/raid1/www/Hosts/bankrupt/TCREUR_Public/220523.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, May 23, 2022, Vol. 23, No. 96
Headlines
C Z E C H R E P U B L I C
NET4GAS SRO: Fitch Lowers LongTerm IDR to 'BB+'
F R A N C E
ILIAD SA: Moody's Rates EUR3.9BB Senior Unsecured Bonds 'Ba2'
ILIAD SA: S&P Assigns 'BB' Rating to EUR3.9BB Senior Unsecured Bond
G E R M A N Y
PROGROUP AG: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable
I R E L A N D
DRYDEN 96 2021: S&P Assigns Prelim. B-(sf) Rating on Cl. F Notes
INVESCO EURO VIII: Moody's Gives (P)B3 Rating to Class F Notes
OAK HILL III: Moody's Affirms B3 Rating on EUR12MM Class F-R Notes
PREMIER PERICLASE: Exits Examinership After Survival Scheme OK'd
I T A L Y
TEAMSYSTEM SPA: S&P Assigns 'B-' LongTerm ICR, Outlook Stable
L U X E M B O U R G
WEBPROS: Moody's Hikes CFR to B2, Outlook Stable
R U S S I A
ASIA INSURANCE: S&P Assigns 'B-' ICR, Outlook Positive
S E R B I A
ROMULIJANA: Auction Fails to Attract Interested Buyers
U K R A I N E
[*] UKRAINE: President Biden Inks US$40BB Aid Package Into Law
U N I T E D K I N G D O M
CASTLE UK: Fitch Rates GBP815MM Secured Bonds 'BB-'
GREENE KING: Fitch Alters Rating to BB+ on 1 Class Debts
HARVEST CLO XXIII: Fitch Hikes Class F Notes Rating to 'Bsf'
MR LEE'S PURE FOOD: Enters Administration, Halts Trading
SAFE HANDS: Customers Expected to Get Only a Fifth of Money Back
TOGETHER ASSET 2022-2ND1: S&P Assigns B-(sf) Rating on Cl. F Certs
TURBO FINANCE 9: Moody's Affirms Ba2 Rating on GBP14.594MM E Notes
VIDAL SASSOON: Closes Glasgow Salon Following Administration
X X X X X X X X
[*] BOND PRICING: For the Week May 16 to May 20, 2022
- - - - -
===========================
C Z E C H R E P U B L I C
===========================
NET4GAS SRO: Fitch Lowers LongTerm IDR to 'BB+'
-----------------------------------------------
Fitch Ratings has downgraded Net4gas, s.r.o.'s Long-Term Issuer
Default Rating (IDR) and senior unsecured rating to 'BB+' from
'BBB' and maintained them on Rating Watch Negative (RWN).
The downgrade reflects Fitch's view of substantially higher risk to
Net4gas' long-term ship-or-pay contracts with Gazprom, in
combination with the current level of indebtedness and the
deterioration of the key counterparty's credit quality.
Fitch's view is derived from the progressive escalation of
sanctions between Europe and Russia, which could prevent the
receipt of scheduled payments from Gazprom in case of further
measures, and from Europe's firm commitment to strongly reduce
their reliance on Russian gas. While Net4gas' infrastructure could
accommodate alternative flows, and thus receive capacity bookings
also to service eastern Europe in the medium term, visibility on
this is currently limited. Net4gas maintains strong liquidity and
options for counter-measures in case of adverse development in its
transit business.
The RWN reflects the material risk of non-payment from Gazprom,
potentially stemming from a complete halt of gas flows from Russia
to the EU. Fitch would affirm the rating with a Stable Outlook if
such risk eases or if medium-term cash flow visibility improves,
potentially as a consequence of easing geopolitical tensions. The
RWN resolution could take longer than six months.
KEY RATING DRIVERS
Long-Term Contracts at Risk: Fitch sees increasing risk to the
long-term ship-or-pay transit contracts between Net4gas and
Gazprom, which account for around 75% of the company's revenue, due
to potential further escalation of sanctions and deteriorating
underlying gas transit fundamentals. EU has announced a clear
commitment to diversify gas supply, reduce and, ultimately,
eliminate its energy dependence on Russia. Fitch acknowledges the
capacity-based nature of Net4gas contracts with Gazprom; however,
Fitch believes that the increasing gap between expected gas flows
and long-term booked transit capacity poses a serious threat to the
company's otherwise strong revenue visibility.
Performing Contracts, Weaker Counterparty: At present, the EU
sanctions and Russia's responses have not halted gas flows to its
largest end-markets in Europe or Gazprom's ability to pay under its
ship-or-pay contracts, allowing Net4gas to perform
better-than-expected, while accumulating CZK4.7 billion of cash on
its balance sheet as of April 2022.
Assuming an ordinary flow of payments from Gazprom in the medium
term, and in the absence of dividend distributions, Net4gas would
reduce net debt to around 2x funds from operations (FFO) in 2026
from 4.0x in 2021, which would represent rating upside. However,
Gazprom's counterparty risk is now increased since the conflict,
weighing on Net4gas' creditworthiness.
Highly Uncertain Environment: The downgrade also reflects the risk
that escalating sanctions could lead to a complete cut off of
Russian gas to Europe and possibly one or both parties being unable
to honour the ship-or-pay contract. In case of Gazprom's
non-payments, funds from operations (FFO) net leverage would jump
to above 10x and debt reduction capacity would be limited, all else
being equal. Fitch expects Net4gas to be entitled to claim some
compensation from public authorities, if halted payments are
triggered by EU sanctions, but visibility on the overall
compensation process is very limited, in Fitch's view.
Medium-Term Uncertainty: The increasing gap between expected gas
flows from Russia and long-term booked capacity in the medium term
may also increase the likelihood that major shipper could attempt
to challenge the contracts. While Fitch believes Net4gas would
insist on its strong legal contractual rights in this scenario,
cash flow visibility, in Fitch's view, would be reduced.
Limited Visibility on Alternative Flows: Fitch believes that
Net4gas's infrastructure, aside from serving as the regulated
national transmission system operator (TSO) (expected around CZK2.2
billion in annual revenue) and residual transits related to Nord
Stream, will continue to play a key role in allowing central and
eastern European (CEE) countries' gas imports, even in absence of
Russian gas. However, any estimate of alternative gas flows and
contractual visibility (ie short- or long-term bookings) would
depend on the final shape of the European gas market, which is
highly uncertain at present.
Challenged Capital Structure: A failure to pay by Net4gas's major
shipper, or a potential contractual dispute, would require, in
Fitch's view, a material rebalance of the capital structure, which
currently includes around CZK34 billion financial debt. Fitch view
both Allianz Capital Partners and OMERS as disciplined shareholders
(dividends are currently suspended until "the risk of an external
shock materialising has significantly reduced") and expect them to
avoid distributions in a highly uncertain environment. However, the
visibility of support under extreme scenarios is now understandably
low. Once business visibility is largely restored, Fitch expects
the company and its shareholders to adhere to the original target
of an investment-grade capital structure, which Fitch sees as
achievable.
DERIVATION SUMMARY
eustream, a.s. (BBB+/RWN; 'bbb' Standalone Credit Profile recently
revised from 'a-') is Net4gas's closest rated peer since both
companies own and operate gas transit pipelines in Slovakia and the
Czech Republic, respectively, although Net4gas also benefits from a
higher share of domestic business with more supportive regulation
and almost zero exposure to short-term contracts. Both companies
are highly dependent on Russian gas transit to Europe, with
concentrated counterparty risk while eustream's balance sheet is
significantly less leveraged (around 2.5x FFO net leverage)
Net4gas is in a weaker competitive position than fully regulated
national TSO peers such as Snam S.p.A. (BBB+/Stable) and REN -
Redes Energeticas Nacionais, SGPS, S.A. (BBB/Stable) and pure gas
distributor Czech Gas Networks Investments S.a r.l (BBB/Stable).
The latter shares the same country, regulator and a supportive
fifth regulatory period as Net4gas, but its earnings from
traditionally regulated networks allow for a higher debt capacity
than long-term ship-or-pay contracts.
Furthermore, under Fitch's current corporate rating methodology,
ship-or-pay contracts do not intrinsically strengthen recovery
prospects for senior creditors, and, therefore, do not allow
Net4gas's senior unsecured debt to be notched up from the IDR,
unlike that of Czech Gas Network Investment, given the dominant
contribution of high-quality regulated activities.
KEY ASSUMPTIONS
-- Revenue is based on the current regulatory framework for 2022-
2025 (RP5), which entails a weighted average cost of capital
set at 6.43%, the alignment of regulated asset base (RAB) to
net asset value within RP5 and the inclusion of the MCE
investments in RAB in 2022;
-- For the transit business, Fitch conservatively assumes lower
revenue compared with the ship-or-pay contract, to factor in
the reduced visibility related to sanctions and high
geopolitical tensions;
-- No additional short-term bookings from 2023 onwards;
-- Transit operating expenditure reduced by 30%-35% from 2023
onwards, reflecting estimated potential rationalisation
opportunities;
-- Cumulative capex reduced by more than CZK1.3 billion in 2022-
2026, reflecting estimated potential rationalisation
opportunities;
-- No dividend payments during 2022-2026.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Fitch would affirm the rating and remove it from RWN if long-
term business visibility and operating environment improve or
if the shareholders further tangibly demonstrate their
intention to support the company.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Sudden and near-complete cut of Russian gas supply to EU could
lead to a negative rating action, as it would materially
increase the risk of non-payment under ship-or-pay contracts
in Fitch's view;
-- Failure of Gazprom (or Net4gas itself) to fulfil their long-
term contracts obligations could imply a multi-notch
downgrade;
-- Evidence of further significant deterioration of the business
profile, with a permanent loss of a large part current transit
income not replaced by alternative medium-to-long-term
bookings or not sufficiently compensated by a more
conservative capital structure.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Net4gas's adequate liquidity is supported by
the cash-generative nature of its gas transport business, leading
to positive pre-dividend FCF generation, and by first debt
maturities only in 2025 (around CZK10 billion) and 2026 (around
CZK5 billion). Fitch estimates that the company can repay through
available cash and operating cashflows its 2025 and 2026 debt
maturity in Fitch's revised case.
Net4gas does not have undrawn committed credit lines, but at
end-April it had around CZK4.7 billion of cash and cash
equivalent.
ISSUER PROFILE
Net4gas is a gas TSO whose complex set of pipelines is situated on
the transit route of gas from Russia to western Europe.
Historically the domestic regulated transportation business
accounts for about 25% of total revenues, while the remaining 75%
is almost fully related to its long-term contracted international
gas transit business.
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.
===========
F R A N C E
===========
ILIAD SA: Moody's Rates EUR3.9BB Senior Unsecured Bonds 'Ba2'
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the existing
EUR3.9 billion senior unsecured bonds issued by Iliad S.A.
("Iliad"), the operating subsidiary of Iliad Holding S.A.S. ("Iliad
Holding" or "the company"), a European telecommunications operator
with presence in France, Italy and Poland. Concurrently, Moody's
has affirmed Iliad Holding's Ba3 corporate family rating, Ba3-PD
probability of default rating and the B2 rating on the EUR3.7
billion equivalent guaranteed senior secured notes issued by Iliad
Holding. The outlook on all ratings is stable.
"The Ba2 rating assigned to Iliad S.A.'s notes is one notch above
the Ba3 corporate family rating, as the entity is closer to the
cash flow generating assets and these obligations structurally rank
ahead of liabilities at the holding company, which are rated B2,"
says Ernesto Bisagno, a Moody's Vice President - Senior Credit
Officer and lead analyst for Iliad Holding.
"While Iliad Holding's leverage is still high and market conditions
remain competitive, we have affirmed the existing ratings to
reflect the company's scale and strong market position in France,
Italy and Poland, as well as its good track record of revenue
growth," adds Mr. Bisagno.
RATINGS RATIONALE
Iliad Holding's Ba3 rating reflects: (1) the company's scale and
geographical diversification owing to the company's presence in
France, Italy and Poland; (2) its strong positioning in the French
and Polish telecom markets with a growing market share in the
Italian mobile segment; (3) its solid revenue growth rates and
margins, which remain above industry average; and (4) the
expectation of positive free cash flow (FCF) generation (before
spectrum payment) from 2022 onwards.
However, the rating also reflects: (1) the company's high leverage
with Moody's adjusted leverage expected at around 4.8x in 2022 (pro
forma for 12 months contribution from UPC Poland), following the
debt financed expansions in Italy and Poland, and the debt incurred
to fund share buybacks and the take private deal; (2) uncertainties
around the path of deleveraging and, more broadly, financial
policies going forward owing to the concentrated ownership despite
management's commitment to deleverage to below 4.0x in the short
term; (3) the highly competitive market environment; (4) the
sustained capex levels largely as a consequence of 5G investments
in France and the roll-out of its own network in Italy, which put
pressure on free cash flow generation; and (5) modest execution
risk from M&A activity.
Iliad's revenue increased materially over 2019-21, driven by a
combination of positive organic growth in Italy and France, and the
contribution from the acquisition of Play in Poland. Underlying
growth was particularly strong in 2021, with revenue and EBITDA
(before lease expenses) up by 29% and 57%, respectively (up 4.8%
and 22.3%, excluding M&A contribution), with the Italian operations
reaching EBITDA break-even for the first time since launch, driven
by stronger revenue and good progress of the network rollout plan.
Despite strong growth, the company's Moody's-adjusted FCF was
negative over 2020-21 because of high capex. In addition, Iliad
Holding's debt increased further in 2021 because of the EUR3.1
billion take-private deal and Moody's-adjusted debt/EBITDA
increased to 5.3x as of December 2021 (from 5.0x as of December
2020, pro forma for the 12 months contribution from Play). Over the
past five years, Iliad Holding's Moody's adjusted debt has
increased from EUR3.4 billion in 2016 to EUR19.3 billion in 2021,
including new debt at the holding company level.
Moody's expects Iliad's revenue to increase in the high single
digit range each year over 2022-23, driven by the contribution from
the acquired assets in Poland and positive organic growth across
all of Iliad's geographies. Moody's expects that the impact from
higher inflation will not derail profit growth, owing to a
combination of manageable staff costs and increased cost
efficiencies, offsetting higher energy costs.
In 2022, the rating agency expects FCF to turn positive (before
spectrum payment) and reach EUR150 million benefiting from stronger
EBITDA, steady working capital needs and capital spending. Iliad's
Moody's adjusted debt will remain broadly stable because the impact
from the acquisition of UPC Poland will be offset by debt
repayments with proceeds from the towers disposal.
However, there will be additional funding requirements in 2021
mainly because of spectrum payments, although this deferred
spectrum consideration is already included in Moody's adjusted
debt. Because of higher earnings, the company's Moody's-adjusted
debt/EBITDA will improve to 4.8x in 2022, and decrease towards 4.6x
by 2023, which would leave the company more adequately positioned
in the rating category.
LIQUIDITY
Iliad Holding's liquidity has tightened owing to the large cash
outflows expected over the next 12 to 18 months. These mainly
include the around EUR1 billion spectrum payment in October 2022
and the EUR650 million senior unsecured bond maturity in December
2022.
Liquidity sources include (1) cash of EUR783 million at December
31, 2021; (2) expected positive free cash flow before spectrum
payment of EUR150 million in 2022 and EUR350 million in 2023; and
(3) access to three multi-year revolving credit facilities of
EUR1,650 million (at Iliad and fully undrawn), EUR443 million
equivalent (at Play and fully undrawn) and EUR300 million
equivalent (at Iliad Holding and EUR70 million drawn at December
31, 2021), respectively.
In the first quarter of 2022, the company repaid the EUR1.2 billion
bridge to disposal facility at Iliad Holding mostly through the
EUR1,083 million proceeds from the disposal of towers. The company
has funded the EUR1.5 billion acquisition of UPC Poland through a
combination of a new EUR1.2 billion equivalent term loan at Play
level and existing cash.
While the existing liquidity sources provide some flexibility to
cover cash uses over the next 12 to 18 months, the company will
have to fully draw on its revolving credit facilities to cover all
payments after this period. Moody's expects the company to
pro-actively address the significant funding requirements in the
near term.
There are maintenance financial covenants on Iliad's and Play's
Revolving Credit Facilities (RCF) set at 3.75x and 3.25x,
respectively. Iliad Holding's RCF includes a springing leverage of
7.0x and expected to be tested once the RCF will be more than 40%
drawn. Moody's expects headroom under the covenants to remain
adequate over the next 12 months, although to diminish at Iliad
level, due to the increased net debt following UPC Poland's
acquisition and the spectrum payment.
STRUCTURAL CONSIDERATIONS
Moody's has used the standard 50% family recovery rate assumption
given that the capital structure includes a mix of both bank loans
and bonds. The Ba2 assigned to Iliad's senior unsecured notes is
one notch above the CFR and reflects their senior ranking in the
waterfall of liabilities, as the debt at Opco level is closer to
the cash flow generating assets. The B2 instrument rating on Iliad
Holding's guaranteed senior secured notes is two notches below the
CFR, reflecting its structural subordination to the debt raised at
Play and Iliad, and the contractual subordination to the super
senior RCF at Iliad Holding.
RATIONALE FOR STABLE OUTLOOK
Due to the high leverage, Iliad Holding is currently weakly
positioned in the rating category with no headroom for operational
underperformance against current expectations. However, the stable
outlook reflects Moody's expectations that the company will be
committed to a deleveraging path and reduce its Moody's-adjusted
leverage towards 4.6x, at the latest by fiscal 2023, supported by
ongoing operating performance improvements in France, Poland and
Italy. The stable outlook also assumes that FCF will turn positive
(before spectrum payments) in 2022 and that the company will
address its funding needs in the coming months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward rating pressure in the next 12-18 months is unlikely but
could develop if the company successfully delivers on its business
plan, showing strong and stable revenue growth as well as a
sustainable improvement in EBITDA margins. Quantitatively, that
would require Moody's adjusted debt/ EBITDA to reduce below 3.75x
and Moody's adjusted retained cash flow (RCF) to improve towards
20%.
Downward pressure on the ratings could develop if operating
performance deteriorates relative to expectations or the company
engages in large debt-financed acquisitions, such that its Moody's
adjusted debt / EBITDA remains above 4.75x; its Moody's adjusted
RCF to debt stays below 15%; or if the company fails to address its
funding requirements in the coming months.
LIST OF AFFECTED RATINGS
Affirmations:
Issuer: Iliad Holding S.A.S.
Probability of Default Rating, Affirmed Ba3-PD
LT Corporate Family Rating, Affirmed Ba3
BACKED Senior Secured Regular Bond/Debenture, Affirmed B2
Assignments:
Issuer: Iliad S.A.
Senior Unsecured Regular Bond/Debenture, Assigned Ba2
Outlook Actions:
Issuer: Iliad Holding S.A.S.
Outlook, Remains Stable
Issuer: Iliad S.A.
Outlook, Assigned Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.
COMPANY PROFILE
Iliad Holding is the holding company owned by Mr Xavier Niel which,
after the squeeze-out process, will fully own Iliad.
Headquartered in Paris, Iliad Holding is a leading
telecommunications operator in France, Italy and Poland, with 43.4
million subscribers and more than 15,000 employees. In 2021, the
company reported revenues of EUR7.6 billion and EBITDAaL of EUR2.95
billion.
ILIAD SA: S&P Assigns 'BB' Rating to EUR3.9BB Senior Unsecured Bond
-------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' ratings to telecom operator
Iliad S.A. and the company's existing EUR3.9 billion senior
unsecured bond.
The stable outlook on Iliad mirrors that on Iliad Holding and
reflects S&P's view that the parent company's leverage should
rapidly improve toward 4x by 2023 on the strengthening of Iliad's
domestic, Italian, and Polish market positions.
Iliad, the operating entity of the Iliad group (Iliad Holding SAS;
BB/Stable/--), is France's third-largest national and converged
telecom operator. It has strengthened and diversified its market
position over the past few years, having entered Italy in 2018
through a greenfield investment and Poland in 2020-2021 with the
Play and UPC acquisitions.
S&P said, "Iliad's leverage will improve over the coming two years.
We anticipate S&P Global Ratings-adjusted debt to EBITDA of about
3.7x in 2022 following the acquisition of UPC Poland. The ratio
will gradually reduce to 3.5x in 2023 and 3.2x by 2024, including
the 0.1x-0-2x impact of the 5G spectrum commitments. This
improvement stems from ongoing absolute EBITDA and strengthening
free operating cash flow (FOCF) from considerable savings in
roaming, local loop costs, and improved business mix in Iliad's
French operations by the end of this year. We also factor in rising
EBITDA in Iliad's Italy mobile activities and its footprint
expansion and synergies in Poland with the convergence of Play's
mobile services and UPC's hybrid fixed-coaxial (HFC) network.
Additionally, Iliad's reported FOCF after leases should break even
at around EUR650 million by 2022, then increase over the following
years.
"We anticipate that Iliad will continue to show organic
mid-single-digit revenue growth., supported by mobile and fixed
network deployment in France, market share gains in Italy despite
tough competition, and the expansion of convergent services in
Poland, following the acquisition of UPC. We think Iliad's
performance will be driven by its continued expansion of its mobile
and fiber-to-the-home (FTTH) network coverage and capacity in
France. We also think rising EBITDA in Italy and a smooth
integration of UPC Poland within Play will further Iliad's revenue
growth. We expect Iliad's increasing mobile network coverage and
capacity will help it gradually terminate its costly roaming
agreement with Orange in France. Moreover, the likely steady shift
of asymmetric digital subscriber line (ADSL) customers to Iliad's
FTTH offering--strengthened by its partnership with InfraVia,
allowing access to FTTH sockets in medium- and low-density
areas--should generate hefty savings on local loop unbundling fees
paid by Iliad to Orange in dense areas. Furthermore, we note that
mobile and fixed customers are increasingly skewed toward
higher-priced contracts (EUR9.99 per month [/m] and EUR19.99/m 5G
mobile plans; EUR44.99/m FTTH broadband offering), potentially
supporting a gradual increase in average revenue per user (ARPU)
and Iliad's EBITDA margin. In addition, Iliad's launch of
business-to-business (B2B) offerings could generate revenue of
EUR400 million by 2024. We acknowledge Iliad's successful start in
Italy, reaching 8.5 million customers in less than four years
(10.9% market share). This has been underpinned by the simplicity
of its offering and its smart distribution, with limited physical
stores and a denser network of automatic kiosks. We anticipate
EBITDA after leases will continue to grow in 2022, after breaking
even in first-half 2021 as increasing customer volumes on Iliad's
network (about 50%) start to balance expensive data consumption
from customers, reflecting Iliad's low-cost, high-data-allowance
mobile offers. Iliad's arrival in Poland is recent, following its
acquisition of the country's No. 2 mobile operator Play in 2020. We
anticipate that Play's solid operating performance and cash flow,
combined with the UPC fixed network it acquired at end-2021, will
enable Iliad to strengthen its position in Poland by offering
bundled services while generating significant synergies."
Iliad is a large and diversified European telecom operator that has
strengthened its market position over the past few yearsIt is
France's third-largest national and converged operator. S&P's view
of Iliad's business risk profile is underpinned by its:
-- Increasing size and market diversification, with the
acquisition of Poland's No. 2 mobile operator (in terms of
revenues) Play and No. 2 fixed operator UPC;
-- No. 3 position in the French fixed-broadband market (revenue
market share; No. 2 in terms of subscriber share) after Orange and
SFR; and
-- Leading FTTH position in France.
As of Dec. 31, 2021, FTTH subscribers represented about 55% of
Iliad's fixed customer base in France, up from 27% in 2019. This
captures about 3.8 million subscriptions and 2.7 million net
customer additions since 2019. S&P said, "Our business risk
assessment also reflects the company's high margins (Iliad's
EBITDA-after-leases margin is 41%-42% on average in France and
around 39% on a consolidated basis, versus our reported EBITDA
after leases of 37.5% on a consolidated basis, after non-recurring
items); proven ability to innovate across various fields, including
product and service offerings, distribution, and marketing; and its
capacity to differentiate itself through attractive offerings,
while defending ARPU in a market plagued by price pressure at the
low end. We also note the company's ability to start operations
from scratch and gain critical size quickly, with a competitive
offering. In Italy, Iliad reached 10.9% subscriber market share
(8.5 million mobile customers) in less than four years while
developing its flexible distribution network."
Iliad's market positioning and service offering are strengthening,
although still trailing some of its peers'. Although Play
represents Iliad's only No. 2 position (revenue market share), the
combination and planned convergent offerings with No. 3 fixed
operator in Poland UPC should allow Iliad to strengthen its
position in Poland and drive EBITDA growth. In Italy, Iliad
launched its new fiber-to-the-home service available to 7.4 million
Italian homes in January 2022. There, it offers download speeds of
up to 5 gigabits per second with upload speeds of 700 megabits per
second at EUR15.99 per month for existing mobile customers
(EUR23.99 if not) despite having no fixed network. In France, Iliad
recently started to cover the handset segment with a leasing offer
to address this market. The lack of handset-subsidized offers--a 17
million-subscriber market not addressed in the context of rising
data consumption and considering ever-increasing smartphone usage
--was seen as a competitive disadvantage for Iliad until now. It
recently launched B2B offers in France, a market dominated by
Orange, SFR, and Bouyges Telecom. Furthermore, Iliad's mostly
digital and online distribution strategy leaves it exposed to
online advertising campaigns and aggressive promotions in France,
as happened in 2018-2019. Although Iliad has increased its physical
distribution network (158 stores at year-end 2021, from 81 in 2019,
and about 1,500 self-service kiosks for mobile SIM card
subscriptions throughout various partnerships, including
Fnac-Darty), its physical stores footprint is still about five
times smaller than closest competitor Bouygues.
Iliad's free cash flow has been hampered by material capital
expenditure (capex), spectrum payments and local loop unbundling
costs on its networks in the past, but S&P expects its free
operating cash flow (FOCF) after leases to become markedly positive
from 2022. Its investments will soar to EUR3.3 billion this year
(EUR2.1 billion in capex and EUR1.2 billion in spectrum payments),
after about EUR2.5 billion in 2021, before reducing from 2023
onward reflecting its FTTH and 5G deployments in France, network
build-up in Italy and continued network investments in Poland. The
number of connectible sockets in France increased to 25.5 million
at end-December, with its fiber plans available in more than 10,700
municipalities. At year-end 2021, Free had activated over 4,000 4G
sites with 700MHz frequencies and had the most 5G sites (all
frequencies combined) in France, with over 8,300 running sites
(including some 1,300 using 3.5GHz frequencies). In addition, group
capex rose during the first half of 2021 to secure supplies and
increase inventories of components for its set-top boxes and
electronic equipment in view of current market shortages, leading
to negative FOCF after leases in 2021. S&P expects, however, that
following Iliad's reduced reliance on Orange's network in France
(with considerable cost-savings thanks to the end of its costly
roaming agreement on Orange's 3G network) and improving customer
mix, Play's solid operating performance and synergies with UPC's
fixed network, and rising positive EBITDA after leases in Italy
will materially improve Iliad's cash flow after leases in 2022 to
about EUR650 million and should continue to increase in the
following years.
S&P assesses Iliad SA as a core subsidiary of Iliad Holding
SAS.Iliad Holding is the controlling owner of Iliad SA and solely
depends on Iliad's cash flow to service its EUR4.9 billion debt
(EUR3.7 billion now following the repayment of bridge to disposal
loan), of which about EUR3.0 billion was raised in 2021 for the
group's take-private.
S&P said, "The stable outlook mirrors that on parent company Iliad
Holding. This in turn reflects our view that Iliad's costs will
keep improving, owing to the end of the mobile roaming agreement
with Orange, the completion of its French mobile network, an
increased shift to FTTH from ADSL and to richer mobile plans from
entry-point subscription, rising EBITDA contribution in Italy, and
break-even group reported FOCF after leases by 2022. We therefore
forecast a steady decrease in adjusted leverage toward 4.0x by
2023, alongside adjusted funds from operations (FFO) to debt
improving towards 20% and adjusted FOCF to debt (net of built to
suit) to 5% over the same period.
"We could revise down our 'bb+' SACP assessment if Iliad's
financial policy becomes less conservative, management considers
sizable debt-financed acquisitions, or operating performance is
weaker than we expect. This could also stem from any unexpectedly
large setbacks from the Italian venture. In particular, adjusted
debt to EBITDA surpasses 4x for a prolonged period, FFO to debt
reduces significantly below 20%, and FOCF after leases is
continuously negative could weigh on the ratings.
"We could downgrade Iliad if we downgrade Iliad Holding. Rating
downside could come if Iliad Holding's metrics fail to strengthen
as we forecast, which could stem from any unforeseen operational
setbacks or reflect a more aggressive financial policy than we
currently expect, with more appetite for leverage or shareholder
returns.
"We could revise the SACP upward if adjusted debt to EBITDA reduces
sustainably toward 3.0x, FFO to debt improves toward 30%, and
reported FOCF after leases remains sustainably positive, while the
company expands its market position in Italy and Poland. We'd also
view positively stronger mobile and fixed positions in France.
"We could upgrade Iliad if we upgrade Iliad Holding. Rating upside
would arise if Iliad Holding's adjusted debt to EBITDA reduces
sustainably below 4.0x and reported FOCF after leases become
sustainably positive."
ESG credit indicators: E-2, S-2, G-3
Governance factors are a moderately negative consideration in S&P's
credit rating analysis of Iliad SA. Mr. Xavier Niel has sole
ownership and control of Iliad SA via Iliad Holding SAS, and can
prioritize his interests ahead of other stakeholders. This could
influence decision-making to the detriment of creditors, in S&P's
view. However, S&P notes that Iliad S.A.'s board has independent
members.
=============
G E R M A N Y
=============
PROGROUP AG: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating of the German paper-based packaging producer Progroup AG and
its Ba3-PD probability of default rating. Concurrently, Moody's has
affirmed the Ba3 instrument ratings on the guaranteed senior
secured bonds maturing in 2026. The rating outlook remains stable.
RATINGS RATIONALE
The rating action reflects Progroup's successful expansion of its
own containerboard production from around 1.2 million ton in 2020
to 1.6 million ton in 2021, following the start-up of its third
paper mill PM3. The corrugated board volume also grew by 11% during
the year. Large volume expansion together with higher pricing
resulted in over 50% increase in sales and EBITDA in 2021.
While the largely debt-funded PM3 expansion in 2019-20 led to a
relatively high leverage ratio (Moody's adjusted gross debt/
EBITDA) that exceeded Moody's quantitative downgrade trigger for
the Ba3 rating in 2020, significant earnings growth last year
resulted in swift deleveraging, bringing the ratio down to 3.2x at
the year-end 2021 and thus close to the stronger end of Moody's 3x
– 4x range that Moody's view as appropriate for Progroup's
existing rating. A track record of high profit margins combined
with strengthened leverage positions Progroup strongly in the Ba3
rating category. For positive rating pressure to build, Moody's
would need to have more visibility as to the impact of the current
conflict in Ukraine, in particular on Germany's energy mix and cost
as well as for Progroup to rebuild its liquidity buffer after the
distribution of the proposed EUR80 million of dividends in 2022.
The macroeconomic environment became much more uncertain following
Russia's invasion of Ukraine that has further exacerbated cost
inflation and volatility in energy costs. While Progroup
conservatively hedges its energy requirements and benefits from the
in-house energy production of its refuse derived fuel (RDF) power
plant located next to PM2, its production is highly energy
intensive with over a third of the energy mix coming from natural
gas. In absence of larger distortions in the energy markets,
Moody's assume that Progroup would be able to maintain its high
profitability margins (Moody's adjusted EBITDA margin of around 21%
in 2021) given the modern and energy-efficient asset base and also
the company's focus on a more capital-intensive part of the value
chain.
Moody's view the proposal to distribute EUR80 million in dividends
in 2022 as relatively aggressive, admitting however that the return
into the company's own target net leverage range of 2.5x – 3.0x
(2.9x in 2021) occurred quicker than expected and that the level of
dividend distribution is unlikely to be maintained in following
years. At the same time, Progroup will continue to expand its
manufacturing footprint having two corrugators under construction
now and two in planning as well as planning a new power plant next
to PM3. Therefore, Moody's believe its free cash flow generation
will be limited in coming years.
The rating is mainly supported by (1) the company's high
profitability as Moody's-adjusted EBITDA margin was around 24% on
average over the last five years, which is above industry standards
and even ahead of that of market leaders; (2) cost-efficient asset
base that is technically advanced and conveniently located to limit
transport costs; (3) solid credit metrics currently as earnings
uplift following the ramp up of the third paper mill (PM3) resulted
in a swift deleveraging in 2021; and (4) financial policy that
includes a net leverage target range of 2.5x – 3.0x (2.9x in
2021), which is largely commensurate with a low Ba rating.
The rating is primarily constrained by (1) the company's modest
scale, narrow product range and geographical diversification
compared to its larger peers, such as Smurfit Kappa Group plc (Baa3
stable); (2) some degree of operational risk because its own
containerboard products come from three mills in Germany; (3)
increased macroeconomic uncertainty following Russia's invasion of
Ukraine and high cost inflation, especially in energy, challenging
Progroup's high profitability margins; and (4) risk of further debt
funded expansion over the coming years, which can lead to periods
when the company deviates from its target leverage range as was the
case in 2020-21.
RATIONALE FOR STABLE OUTLOOK
The stable outlook reflects Moody's expectation that Progroup will
continue to operate with the Moody's-adjusted EBITDA margin around
the 20 percent and its Moody's adjusted gross leverage will be
close to the stronger end of the 3x – 4x range Moody's view as
appropriate for the existing rating.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Positive rating pressure could arise if:
Moody's-adjusted gross debt/ EBITDA were below 3x on a sustained
basis;
Moody's-adjusted EBITDA margin at least in the high teens in
percentage points;
Moody's-adjusted retained cash flow/ debt were above 20% on a
sustained basis;
Rebuilding its liquidity buffer after having paid the proposed
EUR80 million dividends in 2022
Conversely, negative rating pressure could arise if:
Moody's-adjusted gross debt/ EBITDA were above 4x on a sustained
basis;
Moody's-adjusted EBITDA margin were to decline towards mid-teens
in percentage points;
Deterioration in liquidity profile.
LIQUIDITY
Progroup's liquidity profile is adequate. The company reported
EUR100 million of cash on balance sheet as of year-end 2021 and
EUR50 million undrawn revolving credit facility (RCF) maturing in
2024. In addition, the group has access to an up to EUR30 million
forfaiting program, although Moody's consider it less reliable than
cash or the RCF. Moody's expect that Progroup's proposed EUR80
million dividend distribution will significantly tighten its
liquidity in 2022. However, Moody's expect its capex spending in
the next 12-18 months to be lower than in 2020, when investments
were high because of the PM3 expansion, but higher than in 2021 and
will likely be covered by internal cash generation excluding the
proposed dividend distribution.
STRUCTURAL CONSIDERATION
The guaranteed senior secured notes issued by Progroup are rated
Ba3, in line with the CFR. This is primarily because senior secured
debt constitutes most of the company's outstanding liabilities, and
there is only a EUR50 million super senior revolving facility that
ranks ahead of the bonds in Moody's loss given default waterfall.
The size of the facility is too small to cause the notching of the
bonds below the CFR. The guarantor pool is strong and consist of
all material subsidiaries representing 90% of revenue, 97% of
EBITDA and 97% of assets as of December 2021. The notes are secured
by first-ranking liens over the shares of the issuer, certain real
property, certain bank accounts, and certain fixed and other
assets.
ESG CONSIDERATIONS
Moody's believes that environmental and social risks of Progroup
are broadly similar to those of the paper and forest products
industry's environmental and social risks that Moody's consider to
be moderately negative. They mainly reflect Progroup's
manufacturing process with exposure to waste and pollution risks
and health and safety issues. These risks are mitigated to a degree
by the company's commitment to reduce carbon emissions and the fact
that it has among the most technically advanced and energy
efficient production plants in the industry.
The governance related risks mainly reflect the fact that Progroup
is a family-owned company, targeting a moderate level of financial
leverage defined as 2.5x – 3.0x net leverage.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Paper and
Forest Products published in December 2021.
COMPANY PROFILE
Headquartered in Landau, Germany, Progroup AG (Progroup) is one of
the leading European paper-based packaging companies focusing on
the production of containerboard and its conversion into corrugated
board. The company owns three containerboard mills in Germany and
11 corrugated board plants across six European countries, as well
as one combined heat and power plant in Eisenhüttenstadt, Germany.
In 2021, Progroup generated EUR1.4 billion in revenue and employed
around 1,550 people. The company is family owned and Juergen
Heindl, who founded Progroup in 1992, is its CEO.
=============
I R E L A N D
=============
DRYDEN 96 2021: S&P Assigns Prelim. B-(sf) Rating on Cl. F Notes
----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Dryden 96
Euro CLO 2021 DAC's class A to F European cash flow CLO notes. At
closing, the issuer will issue 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 will end approximately two
years after closing, and the non-call period will end one year
after closing.
The preliminary ratings reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.
-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.
Portfolio Benchmarks
CURRENT
S&P weighted-average rating factor 2,924.10
Default rate dispersion 384.67
Weighted-average life (years) 5.41
Obligor diversity measure 105.66
Industry diversity measure 25.38
Regional diversity measure 1.20
Transaction Key Metrics
CURRENT
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 1.91
'AAA' weighted-average recovery (%) 35.28
Floating-rate assets (%) 80.40
Weighted-average spread (net of floors; %) 4.17
S&P said, "We understand that at closing the portfolio will be
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."
Under the transaction documents, the issuer can purchase loss
mitigation obligations, which are assets of an existing collateral
obligation held by the issuer offered in connection with
bankruptcy, workout, or restructuring of an obligation, to improve
the recovery value of the related collateral obligation.
The issuer may purchase loss mitigation obligations using either
interest proceeds, principal proceeds, or amounts standing to the
credit of the supplemental reserve account. The use of interest
proceeds to purchase loss mitigation obligations are subject to all
the interest coverage tests passing following the purchase and the
manager determining there are sufficient interest proceeds to pay
interest on all the rated notes on the upcoming payment date
including senior expenses. The usage of principal proceeds is
subject to the following conditions:
-- The par coverage tests passing following the purchase, other
than the class F par coverage tests. As a result, S&P has assumed
no credit given to the class F par coverage and interest diversion
tests under its cash flow modelling analysis.
-- The obligation meeting the restructured obligation criteria.
-- The obligation being pari passu or senior to the obligation
already held by the issuer.
-- Its maturity falling before the rated notes' maturity date.
-- It was not purchased at a premium.
S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (4.05%),
and the covenanted weighted-average coupon (4.50%) 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 show that the class B-1, B-2,
and C 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
preliminary ratings on the notes.
"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 24.02% (for a portfolio with a
weighted-average life of 5.41 years) versus 16.76% if it was to
consider a long-term sustainable default rate of 3.1% for 5.41
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 preliminary 'B- (sf)' rating.
S&P said, "Until the end of the reinvestment period on June 15,
2024, 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 preliminary ratings.
"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.
"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary 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 F notes "Criteria For Assigning 'CCC+', 'CCC',
'CCC-', And 'CC' Ratings," published on Oct. 1, 2012."
Environmental, social, and governance (ESG)
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:
production or marketing of controversial weapons; production of
nuclear weapons or thermal coal production; the extraction of
thermal coal and 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 PGIM Loan
Originator Manager Ltd.
Ratings List
CLASS PRELIM. PRELIM. INTEREST RATE (%) CREDIT
RATING AMOUNT ENHANCEMENT
(MIL. EUR) (%)
A AAA (sf) 244.00 Three/six-month 39.00
EURIBOR + 1.10
B-1 AA (sf) 10.00 Three/six-month 29.50
EURIBOR + 2.25
B-2 AA (sf) 28.00 3.00 29.50
C A (sf) 28.00 Three/six-month 22.50
EURIBOR + 3.30
D BBB (sf) 27.00 Three/six-month 15.75
EURIBOR + 4.30
E BB- (sf) 22.00 Three/six-month 10.25
EURIBOR + 6.58
F B- (sf) 12.00 Three/six-month 7.25
EURIBOR + 8.47
Subordinated NR 30.30 N/A N/A
NR--Not rated.
N/A--Not applicable.
EURIBOR--Euro Interbank Offered Rate.
INVESCO EURO VIII: Moody's Gives (P)B3 Rating to Class F Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Invesco Euro
CLO VIII DAC (the "Issuer"):
EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2036, Assigned (P)Aaa (sf)
EUR30,600,000 Class B-1 Senior Secured Floating Rate Notes due
2036, Assigned (P)Aa2 (sf)
EUR11,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2036,
Assigned (P)Aa2 (sf)
EUR20,800,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2036, Assigned (P)A2 (sf)
EUR27,200,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2036, Assigned (P)Baa3 (sf)
EUR21,400,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2036, Assigned (P)Ba3 (sf)
EUR11,400,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2036, Assigned (P)B3 (sf)
RATINGS RATIONALE
The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.
Class F notes are amortised partially through the interest
waterfall. 20% of all remaining interest proceeds available for
distribution to subordinated noteholders will be used to redeem the
Class F notes.
The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 80% ramped up as of the closing date
and to comprise of predominantly corporate loans to obligors
domiciled in Western Europe. The remainder of the portfolio will be
acquired during the six month ramp-up period in compliance with the
portfolio guidelines.
Invesco CLO Equity Fund IV L.P. 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 five-year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.
In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR30,500,000 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: EUR400,000,000
Diversity Score: 48
Weighted Average Rating Factor (WARF): 2950
Weighted Average Spread (WAS): 3.95%
Weighted Average Coupon (WAC): 5.00%
Weighted Average Recovery Rate (WARR): 44.00%
Weighted Average Life (WAL) (*): 8.075 years
OAK HILL III: Moody's Affirms B3 Rating on EUR12MM Class F-R Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Oak Hill European Credit Partners III Designated
Activity Company:
EUR25,500,000 Class B-1R Senior Secured Floating Rate Notes due
2030, Upgraded to Aaa (sf); previously on Jul 14, 2021 Upgraded to
Aa1 (sf)
EUR15,800,000 Class B-2R Senior Secured Fixed Rate Notes due 2030,
Upgraded to Aaa (sf); previously on Jul 14, 2021 Upgraded to Aa1
(sf)
EUR8,700,000 Class B-3R Senior Secured Floating Rate Notes due
2030, Upgraded to Aaa (sf); previously on Jul 14, 2021 Upgraded to
Aa1 (sf)
EUR22,500,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Aa3 (sf); previously on Jul 14, 2021
Upgraded to A1 (sf)
EUR20,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to A3 (sf); previously on Jul 14, 2021
Upgraded to Baa1 (sf)
Moody's has also affirmed the ratings on the following notes:
EUR222,200,000 (current outstanding amount EUR138.6m) Class A-1R
Senior Secured Floating Rate Notes due 2030, Affirmed Aaa (sf);
previously on Jul 14, 2021 Affirmed Aaa (sf)
EUR15,800,000 (current outstanding amount EUR9.9m) Class A-2R
Senior Secured Fixed/Floating Rate Notes due 2030, Affirmed Aaa
(sf); previously on Jul 14, 2021 Affirmed Aaa (sf)
EUR28,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Jul 14, 2021
Affirmed Ba2 (sf)
EUR12,000,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed B3 (sf); previously on Jul 14, 2021
Affirmed B3 (sf)
Oak Hill European Credit Partners III Designated Activity Company,
issued in June 2015 and reset in July 2017, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by Oak Hill
Advisors (Europe), LLP. The transaction's reinvestment period ended
in July 2021.
RATINGS RATIONALE
The rating upgrades on the Class B-1R, B-2R, B-3R, C-R and D-R
notes are primarily a result of the significant deleveraging of the
senior notes following amortisation of the underlying portfolio
since the last rating action in July 2021.
The Class A-1R and A-2R notes have paid down by approximately
EUR83.6 million (37.6%) and 5.9 million (37.6%), respectively,
since the last rating action in July 2021. As a result of the
deleveraging, over-collateralisation (OC) has increased across the
capital structure. According to the trustee report dated April 2022
[1] the Class A/B, Class C, Class D and Class E OC ratios are
reported at 151.3%, 136.5%, 125.61% and 113.0% compared to June
2021 levels [2] of 136.4%, 126.5%, 118.9% and 109.6%, respectively.
Moody's notes that the April 2022 principal payments are not
reflected in the reported OC ratios.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.
In its base case, Moody's used the following assumptions:
Performing par and principal proceeds balance: EUR 305.1 million
Defaulted Securities: EUR228.7k
Diversity Score: 44
Weighted Average Rating Factor (WARF): 3001
Weighted Average Life (WAL): 3.88 years
Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.60%
Weighted Average Coupon (WAC): 5.25%
Weighted Average Recovery Rate (WARR): 44.90%
Par haircut in OC tests and interest diversion test: Nil
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.
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.
Counterparty Exposure:
The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in May 2021. Moody's concluded the
ratings of the notes are not constrained by these risks.
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.
Additional uncertainty about performance is due to the following:
Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.
Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.
PREMIER PERICLASE: Exits Examinership After Survival Scheme OK'd
----------------------------------------------------------------
Aodhan O'Faolain at The Irish Times reports that the High Court has
approved a survival scheme that will allow Premier Periclase Ltd, a
Co Louth-based company that makes magnesium-based heat-resistant
products, to successfully exit examinership.
Late last year, Premier Periclase was granted the protection of the
courts and Neil Hughes was appointed as examiner to the company,
which required a large amount of gas to generate the energy it
needs to make its products, The Irish Times recounts.
It had been successful for many years, but got into difficulties
due to the dramatic rise of gas and energy prices over the last
year, The Irish Times notes.
Premier Periclase Ltd is a specialist and world leader in making
magnesium oxide and magnesium hydroxide products used in the
manufacture of heat-resistant lining for furnaces.
Previously, the court heard that Premier Periclase owed Bord Gais
EUR2.5 million and electricity supplier Energia EUR900,000, The
Irish Times relays.
When seeking the protection of the courts last December, the
company claimed that Bord Gais had threatened to cut off its supply
unless it made a substantial payment, The Irish Times discloses.
According to The Irish Times, the company said it was unable to
make the payment sought, rendering it insolvent and unable to pay
its debts.
On May 20, Mr. Justice Brian O'Moore said he was satisfied to
approve a scheme of arrangement put together by the firm's
examiner, Mr. Hughes of Baker Tilly, The Irish Times relates.
Gary McCarthy SC for Mr. Hughes said there were no objections to
the scheme being approved, The Irish Times notes.
The judge, in approving the scheme, which will see the company
continue to trade as a going concern, praised the professionalism
of Mr. Hughes and his team for getting the survival plan over the
line, The Irish Times states.
Under the terms of the scheme, which will see fresh investment come
into the company, the company will switch from using natural gas to
renewable energy sources, according to The Irish Times.
However, it will take it 18 months to complete that switch, The
Irish Times notes.
The court heard this will see approximately half of its 94 workers
being made redundant, The Irish Times discloses.
=========
I T A L Y
=========
TEAMSYSTEM SPA: S&P Assigns 'B-' LongTerm ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long term issuer rating to
Italian software provider TeamSystem SpA after the reverse merger
with its immediate parent Brunello Bidco SpA. S&P subsequently
withdrew its ratings on Brunello Bidco.
The stable outlook reflects S&P's view that TeamSystem's revenue
will increase 7%-9% organically in 2022-2023 on the back of the
growing digitalization trend, coupled with slight margin expansion.
Additionally, TeamSystem will continue to use its cash flow and
available revolving credit facility (RCF) to pursue bolt-on
acquisitions to drive revenue and EBITDA growth. This will lead to
S&P Global Ratings-adjusted leverage decreasing toward 8x and free
operating cash flow (FOCF) to debt of more than 5% in 2022.
Strong deleveraging prospects, supported by bolt-on acquisitions
and sound micro-business growth, but rating upside is constrained
by the company's aggressive financial policy. S&P said,
"TeamSystem's pro forma revenue increased by more than 15% to
EUR486 million in 2021, in line with our previous base case, thanks
to a series of bolt-on acquisitions and continued double-digit
growth in micro-businesses. Reported revenue would be much higher,
however, at EUR538 million, if we included the full-year impact of
the completed bolt-on acquisitions in 2021. Meanwhile the
acquisitions did not have a material impact on TeamSystem's
profitability, with its S&P Global Ratings-adjusted EBITDA margin
of 34% in 2021, compared with 35.4% in 2020. That said,
TeamSystem's leverage remained high at 10.4x in 2021 compared with
about 10x in 2020 on a pro forma basis. This is because a sizable
portion of funding for the bolt-on acquisitions are from drawing
the existing EUR180 million RCF and earn out liabilities, which we
treat as debt. As of December 2021, TeamSystem has drawn EUR75
million of the committed RCF and has earn out liabilities of more
than EUR80 million. TeamSystem also intends to use the remaining
undrawn RCF for further acquisitions. We therefore think the
company's financial policy on acquisitions could limit its
deleveraging prospects and thus constrains rating upside."
A resilient business model, supported by the company's
mission-critical products and high recurring revenue. S&P thinks
TeamSystem's enterprise resource planning (ERP) solutions are
mission critical for small and midsize enterprises (SMEs) and
professionals, and are deeply embedded in their operations,
resulting in relatively high switching costs, considering the
training and implementation required for new software suites and
associated risks on data migration. The company's business
resilience also stems from its high share of recurring revenue, at
about 82%, and very low customer concentration. Given the ongoing
digitalization and move to the cloud, as well as state support
under Italy's national recovery and resilience plan, S&P thinks
TeamSystem's recurring revenue will further outpace license sales,
leading to better earnings visibility and stability.
Limited geographical diversification and strong focus on SMEs
constrains the company's business risk profile. S&P said, "We think
TeamSystem's almost sole reliance on the Italian ERP market makes
it more vulnerable to local regulation changes and competition
compared with larger and diversified software vendors. The risk
could be exacerbated given the company's strong focus on SMEs,
particularly on micro businesses, which has been a key organic
revenue growth driver in the past three years. Although we think
the company's strategy is consistent with the market dynamics,
since the vast majority of Italian SMEs are micro businesses, we
think higher failure rates of micro businesses could weigh on
TeamSystem's customer churn rate and increase its revenue and
earnings volatility. This is evidenced by TeamSystem's increased
overall churn rate of 10% in 2021 compared with less than 8% in
2020."
Outlook
The stable outlook reflects S&P's view that TeamSystem's revenue
will increase 7%-9% organically in 2022-2023 on the back of the
growing digitalization trend, coupled with slight margin expansion.
Additionally, TeamSystem will continue to utilize its cash flow and
available RCF to pursue bolt-on acquisitions to drive revenue and
EBITDA growth. This will lead to S&P Global Ratings-adjusted
leverage decreasing toward 8x and FOCF to debt of more than 5% in
2022.
Downside scenario
S&P said, "We see rating downside as remote, given the company's
sound liquidity and cash flow generation. We could lower the rating
if TeamSystem's FOCF turns negative and remains that way for a long
period, or if it experiences liquidity pressure or tight covenant
headroom of less than 10%." This could happen if the company loses
customers due to increased competition and economic volatility.
Upside scenario
S&P could raise the rating if TeamSystem pursues a relatively
prudent financial policy, leading to:
-- Adjusted leverage falling below 8x; and
-- FOCF to debt staying higher than 5% on a sustained basis.
ESG credit indicators: E-2, S-2, G-3
===================
L U X E M B O U R G
===================
WEBPROS: Moody's Hikes CFR to B2, Outlook Stable
------------------------------------------------
Moody's Investors Service has upgraded Particle Investments
S.a.r.l.'s (WebPros or the company) corporate family rating to B2
from B3 and its probability of default rating to B2-PD from B3-PD.
Concurrently, the rating agency has affirmed the B2 instrument
rating on the backed senior secured first lien term loan and the
backed senior secured first lien revolving credit facility (RCF).
The outlook on all ratings has been changed to stable from
positive.
"The upgrade largely reflects the continued strong operating
performance of the company boosted by recurring price adjustments.
This had a led to rapid deleveraging following the LBO and good
free cash flow levels" says Luigi Bucci, Moody's lead analyst for
WebPros.
"While the company is expected to slow-down its EBITDA growth
trajectory over 2022 on the back of an increased cost base, credit
metrics will continue to strengthen within the B2 rating category"
adds Mr Bucci.
RATINGS RATIONALE
WebPros' B2 CFR is mainly supported by (1) the company's strong
position in the niche market for web hosting control panels; (2)
its strong renewal rates and limited churn; (3) the risks and costs
for web hosting providers in changing control panels; and (4) the
company's strong revenue and EBITDA growth following recurring
product adjustments; and (5) good liquidity profile boosted by good
free cash flow (FCF) generation.
However, the credit quality of the company is primarily constrained
by (1) its high Moody's-adjusted leverage of 5.0x over the last
twelve months (LTM) to March 2022; (2) the company's small
addressable market; (3) its limited portfolio offering, mainly
concentrated on two similar products; (4) the reliance of its sales
strategy on large web hosting partners; and (5) increasing cost
base in 2022, limiting EBITDA growth over the year.
Since the company's LBO transaction closed in May 2020, WebPros has
focused its financial strategy on continued price adjustments of
its two main products because the company understands its product
offering has been historically underpriced. The change in pricing
strategy had a sizeable impact on the company's 2021 performance,
besides its organic growth, leading to a revenue growth of 21%.
Additional price adjustments will also support top-line growth in
the high single digit percentages over 2022 and likely in 2023.
The rating agency expects WebPros' cost base to continue to be
affected by the hiring of new technical staff to increase the
investment in R&D but also the relocation of staff from Russia to
Bulgaria coupled with underlying wage inflation. As a consequence,
Moody's forecasts company-adjusted EBITDA margin to decline to
around 58%-59% in 2022-23 from 63% in 2021 leading to a
company-adjusted EBITDA of around $125-135 million over the same
timeframe (2021: $126 million). EBITDA evolution will be slower
than the top-line in 2022 leading to a low-single digit growth in
percentage terms before an acceleration in 2023.
Moody's forecasts WebPros' Moody's adjusted leverage to decline to
below 5x in 2022 and reduce further in 2023 (2021: 5.4x), driven by
EBITDA improvements. These forecasts do not factor in any
additional debt reductions besides the 1% first-lien mandatory debt
repayment. The company has, however, demonstrated a positive
track-record of debt prepayments over the past 24 months. The
rating agency notes that additional reductions in leverage,
particularly at current levels, will be dependent upon debt-funded
M&A risk, as the company continues to target inorganic growth.
Moody's estimates that FCF will continue to improve, particularly
in 2023, supported by (1) organic EBITDA growth; (2) the absence of
major working capital requirements because of monthly subscription
billings; and (3) limited capital spending, which will average 1%
of revenue in 2022-23. The rating agency notes that a portion of
the company's debt is hedged until June 2023 mitigating temporarily
the impact from the higher interest rate environment. This is
likely to translate into a Moody's-adjusted FCF/debt in the
low-teens in both 2022 and 2023 (2021: 8.5%).
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
Moody's has considered in its analysis of WebPros the following
environmental, social and governance (ESG) considerations. In terms
of governance, CVC holds a stake of 40% and controls the board of
directors of the company. The remaining shareholders are
represented by Oakley Capital (22%) together with management,
founders and other investors (38%).
Since the LBO transaction and the resulting very high opening
leverage, WebPros' financial policy has been more creditor-friendly
with strong deleveraging and excess cash flow used to voluntarily
repay debt. The rating agency currently does not assume in its
analysis large debt-funded acquisitions, such as WebPros'
acquisition of cPanel in 2018, but small bolt-on transactions to
support growth remain likely. At the same time, Moody's considers
WebPros' social risks to be relatively low. WebPros does not own
the data of individual end-users although has access to the list of
websites running on servers using their solutions.
LIQUIDITY
Moody's views WebPros' liquidity as good. Cash balances at March
2022 stood at $31 million, further supported by the undrawn $60
million RCF, due 2025. The rating agency forecasts WebPros to
generate positive free cash flow in a range of $60 million - $70
million on an annual basis over 2022-23, supporting the overall
liquidity profile of the business.
The RCF is subject to a springing senior net leverage covenant set
at 9.0x, tested if drawings under the RCF exceed 40%. Moody's
expect the company to have sizeable headroom under the covenant.
WebPros has no significant maturity in the near term, with the
outstanding $499 million backed senior secured first-lien term loan
and the $108 million second-lien term loan maturing in 2027 and
2028, respectively.
STRUCTURAL CONSIDERATIONS
The B2-PD PDR reflects Moody's assumption of a 50% family recovery
rate, given the covenant-lite structure of the backed senior
secured first-lien term loan. The B2 ratings on the first lien term
loan and the RCF are in line with the CFR reflecting the rating
agency's assumption that the relatively low level of second lien
debt in the structure, based on track record to date, will likely
reduce further through additional prepayments.
The security package includes a pledge of shares, bank accounts and
intercompany receivables. The instruments are guaranteed by the
borrower and material subsidiaries representing a minimum of 80% of
consolidated EBITDA. There is a floating charge granted by English
borrowers and obligors under the laws of the United States will
grant customary all-asset security.
