financial P 10.000 6/24/2022 EUR 64.350
Vontobel Financial P 7.000 6/24/2022 EUR 63.290
Vontobel Financial P 7.500 6/24/2022 EUR 62.010
Vontobel Financial P 12.500 6/24/2022 EUR 57.080
Vontobel Financial P 19.500 6/24/2022 EUR 52.900
Leonteq Securities A 6.800 2/20/2023 CHF 70.980
Vontobel Financial P 4.500 9/23/2022 EUR 68.560
DZ Bank AG Deutsche 22.900 9/23/2022 EUR 65.280
DZ Bank AG Deutsche 16.400 9/23/2022 EUR 43.320
DZ Bank AG Deutsche 13.400 9/23/2022 EUR 78.050
Societe Generale Eff 20.750 5/27/2022 EUR 47.450
Societe Generale Eff 4.750 7/22/2022 EUR 79.100
Societe Generale Eff 15.750 8/26/2022 EUR 52.740
Societe Generale Eff 11.000 9/23/2022 EUR 59.100
Vontobel Financial P 9.500 9/23/2022 EUR 71.630
Vontobel Financial P 9.000 6/24/2022 EUR 69.500
Vontobel Financial P 10.500 6/24/2022 EUR 69.930
Vontobel Financial P 12.500 6/24/2022 EUR 70.500
DZ Bank AG Deutsche 24.400 6/24/2022 EUR 60.930
Landesbank Baden-Wue 8.550 7/22/2022 EUR 45.950
Vontobel Financial P 17.500 9/23/2022 EUR 71.610
Leonteq Securities A 24.120 10/12/2022 CHF 68.320
Vontobel Financial P 8.000 9/23/2022 EUR 65.880
Vontobel Financial P 5.500 6/24/2022 EUR 68.750
Vontobel Financial P 16.500 6/24/2022 EUR 74.890
EFG International Fi 12.000 3/15/2023 CHF 70.890
Vontobel Financial P 12.000 6/24/2022 EUR 70.790
Vontobel Financial P 17.000 6/24/2022 EUR 54.100
Vontobel Financial P 8.500 6/24/2022 EUR 60.920
Vontobel Financial P 14.500 6/24/2022 EUR 55.450
Vontobel Financial P 12.000 9/23/2022 EUR 71.280
Vontobel Financial P 14.500 6/24/2022 EUR 68.810
Vontobel Financial P 5.000 9/23/2022 EUR 68.830
Vontobel Financial P 5.000 6/24/2022 EUR 67.780
Vontobel Financial P 16.000 6/24/2022 EUR 73.550
Vontobel Financial P 3.000 6/24/2022 EUR 52.250
EFG International Fi 15.000 9/15/2022 USD 45.580
Landesbank Baden-Wue 3.100 7/22/2022 EUR 59.140
Societe Generale Eff 18.750 7/22/2022 EUR 49.810
Societe Generale Eff 9.750 8/26/2022 EUR 61.330
Societe Generale Eff 9.000 9/23/2022 EUR 63.140
Landesbank Baden-Wue 6.000 7/22/2022 EUR 49.750
Landesbank Baden-Wue 2.000 7/22/2022 EUR 64.180
Landesbank Baden-Wue 6.250 7/22/2022 EUR 54.050
Societe Generale Eff 9.000 6/24/2022 EUR 49.580
Societe Generale Eff 10.750 6/24/2022 EUR 45.020
Societe Generale Eff 4.250 7/22/2022 EUR 61.400
Societe Generale Eff 10.250 7/22/2022 EUR 46.010
Societe Generale Eff 14.250 7/22/2022 EUR 41.950
Vontobel Financial P 9.500 6/24/2022 EUR 48.980
Vontobel Financial P 15.750 6/24/2022 EUR 71.210
Landesbank Baden-Wue 4.500 7/22/2022 EUR 49.970
Landesbank Baden-Wue 7.200 7/22/2022 EUR 46.590
Raiffeisen Schweiz G 5.000 8/24/2022 CHF 71.860
DZ Bank AG Deutsche 5.300 9/19/2022 EUR 73.890
UniCredit Bank AG 10.500 9/23/2024 EUR 75.500
Vontobel Financial P 10.000 6/24/2022 EUR 62.470
Vontobel Financial P 14.000 9/23/2022 EUR 59.940
Vontobel Financial P 12.000 6/24/2022 EUR 70.800
Leonteq Securities A 16.000 8/30/2022 CHF 41.970
Vontobel Financial P 12.500 6/24/2022 EUR 75.400
UniCredit Bank AG 7.400 11/09/2022 EUR 66.500
Vontobel Financial P 19.500 6/24/2022 EUR 61.450
Vontobel Financial P 10.500 6/24/2022 EUR 58.900
Vontobel Financial P 11.500 6/24/2022 EUR 68.870
Vontobel Financial P 4.500 9/23/2022 EUR 62.970
Vontobel Financial P 3.500 9/23/2022 EUR 62.380
Vontobel Financial P 4.000 6/24/2022 EUR 61.740
Vontobel Financial P 4.000 9/23/2022 EUR 68.300
EFG International Fi 24.360 5/27/2022 CHF 35.990
Leonteq Securities A 22.260 8/26/2022 CHF 60.300
DZ Bank AG Deutsche 8.500 6/22/2022 EUR 71.840
DZ Bank AG Deutsche 8.500 3/23/2022 EUR 71.330
DZ Bank AG Deutsche 12.75010/26/2022 EUR 69.520
Zurcher Kantonalbank 17.250 09/02/2022 CHF 39.220
Bank Julius Baer & C 7.750 7/15/2022 USD 63.700
Vontobel Financial P 15.000 9/23/2022 EUR 79.220
Vontobel Financial P 12.000 9/23/2022 EUR 67.480
Vontobel Financial P 16.500 9/23/2022 EUR 72.640
Vontobel Financial P 18.500 9/23/2022 EUR 71.070
Landesbank Baden-Wue 4.50010/28/2022 EUR 71.590
Vontobel Financial P 13.500 9/23/2022 EUR 66.340
Vontobel Financial P 8.500 9/23/2022 EUR 71.220
Vontobel Financial P 10.000 6/24/2022 EUR 69.540
Vontobel Financial P 8.000 9/23/2022 EUR 72.020
Landesbank Baden-Wue 6.100 8/25/2023 EUR 59.600
DZ Bank AG Deutsche 7.000 9/19/2022 EUR 74.720
Leonteq Securities A 9.000 7/15/2022 CHF 74.080
Vontobel Financial P 20.000 6/24/2022 EUR 73.550
Vontobel Financial P 9.500 6/24/2022 EUR 62.980
Vontobel Financial P 9.000 6/24/2022 EUR 68.980
Vontobel Financial P 5.000 9/23/2022 EUR 63.860
Vontobel Financial P 9.500 6/24/2022 EUR 73.230
Vontobel Financial P 5.500 9/23/2022 EUR 59.820
Vontobel Financial P 3.500 9/23/2022 EUR 64.370
Vontobel Financial P 6.000 9/23/2022 EUR 71.320
Zurcher Kantonalbank 9.500 7/22/2022 CHF 72.930
Zurcher Kantonalbank 20.000 7/22/2022 USD 50.380
Vontobel Financial P 15.500 9/23/2022 EUR 62.010
Vontobel Financial P 6.500 9/23/2022 EUR 59.550
Vontobel Financial P 16.500 8/31/2022 EUR 68.510
Sberbank of Russia P 0.010 2/26/2025 RUB 63.200
EFG International Fi 10.030 7/26/2022 USD 63.360
Landesbank Baden-Wue 3.600 9/23/2022 EUR 61.380
Vontobel Financial P 9.250 6/24/2022 EUR 74.130
DZ Bank AG Deutsche 9.000 9/21/2022 EUR 68.460
DZ Bank AG Deutsche 6.000 6/20/2022 EUR 74.560
Bank Julius Baer & C 15.000 7/13/2022 USD 72.200
DZ Bank AG Deutsche 18.600 9/23/2022 EUR 67.490
Bank Julius Baer & C 14.500 1/13/2023 USD 42.250
Vontobel Financial P 13.400 8/29/2022 EUR 67.820
EFG International Fi 6.000 7/13/2022 EUR 68.580
Societe Generale Eff 13.000 5/27/2022 EUR 69.190
Societe Generale Eff 10.500 9/23/2022 EUR 70.330
Leonteq Securities A 10.000 2/27/2023 CHF 75.320
DZ Bank AG Deutsche 17.500 6/24/2022 EUR 74.520
Vontobel Financial P 11.000 6/24/2022 EUR 71.920
Vontobel Financial P 16.500 9/23/2022 EUR 71.490
Vontobel Financial P 9.500 9/23/2022 EUR 73.540
Vontobel Financial P 13.000 9/23/2022 EUR 61.630
Vontobel Financial P 11.500 9/23/2022 EUR 52.700
Vontobel Financial P 7.500 9/23/2022 EUR 58.570
Vontobel Financial P 13.000 9/23/2022 EUR 61.330
Vontobel Financial P 9.000 6/24/2022 EUR 65.020
Vontobel Financial P 22.000 9/23/2022 EUR 65.290
Raiffeisen Schweiz G 12.00010/13/2022 CHF 76.480
Vontobel Financial P 8.000 9/23/2022 EUR 65.400
DZ Bank AG Deutsche 15.900 6/24/2022 EUR 74.070
DZ Bank AG Deutsche 18.500 6/24/2022 EUR 70.020
Vontobel Financial P 17.500 6/24/2022 EUR 70.780
Vontobel Financial P 12.000 6/24/2022 EUR 71.960
Vontobel Financial P 8.500 9/23/2022 EUR 68.090
Raiffeisen Schweiz G 18.000 8/30/2022 CHF 51.210
Landesbank Baden-Wue 2.850 9/23/2022 EUR 62.170
Landesbank Baden-Wue 4.700 9/23/2022 EUR 58.440
UniCredit Bank AG 7.45011/18/2024 EUR 62.140
DZ Bank AG Deutsche 7.750 9/21/2022 EUR 60.620
DZ Bank AG Deutsche 7.750 3/23/2022 EUR 73.560
Landesbank Baden-Wue 6.000 9/23/2022 EUR 57.730
Landesbank Baden-Wue 5.500 9/23/2022 EUR 76.440
Landesbank Baden-Wue 6.800 9/23/2022 EUR 51.590
Landesbank Baden-Wue 4.000 9/23/2022 EUR 49.280
Vontobel Financial P 17.000 9/23/2022 EUR 62.770
Vontobel Financial P 19.500 6/24/2022 EUR 60.160
Vontobel Financial P 10.000 6/24/2022 EUR 59.170
Vontobel Financial P 12.500 6/24/2022 EUR 72.490
Vontobel Financial P 14.000 6/24/2022 EUR 72.910
Vontobel Financial P 13.500 6/24/2022 EUR 72.880
Bank Vontobel AG 9.502 12/12/2022 CHF 69.000
DZ Bank AG Deutsche 15.400 6/24/2022 EUR 59.150
DZ Bank AG Deutsche 17.400 6/24/2022 EUR 56.240
DZ Bank AG Deutsche 19.500 6/24/2022 EUR 53.730
DZ Bank AG Deutsche 6.200 6/24/2022 EUR 69.750
DZ Bank AG Deutsche 8.300 6/24/2022 EUR 66.680
UBS AG/London 7.250 07/05/2022 EUR 72.120
DZ Bank AG Deutsche 16.800 6/24/2022 EUR 64.180
Vontobel Financial P 8.500 6/24/2022 EUR 69.550
Bank Vontobel AG 9.750 12/12/2022 CHF 66.300
Bank Vontobel AG 7.502 12/12/2022 CHF 66.000
Bank Vontobel AG 15.001 9/13/2022 CHF 48.100
BNP Paribas Issuance 4.36012/14/2022 EUR 81.500
Landesbank Baden-Wue 8.600 6/24/2022 EUR 42.320
DZ Bank AG Deutsche 10.800 6/24/2022 EUR 64.180
Landesbank Baden-Wue 6.500 7/22/2022 EUR 73.170
Vontobel Financial P 8.750 6/24/2022 EUR 74.230
Landesbank Baden-Wue 1.500 6/24/2022 EUR 72.600
Landesbank Baden-Wue 5.100 6/24/2022 EUR 48.670
DZ Bank AG Deutsche 24.400 6/24/2022 EUR 54.470
DZ Bank AG Deutsche 16.900 6/24/2022 EUR 44.980
DZ Bank AG Deutsche 20.000 6/24/2022 EUR 42.270
DZ Bank AG Deutsche 21.700 6/24/2022 EUR 51.560
Landesbank Baden-Wue 8.250 7/22/2022 EUR 70.620
Societe Generale Eff 6.000 7/22/2022 EUR 61.040
Societe Generale Eff 10.000 7/22/2022 EUR 51.450
Vontobel Financial P 9.500 6/24/2022 EUR 45.830
Bank Julius Baer & C 9.000 6/27/2022 CHF 61.300
Bank Julius Baer & C 11.000 6/27/2022 CHF 39.450
Vontobel Financial P 10.500 6/24/2022 EUR 54.580
Vontobel Financial P 13.500 6/24/2022 EUR 70.480
Bank Vontobel AG 9.501 12/12/2022 CHF 69.000
Bank Vontobel AG 8.500 12/12/2022 EUR 63.900
Vontobel Financial P 14.000 6/24/2022 EUR 51.060
Vontobel Financial P 8.500 6/24/2022 EUR 62.080
Vontobel Financial P 11.500 6/24/2022 EUR 70.430
DZ Bank AG Deutsche 8.000 6/22/2022 EUR 58.980
DZ Bank AG Deutsche 19.200 6/24/2022 EUR 61.030
DZ Bank AG Deutsche 15.800 6/24/2022 EUR 55.630
Vontobel Financial P 20.000 6/24/2022 EUR 68.930
DZ Bank AG Deutsche 16.700 6/24/2022 EUR 74.490
DZ Bank AG Deutsche 10.500 3/23/2022 EUR 71.270
DZ Bank AG Deutsche 17.600 6/24/2022 EUR 39.490
Vontobel Financial P 11.000 6/24/2022 EUR 64.030
Landesbank Baden-Wue 5.150 6/24/2022 EUR 74.430
Landesbank Baden-Wue 6.000 6/24/2022 EUR 66.620
DZ Bank AG Deutsche 14.000 6/24/2022 EUR 48.190
Landesbank Baden-Wue 3.250 6/24/2022 EUR 67.930
DZ Bank AG Deutsche 13.800 6/24/2022 EUR 69.060
Leonteq Securities A 6.600 5/25/2022 EUR 74.560
Leonteq Securities A 16.000 06/01/2022 USD 27.500
Leonteq Securities A 11.00011/28/2022 EUR 75.980
Leonteq Securities A 10.000 12/01/2022 USD 52.240
Corner Banca SA 15.000 8/31/2022 EUR 45.030
Leonteq Securities A 15.000 8/31/2022 CHF 67.790
Luzerner Kantonalban 7.500 6/15/2022 CHF 64.440
Leonteq Securities A 11.000 06/01/2022 CHF 61.630
Societe Generale Eff 11.250 6/24/2022 EUR 50.920
Societe Generale Eff 13.250 6/24/2022 EUR 47.920
Vontobel Financial P 18.750 6/24/2022 EUR 27.210
Vontobel Financial P 18.250 6/24/2022 EUR 68.530
Vontobel Financial P 14.750 6/24/2022 EUR 71.830
Societe Generale Eff 11.250 6/24/2022 EUR 64.740
Societe Generale Eff 9.500 6/24/2022 EUR 73.000
Vontobel Financial P 17.000 6/24/2022 EUR 54.490
Vontobel Financial P 14.500 6/24/2022 EUR 25.830
Societe Generale Eff 7.250 6/24/2022 EUR 60.060
Societe Generale Eff 9.250 6/24/2022 EUR 54.780
Societe Generale Eff 12.250 6/24/2022 EUR 70.330
Societe Generale Eff 7.500 6/24/2022 EUR 74.860
Societe Generale Eff 8.500 6/24/2022 EUR 72.790
DZ Bank AG Deutsche 11.750 3/23/2022 EUR 62.100
DZ Bank AG Deutsche 11.000 6/22/2022 EUR 65.650
DZ Bank AG Deutsche 7.000 3/23/2022 EUR 71.570
Vontobel Financial P 15.500 06/02/2022 EUR 74.730
Societe Generale SA 8.510 06/06/2024 USD 74.710
Landesbank Baden-Wue 5.10011/25/2022 EUR 49.350
Landesbank Baden-Wue 7.90011/25/2022 EUR 44.990
Landesbank Baden-Wue 3.80011/25/2022 EUR 67.550
Landesbank Baden-Wue 6.10011/25/2022 EUR 74.200
Landesbank Baden-Wue 3.80011/25/2022 EUR 70.460
Landesbank Baden-Wue 7.85011/25/2022 EUR 69.620
Landesbank Baden-Wue 5.35011/25/2022 EUR 56.340
Vontobel Financial P 7.000 6/24/2022 EUR 67.060
Vontobel Financial P 5.500 3/25/2022 EUR 68.230
DekaBank Deutsche Gi 2.60010/24/2023 EUR 64.460
Danske Bank A/S 7.141 07/09/2023 SEK 73.090
Skandinaviska Enskil 6.800 1/15/2024 SEK 74.380
Landesbank Baden-Wue 2.550 6/23/2023 EUR 74.930
Landesbank Baden-Wue 2.15012/23/2022 EUR 53.030
DekaBank Deutsche Gi 2.50010/24/2023 EUR 64.310
UniCredit Bank AG 4.500 10/05/2022 EUR 58.830
Bank Julius Baer & C 8.000 09/01/2022 CHF 78.050
Bank Julius Baer & C 7.250 06/02/2022 CHF 68.100
Zurcher Kantonalbank 10.000 06/08/2022 USD 46.340
Zurcher Kantonalbank 11.600 06/02/2022 USD 76.140
UniCredit Bank AG 12.000 6/16/2022 EUR 40.360
Societe Generale Eff 15.250 6/24/2022 EUR 45.570
Vontobel Financial P 6.750 6/24/2022 EUR 64.480
Vontobel Financial P 14.250 6/24/2022 EUR 78.530
Vontobel Financial P 9.000 6/24/2022 EUR 74.040
Societe Generale Eff 9.250 6/24/2022 EUR 68.150
Societe Generale Eff 11.000 6/24/2022 EUR 72.570
Societe Generale Eff 12.000 6/24/2022 EUR 70.990
Societe Generale Eff 8.500 6/24/2022 EUR 74.570
Vontobel Financial P 12.500 6/24/2022 EUR 77.620
Societe Generale Eff 5.250 6/24/2022 EUR 67.620
Societe Generale Eff 14.250 6/24/2022 EUR 67.480
DZ Bank AG Deutsche 6.500 3/23/2022 EUR 74.160
DZ Bank AG Deutsche 6.500 9/21/2022 EUR 73.180
Leonteq Securities A 7.400 12/01/2023 USD 75.830
Bank Julius Baer & C 10.000 06/02/2022 CHF 52.650
DZ Bank AG Deutsche 11.000 3/23/2022 EUR 74.710
Raiffeisen Centroban 7.500 07/07/2023 EUR 65.540
Zurcher Kantonalbank 12.500 12/02/2022 EUR 73.550
Vontobel Financial P 23.950 06/03/2022 EUR 20.580
Vontobel Financial P 26.800 06/03/2022 EUR 57.860
Landesbank Baden-Wue 2.00011/25/2022 EUR 72.570
Landesbank Baden-Wue 5.75011/25/2022 EUR 73.720
Landesbank Baden-Wue 2.00011/25/2022 EUR 64.210
Landesbank Baden-Wue 8.50011/25/2022 EUR 50.820
Landesbank Baden-Wue 6.60011/25/2022 EUR 50.870
Vontobel Financial P 16.500 6/24/2022 EUR 59.530
Vontobel Financial P 14.000 3/25/2022 EUR 74.550
Vontobel Financial P 12.500 6/24/2022 EUR 65.060
Vontobel Financial P 7.500 3/25/2022 EUR 68.320
Raiffeisen Switzerla 10.800 04/12/2022 CHF 69.570
Basler Kantonalbank 7.600 4/13/2023 CHF 71.360
Bank Vontobel AG 6.008 10/07/2022 CHF 68.800
Bank Vontobel AG 6.008 04/11/2023 EUR 67.900
Landesbank Baden-Wue 4.550 4/25/2022 EUR 72.350
Landesbank Baden-Wue 7.200 4/25/2022 EUR 40.430
Landesbank Baden-Wue 3.750 4/25/2022 EUR 64.560
Landesbank Baden-Wue 6.800 4/25/2022 EUR 71.840
Landesbank Baden-Wue 5.500 4/25/2022 EUR 75.390
Landesbank Baden-Wue 3.600 4/25/2022 EUR 64.770
Landesbank Baden-Wue 6.700 4/25/2022 EUR 44.940
Landesbank Baden-Wue 10.000 4/25/2022 EUR 40.340
Leonteq Securities A 22.340 4/14/2022 CHF 37.970
Zurcher Kantonalbank 15.000 4/22/2022 CHF 64.970
UBS AG/London 5.000 4/14/2023 CHF 69.450
UBS AG/London 6.250 4/14/2023 CHF 71.300
DZ Bank AG Deutsche 9.500 6/22/2022 EUR 65.290
DZ Bank AG Deutsche 8.700 6/24/2022 EUR 69.430
DZ Bank AG Deutsche 11.800 6/24/2022 EUR 64.720
DZ Bank AG Deutsche 10.800 6/24/2022 EUR 67.350
DZ Bank AG Deutsche 12.300 6/24/2022 EUR 68.340
Leonteq Securities A 11.200 11/07/2022 CHF 68.640
Leonteq Securities A 10.000 11/07/2022 CHF 68.000
Leonteq Securities A 11.000 08/10/2022 CHF 63.890
Landesbank Baden-Wue 3.00012/23/2022 EUR 59.630
Raiffeisen Switzerla 10.000 4/16/2024 USD 69.450
Vontobel Financial P 19.500 6/24/2022 EUR 72.860
Vontobel Financial P 11.500 6/24/2022 EUR 73.260
Vontobel Financial P 14.000 6/24/2022 EUR 70.300
Vontobel Financial P 18.000 6/24/2022 EUR 66.560
LP Portfolio Vagyonk 2.80011/30/2030 HUF 70.600
UniCredit Bank AG 10.600 7/22/2022 EUR 73.890
Leonteq Securities A 9.00010/19/2022 USD 80.470
Vontobel Financial P 13.000 6/24/2022 EUR 66.140
Vontobel Financial P 12.500 6/24/2022 EUR 60.720
VTB Bank PJSC 0.010 05/01/2025 RUB 61.550
Landesbank Baden-Wue 2.75011/25/2022 EUR 60.630
Landesbank Baden-Wue 3.20011/25/2022 EUR 40.240
Landesbank Baden-Wue 5.10011/25/2022 EUR 36.540
UBS AG/London 10.000 06/02/2022 CHF 67.500
UBS AG/London 8.250 12/02/2022 CHF 67.600
Sberbank of Russia P 0.010 12/08/2025 RUB 69.200
Bank Vontobel AG 13.259 7/29/2022 CHF 41.000
Vontobel Financial P 0.212 02/03/2023 EUR 55.900
Raiffeisen Switzerla 9.000 7/29/2022 CHF 65.060
UBS AG/London 11.250 02/03/2023 CHF 62.100
UBS AG/London 8.000 02/03/2023 CHF 67.800
UBS AG/London 10.250 08/03/2022 CHF 65.450
UBS AG/London 15.000 08/03/2022 CHF 63.350
Credit Suisse AG/Lon 2.920 04/02/2022 USD 66.350
Raiffeisen Switzerla 10.100 02/08/2023 CHF 74.730
Societe Generale SA 20.000 2/29/2024 USD 17.600
Leonteq Securities A 9.000 02/08/2023 CHF 65.750
Societe Generale SA 16.000 2/29/2024 USD 24.300
Leonteq Securities A 11.000 05/05/2022 CHF 44.430
Leonteq Securities A 11.000 08/05/2022 CHF 67.520
Raiffeisen Switzerla 7.300 1/25/2023 CHF 67.000
Leonteq Securities A 10.000 4/26/2022 CHF 64.820
Leonteq Securities A 15.000 4/28/2022 CHF 67.290
Corner Banca SA 16.000 4/29/2022 CHF 68.090
Leonteq Securities A 9.000 7/29/2022 CHF 64.930
Leonteq Securities A 15.200 4/29/2022 CHF 69.310
Landesbank Baden-Wue 3.100 8/26/2022 EUR 52.320
Landesbank Baden-Wue 6.000 8/26/2022 EUR 41.920
Landesbank Baden-Wue 8.100 8/26/2022 EUR 37.960
Landesbank Baden-Wue 4.650 8/26/2022 EUR 75.940
Landesbank Baden-Wue 6.450 8/26/2022 EUR 70.480
Landesbank Baden-Wue 2.800 8/26/2022 EUR 70.970
Landesbank Baden-Wue 5.550 8/26/2022 EUR 60.330
Landesbank Baden-Wue 4.050 8/26/2022 EUR 32.840
Landesbank Baden-Wue 3.150 8/26/2022 EUR 71.440
EFG International Fi 4.900 12/04/2023 USD 62.330
Bank Vontobel AG 10.000 5/16/2022 CHF 38.900
Societe Generale Eff 16.465 04/06/2022 EUR 62.020
Leonteq Securities A 10.000 4/26/2022 EUR 71.660
EFG International Fi 4.750 1/29/2024 USD 60.020
EFG International Fi 10.000 7/27/2022 CHF 66.300
Zurcher Kantonalbank 10.000 02/03/2023 CHF 68.460
Leonteq Securities A 9.000 02/01/2023 CHF 64.610
UBS AG/London 12.750 5/18/2022 CHF 71.000
Bank Vontobel AG 7.502 5/30/2022 CHF 67.100
Landesbank Baden-Wue 5.00011/25/2022 EUR 75.540
DZ Bank AG Deutsche 9.500 3/23/2022 EUR 71.610
UBS AG/London 15.000 06/03/2022 USD 41.200
EFG International Fi 10.000 06/02/2022 CHF 57.950
Sberbank of Russia P 0.010 12/02/2025 RUB 70.000
SG Issuer SA 1.05011/20/2025 EUR 17.430
Goldman Sachs & Co W 5.000 9/21/2022 EUR 72.870
Societe Generale Eff 4.750 6/24/2022 EUR 61.190
Societe Generale Eff 6.750 6/24/2022 EUR 54.250
Leonteq Securities A 10.000 07/06/2022 EUR 46.390
Sberbank of Russia P 0.946 2/17/2025 RUB 60.300
DZ Bank AG Deutsche 12.600 6/24/2022 EUR 76.310
DZ Bank AG Deutsche 14.500 6/24/2022 EUR 74.230
DZ Bank AG Deutsche 19.800 6/24/2022 EUR 69.530
SG Issuer SA 0.021 6/14/2033 EUR 71.930
DZ Bank AG Deutsche 8.750 9/21/2022 EUR 70.100
DZ Bank AG Deutsche 8.750 6/22/2022 EUR 72.340
DZ Bank AG Deutsche 7.250 9/21/2022 EUR 73.270
DZ Bank AG Deutsche 7.250 6/22/2022 EUR 74.990
Vontobel Financial P 5.750 6/24/2022 EUR 72.270
Leonteq Securities A 7.000 07/06/2022 EUR 38.960
Raiffeisen Schweiz G 12.000 07/12/2022 CHF 70.760
Raiffeisen Schweiz G 14.000 07/12/2022 CHF 46.520
Leonteq Securities A 6.000 8/17/2022 CHF 74.280
DZ Bank AG Deutsche 17.100 6/24/2022 EUR 53.830
DZ Bank AG Deutsche 16.500 6/24/2022 EUR 72.100
DZ Bank AG Deutsche 18.700 6/24/2022 EUR 70.340
DZ Bank AG Deutsche 8.500 3/23/2022 EUR 72.100
Vontobel Financial P 14.000 6/24/2022 EUR 57.170
DZ Bank AG Deutsche 6.000 9/21/2022 EUR 75.710
Leonteq Securities A 24.600 8/26/2022 USD 49.890
Raiffeisen Schweiz G 5.400 8/17/2022 CHF 74.040
Bank Julius Baer & C 9.50010/13/2022 CHF 47.150
Bank Julius Baer & C 6.70010/13/2022 CHF 74.000
Leonteq Securities A 12.000 06/08/2022 CHF 42.100
Leonteq Securities A 11.000 06/07/2022 CHF 60.210
Vontobel Financial P 12.800 06/08/2022 USD 64.170
UniCredit Bank AG 5.800 01/12/2024 EUR 64.360
DZ Bank AG Deutsche 16.400 9/23/2022 EUR 68.750
DZ Bank AG Deutsche 23.000 9/23/2022 EUR 60.520
DZ Bank AG Deutsche 11.100 9/23/2022 EUR 62.590
Vontobel Financial P 12.500 9/23/2022 EUR 70.760
