/raid1/www/Hosts/bankrupt/TCREUR_Public/220613.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, June 13, 2022, Vol. 23, No. 111
Headlines
F I N L A N D
MOBILUX FINANCE: Fitch Raises Rating on Secured Notes to 'B+'
F R A N C E
AUTONORIA 2019 FCT: S&P Raises Class F Notes Rating to 'B(sf)'
INOVIE GROUP: Fitch Affirms 'B' IDR Amid New EUR400MM Loan Add-on
INOVIE GROUP: Moody's Affirms B2 CFR & Rates Term Loan Add-on B2
G E R M A N Y
REVOCAR 2019: DBRS Confirms BB Rating on Class D Notes
I R E L A N D
ARAGVI HOLDING: Fitch Alters Outlook on 'B' IDRs to Positive
I T A L Y
CASSIA SRL 2022-1: DBRS Finalizes BB Rating on Class C Notes
L U X E M B O U R G
BEFESA SA: Moody's Affirms 'Ba2' CFR & Alters Outlook to Positive
MALLINCKRODT INT'L: Moody's Rates New $650MM First Lien Notes 'B3'
NORTHPOLE NEWCO: Moody's Withdraws 'Caa2' Corporate Family Rating
P O R T U G A L
BANCO MONTEPIO: DBRS Confirms 'B' LongTerm Issuer Rating
R O M A N I A
DIGI COMMUNICATIONS: Moody's Puts Ba3 CFR on Review for Downgrade
R U S S I A
[*] RUSSIA: Adds RUR551.4 Billion to Emergency Reserve Fund
S P A I N
CAIXABANK CONSUMO 5: DBRS Confirms B(high) Rating on B Notes
CAJAMAR PYME 3: DBRS Hikes Series B Notes Rating to B(low)
U N I T E D K I N G D O M
BROWN BIDCO: Moody's Affirms 'B1' CFR, Outlook Stable
BULB: Octopus Energy Submits Last-Minute Bid
DRYDEN 96 EURO 2021: Fitch Assigns 'B-' Rating on Class F Debt
FROSN-2018 DAC: DBRS Confirms B(high) Rating on Class E Notes
GREENSILL CAPITAL: UK Taxpayers to Face Steep Losses on Bad Loan
MISSGUIDED: Campaigners Call for Protection of Garment Workers
MISSGUIDED: Garment Workers in Pakistan Left Unpaid
STARLEAF LTD: Enters Administration, French Unit in Liquidation
TULLOW OIL: Moody's Affirms 'B3' CFR & Alters Outlook to Positive
VE INTERACTIVE: Faces GBP126-Million Lawsuit Over Sale
X X X X X X X X
[*] BOND PRICING: For the Week June 6 to June 10, 2022
- - - - -
=============
F I N L A N D
=============
MOBILUX FINANCE: Fitch Raises Rating on Secured Notes to 'B+'
-------------------------------------------------------------
Fitch Ratings has upgraded Mobilux Finance SAS's senior secured
notes to 'B+'/RR3 from 'B'/RR4, and as affirmed Mobilux 2 SAS's
(BUT) Issuer Default Rating (IDR) at 'B' with a Stable Outlook.
The upgrade reflects Fitch's expectation of a higher Going Concern
EBITDA than in Fitch's previous forecasts, reflecting a structural
increase in BUT's profitability.
The affirmation of the IDR encapsulates the company's rating
headroom as a result of its sustainably improved profitability.
This should offer some protection against the inflationary
environment, which could weigh on its profit margins in the fiscal
year ending June 2023 (FY23). If the company manages to efficiently
protect its margins despite these challenges, and maintains a
conservative financial policy aimed at deleveraging, this could
lead to positive rating action.
The company's business profile benefits from an extensive network
in France and a good value proposition anchored in affordable
products that is likely to remain resilient, even amid more
challenging macroeconomic conditions.
KEY RATING DRIVERS
Sustainably Improved Profitability: Fitch expects BUT's
Fitch-adjusted EBITDA margin to remain at or above 8% through to
FY25, a marked improvement on the 5.7% margin achieved in FY20,
even though Fitch expects it to momentarily decrease in FY23 due to
inflationary pressures, which are affecting most retailers. Fitch
believes cost-cutting measures, logistics optimisation and
synergies with Conforama will contribute to this improvement in the
longer term.
Improved Leverage: Total adjusted debt to Fitch-defined EBITDAR
reduced to 4.1x in FY21 amid exceptional trading, an improvement
compared with Fitch's prior expectations, giving BUT significant
rating headroom at 'B'. However, Fitch expects leverage to be
around 4.6x in FY22 and potentially peak at 5.4x in FY23 amid
pressure on margins, before trending down towards 4.5x by FY25. If
BUT manages to outperform Fitch's expectations, driving leverage
below 4.5x on a sustained basis, it could result in positive rating
action.
Risk of Temporary Margin Hit: Rising staff and logistics costs as
well as procurement inflation are likely to put temporary pressure
on the company's profitability in FY23, although Fitch thinks that
management will be able to pass on part of the cost increases to
customers. Fitch believes the company will subsequently be able to
restore its margins, as it has demonstrated over the last years
without impairing its market share. However, this needs to be
proved in a high inflationary and potentially stagflation
environment.
Strong Current Trading: BUT has maintained a high level of revenues
and retained some of the gains in market share achieved last year.
This was helped by sustained demand as the average customer basket
has increased compared with pre-pandemic levels. BUT has also
continued protecting its margin despite starting a dilutive trading
activity, thanks to continued cost monitoring and synergies
achieved through its cooperation with Conforama, notably in
procurement. Fitch expects the Fitch-adjusted EBITDA margin to
reach 8.5% in FY22.
Financial Policy Key to Rating: Fitch's rating case does not
include further large shareholder distributions, which Fitch would
view as event risk. Its liquidity buffer and rating headroom offer
some protection but further upstreaming of cash could be negative
for the rating. In June 2021, BUT used around EUR200 million of its
cash and EUR100 million of its new senior secured notes issue to
fund a EUR213 million dividend distribution and a EUR85 million
shareholder loan repayment. In October 2020, BUT had repaid EUR70
million of its shareholder loan.
Adequate Business Profile: Fitch believes BUT has a sustainable
business model, and a satisfactory business profile for its IDR.
The company has improved its product offering over the last years,
and affordable prices will remain appealing. BUT benefits from
strong brand awareness, supported by its extensive store network
that covers a large portion of France. BUT increased its share of
online sales to 11% in FY21 (excluding the marketplace
contribution), but Fitch views this as neutral for the rating as it
is in line with the overall market trend.
DERIVATION SUMMARY
BUT's closest peer is Dutch retailer Maxeda DIY Holding (B/Stable).
Both companies have a satisfactory business profile for the 'B'
category rating, with market-leading positions in concentrated
geographies. Fitch expects BUT to generate margins comparable with
Maxeda, which has almost completed its turnaround plan. Leverage
for both companies is comparable, with expected funds from
operations (FFO) adjusted gross leverage at 5.5x for BUT for FY22
and 5.8x for Maxeda in FY23 (ending January 2023), with both
expected to trend down towards 5.5x.
BUT is rated one notch above The Very Group (B-/Positive), the
UK-based pure online retailer. The Very Group is similar in size
and has similar margins than BUT. Fitch expects The Very Group to
be able to deleverage to below 7x in the near term on a FFO
adjusted gross leverage basis, reflected in the Positive Outlook.
BUT has weaker profitability and higher leverage metrics than other
larger peers such as Kingfisher plc (BBB/Stable), the European DIY
retailer.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
-- Net revenue increasing by 5.2% in FY22, followed by a 2%
decline in FY23 and 1.5%-2.0% increase thereafter reflecting
volume and price mix;
-- Fitch-adjusted EBITDA margin declining to 8.5% in FY22 and to
6.6% in FY23, then growing back to 8.0%-8.3%;
-- Capex representing 2.5% of revenue over the forecast horizon
(2% in FY23 following assumed margin contraction);
-- Working capital broadly neutral, at -EUR6 million in FY22
adjusted for the factoring programme and then in line with
revenue growth;
-- No further dividend distribution to shareholders assumed over
the next four years;
-- No acquisitions.
KEY RECOVERY ASSUMPTIONS
Fitch assumes that BUT would be considered a going-concern in
bankruptcy and that it would be reorganised rather than liquidated.
Fitch has assumed a 10% administrative claim in the recovery
analysis.
In Fitch's bespoke going-concern (GC) recovery analysis Fitch
considers an estimated post-restructuring EBITDA available to
creditors of about EUR90 million, increased from Fitch's previous
analysis (EUR75 million). The increase in GC EBITDA reflects
sustainable margin improvement achieved.
Fitch has maintained the distressed enterprise value/EBITDA
multiple at 5.0x. This is in line with the multiple used for
Maxeda.
Based on the debt waterfall, the EUR140 million revolving credit
facility (RCF) ranks super-senior to the senior secured debt. After
deducting 10% for administrative claims, Fitch's analysis generates
a ranked recovery for the senior secured bonds in the 'RR3' band,
indicating a 'B+' instrument rating, one notch above the IDR, with
a waterfall generated recovery computation of 53% based on current
metrics and assumptions (previously 39%).
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Further improvement in scale and diversification together with
better visibility on macroeconomic conditions that would lead
to a FFO margin above 5% and a free cash flow (FCF) margin
above 3% on a sustained basis;
-- Operating EBITDAR/gross interest paid + rents and FFO fixed
charge cover sustainably above 1.9x;
-- Total adjusted debt to EBITDAR below 4.5x on a sustained basis
(or FFO adjusted gross leverage below 5x).
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A significant deterioration in revenue and profitability
reflecting, for example, an increasingly competitive operating
environment or inability to fully compensate for input price
rises and other cost inflation, translating into FFO margin
sustainably below 3.5%;
-- Operating EBITDAR/gross interest paid + rents and FFO fixed
charge cover below 1.4x on a sustained basis;
-- Total adjusted debt to EBITDAR above 6.5x (or FFO adjusted
gross leverage sustainably above 7x);
-- Evidence that liquidity is tightening due to operational
under-performance or additional distribution to shareholders
impacting leverage materially.
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: BUT had about EUR203.7 million cash on balance
sheet as of 3Q22 (excluding Fitch-computed restricted cash of EUR35
million). Fitch views this level of cash along with its full access
to EUR140 million RCF as sufficient, given the lack of meaningful
debt repayment needs, to finance the group's operations and cope
with any potential short-term disruptions.
ISSUER PROFILE
BUT is France's third largest self-service retailers for furniture
(beds, kitchen, living rooms), decoration and electrical goods,
categorised as white (refrigerators, washing machines, etc) and
brown (audio-visual products).
SUMMARY OF FINANCIAL ADJUSTMENTS
EUR12.0 million subtracted from FY21 EBITDA and added to other
financial expenses (interest on free credits).
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
DEBT RATING RECOVERY PRIOR
---- ------ -------- -----
Mobilux 2 SAS
Mobilux Finance S.A.S.
LT IDR B Affirmed B
senior secured LT B+ Upgrade RR3 B
===========
F R A N C E
===========
AUTONORIA 2019 FCT: S&P Raises Class F Notes Rating to 'B(sf)'
--------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Autonoria 2019
FCT's class B-Dfrd notes to 'AA (sf)' from 'AA- (sf)', C-Dfrd notes
to 'A+ (sf)' from 'A (sf)', D-Dfrd notes to 'A- (sf)' from 'BBB
(sf)', E-Dfrd notes to 'BBB- (sf)' from 'BB (sf)', and F-Dfrd notes
to 'B (sf)' from 'B- (sf)'. At the same time, S&P affirmed its 'AAA
(sf)' rating on the class A notes.
S&P removed the criteria observation (UCO) identifier on the class
D-Dfrd, E-Dfrd, and F-Dfrd notes where it placed them ahead of the
publication of its revised criteria for rating global ABS.
The rating actions follow S&P's review of the transaction's
performance and the application of our revised criteria, and
considers the transaction's current structural features.
The main changes under the revised criteria that are relevant for
our analysis of Autonoria 2019 include a wider range of default
stress multiples, tiered recoveries that replace standard recovery
rates for all ratings with increasingly stressful recovery rate
haircuts at higher rating levels, and updated interest rate curves
that are now based on the Cox-Ingersoll-Ross framework that are
specific to each rating category.
As of March 2022, the level of arrears is at 1.27%. Overall,
arrears have slightly increased since amortization began in
September 2020 (0.96%). Arrears above 90 days stand at 0.18%. The
cumulative losses have been limited, at 1.40% of closing pool
balance as of March 2022. It is less than our anticipated base case
after 19 months from start of amortization. The cumulative
recoveries are at 46.2% of the principal gross loss cumulative
amount, as of March 2022, 19 months after amortization began, which
is higher than our recovery rate base case. The trend in cumulative
recoveries is currently linear, and S&P therefore expects
recoveries over the coming months to continue at the same pace as
in the previous months.
S&P said, "We have revised our gross loss base case to 7.00%, from
7.20% previously, to remove the penalty for the worst-case pool
(the transaction began amortization in September 2020), account for
the good performance so far with lower observed losses than
expected. Although the revised auto ABS criteria allow for a wider
range of gross loss multiples, we kept our gross loss multiples
unchanged for consistency compared with the other European auto ABS
transactions.
"With the revised auto ABS criteria, the recovery rate is now
differentiated across rating stress levels. The higher the rating
level, the lower the recovery rate we apply. The haircut is applied
to the base-case recovery rate. We previously applied a recovery
rate of 20% at speculative-grade rating levels, and 13.6% at
investment-grade levels (with a haircut of 32%). Following this
review, we now apply a base-case recovery rate of 30%, to give
credit to higher-than-expected cumulative recoveries and to the
linear trend. We apply the middle of the European haircut range.
Given the unsecured nature of French auto loans, it takes more time
to get recoveries than for secured auto loans in other
jurisdictions. Therefore, we continue to assume a recovery timing
of 36 months."
The revolving phase stopped in September 2020 and the transaction
has started to amortize since then. Credit enhancement has been
stable since closing for all notes because the transaction is
currently amortizing on pro rata basis. At this stage, none of the
sequential triggers have been breached.
S&P said, "We have performed our cash flow analysis to test the
effect of the amended credit assumptions. Our analysis incorporates
a sensitivity with back-loaded default curve, in which defaults are
applied on month one and are increasing over the recession period
to test the pro rata amortization feature. We have run our cash
flows with updated interest rate curves based on the
Cox-Ingersoll-Ross framework. Cash flow outputs in both our
standard and sensitivity runs are higher than in our previous
review, because we lowered our gross loss base case and increased
our recovery rate input at each rating level. As a result, we have
raised our ratings on the class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and
F-Dfrd notes. The cash flow output of class A notes remains at the
'AAA' level in both runs, therefore we have affirmed our 'AAA (sf)'
rating on the class A notes.
"Although the class D-Dfrd and E-Dfrd notes pass at a higher level
than the ratings assigned, we have limited the upgrade to two
notches for those classes of notes because they do not pass above
our maximum deterioration thresholds in our stability analysis. We
also considered the current macroeconomic uncertainties.
"As the class E-Dfrd and F-Dfrd notes do not benefit from the
liquidity reserve to repay interest shortfalls, we assessed the
risk of the lack of external liquidity when these classes of notes
become the most senior class and timely interest is due. The
accrued cumulative interest shortfalls are due immediately when a
class becomes the most senior. In particular, we assess whether
interest would be repaid on a delay of asset payments or a
servicer's disruption. In our view, in that case the class E-Dfrd
and F-Dfrd notes would benefit from the principal borrowing
mechanism. At the assigned rating levels, the repayment of timely
interest for the class E-Dfrd and F-Dfrd notes could withstand a
reduction of more than 30% of principal collection. In addition, as
most asset payments are collected on the fifth day of the month,
and notes payment date is on the 25th, it gives comfort that there
is some time to recover from a potential disruption of the
servicer. The servicer, BNPP PF, is a large, regulated bank with
high servicing expertise, which further mitigates the disruption
risk.
"Our ratings in this transaction are not constrained by the
application of our sovereign risk criteria for structured finance
transactions or our counterparty risk criteria. Furthermore, our
operational risk criteria do not cap this transaction's ratings."
Inflation in France is expected to reach 5.1% in 2022. Although
elevated inflation is overall credit negative for all auto loans
borrowers, inevitably some borrowers will be more negatively
affected than others and, to the extent inflationary pressures
materialize more quickly or more severely than currently expected,
risks may emerge. There are several uncertainties stemming from
potential new COVID-19 waves and lockdowns, and the conflict in
Ukraine. The risk is however mitigated in this transaction as 100%
of assets are fixed-rate amortizing loans and there are no balloon
loans.
Autonoria 2019 FCT is a French ABS transaction that securitizes a
portfolio of vehicle loan receivables to private individuals in
France. The consumer loans are originated by BNP Paribas Personal
Finance SA.
INOVIE GROUP: Fitch Affirms 'B' IDR Amid New EUR400MM Loan Add-on
-----------------------------------------------------------------
Fitch Ratings has affirmed Inovie Group's (Inovie) Long-Term Issuer
Default Rating (IDR) of 'B' with a Stable Outlook following the
announcement of a new EUR400 million add-on to its existing term
loan B (TLB), which will be used to finance M&A. Fitch expects to
rate the enlarged senior secured TLB at 'B+' with a Recovery Rating
of 'RR3' upon completion of the add-on.
The 'B' IDR reflects the smaller, albeit growing, scale of Inovie
relative to close rated peers' and its high financial leverage,
which is compensated by its strong position in the highly regulated
and non-cyclical French lab-testing market and strong
profitability. Fitch's expectation of robust free cash flow (FCF)
generation implies sound deleveraging capabilities, albeit subject
to the group's future financial policy, including the profile and
funding of future acquisitions.
The Stable Outlook reflects Fitch's expectation that Inovie will
maintain some deleveraging capacity, with manageable execution
risks and adequate financial flexibility to implement its future
growth strategy.
KEY RATING DRIVERS
Sustainable Business Model: The rating reflects Inovie's
sustainable business model in a defensive sector. It is the
third-largest network of private medical-testing labs in France,
with a historical focus on southern and central France. Recent
acquisitions have allowed the group to increase its presence in
Ile-de-France, diversify its geographic presence and provide
exposure to a region with above-national average growth. Fitch
expects Inovie to benefit from stable non-Covid-19 revenue, high
and resilient operating margins and superior cash generation, due
to a supportive regulation-and-reimbursement regime, combined with
strong barriers to entry.
M&A to Drive Growth: Inovie has announced bolt-on acquisitions of
around EUR900 million so far in 2022 (as of May), following close
to EUR600 million in 2021. Fitch expects Inovie to continue to
build its market share in France and to capitalise on a sound and
focused M&A strategy, targeting smaller laboratories in its
existing and adjacent regions, where it can extract cost savings
from an enlarged business scale. Fitch nevertheless expects M&A
volumes to decrease as mid-size targets become more scarce.
Subdued French Market Growth: Fitch assumes the non-cyclical and
highly regulated French private lab-testing market to show muted
growth (0%-2%) over the next three years, with volume increases
offset by lower prices. The market continues to consolidate but
still has multiple independent laboratories and small laboratory
chains.
Covid-19 Contribution to Continue Declining: Fitch forecasts a
drastic reduction in Covid-19 testing activity, driven by lower
reimbursement prices and an expected decrease in volumes, due to
the successful rollout of a vaccination programme across a large
share of the population, which will in turn decrease profitability
after 2023. Nonetheless Fitch assumes that Covid-19 testing will
remain an additional revenue stream over the medium term, with
margins broadly in line with the group's EBITDA margin.
Strong Cash Flow: Fitch expects Inovie's non-Covid-19 Fitch-defined
EBITDA margin to be at least 33% in 2022 and trend towards 34% by
2024. Profitability will mostly be driven by the agreed
re-alignment of the salary of partner biologists to market
standards, optimisation of the ratio of biologists to each lab and
a reduction of reagent costs. Fitch expects this to increase FCF
margin to the mid-teens, higher than the levels achieved by peer
Synlab and broadly similar to French peers'.
Financial Policy Drives Rating Trajectory: Fitch expects Inovie's
buy-and-build M&A strategy to allow for satisfactory deleveraging,
subject to valuations paid for lab targets, and the financing mix
(including equity reinvested by biologists of acquired labs).
Significant Covid-19 testing activity in 2022 will result in
moderate leverage, but Fitch expects funds from operations (FFO)
adjusted gross leverage to stabilise at 6.5x-7.0x over 2023-2025
once Covid-19 activity normalises, with FCF generation applied to
finance bolt-on acquisitions.
Some Diversification Benefits: Fitch views Inovie's diversification
in the specialty test (around 10% of non-Covid-19 revenue) as
beneficial as these tests are less regulated (not included in the
budgetary scope governed by France's triennial act) and offer
long-term growth opportunities. Fitch views Inovie as firmly placed
to withstand potential tariff pressure relative to smaller peers,
given its critical size and operational efficiencies.
DERIVATION SUMMARY
Inovie's 'B' rating is in line with that of Laboratoire Eimer Selas
(Biogroup; B/Stable) and below that of Synlab AG (BB/Stable), both
of whom are direct routine medical lab-testing peers. The
profitability, cash generation and leverage of Inovie and its
direct peers have benefited from Covid-19-related activity in 2020
to early 2022, which Fitch expects to decrease for the rest of 2022
and to normalise at a much lower level from 2023.
Inovie is smaller in scale and less diversified geographically than
its rated peers, making it highly exposed to the French market and
to potential reimbursement changes in the medium term. Synlab is
well-diversified across Europe, while Biogroup has expanded to
Belgium. Inovie's lack of geographical diversification is somewhat
compensated by a more diversified product offering, with around 15%
of its non-Covid-19 revenue derived from specialty testing.
Inovie's leverage is lower than Biogroup's but much higher than
Synlab's. Synlab materially decreased its FFO-adjusted gross
leverage following its IPO with a projected level of 3.0x through
2025. Fitch expects Inovie's FFO adjusted gross leverage to be in
line with a 'B' IDR at slightly below 7x in the medium term once
Covid-19 activity normalises. This compares with Fitch's
expectation of 8x FFO-adjusted gross leverage in the medium term
for Biogroup. In addition, Inovie differentiates itself with less
aggressive external growth over recent years, which is
characterised by more prudent financing, equity partnerships with
biologists and smaller targeted acquisitions.
Compared with IG global medical diagnostic peers such as Eurofins
Scientific S.E. (BBB-/Stable) and Quest Diagnostics Inc
(BBB/Stable), Inovie is considerably smaller and more
geographically concentrated, more exposed to the routine
lab-testing market and has much higher leverage.
Inovie's rating is supported by Fitch's expectation of strong
profitability and cash flow generation. Expected profitability is
higher than Synlab's and similar to that of French peers.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
Organic sales growth of non-Covid-19 business of 2.5% in 2022, 3%
in 2023 and 2.2% in 2024-2025
Covid-19 as a share of revenue declining in 2022 to about 45% from
its 2021 peak, before normalising in the following three years at
about 10%-15% of 2021 peak
Group EBITDA margin at about 36% in 2022, declining to about 34% in
2023-2025 as Covid-19 sales decline. Non-Covid-19 business EBITDA
margin expected at 33% in 2022-2023 and around 34% in 2024-2025.
Covid-19 business EBITDA margin assumed at 46% in 2022, 39% in
2023, and 35% in 2024-2025
Acquisitions of about EUR1.1 billion in 2022, including the
Bioclinic and Biofutur, EUR200 million in 2023, and EUR100 million
in 2024-2025. Fitch expects 15% of the acquisition amount in 2022
and 20% in 2023 to be financed by equity issuance
No dividend pay-outs
EUR50 million earn-out paid to shareholders in 2022
Capex at 4% of non-Covid-19 revenue for 2022, declining to 3.2% in
2023, 3% in 2024 and 2.8% in 2025
RECOVERY ANALYSIS ASSUMPTIONS
In Fitch's recovery analysis, Fitch follows a going-concern (GC)
approach as this leads to higher recoveries than a liquidation
approach in the event of bankruptcy
Our GC EBITDA is estimated at EUR280 million, after applying stress
to its reported EBITDA in 2021. This level of GC EBITDA, which
could be caused by lower reimbursement, would lead to materially
lower FCF corresponding to a minimum level of earnings required to
cover its cash debt service, tax, maintenance capex and trade
working capital.
-- Distressed enterprise value (EV)/EBITDA multiple of 5.5x
implies a discount of 0.5x against more geographically
diversified and larger Biogroup's multiple of 6.0x;
-- Committed revolving credit facility (RCF) of EUR175 million
fully drawn prior to distress, in line with Fitch's Corporates
Notching and Recovery Ratings Criteria;
-- Structurally higher-ranking senior debt of EUR125 million at
subsidiary level, ranking ahead of the RCF and TLB;
-- After deducting 10% for administrative claims from the
estimated post-distress EV, Fitch's waterfall analysis
generates a ranked recovery for the enlarged senior secured
debt (including RCF and TLB) in the 'RR3' band, indicating a
'B+' instrument rating. The waterfall analysis output
percentage on current metrics and assumptions is 59%.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A larger scale and/or increased product/geographical
diversification while maintaining EBITDA margin;
-- Total adjusted debt / operating EBITDAR below 4.5x, or FFO-
adjusted gross leverage trending towards 6.0x on a sustained
basis (pro-forma for acquisitions);
-- FFO fixed charge coverage above 3.0x on a sustained basis
(pro-forma for acquisitions).
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Loss of M&A target selection discipline leading to weak
operating performance, continued dividend payment policy
leading to increased leverage and/or adverse regulatory
changes eroding profitability;
-- Total adjusted debt / operating EBITDAR above 6.5x, or FFO-
adjusted gross leverage above 8.0x on a sustained basis (pro-
forma for acquisitions);
-- FFO fixed charge coverage below 2.0x on a sustained basis
(pro-forma for acquisitions);
-- FCF margin in low single digits on a sustained basis.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Comfortable Liquidity: Fitch expects Inovie to have comfortable
liquidity during the next three years. It reported EUR647 million
in readily available cash as of December 2021, of which EUR330
million were used for the Biofutur acquisition, which was completed
in February 2022. Its latest acquisitions will strengthen its
future FCF generation, supporting its financial flexibility.
Furthermore, Fitch's analysis considers Inovie's access to EUR175
million in undrawn committed bank facilities that mature in 2027,
as well as a comfortable debt maturity schedule.
ESG CONSIDERATIONS
Inovie has an ESG Relevance Score of '4' for social impacts due to
its exposure to the French regulated French medical lab testing
market, which is subject to pricing and reimbursement pressures as
governments seek to control national healthcare spending. This has
a negative impact on Inovie's credit profile and is relevant to
ratings in conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
DEBT RATING RECOVERY PRIOR
---- ------ -------- -----
Inovie Group LT IDR B Affirmed B
senior secured LT B+ Affirmed RR3 B+
INOVIE GROUP: Moody's Affirms B2 CFR & Rates Term Loan Add-on B2
----------------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family rating
and the B2-PD probability of default rating of Inovie Group (Inovie
or the company). Concurrently Moody's affirmed the B2 rating of the
senior secured term loan B and the B2 rating of the senior secured
revolving credit facility (RCF) all issued at the level of Inovie
Group. The rating agency also assigned a B2 rating to the
contemplated EUR400 million add-on to the existing senior secured
term loan issued by Inovie Group. The outlook remains stable.
The proceeds from the contemplated EUR400 million add-on will be
used, along with EUR50 million equity from shareholders biologists
and EUR54 million of cash on balance sheet to finance the
acquisition of Bioclinic, an independent group providing clinical
routing testing services in the Paris region.
RATINGS RATIONALE
The rating action reflects the following interrelated drivers: a
sound strategic rationale with the acquisition of Bioclinic
allowing Inovie to increase its scale and strengthen its presence
in the attractive Paris area, a leverage broadly unchanged compared
to the last transaction from December 2021, an aggressive M&A
policy with EUR1.3 billion spent on acquisitions that have been
mostly debt-funded since Moody's assigned the first time rating in
December 2020 and hence related integration risks. The strong
COVID-19 testing tailwinds boost current margin and cash flow
generation, a credit positive. It is very difficult to forecast
COVID-19 testing but Moody's thinks that this activity is not
sustainable, at the current level, in the long-term. However,
despite lower COVID-19 testing activity forecasted by the rating
agency in the mid-term, Moody's expects Inovie to continue to
operate within the credit metrics parameters required for the B2
rating category.
Inovie's ratings are supported by (1) its size, market positioning
and network density in the South regions of France and Paris area,
(2) the defensive nature and positive underlying fundamental trends
for demand for clinical laboratory tests, (3) a good EBITDA margin
level coupled with limited capex needs which should translate into
positive free cash flow (FCF) going forward, and (4) a management
team who holds a substantial ownership stake in the company.
The ratings are constrained by (1) the continuous tariff pressure
in the sector limiting organic growth and margin expansion even if
the triennial agreement provides some visibility, (2) the lack of
geographic diversification outside of France and hence the very
large exposure to one regulatory regime, (3) a high Moody's
adjusted leverage and (4) risk of future debt funded acquisitions.
OUTLOOK
The stable outlook reflects Moody's expectation that the operating
environment will remain favorable for the next quarters. The stable
outlook also assumes that the company will successfully integrate
the high amount of acquisitions announced over the last 12 months
and adopt a measured approach when it comes to likely future
bolt-on acquisitions in terms of size, pace and acquisition
multiple and that funding will not translate into a Moody's
adjusted debt / EBITDA higher than 6.0x.
LIQUIDITY
Liquidity is good supported by (1) around EUR461 million of cash on
balance sheet end of March 2022, (2) full availability under the
EUR175 million RCF post proposed transaction, (3) expectation of
positive free cash flow in the next 12-18 months and (4) long dated
maturities with the senior secured term loan B maturing in March
2028 and the RCF maturing in September 2027. Out of the EUR461
million cash on balance sheet end of March 2022, EUR218 million
will be used to finance other acquisitions announced in Q1 2022 and
EUR54 million to finance the Bioclinic acquisition.
The debt structure includes a springing covenant (9.35x flat
requirement on Senior Net Leverage), with ample headroom, tested
only in case the RCF is drawn by more than 40%.
ESG CONSIDERATIONS
The environmental risk is considered low for the healthcare sector
in general and Inovie in particular. Moody's views social risks to
be high for the healthcare industry given the highly regulated
nature of the industry and the sensitivity to demographic and
societal pressures, including access and affordability of
healthcare services.
Governance risks for Inovie include any potential failure in
internal control that could result in a loss of accreditation or
reputational damage and, as a result, could harm its credit
profile. Inovie's financial policy is in line with that of similar
private equity-owned issuers as illustrated by its high leverage.
However, the ownership structure suggests a degree of stability in
financial policies since a substantial share of capital is owned by
management and other shareholder biologists. The rest is owned by
Ardian and Co-investors which own the majority at the holding
level.
STRUCTURAL CONSIDERATIONS
The senior secured term loan B (including the proposed add-on) and
the RCF are pari passu and rated B2 in line with the CFR. The
instruments share the same security package and are guaranteed by a
group of companies representing at least 80% of the consolidated
group's EBITDA. The security package consists of shares, bank
accounts and intragroup receivables. There is around EUR130 million
of debt directly issued by operating entities. There are typically
limitations in the enforcement of French guarantees hence Moody's
treats the EUR130 million debt as structurally senior to the senior
secured term loan B and the RCF. The small size of this debt in
comparison to the overall debt quantum does not lead to a notching
in the LGD model.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward rating pressure could arise over time if (1) the
Moody's-adjusted debt/EBITDA falls below 5.0x on a sustained basis;
(2) the Moody's-adjusted FCF/debt improves to 10% on a sustained
basis.
Downward rating pressure could develop if (1) leverage, as measured
by Moody's-adjusted debt/EBITDA, exceeds 6.0x on a sustained basis;
(2) the Moody's adjusted FCF/debt falls below 5% on a sustained
basis and (3) the company's liquidity deteriorates.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
COMPANY PROFILE
Established in 2009, Inovie is a player in the French private
medical laboratory testing industry with a strong footprint in the
South/ Center of France and Paris area. The company provides
routine and specialty testing. Since the closing of the 1st LBO in
March 2021, Ardian and co-investors own the majority of the capital
at the holding level, while the rest is owned by the senior
management and other shareholder biologists.
=============
G E R M A N Y
=============
REVOCAR 2019: DBRS Confirms BB Rating on Class D Notes
------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the notes
issued by RevoCar 2019 UG (haftungsbeschrankt) (RevoCar 2019) and
RevoCar 2021-1 UG (haftungsbeschrankt) (RevoCar 2021-1):
RevoCar 2019:
-- Class A Notes confirmed at AAA (sf)
-- Class B Notes upgraded to AA (high) (sf) from AA (sf)
-- Class C Notes upgraded to AA (sf) from A (high) (sf)
-- Class D Notes confirmed at BB (sf)
The rating on the Class A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in April 2033. The ratings on the Class B
and Class C Notes address the timely payment of interest while the
senior-most class outstanding otherwise the ultimate payment of
interest and principal on or before the legal final maturity date,
while the rating on the Class D Notes addresses the ultimate
payment of interest and principal on or before the legal final
maturity date.
RevoCar 2021-1:
-- Class A Notes confirmed at AAA (sf)
-- Class B Notes confirmed at A (sf)
-- Class C Notes confirmed at BBB (sf)
-- Class D Notes confirmed at BB (sf)
The rating on the Class A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in May 2038. The rating on the Class B
Notes addresses the timely payment of interest while the
senior-most class outstanding otherwise the ultimate payment of
interest and principal on or before the legal final maturity date,
while the ratings on the Class C and Class D Notes address the
ultimate payment of interest and principal on or before the legal
final maturity date.
The rating actions follow an annual review of the transactions and
are based on the following analytical considerations:
-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the March 2022 payment dates;
-- Probability of default (PD), loss given default (LGD) and
expected loss assumptions on the remaining receivables; and
-- Current available credit enhancement to the notes to cover the
expected losses at their respective rating levels.
The transactions are securitizations of German auto loan
receivables originated and serviced by Bank11 FÜR Privatkunden und
Handel GmbH (Bank11), granted primarily to private clients for the
purchase of both new and used vehicles. RevoCar 2019 closed in
April 2019 with an initial portfolio balance of EUR 400.0 million
and included a 12-month revolving period, which ended on the April
2020 payment date. RevoCar 2021-1 closed in May 2021 with an
initial portfolio of EUR 700.0 million and included a 48-month
revolving period.
PORTFOLIO PERFORMANCE
RevoCar 2019:
As of the March 2022 payment date, loans that were one month and
two months in arrears represented 0.6% and 0.2% of the outstanding
portfolio balance, respectively, while loans that were three months
in arrears represented 0.1%. Gross cumulative defaults amounted to
0.7% of the aggregate initial collateral balance, with cumulative
recoveries of 42.0% to date.
RevoCar 2021-1:
As of the March 2022 payment date, loans that were one month and
two months in arrears represented 0.3% and 0.2% of the outstanding
portfolio balance, respectively, while loans that were three months
in arrears represented 0.1%. Gross cumulative defaults amounted to
0.1 % of the aggregate initial collateral balance, with cumulative
recoveries of 41.2% to date.
PORTFOLIO ASSUMPTIONS AND KEY DRIVERS
DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pools of receivables in both transactions. For RevoCar 2019, DBRS
Morningstar updated its base case PD and LGD assumptions to 1.3%
and 60.5%, respectively, based on the current portfolio
composition. For RevoCar 2021-1, DBRS Morningstar updated its base
case PD and LGD assumptions to 1.4% and 68.7%, respectively. Due to
the revolving period in RevoCar 2021-1, DBRS Morningstar continues
to base its assumptions on the potential portfolio migration and
the replenishment criteria set forth in the transaction legal
documents.
CREDIT ENHANCEMENT
The subordination of the respective junior obligations provides
credit enhancement to the rated notes in the transactions.
As of the March 2022 payment date, credit enhancement to the Class
A Notes in RevoCar 2019 increased to 20.1% from 12.7% at the time
of the last annual review 12 months ago; credit enhancement to the
Class B Notes increased to 9.1% from 5.7%; credit enhancement to
the Class C Notes increased to 6.6% from 4.2%; and credit
enhancement to the Class D Notes increased to 2.4% from 1.5%.
Credit enhancement to the rated notes in RevoCar 2021-1 remained
unchanged since closing due to the inclusion of a revolving period,
remaining at 8.2% for the Class A Notes, 3.5% for the Class B
Notes, 2.3% for the Class C Notes, and 1.3% for the Class D Notes.
The transactions benefit from an amortizing liquidity reserve,
which will only become available upon a servicer termination event,
with a target balance equal to 0.7% of the outstanding collateral
balance for RevoCar 2019 and 0.25% for RevoCar 2021-1. The reserve
would be available to cover senior fees and expenses, swap payments
(for RevoCar 2019), and interest payments on the respective Class A
Notes. As of the March 2022 payment date, both reserves were at
their target balances of EUR 1.2 million for RevoCar 2019 and EUR
1.75 million for RevoCar 2021-1.
Additionally, the transactions benefit from a commingling reserve
funded by Bank11 at closing to EUR 10.0 million for RevoCar 2019
and EUR 1.65 million for RevoCar 2021-1. For RevoCar 2019, this
reserve is maintained at a balance equal to the scheduled
collections amount for the next collection period plus 0.5% of the
outstanding performing collateral balance. For RevoCar 2021-1, the
reserve is maintained at a balance equal to 15.0% of the scheduled
collections amount for the next collection period minus the
commingling reserve reduction amount. As of the March 2022 payment
date, the reserves were at their target balance of EUR 6.5 million
for RevoCar 2019 and EUR 1.9 million for RevoCar 2021-1,
respectively.
The Bank of New York Mellon - Frankfurt Branch (BNYM-Frankfurt)
acts as the account bank for the transactions. Based on DBRS
Morningstar's private rating on BNYM-Frankfurt, the downgrade
provisions outlined in the transaction documents, and other
mitigating factors inherent in the transaction structures, DBRS
Morningstar considers the risk arising from the exposure to the
account bank to be consistent with the ratings assigned to the
notes, as described in DBRS Morningstar's "Legal Criteria for
European Structured Finance Transactions" methodology.
UniCredit Bank AG acts as the swap counterparty for RevoCar 2019.
DBRS Morningstar's private rating on UniCredit Bank AG is
consistent with the First Rating Threshold as described in DBRS
Morningstar's "Derivative Criteria for European Structured Finance
Transactions" methodology.
Notes: All figures are in euros unless otherwise noted.
=============
I R E L A N D
=============
ARAGVI HOLDING: Fitch Alters Outlook on 'B' IDRs to Positive
------------------------------------------------------------
Fitch Ratings has revised Aragvi Holding International Limited's
(Trans-Oil) Outlook to Positive from Stable. Its Long-Term Foreign
Currency and Local Currency Issuer Ratings (IDRs) have been
affirmed at 'B'.
The Positive Outlook is driven by Trans-Oil's increased scale and
improved diversification following the expansion of its origination
and marketing segment into new countries such as Argentina and
Germany with foreign origination reaching 86% of sales during
financial year end to June 2021. The improved scale and
diversification is also underpinned by the acquisition of Serbian
assets. In addition, the company has pursued a conservative capital
structure and risk management policies which point to a
strengthening in its credit profile.
However, a material escalation of the conflict between Ukraine and
Russia, while not currently envisaged, potentially interfering with
Trans-Oil's physical operations could be detrimental to the
ratings.
Trans-Oil's IDR continues to benefit from the company's dominant
and well-protected market position in agricultural exports and
sunflower seed crushing in Moldova.
KEY RATING DRIVERS
Increased Scale: Fithc expects Trans-Oil's EBITDA to rise to around
USD220 million during FY22, after USD135 million in FY21 and USD94
million in FY20. While high commodity prices also contributed to
EBITDA growth, it was mostly driven by greater volumes traded in
the origination segment supported by additional liquidity from
Eurobond proceeds, recent acquisitions of Serbian crushing and
infrastructure assets and the completion of the high oleic and
organic seeds crushing plant. Fitch assumes that Trans-Oil will
grow mostly organically over the next three years but do not rule
out acquisition of further infrastructure or crushing capacity in
the Black Sea and Danube regions.
Overseas Expansion: Over the past three years, Trans-Oil has
expanded its operations outside Moldova by acquiring a plant in
Romania and assets in Serbia and expanding its origination and
marketing segment into new countries such as Argentina and Germany.
The profit contribution is no longer dominated by Moldova as EBITDA
generated overseas reached 64% in 1HFY21, up sharply from 20% in
FY20. This has helped Trans-Oil to avoid a reduction in EBITDA in
FY21 when harvest in Moldova almost halved due to drought. Fitch
views diversification outside Moldova as positive for the ratings
as long as this does not expose the company to higher commodity
price-and-trading risks and create volatility in profits.
Improved Commodity Diversification: Trans-Oil also diversified its
revenue by crop and is now focused not only on the higher-margin
origination and crushing of sunflower seeds into oil, but also on
the origination of corn, barley, and wheat. Fitch expects sunflower
seed and sunflower oil to decline to around 30% of consolidated
revenue from 2022, while wheat, barley and corn should each make up
around 20% of sales.
Strengthening Position in Serbia: Trans-Oil acquired a silo and
port terminal infrastructure on Danube River in Serbia from MK
Group in December 2021, funded entirely by cash flow from
operations. The acquisition significantly increases the company's
silo storage and export terminal capacity. The new port terminal
facility further improves its procurement capabilities in the
Danube river area and strengthens its position in Serbia following
its previous acquisition of Victoria Oil, the largest modern
crushing plant in Serbia, in June 2021.
High Commodity Prices: Fitch expects sunflower oil prices to remain
high during FY23. This is due to Ukraine sowing 20%-30% less
agricultural crops during this season than in a normal year as a
result of the conflict with Russia resulting in a weaker expected
harvest season in September of FY23. In addition, sunflower oil
supply from Russia is limited by export quota and sanctions. Fitch
therefore expects the shortage of sunflower oil on the market to
keep prices buoyant in 2023. Ukraine and Russia together accounted
for 60% and 80% of global sunflower oil production and exports,
respectively. The other commodities that Trans-Oil trades are also
experiencing peak levels but Fitch assumes them to normalise in
2023-2024.
Conservative Leverage: Fitch projects Trans-Oil's readily
marketable inventories (RMI)-adjusted funds from operations (FFO)
net leverage could decline to around 3.0x from FY22 from 3.9x in
FY21. This is supported by the strong growth of the business
through recent acquisitions in crushing capacity and infrastructure
and the expansion of the origination and marketing segment, despite
Fitch's expectation of some price normalisation from FY24. Fitch
also assumes annual bolt-on M&As of USD30 million.
Declining EBITDA Margin: Trans-Oil's 9.9% consolidated EBITDA
margin in FY21 was higher than that of most Fitch-rated peers in
the sector, due to its asset-heavy business model, with its
ownership of material infrastructure assets, and to strong shares
in its original procurement market of Moldova. The company in FY20
accounted for 62% of agricultural commodity exports and 93% of
sunflower seeds crushed in the country. As the business expands
with a higher proportion of asset-light trading operations, EBITDA
margin has declined from 12%-13%. While Fitch expects EBITDA in
absolute terms to remain high, EBITDA margin is forecast to decline
further towards 8.5%.
RMI Adjustments: Fitch applied RMI adjustments in evaluating
Trans-Oil's leverage and interest coverage ratios and liquidity.
Certain commodities traded by Trans-Oil fulfil Fitch's eligibility
criteria for RMI adjustments as 90% of its international oilseeds
and grain volumes are sold via forward contracts. The differential
between RMI-adjusted and RMI-unadjusted FFO net leverage is around
1.0x.
For the purpose of RMI calculations, Fitch discounted eligible
reported inventory by 40% to reflect basis and counterparty risks.
In Fitch's calculation of leverage and interest cover metrics,
Fitch excluded debt associated with financing RMI and reclassified
the related interest costs as cost of goods sold.
DERIVATION SUMMARY
Trans-Oil is considerably smaller in business size and has a weaker
ranking on a global scale than international agricultural commodity
traders and processors, such as Cargill Incorporated (A/Stable),
Archer Daniels Midland Company (A/Stable), Bunge Limited
(BBB/Stable) and Viterra Limited (BBB-/Stable). It is also more
leveraged than peers.
Trans-Oil is rated two notches lower than Tereos SCA (BB-/Stable)
due to the latter's larger scale and stronger geographic and
product diversification. This is partially offset by its weaker
financial structure.
Trans-Oil compares well with Ukrainian sunflower seed crusher and
grain trader Kernel Holdings S.A (CCC), due to their similar
operations and vertically-integrated models, which include sizeable
logistics and infrastructure assets. The main difference in
business models is Kernel's integration into crop growing, which
limits sourcing and procurement risk, and a wider and diversified
customer base. Also, Kernel enjoys greater business scale and a
larger sourcing market, which, before the Ukraine war, provided
greater protection from weather risks.
In contrast, competition risks for Trans-Oil are lower than for
Kernel due to its stronger market position and absence of
competition from global commodity traders and processors in
Moldova. Kernel's 'CCC' IDR reflects heightened operational and
financial risks following Ukraine's military invasion by Russia in
February 2022.
No Country Ceiling, parent-subsidiary linkage or
operating-environment aspects apply to Trans-Oil's ratings.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
-- Increasing sunflower seeds crushing capacity utilisation over
FY22-FY25, with volumes increasing to 892,000 metric tonnes
(mt) in FY25 from 703,000 mt in FY22;
-- Some normalisation of agricultural commodity prices after
their increase in FY21-FY22;
-- Construction of a high-oleic and organic seeds crushing plant
with capacity coming on stream in FY22, along with the
successful integration of Serbian Victoria Oil in FY22;
-- Crushing EBITDA margin to normalise over FY22-FY25 after a
spike in FY21;
-- Maintaining the ability to preserve profit margins in the
origination and crushing segments in Moldova;
-- EBITDA margin between 8.6% and 9.4% over FY22-FY25, diluted by
less profitable origination outside Moldova;
-- Capex of around USD14 million a year in FY23-FY25;
-- Working-capital outflows in FY22 driven by an increase in the
volume of the commodities traded during this period, increased
commodity prices and higher inventory driven by an increase of
foreign origination sales. This is followed by small working-
capital inflows to FY25 reflecting normalising commodity
prices;
-- Acquisition spending of USD54 million in FY22, reflecting the
acquisition of silo and port terminal infrastructure on the
Danube river in Serbia. This is followed by USD30 million per
year to FY25;
-- No dividends.
KEY RECOVERY RATING ASSUMPTIONS
Adequate Recovery for Secured Bondholders: The senior secured
Eurobond is rated in line with Trans-Oil's IDR of 'B', reflecting
average recovery prospects given default. The Eurobond is secured
by pledges over substantially all assets of key Moldovan entities,
excluding commodities.
Liquidation Scenario: Fitch's recovery approach assumes the company
will be liquidated instead of restructured in a financial
distress.
The increase in liquid assets such as RMI resulting from Trans-Oil
increased scale, will likely encourage creditors secured by these
assets to pursue a liquidation route. Under this scenario Fitch
expects bondholders will receive better recoveries than in a
going-concern scenario, given pledges over the other assets of the
company. Fitch has applied customary advance rates for key assets
in Trans-Oil, such as 80% for trade receivables, 50% for non-RMI
inventories and 30% for property plant & equipment.
Fitch-adjusted RMI is used to repay firstly outstanding
working-capital credit lines, as such creditors have direct
recourse to these assets. Fitch's assumptions result in a ranked
recovery in the 'RR4' band for the senior secured Eurobond,
indicating a 'B' rating. The waterfall analysis output percentage
on current metrics and assumptions was 57%. However, the Eurobond
is rated in line with Trans-Oil's IDR of 'B' as notching up is not
possible due to the Moldovan jurisdiction. Therefore, the waterfall
analysis output percentage remains capped at 50%.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Visibility that achieved benefits from reinforced
diversification and scale (as measured by EBITDA) are
sustainable;
-- Maintaining a conservative capital structure with RMI-adjusted
FFO net leverage at or below 3.0x and strengthening of risk
management practices including continued reduction in the use
of derivative instruments (for example as a share of working
capital);
-- Maintenance of strong internal liquidity with sufficient
availability of trade-financing lines to secure trading and
processing volumes and to cope with price volatility;
-- Stable geopolitical environment in Trans-Oil's core countries
of operation;
Factors that could, individually or collectively, lead to revision
of Outlook to Stable;
-- Limited visibility that the conditions for an upgrade would be
met over the next 12-18 months.
Factors that could, individually or collectively, lead to
downgrade:
-- Weakening of liquidity position or risk of insufficient
availability of trade-finance lines to fund trading and
processing operations with internal liquidity score falling to
1.0x or below;
-- More aggressive risk management or financial policy, as
reflected by increased profit volatility and higher-than-
expected investments in working capital, capex and M&A or
dividend payment;
-- RMI-adjusted FFO net leverage above 4.5x and RMI-adjusted FFO
interest cover below 2.0x for more than two consecutive years.
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: At end-2021, Trans-Oil held an estimated USD102
million of cash and Fitch-adjusted RMI of USD285 million,
sufficient to cover projected short-term obligations, including
USD355.3 million of short-term debt. Fitch expects Trans-Oil to be
able to maintain adequate internal liquidity over the next three
years.
Fitch also assumes that Trans-Oil will extend its USD180 million
pre-export financing (PXF) facility at maturity in July 2023. Fitch
believes that refinancing risks are manageable due to projected
moderate leverage and Trans-Oil's record of re-establishing and
increasing the limit of PXF facility since it was obtained in July
2014.
As of June 2021 and December 2021, the company's reported fixed
charge cover ratio was below the 2x covenant threshold under the
PXF facility agreement. This was a temporary decline primarily
driven by a USD41.4 million premium paid for tendering a USD300
million bond refinanced last year. The relevant banks waived the
requirement for the fixed charges coverage ratio of 2.0x on 31
December 2021 and on June 30 2021. Fitch expects, that as of June
2022, Trans-Oil will be compliant with the covenant, as confirmed
by the company.
ISSUER PROFILE
Trans-Oil is a vertically integrated agro-industrial company with
core activities in origination and wholesale trading of grain and
sunflower seeds, storage and trans-shipment operations and the
production of vegetable oils (bottled and in bulk).
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
DEBT RATING RECOVERY PRIOR
---- ------ -------- -----
Aragvi Finance
International DAC
senior secured LT B Affirmed RR4 B
Aragvi Holding
International
Limited LT IDR B Affirmed B
LC LT IDR B Affirmed B
=========
I T A L Y
=========
CASSIA SRL 2022-1: DBRS Finalizes BB Rating on Class C Notes
------------------------------------------------------------
DBRS Ratings GmbH finalized its provisional ratings on the
following classes of Commercial Mortgage-Backed Floating-Rate Notes
due May 2034 issued by Cassia 2022-1 S.R.L. (the Issuer):
-- Class A notes at AA (low) (sf)
-- Class B notes at BBB (high) (sf)
-- Class C notes at BB (sf)
All trends remain Stable.
In addition, DBRS Morningstar discontinued its provisional rating
of B (low) (sf) on the Class D notes. The final rating on the Class
C notes is lower than the previously assigned provisional rating of
BB (high) (sf).
The transaction is a two-loan conduit securitization arranged by
Bank of America Securities and Goldman Sachs International and
comprises two separate commercial real estate (CRE) senior loans
(the Thunder II Loan and the Jupiter Loan) advanced to borrowing
entities ultimately owned by The Blackstone Group Inc. (Blackstone
or the Sponsor).
The two loans, totalling EUR 236.4 million as of 30 September 2021
(the Cut-Off Date) are backed by 42 big-box and last-mile logistics
properties in Italy. On 1 October 2021, CBRE Ltd. (CBRE) conducted
valuations on the properties and appraised their market value (MV)
at EUR 384.6 million. CBRE believes that the MV of the portfolio as
a single lot is EUR 394.9 million, which equates to a premium of
approximately 2.7% above the aggregated individual property value.
The two senior loans vary in size, but they have the same
loan-to-value ratio (LTV) of 59.9%.
By loan amount, the larger loan is the Thunder II loan with an
outstanding balance of EUR 164.0 million whereas the Jupiter loan
has an outstanding balance of EUR 72.4 million. Each loan bears
interest at a floating rate equal to three-month Euribor (subject
to zero floor), plus a margin that is a function of the weighted
average (WA) of the aggregate interest amounts payable on the
notes. As a result, there is no excess spread and the Sponsor pays
the Issuer costs in accordance with the ongoing financing costs
letter.
The interest rate risk is to be fully hedged by a prepaid cap with
a strike rate set at the higher of 1.5% and the level required to
ensure at least 2.0 times (x) hedged interest coverage ratio. The
cap must be entered into within 30 business days after the senior
loans' utilization date by a hedge provider with a rating plus
relevant triggers that are commensurate with that of DBRS
Morningstar's rating criteria.
The Thunder II borrower is an Italian closed-end fund, whereas the
Jupiter borrowers are split among an Italian closed-end fund,
Jupiter Fund, and two limited liability companies, Mileway Italy
2021 Bidco S.r.l. (Mileway or the Bidco) and Bracchi Immobiliare
Logistica S.r.l. (Bracchi or the Target Company) with the three
relevant facilities: (1) EUR 43,492,520 Jupiter Facility A, (2) EUR
24,859,480 Jupiter Facility B, and (3) EUR 4,000,000 Jupiter
Facility C. The Sponsor plans to restructure the borrower structure
of the Jupiter loan and complete the reverse merger of the Bidco
into its subsidiary, the Target Company (with Bracchi as the
surviving legal entity) within six months of utilization. Until the
restructuring is completed, the Bidco will not have sufficient cash
to service its portion of the loan (the Jupiter Facility B) and
will not benefit from the security over the assets, which are held
instead by the Target Company. In the unlikely scenario that a loan
defaults during the restructuring and the start of an insolvency
proceeding under Italian law, the Bidco's debt will rank junior to
any unsecured creditors of the Target Company. To mitigate this
risk, Facilities B and C will be funded to a blocked account and
only released once the merger has happened. If the merger does not
occur within six months of utilization, both Facility B and
Facility C must be prepaid in full.
Although the Coronavirus Disease (COVID-19) has negatively affected
all CRE sectors, the light-industrial/logistics assets seem to fare
better than other asset types. The portfolio has performed
resiliently through the pandemic and, based on collection data from
the Sponsor, there is currently only around 3.0% of gross rental
income (GRI) in arrears for more than 30 days.
The Thunder II loan is backed by 20 big-box logistics assets that
are predominantly located in the central and northern regions of
Italy, including Florence, Milan, and Genoa (the Thunder II
Portfolio). The purpose of this loan is to refinance Blackstone's
acquisition of the Thunder II Portfolio, which was acquired through
11 separate transactions. As at the Cut-Off Date, the collateral
offered 341,323 square meters (sqm), which was fully occupied on a
WA unexpired lease term to break (WAULTb) and to expire (WAULTe) of
4.1 years and 9.7 years, respectively.
CBRE valued the Thunder II portfolio at EUR 266.9 million as of 1
October 2021, with a 2.7% premium provided that the assets are sold
in a single transaction, which brings the valuation up to EUR 274.0
million. As at the Cut-Off Date, the properties generated EUR 16.2
million of GRI and EUR 14.1 million of net operating income (NOI),
which reflects a 5.9% gross initial yield (GIY) and a 5.2% net
initial yield (NIY), respectively, and a day-one debt yield (DY) of
8.6%. DBRS Morningstar's long-term stable net cash flow (NCF)
assumption and the DBRS Morningstar Value for the Thunder II
portfolio are EUR 11.7 million and EUR 178.9 million, respectively,
representing a haircut of 34.7% to the CBRE valuation.
The Thunder II loan has LTV and DY covenants for cash trap and,
following a permitted structural change (PSC), for events of
default (EODs). The LTV cash trap covenant is set at 69.85%, which
equals the LTV ratio (expressed as a percentage) on the date of the
facility agreement plus 10%. The DY cash trap covenant is set at
7.0% in years one to three and at 7.6% in years four to five.
Following a PSC, the LTV financial covenant is triggered if (1) the
LTV ratio is higher than the lower of (A) 72.35% and (B) the LTV
ratio as at the PSC date plus 15%; and if (2) the DY is less than
the higher of (A) 87.5% of the DY as at the date of the facility
agreement and (B) 85% of the DY as at the PSC date.
The Jupiter Loan is secured by 22 last-mile logistics assets
located across Italy, including Bergamo, Milan, and Florence (the
Jupiter Portfolio), which Blackstone is acquiring in seven
transactions. This portfolio will sit within Blackstone's
established Mileway platform. As at the Cut-Off Date, the
properties offered 165,997 sqm, which was 93.8% occupied on a
WAULTb and WAULTe of 3.8 years and 9.6 years, respectively.
CBRE valued the Jupiter portfolio at EUR 117.7 million as of 1
October 2021, with a 2.7% premium provided that the assets are sold
in a single transaction, which brings the valuation up to EUR 120.9
million. As at the Cut-Off Date, the properties generated EUR 8.3
million of GRI and EUR 7.0 million of NOI, which reflects a 6.8%
GIY and a 5.8% NIY, respectively, and a day-one DY of 9.7%. DBRS
Morningstar's long-term stable NCF assumption and the DBRS
Morningstar Value for the Jupiter portfolio are EUR 5.7 million and
EUR 85.8 million, respectively, representing a haircut of 29.0% to
the CBRE valuation.
The Jupiter loan has LTV and DY covenants for cash trap and,
following a PSC, for EODs. The LTV cash trap covenant is set at
69.85%, which equals the LTV ratio (expressed as a percentage) on
the date of the facility agreement plus 10%. The DY cash trap
covenant is set at 8.8% in years one to three and at 9.0% in years
four to five. Following a PSC, the LTV financial covenant is
triggered if (1) the LTV ratio is higher than the lower of (A)
72.35% and (B) the LTV ratio as at the PSC date plus 15%; and if
(2) the DY is less than the higher of (A) 87.5% of the DY as at the
date of the facility agreement and (B) 85% of the DY as at the PSC
date.