RATIONALE FOR STABLE OUTLOOK
The stable outlook reflects Moody's view that WebPros' revenue and
EBITDA will continue to grow over the next 12-18 months supported
by recurring price adjustments and organic volume growth. As a
result, the rating agency expects Moody's-adjusted debt/EBITDA to
decline to below 5x by 2022 and Moody's-adjusted FCF/debt to
increase above 10% on a sustainable basis over the same time frame.
The stable outlook also incorporates Moody's expectation that there
will be no transformational acquisition nor dividend distribution.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The company's modest size and limited product diversification
constrain the upside potential on the rating. However, positive
rating pressure could develop if WebPros continues to grow its
revenue base as well as demonstrate progress in improving its
degree of diversification such that its (1) Moody's-adjusted
debt/EBITDA reduces to around 4x on a sustainable basis; (2)
Moody's-adjusted FCF/debt moves sustainably towards 15%; and (3)
the company were to continue executing its pricing strategy,
without any deterioration in customer attrition.
Moody's would consider a rating downgrade if WebPros' operating
performance were to weaken significantly on the back of increased
customer attrition. The rating would also come under negative
pressure if (1) Moody's-adjusted leverage were to increase over 6x;
(2) Moody's-adjusted FCF/debt fails to remain in the high-single
digit percentages; or (3) liquidity weakens.
LIST OF AFFECTED RATINGS
Upgrades:
Issuer: Particle Investments S.a.r.l.
Probability of Default Rating, Upgraded to B2-PD from B3-PD
LT Corporate Family Rating, Upgraded to B2 from B3
Affirmations:
Issuer: Particle Investments S.a.r.l.
BACKED Senior Secured Bank Credit Facility, Affirmed B2
Outlook Actions:
Issuer: Particle Investments S.a.r.l.
Outlook, Changed To Stable From Positive
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Software
Industry published in August 2018.
COMPANY PROFILE
Headquartered in Luxembourg, WebPros is a global web server
automation software provider, created through the combination of
the web hosting control panels Plesk and cPanel. The group also
acquired WHMCS, a web host billing automation and customer
management solution, in May 2019. The company offers a portfolio of
tools that automate and simplify the development, management and
administration of web servers through its channel of more than
2,800 hosting partners worldwide. In 2021, WebPros reported revenue
of $200 million and company-adjusted EBITDA of $126 million.
===========
R U S S I A
===========
ASIA INSURANCE: S&P Assigns 'B-' ICR, Outlook Positive
------------------------------------------------------
S&P Global Ratings assigned its 'B-' local currency long-term
financial strength rating to Uzbekistan-based Kompaniyasi JSC (Asia
Insurance or AI). The outlook is positive.
S&P said, "In our view, AI's creditworthiness is underpinned by
satisfactory levels of capital compared with business type and
volume of premiums it writes. However, in our view, capital is
small in absolute size and compared with higher rated international
insurers, and is also exposed to volatility that can be caused by
exposure to speculative-grade assets and commercial real estate."
The ratings also reflect AI's relatively weak position in
Uzbekistan's P/C insurance market, although with growth potential.
AI has a very limited market share in Uzbekistan of less than 2% in
full-year 2021, although it was established in 2005 and has
operated profitably since then. It showed modest premium growth of
8% in 2021 versus market growth of 60%. Its absolute size remains
very small in a global context (with about Uzbekistani sum (UZS)55
billion or less than $5 million in gross premiums written for
2021).
Key business lines based on net written premium after reinsurance
(NWP) include motor hull, liability (including obligatory
third-party liability and crop insurance), and credit insurance,
which together accounted for more than 70% of NWP for 2021. S&P
said, "We also note a high contribution from financial risk
insurance and a growing international inward reinsurance business
line. Although we note the company's conscious approach in
risk-taking in underwriting these business lines, we acknowledge
that reinsurance business is untested yet and may result in
unforeseen losses. We understand that the company plans to focus on
property insurance and gradually diversify in reinsurance outside
Uzbekistan, while maintaining its market position in motor hull and
obligatory motor third-party liability insurance (OMTPL) in the
future. We forecast 15% growth in NWP in 2022-2023, supported by
overall market growth. We view the market as still nascent and
characterized by a challenging operating environment, which to some
extent restricts our assessment of the company's overall business
profile."
S&P said, "The company's capital adequacy was below our 'BBB'
benchmark in 2021. We expect that AI's prospective capital adequacy
will gradually improve the to 'BBB' level by 2023, benefiting among
others from one-off reclassification of a preventive-measure
reserve of about UZS3.9 billion in 2022. Following a change in
regulation, this is now considered a noninsurance reserve and we
expect that AI will release it and keep it as part of shareholders'
funds. The capital will be also supported by an expected divestment
from statutory funds of affiliated entities over 2022-2023 of
UZS8.9 billion and reallocation of the funds in bank deposits to
non-affiliated parties. Our capital projections include combined
(loss and expense) ratios of 99%, no fresh capital injections from
shareholders, and a dividend pay-out close to 40% in 2022-2023 and
no dividends for 2021.
"We note the company has a small capital base in absolute terms
(below $5 million), which makes it susceptible to single-event
losses, for example, a catastrophic earthquake in the Tashkent
region."
Apart from large investment in commercial real estate, which
represents about 40% of total invested assets, AI's investment
portfolio comprises cash and deposits in the local banking sector
with average credit quality in the 'B' rating category. S&P
consequently assesses the company's risk profile as high.
To acquire commercial real estate, AI raised debt from its related
bank in 2021. We believe that the company's financial leverage
(financial obligations to total reported equity plus financial
obligations) will not exceed 40% in 2022-2023, remaining neutral to
the rating.
S&P believeS that AI has a sufficient liquidity cushion in cash and
deposits to meet its obligations.
S&P SAID, "We understand that the company is controlled by two
shareholders, who own other sizable businesses in cotton
production, banking, leasing, tourism, and computer retail.
However, we do not view these persons individually or in
combination as a group parent.
"The positive outlook reflects our expectation of a possible
upgrade over the next 12 months.
"We could raise the ratings over the next 12 months if the
company's capital materially increases due to profitable operating
performance, retention of the majority of its profits, and the sale
of its stakes in affiliated companies, while AI's business risk
profile remains supported by sustainable and profitable growth.
"For a positive rating action, we would also expect no significant
deficiencies in management and governance, whether in financial
reporting standards or risk controls, including related-party
transactions."
s&p could revise the outlook to stable in the next 12 months if IT
seeS:
-- AI is underperforming compared with our base case or there are
risks to its market standing due to, for example, a spike in
competition.
-- Deterioration of the capital base, due to weaker-than-expected
operating performance and investment losses, or if the expected
divestment from affiliates falls through or if shareholders decide
to extract unplanned level of dividends or engaged AI to support
its other businesses.
-- Significant and sustained asset-quality deterioration.
-- Deficiencies in management and governance, including financial
reporting or risk controls, which we view as detrimental for AI's
credit profile.
ESG credit indicators: E-2, S-2, G-4
S&P said, "Governance factors are a negative consideration in our
credit rating analysis of AI and other rated insurers in
Uzbekistan. This is mainly driven by our assessment of Uzbekistan's
governance practices. In particular, the institutional framework is
evolving but lags some emerging and most developed markets, while
the quality and level of disclosures remain limited. In our view,
these risks reduce insurers' predictability of performance in
Uzbekistan."
===========
S E R B I A
===========
ROMULIJANA: Auction Fails to Attract Interested Buyers
------------------------------------------------------
Branislav Urosevic at SeeNews reports that Serbia failed for the
third time to sell assets of bankrupt hotel and spa services
company Romulijana, local media relayed.
According to SeeNews, the auction failed due to a lack of
interested buyers, local business portal eKapija quoted Serbia's
Deposit Insurance Agency as saying on May 19.
The assets were put up for sale on April 18 at a starting price of
RSD103.2 million (US$928,800/EUR878,400), SeeNews relates.
The main assets of the company offered for sale include 12 hotel
buildings with an aggregate area of 5,163.5 sq m, and its other
assets include 33 more buildings for various purposes, sports
fields, a healthcare center, a bakery, and 555 pieces of equipment,
SeeNews discloses.
Romulijana, founded in 1990, was declared bankrupt in 2016, SeeNews
recounts.
=============
U K R A I N E
=============
[*] UKRAINE: President Biden Inks US$40BB Aid Package Into Law
--------------------------------------------------------------
Morgan Chalfant at The Hill reports that President Biden has signed
into law a far-reaching aid package for Ukraine that will provide
US$40 billion in security, humanitarian and economic assistance for
the country as it battles the Russian war over the coming months.
The White House said in a release on May 21 that Biden signed the
measure while abroad in Asia, The Hill relates. The Senate voted
overwhelmingly to pass it on May 19, The Hill notes.
The package brings the total U.S. assistance Congress has approved
for Ukraine this year to nearly US$54 billion to help the country
battle a Russian onslaught that began on Feb. 24, The Hill states.
According to The Hill, the legislation allows Biden to transfer
US$11 billion in weapons to Ukraine and provides US$9 billion to
replenish depleted U.S. weapons stockpiles. It also provides
roughly US$8.8 billion to support operations of Ukraine's
government and combat human trafficking, US$5 billion in global
food assistance, US$4.35 billion in international disaster aid and
US$900 million to support refugees, The Hill discloses.
Ukraine has been battling Russian forces for roughly three months
since Russian President Vladimir Putin ordered the large-scale
invasion, The Hill relays.
===========================
U N I T E D K I N G D O M
===========================
CASTLE UK: Fitch Rates GBP815MM Secured Bonds 'BB-'
---------------------------------------------------
Fitch Ratings has assigned Castle UK Finco plc (B+/Stable), which
trades as Miller Homes, a final senior secured rating of 'BB-'.
Fitch has also assigned a final instrument rating of 'BB-' with a
Recovery Rating of 'RR3' to Castle UK Finco plc's GBP815
million-equivalent senior secured bonds (EUR465 million of
floating-rate notes due 2028 and GBP425 million due 2029). The
issuance is guaranteed by various group entities.
The assignment of the bond's final rating follows the completion of
the bond issue and the receipt of the final documentation, which
conforms to previously received information.
In December 2021, Apollo Global Management acquired Miller Homes
group from Bridgepoint Group Plc. The recapitalisation to acquire
the company increased funds from operations (FFO) gross leverage to
around 4.9x, a level which is appropriate for the 'B' category.
Fitch expects the company to steadily deleverage with cash flow
generated from higher sale volumes.
KEY RATING DRIVERS
Acquisition Increases Leverage: The financing for Apollo's GBP1.4
billion acquisition of Miller Homes comprises GBP815 million of
debt and around GBP500 million of equity. The new capital structure
is forecast to increase FFO gross leverage to around 4.9x at
end-2022. Fitch expects the company to steadily reduce leverage
through higher FFO generation. Fitch understands from management
that the new owner does not plan to receive annual dividends.
Strong Sales Continue: Following a slowdown in 2020 owing to the
operational effects of the pandemic, business has recovered
strongly. By end-2021, Miller Homes' completions were 47% above
end-2020 levels and 10% above pre-pandemic end-2019 levels. The
total average selling price (ASP) in 2021 rose 5%, increasing the
gross margin to 24.5%. Sales in 2021 rose nearly 57% to GBP1.05
billion. Fitch expects robust sales to continue, owing to a strong
order book and an under-supplied UK housing market.
Ongoing Housing Supply/Demand Imbalance: The UK housing market is
underpinned by a persistent shortage of new homes. The UK
government has an annual target of 300,000 new homes being built in
the UK, but supply has averaged around 60,000 units below this for
several years and is expected to have fallen short by around 80,000
in 2021. This deficit, combined with supportive government
programmes and fairly low mortgage rates, ensures demand remains
strong. Fitch expects Miller Homes to continue to benefit from the
strong demand, especially given its regional focus in the UK where
the housing market tends to be less volatile than in London and the
southeast of the UK.
Expanding Regional Business Model: Miller Homes is a medium-sized
homebuilder catering primarily to families in or around regional
centres. The company focuses mainly on central Scotland, northern
England and the Midlands with a small exposure to southern England.
It opened in its 10th region, the south Midlands in 2021. Miller
Homes offers several highly standard, single-family homes, and now
includes certain options that enable buyers to customise their
homes, which increases buyers' commitments and generates additional
revenue. The ASP at end-2021 was GBP275,000 (December 2020:
GBP261,000), which is similar to the UK national average.
Low-Risk Approach: Discretionary, but careful land spending,
combined with the use of land options, which become committed at
the point of purchase, limits capital required to operate. In
addition, the company's presale strategy reduces the risk of
accumulating excess inventory and its outsourced sub-contractor
model keeps the fixed-cost base low, allowing development spend to
be adjusted to sales rates. More than 90% of the owned landbank
typically has detailed planning consent.
Ample Landbank: Miller Homes' GBP17 million acquisition of regional
land promoter Wallace Land and Investments Limited in May 2021
added 17,500 plots to Miller Homes' strategic landbank, which at
end-2021 totalled 39,222 plots. Combined with the consented
landbank (15,169 units - equivalent to four years of supply), this
represents more than 14 years of supply based on the last 12
months' completion volumes.
Strong Order Book: The value of Miller Homes' order book for the
next 12 months from the beginning of 2022 was GBP655 million,
comprising more than 2,500 units. This provides sales visibility,
equating to more than eight months of sales coverage based on the
end-2021 ASP. The private order book at end-2021 was sufficient to
cover more than 50% of anticipated private volumes in 2022.
Average Recovery Estimate: Fitch applies a one-notch uplift to the
senior secured notes compared with the IDR. Fitch's recovery
estimate is based on a liquidation approach, supported by the value
of inventory (mainly land), to which Fitch applied a 20% discount.
Fitch assumes Miller Homes' new GBP180 million super-senior
revolving credit facility (RCF) to be fully drawn. This results in
a senior secured rating of 'BB-' with 'RR3' (60%).
DERIVATION SUMMARY
Miller Homes mostly builds fairly low-cost, single-family homes
with a regional focus, mainly in Scotland, the north and the
Midlands of England. This differs from UK-home builder The Berkeley
Group Holdings plc (BBB-/Stable), which focuses on London and the
south east and mainly builds long-term redevelopment projects in
the wealthiest areas of the UK. Berkeley's residential units are
often part of large conurbations, which given the complexity of
planning, land purchase, infrastructure works and construction,
might take five to six years before the first round of practical
completions, whereas Miller Homes normally completes homes in under
a year.
Berkeley's ASP exceeds GBP770,000, which is nearly three times the
average house price in England. In their last respective fiscal
years, Miller Homes and Berkeley had similar volumes (Miller Homes:
2,620 units; Berkeley: 2,825), well below that of largest UK
housebuilders at more than 15,000 units a year.
The Spanish housebuilders AEDAS Homes, S.A., Neinor Homes S.A. and
Via Celere Desarrollos Inmobiliarios, S.A. (IDRs all at BB-/Stable)
focus on the most affluent areas within their domestic market and
the products offered (large condominiums) share similarities with
Berkeley's. Irrespective of the geographic focus and the product
range, Spanish and UK-based housebuilders' funding requirements are
comparable, with both relying only on a small purchaser deposit
(5%-10% for the UK and up to 20% for Spain) to fund land and
development costs in the period up to completion.
Following the acquisition by Apollo, Miller Homes' 4.9x FFO gross
leverage is weaker than that of AEDAS (3.2x), but similar to Via
Celere's 5.0x. Neinor's FFO gross leverage is around 6.0x, but this
includes debt attributed to the company's growing build-to-rent
(BTR) portfolio. If the attributable BTR debt is excluded, the
resultant figures are comparable with other rated build-to-sell
EMEA homebuilders'. All of these companies are expected to
deleverage in the current buoyant homebuilding markets, although
the pace could slow if interest rates increase or pandemic
restrictions return.
KEY ASSUMPTIONS
-- Revenue growth is mainly driven by volumes, with more than
4,000 units sold annually at ASP averaging GBP273,000 over the
next four years;
-- Net land and development spend included in working capital
totals GBP400 million during 2021-2025;
-- Consideration for the acquisition of Miller Homes of GBP919
million.
-- All debt incurred under previous ownership repaid in full,
plus bond redemption premium and accrued and unpaid interest
costs totaling GBP420 million, and sundry costs of around
GBP55 million;
-- New secured bond of GBP815 million issued in 2022, GBP496
million of new equity, and GBP32 million of management equity
rolled over;
-- No dividends distribution in the next four years.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- FFO gross leverage below 3.5x on a sustained basis;
-- Maintaining order book/development work-in-progress (WIP)
around or above 100% on a sustained basis.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- FFO gross leverage above 4.5x on a sustained basis;
-- Order book/development WIP materially below 100% on a
sustained basis, indicating speculative development;
-- Extraction of dividends that would lead to a material
reduction in free cash flow generation and slow deleveraging.
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
Healthy Liquidity: Under the new capital structure, Miller Homes
has more than GBP100 million of cash on its balance sheet and
access to a 5.5-year GBP180 million super-senior RCF (undrawn at
closing). The GBP815 million senior secured notes, which have
refinanced all outstanding debt, do not mature until 2028 and 2029.
No dividends are expected over the forecast period.
ISSUER PROFILE
Miller Homes is one of the largest privately-owned housebuilders in
the UK with a strong regional focus.
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.
GREENE KING: Fitch Alters Rating to BB+ on 1 Class Debts
--------------------------------------------------------
Fitch Ratings has revised the Outlooks on Greene King Finance Plc's
class A, class AB and class B notes to Stable from Negative and
affirmed them at 'BBB', 'BBB-' and 'BB+', respectively.
DEBT RATING PRIOR
---- ------ -----
Greene King Finance Plc
Greene King Finance LT BBB- Affirmed BBB-
Plc/Debt/2 LT
Greene King Finance LT BBB Affirmed BBB
Plc/Debt/1 LT
Greene King Finance LT BB+ Affirmed BB+
Plc/Debt/3 LT
RATING RATIONALE
The revision of the Outlook indicates better-than-expected
performance of the pub sector in 2H21 and the reduced uncertainty
of further containment measures related to the Covid-19 pandemic.
The Stable Outlooks also reflect the headroom in the ratings,
despite mounting pressure on consumers' disposable income.
Fitch expects Greene King's credit profile and free cash flow (FCF)
debt service coverage ratios (DSCRs) to stabilise after a severe
demand shock related to the coronavirus pandemic and recover to
pre-pandemic levels by the end of 2023. The pub sector remains
under pressure, particularly from higher inflation impacting
consumer spending, as well as wage, utility and food and drinks
costs, which is reflected through the long-term contraction of
FCF.
Under Fitch's revised rating case, projected DSCRs remains above
the downgrade sensitivity levels, driven by the improving cash flow
generated since the reopening of pubs.
KEY RATING DRIVERS
Sector Recovery Continues - Industry Profile: Midrange
The Covid-19 pandemic and its related containment measures have had
a material impact on the UK's pub sector. Restrictions have
gradually been lifted and trade volumes are recovering, although
some uncertainties remain. The recovery started in 2021 and Fitch
expects the sector to be fully recovered by the end of 2023.
The pub sector in the UK has a long history and is deeply rooted in
the UK's culture. However, in recent years (pre-pandemic), pub
assets have shown significant weakness. The sector is highly
exposed to discretionary spending, strong competition (including
from the off-trade), and other macro factors such as a generally
inflationary environment impacting wages, utility costs and food
and drink costs. For bigger pub groups, Fitch considers price risk
limited but volume risk high.
In terms of barriers to entry, licensing laws and regulations are
moderately stringent, and managed pubs and tenanted pubs (i.e.
non-full repairing and insuring) are fairly capital-intensive.
However, switching costs are generally viewed as low, even though
there may be some positive brand and captive market effects. In
terms of sustainability, Fitch expects the strong pub culture in
the UK to persist, leading people back to pubs, despite the
potentially unfavourable economic situation caused by Brexit and
Covid-19.
Sub-KRDs - Operating Environment: Weaker, Barriers to Entry:
Midrange, Sustainability: Midrange
Majority of EBITDA From Managed Estate - Company Profile: Midrange
Financial Performance: Greene King has a long trading history, with
proven resilience through economic cycles. The securitised estates
have had sound performance, but in line with the wider pub sector
trend, performance had weakened in the last couple of years
(pre-pandemic) due to a difficult trading environment and rising
costs.
Company Operations: Greene King has a stable and experienced
management team, as well as a supportive and committed sponsor
since being acquired by a subsidiary of CK Asset Holdings in 2019.
The integration of Spirit Pub Company, which was acquired in June
2015, also provided Greene King with economies of scale. The
company has mitigated some of the negative impact of a rising cost
base. With the help of Greene King Group, the company has
demonstrated good ability to manage costs during the pandemic,
maintaining a healthy margin. High inflation is having an impact on
Greene King. However, Fitch expects it will be able to pass-through
some of the cost increase to customers and limit the impact on
margins.
Transparency: Fitch considers pub operations have low complexity.
Within the securitised group, the majority of the contributions are
derived from the self-operated business-managed pubs, with 71% of
total EBITDA in 2021. For tenanted pubs, management also has good
control over the operational strategy via relatively shorter
agreements compared with other Fitch-rated whole business
securitisation (WBS) pub transactions. Historically, management has
adapted to industry changes with branding and food-led offers and
improved the quality and sustainability of the tenanted model.
Fitch considers information provided by the company timely and
sufficient.
Dependence on Operator: Fitch believes a replacement of the
operator would not be straightforward but would be possible within
a reasonable time, supported by the large number of operators and
as demonstrated with previous transactions (e.g. Orchid pubs sold
to M&B). Fitch views operational commingling as high due to
centralised management of managed and tenanted estates (although at
different locations) and common supply contracts.
Asset Quality: Fitch considers Greene King's pubs to be well
maintained, with capital expenditure (including repairs and
maintenance taken to the profit and loss account) averaging around
10% of total sales for the securitisation over the last few years.
The majority of assets are freehold and remain well located, with a
large portion in London and the south-east. The estate contains
almost no short leaseholds, as defined in the transaction
documentation. Since joining CK Asset Holdings, Greene King has
switched its strategy to pub assets optimisation rather than an
intense disposal programme, which means it is continuously
monitoring and improving pub performance.
Sub-KRDs - Financial Performance: Stronger, Company Operations:
Midrange, Transparency: Midrange, Dependence on Operator: Midrange,
Asset Quality: Midrange
Standard WBS Structure; Junior Debt has Back-Ended Amortisation
Debt structure: Class A Stronger; Class AB and Class B Midrange
All debt is fully amortising on a fixed schedule, eliminating
refinancing risk. The gradually increasing annual debt service
until 2025 is a weakness, but the debt profile remains broadly even
thereafter with a marginal peak towards the end. The class A4 and
class A7 notes have interest-only periods but the class A notes
overall have no interest-only periods and benefit from deferability
of the junior class AB2 and B notes. There is concurrent
amortisation of the class A notes and the junior notes, although
this is not significant. Amortisation for the class AB and B notes
is back-ended and their interest-only periods are substantial,
until 2031 for the class B notes and 2033 for the class AB notes.
All classes of notes are fixed-rate or fully hedged.
The security package is strong, in Fitch's view, with comprehensive
first-ranking fixed and floating charges over the issuer's assets
and ultimately over all operating assets. The class AB2 and B notes
have equivalent security to the class A notes, but are junior
ranking, leading to the 'Midrange' attribute.
All standard WBS legal and structural features are present, and the
covenant package is comprehensive. The restricted payment condition
levels are standard, with 1.5x EBITDA DSCR and 1.3x FCF DSCR
including step-up amounts. The tranched liquidity facility is
covenanted at 18 months' peak debt service. All counterparties'
ratings are at or above the rating of the highest rated notes. The
issuer is an orphan bankruptcy-remote SPV.
Sub-KRDs - Debt Profile: Class A: Stronger, Class AB, B: Midrange,
Security Package: Class A: Stronger, Class AB, B: Midrange,
Structural Features: Class A: Stronger, Class AB, B: Stronger
Financial Profile
In 1Q21, pubs in the UK were closed, with a gradual reopening from
April 2021. Greene King's sales started to improve strongly over
the summer reaching or exceeding 2019 levels, which indicates that
Covid-19 is a temporary impairment of the credit profile. This
reflects Fitch's view that demand levels within the pub sector will
return to pre-pandemic levels by 2023.
Increasing inflation in 2021 and 2022 continues to put pressure on
consumers' net disposable incomes and could lead to less
consumption in pubs. Inflation also impact Greene King directly as
the company is exposed to increasing pressure on wages, utility
costs as well as food and drinks costs, despite some short-term
protections.
Under the Fitch Rating Case (FRC), Fitch assumes a recovery in
profitability to pre-pandemic level in 2023. For the longer term,
Fitch forecasts that FCF will contract by a CAGR of 1% between 2023
and 2035 reflecting the cost pressures as well as changing consumer
habits affecting the pubs industry. The UK's pub culture helps the
sector to withstand the challenges of consumers' reduced
discretionary spending, strong competition within the industry and
inflationary cost pressures.
Fitch will continue to monitor the developments in the sector, and
will revise the FRC if Greene King's operating environment
substantially changes.
The FCF DSCRs under Fitch's current FRC for class A and class AB
remain at 1.6x and class B at 1.4x. These metrics are above Fitch's
downgrade triggers.
PEER GROUP
Greene King's closest peers are hybrid or managed pubco
securitisations of Marston's, Spirit and M&B. The transaction's
EBITDA generated by managed pubs is around 71%, which is close to
Spirit, higher than Marston's but below M&B, as it is 100% managed
pubs. In terms of the quality of the managed estate, the
contribution per managed pub of Greene King is above Spirit
debenture's managed estate and Marston's securitisation.
The respective rating metrics remain in line with closest peers and
Fitch's UK WBS criteria. Fitch said, "We note that there is only a
marginal difference in terms of coverage metrics between the class
A and AB notes. However, we maintain a one-notch difference between
them due to the stronger debt structure and significantly shorter
weighted average life of the class A notes."
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Projected FCF DSCRs below 1.5x, 1.5x and 1.2x for the class A,
AB and B notes, respectively, could lead to a downgrade .
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Projected FCF DSCRs above 1.7x, 1.7x and 1.5x for the class A,
AB and B notes, respectively, could lead to an upgrade.
TRANSACTION SUMMARY
The transaction is a securitisation of managed and tenanted pubs
operated by Greene King Group, comprising 834 managed pubs and 647
tenanted pubs as of January 2022.
CREDIT UPDATE
Restrictions on gatherings and trading have now been fully lifted.
However, 2021 revenues suffered from the restrictions imposed on
pubs for several months as a response to the increasing Covid-19
infection rate. In 1Q21, trading was fully suspended, with a
gradual reopening from April 2021. The summer trading season was
strong, with pent-up demand driving turnover. The emergence of the
Omicron variant in late autumn/winter affected Christmas trade and
Greene King finished 2H21 with turnover slightly below 2019
levels.
Trade volumes in early 2022 have been below 2019 pre-pandemic
levels. However, sales are at similar levels due to a shift to
higher-margin products.
Greene King is exposed to inflation on energy, food and drinks
costs as well as wages. It expects to be able to pass-through some
of these costs to the customers.
In 2021, Greene King spent lower than the required amount of
maintenance expenditure due to closures imposed on the pub sector
in response to increasing Covid-19 infections in late
2020/early2021 and trading restrictions until July 2021. The
shortfall has been deposited in the capex reserve account. Greene
King expects maintenance expenditure to exceed the minimum required
amount in 2022.
The 2Q FCF DSCR as of January 2022 was 1.3x and the 4Q FCF DSCR was
0.7x.
Greene King obtained two bondholder waivers in July 2020 and May
2021 due to the impact of Covid-19, as FCF DSCRs went below the
covenanted level of 1.1x. Greene King does not expect to request
additional waivers.
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.
HARVEST CLO XXIII: Fitch Hikes Class F Notes Rating to 'Bsf'
------------------------------------------------------------
Fitch Ratings has upgraded Harvest CLO XXIII DAC's class D, E, and
F notes, affirmed the class A to C notes and removed the class B-1
to F notes from Rating Watch Positive (RWP). The Outlooks are
Stable.
DEBT RATING PRIOR
---- ------ -----
Harvest CLO XXIII DAC
A XS2112469791 LT AAAsf Affirmed AAAsf
B-1 XS2112470021 LT AAsf Affirmed AAsf
B-2 XS2112470450 LT AAsf Affirmed AAsf
C XS2112470708 LT Asf Affirmed Asf
D XS2112471185 LT BBBsf Upgrade BBB-sf
E XS2112471425 LT BBsf Upgrade BB-sf
F XS2112471854 LT Bsf Upgrade B-sf
TRANSACTION SUMMARY
Harvest CLO XXIII DAC is a cash flow collateralised loan obligation
(CLO) mostly comprising senior secured obligations. The transaction
is actively managed by Investcorp Credit Management EU Limited and
will exit its reinvestment period in October 2024.
KEY RATING DRIVERS
CLO Criteria Update: The rating actions mainly reflect the impact
of Fitch's recently updated CLOs and Corporate CDOs Rating Criteria
and the shorter risk horizon incorporated in Fitch's stressed
portfolio analysis. The analysis considered modelling results for
the current and stressed portfolios based on the 6 April 2022
trustee report. The stressed portfolio analysis is based on Fitch's
collateral quality matrix specified in the transaction
documentation and underpins the model-implied ratings (MIRs) in
this review.
The transaction has four matrices, based on 10% and 0% fixed-rate
obligation limits and top 10 obligor concentration limits of 15%
and 23%. Fitch analysed the matrix specifying the 15% top 10
obligor concentration limit, as the transaction currently has a
14.06% concentration. When analysing the matrix, Fitch applied a
haircut of 1.5% to the weighted average recovery rate as the
calculation in the transaction documentation is not in line with
the latest CLO criteria.
The weighted average life (WAL) used for the transaction's stressed
portfolio and matrices analysis is reduced to six years after a
half-year reduction from the WAL covenant. This is to account for
structural and reinvestment conditions after the reinvestment
period, including the satisfaction of the coverage tests and
Fitch's 'CCC' limit tests, together with a progressively decreasing
WAL covenant. In the agency's opinion, these conditions reduce the
effective risk horizon of the portfolio during stress periods.
Fitch has been informed by the manager that owing to market
conditions there is no longer any plan to reset or refinance the
transaction in the near term. Therefore, Fitch has removed the
class B-1 to F notes from RWP. The Stable Outlooks on all notes
reflect Fitch's expectation of sufficient credit protection to
withstand potential deterioration in the credit quality of the
portfolio in stress scenarios that are commensurate with the
ratings. The transaction is still in its reinvestment period, so no
deleveraging is expected.
MIR Deviation: The class B-1 to F notes' ratings are one notch
below the MIR. The deviation reflects the remaining reinvestment
period until October 2024, during which the portfolio could change
significantly, due to reinvestment or negative portfolio
migration.
Stable Asset Performance: The transaction metrics indicate a stable
asset performance. The transaction is currently 0.20% above par. It
is passing all collateral quality tests, all portfolio profile
tests and all coverage tests. Exposure to assets with a
Fitch-derived rating of 'CCC+' and below is 1.11% according to the
latest trustee report versus a limit of 7.50%.
'B/B-' Portfolio: Fitch assesses the average credit quality of the
transaction's underlying obligors in the 'B'/'B-' category. The
WARF, as calculated by Fitch under the updated criteria, was
25.69.
High Recovery Expectations: Senior secured obligations comprise
96.91% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The WARR, as calculated by Fitch, was 61.65%.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 14.06%, and no obligor represents more than 1.75%
of the portfolio balance.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Downgrades may occur if the loss expectation is larger than
initially assumed, due to unexpectedly high levels of defaults and
portfolio deterioration.
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 two notches across the
structure.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Upgrades may occur on better-than-expected portfolio credit quality
and deal performance, leading to higher credit enhancement and
excess spread available to cover for losses in the remaining
portfolio.
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings would result in an upgrade
of no more than four notches across the structure, apart from the
class A notes, which are already at the highest rating on Fitch's
scale and cannot be upgraded.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Harvest CLO XXIII DAC
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
MR LEE'S PURE FOOD: Enters Administration, Halts Trading
--------------------------------------------------------
Business Sale reports that Bournemouth-based instant foods brand Mr
Lee's Pure Food has been placed into administration and ceased
trading following the death of its founder last year.
According to Business Sale, administrators from Kroll are now
seeking a buyer for the company and its assets.
Mr Lee's Pure Foods was launched by Damien Lee in 2016 as a
healthy, gourmet offering within the GBP100 billion-per-year
instant meals market. As well as the Mr Lee's Noodles brand, which
includes both rice noodle and ramen dishes, the company also has
lines of instant porridge and congee.
In its accounts for the year ending December 31 2021, the company
had GBP273,423 in fixed assets and GBP1.52 million in current
assets, Business Sale discloses. At the time of filing, the
company owed creditors GBP2.47 million, outstripping its assets by
GBP679,348, Business Sale states. Mr Lee's Pure Foods' total net
book value at the end of 2021 was GBP250,669, compared to
GBP710,959 a year earlier, Business Sale notes.
The company has proven to be something of an innovator within the
instant foods market, aiming to offer healthy alternatives within a
sector widely viewed as unhealthy. It was the first company in the
UK to offer instant congee and also expanded into foodtech with a
pilot launch of touch-screen noodle kiosks. In 2020, the business
raised more than GBP1.6 million through crowdfunding to finance a
launch in the US.
However, following the death of Damien Lee last year following
several bouts of cancer, the company has now moved to appoint Rob
Armstrong and Jimmy Saunders of Kroll as joint administrators,
Business Sale discloses.
"At this stage the company has ceased trading and is under the
control of the joint administrators whilst the financial position
and prospects are examined, and we continue to look for a buyer of
the business and assets. All creditors will be notified of the
appointment in the coming days," Business Sale quotes Mr. Saunders
as saying.
SAFE HANDS: Customers Expected to Get Only a Fifth of Money Back
----------------------------------------------------------------
Jeff Prestridge at Financial Mail On Sunday reports that
administrators appointed to investigate the demise of funeral plan
provider Safe Hands Plans have told customers to expect no more
than a fifth of their money back.
This is despite the fact their money was meant to be safeguarded in
a trust overseen by independent trustees, The Mail on Sunday notes.
This news is contained in a document made available in the past
couple of days to 47,000 customers of Safe Hands by FRP -- and seen
by The Mail on Sunday.
FRP was appointed as administrator to the business in late March,
The Mail on Sunday recounts. Its financial work so far confirms
the conclusions of the detailed investigation that The Mail on
Sunday has conducted into Safe Hands over the past two months.
Namely, that trust assets have been mismanaged, misused and
misappropriated.
Safe Hands was bought by Richard Philip Wells in February 2020
through private equity firm SHP Capital Holdings for GBP9 million,
The Mail on Sunday recounts.
He immediately replaced the independent trustees of the trust fund
with an outside firm (Sterling Trust Corporation) whose chief
executive was a former business partner, according to The Mail on
Sunday.
Safe Hands' customers, whose average age is 70, typically paid
GBP3,000 for a funeral plan of their choosing.
Such plans are meant to offer peace of mind, ensuring all funeral
arrangements are paid for and agreed in advance.
However, if FRP's sums prove to be right, customers will get back
no more than GBP600, probably less, The Mail on Sunday discloses.
The collapse of Safe Hands, based in Wakefield, West Yorkshire,
followed the withdrawal of its application to become a regulated
provider of funeral plans when the Financial Conduct Authority
starts overseeing the industry at the end of July, The Mail on
Sunday relates.
Late last month, FRP raised concerns over some GBP60million of Safe
Hands' trust assets that were held in "illiquid, high-risk
investments", many based in offshore jurisdictions, The Mail on
Sunday recounts.
According to The Mail on Sunday, it said their value would be
"materially lower". It also questioned whether some of the assets
were actually owned by the trust. However, now it has quantified
what it means by "materially lower", The Mail on Sunday notes.
In its latest report, it says the realisable value of these assets
"will be between GBP10.6 million and GBP16.1 million", The Mail on
Sunday discloses.
These figures compare to "claims against the trust" (the cost of
funerals promised) of GBP71.13 million, The Mail on Sunday notes.
"This equates to a return [for planholders] of between 10 pence and
20 pence in the pound," it says.
FRP says it is working with law firm Pinsent Masons to "identify
and pursue" trust assets, The Mail on Sunday relates.
TOGETHER ASSET 2022-2ND1: S&P Assigns B-(sf) Rating on Cl. F Certs
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Together
Asset Backed Securitisation 2022-2ND1 PLC's class A notes and to
the interest deferrable class B-Dfrd to F-Dfrd notes. At closing,
the issuer will issue unrated class X-Dfrd and Z notes, and
residual certificates.
The transaction is a static RMBS transaction, which securitizes a
provisional portfolio of up to £349.8 million second-lien mortgage
loans, both owner-occupied and buy-to-let (BTL), secured on
properties in the U.K. Product switches and loan substitution are
permitted under the transaction documents.
Together Personal Finance Ltd., Together Commercial Finance Ltd.
(collectively, Together), and Blemain Finance Ltd. originated the
loans in the pool between 2014 and 2022.
S&P considers the collateral to be nonconforming based on the
prevalence of loans to borrowers with adverse credit history, such
as prior county court judgments (CCJs) and previous mortgage
arrears.
Credit enhancement for the rated notes consists of subordination
and overcollateralization from the liquidity reserve, which will
amortize in line with the class A notes' outstanding balance.
Liquidity support for the class A notes is in the form of an
amortizing liquidity reserve fund. Principal can also be used to
pay interest on the most-senior class outstanding for the class A
to F-Dfrd notes.
There are no rating constraints in the transaction under our
counterparty, operational risk, or structured finance sovereign
risk criteria. The ratings are contingent on our review of the
legal documents.
Preliminary Ratings
CLASS PRELIM. RATING* CLASS SIZE (%)
A AAA (sf) 73.50
B-Dfrd AA+ (sf) 4.00
C-Dfrd AA (sf) 6.25
D-Dfrd A (sf) 6.00
E-Dfrd BBB- (sf) 5.25
F-Dfrd B- (sf) 1.50
X-Dfrd NR 1.50
Z NR 3.50
Residual certs NR N/A
*S&P's preliminary ratings address timely receipt of interest and
ultimate repayment of principal on the class A notes, and the
ultimate payment of interest and principal on the other rated notes
except when they become the most senior.
NR--Not rated.
N/A--Not applicable.
TURBO FINANCE 9: Moody's Affirms Ba2 Rating on GBP14.594MM E Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of three notes
issued by Turbo Finance 9 plc. The rating action reflects better
than expected collateral performance and the increased levels of
credit enhancement for the affected notes.
Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings.
GBP493.272M Class A Notes, Affirmed Aaa (sf); previously on Oct 8,
2020 Definitive Rating Assigned Aaa (sf)
GBP26.269M Class B Notes, Upgraded to Aa1 (sf); previously on Oct
8, 2020 Definitive Rating Assigned Aa2 (sf)
GBP29.188M Class C Notes, Upgraded to A1 (sf); previously on Oct
8, 2020 Definitive Rating Assigned A3 (sf)
GBP11.675M Class D Notes, Upgraded to Baa2 (sf); previously on Oct
8, 2020 Definitive Rating Assigned Baa3 (sf)
GBP14.594M Class E Notes, Affirmed Ba2 (sf); previously on Oct 8,
2020 Definitive Rating Assigned Ba2 (sf)
RATINGS RATIONALE
The rating action is prompted by decreased key collateral
assumptions, namely the portfolio default probability assumption,
due to better than expected collateral performance and an increase
in credit enhancement for the affected tranches.
Revision of Key Collateral Assumptions
As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.
The performance of the transaction has been better than expected
since the closing date and after the end of the revolving period.
Total delinquencies have slightly increased in the past year, with
no 90 days plus arrears and 60 days plus arrears currently standing
at 0.27% of current pool balance. Cumulative losses currently stand
at 0.11% of original pool balance up from 0% a year earlier.
The current default probability assumption is 5% of the current
portfolio balance and the assumption for the fixed recovery rate is
40%. The portfolio credit enhancement is maintained at 16%.
Increase in Available Credit Enhancement
Sequential amortization led to the increase in the credit
enhancement available in this transaction.
For instance, the credit enhancement for the A note, the B note,
the C note, the D note, the E note increased to 24.6%, 17.7%,
10.1%, 7.0% and 3.2% from 16.4%, 11.9%, 6.9%, 4.9% and 2.4% since
closing. The credit enhancement of the F note has not changed from
0.9% at closing.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
September 2021.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement, and (3) improvements in the credit quality of
the transaction counterparties.
Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement, and
(4) deterioration in the credit quality of the transaction
counterparties.
VIDAL SASSOON: Closes Glasgow Salon Following Administration
------------------------------------------------------------
Caroline Wilson at The Herald reports that Vidal Sassoon was set to
close its Princes Square salon on May 21 after the business went
into administration, ending a thirty-year association with the city
centre shopping centre.
According to The Herald, in a message to customers, the brand, said
it was "with regret" that the business was closing permanently,
adding: "We are honoured to be part of Glasgow business community
for 34 years."
It was Vidal Sassoon's only Scottish salon, The Herald notes.