Vontobel Financial P 6.250 6/24/2022 EUR 72.260
UniCredit Bank AG 7.450 09/07/2022 EUR 49.560
DZ Bank AG Deutsche 20.100 9/23/2022 EUR 26.540
DZ Bank AG Deutsche 18.300 9/23/2022 EUR 60.760
DZ Bank AG Deutsche 20.800 9/23/2022 EUR 60.540
Leonteq Securities A 13.000 6/21/2022 CHF 43.930
DZ Bank AG Deutsche 18.000 9/23/2022 EUR 40.920
Vontobel Financial P 11.050 12/08/2022 EUR 61.980
EFG International Fi 6.00012/22/2023 USD 16.150
DZ Bank AG Deutsche 12.900 9/23/2022 EUR 43.560
EFG International Fi 17.000 08/11/2022 CHF 66.040
EFG International Fi 15.000 2/13/2023 EUR 43.920
BNP Paribas Emission 10.000 6/23/2022 EUR 70.920
BNP Paribas Emission 8.000 9/22/2022 EUR 74.140
BNP Paribas Emission 10.000 6/23/2022 EUR 70.930
BNP Paribas Emission 15.000 6/23/2022 EUR 63.070
BNP Paribas Emission 12.000 9/22/2022 EUR 67.060
BNP Paribas Emission 15.000 9/22/2022 EUR 65.980
BNP Paribas Emission 12.00012/22/2022 EUR 68.740
BNP Paribas Emission 14.00012/22/2022 EUR 64.580
BNP Paribas Emission 12.000 9/22/2022 EUR 71.070
Zurcher Kantonalbank 8.00012/14/2022 CHF 70.480
DZ Bank AG Deutsche 15.000 8/24/2022 EUR 64.020
DZ Bank AG Deutsche 11.000 3/23/2022 EUR 68.990
DZ Bank AG Deutsche 10.000 8/24/2022 EUR 71.080
DZ Bank AG Deutsche 12.250 6/22/2022 EUR 73.230
Vontobel Financial P 9.000 6/24/2022 EUR 67.410
Vontobel Financial P 11.500 6/24/2022 EUR 68.020
Vontobel Financial P 8.000 9/23/2022 EUR 73.380
Vontobel Financial P 8.000 6/24/2022 EUR 71.680
Vontobel Financial P 20.000 6/24/2022 EUR 67.800
Vontobel Financial P 24.000 6/24/2022 EUR 56.620
Vontobel Financial P 7.500 9/23/2022 EUR 56.730
Raiffeisen Schweiz G 10.000 02/06/2023 EUR 41.800
Raiffeisen Schweiz G 12.000 11/09/2022 CHF 44.530
EFG International Fi 4.90012/15/2023 USD 62.740
Bank Julius Baer & C 5.250 08/10/2022 CHF 65.900
Leonteq Securities A 12.000 6/15/2022 CHF 40.130
Zurcher Kantonalbank 29.000 8/17/2022 CHF 57.850
DZ Bank AG Deutsche 17.400 6/24/2022 EUR 78.480
DZ Bank AG Deutsche 18.000 9/23/2022 EUR 66.050
DZ Bank AG Deutsche 12.700 9/23/2022 EUR 60.390
Vontobel Financial P 15.000 6/24/2022 EUR 74.920
Vontobel Financial P 9.500 9/23/2022 EUR 69.150
Vontobel Financial P 12.250 6/24/2022 EUR 57.950
Vontobel Financial P 4.050 7/15/2022 EUR 31.860
DZ Bank AG Deutsche 6.50012/19/2022 EUR 74.010
DZ Bank AG Deutsche 8.75012/19/2022 EUR 72.260
Raiffeisen Schweiz G 15.000 9/27/2022 CHF 43.440
Raiffeisen Schweiz G 18.500 9/27/2022 USD 53.900
DZ Bank AG Deutsche 7.500 9/23/2022 EUR 66.100
Vontobel Financial P 11.500 9/23/2022 EUR 65.360
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 72.040
DZ Bank AG Deutsche 9.50012/21/2022 EUR 74.590
DZ Bank AG Deutsche 7.750 3/23/2022 EUR 70.450
DZ Bank AG Deutsche 6.25012/21/2022 EUR 70.740
DZ Bank AG Deutsche 6.500 9/21/2022 EUR 67.610
DZ Bank AG Deutsche 8.250 9/21/2022 EUR 74.670
DZ Bank AG Deutsche 10.50012/21/2022 EUR 71.680
DZ Bank AG Deutsche 8.000 6/22/2022 EUR 66.790
DZ Bank AG Deutsche 7.750 3/23/2022 EUR 61.400
DZ Bank AG Deutsche 5.250 6/22/2022 EUR 65.320
DZ Bank AG Deutsche 6.25012/21/2022 EUR 68.470
DZ Bank AG Deutsche 8.75012/21/2022 EUR 66.950
DZ Bank AG Deutsche 11.50012/21/2022 EUR 72.400
Societe Generale Eff 8.500 8/26/2022 EUR 55.110
Leonteq Securities A 29.500 9/27/2022 CHF 57.370
Zurcher Kantonalbank 20.250 8/16/2022 CHF 64.860
Bank Vontobel AG 9.500 02/06/2023 CHF 68.300
Bank Vontobel AG 11.000 02/06/2023 CHF 65.400
DekaBank Deutsche Gi 2.900 1/13/2023 EUR 55.010
DZ Bank AG Deutsche 6.500 9/19/2022 EUR 75.360
DZ Bank AG Deutsche 4.75012/19/2022 EUR 72.050
DZ Bank AG Deutsche 10.000 9/19/2022 EUR 73.880
Leonteq Securities A 26.460 08/09/2022 CHF 39.620
DZ Bank AG Deutsche 9.000 6/22/2022 EUR 72.320
DZ Bank AG Deutsche 7.250 9/21/2022 EUR 73.420
Vontobel Financial P 2.000 9/23/2022 EUR 59.330
Bank Vontobel AG 10.253 6/14/2022 EUR 63.300
Vontobel Financial P 6.500 6/24/2022 EUR 68.070
Vontobel Financial P 16.500 9/23/2022 EUR 70.660
Vontobel Financial P 19.000 9/23/2022 EUR 68.780
Vontobel Financial P 9.000 9/23/2022 EUR 68.300
Raiffeisen Schweiz G 10.250 02/06/2023 CHF 65.450
Vontobel Financial P 13.000 6/24/2022 EUR 74.640
Leonteq Securities A 10.000 6/15/2022 CHF 70.670
Zurcher Kantonalbank 30.000 8/17/2022 USD 43.380
Bank Julius Baer & C 14.500 02/10/2023 CHF 53.300
Leonteq Securities A 22.310 08/10/2022 USD 28.340
EFG International Fi 6.20012/18/2023 USD 15.980
UBS AG/London 22.500 6/16/2022 USD 51.000
UBS AG/London 14.500 6/16/2022 CHF 66.650
UBS AG/London 11.750 6/16/2022 CHF 66.250
Zurcher Kantonalbank 10.000 6/28/2022 CHF 73.520
Zurcher Kantonalbank 10.000 8/18/2022 CHF 53.220
DZ Bank AG Deutsche 18.500 9/23/2022 EUR 75.880
DZ Bank AG Deutsche 14.800 9/23/2022 EUR 72.280
DZ Bank AG Deutsche 9.500 9/23/2022 EUR 73.460
DZ Bank AG Deutsche 14.500 9/23/2022 EUR 58.760
Vontobel Financial P 13.500 6/24/2022 EUR 68.440
Vontobel Financial P 12.500 6/24/2022 EUR 54.940
UniCredit Bank AG 9.650 09/07/2022 EUR 50.860
DZ Bank AG Deutsche 16.300 9/23/2022 EUR 63.010
DZ Bank AG Deutsche 20.400 9/23/2022 EUR 58.880
DZ Bank AG Deutsche 11.100 9/23/2022 EUR 70.270
DZ Bank AG Deutsche 20.200 6/24/2022 EUR 37.050
DZ Bank AG Deutsche 11.250 7/20/2022 EUR 45.400
DZ Bank AG Deutsche 14.750 7/20/2022 EUR 66.840
Erste Group Bank AG 9.000 1/31/2024 EUR 70.000
Vontobel Financial P 7.500 6/24/2022 EUR 71.400
UniCredit Bank AG 7.650 7/18/2022 EUR 44.950
Vontobel Financial P 16.500 6/24/2022 EUR 73.170
Vontobel Financial P 11.500 6/24/2022 EUR 65.760
Vontobel Financial P 6.000 6/24/2022 EUR 66.770
Vontobel Financial P 7.500 6/24/2022 EUR 62.940
Zurcher Kantonalbank 8.000 6/30/2022 CHF 68.420
Zurcher Kantonalbank 19.000 6/30/2022 USD 55.450
Zurcher Kantonalbank 18.000 6/30/2022 CHF 55.140
Bank Vontobel AG 7.000 9/19/2022 CHF 61.600
DZ Bank AG Deutsche 7.000 6/22/2022 EUR 71.810
Bank Vontobel AG 12.500 6/20/2022 CHF 68.000
Bank Vontobel AG 14.000 9/19/2022 CHF 42.900
Zurcher Kantonalbank 8.000 6/21/2023 CHF 66.630
Zurcher Kantonalbank 12.000 6/21/2022 CHF 61.560
DZ Bank AG Deutsche 7.75012/23/2022 EUR 69.700
DZ Bank AG Deutsche 7.300 6/24/2022 EUR 75.900
Vontobel Financial P 9.350 6/24/2022 EUR 75.930
Vontobel Financial P 6.250 6/24/2022 EUR 67.910
Vontobel Financial P 9.250 6/24/2022 EUR 52.010
Luzerner Kantonalban 10.12012/23/2022 CHF 43.350
Basler Kantonalbank 9.00012/23/2022 CHF 68.040
EFG International Fi 17.000 6/23/2022 CHF 44.570
Leonteq Securities A 14.000 9/14/2022 EUR 41.450
Corner Banca SA 12.000 6/14/2022 CHF 72.720
Leonteq Securities A 10.00012/14/2022 CHF 64.430
Vontobel Financial P 7.500 6/24/2022 EUR 51.130
UniCredit Bank AG 7.650 7/18/2022 EUR 73.160
Vontobel Financial P 14.500 6/24/2022 EUR 62.010
Vontobel Financial P 12.000 6/24/2022 EUR 75.870
Vontobel Financial P 13.500 6/24/2022 EUR 73.650
Vontobel Financial P 10.500 6/24/2022 EUR 78.220
Vontobel Financial P 7.500 6/24/2022 EUR 68.980
Leonteq Securities A 21.350 6/22/2022 CHF 62.590
Vontobel Financial P 11.000 6/24/2022 EUR 68.280
Bank Vontobel AG 14.00012/19/2022 CHF 31.600
Bank Vontobel AG 6.752 9/19/2022 CHF 63.500
Zurcher Kantonalbank 11.000 6/21/2022 CHF 61.970
DZ Bank AG Deutsche 6.10012/23/2022 EUR 75.600
Societe Generale Eff 11.500 5/27/2022 EUR 58.240
Vontobel Financial P 12.750 6/24/2022 EUR 64.910
Vontobel Financial P 19.500 6/24/2022 EUR 71.800
Basler Kantonalbank 12.00012/23/2022 CHF 69.260
Leonteq Securities A 11.00012/14/2022 CHF 71.080
Vontobel Financial P 9.500 6/24/2022 EUR 67.030
Credit Suisse AG/Lon 14.500 6/23/2022 CHF 65.310
Credit Suisse AG/Lon 11.000 4/15/2022 USD 34.870
Vontobel Financial P 12.500 6/24/2022 EUR 73.470
Vontobel Financial P 15.500 6/24/2022 EUR 69.930
Vontobel Financial P 9.000 6/24/2022 EUR 72.360
Vontobel Financial P 9.000 6/24/2022 EUR 60.820
Vontobel Financial P 14.000 6/24/2022 EUR 57.000
Vontobel Financial P 14.000 6/24/2022 EUR 64.330
Vontobel Financial P 8.500 6/24/2022 EUR 72.800
Vontobel Financial P 16.500 6/24/2022 EUR 61.500
Vontobel Financial P 15.500 6/24/2022 EUR 62.940
Vontobel Financial P 16.000 6/24/2022 EUR 69.060
Vontobel Financial P 12.500 6/24/2022 EUR 71.670
Vontobel Financial P 15.500 6/24/2022 EUR 69.020
Vontobel Financial P 11.500 6/24/2022 EUR 73.240
Zurcher Kantonalbank 11.000 4/19/2022 EUR 70.900
Bank Julius Baer & C 13.000 4/20/2022 USD 43.300
Raiffeisen Schweiz G 14.000 06/01/2022 CHF 70.200
Vontobel Financial P 26.350 06/06/2022 EUR 56.130
Vontobel Financial P 20.000 6/24/2022 EUR 55.980
Vontobel Financial P 16.500 6/24/2022 EUR 26.290
UniCredit Bank AG 13.300 07/07/2022 EUR 72.690
Bank Julius Baer & C 8.800 09/05/2022 EUR 63.800
Leonteq Securities A 11.000 09/07/2022 CHF 64.860
Leonteq Securities A 23.390 4/19/2022 CHF 33.590
Zurcher Kantonalbank 8.000 4/22/2022 CHF 73.990
Zurcher Kantonalbank 9.850 4/22/2022 CHF 68.110
Raiffeisen Schweiz G 6.500 07/12/2022 CHF 71.700
Vontobel Financial P 14.500 6/24/2022 EUR 70.700
Vontobel Financial P 13.000 6/24/2022 EUR 72.470
Vontobel Financial P 12.000 6/24/2022 EUR 67.150
Vontobel Financial P 11.500 6/24/2022 EUR 58.790
Vontobel Financial P 7.000 6/24/2022 EUR 63.230
Vontobel Financial P 9.500 6/24/2022 EUR 71.480
Vontobel Financial P 11.500 6/24/2022 EUR 67.590
Vontobel Financial P 10.000 6/24/2022 EUR 70.070
Vontobel Financial P 13.500 6/24/2022 EUR 65.450
Vontobel Financial P 19.500 6/24/2022 EUR 58.190
Vontobel Financial P 10.500 6/24/2022 EUR 69.640
Vontobel Financial P 13.500 6/24/2022 EUR 64.880
Vontobel Financial P 3.500 6/24/2022 EUR 69.150
Vontobel Financial P 14.000 6/24/2022 EUR 71.640
Vontobel Financial P 16.500 6/24/2022 EUR 67.690
Corner Banca SA 12.000 06/01/2022 CHF 44.420
Landesbank Baden-Wue 5.00011/25/2022 EUR 53.240
Landesbank Baden-Wue 4.35011/25/2022 EUR 54.420
Landesbank Baden-Wue 5.40011/25/2022 EUR 52.390
Landesbank Baden-Wue 5.90011/25/2022 EUR 64.780
EFG International Fi 24.000 06/07/2022 USD 28.940
Zurcher Kantonalbank 10.500 06/10/2022 CHF 66.650
Zurcher Kantonalbank 19.000 06/10/2022 USD 60.420
Zurcher Kantonalbank 22.750 06/10/2022 USD 56.240
Zurcher Kantonalbank 21.750 06/10/2022 CHF 66.790
Zurcher Kantonalbank 13.000 06/10/2022 CHF 56.710
Raiffeisen Schweiz G 12.000 06/01/2022 CHF 54.560
Bank Julius Baer & C 8.500 06/03/2022 USD 76.950
Leonteq Securities A 23.690 06/03/2022 CHF 29.470
Leonteq Securities A 23.290 06/03/2022 CHF 67.320
Corner Banca SA 13.000 4/20/2022 CHF 72.060
Corner Banca SA 12.00010/19/2022 EUR 72.970
Vontobel Financial P 9.000 6/24/2022 EUR 65.110
Vontobel Financial P 4.000 6/24/2022 EUR 49.030
Leonteq Securities A 8.410 4/21/2022 EUR 50.080
DZ Bank AG Deutsche 9.750 6/22/2022 EUR 66.460
DZ Bank AG Deutsche 8.000 3/23/2022 EUR 65.280
DZ Bank AG Deutsche 8.000 6/22/2022 EUR 66.890
DZ Bank AG Deutsche 5.750 3/23/2022 EUR 74.200
DZ Bank AG Deutsche 7.750 6/22/2022 EUR 69.120
DZ Bank AG Deutsche 9.250 3/23/2022 EUR 71.610
Zurcher Kantonalbank 10.000 06/02/2022 CHF 66.010
UBS AG/London 14.750 5/25/2022 CHF 39.650
Vontobel Financial P 18.000 6/24/2022 EUR 61.060
Vontobel Financial P 11.000 6/24/2022 EUR 69.120
Societe Generale Eff 10.250 6/24/2022 EUR 65.010
Societe Generale Eff 6.500 7/22/2022 EUR 68.880
Societe Generale Eff 10.000 7/22/2022 EUR 71.860
Societe Generale Eff 11.000 7/22/2022 EUR 70.430
Vontobel Financial P 12.250 6/24/2022 EUR 64.980
Vontobel Financial P 15.000 6/24/2022 EUR 69.310
Societe Generale Eff 8.000 7/22/2022 EUR 75.010
Vontobel Financial P 12.000 6/24/2022 EUR 71.190
Societe Generale Eff 10.500 7/22/2022 EUR 61.790
Societe Generale Eff 4.000 7/22/2022 EUR 69.320
Vontobel Financial P 12.400 3/16/2022 EUR 35.260
Vontobel Financial P 18.500 6/24/2022 EUR 48.430
Vontobel Financial P 7.000 6/24/2022 EUR 58.990
Vontobel Financial P 4.500 6/24/2022 EUR 52.680
DZ Bank AG Deutsche 12.000 6/24/2022 EUR 60.400
DZ Bank AG Deutsche 13.900 6/24/2022 EUR 57.770
Leonteq Securities A 8.000 6/28/2023 CHF 73.420
DZ Bank AG Deutsche 24.500 6/24/2022 EUR 53.560
Landesbank Baden-Wue 2.500 6/24/2022 EUR 53.370
Leonteq Securities A 18.000 9/28/2022 CHF 65.670
Leonteq Securities A 14.00012/28/2022 CHF 56.910
Leonteq Securities A 16.000 6/28/2022 CHF 42.950
Corner Banca SA 14.000 9/28/2022 CHF 68.220
Leonteq Securities A 17.000 6/28/2022 CHF 41.410
Raiffeisen Schweiz G 12.00012/28/2022 CHF 77.010
Leonteq Securities A 6.400 6/28/2023 CHF 65.810
Leonteq Securities A 12.000 6/28/2022 CHF 26.350
Leonteq Securities A 13.000 6/28/2022 EUR 73.520
Leonteq Securities A 22.560 6/24/2022 CHF 31.110
Leonteq Securities A 26.030 6/24/2022 CHF 38.530
Societe Generale Eff 3.000 6/24/2022 EUR 77.400
Landesbank Baden-Wue 4.200 6/24/2022 EUR 49.690
Landesbank Baden-Wue 7.150 6/24/2022 EUR 45.320
Landesbank Baden-Wue 9.500 6/24/2022 EUR 43.890
Vontobel Financial P 21.000 6/24/2022 EUR 69.760
Vontobel Financial P 11.500 6/24/2022 EUR 69.690
Vontobel Financial P 3.500 9/23/2022 EUR 65.130
Vontobel Financial P 3.000 6/24/2022 EUR 65.360
Vontobel Financial P 8.500 9/23/2022 EUR 55.790
Vontobel Financial P 15.000 9/23/2022 EUR 50.590
Vontobel Financial P 6.500 9/23/2022 EUR 65.890
Zurcher Kantonalbank 19.000 7/22/2022 CHF 59.430
Vontobel Financial P 7.500 9/23/2022 EUR 68.290
Raiffeisen Schweiz G 6.500 01/12/2023 CHF 70.450
Vontobel Financial P 10.000 07/06/2022 EUR 72.720
Landesbank Baden-Wue 10.500 6/24/2022 EUR 42.030
Landesbank Baden-Wue 4.000 6/24/2022 EUR 72.390
Landesbank Baden-Wue 5.500 6/24/2022 EUR 50.090
Landesbank Baden-Wue 7.250 7/22/2022 EUR 73.080
Leonteq Securities A 11.000 01/11/2023 CHF 48.690
Leonteq Securities A 12.000 01/11/2023 CHF 71.850
DZ Bank AG Deutsche 5.000 9/19/2022 EUR 72.040
DZ Bank AG Deutsche 6.250 9/19/2022 EUR 74.470
Leonteq Securities A 17.000 01/12/2023 USD 70.750
Raiffeisen Schweiz G 18.000 10/12/2022 CHF 63.220
DZ Bank AG Deutsche 5.500 6/22/2022 EUR 72.790
DZ Bank AG Deutsche 9.250 9/21/2022 EUR 73.670
Landesbank Baden-Wue 3.000 8/25/2023 EUR 65.550
UniCredit Bank AG 4.000 06/07/2022 EUR 71.520
UniCredit Bank AG 3.700 06/04/2022 EUR 48.810
Leonteq Securities A 7.000 7/15/2022 CHF 78.550
Zurcher Kantonalbank 7.000 7/25/2022 CHF 75.570
Zurcher Kantonalbank 8.500 7/25/2022 CHF 64.520
Credit Suisse AG/Lon 8.000 4/14/2022 CHF 59.960
Credit Suisse AG/Lon 12.000 4/15/2022 USD 46.310
Raiffeisen Switzerla 7.500 7/14/2022 CHF 63.110
Raiffeisen Switzerla 13.000 7/14/2022 CHF 67.560
Raiffeisen Schweiz G 11.000 7/14/2022 CHF 49.160
DZ Bank AG Deutsche 7.000 3/23/2022 EUR 64.660
Leonteq Securities A 12.000 4/21/2022 CHF 60.870
EFG International Fi 6.300 5/18/2023 USD 35.290
DZ Bank AG Deutsche 6.500 3/23/2022 EUR 65.500
DZ Bank AG Deutsche 6.250 3/23/2022 EUR 72.090
DZ Bank AG Deutsche 4.250 6/22/2022 EUR 71.040
Societe Generale Eff 3.250 5/27/2022 EUR 76.080
Societe Generale Eff 11.250 5/27/2022 EUR 47.530
Societe Generale Eff 13.250 5/27/2022 EUR 44.670
DZ Bank AG Deutsche 7.000 6/22/2022 EUR 69.480
DZ Bank AG Deutsche 12.250 3/23/2022 EUR 71.860
DZ Bank AG Deutsche 10.000 6/22/2022 EUR 72.660
DZ Bank AG Deutsche 8.500 9/21/2022 EUR 73.900
DZ Bank AG Deutsche 9.000 3/23/2022 EUR 71.600
DZ Bank AG Deutsche 12.000 3/23/2022 EUR 61.470
Societe Generale Eff 15.250 5/27/2022 EUR 42.400
Goldman Sachs & Co W 7.000 4/21/2022 EUR 65.120
Goldman Sachs & Co W 7.000 5/25/2022 EUR 64.370
Goldman Sachs & Co W 6.000 6/22/2022 EUR 64.950
Goldman Sachs & Co W 7.000 6/22/2022 EUR 64.700
Goldman Sachs & Co W 6.000 9/21/2022 EUR 65.470
Goldman Sachs & Co W 7.00012/21/2022 EUR 68.270
DZ Bank AG Deutsche 5.000 3/23/2022 EUR 61.360
DZ Bank AG Deutsche 7.000 3/23/2022 EUR 61.390
Leonteq Securities A 20.940 5/19/2022 CHF 62.220
Corner Banca SA 6.50011/21/2022 CHF 50.850
Corner Banca SA 7.60011/18/2022 USD 50.910
Zurcher Kantonalbank 13.250 5/31/2022 CHF 55.600
Zurcher Kantonalbank 10.500 5/27/2022 USD 67.100
UBS AG/London 7.25011/21/2022 CHF 67.400
UBS AG/London 8.25011/21/2022 CHF 56.350
Technoleasing LLC 10.750 4/16/2026 RUB 68.010
Bank Vontobel AG 7.00411/14/2022 CHF 74.000
Bank Vontobel AG 9.25611/14/2022 CHF 66.700
Bank Vontobel AG 5.755 5/15/2023 CHF 66.300
EFG International Fi 13.00011/14/2022 CHF 56.620
Societe Generale Eff 7.500 5/27/2022 EUR 57.550
Raiffeisen Centroban 6.500 06/09/2023 EUR 69.130
Leonteq Securities A 5.050 06/02/2023 EUR 66.190
Landesbank Baden-Wue 6.300 6/24/2022 EUR 72.970
Landesbank Baden-Wue 3.100 6/24/2022 EUR 66.330
Landesbank Baden-Wue 4.350 6/24/2022 EUR 63.700
Landesbank Baden-Wue 8.300 5/27/2022 EUR 69.920
Landesbank Baden-Wue 4.550 5/27/2022 EUR 46.790
Landesbank Baden-Wue 6.400 5/27/2022 EUR 43.930
Landesbank Baden-Wue 8.500 5/27/2022 EUR 41.540
Landesbank Baden-Wue 3.500 5/27/2022 EUR 72.000
Landesbank Baden-Wue 5.150 5/27/2022 EUR 67.490
Landesbank Baden-Wue 7.000 5/27/2022 EUR 63.520
Landesbank Baden-Wue 4.800 5/27/2022 EUR 48.530
Landesbank Baden-Wue 7.700 5/27/2022 EUR 42.880
Landesbank Baden-Wue 3.550 6/24/2022 EUR 68.820
Landesbank Baden-Wue 2.050 6/24/2022 EUR 69.260
Landesbank Baden-Wue 3.300 5/27/2022 EUR 50.320
Landesbank Baden-Wue 6.700 5/27/2022 EUR 42.660
Landesbank Baden-Wue 13.880 5/27/2022 EUR 73.910
EFG International Fi 14.00011/21/2022 CHF 34.710
Leonteq Securities A 14.200 09/01/2022 CHF 62.680
Bank Julius Baer & C 8.800 5/19/2022 EUR 66.850
Leonteq Securities A 16.000 5/25/2022 CHF 21.810
DZ Bank AG Deutsche 12.640 5/27/2022 EUR 67.790
DZ Bank AG Deutsche 9.270 6/24/2022 EUR 49.610
Credit Suisse AG/Lon 12.500 8/22/2022 CHF 67.150
Leonteq Securities A 7.600 03/09/2023 EUR 74.350
Bank Julius Baer & C 6.300 07/06/2022 CHF 72.750
Zurcher Kantonalbank 11.250 07/06/2022 EUR 47.870
Societe Generale SA 16.000 08/01/2024 USD 39.150
Societe Generale SA 18.000 08/01/2024 USD 38.700
Societe Generale SA 15.000 08/01/2024 USD 44.300
DZ Bank AG Deutsche 7.500 7/20/2022 EUR 71.870
Vontobel Financial P 20.000 6/24/2022 EUR 68.850
DZ Bank AG Deutsche 4.750 9/21/2022 EUR 66.330
DZ Bank AG Deutsche 8.250 9/21/2022 EUR 71.190
DZ Bank AG Deutsche 7.750 3/23/2022 EUR 71.220
Vontobel Financial P 8.000 6/24/2022 EUR 56.890
Vontobel Financial P 4.000 6/24/2022 EUR 74.830
Vontobel Financial P 8.000 6/24/2022 EUR 49.600
Vontobel Financial P 17.000 6/24/2022 EUR 72.790
Vontobel Financial P 7.250 6/24/2022 EUR 65.230
Vontobel Financial P 16.450 6/24/2022 EUR 75.330
Zurcher Kantonalbank 12.000 7/14/2022 CHF 47.480
Bank Vontobel AG 6.000 01/04/2023 CHF 69.900
Bank Vontobel AG 8.500 01/03/2023 EUR 71.100
Bank Vontobel AG 7.500 01/03/2023 EUR 45.600
Bank Vontobel AG 9.250 01/04/2023 CHF 38.300
Basler Kantonalbank 11.000 01/09/2023 CHF 65.270
EFG International Fi 10.000 01/09/2023 USD 47.490
EFG International Fi 17.000 07/08/2022 USD 47.130
Raiffeisen Schweiz G 8.000 01/05/2023 CHF 68.580
Zurcher Kantonalbank 7.500 4/29/2022 CHF 48.020
Zurcher Kantonalbank 8.000 4/29/2022 USD 48.100
UBS AG/London 15.250 7/21/2022 USD 45.550
Bank Vontobel AG 7.506 7/15/2022 CHF 63.600
DZ Bank AG Deutsche 6.750 3/23/2022 EUR 65.510
DZ Bank AG Deutsche 5.000 3/23/2022 EUR 64.630
Vontobel Financial P 9.000 6/24/2022 EUR 69.410
Goldman Sachs & Co W 6.000 3/22/2023 EUR 72.610
Vontobel Financial P 5.500 6/24/2022 EUR 71.450
Vontobel Financial P 8.750 6/24/2022 EUR 62.640
Vontobel Financial P 11.750 6/24/2022 EUR 56.220
Vontobel Financial P 14.750 6/24/2022 EUR 66.150
Vontobel Financial P 11.750 6/24/2022 EUR 74.230
