/raid1/www/Hosts/bankrupt/TCREUR_Public/220718.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, July 18, 2022, Vol. 23, No. 136
Headlines
F R A N C E
TEREOS SCA: S&P Upgrades ICR to 'BB-' on Improved Credit Metrics
G E R M A N Y
KAEFER SE: S&P Upgrades ICR to 'BB-' on New Equity, Outlook Stable
PRESTIGEBIDCO GMBH: S&P Places 'B' ICR on CreditWatch Positive
I R E L A N D
EUROPEAN RESIDENTIAL 2019-NPL1: DBRS Confirms C Notes at BB(high)
MULCAIR SECURITIES 2: DBRS Hikes Class F Notes Rating to BB
I T A L Y
DOVALUE SPA: Fitch Affirms 'BB' IDR & Alters Outlook to Positive
SIENA PMI 2016: DBRS Hikes Class D Notes Rating to CCC
L U X E M B O U R G
GARFUNKELUX HOLDCO 2: Fitch Affirms IDR at B+, Outlook Positive
N E T H E R L A N D S
DDM HOLDING: Fitch Lowers LT IDR to 'B-', On Watch Negative
JUBILEE PLACE 4: DBRS Finalizes B Rating on Class E Notes
NIELSENIQ: Fitch Puts 'B+' LongTerm IDR on Watch Negative
NOBIAN HOLDING 2: Fitch Affirms 'B+' LongTerm IDR; Outlook Stable
R O M A N I A
ONIX ASIGURARI: A.M. Best Assigns B(Fair) Fin'l. Strength Rating
S W E D E N
INTRUM AB: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
T U R K E Y
TURKIYE WEALTH FUND: Fitch Lowers LT IDR to 'B', Outlook Negative
U K R A I N E
NAFTOGAZ: Fitch Lowers IDR to 'C' on Distressed Debt Exchange
U N I T E D K I N G D O M
ABP GROUP: Enters Liquidation Following Creditors' Petitions
BLITZEN SECURITIES 1: Fitch Upgrades Two Note Classes to 'BB+'
EUROHOME UK 2007-2: S&P Raises Class B2 Notes Rating to BB+ (sf)
FASTNET SECURITIES 18: DBRS Gives BB(high) Rating to Class E Notes
GIEVES & HAWKES: Put Up for Sale Following Owner's Liquidation
NWP ELECTRICAL: Goes Into Administration, 59 Jobs Affected
ROYAL ABERDEEN: Creditors Urged to Register for Share in Legacy
S4 CAPITAL: Fitch Affirms LT IDR at 'BB', Outlook Stable
SHERWOOD PARENTCO: Fitch Affirms LT IDR at 'BB-', Outlook Stable
STARS UK BIDCO: S&P Assigns B Issuer Credit Rating, Outlook Stable
VUE INTERNATIONAL: Group of Lenders Takes Control of Business
[*] UK: NW Corporate Insolvencies Up 65% in First Half of 2022
X X X X X X X X
[*] BOND PRICING: For the Week July 11 to July 15, 2022
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F R A N C E
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TEREOS SCA: S&P Upgrades ICR to 'BB-' on Improved Credit Metrics
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S&P Global Ratings raised its issuer credit rating on French sugar
producer Tereos SCA and its issue rating on the senior unsecured
notes issued by its finance subsidiary, Tereos Finance Group I, to
'BB-' from 'B+'.
The stable outlook reflects S&P's view that Tereos' operational
performance should remain supported by favorable market conditions
and consistent debt reduction.
Tereos has achieved strong operational performance in fiscal 2022,
resulting in improved adjusted debt leverage of 3.8x. S&P's
consider the group well positioned to maintain its leverage ratio
in the 4.0x-4.2x range for the next 12-18 months. Tereos achieved
about 18% revenue growth and posted an S&P Global Ratings-adjusted
EBITDA margin of 13.9% in fiscal 2022 (year ended March 31, 2022),
which is materially higher than the 10.9% margin realized the prior
year. Revenue growth was supported by higher prices for sugar,
ethanol, starch, and starch derivatives, and by growing demand for
starch and sweetener products in Europe. The above factors have
offset the decline in volume of sugar and alcohol sold in Tereos'
international operations, by 22% and 25% respectively, due to the
low yield of the Brazilian crop caused by adverse weather
conditions.
Tereos has generated FFO of about EUR510 million (versus EUR340
million last year), reflecting strong operating performance and in
spite of higher interest. Tereos also posted a positive free
operating cash flow (FOCF) of EUR277 million thanks to its high
EBITDA and an inflow of working capital from margin calls.
Credit metrics improved strongly with adjusted debt leverage
falling below 4.0x (versus 6x last year) and FFO to debt near 20%
(versus 12% last year). This indicates improved financial
performance with slightly lower adjusted debt at EUR2.7 billion
versus EUR2.9 billion.
S&P said, "This year we see continued high global and European
sugar prices, reflecting balanced global production and consumption
volumes, and high production costs. In our view, this will likely
support revenue growth. We factor a continued slight volume decline
in Europe due to lower demand. Our forecast also considers that the
currently high ethanol prices in Brazil and in Europe--supported by
high oil costs--will remain high despite risks that oil prices may
recede due to higher risk of lower industrial demand globally.
Additionally, we anticipate that the yield from the Brazilian crop
versus last year could improve and drive higher volumes, overall
contributing alongside higher market prices to revenue growth. As
such, we forecast Tereos' revenues will grow by about 9%-11% in
fiscal 2023 and to remain stable in fiscal 2024, because we
incorporate the risk that sugar and ethanol prices could stabilize
on the back of declining industrial demand.
"We see stable credit metrics versus those reported at year-end
March 2022. This is on the back of overall stable adjusted debt
levels (assuming no more asset disposals than those already signed)
and lower but still high historical sugar and ethanol market prices
driving EBITDA close to EUR700 million over the next two years. In
turn, with higher interest costs in Brazil and Europe we see FFO
decreasing slightly from its current peak. Overall, we see adjusted
debt leverage at 4.0x-4.2x, FFO to debt of 12%-20%, and EBITDA
interest coverage of 3.0x-3.5x, in line with the 'BB-' rating.
"Our ratings integrate the risk that Tereos could generate a
volatile adjusted EBITDA margin over the medium term because of
exposure to commodity markets and a high operating leverage. We
consider that Tereos' business model benefits from large scale
operations with a wide asset footprint over Europe and Brazil,
bringing product and geographical diversity. That said most of the
business is exposed to volatile sugar and ethanol market prices,
which together represent about 57% of fiscal 2022 revenues.
Additionally, Tereos owns large processing assets, which means it
operates with high capex intensity and operating leverage, which
can amplify profitability volatility (despite the group having a
sugar beet price mechanism that correlates better to sugar prices
in Europe and a similar mechanism related to the sugarcane price in
Brazil). Still, its EBITDA margin may materially deteriorate again
in the event of low market prices or lower volumes processed. In
the next 12-18 months, we forecast that volumes of sugar and
ethanol processed will remain high, thanks to sufficient production
and the company's relationship with its large farmer base. Our
forecast also considers that the company will successfully
pass-through cost inflation across raw materials and production to
its customers. As such, we forecast Tereos to achieve an adjusted
EBITDA margin of about 12%-13% in the next 12-18 months.
"In our view, Tereos' commercial and operational strategy focuses
on achieving high profit margins and will result in adjusted EBITDA
of close to EUR700 million in fiscal 2023 and 2024, which is stable
compared to the EUR707 million achieved in fiscal 2022. We see
Tereos as focused on raising the sugar sales price at the next
contracting period (usually September to November). Sugar
represents 35% of fiscal 2022 sales, and contracts usually cover a
12-month period. We anticipate the company will maintain a
disciplined pricing strategy and pass on most of the price increase
in raw materials like sugar beet, sugarcane, and energy, and
therefore protect its profit margin. We think that, despite lower
consumer consumption of sugar and lower economic output potentially
affecting the price of ethanol, Tereos remains well positioned to
maintain good profitability levels over the next 12 to 18 months.
"Similarly, in the sale of starch and sweeteners (26% of fiscal
2022 sales) we forecast Tereos successfully implementing its
pricing strategy, because we consider clients are primarily focused
on securing sourcing and are inclined to accept price increases. We
also note that the sale of alcohol and ethanol (22% of fiscal 2022
sales) traditionally reflect spot ethanol prices, which currently
support stable margins. Additionally, Tereos is strategically
selling unprofitable assets to focus on its core businesses. Asset
disposals in the last 12 months include the sale of its 49% stake
in two joint ventures in China, the sale of its stake in grain
cooperative Copagest, and the sale of its subsidiary in Mozambique.
The company has also announced its intention to close its
industrial site in Romania.
"We forecast that Tereos will generate annual FFO of about EUR450
million-500 million, which will enable the group to fund its large
capex and working capital requirements and to maintain FFO to debt
in the 15-18% range in the next 12-18 months.The business remains
capex and working capital intensive, but Tereos has consistently
invested well in its industrial footprint. We observe that cost
efficiencies together with improved pricing strategy notably
improved the starch and sweeteners operations last year.
"Tereos has invested about 7.5%-8.5% of its revenues in capex in
the past two years. We forecast the group to invest about EUR360
million-390 million annually in capex over the next two years to
maintain its industrial assets and optimize its carbon footprint.
We forecast its working capital requirements--which we estimate at
up to EUR200 million in the next 12 months--could materially
increase, reflecting raw material cost inflation and the likely
reversal of margin calls that contributed to inflows from working
capital last year.
"We believe the group retain good access to bank financing in
Europe and Brazil but our forecast of FFO assumes a gradually
higher cost of debt due to rising interest rates, as only part of
the debt is fixed or fully hedged. We see limited refinancing risks
given the level of cash balances and undrawn committed bank lines
currently.
"We consider that Tereos is well positioned to navigate potential
disruption to the supply of natural gas in Europe, which, however,
represents a downside risk to our base-case. Tereos is prudently
hedging the purchase of natural gas with derivative contracts,
which provides some protection against short term price volatility.
Additionally, the company estimates that energy cost represented 7%
of its total cost of goods sold in fiscal 2021, and that volatility
in natural gas prices can still be manageable and passed on to
customers. On the other hand, with its European industrial sites
located across France, Belgium, Spain, the Czech Republic, and the
UK, Tereos is exposed to the risk of supply shortage in the region.
We note however that most of Tereos' gas consumption is in France,
which relies on Russia for around 17% of its gas, and mainly
sources the rest from Norway. Additionally, the company claims
that, as a producer of essential food products--that is active in
sectors considered of "critical importance" by the French
government, such as food and energy--it may benefit from support
from the French government in case of supply shortage. In other
jurisdictions, we estimate that the company could use alternative
sources of energy, such as coal, which may require additional
investment in capex to adapt its operations.
"The stable outlook reflects our view that over the next 12 to 18
months Tereos' operating performance should be solid and that the
group will achieve an S&P Global Ratings-adjusted EBITDA margin in
the 12%-13% range. This will be thanks to successful application of
its business strategy and a particular focus on increasing
profitability. We also see FFO of about EUR450 million-500 million
in the same period, which enables it to fund its large capex and
working capital requirements.
"For the rating, we think Tereos will be able to maintain an
adjusted debt-leverage ratio of about 4.0x-4.2x and FFO to debt of
15%-20% over the next 12-18 months.
"We could lower our rating if Tereos' debt-leverage materially
deteriorates compared to our base-case, increasing to 5.0x or
above, with limited prospects for deleveraging in the following 12
to 18 months. We would also view negatively FFO-to-debt ratio
deteriorating to 12% or below and its EBITDA interest cover ratio
declining below 2.0x.
"This could happen, for example, if there were persistently low
market prices for sugar or ethanol, adverse weather conditions, or
other operational disruptions in France or Brazil, which would
heavily affect its processing activities, which the company cannot
compensate for with swift, significant cost reductions,
initiatives, or capex cuts.
"We could raise our ratings over the next 12-18 months if Tereos
successfully improves its debt-leverage ratio such that it stands
comfortably and sustainably in the 3.0x-4.0x range, and if the
group generates high levels of FFO resulting in an FFO-to-debt
ratio comfortably in the 20%-30% range.
"This could happen in case of seamless application of the group's
pricing and operational strategies resulting in an EBITDA
generation materially and sustainably higher than our base-case.
Under this scenario, we expect to see evidence that Tereos can
achieve a more stable EBITDA generation in the event of low sugar
and ethanol market prices, thanks to structural improvements in its
cost structure. We would also view positively the group continuing
its efforts to reduce overall debt levels."
ESG credit indicators: E-3, S-2, G-3
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G E R M A N Y
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KAEFER SE: S&P Upgrades ICR to 'BB-' on New Equity, Outlook Stable
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S&P Global Ratings raised its long-term issuer credit rating on
Kaefer SE & Co. KG to 'BB-' from 'B+' and its issue rating on its
debt to 'BB-' from 'B+'.
S&P said, "The stable outlook reflects our view that Kaefer will
increase its EBITDA margin toward 7%, maintain funds from
operations (FFO) to debt of about 25%, and keep debt to EBITDA
below 3x, while posting positive free operating cash flow (FOCF).
"We expect the partnership with SMS and Altor and the relating
EUR144 million cash contribution into Kaefer will bolster the
company's balance sheet and liquidity. On Dec. 21, 2021, Kaefer
announced that it had entered a partnership with SMS group and
Altor. Together, the new partners hold 50% of Kaefer via an
investment partnership vehicle, SMS Altor Holding SA, while the
Kaefer family holds the remaining 50%. The agreement was closed in
May 2022 after the receipt of all relevant regulatory
authorizations. We understand Altor will not have more than 25%
both in nominal capital and voting rights terms. We therefore do
not classify the company as financial-sponsor-owned due to Altor's
participation. We understand the partnership does not alter
Kaefer's financial policy and the company does not intend to
increase its leverage. Kaefer continues to target conservative net
debt to EBITDA of less than 2.0x on a reported basis, which is
below 3.0x on an S&P Global Ratings-adjusted basis (FFO to debt of
about 25%) and in line with the 'BB-' rating. The investment
agreement provided for a EUR144 million cash contribution upon
closing into Kaefer by SMS and Altor. We view this as credit
positive due to the company's stronger balance sheet, improved
financial headroom, and the intention to use the funds to further
develop the company. We further expect benefits from the
partnership by increasing efficiency, operating performance, and
market access.
"We expect Kaefer to use the capital increase to fuel external
growth to increase its scale over the next two to three years. We
foresee that Kaefer will use the cash contribution obtained from
SMS and Altor to undertake new acquisitions and expand its revenue
base, leading to regional diversification and expansion.
Historically, Kaefer has driven its growth through externally
acquired companies, one of the largest being the acquisition of
Wood's Industrial Service Ltd. in 2020 for a cash payment of
slightly less than EUR100 million. We expect this practice to
continue, spurred by the new ownership structure. Overall, we
estimate that the company will spend about EUR400 million,
primarily on bolt-on mergers and acquisitions (M&A), in the next
two to three years. Furthermore, we expect the M&A activity will
deliver synergies that will additionally contribute to the
company's profitability."
Market recovery and Kaefer's strict cost management have improved
operating performance and strengthened credit metrics. The
company's order intake grew by 23.6% to about EUR2.1 billion in
2021 from about EUR1.7 billion in 2020. The volume of order intakes
mainly stemmed from scope increases on running contracts with key
customers, particularly in Western Europe (EUR136.3 million) and
Central and Eastern Europe (EUR131.4 million). Revenue increased by
11.8% to about EUR1.73 billion compared with EUR1.55 billion in
2020, mainly reflecting higher business activity in Australia,
Brazil, Norway, the U.K., Germany, and France. Kaefer's
profitability recovered significantly from the pandemic-burdened
2020, with the EBITDA margin increasing to 6.4% in 2021 compared
with 4.7% in 2020 thanks to the recovery of business activities.
This was combined with additional cost-optimizing measures and
higher other operating income. For 2022, we expect revenue will
grow moderately by about 5%-7% because the company is still
struggling to bring its new build business to pre-pandemic levels.
S&P said, "We expect this to happen in 2023, when, in combination
with expected M&A activities, we foresee a significant growth in
revenue to about EUR2.2 billion-EUR2.6 billion. On the
profitability side, we expect a slight deterioration in the
adjusted EBITDA margin to about 6% in 2022, primarily due to
inflationary pressure and lower other operating income.
Nevertheless, we expect the company to increase its S&P Global
Ratings-adjusted EBITDA margin to about 6.4%-7.0% in the following
two years as the expected M&A activities ramp up and contribute to
improved cost reduction through synergies."
S&P said, "We expect Kaefer's free operating cash flow (FOCF) to
remain positive, supported by improved operating performance and
higher profitability and despite high working capital demands. In
2021, FOCF of about EUR18 million was significantly lower than in
2020 (EUR80 million) due to higher working capital requirements
related to the recovery in revenue, although it was still higher
than our previous forecast of approximately negative EUR30 million.
Although we expect lower profitability will somewhat affect FOCF in
2022, we expect it to remain positive and further improve in 2023
and 2024 thanks to better operating performance and higher EBITDA
margins. We think control of working capital remains key for the
company's ability to generate FOCF. The company reduced its working
capital to sales to 15.7% in 2021 from 17.1% in 2019. That said,
given the relatively low profitability level, we expect organic
growth will lead to relatively high working capital demand.
"We expect the company will address its upcoming debt maturities in
a timely manner. Kaefer currently has one senior secured note of
EUR250 million outstanding, maturing in January 2024. It also has a
EUR150 million revolving credit facility (RCF) and EUR350 million
guarantee facility maturing in July 2023. We expect the company
will address the upcoming maturities over the next six months, and
we anticipate no material change in the debt size or structure.
"We see very limited direct effects from the Russia-Ukraine
conflict because the company has marginal exposure to these
markets. Kaefer has no business activity in Russia or Ukraine,
which is why we see no significant effects on the company's
performance. Over the longer term, the company could benefit from
energy infrastructure investments, such as new liquefied natural
gas terminal construction, to reduce European dependency on
Russia.
"The stable outlook reflects our expectations that Kaefer will
continue to strengthen its operations in its core end-markets in
the next 12-18 months, using the funds from the capital increase to
grow inorganically, increasing the scale of its operations. This
will allow Kaefer to improve its cost structure and increase its
EBITDA margin toward 7%, as well as maintain FFO to debt of about
25%, debt to EBITDA of less than 3x, and positive FOCF. We also
assume the company will be able to address its upcoming maturities
in a timely manner.
"We would likely lower the rating if the company's operating and
financial performance did not improve as expected, for example
because of a pronounced dent in profitability from the uncertain
economic environment or individual end-markets."
S&P could also lower the rating if:
-- S&P considered the company unlikely to reach adjusted FFO to
debt of about 25% on a sustainable basis, which it considers
commensurate with the current rating;
-- The company posted materially lower cash generation than we
currently expect;
-- The EBITDA margin fell below 6%;
-- Its liquidity deteriorated, covenant headroom became a concern,
or the company failed to address its upcoming maturities in a
timely manner; or
-- the company adopted a more aggressive financial policy, or if
the construction of the partnership changed, leading to a higher
influence by Altor.
S&P said, "We could raise the ratings if Kaefer's credit metrics
were substantially stronger than currently expected. However, we
view such a development as unlikely over the next 12-18 months."
S&P could also raise the rating if:
-- The company materially gained in scale and scope, improved
EBITDA margins to more than 8%, and reduced volatility of
profitability;
-- FFO to debt increased sustainably above 30%;
-- Debt to EBITDA remained well below 3x; and
-- S&P observed robust free cash flow generation.
This could stem from better-than-anticipated operating performance,
for example due to improved profitability and strong cash
generation. An upgrade would be subject to S&P's view that the
company's financial policy would support any improvement in
performance.
Environmental, Social, And Governance
ESG credit indicators: E-3, S-2, G-2
S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of Kaefer. The
company's revenue is exposed to industries that we view as
polluting, such as the energy, chemicals, construction, mining, and
metallurgical industries. More importantly, Kaefer has a high
exposure to the oil and gas industry, which accounts for about
30%-35% of its total revenue. This industry faces high risk of
changing environmental regulation and more stringent requirements
for carbon dioxide emissions. The company may need to rebalance its
activities and investment decisions over the medium to long term to
avoid pressure on its operating performance."
PRESTIGEBIDCO GMBH: S&P Places 'B' ICR on CreditWatch Positive
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S&P Global Ratings placed its 'B' issuer credit rating on
PrestigeBidCo GmbH, which operates the exclusive, members-only
BestSecret online fashion shop, on CreditWatch with positive
implications.
At the same time, S&P assigned its preliminary 'B+' issue rating
and preliminary '3' recovery rating (estimated recovery prospects:
65%) to the proposed senior secured debt composed of a EUR110
million RCF and EUR315 million floating-rate notes.
PrestigeBidCo intends to refinance its EUR260 million senior
secured notes maturing in 2024 with EUR315 million in floating-rate
notes maturing in 2027 together with its recently upsized and
extended EUR110 million revolving credit facility (RCF) that
matures six months ahead of the notes.
The CreditWatch placement indicates the potential for a one-notch
upgrade to 'B+' if the refinancing is successful and on terms that
are largely commensurate with S&P's base case.
The refinancing of the senior secured notes will extend the
maturity profile and fuel future growth while keeping leverage in
check at well below 4.5x. On July 13, 2022, PrestigeBidCo launched
the refinancing of its capital structure, currently composed of
EUR260 million of senior secured notes and the recently upsized RCF
of EUR110 million (from EUR40 million initially). The group is
planning to issue EUR315 million of floating-rate notes maturing in
2027 and a EUR110 million RCF ranking pari passu to the notes but
maturing six months before. The additional EUR45 million raised,
net of transaction-related costs, will be used for general
corporate purposes such as participating in the financing of a new
fulfilment center in Poland, to be built over the next two years.
This fulfilment center will triple BestSecret's storage capacity,
helping sustain the group's strong growth. S&P said, "After the
transaction we expect our adjusted leverage to slightly increase to
3.4x-3.8x, remaining well below our upside trigger of 4.5x, while
funds from operations (FFO) to debt will stand at 16%-18%, also
above our 12% trigger. The proposed refinancing cautiously
re-leverages the company and indicates a relatively more prudent
approach to leverage than that of most financial sponsor-owned
companies, supporting our CreditWatch positive assignment and the
potential upgrade to 'B+' if the transaction closes as expected. We
note that this transaction does not incorporate any form of
shareholder remuneration and is primarily to further the group's
scale. Leverage after the transaction's close will be significantly
lower than the 2016 opening leverage of 5.5x, which already
decreased toward 3.4x before this transaction, notably on the back
of a best-in-class performance during COVID-19. In future years we
expect PrestigeBidCo to continue deleveraging on the back of
increasing EBITDA generation. Additionally, we see low likelihood
of a transformative acquisition and expect the group to exhibit
leverage sustainably below 3.5x starting in 2023."
Over the past five years the group's size has almost tripled, while
it was also able to safeguard high margins thanks to its attractive
value proposition to both consumers and branded apparel retailers.
In 2016, BestSecret generated about EUR360 million of sales with
about EUR55 million of S&P Global Ratings-adjusted EBITDA. Over the
last five years, the group achieved EUR943 million of sales with
EUR103 million of S&P Global Ratings-adjusted EBITDA helping
contain the decrease in margin to 11% in 2021 from 15% in 2016, a
drop driven by the group strategic initiative to fuel growth
through the customer acquisition in underpenetrate markets. This
20% compound annual growth rate (CAGR) is mainly attributable to
BestSecret's business model specificities. BestSecret is an online
membership platform offering off-price fashion items to its
members. The membership expansion is achieved only through
invitation from already active members. In S&P's view, this
exclusivity concept and the group's positioning on off-price
fashion are key differentiating factors against traditional online
retailers such as Zalando and Asos, explaining its better
profitability. First, the exclusivity concept makes it an
attractive business partner for luxury and accessible luxury
brands, as they can preserve a strong brand image while at the same
time managing their level of unsold inventories. Second, BestSecret
depicts some cycle-resilient features, as it can benefit from
downward macroeconomic trends, driven by brand overstocks and
increased willingness of customers during these periods to buy
items on sale. And when the economic cycle reverses, BestSecret
attracts new demographics able to buy premium and luxury brands at
a discount.
S&P said, "We expect the group to keep expanding quickly over the
next three years thanks to internationalization, supportive
customer trends, and marketplace launch. By 2024, we expect
BestSecret to reach about EUR1.5 billion of sales. Still strong
momentum in Germany should drive top-line growth, but the group's
international division will be the stronger driver. The group's
growth in Germany will be fueled by expansion beyond its native
Bavaria, where it has about 2 million active members. BestSecret
plans to expand abroad as well, which should enable it to reduce
the weight of Germany's contribution to about 60% in 2024 from more
than 70% in 2021. Although this geographic diversification of
revenue streams presents some degree of execution risk, we see it
as a positive for the rating, enabling the group to cushion the
potential impact affecting its core and rather concentrated
customer base. The new fulfilment facility triples inventory
capacity, placing the group in a good position to face its
important growth prospects, which we estimate at a CAGR of 16% over
the next three years. In our view, this growth is equally supported
by increasing off-price penetration thanks to consumers' growing
acceptance of discount, increased accessibility of off-price
channels, and a rising online penetration. As regards
profitability, we expect the S&P Global Ratings-adjusted EBITDA
margin in 2022 to remain similar to the 2021 level, at 10.5%-11.5%,
a historical low point in the group's track record, driven by
increased marketing and transportation expense. We expect the
situation to normalize by 2024 with margin returning to 12%-13%.
This increase in margin will also be supported by the launch in the
second half of 2021 of BestSecret's marketplace, with which the
group intends to increase its luxury brands' reach. The marketplace
offering will offer BestSecret's business partners control over the
display and discounts of the merchandise. We expect an overall
margin uplift because the market place royalty fees are associated
with limited costs and the cannibalization of BestSecret's direct
offering to customers is limited, in our view, given it doesn't
target the same product categories. We expect margins will be lower
than during 2018-2019, but we believe absolute profitability should
still grow significantly, in line with our expectation of strong
top line."
Inflation, high freight costs, and the uncertain macroeconomic
environment add downside risk to profitability and cash flow
expectations. Over the past several months, all major markets have
been experiencing massive spikes of inflation. This is even more
pronounced in Europe, as a direct impact of the Russia-Ukraine
conflict. S&P said, "We expect this disruption to last for a couple
of quarters, most likely leading to economic contraction in 2023.
Although we expect BestSecret to be able to pass on price increases
to customers and to benefit from the limited cyclicality of the
off-price segment, general customer sentiment could harm the
group's revenue generation. We expect such revenue deceleration to
come from the recently entered Eastern European markets.
Transportation costs could apply additional pressure, given they
have been rising over the recent months. Transportation costs
represent a sizable share of online retailers' cost structure, with
BestSecret's fulfilment costs at 17.2% for 2021. That said,
BestSecret has consistently exhibited resilience to adverse
macroeconomic events, which is a key feature in our analysis of the
company. We note, however, that despite positive recurring free
operating cash flow (FOCF) generation since 2016, the FOCF after
lease generation remains relatively thin for the group's size,
while the investment in the Polish fulfilment center will translate
into negative FOCF generation over the next two years."
S&P said, "We aim to resolve the CreditWatch when the proposed
refinancing is complete and we have reviewed the final terms of the
transaction and the final debt documentation. We will also withdraw
our ratings on the existing debt once the refinancing transaction
is complete.
"We will likely raise our long-term issuer credit rating on Best
Secret to 'B+' if the group is able to refinance on terms that are
largely commensurate with our base case.
"We could also affirm our 'B' issuer credit rating if, due to
market conditions, the group is unable to place the instruments,
thereby leaving it with a maturity under its current EUR260 million
notes of less than two years."
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of PrestigeBidCo, as is
the case for most rated entities owned by private-equity sponsors.
We believe the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of the controlling owners. This also reflects generally finite
holding periods and a focus on maximizing shareholder returns."
=============
I R E L A N D
=============
EUROPEAN RESIDENTIAL 2019-NPL1: DBRS Confirms C Notes at BB(high)
-----------------------------------------------------------------
DBRS Ratings GmbH changed the trend on the notes issued by European
Residential Loan Securitization 2019-NPL1 DAC (the Issuer) to
Positive from Stable and confirmed the ratings as follows:
-- Class A confirmed at A (sf)
-- Class B confirmed at BBB (high) (sf)
-- Class C confirmed at BB (high) (sf)
The transaction represents the issuance of Class A, Class B, Class
C, Class P, and Class D notes. The rating on the Class A notes
addresses the timely payment of interest and the ultimate payment
of principal on or before the final legal maturity date. The
ratings on the Class B and Class C notes address the ultimate
payment of interest and principal. DBRS Morningstar does not rate
the Class D or Class P notes.
The Issuer used proceeds from the issuance of the Class A to Class
C notes to purchase a portfolio mostly comprising first-charge
nonperforming Irish residential mortgage loans. As of 31 May 2019,
the portfolio had a total outstanding balance of EUR 455.9 million
and included part of the receivables securitized in the
transaction. The remaining loans were part of the LSF IX Java
Investments DAC (Java Investments) and LSF IX Paris Investments DAC
(Paris Investments) portfolios. Java Investments acquired the legal
and beneficial titles of the loans from Investec Bank plc and Nua
Mortgages Limited (Nua Mortgages) in September 2014. Paris
Investments acquired the legal and beneficial titles of the loans
from Bank of Scotland (Ireland) Limited (BoSI) in October 2014.
The mortgage loans were originated by BoSI, Start Mortgages DAC
(Start Mortgages), and Nua Mortgages. Start Mortgages also services
the portfolio. Hudson Advisors Ireland DAC was appointed as the
Issuer administration consultant and, as such, acts in an oversight
and monitoring capacity and provides input on asset resolution
strategies.
RATING RATIONALE
The confirmations follow a review of the transaction and are based
on the following analytical considerations:
-- Transaction performance: Assessment of the portfolio recoveries
as of April 2022, with a focus on: (1) Comparison between actual
gross collections and the servicer's initial business plan
forecast; (2) Recovery performance observed over the last six
months, including the period following the outbreak of the
Coronavirus Disease (COVID-19); (3) The ratio Class A to portfolio
total outstanding balance, which has reduced from 44% at issuance
to 35% as of April 2022; (4) Historical collections trend and
average pay rate recorded in the last six months; and
(5) Comparison between current performance and DBRS Morningstar's
expectations.
-- Portfolio characteristics: Loan pool composition as of April
30, 2022 and evolution of its core features, including the
portfolio breakdown by arrears status and the observed increase in
the share of reperforming loans since issuance despite the disposal
of a portion of the underlying pool of receivables in October
2020.
-- Transaction liquidating structure: The order of priority
entails a fully sequential amortization of the notes (i.e., the
Class B notes will begin to amortize following the full repayment
of the Class A notes; the Class C notes will amortize following the
repayment of the Class B notes; and the Class D and the Class P
notes will begin to amortize following the full repayment of all
the rated notes (except for cases in which the Class B, Class C,
and Class P notes may receive excess amounts from portfolio sales).
Additionally, the repayment of interest on the Class B notes is
fully subordinated to the repayment of both interest and principal
on the Class A notes, and the repayment of interest on the Class C
notes has a lower ranking to the payments due on the Class B
notes.
-- Liquidity support: The transaction benefits from a liquidity
structure, which entails the existence of three reserve funds
available to mitigate temporary collection shortfalls on the
payment of (1) senior costs and interest on the Class A notes, (2)
interest on the Class B notes, and (3) interest on Class C notes.
TRANSACTION AND PERFORMANCE
According to the latest investor report dated 24 May 2022, the
principal amount outstanding on the Class A, Class B, Class C,
Class P, and Class D notes was equal to EUR 106.0 million, EUR 31.3
million, EUR 26.7 million, EUR 38.2 million, and EUR 151.6 million,
respectively. The balance of the Class A, Class B, Class C, and
Class P notes amortized by approximately 47.4%, 8.6%, 9.9%, and
1.4%, respectively, since issuance. The current aggregated
transaction balance is equal to EUR 353.8 million.
As of May 2022, the transaction was performing below the servicer's
initial expectations. The actual cumulative gross collections were
equal to EUR 117.5 million whereas the servicer's initial business
plan estimated cumulative gross collections of EUR 165.7 million
for the same period.
At issuance, DBRS Morningstar estimated cumulative gross
collections of EUR 92.5 million at the A (sf) stressed scenario,
EUR 107.1 million at the BBB (high) stressed scenario, and EUR
152.4 million in the BB (sf) stress scenario for the same period.
The transaction benefits from three reserve funds to support
liquidity shortfalls on senior costs, interest due in relation to
the rated notes and, ultimately, the repayment of principal on the
rated notes, if available:
-- The Class A reserve fund, which was fully funded at closing to
an initial amount equal to 6.5% of the Class A notes balance and
amortizes based on the same;
-- The Class B reserve fund, which does not amortize and was fully
funded at closing to an initial amount equal to 6.5% of the Class B
notes balance; and
-- The Class C reserve fund, which does not amortize and was fully
funded at closing to an initial amount equal to 10.0% of the Class
C notes balance.
Credits to the Class B and C reserves are made outside the
waterfall based on the proceeds of the interest rate cap allocated
proportionately to the respective size of the Class B and C notes
relative to the cap notional.
According to the May 2022 investor report, the Class A reserve was
fully funded, the Class B reserve had an outstanding balance of EUR
0.6 million, and the Class C reserve had an outstanding balance of
EUR 0.5 million.
The final maturity date of the transaction is August 24, 2056.
DBRS Morningstar analyzed the transaction structure using Intex
DealMaker.
The Coronavirus Disease (COVID-19) and the resulting isolation
measures had caused an economic contraction, leading in some cases
to increases in unemployment rates and income reductions for many
borrowers. For this transaction, DBRS Morningstar incorporated its
expectation of a moderate medium-term decline in commercial real
estate prices for certain property types.
Notes: All figures are in euros unless otherwise noted.
MULCAIR SECURITIES 2: DBRS Hikes Class F Notes Rating to BB
-----------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the notes
issued by Mulcair Securities No.2 DAC (the Issuer):
-- Class A notes confirmed at AAA (sf)
-- Class B notes confirmed at AA (sf)
-- Class C notes upgraded to AA (low) (sf) from A (low) (sf)
-- Class D notes upgraded to A (low) (sf) from BBB (low) (sf)
-- Class E notes upgraded to BBB (low) (sf) from BB (sf)
-- Class F notes upgraded to BB (sf) from BB (low) (sf)
The rating on the Class A notes addresses the timely payment of
interest and the ultimate payment of principal by the final legal
maturity date in April 2072. The ratings on the Class B and Class C
notes address the ultimate payment of interest and principal by the
legal final maturity date, and the timely payment of interest while
the senior-most class outstanding. The ratings on the Class D,
Class E, and Class F notes address the ultimate payment of interest
and the ultimate payment of principal by the legal maturity date.
The rating actions follow an annual review of the transaction and
are based on the following analytical considerations:
-- Portfolio performance, in terms of delinquencies, defaults and
losses, as of the April 2022 payment date;
-- 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 Issuer is a securitization of reperforming owner-occupied and
buy-to-let mortgages secured over properties in the Republic of
Ireland. The mortgages were originated by The Governor and Company
of the Bank of Ireland (Bank of Ireland), Bank of Ireland Mortgage
Bank, and ICS Building Society. The portfolio is serviced by Bank
of Ireland.
PORTFOLIO PERFORMANCE
As of the April 2022 payment date, loans two to three months in
arrears represented 0.5% of the outstanding portfolio balance and
loans more than three months in arrears represented 3.6% of the
outstanding portfolio balance. Cumulative principal losses amounted
to 1.7% of the original portfolio balance.
PORTFOLIO ASSUMPTIONS AND KEY DRIVERS
DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions to 9.7% and 14.3%, respectively.
CREDIT ENHANCEMENT
As of the April 2022 payment date, credit enhancement to the Class
A, Class B, Class C, Class D, Class E, and Class F notes was 35.4%,
28.5%, 23.6%, 19.2%, 16.6%, and 15.1%, respectively, up from 32.1%,
25.7%, 21.2%, 17.1%, 14.8%, and 13.3%, respectively, at the time of
the initial rating. Credit enhancement consists of
overcollateralization and subordination of the junior notes. The
general reserve fund also provides credit support to the Class B to
Class F notes via the principal deficiency ledgers (PDLs).
The transaction benefits from a senior reserve fund that covers any
shortfall to pay senior fees and interest on the Class A and Class
B notes. It is currently at its target level of EUR 5.0 million,
equal to 2% (of 100/95) of the outstanding Class A and Class B
notes' balance. The transaction also benefits from a general
reserve fund that covers interest shortfall on the Class C to Class
F notes, as well as principal losses via the PDLs on the Class B to
Class F notes. It is currently at its target level of EUR 0.9
million, equal to 2% (of 100/95) of the outstanding balance of the
aggregate Class C to Class F notes.
The Bank of New York Mellon SA/NV - London Branch (BNY Mellon
London) acts as the account bank for the transaction. Based on DBRS
Morningstar's public rating of AA (high) on BNY Mellon London, 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
Class A notes, as described in DBRS Morningstar's "Legal Criteria
for European Structured Finance Transactions" methodology.
Natixis S.A. acts as the interest rate cap provider for the
transaction. DBRS Morningstar's private rating on Natixis S.A. 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 T A L Y
=========
DOVALUE SPA: Fitch Affirms 'BB' IDR & Alters Outlook to Positive
----------------------------------------------------------------
Fitch Ratings has revised doValue S.p.A.'s Outlook to Positive from
Stable and affirmed its Long-Term Issuer Default Rating (IDR) at
'BB'. doValue's EUR265 million and EUR300 million senior bonds due
in 2025 and 2026 have also been affirmed at 'BB'.
The Positive Outlook reflects Fitch's expectation of continuing
growth of doValue's franchise and further diversification by
customer and geography.
KEY RATING DRIVERS
IDRs
doValue's Long-Term IDR reflects the company's strong franchise in
southern European debt and real-estate servicing, a cash-generative
business model benefiting from long-term contracts with key
customers, as well as strong profitability and liquidity. The
ratings also consider debt the company has incurred to finance two
large acquisitions in 2019-2020.
In 2020 doValue acquired an 80% stake in Greek servicer Eurobank
Financial Planning Services (FPS), supplementing its 2019 purchase
of 85% of Madrid-based Altamira Asset Management Holding
(Altamira). Fitch regards the additions as EBITDA-accretive and
complementary to doValue's existing Italian franchise, positioning
it as the market leader in debt servicing in Italy, Greece, Cyprus
and Spain.
As debt-servicing contracts with large institutions can be
individually material to the servicer, doValue's expansion has
reduced revenue concentration by customer and geography. Through
Altamira it has also added significant real estate-owned
capabilities. doValue has so far demonstrated a good record of
integrating new subsidiaries, although the Spanish business has
experienced a weaker profitability, which has been offset by the
Helenic business's strong profitability.
Debt servicing is a stable, cash-generative business, where risks
from concentration by individual contracts are mitigated by
contract length, offering good visibility on workflow and
resourcing requirements. Contracts also typically feature indemnity
payments should the client sell non-performing loan (NPL)
portfolios serviced by doValue, and long cure periods in the event
of any short-term underperformance on the part of the servicer.
doValue's collection and profitability metrics have fully recovered
to pre-pandemic levels in 2021, but lockdown measures at the peak
of the pandemic demonstrated disadvantages of the focus on secured
and larger-ticket NPLs that mostly require lengthy judicial
procedures compared with unsecured and smaller-ticket NPLs.
Positively, the judicial system resumed its function swiftly while
increased digitisation should mitigate the risk of disruption in
the future.
doValue added meaningful new contracts to its assets under
management in 2021 and 1H22, as well as initiating cost-saving
measures, which should deliver benefits in 2022-2023.
Both the Altamira and the FPS acquisitions were funded by
borrowings, leading to increase in outstanding bond debt to EUR560
million at end-1H22. As a pure servicer with no debt-purchasing
activities, doValue's operational funding and liquidity
requirements (outside of financing acquisitions) are smaller than
those of collectors purchasing non-performing assets to hold on
their own balance sheets. doValue's business model exhibits stable
earnings and sound deleveraging potential and the company is
committed to maintaining maximum net debt-to-EBITDA of 3.0x.
Fitch assesses debt servicers' leverage principally cash
flow-driven gross debt/EBITDA, but as a complementary measure also
considers gross debt/tangible equity. Acquisition activity has
introduced significant intangible assets to doValue's balance
sheet, negatively affecting its tangible equity position. In
Fitch's view doValue's publicly stated dividend policy will slow
the pace at which tangible equity can be rebuilt by earnings.
SENIOR BONDS
The senior bonds' rating is in line with doValue's 'BB' Long-Term
IDR, reflecting Fitch's expectation of average recovery prospects,
as the bonds rank pari passu with the company's unutilised bank
facilities. The bonds are principally secured by doValue's shares
in its subsidiaries guaranteeing the bonds.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A reduction in gross debt/EBITDA below 2.5x, the lower
boundary of Fitch's 'bb' benchmark range on a sustained basis,
in conjunction with stable collections performance.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Maintenance of a gross debt/EBITDA in excess of 3.5x (the
higher boundary of Fitch's 'bb' range for leverage) on a
sustained basis without a clear path to meaningful
deleveraging;
-- Under-performance of collection key performance indicators,
leading to lower fee payments and, ultimately, potential
contract losses, if not mitigated by contract growth or other
remedial measures in the interim;
-- A material increase in doValue's risk appetite, as reflected
for example in weakening risk governance and controls.
SENIOR BONDS
The senior bonds' rating is primarily sensitive to changes in
doValue's Long-Term IDR.
Changes to Fitch's assessment of recovery prospects for the senior
bonds in a default, eg. as a result of introduction to doValue's
debt structure of material lower- (or higher-) ranking debt, could
also result in the senior bonds' rating being notched up or down
from the Long-Term IDR.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
DEBT RATING PRIOR
---- ------ -----
doValue S.p.A. LT IDR BB Affirmed BB
ST IDR B Affirmed B
senior secured LT BB Affirmed BB
SIENA PMI 2016: DBRS Hikes Class D Notes Rating to CCC
------------------------------------------------------
DBRS Ratings GmbH upgraded its ratings on the bonds issued by Siena
PMI 2016 S.r.l. - Series 2-2019, as follows:
-- Class B Notes to AAA (sf) from AA (high) (sf)
-- Class C Notes to AA (high) (sf) from A (low) (sf)
-- Class D Notes to CCC (sf) from CC (sf)
The rating on the Class B Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
final legal maturity date in February 2060, in accordance with the
transaction documentation. The ratings on the Class C and Class D
Notes address the ultimate payment of interest and ultimate
repayment of principal on or before the final legal maturity date.
The Issuer also issued Class J Notes, which DBRS Morningstar does
not rate.
The rating actions follow an annual review of the transaction and
are based on the following analytical considerations:
-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the May 2022 payment date;
-- The one-year base case probability of default (PD) and updated
default and recovery rates on the remaining pool of receivables;
-- Current available credit enhancement to the rated notes to
cover the expected losses at the 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 to small and medium-sized
enterprises (SME), entrepreneurs, artisans, and producer families
based in Italy. The loans were granted by Banca Monte dei Paschi di
Siena SpA (BMPS or the servicer). A small percentage of the
portfolio (totalling approximately 2.5% of the outstanding
notional) was originated by Banca Antonveneta S.p.A., Banca
Agricola Mantovana S.p.A., and Banca Toscana S.p.A. before they
merged into BMPS.
PORTFOLIO PERFORMANCE
As of the May 2022 payment date, loans that were two to three
months in arrears represented 0.0% of the outstanding portfolio
balance, unchanged from 0.0% as of May 2021. The 90+ days
delinquency ratio was 0.0% of the outstanding portfolio balance,
down from 0.1% in the same period, and the cumulative default ratio
remained at 0.0%.
PORTFOLIO ASSUMPTIONS AND KEY DRIVERS
DBRS Morningstar conducted a loan-by-loan analysis on the remaining
pool of receivables and updated its base case default and recovery
rate assumptions on the outstanding portfolio to 20.7% and 63.0%,
respectively, at the B (sf) rating level. DBRS Morningstar updated
its one-year base case PD including coronavirus adjustments to
4.7%.
CREDIT ENHANCEMENT
As of the May 2022 payment date, the credit enhancements to the
Class B, Class C, and Class D Notes stood at 85.0%, 52.6%, 21.7%,
respectively, up from 61.8%, 38.4%, and 15.6%, respectively, one
year ago. The credit enhancements to the notes are provided by the
subordination of the junior class of notes. The increase in the
credit enhancements to the rated notes prompted the upgrade of the
ratings.
The transaction includes a cash reserve, which is available to
cover senior fees and interest on the Class B and Class C Notes.
The cash reserve amortizes subject to the target level being equal
to 2.0% of the outstanding balance of the Class B and Class C
Notes. As of the May 2022 payment date, the cash reserve was at its
target level of EUR 9.1 million.
BNP Paribas Securities Services SCA/Milan (BNP Milan) acts as the
account bank for the transaction. Based on the DBRS Morningstar's
private rating on BNP Milan, 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 Class B Notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.
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, 11.0% 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.
Notes: All figures are in euros unless otherwise noted.
===================
L U X E M B O U R G
===================
GARFUNKELUX HOLDCO 2: Fitch Affirms IDR at B+, Outlook Positive
---------------------------------------------------------------
Fitch Ratings has affirmed Garfunkelux Holdco 2 S.A.'s (Lowell)
Long-Term Issuer Default Rating (IDR) at 'B+' with Positive
Outlook. It has also affirmed Garfunkelux Holdco 3 S.A.'s (GH3)
senior secured debt rating at 'B+' with a Recovery Rating of
'RR4'.
These rating actions are taken in conjunction with a debt purchaser
and servicer sector review of eight publicly rated in Europe and
north America.