Last month, celebrity hairstylist Nicky Clarke announced the
immediate closure of his Mayfair London salon, saying the combined
effects of the pandemic, declining passing trade and rising rates
had meant the salon was no longer economically sustainable, The
Herald relates.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week May 16 to May 20, 2022
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Gazprom PJSC Via Gaz 2.250 7/19/2022 CHF 51.760
Russian Railways Via 5.700 04/05/2022 USD 9.000
Gazprom PJSC Via Gaz 1.450 03/06/2023 CHF 25.694
Corestate Capital Ho 3.500 4/15/2023 EUR 63.875
Russian Railways Via 0.840 03/12/2026 CHF 7.445
Gazprom PJSC Via Gaz 8.625 4/28/2034 USD 29.750
Ukraine Government I 7.750 09/01/2022 USD 56.750
Gazprom PJSC Via Gaz 3.125 11/17/2023 EUR 26.939
Gazprom PJSC Via Gaz 4.950 7/19/2022 USD 58.000
Russian Railways Via 2.100 10/02/2023 CHF 5.255
Severstal OAO Via St 3.150 9/16/2024 USD 19.500
Kernel Holding SA 6.500 10/17/2024 USD 53.201
Lukoil International 4.563 4/24/2023 USD 47.000
Gunvor Group Ltd 6.250 9/30/2026 USD 86.644
Gazprom PJSC via Gaz 3.897 EUR 18.809
Gazprom PJSC Via Gaz 5.150 02/11/2026 USD 37.500
MHP Lux SA 6.950 04/03/2026 USD 51.684
MHP SE 7.750 05/10/2024 USD 50.983
Eustream AS 1.625 6/25/2027 EUR 74.228
Lukoil Securities BV 3.875 05/06/2030 USD 36.250
Gazprom PJSC via Gaz 1.540 6/30/2027 CHF 25.997
Russian Railways Via 2.200 5/23/2027 EUR 10.000
Yandex NV 0.750 03/03/2025 USD 46.500
Lukoil International 4.750 11/02/2026 USD 42.000
Russian Railways Via 7.487 3/25/2031 GBP 15.413
ADLER Group SA 2.250 1/14/2029 EUR 75.204
Gazprom PJSC Via Gaz 4.250 04/06/2024 GBP 25.311
Gazprom PJSC via Gaz 1.500 2/17/2027 EUR 27.024
Corestate Capital Ho 1.375 11/28/2022 EUR 59.301
Gazprom PJSC Via Gaz 2.949 1/24/2024 EUR 25.000
Kernel Holding SA 6.750 10/27/2027 USD 52.843
Gazprom PJSC Via Gaz 2.500 3/21/2026 EUR 24.986
Russian Railways Via 3.125 CHF 9.251
VEON Holdings BV 3.375 11/25/2027 USD 57.149
Russian Railways Via 0.898 10/03/2025 CHF 6.090
Republic of Belarus 6.875 2/28/2023 USD 14.200
Russian Railways Via 4.600 03/06/2023 EUR 10.053
Gazprom PJSC Via Gaz 2.250 11/22/2024 EUR 32.153
Russian Foreign Bond 2.875 12/04/2025 EUR 15.242
Sberbank of Russia V 5.125 10/29/2022 USD 10.350
Gazprom PJSC via Gaz 2.950 1/27/2029 USD 27.850
Banca Monte dei Pasc 5.375 1/18/2028 EUR 63.202
Metinvest BV 8.500 4/23/2026 USD 54.250
Lukoil International 6.656 06/07/2022 USD 69.050
Gazprom Neft OAO Via 4.375 9/19/2022 USD 21.000
Gazprom PJSC via Gaz 4.599 USD 23.000
Credit Bank of Mosco 3.100 1/21/2026 EUR 10.000
Novolipetsk Steel Vi 1.450 06/02/2026 EUR 24.993
Lukoil Capital DAC 3.600 10/26/2031 USD 36.000
Gazprom PJSC Via Gaz 7.288 8/16/2037 USD 28.500
Ukraine Government I 6.750 6/20/2026 EUR 32.748
Gazprom PJSC via Gaz 3.250 2/25/2030 USD 24.000
Mitsubishi UFJ Inves 3.971 12/15/2050 EUR 36.687
Credit Bank of Mosco 3.875 9/21/2026 USD 14.563
Lukoil Capital DAC 2.800 4/26/2027 USD 37.500
Gazprom PJSC via Gaz 3.000 6/29/2027 USD 25.500
MHP Lux SA 6.250 9/19/2029 USD 51.184
Ukraine Government I 7.750 09/01/2025 USD 34.265
Gazprom PJSC via Gaz 2.950 4/15/2025 EUR 24.998
Borets Finance DAC 6.000 9/17/2026 USD 29.968
NAK Naftogaz Ukraine 7.625 11/08/2026 USD 32.042
NAK Naftogaz Ukraine 7.125 7/19/2024 EUR 31.547
Credit Bank of Mosco 7.500 10/05/2027 USD 23.000
NPC Ukrenergo 6.875 11/09/2026 USD 33.395
ALROSA Finance SA 3.100 6/25/2027 USD 11.000
Gazprom PJSC Via Gaz 4.364 3/21/2025 EUR 25.000
Ukraine Government I 6.876 5/21/2029 USD 32.000
Novolipetsk Steel Vi 4.700 5/30/2026 USD 30.000
Gazprom PJSC via Gaz 3.500 7/14/2031 USD 30.500
Metinvest BV 7.750 10/17/2029 USD 53.500
Frigoglass Finance B 6.875 02/12/2025 EUR 70.120
Moby SpA 7.750 2/15/2023 EUR 73.501
Credit Bank of Mosco 7.625 USD 6.750
ALROSA Finance SA 4.650 04/09/2024 USD 24.000
Tinkoff Bank JSC Via 6.000 USD 20.000
Phosagro OAO Via Pho 3.949 4/24/2023 USD 29.000
VTB Bank OJSC Via VT 6.950 10/17/2022 USD 89.900
Gazprom PJSC via Gaz 1.850 11/17/2028 EUR 25.000
Casino Guichard Perr 2.511 EUR 25.861
MMC Norilsk Nickel O 4.100 04/11/2023 USD 53.000
Aggregate Holdings S 6.875 11/09/2025 EUR 45.072
Polyus Finance PLC 3.250 10/14/2028 USD 28.000
VTB Bank PJSC Via VT 9.500 USD 36.561
Gazprom PJSC Via Gaz 4.950 02/06/2028 USD 26.000
MMC Norilsk Nickel O 2.550 09/11/2025 USD 46.000
Eurochem Finance DAC 5.500 3/13/2024 USD 41.500
Gazprom Neft OAO Via 6.000 11/27/2023 USD 32.809
Vnesheconombank Via 6.800 11/22/2025 USD 33.500
Credit Bank of Mosco 4.700 1/29/2025 USD 15.025
MMC Norilsk Nickel O 6.625 10/14/2022 USD 65.375
Credit Bank of Mosco 5.150 2/20/2024 EUR 14.965
VEON Holdings BV 7.250 4/26/2023 USD 70.282
MMK International Ca 4.375 6/13/2024 USD 31.000
Hellenic Republic Go 1.875 1/24/2052 EUR 70.246
State of North Rhine 1.450 1/19/2122 EUR 71.346
NGD Holdings BV 6.750 12/31/2026 USD 39.837
Banca Monte dei Pasc 10.500 7/23/2029 EUR 71.774
Gazprom PJSC Via Gaz 4.950 3/23/2027 USD 42.250
MMC Norilsk Nickel O 2.800 10/27/2026 USD 47.500
Dtek Renewables Fina 8.500 11/12/2024 EUR 36.881
Evraz PLC 5.375 3/20/2023 USD 35.234
Alfa Bank AO Via Alf 5.950 4/15/2030 USD 10.000
Russian Foreign Bond 2.650 5/27/2036 EUR 14.377
Metinvest BV 7.750 4/23/2023 USD 43.000
Metalloinvest Financ 3.375 10/22/2028 USD 91.470
Casino Guichard Perr 3.992 EUR 43.815
VF Ukraine PAT via V 6.200 02/11/2025 USD 53.046
Ukraine Government I 8.994 02/01/2024 USD 36.815
State Agency of Road 6.250 6/24/2028 USD 32.333
Standard Profil Auto 6.250 4/30/2026 EUR 71.571
Novatek OAO Via Nova 4.422 12/13/2022 USD 40.000
Sberbank of Russia V 5.250 5/23/2023 USD 100.475
Rallye SA 4.000 2/28/2032 EUR 14.870
Delivery Hero SE 2.125 03/10/2029 EUR 66.303
Fuerstenberg Capital 5.625 EUR 65.602
Mobile Telesystems O 5.000 5/30/2023 USD 27.000
Ozon Holdings PLC 1.875 2/24/2026 USD 26.000
Ukreximbank Via Biz 9.750 1/22/2025 USD 94.400
Phosagro OAO Via Pho 3.050 1/23/2025 USD 25.000
State of North Rhine 0.950 01/10/2121 EUR 54.274
Gtlk Europe Capital 4.650 03/10/2027 USD 22.130
Metinvest BV 7.650 10/01/2027 USD 52.346
VEON Holdings BV 4.000 04/09/2025 USD 62.535
Russian Railways Via 1.195 04/03/2028 CHF 5.819
Hungary Government B 2.250 4/20/2033 HUF 65.954
Russian Foreign Bond 1.125 11/20/2027 EUR 15.141
Romanian Government 2.875 4/13/2042 EUR 70.210
Severstal OAO Via St 5.900 10/17/2022 USD 13.000
Russian Railways Via 4.375 03/01/2024 USD 20.930
Korian SA 0.875 03/06/2027 EUR 51.024
Evraz PLC 5.250 04/02/2024 USD 51.000
Metinvest BV 5.625 6/17/2025 EUR 52.463
Tinkoff Bank JSC Via 9.250 USD 100.550
Eurotorg LLC Via Bon 9.000 10/22/2025 USD 29.749
Ukraine Railways Via 8.250 07/09/2024 USD 29.250
MMC Norilsk Nickel O 3.375 10/28/2024 USD 58.750
Credit Bank of Mosco 5.550 2/14/2023 USD 99.000
Phosagro OAO Via Pho 2.600 9/16/2028 USD 24.250
Vnesheconombank Via 5.942 11/21/2023 USD 5.000
United Kingdom Gilt 0.500 10/22/2061 GBP 62.090
Slovakia Government 1.000 10/13/2051 EUR 71.239
Ekosem-Agrar AG 8.500 12/07/2022 EUR 6.539
Bank Gospodarstwa Kr 2.250 7/21/2033 PLN 63.773
Delivery Hero SE 1.000 4/30/2026 EUR 73.487
VEON Holdings BV 5.950 2/13/2023 USD 72.500
Accor SA 0.700 12/07/2027 EUR 49.473
Polyus Finance PLC 5.250 02/07/2023 USD 99.990
Borets Finance DAC 6.500 04/07/2022 USD 36.739
GTLK Europe DAC 5.125 5/31/2024 USD 22.250
Russian Agricultural 8.500 10/16/2023 USD 7.250
Russian Foreign Bond 4.500 04/04/2022 USD 23.326
Rallye SA 4.371 2/28/2032 EUR 15.015
Gtlk Europe Capital 4.349 2/27/2029 USD 16.593
Suek Securities DAC 3.375 9/15/2026 USD 15.000
Delivery Hero SE 1.500 1/15/2028 EUR 67.663
Turkiye Is Bankasi A 6.125 4/25/2024 USD 98.910
Ekosem-Agrar AG 7.500 08/01/2024 EUR 10.356
Vnesheconombank Via 6.025 07/05/2022 USD 5.000
Hacienda Investments 5.350 02/08/2028 USD 91.500
PIK Securities DAC 5.625 11/19/2026 USD 6.350
Carnival PLC 1.000 10/28/2029 EUR 70.840
NAK Naftogaz Ukraine 7.375 7/19/2022 USD 68.500
Banca Monte dei Pasc 8.000 1/22/2030 EUR 66.250
Uralkali OJSC Via Ur 4.000 10/22/2024 USD 37.000
Global Fashion Group 1.250 3/15/2028 EUR 71.878
Polyus Finance PLC 4.700 1/29/2024 USD 99.305
Gtlk Europe Capital 5.950 4/17/2025 USD 13.000
Interpipe Holdings P 8.375 5/13/2026 USD 38.109
Korian SA 1.875 EUR 38.570
Ukraine Government B 15.840 2/26/2025 UAH 55.455
ABH Financial Ltd Vi 2.700 06/11/2023 EUR 5.000
Novolipetsk Steel Vi 4.500 6/15/2023 USD 47.000
Vonovia SE 1.625 09/01/2051 EUR 68.469
Chelyabinsk Pipe Pla 4.500 9/19/2024 USD 10.000
Ukreximbank Via Biz 9.625 4/27/2022 USD 26.283
Voltalia SA 1.000 1/13/2025 EUR 29.916
Sweden Government Bo 1.375 6/23/2071 SEK 65.261
VEON Holdings BV 4.950 6/16/2024 USD 61.350
Gtlk Europe Capital 4.800 2/26/2028 USD 20.250
Credit Bank of Mosco 8.875 USD 8.750
Andrade Gutierrez In 9.500 12/30/2024 USD 61.625
Serbia International 2.050 9/23/2036 EUR 69.168
Sovcombank Via SovCo 8.000 04/07/2030 USD 100.000
Gtlk Europe Capital 4.949 2/18/2026 USD 13.000
Novolipetsk Steel Vi 4.000 9/21/2024 USD 38.000
VEON Holdings BV 3.375 11/25/2027 USD 57.185
Metro Bank PLC 5.500 6/26/2028 GBP 64.700
Rusal Capital DAC 4.850 02/01/2023 USD 30.653
Quadient SA 3.375 EUR 58.321
Rusal Capital DAC 5.300 05/03/2023 USD 40.000
VTB Bank OJSC Via VT 4.073 10/24/2024 CHF 5.000
Banca Monte dei Pasc 8.500 09/10/2030 EUR 67.884
SCF Capital Designat 3.850 4/26/2028 USD 92.779
Serbia International 1.650 03/03/2033 EUR 72.356
FIGEAC-AERO 1.125 10/18/2022 EUR 22.347
Nostrum Oil & Gas Fi 8.000 7/25/2022 USD 21.500
Nexity SA 0.250 03/02/2025 EUR 61.829
TMK OAO Via TMK Capi 4.300 02/12/2027 USD 21.110
Home Credit & Financ 8.800 USD 5.000
Bank Gospodarstwa Kr 2.125 06/05/2030 PLN 71.288
Ukraine Railways Via 7.875 7/15/2026 USD 27.450
Royalty Pharma PLC 3.350 09/02/2051 USD 71.493
Prosus NV 3.832 02/08/2051 USD 67.968
Alfa Bank AO Via Alf 6.950 USD 11.533
Idavang A/S 7.250 11/11/2025 EUR 65.002
Sovcombank Via SovCo 3.400 1/26/2025 USD 5.197
Global Ports Finance 6.500 9/22/2023 USD 8.625
Alfa Bank AO Via Alf 5.900 USD 9.223
ABH Financial Ltd Vi 2.875 11/09/2022 CHF 4.000
Lithuania Government 0.500 7/28/2050 EUR 65.249
Air France-KLM 0.125 3/25/2026 EUR 16.098
Czech Republic Gover 1.500 4/24/2040 CZK 64.374
Mallinckrodt Interna 5.750 08/01/2022 USD 52.000
Sovcombank Via SovCo 7.600 USD 5.000
Neoen SA 2.000 06/02/2025 EUR 52.958
Haya Real Estate SA 5.250 11/15/2022 EUR 69.645
Hacienda Investments 5.075 2/15/2023 USD 12.904
Romanian Government 2.625 12/02/2040 EUR 69.609
Sibur Securities DAC 2.950 07/08/2025 USD 27.500
Russian Federal Bond 6.100 7/18/2035 RUB 73.901
Intelsat Jackson Hol 8.500 10/15/2024 USD 44.491
VEON Holdings BV 4.000 04/09/2025 USD 62.404
Sovcombank Via SovCo 7.750 USD 4.969
Sibur Securities DAC 3.450 9/23/2024 USD 26.000
Celtic Resources Hol 4.125 10/09/2024 USD 30.000
PB International BV 7.625 12/31/2025 USD 43.017
Intelsat Jackson Hol 5.500 08/01/2023 USD 42.750
Intelsat Jackson Hol 9.750 7/15/2025 USD 44.512
Rallye SA 4.000 2/28/2032 CHF 12.000
Neoen SA 1.875 10/07/2024 EUR 42.543
Lukoil Capital DAC 3.600 10/26/2031 USD 36.500
O1 Properties Financ 0.500 9/27/2028 USD 6.203
BP Capital Markets B 0.933 12/04/2040 EUR 72.701
Vonovia Finance BV 1.000 1/28/2041 EUR 67.948
BAT International Fi 2.250 09/09/2052 GBP 55.639
Cardea Europe AG 7.250 12/08/2023 EUR 68.007
Mallinckrodt Interna 4.750 4/15/2023 USD 41.250
Russian Foreign Bond 4.875 9/16/2023 USD 27.247
SCF Capital Designat 5.375 6/16/2023 USD 21.121
Karlou BV 7.750 6/18/2024 USD 17.040
Maisons du Monde SA 0.125 12/06/2023 EUR 47.017
Russian Foreign Bond 5.250 6/23/2047 USD 19.413
Russian Foreign Bond 5.100 3/28/2035 USD 15.000
Biocartis Group NV 4.000 05/09/2024 EUR 72.252
Arrival SA 3.500 12/01/2026 USD 66.011
Bank Gospodarstwa Kr 2.375 11/27/2040 PLN 52.326
State of North Rhine 0.500 1/15/2052 EUR 72.768
Pierre Et Vacances S 2.000 04/01/2023 EUR 27.763
Deutsche Bahn Financ 0.625 12/08/2050 EUR 67.276
Ukreximbank Via Biz 9.950 11/14/2029 USD 26.830
Credit Bank of Mosco 7.121 6/25/2024 USD 99.537
Prosus NV 4.027 08/03/2050 USD 71.590
State of North Rhine 1.375 1/15/2120 EUR 70.917
Czech Republic Gover 0.050 11/29/2029 CZK 71.695
Republic of Poland G 4.000 4/25/2047 PLN 69.358
Turkey Government Bo 11.000 2/24/2027 TRY 69.500
Wirecard AG 0.500 09/11/2024 EUR 12.181
Lukoil Capital DAC 2.800 4/26/2027 USD 47.500
Union Fenosa Prefere 1.173 EUR 67.420
PJSC Koks via IMH Ca 5.900 9/23/2025 USD 5.660
Lukoil Securities BV 3.875 05/06/2030 USD 36.000
Sibur Securities DAC 4.125 10/05/2023 USD 27.036
Rallye SA 3.400 2/28/2032 EUR 14.761
MHP SE 7.750 05/10/2024 USD 50.948
Rallye SA 5.250 2/28/2032 EUR 14.191
Lukoil International 6.656 06/07/2022 USD 72.000
Alfa Bank AO Via Alf 5.500 10/26/2031 USD 8.900
Gazprom PJSC Via Gaz 8.625 4/28/2034 USD 26.000
Gazprom PJSC Via Gaz 4.950 02/06/2028 USD 41.000
Ziton A/S 7.900 10/03/2022 EUR 70.389
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.286
HOCHDORF Holding AG 2.500 CHF 48.325
Luzerner Kantonalban 0.150 10/07/2044 CHF 72.293
Offshore Drilling Ho 8.375 9/20/2020 USD 5.000
Banque Cantonale de 0.100 11/01/2044 CHF 70.359
Hungary Government B 2.250 6/22/2034 HUF 63.269
DNB Bank ASA 0.954 USD 74.531
Russian Foreign Bond 4.250 6/23/2027 USD 20.000
Nostrum Oil & Gas Fi 7.000 2/16/2025 USD 24.625
State of Rhineland-P 0.375 03/10/2051 EUR 71.499
MHP Lux SA 6.250 9/19/2029 USD 51.105
SRV Group Oyj 4.875 3/27/2025 EUR 70.585
Hungary Government B 2.000 5/23/2029 HUF 72.662
Russian Foreign Bond 5.625 04/04/2042 USD 21.951
Societe Nationale SN 0.875 2/28/2051 EUR 68.565
Suek Securities DAC 3.375 9/15/2026 USD 13.000
Nexity SA 0.875 4/19/2028 EUR 50.510
Econocom Group SA/NV 0.500 03/06/2023 EUR 8.036
PREOS Global Office 7.500 12/09/2024 EUR 63.500
State of Brandenburg 0.300 11/17/2045 EUR 71.427
Mallinckrodt Interna 5.625 10/15/2023 USD 52.500
Rallye SA 3.250 2/28/2032 CHF 15.000
Ukraine Government B 9.790 5/26/2027 UAH 48.452
Eurochem Finance DAC 5.500 3/13/2024 USD 40.000
Intu Debenture PLC 5.562 12/31/2027 GBP 41.125
Lukoil International 4.563 4/24/2023 USD 54.000
Credit Bank of Mosco 3.875 9/21/2026 USD 3.000
Paragon GmbH & Co KG 4.000 4/23/2023 CHF 25.000
Gazprom PJSC Via Gaz 4.950 7/19/2022 USD 60.500
EYEMAXX Real Estate 5.500 7/22/2025 EUR 75.000
Galapagos Holding SA 7.000 6/15/2022 EUR 4.000
Turkey Government Bo 8.000 03/12/2025 TRY 72.500
EA Partners II BV 6.750 06/01/2021 USD 0.541
Severstal OAO Via St 3.150 9/16/2024 USD 11.191
FF Group Finance Lux 1.750 07/03/2019 EUR 4.479
Travelex Financing P 8.000 5/15/2022 EUR 1.583
Linde PLC 1.000 9/30/2051 EUR 70.616
Turkey Government Bo 10.500 08/11/2027 TRY 67.000
MHP Lux SA 6.950 04/03/2026 USD 51.025
Ukraine Government I 7.253 3/15/2033 USD 32.161
NPC Ukrenergo 6.875 11/09/2026 USD 33.474
Ukraine Government I 7.750 09/01/2022 USD 57.012
Celtic Resources Hol 4.125 10/09/2024 USD 31.965
Metinvest BV 8.500 4/23/2026 USD 54.000
Haya Real Estate SA 5.125 11/15/2022 EUR 69.889
Kernel Holding SA 6.750 10/27/2027 USD 52.730
Fuerstenberg Capital 1.020 EUR 63.481
Lithuania Government 0.750 7/15/2051 EUR 71.171
Ukraine Government I 7.750 09/01/2025 USD 34.870
Wellcome Trust Ltd/T 1.500 7/14/2071 GBP 69.346
Mallinckrodt Interna 5.500 4/15/2025 USD 53.000
DOF Subsea AS 9.110 11/27/2023 NOK 36.833
Unibail-Rodamco-West 1.750 07/01/2049 EUR 72.205
Immigon Portfolioabb 5.772 EUR 10.766
Gazprom PJSC via Gaz 4.599 USD 15.000
Kernel Holding SA 6.500 10/17/2024 USD 53.741
Tinkoff Bank JSC Via 6.000 USD 10.213
VEON Holdings BV 7.250 4/26/2023 USD 69.564
Credit Bank of Mosco 4.700 1/29/2025 USD 19.250
Thomas Cook Group PL 6.250 6/15/2022 EUR 0.518
Kommunekredit 0.125 9/26/2040 EUR 73.000
Metinvest BV 7.750 10/17/2029 USD 52.500
DOF Subsea AS 9.500 4/30/2022 USD 37.457
PIK Securities DAC 5.625 11/19/2026 USD 6.350
Shell International 1.750 09/10/2052 GBP 67.251
Air Berlin PLC 8.250 4/19/2018 EUR 0.892
Gazprom Neft OAO Via 6.000 11/27/2023 USD 27.500
DNB Bank ASA 0.758 USD 74.584
State of North Rhine 0.200 1/27/2051 EUR 66.848
EA Partners I BV 6.875 9/28/2020 USD 1.000
Gazprom PJSC via Gaz 3.250 2/25/2030 USD 42.500
Metalloinvest Financ 3.375 10/22/2028 USD 20.500
Scandinavian Airline 0.625 CHF 15.649
Societe Du Grand Par 0.700 10/15/2060 EUR 61.612
Claranova SE 5.000 07/01/2023 EUR 1.070
Allied Irish Banks P 12.500 6/25/2035 GBP 55.973
VEON Holdings BV 5.950 2/13/2023 USD 70.282
Flagship Finance PLC 1.875 7/14/2061 GBP 72.515
Hylea Group SA 7.250 12/01/2022 EUR 3.750
Nestle Finance Inter 0.375 12/03/2040 EUR 72.053
AstraZeneca PLC 2.125 08/06/2050 USD 68.966
State of Saxony-Anha 0.500 3/24/2051 EUR 74.213
Russian Foreign Bond 4.375 3/21/2029 USD 14.807
Koninklijke Luchtvaa 0.750 CHF 20.500
Lukoil International 4.750 11/02/2026 USD 40.000
Metinvest BV 7.650 10/01/2027 USD 52.390
Norddeutsche Landesb 7.490 EUR 62.757
EYEMAXX Real Estate 5.500 4/26/2023 EUR 3.985
Slovenia Government 0.688 03/03/2081 EUR 51.385
Deutsche Lichtmiete 5.750 01/01/2023 EUR 5.000
City of Kyiv Via PBR 7.500 12/15/2022 USD 35.000
Russian Foreign Bond 4.750 5/27/2026 USD 20.495
NAK Naftogaz Ukraine 7.625 11/08/2026 USD 31.644
VEON Holdings BV 4.950 6/16/2024 USD 62.987
Aggregate Holdings S 5.500 5/17/2024 EUR 49.764
Ukraine Government I 7.750 09/01/2024 USD 35.306
Gazprom PJSC Via Gaz 7.288 8/16/2037 USD 45.000
Russian Foreign Bond 5.875 9/16/2043 USD 22.784
Rickmers Holding AG 8.875 06/11/2018 EUR 0.810
Hellenic Bank PCL 10.000 EUR 57.019
BAT International Fi 2.000 3/13/2045 EUR 67.990
Deutsche Wohnen SE 1.300 04/07/2041 EUR 71.481
Ukraine Government I 6.876 5/21/2029 USD 32.380
City of Lugano Switz 0.150 11/28/2070 CHF 53.281
Russian Foreign Bond 2.875 12/04/2025 EUR 15.191
Polski Koncern Nafto 2.875 3/25/2031 PLN 70.539
ALROSA Finance SA 4.650 04/09/2024 USD 20.000
Borets Finance DAC 6.000 9/17/2026 USD 22.635
National Grid Gas PL 1.625 1/14/2043 GBP 68.455
Dexia Credit Local S 1.206 EUR 2.906
VTB Bank OJSC Via VT 6.950 10/17/2022 USD 7.515
OGX Austria GmbH 8.375 04/01/2022 USD 0.003
Genfit 3.500 10/16/2025 EUR 25.028
European Financial S 0.050 1/18/2052 EUR 62.348
Autonomous Community 2.965 09/08/2039 JPY 67.257
MMK International Ca 4.375 6/13/2024 USD 25.000
Eurotorg LLC Via Bon 9.000 10/22/2025 USD 29.000
Sberbank of Russia V 5.125 10/29/2022 USD 100.375
Gazprom PJSC Via Gaz 4.950 3/23/2027 USD 93.000
Pentracor GmbH 8.500 5/29/2025 EUR 14.700
Phosagro OAO Via Pho 2.600 9/16/2028 USD 19.500
Air Berlin PLC 6.750 05/09/2019 EUR 0.415
Metinvest BV 7.750 4/23/2023 USD 52.020
Lehman Brothers UK C 5.125 EUR 35.000
FF Group Finance Lux 3.250 11/02/2021 CHF 6.705
Clarion Funding PLC 1.875 09/07/2051 GBP 73.826
Banco Espirito Santo 7.125 11/28/2023 EUR 0.523
Cooperatieve Raboban 0.010 11/27/2040 EUR 70.652
Societe Nationale SN 1.000 1/19/2061 EUR 63.004
BAT International Fi 4.000 11/23/2055 GBP 72.528
Gazprom PJSC via Gaz 2.950 1/27/2029 USD 24.500
Evraz PLC 5.250 04/02/2024 USD 61.050
Officine Maccaferri- 5.750 06/01/2021 EUR 16.959
City of Lausanne Swi 0.050 9/28/2054 CHF 61.630
VF Ukraine PAT via V 6.200 02/11/2025 USD 50.119
University College L 1.625 06/04/2061 GBP 75.378
Republic of Belarus 6.378 2/24/2031 USD 12.625
Novolipetsk Steel Vi 4.700 5/30/2026 USD 35.000
Gazprom PJSC Via Gaz 5.150 02/11/2026 USD 24.667
Alno AG 8.500 5/14/2018 EUR 17.864
Societe Du Grand Par 1.000 2/18/2070 EUR 64.082
Cie Generale des Eta 0.625 11/02/2040 EUR 72.227
Ukreximbank Via Biz 9.625 4/27/2022 USD 26.283
Mallinckrodt Interna 5.750 08/01/2022 USD 48.250
Land Berlin 0.050 08/06/2040 EUR 72.737
Rallye SA 1.000 2/28/2032 EUR 15.731
Land Baden-Wuerttemb 0.125 11/19/2040 EUR 73.977
ALROSA Finance SA 3.100 6/25/2027 USD 88.500
Ukreximbank Via Biz 7.623 02/09/2023 USD 31.731
Senivita Social Esta 4.000 05/12/2025 EUR 5.120
Caisse Francaise de 0.500 10/01/2046 EUR 74.427
Interpipe Holdings P 8.375 5/13/2026 USD 36.467
Ukraine Government B 10.000 8/23/2023 UAH 69.318
Republic of Belarus 6.200 2/28/2030 USD 12.750
Barclays Bank PLC 0.500 1/28/2033 MXN 32.137
Ukraine Government B 9.990 5/22/2024 UAH 55.440
Ukraine Government B 3.700 4/27/2023 USD 51.431
Uralkali OJSC Via Ur 4.000 10/22/2024 USD 20.767
Hamon & CIE SA 3.300 1/31/2035 EUR 46.000
Stichting Afwikkelin 11.250 EUR 0.622
Credit Bank of Mosco 3.100 1/21/2026 EUR 13.513
Debenhams PLC 5.250 7/15/2021 GBP 0.500
TenneT Holding BV 0.500 11/30/2040 EUR 71.292
Hellenic Republic Go 2.085 7/25/2057 EUR 37.993
Hyde Housing Associa 1.750 8/18/2055 GBP 70.226
EYEMAXX Real Estate 5.500 9/24/2024 EUR 4.013
Avangardco Investmen 10.000 10/29/2018 USD 0.348
Havila Shipping ASA 5.920 01/02/2025 NOK 32.247
Deutsche Lichtmiete 5.250 02/01/2027 EUR 10.509
Gazprom Neft OAO Via 4.375 9/19/2022 USD 31.102
Vnesheconombank Via 6.800 11/22/2025 USD 5.000
Gazprom PJSC via Gaz 3.500 7/14/2031 USD 24.667
Ukraine Government I 7.750 09/01/2026 USD 34.481
Portugal Telecom Int 6.250 7/26/2016 EUR 0.285
Yuksel Insaat AS 9.500 11/10/2015 USD 0.100
Deutsche Lichtmiete 5.250 09/01/2025 EUR 11.500
Mitsubishi UFJ Inves 3.802 12/30/2099 EUR 5.100
Privatbank CJSC Via 10.250 1/23/2018 USD 4.000
MMC Norilsk Nickel O 2.800 10/27/2026 USD 50.000
Ukreximbank Via Biz 9.750 1/22/2025 USD 41.178
Ukraine Government I 15.840 2/26/2025 UAH 55.455
Alfa Bank AO Via Alf 5.950 4/15/2030 USD 10.000
State of Bremen 0.400 8/20/2049 EUR 72.041
Severstal OAO Via St 5.900 10/17/2022 USD 31.000
Sberbank of Russia V 5.250 5/23/2023 USD 12.091
City of Lausanne Swi 0.540 11/06/2062 CHF 69.284
Hellas Telecommunica 6.054 1/15/2015 USD 0.001
Novatek OAO Via Nova 4.422 12/13/2022 USD 21.125
VTB Bank OJSC Via VT 6.250 6/30/2035 USD 22.000
Prosus NV 4.027 08/03/2050 USD 71.444
Nordiska Kreditmarkn 8.816 SEK 72.108
Gazprom PJSC Via Gaz 3.125 11/17/2023 EUR 26.939
Northern Powergrid N 1.875 6/16/2062 GBP 71.050
City of Bern Switzer 0.040 10/02/2070 CHF 54.070
ESFIL-Espirito Santo 5.250 06/12/2015 EUR 0.111
State of North Rhine 0.375 09/02/2050 EUR 71.090
Republic of Belarus 5.875 2/24/2026 USD 13.000
Credit Bank of Mosco 7.625 USD 17.750
Swissgrid AG 0.050 6/30/2050 CHF 62.655
Deutsche Lichtmiete 5.750 12/01/2023 EUR 10.000
Lehman Brothers UK C 5.750 EUR 7.000
Ukraine Government I 9.750 11/01/2028 USD 34.224
Andrade Gutierrez In 11.000 8/20/2021 USD 57.257
Bourbon Corp 8.305 EUR 0.544
Landwirtschaftliche 0.010 11/26/2040 EUR 73.012
Banca Popolare di Vi 9.500 9/29/2025 EUR 0.049
Sovcombank Via SovCo 7.600 USD 5.000
Gazprom PJSC via Gaz 3.897 EUR 18.809
Ukraine Government I 7.375 9/25/2032 USD 31.875
MMC Norilsk Nickel O 6.625 10/14/2022 USD 102.620
Lehman Brothers UK C 3.875 EUR 35.000
Phosagro OAO Via Pho 3.949 4/24/2023 USD 28.329
VTB Bank PJSC 5.000 USD 58.580
Ukraine Government B 11.670 11/22/2023 UAH 64.886
Alfa Bank AO Via Alf 5.900 USD 9.223
Global Ports Finance 6.500 9/22/2023 USD 10.000
Novolipetsk Steel Vi 1.450 06/02/2026 EUR 27.000
Land Thueringen 0.375 12/01/2051 EUR 71.050
Stichting Afwikkelin 6.250 10/26/2020 EUR 5.375
Basque Government 1.375 10/31/2070 EUR 58.642
Phosagro OAO Via Pho 3.050 1/23/2025 USD 22.500
Turkey Government In 5.750 05/11/2047 USD 72.588
Romanian Government 2.875 4/13/2042 EUR 70.280
Polyus Finance PLC 5.250 02/07/2023 USD 24.143
Muenchener Hypotheke 0.010 10/19/2039 EUR 72.280
UK Municipal Bonds A 1.625 8/26/2060 GBP 75.105
Ukraine Government B 11.000 6/21/2023 UAH 71.439
Ghelamco Invest 4.500 5/23/2022 EUR 40.010
Ukraine Government I 7.750 09/01/2023 USD 42.217
Republic of Poland G 1.750 4/25/2032 PLN 66.950
Credit Bank of Mosco 7.500 10/05/2027 USD 5.893
Thomas Cook Finance 3.875 7/15/2023 EUR 0.548
Region Wallonne Belg 0.650 1/16/2051 EUR 67.228
RTE Reseau de Transp 1.125 09/09/2049 EUR 73.434
Gazprom PJSC via Gaz 1.500 2/17/2027 EUR 27.024
Virgolino de Oliveir 10.500 1/28/2018 USD 0.010
OGX Austria GmbH 8.500 06/01/2018 USD 0.002
State Agency of Road 6.250 6/24/2028 USD 23.080
Banco Espirito Santo 2.223 EUR 0.120
Prosus NV 3.832 02/08/2051 USD 68.803
Polyus Finance PLC 3.250 10/14/2028 USD 28.050
VPV Lebensversicheru 3.477 8/17/2026 EUR 64.812
UkrLandFarming PLC 10.875 3/26/2018 USD 1.522
Hacienda Investments 5.350 02/08/2028 USD 10.024
Evraz PLC 5.375 3/20/2023 USD 60.050
Tresu Investment Hol 5.000 01/02/2025 EUR 48.800
Agrokor dd 9.875 05/01/2019 EUR 15.000
Ukraine Government I 4.375 1/27/2030 EUR 32.496
Verimatrix SA 6.000 6/29/2022 EUR 3.829
Ukraine Government B 10.950 11/01/2023 UAH 69.763
Republic of Ireland 0.995 2/24/2121 EUR 69.107
Virgolino de Oliveir 11.750 02/09/2022 USD 0.500
VTB Bank PJSC 3.750 EUR
Single Platform Inve 0.695 6/25/2039 EUR 73.664
Sovcombank Via SovCo 7.750 USD 4.969
MMC Norilsk Nickel O 4.100 04/11/2023 USD 52.115
Region de Bruxelles- 1.121 05/11/2071 EUR 66.936
Norske Skogindustrie 7.000 12/30/2026 EUR 0.010
Barclays Bank PLC 0.348 5/30/2034 USD 64.607
LSF9 Balta Issuer SA 3.000 12/31/2030 EUR 69.935
Virgolino de Oliveir 10.500 1/28/2018 USD 0.455
Tennor Finance BV 5.750 6/17/2024 EUR 75.000
Ukraine Government I 7.750 09/01/2027 USD 34.339
Alfa Bank AO Via Alf 5.500 10/26/2031 USD 8.900
MMC Norilsk Nickel O 3.375 10/28/2024 USD 50.000
Platform HG Financin 1.625 08/10/2055 GBP 70.092
EOS Imaging SA 6.000 5/31/2023 EUR 7.250
Sovcombank Via SovCo 3.400 1/26/2025 USD 5.197
New World Resources 8.000 04/07/2020 EUR 0.001
Alitalia-Societa Aer 5.250 7/30/2020 EUR 0.100
Land Berlin 0.350 09/09/2050 EUR 70.774
Fuerstenberg Capital 1.609 EUR 61.493
KTG Agrar SE 7.125 06/06/2017 EUR 1.869
Green City Energy Kr 4.000 12/30/2026 EUR 12.100
Barclays Bank PLC 2.468 11/01/2031 USD 70.729
Transcapitalbank JSC 10.000 USD 65.354
Ukraine Government I 12.520 5/13/2026 UAH 41.993
Norwegian Air Shuttl 5.000 02/07/2023 SEK 41.500
SCF Capital Designat 5.375 6/16/2023 USD 21.121
Deutsche Bank AG/Lon 1.625 10/31/2034 USD 67.727
Ukraine Government I 15.840 2/26/2025 UAH 55.455
SAS AB 5.854 SEK 27.199
Barclays Bank PLC 12.000 9/24/2025 TRY 56.192
Mallinckrodt Interna 5.500 4/15/2025 USD 53.000
BPCE SA 2.255 03/12/2040 AUD 65.557
WD Invest Sarl 1.900 10/02/2024 EUR 11.576
State of Saarland 0.050 11/05/2040 EUR 72.685
Societe Centrale des 2.500 5/15/2023 EUR 6.970
Saleza AS 9.000 07/12/2021 EUR 0.203
Cirio Finance Luxemb 7.500 11/03/2002 EUR 1.426
Elli Finance UK PLC 8.750 6/15/2019 GBP 65.125
State of Bremen 0.450 2/24/2051 EUR 72.550
Espirito Santo Finan 3.125 12/02/2018 EUR 0.290
Societe Generale SA 10.000 10/01/2036 USD 75.250
Borets Finance DAC 6.500 04/07/2022 USD 36.739
Region Wallonne Belg 1.250 6/22/2071 EUR 68.401
Russian Federal Bond 0.250 7/20/2044 RUB 50.500
Civitas Properties F 4.000 11/24/2022 EUR 65.000
Barclays Bank PLC 1.139 1/27/2031 USD 72.372
MMC Norilsk Nickel O 2.550 09/11/2025 USD 44.737
Espirito Santo Finan 9.750 12/19/2025 EUR 0.290
MFB Magyar Fejleszte 2.900 10/22/2031 HUF 70.632
Sovcombank Via SovCo 8.000 04/07/2030 USD 5.000
Veneto Banca SpA 9.878 12/01/2025 EUR 0.571
VTB Bank PJSC Via VT 9.500 USD 8.086
Canton of Neuchatel 0.100 10/29/2049 CHF 66.571
Land Berlin 0.125 11/24/2045 EUR 69.192
Cirio Holding Luxemb 6.250 2/16/2004 EUR 0.723
Metinvest BV 5.625 6/17/2025 EUR 52.484
Mobile Telesystems O 5.000 5/30/2023 USD 23.452
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.789
Spain Government Bon 1.000 10/31/2050 EUR 71.603
Solarworld AG 9.691 2/24/2019 EUR 20.875
Jain International T 7.125 3/31/2026 USD 28.000
VTB Bank PJSC 4.763 USD 58.120
Praktiker AG 5.875 02/10/2016 EUR 0.069
Privatbank CJSC Via 11.000 02/09/2021 USD 1.000
Muenchener Hypotheke 0.010 11/02/2040 EUR 71.112
Societe Generale SA 11.000 10/30/2036 USD 73.500
Corporate Commercial 8.250 08/08/2014 USD 0.308
Solon SE 1.375 12/06/2012 EUR 0.745
Gazprom PJSC via Gaz 1.850 11/17/2028 EUR 27.562
Land Thueringen 0.125 1/13/2051 EUR 65.536
Banco Santander SA 1.909 EUR 1.663
Ukraine Government I 8.994 02/01/2024 USD 37.131
Jain International T 7.125 02/01/2022 USD 22.424
Ukraine Government I 6.750 6/20/2026 EUR 32.851
Banco Espirito Santo 6.875 7/15/2016 EUR 24.500
Russian Foreign Bond 5.250 6/23/2047 USD 17.625
Offshore Drilling Ho 8.375 9/20/2020 USD 5.000
Frigoglass Finance B 6.875 02/12/2025 EUR 70.218
Credit Bank of Mosco 5.550 2/14/2023 USD 16.968
La Veggia Finance SA 7.125 11/14/2004 EUR 0.287
Barclays Bank PLC 2.328 11/29/2030 USD 70.706
Chelyabinsk Pipe Pla 4.500 9/19/2024 USD 10.000
niiio finance group 4.000 5/31/2026 EUR 75.000
LBI ehf 6.100 8/25/2011 USD 10.709
Cooperatieve Raboban 0.500 10/30/2043 MXN 13.302
Andrade Gutierrez In 9.500 12/30/2024 USD 61.375
Republic of Belarus 7.625 6/29/2027 USD 12.088
Intelsat Jackson Hol 8.500 10/15/2024 USD 44.491
Espirito Santo Finan 6.875 10/21/2019 EUR 0.244
Cirio Finanziaria Sp 8.000 12/21/2005 EUR 0.750
Landesbank Hessen-Th 1.650 5/27/2030 EUR 1.095
Novolipetsk Steel Vi 4.500 6/15/2023 USD 35.758
Vnesheconombank Via 6.025 07/05/2022 USD 5.132
Ville de Paris 0.450 10/20/2045 EUR 71.588
New World Resources 4.000 10/07/2020 EUR 0.376
Air Berlin PLC 5.625 05/09/2019 CHF 0.678
Havila Shipping ASA 5.170 01/02/2025 NOK 40.000
de Volksbank NV 0.125 11/19/2040 EUR 72.711
Mallinckrodt Interna 5.625 10/15/2023 USD 52.323
RUSNANO AO 6.750 12/12/2023 RUB 68.900
Quintet Private Bank 3.650 11/13/2023 EUR 51.300
State of Lower Austr 0.460 10/08/2049 EUR 70.445
Dexia SA 1.230 EUR 3.125
BPCE SA 1.703 EUR 65.898
Hema Bondco II BV 8.500 1/15/2023 EUR 0.113
German Pellets GmbH 7.250 07/09/2018 EUR 1.879
Land Berlin 0.100 1/18/2041 EUR 73.163
Bank Vontobel AG 15.000 11/07/2022 EUR 50.200
Nostrum Oil & Gas Fi 8.000 7/25/2022 USD 26.763
Norske Skogindustrie 2.000 12/30/2115 EUR 0.113
Banca Popolare di Vi 2.821 12/20/2017 EUR 0.100
Sairgroup Finance BV 4.375 06/08/2006 EUR 1.568
WPE International Co 10.375 9/30/2020 USD 5.000
Standard Profil Auto 6.250 4/30/2026 EUR 71.414
Free and Hanseatic C 0.200 09/03/2049 EUR 67.866
Polski Fundusz Rozwo 2.000 03/05/2030 PLN 70.306
Region de Bruxelles- 0.765 7/15/2052 EUR 69.618
German Pellets GmbH 7.250 11/27/2019 EUR 1.879
Rusal Capital DAC 5.300 05/03/2023 USD 40.000
Alpine Holding GmbH 6.000 5/22/2017 EUR 3.084
Nationale-Nederlande 0.050 11/12/2040 EUR 73.122
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
Region Wallonne Belg 1.225 09/02/2120 EUR 57.652
Ukraine Government I 9.790 5/26/2027 UAH 48.452
Bilt Paper BV 10.360 USD 1.345
Rhaetische Bahn Stam 0.050 08/03/2050 CHF 67.757
Transports Publics D 0.450 12/29/2056 CHF 66.307
Enertronica Santerno 7.000 12/31/2022 EUR 69.000
Finmek International 7.000 12/03/2004 EUR 2.193
State of Lower Austr 1.000 9/15/2121 EUR 66.969
Polyus Finance PLC 4.700 1/29/2024 USD 26.665
City of Zurich Switz 0.250 11/24/2051 CHF 72.238
Ukraine Government I 11.670 11/22/2023 UAH 64.886
Novolipetsk Steel Vi 4.000 9/21/2024 USD 30.521
OGX Austria GmbH 8.375 04/01/2022 USD 0.002
Lehman Brothers UK C 6.900 USD 3.986
Midland Heart Capita 1.831 08/12/2050 GBP 74.800
CBo Territoria 3.750 07/01/2024 EUR 4.700
Joh Friedrich Behren 6.250 6/18/2024 EUR 28.812
Vnesheconombank Via 5.942 11/21/2023 USD 5.000
Ukraine Government I 12.520 5/13/2026 UAH 41.993
Kairos Global Soluti 1.900 07/03/2035 USD 69.704
Dolphin Drilling ASA 4.490 8/28/2019 NOK 0.644
Banco Espirito Santo 6.900 6/28/2024 EUR 24.500
Russian Railways JSC 7.850 07/10/2028 RUB 68.620
Windreich GmbH 6.500 7/15/2016 EUR 4.475
Free and Hanseatic C 0.400 11/23/2051 EUR 71.297
Dtek Renewables Fina 8.500 11/12/2024 EUR 36.881
Cooperatieve Raboban 0.500 7/30/2043 MXN 13.535
State Savings Bank o 7.293 1/19/2024 USD 26.460
Andrade Gutierrez In 11.000 8/20/2021 USD 57.257
AK BARS Bank Via AK 8.000 7/13/2022 USD 24.745
Russian Foreign Bond 5.625 04/04/2042 USD 22.131
Ukraine Government B 12.520 5/13/2026 UAH 41.993
Kommunekredit 0.869 11/12/2043 SEK 68.490
KTG Agrar SE 7.250 10/15/2019 EUR 1.869
Sibur Securities DAC 4.125 10/05/2023 USD 27.036
SAir Group 5.500 7/23/2003 CHF 12.625
Golfino AG 8.000 11/18/2023 EUR 0.020
Kommunekredit 0.869 11/12/2043 SEK 68.059
State of Brandenburg 0.125 1/26/2046 EUR 69.147
CB First Investment 8.000 EUR 71.610
Turkiye Is Bankasi A 6.125 4/25/2024 USD 99.240
Russian Agricultural 8.500 10/16/2023 USD 5.026
Rusal Capital DAC 4.850 02/01/2023 USD 30.653
Lloyds Bank PLC 0.256 9/29/2034 USD 69.145
CRC Breeze Finance S 6.110 05/08/2026 EUR 31.525
Communaute Francaise 0.788 8/30/2049 EUR 68.773
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.355
Agrokor dd 9.125 02/01/2020 EUR 15.000
Assistance Publique 1.099 04/06/2071 EUR 66.427
Canton of Neuchatel 0.350 7/14/2050 CHF 71.791
Bank Nadra Via NDR F 8.250 7/31/2018 USD 0.208
State of Brandenburg 0.050 08/10/2040 EUR 72.754
Home Credit & Financ 8.000 06/01/2026 RUB 76.010
Takarek Mortgage Ban 3.000 10/22/2031 HUF 68.700
Romanian Government 3.375 1/28/2050 EUR 71.114
Assistance Publique 0.791 8/27/2051 EUR 70.834
Barclays Bank PLC 1.444 10/30/2034 USD 66.408
Stichting Afwikkelin 6.625 5/14/2018 EUR 5.375
Virgolino de Oliveir 10.875 1/13/2020 USD 36.000
Region Wallonne Belg 1.246 05/12/2070 EUR 67.180
Credit Suisse AG 0.500 12/16/2025 BRL 64.838
Region de Bruxelles- 1.100 6/22/2066 EUR 68.079
BPCE SA 2.450 2/24/2035 AUD 73.871
Pfandbriefzentrale d 0.050 10/06/2043 CHF 72.791
Grupo Isolux Corsan 1.000 12/30/2021 EUR 0.100
UBS AG/London 13.250 05/04/2022 USD 28.100
Sibur Holding PAO 1.500 10/01/2032 USD 26.000
Credit Bank of Mosco 8.875 USD 5.321
PJSC Koks via IMH Ca 5.900 9/23/2025 USD 5.660
City of Lausanne Swi 0.230 11/01/2060 CHF 61.560
Waste Italia SpA 10.500 11/15/2019 EUR 0.550
Kommunekredit 0.500 7/30/2027 TRY 20.201
BPCE SA 2.285 12/03/2035 AUD 70.970
Cattles Ltd 8.125 07/05/2017 GBP 0.027
Barclays Bank PLC 5.000 11/01/2029 BRL 62.782
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.500
V-Bank AG 4.000 EUR 62.808
BASF SE 1.025 8/13/2048 JPY 71.715
Deutsche Bank AG 0.687 10/11/2049 EUR 55.193
Kingdom of Belgium G 0.459 7/23/2079 EUR 49.689
Serbia International 2.050 9/23/2036 EUR 69.199
NTRP Via Interpipe L 10.250 08/02/2017 USD 29.088
Erotik-Abwicklungsge 7.750 07/09/2019 EUR 0.779
Hellas Telecommunica 8.500 10/15/2013 EUR 0.834
Batigere Grand Est S 1.500 12/15/2051 EUR 70.355
Basque Government 1.000 10/31/2050 EUR 66.544
VTB Bank OJSC Via VT 6.250 6/30/2035 USD 22.000
Sberbank of Russia P 7.000 03/11/2031 RUB 70.000
Bank Julius Baer & C 13.250 01/05/2023 USD 45.700
Single Platform Inve 0.656 9/20/2050 EUR 64.372
Phosphorus Holdco PL 10.000 04/01/2019 GBP 1.500
Banco Espirito Santo 2.403 EUR 0.254
Haya Real Estate SA 5.250 11/15/2022 EUR 69.708
Republic of Ireland 1.230 6/23/2121 EUR 72.610
Barclays Bank PLC 1.092 7/28/2034 USD 64.336
Privatbank CJSC Via 10.875 2/28/2018 USD 8.000
Lloyds Bank PLC 0.444 7/29/2033 USD 65.475
Bayer Construct Epit 3.700 10/21/2031 HUF
Societe Nationale SN 1.280 3/27/2120 EUR 55.832
Turkey Government Bo 1.500 10/09/2024 TRY
VTB Bank PJSC 3.750 EUR 56.000
Ukraine Government B 3.700 12/22/2022 USD 68.002
VTB Bank PJSC 7.600 04/02/2031 RUB 62.000
Stichting Afwikkelin 2.275 EUR 0.622
A-TEC Industries AG 8.750 10/27/2014 EUR 0.100
Sibur Securities DAC 2.950 07/08/2025 USD 27.454
J&T Energy Financing 4.250 2/18/2027 EUR 76.358
Irish Bank Resolutio 0.566 6/21/2016 EUR 0.500
Norwegian Air Shuttl 6.375 11/15/2024 USD 46.912
Russian Post FGUP 5.070 11/17/2023 RUB 60.090
BOA Offshore AS 0.409 7/17/2047 NOK 5.256
Agrokor dd Via Aquar 4.921 08/08/2017 EUR 14.625
Infogroup Holding Kf 3.000 5/20/2031 HUF 65.350
Moby SpA 7.750 2/15/2023 EUR 73.501
State of Brandenburg 0.300 10/04/2049 EUR 70.086
Muenchener Hypotheke 0.250 10/31/2044 CHF 73.117
Green City Energy Kr 5.000 12/31/2036 EUR 12.100
SiC Processing GmbH 7.125 03/01/2016 EUR 1.449
Ukraine Government I 11.670 11/22/2023 UAH 64.886
Orient Express Bank 2.000 USD 19.964
Serbia International 1.650 03/03/2033 EUR 72.261
Resa SA/Belgium 1.950 7/22/2036 EUR 50.010
Kingdom of Belgium G 1.170 05/12/2121 EUR 67.133
Alno AG 8.000 3/21/2019 EUR 15.000
Free and Hanseatic C 0.300 9/16/2050 EUR 69.504
Russian Foreign Bond 5.875 9/16/2043 USD 22.460
Region Wallonne Belg 1.000 9/16/2059 EUR 67.473
BPCE SA 2.550 06/09/2035 AUD 74.232
Steilmann SE 7.000 9/23/2018 EUR 1.429
Caisse des Depots et 0.398 12/15/2050 EUR 71.135
Romanian Government 2.625 12/02/2040 EUR 69.869
SCF Capital Designat 3.850 4/26/2028 USD 15.114
Bulgaria Steel Finan 12.000 05/04/2013 EUR 0.216
Credit Agricole SA 3.000 1/28/2041 AUD 65.333
Barclays Bank PLC 1.072 12/30/2030 USD 72.051
Ukraine Government I 10.000 8/23/2023 UAH 69.318
NRW Bank 0.106 8/17/2050 EUR 67.539
VIS Finance LLC 9.150 3/22/2024 RUB 71.800
OR PJSC 12.000 9/22/2022 RUB 18.700
Del Monte Finance Lu 6.625 5/24/2006 EUR 4.335
LP Portfolio Vagyonk 3.400 9/23/2031 HUF 60.000
Ukraine Government I 7.750 09/01/2027 USD 34.249
MOL Hungarian Oil & 1.900 04/12/2031 HUF 61.700
Steilmann SE 7.000 03/09/2017 EUR 1.429
Russian Foreign Bond 1.850 11/20/2032 EUR 15.093
Societe Du Grand Par 0.576 10/29/2052 EUR 67.123
Republic of Ireland 1.320 11/28/2119 EUR 61.265
Deutsche Bank AG 1.725 1/16/2045 EUR 63.078
SNCF Reseau 1.425 8/14/2119 EUR 66.025
Russian Foreign Bond 4.875 9/16/2023 USD 26.319
DZ Bank AG Deutsche 0.550 4/29/2024 EUR 42.126
Ville de Paris 0.831 2/23/2056 EUR 69.708
Romanian Government 3.375 1/28/2050 EUR 71.135
Credit Suisse Intern 9.500 3/24/2026 UAH 63.550
Ahtium PLC 4.000 12/16/2015 EUR 0.586
Region de Bruxelles- 0.592 12/10/2061 EUR 58.432
DekaBank Deutsche Gi 7.650 03/10/2023 EUR 32.330
Leonteq Securities A 8.380 7/20/2022 CHF 40.600
Virgolino de Oliveir 11.750 02/09/2022 USD 0.500
Regie Autonome des T 0.938 5/25/2050 EUR 72.761
Ukraine Government B 3.890 02/02/2023 USD 63.855
Kingdom of Belgium G 0.650 6/22/2071 EUR 57.924
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Barclays Bank PLC 10.200 2/16/2023 USD 51.200
Grupo Isolux Corsan 6.000 12/30/2021 EUR 0.263
Windreich GmbH 6.250 03/01/2015 EUR 4.475
Ville de Paris 0.850 08/04/2051 EUR 73.425
Turkey Government In 4.875 4/16/2043 USD 68.838
Espirito Santo Finan 5.050 11/15/2025 EUR 0.290
Van Lanschot Kempen 1.410 04/04/2024 EUR 100.150
OR PJSC 12.000 11/14/2024 RUB 17.380
Windreich GmbH 6.500 03/01/2015 EUR 4.475
Gebr Sanders GmbH & 8.750 10/22/2018 EUR 9.375
Landeskreditbank Bad 0.610 11/17/2050 EUR 73.636
Legenda OOO 9.950 04/08/2025 RUB 70.100
Russian Foreign Bond 4.375 3/21/2029 USD 13.000
Assistance Publique 0.634 8/27/2045 EUR 73.190
Finance and Credit B 9.250 1/25/2019 USD 0.001
Windreich GmbH 6.750 03/01/2015 EUR 4.475
WEB Windenergie AG 2.250 9/25/2028 EUR 0.010
DZ Bank AG Deutsche 11.680 8/26/2022 EUR 51.470
Norske Skog Holding 8.000 2/24/2021 EUR 0.006
Romanian Government 2.750 4/14/2041 EUR 70.442
Region de Bruxelles- 0.444 3/19/2057 EUR 55.173
Single Platform Inve 0.363 2/15/2041 EUR 67.233
Depfa Funding II LP 6.500 EUR 61.379
Credit Bank of Mosco 7.121 6/25/2024 USD 20.909
Intelsat Jackson Hol 9.750 7/15/2025 USD 44.512
Societe Generale SA 21.000 12/23/2022 USD 62.800
Joh Friedrich Behren 7.750 11/11/2020 EUR 29.250
German Pellets GmbH 7.250 04/01/2016 EUR 1.879
Sairgroup Finance BV 6.625 10/06/2010 EUR 1.568
Pescanova SA 5.125 4/20/2017 EUR 0.319
Alpine Holding GmbH 5.250 07/01/2015 EUR 3.084
Ukraine Government I 7.253 3/15/2033 USD 32.250
State of Rhineland-P 0.375 7/20/2048 EUR 70.368
Agrokor dd 8.875 02/01/2020 USD 15.000
Rio Forte Investment 4.000 7/22/2014 EUR 4.411
Stichting Afwikkelin 8.450 8/20/2018 USD 5.375
Futureal Development 3.500 11/16/2036 HUF 74.000
Vontobel Financial P 9.400 5/13/2022 EUR 41.970
Credit Bank of Mosco 4.500 7/15/2022 RUB 61.020
Societe Generale SA 17.604 8/24/2023 USD 48.500
Credit Bank of Mosco 5.150 2/20/2024 EUR 14.965
Land Baden-Wuerttemb 0.375 7/20/2048 EUR 71.570
Grenke Finance PLC 0.819 2/15/2030 EUR 70.853
Region Hauts-de-Fran 0.402 2/18/2043 EUR 72.009
Republic of Ireland 0.740 11/27/2120 EUR 50.909
Centrosolar Group AG 7.000 2/15/2016 EUR 2.505
Single Platform Inve 1.023 2/15/2046 EUR 73.867
Sibur Securities DAC 3.450 9/23/2024 USD 38.000
Steilmann SE 6.750 6/27/2017 EUR 2.184