Vontobel Financial P 12.000 6/24/2022 EUR 65.710
Vontobel Financial P 14.250 6/24/2022 EUR 68.690
Vontobel Financial P 14.500 6/24/2022 EUR 66.390
Vontobel Financial P 21.000 6/24/2022 EUR 59.150
Vontobel Financial P 19.000 6/24/2022 EUR 61.320
Vontobel Financial P 15.000 6/24/2022 EUR 73.690
Vontobel Financial P 16.500 6/24/2022 EUR 74.080
Vontobel Financial P 5.550 5/18/2022 EUR 55.800
Raiffeisen Schweiz G 12.000 8/17/2022 CHF 63.270
Vontobel Financial P 15.500 6/24/2022 EUR 75.580
Vontobel Financial P 20.500 6/24/2022 EUR 70.780
EFG International Fi 5.250 5/18/2023 EUR 68.750
Bank Julius Baer & C 11.200 5/18/2022 CHF 48.550
Bank Julius Baer & C 7.300 5/18/2022 CHF 70.400
Zurcher Kantonalbank 27.000 5/27/2022 USD 72.710
DZ Bank AG Deutsche 4.250 3/23/2022 EUR 68.930
Societe Generale Eff 9.250 5/27/2022 EUR 51.330
DZ Bank AG Deutsche 11.750 6/22/2022 EUR 66.960
Goldman Sachs & Co W 6.000 4/21/2022 EUR 65.270
Goldman Sachs & Co W 6.000 5/25/2022 EUR 64.600
Goldman Sachs & Co W 7.000 9/21/2022 EUR 66.200
Goldman Sachs & Co W 6.00012/21/2022 EUR 67.380
Credit Suisse AG/Lon 10.000 5/19/2022 CHF 47.700
UBS AG/London 10.25011/21/2022 CHF 51.750
UniCredit Bank AG 3.450 04/02/2024 EUR 70.410
EFG International Fi 18.000 6/30/2022 EUR 68.520
Zurcher Kantonalbank 15.250 07/06/2022 CHF 54.410
DZ Bank AG Deutsche 8.500 9/21/2022 EUR 69.470
DZ Bank AG Deutsche 5.750 7/20/2022 EUR 64.520
DZ Bank AG Deutsche 7.000 9/21/2022 EUR 67.460
Leonteq Securities A 22.520 07/06/2022 CHF 26.940
Leonteq Securities A 20.000 07/06/2022 CHF 43.710
Vontobel Financial P 12.500 6/24/2022 EUR 58.050
Vontobel Financial P 5.000 6/24/2022 EUR 58.280
Vontobel Financial P 8.000 6/24/2022 EUR 59.910
Vontobel Financial P 9.000 6/24/2022 EUR 55.450
DekaBank Deutsche Gi 4.250 4/14/2022 EUR 38.070
Raiffeisen Switzerla 8.500 7/14/2022 CHF 63.670
UBS AG/London 13.500 07/07/2022 CHF 68.800
UBS AG/London 8.750 01/09/2023 CHF 60.800
UBS AG/London 8.250 07/07/2022 CHF 66.900
UBS AG/London 9.750 6/30/2022 CHF 51.350
DZ Bank AG Deutsche 4.750 3/23/2022 EUR 61.350
DZ Bank AG Deutsche 6.500 3/23/2022 EUR 61.380
EFG International Fi 9.350 01/12/2023 CHF 56.870
Zurcher Kantonalbank 8.250 7/20/2022 EUR 49.900
UniCredit Bank AG 4.50010/26/2022 EUR 71.210
Landesbank Baden-Wue 3.00012/23/2022 EUR 65.330
Raiffeisen Schweiz G 5.000 04/05/2022 CHF 73.840
UniCredit Bank AG 3.700 6/25/2022 EUR 46.210
Landesbank Baden-Wue 2.500 8/25/2023 EUR 63.400
UniCredit Bank AG 4.250 6/28/2022 EUR 47.050
UniCredit Bank AG 3.850 6/28/2022 EUR 70.320
UniCredit Bank AG 3.800 6/28/2022 EUR 34.540
Landesbank Baden-Wue 2.600 4/28/2023 EUR 67.320
UniCredit Bank AG 3.750 3/26/2022 EUR 63.360
UniCredit Bank AG 3.250 3/29/2022 EUR 17.550
SG Issuer SA 9.180 1/20/2025 SEK 53.370
UniCredit Bank AG 3.600 3/29/2022 EUR 65.020
Landesbank Baden-Wue 2.810 3/24/2023 EUR 63.370
Landesbank Baden-Wue 2.600 4/25/2022 EUR 71.240
Landesbank Baden-Wue 2.800 4/25/2022 EUR 69.910
Leonteq Securities A 5.600 5/16/2022 CHF 55.960
Landesbank Baden-Wue 2.300 7/22/2022 EUR 69.520
Landesbank Baden-Wue 2.000 7/22/2022 EUR 73.120
Citigroup Global Mar 7.200 5/24/2023 SEK 64.270
Landesbank Baden-Wue 3.000 6/23/2023 EUR 70.970
Landesbank Baden-Wue 3.25012/23/2022 EUR 64.480
DekaBank Deutsche Gi 1.000 1/20/2025 EUR 52.950
Leonteq Securities A 12.000 6/28/2022 CHF 72.090
EFG International Fi 4.90012/28/2023 USD 63.090
EFG International Fi 7.00012/29/2022 USD 8.770
Bank Vontobel AG 9.504 6/30/2022 CHF 46.600
UBS AG/London 15.500 6/30/2022 CHF 68.500
VTB Bank PJSC 0.010 12/09/2025 RUB 72.800
Leonteq Securities A 9.000 6/30/2022 CHF 74.270
Bank Vontobel AG 7.760 6/27/2022 CHF 68.800
Bank Vontobel AG 8.252 6/27/2022 CHF 69.300
UBS AG/London 12.500 6/23/2022 USD 43.700
UBS AG/London 6.25012/23/2022 CHF 53.800
DekaBank Deutsche Gi 2.500 02/02/2024 EUR 65.590
UBS AG/London 12.750 01/03/2023 CHF 73.500
UBS AG/London 7.500 6/23/2022 CHF 65.750
UBS AG/London 13.000 6/23/2022 CHF 43.950
UBS AG/London 8.750 6/23/2022 CHF 42.850
Bank Vontobel AG 6.254 6/30/2022 CHF 79.300
UBS AG/London 10.500 6/30/2022 CHF 70.750
VTB Bank PJSC 0.01011/25/2025 RUB 74.560
UBS AG/London 10.750 07/07/2022 EUR 72.700
UBS AG/London 16.250 07/07/2022 CHF 64.950
UBS AG/London 16.300 01/08/2024 EUR 6.020
UBS AG/London 16.500 6/30/2022 USD 33.600
Leonteq Securities A 15.000 3/30/2022 CHF 54.460
Landesbank Baden-Wue 5.05010/28/2022 EUR 61.080
Bank Vontobel AG 6.007 9/26/2022 CHF 61.000
Bank Vontobel AG 9.000 9/26/2022 EUR 72.900
Bank Vontobel AG 4.255 6/27/2022 CHF 59.000
Bank Vontobel AG 14.006 9/26/2022 CHF 38.500
Bank Vontobel AG 15.009 6/27/2022 CHF 40.300
Raiffeisen Switzerla 11.750 10/06/2022 CHF 69.160
Zurcher Kantonalbank 10.500 04/08/2022 CHF 68.280
UBS AG/London 10.250 9/30/2022 CHF 70.300
UBS AG/London 16.000 9/30/2022 CHF 42.300
Landesbank Baden-Wue 4.05010/28/2022 EUR 75.530
Bank Vontobel AG 6.007 9/26/2022 CHF 61.000
Bank Vontobel AG 9.009 9/26/2022 EUR 72.900
Bank Vontobel AG 12.751 6/27/2022 CHF 39.200
Bank Vontobel AG 22.008 6/27/2022 CHF 61.900
Bank Vontobel AG 28.506 3/28/2022 CHF 53.900
UniCredit Bank AG 7.850 4/21/2022 EUR 64.960
EFG International Fi 6.000 3/30/2023 USD 72.790
Leonteq Securities A 14.000 07/06/2022 CHF 67.550
Zurcher Kantonalbank 17.250 4/14/2022 CHF 55.770
UBS AG/London 9.500 9/30/2022 CHF 64.750
UBS AG/London 6.500 3/31/2023 USD 78.000
Raiffeisen Switzerla 14.000 3/29/2022 CHF 58.080
Landesbank Baden-Wue 7.85010/28/2022 EUR 54.070
Landesbank Baden-Wue 4.05010/28/2022 EUR 40.260
Landesbank Baden-Wue 7.10010/28/2022 EUR 65.300
Landesbank Baden-Wue 5.75010/28/2022 EUR 41.630
Zurcher Kantonalbank 10.000 4/13/2022 CHF 68.700
Landesbank Baden-Wue 7.40010/28/2022 EUR 66.350
Landesbank Baden-Wue 6.35010/28/2022 EUR 36.620
Landesbank Baden-Wue 3.50010/28/2022 EUR 45.480
Landesbank Baden-Wue 5.60010/28/2022 EUR 68.770
DZ Bank AG Deutsche 7.000 3/23/2022 EUR 56.100
DZ Bank AG Deutsche 7.750 3/23/2022 EUR 61.400
DZ Bank AG Deutsche 6.500 3/23/2022 EUR 65.500
EFG International Fi 10.320 7/19/2022 USD 74.690
BNP Paribas Emission 10.000 6/23/2022 EUR 52.560
BNP Paribas Emission 10.000 6/23/2022 EUR 49.970
BNP Paribas Emission 14.000 6/23/2022 EUR 46.510
BNP Paribas Emission 11.000 6/23/2022 EUR 68.840
Vontobel Financial P 10.000 3/25/2022 EUR 68.420
BNP Paribas Emission 10.000 6/23/2022 EUR 73.100
BNP Paribas Emission 15.000 6/23/2022 EUR 36.120
BNP Paribas Emission 8.000 6/23/2022 EUR 71.300
Sberbank of Russia P 0.01010/31/2025 RUB 74.400
Sberbank of Russia P 0.01011/20/2025 RUB 70.200
UBS AG/London 13.500 5/18/2022 CHF 29.260
Vontobel Financial P 16.250 6/24/2022 EUR 73.520
Vontobel Financial P 11.000 6/24/2022 EUR 71.800
Zurcher Kantonalbank 11.000 7/15/2022 CHF 64.840
Bank Vontobel AG 8.250 01/04/2023 CHF 73.600
Bank Vontobel AG 17.500 07/04/2022 CHF 47.900
Vontobel Financial P 8.500 6/24/2022 EUR 53.890
Vontobel Financial P 16.500 6/24/2022 EUR 77.610
EFG International Fi 8.400 07/07/2023 CHF 74.820
Raiffeisen Schweiz G 10.000 07/05/2022 CHF 65.770
Raiffeisen Schweiz G 11.000 07/06/2022 CHF 67.520
Raiffeisen Schweiz G 13.000 07/05/2022 CHF 66.930
Zurcher Kantonalbank 10.750 7/15/2022 EUR 44.710
DZ Bank AG Deutsche 5.00012/23/2022 EUR 69.930
EFG International Fi 9.430 7/19/2022 USD 62.880
EFG International Fi 10.210 7/19/2022 USD 63.970
Leonteq Securities A 10.000 07/12/2023 CHF 67.360
Vontobel Financial P 16.500 6/24/2022 EUR 72.700
Vontobel Financial P 8.000 6/24/2022 EUR 68.070
Vontobel Financial P 12.500 6/24/2022 EUR 61.370
Vontobel Financial P 10.500 6/24/2022 EUR 64.560
Vontobel Financial P 15.000 6/24/2022 EUR 58.700
Vontobel Financial P 13.000 6/24/2022 EUR 52.140
Vontobel Financial P 17.500 6/24/2022 EUR 56.380
Vontobel Financial P 8.000 6/24/2022 EUR 57.070
Vontobel Financial P 9.500 6/24/2022 EUR 55.220
Vontobel Financial P 20.000 6/24/2022 EUR 54.360
Vontobel Financial P 11.000 6/24/2022 EUR 53.540
Vontobel Financial P 14.500 6/24/2022 EUR 50.750
Leonteq Securities A 22.130 07/08/2022 CHF 34.800
EFG International Fi 8.700 7/13/2023 EUR 46.650
Zurcher Kantonalbank 4.750 7/15/2022 CHF 66.910
Vontobel Financial P 9.250 6/24/2022 EUR 70.600
Societe Generale Eff 3.500 5/27/2022 EUR 68.080
Bank Julius Baer & C 17.000 05/09/2022 CHF 60.250
Leonteq Securities A 8.000 01/12/2023 CHF 67.170
Leonteq Securities A 12.000 10/12/2022 CHF 72.930
Leonteq Securities A 10.000 01/12/2023 CHF 75.900
Corner Banca SA 11.200 10/12/2022 EUR 56.640
Corner Banca SA 10.000 10/12/2022 CHF 46.400
Leonteq Securities A 10.000 10/12/2022 CHF 62.130
Leonteq Securities A 10.000 07/06/2022 EUR 37.950
Goldman Sachs & Co W 6.000 6/21/2023 EUR 69.600
Leonteq Securities A 12.000 01/12/2023 CHF 44.460
Goldman Sachs & Co W 7.00012/21/2022 EUR 68.190
Goldman Sachs & Co W 8.000 8/24/2022 EUR 73.200
Goldman Sachs & Co W 8.000 7/20/2022 EUR 74.010
Bank Vontobel AG 8.000 01/10/2023 CHF 70.100
Bank Vontobel AG 8.000 01/10/2023 CHF 70.100
Bank Vontobel AG 11.000 01/10/2023 CHF 70.300
Bank Vontobel AG 10.000 07/12/2022 CHF 78.300
Bank Vontobel AG 10.000 01/10/2023 EUR 67.600
DZ Bank AG Deutsche 9.500 3/23/2022 EUR 60.540
DZ Bank AG Deutsche 10.500 4/22/2022 EUR 36.370
DZ Bank AG Deutsche 7.500 3/23/2022 EUR 61.400
DZ Bank AG Deutsche 9.000 3/23/2022 EUR 61.420
DZ Bank AG Deutsche 11.250 3/23/2022 EUR 61.460
DZ Bank AG Deutsche 7.250 6/22/2022 EUR 65.830
DZ Bank AG Deutsche 8.750 6/22/2022 EUR 66.210
DZ Bank AG Deutsche 10.000 6/22/2022 EUR 63.740
DZ Bank AG Deutsche 8.500 3/23/2022 EUR 62.880
DZ Bank AG Deutsche 6.500 6/22/2022 EUR 64.250
DZ Bank AG Deutsche 8.000 6/22/2022 EUR 61.230
DZ Bank AG Deutsche 7.500 3/23/2022 EUR 59.790
DZ Bank AG Deutsche 7.500 6/22/2022 EUR 62.820
DZ Bank AG Deutsche 7.500 3/23/2022 EUR 65.520
DZ Bank AG Deutsche 6.500 6/22/2022 EUR 68.640
DZ Bank AG Deutsche 5.500 6/22/2022 EUR 65.360
DZ Bank AG Deutsche 7.750 6/22/2022 EUR 58.920
UniCredit Bank AG 7.950 4/27/2022 EUR 64.350
UniCredit Bank AG 9.250 4/27/2022 EUR 71.800
SG Issuer SA 1.50012/30/2032 EUR 44.360
UBS AG/London 9.750 7/20/2022 CHF 62.550
Zurcher Kantonalbank 7.500 7/28/2022 CHF 64.550
UBS AG/London 7.750 7/20/2022 CHF 62.000
UBS AG/London 7.750 7/20/2022 CHF 43.550
Bank Vontobel AG 9.004 7/15/2022 CHF 72.600
Vontobel Financial P 9.000 3/25/2022 EUR 74.350
Vontobel Financial P 10.500 3/25/2022 EUR 66.110
Vontobel Financial P 9.000 3/25/2022 EUR 63.280
Vontobel Financial P 10.000 3/25/2022 EUR 63.320
Vontobel Financial P 5.000 3/25/2022 EUR 55.260
Vontobel Financial P 6.500 3/25/2022 EUR 55.110
Vontobel Financial P 5.500 3/25/2022 EUR 55.070
Vontobel Financial P 6.000 3/25/2022 EUR 55.090
Goldman Sachs & Co W 7.000 6/22/2022 EUR 68.170
Goldman Sachs & Co W 7.000 9/21/2022 EUR 69.150
Goldman Sachs & Co W 7.00012/21/2022 EUR 70.570
Vontobel Financial P 3.500 3/25/2022 EUR 60.270
Vontobel Financial P 6.000 3/25/2022 EUR 67.730
Vontobel Financial P 8.000 3/25/2022 EUR 66.000
Vontobel Financial P 9.000 3/25/2022 EUR 66.050
Goldman Sachs & Co W 8.000 6/22/2022 EUR 68.770
Goldman Sachs & Co W 8.000 9/21/2022 EUR 69.700
Goldman Sachs & Co W 7.00012/21/2022 EUR 70.640
Vontobel Financial P 14.000 3/25/2022 EUR 65.630
Vontobel Financial P 15.000 3/25/2022 EUR 65.660
Vontobel Financial P 13.000 3/25/2022 EUR 65.580
Vontobel Financial P 16.500 3/25/2022 EUR 67.070
Vontobel Financial P 12.500 3/25/2022 EUR 65.920
Vontobel Financial P 11.500 3/25/2022 EUR 65.880
Vontobel Financial P 3.500 3/25/2022 EUR 49.030
Vontobel Financial P 9.500 3/25/2022 EUR 68.120
Leonteq Securities A 14.000 4/26/2022 CHF 37.960
Leonteq Securities A 13.000 7/25/2022 USD 42.960
Leonteq Securities A 7.450 1/25/2023 EUR 47.150
Leonteq Securities A 7.000 7/22/2022 CHF 67.540
UBS AG/London 13.250 05/12/2022 USD 37.750
Sberbank of Russia P 0.010 11/11/2025 RUB 74.900
Sberbank of Russia P 0.01011/20/2025 RUB 64.700
BNP Paribas Emission 6.500 6/23/2022 EUR 77.010
BNP Paribas Emission 12.000 6/23/2022 EUR 68.290
EFG International Fi 6.500 3/24/2023 USD 69.890
BNP Paribas Emission 9.500 6/23/2022 EUR 72.140
BNP Paribas Emission 8.500 6/23/2022 EUR 42.700
BNP Paribas Emission 9.000 6/23/2022 EUR 40.980
Vontobel Financial P 16.000 3/22/2022 USD 72.030
DZ Bank AG Deutsche 8.250 3/21/2022 EUR 74.830
EFG International Fi 16.000 3/24/2022 USD 57.270
UBS AG/London 12.750 9/26/2022 CHF 70.400
DZ Bank AG Deutsche 8.000 3/23/2022 EUR 71.790
UniCredit Bank AG 11.550 4/21/2022 EUR 66.320
Bank Julius Baer & C 5.750 6/27/2022 EUR 68.750
Vontobel Financial P 26.400 3/28/2022 EUR 77.910
Vontobel Financial P 15.220 3/28/2022 EUR 66.880
Credit Suisse AG/Lon 8.000 6/27/2022 CHF 61.810
Zurcher Kantonalbank 8.600 04/01/2022 EUR 71.210
Vontobel Financial P 15.350 3/29/2023 EUR 69.920
Vontobel Financial P 24.950 3/29/2022 EUR 75.960
Vontobel Financial P 17.750 3/29/2023 EUR 72.560
Bank Julius Baer & C 10.000 3/28/2022 USD 45.100
EFG International Fi 7.250 02/09/2024 USD 57.180
Vontobel Financial P 17.500 3/25/2022 EUR 71.680
Raiffeisen Switzerla 7.500 02/08/2023 CHF 69.990
Raiffeisen Switzerla 11.000 08/05/2022 EUR 58.630
Vontobel Financial P 16.500 3/25/2022 EUR 65.930
Vontobel Financial P 5.500 3/25/2022 EUR 56.970
Vontobel Financial P 4.500 3/25/2022 EUR 74.790
Vontobel Financial P 5.000 3/25/2022 EUR 56.950
Vontobel Financial P 6.000 3/25/2022 EUR 56.990
Vontobel Financial P 8.000 3/25/2022 EUR 56.860
Vontobel Financial P 7.500 3/25/2022 EUR 56.840
Bank Vontobel AG 11.002 08/10/2022 CHF 70.400
UBS AG/London 7.750 08/10/2022 CHF 33.400
UBS AG/London 5.250 08/10/2022 CHF 74.600
UBS AG/London 13.750 08/10/2022 CHF 74.650
UBS AG/London 14.250 08/10/2022 USD 70.400
Vontobel Financial P 11.500 3/25/2022 EUR 59.200
Vontobel Financial P 9.000 3/25/2022 EUR 59.300
EFG International Fi 4.500 02/12/2024 USD 57.910
DZ Bank AG Deutsche 3.00012/23/2022 EUR 45.520
DZ Bank AG Deutsche 7.00012/23/2022 EUR 36.830
Leonteq Securities A 15.740 08/10/2022 USD 38.250
Bank Vontobel AG 21.502 05/12/2022 CHF 40.400
Bank Vontobel AG 16.000 05/12/2022 CHF 32.400
Leonteq Securities A 10.000 08/12/2022 CHF 72.400
Leonteq Securities A 10.000 08/12/2022 CHF 60.650
Leonteq Securities A 12.400 05/12/2022 CHF 52.660
Corner Banca SA 15.000 05/12/2022 CHF 59.120
Leonteq Securities A 18.000 05/12/2022 CHF 61.180
Raiffeisen Switzerla 8.000 08/12/2022 CHF 75.170
Raiffeisen Switzerla 10.500 05/12/2022 CHF 63.350
DZ Bank AG Deutsche 9.500 3/23/2022 EUR 73.460
DZ Bank AG Deutsche 10.000 3/23/2022 EUR 56.150
DZ Bank AG Deutsche 10.000 3/23/2022 EUR 55.240
Corner Banca SA 15.00011/21/2022 USD 65.380
Leonteq Securities A 13.00011/21/2022 USD 39.880
Basler Kantonalbank 11.000 05/12/2022 CHF 64.260
Leonteq Securities A 13.00011/17/2022 USD 75.830
Corner Banca SA 11.00011/17/2022 EUR 76.180
Leonteq Securities A 18.000 5/17/2022 USD 43.620
Leonteq Securities A 8.000 5/17/2023 CHF 76.910
Leonteq Securities A 13.200 5/13/2022 USD 49.220
Leonteq Securities A 9.000 8/17/2022 CHF 73.720
Leonteq Securities A 10.000 8/17/2022 CHF 61.100
Vontobel Financial P 11.300 5/17/2022 USD 48.100
Vontobel Financial P 15.350 5/17/2022 USD 73.260
Landesbank Baden-Wue 2.650 9/22/2023 EUR 70.760
Credit Suisse AG/Lon 9.000 05/05/2022 CHF 64.620
UBS AG/London 12.75010/28/2022 CHF 42.750
Bank Julius Baer & C 9.650 7/29/2022 USD 73.400
Credit Suisse AG/Lon 12.000 4/29/2022 USD 25.930
Zurcher Kantonalbank 8.000 05/10/2022 EUR 73.090
Vontobel Financial P 15.000 6/24/2022 EUR 58.450
Vontobel Financial P 16.500 6/24/2022 EUR 56.880
Vontobel Financial P 13.500 6/24/2022 EUR 60.170
Vontobel Financial P 15.500 6/24/2022 EUR 73.080
Vontobel Financial P 12.500 6/24/2022 EUR 71.790
Vontobel Financial P 16.000 6/24/2022 EUR 68.020
Vontobel Financial P 13.500 6/24/2022 EUR 70.420
Vontobel Financial P 15.000 6/24/2022 EUR 69.250
Vontobel Financial P 17.000 6/24/2022 EUR 66.850
Vontobel Financial P 16.000 6/24/2022 EUR 75.310
Vontobel Financial P 17.000 6/24/2022 EUR 73.850
Vontobel Financial P 6.000 6/24/2022 EUR 70.170
Vontobel Financial P 9.000 6/24/2022 EUR 63.090
Vontobel Financial P 17.000 6/24/2022 EUR 53.640
Vontobel Financial P 18.000 6/24/2022 EUR 55.820
Vontobel Financial P 13.000 6/24/2022 EUR 57.780
Vontobel Financial P 8.500 6/24/2022 EUR 71.620
Vontobel Financial P 13.000 6/24/2022 EUR 62.390
Vontobel Financial P 15.000 6/24/2022 EUR 38.310
Vontobel Financial P 10.000 6/24/2022 EUR 42.500
Vontobel Financial P 17.500 6/24/2022 EUR 36.730
Vontobel Financial P 7.500 6/24/2022 EUR 45.280
Vontobel Financial P 12.500 6/24/2022 EUR 40.210
Vontobel Financial P 7.500 6/24/2022 EUR 58.250
Vontobel Financial P 6.500 3/25/2022 EUR 59.420
Vontobel Financial P 6.500 6/24/2022 EUR 55.070
Vontobel Financial P 5.000 3/25/2022 EUR 55.370
Vontobel Financial P 11.000 6/24/2022 EUR 67.740
Vontobel Financial P 9.500 3/25/2022 EUR 69.080
Vontobel Financial P 12.000 3/25/2022 EUR 69.180
Vontobel Financial P 5.500 6/24/2022 EUR 60.840
Vontobel Financial P 10.500 6/24/2022 EUR 62.120
Vontobel Financial P 5.500 6/24/2022 EUR 54.780
Zurcher Kantonalbank 15.500 05/10/2022 CHF 68.090
Leonteq Securities A 11.000 7/29/2022 CHF 71.150
Leonteq Securities A 7.000 05/03/2023 CHF 68.350
Leonteq Securities A 24.350 4/29/2022 CHF 54.350
Leonteq Securities A 23.180 4/29/2022 USD 28.350
Leonteq Securities A 9.00010/31/2022 CHF 65.000
Leonteq Securities A 11.00010/31/2022 USD 55.550
Leonteq Securities A 10.00010/31/2022 USD 64.340
Leonteq Securities A 10.00010/31/2022 CHF 70.720
Zurcher Kantonalbank 18.000 05/06/2022 CHF 60.360
DZ Bank AG Deutsche 4.250 3/23/2022 EUR 70.140
DZ Bank AG Deutsche 6.750 6/22/2022 EUR 60.880
DZ Bank AG Deutsche 8.000 3/23/2022 EUR 61.660
Leonteq Securities A 8.000 7/26/2022 CHF 66.980
Zurcher Kantonalbank 8.000 05/04/2022 CHF 73.980
Raiffeisen Switzerla 12.00010/26/2022 CHF 57.370
Raiffeisen Switzerla 10.50010/26/2022 CHF 73.290
Landesbank Baden-Wue 5.650 4/28/2023 EUR 71.970
Landesbank Baden-Wue 7.000 4/28/2023 EUR 49.450
Landesbank Baden-Wue 5.700 4/28/2023 EUR 43.320
Vontobel Financial P 13.500 6/24/2022 EUR 71.760
Vontobel Financial P 15.000 6/24/2022 EUR 70.070
Vontobel Financial P 16.500 6/24/2022 EUR 68.490
Vontobel Financial P 6.000 6/24/2022 EUR 57.060
Vontobel Financial P 20.500 6/24/2022 EUR 35.380
Vontobel Financial P 9.000 3/25/2022 EUR 72.360
Vontobel Financial P 13.000 6/24/2022 EUR 69.900
Vontobel Financial P 12.000 6/24/2022 EUR 69.600
Vontobel Financial P 16.500 3/25/2022 EUR 67.370
Vontobel Financial P 11.500 3/25/2022 EUR 70.550
Vontobel Financial P 13.000 3/25/2022 EUR 70.820
Vontobel Financial P 14.500 3/25/2022 EUR 70.880
Vontobel Financial P 9.000 6/24/2022 EUR 65.680
Bank Vontobel AG 7.008 7/25/2022 CHF 68.300
DekaBank Deutsche Gi 4.400 5/27/2022 EUR 68.600
Landesbank Baden-Wue 5.200 4/28/2023 EUR 65.240
Landesbank Baden-Wue 3.350 4/28/2023 EUR 74.330
Landesbank Baden-Wue 4.200 4/28/2023 EUR 75.580
Landesbank Baden-Wue 3.800 4/28/2023 EUR 55.250
Landesbank Baden-Wue 3.200 4/28/2023 EUR 69.780
Landesbank Baden-Wue 5.250 4/28/2023 EUR 43.500
Landesbank Baden-Wue 3.150 4/28/2023 EUR 47.450
Landesbank Baden-Wue 2.300 4/28/2023 EUR 66.930
Landesbank Baden-Wue 4.350 4/28/2023 EUR 45.170
Landesbank Baden-Wue 3.000 4/28/2023 EUR 47.730
Vontobel Financial P 12.500 6/24/2022 EUR 73.690