The Sponsor can dispose of any assets securing the loans by
repaying a release price of 100% of the allocated loan amount (ALA)
up to the first-release price threshold, which equals 10% of the
portfolio valuation. Once the first-release price threshold is met,
the release price will be 105% of the ALA up to the second release
price threshold, which equals 20% of the portfolio valuation. The
release price will be 110% of the ALA thereafter. Following a PSC,
the release price will be 115% of the ALA.
For the purpose of satisfying the applicable risk retention
requirements, Bank of America Europe DAC, Milan Branch (the VRR
Lender) advanced a EUR 6.2 million loan (the VRR Loan) to the
Issuer on the closing date and Goldman Sachs Bank Europe SE (the
VRR Noteholder) subscribed for EUR 6.2 million in notes (the VRR
Notes and, together with the VRR Loan, the VRR Instruments) issued
by the Issuer on the closing date. As at the closing date, the
aggregate principal amount of the VRR Instruments was EUR 12.4
million.
On the closing date, EUR 10,925,000 of the proceeds of issuance of
the Class A Notes together with EUR 575,000 of the amount drawn
under the VRR Instruments were used by the Issuer to fund a reserve
(the Issuer Liquidity Reserve) in an aggregate amount equal to EUR
11,500,000 and such amount will be available to provide liquidity
support to the Class A notes and the Class B notes and certain
payments under the VRR Instruments. DBRS Morningstar estimates that
the commitment amount at closing is equivalent to approximately
18.0 months of coverage based on the hedging terms mentioned above
or approximately 11.4 months of coverage based on the 4% Euribor
cap after scheduled maturity. The liquidity reserve will be reduced
based on note amortization, if any, and in the event of a
substantial MV decline of the property portfolio.
The loan maturity for both loans is May 2027, which is five years
after the utilization date. There are no extension options. The
final legal maturity of the Notes falls in May 2034, seven years
after the maturity of the loans. If necessary, DBRS Morningstar
believes that this provides sufficient time to enforce on the loan
collateral and repay the bondholders, given the security structure
and jurisdiction of the underlying loan.
Subject to certain conditions being met, the Sponsor is permitted
to put in place structurally subordinated mezzanine financing up to
75% LTV. Many of the principal terms (other than obligors, facility
amounts, margin, bank account structure, financial covenants and
fees) of any mezzanine facility agreements would be substantially
the same as the principal terms of the related senior facilities
agreement.
Notes: All figures are in euros unless otherwise noted.
===================
L U X E M B O U R G
===================
BEFESA SA: Moody's Affirms 'Ba2' CFR & Alters Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook to positive from
stable on Befesa S.A. Concurrently, Moody's has affirmed all the
outstanding ratings of Befesa, including its Ba2 corporate family
rating, its Ba2-PD probability of default rating, as well as the
Ba2 rating of its senior secured bank credit facility instruments.
"The rating action has been primarily driven by an ongoing
improvement in Befesa's business profile with meaningfully enhanced
scale and geographic diversification, which the company has
financed in a conservative manner, supporting strong credit
metrics", says Martin Fujerik, Moody's lead analyst on Befesa. "A
continuation of the recent performance and credit metrics
improvements could support further positive rating pressure over
the next 12 to 18 months", Mr. Fujerik adds.
RATINGS RATIONALE
Over the past decade Befesa has invested sizeable amounts to
meaningfully increase its scale and diversify its operations beyond
Europe, where it holds a clear market leading position in the niche
metals recycling industry. Most recently, in August 2021 the
company successfully closed the transformational acquisition of
US-based AZR's recycling assets, which significantly increased its
steel dust recycling capacity by around 620,000 tons from roughly 1
million tons. In addition, in 2019 Befesa started to build two
greenfield steel dust recycling plants in China, aiming to add a
total of 220,000 tons of new capacity to its portfolio. The
investments in China are ramping up largely in line with the
company's expectations and are both very likely to contribute to
Befesa's EBITDA and cash flow already this year.
The company has managed this growth while preserving a conservative
balance sheet. For instance, Befesa funded a large part of the $450
million purchase price for the AZR's recycling assets through new
equity, and hence the acquisition did not increase the company's
leverage. The investments in China were funded without Befesa
generating substantially negative free cash flow (FCF), as defined
by Moody's. Moreover, the company's decision to cut dividends amid
the pandemic in 2020 helped preserve cash flow for growth and
contributed to a reduction of the company's net leverage to 2.1x
for 12 months that ended March 2022 (as defined by Befesa), the
lowest level in the company's history.
Moody's understands that Befesa aims to reduce its net leverage
further and maintain it below 2.0x, which would reduce interest on
its term loan. This strategy also increases the likelihood of the
company sustainably reaching and maintaining its Moody's-adjusted
credit metrics consistent with a higher rating, which is reflected
in the positive outlook.
However, the track record of the company sustainably managing its
balance sheet with such a low leverage still needs to be
established, considering more challenging macroeconomic environment
ahead, but also potential additional organic investments in China
and the acquisition of AZR's zinc refining asset that Befesa might
undertake over the next two years, subject to the asset's
satisfactory operational performance. In addition, while the
execution risk of the company's recent growth investments has
substantially reduced, Befesa still needs to prove that it is able
to reap the expected synergies from the acquisition of AZR's
recycling assets and to deliver the expected output with an
attractive profitability once the new plants in China are fully
ramped up.
Befesa's liquidity profile is currently very good, supported by
sizeable cash balances, an access to an undrawn revolving facility
and limited short term debt maturities. The company's zinc hedging
book now extends to January 2025 at attractive prices, which also
underpins the positive outlook.
ESG CONSIDERATIONS
Befesa plays an important role in the circular economy because it
recycles hazardous waste, which is an important consideration in
the agency's assessment of environmental risks. Corporate
governance considerations include Befesa's status as a publicly
listed company with conservative financial policies, as illustrated
by a large portion of equity in the funding mix for AZR's recycling
assets. Social risks are not significant to the credit quality of
Befesa.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Befesa's ratings could be upgraded if the company continued to
improve its business profile in terms of size, geographic and
business segment diversification, while maintaining a long-term
hedging strategy. In addition, Befesa would need to demonstrate its
ability to (1) reduce its Moody's adjusted leverage well below 2.5x
debt/EBITDA through the cycle; (2) achieve meaningful FCF
generation as evidenced by FCF/debt consistently in the
double-digit percentage range despite dividend payments and growth
investments; and (3) maintain a solid liquidity profile.
Conversely, Befesa's ratings could be downgraded if (1) its gross
leverage would remain above 3.5x debt/EBITDA as adjusted by Moody's
for a prolonged period; (2) its FCF/debt would deteriorate to a low
single digit percentage range for a prolonged period; (3) the
company failed to maintain a long-term hedging strategy; or (4) its
liquidity deteriorated.
LIST OF AFFECTED RATINGS:
Issuer: Befesa S.A.
Affirmations:
LT Corporate Family Rating, Affirmed Ba2
Probability of Default Rating, Affirmed Ba2-PD
Senior Secured Bank Credit Facility, Affirmed Ba2
Outlook Actions:
Outlook, Changed To Positive From Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Steel published
in November 2021.
COMPANY PROFILE
Befesa S.A. (Befesa) is the Luxembourg-based parent company of
Befesa Group, a leading international provider of regulated
environmental recycling of hazardous waste in the steel and
aluminum industries. In 2021, the group generated revenue of around
EUR820 million.
MALLINCKRODT INT'L: Moody's Rates New $650MM First Lien Notes 'B3'
------------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Mallinckrodt
International Finance S.A.'s ("Mallinckrodt") proposed $650 million
incremental senior secured first lien notes due 2028. At the same
time, Moody's affirmed all other ratings of the company including
the B3 Corporate Family Rating, the B3-PD Probability of Default,
the B3 rating on the first lien senior secured term loans, as well
as the B3 rating on the $495 million of first lien notes due 2025.
Moody's also affirmed the Caa2 rating on the $323 million and $375
million second lien notes due 2025 and 2029, respectively. There is
no change to the Speculative Grade Liquidity Rating of SGL-2,
reflecting company's good liquidity. The outlook remains stable.
Mallinckrodt has elected to modify the transaction structure
towards a smaller debt financing that will come in the form of a
privately placed $650 million first lien notes offering, which
combined with approximately $250 million of balance sheet cash will
replace the initially contemplated $900 million first lien term
loan. The rating on the previously proposed $900 million first
lien senior secured term loan due 2029, which was never executed,
will be withdrawn at the close of the transaction.
"While the reduction in outstanding debt of $250 million will
result in a modest improvement in financial leverage, the use of
$250 million of balance sheet cash will diminish the company's
liquidity. However, Moody's does not view the modification in the
transaction structure as material enough to impact Mallinckrodt's
current ratings," said Vladimir Ronin, lead analyst for the
company.
The following ratings/assessments are affected by the action:
Affirmations:
Issuer: Mallinckrodt International Finance S.A.:
Corporate Family Rating, Affirmed at B3
Probability of Default Rating, Affirmed at B3-PD
Senior Secured 1st Lien Term Loan due 2027, Affirmed at B3 (LGD3
from LGD4)
Senior Secured 1st Lien Notes due 2025, Affirmed at B3 (LGD3 from
LGD4)
Senior Secured 2nd Lien Notes due 2025, Affirmed at Caa2 (LGD6)
Senior Secured 2nd Lien Notes due 2029, Affirmed at Caa2 (LGD6)
Assignments:
Issuer: Mallinckrodt International Finance S.A.:
Senior Secured 1st Lien Notes, Assigned B3 (LGD3)
Outlook Actions:
Issuer: Mallinckrodt International Finance S.A.:
Outlook, Remains Stable
RATINGS RATIONALE
Mallinckrodt's B3 CFR reflects its moderately high pro forma
financial leverage of 5.4x for the twelve months ended March 31,
2022, a significant liability related to the opioid settlement, and
the risk that the recent bankruptcy could harm the company's
reputation with customers. The rating is also constrained by high
earnings concentration in its two largest franchises, Acthar and
INOmax, both of which will experience material competitive
pressures from generics, as well as risk of lower reimbursement
from payors that will reduce revenue over time. Mallinckrodt's
ratings are supported by its moderate scale in specialty branded
pharmaceuticals and its growing hospital-based business. The
ratings are also supported by company's good liquidity.
The B3 rating for the senior secured first lien term loans and
notes matches the B3 Corporate Family Rating. Moody's Loss Given
Default (LGD) for Speculative-Grade Companies methodology suggests
that the first lien senior secured debt be rated one notch above
the CFR due to the balance of first and second lien debt in the
capital structure. However, Moody's believes management will
potentially look to fund the remaining opioid litigation settlement
liability with incremental first lien debt. As such, Moody's has
opted to apply a one notch override to the Loss Given Default (LGD)
for Speculative-Grade Companies methodology outcome for the first
lien debt instruments. The $323 million second lien notes due 2025
and $375 million second lien notes due 2029 are both rated Caa2,
two-notches below the CFR, which reflects the subordination of
these instruments to the first lien credit facilities and the
expectation of loss in value in a default scenario.
The Speculative Grade Liquidity Rating of SGL-2 reflects Moody's
expectation that Mallinckrodt's liquidity will remain good over the
next 12 to 18 months. Mallinckrodt's liquidity will be supported by
$250 million of cash at transaction's close. Moody's estimates that
the company will generate at least $250 million of annual free cash
flow over the next 12-to-18 months. However, liquidity will remain
constrained by ongoing opioid-related litigation settlement
payouts, with $200 million due a year post-emergence (and
additional $200 million due in 2024, followed by $150 million
annual payments thereafter, for several years). Mallinckrodt's
liquidity profile is further supported by a new 4-year ABL
revolving credit facility (unrated) that provides for borrowings of
$200 million. Alternative sources of liquidity are limited as
substantially all assets are pledged.
ESG factors are material to the ratings. Mallinckrodt faces
moderate exposure to waste and pollution management stemming from
number of investigations of current and former manufacturing
facilities as well as former disposal sites alleged to have
resulted in environmental contamination, and ongoing incurrence of
cleanup and remediation costs. Mallinckrodt faces very high social
risk exposures. These include high exposure to litigation,
specifically related to its sales of opioid drugs. Additionally,
because branded business represents a large share of cash flows,
drug pricing risk in the US is a key social risk, for Mallinckrodt
as well. Among governance considerations, the company's financial
policies are aggressive, reflected in the bankruptcy filing, as
well as high financial leverage, following reorganization. Moody's
expects that Mallinckrodt's post-bankruptcy exit financing
provisions will act as a guidepost for the financial policy of the
pro-forma company, including debt incurrence limitations and
restricted payments and investments.
The stable outlook reflects Moody's expectation that Mallinckrodt's
financial leverage will be moderately high following the
restructuring, however resolution of key litigation issues, and
refinancing of material portion of its funded debt, will allow the
company to execute on its strategic priorities. Furthermore, while
Moody's expects company's earnings will decline in 2022 due to
higher competition in its' two key franchises, combination of free
cash flow, cash balance, and revolver will provide sufficient
liquidity for operations.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings upside is unlikely in the near-term as Mallinckrodt emerges
from bankruptcy, over the next 12-18 months. Longer-term, the
ratings could be upgraded if the company is able to maintain stable
earnings from the core specialty pharmaceutical brands business,
while effectively managing its strategic initiatives under more
conservative financial policies. The company would also need to
resolve remaining opioid-related legal matters, avoiding any
additional litigation, as well, reduce and sustain debt/EBITDA
below 5.5x. Additionally, the company would need to maintain at
least good liquidity highlighted by consistently positive free cash
flows.
The ratings could be downgraded if Mallinckrodt's operating results
are weaker than Moody's anticipates, the company incurs any
material incremental cash outflows related to various ongoing legal
matters including opioids or cleanup related to environmental
remediation, or if it fails to generate positive free cash flows on
an annual basis. Ratings could also be downgraded if the company's
EBIT/interest is sustained below 1.0x, or if liquidity deteriorates
for any reason.
The principal methodology used in these ratings was Pharmaceuticals
published in November 2021.
Luxembourg-based Mallinckrodt International Finance S.A. is a
subsidiary of Dublin, Ireland-based Mallinckrodt plc (collectively
"Mallinckrodt"). Mallinckrodt is a specialty biopharmaceutical
company with reported net revenue for the twelve months ended March
31, 2022 of approximately $2.1 billion.
NORTHPOLE NEWCO: Moody's Withdraws 'Caa2' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa2 corporate family
rating of NorthPole Newco S.a r.l. (NSO), an Israel-based
cyber-security company, the Caa2-PD probability of default rating
and the Caa2 instrument senior secured bank credit facilities
ratings on the rated term loans and revolving credit facility. The
negative outlook has also been withdrawn.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.
COMPANY PROFILE
NorthPole Newco S.a r.l. is a provider of cybersecurity and
intelligence software solutions to government agencies. Its
offering is focused on mobile end point and location capabilities,
as well as tactical or field solutions and lawful interception for
high-value targets.
===============
P O R T U G A L
===============
BANCO MONTEPIO: DBRS Confirms 'B' LongTerm Issuer Rating
--------------------------------------------------------
DBRS Ratings GmbH confirmed the ratings of Caixa Economica Montepio
Geral, S.A. (Banco Montepio, or the Bank), including the Long-Term
Issuer Rating of B, and the Short-Term Issuer Rating of R-4, and
the Trend on all ratings is now Stable. The Bank's Intrinsic
Assessment (IA) is maintained at B and the Support Assessment at
SA3.
The Bank's B (high) Long-Term Deposits rating is one notch above
the IA, reflecting the legal framework in place in Portugal which
has full depositor preference in bank insolvency and resolution
proceedings. The Bank's Short-Term Deposits rating is R-4 with a
Stable trend.
KEY RATING CONSIDERATIONS
The confirmation of the ratings and the change of the Trend to
Stable from Negative takes into account the progress that Banco
Montepio has made in 2021 in strengthening its regulatory capital
ratios and de-risking its balance sheet. The Bank continued to
reduce its stock of non-performing loans (NPLs) and non-core
assets, mainly through the disposal of legacy problem loans.
However, the ratings continue to reflect the Bank's weak
profitability, the still large stock of non-performing loans (NPLs)
and the modest capital cushions.
RATING DRIVERS
An upgrade would require a sustained improvement in profitability
and a further reduction in NPLs.
A downgrade would occur in the event of a material deterioration in
the Bank's capital position or its asset quality.
RATING RATIONALE
Franchise Combined Building Block (BB) Assessment: Moderate/Weak
Banco Montepio is a small Portuguese retail and commercial bank
with total assets of around EUR 19.7 billion at end-2021 and is
majority owned by the Montepio Geral Associacao Mutualista (MGAM).
The Bank is currently implementing a restructuring plan aimed at
strengthening its balance sheet, productivity levels and
competitive position. In 2021, the management has taken further
actions to streamline the Bank's retail footprint and enhance
digitalization.
Earnings Combined Building Block (BB) Assessment: Weak/Very Weak
DBRS Morningstar's assessment of Banco Montepio's profitability
considers the Bank's modest revenue diversification, high cost
income ratio and high provisioning costs, which lead to weak
profitability metrics. However we note that Banco Montepio returned
to profit in FY 2021, posting a net income of around EUR 7 million,
compared to a net loss of EUR 80.7 million in 2020. The improvement
reflected the improving economic environment, lower provisions and
impairments, as well as lower operating costs. Nonetheless, the
Bank's profitability levels remain below pre-pandemic levels,
mainly as a result of lower revenues .
Risk Combined Building Block (BB) Assessment: Weak/Very Weak
In 2021, Banco Montepio has made significant progress in reducing
its stock of legacy non-performing loans. Despite the challenges of
the pandemic, the Bank's gross NPE ratio has reduced to 8.6% at
end-2021 (or 8.0% on a pro-forma basis, taking into account the
sale of a secured portfolio of NPLs at the end of 2021) from 10.4%
at end-2020. Nonetheless, the Bank's asset quality metrics continue
to compare unfavorably with domestic and international peers.
Near terms risks from the pandemic have decreased for the time
being, and the Bank's asset quality has proved to be more resilient
than previously anticipated. DBRS Morningstar notes that, so far,
the withdrawal of the moratoria by September 2021 has not resulted
in a spike of new NPLs. However, there has been an increase in the
level of Stage 2 loans. For these loans, credit risk has increased
significantly since initial recognition, and the migration to Stage
3 (NPLs) could take same time before it materializes.
Funding and Liquidity Combined Building Block (BB) Assessment:
Moderate
Banco Montepio's funding profile is underpinned by its customer
deposits, which represent the main source of funding. After a
period of stress in 2017,the Bank's deposit base has stabilized.
This has also helped to reduce funding costs. On the wholesale
market, the Bank has mainly secured exposures, subordinated debt
and repos. Accessing the unsecured market remains more challenging
and costly. In 2021, the Bank took the opportunity to increase its
exposure to the ECB. Funding and liquidity ratios were comfortable
at end-2021 with the NSFR at 125% and the LCR at 264%.
Capitalization Combined Building Block (BB) Assessment: Weak/Very
Weak
In 2021, Banco Montepio restored its capital buffers over the
minimum supervisory requirements, even when excluding the capital
relief measures introduced during the pandemic. The Bank
strengthened its phased-in CET1 and Total capital ratios to 12.7%
and 15.1%, respectively, from 11.6% and 13.8% at end-2020. This was
mainly due to the reduction in RWAs achieved through the reduction
in NPLs, lower exposure to real estate assets, and the sale of
other non-core assets.
Despite this, the current capital cushions provide limited
flexibility for future balance sheet adjustments. Our view on
capital also considers the Bank's limited ability to generate
capital organically as well as the reliance on the main
shareholder.
Notes: All figures are in EUR unless otherwise noted.
=============
R O M A N I A
=============
DIGI COMMUNICATIONS: Moody's Puts Ba3 CFR on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed the Ba3 corporate family
rating and the Ba3-PD probability of default rating of Digi
Communications N.V. ("Digi", "DCS" or "the company") on review for
downgrade. Digi is the parent company of RCS & RDS S.A.
("RCS&RDS"), a leading pay-TV and communications services provider
in Romania.
Concurrently, Moody's has also placed on review for downgrade the
Ba3 rating on the EUR850 million guaranteed fixed rate senior
secured notes (split into two tranches, EUR450 million due 2025 and
EUR400 million due 2028) issued by RCS&RDS.
"We have placed Digi's ratings on review for downgrade following
the publication of the preliminary 2021 report, which includes a
qualified audit opinion," says Agustin Alberti, a Moody's Vice
President – Senior Analyst and lead analyst for Digi.
Compliance and reporting is a governance consideration under
Moody's General Principles for Assessing Environmental, Social and
Governance Risks Methodology for assessing ESG risks.
RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS
On May 30, 2022, Digi released [1] its audited 2021 full year non
statutory consolidated financial statements. The financial
statements were delivered one month later than the company's
initial target of April 30, set in September 2021, when the company
announced the change of auditor from E&Y to KPMG.
The audit report is qualified, and KPMG set out a number of reasons
for the qualification. These reasons relate to the completeness and
availability of key information, and to areas of disclosure.
Management claims that the issues raised are not related to the
quality of the accounts but caused by insufficient time to complete
the audit, since the audit work started in early 2022, which was
later than expected. The company expects to release the 2021
audited Dutch statutory consolidated financial statements by the
end of August at the latest.
The postponed financial statements for fiscal year 2021 and the
qualified nature of the audit report weigh negatively on Moody's
assessment of the company's governance and internal controls. In
terms of Environmental, Social, and Governance (ESG)
considerations, the accounting issues have led the rating agency to
change its assessment of the company's Compliance and Reporting to
4 from 2. Governance risks (Issuer Profile Score or "IPS") remains
moderately negative (G-3), but risks are skewed to the downside
depending on the final report to be released in the next 2-3
months.
The review process will therefore focus on (1) the assessment of
the final 2021 audited Dutch statutory financial statements and any
financial implications arising from that audit, and (2) the
proposed implementation of changes in internal controls to
strengthen the reporting consistency.
Prior to placing the ratings on review, Moody's said that downward
pressure could be exerted on the rating if (1) Digi's operating
performance weakens such that its Moody's-adjusted debt/EBITDA
rises above 3.5x on a sustained basis, (2) the company embarks in a
debt financed organic or inorganic growth strategy, or (3) the
company's liquidity profile weakens (including a reduction in
headroom under financial covenants).
Prior to placing the ratings on review, Moody's said that it could
upgrade Digi if the company (1) increases its scale and
diversification, (2) reports solid operating performance such that
its Moody's-adjusted debt/EBITDA remains well below 2.5x; and (3)
the company generates positive FCF (after capital spending and
dividends) on a sustained basis.
LIST OF AFFECTED RATINGS
On Review for Downgrade:
Issuer: Digi Communications N.V.
Probability of Default Rating, Placed on Review for Downgrade,
currently Ba3-PD
LT Corporate Family Rating, Placed on Review for Downgrade,
currently Ba3
Issuer: RCS & RDS S.A.
BACKED Senior Secured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Ba3
Outlook Actions:
Issuer: Digi Communications N.V.
Outlook, Changed To Ratings Under Review From Stable
Issuer: RCS & RDS S.A.
Outlook, Changed To Ratings Under Review From Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Pay TV
published in October 2021.
COMPANY PROFILE
Digi Communications N.V. is the parent company of RCS & RDS S.A., a
leading pay-TV and communications services provider in Romania and
Hungary. The company completed an IPO in May 2017 and is listed on
the Bucharest Stock Exchange. It generated revenues of EUR1.3
billion and reported EBITDA of EUR480 million (including IFRS16) in
2020. Digi is ultimately controlled by Romanian entrepreneur Zoltan
Teszari, president of the board and founder of the company.
===========
R U S S I A
===========
[*] RUSSIA: Adds RUR551.4 Billion to Emergency Reserve Fund
-----------------------------------------------------------
Reuters reports that the Russian government added RUR551.4 billion
(US$9.5 billion) to its emergency reserve fund on June 9 as the
Kremlin steps up its stimulus package in a bid to protect the
economy from the impact of Western sanctions and its actions in
Ukraine.
"The funds will be used in part to implement measures aimed at
ensuring the stability of economic development in the conditions of
external constraints," Reuters quotes the government as saying in a
statement announcing the cash injection.
The reserves boost came from extra profits generated by Russia's
vital oil and gas exports, which are bringing in hundreds of
millions of dollars a day to the budget despite Western sanctions,
Reuters discloses.
Western countries have hit Russia with an unprecedented package of
sanctions, including freezing around half -- or US$300 billion --
of the central bank's gold and foreign currency reserves after
Moscow sent tens of thousands of troops into Ukraine on Feb. 24 in
what it calls a "special military operation", Reuters relates.
Russia previously directed oil and gas profits into its US$198
billion sovereign wealth fund, a rainy-day war chest intended to
fund large investment projects, Reuters recounts.
But the emergency reserve fund is a more flexible pot of cash,
allowing the government to plug its own deficit, support social
outlays such as a recent emergency hike in pensions and react to
the looming economic crisis, Reuters notes.
The government added RUR791.6 billion (US$13.56 billion) to the
same fund in May, Reuters states.
Russia's economy is set for its biggest recession in more than two
decades as it faces what the Institute of International Finance has
termed a "full disintegration of 30 years of investment" that could
wipe out 15 years' worth of economic gains, according to Reuters.
=========
S P A I N
=========
CAIXABANK CONSUMO 5: DBRS Confirms B(high) Rating on B Notes
------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the Series A Notes and
Series B Notes (together, the Notes) issued by Caixabank Consumo 5,
F.T. (the Issuer) at AA (sf) and B (high) (sf), respectively.
The rating of the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in October 2054. The rating of the Series
B Notes addresses the ultimate payment of interest and principal on
or before the legal final maturity date.
The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:
-- Portfolio performance, in terms of delinquencies, defaults, and
losses;
-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables;
-- Current available credit enhancement to the notes to cover the
expected losses at their respective rating levels.
The transaction is a securitization of unsecured consumer loans
granted to individuals residing in Spain by CaixaBank, S.A.
(CaixaBank), which is also the servicer of the portfolio and acts
as the issuer account bank. The transaction closed in June 2020. At
closing, the static EUR 3.6 billion collateral portfolio consisted
of loans granted primarily to borrowers in Catalonia (31.5% of the
initial portfolio balance), Andalusia (17.6%), and Madrid (10.5%).
PORTFOLIO PERFORMANCE
As of the January 2022 payment date, loans that were 0 to 30 days,
30 to 60 days, and 60 to 90 days delinquent represented 0.6%, 0.4%,
and 0.04% of the outstanding portfolio balance, respectively, while
loans more than 90 days delinquent amounted to 3.8%. Gross
cumulative defaults amounted to 1.7% of the aggregate original
portfolio balance, with cumulative recoveries of 1.3% to date.
PORTFOLIO ASSUMPTIONS AND KEY DRIVERS
DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and has updated its base case PD and LGD
assumptions to 6.2% and 73.9%, respectively.
CREDIT ENHANCEMENT
The subordination of the Series B Notes and the cash reserve
provides credit enhancement to the Series A Notes, while only the
cash reserve provides credit enhancement to the Series B Notes,
following the full repayment of the Series A Notes. As of the
January 2022 payment date, credit enhancement to the Series A Notes
increased to 23.4% from 19.0% at the time of the last annual
review; credit enhancement to the Series B Notes decreased to 5.7%
from 6.8% due to the significant amortization of the cash reserve,
which started after one year had elapsed since the issuance date,
on the July 2021 payment date.
The transaction benefits from an amortizing cash reserve available
to cover senior expenses and all payments due on the senior-most
class of notes outstanding at the time. The reserve was funded to
EUR 177.5 million at closing through a subordinated loan granted by
CaixaBank and, as long as the reserve has been replenished to its
target level on the previous payment date, it will amortize to its
target level of 5% of the outstanding principal balance of the
Notes. As of the January 2022 payment date, the reserve was at its
target amount of EUR 103.5 million.
CaixaBank acts as the account bank for the transaction. Based on
the account bank reference rating of CaixaBank at A (high), which
is one notch below the DBRS Morningstar Long Term Critical
Obligations Rating of AA (low), the downgrade provisions outlined
in the transaction documents, and other mitigating factors inherent
in the transaction structure, DBRS Morningstar considers the risk
arising from the exposure to the account bank to be consistent with
the ratings assigned to the Notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.
Notes: All figures are in euros unless otherwise noted.
CAJAMAR PYME 3: DBRS Hikes Series B Notes Rating to B(low)
----------------------------------------------------------
DBRS Ratings GmbH upgraded its ratings on the notes issued by IM
BCC Cajamar PYME 3 FT (the Issuer) as follows:
-- Series A Notes upgraded to AA (high) (sf) from AA (low) (sf)
-- Series B Notes upgraded to B (low) (sf) from CCC (low) (sf)
The rating on the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal maturity date in June 2057. The rating on the Series B Notes
addresses the ultimate payment of interest and principal on or
before the legal maturity date.
The upgrades follow an annual review of the transaction and are
based on the following analytical considerations:
-- The portfolio performance, in terms of level of delinquencies
and defaults, as of the February 2022 payment date;
-- The one-year base case probability of default (PD) and default
and recovery rates on the outstanding receivables;
-- The current available credit enhancement to the notes to cover
the expected losses at their respective rating levels; and
-- The current economic environment and an assessment of
sustainable performance, as a result of the Coronavirus Disease
(COVID-19) pandemic.
The transaction is a cash flow securitization collateralized by a
portfolio of secured and unsecured loans originated and serviced by
Cajamar Caja Rural S.C.C. (Cajamar) to small and medium-size
enterprises (SME) and self-employed individuals based in Spain. The
transaction closed in April 2021.
PORTFOLIO PERFORMANCE
The portfolio is performing within DBRS Morningstar's expectations.
As of 31 January 2022, the 90+-day delinquency ratio was 0.6%.
There are no defaults reported so far.
PORTFOLIO ASSUMPTIONS AND KEY DRIVERS
DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its default rate and recovery
assumptions on the outstanding portfolio to 33.4% and 27.9%,
respectively, at the AA (high) (sf) rating level, and to 10.5% and
38.4%, respectively, at the B (low) (sf) rating level. DBRS
Morningstar updated its base case PD to 2.8%, based on the updated
portfolio composition and including coronavirus-related adjustments
and.
CREDIT ENHANCEMENT
The credit enhancement available to the notes has increased as the
transaction deleverages. As of the February 2022 payment date, the
credit enhancement available to the Series A Notes and Series B
Notes increased to 34.1% and 3.9%, respectively, compared with
26.0% and 3.0%, respectively, at closing. Credit enhancement is
provided by the subordination of the Series B Notes and a reserve
fund. The reserve fund was funded at closing through a subordinated
loan and is available to cover senior fees and interest and
principal on the Series A Notes and, once the Series A Notes are
fully amortized, interest and principal on the Series B Notes. The
reserve fund does not amortize through the life of the transaction
and remains at its target level of EUR 30.0 million.
The Series B Notes interest and principal payments are subordinated
to the Series A Notes payments.
Banco Santander S.A. (Santander) acts as the account bank for the
transaction. Based on the account bank reference rating of A (high)
on Santander (one notch below its DBRS Morningstar Long Term
Critical Obligations Rating of AA (low)), the downgrade provisions
outlined in the transaction documents, and other mitigating factors
inherent in the transaction structure, DBRS Morningstar considers
the risk arising from the exposure to the account bank to be
consistent with the rating assigned to the notes, as described in
DBRS Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.
DBRS Morningstar analyzed the transaction structure in its
proprietary Excel-based cash flow engine.
The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many borrowers. DBRS Morningstar anticipates that delinquencies
may continue to increase in the coming months for many SME
transactions. The ratings are based on additional analysis to
expected performance as a result of the global efforts to contain
the spread of the coronavirus.
For this transaction, DBRS Morningstar increased the expected
default rate on receivables granted to obligors operating in
certain industries based on their perceived exposure to the adverse
disruptions of the coronavirus. As per DBRS Morningstar's
assessment, 9.5% of the outstanding portfolio balance represented
industries classified in the high-risk economic sectors. This led
the underlying one-year PDs to be multiplied by 1.5 times. DBRS
Morningstar also conducted an additional sensitivity analysis to
determine that the transaction benefits from sufficient liquidity
support to withstand high levels of payment holidays in the
portfolio. As of January 31, 2022, EUR 71,402.9 was reported as
currently benefitting from coronavirus-related moratoriums.
Notes: All figures are in euros unless otherwise noted.
===========================
U N I T E D K I N G D O M
===========================
BROWN BIDCO: Moody's Affirms 'B1' CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service has affirmed the ratings of BROWN BIDCO
LIMITED and its subsidiaries. These comprise the B1 corporate
family rating and B1-PD probability of default rating of BROWN
BIDCO LIMITED, the B1 instrument ratings of the $1.894 billion
currently outstanding backed senior secured first lien term loan
due 2028 and the $350 million backed senior secured revolving
credit facility (RCF) due 2026, which will be upsized to $400
million, borrowed by Brown Group Holding LLC and Signature Aviation
US Holdings, Inc. (Signature), and the B1 rating of the $114
million currently outstanding backed senior secured notes due 2028
issued by Signature Aviation US Holdings, Inc.
Moody's has also assigned a B1 rating to the proposed $1.1 billion
backed senior secured first lien term loan due 2029 to be borrowed
by Brown Group Holding LLC and Signature Aviation US Holdings, Inc.
The outlook on all of the company's ratings is stable.
The new debt of $1.1 billion will finance the purchase of the
announced acquisition of fixed-base operator, Truman Arnold
Corporation (TAC), and to pay associated fees and expenses.
The rating actions reflect:
The company's strong trading performance since March 2021, with
the business and general aviation market in the US recovering to
above 2019 levels
The potential for a sustained increase in the revenues for the
fixed-based operations ("FBO") sector, from higher adoption rates
compared to before the pandemic
Substantial re-leveraging as a result of the transaction to 7.3x
at December 2021 pro forma for the new financing, with leverage
expected to reduce to around 6.6x by December 2022
Risks of declining demand given the highly cyclical nature of the
industry and potential that recent growth in the market may not be
sustained
RATINGS RATIONALE
The B1 CFR reflects the company's (1) strong position as the
leading fixed base operator in the US; (2) flexible cost structure,
allowing the company to manage periods of decreased revenue; (3)
substantial and profitable lease revenue stream from provision of
hangarage (parking) for general aviation aircraft; (4) strong
history of organic revenue growth in its core business from
2010-19; (5) resilient performance during the coronavirus pandemic
and strong market recovery thereafter.
The ratings also reflect: (1) high financial leverage of 7.3x on a
Moody's-adjusted basis as at December 2021, pro forma for the
acquisition of TAC and the additional financing; (2) exposure to
the highly-cyclical business and general aviation markets, which
may also challenge the company's ability to pass on non-fuel cost
inflation; (3) risks that the recent growth in demand is not
sustained; (4) potential for more debt-funded acquisitions which
would limit the pace of deleveraging; and (5) limitations in the
quality of financial disclosure in relation to both Signature and
TAC.
Signature experienced a short-lived impact of the pandemic, which
the company well managed with effective cost control and efficiency
gains. The company has benefitted from a strong recovery in demand
since March 2021, including expansion of the customer base as more
leisure travelers adopted private air travel. According to the
company, more travelers are committing to longer-term private
aviation through fractional ownership, supporting higher volumes in
that segment of the customer base. There has been substantial
growth in demand for business and general aviation in the US, with
flight movements exceeding 20% of 2019 levels since June 2021 [1].
This has been driven by several factors including changes in
working patterns since the pandemic, a rebound in US domestic
business travel, and changes in wealth distribution with
significant growth in the number of high net worth individuals.
The sector is also highly cyclical, with flight volumes strongly
correlated with changes in GDP. Weakening economic conditions could
not only reduce demand but also complicate passing higher costs to
customers. Currently, buoyant demand supports cost pass through.
The company is protected contractually from oil price increases and
has a long track record of margin stability.
The transaction leaves the rating relatively weakly positioned
given increased leverage, low cash flows relative to debt and
potential for a more challenging market environment. As a result of
the acquisition of TAC, which follows the acquisition of Vail
Valley Jet Center in October 2021, Moody's-adjusted pro forma
leverage increases to 7.3x at December 31, 2021, compared to 5.9x
before the transaction. Moody's expects further market growth and
cost savings to reduce leverage to around 6.6x in 2022. Further
deleveraging will rely on earnings expansion. The outstanding term
debt does not begin to mature until 2028 and Moody's does not
expect early repayments. Leverage metrics will be pressured during
periods of declining demand and if more debt-funded acquisitions
occur. In addition, Moody's expects sustained low free cash flow to
debt, in the low to mid-single digit percentages, although this
reflects a relatively high degree of discretionary capital
expenditure enhancing hangar capacity.
The company's financial reporting is relatively limited with low
granularity, extended periods prior to delivery of accounts, and no
separate quarterly results provided at year end. In addition,
limited financial information is available in relation to TAC,
although this is partially mitigated by its relatively simple
business model. Moody's has reviewed 2021 consolidated audited
accounts for parent company Brown Topco Limited and intermediate
holding company Signature Aviation Limited which provide an
adequate degree of financial information on the group.
STRUCTURAL CONSIDERATIONS
The existing backed senior secured first lien term loan, and the
backed senior secured notes both due 2028, the RCF due 2026 and the
new backed senior secured first lien term loan due 2029 are rated
B1, in line with the CFR, reflecting the first lien only capital
structure and pari passu ranking of the debt instruments. The
facilities are guaranteed by material subsidiaries with substantial
guarantor coverage (88% at December 2020 by revenues) and security
is provided over substantially all the assets of the borrowers and
material subsidiaries. The backed senior secured notes due 2028
were previously unsecured but received substantially the same
security and rank equally with the first lien term debt on closing
of the take-private transaction.
LIQUIDITY
The company's liquidity is good, supported by cash of $247 million
at the end of March 2022 and access to an undrawn RCF to be upsized
to $400 million from $350 million. The RCF contains a springing
leverage covenant set at 40% headroom which applies when the
facility is at least 40% drawn. Moody's expects the company to
continue to generate positive free cash flow.
OUTLOOK
The stable outlook reflects Moody's expectation that Signature will
continue to grow its net revenues and EBITDA at least in line with
the market, leading to Moody's adjusted leverage reducing below
6.5x within the next 12-18 months. Moody's also assumes that to the
extent further debt-financed acquisitions are undertaken, the
company will be able to delever to below 6.5x within a 12-18 month
period.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Moody's expects:
Moody's-adjusted leverage to reduce sustainably towards the low
5x
Moody's-adjusted EBITA / interest to increase sustainably above
3x
Free cash flow / debt to increase to at least mid-single digit
percentages
An upgrade would also require positive organic revenue growth at or
above the market, and for the company to maintain financial
policies consistent with the above metrics.
Moody's could downgrade the ratings if:
Moody's-adjusted leverage is expected to remain sustainably above
6.5x
Moody's-adjusted EBITA / interest reduces consistently below 2x
Free cash flow / debt reduces to low single digit percentages
The ratings could also be downgraded if there is a material
weakness in the market which is likely to delay or prevent
deleveraging, if there is a material weakening in the company's
liquidity position, or if organic revenue growth is sustained
materially below market rates.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
COMPANY PROFILE
BROWN BIDCO LIMITED is an intermediate holding company of the
Signature Aviation group, which has 190 FBO locations on a pro
forma basis (excluding 104 EPIC locations and 13 Signature Select
locations) providing business and general aviation flight support
services at airports, with the US being its largest market followed
by Europe. An FBO is a commercial business granted the right by an
airport owner/operator to provide aeronautical services to general
aviation aircraft on the airport's property. In June 2021 the
company was acquired by entities controlled by Blackstone
Infrastructure Partners, Blackstone Core Equity, Global
Infrastructure Partners and Cascade Investment, L.L.C.
BULB: Octopus Energy Submits Last-Minute Bid
--------------------------------------------
Gill Plimmer and Jim Pickard at The Financial Times report that
Octopus Energy has made a last-minute entry in a three-way race to
buy collapsed electricity and gas supplier Bulb, according to two
people close to the deal.
Centrica, the owner of British Gas, and Masdar, an Abu Dhabi-based
energy company, are also in talks with the UK government as it
tries to secure bids ahead of a closing deadline on June 30, the FT
relays, citing people familiar with the discussions.
Ovo Energy is weighing a last-minute offer after making a bid in
November, which it later withdrew, although it is not part of the
formal process, which is being run by financial advisers Lazard,
the FT discloses.
Bulb collapsed last November after natural gas prices soared and it
failed to raise new money, leaving the government to step in to
ensure its 1.6mn households still received energy, the FT
recounts.
While bigger rivals took on the customers of about 30 smaller
failed rivals, regulator Ofgem considered transfers would be too
difficult to carry out at Bulb, the FT states.
Ministers are now keen to offload Bulb as taxpayers have spent
hundreds of millions of pounds propping it up in the past seven
months, the FT notes.
The government has set aside up to GBP2.2 billion to keep the
business running over the coming months, making it the biggest
state bailout since Royal Bank of Scotland in 2008, the FT
relates.
To offload the energy provider this summer, the government is
expected to offer bidders a clean balance sheet with no debt as
well as a generous financial dowry to secure a deal, say two people
close to the negotiations, the FT notes.
However, the government has not set out how much money it would be
prepared to inject in the deal and is instead waiting to see what
the three bidders offer, according to officials, the FT relays.
Wild fluctuations in the price of gas, which has dropped in recent
weeks, have made it harder to predict how much support Bulb will
need to continue as a going concern, according to the FT.
Potential buyers also point out that Bulb's brand has been damaged,
with consumers likely to seek better deals at rivals, the FT
states.
In addition, Ofgem has already handed companies taking over the
customers of 29 smaller failed suppliers GBP1.84 billion, with the
cost loaded on to household bills, the FT notes.
Any sale would differ from previous customer transfers because the
buyer would take on the entire company, although it remains unclear
how outstanding creditors will be handled, the FT discloses. This
includes Sequoia Economic Infrastructure Income Fund, which is owed
about GBP50 million, the FT relays.
Bulb, which never made a profit, owed GBP254 million to customers
who had paid for their electricity and gas in advance when it
collapsed last November, the FT states. It recorded a loss of
GBP59 million at the time of its administration, the FT notes.
DRYDEN 96 EURO 2021: Fitch Assigns 'B-' Rating on Class F Debt
--------------------------------------------------------------
Fitch Ratings has assigned Dryden 96 Euro CLO 2021 DAC final
ratings.
DEBT RATING PRIOR
---- ------ -----
Dryden 96 Euro CLO 2021 DAC
A XS2471067319 LT AAAsf New Rating AAA(EXP)sf
B-1 XS2471067400 LT AAsf New Rating AA(EXP)sf
B-2 XS2471067822 LT AAsf New Rating AA(EXP)sf
C XS2471068044 LT Asf New Rating A(EXP)sf
D XS2471068127 LT BBB-sf New Rating BBB-(EXP)sf
E XS2471068630 LT BB-sf New Rating BB-(EXP)sf
F XS2471068713 LT B-sf New Rating B-(EXP)sf
Subordinated Notes LT NRsf New Rating NR(EXP)sf
XS2471068804
TRANSACTION SUMMARY
Dryden 96 Euro CLO DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans, first-lien, last-out loans and
high-yield bonds. The transaction closed in June 2022. Notes
proceeds have been used to fund a portfolio with a target par of
EUR400 million. The portfolio is actively managed by PGIM Loan
Originator Manager Limited. The transaction has a two-year
reinvestment period and a seven-year weighted average life (WAL).
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The
Fitch-calculated weighted average rating factor (WARF) of the
identified portfolio is 25.6.
High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate (WARR) of the identified portfolio
is 58.5%.
Diversified Portfolio (Positive): There are two matrices that
correspond to a top 10 obligor concentration limit at 27% and two
fixed rate asset limits of 10% and 20%, respectively. The
transaction also includes various concentration limits, including
the maximum exposure to the three largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.
Portfolio Management (Neutral): The transaction has a two-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.
Cash Flow Modelling (Positive): The WAL used for the transaction's
stressed-case portfolio analysis is 12 months shorter than the WAL
covenant at the issue date. The reduction to the risk horizon
reflects the strict reinvestment criteria post reinvestment period,
which includes 'CCC' bucket limitation and the coverage tests
satisfaction as well as a WAL covenant that progressively steps
down over time. In Fitch's opinion, these conditions reduce the
effective risk horizon of the portfolio during stress periods.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings
would result in downgrades of up to three notches across the
structure.
Downgrades may occur if the loss expectation is larger than
assumed, due to unexpectedly high levels of defaults and portfolio
deterioration.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings would result in upgrades of
no more than five 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.
Upgrades may occur on better-than-expected portfolio credit quality
and deal performance, leading to higher credit enhancement and
excess spread available to cover losses in the remaining
portfolio.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
FROSN-2018 DAC: DBRS Confirms B(high) Rating on Class E Notes
-------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on all classes of the
Commercial Mortgage-Backed Floating-Rate Notes due May 2028 issued
by FROSN-2018 DAC (the Issuer) as follows:
-- Class RFN at AAA (sf)
-- Class A1 at AAA (sf)
-- Class A2 at AA (low) (sf)
-- Class B at A (sf)
-- Class C at BBB (high) (sf)
-- Class D at BB (high) (sf)
-- Class E at B (high) (sf)
The trend on the Class RFN remains Stable, while the trends on the
Class A1 through Class E notes remain Negative.
The rating confirmations follow a slight deleveraging of the loan
following a part repayment of EUR 10.7 million on the February 2022
interest payment date (IPD), as well as an accelerated capex
spending by the borrower. The Negative trends on the Class A1
through Class E notes reflect the continuing uncertainty around the
future rental cash flow generated by the property portfolio as its
performance continues to deteriorate.
FROSN-2018 DAC is a securitization of one floating-rate senior
commercial real estate loan advanced by Morgan Stanley and
Citibank, N.A., London Branch. The loan refinanced the existing
indebtedness of the borrowers in addition to providing capex to the
underlying collateral. At issuance, the collateral consisted of 63
mixed office and retail properties located across Finland. As of
the Q1 2022 IPD, only 45 assets remain in the portfolio as further
two properties were released from the security pool in Q1 2022
against an EUR 10.7 million voluntary repayment of the senior loan,
which was allocated pro rata to the notes. As a result, the
outstanding balance of the senior loan has reduced to EUR 297.1
million (EUR 274.8 million for the securitized part). Based on the
valuation conducted by CBRE in October 2020, this translates into a
loan-to-value (LTV) of 58.2%, a slight deleveraging from 60.2% at
the last annual review.
The performance of the remaining portfolio continued to deteriorate
over the past year, with gross rental income (GRI) declining to EUR
42.4 million in Q1 2022 from EUR 50.9 million in Q1 2021. When
accounting for the two sold properties, this constitutes a decline
of 14.6%, which is only partially driven by vacancy, but largely by
contract renewals at lower rent as occupier demand in the Finish
office market has shifted towards modern premises, and assets are
facing strong competition in the local markets. The portfolio
continues to suffer from a high vacancy rate, which increased by
1.4 percentage points to 44.2% since the last review in Q1 2021.
The borrower accelerated its capital expenditure with the capex
account balance reducing to zero in February 2022 from EUR 6.5
million 12 months earlier, which could facilitate leasing activity
going forward. However, uncertainty remains around the future cash
flows of the portfolio, as nearly half of in-place leases has a
break date or expires in the next 12 months.
The portfolio's deteriorating performance caused the loan to breach
its debt yield (DY) cash trap covenant in Q3 2020. The loan remains
in cash trap as of February 2022 and DBRS Morningstar does not
expect this to change given the current level of GRI and the
step-up in the DY cash trap covenant to 11.0% in year five of the
transaction. The transaction's DY stood at 8.4% as of the February
2022 IPD.
DBRS Morningstar has removed the released properties from its
analysis, and adjusted its vacancy assumptions to account for the
increased vacancy. This led to DBRS Morningstar's net cash flow
(NCF) reducing to EUR 26.6 million, compared with EUR 28.1 million
at the last annual review. As a result, DBRS Morningstar's value
declined to EUR 322.0 million, which represents a 36.3% haircut to
the current valuation. This did not trigger any changes to the
current ratings, which were confirmed with Negative trends on the
Class A1 through Class E notes, reflecting the continuing
uncertainty around the future rental cash flow of the property
portfolio. The trend on Class RFN remains Stable.
The transaction includes the reserve fund notes (RFN), which fund
the note share part (95%) of the liquidity reserve. At issuance,
the EUR 16.7 million RFN proceeds and the EUR 878,947.37 VRR Loan
Interest contribution were deposited into the transaction's
liquidity reserve, which can be used to pay property protection
advances, senior costs, and interest shortfalls (if any) in
relation to the corresponding VRR Loan Interest, RFN, Class A1,
Class A2, and Class B notes. The liquidity reserve currently
amounts to EUR 9.1 million and, according to DBRS Morningstar's
analysis, is equivalent to approximately 28 months and 12 months'
coverage on the covered notes, based on the interest rate cap
strike rate of 1.0% per annum and the Euribor cap after loan
maturity of 4.25% per annum, respectively.
The third, and final, one year extension option was exercised,
extending the loan maturity date to February 15, 2023. The final
maturity of the notes is on May 21, 2028, approximately five years
after the date of the fully extended senior loan maturity.
Notes: All figures are in euros unless otherwise noted.
GREENSILL CAPITAL: UK Taxpayers to Face Steep Losses on Bad Loan
----------------------------------------------------------------
Robert Smith and Owen Walker at The Financial Times report that
British taxpayers face steep losses on a government-guaranteed loan
Greensill Capital made to a business owned by a neighbour of its
disgraced founder.
Greensill collapsed in March last year, triggering a financial and
political scandal that engulfed David Cameron, the former prime
minister who advised the supply chain finance firm, the FT
recounts.
The bad loan in the UK was a much more local affair, although it
affects some of those global institutions, the FT notes.
Chester-based Special Needs Group is owned by local businessman
Barnabas Borbely, who lives around the corner from Lex Greensill in
the Cheshire village of Saughall.
According to the FT, the company, a private business that provides
services for people with learning disabilities, has now also
collapsed into administration, with Greensill Capital set to
recover less than a quarter of the money it lent to the business.
A report from the company's administrators shows that Greensill is
Special Needs Group's "only material creditor" and is set to
receive just GBP4.9 millionn of the GBP22.8 million it is owed,
describing this as a "significant shortfall against their
security", the FT discloses.
Of the debt extended by Greensill, GBP5 million is in the form of a
government-backed loan, while the larger portion was funded by a
Credit Suisse investment fund, the FT states.
Greensill has filed an insurance claim in a bid to recover the
losses, according to a person familiar with the matter, but it
could face an uphill battle reclaiming the money, the FT notes.
Tokio Marine and Insurance Australia Group, which insured the bulk
of Greensill's riskier lending, have both accused Greensill of
making "fraudulent" misrepresentations and declined to pay out on
any claims, the FT relates.
The British Business Bank confirmed that government guarantees
remain in place on Greensill's loans to small businesses such as
Special Needs Group but the state-owned lender told the Financial
Times that it had now opened a fresh investigation into Greensill's
"compliance with the CBILS [Coronavirus Business Interruption Loan
Scheme] requirements", the FT notes.
The bank has already suspended government guarantees on GBP400
million of loans Greensill advanced under a separate Covid-19
lending scheme for larger companies, the FT recounts.
Under an administration deal, a new company that Borbely
established this year will buy Special Needs Group's operating
subsidiaries for GBP5.2 million, the FT discloses. According to
the FT, the administrator's report notes that "no other offers"
were made for these business units and that it received a valuation
on a "break-up basis" of just GBP4.3 million.
While Borbely provided an "unlimited personal guarantee" on Special
Needs Group's GBP23 million loan from Greensill, the finance firm
is releasing him from this obligation under the terms of the
administration deal, the FT states.
Aside from the GBP5 million of government-guaranteed debt,
Greensill packaged the bulk of the loans to Special Needs Group
into Credit Suisse's now stricken US$10 billion of supply-chain
finance funds, which have exposed some of the Swiss bank's richest
clients to potentially billions of dollars in losses, the FT
relays.
The administrator's report shows that Greensill essentially
provided start-up financing to Special Needs Group, extending GBP18
million of loans to the business on an "interest only" basis in
2018, when the Chester-based company was only a month old, the FT
states.
MISSGUIDED: Campaigners Call for Protection of Garment Workers
--------------------------------------------------------------
Ecotextile News reports that campaigners on June 10 staged protests
calling for supply chain garment workers to be protected during the
insolvency process of fast fashion brand Missguided.
According to Ecotextile News, activists from the Labour Behind the
Label initiative are targeting the Manchester headquarters of
Missguided and the London offices of both co-owners Alteri
Investors and administrators Teneo.
They called on all three to act to ensure that all payments to
suppliers are made in full so that factories can avoid closure and
provide ongoing employment to garment workers, Ecotextile News
relates.
MISSGUIDED: Garment Workers in Pakistan Left Unpaid
---------------------------------------------------
Shah Meer Baloch at The Guardian reports that hundreds of garment
workers in Pakistan making clothing for collapsed fast fashion
brand Missguided say they have been left destitute and starving
after not receiving salaries for more than four months.
According to The Guardian, the workers, who typically earn between
GBP100 and GBP160 a month, say that despite not being paid they
have continued working even as the Manchester-based retailer went
into administration, with suppliers claiming the company owes them
millions of pounds for clothing already completed and shipped.
In Faisalabad, one of Pakistan's textile heartlands, workers at the
Bismillah factory have been exclusively making clothes for
Missguided since 2017, The Guardian discloses.
Inside the Bismillah factory, mountains of boxes of Missguided
clothing sit abandoned, The Guardian relays. Like most suppliers
in poor countries used by global fashion brands, suppliers are
expected to pay upfront for all clothing orders, with invoices only
raised when the goods are completed and ready to be shipped, The
Guardian notes.
"They never told me they were facing a financial crisis, Missguided
kept us in the dark," The Guardian quotes Nadeem Siddique, the
owner of the Bismillah factory, as saying. "[In the past few
months] we have shipped hundreds of thousands of pieces of clothing
that they ordered and thousands more are stuck in our storerooms
and port to be shipped. We have not got a single dollar for these
clothes. We have no other option than to fire workers."
Mr. Siddique, as cited by The Guardian, said that the factory
started supplying Missguided in 2017 and, in 2019, the company said
it wanted to increase orders and asked the factory to expand and
hire more workers, and produce exclusively for the brand.
"Since 2019, we have been making 200,000 pieces for Missguided each
month," Mr. Siddique said at his office in Faisalabad, claiming
that Missguided owed him more than GBP2 million in unpaid invoices,
The Guardian notes.
"After they asked us to expand capacity we hired another 300
workers, but now Missguided has left us alone amid threats from
investors, vendors and workers," he said. "They even gave us an
order in May that was supposed to be shipped in June."
Hundreds of workers in the Spry Sports factory in the city of
Sialkot, which was making about 200,000 pieces of clothing for
Missguided every month, say they are also going hungry after
receiving no pay for months, The Guardian disclsoes.
Since going into administration, "certain intellectual property" of
Missguided has been bought by Frasers Group, controlled by the
Sports Direct founder, Mike Ashley, for GBP20 million in cash, The
Guardian recounts. The company, The Guardian says, will continue
to be operated by the administrator under a transitional agreement
for about eight weeks.
According to The Guardian, The Clean Clothes Campaign said that the
Missguided workers in Pakistan were facing "wage theft" and
destitution while shareholder profits will be protected.
"Missguided, co-owner Alteri, and the appointed administrators must
urgently take action to ensure that workers in Pakistan and
elsewhere are paid their wages," The Guardian quotes Meg Lewis,
campaigns lead at the Clean Clothes Campaign, as aying.
"We are seeing the tip of the iceberg in terms of workers in
Missguided's supply chain who are facing crisis. This again
highlights the gross injustice, that brands are able to impose
discounts or refuse to pay for goods that have already been
shipped. It is likely that many of the workers stories will never
be told, and the true scale of impact will remain hidden," she
said.
STARLEAF LTD: Enters Administration, French Unit in Liquidation
---------------------------------------------------------------
Tom Wright at UC Today, citing a post on The Gazette's website,
reports that UC hardware and software provider StarLeaf has fallen
into administration.
According to UC Today, the filing -- dated June 9 and specifically
for StarLeaf Limited -- states that two employees of Kroll Advisory
Limited were appointed joint administrators on June 1.
The firm's French entity is also in liquidation, UC Today relays,
citing French business databases Societe and Infogreffe.
An employee of StarLeaf France said in a LinkedIn post last month
that the French arm was being liquidated owing to problems faced by
StarLeaf Ltd in the UK, UC Today relates. The post said the French
operation would be managed from StarLeaf's UK headquarters moving
forward, UC Today notes.
StarLeaf most recently filed accounts last August for the year
ending December 31, 2021. It reported sales of US$28.5 million for
this period, down four percent year on year.
StarLeaf's portfolio includes applications for messaging, meetings
and chat, as well as devices for meeting rooms and APIs to embed
its services.
TULLOW OIL: Moody's Affirms 'B3' CFR & Alters Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B3 Long-Term Corporate
Family Rating and the B3-PD Probability of Default Rating of Tullow
Oil plc (Tullow, or the company). Concurrently, Moody's has
affirmed the B2 rating of Tullow's outstanding $1.7 billion
backed senior secured notes due 2026 and the Caa2 rating of the
$800 million backed senior unsecured notes due 2025. The outlook
has been changed to positive from stable.
The action follows Tullow's announcement made on 1st June 2022[1]
with respect to the proposed all-share merger with UK-based, oil
and gas exploration and production (E&P) company Capricorn Energy
plc (Capricorn). The merger will be implemented by means of a
court-sanctioned scheme of arrangement, where Tullow will acquire
all of Capricorn's shares in exchange for new shares in Tullow.
Upon completion, Tullow's shareholders will hold approximately 53%
of the combined entity, while Capricorn's shareholders will hold
the remainder. Closing is expected by the end of 2022, subject to
shareholder and various regulatory approvals.
RATINGS RATIONALE
Moody's expects the announced merger to enlarge Tullow's scale
(measured in terms of average daily hydrocarbon production) and to
add diversification to the company's business profile. Moody's also
expects continued commitment to a conservative financial policy
that prioritises balance sheet resilience over shareholder
remuneration, resulting in a strengthened financial profile being
maintained under a number of hydrocarbon price scenarios.