Lowell is the Luxembourg-domiciled parent company of Lowell group,
a leading European debt purchaser with a primary focus on unsecured
consumer finance portfolios. The company mainly operates in the UK
(60% of estimated remaining collections (ERC) at end-1Q22),
German-speaking markets (DACH, 13%) and Nordics (27%).
Its recently announced acquisition of the UK business of Hoist
should strengthen the company's franchise, but at the same time may
expose Lowell to operational risks and moderate increase in
leverage. These factors are partly mitigated by the phased transfer
of individual portfolios. Lowell is majority-owned by private
equity funds controlled by Permira (64% beneficial interest) with
the Ontario Teachers' Pension Plan (28%) and management (8%)
holding minority stakes.
KEY RATING DRIVERS
IDR
The Positive Outlook reflects Fitch's view that Lowell's Long-Term
IDR could be upgraded to 'BB-' if the company manages to further
improve its net debt/cash EBITDA toward the lower bound of the
targeted range of 3.5x to 4.0x on a sustained basis.
The Long-Term IDR reflects Lowell's well-established and
diversified franchise in some of Europe's largest debt-purchasing
markets, a robust business model supported by strong data
analytics, and consistent collection performance through economic
cycles. The rating also considers Lowell's rapid inorganic growth,
still negative performance on a pre-tax basis and heightened
operational risks following a cyber-attack in 1Q22.
In 2021, collection performance recovered from pandemic-related
disruptions. Collections in the UK were considerably more affected
by lockdown measures than the DACH and Nordics divisions, but
recovered well towards end-2020. In recent periods Lowell
demonstrated an uneven collection performance against a static
pool, a function of operating-environment volatility: it
underperformed by 2% in 1Q22, outperformed by 6% in 2021, after
underperforming by 6% in 2020. Portfolio purchases in the trailing
12 months (TTM) to end-1Q22 increased 2.2x compared with a year
ago, which increased 120-month ERC by 11% to GPB3.8 billion at
end-1Q22.
Lowell's TTM EBITDA margin continued to recover to about 50% in
2021 and 1Q22, from 40% in 2019, supported by an improved finding
structure, greater operating efficiency and stronger capital
deployment in 2021. Operational expenses fell 7% in 2021, mainly
driven by collection-activity savings aided by digitalisation
initiatives. Lowell reported pre-tax losses of GPB10 million in
1Q22 and GPB17 million in 2021, but which included GPB12 million
and GPB44 million, respectively, of interest expense on the
shareholder loan.
Fitch expects collections to be moderately negatively affected in
2Q22 by the cyber-attack on Lowell's DACH operations reported in
March 2022, leading to some collections scheduled for 2Q22 having
been deferred to later periods. While management does not expect
negative repercussions on client payment behaviour, Fitch believes
that the incident highlights Lowell's operational and reputational
risks.
Lowell's gross debt/adjusted EBITDA stood at 4.4x in TTM to
end-1Q22, slightly above 4.1x at end-2021 and 4.3x at end-2020,
following large purchases in 1Q22. This was still significantly
below the level in previous years, when leverage fluctuated from
5.0x to 8.0x. Fitch's benchmark for leverage between 'b' and 'bb'
range ratings is 3.5x. Lowell itself monitors leverage on a net
debt/cash EBITDA basis, which in TTM to end-1Q22 stood at 3.8x,
within its stated target range of 3.5x to 4.0x. Lowell's tangible
equity position is negative due to sizeable acquisitions and
pre-tax losses since 2015, even when shareholder loans (treated as
equity under relevant Fitch criteria) are included.
Our assessment of Lowell's funding and liquidity profile considers
the absence of near-term maturities (until 2025) but also
improvement of EBITDA/interest expense to 2.7x in 1Q22 (3.6x if
shareholder interest expense is excluded). An ABS transaction
(GBP100 million in senior notes) in April 2022 moderately improved
Lowell's funding diversification and reduced funding costs. At
end-1Q22, the company's liquidity buffer was GBP371 million,
comprising GBP71 million in unrestricted cash, GBP39 million
securitisation availability and GPB260 million in a revolving
credit facility (RCF) draw-down capacity.
SENIOR SECURED DEBT
The 'B+'/'RR4' ratings of GH3's senior secured debt, junior to
Lowell's sizeable RCF, reflects Fitch's view of average recoveries
(RR4) of this debt class.
Lowell has an ESG Relevance Scores of '4' for customer welfare -
fair messaging, privacy and data security due to the cyber attack,
and for financial transparency, in view of the significance of
internal modelling to portfolio valuations and associated metrics
such as ERC. However, the latter is a feature of the debt
purchasing sector as a whole, and not specific to Lowell.
RATING SENSITIVITIES
IDR
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Maintaining net debt/EBITDA towards the lower end of
management's target range of 3.5x to 4.0x, and EBITDA/interest
expense (excluding shareholder interest payments) consistently
above 3x, subject to stable profitability metrics, could lead
to an upgrade of the Long-Term IDR to 'BB-'.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Fitch-calculated gross debt/EBITDA exceeding 5.0x on a
sustained basis and a material weakening in EBITDA/interest
expense, particularly without prospect of a short-term
recovery, could lead to a revision of the Outlook on the Long-
Term IDR to Stable;
-- Significant negative impact from the cyber incident on
franchise and performance would also be rating-negative.
SENIOR SECURED DEBT
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Positive rating action on Lowell's Long-Term IDR;
-- Improved recovery expectations, for instance, as a result of a
thinner layer of debt senior to the notes.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Negative rating action on Lowell's Long-Term IDR;
-- Weaker recovery expectations.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
ESG CONSIDERATIONS
Lowell has an ESG Relevance Score of '4' for customer welfare -
fair messaging, privacy & data security due to the cyber attack ,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.
Lowell has an ESG Relevance Score of '4' for financial transparency
due to the significance of internal modelling to portfolio
valuations and to associated metrics such as ERC. This also has a
moderately negative impact on the rating, and is a feature of the
debt purchasing sector as a whole, and not specific to Lowell.
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
---- ------ -------- -----
Garfunkelux Holdco 3 S.A.
senior secured LT B+ Affirmed RR4 B+
Garfunkelux Holdco 2 S.A.
LT IDR B+ Affirmed B+
=====================
N E T H E R L A N D S
=====================
DDM HOLDING: Fitch Lowers LT IDR to 'B-', On Watch Negative
-----------------------------------------------------------
Fitch Ratings has downgraded DDM Holding AG's (DDM) and DDM Debt
AB's (DDM Debt) Long-Term Issuer Default Ratings (IDRs) to 'B-'
from 'B' and maintained them on Rating Watch Negative (RWN). Fitch
has also downgraded DDM Debt's EUR200 million senior secured bonds'
(SE0015797683) long-term rating to 'B-' from 'B', and maintained it
on RWN.
DDM is a small Switzerland-domiciled and Stockholm-listed debt
purchaser with operations largely in south-eastern Europe (notably
Croatia). Sweden-domiciled DDM Debt is fully-owned by DDM.
KEY RATING DRIVERS
The downgrade reflects Fitch's view that DDM's gross debt/adjusted
EBITDA (5.3x at end-1Q22) will remain above Fitch's previously
stated downgrade trigger of 4.5x in the medium term because of
lower-than-expected capital deployment in EBITDA-generating assets
and is no longer commensurate with its previous 'B' rating. The
rating action also considers a material erosion in DDM's liquidity
buffer following a number of investments outside its core debt
purchasing business and the absence of contingent liquidity
following the expiry of its revolving credit facility (RCF).
The RWN reflects pressure on DDM's liquidity profile in the short
term with the company principally relying on continued sound
collection performance to service an upcoming coupon payment in
4Q22.
DDM's Long-Term IDR reflects its small size versus rated peers',
more volatile performance and more concentrated business model.
Compared with higher-rated peers', DDM's franchise is small (120
months estimated remaining collections (ERC) of EUR298 million at
end-1Q22). It is also concentrated by geography (Croatia accounted
for 74% of core ERC for the next three years as at end-1Q22) and
type (80% secured non-performing loans (NPL)).
Since 2021, DDM has announced several investments outside its core
debt purchasing business line, partly funded with proceeds from a
bond issue in 2021. These include the planned acquisitions of Swiss
Bankers Prepaid Services AG (Swiss Bankers) and AxFina Holding SA
(AxFina), but also a recent investment in Omnione S.A (Omnio).
Swiss Bankers is a Swiss-based specialist bank, focused primarily
on prepaid credit card services. AxFina is a related-party debt
servicing company, while Omnio is a UK-based company, which
develops a digital platform for financial institutions and is
controlled by DDM's ultimate owners.
Fitch views investments in Swiss Bankers and Omnio as negative for
DDM's credit profile because these companies have limited synergies
with DDM's core debt purchasing business model and could undermine
its cash-generating capacity. Although the acquisition of AxFina,
announced on July 6 2022, is likely to improve Fitch's assessment
of DDM's business and risk profiles, the acquisition weighs further
on DDM's already diminished liquidity position.
While the Omnio and Axfina transactions were conducted at arm's
length and were subject to external valuations, the transactions
involved a related party (DDM's ultimate owners).
At end-1Q22, DDM's liquidity position was acceptable, with EUR63
million in unencumbered cash. However, the planned acquisitions
will lead to a its material erosion. DDM's funding profile is
mainly long-term, consisting of a EUR200 million secured bond
maturing in 2026 and a smaller EUR18 million notes with maturity on
30 June 2022. DDM has reached an agreement to restructure the EUR18
million notes, including a repayment of EUR12.5 million in 3Q22 and
the remainder in 1Q23. The next coupon for the EUR200 million notes
is due on 19 October 2022. DDM did not have an RCF at end-2Q22,
while its EBITDA/interest expense metric was a low 1.5x in the
trailing 12-month (TTM) to end-1Q22.
In the TTM to end-1Q22, gross collections were EUR61 million
compared with EUR123 million in 2020. While collections in 2020
were inflated by around EUR60 million due to DDM's accelerated exit
from Greece, collections in 2021 and 1Q22 were negatively affected
by lower-than-forecast capital deployment and delays in scheduled
collections on already deployed capital.
DDM's TTM EBITDA (adjusted for portfolio amortisations) was EUR38
million at end-1Q22; down from EUR101 million in 2020 and EUR51
million in 2019. As a result of lower revenue from invested assets
and higher finance expenses due to an increase in outstanding debt,
DDM reported a modest net loss in 2021. In 1Q22 DDM remained
loss-making (reporting a net loss of EUR1.7 million), which was
partly attributable to a negative mark-to-market revaluation of
financial investments.
DDM's gross debt/EBITDA ratio was a high 5.3x at end-1Q22, up from
1.3x at end-2020. The increase was driven by a material reduction
in EBITDA, but also a significant increase in outstanding debt (to
EUR202 million at end-1Q22 from EUR138 million at end-2020)
following bond issuance in 2021.
The rating on DDM Debt's senior secured notes reflect Fitch's
expectation of average recoveries, resulting in an equalisation of
the bonds' ratings with DDM's.
DDM has an ESG Relevance Score of '4' for governance structure,
primarily reflecting the recent material increase in related-party
transactions.
DDM has an ESG Relevance Score of '4' for management strategy
reflecting DDM's more opportunistic strategy when compared to other
debt purchasing peers.
DDM has an ESG Relevance Score of '4' for financial transparency,
in view of the significance of internal modelling to portfolio
valuations and associated metrics such as ERC. This has a
moderately negative influence on the rating, but is a feature of
the debt purchasing sector as a whole, and not specific to DDM.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Prolonged liquidity shortage, jeopardising DDM's ability to
service its debt obligations or execute its strategy;
-- Further marked deterioration in profitability and leverage,
including from negative results on financial investments;
-- Signs that planned acquisitions are materially increasing
DDM's exposure to operational or legal risks;
-- A downgrade of DDM's Long-Term IDR would likely be mirrored on
the company's senior secured bond rating;
-- Worsening recovery expectations, for instance as a result of a
layer of more senior debt, could lead Fitch to notch the
secured notes' rating down from DDM Debt's Long-Term IDR.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- The RWN on DDM's issuer and issue ratings reflects that upside
for the ratings is limited in the short-to- medium term;
-- The affirmation of the rating would require a material
improvement in DDM's liquidity position and a stabilisation of
its leverage ratio;
-- An upgrade in the medium term would require stabilisation of
DDM's business model and improvement in profitability and
leverage, chiefly maintaining gross debt/EBITDA comfortably
below 4.5x;
-- The secured notes' rating is principally sensitive to changes
in DDM Debt's Long-Term IDR. In addition, improved recovery
expectations, for instance, as a result of a layer of more
junior debt, could lead Fitch to notch up the notes' rating up
from DDM Debt's Long-Term IDR.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
ESG CONSIDERATIONS
DDM Debt and DDM each has an ESG Relevance Score of '4' for
financial transparency due to the significance of internal
modelling to portfolio valuations and associated metrics such as
ERC. This has a moderately negative influence on the rating in
conjunction with other factors, but is a feature of the debt
purchasing sector as a whole, and not specific to DDM.
DDM Debt and DDM each has an ESG Relevance Score of '4' for
management strategy due to DDM's opportunistic strategy, which has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.
DDM Debt and DDM each has an ESG Relevance Score of '4' for
governance structure due to the recent material increase in
related-party transactions, which has a negative impact on the
credit profile, and is relevant to the 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
---- ------ -------- -----
DDM Holding AG LT IDR B- Downgrade B
DDM Debt LT IDR B- Downgrade B
AB (publ)
senior secured LT B- Downgrade RR4 B
JUBILEE PLACE 4: DBRS Finalizes B Rating on Class E Notes
---------------------------------------------------------
DBRS Ratings GmbH finalized its provisional ratings on the
following classes of loan and notes issued by Jubilee Place 4 B.V.
(the Issuer):
-- Class A Loan at AAA (sf)
-- Class B notes at AA (low) (sf)
-- Class C notes at A (low) (sf)
-- Class D notes at BBB (sf)
-- Class E notes at B (sf)
DBRS Morningstar does not rate the Class F, Class X, or Class R
notes also expected to be issued in this transaction.
The rating of the Class A Loan addresses the timely payment of
interest and the ultimate payment of principal by the legal final
maturity date in July 2059. The rating of the Class B notes
addresses the timely payment of interest when most senior and the
ultimate payment of principal by the legal final maturity date in
July 2059. The ratings of the Class C to Class E notes address the
ultimate payment of interest and principal by the legal final
maturity date in July 2059.
The ratings are based on information provided to DBRS Morningstar
by the Issuer and its agents as of the date of this press release.
Jubilee Place 4 B.V. is a bankruptcy-remote special-purpose vehicle
incorporated in the Netherlands. The Issuer used the proceeds from
the class A loan and issued notes to fund the purchase of Dutch
mortgage receivables originated by Dutch Mortgage Services B.V.,
DNL 1 B.V., and Community Hypotheken B.V (the Originators), which
was acquired from Citibank, N.A., London Branch (the Seller).
The Originators are specialized residential buy-to-let (BTL) real
estate lenders operating in the Netherlands and started their
lending businesses in 2019. They operate under the mandate of
Citibank, which defines most of the underwriting criteria and
policies.
RATING RATIONALE
As of 30 April 2022, the portfolio consisted of 1,112 loans with a
total portfolio balance of approximately EUR 372.2 million. The
weighted-average (WA) seasoning of the portfolio is 0.2 years with
a WA remaining term of 34.2 years. The WA current loan-to-value
ratio, at 74.4%, is slightly above that of other Dutch BTL RMBS
transactions. The loan parts in the portfolio are either
interest-only loans (75.3%) or annuity mortgage loans (24.7%). A
significant portion of the loans were granted for the purpose of
equity release (47.7%). All of the loans in the portfolio are fixed
with a compulsory future switch to floating. The loan and notes pay
a floating rate. To address this interest rate mismatch, the
transaction is structured with a fixed-to-floating interest rate
swap where the Issuer pays a fixed rate and receives three-month
Euribor over a notional, which is a defined amortization schedule.
There are no loans in arrears in the portfolio.
DBRS Morningstar calculated the credit enhancement for the Class A
Loan at 14.5%, which is provided by the subordination of the Class
B to Class F notes. Credit enhancement for the Class B notes is
8.5% and is provided by the subordination of the Class C to Class F
notes. Credit enhancement for the Class C notes is 5.75% and is
provided by the subordination of the Class D to Class F notes.
Credit enhancement for the Class D notes is 3.75% and is provided
by the subordination of the Class E to Class F notes. Credit
enhancement for the Class E notes is 1.25% and is provided by the
subordination of the Class F notes.
The transaction benefits from an amortizing liquidity reserve fund
that can be used to cover shortfalls on senior expenses and
interest payments on the Class A Loan. The LRF was partially funded
at closing at 0.5% of the initial balance of the Class A Loan and
will build up until it reaches its target of 1% of the outstanding
balance of the Class A Loan. The LRF is floored at 0.5% of the
initial balance of the Class A Loan. The LRF indirectly provides
credit enhancement for the class A loan and all classes of notes,
as released amounts are part of the principal available funds.
Additionally, the loan and notes are provided with liquidity
support from principal receipts, which can be used to cover senior
expenses and interest shortfalls on the class A loan or the
most-senior class of notes once the class A loan has been fully
repaid.
The Issuer entered into a fixed-to-floating swap with BNP Paribas
(rated AA (high) with a Stable trend by DBRS Morningstar) to
mitigate the fixed interest rate risk from the mortgage loans and
the three-month Euribor payable on the notes. The notional of the
swap is a pre-defined amortization schedule of the assets. The
Issuer pays a fixed swap rate and receives three-month Euribor in
return. The swap documents are in line with DBRS Morningstar's
"Derivative Criteria for European Structured Finance Transactions"
methodology.
The Issuer Account Bank is Citibank Europe plc, Netherlands Branch.
Based on DBRS Morningstar's private rating on the account bank, the
downgrade provisions outlined in the transaction documents, and
structural mitigants, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be consistent with the
ratings assigned to the loan and notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.
DBRS Morningstar based its ratings primarily on the following
considerations:
-- The transaction capital structure, form, and sufficiency of
available credit enhancement and liquidity provisions.
-- The credit quality of the mortgage loan portfolio and the
ability of the servicer to perform collection activities. DBRS
Morningstar calculated portfolio default rates (PDs), loss given
default (LGD), and expected loss (EL) outputs
on the mortgage loan portfolio.
-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the loan and notes according to the terms
of the transaction documents. DBRS Morningstar analyzed the
transaction cash flows using PDs and LGD outputs
provided by DBRS Morningstar's European RMBS Insight Model. DBRS
Morningstar analyzed transaction cash
flows using Intex DealMaker.
-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as
a downgrade and replacement language in the transaction documents.
-- The transaction's ability to withstand stressed cash flow
assumptions and repay investors in accordance with the
terms and conditions of the loan and notes.
-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European
Structured Finance Transactions" methodology and the presence of
legal opinions addressing the assignment of the
assets to the Issuer.
Notes: All figures are in Euro unless otherwise noted.
NIELSENIQ: Fitch Puts 'B+' LongTerm IDR on Watch Negative
---------------------------------------------------------
Fitch Ratings has placed the 'B+' Long-Term Issuer Default Ratings
(IDR) of Intermediate Dutch Holdings (NielsenIQ) and its
subsidiaries Indy US Bidco, LLC and Indy Dutch Bidco B.V. on Rating
Watch Negative. Additionally, the company's 'BB/RR2' senior secured
issue ratings have been placed on Rating Watch Negative.
Concurrently, Fitch Ratings has placed the 'BB-' IDR of GfK SE on
Rating Watch Negative and has affirmed its debt-level ratings of
'BB+'/'RR2'.
These rating actions follows the business combination announced by
NielsenIQ and GfK. NielsenIQ and GfK are two leading data and
analytics providers for the retail sector, and Fitch views this
combination positively from a strategic perspective given the
complementary data sets, geographic markets and industry coverage.
The Rating Watch reflects the uncertainty related to the ultimate
capital structure and financial policies of the combined entity as
well as the level of anticipated cost synergies and associated
execution risks. Fitch believes pro forma leverage has the
potential to exceed established thresholds at the current rating
level.
In resolving the Rating Watch Fitch will consider the final
transaction funding and capital structure, financial and capital
allocation policies and pace of any anticipated strengthening of
credit protection metrics balanced with the size and scale and
enhanced competitive positioning of the combined entity.
Additionally, Fitch will evaluate the impact of anticipated cost
synergies and execution risks associated with the integration of
the combined companies and data platforms.
KEY RATING DRIVERS
NielsenIQ is a data and analytics provider in the retail sector,
focused on consumer-packaged goods (CPG). GfK is Germany's largest
market research institute that also provides data for retail, but
has more coverage of the tech and durables category than NielsenIQ.
Fitch views this combination positively; the businesses are
complementary both geographically and in categories served. In
addition, the two customer bases should provide opportunities to
grow the combined company's share of wallet.
Fitch believes pro forma leverage could exceed existing rating
thresholds Since Advent, NielsenIQ's current majority owner, will
control the combined entity, Fitch expects that the transaction
will be a change of control for GfK, and its debt will be repaid.
The combination has the potential to deliver material synergies,
but the execution and integration risk is not trivial.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
NielsenIQ
-- FCF margin expected to be sustained at 5% or higher;
-- CFO-capex/total debt expected to be sustained above 4.5%;
-- Organic revenue growth sustained above low-single digit
potentially reflecting market share gains via successful
Connect Platform roll-out and competitive wins against main
competitor, and improved retention rates.
GfK
-- FFO gross leverage (excluding reasonable one-offs) that is
expected to be managed consistently below 4x;
-- Operating performance that tracks closely to Fitch's rating
case producing top-line growth and modest margin expansion.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
NielsenIQ
-- FCF margin expected to be sustained approaching neutral;
-- Gross leverage expected to be sustained above 5x;
-- CFO-capex/total debt expected to be sustained below 2.5%;
-- Neutral to negative organic revenue growth potentially
reflecting share losses, declining retention and increased
competitive pressure or sustained end-market weakness.
GfK
-- FFO gross leverage (excluding reasonable one-offs) that is
expected to trend consistently above 5x;
-- Meaningful erosion of competitive position evident in below-
market growth or revenue contraction in an otherwise stable
market, operating missteps such as major platform rewrites
having a tangible impact on EBITDA margin.
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.
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
---- ------ -------- -----
Indy Dutch LT IDR B+ Rating Watch On B+
Bidco B.V.
Indy US Bidco, LT IDR B+ Rating Watch On B+
LLC
Intermediate LT IDR B+ Rating Watch On B+
Dutch Holdings
senior secured LT BB Rating Watch On RR2 BB
GfK SE LT IDR BB- Rating Watch On BB-
senior secured LT BB+ Affirmed RR2 BB+
NOBIAN HOLDING 2: Fitch Affirms 'B+' LongTerm IDR; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Nobian Holding 2 B.V.'s (Nobian)
Long-Term Issuer Default Rating (IDR) at 'B+' with a Stable
Outlook. Fitch has also affirmed Nobian Finance B.V.'s senior
secured ratings at 'BB-'. The Recovery Rating is 'RR3'.
The IDR reflects high leverage as a result of Nobian's spin-off
from Nouryon Holding B.V., its regional leadership in high-purity
salt, caustic soda, chlorine and chloromethanes in Europe as well
as its high profitability, long-term customer relationships and a
high share of contractually-protected revenue.
The Stable Outlook reflects Fitch's expectation that Nobian's funds
from operations (FFO) gross leverage will remain within Fitch's
rating sensitivity from 2023 despite rising costs, and as the
company starts benefiting from capacity expansion across its
different segments, cost rationalisation, and pricing initiatives.
However, Nobian's high energy intensity and geographic location
expose it to gas rationing in case of abrupt and full Russian gas
cut-off.
KEY RATING DRIVERS
Energy Surge, Rationing Risk: Nobian has so far been successful in
passing onto customers the significant increase in power, steam and
gas costs, leading to absolute EBITDA growth despite a lower
margin. This reflects contractual clauses in salt and chlorine
sales but also surcharges and hedging strategies to reduce
uncovered exposure. High and volatile prices could lead to demand
destruction as the economic environment worsens. Moreover, Nobian's
concentrated assets in the Netherlands and Germany place the
company, or its customers, at risk of production rationing given
their energy intensity.
Interest-Rate Rise Mitigated: About two third of Nobian's EUR1.5
billion debt either has fixed interest rates or has been hedged
until end-2024, which mitigates the impact of rising interest
rates. Fitch forecasts FFO interest coverage at about 4x-5x in
2022-2025.
High Leverage, Slower Deleveraging: Fitch has revised downward
Fitch's EBITDA forecasts for Nobian to reflect the deterioration of
its economic environment as Europe faces high inflation and soaring
energy costs. This results in FFO gross leverage of 6x in 2022,
before improving to 4.5x by 2025. Fitch maintains Fitch's view that
capacity-expansion projects will support EBITDA growth in the
coming three years. Fitch assumes dividend payment of at least
EUR30 million per year in 2024-2025, which will not impair
deleveraging.
European Chlor-Alkali Leader: Nobian's 43% share of the European
merchant salt market for chemical transformation provides pricing
power, especially since a switch to membrane technology in Europe
in 2017, which requires higher-purity salt. Nobian is also the
largest and second-largest merchant producer, respectively, for
chlorine and caustic soda in Europe and the largest chloromethane
producer. Capacity increases in the coming three years will further
reinforce its regional leadership in markets that are already
highly concentrated.
Customer Inter-Dependency: Nobian supplies chlorine or salt to few
large captive customers under long-term contracts and take-or-pay
clauses. Chlorine is supplied by pipeline within the same chemical
parks, and Nobian is by far the main supplier of high-purity salt
in Europe. Consequently, Fitch sees minimal supplier substitution
risk due to the lack of cost-effective and reliable alternatives
for Nobian's customers, as evident in the absence of churn for more
than five years and Nobian's ability to implement salt-price
increases. However, this exposes Nobian to production disruptions
within its clusters, especially in Rotterdam, and its growth
depends on its customers' growth strategy.
Strong Backward Integration: Fitch views Nobian's 100% salt and 50%
energy/steam self-sufficiency, which together account for 70% of
chlor-alkali costs, as a competitive advantage given the higher
margins captured by its model as well as the security of supply
that is critical for key customers. Unlike its competitors, Nobian
has no vertical integration into polyvinyl chloride (PVC), but uses
about 20% of its chlorine for its captive chloromethanes products,
which ultimately results in lower exposure to the cyclical
construction sector than typical downstream-integrated chlor-alkali
manufacturers.
Barriers to Entry: Fitch views Nobian's market position in
high-purity salt for chemical transformation as difficult to
replicate given the need to first find access to salt deposits in
the same region and cheap steam, and waste-management requirements.
Moreover, Nobian's supply of chlorine by pipeline to large
off-takers presents a limited risk of substitution to another
supplier.
Capex Supports Higher Margins: Fitch believes that Nobian's
projects, which have short paybacks, as well as cost
rationalisation and improved caustic soda prices, will drive EBITDA
margin towards 32% in 2025 from 19% in 2021. Nobian is expanding
capacity in salt, chlor-alkali and chloromethanes to fulfil demand
from its key customers. Additional projects, such as the
high-margin secondary use of its salt caverns for energy storage
and start-stop of its de-mothballed 350-megawatt gas turbine, will
provide incremental EBITDA. As about 30% of capex is
growth-related, Nobian can scale back or delay outflows should cash
flow pressure materialise.
DERIVATION SUMMARY
Nobian's regional focus and vertical integration are comparable
with Synthos Spolka Akcyjna's (BB/Stable) but its FFO gross
leverage on average is much higher. Petkim Petrokimya Holdings A.S.
(B+/Negative) has similar size, a regional focus and lower
leverage, but operates from a single site and has more volatile
earnings due to its exposure to cyclical commodities. Root Bidco
Sarl (B/Stable) benefits from growing markets and steady margins,
but is smaller and higher leveraged than Nobian. Lune Holdings
S.a.r.l. (B/Stable) operates within the same chlor-alkali value
chain and is also vertically integrated but has lower margins,
fewer barriers to entry, and is smaller than Nobian.
Compared with Nouryon (B+/Stable), from which it was separated,
Nobian is smaller, with exposure to more commoditised chemicals and
lacks Nouryon's global presence. However, Nobian's EBITDA margin is
stronger and expected to increase faster than Nouryon's. Nobian is
more backward-integrated than its peers and has stronger EBITDA and
FFO margins.
KEY ASSUMPTIONS
-- Growth of chlor-alkali volumes from 2024 on capacity
expansion;
-- Growth of salt volumes from 2023 on capacity expansion;
-- EBITDA margin decreasing to 16% in 2022, growing to 32% by
2025;
-- Total cumulative capex of about EUR650 million from 2022 until
2025, peaking in 2023;
-- Dividends of EUR38 million in 2024 and EUR50 million in 2025.
Key Recovery Analysis Assumptions
The recovery analysis assumes that Nobian would be reorganised as a
going-concern (GC) in bankruptcy rather than liquidated.
Fitch's GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level upon which Fitch bases the
enterprise valuation (EV).
Fitch has revised the GC EBITDA to EUR230 million from EUR250
million and the multiple to 5x from 5.5x due to weaker prospects
for European-based energy-intensive commodity producers.
The GC EBITDA of EUR230 million reflects a combination of low
caustic soda prices and demand or production-related pressure on
sales volumes, as seen in 2020-2021, but also considers corrective
measures taken to offset adverse conditions.
Fitch uses a multiple of 5x to estimate a GC EV for Nobian because
of its leadership position, solid sector-growth trends, as well as
higher barriers to entry and profit margins than peers', but also
the volatility of cash flow of its commodity nature as well as its
concentrated exposure to Europe.
Fitch assumes its revolving credit facility (RCF) to be fully drawn
and to rank pari passu with its term loan (TLB) and the senior
secured notes.
After deducting 10% for administrative claims, Fitch's analysis
resulted in a waterfall-generated recovery computation (WGRC) for
the senior secured instruments in the 'RR3' band, indicating a
'BB-' instrument rating. The WGRC output percentage on current
metrics and assumptions was 61%.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- FFO gross leverage below 4.0x or total debt/EBITDA below 3.0x
on a sustained basis;
-- EBITDA margin sustained above 25%, and free cash flow (FCF)
margins above 5% through cost savings;
-- Record of conservative financial policy.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- FFO gross leverage above 6.0x or total debt/EBITDA above 5.0x
on a sustained basis;
-- FFO interest cover below 2.0x on a sustained basis;
-- Weakening EBITDA and FCF margins.
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: As of end-1Q22, Fitch estimates Nobian's
current liquidity at EUR301 million, composed of EUR101 million
cash on the balance sheet and an EUR200 million undrawn RCF
maturing at the beginning of 2026. No meaningful mandatory debt
repayment is expected until 2026 when its TLB and bonds are due. In
2021, the company used proceeds from the sale of its specialty salt
business to repay EUR66 million of its TLB, followed by a further
EUR50 million voluntary repayment in January 2022.
Fitch assesses Nobian's liquidity as adequate given Fitch's
expectations of mostly positive FCF over the coming four years
despite expansion capex peaking in 2023, and fairly modest
working-capital fluctuations of the business.
ISSUER PROFILE
Nobian is a fully vertically integrated European leader in the
production of salt, chlor-alkali (chlorine and its co-product
caustic soda) and chloromethanes.
SUMMARY OF FINANCIAL ADJUSTMENTS
For 2021:
-- Lease liabilities of EUR104 million excluded from financial
debt; depreciation of right-of-use assets (EUR31 million) and
lease-related interest expense (EUR4 million) deducted from
EBITDA and cash flow from operations;
-- EUR26 million added back to EBITDA and to FFO to remove non-
recurring cash costs.
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
---- ------ -------- -----
Nobian Holding 2 BV LT IDR B+ Affirmed B+
Nobian Finance B.V.
senior secured LT BB- Affirmed RR3 BB-
=============
R O M A N I A
=============
ONIX ASIGURARI: A.M. Best Assigns B(Fair) Fin'l. Strength Rating
----------------------------------------------------------------
AM Best has assigned a Financial Strength Rating of B (Fair) and a
Long-Term Issuer Credit Rating of "bb" (Fair) to ONIX Asigurari
S.A. (ONIX) (Romania). The outlook assigned to these Credit Ratings
(ratings) is stable.
The ratings reflect ONIX's balance sheet strength, which AM Best
assesses as adequate, as well as its strong operating performance,
limited business profile and marginal enterprise risk management.
ONIX's risk-adjusted capitalization, as measured by Best's Capital
Adequacy Ratio (BCAR), is assessed as strongest as at year-end
2021, underpinned by good internal capital growth during the year.
However, ONIX's small capital base and its lack of reinsurance
protection increase the potential for volatility in risk-adjusted
capitalization, particularly considering the large surety risks the
company is exposed to. The balance sheet strength assessment also
takes into account the company's material exposure to Romanian
sovereign bonds (38% of the investment portfolio at year-end 2021),
and its limited financial flexibility.
ONIX's operating performance is assessed as strong, reflecting its
track record of good technical results since inception. For the
five-year period ending in 2021, the company reported an average
combined ratio of 60.9%, as calculated by AM Best. Non-technical
profits have been modest, reflecting the company's liquid
investment portfolio.
ONIX is a niche mono-line insurer that focuses on surety business
in Italy and Spain. The company leverages its specialist expertise
to compete against larger players.
Solvency II is part of ONIX's corporate culture, and its Solvency
II regulatory capital adequacy ratio is monitored against risk
appetite levels approved by its board. The company's risk
management framework is evolving and risk management capabilities
are considered to be below the company's risk profile in some
areas.
===========
S W E D E N
===========
INTRUM AB: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Intrum AB (publ)'s Long-Term Issuer
Default Rating (IDR) at 'BB' with Stable Outlook. Fitch has also
affirmed Intrum's senior unsecured debt at 'BB'.
KEY RATING DRIVERS
IDRS AND SENIOR DEBT
Intrum's Long-Term IDR reflects high leverage, a characteristic of
the debt-purchasing sector and also a function of past acquisition
activity. It also reflects Intrum's market-leading franchise in the
European debt-purchasing and credit-management sector, where the
group benefits both from diversification across 25 countries and
from its high proportion of fee-based servicing revenue, which
complements its more balance sheet-intensive investment
activities.
Intrum's cash EBITDA grew 6% yoy to SEK12.3 billion (EUR1.2
billion) in 2021, following gradual recovery from the economic
disruption brought about by the pandemic, and 12% yoy to SEK3
billion in 1Q22. Fitch expects Intrum's efficiency programme to
support margin improvements once associated upfront costs have been
absorbed. However, Fitch expects high and persistent inflation to
adversely affect the debt-servicing capacity of consumers.
Gross debt-to-adjusted EBITDA (including adjustments for portfolio
amortisation) - Fitch's core leverage metric for debt purchasers -
was 4.3x at end-2021, outside the range between 'b' and 'bb' range
of 3.5x, which in turn constrains the IDR at its current level.
Intrum itself monitors leverage by net debt-to-cash EBITDA as
adjusted for non-recurring items on a rolling 12-month basis, which
at end-1Q22 was 3.8x. Since 2017 it has maintained a medium-term
target of 2.5x-3.5x, the achievement of which is more reliant on
growth in cash EBITDA than on reduction in debt. Expectation of
deleveraging is factored into Intrum's ratings and should
achievement of its target be delayed beyond 2022, Fitch may tighten
its leverage tolerance for the current rating.
Intrum's long-term funding incorporates bonds, private placements
and a revolving credit facility, with no significant maturities
before 2024. Near-term liquidity is supported by cash and undrawn
revolving credit facility headroom, which at end-2021 totalled
SEK20 billion. While debt purchasers over the long term tend to
replenish their business models with regular portfolio
acquisitions, they also have the option over shorter periods to
moderate their rate of investments to preserve cash.
Intrum's senior unsecured debt rating is equalised with the
Long-Term IDR, reflecting Fitch's expectation of average recovery
prospects given the group's largely unsecured funding profile.
Intrum has an ESG Relevance Score of '4' for financial
transparency, in view of the significance of internal modelling to
portfolio valuations and associated metrics such as estimated
remaining collections. This has a moderately negative influence on
the rating, but is a feature of the debt purchasing sector as a
whole, and not specific to Intrum.
RATING SENSITIVITIES
IDR
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A sustained reduction in earnings or material divergence
between earnings and cash generation, for example as a result
of a significant share of earnings being accrued within
unconsolidated affiliates and not available to service debt at
parent level;
-- Failure to demonstrate progress towards management's stated
2022 deleveraging target, either due to increasing debt or to
lack of EBITDA growth;
-- A weakening in asset quality, as reflected in long-term assets
such as portfolio investments, joint ventures or goodwill
experiencing material write-downs in their value due to
collections underperforming previous expectations.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A sustained reduction of Intrum's gross debt/EBITDA to well
within Fitch's 'bb' category range for cash flow leverage
(2.5x-3.5x), while maintaining a strong franchise in debt
purchasing and collection.
Senior Unsecured and Subordinated Bonds:
Intrum's senior unsecured debt rating is primarily sensitive to
changes to the Long-Term IDR.
Changes to Fitch's assessment of recovery prospects for senior
unsecured debt in a default (eg. a material increase in debt
ranking ahead of senior unsecured debt) could result in the senior
unsecured debt rating being notched down from the Long-Term IDR.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
ESG CONSIDERATIONS
Intrum has an ESG Relevance Score of '4' for financial transparency
due to the significance of internal modelling to portfolio
valuations and associated metrics such as estimated remaining
collections. This has a moderately negative influence on the
rating, but is a feature of the debt purchasing sector as a whole,
and not specific to Intrum.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
DEBT RATING PRIOR
---- ------ -----
Intrum AB (publ) LT IDR BB Affirmed BB
ST IDR B Affirmed B
senior unsecured LT BB Affirmed BB
===========
T U R K E Y
===========
TURKIYE WEALTH FUND: Fitch Lowers LT IDR to 'B', Outlook Negative
-----------------------------------------------------------------
Fitch Ratings has downgraded Turkiye Wealth Fund's (TWF) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'B'
from 'B+'. The Outlook is Negative, reflecting that of the
sovereign.
KEY RATING DRIVERS
The rating actions follow the downgrade of Turkiye's Long-Term IDRs
to 'B' from 'B+' (see 'Fitch Downgrades Turkiye to 'B'; Outlook
Negative' dated 8 July 2022) as TWF's ratings are equalised with
that of the Turkish sovereign and hence sensitive to any rating
action on the sovereign.
DERIVATION SUMMARY
Under its Government-Related Entities (GRE) Rating Criteria, Fitch
classifies TWF as a credit-linked entity to the Turkish government
and equalises its ratings with the sovereign's ratings, based on
its assessment of the strength of linkage with and incentive to
support by Turkiye.
Fitch's assessment of 'Very Strong status, ownership and control,
support track record and financial implications of default, and
'Strong' socio-political implications of default leads to an
overall government support score of 50 out of a maximum 60. This
warrants an equalisation of TWF's IDRs with that of Turkiye.
Excluding the state linkages, TWF's rating would be equalised with
the sovereign's as TWF's Standalone Credit Profile (SCP) of 'b' is
now on a par with the sovereign ratings.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- An Outlook revision of the sovereign rating to Stable would
lead to a corresponding change in TWF's Outlooks provided that
the likelihood of government support remains unchanged.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A weaker assessment of the overall support factors could
result in TWF's ratings being notched down from the sovereign
ratings, provided its SCP is also weaker;
-- A downgrade of the sovereign would lead to a similar rating
action for TWF as Fitch does not deem the latter to have
financial autonomy warranting a rating above the government.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.
ISSUER PROFILE
TWF is fully owned by and the long-term strategic investment arm of
Turkiye. TWF strategic objectives are aligned with the national
economic objectives. TWF portfolio includes 27 companies in seven
sectors, two licenses and 46 real estate properties. Its 27
companies operate mainly in five sectors including financial
services, telecommunications and technology, transportation and
aviation, energy and mining and agriculture and food.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
DEBT RATING PRIOR
---- ------ -----
Turkiye Wealth Fund LT IDR B Downgrade B+
LC LT IDR B Downgrade B+
=============
U K R A I N E
=============
NAFTOGAZ: Fitch Lowers IDR to 'C' on Distressed Debt Exchange
-------------------------------------------------------------
Fitch Ratings has downgraded National Joint Stock Company Naftogaz
of Ukraine's (Naftogaz) Long-Term Issuer Default Rating (IDR) to
'C' from 'CCC' following its consent solicitation to defer its debt
servicing of its Eurobonds, including that due on 19 July 2022.
Fitch views the solicitation as a Distressed Debt Exchange (DDE)
under Fitch's criteria, given the restructuring would involve a
material reduction in terms and is conducted to avoid insolvency.
Russia's invasion in Ukraine (CCC) has affected Naftogaz's
performance and cast uncertainty over Fitch's financial projections
for the company's performance. Its liquidity position is very weak
and, among other factors, is affected by the need to buy additional
volumes of natural gas for the winter season in the market.
Deferring interest and coupon payments should enable Naftogaz to
buy more gas to better prepare for the winter season.
KEY RATING DRIVERS
Material Reduction in Terms: Fitch believes the transaction
constitutes a material reduction in the terms of the existing
Eurobonds given the proposed deferral of the principal and/or
coupon. In particular, Naftogaz is asking to defer principal and
coupon payments for its USD335 million bond originally due on July
19 2022 until July 2024.
Transaction to Avoid Default: Naftogaz has been effectively
instructed by the government to purchase and import natural gas in
the amount of up to 5.6 billion cubic meters (bcm), which at
current prices would cost approximately USD8 billion, which is
likely to significantly exceed Naftogaz's current cash balance. In
the context of this requirement and Naftogaz's weak liquidity Fitch
deems the consent solicitation to be conducted to avoid default.
Infrastructure Mainly Remains Operational: Naftogaz's production
has only moderately decreased as upstream infrastructure is mostly
located on territories controlled by the government. Fitch assumes
that Ukraine's domestic consumption needs will continue to be
largely met by domestic production and only moderate amounts would
be imported. However, Fitch sees a risk that key production or
transportation infrastructure might be damaged or become
unavailable as the military attacks continue and are difficult to
predict. Naftogaz's liquidity position could be significantly hit
by the amount of gas imports, given high international prices.
Transit Revenue Continues: Naftogaz continues to receive
foreign-exchange revenue from Russia's Gazprom under a ship-or-pay
transit contract, though Gazprom has reportedly reduced its
payments by one third after Naftogaz lost operational control over
one of its compressor stations. In 2022, Naftogaz estimates it
should receive around USD1 billion in transit fees, 46% of which
should effectively be transferred (in hryvnas) to Gas Transmission
Operator of Ukraine, which owns the gas remission infrastructure
after Naftogaz's unbundling.
Receivable Collection Deteriorates: Naftogaz's receivables
collection is likely to weaken significantly in 2022, as many
businesses across the country have seen deterioration in their
finances, while unemployment increased and due to considerable
migration across and outside of the country. It is impossible to
estimate the potential impact of worsening receivables collection
on Naftogaz's cash flows and liquidity at present.
Consent Solicitation Drives Rating: Fitch is de-linking Naftogaz's
rating from that of the state following the announced consent
solicitation with Naftogaz's rating now reflecting its Standalone
Credit Profile (SCP) which Fitch lowered to 'c' from 'ccc'. Once
the DDE has been completed Fitch will review Naftogaz's linkage
with the state and potential impact of the linkage on its rating.
Business Profile Transformation: After the unbundling of its
gas-transmission business in 2020, Naftogaz's business profile
primarily reflects the company's position as a natural gas producer
and wholesale and retail gas supplier. Since 2020, Naftogaz has
focussed on domestic gas sale and storage, the sale of domestic
petrol products and liquefied natural gas, gas production, and
service legal agreements with the unbundled gas-transit company.
DERIVATION SUMMARY
Naftogaz's downgrade to 'C' reflects the company's launched consent
solicitation. Naftogaz's closest international peer is Kazakhstan's
JSC National Company QazaqGaz (BBB-/Stable; SCP bbb-), which has a
more diversified business, with exposure to more profitable
midstream operations.
Other corporates Fitch rates in Ukraine include Ferrexpo plc
(B-/Rating Watch Negative) whose rating reflects lack of external
financial debt but high risk of operational disruptions; Metinvest
B.V. (CCC), whose rating reflects weak liquidity and high
operational risks; DTEK Energy B.V. and DTEK Oil & Gas Production
B.V. (both rated CC), which share tight liquidity and high
operational risks; and DTEK Renewables B.V. (C).
KEY ASSUMPTIONS
-- European natural gas prices at USD25/mcf in 2022, USD15/mcf in
2023, USD10/mcf in 2024 and USD7/mcf in 2025;
-- USD/UAH gradually depreciating to 35 in 2025 from 30 in 2022;
-- Large working-capital outflow in 2022 caused by increased
European natural gas prices and deteriorated receivables
collection;
-- Minimal dividends in 2023-2025 due to net losses.
ASSUMPTIONS FOR THE RECOVERY ANALYSIS
The recovery analysis assumes that Naftogaz would be considered a
going concern (GC) in bankruptcy and that it would be reorganised
rather than liquidated. Naftogaz's recovery analysis assumes
post-reorganisation EBITDA at UAH15 billion.
Fitch used a distressed enterprise value (EV)/EBITDA multiple of
3.0x to calculate post-reorganisation valuation. It is below the
mid-cycle multiple for EMEA oil and gas companies. It captures
higher-than-average business risks in Ukraine and reflects
Naftogaz's weaker business profile than peers'
Fitch treats all bank debt as senior-ranking.
The notes are issued by Kondor Finance on a limited recourse basis
for the sole purpose of funding a loan to Naftogaz. They constitute
direct, unconditional senior unsecured obligations of Naftogaz and
rank pari passu with all other present and future unsecured and
unsubordinated obligations.