Vontobel Financial P 6.500 3/25/2022 EUR 56.800
Vontobel Financial P 10.500 6/24/2022 EUR 72.010
Vontobel Financial P 13.000 3/25/2022 EUR 67.230
Vontobel Financial P 12.000 6/24/2022 EUR 72.060
Vontobel Financial P 13.500 6/24/2022 EUR 72.490
Vontobel Financial P 11.000 6/24/2022 EUR 71.770
Vontobel Financial P 4.500 3/25/2022 EUR 56.720
Zurcher Kantonalbank 12.250 05/05/2022 CHF 49.350
EFG International Fi 20.000 4/28/2022 USD 75.930
EFG International Fi 14.000 4/28/2022 CHF 69.830
EFG International Fi 9.00010/28/2022 CHF 70.740
UBS AG/London 8.75010/28/2022 CHF 75.200
UBS AG/London 12.750 4/28/2022 CHF 63.550
UBS AG/London 10.500 4/28/2023 CHF 70.050
UBS AG/London 9.50010/28/2022 CHF 68.050
UBS AG/London 8.750 4/28/2023 CHF 72.600
Zurcher Kantonalbank 6.400 11/07/2022 USD 47.140
Zurcher Kantonalbank 8.000 05/05/2022 CHF 74.420
Leonteq Securities A 15.000 4/13/2022 CHF 37.190
Zurcher Kantonalbank 5.000 4/27/2022 EUR 65.340
DZ Bank AG Deutsche 4.500 6/22/2022 EUR 71.650
DZ Bank AG Deutsche 5.500 3/23/2022 EUR 60.480
DZ Bank AG Deutsche 5.000 6/22/2022 EUR 60.440
DZ Bank AG Deutsche 8.000 6/22/2022 EUR 65.760
Zurcher Kantonalbank 16.250 05/04/2022 EUR 67.810
EFG International Fi 5.000 4/26/2023 USD 71.060
Raiffeisen Switzerla 6.75010/26/2022 CHF 67.970
Raiffeisen Switzerla 8.00010/26/2022 EUR 65.070
Leonteq Securities A 11.50010/27/2022 CHF 65.660
UBS AG/London 10.500 11/11/2022 CHF 74.300
UBS AG/London 13.500 05/12/2022 USD 37.800
EFG International Fi 13.000 05/11/2022 CHF 71.130
UniCredit Bank AG 5.250 12/01/2023 EUR 42.850
UniCredit Bank AG 5.55010/26/2022 EUR 70.750
UniCredit Bank AG 4.00011/21/2022 EUR 59.730
Landesbank Baden-Wue 3.000 5/26/2023 EUR 69.160
UniCredit Bank AG 3.750 4/19/2022 EUR 51.010
DekaBank Deutsche Gi 3.900 4/25/2022 EUR 38.670
Nordea Bank Abp 4.100 7/20/2023 SEK 51.130
DekaBank Deutsche Gi 4.250 05/05/2022 EUR 72.520
Raiffeisen Switzerla 14.000 04/07/2022 CHF 61.250
Leonteq Securities A 25.630 04/12/2022 CHF 70.730
Leonteq Securities A 17.000 04/12/2022 EUR 67.300
Leonteq Securities A 22.860 04/12/2022 CHF 24.620
DZ Bank AG Deutsche 8.000 6/22/2022 EUR 57.260
Goldman Sachs & Co W 7.000 4/21/2022 EUR 71.600
Goldman Sachs & Co W 6.000 5/25/2022 EUR 71.880
Goldman Sachs & Co W 8.000 5/25/2022 EUR 72.530
Goldman Sachs & Co W 15.000 5/25/2022 EUR 64.370
Goldman Sachs & Co W 23.000 5/25/2022 EUR 56.070
Goldman Sachs & Co W 15.000 6/22/2022 EUR 65.440
Goldman Sachs & Co W 10.000 9/21/2022 EUR 73.420
Goldman Sachs & Co W 15.00012/21/2022 EUR 65.150
Goldman Sachs & Co W 7.000 6/22/2022 EUR 66.070
Goldman Sachs & Co W 7.00012/21/2022 EUR 69.140
Goldman Sachs & Co W 9.000 3/22/2023 EUR 73.680
BNP Paribas Emission 7.700 4/22/2022 EUR 69.430
Bank Julius Baer & C 19.600 04/07/2022 CHF 49.400
Leonteq Securities A 18.000 04/08/2022 CHF 45.130
Raiffeisen Switzerla 10.500 04/06/2022 EUR 61.710
Zurcher Kantonalbank 10.000 4/19/2022 CHF 58.940
Zurcher Kantonalbank 10.500 4/20/2022 CHF 68.930
Leonteq Securities A 16.000 04/12/2022 CHF 70.790
Leonteq Securities A 18.000 04/12/2022 CHF 39.190
DZ Bank AG Deutsche 9.000 6/22/2022 EUR 74.360
DZ Bank AG Deutsche 7.500 6/22/2022 EUR 69.000
Goldman Sachs & Co W 8.000 4/21/2022 EUR 72.560
Bank Vontobel AG 10.006 10/03/2022 EUR 68.900
Bank Vontobel AG 13.005 10/03/2022 CHF 46.800
Bank Julius Baer & C 8.300 04/07/2022 USD 74.450
Bank Julius Baer & C 14.650 07/07/2022 USD 42.400
Leonteq Securities A 20.690 04/08/2022 CHF 60.590
Raiffeisen Switzerla 10.000 04/06/2022 CHF 64.010
Vontobel Financial P 14.500 6/24/2022 EUR 71.240
Vontobel Financial P 12.500 6/24/2022 EUR 74.640
Vontobel Financial P 17.000 6/24/2022 EUR 69.310
Vontobel Financial P 6.500 3/25/2022 EUR 65.280
Vontobel Financial P 6.000 6/24/2022 EUR 63.810
Credit Suisse AG/Lon 10.000 5/13/2022 USD 59.480
Vontobel Financial P 13.500 6/24/2022 EUR 60.910
Bank Julius Baer & C 8.800 04/06/2022 CHF 41.550
Leonteq Securities A 2.700 04/01/2026 EUR 39.510
Leonteq Securities A 19.000 04/08/2022 USD 45.340
Leonteq Securities A 15.000 04/08/2022 CHF 73.200
Leonteq Securities A 10.600 10/12/2022 CHF 62.570
UBS AG/London 14.250 10/07/2022 USD 42.700
UBS AG/London 15.500 04/07/2022 USD 45.200
UBS AG/London 9.500 04/11/2022 CHF 47.450
UBS AG/London 9.000 10/10/2022 CHF 69.900
Raiffeisen Schweiz G 7.200 10/06/2022 CHF 71.170
Zurcher Kantonalbank 14.250 4/19/2022 CHF 72.510
Bank Julius Baer & C 7.700 7/13/2022 CHF 50.250
Zurcher Kantonalbank 9.500 4/26/2022 CHF 77.240
Corner Banca SA 14.000 4/26/2022 USD 56.510
Zurcher Kantonalbank 20.000 4/14/2022 EUR 73.840
Zurcher Kantonalbank 11.500 4/14/2022 CHF 72.350
Zurcher Kantonalbank 15.000 4/20/2022 CHF 62.930
Bank Vontobel AG 11.003 10/03/2022 CHF 66.700
Bank Vontobel AG 9.007 10/03/2022 CHF 76.100
Goldman Sachs & Co W 10.000 5/25/2022 EUR 73.840
Goldman Sachs & Co W 19.000 5/25/2022 EUR 60.350
Goldman Sachs & Co W 18.000 6/22/2022 EUR 61.510
Goldman Sachs & Co W 22.000 6/22/2022 EUR 57.550
Goldman Sachs & Co W 14.000 9/21/2022 EUR 66.280
Goldman Sachs & Co W 19.000 9/21/2022 EUR 61.660
Goldman Sachs & Co W 10.00012/21/2022 EUR 72.710
Goldman Sachs & Co W 16.00012/21/2022 EUR 64.050
Goldman Sachs & Co W 7.000 4/21/2022 EUR 68.550
Goldman Sachs & Co W 7.000 5/25/2022 EUR 65.880
Goldman Sachs & Co W 9.000 5/25/2022 EUR
Goldman Sachs & Co W 7.000 9/21/2022 EUR 67.750
Goldman Sachs & Co W 15.000 3/22/2023 EUR 66.820
Bank Julius Baer & C 7.400 7/13/2022 CHF 65.550
Bank Julius Baer & C 6.600 7/13/2022 CHF 67.250
UniCredit Bank AG 8.500 6/16/2022 EUR 64.840
DZ Bank AG Deutsche 10.750 3/23/2022 EUR 69.030
DZ Bank AG Deutsche 12.700 6/24/2022 EUR 74.020
DZ Bank AG Deutsche 21.200 6/24/2022 EUR 59.920
Bank Julius Baer & C 11.200 05/12/2022 CHF 68.250
DZ Bank AG Deutsche 11.200 9/23/2022 EUR 70.920
DZ Bank AG Deutsche 11.700 9/23/2022 EUR 72.770
DZ Bank AG Deutsche 8.250 3/23/2022 EUR 65.290
DZ Bank AG Deutsche 4.750 9/19/2022 EUR 71.920
EFG International Fi 15.00011/14/2022 EUR 74.100
EFG International Fi 22.000 05/12/2022 CHF 64.190
EFG International Fi 14.000 05/12/2022 USD 54.650
UBS AG/London 14.75011/14/2022 CHF 53.350
UBS AG/London 11.50011/14/2022 EUR 71.950
UBS AG/London 10.50011/14/2022 CHF 50.550
UBS AG/London 11.25011/14/2022 CHF 71.200
UBS AG/London 11.75011/14/2022 CHF 52.300
Corner Banca SA 15.000 5/25/2022 CHF 50.200
Leonteq Securities A 9.450 5/13/2022 USD 25.210
Bank Vontobel AG 14.257 08/08/2022 CHF 71.400
DZ Bank AG Deutsche 6.250 3/23/2022 EUR 70.180
DZ Bank AG Deutsche 9.000 3/23/2022 EUR 72.140
DZ Bank AG Deutsche 4.500 6/22/2022 EUR 74.210
DZ Bank AG Deutsche 8.500 6/22/2022 EUR 63.620
DZ Bank AG Deutsche 18.800 5/27/2022 EUR 63.920
DZ Bank AG Deutsche 19.000 9/23/2022 EUR 63.190
DZ Bank AG Deutsche 6.750 6/20/2022 EUR 68.220
DZ Bank AG Deutsche 9.000 9/19/2022 EUR 74.600
Leonteq Securities A 9.00011/21/2022 CHF 65.480
Bank Julius Baer & C 8.550 5/13/2022 USD 49.200
Leonteq Securities A 10.00011/14/2022 CHF 69.750
Vontobel Financial P 18.500 6/24/2022 EUR 73.220
Vontobel Financial P 12.500 6/24/2022 EUR 73.830
Vontobel Financial P 18.500 6/24/2022 EUR 66.740
Vontobel Financial P 16.500 6/24/2022 EUR 68.880
Vontobel Financial P 14.000 6/24/2022 EUR 72.730
Vontobel Financial P 15.500 6/24/2022 EUR 70.960
Vontobel Financial P 16.000 6/24/2022 EUR 59.110
Vontobel Financial P 15.500 6/24/2022 EUR 73.120
Vontobel Financial P 7.500 6/24/2022 EUR 64.300
Vontobel Financial P 9.000 6/24/2022 EUR 78.050
Vontobel Financial P 18.500 6/24/2022 EUR 63.800
Vontobel Financial P 17.500 6/24/2022 EUR 56.220
Vontobel Financial P 17.000 6/24/2022 EUR 72.790
Zurcher Kantonalbank 15.750 5/20/2022 CHF 76.820
Zurcher Kantonalbank 10.000 5/20/2022 CHF 69.850
UniCredit Bank AG 6.500 9/15/2022 EUR 44.470
UniCredit Bank AG 7.300 6/14/2024 EUR 63.290
Zurcher Kantonalbank 20.500 5/19/2022 USD 68.720
Corner Banca SA 14.000 05/09/2022 CHF 39.020
EFG International Fi 4.900 11/10/2023 USD 70.170
Leonteq Securities A 13.000 05/09/2022 CHF 38.780
DZ Bank AG Deutsche 4.750 3/21/2022 EUR 74.830
Corner Banca SA 20.000 04/06/2022 USD 49.090
EFG International Fi 15.000 9/26/2022 CHF 56.260
UBS AG/London 26.250 9/26/2022 USD 53.350
Credit Suisse AG/Lon 8.500 3/24/2022 CHF 41.890
UBS AG/London 29.750 3/24/2022 CHF 39.500
Danske Bank A/S 7.500 01/09/2025 SEK 78.270
DZ Bank AG Deutsche 6.250 6/22/2022 EUR 71.710
BNP Paribas Emission 6.000 9/22/2022 EUR 72.460
BNP Paribas Emission 8.000 9/22/2022 EUR 67.680
Leonteq Securities A 10.000 6/29/2022 CHF 63.130
Leonteq Securities A 16.000 3/25/2022 CHF 70.940
Corner Banca SA 16.000 3/29/2022 EUR 65.320
Corner Banca SA 14.000 9/26/2022 USD 55.050
Leonteq Securities A 18.000 3/29/2022 CHF 39.720
DZ Bank AG Deutsche 6.250 3/23/2022 EUR 64.650
DZ Bank AG Deutsche 7.000 6/22/2022 EUR 68.930
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 61.260
DZ Bank AG Deutsche 10.000 6/22/2022 EUR 61.700
DZ Bank AG Deutsche 7.250 3/23/2022 EUR 60.500
DZ Bank AG Deutsche 8.500 3/23/2022 EUR 60.520
Bank Julius Baer & C 9.600 04/01/2022 EUR 68.950
BNP Paribas Emission 9.500 6/23/2022 EUR 53.540
BNP Paribas Emission 15.000 6/23/2022 EUR 45.580
Bank Julius Baer & C 19.800 04/04/2022 CHF 51.350
Corner Banca SA 16.000 04/06/2022 CHF 41.330
Vontobel Financial P 16.000 3/25/2022 EUR 63.080
Landesbank Baden-Wue 8.140 3/18/2022 EUR 63.970
Raiffeisen Schweiz G 8.000 10/06/2022 CHF 70.770
BNP Paribas Emission 7.500 6/23/2022 EUR 74.800
BNP Paribas Emission 8.000 6/23/2022 EUR 72.590
BNP Paribas Emission 13.000 6/23/2022 EUR 65.710
BNP Paribas Emission 11.000 6/23/2022 EUR 39.790
BNP Paribas Emission 8.000 6/23/2022 EUR 75.920
Raiffeisen Switzerla 14.000 3/22/2022 CHF 66.900
BNP Paribas Emission 9.000 6/23/2022 EUR 73.970
BNP Paribas Emission 8.000 6/23/2022 EUR 43.900
BNP Paribas Emission 16.000 6/23/2022 EUR 62.920
BNP Paribas Emission 5.500 6/23/2022 EUR 68.410
BNP Paribas Emission 6.000 6/23/2022 EUR 66.430
BNP Paribas Emission 7.500 6/23/2022 EUR 64.830
BNP Paribas Emission 8.000 6/23/2022 EUR 63.710
BNP Paribas Emission 9.500 6/23/2022 EUR 62.880
BNP Paribas Emission 12.000 6/23/2022 EUR 48.130
BNP Paribas Emission 15.000 6/23/2022 EUR 64.320
BNP Paribas Emission 14.000 6/23/2022 EUR 72.640
Leonteq Securities A 15.000 04/01/2022 CHF 65.690
Zurcher Kantonalbank 8.000 7/14/2022 CHF 72.040
BNP Paribas Emission 15.000 6/23/2022 EUR 44.100
BNP Paribas Emission 11.000 6/23/2022 EUR 71.140
BNP Paribas Emission 13.000 6/23/2022 EUR 38.270
BNP Paribas Emission 10.000 6/23/2022 EUR 67.640
BNP Paribas Emission 12.000 6/23/2022 EUR 70.070
Basler Kantonalbank 11.000 4/14/2022 CHF 73.620
Credit Suisse AG/Lon 13.250 05/04/2022 USD 52.320
Credit Suisse AG/Lon 9.500 05/10/2022 CHF 46.400
Bank Julius Baer & C 16.000 05/11/2022 EUR 27.400
BNP Paribas Emission 13.000 6/23/2022 EUR 64.660
EFG International Fi 10.000 9/26/2022 CHF 74.540
UBS AG/London 14.500 3/24/2022 CHF 67.250
UBS AG/London 21.250 3/24/2022 USD 62.350
UBS AG/London 15.500 3/24/2022 CHF 39.150
UBS AG/London 15.500 3/24/2022 CHF 31.400
Vontobel Financial P 13.000 6/24/2022 EUR 70.310
Vontobel Financial P 14.000 3/25/2022 EUR 69.810
Corner Banca SA 16.000 08/10/2022 EUR 67.140
Raiffeisen Switzerla 12.500 05/10/2022 EUR 36.240
Basler Kantonalbank 9.400 05/05/2022 CHF 69.490
Zurcher Kantonalbank 19.250 5/19/2022 CHF 77.760
Luzerner Kantonalban 5.000 05/11/2022 USD 52.900
Leonteq Securities A 21.420 05/11/2022 CHF 31.000
UniCredit Bank AG 7.200 9/15/2022 EUR 78.800
Leonteq Securities A 21.530 5/17/2022 CHF 29.640
Landesbank Baden-Wue 2.600 9/22/2023 EUR 72.560
Citigroup Global Mar 8.200 3/21/2024 SEK 70.290
Vontobel Financial P 9.000 06/08/2022 EUR 48.130
Leonteq Securities A 20.40011/16/2022 CHF 52.760
DZ Bank AG Deutsche 11.250 6/22/2022 EUR 74.280
DZ Bank AG Deutsche 7.000 3/23/2022 EUR 60.500
DZ Bank AG Deutsche 13.500 6/22/2022 EUR 71.530
DZ Bank AG Deutsche 8.500 3/23/2022 EUR 58.060
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 60.150
DZ Bank AG Deutsche 7.500 6/22/2022 EUR 70.720
Raiffeisen Schweiz G 15.00011/15/2022 CHF 70.990
Credit Suisse AG/Lon 10.250 06/02/2022 USD 37.230
Leonteq Securities A 9.000 09/07/2022 CHF 66.980
Leonteq Securities A 9.400 12/07/2022 EUR 75.110
Leonteq Securities A 8.000 12/07/2022 CHF 42.120
Zurcher Kantonalbank 9.500 8/26/2022 CHF 42.370
Zurcher Kantonalbank 10.000 6/14/2022 CHF 68.920
Zurcher Kantonalbank 15.000 6/14/2022 CHF 63.250
Vontobel Financial P 11.000 9/23/2022 EUR 46.220
Vontobel Financial P 9.500 6/24/2022 EUR 73.630
Vontobel Financial P 10.500 6/24/2022 EUR 72.180
Vontobel Financial P 12.750 6/24/2022 EUR 70.970
Vontobel Financial P 8.500 9/23/2022 EUR 74.760
Vontobel Financial P 10.500 9/23/2022 EUR 72.650
Vontobel Financial P 14.000 9/23/2022 EUR 68.760
Vontobel Financial P 17.000 9/23/2022 EUR 66.530
Vontobel Financial P 11.250 6/24/2022 EUR 72.280
Vontobel Financial P 5.500 6/24/2022 EUR 72.940
Vontobel Financial P 15.500 6/24/2022 EUR 67.270
Vontobel Financial P 6.000 9/23/2022 EUR 59.220
Vontobel Financial P 3.000 6/24/2022 EUR 57.020
Leonteq Securities A 20.000 8/23/2022 CHF 68.520
Leonteq Securities A 13.000 8/23/2022 CHF 45.510
Raiffeisen Schweiz G 14.000 2/20/2023 CHF 57.850
Corner Banca SA 12.000 8/23/2022 EUR 70.810
Leonteq Securities A 15.00011/23/2022 CHF 48.770
Leonteq Securities A 20.000 8/23/2022 USD 37.450
Bank Julius Baer & C 9.85011/16/2022 CHF 48.000
Leonteq Securities A 12.000 06/08/2022 CHF 20.840
SG Issuer SA 2.100 5/16/2033 EUR 81.720
Zurcher Kantonalbank 14.000 6/14/2022 CHF 68.290
Zurcher Kantonalbank 9.500 6/15/2022 EUR 67.270
Vontobel Financial P 8.500 9/23/2022 EUR 48.480
Vontobel Financial P 19.000 6/24/2022 EUR 41.870
Vontobel Financial P 11.500 6/24/2022 EUR 70.790
Vontobel Financial P 11.000 9/23/2022 EUR 71.410
Vontobel Financial P 12.000 9/23/2022 EUR 70.480
Vontobel Financial P 13.000 9/23/2022 EUR 69.590
Vontobel Financial P 15.000 9/23/2022 EUR 67.970
Vontobel Financial P 9.500 6/24/2022 EUR 72.470
Vontobel Financial P 10.000 6/24/2022 EUR 51.940
Vontobel Financial P 16.500 6/24/2022 EUR 66.130
Vontobel Financial P 8.500 9/23/2022 EUR 63.640
DZ Bank AG Deutsche 5.000 9/19/2022 EUR 74.160
Zurcher Kantonalbank 11.600 11/10/2022 EUR 67.860
Basler Kantonalbank 9.40011/24/2022 CHF 73.790
DZ Bank AG Deutsche 5.250 3/23/2022 EUR 71.180
DZ Bank AG Deutsche 10.750 3/23/2022 EUR 71.270
Leonteq Securities A 24.00011/15/2022 CHF 73.840
DZ Bank AG Deutsche 13.000 3/23/2022 EUR 60.600
DZ Bank AG Deutsche 12.000 6/22/2022 EUR 62.210
Leonteq Securities A 30.00011/15/2022 CHF 60.560
DZ Bank AG Deutsche 6.750 6/22/2022 EUR 68.240
Leonteq Securities A 22.80011/16/2022 CHF 58.300
Raiffeisen Schweiz G 9.00011/15/2022 CHF 77.320
Vontobel Financial P 18.650 06/09/2022 EUR 22.460
UniCredit Bank AG 8.40012/14/2022 EUR 80.120
Goldman Sachs & Co W 19.000 6/22/2022 EUR 73.870
UniCredit Bank AG 7.400 12/09/2024 EUR 73.320
Credit Suisse AG/Lon 10.500 09/05/2022 EUR 67.840
Zurcher Kantonalbank 6.500 6/14/2022 CHF 64.630
Leonteq Securities A 10.000 12/07/2022 USD 72.840
Vontobel Financial P 14.000 9/23/2022 EUR 44.720
Credit Suisse AG/Lon 11.500 06/01/2022 EUR 65.420
Vontobel Financial P 22.000 6/24/2022 EUR 74.110
Vontobel Financial P 13.000 6/24/2022 EUR 69.600
Vontobel Financial P 12.000 6/24/2022 EUR 65.330
Vontobel Financial P 9.750 6/24/2022 EUR 39.070
DZ Bank AG Deutsche 7.000 9/19/2022 EUR 72.330
DZ Bank AG Deutsche 6.800 6/20/2022 EUR 74.880
Raiffeisen Centroban 10.500 9/22/2022 EUR 57.690
Leonteq Securities A 11.000 2/23/2023 CHF 45.070
Bank Julius Baer & C 8.000 09/08/2022 CHF 68.950
Leonteq Securities A 8.000 2/23/2023 USD 62.510
Zurcher Kantonalbank 19.250 6/15/2022 CHF 55.100
Vontobel Financial P 13.750 6/24/2022 EUR 40.210
DekaBank Deutsche Gi 4.000 07/07/2022 EUR 55.720
Leonteq Securities A 21.840 06/09/2022 CHF 73.310
Bank Vontobel AG 15.004 8/26/2022 CHF 37.600
DZ Bank AG Deutsche 8.750 6/22/2022 EUR 70.060
DZ Bank AG Deutsche 5.250 9/21/2022 EUR 67.610
DZ Bank AG Deutsche 5.75012/21/2022 EUR 67.300
Landesbank Baden-Wue 3.40011/25/2022 EUR 59.530
DZ Bank AG Deutsche 7.50012/21/2022 EUR 75.250
DZ Bank AG Deutsche 8.250 3/22/2023 EUR 67.750
DZ Bank AG Deutsche 11.250 6/22/2022 EUR 67.390
DZ Bank AG Deutsche 7.750 6/22/2022 EUR 71.110
DZ Bank AG Deutsche 5.500 3/22/2023 EUR 72.050
DZ Bank AG Deutsche 8.500 9/21/2022 EUR 72.020
DZ Bank AG Deutsche 9.750 9/21/2022 EUR 73.390
DZ Bank AG Deutsche 8.00012/21/2022 EUR 71.480
DZ Bank AG Deutsche 6.250 9/21/2022 EUR 71.430
DZ Bank AG Deutsche 5.25012/21/2022 EUR 67.740
DZ Bank AG Deutsche 8.000 6/22/2022 EUR 74.200
DZ Bank AG Deutsche 6.750 9/21/2022 EUR 73.890
DZ Bank AG Deutsche 7.250 9/21/2022 EUR 73.940
Leonteq Securities A 30.000 1/18/2023 CHF 65.780
Societe Generale Eff 14.000 6/24/2022 EUR 62.710
DZ Bank AG Deutsche 18.800 9/23/2022 EUR 72.070
Societe Generale Eff 7.50010/28/2022 EUR 74.500
DZ Bank AG Deutsche 18.50011/25/2022 EUR 46.700
DZ Bank AG Deutsche 20.40012/23/2022 EUR 47.140
Landesbank Baden-Wue 3.000 9/23/2022 EUR 56.030
Vontobel Financial P 5.00012/23/2022 EUR 66.690
Vontobel Financial P 8.00012/23/2022 EUR 68.320
Vontobel Financial P 7.00012/23/2022 EUR 72.730
DZ Bank AG Deutsche 14.200 6/24/2022 EUR 62.640
DZ Bank AG Deutsche 21.600 6/24/2022 EUR 59.610
DZ Bank AG Deutsche 10.90011/25/2022 EUR 66.260
Vontobel Financial P 8.50012/23/2022 EUR 68.210
Vontobel Financial P 15.00012/23/2022 EUR 63.260
Vontobel Financial P 9.50012/23/2022 EUR 68.270
UniCredit Bank AG 6.30012/21/2022 EUR 69.380
UBS AG/London 11.250 12/09/2022 CHF 47.550
Societe Generale Eff 5.75010/28/2022 EUR 64.710
Credit Suisse AG/Lon 10.250 11/09/2022 USD 51.080
Credit Suisse AG/Lon 9.500 11/04/2022 CHF 81.060
Credit Suisse AG/Lon 15.750 11/10/2022 CHF 54.430
Leonteq Securities A 22.860 8/24/2022 CHF 64.810
Vontobel Financial P 9.000 6/24/2022 EUR 73.860
Vontobel Financial P 9.500 9/23/2022 EUR 61.090
DZ Bank AG Deutsche 12.200 9/23/2022 EUR 61.220
Leonteq Securities A 8.000 6/27/2023 USD 79.900
Vontobel Financial P 5.50012/23/2022 EUR 75.520
Vontobel Financial P 15.00012/23/2022 EUR 70.650
DZ Bank AG Deutsche 11.800 9/23/2022 EUR 64.970
Vontobel Financial P 9.50012/23/2022 EUR 67.100
Vontobel Financial P 11.50012/23/2022 EUR 71.100
Vontobel Financial P 14.50012/23/2022 EUR 73.460
Vontobel Financial P 6.00012/23/2022 EUR 62.900
Vontobel Financial P 9.50012/23/2022 EUR 68.830
Leonteq Securities A 23.40010/25/2022 CHF 62.100
UniCredit Bank AG 4.250 9/14/2022 EUR 61.190
Bank Julius Baer & C 9.000 07/01/2022 USD 50.900
Landesbank Baden-Wue 2.80012/23/2022 EUR 58.940
UniCredit Bank AG 3.500 2/13/2023 EUR 43.990
DZ Bank AG Deutsche 10.000 6/24/2022 EUR 70.950
DZ Bank AG Deutsche 10.00012/23/2022 EUR 70.200
Societe Generale Eff 25.250 7/22/2022 EUR 59.470
Leonteq Securities A 15.000 2/24/2023 USD 70.940
Leonteq Securities A 14.000 2/23/2023 CHF 69.490
DZ Bank AG Deutsche 19.100 6/24/2022 EUR 71.000
DZ Bank AG Deutsche 23.900 6/24/2022 EUR 68.740
Societe Generale Eff 13.500 9/23/2022 EUR 74.860
Societe Generale Eff 9.500 8/26/2022 EUR 72.250
Leonteq Securities A 20.00012/27/2022 USD 55.000
Societe Generale Eff 6.50010/28/2022 EUR 75.740
Societe Generale Eff 8.50010/28/2022 EUR 73.430
DZ Bank AG Deutsche 17.70012/23/2022 EUR 47.480