On a pro-forma basis, Tullow's average daily production would
sustainably increase to around 100 thousand barrels of oil
equivalent (kboepd) from around 60 kboepd on a standalone basis,
supported in the medium term by a pipeline of short-cycle,
infrastructure-led development projects. From a business profile
perspective, the addition of Capricorn's onshore, gas-weighted
assets would reduce Tullow's substantial geographic and asset
concentration in Ghana (Government of Ghana, Caa1 Stable), as well
as moderately rebalance the commodity mix to 75% liquids / 25%
natural gas. These considerations are balanced by a pro-forma
meaningful exposure to Egypt (Government of Egypt, B2 Negative) and
Capricorn's very short track record of operating hydrocarbon assets
within the country. From a financial profile perspective, Moody's
estimates that the combined entity's adjusted leverage (measured in
terms of Moody's-adjusted debt to average daily production) would
decline significantly to $38,500 from $63,000 as at the end of
2021, owing to Capricorn's low debt burden of less than $200
million (as at 31 December 2021) and assuming no further
restructuring of the combined entity's capital structure. At the
same time, the rating agency expects Retained Cash Flow to debt (as
adjusted by Moody's) to rise to 20%-25% in a $70-$65/barrel oil
price scenario in 2022-23, nearly doubling from 12.6% in 2021,
along with stronger and sustainably positive FCF generation over
the same period. Notably, both metrics take into account the $60
million ordinary dividend the combined entity intends to pay to
shareholders, which Moody's view as modest and sustainable even in
a low oil price environment.
ESG CONSIDERATIONS
Governance considerations include Moody's expectation that the
combined entity will adopt a conservative financial policy and
capital allocation framework, which includes prioritization of
balance sheet strength over shareholder remuneration. Moody's views
Tullow's intention to pursue an all-share merger with Capricorn as
conservative and creditor friendly.
Environmental considerations primarily relate to increasing
regulatory risks facing upstream companies as the world moves
towards cleaner energy mix, in particular as far as carbon
emissions are concerned. However, Moody's expects the shift away
from hydrocarbons to occur over a period of decades and that global
oil demand will continue to grow through at least the latter half
of the 2030's. Moody's considerations also extend to the relevance
of decommissioning liabilities, which would remain broadly
unchanged at around $500 million on a pro-forma basis. Despite the
significant uncertainties relating to the estimated costs for
decommissioning, Moody's does not expect costs associated with
asset retirement obligations to have a significant adverse effect
on Tullow's operating and financial performance in the next few
years and within the context of the overall cash generating
capacity.
LIQUIDITY
Tullow's liquidity position is good. Moody's assessment considers
the company's (i) projected positive Free Cash Flow (FCF)
generation in 2022-2023, (ii) retention of sizeable cash
balances, underpinned by a pro-forma cash quantum of $1.3 billion,
and (iii) access to a committed $500 million cash tranche of the
Revolving Credit Facility (RCF) due December 2024, which is
currently undrawn and expected to remain unutilised. Internally
generated cash flows and available cash should comfortably cover
all of Tullow's funding needs over the next 12-18 months.
RATING OUTLOOK
The positive outlook reflects Moody's expectation of Tullow's
proposed merger with Capricorn concluding as planned. In Moody's
view, the pro-forma larger scale and more diversified business
profile offset the somewhat higher operating risks stemming from
the additional exposure to Egypt. The positive outlook also
reflects Moody's expectation of continued conservative management
of the company's balance sheet in order to maintain the
strengthened financial profile and good liquidity position under a
number of hydrocarbon price scenarios.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of Tullow's ratings would require the company to build a
solid operational track record in Egypt, coupled with sustainable
strong operational performance in Ghana. Further positive rating
pressure would also require rising operating profitability and
improving FCF generation accompanied by a strong liquidity profile.
Finally, for an upgrade Moody's would require larger production
scale and substantial deleveraging, such that E&P debt to average
daily production falls below $30,000 and retained cash flow to
gross debt improves to at least 15%, which could be achieved if the
announced transaction concludes as planned.
Conversely, Tullow's ratings could come under negative pressure if
the company's E&P debt to total average daily production remains
sustainably above $60,000 or if retained cash flow to debt falls
below 10%. Weakening liquidity including a failure to address the
2025 maturities at least 12 months in advance could also lead to a
downgrade. Tullow's ratings could be under negative pressure also
following a downgrade of Ghana's sovereign rating.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Independent
Exploration and Production published in August 2021.
COMPANY PROFILE
Tullow Oil plc is a UK-based independent exploration and production
oil and gas company, with producing assets located in Ghana, Gabon
and Cote d'Ivoire, and contingent resources in Kenya and Guyana.
The company holds over 30 licenses across 8 countries and produced
around 60 barrels of oil equivalent per day in 2021. Tullow Oil plc
is listed on the London, Irish and Ghana Stock Exchanges.
VE INTERACTIVE: Faces GBP126-Million Lawsuit Over Sale
------------------------------------------------------
James Titcomb at The Telegraph reports that administrators who
oversaw the collapse of the former British tech unicorn Ve
Interactive have been hit with a GBP126 million lawsuit over claims
they sold the company at a knock-down price to its directors.
As previously reported by the Troubled Company Reporter-Europe, The
Telegraph disclosed that the advertising technology start-up, which
was valued at GBP1.5 billion before it collapsed after being unable
to pay its debts, was bought out of administration for just GBP2
million in 2017. The TCR-Europe relayed that The Telegraph said
repeated losses and heavy spending left the company unable to pay
staff and eventually it collapsed in 2017.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week June 6 to June 10, 2022
------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------------
ADLER Group SA 2.250 1/14/2029 EUR 49.781
Diebold Nixdorf D 9.000 7/15/2025 EUR 72.700
Atento Luxco 1 SA 8.000 02/10/2026 USD 79.893
Gazprom PJSC Via 2.250 7/19/2022 CHF 72.500
Corestate Capital 3.500 4/15/2023 EUR 25.750
ADLER Group SA 1.500 7/26/2024 EUR 59.990
ADLER Group SA 1.875 1/14/2026 EUR 54.344
Endo Luxembourg F 6.125 04/01/2029 USD 76.106
EnfraGen Energia 5.37512/30/2030 USD 68.848
Gazprom PJSC Via 1.450 03/06/2023 CHF 41.663
VGP NV 1.500 04/08/2029 EUR 72.489
ADLER Real Estate 3.000 4/27/2026 EUR 72.486
Aggregate Holding 6.875 11/09/2025 EUR 25.118
Russian Foreign B 5.625 04/04/2042 USD 20.467
Lukoil Internatio 4.563 4/24/2023 USD 70.608
Russian Foreign B 12.750 6/24/2028 USD 24.146
Orpea SA 2.000 04/01/2028 EUR 63.826
Gazprom PJSC Via 4.950 7/19/2022 USD 73.528
Corestate Capital 1.37511/28/2022 EUR 40.012
ADLER Group SA 3.250 08/05/2025 EUR 57.000
Gazprom PJSC Via 8.625 4/28/2034 USD 33.026
ADLER Group SA 2.00011/23/2023 EUR 67.148
Consus Real Estat 4.00011/29/2022 EUR 65.910
Lukoil Securities 3.875 05/06/2030 USD 51.964
Kleopatra Holding 6.500 09/01/2026 EUR 65.542
ADLER Group SA 2.250 4/27/2027 EUR 50.650
VTB Bank OJSC Via 6.95010/17/2022 USD 5.975
Lukoil Internatio 4.750 11/02/2026 USD 60.377
ADLER Real Estate 2.125 02/06/2024 EUR 75.580
Castellum AB 3.125 EUR 73.592
Aragvi Finance In 8.450 4/29/2026 USD 68.894
EP Infrastructure 1.816 03/02/2031 EUR 68.094
ADLER Group SA 2.75011/13/2026 EUR 54.250
Russian Foreign B 4.875 9/16/2023 USD 24.639
Frigoglass Financ 6.875 02/12/2025 EUR 51.520
Sigma Holdco BV 5.750 5/15/2026 EUR 70.625
Lukoil Capital DA 2.800 4/26/2027 USD 54.957
MHP SE 7.750 05/10/2024 USD 52.971
Casino Guichard P 3.992 EUR 40.264
Sberbank of Russi 5.12510/29/2022 USD 10.350
Russian Railways 5.700 04/05/2022 USD 5.756
Banca Monte dei P 5.375 1/18/2028 EUR 62.291
VGP NV 2.250 1/17/2030 EUR 72.413
Casino Guichard P 2.511 EUR 25.832
Gazprom PJSC Via 3.12511/17/2023 EUR 35.645
CPI Property Grou 3.750 EUR 64.694
Mitsubishi UFJ In 3.97012/15/2050 EUR 33.980
Ukraine Governmen 9.750 11/01/2028 USD 39.544
Tinkoff Bank JSC 6.000 USD 8.000
Jababeka Internat 6.500 10/05/2023 USD 72.166
Standard Profil A 6.250 4/30/2026 EUR 65.039
NAK Naftogaz Ukra 7.375 7/19/2022 USD 68.500
Teva Pharmaceutic 4.100 10/01/2046 USD 70.826
NET4GAS sro 3.500 7/28/2026 EUR 65.052
Fastighets AB Bal 2.873 06/02/2081 EUR 74.883
Gazprom PJSC via 3.897 EUR 15.252
MHP Lux SA 6.950 04/03/2026 USD 52.949
Lukoil Capital DA 3.60010/26/2031 USD 51.473
VEON Holdings BV 3.37511/25/2027 USD 60.897
Air Baltic Corp A 6.750 7/30/2024 EUR 73.014
Heimstaden Bostad 3.000 EUR 69.396
Heimstaden Bostad 2.625 EUR 71.371
Ukraine Governmen 6.750 6/20/2026 EUR 36.312
SBB Treasury Oyj 0.75012/14/2028 EUR 71.301
Ideal Standard In 6.375 7/30/2026 EUR 69.640
ALROSA Finance SA 4.650 04/09/2024 USD 24.000
Gazprom PJSC via 4.599 USD 16.750
VF Ukraine PAT vi 6.200 02/11/2025 USD 65.259
ALROSA Finance SA 3.100 6/25/2027 USD 11.000
Vnesheconombank V 6.80011/22/2025 USD 5.000
Russian Railways 2.200 5/23/2027 EUR 10.000
Samhallsbyggnadsb 2.875 EUR 69.347
NAK Naftogaz Ukra 7.625 11/08/2026 USD 32.123
Hellenic Republic 1.875 1/24/2052 EUR 64.495
Novolipetsk Steel 4.700 5/30/2026 USD 36.912
Metinvest BV 8.500 4/23/2026 USD 60.000
Eurotorg LLC Via 9.00010/22/2025 USD 20.000
Atos SE 1.000 11/12/2029 EUR 73.458
La Banque Postale 3.000 EUR 74.735
Banca Monte dei P 10.500 7/23/2029 EUR 71.108
Ocado Group PLC 0.750 1/18/2027 GBP 70.464
EP Infrastructure 2.045 10/09/2028 EUR 73.280
Credit Bank of Mo 3.875 9/21/2026 USD 23.556
Russian Railways 2.100 10/02/2023 CHF 5.000
SBB Treasury Oyj 1.12511/26/2029 EUR 69.179
Ukraine Governmen 6.876 5/21/2029 USD 36.251
Boparan Finance P 7.62511/30/2025 GBP 71.400
Gazprom PJSC Via 2.25011/22/2024 EUR 31.178
Gazprom PJSC Via 7.288 8/16/2037 USD 30.282
Gazprom PJSC Via 5.150 02/11/2026 USD 29.291
Severstal OAO Via 3.150 9/16/2024 USD 15.000
Phosagro OAO Via 3.949 4/24/2023 USD 27.000
Gazprom PJSC Via 2.949 1/24/2024 EUR 27.566
United Kingdom Gi 0.62510/22/2050 GBP 67.566
Ukraine Governmen 4.375 1/27/2030 EUR 36.248
Korian SA 1.875 EUR 36.098
Novolipetsk Steel 1.450 06/02/2026 EUR 29.525
Moby SpA 7.750 2/15/2023 EUR 72.876
Yandex NV 0.750 03/03/2025 USD 49.625
Carnival PLC 1.00010/28/2029 EUR 64.199
Raiffeisen Bank I 4.500 EUR 73.633
Gazprom PJSC via 1.500 2/17/2027 EUR 26.360
State of North Rh 0.950 01/10/2121 EUR 50.403
Eustream AS 1.625 6/25/2027 EUR 73.576
Ukraine Governmen 7.750 09/01/2025 USD 38.356
TenneT Holding BV 1.125 06/09/2041 EUR 74.116
United Kingdom Gi 0.50010/22/2061 GBP 58.321
Credit Bank of Mo 3.100 1/21/2026 EUR 18.164
Mallinckrodt Inte 10.000 4/15/2025 USD 70.000
Kernel Holding SA 6.50010/17/2024 USD 53.107
CaixaBank SA 3.625 EUR 75.962
Credit Suisse Gro 0.625 1/18/2033 EUR 72.413
Iceland Bondco PL 4.375 5/15/2028 GBP 72.844
VTB Bank PJSC Via 9.500 USD 8.000
State Agency of R 6.250 6/24/2028 USD 33.602
Gazprom PJSC Via 4.250 04/06/2024 GBP 30.001
Russian Foreign B 4.250 6/23/2027 USD 15.888
Herens Midco Sarl 5.250 5/15/2029 EUR 76.167
Voltalia SA 1.000 1/13/2025 EUR 30.305
ING Groep NV 4.250 USD 76.720
Gazprom PJSC via 2.950 1/27/2029 USD 29.957
Pro-Gest SpA 3.25012/15/2024 EUR 74.583
MMC Norilsk Nicke 4.100 04/11/2023 USD 55.929
BICO Group AB 2.875 3/19/2026 SEK 68.672
Credit Bank of Mo 7.500 10/05/2027 USD 21.219
Gazprom PJSC Via 2.500 3/21/2026 EUR 26.999
Vonovia SE 1.625 09/01/2051 EUR 62.048
Romanian Governme 2.625 12/02/2040 EUR 66.915
Rallye SA 4.371 2/28/2032 EUR 14.018
Delivery Hero SE 2.125 03/10/2029 EUR 58.518
Desenio Group AB 5.54612/16/2024 SEK 70.333
Credit Bank of Mo 7.625 USD 15.000
Credit Bank of Mo 4.700 1/29/2025 USD 23.795
Russian Foreign B 2.875 12/04/2025 EUR 16.063
Gazprom PJSC via 3.250 2/25/2030 USD 26.675
NAK Naftogaz Ukra 7.125 7/19/2024 EUR 33.706
Alfa Bank AO Via 5.950 4/15/2030 USD 10.000
MorphoSys AG 0.62510/16/2025 EUR 73.468
Delivery Hero SE 1.000 4/30/2026 EUR 67.993
CPI Property Grou 1.500 1/27/2031 EUR 73.045
Gazprom PJSC via 1.540 6/30/2027 CHF 27.594
Borets Finance DA 6.000 9/17/2026 USD 29.968
Russian Foreign B 5.875 9/16/2043 USD 21.538
Sberbank of Russi 5.250 5/23/2023 USD 12.396
Grupo Antolin-Ira 3.500 4/30/2028 EUR 73.340
NPC Ukrenergo 6.875 11/09/2026 USD 32.680
Delivery Hero SE 1.000 1/23/2027 EUR 70.812
VEON Holdings BV 4.000 04/09/2025 USD 73.475
Mallinckrodt Inte 5.750 08/01/2022 USD 40.750
Metinvest BV 7.75010/17/2029 USD 55.000
Air France-KLM 0.125 3/25/2026 EUR 16.120
Vnesheconombank V 5.94211/21/2023 USD 5.000
Kernel Holding SA 6.75010/27/2027 USD 52.800
Delivery Hero SE 0.875 7/15/2025 EUR 73.309
Sigma Holdco BV 7.875 5/15/2026 USD 71.756
CTP NV 1.500 9/27/2031 EUR 69.854
Metalloinvest Fin 3.37510/22/2028 USD 25.413
Sweden Government 1.375 6/23/2071 SEK 67.005
Just Eat Takeaway 0.625 02/09/2028 EUR 63.810
Tinkoff Bank JSC 9.250 USD 10.000
Metinvest BV 5.625 6/17/2025 EUR 60.655
PIK Securities DA 5.62511/19/2026 USD 8.500
Russian Railways 0.840 03/12/2026 CHF 6.111
Gazprom PJSC Via 4.950 02/06/2028 USD 32.674
Credit Bank of Mo 8.875 USD 12.500
Russian Railways 7.487 3/25/2031 GBP 9.892
Hacienda Investme 5.350 02/08/2028 USD 12.000
Delivery Hero SE 1.500 1/15/2028 EUR 61.214
Serbia Internatio 1.650 03/03/2033 EUR 70.199
Romanian Governme 2.875 4/13/2042 EUR 67.343
Dtek Renewables F 8.500 11/12/2024 EUR 35.372
SPP-Distribucia A 1.000 06/09/2031 EUR 72.946
Evraz PLC 5.250 04/02/2024 USD 58.020
MHP Lux SA 6.250 9/19/2029 USD 52.454
State of North Rh 1.450 1/19/2122 EUR 63.717
Gazprom PJSC via 2.950 4/15/2025 EUR 27.444
BAT International 2.250 09/09/2052 GBP 52.240
NGD Holdings BV 6.75012/31/2026 USD 42.171
Russian Railways 4.600 03/06/2023 EUR 10.221
Nostrum Oil & Gas 8.000 7/25/2022 USD 22.040
Union Fenosa Pref 1.173 EUR 70.000
Ukraine Railways 8.250 07/09/2024 USD 30.477
Accor SA 0.700 12/07/2027 EUR 47.286
Russian Railways 0.898 10/03/2025 CHF 6.479
Russian Railways 3.125 CHF 5.268
Severstal OAO Via 5.90010/17/2022 USD 15.000
MMK International 4.375 6/13/2024 USD 31.000
Gazprom PJSC via 3.500 7/14/2031 USD 29.915
Bank Gospodarstwa 2.250 7/21/2033 PLN 60.560
Ukreximbank Via B 9.750 1/22/2025 USD 52.109
Ekosem-Agrar AG 8.500 12/07/2022 EUR 39.397
Gazprom PJSC Via 4.364 3/21/2025 EUR 29.575
Korian SA 0.875 03/06/2027 EUR 50.156
Metinvest BV 7.750 4/23/2023 USD 54.800
Electricite de Fr 2.000 12/09/2049 EUR 69.624
Arrival SA 3.500 12/01/2026 USD 35.000
Czech Gas Network 0.450 09/08/2029 EUR 72.468
Ukraine Governmen 8.994 02/01/2024 USD 40.210
Lloyds Banking Gr 3.36912/14/2046 USD 74.745
Serbia Internatio 2.050 9/23/2036 EUR 68.258
Evraz PLC 5.375 3/20/2023 USD 50.000
EnBW Energie Bade 2.125 8/31/2081 EUR 74.623
Metinvest BV 7.650 10/01/2027 USD 61.155
Royalty Pharma PL 3.350 09/02/2051 USD 71.119
Credit Bank of Mo 5.550 2/14/2023 USD 20.590
Cardea Europe AG 7.250 12/08/2023 EUR 58.981
Novatek OAO Via N 4.42212/13/2022 USD 46.500
GTLK Europe Capit 5.950 4/17/2025 USD 15.000
MMC Norilsk Nicke 6.62510/14/2022 USD 66.500
Hungary Governmen 2.250 4/20/2033 HUF 64.470
Polyus Finance PL 3.25010/14/2028 USD 26.783
Just Eat Takeaway 1.250 4/30/2026 EUR 71.927
National Grid Ele 0.87211/26/2040 EUR 66.403
MMC Norilsk Nicke 2.550 09/11/2025 USD 51.058
Phosagro OAO Via 2.600 9/16/2028 USD 20.767
Gazprom PJSC via 3.000 6/29/2027 USD 30.275
MMC Norilsk Nicke 2.80010/27/2026 USD 51.375
Credit Bank of Mo 5.150 2/20/2024 EUR 18.549
Odea Bank AS 7.625 08/01/2027 USD 73.063
Hungary Governmen 3.25010/22/2031 HUF 75.068
Quadient SA 3.375 EUR 58.187
Interpipe Holding 8.375 5/13/2026 USD 42.603
Mallinckrodt Inte 5.62510/15/2023 USD 35.250
Ekosem-Agrar AG 7.500 08/01/2024 EUR 18.613
Andrade Gutierrez 9.50012/30/2024 USD 45.000
SCF Capital Desig 5.375 6/16/2023 USD 20.284
Mobile Telesystem 5.000 5/30/2023 USD 27.000
Vnesheconombank V 6.025 07/05/2022 USD 5.000
Czech Gas Network 0.875 3/31/2031 EUR 68.047
Prosus NV 3.832 02/08/2051 USD 66.056
Biocartis Group N 4.000 05/09/2024 EUR 71.463
Saxa Gres Spa 7.000 08/04/2026 EUR 70.635
Czech Republic Go 1.500 4/24/2040 CZK 60.259
Banca Monte dei P 8.000 1/22/2030 EUR 65.452
Russian Agricultu 8.50010/16/2023 USD 7.250
Metro Bank PLC 5.500 6/26/2028 GBP 60.641
Royalty Pharma PL 3.550 09/02/2050 USD 74.054
Bank Gospodarstwa 2.125 06/05/2030 PLN 68.945
Turkey Government 12.600 10/01/2025 TRY 75.250
Hacienda Investme 5.075 2/15/2023 USD 13.292
Gazprom PJSC Via 4.950 3/23/2027 USD 28.256
Paragon GmbH & Co 4.000 4/23/2023 CHF 58.000
Russian Railways 4.375 03/01/2024 USD 20.000
SCF Capital Desig 3.850 4/26/2028 USD 20.596
Sovcombank Via So 8.000 04/07/2030 USD 4.846
Gazprom PJSC via 1.85011/17/2028 EUR 26.411
GTLK Europe DAC 5.125 5/31/2024 USD 16.000
Eurochem Finance 5.500 3/13/2024 USD 41.500
Intesa Sanpaolo S 4.950 06/01/2042 USD 75.724
GTLK Europe Capit 4.650 03/10/2027 USD 13.000
Global Ports Fina 6.500 9/22/2023 USD 8.625
Rallye SA 4.000 2/28/2032 EUR 14.380
Wirecard AG 0.500 09/11/2024 EUR 11.496
Suek Securities D 3.375 9/15/2026 USD 15.000
Prosus NV 4.987 1/19/2052 USD 78.057
MMC Norilsk Nicke 3.37510/28/2024 USD 53.125
Sovcombank Via So 7.750 USD 3.842
Sovcombank Via So 7.600 USD 5.007
Deutsche Bahn Fin 0.625 12/08/2050 EUR 61.260
Novolipetsk Steel 4.000 9/21/2024 USD 37.750
Borets Finance DA 6.500 04/07/2022 USD 30.017
Rallye SA 5.250 2/28/2032 EUR 14.823
Ozon Holdings PLC 1.875 2/24/2026 USD 26.000
Russian Foreign B 1.12511/20/2027 EUR 14.988
Maisons du Monde 0.125 12/06/2023 EUR 46.854
Vonovia Finance B 1.000 1/28/2041 EUR 62.659
Novolipetsk Steel 4.500 6/15/2023 USD 38.250
DOF Subsea AS 9.500 9/30/2022 USD 50.427
Phosagro OAO Via 3.050 1/23/2025 USD 21.875
Cellnex Finance C 3.875 07/07/2041 USD 73.460
Republic of Belar 6.378 2/24/2031 USD 13.333
Ukreximbank Via B 9.95011/14/2029 USD 35.239
TenneT Holding BV 0.50011/30/2040 EUR 66.130
Diebold Nixdorf D 9.000 7/15/2025 EUR 72.532
Sovcombank Via So 3.400 1/26/2025 USD 5.017
Ukraine Railways 7.875 7/15/2026 USD 29.737
Turkey Government 10.600 02/11/2026 TRY 71.600
Bank Gospodarstwa 1.750 03/12/2028 PLN 73.626
Aggregate Holding 5.500 5/17/2024 EUR 20.000
DOF Subsea AS 9.23011/27/2023 NOK 50.000
Republic of Polan 4.000 4/25/2047 PLN 65.876
Econocom Group SA 0.500 03/06/2023 EUR 8.047
Bank Gospodarstwa 2.37511/27/2040 PLN 48.774
Home Credit & Fin 8.800 USD 5.000
Banca Monte dei P 8.500 09/10/2030 EUR 67.276
BNP Paribas SA 2.824 1/26/2041 USD 72.759
Mallinckrodt Inte 5.500 4/15/2025 USD 39.000
Constellation Oil 10.000 11/09/2024 USD 36.659
Rusal Capital DAC 4.850 02/01/2023 USD 40.960
Mithra Pharmaceut 4.25012/17/2025 EUR 69.654
Haya Real Estate 5.25011/15/2022 EUR 68.304
Medtronic Global 1.62510/15/2050 EUR 72.392
BP Capital Market 1.467 9/21/2041 EUR 74.160
Societe Generale 4.027 1/21/2043 USD 76.006
PB International 7.62512/31/2025 USD 43.827
Lukoil Capital DA 2.800 4/26/2027 USD 55.003
Prosus NV 4.027 08/03/2050 USD 68.394
Turkey Government 11.000 2/24/2027 TRY 64.000
Societe Generale 3.625 03/01/2041 USD 73.219
Neoen SA 1.875 10/07/2024 EUR 43.625
Offshore Drilling 8.375 9/20/2020 USD 4.560
Republic of Belar 5.875 2/24/2026 USD 14.063
Atento Luxco 1 SA 8.000 02/10/2026 USD 79.157
Mallinckrodt Inte 4.750 4/15/2023 USD 41.500
Republic of Armen 3.600 02/02/2031 USD 73.537
JT International 3.300 9/14/2051 USD 72.197
VTB Bank OJSC Via 4.07310/24/2024 CHF 4.936
Slovenia Governme 1.175 2/13/2062 EUR 68.284
Nexity SA 0.250 03/02/2025 EUR 61.511
Travelex Financin 8.000 5/15/2022 EUR 1.212
Vonovia SE 1.500 6/14/2041 EUR 68.735
Uralkali OJSC Via 4.00010/22/2024 USD 22.000
Turkey Government 8.000 03/12/2025 TRY 68.500
Lukoil Capital DA 3.60010/26/2031 USD 49.651
State of North Rh 1.375 1/15/2120 EUR 61.908
BAT International 4.00011/23/2055 GBP 67.611
Neoen SA 2.000 06/02/2025 EUR 53.245
GTLK Europe Capit 4.800 2/26/2028 USD 16.000
VEON Holdings BV 3.37511/25/2027 USD 62.631
Russian Railways 1.195 04/03/2028 CHF 7.069
Intelsat Jackson 8.50010/15/2024 USD 44.504
Nostrum Oil & Gas 7.000 2/16/2025 USD 24.499
FF Group Finance 1.750 07/03/2019 EUR 5.493
Turkey Government 12.400 03/08/2028 TRY 69.750
Ukraine Governmen 15.840 2/26/2025 UAH 56.287
FIGEAC-AERO 1.12510/18/2022 EUR 22.802
Polyus Finance PL 5.250 02/07/2023 USD 25.143
Unibail-Rodamco-W 1.750 07/01/2049 EUR 60.747
EnfraGen Energia 5.37512/30/2030 USD 70.404
Lukoil Securities 3.875 05/06/2030 USD 52.061
Sibur Securities 2.950 07/08/2025 USD 35.000
Prosus NV 2.031 08/03/2032 EUR 74.309
SRV Group Oyj 6.875 3/23/2025 EUR 59.864
Fuerstenberg Capi 5.625 EUR 60.902
Credit Agricole S 2.811 01/11/2041 USD 72.731
TMK OAO Via TMK C 4.300 02/12/2027 USD 17.368
Enel Finance Inte 0.875 6/17/2036 EUR 73.495
CM.com NV 2.000 09/09/2026 EUR 74.270
Bayer AG 1.000 01/12/2036 EUR 74.055
BP Capital Market 0.933 12/04/2040 EUR 68.307
Rusal Capital DAC 5.300 05/03/2023 USD 30.000
HOCHDORF Holding 2.500 CHF 48.953
Alfa Bank AO Via 6.950 USD 11.533
GTLK Europe Capit 4.949 2/18/2026 USD 16.000
Slovenia Governme 0.688 03/03/2081 EUR 45.311
Autonomous Commun 2.965 09/08/2039 JPY 67.673
Intelsat Jackson 9.750 7/15/2025 USD 44.301
Deutsche Bahn Fin 1.125 5/29/2051 EUR 70.901
GTLK Europe Capit 4.349 2/27/2029 USD 14.974
Societe Generale 3.625 03/01/2041 USD 72.894
SRV Group Oyj 4.875 3/27/2025 EUR 59.875
Celtic Resources 4.125 10/09/2024 USD 37.915
ABH Financial Ltd 2.875 11/09/2022 CHF 5.100
Intelsat Jackson 5.500 08/01/2023 USD 42.919
Vonovia Finance B 1.625 10/07/2039 EUR 70.765
Credit Bank of Mo 7.121 6/25/2024 USD 21.063
Cooperatieve Rabo 0.01011/27/2040 EUR 68.975
Gazprom PJSC Via 4.950 7/19/2022 USD 74.450
BNP Paribas SA 2.824 1/26/2041 USD 72.359
Alfa Bank AO Via 5.900 USD 7.956
Romania Governmen 4.250 4/28/2036 RON 67.977
Vonovia Finance B 1.125 9/14/2034 EUR 73.834
Alfa Bank AO Via 5.50010/26/2031 USD 7.831
Societe Du Grand 1.00011/26/2051 EUR 71.342
Dexia Credit Loca 1.327 EUR 3.996
ABH Financial Ltd 2.700 06/11/2023 EUR 5.000
Region de Bruxell 0.765 7/15/2052 EUR 64.554
Nestle Finance In 0.875 6/14/2041 EUR 73.188
de Volksbank NV 0.375 9/16/2041 EUR 73.953
DNB Bank ASA 0.954 USD 69.798
AstraZeneca PLC 2.125 08/06/2050 USD 70.084
Clarion Funding P 1.875 09/07/2051 GBP 68.708
Lithuania Governm 0.750 7/15/2051 EUR 64.561
Nederlandse Water 0.500 4/26/2051 EUR 71.318
Wellcome Trust Lt 1.500 7/14/2071 GBP 63.165
Hungary Governmen 2.000 5/23/2029 HUF 72.933
Polyus Finance PL 4.700 1/29/2024 USD 26.114
Russian Foreign B 5.100 3/28/2035 USD 15.084
Scandinavian Airl 0.625 CHF 11.683
City of Kyiv Via 7.50012/15/2022 USD 36.368
Pierre Et Vacance 2.000 04/01/2023 EUR 25.014
Investor AB 0.37510/29/2035 EUR 73.174
Rallye SA 3.400 2/28/2032 EUR 14.172
Turkey Government 9.000 7/24/2024 TRY 74.500
DNB Bank ASA 1.848 USD 71.000
Idavang A/S 7.250 11/11/2025 EUR 65.967
CCEP Finance Irel 1.500 05/06/2041 EUR 74.517
University Colleg 1.625 06/04/2061 GBP 71.286
Gazprom PJSC Via 4.950 02/06/2028 USD 31.421
VEON Holdings BV 4.000 04/09/2025 USD 73.124
City of Lugano Sw 0.15011/28/2070 CHF 50.800
Haya Real Estate 5.12511/15/2022 EUR 69.422
Sibur Securities 4.125 10/05/2023 USD 30.352
Russian Foreign B 4.875 9/16/2023 USD 21.500
Russian Federal B 6.100 7/18/2035 RUB 76.200
Credit Agricole S 2.811 01/11/2041 USD 72.335
BAT International 2.000 3/13/2045 EUR 63.020
State of North Rh 0.500 1/15/2052 EUR 68.491
DNB Bank ASA 0.929 USD 69.955
Ukraine Governmen 7.750 09/01/2022 USD 69.636
Sibur Securities 3.450 9/23/2024 USD 28.200
Intu Debenture PL 5.56212/31/2027 GBP 41.250
Sigma Holdco BV 7.875 5/15/2026 USD 69.891
Prosus NV 1.985 7/13/2033 EUR 72.299
PIK Securities DA 5.62511/19/2026 USD 8.000
Senvion Holding G 3.87510/25/2022 EUR 0.249
Nederlandse Water 0.375 9/28/2046 EUR 71.581
Karlou BV 7.750 6/18/2024 USD 14.358
Hungary Governmen 2.250 6/22/2034 HUF 61.849
Gazprom PJSC via 4.599 USD 16.000
Mondelez Internat 1.250 09/09/2041 EUR 69.963
Koninklijke Lucht 0.750 CHF 18.000
Linde PLC 1.000 9/30/2051 EUR 62.266
Russian Foreign B 4.750 5/27/2026 USD 17.198
Rallye SA 3.250 2/28/2032 CHF 14.698
La Poste SA 0.625 1/18/2036 EUR 73.816
Nestle Finance In 0.375 12/03/2040 EUR 67.728
PJSC Koks via IMH 5.900 9/23/2025 USD 5.660
Lukoil Internatio 4.563 4/24/2023 USD 70.949
Immigon Portfolio 5.772 EUR 11.233
Thomas Cook Finan 3.875 7/15/2023 EUR 0.851
ALROSA Finance SA 4.650 04/09/2024 USD 11.119
Russian Foreign B 4.375 3/21/2029 USD 16.726
Shell Internation 1.750 09/10/2052 GBP 63.668
Societe Du Grand 0.70010/15/2060 EUR 57.246
Havila Shipping A 5.920 01/02/2025 NOK 34.228
O1 Properties Fin 0.500 9/27/2028 USD 6.270
Galapagos Holding 7.000 6/15/2022 EUR 2.010
Ministeries Van d 1.000 1/23/2051 EUR 73.085
Thomas Cook Group 6.250 6/15/2022 EUR 0.510
Lukoil Internatio 4.750 11/02/2026 USD 60.376
Russian Foreign B 5.625 04/04/2042 USD 20.625
Prosus NV 4.027 08/03/2050 USD 68.701
FF Group Finance 3.250 11/02/2021 CHF 5.385
Officine Maccafer 5.750 06/01/2021 EUR 16.545
Russian Foreign B 4.250 6/23/2027 USD 16.310
Constellation Oil 10.000 11/09/2024 USD 1.000
Rallye SA 4.000 2/28/2032 CHF 13.150
Norddeutsche Land 7.490 EUR 61.945
Vnesheconombank V 6.80011/22/2025 USD 5.000
BAE Systems PLC 3.000 9/15/2050 USD 75.056
Gecina SA 0.875 6/30/2036 EUR 74.770
Nexity SA 0.875 4/19/2028 EUR 49.053
Cooperatieve Rabo 0.01011/27/2040 EUR 68.791
Rickmers Holding 8.875 06/11/2018 EUR 0.665
Wessex Water Serv 1.250 01/12/2036 GBP 74.043
Romanian Governme 3.375 1/28/2050 EUR 70.379
Region Wallonne B 1.250 6/22/2071 EUR 63.925
Enel Finance Inte 2.875 07/12/2041 USD 73.682
Realkredit Danmar 1.000 10/01/2053 DKK 73.872
Constellation Oil 10.000 11/09/2024 USD 0.633
Russian Foreign B 5.250 6/23/2047 USD 17.646
MMK International 4.375 6/13/2024 USD 27.779
MHP SE 7.750 05/10/2024 USD 53.445
Societe Nationale 1.000 1/19/2061 EUR 58.882
Shell Internation 0.875 11/08/2039 EUR 73.289
Croatia Governmen 1.250 03/03/2040 EUR 70.995
Northern Powergri 1.875 6/16/2062 GBP 65.944
Claranova SE 5.000 07/01/2023 EUR 1.080
Credit Bank of Mo 4.700 1/29/2025 USD 23.812
Pentracor GmbH 8.500 5/29/2025 EUR 17.500
Prosus NV 4.987 1/19/2052 USD 78.651
Credit Bank of Mo 3.875 9/21/2026 USD 23.556
Sovcombank Via So 7.750 USD 3.842
Chelyabinsk Pipe 4.500 9/19/2024 USD 10.042
Ukreximbank Via B 7.623 02/09/2023 USD 32.010
Aragvi Finance In 8.450 4/29/2026 USD 69.926
Guinness Partners 2.000 4/22/2055 GBP 72.303
EA Partners II BV 6.750 06/01/2021 USD 0.389
JAB Holdings BV 3.750 5/28/2051 USD 75.345
Metinvest BV 7.75010/17/2029 USD 61.750
UK Municipal Bond 1.625 8/26/2060 GBP 70.552
Luzerner Kantonal 0.150 10/07/2044 CHF 72.081
Gazprom PJSC via 3.250 2/25/2030 USD 29.188
Platform HG Finan 1.625 08/10/2055 GBP 64.620
Sberbank of Russi 5.12510/29/2022 USD 100.375
Becton Dickinson 1.336 8/13/2041 EUR 70.160
Land Berlin 0.625 1/26/2052 EUR 72.167
Anchor Hanover Gr 2.000 7/21/2051 GBP 71.713
Hylea Group SA 7.250 12/01/2022 EUR 3.800
Cellnex Finance C 3.875 07/07/2041 USD 73.824
National Grid Gas 1.625 1/14/2043 GBP 65.355
Evraz PLC 5.250 04/02/2024 USD 42.367
Saltaire Finance 1.52711/23/2051 GBP 75.564
NPC Ukrenergo 6.875 11/09/2026 USD 34.830
Vier Gas Transpor 0.500 09/10/2034 EUR 70.845
Hacienda Investme 5.350 02/08/2028 USD 11.000
Societe Generale 4.027 1/21/2043 USD 75.769
Ziton A/S 7.900 10/03/2022 EUR 69.917
Russian Foreign B 12.750 6/24/2028 USD 25.000
Gazprom PJSC Via 8.625 4/28/2034 USD 35.336
Region de Bruxell 1.100 5/25/2051 EUR 72.733
Motability Operat 1.500 1/20/2041 GBP 74.783
Perrigo Finance U 4.90012/15/2044 USD 74.780
SABIC Capital I B 3.000 9/14/2050 USD 73.068
Ukraine Governmen 7.253 3/15/2033 USD 36.545
Onward Homes Ltd 2.125 3/25/2053 GBP 74.466
Banco Espirito Sa 7.12511/28/2023 EUR 0.523
Accentro Real Est 4.125 3/23/2026 EUR 71.871
Ukraine Governmen 6.876 5/21/2029 USD 36.749
St Galler Kantona 0.100 10/10/2041 CHF 73.749
Air Berlin PLC 8.250 4/19/2018 EUR 0.892
Lehman Brothers U 5.125 EUR 19.750
Alno AG 8.500 5/14/2018 EUR 16.502
Deutsche Lichtmie 5.250 02/01/2027 EUR 5.876
Development Bank 6.750 05/02/2024 USD 6.147
MHP Lux SA 6.250 9/19/2029 USD 52.842
Deutsche Lichtmie 5.750 12/01/2023 EUR 9.934
Deutsche Lichtmie 5.250 09/01/2025 EUR 0.010
Deutsche Wohnen S 1.300 04/07/2041 EUR 64.747
Phosagro OAO Via 3.949 4/24/2023 USD 27.357
Deutsche Lichtmie 5.750 01/01/2023 EUR 5.000
European Primary 1.732 11/09/2055 GBP 73.527
Nykredit Realkred 1.000 10/01/2053 DKK 73.865
Europejskie Centr 11.370 4/14/2023 PLN 58.973
Volkswagen Intern 1.500 1/21/2041 EUR 72.381
Muenchener Hypoth 0.01010/19/2039 EUR 70.841
Turkey Government 5.750 05/11/2047 USD 68.892
Cie Generale des 0.625 11/02/2040 EUR 68.320
Basque Government 1.37510/31/2070 EUR 55.755
Ukraine Governmen 7.750 09/01/2025 USD 38.721
VF Ukraine PAT vi 6.200 02/11/2025 USD 65.361
Metalloinvest Fin 3.37510/22/2028 USD 24.898
Czech Republic Go 1.950 7/30/2037 CZK 69.711
Alfa Bank AO Via 5.950 4/15/2030 USD 10.000
City of St Gallen 0.140 9/16/2044 CHF 74.092
Hyde Housing Asso 1.750 8/18/2055 GBP 64.977
WPP Finance 2013 2.875 9/14/2046 GBP 74.580
Uralkali OJSC Via 4.00010/22/2024 USD 20.000
Sberbank of Russi 5.250 5/23/2023 USD 12.396
ABN AMRO Bank NV 0.400 9/17/2041 EUR 73.871
Orpea SA 2.750 06/03/2033 EUR 60.159
Norwegian Air Shu 5.450 02/07/2023 SEK 41.154
Bourbon Corp 8.305 EUR 0.400
Gazprom PJSC Via 7.288 8/16/2037 USD 30.281
NAK Naftogaz Ukra 7.625 11/08/2026 USD 31.924
Avangardco Invest 10.00010/29/2018 USD 0.348
M Objekt Real Est 6.000 7/22/2024 EUR 55.715
Air Berlin PLC 6.750 05/09/2019 EUR 0.425
Ukraine Governmen 10.950 11/01/2023 UAH 71.647
Stichting Afwikke 6.25010/26/2020 EUR 5.375
Credit Bank of Mo 3.100 1/21/2026 EUR 20.081
Interpipe Holding 8.375 5/13/2026 USD 41.445
City of Lausanne 0.050 9/28/2054 CHF 60.087
UkrLandFarming PL 10.875 3/26/2018 USD 0.998
Engie SA 1.25010/24/2041 EUR 70.514
NET4GAS sro 2.750 7/17/2025 CZK 69.040
Alfa Bank AO Via 5.900 USD 7.956
Mallinckrodt Inte 5.750 08/01/2022 USD 48.250
EYEMAXX Real Esta 5.500 4/26/2023 EUR 2.837
EA Partners I BV 6.875 9/28/2020 USD 0.500
Metinvest BV 7.650 10/01/2027 USD 61.132
Nykredit Realkred 0.500 10/01/2053 DKK 74.654
Mallinckrodt Inte 10.000 4/15/2025 USD 70.081
Debenhams PLC 5.250 7/15/2021 GBP 0.500
Canton of Neuchat 0.350 7/14/2050 CHF 70.895
Privatbank CJSC V 10.250 1/23/2018 USD 3.909
Societe Du Grand 1.000 2/18/2070 EUR 59.702
Orpea SA 2.56411/30/2027 EUR 66.741
Region de Bruxell 1.121 05/11/2071 EUR 62.931
Genfit 3.50010/16/2025 EUR 24.756
European Financia 0.700 1/17/2053 EUR 72.389
Verimatrix SA 6.000 6/29/2022 EUR 3.851
Romanian Governme 4.000 2/14/2051 USD 77.232
Stichting Afwikke 11.250 EUR 0.622
Hellenic Bank PCL 10.000 EUR 54.730
Societe Centrale 2.500 5/15/2023 EUR 6.870
State Agency of R 6.250 6/24/2028 USD 34.451
OGX Austria GmbH 8.375 04/01/2022 USD 0.002
Phosagro OAO Via 3.050 1/23/2025 USD 21.820
Sovcombank Via So 3.400 1/26/2025 USD 5.017
Boparan Finance P 7.62511/30/2025 GBP 71.167
Nostrum Oil & Gas 8.000 7/25/2022 USD 23.418
Constellation Oil 10.000 11/09/2024 USD 1.000
Tresu Investment 5.000 01/02/2025 EUR 48.800
Ukraine Governmen 4.375 1/27/2030 EUR 36.201
Mitsubishi UFJ In 3.80212/30/2099 EUR 5.458
Russian Foreign B 2.875 12/04/2025 EUR 16.634
EDOB Abwicklungs 7.500 04/01/2012 EUR 1.368
Hamon & CIE SA 3.300 1/31/2035 EUR 46.000
Hellenic Republic 2.085 7/25/2057 EUR 37.180
Enel Finance Inte 2.875 07/12/2041 USD 73.212
Constellation Oil 10.000 11/09/2024 USD 36.968
Cirio Holding Lux 6.250 2/16/2004 EUR 0.723
Gazprom PJSC Via 3.12511/17/2023 EUR 35.645
RTE Reseau de Tra 1.125 09/09/2049 EUR 66.905
Polski Koncern Na 2.875 3/25/2031 PLN 68.924
AK BARS Bank Via 8.000 7/13/2022 USD 25.000
EYEMAXX Real Esta 5.500 9/24/2024 EUR 2.927
European Financia 0.050 1/18/2052 EUR 58.524
Societe Nationale 0.875 2/28/2051 EUR 65.127
Novolipetsk Steel 4.700 5/30/2026 USD 37.208
Hungary Governmen 3.125 9/21/2051 USD 67.783
Flagship Finance 1.875 7/14/2061 GBP 66.885
Ukraine Governmen 7.375 9/25/2032 USD 36.397
Northern Powergri 2.250 10/09/2059 GBP 73.821
Barclays Bank PLC 1.092 7/28/2031 USD 70.601
Republic of Polan 1.750 4/25/2032 PLN 65.058
Evraz PLC 5.375 3/20/2023 USD 45.022
Prosus NV 3.832 02/08/2051 USD 65.823
Kommunekredit 0.125 9/26/2040 EUR 71.373
Yuksel Insaat AS 9.500 11/10/2015 USD 0.101
Gazprom PJSC via 2.950 1/27/2029 USD 28.945
Canton of Neuchat 0.10010/29/2049 CHF 65.783
Junta de Castilla 1.275 04/07/2049 EUR 70.644
WD Invest Sarl 1.900 10/02/2024 EUR 11.374
Canton of Geneva 0.50010/31/2056 CHF 73.250
Andrade Gutierrez 11.000 8/20/2021 USD 56.940
Bilt Paper BV 10.360 USD 1.430
Allied Irish Bank 12.500 6/25/2035 GBP 55.202
Hellas Telecommun 6.054 1/15/2015 USD 0.001
Nordiska Kreditma 8.816 SEK 71.002
Barclays Bank PLC 12.000 9/24/2025 TRY 50.708
Kernel Holding SA 6.75010/27/2027 USD 52.826
ALROSA Finance SA 3.100 6/25/2027 USD 10.163
EYEMAXX Real Esta 5.500 7/22/2025 EUR 75.000
Polski Fundusz Ro 1.375 8/30/2027 PLN 74.146
Berner Kantonalba 0.100 9/30/2039 CHF 74.206
Land Berlin 0.350 09/09/2050 EUR 67.049
Ukraine Governmen 7.750 09/01/2023 USD 46.167
Ukraine Governmen 8.994 02/01/2024 USD 40.197
State of North Rh 0.375 09/02/2050 EUR 67.289
Orpea SA 2.000 08/09/2029 EUR 60.000
Gazprom PJSC Via 4.950 3/23/2027 USD 29.520
LSF9 Balta Issuer 3.00012/31/2030 EUR 64.485
Tinkoff Bank JSC 6.000 USD 6.643
Senivita Social E 6.500 05/12/2025 EUR 5.120
Civitas Propertie 4.00011/24/2022 EUR 65.000
Banco Espirito Sa 2.282 EUR 0.120
Orpea SA 2.77012/18/2028 EUR 60.355
Free and Hanseati 0.300 9/16/2050 EUR 65.783
Romania Governmen 3.650 9/24/2031 RON 72.870
Endo Luxembourg F 6.125 04/01/2029 USD 75.801
Ukraine Governmen 7.750 09/01/2026 USD 39.248
Ukreximbank Via B 9.750 1/22/2025 USD 52.109
Russian Foreign B 5.875 9/16/2043 USD 21.667
VTB Bank OJSC Via 6.95010/17/2022 USD 5.975
Eurotorg LLC Via 9.00010/22/2025 USD 31.250
Lehman Brothers U 3.875 EUR 19.750
Kleopatra Holding 6.500 09/01/2026 EUR 65.666
Metinvest BV 8.500 4/23/2026 USD 55.250
Suek Securities D 3.375 9/15/2026 USD 13.000
Ukraine Governmen 9.750 11/01/2028 USD 38.982
Novolipetsk Steel 1.450 06/02/2026 EUR 29.525
Havila Shipping A 5.170 01/02/2025 NOK 40.619
Jababeka Internat 6.500 10/05/2023 USD 72.511
Free and Hanseati 0.250 2/18/2041 EUR 73.580
Deutsche Bank AG/ 13.750 6/20/2026 TRY 28.436
MHP Lux SA 6.950 04/03/2026 USD 53.305
Gazprom PJSC Via 5.150 02/11/2026 USD 27.167
City of Bern Swit 0.040 10/02/2070 CHF 51.907
Rallye SA 1.000 2/28/2032 EUR 15.750
Region Wallonne B 1.000 9/16/2059 EUR 62.528
Frigoglass Financ 6.875 02/12/2025 EUR 52.944
Jain Internationa 7.125 3/31/2026 USD 28.000
State of Saxony-A 0.500 3/24/2051 EUR 70.253
ESFIL-Espirito Sa 5.250 06/12/2015 EUR 0.111
Gazprom PJSC via 3.500 7/14/2031 USD 27.667
Eurochem Finance 5.500 3/13/2024 USD 40.000
LiveWest Treasury 1.875 2/18/2056 GBP 69.868
Cooperatieve Rabo 0.500 7/30/2043 MXN 13.295
Air Berlin PLC 5.625 05/09/2019 CHF 0.361
Sigma Holdco BV 5.750 5/15/2026 EUR 70.904
Phosagro OAO Via 2.600 9/16/2028 USD 23.000
Severstal OAO Via 3.150 9/16/2024 USD 15.000
Alfa Bank AO Via 5.50010/26/2031 USD 7.831
Praktiker AG 5.875 02/10/2016 EUR 0.069
Hungary Governmen 3.000 4/25/2041 HUF 59.023
Severstal OAO Via 5.90010/17/2022 USD 14.982
MMC Norilsk Nicke 6.62510/14/2022 USD 102.620
Banco Espirito Sa 6.875 7/15/2016 EUR 24.500
Veragold Mining C 5.00012/31/2022 EUR 20.000
Fuerstenberg Capi 1.020 EUR 61.718
Banque Cantonale 0.100 11/01/2044 CHF 69.799
BOA Offshore AS 0.409 7/17/2047 NOK 5.253
Banco Espirito Sa 2.462 EUR 0.254
Samhallsbyggnadsb 2.750 04/03/2040 EUR 61.227
Agrokor dd 9.875 05/01/2019 EUR 15.000
Metinvest BV 7.750 4/23/2023 USD 60.214
Republic of Belar 6.875 2/28/2023 USD 16.300
Ukraine Governmen 10.000 8/23/2023 UAH 70.585
Muenchener Hypoth 0.010 11/02/2040 EUR 69.520
Takarek Mortgage 3.00010/22/2031 HUF 66.800
State of Bremen 0.400 8/20/2049 EUR 68.432
Alitalia-Societa 5.250 7/30/2020 EUR 0.100
Boparan Finance P 7.62511/30/2025 GBP 69.518
Communaute Franca 0.788 8/30/2049 EUR 65.439
Bank Nadra Via ND 8.250 7/31/2018 USD 0.208
Virgolino de Oliv 10.500 1/28/2018 USD 0.436
Ideal Standard In 6.375 7/30/2026 EUR 70.150
Barclays Bank PLC 1.07212/30/2030 USD 74.340
Mallinckrodt Inte 5.500 4/15/2025 USD 35.000
Virgolino de Oliv 11.750 02/09/2022 USD 0.503
Orpea SA 3.00011/25/2041 EUR 59.613
Espirito Santo Fi 6.87510/21/2019 EUR 0.244
Sovcombank Via So 7.600 USD 5.007
Cirio Finanziaria 8.00012/21/2005 EUR 0.753
State of Rhinelan 0.375 03/10/2051 EUR 67.571
Polyus Finance PL 3.25010/14/2028 USD 25.880
Espirito Santo Fi 9.75012/19/2025 EUR 0.287
BAWAG PSK Bank fu 0.375 3/25/2041 EUR 73.633
Ukraine Governmen 11.50010/25/2023 UAH 72.459
Mallinckrodt Inte 5.62510/15/2023 USD 39.331
Green City Energy 4.00012/30/2026 EUR 12.000
Borets Finance DA 6.000 9/17/2026 USD 30.000
Sovcombank Via So 8.000 04/07/2030 USD 4.846
Havenbedrijf Rott 1.100 3/23/2051 EUR 73.430
Novatek OAO Via N 4.42212/13/2022 USD 51.732
VTB Bank PJSC Via 9.500 USD 8.289
Swissgrid AG 0.050 6/30/2050 CHF 61.577
MMC Norilsk Nicke 4.100 04/11/2023 USD 56.557
Ukraine Governmen 15.840 2/26/2025 UAH 56.287
OGX Austria GmbH 8.500 06/01/2018 USD 0.002
Societe Generale 10.000 10/01/2036 USD 70.125
Spain Government 1.00010/31/2050 EUR 67.346
Vnesheconombank V 5.94211/21/2023 USD 5.000
State of Bremen 0.450 2/24/2051 EUR 68.594
Free and Hanseati 0.200 09/03/2049 EUR 64.464
Republic of Belar 6.200 2/28/2030 USD 13.750
Kommunekredit 0.375 02/03/2045 DKK 71.379
CB First Investme 8.000 EUR 63.139
Solarworld AG 9.691 2/24/2019 EUR 25.000
Nordea Kredit Rea 1.000 10/01/2053 DKK 73.856
Ukraine Governmen 9.990 5/22/2024 UAH 59.574
de Volksbank NV 0.12511/19/2040 EUR 71.041
EOS Imaging SA 6.000 5/31/2023 EUR 7.250
LBI ehf 6.100 8/25/2011 USD 10.709
Region de Bruxell 1.029 1/14/2048 EUR 73.920
Celtic Resources 4.125 10/09/2024 USD 37.915
Banca Popolare di 9.500 9/29/2025 EUR 0.704
Espirito Santo Fi 3.125 12/02/2018 EUR 0.286
Landwirtschaftlic 0.01011/26/2040 EUR 71.342