After the deduction of 10% for administrative claims, Fitch's
waterfall analysis generated a waterfall-generated recovery
computation (WGRC) in the 'RR4' band, indicating a 'C' rating for
the notes issued by Kondor Finance plc. The WGRC output percentage
on current metrics and assumptions is 50%.
RATING SENSITIVITIES
FOR NAFTOGAZ
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Fitch is likely to downgrade Naftogaz's IDR to 'RD'
(Restricted Default) on the DDE execution.
Factors that could, individually or collectively, lead to a
positive rating action/upgrade:
-- Post-DDE execution and once sufficient information is
available, Fitch will re-rate Naftogaz to reflect the
appropriate IDR for the issuer's post-exchange capital
structure, risk profile and linkage with the sovereign in line
with Fitch's criteria.
FOR UKRAINE (see 'Fitch Downgrades Ukraine to 'CCC'' published on
February 25 2022)
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Increased signs of a probable default event, for instance from
severe external liquidity stress and reduced capacity of the
government to access external financing.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Structural: De-escalation of conflict with Russia reducing
vulnerabilities to Ukraine's external finances, fiscal
position and macro-financial stability.
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
Very Weak Liquidity: Naftogaz's near-term liquidity will be
significantly affected by the need to purchase additional gas
volumes in the market, as instructed by the government. In
addition, its liquidity could be affected by potential operational
disruptions and deteriorated receivables collection.
ISSUER PROFILE
Naftogaz is wholly state-owned and is strategically important to
Ukraine as the country's largest natural gas production,
distribution and trading company. In 2021, it produced almost 13
bcm of gas.
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
---- ------ -------- -----
Kondor Finance plc
senior unsecured LT C Downgrade RR4 CCC
National Joint LT IDR C Downgrade CCC
Stock Company
Naftogaz of Ukraine
LC LT IDR C Downgrade CCC
===========================
U N I T E D K I N G D O M
===========================
ABP GROUP: Enters Liquidation Following Creditors' Petitions
------------------------------------------------------------
Grant Prior at Construction Enquirer reports that the Chinese
backed developer of the Royal Albert Docks site in East London has
collapsed into liquidation following a series of winding-up
petitions from creditors.
PwC has been appointed as liquidators of 23 companies within the
ABP Group which was developing the 35- acre plot, Construction
Enquirer relates.
Construction work stalled in 2019 after the first phase of work
delivering 56,000 square feet of office and retail space and the
completed units have largely remained empty while ABP has not paid
a significant number of creditors for the past two years,
Construction Enquirer discloses.
The liquidators will now seek to secure new investment to restart
the development of the site, Construction Enquirer states.
According to Construction Enquirer, Toby Banfield ABP Group Joint
Liquidator and PwC partner, said: "Initially we will focus on
getting a more detailed understanding of this strategically
important development site for both Newham and London.
"Once we have a clearer view of the current financial position
through working closely with all major stakeholders, we will then
invite interest from investors and developers who can reignite the
development potential this scheme offers."
BLITZEN SECURITIES 1: Fitch Upgrades Two Note Classes to 'BB+'
--------------------------------------------------------------
Fitch Ratings has upgraded Blitzen Securities No. 1 plc's class B,
C, D, E, F and X notes and affirmed the class A notes. The class
B-X notes have been removed from Under Criteria Observation.
DEBT RATING PRIOR
---- ------ -----
Blitzen Securities No.1 PLC
Class A XS2374596109 LT AAAsf Affirmed AAAsf
Class B XS2374597255 LT AAAsf Upgrade AAsf
Class C XS2374597503 LT AA-sf Upgrade Asf
Class D XS2374597768 LT Asf Upgrade BBBsf
Class E XS2374597925 LT BBBsf Upgrade BB+sf
Class F XS2374598576 LT BB+sf Upgrade B+sf
Class X XS2374608128 LT BB+sf Upgrade B+sf
TRANSACTION SUMMARY
Blitzen Securities No.1 is a securitisation of owner-occupied
performing mortgages originated by Santander UK. The portfolio
comprises first-time buyers (FTB), with original loan-to-values
(LTVs) of between 85% and 95%.
KEY RATING DRIVERS
Updated UK RMBS Criteria: Fitch updated its UK RMBS Rating Criteria
on 23 May 2022 to include its latest sustainable house prices for
each of the 12 UK regions. The changes increased the multiple for
all regions other than the north east and northern Ireland, updated
house price indexation and updated gross disposable household
income. Its sustainable house prices are now higher in all regions
except northern Ireland. This has a positive impact on recovery
rates (RR) and, consequently, Fitch's expected loss in UK RMBS
transactions, resulting in the rating upgrades.
Fitch upgraded the class E note to one notch below its
model-implied rating as this tranche was more sensitive to a modest
increase in defaults, which could result in a lower model-implied
rating towards the current rating in future analyses.
High LTV Lending: The pool consists of loans originated with an LTV
above 85%. As a result, the weighted average (WA) current LTV is
higher than the average for Fitch-rated RMBS at 85.3% while the WA
indexed current LTV is 74.8%, reduced from 80.5% at closing.
Fitch's WA sustainable LTV is also high at 92.8%, reduced from
113.2% at closing, resulting in a higher-than-average foreclosure
frequency (FF) and lower recovery rates than transactions with
lower LTV. Overall, the reduction in the pool's LTV as a result of
the loans' amortisation in conjunction with the updated UK RMBS
criteria contributed to the upgrades.
High Concentration of FTBs: All borrowers in the collateral
portfolio are FTBs. Fitch deems FTBs more likely to suffer
foreclosure than other borrowers and views their concentration in
this pool as significant. As per its criteria, Fitch has applied an
upward adjustment to the FF adjustment of 1.4x to each loan where
the borrower is an FTB. Given the impact on the FF, accessibility
to affordable housing for FTBs is a factor affecting Fitch's ESG
scores.
Robust Excess Spread: The WA margin on the class A to F notes is
0.63% (1.12% after the step-up date) with the class A notes' margin
at 45bp over SONIA. The WA fixed rate paid on the portfolio is
2.54%, with a reversion margin of 3.25% over the Bank of England
base rate. Therefore, the transaction benefits from strong excess
spread, which can be used to clear any losses debited to the
principal deficiency ledger through the interest priority of
payments.
The strong excess spread in the transaction, combined with the
smaller Fitch-expected loss, drives the class X notes' upgrade.
Fitch caps excess spread notes' ratings at 'BB+sf' due to their
volatility subject to cash flow modelling assumptions.
Fixed Interest Rate Hedging Schedule: All loans currently pay a
fixed rate of interest (reverting to the Santander follow on rate),
while the notes pay a SONIA-linked floating rate. The issuer
entered into a swap at closing to mitigate the interest-rate risk
arising from the fixed-rate mortgages in the pool.
The swap features a defined notional balance that could lead to
over-hedging in the structure due to defaults or prepayments.
Over-hedging results in additional available revenue funds in
rising interest- rate scenarios and reduced available revenue funds
in decreasing interest-rate scenarios.
Blitzen Securities No. 1 has an ESG Relevance of '4' for Human
Rights, Community Relations, Access & Affordability due to the
significant concentration of FTBs, which are characterised by a
higher credit risk profile compared with other borrowers and may
impact the credit risk of the transaction.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Deterioration in asset performance due to increased cost of living
and energy prices in the UK could result in negative rating
action.
The transaction's performance may be affected by adverse changes in
market conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce the credit enhancement
(CE) available to the notes.
Unanticipated declines in recoveries could also result in lower net
proceeds, which may make certain notes susceptible to negative
rating action depending on the extent of the decline in recoveries.
Fitch tested a 15% increase in the WAFF and a 15% decrease in the
WARR. The results indicate a downgrade of up to three notches.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and, potentially,
upgrades. Fitch tested an additional rating sensitivity scenario by
applying a decrease in the WAFF of 15% and an increase in the WARR
of 15%. The results indicate an upgrade of up to two notches.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
Blitzen Securities No.1 PLC has an ESG Relevance Score of '4' for
human rights, community relations, access & affordability due to
the significant concentration of FTBs, which are characterised by a
higher credit risk profile compared with other borrowers and may
impact the credit risk of the transaction. This has a negative
impact on the credit profile and is relevant to the 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.
EUROHOME UK 2007-2: S&P Raises Class B2 Notes Rating to BB+ (sf)
----------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Eurohome UK
Mortgages 2007-2 PLC's class M2, B1, and B2 notes, and affirmed its
ratings on the class A2, A3, and M1 notes.
The rating actions reflect the transaction's stable credit
performance and the increased credit enhancement for the
outstanding notes following sequential amortization and the
non-amortizing reserve fund.
S&P said, "The liquidity facility has not been drawn. The liquidity
facility agreement held with Deutsche Bank AG does not comply with
our current counterparty criteria as the transaction document does
not include a strong commitment of the liquidity provider to
replace itself or draw to cash its obligation if we downgrade it to
below 'A-1'. Furthermore, following our June 9, 2015, downgrade of
Deutsche Bank, it failed to take any remedial action. Therefore, in
scenarios where we give benefit to the liquidity facility, our
current counterparty criteria cap the maximum achievable ratings in
this transaction at the long-term issuer credit rating (ICR) on
Deutsche Bank, 'A- (sf)'.
"Barclays Bank PLC is the swap counterparty. The swap documentation
was not in line with our previous counterparty criteria. Under our
new criteria, our collateral assessment is weak, therefore, we
limit the maximum supported rating for the notes in scenarios where
we give credit to the swap counterparty to 'A+ (sf)', which is the
resolution counterparty rating (RCR) on Barclays Bank.
"The bank account documents are not in line with our current
counterparty criteria. As a result, our current counterparty
criteria cap the ratings on the notes at our long-term ICR on the
bank account provider, Elavon Financial Services DAC, 'AA- (sf)'.
WAFF And WALS Levels
RATING LEVEL WAFF (%) WALS (%)
AAA 41.16 41.92
AA 35.17 34.47
A 31.88 22.71
BBB 28.57 15.83
BB 25.00 11.42
B 24.19 8.09
WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.
S&P said, "The lower expected losses combined with an increase in
available credit enhancement allows the class A2, A3, M1, and M2
notes to pass our stresses at higher ratings than those currently
assigned when we do not give benefit to the swap counterparty and
the liquidity facility. However, because the notes are capped at
'AA-' by our counterparty criteria, we affirmed our 'AA- (sf)'
ratings on the class A2, A3, and M1 notes, and we raised to 'AA-
(sf)' from 'A (sf)' our rating on the class M2 notes.
"The class B1 notes pass our cashflow stresses at a higher rating
than that currently assigned. However, since we are giving benefit
to the liquidity facility the class B1 notes are capped at the
long-term ICR on Deutsche Bank, 'A- (sf)'. Therefore, we raised to
'A- (sf)' from 'BBB- (sf)' our rating on the class B1 notes.
"The class B2 notes pass our cashflow stresses at a higher rating
than that currently assigned when we give benefit to the swap
counterparty and liquidity facility. Therefore, we raised to 'BB+
(sf)' from 'BB- (sf)' our rating on the class B2 notes."
Ratings List
CLASS RATING TO RATING FROM
A2 AA- (sf) AA- (sf)
A3 AA- (sf) AA- (sf)
M1 AA- (sf) AA- (sf)
M2 AA- (sf) A (sf)
B1 A- (sf) BBB- (sf)
B2 BB+ (sf) BB- (sf)
FASTNET SECURITIES 18: DBRS Gives BB(high) Rating to Class E Notes
------------------------------------------------------------------
DBRS Ratings GmbH assigned ratings to the following classes of
notes issued by Fastnet Securities 18 DAC (Fastnet 18 or the
Issuer):
-- Class A1 notes at AAA (sf)
-- Class A2 notes at AAA (sf)
-- Class A3 notes at AAA (sf)
-- Class B notes at AA (sf)
-- Class C notes at A (high) (sf)
-- Class D notes at BBB (high) (sf)
-- Class E notes at BB (high) (sf)
RATING RATIONALE
The ratings of the Class A1, Class A2, and Class A3 notes
(together, the Class A notes) address the timely payment of
interest and the ultimate payment of principal on or before the
final maturity. The rating of the Class B notes addresses the
timely payment of interest when most senior and the ultimate
payment of principal on or before the final maturity. The ratings
of the Class C, Class D, and Class E notes address the ultimate
payment of interest and principal on or before the final maturity
date.
The transaction features an amortizing liquidity reserve fund (LRF)
equal to 1% of the Class A notes outstanding balance to support the
payment of senior expenses and Class A notes interest. Further
credit enhancement is provided through a non-amortizing general
reserve fund (GRF), which is equal to 1% of the initial balance of
the collateralized notes minus the balance of the LRF.
The credit enhancement is calculated as the overcollateralization
provided by the portfolio and the GRF. At closing, credit
enhancement is 12.1% for the Class A notes, 9.1% for the Class B
notes, 4.1% for the Class C notes, 2.1% for the Class D notes and
1.1% for the Class E notes. In case of an event of default, the
Class A notes are repaid pro rata and pari passu; otherwise, they
are paid sequentially (i.e., the Class A2 notes are not repaid
until the Class A1 notes have been fully redeemed and the Class A3
notes are not repaid until the Class A2 notes have been fully
redeemed). Additionally, the transaction documents include
repurchase conditions, wherein if repurchased loans exceed EUR 50
million, the Class A notes are paid pro rata and pari passu;
otherwise, they are paid sequentially.
As of June 17, 2022, the portfolio consisted of 17,891 loans
granted to 16,811 borrowers with an aggregate outstanding balance
of EUR 3.0 billion. The weighted-average (WA) seasoning of the
portfolio was at 4.6 years, with a WA remaining term to maturity of
23.8 years. The DBRS Morningstar-calculated WA indexed
loan-to-value (LTV) ratio of the portfolio was at 61.0%. The
portfolio consists of only owner-occupied annuity loans, yielding a
WA coupon of 2.75% and all are repaying loans. About 40.7% of the
loans are granted on properties located in Dublin. As of the
cut-off date, there were no loans more than 60 days past due.
The portfolio consists of 80.9% fixed-rate loans with a WA time to
reset of around 2.3 years. The interest rate risk arising from the
fixed-rate loans is partly hedged by the initial fixed-rate coupons
on the Class A1, Class A2, and Class A3 notes, which will switch to
floating-rate on the payment dates corresponding to January 2024,
October 2024 and March 2025 respectively. DBRS Morningstar's cash
flow analysis also considered scenarios of ineffective hedging and
found the risk to be commensurate with the assigned ratings.
Additionally, if borrowers are offered a product switch to
fixed-rate loans, then PTSB would have to repurchase these loans,
which then mitigates interest rate risk associated with the
addition of more fixed-rate loans to the portfolio.
The portfolio comprises both recent loan originations (78.3%
originated since 2016) and loans originated during the great
financial crisis era (15.9% originated between 2004 and 2009).
However, the portfolio has shown strong performance, surviving the
crisis as well as the Coronavirus Disease (COVID-19) pandemic and
mostly without the need for restructuring (1.3% of the pool has
been restructured with at least one year of performing history).
The Issuer account bank is BNP Paribas SA, Dublin Branch: based on
DBRS Morningstar's private rating on the account bank and the
replacement provisions included in the transaction documents, DBRS
Morningstar considers the risk of such counterparty to be
consistent with the ratings assigned, in accordance with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.
DBRS Morningstar based its ratings primarily on the following
analytical considerations:
-- The transaction capital structure, including the form and
sufficiency of available credit enhancement.
-- The credit quality of the mortgage loan portfolio and the
ability of the parties to perform servicing and collection
activities.
-- The DBRS Morningstar-calculated portfolio default rate (PD),
loss given default (LGD), and expected loss (EL) assumptions on the
portfolio using the European RMBS Credit Model.
-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the noteholders according to the terms and
conditions of the notes. DBRS Morningstar analyzed the transaction
cash flows using Intex DealMaker.
-- The consistency of the transaction's legal structure with the
DBRS Morningstar "Legal Criteria for European Structured Finance
Transactions" methodology and the presence of legal opinions
addressing the assignment of the assets to the Issuer.
-- The relevant counterparties, as rated by DBRS Morningstar, that
are appropriately in line with DBRS Morningstar's legal criteria to
mitigate the risk of counterparty default or insolvency.
-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as a downgrade and
replacement language in the transaction documents.
Notes: All figures are in euros unless otherwise noted.
GIEVES & HAWKES: Put Up for Sale Following Owner's Liquidation
--------------------------------------------------------------
Business Sale reports that Savile Row tailor Gieves & Hawkes has
been put up for sale after its owner, Hong Kong-listed fashion firm
Trinity Group, was placed into liquidation.
Gieves & Hawkes, which traces its history back 250 years, is one of
the UK's most prominent tailors, holding three royal warrants.
The business is headquartered at No 1 Savile Row, the centre of the
London tailoring industry, and as of May 2021 had 58 stores across
21 cities. In the firm's latest available accounts at Companies
House, for the year ending December 31 2020, it reported total
losses of GBP91,837, Business Sale discloses.
According to Business Sale, while this represented an improvement
on 2019, when the company made restated losses of slightly over
GBP2 million, the report highlighted the major issues facing the
company, which included post-Brexit supply chain difficulties and
the impact of the COVID-19 pandemic.
Gieves & Hawkes said the impact of the pandemic on its UK business
had been "sudden and significant", with stores forced into closure
during government-mandated lockdowns, Business Sale relates. In
addition to the impact of lockdowns, many luxury fashion retailers
saw their business severely hampered during the pandemic due to the
cancellation of the majority of formal events and the increasing
popularity of flexible working, which has persisted despite the end
of pandemic restrictions, Business Sale notes.
Trinity was placed into liquidation last year and, in November
2021, a winding-up order was issued against Gieves & Hawkes and
sister brands Cerutti and Kent & Curwen in a Hong Kong court, after
the parent company defaulted on a loan, Business Sale recounts. At
that time, companies including formalwear firm Hawes & Curtis and
retailer Marks & Spencer were reportedly considering bids for
Gieves & Hawkes, Business Sale relays.
Trinity Group is controlled by the Shandong Ruyi Technology Group,
which had acquired numerous brands around the world before
ultimately going into liquidation in December 2021, losing several
of its brands to creditors and threatening Gieves & Hawkes with
closure, Business Sale discloses.
In June 2022, Gieves & Hawkes secured a credit facility from
restructuring firm Hilco for an undisclosed sum and advisers have
now begun to formally solicit bids for the company, Business Sale
states. The sale process, which is being run in the UK and Hong
Kong by FTI Consulting, is expected to complete this year and will
include the company's UK business, as well as operations and
licensing agreements in China, Business Sale relays, citing sources
close to the deal.
NWP ELECTRICAL: Goes Into Administration, 59 Jobs Affected
----------------------------------------------------------
Aaron Morby at Construction Enquirer reports that North Wales-based
NWP Electrical & Mechanical has collapsed into administration with
the loss of 59 jobs.
The GBP40 million revenue M&E specialist worked across the country
on design and build commercial and residential schemes.
According to Construction Enquirer, joint administrators from FRP
said that due to the ongoing economic conditions impacting the
sector, significant pressure was placed on cashflow and
profitability of the company, leading to its insolvency.
"Due to the ongoing financial challenges and inflationary pressures
impacting the business, NWP Electrical & Mechanical Ltd has become
insolvent and is no longer trading," Construction Enquirer quotes
Richard Goodall, partner at FRP, as saying.
"Our focus is now on managing efficient communication with
creditors as part of our statutory duties while working with staff
at the company to help them access redundancy support."
ROYAL ABERDEEN: Creditors Urged to Register for Share in Legacy
---------------------------------------------------------------
Brian Donnelly at The Herald reports that creditors are being urged
to register for a share in a "substantial legacy" years after a
business went into liquidation.
According to The Herald, the legacy left to the Royal Aberdeen
Workshops for the Blind and Disabled, which traded as Glencraft
since 1873 on Wellington Road in Aberdeen prior to entering
liquidation in 2009, is now to be distributed to creditors.
The joint liquidators of Glencraft, Iain Fraser and Tom MacLennan,
partners with FRP Advisory, who managed the original liquidation
and have been reappointed to manage the legacy funds, are urging
creditors to contact its Aberdeen office to register claims, The
Herald discloses.
The business and assets of the Royal Aberdeen Workshops for the
Blind and Disabled were subsequently sold to a new social
enterprise, Glencraft (Aberdeen) Limited, which now trades from
premises on Whitemyres Avenue, The Herald relates.
The joint liquidators are stressing that the legacy bequeathed to
the original business that went into liquidation is entirely
unconnected to Glencraft (Aberdeen) Limited, The Herald notes.
S4 CAPITAL: Fitch Affirms LT IDR at 'BB', Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed S4 Capital Plc's Long-Term Issuer
Default Rating (IDR) at 'BB' with a Stable Outlook; and the senior
secured debt rating at 'BB+'/RR2.
S4 Capital's (S4C) ratings take into account its solid financial
performance, high growth, and a record of acquiring and integrating
businesses into its digital media sectors (content, data and
digital media, technology).
Its target sectors display materially higher than-average growth
than other media spend; the company's disruptive challenger model
enables it to outpace much of its competition. The pace of growth,
partly founded on acquisitions, presents execution risk, while
organic growth presents the potential for earnings and cash flow
volatility - evident in 2021 margin pressure and cash flow
performance.
It has good financial transparency, including a target 50% equity
contribution in mergers, a measured approach to acquisition
valuations and net debt/EBITDA leverage target of 1.5x-2x. Delays
in the 2021 audit and preliminary results announcement suggest
growth may have taken precedence over accounting controls.
Management transparency was nonetheless good and Fitch believes it
is implementing sound remedial action.
KEY RATING DRIVERS
No Impact from Audit Delay: The audit delay and postponement of
preliminary results in the fiscal year-ending December 2021 (FY21)
was, in Fitch's view, managed well. The management was open both
about the delay and the cause when it released results on 6 May
2022, and it is implementing controls to avoid future such delays.
In a business that is growing rapidly organically and through
acquisitions and where project work is a large element, accounting
processes can be called into question.
The delay was contained to the original Media.Monks business and
there was no restatement of prior-year numbers. The impact was
limited to small adjustments to gross profit/net revenue (audit
adjustments less than 1.5%) and EBITDA (less than 5%). The
appointment of a raft of senior level positions and focus on
training within the affected area underlines the management's
commitment, in Fitch's view, to avoid a repetition, while
disclosure underlines the transparency brought about by a public
listing.
Large Account Investments, Margin Compression: S4C reported an
operational EBITDA margin of 18% in 2021, 3pp lower than 2020, and
compares with a forecast 17.4% in Fitch's rating case for 2021.
Margin compression was a function of a number of large-account wins
and more widely the pace of organic growth in the year; billings
rose 67% and gross margin (or net revenue) by 44% on a
like-for-like basis. S4C acquired a number of "whopper" accounts -
each with annual revenue above USD20 million - which required
upfront investment, mainly in hiring talent, as well as affecting
receivables working capital.
S4C now has six such counts of a targeted 20, while the revenue
value of its largest customers reported significant momentum. P&L
investment growth is a part of the business cycle when growth is
strong. The company is guiding to a gradual margin expansion to
historical levels between 2022 - 2024, with Fitch expecting a
margin approaching 19% in 2022.
Growth Moderates, Remains Strong: Guidance for like-to-like net
revenue growth to slow in 2022 to 25% from 44% in 2021 (in line
with Fitch's former rating case). According to its 1Q22 trading
statement, S4C is performing better than the guidance. Given events
at the macro level and the natural effects of growth from a larger
base, some slowdown is to be expected. Market analysis suggests
total media spending of around 10% in 2022; digital media spend
(which S4C is focused on) at around 14%; and the large advertising
holding companies of 5.4%.
Mergers Are Key Growth Driver: S4C completed nine company-defined
mergers between January 2021 and January 2022, aimed at acquiring
customers, regional expansion, and adding technical disciplines.
The company's technology division, established in 2021, has been
partly developed in this way and Fitch expects it to be a major
focus of future M&A. Merger transactions are funded on a 50% equity
basis and at a target multiple enterprise value/EBITDA of 5x-10x.
Fitch envisages merger activity typically to be accretive to
earnings and cash flow, as well as driving growth.
Static Perimeter Rating Case: S4C had a cash balance of GBP301
million at December 2021; in Fitch's view, this enables it to
continue its merger expansion. The share price (and equity
component to targeted mergers) may slow the pace of M&A, although
the TheoremOne merger and deferred payments on past transactions
has increased net debt in 1H22. Company guidance on a like-for-like
basis is the main driver of Fitch's rating case, while visibility
of the business make-up and balance sheet is more volatile than in
some other companies, given that S4C will continue to grow through
acquisitions.
Financial Discipline Is Important: Fitch considers that S4C's
financial discipline is good, despite the variance in margins and
audit control issues. Margin pressure in 2021 and patterns for
client revenue expansion suggest a robust top-line expansion in the
forecast period. S4C undertakes mergers at disciplined multiples
and it has set a transaction target share price of 425 pence
(versus 215 pence as of 11 July 2022), a level it says is more
reflective of the equity contribution it is prepared to invest at.
In Fitch's view, its 50% equity/cash structure in any merger is a
valuable discipline when assessing the M&A risk.
Net Debt/EBITDA Threshold: Fitch's corporate finance group is
moving to debt/EBITDA rating thresholds (from funds from operations
(FFO)-based ones). This entails a tightening of thresholds given
the more lenient formulation of an EBITDA versus FFO metric.
Thresholds for S4C had been 3.5x (down) / 2.5x (up) at 'BB' based
on FFO gross leverage. These have been reset at 2.5x (down) / 1.5x
(up) on a net basis.
The move to a net metric reflects the discipline Fitch believes S4C
intends to manage the capital structure with, and the financial
transparency provided by the company's listed status. These compare
with the company's stated target leverage of 1.5x -2x; a metric
Fitch expects to be managed towards the higher end once mergers are
implemented.
DERIVATION SUMMARY
S4C has few comparable rated peers, given that it is a newly
founded digitally based advertising and marketing agency. Fitch
does not believe it is relevant to benchmark S4C to the large
global holding companies, given the maturity and scale of the
latter's business model and the fact that they face secular risks,
including competition from disruptive challengers such as S4C.
There are similarities with digital advertising platforms, such as
Adevinta ASA (BB/Stable), Axel Springer (which underpins Traviata
B.V.'s 'B'/Stable rating) and Speedster Bidco GmbH (B/Negative).
These peers were affected by Covid-19-related business disruption
and are more cyclically exposed than S4C. Nonetheless, Fitch
expects them to recover and exhibit solid growth, driven by
embedded contracts and natural price inflation post-pandemic.
The peers typically have higher margins and component of contracted
revenue than S4C, leading to relatively high rating thresholds:
Adevinta has FFO net leverage thresholds of 4x-5x, and Speedster
has an FFO gross leverage band of 6x-8x.
Leading market intelligence group GfK SE (BB-/RWN) is advanced in
its digital transformation, but has been through major
restructuring. With 2021 revenue of EUR945 million and EBITDA of
around EUR180 million, it has greater scale but limited growth
relative to S4C, and comparable EBITDA margins cash conversion. GfK
recently announced a merger with NielsenIQ (Indy Dutch Bidco B.V.;
B+/RWN), its Rating Watch reflecting a merger with a considerably
larger, lower-rated entity. Its FFO gross leverage thresholds are
at 4x-5x on a standalone basis.
Stan Holdings SAS (Voodoo; BB/Negative), the largest publisher of
mobile hyper-casual games, has a very different business from
S4C's. However, games monetisation is driven by in-app advertising.
Its rating is constrained by its small size, high targeted growth,
execution and some key person risk. These factors lead to an FFO
gross leverage band of 2x-3x, with the similarities to S4C helping
to explain Fitch's caution in the latter's rating thresholds.
KEY ASSUMPTIONS
-- High double-digit revenue growth in 2022 driven by organic
growth and acquisitions;
-- Fitch-defined EBITDA margin slowly recovering towards 18% by
2025;
-- Change in working capital declining to 2% of total revenue by
2025 from 3% in 2022;
-- Capex of about 2%;
-- No dividends;
-- M&A - Fitch has assumed about GBP125 million of cumulative
contingent payments over three years, related to past mergers
and bolt-on acquisitions.
The above reflects Fitch's base case and a continuation of growth
in the business; Fitch has also stressed the forecast to reflect
higher M&A activity between 2022 and 2025, which continues to show
the company performing within the rating leverage thresholds.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Net debt/EBITDA leverage that is expected to remain
consistently below 1.5x;
-- Free cash flow (FCF) margin that is expected to remain
consistently above 9%;
-- Operational performance consistent with the management's
growth ambitions, including a continued record of execution
and financial discipline in targeted merger activity. This
will be measured, among other things, in terms of sustained
performance in key profitability and cash flow margins.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Net debt/EBITDA leverage that is expected to remain
consistently above 2.5x;
-- FCF margin that is expected to remain consistently below 3%;
-- Operational performance that materially underperforms the
management's ambitions in terms of organic growth and forecast
margins. Performance that suggests a failure to integrate
merger companies, as evidenced by a meaningful margin dilution
and/or a tangible divergence from stated financial policies
(ie valuation discipline and peak leverage), is a key
downgrade parameter.
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
Strong Liquidity: S4C had about GBP300 million of cash on its
balance sheet at end-December 2021. The group has access to a
GBP100 million undrawn revolving credit facility, and refinancing
risk is limited as the term loan B will mature in 2028. S4C's
liquidity profile is also supported by an expected mid-to-high
single-digit FCF margin over the rating horizon.
ISSUER PROFILE
Founded by Sir Martin Sorrell in 2018, S4C is a purely digital
global advertising and marketing services business. The company is
listed on the London Stock Exchange and was initially created
following a combination of Media.Monks (content practice) and
MightyHive (data and digital media practice).
Most of S4C's revenue is generated in the Americas, and more
specifically in North America, even though it is a global company.
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
---- ------ -------- -----
S4 Capital LUX Finance S.a r.l.
senior secured LT BB+ Affirmed RR2 BB+
S4 Capital Plc LT IDR BB Affirmed BB
SHERWOOD PARENTCO: Fitch Affirms LT IDR at 'BB-', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Sherwood Parentco Limited's (Arrow)
Long-Term Issuer Default Rating (IDR) at 'BB-' with Stable Outlook.
Sherwood Financing Plc's senior secured debt, guaranteed by Arrow
(among other Sherwood entities), is also affirmed at 'BB-'.
Arrow is the parent company of Sherwood Acquisitions Limited, a
UK-based entity set up by TDR Capital LLC (and owned by investment
funds managed by TDR Capital LLC) to acquire Arrow Global Group, a
UK-based debt purchaser and investor in non-performing loans (NPLs)
and other non-core assets in 4Q21. As the top holding company
producing consolidated accounts within a restricted banking group,
Fitch has assigned the Long-Term IDR at the level of Arrow rather
than at the level of Sherwood Acquisition Limited.
KEY RATING DRIVERS
LONG-TERM IDR
The rating affirmation reflects Arrow's continuing high leverage as
well as its credible market positions in five markets (UK,
Portugal, Netherlands, Italy and Ireland) and its 'integrated asset
manager' business focusing on a capital-light strategy through the
development of a fund and investment management business, which
enables it to differentiate from most of its peers.
Improving but High Leverage: Arrow's Long-Term IDR is constrained
by the company's high cash flow leverage with a gross debt/adjusted
EBITDA ration as calculated by Fitch of around 4.8x at end-1Q22
(based on trailing 12 months adjusted EBITDA) versus around 5.6x at
end-2021.
Fitch expects resilient collections and improving revenue in the
fund-management and servicing segments to improve leverage in line
with management's stated target of net leverage of around 3x in the
medium term (end-1Q22: 4.2x). Similar to many European peers',
Arrow's tangible equity position is negative following material
inorganic growth. This is reflected in Fitch's capitalisation and
leverage assessment.
Growth in Capital-Light Revenue: Arrow's franchise (measured by
both estimated remaining collections (ERC) and adjusted EBITDA) is
moderately smaller than franchises of higher-rated peers and
concentrated on a fairly small number of markets, notably the UK,
Ireland, Portugal, Italy and the Netherlands. However, the
company's fund and investment management (FIM) business, a
capital-light business launched in 2019, performed well in 1Q22
with Arrow's flagship distressed debt fund (ACO1) more than 70%
deployed at end-1Q22 and fundraising for the larger ACO2 fund
(EUR2.5 billion target size) under way.
Unlike many peers, Arrow largely targets smaller and often
off-market transactions, which are incrementally less price
sensitive than more standard auction-led transactions.
Reduced Balance-Sheet Usage: Unlike most of its peers, Arrow is
transitioning from a conventional debt purchaser to primarily a
manager of funds investing in NPL portfolios as well as servicer of
these assets. Own balance-sheet usage will largely be limited to
co-investments in funds (at around 25% of total fund size in ACO 1
and around 10% in the follow-on funds). As a result, management
expects purchases for Arrow's own balance sheet (largely in the
form of co-investments) at around GBP200 million in 2022,
materially lower than purchases before 2020 (eg GBP304 million in
2019).
While Arrow can point to a long record of acceptable collection
performance, management's plans for follow-on funds and hence funds
under management (FuM) growth are, in Fitch's view, ambitious (FuM
of more than EUR10 billion by end-2025) and sensitive to any
meaningful collection underperformance.
Governance Unchanged Following Delisting: In line with most listed
peers, Arrow operates a three-lines-of-defence model supported by
various board committees. All new investments are approved by the
company's investment committee, and ERC and portfolio investments
are valued both internally and with an external auditor's
attendance.
Following its delisting and new ownership, Arrow's governance
structure remains broadly in place, supporting Fitch's favourable
view of the company's risk and corporate governance. With some
exceptions, Arrow's senior management team has generally fairly
short tenors with the company, but extensive professional
experience in the relevant sectors. Its CEO was replaced in 2H21
with Arrow's founder and chief investment officer but Fitch
believes that Arrow's strategy under its new CEO will remain
broadly unchanged.
Long-Dated Funding Profile; Adequate Coverage: Arrow's EBITDA
coverage ratio is acceptable and the company benefits from a
long-dated funding profile (no bond maturities until 2026) and
sound contingent liquidity through a long-dated undrawn GBP285
million revolving credit facility (RCF). However, Fitch's
assessment of Arrow's funding, liquidity and coverage score also
considers its almost entirely secured funding profile (limiting its
financial flexibility) and the wholesale nature of its funding
sources.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
LONG-TERM IDR
-- Material delays in rolling out its capital-light strategy, in
particular if impairing Arrow's deleveraging potential or
indicative of general collection underperformance, would put
pressure on Arrow's ratings;
-- Inability to meet its 2023 target of net leverage (net
debt/adjusted EBITDA) of 3.0x-3.5x, could also put pressure on
Arrow's ratings;
-- Material collection underperformance, in particular if leading
to further meaningful portfolio impairments, could be rating-
negative. A material increase in Arrow's risk appetite or
weakening of its risk or corporate governance would also put
pressure on Arrow's ratings.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
LONG-TERM IDR
-- As Arrow's Long-Term IDR is currently constrained by the
company's leverage, any positive rating action would require a
material and sustained improvement in its gross leverage ratio
to well within Fitch's 'bb' benchmark range (gross
debt/adjusted EBITDA of between 2.5x to 3.5x).
DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS
SENIOR SECURED DEBT
As Arrow's senior secured notes are the company's main outstanding
debt class, Fitch has equalised the notes' ratings with the
Long-Term IDR, indicating average recoveries for the notes.
DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES
SENIOR SECURED DEBT
-- A downgrade of the Long-Term IDR would likely be mirrored in a
downgrade of the notes. In addition, worsening recovery
expectations, for instance, through a larger layer of
structurally senior debt, could lead Fitch to notch down the
notes' rating from the Long-Term IDR;
-- An upgrade of the Long-Term IDR would likely be mirrored in an
upgrade of the notes. In addition, improved recovery
expectations, for instance, through a larger layer of junior
debt, could lead Fitch to notch up the notes' rating from
Arrow's Long-Term IDR.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
ESG CONSIDERATIONS
Arrow has an ESG Relevance Score of '4' for financial transparency
due to the significance of internal modelling to portfolio
valuations and associated metrics such as ERC. However, this is a
feature of the debt purchasing sector as a whole, and not specific
to Arrow. This has a moderately negative impact on the credit
profile, and is relevant to the rating 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 PRIOR
---- ------ -----
Sherwood Parentco
Limited LT IDR BB- Affirmed BB-
Sherwood Financing Plc
senior secured LT BB- Affirmed BB-
STARS UK BIDCO: S&P Assigns B Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to Stars
UK Bidco Limited, Theramex's new parent, and assigned its 'B'
rating to the proposed EUR550 million term loan B and EUR100
million RCF.
U.K.-based women's health care company Theramex is being acquired
by PAI Partners and Carlyle from CVC Partners. The deal was
announced on March 28, 2022, and S&P expects it to close in the
third quarter of 2022, subject to regulatory approval. S&P
understands IWH UK Finco Limited, Theramex's current parent, will
cease to exist. The newly formed parent will be Stars UK Bidco
Limited.
S&P said, "The stable outlook reflects our view that Theramex
should continue posting solid growth and maintain a strong product
pipeline helping to reduce leverage from the end of 2022. Although
S&P Global Ratings-adjusted debt to EBITDA will be above 7x at the
end of 2022, it will rapidly fall below 7x thereafter. We also
expect the company to generate robust free operating cash flow
(FOCF) of about EUR50 million over the next 12 months.
"We note the post-transaction capital structure is more leveraged
than the current one, with the integration of new subordinated debt
instruments and an upsized TLB to fund the new owner buyout. The
proposed financing package will include PIK notes of EUR125 million
and a new EUR550 million TLB, while the EUR470 million outstanding
TLB will be fully repaid. The PIK note in the proposed capital
structure will be held by third party investors that do not have a
common equity stake in the group. We therefore classify the PIK
note as debt under S&P Global Ratings criteria. We acknowledge the
increase in the overall debt level will weaken leverage metrics
compared with our previous expectations. We note that the new
financial sponsor owners, PAI Partners and Carlyle, have broad
experience in the health care industry and a track record of
successful investments.
"The planned increase in debt will raise S&P Global
Ratings-adjusted debt to EBITDA, although we expect deleveraging to
start from the financial year 2023 and healthy FOCF generation. The
new capital structure following the completion of the acquisition
results in a higher overall debt level, with our adjusted debt
level at about EUR679.5 million for the financial year ending Dec.
31, 2022 (FY2022) comprising the new TLB, PIK notes, and lease
liabilities. This leads our adjusted leverage metric to rise to
above 7x in FY2022, which we view as a one-off event as we expect
it to decline to below 7x from FY2023 and approach 6x by FY2024 as
a result of solid revenue growth and EBITDA generation. At the same
time, we note positively the FOCF forecast at about EUR50 million
in the next 12 months driven by low capital expenditure (capex) and
working capital needs due to the asset light business model relying
on outsourced supply chain and manufacturing.
"After the transaction completes, business strategy will remain
broadly the same, with a focus on value-accretive product launches
and lean cost management. Theramex has been expanding its product
offering in osteoporosis, menopause, and fertility treatments and
we expect this to continue in next years as the company identifies
new growth opportunities within women's health care. New offerings
will be key drivers for the development of the business. Despite
contributing only to about 4% of revenue as of FY2021, these
products--including Femarelle, Livogiva, and Bijuva--will most
likely make up about 15%-20% of revenue from 2024. Efficient cost
management will continue contributing to good profitability, since
the company has relative cost-flexibility with low fixed costs and
a track record of quickly adjusting its cost base throughout the
cycle. We expect the company to mitigate inflationary pressures
through price increases where possible."
Theramex has seized good opportunities within women's health care,
proven by its solid operating performance and strengthened market
position. The global women's health care market is worth about
EUR50 billion and will likely grow at about 9% per year in the next
two years. The market is fragmented and has relatively high
barriers-to-entry in the form of longstanding prescriber
relationships and significant patient loyalty to the brand, with
low propensity to switching medication once symptoms are
controlled. S&P believes Theramex will continue strengthening its
position in the market by introducing innovative solutions in
menopause and osteoporosis--currently markets growing rapidly given
the increased awareness of these medical conditions and available
treatments among patients. As of FY2021, Theramex's revenue
increased by 16.5% to EUR270.2 million, mainly driven by growth in
the menopause and osteoporosis segments and by the post-pandemic
rebound. All business lines reported strong growth of about
15%-40%, with the exception of oral contraception, only expanding
by 3.6%. Coupled with efficient cost management, this resulted in
reported EBITDA rising by 27.9%.
S&P said, "The stable outlook reflects our view that Theramex will
maintain strong operating performance and a solid product pipeline,
which will enable it to reduce debt to EBITDA quickly to below
opening leverage of above 7x in the next 12 months. As a result, we
expect our adjusted leverage to remain sustainably below 7x on a
protractive basis with EBITDA close to 30%."
Downside scenario
S&P could lowers the rating if the company's adjusted debt to
EBITDA rose above 7.0x on a sustained basis, while FOCF generation
were much lower than anticipated. For example, this could stem from
significant operational problems, such as the unsuccessful launch
of new products or a decline in sales of base products that
compromised topline growth, while the company also faced
difficulties in managing costs.
Upside scenario
S&P said, "We could upgrade Theramex if the company outperformed
our base case such that adjusted debt to EBITDA fell below 5x on a
sustained basis. In this case, the company would have to commit to
maintain debt to EBITDA below 5x. Under this scenario, Theramex
should be able to keep operating successfully and above our base
case, while generating solid FOCF."
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance factors are a moderately negative
consideration in our rating analysis of Theramex, as is the case
for most rated entities owned by private-equity sponsors. We think
the company's highly leveraged financial risk profile points to
corporate decision-making that prioritizes the interests of the
controlling owners. This also reflects the generally finite holding
periods and a focus on maximizing shareholder returns."
VUE INTERNATIONAL: Group of Lenders Takes Control of Business
-------------------------------------------------------------
Oliver Barnes and Robert Smith at The Financial Times report that a
group of lenders led by US asset manager Barings and hedge fund
Farallon Capital has taken control of Vue International, the UK's
third-largest cinema chain, as part of a GBP1 billion debt
restructuring deal.
Tim Richards, Vue's founder and chief executive, told the FT the
deal would "shore up the future of" the 228-site cinema chain after
the Covid-19 pandemic shuttered the industry during lockdowns.
According to the FT, the deal involves a debt-for-equity swap that
will result in GBP465 million being wiped off the company's balance
sheet and Vue's current owners Omers and AIMCO, the Canada-based
pension funds, exiting the company.
"It's not where we thought we were going to ever end up as a
company but . . . with the support of all sides, including
shareholders and lenders, we're now in a position where we can move
forward and get back to what we're really good at," said the FT
quotes Mr. Richards as saying.
He added: "We have always run the company conservatively
and . . . if you see a potential liquidity issue, if you
see a slightly weakened balance sheet because of two years of
hardship, it's prudent to look at what you can do and that's what
we did."
Vue will have access to GBP75 million of extra liquidity from the
deal, the FT discloses.
Since being taken over by Omers and AIMCO in 2013, Vue has bought a
host of cinemas across Europe, making it the biggest privately
owned cinema group on the continent. It operates 2,000 screens
across nine European markets, including the UK, Italy and Germany.
[*] UK: NW Corporate Insolvencies Up 65% in First Half of 2022
--------------------------------------------------------------
Neil Hodgson at TheBusinessDesk.com reports that corporate
insolvencies in the North West rose by 65% in the first six months
of 2022.
According to TheBusinessDesk.com, businesses are feeling the
pressure of spiralling inflation, rising interest rates and energy
costs, supply chain disruption and ongoing geo-political
uncertainty.
Analysis of notices in The Gazette, by Interpath Advisory, reveals
that a total of 86 companies based in the North West fell into
administration from January to June 2022 -- up from 52 during the
same period in 2021, TheBusinessDesk.com discloses.
This mirrors the UK picture which saw a total of 451 companies fall
into administration in H1 2022 -- up from 312 companies in H1 2021,
but still not back at the pre-pandemic levels of 655 in H1 2020 and
686 in H1 2019, TheBusinessDesk.com states.
March saw the highest monthly levels of administrations since July
2020, with 101 appointments, TheBusinessDesk.com notes.
The rising number of insolvencies can be seen across a wide range
of sectors, with building and construction, industrial
manufacturing, and retail industries experiencing the sharpest
rises.
"Businesses up and down the country continue to be buffeted by an
array of headwinds, from inflation and interest rate rises, to
supply chain disruption and staff shortages, not forgetting the war
in Ukraine which has put further pressure on energy prices and
supply chains," TheBusinessDesk.com quotes Rick Harrison, managing
director and head of Interpath's team in the North West, as
saying.
"Inflation -- both in terms of input costs and wages -- is proving
to be a particular challenge as organisations tread that fine line
of how much they can pass rising input costs on to customers, while
wrestling with the conundrum of balancing pay rises against
double-digit inflation."