DZ Bank AG Deutsche 17.700 3/24/2023 EUR 49.350
Vontobel Financial P 10.00012/23/2022 EUR 64.790
Vontobel Financial P 16.00012/23/2022 EUR 68.600
Vontobel Financial P 11.00012/23/2022 EUR 68.710
Vontobel Financial P 5.50012/23/2022 EUR 72.050
Vontobel Financial P 7.50012/23/2022 EUR 69.390
DZ Bank AG Deutsche 6.700 3/24/2023 EUR 70.360
Vontobel Financial P 8.50012/23/2022 EUR 64.790
UniCredit Bank AG 4.550 9/28/2023 EUR 70.680
UniCredit Bank AG 3.750 9/14/2022 EUR 52.660
Societe Generale Eff 23.000 8/26/2022 EUR 60.610
Vontobel Financial P 4.900 7/13/2023 EUR 67.930
Societe Generale Eff 9.000 8/26/2022 EUR 75.500
Societe Generale Eff 7.500 9/23/2022 EUR 77.260
Landesbank Baden-Wue 3.85012/23/2022 EUR 72.400
Landesbank Baden-Wue 10.50012/23/2022 EUR 57.930
Vontobel Financial P 23.00012/23/2022 EUR 70.580
Landesbank Baden-Wue 3.400 2/24/2023 EUR 66.200
Vontobel Financial P 9.25012/23/2022 EUR 71.400
Vontobel Financial P 16.00012/23/2022 EUR 76.050
UniCredit Bank AG 5.150 01/02/2023 EUR 61.560
Landesbank Baden-Wue 3.400 1/27/2023 EUR 63.810
Landesbank Baden-Wue 6.70012/23/2022 EUR 72.940
SG Issuer SA 5.000 5/23/2024 EUR 58.140
Landesbank Baden-Wue 7.35012/23/2022 EUR 62.720
Landesbank Baden-Wue 10.00012/23/2022 EUR 57.100
Landesbank Baden-Wue 12.00012/23/2022 EUR 55.670
SG Issuer SA 5.000 04/02/2024 EUR 57.390
Landesbank Baden-Wue 6.00012/23/2022 EUR 63.390
Vontobel Financial P 10.50012/23/2022 EUR 74.120
Leonteq Securities A 20.400 11/01/2022 CHF 53.540
DZ Bank AG Deutsche 8.250 9/21/2022 EUR 68.620
DZ Bank AG Deutsche 8.500 6/22/2022 EUR 65.980
DZ Bank AG Deutsche 7.250 6/22/2022 EUR 65.830
Vontobel Financial P 10.00012/23/2022 EUR 64.810
Vontobel Financial P 4.00012/23/2022 EUR 59.390
Vontobel Financial P 5.00012/23/2022 EUR 60.230
DZ Bank AG Deutsche 17.600 6/24/2022 EUR 63.570
DZ Bank AG Deutsche 15.600 9/23/2022 EUR 66.260
DZ Bank AG Deutsche 19.900 6/24/2022 EUR 68.750
DZ Bank AG Deutsche 18.000 6/24/2022 EUR 33.130
DZ Bank AG Deutsche 16.200 6/24/2022 EUR 74.510
Bank Julius Baer & C 17.200 02/06/2023 USD 63.100
UniCredit Bank AG 6.250 04/07/2022 EUR 58.250
UniCredit Bank AG 7.500 04/07/2022 EUR 73.600
Vontobel Financial P 15.50012/23/2022 EUR 50.980
Vontobel Financial P 16.700 05/06/2022 USD 73.130
Leonteq Securities A 24.000 11/04/2022 CHF 58.270
Vontobel Financial P 9.750 3/25/2022 EUR 61.690
Zurcher Kantonalbank 13.500 3/25/2022 CHF 57.750
DZ Bank AG Deutsche 8.250 3/23/2022 EUR 73.530
DZ Bank AG Deutsche 11.500 3/23/2022 EUR 49.180
Vontobel Financial P 14.000 3/25/2022 EUR 69.810
Vontobel Financial P 6.650 3/16/2022 EUR 66.290
Vontobel Financial P 11.100 3/16/2022 EUR 66.290
Vontobel Financial P 11.000 3/25/2022 EUR 73.720
UniCredit Bank AG 13.900 4/21/2022 EUR 56.170
Vontobel Financial P 9.000 4/13/2022 EUR 48.760
Leonteq Securities A 15.000 6/16/2022 EUR 66.830
Leonteq Securities A 15.000 6/16/2022 USD 46.840
Zurcher Kantonalbank 11.500 3/25/2022 CHF 45.360
UniCredit Bank AG 6.200 4/13/2022 EUR 41.350
UniCredit Bank AG 8.100 4/13/2022 EUR 66.950
Raiffeisen Switzerla 11.000 6/15/2022 CHF 68.910
Raiffeisen Switzerla 10.000 6/15/2022 CHF 72.370
Landesbank Baden-Wue 3.000 5/27/2022 EUR 37.450
Landesbank Baden-Wue 5.200 5/27/2022 EUR 33.880
Landesbank Baden-Wue 7.750 5/27/2022 EUR 31.160
Societe Generale Eff 16.25010/28/2022 EUR 73.170
Societe Generale Eff 18.25010/28/2022 EUR 71.620
Societe Generale Eff 22.25010/28/2022 EUR 69.260
Landesbank Baden-Wue 2.100 5/26/2023 EUR 74.420
Landesbank Baden-Wue 3.650 6/23/2023 EUR 72.280
Landesbank Baden-Wue 6.000 5/26/2023 EUR 72.480
Societe Generale Eff 6.50011/25/2022 EUR 75.420
Societe Generale Eff 7.50011/25/2022 EUR 74.170
Societe Generale Eff 10.750 6/24/2022 EUR 70.400
Societe Generale Eff 10.75011/25/2022 EUR 69.420
Vontobel Financial P 8.50012/23/2022 EUR 67.580
Landesbank Baden-Wue 4.000 5/26/2023 EUR 55.330
Landesbank Baden-Wue 6.200 5/26/2023 EUR 51.120
Landesbank Baden-Wue 7.850 5/26/2023 EUR 51.550
Societe Generale Eff 10.75011/25/2022 EUR 47.080
Societe Generale Eff 9.250 9/23/2022 EUR 72.070
Societe Generale Eff 16.000 9/23/2022 EUR 42.850
Societe Generale Eff 6.75011/25/2022 EUR 54.260
Credit Suisse AG/Lon 13.750 1/18/2023 CHF 77.750
Societe Generale Eff 26.250 7/22/2022 EUR 67.890
Societe Generale Eff 14.250 7/22/2022 EUR 77.650
Societe Generale Eff 16.250 7/22/2022 EUR 75.480
Societe Generale Eff 22.250 7/22/2022 EUR 70.270
Leonteq Securities A 10.00011/25/2022 CHF 49.080
Societe Generale Eff 20.25010/28/2022 EUR 70.330
Vontobel Financial P 15.000 3/24/2023 EUR 69.950
Societe Generale Eff 4.75011/25/2022 EUR 62.630
Societe Generale Eff 8.75011/25/2022 EUR 49.670
Landesbank Baden-Wue 6.50010/27/2023 EUR 54.650
Landesbank Baden-Wue 8.00010/27/2023 EUR 53.430
Societe Generale Eff 20.250 7/22/2022 EUR 71.780
Societe Generale Eff 19.00011/25/2022 EUR 70.890
Societe Generale Eff 21.00011/25/2022 EUR 69.810
Societe Generale Eff 28.250 7/22/2022 EUR 66.960
Societe Generale Eff 17.750 8/26/2022 EUR 73.120
Societe Generale Eff 21.750 8/26/2022 EUR 70.070
Societe Generale Eff 25.750 8/26/2022 EUR 67.900
Societe Generale Eff 20.000 9/23/2022 EUR 70.840
Societe Generale Eff 24.000 9/23/2022 EUR 68.560
Societe Generale Eff 18.250 7/22/2022 EUR 73.540
Leonteq Securities A 10.80011/29/2022 CHF 76.890
Landesbank Baden-Wue 5.500 5/26/2023 EUR 73.220
Vontobel Financial P 6.500 3/24/2023 EUR 58.170
Societe Generale Eff 15.00011/25/2022 EUR 73.880
Societe Generale Eff 17.00011/25/2022 EUR 72.240
Landesbank Baden-Wue 3.000 5/26/2023 EUR 72.530
Landesbank Baden-Wue 2.400 6/23/2023 EUR 74.850
Landesbank Baden-Wue 4.600 6/23/2023 EUR 70.660
Societe Generale Eff 15.750 8/26/2022 EUR 74.920
Societe Generale Eff 19.750 8/26/2022 EUR 71.480
Societe Generale Eff 23.750 8/26/2022 EUR 68.890
Societe Generale Eff 14.000 9/23/2022 EUR 75.690
Societe Generale Eff 22.000 9/23/2022 EUR 69.600
Societe Generale Eff 14.25010/28/2022 EUR 74.940
Societe Generale Eff 24.250 7/22/2022 EUR 68.980
Societe Generale Eff 13.750 8/26/2022 EUR 77.050
Societe Generale Eff 12.000 9/23/2022 EUR 77.830
Societe Generale Eff 16.000 9/23/2022 EUR 73.880
Societe Generale Eff 12.25010/28/2022 EUR 77.070
Leonteq Securities A 10.20011/25/2022 CHF 75.760
Leonteq Securities A 22.82011/25/2022 CHF 48.140
Landesbank Baden-Wue 4.35010/27/2023 EUR 76.010
Landesbank Baden-Wue 3.00010/25/2024 EUR 37.080
Vontobel Financial P 8.000 3/24/2023 EUR 67.870
Vontobel Financial P 7.50012/23/2022 EUR 65.730
Vontobel Financial P 9.50012/23/2022 EUR 67.300
Vontobel Financial P 8.50012/23/2022 EUR 66.510
Vontobel Financial P 10.00012/23/2022 EUR 67.700
Vontobel Financial P 7.500 3/24/2023 EUR 67.350
Vontobel Financial P 14.500 3/24/2023 EUR 74.160
Societe Generale Eff 7.550 8/23/2024 EUR 57.210
Nordea Bank Abp 7.150 7/20/2024 SEK 76.860
Nordea Bank Abp 6.063 7/20/2024 SEK 73.920
EFG International Fi 6.200 08/05/2022 EUR 24.970
Vontobel Financial P 9.010 08/08/2022 EUR 78.190
Bank Vontobel AG 6.500 8/28/2023 CHF 67.200
Bank Vontobel AG 5.50011/28/2022 CHF 72.600
Corner Banca SA 17.000 1/17/2023 EUR 61.580
Credit Suisse AG/Lon 9.250 08/11/2022 CHF 46.540
UBS AG/London 13.250 4/14/2023 USD 73.700
Basler Kantonalbank 12.00011/24/2022 CHF 72.030
Zurcher Kantonalbank 15.000 9/23/2022 CHF 51.370
Zurcher Kantonalbank 20.000 9/23/2022 CHF 71.140
Zurcher Kantonalbank 10.250 9/27/2022 CHF 69.630
Vontobel Financial P 7.500 3/24/2023 EUR 70.060
Vontobel Financial P 6.500 3/24/2023 EUR 71.050
Vontobel Financial P 8.50012/23/2022 EUR 69.200
Bank Vontobel AG 17.000 09/05/2022 CHF 47.000
Bank Vontobel AG 9.500 12/12/2022 CHF 75.000
Societe Generale SA 4.50012/29/2022 USD
Zurcher Kantonalbank 8.00010/18/2022 CHF 46.460
UBS AG/London 10.750 3/15/2023 CHF 52.200
UBS AG/London 10.750 3/15/2023 USD 67.200
Vontobel Financial P 11.000 3/24/2023 EUR 69.830
Vontobel Financial P 13.00012/23/2022 EUR 69.570
Vontobel Financial P 14.50012/23/2022 EUR 65.590
Vontobel Financial P 8.500 3/24/2023 EUR 69.090
Vontobel Financial P 6.000 3/24/2023 EUR 66.490
Vontobel Financial P 5.50012/23/2022 EUR 64.930
Vontobel Financial P 7.00012/23/2022 EUR 68.020
Vontobel Financial P 7.50012/23/2022 EUR 68.400
Vontobel Financial P 9.00012/23/2022 EUR 69.600
Bank Vontobel AG 19.000 12/05/2022 CHF 51.500
Zurcher Kantonalbank 13.000 9/20/2022 USD 58.930
Zurcher Kantonalbank 12.000 9/20/2022 CHF 65.100
Credit Suisse AG/Lon 11.500 7/13/2022 CHF 45.030
Zurcher Kantonalbank 16.00010/14/2022 CHF 55.090
UBS AG/London 15.250 9/15/2023 USD 56.100
Credit Suisse AG/Lon 10.000 7/19/2022 EUR 37.330
Bank Vontobel AG 12.000 09/06/2022 USD 48.100
Bank Vontobel AG 7.000 10/02/2023 CHF 69.000
Bank Vontobel AG 13.500 3/31/2023 CHF 63.500
UBS AG/London 12.000 02/06/2023 USD 60.600
UBS AG/London 10.250 02/06/2023 CHF 65.450
Vontobel Financial P 9.500 3/24/2023 EUR 71.370
Vontobel Financial P 7.00012/23/2022 EUR 67.370
UniCredit Bank AG 6.500 2/20/2023 PLN 97.700
Bank Vontobel AG 8.750 4/18/2023 CHF 47.600
Vontobel Financial P 8.000 3/24/2023 EUR 70.590
UBS AG/London 15.000 09/09/2022 USD 50.500
Bank Vontobel AG 19.500 09/05/2022 CHF 32.000
Zurcher Kantonalbank 10.000 9/15/2022 CHF 72.870
Zurcher Kantonalbank 19.500 10/12/2022 CHF 57.800
UBS AG/London 15.500 07/07/2022 CHF 80.600
UBS AG/London 10.250 1/17/2023 USD 56.900
Bank Vontobel AG 8.000 03/06/2023 USD 66.800
Bank Vontobel AG 20.000 10/03/2022 CHF 67.800
Bank Vontobel AG 17.000 1/24/2023 CHF 45.000
Credit Suisse AG/Lon 9.50010/18/2022 CHF 43.540
Credit Suisse AG/Lon 13.50010/24/2022 USD 56.020
Raiffeisen Switzerla 10.000 1/18/2023 CHF 78.490
Raiffeisen Switzerla 17.400 1/17/2023 EUR 64.170
Zurcher Kantonalbank 10.000 01/11/2023 CHF 64.110
Societe Generale SA 4.50012/30/2024 USD 75.810
UBS AG/London 10.000 3/22/2023 CHF 67.050
Credit Suisse AG/Lon 10.000 7/22/2022 CHF 30.730
Credit Suisse AG/Lon 12.750 7/20/2022 CHF 45.740
Bank Vontobel AG 16.25011/28/2022 CHF 58.200
UBS AG/London 8.000 7/28/2022 EUR 53.100
Bank Vontobel AG 6.000 09/04/2023 CHF 68.900
Bank Vontobel AG 13.750 03/06/2023 EUR 42.700
UBS AG/London 17.25011/24/2022 EUR 45.800
UBS AG/London 21.250 2/20/2023 CHF 50.850
UBS AG/London 8.750 2/27/2023 USD 65.850
Credit Suisse AG/Lon 11.500 7/28/2022 USD 76.270
Credit Suisse AG/Lon 12.500 7/29/2022 USD 29.560
Credit Suisse AG/Lon 18.250 08/08/2022 USD 50.420
UBS AG/London 13.000 04/06/2023 USD 56.500
Zurcher Kantonalbank 14.50010/24/2022 USD 40.740
Zurcher Kantonalbank 10.00010/24/2022 USD 70.770
Vontobel Financial P 8.500 3/24/2023 EUR 70.360
Vontobel Financial P 11.000 3/24/2023 EUR 72.930
Zurcher Kantonalbank 10.000 07/11/2022 CHF 64.580
Societe Generale Eff 10.250 7/22/2022 EUR 71.610
UBS AG/London 7.250 07/10/2023 USD 73.850
Bank Vontobel AG 10.500 10/10/2022 CHF 72.000
Credit Suisse AG/Lon 9.000 10/07/2022 CHF 41.700
Bank Vontobel AG 20.00012/27/2022 CHF 65.700
Bank Vontobel AG 5.00012/27/2022 CHF 77.300
UBS AG/London 11.500 03/01/2023 USD 65.350
UBS AG/London 11.250 03/01/2023 CHF 45.350
UBS AG/London 9.750 03/01/2023 CHF 44.350
UBS AG/London 6.250 09/01/2023 EUR 73.150
Zurcher Kantonalbank 7.500 01/10/2023 CHF 70.540
Credit Suisse AG/Lon 11.000 10/03/2022 CHF 68.400
Credit Suisse AG/Lon 8.250 10/04/2022 EUR 75.150
Bank Vontobel AG 13.000 01/10/2023 CHF 47.800
Bank Vontobel AG 15.000 04/12/2023 EUR 53.800
UBS AG/London 10.250 03/09/2023 USD 48.400
Vontobel Financial P 11.000 3/24/2023 EUR 70.440
Vontobel Financial P 5.000 3/24/2023 EUR 65.450
Vontobel Financial P 7.00012/23/2022 EUR 66.110
Bank Vontobel AG 9.500 12/12/2022 CHF 75.500
Bank Vontobel AG 5.750 09/11/2023 CHF 66.100
Bank Vontobel AG 12.50011/28/2022 CHF 44.200
Zurcher Kantonalbank 21.000 9/16/2022 CHF 70.420
Credit Suisse AG/Lon 9.000 10/12/2022 EUR 71.210
Credit Suisse AG/Lon 13.500 7/18/2022 CHF 67.850
Zurcher Kantonalbank 13.00010/13/2022 CHF 71.380
Societe Generale SA 4.50012/29/2022 USD 0.380
Vontobel Financial P 9.00012/23/2022 EUR 73.900
UBS AG/London 12.000 3/22/2023 CHF 43.850
UBS AG/London 8.000 01/09/2023 CHF 70.150
UBS AG/London 17.250 7/14/2022 USD 74.000
UBS AG/London 21.250 7/14/2022 CHF 50.200
Zurcher Kantonalbank 19.500 09/08/2022 CHF 41.120
UBS AG/London 19.500 08/11/2022 CHF 43.700
Vontobel Financial P 10.50012/23/2022 EUR 67.600
Vontobel Financial P 7.500 3/24/2023 EUR 68.050
Vontobel Financial P 6.00012/23/2022 EUR 65.330
Vontobel Financial P 8.00012/23/2022 EUR 66.900
Vontobel Financial P 8.500 3/24/2023 EUR 71.100
Bank Vontobel AG 14.00011/28/2022 CHF 59.600
Credit Suisse AG/Lon 10.00012/28/2022 USD 47.120
Bank Vontobel AG 16.250 04/12/2023 CHF 63.700
Vontobel Financial P 12.50012/23/2022 EUR 71.670
Zurcher Kantonalbank 8.250 9/23/2022 CHF 73.430
UBS AG/London 9.250 2/13/2023 CHF 49.650
UBS AG/London 9.250 2/13/2023 USD 35.850
UBS AG/London 9.250 2/20/2023 CHF 45.000
Bank Vontobel AG 8.00011/28/2022 CHF 49.800
Bank Vontobel AG 11.00011/28/2022 CHF 77.600
Bank Vontobel AG 10.00011/28/2022 CHF 41.000
Zurcher Kantonalbank 25.000 9/20/2022 CHF 47.110
Credit Suisse AG/Lon 12.500 7/14/2022 USD 27.020
UBS AG/London 12.250 4/13/2023 CHF 48.650
UBS AG/London 5.500 3/15/2023 EUR 55.900
UBS AG/London 18.250 3/15/2023 CHF 46.150
UBS AG/London 8.500 9/22/2022 CHF 37.600
Zurcher Kantonalbank 20.000 10/12/2022 USD 57.890
Credit Suisse AG/Lon 9.50010/21/2022 EUR 70.940
Bank Vontobel AG 18.500 09/06/2022 USD 58.800
Bank Vontobel AG 13.00011/28/2022 CHF 53.100
Bank Vontobel AG 13.500 10/03/2022 CHF 71.300
Bank Vontobel AG 5.250 01/04/2023 CHF 68.300
Vontobel Financial P 11.50012/23/2022 EUR 68.380
UBS AG/London 11.750 08/04/2023 USD 68.600
UBS AG/London 9.250 03/01/2023 CHF 41.850
UBS AG/London 10.250 09/01/2022 EUR 75.950
Zurcher Kantonalbank 7.000 01/10/2023 CHF 75.230
Credit Suisse AG/Lon 7.25012/27/2022 CHF 67.440
Credit Suisse AG/Lon 14.500 9/30/2022 USD 42.480
Credit Suisse AG/Lon 13.700 9/25/2023 USD 58.440
Bank Vontobel AG 7.000 3/31/2023 CHF 66.500
Bank Vontobel AG 10.000 01/10/2023 CHF 60.900
UBS AG/London 15.750 03/09/2023 USD 54.450
Vontobel Financial P 7.500 3/24/2023 EUR 64.870
UBS AG/London 17.750 08/04/2022 CHF 47.250
UBS AG/London 8.750 08/04/2023 CHF 55.850
Bank Vontobel AG 5.250 3/24/2023 CHF 76.500
Credit Suisse AG/Lon 10.000 10/05/2022 USD 46.360
UBS AG/London 7.250 09/08/2023 CHF 73.550
Vontobel Financial P 10.000 3/24/2023 EUR 67.470
Vontobel Financial P 11.00012/23/2022 EUR 66.430
UBS AG/London 8.250 3/22/2023 CHF 69.050
Zurcher Kantonalbank 14.000 9/27/2022 USD 67.630
Credit Suisse AG/Lon 11.500 9/29/2022 CHF 41.240
Credit Suisse AG/Lon 7.500 10/03/2022 CHF 70.480
Credit Suisse AG/Lon 12.400 9/25/2023 EUR 60.650
Bank Vontobel AG 10.500 04/12/2023 CHF 52.900
Zurcher Kantonalbank 29.000 1/17/2023 CHF 66.370
Vontobel Financial P 12.000 3/24/2023 EUR 70.870
Vontobel Financial P 6.500 3/24/2023 EUR 67.010
Vontobel Financial P 9.000 3/24/2023 EUR 69.610
Bank Vontobel AG 6.50010/17/2022 CHF 67.400
Sberbank of Russia P 0.010 08/04/2025 RUB 73.310
Vontobel Financial P 8.500 3/24/2023 EUR 68.390
Vontobel Financial P 9.500 3/24/2023 EUR 69.430
Vontobel Financial P 13.50012/23/2022 EUR 64.550
Vontobel Financial P 8.500 3/24/2023 EUR 71.860
Vontobel Financial P 9.00012/23/2022 EUR 70.400
Vontobel Financial P 7.500 3/24/2023 EUR 70.820
Vontobel Financial P 7.50012/23/2022 EUR 69.210
Skandinaviska Enskil 7.800 7/15/2024 SEK 71.050
Skandinaviska Enskil 6.500 7/15/2024 SEK 71.370
Raiffeisen Schweiz G 16.00011/29/2022 CHF 65.170
Raiffeisen Schweiz G 9.000 5/26/2023 USD 69.670
Bank Vontobel AG 9.00011/20/2023 CHF 53.200
Bank Vontobel AG 7.500 5/26/2023 CHF 75.500
Bank Vontobel AG 21.750 5/26/2023 CHF 61.700
Bank Vontobel AG 12.500 2/27/2023 CHF 49.900
Bank Vontobel AG 9.000 5/26/2023 EUR 70.900
Bank Vontobel AG 12.00011/28/2022 CHF 68.800
Zurcher Kantonalbank 16.500 1/25/2023 CHF 69.200
Landesbank Baden-Wue 3.250 2/24/2023 EUR 66.940
Sberbank of Russia P 0.946 6/18/2025 RUB 63.600
Societe Generale Eff 11.50011/25/2022 EUR 78.380
Societe Generale Eff 14.50012/23/2022 EUR 74.490
Societe Generale Eff 18.50012/23/2022 EUR 71.120
Societe Generale Eff 14.250 9/23/2022 EUR 69.280
Societe Generale Eff 20.250 9/23/2022 EUR 64.530
Societe Generale Eff 8.75012/23/2022 EUR 76.700
Societe Generale Eff 10.75012/23/2022 EUR 72.850
Societe Generale Eff 12.75012/23/2022 EUR 70.160
Societe Generale Eff 16.75012/23/2022 EUR 66.680
Societe Generale Eff 13.750 8/26/2022 EUR 70.550
Societe Generale Eff 15.750 8/26/2022 EUR 68.150
Societe Generale Eff 19.750 8/26/2022 EUR 64.880
Societe Generale Eff 12.250 9/23/2022 EUR 71.840
UBS AG/London 18.000 01/12/2023 USD 76.200
Credit Suisse AG/Lon 8.50012/15/2022 EUR 63.820
EFG International Fi 18.00012/22/2022 CHF 78.220
Societe Generale Eff 12.50012/23/2022 EUR 76.950
Societe Generale Eff 16.50012/23/2022 EUR 72.620
Societe Generale Eff 20.50012/23/2022 EUR 69.920
Landesbank Baden-Wue 8.400 7/28/2023 EUR 71.200
Landesbank Baden-Wue 5.300 7/28/2023 EUR 74.600
Landesbank Baden-Wue 6.400 7/28/2023 EUR 77.890
Sberbank of Russia P 0.010 6/25/2025 RUB 65.700
DZ Bank AG Deutsche 14.500 1/25/2023 EUR 75.700
Leonteq Securities A 24.00012/21/2022 CHF 53.620
Leonteq Securities A 22.80012/21/2022 CHF 68.460
DZ Bank AG Deutsche 16.300 3/24/2023 EUR 74.340
DZ Bank AG Deutsche 23.300 6/24/2022 EUR 55.600
DZ Bank AG Deutsche 19.300 9/23/2022 EUR 58.490
DZ Bank AG Deutsche 21.600 9/23/2022 EUR 57.280
DZ Bank AG Deutsche 17.10012/23/2022 EUR 61.170
DZ Bank AG Deutsche 18.80012/23/2022 EUR 59.980
DZ Bank AG Deutsche 15.000 3/24/2023 EUR 62.560
DZ Bank AG Deutsche 16.300 3/24/2023 EUR 61.750
DZ Bank AG Deutsche 17.700 3/24/2023 EUR 60.940
Luzerner Kantonalban 7.00012/16/2024 USD 78.040
Bank Julius Baer & C 11.000 1/25/2023 EUR 76.300
Credit Suisse AG/Lon 15.500 1/19/2023 USD 78.180
EFG International Fi 7.000 5/23/2022 EUR 29.010
Leonteq Securities A 22.800 1/25/2023 CHF 75.250
Landesbank Baden-Wue 2.75011/25/2022 EUR 60.300
DZ Bank AG Deutsche 20.200 9/23/2022 EUR 73.090
UniCredit Bank AG 4.45012/29/2022 EUR 36.120
Raiffeisen Schweiz G 18.000 1/25/2023 CHF 75.500
Vontobel Financial P 16.00012/23/2022 EUR 72.690
Landesbank Baden-Wue 2.70010/28/2022 EUR 61.290
UniCredit Bank AG 4.400 12/10/2022 EUR 71.630
Raiffeisen Switzerla 9.000 7/21/2023 USD 78.790
SG Issuer SA 7.500 1/20/2025 SEK 50.090
DZ Bank AG Deutsche 24.80012/23/2022 EUR 68.270
DZ Bank AG Deutsche 21.900 6/24/2022 EUR 72.940
Vontobel Financial P 15.500 2/20/2023 EUR 72.920
UniCredit Bank AG 3.80012/29/2022 EUR 45.840
DekaBank Deutsche Gi 3.00012/29/2022 EUR 57.960
DZ Bank AG Deutsche 15.600 3/24/2023 EUR 49.560
Vontobel Financial P 11.50012/23/2022 EUR 73.810
Vontobel Financial P 4.00012/23/2022 EUR 78.520
Vontobel Financial P 13.00012/23/2022 EUR 67.140
Vontobel Financial P 6.50012/23/2022 EUR 70.680
Societe Generale Eff 5.600 09/04/2023 EUR 46.820
DZ Bank AG Deutsche 14.10012/23/2022 EUR 64.710
Vontobel Financial P 13.00012/23/2022 EUR 64.710
DZ Bank AG Deutsche 9.100 3/24/2023 EUR 67.610
Vontobel Financial P 4.00012/23/2022 EUR 54.180
EFG International Fi 11.04010/25/2022 EUR 49.400
Raiffeisen Schweiz G 10.000 6/29/2022 CHF 66.150
Raiffeisen Schweiz G 11.000 6/29/2022 CHF 62.510
Societe Generale Eff 10.50010/28/2022 EUR 48.360
Leonteq Securities A 14.000 2/22/2023 EUR 61.260