Land Thueringen 0.375 12/01/2051 EUR 66.879
AXA Bank Europe S 0.250 06/09/2040 EUR 73.028
Elli Finance UK P 8.750 6/15/2019 GBP 65.125
Andrade Gutierrez 9.50012/30/2024 USD 61.375
Offshore Drilling 8.375 9/20/2020 USD 4.560
State of Brandenb 0.125 1/26/2046 EUR 66.414
Transcapitalbank 10.000 USD 65.353
Bank Vontobel AG 15.000 11/07/2022 EUR 53.300
Standard Profil A 6.250 4/30/2026 EUR 65.000
Wales & West Util 1.875 5/28/2041 GBP 73.517
Lehman Brothers U 5.750 EUR 7.000
New World Resourc 4.000 10/07/2020 EUR 0.308
Windreich GmbH 6.500 7/15/2016 EUR 4.475
Ukraine Governmen 7.750 09/01/2027 USD 38.919
Ukraine Governmen 11.67011/22/2023 UAH 68.201
Gazprom PJSC via 1.500 2/17/2027 EUR 26.360
Kernel Holding SA 6.50010/17/2024 USD 53.391
Privatbank CJSC V 11.000 02/09/2021 USD 1.000
State of Bremen 0.150 9/14/2040 EUR 72.417
Dexia SA 1.342 EUR 3.167
Ukraine Governmen 7.375 9/25/2032 USD 36.000
Ukraine Governmen 3.700 5/25/2023 USD 60.234
VTB Bank OJSC Via 6.250 6/30/2035 USD 22.000
City of Lausanne 0.540 11/06/2062 CHF 68.331
Credit Bank of Mo 7.625 USD 15.000
Barclays Bank PLC 1.218 06/03/2036 USD 65.000
Republic of Belar 5.875 2/24/2026 USD 14.000
Credit Bank of Mo 5.550 2/14/2023 USD 21.046
Romanian Governme 2.000 4/14/2033 EUR 72.280
Realkredit Danmar 0.500 10/01/2053 DKK 74.667
New World Resourc 8.000 04/07/2020 EUR 0.001
Jain Internationa 7.125 02/01/2022 USD 22.424
MFB Magyar Fejles 2.90010/22/2031 HUF 69.887
Nationale-Nederla 0.050 11/12/2040 EUR 71.598
Veneto Banca SpA 9.878 12/01/2025 EUR 0.479
Region Wallonne B 0.650 1/16/2051 EUR 63.167
Cirio Finance Lux 7.500 11/03/2002 EUR 1.430
Swissgrid AG 0.200 6/29/2040 CHF 73.602
Turkey Government 4.875 4/16/2043 USD 64.935
Perrigo Co PLC 5.30011/15/2043 USD 81.859
Department of L'E 0.515 5/25/2040 EUR 73.315
Land Thueringen 0.125 1/13/2051 EUR 61.741
SCF Capital Desig 5.375 6/16/2023 USD 20.284
Canton of Zurich 0.100 6/23/2045 CHF 73.276
Credit Bank of Mo 7.500 10/05/2027 USD 21.221
Sidetur Finance B 10.000 4/20/2016 USD 0.770
A-TEC Industries 8.75010/27/2014 EUR 0.100
Romania Governmen 4.750 10/11/2034 RON 74.931
Transports Public 0.45012/29/2056 CHF 64.808
A-TEC Industries 2.750 05/10/2014 EUR 0.100
DZ Bank AG Deutsc 0.550 4/29/2024 EUR 47.659
Metinvest BV 5.625 6/17/2025 EUR 60.141
Rosselkhozbank JS 9.000 RUB 75.820
CRC Breeze Financ 6.110 05/08/2026 EUR 31.539
Hema Bondco II BV 8.500 1/15/2023 EUR 0.113
State Savings Ban 7.293 1/19/2024 USD 30.625
Caisse Francaise 0.500 10/01/2046 EUR 71.674
French Republic G 0.750 5/25/2052 EUR 71.035
Barclays Bank PLC 1.139 1/27/2031 USD 72.289
Basque Government 1.00010/31/2050 EUR 62.675
Ukraine Governmen 6.750 6/20/2026 EUR 36.085
RUSNANO AO 6.750 12/12/2023 RUB 69.720
Cooperatieve Rabo 0.50010/30/2043 MXN 13.011
Mobile Telesystem 5.000 5/30/2023 USD 23.973
MMC Norilsk Nicke 2.550 09/11/2025 USD 51.618
Autonomous Commun 1.850 5/13/2061 EUR 70.419
Banco Espirito Sa 6.900 6/28/2024 EUR 24.500
Midland Heart Cap 1.831 08/12/2050 GBP 70.617
Kairos Global Sol 1.900 07/03/2035 USD 69.405
Grupo Antolin-Ira 3.500 4/30/2028 EUR 73.396
Fuerstenberg Capi 1.609 EUR 60.361
Land Baden-Wuertt 0.12511/19/2040 EUR 72.332
Saleza AS 9.000 07/12/2021 EUR 0.203
Gazprom PJSC via 3.897 EUR 15.202
State of Brandenb 0.60010/13/2051 EUR 72.300
Ville de Paris 0.45010/20/2045 EUR 68.435
KTG Agrar SE 7.125 06/06/2017 EUR 1.746
Free and Hanseati 0.40011/23/2051 EUR 67.312
Jyske Realkredit 0.500 10/01/2053 DKK 74.699
Barclays Bank PLC 10.200 2/16/2023 USD 51.200
Polski Fundusz Ro 2.000 03/05/2030 PLN 68.917
CBo Territoria 3.750 07/01/2024 EUR 4.600
Turkey Government 6.625 2/17/2045 USD 75.758
Joh Friedrich Beh 6.250 6/18/2024 EUR 30.001
Novolipetsk Steel 4.500 6/15/2023 USD 40.604
Novolipetsk Steel 4.000 9/21/2024 USD 39.136
City of Lausanne 0.230 11/01/2060 CHF 60.335
Norwegian Air Shu 6.37511/15/2024 USD 47.985
Tennor Finance BV 5.750 6/17/2024 EUR 75.000
Enertronica Sante 7.00012/31/2022 EUR 63.610
Region de Bruxell 0.55612/23/2064 EUR 49.805
Alpine Holding Gm 6.000 5/22/2017 EUR 3.084
City of Zurich Sw 0.25011/24/2051 CHF 71.109
UBS AG/London 0.90411/23/2025 EUR 69.222
Banco Santander S 1.909 EUR 1.574
Republic of Belar 7.625 6/29/2027 USD 13.615
Kardan NV 6.325 2/21/2021 ILS 12.900
Prosus NV 2.031 08/03/2032 EUR 74.336
Ukraine Governmen 11.67011/22/2023 UAH 68.201
Barclays Bank PLC 0.500 1/28/2033 MXN 32.800
Credit Bank of Mo 7.121 6/25/2024 USD 20.415
Romanian Governme 2.000 1/28/2032 EUR 75.799
Takarek Mortgage 3.000 8/21/2030 HUF 69.400
Romanian Governme 2.625 12/02/2040 EUR 67.057
Finmek Internatio 7.000 12/03/2004 EUR 2.193
Land Berlin 0.050 08/06/2040 EUR 71.207
Kreditanstalt fue 1.00010/19/2050 EUR 73.712
Sairgroup Finance 4.375 06/08/2006 EUR 1.578
Eurogrid GmbH 0.87511/20/2040 EUR 64.246
MMC Norilsk Nicke 3.37510/28/2024 USD 52.833
Grupo Isolux Cors 1.00012/30/2021 EUR 0.159
Russian Foreign B 5.100 3/28/2035 USD 13.000
Rhaetische Bahn S 0.050 08/03/2050 CHF 66.671
DekaBank Deutsche 7.650 03/10/2023 EUR 32.370
Elli Finance UK P 8.750 6/15/2019 GBP 65.125
Phosphorus Holdco 10.000 04/01/2019 GBP 1.319
Corporate Commerc 8.250 08/08/2014 USD 0.308
Irish Bank Resolu 0.566 6/21/2016 EUR 0.595
Kingdom of Belgiu 1.170 05/12/2121 EUR 60.040
Region Wallonne B 1.225 09/02/2120 EUR 51.798
Region de Bruxell 0.274 12/11/2040 EUR 69.601
Purple Protected 2.100 4/15/2060 EUR 67.886
Portugal Telecom 6.250 7/26/2016 EUR 0.285
State of Mecklenb 0.23911/17/2070 EUR 52.154
Barclays Bank PLC 0.00011/29/2030 USD 75.552
Land Berlin 0.12511/24/2045 EUR 66.644
Vnesheconombank V 6.025 07/05/2022 USD 5.000
Global Ports Fina 6.500 9/22/2023 USD 10.000
Communaute Franca 0.626 8/24/2040 EUR 72.867
niiio finance gro 4.000 5/31/2026 EUR 40.000
Rusal Capital DAC 5.300 05/03/2023 USD 40.606
Deutsche Telekom 3.500 4/15/2041 AUD 70.881
Grupo Isolux Cors 6.00012/30/2021 EUR 0.479
Agrokor dd 9.125 02/01/2020 EUR 15.000
Single Platform I 1.54810/31/2050 EUR 56.981
SCF Capital Desig 3.850 4/26/2028 USD 20.596
Region de Bruxell 0.444 3/19/2057 EUR 52.033
Norske Skogindust 7.00012/30/2026 EUR 0.010
Ukraine Governmen 15.840 2/26/2025 UAH 56.287
Borets Finance DA 6.500 04/07/2022 USD 30.017
Republic of Belar 6.378 2/24/2031 USD 13.287
Haya Real Estate 5.12511/15/2022 EUR 69.305
Kommunekredit 0.500 7/30/2027 TRY 18.138
MMC Norilsk Nicke 2.80010/27/2026 USD 51.320
Autonomous Commun 1.515 6/21/2051 EUR 72.927
Societe Generale 10.000 02/02/2023 USD 69.600
Hungary Governmen 3.125 9/21/2051 USD 67.745
Barclays Bank PLC 1.07212/30/2030 USD 62.875
State of Brandenb 0.300 10/04/2049 EUR 66.566
State of Rhinelan 0.60010/24/2046 EUR 73.327
Russian Foreign B 4.375 3/21/2029 USD 12.751
OGX Austria GmbH 8.375 04/01/2022 USD 0.002
Batigere Grand Es 1.709 11/04/2042 EUR 66.481
Leonteq Securitie 8.380 7/20/2022 CHF 41.950
Credit Suisse AG/ 6.55011/30/2022 USD 9.210
State of Lower Au 1.000 9/15/2121 EUR 57.749
Cirio Del Monte N 7.750 3/14/2005 EUR 0.356
BPCE SA 1.762 EUR 61.591
Societe Nationale 1.280 3/27/2120 EUR 51.730
V-Bank AG 4.000 EUR 59.882
Rio Forte Investm 4.000 7/22/2014 EUR 3.713
SAir Group 5.500 7/23/2003 CHF 12.625
State of Lower Au 0.815 9/22/2056 EUR 69.646
Hellas Telecommun 8.50010/15/2013 EUR 0.834
KTG Agrar SE 7.25010/15/2019 EUR 1.746
Banca Popolare di 2.82112/20/2017 EUR 0.205
Barclays Bank PLC 5.000 11/01/2029 BRL 64.468
Batigere Grand Es 2.030 5/29/2070 EUR 71.520
DZ Bank AG Deutsc 11.680 8/26/2022 EUR 45.530
Polyus Finance PL 5.250 02/07/2023 USD 25.143
Single Platform I 1.220 8/24/2047 EUR 71.045
Rusal Capital DAC 4.850 02/01/2023 USD 40.960
Batigere Grand Es 1.50012/15/2051 EUR 58.167
Intelsat Jackson 8.50010/15/2024 USD 44.504
Italy Buoni Polie 0.950 03/01/2037 EUR 75.115
Depfa Funding III 0.235 EUR 44.637
Barclays Bank PLC 0.433 3/14/2023 USD 8.030
SNCF Reseau 1.425 8/14/2119 EUR 59.192
State of Saarland 0.050 11/05/2040 EUR 70.996
Dtek Renewables F 8.500 11/12/2024 EUR 35.372
Quintet Private B 3.65011/13/2023 EUR 67.890
Kingdom of Belgiu 0.459 7/23/2079 EUR 44.706
Erotik-Abwicklung 7.750 07/09/2019 EUR 0.779
MOL Hungarian Oil 1.900 04/12/2031 HUF 58.400
Bulgaria Governme 1.375 9/23/2050 EUR 67.499
Sibur Securities 2.950 07/08/2025 USD 28.874
Societe Generale 10.000 6/28/2034 USD 73.250
Del Monte Finance 6.625 5/24/2006 EUR 4.334
Ahtium PLC 4.00012/16/2015 EUR 0.586
National Grid Ele 1.151 2/20/2040 EUR 70.067
Romanian Governme 2.875 4/13/2042 EUR 67.437
Republic of Irela 0.835 07/08/2080 EUR 63.210
Wirtschafts- und 0.138 8/23/2044 EUR 66.287
Finance and Credi 9.250 1/25/2019 USD 0.001
Depfa Funding II 6.500 EUR 63.230
German Pellets Gm 7.25011/27/2019 EUR 1.477
Iceland Bondco PL 4.375 5/15/2028 GBP 73.125
Societe Generale 24.050 8/18/2022 USD 49.750
Veneto Banca SpA 6.950 2/25/2025 EUR 0.174
Caisse des Depots 0.39812/15/2050 EUR 67.512
Republic of Irela 0.74011/27/2120 EUR 44.876
State of Lower Au 0.460 10/08/2049 EUR 65.716
Ahtium PLC 9.750 04/04/2017 EUR 0.726
Solon SE 1.375 12/06/2012 EUR 0.745
Green City Energy 5.00012/31/2036 EUR 12.000
Aralco Finance SA 10.125 05/07/2020 USD 3.133
Deutsche Bank AG 0.687 10/11/2049 EUR 46.346
Ukraine Governmen 3.700 4/27/2023 USD 62.517
VTB Bank PJSC 17.750 RUB 68.000
Batigere Grand Es 1.550 08/12/2041 EUR 66.424
State of Brandenb 0.050 08/10/2040 EUR 71.232
Virgolino de Oliv 10.500 1/28/2018 USD 0.010
Jyske Realkredit 1.000 10/01/2053 DKK 73.870
Waste Italia SpA 10.50011/15/2019 EUR 0.550
Takarek Mortgage 2.60010/22/2028 HUF 73.200
Alno AG 8.000 3/21/2019 EUR 14.510
Sveriges Sakersta 1.378 7/13/2046 SEK 70.728
Privatbank CJSC V 10.875 2/28/2018 USD 8.000
Russian Federal B 0.250 7/20/2044 RUB 17.170
Golden Gate AG 6.500 10/11/2014 EUR 32.000
Windreich GmbH 6.500 03/01/2015 EUR 4.475
Specialfastighete 1.280 9/20/2049 SEK 59.128
Ville de Paris 0.850 08/04/2051 EUR 69.563
Rena GmbH 8.250 07/11/2018 EUR 2.096
Caisse des Depots 2.160 12/07/2050 AUD 65.152
Prosus NV 1.985 7/13/2033 EUR 72.428
Specialfastighete 1.120 2/19/2044 SEK 61.467
Republic of Irela 0.995 2/24/2121 EUR 60.361
Credit Bank of Mo 8.875 USD 5.270
SiC Processing Gm 7.125 03/01/2016 EUR 0.799
Pescanova SA 5.125 4/20/2017 EUR 0.319
Polyus Finance PL 4.700 1/29/2024 USD 26.114
Serbia Internatio 2.050 9/23/2036 EUR 68.491
Sibur Securities 4.125 10/05/2023 USD 30.352
Stichting Afwikke 6.625 5/14/2018 EUR 5.375
Mondelez Internat 1.250 09/09/2041 EUR 69.075
Gazprom PJSC via 1.85011/17/2028 EUR 26.411
Vontobel Financia 10.550 9/23/2022 USD 77.450
Barclays Bank PLC 0.475 2/28/2034 USD 65.329
Barclays Bank PLC 0.360 8/15/2033 USD 62.875
Region de Bruxell 1.144 1/14/2056 EUR 68.842
Junta de Castilla 1.27010/31/2044 EUR 75.495
Russian Agricultu 8.50010/16/2023 USD 4.821
Vasakronan AB 2.130 5/27/2041 SEK 73.903
Region de Bruxell 1.100 6/22/2066 EUR 62.699
Romanian Governme 3.375 1/28/2050 EUR 70.143
Department of L'E 0.643 8/31/2041 EUR 74.296
Banque Cantonale 9.10010/27/2022 CHF 75.640
Senvion Holding G 3.87510/25/2022 EUR 0.249
getgoods.de AG 7.750 10/02/2017 EUR 0.527
Region de Bruxell 1.31012/15/2069 EUR 67.995
Virgolino de Oliv 10.875 1/13/2020 USD 36.000
Vontobel Financia 5.800 7/22/2022 USD 70.260
Societe Generale 8.000 5/28/2027 USD 35.600
Rena GmbH 7.00012/15/2015 EUR 2.096
Assistance Publiq 1.099 04/06/2071 EUR 61.154
Intelsat Jackson 9.750 7/15/2025 USD 44.301
Nordea Kredit Rea 0.500 10/01/2053 DKK 74.687
Ukraine Governmen 3.890 02/02/2023 USD 70.178
Ukraine Governmen 12.520 5/13/2026 UAH 45.454
Serbia Internatio 1.650 03/03/2033 EUR 70.267
Lehman Brothers U 6.900 USD 3.986
Credit Suisse AG/ 15.750 8/30/2024 USD 0.650
Bank Julius Baer 13.250 01/05/2023 USD 44.850
SG Issuer SA 5.150 01/10/2025 EUR 78.960
Andrade Gutierrez 11.000 8/20/2021 USD 56.940
Ukraine Governmen 9.990 5/22/2024 UAH 59.574
Region de Bruxell 0.845 9/30/2059 EUR 59.177
Mediobanca Banca 0.78010/28/2031 EUR 70.566
Societe Du Grand 1.149 04/08/2069 EUR 64.329
A-TEC Industries 5.750 11/02/2010 EUR 0.100
Nostrum Oil & Gas 7.000 2/16/2025 USD 24.499
Region Wallonne B 1.550 4/28/2120 EUR 62.898
Ukraine Governmen 12.520 5/13/2026 UAH 45.454
Ukreximbank Via B 7.623 02/09/2023 USD 32.010
Cooperatieve Rabo 0.50010/29/2027 MXN 60.963
Luzerner Kantonal 23.000 06/07/2022 CHF 13.350
Societe Generale 10.000 02/02/2023 USD 68.600
Republic of Armen 3.600 02/02/2031 USD 73.295
Kommunekredit 2.180 7/16/2040 AUD 73.840
Regie Autonome de 0.875 8/18/2080 EUR 63.622
Romanian Governme 4.000 2/14/2051 USD 77.200
Sequa Petroleum N 5.000 4/29/2020 USD 30.250
German Pellets Gm 7.250 07/09/2018 EUR 1.477
Romanian Governme 2.000 1/28/2032 EUR 75.744
Ministeries Van d 0.63411/19/2060 EUR 55.258
Kommunekredit 0.869 11/12/2043 SEK 69.654
Moby SpA 7.750 2/15/2023 EUR 72.876
Region de Bruxell 0.808 1/31/2050 EUR 66.529
Lithuania Governm 0.500 7/28/2050 EUR 61.236
Turkey Government 6.000 1/14/2041 USD 72.135
Polski Fundusz Ro 1.375 9/30/2027 PLN 73.806
Solarwatt GmbH 7.000 11/01/2015 EUR 15.500
German Pellets Gm 7.250 04/01/2016 EUR 1.477
Landeskreditbank 0.61011/17/2050 EUR 70.673
Credit Suisse AG/ 6.100 09/08/2022 USD 9.450
Borzhomi Finance 7.600 2/20/2026 RUB 78.080
VTB Bank PJSC 5.195 USD 50.000
TAMI I KO LLC 10.500 3/25/2025 RUB 68.670
Cie Generale de N 0.35012/29/2056 CHF 65.568
Region de Bruxell 1.500 6/22/2070 EUR 73.113
CDC Habitat SEM 0.853 2/15/2041 EUR 62.368
Ukraine Governmen 12.520 5/13/2026 UAH 45.454
Raiffeisen Switze 3.890 8/26/2022 CHF 71.270
Sibur Holding PAO 1.500 10/01/2032 USD 26.000
Societe Generale 10.000 03/02/2023 USD 71.400
Societe Generale 1.323 1/31/2034 USD 69.605
PJSC Koks via IMH 5.900 9/23/2025 USD 5.660
Metropole de Lyon 0.37612/22/2044 EUR 66.633
Single Platform I 0.363 2/15/2041 EUR 63.986
Deutsche Telekom 3.500 09/06/2039 AUD 72.445
Steilmann SE 6.750 6/27/2017 EUR 2.184
Odea Bank AS 7.625 08/01/2027 USD 73.038
VTB Bank PJSC 3.750 EUR 48.000
Gebr Sanders GmbH 8.75010/22/2018 EUR 9.375
Pro-Gest SpA 3.25012/15/2024 EUR 73.417
SAir Group 6.25010/27/2002 CHF 12.625
Espirito Santo Fi 5.05011/15/2025 EUR 0.287
BNG Bank NV 10.010 6/17/2025 TRY 49.833
Norske Skogindust 2.00012/30/2115 EUR 0.113
Willhem AB 1.82410/18/2038 SEK 68.888
Carmila SA 1.890 11/06/2031 EUR 72.884
UBS AG/London 19.250 1/26/2023 USD 79.450
Centrosolar Group 7.000 2/15/2016 EUR 2.505
Communaute Franca 0.782 02/08/2061 EUR 56.550
Peine GmbH 2.000 07/05/2023 EUR 44.500
Portugal Telecom 5.242 11/06/2017 EUR 0.694
Societe Generale 2.20012/17/2040 USD 70.831
Norske Skog Holdi 8.000 2/24/2021 EUR 0.006
Sibur Securities 3.450 9/23/2024 USD 24.838
Vasakronan AB 1.655 09/05/2039 SEK 67.003
Hunland Feed Kft 2.880 7/21/2031 HUF 70.135
Societe Generale 22.000 11/03/2022 USD 58.100
Vontobel Financia 7.50012/23/2022 USD 59.770
Credit Suisse AG/ 20.00011/29/2024 USD 12.040
Single Platform I 1.051 04/01/2042 EUR 72.088
Region Wallonne B 1.250 4/30/2055 EUR 70.185
Russian Foreign B 1.85011/20/2032 EUR 14.706
BNP Paribas SA 0.500 9/29/2029 AUD 68.925
Credit Suisse AG/ 20.500 7/20/2022 USD 27.750
Societe Generale 9.640 09/12/2024 USD 62.530
Societe Wallonne 0.90410/23/2047 EUR 63.191
Specialfastighete 1.180 12/02/2044 SEK 62.598
Alpine Holding Gm 5.250 07/01/2015 EUR 3.084
Republic of Austr 0.850 6/30/2120 EUR 50.483
BPCE SA 2.550 06/09/2035 AUD 70.903
International Ban 8.250 10/09/2024 USD 60.375
PA Resources AB 13.500 03/03/2016 SEK 0.124
Elli Investments 12.250 6/15/2020 GBP 52.250
Orient Express Ba 2.000 USD 19.815
State of Bremen 0.550 02/04/2050 EUR 71.314
Muenchener Hypoth 0.25010/31/2044 CHF 72.549
Credit Suisse AG/ 8.000 8/16/2024 USD 8.510
Rosselkhozbank JS 9.000 RUB 75.460
UBS AG/London 14.750 2/17/2023 CHF 33.250
Bank Vontobel AG 6.750 7/14/2023 CHF 78.400
Caixa Economica M 5.000 EUR 50.100
Communaute Franca 1.010 7/19/2051 EUR 67.537
Pfandbriefzentral 0.050 10/06/2043 CHF 72.630
Sairgroup Finance 6.625 10/06/2010 EUR 1.958
Premium Green PLC 1.000 7/25/2040 EUR 73.713
Haya Real Estate 5.25011/15/2022 EUR 68.549
Agrokor dd Via Aq 4.921 08/08/2017 EUR 14.625
Ukraine Governmen 3.900 10/05/2023 USD 47.393
DZ Bank AG Deutsc 22.700 6/24/2022 EUR 48.990
Sberbank of Russi 7.000 03/11/2031 RUB 68.000
GTC Magyarorszag 2.600 3/17/2031 HUF 71.260
Dr Wiesent Sozial 7.000 EUR 0.011
Joh Friedrich Beh 7.750 11/11/2020 EUR 30.030
State of Hesse 0.227 8/20/2049 EUR 63.449
Kingdom of Belgiu 0.650 6/22/2071 EUR 53.287
Credit Suisse AG 0.50012/16/2025 BRL 65.660
Alpine Holding Gm 5.250 06/10/2016 EUR 3.084
Getin Noble Bank 11.070 4/28/2023 PLN 66.875
DZ HYP AG 0.205 06/05/2040 EUR 68.831
Region de Bruxell 1.225 6/21/2070 EUR 65.036
Republic of Irela 1.230 6/23/2121 EUR 65.012
Grand Delta Habit 1.285 11/06/2040 EUR 65.524
Vasakronan AB 1.000 6/15/2041 EUR 71.134
Region Wallonne B 1.240 5/28/2069 EUR 63.773
Bulgaria Steel Fi 12.000 05/04/2013 EUR 0.216
Ukraine Governmen 9.790 5/26/2027 UAH 50.929
Takarek Mortgage 3.000 1/28/2036 HUF 58.700
BNP Paribas SA 20.200 5/31/2022 USD 31.250
Credit Bank of Mo 0.100 02/12/2023 RUB 54.350
Ville de Paris 0.760 5/25/2066 EUR 56.954
Virgolino de Oliv 11.750 02/09/2022 USD 0.503
Region de Bruxell 0.540 9/13/2044 EUR 68.330
City of Kyiv Via 7.50012/15/2022 USD 36.368
Communaute Franca 1.581 1/23/2120 EUR 60.247
Batigere Grand Es 1.400 8/31/2050 EUR 55.690
NTRP Via Interpip 10.250 08/02/2017 USD 27.622
Steilmann SE 7.000 9/23/2018 EUR 1.429
Duna Aszfalt Ut E 2.99010/17/2029 HUF 68.000
Mifa Mitteldeutsc 7.500 08/12/2018 EUR 2.415
BNP Paribas Emiss 7.500 02/07/2023 EUR 54.190
Autonomous Commun 1.25510/31/2048 EUR 71.032
Grupo Isolux Cors 0.25012/30/2018 EUR 0.162
Region Wallonne B 1.246 05/12/2070 EUR 62.452
Russian Foreign B 5.250 6/23/2047 USD 17.312
Ukraine Governmen 11.970 4/16/2025 UAH 56.969
VTB Bank PJSC 5.000 USD 59.000
Republic of Irela 1.32011/28/2119 EUR 56.324
OGX Austria GmbH 8.500 06/01/2018 USD 0.002
Single Platform I 0.523 05/07/2041 EUR 65.637
Single Platform I 1.165 06/06/2046 EUR 73.236
Regie Autonome de 0.938 5/25/2050 EUR 69.022
Citigroup Global 4.000 02/07/2034 EUR 77.660
Credit Suisse AG/ 12.000 6/30/2022 CHF 18.330
Wirtschafts- und 0.208 1/28/2043 EUR 69.568
Stichting Afwikke 2.275 EUR 0.622
Romanian Governme 2.000 4/14/2033 EUR 72.147
Elli Investments 12.250 6/15/2020 GBP 52.250
Ukraine Governmen 10.000 8/23/2023 UAH 70.585
UBS AG/London 8.750 2/17/2023 CHF 74.350
MS Deutschland Be 6.87512/18/2017 EUR 0.610
UBS AG/London 8.25011/19/2026 EUR 73.890
Autonomous Commun 1.646 7/30/2060 EUR 69.182
Single Platform I 0.810 04/01/2042 EUR 68.445
SAG Solarstrom AG 6.25012/14/2015 EUR 31.000
Landesbank Hessen 1.650 5/27/2030 EUR 1.330
Batigere Grand Es 1.800 08/12/2050 EUR 62.692
Centre Hospitalie 0.950 02/05/2041 EUR 68.866
Region de Bruxell 0.592 12/10/2061 EUR 53.189
Single Platform I 1.040 6/25/2044 EUR 71.176
International Fin 0.500 6/29/2027 ZAR 64.433
Centre Hospitalie 1.160 09/06/2039 EUR 71.071
Communaute Franca 1.000 10/08/2069 EUR 55.130
Vasakronan AB 2.162 05/04/2040 SEK 72.285
Agrokor dd 9.875 05/01/2019 EUR 15.000
Ukraine Governmen 12.70010/30/2024 UAH 62.560
BNP Paribas SA 0.50011/16/2032 MXN 32.949
JP Morgan Structu 11.00012/30/2026 ZMW
Credit Suisse AG/ 4.550 2/23/2023 USD 9.240
Bayer Construct E 3.70010/21/2031 HUF 70.280
Credit Suisse AG/ 24.000 1/16/2024 USD 61.850
Krakowski Bank Sp 8.020 9/20/2023 PLN 66.500
State of Saxony-A 0.475 9/30/2050 EUR 69.049
Region de Bruxell 0.750 6/24/2042 EUR 74.633
Espirito Santo Fi 5.05011/15/2025 EUR 0.287
Region Wallonne B 1.135 10/10/2069 EUR 59.914
VPV Lebensversich 3.597 8/17/2026 EUR 64.917
Single Platform I 1.103 5/25/2052 EUR 67.658
State of Hesse 0.450 9/23/2044 EUR 71.194
Land Berlin 0.500 6/19/2047 EUR 73.183
Cooperatieve Rabo 0.50012/29/2027 MXN 59.092
Agrokor dd 8.875 02/01/2020 USD 15.000
Barclays Bank PLC 3.020 3/26/2051 USD 74.519
Heta Asset Resolu 7.50012/31/2023 ATS 5.250
Batigere Grand Es 1.60011/14/2039 EUR 70.602
Sonnedix Energy T 2.20012/31/2038 EUR 75.000
Anselma Issuer SA 1.57412/31/2038 EUR 74.730
Societe Generale 15.840 8/30/2024 USD 20.800
DekaBank Deutsche 3.970 02/09/2023 EUR 64.270
Sberbank of Russi 0.016 3/15/2032 RUB 70.300
SAir Group 5.125 03/01/2003 CHF 12.750
Credit Suisse Int 9.500 3/24/2026 UAH 70.220
State of Saxony-A 1.349 07/03/2028 EUR 60.000
Landesbank Baden- 3.30011/25/2022 EUR 61.170
Thomas Cook Finan 3.875 7/15/2023 EUR 0.851
French Republic G 0.500 5/25/2072 EUR 50.756
Polski Fundusz Ro 1.500 9/30/2027 PLN 74.341
Single Platform I 0.880 1/15/2040 EUR 73.683
Credit Bank of Mo 5.150 2/20/2024 EUR 18.549
National Grid Ele 1.690 9/16/2041 GBP 69.244
Ville de Paris 0.65011/25/2070 EUR 51.577
UBS Group AG 2.300 12/03/2035 AUD 72.035
Phosphorus Holdco 10.000 04/01/2019 GBP 1.319
Virgolino de Oliv 10.875 1/13/2020 USD 36.000
Region Wallonne B 0.850 1/26/2071 EUR 52.615
Cattles Ltd 8.125 07/05/2017 GBP 0.027
Cooperatieve Rabo 0.50011/30/2027 MXN 59.860
Air Berlin Financ 6.000 03/06/2019 EUR 0.402
Batigere Grand Es 1.55011/14/2039 EUR 69.559
Corner Banca SA 12.800 12/07/2022 CHF 56.240
DekaBank Deutsche 5.970 02/09/2023 EUR 61.090
Credit Agricole S 3.000 1/28/2041 AUD 61.438
Land Baden-Wuertt 0.375 7/20/2048 EUR 68.544
Agence France Loc 0.33012/20/2040 EUR 73.762
Region de Bruxell 0.980 01/10/2051 EUR 68.972
Region de Bruxell 1.065 06/12/2058 EUR 65.967
Thomas Cook Group 6.250 6/15/2022 EUR 0.510
BNG Bank NV 0.630 07/11/2067 EUR 69.595
Communaute Franca 1.367 1/20/2070 EUR 71.996
Deutsche Agrar Ho 7.250 9/28/2018 EUR 0.718
Purple Protected 1.580 5/25/2060 EUR 65.501
Denmark Governmen 0.25011/15/2052 DKK 69.743
Grand City Proper 2.500 6/27/2039 EUR 74.372
Vasakronan AB 2.400 6/20/2044 SEK 67.724
Single Platform I 1.250 8/15/2051 EUR 70.572
Akademiska Hus AB 1.252 2/13/2043 SEK 67.898
Ministeries Van d 0.60011/19/2055 EUR 58.262
Batigere Grand Es 1.540 11/04/2041 EUR 65.584
Vontobel Financia 13.500 6/24/2022 EUR 65.640
BNP Paribas SA 19.400 5/31/2022 USD 31.250
Wingholding Zrt 3.000 9/22/2031 HUF 63.400
Pannonia Bio Ltd 2.400 9/18/2029 HUF 70.055
WPE International 10.375 9/30/2020 USD 5.000
BNP Paribas SA 3.080 8/28/2039 AUD 71.304
Turkey Government 1.500 10/09/2024 TRY
Region of Pays de 0.448 9/25/2040 EUR 71.908
Ukraine Governmen 3.900 3/30/2023 USD 65.030
Societe Nationale 1.400 5/18/2120 EUR 55.355
BNG Bank NV 0.632 07/12/2066 EUR 70.115
CDC Habitat SEM 1.170 05/04/2037 EUR 72.932
Single Platform I 1.375 7/25/2053 EUR 72.355
Hungary Governmen 1.50011/17/2050 EUR 60.703
Assistance Publiq 0.791 8/27/2051 EUR 66.964
Ministeries Van d 0.40011/20/2043 EUR 68.763
Single Platform I 0.740 04/01/2042 EUR 69.284
UBS AG/London 18.000 6/16/2022 USD 38.250
Baromfi-Coop Term 3.000 7/19/2031 HUF 69.100
4iG Nyrt 2.900 3/29/2031 HUF 71.095
OR PJSC 12.000 9/22/2022 RUB 14.560
Societe Generale 4.00011/22/2022 USD 56.210
Sberbank of Russi 0.010 12/07/2026 RUB 65.500
Region de Bruxell 0.930 05/03/2051 EUR 69.511
Single Platform I 1.370 7/25/2053 EUR 72.251
State of Rhinelan 0.375 7/20/2048 EUR 67.403
Republic of Irela 1.020 09/10/2086 EUR 68.027
Republic of Irela 0.740 9/22/2078 EUR 60.567
Single Platform I 0.901 2/15/2041 EUR 72.419
Ukraine Governmen 12.300 07/03/2024 UAH 63.905
KPNQwest NV 8.875 02/01/2008 EUR 0.453
Grand Delta Habit 1.425 2/26/2048 EUR 60.230
Portugal Obrigaco 1.000 04/12/2052 EUR 64.506
Ukraine Governmen 11.67011/22/2023 UAH 68.201
State of Brandenb 0.30011/17/2045 EUR 68.674
Bibby Offshore Se 7.500 6/15/2021 GBP 11.625
Republic of Irela 1.100 11/12/2096 EUR 62.493
Credit Suisse AG/ 5.20012/28/2022 USD 9.260
Societe Generale 14.820 8/16/2024 USD 70.408
Landesbank Baden- 4.050 3/24/2023 EUR 31.820
Societe Generale 12.000 7/14/2026 USD 20.400
Leonteq Securitie 7.000 3/29/2023 CHF 76.990
SALVATOR Vermoege 9.500 EUR 7.400
Nordea Bank Abp 7.050 7/20/2024 SEK 71.870
Vontobel Financia 25.000 6/23/2023 EUR 72.900
Opus Global Nyrt 2.80010/29/2029 HUF 67.000
Societe Generale 18.000 11/02/2023 USD 27.350
Resa SA/Belgium 1.950 7/22/2036 EUR 50.010
Autonomous Commun 1.550 05/11/2051 EUR 73.989
Credit Agricole C 2.610 7/27/2050 USD 66.997
SAG Solarstrom AG 7.500 07/10/2017 EUR 31.000
Ukraine Governmen 7.750 09/01/2026 USD 39.427
Hungary Governmen 4.000 4/28/2051 HUF 62.640
Regie Autonome de 1.070 4/28/2050 EUR 71.336
Constellation Oil 10.000 11/09/2024 USD 0.633
Deutsche Bank AG 1.725 1/16/2045 EUR 58.688
Landesbank Baden- 0.905 04/01/2041 EUR 70.644
Landeskreditbank 0.81212/16/2060 EUR 71.469
Specialfastighete 1.215 5/14/2035 SEK 74.433
Ukraine Governmen 3.70012/22/2022 USD 74.303
Credit Agricole C 1.300 02/02/2061 EUR 68.071
VTB Bank OJSC Via 6.250 6/30/2035 USD 22.000
Ukraine Governmen 11.780 5/27/2026 UAH 48.292
Agrokor dd 8.875 02/01/2020 USD 15.000
Single Platform I 1.762 5/25/2066 EUR 72.545
Hema Bondco II BV 8.500 1/15/2023 EUR 0.113
Bank Julius Baer 8.450 8/15/2022 USD 59.600
RUSNANO AO 6.750 3/26/2024 RUB 68.970
DZ Bank AG Deutsc 15.400 6/24/2022 EUR 63.810
EFG International 7.500 7/26/2022 USD 33.510
Barclays Bank PLC 2.650 11/04/2031 EUR 78.970
Leonteq Securitie 10.400 9/28/2022 CHF 78.020
City of Predeal R 7.150 5/15/2026 RON 69.000
Alfa-Bank AO 10.200 02/10/2025 RUB 65.000
NRW Bank 0.600 1/28/2051 EUR 73.152
Region de Bruxell 0.658 01/07/2041 EUR 73.904
Finland Governmen 0.125 4/15/2052 EUR 61.737
Getin Noble Bank 11.760 5/31/2023 PLN 67.711
Assistance Publiq 0.490 9/30/2040 EUR 72.656
Grenke Finance PL 0.819 2/15/2030 EUR 70.475
Stichting Afwikke 8.450 8/20/2018 USD 5.375
Region Wallonne B 1.165 6/29/2059 EUR 65.292
Spain Government 1.45010/31/2071 EUR 62.029
Cie de Financemen 0.900 7/18/2058 EUR 67.071
Republic of Irela 1.230 5/29/2120 EUR 66.045
Republic of Austr 0.700 4/20/2071 EUR 60.327
Ukraine Governmen 9.700 12/08/2027 UAH 36.146
Chelyabinsk Pipe 4.500 9/19/2024 USD 10.042
Muenchener Hypoth 0.550 2/18/2046 CHF 66.700
Getin Noble Bank 11.430 11/09/2023 PLN 54.865
GTC Magyarorszag 2.250 12/07/2030 HUF 69.705
Leonteq Securitie 14.000 07/12/2022 USD 50.970
Bank Julius Baer 29.500 6/27/2022 CHF 36.000
Quintet Private B 6.050 5/26/2026 USD 72.720
Banque Internatio 7.500 7/28/2022 USD 54.580
Alfa-Leasing OOO 8.300 7/28/2022 RUB 60.500
Sberbank of Russi 0.01011/30/2028 RUB 57.000
UniCredit Bank AG 6.600 7/20/2028 EUR 35.980
Banque Cantonale 22.200 08/02/2022 CHF 69.350
COFIDUR SA 0.10012/31/2024 EUR 25.000
Barclays Bank PLC 2.975 2/21/2025 USD 9.480
Barclays Bank PLC 2.353 2/23/2024 USD 9.310
Region de Bruxell 0.690 6/22/2050 EUR 64.454
Ukraine Governmen 7.750 09/01/2022 USD 69.807
Espirito Santo Fi 0.79810/27/2024 EUR 0.297
Communaute Franca 0.749 9/16/2080 EUR 62.127
Purple Protected 2.08510/27/2060 EUR 73.362
Region de Bruxell 0.56212/23/2065 EUR 49.302
Deutsche Bank AG/ 0.50010/18/2038 MXN 16.131
Getin Noble Bank 9.960 3/31/2023 PLN 71.675
DZ Bank AG Deutsc 0.097 10/11/2050 EUR 73.041
Agence Francaise 2.330 02/10/2041 AUD 72.473
State of Lower Au 0.585 10/11/2049 EUR 68.315
Citigroup Global 1.200 8/25/2041 EUR 72.853
Getin Noble Bank 8.040 8/30/2024 PLN 49.875
Privatbank CJSC V 10.875 2/28/2018 USD 8.000
Skandinaviska Ens 9.500 7/17/2023 SEK 62.810
Zurcher Kantonalb 25.000 7/14/2022 CHF 82.660
Leonteq Securitie 18.000 2/22/2023 CHF 52.600
Landesbank Baden- 2.910 7/22/2022 EUR 67.400
Citigroup Global 12.000 2/13/2024 SEK 67.320
Federal Grid Co U 18.830 4/27/2048 RUB 50.010
Federal Grid Co U 18.830 4/27/2048 RUB 65.000
WEB Windenergie A 5.250 04/08/2023 EUR 0.010
BNP Paribas Issua 4.600 1/23/2024 EUR 55.800
Ukraine Governmen 7.750 09/01/2024 USD 39.779
Veneto Banca SpA 6.944 5/15/2025 EUR 0.352
Region de Bruxell 0.910 1/31/2053 EUR 67.587
Landesbank Baden- 1.300 6/21/2049 EUR 71.016
Societe Generale 5.05011/25/2036 USD 61.280
Societe Generale 5.40011/17/2037 USD 61.671
Aareal Bank AG 0.300 12/11/2030 EUR 73.769
Single Platform I 0.656 9/20/2050 EUR 58.820
Eurohold Bulgaria 8.00012/29/2026 EUR 70.622
SAir Group 2.125 11/04/2004 CHF 12.625
Single Platform I 1.150 5/25/2066 EUR 61.773
Lehman Brothers T 2.875 3/14/2013 CHF 0.100
Ukraine Governmen 8.120 11/10/2035 UAH 21.745
Kuntarahoitus Oyj 0.815 2/24/2061 EUR 70.937
Saechsische Aufba 0.300 2/18/2042 EUR 72.409
Italy Buoni Polie 1.500 4/30/2045 EUR 72.927
Agrokor dd 9.125 02/01/2020 EUR 15.000
Mox Telecom AG 7.250 11/02/2017 EUR 2.270
UBS AG/London 16.300 01/08/2024 EUR 5.810
Credit Suisse AG/ 5.800 7/26/2023 USD 9.570
Barclays Bank PLC 1.580 04/12/2039 EUR 74.525
Hell Energy Magya 3.000 7/28/2031 HUF 70.100
Credit Suisse AG/ 4.710 8/24/2022 USD 9.820
Leonteq Securitie 22.800 10/05/2022 CHF 30.750
JP Morgan Structu 12.000 01/04/2027 ZMW
Societe Generale 11.00010/30/2036 USD 73.500
Zurcher Kantonalb 21.250 10/04/2022 CHF 61.510
Leonteq Securitie 2.000 5/31/2022 EUR 63.500
Communaute Franca 1.040 7/19/2101 EUR 60.017
Kingdom of Belgiu 0.675 07/07/2080 EUR 51.381
Region de Bruxell 0.829 07/02/2043 EUR 74.673
Ville de Paris 0.963 12/06/2051 EUR 71.162
Nomura Bank Inter 1.450 12/10/2041 EUR 74.058
Department of Bou 0.490 12/08/2045 EUR 67.226
Department of Bou 0.467 12/08/2044 EUR 67.890
Autonomous Commun 1.744 07/01/2061 EUR 66.900
Ville de Paris 0.963 06/08/2050 EUR 71.957
Republic of Polan 1.25010/25/2030 PLN 66.408
Ville de Paris 0.464 8/20/2040 EUR 73.767
Italy Buoni Polie 0.150 5/15/2051 EUR 73.763
Ukraine Governmen 9.800 04/02/2031 UAH 28.718
Ukraine Governmen 9.910 08/07/2030 UAH 29.840
Ukraine Governmen 6.00012/23/2026 UAH 32.859
Citigroup Global 1.380 11/04/2041 EUR 75.199
Ville de Paris 0.758 8/20/2060 EUR 60.011
State of Hesse 0.100 10/01/2037 EUR 74.408
State of Saarland 0.500 3/15/2051 EUR 70.136
National Grid Ele 1.608 8/24/2040 GBP 69.400
Region Nouvelle-A 0.81411/22/2044 EUR 74.223
Landesbank Baden- 1.000 3/18/2039 EUR 73.722
Single Platform I 0.785 3/20/2039 EUR 72.033
Russian Foreign B 4.750 5/27/2026 USD 17.009
Credit Suisse AG/ 14.000 3/17/2023 USD 67.190
VTB Bank PJSC 3.750 EUR 48.850
Leonteq Securitie 20.000 6/15/2022 CHF 32.720
Vontobel Financia 18.500 6/24/2022 EUR 47.770
Zurcher Kantonalb 14.600 06/03/2022 CHF 49.110
VEB-Leasing AO 7.910 09/01/2025 RUB 61.300
Banque Internatio 8.000 11/08/2023 USD 78.930
Landesbank Baden- 9.15010/28/2022 EUR 65.650
Norske Skogindust 7.12510/15/2033 USD 0.010
Heta Asset Resolu 5.03012/31/2023 EUR 5.181
Santander Interna 1.365 1/28/2061 EUR 72.697
Dolphin Drilling 4.490 8/28/2019 NOK 0.644
Single Platform I 0.776 1/23/2051 EUR 61.141
Single Platform I 1.080 5/25/2066 EUR 60.669
Norske Skog Holdi 8.000 2/24/2023 USD 0.006
Department of Loi 0.47810/30/2040 EUR 72.268
Region Hauts-de-F 0.691 07/09/2042 EUR 73.698
Italy Buoni Polie 2.150 03/01/2072 EUR 71.626
Region Wallonne B 1.220 06/12/2050 EUR 73.123
SAir Group 0.125 07/07/2005 CHF 12.625
Single Platform I 0.860 6/15/2039 EUR 72.591
Single Platform I 0.457 2/15/2046 EUR 59.770
Grand Delta Habit 1.630 03/06/2045 EUR 64.544
Ministeries Van d 1.095 06/03/2055 EUR 69.826
La Veggia Finance 7.12511/14/2004 EUR 0.287
Credito Padano Ba 3.100 EUR 33.692
Air Berlin Financ 8.500 03/06/2019 EUR 0.402
Wirtschafts- und 0.500 8/28/2046 EUR 71.076
Grand Delta Habit 1.75010/28/2061 EUR 73.933
Region Wallonne B 1.000 6/22/2045 EUR 72.466
Single Platform I 1.301 6/25/2044 EUR 73.343
Luminis SA 1.800 09/02/2059 EUR 55.246
Laurel GmbH 7.12511/16/2017 EUR 7.750
Region Wallonne B 1.150 09/02/2120 EUR 48.995
Region de Bruxell 0.976 11/04/2058 EUR 63.651
Barclays Bank PLC 2.000 06/12/2029 TRY 19.099
Leonteq Securitie 20.000 6/21/2022 CHF 61.610
Corner Banca SA 10.40012/14/2022 CHF 39.230
DZ Bank AG Deutsc 8.300 6/24/2022 EUR 65.420
Credit Suisse AG/ 4.450 6/28/2023 USD 9.210
Leonteq Securitie 24.020 6/29/2022 CHF 29.290
UBS AG/London 8.250 4/21/2023 CHF 80.900
Leonteq Securitie 12.000 06/01/2022 CHF 24.460
Sberbank of Russi 0.01011/13/2026 TRY 69.900
Raiffeisen Centro 6.50012/21/2023 EUR 74.500
Corner Banca SA 8.400 2/20/2023 CHF 60.220
VTB Bank PJSC 0.01011/22/2024 RUB 61.010
Corner Banca SA 6.600 08/02/2022 CHF 24.430
Zurcher Kantonalb 12.250 10/07/2022 CHF 61.750
Danske Bank A/S 7.470 07/09/2023 SEK 65.530
Leonteq Securitie 13.000 10/06/2022 USD 44.760
Bayerische Landes 3.000 9/23/2022 EUR 77.450
Skandinaviska Ens 6.500 1/15/2024 SEK 68.250
RENE LEZARD Mode 7.25011/25/2017 EUR 0.110
DekaBank Deutsche 11.20012/23/2022 EUR 47.970
UBS AG/London 10.20011/30/2022 USD 9.204
Credit Suisse AG/ 11.500 8/23/2022 CHF 30.870
Bank Vontobel AG 12.000 05/09/2023 EUR 53.100
Sberbank of Russi 0.010 8/31/2028 RUB 55.000
Greenergy Holding 3.000 9/21/2031 HUF 71.374
Single Platform I 1.260 1/22/2049 EUR 69.845
Societe Wallonne 0.94810/23/2051 EUR 61.954
Credit Agricole C 2.10510/22/2035 USD 74.512
Wirtschafts- und 0.192 1/28/2042 EUR 70.548
Republic of Irela 1.250 10/08/2121 EUR 71.701
Barclays Bank PLC 2.320 01/11/2041 USD 71.862
Pescanova SA 8.750 2/17/2019 EUR 0.319
Societe Generale 2.000 1/30/2036 USD 66.930
BPCE SA 2.255 03/12/2040 AUD 61.622
Ministeries Van d 1.053 06/03/2050 EUR 71.051
Metropole de Lyon 0.50012/28/2048 EUR 64.081
Region de Bruxell 0.500 6/22/2040 EUR 73.797
New World Resourc 8.000 04/07/2020 EUR 0.001
Single Platform I 1.490 3/20/2051 EUR 73.859
Aareal Bank AG 0.520 4/18/2031 EUR 74.447
Muenchener Hypoth 1.010 08/06/2044 EUR 66.937
Ministeries Van d 0.940 05/12/2050 EUR 70.863
Ville de Paris 0.831 2/23/2056 EUR 64.587
Lehman Brothers T 6.650 8/24/2011 AUD 0.100
Region Hauts-de-F 0.402 2/18/2043 EUR 69.078
Single Platform I 1.110 1/22/2040 EUR 74.333
Region de Bruxell 1.020 4/30/2060 EUR 63.540
Tonon Luxembourg 12.500 5/14/2024 USD 0.399
Credit Agricole S 3.450 03/04/2041 AUD 64.116
Thames Water Util 2.442 05/12/2050 GBP 71.959
BPCE SA 2.82012/18/2039 AUD 68.470
Credit Mutuel Ark 0.73010/14/2036 EUR 73.186
Communaute Franca 0.818 8/28/2050 EUR 64.987
Assistance Publiq 0.634 8/27/2045 EUR 70.108
Sweden Government 0.50011/24/2045 SEK 75.182
Batigere Grand Es 1.60011/14/2044 EUR 62.812
DZ Bank AG Deutsc 11.500 6/24/2022 EUR 71.010
Sberbank of Russi 0.010 6/22/2028 RUB 56.600
Appeninn Holding 3.50011/22/2029 HUF 66.500
VTB Bank PJSC 10.000 RUB 70.000
Landesbank Baden- 3.900 6/24/2022 EUR 69.180
EFG International 15.000 06/10/2022 CHF 69.020
DZ Bank AG Deutsc 4.000 6/24/2022 EUR 78.060
Societe Generale 16.000 07/03/2024 USD 17.600
Vontobel Financia 6.500 6/24/2022 EUR 72.530
Leonteq Securitie 10.00012/20/2022 CHF 34.410
Golfino AG 8.00011/18/2023 EUR 0.020
Vontobel Financia 7.350 6/15/2022 USD 46.660
SunDell Estate Ny 3.650 07/09/2031 HUF 69.500
LLMC AirLoans 13.250 05/06/2025 RUB 73.850
DekaBank Deutsche 7.050 4/28/2023 EUR 50.960
Nordea Bank Abp 4.100 7/20/2023 SEK 50.750
Credit Bank of Mo 0.010 9/18/2023 RUB 60.000
SG Issuer SA 6.130 1/20/2024 SEK 67.380
DZ Bank AG Deutsc 10.000 6/24/2022 EUR 73.260
DekaBank Deutsche 3.19010/26/2022 EUR 72.600
BNP Paribas Emiss 20.000 6/23/2022 EUR 74.490
UBS AG/London 7.850 11/02/2023 USD 62.300
Trans-Sped Logisz 2.500 3/16/2030 HUF 69.445
Slovenia Governme 0.48810/20/2050 EUR 60.822
Ville de Paris 0.921 5/26/2053 EUR 69.306
Getin Noble Bank 11.760 4/29/2024 PLN 39.745
Barclays Bank PLC 2.000 05/07/2036 MXN 27.341
Department of Bou 0.48210/20/2045 EUR 67.233
Single Platform I 1.240 5/25/2052 EUR 69.550
KPNQwest NV 10.000 3/15/2012 EUR 0.453
Collectivite Euro 0.487 10/09/2045 EUR 67.356
Ukraine Governmen 9.780 05/10/2029 UAH 31.979
Region de Bruxell 1.000 4/21/2051 EUR 69.136
Societe Generale 2.970 4/15/2036 USD 75.437
Lehman Brothers T 0.010 9/20/2011 USD 0.100
Single Platform I 1.500 3/20/2051 EUR 74.362
Harp Issuer PLC 1.400 2/14/2032 USD 72.485
Region de Bruxell 0.900 6/28/2046 EUR 72.554
Department of Bou 0.445 12/08/2043 EUR 68.495
Region de Bruxell 1.036 6/29/2049 EUR 72.221
Department of Bou 0.668 04/01/2042 EUR 73.571
Getin Noble Bank 7.64012/21/2023 PLN 54.875
HSBC Bank PLC 0.500 6/23/2027 MXN 61.863
Ukraine Governmen 9.610 11/10/2029 UAH 30.488
CDC Habitat SEM 1.043 05/12/2036 EUR 73.312
Citigroup Global 1.500 5/13/2051 EUR 72.942
Heta Asset Resolu 4.35012/31/2023 EUR 5.181
CDC Habitat SEM 0.814 2/15/2040 EUR 62.665
Single Platform I 0.830 09/06/2041 EUR 70.361
Ukraine Governmen 9.790 5/26/2027 UAH 50.929
LSF9 Balta Issuer 3.00012/31/2030 EUR 64.485
DZ Bank AG Deutsc 0.350 11/10/2042 EUR 71.297
Purple Protected 1.48011/30/2060 EUR 67.881
Getin Noble Bank 7.230 7/26/2024 PLN 41.775
Lehman Brothers T 6.000 03/04/2015 USD 0.100
Veneto Banca SpA 6.411 EUR 0.345
Batigere Grand Es 1.48510/25/2039 EUR 68.876
Caisse des Depots 0.750 11/06/2048 EUR 69.263
SunDell Estate Ny 3.250 11/12/2030 HUF 67.000
Leonteq Securitie 16.000 6/21/2022 USD 29.230
Leonteq Securitie 16.600 6/17/2022 USD 29.570
DZ Bank AG Deutsc 9.410 8/26/2022 EUR 29.080
Basler Kantonalba 10.00012/16/2022 CHF 50.650
Leonteq Securitie 10.000 12/01/2022 USD 37.760
SG Issuer SA 0.021 8/15/2033 EUR 52.710
Raiffeisen Schwei 12.500 06/07/2022 CHF 102.680
Daniella Keresked 3.000 7/30/2030 HUF 68.805
Leonteq Securitie 20.000 07/06/2022 CHF 31.690
Leonteq Securitie 27.170 8/19/2022 EUR 35.330
Nordea Bank Abp 8.250 1/20/2025 SEK 64.790
EFG International 18.000 9/29/2022 CHF 57.950
Landesbank Baden- 7.00010/28/2022 EUR 77.140
UBS AG/London 14.250 02/03/2023 CHF 61.950
OPUS TIGAZ Gazhal 2.800 3/24/2031 HUF 70.000
Landesbank Baden- 3.000 4/23/2027 EUR 77.520
Skandinaviska Ens 8.520 1/15/2024 SEK 71.300
Citigroup Global 13.20012/18/2023 SEK 57.050
Societe Generale 5.000 01/10/2023 USD 47.770
Societe Generale 15.000 05/02/2024 USD 31.950
Skandinaviska Ens 7.600 1/15/2024 SEK 69.840
Skandinaviska Ens 9.600 1/15/2024 SEK 74.280
Hell Energy Magya 2.70012/18/2029 HUF 62.800
Bayerische Landes 1.20011/25/2022 EUR 66.140
Bayerische Landes 2.700 7/22/2022 EUR 75.070
UBS AG/London 7.000 1/26/2024 USD 67.200
Credit Suisse AG/ 7.75012/15/2022 CHF 73.100
Credit Suisse AG/ 11.20011/14/2022 CHF 52.100
Gold-Zack AG 7.00012/14/2005 EUR 1.550
Leonteq Securitie 23.400 1/18/2023 CHF 81.840
National Treasury 1.190 10/07/2101 EUR 64.623
Societe Wallonne 0.89410/23/2045 EUR 64.278
Ukraine Governmen 7.253 3/15/2033 USD 36.085
Single Platform I 1.163 5/25/2066 EUR 62.370
Citigroup Global 1.370 7/27/2051 EUR 69.061
Erste Group Bank 1.010 10/07/2041 EUR 73.149
Banco Espirito Sa 10.000 12/06/2021 EUR 0.523
Republic of Austr 0.100 07/10/2040 EUR 73.419
Steilmann SE 7.000 03/09/2017 EUR 1.429
Minicentrales Dos 0.010 06/06/2047 EUR 66.875
Communaute Franca 0.750 02/04/2061 EUR 55.157
Landesbank Baden- 0.780 4/21/2036 EUR 75.069
Ukraine Governmen 12.500 4/24/2024 UAH 67.814
Pescanova SA 6.750 03/05/2015 EUR 0.319
Societe Generale 1.290 2/27/2040 EUR 74.314
Region de Bruxell 0.609 12/03/2049 EUR 63.395
Waste Italia SpA 10.50011/15/2019 EUR 0.550
Berlin Hyp AG 1.157 12/09/2039 EUR 71.343
State of Lower Au 0.40010/13/2050 EUR 63.483
Lehman Brothers T 2.000 3/16/2035 EUR 0.100
Region de Bruxell 1.015 1/23/2051 EUR 70.515