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week July 11 to July 15, 2022
-------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------------
Atos SE 1.000 11/12/2029 EUR 59.457
Orpea SA 2.625 03/10/2025 EUR 72.752
Orpea SA 2.000 04/01/2028 EUR 63.595
Atento Luxco 1 8.000 02/10/2026 USD 73.080
Fastighets AB B 2.873 06/02/2081 EUR 65.612
CECONOMY AG 1.750 6/24/2026 EUR 71.979
Russian Foreign 12.750 6/24/2028 USD 25.296
United Kingdom 1.125 10/22/2073 GBP 64.835
Ukraine Governm 7.750 09/01/2022 USD 61.947
Castellum AB 3.125 EUR 65.139
International P 9.750 11/12/2025 EUR 73.867
Telecom Italia 1.625 1/18/2029 EUR 73.237
Sigma Holdco BV 5.750 5/15/2026 EUR 61.375
Nobel Bidco BV 3.125 6/15/2028 EUR 68.942
NAK Naftogaz Uk 7.375 7/19/2022 USD 78.000
Banca Monte dei 5.375 1/18/2028 EUR 59.348
Credit Suisse G 4.500 USD 69.000
Vedanta Resourc 6.125 08/09/2024 USD 64.301
Gol Finance SA 7.000 1/31/2025 USD 69.334
Gazprom PJSC Vi 1.450 03/06/2023 CHF 45.244
Hellenic Republ 1.875 1/24/2052 EUR 60.226
Atos SE 2.500 11/07/2028 EUR 66.615
Yandex NV 0.750 03/03/2025 USD 49.625
Gazprom PJSC Vi 4.950 7/19/2022 USD 70.500
ADLER Group SA 2.250 1/14/2029 EUR 49.067
EnfraGen Energi 5.375 12/30/2030 USD 68.737
Maxeda DIY Hold 5.875 10/01/2026 EUR 72.492
Allianz SE 3.875 USD 70.828
State of North 0.950 01/10/2121 EUR 42.336
Cellnex Telecom 0.750 11/20/2031 EUR 68.305
Romanian Govern 4.625 04/03/2049 EUR 73.241
Russian Foreign 5.625 04/04/2042 USD 29.096
Nexi SpA 2.125 4/30/2029 EUR 71.984
Russian Foreign 4.750 5/27/2026 USD 17.866
Gazprom PJSC Vi 3.125 11/17/2023 EUR 32.497
Accentro Real E 3.625 2/13/2023 EUR 68.150
Mitsubishi UFJ 4.137 12/15/2050 EUR 34.228
Poste Italiane 2.625 EUR 71.924
Credit Suisse G 5.100 USD 74.600
TI Automotive F 3.750 4/15/2029 EUR 70.687
SBB Treasury Oy 1.125 11/26/2029 EUR 57.598
Vodafone Group 5.125 06/04/2081 USD 70.619
Casino Guichard 2.511 EUR 25.724
Desenio Group A 6.154 12/16/2024 SEK 49.333
HSE Finance Sar 5.625 10/15/2026 EUR 69.440
UniCredit SpA 3.875 EUR 72.835
Corestate Capit 3.500 4/15/2023 EUR 19.267
Electricite de 3.375 EUR 71.198
Lukoil Internat 4.563 4/24/2023 USD 68.552
VEON Holdings B 3.375 11/25/2027 USD 52.750
Balder Finland 1.000 1/20/2029 EUR 67.426
Frigoglass Fina 6.875 02/12/2025 EUR 53.110
Samhallsbyggnad 2.875 EUR 41.292
Banco Santander 3.625 EUR 70.787
SBB Treasury Oy 0.750 12/14/2028 EUR 57.353
Lukoil Capital 2.800 4/26/2027 USD 58.500
Turkey Governme 11.700 11/13/2030 TRY 72.900
Jababeka Intern 6.500 10/05/2023 USD 65.450
Endo Luxembourg 6.125 04/01/2029 USD 74.779
Aggregate Holdi 6.875 11/09/2025 EUR 32.170
Compact Bidco B 5.750 05/01/2026 EUR 70.939
HOCHTIEF AG 0.625 4/26/2029 EUR 71.080
Tinkoff Bank JS 6.000 USD 30.000
Vedanta Resourc 9.250 4/23/2026 USD 62.741
Gazprom PJSC Vi 8.625 4/28/2034 USD 36.435
Banca Monte dei 10.500 7/23/2029 EUR 69.511
Teva Pharmaceut 4.100 10/01/2046 USD 63.917
Lukoil Internat 4.750 11/02/2026 USD 60.312
Heimstaden AB 6.750 EUR 69.198
MHP SE 7.750 05/10/2024 USD 54.304
ING Groep NV 3.875 USD 73.777
VGP NV 1.500 04/08/2029 EUR 67.993
ADLER Group SA 1.500 7/26/2024 EUR 60.684
Air France-KLM 0.125 3/25/2026 EUR 15.447
Lukoil Securiti 3.875 05/06/2030 USD 51.390
Korian SA 0.875 03/06/2027 EUR 46.692
Air Baltic Corp 6.750 7/30/2024 EUR 72.407
CPI Property Gr 3.750 EUR 60.933
United Kingdom 0.500 10/22/2061 GBP 52.019
International C 3.750 3/25/2029 EUR 73.729
Intesa Sanpaolo 4.125 EUR 68.466
International C 1.500 07/04/2027 EUR 70.180
Casino Guichard 3.992 EUR 38.303
Aragvi Finance 8.450 4/29/2026 USD 69.200
Kleopatra Holdi 6.500 09/01/2026 EUR 65.000
Corestate Capit 1.375 11/28/2022 EUR 23.106
Russian Railway 2.200 5/23/2027 EUR 10.060
UBS Group AG 4.375 USD 75.770
Gazprom PJSC vi 3.897 EUR 16.048
Aydem Yenileneb 7.750 02/02/2027 USD 73.140
Casino Guichard 5.250 4/15/2027 EUR 71.630
EP Infrastructu 1.698 7/30/2026 EUR 70.491
Balder Finland 1.375 5/24/2030 EUR 63.474
FEL Energy VI S 5.750 12/01/2040 USD 73.130
Novolipetsk Ste 4.700 5/30/2026 USD 45.000
Cellnex Telecom 1.750 10/23/2030 EUR 73.848
ALROSA Finance 4.650 04/09/2024 USD 24.000
Mobilux Finance 4.250 7/15/2028 EUR 74.363
Republic of Bel 6.875 2/28/2023 USD 16.901
Eurotorg LLC Vi 9.000 10/22/2025 USD 58.750
ING Groep NV 4.250 USD 69.897
La Banque Posta 3.000 EUR 67.411
Telefonica Euro 2.376 EUR 72.757
Piraeus Financi 8.750 EUR 72.742
Gazprom PJSC Vi 5.150 02/11/2026 USD 30.426
Korian SA 1.875 EUR 33.707
Sigma Holdco BV 7.875 5/15/2026 USD 61.319
Samhallsbyggnad 2.624 EUR 49.558
French Republic 0.500 6/25/2044 EUR 67.806
NE Property BV 2.000 1/20/2030 EUR 72.090
Gazprom PJSC Vi 2.500 3/21/2026 EUR 27.066
EP Infrastructu 1.816 03/02/2031 EUR 62.148
Credit Suisse G 0.625 1/18/2033 EUR 65.778
Severstal OAO V 3.150 9/16/2024 USD 15.000
Samhallsbyggnad 2.625 EUR 45.440
Moby SpA 7.750 2/15/2023 EUR 71.946
NET4GAS sro 3.500 7/28/2026 EUR 65.032
Hungary Governm 0.500 11/18/2030 EUR 72.544
Russian Foreign 2.650 5/27/2036 EUR 22.967
Zalando SE 0.625 08/06/2027 EUR 69.411
Intesa Sanpaolo 1.350 2/24/2031 EUR 73.934
Heimstaden Bost 3.000 EUR 58.985
MHP Lux SA 6.950 04/03/2026 USD 52.998
Ocado Group PLC 0.750 1/18/2027 GBP 70.200
Carnival PLC 1.000 10/28/2029 EUR 58.827
ADLER Group SA 1.875 1/14/2026 EUR 54.583
VTB Bank PJSC V 9.500 USD 8.000
Heimstaden Bost 3.625 EUR 65.178
Korian SA 2.250 10/15/2028 EUR 75.397
Mahle GmbH 2.375 5/14/2028 EUR 71.621
Jaguar Land Rov 4.500 7/15/2028 EUR 73.038
Grupo Antolin-I 3.500 4/30/2028 EUR 67.439
Gazprom PJSC Vi 7.288 8/16/2037 USD 32.664
Orpea SA 2.130 07/03/2024 EUR 68.464
Standard Profil 6.250 4/30/2026 EUR 62.304
Bulgaria Govern 0.375 9/23/2030 EUR 74.784
Samhallsbyggnad 1.000 08/12/2027 EUR 63.077
Ukraine Governm 9.750 11/01/2028 USD 28.111
Romanian Govern 3.875 10/29/2035 EUR 75.122
ALROSA Finance 3.100 6/25/2027 USD 11.000
VEON Holdings B 4.000 04/09/2025 USD 70.000
Cellnex Finance 2.000 2/15/2033 EUR 68.943
PIK Securities 5.625 11/19/2026 USD 8.500
Arrival SA 3.500 12/01/2026 USD 41.125
Spain Governmen 1.900 10/31/2052 EUR 74.613
International C 1.125 5/18/2028 EUR 68.896
Ukraine Governm 4.375 1/27/2030 EUR 26.423
Sweden Governme 1.375 6/23/2071 SEK 65.391
Ideal Standard 6.375 7/30/2026 EUR 63.442
Balder Finland 2.000 1/18/2031 EUR 64.849
Ukraine Governm 6.750 6/20/2026 EUR 28.449
Altice France H 6.000 2/15/2028 USD 72.539
Boparan Finance 7.625 11/30/2025 GBP 72.410
Phosagro OAO Vi 3.949 4/24/2023 USD 27.000
Russian Railway 2.100 10/02/2023 CHF 4.937
Herens Midco Sa 5.250 5/15/2029 EUR 66.648
Novafives SAS 5.000 6/15/2025 EUR 67.566
Diebold Nixdorf 9.000 7/15/2025 EUR 73.200
Gazprom PJSC Vi 4.950 02/06/2028 USD 34.333
Eustream AS 1.625 6/25/2027 EUR 70.096
Sarens Finance 5.750 2/21/2027 EUR 69.029
VGP NV 2.250 1/17/2030 EUR 68.908
Gazprom PJSC Vi 4.950 3/23/2027 USD 29.023
Andrade Gutierr 9.500 12/30/2024 USD 54.090
Gazprom PJSC vi 4.599 USD 20.000
Ukraine Governm 7.750 09/01/2027 USD 28.476
SPP-Distribucia 1.000 06/09/2031 EUR 65.152
VTB Bank OJSC V 6.950 10/17/2022 USD 5.725
Accor SA 0.700 12/07/2027 EUR 42.909
Russian Railway 5.700 04/05/2022 USD 5.803
Tinkoff Bank JS 9.250 USD 10.000
Romanian Govern 3.750 02/07/2034 EUR 75.996
VF Ukraine PAT 6.200 02/11/2025 USD 67.349
Vonovia SE 1.625 09/01/2051 EUR 52.857
Lukoil Capital 3.600 10/26/2031 USD 53.375
Novolipetsk Ste 1.450 06/02/2026 EUR 33.751
Heimstaden Bost 2.625 EUR 60.354
State of North 1.450 1/19/2122 EUR 55.503
MMK Internation 4.375 6/13/2024 USD 26.257
Gazprom PJSC vi 2.950 1/27/2029 USD 28.911
Electricite de 1.000 11/29/2033 EUR 75.465
Faurecia SE 2.375 6/15/2029 EUR 71.741
Vnesheconombank 6.800 11/22/2025 USD 5.000
Serbia Internat 2.125 12/01/2030 USD 74.130
Gazprom PJSC vi 1.500 2/17/2027 EUR 26.057
Delivery Hero S 2.125 03/10/2029 EUR 58.297
Russian Railway 7.487 3/25/2031 GBP 9.574
ADLER Real Esta 3.000 4/27/2026 EUR 67.919
Romanian Govern 2.750 4/14/2041 EUR 59.826
Metinvest BV 8.500 4/23/2026 USD 60.500
Hungary Governm 1.750 06/05/2035 EUR 71.162
Sberbank of Rus 5.125 10/29/2022 USD 10.350
Kernel Holding 6.500 10/17/2024 USD 48.415
CaixaBank SA 3.625 EUR 70.305
Allianz SE 2.625 EUR 73.819
MMC Norilsk Nic 4.100 04/11/2023 USD 55.000
EP Infrastructu 2.045 10/09/2028 EUR 68.619
Anadolu Efes Bi 3.375 6/29/2028 USD 69.251
ams-OSRAM AG 2.125 11/03/2027 EUR 73.983
Zorlu Yenileneb 9.000 06/01/2026 USD 72.677
Ukraine Railway 8.250 07/09/2024 USD 30.751
Gazprom PJSC Vi 2.949 1/24/2024 EUR 30.098
Gazprom PJSC vi 1.540 6/30/2027 CHF 26.687
Renault SA 1.125 10/04/2027 EUR 73.791
Romanian Govern 2.875 4/13/2042 EUR 59.902
Allianz SE 2.600 EUR 71.380
Russian Railway 3.125 CHF 5.477
Aroundtown SA 1.625 EUR 68.744
Prosus NV 3.832 02/08/2051 USD 63.063
Vnesheconombank 5.942 11/21/2023 USD 5.684
Phosagro OAO Vi 2.600 9/16/2028 USD 31.000
Russian Railway 0.840 03/12/2026 CHF 6.287
Just Eat Takeaw 0.625 02/09/2028 EUR 54.790
Delivery Hero S 0.875 7/15/2025 EUR 70.633
Ctec II GmbH 5.250 2/15/2030 EUR 73.532
Cellnex Finance 2.000 9/15/2032 EUR 70.499
ADLER Group SA 2.250 4/27/2027 EUR 50.283
Kernel Holding 6.750 10/27/2027 USD 47.272
Mobile Telesyst 5.000 5/30/2023 USD 24.583
Orpea SA 2.200 12/15/2024 EUR 70.000
Gazprom PJSC Vi 2.250 11/22/2024 EUR 31.868
Credit Bank of 8.875 USD 12.500
Muenchener Ruec 1.000 5/26/2042 EUR 71.854
Gazprom PJSC vi 3.250 2/25/2030 USD 27.269
Citycon Treasur 1.625 03/12/2028 EUR 75.620
Electricite de 2.000 12/09/2049 EUR 62.577
Energizer Gamma 3.500 6/30/2029 EUR 72.627
Russian Foreign 2.875 12/04/2025 EUR 17.440
Telefonaktiebol 1.000 5/26/2029 EUR 75.495
Hungary Governm 3.250 10/22/2031 HUF 69.682
Metinvest BV 7.750 4/23/2023 USD 62.500
ADLER Group SA 3.250 08/05/2025 EUR 56.583
Nykredit Realkr 1.000 10/01/2053 DKK 72.567
Banca Monte dei 8.000 1/22/2030 EUR 63.166
Scandinavian Ai 0.625 CHF 18.510
Hungary Governm 2.250 4/20/2033 HUF 59.692
Voltalia SA 1.000 1/13/2025 EUR 28.632
NAK Naftogaz Uk 7.125 7/19/2024 EUR 32.500
Wintershall Dea 3.000 EUR 73.435
Borets Finance 6.000 9/17/2026 USD 31.966
TotalEnergies S 2.000 EUR 74.945
MorphoSys AG 0.625 10/16/2025 EUR 71.749
Russian Railway 0.898 10/03/2025 CHF 5.000
CTP NV 1.500 9/27/2031 EUR 61.470
Fnac Darty SA 0.250 3/23/2027 EUR 72.275
ASTM SpA 2.375 11/25/2033 EUR 73.597
Serbia Internat 1.500 6/26/2029 EUR 73.654
Czech Republic 1.500 4/24/2040 CZK 58.005
Heimstaden Bost 3.375 EUR 69.114
Novatek OAO Via 4.422 12/13/2022 USD 46.500
Severstal OAO V 5.900 10/17/2022 USD 15.000
UniCredit SpA 0.850 1/19/2031 EUR 73.527
Ukraine Governm 7.750 09/01/2024 USD 29.136
Gazprom PJSC vi 1.850 11/17/2028 EUR 27.690
Polyus Finance 3.250 10/14/2028 USD 26.988
Delivery Hero S 1.000 1/23/2027 EUR 69.207
Ukreximbank Via 9.750 1/22/2025 USD 55.150
CPI Property Gr 1.500 1/27/2031 EUR 67.877
ADLER Group SA 2.000 11/23/2023 EUR 61.651
Metalloinvest F 3.375 10/22/2028 USD 25.800
Assicurazioni G 1.713 6/30/2032 EUR 72.019
MMC Norilsk Nic 2.800 10/27/2026 USD 55.750
Lloyds Banking 3.369 12/14/2046 USD 70.630
Gazprom PJSC Vi 4.250 04/06/2024 GBP 29.997
Prosus NV 2.778 1/19/2034 EUR 71.880
Intesa Sanpaolo 4.950 06/01/2042 USD 68.300
Fastighets AB B 1.250 1/28/2028 EUR 72.061
MMC Norilsk Nic 6.625 10/14/2022 USD 66.500
Rallye SA 4.371 2/28/2032 EUR 14.049
Development Ban 6.750 05/02/2024 USD 11.590
ADLER Group SA 2.750 11/13/2026 EUR 53.775
MHP Lux SA 6.250 9/19/2029 USD 53.163
Mithra Pharmace 4.250 12/17/2025 EUR 73.091
Romanian Govern 1.750 7/13/2030 EUR 71.871
Raiffeisen Bank 1.375 6/17/2033 EUR 71.835
Russian Foreign 1.850 11/20/2032 EUR 14.995
NGD Holdings BV 6.750 12/31/2026 USD 42.983
Romanian Govern 4.125 03/11/2039 EUR 73.496
Snam SpA 1.250 6/20/2034 EUR 73.732
Dometic Group A 2.000 9/29/2028 EUR 73.697
BAT Internation 2.250 09/09/2052 GBP 49.437
Investor AB 0.375 10/29/2035 EUR 68.119
Romanian Govern 2.625 12/02/2040 EUR 59.608
Alfa Bank AO Vi 5.950 4/15/2030 USD 10.000
Ukraine Governm 6.876 5/21/2029 USD 27.503
Ukraine Governm 8.994 02/01/2024 USD 29.186
Banque Federati 1.125 11/19/2031 EUR 73.692
Gazprom PJSC vi 3.000 6/29/2027 USD 29.158
BAT Internation 4.000 11/23/2055 GBP 63.407
Odea Bank AS 7.625 08/01/2027 USD 64.179
Sberbank of Rus 5.250 5/23/2023 USD 12.472
Citycon Oyj 3.625 EUR 70.062
Ukraine Governm 7.750 09/01/2026 USD 28.670
Ozon Holdings P 1.875 2/24/2026 USD 26.562
Romanian Govern 3.375 02/08/2038 EUR 68.089
Raiffeisen Bank 4.500 EUR 66.588
Gazprom PJSC vi 3.500 7/14/2031 USD 27.780
Turkey Governme 5.250 3/13/2030 USD 75.056
Credit Bank of 7.500 10/05/2027 USD 21.500
Iceland Bondco 4.375 5/15/2028 GBP 67.984
Bellis Finco PL 4.000 2/16/2027 GBP 71.893
Ekosem-Agrar AG 7.500 08/01/2024 EUR 16.333
Nostrum Oil & G 8.000 7/25/2022 USD 25.481
Finland Governm 0.500 4/15/2043 EUR 70.001
EDP - Energias 1.875 3/14/2082 EUR 71.575
Teva Pharmaceut 1.625 10/15/2028 EUR 71.518
Societe General 4.027 1/21/2043 USD 70.544
Wirecard AG 0.500 09/11/2024 EUR 12.183
AerCap Ireland 3.850 10/29/2041 USD 72.506
Banca Monte dei 8.500 09/10/2030 EUR 65.092
Ekosem-Agrar AG 8.500 12/07/2022 EUR 28.125
Union Fenosa Pr 1.173 EUR 68.000
Royalty Pharma 3.550 09/02/2050 USD 69.485
Ukraine Governm 7.750 09/01/2025 USD 28.619
Offshore Drilli 8.375 9/20/2020 USD 6.533
Enel SpA 1.875 EUR 69.267
Consus Real Est 4.000 11/29/2022 EUR 66.677
BMW Finance NV 0.200 01/11/2033 EUR 74.815
NAK Naftogaz Uk 7.625 11/08/2026 USD 32.458
Interpipe Holdi 8.375 5/13/2026 USD 44.750
NPC Ukrenergo 6.875 11/09/2026 USD 32.680
Stellantis NV 1.250 6/20/2033 EUR 70.279
FIGEAC-AERO 1.750 10/18/2028 EUR 22.620
MMC Norilsk Nic 3.375 10/28/2024 USD 47.500
Ziggo Bond Co B 3.375 2/28/2030 EUR 71.501
Russian Railway 4.600 03/06/2023 EUR 10.011
Cardea Europe A 7.250 12/08/2023 EUR 57.735
MMC Norilsk Nic 2.550 09/11/2025 USD 55.500
Aliaxis Finance 0.875 11/08/2028 EUR 75.409
City of Lugano 0.150 11/28/2070 CHF 31.626
Prosus NV 4.987 1/19/2052 USD 73.955
Metinvest BV 5.625 6/17/2025 EUR 57.567
UNIQA Insurance 2.375 12/09/2041 EUR 75.441
Wendel SE 1.375 1/18/2034 EUR 66.811
Delivery Hero S 1.000 4/30/2026 EUR 65.155
Republic of Aus 1.500 11/02/2086 EUR 69.635
Albania Governm 3.500 11/23/2031 EUR 73.912
Ukraine Governm 15.840 2/26/2025 UAH 65.343
Slovakia Govern 0.375 4/21/2036 EUR 71.425
Croatia Governm 1.750 03/04/2041 EUR 71.735
Bank Gospodarst 2.125 06/05/2030 PLN 67.088
Rallye SA 4.000 2/28/2032 EUR 14.443
GTLK Europe DAC 5.125 5/31/2024 USD 16.000
Deutsche Bahn F 0.625 12/08/2050 EUR 52.452
Aeroports de Pa 1.125 6/18/2034 EUR 74.862
Credit Bank of 5.150 2/20/2024 EUR 20.222
Saxa Gres Spa 7.000 08/04/2026 EUR 69.008
Romanian Govern 1.375 12/02/2029 EUR 72.714
Prosus NV 4.027 08/03/2050 USD 64.787
State Agency of 6.250 6/24/2028 USD 26.736
Delivery Hero S 1.500 1/15/2028 EUR 60.681
Deutsche Bahn F 0.625 4/15/2036 EUR 70.974
Metro Bank PLC 5.500 6/26/2028 GBP 56.172
Just Eat Takeaw 1.250 4/30/2026 EUR 68.728
Lithuania Gover 0.500 7/28/2050 EUR 52.235
Iberdrola Inter 1.825 EUR 74.795
Fuerstenberg Ca 5.625 EUR 60.971
United Kingdom 1.500 7/31/2053 GBP 78.255
Czech Republic 1.200 3/13/2031 CZK 72.539
Societe General 3.625 03/01/2041 USD 68.319
Rothschild & Co 1.860 EUR 72.381
Credit Bank of 3.100 1/21/2026 EUR 20.053
Enel Finance In 0.875 9/28/2034 EUR 69.531
UNEDIC ASSEO 0.250 7/16/2035 EUR 75.694
Gazprom PJSC Vi 4.364 3/21/2025 EUR 29.995
BNP Paribas SA 2.824 1/26/2041 USD 68.430
Dana Financing 3.000 7/15/2029 EUR 73.072
Eurochem Financ 5.500 3/13/2024 USD 38.125
Credit Bank of 3.875 9/21/2026 USD 21.000
Dtek Renewables 8.500 11/12/2024 EUR 41.479
Metinvest BV 7.650 10/01/2027 USD 57.610
Realkredit Danm 1.000 10/01/2050 DKK 73.743
Vonovia SE 0.750 09/01/2032 EUR 70.504
Royalty Pharma 3.350 09/02/2051 USD 67.079
Orsted AS 2.500 2/18/3021 GBP 69.958
TotalEnergies S 3.250 EUR 72.210
Thermo Fisher S 2.000 10/18/2051 EUR 69.071
Bank Gospodarst 2.250 7/21/2033 PLN 59.414
State of North 0.500 1/15/2052 EUR 60.299
Vonovia Finance 1.125 9/14/2034 EUR 67.218
Metinvest BV 7.750 10/17/2029 USD 60.750
Phosagro OAO Vi 3.050 1/23/2025 USD 25.000
BASF SE 1.625 11/15/2037 EUR 75.372
Casino Guichard 4.048 08/05/2026 EUR 73.378
Digital Intrepi 0.625 7/15/2031 EUR 70.856
IWG Internation 0.500 12/09/2027 GBP 73.992
CPI Property Gr 1.750 1/14/2030 EUR 71.651
Credit Bank of 7.625 USD 15.000
EnBW Energie Ba 2.125 8/31/2081 EUR 69.111
TotalEnergies S 2.125 EUR 70.836
Czech Gas Netwo 0.450 09/08/2029 EUR 69.904
Fresnillo PLC 4.250 10/02/2050 USD 73.641
SCF Capital Des 3.850 4/26/2028 USD 20.505
Republic of Bel 6.378 2/24/2031 USD 14.333
BUPA Finance PL 4.000 GBP 69.115
BICO Group AB 2.875 3/19/2026 SEK 66.634
AstraZeneca PLC 2.125 08/06/2050 USD 65.995
Mutuelle Assura 3.500 EUR 73.891
Wuestenrot & Wu 2.125 09/10/2041 EUR 73.658
Deutsche Teleko 1.750 12/09/2049 EUR 66.789
University of O 2.544 12/08/2117 GBP 72.684
Enel Finance In 1.250 1/17/2035 EUR 72.368
Hacienda Invest 5.350 02/08/2028 USD 12.000
Republic of Pol 4.000 4/25/2047 PLN 63.604
Credit Bank of 4.700 1/29/2025 USD 24.400
E.ON SE 0.875 10/18/2034 EUR 74.720
Enel Finance In 0.875 6/17/2036 EUR 65.566
Gazprom PJSC vi 2.950 4/15/2025 EUR 27.005
United Kingdom 0.875 1/31/2046 GBP 69.810
Shell Internati 3.000 11/26/2051 USD 74.436
Prosus NV 2.031 08/03/2032 EUR 70.412
Polyus Finance 5.250 02/07/2023 USD 24.167
Econocom Group 0.500 03/06/2023 EUR 8.059
Republic of Bel 5.875 2/24/2026 USD 14.000
Nostrum Oil & G 7.000 2/16/2025 USD 24.796
Neoen SA 1.875 10/07/2024 EUR 41.029
EnBW Internatio 0.250 10/19/2030 EUR 75.473
Barclays PLC 3.330 11/24/2042 USD 74.261
Romanian Govern 3.500 04/03/2034 EUR 73.632
Home Credit & F 8.800 USD 5.382
Heimstaden Bost 1.625 10/13/2031 EUR 70.460
Evraz PLC 5.375 3/20/2023 USD 50.000
Czech Republic 0.050 11/29/2029 CZK 68.642
Castellum Helsi 0.875 9/17/2029 EUR 71.424
JT Internationa 3.300 9/14/2051 USD 67.604
A2A SpA 1.000 11/02/2033 EUR 71.670
Just Group PLC 5.000 GBP 73.155
Proximus SADP 0.750 11/17/2036 EUR 70.854
Celtic Resource 4.125 10/09/2024 USD 9.968
Czech Gas Netwo 0.875 3/31/2031 EUR 64.933
Engie SA 1.875 EUR 70.430
Mondelez Intern 1.250 09/09/2041 EUR 62.682
Russian Foreign 1.125 11/20/2027 EUR 15.005
Cofinimmo SA 0.875 12/02/2030 EUR 73.708
UBS Group AG 3.179 02/11/2043 USD 75.956
HOCHTIEF AG 1.250 09/03/2031 EUR 70.024
BNP Paribas SA 0.625 12/03/2032 EUR 73.286
BPCE SA 2.125 10/13/2046 EUR 72.542
Cellnex Finance 3.875 07/07/2041 USD 68.765
Societe Nationa 1.000 5/25/2040 EUR 74.355
GTLK Europe Cap 4.800 2/26/2028 USD 16.000
Holcim Finance 0.500 4/23/2031 EUR 75.124
Credit Bank of 5.550 2/14/2023 USD 21.500
RWE AG 1.000 11/26/2033 EUR 73.304
EnBW Internatio 0.500 03/01/2033 EUR 70.947
Suek Securities 3.375 9/15/2026 USD 10.050
Cie Generale de 0.250 11/02/2032 EUR 74.996
Realkredit Danm 1.000 10/01/2053 DKK 72.571
Slovenia Govern 0.688 03/03/2081 EUR 38.342
Biocartis Group 4.000 05/09/2024 EUR 71.451
Evraz PLC 5.250 04/02/2024 USD 58.020
Republic of Bel 6.200 2/28/2030 USD 13.667
Rickmers Holdin 8.875 06/11/2018 EUR 0.833
Global Ports Fi 6.500 9/22/2023 USD 11.050
GTLK Europe Cap 5.950 4/17/2025 USD 15.000
Hannover Rueck 1.375 6/30/2042 EUR 75.100
Fresenius SE & 1.125 1/28/2033 EUR 74.688
Altice France H 4.000 2/15/2028 EUR 70.232
TenneT Holding 0.125 11/30/2032 EUR 73.947
GTLK Europe Cap 4.349 2/27/2029 USD 14.988
JAB Holdings BV 2.250 12/19/2039 EUR 65.876
Credit Suisse G 4.500 USD 69.500
European Financ 0.700 1/17/2053 EUR 62.643
Hera SpA 1.000 4/25/2034 EUR 69.751
Unibail-Rodamco 1.375 12/04/2031 EUR 73.511
Portugal Obriga 1.150 04/11/2042 EUR 73.260
ABH Financial L 2.700 06/11/2023 EUR 5.587
Mallinckrodt In 4.750 4/15/2023 USD 41.500
Royalty Pharma 3.300 09/02/2040 USD 73.629
Andorra Interna 1.700 10/13/2041 EUR 69.746
HOWOGE Wohnungs 1.125 11/01/2033 EUR 75.904
VEON Holdings B 3.375 11/25/2027 USD 52.552
Finland Governm 0.125 4/15/2052 EUR 55.090
Upjohn Finance 1.908 6/23/2032 EUR 74.894
GTLK Europe Cap 4.949 2/18/2026 USD 16.000
GTLK Europe Cap 4.650 03/10/2027 USD 13.000
Neoen SA 2.000 06/02/2025 EUR 49.782
Credit Agricole 1.500 10/06/2031 EUR 75.730
Mutuelle Assura 2.125 6/21/2052 EUR 75.832
City of Kyiv Vi 7.500 12/15/2022 USD 36.382
Ukreximbank Via 9.950 11/14/2029 USD 39.990
La Poste SA 0.625 1/18/2036 EUR 66.961
BP Capital Mark 1.467 9/21/2041 EUR 65.665
Imerys SA 1.000 7/15/2031 EUR 72.674
Bank Gospodarst 2.375 11/27/2040 PLN 46.926
ABH Financial L 2.875 11/09/2022 CHF 3.500
Unibail-Rodamco 1.750 07/01/2049 EUR 50.977
Storebrand Livs 1.875 9/30/2051 EUR 75.598
Bayer AG 1.000 01/12/2036 EUR 68.113
Sovcombank Via 7.600 USD 4.700
Euroclear Inves 1.375 6/16/2051 EUR 73.208
Ukraine Railway 7.875 7/15/2026 USD 29.935
Enel Finance In 2.875 07/12/2041 USD 67.752
Altice France H 6.000 2/15/2028 USD 72.171
Deutsche Bahn F 1.125 5/29/2051 EUR 61.075
Adecco Internat 0.500 9/21/2031 EUR 75.278
Norddeutsche La 7.490 EUR 61.023
Republic of Arm 3.600 02/02/2031 USD 70.662
Wendel SE 1.000 06/01/2031 EUR 70.932
Digital Dutch F 1.250 02/01/2031 EUR 75.481
EnfraGen Energi 5.375 12/30/2030 USD 68.966
Credit Agricole 2.811 01/11/2041 USD 69.783
Vonovia Finance 1.000 1/28/2041 EUR 54.778
Global Fashion 1.250 3/15/2028 EUR 69.193
Becton Dickinso 1.213 02/12/2036 EUR 70.746
DNB Bank ASA 1.848 USD 67.967
Agence Francais 0.375 5/25/2036 EUR 74.750
PB Internationa 7.625 12/31/2025 USD 42.039
Jyske Realkredi 1.000 10/01/2050 DKK 73.801
Novolipetsk Ste 4.500 6/15/2023 USD 38.250
A2A SpA 0.625 7/15/2031 EUR 74.588
City of Bern Sw 0.040 10/02/2070 CHF 36.028
Merlin Properti 1.875 12/04/2034 EUR 72.264
Russian Railway 4.375 03/01/2024 USD 20.091
Prosus NV 1.985 7/13/2033 EUR 68.307
Nexity SA 0.250 03/02/2025 EUR 60.165
Thermo Fisher S 1.625 10/18/2041 EUR 71.269
Intelsat Jackso 8.500 10/15/2024 USD 42.125
National Grid E 0.872 11/26/2040 EUR 58.314
Heimstaden Bost 0.750 09/06/2029 EUR 72.301
Novolipetsk Ste 4.000 9/21/2024 USD 37.750
Pierre Et Vacan 2.000 04/01/2023 EUR 27.063
Hungary Governm 4.500 5/27/2032 HUF 76.637
Czech Republic 1.950 7/30/2037 CZK 67.324
Orange SA 1.375 09/04/2049 EUR 66.859
National Grid P 0.750 09/01/2033 EUR 72.468
Lithuania Gover 0.750 7/15/2051 EUR 64.638
Nordea Kredit R 1.000 10/01/2050 DKK 73.852
Sibur Securitie 3.450 9/23/2024 USD 28.200
BNP Paribas SA 2.824 1/26/2041 USD 68.587
Bank Gospodarst 1.750 03/12/2028 PLN 72.540
Thomas Cook Gro 6.250 6/15/2022 EUR 0.432
Republic of Aus 0.250 10/20/2036 EUR 76.100
Bank Gospodarst 1.875 4/27/2027 PLN 76.063
Russian Agricul 8.500 10/16/2023 USD 9.659
Unibail-Rodamco 1.375 5/25/2033 EUR 70.076
Lukoil Capital 3.600 10/26/2031 USD 52.375
Linde PLC 1.000 9/30/2051 EUR 54.563
Intelsat Jackso 9.750 7/15/2025 USD 42.125
TenneT Holding 0.875 6/16/2035 EUR 73.666
Smurfit Kappa T 1.000 9/22/2033 EUR 72.686
Wellcome Trust 2.517 02/07/2118 GBP 71.753
Rusal Capital D 4.850 02/01/2023 USD 40.523
SCF Capital Des 5.375 6/16/2023 USD 20.000
Lukoil Capital 2.800 4/26/2027 USD 55.063
Shell Internati 1.750 09/10/2052 GBP 58.274
Sibur Securitie 2.950 07/08/2025 USD 35.000
Enel Finance In 1.125 10/17/2034 EUR 73.004
Engie SA 1.000 10/26/2036 EUR 67.686
Alfa Bank AO Vi 6.950 USD 11.533
Vnesheconombank 6.025 07/05/2022 USD 5.000
Vienna Insuranc 1.000 3/26/2036 EUR 71.569
Russian Foreign 5.100 3/28/2035 USD 18.687
Investor AB 1.500 6/20/2039 EUR 73.956
DH Europe Finan 1.350 9/18/2039 EUR 69.093
Deutsche Bahn F 0.875 6/23/2039 EUR 69.128
UBS Group AG 0.625 2/24/2033 EUR 73.059
Holcim Finance 0.625 1/19/2033 EUR 70.895
State of North 0.200 1/27/2051 EUR 55.318
Aedifica SA 0.750 09/09/2031 EUR 70.910
National Grid E 0.823 07/07/2032 EUR 76.395
Traton Finance 1.250 3/24/2033 EUR 72.616
State of North 1.375 1/15/2120 EUR 53.519
Nykredit Realkr 0.500 10/01/2050 DKK 74.180
VTB Bank OJSC V 4.073 10/24/2024 CHF 4.944
Nordea Kredit R 1.000 10/01/2053 DKK 72.615
CM.com NV 2.000 09/09/2026 EUR 72.056
Regiao Autonoma 1.141 12/04/2034 EUR 76.797
Hera SpA 0.250 12/03/2030 EUR 74.552
Rallye SA 5.250 2/28/2032 EUR 13.604
Saderea DAC 12.500 11/30/2026 USD 73.455
HOCHDORF Holdin 2.500 CHF 47.926
Russian Railway 1.195 04/03/2028 CHF 6.347
Paragon GmbH & 4.000 4/23/2023 CHF 54.100
Verbund AG 0.900 04/01/2041 EUR 71.170
Fresenius Finan 0.875 10/01/2031 EUR 75.639
Karlou BV 7.750 6/18/2024 USD 14.399
Hungary Governm 2.250 6/22/2034 HUF 56.902
Cyprus Governme 1.250 1/21/2040 EUR 68.131
DH Europe Finan 1.800 9/18/2049 EUR 65.512
VEON Holdings B 4.000 04/09/2025 USD 67.788
Medtronic Globa 1.375 10/15/2040 EUR 69.999
Uralkali OJSC V 4.000 10/22/2024 USD 22.000
Bank Gospodarst 0.500 07/08/2031 EUR 75.639
Berkeley Group 2.500 08/11/2031 GBP 75.570
Intelsat Jackso 5.500 08/01/2023 USD 42.125
EA Partners II 6.750 06/01/2021 USD 0.390
Societe General 3.625 03/01/2041 USD 68.203
BNG Bank NV 1.550 2/19/2032 AUD 74.496
CTP NV 1.250 6/21/2029 EUR 70.748
Iren SpA 0.250 1/17/2031 EUR 73.340
ABN AMRO Bank N 1.250 1/20/2034 EUR 75.805
Realkredit Danm 1.000 10/01/2053 DKK 66.805
Lukoil Securiti 3.875 05/06/2030 USD 52.137
Digital Intrepi 1.375 7/18/2032 EUR 72.042
TMK OAO Via TMK 4.300 02/12/2027 USD 8.500
Euronext NV 1.500 5/17/2041 EUR 67.192
Rallye SA 3.400 2/28/2032 EUR 13.830
BPCE SA 3.582 10/19/2042 USD 74.466
Siemens Financi 0.500 09/05/2034 EUR 73.848
Orange SA 0.750 6/29/2034 EUR 74.316
NIBC Bank NV 1.315 EUR 72.157
BNP Paribas SA 2.000 9/13/2036 GBP 72.135
Becton Dickinso 1.336 8/13/2041 EUR 62.867
DOF Subsea AS 9.500 9/30/2022 USD 60.241
EQT AB 0.875 5/14/2031 EUR 73.305
BAE Systems PLC 3.000 9/15/2050 USD 69.850
Vonovia SE 1.500 6/14/2041 EUR 60.769
Sovcombank Via 8.000 04/07/2030 USD 4.544
Travelex Financ 8.000 5/15/2022 EUR 0.458
Alfa Bank AO Vi 5.900 USD 7.949
Credit Bank of 7.121 6/25/2024 USD 21.063
Nykredit Realkr 0.500 10/01/2053 DKK 72.343
Vonovia SE 0.625 3/24/2031 EUR 74.418
Sovcombank Via 3.400 1/26/2025 USD 5.199
Sovcombank Via 7.750 USD 3.657
Landesbank Bade 0.375 2/21/2031 EUR 75.258
Immigon Portfol 6.569 EUR 10.690
Russian Foreign 4.375 3/21/2029 USD 18.989
BAT Internation 2.000 3/13/2045 EUR 56.764
Glencore Capita 1.250 03/01/2033 EUR 73.008
Turkey Governme 8.000 03/12/2025 TRY 71.400
Nexity SA 0.875 4/19/2028 EUR 46.128
Gecina SA 0.875 1/25/2033 EUR 75.841
Allianz Finance 0.500 11/22/2033 EUR 76.031
Aggregate Holdi 5.500 5/17/2024 EUR 31.640
Metalloinvest F 3.375 10/22/2028 USD 18.000
FEL Energy VI S 5.750 12/01/2040 USD 73.131
Romania Governm 4.150 10/24/2030 RON 73.270
EWE AG 0.375 10/22/2032 EUR 72.456
Hellenic Bank P 10.000 EUR 54.875
Jyske Realkredi 1.000 10/01/2053 DKK 72.631
UPM-Kymmene Oyj 0.500 3/22/2031 EUR 75.897
Alfa Bank AO Vi 5.500 10/26/2031 USD 7.546
WPC Eurobond BV 0.950 06/01/2030 EUR 74.052
ALROSA Finance 4.650 04/09/2024 USD 10.750
ABN AMRO Bank N 0.625 1/24/2037 EUR 76.241
Sagax Euro Mtn 1.000 5/17/2029 EUR 74.031
Wellcome Trust 1.500 7/14/2071 GBP 56.628
A2A SpA 0.625 10/28/2032 EUR 72.135
Orpea SA 2.564 11/30/2027 EUR 68.848
Deutsche Bahn F 1.375 4/16/2040 EUR 74.037
Vodafone Group 3.000 08/12/2056 GBP 72.052
Segro Capital S 0.500 9/22/2031 EUR 75.869
Medtronic Globa 1.750 07/02/2049 EUR 67.613
Heineken NV 1.750 05/07/2040 EUR 72.621
Hungary Governm 2.125 9/22/2031 USD 77.490
Medtronic Globa 1.500 07/02/2039 EUR 73.510
Credit Agricole 0.750 1/20/2042 EUR 67.694
Agence Francais 0.375 5/25/2036 EUR 75.157
Banco Espirito 7.125 11/28/2023 EUR 0.181
O1 Properties F 0.500 9/27/2028 USD 6.040
Vonovia Finance 1.625 10/07/2039 EUR 62.335
Russian Foreign 4.875 9/16/2023 USD 26.769
Ukraine Governm 9.790 5/26/2027 UAH 81.145
Orpea SA 2.750 06/03/2033 EUR 60.963
ABN AMRO Bank N 1.000 06/02/2033 EUR 75.456
Sibur Securitie 4.125 10/05/2023 USD 31.067
Intu Debenture 5.562 12/31/2027 GBP 41.333
Credit Agricole 2.811 01/11/2041 USD 69.362
Societe Du Gran 0.300 09/02/2036 EUR 73.818
Societe General 4.027 1/21/2043 USD 70.987
Cadent Finance 0.750 03/11/2032 EUR 74.202
UBS Group AG 4.375 USD 74.800
Logicor Financi 0.875 1/14/2031 EUR 71.231
Societe Nationa 1.000 1/19/2061 EUR 51.938
Nederlandse Wat 0.500 4/26/2051 EUR 62.777
Logicor Financi 2.000 1/17/2034 EUR 72.074
JDE Peet's NV 1.125 6/16/2033 EUR 72.677
Medtronic Globa 1.625 10/15/2050 EUR 64.860
Nestle Finance 0.875 6/14/2041 EUR 65.512
Russian Foreign 5.250 6/23/2047 USD 17.800
Simon Internati 1.125 3/19/2033 EUR 75.009
DOF Subsea AS 9.230 11/27/2023 NOK 70.000
Terega SA 0.875 9/17/2030 EUR 74.947
DNB Bank ASA 0.954 USD 67.881
Eurogrid GmbH 0.741 4/21/2033 EUR 74.352
Orpea SA 2.568 12/22/2022 EUR 73.700
European Financ 0.050 1/18/2052 EUR 49.878
Vnesheconombank 6.800 11/22/2025 USD 5.000
Hacienda Invest 5.075 2/15/2023 USD 12.178
University Coll 1.625 06/04/2061 GBP 65.157
Nykredit Realkr 0.500 10/01/2050 DKK 73.087
BP Capital Mark 0.933 12/04/2040 EUR 60.378
Novafives SAS 4.500 6/15/2025 EUR 67.533
Gazprom PJSC Vi 4.950 7/19/2022 USD 72.000
Motability Oper 1.500 1/20/2041 GBP 70.072
EA Partners I B 6.875 9/28/2020 USD 0.500
Croatia Governm 1.250 03/03/2040 EUR 65.766
Havila Shipping 5.920 01/02/2025 NOK 37.606
Nestle Finance 0.375 12/03/2040 EUR 60.028
Cyprus Governme 2.250 4/16/2050 EUR 74.674
GOL Equity Fina 3.750 7/15/2024 USD 73.776
PJSC Koks via I 5.900 9/23/2025 USD 7.550
Rusal Capital D 5.300 05/03/2023 USD 30.000
Anchor Hanover 2.000 7/21/2051 GBP 66.453
BNP Paribas SA 1.575 USD 73.918
adidas AG 0.625 09/10/2035 EUR 72.621
Digital Dutch F 1.000 1/15/2032 EUR 71.651
Cooperatieve Ra 0.750 6/21/2039 EUR 74.849
LEG Immobilien 1.000 11/19/2032 EUR 69.474
Sigma Holdco BV 7.875 5/15/2026 USD 62.953
Orpea SA 3.000 11/25/2041 EUR 40.783
BPCE SFH SA 0.010 1/29/2036 EUR 70.729
Gecina SA 0.875 6/30/2036 EUR 67.842
JAB Holdings BV 3.750 5/28/2051 USD 69.646
Allied Irish Ba 12.500 6/25/2035 GBP 54.775
Koninklijke Luc 0.750 CHF 20.750
Idavang A/S 7.250 11/11/2025 EUR 65.953
nextbike GmbH 6.000 3/31/2025 EUR 65.000
Lukoil Internat 4.563 4/24/2023 USD 68.719
Polyus Finance 4.700 1/29/2024 USD 26.962