Leonteq Securities A 14.00012/27/2022 CHF 60.940
BNP Paribas Emission 3.000 6/23/2022 EUR 69.200
Leonteq Securities A 27.30011/22/2022 USD 46.530
SG Issuer SA 7.740 7/20/2025 SEK 59.040
Leonteq Securities A 12.000 6/27/2023 CHF 70.130
BNP Paribas Emission 3.000 6/23/2022 EUR 72.070
BNP Paribas Emission 3.000 6/23/2022 EUR 67.840
BNP Paribas Emission 3.000 9/22/2022 EUR 69.580
DZ Bank AG Deutsche 8.500 9/21/2022 EUR 70.340
Leonteq Securities A 13.00012/27/2022 USD 80.370
BNP Paribas Emission 3.000 6/23/2022 EUR 66.530
Corner Banca SA 14.000 3/27/2023 CHF 71.950
BNP Paribas Emission 3.000 9/22/2022 EUR 67.040
BNP Paribas Emission 3.00012/22/2022 EUR 70.150
BNP Paribas Emission 4.00012/22/2022 EUR 68.500
DZ Bank AG Deutsche 8.25012/21/2022 EUR 72.960
DZ Bank AG Deutsche 5.25012/21/2022 EUR 68.140
DZ Bank AG Deutsche 8.25012/21/2022 EUR 69.960
DZ Bank AG Deutsche 9.000 6/22/2022 EUR 73.480
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 73.020
DZ Bank AG Deutsche 8.500 6/22/2022 EUR 69.020
DZ Bank AG Deutsche 6.750 9/21/2022 EUR 70.340
DZ Bank AG Deutsche 6.25012/21/2022 EUR 71.100
DZ Bank AG Deutsche 12.25012/21/2022 EUR 60.910
Raiffeisen Schweiz G 17.50012/27/2022 CHF 67.760
Credit Suisse AG/Lon 20.00012/21/2022 USD 63.890
Bank Vontobel AG 20.00012/27/2022 CHF 67.500
Bank Vontobel AG 9.50012/27/2023 CHF 59.600
Bank Vontobel AG 18.75012/27/2022 CHF 60.400
Bank Vontobel AG 25.00012/27/2022 CHF 71.900
Raiffeisen Switzerla 15.00012/27/2022 CHF 59.320
Raiffeisen Switzerla 9.000 6/27/2023 USD 74.310
DZ Bank AG Deutsche 4.500 9/21/2022 EUR 64.420
BNP Paribas Emission 3.000 9/22/2022 EUR 72.260
BNP Paribas Emission 3.00012/22/2022 EUR 72.670
DZ Bank AG Deutsche 8.50012/21/2022 EUR 74.090
Zurcher Kantonalbank 10.50011/16/2022 CHF 75.240
Leonteq Securities A 17.00010/25/2022 USD 63.550
Leonteq Securities A 10.000 4/25/2023 CHF 76.010
Bank Julius Baer & C 10.25012/29/2022 CHF 63.100
Vontobel Financial P 8.50012/23/2022 EUR 69.240
Credit Suisse AG/Lon 7.37012/28/2022 USD 9.730
Vontobel Financial P 10.00012/23/2022 EUR 66.670
Vontobel Financial P 9.00012/23/2022 EUR 72.850
Zurcher Kantonalbank 19.00011/15/2022 CHF 57.240
Zurcher Kantonalbank 20.00011/15/2022 USD 57.640
Vontobel Financial P 14.50012/23/2022 EUR 74.890
Vontobel Financial P 10.50012/23/2022 EUR 74.030
Vontobel Financial P 9.50012/23/2022 EUR 67.240
Zurcher Kantonalbank 6.40011/16/2022 USD 73.780
Landesbank Baden-Wue 2.700 9/22/2023 EUR 70.610
Raiffeisen Schweiz G 12.000 6/29/2022 CHF 67.110
Raiffeisen Schweiz G 13.000 6/29/2022 CHF 64.050
Raiffeisen Schweiz G 20.000 6/29/2022 CHF 42.230
EFG International Fi 11.780 07/11/2022 USD 76.430
DZ Bank AG Deutsche 10.750 9/21/2022 EUR 70.910
DZ Bank AG Deutsche 8.000 3/23/2022 EUR 63.080
DZ Bank AG Deutsche 7.250 6/22/2022 EUR 66.360
DZ Bank AG Deutsche 8.500 9/21/2022 EUR 67.130
DZ Bank AG Deutsche 4.750 9/21/2022 EUR 74.130
DZ Bank AG Deutsche 6.750 9/21/2022 EUR 62.440
DZ Bank AG Deutsche 9.000 9/21/2022 EUR 63.570
DZ Bank AG Deutsche 11.000 9/21/2022 EUR 64.570
DZ Bank AG Deutsche 7.250 9/21/2022 EUR 64.220
DZ Bank AG Deutsche 5.750 6/22/2022 EUR 73.600
DZ Bank AG Deutsche 8.250 9/21/2022 EUR 74.150
DZ Bank AG Deutsche 7.250 6/22/2022 EUR 62.960
DZ Bank AG Deutsche 4.250 9/21/2022 EUR 61.780
DZ Bank AG Deutsche 6.000 9/21/2022 EUR 75.710
DZ Bank AG Deutsche 6.500 9/21/2022 EUR 73.580
DZ Bank AG Deutsche 6.000 6/22/2022 EUR 69.740
DZ Bank AG Deutsche 8.750 9/21/2022 EUR 68.810
DZ Bank AG Deutsche 6.500 9/21/2022 EUR 68.160
DZ Bank AG Deutsche 4.250 9/21/2022 EUR 65.220
DZ Bank AG Deutsche 5.250 6/22/2022 EUR 68.830
DZ Bank AG Deutsche 6.000 9/21/2022 EUR 64.360
DZ Bank AG Deutsche 7.000 3/23/2022 EUR 71.780
DZ Bank AG Deutsche 6.000 6/22/2022 EUR 71.650
DZ Bank AG Deutsche 5.000 9/21/2022 EUR 72.140
Vontobel Financial P 4.150 7/18/2023 EUR 70.010
Vontobel Financial P 9.40012/30/2022 CHF 38.120
Erste Group Bank AG 10.750 08/02/2022 EUR 56.900
Erste Group Bank AG 4.500 08/02/2025 EUR 73.650
Leonteq Securities A 20.000 6/29/2022 CHF 42.930
Zurcher Kantonalbank 7.000 01/09/2023 CHF 71.580
UniCredit Bank AG 9.250 7/27/2022 EUR 71.510
Zurcher Kantonalbank 15.750 07/08/2022 USD 52.050
Bank Vontobel AG 6.500 6/26/2023 CHF 70.500
Bank Vontobel AG 8.00512/27/2022 CHF 73.100
Bank Vontobel AG 7.00012/27/2022 CHF 57.600
Landesbank Baden-Wue 4.150 6/23/2023 EUR 51.620
Landesbank Baden-Wue 3.800 6/23/2023 EUR 52.100
Landesbank Baden-Wue 2.600 6/23/2023 EUR 55.060
Landesbank Baden-Wue 4.500 6/23/2023 EUR 69.130
Landesbank Baden-Wue 3.350 6/23/2023 EUR 71.070
Landesbank Baden-Wue 5.350 6/23/2023 EUR 66.570
Landesbank Baden-Wue 5.000 6/23/2023 EUR 49.850
Landesbank Baden-Wue 5.600 6/23/2023 EUR 52.730
Bank Julius Baer & C 5.80010/26/2022 CHF 58.000
DZ Bank AG Deutsche 10.50012/21/2022 EUR 74.140
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 66.830
DZ Bank AG Deutsche 8.500 9/21/2022 EUR 70.740
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 73.070
DZ Bank AG Deutsche 11.00012/21/2022 EUR 66.160
Bank Julius Baer & C 14.50010/26/2022 EUR 74.450
Leonteq Securities A 15.00010/26/2022 USD 74.850
Leonteq Securities A 20.40010/26/2022 CHF 48.480
Leonteq Securities A 22.20010/26/2022 CHF 72.730
Raiffeisen Schweiz G 18.00010/25/2022 CHF 64.920
Raiffeisen Schweiz G 8.000 7/25/2023 CHF 73.850
Raiffeisen Schweiz G 10.000 4/25/2023 CHF 63.480
Bank Julius Baer & C 22.500 4/27/2022 USD 65.100
Vontobel Financial P 9.25012/23/2022 EUR 69.980
DZ Bank AG Deutsche 12.200 6/24/2022 EUR 70.750
DZ Bank AG Deutsche 15.300 6/24/2022 EUR 68.240
DZ Bank AG Deutsche 10.500 9/23/2022 EUR 72.540
DZ Bank AG Deutsche 12.800 9/23/2022 EUR 70.600
DZ Bank AG Deutsche 12.20010/28/2022 EUR 71.900
DZ Bank AG Deutsche 11.30012/23/2022 EUR 72.200
DZ Bank AG Deutsche 16.600 9/23/2022 EUR 46.190
DZ Bank AG Deutsche 18.80010/28/2022 EUR 45.950
DZ Bank AG Deutsche 14.80012/23/2022 EUR 48.670
DZ Bank AG Deutsche 17.30012/23/2022 EUR 47.580
Vontobel Financial P 8.25012/23/2022 EUR 74.480
EFG International Fi 16.00010/27/2022 CHF 58.700
Erste Group Bank AG 5.500 08/02/2025 EUR 66.150
Zurcher Kantonalbank 8.000 07/07/2022 EUR 72.600
UniCredit Bank AG 10.100 7/27/2022 EUR 45.500
UniCredit Bank AG 9.800 7/27/2022 EUR 58.550
Zurcher Kantonalbank 8.250 07/07/2022 CHF 72.760
Bank Vontobel AG 6.502 6/26/2023 CHF 69.700
Bank Vontobel AG 8.00512/27/2022 CHF 73.600
Bank Vontobel AG 5.750 6/26/2023 CHF 72.600
Zurcher Kantonalbank 10.400 07/08/2022 CHF 67.050
Landesbank Baden-Wue 2.800 6/23/2023 EUR 53.890
Landesbank Baden-Wue 4.650 6/23/2023 EUR 67.990
Landesbank Baden-Wue 3.400 6/23/2023 EUR 71.320
Landesbank Baden-Wue 1.800 6/23/2023 EUR 77.200
EFG International Fi 17.000 6/30/2022 CHF 45.390
EFG International Fi 10.010 6/30/2022 EUR 43.040
UBS AG/London 9.900 07/01/2024 EUR 65.440
Raiffeisen Centroban 11.750 08/04/2023 EUR 57.730
Bank Vontobel AG 18.000 8/29/2022 USD 55.800
Bank Vontobel AG 15.000 8/29/2022 USD 51.200
Credit Suisse AG/Lon 12.00010/18/2022 EUR 41.520
Credit Suisse AG/Lon 8.00010/25/2022 USD 77.090
UBS AG/London 10.50010/13/2022 CHF 74.750
UBS AG/London 14.750 4/14/2023 USD 63.650
UBS AG/London 13.250 4/14/2023 USD 55.400
Leonteq Securities A 15.000 4/21/2023 CHF 73.470
Leonteq Securities A 10.000 4/18/2023 USD 70.520
Zurcher Kantonalbank 23.00010/20/2022 CHF 63.560
Zurcher Kantonalbank 10.00010/25/2022 CHF 61.190
Zurcher Kantonalbank 26.80010/25/2022 CHF 65.550
UBS AG/London 10.00012/30/2022 CHF 53.900
UBS AG/London 13.000 10/06/2022 CHF 52.650
UBS AG/London 13.250 04/06/2023 USD 72.600
UBS AG/London 15.750 2/27/2023 CHF 56.600
Credit Suisse AG/Lon 12.250 7/28/2022 CHF 46.950
Credit Suisse AG/Lon 8.00010/28/2022 CHF 65.170
UBS AG/London 9.250 3/29/2023 USD 75.750
UBS AG/London 21.50011/25/2022 USD 73.750
Bank Vontobel AG 9.000 03/06/2023 CHF 66.900
Bank Vontobel AG 12.000 09/05/2022 EUR 51.800
Credit Suisse AG/Lon 16.000 08/05/2022 USD 40.920
Leonteq Securities A 17.000 1/18/2023 CHF 57.600
UBS AG/London 15.000 4/14/2023 USD 77.600
Corner Banca SA 16.000 1/24/2023 CHF 76.710
UBS AG/London 13.750 10/06/2023 USD 60.900
UBS AG/London 9.250 2/27/2023 CHF 47.200
UBS AG/London 11.000 2/27/2023 CHF 72.800
Credit Suisse AG/Lon 10.000 08/03/2022 EUR 35.370
Credit Suisse AG/Lon 9.500 08/03/2022 CHF 43.830
UBS AG/London 15.00011/25/2022 USD 73.850
Bank Vontobel AG 10.000 1/23/2023 CHF 46.000
UBS AG/London 18.750 02/06/2023 CHF 61.000
Bank Vontobel AG 11.000 12/05/2022 CHF 67.300
Credit Suisse AG/Lon 12.25010/24/2022 CHF 56.030
Credit Suisse AG/Lon 11.10010/13/2022 CHF 60.690
Vontobel Financial P 8.000 3/24/2023 EUR 74.810
UBS AG/London 8.000 01/09/2023 CHF 74.650
Credit Suisse AG/Lon 16.000 7/22/2022 USD 28.320
Bank Vontobel AG 14.750 1/16/2023 CHF 49.900
Bank Vontobel AG 8.500 1/23/2023 CHF 44.700
Bank Vontobel AG 25.000 8/25/2022 CHF 56.100
Leonteq Securities A 8.000 05/02/2023 CHF 17.530
Leonteq Securities A 12.000 05/02/2023 USD 62.910
Vontobel Financial P 14.50012/23/2022 EUR 73.280
Credit Suisse AG/Lon 4.550 2/23/2023 USD 9.750
Bank Vontobel AG 16.500 8/29/2022 CHF 43.000
UBS AG/London 8.500 1/30/2023 CHF 48.800
UBS AG/London 8.000 7/28/2023 CHF 68.300
Vontobel Financial P 15.00012/23/2022 EUR 71.270
Bank Vontobel AG 20.50011/21/2022 CHF 57.600
Bank Vontobel AG 20.00011/21/2022 CHF 61.100
Bank Vontobel AG 8.000 5/22/2023 CHF 68.300
Bank Vontobel AG 10.00011/21/2022 CHF 55.300
Bank Vontobel AG 18.00011/21/2022 USD 59.400
Bank Vontobel AG 10.750 5/22/2023 CHF 64.600
Bank Vontobel AG 12.000 2/20/2023 CHF 73.600
Bank Vontobel AG 14.000 5/22/2023 CHF 69.200
Bank Vontobel AG 10.000 1/23/2023 EUR 75.200
Bank Vontobel AG 15.00010/24/2022 CHF 58.700
Vontobel Financial P 10.50012/23/2022 EUR 70.090
Bank Vontobel AG 6.000 8/28/2023 CHF 68.700
Bank Vontobel AG 18.000 2/28/2023 CHF 54.700
Bank Vontobel AG 5.50011/28/2022 EUR 56.400
UBS AG/London 10.250 07/07/2022 EUR 45.800
UBS AG/London 8.750 1/16/2023 CHF 61.750
UBS AG/London 17.000 1/17/2023 USD 77.150
Bank Vontobel AG 12.250 12/05/2022 USD 66.900
Credit Suisse AG/Lon 5.20011/27/2023 USD 9.380
UBS AG/London 17.500 7/28/2022 CHF 48.700
Zurcher Kantonalbank 9.50010/20/2022 CHF 62.020
Credit Suisse AG/Lon 10.250 11/09/2022 USD 35.980
Credit Suisse AG/Lon 11.250 8/15/2022 EUR 58.160
Vontobel Financial P 8.50012/23/2022 EUR 68.520
Vontobel Financial P 12.000 3/24/2023 EUR 71.480
Vontobel Financial P 17.50012/23/2022 EUR 73.230
Vontobel Financial P 14.500 3/24/2023 EUR 74.080
Vontobel Financial P 15.000 3/24/2023 EUR 74.600
UBS AG/London 20.250 7/28/2022 USD 32.600
Leonteq Securities A 10.000 02/01/2023 CHF 38.920
Vontobel Financial P 12.500 3/24/2023 EUR 74.520
UBS AG/London 9.250 1/30/2023 USD 46.450
Leonteq Securities A 25.00011/29/2022 CHF 65.260
Leonteq Securities A 10.800 5/26/2023 EUR 66.560
Leonteq Securities A 17.600 5/30/2023 USD 67.500
Leonteq Securities A 10.00011/29/2023 EUR 73.820
Leonteq Securities A 8.000 03/01/2023 CHF 75.520
Leonteq Securities A 10.00011/29/2022 CHF 69.740
Raiffeisen Schweiz G 9.000 2/28/2023 CHF 66.230
Bank Vontobel AG 6.500 2/20/2023 CHF 45.600
Bank Vontobel AG 9.00011/20/2023 EUR 73.600
Bank Vontobel AG 8.00011/27/2023 EUR 61.500
Bank Vontobel AG 7.250 2/27/2023 CHF 74.800
Bank Vontobel AG 24.00011/28/2022 CHF 60.600
Bank Vontobel AG 18.250 5/26/2023 EUR 47.400
SG Issuer SA 7.600 1/20/2025 SEK 51.360
UBS AG/London 9.750 4/27/2023 USD 66.600
UBS AG/London 11.75010/27/2022 CHF 75.800
DZ Bank AG Deutsche 5.250 3/20/2023 EUR 73.410
Zurcher Kantonalbank 19.00010/26/2022 CHF 59.910
Landesbank Baden-Wue 9.25010/27/2023 EUR 76.270
Bank Vontobel AG 19.00010/31/2022 EUR 48.900
DZ Bank AG Deutsche 6.750 6/19/2023 EUR 72.510
Vontobel Financial P 17.75012/23/2022 EUR 55.740
Societe Generale Eff 12.75011/25/2022 EUR 45.530
Societe Generale Eff 18.000 7/22/2022 EUR 40.870
Leonteq Securities A 17.00011/22/2022 USD 55.850
Leonteq Securities A 13.000 2/22/2023 CHF 54.550
Zurcher Kantonalbank 16.00011/18/2022 CHF 67.590
Leonteq Securities A 18.50011/29/2022 CHF 65.150
Leonteq Securities A 10.800 5/26/2023 CHF 71.040
Leonteq Securities A 10.800 5/26/2023 EUR 70.510
Corner Banca SA 13.20011/29/2022 CHF 70.790
Leonteq Securities A 12.80011/29/2022 CHF 57.940
Corner Banca SA 11.00011/29/2022 CHF 46.650
Corner Banca SA 12.00011/29/2022 USD 60.550
Leonteq Securities A 10.00011/29/2022 CHF 67.360
Leonteq Securities A 11.000 5/30/2023 USD 70.990
UBS AG/London 7.640 4/20/2026 SEK 69.880
EFG International Fi 18.000 1/26/2023 USD 78.380
DZ Bank AG Deutsche 5.250 3/22/2023 EUR 70.400
DZ Bank AG Deutsche 5.750 3/22/2023 EUR 69.780
DZ Bank AG Deutsche 6.50012/21/2022 EUR 74.930
DZ Bank AG Deutsche 8.000 9/21/2022 EUR 74.680
DZ Bank AG Deutsche 6.00012/21/2022 EUR 72.280
DZ Bank AG Deutsche 8.750 9/21/2022 EUR 74.260
DZ Bank AG Deutsche 8.25012/21/2022 EUR 73.450
DZ Bank AG Deutsche 5.25012/21/2022 EUR 74.480
DZ Bank AG Deutsche 5.25012/21/2022 EUR 68.820
DZ Bank AG Deutsche 5.750 3/22/2023 EUR 72.460
DZ Bank AG Deutsche 9.250 3/22/2023 EUR 71.290
Sberbank of Russia P 0.010 7/24/2025 RUB 64.400
Landesbank Baden-Wue 3.500 8/26/2022 EUR 32.560
Landesbank Baden-Wue 5.450 8/26/2022 EUR 28.500
EFG International Fi 8.000 7/22/2022 CHF 60.900
DZ Bank AG Deutsche 8.250 9/21/2022 EUR 71.900
DZ Bank AG Deutsche 6.00012/21/2022 EUR 68.680
DZ Bank AG Deutsche 8.50012/21/2022 EUR 73.630
DZ Bank AG Deutsche 12.250 9/21/2022 EUR 72.810
DZ Bank AG Deutsche 5.25012/21/2022 EUR 69.490
Sberbank of Russia P 0.010 7/23/2025 RUB 70.510
DVM Construction Fov 3.000 7/29/2030 HUF 69.200
Credit Suisse AG/Lon 15.250 1/20/2023 USD 70.820
DZ Bank AG Deutsche 4.25012/21/2022 EUR 73.520
Vontobel Financial P 17.50012/23/2022 EUR 76.240
Vontobel Financial P 14.50012/23/2022 EUR 72.450
Vontobel Financial P 16.50012/23/2022 EUR 71.510
Credit Suisse AG/Lon 8.500 2/14/2023 EUR 73.280
Zurcher Kantonalbank 10.000 1/20/2023 EUR 73.800
UBS AG/London 6.380 06/07/2023 USD 9.800
DekaBank Deutsche Gi 4.250 05/03/2022 EUR 41.340
Deutsche Bank AG/Lon 2.200 4/14/2023 EUR 74.970
Raiffeisen Switzerla 11.500 05/10/2022 CHF 64.640
Vontobel Financial P 18.500 3/25/2022 EUR 71.720
Vontobel Financial P 19.500 3/25/2022 EUR 71.760
Vontobel Financial P 13.500 3/25/2022 EUR 73.830
Vontobel Financial P 14.500 6/24/2022 EUR 70.760
Vontobel Financial P 16.000 3/25/2022 EUR 69.890
Vontobel Financial P 11.500 6/24/2022 EUR 69.890
SG Issuer SA 8.700 1/20/2025 SEK 52.460
UniCredit Bank AG 3.100 5/28/2023 EUR 72.820
Bank Vontobel AG 9.00012/18/2023 CHF 54.900
Bank Vontobel AG 7.500 6/19/2023 CHF 71.300
Corner Banca SA 13.000 3/17/2023 CHF 71.120
Leonteq Securities A 14.000 3/17/2023 CHF 51.880
Leonteq Securities A 22.80012/16/2022 CHF 66.710
Raiffeisen Schweiz G 12.50012/20/2022 CHF 53.100
Raiffeisen Switzerla 10.00012/20/2022 CHF 69.180
Bank Vontobel AG 11.000 6/19/2023 CHF 71.400
Bank Vontobel AG 14.00012/19/2022 CHF 71.800
Raiffeisen Switzerla 18.20012/20/2022 CHF 70.410
Bank Vontobel AG 17.25012/19/2022 CHF 72.900
Bank Vontobel AG 10.25012/19/2022 CHF 49.700
Bank Vontobel AG 13.00012/19/2022 EUR 49.300
Societe Generale Eff 16.250 9/23/2022 EUR 67.310
Societe Generale Eff 18.250 9/23/2022 EUR 65.760
Societe Generale Eff 14.75012/23/2022 EUR 68.160
Societe Generale Eff 18.75012/23/2022 EUR 65.560
Societe Generale Eff 11.750 8/26/2022 EUR 73.610
Societe Generale Eff 17.750 8/26/2022 EUR 66.310
Societe Generale Eff 10.250 9/23/2022 EUR 74.850
UBS AG/London 17.500 07/12/2023 USD 72.500
Leonteq Securities A 17.00012/20/2022 CHF 70.170
Leonteq Securities A 14.000 3/17/2023 USD 69.990
Raiffeisen Switzerla 7.800 6/20/2023 CHF 75.300
Societe Generale Eff 14.75011/25/2022 EUR 44.600
Societe Generale Eff 8.50011/25/2022 EUR 73.100
Societe Generale Eff 8.75011/25/2022 EUR 71.450
Zurcher Kantonalbank 30.000 1/18/2023 USD 65.930
Zurcher Kantonalbank 10.000 7/18/2022 CHF 70.510
Banque Cantonale Vau 21.150 8/22/2022 CHF 45.560
Societe Generale Eff 11.75010/28/2022 EUR 58.200
Skandinaviska Enskil 8.200 1/15/2024 SEK 76.830
DZ Bank AG Deutsche 6.250 3/22/2023 EUR 68.120
DZ Bank AG Deutsche 8.250 3/22/2023 EUR 71.430
DZ Bank AG Deutsche 5.250 3/22/2023 EUR 68.550
DZ Bank AG Deutsche 8.750 6/22/2022 EUR 66.980
DZ Bank AG Deutsche 5.750 9/21/2022 EUR 66.160
DZ Bank AG Deutsche 8.500 9/21/2022 EUR 68.610
DZ Bank AG Deutsche 8.250 3/22/2023 EUR 72.070
DZ Bank AG Deutsche 18.100 3/24/2023 EUR 68.190
Societe Generale Eff 22.250 9/23/2022 EUR 62.670
Societe Generale Eff 10.50010/28/2022 EUR 72.900
Societe Generale Eff 12.50010/28/2022 EUR 70.160
Societe Generale Eff 14.50010/28/2022 EUR 67.850
Societe Generale Eff 16.50010/28/2022 EUR 66.070
Societe Generale Eff 20.50010/28/2022 EUR 63.600
Societe Generale Eff 15.50011/25/2022 EUR 66.820
DZ Bank AG Deutsche 21.700 9/23/2022 EUR 65.500
DZ Bank AG Deutsche 24.600 9/23/2022 EUR 63.910
Leonteq Securities A 25.80012/16/2022 CHF 52.440
Bank Vontobel AG 8.000 06/12/2023 EUR 72.400
Vontobel Financial P 9.50012/23/2022 EUR 75.540
Vontobel Financial P 17.50012/23/2022 EUR 71.090
Vontobel Financial P 10.50012/23/2022 EUR 74.840
Vontobel Financial P 13.50012/23/2022 EUR 72.990
Vontobel Financial P 11.50012/23/2022 EUR 74.180
Vontobel Financial P 24.00012/23/2022 EUR 81.920
Vontobel Financial P 10.00012/23/2022 EUR 75.000
Vontobel Financial P 6.00012/23/2022 EUR 60.990
Leonteq Securities A 15.000 01/10/2023 CHF 56.120
Leonteq Securities A 20.000 01/10/2023 CHF 64.560
Societe Generale Eff 23.750 7/22/2022 EUR 53.010
Societe Generale Eff 20.500 9/23/2022 EUR 55.080
Bank Julius Baer & C 8.450 8/15/2022 USD 80.000
Vontobel Financial P 24.50012/23/2022 EUR 56.070
Vontobel Financial P 15.50012/23/2022 EUR 71.960
Vontobel Financial P 19.50012/23/2022 EUR 70.380
Vontobel Financial P 12.50012/23/2022 EUR 73.570
Vontobel Financial P 6.50012/23/2022 EUR 61.380
Sberbank of Russia P 0.010 08/12/2025 RUB 73.100
Raiffeisen Switzerla 9.000 07/06/2023 USD 72.240
Societe Generale Eff 21.750 8/26/2022 EUR 54.230
Societe Generale Eff 8.50010/28/2022 EUR 76.250
Societe Generale Eff 18.50010/28/2022 EUR 64.690
Societe Generale Eff 7.50011/25/2022 EUR 77.950
Societe Generale Eff 9.50011/25/2022 EUR 74.300
Societe Generale Eff 11.50011/25/2022 EUR 71.280
Societe Generale Eff 13.50011/25/2022 EUR 68.730
Societe Generale Eff 17.50011/25/2022 EUR 65.330
Societe Generale Eff 19.50011/25/2022 EUR 64.180
DZ Bank AG Deutsche 18.50012/23/2022 EUR 67.410
DZ Bank AG Deutsche 20.60012/23/2022 EUR 66.430
DZ Bank AG Deutsche 19.400 1/27/2023 EUR 67.010
DZ Bank AG Deutsche 21.300 1/27/2023 EUR 66.290
DZ Bank AG Deutsche 16.500 3/24/2023 EUR 68.990
Raiffeisen Switzerla 20.000 01/06/2023 CHF 76.980
Landesbank Baden-Wue 5.60010/27/2023 EUR 74.230
Landesbank Baden-Wue 5.25010/27/2023 EUR 56.790
Bank Vontobel AG 16.50010/31/2022 CHF 58.100
Bank Vontobel AG 16.00010/31/2022 CHF 73.200
UBS AG/London 11.50010/27/2022 EUR 43.750
DZ Bank AG Deutsche 7.000 3/20/2023 EUR 74.240
DZ Bank AG Deutsche 4.750 6/19/2023 EUR 74.430
UBS AG/London 9.500 4/27/2023 USD 66.800
Zurcher Kantonalbank 20.00010/26/2022 USD 59.840
DZ Bank AG Deutsche 5.500 6/19/2023 EUR 72.500
Zurcher Kantonalbank 12.00010/26/2022 USD 67.300
DekaBank Deutsche Gi 3.100 04/08/2022 EUR 48.560
DekaBank Deutsche Gi 3.300 04/08/2022 EUR 47.760