Single Platform I 1.00010/31/2040 EUR 73.265
Credito Padano Ba 3.100 EUR 33.905
Landesbank Baden- 0.770 6/23/2036 EUR 74.813
Ukraine Governmen 9.980 04/10/2030 UAH 30.572
Ukraine Governmen 9.700 10/06/2027 UAH 36.808
Region de Bruxell 0.650 2/15/2061 EUR 55.441
Landesbank Baden- 0.640 2/26/2036 EUR 73.509
NRW Bank 0.473 6/23/2049 EUR 72.781
Getin Noble Bank 8.290 7/28/2023 PLN 57.975
Communaute Franca 0.392 1/22/2041 EUR 69.752
Republic of Irela 1.21010/27/2111 EUR 63.572
Ukraine Governmen 12.940 2/14/2024 UAH 70.280
Single Platform I 0.940 10/04/2041 EUR 71.185
Morgan Stanley & 1.105 6/18/2041 EUR 72.256
Cooperatieve Rabo 0.500 1/31/2033 MXN 36.381
Rio Forte Investm 3.900 07/10/2014 USD 3.503
Batigere Grand Es 1.61010/23/2040 EUR 68.444
Lehman Brothers T 11.00012/20/2017 AUD 0.100
Societe Generale 8.600 7/29/2022 USD 43.800
Corner Banca SA 10.080 3/22/2023 CHF 69.180
Landesbank Baden- 5.450 8/26/2022 EUR 22.250
UniCredit Bank AG 6.300 7/27/2022 EUR 37.920
Credit Suisse AG/ 5.880 6/28/2023 USD 9.100
Bank Julius Baer 7.80010/17/2022 USD 75.800
Credit Suisse AG/ 6.190 9/14/2022 USD 9.630
Credit Suisse AG/ 4.460 7/26/2023 USD 9.430
Societe Generale 8.50010/28/2022 EUR 68.820
Raiffeisen Schwei 16.500 8/30/2022 CHF 77.700
Leonteq Securitie 26.350 08/03/2022 CHF 54.970
Sberbank of Russi 0.01012/22/2026 RUB 66.300
VTB Bank PJSC 0.010 5/20/2025 RUB 57.010
EFG International 5.500 7/17/2023 USD 52.980
DZ Bank AG Deutsc 4.000 6/23/2023 EUR 75.460
RUSAL Bratsk OJSC 0.010 04/07/2026 RUB 63.060
Nordea Bank Abp 5.813 7/20/2024 SEK 55.650
Barclays Bank PLC 2.730 9/27/2024 EUR 45.440
Skandinaviska Ens 5.520 7/15/2024 SEK 59.780
Nordea Bank Abp 6.100 7/20/2024 SEK 77.500
Leonteq Securitie 2.380 11/10/2022 EUR 45.550
Societe Generale 17.604 8/24/2023 USD 48.500
Credit Suisse AG/ 6.000 5/30/2022 CHF 74.530
Alteo Nyrt 3.15010/28/2029 HUF 63.700
Skandinaviska Ens 7.450 1/15/2025 SEK 58.740
Norske Skogindust 7.12510/15/2033 USD 0.010
Region de Bruxell 0.900 4/14/2050 EUR 68.840
Ukraine Governmen 7.750 09/01/2024 USD 39.706
Region de Bruxell 1.250 01/10/2060 EUR 69.972
NRW Bank 0.106 8/17/2050 EUR 64.083
Single Platform I 0.559 2/15/2047 EUR 59.875
Caisse des Depots 2.630 9/16/2049 AUD 72.899
HSBC Bank PLC 10.30012/20/2024 TRY 56.522
Caisse des Depots 2.34011/27/2049 AUD 68.282
Region de Bruxell 1.05311/14/2059 EUR 64.970
Region de Bruxell 0.453 12/07/2055 EUR 54.492
Department of Loi 0.55012/18/2045 EUR 68.330
BNP Paribas SA 3.170 01/07/2041 AUD 71.911
Lehman Brothers T 6.000 08/07/2013 EUR 0.100
Deutsche Bank AG/ 0.500 04/05/2038 MXN 22.940
Single Platform I 0.938 2/15/2041 EUR 70.903
French Republic G 0.500 6/25/2044 EUR 74.311
Metropole de Lyon 0.466 12/07/2046 EUR 65.936
Grand Delta Habit 1.820 3/18/2050 EUR 65.621
LFA Foerderbank B 0.160 01/02/2040 EUR 73.097
Italy Buoni Polie 1.700 09/01/2051 EUR 70.729
Lehman Brothers T 5.103 6/22/2046 EUR 0.100
KPNQwest NV 7.125 06/01/2009 EUR 0.453
ING Bank NV 2.830 9/28/2051 USD 73.806
Kuntarahoitus Oyj 0.448 3/19/2040 EUR 74.009
Ukraine Governmen 6.000 1/27/2027 UAH 32.254
Republic of Irela 1.180 5/25/2087 EUR 73.820
Getin Noble Bank 11.760 8/31/2023 PLN 49.875
O1 Properties Fin 0.500 9/27/2028 USD 6.270
Republic of Belar 6.200 2/28/2030 USD 13.750
Single Platform I 0.754 9/20/2039 EUR 70.773
Caisse des Depots 2.345 1/29/2050 AUD 68.278
BPCE SA 2.614 03/04/2036 AUD 72.178
Northland Resourc 4.00010/15/2020 USD 0.271
Republic of Belar 7.625 6/29/2027 USD 13.233
Republic of Belar 6.875 2/28/2023 USD 15.081
Caisse des Depots 2.670 9/17/2049 AUD 73.419
Autonomous Commun 1.13811/22/2052 EUR 63.792
Region de Bruxell 0.731 8/25/2060 EUR 56.785
Ukraine Governmen 10.000 8/23/2023 UAH 70.585
Bulgaria Steel Fi 12.000 05/04/2013 EUR 0.216
Nomura Bank Inter 1.415 1/27/2042 EUR 74.279
Turkey Government 10.500 08/11/2027 TRY 64.000
LBI ehf 7.431 USD 0.001
Lehman Brothers T 11.00012/20/2017 AUD 0.100
Societe Generale 21.660 2/24/2028 USD 71.750
Luzerner Kantonal 7.500 6/15/2022 CHF 53.550
Corner Banca SA 15.000 5/31/2022 CHF 66.220
Zurcher Kantonalb 4.750 7/15/2022 CHF 68.240
Raiffeisen Schwei 14.000 7/26/2022 CHF 54.120
Mostotrest PJSC 0.010 7/29/2026 RUB 49.580
Leonteq Securitie 5.710 9/23/2022 USD 35.280
Leonteq Securitie 10.00010/19/2022 CHF 39.920
UBS AG/London 13.25010/21/2022 CHF 53.750
Vontobel Financia 10.000 6/24/2022 EUR 74.710
EFG International 10.320 7/19/2022 USD 50.110
OR PJSC 11.00012/29/2024 RUB 9.020
OR PJSC 12.600 9/28/2025 RUB 10.250
OR PJSC 16.00011/26/2025 RUB 17.750
UBS AG/London 17.500 7/28/2022 CHF 37.100
UBS AG/London 14.250 08/10/2022 USD 32.850
VTB Bank PJSC 0.010 07/02/2024 RUB 62.710
Corner Banca SA 8.000 9/26/2022 CHF 62.530
Raiffeisen Switze 12.000 07/06/2022 CHF 61.010
Bayerische Landes 1.35012/23/2022 EUR 59.370
HPI AG 3.500 EUR 3.011
Vontobel Financia 13.400 8/29/2022 EUR 63.750
Agrar Mezogazdasa 2.900 8/24/2031 HUF 69.985
Credit Suisse AG/ 11.500 07/01/2022 USD 60.180
UBS AG/London 7.750 3/22/2023 USD 63.700
Nordea Bank Abp 3.200 1/20/2027 SEK 78.200
Societe Generale 11.750 9/18/2024 USD 47.800
LP Portfolio Vagy 3.400 9/23/2031 HUF 60.000
VEB-Leasing AO 6.910 1/16/2024 RUB 74.610
Single Platform I 0.678 2/15/2041 EUR 67.316
Single Platform I 0.930 07/02/2041 EUR 72.797
Region Wallonne B 0.865 7/20/2044 EUR 71.238
Municipality of A 0.460 9/20/2049 EUR 71.614
Landesbank Baden- 0.310 12/09/2039 EUR 63.819
Ukraine Governmen 8.880 05/10/2032 UAH 25.367
Ukraine Governmen 8.220 05/10/2035 UAH 22.137
Intelsat Jackson 9.750 7/15/2025 USD 44.301
Hypo Vorarlberg B 1.020 7/15/2041 EUR 74.009
Single Platform I 0.80012/20/2040 EUR 71.729
Landesbank Baden- 0.690 10/08/2035 EUR 74.173
Ville de Paris 0.37312/21/2044 EUR 67.771
Grupo Isolux Cors 1.00012/30/2021 USD 0.162
Single Platform I 1.075 6/26/2052 EUR 66.608
Single Platform I 0.767 2/15/2041 EUR 69.440
Region Wallonne B 0.970 6/24/2043 EUR 74.013
Norddeutsche Land 1.050 01/06/2039 EUR 72.103
Region Wallonne B 1.222 6/24/2080 EUR 57.824
Department of L'E 0.44210/25/2045 EUR 66.769
Single Platform I 0.465 2/27/2035 EUR 74.397
BPCE SA 2.285 12/03/2035 AUD 67.614
Lehman Brothers T 7.600 03/04/2010 NZD 0.100
Wirtschafts- und 0.20012/14/2045 EUR 66.353
Oberbank AG 0.230 10/07/2041 EUR 70.273
Banca Popolare di 9.500 10/02/2025 EUR 0.704
Berlin Hyp AG 0.44010/29/2035 EUR 73.420
SAir Group 6.250 04/12/2005 CHF 12.625
Republic of Irela 1.230 06/01/2120 EUR 69.943
Barclays Bank PLC 6.400 6/16/2031 MXN 70.999
Credit Agricole C 10.200 08/06/2026 TRY 47.493
Credit Agricole C 2.480 8/18/2050 USD 65.029
Kreditanstalt fue 0.693 02/08/2050 EUR 68.404
Norddeutsche Land 1.130 02/10/2039 EUR 73.513
Tonon Luxembourg 12.500 5/14/2024 USD 0.399
Deutsche Pfandbri 0.857 9/18/2037 EUR 67.381
Windreich GmbH 6.750 03/01/2015 EUR 4.475
Windreich GmbH 6.250 03/01/2015 EUR 4.475
LBI ehf 2.250 2/14/2011 CHF 10.750
Assistance Publiq 0.800 3/23/2046 EUR 72.989
Societe Du Grand 0.57610/29/2052 EUR 62.623
Single Platform I 0.950 7/25/2047 EUR 68.300
Barclays Bank PLC 13.810 4/16/2024 TRY 66.454
Autonomous Commun 0.81010/31/2040 EUR 72.797
Region de Bruxell 1.00010/29/2059 EUR 63.712
Sberbank of Russi 0.01010/22/2025 RUB 72.300
Sberbank of Russi 0.01010/22/2025 RUB 70.300
AutoWallis Nyrt 3.000 4/15/2030 HUF 69.430
Raiffeisen Switze 8.500 7/14/2022 CHF 57.300
Raiffeisen Switze 13.000 7/14/2022 CHF 56.510
Raiffeisen Schwei 11.000 7/14/2022 CHF 35.560
Vajda-Papir Gyart 3.50011/16/2030 HUF 70.200
Landesbank Baden- 4.000 7/25/2025 EUR 43.430
KESZ Holding Busi 2.800 6/17/2031 HUF 72.140
Leonteq Securitie 11.00010/31/2022 USD 45.980
Landesbank Baden- 7.000 4/28/2023 EUR 75.790
Zurcher Kantonalb 12.300 06/07/2022 CHF 62.790
VTB Bank PJSC 0.010 04/08/2026 RUB 62.500
Nordea Bank Abp 7.250 7/20/2023 EUR 74.870
UBS AG/London 8.75010/28/2022 CHF 56.650
Leonteq Securitie 12.000 6/21/2022 CHF 33.730
Opus Global Nyrt 3.200 4/29/2031 HUF 71.000
Leonteq Securitie 5.040 2/21/2023 CHF 74.950
Raiffeisen Schwei 12.00012/28/2022 CHF 71.410
Zurcher Kantonalb 7.000 08/10/2022 USD 42.190
Credit Suisse AG/ 8.000 08/05/2022 EUR 68.030
Corner Banca SA 6.50011/21/2022 CHF 36.860
Bank Julius Baer 5.500 08/10/2022 CHF 72.250
ENVIEN Magyarorsz 2.500 5/18/2031 HUF 70.735
STAVMAT Epitoanya 3.000 7/20/2031 HUF 69.600
DZ Bank AG Deutsc 5.000 6/24/2022 EUR 63.230
Leonteq Securitie 12.000 01/12/2023 CHF 34.450
Raiffeisen Schwei 11.000 7/19/2022 CHF 66.460
Credit Suisse AG/ 7.37012/28/2022 USD 9.570
UBS AG/London 9.50011/30/2022 CHF 49.250
Raiffeisen Schwei 8.000 2/27/2023 CHF 62.440
LP Portfolio Vagy 2.80011/30/2030 HUF 64.000
Raiffeisen Schwei 12.500 8/30/2022 CHF 63.540
Leonteq Securitie 14.000 06/08/2022 CHF 38.760
Bank Julius Baer 5.750 8/17/2022 CHF 66.500
Societe Generale 16.000 08/01/2024 USD 17.500
UBS AG/London 10.000 03/03/2023 CHF 62.800
Pannon Work Szeme 3.00010/30/2030 HUF 67.500
Zurcher Kantonalb 21.750 06/10/2022 CHF 52.340
DZ Bank AG Deutsc 9.270 6/24/2022 EUR 37.350
UniCredit Bank AG 1.500 1/31/2040 EUR 69.160
DZ Bank AG Deutsc 8.900 6/24/2022 EUR 64.590
EFG International 10.600 06/01/2023 USD 65.090
Bank Vontobel AG 17.500 07/04/2022 CHF 30.700
Leonteq Securitie 23.200 8/30/2022 CHF 60.230
Leonteq Securitie 24.190 8/30/2022 CHF 26.600
Banque Internatio 15.000 01/05/2023 EUR 40.050
Bank Vontobel AG 22.300 08/02/2022 CHF 31.100
Zurcher Kantonalb 11.600 11/10/2022 EUR 51.140
Luzerner Kantonal 8.40012/27/2022 USD 70.210
Futureal Developm 3.50011/16/2036 HUF 74.000
UBS AG/London 9.750 1/16/2023 EUR 76.500
Credit Suisse AG/ 18.250 08/08/2022 USD 42.610
VTB Bank PJSC 0.010 12/06/2024 RUB 57.600
VTB Bank PJSC 0.01012/13/2024 RUB 56.500
Sberbank of Russi 0.010 2/14/2025 RUB
UBS AG/London 10.250 6/15/2023 CHF 76.950
VTB Bank PJSC 0.01012/20/2024 RUB 54.500
Avangard-Agro JSC 7.750 9/23/2027 RUB 71.200
Nordea Bank Abp 6.060 7/20/2023 SEK 75.120
Avangard-Agro JSC 8.00011/16/2027 RUB 61.600
SG Issuer SA 5.700 7/20/2024 SEK 72.440
SG Issuer SA 7.000 7/20/2023 SEK 75.770
Maxima Telecom 10.750 7/14/2026 RUB 64.210
Reneszansz Kofara 3.200 04/09/2031 HUF 73.000
SkyGreen Building 3.00012/29/2030 HUF 67.300
DVM Construction 3.000 7/29/2030 HUF 64.200
DeltaCredit Bank 1.000 9/29/2026 RUB 59.210
MARSO Ltd 2.30012/17/2029 HUF 71.845
Stelius Befekteto 3.100 9/17/2030 HUF 66.500
Pervyi Konteinern 5.000 12/09/2025 RUB 77.720
Market Epito Zrt 2.95010/22/2029 HUF 68.000
Skandinaviska Ens 10.150 1/15/2025 SEK 59.490
WEB Windenergie A 4.00012/17/2025 EUR 0.010
VEB-Leasing AO 7.910 8/18/2025 RUB 72.660
DeltaCredit Bank 1.00010/20/2025 RUB 65.830
WEB Windenergie A 5.500 04/08/2023 EUR 30.000
Sberbank of Russi 0.010 02/04/2027 RUB 60.400
DekaBank Deutsche 4.81012/23/2022 EUR 69.910
VTB Bank PJSC 0.010 9/16/2026 RUB 61.000
Banque Cantonale 21.150 8/22/2022 CHF 22.630
Sberbank of Russi 0.01011/23/2026 RUB 60.000
Credit Suisse AG/ 15.000 07/07/2022 USD 25.770
UBS AG/London 9.750 05/10/2023 USD 64.500
UniCredit Bank AG 23.50010/28/2022 EUR 72.720
Vontobel Financia 11.400 5/31/2022 EUR 73.680
Raiffeisen Schwei 8.75011/29/2022 CHF 64.040
UBS AG/London 13.250 4/20/2023 USD 57.150
AutoWallis Nyrt 3.000 7/27/2031 HUF 64.700
Landesbank Baden- 6.75011/25/2022 EUR 60.690
DZ Bank AG Deutsc 4.69011/25/2022 EUR 59.900
Leonteq Securitie 12.000 05/11/2023 CHF 60.180
UBS AG/London 7.250 11/03/2023 CHF 66.900
Luzerner Kantonal 23.100 8/15/2022 CHF 37.090
Raiffeisen Schwei 9.00011/15/2022 CHF 73.800
Basler Kantonalba 14.000 11/10/2022 CHF 65.340
Landesbank Baden- 3.480 2/24/2023 EUR 62.140
ITK Holding zrt 2.900 6/23/2031 HUF 63.100
ENSI Kft 4.750 1/25/2032 HUF 73.200
Forras Vagyonkeze 3.250 10/01/2030 HUF 71.420
Skandinaviska Ens 6.250 1/15/2025 SEK 65.850
Bank Julius Baer 8.000 10/07/2022 USD 46.650
Pongs & Zahn AG 8.500 11/01/2014 EUR 0.101
Luzerner Kantonal 7.00012/16/2024 USD 71.540
Infogroup Holding 3.000 5/20/2031 HUF 65.350
Societe Generale 21.00011/25/2022 EUR 53.350
Vontobel Financia 18.000 3/24/2023 EUR 76.040
DeltaCredit Bank 1.000 5/18/2026 RUB 60.460
Bilt Paper BV 10.360 USD 1.430
Kuntarahoitus Oyj 0.726 01/08/2060 EUR 62.718
Single Platform I 1.117 5/25/2066 EUR 61.096
Ukraine Governmen 6.000 9/18/2024 UAH 53.913
SNCF Reseau 1.475 3/30/2065 EUR 71.731
Republic of Irela 0.810 07/10/2079 EUR 62.692
Lehman Brothers T 7.06012/29/2008 EUR 0.100
Cie DU Chemin de 0.28011/29/2052 CHF 53.459
Cerruti Finance S 6.500 7/26/2004 EUR 2.058
Single Platform I 0.780 03/05/2039 EUR 72.633
BLT Finance BV 12.000 02/10/2015 USD 10.500
Region of Pays de 0.44812/20/2039 EUR 72.972
Credit Agricole C 5.400 1/31/2028 BRL 71.256
Credit Agricole C 15.000 6/18/2026 TRY 58.641
Societe Generale 2.300 1/28/2036 USD 69.305
Agence Francaise 0.368 01/12/2046 EUR 70.457
Kingdom of Belgiu 0.558 9/24/2077 EUR 48.621
ING Bank NV 2.900 6/23/2051 USD 75.177
New World Resourc 4.000 10/07/2020 EUR 0.308
Grupo Isolux Cors 6.00012/30/2021 USD 0.479
Region de Bruxell 0.45012/22/2056 EUR 53.358
BPCE SA 2.250 3/13/2040 AUD 62.421
Caisse des Depots 2.61511/15/2049 AUD 72.664
Lloyds Bank PLC 0.500 7/26/2028 MXN 56.784
Single Platform I 1.250 05/10/2044 EUR 73.704
Region de Bruxell 0.730 2/25/2050 EUR 65.570
Lehman Brothers T 0.500 07/02/2020 EUR 0.100
BPCE SA 2.450 2/24/2035 AUD 70.626
Turkey Government 11.70011/13/2030 TRY 64.500
Single Platform I 0.720 3/20/2051 EUR 60.207
Metropole de Lyon 0.462 12/07/2045 EUR 66.964
Metropole de Lyon 0.540 12/07/2050 EUR 62.445
Aareal Bank AG 0.380 9/16/2031 EUR 72.178
Lehman Brothers T 4.680 12/12/2045 EUR 0.100
State of Rhinelan 0.100 10/01/2040 EUR 70.666
Single Platform I 0.924 2/18/2049 EUR 62.448
Oberoesterreichis 0.65010/15/2035 EUR 75.202
DZ Bank AG Deutsc 0.440 1/21/2036 EUR 72.306
Deutsche Pfandbri 0.765 09/12/2036 EUR 67.913
Communaute Franca 1.170 07/05/2049 EUR 72.918
Sidetur Finance B 10.000 4/20/2016 USD 0.770
Lloyds Bank PLC 2.637 1/16/2040 AUD 73.966
Wirtschafts- und 0.321 2/18/2041 EUR 74.148
Region de Bruxell 0.46012/15/2051 EUR 58.274
Communaute Franca 1.520 7/22/2069 EUR 70.555
Hamburgische Inve 0.380 2/24/2042 EUR 73.226
Single Platform I 0.811 6/28/2039 EUR 72.019
Single Platform I 0.419 2/15/2040 EUR 66.214
SAir Group 4.250 02/02/2007 CHF 12.625
Natixis SA 2.420 9/29/2035 AUD 72.796
Norske Skog Holdi 8.000 2/24/2023 USD 0.006
Lehman Brothers T 2.400 6/20/2011 JPY 0.100
Single Platform I 0.745 2/15/2047 EUR 63.174
Single Platform I 2.085 1/24/2044 NOK 75.439
Single Platform I 0.950 2/15/2044 EUR 70.702
Region de Bruxell 0.46012/15/2051 EUR 58.713
Northland Resourc 4.00010/15/2020 NOK 0.271
Hungary Governmen 3.00010/27/2038 HUF 61.763
Single Platform I 0.780 2/15/2040 EUR 70.598
Region de Bruxell 0.950 05/07/2049 EUR 70.666
BPCE SA 2.31511/19/2035 AUD 67.939
Region de Bruxell 0.557 08/07/2048 EUR 63.827
Communaute Franca 0.785 8/24/2050 EUR 64.466
Hellas Telecommun 6.054 1/15/2015 USD 0.001
Single Platform I 0.960 7/22/2038 EUR 74.751
Single Platform I 0.930 2/15/2041 EUR 71.500
Single Platform I 0.853 3/20/2040 EUR 70.849
Bibby Offshore Se 7.500 6/15/2021 GBP 11.625
Lehman Brothers T 5.000 05/02/2022 EUR 0.100
Agence Francaise 2.36010/17/2044 AUD 70.532
Single Platform I 1.156 02/12/2041 EUR 74.664
Lehman Brothers T 10.000 2/16/2009 CHF 0.100
Lehman Brothers T 13.000 2/16/2009 CHF 0.100
Single Platform I 0.753 6/25/2039 EUR 70.768
Region de Bruxell 0.620 11/04/2044 EUR 69.524
JP Morgan Structu 12.000 8/28/2026 ZMW
UBS AG/London 10.50010/28/2022 USD 61.150
VTB Bank PJSC 0.010 06/01/2024 RUB 63.500
VTB Bank PJSC 0.010 5/20/2026 RUB 62.810
VTB Bank PJSC 0.01011/18/2025 RUB 58.850
Leonteq Securitie 7.500 6/28/2022 CHF 68.600
Leonteq Securitie 26.030 6/24/2022 CHF 28.270
Leonteq Securitie 20.000 6/29/2022 CHF 29.450
Zurcher Kantonalb 14.000 6/14/2022 CHF 61.450
VTB Bank PJSC 0.010 5/13/2025 RUB 51.710
VTB Bank PJSC 0.010 5/13/2025 RUB 60.070
Leonteq Securitie 20.000 7/13/2022 CHF 34.920
Leonteq Securitie 10.000 12/07/2022 USD 77.150
UBS AG/London 12.25011/18/2022 EUR 34.500
Leonteq Securitie 20.000 7/29/2022 CHF 34.030
UBS AG/London 11.50011/14/2022 EUR 72.800
UBS AG/London 12.000 1/16/2023 CHF 38.200
Leonteq Securitie 22.770 8/30/2022 CHF 34.260
Raiffeisen Switze 8.20010/19/2022 CHF 59.500
Bank Vontobel AG 8.758 06/02/2022 CHF 35.500
Kalita OOO 15.000 09/12/2023 RUB 7.190
Raiffeisen Schwei 15.000 9/27/2022 CHF 38.130
Leonteq Securitie 3.090 7/28/2022 EUR 48.770
Leonteq Securitie 23.400 9/28/2022 CHF 27.610
Societe Generale 11.000 7/14/2026 USD 19.750
VTB Bank PJSC 2.00011/17/2023 RUB 76.000
Leonteq Securitie 18.000 08/02/2022 CHF 80.560
Zurcher Kantonalb 12.000 7/14/2022 CHF 34.710
Leonteq Securitie 26.120 8/31/2022 CHF 49.950
Nordea Bank Abp 4.600 1/20/2029 SEK 73.470
BNP Paribas SA 30.00012/21/2022 USD 63.500
Credit Suisse AG/ 9.000 2/22/2023 USD 71.950
OR PJSC 13.50010/22/2025 RUB 12.980
OR PJSC 16.00011/22/2025 RUB 19.000
Credit Suisse AG/ 9.50010/18/2022 CHF 32.120
UBS AG/London 9.25010/27/2022 CHF 71.450
Leonteq Securitie 20.40010/26/2022 CHF 35.060
Societe Generale 4.50012/29/2022 USD
SG Issuer SA 8.700 1/20/2025 SEK 41.870
SG Issuer SA 5.000 04/02/2024 EUR 54.360
UBS AG/London 6.500 3/31/2023 USD 41.000
SG Issuer SA 5.000 5/23/2024 EUR 55.020
Credit Suisse AG/ 8.500 06/08/2022 CHF 51.280
Leonteq Securitie 7.000 6/14/2022 CHF 58.400
SG Issuer SA 2.270 02/04/2032 EUR 65.700
SG Issuer SA 2.200 01/10/2025 EUR 64.610
DZ Bank AG Deutsc 0.910 6/25/2029 EUR 71.630
OR PJSC 11.500 7/28/2024 RUB 11.230
BNP Paribas Issua 1.560 02/02/2039 EUR 59.300
Leonteq Securitie 5.200 10/03/2022 CHF 59.460
Landesbank Baden- 0.150 09/11/2039 EUR 73.090
Landesbank Baden- 0.400 11/08/2039 EUR 73.790
Sberbank of Russi 0.010 8/25/2025 RUB 72.400
Raiffeisen Switze 20.000 01/06/2023 CHF 67.090
Bank Julius Baer 8.60010/27/2022 USD 85.500
UBS AG/London 10.500 8/16/2023 USD 78.250
Zurcher Kantonalb 19.00011/18/2022 USD 71.410
UBS AG/London 6.250 02/06/2023 USD 81.500
Credit Suisse AG/ 12.50011/16/2022 CHF 83.580
Sberbank of Russi 0.010 1/22/2027 RUB 70.600
Zurcher Kantonalb 15.500 11/08/2022 USD 56.520
Leonteq Securitie 24.240 9/30/2022 CHF 61.200
Zurcher Kantonalb 21.75010/21/2022 CHF 56.800
Sberbank of Russi 0.010 11/03/2026 RUB 64.800
Alteo Nyrt 2.450 10/08/2031 HUF 57.600
OR PJSC 12.00011/14/2024 RUB 9.660
Baromfi-Coop Term 3.000 5/19/2028 HUF 66.200
Kalita OOO 13.000 8/18/2024 RUB 4.510
Credit Suisse AG/ 8.000 2/24/2023 USD 79.470
DekaBank Deutsche 6.000 7/19/2023 EUR 65.300
UBS AG/London 16.500 9/15/2022 USD 28.780
Bank Otkritie Fin 0.100 05/04/2023 RUB 74.860
NRW Bank 0.80010/22/2060 EUR 70.870
Oberoesterreichis 0.655 1/25/2036 EUR 75.161
HSBC Bank PLC 0.50012/22/2025 BRL 64.701
Ukraine Governmen 7.750 09/01/2027 USD 39.241
Region Wallonne B 0.638 6/21/2047 EUR 66.045
Ukraine Governmen 6.00010/23/2024 UAH 52.681
Region de Bruxell 1.036 01/07/2060 EUR 64.495
Credit Agricole S 3.270 10/05/2041 AUD 65.391
Region de Bruxell 0.759 9/20/2049 EUR 66.564
Landesbank Baden- 0.740 06/02/2036 EUR 74.566
CDC Habitat SEM 1.150 4/30/2037 EUR 72.687
Credit Agricole S 3.610 4/20/2036 AUD 73.874
French Republic G 0.750 5/25/2053 EUR 69.652
Single Platform I 0.915 2/15/2043 EUR 72.094
Deutsche Wohnen S 1.700 12/05/2036 EUR 73.995
Ukraine Governmen 12.500 1/17/2024 UAH 70.641
Communaute Franca 0.500 6/27/2046 EUR 63.552
Landesbank Baden- 0.590 12/07/2035 EUR 75.212
Ville de Paris 0.39512/18/2045 EUR 67.001
Citigroup Global 1.240 2/18/2040 EUR 73.629
Credit Agricole C 2.400 5/17/2048 EUR 69.222
Ukraine Governmen 9.990 5/22/2024 UAH 59.574
LFA Foerderbank B 0.125 9/30/2038 EUR 74.252
Wirtschafts- und 0.170 12/09/2041 EUR 69.984
Landesbank Baden- 0.660 7/14/2036 EUR 73.433
Department of Bou 0.671 05/05/2042 EUR 73.529
Wirtschafts- und 0.200 12/02/2043 EUR 67.824
NRW Bank 1.020 08/01/2049 EUR 73.721
Hypo Tirol Bank A 1.090 1/21/2041 EUR 71.183
Heta Asset Resolu 0.42912/31/2023 EUR 5.181
BNP Paribas SA 2.720 12/12/2034 AUD 73.344
Kreditanstalt fue 0.250 10/06/2036 CAD 50.826
Communaute Franca 0.948 10/11/2059 EUR 66.915
Landesbank Baden- 0.600 03/05/2036 EUR 73.042
Heta Asset Resolu 0.29712/31/2023 EUR 5.181
KPNQwest NV 7.125 06/01/2009 EUR 0.453
Caisse des Depots 2.205 9/28/2041 AUD 70.804
Societe Generale 2.880 09/10/2034 AUD 69.858
Norddeutsche Land 0.700 03/12/2036 EUR 73.578
Credit Agricole C 15.000 6/18/2026 TRY 59.166
Landesbank Baden- 0.820 02/01/2039 EUR 71.260
IT Holding Financ 9.87511/15/2012 EUR 0.015
Communaute Franca 0.886 6/22/2057 EUR 60.686
Nederlandse Water 0.190 11/02/2050 EUR 65.105
Kuntarahoitus Oyj 0.250 6/28/2040 CAD 40.221
Landesbank Baden- 0.620 2/18/2036 EUR 73.279
Lehman Brothers T 1.598 10/05/2035 EUR 0.100
Nomura Bank Inter 1.13812/19/2039 EUR 71.994
Region Occitanie 0.83411/22/2045 EUR 73.750
Northland Resourc 12.250 3/26/2016 USD 2.621
Communaute Franca 0.584 9/17/2039 EUR 71.487
Single Platform I 1.023 2/15/2046 EUR 69.090
SAir Group 2.750 7/30/2004 CHF 12.625
Region Occitanie 0.83411/18/2044 EUR 74.513
Landesbank Baden- 0.760 3/31/2036 EUR 74.848
Norske Skogindust 7.00012/30/2026 EUR 0.010
Czech Republic Go 0.05011/29/2029 CZK 70.600
Landesbank Baden- 0.590 9/22/2034 EUR 75.011
Raiffeisen Switze 10.500 07/11/2024 USD 14.900
VTB Bank PJSC 0.010 3/25/2026 RUB 48.520
Bank Julius Baer 8.600 7/19/2022 CHF 50.500
VTB Bank PJSC 0.010 08/01/2023 RUB 72.560
Raiffeisen Schwei 6.300 12/07/2022 CHF 70.190
Landesbank Baden- 3.00010/25/2024 EUR 31.060
Raiffeisen Schwei 18.000 06/03/2022 CHF 43.180
Sberbank of Russi 0.010 9/21/2028 RUB 56.600
UBS AG/London 5.000 4/14/2023 CHF 65.900
UniCredit Bank AG 5.300 04/08/2025 EUR 75.440
Leonteq Securitie 13.000 02/06/2023 USD 44.730
Raiffeisen Schwei 13.000 07/05/2022 CHF 64.840
VTB Bank PJSC 17.750 05/06/2037 RUB 80.000
Leonteq Securitie 15.000 6/16/2022 USD 32.090
Softline Trade CJ 8.90012/23/2023 RUB 85.400
Corner Banca SA 8.000 06/08/2022 EUR 69.120
Bank Vontobel AG 14.004 09/02/2022 CHF 43.400
Leonteq Securitie 8.090 10/04/2023 CHF 68.790
Bank Vontobel AG 14.750 1/16/2023 CHF 38.000
DekaBank Deutsche 8.100 8/26/2022 EUR 43.640
UniCredit Bank AG 5.55010/26/2022 EUR 61.260
Citigroup Global 3.500 5/24/2033 EUR 76.150
VTB Bank PJSC 22.200 04/02/2031 RUB 80.000
Sberbank of Russi 0.010 09/05/2025 RUB 70.300
Credit Suisse AG/ 4.70011/30/2022 USD 9.523
Erste Group Bank 8.500 1/31/2023 EUR 55.800
VTB Bank PJSC 0.010 10/06/2024 RUB 99.400
UBS AG/London 9.500 12/08/2023 USD 65.800
Credit Suisse AG/ 13.700 9/25/2023 USD 29.600
Credit Suisse AG/ 7.250 12/01/2022 CHF 71.260
Zurcher Kantonalb 24.500 9/23/2022 USD 71.290
BNP Paribas Emiss 12.000 9/22/2022 EUR 70.820
Vontobel Financia 13.000 8/26/2022 EUR 75.970
Zurcher Kantonalb 6.000 4/14/2023 CHF 63.130
Sberbank of Russi 0.01010/20/2028 RUB 64.500
DekaBank Deutsche 3.750 11/04/2022 EUR 36.110
UBS AG/London 16.000 04/01/2024 USD 75.250
Societe Generale 9.25010/28/2022 EUR 78.200
Societe Generale 22.000 9/23/2022 EUR 52.440
Societe Generale 19.00011/25/2022 EUR 54.590
VTB Bank PJSC 0.010 10/06/2023 RUB 78.010
Bank Julius Baer 10.000 06/02/2022 CHF 39.100
State of North Rh 0.200 1/27/2051 EUR 62.932
Slovakia Governme 1.00010/13/2051 EUR 67.778
Ukraine Governmen 7.750 09/01/2023 USD 44.769
Land Berlin 0.100 1/18/2041 EUR 71.450
Santander Interna 1.700 12/12/2049 EUR 45.356
EDOB Abwicklungs 7.500 04/01/2012 EUR 1.368
Single Platform I 0.780 04/01/2042 EUR 67.992
Department of Bou 0.500 10/05/2043 EUR 69.788
Single Platform I 1.105 1/18/2040 EUR 75.085
Cooperatieve Rabo 0.500 8/21/2028 MXN 55.965
Romanian Governme 2.750 4/14/2041 EUR 67.444
Romanian Governme 2.750 4/14/2041 EUR 67.173
Natixis SA 0.300 6/25/2048 USD 32.933
Societe Generale 2.370 9/17/2035 AUD 64.122
Lehman Brothers T 2.300 06/06/2013 USD 0.100
Ukraine Governmen 5.000 2/20/2032 UAH 15.747
BNP Paribas SA 0.857 2/22/2036 EUR 75.653
Turkiye Ihracat K 12.540 9/14/2028 TRY 45.026
Ukraine Governmen 9.70010/13/2032 UAH 27.065
Single Platform I 0.873 5/25/2052 EUR 61.299
Agence Francaise 2.360 1/30/2045 AUD 70.448
Russian Foreign B 2.650 5/27/2036 EUR 15.162
Societe Generale 3.11010/28/2041 AUD 67.689
Natixis SA 2.900 1/29/2040 AUD 72.603
Ukraine Governmen 9.790 5/26/2027 UAH 50.929
Grand Delta Habit 1.500 06/02/2045 EUR 63.104
Development Bank 6.750 05/02/2024 USD 6.147
Irish Bank Resolu 6.75011/30/2013 BGN 33.250
Societe Generale 3.000 7/22/2022 USD 8.970
Deutsche Bank AG/ 2.200 4/14/2023 EUR 77.080
UniCredit Bank AG 4.450 7/23/2022 EUR 50.810
UniCredit Bank AG 3.650 7/23/2022 EUR 47.060
Skandinaviska Ens 10.360 7/17/2023 SEK 71.940
Skandinaviska Ens 9.020 7/17/2023 SEK 57.250
UniCredit Bank AG 4.000 06/07/2022 EUR 65.010
SG Issuer SA 4.000 6/22/2026 EUR 76.060
SG Issuer SA 11.170 7/20/2025 SEK 30.880
Citigroup Global 7.200 5/24/2023 SEK 64.270
UniCredit Bank AG 3.700 06/04/2022 EUR 49.340
Landesbank Baden- 3.000 9/23/2022 EUR 59.410
UniCredit Bank AG 4.200 7/26/2022 EUR 22.500
UniCredit Bank AG 4.150 7/26/2022 EUR 45.910
Landesbank Baden- 2.400 7/22/2022 EUR 73.910
UniCredit Bank AG 3.850 6/28/2022 EUR 58.640
UniCredit Bank AG 3.800 6/28/2022 EUR 37.830
Skandinaviska Ens 8.300 7/17/2023 SEK 61.590
UniCredit Bank AG 4.250 6/28/2022 EUR 42.540
Nordea Bank Abp 7.100 7/20/2024 SEK 57.910
Bank Vontobel AG 10.004 9/19/2022 CHF 62.000
Bank Vontobel AG 7.254 9/19/2022 CHF 59.200
Leonteq Securitie 8.000 9/19/2022 CHF 62.490
UBS AG/London 10.250 9/19/2022 CHF 59.900
UBS AG/London 16.000 9/19/2022 CHF 43.000
DekaBank Deutsche 2.050 04/12/2024 EUR 68.740
VTB Bank PJSC 0.010 2/24/2026 RUB 65.550
Bank Vontobel AG 7.757 2/13/2023 CHF 60.200
Leonteq Securitie 10.000 6/22/2022 CHF 61.130
Sberbank of Russi 0.010 07/02/2025 RUB 73.900
Nordea Bank Abp 9.000 1/20/2025 SEK 64.630
Slavneft Oil & Ga 6.100 06/04/2030 RUB 76.000
Landesbank Baden- 4.550 6/24/2022 EUR 71.830
Landesbank Baden- 5.300 6/24/2022 EUR 57.880
DZ Bank AG Deutsc 6.200 6/24/2022 EUR 72.990
DZ Bank AG Deutsc 14.300 6/24/2022 EUR 65.800
DZ Bank AG Deutsc 22.900 6/24/2022 EUR 67.090
Landesbank Baden- 3.00010/27/2023 EUR 77.400
DZ Bank AG Deutsc 12.400 6/24/2022 EUR 76.500
DZ Bank AG Deutsc 3.600 6/24/2022 EUR 79.270
DZ Bank AG Deutsc 4.800 6/24/2022 EUR 74.960
DZ Bank AG Deutsc 7.800 6/24/2022 EUR 68.270
UBS AG/London 15.750 9/19/2022 CHF 58.600
EFG International 6.500 3/22/2023 USD 63.180
Leasing-Trade OOO 10.800 10/01/2024 RUB 75.470
EFG International 5.500 07/07/2023 USD 63.220
UBS AG/London 10.75010/28/2022 USD 71.750
UniCredit Bank AG 6.000 7/28/2023 EUR 35.920
Landesbank Baden- 5.800 6/24/2022 EUR 75.320
Landesbank Baden- 4.750 6/24/2022 EUR 77.740
Landesbank Baden- 3.550 6/24/2022 EUR 62.310
DZ Bank AG Deutsc 11.000 6/24/2022 EUR 60.440
DZ Bank AG Deutsc 8.900 6/24/2022 EUR 77.240
DZ Bank AG Deutsc 17.900 6/24/2022 EUR 75.270
DZ Bank AG Deutsc 11.200 6/24/2022 EUR 72.530
DZ Bank AG Deutsc 13.500 6/24/2022 EUR 68.150
UBS AG/London 7.500 3/17/2023 CHF 58.500
Credit Suisse AG/ 8.250 6/17/2022 CHF 53.390
VTB Bank PJSC 0.010 1/20/2026 RUB 62.830
VTB Bank PJSC 0.010 02/03/2026 RUB 60.520
Bank Vontobel AG 11.259 9/19/2022 CHF 65.200
Bank Vontobel AG 7.255 9/19/2022 CHF 68.300
Landesbank Baden- 6.500 6/24/2022 EUR 65.790
Landesbank Baden- 2.150 6/24/2022 EUR 67.550
DZ Bank AG Deutsc 13.300 6/24/2022 EUR 56.840
Pharmacy Chain 36 10.500 06/04/2030 RUB 61.200
DZ Bank AG Deutsc 20.300 6/24/2022 EUR 54.610
UBS AG/London 12.250 3/17/2023 CHF 74.700
UBS AG/London 9.750 3/17/2023 CHF 46.750
VTB Bank PJSC 0.010 1/27/2026 RUB 65.600
Bank Vontobel AG 6.002 08/12/2022 EUR 49.600
Sberbank of Russi 0.010 1/19/2026 RUB 70.400
Sberbank of Russi 0.010 11/11/2025 RUB 72.000
Epito-Es Epuletka 3.000 11/11/2030 HUF 65.500
Sberbank of Russi 0.010 11/05/2025 RUB 71.700
Bank Vontobel AG 6.00611/14/2022 EUR 69.800
SG Issuer SA 1.50012/30/2032 EUR 46.380
Sberbank of Russi 0.010 1/19/2026 RUB 66.500
Sberbank of Russi 0.010 1/19/2026 RUB 68.200
Sberbank of Russi 0.01010/28/2024 RUB 73.200
Sberbank of Russi 0.010 1/21/2026 RUB 65.300
Sberbank of Russi 0.010 11/05/2025 RUB 73.700
Sberbank of Russi 0.010 11/06/2025 RUB 70.600
Raiffeisen Switze 7.500 7/14/2022 CHF 57.050
UniCredit Bank AG 5.250 12/01/2023 EUR 39.620
Societe Generale 0.705 11/12/2035 EUR 73.230
UBS AG/London 7.750 7/20/2022 CHF 56.350
UniCredit Bank AG 10.700 2/17/2025 EUR 69.310
Sberbank of Russi 0.01011/20/2025 RUB 73.900
Bank Vontobel AG 9.004 7/15/2022 CHF 75.400
Vontobel Financia 12.500 6/24/2022 EUR 58.080
Vontobel Financia 19.000 6/24/2022 EUR 75.760
UBS AG/London 9.750 7/20/2022 CHF 56.550
UBS AG/London 11.750 1/20/2023 CHF 68.500
Zurcher Kantonalb 7.500 7/28/2022 CHF 58.450
Sberbank of Russi 0.01010/31/2025 RUB 69.700
Leonteq Securitie 4.290 1/21/2025 EUR 77.920
Bank Vontobel AG 7.506 7/15/2022 CHF 57.400
Zurcher Kantonalb 6.50011/25/2022 EUR 76.410
Vontobel Financia 7.000 6/24/2022 EUR 72.120
Vontobel Financia 11.500 6/24/2022 EUR 64.460
Vontobel Financia 14.000 6/24/2022 EUR 61.270
Vontobel Financia 9.000 6/24/2022 EUR 73.730
Vontobel Financia 10.250 6/24/2022 EUR 65.760
Bank Vontobel AG 5.501 11/07/2022 EUR 63.800
Sberbank of Russi 0.010 1/19/2026 RUB 68.500
UBS AG/London 10.500 11/11/2022 CHF 62.200
EFG International 11.100 1/25/2023 USD 78.950
Sberbank of Russi 0.010 1/21/2026 RUB 67.200
UBS AG/London 7.750 7/20/2022 CHF 47.800
Sberbank of Russi 0.01011/20/2025 RUB 69.200
UBS AG/London 7.000 1/20/2023 CHF 71.000
UBS AG/London 15.250 7/21/2022 USD 32.400
Sberbank of Russi 0.01011/24/2025 RUB 70.800
UniCredit Bank AG 10.700 02/03/2025 EUR 68.720
Landesbank Baden- 3.500 8/26/2022 EUR 25.720
Zurcher Kantonalb 17.000 06/07/2022 USD 46.010
Bank Vontobel AG 11.00611/21/2022 EUR 78.000
Bank Vontobel AG 6.502 5/23/2023 CHF 69.700
DZ Bank AG Deutsc 14.300 6/24/2022 EUR 63.240
DZ Bank AG Deutsc 10.100 6/24/2022 EUR 78.680
DZ Bank AG Deutsc 13.200 6/24/2022 EUR 66.940
DZ Bank AG Deutsc 13.000 6/24/2022 EUR 64.330
DZ Bank AG Deutsc 8.900 6/24/2022 EUR 53.010
DZ Bank AG Deutsc 20.900 6/24/2022 EUR 64.200
DZ Bank AG Deutsc 11.000 6/24/2022 EUR 61.450
DZ Bank AG Deutsc 14.800 6/24/2022 EUR 74.440
Leonteq Securitie 6.00011/27/2023 CHF 68.040
UniCredit Bank AG 3.500 8/24/2022 EUR 50.320
Zurcher Kantonalb 14.000 6/24/2022 CHF 21.360
UBS AG/London 8.00010/28/2022 CHF 71.500
UBS AG/London 8.750 4/28/2023 CHF 64.600
Vontobel Financia 7.250 6/24/2022 EUR 68.440
Vontobel Financia 14.250 6/24/2022 EUR 76.280
Vontobel Financia 5.500 6/24/2022 EUR 77.290
Vontobel Financia 12.250 6/24/2022 EUR 65.910
SG Issuer SA 9.000 7/20/2023 SEK 68.160
DZ Bank AG Deutsc 6.250 9/19/2022 EUR 71.530
Vontobel Financia 16.000 6/24/2022 EUR 68.400
Vontobel Financia 15.500 6/24/2022 EUR 71.610
Vontobel Financia 16.000 6/24/2022 EUR 62.860
Vontobel Financia 15.000 6/24/2022 EUR 64.230
Vontobel Financia 17.000 6/24/2022 EUR 61.550
DZ Bank AG Deutsc 7.500 9/19/2022 EUR 64.190
Vontobel Financia 18.000 6/24/2022 EUR 71.110
Vontobel Financia 10.500 6/24/2022 EUR 77.040
Vontobel Financia 14.000 6/24/2022 EUR 71.090
Leonteq Securitie 13.00012/21/2022 CHF 37.430
Vontobel Financia 11.500 6/24/2022 EUR 74.930
Vontobel Financia 6.000 6/24/2022 EUR 50.510
Vontobel Financia 9.000 6/24/2022 EUR 44.800
Vontobel Financia 17.000 6/24/2022 EUR 36.900
Corner Banca SA 12.00012/21/2022 CHF 37.680
Corner Banca SA 8.000 6/21/2023 CHF 62.670
EFG International 8.200 6/21/2022 CHF 67.840
Corner Banca SA 12.000 6/21/2022 CHF 22.300
Landesbank Baden- 2.500 8/25/2023 EUR 67.150
Vontobel Financia 7.000 6/24/2022 EUR 71.170
Leonteq Securitie 10.00012/21/2022 USD 74.930
Vontobel Financia 5.000 6/24/2022 EUR 74.290
Vontobel Financia 7.000 6/24/2022 EUR 69.960
Vontobel Financia 7.000 6/24/2022 EUR 55.070
Raiffeisen Schwei 8.20012/21/2022 EUR 66.930
Vontobel Financia 5.500 6/24/2022 EUR 51.990
Vontobel Financia 6.000 6/24/2022 EUR 65.300
Vontobel Financia 10.000 6/24/2022 EUR 57.920
Leonteq Securitie 10.00010/31/2022 USD 37.720
Bank Julius Baer 6.750 6/22/2022 CHF 72.950
Credit Suisse AG/ 8.250 9/19/2022 EUR 63.100
Vontobel Financia 9.500 6/24/2022 EUR 69.630
Vontobel Financia 11.500 6/24/2022 EUR 66.760
Vontobel Financia 7.500 6/24/2022 EUR 72.780
Vontobel Financia 8.000 6/24/2022 EUR 63.660
Vontobel Financia 10.500 6/24/2022 EUR 59.680
Vontobel Financia 15.500 6/24/2022 EUR 54.730
Vontobel Financia 14.000 6/24/2022 EUR 58.970
Vontobel Financia 15.500 6/24/2022 EUR 57.640
Vontobel Financia 19.000 6/24/2022 EUR 50.070
Vontobel Financia 12.000 6/24/2022 EUR 64.500
Vontobel Financia 7.000 6/24/2022 EUR 63.880
Vontobel Financia 8.000 6/24/2022 EUR 70.370
Vontobel Financia 17.000 6/24/2022 EUR 52.930
UniCredit Bank AG 7.650 7/18/2022 EUR 76.080
Vontobel Financia 8.500 6/24/2022 EUR 71.130
Vontobel Financia 5.500 6/24/2022 EUR 77.050
Vontobel Financia 5.000 6/24/2022 EUR 76.020
Zurcher Kantonalb 5.600 6/23/2023 USD 78.010
Vontobel Financia 19.500 6/24/2022 EUR 16.070
Vontobel Financia 9.000 6/24/2022 EUR 40.340
Vontobel Financia 16.000 6/24/2022 EUR 75.720
Bank Julius Baer 8.200 9/19/2022 USD 45.750
Leonteq Securitie 5.00012/21/2022 USD 46.790
EFG International 8.560 6/17/2022 CHF 72.470
Leonteq Securitie 11.000 7/29/2022 CHF 56.630
Leonteq Securitie 20.760 6/17/2022 CHF 17.560
Leonteq Securitie 10.000 9/21/2022 EUR 76.740
Vontobel Financia 10.500 6/24/2022 EUR 62.570
Vontobel Financia 5.500 6/24/2022 EUR 69.120
Vontobel Financia 5.000 6/24/2022 EUR 72.600
Vontobel Financia 7.500 6/24/2022 EUR 66.740
Vontobel Financia 12.500 6/24/2022 EUR 57.940
Vontobel Financia 8.000 6/24/2022 EUR 65.660
Vontobel Financia 17.500 6/24/2022 EUR 62.580
Vontobel Financia 9.500 6/24/2022 EUR 76.970
Vontobel Financia 15.750 08/03/2022 EUR 27.680
Bank Julius Baer 13.000 6/22/2022 CHF 23.400
Raiffeisen Centro 8.250 05/11/2023 EUR 71.340
Vontobel Financia 7.750 6/24/2022 EUR 61.590
Vontobel Financia 13.000 6/24/2022 EUR 57.330
VTB Bank PJSC 0.010 3/25/2026 RUB 62.090
DZ Bank AG Deutsc 5.000 6/20/2022 EUR 75.810
Goldman Sachs & C 6.000 6/21/2023 EUR 76.900
Vontobel Financia 15.000 6/24/2022 EUR 59.870
Vontobel Financia 14.000 6/24/2022 EUR 70.760
Vontobel Financia 18.000 6/24/2022 EUR 60.300
Vontobel Financia 8.500 6/24/2022 EUR 74.060
Vontobel Financia 6.500 6/24/2022 EUR 73.650
Vontobel Financia 15.000 6/24/2022 EUR 20.390
Vontobel Financia 10.000 6/24/2022 EUR 23.170
Vontobel Financia 17.500 6/24/2022 EUR 19.300
Goldman Sachs & C 7.000 6/22/2022 EUR 75.390
Goldman Sachs & C 6.000 7/20/2022 EUR 74.270
Vontobel Financia 13.000 6/24/2022 EUR 59.450
Vontobel Financia 15.000 6/24/2022 EUR 56.410
Vontobel Financia 8.500 6/24/2022 EUR 68.010
Vontobel Financia 11.000 6/24/2022 EUR 64.420
Vontobel Financia 19.500 6/24/2022 EUR 49.780
Raiffeisen Schwei 7.50012/21/2022 CHF 68.800
Raiffeisen Schwei 8.00012/21/2022 USD 72.740
Vontobel Financia 8.000 6/24/2022 EUR 61.370
Vontobel Financia 6.500 6/24/2022 EUR 43.720
Bank Julius Baer 9.250 9/19/2022 EUR 64.200
Bank Julius Baer 8.900 6/17/2022 USD 72.050
Bank Julius Baer 8.250 6/17/2022 USD 66.300
Leonteq Securitie 21.290 6/17/2022 CHF 48.700
DZ Bank AG Deutsc 5.600 6/20/2022 EUR 67.340
DZ Bank AG Deutsc 5.500 9/19/2022 EUR 75.660
DZ Bank AG Deutsc 5.600 6/20/2022 EUR 67.500
Vontobel Financia 16.500 6/24/2022 EUR 57.860
Vontobel Financia 17.500 6/24/2022 EUR 53.730
Vontobel Financia 9.500 6/24/2022 EUR 66.140
Vontobel Financia 13.500 6/24/2022 EUR 61.230
Vontobel Financia 15.000 6/24/2022 EUR 59.790
Vontobel Financia 16.500 6/24/2022 EUR 49.570
Vontobel Financia 11.000 6/24/2022 EUR 54.050
Raiffeisen Schwei 11.500 6/21/2022 CHF 42.580
Vontobel Financia 16.000 6/24/2022 EUR 39.770
Vontobel Financia 8.500 6/24/2022 EUR 47.020
Vontobel Financia 12.000 6/24/2022 EUR 43.020
Vontobel Financia 12.500 6/24/2022 EUR 54.900
Vontobel Financia 7.500 6/24/2022 EUR 41.940
Vontobel Financia 12.500 6/24/2022 EUR 37.570
Vontobel Financia 15.000 6/24/2022 EUR 76.610
Bank Julius Baer 8.450 6/17/2022 USD 53.150
Leonteq Securitie 10.52012/21/2022 USD 72.130
Leonteq Securitie 10.00010/31/2022 CHF 72.340
Landesbank Baden- 2.300 9/23/2022 EUR 76.250
Bank Julius Baer 12.000 9/19/2022 USD 63.500
Leonteq Securitie 7.000 05/03/2023 CHF 60.790
Leonteq Securitie 9.00010/31/2022 CHF 55.490
Vontobel Financia 11.500 6/24/2022 EUR 64.860
Bank Julius Baer 6.250 6/22/2022 CHF 72.000
Vontobel Financia 10.500 6/24/2022 EUR 61.840
Vontobel Financia 13.500 6/24/2022 EUR 67.560
Vontobel Financia 21.500 6/24/2022 EUR 70.960
Vontobel Financia 10.500 6/24/2022 EUR 62.840
Vontobel Financia 7.500 6/24/2022 EUR 24.970
Vontobel Financia 12.500 6/24/2022 EUR 21.670
Vontobel Financia 14.000 6/24/2022 EUR 77.150
Vontobel Financia 10.500 6/24/2022 EUR 59.500
Vontobel Financia 16.500 6/24/2022 EUR 58.410
Vontobel Financia 10.500 6/24/2022 EUR 38.880
Credit Suisse AG/ 9.500 6/21/2022 USD 28.940
Nordea Bank Abp 4.750 7/20/2026 SEK 74.250
Bank Julius Baer 7.000 6/22/2022 CHF 60.700
Landesbank Baden- 3.500 6/24/2022 EUR 71.760
DZ Bank AG Deutsc 15.400 6/24/2022 EUR 46.610
DZ Bank AG Deutsc 10.800 6/24/2022 EUR 62.320
Vontobel Financia 11.000 6/24/2022 EUR 61.060
Landesbank Baden- 1.500 6/24/2022 EUR 62.180
DZ Bank AG Deutsc 13.200 6/24/2022 EUR 76.030
DZ Bank AG Deutsc 13.000 6/24/2022 EUR 60.890
Landesbank Baden- 4.050 6/24/2022 EUR 68.130
Zurcher Kantonalb 10.000 6/24/2022 CHF 62.070
Landesbank Baden- 3.350 4/28/2023 EUR 75.010
Landesbank Baden- 5.200 4/28/2023 EUR 50.940
Landesbank Baden- 3.350 4/28/2023 EUR 55.810
Landesbank Baden- 5.650 4/28/2023 EUR 77.520
Landesbank Baden- 9.500 6/24/2022 EUR 30.950
Landesbank Baden- 4.500 6/24/2022 EUR 49.600
Landesbank Baden- 3.300 4/28/2023 EUR 76.060
Landesbank Baden- 8.600 6/24/2022 EUR 32.700
Landesbank Baden- 5.100 6/24/2022 EUR 38.290
DZ Bank AG Deutsc 24.400 6/24/2022 EUR 42.630
DZ Bank AG Deutsc 20.000 6/24/2022 EUR 29.260
DZ Bank AG Deutsc 13.100 6/24/2022 EUR 73.960
DZ Bank AG Deutsc 19.500 6/24/2022 EUR 41.440
DZ Bank AG Deutsc 4.600 6/24/2022 EUR 72.850
DZ Bank AG Deutsc 6.200 6/24/2022 EUR 68.900
Landesbank Baden- 6.500 7/22/2022 EUR 74.750
Landesbank Baden- 8.250 7/22/2022 EUR 71.600
Landesbank Baden- 3.250 6/24/2022 EUR 57.750
Landesbank Baden- 5.500 6/24/2022 EUR 36.030
Vontobel Financia 3.500 07/03/2023 EUR 52.680
Landesbank Baden- 4.650 4/28/2023 EUR 71.760
Zurcher Kantonalb 10.000 6/23/2022 CHF 77.520
Vontobel Financia 8.500 7/13/2022 EUR 51.140
Vontobel Financia 9.500 6/24/2022 EUR 63.630
Vontobel Financia 15.000 6/24/2022 EUR 79.220
Vontobel Financia 8.000 6/24/2022 EUR 65.770
Vontobel Financia 6.500 6/24/2022 EUR 67.990
Vontobel Financia 7.000 6/24/2022 EUR 58.550
Vontobel Financia 8.000 6/24/2022 EUR 70.020
Vontobel Financia 12.500 6/24/2022 EUR 62.800
Nordea Bank Abp 2.00012/29/2025 SEK 68.280
Leonteq Securitie 8.000 08/12/2022 CHF 60.520
Raiffeisen Switze 7.200 2/15/2023 CHF 61.410
Leonteq Securitie 10.000 08/12/2022 CHF 66.320