DXC Capital Fun 0.950 9/15/2031 EUR 75.688
Shell Internati 0.875 11/08/2039 EUR 65.477
Unibail-Rodamco 1.750 2/27/2034 EUR 71.370
Vonovia SE 1.000 6/16/2033 EUR 70.374
Unibail-Rodamco 0.875 3/29/2032 EUR 68.947
Havila Shipping 5.170 01/02/2025 NOK 30.000
Italgas SpA 0.500 2/16/2033 EUR 70.570
Chelyabinsk Pip 4.500 9/19/2024 USD 10.477
Veragold Mining 5.000 12/31/2022 EUR 59.000
Deutsche Bahn F 0.100 1/28/2036 CHF 74.336
Nykredit Realkr 1.000 10/01/2053 DKK 66.792
Telefonica Emis 1.864 7/13/2040 EUR 74.766
FF Group Financ 1.750 07/03/2019 EUR 4.974
Altarea SCA 1.750 1/16/2030 EUR 72.054
UNEDIC ASSEO 0.100 5/25/2034 EUR 76.360
Imperial Brands 1.750 3/18/2033 EUR 73.522
Romania Governm 4.250 4/28/2036 RON 63.479
Europejskie Cen 11.370 4/14/2023 PLN 49.000
ICADE 0.625 1/18/2031 EUR 74.152
DNB Bank ASA 0.929 USD 67.864
Cie Generale de 0.625 11/02/2040 EUR 60.188
PIK Securities 5.625 11/19/2026 USD 8.000
Finland Governm 0.250 9/15/2040 EUR 70.364
Pentracor GmbH 8.500 5/29/2025 EUR 14.900
TenneT Holding 1.125 06/09/2041 EUR 66.856
Snam SpA 1.000 09/12/2034 EUR 70.321
Celtic Resource 4.125 10/09/2024 USD 8.000
LEG Immobilien 0.750 6/30/2031 EUR 73.559
Gazprom PJSC vi 3.250 2/25/2030 USD 27.902
Russian Foreign 4.750 5/27/2026 USD 17.866
MMK Internation 4.375 6/13/2024 USD 26.257
Pfandbriefbank 0.250 08/04/2038 CHF 73.898
Clarion Funding 1.875 09/07/2051 GBP 62.761
SRV Group Oyj 6.875 3/23/2025 EUR 53.148
Amprion GmbH 0.625 9/23/2033 EUR 70.881
Pfandbriefzentr 0.200 5/22/2042 CHF 68.181
Platform HG Fin 1.625 08/10/2055 GBP 58.834
Rallye SA 3.250 2/28/2032 CHF 14.500
Allianz SE 3.200 USD 79.745
Deutsche Wohnen 1.300 04/07/2041 EUR 56.727
Orpea SA 2.300 03/06/2025 EUR 70.000
de Volksbank NV 0.375 9/16/2041 EUR 67.370
Ukraine Governm 11.670 11/22/2023 UAH 77.468
Republic of Cro 1.000 11/27/2034 HRK 73.786
Richemont Inter 1.625 5/26/2040 EUR 74.829
FF Group Financ 3.250 11/02/2021 CHF 5.489
Volkswagen Inte 1.500 1/21/2041 EUR 62.978
Enel Finance In 2.875 07/12/2041 USD 67.902
EYEMAXX Real Es 5.500 4/26/2023 EUR 1.908
Russian Foreign 4.250 6/23/2027 USD 18.075
Landesbank Hess 0.500 1/19/2037 EUR 75.406
TenneT Holding 0.500 11/30/2040 EUR 59.396
Ukraine Governm 7.750 09/01/2022 USD 60.000
OGX Austria Gmb 8.500 06/01/2018 USD 0.008
ABN AMRO Bank N 0.400 9/17/2041 EUR 67.342
Unibail-Rodamco 2.250 5/14/2038 EUR 66.663
Air Berlin PLC 8.250 4/19/2018 EUR 0.450
Orpea SA 2.000 08/09/2029 EUR 55.496
Caisse Francais 0.125 2/15/2036 EUR 72.131
Nykredit Realkr 1.500 10/01/2053 DKK 73.876
SRV Group Oyj 4.875 3/27/2025 EUR 53.125
TenneT Holding 1.500 06/03/2039 EUR 74.001
CNP Assurances 1.875 10/12/2053 EUR 74.118
Sveriges Sakers 0.750 06/09/2032 SEK 75.118
Metropolitano d 1.229 7/30/2036 EUR 76.285
Land Berlin 0.625 1/26/2052 EUR 63.720
Gazprom PJSC vi 3.500 7/14/2031 USD 28.947
ALROSA Finance 3.100 6/25/2027 USD 10.132
Engie SA 1.250 10/24/2041 EUR 61.808
Officine Maccaf 5.750 06/01/2021 EUR 16.600
UNEDIC ASSEO 0.500 5/25/2036 EUR 76.599
Hellenic Republ 2.085 7/25/2057 EUR 35.601
Hyde Housing As 1.750 8/18/2055 GBP 59.745
Diebold Nixdorf 9.000 7/15/2025 EUR 73.250
Annington Fundi 2.924 10/06/2051 GBP 70.258
Gazprom PJSC Vi 4.950 02/06/2028 USD 34.120
Rallye SA 4.000 2/28/2032 CHF 13.150
Russian Foreign 12.750 6/24/2028 USD 25.296
Credit Agricole 0.125 3/15/2033 EUR 75.510
Tinkoff Bank JS 6.000 USD 11.929
NPC Ukrenergo 6.875 11/09/2026 USD 29.669
Senvion Holding 3.875 10/25/2022 EUR 0.256
Ziton A/S 7.900 10/03/2022 EUR 69.687
Muenchener Hypo 0.010 10/19/2039 EUR 64.811
Kommunekredit 0.125 9/26/2040 EUR 65.542
Ukreximbank Via 9.750 1/22/2025 USD 52.222
Deutsche Lichtm 5.250 09/01/2025 EUR 3.850
Nykredit Realkr 0.500 10/01/2053 DKK 71.088
Flagship Financ 1.875 7/14/2061 GBP 61.119
Banca Popolare 9.500 9/29/2025 EUR 0.127
Luzerner Kanton 0.150 10/07/2044 CHF 62.916
Cooperatieve Ra 1.000 1/19/2034 EUR 76.109
TI Automotive F 3.750 4/15/2029 EUR 70.815
Severn Trent Ut 2.000 06/02/2040 GBP 73.634
Accentro Real E 4.125 3/23/2026 EUR 63.333
Engie SA 1.375 6/21/2039 EUR 66.590
DSV Finance BV 0.875 9/17/2036 EUR 69.357
Prosus NV 4.027 08/03/2050 USD 64.720
Saltaire Financ 1.527 11/23/2051 GBP 69.795
Phosagro OAO Vi 2.600 9/16/2028 USD 23.000
M Objekt Real E 6.000 7/22/2024 EUR 68.566
United Kingdom 1.250 7/31/2051 GBP 73.467
OGX Austria Gmb 8.375 04/01/2022 USD 0.032
Air Liquide Fin 0.375 9/20/2033 EUR 76.512
Realkredit Danm 0.500 10/01/2053 DKK 72.343
Phosagro OAO Vi 3.050 1/23/2025 USD 27.500
Intesa Sanpaolo 2.625 03/11/2036 GBP 70.757
Andrade Gutierr 9.500 12/30/2024 USD 51.192
Eni SpA 1.000 10/11/2034 EUR 75.136
Nordea Kredit R 1.500 10/01/2053 DKK 74.049
CK Hutchison Gr 2.625 10/17/2034 GBP 75.486
Gazprom PJSC Vi 7.288 8/16/2037 USD 32.724
Nederlandse Wat 0.375 9/28/2046 EUR 64.207
Orpea SA 2.770 12/18/2028 EUR 68.526
Deutsche Bahn F 0.750 7/16/2035 EUR 74.916
Republic of Pol 1.750 4/25/2032 PLN 63.507
Cooperatieve Ra 0.625 2/25/2033 EUR 75.034
Autonomous Regi 1.095 9/27/2036 EUR 76.205
Kommunekredit 0.625 11/21/2039 EUR 73.916
Herens Midco Sa 5.250 5/15/2029 EUR 67.042
Communaute Fran 2.300 4/25/2089 EUR 81.426
Dexia Credit Lo 1.327 EUR 2.621
Erste Group Ban 0.500 01/12/2037 EUR 74.376
Realkredit Danm 0.500 10/01/2050 DKK 74.196
Unibail-Rodamco 2.000 5/29/2037 EUR 67.306
Genfit 3.500 10/16/2025 EUR 24.161
Privatbank CJSC 10.250 1/23/2018 USD 3.839
BP Capital Mark 1.104 11/15/2034 EUR 73.881
Lehman Brothers 5.125 EUR 17.127
Claranova SE 5.000 07/01/2023 EUR 1.130
Land Berlin 0.350 09/09/2050 EUR 59.101
Russian Foreign 5.875 9/16/2043 USD 24.755
Fuerstenberg Ca 1.020 EUR 58.066
Prosus NV 3.832 02/08/2051 USD 62.925
Thomas Cook Fin 3.875 7/15/2023 EUR 0.868
MHP Lux SA 6.250 9/19/2029 USD 53.138
Realkredit Danm 1.500 10/01/2053 DKK 73.996
Beyond Housing 2.125 5/17/2051 GBP 69.543
Aeroports de Pa 2.125 10/11/2038 EUR 75.412
TotalEnergies C 1.618 5/18/2040 EUR 74.042
National Grid G 1.125 1/14/2033 GBP 72.626
Cooperatieve Ra 0.010 11/27/2040 EUR 62.689
RTE Reseau de T 1.125 07/08/2040 EUR 68.291
Prosus NV 4.987 1/19/2052 USD 73.937
Severstal OAO V 3.150 9/16/2024 USD 10.000
Nostrum Oil & G 8.000 7/25/2022 USD 23.379
Zurich Finance 1.625 6/17/2039 EUR 74.447
Societe Du Gran 0.700 10/15/2060 EUR 49.862
Serbia Internat 2.125 12/01/2030 USD 74.083
Lehman Brothers 5.750 EUR 7.000
Lukoil Internat 4.750 11/02/2026 USD 60.457
Standard Charte 4.300 USD 74.600
Jain Internatio 7.125 3/31/2026 USD 27.547
Deutsche Wohnen 0.500 04/07/2031 EUR 73.277
Verimatrix SA 6.000 6/29/2022 EUR 3.692
EXOR NV 1.750 10/14/2034 EUR 75.422
Sberbank of Rus 5.125 10/29/2022 USD 9.981
United Utilitie 1.750 02/10/2038 GBP 74.720
Ukraine Governm 7.750 09/01/2025 USD 28.665
UK Municipal Bo 1.625 8/26/2060 GBP 64.298
Gazprom PJSC vi 4.599 USD 16.000
EYEMAXX Real Es 5.500 9/24/2024 EUR 2.876
Flughafen Zuric 0.200 2/26/2035 CHF 73.857
Guinness Partne 2.000 4/22/2055 GBP 66.356
Interpipe Holdi 8.375 5/13/2026 USD 44.000
Societe Du Gran 1.000 11/26/2051 EUR 64.322
Nordiska Kredit 8.816 SEK 71.377
WD Invest Sarl 1.900 10/02/2024 EUR 11.232
Gazprom PJSC Vi 4.950 3/23/2027 USD 29.172
European Financ 0.700 1/20/2050 EUR 65.231
Mitsubishi UFJ 3.802 12/30/2099 EUR 3.650
Ministeries Van 1.000 1/23/2051 EUR 65.705
Societe Nationa 0.875 2/28/2051 EUR 58.826
MHP SE 7.750 05/10/2024 USD 54.188
VF Ukraine PAT 6.200 02/11/2025 USD 67.120
Kommunekredit 0.010 05/04/2034 EUR 75.605
Hamon & CIE SA 3.300 1/31/2035 EUR 46.000
Gazprom PJSC Vi 8.625 4/28/2034 USD 38.600
Debenhams PLC 5.250 7/15/2021 GBP 0.500
Basque Governme 1.375 10/31/2070 EUR 50.192
Finland Governm 0.125 4/15/2036 EUR 75.989
Berner Kantonal 0.100 9/30/2039 CHF 66.849
Telenor ASA 0.875 2/14/2035 EUR 75.599
United Utilitie 1.875 06/03/2042 GBP 71.286
Wales & West Ut 1.875 5/28/2041 GBP 69.171
Canton of Ticin 0.400 6/27/2044 CHF 68.746
Onward Homes Lt 2.125 3/25/2053 GBP 68.889
State of North 0.600 06/04/2041 EUR 72.094
Ukraine Governm 7.253 3/15/2033 USD 27.293
Phosagro OAO Vi 3.949 4/24/2023 USD 29.945
Gol Finance SA 7.000 1/31/2025 USD 69.625
NET4GAS sro 2.750 7/17/2025 CZK 70.791
Ukraine Governm 10.950 11/01/2023 UAH 78.093
BPCE SA 3.582 10/19/2042 USD 73.517
LEG Immobilien 1.500 1/17/2034 EUR 71.295
LEG Immobilien 0.875 3/30/2033 EUR 68.279
Jababeka Intern 6.500 10/05/2023 USD 65.930
SABIC Capital I 3.000 9/14/2050 USD 70.530
Land Berlin 0.125 11/24/2045 EUR 59.504
Tresu Investmen 5.000 01/02/2025 EUR 48.790
Nordea Kredit R 0.500 10/01/2050 DKK 74.277
Raiffeisen-Land 0.500 5/27/2041 EUR 68.483
Societe Du Gran 1.000 2/18/2070 EUR 50.999
Niedersachsen I 0.250 7/16/2035 EUR 75.474
Holcim Finance 1.375 10/08/2036 EUR 69.700
DLR Kredit A/S 1.000 10/01/2050 DKK 73.649
State of Saxony 0.500 3/24/2051 EUR 62.213
Prologis Intern 0.750 3/23/2033 EUR 70.485
Jyske Realkredi 0.500 10/01/2050 DKK 74.346
Stichting Afwik 6.250 10/26/2020 EUR 5.375
City of Lausann 0.540 11/06/2062 CHF 51.807
Sanctuary Capit 2.375 4/14/2050 GBP 74.694
State of Rhinel 0.375 03/10/2051 EUR 58.991
City of Lausann 0.680 03/11/2058 CHF 59.628
NRW Bank 0.100 07/09/2035 EUR 74.040
Aster Treasury 1.405 1/27/2036 GBP 74.083
Canton of Genev 0.500 10/31/2056 CHF 58.277
Junta de Castil 1.275 04/07/2049 EUR 64.251
State of Bremen 0.450 2/24/2051 EUR 60.957
DSV Finance BV 0.750 07/05/2033 EUR 74.316
Linde PLC 0.375 9/30/2033 EUR 74.674
Turkey Governme 5.750 05/11/2047 USD 66.147
Stichting Afwik 11.250 EUR 0.622
Severstal OAO V 5.900 10/17/2022 USD 18.000
State of North 0.375 09/02/2050 EUR 59.113
Sovereign Housi 2.375 11/04/2048 GBP 75.805
Autonomous Comm 2.965 09/08/2039 JPY 66.744
Cie de Financem 0.600 10/25/2041 EUR 70.901
Cadent Finance 2.750 9/22/2046 GBP 72.449
Rallye SA 1.000 2/28/2032 EUR 15.715
Gazprom PJSC vi 2.950 1/27/2029 USD 27.126
Polski Koncern 2.875 3/25/2031 PLN 67.486
State of Brande 0.300 10/04/2049 EUR 58.651
LSF9 Balta Issu 3.000 12/31/2030 EUR 57.234
Orpea SA 3.144 12/22/2025 EUR 70.377
Russian Foreign 5.625 04/04/2042 USD 29.096
City of Lausann 0.050 9/28/2054 CHF 47.812
Parnassia Groep 1.200 12/01/2051 EUR 72.626
Caisse Francais 0.500 10/01/2046 EUR 64.059
Development Ban 6.750 05/02/2024 USD 11.000
City of Zurich 0.250 11/24/2051 CHF 60.178
Suek Securities 3.375 9/15/2026 USD 13.738
Yuksel Insaat A 9.500 11/10/2015 USD 0.105
Region Auvergne 0.892 10/21/2041 EUR 74.104
Virgolino de Ol 11.750 02/09/2022 USD 0.500
Jyske Realkredi 0.500 10/01/2050 DKK 73.155
Iberia Lineas A 3.750 5/28/2027 EUR 75.291
Malta Governmen 1.800 8/28/2051 EUR 72.760
AXA Bank Europe 0.250 06/09/2040 EUR 66.764
Ukraine Governm 6.876 5/21/2029 USD 27.066
University of S 2.250 04/11/2057 GBP 72.128
Norwegian Air S 5.450 02/07/2023 SEK 41.264
Evan Group PLC 6.000 7/31/2022 EUR 62.498
Hungary Governm 3.125 9/21/2051 USD 66.319
National Grid E 2.000 4/17/2040 GBP 70.950
Fastighets AB B 1.293 03/03/2031 EUR 59.536
Credit Agricole 1.000 1/17/2045 EUR 69.075
Pfandbriefbank 0.250 10/06/2042 CHF 68.646
RTE Reseau de T 1.125 09/09/2049 EUR 56.986
Region of Piemo 0.093 11/27/2036 EUR 74.354
Luzerner Kanton 0.500 7/26/2041 CHF 72.445
Air Berlin PLC 6.750 05/09/2019 EUR 0.338
EDOB Abwicklung 7.500 04/01/2012 EUR 1.388
Unibail-Rodamco 2.000 4/28/2036 EUR 70.315
Canton of Neuch 0.300 7/19/2039 CHF 70.948
Zurich Finance 1.600 12/17/2052 EUR 73.652
Polski Fundusz 1.375 8/30/2027 PLN 72.948
Elli Finance UK 8.750 6/15/2019 GBP 65.125
Offshore Drilli 8.375 9/20/2020 USD 6.533
Republic of Ire 1.425 9/18/2119 EUR 62.659
ESFIL-Espirito 5.250 06/12/2015 EUR 0.111
Fresnillo PLC 4.250 10/02/2050 USD 73.720
Anadolu Efes Bi 3.375 6/29/2028 USD 69.430
Romanian Govern 3.875 10/29/2035 EUR 75.145
WPP Finance 201 2.875 9/14/2046 GBP 67.627
Landwirtschaftl 0.010 11/26/2040 EUR 64.813
Kraftwerk Eglis 1.695 6/27/2024 CHF 1.010
Transports Publ 0.450 12/29/2056 CHF 54.287
AK BARS Bank Vi 8.000 7/13/2022 USD 25.274
National Grid G 1.625 1/14/2043 GBP 60.602
Gazprom PJSC Vi 5.150 02/11/2026 USD 28.768
CCEP Finance Ir 1.500 05/06/2041 EUR 66.310
Iberdrola Finan 1.000 02/02/2037 EUR 70.248
Metinvest BV 8.500 4/23/2026 USD 59.000
State of North 1.000 10/16/2046 EUR 74.470
City of Lausann 0.600 07/06/2050 CHF 65.012
Pfandbriefbank 0.125 8/17/2040 CHF 69.240
Deutsche Lichtm 5.250 02/01/2027 EUR 4.070
Land Thueringen 0.125 1/13/2051 EUR 54.484
Canton of Neuch 0.100 10/29/2049 CHF 53.646
Region Wallonne 1.050 6/22/2040 EUR 75.273
Platform HG Fin 1.926 9/15/2041 GBP 73.346
Metinvest BV 7.750 10/17/2029 USD 62.000
Republic of Bel 7.625 6/29/2027 USD 13.929
Bourbon Corp 8.305 EUR 0.658
St Galler Kanto 0.100 10/10/2041 CHF 65.920
Barclays Bank P 12.000 9/24/2025 TRY 43.127
CCEP Finance Ir 0.875 05/06/2033 EUR 76.040
Thames Water Ut 2.375 4/22/2040 GBP 74.474
Deutsche Lichtm 5.750 01/01/2023 EUR 5.000
Andrade Gutierr 11.000 8/20/2021 USD 57.174
TotalEnergies C 1.535 5/31/2039 EUR 75.326
Banco Espirito 2.612 EUR 0.349
NAK Naftogaz Uk 7.625 11/08/2026 USD 32.868
State Agency of 6.250 6/24/2028 USD 28.141
Luzerner Kanton 0.400 3/15/2038 CHF 75.233
Sigma Holdco BV 5.750 5/15/2026 EUR 61.740
Polski Fundusz 1.750 06/07/2027 PLN 75.340
Civitas Propert 4.000 11/24/2022 EUR 65.000
Petrobras Globa 4.750 04/02/2038 EUR 69.664
Nederlandse Gas 0.750 10/13/2036 EUR 72.581
Avangardco Inve 10.000 10/29/2018 USD 0.348
de Volksbank NV 0.125 11/19/2040 EUR 64.869
DLR Kredit A/S 0.500 10/01/2053 DKK 72.249
Espirito Santo 6.875 10/21/2019 EUR 0.244
Praktiker AG 5.875 02/10/2016 EUR 0.069
Republic of Bel 6.378 2/24/2031 USD 14.250
Caisse Francais 0.375 2/13/2040 EUR 69.108
NRW Bank 0.500 6/17/2041 EUR 70.764
Banco Espirito 2.432 EUR 0.120
Transcapitalban 10.000 USD 65.360
Credit Mutuel A 0.875 03/11/2033 EUR 74.876
City of Lausann 0.600 11/30/2056 CHF 59.562
Ukraine Governm 15.840 2/26/2025 UAH 65.343
State of Schles 0.200 8/15/2039 EUR 68.656
Samhallsbyggnad 2.750 04/03/2040 EUR 35.533
Sovcombank Via 7.750 USD 3.657
Autonomous Comm 1.850 5/13/2061 EUR 63.831
Hacienda Invest 5.350 02/08/2028 USD 11.000
Novolipetsk Ste 4.700 5/30/2026 USD 35.000
Vier Gas Transp 0.500 09/10/2034 EUR 64.733
Fuerstenberg Ca 1.609 EUR 56.931
BNG Bank NV 0.805 6/28/2049 EUR 69.812
Pfandbriefbank 0.375 6/15/2046 CHF 67.433
Action Logement 0.750 7/19/2041 EUR 71.086
VTB Bank PJSC V 9.500 USD 8.193
Muenchener Hypo 0.010 11/02/2040 EUR 63.409
Veneto Banca Sp 9.878 12/01/2025 EUR 0.237
Hylea Group SA 7.250 12/01/2022 EUR 3.750
Hellas Telecomm 6.054 1/15/2015 USD 0.001
Nordea Kredit R 0.500 10/01/2053 DKK 72.411
Land Thueringen 0.200 09/12/2039 EUR 68.483
Nordea Kredit R 1.000 10/01/2053 DKK 66.784
Severn Trent Ut 0.010 12/16/2055 GBP 77.948
New World Resou 4.000 10/07/2020 EUR 0.234
New World Resou 8.000 04/07/2020 EUR 0.001
Basque Governme 1.000 10/31/2050 EUR 56.548
Region of Ile d 0.610 07/02/2040 EUR 71.358
German Pellets 7.250 11/27/2019 EUR 1.545
Turkey Governme 5.875 6/26/2031 USD 75.849
DLR Kredit A/S 1.000 10/01/2053 DKK 72.616
Bilt Paper BV 10.360 USD 1.704
UkrLandFarming 10.875 3/26/2018 USD 1.358
Societe Du Gran 0.875 05/10/2046 EUR 68.085
Stonewater Fund 1.625 09/10/2036 GBP 76.096
Ukreximbank Via 7.623 02/09/2023 USD 31.848
DZ Bank AG Deut 0.550 4/29/2024 EUR 51.830
Investitionsban 0.050 03/02/2035 EUR 74.747
Manchester Airp 2.875 9/30/2044 GBP 75.767
Free and Hansea 0.200 09/03/2049 EUR 57.035
Land Thueringen 0.375 12/01/2051 EUR 58.680
Kelag-Kaerntner 1.150 4/16/2041 EUR 68.597
Region de Bruxe 1.400 03/11/2054 EUR 68.722
Akademiska Hus 0.650 02/08/2044 CHF 72.248
Virgolino de Ol 10.500 1/28/2018 USD 0.455
Ministeries Van 0.125 10/15/2035 EUR 74.016
Ukraine Governm 9.990 5/22/2024 UAH 65.912
Western Power D 1.625 10/07/2035 GBP 72.837
Kommunekredit 0.500 7/30/2027 TRY 14.417
Malta Governmen 1.500 10/22/2045 EUR 74.730
Aragvi Finance 8.450 4/29/2026 USD 71.000
Russian Foreign 2.875 12/04/2025 EUR 17.509
BAWAG PSK Bank 0.375 3/25/2041 EUR 66.985
State of Saarla 0.050 11/05/2040 EUR 64.925
BPCE SFH SA 0.375 3/18/2041 EUR 67.936
Autonomous Comm 1.515 6/21/2051 EUR 65.977
Societe Central 2.500 5/15/2023 EUR 6.870
Aegon Bank NV 0.375 06/09/2036 EUR 74.375
Credit Bank of 7.500 10/05/2027 USD 20.658
Orbit Capital P 2.000 11/24/2038 GBP 76.400
Kuntarahoitus O 0.050 09/10/2035 EUR 73.893
LiveWest Treasu 2.250 10/10/2043 GBP 77.009
EOS Imaging SA 6.000 5/31/2023 EUR 7.250
Luzerner Kanton 0.250 8/28/2040 CHF 69.909
Borets Finance 6.000 9/17/2026 USD 31.966
Air Berlin PLC 5.625 05/09/2019 CHF 0.479
Caisse Francais 0.625 1/20/2042 EUR 70.433
Region Wallonne 0.500 6/22/2037 EUR 73.248
CRC Breeze Fina 6.110 05/08/2026 EUR 31.448
Wingholding Zrt 3.500 5/20/2030 HUF 73.675
Luzerner Kanton 0.160 12/23/2043 CHF 65.765
KTG Agrar SE 7.125 06/06/2017 EUR 1.746
Cooperatieve Ra 0.500 7/30/2043 MXN 12.089
Metinvest BV 7.750 4/23/2023 USD 66.250
Lehman Brothers 3.875 EUR 17.125
Deutsche Lichtm 5.750 12/01/2023 EUR 9.987
Serbia Internat 2.050 9/23/2036 EUR 60.730
Deutsche Bank A 1.750 10/30/2028 USD 75.230
Lehman Brothers 6.900 USD 3.986
Privatbank CJSC 11.000 02/09/2021 USD 1.000
Pfandbriefzentr 0.020 1/30/2040 CHF 68.478
EYEMAXX Real Es 5.500 7/22/2025 EUR 75.000
Kernel Holding 6.750 10/27/2027 USD 46.682
Covivio 0.875 1/20/2033 EUR 74.682
BNG Bank NV 0.250 11/22/2036 EUR 73.593
BNG Bank NV 0.125 07/09/2035 EUR 74.989
Ukraine Governm 10.000 8/23/2023 UAH 74.941
Cirio Finance L 7.500 11/03/2002 EUR 0.908
Aydem Yenileneb 7.750 02/02/2027 USD 73.302
Northern Powerg 2.250 10/09/2059 GBP 66.871
Northern Powerg 1.875 6/16/2062 GBP 60.055
MHP Lux SA 6.950 04/03/2026 USD 53.259
ABN AMRO Bank N 1.115 03/03/2042 EUR 76.371
DLR Kredit A/S 0.500 10/01/2050 DKK 73.198
French Republic 0.750 5/25/2052 EUR 63.805
European Primar 1.732 11/09/2055 GBP 67.345
Privatbank CJSC 10.875 2/28/2018 USD 3.630
Nationwide Buil 0.485 07/11/2044 CHF 68.438
Banco Espirito 6.875 7/15/2016 EUR 24.500
Rhaetische Bahn 0.050 08/03/2050 CHF 55.331
Standard Profil 6.250 4/30/2026 EUR 62.545
Cellnex Telecom 1.900 7/31/2029 EUR 72.723
BAWAG PSK Bank 0.010 11/19/2035 EUR 70.656
Realkredit Danm 0.500 10/01/2053 DKK 71.104
Land Berlin 0.100 1/18/2041 EUR 65.258
Gazprom PJSC Vi 3.125 11/17/2023 EUR 32.497
LiveWest Treasu 1.875 2/18/2056 GBP 64.103
Alno AG 8.500 5/14/2018 EUR 14.500
Dexia SA 1.342 EUR 3.165
Italy Buoni Pol 2.150 09/01/2052 EUR 70.485
Wrekin Housing 2.500 10/22/2048 GBP 76.416
Canton of Genev 0.050 8/27/2041 CHF 66.680
Nationale-Neder 0.375 03/04/2041 EUR 67.710
Raiffeisenlande 0.200 06/09/2036 EUR 69.220
Ukraine Governm 12.520 5/13/2026 UAH 63.833
Alfa Bank AO Vi 5.950 4/15/2030 USD 8.000
Albania Governm 3.500 11/23/2031 EUR 74.083
Ukraine Governm 7.750 09/01/2026 USD 28.625
Ukraine Governm 9.790 5/26/2027 UAH 81.145
Banque Cantonal 0.100 11/01/2044 CHF 61.105
Ministeries Van 0.875 3/21/2046 EUR 68.062
AXA Home Loan S 0.125 6/25/2035 EUR 73.410
Barclays Bank P 0.500 1/28/2033 MXN 29.453
Region Wallonne 0.650 1/16/2051 EUR 56.465
V-Bank AG 4.000 EUR 61.312
Canton of Neuch 0.350 7/14/2050 CHF 58.960
Canton of Zuric 0.100 6/23/2045 CHF 63.790
Republic of Bel 6.875 2/28/2023 USD 17.036
Kommunekredit 0.500 6/19/2039 DKK 70.109
Romanian Govern 2.750 4/14/2041 EUR 60.220
Raiffeisen Land 0.250 03/04/2036 EUR 73.300
Cirio Holding L 6.250 2/16/2004 EUR 1.691
Societe General 3.920 12/09/2036 AUD 71.085
Banca Popolare 2.821 12/20/2017 EUR 0.362
Vnesheconombank 5.942 11/21/2023 USD 5.684
Sovcombank Via 7.600 USD 4.700
Sberbank of Rus 5.250 5/23/2023 USD 12.472
Agrokor dd 9.875 05/01/2019 EUR 15.000
Spain Governmen 1.000 10/31/2050 EUR 60.711
City of Lausann 0.230 11/01/2060 CHF 46.455
National Grid E 2.000 9/16/2038 GBP 73.039
Achmea Bank NV 0.250 9/29/2036 EUR 72.617
London & Quadra 2.000 10/20/2038 GBP 75.834
Turkey Governme 4.875 4/16/2043 USD 63.155
Nationwide Buil 0.500 05/05/2041 EUR 69.261
State of North 0.750 8/16/2041 EUR 73.937
Bayerische Land 0.380 1/22/2031 EUR 80.266
Ukraine Governm 7.375 9/25/2032 USD 27.110
Polski Fundusz 2.000 03/05/2030 PLN 67.900
Bank Vontobel A 15.000 11/07/2022 EUR 43.200
Kairos Global S 1.900 07/03/2035 USD 72.677
Paradigm Homes 2.250 5/20/2051 GBP 72.425
Romanian Govern 4.000 2/14/2051 USD 67.151
Romania Governm 3.650 9/24/2031 RON 68.184
Cellnex Finance 3.875 07/07/2041 USD 68.933
Prosus NV 2.778 1/19/2034 EUR 71.912
State of Brande 0.600 10/13/2051 EUR 63.585
Republic of Bel 5.875 2/24/2026 USD 14.000
Peine GmbH 2.000 07/05/2023 EUR 44.500
Pfandbriefbank 0.250 4/25/2042 CHF 69.256
Deutsche Bahn F 3.350 1/20/2042 AUD 75.516
Ukraine Governm 7.750 09/01/2023 USD 35.000
Alpine Holding 5.250 07/01/2015 EUR 3.084
Sairgroup Finan 4.375 06/08/2006 EUR 1.583
LEG Immobilien 1.625 11/28/2034 EUR 69.235
Republic of Bel 6.200 2/28/2030 USD 13.833
Swissgrid AG 0.050 6/30/2050 CHF 49.284
Alitalia-Societ 5.250 7/30/2020 EUR 0.100
Tennor Finance 5.750 6/17/2024 EUR 75.000
Jaguar Land Rov 4.500 7/15/2028 EUR 73.119
Bank Nadra Via 8.250 7/31/2018 USD 0.208
SNCF Reseau 2.581 10/30/2047 SEK 76.901
Region Wallonne 1.250 6/22/2071 EUR 57.068
DLR Kredit A/S 0.500 10/01/2050 DKK 74.216
Wessex Water Se 1.250 01/12/2036 GBP 69.959
VPV Lebensversi 3.597 8/17/2026 EUR 66.134
Malta Governmen 1.200 5/13/2037 EUR 76.890
Kardan NV 6.325 2/21/2021 ILS 17.010
Bank Julius Bae 13.250 01/05/2023 USD 42.750
Eurotorg LLC Vi 9.000 10/22/2025 USD 31.250
Romanian Govern 2.000 1/28/2032 EUR 69.189
Canton of Genev 0.600 07/04/2046 CHF 70.487
Joh Friedrich B 6.250 6/18/2024 EUR 31.501
Hema Bondco II 8.500 1/15/2023 EUR 0.113
Ile-de-France M 0.200 11/16/2035 EUR 74.071
London & Quadra 2.750 7/20/2057 GBP 76.331
Societe General 1.137 1/26/2037 EUR 71.191
Banco Santander 2.118 EUR 1.563
Sidetur Finance 10.000 4/20/2016 USD 0.770
Raiffeisen Cent 7.250 12/01/2023 EUR 69.770
Hampshire Trust 7.250 05/10/2028 GBP 73.000
Landesbank Bade 0.290 10/18/2030 EUR 75.992
Ukraine Governm 6.750 6/20/2026 EUR 29.308
Ukraine Governm 7.750 09/01/2027 USD 28.412
Nationale-Neder 0.050 11/12/2040 EUR 64.539
Italy Buoni Pol 1.800 03/01/2041 EUR 74.354
LIB-Landesimmob 0.620 7/15/2041 EUR 70.609
Region de Bruxe 1.121 05/11/2071 EUR 54.251
Department of L 0.515 5/25/2040 EUR 67.237
Nykredit Realkr 1.000 10/01/2050 DKK 73.730
State of North 0.500 11/25/2039 EUR 72.451
Muenchener Hypo 0.250 05/02/2036 EUR 73.726
State of Bremen 0.150 9/14/2040 EUR 66.240
Banco de Sabade 3.150 3/30/2037 EUR 65.375
Frigoglass Fina 6.875 02/12/2025 EUR 53.621
Free and Hansea 0.250 2/18/2041 EUR 67.216
Polyus Finance 3.250 10/14/2028 USD 26.696
Grupo Antolin-I 3.500 4/30/2028 EUR 67.508
Ziggo Bond Co B 3.375 2/28/2030 EUR 71.709
Cooperatieve Ra 0.500 10/30/2043 MXN 11.908
Credit Bank of 8.875 USD 12.985
Evraz PLC 5.250 04/02/2024 USD 42.367
Raiffeisenlande 0.375 1/15/2035 EUR 76.311
Ukraine Governm 11.670 11/22/2023 UAH 77.468
Solarworld AG 9.691 2/24/2019 EUR 25.000
Corporate Comme 8.250 08/08/2014 USD 0.308
Romanian Govern 4.625 04/03/2049 EUR 73.139
Orient Express 2.000 USD 19.802
Argenta Spaarba 0.500 10/08/2041 EUR 68.851
Region de Bruxe 0.562 12/23/2065 EUR 42.856
Metinvest BV 5.625 6/17/2025 EUR 57.978
Autobahnen- und 0.100 7/16/2035 EUR 74.689
State of Lower 0.250 4/15/2036 EUR 74.770
Uralkali OJSC V 4.000 10/22/2024 USD 20.007
MMC Norilsk Nic 6.625 10/14/2022 USD 65.000
Jyske Realkredi 0.500 10/01/2053 DKK 71.137
City of Zurich 0.400 11/21/2046 CHF 67.840
Kommunekredit 0.375 02/03/2045 DKK 61.884
Norwegian Air S 6.375 11/15/2024 USD 48.176
Gazprom PJSC vi 3.897 EUR 14.253
Ukraine Governm 11.500 10/25/2023 UAH 75.355
Energizer Gamma 3.500 6/30/2029 EUR 72.695
VON Der Heydt S 1.000 4/30/2031 EUR 70.898
Boparan Finance 7.625 11/30/2025 GBP 70.567
Land Berlin 0.050 08/06/2040 EUR 65.008
Bayerische Land 0.250 3/21/2036 EUR 74.974
Credit Bank of 4.700 1/29/2025 USD 21.000
UniCredit Bank 0.010 1/21/2036 EUR 71.543
Del Monte Finan 6.625 5/24/2006 EUR 1.401
Region Bretagne 0.544 12/07/2036 EUR 75.291
MMC Norilsk Nic 2.550 09/11/2025 USD 51.356
Senivita Social 6.500 05/12/2025 EUR 5.510
Muenchener Hypo 0.250 3/29/2041 CHF 67.922
Vasakronan AB 3.300 1/14/2042 AUD 74.599
OGX Austria Gmb 8.375 04/01/2022 USD 0.032
Sovcombank Via 8.000 04/07/2030 USD 4.544
Ukraine Governm 4.375 1/27/2030 EUR 26.597
MFB Magyar Fejl 2.900 10/22/2031 HUF 64.987
Grand City Prop 2.000 10/25/2032 EUR 72.649
Caisse de Refin 0.250 02/07/2035 EUR 76.030
Kreditanstalt f 1.000 10/19/2050 EUR 66.554
Zorlu Yenileneb 9.000 06/01/2026 USD 72.760
Kantonsspital S 0.300 9/30/2036 CHF 73.738
Nostrum Oil & G 7.000 2/16/2025 USD 24.741
Blend Funding P 2.467 6/16/2061 GBP 69.846
Junta de Castil 1.270 10/31/2044 EUR 69.251
Hungary Governm 3.125 9/21/2051 USD 66.501
Cirio Finanziar 8.000 12/21/2005 EUR 0.372
Region de Bruxe 1.220 6/23/2053 EUR 67.066
UniCredit Bank 0.050 9/21/2035 EUR 72.105
Midland Heart C 1.831 08/12/2050 GBP 65.328
Romanian Govern 3.375 1/28/2050 EUR 61.496
Republic of Ire 0.740 11/27/2120 EUR 36.243
Windreich GmbH 6.500 7/15/2016 EUR 4.475
Virgin Media Se 4.125 8/15/2030 GBP 74.665
Altice France H 4.000 2/15/2028 EUR 70.091
Pfandbriefbank 0.250 5/17/2040 CHF 71.394
Land Baden-Wuer 0.125 11/19/2040 EUR 66.203
Kommunalbanken 3.095 6/28/2028 PLN 78.098
Espirito Santo 9.750 12/19/2025 EUR 0.324
Endo Luxembourg 6.125 04/01/2029 USD 73.696
Alfa Bank AO Vi 5.900 USD 7.949
EVN AG 0.850 10/15/2035 EUR 69.549
Bellis Finco PL 4.000 2/16/2027 GBP 72.352
Region Occitani 0.728 11/16/2037 EUR 74.704
Jain Internatio 7.125 02/01/2022 USD 21.017
Romanian Govern 2.875 4/13/2042 EUR 60.130
Waste Italia Sp 10.500 11/15/2019 EUR 0.550
Pfandbriefzentr 0.050 10/06/2043 CHF 64.014
Alpine Holding 6.000 5/22/2017 EUR 3.084
Romanian Govern 2.625 12/02/2040 EUR 59.801
Norske Skogindu 2.000 12/30/2115 EUR 0.113
Assistance Publ 1.125 4/16/2047 EUR 70.603
Kleopatra Holdi 6.500 09/01/2026 EUR 65.402
Societe General 10.000 4/28/2034 USD 63.000
Phosphorus Hold 10.000 04/01/2019 GBP 1.348
MMC Norilsk Nic 4.100 04/11/2023 USD 56.885
Sovcombank Via 3.400 1/26/2025 USD 5.199
Novatek OAO Via 4.422 12/13/2022 USD 50.000
LBI ehf 6.100 8/25/2011 USD 10.662
Bayerische Land 1.550 2/13/2040 EUR 64.762
BNG Bank NV 10.010 6/17/2025 TRY 41.871
Land Thueringen 0.250 03/05/2040 EUR 68.475
Evraz PLC 5.375 3/20/2023 USD 45.022
Barclays Bank P 1.218 06/03/2036 USD 65.000
Barclays Bank P 1.750 9/29/2032 USD 64.093
Prosus NV 2.031 08/03/2032 EUR 70.612
Deutsche Bank A 1.050 09/01/2031 EUR 72.538
Moby SpA 7.750 2/15/2023 EUR 71.946
Finmek Internat 7.000 12/03/2004 EUR 2.193
Romanian Govern 1.750 7/13/2030 EUR 72.082
Depfa Funding I 2.056 EUR 48.324
Saleza AS 9.000 07/12/2021 EUR 0.203
Department of P 0.664 12/20/2039 EUR 69.878
Ukraine Governm 12.520 5/13/2026 UAH 63.833
Fortum Oyj 3.500 06/03/2043 EUR 73.341
VTB Bank OJSC V 6.950 10/17/2022 USD 5.725
Metinvest BV 7.650 10/01/2027 USD 57.297
La Banque Posta 0.250 02/12/2035 EUR 75.231
Region Wallonne 1.225 09/02/2120 EUR 44.643
CBo Territoria 3.750 07/01/2024 EUR 4.670
Barclays Bank P 1.092 7/28/2031 USD 58.917
State Savings B 7.293 1/19/2024 USD 30.625
Assistance Publ 0.634 8/27/2045 EUR 63.713
Deutsche Bank A 0.687 10/11/2049 EUR 51.157
Hellas Telecomm 8.500 10/15/2013 EUR 0.834
Novolipetsk Ste 1.450 06/02/2026 EUR 33.751
Nobel Bidco BV 3.125 6/15/2028 EUR 69.333
Land Berlin 0.125 06/04/2035 EUR 75.074
HSE Finance Sar 5.625 10/15/2026 EUR 69.583
Ukraine Governm 7.375 9/25/2032 USD 27.138
Region of Venet 0.112 12/07/2046 EUR 70.275
Caisse Francais 0.010 10/19/2035 EUR 71.574
Magyar Export-I 2.500 5/23/2029 HUF 70.790
Pfandbriefbank 0.375 9/23/2043 CHF 69.795
Societe General 1.700 1/19/2031 USD 74.454
Prosus NV 1.985 7/13/2033 EUR 68.483
City of Zurich 0.250 5/26/2039 CHF 73.078
Republic of Arm 3.600 02/02/2031 USD 70.376
Serbia Internat 1.500 6/26/2029 EUR 73.513
Nationale-Neder 0.050 9/24/2035 EUR 72.511
BNP Paribas SA 1.590 2/23/2051 EUR 65.871
Realkredit Danm 0.500 10/01/2050 DKK 73.119
Dana Financing 3.000 7/15/2029 EUR 72.950
Kingdom of Belg 0.459 7/23/2079 EUR 37.357
Steilmann SE 7.000 9/23/2018 EUR 1.429
Ukraine Governm 9.700 12/08/2032 UAH 42.710
KTG Agrar SE 7.250 10/15/2019 EUR 1.746
Nordea Kredit R 0.500 10/01/2050 DKK 73.221
Free State of B 0.010 1/18/2035 EUR 74.802
Gazprom PJSC vi 1.500 2/17/2027 EUR 27.302
Solon SE 1.375 12/06/2012 EUR 0.745
Sihltal Zuerich 0.250 4/30/2036 CHF 71.428
Landeskreditban 0.610 11/17/2050 EUR 63.251
Eurogrid GmbH 0.875 11/20/2040 EUR 61.891
Eurochem Financ 5.500 3/13/2024 USD 39.989
State of Rhinel 0.600 10/24/2046 EUR 65.882
Heimstaden Bost 2.800 05/04/2035 EUR 72.210
Single Platform 0.915 2/15/2043 EUR 64.724
Cie de Financem 0.010 10/29/2035 EUR 71.693
Single Platform 1.220 8/24/2047 EUR 63.427
Banco Santander 1.000 10/01/2033 EUR 73.057
Region of Pays 0.877 10/28/2041 EUR 73.464
Ville de Paris 0.450 10/20/2045 EUR 62.012
Ile-de-France M 0.950 5/28/2041 EUR 74.819
Muenchener Hypo 0.050 8/13/2036 CHF 72.514
Irish Bank Reso 0.566 6/21/2016 EUR 0.566
WEB Windenergie 5.500 04/08/2023 EUR 30.000
State of Brande 0.125 1/26/2046 EUR 59.338
Maxeda DIY Hold 5.875 10/01/2026 EUR 72.625
Ukraine Governm 9.750 11/01/2028 USD 28.271
Czech Republic 1.750 6/23/2032 CZK 74.165
NRW Bank 1.150 9/16/2051 EUR 69.779
Ukraine Governm 15.840 2/26/2025 UAH 65.343
Communaute Fran 0.788 8/30/2049 EUR 58.491
MMC Norilsk Nic 3.375 10/28/2024 USD 51.504
Quintet Private 3.650 11/13/2023 EUR 59.430
MMC Norilsk Nic 2.800 10/27/2026 USD 50.986
Ctec II GmbH 5.250 2/15/2030 EUR 73.597
BOA Offshore AS 0.409 7/17/2047 NOK 5.262
Pfandbriefbank 0.500 1/25/2044 CHF 71.475
Assistance Publ 0.791 8/27/2051 EUR 60.211
State of Lower 1.000 9/15/2121 EUR 47.673
Alfa Bank AO Vi 5.500 10/26/2031 USD 7.546
Region de Bruxe 0.444 3/19/2057 EUR 45.588
Hospices Civils 0.597 11/24/2031 EUR 75.064
Bulgaria Govern 1.375 9/23/2050 EUR 60.716
CB First Invest 8.000 EUR 58.455
Ukraine Governm 8.994 02/01/2024 USD 29.455
Caisse Francais 1.110 9/21/2046 EUR 72.288