Landesbank Baden-Wue 3.150 6/24/2022 EUR 70.390
Landesbank Baden-Wue 2.500 6/24/2022 EUR 64.240
UniCredit Bank AG 5.150 4/24/2023 EUR 67.870
Landesbank Baden-Wue 2.750 9/23/2022 EUR 62.880
UniCredit Bank AG 6.900 3/16/2022 EUR 63.910
UniCredit Bank AG 9.100 3/16/2022 EUR 64.800
UniCredit Bank AG 13.200 3/16/2022 EUR 40.230
UBS AG/London 14.750 2/17/2023 CHF 39.450
Vontobel Financial P 4.800 06/01/2022 EUR 72.610
Leonteq Securities A 13.400 5/18/2022 CHF 63.810
Leonteq Securities A 14.000 5/19/2022 CHF 40.830
Bank Vontobel AG 10.506 8/19/2022 EUR 62.400
Bank Vontobel AG 7.756 8/19/2022 CHF 62.600
Bank Vontobel AG 10.508 8/19/2022 CHF 44.400
Bank Vontobel AG 10.507 8/19/2022 CHF 44.400
Bank Vontobel AG 12.008 8/19/2022 CHF 42.700
Leonteq Securities A 15.000 8/19/2022 CHF 72.260
Leonteq Securities A 15.000 5/19/2022 CHF 29.840
Leonteq Securities A 12.400 8/19/2022 EUR 66.160
Leonteq Securities A 11.400 5/19/2022 CHF 61.780
Corner Banca SA 19.000 5/23/2022 USD 30.490
Leonteq Securities A 16.000 5/19/2022 CHF 63.360
Leonteq Securities A 19.000 5/23/2022 USD 65.000
Leonteq Securities A 10.000 5/19/2022 CHF 46.040
Leonteq Securities A 5.700 8/19/2022 USD 64.030
DZ Bank AG Deutsche 5.000 6/22/2022 EUR 70.370
DZ Bank AG Deutsche 5.250 3/23/2022 EUR 74.300
DZ Bank AG Deutsche 6.750 3/23/2022 EUR 61.390
DZ Bank AG Deutsche 8.000 3/23/2022 EUR 67.700
DZ Bank AG Deutsche 8.750 3/23/2022 EUR 67.710
EFG International Fi 4.500 2/26/2024 USD 56.340
Vontobel Financial P 11.500 3/25/2022 EUR 73.740
Vontobel Financial P 10.000 3/25/2022 EUR 74.390
Vontobel Financial P 16.000 3/25/2022 EUR 71.620
Vontobel Financial P 17.500 3/25/2022 EUR 71.680
Vontobel Financial P 18.500 3/25/2022 EUR 71.720
Vontobel Financial P 19.000 3/25/2022 EUR 71.740
UniCredit Bank AG 10.100 3/23/2022 EUR 65.740
Vontobel Financial P 11.500 3/25/2022 EUR 62.450
Landesbank Baden-Wue 3.000 6/24/2022 EUR 67.030
Raiffeisen Switzerla 7.000 8/19/2022 CHF 63.990
Raiffeisen Switzerla 7.700 8/19/2022 CHF 69.640
Raiffeisen Switzerla 13.000 5/19/2022 CHF 63.130
BNP Paribas Emission 8.000 9/22/2022 EUR 61.730
Societe Generale Eff 4.000 7/22/2022 EUR 55.500
BNP Paribas Emission 6.000 6/23/2022 EUR 66.520
BNP Paribas Emission 6.000 9/22/2022 EUR 67.500
Bank Vontobel AG 20.004 08/10/2022 CHF 72.400
UBS AG/London 11.000 8/24/2022 CHF 45.900
Credit Suisse AG/Lon 7.250 5/18/2022 CHF 66.640
Credit Suisse AG/Lon 8.100 8/23/2022 CHF 62.860
Vontobel Financial P 14.250 6/24/2022 EUR 55.830
Vontobel Financial P 8.000 6/24/2022 EUR 65.870
Leonteq Securities A 10.000 2/13/2023 USD 75.800
Leonteq Securities A 16.00011/16/2022 CHF 64.610
Leonteq Securities A 12.00011/16/2022 CHF 48.700
Bank Vontobel AG 6.500 2/13/2023 CHF 69.900
Bank Vontobel AG 10.000 8/15/2022 CHF 68.400
Bank Vontobel AG 14.500 2/13/2023 EUR 62.000
Bank Julius Baer & C 19.600 5/16/2022 CHF 44.100
Societe Generale Eff 3.500 8/26/2022 EUR 58.240
Bank Vontobel AG 7.756 2/13/2023 CHF 74.700
Bank Vontobel AG 7.508 05/12/2022 CHF 69.700
Leonteq Securities A 9.000 8/26/2022 CHF 64.330
Zurcher Kantonalbank 21.500 8/23/2022 USD 51.600
Zurcher Kantonalbank 20.500 8/23/2022 CHF 61.930
Vontobel Financial P 10.50012/23/2022 EUR 71.450
Vontobel Financial P 8.50012/23/2022 EUR 72.870
Vontobel Financial P 11.00012/23/2022 EUR 62.280
Vontobel Financial P 5.50012/23/2022 EUR 72.320
Vontobel Financial P 7.00012/23/2022 EUR 65.250
Vontobel Financial P 11.00012/23/2022 EUR 74.890
Vontobel Financial P 8.50012/23/2022 EUR 66.010
Vontobel Financial P 4.50012/23/2022 EUR 60.360
Vontobel Financial P 5.50012/23/2022 EUR 69.170
Vontobel Financial P 7.00012/23/2022 EUR 70.300
Vontobel Financial P 13.00012/23/2022 EUR 74.830
Bank Julius Baer & C 9.90010/21/2022 USD 57.100
Vontobel Financial P 6.50012/23/2022 EUR 75.420
Vontobel Financial P 10.50012/23/2022 EUR 70.930
Vontobel Financial P 15.50012/23/2022 EUR 68.340
Vontobel Financial P 12.00012/23/2022 EUR 52.340
Vontobel Financial P 8.50012/23/2022 EUR 69.430
Vontobel Financial P 7.50012/23/2022 EUR 75.510
Vontobel Financial P 10.00012/23/2022 EUR 73.040
Vontobel Financial P 14.00012/23/2022 EUR 69.610
Vontobel Financial P 16.50012/23/2022 EUR 68.110
Vontobel Financial P 15.50012/23/2022 EUR 68.440
Leonteq Securities A 10.000 1/18/2023 USD 68.090
Leonteq Securities A 12.000 1/18/2023 CHF 66.340
Leonteq Securities A 8.000 4/19/2023 CHF 73.220
Raiffeisen Centroban 10.429 3/22/2023 EUR 67.010
Raiffeisen Centroban 11.819 3/22/2023 EUR 67.150
Raiffeisen Centroban 7.648 3/22/2023 EUR 64.330
Raiffeisen Centroban 9.038 3/22/2023 EUR 64.450
Raiffeisen Centroban 10.429 3/22/2023 EUR 64.660
Leonteq Securities A 11.00010/18/2022 CHF 46.620
Goldman Sachs & Co W 10.00011/23/2022 EUR 74.670
Leonteq Securities A 21.60010/18/2022 CHF 50.230
Leonteq Securities A 30.00010/18/2022 CHF 70.590
DZ Bank AG Deutsche 10.750 6/22/2022 EUR 67.490
DZ Bank AG Deutsche 10.750 9/21/2022 EUR 63.590
DZ Bank AG Deutsche 7.500 3/23/2022 EUR 73.690
DZ Bank AG Deutsche 4.250 6/22/2022 EUR 74.140
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 71.430
DZ Bank AG Deutsche 8.750 9/21/2022 EUR 73.210
DZ Bank AG Deutsche 9.250 3/23/2022 EUR 68.660
Raiffeisen Schweiz G 18.00010/19/2022 CHF 65.690
Raiffeisen Schweiz G 13.00010/18/2022 CHF 48.800
Raiffeisen Schweiz G 20.00010/19/2022 CHF 48.450
Leonteq Securities A 24.24010/19/2022 CHF 57.650
UniCredit Bank AG 9.25011/16/2022 EUR 50.630
UniCredit Bank AG 6.55011/16/2022 EUR 71.750
UniCredit Bank AG 6.80011/16/2022 EUR 62.960
UniCredit Bank AG 5.05011/16/2022 EUR 66.870
UniCredit Bank AG 7.55011/17/2022 EUR 61.720
Bank Julius Baer & C 10.400 1/24/2023 USD 67.350
Bank Julius Baer & C 10.200 5/30/2023 EUR 11.600
Vontobel Financial P 8.50012/23/2022 EUR 74.860
Vontobel Financial P 13.00012/23/2022 EUR 52.190
Vontobel Financial P 10.75012/23/2022 EUR 64.800
Vontobel Financial P 18.50012/23/2022 EUR 68.680
Vontobel Financial P 6.500 3/25/2022 EUR 53.520
Vontobel Financial P 5.500 3/25/2022 EUR 53.480
Vontobel Financial P 15.500 3/25/2022 EUR 64.320
Leonteq Securities A 27.000 11/04/2022 CHF 67.610
UBS AG/London 9.250 03/10/2023 CHF 64.750
UBS AG/London 10.750 09/12/2022 CHF 61.250
UBS AG/London 16.500 09/12/2022 CHF 65.950
Raiffeisen Switzerla 8.500 09/08/2022 CHF 60.860
Goldman Sachs & Co W 15.000 4/21/2022 EUR 73.040
Goldman Sachs & Co W 19.000 4/21/2022 EUR 68.120
Goldman Sachs & Co W 15.000 6/22/2022 EUR 72.050
Goldman Sachs & Co W 19.000 6/22/2022 EUR 68.090
Goldman Sachs & Co W 12.000 3/22/2023 EUR 72.030
Vontobel Financial P 17.750 3/25/2022 EUR 32.720
Goldman Sachs & Co W 8.000 4/21/2022 EUR 69.110
Goldman Sachs & Co W 10.000 4/21/2022 EUR 65.350
Goldman Sachs & Co W 13.00012/21/2022 EUR 70.040
Goldman Sachs & Co W 10.000 3/22/2023 EUR 75.330
Goldman Sachs & Co W 7.00012/21/2022 EUR 68.890
Goldman Sachs & Co W 8.00012/21/2022 EUR 69.920
Goldman Sachs & Co W 7.000 3/22/2023 EUR 70.350
Goldman Sachs & Co W 8.000 3/22/2023 EUR 71.530
Goldman Sachs & Co W 15.000 4/21/2022 EUR 68.100
Goldman Sachs & Co W 19.000 4/21/2022 EUR 62.780
Goldman Sachs & Co W 17.000 6/22/2022 EUR 64.700
Goldman Sachs & Co W 15.000 9/21/2022 EUR 67.920
Goldman Sachs & Co W 21.000 4/21/2022 EUR 65.920
Leonteq Securities A 8.000 3/15/2023 CHF 65.500
Zurcher Kantonalbank 8.500 06/10/2022 EUR 53.630
Landesbank Baden-Wue 9.750 3/25/2022 EUR 74.880
Corner Banca SA 11.000 9/15/2022 CHF 53.000
Zurcher Kantonalbank 19.000 3/24/2022 CHF 58.450
Zurcher Kantonalbank 10.500 3/24/2022 CHF 64.410
Zurcher Kantonalbank 15.000 3/24/2022 USD 49.220
Vontobel Financial P 10.00012/23/2022 EUR 54.520
Vontobel Financial P 17.00012/23/2022 EUR 48.910
Vontobel Financial P 6.00012/23/2022 EUR 56.300
Vontobel Financial P 9.00012/23/2022 EUR 53.980
Vontobel Financial P 6.00012/23/2022 EUR 64.020
Vontobel Financial P 10.00012/23/2022 EUR 74.800
Vontobel Financial P 11.00012/23/2022 EUR 72.480
Vontobel Financial P 15.50012/23/2022 EUR 72.430
Vontobel Financial P 12.50012/23/2022 EUR 74.280
Vontobel Financial P 8.50012/23/2022 EUR 74.780
Vontobel Financial P 9.00012/23/2022 EUR 73.700
Vontobel Financial P 10.50012/23/2022 EUR 72.050
Vontobel Financial P 11.50012/23/2022 EUR 71.470
Vontobel Financial P 13.00012/23/2022 EUR 70.060
Vontobel Financial P 14.50012/23/2022 EUR 68.820
Leonteq Securities A 9.300 8/24/2022 USD 54.120
BNP Paribas Emission 8.000 6/23/2022 EUR 63.290
BNP Paribas Emission 10.000 6/23/2022 EUR 60.450
BNP Paribas Emission 8.000 9/22/2022 EUR 64.960
UBS AG/London 10.250 8/24/2022 CHF 75.900
UBS AG/London 6.500 8/24/2022 CHF 30.700
EFG International Fi 15.000 8/24/2022 CHF 65.570
Vontobel Financial P 6.000 6/24/2022 EUR 72.400
Vontobel Financial P 6.250 6/24/2022 EUR 73.630
Vontobel Financial P 16.250 6/24/2022 EUR 69.370
Vontobel Financial P 20.000 6/24/2022 EUR 46.230
EFG International Fi 8.200 03/01/2023 USD 49.470
Corner Banca SA 10.000 2/13/2023 EUR 51.460
Corner Banca SA 13.000 8/16/2022 CHF 47.270
Leonteq Securities A 14.000 2/13/2023 CHF 59.220
Leonteq Securities A 13.00011/16/2022 USD 68.630
Bank Vontobel AG 10.000 8/15/2022 CHF 68.400
Bank Vontobel AG 9.500 2/13/2023 CHF 77.000
Bank Vontobel AG 7.500 2/13/2023 EUR 68.600
Bank Vontobel AG 6.507 8/17/2022 CHF 60.700
Bank Vontobel AG 6.505 2/27/2023 CHF 63.000
Leonteq Securities A 10.000 06/01/2022 CHF 54.490
Leonteq Securities A 20.000 8/16/2022 CHF 71.010
Leonteq Securities A 26.150 8/16/2022 CHF 43.400
Zurcher Kantonalbank 18.500 8/22/2022 USD 67.580
Zurcher Kantonalbank 17.500 8/22/2022 CHF 76.680
DZ Bank AG Deutsche 7.750 3/23/2022 EUR 65.520
Bank Julius Baer & C 5.750 8/17/2022 CHF 70.700
Zurcher Kantonalbank 12.900 8/17/2022 CHF
Vontobel Financial P 9.000 6/24/2022 EUR 72.920
Vontobel Financial P 14.500 6/24/2022 EUR 70.530
Vontobel Financial P 12.500 6/24/2022 EUR 72.680
Vontobel Financial P 9.500 9/23/2022 EUR 63.690
Luzerner Kantonalban 7.600 8/16/2022 CHF 71.530
Zurcher Kantonalbank 15.000 8/25/2022 EUR 55.750
Zurcher Kantonalbank 11.750 8/25/2022 CHF 76.650
Leonteq Securities A 22.160 8/17/2022 CHF 39.320
UniCredit Bank AG 6.450 9/14/2022 EUR 77.900
UniCredit Bank AG 11.600 9/14/2022 EUR 72.980
UniCredit Bank AG 7.450 9/14/2022 EUR 65.620
UniCredit Bank AG 5.800 9/14/2022 EUR 62.020
UniCredit Bank AG 9.950 9/14/2022 EUR 62.700
Raiffeisen Schweiz G 11.000 2/13/2023 CHF 70.680
Raiffeisen Schweiz G 15.00011/16/2022 CHF 42.220
Raiffeisen Schweiz G 10.000 2/13/2023 CHF 67.740
Bank Vontobel AG 8.251 2/13/2023 CHF 73.100
EFG International Fi 10.000 2/20/2023 CHF 67.370
Zurcher Kantonalbank 11.250 8/26/2022 USD 62.460
Zurcher Kantonalbank 15.000 8/24/2022 CHF 46.560
Bank Julius Baer & C 10.500 8/19/2022 CHF 70.000
Vontobel Financial P 6.500 9/23/2022 EUR 75.000
Vontobel Financial P 10.500 9/23/2022 EUR 71.320
Vontobel Financial P 8.500 9/23/2022 EUR 73.070
Vontobel Financial P 12.500 6/24/2022 EUR 69.450
Vontobel Financial P 10.000 6/24/2022 EUR 71.670
Vontobel Financial P 14.500 6/24/2022 EUR 58.740
Vontobel Financial P 13.000 6/24/2022 EUR 59.540
Vontobel Financial P 15.500 6/24/2022 EUR 57.850
Vontobel Financial P 11.000 6/24/2022 EUR 61.560
Bank Julius Baer & C 8.550 8/19/2022 USD 63.250
Bank Julius Baer & C 8.450 8/19/2022 USD 59.400
Bank Julius Baer & C 8.000 8/19/2022 USD 69.800
Bank Julius Baer & C 8.250 8/19/2022 EUR 73.250
EFG International Fi 10.300 8/23/2024 USD 76.730
Leonteq Securities A 27.170 8/19/2022 EUR 46.800
Leonteq Securities A 12.60011/23/2022 CHF 66.280
Vontobel Financial P 9.500 9/23/2022 EUR 68.620
Vontobel Financial P 9.500 6/24/2022 EUR 70.690
Vontobel Financial P 12.500 9/23/2022 EUR 65.160
Vontobel Financial P 16.500 9/23/2022 EUR 62.870
Vontobel Financial P 8.500 6/24/2022 EUR 69.120
Vontobel Financial P 17.500 6/24/2022 EUR 61.190
Vontobel Financial P 13.000 6/24/2022 EUR 64.750
Vontobel Financial P 12.500 6/24/2022 EUR 72.240
Vontobel Financial P 17.000 6/24/2022 EUR 69.000
Vontobel Financial P 11.000 6/24/2022 EUR 73.440
Vontobel Financial P 15.500 6/24/2022 EUR 70.020
Vontobel Financial P 14.000 6/24/2022 EUR 71.100
Vontobel Financial P 18.000 6/24/2022 EUR 67.900
Vontobel Financial P 12.000 9/23/2022 EUR 70.510
Vontobel Financial P 10.000 6/24/2022 EUR 72.470
Vontobel Financial P 13.500 6/24/2022 EUR 69.070
Vontobel Financial P 17.000 6/24/2022 EUR 66.130
Vontobel Financial P 8.000 6/24/2022 EUR 71.190
Vontobel Financial P 9.500 6/24/2022 EUR 69.420
Vontobel Financial P 11.500 6/24/2022 EUR 67.900
Vontobel Financial P 13.000 6/24/2022 EUR 66.370
Vontobel Financial P 15.000 6/24/2022 EUR 65.080
Vontobel Financial P 7.000 9/23/2022 EUR 72.580
Vontobel Financial P 8.500 9/23/2022 EUR 71.220
Vontobel Financial P 6.000 9/23/2022 EUR 74.320
Vontobel Financial P 9.500 9/23/2022 EUR 69.710
Vontobel Financial P 11.000 9/23/2022 EUR 68.570
Vontobel Financial P 13.500 9/23/2022 EUR 66.340
Vontobel Financial P 12.000 9/23/2022 EUR 67.280
Vontobel Financial P 15.000 9/23/2022 EUR 65.480
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 73.260
UBS AG/London 14.000 11/10/2022 CHF 71.800
Vontobel Financial P 14.00012/23/2022 EUR 64.640
Vontobel Financial P 7.50012/23/2022 EUR 68.700
Vontobel Financial P 11.00012/23/2022 EUR 71.350
Raiffeisen Schweiz G 10.000 05/01/2023 USD 66.700
Bank Vontobel AG 7.000 3/31/2023 CHF 74.700
Banque International 10.000 05/04/2023 CHF 77.460
Leonteq Securities A 22.800 11/02/2022 CHF 69.730
Leonteq Securities A 23.400 11/02/2022 CHF 57.640
Banque International 18.000 11/02/2022 EUR 59.350
DZ Bank AG Deutsche 24.900 9/23/2022 EUR 70.570
DZ Bank AG Deutsche 17.000 6/24/2022 EUR 70.510
DZ Bank AG Deutsche 13.300 9/23/2022 EUR 72.080
DZ Bank AG Deutsche 15.700 9/23/2022 EUR 71.480
DZ Bank AG Deutsche 15.800 9/23/2022 EUR 36.510
DZ Bank AG Deutsche 20.200 6/24/2022 EUR 73.600
DZ Bank AG Deutsche 13.000 6/24/2022 EUR 71.900
EFG International Fi 12.000 11/03/2022 CHF 77.760
EFG International Fi 15.000 11/03/2022 CHF 77.990
Vontobel Financial P 9.25012/23/2022 EUR 57.120
UBS AG/London 7.250 05/03/2023 EUR 72.950
UBS AG/London 7.250 11/03/2023 CHF 77.000
Vontobel Financial P 13.950 05/05/2022 CHF 42.130
Corner Banca SA 20.00011/15/2022 CHF 60.210
Leonteq Securities A 9.000 05/12/2023 CHF 57.820
Landesbank Baden-Wue 11.50011/25/2022 EUR 76.290
Societe Generale Eff 7.500 5/27/2022 EUR 63.620
Landesbank Baden-Wue 4.15011/25/2022 EUR 63.610
Landesbank Baden-Wue 8.30011/25/2022 EUR 53.460
Bank Vontobel AG 14.250 11/07/2022 CHF 37.200
Bank Vontobel AG 13.750 05/08/2023 CHF 58.400
Bank Vontobel AG 14.00011/14/2022 CHF 51.000
Bank Vontobel AG 9.000 05/12/2023 CHF 76.900
Bank Vontobel AG 14.000 05/12/2023 CHF 71.800
Bank Vontobel AG 18.75011/14/2022 CHF 55.700
Bank Vontobel AG 8.750 05/12/2023 CHF 66.500
Vontobel Financial P 10.500 9/23/2022 EUR 71.790
Vontobel Financial P 5.00012/23/2022 EUR 55.660
Vontobel Financial P 8.000 9/23/2022 EUR 72.260
Vontobel Financial P 8.00012/23/2022 EUR 70.420
Vontobel Financial P 11.50012/23/2022 EUR 73.960
Vontobel Financial P 12.000 9/23/2022 EUR 72.310
Vontobel Financial P 13.00012/23/2022 EUR 68.390
Vontobel Financial P 5.000 9/23/2022 EUR 69.130
Vontobel Financial P 14.00012/23/2022 EUR 75.680
Vontobel Financial P 14.000 9/23/2022 EUR 76.460
Vontobel Financial P 16.00012/23/2022 EUR 74.230
Vontobel Financial P 8.00012/23/2022 EUR 75.420
Vontobel Financial P 12.00012/23/2022 EUR 71.110
Vontobel Financial P 15.00012/23/2022 EUR 68.650
Vontobel Financial P 12.500 9/23/2022 EUR 69.920
Vontobel Financial P 15.500 9/23/2022 EUR 67.970
Vontobel Financial P 14.000 9/23/2022 EUR 68.900
Vontobel Financial P 6.00012/23/2022 EUR 71.360
Vontobel Financial P 10.00012/23/2022 EUR 66.590
Vontobel Financial P 9.500 9/23/2022 EUR 66.260
Vontobel Financial P 8.00012/23/2022 EUR 68.790
Vontobel Financial P 15.00012/23/2022 EUR 63.270
Vontobel Financial P 10.500 9/23/2022 EUR 64.870
Vontobel Financial P 17.000 9/23/2022 EUR 61.580
Vontobel Financial P 12.000 9/23/2022 EUR 63.860
Vontobel Financial P 15.000 9/23/2022 EUR 62.080
Vontobel Financial P 10.000 9/23/2022 EUR 71.760
Vontobel Financial P 12.00012/23/2022 EUR 73.410
Vontobel Financial P 13.00012/23/2022 EUR 74.180
Vontobel Financial P 13.50012/23/2022 EUR 74.600
Vontobel Financial P 12.500 9/23/2022 EUR 71.970
Vontobel Financial P 15.000 9/23/2022 EUR 73.310
Vontobel Financial P 17.000 9/23/2022 EUR 74.370
Vontobel Financial P 10.50012/23/2022 EUR 69.860
Vontobel Financial P 12.00012/23/2022 EUR 71.040
Vontobel Financial P 10.500 9/23/2022 EUR 67.580
Vontobel Financial P 8.50012/23/2022 EUR 70.080
Vontobel Financial P 12.000 9/23/2022 EUR 68.300
Vontobel Financial P 10.00012/23/2022 EUR 68.670
Vontobel Financial P 8.500 9/23/2022 EUR 65.800
Vontobel Financial P 10.000 9/23/2022 EUR 66.580
Vontobel Financial P 10.50012/23/2022 EUR 72.850
Vontobel Financial P 7.500 9/23/2022 EUR 69.310
Vontobel Financial P 10.500 9/23/2022 EUR 70.920
Vontobel Financial P 9.000 9/23/2022 EUR 70.120
Vontobel Financial P 11.50012/23/2022 EUR 73.530
Vontobel Financial P 9.500 9/23/2022 EUR 70.060
Vontobel Financial P 10.500 9/23/2022 EUR 70.600
Vontobel Financial P 8.000 9/23/2022 EUR 69.270
Vontobel Financial P 11.500 9/23/2022 EUR 71.130
Vontobel Financial P 12.000 9/23/2022 EUR 71.400
Vontobel Financial P 13.000 9/23/2022 EUR 71.940
DZ Bank AG Deutsche 10.500 5/25/2022 EUR 43.190
DZ Bank AG Deutsche 7.75012/21/2022 EUR 63.720
Societe Generale Eff 13.000 7/22/2022 EUR 66.320
Societe Generale Eff 12.250 8/26/2022 EUR 67.040
DZ Bank AG Deutsche 6.000 9/21/2022 EUR 61.210
Bank Vontobel AG 11.000 10/03/2022 EUR 62.900
Bank Vontobel AG 9.500 3/31/2023 EUR 72.900
Bank Vontobel AG 16.500 01/03/2023 EUR 51.900
Bank Vontobel AG 8.500 11/03/2023 CHF 54.000
Bank Vontobel AG 14.250 11/07/2022 CHF 51.100
Bank Vontobel AG 8.000 02/06/2023 EUR 73.600
Leonteq Securities A 15.000 11/08/2022 CHF 50.820
Leonteq Securities A 17.000 02/08/2023 CHF 74.750
Leonteq Securities A 14.000 02/08/2023 USD 58.260
Vontobel Financial P 27.900 05/09/2022 EUR 42.940
Erste Group Bank AG 6.500 12/01/2026 EUR 69.850
Erste Group Bank AG 7.000 12/01/2022 EUR 84.100
Leonteq Securities A 21.600 11/08/2022 CHF 60.890
DZ Bank AG Deutsche 11.500 9/21/2022 EUR 63.960
DZ Bank AG Deutsche 6.50012/21/2022 EUR 72.640
DZ Bank AG Deutsche 8.500 6/22/2022 EUR 66.680
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 65.000
DZ Bank AG Deutsche 8.250 9/21/2022 EUR 66.230
DZ Bank AG Deutsche 4.75012/19/2022 EUR 72.700
DZ Bank AG Deutsche 4.750 3/20/2023 EUR 73.480
DZ Bank AG Deutsche 4.75012/19/2022 EUR 70.920
DZ Bank AG Deutsche 6.25012/19/2022 EUR 72.430
DZ Bank AG Deutsche 6.250 3/20/2023 EUR 68.160
DZ Bank AG Deutsche 4.750 3/20/2023 EUR 74.170
Banque International 11.000 11/09/2022 CHF 50.340
Leonteq Securities A 21.600 11/09/2022 CHF 42.620
Leonteq Securities A 25.200 11/09/2022 CHF 66.650
UniCredit Bank AG 8.15011/30/2022 EUR 58.340
DZ Bank AG Deutsche 20.400 9/23/2022 EUR 72.290
DZ Bank AG Deutsche 14.70012/23/2022 EUR 41.000
DZ Bank AG Deutsche 15.60012/23/2022 EUR 75.890
DZ Bank AG Deutsche 15.100 9/23/2022 EUR 68.870
DZ Bank AG Deutsche 12.50012/23/2022 EUR 70.360
DZ Bank AG Deutsche 14.50012/23/2022 EUR 76.280
DZ Bank AG Deutsche 15.20012/23/2022 EUR 75.750
DZ Bank AG Deutsche 15.90012/23/2022 EUR 75.350