Leonteq Securitie 10.000 08/12/2022 CHF 42.830
Corner Banca SA 12.000 08/12/2022 CHF 59.320
Raiffeisen Switze 8.000 08/12/2022 CHF 60.390
Vontobel Financia 20.500 8/17/2022 EUR 64.710
Dyadya Doner OOO 13.500 4/25/2023 RUB 16.000
Landesbank Baden- 3.100 8/26/2022 EUR 63.630
DZ Bank AG Deutsc 14.000 6/24/2022 EUR 51.130
DZ Bank AG Deutsc 11.300 6/24/2022 EUR 70.930
DZ Bank AG Deutsc 16.800 6/24/2022 EUR 60.830
Raiffeisen Switze 7.000 7/22/2022 CHF 64.140
DZ Bank AG Deutsc 18.400 6/24/2022 EUR 80.600
DZ Bank AG Deutsc 11.300 6/24/2022 EUR 57.610
DZ Bank AG Deutsc 15.500 6/24/2022 EUR 67.400
DZ Bank AG Deutsc 19.900 6/24/2022 EUR 55.320
DZ Bank AG Deutsc 17.600 6/24/2022 EUR 53.430
Credit Suisse AG/ 15.000 6/14/2022 CHF 52.760
UBS AG/London 11.75011/28/2022 CHF 37.700
DZ Bank AG Deutsc 9.000 6/22/2022 EUR 76.060
Bank Vontobel AG 8.500 12/12/2022 EUR 66.800
Bank Vontobel AG 7.502 12/12/2022 CHF 73.900
Vontobel Financia 15.500 6/24/2022 EUR 72.010
Vontobel Financia 10.000 6/24/2022 EUR 22.300
EFG International 5.000 4/26/2023 USD 62.870
Raiffeisen Switze 10.50010/26/2022 CHF 59.130
DZ Bank AG Deutsc 16.900 6/24/2022 EUR 31.740
DZ Bank AG Deutsc 10.200 6/24/2022 EUR 69.630
DZ Bank AG Deutsc 17.400 6/24/2022 EUR 43.850
Landesbank Baden- 3.800 6/24/2022 EUR 76.310
Landesbank Baden- 1.850 6/24/2022 EUR 75.050
UBS AG/London 7.25011/28/2022 CHF 71.200
UBS AG/London 9.000 5/30/2023 CHF 64.950
Zurcher Kantonalb 10.000 02/03/2023 CHF 56.950
Bank Julius Baer 6.850 6/15/2022 CHF 71.450
Basler Kantonalba 8.00011/28/2022 CHF 72.070
DZ Bank AG Deutsc 5.300 6/20/2022 EUR 65.460
EFG International 9.800 6/21/2023 EUR 30.010
Bank Vontobel AG 5.502 06/12/2023 EUR 79.400
Raiffeisen Switze 6.75010/26/2022 CHF 59.640
EFG International 11.00011/28/2022 CHF 61.620
UBS AG/London 10.250 5/30/2023 CHF 52.350
DZ Bank AG Deutsc 23.200 6/24/2022 EUR 65.790
DZ Bank AG Deutsc 18.400 6/24/2022 EUR 25.380
Raiffeisen Switze 7.300 1/25/2023 CHF 61.240
Leonteq Securitie 11.000 6/14/2022 CHF 72.030
Leonteq Securitie 11.00012/14/2022 CHF 74.810
Leonteq Securitie 14.000 9/14/2022 EUR 34.700
Corner Banca SA 12.000 6/14/2022 CHF 71.150
Leonteq Securitie 14.000 6/14/2022 CHF 73.350
Leonteq Securitie 10.00012/14/2022 CHF 54.660
EFG International 4.750 1/29/2024 USD 49.300
Zurcher Kantonalb 6.500 06/07/2022 CHF 60.640
Leonteq Securitie 10.400 02/01/2023 USD 82.970
DZ Bank AG Deutsc 6.250 6/20/2022 EUR 75.280
VTB Bank PJSC 2.000 4/29/2026 RUB 65.530
DZ Bank AG Deutsc 7.000 6/20/2022 EUR 73.420
Landesbank Baden- 2.300 9/23/2022 EUR 72.990
DZ Bank AG Deutsc 5.000 6/22/2022 EUR 60.800
DZ Bank AG Deutsc 10.500 6/22/2022 EUR 73.670
Bank Vontobel AG 9.750 12/12/2022 CHF 68.400
Bank Vontobel AG 5.500 06/12/2023 EUR 79.000
Bank Vontobel AG 7.250 06/12/2023 CHF 78.100
Bank Vontobel AG 15.001 9/13/2022 CHF 34.800
VTB Bank PJSC 0.010 5/19/2024 RUB 61.520
Bank Vontobel AG 9.501 12/12/2022 CHF 50.600
Vontobel Financia 8.500 6/24/2022 EUR 63.990
Leonteq Securitie 8.000 7/26/2022 CHF 65.040
Vontobel Financia 16.500 6/24/2022 EUR 58.240
Vontobel Financia 7.500 6/24/2022 EUR 23.950
Vontobel Financia 15.000 6/24/2022 EUR 19.740
Vontobel Financia 12.500 6/24/2022 EUR 20.920
Vontobel Financia 17.500 6/24/2022 EUR 18.730
Raiffeisen Switze 12.00010/26/2022 CHF 38.760
Raiffeisen Switze 8.00010/26/2022 EUR 65.200
DZ Bank AG Deutsc 17.600 6/24/2022 EUR 29.370
Vontobel Financia 11.500 6/24/2022 EUR 68.610
Vontobel Financia 11.500 6/24/2022 EUR 66.000
Vontobel Financia 13.500 6/24/2022 EUR 63.950
Vontobel Financia 11.500 6/24/2022 EUR 73.630
Raiffeisen Schwei 11.00012/14/2022 CHF 71.880
Vontobel Financia 15.500 6/24/2022 EUR 64.660
Vontobel Financia 13.500 6/24/2022 EUR 57.850
Vontobel Financia 7.500 6/24/2022 EUR 68.850
Vontobel Financia 19.000 6/24/2022 EUR 75.760
Credit Suisse AG/ 10.000 5/30/2022 CHF 29.620
DZ Bank AG Deutsc 7.000 6/20/2022 EUR 60.670
Raiffeisen Centro 5.750 5/19/2023 EUR 49.290
DZ Bank AG Deutsc 6.750 6/22/2022 EUR 60.900
Bank Vontobel AG 9.502 12/12/2022 CHF 50.600
SG Issuer SA 8.300 7/21/2025 SEK 50.360
Landesbank Baden- 2.000 6/24/2022 EUR 78.300
DZ Bank AG Deutsc 14.000 6/24/2022 EUR 34.560
DZ Bank AG Deutsc 8.000 6/22/2022 EUR 63.680
DZ Bank AG Deutsc 21.700 6/24/2022 EUR 39.310
UBS AG/London 7.250 07/05/2022 EUR 72.010
DZ Bank AG Deutsc 16.900 6/24/2022 EUR 54.390
DZ Bank AG Deutsc 12.000 6/24/2022 EUR 42.200
DZ Bank AG Deutsc 13.900 6/24/2022 EUR 40.020
DZ Bank AG Deutsc 15.800 6/24/2022 EUR 38.270
Landesbank Baden- 5.150 6/24/2022 EUR 65.730
Landesbank Baden- 2.650 6/24/2022 EUR 72.100
DZ Bank AG Deutsc 9.700 6/24/2022 EUR 61.610
Leonteq Securitie 11.50010/27/2022 CHF 56.820
Landesbank Baden- 2.500 6/24/2022 EUR 56.050
Landesbank Baden- 4.200 4/28/2023 EUR 77.360
Landesbank Baden- 3.200 4/28/2023 EUR 69.880
Landesbank Baden- 3.150 4/28/2023 EUR 38.770
VTB Bank PJSC 0.010 5/19/2024 RUB 60.070
Vontobel Financia 12.500 6/24/2022 EUR 40.370
Vontobel Financia 17.000 6/24/2022 EUR 36.900
Vontobel Financia 17.000 6/24/2022 EUR 75.770
Zurcher Kantonalb 20.250 6/24/2022 CHF 54.720
Zurcher Kantonalb 17.000 6/24/2022 CHF 78.940
Zurcher Kantonalb 11.200 6/30/2022 CHF 63.130
UniCredit Bank AG 4.200 8/24/2022 EUR 57.910
UBS AG/London 10.500 4/28/2023 CHF 71.400
UBS AG/London 9.50010/28/2022 CHF 59.050
Goldman Sachs & C 10.000 7/20/2022 EUR 74.400
Vontobel Financia 11.500 6/24/2022 EUR 70.470
Vontobel Financia 8.750 6/24/2022 EUR 64.590
Vontobel Financia 5.500 6/24/2022 EUR 64.940
Societe Generale 5.000 6/24/2022 EUR 74.810
Societe Generale 7.000 6/24/2022 EUR 68.900
Bank Julius Baer 9.650 7/29/2022 USD 64.850
DZ Bank AG Deutsc 4.700 6/20/2022 EUR 68.800
DZ Bank AG Deutsc 5.200 9/19/2022 EUR 68.740
DZ Bank AG Deutsc 5.700 9/19/2022 EUR 67.770
DZ Bank AG Deutsc 5.800 6/20/2022 EUR 74.230
DZ Bank AG Deutsc 4.700 6/20/2022 EUR 68.900
DZ Bank AG Deutsc 4.750 9/19/2022 EUR 77.540
DZ Bank AG Deutsc 6.250 6/20/2022 EUR 65.410
UBS AG/London 9.75011/28/2022 EUR 74.100
UBS AG/London 8.50011/28/2022 EUR 51.550
UBS AG/London 12.00011/28/2022 CHF 71.550
EFG International 10.000 7/27/2022 CHF 56.590
DZ Bank AG Deutsc 6.750 9/21/2022 EUR 73.360
DZ Bank AG Deutsc 5.000 6/22/2022 EUR 70.330
DZ Bank AG Deutsc 6.500 6/22/2022 EUR 67.550
Sberbank of Russi 0.010 4/27/2026 RUB 74.100
Vontobel Financia 13.500 6/24/2022 EUR 65.820
Vontobel Financia 12.000 6/24/2022 EUR 71.670
Vontobel Financia 19.000 6/24/2022 EUR 61.680
Zurcher Kantonalb 21.500 6/24/2022 USD 45.110
Zurcher Kantonalb 6.400 11/07/2022 USD 34.010
Vontobel Financia 10.250 6/24/2022 EUR 70.420
DZ Bank AG Deutsc 6.300 6/20/2022 EUR 66.250
DZ Bank AG Deutsc 6.500 6/20/2022 EUR 72.980
DZ Bank AG Deutsc 6.000 9/19/2022 EUR 74.540
DZ Bank AG Deutsc 8.250 9/19/2022 EUR 68.570
Vontobel Financia 13.500 6/24/2022 EUR 62.040
Vontobel Financia 12.500 6/24/2022 EUR 67.150
Vontobel Financia 10.500 6/24/2022 EUR 70.420
Vontobel Financia 16.500 6/24/2022 EUR 78.250
Vontobel Financia 16.500 6/24/2022 EUR 73.690
Vontobel Financia 16.000 6/24/2022 EUR 67.620
Vontobel Financia 17.000 6/24/2022 EUR 66.020
Leonteq Securitie 15.000 6/21/2022 CHF 18.850
Vontobel Financia 13.000 6/24/2022 EUR 40.400
Vontobel Financia 8.500 6/24/2022 EUR 73.750
Vontobel Financia 9.000 6/24/2022 EUR 66.750
Vontobel Financia 18.000 6/24/2022 EUR 76.470
Leonteq Securitie 17.000 9/21/2022 EUR 60.980
Vontobel Financia 5.500 6/24/2022 EUR 59.160
Vontobel Financia 21.500 6/24/2022 EUR 78.520
Vontobel Financia 12.000 6/24/2022 EUR 62.770
UBS AG/London 12.50012/16/2022 CHF 49.100
UBS AG/London 8.00012/16/2022 CHF 59.200
UBS AG/London 11.500 6/16/2022 CHF 66.150
Bank Vontobel AG 6.503 4/24/2023 EUR 57.300
Bank Vontobel AG 7.252 4/24/2023 CHF 63.300
Credit Suisse AG/ 11.000 6/20/2022 USD 28.500
DekaBank Deutsche 1.46010/27/2022 EUR 77.510
Leonteq Securitie 5.400 7/25/2022 CHF 50.440
Vontobel Financia 19.000 6/24/2022 EUR 68.000
Vontobel Financia 14.000 6/24/2022 EUR 74.340
Vontobel Financia 13.000 6/24/2022 EUR 75.360
Vontobel Financia 16.000 6/24/2022 EUR 71.840
Vontobel Financia 9.000 6/24/2022 EUR 71.180
Vontobel Financia 15.000 6/24/2022 EUR 68.130
Vontobel Financia 16.500 6/24/2022 EUR 64.330
Leonteq Securitie 10.00012/21/2022 USD 39.880
Zurcher Kantonalb 11.000 6/24/2022 CHF 59.420
UBS AG/London 12.75010/28/2022 CHF 35.050
Vontobel Financia 13.500 6/24/2022 EUR 57.790
Vontobel Financia 16.500 6/24/2022 EUR 54.540
Vontobel Financia 16.000 6/24/2022 EUR 77.220
Vontobel Financia 12.500 6/24/2022 EUR 59.940
Vontobel Financia 7.500 6/24/2022 EUR 68.340
Vontobel Financia 13.130 8/17/2022 EUR 54.250
Vontobel Financia 9.500 6/24/2022 EUR 63.680
Vontobel Financia 9.000 6/24/2022 EUR 53.280
Vontobel Financia 4.000 6/24/2022 EUR 79.290
Credit Suisse AG/ 14.000 6/16/2022 USD 63.730
Nordea Bank Abp 7.110 7/20/2023 SEK 75.120
Vontobel Financia 11.500 6/24/2022 EUR 70.490
Vontobel Financia 14.000 6/24/2022 EUR 67.250
Vontobel Financia 8.000 6/24/2022 EUR 57.840
Vontobel Financia 16.000 6/24/2022 EUR 75.110
Vontobel Financia 10.500 6/24/2022 EUR 42.440
UBS AG/London 13.500 4/29/2024 USD 39.810
Vontobel Financia 16.500 6/24/2022 EUR 71.010
Vontobel Financia 19.500 6/24/2022 EUR 67.140
Vontobel Financia 9.000 6/24/2022 EUR 74.100
Vontobel Financia 8.500 6/24/2022 EUR 44.770
Vontobel Financia 12.500 6/24/2022 EUR 76.080
Vontobel Financia 9.000 6/24/2022 EUR 75.640
Vontobel Financia 18.500 6/24/2022 EUR 65.010
EFG International 9.00010/28/2022 CHF 70.170
Raiffeisen Schwei 10.500 6/21/2022 CHF 54.570
DZ Bank AG Deutsc 7.300 6/24/2022 EUR 68.540
Landesbank Baden- 7.000 4/28/2023 EUR 36.170
Landesbank Baden- 7.250 7/22/2022 EUR 65.110
Landesbank Baden- 5.000 7/22/2022 EUR 71.320
Vontobel Financia 10.000 07/06/2022 EUR 77.350
Landesbank Baden- 5.250 4/28/2023 EUR 35.340
Landesbank Baden- 6.000 4/28/2023 EUR 71.220
Landesbank Baden- 5.700 4/28/2023 EUR 41.400
Landesbank Baden- 4.350 4/28/2023 EUR 43.500
Vontobel Financia 5.500 6/24/2022 EUR 73.860
Vontobel Financia 12.500 6/24/2022 EUR 59.620
Vontobel Financia 16.000 6/24/2022 EUR 69.320
Vontobel Financia 8.500 6/24/2022 EUR 65.900
EFG International 18.000 6/16/2022 CHF 31.120
EFG International 10.00012/16/2022 CHF 39.690
EFG International 7.210 6/16/2022 USD 38.590
Credit Suisse AG/ 13.000 6/16/2022 CHF 63.950
UBS AG/London 9.000 6/16/2022 CHF 31.600
Vontobel Financia 6.000 6/24/2022 EUR 58.460
DZ Bank AG Deutsc 9.500 6/24/2022 EUR 77.910
Zurcher Kantonalb 9.800 6/17/2022 USD 45.710
Credit Suisse AG/ 10.000 6/16/2022 USD 57.420
UBS AG/London 10.250 6/16/2022 CHF 29.940
UBS AG/London 11.25012/16/2022 USD 64.900
Bank Vontobel AG 12.00510/24/2022 CHF 61.500
Bank Vontobel AG 7.008 7/25/2022 CHF 54.500
Zurcher Kantonalb 6.50012/21/2022 EUR 68.740
Vontobel Financia 6.000 6/24/2022 EUR 57.710
Vontobel Financia 7.000 6/24/2022 EUR 47.430
Vontobel Financia 15.000 6/24/2022 EUR 38.560
Vontobel Financia 19.500 6/24/2022 EUR 35.430
Vontobel Financia 19.000 6/24/2022 EUR 73.230
Vontobel Financia 16.000 6/24/2022 EUR 71.300
Vontobel Financia 18.000 6/24/2022 EUR 61.310
Landesbank Baden- 3.800 4/28/2023 EUR 41.930
Landesbank Baden- 2.000 4/28/2023 EUR 73.980
Landesbank Baden- 8.000 6/24/2022 EUR 43.670
UniCredit Bank AG 4.250 07/01/2022 USD 58.470
Landesbank Baden- 3.000 4/28/2023 EUR 45.620
Vontobel Financia 6.500 6/24/2022 EUR 70.990
Vontobel Financia 15.000 6/24/2022 EUR 56.110
Vontobel Financia 17.500 6/24/2022 EUR 75.370
Vontobel Financia 12.500 6/24/2022 EUR 74.340
Vontobel Financia 21.500 6/24/2022 EUR 73.810
Vontobel Financia 14.000 6/24/2022 EUR 58.250
Vontobel Financia 11.000 6/24/2022 EUR 61.760
Vontobel Financia 15.000 6/24/2022 EUR 71.540
Vontobel Financia 6.000 6/24/2022 EUR 74.360
Vontobel Financia 10.000 6/24/2022 EUR 66.180
Leonteq Securitie 9.00012/21/2022 CHF 46.970
UBS AG/London 5.25012/16/2022 CHF 78.650
UBS AG/London 8.250 6/16/2023 CHF 67.350
Landesbank Baden- 2.500 6/24/2022 EUR 72.860
DZ Bank AG Deutsc 16.800 6/24/2022 EUR 69.950
DZ Bank AG Deutsc 19.200 6/24/2022 EUR 65.550
DZ Bank AG Deutsc 13.800 6/24/2022 EUR 73.060
DZ Bank AG Deutsc 16.700 6/24/2022 EUR 60.560
DZ Bank AG Deutsc 24.500 6/24/2022 EUR 33.490
Landesbank Baden- 10.500 6/24/2022 EUR 42.140
Landesbank Baden- 4.200 6/24/2022 EUR 51.690
Landesbank Baden- 7.150 6/24/2022 EUR 46.370
Landesbank Baden- 6.000 6/24/2022 EUR 72.320
Landesbank Baden- 4.000 6/24/2022 EUR 79.410
Landesbank Baden- 6.100 4/28/2023 EUR 77.690
Landesbank Baden- 2.500 6/24/2022 EUR 43.470
Landesbank Baden- 2.000 6/24/2022 EUR 57.650
Landesbank Baden- 2.300 4/28/2023 EUR 58.080
Vontobel Financia 11.000 6/24/2022 EUR 61.550
Vontobel Financia 14.500 6/24/2022 EUR 71.750
Vontobel Financia 20.000 6/24/2022 EUR 76.840
Vontobel Financia 8.000 6/24/2022 EUR 58.650
Vontobel Financia 14.500 6/24/2022 EUR 59.750
Leonteq Securitie 15.000 6/15/2022 CHF 21.870
Leonteq Securitie 9.000 02/01/2023 CHF 54.780
Vontobel Financia 8.500 6/24/2022 EUR 74.070
Leonteq Securitie 7.000 4/26/2023 CHF 64.610
Vontobel Financia 10.000 6/24/2022 EUR 36.720
Vontobel Financia 13.500 6/24/2022 EUR 33.340
Vontobel Financia 12.500 6/24/2022 EUR 34.390
Vontobel Financia 10.000 6/24/2022 EUR 63.470
Vontobel Financia 6.000 6/24/2022 EUR 72.510
Vontobel Financia 15.000 6/24/2022 EUR 64.000
Vontobel Financia 18.500 6/24/2022 EUR 75.440
Vontobel Financia 18.000 6/24/2022 EUR 57.390
Vontobel Financia 8.000 6/24/2022 EUR 70.610
Vontobel Financia 16.000 6/24/2022 EUR 55.020
Vontobel Financia 11.000 6/24/2022 EUR 61.040
DZ Bank AG Deutsc 5.750 9/21/2022 EUR 64.630
Sberbank of Russi 0.010 4/22/2026 RUB 66.600
Sberbank of Russi 0.010 4/23/2026 RUB 74.000
DZ Bank AG Deutsc 9.500 6/22/2022 EUR 64.850
Leonteq Securitie 18.000 7/26/2022 CHF 65.010
UBS AG/London 6.800 6/15/2026 USD 66.570
Bank Julius Baer 15.000 6/15/2022 USD 61.600
Leonteq Securitie 9.00010/26/2022 EUR 66.200
Vontobel Financia 12.500 6/24/2022 EUR 37.980
Vontobel Financia 14.500 6/24/2022 EUR 56.580
Vontobel Financia 7.500 6/24/2022 EUR 39.450
Vontobel Financia 6.500 6/24/2022 EUR 41.010
Vontobel Financia 18.500 6/24/2022 EUR 60.020
Vontobel Financia 14.500 6/24/2022 EUR 60.670
Vontobel Financia 17.500 6/24/2022 EUR 60.270
Vontobel Financia 16.000 6/24/2022 EUR 53.400
Vontobel Financia 20.500 6/24/2022 EUR 51.450
Vontobel Financia 5.500 6/24/2022 EUR 54.990
Vontobel Financia 15.000 6/24/2022 EUR 78.600
Credit Suisse AG/ 11.000 6/15/2022 CHF 31.350
Vontobel Financia 7.500 6/24/2022 EUR 50.070
Vontobel Financia 11.000 6/24/2022 EUR 70.740
Vontobel Financia 18.000 6/24/2022 EUR 52.450
Vontobel Financia 21.500 6/24/2022 EUR 75.550
UniCredit Bank AG 3.000 08/03/2023 EUR 77.280
Leonteq Securitie 9.000 7/29/2022 CHF 59.020
Landesbank Baden- 3.050 9/23/2022 EUR 58.050
Vontobel Financia 16.000 6/24/2022 EUR 79.280
Vontobel Financia 7.000 6/24/2022 EUR 44.700
Vontobel Financia 15.000 6/24/2022 EUR 32.390
Vontobel Financia 8.500 6/24/2022 EUR 38.010
Vontobel Financia 15.500 6/24/2022 EUR 79.670
Vontobel Financia 8.000 6/24/2022 EUR 67.670
Vontobel Financia 9.500 6/24/2022 EUR 41.020
Vontobel Financia 7.500 6/24/2022 EUR 68.750
Vontobel Financia 11.000 6/24/2022 EUR 64.430
Vontobel Financia 14.500 6/24/2022 EUR 67.800
Leonteq Securitie 12.000 8/31/2022 CHF 58.680
Raiffeisen Schwei 10.00012/14/2022 CHF 54.650
VTB Bank PJSC 0.010 04/05/2024 RUB 60.070
Bank Vontobel AG 13.259 7/29/2022 CHF 20.800
DZ Bank AG Deutsc 8.000 6/20/2022 EUR 73.480
DZ Bank AG Deutsc 8.250 6/22/2022 EUR 71.670
DZ Bank AG Deutsc 5.500 6/22/2022 EUR 76.570
DZ Bank AG Deutsc 6.000 6/22/2022 EUR 75.320
DZ Bank AG Deutsc 5.250 9/21/2022 EUR 75.380
Zurcher Kantonalb 11.000 6/22/2022 USD 59.490
Credit Suisse AG/ 8.500 09/09/2022 EUR 61.420
Sberbank of Russi 0.010 5/28/2026 RUB 65.700
DZ Bank AG Deutsc 7.000 6/22/2022 EUR 63.150
Vontobel Financia 6.500 6/24/2022 EUR 73.200
Leonteq Securitie 10.00010/26/2022 USD 25.200
Vontobel Financia 12.500 6/24/2022 EUR 59.820
Vontobel Financia 5.500 6/24/2022 EUR 42.710
Vontobel Financia 16.500 6/24/2022 EUR 31.510
Vontobel Financia 15.500 6/24/2022 EUR 35.420
Vontobel Financia 11.000 6/24/2022 EUR 35.500
DZ Bank AG Deutsc 8.500 6/22/2022 EUR 71.640
Vontobel Financia 3.750 01/03/2023 EUR 39.430
Leonteq Securitie 12.000 7/26/2022 EUR 63.720
EFG International 3.950 6/14/2022 USD 78.150
Vontobel Financia 15.500 6/24/2022 EUR 62.060
Vontobel Financia 9.500 6/24/2022 EUR 68.190
Vontobel Financia 7.000 6/24/2022 EUR 64.180
Vontobel Financia 18.000 6/24/2022 EUR 53.540
Raiffeisen Schwei 8.000 9/14/2022 EUR 66.780
Raiffeisen Schwei 8.300 9/14/2022 CHF 63.970
Vontobel Financia 9.500 6/24/2022 EUR 64.720
Vontobel Financia 20.500 6/24/2022 EUR 50.170
DZ Bank AG Deutsc 7.750 6/22/2022 EUR 65.710
DZ Bank AG Deutsc 5.250 9/21/2022 EUR 68.900
DZ Bank AG Deutsc 8.000 9/21/2022 EUR 66.790
Leonteq Securitie 11.000 9/15/2022 CHF 36.490
EFG International 5.160 6/14/2022 USD 70.260
Bank Vontobel AG 8.005 09/12/2022 SEK 65.600
Corner Banca SA 11.000 9/15/2022 CHF 40.040
Leonteq Securitie 15.000 6/15/2022 CHF 40.850
SG Issuer SA 0.263 2/20/2025 EUR 21.230
Credit Suisse AG/ 6.000 8/24/2022 CHF 69.640
BNP Paribas Issua 7.980 1/20/2025 SEK 61.030
EFG International 8.620 8/24/2022 CHF 71.910
Leonteq Securitie 6.000 2/20/2023 CHF 52.490
Credit Suisse AG/ 6.000 8/22/2022 CHF 69.760
Raiffeisen Schwei 5.000 8/24/2022 CHF 70.340
Raiffeisen Schwei 6.000 8/24/2022 CHF 70.380
Erste Group Bank 6.250 02/01/2026 EUR 73.030
VTB Bank PJSC 0.010 11/11/2025 RUB 48.750
VTB Bank PJSC 0.010 12/02/2025 RUB 51.010
VTB Bank PJSC 0.01011/25/2025 RUB 51.010
VTB Bank PJSC 0.01012/22/2023 RUB 71.010
Bank Vontobel AG 7.758 01/09/2023 CHF 72.900
UBS AG/London 9.500 6/30/2022 USD 70.850
UBS AG/London 8.250 07/07/2022 CHF 82.700
UBS AG/London 10.750 07/07/2022 EUR 68.450
UBS AG/London 11.250 01/09/2023 CHF 74.450
UBS AG/London 16.250 07/07/2022 CHF 31.000
UBS AG/London 16.500 6/30/2022 USD 43.200
EFG International 9.350 01/12/2023 CHF 47.710
Zurcher Kantonalb 19.000 6/30/2022 USD 26.840
Bank Vontobel AG 12.500 6/20/2022 CHF 59.600
Bank Vontobel AG 12.500 6/20/2022 CHF 59.600
Bank Vontobel AG 7.000 9/19/2022 CHF 50.700
Bank Vontobel AG 6.752 9/19/2022 CHF 64.500
Luzerner Kantonal 10.12012/23/2022 CHF 31.960
Basler Kantonalba 9.00012/23/2022 CHF 55.430
Vontobel Financia 15.500 6/24/2022 EUR 63.460
Vontobel Financia 9.000 6/24/2022 EUR 77.910
Vontobel Financia 11.000 6/24/2022 EUR 72.290
Vontobel Financia 14.500 6/24/2022 EUR 73.620
Vontobel Financia 11.500 6/24/2022 EUR 73.660
Vontobel Financia 5.000 6/24/2022 EUR 54.900
Vontobel Financia 7.000 6/24/2022 EUR 54.570
Vontobel Financia 9.500 6/24/2022 EUR 54.740
UBS AG/London 9.250 6/23/2023 USD 46.050
UBS AG/London 10.25012/23/2022 CHF 63.900
UBS AG/London 16.75012/23/2022 CHF 38.150
Societe Generale 5.750 7/22/2022 EUR 73.120
Societe Generale 8.000 7/22/2022 EUR 75.710
Societe Generale 9.000 7/22/2022 EUR 73.680
Vontobel Financia 8.250 6/24/2022 EUR 75.210
Vontobel Financia 9.500 6/24/2022 EUR 40.930
Vontobel Financia 12.000 6/24/2022 EUR 59.160
Societe Generale 6.250 7/22/2022 EUR 67.010
Societe Generale 8.250 7/22/2022 EUR 62.730
Sberbank of Russi 0.01012/17/2025 RUB 71.700
Sberbank of Russi 0.01012/17/2025 RUB 69.400
Zurcher Kantonalb 9.000 6/28/2022 CHF 66.070
Corner Banca SA 14.000 9/28/2022 CHF 55.230
Leonteq Securitie 17.000 6/28/2022 CHF 35.190
Leonteq Securitie 14.000 6/24/2022 CHF 65.470
Leonteq Securitie 8.00012/28/2022 CHF 74.660
Leonteq Securitie 6.400 6/28/2023 CHF 55.590
Vontobel Financia 10.000 6/24/2022 EUR 74.360
Vontobel Financia 7.000 6/24/2022 EUR 76.380
Leonteq Securitie 12.000 6/28/2022 CHF 18.290
Leonteq Securitie 13.000 6/28/2022 EUR 72.440
Leonteq Securitie 22.560 6/24/2022 CHF 14.590
Leonteq Securitie 17.000 6/28/2022 USD 27.940
Leonteq Securitie 9.00012/28/2022 USD 73.810
EFG International 6.00012/22/2023 USD 26.080
Raiffeisen Schwei 13.000 6/29/2022 CHF 41.190
Raiffeisen Schwei 20.000 6/29/2022 CHF 31.580
Raiffeisen Schwei 11.000 6/29/2022 CHF 52.760
Raiffeisen Schwei 7.20012/29/2022 USD 73.500
Bank Julius Baer 9.000 6/29/2022 CHF 75.550
EFG International 11.780 07/11/2022 USD 58.490
DZ Bank AG Deutsc 7.250 6/22/2022 EUR 55.900
DZ Bank AG Deutsc 6.750 9/21/2022 EUR 62.530
DZ Bank AG Deutsc 11.000 9/21/2022 EUR 63.840
DZ Bank AG Deutsc 6.500 9/21/2022 EUR 66.370
DZ Bank AG Deutsc 5.500 9/21/2022 EUR 63.070
DZ Bank AG Deutsc 6.000 9/21/2022 EUR 63.450
DZ Bank AG Deutsc 5.000 6/22/2022 EUR 69.370
DZ Bank AG Deutsc 5.000 9/21/2022 EUR 73.290
Vontobel Financia 4.150 7/18/2023 EUR 59.040
Erste Group Bank 10.750 08/02/2022 EUR 49.200
Erste Group Bank 5.500 08/02/2025 EUR 60.350
Zurcher Kantonalb 7.000 01/09/2023 CHF 76.160
Zurcher Kantonalb 8.000 07/07/2022 EUR 75.520
Leonteq Securitie 7.030 6/28/2023 CHF 63.670
UniCredit Bank AG 10.100 7/27/2022 EUR 42.300
UniCredit Bank AG 9.800 7/27/2022 EUR 59.950
UniCredit Bank AG 9.250 7/27/2022 EUR 54.710
Zurcher Kantonalb 6.500 1/13/2023 CHF 72.860
Zurcher Kantonalb 10.000 07/07/2022 CHF 73.980
Zurcher Kantonalb 5.000 1/13/2023 CHF 71.250
Zurcher Kantonalb 15.750 07/08/2022 USD 34.700
Bank Vontobel AG 6.500 6/26/2023 CHF 54.300
Bank Vontobel AG 6.502 6/26/2023 CHF 54.300
Bank Vontobel AG 8.00512/27/2022 CHF 61.400
Bank Vontobel AG 8.00512/27/2022 CHF 60.000
Bank Vontobel AG 7.00012/27/2022 CHF 59.400
Bank Vontobel AG 5.750 6/26/2023 CHF 70.000
UniCredit Bank AG 4.650 7/30/2024 EUR 78.740
UniCredit Bank AG 3.950 7/30/2024 EUR 73.760
Zurcher Kantonalb 10.400 07/08/2022 CHF 53.250
Landesbank Baden- 4.150 6/23/2023 EUR 50.230
Landesbank Baden- 2.800 6/23/2023 EUR 52.840
Landesbank Baden- 6.650 6/23/2023 EUR 75.840
Landesbank Baden- 5.150 6/23/2023 EUR 69.540
Landesbank Baden- 4.200 6/23/2023 EUR 71.910
Landesbank Baden- 3.000 6/23/2023 EUR 75.510
Landesbank Baden- 3.800 6/23/2023 EUR 42.970
Landesbank Baden- 2.600 6/23/2023 EUR 45.710
Landesbank Baden- 4.500 6/23/2023 EUR 59.880
Landesbank Baden- 3.350 6/23/2023 EUR 61.930
Landesbank Baden- 2.250 6/23/2023 EUR 65.360
Landesbank Baden- 7.300 6/23/2023 EUR 68.630
Landesbank Baden- 5.300 6/23/2023 EUR 74.050
Landesbank Baden- 5.350 6/23/2023 EUR 71.380
Landesbank Baden- 4.650 6/23/2023 EUR 73.140
Landesbank Baden- 3.400 6/23/2023 EUR 77.060
Landesbank Baden- 3.500 6/23/2023 EUR 73.710
Landesbank Baden- 2.500 6/23/2023 EUR 77.640
Landesbank Baden- 5.000 6/23/2023 EUR 41.330
Landesbank Baden- 7.250 6/23/2023 EUR 38.800
Landesbank Baden- 5.600 6/23/2023 EUR 40.200
Landesbank Baden- 2.700 6/23/2023 EUR 45.410
Landesbank Baden- 4.500 6/23/2023 EUR 74.070
Landesbank Baden- 3.650 6/23/2023 EUR 76.220
Landesbank Baden- 3.500 6/23/2023 EUR 77.710
Landesbank Baden- 2.650 6/23/2023 EUR 73.380
Basler Kantonalba 10.000 9/30/2022 CHF 74.570
EFG International 17.000 6/30/2022 CHF 36.330
EFG International 10.010 6/30/2022 EUR 31.010
UBS AG/London 9.900 07/01/2024 EUR 50.400
Raiffeisen Centro 11.750 08/04/2023 EUR 53.350
Vontobel Financia 20.000 6/24/2022 EUR 56.930
GVC George's Vent 2.50012/18/2030 HUF 73.280
Leonteq Securitie 8.000 6/28/2023 CHF 65.350
Leonteq Securitie 16.000 6/28/2022 CHF 22.490
Leonteq Securitie 18.000 9/28/2022 CHF 55.240
Corner Banca SA 17.000 6/28/2022 EUR 58.380
Leonteq Securitie 14.00012/28/2022 CHF 35.170
Raiffeisen Schwei 12.000 6/29/2022 CHF 65.020
Raiffeisen Schwei 10.000 6/29/2022 CHF 52.630
DZ Bank AG Deutsc 10.750 9/21/2022 EUR 57.900
DZ Bank AG Deutsc 8.500 9/21/2022 EUR 55.830
DZ Bank AG Deutsc 9.000 9/21/2022 EUR 63.230
SG Issuer SA 4.950 01/10/2025 EUR 77.500
DZ Bank AG Deutsc 5.750 6/22/2022 EUR 61.230
DZ Bank AG Deutsc 5.250 6/22/2022 EUR 68.080
DZ Bank AG Deutsc 6.000 6/22/2022 EUR 75.300
DekaBank Deutsche 1.000 1/20/2025 EUR 40.360
DZ Bank AG Deutsc 6.000 6/22/2022 EUR 72.240
Vontobel Financia 9.40012/30/2022 CHF 34.160
Sberbank of Russi 0.01012/17/2025 RUB 70.600
UBS AG/London 13.000 6/23/2022 CHF 35.450
UBS AG/London 6.25012/23/2022 CHF 39.500
UBS AG/London 8.750 6/23/2022 CHF 35.150
Leonteq Securitie 12.000 6/28/2022 CHF 64.460
EFG International 4.90012/28/2023 USD 51.860
EFG International 7.00012/29/2022 USD 6.780
Sberbank of Russi 0.01012/22/2025 RUB 69.300
Eltex Kft 3.50012/21/2028 HUF 72.250
Vontobel Financia 6.500 6/24/2022 EUR 70.990
Vontobel Financia 12.000 6/24/2022 EUR 61.940
Vontobel Financia 8.500 6/24/2022 EUR 67.030
Vontobel Financia 13.000 6/24/2022 EUR 60.420
Vontobel Financia 9.500 6/24/2022 EUR 65.220
Vontobel Financia 7.500 6/24/2022 EUR 68.950
Vontobel Financia 11.000 6/24/2022 EUR 63.550
Vontobel Financia 20.000 6/24/2022 EUR 73.620
Vontobel Financia 11.000 6/24/2022 EUR 61.040
Vontobel Financia 18.000 6/24/2022 EUR 52.990
Vontobel Financia 6.000 6/24/2022 EUR 71.180
Vontobel Financia 12.500 6/24/2022 EUR 62.470
TMK PJSC 7.350 2/28/2025 RUB 60.120
Vontobel Financia 5.500 09/09/2022 EUR 77.490
Zurcher Kantonalb 8.000 6/30/2022 CHF 61.020
Zurcher Kantonalb 18.000 6/30/2022 CHF 26.630
Bank Vontobel AG 6.50012/19/2022 CHF 74.500
Bank Vontobel AG 14.00012/19/2022 CHF 21.200
Bank Vontobel AG 12.500 9/19/2022 CHF 46.800
Bank Vontobel AG 14.000 9/19/2022 CHF 30.700
Bank Vontobel AG 10.00012/19/2022 CHF 69.900
HSBC Trinkaus & B 7.000 12/08/2022 EUR 70.810
DZ Bank AG Deutsc 7.75012/23/2022 EUR 46.340
DZ Bank AG Deutsc 7.300 6/24/2022 EUR 48.680
DZ Bank AG Deutsc 9.250 6/24/2022 EUR 42.690
DZ Bank AG Deutsc 6.10012/23/2022 EUR 51.340
Landesbank Baden- 4.200 7/22/2022 EUR 76.320
Bank Julius Baer 7.450 9/26/2022 USD 55.950
Bank Julius Baer 8.400 9/26/2022 USD 64.500
Bank Julius Baer 8.550 6/24/2022 USD 65.250
Sberbank of Russi 0.010 11/05/2025 RUB 71.000
UBS AG/London 10.000 07/08/2022 CHF 63.350
UBS AG/London 5.900 6/23/2022 EUR 77.350
UniCredit Bank AG 4.750 7/22/2024 EUR 73.050
Vontobel Financia 13.500 6/24/2022 EUR 59.820
Vontobel Financia 11.500 6/24/2022 EUR 76.190
Vontobel Financia 17.000 6/24/2022 EUR 54.110
Vontobel Financia 6.000 6/24/2022 EUR 76.290
Vontobel Financia 15.500 6/24/2022 EUR 61.750
Vontobel Financia 17.500 6/24/2022 EUR 59.540
Vontobel Financia 9.000 6/24/2022 EUR 76.220
Vontobel Financia 10.500 6/24/2022 EUR 74.860
Vontobel Financia 15.000 6/24/2022 EUR 67.550
Vontobel Financia 17.500 6/24/2022 EUR 64.470
Vontobel Financia 18.500 6/24/2022 EUR 63.030
Vontobel Financia 11.500 6/24/2022 EUR 70.970
DZ Bank AG Deutsc 14.750 7/20/2022 EUR 55.230
Vontobel Financia 12.000 6/24/2022 EUR 59.340
Vontobel Financia 15.000 6/24/2022 EUR 54.950
Vontobel Financia 19.000 6/24/2022 EUR 53.060
Vontobel Financia 11.500 6/24/2022 EUR 66.100
Vontobel Financia 9.000 6/24/2022 EUR 66.490
Vontobel Financia 16.500 6/24/2022 EUR 59.000
Basler Kantonalba 12.00012/23/2022 CHF 68.740
EFG International 17.000 6/23/2022 CHF 36.280
EFG International 16.000 6/23/2022 USD 46.810
Vontobel Financia 11.000 6/24/2022 EUR 68.360
Vontobel Financia 7.000 6/24/2022 EUR 74.250
Vontobel Financia 8.500 6/24/2022 EUR 76.110
Credit Suisse AG/ 14.500 6/23/2022 CHF 55.820
UBS AG/London 9.75012/23/2022 CHF 52.000
UBS AG/London 8.250 6/23/2022 CHF 27.300
UBS AG/London 8.000 6/23/2022 USD 38.600
UBS AG/London 7.750 6/23/2023 CHF 73.200
Vontobel Financia 16.000 6/24/2022 EUR 70.900
Vontobel Financia 13.500 6/24/2022 EUR 73.420
Vontobel Financia 13.500 6/24/2022 EUR 57.660
Vontobel Financia 13.500 6/24/2022 EUR 64.150
Vontobel Financia 19.500 6/24/2022 EUR 57.510
Vontobel Financia 6.500 6/24/2022 EUR 65.860
Vontobel Financia 5.500 6/24/2022 EUR 68.260
Vontobel Financia 9.500 6/24/2022 EUR 61.620
Vontobel Financia 14.000 6/24/2022 EUR 56.280
Vontobel Financia 17.000 6/24/2022 EUR 53.270
Vontobel Financia 18.500 6/24/2022 EUR 77.210
Vontobel Financia 14.500 6/24/2022 EUR 66.480
Vontobel Financia 11.500 6/24/2022 EUR 72.870
Vontobel Financia 12.500 6/24/2022 EUR 70.990
Vontobel Financia 14.000 6/24/2022 EUR 69.240
Vontobel Financia 16.500 6/24/2022 EUR 65.990
DZ Bank AG Deutsc 11.250 7/20/2022 EUR 35.260
Vontobel Financia 5.500 6/24/2022 EUR 69.570
Leonteq Securitie 4.000 08/10/2022 CHF 54.900
Credit Suisse AG/ 8.000 08/03/2022 CHF 31.390
Bank Julius Baer 15.000 6/22/2022 CHF 55.800
Vontobel Financia 7.500 6/24/2022 EUR 68.850
Vontobel Financia 16.500 6/24/2022 EUR 54.420
SG Issuer SA 7.740 7/20/2025 SEK 48.270
UBS AG/London 5.520 4/29/2041 USD 56.167
Corner Banca SA 10.200 6/22/2022 CHF 88.030
UniCredit Bank AG 7.650 7/18/2022 EUR 33.650
Leonteq Securitie 21.350 6/22/2022 CHF 56.530
Leonteq Securitie 22.790 6/22/2022 CHF 20.370
Vontobel Financia 16.500 6/24/2022 EUR 77.260
Bank Vontobel AG 8.00012/19/2022 EUR 59.300
Bank Julius Baer 9.000 11/07/2022 USD 58.650
DZ Bank AG Deutsc 4.70012/19/2022 EUR 70.060
DZ Bank AG Deutsc 6.500 9/19/2022 EUR 75.820
DZ Bank AG Deutsc 7.25012/19/2022 EUR 74.950
Societe Generale 18.000 5/31/2024 USD 30.850
DZ Bank AG Deutsc 5.20012/19/2022 EUR 69.210
Credit Suisse AG/ 10.000 06/07/2022 CHF 31.050
UniCredit Bank AG 4.250 9/14/2022 EUR 69.790
DZ Bank AG Deutsc 3.050 7/22/2022 EUR 70.900
DZ Bank AG Deutsc 5.000 9/19/2022 EUR 68.980
DZ Bank AG Deutsc 6.250 9/19/2022 EUR 66.510
Zurcher Kantonalb 9.500 6/15/2022 EUR 69.400
Bank Vontobel AG 13.50410/31/2022 USD 73.300
UBS AG/London 13.000 05/06/2024 USD 39.870
Credit Suisse AG/ 11.500 06/01/2022 EUR 50.600
EFG International 4.90011/24/2023 USD 53.480
Vontobel Financia 21.000 6/24/2022 EUR 39.530
Vontobel Financia 8.750 9/23/2022 EUR 38.550
UBS AG/London 12.750 11/07/2022 USD 36.850
UBS AG/London 12.750 11/07/2022 CHF 71.200
UBS AG/London 11.000 05/05/2023 CHF 74.850
UBS AG/London 19.250 11/07/2022 CHF 71.400
Landesbank Baden- 2.700 9/22/2023 EUR 69.570
Leonteq Securitie 21.520 07/01/2022 CHF 14.920
Bank Julius Baer 8.650 08/05/2022 USD 66.400
Leonteq Securitie 6.000 07/05/2023 CHF 62.340
Leonteq Securitie 25.460 07/01/2022 CHF 21.470
Zurcher Kantonalb 6.500 8/16/2022 CHF 65.430
Zurcher Kantonalb 22.000 8/16/2022 CHF 67.320
Sberbank of Russi 0.010 05/10/2028 RUB 65.900
Sberbank of Russi 0.010 05/07/2026 RUB 71.500
Zurcher Kantonalb 21.500 8/16/2022 USD 46.410
DZ Bank AG Deutsc 7.000 9/19/2022 EUR 72.330
Bank Vontobel AG 9.500 02/06/2023 CHF 63.900
Bank Vontobel AG 10.000 02/06/2023 CHF 76.700
Bank Vontobel AG 11.000 02/06/2023 CHF 42.900
UniCredit Bank AG 8.000 6/23/2022 EUR 66.110
DZ Bank AG Deutsc 5.500 6/20/2022 EUR 68.840
DZ Bank AG Deutsc 4.900 9/19/2022 EUR 70.150
DZ Bank AG Deutsc 6.800 6/20/2022 EUR 75.910
DZ Bank AG Deutsc 4.900 6/20/2022 EUR 72.190
DZ Bank AG Deutsc 9.000 6/22/2022 EUR 71.710
DZ Bank AG Deutsc 7.250 9/21/2022 EUR 73.520
Vontobel Financia 15.500 6/24/2022 EUR 61.370
Vontobel Financia 14.000 6/24/2022 EUR 65.020
Leonteq Securitie 8.000 11/07/2022 CHF 64.840
UniCredit Bank AG 4.200 9/21/2022 EUR 44.250
Sberbank of Russi 0.01011/25/2025 RUB 74.000
Vontobel Financia 12.500 9/23/2022 EUR 64.670
Corner Banca SA 16.000 07/06/2022 CHF 59.290
Vontobel Financia 3.000 9/23/2022 EUR 79.530
Leonteq Securitie 10.000 01/05/2023 CHF 64.220
Bank Julius Baer 11.000 01/04/2023 CHF 63.450
Vontobel Financia 16.500 6/24/2022 EUR 51.000
Bank Julius Baer 5.250 08/10/2022 CHF 72.350
Leonteq Securitie 10.000 10/05/2022 CHF 74.400
Leonteq Securitie 14.000 10/05/2022 CHF 61.600
Vontobel Financia 15.500 6/24/2022 EUR 73.620
Vontobel Financia 15.500 9/23/2022 EUR 68.440
Vontobel Financia 7.700 08/02/2022 CHF 32.850
Raiffeisen Schwei 10.250 02/06/2023 CHF 57.410
Raiffeisen Schwei 9.500 02/06/2023 USD 43.630
Zurcher Kantonalb 29.000 8/17/2022 CHF 55.390
Luzerner Kantonal 13.700 9/29/2022 EUR 59.560
Corner Banca SA 12.000 01/05/2023 EUR 76.290
Leonteq Securitie 18.000 10/06/2022 CHF 49.950
Zurcher Kantonalb 30.000 8/17/2022 USD 41.020
Vontobel Financia 13.500 6/24/2022 EUR 63.360
Vontobel Financia 7.500 6/24/2022 EUR 63.910
Vontobel Financia 16.500 9/23/2022 EUR 61.880
Vontobel Financia 8.500 6/24/2022 EUR 73.790
Vontobel Financia 11.000 6/24/2022 EUR 66.240
Vontobel Financia 9.000 9/23/2022 EUR 68.720
Vontobel Financia 11.500 9/23/2022 EUR 65.990
Vontobel Financia 14.000 9/23/2022 EUR 63.580
Leonteq Securitie 18.000 07/06/2022 CHF 55.280
Leonteq Securitie 7.000 11/07/2022 CHF 68.440
DZ Bank AG Deutsc 5.500 9/21/2022 EUR 77.970
Vontobel Financia 11.000 6/24/2022 EUR 69.090
Vontobel Financia 11.000 9/23/2022 EUR 78.790
Leonteq Securitie 11.000 08/10/2022 CHF 49.070
Erste Group Bank 1.70011/30/2027 RON 74.250
Leonteq Securitie 14.880 08/09/2022 CHF 59.230
Zurcher Kantonalb 8.500 11/10/2022 EUR 66.330
Vontobel Financia 10.000 9/23/2022 EUR 70.760
Vontobel Financia 6.000 9/23/2022 EUR 73.750
Vontobel Financia 10.500 9/23/2022 EUR 67.390
DZ Bank AG Deutsc 6.000 8/24/2022 EUR 75.900
DZ Bank AG Deutsc 10.250 8/24/2022 EUR 31.850
Vontobel Financia 20.000 6/24/2022 EUR 58.290
DZ Bank AG Deutsc 12.250 6/22/2022 EUR 72.620
DZ Bank AG Deutsc 9.500 9/21/2022 EUR 74.690
Vontobel Financia 16.500 6/24/2022 EUR 61.410
Vontobel Financia 12.500 9/23/2022 EUR 76.920
Vontobel Financia 14.000 9/23/2022 EUR 75.150
DZ Bank AG Deutsc 10.000 6/24/2022 EUR 31.960
DZ Bank AG Deutsc 10.00012/23/2022 EUR 34.530
Vontobel Financia 24.000 6/24/2022 EUR 44.540
Vontobel Financia 8.000 9/23/2022 EUR 76.880
Vontobel Financia 8.000 6/24/2022 EUR 75.350
Vontobel Financia 8.000 9/23/2022 EUR 74.600
Vontobel Financia 12.000 9/23/2022 EUR 67.360
Vontobel Financia 14.000 9/23/2022 EUR 64.360
Vontobel Financia 19.000 9/23/2022 EUR 59.720
Vontobel Financia 13.500 6/24/2022 EUR 70.910
Vontobel Financia 5.000 9/23/2022 EUR 75.620
Vontobel Financia 5.500 6/24/2022 EUR 74.330
Vontobel Financia 8.000 6/24/2022 EUR 70.020
Vontobel Financia 14.000 6/24/2022 EUR 62.900
Vontobel Financia 7.000 9/23/2022 EUR 71.980
Vontobel Financia 8.000 9/23/2022 EUR 70.300
Sberbank of Russi 0.01011/26/2025 RUB 69.800
Raiffeisen Schwei 10.000 02/06/2023 EUR 32.550
Zurcher Kantonalb 8.500 11/10/2022 CHF 66.130
DZ Bank AG Deutsc 7.50012/23/2022 EUR 37.600
Vontobel Financia 18.500 9/23/2022 EUR 46.640
Vontobel Financia 11.500 9/23/2022 EUR 73.430
Vontobel Financia 6.500 6/24/2022 EUR 72.090
Vontobel Financia 9.500 6/24/2022 EUR 68.080
Vontobel Financia 13.500 6/24/2022 EUR 75.910
Vontobel Financia 4.000 9/23/2022 EUR 77.560
Vontobel Financia 3.500 6/24/2022 EUR 79.250
Vontobel Financia 12.500 6/24/2022 EUR 64.520
Vontobel Financia 5.000 9/23/2022 EUR 62.830
Vontobel Financia 11.500 6/24/2022 EUR 78.360
Vontobel Financia 24.000 6/24/2022 EUR 80.060
Raiffeisen Schwei 12.000 11/09/2022 CHF 40.800
Leonteq Securitie 10.000 11/07/2022 CHF 62.680
DZ Bank AG Deutsc 7.250 6/22/2022 EUR 76.670
DZ Bank AG Deutsc 15.500 8/24/2022 EUR 28.810
DZ Bank AG Deutsc 5.250 8/24/2022 EUR 68.470
DZ Bank AG Deutsc 12.500 9/21/2022 EUR 77.430
Leonteq Securitie 11.200 11/07/2022 CHF 76.780
DZ Bank AG Deutsc 10.000 8/24/2022 EUR 70.340
DZ Bank AG Deutsc 9.500 8/24/2022 EUR 73.530
Bank Vontobel AG 9.00610/31/2022 CHF 23.500
Bank Vontobel AG 17.500 06/02/2022 CHF 42.700
Vontobel Financia 6.250 6/24/2022 EUR 75.090
Vontobel Financia 10.000 6/24/2022 EUR 49.440
Vontobel Financia 16.000 6/24/2022 EUR 26.070
DZ Bank AG Deutsc 7.000 6/20/2022 EUR 70.680
DZ Bank AG Deutsc 9.500 6/20/2022 EUR 61.550
DZ Bank AG Deutsc 7.250 6/20/2022 EUR 75.030
Bank Vontobel AG 12.000 02/06/2023 EUR 36.000
Bank Vontobel AG 8.500 02/06/2023 EUR 70.300
DZ Bank AG Deutsc 4.800 6/20/2022 EUR 70.310
Leonteq Securitie 14.000 06/08/2022 CHF 37.210
Leonteq Securitie 6.700 11/04/2022 USD 54.180
UBS AG/London 12.750 11/07/2022 CHF 69.800
Vontobel Financia 12.500 9/23/2022 EUR 67.020
Vontobel Financia 14.000 6/24/2022 EUR 79.570
Vontobel Financia 15.500 6/24/2022 EUR 77.630
Vontobel Financia 13.500 9/23/2022 EUR 53.220
Vontobel Financia 10.500 6/24/2022 EUR 54.760
Vontobel Financia 13.000 6/24/2022 EUR 52.080
Vontobel Financia 16.000 6/24/2022 EUR 49.720
Vontobel Financia 11.500 9/23/2022 EUR 38.600
Vontobel Financia 13.000 9/23/2022 EUR 37.860
Vontobel Financia 12.000 6/24/2022 EUR 36.850
Societe Generale 5.600 09/04/2023 EUR 43.180
Zurcher Kantonalb 18.000 8/16/2022 USD 45.660
Zurcher Kantonalb 10.000 8/16/2022 USD 57.510
Raiffeisen Switze 4.000 8/30/2022 CHF 31.510
EFG International 13.000 11/07/2022 CHF 64.890
Vontobel Financia 9.500 6/24/2022 EUR 65.890
Vontobel Financia 11.750 6/24/2022 EUR 77.410
Vontobel Financia 5.500 6/24/2022 EUR 59.930
Vontobel Financia 13.000 6/24/2022 EUR 79.490
Landesbank Baden- 3.000 9/23/2022 EUR 53.590
Leonteq Securitie 11.00011/24/2022 CHF 78.480
Leonteq Securitie 13.000 08/09/2022 CHF 68.760
Credit Suisse AG/ 8.000 11/07/2022 USD 69.430
UBS AG/London 9.500 11/07/2022 CHF 64.300
UBS AG/London 10.250 11/07/2022 CHF 56.850
UBS AG/London 14.500 11/07/2022 CHF 29.660
Sberbank of Russi 0.010 05/06/2026 RUB 70.200
Vontobel Financia 11.250 6/24/2022 EUR 76.190
Vontobel Financia 9.750 6/24/2022 EUR 29.980
Landesbank Baden- 2.300 9/23/2022 EUR 75.540
Vontobel Financia 11.500 6/24/2022 EUR 74.120
Vontobel Financia 14.500 9/23/2022 EUR 78.120
Vontobel Financia 11.000 9/23/2022 EUR 55.020
Vontobel Financia 12.000 6/24/2022 EUR 49.700
Vontobel Financia 4.000 9/23/2022 EUR 45.840
Vontobel Financia 14.500 9/23/2022 EUR 37.200
Vontobel Financia 16.000 6/24/2022 EUR 34.630
Vontobel Financia 14.000 6/24/2022 EUR 35.700
Luzerner Kantonal 6.000 05/10/2023 CHF 64.600
Leonteq Securitie 11.000 11/07/2022 CHF 71.590
UniCredit Bank AG 3.750 9/14/2022 EUR 51.870
DZ Bank AG Deutsc 5.000 9/19/2022 EUR 62.560
Zurcher Kantonalb 6.000 2/13/2023 CHF 79.730
UBS AG/London 10.500 11/07/2022 CHF 56.900
Leonteq Securitie 12.000 11/09/2022 CHF 57.940
Zurcher Kantonalb 20.250 8/16/2022 CHF 56.140
Bank Vontobel AG 10.000 02/06/2023 CHF 28.100
Bank Vontobel AG 7.500 02/06/2023 CHF 72.400
DZ Bank AG Deutsc 5.400 9/19/2022 EUR 69.180
Zurcher Kantonalb 7.500 8/16/2022 USD 65.480
Bank Julius Baer 10.200 5/30/2023 EUR 9.950
EFG International 7.700 06/01/2023 USD 72.980
Raiffeisen Schwei 10.000 1/16/2023 CHF 55.880
Raiffeisen Schwei 8.500 1/16/2023 CHF 66.970
Societe Generale 19.500 6/24/2022 EUR 71.470
Bank Julius Baer 7.30010/24/2022 USD 64.800
Leonteq Securitie 13.00011/17/2022 USD 44.150
Corner Banca SA 11.00011/17/2022 EUR 63.550
Leonteq Securitie 9.00011/17/2022 CHF 58.330
Leonteq Securitie 8.000 5/17/2023 CHF 71.720
Corner Banca SA 11.00011/17/2022 USD 66.190
Leonteq Securitie 10.000 8/17/2022 CHF 32.250
Vontobel Financia 5.500 6/24/2022 EUR 58.670
Vontobel Financia 6.000 6/24/2022 EUR 68.700
Vontobel Financia 8.750 6/24/2022 EUR 65.380
Vontobel Financia 5.250 6/24/2022 EUR 69.480
Vontobel Financia 11.750 6/24/2022 EUR 44.040
Vontobel Financia 14.750 6/24/2022 EUR 50.990
Vontobel Financia 11.750 6/24/2022 EUR 62.050
Vontobel Financia 12.000 6/24/2022 EUR 46.000
Vontobel Financia 14.250 6/24/2022 EUR 68.580
Leonteq Securitie 10.00011/17/2022 USD 71.400
Leonteq Securitie 8.50011/14/2022 EUR 71.770