Nomura Bank Int 1.130 4/23/2036 EUR 70.731
Communaute Fran 0.626 8/24/2040 EUR 68.688
Cirio Del Monte 7.750 3/14/2005 EUR 0.315
Ideal Standard 6.375 7/30/2026 EUR 63.231
Romanian Govern 3.375 1/28/2050 EUR 61.639
Nordea Kredit R 0.500 10/01/2053 DKK 71.138
Hungary Governm 3.000 10/27/2038 HUF 55.406
Single Platform 0.363 2/15/2041 EUR 57.862
Morhomes PLC 2.508 2/19/2051 GBP 71.255
Norske Skogindu 7.000 12/30/2026 EUR 0.010
Nederlandse Wat 0.125 09/03/2035 EUR 74.373
Landesbank Hess 1.250 8/25/2036 EUR 71.900
DZ Bank AG Deut 11.680 8/26/2022 EUR 35.090
Havenbedrijf Ro 1.100 3/23/2051 EUR 66.712
Pfandbriefbank 0.500 6/22/2040 CHF 75.050
Free State of S 0.400 05/12/2036 EUR 76.359
BPCE SA 1.912 EUR 62.730
Ville de Paris 0.750 11/30/2041 EUR 71.155
Banco Espirito 6.900 6/28/2024 EUR 24.500
Region de Bruxe 1.029 1/14/2048 EUR 66.955
Barclays Bank P 1.139 1/27/2031 USD 60.118
Ville de Paris 0.850 08/04/2051 EUR 62.680
Bank of Vallett 3.750 6/15/2031 EUR 75.117
Hemso Fastighet 2.975 10/25/2038 SEK 76.674
Pescanova SA 8.750 2/17/2019 EUR 0.319
Free and Hansea 0.400 11/23/2051 EUR 59.217
Hungary Governm 1.500 11/17/2050 EUR 56.142
Kingdom of Belg 1.400 6/22/2053 EUR 73.895
HSBC Holdings P 0.950 12/09/2032 EUR 75.552
Kernel Holding 6.500 10/17/2024 USD 48.090
Societe General 10.000 10/01/2036 USD 64.500
UBS Group AG 2.370 2/25/2036 USD 72.238
Jyske Realkredi 1.500 10/01/2053 DKK 74.028
Turkey Governme 6.625 2/17/2045 USD 72.089
Ukraine Governm 10.000 8/23/2023 UAH 74.941
Hungary Governm 3.000 4/25/2041 HUF 52.899
Rio Forte Inves 4.000 7/22/2014 EUR 5.117
Grupo Isolux Co 1.000 12/30/2021 EUR 0.100
Kreditanstalt f 1.115 5/17/2041 EUR 75.581
BPCE SA 2.614 03/04/2036 AUD 67.874
Swissgrid AG 0.125 6/30/2036 CHF 72.037
Portugal Teleco 6.250 7/26/2016 EUR 0.285
Credit Bank of 3.875 9/21/2026 USD 24.000
City of St Gall 0.140 9/16/2044 CHF 64.907
Land Thueringen 0.100 07/09/2035 EUR 74.559
Free and Hansea 0.010 11/05/2035 EUR 72.945
State of Bremen 0.400 8/20/2049 EUR 60.756
Ahtium PLC 9.750 04/04/2017 EUR 0.726
Gazprom PJSC vi 1.850 11/17/2028 EUR 27.690
Deutsche Teleko 3.500 4/15/2041 AUD 66.103
Natixis SA 0.300 6/25/2048 USD 31.675
Decipher Produc 12.500 9/27/2019 USD 1.500
Norddeutsche La 1.100 10/13/2034 EUR 74.953
Vasakronan AB 1.000 6/15/2041 EUR 65.706
Veneto Banca Sp 6.944 5/15/2025 EUR 0.199
LFA Foerderbank 0.050 9/29/2034 EUR 73.938
Mondelez Intern 1.250 09/09/2041 EUR 62.355
State of Brande 0.500 11/21/2039 EUR 72.768
Hemso Fastighet 1.130 10/31/2039 EUR 70.699
Golden Gate AG 6.500 10/11/2014 EUR 31.000
Ahtium PLC 4.000 12/16/2015 EUR 0.586
Basque Governme 2.000 4/30/2059 EUR 70.241
Bromford Housin 2.554 3/17/2054 GBP 78.495
Global Ports Fi 6.500 9/22/2023 USD 11.050
National Grid E 1.151 2/20/2040 EUR 59.813
Sveriges Sakers 1.378 7/13/2046 SEK 63.808
Caisse des Depo 0.398 12/15/2050 EUR 59.975
Ministeries Van 0.634 11/19/2060 EUR 48.427
International F 0.500 6/29/2027 ZAR 64.751
State of Rhinel 0.375 04/01/2041 EUR 69.171
Spain Governmen 1.200 10/31/2040 EUR 75.055
Landesbank Bade 0.500 11/25/2030 EUR 76.940
Barclays Bank P 1.580 04/12/2039 EUR 74.150
Gazprombank JSC 4.500 5/14/2032 USD 59.081
Iceland Bondco 4.375 5/15/2028 GBP 68.156
Kommunekredit 1.336 10/01/2032 AUD 73.168
Banco Santander 0.200 5/13/2031 EUR 76.811
Canton of Genev 0.250 6/15/2040 CHF 71.462
Single Platform 1.548 10/31/2050 EUR 52.587
Veneto Banca Sp 6.411 EUR 0.345
Romanian Govern 2.000 4/14/2033 EUR 65.771
Compact Bidco B 5.750 05/01/2026 EUR 71.283
Assistance Publ 1.183 4/16/2050 EUR 68.929
Deutsche Teleko 3.500 09/06/2039 AUD 67.684
Novolipetsk Ste 4.500 6/15/2023 USD 40.726
JAB Holdings BV 3.750 5/28/2051 USD 70.166
Deutsche Bahn F 3.100 5/20/2041 AUD 74.675
Ukraine Governm 3.700 6/22/2023 USD 54.447
State of Bremen 0.550 02/04/2050 EUR 63.301
Transmission Fi 2.701 10/16/2037 EUR 77.351
Grand City Prop 2.800 2/25/2039 EUR 68.675
Italy Buoni Pol 0.950 03/01/2037 EUR 69.887
French Republic 0.500 5/25/2040 EUR 73.041
Stelius Befekte 3.100 9/17/2030 HUF 66.500
National Grid E 2.920 9/30/2044 AUD 73.990
SNCF Reseau 1.425 8/14/2119 EUR 49.024
Region Wallonne 1.865 05/10/2051 EUR 78.597
Pfandbriefzentr 0.450 02/11/2042 CHF 72.504
Jyske Realkredi 0.500 10/01/2053 DKK 72.356
Single Platform 1.250 8/15/2051 EUR 62.557
Master & Fellow 3.068 4/28/2065 GBP 78.418
Region Auvergne 0.800 5/22/2040 EUR 71.920
Polski Fundusz 1.500 9/30/2027 PLN 73.139
Jyske Realkredi 1.000 10/01/2053 DKK 66.698
Turkey Governme 1.500 10/09/2024 TRY #N/A N/A
Espirito Santo 3.125 12/02/2018 EUR 0.324
Agrokor dd 9.125 02/01/2020 EUR 15.000
Novolipetsk Ste 4.000 9/21/2024 USD 39.411
Societe General 3.310 11/29/2033 AUD 73.371
Emissionszentra 0.100 11/02/2038 CHF 71.664
Land Berlin 0.500 6/19/2047 EUR 66.084
Pescanova SA 5.125 4/20/2017 EUR 0.319
Pfandbriefbank 0.375 07/08/2039 CHF 74.324
Land Berlin 0.150 2/22/2036 EUR 73.815
Muenchener Hypo 0.400 08/11/2031 EUR 76.064
Boparan Finance 7.625 11/30/2025 GBP 72.542
National Grid E 2.500 7/24/2035 AUD 74.130
Vnesheconombank 6.025 07/05/2022 USD 5.000
Elli Finance UK 8.750 6/15/2019 GBP 65.125
Emissionszentra 0.300 11/25/2039 CHF 72.825
Region de Bruxe 0.765 7/15/2052 EUR 57.751
United Kingdom 1.625 10/22/2071 GBP 79.212
Erotik-Abwicklu 7.750 07/09/2019 EUR 0.779
BNP Paribas SA 3.750 06/12/2040 AUD 76.998
Alpine Holding 5.250 06/10/2016 EUR 3.084
German Pellets 7.250 07/09/2018 EUR 1.545
State of Brande 0.050 08/10/2040 EUR 64.972
Credit Agricole 1.550 09/08/2031 AUD 75.242
Takarek Mortgag 1.750 12/22/2026 HUF 73.200
Barclays Bank P 5.000 11/01/2029 BRL 64.084
Region de Bruxe 0.592 12/10/2061 EUR 46.500
Deutsche Bank A 13.750 6/20/2026 TRY 21.942
Hunland Feed Kf 2.880 7/21/2031 HUF 67.200
BNP Paribas SA 0.857 2/22/2036 EUR 68.159
Swisscom AG 0.245 11/20/2034 CHF 76.144
Region Wallonne 1.000 9/16/2059 EUR 55.707
Barclays Bank P 0.475 2/28/2034 USD 55.625
Polski Fundusz 1.375 9/30/2027 PLN 72.620
Centre Hospital 0.490 12/01/2036 EUR 73.114
Landesbank Bade 3.300 11/25/2022 EUR 37.660
Banque Cantonal 22.200 08/02/2022 CHF 59.540
Italy Buoni Pol 1.500 4/30/2045 EUR 66.801
Societe Nationa 1.280 3/27/2120 EUR 43.930
Odea Bank AS 7.625 08/01/2027 USD 64.756
VTB Bank OJSC V 6.250 6/30/2035 USD 21.704
Communaute Fran 1.397 7/18/2059 EUR 69.145
Single Platform 1.390 6/25/2044 EUR 68.135
Air Berlin Fina 8.500 03/06/2019 EUR 0.457
OTP Munkavallal 4.500 7/14/2031 HUF 72.135
Assistance Publ 0.683 3/19/2041 EUR 68.940
Andrade Gutierr 11.000 8/20/2021 USD 57.174
Societe Du Gran 1.149 04/08/2069 EUR 56.584
DLR Kredit A/S 0.500 10/01/2053 DKK 68.659
Single Platform 0.887 9/20/2039 EUR 67.415
BNP Paribas SA 0.500 11/16/2032 MXN 31.321
Nederlandse Wat 1.900 1/31/2035 AUD 70.055
Takarek Mortgag 3.000 10/22/2031 HUF 60.600
Ukraine Governm 9.990 12/10/2031 UAH 44.855
DZ Bank AG Deut 2.000 12/29/2031 EUR 73.760
SG Issuer SA 5.150 01/10/2025 EUR 71.630
Sequa Petroleum 5.000 4/29/2020 USD 30.250
Deutsche Bahn F 1.850 11/23/2043 EUR 76.843
Hemso Fastighet 3.020 9/14/2048 SEK 71.207
Premium Green P 1.000 7/25/2040 EUR 67.370
Belfius Bank SA 0.125 6/19/2034 EUR 75.758
Intelsat Jackso 9.750 7/15/2025 USD 42.125
Intelsat Jackso 8.500 10/15/2024 USD 42.125
State of Brande 0.300 11/17/2045 EUR 62.151
Swissgrid AG 0.200 6/29/2040 CHF 66.193
Ukraine Governm 12.520 5/13/2026 UAH 63.833
Cooperatieve Ra 0.500 10/29/2027 MXN 59.044
Serbia Internat 1.000 9/23/2028 EUR 73.743
Aralco Finance 10.125 05/07/2020 USD 3.010
BAE Systems PLC 3.000 9/15/2050 USD 70.123
Kantonsspital B 0.350 9/30/2036 CHF 73.992
State of Lower 0.815 9/22/2056 EUR 61.797
Credit Bank of 7.625 USD 15.000
DZ Bank AG Deut 1.000 2/13/2042 EUR 73.303
Vilogia SA d'HL 1.500 08/07/2034 EUR 71.659
Comunidad Foral 0.550 10/22/2035 EUR 74.392
Bank Gospodarst 6.000 6/25/2045 PLN 81.226
Sairgroup Finan 6.625 10/06/2010 EUR 1.958
Comunidad Foral 1.450 05/08/2040 EUR 76.155
New World Resou 8.000 04/07/2020 EUR 0.001
Depfa Funding I 6.500 EUR 63.757
Walliser Kanton 0.010 03/12/2035 CHF 74.212
Pfandbriefbank 0.375 1/24/2042 CHF 71.600
Grupo Isolux Co 6.000 12/30/2021 EUR 0.267
Espirito Santo 5.050 11/15/2025 EUR 0.324
A-TEC Industrie 8.750 10/27/2014 EUR 0.100
GN Store Nord A 1.970 03/03/2036 EUR 74.446
Ville de Paris 1.165 06/09/2053 EUR 66.811
State of North 1.850 3/18/2089 EUR 67.165
ESB Finance DAC 2.000 4/17/2044 EUR 72.313
DXC Capital Fun 0.950 9/15/2031 EUR 75.796
O1 Properties F 0.500 9/27/2028 USD 6.040
niiio finance g 4.000 5/31/2026 EUR 42.420
Erste Group Ban 1.230 5/29/2033 EUR 76.564
UniCredit Bank 0.428 11/19/2029 EUR 72.442
Rikshem AB 3.250 5/31/2041 AUD 71.423
CDC Habitat SEM 0.853 2/15/2041 EUR 53.425
Polyus Finance 4.700 1/29/2024 USD 26.962
Cie Generale de 0.350 12/29/2056 CHF 55.170
HOCHTIEF AG 2.300 4/26/2034 EUR 72.467
Societe General 8.600 7/29/2022 USD 33.200
Elecnor SA 3.025 9/30/2035 EUR 76.329
Cattles Ltd 8.125 07/05/2017 GBP 0.027
Aeroports de la 2.500 07/09/2036 EUR 74.250
Stichting Afwik 6.625 5/14/2018 EUR 5.375
Pharmacy Chain 13.500 11/30/2029 RUB 60.500
Duna Aszfalt Ut 2.990 10/17/2029 HUF 68.000
Senvion Holding 3.875 10/25/2022 EUR 0.256
State of Rhinel 0.375 7/20/2048 EUR 60.667
Mondelez Intern 0.625 09/09/2032 EUR 72.936
Land Berlin 0.625 7/15/2039 EUR 74.794
Windreich GmbH 6.250 03/01/2015 EUR 4.475
Deutsche Agrar 7.250 9/28/2018 EUR 0.718
VTB Bank PJSC 5.000 USD 68.000
Muenchener Hypo 0.125 09/05/2035 EUR 73.838
Sibur Securitie 2.950 07/08/2025 USD 31.735
Region Occitani 0.766 10/07/2041 EUR 69.963
Caisse Francais 0.726 10/29/2039 EUR 75.626
HPI AG 3.500 EUR 2.000
Grenke Finance 2.040 4/16/2029 EUR 75.204
Assa Abloy AB 0.650 8/28/2034 EUR 74.459
Grand Delta Hab 1.285 11/06/2040 EUR 57.041
Autonomous Comm 1.655 10/31/2050 EUR 69.720
Romanian Govern 3.375 02/08/2038 EUR 68.130
Romanian Govern 2.124 7/16/2031 EUR 71.794
BNP Paribas SA 0.500 9/29/2029 AUD 68.088
Credit Bank of 5.150 2/20/2024 EUR 20.222
Hypo Vorarlberg 1.520 07/08/2050 EUR 65.656
Duna House Hold 4.500 01/12/2032 HUF 77.765
Malta Governmen 1.400 8/20/2046 EUR 71.211
Raiffeisenlande 0.998 11/04/2033 EUR 75.548
Ukraine Governm 7.750 09/01/2024 USD 29.325
Region Bourgogn 0.945 5/20/2039 EUR 74.422
Single Platform 0.780 03/05/2039 EUR 66.461
Bayerische Land 1.680 12/18/2037 EUR 81.976
Rena GmbH 7.000 12/15/2015 EUR 2.096
Single Platform 1.040 6/25/2044 EUR 63.862
Elli Investment 12.250 6/15/2020 GBP 52.250
Banco Santander 0.010 10/01/2032 EUR 71.097
Takarek Mortgag 2.600 10/22/2028 HUF 68.500
EnBW Internatio 2.080 1/21/2041 EUR 67.858
Single Platform 0.930 2/15/2041 EUR 65.032
4iG Nyrt 2.900 3/29/2031 HUF 68.215
Citigroup Globa 7.300 1/18/2030 EUR 74.420
Credit Suisse A 4.600 3/31/2023 USD 8.400
Joh Friedrich B 7.750 11/11/2020 EUR 32.000
Norddeutsche La 0.675 2/25/2033 EUR 73.772
Vasakronan AB 1.770 10/26/2033 NOK 73.243
German Pellets 7.250 04/01/2016 EUR 1.545
Kingdom of Belg 1.170 05/12/2121 EUR 50.219
Region de Bruxe 1.810 3/22/2053 EUR 78.464
Emissionszentra 0.150 09/09/2041 CHF 69.183
Centre Hospital 0.950 02/05/2041 EUR 61.452
Assistance Publ 1.073 4/16/2045 EUR 71.412
Free and Hansea 0.300 9/16/2050 EUR 58.035
Virgolino de Ol 11.750 02/09/2022 USD 0.500
Finance and Cre 9.250 1/25/2019 USD 0.001
Barclays Bank P 17.000 9/27/2023 TRY 70.015
Ukreximbank Via 7.623 02/09/2023 USD 31.848
Landesbank Bade 5.300 2/13/2034 AUD 75.544
SCF Capital Des 3.850 4/26/2028 USD 20.505
Sibur Securitie 4.125 10/05/2023 USD 31.067
Gazprom PJSC 17.690 10/21/2043 RUB 70.000
Credit Suisse A 0.500 12/16/2025 BRL 66.368
Bpifrance SACA 1.046 5/25/2050 EUR 67.797
SiC Processing 7.125 03/01/2016 EUR 0.789
Single Platform 1.051 04/01/2042 EUR 65.131
Autonomous Comm 1.550 05/11/2051 EUR 66.279
Ukraine Governm 11.670 11/22/2023 UAH 77.468
National Grid E 3.120 12/10/2039 AUD 77.285
Grand Delta Hab 1.750 10/28/2061 EUR 65.785
Autonomous Comm 1.646 7/30/2060 EUR 60.689
Banco Santander 0.180 6/22/2031 EUR 76.319
Steilmann SE 6.750 6/27/2017 EUR 2.184
Single Platform 0.465 2/27/2035 EUR 69.636
Credit Agricole 3.750 06/09/2040 AUD 70.127
Muenchener Hypo 0.250 10/31/2044 CHF 62.815
UBS AG/London 7.800 11/17/2022 CHF 60.500
Russian Foreign 5.250 6/23/2047 USD 17.800
Region Bourgogn 0.895 5/20/2038 EUR 75.228
Pfandbriefbank 0.250 1/24/2041 CHF 70.555
Communaute Fran 2.177 8/17/2068 EUR 79.988
Solarwatt GmbH 7.000 11/01/2015 EUR 15.500
NRW Bank 1.000 6/24/2051 EUR 71.019
Region de Bruxe 1.065 6/22/2047 EUR 67.730
Harp Issuer PLC 1.400 2/14/2032 USD 68.704
Barclays Bank P 2.320 01/11/2041 USD 66.832
Czech Republic 2.000 10/13/2033 CZK 73.764
Kommunekredit 0.342 09/01/2042 EUR 66.957
GTC Magyarorsza 2.600 3/17/2031 HUF 67.690
Sibur Holding P 1.500 10/01/2032 USD 26.000
Sonnedix Energy 2.200 12/31/2038 EUR 74.500
Vontobel Financ 5.800 7/22/2022 USD 75.080
Turkey Governme 6.000 1/14/2041 USD 67.881
Barclays Bank P 0.360 8/15/2033 USD 55.559
State of Hesse 0.227 8/20/2049 EUR 56.830
KPNQwest NV 10.000 3/15/2012 EUR 0.453
Romanian Govern 3.500 04/03/2034 EUR 73.654
Bulgaria Steel 12.000 05/04/2013 EUR 0.216
Libra Internet 4.250 9/28/2028 EUR 73.304
State of Saxony 0.475 9/30/2050 EUR 61.915
Kuntarahoitus O 0.940 06/09/2064 EUR 71.885
Norske Skog Hol 8.000 2/24/2021 EUR 0.006
Deutsche Pfandb 0.857 9/18/2037 EUR 58.310
Credit Bank of 5.550 2/14/2023 USD 23.468
City of St Gall 0.560 4/23/2040 CHF 76.228
Muenchener Hypo 0.580 10/14/2035 EUR 69.425
Novafives SAS 5.000 6/15/2025 EUR 67.536
Region Nouvelle 0.814 11/22/2044 EUR 67.643
BNP Paribas SA 2.300 9/17/2027 PLN 74.208
Akademiska Hus 1.252 2/13/2043 SEK 59.659
Free State of S 0.010 12/17/2035 EUR 72.709
Kreditanstalt f 0.980 6/28/2051 EUR 72.755
Landesbank Bade 1.600 04/03/2039 EUR 75.313
Republic of Ire 0.835 07/08/2080 EUR 52.763
Ukraine Governm 8.750 4/20/2033 UAH 38.867
Thomas Cook Gro 6.250 6/15/2022 EUR 0.432
Aareal Bank AG 1.576 2/23/2032 EUR 75.310
Department of G 0.846 4/29/2039 EUR 73.196
Hemso Fastighet 0.473 2/18/2030 EUR 73.763
Lehman Brothers 2.234 10/05/2035 EUR 0.100
Pfandbriefbank 0.500 6/17/2041 CHF 74.131
Pfandbriefzentr 0.250 06/12/2040 CHF 71.392
DekaBank Deutsc 3.970 02/09/2023 EUR 59.830
Credit Suisse A 13.850 10/31/2022 USD 59.110
DZ Bank AG Deut 9.410 8/26/2022 EUR 22.140
BNP Paribas Iss 1.560 02/02/2039 EUR 55.970
BNP Paribas Iss 5.000 11/05/2024 EUR 38.510
Norske Skog Hol 8.000 2/24/2021 EUR 0.006
Ukraine Governm 6.000 11/06/2024 UAH 61.097
Single Platform 0.559 2/15/2047 EUR 52.971
Region de Bruxe 1.100 6/22/2066 EUR 55.603
Deutsche Wohnen 1.700 12/05/2036 EUR 66.931
Windreich GmbH 6.500 03/01/2015 EUR 4.475
Steilmann SE 7.000 03/09/2017 EUR 1.429
Caisse des Depo 1.015 7/22/2050 EUR 72.388
NRW Bank 0.106 8/17/2050 EUR 57.121
Mobile Telesyst 5.000 5/30/2023 USD 24.583
PJSC Koks via I 5.900 9/23/2025 USD 7.550
Emissionszentra 0.350 4/27/2040 CHF 74.024
Minicentrales D 0.010 06/06/2047 EUR 59.125
Single Platform 1.050 3/17/2039 EUR 68.968
ING Bank NV 2.900 6/23/2051 USD 71.014
BNP Paribas SA 3.580 7/23/2040 AUD 75.588
Credit Suisse A 0.900 12/20/2031 EUR 75.538
Single Platform 0.860 2/15/2040 EUR 64.827
Spain Governmen 0.850 7/30/2037 EUR 75.217
Credit Bank of 3.100 1/21/2026 EUR 20.053
Single Platform 1.370 7/25/2053 EUR 63.909
Batigere Grand 1.485 10/25/2039 EUR 60.160
Societe General 24.050 8/18/2022 USD 49.750
DekaBank Deutsc 7.650 03/10/2023 EUR 36.080
Landesbank Hess 1.300 09/02/2036 EUR 71.550
Vontobel Financ 7.500 12/23/2022 USD 54.370
OTP Munkavallal 4.500 7/14/2031 HUF 72.135
Skandinaviska E 6.400 1/15/2025 SEK 42.750
UniCredit SpA 1.490 10/23/2035 EUR 66.297
Norske Skog Hol 8.000 2/24/2023 USD 0.006
Rusal Capital D 4.850 02/01/2023 USD 40.523
Republic of Ire 0.995 2/24/2121 EUR 48.677
Vasakronan AB 2.400 6/20/2044 SEK 62.239
Die Schweizeris 0.370 3/17/2036 CHF 75.805
Liga Bank eG Re 0.010 1/29/2036 EUR 69.943
CDC Habitat SEM 1.170 05/04/2037 EUR 65.089
Kingdom of Belg 0.650 6/22/2071 EUR 46.825
Deutsche Bank A 1.725 1/16/2045 EUR 50.954
BNP Paribas SA 3.950 07/11/2039 AUD 75.386
Sibur Securitie 3.450 9/23/2024 USD 24.705
NRW Bank 1.182 08/07/2050 EUR 74.073
Single Platform 1.510 2/13/2043 EUR 71.000
La Banque Posta 0.640 1/27/2042 EUR 73.918
Nordea Hypotek 2.250 10/15/2048 SEK 71.312
Vasakronan AB 2.777 04/12/2039 SEK 75.005
Tonon Luxembour 12.500 5/14/2024 USD 0.399
Skandinaviska E 9.600 1/15/2024 SEK 66.090
Communaute Fran 0.749 9/16/2080 EUR 55.419
Kingdom of Belg 0.400 6/22/2040 EUR 70.029
Ukraine Governm 8.880 05/10/2032 UAH 40.414
Credit Agricole 4.400 2/24/2042 AUD 71.927
Virgolino de Ol 10.875 1/13/2020 USD 36.000
MS Deutschland 6.875 12/18/2017 EUR 0.610
Russian Railway 18.100 5/30/2040 RUB 50.010
Skandinaviska E 9.200 7/15/2024 SEK 56.210
Natixis SA 2.920 09/05/2039 AUD 69.268
Grand Delta Hab 1.425 2/26/2048 EUR 50.544
Nykredit Realkr 1.000 10/01/2050 DKK 76.802
BNG Bank NV 2.300 03/03/2036 AUD 72.252
City of Kyiv Vi 7.500 12/15/2022 USD 36.382
Banque Internat 2.120 8/20/2040 EUR 75.290
Kommunekredit 0.869 11/12/2043 SEK 65.398
Heimstaden Bost 2.800 05/04/2035 EUR 73.879
State of Saarla 0.500 3/15/2051 EUR 61.681
Credit Agricole 3.000 1/28/2041 AUD 56.503
DZ HYP AG 1.300 7/18/2041 EUR 77.792
UniCredit SpA 1.050 1/23/2031 EUR 75.416
State of Hesse 0.450 9/23/2044 EUR 64.811
DNB Bank ASA 1.185 1/14/2038 EUR 68.493
Deutsche Bank A 0.700 10/07/2031 EUR 69.501
State of Lower 0.050 03/09/2035 EUR 74.852
Transports Publ 0.320 10/28/2037 CHF 64.811
Nederlandse Wat 0.750 10/04/2041 EUR 74.034
DZ HYP AG 1.430 10/26/2046 EUR 76.130
Hypo Vorarlberg 0.920 07/08/2036 EUR 70.329
Assistance Publ 0.750 12/03/2041 EUR 68.856
VTB Bank PJSC 5.587 USD 54.001
Banque Cantonal 12.360 6/27/2023 CHF 71.940
Regie Autonome 0.875 8/18/2080 EUR 53.925
Ukraine Governm 3.890 02/02/2023 USD 68.441
Chelyabinsk Pip 4.500 9/19/2024 USD 10.477
Region Wallonne 1.000 6/22/2045 EUR 66.454
Deutsche Bank A 0.700 10/28/2031 EUR 72.026
Caisse des Depo 1.365 11/02/2051 EUR 75.362
Caisse des Depo 0.916 1/20/2051 EUR 66.148
Single Platform 1.340 05/10/2044 EUR 67.570
Portugal Obriga 1.000 04/12/2052 EUR 58.521
Espirito Santo 1.097 10/27/2024 EUR 0.297
Region Hauts-de 0.402 2/18/2043 EUR 62.879
Muenchener Hypo 1.300 05/07/2061 EUR 71.766
Department of B 1.068 5/21/2048 EUR 68.588
Societe Nationa 2.842 3/31/2036 AUD 76.734
Sweden Governme 0.500 11/24/2045 SEK 73.583
Agrokor dd 9.875 05/01/2019 EUR 15.000
UBS AG/London 0.904 11/23/2025 EUR 63.750
Kreditanstalt f 1.270 6/29/2051 EUR 75.154
Kreditanstalt f 1.100 9/16/2051 EUR 69.064
FLUVIUS System 0.810 04/08/2033 EUR 75.185
Carmila SA 1.890 11/06/2031 EUR 67.092
WEB Windenergie 4.500 EUR 0.010
DZ Bank AG Deut 0.440 1/21/2036 EUR 68.184
Muenchener Hypo 1.172 10/30/2047 EUR 75.130
Credit Suisse A 0.800 10/15/2031 EUR 75.491
Russian Federal 0.250 7/20/2044 RUB 15.000
Bank J Safra Sa 7.750 12/22/2022 CHF 70.490
Takarek Mortgag 3.000 8/21/2030 HUF 63.500
Landesbank Hess 1.500 10/20/2036 EUR 72.300
DZ Bank AG Deut 4.690 11/25/2022 EUR 40.500
Credit Suisse A 20.000 11/29/2024 USD 11.150
Credit Suisse A 6.100 09/08/2022 USD 9.450
Leonteq Securit 8.610 7/20/2022 CHF 64.550
Nederlandse Wat 2.340 04/10/2047 SEK 74.936
Virgolino de Ol 10.500 1/28/2018 USD 0.010
OGX Austria Gmb 8.500 06/01/2018 USD 0.008
State of Meckle 0.239 11/17/2070 EUR 43.798
Specialfastighe 2.205 10/11/2038 SEK 75.938
Deutsche Bank A 0.650 06/03/2031 EUR 75.610
Region of Centr 0.712 12/03/2039 EUR 70.605
Department of G 0.650 12/17/2038 EUR 71.206
Single Platform 0.740 04/01/2042 EUR 62.267
Deutsche Bank A 0.500 9/16/2031 EUR 75.449
Deutsche Wohnen 1.250 7/31/2031 EUR 76.094
Ministeries Van 0.875 06/03/2045 EUR 68.062
Single Platform 0.946 5/25/2036 EUR 72.164
Canton of Genev 0.300 11/28/2039 CHF 73.021
Berner Oberland 0.450 5/30/2036 CHF 74.990
Bank J Safra Sa 7.000 7/21/2022 CHF 72.320
Skandinaviska E 8.520 1/15/2024 SEK 64.050
Pfandbriefbank 0.250 3/15/2041 CHF 70.604
Kreditanstalt f 1.171 7/19/2051 EUR 73.174
Polyus Finance 5.250 02/07/2023 USD 25.137
Ile-de-France M 1.586 2/23/2052 EUR 75.671
Dtek Renewables 8.500 11/12/2024 EUR 41.479
Region Hauts-de 0.691 07/09/2042 EUR 67.414
National Grid E 1.690 9/16/2041 GBP 64.414
Ukraine Governm 12.300 07/03/2024 UAH 70.661
Free State of B 0.010 3/28/2036 EUR 71.587
Societe General 9.000 6/15/2023 USD 38.000
Luzerner Kanton 13.700 9/29/2022 EUR 63.070
Landesbank Bade 3.480 2/24/2023 EUR 40.210
UBS AG/London 12.660 1/17/2024 USD 7.062
Skandinaviska E 7.450 1/15/2025 SEK 45.390
Szinorg Univers 3.000 5/15/2030 HUF 62.821
Bayer Construct 3.700 10/21/2031 HUF 66.775
Caixa Economica 5.000 EUR 50.020
Single Platform 1.850 2/15/2041 NOK 73.839
Italy Buoni Pol 1.700 09/01/2051 EUR 64.799
Purple Protecte 2.100 4/15/2060 EUR 66.289
Region of Pays 0.448 9/25/2040 EUR 65.858
Batigere Grand 1.345 4/18/2032 EUR 76.150
Slovenia Govern 1.175 2/13/2062 EUR 61.086
MFB Magyar Fejl 4.200 4/20/2033 HUF 69.933
Swiss Confedera 0.500 5/24/2055 CHF 73.333
SpareBank 1 Nor 1.580 3/13/2034 EUR 75.276
Raiffeisen Bank 0.370 02/03/2033 EUR 71.953
Deutsche Pfandb 0.710 09/10/2031 EUR 73.299
Communaute Fran 1.581 1/23/2120 EUR 53.024
Ville de Paris 1.165 06/09/2053 EUR 66.914
Norddeutsche La 1.600 08/01/2039 EUR 75.085
Windreich GmbH 6.750 03/01/2015 EUR 4.475
Municipality of 0.605 2/24/2040 EUR 73.840
Virgolino de Ol 10.875 1/13/2020 USD 36.000
Deutsche Bahn F 2.005 06/07/2039 SEK 73.914
Wellis Magyaror 3.000 2/26/2031 HUF 68.831
Specialfastighe 2.375 6/25/2048 SEK 71.575
Caisse des Depo 1.075 9/15/2050 EUR 73.508
Italy Buoni Pol 2.150 03/01/2072 EUR 64.559
Aargau Verkehr 0.270 11/29/2049 CHF 66.567
DekaBank Deutsc 1.585 12/28/2035 EUR 73.084
Credit Suisse A 7.370 12/28/2022 USD 9.570
SFO Social Deve 10.210 01/08/2027 RUB 60.050
DekaBank Deutsc 8.100 8/26/2022 EUR 49.650
JP Morgan Struc 11.000 12/30/2026 ZMW #N/A N/A
COFIDUR SA 0.100 12/31/2024 EUR 25.050
Trans-Sped Logi 2.500 3/16/2030 HUF 66.755
DZ Bank AG Deut 0.600 2/19/2036 EUR 74.342
Turkiye Ihracat 12.540 9/14/2028 TRY 39.906
Single Platform 1.150 5/25/2066 EUR 53.018
Single Platform 0.745 2/15/2047 EUR 56.061
Autonomous Comm 1.138 11/22/2052 EUR 57.380
State of Bremen 0.500 05/06/2041 EUR 70.261
Caisse Francais 1.093 10/14/2051 EUR 72.338
Muenchener Hypo 0.550 2/18/2046 CHF 53.546
Norske Skogindu 7.125 10/15/2033 USD 0.010
Ville de Paris 0.650 11/25/2070 EUR 43.694
TBI Bank EAD 5.250 7/30/2031 EUR 56.808
Russian Foreign 4.375 3/21/2029 USD 18.989
Credit Suisse A 4.710 8/24/2022 USD #N/A N/A
Russian Railway 7.850 07/10/2028 RUB 75.090
Communaute Fran 1.040 7/19/2101 EUR 52.392
Akademiska Hus 2.305 5/16/2040 SEK 76.057
Banca dell Elba 4.890 12/16/2032 EUR 72.717
Romanian Govern 4.000 2/14/2051 USD 67.436
Unibail-Rodamco 2.000 12/05/2033 EUR 72.083
UBS AG/London 0.120 5/25/2040 MXN 13.066
Svensk Exportkr 0.500 6/20/2029 AUD 74.531
Willhem AB 1.824 10/18/2038 SEK 63.033
Royal Schiphol 2.890 10/25/2034 AUD 72.997
Bank Severnyy M 12.000 RUB 75.000
Landesbank Hess 0.900 11/20/2035 EUR 73.000
Societe General 8.500 10/28/2022 EUR 68.850
Barclays Bank P 10.200 2/16/2023 USD 41.800
KESZ Holding Bu 4.100 11/17/2031 HUF 75.155
Nordea Bank Abp 4.000 1/20/2029 SEK 67.340
Department of L 0.959 11/25/2037 EUR 76.801
Banque Federati 2.460 06/07/2032 AUD 76.237
Republic of Bel 7.625 6/29/2027 USD 14.071
Credit Suisse A 0.875 5/21/2031 EUR 75.776
Banque Internat 1.000 2/18/2036 EUR 74.655
SCF Capital Des 5.375 6/16/2023 USD 20.000
DNB Boligkredit 0.980 6/20/2044 EUR 70.641
Landesbank Hess 1.340 06/04/2042 EUR 68.758
Autonomous Comm 1.250 10/31/2040 EUR 72.713
La Veggia Finan 7.125 11/14/2004 EUR 0.287
Single Platform 1.800 7/25/2053 EUR 74.649
BPCE SA 2.315 11/19/2035 AUD 64.051
Caisse des Depo 0.945 5/19/2051 EUR 68.404
State of Lower 0.460 10/08/2049 EUR 58.844
Romania Governm 4.750 10/11/2034 RON 69.945
Romanian Govern 1.375 12/02/2029 EUR 72.882
Republic of Ire 1.230 6/23/2121 EUR 53.871
Banque Internat 1.300 1/15/2041 EUR 72.046
Ukraine Governm 9.700 06/02/2032 UAH 43.267
Commerzbank AG 2.350 2/24/2042 EUR 73.686
Cooperatieve Ra 0.500 1/31/2033 MXN 35.065
Hungary Governm 4.000 4/28/2051 HUF 55.972
Kommunekredit 2.180 7/16/2040 AUD 69.308
Communaute Fran 1.600 6/22/2047 EUR 75.526
Caisse Francais 0.865 2/17/2042 EUR 75.520
Hellas Telecomm 6.054 1/15/2015 USD 0.001
DNB Boligkredit 1.080 5/16/2039 EUR 76.939
Landesbank Hess 1.000 03/06/2035 EUR 73.650
GVC George's Ve 2.500 12/18/2030 HUF 70.375
Credit Suisse A 24.000 1/16/2024 USD 46.100
Russian Railway 18.830 5/20/2044 RUB 55.010
Futureal Develo 3.500 11/16/2036 HUF 74.000
JP Morgan Struc 12.000 8/28/2026 ZMW #N/A N/A
Skandinaviska E 7.000 1/15/2024 SEK 72.380
Kreditanstalt f 1.027 10/26/2050 EUR 72.373
Region of Centr 0.924 11/02/2043 EUR 70.292
Nederlandse Wat 0.190 11/02/2050 EUR 57.940
Raiffeisen Bank 0.290 11/11/2030 EUR 76.622
Region de Bruxe 0.540 9/13/2044 EUR 62.171
Deutsche Bank A 1.750 04/09/2035 EUR 68.486
Kingdom of Belg 0.558 9/24/2077 EUR 41.045
Region Auvergne 0.805 7/26/2039 EUR 72.330
Caisse Francais 0.510 11/19/2040 EUR 69.548
Rena GmbH 8.250 07/11/2018 EUR 2.096
Ukraine Governm 3.700 12/22/2022 USD 69.540
BNP Paribas SA 2.670 3/13/2030 AUD 76.412
UBS AG/London 1.860 2/28/2049 EUR 74.777
Erste Group Ban 1.065 5/17/2041 EUR 65.781
Santander Inter 1.192 12/07/2045 EUR 64.955
Erste Group Ban 1.170 1/28/2037 EUR 73.115
Region Wallonne 1.135 10/10/2069 EUR 53.347
Berlin Hyp AG 0.625 6/30/2031 EUR 76.209
Single Platform 0.932 6/15/2039 EUR 68.348
getgoods.de AG 7.750 10/02/2017 EUR 0.527
BPCE SA 2.550 06/09/2035 AUD 66.956
Assistance Publ 1.099 04/06/2071 EUR 52.542
Single Platform 1.340 6/20/2041 EUR 74.436
Centre Hospital 0.800 6/28/2041 EUR 69.998
Santander Inter 1.365 1/28/2061 EUR 58.102
Turkey Governme 10.600 02/11/2026 TRY 72.400
Ukraine Governm 10.000 8/23/2023 UAH 74.941
Kreditanstalt f 0.730 1/21/2050 EUR 70.958
Parnassia Groep 1.470 12/03/2046 EUR 66.803
Kreditanstalt f 0.613 06/10/2040 EUR 69.220
Vasakronan AB 2.084 8/26/2030 AUD 75.838
Takarek Mortgag 3.000 1/28/2036 HUF 50.900
SG Issuer SA 7.500 1/20/2025 SEK 28.690
Russian Railway 18.830 11/29/2028 RUB 60.010
Russian Railway 18.830 06/08/2028 RUB 55.010
Banque Internat 15.000 01/05/2023 EUR 44.670
Leonteq Securit 8.380 7/20/2022 CHF 31.690
Wingholding Zrt 3.000 9/22/2031 HUF 56.950
Landesbank Hess 0.975 9/17/2036 EUR 72.500
Credit Suisse A 12.250 10/05/2026 USD 73.500
MET Hungary Sol 3.800 12/02/2031 HUF 67.100
Landesbank Bade 2.410 8/26/2022 EUR 66.330
Landesbank Hess 1.000 3/13/2035 EUR 75.000
Basque Governme 1.750 4/22/2050 EUR 70.684
Landesbank Hess 0.620 4/18/2036 EUR 72.361
Intelsat Jackso 9.750 7/15/2025 USD 42.125
Russian Agricul 8.500 10/16/2023 USD 9.659
Romania Governm 2.500 10/25/2027 RON 74.302
Republic of Pol 0.250 10/25/2026 PLN 74.642
Landesbank Hess 1.050 11/17/2060 EUR 67.322
Single Platform 0.780 2/15/2040 EUR 64.453
Bilt Paper BV 10.360 USD 1.704
Land Baden-Wuer 0.375 7/20/2048 EUR 61.676
Ukraine Governm 3.700 5/25/2023 USD 56.915
New World Resou 4.000 10/07/2020 EUR 0.234
Elia Transmissi 1.560 1/30/2044 EUR 72.674
Metropole de Ly 0.540 12/07/2050 EUR 56.020
Romanian Govern 2.000 1/28/2032 EUR 68.978
Region Nouvelle 0.630 11/22/2039 EUR 70.134
Single Platform 0.656 9/20/2050 EUR 51.561
Autonomous Comm 1.744 07/01/2061 EUR 61.640
Kreditanstalt f 1.267 3/22/2051 EUR 77.521
Ville de Paris 0.963 06/08/2050 EUR 65.439
Erdoel-Lagerges 1.200 06/04/2043 EUR 77.535
Dyadya Doner OO 13.500 4/25/2023 RUB 16.990
Credit Suisse A 4.450 6/28/2023 USD 9.210
Credit Suisse A 5.800 7/26/2023 USD 9.290
Credit Agricole 3.270 10/05/2041 AUD 60.526
Bausparkasse Wu 0.485 6/25/2040 EUR 68.030
Societe Nationa 3.190 4/19/2041 AUD 75.908
Norddeutsche La 1.390 07/09/2038 EUR 70.051
NRW Bank 1.000 2/26/2050 EUR 74.873
French Republic 0.750 5/25/2053 EUR 62.274
Landesbank Bade 0.710 05/12/2036 EUR 65.262
Ukraine Governm 15.500 09/11/2024 UAH 77.280
Credit Suisse A 0.500 01/08/2026 BRL 66.005
Parnassia Groep 1.430 12/01/2043 EUR 67.582
Region Auvergne 0.493 10/23/2037 EUR 71.261
Region Wallonne 1.220 06/12/2050 EUR 66.202
A-TEC Industrie 5.750 11/02/2010 EUR 0.100
Befimmo SA 2.050 09/04/2035 EUR 72.360
Region de Bruxe 0.640 7/20/2045 EUR 61.945
Raiffeisen Schw 8.400 8/23/2023 CHF 59.690
MOL Hungarian O 1.900 04/12/2031 HUF 54.200
Landesbank Hess 1.000 1/21/2036 EUR 70.600
Dr Wiesent Sozi 7.000 EUR 0.003
Societe General 5.750 9/23/2022 EUR 72.210
Credit Suisse A 13.700 9/25/2023 USD 29.020
Nordea Bank Abp 3.050 7/20/2027 SEK 74.570
Goldman Sachs I 0.070 1/13/2025 EUR 59.950
Credit Bank of 4.000 7/15/2022 RUB 96.160
Bank Julius Bae 8.000 10/07/2022 USD 56.650
Specialfastighe 1.280 9/20/2049 SEK 53.665
Regie Autonome 0.953 5/24/2052 EUR 65.811
Region Wallonne 1.550 4/28/2120 EUR 56.343
Credit Agricole 3.450 03/04/2041 AUD 59.358
Grand City Prop 2.500 6/27/2039 EUR 65.312
Thomas Cook Fin 3.875 7/15/2023 EUR 0.868
Cooperatieve Ra 1.850 3/29/2049 EUR 74.273
Caisse des Depo 0.950 2/17/2051 EUR 69.956
Nomura Bank Int 1.138 12/19/2039 EUR 65.915
BASF SE 1.025 8/13/2048 JPY 72.467
Region de Bruxe 1.528 04/05/2049 EUR 73.841
ING Bank NV 2.250 2/26/2036 USD 74.666
Barclays Bank P 1.072 12/30/2030 USD 71.358
Region Wallonne 1.250 4/30/2055 EUR 58.564
Landesbank Saar 0.890 09/04/2034 EUR 75.825
Region Occitani 1.339 3/21/2042 EUR 77.367
Societe General 1.100 2/20/2034 EUR 69.952
Caisse des Depo 0.913 11/20/2050 EUR 70.480
Heta Asset Reso 0.429 12/31/2023 EUR 4.007
Single Platform 0.931 2/15/2040 EUR 66.415
Societe Nationa 1.400 5/18/2120 EUR 47.204
Norske Skogindu 7.125 10/15/2033 USD 0.010
Kreditanstalt f 1.201 9/13/2051 EUR 72.763
Single Platform 1.600 2/15/2041 EUR 74.108
Landesbank Saar 0.720 6/29/2035 EUR 72.486
Eurohold Bulgar 8.000 12/29/2026 EUR 67.728
Republic of Ire 1.020 09/10/2086 EUR 56.661
Single Platform 1.233 6/25/2044 EUR 72.442
UBS AG/London 1.600 4/18/2049 EUR 70.342