DZ Bank AG Deutsche 16.60012/23/2022 EUR 74.940
DZ Bank AG Deutsche 17.30012/23/2022 EUR 74.510
DZ Bank AG Deutsche 6.60012/23/2022 EUR 75.310
DZ Bank AG Deutsche 11.20012/23/2022 EUR 70.310
DZ Bank AG Deutsche 16.000 9/23/2022 EUR 67.280
Vontobel Financial P 9.50012/23/2022 EUR 46.570
Zurcher Kantonalbank 20.500 11/04/2022 CHF 74.410
Vontobel Financial P 14.00012/23/2022 EUR 69.400
Vontobel Financial P 16.00012/23/2022 EUR 67.970
Vontobel Financial P 7.500 9/23/2022 EUR 75.390
Vontobel Financial P 10.000 9/23/2022 EUR 72.480
Vontobel Financial P 6.500 9/23/2022 EUR 77.090
Vontobel Financial P 11.000 9/23/2022 EUR 71.030
Vontobel Financial P 8.500 9/23/2022 EUR 73.760
Vontobel Financial P 17.00012/23/2022 EUR 67.350
Vontobel Financial P 18.500 9/23/2022 EUR 66.350
Vontobel Financial P 17.000 9/23/2022 EUR 67.130
Vontobel Financial P 11.50012/23/2022 EUR 65.180
Vontobel Financial P 6.000 9/23/2022 EUR 70.820
Vontobel Financial P 13.00012/23/2022 EUR 64.700
Vontobel Financial P 14.00012/23/2022 EUR 63.950
Vontobel Financial P 13.500 9/23/2022 EUR 62.920
Vontobel Financial P 7.000 9/23/2022 EUR 69.100
Vontobel Financial P 8.000 9/23/2022 EUR 67.500
Vontobel Financial P 16.50012/23/2022 EUR 63.040
Vontobel Financial P 20.000 9/23/2022 EUR 65.660
Vontobel Financial P 13.500 9/23/2022 EUR 72.510
Vontobel Financial P 16.000 9/23/2022 EUR 73.830
Vontobel Financial P 13.000 9/23/2022 EUR 68.930
Vontobel Financial P 9.500 9/23/2022 EUR 68.910
Vontobel Financial P 12.50012/23/2022 EUR 71.190
Vontobel Financial P 10.500 9/23/2022 EUR 67.560
Vontobel Financial P 13.500 9/23/2022 EUR 69.100
Vontobel Financial P 12.000 9/23/2022 EUR 67.660
Vontobel Financial P 8.00012/23/2022 EUR 70.880
Vontobel Financial P 11.50012/23/2022 EUR 73.640
Vontobel Financial P 7.000 9/23/2022 EUR 69.040
Vontobel Financial P 8.500 9/23/2022 EUR 69.850
Vontobel Financial P 10.000 9/23/2022 EUR 70.660
Vontobel Financial P 12.500 9/23/2022 EUR 72.000
Vontobel Financial P 9.00012/23/2022 EUR 71.560
Vontobel Financial P 10.00012/23/2022 EUR 72.350
Vontobel Financial P 11.500 9/23/2022 EUR 71.460
Vontobel Financial P 9.000 9/23/2022 EUR 69.790
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 74.470
DZ Bank AG Deutsche 8.250 9/21/2022 EUR 71.510
DZ Bank AG Deutsche 8.25012/21/2022 EUR 72.960
DZ Bank AG Deutsche 13.000 6/22/2022 EUR 72.080
DZ Bank AG Deutsche 7.500 6/22/2022 EUR 69.610
DZ Bank AG Deutsche 6.750 9/21/2022 EUR 70.830
DZ Bank AG Deutsche 7.25012/21/2022 EUR 71.880
DZ Bank AG Deutsche 6.00012/21/2022 EUR 62.410
Societe Generale Eff 15.000 5/27/2022 EUR 64.610
DZ Bank AG Deutsche 15.750 5/25/2022 EUR 71.160
Landesbank Baden-Wue 3.000 4/25/2022 EUR 64.250
EFG International Fi 16.000 11/10/2022 USD 73.470
Vontobel Financial P 8.50012/23/2022 EUR 67.870
Vontobel Financial P 12.50012/23/2022 EUR 65.410
Bank Vontobel AG 9.000 2/21/2023 CHF 71.500
Bank Vontobel AG 12.25011/28/2022 CHF 63.900
Bank Vontobel AG 7.000 5/26/2023 EUR 72.600
Leonteq Securities A 2.380 11/10/2022 EUR 59.200
Societe Generale Eff 14.250 6/24/2022 EUR 69.560
Bank Vontobel AG 12.000 05/09/2023 EUR 67.800
Zurcher Kantonalbank 13.550 11/04/2022 CHF 70.980
Raiffeisen Switzerla 19.000 12/06/2022 CHF 58.240
Leonteq Securities A 15.00011/15/2022 CHF 72.410
Leonteq Securities A 18.00011/15/2022 CHF 61.400
Leonteq Securities A 14.000 2/15/2023 CHF 53.860
Corner Banca SA 10.000 5/15/2023 USD 68.590
Vontobel Financial P 27.900 6/24/2022 EUR 71.140
Landesbank Baden-Wue 2.70011/25/2022 EUR 74.030
Landesbank Baden-Wue 3.75011/25/2022 EUR 76.730
Landesbank Baden-Wue 5.85011/25/2022 EUR 73.560
Vontobel Financial P 9.50012/23/2022 EUR 73.350
Vontobel Financial P 8.500 9/23/2022 EUR 70.690
Vontobel Financial P 11.50012/23/2022 EUR 74.900
Vontobel Financial P 13.000 9/23/2022 EUR 73.060
Vontobel Financial P 15.500 9/23/2022 EUR 74.400
Vontobel Financial P 6.500 9/23/2022 EUR 69.590
Vontobel Financial P 7.50012/23/2022 EUR 73.510
Vontobel Financial P 11.50012/23/2022 EUR 73.060
Vontobel Financial P 7.00012/23/2022 EUR 55.880
Vontobel Financial P 7.50012/23/2022 EUR 69.250
Vontobel Financial P 10.500 9/23/2022 EUR 64.170
Vontobel Financial P 12.000 9/23/2022 EUR 64.980
Vontobel Financial P 10.50012/23/2022 EUR 66.410
Vontobel Financial P 14.000 9/23/2022 EUR 66.050
Vontobel Financial P 8.000 9/23/2022 EUR 70.380
Vontobel Financial P 16.500 9/23/2022 EUR 74.330
Vontobel Financial P 19.000 9/23/2022 EUR 72.380
Vontobel Financial P 18.00012/23/2022 EUR 72.930
Vontobel Financial P 6.00012/23/2022 EUR 77.950
Vontobel Financial P 9.50012/23/2022 EUR 72.740
Leonteq Securities A 13.000 11/08/2022 CHF 58.810
DZ Bank AG Deutsche 8.50012/21/2022 EUR 70.150
DZ Bank AG Deutsche 8.50012/21/2022 EUR 74.090
Zurcher Kantonalbank 7.750 11/03/2022 CHF 72.940
Credit Suisse AG/Lon 10.50010/26/2022 CHF 42.540
Credit Suisse AG/Lon 7.00010/31/2022 CHF 75.180
Credit Suisse AG/Lon 14.000 11/02/2022 CHF 53.470
Credit Suisse AG/Lon 15.000 11/02/2022 USD 53.120
Credit Suisse AG/Lon 9.000 11/03/2022 CHF 49.500
DZ Bank AG Deutsche 10.75012/21/2022 EUR 65.970
AKB Peresvet ZAO 0.510 2/14/2032 RUB 13.000
DZ Bank AG Deutsche 15.400 9/23/2022 EUR 42.020
Leonteq Securities A 16.000 6/21/2022 USD 40.870
Basler Kantonalbank 10.000 2/13/2023 CHF 67.700
BNP Paribas Emission 6.000 6/23/2022 EUR 73.080
BNP Paribas Emission 14.000 6/23/2022 EUR 64.890
BNP Paribas Emission 6.000 9/22/2022 EUR 74.500
BNP Paribas Emission 12.000 9/22/2022 EUR 67.490
BNP Paribas Emission 10.00012/22/2022 EUR 68.930
BNP Paribas Emission 8.000 6/23/2022 EUR 72.870
BNP Paribas Emission 8.000 9/22/2022 EUR 74.530
BNP Paribas Emission 14.000 6/23/2022 EUR 65.660
BNP Paribas Emission 14.000 6/23/2022 EUR 68.690
BNP Paribas Emission 14.000 6/23/2022 EUR 67.930
BNP Paribas Emission 8.00012/22/2022 EUR 75.630
BNP Paribas Emission 12.000 9/22/2022 EUR 65.580
BNP Paribas Emission 10.000 9/22/2022 EUR 73.490
BNP Paribas Emission 12.000 9/22/2022 EUR 70.510
BNP Paribas Emission 8.000 6/23/2022 EUR 42.950
BNP Paribas Emission 10.000 6/23/2022 EUR 40.060
BNP Paribas Emission 12.000 6/23/2022 EUR 37.690
BNP Paribas Emission 8.000 9/22/2022 EUR 44.910
BNP Paribas Emission 10.000 9/22/2022 EUR 42.580
BNP Paribas Emission 12.000 9/22/2022 EUR 40.740
BNP Paribas Emission 14.000 9/22/2022 EUR 39.300
BNP Paribas Emission 8.00012/22/2022 EUR 43.450
BNP Paribas Emission 10.00012/22/2022 EUR 42.160
BNP Paribas Emission 12.00012/22/2022 EUR 41.240
BNP Paribas Emission 10.000 6/23/2022 EUR 67.400
Bank Julius Baer & C 9.600 08/12/2022 USD 48.900
Leonteq Securities A 26.380 08/12/2022 CHF 58.060
Leonteq Securities A 17.140 08/12/2022 CHF 71.250
Leonteq Securities A 18.480 08/12/2022 CHF 71.340
Landesbank Baden-Wue 6.750 8/26/2022 EUR 44.260
Landesbank Baden-Wue 6.250 8/26/2022 EUR 76.550
Landesbank Baden-Wue 8.700 8/26/2022 EUR 71.310
Landesbank Baden-Wue 10.100 8/26/2022 EUR 67.480
Landesbank Baden-Wue 3.600 8/26/2022 EUR 77.480
Landesbank Baden-Wue 5.000 8/26/2022 EUR 72.230
Landesbank Baden-Wue 4.800 8/26/2022 EUR 47.180
Landesbank Baden-Wue 3.000 8/26/2022 EUR 74.990
Landesbank Baden-Wue 5.000 8/26/2022 EUR 71.070
BNP Paribas Emission 14.000 6/23/2022 EUR 69.880
BNP Paribas Emission 12.000 9/22/2022 EUR 72.500
BNP Paribas Emission 10.00012/22/2022 EUR 73.660
BNP Paribas Emission 10.000 6/23/2022 EUR 73.610
BNP Paribas Emission 10.000 9/22/2022 EUR 75.900
BNP Paribas Emission 6.00012/22/2022 EUR 68.200
BNP Paribas Emission 6.00012/22/2022 EUR 64.840
BNP Paribas Emission 8.00012/22/2022 EUR 63.260
Bank Julius Baer & C 9.400 09/12/2022 EUR 71.050
Bank Julius Baer & C 6.900 6/13/2022 EUR 72.700
Bank Julius Baer & C 9.150 6/13/2022 USD 72.600
Leonteq Securities A 10.00012/14/2022 CHF 72.410
Leonteq Securities A 24.870 6/14/2022 CHF 23.320
Zurcher Kantonalbank 24.000 6/17/2022 CHF 60.550
Societe Generale Eff 7.500 5/27/2022 EUR 65.440
Societe Generale Eff 9.500 5/27/2022 EUR 61.790
Societe Generale Eff 7.000 6/24/2022 EUR 72.800
Societe Generale Eff 8.000 6/24/2022 EUR 70.700
Societe Generale Eff 9.000 6/24/2022 EUR 68.870
DekaBank Deutsche Gi 3.400 7/19/2024 EUR 73.360
UniCredit Bank AG 3.000 11/12/2022 EUR 67.030
DZ Bank AG Deutsche 9.200 7/22/2022 EUR 73.740
Bank Vontobel AG 7.25511/21/2022 CHF 70.000
Zurcher Kantonalbank 8.500 08/11/2022 CHF 72.620
Sberbank of Russia P 0.010 08/03/2028 RUB 75.000
DZ Bank AG Deutsche 17.200 6/24/2022 EUR 49.910
DZ Bank AG Deutsche 19.700 6/24/2022 EUR 75.020
DZ Bank AG Deutsche 11.300 6/24/2022 EUR 73.550
DZ Bank AG Deutsche 9.300 6/24/2022 EUR 74.260
DZ Bank AG Deutsche 16.200 6/24/2022 EUR 64.050
DZ Bank AG Deutsche 14.800 6/24/2022 EUR 79.230
UBS AG/London 10.250 5/30/2023 CHF 59.800
UBS AG/London 8.500 5/27/2022 CHF 66.900
Bank Julius Baer & C 8.400 08/08/2022 EUR 74.000
UniCredit Bank AG 3.600 09/02/2024 EUR 53.940
Leonteq Securities A 22.810 08/09/2022 CHF 44.440
Vontobel Financial P 6.250 6/24/2022 EUR 74.400
Vontobel Financial P 18.500 6/24/2022 EUR 52.980
Vontobel Financial P 16.500 6/24/2022 EUR 73.140
Credit Suisse AG/Lon 10.000 5/30/2022 CHF 44.560
Leonteq Securities A 10.000 02/06/2023 CHF 43.920
Leonteq Securities A 11.000 08/09/2022 CHF 74.740
Leonteq Securities A 11.200 02/06/2023 CHF 52.260
Zurcher Kantonalbank 12.300 06/07/2022 CHF 73.760
Leonteq Securities A 13.000 02/06/2023 USD 69.350
Leonteq Securities A 16.000 08/09/2022 EUR 64.520
EFG International Fi 4.800 08/05/2022 USD 47.510
Leonteq Securities A 10.000 02/06/2023 CHF 68.000
Vontobel Financial P 21.000 6/24/2022 EUR 46.820
Vontobel Financial P 13.500 6/24/2022 EUR 73.690
Vontobel Financial P 12.500 9/23/2022 EUR 73.650
Vontobel Financial P 10.500 6/24/2022 EUR 70.140
Vontobel Financial P 12.500 6/24/2022 EUR 70.710
Vontobel Financial P 12.500 6/24/2022 EUR 73.730
Vontobel Financial P 15.500 6/24/2022 EUR 74.600
Vontobel Financial P 16.500 6/24/2022 EUR 73.660
Societe Generale Eff 13.25010/28/2022 EUR 50.550
Zurcher Kantonalbank 18.500 09/09/2022 CHF 52.210
Zurcher Kantonalbank 18.000 9/13/2022 CHF 49.270
Leonteq Securities A 26.200 09/07/2022 CHF 50.890
Leonteq Securities A 24.800 09/07/2022 CHF 58.850
Leonteq Securities A 8.500 12/07/2022 EUR 66.770
DZ Bank AG Deutsche 6.500 9/19/2022 EUR 74.630
DZ Bank AG Deutsche 5.90012/19/2022 EUR 75.190
DZ Bank AG Deutsche 15.50012/21/2022 EUR 64.420
DZ Bank AG Deutsche 9.750 9/21/2022 EUR 46.940
DZ Bank AG Deutsche 14.500 9/21/2022 EUR 43.940
DZ Bank AG Deutsche 6.250 9/19/2022 EUR 71.410
DZ Bank AG Deutsche 5.000 9/19/2022 EUR 74.120
DZ Bank AG Deutsche 9.750 3/23/2022 EUR 73.750
DZ Bank AG Deutsche 14.000 3/23/2022 EUR 73.820
DZ Bank AG Deutsche 6.250 9/21/2022 EUR 67.080
DZ Bank AG Deutsche 5.25012/19/2022 EUR 72.520
DZ Bank AG Deutsche 9.250 9/19/2022 EUR 67.420
DZ Bank AG Deutsche 8.750 9/19/2022 EUR 72.610
Goldman Sachs & Co W 22.000 3/23/2022 EUR 69.170
Goldman Sachs & Co W 16.000 3/23/2022 EUR 74.740
Goldman Sachs & Co W 21.000 3/23/2022 EUR 71.820
Goldman Sachs & Co W 23.000 4/21/2022 EUR 63.560
Goldman Sachs & Co W 15.000 5/25/2022 EUR 69.240
Goldman Sachs & Co W 18.000 5/25/2022 EUR 66.750
Goldman Sachs & Co W 22.000 5/25/2022 EUR 64.700
Goldman Sachs & Co W 23.000 6/22/2022 EUR 64.100
Goldman Sachs & Co W 13.000 7/20/2022 EUR 70.850
Goldman Sachs & Co W 19.000 7/20/2022 EUR 67.070
Goldman Sachs & Co W 22.000 7/20/2022 EUR 65.540
Goldman Sachs & Co W 10.000 8/24/2022 EUR 74.050
Goldman Sachs & Co W 15.000 8/24/2022 EUR 69.930
Goldman Sachs & Co W 20.000 8/24/2022 EUR 66.790
Goldman Sachs & Co W 19.000 9/21/2022 EUR 67.810
Goldman Sachs & Co W 16.00012/21/2022 EUR 70.210
Goldman Sachs & Co W 10.000 6/21/2023 EUR 74.430
Goldman Sachs & Co W 12.000 6/21/2023 EUR 71.990
UniCredit Bank AG 11.450 9/28/2022 EUR 74.480
UniCredit Bank AG 6.650 9/28/2022 EUR 72.640
Leonteq Securities A 12.000 09/07/2022 EUR 59.080
Raiffeisen Schweiz G 13.000 09/06/2022 CHF 43.470
Raiffeisen Schweiz G 12.500 09/06/2022 CHF 74.840
Raiffeisen Schweiz G 17.000 09/07/2022 USD 49.600
Raiffeisen Schweiz G 8.500 03/03/2023 USD 74.410
Raiffeisen Schweiz G 18.000 06/03/2022 CHF 50.530
Leonteq Securities A 25.000 09/07/2022 CHF 46.510
UniCredit Bank AG 4.650 9/28/2022 EUR 76.240
DZ Bank AG Deutsche 19.500 9/23/2022 EUR 55.750
DZ Bank AG Deutsche 21.300 9/23/2022 EUR 54.260
DZ Bank AG Deutsche 23.200 9/23/2022 EUR 53.050
DZ Bank AG Deutsche 22.000 6/24/2022 EUR 57.430
DZ Bank AG Deutsche 24.100 9/23/2022 EUR 56.720
DZ Bank AG Deutsche 10.800 6/24/2022 EUR 63.440
DZ Bank AG Deutsche 10.200 9/23/2022 EUR 65.350
DZ Bank AG Deutsche 17.600 9/23/2022 EUR 67.410
DZ Bank AG Deutsche 19.900 9/23/2022 EUR 65.080
Leonteq Securities A 10.00010/26/2022 CHF 63.060
Leonteq Securities A 8.400 1/26/2023 CHF 74.100
Vontobel Financial P 10.500 9/23/2022 EUR 57.220
Vontobel Financial P 7.000 6/24/2022 EUR 71.270
Vontobel Financial P 4.000 9/23/2022 EUR 78.080
Vontobel Financial P 7.000 6/24/2022 EUR 64.230
Vontobel Financial P 9.500 6/24/2022 EUR 64.950
Zurcher Kantonalbank 12.500 08/03/2022 CHF 63.200
Vontobel Financial P 5.000 6/24/2022 EUR 66.480
Vontobel Financial P 11.500 9/23/2022 EUR 67.410
Vontobel Financial P 7.000 6/24/2022 EUR 67.010
Zurcher Kantonalbank 27.500 08/02/2022 CHF 66.980
Societe Generale Eff 7.750 8/26/2022 EUR 75.670
Societe Generale Eff 11.250 7/22/2022 EUR 68.790
DZ Bank AG Deutsche 6.200 6/20/2022 EUR 74.690
DZ Bank AG Deutsche 5.300 6/20/2022 EUR 76.000
DZ Bank AG Deutsche 6.500 9/19/2022 EUR 74.490
Corner Banca SA 8.200 7/26/2023 CHF 72.090
Leonteq Securities A 20.000 7/26/2022 CHF 73.300
Leonteq Securities A 10.00010/26/2022 CHF 49.280
Leonteq Securities A 12.000 1/26/2023 CHF 52.490
DZ Bank AG Deutsche 9.250 6/20/2022 EUR 71.330
DZ Bank AG Deutsche 9.500 9/19/2022 EUR 73.140
Raiffeisen Schweiz G 12.500 7/26/2022 CHF 48.440
Raiffeisen Schweiz G 14.000 7/26/2022 CHF 66.620
Bank Julius Baer & C 6.40010/27/2022 CHF 74.400
Zurcher Kantonalbank 14.000 08/02/2022 CHF 60.870
Landesbank Baden-Wue 3.000 1/27/2023 EUR 77.470
Landesbank Baden-Wue 3.300 1/27/2023 EUR 61.740
Landesbank Baden-Wue 7.200 1/27/2023 EUR 55.330
Landesbank Baden-Wue 5.400 1/27/2023 EUR 70.030
Landesbank Baden-Wue 5.400 1/27/2023 EUR 48.650
Landesbank Baden-Wue 7.250 1/27/2023 EUR 46.540
Bank Vontobel AG 9.000 06/05/2023 CHF 76.700
Bank Vontobel AG 15.000 12/05/2022 CHF 57.700
Credit Suisse AG/Lon 7.020 12/05/2024 USD 9.530
Raiffeisen Schweiz G 7.700 11/08/2023 CHF 74.590
Leonteq Securities A 11.210 06/06/2023 CHF 52.480
Corner Banca SA 12.600 12/06/2022 CHF 58.100
Leonteq Securities A 9.200 12/06/2022 CHF 74.650
Leonteq Securities A 17.100 12/06/2022 CHF 46.080
Leonteq Securities A 14.800 12/06/2022 CHF 49.920
Leonteq Securities A 19.000 12/06/2022 CHF 63.770
Leonteq Securities A 15.800 12/06/2022 USD 49.990
Leonteq Securities A 8.000 12/06/2022 CHF 66.580
Leonteq Securities A 12.000 12/06/2022 CHF 51.830
Bank Vontobel AG 11.500 06/05/2023 CHF 50.200
Bank Vontobel AG 9.000 12/04/2023 EUR 75.100
Bank Vontobel AG 7.000 06/05/2023 CHF 68.900
Bank Julius Baer & C 10.000 9/26/2022 CHF 66.400
Leonteq Securities A 21.600 12/06/2022 CHF 52.870
Leonteq Securities A 22.800 12/06/2022 CHF 57.080
Raiffeisen Switzerla 17.500 11/08/2022 USD 58.550
Bank Julius Baer & C 7.900 2/13/2023 EUR 75.050
Vontobel Financial P 14.00012/23/2022 EUR 74.490
Vontobel Financial P 15.00012/23/2022 EUR 74.320
Vontobel Financial P 12.50012/23/2022 EUR 75.280
Credit Suisse AG/Lon 15.00011/29/2022 USD 56.840
Bank Vontobel AG 10.500 5/26/2023 CHF 75.200
Leonteq Securities A 26.40011/15/2022 USD 60.740
Leonteq Securities A 18.000 3/22/2022 USD 30.630
DZ Bank AG Deutsche 6.000 3/21/2022 EUR 69.530
Zurcher Kantonalbank 6.750 07/01/2022 CHF 74.080
Vontobel Financial P 10.000 3/25/2022 EUR 70.120
Vontobel Financial P 11.000 3/25/2022 EUR 70.160
Vontobel Financial P 4.000 3/25/2022 EUR 53.620
Vontobel Financial P 3.000 3/25/2022 EUR 53.580
Vontobel Financial P 4.500 3/25/2022 EUR 53.430
Vontobel Financial P 3.500 3/25/2022 EUR 53.600
DZ Bank AG Deutsche 9.000 3/23/2022 EUR 64.090
DZ Bank AG Deutsche 5.750 3/23/2022 EUR 71.060
DZ Bank AG Deutsche 5.500 6/22/2022 EUR 67.380
Vontobel Financial P 14.000 3/25/2022 EUR 65.620
DZ Bank AG Deutsche 5.000 6/22/2022 EUR 73.650
EFG International Fi 7.000 3/23/2023 USD 11.980
UBS AG/London 10.000 3/23/2026 USD 57.450
Zurcher Kantonalbank 18.000 04/01/2022 USD 71.090
Zurcher Kantonalbank 11.500 04/01/2022 EUR 72.640
Zurcher Kantonalbank 11.000 04/01/2022 CHF 72.390
UniCredit Bank AG 8.000 4/20/2022 EUR 51.650
UniCredit Bank AG 9.90010/20/2022 EUR 67.840
Credit Suisse AG/Lon 8.500 06/08/2022 CHF 56.980
Credit Suisse AG/Lon 6.900 3/20/2023 USD 1.390
Credit Suisse AG/Lon 12.000 05/09/2022 USD 47.450
Vontobel Financial P 7.00012/23/2022 EUR 68.430
Vontobel Financial P 8.500 9/23/2022 EUR 67.810
Vontobel Financial P 10.00012/23/2022 EUR 70.800
Vontobel Financial P 5.500 9/23/2022 EUR 66.190
Vontobel Financial P 11.000 9/23/2022 EUR 69.400
Vontobel Financial P 9.000 9/23/2022 EUR 68.330
Vontobel Financial P 7.500 9/23/2022 EUR 67.520
Vontobel Financial P 9.00012/23/2022 EUR 68.190
Vontobel Financial P 9.500 9/23/2022 EUR 66.700
Vontobel Financial P 10.500 9/23/2022 EUR 67.240
Vontobel Financial P 8.500 9/23/2022 EUR 66.160
Vontobel Financial P 12.000 9/23/2022 EUR 67.930
Vontobel Financial P 10.50012/23/2022 EUR 69.330
Vontobel Financial P 8.50012/23/2022 EUR 67.710
Vontobel Financial P 10.000 9/23/2022 EUR 66.720
Vontobel Financial P 11.000 9/23/2022 EUR 67.350
Vontobel Financial P 8.000 9/23/2022 EUR 65.650
Vontobel Financial P 9.000 9/23/2022 EUR 66.180
Vontobel Financial P 5.50012/23/2022 EUR 61.350
Vontobel Financial P 8.50012/23/2022 EUR 58.210
Vontobel Financial P 11.50012/23/2022 EUR 55.890
Vontobel Financial P 15.00012/23/2022 EUR 54.630
Vontobel Financial P 10.00012/23/2022 EUR 74.610
Vontobel Financial P 15.00012/23/2022 EUR 72.050
Vontobel Financial P 13.00012/23/2022 EUR 72.540
Vontobel Financial P 17.00012/23/2022 EUR 73.110
Vontobel Financial P 14.50012/23/2022 EUR 74.420
Vontobel Financial P 16.00012/23/2022 EUR 73.600
Vontobel Financial P 7.50012/23/2022 EUR 72.270
Vontobel Financial P 14.50012/23/2022 EUR 67.580
Vontobel Financial P 12.00012/23/2022 EUR 68.740
Vontobel Financial P 8.00012/23/2022 EUR 73.310
Vontobel Financial P 10.00012/23/2022 EUR 72.160
Vontobel Financial P 14.00012/23/2022 EUR 70.360
Vontobel Financial P 12.00012/23/2022 EUR 71.180
Vontobel Financial P 13.50012/23/2022 EUR 75.060
EFG International Fi 19.000 11/10/2022 CHF 50.700
Vontobel Financial P 8.25012/23/2022 EUR 62.640
Credit Suisse AG/Lon 13.50011/28/2022 CHF 57.020
Leonteq Securities A 26.400 11/08/2022 CHF 54.450
Leonteq Securities A 22.800 11/11/2022 CHF 41.360
Zurcher Kantonalbank 11.000 11/08/2022 CHF 75.960
Societe Generale Eff 6.000 7/22/2022 EUR 67.380
Societe Generale Eff 7.000 8/26/2022 EUR 62.100
Societe Generale Eff 10.250 9/23/2022 EUR 54.220
Societe Generale Eff 11.25010/28/2022 EUR 52.810
Societe Generale Eff 15.25010/28/2022 EUR 48.930
Bank Julius Baer & C 9.300 01/09/2023 USD 67.900
Bank Julius Baer & C 9.250 10/07/2022 USD 57.300
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN 1529-2754.
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