State of Mecklenburg 0.239 11/17/2070 EUR 57.921
Cooperatieve Raboban 0.500 10/29/2027 MXN 59.186
Aralco Finance SA 10.125 05/07/2020 USD 3.224
Spain Government Bon 1.450 10/31/2071 EUR 64.379
UBS AG/London 16.000 12/29/2022 CHF 67.150
Alteo Nyrt 3.150 10/28/2029 HUF 66.700
Slovenia Government 1.175 2/13/2062 EUR 73.031
Republic of Ireland 0.835 07/08/2080 EUR 70.406
Societe Du Grand Par 1.149 04/08/2069 EUR 65.831
Single Platform Inve 1.150 5/25/2066 EUR 70.979
Regie Autonome des T 0.875 8/18/2080 EUR 76.050
BNG Bank NV 10.010 6/17/2025 TRY 54.948
Muenchener Hypotheke 0.550 2/18/2046 CHF 71.360
ITK Holding zrt 2.900 6/23/2031 HUF 63.100
Credit Bank of Mosco 0.010 10/27/2023 RUB
Lloyds Bank PLC 1.836 10/25/2033 USD 67.981
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.286
Autonomous Community 1.744 07/01/2061 EUR 70.504
EFG International Fi 8.000 06/10/2022 CHF 63.250
WEB Windenergie AG 4.500 EUR 0.010
Caixa Economica Mont 5.000 EUR 50.010
Specialfastigheter S 1.120 2/19/2044 SEK 68.395
Grand Delta Habitat 1.285 11/06/2040 EUR 73.270
Minicentrales Dos SA 0.010 06/06/2047 EUR 59.125
Haya Real Estate SA 5.125 11/15/2022 EUR 69.769
Batigere Grand Est S 1.400 8/31/2050 EUR 67.280
Autonomous Community 1.138 11/22/2052 EUR 67.880
Region Wallonne Belg 1.550 4/28/2120 EUR 67.961
Chelyabinsk Pipe Pla 7.900 06/08/2027 RUB 92.660
Single Platform Inve 0.932 2/15/2041 EUR 73.575
Elli Finance UK PLC 8.750 6/15/2019 GBP 65.125
Kardan NV 6.325 2/21/2021 ILS
Air Berlin Finance B 8.500 03/06/2019 EUR 0.401
Region de Bruxelles- 0.640 7/20/2045 EUR 71.748
Slovenia Government 0.488 10/20/2050 EUR 64.683
Single Platform Inve 1.548 10/31/2050 EUR 58.911
Golden Gate AG 6.500 10/11/2014 EUR 33.000
Societe Generale SA 10.000 5/31/2034 USD 71.750
B+N Referencia Ipari 3.500 6/24/2031 HUF 70.200
Lloyds Bank PLC 0.500 7/26/2028 MXN 55.105
Single Platform Inve 0.559 2/15/2047 EUR 64.605
State of Hesse 0.227 8/20/2049 EUR 67.122
Thomas Cook Group PL 6.250 6/15/2022 EUR 0.518
BPCE SA 2.315 11/19/2035 AUD 71.296
JP Morgan Structured 12.000 01/04/2027 ZMW
Societe Generale SA 8.600 7/29/2022 USD 43.800
Credit Suisse AG/Lon 4.700 11/30/2022 USD 9.523
COFIDUR SA 0.100 12/31/2024 EUR 24.050
VTB Bank PJSC 13.000 RUB 65.050
OGX Austria GmbH 8.500 06/01/2018 USD 0.002
French Republic Gove 0.500 5/25/2072 EUR 54.457
Ville de Paris 0.650 11/25/2070 EUR 56.173
International Financ 0.500 6/29/2027 ZAR 63.921
Nostrum Oil & Gas Fi 7.000 2/16/2025 USD 27.428
Deutsche Bank AG/Lon 0.348 11/26/2034 USD 61.681
Baromfi-Coop Termelo 3.000 7/19/2031 HUF 72.500
Leonteq Securities A 8.510 5/27/2022 USD 26.580
Maxima Telecom 10.750 7/14/2026 RUB 65.020
Hell Energy Magyaror 3.000 7/28/2031 HUF 73.400
SALVATOR Vermoegensv 9.500 EUR 7.400
Russian Railways JSC 10.150 9/20/2039 RUB 60.080
Single Platform Inve 0.745 2/15/2047 EUR 68.041
UniCredit Bank AG 4.450 4/29/2022 EUR 66.000
State of Lower Austr 0.400 10/13/2050 EUR 68.249
Region de Bruxelles- 0.910 1/31/2053 EUR 72.257
International Bank o 8.250 10/09/2024 USD 60.375
Russian Railways JSC 9.130 4/29/2043 RUB 60.080
Zurcher Kantonalbank 15.200 9/21/2022 USD 30.560
Russian Railways JSC 9.730 8/18/2033 RUB 60.080
Minicentrales Dos SA 0.010 06/06/2047 EUR 66.875
Barclays Bank PLC 1.092 7/28/2031 USD 70.812
Region Wallonne Belg 0.638 6/21/2047 EUR 69.145
Russian Foreign Bond 4.500 04/04/2022 USD 23.326
Transports Publics N 0.320 10/28/2037 CHF 71.673
Ukraine Government I 9.790 5/26/2027 UAH 48.452
Cooperatieve Raboban 0.500 1/31/2033 MXN 34.614
Ukraine Government I 10.000 8/23/2023 UAH 69.318
Communaute Francaise 1.010 7/19/2051 EUR 72.337
Ukraine Government B 10.710 4/26/2028 UAH 30.492
Finland Government B 0.125 4/15/2052 EUR 67.061
Espirito Santo Finan 5.050 11/15/2025 EUR 0.290
UkrLandFarming PLC 10.875 3/26/2018 USD 1.522
UBS AG/London 6.500 8/15/2022 USD 58.700
Banque International 15.000 01/05/2023 EUR 39.160
Republic of Belarus 5.875 2/24/2026 USD 13.000
Single Platform Inve 0.740 04/01/2042 EUR 73.313
O1 Properties Financ 0.500 9/27/2028 USD 6.203
Single Platform Inve 0.833 2/15/2041 EUR 73.593
Bibby Offshore Servi 7.500 6/15/2021 GBP 11.625
Portugal Obrigacoes 1.000 04/12/2052 EUR 69.055
BNP Paribas SA 0.500 11/16/2032 MXN 31.610
getgoods.de AG 7.750 10/02/2017 EUR 0.527
Veneto Banca SpA 6.411 EUR 0.345
DZ Bank AG Deutsche 4.000 6/24/2022 EUR 73.560
VTB Bank PJSC 0.010 05/01/2025 RUB 62.510
OR PJSC 11.500 7/28/2024 RUB 18.380
BNP Paribas Issuance 5.000 11/05/2024 EUR 38.680
Region Wallonne Belg 1.222 6/24/2080 EUR 62.757
Republic of Ireland 0.740 9/22/2078 EUR 67.472
Krakowski Bank Spold 8.020 9/20/2023 PLN 70.000
Intelsat Jackson Hol 9.750 7/15/2025 USD 44.512
State of Saxony-Anha 0.475 9/30/2050 EUR 72.604
National Grid Electr 1.690 9/16/2041 GBP 72.604
BNP Paribas SA 0.500 9/29/2029 AUD 72.006
Region de Bruxelles- 0.808 1/31/2050 EUR 70.848
Rio Forte Investment 4.750 11/10/2015 EUR 4.423
Lehman Brothers Trea 1.214 10/05/2035 EUR 0.100
Wirtschafts- und Inf 0.500 8/28/2046 EUR 72.908
Ville de Paris 0.758 8/20/2060 EUR 64.997
BNP Paribas SA 20.200 5/31/2022 USD 37.750
Luzerner Kantonalban 23.000 06/07/2022 CHF 21.370
DZ Bank AG Deutsche 8.900 6/24/2022 EUR 71.000
Deutsche Bank AG/Lon 13.750 6/20/2026 TRY 46.958
Ukraine Government I 9.990 5/22/2024 UAH 55.440
Specialfastigheter S 1.180 12/02/2044 SEK 69.769
Republic of Austria 0.700 4/20/2071 EUR 66.342
Astana Finance BV 7.875 06/08/2010 EUR 16.000
Republic of Belarus 6.200 2/28/2030 USD 13.000
Russian Railways JSC 6.850 07/05/2027 RUB 67.800
Gazprombank JSC 5.650 6/27/2024 RUB 76.150
Credit Suisse AG/Lon 5.800 7/26/2023 USD 9.570
Wingholding Zrt 3.000 9/22/2031 HUF 63.400
Credit Suisse AG/Lon 8.450 06/07/2023 USD 9.770
Hell Energy Magyaror 2.700 12/18/2029 HUF 65.900
DekaBank Deutsche Gi 7.050 4/28/2023 EUR 52.150
Russian Post FGUP 2.750 12/06/2023 RUB 60.090
Decipher Production 12.500 9/27/2019 USD 1.500
Ukraine Government B 3.900 10/05/2023 USD 41.225
Sequa Petroleum NV 5.000 4/29/2020 USD 30.250
Ministeries Van de V 0.634 11/19/2060 EUR 60.641
Grand Delta Habitat 1.500 09/01/2049 EUR 71.526
VTB Bank PJSC 11.250 05/06/2037 RUB 58.000
SkyGreen Buildings K 3.000 12/29/2030 HUF 67.300
VTB Bank PJSC 10.000 RUB 50.030
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.500
Republic of Austria 0.850 6/30/2120 EUR 55.709
Peine GmbH 2.000 07/05/2023 EUR 44.500
Region de Bruxelles- 0.562 12/23/2065 EUR 53.623
Alpine Holding GmbH 5.250 06/10/2016 EUR 3.084
State of Lower Austr 0.550 11/13/2080 EUR 50.547
Luminis SA 1.800 09/02/2059 EUR 54.195
National Treasury Ma 1.190 10/07/2101 EUR 71.324
Agrokor dd 9.125 02/01/2020 EUR 15.000
Portugal Telecom Int 5.242 11/06/2017 EUR 0.694
Russian Foreign Bond 4.750 5/27/2026 USD 20.313
Communaute Francaise 1.000 10/08/2069 EUR 60.344
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
UBS AG/London 0.120 5/25/2040 MXN 14.308
Corner Banca SA 6.600 08/02/2022 CHF 24.430
AKB Peresvet ZAO 0.510 2/14/2032 RUB 13.000
Veragold Mining Co G 5.000 12/31/2022 EUR 56.000
Retail Bel Finance L 10.350 03/05/2026 RUB 77.550
TBI Bank EAD 5.250 7/30/2031 EUR 56.225
Agrokor dd 9.875 05/01/2019 EUR 15.000
Ahtium PLC 9.750 04/04/2017 EUR 0.726
Ministeries Van de V 1.095 06/03/2055 EUR 72.593
Deutsche Agrar Holdi 7.250 9/28/2018 EUR 0.726
Region Wallonne Belg 1.135 10/10/2069 EUR 64.896
Communaute Francaise 0.392 1/22/2041 EUR 70.874
A-TEC Industries AG 2.750 05/10/2014 EUR 0.100
Depfa Funding III LP 0.235 EUR 61.051
Region de Bruxelles- 1.020 4/30/2060 EUR 69.022
Ukreximbank Via Biz 7.623 02/09/2023 USD 31.731
Societe Generale SA 18.000 05/02/2024 USD 36.850
Landesbank Baden-Wue 3.300 11/25/2022 EUR 67.870
DZ Bank AG Deutsche 12.200 9/23/2022 EUR 74.250
DZ Bank AG Deutsche 5.800 9/23/2022 EUR 75.510
DeltaCredit Bank JSC 1.000 5/18/2026 RUB 55.860
Pongs & Zahn AG 8.500 11/01/2014 EUR 0.130
Ukraine Government I 9.990 5/22/2024 UAH 55.440
Ukraine Government B 10.570 05/10/2027 UAH 33.412
Region Wallonne Belg 1.165 6/29/2059 EUR 70.131
Specialfastigheter S 1.280 9/20/2049 SEK 66.978
Communaute Francaise 1.581 1/23/2120 EUR 65.334
Mox Telecom AG 7.250 11/02/2017 EUR 2.270
OR PJSC 11.000 12/29/2024 RUB 15.610
SFO VTB Investment P 0.010 03/10/2023 RUB 79.000
Retail Bel Finance L 9.450 5/28/2025 RUB 81.500
Skandinaviska Enskil 9.500 7/17/2023 SEK 68.430
Sberbank of Russia P 0.010 6/22/2028 RUB 54.900
Trans-Sped Logisztik 2.500 3/16/2030 HUF
Credit Bank of Mosco 0.010 9/18/2023 RUB
Russian Railways JSC 9.390 2/28/2040 RUB 60.080
JP Morgan Structured 11.000 12/30/2026 ZMW 67.712
Dr Wiesent Sozial gG 7.000 EUR 0.011
Ukraine Government I 7.750 09/01/2026 USD 34.497
Ukraine Government B 8.120 11/10/2035 UAH 18.336
Single Platform Inve 0.924 2/18/2049 EUR 66.881
Wirtschafts- und Inf 0.200 12/14/2045 EUR 68.437
Ukraine Government B 12.940 2/14/2024 UAH 62.921
KPNQwest NV 10.000 3/15/2012 EUR 0.453
Hungary Government I 1.500 11/17/2050 EUR 64.948
Harp Issuer PLC 1.400 2/14/2032 USD 72.366
Officine Maccaferri- 5.750 06/01/2021 EUR 16.959
LSF9 Balta Issuer SA 3.000 12/31/2030 EUR 69.935
Russian Railways JSC 9.130 5/29/2035 RUB 79.000
Societe Generale SA 17.000 1/17/2030 USD 63.700
Erste Group Bank AG 4.500 10/15/2022 EUR 58.900
Leonteq Securities A 7.500 6/28/2022 CHF 67.640
Erste Group Bank AG 4.100 4/30/2022 EUR 34.750
UBS AG/London 9.750 3/17/2023 CHF 46.050
United Engine Corp J 11.500 6/26/2024 RUB 61.070
SAir Group 4.250 02/02/2007 CHF 12.625
Republic of Belarus 6.378 2/24/2031 USD 13.333
Russian Foreign Bond 5.100 3/28/2035 USD 14.167
KPNQwest NV 8.875 02/01/2008 EUR 0.453
Ukraine Government B 11.780 5/27/2026 UAH 40.269
CDC Habitat SEM 0.853 2/15/2041 EUR 71.064
Heta Asset Resolutio 7.500 12/31/2023 ATS 4.870
OPUS TIGAZ Gazhaloza 2.800 3/24/2031 HUF 73.200
Societe Generale SA 15.000 05/02/2024 USD 31.950
Bank Vontobel AG 20.504 05/12/2022 CHF 55.000
VTB Bank PJSC 10.000 RUB 62.000
RENE LEZARD Mode Gmb 7.250 11/25/2017 EUR 0.111
DekaBank Deutsche Gi 3.970 02/09/2023 EUR 72.750
Credit Suisse AG/Lon 4.450 6/28/2023 USD 9.210
DZ Bank AG Deutsche 12.640 5/27/2022 EUR 59.350
Credit Suisse AG/Lon 4.710 8/24/2022 USD 9.820
Landesbank Baden-Wue 3.900 6/24/2022 EUR 65.190
VTB Bank PJSC 8.400 5/21/2030 RUB 65.000
Russian Railways JSC 9.390 2/28/2040 RUB 60.080
VTB Bank PJSC 0.010 11/18/2025 RUB 55.050
Sberbank of Russia P 0.010 11/30/2028 RUB 55.700
Leonteq Securities A 22.220 9/16/2022 CHF 41.620
Kalita OOO 13.000 8/18/2024 RUB 8.300
Russian Railways JSC 9.130 11/29/2028 RUB 60.080
SAir Group 0.125 07/07/2005 CHF 12.625
Ukraine Government B 11.290 11/10/2025 UAH 42.945
Barclays Bank PLC 0.475 2/28/2034 USD 67.579
Ville de Paris 0.921 5/26/2053 EUR 73.312
Republic of Poland G 1.250 10/25/2030 PLN 68.085
Cooperatieve Raboban 0.500 11/30/2027 MXN 58.121
Vontobel Financial P 7.500 12/23/2022 USD 60.500
Russian Railways JSC 9.130 06/08/2028 RUB 60.080
Sonnedix Energy Tau 2.200 12/31/2038 EUR 75.000
DVM Construction Fov 3.000 7/29/2030 HUF 66.500
UBS AG/London 8.250 11/21/2022 CHF 57.900
Bank Vontobel AG 11.000 02/06/2023 CHF 49.100
Societe Generale Eff 4.000 11/22/2022 USD 56.630
BF Garant-Invest OOO 10.000 12/25/2023 RUB 72.210
VTB Bank PJSC 0.010 10/06/2023 RUB 65.010
RUSAL Bratsk OJSC 0.010 04/07/2026 RUB 65.510
WEB Windenergie AG 6.250 EUR 0.010
Norske Skog Holding 8.000 2/24/2021 EUR 0.006
Barclays Bank PLC 1.072 12/30/2030 USD 68.125
Veneto Banca SpA 6.950 2/25/2025 EUR 0.571
Rena GmbH 7.000 12/15/2015 EUR 2.096
Republic of Ireland 0.810 07/10/2079 EUR 69.787
ECM Real Estate Inve 5.000 10/09/2011 EUR 15.375
City of Kyiv Via PBR 7.500 12/15/2022 USD 35.000
Banca Popolare di Vi 9.500 10/02/2025 EUR 0.049
Vasakronan AB 2.400 6/20/2044 SEK 72.293
Region de Bruxelles- 0.731 8/25/2060 EUR 61.161
A-TEC Industries AG 5.750 11/02/2010 EUR 0.100
Ukraine Government B 12.300 07/03/2024 UAH 54.171
New World Resources 8.000 04/07/2020 EUR 0.001
Cie Generale de Navi 0.350 12/29/2056 CHF 63.969
Kalita OOO 13.000 9/21/2025 RUB 8.800
Naftatrans Plyus OOO 12.000 2/20/2026 RUB 76.800
State of Saxony-Anha 1.258 07/03/2028 EUR 60.000
Societe Generale SA 21.660 2/24/2028 USD 71.750
Eltex Kft 3.500 12/21/2028 HUF 72.250
Leonteq Securities A 6.770 5/27/2022 USD 52.360
UBS AG/London 6.500 10/02/2024 USD 71.500
Takarek Mortgage Ban 3.000 8/21/2030 HUF 71.300
Credit Suisse AG/Lon 18.500 12/14/2026 USD 68.240
Sberbank of Russia P 0.010 11/13/2026 TRY 67.100
Nordea Bank Abp 5.813 7/20/2024 SEK 68.100
Federal Grid Co Unif 9.390 3/23/2050 RUB 62.480
Federal Grid Co Unif 9.390 3/23/2050 RUB 61.880
Leonteq Securities A 14.000 02/03/2023 CHF 58.330
MET Hungary Solar Pa 3.800 12/02/2031 HUF 72.900
Societe Generale SA 2.050 12/02/2035 USD 68.315
Ukraine Government I 7.750 09/01/2023 USD 41.855
Societe Generale SA 2.200 12/17/2040 USD 71.490
Region de Bruxelles- 0.274 12/11/2040 EUR 72.374
BPCE SA 2.250 3/13/2040 AUD 66.373
Turkey Government Bo 11.700 11/13/2030 TRY 64.450
French Republic Gove 0.750 5/25/2053 EUR 73.980
Ukraine Government B 11.800 3/25/2026 UAH 41.368
Lehman Brothers Trea 2.000 3/16/2035 EUR 0.100
Bulgaria Steel Finan 12.000 05/04/2013 EUR 0.216
Lehman Brothers Trea 2.875 3/14/2013 CHF 0.100
Norske Skogindustrie 7.125 10/15/2033 USD 0.010
New World Resources 4.000 10/07/2020 EUR 0.376
Mriya Agro Holding P 9.450 4/19/2018 USD 4.667
Deutsche Bank AG/Lon 0.500 10/18/2038 MXN 15.142
Nordea Bank Abp 4.100 7/20/2023 SEK 50.880
Takarek Mortgage Ban 2.600 10/22/2028 HUF 74.500
Federal Grid Co Unif 10.150 09/07/2048 RUB 60.080
Russian Railways JSC 10.150 9/19/2033 RUB 71.000
MS Deutschland Betei 6.875 12/18/2017 EUR 0.700
SG Issuer SA 6.130 1/20/2024 SEK 73.440
Maxima Telecom 9.750 5/21/2024 RUB 61.850
Pannon Work Szemelyz 3.000 10/30/2030 HUF 67.500
DZ Bank AG Deutsche 4.050 5/27/2022 EUR 79.430
VTB Bank PJSC 0.010 6/17/2026 RUB
SAir Group 5.125 03/01/2003 CHF 12.750
Vontobel Financial P 6.500 6/24/2022 EUR 71.830
UniCredit Bank AG 4.500 10/26/2022 EUR 74.220
Raiffeisen Schweiz G 9.500 05/02/2023 CHF 76.590
Credit Suisse AG/Lon 13.700 9/25/2023 USD 48.290
Muehl Product & Serv 6.750 03/10/2005 DEM 0.104
Commerzbank AG 0.060 11/19/2029 EUR 75.330
Ukraine Government B 8.750 2/16/2033 UAH 20.402
Norske Skogindustrie 7.125 10/15/2033 USD 0.010
Banco Espirito Santo 10.000 12/06/2021 EUR 0.523
Hungary Government B 4.000 4/28/2051 HUF 64.963
UBS AG/London 5.520 4/29/2041 USD 57.993
Region de Bruxelles- 1.225 6/21/2070 EUR 70.351
Credito Padano Banca 3.100 EUR 34.008
Kreditanstalt fuer W 0.693 02/08/2050 EUR 70.954
Credit Agricole SA 3.270 10/05/2041 AUD 69.155
Societe Generale SA 2.050 2/22/2031 AUD 75.043
Region de Bruxelles- 0.845 9/30/2059 EUR 63.552
Waste Italia SpA 10.500 11/15/2019 EUR 0.550
Aargau Verkehr AG 0.270 11/29/2049 CHF 73.534
Societe Generale SA 5.000 01/10/2023 USD 42.470
Zurcher Kantonalbank 21.250 10/04/2022 CHF 71.100
DekaBank Deutsche Gi 11.200 12/23/2022 EUR 48.370
Russian Post FGUP 6.600 11/13/2030 RUB 67.260
VTB Bank PJSC 2.000 11/10/2023 RUB 62.010
Societe Generale SA 10.000 6/28/2034 USD 70.250
UniCredit Bank AG 4.500 10/05/2022 EUR 59.060
DekaBank Deutsche Gi 5.970 02/09/2023 EUR 67.180
Leonteq Securities A 24.020 6/29/2022 CHF 30.130
Zurcher Kantonalbank 3.000 09/06/2022 EUR 73.810
BNP Paribas Issuance 6.310 07/05/2023 SEK 73.050
UniCredit Bank AG 6.600 7/20/2028 EUR 38.290
DekaBank Deutsche Gi 5.600 4/25/2022 EUR 61.620
Zurcher Kantonalbank 6.000 4/14/2023 CHF 63.390
Societe Generale SA 24.000 11/20/2025 USD 68.150
Opus Global Nyrt 2.800 10/29/2029 HUF 74.500
UniCredit Bank AG 4.750 12/04/2023 EUR 71.290
SFO VTB Investment P 0.010 11/13/2023 RUB 65.000
Northland Resources 15.000 7/15/2019 USD 2.621
Ukraine Government B 6.000 4/23/2031 UAH 15.570
Single Platform Inve 0.815 04/01/2042 EUR 69.695
Solarwatt GmbH 7.000 11/01/2015 EUR 15.500
Ukraine Government B 12.500 3/27/2024 UAH 60.954
Societe Generale SA 2.696 6/30/2035 USD 66.219
NatWest Markets PLC 0.576 8/18/2031 USD 71.123
Agence Francaise de 0.368 01/12/2046 EUR 73.998
Region de Bruxelles- 1.040 05/03/2061 EUR 69.901
Autonomous Community 1.089 10/31/2049 EUR 70.284
Ministeries Van de V 0.400 11/20/2043 EUR 71.847
Region Wallonne Belg 1.150 09/02/2120 EUR 54.319
Single Platform Inve 0.810 04/01/2042 EUR 72.111
BPCE SA 2.250 3/13/2040 AUD 65.927
Heta Asset Resolutio 0.297 12/31/2023 EUR 4.870
Communaute Francaise 1.040 7/19/2101 EUR 65.143
Societe Nationale SN 1.400 5/18/2120 EUR 60.623
Lehman Brothers Trea 11.000 12/20/2017 AUD 0.100
DZ Bank AG Deutsche 9.410 8/26/2022 EUR 34.070
Skandinaviska Enskil 6.500 1/15/2024 SEK 74.850
SG Issuer SA 6.940 1/20/2025 SEK 66.920
Federal Grid Co Unif 9.730 4/27/2048 RUB 60.080
VTB Bank PJSC 0.010 5/19/2024 RUB 51.850
VTB Bank PJSC 0.010 04/05/2024 RUB 68.010
Skandinaviska Enskil 8.600 7/17/2023 SEK 67.490
DZ Bank AG Deutsche 18.800 9/23/2022 EUR 69.630
Leonteq Securities A 21.420 05/11/2022 CHF 23.180
Credit Suisse AG/Lon 13.250 05/04/2022 USD 41.290
Leonteq Securities A 6.300 7/17/2023 EUR 77.590
Credit Suisse AG/Lon 10.000 7/22/2022 CHF 21.220
DZ Bank AG Deutsche 11.500 6/24/2022 EUR 71.110
EFG International Fi 10.600 8/23/2023 EUR 63.630
Severo-Zapadnaya Kon 12.150 9/26/2031 RUB 57.010
Progress Etteremhalo 3.000 9/18/2030 HUF 71.300
Russian Railways JSC 5.910 10/15/2040 RUB 60.080
Norske Skog Holding 8.000 2/24/2023 USD 0.006
Espirito Santo Finan 0.606 10/27/2024 EUR 0.297
Muenchener Hypotheke 1.010 08/06/2044 EUR 71.856
Region de Bruxelles- 0.540 9/13/2044 EUR 71.309
Wirtschafts- und Inf 0.138 8/23/2044 EUR 67.837
Credit Agricole Corp 2.610 7/27/2050 USD 69.041
Pescanova SA 8.750 2/17/2019 EUR 0.319
Region de Bruxelles- 0.690 6/22/2050 EUR 68.414
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Region Wallonne Belg 0.850 1/26/2071 EUR 56.209
Lehman Brothers Trea 8.000 10/23/2008 USD 0.100
Akademiska Hus AB 1.252 2/13/2043 SEK 70.912
Agence Francaise de 2.360 1/30/2045 AUD 74.430
Cooperatieve Raboban 0.500 12/29/2027 MXN 57.486
Single Platform Inve 0.780 2/15/2040 EUR 73.770
Credit Agricole SA 3.000 1/19/2041 AUD 63.254
Communaute Francaise 0.782 02/08/2061 EUR 59.714
Ukraine Government B 6.000 11/12/2025 UAH 33.900
Agrokor dd 8.875 02/01/2020 USD 15.000
Ukraine Government B 9.500 3/19/2025 UAH 45.516
Ukraine Government B 11.970 4/16/2025 UAH 48.706
Single Platform Inve 1.075 6/26/2052 EUR 73.029
Credit Suisse AG/Lon 8.500 09/09/2022 EUR 67.540
Skandinaviska Enskil 8.300 7/17/2023 SEK 67.170
Credit Suisse AG/Lon 10.000 11/30/2022 CHF 34.400
VTB Bank PJSC 0.010 9/14/2024 RUB 55.440
Landesbank Baden-Wue 4.050 3/24/2023 EUR 37.300
DekaBank Deutsche Gi 2.600 08/12/2022 EUR 74.420
B+N Referencia Ipari 2.900 12/20/2029 HUF 68.900
Russian Railways JSC 9.130 5/20/2044 RUB 60.080
Credit Bank of Mosco 0.010 12/19/2022 RUB 62.000
Credit Bank of Mosco 4.000 7/15/2022 RUB 61.000
DZ Bank AG Deutsche 5.000 6/24/2022 EUR 72.880
Bank Julius Baer & C 22.500 05/03/2022 CHF 47.200
Credit Suisse AG/Lon 4.600 11/09/2022 USD
Citigroup Global Mar 12.000 2/13/2024 SEK 79.060
Societe Generale SA 18.000 5/31/2024 USD 32.323
Credit Suisse AG/Lon 4.460 7/26/2023 USD 9.430
Banque International 7.500 7/28/2022 USD 53.980
OR PJSC 13.500 10/22/2025 RUB 22.100
Credit Suisse AG/Lon 8.250 6/17/2022 CHF 53.770
Barclays Bank PLC 4.000 11/08/2023 USD 9.294
AutoWallis Nyrt 3.000 7/27/2031 HUF 64.700
Federal Passenger Co 6.900 11/05/2029 RUB 76.510
Societe Generale SA 18.000 11/02/2023 USD 41.130
Alteo Nyrt 2.450 10/08/2031 HUF 60.900
Main Road JSC 6.900 10/30/2029 RUB 61.020
UBS Group AG 2.300 12/03/2035 AUD 73.672
Cie de Financement F 0.900 7/18/2058 EUR 72.227
Ukraine Government B 9.820 02/12/2031 UAH 23.934
Ukraine Government B 9.700 03/10/2032 UAH 22.937
Republic of Belarus 6.875 2/28/2023 USD 14.500
Metropole de Lyon 0.500 12/28/2049 EUR 66.510
State of Rhineland-P 0.100 10/01/2040 EUR 72.267
Metropole de Lyon 0.466 12/07/2046 EUR 69.111
HSBC Bank PLC 10.300 12/10/2024 TRY 61.798
Metropole de Lyon 0.540 12/07/2050 EUR 66.045
BLT Finance BV 12.000 02/10/2015 USD 10.500
SAir Group 6.250 10/27/2002 CHF 12.625
Kingdom of Belgium G 0.558 9/24/2077 EUR 53.703
Santander Internatio 1.700 12/12/2049 EUR 44.696
Region de Bruxelles- 1.036 01/07/2060 EUR 69.144
Region de Bruxelles- 0.944 6/22/2057 EUR 68.269
Credit Agricole Corp 10.800 3/24/2026 TRY 51.774
Republic of Belarus 7.625 6/29/2027 USD 11.856
Region de Bruxelles- 0.556 12/23/2064 EUR 54.097
Kuntarahoitus Oyj 0.815 2/24/2061 EUR 73.859
Thomas Cook Finance 3.875 7/15/2023 EUR 0.548
BrokerCreditService 1.484 12/06/2031 USD 72.730
Lehman Brothers Trea 5.100 05/08/2017 HKD 0.100
Hungary Government B 3.000 4/25/2041 HUF 61.056
Single Platform Inve 1.013 12/20/2050 EUR 72.040
Republic of Ireland 1.200 4/15/2120 EUR 61.479
CDC Habitat SEM 0.814 2/15/2040 EUR 70.722
Kuntarahoitus Oyj 1.005 11/04/2060 EUR 73.247
Lehman Brothers Trea 4.300 06/04/2012 USD 0.100
DZ Bank AG Deutsche 14.800 6/24/2022 EUR 74.760
Leonteq Securities A 16.000 5/25/2022 CHF 18.580
SG Issuer SA 2.270 02/04/2032 EUR 71.260
Raiffeisen Schweiz G 10.000 12/31/2024 CHF 64.570
Federal Grid Co Unif 9.730 4/27/2048 RUB 60.080
Credit Suisse AG/Lon 10.250 06/02/2022 USD 31.460
VTB Bank PJSC 0.010 5/19/2024 RUB
RosDorBank PJSC 9.500 12/12/2024 RUB 60.000
EFG International Fi 6.200 08/05/2022 EUR 25.930
Sberbank of Russia P 0.016 3/15/2032 RUB 72.900
STAVMAT Epitoanyag K 3.000 7/20/2031 HUF 72.900
Appeninn Holding 3.500 11/22/2029 HUF 66.500
Erste Group Bank AG 6.250 3/29/2023 EUR 67.050
Leonteq Securities A 8.000 05/02/2023 CHF 17.530
Credit Suisse AG/Lon 9.500 10/18/2022 CHF 31.770
VTB Bank PJSC 0.010 1/27/2026 RUB 62.510
DZ Bank AG Deutsche 22.700 6/24/2022 EUR 65.420
UBS AG/London 16.250 05/03/2023 USD 52.550
VTB Bank PJSC 0.010 08/12/2026 RUB 59.000
UBS AG/London 8.250 11/19/2026 EUR 67.970
DZ Bank AG Deutsche 15.600 12/23/2022 EUR 71.610
Severo-Zapadnaya Kon 12.150 9/26/2031 RUB 79.000
UBS AG/London 16.250 07/07/2022 CHF 69.500
WEB Windenergie AG 5.500 04/08/2023 EUR 100.500
Bank Otkritie Financ 0.010 09/10/2023 RUB 60.000
WEB Windenergie AG 6.500 EUR 0.010
HPI AG 3.500 EUR 3.011
Ukraine Government B 9.700 12/08/2027 UAH 29.532
Metropole de Lyon 0.376 12/22/2044 EUR 69.624
Bulgaria Government 1.375 9/23/2050 EUR 70.809
SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000
Barclays Bank PLC 0.360 8/15/2033 USD 66.382
Republic of Ireland 1.210 10/27/2111 EUR 70.381
SAG Solarstrom AG 7.500 07/10/2017 EUR 31.000
Veneto Banca SpA 6.944 5/15/2025 EUR 0.571
BNP Paribas SA 2.840 8/26/2039 AUD 70.677
Single Platform Inve 0.803 3/20/2041 EUR 72.196
Single Platform Inve 0.532 2/15/2044 EUR 67.148
Russian Foreign Bond 4.250 6/23/2027 USD 19.967
DZ Bank AG Deutsche 0.350 11/10/2042 EUR 73.737
LBI ehf 7.431 USD 0.001
Heta Asset Resolutio 5.030 12/31/2023 EUR 4.870
Credito Padano Banca 3.100 EUR 33.799
Nederlandse Watersch 0.190 11/02/2050 EUR 68.467
Bibby Offshore Servi 7.500 6/15/2021 GBP 11.625
SAir Group 2.125 11/04/2004 CHF 12.625
LBI ehf 6.100 8/25/2011 USD 10.709
State of Lower Austr 0.585 10/11/2049 EUR 73.122
Single Platform Inve 0.780 04/01/2042 EUR 71.641
BPCE SA 2.320 03/04/2036 USD 70.612
Leonteq Securities A 10.000 6/28/2022 CHF 53.790
Credit Suisse AG/Lon 15.000 6/29/2022 USD 19.040
UBS AG/London 8.250 7/21/2022 USD 69.650
EFG International Fi 10.000 9/20/2023 USD 62.620
UniCredit Bank AG 1.500 1/31/2040 EUR 71.810
UBS AG/London 11.500 11/14/2022 EUR 71.850
Corner Banca SA 15.000 5/25/2022 CHF 40.400
Gold-Zack AG 7.000 12/14/2005 EUR 1.524
EFG International Fi 11.120 12/27/2024 EUR 23.400
SFO VTB RKS-1 8.000 12/01/2030 RUB 73.650
BNP Paribas Emission 10.000 12/22/2022 EUR 63.970
Danske Bank A/S 7.470 07/09/2023 SEK 72.860
PRE Motor Technologi 11.750 9/29/2026 RUB 69.850
Otthon Centrum Holdi 3.000 4/19/2031 HUF 73.900
Banque Cantonale Vau 10.600 05/05/2022 CHF 62.420
Dyadya Doner OOO 13.500 4/25/2023 RUB 17.880
Societe Generale SA 4.500 12/30/2024 USD 73.460
Societe Generale Eff 20.000 9/23/2022 EUR 53.410
Zurcher Kantonalbank 11.600 11/10/2022 EUR 57.860
Raiffeisen Schweiz G 16.000 7/19/2022 EUR 64.800
OR PJSC 12.600 9/28/2025 RUB 16.780
Sberbank of Russia P 0.010 10/09/2026 RUB 66.200
Credit Suisse AG/Lon 15.000 11/02/2022 USD 45.640
Aerofuels JSC 9.900 9/26/2024 RUB 71.000
Bank Otkritie Financ 0.010 7/16/2025 RUB 60.130
Mifa Mitteldeutsche 7.500 08/12/2018 EUR 2.410
VTB Bank PJSC 0.010 8/29/2023 RUB 69.790
Russian Railways JSC 8.400 10/11/2038 RUB 60.080
Ukraine Government B 9.000 7/17/2030 UAH 22.745
Ukraine Government B 6.000 12/11/2030 UAH 15.879
Ukraine Government B 9.990 12/10/2031 UAH 23.673
Wirtschafts- und Inf 0.200 12/02/2043 EUR 70.430
Single Platform Inve 0.950 7/25/2047 EUR 73.622
Ukraine Government B 8.420 05/10/2034 UAH 19.280
Single Platform Inve 0.457 2/15/2046 EUR 64.244
Single Platform Inve 0.776 1/23/2051 EUR 66.952
BNP Paribas SA 3.080 8/28/2039 AUD 73.475
Oberbank AG 0.230 10/07/2041 EUR 72.392
Region Wallonne Belg 0.828 8/28/2048 EUR 70.051
Vasakronan AB 1.655 09/05/2039 SEK 72.962
Heta Asset Resolutio 4.875 12/31/2023 EUR 4.870
Ukraine Government B 6.000 11/26/2025 UAH 33.566
Lehman Brothers Trea 4.820 12/18/2036 EUR 0.100
Lehman Brothers Trea 10.000 10/23/2008 USD 0.100
Wirtschafts- und Inf 0.192 1/28/2042 EUR 72.047
Single Platform Inve 0.767 2/15/2041 EUR 72.761
Norske Skogindustrie 2.000 12/30/2115 EUR 0.113
Leonteq Securities A 14.000 07/06/2022 CHF 59.340
EFG International Fi 5.500 12/30/2025 EUR 75.240
UBS AG/London 4.650 10/31/2023 USD 9.380
Sberbank of Russia P 0.010 11/05/2024 RUB 74.000
Societe Generale SA 16.000 08/01/2024 USD
UBS AG/London 11.750 7/21/2022 CHF 54.600
LLMC AirLoans 13.250 05/06/2025 RUB 71.920
Banque International 10.000 11/23/2022 CHF 73.950
SG Issuer SA 4.000 6/22/2026 EUR 69.600
Vontobel Financial P 15.500 12/23/2022 EUR 79.220
Zurcher Kantonalbank 12.300 06/07/2022 CHF 68.490
Leonteq Securities A 18.000 05/12/2022 CHF 56.420
Societe Generale SA 10.800 3/31/2026 USD 64.850
Leonteq Securities A 7.000 3/29/2023 CHF 74.300
Credit Suisse AG/Lon 8.000 6/27/2022 CHF 56.370
Bank Julius Baer & C 29.500 6/27/2022 CHF 37.700
Russian Railways JSC 7.550 4/15/2027 RUB 70.500
Skandinaviska Enskil 6.500 7/15/2024 SEK 73.860
Corner Banca SA 8.000 06/08/2022 EUR 68.430
Societe Generale SA 20.000 01/03/2024 USD 12.550
Bayerische Landesban 1.100 1/26/2024 EUR 76.550
SEZ Im Sergo Orgonik 10.750 9/14/2027 RUB 75.330
Federal Grid Co Unif 9.730 10/30/2048 RUB 66.090
UBS AG/London 10.500 10/21/2022 USD 44.000
Credit Suisse AG/Lon 11.000 6/15/2022 CHF 31.500
Danske Bank A/S 10.300 07/09/2023 SEK 11.600
Bank Julius Baer & C 8.200 9/19/2022 USD 44.500
MFC Webbanker LLC 12.750 01/02/2025 RUB 71.500
Credit Suisse AG/Lon 10.000 6/16/2022 USD 56.510
Zurcher Kantonalbank 19.250 6/15/2022 CHF 46.910
Leonteq Securities A 21.840 06/09/2022 CHF 51.160
Societe Generale SA 6.000 06/06/2022 USD 0.190
Bank Julius Baer & C 21.150 08/09/2022 CHF 37.900
CFP Microfinance Co 13.000 7/18/2024 RUB 74.860
UniCredit Bank AG 4.200 9/21/2022 EUR 49.060
UBS AG/London 5.000 4/14/2023 CHF 65.650
Zurcher Kantonalbank 7.000 08/10/2022 USD 41.290
UBS AG/London 19.750 05/05/2022 USD 42.750
Bank Julius Baer & C 8.400 05/06/2022 USD 69.950
Russian Railways JSC 8.650 02/04/2032 RUB 74.830
EFG International Fi 9.100 9/20/2023 EUR 64.090
OR PJSC 16.000 11/22/2025 RUB 49.100
Leonteq Securities A 24.190 8/30/2022 CHF 28.150
VTB Bank PJSC 0.010 06/09/2023 RUB 79.010
Russian Railways JSC 5.910 5/30/2040 RUB 60.080
Bank Vontobel AG 10.000 2/28/2023 CHF 74.000
Credit Suisse AG/Lon 11.500 07/04/2022 CHF 28.220
Credit Suisse AG/Lon 12.500 8/18/2022 CHF 30.700
UBS AG/London 9.750 04/06/2023 USD 41.900
Credit Suisse AG/Lon 10.350 2/27/2023 CHF 37.870
Leonteq Securities A 12.000 05/02/2023 USD 60.640
Credit Suisse AG/Lon 11.250 8/15/2022 EUR 56.970
Bank Vontobel AG 22.300 08/02/2022 CHF 61.700
Zurcher Kantonalbank 17.000 7/27/2022 CHF 51.940
VTB Bank PJSC 0.010 02/03/2026 RUB 63.000
Credit Suisse AG/Lon 19.250 12/06/2022 USD 44.830
BNP Paribas Emission 20.000 6/23/2022 EUR 70.070
Sberbank of Russia P 0.010 2/14/2025 RUB 55.000
DZ Bank AG Deutsche 10.000 6/24/2022 EUR 71.230
VTB Bank PJSC 0.010 2/24/2026 RUB 58.010
Sberbank of Russia P 0.010 11/23/2026 RUB 54.400
Leonteq Securities A 12.000 01/11/2023 CHF 44.880
DZ Bank AG Deutsche 18.800 12/23/2022 EUR 73.890
Sberbank of Russia P 0.010 1/15/2027 RUB 75.700
Sberbank of Russia P 0.010 10/05/2028 RUB 54.800
Bayerische Landesban 1.350 12/23/2022 EUR 63.280
Leonteq Securities A 16.000 6/21/2022 USD 26.590
Kalita OOO 15.000 09/12/2023 RUB 10.950
Bank Julius Baer & C 7.000 6/22/2022 CHF 60.050
Societe Generale SA 10.000 11/30/2022 USD 67.400
Pongs & Zahn AG 8.500 EUR 0.002
SG Issuer SA 0.850 10/16/2024 EUR 14.480
Zalaco Sutoipari zrt 3.500 7/24/2030 HUF 70.480
Vontobel Financial P 10.000 6/24/2022 EUR 72.520
Leonteq Securities A 20.400 1/18/2023 CHF 65.120
AKB Peresvet ZAO 0.510 08/04/2034 RUB 13.370
Federal Grid Co Unif 9.130 10/30/2048 RUB 60.080
Vasakronan AB 1.000 6/15/2041 EUR 72.812
Region Bourgogne-Fra 0.397 12/03/2045 EUR 68.974
Region Bourgogne-Fra 0.300 12/03/2040 EUR 72.350
Ukraine Government B 9.760 7/23/2031 UAH 23.430
Intelsat SA 4.500 6/15/2025 USD 9.500
Ukraine Government B 9.700 10/06/2027 UAH 30.700
Phosphorus Holdco PL 10.000 04/01/2019 GBP 1.500
Metropole de Lyon 0.500 12/28/2048 EUR 67.485
BNP Paribas SA 3.170 01/07/2041 AUD 72.972
HSBC Bank PLC 10.300 12/20/2024 TRY 61.586
Ukraine Government B 13.300 6/28/2023 UAH 73.001
Department of Loiret 0.550 12/18/2045 EUR 71.412
Ukraine Government I 7.750 09/01/2024 USD 34.765
Ukraine Government B 8.310 11/10/2034 UAH 18.923
Wirtschafts- und Inf 0.170 12/09/2041 EUR 71.946
Ukraine Government B 12.500 2/21/2024 UAH 62.161
Ukraine Government B 3.900 3/30/2023 USD 58.712
Irish Bank Resolutio 4.000 4/23/2018 EUR 33.250
Single Platform Inve 1.117 5/25/2066 EUR 70.277
Ukraine Government B 6.500 08/02/2023 UAH 65.301
Single Platform Inve 0.678 2/15/2041 EUR 70.673
Department of Loiret 0.500 10/30/2042 EUR 73.336
Societe Generale SA 1.323 1/31/2034 USD 66.910
Credit Agricole Corp 10.800 3/24/2026 TRY 54.681
Cie DU Chemin de Fer 0.280 11/29/2052 CHF 54.818
Pescanova SA 6.750 03/05/2015 EUR 0.319
Single Platform Inve 0.605 9/20/2042 EUR 70.075
Single Platform Inve 0.462 2/15/2040 EUR 70.680
Kingdom of Belgium G 0.675 07/07/2080 EUR 56.786
Hellas Telecommunica 8.500 10/15/2013 EUR 0.834
Ukraine Government B 11.870 01/06/2027 UAH 37.274
Grupo Isolux Corsan 6.000 12/30/2021 USD 0.263
Societe Generale SA 3.110 10/28/2041 AUD 72.773
Ministeries Van de V 0.600 11/19/2055 EUR 61.774
Single Platform Inve 0.873 5/25/2052 EUR 67.271
Department of Girond 0.418 11/12/2041 EUR 72.920
Turkey Government Bo 12.400 03/08/2028 TRY 73.000
Communaute Francaise 0.886 6/22/2057 EUR 64.914
Lehman Brothers Trea 5.000 10/24/2008 CHF 0.100
Batigere Grand Est S 1.600 11/14/2044 EUR 73.083
Rio Forte Investment 3.900 07/10/2014 USD 4.423
Region de Bruxelles- 0.900 4/14/2050 EUR 72.915
Single Platform Inve 1.010 3/20/2051 EUR 73.353
Centre Hospitalier B 0.950 02/05/2041 EUR 72.330
Communaute Francaise 0.750 02/04/2061 EUR 60.179
BPCE SA 2.820 12/18/2039 AUD 72.629
Credit Agricole SA 3.450 03/04/2041 AUD 67.636
Premium Green PLC 0.508 10/25/2038 EUR 73.355
Privatbank CJSC Via 10.875 2/28/2018 USD 8.000
Turkiye Ihracat Kred 12.540 9/14/2028 TRY 48.199
Air Berlin Finance B 6.000 03/06/2019 EUR 0.372
Societe Generale SA 1.192 8/29/2034 USD 66.625
Vontobel Financial P 4.050 7/15/2022 EUR 27.120
JD Capital PLC 5.000 5/21/2028 EUR 70.000
Corner Banca SA 13.680 10/28/2022 EUR 54.000
Bank Julius Baer & C 14.580 09/09/2022 USD 23.500
EFG International Fi 9.800 06/07/2023 USD 71.880
Bank Vontobel AG 8.758 06/02/2022 CHF 36.600
Leonteq Securities A 16.600 6/17/2022 USD 26.460
Bayerische Landesban 2.350 08/05/2022 EUR 76.340
VTB Bank PJSC 2.000 11/17/2023 RUB 67.210
Credit Suisse AG/Lon 14.000 6/16/2022 USD 59.440
BNP Paribas Issuance 7.980 1/20/2025 SEK 68.150
Deutsche Bank AG/Lon 2.200 4/14/2023 EUR 73.880
VTB Bank PJSC 0.010 08/01/2023 RUB 56.010
Societe Generale SA 4.500 12/29/2022 USD 0.260
Getin Noble Bank SA 10.930 04/04/2024 PLN 73.875
EFG International Fi 7.500 7/26/2022 USD 57.180
VTB Bank PJSC 0.010 8/26/2026 RUB 58.000
VTB Bank PJSC 0.010 09/09/2026 RUB 60.010
VTB Bank PJSC 0.010 7/15/2026 RUB 58.000
SG Issuer SA 7.700 1/20/2024 SEK 75.520
VTB Bank PJSC 0.010 5/13/2025 RUB 66.880
VTB Bank PJSC 0.010 12/13/2024 RUB 72.500
DekaBank Deutsche Gi 4.630 12/16/2022 EUR 78.250
SG Issuer SA 6.020 1/20/2024 SEK 73.270
SG Issuer SA 6.500 1/20/2025 SEK 64.850
BNP Paribas Emission 20.000 6/23/2022 EUR 72.410
Sberbank of Russia P 0.010 02/03/2027 RUB 71.400
Rosselkhozbank JSC 18.600 7/15/2025 RUB 100.000
Sberbank of Russia P 0.010 1/19/2026 RUB 65.100
Sberbank of Russia P 0.010 1/19/2026 RUB 65.900
Bank Julius Baer & C 10.050 7/29/2022 USD 47.150
RUSNANO AO 6.750 3/26/2024 RUB 65.260
Forras Vagyonkezeles 3.250 10/01/2030 HUF
Raiffeisen Schweiz G 11.000 7/19/2022 CHF 71.670
Bank Vontobel AG 20.000 06/12/2023 EUR 48.500
VTB Bank PJSC 0.010 9/22/2023 RUB 64.020
OOO SPV Structural I 0.010 09/01/2023 RUB 66.740
VTB Bank PJSC 0.010 9/15/2023 RUB 65.030
TransFin-M PAO 8.500 06/04/2025 RUB 70.200
Bank Julius Baer & C 11.700 4/26/2022 CHF 26.600
Ukraine Government B 6.000 1/28/2032 UAH 14.917
Ukraine Government B 9.700 8/25/2032 UAH 22.672
Ville de Paris 0.395 12/18/2045 EUR 70.020
Ukraine Government B 9.990 8/27/2031 UAH 23.889
Ukraine Government B 6.000 10/11/2028 UAH 19.634
Ukraine Government B 8.880 05/10/2032 UAH 21.050
Ukraine Government B 9.150 05/10/2031 UAH 22.320
Ukraine Government B 10.360 11/10/2027 UAH 31.144
Ukraine Government B 8.750 11/10/2032 UAH 20.511
Ukraine Government B 9.610 10/11/2029 UAH 25.164
Cooperatieve Raboban 0.500 8/21/2028 MXN 54.569
Getin Noble Bank SA 9.930 6/28/2024 PLN 74.375
Credit Agricole Corp 10.200 08/06/2026 TRY 51.563
Bilt Paper BV 10.360 USD 1.345
HSBC Bank PLC 0.500 6/23/2027 MXN 59.851
IT Holding Finance S 9.875 11/15/2012 EUR 0.015
Region Wallonne Belg 1.300 6/16/2068 EUR 71.208
Rena GmbH 8.250 07/11/2018 EUR 2.096
Ukraine Government B 12.700 10/30/2024 UAH 54.220
Credit Agricole Corp 5.400 1/31/2028 BRL 71.705
Societe Wallonne de 0.913 7/31/2040 EUR 67.626
SAir Group 6.250 04/12/2005 CHF 12.625
Ukraine Government B 9.500 7/16/2025 UAH 42.444
Ukraine Government B 11.570 03/01/2028 UAH 32.594
Ukraine Government B 11.540 12/10/2025 UAH 42.735
BNG Bank NV 0.680 03/04/2050 EUR 71.516
Region de Bruxelles- 1.016 9/23/2057 EUR 69.829
Deutsche Bank AG/Lon 0.500 04/05/2038 MXN 22.402
DZ HYP AG 0.205 06/05/2040 EUR 70.397
Lehman Brothers Trea 4.100 06/10/2014 SGD 0.100
Single Platform Inve 0.800 04/07/2042 EUR 71.938
Virgolino de Oliveir 10.875 1/13/2020 USD 36.000
Polski Bank Spoldzie 9.430 9/14/2027 PLN 71.800
Lehman Brothers Trea 7.500 10/24/2008 USD 0.100
Landesbank Baden-Wue 0.310 12/09/2039 EUR 67.508
Region Wallonne Belg 1.240 5/28/2069 EUR 69.173
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
Hellas Telecommunica 6.054 1/15/2015 USD 0.001
Single Platform Inve 0.656 2/15/2046 EUR 66.858
Single Platform Inve 1.033 2/15/2046 EUR 73.650
Wirtschafts- und Inf 0.208 1/28/2043 EUR 71.239
Russian Foreign Bond 12.750 6/24/2028 USD 24.585
Getin Noble Bank SA 7.230 7/26/2024 PLN 66.865
Region de Bruxelles- 1.053 11/14/2059 EUR 69.627
Communaute Francaise 0.500 6/27/2046 EUR 67.012
Leonteq Securities A 17.000 07/05/2022 EUR 33.220
Zurcher Kantonalbank 15.500 11/08/2022 USD 70.210
Sberbank of Russia P 0.010 11/27/2026 RUB 74.700
EFG International Fi 16.000 10/27/2022 CHF 54.970
Raiffeisen Switzerla 12.000 9/22/2022 CHF 42.250
Vita Line OOO 9.750 10/28/2025 RUB 74.040
Russian Federal Bond 5.900 03/12/2031 RUB 76.982
MetMax Europe Zrt 3.000 12/11/2030 HUF 70.700
UBS AG/London 18.000 6/16/2022 USD 43.000
Sberbank of Russia P 0.010 08/03/2028 RUB 75.000
Bank Otkritie Financ 0.010 7/28/2023 RUB 59.000
Corner Banca SA 15.400 4/26/2022 CHF 67.800
Erste Group Bank AG 6.250 8/31/2022 EUR 56.000
Sberbank of Russia P 0.010 11/24/2025 RUB 73.600
Bank Otkritie Financ 0.010 6/16/2023 RUB 55.000
Bank Julius Baer & C 10.250 10/05/2022 USD 41.900
Region Produkt OOO 11.500 09/03/2026 RUB 68.510
OR PJSC 16.000 11/26/2025 RUB 48.990
UBS AG/London 13.750 9/22/2022 CHF 73.950
Zurcher Kantonalbank 15.000 9/26/2022 EUR 77.430
VTB Bank PJSC 0.010 08/08/2023 RUB 71.110
UBS AG/London 14.250 08/10/2022 USD 70.450
VTB Bank PJSC 0.010 12/20/2024 RUB 57.030
Sberbank of Russia P 0.010 12/05/2024 RUB 70.010
DekaBank Deutsche Gi 8.100 8/26/2022 EUR 42.980
Axial Javito Kereske 2.000 9/23/2030 HUF 64.240
Bank Julius Baer & C 8.000 10/07/2022 USD 44.900
Russian Foreign Bond 12.750 6/24/2028 USD 24.754
Ukraine Government B 6.000 10/15/2031 UAH 15.184
Ukraine Government B 9.700 10/13/2032 UAH 22.684
Mriya Agro Holding P 10.950 3/30/2016 USD 4.667
Ukraine Government B 9.700 06/02/2032 UAH 22.772
Ukraine Government B 9.700 12/08/2032 UAH 22.521
KPNQwest NV 7.125 06/01/2009 EUR 0.453
United Kingdom Gilt 0.625 10/22/2050 GBP 70.071
Turkey Government Bo 10.600 02/11/2026 TRY 72.450
Caisse des Depots et 2.160 12/07/2050 AUD 69.208
Romanian Government 2.750 4/14/2041 EUR 70.256
Single Platform Inve 0.419 2/15/2040 EUR 69.319
Single Platform Inve 0.720 3/20/2051 EUR 65.872
Heta Asset Resolutio 5.730 12/31/2023 EUR 4.870
Hungary Government B 3.000 10/27/2038 HUF 63.744
Hema Bondco II BV 8.500 1/15/2023 EUR 0.113
Ukraine Government B 11.580 02/02/2028 UAH 32.802
Ukraine Government B 6.500 9/20/2023 UAH 62.673
Grupo Isolux Corsan 0.250 12/30/2018 EUR 0.100
Ukraine Government I 7.375 9/25/2032 USD 32.227
Barclays Bank PLC 13.810 4/16/2024 TRY 71.741
Natixis SA 2.930 7/29/2051 AUD 73.105
Lehman Brothers Trea 2.500 8/23/2012 GBP 0.100
Development Bank of 6.750 05/02/2024 USD 5.934
Development Bank of 6.750 05/02/2024 USD 5.934
Barclays Bank PLC 10.200 2/14/2025 TRY 58.045
Single Platform Inve 1.080 5/25/2066 EUR 68.899
Ukraine Government B 6.000 1/14/2026 UAH 32.470
Lehman Brothers Trea 4.350 08/08/2016 SGD 0.100
Laurel GmbH 7.125 11/16/2017 EUR 7.750
Region de Bruxelles- 0.720 10/17/2051 EUR 69.108
Ukraine Government I 9.750 11/01/2028 USD 34.365
Region de Bruxelles- 0.460 12/15/2051 EUR 62.275
Petromena ASA 9.750 5/24/2016 NOK 0.607
Ukraine Government I 4.375 1/27/2030 EUR 32.421
Agence Francaise de 2.360 10/17/2044 AUD 74.485
Bank Julius Baer & C 13.300 02/01/2023 CHF 65.800
Leonteq Securities A 12.000 05/03/2022 CHF 71.910
Landesbank Baden-Wue 8.100 8/26/2022 EUR 32.610
Landesbank Baden-Wue 2.800 8/26/2022 EUR 65.880
Landesbank Baden-Wue 4.400 8/26/2022 EUR 65.390
Landesbank Baden-Wue 3.100 8/26/2022 EUR 45.760
Landesbank Baden-Wue 4.650 8/26/2022 EUR 76.450
Landesbank Baden-Wue 6.450 8/26/2022 EUR 70.000
Landesbank Baden-Wue 6.000 8/26/2022 EUR 36.170
Landesbank Baden-Wue 5.550 8/26/2022 EUR 54.870
Landesbank Baden-Wue 2.650 8/26/2022 EUR 73.020
Landesbank Baden-Wue 4.050 8/26/2022 EUR 30.670
Landesbank Baden-Wue 3.150 8/26/2022 EUR 71.180
Raiffeisen Switzerla 9.000 7/29/2022 CHF 63.670
UBS AG/London 15.000 08/03/2022 CHF 57.900
Raiffeisen Switzerla 10.100 02/08/2023 CHF 69.560
BNP Paribas Emission 3.000 6/23/2022 EUR 74.400
UBS AG/London 11.250 02/03/2023 CHF 62.100
Vontobel Financial P 0.212 02/03/2023 EUR 49.900
Landesbank Baden-Wue 3.300 8/26/2022 EUR 75.290
BNP Paribas Emission 14.000 6/23/2022 EUR 68.260
VTB Bank PJSC 0.010 03/11/2026 RUB 56.070
DZ Bank AG Deutsche 6.250 6/22/2022 EUR 69.650
Bank Vontobel AG 11.003 10/03/2022 CHF 67.900
Bank Vontobel AG 10.009 10/03/2022 EUR 67.100
Bank Julius Baer & C 14.650 07/07/2022 USD 32.050
Leonteq Securities A 10.600 10/12/2022 CHF 61.160
UBS AG/London 14.250 10/07/2022 USD 36.850
UBS AG/London 13.000 04/11/2023 CHF 72.200
UBS AG/London 9.000 10/10/2022 CHF 67.200
Raiffeisen Schweiz G 7.200 10/06/2022 CHF 67.860
DekaBank Deutsche Gi 4.250 05/05/2022 EUR 58.460