Landesbank Bade 1.000 3/18/2039 EUR 63.706
Getin Noble Ban 10.020 04/04/2024 PLN 35.010
Bank Julius Bae 29.500 6/27/2022 CHF 30.450
Single Platform 1.240 5/25/2052 EUR 61.425
Grenke Finance 0.819 2/15/2030 EUR 66.546
Grand City Prop 2.600 2/25/2034 EUR 73.865
NTRP Via Interp 10.250 08/02/2017 USD 27.500
Batigere Grand 2.030 5/29/2070 EUR 62.864
Grand Delta Hab 1.820 3/18/2050 EUR 55.326
Agrokor dd Via 4.921 08/08/2017 EUR 14.625
Batigere Grand 1.800 08/12/2050 EUR 52.762
Canton of St Ga 0.200 11/28/2041 CHF 69.107
Parnassia Groep 1.470 12/01/2045 EUR 67.214
Lehman Brothers 2.234 11/02/2035 EUR 0.100
EFG Internation 8.000 9/26/2022 USD 58.580
VTB Bank PJSC 3.750 EUR 60.000
Leonteq Securit 10.400 9/28/2022 CHF 57.830
DekaBank Deutsc 5.970 02/09/2023 EUR 57.890
Pharmacy Chain 14.000 06/04/2030 RUB 61.200
Societe General 4.000 11/22/2022 USD 51.140
Forras Vagyonke 3.250 10/01/2030 HUF 68.155
Societe General 2.000 2/26/2033 USD 76.260
Ukraine Governm 3.700 4/27/2023 USD 59.533
Single Platform 1.100 6/25/2044 EUR 64.855
Vasakronan AB 1.655 09/05/2039 SEK 62.175
Department of L 0.478 10/30/2040 EUR 66.188
Regie Autonome 0.640 8/13/2041 EUR 69.724
DZ HYP AG 0.300 8/21/2035 EUR 73.687
Deutsche Apothe 1.715 2/13/2037 EUR 75.675
Magyar Export-I 2.000 10/27/2027 HUF 71.326
Land Thueringen 1.100 07/03/2047 EUR 76.169
Deutsche Pfandb 1.340 10/16/2051 EUR 75.113
Credit Agricole 2.800 2/23/2041 AUD 72.595
Natixis SA 3.000 8/28/2049 AUD 67.217
Sveriges Sakers 0.649 9/18/2032 SEK 73.658
ABN AMRO Bank N 1.070 03/03/2041 EUR 77.244
Nomura Bank Int 1.175 07/08/2033 EUR 75.107
Nederlandse Wat 1.551 11/24/2061 EUR 75.309
City of Gothenb 1.990 2/20/2045 SEK 72.738
Credit Agricole 0.310 2/24/2033 EUR 72.840
Single Platform 1.103 5/25/2052 EUR 59.514
NIBC Bank NV 0.410 1/27/2031 EUR 70.438
Region de Bruxe 0.650 2/15/2061 EUR 48.692
Landesbank Bade 0.400 07/02/2031 EUR 74.382
Berlin Hyp AG 1.157 12/09/2039 EUR 61.813
Kreditanstalt f 0.683 2/22/2051 EUR 69.109
National Grid E 2.020 03/12/2032 AUD 74.402
Privatbank CJSC 10.875 2/28/2018 USD 3.630
Brown's Pharma 3.900 07/09/2031 EUR 72.091
BPCE SA 2.255 03/12/2040 AUD 57.609
Ministeries Van 1.874 3/28/2058 EUR 76.451
Region de Bruxe 0.556 12/23/2064 EUR 43.385
Single Platform 0.950 7/25/2047 EUR 60.730
Caisse des Depo 1.460 1/24/2052 EUR 74.756
Landesbank Hess 1.580 12/16/2036 EUR 75.200
Vajda-Papir Gya 3.500 5/17/2031 HUF 71.600
Kreditanstalt f 0.816 12/19/2050 EUR 69.345
Metropole de Ly 0.376 12/22/2044 EUR 60.414
Erste Group Ban 1.010 10/07/2041 EUR 64.379
Region Nouvelle 0.777 05/12/2041 EUR 70.304
ING Groep NV 0.975 2/14/2034 EUR 68.817
Region Auvergne 0.543 9/28/2036 EUR 75.832
Bayerische Land 0.710 12/01/2031 EUR 80.337
Turkey Governme 11.000 2/24/2027 TRY 74.000
Standard Charte 2.140 1/29/2036 USD 73.729
Norske Skogindu 7.000 12/30/2026 EUR 0.010
Parnassia Groep 1.260 12/03/2046 EUR 76.351
Kuntarahoitus O 0.500 7/30/2029 AUD 74.932
Nordea Hypotek 0.793 10/22/2032 SEK 74.146
Batigere Grand 1.500 12/15/2051 EUR 48.600
AutoWallis Nyrt 3.000 4/15/2030 HUF 66.395
Leonteq Securit 10.000 10/19/2022 CHF 39.360
Polyplast OAO/M 9.500 4/18/2023 RUB 89.010
Alno AG 8.000 3/21/2019 EUR 14.510
MOL Nyrt Kueloe 4.950 1/26/2032 HUF 74.140
Landesbank Hess 1.500 1/13/2037 EUR 74.150
Credit Suisse A 20.650 9/23/2022 USD 46.500
BNP Paribas Iss 5.750 7/20/2024 SEK 64.880
Hell Energy Mag 3.000 7/28/2031 HUF 65.400
Befimmo SA 1.269 2/24/2031 EUR 75.924
United Utilitie 1.474 8/24/2031 USD 75.097
Muenchener Hypo 1.000 6/30/2037 EUR 67.632
Portugal Teleco 5.242 11/06/2017 EUR 0.694
Land Thueringen 1.127 04/02/2049 EUR 75.495
Akademiska Hus 0.850 2/17/2033 SEK 71.899
Cie DU Chemin d 0.280 11/29/2052 CHF 42.773
Landeskreditban 0.700 03/11/2041 EUR 71.567
LFA Foerderbank 0.160 01/02/2040 EUR 67.335
Kuntarahoitus O 0.448 3/19/2040 EUR 68.312
CDC Habitat SEM 0.814 2/15/2040 EUR 54.213
Communaute Fran 1.120 7/19/2038 EUR 74.149
Republic of Pol 1.250 10/25/2030 PLN 65.014
Landesbank Bade 0.520 03/06/2034 EUR 67.935
SNCF Reseau 2.490 06/12/2047 SEK 75.081
Engie SA 2.750 11/20/2045 EUR 75.285
Proximus SADP 1.500 5/14/2040 EUR 75.852
Region de Bruxe 0.690 6/22/2050 EUR 57.823
Credit Bank of 7.121 6/25/2024 USD 23.296
BNP Paribas SA 2.840 8/26/2039 AUD 64.230
NRW Bank 0.600 1/28/2051 EUR 65.877
State of Saarla 1.108 5/18/2046 EUR 76.324
State of North 2.000 4/16/2038 SEK 75.447
Landesbank Saar 0.710 12/06/2035 EUR 71.683
UniCredit SpA 2.360 1/26/2035 EUR 75.745
Leonteq Securit 24.020 6/29/2022 CHF 25.030
Raiffeisen Schw 5.000 8/24/2022 CHF 65.930
Societe General 8.000 5/28/2027 USD 32.550
Danske Bank A/S 5.300 7/15/2023 SEK 40.260
Landesbank Bade 2.800 12/23/2022 EUR 45.880
UBS AG/London 8.750 10/28/2022 CHF 70.450
Landesbank Hess 1.000 7/15/2060 EUR 65.633
Wirtschafts- un 0.250 09/08/2037 EUR 71.092
Communaute Fran 1.010 7/19/2051 EUR 60.651
Ukraine Governm 8.120 11/10/2035 UAH 34.509
Kuntarahoitus O 1.200 7/21/2061 EUR 69.838
Cooperatieve Ra 1.099 6/28/2051 EUR 72.579
Svensk Exportkr 0.500 4/24/2029 AUD 75.087
Bibby Offshore 7.500 6/15/2021 GBP 11.625
Landesbank Hess 1.650 5/27/2030 EUR 1.531
Region de Bruxe 1.144 1/14/2056 EUR 62.203
Ville de Paris 0.963 12/06/2051 EUR 64.169
Batigere Grand 1.600 11/14/2044 EUR 53.212
Stichting Afwik 2.275 EUR 0.622
Societe General 0.831 11/25/2031 EUR 75.569
Dr Max Funding 5.050 6/23/2028 EUR 65.770
State of Saxony 1.223 05/04/2046 EUR 78.005
Communaute Fran 0.800 8/24/2049 EUR 62.468
UBS AG/London 9.750 3/17/2023 CHF 55.150
Raiffeisen Schw 6.000 09/02/2022 CHF 73.080
WEB Windenergie 5.250 04/08/2023 EUR 0.010
Gazprom PJSC 17.690 10/21/2043 RUB 70.000
JP Morgan Struc 12.000 01/04/2027 ZMW #N/A N/A
Luzerner Kanton 8.400 12/27/2022 USD 73.000
Landesbank Hess 1.000 08/06/2035 EUR 75.000
Landesbank Hess 1.000 8/19/2036 EUR 72.250
Barclays Bank P 0.433 3/14/2023 USD 8.030
SG Issuer SA 8.410 1/20/2027 SEK 33.460
Societe General 16.000 07/03/2024 USD 26.600
Erste Group Ban 6.500 6/30/2022 EUR 52.000
EFG Internation 10.000 12/07/2022 USD 74.810
Alfa-Bank AO 10.200 02/10/2025 RUB 68.000
Societe General 10.000 6/28/2034 USD 73.250
Skandinaviska E 10.150 1/15/2025 SEK 45.410
SecurAsset SA 5.250 6/30/2022 EUR 34.550
UBS AG/London 17.400 4/14/2027 SEK 57.440
Textura Kereske 5.500 2/28/2032 HUF 70.250
Credit Agricole 1.920 10/16/2032 USD 75.100
Single Platform 1.610 2/15/2043 EUR 77.397
Ukraine Governm 12.700 10/30/2024 UAH 72.030
NatWest Markets 1.250 12/04/2034 EUR 72.724
HSBC Continenta 2.025 3/19/2049 EUR 75.400
DekaBank Deutsc 1.300 4/23/2035 EUR 72.930
Krakowski Bank 8.020 9/20/2023 PLN 77.500
Thames Water Ut 2.442 05/12/2050 GBP 65.953
ABN AMRO Bank N 0.450 12/12/2036 EUR 74.194
Single Platform 1.842 2/15/2044 EUR 76.230
National Grid E 2.710 10/04/2034 AUD 76.885
Kuntarahoitus O 1.155 11/19/2060 EUR 70.935
Landesbank Saar 0.760 05/08/2034 EUR 75.174
Department of B 0.810 12/16/2041 EUR 69.740
Assistance Publ 0.490 9/30/2040 EUR 66.548
Region de Bruxe 1.040 05/03/2061 EUR 57.814
Nederlandse Wat 1.000 11/24/2050 EUR 73.239
Ukraine Governm 11.780 5/27/2026 UAH 61.822
Landesbank Bade 1.100 05/07/2040 EUR 68.527
Region Bourgogn 0.397 12/03/2045 EUR 59.657
BNP Paribas SA 1.400 06/04/2041 EUR 68.793
Ukraine Governm 9.790 5/26/2027 UAH 81.145
Getin Noble Ban 8.040 8/30/2024 PLN 49.875
Natixis SA 3.600 11/16/2041 AUD 75.864
Societe Du Gran 1.955 4/16/2069 EUR 75.174
Credit Bank of 0.100 02/12/2023 RUB 89.330
Deutsche Bank A 1.560 6/18/2031 EUR 74.430
Skandinaviska E 10.400 1/15/2024 SEK 73.030
Societe General 1.950 10/22/2031 USD 74.416
Ukraine Governm 9.990 5/22/2024 UAH 65.912
Kreditanstalt f 1.175 4/14/2051 EUR 76.294
Commerzbank AG 2.565 5/15/2043 EUR 72.681
Ville de Paris 0.373 12/21/2044 EUR 61.494
Region Provence 0.709 6/29/2040 EUR 71.997
UniCredit Bank 0.030 2/28/2033 EUR 76.676
Ukraine Governm 9.990 8/27/2031 UAH 45.154
Single Platform 1.440 7/18/2042 EUR 69.848
Muenchener Hypo 0.867 2/25/2047 EUR 72.939
ING Bank NV 0.465 4/21/2041 EUR 70.328
ING Bank NV 0.335 4/21/2036 EUR 74.748
Societe General 3.100 4/22/2036 AUD 67.547
Societe Nationa 2.910 1/27/2051 AUD 69.212
National Treasu 1.560 2/16/2122 EUR 70.372
Lehman Brothers 2.875 3/14/2013 CHF 0.100
ING Bank NV 2.830 9/28/2051 USD 69.522
Rio Forte Inves 4.750 11/10/2015 EUR 3.326
Kuntarahoitus O 0.854 1/14/2060 EUR 66.327
Societe General 17.604 8/24/2023 USD #N/A N/A
RENE LEZARD Mod 7.250 11/25/2017 EUR 0.120
Mifa Mitteldeut 7.500 08/12/2018 EUR 2.411
Credit Bank of 0.010 9/18/2023 RUB 84.450
Leonteq Securit 10.000 12/13/2022 USD 45.450
Credit Suisse A 20.000 12/21/2022 USD 50.900
Societe General 11.750 9/18/2024 USD 40.430
Zurcher Kantona 4.800 12/08/2023 CHF 71.090
Erste Group Ban 5.500 6/30/2025 EUR 67.550
Resa SA/Belgium 1.950 7/22/2036 EUR 50.010
Kalita OOO 13.000 8/18/2024 RUB 6.350
Societe General 8.200 06/08/2023 USD 43.750
Kometa 99 Elelm 5.000 2/21/2032 HUF 72.600
Ville de Paris 0.831 2/23/2056 EUR 57.153
Nederlandse Wat 0.230 10/22/2035 EUR 74.812
NRW Bank 0.612 10/21/2050 EUR 65.854
Agence France L 0.210 12/20/2035 EUR 74.500
Royal Schiphol 3.090 07/01/2034 AUD 74.750
SNCF Reseau 2.455 6/22/2047 SEK 74.510
Gemeente Bergen 0.440 9/20/2044 EUR 67.011
Wirtschafts- un 0.500 8/28/2046 EUR 64.463
Region Auvergne 0.645 04/09/2040 EUR 69.313
Banque et Caiss 1.000 01/04/2042 EUR 75.841
Republic of Ire 1.320 11/28/2119 EUR 47.714
Kreditanstalt f 1.030 12/06/2049 EUR 74.487
Nederlandse Wat 0.955 2/13/2051 EUR 69.609
SAir Group 0.125 07/07/2005 CHF 12.625
Republic of Ire 1.180 5/25/2087 EUR 61.787
Region de Bruxe 1.286 12/17/2046 EUR 72.102
Region de Bruxe 1.100 5/25/2051 EUR 65.436
SAG Solarstrom 6.250 12/14/2015 EUR 31.000
Regie Autonome 0.938 5/25/2050 EUR 62.547
French Republic 0.500 5/25/2072 EUR 43.669
Eika Boligkredi 0.560 11/29/2039 EUR 68.949
Raiffeisenlande 1.174 07/11/2034 EUR 75.342
Republic of Ire 1.210 10/27/2111 EUR 53.132
Single Platform 0.428 2/15/2040 EUR 60.758
Landeskreditban 1.017 3/15/2061 EUR 68.421
Communaute Fran 1.340 07/01/2054 EUR 70.491
Saechsische Auf 0.300 2/18/2042 EUR 66.475
Hypo Tirol Bank 1.090 1/21/2041 EUR 64.240
DZ Bank AG Deut 0.530 7/26/2033 EUR 75.230
Rusal Capital D 5.300 05/03/2023 USD 30.000
Nederlandse Wat 1.370 3/23/2065 EUR 72.486
Credit Industri 0.900 02/04/2041 EUR 52.203
Communaute Fran 1.700 4/15/2049 EUR 75.070
Dolphin Drillin 4.490 8/28/2019 NOK 0.644
Republic of Ire 1.230 5/29/2120 EUR 54.596
Ville de Marsei 1.079 11/19/2046 EUR 70.094
Grand Delta Hab 1.500 06/02/2045 EUR 53.271
Spain Governmen 1.000 7/30/2042 EUR 70.647
EDOB Abwicklung 7.500 04/01/2012 EUR 1.388
Wirtschafts- un 0.170 12/09/2041 EUR 64.145
Barclays Bank P 1.382 11/27/2045 EUR 73.104
Mox Telecom AG 7.250 11/02/2017 EUR 2.270
Cooperatieve Ra 0.500 11/30/2027 MXN 58.633
Landshypotek Ba 1.815 2/25/2041 SEK 75.763
Aareal Bank AG 0.380 9/16/2031 EUR 67.581
Communaute Fran 1.367 1/20/2070 EUR 64.595
VTB Bank PJSC 0.010 12/09/2025 RUB 55.580
UBS AG/London 14.000 07/07/2022 USD 48.000
OR PJSC 11.000 12/29/2024 RUB 9.120
DZ Bank AG Deut 0.097 10/11/2050 EUR 74.800
OR PJSC 12.000 9/22/2022 RUB 36.190
Credit Bank of 0.010 11/12/2023 RUB 60.080
Hypo Vorarlberg 0.400 12/22/2031 EUR 74.519
Kuntarahoitus O 0.875 11/14/2034 SEK 76.037
Department of L 0.790 11/22/2039 EUR 71.714
Metropole de Ly 0.500 12/28/2049 EUR 56.564
Single Platform 0.800 12/20/2040 EUR 65.028
Hemso Fastighet 2.680 07/10/2035 AUD 71.817
Credit Agricole 1.190 2/26/2040 EUR 68.365
Ukraine Governm 9.980 04/10/2030 UAH 47.168
Specialfastighe 1.120 2/19/2044 SEK 56.367
Credit Agricole 1.000 4/26/2036 EUR 72.702
Deutsche Bank A 2.348 8/15/2034 EUR 75.059
Autonomous Comm 1.255 10/31/2048 EUR 64.407
Muenchener Hypo 0.420 12/10/2035 EUR 67.417
LSF9 Balta Issu 3.000 12/31/2030 EUR 57.234
Skandinaviska E 8.600 7/17/2023 SEK 57.600
AutoWallis Nyrt 3.000 7/27/2031 HUF 59.300
Leonteq Securit 8.000 09/05/2022 CHF 57.270
Main Road JSC 6.900 10/30/2029 RUB 90.500
Credit Suisse A 5.200 12/28/2022 USD 9.260
Erste Group Ban 5.000 10/01/2022 EUR 75.250
OR PJSC 16.000 11/26/2025 RUB 27.470
Bank Julius Bae 8.400 11/02/2022 CHF 74.750
OR PJSC 16.000 11/22/2025 RUB 20.660
Credit Suisse A 14.250 07/04/2022 CHF 56.300
OR PJSC 12.600 9/28/2025 RUB 11.000
Bank Vontobel A 22.300 08/02/2022 CHF 28.000
Leonteq Securit 20.070 07/11/2022 USD 57.380
OR PJSC 12.000 11/14/2024 RUB 9.000
Hamburgische In 0.380 2/24/2042 EUR 67.023
Single Platform 0.776 1/23/2051 EUR 53.653
BPCE SFH SA 1.229 04/12/2049 EUR 75.610
Department of L 1.110 6/18/2039 EUR 76.496
Slovenia Govern 0.488 10/20/2050 EUR 55.012
Vasakronan AB 2.162 05/04/2040 SEK 67.027
Vasakronan AB 1.700 6/28/2044 EUR 72.143
DZ Bank AG Deut 0.740 11/02/2035 EUR 76.000
Bayerische Land 1.600 7/21/2036 EUR 82.801
Veneto Banca Sp 6.950 2/25/2025 EUR 0.152
Italy Buoni Pol 0.150 5/15/2051 EUR 67.038
KPNQwest NV 7.125 06/01/2009 EUR 0.453
Societe General 2.630 03/02/2036 USD 70.270
Kreditanstalt f 0.210 11/18/2037 EUR 69.504
DZ Bank AG Deut 0.660 11/23/2035 EUR 75.096
Muenchener Hypo 0.490 9/17/2032 EUR 75.915
Credit Agricole 2.000 11/23/2032 USD 75.483
Muenchener Hypo 1.000 05/07/2035 EUR 74.392
Credit Agricole 2.480 03/04/2036 USD 72.634
Bayerische Land 0.030 10/22/2035 EUR 72.897
Barclays Bank P 1.072 12/30/2030 USD 59.266
Region de Bruxe 0.845 9/30/2059 EUR 52.343
Landesbank Saar 0.670 03/10/2034 EUR 74.582
BNG Bank NV 1.040 11/28/2047 EUR 75.363
Specialfastighe 1.180 12/02/2044 SEK 57.193
Communaute Fran 0.782 02/08/2061 EUR 49.790
Landesbank Bade 0.395 1/29/2031 EUR 75.639
Region de Bruxe 0.658 01/07/2041 EUR 68.296
Societe Du Gran 2.062 3/19/2070 EUR 79.994
NRW Bank 1.400 3/19/2070 EUR 72.540
Lehman Brothers 6.000 6/21/2011 EUR 0.100
Air Berlin Fina 6.000 03/06/2019 EUR 0.451
Republic of Ire 1.250 10/08/2121 EUR 58.435
Aareal Bank AG 0.625 9/16/2030 EUR 72.308
Credit Agricole 1.300 02/02/2061 EUR 56.872
IT Holding Fina 9.875 11/15/2012 EUR 0.015
Landesbank Saar 0.680 3/29/2034 EUR 74.595
Agence Francais 2.114 09/08/2034 AUD 72.692
DZ Bank AG Deut 0.640 12/07/2035 EUR 74.850
Ukraine Governm 6.000 1/14/2026 UAH 51.010
Ukraine Governm 3.900 10/05/2023 USD 41.652
Region de Bruxe 1.225 6/21/2070 EUR 57.165
Credit Suisse A 1.000 9/24/2035 EUR 67.084
Ministeries Van 1.053 06/03/2050 EUR 61.338
Agrokor dd 8.875 02/01/2020 USD 15.000
Aareal Bank AG 1.068 2/18/2050 EUR 71.168
Hemso Fastighet 2.615 11/30/2043 EUR 69.312
Kuntarahoitus O 0.500 05/08/2029 AUD 75.305
BNG Bank NV 1.980 4/19/2040 SEK 74.621
DZ Bank AG Deut 0.600 12/04/2035 EUR 74.753
Greenleaves Cap 2.665 9/25/2031 AUD 76.864
Single Platform 0.901 2/15/2041 EUR 65.693
Kreditanstalt f 0.689 6/18/2040 EUR 74.947
Bank Vontobel A 9.504 6/30/2022 CHF 31.500
Credit Suisse A 5.880 6/28/2023 USD 9.100
Skandinaviska E 7.600 1/15/2024 SEK 62.610
I-Teco AO 14.500 9/22/2022 RUB 61.000
SG Issuer SA 6.130 1/20/2024 SEK 59.030
Landesbank Bade 2.910 7/22/2022 EUR 56.710
EFG Internation 7.500 7/26/2022 USD 34.260
Raiffeisen Schw 14.000 7/19/2022 USD 63.170
Skandinaviska E 9.500 7/17/2023 SEK 58.460
Credit Agricole 2.280 1/19/2036 USD 70.936
NRW Bank 1.235 12/16/2061 EUR 69.362
Natixis SA 3.000 10/18/2051 USD 69.656
Credit Agricole 10.320 7/22/2026 TRY 40.986
Ukraine Governm 9.000 7/17/2030 UAH 43.526
Republic of Aus 0.100 07/10/2040 EUR 67.642
Muenchener Hypo 0.805 4/16/2036 EUR 67.967
Ukraine Governm 8.750 11/10/2032 UAH 39.356
Vacse AB 2.067 4/20/2034 SEK 75.450
Credit Agricole 3.610 4/20/2036 AUD 69.425
Societe General 2.000 1/30/2036 USD 64.914
Single Platform 1.220 04/01/2039 EUR 70.993
Lehman Brothers 11.000 12/20/2017 AUD 0.100
SBAB Bank AB 0.928 11/07/2034 SEK 70.829
Region de Bruxe 0.500 6/22/2040 EUR 68.079
Societe General 2.970 4/15/2036 USD 73.213
Lehman Brothers 6.250 09/05/2011 EUR 0.100
NRW Bank 1.022 12/23/2041 EUR 77.322
NRW Bank 1.048 10/11/2041 EUR 76.643
Communaute Fran 1.380 11/07/2046 EUR 71.504
Region de Bruxe 0.750 6/24/2042 EUR 68.544
Kreditanstalt f 0.250 10/06/2036 CAD 49.719
LBI ehf 6.100 8/25/2011 USD 10.662
Bibby Offshore 7.500 6/15/2021 GBP 11.625
SAir Group 2.750 7/30/2004 CHF 12.625
Premium Green P 0.600 10/31/2046 EUR 64.776
Region Wallonne 0.828 8/28/2048 EUR 60.646
Landesbeteiligu 1.450 6/15/2046 EUR 65.153
Luminis SA 1.800 09/02/2059 EUR 52.604
VTB Bank OJSC V 6.250 6/30/2035 USD 21.704
Credit Suisse A 14.000 3/17/2023 USD 59.370
UniCredit Bank 1.500 1/31/2040 EUR 63.340
Uniservice Capi 8.800 1/21/2029 RUB 52.000
BNP Paribas Iss 5.680 4/25/2023 EUR 62.450
Credit Suisse A 7.500 7/13/2022 CHF 54.020
Leonteq Securit 18.000 10/06/2022 CHF 42.020
Nordea Bank Abp 6.060 7/20/2023 SEK 68.120
Landesbank Hess 1.000 10/29/2035 EUR 72.700
Russian Post FG 2.750 12/06/2023 RUB 60.070
Golfino AG 8.000 11/18/2023 EUR 0.020
Bank Julius Bae 10.250 10/05/2022 USD 35.000
UniCredit Bank 10.300 9/27/2024 EUR 62.190
Credit Suisse A 7.500 10/12/2022 USD 55.930
Landesbank Bade 5.950 9/23/2022 EUR 60.160
Raiffeisen Swit 3.890 8/26/2022 CHF 66.850
Bank Vontobel A 20.000 4/17/2023 CHF 70.000
Landesbank Bade 3.940 11/25/2022 EUR 68.390
Goldman Sachs I 0.098 1/13/2025 EUR 56.550
Goldman Sachs I 0.100 1/13/2025 EUR 62.700
SG Issuer SA 2.100 12/06/2033 EUR 41.480
Landesbank Bade 9.150 10/28/2022 EUR 73.820
Credit Suisse A 7.750 12/15/2022 CHF 60.900
UBS AG/London 11.000 1/16/2023 CHF 62.100
Credit Suisse A 6.190 9/14/2022 USD 9.630
Skandinaviska E 6.350 7/15/2024 SEK 54.050
UBS AG/London 16.000 04/01/2024 USD 76.700
Wingholding Zrt 5.000 2/17/2032 HUF 77.105
Collectivite Eu 0.487 10/09/2045 EUR 61.091
Region de Bruxe 0.950 05/07/2049 EUR 63.800
WPE Internation 10.375 9/30/2020 USD 5.000
WPE Internation 10.375 9/30/2020 USD 5.000
Muenchener Hypo 0.300 09/06/2032 EUR 74.156
NRW Bank 0.800 10/22/2060 EUR 62.486
Berlin Hyp AG 0.440 10/29/2035 EUR 66.730
Irish Bank Reso 4.000 4/23/2018 EUR 33.250
Single Platform 1.425 5/25/2052 EUR 65.703
Region of Centr 0.755 11/02/2037 EUR 74.461
Nomura Bank Int 1.415 1/27/2042 EUR 67.668
SAG Solarstrom 7.500 07/10/2017 EUR 31.000
Minicentrales D 0.010 06/06/2047 EUR 66.875
Banque Internat 2.160 6/27/2039 EUR 76.714
Cie de Financem 0.975 08/11/2046 EUR 72.428
BPCE SA 2.320 03/04/2036 USD 66.030
Canton of Zuric 0.250 07/12/2039 CHF 74.064
Deutsche Apothe 1.090 12/16/2039 EUR 64.112
Region de Bruxe 1.419 6/22/2045 EUR 76.351
Waste Italia Sp 10.500 11/15/2019 EUR 0.550
Aralco Finance 10.125 05/07/2020 USD 3.010
BNP Paribas SA 1.660 03/04/2031 USD 73.172
State of North 1.513 7/27/2065 EUR 77.125
Kommunekredit 1.375 5/18/2046 SEK 71.265
Ukraine Governm 12.940 2/14/2024 UAH 75.340
Landesbank Bade 0.680 6/22/2034 EUR 69.070
Department of L 0.915 11/23/2043 EUR 69.851
Norddeutsche La 0.850 12/07/2035 EUR 69.953
ING Bank NV 2.220 1/20/2036 USD 74.523
Region of Centr 0.822 05/12/2041 EUR 70.913
Landesbank Bade 0.900 11/22/2034 EUR 69.564
Citigroup Globa 1.500 5/13/2051 EUR 65.285
Landesbank Bade 0.510 08/02/2033 EUR 69.708
KPNQwest NV 8.875 02/01/2008 EUR 0.453
Natixis SA 2.520 8/24/2036 AUD 69.385
Single Platform 1.690 7/25/2053 EUR 72.693
Barclays Bank P 2.300 8/31/2036 USD 72.197
BPCE SFH SA 0.430 05/07/2040 EUR 67.873
State of Lower 0.550 11/13/2080 EUR 38.183
Purple Protecte 1.480 11/30/2060 EUR 66.042
BNG Bank NV 0.630 07/11/2067 EUR 58.295
Kuntarahoitus O 1.449 03/01/2061 EUR 78.448
NRW Bank 1.070 03/10/2051 EUR 71.854
SNCF Reseau 2.425 6/22/2047 SEK 74.040
UkrLandFarming 10.875 3/26/2018 USD 1.358
Landesbank Bade 0.570 2/27/2034 EUR 68.431
CDC Habitat SEM 1.700 3/21/2039 EUR 66.375
Centre Hospital 1.500 4/27/2050 EUR 75.664
Wirtschafts- un 0.138 8/23/2044 EUR 60.209
International B 8.250 10/09/2024 USD 60.375
National Treasu 1.190 10/07/2101 EUR 54.237
Natixis SA 2.530 08/05/2036 AUD 69.475
Barclays Bank I 1.650 03/11/2047 EUR 71.458
Deutsche Bank A 2.330 02/11/2043 EUR 69.092
Societe General 2.300 4/20/2048 EUR 76.555
Single Platform 1.105 2/15/2041 EUR 67.320
Single Platform 1.840 7/25/2053 EUR 75.513
Bayerische Land 0.460 12/23/2030 EUR 81.216
Muenchener Hypo 1.010 08/06/2044 EUR 58.275
Landesbank Bade 0.905 04/01/2041 EUR 60.435
Communaute Fran 1.925 4/18/2059 EUR 76.084
Single Platform 2.050 09/01/2044 NOK 73.810
Espirito Santo 5.050 11/15/2025 EUR 0.324
Hemso Fastighet 2.127 4/18/2039 EUR 67.564
A-TEC Industrie 2.750 05/10/2014 EUR 0.100
Corner Banca SA 6.600 08/02/2022 CHF 0.920
Erste Group Ban 9.000 1/31/2024 EUR 44.900
SunDell Estate 3.250 11/12/2030 HUF 67.000
SG Issuer SA 8.700 1/20/2025 SEK 30.730
OR PJSC 11.500 7/28/2024 RUB 10.900
Quintet Private 6.050 5/26/2026 USD 63.960
Bank Julius Bae 8.800 8/19/2022 USD 74.400
Leonteq Securit 7.000 12/21/2022 CHF 72.870
Societe Nationa 2.503 1/14/2041 AUD 68.226
HSBC Continenta 0.900 03/02/2035 EUR 72.930
National Grid E 2.037 2/15/2039 EUR 74.457
Hungary Governm 3.000 8/21/2030 HUF 70.722
Saastopankkien 0.860 1/18/2036 EUR 74.228
BNP Paribas SA 3.170 01/07/2041 AUD 67.099
Single Platform 3.505 08/06/2046 AUD 72.889
BrokerCreditSer 2.572 12/06/2031 USD 73.213
Landesbank Bade 1.050 7/17/2034 EUR 71.316
Deutsche Bahn F 1.520 07/03/2035 SEK 76.123
Credit Agricole 5.400 1/31/2028 BRL 71.211
Deutsche Bank A 2.530 10/07/2036 USD 69.696
Ukraine Governm 6.000 9/13/2028 UAH 38.509
Societe General 2.120 01/06/2036 USD 65.746
Single Platform 0.419 2/15/2040 EUR 60.233
Deutsche Bank A 2.267 8/25/2034 EUR 74.283
Lehman Brothers 15.000 06/04/2009 CHF 0.100
DZ Bank AG Deut 1.070 10/06/2042 EUR 76.152
Tonon Luxembour 9.250 1/24/2020 USD 0.500
Santander Inter 1.150 04/08/2041 EUR 67.278
Single Platform 1.250 05/10/2044 EUR 66.291
Svensk Exportkr 0.500 6/29/2029 AUD 74.413
Communaute Fran 1.000 10/08/2069 EUR 50.303
Muenchener Hypo 0.568 6/15/2032 EUR 77.612
Kuntarahoitus O 1.000 10/25/2049 EUR 72.355
Swedbank AB 0.350 9/22/2031 EUR 76.598
Region of Centr 0.825 6/18/2040 EUR 71.444
Societe General 0.570 6/30/2031 EUR 73.216
Ville de Paris 1.293 2/22/2049 EUR 74.011
Raiffeisen Swit 7.300 1/25/2023 CHF 51.170
Credit Suisse A 8.000 6/27/2022 CHF 45.590
SG Issuer SA 9.180 1/20/2025 SEK 31.560
Corner Banca SA 16.000 10/05/2022 CHF 51.740
OR PJSC 13.500 10/22/2025 RUB 10.200
GTC Magyarorsza 2.250 12/07/2030 HUF 66.275
UBS AG/London 17.500 7/28/2022 CHF 51.000
Leonteq Securit 6.300 7/17/2023 EUR 69.150
DekaBank Deutsc 4.810 12/23/2022 EUR 49.250
Landesbank Hess 1.750 10/29/2036 EUR 76.000
Kalita OOO 13.000 9/21/2025 RUB 8.350
Landesbank Bade 4.160 7/22/2022 EUR 72.690
Leonteq Securit 26.350 08/03/2022 CHF 46.320
Societe General 16.000 07/03/2024 USD 17.600
Bayerische Land 2.100 10/28/2022 EUR 71.980
Landesbank Bade 0.500 10/18/2039 EUR 68.990
Skandinaviska E 8.500 7/15/2024 SEK 60.040
Basler Kantonal 16.000 08/05/2022 CHF 57.190
Erste Group Ban 7.250 03/03/2023 EUR 77.750
Kreditanstalt f 0.620 1/14/2050 EUR 66.982
Bayerische Land 0.700 06/12/2037 EUR 77.063
Grand Delta Hab 1.500 09/01/2047 EUR 61.401
Landesbank Hess 0.650 9/16/2036 EUR 71.700
Caisse des Depo 1.000 2/26/2051 EUR 72.421
Deutsche Apothe 0.800 12/21/2035 EUR 67.790
HSBC Bank PLC 0.500 6/23/2027 MXN 59.779
LR Realkredit A 0.500 10/01/2050 DKK 71.862
Single Platform 1.860 2/15/2041 NOK 74.012
Caisse des Depo 0.930 11/09/2050 EUR 69.920
Akademiska Hus 2.080 4/17/2045 SEK 69.710
HSBC Bank PLC 0.500 11/25/2025 BRL 65.788
Erste Group Ban 0.520 11/02/2033 EUR 71.452
Kuntarahoitus O 1.400 03/05/2061 EUR 75.470
Ville de Sion 0.355 09/12/2039 CHF 74.313
Russian Foreign 4.250 6/23/2027 USD 18.075
SAir Group 4.250 02/02/2007 CHF 12.625
Ville de Paris 0.921 5/26/2053 EUR 62.156
Single Platform 0.780 04/01/2042 EUR 61.262
Region Auvergne 1.150 04/08/2039 EUR 77.302
Societe General 3.110 10/28/2041 AUD 63.651
Santander Inter 1.700 12/12/2049 EUR 39.092
Republic of Ire 1.200 4/15/2120 EUR 47.902
Societe General 2.050 2/18/2031 AUD 69.551
Commerzbank AG 1.046 12/18/2034 EUR 74.990
Societe Wallonn 0.948 10/23/2051 EUR 58.372
NRW Bank 0.921 10/20/2041 EUR 76.266
Single Platform 2.085 1/24/2044 NOK 71.534
Espirito Santo 5.125 5/30/2016 EUR 0.528
LFA Foerderbank 0.010 12/15/2033 EUR 75.523
Caisse des Depo 2.730 03/02/2041 AUD 71.385
UBS Group AG 2.210 11/24/2035 USD 71.118
Landesbank Saar 0.540 11/18/2033 EUR 73.628
Wirtschafts- un 0.208 1/28/2043 EUR 63.343
Department of B 1.100 07/08/2039 EUR 76.305
ABN AMRO Bank N 0.500 12/12/2039 EUR 70.789
Region Provence 0.753 01/05/2037 EUR 77.582
Region de Bruxe 1.000 4/21/2051 EUR 62.205
Single Platform 1.416 2/15/2041 EUR 76.220
Centre Hospital 1.160 09/06/2039 EUR 64.089
Swedbank AB 2.070 09/09/2031 AUD 77.344
Region de Bruxe 1.541 6/22/2057 EUR 69.681
Norddeutsche La 1.310 3/23/2039 EUR 69.444
de Volksbank NV 0.831 7/19/2038 EUR 75.988
Single Platform 1.340 04/04/2042 EUR 77.615
Kuntarahoitus O 1.005 12/07/2060 EUR 66.025
Caisse des Depo 1.098 7/31/2049 EUR 75.215
Akademiska Hus 2.185 11/21/2038 SEK 76.505
Credit Agricole 1.770 4/26/2035 EUR 76.800
Region de Bruxe 1.472 4/29/2044 EUR 76.973
BPCE SA 2.285 12/03/2035 AUD 63.735
Municipality of 1.134 10/18/2066 EUR 77.017
BPCE SFH SA 0.843 7/19/2044 EUR 70.223
ACCIONA Financi 3.090 04/07/2027 PLN 76.245
Deutsche Bank A 2.825 2/25/2043 EUR 75.529
Single Platform 0.833 2/15/2041 EUR 63.588
Norddeutsche La 1.250 03/08/2034 EUR 77.846
Norddeutsche La 1.500 3/16/2037 EUR 73.532
Astana Finance 7.875 06/08/2010 EUR 16.000
Bulgaria Steel 12.000 05/04/2013 EUR 0.216
Skandinaviska E 7.800 7/15/2024 SEK 58.780
Bayerische Land 2.350 2/23/2024 EUR 70.620
Duna House Hold 3.000 09/02/2030 HUF 73.800
DZ Bank AG Deut 0.097 10/11/2050 EUR 74.800
Societe General#N/A N/A 3/29/2035 USD 74.000
Opus Global Nyr 3.200 4/29/2031 HUF 71.000
Bayerische Land 2.100 7/22/2022 EUR 71.860
Reneszansz Kofa 3.200 04/09/2031 HUF 73.000
CDC Habitat SEM 1.150 4/30/2037 EUR 64.866
Landesbank Hess 0.750 8/19/2036 EUR 68.484
Muenchener Hypo 0.047 1/15/2031 EUR 77.294
Deutsche Bank A 0.610 9/30/2031 EUR 75.286
NRW Bank 0.780 03/04/2050 EUR 69.095
Societe General 5.400 11/17/2037 USD 59.914
Region Wallonne 1.165 6/29/2059 EUR 58.722
Ville de Paris 0.395 12/18/2045 EUR 60.553
Credit Agricole 11.340 02/12/2026 TRY 44.477
Ukraine Governm 9.760 7/23/2031 UAH 44.515
Deutsche Pfandb 0.906 03/04/2050 EUR 71.292
Rio Forte Inves 3.900 07/10/2014 USD 4.210
BPCE SA 2.450 2/24/2035 AUD 66.703
Agence Metropol 0.800 07/01/2040 EUR 71.056
Caisse des Depo 1.300 4/28/2051 EUR 74.802
Ukraine Governm 6.000 12/23/2026 UAH 45.491
Agence France L 2.550 3/20/2036 AUD 73.875
Region Auvergne 0.530 9/29/2036 EUR 76.039
Region Provence 0.575 07/06/2039 EUR 71.753
Kuntarahoitus O 1.300 04/08/2061 EUR 72.600
Societe General 1.230 1/30/2035 EUR 73.708
Barclays Bank P 2.000 06/12/2029 TRY 14.701
Heta Asset Reso 0.297 12/31/2023 EUR 4.007
Kuntarahoitus O 1.150 9/24/2051 EUR 72.299
Svensk Exportkr 0.500 8/29/2029 AUD 73.846
NRW Bank 1.070 10/29/2049 EUR 75.556
Lehman Brothers 6.650 8/24/2011 AUD 0.100
Ile-de-France M 1.000 12/02/2043 EUR 73.079
Region de Bruxe 0.274 12/11/2040 EUR 64.198
Leonteq Securit 7.000 3/29/2023 CHF 66.430
Raiffeisen Cent 6.500 9/22/2023 EUR 71.800
Pannon Work Sze 3.000 10/30/2030 HUF 62.600
Bank Julius Bae 7.200 12/01/2022 CHF 74.300
Raiffeisen Schw 8.000 2/27/2023 CHF 58.630
Bank Otkritie F 0.010 2/26/2023 RUB 85.000
ENEL RUSSIA PJS 8.600 12/15/2022 RUB 61.000
SG Issuer SA 2.250 10/28/2029 EUR 74.060
WEB Windenergie 6.500 EUR 0.010
DeltaCredit Ban 1.000 5/18/2026 RUB 70.010
Societe General 10.000 5/31/2034 USD 64.400
Leonteq Securit 5.710 9/23/2022 USD 32.700
Leonteq Securit 20.000 8/16/2022 CHF 52.830
Bank Julius Bae 14.580 09/09/2022 USD 21.800
Leonteq Securit 10.000 10/12/2022 CHF 49.350
Bank Vontobel A 18.000 8/29/2022 USD 40.200
Societe General 24.000 11/14/2024 USD 51.775
Leonteq Securit 2.380 11/10/2022 EUR 35.380
Sberbank of Rus 0.010 02/01/2029 RUB 64.600
VTB Bank PJSC 0.010 06/03/2026 RUB 82.050
EFG Internation 10.320 7/19/2022 USD 49.460
Credit Suisse A 19.250 12/08/2022 CHF 44.610
DekaBank Deutsc 6.670 8/26/2022 EUR 74.210
Nordea Bank Abp 10.134 1/20/2027 SEK 66.250
VTB Bank PJSC 0.010 12/06/2024 RUB 62.500
Sberbank of Rus 0.010 2/26/2027 RUB 68.600
Zurcher Kantona 21.250 10/04/2022 CHF 53.050
Banque Internat 8.000 11/08/2023 USD 73.990
Leonteq Securit 23.200 8/30/2022 CHF 68.000
Skandinaviska E 6.500 1/15/2024 SEK 61.120
Barclays Bank P 2.730 9/27/2024 EUR 39.040
Pick Szeged Sza 2.000 12/06/2029 HUF 64.010
Bayerische Land 0.650 12/22/2023 EUR 75.500
Bayerische Land 2.150 1/27/2023 EUR 65.820
Bayerische Land 2.300 2/24/2023 EUR 70.950
Pongs & Zahn AG 8.500 11/01/2014 EUR 0.101
Bayerische Land 2.150 9/23/2022 EUR 73.270
Bayerische Land 2.050 8/26/2022 EUR 74.500
Market Epito Zr 2.950 10/22/2029 HUF 68.000
UBS AG/London 12.750 8/16/2023 EUR 71.650
Sberbank of Rus 0.010 11/03/2026 RUB 66.500
Kuntarahoitus O 0.858 2/22/2051 EUR 70.891
Phosphorus Hold 10.000 04/01/2019 GBP 1.348
Norddeutsche La 0.750 11/23/2032 EUR 76.100
Deutsche Bank A 1.580 10/23/2031 EUR 76.501
Vasakronan AB 2.130 5/27/2041 SEK 67.402
Department of G 0.412 11/26/2037 EUR 70.050
Heta Asset Reso 0.288 12/31/2023 EUR 4.007
Landesbank Hess 0.980 11/09/2060 EUR 65.648
Gebr Sanders Gm 8.750 10/22/2018 EUR 9.375
Natixis SA 2.800 03/03/2041 USD 73.253
NRW Bank 0.510 9/23/2039 EUR 71.647
Norddeutsche La 1.560 10/20/2038 EUR 72.449
Batigere Grand 1.400 8/31/2050 EUR 46.485
Ile-de-France M 1.200 04/08/2050 EUR 69.648
Kreditanstalt f 0.820 4/15/2050 EUR 72.729
Wirtschafts- un 0.321 2/18/2041 EUR 68.017
Lloyds Bank PLC 0.500 7/26/2028 MXN 54.536
Kreditanstalt f 0.990 02/12/2051 EUR 71.001
HSBC Bank PLC 10.300 12/10/2024 TRY 49.789
Citigroup Globa 0.610 05/05/2031 EUR 75.900
NRW Bank 1.155 9/21/2050 EUR 73.199
Landesbank Bade 0.650 06/01/2034 EUR 68.855
Raiffeisen-Land 1.500 02/10/2061 EUR 58.073
Cerruti Finance 6.500 7/26/2004 EUR 2.058
Single Platform 1.720 2/15/2041 EUR 75.752
Region Wallonne 1.246 05/12/2070 EUR 55.868