Leonteq Securitie 8.50011/17/2022 CHF 71.330
Vontobel Financia 14.500 6/24/2022 EUR 57.920
Vontobel Financia 10.000 6/24/2022 EUR 64.750
Vontobel Financia 21.000 6/24/2022 EUR 50.210
Vontobel Financia 19.000 6/24/2022 EUR 52.520
Vontobel Financia 6.500 6/24/2022 EUR 73.650
Vontobel Financia 11.000 6/24/2022 EUR 74.430
Vontobel Financia 15.000 6/24/2022 EUR 60.960
Vontobel Financia 16.500 6/24/2022 EUR 61.060
Raiffeisen Schwei 12.000 8/17/2022 CHF 56.380
Raiffeisen Schwei 5.500 5/17/2023 CHF 76.760
Raiffeisen Schwei 6.50011/17/2023 CHF 65.950
Vontobel Financia 15.500 6/24/2022 EUR 67.700
Vontobel Financia 20.500 6/24/2022 EUR 76.640
Leonteq Securitie 16.000 06/01/2022 USD 16.970
Corner Banca SA 15.000 8/31/2022 EUR 35.200
Leonteq Securitie 15.000 8/31/2022 CHF 57.510
DZ Bank AG Deutsc 5.250 6/22/2022 EUR 72.180
DZ Bank AG Deutsc 7.500 6/22/2022 EUR 63.180
DZ Bank AG Deutsc 6.500 6/22/2022 EUR 74.070
DZ Bank AG Deutsc 6.000 6/22/2022 EUR 76.130
DZ Bank AG Deutsc 5.250 9/21/2022 EUR 76.460
DZ Bank AG Deutsc 8.500 6/22/2022 EUR 73.210
Leonteq Securitie 11.000 06/01/2022 CHF 45.640
Leonteq Securitie 9.000 8/31/2022 CHF 74.470
UBS AG/London 5.250 5/19/2023 CHF 74.600
Leonteq Securitie 6.20011/28/2023 EUR 75.460
Bank Julius Baer 9.000 09/01/2022 CHF 71.850
Bank Julius Baer 8.000 09/01/2022 CHF 65.950
Zurcher Kantonalb 10.000 06/08/2022 USD 32.670
Zurcher Kantonalb 11.600 06/02/2022 USD 74.060
Technoleasing LLC 10.750 4/16/2026 RUB 73.660
Vontobel Financia 9.500 6/24/2022 EUR 76.530
Vontobel Financia 7.500 6/24/2022 EUR 67.060
Vontobel Financia 11.500 6/24/2022 EUR 67.820
UniCredit Bank AG 12.000 6/16/2022 EUR 29.310
Societe Generale 11.250 6/24/2022 EUR 37.070
Societe Generale 13.250 6/24/2022 EUR 34.500
Societe Generale 15.250 6/24/2022 EUR 32.420
Vontobel Financia 14.750 6/24/2022 EUR 69.230
Vontobel Financia 14.250 6/24/2022 EUR 30.720
Societe Generale 7.250 6/24/2022 EUR 76.620
Societe Generale 11.250 6/24/2022 EUR 67.220
Societe Generale 7.000 6/24/2022 EUR 75.590
Societe Generale 9.000 6/24/2022 EUR 71.770
Bank Vontobel AG 9.25611/14/2022 CHF 68.500
Bank Vontobel AG 9.00311/14/2022 CHF 55.200
Societe Generale 10.000 6/24/2022 EUR 74.430
Societe Generale 11.000 6/24/2022 EUR 72.380
Societe Generale 12.000 6/24/2022 EUR 70.560
Societe Generale 8.500 6/24/2022 EUR 74.680
Societe Generale 9.500 6/24/2022 EUR 72.870
Societe Generale 10.500 6/24/2022 EUR 72.900
Societe Generale 9.000 6/24/2022 EUR 76.660
Vontobel Financia 17.000 6/24/2022 EUR 35.250
Societe Generale 5.250 6/24/2022 EUR 51.530
Societe Generale 9.250 6/24/2022 EUR 40.340
Societe Generale 8.250 6/24/2022 EUR 69.110
Societe Generale 10.250 6/24/2022 EUR 64.810
Societe Generale 12.250 6/24/2022 EUR 61.290
Societe Generale 4.500 6/24/2022 EUR 69.830
Societe Generale 6.500 6/24/2022 EUR 64.140
Societe Generale 8.500 6/24/2022 EUR 59.990
Societe Generale 9.000 6/24/2022 EUR 77.650
Landesbank Baden- 4.100 6/27/2025 EUR 77.310
DZ Bank AG Deutsc 6.500 9/21/2022 EUR 73.180
Raiffeisen Centro 6.500 06/09/2023 EUR 63.220
DZ Bank AG Deutsc 10.250 6/22/2022 EUR 65.440
DZ Bank AG Deutsc 11.000 6/22/2022 EUR 65.080
Raiffeisen Schwei 5.400 8/17/2022 CHF 72.320
Leonteq Securitie 6.000 8/17/2022 CHF 72.750
EFG International 6.200 2/20/2023 CHF 75.260
Raiffeisen Schwei 4.600 2/20/2023 CHF 72.590
Leonteq Securitie 26.460 08/09/2022 CHF 28.430
Bank Julius Baer 13.150 08/10/2022 CHF 68.450
Basler Kantonalba 5.500 02/09/2023 CHF 70.750
DZ Bank AG Deutsc 15.000 8/24/2022 EUR 51.550
Bank Julius Baer 9.000 07/01/2022 USD 42.850
DZ Bank AG Deutsc 9.750 8/24/2022 EUR 58.130
DZ Bank AG Deutsc 6.000 6/22/2022 EUR 75.960
Leonteq Securitie 14.000 08/10/2022 CHF 65.970
Bank Julius Baer 7.600 07/01/2022 EUR 69.500
DZ Bank AG Deutsc 5.500 6/22/2022 EUR 68.100
Leonteq Securitie 10.000 08/10/2022 CHF 68.110
DZ Bank AG Deutsc 8.250 8/24/2022 EUR 64.390
Bank Vontobel AG 10.000 08/08/2022 CHF 19.100
Bank Vontobel AG 11.000 02/06/2023 EUR 32.400
DZ Bank AG Deutsc 5.800 6/20/2022 EUR 76.480
DZ Bank AG Deutsc 6.200 6/20/2022 EUR 67.750
Zurcher Kantonalb 10.000 06/02/2022 CHF 59.490
EFG International 8.160 2/26/2025 EUR 68.740
Leonteq Securitie 6.800 2/20/2023 CHF 65.500
Raiffeisen Schwei 4.500 2/21/2023 CHF 71.930
Danske Bank A/S 9.430 07/09/2024 SEK 63.150
EFG International 8.00011/21/2022 CHF 69.560
Raiffeisen Centro 7.500 07/07/2023 EUR 46.690
Landesbank Baden- 2.050 6/24/2022 EUR 72.830
Zurcher Kantonalb 15.750 06/03/2022 USD 49.390
Landesbank Baden- 2.00011/25/2022 EUR 63.000
Landesbank Baden- 6.10011/25/2022 EUR 75.050
Landesbank Baden- 3.80011/25/2022 EUR 70.520
DZ Bank AG Deutsc 15.500 6/24/2022 EUR 61.950
Landesbank Baden- 4.60011/25/2022 EUR 68.790
Landesbank Baden- 7.85011/25/2022 EUR 74.990
Landesbank Baden- 5.90011/25/2022 EUR 48.820
Sberbank of Russi 0.010 06/03/2026 RUB 72.700
EFG International 24.000 06/07/2022 USD 28.600
Zurcher Kantonalb 22.750 06/10/2022 USD 41.900
Leonteq Securitie 9.000 01/12/2023 USD 43.150
EFG International 13.000 01/05/2023 CHF 74.260
Vontobel Financia 13.000 6/24/2022 EUR 71.730
Vontobel Financia 8.000 6/24/2022 EUR 40.490
Vontobel Financia 9.500 6/24/2022 EUR 38.960
Vontobel Financia 14.500 6/24/2022 EUR 35.100
Leonteq Securitie 22.130 07/08/2022 CHF 27.300
EFG International 8.700 7/13/2023 EUR 27.240
DZ Bank AG Deutsc 17.000 6/24/2022 EUR 63.870
DZ Bank AG Deutsc 6.700 6/24/2022 EUR 67.950
DZ Bank AG Deutsc 11.600 6/24/2022 EUR 47.090
DZ Bank AG Deutsc 10.100 6/24/2022 EUR 76.130
DZ Bank AG Deutsc 12.000 6/24/2022 EUR 72.630
DZ Bank AG Deutsc 14.100 6/24/2022 EUR 69.580
DZ Bank AG Deutsc 15.200 6/24/2022 EUR 67.990
DZ Bank AG Deutsc 17.400 6/24/2022 EUR 65.400
DZ Bank AG Deutsc 17.200 6/24/2022 EUR 46.240
UniCredit Bank AG 6.300 8/18/2022 EUR 73.920
Vontobel Financia 15.000 9/23/2022 EUR 71.730
Vontobel Financia 10.500 9/23/2022 EUR 72.870
Vontobel Financia 10.500 6/24/2022 EUR 74.200
Vontobel Financia 5.500 9/23/2022 EUR 43.340
Vontobel Financia 15.000 9/23/2022 EUR 35.890
Vontobel Financia 13.000 9/23/2022 EUR 53.690
Zurcher Kantonalb 10.250 7/22/2022 CHF 75.210
Zurcher Kantonalb 9.500 7/22/2022 CHF 73.840
Vontobel Financia 11.500 9/23/2022 EUR 72.430
Vontobel Financia 14.500 6/24/2022 EUR 71.190
Vontobel Financia 6.000 9/23/2022 EUR 54.340
Basler Kantonalba 8.600 1/23/2023 CHF 73.800
Raiffeisen Schwei 6.500 01/12/2023 CHF 62.180
EFG International 11.000 1/23/2023 CHF 41.770
EFG International 12.000 7/21/2022 CHF 56.390
Zurcher Kantonalb 8.000 7/29/2022 USD 55.620
EFG International 10.030 7/26/2022 USD 35.380
Leonteq Securitie 11.00011/28/2022 EUR 63.800
Leonteq Securitie 11.000 8/31/2022 CHF 69.540
Leonteq Securitie 10.000 12/01/2022 CHF 64.440
DZ Bank AG Deutsc 10.000 6/22/2022 EUR 72.480
DZ Bank AG Deutsc 8.500 9/21/2022 EUR 74.380
DZ Bank AG Deutsc 6.250 9/21/2022 EUR 64.790
DZ Bank AG Deutsc 5.000 9/21/2022 EUR 75.260
DZ Bank AG Deutsc 7.000 9/21/2022 EUR 74.890
DZ Bank AG Deutsc 11.750 6/22/2022 EUR 54.460
DZ Bank AG Deutsc 8.500 6/22/2022 EUR 69.010
DekaBank Deutsche 5.100 6/15/2022 EUR 76.010
Corner Banca SA 7.60011/18/2022 USD 36.890
UniCredit Bank AG 14.200 6/24/2022 EUR 70.300
UBS AG/London 7.25011/21/2022 CHF 66.900
UBS AG/London 10.25011/21/2022 CHF 38.850
UBS AG/London 7.000 5/19/2023 CHF 79.650
UBS AG/London 7.75011/18/2022 USD 71.000
UBS AG/London 8.25011/21/2022 CHF 55.900
Leonteq Securitie 6.000 12/01/2023 CHF 67.950
Zurcher Kantonalb 7.100 12/02/2022 USD 83.830
UniCredit Bank AG 9.400 6/24/2022 EUR 74.130
UniCredit Bank AG 10.800 6/24/2022 EUR 71.240
UniCredit Bank AG 12.200 6/24/2022 EUR 68.680
Vontobel Financia 18.750 6/24/2022 EUR 13.270
Vontobel Financia 6.750 6/24/2022 EUR 64.560
Vontobel Financia 18.250 6/24/2022 EUR 64.730
Vontobel Financia 9.000 6/24/2022 EUR 71.850
Vontobel Financia 5.500 6/24/2022 EUR 65.070
Vontobel Financia 9.000 6/24/2022 EUR 57.640
Societe Generale 9.250 6/24/2022 EUR 71.380
Societe Generale 8.000 6/24/2022 EUR 73.500
Bank Vontobel AG 7.00411/14/2022 CHF 55.100
Bank Vontobel AG 5.755 5/15/2023 CHF 65.100
Bank Vontobel AG 12.004 8/15/2022 CHF 73.500
EFG International 13.00011/14/2022 CHF 37.320
Vontobel Financia 12.500 6/24/2022 EUR 66.940
Vontobel Financia 14.500 6/24/2022 EUR 12.460
Societe Generale 7.250 6/24/2022 EUR 44.800
Societe Generale 6.250 6/24/2022 EUR 74.830
Societe Generale 14.250 6/24/2022 EUR 58.380
Societe Generale 3.500 6/24/2022 EUR 73.790
Societe Generale 5.500 6/24/2022 EUR 66.700
Societe Generale 7.500 6/24/2022 EUR 61.930
Societe Generale 10.000 6/24/2022 EUR 75.750
DZ Bank AG Deutsc 5.500 6/22/2022 EUR 75.360
Leonteq Securitie 7.400 12/01/2023 USD 66.720
DZ Bank AG Deutsc 6.000 6/22/2022 EUR 63.090
DZ Bank AG Deutsc 5.000 9/21/2022 EUR 64.400
DZ Bank AG Deutsc 5.250 6/22/2022 EUR 77.830
DZ Bank AG Deutsc 5.250 6/22/2022 EUR 73.210
EFG International 17.00011/21/2022 EUR 70.080
Zurcher Kantonalb 12.500 12/02/2022 EUR 76.680
Landesbank Baden- 4.350 6/24/2022 EUR 53.890
EFG International 9.000 06/07/2023 EUR 67.430
Landesbank Baden- 3.050 6/24/2022 EUR 76.730
Landesbank Baden- 6.100 6/24/2022 EUR 77.070
Landesbank Baden- 3.550 6/24/2022 EUR 68.890
Landesbank Baden- 2.050 6/24/2022 EUR 59.110
Vontobel Financia 13.300 06/08/2022 EUR 54.950
Bank Julius Baer 7.250 06/09/2022 CHF 70.050
Zurcher Kantonalb 20.000 6/15/2022 USD 29.680
Zurcher Kantonalb 19.250 6/15/2022 CHF 29.440
DZ Bank AG Deutsc 12.000 6/22/2022 EUR 61.220
DZ Bank AG Deutsc 8.250 6/22/2022 EUR 52.570
Leonteq Securitie 21.840 06/09/2022 CHF 60.370
Leonteq Securitie 22.870 06/09/2022 CHF 34.240
Credit Suisse AG/ 11.000 06/08/2022 USD 28.090
Goldman Sachs & C 19.000 7/20/2022 EUR 75.640
Goldman Sachs & C 18.000 7/20/2022 EUR 72.670
Goldman Sachs & C 22.000 6/22/2022 EUR 68.150
Zurcher Kantonalb 6.600 06/09/2022 CHF 66.600
Bank Vontobel AG 6.504 12/05/2022 CHF 66.500
Bank Vontobel AG 9.000 12/05/2022 CHF 72.000
Bank Vontobel AG 7.504 12/05/2022 EUR 69.200
Bank Vontobel AG 10.000 12/05/2022 CHF 36.600
BNP Paribas Emiss 6.000 6/23/2022 EUR 76.600
Vontobel Financia 14.500 6/24/2022 EUR 49.610
Vontobel Financia 14.250 6/24/2022 EUR 57.840
Vontobel Financia 10.750 6/24/2022 EUR 36.820
Vontobel Financia 6.250 6/24/2022 EUR 60.350
Vontobel Financia 16.750 6/24/2022 EUR 29.080
Vontobel Financia 12.250 6/24/2022 EUR 75.780
Vontobel Financia 17.750 6/24/2022 EUR 43.460
Vontobel Financia 9.000 6/24/2022 EUR 72.570
Goldman Sachs & C 6.00012/21/2022 EUR 66.400
Goldman Sachs & C 6.000 6/21/2023 EUR 66.900
EFG International 9.000 1/16/2023 CHF 39.730
Goldman Sachs & C 6.000 6/21/2023 EUR 74.940
Goldman Sachs & C 6.000 7/20/2022 EUR 73.540
Goldman Sachs & C 7.000 3/22/2023 EUR 64.280
Goldman Sachs & C 7.00012/21/2022 EUR 74.150
Goldman Sachs & C 7.000 3/22/2023 EUR 70.620
Goldman Sachs & C 7.000 6/21/2023 EUR 69.960
Goldman Sachs & C 8.000 8/24/2022 EUR 60.540
Goldman Sachs & C 8.000 7/20/2022 EUR 61.050
Bank Vontobel AG 8.000 01/10/2023 CHF 61.100
Bank Vontobel AG 11.000 01/10/2023 CHF 70.000
Bank Vontobel AG 10.000 07/11/2022 EUR 66.700
Bank Vontobel AG 10.000 07/11/2022 CHF 66.500
Goldman Sachs & C 3.000 7/20/2022 EUR 76.890
Goldman Sachs & C 3.000 8/24/2022 EUR 77.070
Goldman Sachs & C 3.000 9/21/2022 EUR 77.260
Goldman Sachs & C 3.000 3/22/2023 EUR 77.500
Goldman Sachs & C 3.000 6/21/2023 EUR 76.650
Corner Banca SA 13.00010/19/2022 CHF 33.440
Leonteq Securitie 10.000 1/19/2023 CHF 74.520
Leonteq Securitie 10.400 1/19/2023 CHF 62.620
Bank Vontobel AG 7.500 7/18/2022 CHF 69.700
Bank Vontobel AG 10.500 1/16/2023 CHF 48.400
Bank Vontobel AG 10.000 7/18/2022 EUR 71.800
Leonteq Securitie 10.000 1/19/2023 USD 22.380
Leonteq Securitie 10.00010/19/2022 CHF 68.030
Leonteq Securitie 10.000 7/19/2022 CHF 16.420
Vontobel Financia 10.000 9/23/2022 EUR 49.890
Vontobel Financia 13.500 9/23/2022 EUR 46.750
Vontobel Financia 6.000 6/24/2022 EUR 55.060
Vontobel Financia 7.000 9/23/2022 EUR 54.070
Vontobel Financia 16.500 9/23/2022 EUR 44.160
Vontobel Financia 11.500 6/24/2022 EUR 47.220
Vontobel Financia 15.500 6/24/2022 EUR 43.260
Vontobel Financia 4.500 9/23/2022 EUR 66.630
Vontobel Financia 6.000 9/23/2022 EUR 63.070
Vontobel Financia 7.500 9/23/2022 EUR 59.980
Vontobel Financia 9.500 9/23/2022 EUR 57.410
Vontobel Financia 11.500 9/23/2022 EUR 55.170
Vontobel Financia 13.500 9/23/2022 EUR 53.220
Vontobel Financia 6.500 6/24/2022 EUR 61.270
Vontobel Financia 11.000 6/24/2022 EUR 54.800
Vontobel Financia 8.500 6/24/2022 EUR 57.820
Vontobel Financia 5.000 9/23/2022 EUR 44.210
Vontobel Financia 7.000 9/23/2022 EUR 41.410
Vontobel Financia 13.500 6/24/2022 EUR 52.110
Vontobel Financia 6.000 9/23/2022 EUR 42.740
Vontobel Financia 15.000 9/23/2022 EUR 36.300
Vontobel Financia 8.000 6/24/2022 EUR 39.480
Vontobel Financia 8.500 9/23/2022 EUR 40.370
Vontobel Financia 9.500 6/24/2022 EUR 38.080
Vontobel Financia 9.500 9/23/2022 EUR 39.280
Vontobel Financia 11.000 6/24/2022 EUR 36.790
Vontobel Financia 11.000 9/23/2022 EUR 38.450
Vontobel Financia 12.000 9/23/2022 EUR 37.550
Vontobel Financia 13.500 9/23/2022 EUR 36.890
Vontobel Financia 14.500 6/24/2022 EUR 34.530
Vontobel Financia 16.000 6/24/2022 EUR 33.500
Vontobel Financia 12.500 6/24/2022 EUR 35.600
Vontobel Financia 8.500 6/24/2022 EUR 72.860
Bank Julius Baer 9.50010/13/2022 CHF 35.300
SG Issuer SA 0.021 6/14/2033 EUR 71.180
DZ Bank AG Deutsc 7.000 6/22/2022 EUR 75.380
DZ Bank AG Deutsc 11.500 6/22/2022 EUR 64.080
DZ Bank AG Deutsc 6.500 6/22/2022 EUR 65.630
DZ Bank AG Deutsc 8.000 7/20/2022 EUR 63.520
DZ Bank AG Deutsc 7.250 9/21/2022 EUR 73.990
DZ Bank AG Deutsc 8.500 7/20/2022 EUR 72.380
DZ Bank AG Deutsc 6.500 9/19/2022 EUR 63.010
DZ Bank AG Deutsc 7.000 9/21/2022 EUR 68.650
Zurcher Kantonalb 10.000 7/20/2022 CHF 76.070
Vontobel Financia 8.500 6/24/2022 EUR 75.600
Zurcher Kantonalb 23.500 7/27/2022 CHF 75.410
DZ Bank AG Deutsc 6.100 6/20/2022 EUR 65.380
Leonteq Securitie 14.20010/19/2022 USD 25.230
Vontobel Financia 9.000 9/23/2022 EUR 65.770
Vontobel Financia 12.000 9/23/2022 EUR 62.500
Vontobel Financia 16.000 6/24/2022 EUR 57.960
Vontobel Financia 7.000 9/23/2022 EUR 69.810
Vontobel Financia 5.500 9/23/2022 EUR 69.850
Vontobel Financia 8.000 9/23/2022 EUR 66.100
DZ Bank AG Deutsc 6.250 6/20/2022 EUR 58.560
Luzerner Kantonal 7.500 08/09/2023 CHF 39.980
Zurcher Kantonalb 15.000 7/20/2022 CHF 52.660
Zurcher Kantonalb 6.750 7/27/2022 USD 31.130
Zurcher Kantonalb 16.000 7/26/2022 CHF 62.990
Leonteq Securitie 13.20010/19/2022 CHF 25.070
DZ Bank AG Deutsc 5.800 6/20/2022 EUR 76.040
DZ Bank AG Deutsc 4.900 6/20/2022 EUR 77.530
DZ Bank AG Deutsc 6.300 6/20/2022 EUR 75.090
DZ Bank AG Deutsc 6.600 9/19/2022 EUR 75.210
Vontobel Financia 7.000 6/24/2022 EUR 68.030
Vontobel Financia 5.500 6/24/2022 EUR 70.440
Vontobel Financia 5.000 9/23/2022 EUR 71.500
Vontobel Financia 11.000 9/23/2022 EUR 63.070
Vontobel Financia 9.500 6/24/2022 EUR 64.330
Vontobel Financia 14.000 9/23/2022 EUR 60.490
Vontobel Financia 12.500 9/23/2022 EUR 74.420
Delta Leasing Co 10.500 07/01/2024 RUB 74.850
Zurcher Kantonalb 9.000 7/21/2022 CHF 76.310
Bank Julius Baer 5.750 7/20/2022 CHF 73.900
Bank Julius Baer 4.850 7/20/2022 CHF 68.700
DZ Bank AG Deutsc 5.250 9/21/2022 EUR 68.800
DZ Bank AG Deutsc 7.250 6/22/2022 EUR 54.190
DZ Bank AG Deutsc 4.250 9/21/2022 EUR 72.390
DekaBank Deutsche 3.800 8/18/2022 EUR 47.400
DekaBank Deutsche 6.500 8/18/2022 EUR 76.330
Leonteq Securitie 10.600 7/19/2022 USD 14.450
SG Issuer SA 0.015 11/07/2033 EUR 64.710
Vontobel Financia 13.500 9/23/2022 EUR 64.980
Vontobel Financia 10.500 9/23/2022 EUR 68.460
Vontobel Financia 7.500 9/23/2022 EUR 72.530
Vontobel Financia 12.000 6/24/2022 EUR 66.130
Vontobel Financia 8.500 6/24/2022 EUR 66.460
Vontobel Financia 12.000 6/24/2022 EUR 62.440
Leonteq Securitie 6.600 1/23/2023 USD 65.850
Landesbank Baden- 5.850 7/22/2022 EUR 40.260
Landesbank Baden- 2.000 7/22/2022 EUR 69.670
Landesbank Baden- 3.600 7/22/2022 EUR 74.100
Vontobel Financia 11.700 1/24/2023 USD 56.610
Landesbank Baden- 2.700 7/22/2022 EUR 40.850
Landesbank Baden- 8.550 7/22/2022 EUR 31.580
Landesbank Baden- 4.700 7/22/2022 EUR 74.260
Landesbank Baden- 4.000 7/22/2022 EUR 72.620
Landesbank Baden- 10.000 7/22/2022 EUR 75.260
Landesbank Baden- 4.150 7/22/2022 EUR 73.460
Landesbank Baden- 6.250 7/22/2022 EUR 39.260
Societe Generale 12.750 6/24/2022 EUR 30.650
Societe Generale 4.250 7/22/2022 EUR 46.810
Societe Generale 8.250 7/22/2022 EUR 36.350
Societe Generale 12.250 7/22/2022 EUR 31.680
Landesbank Baden- 7.200 7/22/2022 EUR 46.870
UniCredit Bank AG 5.550 8/17/2022 EUR 66.860
DZ Bank AG Deutsc 17.100 6/24/2022 EUR 77.360
DZ Bank AG Deutsc 8.800 6/24/2022 EUR 65.620
DZ Bank AG Deutsc 12.300 6/24/2022 EUR 77.560
DZ Bank AG Deutsc 15.400 6/24/2022 EUR 42.590
DZ Bank AG Deutsc 9.200 6/24/2022 EUR 78.040
DZ Bank AG Deutsc 11.100 6/24/2022 EUR 74.390
DZ Bank AG Deutsc 13.100 6/24/2022 EUR 71.030
DZ Bank AG Deutsc 16.300 6/24/2022 EUR 66.690
DZ Bank AG Deutsc 14.400 6/24/2022 EUR 62.290
DZ Bank AG Deutsc 8.700 6/24/2022 EUR 71.710
DZ Bank AG Deutsc 22.800 6/24/2022 EUR 59.320
Vontobel Financia 7.500 9/23/2022 EUR 75.950
Vontobel Financia 11.000 9/23/2022 EUR 70.970
Vontobel Financia 9.500 9/23/2022 EUR 77.830
Vontobel Financia 12.500 9/23/2022 EUR 74.650
Vontobel Financia 11.500 9/23/2022 EUR 37.640
Vontobel Financia 7.500 9/23/2022 EUR 51.960
Vontobel Financia 4.500 9/23/2022 EUR 54.120
Vontobel Financia 9.000 6/24/2022 EUR 53.110
Vontobel Financia 3.500 9/23/2022 EUR 55.130
Vontobel Financia 8.000 6/24/2022 EUR 77.840
Vontobel Financia 7.500 6/24/2022 EUR 52.750
Vontobel Financia 8.500 6/24/2022 EUR 52.820
Raiffeisen Schwei 12.000 07/12/2022 CHF 52.570
Raiffeisen Schwei 10.000 10/12/2022 EUR 60.470
Raiffeisen Schwei 12.00010/13/2022 CHF 66.440
EFG International 20.000 7/21/2022 EUR 62.200
Zurcher Kantonalb 9.000 7/29/2022 CHF 73.490
Zurcher Kantonalb 9.800 7/14/2022 EUR 63.480
Vontobel Financia 7.000 9/23/2022 EUR 67.980
Vontobel Financia 8.500 6/24/2022 EUR 71.130
Landesbank Baden- 5.500 7/22/2022 EUR 72.350
Landesbank Baden- 7.500 7/22/2022 EUR 67.180
Landesbank Baden- 8.750 7/22/2022 EUR 36.180
Landesbank Baden- 3.250 7/22/2022 EUR 66.000
Landesbank Baden- 4.750 7/22/2022 EUR 62.770
DZ Bank AG Deutsc 16.700 6/24/2022 EUR 75.610
Landesbank Baden- 2.100 7/22/2022 EUR 69.480
Landesbank Baden- 3.300 7/22/2022 EUR 65.880
DZ Bank AG Deutsc 24.000 6/24/2022 EUR 37.430
DZ Bank AG Deutsc 24.400 6/24/2022 EUR 26.350
Landesbank Baden- 4.800 7/22/2022 EUR 72.210
DZ Bank AG Deutsc 20.400 6/24/2022 EUR 75.360
Landesbank Baden- 6.500 7/22/2022 EUR 69.720
DZ Bank AG Deutsc 11.300 6/24/2022 EUR 64.830
Landesbank Baden- 2.700 7/22/2022 EUR 75.860
Landesbank Baden- 3.000 7/22/2022 EUR 76.250
Landesbank Baden- 4.000 7/22/2022 EUR 42.670
Societe Generale 3.000 6/24/2022 EUR 55.070
Societe Generale 11.250 6/24/2022 EUR 59.220
Societe Generale 10.750 6/24/2022 EUR 32.610
Societe Generale 14.750 6/24/2022 EUR 29.080
Societe Generale 10.250 7/22/2022 EUR 33.690
Societe Generale 14.250 7/22/2022 EUR 30.140
Landesbank Baden- 4.500 7/22/2022 EUR 51.070
Bank Vontobel AG 9.000 01/12/2023 EUR 59.300
Bank Vontobel AG 15.00010/13/2022 CHF 42.100
DZ Bank AG Deutsc 20.200 6/24/2022 EUR 27.180
DZ Bank AG Deutsc 15.900 6/24/2022 EUR 61.330
DZ Bank AG Deutsc 18.500 6/24/2022 EUR 57.150
DZ Bank AG Deutsc 22.500 6/24/2022 EUR 56.990
UniCredit Bank AG 9.550 8/17/2022 EUR 26.790
DZ Bank AG Deutsc 11.800 6/24/2022 EUR 59.800
DZ Bank AG Deutsc 16.400 6/24/2022 EUR 69.950
DZ Bank AG Deutsc 18.300 6/24/2022 EUR 59.010
DZ Bank AG Deutsc 23.500 6/24/2022 EUR 77.440
DZ Bank AG Deutsc 19.600 6/24/2022 EUR 57.820
DZ Bank AG Deutsc 17.500 6/24/2022 EUR 59.380
Vontobel Financia 11.000 6/24/2022 EUR 71.310
Vontobel Financia 15.000 9/23/2022 EUR 67.040
Vontobel Financia 11.500 6/24/2022 EUR 75.810
Vontobel Financia 14.000 9/23/2022 EUR 74.480
Vontobel Financia 17.000 9/23/2022 EUR 71.070
Vontobel Financia 13.500 6/24/2022 EUR 76.140
Vontobel Financia 15.000 6/24/2022 EUR 73.650
Vontobel Financia 8.500 9/23/2022 EUR 75.950
Vontobel Financia 13.000 9/23/2022 EUR 70.280
Vontobel Financia 15.000 9/23/2022 EUR 67.830
Vontobel Financia 13.000 6/24/2022 EUR 70.590
Vontobel Financia 8.500 9/23/2022 EUR 40.110
Vontobel Financia 3.500 9/23/2022 EUR 53.810
Vontobel Financia 6.500 9/23/2022 EUR 54.750
Vontobel Financia 6.000 9/23/2022 EUR 55.920
Zurcher Kantonalb 9.150 7/22/2022 CHF 74.750
Vontobel Financia 16.000 6/24/2022 EUR 69.030
Zurcher Kantonalb 20.000 7/22/2022 USD 39.240
Zurcher Kantonalb 19.000 7/22/2022 CHF 48.070
Vontobel Financia 9.000 9/23/2022 EUR 75.560
EFG International 8.000 1/26/2023 USD 83.830
Societe Generale 15.750 6/24/2022 EUR 64.410
Bank Julius Baer 6.70010/13/2022 CHF 67.850
DZ Bank AG Deutsc 8.000 7/20/2022 EUR 73.550
DZ Bank AG Deutsc 5.250 9/21/2022 EUR 76.640
DZ Bank AG Deutsc 5.000 7/20/2022 EUR 67.890
DZ Bank AG Deutsc 5.250 9/21/2022 EUR 66.990
DZ Bank AG Deutsc 8.750 6/22/2022 EUR 72.410
Vontobel Financia 14.000 6/24/2022 EUR 28.920
Societe Generale 17.750 6/24/2022 EUR 62.240
DZ Bank AG Deutsc 9.000 9/21/2022 EUR 56.530
Sberbank of Russi 0.010 7/20/2026 RUB 74.100
Bank Julius Baer 15.000 7/13/2022 USD 36.650
Bank Julius Baer 14.500 1/13/2023 USD 32.250
Zurcher Kantonalb 15.000 7/19/2022 CHF 71.030
EFG International 6.000 7/13/2022 EUR 59.740
Zurcher Kantonalb 17.000 7/27/2022 CHF 26.700
DZ Bank AG Deutsc 5.100 6/20/2022 EUR 66.860
DZ Bank AG Deutsc 7.200 6/20/2022 EUR 73.510
Vontobel Financia 6.000 9/23/2022 EUR 69.320
Vontobel Financia 7.500 9/23/2022 EUR 67.480
Vontobel Financia 9.500 9/23/2022 EUR 65.870
Vontobel Financia 5.000 9/23/2022 EUR 74.530
Vontobel Financia 15.000 9/23/2022 EUR 59.780
Vontobel Financia 3.000 9/23/2022 EUR 75.670
Vontobel Financia 6.000 9/23/2022 EUR 47.600
SG Issuer SA 0.021 07/07/2033 EUR 63.740
Bank Julius Baer 4.850 7/20/2022 CHF 60.950
Bank Julius Baer 6.550 7/20/2022 CHF 72.700
DZ Bank AG Deutsc 9.500 9/21/2022 EUR 68.950
DekaBank Deutsche 4.000 8/18/2022 EUR 57.430
DZ Bank AG Deutsc 10.750 8/24/2022 EUR 50.600
DZ Bank AG Deutsc 11.500 6/22/2022 EUR 66.400
UniCredit Bank AG 10.400 08/11/2022 EUR 48.200
DZ Bank AG Deutsc 12.500 8/24/2022 EUR 37.640
Bank Julius Baer 12.00010/20/2022 CHF 61.150
DZ Bank AG Deutsc 7.750 9/21/2022 EUR 68.880
Leonteq Securitie 13.000 7/19/2022 USD 27.160
Vontobel Financia 7.000 6/24/2022 EUR 73.960
Vontobel Financia 10.000 9/23/2022 EUR 64.680
Vontobel Financia 5.000 9/23/2022 EUR 72.200
Vontobel Financia 14.000 6/24/2022 EUR 60.640
Vontobel Financia 6.500 6/24/2022 EUR 68.680
Leonteq Securitie 20.000 7/20/2022 CHF 35.320
Vontobel Financia 10.500 9/23/2022 EUR 18.940
Landesbank Baden- 3.100 7/22/2022 EUR 46.360
Zurcher Kantonalb 16.000 7/28/2022 CHF 36.570
DZ Bank AG Deutsc 15.000 6/24/2022 EUR 69.890
Landesbank Baden- 4.300 7/22/2022 EUR 63.730
Landesbank Baden- 3.100 7/22/2022 EUR 76.990
Landesbank Baden- 6.000 7/22/2022 EUR 34.590
DZ Bank AG Deutsc 20.300 6/24/2022 EUR 59.970
Landesbank Baden- 3.150 7/22/2022 EUR 79.450
Landesbank Baden- 2.000 7/22/2022 EUR 47.570
Societe Generale 9.000 6/24/2022 EUR 36.340
Societe Generale 6.250 7/22/2022 EUR 40.270
Vontobel Financia 9.500 6/24/2022 EUR 43.500
Vontobel Financia 15.750 6/24/2022 EUR 58.550
Landesbank Baden- 3.150 7/22/2022 EUR 54.090
Landesbank Baden- 9.250 7/22/2022 EUR 44.790
UniCredit Bank AG 8.050 8/17/2022 EUR 55.310
Landesbank Baden- 3.100 9/23/2022 EUR 73.380
Vontobel Financia 12.250 6/24/2022 EUR 76.480
Vontobel Financia 9.250 6/24/2022 EUR 35.770
Vontobel Financia 8.000 6/24/2022 EUR 77.070
Vontobel Financia 8.500 9/23/2022 EUR 58.790
Vontobel Financia 5.500 9/23/2022 EUR 63.670
Vontobel Financia 12.000 9/23/2022 EUR 55.060
Vontobel Financia 11.500 6/24/2022 EUR 55.270
Vontobel Financia 8.000 9/23/2022 EUR 59.530
Vontobel Financia 10.000 9/23/2022 EUR 57.550
Leonteq Securitie 10.000 07/12/2022 CHF 60.720
Corner Banca SA 11.200 10/12/2022 EUR 41.630
Goldman Sachs & C 5.000 8/24/2022 EUR 68.990
Goldman Sachs & C 5.00012/21/2022 EUR 70.550
Goldman Sachs & C 5.000 3/22/2023 EUR 71.480
Goldman Sachs & C 3.00012/21/2022 EUR 77.490
Leonteq Securitie 10.000 07/06/2022 EUR 27.630
Corner Banca SA 11.200 7/19/2022 CHF 34.400
Corner Banca SA 13.000 1/19/2023 USD 42.420
Leonteq Securitie 10.400 1/19/2023 USD 63.810
Bank Vontobel AG 8.000 7/18/2022 CHF 27.900
Raiffeisen Schwei 12.000 07/12/2022 CHF 71.830
Leonteq Securitie 11.000 1/19/2023 CHF 63.170
Vontobel Financia 5.500 9/23/2022 EUR 60.210
Vontobel Financia 8.500 9/23/2022 EUR 74.770
Vontobel Financia 9.250 6/24/2022 EUR 63.980
DZ Bank AG Deutsc 7.250 6/22/2022 EUR 74.860
Goldman Sachs & C 20.000 6/22/2022 EUR 71.210
Zurcher Kantonalb 5.000 6/21/2022 CHF 58.930
Bank Vontobel AG 6.504 12/05/2022 CHF 66.500
Bank Vontobel AG 9.004 12/05/2022 CHF 72.000
Bank Vontobel AG 7.508 12/05/2022 EUR 69.300
Bank Vontobel AG 7.756 06/06/2023 EUR 63.000
BNP Paribas Emiss 3.000 6/23/2022 EUR 67.910
EFG International 17.400 06/10/2022 USD 71.200
EFG International 7.000 06/09/2023 CHF 70.970
UBS AG/London 8.000 06/09/2023 CHF 54.750
Leonteq Securitie 21.880 06/10/2022 CHF 54.070
Raiffeisen Schwei 15.000 06/07/2022 CHF 54.870
Raiffeisen Schwei 20.000 06/07/2022 CHF 68.170
VTB Bank PJSC 0.010 08/01/2023 RUB 65.520
Bank Otkritie Fin 0.010 7/28/2023 RUB 75.080
EFG International 12.000 12/09/2022 CHF 44.120
UBS AG/London 7.500 12/09/2022 CHF 61.400
UBS AG/London 6.000 06/09/2022 EUR 45.250
UBS AG/London 17.750 06/09/2022 USD 73.250
SFO VTB Investmen 0.010 03/10/2023 RUB 60.210
Raiffeisen Schwei 5.500 06/07/2023 CHF 69.190
Zurcher Kantonalb 8.10012/14/2022 USD 48.360
DZ Bank AG Deutsc 9.400 9/23/2022 EUR 62.810
DZ Bank AG Deutsc 11.800 9/23/2022 EUR 71.930
Sberbank of Russi 0.010 08/12/2025 RUB 67.300
Vontobel Financia 4.000 6/29/2023 EUR 66.230
Bank Julius Baer 6.900 6/13/2022 EUR 72.850
Bank Julius Baer 9.150 6/13/2022 USD 71.150
Leonteq Securitie 3.910 03/03/2023 CHF 74.030
BNP Paribas Emiss 3.000 6/23/2022 EUR 67.410
BNP Paribas Emiss 3.000 9/22/2022 EUR 67.790
Sberbank of Russi 0.010 08/07/2025 RUB 74.400
Landesbank Baden- 5.000 6/24/2022 EUR 67.160
EFG International 10.000 12/09/2022 USD 41.200
UBS AG/London 11.250 12/09/2022 CHF 36.450
UBS AG/London 8.250 06/09/2023 CHF 62.350
UBS AG/London 10.500 06/09/2023 CHF 55.600
Leonteq Securitie 21.760 06/10/2022 CHF 19.790
DZ Bank AG Deutsc 13.800 9/23/2022 EUR 69.320
DZ Bank AG Deutsc 11.700 9/23/2022 EUR 59.780
DZ Bank AG Deutsc 13.800 6/24/2022 EUR 69.000
DZ Bank AG Deutsc 11.900 9/23/2022 EUR 64.300
Societe Generale 8.500 6/24/2022 EUR 77.660
Societe Generale 9.500 6/24/2022 EUR 75.880
Sberbank of Russi 0.010 08/12/2025 RUB 71.000
DZ Bank AG Deutsc 12.200 9/23/2022 EUR 64.360
DZ Bank AG Deutsc 12.800 6/24/2022 EUR 63.850
DZ Bank AG Deutsc 10.800 9/23/2022 EUR 66.540
DZ Bank AG Deutsc 10.300 9/23/2022 EUR 66.310
DZ Bank AG Deutsc 13.400 9/23/2022 EUR 62.450
Leonteq Securitie 10.00012/14/2022 CHF 66.280
Leonteq Securitie 24.870 6/14/2022 CHF 22.860
Societe Generale 6.000 6/24/2022 EUR 76.240
Societe Generale 8.000 6/24/2022 EUR 71.070
DekaBank Deutsche 3.400 7/19/2024 EUR 68.630
Landesbank Baden- 2.10011/24/2023 EUR 71.920
Vontobel Financia 7.500 6/24/2022 EUR 63.300
Vontobel Financia 9.000 6/24/2022 EUR 41.170
Vontobel Financia 16.000 6/24/2022 EUR 52.280
Vontobel Financia 17.000 6/24/2022 EUR 34.700
Vontobel Financia 10.500 6/24/2022 EUR 39.650
Leonteq Securitie 7.10012/14/2022 CHF 79.540
Zurcher Kantonalb 7.200 06/09/2022 CHF 66.750
Vontobel Financia 9.000 06/08/2022 EUR 42.000
Bank Julius Baer 8.000 09/08/2022 CHF 60.300
Vontobel Financia 4.10012/16/2022 USD 75.200
Raiffeisen Centro 9.202 9/21/2022 EUR 74.420
Vontobel Financia 13.750 6/24/2022 EUR 26.420
DekaBank Deutsche 4.000 07/07/2022 EUR 51.570
DZ Bank AG Deutsc 6.500 6/22/2022 EUR 63.120
DZ Bank AG Deutsc 6.750 6/22/2022 EUR 68.480
DZ Bank AG Deutsc 5.000 6/22/2022 EUR 74.000
DZ Bank AG Deutsc 13.500 6/22/2022 EUR 54.290
Leonteq Securitie 21.000 06/09/2022 CHF 33.940
Credit Suisse AG/ 11.000 06/08/2022 CHF 57.850
Vontobel Financia 18.650 06/09/2022 EUR 18.100
Goldman Sachs & C 15.000 7/20/2022 EUR 74.930
Goldman Sachs & C 16.000 9/21/2022 EUR 75.110
Goldman Sachs & C 19.000 7/20/2022 EUR 72.550
Goldman Sachs & C 21.000 7/20/2022 EUR 69.670
Goldman Sachs & C 24.000 6/22/2022 EUR 75.530
Leonteq Securitie 10.000 07/12/2023 CHF 56.390
Vontobel Financia 16.500 6/24/2022 EUR 68.230
Vontobel Financia 14.500 6/24/2022 EUR 69.920
Vontobel Financia 13.000 6/24/2022 EUR 36.290
Vontobel Financia 11.000 6/24/2022 EUR 37.550
Vontobel Financia 19.000 6/24/2022 EUR 73.230
Leonteq Securitie 22.040 07/08/2022 CHF 60.900
Zurcher Kantonalb 15.900 07/08/2022 USD 55.380
Landesbank Baden- 2.250 9/23/2022 EUR 69.250
Bank Julius Baer 7.750 7/15/2022 USD 56.450
Vontobel Financia 6.000 6/24/2022 EUR 78.240
Vontobel Financia 7.000 9/23/2022 EUR 70.840
Vontobel Financia 9.500 9/23/2022 EUR 75.340
Vontobel Financia 11.000 6/24/2022 EUR 73.260
Vontobel Financia 9.000 6/24/2022 EUR 76.020
Vontobel Financia 7.500 9/23/2022 EUR 74.240
Vontobel Financia 13.500 9/23/2022 EUR 65.260
Vontobel Financia 12.000 6/24/2022 EUR 67.040
Vontobel Financia 16.500 9/23/2022 EUR 70.920
Vontobel Financia 7.500 9/23/2022 EUR 60.290
Vontobel Financia 13.000 6/24/2022 EUR 53.770
Vontobel Financia 8.500 6/24/2022 EUR 58.590
Credit Bank of Mo 0.010 08/07/2023 RUB
Zurcher Kantonalb 24.000 6/17/2022 CHF 51.540
Societe Generale 9.000 6/24/2022 EUR 68.980
Vontobel Financia 16.000 6/24/2022 EUR 78.670
Vontobel Financia 14.500 6/24/2022 EUR 53.570
Vontobel Financia 12.000 6/24/2022 EUR 38.250
Vontobel Financia 7.500 6/24/2022 EUR 42.840
Vontobel Financia 6.000 6/24/2022 EUR 44.670
Vontobel Financia 11.500 6/24/2022 EUR 59.050
UniCredit Bank AG 4.450 09/11/2023 EUR 23.660
Societe Generale 7.000 6/24/2022 EUR 73.470
VTB Bank PJSC 0.010 08/08/2023 RUB 77.010
Vontobel Financia 12.000 6/24/2022 EUR 56.410
Vontobel Financia 16.500 6/24/2022 EUR 77.700
Vontobel Financia 15.000 6/24/2022 EUR 79.640
Vontobel Financia 5.500 6/24/2022 EUR 45.670
Vontobel Financia 15.500 6/24/2022 EUR 35.800
Vontobel Financia 13.500 6/24/2022 EUR 36.960
Leonteq Securitie 14.000 9/14/2022 CHF 48.680
Leonteq Securitie 7.00012/14/2022 CHF 76.240
Leonteq Securitie 11.00012/16/2022 CHF 80.150
Vontobel Financia 8.000 6/24/2022 EUR 58.810
Vontobel Financia 6.500 6/24/2022 EUR 60.240
Sberbank of Russi 0.010 8/21/2025 RUB 71.200
Zurcher Kantonalb 11.000 6/21/2022 CHF 65.350
Vontobel Financia 20.000 6/24/2022 EUR 79.270
Vontobel Financia 15.000 6/24/2022 EUR 72.840
Vontobel Financia 9.250 6/24/2022 EUR 36.260
Vontobel Financia 11.000 6/24/2022 EUR 60.540
Zurcher Kantonalb 8.000 6/21/2023 CHF 61.500
Zurcher Kantonalb 12.000 6/21/2022 CHF 51.580
Vontobel Financia 6.250 6/24/2022 EUR 68.620
Vontobel Financia 6.250 6/24/2022 EUR 72.080
Vontobel Financia 16.500 6/24/2022 EUR 32.130
Vontobel Financia 5.500 6/24/2022 EUR 64.970
Vontobel Financia 9.350 6/24/2022 EUR 69.190
Vontobel Financia 12.750 6/24/2022 EUR 38.590
Vontobel Financia 18.000 6/24/2022 EUR 18.770
Vontobel Financia 19.500 6/24/2022 EUR 68.310
Raiffeisen Switze 6.700 05/10/2023 CHF 78.920
Zurcher Kantonalb 11.250 07/12/2022 CHF 76.650
Leonteq Securitie 10.000 10/05/2022 CHF 32.320
Zurcher Kantonalb 11.750 7/13/2022 USD 64.220
Corner Banca SA 16.000 08/10/2022 EUR 50.000
DekaBank Deutsche 4.500 09/08/2022 EUR 77.120
Zurcher Kantonalb 10.000 5/19/2023 CHF 64.660
Leonteq Securitie 17.000 07/05/2022 EUR 34.580
Leonteq Securitie 6.000 01/09/2024 CHF 74.690
DZ Bank AG Deutsc 5.800 6/20/2022 EUR 75.970
Zurcher Kantonalb 10.750 7/13/2022 CHF 63.850
Leonteq Securitie 9.000 01/06/2023 CHF 69.780
Corner Banca SA 16.000 10/05/2022 CHF 55.840
Zurcher Kantonalb 15.000 7/13/2022 CHF 39.670
DZ Bank AG Deutsc 5.400 6/20/2022 EUR 66.030
DZ Bank AG Deutsc 4.700 6/20/2022 EUR 67.450
Sberbank of Russi 0.010 12/01/2025 RUB 72.100
Vontobel Financia 13.500 9/23/2022 EUR 74.470
Vontobel Financia 6.500 9/23/2022 EUR 61.910
Leonteq Securitie 24.610 7/15/2022 CHF 52.180
Leonteq Securitie 9.000 7/15/2022 CHF 59.940
Leonteq Securitie 8.000 01/12/2023 CHF 65.070
Leonteq Securitie 10.000 01/12/2023 CHF 63.750
Leonteq Securitie 9.000 01/12/2023 CHF 71.700
Leonteq Securitie 10.000 10/12/2022 CHF 53.170
Leonteq Securitie 6.200 07/12/2023 CHF 73.290
Leonteq Securitie 10.000 07/06/2022 EUR 26.200
Leonteq Securitie 8.000 01/12/2023 USD 71.120
Vontobel Financia 10.000 6/24/2022 EUR 68.420
Vontobel Financia 12.000 6/24/2022 EUR 72.730
Vontobel Financia 6.250 6/24/2022 EUR 64.510
Raiffeisen Schwei 16.000 7/13/2022 CHF 61.290
Corner Banca SA 8.000 01/12/2023 CHF 73.790
Goldman Sachs & C 6.000 6/22/2022 EUR 73.900
Goldman Sachs & C 6.000 3/22/2023 EUR 74.450
Goldman Sachs & C 7.000 7/20/2022 EUR 64.060
Goldman Sachs & C 7.000 8/24/2022 EUR 63.440
Goldman Sachs & C 7.00012/21/2022 EUR 63.840
Goldman Sachs & C 7.000 7/20/2022 EUR 70.940
Goldman Sachs & C 8.000 6/21/2023 EUR 64.540
Bank Vontobel AG 8.000 01/10/2023 CHF 61.100
Bank Vontobel AG 10.000 07/12/2022 CHF 79.400
Goldman Sachs & C 5.000 7/20/2022 EUR 68.540
Goldman Sachs & C 5.000 9/21/2022 EUR 69.390
Goldman Sachs & C 5.000 6/21/2023 EUR 71.480
Goldman Sachs & C 5.00012/21/2022 EUR 75.940
Goldman Sachs & C 5.000 6/21/2023 EUR 75.380
Goldman Sachs & C 5.000 6/22/2022 EUR 68.370
Societe Generale 4.750 6/24/2022 EUR 46.120
Societe Generale 6.750 6/24/2022 EUR 40.270
Vontobel Financia 5.750 6/24/2022 EUR 72.360
Goldman Sachs & C 3.000 6/22/2022 EUR 76.710
Leonteq Securitie 7.000 07/06/2022 EUR 26.570
Corner Banca SA 8.000 1/16/2023 CHF 52.330
Leonteq Securitie 10.000 1/16/2023 CHF 76.740
Leonteq Securitie 10.00010/19/2022 CHF 36.390
Bank Vontobel AG 10.500 1/16/2023 CHF 48.200
Bank Vontobel AG 10.000 1/16/2023 EUR 58.700
Raiffeisen Schwei 14.000 07/12/2022 CHF 34.000
Societe Generale 4.000 8/26/2022 EUR 68.930
Societe Generale 5.000 8/26/2022 EUR 65.720
Societe Generale 7.000 8/26/2022 EUR 61.080
Raiffeisen Centro 12.689 6/22/2022 EUR 65.980
Raiffeisen Centro 15.928 6/22/2022 EUR 65.950
Raiffeisen Centro 7.232 9/21/2022 EUR 68.900
Raiffeisen Centro 14.848 6/22/2022 EUR 64.830
DZ Bank AG Deutsc 17.600 9/23/2022 EUR 72.110
Raiffeisen Centro 0.851 9/21/2022 EUR 61.600
Societe Generale 12.000 7/22/2022 EUR 71.380
Societe Generale 12.750 8/26/2022 EUR 64.600
Societe Generale 6.500 8/26/2022 EUR 79.280
Societe Generale 7.500 8/26/2022 EUR 37.270
Societe Generale 11.500 8/26/2022 EUR 32.370
DekaBank Deutsche 3.190 2/17/2023 EUR 75.580
Leonteq Securitie 12.00012/28/2022 CHF 58.780
Corner Banca SA 11.60012/27/2022 USD 40.410
Corner Banca SA 18.000 9/27/2022 CHF 52.370
Leonteq Securitie 7.000 9/27/2023 CHF 70.230
Vontobel Financia 20.500 9/23/2022 EUR 58.320
Vontobel Financia 18.000 9/23/2022 EUR 60.510
Vontobel Financia 11.500 9/23/2022 EUR 69.510
Leonteq Securitie 16.000 9/27/2022 EUR 70.450
Leonteq Securitie 20.000 9/27/2022 USD 51.120
Vontobel Financia 8.000 9/23/2022 EUR 65.610
Leonteq Securitie 7.000 7/26/2023 CHF 75.960
Leonteq Securitie 8.400 1/26/2023 CHF 64.370
Vontobel Financia 10.500 9/23/2022 EUR 47.830
Avangard Bank PJS 0.010 2/28/2029 RUB 60.120
Vontobel Financia 11.200 7/26/2022 EUR 48.580
Bank Vontobel AG 4.500 7/21/2023 CHF 74.500
Landesbank Baden- 2.300 6/24/2022 EUR 53.960
Vontobel Financia 19.750 9/23/2022 EUR 54.300
Vontobel Financia 14.500 9/23/2022 EUR 68.150
Societe Generale 5.500 8/26/2022 EUR 73.570
Societe Generale 6.500 8/26/2022 EUR 71.320
Vontobel Financia 16.000 9/23/2022 EUR 73.660
Vontobel Financia 8.000 9/23/2022 EUR 72.300
Vontobel Financia 14.000 9/23/2022 EUR 65.140
Vontobel Financia 6.500 9/23/2022 EUR 73.910
Vontobel Financia 12.500 9/23/2022 EUR 66.300
Vontobel Financia 22.000 9/23/2022 EUR 53.960
DZ Bank AG Deutsc 5.600 9/19/2022 EUR 67.260
DZ Bank AG Deutsc 9.50012/21/2022 EUR 62.330
EFG International 11.000 09/10/2024 USD 58.010
Leonteq Securitie 10.00010/26/2022 CHF 36.570
Leonteq Securitie 12.000 1/26/2023 CHF 32.840
DZ Bank AG Deutsc 6.50012/21/2022 EUR 70.030
Raiffeisen Schwei 13.000 09/06/2022 CHF 34.410
Raiffeisen Schwei 8.700 03/03/2023 CHF 71.880
Raiffeisen Schwei 8.500 03/03/2023 USD 40.190
Zurcher Kantonalb 11.100 09/07/2022 USD 82.150
Raiffeisen Schwei 14.000 7/19/2022 USD 65.170
Raiffeisen Schwei 8.000 7/19/2023 CHF 65.490
Vontobel Financia 8.750 9/23/2022 EUR 68.200
DZ Bank AG Deutsc 17.100 6/24/2022 EUR 61.300
DZ Bank AG Deutsc 21.300 9/23/2022 EUR 42.550
DZ Bank AG Deutsc 8.500 6/24/2022 EUR 75.910
DZ Bank AG Deutsc 10.800 6/24/2022 EUR 44.590
Raiffeisen Centro 11.339 6/22/2022 EUR 64.790
Raiffeisen Centro 5.530 9/21/2022 EUR 74.710
Societe Generale 3.000 8/26/2022 EUR 73.180
Societe Generale 6.750 8/26/2022 EUR 77.690
Societe Generale 10.750 8/26/2022 EUR 67.850
Societe Generale 8.500 8/26/2022 EUR 74.040
Societe Generale 5.500 8/26/2022 EUR 41.680
Societe Generale 9.500 8/26/2022 EUR 34.410
Sberbank of Russi 0.010 9/24/2026 RUB 67.900
Leonteq Securitie 11.000 1/26/2023 USD 52.040
Leonteq Securitie 12.000 3/24/2023 CHF 67.310
Leonteq Securitie 11.00012/27/2022 CHF 70.800
Leonteq Securitie 12.000 9/27/2022 CHF 25.890
Vontobel Financia 8.500 9/23/2022 EUR 58.650
Vontobel Financia 15.500 9/23/2022 EUR 52.650
Vontobel Financia 11.000 9/23/2022 EUR 66.550
Leonteq Securitie 10.000 3/24/2023 USD 51.360
Vontobel Financia 7.500 9/23/2022 EUR 51.540
Vontobel Financia 13.000 6/24/2022 EUR 75.500
Vontobel Financia 7.500 6/24/2022 EUR 71.850
Vontobel Financia 9.500 6/24/2022 EUR 62.590
Vontobel Financia 16.750 6/24/2022 EUR 52.560
Raiffeisen Schwei 17.000 09/07/2022 USD 45.290
UniCredit Bank AG 4.650 9/28/2022 EUR 61.660
Raiffeisen Schwei 16.000 7/19/2022 EUR 59.330
Raiffeisen Schwei 12.00010/19/2022 CHF 74.210
Societe Generale 8.000 8/26/2022 EUR 59.290
DZ Bank AG Deutsc 23.200 9/23/2022 EUR 41.330
DZ Bank AG Deutsc 22.000 6/24/2022 EUR 43.380
DZ Bank AG Deutsc 24.100 9/23/2022 EUR 43.690
Raiffeisen Centro 6.381 9/21/2022 EUR 69.190
DZ Bank AG Deutsc 10.200 9/23/2022 EUR 47.080
Societe Generale 11.500 8/26/2022 EUR 74.330
DZ Bank AG Deutsc 19.900 9/23/2022 EUR 68.960
Raiffeisen Centro 0.851 9/21/2022 EUR 60.370
Raiffeisen Centro 1.702 9/21/2022 EUR 78.030
Societe Generale 8.750 8/26/2022 EUR 72.040
Societe Generale 10.500 8/26/2022 EUR 70.080
Societe Generale 3.500 8/26/2022 EUR 49.370
Bank Julius Baer 16.000 9/23/2022 CHF 29.450
Leonteq Securitie 8.000 9/27/2023 CHF 64.990
Leonteq Securitie 10.000 3/24/2023 CHF 70.600
Vontobel Financia 13.500 9/23/2022 EUR 66.080
Leonteq Securitie 14.00012/27/2022 CHF 38.110
Vontobel Financia 15.500 9/23/2022 EUR 63.040
Vontobel Financia 10.500 9/23/2022 EUR 56.250
Leonteq Securitie 12.00012/28/2022 USD 32.330