Corner Banca SA 12.600 10/12/2022 EUR 66.710
EFG International Fi 12.000 10/12/2022 CHF 50.950
Vontobel Financial P 5.500 6/17/2022 USD 36.630
Bank Julius Baer & C 9.300 07/07/2022 EUR 71.600
Bank Vontobel AG 10.006 10/03/2022 EUR 67.100
Bank Vontobel AG 13.005 10/03/2022 CHF 35.200
BNP Paribas Emission 6.000 6/23/2022 EUR 68.850
BNP Paribas Emission 7.500 6/23/2022 EUR 65.620
BNP Paribas Emission 10.000 6/23/2022 EUR 63.880
BNP Paribas Emission 12.000 6/23/2022 EUR 59.440
BNP Paribas Emission 11.000 6/23/2022 EUR 66.670
BNP Paribas Emission 11.000 6/23/2022 EUR 35.750
BNP Paribas Emission 15.000 6/23/2022 EUR 32.070
BNP Paribas Emission 8.000 6/23/2022 EUR 58.830
BNP Paribas Emission 8.000 6/23/2022 EUR 55.030
BNP Paribas Emission 5.500 6/23/2022 EUR 70.010
BNP Paribas Emission 9.500 6/23/2022 EUR 75.000
BNP Paribas Emission 8.000 6/23/2022 EUR 39.760
BNP Paribas Emission 8.500 6/23/2022 EUR 38.610
BNP Paribas Emission 9.000 6/23/2022 EUR 36.990
BNP Paribas Emission 11.000 6/23/2022 EUR 68.460
BNP Paribas Emission 9.000 6/23/2022 EUR 71.880
BNP Paribas Emission 7.000 6/23/2022 EUR 76.760
BNP Paribas Emission 12.000 6/23/2022 EUR 67.430
Sberbank of Russia P 0.010 04/06/2026 RUB 66.300
DZ Bank AG Deutsche 5.250 6/22/2022 EUR 70.360
UBS AG/London 9.250 04/08/2026 EUR 74.160
DZ Bank AG Deutsche 5.250 9/21/2022 EUR 74.990
DZ Bank AG Deutsche 6.500 6/22/2022 EUR 69.780
Zurcher Kantonalbank 8.000 7/14/2022 CHF 64.180
BNP Paribas Emission 5.500 6/23/2022 EUR 66.780
BNP Paribas Emission 10.000 6/23/2022 EUR 75.770
BNP Paribas Emission 11.000 6/23/2022 EUR 73.890
BNP Paribas Emission 13.000 6/23/2022 EUR 68.680
BNP Paribas Emission 6.000 6/23/2022 EUR 64.780
BNP Paribas Emission 7.500 6/23/2022 EUR 63.070
BNP Paribas Emission 9.500 6/23/2022 EUR 38.370
BNP Paribas Emission 10.000 6/23/2022 EUR 35.750
BNP Paribas Emission 9.000 6/23/2022 EUR 71.910
BNP Paribas Emission 10.000 6/23/2022 EUR 72.340
BNP Paribas Emission 18.000 6/23/2022 EUR 74.980
BNP Paribas Emission 6.500 6/23/2022 EUR 67.730
BNP Paribas Emission 8.000 6/23/2022 EUR 63.570
BNP Paribas Emission 11.000 6/23/2022 EUR 62.040
BNP Paribas Emission 13.000 6/23/2022 EUR 57.080
BNP Paribas Emission 20.000 6/23/2022 EUR 68.920
BNP Paribas Emission 13.000 6/23/2022 EUR 34.200
BNP Paribas Emission 12.000 6/23/2022 EUR 73.720
BNP Paribas Emission 4.500 6/23/2022 EUR 72.460
BNP Paribas Emission 8.500 6/23/2022 EUR 74.280
BNP Paribas Emission 9.000 6/23/2022 EUR 77.010
BNP Paribas Emission 9.500 6/23/2022 EUR 72.130
BNP Paribas Emission 6.500 6/23/2022 EUR 78.000
BNP Paribas Emission 10.000 6/23/2022 EUR 52.020
BNP Paribas Emission 13.000 6/23/2022 EUR 49.550
BNP Paribas Emission 8.500 6/23/2022 EUR 72.690
BNP Paribas Emission 16.000 6/23/2022 EUR 60.040
Sberbank of Russia P 0.010 04/06/2026 RUB 56.000
Sberbank of Russia P 0.010 04/05/2028 RUB 73.100
VTB Bank PJSC 0.010 03/11/2026 RUB 60.110
Landesbank Baden-Wue 3.100 4/23/2027 EUR 74.820
BNP Paribas Emission 8.500 6/23/2022 EUR 77.690
BNP Paribas Emission 12.000 6/23/2022 EUR 71.170
BNP Paribas Emission 8.000 6/23/2022 EUR 61.910
BNP Paribas Emission 11.000 6/23/2022 EUR 66.970
EFG International Fi 6.000 3/30/2023 USD 65.450
UniCredit Bank AG 5.300 05/12/2025 EUR 75.800
BNP Paribas Emission 9.500 6/23/2022 EUR 60.960
BNP Paribas Emission 10.000 6/23/2022 EUR 37.620
BNP Paribas Emission 12.000 6/23/2022 EUR 34.350
BNP Paribas Emission 14.000 6/23/2022 EUR 33.120
BNP Paribas Emission 15.000 6/23/2022 EUR 32.420
BNP Paribas Emission 15.000 6/23/2022 EUR 31.360
BNP Paribas Emission 13.000 6/23/2022 EUR 70.850
Raiffeisen Schweiz G 8.000 10/06/2022 CHF 65.340
Vontobel Financial P 14.500 6/24/2022 EUR 62.810
Vontobel Financial P 5.000 9/23/2022 EUR 73.060
Vontobel Financial P 12.000 9/23/2022 EUR 65.340
Vontobel Financial P 13.500 9/23/2022 EUR 60.400
Vontobel Financial P 11.500 9/23/2022 EUR 75.160
Vontobel Financial P 13.500 9/23/2022 EUR 72.850
Vontobel Financial P 16.500 9/23/2022 EUR 69.810
Vontobel Financial P 4.500 9/23/2022 EUR 71.610
Vontobel Financial P 11.000 9/23/2022 EUR 62.010
Vontobel Financial P 13.500 9/23/2022 EUR 59.830
Vontobel Financial P 7.500 9/23/2022 EUR 66.140
Vontobel Financial P 8.500 6/24/2022 EUR 64.500
EFG International Fi 6.000 12/22/2023 USD 21.860
Vontobel Financial P 13.750 6/24/2022 EUR 44.600
Vontobel Financial P 9.000 6/24/2022 EUR 70.520
Basler Kantonalbank 12.000 10/14/2022 CHF 64.520
Vontobel Financial P 7.000 9/23/2022 EUR 69.960
Vontobel Financial P 5.000 9/23/2022 EUR 72.880
Vontobel Financial P 7.500 9/23/2022 EUR 67.780
Vontobel Financial P 10.500 9/23/2022 EUR 63.710
Vontobel Financial P 12.000 6/24/2022 EUR 61.460
Vontobel Financial P 12.500 9/23/2022 EUR 73.970
Vontobel Financial P 12.000 9/23/2022 EUR 60.770
Vontobel Financial P 10.000 6/24/2022 EUR 62.760
Vontobel Financial P 11.500 6/24/2022 EUR 61.150
Vontobel Financial P 6.500 9/23/2022 EUR 67.820
Vontobel Financial P 8.000 9/23/2022 EUR 65.350
Vontobel Financial P 10.750 6/24/2022 EUR 40.460
Vontobel Financial P 16.750 6/24/2022 EUR 55.080
Vontobel Financial P 6.250 6/24/2022 EUR 68.550
Vontobel Financial P 17.750 6/24/2022 EUR 43.380
EFG International Fi 8.000 1/19/2023 CHF 61.170
EFG International Fi 9.000 1/16/2023 CHF 38.270
Raiffeisen Schweiz G 16.000 7/13/2022 CHF 66.420
Societe Generale Eff 4.000 7/22/2022 USD 38.930
Sberbank of Russia P 0.010 12/17/2025 RUB 66.200
GVC George's Venture 2.500 12/18/2030 HUF
Bank Julius Baer & C 7.750 7/15/2022 USD 55.400
Leonteq Securities A 13.000 6/21/2022 CHF 36.410
Raiffeisen Schweiz G 18.520 7/13/2022 CHF 26.250
Vontobel Financial P 11.000 6/24/2022 EUR 74.580
Vontobel Financial P 9.000 9/23/2022 EUR 65.650
Vontobel Financial P 7.000 6/24/2022 EUR 69.150
Vontobel Financial P 14.500 9/23/2022 EUR 71.780
Vontobel Financial P 18.500 9/23/2022 EUR 68.050
Vontobel Financial P 8.500 9/23/2022 EUR 64.580
Vontobel Financial P 13.000 6/24/2022 EUR 59.650
Vontobel Financial P 5.500 9/23/2022 EUR 69.640
Vontobel Financial P 10.000 9/23/2022 EUR 63.340
Vontobel Financial P 14.000 9/23/2022 EUR 74.740
Vontobel Financial P 7.000 9/23/2022 EUR 76.760
Vontobel Financial P 8.500 9/23/2022 EUR 73.510
Vontobel Financial P 10.500 9/23/2022 EUR 70.790
Vontobel Financial P 18.000 9/23/2022 EUR 68.680
Raiffeisen Schweiz G 12.000 07/12/2022 CHF 57.700
Raiffeisen Schweiz G 6.500 01/12/2023 CHF 65.740
Vontobel Financial P 11.000 9/23/2022 EUR 74.160
DZ Bank AG Deutsche 7.000 6/20/2022 EUR 75.010
Vontobel Financial P 15.000 9/23/2022 EUR 71.120
Vontobel Financial P 15.000 6/24/2022 EUR 73.970
Vontobel Financial P 13.000 9/23/2022 EUR 68.590
Vontobel Financial P 10.500 6/24/2022 EUR 71.890
Zurcher Kantonalbank 10.000 6/28/2022 CHF 65.910
Zurcher Kantonalbank 8.000 6/28/2022 EUR 69.890
EFG International Fi 10.030 7/26/2022 USD 45.290
Sberbank of Russia P 0.010 12/17/2025 RUB 66.100
Sberbank of Russia P 0.010 12/17/2025 RUB 62.900
UBS AG/London 12.500 6/23/2022 USD 34.900
UBS AG/London 6.250 12/23/2022 CHF 41.950
Corner Banca SA 13.000 10/19/2022 CHF 35.770
Leonteq Securities A 10.000 1/19/2023 CHF 67.200
Corner Banca SA 11.200 7/19/2022 CHF 32.970
Corner Banca SA 8.000 1/16/2023 CHF 57.320
Corner Banca SA 13.000 1/19/2023 USD 44.620
Leonteq Securities A 10.400 1/19/2023 CHF 60.490
Leonteq Securities A 10.000 10/19/2022 CHF 42.590
Vontobel Financial P 10.000 9/23/2022 EUR 47.690
Vontobel Financial P 16.500 9/23/2022 EUR 43.130
Vontobel Financial P 11.500 6/24/2022 EUR 45.220
Vontobel Financial P 11.500 9/23/2022 EUR 53.560
Vontobel Financial P 6.500 6/24/2022 EUR 58.680
Vontobel Financial P 7.000 9/23/2022 EUR 46.340
Vontobel Financial P 6.000 9/23/2022 EUR 47.740
Vontobel Financial P 8.500 9/23/2022 EUR 45.290
Landesbank Baden-Wue 3.100 7/22/2022 EUR 72.370
Landesbank Baden-Wue 2.300 7/22/2022 EUR 75.400
Landesbank Baden-Wue 3.150 7/22/2022 EUR 72.060
Landesbank Baden-Wue 4.700 7/22/2022 EUR 67.550
Landesbank Baden-Wue 6.250 7/22/2022 EUR 47.320
Societe Generale Eff 9.000 6/24/2022 EUR 35.430
Societe Generale Eff 10.750 6/24/2022 EUR 32.060
Societe Generale Eff 4.250 7/22/2022 EUR 44.940
Societe Generale Eff 8.250 7/22/2022 EUR 35.400
EFG International Fi 6.200 12/18/2023 USD 17.170
DZ Bank AG Deutsche 20.200 6/24/2022 EUR 27.820
Raiffeisen Switzerla 7.500 02/08/2023 CHF 65.510
DZ Bank AG Deutsche 17.500 6/24/2022 EUR 64.760
Vontobel Financial P 15.000 9/23/2022 EUR 70.500
Vontobel Financial P 12.500 9/23/2022 EUR 73.680
Vontobel Financial P 17.000 9/23/2022 EUR 71.720
Vontobel Financial P 15.000 9/23/2022 EUR 66.480
Vontobel Financial P 13.000 6/24/2022 EUR 68.700
Vontobel Financial P 13.000 9/23/2022 EUR 74.610
Vontobel Financial P 8.500 9/23/2022 EUR 43.380
Vontobel Financial P 15.000 9/23/2022 EUR 39.380
Vontobel Financial P 4.500 9/23/2022 EUR 57.650
Vontobel Financial P 13.000 9/23/2022 EUR 57.210
Vontobel Financial P 9.000 6/24/2022 EUR 57.350
Vontobel Financial P 6.000 9/23/2022 EUR 60.350
Zurcher Kantonalbank 9.500 7/22/2022 CHF 71.220
Zurcher Kantonalbank 19.000 7/22/2022 CHF 44.600
UBS AG/London 22.500 6/16/2022 USD 42.450
UBS AG/London 14.500 6/16/2022 CHF 61.350
Raiffeisen Schweiz G 10.000 10/12/2022 EUR 58.800
Raiffeisen Schweiz G 12.000 10/13/2022 CHF 65.560
Societe Generale Eff 14.750 6/24/2022 EUR 29.110
Societe Generale Eff 12.250 7/22/2022 EUR 31.430
Vontobel Financial P 15.750 6/24/2022 EUR 66.980
DZ Bank AG Deutsche 18.500 6/24/2022 EUR 60.830
Vontobel Financial P 5.500 9/23/2022 EUR 46.580
Vontobel Financial P 11.500 9/23/2022 EUR 40.980
Vontobel Financial P 7.500 9/23/2022 EUR 54.960
Vontobel Financial P 3.500 9/23/2022 EUR 57.660
Vontobel Financial P 6.500 9/23/2022 EUR 58.470
Vontobel Financial P 4.500 9/23/2022 EUR 61.080
Vontobel Financial P 3.500 9/23/2022 EUR 59.330
Zurcher Kantonalbank 20.000 7/22/2022 USD 35.690
UBS AG/London 11.750 6/16/2022 CHF 63.750
Landesbank Baden-Wue 4.750 7/22/2022 EUR 73.160
DZ Bank AG Deutsche 15.000 6/24/2022 EUR 73.330
Landesbank Baden-Wue 4.800 7/22/2022 EUR 68.120
Landesbank Baden-Wue 4.000 7/22/2022 EUR 51.260
Societe Generale Eff 12.750 6/24/2022 EUR 30.410
Landesbank Baden-Wue 3.150 7/22/2022 EUR 53.860
Landesbank Baden-Wue 7.200 7/22/2022 EUR 47.160
Landesbank Baden-Wue 9.250 7/22/2022 EUR 45.310
DZ Bank AG Deutsche 15.900 6/24/2022 EUR 64.880
Raiffeisen Switzerla 11.000 08/05/2022 EUR 50.060
Vontobel Financial P 11.000 6/24/2022 EUR 74.610
Vontobel Financial P 11.500 6/24/2022 EUR 74.570
DZ Bank AG Deutsche 8.000 7/20/2022 EUR 72.320
DZ Bank AG Deutsche 8.750 6/22/2022 EUR 70.040
Vontobel Financial P 14.000 6/24/2022 EUR 42.010
DZ Bank AG Deutsche 5.000 7/20/2022 EUR 72.000
DZ Bank AG Deutsche 8.000 7/20/2022 EUR 67.640
DZ Bank AG Deutsche 5.250 9/21/2022 EUR 70.980
Bank Julius Baer & C 15.000 7/13/2022 USD 42.500
DZ Bank AG Deutsche 7.000 9/21/2022 EUR 73.110
Vasutvillamosito Kft 3.000 02/03/2031 HUF 73.200
DZ Bank AG Deutsche 6.100 6/20/2022 EUR 69.490
DZ Bank AG Deutsche 5.100 6/20/2022 EUR 70.940
DZ Bank AG Deutsche 7.000 6/22/2022 EUR 74.000
Zurcher Kantonalbank 15.000 7/20/2022 CHF 54.940
EFG International Fi 6.000 7/13/2022 EUR 57.360
Leonteq Securities A 11.000 08/05/2022 CHF 62.870
DZ Bank AG Deutsche 7.250 9/21/2022 EUR 71.380
Vontobel Financial P 9.250 6/24/2022 EUR 68.000
DZ Bank AG Deutsche 9.000 9/21/2022 EUR 62.060
DZ Bank AG Deutsche 6.500 9/19/2022 EUR 67.100
DZ Bank AG Deutsche 6.250 6/20/2022 EUR 65.210
Bank Julius Baer & C 14.500 1/13/2023 USD 34.400
Vontobel Financial P 9.000 9/23/2022 EUR 70.250
Vontobel Financial P 5.500 9/23/2022 EUR 74.010
Vontobel Financial P 12.500 9/23/2022 EUR 73.030
Vontobel Financial P 6.000 9/23/2022 EUR 52.810
Credit Suisse AG/Lon 9.000 05/05/2022 CHF 58.660
Vontobel Financial P 23.500 6/24/2022 EUR 75.750
BNP Paribas Emission 4.000 6/23/2022 EUR 74.020
Vontobel Financial P 9.500 9/23/2022 EUR 70.520
Vontobel Financial P 16.000 6/24/2022 EUR 62.970
Vontobel Financial P 11.000 9/23/2022 EUR 67.360
Vontobel Financial P 14.000 9/23/2022 EUR 64.890
Vontobel Financial P 8.000 9/23/2022 EUR 70.310
SG Issuer SA 0.021 07/07/2033 EUR 72.110
Bank Vontobel AG 10.500 1/16/2023 CHF 53.600
Bank Vontobel AG 8.000 7/18/2022 CHF 29.300
Vontobel Financial P 13.500 9/23/2022 EUR 45.190
Vontobel Financial P 11.000 6/24/2022 EUR 53.050
Vontobel Financial P 15.000 9/23/2022 EUR 41.200
Vontobel Financial P 9.500 9/23/2022 EUR 44.150
Vontobel Financial P 11.000 9/23/2022 EUR 43.330
Sberbank of Russia P 0.010 12/22/2025 RUB 64.800
Leonteq Securities A 12.000 6/28/2022 CHF 68.780
Sberbank of Russia P 0.010 12/29/2025 RUB 72.200
Vontobel Financial P 8.400 12/04/2023 EUR 77.120
Societe Generale Eff 13.250 6/24/2022 EUR 74.500
EFG International Fi 10.000 7/27/2022 CHF 61.350
Leonteq Securities A 9.000 02/01/2023 CHF 62.750
Leonteq Securities A 15.000 4/28/2022 CHF 63.530
Leonteq Securities A 9.000 7/29/2022 CHF 60.500
Societe Generale Eff 16.250 5/27/2022 EUR 69.860
Societe Generale Eff 13.500 8/26/2022 EUR 72.810
Raiffeisen Switzerla 7.300 1/25/2023 CHF 60.820
Erste Group Bank AG 7.250 03/03/2026 EUR 42.950
Leonteq Securities A 10.000 4/26/2022 CHF 58.320
Landesbank Baden-Wue 4.700 10/28/2022 EUR 66.780
Bank Vontobel AG 6.007 9/26/2022 CHF 68.000
Bank Vontobel AG 9.009 9/26/2022 EUR 64.300
Bank Vontobel AG 12.751 6/27/2022 CHF 31.300
Bank Vontobel AG 15.009 6/27/2022 CHF 29.400
Bank Vontobel AG 22.008 6/27/2022 CHF 54.000
UBS AG/London 9.750 9/30/2022 CHF 80.700
UBS AG/London 16.000 9/30/2022 CHF 37.550
Landesbank Baden-Wue 3.750 10/28/2022 EUR 69.350
Landesbank Baden-Wue 3.500 10/28/2022 EUR 42.920
Bank Vontobel AG 9.000 9/26/2022 EUR 64.300
Bank Vontobel AG 4.255 6/27/2022 CHF 66.500
Bank Vontobel AG 14.006 9/26/2022 CHF 32.200
Bank Vontobel AG 12.508 9/26/2022 CHF 62.200
Bank Vontobel AG 5.507 9/25/2023 CHF 72.100
Landesbank Baden-Wue 7.500 10/28/2022 EUR 74.490
Landesbank Baden-Wue 5.600 10/28/2022 EUR 70.760
Landesbank Baden-Wue 5.050 10/28/2022 EUR 49.400
Landesbank Baden-Wue 4.050 10/28/2022 EUR 40.960
Landesbank Baden-Wue 6.350 10/28/2022 EUR 36.880
Landesbank Baden-Wue 7.100 10/28/2022 EUR 58.350
Vontobel Financial P 9.250 12/23/2022 EUR 47.260
UBS AG/London 7.250 11/03/2023 CHF 73.550
Leonteq Securities A 3.790 1/25/2023 EUR 75.130
EFG International Fi 15.000 11/03/2022 CHF 67.260
Leonteq Securities A 7.000 7/22/2022 CHF 64.390
Nordea Bank Abp 7.100 7/20/2024 SEK 70.490
Nordea Bank Abp 9.000 7/20/2024 SEK 67.030
UniCredit Bank AG 4.350 7/31/2023 EUR 59.560
Sberbank of Russia P 0.010 1/21/2026 RUB 63.700
UBS AG/London 9.750 7/20/2022 CHF 57.250
Zurcher Kantonalbank 8.000 4/29/2022 USD 46.430
DZ Bank AG Deutsche 15.600 9/23/2022 EUR 58.210
DZ Bank AG Deutsche 19.900 6/24/2022 EUR 59.270
DZ Bank AG Deutsche 15.700 9/23/2022 EUR 62.500
DZ Bank AG Deutsche 15.800 9/23/2022 EUR 28.990
DZ Bank AG Deutsche 20.200 6/24/2022 EUR 64.650
UniCredit Bank AG 10.700 02/03/2025 EUR 72.800
UniCredit Bank AG 10.700 2/17/2025 EUR 73.480
Sberbank of Russia P 0.010 1/21/2026 RUB 64.100
DZ Bank AG Deutsche 17.600 6/24/2022 EUR 54.900
DZ Bank AG Deutsche 17.500 9/23/2022 EUR 60.160
DZ Bank AG Deutsche 17.000 6/24/2022 EUR 68.410
DZ Bank AG Deutsche 18.000 6/24/2022 EUR 25.420
UBS AG/London 7.750 7/20/2022 CHF 47.600
DZ Bank AG Deutsche 13.500 9/23/2022 EUR 72.040
Bank Vontobel AG 7.506 7/15/2022 CHF 57.100
Zurcher Kantonalbank 7.500 4/29/2022 CHF 46.310
Zurcher Kantonalbank 7.500 7/28/2022 CHF 59.950
DZ Bank AG Deutsche 21.100 6/24/2022 EUR 57.240
DZ Bank AG Deutsche 24.900 9/23/2022 EUR 54.710
DZ Bank AG Deutsche 13.300 9/23/2022 EUR 70.380
DZ Bank AG Deutsche 8.600 6/24/2022 EUR 63.300
DZ Bank AG Deutsche 7.900 9/23/2022 EUR 69.600
UBS AG/London 7.750 7/20/2022 CHF 56.850
UBS AG/London 15.250 7/21/2022 USD 34.450
DZ Bank AG Deutsche 16.200 6/24/2022 EUR 69.180
DZ Bank AG Deutsche 13.000 6/24/2022 EUR 55.110
Bank Julius Baer & C 11.050 11/03/2022 USD 75.650
Leonteq Securities A 14.000 4/26/2022 CHF 31.390
Leonteq Securities A 13.000 7/25/2022 USD 31.340
Leonteq Securities A 7.450 1/25/2023 EUR 36.710
UBS AG/London 7.250 05/03/2023 EUR 72.000
EFG International Fi 4.750 1/29/2024 USD 57.110
Sberbank of Russia P 0.010 11/02/2028 RUB 68.400
DZ Bank AG Deutsche 7.750 6/22/2022 EUR 69.970
DZ Bank AG Deutsche 5.500 6/22/2022 EUR 75.000
DZ Bank AG Deutsche 5.000 6/22/2022 EUR 74.600
Vontobel Financial P 13.000 9/23/2022 EUR 74.330
Vontobel Financial P 14.500 9/23/2022 EUR 72.760
Vontobel Financial P 19.000 9/23/2022 EUR 68.750
Vontobel Financial P 15.500 9/23/2022 EUR 73.070
Vontobel Financial P 12.500 9/23/2022 EUR 66.070
Vontobel Financial P 16.000 9/23/2022 EUR 64.020
Bank Julius Baer & C 15.000 6/15/2022 USD 67.900
Zurcher Kantonalbank 11.500 07/06/2022 CHF 75.530
Zurcher Kantonalbank 11.250 07/06/2022 EUR 41.470
Leonteq Securities A 11.000 9/15/2022 CHF 34.960
Vontobel Financial P 11.500 6/24/2022 EUR 73.800
Vontobel Financial P 11.500 6/24/2022 EUR 70.790
Societe Generale Eff 9.000 8/26/2022 EUR 71.830
DZ Bank AG Deutsche 7.500 7/20/2022 EUR 65.060
Vontobel Financial P 20.000 6/24/2022 EUR 53.590
DZ Bank AG Deutsche 4.750 9/21/2022 EUR 60.340
Leonteq Securities A 14.000 10/05/2022 CHF 61.480
Corner Banca SA 16.000 10/05/2022 CHF 59.940
Vontobel Financial P 8.000 9/23/2022 EUR 62.360
Vontobel Financial P 7.000 9/23/2022 EUR 61.950
Leonteq Securities A 10.000 12/14/2022 CHF 59.950
Leonteq Securities A 9.000 01/06/2023 CHF 65.350
Vontobel Financial P 15.000 6/24/2022 EUR 54.320
Federal Grid Co Unif 7.500 5/21/2036 RUB 66.180
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 74.870
DZ Bank AG Deutsche 8.000 9/21/2022 EUR 64.660
Vontobel Financial P 16.000 9/23/2022 EUR 71.310
Vontobel Financial P 14.000 9/23/2022 EUR 74.290
Vontobel Financial P 10.500 9/23/2022 EUR 78.200
Vontobel Financial P 14.500 9/23/2022 EUR 74.150
Vontobel Financial P 14.500 9/23/2022 EUR 65.090
Vontobel Financial P 3.500 9/23/2022 EUR 55.640
Vontobel Financial P 8.500 9/23/2022 EUR 66.640
Leonteq Securities A 20.000 6/15/2022 CHF 33.000
DZ Bank AG Deutsche 7.000 6/22/2022 EUR 69.270
DZ Bank AG Deutsche 5.750 9/21/2022 EUR 70.560
DZ Bank AG Deutsche 5.250 9/21/2022 EUR 72.970
DZ Bank AG Deutsche 5.250 9/21/2022 EUR 73.790
Vontobel Financial P 8.000 9/23/2022 EUR 70.300
Vontobel Financial P 3.750 01/03/2023 EUR 37.920
Vontobel Financial P 13.000 9/23/2022 EUR 75.350
Vontobel Financial P 14.000 9/23/2022 EUR 72.850
Vontobel Financial P 12.500 9/23/2022 EUR 73.750
Vontobel Financial P 19.000 9/23/2022 EUR 71.090
Vontobel Financial P 17.500 9/23/2022 EUR 72.140
Vontobel Financial P 15.000 9/23/2022 EUR 71.810
Bank Julius Baer & C 6.900 07/06/2022 CHF 72.100
Bank Julius Baer & C 6.300 07/06/2022 CHF 69.950
Zurcher Kantonalbank 11.500 07/06/2022 EUR 70.090
Zurcher Kantonalbank 15.250 07/06/2022 CHF 39.260
Leonteq Securities A 15.000 6/15/2022 CHF 25.640
Vontobel Financial P 17.000 9/23/2022 EUR 71.190
Vontobel Financial P 13.500 6/24/2022 EUR 70.440
Vontobel Financial P 10.500 10/18/2022 EUR 36.280
Zurcher Kantonalbank 15.000 7/13/2022 CHF 36.810
Credit Suisse AG/Lon 15.000 6/14/2022 CHF 66.120
Vontobel Financial P 15.500 9/23/2022 EUR 72.840
Vontobel Financial P 5.000 9/23/2022 EUR 68.730
DZ Bank AG Deutsche 5.250 7/20/2022 EUR 73.500
Vontobel Financial P 16.000 6/24/2022 EUR 77.300
Societe Generale Eff 8.000 8/26/2022 EUR 73.490
DZ Bank AG Deutsche 5.750 7/20/2022 EUR 63.140
DZ Bank AG Deutsche 8.750 7/20/2022 EUR 68.810
Leonteq Securities A 5.710 9/23/2022 USD 49.530
Bank Julius Baer & C 7.350 9/23/2022 USD 68.250
Vontobel Financial P 15.500 6/24/2022 EUR 66.980
DZ Bank AG Deutsche 5.000 7/20/2022 EUR 78.440
DZ Bank AG Deutsche 7.000 9/21/2022 EUR 61.250
DZ Bank AG Deutsche 6.500 6/22/2022 EUR 75.060
Zurcher Kantonalbank 11.000 6/22/2022 USD 57.640
Vontobel Financial P 11.500 6/24/2022 EUR 67.110
Vontobel Financial P 15.500 6/24/2022 EUR 59.910
Sberbank of Russia P 0.010 07/05/2028 RUB 59.700
Sberbank of Russia P 0.010 07/06/2026 RUB 74.000
Sberbank of Russia P 0.010 07/03/2026 RUB 55.800
EFG International Fi 18.000 6/30/2022 EUR 65.280
DZ Bank AG Deutsche 6.000 6/22/2022 EUR 73.840
DZ Bank AG Deutsche 8.500 6/22/2022 EUR 70.520
DZ Bank AG Deutsche 16.000 6/22/2022 EUR 73.390
Vontobel Financial P 17.500 9/23/2022 EUR 69.980
Vontobel Financial P 11.500 9/23/2022 EUR 76.630
Vontobel Financial P 9.500 9/23/2022 EUR 68.770
Vontobel Financial P 6.500 9/23/2022 EUR 64.270
Raiffeisen Schweiz G 7.500 3/17/2023 USD 55.600
Vontobel Financial P 13.500 6/24/2022 EUR 68.800
Vontobel Financial P 17.000 6/24/2022 EUR 65.150
Vontobel Financial P 14.000 6/24/2022 EUR 76.980
Leonteq Securities A 12.000 8/31/2022 CHF 64.920
Zurcher Kantonalbank 6.500 06/07/2022 CHF 64.580
Raiffeisen Schweiz G 17.500 9/14/2022 CHF 74.230
Raiffeisen Schweiz G 7.250 9/13/2023 CHF 74.200
Erste Group Bank AG 4.000 10/01/2025 EUR 58.300
Societe Generale Eff 9.250 6/24/2022 EUR 73.030
Societe Generale Eff 7.000 10/28/2022 EUR 74.370
Vontobel Financial P 13.500 6/24/2022 EUR 69.030
Vontobel Financial P 10.500 6/24/2022 EUR 68.290
Vontobel Financial P 8.000 6/24/2022 EUR 51.310
Vontobel Financial P 12.500 6/24/2022 EUR 52.040
Vontobel Financial P 11.000 6/24/2022 EUR 69.810
Vontobel Financial P 13.250 9/23/2022 EUR 55.160
Societe Generale Eff 10.500 10/28/2022 EUR 70.800
Societe Generale Eff 10.500 10/28/2022 EUR 35.730
Vontobel Financial P 7.000 9/23/2022 EUR 64.960
Vontobel Financial P 18.500 9/23/2022 EUR 54.810
Vontobel Financial P 6.000 9/23/2022 EUR 66.060
Vontobel Financial P 9.000 9/23/2022 EUR 61.620
Vontobel Financial P 8.500 9/23/2022 EUR 53.890
Societe Generale Eff 13.750 10/28/2022 EUR 71.660
Raiffeisen Schweiz G 16.000 9/20/2022 CHF 33.480
Vontobel Financial P 11.000 6/24/2022 EUR 70.710
Vontobel Financial P 18.000 6/24/2022 EUR 70.890
Leonteq Securities A 25.680 9/23/2022 CHF 36.180
Vontobel Financial P 15.000 9/23/2022 EUR 44.150
Vontobel Financial P 13.000 9/23/2022 EUR 45.230
Vontobel Financial P 9.000 9/23/2022 EUR 48.010
Vontobel Financial P 9.000 9/23/2022 EUR 73.660
Vontobel Financial P 13.500 9/23/2022 EUR 69.530
Vontobel Financial P 13.500 6/24/2022 EUR 69.110
Vontobel Financial P 12.500 9/23/2022 EUR 68.190
Vontobel Financial P 16.000 9/23/2022 EUR 65.800
Vontobel Financial P 11.000 9/23/2022 EUR 69.670
Basler Kantonalbank 12.000 12/22/2022 CHF 65.180
Vontobel Financial P 12.500 9/23/2022 EUR 58.250
Vontobel Financial P 16.250 6/24/2022 EUR 59.880
VTB Bank PJSC 0.010 06/03/2026 RUB 65.200
Leonteq Securities A 20.880 9/23/2022 CHF 30.960
Vontobel Financial P 5.000 6/24/2022 EUR 57.070
Vontobel Financial P 8.000 6/24/2022 EUR 47.530
Vontobel Financial P 17.500 9/23/2022 EUR 55.290
Vontobel Financial P 10.000 9/23/2022 EUR 60.750
Basler Kantonalbank 8.000 3/22/2023 CHF 68.080
Vontobel Financial P 7.250 6/24/2022 EUR 59.050
Leonteq Securities A 14.000 9/23/2022 CHF 66.970
Leonteq Securities A 10.000 12/23/2022 CHF 71.250
Societe Generale Eff 6.500 10/28/2022 EUR 43.010
Societe Generale Eff 8.500 10/28/2022 EUR 38.280
Societe Generale Eff 12.500 10/28/2022 EUR 34.040
Societe Generale Eff 16.250 9/23/2022 EUR 57.140
Societe Generale Eff 5.500 10/28/2022 EUR 74.920
Societe Generale Eff 6.500 10/28/2022 EUR 73.110
Societe Generale Eff 7.500 10/28/2022 EUR 71.610
Societe Generale Eff 8.500 10/28/2022 EUR 70.360
Societe Generale Eff 7.250 6/24/2022 EUR 76.750
Societe Generale Eff 13.500 9/23/2022 EUR 66.810
Societe Generale Eff 8.000 10/28/2022 EUR 72.450
Leonteq Securities A 22.520 07/06/2022 CHF 22.460
Leonteq Securities A 20.000 07/06/2022 CHF 32.020
Vontobel Financial P 15.500 6/24/2022 EUR 66.980
Vontobel Financial P 10.000 6/24/2022 EUR 73.560
Vontobel Financial P 5.000 9/23/2022 EUR 68.870
Vontobel Financial P 5.500 9/23/2022 EUR 67.430
Vontobel Financial P 7.500 9/23/2022 EUR 63.720
Vontobel Financial P 11.000 9/23/2022 EUR 59.940
Vontobel Financial P 11.500 9/23/2022 EUR 58.970
Vontobel Financial P 14.500 9/23/2022 EUR 56.950
Vontobel Financial P 13.500 9/23/2022 EUR 57.580
Vontobel Financial P 9.250 9/23/2022 EUR 74.140
Societe Generale Eff 8.500 10/28/2022 EUR 73.940
Societe Generale Eff 14.500 10/28/2022 EUR 33.080
Societe Generale Eff 6.250 9/23/2022 EUR 75.910
Societe Generale Eff 11.750 10/28/2022 EUR 74.320
Sberbank of Russia P 0.010 9/21/2028 RUB 55.100
Raiffeisen Schweiz G 16.000 9/20/2022 CHF 39.660
Raiffeisen Schweiz G 7.500 3/17/2023 CHF 63.230
Vontobel Financial P 7.500 6/24/2022 EUR 79.340
Vontobel Financial P 8.000 6/24/2022 EUR 58.270
Vontobel Financial P 17.500 9/23/2022 EUR 43.440
Vontobel Financial P 11.000 9/23/2022 EUR 46.510
Vontobel Financial P 7.000 9/23/2022 EUR 49.790
Vontobel Financial P 11.000 9/23/2022 EUR 71.370
Vontobel Financial P 11.500 6/24/2022 EUR 74.260
Vontobel Financial P 17.000 6/24/2022 EUR 64.820
Vontobel Financial P 11.500 9/23/2022 EUR 33.300
Vontobel Financial P 5.500 9/23/2022 EUR 52.080
Vontobel Financial P 10.500 6/24/2022 EUR 71.810
Vontobel Financial P 14.000 9/23/2022 EUR 66.830
Vontobel Financial P 15.500 9/23/2022 EUR 56.360
Vontobel Financial P 16.500 9/23/2022 EUR 55.810
Vontobel Financial P 8.500 9/23/2022 EUR 62.740
Vontobel Financial P 6.000 9/23/2022 EUR 76.190
Leonteq Securities A 17.000 1/18/2023 CHF 44.680
Vontobel Financial P 5.500 6/24/2022 EUR 70.050
Vontobel Financial P 12.750 6/24/2022 EUR 42.980
Vontobel Financial P 6.250 6/24/2022 EUR 75.590
Leonteq Securities A 10.000 4/18/2023 USD 55.760
Leonteq Securities A 18.000 10/06/2022 CHF 58.840
Leonteq Securities A 18.000 07/06/2022 CHF 64.470
Landesbank Baden-Wue 2.500 8/25/2023 EUR 60.010
UniCredit Bank AG 3.700 6/25/2022 EUR 48.360
Leonteq Securities A 2.500 06/05/2024 EUR 66.450
UniCredit Bank AG 3.850 6/28/2022 EUR 60.370
UniCredit Bank AG 3.800 6/28/2022 EUR 33.860
UniCredit Bank AG 4.250 6/28/2022 EUR 46.230
Vontobel Financial P 7.350 6/15/2022 USD 44.120
DZ Bank AG Deutsche 22.800 6/24/2022 EUR 64.130
DZ Bank AG Deutsche 6.500 9/21/2022 EUR 74.420
Vontobel Financial P 7.750 6/24/2022 EUR 73.900
Bank Julius Baer & C 6.850 6/15/2022 CHF 71.550
Societe Generale Eff 14.250 6/24/2022 EUR 75.000
DZ Bank AG Deutsche 6.500 6/22/2022 EUR 71.810
DZ Bank AG Deutsche 9.500 6/22/2022 EUR 62.940
DZ Bank AG Deutsche 7.500 12/23/2022 EUR 56.370
Vontobel Financial P 9.350 6/24/2022 EUR 69.440
Vontobel Financial P 7.700 08/02/2022 CHF 43.900
Leonteq Securities A 24.480 9/21/2022 CHF 44.800
Leonteq Securities A 10.000 10/05/2022 CHF 31.300
Vontobel Financial P 6.000 9/23/2022 EUR 73.330
Vontobel Financial P 12.500 9/23/2022 EUR 32.500
Vontobel Financial P 7.500 6/24/2022 EUR 63.960
Corner Banca SA 12.000 6/14/2022 CHF 62.340
Societe Generale Eff 5.500 9/23/2022 EUR 48.540
DZ Bank AG Deutsche 6.750 6/22/2022 EUR 73.340
DZ Bank AG Deutsche 14.500 12/21/2022 EUR 68.230
DZ Bank AG Deutsche 5.000 6/22/2022 EUR 72.580
Societe Generale Eff 11.500 5/27/2022 EUR 55.160
Vontobel Financial P 6.250 6/24/2022 EUR 67.190
Corner Banca SA 12.000 01/05/2023 EUR 74.690
Leonteq Securities A 10.000 10/05/2022 CHF 73.080
Corner Banca SA 16.000 07/06/2022 CHF 64.540
Vontobel Financial P 16.000 9/23/2022 EUR 72.280
Leonteq Securities A 14.000 9/14/2022 EUR 34.020
Corner Banca SA 10.400 12/14/2022 CHF 37.640
Vontobel Financial P 9.000 6/24/2022 EUR 46.460
Vontobel Financial P 15.500 6/24/2022 EUR 41.070
Vontobel Financial P 10.500 6/24/2022 EUR 44.900
Leonteq Securities A 14.000 9/14/2022 CHF 50.360
Leonteq Securities A 25.460 07/01/2022 CHF 26.270
Vontobel Financial P 11.500 6/24/2022 EUR 59.610
Vontobel Financial P 6.500 6/24/2022 EUR 66.430
Corner Banca SA 17.000 1/17/2023 EUR 46.310
Vontobel Financial P 18.000 6/24/2022 EUR 24.930
Vontobel Financial P 19.500 6/24/2022 EUR 62.430
Vontobel Financial P 9.250 6/24/2022 EUR 40.210
Leonteq Securities A 6.000 07/05/2023 CHF 74.210
Leonteq Securities A 21.520 07/01/2022 CHF 21.600
Vontobel Financial P 8.000 6/24/2022 EUR 59.040
DZ Bank AG Deutsche 15.500 6/22/2022 EUR 70.300
DZ Bank AG Deutsche 5.000 9/21/2022 EUR 71.860
Bank Julius Baer & C 7.600 07/01/2022 EUR 68.250
Citigroup Global Mar 2.600 10/12/2028 EUR 77.020
DZ Bank AG Deutsche 15.500 9/21/2022 EUR 68.440
Bank Julius Baer & C 9.000 07/01/2022 USD 41.450
Bank Julius Baer & C 6.200 12/21/2022 CHF 71.200
Zurcher Kantonalbank 8.000 6/21/2023 CHF 64.030
Zurcher Kantonalbank 11.000 6/21/2022 CHF 65.490
Zurcher Kantonalbank 12.000 6/21/2022 CHF 57.030
DZ Bank AG Deutsche 10.000 12/23/2022 EUR 51.470
Vontobel Financial P 18.000 9/23/2022 EUR 32.220
DZ Bank AG Deutsche 10.000 6/24/2022 EUR 50.320
Vontobel Financial P 16.500 6/24/2022 EUR 60.370
Zurcher Kantonalbank 12.500 10/05/2022 USD 49.110
Bank Julius Baer & C 7.500 11/11/2022 EUR 71.100
Bank Julius Baer & C 7.900 2/13/2023 EUR 73.300
UBS AG/London 7.500 9/29/2023 CHF 70.550
UBS AG/London 14.750 3/29/2023 CHF 61.850
UBS AG/London 13.000 3/29/2023 USD 46.800
UBS AG/London 8.750 3/29/2023 CHF 65.100
UBS AG/London 14.250 4/20/2023 USD 55.400
UBS AG/London 4.750 7/21/2022 EUR 72.000
UBS AG/London 9.000 7/21/2023 EUR 71.450
Landesbank Baden-Wue 9.150 10/28/2022 EUR 65.480
Credit Suisse AG/Lon 6.000 11/28/2022 CHF 74.660
Credit Suisse AG/Lon 10.000 09/09/2022 USD 53.080
Credit Suisse AG/Lon 7.250 12/01/2022 CHF 70.850
Credit Suisse AG/Lon 16.000 6/27/2022 EUR 63.640
Credit Suisse AG/Lon 10.000 9/26/2022 EUR 68.100
Credit Suisse AG/Lon 10.000 10/03/2022 CHF 54.240
Credit Suisse AG/Lon 7.500 09/08/2022 EUR 65.760
Credit Suisse AG/Lon 8.500 9/13/2022 CHF 29.460
Credit Suisse AG/Lon 15.000 9/15/2022 USD 37.690
Credit Suisse AG/Lon 8.500 12/16/2022 CHF 60.680
Bank Vontobel AG 7.250 3/24/2023 CHF 71.800
Vontobel Financial P 4.500 12/23/2022 EUR 77.220
Vontobel Financial P 10.500 12/23/2022 EUR 74.270
Vontobel Financial P 4.500 9/23/2022 EUR 79.450
Vontobel Financial P 5.500 12/23/2022 EUR 47.270
Vontobel Financial P 11.500 12/23/2022 EUR 43.030
Vontobel Financial P 15.000 12/23/2022 EUR 42.260
UBS AG/London 9.500 6/30/2022 EUR 67.950
UBS AG/London 4.500 07/01/2024 CHF 73.750
UBS AG/London 11.000 6/30/2022 CHF 28.300
Vontobel Financial P 16.500 12/23/2022 EUR 68.030
UBS AG/London 6.000 6/30/2023 CHF 59.300
Vontobel Financial P 10.000 12/23/2022 EUR 73.510
Vontobel Financial P 15.000 12/23/2022 EUR 70.370
Vontobel Financial P 13.000 12/23/2022 EUR 71.070
Vontobel Financial P 14.500 12/23/2022 EUR 67.990
Vontobel Financial P 7.500 12/23/2022 EUR 57.620
Vontobel Financial P 4.000 12/23/2022 EUR 62.850
Vontobel Financial P 8.000 12/23/2022 EUR 69.170
Vontobel Financial P 5.000 12/23/2022 EUR 72.980
Vontobel Financial P 13.000 12/23/2022 EUR 73.720
Vontobel Financial P 12.000 12/23/2022 EUR 66.800
Bank Vontobel AG 7.500 1/16/2023 EUR 73.100
Bank Vontobel AG 13.000 10/17/2022 CHF 39.000
Vontobel Financial P 8.500 12/23/2022 EUR 71.770
Vontobel Financial P 7.500 12/23/2022 EUR 73.360
Vontobel Financial P 12.000 12/23/2022 EUR 68.980
Vontobel Financial P 10.000 12/23/2022 EUR 70.540
Vontobel Financial P 14.000 12/23/2022 EUR 67.580
Vontobel Financial P 10.500 12/23/2022 EUR 69.940
Vontobel Financial P 13.500 12/23/2022 EUR 68.130
Vontobel Financial P 11.500 12/23/2022 EUR 69.610
Vontobel Financial P 15.000 12/23/2022 EUR 67.380
Vontobel Financial P 12.500 12/23/2022 EUR 68.380
Vontobel Financial P 5.500 12/23/2022 EUR 71.920
EFG International Fi 19.000 11/10/2022 CHF 43.650
Leonteq Securities A 9.000 05/11/2023 CHF 73.500
Vontobel Financial P 8.500 12/23/2022 EUR 58.580
Vontobel Financial P 8.250 12/23/2022 EUR 36.320
Vontobel Financial P 12.500 12/23/2022 EUR 39.440
Leonteq Securities A 2.380 11/10/2022 EUR 43.480
DekaBank Deutsche Gi 7.260 5/30/2022 EUR 69.070
Leonteq Securities A 26.400 11/08/2022 CHF 48.820
Leonteq Securities A 26.400 11/15/2022 USD 54.190
Leonteq Securities A 22.800 11/11/2022 CHF 33.920
Societe Generale Eff 14.250 6/24/2022 EUR 66.030
Societe Generale Eff 11.750 9/23/2022 EUR 71.770
UBS AG/London 6.250 11/10/2023 CHF 70.100
Bank Vontobel AG 12.000 05/09/2023 EUR 60.000
Bank Vontobel AG 24.000 08/09/2022 CHF 42.000
Zurcher Kantonalbank 11.000 11/08/2022 CHF 70.210
Zurcher Kantonalbank 12.500 11/04/2022 CHF 64.400
Zurcher Kantonalbank 13.550 11/04/2022 CHF 61.650
Landesbank Baden-Wue 29.630 10/28/2022 EUR 75.140
Leonteq Securities A 18.000 11/15/2022 CHF 42.760
Corner Banca SA 20.000 11/15/2022 CHF 52.810
Leonteq Securities A 14.000 2/15/2023 CHF 43.160
Leonteq Securities A 9.000 05/12/2023 CHF 51.420
Corner Banca SA 10.000 5/15/2023 USD 45.050
Corner Banca SA 10.000 05/12/2023 CHF 70.870
Leonteq Securities A 7.000 05/12/2023 CHF 70.690
Vontobel Financial P 27.900 6/24/2022 EUR 64.930
Landesbank Baden-Wue 4.000 11/25/2022 EUR 71.280
Landesbank Baden-Wue 11.500 11/25/2022 EUR 72.990
Societe Generale Eff 14.000 5/27/2022 EUR 68.280
Societe Generale Eff 7.500 5/27/2022 EUR 45.590
Landesbank Baden-Wue 4.350 11/25/2022 EUR 75.730
Landesbank Baden-Wue 5.650 11/25/2022 EUR 78.570
Landesbank Baden-Wue 3.750 11/25/2022 EUR 76.160
Landesbank Baden-Wue 5.850 11/25/2022 EUR 72.520
Landesbank Baden-Wue 4.150 11/25/2022 EUR 57.180
Landesbank Baden-Wue 8.300 11/25/2022 EUR 46.990
Bank Vontobel AG 13.750 05/08/2023 CHF 53.600
Bank Vontobel AG 14.000 11/14/2022 CHF 41.800
Bank Vontobel AG 9.000 05/12/2023 CHF 72.900
Bank Vontobel AG 14.000 05/12/2023 CHF 66.800
Bank Vontobel AG 18.750 11/14/2022 CHF 40.700
Bank Vontobel AG 8.750 05/12/2023 CHF 58.800
Vontobel Financial P 18.000 9/23/2022 EUR 72.270
Vontobel Financial P 12.500 12/23/2022 EUR 70.800
Vontobel Financial P 13.500 12/23/2022 EUR 69.570
Vontobel Financial P 14.500 12/23/2022 EUR 68.420
Vontobel Financial P 16.000 12/23/2022 EUR 67.700
Vontobel Financial P 19.500 12/23/2022 EUR 65.290
Vontobel Financial P 18.000 12/23/2022 EUR 65.820
Vontobel Financial P 17.000 12/23/2022 EUR 66.730
Vontobel Financial P 12.500 9/23/2022 EUR 70.120
Vontobel Financial P 15.500 9/23/2022 EUR 67.240
Vontobel Financial P 20.500 9/23/2022 EUR 63.850
Vontobel Financial P 14.000 9/23/2022 EUR 68.630
Vontobel Financial P 17.500 9/23/2022 EUR 66.140
Vontobel Financial P 19.000 9/23/2022 EUR 64.960
Vontobel Financial P 22.000 9/23/2022 EUR 62.850
Vontobel Financial P 17.500 12/23/2022 EUR 74.670
Vontobel Financial P 20.000 9/23/2022 EUR 73.760
Vontobel Financial P 18.000 9/23/2022 EUR 74.910
Vontobel Financial P 3.000 12/23/2022 EUR 77.140
Vontobel Financial P 17.500 12/23/2022 EUR 70.070
Vontobel Financial P 8.000 12/23/2022 EUR 65.340
Vontobel Financial P 11.500 12/23/2022 EUR 67.650
Vontobel Financial P 7.000 12/23/2022 EUR 54.290
Vontobel Financial P 7.500 12/23/2022 EUR 67.700
Vontobel Financial P 8.000 12/23/2022 EUR 71.060
Vontobel Financial P 5.000 9/23/2022 EUR 67.800
Vontobel Financial P 14.000 12/23/2022 EUR 63.360
Vontobel Financial P 12.000 12/23/2022 EUR 65.280
Vontobel Financial P 16.500 9/23/2022 EUR 60.960
Vontobel Financial P 14.000 9/23/2022 EUR 63.340
Vontobel Financial P 19.000 9/23/2022 EUR 58.890
Vontobel Financial P 18.000 12/23/2022 EUR 60.350
Vontobel Financial P 16.000 12/23/2022 EUR 61.720
Vontobel Financial P 8.000 12/23/2022 EUR 64.970
Vontobel Financial P 9.500 12/23/2022 EUR 62.560
Vontobel Financial P 12.000 12/23/2022 EUR 61.080
Vontobel Financial P 11.500 9/23/2022 EUR 66.100
Vontobel Financial P 14.000 12/23/2022 EUR 59.630
Vontobel Financial P 16.000 12/23/2022 EUR 58.370
Vontobel Financial P 7.500 9/23/2022 EUR 64.640
Vontobel Financial P 10.000 9/23/2022 EUR 61.950
Vontobel Financial P 15.000 12/23/2022 EUR 58.950
Vontobel Financial P 11.000 9/23/2022 EUR 60.610
Vontobel Financial P 8.500 9/23/2022 EUR 63.090
Vontobel Financial P 17.000 12/23/2022 EUR 57.850
Vontobel Financial P 12.500 9/23/2022 EUR 59.630
Vontobel Financial P 15.500 9/23/2022 EUR 57.890
Vontobel Financial P 14.000 9/23/2022 EUR 58.720
Vontobel Financial P 18.500 9/23/2022 EUR 56.380
Vontobel Financial P 17.000 9/23/2022 EUR 57.070
Vontobel Financial P 6.000 12/23/2022 EUR 42.390
Vontobel Financial P 10.000 12/23/2022 EUR 40.270
Vontobel Financial P 11.500 12/23/2022 EUR 39.770
Vontobel Financial P 6.000 9/23/2022 EUR 41.280
Vontobel Financial P 9.500 9/23/2022 EUR 38.950
Vontobel Financial P 8.000 12/23/2022 EUR 41.170
Vontobel Financial P 13.000 12/23/2022 EUR 39.830
Vontobel Financial P 15.000 12/23/2022 EUR 39.450
Vontobel Financial P 14.000 12/23/2022 EUR 39.610
Vontobel Financial P 10.500 9/23/2022 EUR 38.240
Vontobel Financial P 13.500 9/23/2022 EUR 37.470
Vontobel Financial P 7.000 9/23/2022 EUR 40.350
Vontobel Financial P 17.000 9/23/2022 EUR 37.120
Vontobel Financial P 8.000 9/23/2022 EUR 39.500
Vontobel Financial P 12.000 9/23/2022 EUR 37.830
Vontobel Financial P 16.500 12/23/2022 EUR 39.650
Vontobel Financial P 15.000 9/23/2022 EUR 37.170
Vontobel Financial P 20.000 9/23/2022 EUR 55.750
Vontobel Financial P 4.500 12/23/2022 EUR 77.630
Vontobel Financial P 7.000 9/23/2022 EUR 76.730
Vontobel Financial P 7.000 9/23/2022 EUR 69.150
Vontobel Financial P 7.500 9/23/2022 EUR 64.780
DZ Bank AG Deutsche 9.500 5/25/2022 EUR 73.070
DZ Bank AG Deutsche 12.000 6/22/2022 EUR 66.060
DZ Bank AG Deutsche 13.000 6/22/2022 EUR 65.460
DZ Bank AG Deutsche 10.500 5/25/2022 EUR 30.450
DZ Bank AG Deutsche 6.000 12/21/2022 EUR 60.650
Societe Generale Eff 10.250 10/28/2022 EUR 72.240
Societe Generale Eff 15.000 5/27/2022 EUR 60.990
Societe Generale Eff 13.000 7/22/2022 EUR 63.070
Societe Generale Eff 12.250 8/26/2022 EUR 63.900
DZ Bank AG Deutsche 15.750 5/25/2022 EUR 64.090
DZ Bank AG Deutsche 15.750 6/22/2022 EUR 73.690
DZ Bank AG Deutsche 7.250 9/21/2022 EUR 73.820
DZ Bank AG Deutsche 6.250 12/21/2022 EUR 74.180
DZ Bank AG Deutsche 5.500 3/22/2023 EUR 73.820
Leonteq Securities A 21.600 12/06/2022 CHF 40.920
Leonteq Securities A 22.800 12/06/2022 CHF 53.530
Leonteq Securities A 8.800 12/07/2023 CHF 76.400
Credit Suisse AG/Lon 13.500 11/28/2022 CHF 35.730
Credit Suisse AG/Lon 15.000 11/29/2022 USD 36.360
Bank Vontobel AG 9.000 2/21/2023 CHF 66.200
Bank Vontobel AG 12.250 11/28/2022 CHF 58.100
Bank Vontobel AG 7.000 5/26/2023 EUR 71.100
DZ Bank AG Deutsche 6.750 12/21/2022 EUR 76.940
Raiffeisen Schweiz G 8.200 12/06/2023 CHF 76.230
Raiffeisen Switzerla 19.000 12/06/2022 CHF 52.210
Leonteq Securities A 22.200 12/07/2022 CHF 48.530
Sberbank of Russia P 0.010 12/07/2026 RUB 61.200
DZ Bank AG Deutsche 16.800 9/23/2022 EUR 72.530
DZ Bank AG Deutsche 16.700 12/23/2022 EUR 55.020
DZ Bank AG Deutsche 16.800 9/23/2022 EUR 76.980
DZ Bank AG Deutsche 19.100 12/23/2022 EUR 67.820
DZ Bank AG Deutsche 20.500 9/23/2022 EUR 71.110
DZ Bank AG Deutsche 17.300 12/23/2022 EUR 73.640
Sberbank of Russia P 0.010 12/07/2026 RUB 59.000
Ebis OOO 14.500 11/25/2025 RUB 70.000
SG Issuer SA 2.100 12/27/2033 EUR 63.370
DZ Bank AG Deutsche 23.900 6/24/2022 EUR 61.400
Societe Generale Eff 13.500 9/23/2022 EUR 60.420
DZ Bank AG Deutsche 17.700 12/23/2022 EUR 36.210
DZ Bank AG Deutsche 13.500 3/24/2023 EUR 38.610
DZ Bank AG Deutsche 18.300 12/23/2022 EUR 75.170
DZ Bank AG Deutsche 20.200 6/24/2022 EUR 75.940
DZ Bank AG Deutsche 10.500 12/23/2022 EUR 64.310
DZ Bank AG Deutsche 12.000 3/24/2023 EUR 63.440
DZ Bank AG Deutsche 10.000 3/24/2023 EUR 75.440
UniCredit Bank AG 6.300 12/21/2022 EUR 51.570
Societe Generale Eff 5.500 10/28/2022 EUR 73.160
DZ Bank AG Deutsche 18.500 11/25/2022 EUR 35.330
DZ Bank AG Deutsche 14.200 9/23/2022 EUR 74.240
DZ Bank AG Deutsche 21.600 6/24/2022 EUR 56.100
Bank Vontobel AG 7.750 2/20/2023 CHF 73.600
Bank Vontobel AG 20.000 11/21/2022 CHF 54.300
Bank Vontobel AG 10.750 5/22/2023 CHF 64.000
Societe Generale Eff 15.000 7/22/2022 EUR 77.700
DZ Bank AG Deutsche 18.800 9/23/2022 EUR 65.350
DZ Bank AG Deutsche 11.500 11/25/2022 EUR 70.830
DZ Bank AG Deutsche 8.300 3/24/2023 EUR 74.170
DZ Bank AG Deutsche 12.500 3/24/2023 EUR 73.690
DZ Bank AG Deutsche 15.700 11/25/2022 EUR 35.760
DZ Bank AG Deutsche 16.700 9/23/2022 EUR 59.580
DZ Bank AG Deutsche 14.100 12/23/2022 EUR 62.000
DZ Bank AG Deutsche 11.800 3/24/2023 EUR 70.600
DZ Bank AG Deutsche 10.100 3/24/2023 EUR 73.980
DZ Bank AG Deutsche 15.800 12/23/2022 EUR 67.900
DZ Bank AG Deutsche 19.100 6/24/2022 EUR 63.820
Societe Generale Eff 7.500 10/28/2022 EUR 70.230
Societe Generale Eff 8.500 10/28/2022 EUR 69.090
DZ Bank AG Deutsche 18.700 6/24/2022 EUR 71.380
DZ Bank AG Deutsche 24.700 6/24/2022 EUR 73.050
DZ Bank AG Deutsche 10.900 11/25/2022 EUR 63.800
DZ Bank AG Deutsche 6.700 3/24/2023 EUR 68.460
DZ Bank AG Deutsche 10.000 3/24/2023 EUR 72.240
Leonteq Securities A 15.000 2/24/2023 USD 69.170
DZ Bank AG Deutsche 15.600 9/23/2022 EUR 67.240
DZ Bank AG Deutsche 9.100 3/24/2023 EUR 65.370
DZ Bank AG Deutsche 13.700 3/24/2023 EUR 69.330
DZ Bank AG Deutsche 12.100 11/25/2022 EUR 72.020
Bank Vontobel AG 14.000 5/22/2023 CHF 64.700
Leonteq Securities A 14.000 2/23/2023 CHF 67.340
Societe Generale Eff 14.000 6/24/2022 EUR 59.340
DZ Bank AG Deutsche 14.000 11/25/2022 EUR 68.880
DZ Bank AG Deutsche 13.400 12/23/2022 EUR 69.480
DZ Bank AG Deutsche 14.600 6/24/2022 EUR 66.760
Societe Generale Eff 9.500 8/26/2022 EUR 67.770
Societe Generale Eff 6.500 10/28/2022 EUR 71.540
DZ Bank AG Deutsche 20.400 12/23/2022 EUR 36.220
DZ Bank AG Deutsche 15.600 3/24/2023 EUR 38.520
DZ Bank AG Deutsche 17.700 3/24/2023 EUR 38.700
DZ Bank AG Deutsche 16.300 3/24/2023 EUR 77.410
DZ Bank AG Deutsche 14.200 6/24/2022 EUR 59.730
DZ Bank AG Deutsche 11.800 9/23/2022 EUR 62.360
EFG International Fi 9.400 11/24/2022 CHF 69.740
Basler Kantonalbank 12.000 11/24/2022 CHF 67.830
Societe Generale Eff 10.250 7/22/2022 EUR 66.990
UBS AG/London 21.500 11/25/2022 USD 61.250
Bank Vontobel AG 20.500 11/21/2022 CHF 54.400
Bank Vontobel AG 8.000 5/22/2023 CHF 62.600
Bank Vontobel AG 18.000 11/21/2022 USD 51.000
Bank Vontobel AG 10.000 11/21/2022 CHF 46.300
Skandinaviska Enskil 9.020 7/17/2023 SEK 66.260
SecurAsset SA 5.250 6/30/2022 EUR 30.050
UBS AG/London 15.000 11/25/2022 USD 64.450
Landesbank Baden-Wue 3.000 6/24/2022 EUR 59.930
Landesbank Baden-Wue 3.000 4/25/2022 EUR 56.090
Societe Generale SA 6.000 05/09/2022 USD 0.190
Bank Julius Baer & C 14.500 10/26/2022 EUR 67.850
Leonteq Securities A 20.400 10/26/2022 CHF 35.540
Leonteq Securities A 22.200 10/26/2022 CHF 66.510
UBS AG/London 10.250 08/04/2023 CHF 76.250
Raiffeisen Schweiz G 18.000 10/25/2022 CHF 52.550
Raiffeisen Schweiz G 8.000 7/25/2023 CHF 64.260
Raiffeisen Schweiz G 10.000 4/25/2023 CHF 42.920
Vontobel Financial P 9.250 12/23/2022 EUR 55.610
DZ Bank AG Deutsche 9.600 6/24/2022 EUR 74.650
DZ Bank AG Deutsche 12.200 6/24/2022 EUR 71.260
DZ Bank AG Deutsche 15.300 6/24/2022 EUR 68.310
DZ Bank AG Deutsche 8.500 9/23/2022 EUR 76.060
DZ Bank AG Deutsche 10.500 9/23/2022 EUR 73.340
DZ Bank AG Deutsche 12.800 9/23/2022 EUR 71.000
DZ Bank AG Deutsche 10.100 10/28/2022 EUR 73.940
DZ Bank AG Deutsche 9.600 12/23/2022 EUR 74.760
DZ Bank AG Deutsche 12.200 10/28/2022 EUR 71.790
DZ Bank AG Deutsche 8.000 12/23/2022 EUR 76.980
DZ Bank AG Deutsche 11.300 12/23/2022 EUR 72.790
DZ Bank AG Deutsche 16.600 9/23/2022 EUR 37.890
DZ Bank AG Deutsche 18.800 10/28/2022 EUR 38.000
DZ Bank AG Deutsche 14.800 12/23/2022 EUR 40.710
DZ Bank AG Deutsche 17.300 12/23/2022 EUR 39.840
Vontobel Financial P 5.500 12/23/2022 EUR 74.350
Vontobel Financial P 8.250 12/23/2022 EUR 68.570
Vontobel Financial P 9.750 12/23/2022 EUR 74.670
Leonteq Securities A 14.000 10/28/2022 CHF 72.570
UniCredit Bank AG 7.250 12/09/2022 EUR 75.590
Bank Julius Baer & C 10.100 11/14/2022 USD 72.100
UBS AG/London 4.250 3/29/2023 EUR 71.750
UBS AG/London 10.750 10/20/2022 EUR 52.650
UBS AG/London 10.500 1/23/2023 CHF 39.200
Credit Suisse AG/Lon 11.500 8/25/2022 USD 31.780
Credit Suisse AG/Lon 7.500 11/28/2022 USD 70.330
Credit Suisse AG/Lon 8.500 6/30/2022 CHF 27.410
Credit Suisse AG/Lon 8.500 6/24/2022 CHF 27.080
Credit Suisse AG/Lon 15.000 6/27/2022 USD 28.760
Credit Suisse AG/Lon 7.000 9/28/2022 CHF 76.710
UBS AG/London 19.500 09/01/2022 USD 50.600
UBS AG/London 8.250 03/01/2023 CHF 55.100
UBS AG/London 10.500 2/27/2023 CHF 72.950
Credit Suisse AG/Lon 11.750 09/08/2022 USD 38.220
Credit Suisse AG/Lon 7.000 12/08/2022 CHF 70.310
Credit Suisse AG/Lon 10.500 09/12/2022 CHF 29.240
Credit Suisse AG/Lon 7.750 12/15/2022 CHF 72.220
Bank Vontobel AG 6.750 3/17/2023 CHF 69.600
Bank Vontobel AG 7.750 3/17/2023 CHF 72.700
Bank Vontobel AG 8.500 3/17/2023 CHF 43.200
Bank Vontobel AG 11.500 3/17/2023 CHF 61.400
Bank Vontobel AG 20.000 12/19/2022 CHF 44.000
Bank Vontobel AG 10.500 12/27/2022 CHF 47.400
Vontobel Financial P 8.500 12/23/2022 EUR 70.370
Vontobel Financial P 8.500 12/23/2022 EUR 44.760
UBS AG/London 8.250 6/30/2023 CHF 71.400
Vontobel Financial P 9.000 12/23/2022 EUR 73.010
UBS AG/London 14.500 6/30/2022 CHF 53.550
Vontobel Financial P 17.000 12/23/2022 EUR 66.560
Vontobel Financial P 16.000 12/23/2022 EUR 67.100
Vontobel Financial P 14.500 12/23/2022 EUR 53.710
Vontobel Financial P 12.000 12/23/2022 EUR 54.600
Vontobel Financial P 15.000 12/23/2022 EUR 72.890
Vontobel Financial P 10.000 12/23/2022 EUR 67.890
Vontobel Financial P 14.000 12/23/2022 EUR 65.870
Bank Vontobel AG 9.250 1/16/2023 CHF 67.400
Corner Banca SA 16.000 4/29/2022 CHF 55.880
Bank Vontobel AG 13.259 7/29/2022 CHF 32.800
Banque Cantonale Vau 22.200 08/02/2022 CHF 71.580
Societe Generale Eff 4.750 10/28/2022 EUR 76.650
Leonteq Securities A 20.000 11/08/2022 USD 66.510
Leonteq Securities A 13.000 11/08/2022 CHF 53.020
Raiffeisen Schweiz G 16.000 11/29/2022 CHF 58.440
Raiffeisen Schweiz G 9.000 2/28/2023 CHF 63.100
Raiffeisen Schweiz G 6.600 11/29/2023 CHF 72.880
Bank Vontobel AG 6.500 2/20/2023 CHF 34.400
Bank Vontobel AG 9.000 11/20/2023 EUR 70.600
Bank Vontobel AG 7.500 5/26/2023 CHF 67.500
Bank Vontobel AG 12.500 2/27/2023 CHF 39.700
Bank Vontobel AG 24.000 11/28/2022 CHF 46.100
Bank Vontobel AG 12.000 11/28/2022 CHF 61.400
EFG International Fi 14.600 11/29/2022 USD 66.590
DZ Bank AG Deutsche 8.000 6/22/2022 EUR 72.170
DZ Bank AG Deutsche 12.000 12/21/2022 EUR 70.490
DZ Bank AG Deutsche 14.750 12/21/2022 EUR 72.180
DZ Bank AG Deutsche 11.000 9/21/2022 EUR 69.600
DZ Bank AG Deutsche 8.000 12/21/2022 EUR 72.170
DZ Bank AG Deutsche 5.250 3/22/2023 EUR 75.190
DZ Bank AG Deutsche 6.250 12/21/2022 EUR 76.460
DZ Bank AG Deutsche 7.500 9/21/2022 EUR 73.880
DZ Bank AG Deutsche 6.000 12/21/2022 EUR 74.610
Landesbank Baden-Wue 6.150 3/24/2023 EUR 77.530
Landesbank Baden-Wue 3.500 3/24/2023 EUR 48.680
Landesbank Baden-Wue 6.200 3/24/2023 EUR 42.170
Landesbank Baden-Wue 8.650 3/24/2023 EUR 39.470
Landesbank Baden-Wue 3.350 3/24/2023 EUR 71.130
Landesbank Baden-Wue 8.900 3/24/2023 EUR 71.170
Landesbank Baden-Wue 3.650 3/24/2023 EUR 62.730
Landesbank Baden-Wue 6.200 3/24/2023 EUR 58.450
Leonteq Securities A 12.000 9/30/2022 CHF 71.930
Vontobel Financial P 18.500 9/23/2022 EUR 66.790
Vontobel Financial P 16.750 9/23/2022 EUR 50.270
Vontobel Financial P 13.250 9/23/2022 EUR 75.910
Vontobel Financial P 15.000 9/23/2022 EUR 63.870
Vontobel Financial P 9.000 9/23/2022 EUR 66.080
Vontobel Financial P 16.500 9/23/2022 EUR 63.280
DekaBank Deutsche Gi 4.790 9/23/2022 EUR 64.420
Sberbank of Russia P 0.010 10/03/2028 RUB 58.600
Luzerner Kantonalban 23.100 8/15/2022 CHF 47.920
Leonteq Securities A 18.500 11/29/2022 CHF 58.960
Leonteq Securities A 25.000 11/29/2022 CHF 63.110
Leonteq Securities A 10.800 5/26/2023 EUR 58.410
Corner Banca SA 10.000 11/29/2022 EUR 70.800
Leonteq Securities A 17.600 5/30/2023 USD 62.540
Leonteq Securities A 10.800 5/26/2023 CHF 68.140
Leonteq Securities A 10.800 5/26/2023 EUR 70.740
Corner Banca SA 13.200 11/29/2022 CHF 64.740
Leonteq Securities A 12.800 11/29/2022 CHF 48.330
Leonteq Securities A 7.800 11/29/2023 CHF 71.700
Corner Banca SA 11.000 11/29/2022 CHF 35.700
Leonteq Securities A 8.000 03/01/2023 CHF 68.160
Corner Banca SA 12.000 11/29/2022 USD 50.250
Leonteq Securities A 10.000 11/29/2022 CHF 59.980
Leonteq Securities A 11.000 5/30/2023 USD 59.410
Leonteq Securities A 10.000 11/29/2022 CHF 66.890
Raiffeisen Schweiz G 9.000 5/26/2023 USD 63.030
Raiffeisen Schweiz G 7.000 11/29/2023 CHF 75.670
Bank Vontobel AG 9.000 11/20/2023 CHF 43.000
Bank Vontobel AG 8.000 11/27/2023 EUR 54.400
Bank Vontobel AG 21.750 5/26/2023 CHF 49.300
Bank Vontobel AG 7.250 2/27/2023 CHF 71.800
Bank Vontobel AG 9.000 5/26/2023 EUR 70.000
Bank Vontobel AG 18.250 5/26/2023 EUR 41.600
Bank Vontobel AG 9.500 3/31/2023 EUR 71.700
Bank Vontobel AG 14.250 11/07/2022 CHF 39.800
Leonteq Securities A 15.000 11/08/2022 CHF 36.990
Leonteq Securities A 14.000 02/08/2023 USD 49.170
Sberbank of Russia P 0.010 10/21/2026 RUB 60.200
EFG International Fi 18.000 10/20/2022 CHF 52.530
Vontobel Financial P 8.500 12/23/2022 EUR 70.440
Vontobel Financial P 5.500 12/23/2022 EUR 65.110
Vontobel Financial P 7.000 12/23/2022 EUR 69.030
Vontobel Financial P 20.000 9/23/2022 EUR 66.990
Vontobel Financial P 13.000 12/23/2022 EUR 66.550
Vontobel Financial P 13.500 9/23/2022 EUR 64.330
Vontobel Financial P 21.000 12/23/2022 EUR 74.430
Vontobel Financial P 8.000 12/23/2022 EUR 71.060
Vontobel Financial P 18.500 12/23/2022 EUR 75.950
Vontobel Financial P 17.500 9/23/2022 EUR 71.800
Vontobel Financial P 12.500 9/23/2022 EUR 77.300
UBS AG/London 18.500 06/08/2023 USD 58.100
Vontobel Financial P 15.500 12/23/2022 EUR 65.440
Vontobel Financial P 15.500 9/23/2022 EUR 72.310
Vontobel Financial P 4.500 12/23/2022 EUR 74.390
Vontobel Financial P 3.000 12/23/2022 EUR 76.850
Vontobel Financial P 3.000 9/23/2022 EUR 76.550
Vontobel Financial P 4.900 7/13/2023 EUR 67.750
Societe Generale Eff 18.250 7/22/2022 EUR 74.240
Societe Generale Eff 16.750 8/26/2022 EUR 75.300
Societe Generale Eff 25.250 7/22/2022 EUR 42.910
Societe Generale Eff 9.000 8/26/2022 EUR 58.480
Societe Generale Eff 23.000 8/26/2022 EUR 44.500
Societe Generale Eff 7.500 9/23/2022 EUR 61.500
Societe Generale Eff 6.000 12/23/2022 EUR 66.180
EFG International Fi 17.400 06/10/2022 USD 70.900
EFG International Fi 7.000 06/09/2023 CHF 71.470
EFG International Fi 10.000 12/09/2022 USD 43.550
Leonteq Securities A 21.880 06/10/2022 CHF 62.930
Leonteq Securities A 21.760 06/10/2022 CHF 27.840
BNP Paribas Emission 3.000 6/23/2022 EUR 75.440
BNP Paribas Emission 3.000 6/23/2022 EUR 73.780
BNP Paribas Emission 3.000 12/22/2022 EUR 76.270
BNP Paribas Emission 4.000 12/22/2022 EUR 74.820
BNP Paribas Emission 4.000 3/23/2023 EUR 75.020
Zurcher Kantonalbank 8.100 12/14/2022 USD 45.910
DZ Bank AG Deutsche 10.000 12/23/2022 EUR 49.880
DZ Bank AG Deutsche 12.200 9/23/2022 EUR 59.290
DZ Bank AG Deutsche 9.400 9/23/2022 EUR 68.850
DZ Bank AG Deutsche 11.700 9/23/2022 EUR 65.740
DZ Bank AG Deutsche 10.800 9/23/2022 EUR 70.960
DZ Bank AG Deutsche 13.800 6/24/2022 EUR 72.640
DZ Bank AG Deutsche 13.400 9/23/2022 EUR 61.140
Societe Generale Eff 9.500 6/24/2022 EUR 74.600
DZ Bank AG Deutsche 8.100 12/19/2022 EUR 76.110
DZ Bank AG Deutsche 7.600 3/20/2023 EUR 76.330
Bank Julius Baer & C 9.150 6/13/2022 USD 68.400
DZ Bank AG Deutsche 5.000 12/19/2022 EUR 67.690
DZ Bank AG Deutsche 9.500 12/19/2022 EUR 76.540
DZ Bank AG Deutsche 8.500 12/19/2022 EUR 69.950
DZ Bank AG Deutsche 6.750 3/20/2023 EUR 75.770
DZ Bank AG Deutsche 4.750 3/20/2023 EUR 77.480
Leonteq Securities A 10.000 12/14/2022 CHF 65.000
UBS AG/London 9.900 07/01/2024 EUR 57.680
Raiffeisen Centroban 11.750 08/04/2023 EUR 52.540
Landesbank Baden-Wue 6.000 1/27/2023 EUR 56.480
Raiffeisen Schweiz G 9.000 03/10/2023 USD 57.410
Raiffeisen Schweiz G 10.000 03/10/2023 CHF 62.190
Erste Group Bank AG 4.500 10/01/2025 EUR 65.500
Societe Generale Eff 9.750 7/22/2022 EUR 70.190
Bank Julius Baer & C 7.250 9/14/2022 CHF 65.700
UBS AG/London 4.520 09/07/2023 USD 9.273
Vontobel Financial P 14.000 9/23/2022 EUR 72.300
Vontobel Financial P 11.500 6/24/2022 EUR 68.970
Vontobel Financial P 18.500 6/24/2022 EUR 72.160
Vontobel Financial P 15.000 9/23/2022 EUR 67.100
Vontobel Financial P 14.000 6/24/2022 EUR 67.200
DZ Bank AG Deutsche 10.600 9/23/2022 EUR 67.980
DZ Bank AG Deutsche 13.600 9/23/2022 EUR 67.650
DZ Bank AG Deutsche 15.900 9/23/2022 EUR 66.630
DZ Bank AG Deutsche 19.000 9/23/2022 EUR 63.230
DZ Bank AG Deutsche 21.000 9/23/2022 EUR 60.450
DZ Bank AG Deutsche 17.500 6/24/2022 EUR 62.940
DZ Bank AG Deutsche 10.500 9/23/2022 EUR 65.260
DZ Bank AG Deutsche 17.600 9/23/2022 EUR 63.120
BNP Paribas Issuance 9.000 5/18/2022 SEK 63.720
Vontobel Financial P 12.500 6/24/2022 EUR 56.270
Bank Julius Baer & C 10.300 5/25/2022 CHF 72.600
Bank Julius Baer & C 6.300 5/25/2022 CHF 69.100
DZ Bank AG Deutsche 15.750 6/22/2022 EUR 62.400
Vontobel Financial P 9.000 6/24/2022 EUR 68.130
DZ Bank AG Deutsche 9.000 6/22/2022 EUR 59.380
Vontobel Financial P 12.500 6/24/2022 EUR 75.590
Bank Julius Baer & C 10.800 5/25/2022 USD 35.300
EFG International Fi 5.700 5/24/2023 USD 57.530
Zurcher Kantonalbank 9.500 06/07/2022 USD 70.530
Societe Generale Eff 10.250 5/27/2022 EUR 70.910
DZ Bank AG Deutsche 14.300 6/24/2022 EUR 58.600
DZ Bank AG Deutsche 17.200 6/24/2022 EUR 43.420
DZ Bank AG Deutsche 7.300 6/24/2022 EUR 68.710
DZ Bank AG Deutsche 14.000 6/24/2022 EUR 64.250
DZ Bank AG Deutsche 19.700 6/24/2022 EUR 66.040
DZ Bank AG Deutsche 22.000 6/24/2022 EUR 76.980
DZ Bank AG Deutsche 9.700 6/24/2022 EUR 60.910
Leonteq Securities A 23.000 09/09/2022 CHF 45.770
UniCredit Bank AG 10.300 9/27/2024 EUR 66.670
DekaBank Deutsche Gi 1.000 3/17/2025 EUR 66.770
Zurcher Kantonalbank 10.500 06/02/2022 CHF 61.260
EFG International Fi 11.000 09/10/2024 USD 66.810
Bank Vontobel AG 7.255 11/21/2022 CHF 68.300
DZ Bank AG Deutsche 20.200 6/24/2022 EUR 51.700
DZ Bank AG Deutsche 9.900 6/24/2022 EUR 67.170
DZ Bank AG Deutsche 15.500 6/24/2022 EUR 74.360
DZ Bank AG Deutsche 9.300 6/24/2022 EUR 78.750
DZ Bank AG Deutsche 8.900 6/24/2022 EUR 61.350
DZ Bank AG Deutsche 11.300 6/24/2022 EUR 55.390
DZ Bank AG Deutsche 19.900 6/24/2022 EUR 60.520
DZ Bank AG Deutsche 17.600 6/24/2022 EUR 65.490
Leonteq Securities A 22.000 09/09/2022 CHF 32.340
LLC Online Microfina 12.500 05/04/2024 RUB 73.940
Societe Generale Eff 16.750 6/24/2022 EUR 27.650
Societe Generale Eff 16.000 7/22/2022 EUR 28.690
Vontobel Financial P 18.000 9/23/2022 EUR 61.100
Vontobel Financial P 17.000 9/23/2022 EUR 62.980
Vontobel Financial P 14.000 9/23/2022 EUR 46.780
EFG International Fi 15.000 5/27/2022 CHF 71.440
UBS AG/London 10.250 5/30/2023 CHF 51.150
UBS AG/London 9.750 11/28/2022 EUR 73.000
UBS AG/London 8.250 5/27/2022 CHF 30.800
Leonteq Securities A 15.000 9/13/2022 CHF 41.170
Leonteq Securities A 9.000 03/10/2023 CHF 64.560
Leonteq Securities A 7.000 9/13/2023 CHF 77.010
Corner Banca SA 20.000 9/13/2022 CHF 43.170
Leonteq Securities A 10.000 12/13/2022 USD 41.690
Societe Generale Eff 15.250 8/26/2022 EUR 30.080
Corner Banca SA 15.000 05/12/2022 CHF 49.630
Raiffeisen Switzerla 10.500 05/12/2022 CHF 59.180
UBS AG/London 14.750 2/17/2023 CHF 34.150
Vontobel Financial P 4.800 06/01/2022 EUR 66.400
DZ Bank AG Deutsche 7.500 9/19/2022 EUR 75.320
Leonteq Securities A 13.400 5/18/2022 CHF 58.040
EFG International Fi 12.000 12/09/2022 CHF 42.630
UBS AG/London 11.250 12/09/2022 CHF 36.550
UBS AG/London 8.000 06/09/2023 CHF 60.550
UBS AG/London 8.250 06/09/2023 CHF 68.000
UBS AG/London 6.000 06/09/2022 EUR 48.600
UBS AG/London 10.500 06/09/2023 CHF 59.650
Raiffeisen Schweiz G 15.000 06/07/2022 CHF 60.260
Raiffeisen Schweiz G 6.300 12/07/2022 CHF 77.000
BNP Paribas Emission 4.000 6/23/2022 EUR 77.320
BNP Paribas Emission 3.000 9/22/2022 EUR 76.380
BNP Paribas Emission 4.000 9/22/2022 EUR 74.490
BNP Paribas Emission 3.000 3/23/2023 EUR 75.730
BNP Paribas Emission 5.000 6/22/2023 EUR 73.840
DZ Bank AG Deutsche 13.800 9/23/2022 EUR 69.740
DZ Bank AG Deutsche 12.800 6/24/2022 EUR 68.490
DZ Bank AG Deutsche 10.300 9/23/2022 EUR 64.460
DZ Bank AG Deutsche 11.900 9/23/2022 EUR 62.730
Societe Generale Eff 5.500 5/27/2022 EUR 68.990
Bank Julius Baer & C 9.400 09/12/2022 EUR 67.550
DZ Bank AG Deutsche 6.250 12/19/2022 EUR 72.730
DZ Bank AG Deutsche 8.250 12/19/2022 EUR 74.360
EFG International Fi 17.000 6/30/2022 CHF 35.010
EFG International Fi 10.010 6/30/2022 EUR 33.320
Landesbank Baden-Wue 6.200 1/27/2023 EUR 74.620
Landesbank Baden-Wue 5.100 1/27/2023 EUR 69.760
Societe Generale Eff 7.500 5/27/2022 EUR 62.460
Societe Generale Eff 9.500 5/27/2022 EUR 58.850
Societe Generale Eff 5.000 6/24/2022 EUR 76.760
Societe Generale Eff 7.000 6/24/2022 EUR 71.200
Societe Generale Eff 9.000 6/24/2022 EUR 67.110
Zurcher Kantonalbank 7.500 01/10/2023 CHF 65.370
Leonteq Securities A 24.870 6/14/2022 CHF 20.210
Zurcher Kantonalbank 24.000 6/17/2022 CHF 48.430
Landesbank Baden-Wue 10.500 1/27/2023 EUR 68.430
Landesbank Baden-Wue 7.200 1/27/2023 EUR 69.100
Landesbank Baden-Wue 10.500 1/27/2023 EUR 49.860
Landesbank Baden-Wue 7.000 1/27/2023 EUR 74.060
Societe Generale Eff 6.000 6/24/2022 EUR 73.740
Societe Generale Eff 8.000 6/24/2022 EUR 68.950
DekaBank Deutsche Gi 3.400 7/19/2024 EUR 69.420
Landesbank Baden-Wue 2.100 11/24/2023 EUR 75.930
Zurcher Kantonalbank 7.000 01/10/2023 CHF 65.840
Vontobel Financial P 7.500 6/24/2022 EUR 60.680
Vontobel Financial P 12.000 6/24/2022 EUR 54.670
Vontobel Financial P 14.500 6/24/2022 EUR 52.200
Vontobel Financial P 12.000 6/24/2022 EUR 43.480
Vontobel Financial P 16.000 6/24/2022 EUR 51.180
Vontobel Financial P 17.000 6/24/2022 EUR 39.980
Vontobel Financial P 13.500 6/24/2022 EUR 42.180
Vontobel Financial P 11.000 6/24/2022 EUR 67.160
Leonteq Securities A 14.000 1/17/2023 CHF 71.590
Leonteq Securities A 15.740 08/10/2022 USD 31.190
Sberbank of Russia P 0.010 5/23/2028 RUB 68.900
Vontobel Financial P 8.500 5/25/2022 USD 36.710
Vontobel Financial P 10.000 6/24/2022 EUR 59.270
Vontobel Financial P 15.000 6/24/2022 EUR 53.670
Vontobel Financial P 8.000 6/24/2022 EUR 62.770
Vontobel Financial P 19.500 6/24/2022 EUR 76.210
Bank Vontobel AG 18.006 5/24/2023 EUR 57.800
Raiffeisen Schweiz G 8.000 11/21/2022 CHF 69.360
Vontobel Financial P 9.000 6/24/2022 EUR 57.770
Vontobel Financial P 10.250 6/24/2022 EUR 64.140
Vontobel Financial P 6.500 6/24/2022 EUR 74.460
DZ Bank AG Deutsche 7.000 6/22/2022 EUR 59.520
Zurcher Kantonalbank 11.000 06/07/2022 USD 72.900
Zurcher Kantonalbank 17.000 06/07/2022 USD 62.880
Societe Generale Eff 14.250 9/23/2022 EUR 30.720
Societe Generale Eff 8.250 5/27/2022 EUR 74.780
Zurcher Kantonalbank 24.500 06/02/2022 CHF 55.620
Bank Vontobel AG 6.502 5/23/2023 CHF 70.200
DZ Bank AG Deutsche 13.500 6/24/2022 EUR 70.940
DZ Bank AG Deutsche 13.200 6/24/2022 EUR 76.660
DZ Bank AG Deutsche 11.300 6/24/2022 EUR 76.300
DZ Bank AG Deutsche 20.200 6/24/2022 EUR 71.030
DZ Bank AG Deutsche 13.000 6/24/2022 EUR 69.420
DZ Bank AG Deutsche 18.400 6/24/2022 EUR 30.840
DZ Bank AG Deutsche 13.300 6/24/2022 EUR 56.060
DZ Bank AG Deutsche 16.200 6/24/2022 EUR 50.200
Vontobel Financial P 4.100 12/16/2022 EUR 71.810
Credit Suisse AG/Lon 10.000 8/26/2022 EUR 78.580
UBS AG/London 11.750 11/28/2022 CHF 41.400
UBS AG/London 8.500 5/27/2022 CHF 62.650
UBS AG/London 9.000 5/30/2023 CHF 71.050
UBS AG/London 8.500 11/28/2022 EUR 55.150
UBS AG/London 12.000 11/28/2022 CHF 73.850
Corner Banca SA 14.600 12/13/2022 CHF 42.170
Corner Banca SA 17.000 12/13/2022 USD 52.110
Leonteq Securities A 10.000 03/10/2023 CHF 35.390
Leonteq Securities A 18.000 9/13/2022 USD 46.760
Basler Kantonalbank 8.000 11/28/2022 CHF 72.180
Societe Generale Eff 5.250 8/26/2022 EUR 43.910
Societe Generale Eff 10.000 6/24/2022 EUR 73.250
Societe Generale Eff 9.500 7/22/2022 EUR 73.960
APRI Fly Planing OOO 13.000 09/02/2025 RUB 63.200
Bank Vontobel AG 7.754 5/24/2023 EUR 68.600
DZ Bank AG Deutsche 3.000 12/23/2022 EUR 47.940
DZ Bank AG Deutsche 7.000 12/23/2022 EUR 38.230
Bank Vontobel AG 21.502 05/12/2022 CHF 34.000
Leonteq Securities A 10.000 08/12/2022 CHF 67.750
Leonteq Securities A 10.000 08/12/2022 CHF 59.040
Leonteq Securities A 12.400 05/12/2022 CHF 49.680
Vontobel Financial P 9.750 9/23/2022 EUR 73.520
Landesbank Baden-Wue 4.550 5/27/2022 EUR 47.580
Landesbank Baden-Wue 3.500 5/27/2022 EUR 65.600
Leonteq Securities A 10.000 1/18/2023 USD 42.260
Landesbank Baden-Wue 3.550 6/24/2022 EUR 68.220
Landesbank Baden-Wue 2.050 6/24/2022 EUR 68.830
Raiffeisen Centroban 10.429 3/22/2023 EUR 59.670
Raiffeisen Centroban 7.648 3/22/2023 EUR 56.900
Leonteq Securities A 14.200 09/01/2022 CHF 58.960
Goldman Sachs & Co W 17.000 6/22/2022 EUR 75.350
DZ Bank AG Deutsche 9.270 6/24/2022 EUR 45.270
Leonteq Securities A 21.600 10/18/2022 CHF 38.680
Sberbank of Russia P 0.010 5/25/2026 RUB 70.400
Bank Julius Baer & C 8.800 5/19/2022 EUR 64.750
DZ Bank AG Deutsche 10.750 9/21/2022 EUR 61.240
Societe Generale Eff 16.250 8/26/2022 EUR 74.610
BNP Paribas Emission 6.150 6/23/2022 EUR 71.300
Societe Generale Eff 13.750 5/27/2022 EUR 34.690
DZ Bank AG Deutsche 5.700 6/20/2022 EUR 74.010
DZ Bank AG Deutsche 5.000 9/19/2022 EUR 75.050
Raiffeisen Schweiz G 7.000 03/10/2023 CHF 66.850
Raiffeisen Switzerla 12.500 9/13/2022 CHF 71.090
DZ Bank AG Deutsche 15.750 9/21/2022 EUR 57.970
DZ Bank AG Deutsche 5.750 6/22/2022 EUR 73.180
Bank Julius Baer & C 13.500 9/14/2022 CHF 31.600
DZ Bank AG Deutsche 5.250 6/22/2022 EUR 73.160
DZ Bank AG Deutsche 5.250 9/21/2022 EUR 68.360
Bank Julius Baer & C 6.000 9/14/2022 CHF 57.050
Bank Julius Baer & C 5.350 9/14/2022 CHF 79.100
Leonteq Securities A 24.040 9/14/2022 CHF 68.930
Leonteq Securities A 20.410 9/14/2022 CHF 25.780
Vontobel Financial P 16.500 9/23/2022 EUR 74.030
Vontobel Financial P 15.000 9/23/2022 EUR 75.030
Goldman Sachs & Co W 7.000 12/21/2022 EUR 76.660
Credit Suisse AG/Lon 10.000 5/30/2022 CHF 31.800
BNP Paribas Issuance 3.300 5/23/2022 EUR 44.500
Raiffeisen Schweiz G 16.200 9/14/2022 CHF 42.040
Raiffeisen Switzerla 10.000 03/10/2023 EUR 33.540
Bank Vontobel AG 16.000 05/12/2022 CHF 24.400
BNP Paribas Emission 8.000 9/22/2022 EUR 66.050
Corner Banca SA 8.000 9/26/2022 CHF 83.290
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 59.270
DZ Bank AG Deutsche 7.250 6/22/2022 EUR 59.560
DZ Bank AG Deutsche 6.500 6/22/2022 EUR 59.190
DZ Bank AG Deutsche 6.500 6/22/2022 EUR 60.430
DZ Bank AG Deutsche 5.500 6/22/2022 EUR 64.050
Sberbank of Russia P 0.010 3/25/2026 RUB 55.400
Vontobel Financial P 17.750 3/29/2023 EUR 70.760
UniCredit Bank AG 9.900 10/20/2022 EUR 63.100
Credit Suisse AG/Lon 6.900 3/20/2023 USD 1.440
EFG International Fi 10.000 9/26/2022 CHF 65.980
UBS AG/London 9.750 9/26/2022 CHF 60.450
Sberbank of Russia P 0.010 3/25/2026 RUB 67.800
Sberbank of Russia P 0.010 3/27/2028 RUB 55.800
BNP Paribas Emission 6.000 9/22/2022 EUR 71.150
Leonteq Securities A 10.000 6/29/2022 CHF 57.900
Corner Banca SA 14.000 9/26/2022 USD 43.520
DZ Bank AG Deutsche 7.000 6/22/2022 EUR 65.200
DZ Bank AG Deutsche 9.500 6/22/2022 EUR 70.520
DZ Bank AG Deutsche 8.000 6/22/2022 EUR 56.260
DZ Bank AG Deutsche 7.750 6/22/2022 EUR 57.370
Landesbank Baden-Wue 8.900 10/28/2022 EUR 75.820
UBS AG/London 10.000 3/23/2026 USD 44.290
Bank Julius Baer & C 9.450 12/01/2022 EUR 72.650
Credit Suisse AG/Lon 8.500 06/08/2022 CHF 51.690
Credit Suisse AG/Lon 12.000 05/09/2022 USD 35.520
EFG International Fi 6.500 3/24/2023 USD 61.400
Landesbank Baden-Wue 4.000 6/27/2025 EUR 76.680
EFG International Fi 15.000 9/26/2022 CHF 50.380
UBS AG/London 12.750 9/26/2022 CHF 68.100
UBS AG/London 12.250 9/26/2022 EUR 79.450
UBS AG/London 26.250 9/26/2022 USD 38.950
Bank Julius Baer & C 5.750 6/27/2022 EUR 68.050
Vontobel Financial P 15.350 3/29/2023 EUR 70.400
Vontobel Financial P 13.950 05/05/2022 CHF 28.660
Leonteq Securities A 10.000 4/26/2022 EUR 72.670
Societe Generale Eff 5.000 5/27/2022 EUR 57.300
Societe Generale SA 24.000 11/08/2024 USD 66.750
Bank Julius Baer & C 17.200 02/06/2023 USD 53.900
Sberbank of Russia P 0.010 10/23/2026 RUB 67.100
Zurcher Kantonalbank 10.000 02/03/2023 CHF 63.890
Sberbank of Russia P 0.010 10/23/2026 RUB 66.600
DZ Bank AG Deutsche 10.000 6/22/2022 EUR 59.540
Landesbank Baden-Wue 4.050 10/28/2022 EUR 75.800
Landesbank Baden-Wue 7.400 10/28/2022 EUR 66.110
Landesbank Baden-Wue 7.850 10/28/2022 EUR 42.990
Landesbank Baden-Wue 5.750 10/28/2022 EUR 39.040
Landesbank Baden-Wue 6.850 10/28/2022 EUR 73.640
Landesbank Baden-Wue 2.700 10/28/2022 EUR 73.730
Vontobel Financial P 16.700 05/06/2022 USD 56.560
Leonteq Securities A 24.000 11/04/2022 CHF 43.650
Leonteq Securities A 27.000 11/04/2022 CHF 62.560
Leonteq Securities A 15.200 4/29/2022 CHF 62.350
Bank Vontobel AG 16.500 01/03/2023 EUR 42.700
Bank Vontobel AG 8.500 11/03/2023 CHF 49.700
Bank Vontobel AG 8.000 02/06/2023 EUR 70.400
Vontobel Financial P 14.750 1/30/2023 EUR 69.930
Vontobel Financial P 5.500 12/23/2022 EUR 71.640
Vontobel Financial P 8.500 12/23/2022 EUR 68.930
Vontobel Financial P 13.000 12/23/2022 EUR 38.120
Vontobel Financial P 10.750 12/23/2022 EUR 57.090
Vontobel Financial P 13.000 12/23/2022 EUR 69.780
Vontobel Financial P 15.500 12/23/2022 EUR 38.720
Vontobel Financial P 18.500 12/23/2022 EUR 58.150
Societe Generale Eff 5.750 8/26/2022 EUR 72.430
Leonteq Securities A 22.820 11/25/2022 CHF 37.780
Leonteq Securities A 10.000 11/25/2022 CHF 37.440
Landesbank Baden-Wue 2.850 5/26/2023 EUR 67.350
Landesbank Baden-Wue 3.000 5/26/2023 EUR 75.140
Landesbank Baden-Wue 2.200 6/23/2023 EUR 77.830
Landesbank Baden-Wue 5.850 5/26/2023 EUR 75.170
Landesbank Baden-Wue 6.200 5/26/2023 EUR 45.510
Vontobel Financial P 17.750 12/23/2022 EUR 41.240
Societe Generale Eff 5.500 11/25/2022 EUR 72.980
Societe Generale Eff 6.500 11/25/2022 EUR 71.300
Societe Generale Eff 8.500 11/25/2022 EUR 68.900
Societe Generale Eff 10.750 6/24/2022 EUR 65.590
Societe Generale Eff 4.750 11/25/2022 EUR 47.230
Societe Generale Eff 8.750 11/25/2022 EUR 74.150
Societe Generale Eff 4.750 11/25/2022 EUR 76.410
Societe Generale Eff 6.750 11/25/2022 EUR 71.730
Societe Generale Eff 8.750 11/25/2022 EUR 68.630
Societe Generale Eff 10.750 11/25/2022 EUR 66.410
Societe Generale Eff 7.000 11/25/2022 EUR 76.700
Societe Generale Eff 10.000 11/25/2022 EUR 72.520
Societe Generale Eff 12.000 11/25/2022 EUR 70.370
Vontobel Financial P 8.500 12/23/2022 EUR 51.350
Raiffeisen Switzerla 11.750 10/06/2022 CHF 70.380
UBS AG/London 6.500 3/31/2023 USD 46.200
UBS AG/London 10.250 9/30/2022 CHF 70.200
UBS AG/London 9.500 9/30/2022 CHF 59.450
Vontobel Financial P 20.000 9/23/2022 EUR 66.790
Vontobel Financial P 23.000 9/23/2022 EUR 65.020
Vontobel Financial P 17.500 9/23/2022 EUR 69.080
DZ Bank AG Deutsche 9.500 12/21/2022 EUR 66.330
DZ Bank AG Deutsche 5.250 12/21/2022 EUR 75.320
DZ Bank AG Deutsche 9.250 10/26/2022 EUR 73.990
DZ Bank AG Deutsche 5.500 12/21/2022 EUR 75.430
DZ Bank AG Deutsche 6.000 12/21/2022 EUR 72.390
DZ Bank AG Deutsche 7.750 12/21/2022 EUR 73.530
DZ Bank AG Deutsche 11.500 12/21/2022 EUR 65.890
Societe Generale Eff 13.000 7/22/2022 EUR 71.940
Societe Generale Eff 12.250 8/26/2022 EUR 72.680
Societe Generale Eff 7.750 9/23/2022 EUR 42.190
Leonteq Securities A 29.500 9/27/2022 CHF 48.470
Vontobel Financial P 14.500 9/23/2022 EUR 71.510
Vontobel Financial P 12.000 9/23/2022 EUR 74.500
Vontobel Financial P 22.000 9/23/2022 EUR 58.110
Sberbank of Russia P 0.010 9/24/2026 RUB 62.900
Leonteq Securities A 8.000 9/27/2023 CHF 70.780
Leonteq Securities A 11.000 12/27/2022 CHF 70.250
Vontobel Financial P 20.500 9/23/2022 EUR 56.750
Vontobel Financial P 18.000 9/23/2022 EUR 58.510
Vontobel Financial P 8.500 9/23/2022 EUR 56.420
Leonteq Securities A 20.000 9/27/2022 USD 45.080
Vontobel Financial P 8.000 9/23/2022 EUR 74.370
Bank Julius Baer & C 16.000 9/23/2022 CHF 29.750
Leonteq Securities A 12.000 12/28/2022 CHF 68.410
Leonteq Securities A 14.000 12/27/2022 CHF 36.470
Vontobel Financial P 15.500 9/23/2022 EUR 60.530
Vontobel Financial P 11.500 9/23/2022 EUR 66.090
Vontobel Financial P 13.500 9/23/2022 EUR 63.130
Vontobel Financial P 10.500 9/23/2022 EUR 54.410
Vontobel Financial P 15.500 9/23/2022 EUR 51.640
Leonteq Securities A 12.000 12/28/2022 USD 42.360
Vontobel Financial P 11.000 9/23/2022 EUR 67.170
Leonteq Securities A 10.000 3/24/2023 USD 52.580
SG Issuer SA 7.740 7/20/2025 SEK 57.290
Danske Bank A/S 5.300 7/15/2023 SEK 40.830
Leonteq Securities A 4.000 08/10/2022 CHF 59.160
Landesbank Baden-Wue 3.150 3/24/2023 EUR 70.510
Raiffeisen Centroban 7.644 9/21/2022 EUR 71.720
Raiffeisen Centroban 8.918 9/21/2022 EUR 68.320
Leonteq Securities A 17.600 06/08/2022 USD 28.300
Landesbank Baden-Wue 6.000 3/24/2023 EUR 71.910
Bank Vontobel AG 10.506 8/19/2022 EUR 62.600
Bank Vontobel AG 7.756 8/19/2022 CHF 58.000
Bank Vontobel AG 12.008 8/19/2022 CHF 33.900
Corner Banca SA 11.000 5/19/2022 CHF 71.610
Leonteq Securities A 15.000 5/19/2022 CHF 26.300
Leonteq Securities A 12.400 8/19/2022 EUR 69.050
Leonteq Securities A 11.400 5/19/2022 CHF 58.000
Leonteq Securities A 16.000 5/19/2022 CHF 59.080
Raiffeisen Centroban 10.192 9/21/2022 EUR 65.800
Goldman Sachs & Co W 7.000 6/22/2022 EUR 69.800
Goldman Sachs & Co W 7.000 7/20/2022 EUR 70.340
Goldman Sachs & Co W 7.000 3/22/2023 EUR 73.230
Bank Vontobel AG 10.000 01/10/2023 EUR 60.500
BrokerCreditService 8.000 1/30/2024 USD 62.170
Sberbank of Russia P 0.010 11/05/2025 RUB 68.400
Societe Generale Eff 4.750 6/24/2022 EUR 44.320
Leonteq Securities A 10.000 02/06/2023 CHF 35.570
Vontobel Financial P 8.750 9/23/2022 EUR 41.930
Leonteq Securities A 13.000 08/09/2022 CHF 76.300
Vontobel Financial P 12.000 6/24/2022 EUR 47.580
Vontobel Financial P 13.000 6/24/2022 EUR 50.650
Vontobel Financial P 12.000 6/24/2022 EUR 41.930
Zurcher Kantonalbank 6.500 8/16/2022 CHF 69.180
Bank Vontobel AG 10.000 08/08/2022 CHF 26.400
Bank Vontobel AG 9.500 02/06/2023 CHF 65.400
Bank Vontobel AG 11.000 02/06/2023 EUR 34.400
Bank Vontobel AG 8.500 02/06/2023 EUR 75.900
Vontobel Financial P 20.000 6/24/2022 EUR 65.940
Vontobel Financial P 14.500 6/24/2022 EUR 38.670
Leonteq Securities A 22.130 07/08/2022 CHF 25.520
VTB Bank PJSC 0.010 11/03/2023 RUB 66.010
Corner Banca SA 11.200 10/12/2022 EUR 44.580
Corner Banca SA 10.000 10/12/2022 CHF 32.940
Goldman Sachs & Co W 6.000 6/21/2023 EUR 75.740
Goldman Sachs & Co W 6.000 6/21/2023 EUR 68.440
UniCredit Bank AG 4.400 04/12/2023 EUR 58.750
DZ Bank AG Deutsche 5.000 12/23/2022 EUR 45.670
UniCredit Bank AG 5.150 4/24/2023 EUR 60.890
Vontobel Financial P 9.250 6/24/2022 EUR 40.040
Societe Generale Eff 3.500 5/27/2022 EUR 49.290
Leonteq Securities A 8.000 01/12/2023 CHF 62.450
Leonteq Securities A 10.000 07/12/2022 CHF 57.330
Leonteq Securities A 10.000 01/12/2023 CHF 73.740
Leonteq Securities A 10.000 10/12/2022 CHF 56.250
Leonteq Securities A 10.000 07/06/2022 EUR 28.130
UniCredit Bank AG 3.600 09/02/2024 EUR 41.520
Leonteq Securities A 12.000 01/12/2023 CHF 34.550
Goldman Sachs & Co W 7.000 9/21/2022 EUR 71.480
Goldman Sachs & Co W 7.000 12/21/2022 EUR 69.830
Goldman Sachs & Co W 7.000 12/21/2022 EUR 69.790
Goldman Sachs & Co W 6.000 12/21/2022 EUR 72.510
Vontobel Financial P 14.000 6/24/2022 EUR 71.900
Goldman Sachs & Co W 5.000 9/21/2022 EUR 72.320
Sberbank of Russia P 0.010 11/06/2025 RUB 64.700
Corner Banca SA 14.000 05/09/2022 CHF 32.360
Leonteq Securities A 11.200 02/06/2023 CHF 43.680
Leonteq Securities A 18.000 08/09/2022 USD 40.140
Leonteq Securities A 13.000 02/06/2023 USD 50.740
Leonteq Securities A 10.000 02/06/2023 CHF 49.640
Leonteq Securities A 8.000 02/06/2023 USD 71.410
Zurcher Kantonalbank 6.000 2/13/2023 CHF 71.980
Vontobel Financial P 12.500 9/23/2022 EUR 67.780
Vontobel Financial P 13.500 9/23/2022 EUR 51.950
Vontobel Financial P 16.000 6/24/2022 EUR 48.710
Vontobel Financial P 13.000 9/23/2022 EUR 42.810
Vontobel Financial P 16.000 6/24/2022 EUR 39.810
Bank Julius Baer & C 17.000 05/09/2022 CHF 59.900
Leonteq Securities A 10.000 01/09/2023 EUR 76.260
UniCredit Bank AG 6.750 08/03/2022 EUR 79.550
Goldman Sachs & Co W 7.000 5/25/2022 EUR 71.260
Goldman Sachs & Co W 7.000 6/21/2023 EUR 72.020
Vontobel Financial P 6.250 6/24/2022 EUR 71.740
Goldman Sachs & Co W 7.000 7/20/2022 EUR 76.310
BrokerCreditService 3.500 4/30/2024 USD 53.000
Goldman Sachs & Co W 8.000 7/20/2022 EUR 67.160
Bank Vontobel AG 8.000 01/10/2023 CHF 64.900
Bank Vontobel AG 8.000 01/10/2023 CHF 64.900
Leonteq Securities A 22.810 08/09/2022 CHF 32.060
Goldman Sachs & Co W 7.000 8/24/2022 EUR 72.920
Goldman Sachs & Co W 7.000 5/25/2022 EUR 75.270
Goldman Sachs & Co W 7.000 6/22/2022 EUR 75.810
Goldman Sachs & Co W 7.000 6/21/2023 EUR 75.020
Bank Vontobel AG 11.000 01/10/2023 CHF 71.300
Vontobel Financial P 16.500 6/24/2022 EUR 52.690
Goldman Sachs & Co W 6.000 3/22/2023 EUR 75.620
Goldman Sachs & Co W 7.000 9/21/2022 EUR 77.410
Goldman Sachs & Co W 7.000 3/22/2023 EUR 75.610
Goldman Sachs & Co W 8.000 8/24/2022 EUR 69.810
Goldman Sachs & Co W 8.000 6/21/2023 EUR 70.280
Sberbank of Russia P 0.010 11/05/2025 RUB 64.700
Leonteq Securities A 10.000 07/06/2022 EUR 42.350
Skandinaviska Enskil 6.800 1/15/2024 SEK 75.320
Leonteq Securities A 9.000 01/12/2023 USD 47.770
Vontobel Financial P 13.000 6/24/2022 EUR 70.770
Vontobel Financial P 13.500 6/24/2022 EUR 77.540
Vontobel Financial P 15.500 6/24/2022 EUR 75.440
Vontobel Financial P 13.000 6/24/2022 EUR 39.800
Vontobel Financial P 17.500 6/24/2022 EUR 68.790
Vontobel Financial P 8.000 6/24/2022 EUR 43.820
Vontobel Financial P 9.500 6/24/2022 EUR 42.320
EFG International Fi 8.700 7/13/2023 EUR 38.690
Vontobel Financial P 12.250 6/24/2022 EUR 75.030
Citigroup Global Mar 8.200 3/21/2024 SEK 66.560
Sberbank of Russia P 0.010 11/20/2025 RUB 68.400
Mostotrest PJSC 0.010 7/29/2026 RUB 49.400
UBS AG/London 13.500 5/18/2022 CHF 24.420
UBS AG/London 12.250 11/18/2022 EUR 35.150
UBS AG/London 12.750 5/18/2022 CHF 64.500
Landesbank Baden-Wue 2.200 1/27/2023 EUR 29.510
DekaBank Deutsche Gi 3.250 08/11/2023 EUR 71.770
DekaBank Deutsche Gi 2.800 10/20/2023 EUR 52.740
EFG International Fi 4.670 11/23/2022 EUR 71.500
Zurcher Kantonalbank 10.750 7/15/2022 EUR 41.890
Leonteq Securities A 10.000 07/12/2023 CHF 61.990
Vontobel Financial P 16.500 6/24/2022 EUR 67.720
Vontobel Financial P 11.500 6/24/2022 EUR 79.810
Landesbank Baden-Wue 2.500 6/24/2022 EUR 65.170
Bank Julius Baer & C 7.950 10/11/2022 EUR 73.600
EFG International Fi 9.430 7/19/2022 USD 50.870
EFG International Fi 10.210 7/19/2022 USD 44.930
Vontobel Financial P 14.500 6/24/2022 EUR 69.160
Vontobel Financial P 12.500 6/24/2022 EUR 75.370
Vontobel Financial P 10.500 6/24/2022 EUR 79.070
Vontobel Financial P 15.000 6/24/2022 EUR 71.940
Vontobel Financial P 11.000 6/24/2022 EUR 40.960
Zurcher Kantonalbank 4.750 7/15/2022 CHF 64.550
Landesbank Baden-Wue 3.100 3/24/2023 EUR 77.700
Vontobel Financial P 16.450 03/03/2023 EUR 65.460
DekaBank Deutsche Gi 3.250 11/25/2022 EUR 54.290
Leonteq Securities A 16.400 06/02/2022 CHF 28.100
Landesbank Baden-Wue 4.550 3/24/2023 EUR 76.130
DekaBank Deutsche Gi 3.200 9/23/2022 EUR 65.950
DekaBank Deutsche Gi 3.500 7/22/2022 EUR 68.420
SG Issuer SA 8.700 1/20/2025 SEK 49.190
Nordea Bank Abp 9.000 1/20/2025 SEK 72.900
DekaBank Deutsche Gi 3.900 4/25/2022 EUR 37.640
Landesbank Baden-Wue 2.650 6/24/2022 EUR 73.810
Societe Generale Eff 6.100 04/03/2023 EUR 64.470
Societe Generale Eff 7.550 8/23/2024 EUR 57.020
Landesbank Baden-Wue 3.000 5/26/2023 EUR 65.290
Nordea Bank Abp 6.063 7/20/2024 SEK 68.480
Nordea Bank Abp 7.150 7/20/2024 SEK 70.370
UBS AG/London 13.250 4/29/2022 CHF 53.750
DekaBank Deutsche Gi 3.300 08/12/2022 EUR 79.560
Bank Otkritie Financ 0.010 2/26/2023 RUB 84.880
Leonteq Securities A 7.600 03/09/2023 EUR 70.120
UniCredit Bank AG 3.450 04/02/2024 EUR 62.160
Sberbank of Russia P 0.010 03/11/2025 RUB 74.400
Leonteq Securities A 16.000 06/01/2022 USD 23.390
Leonteq Securities A 11.000 11/28/2022 EUR 72.380
Leonteq Securities A 10.000 12/01/2022 USD 42.790
Leonteq Securities A 10.000 12/01/2022 CHF 79.870
Corner Banca SA 15.000 8/31/2022 EUR 37.490
Leonteq Securities A 15.000 8/31/2022 CHF 64.450
Luzerner Kantonalban 7.500 6/15/2022 CHF 59.420
Leonteq Securities A 11.000 06/01/2022 CHF 54.760
Bank Julius Baer & C 9.000 09/01/2022 CHF 72.200
Bank Julius Baer & C 7.250 06/02/2022 CHF 61.550
Zurcher Kantonalbank 10.000 06/08/2022 USD 35.250
Vontobel Financial P 7.500 6/24/2022 EUR 72.710
Vontobel Financial P 11.500 6/24/2022 EUR 72.390
UniCredit Bank AG 12.000 6/16/2022 EUR 31.100
Societe Generale Eff 11.250 6/24/2022 EUR 36.420
Societe Generale Eff 13.250 6/24/2022 EUR 34.110
Societe Generale Eff 15.250 6/24/2022 EUR 32.400
Vontobel Financial P 18.750 6/24/2022 EUR 19.830
Vontobel Financial P 6.750 6/24/2022 EUR 63.330
Vontobel Financial P 18.250 6/24/2022 EUR 59.200
Vontobel Financial P 14.750 6/24/2022 EUR 61.720
Vontobel Financial P 7.000 6/24/2022 EUR 76.730
Vontobel Financial P 14.250 6/24/2022 EUR 57.840
Vontobel Financial P 9.000 6/24/2022 EUR 71.960
Vontobel Financial P 5.500 6/24/2022 EUR 70.150
Vontobel Financial P 9.000 6/24/2022 EUR 69.060
Societe Generale Eff 5.250 6/24/2022 EUR 75.770
Societe Generale Eff 7.250 6/24/2022 EUR 69.600
Societe Generale Eff 9.250 6/24/2022 EUR 65.110
Societe Generale Eff 11.250 6/24/2022 EUR 61.610
Societe Generale Eff 10.000 6/24/2022 EUR 72.360
Societe Generale Eff 11.000 6/24/2022 EUR 70.540
Societe Generale Eff 12.000 6/24/2022 EUR 68.860
Societe Generale Eff 8.500 6/24/2022 EUR 74.650
Societe Generale Eff 10.500 6/24/2022 EUR 70.750
Societe Generale Eff 8.000 6/24/2022 EUR 76.510
Societe Generale Eff 9.000 6/24/2022 EUR 74.390
Vontobel Financial P 17.000 6/24/2022 EUR 49.950
Vontobel Financial P 14.500 6/24/2022 EUR 18.670
Societe Generale Eff 5.250 6/24/2022 EUR 49.470
Societe Generale Eff 7.250 6/24/2022 EUR 43.320
Societe Generale Eff 9.250 6/24/2022 EUR 39.260
Societe Generale Eff 8.250 6/24/2022 EUR 71.980
Societe Generale Eff 10.250 6/24/2022 EUR 67.770
Societe Generale Eff 12.250 6/24/2022 EUR 64.390
Societe Generale Eff 14.250 6/24/2022 EUR 61.590
Societe Generale Eff 5.500 6/24/2022 EUR 73.210
Societe Generale Eff 6.500 6/24/2022 EUR 70.490
Societe Generale Eff 7.500 6/24/2022 EUR 68.160
Societe Generale Eff 8.500 6/24/2022 EUR 66.150
Societe Generale Eff 10.000 6/24/2022 EUR 74.520
Landesbank Baden-Wue 4.100 6/27/2025 EUR 76.060
DZ Bank AG Deutsche 5.500 6/22/2022 EUR 74.890
DZ Bank AG Deutsche 6.500 9/21/2022 EUR 72.740
Leonteq Securities A 7.400 12/01/2023 USD 72.910
Bank Julius Baer & C 10.000 06/02/2022 CHF 42.450
DZ Bank AG Deutsche 10.250 6/22/2022 EUR 70.790
DZ Bank AG Deutsche 11.000 6/22/2022 EUR 70.120
DZ Bank AG Deutsche 6.000 6/22/2022 EUR 69.120
DZ Bank AG Deutsche 5.000 9/21/2022 EUR 70.250
Leasing-Trade OOO 11.000 4/30/2026 RUB 57.600
Raiffeisen Centroban 7.500 07/07/2023 EUR 50.270
Zurcher Kantonalbank 12.500 12/02/2022 EUR 74.480
Vontobel Financial P 23.950 06/03/2022 EUR 14.880
Vontobel Financial P 26.800 06/03/2022 EUR 32.750
Vontobel Financial P 15.500 06/02/2022 EUR 70.610
Societe Generale SA 8.510 06/06/2024 USD 74.710
Landesbank Baden-Wue 3.300 11/25/2022 EUR 72.180
Landesbank Baden-Wue 4.000 11/25/2022 EUR 70.050
Landesbank Baden-Wue 5.500 11/25/2022 EUR 66.470
Landesbank Baden-Wue 5.100 11/25/2022 EUR 46.660
Landesbank Baden-Wue 7.900 11/25/2022 EUR 42.160
Landesbank Baden-Wue 2.000 11/25/2022 EUR 72.640
Landesbank Baden-Wue 3.800 11/25/2022 EUR 67.200
Landesbank Baden-Wue 6.700 11/25/2022 EUR 73.810
Landesbank Baden-Wue 6.300 11/25/2022 EUR 78.030
Landesbank Baden-Wue 3.800 11/25/2022 EUR 69.850
DZ Bank AG Deutsche 15.500 6/24/2022 EUR 71.340
Landesbank Baden-Wue 5.750 11/25/2022 EUR 73.680
Landesbank Baden-Wue 7.850 11/25/2022 EUR 69.500
Landesbank Baden-Wue 2.000 11/25/2022 EUR 61.100
Landesbank Baden-Wue 5.350 11/25/2022 EUR 49.880
Landesbank Baden-Wue 8.500 11/25/2022 EUR 44.520
Landesbank Baden-Wue 4.350 11/25/2022 EUR 51.850
Landesbank Baden-Wue 5.400 11/25/2022 EUR 49.750
Landesbank Baden-Wue 6.600 11/25/2022 EUR 48.110
Landesbank Baden-Wue 5.900 11/25/2022 EUR 59.670
DekaBank Deutsche Gi 3.050 7/22/2022 EUR 64.550
UniCredit Bank AG 4.100 08/02/2023 EUR 76.300
Skandinaviska Enskil 7.800 7/15/2024 SEK 72.610