Leonteq Securitie 10.000 7/26/2022 CHF 43.040
Leonteq Securitie 8.000 3/24/2023 USD 74.600
Vontobel Financia 7.000 6/24/2022 EUR 63.270
Vontobel Financia 4.000 9/23/2022 EUR 70.940
Zurcher Kantonalb 12.500 08/03/2022 CHF 52.550
UBS AG/London 6.500 10/02/2024 USD 71.500
Sberbank of Russi 0.010 7/22/2024 RUB 74.000
Zurcher Kantonalb 28.500 08/02/2022 USD 41.090
Bank Julius Baer 7.000 09/11/2023 USD 75.050
Societe Generale 8.750 8/26/2022 EUR 74.540
Societe Generale 10.000 8/26/2022 EUR 75.690
Vontobel Financia 14.500 9/23/2022 EUR 75.310
Leonteq Securitie 8.500 03/08/2023 EUR 43.340
Leonteq Securitie 9.500 12/08/2022 EUR 52.820
DZ Bank AG Deutsc 6.000 6/20/2022 EUR 77.590
DZ Bank AG Deutsc 7.250 6/22/2022 EUR 64.760
DZ Bank AG Deutsc 6.00012/21/2022 EUR 78.910
Societe Generale 11.250 6/24/2022 EUR 74.400
Leonteq Securitie 8.000 1/26/2023 CHF 69.920
DZ Bank AG Deutsc 10.500 6/22/2022 EUR 71.950
DZ Bank AG Deutsc 6.25012/21/2022 EUR 57.220
DZ Bank AG Deutsc 8.250 9/19/2022 EUR 63.560
Leonteq Securitie 9.000 7/26/2023 USD 69.980
Societe Generale 8.500 8/26/2022 EUR 41.380
Raiffeisen Schwei 7.000 1/23/2023 CHF 76.170
Leonteq Securitie 10.00010/26/2022 CHF 54.330
Vontobel Financia 12.000 6/24/2022 EUR 45.040
Zurcher Kantonalb 10.000 08/03/2022 CHF 59.710
Vontobel Financia 8.000 9/23/2022 EUR 55.330
Aragon OOO 24.000 3/16/2029 RUB 61.000
Credit Suisse AG/ 20.650 9/23/2022 USD 46.500
Zurcher Kantonalb 27.500 08/02/2022 CHF 54.420
Sberbank of Russi 0.010 7/29/2024 RUB 74.200
Bank Julius Baer 10.000 7/26/2022 USD 46.100
Bank Vontobel AG 6.500 1/24/2023 CHF 59.200
Bank Vontobel AG 12.500 1/24/2023 CHF 55.600
EFG International 12.000 03/08/2023 CHF 39.000
Societe Generale 9.250 7/22/2022 EUR 75.400
Vontobel Financia 20.000 9/23/2022 EUR 62.980
Societe Generale 4.500 8/26/2022 EUR 76.340
Vontobel Financia 17.000 9/23/2022 EUR 63.050
Vontobel Financia 15.500 9/23/2022 EUR 64.050
Vontobel Financia 9.500 9/23/2022 EUR 70.950
DZ Bank AG Deutsc 6.200 6/20/2022 EUR 74.760
DZ Bank AG Deutsc 5.200 6/20/2022 EUR 67.250
DZ Bank AG Deutsc 5.700 9/19/2022 EUR 76.210
DZ Bank AG Deutsc 6.500 9/19/2022 EUR 74.860
Bank Vontobel AG 12.500 1/24/2023 CHF 55.600
Vontobel Financia 18.350 9/23/2022 EUR 41.980
Vontobel Financia 16.250 9/23/2022 EUR 40.000
Vontobel Financia 8.350 9/23/2022 EUR 40.430
EFG International 16.000 09/08/2022 CHF 71.210
Societe Generale 7.750 8/26/2022 EUR 76.200
Landesbank Baden- 3.000 9/26/2025 EUR 72.020
Vontobel Financia 10.000 9/23/2022 EUR 75.230
Societe Generale 8.500 8/26/2022 EUR 67.970
Vontobel Financia 10.000 9/23/2022 EUR 69.040
Vontobel Financia 11.000 9/23/2022 EUR 78.790
DZ Bank AG Deutsc 6.200 6/20/2022 EUR 65.770
DZ Bank AG Deutsc 4.800 9/19/2022 EUR 68.540
DZ Bank AG Deutsc 7.200 6/20/2022 EUR 73.190
DZ Bank AG Deutsc 5.750 9/21/2022 EUR 66.090
DZ Bank AG Deutsc 5.50010/26/2022 EUR 69.600
Leonteq Securitie 20.000 7/26/2022 CHF 58.750
DZ Bank AG Deutsc 8.750 6/20/2022 EUR 71.570
DZ Bank AG Deutsc 9.750 6/20/2022 EUR 67.890
Vontobel Financia 9.500 9/23/2022 EUR 73.330
Vontobel Financia 13.000 9/23/2022 EUR 54.320
Vontobel Financia 5.000 9/23/2022 EUR 56.420
Zurcher Kantonalb 12.500 08/03/2022 CHF 75.730
Vontobel Financia 7.000 6/24/2022 EUR 63.880
Landesbank Baden- 3.000 7/22/2022 EUR 69.310
DZ Bank AG Deutsc 16.700 9/23/2022 EUR 68.780
Corner Banca SA 13.200 12/07/2022 CHF 47.410
Societe Generale 11.250 7/22/2022 EUR 71.610
Vontobel Financia 23.000 9/23/2022 EUR 60.970
Vontobel Financia 12.000 9/23/2022 EUR 71.390
Societe Generale 7.500 8/26/2022 EUR 69.530
Vontobel Financia 17.500 9/23/2022 EUR 65.460
Vontobel Financia 13.000 9/23/2022 EUR 77.070
Vontobel Financia 11.500 9/23/2022 EUR 67.700
Vontobel Financia 9.000 9/23/2022 EUR 70.620
DekaBank Deutsche 2.60010/24/2023 EUR 63.120
Landesbank Baden- 4.00011/25/2022 EUR 74.070
Landesbank Baden- 5.10011/25/2022 EUR 39.680
Landesbank Baden- 3.80011/25/2022 EUR 57.990
Landesbank Baden- 6.70011/25/2022 EUR 70.580
Landesbank Baden- 2.75011/25/2022 EUR 74.470
Landesbank Baden- 2.00011/25/2022 EUR 53.050
Landesbank Baden- 8.50011/25/2022 EUR 37.670
Landesbank Baden- 4.35011/25/2022 EUR 51.890
Luzerner Kantonal 8.00012/16/2022 CHF 74.700
Raiffeisen Schwei 8.00011/28/2022 CHF 59.460
Zurcher Kantonalb 13.000 06/10/2022 CHF 45.970
Vontobel Financia 11.750 6/24/2022 EUR 62.670
Raiffeisen Schwei 7.200 06/01/2023 CHF 69.010
Raiffeisen Schwei 12.000 06/01/2022 CHF 42.090
Vontobel Financia 20.000 6/24/2022 EUR 36.660
Vontobel Financia 16.500 6/24/2022 EUR 12.570
Vontobel Financia 14.500 6/24/2022 EUR 63.380
Raiffeisen Schwei 18.520 7/13/2022 CHF 29.090
Basler Kantonalba 12.00010/14/2022 CHF 67.360
Vontobel Financia 14.500 6/24/2022 EUR 62.840
Vontobel Financia 5.000 9/23/2022 EUR 74.220
Vontobel Financia 12.000 9/23/2022 EUR 65.540
Vontobel Financia 9.000 9/23/2022 EUR 71.690
Vontobel Financia 10.500 9/23/2022 EUR 69.350
Vontobel Financia 7.000 6/24/2022 EUR 76.190
Vontobel Financia 11.500 9/23/2022 EUR 77.150
Vontobel Financia 12.500 9/23/2022 EUR 75.780
Vontobel Financia 14.500 9/23/2022 EUR 73.230
Vontobel Financia 18.500 9/23/2022 EUR 68.840
Vontobel Financia 4.500 9/23/2022 EUR 65.570
Vontobel Financia 11.000 9/23/2022 EUR 56.260
Vontobel Financia 13.500 9/23/2022 EUR 54.100
Vontobel Financia 10.000 6/24/2022 EUR 56.880
Leonteq Securitie 12.000 7/15/2022 CHF 51.970
Leonteq Securitie 12.000 10/12/2022 CHF 74.370
Corner Banca SA 10.000 10/12/2022 CHF 34.340
EFG International 13.000 01/06/2023 USD 59.590
Vontobel Financia 13.750 6/24/2022 EUR 40.340
EFG International 8.000 1/19/2023 CHF 63.310
Goldman Sachs & C 6.000 3/22/2023 EUR 66.460
EFG International 18.000 7/14/2022 CHF 61.930
UniCredit Bank AG 6.750 08/03/2022 EUR 63.450
Goldman Sachs & C 6.000 9/21/2022 EUR 75.240
Goldman Sachs & C 6.00012/21/2022 EUR 73.910
Goldman Sachs & C 6.000 8/24/2022 EUR 74.060
Goldman Sachs & C 6.000 6/21/2023 EUR 74.070
Goldman Sachs & C 7.000 6/22/2022 EUR 63.540
Goldman Sachs & C 7.000 9/21/2022 EUR 65.280
Goldman Sachs & C 7.000 6/21/2023 EUR 66.230
Goldman Sachs & C 7.000 6/22/2022 EUR 70.410
Goldman Sachs & C 7.000 9/21/2022 EUR 72.080
Goldman Sachs & C 7.000 8/24/2022 EUR 72.380
Societe Generale 4.000 7/22/2022 USD 38.190
Bank Vontobel AG 10.000 01/10/2023 EUR 64.300
Raiffeisen Schwei 14.000 06/01/2022 CHF 68.050
Societe Generale 16.000 07/03/2024 USD 26.600
Societe Generale 18.000 07/03/2024 USD
Credit Suisse AG/ 12.500 8/22/2022 CHF 64.210
Bank Julius Baer 8.800 09/05/2022 EUR 66.850
EFG International 9.850 06/08/2022 USD 70.370
EFG International 10.260 06/08/2022 USD 65.530
Sberbank of Russi 0.010 06/04/2026 RUB 67.500
Sberbank of Russi 0.010 11/12/2025 RUB 71.500
Landesbank Baden- 2.200 1/27/2023 EUR 25.090
UniCredit Bank AG 5.250 07/01/2024 EUR 64.220
Leonteq Securitie 8.00011/23/2022 CHF 61.930
UniCredit Bank AG 13.300 07/07/2022 EUR 72.290
Sberbank of Russi 0.010 11/12/2025 RUB 71.700
Leonteq Securitie 11.000 09/07/2022 CHF 56.860
Leonteq Securitie 11.000 06/03/2022 CHF 70.020
Sberbank of Russi 0.010 5/25/2026 RUB 74.000
Sberbank of Russi 0.010 06/02/2028 RUB 65.100
Leonteq Securitie 23.690 06/03/2022 CHF 20.000
Leonteq Securitie 23.290 06/03/2022 CHF 51.320
Citigroup Global 5.000 08/01/2033 EUR 75.030
Sberbank of Russi 0.010 5/25/2026 RUB 73.500
Erste Group Bank 4.250 6/30/2022 EUR 56.100
DekaBank Deutsche 3.250 08/11/2023 EUR 67.880
Erste Group Bank 8.000 6/30/2022 EUR 56.300
Vontobel Financia 5.750 6/24/2022 EUR 72.140
UBS AG/London 5.250 5/31/2023 CHF 61.250
DZ Bank AG Deutsc 7.500 6/20/2022 EUR 72.050
UBS AG/London 12.00011/30/2022 EUR 32.950
UniCredit Bank AG 4.050 07/01/2024 EUR 67.320
Landesbank Baden- 2.000 2/24/2023 EUR 72.830
Landesbank Baden- 3.400 8/23/2024 EUR 26.630
Vontobel Financia 10.500 6/24/2022 EUR 46.360
Bank Severnyy Mor 8.500 RUB 60.100
DekaBank Deutsche 2.35012/16/2022 EUR 68.290
DZ Bank AG Deutsc 5.000 9/19/2022 EUR 76.750
UBS AG/London 7.750 5/31/2023 CHF 72.300
Erste Group Bank 6.500 6/30/2022 EUR 56.150
Erste Group Bank 5.500 6/30/2025 EUR 75.800
DekaBank Deutsche 3.500 11/04/2022 EUR 43.410
Landesbank Baden- 3.50012/22/2023 EUR 74.680
Leonteq Securitie 9.400 1/30/2023 EUR 64.870
Vontobel Financia 12.500 6/24/2022 EUR 73.320
Vontobel Financia 6.500 6/24/2022 EUR 65.330
Vontobel Financia 8.250 6/24/2022 EUR 67.750
Vontobel Financia 14.750 6/24/2022 EUR 30.220
Vontobel Financia 17.750 6/24/2022 EUR 29.940
Vontobel Financia 5.750 6/24/2022 EUR 74.670
Vontobel Financia 11.750 6/24/2022 EUR 31.070
Vontobel Financia 9.750 6/24/2022 EUR 73.170
Leonteq Securitie 10.000 11/02/2022 CHF 42.460
Leonteq Securitie 10.000 1/30/2023 CHF 70.670
Bank Vontobel AG 12.505 8/19/2022 CHF 46.400
Leonteq Securitie 12.000 7/29/2022 CHF 53.670
Vontobel Financia 8.250 6/24/2022 EUR 39.910
Bank Vontobel AG 7.756 2/13/2023 CHF 60.200
Leonteq Securitie 2.800 7/29/2022 EUR 51.970
Leonteq Securitie 22.450 7/29/2022 CHF 26.310
BNP Paribas Emiss 10.000 9/22/2022 EUR 67.710
BNP Paribas Emiss 8.000 9/22/2022 EUR 33.430
BNP Paribas Emiss 10.000 9/22/2022 EUR 31.480
BNP Paribas Emiss 10.000 6/23/2022 EUR 73.010
BNP Paribas Emiss 14.000 6/23/2022 EUR 68.720
Societe Generale 10.000 7/22/2022 EUR 70.040
Societe Generale 8.000 7/22/2022 EUR 73.750
Societe Generale 6.750 7/22/2022 EUR 70.890
UBS AG/London 14.75011/14/2022 CHF 40.550
UBS AG/London 10.50011/14/2022 CHF 38.700
Societe Generale 8.500 6/24/2022 EUR 74.110
BNP Paribas Emiss 14.000 6/23/2022 EUR 73.820
Societe Generale 6.500 6/24/2022 EUR 35.750
Leonteq Securitie 11.050 08/10/2022 USD 80.730
Societe Generale 11.250 6/24/2022 EUR 76.320
Societe Generale 15.250 6/24/2022 EUR 69.590
BNP Paribas Emiss 12.000 9/22/2022 EUR 55.180
BNP Paribas Emiss 10.00012/22/2022 EUR 57.040
BNP Paribas Emiss 6.000 9/22/2022 EUR 71.490
BNP Paribas Emiss 6.00012/22/2022 EUR 72.850
BNP Paribas Emiss 8.000 6/23/2022 EUR 72.690
BNP Paribas Emiss 12.000 9/22/2022 EUR 67.610
EFG International 15.00011/14/2022 EUR 66.300
Zurcher Kantonalb 8.000 08/08/2022 CHF 64.920
BNP Paribas Emiss 6.000 9/22/2022 EUR 74.780
Vontobel Financia 13.500 6/24/2022 EUR 63.890
BNP Paribas Emiss 10.000 6/23/2022 EUR 61.990
Vontobel Financia 12.500 6/24/2022 EUR 46.340
Zurcher Kantonalb 13.000 08/08/2022 CHF 57.300
Vontobel Financia 17.000 6/24/2022 EUR 59.920
Vontobel Financia 14.000 6/24/2022 EUR 79.150
BNP Paribas Emiss 8.000 9/22/2022 EUR 75.000
BNP Paribas Emiss 14.000 9/22/2022 EUR 78.840
Vontobel Financia 13.500 6/24/2022 EUR 63.950
Vontobel Financia 4.000 6/24/2022 EUR 73.770
BNP Paribas Emiss 5.000 6/23/2022 EUR 70.420
BNP Paribas Emiss 5.000 9/22/2022 EUR 71.530
Sberbank of Russi 0.010 12/08/2025 RUB 70.600
BNP Paribas Emiss 8.00012/22/2022 EUR 73.190
Vontobel Financia 10.000 6/24/2022 EUR 68.510
BNP Paribas Emiss 5.000 6/23/2022 EUR 70.320
BNP Paribas Emiss 14.000 6/23/2022 EUR 60.130
Societe Generale 12.500 7/22/2022 EUR 73.730
Societe Generale 9.750 8/26/2022 EUR 79.010
EFG International 13.000 8/24/2022 CHF 41.420
DZ Bank AG Deutsc 9.500 6/20/2022 EUR 73.560
EFG International 8.200 03/01/2023 USD 39.690
Zurcher Kantonalb 20.500 08/09/2022 CHF 39.270
BNP Paribas Emiss 10.00012/22/2022 EUR 73.330
Sberbank of Russi 0.010 12/05/2025 RUB 70.300
BNP Paribas Emiss 12.00012/22/2022 EUR 79.790
BNP Paribas Emiss 8.00012/22/2022 EUR 75.910
BNP Paribas Emiss 10.00012/22/2022 EUR 72.810
BNP Paribas Emiss 8.00012/22/2022 EUR 76.500
Leonteq Securitie 22.520 07/06/2022 CHF 18.320
DekaBank Deutsche 2.50010/24/2023 EUR 62.980
BNP Paribas Emiss 12.000 9/22/2022 EUR 76.690
BNP Paribas Emiss 14.000 6/23/2022 EUR 75.940
BNP Paribas Emiss 8.000 9/22/2022 EUR 71.400
BNP Paribas Emiss 10.000 9/22/2022 EUR 75.500
BNP Paribas Emiss 12.000 9/22/2022 EUR 71.670
Societe Generale 10.500 6/24/2022 EUR 70.310
Vontobel Financia 10.500 6/24/2022 EUR 69.970
BNP Paribas Emiss 8.000 9/22/2022 EUR 66.750
Vontobel Financia 11.500 6/24/2022 EUR 75.590
BNP Paribas Emiss 12.000 9/22/2022 EUR 54.420
BNP Paribas Emiss 10.000 6/23/2022 EUR 74.760
BNP Paribas Emiss 8.000 9/22/2022 EUR 76.040
BNP Paribas Emiss 14.000 6/23/2022 EUR 58.630
BNP Paribas Emiss 15.000 9/22/2022 EUR 53.000
BNP Paribas Emiss 4.000 6/23/2022 EUR 75.730
Vontobel Financia 8.000 6/24/2022 EUR 46.040
Leonteq Securitie 9.00011/21/2022 CHF 48.500
BNP Paribas Emiss 14.00012/22/2022 EUR 53.230
Societe Generale 13.750 8/26/2022 EUR 71.560
BNP Paribas Emiss 12.000 9/22/2022 EUR 63.100
Vontobel Financia 16.500 6/24/2022 EUR 58.410
BNP Paribas Emiss 12.00012/22/2022 EUR 57.400
BNP Paribas Emiss 4.00012/22/2022 EUR 78.110
BNP Paribas Emiss 5.00012/22/2022 EUR 72.470
BNP Paribas Emiss 10.00012/22/2022 EUR 64.930
Vontobel Financia 7.250 6/24/2022 EUR 53.160
Vontobel Financia 16.450 6/24/2022 EUR 73.270
Vontobel Financia 16.250 6/24/2022 EUR 61.480
BNP Paribas Emiss 12.000 9/22/2022 EUR 69.720
BNP Paribas Emiss 8.00012/22/2022 EUR 69.950
BNP Paribas Emiss 8.00012/22/2022 EUR 68.620
BNP Paribas Emiss 8.000 6/23/2022 EUR 31.300
UniCredit Bank AG 3.600 10/05/2022 EUR 52.570
Leonteq Securitie 12.000 06/08/2022 CHF 36.270
UniCredit Bank AG 4.500 10/05/2022 EUR 66.240
BNP Paribas Emiss 12.00012/22/2022 EUR 30.960
BNP Paribas Emiss 12.000 9/22/2022 EUR 29.920
BNP Paribas Emiss 12.000 6/23/2022 EUR 26.780
BNP Paribas Emiss 10.000 6/23/2022 EUR 72.680
BNP Paribas Emiss 5.000 6/23/2022 EUR 74.040
Vontobel Financia 11.000 6/24/2022 EUR 71.620
BNP Paribas Emiss 10.000 6/23/2022 EUR 28.840
Bank Vontobel AG 6.507 8/17/2022 CHF 65.800
Bank Vontobel AG 6.505 2/27/2023 CHF 57.600
Leonteq Securitie 10.000 06/08/2022 EUR 60.160
BNP Paribas Emiss 5.000 9/22/2022 EUR 75.200
BNP Paribas Emiss 8.00012/22/2022 EUR 68.900
UniCredit Bank AG 4.550 9/28/2023 EUR 64.470
Erste Group Bank 6.250 8/31/2022 EUR 60.350
DZ Bank AG Deutsc 5.600 9/19/2022 EUR 68.020
Vontobel Financia 12.000 08/09/2022 EUR 55.760
Leonteq Securitie 11.00012/28/2022 USD 59.130
Societe Generale 4.750 7/22/2022 EUR 75.980
Leonteq Securitie 26.200 09/07/2022 CHF 39.000
Leonteq Securitie 24.800 09/07/2022 CHF 47.310
Leonteq Securitie 8.500 12/07/2022 EUR 70.920
Raiffeisen Schwei 16.000 9/20/2022 CHF 40.520
Raiffeisen Schwei 7.500 3/17/2023 USD 56.910
Raiffeisen Schwei 16.000 9/20/2022 CHF 34.630
Raiffeisen Schwei 9.000 3/17/2023 CHF 77.850
DZ Bank AG Deutsc 4.750 9/19/2022 EUR 72.510
Raiffeisen Schwei 7.000 9/20/2023 CHF 71.800
DZ Bank AG Deutsc 6.500 9/21/2022 EUR 73.200
DZ Bank AG Deutsc 5.50012/21/2022 EUR 75.710
DZ Bank AG Deutsc 11.750 9/21/2022 EUR 77.940
DZ Bank AG Deutsc 9.750 9/21/2022 EUR 35.030
DZ Bank AG Deutsc 10.250 9/21/2022 EUR 68.680
DZ Bank AG Deutsc 10.000 6/22/2022 EUR 76.290
DZ Bank AG Deutsc 6.500 6/22/2022 EUR 76.630
DZ Bank AG Deutsc 5.25012/19/2022 EUR 73.330
Leonteq Securitie 25.680 9/23/2022 CHF 32.600
Vontobel Financia 11.000 9/23/2022 EUR 42.870
Vontobel Financia 15.000 9/23/2022 EUR 40.370
Vontobel Financia 5.000 9/23/2022 EUR 71.530
Vontobel Financia 9.000 9/23/2022 EUR 44.440
Vontobel Financia 9.000 9/23/2022 EUR 66.200
Vontobel Financia 11.500 9/23/2022 EUR 34.180
Vontobel Financia 16.000 9/23/2022 EUR 59.440
Goldman Sachs & C 25.000 7/20/2022 EUR 64.590
Vontobel Financia 5.500 9/23/2022 EUR 48.530
Vontobel Financia 8.000 6/24/2022 EUR 67.170
Goldman Sachs & C 23.000 8/24/2022 EUR 66.510
Vontobel Financia 10.500 6/24/2022 EUR 64.160
Vontobel Financia 11.000 9/23/2022 EUR 63.330
Vontobel Financia 11.000 9/23/2022 EUR 59.820
Vontobel Financia 11.500 9/23/2022 EUR 58.780
Vontobel Financia 15.500 9/23/2022 EUR 55.700
Vontobel Financia 16.500 9/23/2022 EUR 55.040
Vontobel Financia 17.500 9/23/2022 EUR 54.410
Vontobel Financia 8.500 9/23/2022 EUR 62.950
Vontobel Financia 9.000 9/23/2022 EUR 61.740
Vontobel Financia 10.000 9/23/2022 EUR 60.760
Goldman Sachs & C 23.000 6/22/2022 EUR 50.270
Goldman Sachs & C 19.000 7/20/2022 EUR 53.620
Goldman Sachs & C 5.000 8/24/2022 EUR 70.110
Goldman Sachs & C 20.000 8/24/2022 EUR 53.540
Goldman Sachs & C 4.000 9/21/2022 EUR 74.430
Goldman Sachs & C 6.000 9/21/2022 EUR 67.010
Goldman Sachs & C 5.00012/21/2022 EUR 71.570
Goldman Sachs & C 7.00012/21/2022 EUR 65.590
Goldman Sachs & C 4.000 3/22/2023 EUR 75.550
Goldman Sachs & C 7.000 3/22/2023 EUR 67.210
Goldman Sachs & C 7.000 6/21/2023 EUR 67.900
Goldman Sachs & C 12.000 6/21/2023 EUR 60.740
Vontobel Financia 8.500 9/23/2022 EUR 49.540
Societe Generale 6.50010/28/2022 EUR 44.420
Societe Generale 8.50010/28/2022 EUR 39.230
UniCredit Bank AG 6.650 9/28/2022 EUR 75.780
Societe Generale 5.50010/28/2022 EUR 70.770
Societe Generale 6.50010/28/2022 EUR 68.920
Societe Generale 4.50010/28/2022 EUR 77.750
Vontobel Financia 6.000 6/24/2022 EUR 73.200
Vontobel Financia 14.500 6/24/2022 EUR 68.300
Societe Generale 11.75010/28/2022 EUR 71.310
Vontobel Financia 9.500 6/24/2022 EUR 76.530
Vontobel Financia 13.000 6/24/2022 EUR 71.470
Vontobel Financia 12.000 6/24/2022 EUR 73.090
Vontobel Financia 14.000 6/24/2022 EUR 69.930
Societe Generale 8.00010/28/2022 EUR 66.090
Vontobel Financia 6.000 9/23/2022 EUR 62.770
Vontobel Financia 11.000 9/23/2022 EUR 57.050
Vontobel Financia 8.000 6/24/2022 EUR 59.510
Vontobel Financia 11.000 6/24/2022 EUR 56.080
Vontobel Financia 12.500 6/24/2022 EUR 76.450
Vontobel Financia 9.000 9/23/2022 EUR 78.300
Vontobel Financia 11.000 9/23/2022 EUR 75.090
Vontobel Financia 12.500 6/24/2022 EUR 72.930
Vontobel Financia 16.500 6/24/2022 EUR 67.650
Vontobel Financia 15.000 6/24/2022 EUR 69.310
Vontobel Financia 12.500 9/23/2022 EUR 62.380
Vontobel Financia 6.500 9/23/2022 EUR 71.070
Vontobel Financia 10.000 9/23/2022 EUR 25.650
Vontobel Financia 11.500 9/23/2022 EUR 25.220
SG Issuer SA 6.850 1/20/2024 SEK 72.660
DZ Bank AG Deutsc 6.500 9/19/2022 EUR 76.080
Raiffeisen Schwei 7.500 3/17/2023 CHF 61.590
DZ Bank AG Deutsc 8.000 6/22/2022 EUR 71.740
DZ Bank AG Deutsc 10.250 6/22/2022 EUR 74.390
DZ Bank AG Deutsc 8.250 9/21/2022 EUR 76.350
DZ Bank AG Deutsc 14.500 9/21/2022 EUR 32.240
DZ Bank AG Deutsc 5.00012/21/2022 EUR 76.280
DZ Bank AG Deutsc 6.250 9/21/2022 EUR 55.680
Leonteq Securitie 20.880 9/23/2022 CHF 30.720
Vontobel Financia 7.000 9/23/2022 EUR 46.250
Vontobel Financia 7.000 9/23/2022 EUR 68.720
Vontobel Financia 13.000 9/23/2022 EUR 41.530
Vontobel Financia 11.000 9/23/2022 EUR 63.960
Vontobel Financia 13.500 9/23/2022 EUR 62.110
Vontobel Financia 6.000 6/24/2022 EUR 70.550
Vontobel Financia 13.500 6/24/2022 EUR 61.480
Goldman Sachs & C 14.000 6/22/2022 EUR 75.070
Goldman Sachs & C 20.000 6/22/2022 EUR 68.260
Goldman Sachs & C 25.000 6/22/2022 EUR 64.510
Goldman Sachs & C 18.000 8/24/2022 EUR 71.240
Goldman Sachs & C 20.000 9/21/2022 EUR 69.200
Goldman Sachs & C 22.000 9/21/2022 EUR 67.980
Vontobel Financia 5.000 9/23/2022 EUR 69.610
Vontobel Financia 7.500 9/23/2022 EUR 64.060
Vontobel Financia 14.500 9/23/2022 EUR 56.410
Vontobel Financia 18.500 9/23/2022 EUR 53.820
Goldman Sachs & C 6.000 6/22/2022 EUR 65.530
Basler Kantonalba 8.000 3/22/2023 CHF 67.610
Goldman Sachs & C 5.000 7/20/2022 EUR 69.670
Goldman Sachs & C 6.000 7/20/2022 EUR 65.980
Goldman Sachs & C 4.000 8/24/2022 EUR 74.140
Goldman Sachs & C 6.000 8/24/2022 EUR 66.530
Goldman Sachs & C 10.000 8/24/2022 EUR 60.970
Goldman Sachs & C 15.000 8/24/2022 EUR 56.810
Goldman Sachs & C 5.000 9/21/2022 EUR 70.500
Goldman Sachs & C 4.00012/21/2022 EUR 75.080
Goldman Sachs & C 16.00012/21/2022 EUR 57.830
Goldman Sachs & C 6.000 3/22/2023 EUR 69.710
Goldman Sachs & C 4.000 6/21/2023 EUR 75.030
Goldman Sachs & C 6.000 6/21/2023 EUR 70.040
EFG International 8.000 3/22/2023 USD 77.920
Leonteq Securitie 10.00012/23/2022 CHF 70.940
Societe Generale 10.50010/28/2022 EUR 77.040
Societe Generale 10.50010/28/2022 EUR 36.210
Societe Generale 14.50010/28/2022 EUR 32.940
UniCredit Bank AG 11.450 9/28/2022 EUR 62.460
Societe Generale 7.50010/28/2022 EUR 70.520
Vontobel Financia 15.000 9/23/2022 EUR 24.000
Societe Generale 7.50010/28/2022 EUR 67.410
Vontobel Financia 5.500 6/24/2022 EUR 79.860
Vontobel Financia 14.500 6/24/2022 EUR 64.550
Vontobel Financia 10.000 9/23/2022 EUR 72.830
Societe Generale 13.75010/28/2022 EUR 68.390
Societe Generale 13.500 9/23/2022 EUR 69.350
Societe Generale 4.00010/28/2022 EUR 76.650
Societe Generale 6.00010/28/2022 EUR 70.280
Vontobel Financia 9.500 9/23/2022 EUR 58.240
Vontobel Financia 13.000 6/24/2022 EUR 54.560
Vontobel Financia 7.000 6/24/2022 EUR 61.450
Vontobel Financia 9.500 6/24/2022 EUR 57.740
Vontobel Financia 7.500 6/24/2022 EUR 60.460
Vontobel Financia 16.000 6/24/2022 EUR 71.270
Vontobel Financia 12.000 9/23/2022 EUR 73.570
Vontobel Financia 14.000 6/24/2022 EUR 71.090
Vontobel Financia 14.000 9/23/2022 EUR 70.760
Vontobel Financia 10.000 6/24/2022 EUR 77.000
Vontobel Financia 11.500 6/24/2022 EUR 74.930
Vontobel Financia 9.500 9/23/2022 EUR 66.310
Vontobel Financia 12.500 6/24/2022 EUR 62.210
Vontobel Financia 11.000 6/24/2022 EUR 64.160
Vontobel Financia 14.000 9/23/2022 EUR 24.400
Vontobel Financia 13.500 6/24/2022 EUR 23.410
Vontobel Financia 18.000 6/24/2022 EUR 21.290
Leonteq Securitie 12.000 09/07/2022 EUR 43.420
Vontobel Financia 18.000 6/24/2022 EUR 64.620
Vontobel Financia 6.250 6/24/2022 EUR 76.420
Vontobel Financia 17.250 6/24/2022 EUR 48.100
Raiffeisen Schwei 12.500 09/06/2022 CHF 66.420
Societe Generale 13.500 8/26/2022 EUR 30.850
DZ Bank AG Deutsc 19.500 9/23/2022 EUR 44.010
Vontobel Financia 12.500 9/23/2022 EUR 24.700
Vontobel Financia 15.000 6/24/2022 EUR 22.640
Vontobel Financia 16.500 6/24/2022 EUR 21.930
Vontobel Financia 8.500 9/23/2022 EUR 64.900
Vontobel Financia 3.500 9/23/2022 EUR 82.370
Leonteq Securitie 13.000 7/22/2022 CHF 53.990
Raiffeisen Schwei 13.500 09/06/2022 CHF 64.960
Societe Generale 15.000 9/29/2025 USD 21.150
Sberbank of Russi 0.010 7/23/2026 RUB 63.600
Sberbank of Russi 0.010 7/24/2028 RUB 56.300
Societe Generale 6.000 8/26/2022 EUR 63.160
Societe Generale 9.000 8/26/2022 EUR 77.800
Raiffeisen Centro 8.508 9/21/2022 EUR 69.370
Societe Generale 10.500 8/26/2022 EUR 75.970
Societe Generale 12.50010/28/2022 EUR 34.280
Societe Generale 3.50010/28/2022 EUR 76.230
Societe Generale 16.250 9/23/2022 EUR 61.200
Societe Generale 5.50010/28/2022 EUR 74.870
Societe Generale 6.50010/28/2022 EUR 72.470
Societe Generale 4.50010/28/2022 EUR 73.060
Societe Generale 8.50010/28/2022 EUR 66.150
Vontobel Financia 12.000 6/24/2022 EUR 65.930
Vontobel Financia 6.500 9/23/2022 EUR 77.160
Vontobel Financia 10.000 9/23/2022 EUR 68.170
Vontobel Financia 12.500 9/23/2022 EUR 67.360
Vontobel Financia 12.500 6/24/2022 EUR 70.660
Societe Generale 9.75010/28/2022 EUR 74.990
Societe Generale 5.00010/28/2022 EUR 73.040
Societe Generale 7.00010/28/2022 EUR 68.000
Vontobel Financia 7.000 9/23/2022 EUR 61.090
Vontobel Financia 6.500 6/24/2022 EUR 62.470
Vontobel Financia 13.500 9/23/2022 EUR 74.750
Vontobel Financia 13.000 9/23/2022 EUR 72.130
Vontobel Financia 10.000 9/23/2022 EUR 76.660
Vontobel Financia 9.500 6/24/2022 EUR 66.250
Vontobel Financia 12.000 6/24/2022 EUR 24.250
Leonteq Securitie 8.690 7/26/2023 CHF 67.420
Leonteq Securitie 28.020 7/22/2022 CHF 58.490
Citigroup Global 8.200 3/21/2024 SEK 67.470
Vontobel Financia 5.000 6/24/2022 EUR 64.820
Raiffeisen Schwei 10.500 12/06/2022 CHF 71.650
Raiffeisen Schwei 8.200 03/03/2023 CHF 73.080
Raiffeisen Schwei 7.500 03/03/2023 CHF 63.760
Leonteq Securitie 25.000 09/07/2022 CHF 30.550
Vontobel Financia 7.000 6/24/2022 EUR 44.150
Leonteq Securitie 8.000 09/05/2022 CHF 68.430
Erste Group Bank 4.750 3/31/2025 EUR 60.300
Sberbank of Russi 0.010 04/11/2025 RUB 82.500
Bank Vontobel AG 16.500 08/05/2022 CHF 41.700
Bank Vontobel AG 8.008 2/27/2023 CHF 63.900
UBS AG/London 16.250 09/05/2022 CHF 52.300
Vontobel Financia 13.500 9/23/2022 EUR 70.800
Vontobel Financia 18.500 9/23/2022 EUR 62.510
Vontobel Financia 14.500 9/23/2022 EUR 66.280
Vontobel Financia 19.500 6/24/2022 EUR 59.880
Vontobel Financia 20.000 6/24/2022 EUR 64.960
Vontobel Financia 18.000 6/24/2022 EUR 74.840
Vontobel Financia 10.000 9/23/2022 EUR 77.280
Vontobel Financia 11.500 9/23/2022 EUR 75.470
Vontobel Financia 13.000 9/23/2022 EUR 73.760
Vontobel Financia 9.500 6/24/2022 EUR 78.230
Vontobel Financia 4.500 9/23/2022 EUR 76.580
Vontobel Financia 11.500 9/23/2022 EUR 66.830
Vontobel Financia 11.500 6/24/2022 EUR 75.780
Vontobel Financia 15.500 6/24/2022 EUR 63.000
Vontobel Financia 13.500 6/24/2022 EUR 64.590
Vontobel Financia 16.500 9/23/2022 EUR 76.900
Vontobel Financia 21.000 6/24/2022 EUR 74.660
Vontobel Financia 10.000 9/23/2022 EUR 73.130
Vontobel Financia 15.500 9/23/2022 EUR 49.560
Vontobel Financia 18.500 9/23/2022 EUR 50.500
Vontobel Financia 22.000 9/23/2022 EUR 51.600
Vontobel Financia 20.000 9/23/2022 EUR 50.970
Vontobel Financia 8.000 9/23/2022 EUR 65.380
Bank Julius Baer 26.650 5/31/2022 USD 24.450
Corner Banca SA 10.00011/30/2022 CHF 61.090
Corner Banca SA 8.200 8/30/2023 CHF 69.360
Leonteq Securitie 10.000 2/27/2023 CHF 68.160
DZ Bank AG Deutsc 6.800 9/19/2022 EUR 72.050
Vontobel Financia 9.000 9/23/2022 EUR 76.150
Vontobel Financia 13.500 6/24/2022 EUR 70.910
Vontobel Financia 13.000 6/24/2022 EUR 67.020
Vontobel Financia 13.500 9/23/2022 EUR 67.830
Vontobel Financia 17.500 9/23/2022 EUR 63.780
Vontobel Financia 12.000 9/23/2022 EUR 69.320
Vontobel Financia 21.000 6/24/2022 EUR 58.360
Vontobel Financia 23.000 6/24/2022 EUR 56.950
Vontobel Financia 14.500 6/24/2022 EUR 65.050
Vontobel Financia 16.000 6/24/2022 EUR 63.210
Vontobel Financia 15.500 6/24/2022 EUR 71.350
Vontobel Financia 13.000 9/23/2022 EUR 65.630
Vontobel Financia 3.000 9/23/2022 EUR 80.730
Vontobel Financia 14.500 9/23/2022 EUR 64.510
Vontobel Financia 2.500 6/24/2022 EUR 81.960
Vontobel Financia 7.000 6/24/2022 EUR 60.730
DZ Bank AG Deutsc 5.400 9/19/2022 EUR 65.290
DZ Bank AG Deutsc 4.700 9/19/2022 EUR 66.220
DZ Bank AG Deutsc 5.60012/19/2022 EUR 74.200
Vontobel Financia 25.000 6/24/2022 EUR 80.130
Vontobel Financia 10.000 9/23/2022 EUR 72.940
Vontobel Financia 20.000 9/23/2022 EUR 61.470
Vontobel Financia 10.000 6/24/2022 EUR 71.370
Vontobel Financia 8.000 9/23/2022 EUR 72.500
Vontobel Financia 19.500 6/24/2022 EUR 48.270
Vontobel Financia 16.500 8/31/2022 EUR 55.290
DZ Bank AG Deutsc 9.250 9/21/2022 EUR 66.470
Societe Generale 9.750 8/26/2022 EUR 72.180
DZ Bank AG Deutsc 7.750 9/21/2022 EUR 65.650
Vontobel Financia 16.000 9/23/2022 EUR 68.600
Vontobel Financia 16.000 9/23/2022 EUR 64.990
Vontobel Financia 8.000 9/23/2022 EUR 76.990
Vontobel Financia 7.500 6/24/2022 EUR 76.410
Vontobel Financia 17.500 6/24/2022 EUR 61.480
Vontobel Financia 11.500 6/24/2022 EUR 69.120
Vontobel Financia 15.000 9/23/2022 EUR 72.330
Vontobel Financia 13.500 6/24/2022 EUR 73.490
Vontobel Financia 4.500 6/24/2022 EUR 76.710
Vontobel Financia 12.000 6/24/2022 EUR 66.310
Vontobel Financia 5.500 9/23/2022 EUR 74.670
Vontobel Financia 10.500 9/23/2022 EUR 68.280
Vontobel Financia 3.500 9/23/2022 EUR 78.550
DZ Bank AG Deutsc 5.500 6/22/2022 EUR 66.040
DZ Bank AG Deutsc 10.500 6/22/2022 EUR 73.670
DZ Bank AG Deutsc 5.250 9/21/2022 EUR 64.480
Societe Generale 4.750 6/24/2022 EUR 71.920
Leonteq Securitie 15.000 8/30/2022 CHF 66.100
Leonteq Securitie 13.00011/30/2022 USD 30.500
DZ Bank AG Deutsc 5.300 9/19/2022 EUR 74.500
DZ Bank AG Deutsc 6.20012/19/2022 EUR 73.300
DZ Bank AG Deutsc 6.100 9/19/2022 EUR 73.130
DZ Bank AG Deutsc 5.00012/19/2022 EUR 75.400
Bank Julius Baer 6.750 12/01/2022 CHF 65.300
Vontobel Financia 7.500 9/23/2022 EUR 61.540
Vontobel Financia 17.000 9/23/2022 EUR 50.030
Bank Julius Baer 10.750 12/01/2022 CHF 76.500
Vontobel Financia 17.000 6/24/2022 EUR 67.800
Vontobel Financia 11.000 9/23/2022 EUR 73.270
Vontobel Financia 12.000 6/24/2022 EUR 35.560
Leonteq Securitie 8.000 8/30/2023 CHF 69.110
Vontobel Financia 8.000 9/23/2022 EUR 39.490
Vontobel Financia 11.000 9/23/2022 EUR 37.830
Vontobel Financia 5.500 6/24/2022 EUR 40.940
Vontobel Financia 18.000 6/24/2022 EUR 32.590
Vontobel Financia 15.500 9/23/2022 EUR 35.950
Vontobel Financia 8.000 6/24/2022 EUR 70.510
Vontobel Financia 6.000 9/23/2022 EUR 58.820
Vontobel Financia 10.000 6/24/2022 EUR 36.720
Vontobel Financia 7.000 9/23/2022 EUR 59.160
UniCredit Bank AG 8.130 8/26/2022 EUR 36.610
Vontobel Financia 7.000 6/24/2022 EUR 57.050
Vontobel Financia 6.000 6/24/2022 EUR 56.960
Leonteq Securitie 14.00011/30/2022 CHF 58.570
Vontobel Financia 7.000 6/24/2022 EUR 39.410
Vontobel Financia 8.000 9/23/2022 EUR 65.610
Vontobel Financia 8.000 6/24/2022 EUR 60.870
Vontobel Financia 12.000 6/24/2022 EUR 63.710
Vontobel Financia 4.000 9/23/2022 EUR 66.430
Vontobel Financia 4.000 6/24/2022 EUR 65.120
Vontobel Financia 14.000 6/24/2022 EUR 67.300
Vontobel Financia 16.500 6/24/2022 EUR 63.060
Vontobel Financia 10.000 9/23/2022 EUR 56.100
Vontobel Financia 22.000 6/24/2022 EUR 56.130
Vontobel Financia 11.500 9/23/2022 EUR 69.510
Vontobel Financia 4.500 9/23/2022 EUR 64.570
Vontobel Financia 8.000 9/23/2022 EUR 58.490
Vontobel Financia 16.500 9/23/2022 EUR 50.730
Vontobel Financia 10.000 6/24/2022 EUR 54.730
Vontobel Financia 12.000 9/23/2022 EUR 54.000
Vontobel Financia 14.000 9/23/2022 EUR 52.180
Vontobel Financia 5.500 6/24/2022 EUR 61.200
Vontobel Financia 16.000 6/24/2022 EUR 49.720
Leonteq Securitie 10.000 03/01/2023 USD 41.800
Leonteq Securitie 16.000 8/30/2022 CHF 27.190
Vontobel Financia 14.000 9/23/2022 EUR 36.500
Vontobel Financia 12.500 9/23/2022 EUR 37.130
Vontobel Financia 3.500 9/23/2022 EUR 44.680
Vontobel Financia 8.500 6/24/2022 EUR 38.010
Vontobel Financia 17.000 9/23/2022 EUR 35.460
Vontobel Financia 9.000 6/24/2022 EUR 70.580
Vontobel Financia 3.500 9/23/2022 EUR 66.260
Vontobel Financia 3.500 6/24/2022 EUR 65.070
Vontobel Financia 16.000 6/24/2022 EUR 33.510
Vontobel Financia 14.000 6/24/2022 EUR 34.490
Vontobel Financia 6.000 9/23/2022 EUR 41.900
Vontobel Financia 4.500 9/23/2022 EUR 43.140
Vontobel Financia 7.000 9/23/2022 EUR 40.640
Vontobel Financia 9.500 9/23/2022 EUR 38.610
Vontobel Financia 15.000 9/23/2022 EUR 62.880
Societe Generale 10.000 6/24/2022 EUR 64.500
DekaBank Deutsche 1.000 8/25/2022 EUR 70.520
Barclays Bank PLC 2.150 4/28/2031 EUR 79.210
Raiffeisen Switze 8.000 10/12/2022 CHF 68.970
Raiffeisen Switze 6.500 04/12/2023 CHF 63.100
Basler Kantonalba 7.600 4/13/2023 CHF 62.840
Zurcher Kantonalb 6.800 7/20/2022 CHF 72.390
Bank Vontobel AG 6.008 10/07/2022 CHF 66.800
Bank Vontobel AG 5.005 10/09/2023 CHF 72.700
Bank Vontobel AG 8.001 10/07/2022 CHF 36.900
Bank Vontobel AG 6.008 04/11/2023 EUR 66.900
Bank Vontobel AG 10.009 10/07/2022 EUR 57.100
Bank Vontobel AG 10.010 10/07/2022 EUR 57.100
Bank Vontobel AG 10.006 10/07/2022 CHF 64.100
UBS AG/London 9.00010/14/2022 CHF 70.650
UBS AG/London 11.250 4/14/2023 CHF 50.300
UBS AG/London 10.50010/14/2022 EUR 65.500
UBS AG/London 6.250 4/14/2023 CHF 62.000
UBS AG/London 6.75010/14/2022 EUR 64.650
UBS AG/London 10.50010/14/2022 USD 79.650
UBS AG/London 11.75010/14/2022 CHF 45.050
UBS AG/London 7.75010/14/2022 CHF 65.800
UBS AG/London 12.750 4/14/2023 CHF 58.450
UBS AG/London 9.000 4/14/2023 CHF 63.900
DZ Bank AG Deutsc 9.500 6/22/2022 EUR 64.850
DZ Bank AG Deutsc 6.250 6/22/2022 EUR 70.360
DZ Bank AG Deutsc 8.700 6/24/2022 EUR 69.330
DZ Bank AG Deutsc 11.800 6/24/2022 EUR 63.790
DZ Bank AG Deutsc 13.300 6/24/2022 EUR 61.350
DZ Bank AG Deutsc 14.900 6/24/2022 EUR 59.110
DZ Bank AG Deutsc 8.300 6/24/2022 EUR 62.550
DZ Bank AG Deutsc 8.500 6/22/2022 EUR 74.300
DZ Bank AG Deutsc 6.500 6/22/2022 EUR 67.620
DZ Bank AG Deutsc 9.600 6/24/2022 EUR 76.400
DZ Bank AG Deutsc 6.800 6/24/2022 EUR 72.190
DZ Bank AG Deutsc 10.800 6/24/2022 EUR 64.180
DZ Bank AG Deutsc 5.000 6/22/2022 EUR 68.870
DZ Bank AG Deutsc 12.300 6/24/2022 EUR 64.070
DZ Bank AG Deutsc 14.700 6/24/2022 EUR 77.430
DZ Bank AG Deutsc 17.100 6/24/2022 EUR 72.760
Vontobel Financia 21.000 6/24/2022 EUR 75.520
Vontobel Financia 22.500 6/24/2022 EUR 72.880
Vontobel Financia 19.500 6/24/2022 EUR 78.390
Zurcher Kantonalb 7.300 4/18/2023 CHF 79.550
BNP Paribas Issua 5.680 4/25/2023 EUR 72.100
Raiffeisen Schwei 6.500 07/12/2022 CHF 58.350
Vontobel Financia 5.000 6/24/2022 EUR 73.780
Vontobel Financia 6.000 6/24/2022 EUR 70.960
Vontobel Financia 6.500 6/24/2022 EUR 69.640
Vontobel Financia 5.500 6/24/2022 EUR 72.340
Vontobel Financia 7.500 6/24/2022 EUR 68.400
Vontobel Financia 8.500 6/24/2022 EUR 65.990
Vontobel Financia 10.000 6/24/2022 EUR 63.790
Vontobel Financia 9.000 6/24/2022 EUR 64.860
Vontobel Financia 8.000 6/24/2022 EUR 67.170
Vontobel Financia 12.500 6/24/2022 EUR 59.820
Vontobel Financia 14.500 6/24/2022 EUR 57.180
Vontobel Financia 10.500 6/24/2022 EUR 62.740
Vontobel Financia 13.000 6/24/2022 EUR 58.900
Vontobel Financia 15.500 6/24/2022 EUR 56.380
Vontobel Financia 9.000 6/24/2022 EUR 76.320
Vontobel Financia 12.000 6/24/2022 EUR 69.930
Vontobel Financia 8.000 6/24/2022 EUR 80.030
Vontobel Financia 2.000 6/24/2022 EUR 72.930
Vontobel Financia 9.000 6/24/2022 EUR 59.520
Vontobel Financia 11.500 6/24/2022 EUR 57.000
Vontobel Financia 14.000 6/24/2022 EUR 54.720
Vontobel Financia 7.000 6/24/2022 EUR 62.330
Vontobel Financia 7.500 6/24/2022 EUR 76.390
Vontobel Financia 9.500 6/24/2022 EUR 71.240
Vontobel Financia 15.000 6/24/2022 EUR 61.710
Vontobel Financia 12.500 6/24/2022 EUR 65.430
Vontobel Financia 11.000 6/24/2022 EUR 68.200
Vontobel Financia 11.500 6/24/2022 EUR 66.770
Vontobel Financia 14.000 6/24/2022 EUR 62.890
Vontobel Financia 18.000 6/24/2022 EUR 57.410
Vontobel Financia 19.000 6/24/2022 EUR 56.450
Vontobel Financia 15.500 6/24/2022 EUR 75.900
Vontobel Financia 16.500 6/24/2022 EUR 74.760
Vontobel Financia 4.500 6/24/2022 EUR 75.280
Vontobel Financia 4.000 6/24/2022 EUR 76.840
Vontobel Financia 8.500 6/24/2022 EUR 72.850
Vontobel Financia 10.000 6/24/2022 EUR 69.670
Vontobel Financia 15.500 6/24/2022 EUR 60.560
Vontobel Financia 13.500 6/24/2022 EUR 64.150
Vontobel Financia 16.500 6/24/2022 EUR 59.480
Vontobel Financia 19.500 6/24/2022 EUR 55.500
Vontobel Financia 17.500 6/24/2022 EUR 58.440
Vontobel Financia 10.500 6/24/2022 EUR 72.970
Vontobel Financia 15.500 6/24/2022 EUR 64.620
Vontobel Financia 13.500 6/24/2022 EUR 67.140
Vontobel Financia 3.500 6/24/2022 EUR 68.980
Vontobel Financia 5.000 6/24/2022 EUR 65.460
Vontobel Financia 11.000 6/24/2022 EUR 61.720
Vontobel Financia 12.000 6/24/2022 EUR 60.770
Vontobel Financia 14.000 6/24/2022 EUR 58.040
Vontobel Financia 16.000 6/24/2022 EUR 55.570
Vontobel Financia 15.000 6/24/2022 EUR 73.520
Vontobel Financia 15.000 6/24/2022 EUR 75.100
Vontobel Financia 13.500 6/24/2022 EUR 77.320
Vontobel Financia 8.000 6/24/2022 EUR 74.580
Raiffeisen Switze 10.000 4/16/2024 USD 65.200
Vontobel Financia 15.000 6/24/2022 EUR 74.790
Vontobel Financia 12.500 6/24/2022 EUR 76.080
Vontobel Financia 13.500 6/24/2022 EUR 73.550
Vontobel Financia 15.000 6/24/2022 EUR 71.230
Vontobel Financia 18.000 6/24/2022 EUR 67.040
Vontobel Financia 16.500 6/24/2022 EUR 69.060
Vontobel Financia 19.500 6/24/2022 EUR 65.140
Vontobel Financia 9.000 6/24/2022 EUR 73.490
Vontobel Financia 7.000 6/24/2022 EUR 77.780
Vontobel Financia 11.500 6/24/2022 EUR 69.720
Vontobel Financia 12.500 6/24/2022 EUR 67.970
Vontobel Financia 10.000 6/24/2022 EUR 71.530
Vontobel Financia 14.000 6/24/2022 EUR 66.340
Vontobel Financia 8.000 6/24/2022 EUR 75.570
Vontobel Financia 15.500 6/24/2022 EUR 64.810
Vontobel Financia 16.500 6/24/2022 EUR 63.320
Vontobel Financia 18.000 6/24/2022 EUR 61.930
Vontobel Financia 9.500 6/24/2022 EUR 72.190
Vontobel Financia 8.000 6/24/2022 EUR 76.070
Vontobel Financia 11.500 6/24/2022 EUR 68.740
UniCredit Bank AG 5.300 7/22/2022 EUR 74.150
UniCredit Bank AG 6.900 7/22/2022 EUR 68.800
UniCredit Bank AG 7.800 7/22/2022 EUR 66.430
UniCredit Bank AG 8.700 7/22/2022 EUR 64.210
UniCredit Bank AG 9.600 7/22/2022 EUR 62.200
UniCredit Bank AG 10.600 7/22/2022 EUR 60.290
UniCredit Bank AG 6.100 7/22/2022 EUR 71.370
UniCredit Bank AG 5.90011/25/2022 EUR 72.550
UniCredit Bank AG 5.20011/25/2022 EUR 74.750
UniCredit Bank AG 7.90011/25/2022 EUR 66.520
UniCredit Bank AG 7.20011/25/2022 EUR 68.390
UniCredit Bank AG 8.60011/25/2022 EUR 64.780
UniCredit Bank AG 6.50011/25/2022 EUR 70.380
UniCredit Bank AG 9.40011/25/2022 EUR 63.210
Vontobel Financia 15.000 6/24/2022 EUR 54.470
Leonteq Securitie 11.500 7/15/2022 USD 75.140
Leonteq Securitie 11.000 7/19/2022 CHF 72.030
Corner Banca SA 12.00010/19/2022 EUR 69.510
Leonteq Securitie 9.00010/19/2022 USD 65.740
Leonteq Securitie 7.00010/19/2022 CHF 59.020
Vontobel Financia 17.000 6/24/2022 EUR 62.550
Vontobel Financia 14.500 6/24/2022 EUR 66.480
Vontobel Financia 17.000 6/24/2022 EUR 69.440
Vontobel Financia 15.000 6/24/2022 EUR 73.100
Vontobel Financia 9.500 6/24/2022 EUR 76.250
Vontobel Financia 12.000 6/24/2022 EUR 71.000
Vontobel Financia 9.000 6/24/2022 EUR 58.880
Vontobel Financia 13.000 6/24/2022 EUR 59.150
Leonteq Securitie 8.310 7/19/2022 EUR 57.700
Otthon Centrum Ho 3.000 4/19/2031 HUF 73.700
DZ Bank AG Deutsc 9.750 6/22/2022 EUR 54.350
DZ Bank AG Deutsc 8.000 6/22/2022 EUR 58.680
DZ Bank AG Deutsc 5.250 6/22/2022 EUR 68.890
DZ Bank AG Deutsc 9.000 6/22/2022 EUR 71.860
DZ Bank AG Deutsc 7.750 6/22/2022 EUR 63.200
DZ Bank AG Deutsc 8.500 6/22/2022 EUR 73.240
DZ Bank AG Deutsc 10.500 6/22/2022 EUR 64.910
DZ Bank AG Deutsc 5.750 6/22/2022 EUR 76.120
DZ Bank AG Deutsc 6.750 6/22/2022 EUR 67.660
Vontobel Financia 17.000 6/24/2022 EUR 76.400
Vontobel Financia 17.000 6/24/2022 EUR 52.380
Vontobel Financia 13.000 6/24/2022 EUR 57.820
Vontobel Financia 9.500 6/24/2022 EUR 64.720
Vontobel Financia 14.000 6/24/2022 EUR 64.560
Vontobel Financia 10.000 6/24/2022 EUR 70.670
Vontobel Financia 3.000 6/24/2022 EUR 81.990
Vontobel Financia 8.000 6/24/2022 EUR 67.980
Vontobel Financia 4.500 6/24/2022 EUR 76.710
Vontobel Financia 10.500 6/24/2022 EUR 64.390
Vontobel Financia 12.500 6/24/2022 EUR 61.170
Vontobel Financia 14.500 6/24/2022 EUR 58.280
Vontobel Financia 6.000 6/24/2022 EUR 72.060
Vontobel Financia 8.000 6/24/2022 EUR 73.050
Vontobel Financia 13.000 6/24/2022 EUR 50.800
Vontobel Financia 8.000 6/24/2022 EUR 69.040
Vontobel Financia 9.000 6/24/2022 EUR 57.400
Vontobel Financia 20.000 6/24/2022 EUR 53.130
DekaBank Deutsche 2.400 5/17/2024 EUR 55.820
UBS AG/London 7.800 4/20/2026 EUR 67.540
Leonteq Securitie 10.00010/20/2022 CHF 73.660
Leonteq Securitie 10.000 7/20/2022 CHF 26.740
Vontobel Financia 14.000 6/24/2022 EUR 73.270
Vontobel Financia 12.500 6/24/2022 EUR 73.170
Vontobel Financia 3.000 6/24/2022 EUR 53.180
Vontobel Financia 4.000 6/24/2022 EUR 52.950
Vontobel Financia 10.000 6/24/2022 EUR 16.360
Vontobel Financia 9.000 6/24/2022 EUR 72.940
Vontobel Financia 13.000 6/24/2022 EUR 53.550
*********
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 * * *