Vontobel Financial P 17.000 6/24/2022 EUR 64.820
Vontobel Financial P 12.500 6/24/2022 EUR 70.280
UniCredit Bank AG 7.300 6/14/2024 EUR 58.930
UniCredit Bank AG 7.200 6/14/2024 EUR 74.870
Vontobel Financial P 19.500 6/24/2022 EUR 63.350
Vontobel Financial P 22.500 6/24/2022 EUR 59.230
Bank Vontobel AG 15.010 08/08/2022 USD 51.400
Bank Vontobel AG 14.257 08/08/2022 CHF 50.500
Societe Generale SA 6.820 5/18/2026 USD 66.900
DZ Bank AG Deutsche 14.800 6/24/2022 EUR 74.830
DZ Bank AG Deutsche 15.200 9/23/2022 EUR 73.500
DZ Bank AG Deutsche 8.500 6/22/2022 EUR 58.450
DZ Bank AG Deutsche 5.500 9/23/2022 EUR 75.740
DZ Bank AG Deutsche 7.100 9/23/2022 EUR 71.590
DZ Bank AG Deutsche 9.100 9/23/2022 EUR 68.130
DZ Bank AG Deutsche 11.200 9/23/2022 EUR 65.190
DZ Bank AG Deutsche 20.400 5/27/2022 EUR 66.310
DZ Bank AG Deutsche 12.000 6/24/2022 EUR 74.480
DZ Bank AG Deutsche 9.100 6/24/2022 EUR 72.110
DZ Bank AG Deutsche 8.300 9/23/2022 EUR 73.870
DZ Bank AG Deutsche 10.800 9/23/2022 EUR 70.350
DZ Bank AG Deutsche 15.000 6/24/2022 EUR 73.420
DZ Bank AG Deutsche 16.500 6/24/2022 EUR 73.620
DZ Bank AG Deutsche 14.500 9/23/2022 EUR 73.090
DZ Bank AG Deutsche 18.800 5/27/2022 EUR 63.570
DZ Bank AG Deutsche 21.200 6/24/2022 EUR 59.210
DZ Bank AG Deutsche 19.000 9/23/2022 EUR 62.890
DZ Bank AG Deutsche 8.700 9/23/2022 EUR 75.420
DZ Bank AG Deutsche 11.700 9/23/2022 EUR 70.390
DZ Bank AG Deutsche 6.250 6/20/2022 EUR 74.890
DZ Bank AG Deutsche 9.500 6/20/2022 EUR 71.700
EFG International Fi 15.000 11/14/2022 EUR 73.800
EFG International Fi 22.000 05/12/2022 CHF 59.390
EFG International Fi 14.000 05/12/2022 USD 45.830
Credit Suisse AG/Lon 8.000 08/12/2022 CHF 79.590
UBS AG/London 14.750 11/14/2022 CHF 40.950
UBS AG/London 10.500 11/14/2022 CHF 38.600
UBS AG/London 11.250 11/14/2022 CHF 62.800
UBS AG/London 5.500 05/12/2023 EUR 74.900
UBS AG/London 11.750 11/14/2022 CHF 39.800
Corner Banca SA 15.000 11/21/2022 USD 61.140
Leonteq Securities A 13.000 11/21/2022 USD 35.740
Leonteq Securities A 9.000 11/21/2022 CHF 54.590
Basler Kantonalbank 11.000 05/12/2022 CHF 68.000
Bank Julius Baer & C 8.550 5/13/2022 USD 39.500
Bank Julius Baer & C 6.000 5/13/2022 EUR 70.850
Leonteq Securities A 9.450 5/13/2022 USD 18.200
Leonteq Securities A 28.960 5/17/2022 CHF 55.070
Leonteq Securities A 10.000 11/14/2022 CHF 73.700
Vontobel Financial P 18.500 6/24/2022 EUR 64.900
Vontobel Financial P 16.500 6/24/2022 EUR 71.820
Vontobel Financial P 10.500 6/24/2022 EUR 74.340
Vontobel Financial P 12.500 6/24/2022 EUR 71.270
Vontobel Financial P 14.500 6/24/2022 EUR 68.480
Vontobel Financial P 18.500 6/24/2022 EUR 63.650
Vontobel Financial P 16.500 6/24/2022 EUR 65.950
Vontobel Financial P 11.000 6/24/2022 EUR 69.260
Vontobel Financial P 8.000 6/24/2022 EUR 73.770
Vontobel Financial P 9.500 6/24/2022 EUR 71.430
Vontobel Financial P 12.500 6/24/2022 EUR 67.250
Vontobel Financial P 14.000 6/24/2022 EUR 65.390
Vontobel Financial P 15.500 6/24/2022 EUR 63.660
Vontobel Financial P 17.000 6/24/2022 EUR 62.040
Vontobel Financial P 7.500 6/24/2022 EUR 69.300
Vontobel Financial P 8.000 6/24/2022 EUR 65.030
Vontobel Financial P 9.000 6/24/2022 EUR 66.190
Vontobel Financial P 16.000 6/24/2022 EUR 54.650
Credit Suisse AG/Lon 10.000 5/13/2022 USD 46.640
Vontobel Financial P 18.500 6/24/2022 EUR 77.310
Vontobel Financial P 13.500 6/24/2022 EUR 46.600
Vontobel Financial P 17.500 6/24/2022 EUR 42.800
Corner Banca SA 11.000 11/17/2022 EUR 61.200
Leonteq Securities A 9.000 11/17/2022 CHF 70.500
Leonteq Securities A 18.000 5/17/2022 USD 38.790
Leonteq Securities A 13.200 5/13/2022 USD 38.660
Leonteq Securities A 9.000 8/17/2022 CHF 70.780
Leonteq Securities A 10.000 8/17/2022 CHF 48.700
Vontobel Financial P 11.300 5/17/2022 USD 35.130
Vontobel Financial P 15.350 5/17/2022 USD 66.960
Bank Vontobel AG 11.008 11/14/2022 CHF 75.500
Vontobel Financial P 5.500 6/24/2022 EUR 64.920
Vontobel Financial P 8.750 6/24/2022 EUR 60.690
Vontobel Financial P 5.250 6/24/2022 EUR 74.810
Vontobel Financial P 11.750 6/24/2022 EUR 48.350
Vontobel Financial P 14.750 6/24/2022 EUR 66.180
Vontobel Financial P 11.750 6/24/2022 EUR 70.520
Vontobel Financial P 12.000 6/24/2022 EUR 60.310
Vontobel Financial P 14.250 6/24/2022 EUR 66.630
Leonteq Securities A 20.000 8/16/2022 CHF 68.750
Zurcher Kantonalbank 17.500 8/22/2022 CHF 61.290
Landesbank Baden-Wue 2.750 11/25/2022 EUR 54.310
Landesbank Baden-Wue 5.000 11/25/2022 EUR 75.720
Landesbank Baden-Wue 3.200 11/25/2022 EUR 37.930
Landesbank Baden-Wue 5.100 11/25/2022 EUR 34.260
Vontobel Financial P 14.500 6/24/2022 EUR 64.650
Vontobel Financial P 9.500 9/23/2022 EUR 61.890
UBS AG/London 10.000 06/02/2022 CHF 65.050
UBS AG/London 8.250 12/02/2022 CHF 62.400
Luzerner Kantonalban 7.600 8/16/2022 CHF 65.830
EFG International Fi 10.000 06/02/2022 CHF 46.540
Sberbank of Russia P 0.010 12/05/2025 RUB 64.600
Sberbank of Russia P 0.010 12/08/2025 RUB 65.400
SG Issuer SA 1.050 11/20/2025 EUR 15.550
Leonteq Securities A 12.000 06/08/2022 CHF 34.670
Leonteq Securities A 10.000 06/08/2022 EUR 64.610
Leonteq Securities A 11.000 06/07/2022 CHF 55.430
Nordea Bank Abp 2.000 12/29/2025 SEK 72.320
Vontobel Financial P 12.800 06/08/2022 USD 51.870
Raiffeisen Switzerla 7.500 06/07/2022 CHF 60.620
UniCredit Bank AG 5.800 01/12/2024 EUR 52.740
Vontobel Financial P 7.150 12/09/2022 CHF 67.110
UBS AG/London 7.250 12/09/2022 CHF 62.500
UBS AG/London 16.000 06/09/2022 USD 61.400
UBS AG/London 10.500 06/09/2022 CHF 34.950
UBS AG/London 12.250 06/09/2022 CHF 34.700
EFG International Fi 11.000 06/10/2022 USD 39.080
DekaBank Deutsche Gi 2.900 1/13/2023 EUR 43.650
DekaBank Deutsche Gi 2.000 01/12/2024 EUR 74.780
DekaBank Deutsche Gi 2.300 1/13/2023 EUR 75.060
Zurcher Kantonalbank 8.000 12/14/2022 CHF 65.770
Bank Vontobel AG 7.504 6/13/2022 CHF 33.400
Bank Vontobel AG 9.006 6/14/2022 CHF 58.900
Bank Vontobel AG 10.253 6/14/2022 EUR 62.400
Skandinaviska Enskil 7.450 1/15/2025 SEK 67.240
Nordea Bank Abp 8.500 1/20/2025 SEK 60.520
Landesbank Baden-Wue 3.150 3/24/2023 EUR 75.750
Sberbank of Russia P 0.010 9/25/2025 RUB 76.000
SG Issuer SA 2.200 01/10/2025 EUR 71.850
UniCredit Bank AG 4.800 05/06/2022 EUR 68.080
EFG International Fi 9.800 12/27/2022 CHF 60.400
Societe Generale SA 27.300 10/20/2025 USD 33.650
Skandinaviska Enskil 6.400 1/15/2025 SEK 65.220
Landesbank Baden-Wue 3.600 6/23/2023 EUR 60.090
Sberbank of Russia P 1.169 12/12/2024 RUB 73.200
Erste Group Bank AG 7.500 1/30/2025 EUR 73.200
Sberbank of Russia P 0.010 09/01/2025 RUB 73.600
UBS AG/London 6.750 5/16/2022 CHF 53.450
Bank Vontobel AG 10.003 9/19/2022 CHF 51.600
UBS AG/London 16.500 9/15/2022 USD 31.100
Zurcher Kantonalbank 10.500 11/18/2022 USD 64.080
Bank Vontobel AG 29.000 1/24/2023 CHF 54.400
UniCredit Bank AG 4.200 06/05/2023 EUR 63.130
Zurcher Kantonalbank 6.300 12/16/2022 CHF 45.200
Leonteq Securities A 6.600 01/09/2023 CHF 57.000
EFG International Fi 15.000 01/09/2023 USD 67.800
EFG International Fi 4.900 10/20/2023 USD 62.910
Skandinaviska Enskil 5.750 1/15/2025 SEK 70.160
EFG International Fi 4.900 10/16/2023 USD 65.570
Sberbank of Russia P 0.010 10/20/2025 RUB 69.100
UBS AG/London 9.250 10/21/2022 CHF 48.350
Sberbank of Russia P 0.010 10/23/2025 RUB 66.000
Sberbank of Russia P 0.010 10/22/2025 RUB 70.800
Sberbank of Russia P 0.010 10/23/2025 RUB 62.000
UniCredit Bank AG 6.600 9/13/2023 EUR 66.640
UBS AG/London 14.500 10/17/2022 USD 26.900
UniCredit Bank AG 4.150 05/08/2023 EUR 57.360
UniCredit Bank AG 4.900 5/22/2023 EUR 67.590
Sberbank of Russia P 3.200 9/24/2025 RUB 73.900
Sberbank of Russia P 0.010 9/17/2025 RUB 68.400
Bayerische Landesban 2.150 1/27/2023 EUR 76.620
Bayerische Landesban 3.500 1/26/2024 EUR 72.230
Bank Vontobel AG 9.501 12/12/2022 CHF 66.700
Bank Vontobel AG 9.750 12/12/2022 CHF 69.800
Landesbank Baden-Wue 7.500 7/22/2022 EUR 70.740
Landesbank Baden-Wue 3.100 7/22/2022 EUR 55.900
Landesbank Baden-Wue 5.850 7/22/2022 EUR 47.850
Landesbank Baden-Wue 3.250 7/22/2022 EUR 76.710
Landesbank Baden-Wue 4.300 7/22/2022 EUR 71.300
DZ Bank AG Deutsche 24.000 6/24/2022 EUR 42.080
DZ Bank AG Deutsche 24.400 6/24/2022 EUR 42.620
DZ Bank AG Deutsche 20.400 6/24/2022 EUR 56.700
Sberbank of Russia P 0.010 12/16/2025 RUB 68.700
Societe Generale Eff 3.000 6/24/2022 EUR 52.590
Societe Generale Eff 11.250 6/24/2022 EUR 56.880
Societe Generale Eff 6.250 7/22/2022 EUR 38.920
Societe Generale Eff 14.250 7/22/2022 EUR 30.070
Vontobel Financial P 9.500 6/24/2022 EUR 43.150
Leonteq Securities A 11.000 05/05/2022 CHF 36.540
Leonteq Securities A 9.000 02/08/2023 CHF 63.480
Vontobel Financial P 7.000 6/24/2022 EUR 72.510
Vontobel Financial P 7.500 9/23/2022 EUR 71.930
Vontobel Financial P 12.000 9/23/2022 EUR 67.230
Vontobel Financial P 15.000 9/23/2022 EUR 64.630
Sberbank of Russia P 1.165 2/24/2025 RUB 74.300
Raiffeisen Schweiz G 6.000 8/24/2022 CHF 73.390
Landesbank Baden-Wue 2.000 6/24/2022 EUR 73.470
DZ Bank AG Deutsche 16.900 6/24/2022 EUR 31.830
DZ Bank AG Deutsche 11.250 6/22/2022 EUR 74.830
DZ Bank AG Deutsche 14.600 6/24/2022 EUR 69.660
DZ Bank AG Deutsche 8.300 6/24/2022 EUR 64.670
Bank Vontobel AG 8.500 12/12/2022 EUR 64.900
Landesbank Baden-Wue 8.600 6/24/2022 EUR 39.210
Landesbank Baden-Wue 5.100 6/24/2022 EUR 45.500
DZ Bank AG Deutsche 24.400 6/24/2022 EUR 46.440
DZ Bank AG Deutsche 14.000 6/24/2022 EUR 34.210
DZ Bank AG Deutsche 8.000 6/22/2022 EUR 57.440
DZ Bank AG Deutsche 10.200 6/24/2022 EUR 69.030
DZ Bank AG Deutsche 17.500 6/24/2022 EUR 65.770
DZ Bank AG Deutsche 4.600 6/24/2022 EUR 71.610
DZ Bank AG Deutsche 10.800 6/24/2022 EUR 61.940
UBS AG/London 7.250 07/05/2022 EUR 70.420
Landesbank Baden-Wue 3.250 6/24/2022 EUR 67.340
DZ Bank AG Deutsche 16.800 6/24/2022 EUR 52.260
DZ Bank AG Deutsche 19.200 6/24/2022 EUR 49.310
DZ Bank AG Deutsche 15.400 6/24/2022 EUR 51.040
Landesbank Baden-Wue 8.250 7/22/2022 EUR 70.310
Vontobel Financial P 8.750 6/24/2022 EUR 67.900
DZ Bank AG Deutsche 16.700 6/24/2022 EUR 65.960
Landesbank Baden-Wue 4.000 6/24/2022 EUR 72.090
Landesbank Baden-Wue 4.500 6/24/2022 EUR 61.360
Vontobel Financial P 15.000 6/24/2022 EUR 69.270
Vontobel Financial P 7.500 6/24/2022 EUR 73.110
Vontobel Financial P 17.500 6/24/2022 EUR 65.280
Vontobel Financial P 5.500 6/24/2022 EUR 54.530
Raiffeisen Schweiz G 8.000 9/14/2022 EUR 65.100
Raiffeisen Schweiz G 11.000 12/14/2022 CHF 73.100
Raiffeisen Schweiz G 5.000 8/24/2022 CHF 73.050
Bank Vontobel AG 9.502 12/12/2022 CHF 66.700
Bank Vontobel AG 7.502 12/12/2022 CHF 64.800
Bank Vontobel AG 15.001 9/13/2022 CHF 31.400
Vontobel Financial P 18.000 6/24/2022 EUR 62.110
Vontobel Financial P 20.000 6/24/2022 EUR 68.830
Vontobel Financial P 16.500 6/24/2022 EUR 74.610
Vontobel Financial P 7.500 6/24/2022 EUR 55.670
Vontobel Financial P 18.000 6/24/2022 EUR 53.630
Raiffeisen Schweiz G 10.000 12/14/2022 CHF 60.020
Vontobel Financial P 9.500 6/24/2022 EUR 67.700
Vontobel Financial P 16.000 6/24/2022 EUR 58.410
Vontobel Financial P 7.500 6/24/2022 EUR 71.660
Vontobel Financial P 20.500 6/24/2022 EUR 53.830
Leonteq Securities A 6.800 2/20/2023 CHF 70.010
Vontobel Financial P 11.000 6/24/2022 EUR 68.890
Vontobel Financial P 13.500 6/24/2022 EUR 68.800
Vontobel Financial P 18.000 6/24/2022 EUR 72.470
Vontobel Financial P 15.500 6/24/2022 EUR 64.570
Vontobel Financial P 13.500 6/24/2022 EUR 61.090
Vontobel Financial P 11.000 6/24/2022 EUR 64.120
Leonteq Securities A 6.000 2/20/2023 CHF 63.580
VTB Bank PJSC 2.000 4/29/2026 RUB 63.000
Credit Suisse AG/Lon 6.000 8/22/2022 CHF 71.870
EFG International Fi 9.800 6/21/2023 EUR 42.420
Bank Vontobel AG 7.550 1/30/2023 CHF 68.300
Leonteq Securities A 10.000 10/31/2022 USD 49.960
Zurcher Kantonalbank 18.000 05/06/2022 CHF 50.550
Leonteq Securities A 15.000 08/02/2022 CHF 27.630
Leonteq Securities A 10.000 1/30/2023 EUR 78.480
Leonteq Securities A 17.000 08/02/2022 USD 34.510
Leonteq Securities A 26.350 08/03/2022 CHF 65.330
Leonteq Securities A 9.000 10/31/2022 CHF 61.200
Leonteq Securities A 12.000 6/21/2022 CHF 32.450
Leonteq Securities A 20.000 7/29/2022 CHF 35.930
Leonteq Securities A 22.450 7/29/2022 CHF 33.700
Vontobel Financial P 6.500 6/24/2022 EUR 69.790
Zurcher Kantonalbank 11.000 6/28/2022 CHF 76.180
Leonteq Securities A 11.000 10/31/2022 USD 47.150
Landesbank Baden-Wue 5.650 5/27/2022 EUR 43.680
Vontobel Financial P 8.000 6/24/2022 EUR 69.960
Vontobel Financial P 9.500 6/24/2022 EUR 67.870
Vontobel Financial P 14.000 6/24/2022 EUR 62.470
Vontobel Financial P 17.000 6/24/2022 EUR 59.460
Vontobel Financial P 21.000 6/24/2022 EUR 74.420
Vontobel Financial P 16.500 6/24/2022 EUR 66.420
Vontobel Financial P 5.500 6/24/2022 EUR 68.560
Vontobel Financial P 15.500 6/24/2022 EUR 71.630
Vontobel Financial P 13.000 6/24/2022 EUR 76.420
Vontobel Financial P 10.000 6/24/2022 EUR 31.100
Credit Suisse AG/Lon 8.250 9/19/2022 EUR 69.350
Zurcher Kantonalbank 8.000 08/08/2022 CHF 69.780
Vontobel Financial P 10.500 6/24/2022 EUR 62.160
Zurcher Kantonalbank 15.500 05/10/2022 CHF 69.780
Vontobel Financial P 8.000 6/24/2022 EUR 64.950
Vontobel Financial P 17.500 6/24/2022 EUR 72.570
Vontobel Financial P 13.500 6/24/2022 EUR 57.120
Vontobel Financial P 18.000 6/24/2022 EUR 59.360
Vontobel Financial P 12.500 6/24/2022 EUR 65.360
Vontobel Financial P 16.000 6/24/2022 EUR 61.610
Vontobel Financial P 16.500 6/24/2022 EUR 76.320
Vontobel Financial P 16.000 6/24/2022 EUR 72.710
Vontobel Financial P 7.500 6/24/2022 EUR 60.730
Sberbank of Russia P 0.010 03/04/2026 RUB 64.900
UBS AG/London 9.750 09/05/2022 CHF 66.400
UBS AG/London 16.250 09/05/2022 CHF 57.300
Leonteq Securities A 20.000 06/01/2022 EUR 67.750
EFG International Fi 6.400 03/08/2023 USD 70.100
UniCredit Bank AG 5.300 04/08/2025 EUR 75.230
Zurcher Kantonalbank 13.000 6/17/2022 CHF 64.630
Sberbank of Russia P 0.010 03/06/2028 RUB 57.300
Bank Vontobel AG 23.008 06/02/2022 CHF 41.800
Bank Vontobel AG 10.506 09/02/2022 CHF 66.500
Bank Vontobel AG 8.252 09/02/2022 EUR 70.100
Bank Vontobel AG 7.259 06/03/2022 CHF 65.300
Sberbank of Russia P 0.010 03/05/2026 RUB 68.000
Bank Vontobel AG 7.250 06/03/2022 CHF 51.600
Bank Vontobel AG 5.254 09/02/2022 CHF 69.600
Bank Vontobel AG 14.004 09/02/2022 CHF 40.500
Sberbank of Russia P 0.010 03/04/2026 RUB 64.200
Leonteq Securities A 14.000 06/08/2022 CHF 39.770
Leonteq Securities A 17.000 06/08/2022 USD 31.280
Zurcher Kantonalbank 7.000 09/08/2022 CHF 79.770
Bank Vontobel AG 25.504 5/24/2022 CHF 35.800
Bank Vontobel AG 15.004 8/26/2022 CHF 30.400
Bank Vontobel AG 15.004 8/26/2022 CHF 30.400
DZ Bank AG Deutsche 8.000 6/20/2022 EUR 75.160
Bank Julius Baer & C 7.000 06/10/2022 CHF 49.500
DZ Bank AG Deutsche 5.500 6/22/2022 EUR 73.920
Leonteq Securities A 16.000 06/10/2022 CHF 32.190
Aerofuels JSC 9.250 2/28/2024 RUB 71.380
UBS AG/London 9.250 03/10/2023 CHF 59.800
UBS AG/London 10.750 09/12/2022 CHF 56.200
UBS AG/London 16.500 09/12/2022 CHF 60.950
Raiffeisen Switzerla 8.500 09/08/2022 CHF 56.490
Vontobel Financial P 3.000 09/05/2023 EUR 75.570
Landesbank Baden-Wue 2.200 12/23/2022 EUR 74.920
Landesbank Baden-Wue 2.150 12/23/2022 EUR 55.420
Landesbank Baden-Wue 3.000 12/23/2022 EUR 60.930
DekaBank Deutsche Gi 2.500 10/24/2023 EUR 65.980
SG Issuer SA 8.120 7/20/2023 SEK 68.580
UniCredit Bank AG 3.600 10/05/2022 EUR 55.530
DekaBank Deutsche Gi 2.600 10/24/2023 EUR 66.120
Landesbank Baden-Wue 2.600 9/22/2023 EUR 70.160
Danske Bank A/S 7.141 07/09/2023 SEK 68.360
Bank Julius Baer & C 8.900 6/17/2022 USD 63.450
Vontobel Financial P 8.250 6/24/2022 EUR 44.030
Vontobel Financial P 4.200 9/16/2022 EUR 75.630
Vontobel Financial P 8.500 7/13/2022 EUR 69.660
VTB Bank PJSC 0.010 5/20/2026 RUB 66.150
Credit Suisse AG/Lon 12.000 4/29/2022 USD 19.110
Vontobel Financial P 16.500 6/24/2022 EUR 53.670
Vontobel Financial P 15.000 6/24/2022 EUR 62.820
Vontobel Financial P 9.000 6/24/2022 EUR 48.490
Vontobel Financial P 17.000 6/24/2022 EUR 40.810
Vontobel Financial P 13.000 6/24/2022 EUR 44.180
Vontobel Financial P 5.000 6/24/2022 EUR 65.750
Vontobel Financial P 10.500 6/24/2022 EUR 56.640
Leonteq Securities A 24.350 4/29/2022 CHF 54.020
UniCredit Bank AG 12.000 8/18/2022 EUR 50.600
Societe Generale Eff 4.750 6/24/2022 EUR 38.960
Bank Vontobel AG 11.000 08/01/2022 EUR 43.700
Vontobel Financial P 11.500 6/24/2022 EUR 72.660
Vontobel Financial P 12.500 6/24/2022 EUR 70.920
Vontobel Financial P 15.000 6/24/2022 EUR 67.810
Vontobel Financial P 14.000 6/24/2022 EUR 69.360
Vontobel Financial P 16.500 6/24/2022 EUR 64.570
Vontobel Financial P 15.000 6/24/2022 EUR 26.970
Vontobel Financial P 10.500 6/24/2022 EUR 68.290
Vontobel Financial P 13.500 6/24/2022 EUR 64.020
Vontobel Financial P 17.000 6/24/2022 EUR 60.450
Vontobel Financial P 11.500 6/24/2022 EUR 74.660
Vontobel Financial P 17.000 6/24/2022 EUR 66.500
Vontobel Financial P 7.500 6/24/2022 EUR 33.260
Vontobel Financial P 5.500 6/24/2022 EUR 58.160
Leonteq Securities A 12.000 7/29/2022 CHF 62.470
Leonteq Securities A 7.000 05/03/2023 CHF 65.400
Vontobel Financial P 8.250 6/24/2022 EUR 62.800
Vontobel Financial P 9.750 6/24/2022 EUR 71.160
Leonteq Securities A 10.000 11/02/2022 CHF 48.260
Leonteq Securities A 5.000 1/30/2023 USD 46.180
Leonteq Securities A 2.800 7/29/2022 EUR 52.350
Leonteq Securities A 23.180 4/29/2022 USD 21.640
Zurcher Kantonalbank 10.000 6/24/2022 CHF 68.930
Zurcher Kantonalbank 9.000 6/28/2022 CHF 77.830
Vontobel Financial P 12.000 6/24/2022 EUR 31.680
Goldman Sachs & Co W 15.000 6/22/2022 EUR 67.460
Goldman Sachs & Co W 19.000 6/22/2022 EUR 63.340
Goldman Sachs & Co W 12.000 3/22/2023 EUR 66.070
Goldman Sachs & Co W 10.000 6/22/2022 EUR 72.450
Goldman Sachs & Co W 10.000 9/21/2022 EUR 74.860
Goldman Sachs & Co W 7.000 12/21/2022 EUR 74.350
Goldman Sachs & Co W 10.000 12/21/2022 EUR 69.730
Goldman Sachs & Co W 13.000 12/21/2022 EUR 63.740
Goldman Sachs & Co W 8.000 3/22/2023 EUR 73.410
Goldman Sachs & Co W 10.000 3/22/2023 EUR 69.300
Goldman Sachs & Co W 10.000 9/21/2022 EUR 74.860
Goldman Sachs & Co W 17.000 6/22/2022 EUR 57.840
Goldman Sachs & Co W 8.000 9/21/2022 EUR 73.090
Goldman Sachs & Co W 9.000 9/21/2022 EUR 70.000
Goldman Sachs & Co W 15.000 9/21/2022 EUR 61.290
DekaBank Deutsche Gi 3.350 04/08/2024 EUR 67.610
DekaBank Deutsche Gi 3.250 04/06/2023 EUR 72.780
Leonteq Securities A 8.000 3/15/2023 CHF 61.210
Zurcher Kantonalbank 8.500 06/10/2022 EUR 40.450
Vontobel Financial P 16.000 6/24/2022 EUR 70.210
Vontobel Financial P 14.000 6/24/2022 EUR 72.390
Vontobel Financial P 14.000 6/24/2022 EUR 71.170
Vontobel Financial P 15.000 6/24/2022 EUR 27.820
Vontobel Financial P 10.500 6/24/2022 EUR 58.560
Zurcher Kantonalbank 7.750 05/10/2022 CHF 76.890
Bank Julius Baer & C 9.250 9/19/2022 EUR 71.300
Bank Julius Baer & C 8.450 6/17/2022 USD 73.350
Bank Julius Baer & C 12.000 9/19/2022 USD 69.450
Landesbank Baden-Wue 3.000 8/26/2022 EUR 70.120
Vontobel Financial P 8.500 6/24/2022 EUR 71.570
Vontobel Financial P 17.500 6/24/2022 EUR 75.040
Vontobel Financial P 16.000 6/24/2022 EUR 67.970
Vontobel Financial P 18.000 6/24/2022 EUR 68.050
Vontobel Financial P 17.500 6/24/2022 EUR 26.580
Vontobel Financial P 12.500 6/24/2022 EUR 29.310
Landesbank Baden-Wue 4.000 7/25/2025 EUR 48.610
Societe Generale Eff 6.500 6/24/2022 EUR 34.620
Vontobel Financial P 7.500 6/24/2022 EUR 70.460
Vontobel Financial P 19.500 6/24/2022 EUR 57.090
Zurcher Kantonalbank 9.250 05/10/2022 CHF 72.090
Vontobel Financial P 18.500 6/24/2022 EUR 63.710
Goldman Sachs & Co W 7.000 6/22/2022 EUR 75.440
Vontobel Financial P 9.500 6/24/2022 EUR 67.670
Vontobel Financial P 11.500 6/24/2022 EUR 65.140
Vontobel Financial P 15.500 6/24/2022 EUR 60.750
Vontobel Financial P 13.500 6/24/2022 EUR 62.840
Vontobel Financial P 12.500 6/24/2022 EUR 64.140
Vontobel Financial P 10.500 6/24/2022 EUR 65.860
Zurcher Kantonalbank 20.500 08/09/2022 CHF 46.890
Vontobel Financial P 12.000 6/24/2022 EUR 59.200
Vontobel Financial P 8.500 6/24/2022 EUR 63.420
Vontobel Financial P 7.500 6/24/2022 EUR 31.920
Vontobel Financial P 12.500 6/24/2022 EUR 28.330
Vontobel Financial P 17.500 6/24/2022 EUR 25.830
Zurcher Kantonalbank 8.000 05/10/2022 EUR 73.400
EFG International Fi 8.560 6/17/2022 CHF 67.900
Leonteq Securities A 21.290 6/17/2022 CHF 64.380
Vontobel Financial P 15.000 6/24/2022 EUR 55.320
Leonteq Securities A 20.760 6/17/2022 CHF 26.260
Vontobel Financial P 6.000 6/24/2022 EUR 54.290
Vontobel Financial P 5.500 6/24/2022 EUR 68.090
Vontobel Financial P 13.500 6/24/2022 EUR 53.180
Vontobel Financial P 6.000 6/24/2022 EUR 73.610
Vontobel Financial P 10.500 6/24/2022 EUR 74.490
Vontobel Financial P 10.000 6/24/2022 EUR 29.960
Vontobel Financial P 13.500 6/24/2022 EUR 59.760
Vontobel Financial P 17.000 6/24/2022 EUR 50.350
Societe Generale Eff 5.000 5/27/2022 EUR 37.370
Vontobel Financial P 17.500 6/24/2022 EUR 58.840
Vontobel Financial P 6.500 6/24/2022 EUR 72.210
Vontobel Financial P 15.500 6/24/2022 EUR 60.910
Vontobel Financial P 17.500 6/24/2022 EUR 65.030
Landesbank Baden-Wue 2.650 9/22/2023 EUR 68.210
Leonteq Securities A 23.690 06/03/2022 CHF 24.540
Leonteq Securities A 23.290 06/03/2022 CHF 63.800
Leonteq Securities A 11.000 09/07/2022 CHF 60.860
EFG International Fi 9.850 06/08/2022 USD 71.890
Erste Group Bank AG 8.000 6/30/2022 EUR 66.300
Erste Group Bank AG 6.500 6/30/2022 EUR 66.000
Erste Group Bank AG 4.250 6/30/2022 EUR 65.900
UniCredit Bank AG 4.050 07/01/2024 EUR 73.220
UBS AG/London 11.000 11/30/2022 CHF 34.450
UBS AG/London 6.500 11/30/2022 CHF 69.750
UBS AG/London 5.250 5/31/2023 CHF 75.700
UBS AG/London 10.250 11/30/2022 CHF 61.500
UBS AG/London 5.250 5/31/2023 EUR 65.100
UBS AG/London 12.500 11/30/2022 CHF 59.650
Leonteq Securities A 14.000 06/08/2022 CHF 38.410
Leonteq Securities A 12.000 06/08/2022 CHF 17.540
Zurcher Kantonalbank 9.500 6/15/2022 EUR 67.740
Zurcher Kantonalbank 9.250 6/15/2022 CHF 72.000
Vontobel Financial P 12.750 6/24/2022 EUR 67.040
Vontobel Financial P 10.000 6/24/2022 EUR 63.630
Raiffeisen Centroban 12.652 9/21/2022 EUR 70.140
Vontobel Financial P 12.000 6/24/2022 EUR 63.720
Vontobel Financial P 9.750 6/24/2022 EUR 34.550
DZ Bank AG Deutsche 7.000 9/19/2022 EUR 72.330
DZ Bank AG Deutsche 6.200 6/20/2022 EUR 73.660
DZ Bank AG Deutsche 5.400 9/19/2022 EUR 74.930
Raiffeisen Switzerla 13.000 5/19/2022 CHF 58.040
Leonteq Securities A 9.300 8/24/2022 USD 43.760
UBS AG/London 11.000 8/24/2022 CHF 49.350
UBS AG/London 11.250 8/24/2022 CHF 67.150
Credit Suisse AG/Lon 7.250 5/18/2022 CHF 60.170
Credit Suisse AG/Lon 8.100 8/23/2022 CHF 67.160
UniCredit Bank AG 4.450 12/29/2022 EUR 35.590
EFG International Fi 7.000 5/23/2022 EUR 31.670
SG Issuer SA 7.500 1/20/2025 SEK 46.800
Landesbank Baden-Wue 2.750 11/25/2022 EUR 56.690
UniCredit Bank AG 3.800 12/29/2022 EUR 41.550
DekaBank Deutsche Gi 3.000 12/29/2022 EUR 55.290
Landesbank Baden-Wue 3.400 2/24/2023 EUR 68.030
Leonteq Securities A 17.140 08/12/2022 CHF 66.710
Leonteq Securities A 18.480 08/12/2022 CHF 69.790
Landesbank Baden-Wue 6.750 8/26/2022 EUR 34.340
Landesbank Baden-Wue 9.000 9/23/2022 EUR 76.700
Landesbank Baden-Wue 10.100 8/26/2022 EUR 63.890
Landesbank Baden-Wue 5.000 8/26/2022 EUR 74.520
Landesbank Baden-Wue 4.800 8/26/2022 EUR 36.730
Landesbank Baden-Wue 5.000 8/26/2022 EUR 70.730
BNP Paribas Emission 8.000 6/23/2022 EUR 56.080
BNP Paribas Emission 14.000 6/23/2022 EUR 51.560
BNP Paribas Emission 5.000 9/22/2022 EUR 63.800
BNP Paribas Emission 8.000 9/22/2022 EUR 58.230
BNP Paribas Emission 12.000 9/22/2022 EUR 54.400
BNP Paribas Emission 5.000 12/22/2022 EUR 65.020
BNP Paribas Emission 8.000 12/22/2022 EUR 60.260
BNP Paribas Emission 10.000 6/23/2022 EUR 69.580
BNP Paribas Emission 8.000 9/22/2022 EUR 71.360
BNP Paribas Emission 8.000 12/22/2022 EUR 73.160
BNP Paribas Emission 8.000 9/22/2022 EUR 70.060
BNP Paribas Emission 8.000 12/22/2022 EUR 71.990
BNP Paribas Emission 8.000 12/22/2022 EUR 72.290
BNP Paribas Emission 10.000 12/22/2022 EUR 56.140
BNP Paribas Emission 10.000 6/23/2022 EUR 68.880
BNP Paribas Emission 10.000 9/22/2022 EUR 71.360
BNP Paribas Emission 10.000 6/23/2022 EUR 77.120
BNP Paribas Emission 10.000 9/22/2022 EUR 77.330
BNP Paribas Emission 14.000 9/22/2022 EUR 70.100
BNP Paribas Emission 8.000 12/22/2022 EUR 76.730
BNP Paribas Emission 14.000 12/22/2022 EUR 72.580
BNP Paribas Emission 6.000 12/22/2022 EUR 53.980
BNP Paribas Emission 6.000 12/22/2022 EUR 51.140
BNP Paribas Emission 8.000 12/22/2022 EUR 49.900
BNP Paribas Emission 8.000 9/22/2022 EUR 48.090
BNP Paribas Emission 12.000 9/22/2022 EUR 72.500
BNP Paribas Emission 12.000 12/22/2022 EUR 75.080
Societe Generale Eff 4.000 7/22/2022 EUR 40.230
BNP Paribas Emission 6.000 6/23/2022 EUR 51.300
BNP Paribas Emission 8.000 6/23/2022 EUR 48.670
BNP Paribas Emission 10.000 6/23/2022 EUR 46.370
BNP Paribas Emission 6.000 9/22/2022 EUR 52.780
BNP Paribas Emission 8.000 9/22/2022 EUR 50.680
BNP Paribas Emission 12.000 6/23/2022 EUR 74.770
BNP Paribas Emission 5.000 6/23/2022 EUR 62.420
Vontobel Financial P 6.000 6/24/2022 EUR 72.300
Vontobel Financial P 11.250 6/24/2022 EUR 75.050
Vontobel Financial P 6.250 6/24/2022 EUR 66.690
Vontobel Financial P 14.250 6/24/2022 EUR 43.350
Vontobel Financial P 16.250 6/24/2022 EUR 65.870
Vontobel Financial P 5.750 6/24/2022 EUR 75.990
Vontobel Financial P 8.000 6/24/2022 EUR 63.960
Vontobel Financial P 20.000 6/24/2022 EUR 35.890
Vontobel Financial P 5.250 6/24/2022 EUR 74.800
Vontobel Financial P 9.000 6/24/2022 EUR 74.910
Leonteq Securities A 10.000 2/13/2023 USD 61.510
Leonteq Securities A 16.000 11/16/2022 CHF 63.010
Leonteq Securities A 12.000 11/16/2022 CHF 38.360
Corner Banca SA 10.000 2/13/2023 EUR 44.500
Corner Banca SA 13.000 8/16/2022 CHF 36.010
Leonteq Securities A 14.000 2/13/2023 CHF 50.940
Leonteq Securities A 13.000 11/16/2022 USD 70.140
Bank Vontobel AG 6.500 2/13/2023 CHF 66.100
Bank Vontobel AG 10.000 8/15/2022 CHF 64.800
Bank Vontobel AG 10.000 8/15/2022 CHF 64.800
Bank Vontobel AG 14.500 2/13/2023 EUR 59.200
Bank Vontobel AG 7.500 2/13/2023 EUR 64.600
Bank Julius Baer & C 19.600 5/16/2022 CHF 30.550
Societe Generale Eff 13.000 5/27/2022 EUR 78.800
Societe Generale Eff 15.000 5/27/2022 EUR 76.300
Societe Generale Eff 14.000 6/24/2022 EUR 77.510
Societe Generale Eff 3.500 8/26/2022 EUR 42.730
Societe Generale Eff 13.250 7/22/2022 EUR 78.300
Societe Generale Eff 12.500 8/26/2022 EUR 79.060
Corner Banca SA 12.000 06/01/2022 CHF 36.270
Zurcher Kantonalbank 21.500 8/23/2022 USD 45.860
Zurcher Kantonalbank 6.020 8/16/2022 CHF 79.040
Zurcher Kantonalbank 11.500 8/23/2022 EUR 74.630
Leonteq Securities A 26.150 8/16/2022 CHF 35.740
Zurcher Kantonalbank 18.500 8/22/2022 USD 52.460
Landesbank Baden-Wue 5.000 11/25/2022 EUR 46.970
Landesbank Baden-Wue 3.200 11/25/2022 EUR 73.300
DZ Bank AG Deutsche 5.000 8/24/2022 EUR 70.980
ID Collect LLC 12.000 7/25/2024 RUB 71.150
Bank Julius Baer & C 5.750 8/17/2022 CHF 65.250
Zurcher Kantonalbank 12.900 8/17/2022 CHF 39.960
EFG International Fi 4.900 12/04/2023 USD 59.820
UBS AG/London 15.000 06/03/2022 USD 32.600
Sberbank of Russia P 0.010 12/02/2025 RUB 67.100
T-Centrum CZ AS 6.940 10/30/2024 CZK 72.000
DekaBank Deutsche Gi 3.350 11/28/2022 EUR 74.780
Basler Kantonalbank 10.000 2/13/2023 CHF 64.370
EFG International Fi 15.000 2/13/2023 EUR 37.410
BNP Paribas Emission 10.000 6/23/2022 EUR 68.840
BNP Paribas Emission 6.000 6/23/2022 EUR 66.220
BNP Paribas Emission 6.000 9/22/2022 EUR 67.790
BNP Paribas Emission 6.000 12/22/2022 EUR 69.150
BNP Paribas Emission 6.000 6/23/2022 EUR 74.060
BNP Paribas Emission 12.000 6/23/2022 EUR 68.910
BNP Paribas Emission 6.000 9/22/2022 EUR 75.560
BNP Paribas Emission 10.000 9/22/2022 EUR 74.040
BNP Paribas Emission 14.000 6/23/2022 EUR 72.860
BNP Paribas Emission 8.000 6/23/2022 EUR 75.360
BNP Paribas Emission 10.000 6/23/2022 EUR 70.760
BNP Paribas Emission 8.000 9/22/2022 EUR 77.150
BNP Paribas Emission 12.000 9/22/2022 EUR 69.780
BNP Paribas Emission 8.000 12/22/2022 EUR 74.140
BNP Paribas Emission 10.000 12/22/2022 EUR 71.310
BNP Paribas Emission 12.000 9/22/2022 EUR 75.540
BNP Paribas Emission 8.000 9/22/2022 EUR 70.570
BNP Paribas Emission 5.000 12/22/2022 EUR 74.150
BNP Paribas Emission 8.000 12/22/2022 EUR 72.350
BNP Paribas Emission 4.000 6/23/2022 EUR 74.410
BNP Paribas Emission 5.000 6/23/2022 EUR 69.320
BNP Paribas Emission 5.000 9/22/2022 EUR 69.710
BNP Paribas Emission 8.000 9/22/2022 EUR 65.470
BNP Paribas Emission 10.000 6/23/2022 EUR 61.570
BNP Paribas Emission 14.000 6/23/2022 EUR 58.680
BNP Paribas Emission 15.000 6/23/2022 EUR 57.000
BNP Paribas Emission 12.000 9/22/2022 EUR 61.510
BNP Paribas Emission 15.000 6/23/2022 EUR 70.000
BNP Paribas Emission 5.000 12/22/2022 EUR 70.560
BNP Paribas Emission 8.000 12/22/2022 EUR 67.260
BNP Paribas Emission 10.000 9/22/2022 EUR 66.960
BNP Paribas Emission 10.000 9/22/2022 EUR 64.170
BNP Paribas Emission 5.000 12/22/2022 EUR 71.750
BNP Paribas Emission 8.000 12/22/2022 EUR 69.250
BNP Paribas Emission 14.000 9/22/2022 EUR 28.940
BNP Paribas Emission 12.000 12/22/2022 EUR 31.030
EFG International Fi 17.000 08/11/2022 CHF 63.340
Societe Generale Eff 12.000 5/27/2022 EUR 75.050
Societe Generale Eff 13.250 6/24/2022 EUR 75.940
Societe Generale Eff 15.250 6/24/2022 EUR 73.160
Societe Generale Eff 14.500 7/22/2022 EUR 74.060
BNP Paribas Emission 6.000 6/23/2022 EUR 72.170
Societe Generale Eff 6.500 6/24/2022 EUR 71.660
BNP Paribas Emission 14.000 6/23/2022 EUR 58.140
BNP Paribas Emission 12.000 9/22/2022 EUR 60.940
BNP Paribas Emission 10.000 12/22/2022 EUR 62.580
BNP Paribas Emission 10.000 9/22/2022 EUR 71.200
BNP Paribas Emission 12.000 9/22/2022 EUR 70.780
BNP Paribas Emission 14.000 6/23/2022 EUR 67.070
BNP Paribas Emission 10.000 9/22/2022 EUR 73.220
BNP Paribas Emission 14.000 6/23/2022 EUR 77.540
BNP Paribas Emission 10.000 12/22/2022 EUR 75.630
BNP Paribas Emission 6.000 9/22/2022 EUR 73.630
BNP Paribas Emission 14.000 6/23/2022 EUR 59.540
BNP Paribas Emission 5.000 6/23/2022 EUR 68.590
BNP Paribas Emission 14.000 6/23/2022 EUR 59.640
BNP Paribas Emission 4.000 9/22/2022 EUR 75.550
BNP Paribas Emission 8.000 6/23/2022 EUR 65.240
BNP Paribas Emission 15.000 9/22/2022 EUR 60.210
BNP Paribas Emission 12.000 12/22/2022 EUR 63.540
BNP Paribas Emission 14.000 12/22/2022 EUR 59.290
BNP Paribas Emission 10.000 6/23/2022 EUR 74.900
Societe Generale Eff 13.750 8/26/2022 EUR 74.910
BNP Paribas Emission 12.000 9/22/2022 EUR 62.400
BNP Paribas Emission 4.000 12/22/2022 EUR 75.780
BNP Paribas Emission 12.000 9/22/2022 EUR 63.550
BNP Paribas Emission 5.000 6/23/2022 EUR 72.530
BNP Paribas Emission 10.000 6/23/2022 EUR 64.400
BNP Paribas Emission 5.000 9/22/2022 EUR 73.650
BNP Paribas Emission 5.000 12/22/2022 EUR 74.390
BNP Paribas Emission 8.000 12/22/2022 EUR 67.970
BNP Paribas Emission 5.000 9/22/2022 EUR 70.640
BNP Paribas Emission 8.000 9/22/2022 EUR 67.330
BNP Paribas Emission 12.000 9/22/2022 EUR 61.470
BNP Paribas Emission 8.000 6/23/2022 EUR 30.690
BNP Paribas Emission 10.000 6/23/2022 EUR 28.560
BNP Paribas Emission 12.000 6/23/2022 EUR 26.790
BNP Paribas Emission 8.000 9/22/2022 EUR 32.770
BNP Paribas Emission 10.000 9/22/2022 EUR 31.150
BNP Paribas Emission 12.000 9/22/2022 EUR 29.900
BNP Paribas Emission 8.000 12/22/2022 EUR 32.210
BNP Paribas Emission 10.000 12/22/2022 EUR 31.480
BNP Paribas Emission 10.000 6/23/2022 EUR 65.690
UniCredit Bank AG 10.000 9/15/2022 EUR 77.390
Bank Julius Baer & C 9.600 08/12/2022 USD 42.200
Leonteq Securities A 26.380 08/12/2022 CHF 53.130
Landesbank Baden-Wue 8.700 8/26/2022 EUR 68.090
Landesbank Baden-Wue 3.600 8/26/2022 EUR 69.370
Landesbank Baden-Wue 3.000 8/26/2022 EUR 75.100
Zurcher Kantonalbank 12.000 8/23/2022 CHF 74.900
Zurcher Kantonalbank 20.500 8/23/2022 CHF 56.070
DZ Bank AG Deutsche 9.700 6/24/2022 EUR 71.970
DZ Bank AG Deutsche 24.500 6/24/2022 EUR 39.630
Landesbank Baden-Wue 10.500 6/24/2022 EUR 42.120
Landesbank Baden-Wue 2.500 6/24/2022 EUR 54.880
Landesbank Baden-Wue 9.500 6/24/2022 EUR 37.460
Landesbank Baden-Wue 2.500 6/24/2022 EUR 51.660
Landesbank Baden-Wue 2.000 6/24/2022 EUR 70.930
Landesbank Baden-Wue 8.000 6/24/2022 EUR 54.370
Zurcher Kantonalbank 10.000 6/23/2022 CHF 75.720
EFG International Fi 18.000 6/16/2022 CHF 28.110
SG Issuer SA 0.263 2/20/2025 EUR 19.910
UBS AG/London 11.250 12/16/2022 USD 69.150
UBS AG/London 8.250 6/16/2023 CHF 66.750
Landesbank Baden-Wue 3.500 6/24/2022 EUR 67.550
Landesbank Baden-Wue 5.250 6/24/2022 EUR 79.040
DZ Bank AG Deutsche 7.300 6/24/2022 EUR 67.690
Landesbank Baden-Wue 4.200 6/24/2022 EUR 50.810
Landesbank Baden-Wue 7.150 6/24/2022 EUR 45.910
Landesbank Baden-Wue 7.250 7/22/2022 EUR 68.630
EFG International Fi 10.000 12/16/2022 CHF 38.260
DZ Bank AG Deutsche 13.000 6/24/2022 EUR 62.590
DZ Bank AG Deutsche 16.900 6/24/2022 EUR 56.420
Landesbank Baden-Wue 6.000 6/24/2022 EUR 65.940
Landesbank Baden-Wue 5.000 7/22/2022 EUR 74.700
Vontobel Financial P 3.500 07/03/2023 EUR 49.780
Vontobel Financial P 10.000 07/06/2022 EUR 71.910
DZ Bank AG Deutsche 17.400 6/24/2022 EUR 48.290
DZ Bank AG Deutsche 19.500 6/24/2022 EUR 45.920
DZ Bank AG Deutsche 21.700 6/24/2022 EUR 43.870
DZ Bank AG Deutsche 6.200 6/24/2022 EUR 67.870
Landesbank Baden-Wue 1.500 6/24/2022 EUR 72.310
Landesbank Baden-Wue 2.500 6/24/2022 EUR 72.030
DZ Bank AG Deutsche 15.800 6/24/2022 EUR 42.210
Landesbank Baden-Wue 5.500 6/24/2022 EUR 43.130
Credit Suisse AG/Lon 6.000 8/24/2022 CHF 71.830
UBS AG/London 12.500 12/16/2022 CHF 54.700
UBS AG/London 8.000 12/16/2022 CHF 66.100
DZ Bank AG Deutsche 11.600 6/24/2022 EUR 75.530
Landesbank Baden-Wue 8.750 7/22/2022 EUR 43.250
DZ Bank AG Deutsche 11.300 6/24/2022 EUR 66.390
Landesbank Baden-Wue 10.000 7/22/2022 EUR 73.970
Landesbank Baden-Wue 2.000 7/22/2022 EUR 56.960
Societe Generale Eff 10.250 7/22/2022 EUR 33.070
Landesbank Baden-Wue 4.500 7/22/2022 EUR 51.030
Vontobel Financial P 13.000 9/23/2022 EUR 80.190
Vontobel Financial P 17.000 9/23/2022 EUR 70.860
UniCredit Bank AG 10.400 08/11/2022 EUR 58.905
EFG International Fi 4.900 12/15/2023 USD 59.830
Leonteq Securities A 10.000 6/15/2022 CHF 65.220
SG Issuer SA 0.015 11/07/2033 EUR 75.060
SG Issuer SA 0.021 8/15/2033 EUR 61.050
Landesbank Baden-Wue 3.600 7/22/2022 EUR 73.320
Landesbank Baden-Wue 2.700 7/22/2022 EUR 48.510
Landesbank Baden-Wue 6.000 7/22/2022 EUR 38.520
Landesbank Baden-Wue 8.550 7/22/2022 EUR 35.420
Landesbank Baden-Wue 6.500 7/22/2022 EUR 63.680
Leonteq Securities A 12.000 6/15/2022 CHF 31.880
Landesbank Baden-Wue 5.500 7/22/2022 EUR 75.740
Landesbank Baden-Wue 2.500 7/22/2022 EUR 75.720
Landesbank Baden-Wue 3.300 7/22/2022 EUR 73.610
UBS AG/London 8.000 02/03/2023 CHF 62.850
UBS AG/London 10.250 08/03/2022 CHF 63.300
Vontobel Financial P 9.500 6/24/2022 EUR 68.640
Zurcher Kantonalbank 9.000 7/21/2022 CHF 74.720
DZ Bank AG Deutsche 5.800 6/20/2022 EUR 74.520
EFG International Fi 7.210 6/16/2022 USD 41.490
Vontobel Financial P 13.000 6/24/2022 EUR 75.750
Vontobel Financial P 7.500 6/24/2022 EUR 75.400
Vontobel Financial P 19.000 6/24/2022 EUR 60.780
Societe Generale Eff 3.000 7/22/2022 USD 10.810
Zurcher Kantonalbank 9.800 6/17/2022 USD 43.750
Vontobel Financial P 8.000 6/24/2022 EUR 62.980
Vontobel Financial P 20.000 6/24/2022 EUR 72.760
Vontobel Financial P 16.000 6/24/2022 EUR 72.150
Vontobel Financial P 12.500 6/24/2022 EUR 44.100
Vontobel Financial P 10.500 6/24/2022 EUR 46.120
Vontobel Financial P 17.000 6/24/2022 EUR 40.810
Vontobel Financial P 19.000 6/24/2022 EUR 68.830
Vontobel Financial P 16.000 6/24/2022 EUR 71.760
Vontobel Financial P 18.000 6/24/2022 EUR 64.950
Vontobel Financial P 18.500 6/24/2022 EUR 64.790
Vontobel Financial P 16.500 6/24/2022 EUR 63.060
Credit Suisse AG/Lon 13.000 6/16/2022 CHF 59.590
UBS AG/London 9.000 6/16/2022 CHF 30.700
VTB Bank PJSC 0.010 06/01/2024 RUB 63.000
Vontobel Financial P 11.500 6/24/2022 EUR 68.450
Vontobel Financial P 14.000 6/24/2022 EUR 65.610
Vontobel Financial P 6.500 6/24/2022 EUR 63.440
Vontobel Financial P 17.000 6/24/2022 EUR 77.070
Vontobel Financial P 7.000 6/24/2022 EUR 51.110
Vontobel Financial P 15.000 6/24/2022 EUR 42.390
UBS AG/London 10.250 6/16/2022 CHF 29.520
Vontobel Financial P 19.500 6/24/2022 EUR 39.470
Vontobel Financial P 15.000 6/24/2022 EUR 73.250
Vontobel Financial P 9.000 6/24/2022 EUR 74.280
Vontobel Financial P 9.000 6/24/2022 EUR 74.160
Vontobel Financial P 14.500 6/24/2022 EUR 71.990
Vontobel Financial P 7.500 6/24/2022 EUR 63.990
Vontobel Financial P 8.500 6/24/2022 EUR 48.410
Vontobel Financial P 19.000 6/24/2022 EUR 75.510
Vontobel Financial P 19.500 6/24/2022 EUR 68.000
DZ Bank AG Deutsche 20.000 6/24/2022 EUR 29.770
DZ Bank AG Deutsche 17.600 6/24/2022 EUR 34.920
DZ Bank AG Deutsche 11.900 6/24/2022 EUR 74.220
Landesbank Baden-Wue 6.500 7/22/2022 EUR 73.150
Vontobel Financial P 11.000 6/24/2022 EUR 62.330
DZ Bank AG Deutsche 13.800 6/24/2022 EUR 69.080
DZ Bank AG Deutsche 12.000 6/24/2022 EUR 46.050
DZ Bank AG Deutsche 13.900 6/24/2022 EUR 43.890
Landesbank Baden-Wue 5.150 6/24/2022 EUR 73.650
Vontobel Financial P 6.000 6/24/2022 EUR 62.660
Vontobel Financial P 11.500 6/24/2022 EUR 77.220
Credit Suisse AG/Lon 18.500 12/04/2023 USD 74.000
Vontobel Financial P 12.250 6/28/2022 EUR 74.870
Reso-Leasing OOO 8.000 5/19/2031 RUB 79.990
Leonteq Securities A 12.000 06/07/2022 CHF 61.880
Credit Suisse AG/Lon 10.500 09/05/2022 EUR 67.650
Zurcher Kantonalbank 6.500 6/14/2022 CHF 59.480
Leonteq Securities A 10.000 12/07/2022 USD 69.070
Leonteq Securities A 9.000 09/07/2022 CHF 61.570
Leonteq Securities A 9.400 12/07/2022 EUR 71.790
Leonteq Securities A 8.000 12/07/2022 CHF 37.550
Zurcher Kantonalbank 14.000 6/14/2022 CHF 65.080
Zurcher Kantonalbank 10.000 6/14/2022 CHF 68.050
Zurcher Kantonalbank 15.000 6/14/2022 CHF 65.420
Credit Suisse AG/Lon 11.500 06/01/2022 EUR 65.610
Bank Vontobel AG 17.500 06/02/2022 CHF 49.800
Raiffeisen Centroban 10.735 9/21/2022 EUR 70.310
Vontobel Financial P 9.500 6/24/2022 EUR 68.210
Vontobel Financial P 11.250 6/24/2022 EUR 69.010
Vontobel Financial P 5.500 6/24/2022 EUR 66.720
Vontobel Financial P 6.250 6/24/2022 EUR 73.770
Vontobel Financial P 10.000 6/24/2022 EUR 52.220
Vontobel Financial P 16.000 6/24/2022 EUR 23.370
DZ Bank AG Deutsche 7.000 6/20/2022 EUR 70.680
DZ Bank AG Deutsche 9.500 6/20/2022 EUR 66.370
DZ Bank AG Deutsche 5.000 9/19/2022 EUR 66.920
DZ Bank AG Deutsche 5.800 6/20/2022 EUR 76.270
DZ Bank AG Deutsche 4.800 6/20/2022 EUR 76.290
DZ Bank AG Deutsche 5.500 6/20/2022 EUR 74.770
DZ Bank AG Deutsche 4.900 9/19/2022 EUR 75.910
Credit Suisse AG/Lon 10.000 06/07/2022 CHF 31.020
Vontobel Financial P 9.000 06/08/2022 EUR 38.760
Bank Julius Baer & C 8.000 09/08/2022 CHF 64.900
Bank Julius Baer & C 7.250 06/09/2022 CHF 70.250
Zurcher Kantonalbank 20.000 6/15/2022 USD 47.120
Raiffeisen Centroban 9.202 9/21/2022 EUR 69.110
Vontobel Financial P 13.750 6/24/2022 EUR 23.350
DekaBank Deutsche Gi 4.000 07/07/2022 EUR 51.270
DekaBank Deutsche Gi 2.450 4/25/2022 EUR 72.960
DZ Bank AG Deutsche 12.000 6/22/2022 EUR 59.850
DZ Bank AG Deutsche 6.500 6/22/2022 EUR 69.180
DZ Bank AG Deutsche 6.750 6/22/2022 EUR 66.130
DZ Bank AG Deutsche 5.250 6/22/2022 EUR 75.560
DZ Bank AG Deutsche 13.500 6/22/2022 EUR 71.230
DZ Bank AG Deutsche 8.250 6/22/2022 EUR 55.240
Leonteq Securities A 21.000 06/09/2022 CHF 34.160
Leonteq Securities A 22.870 06/09/2022 CHF 35.140
Credit Suisse AG/Lon 11.000 06/08/2022 USD 37.520
Credit Suisse AG/Lon 11.000 06/08/2022 CHF 60.480
Vontobel Financial P 18.650 06/09/2022 EUR 17.070
Goldman Sachs & Co W 19.000 5/25/2022 EUR 75.300
Goldman Sachs & Co W 25.000 5/25/2022 EUR 66.240
Goldman Sachs & Co W 18.000 7/20/2022 EUR 74.210
Bank Vontobel AG 6.504 12/05/2022 CHF 68.800
Bank Vontobel AG 6.504 12/05/2022 CHF 68.800
Bank Vontobel AG 9.000 12/05/2022 CHF 72.000
Bank Vontobel AG 9.004 12/05/2022 CHF 72.000
Bank Vontobel AG 7.508 12/05/2022 EUR 64.600
Bank Vontobel AG 7.504 12/05/2022 EUR 64.600
Bank Vontobel AG 10.000 12/05/2022 CHF 59.900
Bank Vontobel AG 7.756 06/06/2023 EUR 68.000
BNP Paribas Emission 4.000 6/23/2022 EUR 76.430
BNP Paribas Emission 5.000 6/23/2022 EUR 76.390
BNP Paribas Emission 5.000 6/23/2022 EUR 76.020
BNP Paribas Emission 5.000 6/23/2022 EUR 75.640
BNP Paribas Emission 6.000 6/23/2022 EUR 75.060
BNP Paribas Emission 6.000 6/23/2022 EUR 73.790
BNP Paribas Emission 3.000 6/23/2022 EUR 74.200
BNP Paribas Emission 3.000 6/23/2022 EUR 73.640
BNP Paribas Emission 3.000 6/23/2022 EUR 73.640
BNP Paribas Emission 3.000 6/23/2022 EUR 73.130
BNP Paribas Emission 5.000 9/22/2022 EUR 76.520
BNP Paribas Emission 6.000 9/22/2022 EUR 75.530
BNP Paribas Emission 6.000 9/22/2022 EUR 75.600
BNP Paribas Emission 3.000 9/22/2022 EUR 73.880
Landesbank Baden-Wue 5.000 6/24/2022 EUR 56.830
Vontobel Financial P 7.000 6/24/2022 EUR 63.240
Vontobel Financial P 10.000 6/24/2022 EUR 58.750
Vontobel Financial P 13.500 6/24/2022 EUR 55.080
Vontobel Financial P 7.500 6/24/2022 EUR 72.120
Vontobel Financial P 9.500 6/24/2022 EUR 69.200
Vontobel Financial P 11.500 6/24/2022 EUR 66.540
Vontobel Financial P 7.500 6/24/2022 EUR 71.110
Vontobel Financial P 13.500 6/24/2022 EUR 63.330
Vontobel Financial P 14.000 6/24/2022 EUR 64.210
Vontobel Financial P 6.000 6/24/2022 EUR 75.420
Vontobel Financial P 6.000 6/24/2022 EUR 73.450
Vontobel Financial P 9.000 6/24/2022 EUR 68.940
Vontobel Financial P 10.500 6/24/2022 EUR 66.930
Vontobel Financial P 12.000 6/24/2022 EUR 65.060
Vontobel Financial P 7.000 6/24/2022 EUR 62.070
Zurcher Kantonalbank 8.000 07/01/2022 CHF 62.600
Zurcher Kantonalbank 8.750 07/01/2022 CHF 72.660
Sberbank of Russia P 0.010 6/25/2026 RUB 68.000
Societe Generale Eff 6.750 7/22/2022 EUR 75.490
Societe Generale Eff 8.750 7/22/2022 EUR 72.100
Societe Generale Eff 12.000 7/22/2022 EUR 34.940
Societe Generale Eff 14.000 7/22/2022 EUR 33.240
Societe Generale Eff 8.500 7/22/2022 EUR 61.990
Societe Generale Eff 10.000 7/22/2022 EUR 69.930
Societe Generale Eff 11.000 7/22/2022 EUR 68.410
Vontobel Financial P 8.250 6/24/2022 EUR 75.200
Vontobel Financial P 5.750 6/24/2022 EUR 68.760
Vontobel Financial P 15.000 6/24/2022 EUR 72.000
Vontobel Financial P 15.000 6/24/2022 EUR 64.740
Vontobel Financial P 11.750 6/24/2022 EUR 72.400
Societe Generale Eff 9.000 7/22/2022 EUR 73.480
Societe Generale Eff 11.000 7/22/2022 EUR 69.390
Bank Julius Baer & C 11.000 6/27/2022 CHF 28.000
Vontobel Financial P 14.000 6/24/2022 EUR 39.970
Vontobel Financial P 18.500 6/24/2022 EUR 37.670
Vontobel Financial P 7.000 6/24/2022 EUR 46.770
Vontobel Financial P 20.000 6/24/2022 EUR 65.060
Leonteq Securities A 16.000 6/28/2022 CHF 30.750
Corner Banca SA 17.000 6/28/2022 EUR 73.120
Leonteq Securities A 14.000 12/28/2022 CHF 43.520
Leonteq Securities A 12.000 6/28/2022 CHF 17.900
Leonteq Securities A 13.000 6/28/2022 EUR 70.910
Leonteq Securities A 22.560 6/24/2022 CHF 22.160
Leonteq Securities A 26.030 6/24/2022 CHF 27.280
Raiffeisen Schweiz G 13.000 6/29/2022 CHF 44.380
Raiffeisen Schweiz G 11.000 6/29/2022 CHF 55.810
EFG International Fi 11.780 07/11/2022 USD 59.050
DZ Bank AG Deutsche 9.000 9/21/2022 EUR 61.520
DZ Bank AG Deutsche 11.000 9/21/2022 EUR 62.330
DZ Bank AG Deutsche 6.500 9/21/2022 EUR 65.610
DZ Bank AG Deutsche 6.000 6/22/2022 EUR 64.370
DZ Bank AG Deutsche 5.500 9/21/2022 EUR 74.450
DZ Bank AG Deutsche 5.750 9/21/2022 EUR 74.790
DZ Bank AG Deutsche 5.250 6/22/2022 EUR 67.080
DZ Bank AG Deutsche 6.000 9/21/2022 EUR 62.660
DZ Bank AG Deutsche 5.000 6/22/2022 EUR 73.590
DZ Bank AG Deutsche 6.000 6/22/2022 EUR 69.610
DZ Bank AG Deutsche 5.000 9/21/2022 EUR 70.460
Vontobel Financial P 4.150 7/18/2023 EUR 64.340
Vontobel Financial P 9.400 12/30/2022 CHF 31.890
Erste Group Bank AG 10.750 08/02/2022 EUR 54.100
Erste Group Bank AG 5.500 08/02/2025 EUR 62.500
Leonteq Securities A 20.000 6/29/2022 CHF 31.520
Zurcher Kantonalbank 8.000 07/07/2022 EUR 73.380
Leonteq Securities A 7.030 6/28/2023 CHF 71.730
UniCredit Bank AG 10.100 7/27/2022 EUR 46.190
UniCredit Bank AG 6.300 7/27/2022 EUR 42.000
UniCredit Bank AG 9.800 7/27/2022 EUR 75.620
UniCredit Bank AG 9.250 7/27/2022 EUR 65.750
Zurcher Kantonalbank 8.250 07/07/2022 CHF 76.890
Zurcher Kantonalbank 10.000 07/07/2022 CHF 72.920
Zurcher Kantonalbank 15.750 07/08/2022 USD 48.810
Bank Vontobel AG 6.500 6/26/2023 CHF 59.400
Bank Vontobel AG 6.502 6/26/2023 CHF 59.300
Bank Vontobel AG 7.000 12/27/2022 CHF 58.200
Bank Vontobel AG 5.750 6/26/2023 CHF 69.900
Zurcher Kantonalbank 10.400 07/08/2022 CHF 59.010
Landesbank Baden-Wue 4.150 6/23/2023 EUR 49.540
Landesbank Baden-Wue 2.800 6/23/2023 EUR 51.970
Landesbank Baden-Wue 6.650 6/23/2023 EUR 74.430
Landesbank Baden-Wue 3.800 6/23/2023 EUR 49.960
Landesbank Baden-Wue 2.600 6/23/2023 EUR 53.020
Landesbank Baden-Wue 4.500 6/23/2023 EUR 68.880
Landesbank Baden-Wue 3.350 6/23/2023 EUR 71.060
Landesbank Baden-Wue 2.250 6/23/2023 EUR 74.640
Landesbank Baden-Wue 7.300 6/23/2023 EUR 72.270
Landesbank Baden-Wue 5.350 6/23/2023 EUR 66.260
Landesbank Baden-Wue 4.650 6/23/2023 EUR 67.830
Landesbank Baden-Wue 3.400 6/23/2023 EUR 71.440
Landesbank Baden-Wue 3.500 6/23/2023 EUR 70.080
Landesbank Baden-Wue 2.500 6/23/2023 EUR 76.520
Landesbank Baden-Wue 5.000 6/23/2023 EUR 47.620
Landesbank Baden-Wue 7.250 6/23/2023 EUR 45.410
Landesbank Baden-Wue 5.600 6/23/2023 EUR 47.140
Landesbank Baden-Wue 2.700 6/23/2023 EUR 53.320
Landesbank Baden-Wue 2.650 6/23/2023 EUR 72.680
Landesbank Baden-Wue 1.800 6/23/2023 EUR 75.460
Basler Kantonalbank 10.000 9/30/2022 CHF 76.070
Raiffeisen Switzerla 10.500 07/11/2024 USD 14.570
Vontobel Financial P 15.000 6/24/2022 EUR 67.480
Vontobel Financial P 12.000 6/24/2022 EUR 70.610
Zurcher Kantonalbank 17.000 6/24/2022 CHF 73.400
Goldman Sachs & Co W 8.000 5/25/2022 EUR 71.460
Goldman Sachs & Co W 10.000 7/20/2022 EUR 73.080
Goldman Sachs & Co W 8.000 6/21/2023 EUR 78.060
Bank Julius Baer & C 9.650 7/29/2022 USD 57.500
Sberbank of Russia P 0.010 06/04/2026 RUB 62.800
Bank Julius Baer & C 8.800 09/05/2022 EUR 62.200
Sberbank of Russia P 0.010 06/02/2028 RUB 69.300
Erste Group Bank AG 7.250 6/30/2026 EUR 77.300
UniCredit Bank AG 5.250 07/01/2024 EUR 72.550
UBS AG/London 7.750 5/31/2023 CHF 73.100
UBS AG/London 8.500 11/30/2022 CHF 55.300
UBS AG/London 12.000 11/30/2022 EUR 33.750
UniCredit Bank AG 7.750 5/27/2022 EUR 68.680
Vontobel Financial P 9.000 6/24/2022 EUR 71.650
Vontobel Financial P 17.000 6/24/2022 EUR 70.950
Vontobel Financial P 13.500 6/24/2022 EUR 69.190
Zurcher Kantonalbank 11.200 6/30/2022 CHF 63.280
Zurcher Kantonalbank 6.400 11/07/2022 USD 37.190
Zurcher Kantonalbank 11.000 6/24/2022 CHF 64.870
Zurcher Kantonalbank 20.250 6/24/2022 CHF 57.560
Zurcher Kantonalbank 8.000 05/05/2022 CHF 69.330
Zurcher Kantonalbank 21.500 6/24/2022 USD 47.930
Zurcher Kantonalbank 14.000 6/24/2022 CHF 29.460
Societe Generale Eff 16.500 6/24/2022 EUR 71.960
Societe Generale Eff 10.250 6/24/2022 EUR 51.550
Societe Generale Eff 7.750 7/22/2022 EUR 73.680
Societe Generale Eff 4.500 7/22/2022 EUR 72.160
Societe Generale Eff 6.500 7/22/2022 EUR 66.150
Societe Generale Eff 10.500 7/22/2022 EUR 58.870
Societe Generale Eff 7.000 7/22/2022 EUR 75.440
Societe Generale Eff 8.000 7/22/2022 EUR 73.400
Societe Generale Eff 9.000 7/22/2022 EUR 71.580
Vontobel Financial P 12.250 6/24/2022 EUR 61.560
Vontobel Financial P 16.750 6/24/2022 EUR 71.320
Societe Generale Eff 8.000 7/22/2022 EUR 77.310
Societe Generale Eff 10.000 7/22/2022 EUR 73.530
Societe Generale Eff 4.000 7/22/2022 EUR 51.720
Societe Generale Eff 6.000 7/22/2022 EUR 44.600
Societe Generale Eff 8.000 7/22/2022 EUR 40.100
Societe Generale Eff 10.000 7/22/2022 EUR 37.080
Vontobel Financial P 9.500 6/24/2022 EUR 40.670
Vontobel Financial P 12.000 6/24/2022 EUR 67.340
Societe Generale Eff 13.000 7/22/2022 EUR 66.140
Societe Generale Eff 6.250 7/22/2022 EUR 73.510
Societe Generale Eff 7.250 7/22/2022 EUR 71.200
Societe Generale Eff 8.250 7/22/2022 EUR 69.130
Bank Julius Baer & C 9.000 6/27/2022 CHF 58.400
Vontobel Financial P 10.500 6/24/2022 EUR 43.010
Societe Generale Eff 3.000 6/24/2022 EUR 59.050
Leonteq Securities A 8.000 6/28/2023 CHF 68.810
Leonteq Securities A 18.000 9/28/2022 CHF 58.810
Corner Banca SA 14.000 9/28/2022 CHF 60.480
Leonteq Securities A 17.000 6/28/2022 CHF 30.690
Leonteq Securities A 14.000 6/24/2022 CHF 71.080
Leonteq Securities A 6.400 6/28/2023 CHF 60.430
Leonteq Securities A 17.000 6/28/2022 USD 51.810
Raiffeisen Schweiz G 12.000 6/29/2022 CHF 66.410
Raiffeisen Schweiz G 10.000 6/29/2022 CHF 58.330
Raiffeisen Schweiz G 20.000 6/29/2022 CHF 29.360
DZ Bank AG Deutsche 10.750 9/21/2022 EUR 72.560
DZ Bank AG Deutsche 7.250 6/22/2022 EUR 63.430
DZ Bank AG Deutsche 8.500 9/21/2022 EUR 63.320
DZ Bank AG Deutsche 4.750 9/21/2022 EUR 74.690
DZ Bank AG Deutsche 6.750 9/21/2022 EUR 60.610
DZ Bank AG Deutsche 5.750 6/22/2022 EUR 65.100
Landesbank Baden-Wue 3.400 11/25/2022 EUR 60.720
SG Issuer SA 5.000 04/02/2024 EUR 54.570
Landesbank Baden-Wue 3.400 1/27/2023 EUR 65.410
SG Issuer SA 5.000 5/23/2024 EUR 57.780
UniCredit Bank AG 5.150 01/02/2023 EUR 62.600
Citigroup Global Mar 13.200 12/18/2023 SEK 67.320
Vontobel Financial P 14.500 6/24/2022 EUR 61.250
Vontobel Financial P 10.000 6/24/2022 EUR 67.780
Vontobel Financial P 21.000 6/24/2022 EUR 53.910
Vontobel Financial P 19.000 6/24/2022 EUR 56.110
Vontobel Financial P 15.000 6/24/2022 EUR 69.610
Vontobel Financial P 16.500 6/24/2022 EUR 69.850
Vontobel Financial P 5.550 5/18/2022 EUR 49.530
Raiffeisen Schweiz G 12.000 8/17/2022 CHF 63.490
Raiffeisen Schweiz G 6.500 11/17/2023 CHF 75.720
Vontobel Financial P 15.500 6/24/2022 EUR 67.530
Bank Julius Baer & C 11.200 5/18/2022 CHF 34.350
Bank Julius Baer & C 7.300 5/18/2022 CHF 66.150
Zurcher Kantonalbank 27.000 5/27/2022 USD 66.060
Bank Vontobel AG 6.505 2/20/2023 EUR 67.800
Bank Vontobel AG 10.508 8/19/2022 CHF 36.900
Bank Vontobel AG 10.507 8/19/2022 CHF 36.900
Leonteq Securities A 15.000 8/19/2022 CHF 69.630
Corner Banca SA 19.000 5/23/2022 USD 27.090
Leonteq Securities A 19.000 5/23/2022 USD 61.300
Leonteq Securities A 5.700 8/19/2022 USD 51.590
DZ Bank AG Deutsche 5.000 6/22/2022 EUR 68.540
DZ Bank AG Deutsche 5.000 6/22/2022 EUR 72.420
Bank Julius Baer & C 8.800 5/23/2022 CHF 54.550
DZ Bank AG Deutsche 11.000 6/22/2022 EUR 70.170
Raiffeisen Switzerla 7.700 8/19/2022 CHF 63.970
Bank Vontobel AG 20.004 08/10/2022 CHF 39.100
EFG International Fi 13.000 8/24/2022 CHF 46.030
EFG International Fi 8.200 03/01/2023 USD 45.050
Bank Vontobel AG 7.508 05/12/2022 CHF 62.700
Bank Vontobel AG 6.507 8/17/2022 CHF 69.200
Bank Vontobel AG 6.505 2/27/2023 CHF 59.000
Leonteq Securities A 10.000 06/01/2022 CHF 44.100
Leonteq Securities A 8.000 03/01/2023 CHF 62.200
Leonteq Securities A 11.000 8/26/2022 CHF 37.190
DZ Bank AG Deutsche 16.400 6/24/2022 EUR 59.870
DZ Bank AG Deutsche 9.500 7/22/2022 EUR 67.210
DZ Bank AG Deutsche 10.000 7/22/2022 EUR 68.830
DZ Bank AG Deutsche 10.800 7/22/2022 EUR 71.290
EFG International Fi 6.600 4/29/2022 CHF 72.530
Raiffeisen Switzerla 8.200 11/03/2022 CHF 44.860
Raiffeisen Switzerla 7.000 05/03/2023 CHF 70.260
Vontobel Financial P 11.500 9/23/2022 EUR 71.620
Vontobel Financial P 8.000 9/23/2022 EUR 75.200
Vontobel Financial P 11.500 9/23/2022 EUR 69.550
Vontobel Financial P 14.000 9/23/2022 EUR 67.500
Vontobel Financial P 9.000 6/24/2022 EUR 73.590
Vontobel Financial P 12.000 6/24/2022 EUR 72.570
Vontobel Financial P 14.000 6/24/2022 EUR 69.270
Vontobel Financial P 14.500 9/23/2022 EUR 74.950
Societe Generale SA 15.000 8/30/2024 USD 33.200
Vontobel Financial P 11.000 6/24/2022 EUR 75.100
Vontobel Financial P 16.000 6/24/2022 EUR 68.550
Vontobel Financial P 18.500 6/24/2022 EUR 65.700
Vontobel Financial P 7.000 6/24/2022 EUR 47.620
Bank Vontobel AG 11.006 10/31/2022 CHF 70.800
Bank Vontobel AG 16.500 08/05/2022 CHF 48.700
UBS AG/London 13.000 05/06/2024 USD 39.420
EFG International Fi 6.080 05/05/2022 USD 38.840
Raiffeisen Switzerla 7.000 8/19/2022 CHF 59.290
UBS AG/London 6.500 8/24/2022 CHF 21.960
EFG International Fi 15.000 8/24/2022 CHF 61.500
Leonteq Securities A 9.000 8/26/2022 CHF 59.640
Leonteq Securities A 14.000 8/26/2022 USD 31.810
Leonteq Securities A 12.000 06/01/2022 CHF 26.920
Leonteq Securities A 10.000 5/19/2022 CHF 35.790
DZ Bank AG Deutsche 8.000 6/20/2022 EUR 69.490
Raiffeisen Centroban 10.000 3/24/2023 EUR 41.030
Leonteq Securities A 14.000 5/19/2022 CHF 32.800
EFG International Fi 4.500 2/26/2024 USD 53.180
Bank Vontobel AG 7.500 7/18/2022 CHF 67.600
Leonteq Securities A 10.000 1/19/2023 USD 23.740
Leonteq Securities A 11.000 1/19/2023 CHF 60.730
Leonteq Securities A 12.000 6/28/2022 CHF 64.030
Vontobel Financial P 7.000 9/23/2022 EUR 51.220
Vontobel Financial P 15.500 6/24/2022 EUR 41.930
Vontobel Financial P 4.500 9/23/2022 EUR 63.360
Vontobel Financial P 7.500 9/23/2022 EUR 57.560
Vontobel Financial P 13.500 9/23/2022 EUR 51.920
Vontobel Financial P 8.500 6/24/2022 EUR 55.630
Vontobel Financial P 9.500 6/24/2022 EUR 43.070
Vontobel Financial P 11.000 6/24/2022 EUR 41.770
Vontobel Financial P 13.500 9/23/2022 EUR 41.760
Vontobel Financial P 14.500 6/24/2022 EUR 39.570
Vontobel Financial P 12.500 6/24/2022 EUR 40.580
EFG International Fi 7.000 12/29/2022 USD 6.350
Credit Suisse AG/Lon 16.300 12/26/2023 USD 46.920
EFG International Fi 8.160 2/26/2025 EUR 75.240
Vontobel Financial P 18.500 6/24/2022 EUR 65.390
Vontobel Financial P 18.500 6/24/2022 EUR 73.930
Vontobel Financial P 14.500 6/24/2022 EUR 65.250
Vontobel Financial P 14.500 6/24/2022 EUR 61.700
Vontobel Financial P 16.000 6/24/2022 EUR 53.310
Vontobel Financial P 20.500 6/24/2022 EUR 59.460
Vontobel Financial P 11.000 6/24/2022 EUR 70.040
Vontobel Financial P 18.000 6/24/2022 EUR 55.950
EFG International Fi 6.100 4/29/2022 CHF 72.030
Zurcher Kantonalbank 8.500 08/11/2022 CHF 67.780
Raiffeisen Switzerla 6.500 11/03/2022 CHF 65.690
Raiffeisen Schweiz G 12.000 05/03/2022 USD 42.350
Landesbank Baden-Wue 3.000 8/26/2022 EUR 76.110
Landesbank Baden-Wue 5.000 8/26/2022 EUR 71.270
Societe Generale SA 16.000 8/30/2024 USD 28.200
Vontobel Financial P 15.500 6/24/2022 EUR 74.050
Vontobel Financial P 7.000 6/24/2022 EUR 77.480
Vontobel Financial P 15.500 6/24/2022 EUR 65.850
Vontobel Financial P 12.500 6/24/2022 EUR 68.610
Vontobel Financial P 16.000 9/23/2022 EUR 65.520
Vontobel Financial P 11.500 9/23/2022 EUR 73.270
Vontobel Financial P 14.000 6/24/2022 EUR 70.940
Vontobel Financial P 13.500 9/23/2022 EUR 69.870
Vontobel Financial P 8.500 6/24/2022 EUR 78.740
Vontobel Financial P 13.000 9/23/2022 EUR 43.330
Vontobel Financial P 13.500 6/24/2022 EUR 71.700
Vontobel Financial P 12.000 6/24/2022 EUR 42.720
Vontobel Financial P 9.500 9/23/2022 EUR 45.860
Vontobel Financial P 8.500 6/24/2022 EUR 45.790
DZ Bank AG Deutsche 5.250 6/22/2022 EUR 73.090
DZ Bank AG Deutsche 5.000 6/22/2022 EUR 70.320
BrokerCreditService 14.000 09/09/2022 USD 45.000
Bank Vontobel AG 9.006 10/31/2022 CHF 35.100
Bank Vontobel AG 11.501 05/02/2022 EUR 68.700
Zurcher Kantonalbank 6.100 2/13/2023 EUR 72.110
Societe Generale SA 10.000 8/30/2024 USD 47.850
Sberbank of Russia P 0.010 08/06/2026 RUB 70.900
Bank Julius Baer & C 8.400 08/08/2022 EUR 70.750
Bank Julius Baer & C 15.000 08/04/2022 CHF 33.150
Vontobel Financial P 18.000 6/24/2022 EUR 60.970
Vontobel Financial P 7.500 6/24/2022 EUR 71.660
Vontobel Financial P 8.000 6/24/2022 EUR 69.350
Vontobel Financial P 16.500 6/24/2022 EUR 54.340
Leonteq Securities A 28.120 08/04/2022 CHF 36.030
Leonteq Securities A 3.280 08/03/2022 EUR 75.850
DZ Bank AG Deutsche 13.700 9/23/2022 EUR 62.970
DZ Bank AG Deutsche 12.900 9/23/2022 EUR 72.250
Zurcher Kantonalbank 7.000 08/11/2022 CHF 70.700
Sberbank of Russia P 0.010 08/05/2026 RUB 68.300
Vontobel Financial P 5.500 09/09/2022 EUR 75.630
DekaBank Deutsche Gi 1.000 1/20/2025 EUR 44.660
Sberbank of Russia P 0.010 12/17/2025 RUB 63.100
UBS AG/London 7.500 6/23/2022 CHF 61.050
UBS AG/London 13.000 6/23/2022 CHF 35.150
UBS AG/London 8.750 6/23/2022 CHF 34.550
Bank Vontobel AG 10.500 1/16/2023 CHF 53.600
Bank Vontobel AG 10.000 1/16/2023 EUR 75.100
Bank Vontobel AG 10.000 7/18/2022 EUR 69.600
DekaBank Deutsche Gi 2.500 02/02/2024 EUR 54.930
Leonteq Securities A 10.000 7/19/2022 CHF 18.700
Vontobel Financial P 6.000 6/24/2022 EUR 51.960
Vontobel Financial P 6.000 9/23/2022 EUR 60.250
Vontobel Financial P 9.500 9/23/2022 EUR 55.390
Vontobel Financial P 13.500 6/24/2022 EUR 50.750
Vontobel Financial P 8.000 6/24/2022 EUR 44.480
Vontobel Financial P 12.000 9/23/2022 EUR 42.400
Vontobel Financial P 16.000 6/24/2022 EUR 38.570
EFG International Fi 4.900 12/28/2023 USD 58.900
Leonteq Securities A 16.000 6/21/2022 USD 32.270
Leonteq Securities A 12.000 7/15/2022 CHF 55.540
Leonteq Securities A 24.610 7/15/2022 CHF 46.990
Leonteq Securities A 20.000 7/13/2022 CHF 35.080
Leonteq Securities A 9.000 7/15/2022 CHF 67.340
Vontobel Financial P 14.500 6/24/2022 EUR 62.940
Vontobel Financial P 12.000 6/24/2022 EUR 70.740
EFG International Fi 18.000 7/14/2022 CHF 71.750
Societe Generale Eff 14.000 6/24/2022 EUR 67.030
Raiffeisen Schweiz G 13.200 08/02/2022 USD 29.510
Zurcher Kantonalbank 29.250 08/09/2022 CHF 50.970
Credit Suisse AG/Lon 8.000 08/03/2022 CHF 33.900
Vontobel Financial P 19.000 6/24/2022 EUR 61.130
Bank Julius Baer & C 8.250 05/04/2022 CHF 61.000
DZ Bank AG Deutsche 11.100 7/22/2022 EUR 74.920
DZ Bank AG Deutsche 12.300 7/22/2022 EUR 63.800
DZ Bank AG Deutsche 15.600 6/24/2022 EUR 69.390
DZ Bank AG Deutsche 11.800 7/22/2022 EUR 73.260
Credit Suisse AG/Lon 7.250 9/19/2022 CHF 79.540
Credit Suisse AG/Lon 11.000 6/20/2022 USD 37.760
Raiffeisen Schweiz G 12.500 08/02/2022 CHF 40.000
Zurcher Kantonalbank 19.000 08/10/2022 CHF 60.220
DZ Bank AG Deutsche 7.250 8/24/2022 EUR 65.730
Vontobel Financial P 11.000 6/24/2022 EUR 64.120
Vontobel Financial P 12.000 6/24/2022 EUR 66.440
Vontobel Financial P 15.000 6/24/2022 EUR 58.250
Vontobel Financial P 17.000 6/24/2022 EUR 60.810
Bank Julius Baer & C 7.650 05/04/2022 CHF 73.000
Corner Banca SA 14.000 11/02/2022 CHF 31.880
Zurcher Kantonalbank 14.000 05/11/2022 CHF 71.370
Leonteq Securities A 10.000 1/30/2023 USD 38.590
Leonteq Securities A 20.000 08/03/2022 CHF 34.840
DZ Bank AG Deutsche 6.250 8/24/2022 EUR 70.760
DZ Bank AG Deutsche 8.000 8/24/2022 EUR 70.090
DZ Bank AG Deutsche 6.750 9/21/2022 EUR 78.240
Raiffeisen Schweiz G 10.000 08/02/2022 CHF 45.000
Raiffeisen Schweiz G 13.000 08/02/2022 CHF 62.520
Zurcher Kantonalbank 12.750 05/11/2022 CHF 62.370
Vontobel Financial P 15.750 08/03/2022 EUR 28.200
Vontobel Financial P 19.000 6/24/2022 EUR 53.590
Leonteq Securities A 11.000 7/29/2022 CHF 65.490
Vontobel Financial P 12.500 6/24/2022 EUR 71.380
Vontobel Financial P 14.750 6/24/2022 EUR 27.120
Vontobel Financial P 17.750 6/24/2022 EUR 30.350
Vontobel Financial P 11.750 6/24/2022 EUR 36.900
Corner Banca SA 12.500 10/31/2022 CHF 76.420
UniCredit Bank AG 4.250 07/01/2022 USD 73.820
Societe Generale Eff 8.750 6/24/2022 EUR 31.980
Zurcher Kantonalbank 12.500 08/09/2022 EUR 54.940
Bank Vontobel AG 7.550 1/30/2023 CHF 68.300
DZ Bank AG Deutsche 5.000 8/24/2022 EUR 77.530
DZ Bank AG Deutsche 5.750 9/21/2022 EUR 68.570
DZ Bank AG Deutsche 5.250 6/22/2022 EUR 57.010
Societe Generale Eff 3.000 6/24/2022 EUR 47.220
Bank Julius Baer & C 9.500 11/03/2022 CHF 67.150
Zurcher Kantonalbank 20.000 08/10/2022 USD 50.060
Zurcher Kantonalbank 30.000 08/09/2022 USD 36.720
DZ Bank AG Deutsche 6.750 12/21/2022 EUR 75.440
Leonteq Securities A 6.200 5/20/2022 EUR 52.940
Societe Generale Eff 5.750 5/27/2022 EUR 49.870
Societe Generale Eff 15.750 5/27/2022 EUR 32.800
Vontobel Financial P 12.250 6/24/2022 EUR 64.290
Vontobel Financial P 10.500 6/24/2022 EUR 51.190
Landesbank Baden-Wue 3.500 12/22/2023 EUR 73.310
DZ Bank AG Deutsche 5.000 6/20/2022 EUR 75.380
DZ Bank AG Deutsche 6.500 6/20/2022 EUR 72.620
VTB Bank PJSC 0.010 7/29/2026 RUB 58.000
Raiffeisen Schweiz G 13.000 10/18/2022 CHF 34.660
Leonteq Securities A 24.240 10/19/2022 CHF 40.050
UniCredit Bank AG 6.800 11/16/2022 EUR 34.710
UniCredit Bank AG 5.050 11/16/2022 EUR 51.390
Societe Generale Eff 18.000 5/27/2022 EUR 75.410
Vontobel Financial P 15.000 12/23/2022 EUR 74.460
Vontobel Financial P 16.500 12/23/2022 EUR 71.750
Vontobel Financial P 14.000 12/23/2022 EUR 73.810
Vontobel Financial P 14.500 12/23/2022 EUR 75.090
Vontobel Financial P 11.000 12/23/2022 EUR 72.090
Vontobel Financial P 4.500 12/23/2022 EUR 75.240
Vontobel Financial P 8.500 12/23/2022 EUR 70.920
Sberbank of Russia P 0.010 06/03/2026 RUB 68.800
DZ Bank AG Deutsche 15.400 6/24/2022 EUR 71.170
EFG International Fi 24.000 06/07/2022 USD 25.850
Raiffeisen Schweiz G 8.000 11/28/2022 CHF 70.090
Zurcher Kantonalbank 10.500 06/10/2022 CHF 70.930
Zurcher Kantonalbank 19.000 06/10/2022 USD 53.660
Zurcher Kantonalbank 22.750 06/10/2022 USD 38.260
Zurcher Kantonalbank 21.750 06/10/2022 CHF 48.780
Zurcher Kantonalbank 13.000 06/10/2022 CHF 44.440
Raiffeisen Schweiz G 12.000 06/01/2022 CHF 44.960
Raiffeisen Schweiz G 14.000 06/01/2022 CHF 68.110
Vontobel Financial P 26.350 06/06/2022 EUR 31.710
Vontobel Financial P 20.000 6/24/2022 EUR 32.670
Vontobel Financial P 16.500 6/24/2022 EUR 18.960
Vontobel Financial P 14.500 6/24/2022 EUR 72.230
Societe Generale SA 18.000 07/03/2024 USD 40.000
UniCredit Bank AG 13.300 07/07/2022 EUR 71.530
Sberbank of Russia P 0.010 7/24/2025 RUB 77.000
DekaBank Deutsche Gi 2.800 09/01/2023 EUR 66.540
Landesbank Baden-Wue 3.100 8/26/2022 EUR 73.860
Goldman Sachs & Co W 25.000 5/25/2022 EUR 74.690
Goldman Sachs & Co W 10.000 5/25/2022 EUR 71.740
Goldman Sachs & Co W 23.000 5/25/2022 EUR 52.900
Goldman Sachs & Co W 9.000 6/22/2022 EUR 72.330
Goldman Sachs & Co W 18.000 6/22/2022 EUR 58.840
Goldman Sachs & Co W 14.000 9/21/2022 EUR 63.990
Goldman Sachs & Co W 10.000 12/21/2022 EUR 71.110
Goldman Sachs & Co W 15.000 12/21/2022 EUR 62.990
Goldman Sachs & Co W 16.000 12/21/2022 EUR 61.810
Goldman Sachs & Co W 6.000 3/22/2023 EUR 75.690
Goldman Sachs & Co W 8.000 3/22/2023 EUR 74.500
Goldman Sachs & Co W 15.000 3/22/2023 EUR 65.140
Bank Julius Baer & C 6.600 7/13/2022 CHF 64.500
Sberbank of Russia P 0.010 08/07/2025 RUB 66.700
VTB Bank PJSC 0.010 7/25/2023 RUB 67.000
Sberbank of Russia P 1.219 7/23/2025 RUB 71.200
Basler Kantonalbank 7.600 4/13/2023 CHF 66.360
Bank Vontobel AG 8.001 10/07/2022 CHF 38.900
Bank Vontobel AG 6.008 04/11/2023 EUR 66.200
Bank Vontobel AG 10.010 10/07/2022 EUR 71.600
Raiffeisen Schweiz G 6.500 07/12/2022 CHF 64.350
Vontobel Financial P 8.500 6/24/2022 EUR 72.540
Vontobel Financial P 10.000 6/24/2022 EUR 70.290
Vontobel Financial P 14.500 6/24/2022 EUR 63.490
Vontobel Financial P 10.500 6/24/2022 EUR 69.180
Vontobel Financial P 9.000 6/24/2022 EUR 69.480
Vontobel Financial P 12.000 6/24/2022 EUR 64.050
Vontobel Financial P 8.000 6/24/2022 EUR 72.680
Vontobel Financial P 2.000 6/24/2022 EUR 71.480
Vontobel Financial P 11.500 6/24/2022 EUR 56.820
Vontobel Financial P 7.000 6/24/2022 EUR 61.600
Vontobel Financial P 7.500 6/24/2022 EUR 73.850
Vontobel Financial P 15.000 6/24/2022 EUR 60.670
Vontobel Financial P 11.000 6/24/2022 EUR 66.460
Vontobel Financial P 14.000 6/24/2022 EUR 61.690
Vontobel Financial P 19.000 6/24/2022 EUR 56.030
Vontobel Financial P 8.500 6/24/2022 EUR 70.620
Vontobel Financial P 13.500 6/24/2022 EUR 62.850
Vontobel Financial P 19.500 6/24/2022 EUR 55.160
Vontobel Financial P 17.500 6/24/2022 EUR 57.780
Vontobel Financial P 6.500 6/24/2022 EUR 76.110
Vontobel Financial P 3.500 6/24/2022 EUR 67.760
Vontobel Financial P 15.000 6/24/2022 EUR 73.680
Vontobel Financial P 6.500 6/24/2022 EUR 75.500
Basler Kantonalbank 9.400 05/05/2022 CHF 67.930
Vontobel Financial P 5.500 6/24/2022 EUR 58.090
Vontobel Financial P 10.000 6/24/2022 EUR 69.460
UBS AG/London 7.250 10/21/2022 EUR 75.900
UBS AG/London 13.250 10/21/2022 CHF 57.300
UBS AG/London 13.250 10/21/2022 CHF 61.300
Vontobel Financial P 11.500 6/24/2022 EUR 46.280
Vontobel Financial P 17.500 6/24/2022 EUR 64.010
Vontobel Financial P 15.500 6/24/2022 EUR 71.950
Leonteq Securities A 21.530 5/17/2022 CHF 24.390
UniCredit Bank AG 6.500 9/15/2022 EUR 32.170
UniCredit Bank AG 8.500 6/16/2022 EUR 46.590
Bank Julius Baer & C 9.300 7/22/2022 USD 53.900
Vontobel Financial P 6.000 6/24/2022 EUR 34.480
Vontobel Financial P 11.000 6/24/2022 EUR 30.120
Vontobel Financial P 13.000 6/24/2022 EUR 28.410
Vontobel Financial P 15.500 6/24/2022 EUR 64.410
Vontobel Financial P 8.500 6/24/2022 EUR 32.090
Raiffeisen Switzerla 12.000 7/19/2022 EUR 64.970
Vontobel Financial P 8.000 6/24/2022 EUR 40.720
Vontobel Financial P 13.000 6/24/2022 EUR 35.450
Vontobel Financial P 16.000 6/24/2022 EUR 33.540
Vontobel Financial P 5.500 6/24/2022 EUR 44.250
Vontobel Financial P 15.500 6/24/2022 EUR 53.760
Vontobel Financial P 13.500 6/24/2022 EUR 56.470
Vontobel Financial P 7.000 6/24/2022 EUR 45.220
Vontobel Financial P 9.000 6/24/2022 EUR 42.210
Vontobel Financial P 6.000 6/24/2022 EUR 46.930
Vontobel Financial P 11.500 6/24/2022 EUR 39.740
Vontobel Financial P 10.500 6/24/2022 EUR 40.960
Vontobel Financial P 8.000 6/24/2022 EUR 43.600
Vontobel Financial P 13.000 6/24/2022 EUR 38.700
Vontobel Financial P 16.500 6/24/2022 EUR 35.870
Vontobel Financial P 15.500 6/24/2022 EUR 36.770
Vontobel Financial P 14.000 6/24/2022 EUR 37.660
Vontobel Financial P 10.500 6/24/2022 EUR 37.830
Vontobel Financial P 9.000 6/24/2022 EUR 62.910
Vontobel Financial P 11.000 6/24/2022 EUR 59.420
Vontobel Financial P 8.000 6/24/2022 EUR 63.340
Vontobel Financial P 17.000 6/24/2022 EUR 52.360
Vontobel Financial P 11.500 6/24/2022 EUR 70.990
Vontobel Financial P 10.500 6/24/2022 EUR 58.960
Vontobel Financial P 5.500 6/24/2022 EUR 68.560
Vontobel Financial P 14.000 6/24/2022 EUR 55.430
Vontobel Financial P 6.000 6/24/2022 EUR 58.240
Landesbank Baden-Wue 2.750 9/23/2022 EUR 58.970
UniCredit Bank AG 3.000 11/12/2022 EUR 61.090
DZ Bank AG Deutsche 16.000 9/23/2022 EUR 62.810
DZ Bank AG Deutsche 8.100 12/23/2022 EUR 70.440
DZ Bank AG Deutsche 13.600 12/23/2022 EUR 64.850
DZ Bank AG Deutsche 12.100 12/23/2022 EUR 73.470
DZ Bank AG Deutsche 12.500 9/23/2022 EUR 73.330
DZ Bank AG Deutsche 10.400 12/23/2022 EUR 74.630
DZ Bank AG Deutsche 7.700 12/23/2022 EUR 72.340
DZ Bank AG Deutsche 12.200 12/23/2022 EUR 68.280
DZ Bank AG Deutsche 16.800 12/23/2022 EUR 64.150
Societe Generale Eff 9.000 10/28/2022 EUR 71.590
Societe Generale Eff 7.750 5/27/2022 EUR 76.600
Societe Generale Eff 8.750 5/27/2022 EUR 75.060
Societe Generale Eff 9.750 5/27/2022 EUR 73.740
Societe Generale Eff 10.750 5/27/2022 EUR 72.540
Societe Generale Eff 11.750 5/27/2022 EUR 71.480
Societe Generale Eff 12.750 5/27/2022 EUR 70.510
Societe Generale Eff 11.000 6/24/2022 EUR 72.680
Societe Generale Eff 10.000 7/22/2022 EUR 74.130
Societe Generale Eff 8.000 8/26/2022 EUR 76.960
Societe Generale Eff 8.750 10/28/2022 EUR 76.010
Vontobel Financial P 9.500 12/23/2022 EUR 33.760
Zurcher Kantonalbank 20.500 11/04/2022 CHF 67.550
Vontobel Financial P 7.000 12/23/2022 EUR 75.910
Vontobel Financial P 13.000 12/23/2022 EUR 71.140
Vontobel Financial P 15.000 12/23/2022 EUR 70.580
Vontobel Financial P 11.500 12/23/2022 EUR 72.150
Vontobel Financial P 16.500 12/23/2022 EUR 69.790
Vontobel Financial P 10.000 12/23/2022 EUR 73.270
Vontobel Financial P 15.500 12/23/2022 EUR 73.070
Vontobel Financial P 12.000 12/23/2022 EUR 74.860
Vontobel Financial P 14.500 12/23/2022 EUR 73.720
Vontobel Financial P 13.000 12/23/2022 EUR 74.100
UBS AG/London 7.250 11/10/2023 CHF 62.500
UBS AG/London 14.000 11/10/2022 CHF 75.500
UBS AG/London 8.500 11/10/2023 CHF 75.300
UBS AG/London 9.250 11/10/2023 CHF 70.050
UBS AG/London 9.750 05/10/2023 USD 63.850
Vontobel Financial P 8.500 12/23/2022 EUR 74.760
Vontobel Financial P 14.000 12/23/2022 EUR 70.560
Vontobel Financial P 7.500 12/23/2022 EUR 66.280
Vontobel Financial P 11.000 12/23/2022 EUR 68.590
Vontobel Financial P 6.000 12/23/2022 EUR 65.460
Vontobel Financial P 8.000 12/23/2022 EUR 68.320
Vontobel Financial P 5.000 12/23/2022 EUR 65.700
Raiffeisen Switzerla 17.500 11/08/2022 USD 52.620
Raiffeisen Schweiz G 7.700 11/08/2023 CHF 71.140
Societe Generale Eff 11.250 7/22/2022 EUR 72.040
Societe Generale Eff 12.250 7/22/2022 EUR 71.010
Societe Generale Eff 13.250 7/22/2022 EUR 70.080
Societe Generale Eff 9.250 8/26/2022 EUR 74.590
Societe Generale Eff 10.250 8/26/2022 EUR 73.260
Societe Generale Eff 11.250 8/26/2022 EUR 72.150
Societe Generale Eff 12.250 8/26/2022 EUR 71.160
Societe Generale Eff 8.500 9/23/2022 EUR 75.530
Societe Generale Eff 9.500 9/23/2022 EUR 74.200
Societe Generale Eff 10.500 9/23/2022 EUR 73.000
Societe Generale Eff 15.000 5/27/2022 EUR 68.100
Societe Generale Eff 12.000 6/24/2022 EUR 71.100
Societe Generale Eff 12.000 10/28/2022 EUR 71.670
Bank Vontobel AG 14.505 11/14/2022 EUR 80.100
Bank Vontobel AG 14.505 11/14/2022 EUR 80.100
Societe Generale Eff 11.250 5/27/2022 EUR 33.570
Societe Generale Eff 13.250 5/27/2022 EUR 31.480
DZ Bank AG Deutsche 7.500 6/22/2022 EUR 69.340
DZ Bank AG Deutsche 6.250 9/21/2022 EUR 70.760
DZ Bank AG Deutsche 5.000 9/21/2022 EUR 73.630
DZ Bank AG Deutsche 7.000 9/21/2022 EUR 72.370
DZ Bank AG Deutsche 11.750 6/22/2022 EUR 60.260
DZ Bank AG Deutsche 8.500 6/22/2022 EUR 73.550
Societe Generale Eff 15.250 5/27/2022 EUR 29.750
DekaBank Deutsche Gi 5.100 6/15/2022 EUR 74.720
Leonteq Securities A 20.940 5/19/2022 CHF 65.950
Corner Banca SA 6.500 11/21/2022 CHF 41.200
Zurcher Kantonalbank 13.250 5/31/2022 CHF 60.840
Zurcher Kantonalbank 5.000 5/31/2022 CHF 70.870
UBS AG/London 7.250 11/21/2022 CHF 66.900
UBS AG/London 10.250 11/21/2022 CHF 38.400
UBS AG/London 5.250 5/19/2023 CHF 73.150
Vontobel Financial P 14.000 6/24/2022 EUR 74.210
Vontobel Financial P 9.500 6/24/2022 EUR 74.180
Vontobel Financial P 4.000 6/24/2022 EUR 58.520
Vontobel Financial P 16.500 6/24/2022 EUR 49.960
Basler Kantonalbank 8.000 4/28/2022 CHF 74.790
Bank Vontobel AG 8.502 10/17/2022 EUR 74.900
Bank Vontobel AG 9.001 10/17/2022 CHF 75.000
Raiffeisen Switzerla 12.500 05/10/2022 EUR 27.640
DZ Bank AG Deutsche 5.800 6/20/2022 EUR 75.850
DZ Bank AG Deutsche 5.400 6/20/2022 EUR 74.370
Corner Banca SA 16.000 08/10/2022 EUR 67.280
Zurcher Kantonalbank 8.500 5/19/2022 CHF 74.030
Vontobel Financial P 3.500 6/24/2022 EUR 60.030
Bank Julius Baer & C 16.000 05/11/2022 EUR 22.550
Vontobel Financial P 14.000 6/24/2022 EUR 71.820
Vontobel Financial P 8.000 6/24/2022 EUR 51.280
Vontobel Financial P 20.000 6/24/2022 EUR 75.670
EFG International Fi 5.800 4/26/2023 EUR 40.020
Litana-Kaliningrad O 13.000 05/01/2024 RUB 58.640
Leonteq Securities A 12.000 7/22/2022 CHF 65.140
Vontobel Financial P 15.500 6/24/2022 EUR 27.050
Credit Suisse AG/Lon 12.500 8/22/2022 CHF 69.990
Leonteq Securities A 30.000 10/18/2022 CHF 62.530
Sberbank of Russia P 0.010 5/25/2026 RUB 69.700
Societe Generale Eff 15.000 5/27/2022 EUR 73.210
Societe Generale Eff 11.750 5/27/2022 EUR 37.110
Vontobel Financial P 5.750 6/24/2022 EUR 75.600
DZ Bank AG Deutsche 5.700 9/19/2022 EUR 73.940
Raiffeisen Schweiz G 18.000 10/19/2022 CHF 54.750
Raiffeisen Schweiz G 20.000 10/19/2022 CHF 35.890
Erste Group Bank AG 8.700 11/12/2026 EUR
UniCredit Bank AG 9.250 11/16/2022 EUR 39.590
UniCredit Bank AG 6.550 11/16/2022 EUR 60.220
Epito-Es Epuletkarba 3.000 11/11/2030 HUF 73.600
Raiffeisen Schweiz G 10.250 02/06/2023 CHF 62.430
Sberbank of Russia P 0.010 11/05/2025 RUB 69.400
Leonteq Securities A 20.000 08/10/2022 CHF 37.690
Leonteq Securities A 22.310 08/10/2022 USD 22.480
Zurcher Kantonalbank 10.000 8/18/2022 CHF 57.130
Zurcher Kantonalbank 10.000 8/18/2022 CHF 73.580
Zurcher Kantonalbank 8.000 8/18/2022 CHF 76.440
DZ Bank AG Deutsche 12.700 9/23/2022 EUR 72.780
DZ Bank AG Deutsche 14.500 6/24/2022 EUR 66.040
DZ Bank AG Deutsche 14.400 6/24/2022 EUR 77.670
DZ Bank AG Deutsche 7.100 9/23/2022 EUR 69.270
DZ Bank AG Deutsche 9.500 9/23/2022 EUR 64.710
DZ Bank AG Deutsche 11.300 9/23/2022 EUR 71.610
DZ Bank AG Deutsche 11.100 9/23/2022 EUR 48.650
DZ Bank AG Deutsche 14.900 9/23/2022 EUR 74.700
Vontobel Financial P 9.000 9/23/2022 EUR 70.250
Vontobel Financial P 10.500 9/23/2022 EUR 68.730
Vontobel Financial P 13.000 6/24/2022 EUR 66.580
Vontobel Financial P 9.000 6/24/2022 EUR 70.380
Vontobel Financial P 11.000 6/24/2022 EUR 68.400
Vontobel Financial P 15.000 6/24/2022 EUR 64.870
Vontobel Financial P 11.000 6/24/2022 EUR 68.890
Vontobel Financial P 16.000 9/23/2022 EUR 73.100
Vontobel Financial P 12.250 6/24/2022 EUR 51.300
Raiffeisen Schweiz G 12.000 07/12/2022 CHF 71.960
Raiffeisen Schweiz G 14.000 07/12/2022 CHF 32.140
Bank Julius Baer & C 6.700 10/13/2022 CHF 69.200
DZ Bank AG Deutsche 5.200 12/19/2022 EUR 73.110
DZ Bank AG Deutsche 7.250 12/19/2022 EUR 75.060
Vontobel Financial P 12.000 08/09/2022 EUR 63.640
Leonteq Securities A 14.880 08/09/2022 CHF 62.000
DZ Bank AG Deutsche 5.500 6/22/2022 EUR 67.120
DZ Bank AG Deutsche 7.250 6/22/2022 EUR 75.260
DZ Bank AG Deutsche 8.250 8/24/2022 EUR 68.520
Vontobel Financial P 11.000 6/24/2022 EUR 72.230
Vontobel Financial P 16.500 6/24/2022 EUR 65.000
Vontobel Financial P 20.000 6/24/2022 EUR 62.140
Vontobel Financial P 14.000 6/24/2022 EUR 68.430
Vontobel Financial P 18.500 9/23/2022 EUR 53.840
Vontobel Financial P 24.000 6/24/2022 EUR 52.020
Vontobel Financial P 8.000 9/23/2022 EUR 75.440
Vontobel Financial P 8.000 6/24/2022 EUR 73.690
Vontobel Financial P 10.000 9/23/2022 EUR 73.680
Vontobel Financial P 12.000 9/23/2022 EUR 70.490
Vontobel Financial P 14.000 9/23/2022 EUR 67.650
Vontobel Financial P 16.500 9/23/2022 EUR 65.360
Vontobel Financial P 19.000 9/23/2022 EUR 63.380
Vontobel Financial P 13.500 6/24/2022 EUR 70.440
Vontobel Financial P 15.500 9/23/2022 EUR 68.350
Raiffeisen Schweiz G 9.500 02/06/2023 USD 50.360
Raiffeisen Schweiz G 12.000 11/09/2022 CHF 39.830
Sberbank of Russia P 0.010 10/28/2024 RUB 73.200
DZ Bank AG Deutsche 17.400 6/24/2022 EUR 65.930
DZ Bank AG Deutsche 18.500 9/23/2022 EUR 64.570
DZ Bank AG Deutsche 12.600 9/23/2022 EUR 68.790
DZ Bank AG Deutsche 12.800 9/23/2022 EUR 58.950
DZ Bank AG Deutsche 16.400 9/23/2022 EUR 62.500
DZ Bank AG Deutsche 18.000 9/23/2022 EUR 60.080
DZ Bank AG Deutsche 23.000 9/23/2022 EUR 54.470
DZ Bank AG Deutsche 12.700 9/23/2022 EUR 46.880
DZ Bank AG Deutsche 14.500 9/23/2022 EUR 45.610
Vontobel Financial P 12.000 9/23/2022 EUR 67.320
Vontobel Financial P 14.000 9/23/2022 EUR 66.690
Vontobel Financial P 12.000 9/23/2022 EUR 67.770
Vontobel Financial P 15.000 6/24/2022 EUR 65.330
Vontobel Financial P 6.000 6/24/2022 EUR 75.530
Vontobel Financial P 21.500 6/24/2022 EUR 72.650
Vontobel Financial P 18.000 6/24/2022 EUR 75.690
Vontobel Financial P 18.500 6/24/2022 EUR 70.990
Vontobel Financial P 10.000 6/24/2022 EUR 68.210
Vontobel Financial P 6.250 6/24/2022 EUR 67.940
Vontobel Financial P 12.500 6/24/2022 EUR 41.990
UniCredit Bank AG 10.150 09/07/2022 EUR 72.910
UniCredit Bank AG 7.450 09/07/2022 EUR 50.980
UniCredit Bank AG 9.650 09/07/2022 EUR 35.000
DZ Bank AG Deutsche 14.100 6/24/2022 EUR 61.160
DZ Bank AG Deutsche 10.500 9/23/2022 EUR 66.850
DZ Bank AG Deutsche 12.300 9/23/2022 EUR 67.090
DZ Bank AG Deutsche 14.300 9/23/2022 EUR 61.260
DZ Bank AG Deutsche 16.500 9/23/2022 EUR 61.880
DZ Bank AG Deutsche 17.100 9/23/2022 EUR 68.900
DZ Bank AG Deutsche 15.100 6/24/2022 EUR 75.980
DZ Bank AG Deutsche 20.100 9/23/2022 EUR 21.290
DZ Bank AG Deutsche 16.300 9/23/2022 EUR 55.120
DZ Bank AG Deutsche 18.300 9/23/2022 EUR 52.940
DZ Bank AG Deutsche 20.400 9/23/2022 EUR 51.130
DZ Bank AG Deutsche 6.500 9/23/2022 EUR 73.440
DZ Bank AG Deutsche 8.600 9/23/2022 EUR 70.520
DZ Bank AG Deutsche 11.100 9/23/2022 EUR 67.980
DZ Bank AG Deutsche 20.800 9/23/2022 EUR 46.720
DZ Bank AG Deutsche 15.400 9/23/2022 EUR 30.890
DZ Bank AG Deutsche 18.000 9/23/2022 EUR 30.180
DZ Bank AG Deutsche 8.400 9/23/2022 EUR 70.810
Goldman Sachs & Co W 5.000 9/21/2022 EUR 74.370
Goldman Sachs & Co W 5.000 5/25/2022 EUR 72.920
Goldman Sachs & Co W 5.000 6/22/2022 EUR 73.300
Goldman Sachs & Co W 5.000 7/20/2022 EUR 73.670
Goldman Sachs & Co W 5.000 8/24/2022 EUR 74.070
DZ Bank AG Deutsche 20.200 6/24/2022 EUR 26.030
DZ Bank AG Deutsche 12.900 9/23/2022 EUR 31.930
Societe Generale Eff 6.750 5/27/2022 EUR 36.850
Societe Generale Eff 5.250 5/27/2022 EUR 77.120
Societe Generale Eff 9.250 5/27/2022 EUR 65.430
Societe Generale Eff 14.750 5/27/2022 EUR 26.470
Societe Generale Eff 10.250 5/27/2022 EUR 63.330
Erste Group Bank AG 9.500 3/29/2024 EUR 65.100
Zurcher Kantonalbank 11.000 7/15/2022 CHF 42.830
Bank Vontobel AG 6.000 01/04/2023 CHF 65.300
Bank Vontobel AG 8.500 01/03/2023 EUR 70.500
Bank Vontobel AG 11.250 01/03/2023 EUR 73.500
Bank Vontobel AG 11.250 01/03/2023 EUR 73.500
Bank Vontobel AG 17.500 07/04/2022 CHF 27.400
Sberbank of Russia P 0.010 4/22/2026 RUB 64.520
Leonteq Securities A 18.000 7/26/2022 CHF 63.900
Leonteq Securities A 12.000 7/26/2022 EUR 60.250
Corner Banca SA 17.200 4/26/2022 CHF 53.460
Leonteq Securities A 9.000 10/26/2022 EUR 64.610
Vontobel Financial P 7.000 6/24/2022 EUR 42.430
Vontobel Financial P 12.500 6/24/2022 EUR 57.910
Vontobel Financial P 10.000 6/24/2022 EUR 41.610
Vontobel Financial P 13.500 6/24/2022 EUR 38.170
Vontobel Financial P 12.500 6/24/2022 EUR 39.250
Vontobel Financial P 16.500 6/24/2022 EUR 36.400
Vontobel Financial P 9.500 6/24/2022 EUR 39.240
Vontobel Financial P 11.000 6/24/2022 EUR 40.340
Vontobel Financial P 6.500 6/24/2022 EUR 46.060
DZ Bank AG Deutsche 7.000 6/20/2022 EUR 71.320
DZ Bank AG Deutsche 8.000 6/20/2022 EUR 71.470
DZ Bank AG Deutsche 7.000 6/20/2022 EUR 64.790
DZ Bank AG Deutsche 5.300 6/20/2022 EUR 69.790
Corner Banca SA 14.000 4/26/2022 USD 57.350
Zurcher Kantonalbank 5.000 4/27/2022 EUR 64.900
DZ Bank AG Deutsche 5.000 6/22/2022 EUR 58.760
DZ Bank AG Deutsche 6.750 6/22/2022 EUR 59.030
DZ Bank AG Deutsche 10.500 6/22/2022 EUR 71.910
DZ Bank AG Deutsche 12.000 6/22/2022 EUR 80.660
DZ Bank AG Deutsche 9.000 6/22/2022 EUR 75.820
DZ Bank AG Deutsche 8.000 6/22/2022 EUR 60.480
Leonteq Securities A 8.000 7/26/2022 CHF 62.310
Zurcher Kantonalbank 16.250 05/04/2022 EUR 65.120
Zurcher Kantonalbank 8.000 05/04/2022 CHF 72.880
EFG International Fi 5.000 4/26/2023 USD 63.610
Raiffeisen Switzerla 6.750 10/26/2022 CHF 63.230
Raiffeisen Switzerla 12.000 10/26/2022 CHF 40.660
Raiffeisen Switzerla 10.500 10/26/2022 CHF 65.230
Raiffeisen Switzerla 8.000 10/26/2022 EUR 63.830
Leonteq Securities A 11.500 10/27/2022 CHF 62.180
Landesbank Baden-Wue 7.000 4/28/2023 EUR 74.960
Landesbank Baden-Wue 5.200 4/28/2023 EUR 59.070
Landesbank Baden-Wue 3.350 4/28/2023 EUR 63.880
Landesbank Baden-Wue 5.650 4/28/2023 EUR 71.860
Landesbank Baden-Wue 4.200 4/28/2023 EUR 75.820
Landesbank Baden-Wue 7.000 4/28/2023 EUR 40.100
Landesbank Baden-Wue 3.800 4/28/2023 EUR 46.610
Landesbank Baden-Wue 3.200 4/28/2023 EUR 69.280
Landesbank Baden-Wue 2.000 4/28/2023 EUR 73.190
Landesbank Baden-Wue 4.650 4/28/2023 EUR 68.210
Landesbank Baden-Wue 3.300 4/28/2023 EUR 72.230
Landesbank Baden-Wue 5.250 4/28/2023 EUR 41.280
Landesbank Baden-Wue 3.150 4/28/2023 EUR 45.350
Landesbank Baden-Wue 2.300 4/28/2023 EUR 66.870
Landesbank Baden-Wue 6.000 4/28/2023 EUR 73.930
Landesbank Baden-Wue 5.700 4/28/2023 EUR 41.130
Landesbank Baden-Wue 4.350 4/28/2023 EUR 43.040
Landesbank Baden-Wue 3.000 4/28/2023 EUR 45.700
Vontobel Financial P 13.500 6/24/2022 EUR 62.570
Vontobel Financial P 15.000 6/24/2022 EUR 60.920
Vontobel Financial P 11.000 6/24/2022 EUR 66.330
Vontobel Financial P 9.500 6/24/2022 EUR 68.380
Vontobel Financial P 12.500 6/24/2022 EUR 64.420
Vontobel Financial P 16.500 6/24/2022 EUR 59.390
Vontobel Financial P 16.000 6/24/2022 EUR 75.370
*********
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.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
* * * End of Transmission * * *