Kuntarahoitus O 0.514 10/07/2039 EUR 72.409
State of North 1.267 9/16/2051 EUR 76.996
Intesa Sanpaolo 3.102 11/19/2035 AUD 71.810
Caisse des Depo 1.065 9/20/2049 EUR 74.509
Region of Pays 0.924 11/04/2044 EUR 69.050
Single Platform 0.950 2/15/2044 EUR 63.277
Communaute Fran 2.100 6/30/2067 EUR 77.550
Norddeutsche La 1.200 8/20/2035 EUR 71.452
Agence France L 0.550 6/20/2040 EUR 71.834
Ukraine Governm 7.253 3/15/2033 USD 26.852
Credit Agricole 6.000 2/26/2027 BRL 76.011
Bayerische Land 0.745 12/15/2031 EUR 82.518
Region de Bruxe 1.750 1/17/2048 EUR 78.867
Grand Delta Hab 1.500 09/01/2049 EUR 50.324
Single Platform 1.060 04/01/2042 EUR 68.043
Muenchener Hypo 0.620 7/22/2033 EUR 72.156
UniCredit Bank 2.250 10/14/2039 EUR 77.116
Deutsche Bank A 0.600 10/08/2030 EUR 76.609
Norddeutsche La 1.090 11/15/2043 EUR 71.789
State of Rhinel 0.100 10/01/2040 EUR 64.752
Republic of Ire 0.740 9/22/2078 EUR 50.509
Citigroup Globa 1.370 7/27/2051 EUR 61.717
Credit Agricole 2.750 12/12/2034 AUD 76.822
Landesbank Hess 1.200 02/09/2052 EUR 78.255
Getin Noble Ban 8.290 7/28/2023 PLN 62.875
State of North 0.800 7/30/2049 EUR 68.372
Societe Du Gran 1.923 5/25/2066 EUR 73.948
Morgan Stanley 1.105 6/18/2041 EUR 65.961
BNG Bank NV 0.799 7/25/2039 EUR 76.705
Lehman Brothers 2.234 3/16/2035 EUR 0.100
Landesbank Bade 0.250 5/27/2037 EUR 70.851
Metropole de Ly 0.462 12/07/2045 EUR 60.670
Agrokor dd 9.125 02/01/2020 EUR 15.000
Petromena ASA 9.750 5/24/2016 NOK 0.607
State of Lower 0.585 10/11/2049 EUR 61.286
Single Platform 0.870 6/20/2043 EUR 62.738
Single Platform 1.442 7/25/2053 EUR 66.361
Lehman Brothers 5.100 05/08/2017 HKD 0.100
Raiffeisenlande 1.500 10/21/2039 EUR 70.211
Region of Chely 6.000 12/17/2027 RUB 62.060
UBS AG/London 9.500 6/30/2022 USD 69.250
Region of Chely 6.000 12/17/2027 RUB 62.060
SkyGreen Buildi 3.000 12/29/2030 HUF 61.800
SG Issuer SA 2.270 02/04/2032 EUR 57.320
Erste Group Ban 6.250 3/29/2023 EUR 56.000
Leonteq Securit 20.000 6/29/2022 CHF 23.880
SG Issuer SA 7.740 7/20/2025 SEK 37.680
Resursosberezhe 11.000 6/17/2031 RUB 60.050
Reso-Leasing OO 7.500 06/02/2024 RUB 86.510
Nordea Bank Abp 7.250 7/20/2023 EUR 71.250
Societe General 18.000 5/31/2024 USD 30.850
DeltaCredit Ban 1.000 9/29/2026 RUB 65.010
SG Issuer SA 11.170 7/20/2025 SEK 23.080
ENVIEN Magyaror 2.500 5/18/2031 HUF 67.580
Raiffeisen Swit 11.000 7/26/2022 CHF 51.580
UBS AG/London 8.250 4/21/2023 CHF 69.100
Landesbank Hess 1.000 06/12/2035 EUR 75.750
RUSNANO AO 6.750 3/26/2024 RUB 72.950
Kalita OOO 15.000 09/12/2023 RUB 8.810
Landesbank Bade 2.234 2/20/2034 EUR 76.900
Societe General 16.000 08/01/2024 USD 17.500
Region de Bruxe 1.250 01/10/2060 EUR 62.478
BNP Paribas SA 3.590 7/20/2040 AUD 71.737
Caisse des Depo 1.290 05/05/2051 EUR 75.925
Credit Agricole 2.400 5/17/2048 EUR 61.030
Standard Charte 0.520 1/22/2041 JPY 70.098
Ukraine Governm 5.000 2/20/2032 UAH 27.067
Oberoesterreich 0.315 9/14/2035 EUR 73.409
Ukraine Governm 6.000 06/12/2030 UAH 33.854
Belfius Bank SA 0.190 1/28/2031 EUR 76.514
Lehman Brothers 8.000 3/21/2018 USD 0.100
Credit Agricole 15.000 6/18/2026 TRY 50.242
Office Public D 1.700 12/22/2060 EUR 77.618
Natixis SA 2.300 12/24/2035 AUD 67.678
Region de Bruxe 1.310 12/15/2069 EUR 59.981
Ukraine Governm 10.570 05/10/2027 UAH 55.526
Ukraine Governm 8.220 05/10/2035 UAH 35.208
Lehman Brothers 11.000 12/20/2017 AUD 0.100
Republic of Aus 0.850 6/30/2120 EUR 43.842
Purple Protecte 1.598 02/05/2061 EUR 70.142
Agence Francais 0.368 01/12/2046 EUR 64.299
Credit Agricole 10.800 3/24/2026 TRY 43.206
Credit Agricole 10.200 08/06/2026 TRY 40.643
Ukraine Governm 6.000 5/16/2029 UAH 36.527
Ukraine Governm 6.000 06/04/2031 UAH 31.843
Ukraine Governm 9.700 06/07/2028 UAH 50.158
Region Provence 0.569 10/01/2038 EUR 70.827
LBI ehf 7.431 USD 0.001
Department of G 0.765 4/29/2036 EUR 77.511
Raiffeisen-Land 1.470 05/03/2069 EUR 73.891
SAir Group 5.500 7/23/2003 CHF 12.625
SAir Group 6.250 10/27/2002 CHF 12.625
MFB Magyar Fejl 3.000 10/27/2027 HUF 76.925
Tonon Luxembour 9.250 1/24/2020 USD 0.500
Brussels Munici 0.336 12/15/2035 EUR 75.003
Harp Issuer PLC 1.400 2/14/2032 USD 73.856
Ukraine Governm 9.990 5/22/2024 UAH 65.912
BNP Paribas SA 1.125 11/05/2034 EUR 72.342
Lehman Brothers 7.375 9/20/2008 EUR 0.100
Deutsche Bank A 0.710 9/24/2031 EUR 69.685
Single Platform 1.010 3/20/2051 EUR 59.113
Single Platform 1.033 2/15/2046 EUR 61.384
Deutsche Bank A 2.480 12/10/2035 EUR 74.387
Region Bretagne 0.815 06/12/2040 EUR 71.326
Single Platform 0.695 6/25/2039 EUR 63.929
Single Platform 1.050 6/25/2044 EUR 64.788
Allgemeine Spar 2.040 9/20/2033 EUR 73.953
Ringkjoebing La 1.875 06/06/2039 EUR 74.143
Credit Agricole 12.000 11/17/2025 TRY 46.983
NRW Bank 0.835 9/24/2041 EUR 74.491
Kreditanstalt f 0.951 09/09/2050 EUR 70.867
Standard Charte 0.500 09/11/2040 JPY 70.039
Zurcher Kantona 6.750 07/01/2022 CHF 65.260
VTB Bank PJSC 2.000 4/29/2026 RUB 85.010
SG Issuer SA 6.700 07/10/2024 EUR 54.610
Societe General 1.580 9/16/2024 USD 0.090
Erste Group Ban 1.700 11/30/2027 RON 68.450
Maxima Telecom 9.750 5/21/2024 RUB 72.560
Agrar Mezogazda 2.900 8/24/2031 HUF 66.880
Skandinaviska E 6.700 7/15/2024 SEK 69.680
Aragon OOO 24.000 3/16/2029 RUB 101.500
Raiffeisen Schw 18.000 10/12/2022 CHF 49.630
Barclays Bank P 0.750 08/02/2029 EUR 74.200
UniCredit Bank 4.050 11/19/2024 EUR 74.580
Leonteq Securit 12.000 01/11/2023 CHF 40.490
Sberbank of Rus 0.010 03/06/2028 RUB 76.310
Landesbank Hess 1.100 12/27/2034 EUR 76.000
Societe General 18.000 11/02/2023 USD 27.350
Rosbank PJSC 0.040 4/30/2024 RUB 60.050
Rosbank PJSC 0.030 4/30/2024 RUB 60.050
Rosbank PJSC 0.020 4/30/2024 RUB 60.050
Rosbank PJSC 0.010 4/30/2024 RUB 60.050
Landesbank Hess 1.000 10/23/2035 EUR 74.000
United Confecti 7.000 04/03/2023 RUB 100.230
Pervyi Konteine 0.010 02/06/2026 RUB 69.050
Bank Vontobel A 9.250 12/04/2023 EUR 64.400
Leonteq Securit 25.200 10/04/2022 CHF 44.270
DZ Bank AG Deut 5.800 9/23/2022 EUR 66.040
EFG Internation 15.400 12/23/2022 USD 31.590
DZ Bank AG Deut 7.000 7/22/2022 EUR 67.470
Luzerner Kanton 7.600 8/16/2022 CHF 54.970
Maxima Telecom 10.750 7/14/2026 RUB 69.300
Landesbank Hess 1.350 7/30/2035 EUR 76.200
Raiffeisen Schw 18.520 7/13/2022 CHF 27.070
Leonteq Securit 9.250 7/29/2022 EUR 67.990
Credit Suisse A 16.000 08/05/2022 USD 22.760
UBS AG/London 13.250 04/06/2023 USD 71.100
UBS AG/London 21.250 2/20/2023 CHF 33.850
Zurcher Kantona 12.000 10/26/2022 USD 67.660
EFG Internation 10.000 9/20/2023 USD 72.630
KESZ Holding Bu 2.800 6/17/2031 HUF 68.925
Vontobel Financ 8.850 07/08/2022 EUR 63.850
DZ Bank AG Deut 3.050 7/22/2022 EUR 67.070
Raiffeisen Schw 18.500 9/27/2022 USD 36.980
Leonteq Securit 10.000 12/07/2022 USD 75.440
Landesbank Bade 6.750 11/25/2022 EUR 41.950
Bank Julius Bae 6.600 12/16/2022 USD 58.850
Landesbank Bade 6.200 9/23/2022 EUR 72.830
UBS AG/London 9.750 3/15/2023 CHF 27.620
Leonteq Securit 15.000 4/21/2023 CHF 47.030
Biznes Nedvizhi 10.800 12/18/2026 RUB 62.000
Landesbank Bade 4.950 3/24/2023 EUR 78.830
UniCredit Bank 10.850 04/12/2023 EUR 61.800
Basler Kantonal 19.000 2/16/2023 CHF 66.230
MKB-Leasing OOO 21.700 12/22/2027 RUB 65.000
UBS AG/London 7.000 1/26/2024 USD 59.650
MKB-Leasing OOO 23.000 10/12/2026 RUB 70.000
Credit Suisse A 7.500 9/29/2022 USD 66.420
UBS AG/London 5.750 12/29/2023 CHF 65.350
Corner Banca SA 11.000 11/29/2022 CHF 27.400
Barclays Bank P 24.450 11/29/2022 USD 40.500
Zurcher Kantona 15.200 9/21/2022 USD 27.660
Credit Suisse A 9.500 01/12/2023 USD 74.020
BNP Paribas SA 23.000 11/25/2022 USD 60.500
Zurcher Kantona 7.000 11/22/2022 CHF 26.580
Leonteq Securit 10.000 4/25/2023 USD 78.720
Barclays Bank P 2.650 11/04/2031 EUR 73.650
SG Issuer SA 5.000 5/23/2024 EUR 54.260
Corner Banca SA 10.400 12/14/2022 CHF 29.290
Banque Internat 7.500 7/28/2022 USD 68.180
Societe General 22.000 11/03/2022 USD 58.100
Muehl Product & 6.750 03/10/2005 DEM 0.106
Specialized Fin 14.000 8/18/2023 RUB 60.050
Aragon OOO 9.500 07/10/2029 RUB 101.000
Landesbank Hess 1.000 11/29/2034 EUR 75.900
DeltaCredit Ban 1.000 10/20/2025 RUB 72.060
Alteo Nyrt 3.150 10/28/2029 HUF 59.500
DeloPorts LLC 0.010 11/14/2025 RUB 72.930
Vontobel Financ 25.700 12/27/2022 CHF 64.370
Nordea Bank Abp 6.100 7/20/2024 SEK 64.250
ITK Holding zrt 2.900 6/23/2031 HUF 57.600
Bank Julius Bae 7.000 07/06/2023 CHF 78.550
SUN Group Keres 5.500 1/17/2032 HUF 69.050
Bank Julius Bae 10.500 03/07/2023 EUR 75.450
Landesbank Bade 4.400 11/25/2022 EUR 74.050
Bayerische Land 1.770 5/15/2036 EUR 84.080
Nederlandse Wat 1.080 10/26/2050 EUR 71.888
NRW Bank 1.245 11/04/2051 EUR 74.373
Deutsche Apothe 1.616 1/15/2038 EUR 73.511
NRW Bank 1.021 08/11/2051 EUR 71.634
Nykredit Realkr 1.182 1/17/2034 EUR 73.126
Ukraine Governm 7.750 09/01/2023 USD 35.609
HSBC Continenta 2.890 09/11/2039 AUD 69.013
Single Platform 0.462 2/15/2040 EUR 61.396
Landshypotek Ba 1.680 1/20/2042 SEK 73.354
Lehman Brothers 1.280 11/06/2010 JPY 0.100
Kreditanstalt f 1.000 10/20/2050 EUR 71.889
Assistance Publ 0.666 3/19/2040 EUR 69.899
Kreditanstalt f 1.208 03/10/2051 EUR 76.601
Credit Mutuel A 1.165 9/23/2039 EUR 65.243
NRW Bank 1.180 03/03/2051 EUR 76.898
Wirtschafts- un 0.250 9/16/2037 EUR 70.707
Deutsche Pfandb 0.765 09/12/2036 EUR 59.174
Nederlandse Wat 0.877 6/24/2054 EUR 68.924
Municipality of 0.460 9/20/2049 EUR 63.420
Societe General 2.880 09/10/2034 AUD 66.618
Single Platform 2.080 4/30/2045 EUR 76.691
Single Platform 1.762 5/25/2066 EUR 62.893
Citigroup Globa 0.660 8/25/2033 EUR 72.609
Norddeutsche La 1.750 4/14/2037 EUR 77.003
Hamburgische In 0.372 2/22/2041 EUR 68.150
Cooperatieve Ra 0.500 8/21/2028 MXN 54.328
ABN AMRO Bank N 1.171 04/04/2044 EUR 74.967
Norddeutsche La 1.600 4/14/2037 EUR 76.292
Region Bourgogn 0.799 05/06/2041 EUR 70.134
Region Wallonne 0.250 12/29/2036 EUR 70.541
SG Issuer SA 0.900 04/07/2036 EUR 72.708
Banque et Caiss 0.900 08/06/2042 EUR 76.331
Agence Francais 2.330 02/10/2041 AUD 66.842
Societe General 2.050 2/18/2031 AUD 69.500
Banque Internat 1.500 1/20/2037 EUR 73.055
Region de Bruxe 0.460 12/15/2051 EUR 51.875
Credit Industri 1.170 1/28/2037 EUR 63.459
BNG Bank NV 0.562 06/07/2051 EUR 67.449
Single Platform 1.535 5/25/2052 EUR 67.581
Societe General 2.300 1/28/2036 USD 67.313
Region Wallonne 0.850 1/26/2071 EUR 46.095
Wirtschafts- un 0.192 1/28/2042 EUR 64.466
Single Platform 1.013 12/20/2050 EUR 58.218
Caisse des Depo 1.018 2/16/2051 EUR 71.120
Turkey Governme 6.750 5/30/2040 USD 73.800
Northland Resou 15.000 7/15/2019 USD 2.621
Hema Bondco II 8.500 1/15/2023 EUR 0.113
Single Platform 0.950 5/17/2038 EUR 69.532
Credit Mutuel A 1.555 5/14/2035 EUR 76.922
HSBC Continenta 1.200 9/26/2039 EUR 69.228
Specialfastighe 1.215 5/14/2035 SEK 70.147
Assistance Publ 0.800 3/23/2046 EUR 66.327
Lehman Brothers 7.060 12/29/2008 EUR 0.100
Natixis SA 2.150 10/23/2035 USD 72.242
Region de Bruxe 1.500 6/22/2070 EUR 65.461
Goldman Sachs I 2.520 03/03/2036 USD 75.277
SG Issuer SA 0.600 03/07/2033 EUR 75.275
DZ Bank AG Deut 1.200 11/25/2050 EUR 67.841
Ministeries Van 0.600 11/19/2055 EUR 50.893
Ministeries Van 0.400 11/20/2043 EUR 62.606
Republic of Ire 1.100 11/12/2096 EUR 52.424
Lloyds Bank PLC 2.637 1/16/2040 AUD 69.611
Societe General 0.570 3/15/2036 EUR 76.883
Credit Agricole 11.400 10/28/2025 TRY 46.145
NRW Bank 0.642 02/09/2051 EUR 66.716
Communaute Fran 1.115 07/11/2039 EUR 73.648
Credit Agricole 1.280 12/05/2039 EUR 71.357
Aktia Bank Oyj 0.690 02/04/2036 EUR 73.440
Landeskreditban 2.500 5/21/2036 AUD 73.638
Nederlandse Wat 0.448 10/08/2040 EUR 70.182
Oberbank AG 0.230 10/07/2041 EUR 64.154
Single Platform 1.165 06/06/2046 EUR 65.245
Region de Bruxe 0.930 05/03/2051 EUR 62.363
Lehman Brothers 5.500 6/22/2010 USD 0.100
Societe General 3.040 1/19/2032 AUD 76.402
Societe Wallonn 0.913 7/31/2040 EUR 64.825
Cooperatieve Ra 0.540 08/03/2040 EUR 68.432
Free and Hansea 1.095 6/13/2046 EUR 74.957
DZ Bank AG Deut 0.200 10/02/2034 EUR 72.844
Kuntarahoitus O 0.815 2/24/2061 EUR 62.917
BNG Bank NV 0.680 03/04/2050 EUR 61.512
Credit Agricole 1.000 04/06/2035 EUR 71.896
Single Platform 0.810 04/01/2042 EUR 61.691
CDC Habitat SEM 1.060 5/22/2036 EUR 66.603
Nederlandse Wat 0.932 12/02/2060 EUR 66.191
Wirtschafts- un 0.650 02/08/2039 EUR 67.827
Single Platform 1.850 11/05/2040 EUR 75.874
Lehman Brothers 7.600 3/26/2009 EUR 0.100
LFA Foerderbank 0.250 9/30/2039 EUR 68.687
Department of B 0.432 02/01/2046 EUR 60.025
Agence France L 0.330 12/20/2040 EUR 68.026
BPCE SA 1.920 12/09/2030 AUD 72.455
Lehman Brothers 4.000 2/28/2010 EUR 0.100
UBS Group AG 2.300 12/03/2035 AUD 68.308
State of Bremen 0.936 9/28/2046 EUR 70.817
Ukraine Governm 11.940 6/24/2026 UAH 61.927
Lehman Brothers 7.550 12/29/2008 USD 0.100
Cie de Financem 0.900 7/18/2058 EUR 59.842
SAir Group 2.125 11/04/2004 CHF 12.625
Muenchener Hypo 0.420 11/16/2033 EUR 75.644
Ukraine Governm 9.500 7/16/2025 UAH 61.516
Norddeutsche La 1.470 06/04/2035 EUR 75.151
Communaute Fran 0.948 10/11/2059 EUR 59.057
Raiffeisen-Land 0.050 9/13/2033 EUR 75.974
Region Occitani 0.834 11/18/2044 EUR 67.928
BNP Paribas SA 3.700 10/04/2039 AUD 69.473
Hypo Vorarlberg 1.020 1/17/2035 EUR 72.588
Credito Padano 3.100 EUR 33.849
SAir Group 6.250 04/12/2005 CHF 12.625
Kommunalkredit 0.570 9/15/2037 EUR 72.893
Barclays Bank P 3.130 04/09/2051 USD 70.563
Ukraine Governm 11.900 10/08/2025 UAH 64.874
BNP Paribas SA 3.180 7/23/2034 AUD 73.827
Communaute Fran 1.520 7/22/2069 EUR 63.495
Hypo Vorarlberg 0.741 10/16/2036 EUR 66.932
United Kingdom 0.625 10/22/2050 GBP 61.672
Lehman Brothers 8.000 4/20/2009 EUR 0.100
DZ HYP AG 0.205 06/05/2040 EUR 63.152
Kreditanstalt f 0.918 10/11/2050 EUR 70.305
Deutsche Bank A 0.500 04/05/2038 MXN 21.017
Lehman Brothers 3.000 08/08/2017 EUR 0.100
Single Platform 1.920 11/05/2040 EUR 77.735
Single Platform 1.235 12/20/2050 EUR 62.330
Region de Bruxe 1.922 4/24/2059 EUR 76.365
Ringkjoebing La 1.100 10/30/2035 EUR 69.681
DZ Bank AG Deut 0.300 5/30/2035 EUR 75.331
Batigere Grand 1.610 10/23/2040 EUR 59.323
Landesbank Bade 1.000 7/17/2039 EUR 70.920
VTB Bank PJSC 0.010 11/25/2025 RUB 88.520
UBS AG/London 16.500 6/30/2022 USD 43.200
VTB Bank PJSC 0.010 12/29/2023 RUB 83.690
Landesbank Bade 1.250 7/17/2039 EUR 70.660
Eltex Kft 3.500 12/21/2028 HUF 69.000
Credit Suisse A 16.300 12/26/2023 USD 51.960
Leonteq Securit 7.500 6/28/2022 CHF 65.810
WEB Windenergie 2.250 9/25/2028 EUR 0.010
Societe General 0.705 11/12/2035 EUR 67.190
UBS AG/London 11.500 11/14/2022 EUR 66.450
Leonteq Securit 5.200 10/03/2022 CHF 49.160
EFG Internation 8.400 10/10/2022 CHF 53.050
Landesbank Bade 1.500 4/24/2039 EUR 72.510
EFG Internation 3.900 08/03/2022 USD 59.970
Erste Group Ban 14.500 5/31/2026 EUR 60.650
UBS AG/London 10.500 10/28/2022 USD 52.900
UBS AG/London 11.000 10/28/2022 USD 64.250
Leonteq Securit 9.000 10/31/2022 CHF 51.460
Daniella Keresk 3.000 7/30/2030 HUF 65.660
Danske Bank A/S 9.430 07/09/2024 SEK 58.890
Banque Internat 1.215 03/05/2040 EUR 71.609
Hypo Vorarlberg 1.020 7/15/2041 EUR 65.157
Muenchener Hypo 0.040 1/17/2031 EUR 77.341
Region de Bruxe 0.910 1/31/2053 EUR 60.408
Hypo Tirol Bank 0.645 7/21/2031 EUR 76.817
Citigroup Globa 1.010 10/28/2035 EUR 71.620
Region de Bruxe 0.844 12/22/2047 EUR 63.293
Region Wallonne 1.222 6/24/2080 EUR 51.334
Societe Nationa 2.931 1/14/2051 AUD 70.616
Banque Internat 1.190 1/18/2041 EUR 71.102
Credit Agricole 3.100 4/28/2041 AUD 74.488
Single Platform 1.450 9/14/2040 EUR 72.911
Landesbank Hess 0.550 8/19/2032 EUR 75.856
NRW Bank 0.533 1/21/2041 EUR 69.930
Lehman Brothers 4.100 06/10/2014 SGD 0.100
NIBC Bank NV 0.660 7/14/2031 EUR 70.834
Natixis SA 2.780 10/05/2036 AUD 72.254
Kingdom of Belg 0.675 07/07/2080 EUR 43.401
Banco Santander 1.020 01/04/2034 EUR 72.646
Lehman Brothers 4.800 11/16/2012 HKD 0.100
Ukraine Governm 9.700 12/08/2027 UAH 51.470
LBI ehf 7.431 USD 0.001
Credit Agricole 0.650 11/05/2034 EUR 70.645
Nomura Bank Int 1.150 10/06/2036 EUR 69.716
Muenchener Hypo 1.002 2/21/2050 EUR 70.499
Credit Agricole 3.020 4/22/2036 AUD 78.338
Ireland Governm 0.550 4/22/2041 EUR 71.572
Muenchener Hypo 0.190 7/23/2030 EUR 76.777
Norddeutsche La 1.520 02/11/2038 EUR 71.208
Hypo-Bank Burge 1.010 10/29/2049 EUR 70.098
Single Platform 1.075 6/26/2052 EUR 58.795
Natixis SA 3.630 6/14/2039 AUD 76.401
Region Wallonne 1.150 09/02/2120 EUR 41.797
Credit Agricole 14.280 11/05/2026 TRY 48.016
Norddeutsche La 0.900 10/20/2036 EUR 68.761
Region Wallonne 1.300 6/16/2068 EUR 58.501
Region de Bruxe 1.065 06/12/2058 EUR 58.773
Credit Agricole 10.500 2/16/2027 TRY 39.498
Officine Maccaf 5.750 06/01/2021 EUR 16.600
Hypo Vorarlberg 1.590 8/25/2050 EUR 65.526
Hypo Vorarlberg 0.860 10/24/2034 EUR 71.675
Deutsche Bank A 0.510 9/16/2031 EUR 74.400
National Grid E 1.608 8/24/2040 GBP 64.597
Batigere Grand 1.709 11/04/2042 EUR 56.867
Region Auvergne 0.250 10/23/2034 EUR 75.595
Communaute Fran 2.000 4/14/2076 EUR 74.710
Credit Agricole 11.190 1/15/2026 TRY 44.744
Hemso Fastighet 2.418 11/30/2038 EUR 70.886
Wirtschafts- un 0.200 12/14/2045 EUR 59.893
Corner Banca SA 10.080 3/22/2023 CHF 63.110
Credit Suisse A 6.900 3/20/2023 USD 1.490
Landesbank Bade 0.500 08/12/2038 EUR 71.090
Leonteq Securit 12.000 6/29/2022 CHF 46.400
Credit Suisse A 8.000 8/30/2024 USD 8.690
Barclays Bank P 2.150 4/28/2031 EUR 69.680
Raiffeisen Swit 6.500 04/12/2023 CHF 59.090
Appeninn Holdin 3.500 11/22/2029 HUF 60.800
Sberbank of Rus 0.010 1/19/2026 RUB 82.710
Corner Banca SA 12.000 10/19/2022 EUR 66.200
LP Portfolio Va 2.800 11/30/2030 HUF 59.300
Landesbank Bade 4.100 6/27/2025 EUR 72.380
State of Saxony 1.722 07/03/2028 EUR 60.000
Basler Kantonal 10.000 2/13/2023 CHF 54.910
Basler Kantonal 12.000 12/22/2022 CHF 52.760
STAVMAT Epitoan 3.000 7/20/2031 HUF 65.100
Zurcher Kantona 12.000 7/14/2022 CHF 27.270
DekaBank Deutsc 2.700 01/12/2024 EUR 70.270
Credit Suisse A 12.400 9/25/2023 EUR 30.490
Zurcher Kantona 18.000 9/20/2022 USD 76.400
UBS AG/London 9.250 1/30/2023 USD 31.050
VTB Bank PJSC 0.010 12/20/2024 RUB 61.510
VTB Bank PJSC 0.010 12/13/2024 RUB 59.260
Leonteq Securit 12.000 5/30/2023 CHF 73.740
MOL Nyrt Kueloe 4.950 1/26/2032 HUF 74.140
BNP Paribas Emi 7.950 03/07/2023 EUR 72.660
Zurcher Kantona 9.000 12/30/2022 CHF 39.660
Banque Internat 11.000 3/21/2023 CHF 65.520
Landesbank Bade 7.600 9/23/2022 EUR 73.760
SG Issuer SA 0.010 6/22/2033 EUR 71.810
EFG Internation 7.400 6/23/2023 CHF 77.310
UBS AG/London 17.750 08/04/2022 CHF 27.080
Nordea Bank Abp 4.600 1/20/2029 SEK 62.970
Societe General 10.260 7/28/2025 USD 64.070
Hell Energy Mag 2.700 12/18/2029 HUF 58.600
Landesbank Bade 0.500 1/17/2040 EUR 69.000
B+N Referencia 2.900 12/20/2029 HUF 64.300
LP Portfolio Va 2.640 01/08/2030 HUF 70.755
Landesbank Bade 1.250 06/05/2039 EUR 71.720
Landesbank Bade 1.000 06/05/2039 EUR 72.300
Landesbank Bade 1.000 6/26/2039 EUR 71.670
Landesbank Bade 1.250 6/26/2039 EUR 70.720
Landesbank Bade#N/A N/A 6/26/2039 EUR 70.540
Nordea Bank Abp 7.050 7/20/2024 SEK 62.250
Landesbank Hess 0.600 9/27/2034 EUR 74.200
MARSO Ltd 2.300 12/17/2029 HUF 69.300
Landesbank Bade 0.700 09/05/2039 EUR 68.300
Landesbank Bade 0.150 09/11/2039 EUR 67.180
Skandinaviska E 7.150 1/15/2025 SEK 53.700
Landesbank Bade 0.400 11/08/2039 EUR 68.170
Gold-Zack AG 7.000 12/14/2005 EUR 1.500
Landesbank Hess 0.500 12/06/2034 EUR 75.600
ENSI Kft 4.750 1/25/2032 HUF 67.000
Danske Bank A/S 6.500 01/09/2027 SEK 71.500
Leonteq Securit 18.000 08/02/2022 CHF 53.500
Corner Banca SA 12.800 12/07/2022 CHF 50.130
Anselma Issuer 1.574 12/31/2038 EUR 73.730
Luzerner Kanton 14.480 2/14/2023 CHF 77.370
Biggeorge Prope 5.100 2/18/2032 HUF 77.810
Landesbank Bade 0.500 12/02/2039 EUR 69.280
Caisse des Depo 0.571 2/18/2041 EUR 71.700
Assistance Publ 1.665 04/10/2049 EUR 78.907
Landeskreditban 0.547 2/18/2041 EUR 68.682
DZ Bank AG Deut 1.470 1/20/2042 EUR 73.232
State of Lower 0.400 10/13/2050 EUR 56.627
Norddeutsche La 0.725 9/14/2033 EUR 73.111
Oberoesterreich 0.285 11/06/2042 EUR 62.979
Single Platform 1.270 5/15/2035 EUR 77.081
Banque Internat 1.085 10/22/2040 EUR 69.714
Credit Agricole 15.000 7/14/2026 TRY 49.958
Oberoesterreich 1.014 9/16/2049 EUR 57.845
Citigroup Globa 1.380 11/04/2041 EUR 68.508
Caisse des Depo 1.114 9/20/2049 EUR 75.486
UBS Group AG 2.490 03/04/2036 USD 73.278
Norddeutsche La 1.470 12/23/2037 EUR 70.516
Single Platform 0.873 5/25/2052 EUR 53.771
Societe General 1.290 12/19/2034 EUR 74.171
Credit Agricole 11.640 3/24/2027 TRY 41.528
BNP Paribas SA 2.720 12/12/2034 AUD 69.261
Norddeutsche La 1.350 10/20/2038 EUR 70.694
Caisse des Depo 0.642 02/12/2041 EUR 72.151
Banque Internat 1.010 12/12/2039 EUR 69.768
Muenchener Hypo 0.790 12/21/2035 EUR 67.612
Credit Agricole 1.830 02/04/2031 AUD 77.000
Banque Internat 1.250 2/18/2041 EUR 72.443
Banque Internat 1.020 3/25/2040 EUR 69.703
Region Provence 0.623 10/15/2035 EUR 77.812
DZ HYP AG 1.033 12/06/2049 EUR 70.317
Barclays Bank P 1.340 02/01/2051 EUR 69.677
Vasakronan AB 1.310 12/10/2040 EUR 69.310
Norddeutsche La 0.700 03/12/2036 EUR 67.026
Communaute Fran 0.392 1/22/2041 EUR 65.503
Bayerische Land 0.450 02/12/2031 EUR 80.783
HSBC Continenta 2.040 3/29/2049 EUR 75.625
DekaBank Deutsc 1.850 3/20/2045 EUR 66.844
Caisse des Depo 2.630 9/16/2049 AUD 66.842
Centrosolar Gro 7.000 2/15/2016 EUR 2.505
Raiffeisenlande 2.070 6/18/2049 EUR 73.305
Landesbank Hess 0.900 07/08/2036 EUR 70.586
Deutsche Bank A 0.700 02/06/2032 EUR 75.526
Nederlandse Wat 0.260 11/10/2036 EUR 73.348
Landesbank Bade 1.300 6/21/2049 EUR 59.148
Gemeinde Weinfe 0.630 8/27/2046 CHF 76.294
Czech Republic 0.950 5/15/2030 CZK 72.767
Credit Agricole 3.200 3/19/2041 AUD 75.846
Banco Espirito 10.000 12/06/2021 EUR 0.181
Natixis SA 3.550 11/12/2041 AUD 74.580
NIBC Bank NV 2.105 10/10/2033 EUR 75.351
Single Platform 1.080 7/18/2036 EUR 73.359
Banque Internat 0.775 11/18/2032 EUR 76.597
Landesbank Bade 0.327 05/07/2038 EUR 70.654
Kreditanstalt f 0.650 2/24/2041 EUR 73.296
Lehman Brothers 3.600 3/19/2018 JPY 0.100
Citigroup Globa 1.000 3/19/2041 EUR 63.723
SNCF Reseau 1.475 3/30/2065 EUR 62.067
Banque Internat 1.300 03/04/2041 EUR 73.028
Landeskreditban 0.730 10/04/2050 EUR 67.756
Communaute Fran 1.187 9/16/2069 EUR 59.950
BNP Paribas SA 1.450 11/17/2041 EUR 69.384
Erste Group Ban 1.200 02/11/2040 EUR 69.296
BNG Bank NV 0.632 07/12/2066 EUR 58.915
Norddeutsche La 0.800 04/08/2036 EUR 68.129
Region de Bruxe 1.016 9/23/2057 EUR 58.145
Landesbank Bade 0.710 11/09/2035 EUR 66.459
Single Platform 1.000 7/15/2036 EUR 73.099
Single Platform 0.924 2/18/2049 EUR 54.469
Credit Agricole 15.000 6/18/2026 TRY 50.595
Landesbank Hess 1.235 12/10/2049 EUR 73.615
Single Platform 1.250 10/18/2035 EUR 76.368
DekaBank Deutsc 2.140 5/18/2046 EUR 71.554
Citigroup Globa 1.080 10/01/2036 EUR 70.710
Citigroup Globa 1.150 10/06/2036 EUR 71.536
Credit Agricole 10.800 3/24/2026 TRY 39.517
Caisse des Depo 0.820 03/10/2050 EUR 69.363
Credit Agricole 2.610 7/27/2050 USD 61.599
Societe General 1.270 11/25/2034 EUR 74.095
Ukraine Governm 12.500 2/21/2024 UAH 74.754
Single Platform 1.301 6/25/2044 EUR 66.012
Norddeutsche La 0.950 6/16/2033 EUR 76.461
Russian Foreign 5.100 3/28/2035 USD 18.687
HSBC Continenta 0.800 12/13/2034 EUR 73.354
Transports Publ 0.900 4/28/2037 CHF 74.543
HSBC Continenta 1.500 7/26/2049 EUR 67.617
BPCE SA 3.000 11/18/2036 AUD 71.028
Commerzbank AG 1.430 1/23/2040 EUR 71.726
Novafives SAS 4.500 6/15/2025 EUR 67.198
Norddeutsche La 1.000 10/13/2036 EUR 69.654
Credit Agricole 0.900 10/01/2034 EUR 72.475
Citigroup Globa 1.010 4/20/2036 EUR 70.489
Banque Federati 0.376 10/15/2031 EUR 77.028
Hypo Tirol Bank 1.010 1/20/2040 EUR 76.145
Republic of Ire 1.230 06/01/2120 EUR 57.162
DZ Bank AG Deut 1.000 2/18/2032 EUR 74.538
Norddeutsche La 0.850 05/12/2036 EUR 68.808
Svensk Exportkr 0.500 3/28/2029 AUD 75.186
Landesbank Hess 0.500 10/13/2033 EUR 72.536
Barclays Bank P 3.020 3/26/2051 USD 69.105
Norddeutsche La 1.170 11/24/2038 EUR 68.360
Romanian Govern 2.124 7/16/2031 EUR 71.605
Credito Padano 3.100 EUR 34.068
Caisse des Depo 0.323 06/04/2035 EUR 77.626
Region Auvergne 0.697 08/02/2036 EUR 76.275
Nomura Bank Int 1.450 12/10/2041 EUR 67.586
Credit Agricole 2.850 9/15/2051 AUD 68.968
Landeskreditban 0.812 12/16/2060 EUR 62.007
Single Platform 1.785 7/30/2042 EUR 76.861
Region de Bruxe 0.980 01/10/2051 EUR 62.079
Societe General 1.323 1/31/2034 USD 66.653
Region Auvergne 0.650 5/18/2038 EUR 72.195
Northland Resou 4.000 10/15/2020 NOK 0.271
Sidetur Finance 10.000 4/20/2016 USD 0.770
Nomura Bank Int 0.450 12/03/2030 EUR 75.697
Ukraine Governm 10.710 4/26/2028 UAH 53.277
Barclays Bank P 2.000 12/21/2029 USD 75.069
NRW Bank 1.245 09/07/2060 EUR 71.236
Societe General 6.100 04/03/2023 EUR 71.520
EFG Internation 8.620 8/24/2022 CHF 66.930
Societe General 5.600 09/04/2023 EUR 36.070
Vajda-Papir Gya 3.500 11/16/2030 HUF 65.900
Landesbank Hess 1.850 6/16/2036 EUR 73.100
DZ Bank AG Deut 0.097 10/11/2050 EUR 74.800
UBS AG/London 7.750 11/18/2022 USD 76.700
Otthon Centrum 3.000 4/19/2031 HUF 70.200
Vontobel Financ 10.000 07/06/2022 EUR 68.300
Landesbank Bade 7.000 4/28/2023 EUR 70.170
Skandinaviska E 6.800 1/15/2024 SEK 61.550
LFA Foerderbank 0.125 9/30/2038 EUR 68.685
Getin Noble Ban 11.720 11/30/2023 PLN 41.875
Hungary Governm 2.000 5/23/2029 HUF 68.711
Romanian Govern 2.000 4/14/2033 EUR 65.994
Republic of Aus 0.700 4/20/2071 EUR 52.433
Ukraine Governm 8.420 05/10/2034 UAH 36.703
Societe Nationa 2.820 4/28/2036 AUD 76.329
Ukraine Governm 9.700 10/06/2027 UAH 51.927
Ukraine Governm 9.820 02/12/2031 UAH 45.310
Lehman Brothers 4.600 10/11/2017 ILS 0.100
Lehman Brothers 10.000 10/22/2008 USD 0.100
Nederlandse Wat 1.200 11/26/2049 EUR 77.541
Slovakia Govern 1.000 10/13/2051 EUR 60.468
Region Provence 0.785 6/18/2040 EUR 72.022
Single Platform 0.767 2/15/2041 EUR 62.919
Nederlandse Wat 1.125 07/08/2050 EUR 73.095
Bayerische Land 0.940 7/16/2032 EUR 81.265
Serbia Internat 1.000 9/23/2028 EUR 73.967
Serbia Internat 2.050 9/23/2036 EUR 60.741
Bank Vontobel A 15.001 9/13/2022 CHF 28.900
VTB Bank PJSC 0.010 6/17/2025 RUB 90.010
Landesbank Bade 2.150 10/28/2022 EUR 76.150
Leonteq Securit 8.000 2/23/2023 USD 64.710
Leonteq Securit 7.400 12/01/2023 USD 63.560
Progress Ettere 3.000 9/18/2030 HUF 64.100
Axial Javito Ke 2.000 9/23/2030 HUF 59.829
Credit Suisse A 8.000 6/27/2022 EUR 61.600
Credit Suisse A 8.250 8/24/2022 EUR 61.670
Baromfi-Coop Te 3.000 7/19/2031 HUF 64.600
Leonteq Securit 8.000 2/13/2023 CHF 66.490
Basler Kantonal 7.000 7/14/2023 CHF 70.500
Leonteq Securit 22.520 07/06/2022 CHF 15.420
Zurcher Kantona 30.000 08/09/2022 USD 38.910
Credit Suisse A 12.000 7/14/2022 USD 48.910
Credit Suisse A 11.500 7/28/2022 USD 29.310
Landesbank Hess 1.000 10/14/2036 EUR 72.100
UBS AG/London 9.250 2/13/2023 USD 34.400
Credit Suisse A 11.500 7/13/2022 CHF 24.180
UBS AG/London 8.250 1/30/2023 CHF 69.000
MetMax Europe Z 3.000 12/11/2030 HUF 63.600
BNP Paribas Emi 14.000 9/22/2022 EUR #N/A N/A
Credit Suisse A 10.000 1/18/2023 USD 77.330
Credit Suisse A 8.500 1/18/2023 CHF 63.770
Credit Suisse A 13.750 1/18/2023 CHF 66.840
Credit Suisse A 9.000 12/29/2022 CHF 61.970
UBS AG/London 9.500 12/08/2023 USD 62.350
Leonteq Securit 21.360 08/08/2022 CHF 52.580
Citigroup Globa 9.160 12/18/2023 EUR 72.070
Credit Suisse A 9.000 2/22/2023 USD 68.890
DZ Bank AG Deut 7.500 12/21/2022 EUR 73.340
Credit Suisse A 15.000 07/07/2022 USD 25.680
DZ Bank AG Deut 24.900 2/24/2023 EUR 69.150
Credit Suisse A 13.500 8/17/2022 CHF 19.600
UBS AG/London 6.500 10/02/2024 USD #N/A N/A
Leonteq Securit 12.000 1/18/2023 CHF 54.720
SALVATOR Vermoe 9.500 EUR 7.900
DZ Bank AG Deut 0.910 6/25/2029 EUR 66.375
Leonteq Securit 7.150 7/26/2022 EUR 72.030
Infogroup Holdi 3.000 5/20/2031 HUF 59.900
Landesbank Bade 5.600 6/23/2023 EUR 66.920
Nordea Bank Abp 9.625 1/20/2027 SEK 65.920
Nordea Bank Abp 6.125 1/20/2027 SEK 72.550
Landesbank Bade 4.800 8/25/2023 EUR 53.000
Spain Governmen 1.450 10/31/2071 EUR 55.067
Landesbank Bade 0.400 02/12/2031 EUR 75.444
Region de Bruxe 1.535 04/05/2049 EUR 73.969
BNP Paribas SA 0.564 9/15/2031 EUR 75.127
Hemso Fastighet 2.000 2/15/2033 EUR 76.402
Ville de Paris 0.760 5/25/2066 EUR 48.407
Landesbank Bade 0.440 10/19/2035 EUR 73.901
BPCE SA 1.850 10/30/2030 AUD 72.345
UniCredit Bank 0.310 10/15/2035 EUR 74.220
Collectivite Eu 0.200 11/05/2035 EUR 72.424
Credit Agricole 2.105 10/22/2035 USD 69.743
Russian Foreign 5.875 9/16/2043 USD 24.755
Russian Foreign 4.875 9/16/2023 USD 26.769
Vasakronan AB 3.100 09/09/2039 AUD 70.679
Hungary Governm 1.625 4/28/2032 EUR 76.400
Serbia Internat 1.650 03/03/2033 EUR 64.151
Serbia Internat 1.650 03/03/2033 EUR 64.118
Maisons du Mond 0.125 12/06/2023 EUR 46.632
Region de Bruxe 0.900 4/14/2050 EUR 61.978
Pescanova SA 6.750 03/05/2015 EUR 0.319
Region of Centr 0.725 12/12/2039 EUR 70.735
Denmark Governm 0.250 11/15/2052 DKK 59.444
Republic of Aus 0.750 3/20/2051 EUR 67.752
BNP Paribas SA 1.000 1/23/2040 MXN 19.711
Kreditanstalt f 1.027 8/31/2046 EUR 77.503
Autonomous Comm 1.089 10/31/2049 EUR 60.165
Single Platform 1.048 2/15/2041 EUR 65.799
Region of Centr 0.668 11/02/2035 EUR 77.637
Deutsche Wohnen 2.125 9/26/2033 EUR 76.561
Single Platform 0.815 04/01/2042 EUR 59.510
DZ Bank AG Deut 0.550 09/09/2036 EUR 74.952
Muenchener Hypo 1.185 05/05/2059 EUR 71.173
Region Occitani 1.282 5/25/2040 EUR 77.841
Ukraine Governm 15.500 09/04/2024 UAH 77.399
Getin Noble Ban 10.930 4/29/2024 PLN 31.875
BPCE SA 1.980 10/06/2030 AUD 73.303
Lehman Brothers 10.000 6/17/2009 USD 0.100
Swiss Confedera 0.500 5/30/2058 CHF 71.568
Credit Industri 2.060 03/07/2036 EUR 73.153
Turkey Governme 10.500 08/11/2027 TRY 74.000
Ukraine Governm 11.890 05/06/2026 UAH 62.270
Ukraine Governm 11.780 06/03/2026 UAH 61.758
Getin Noble Ban 7.230 7/26/2024 PLN 40.612
Barclays Bank P 13.810 4/16/2024 TRY 59.536
Lehman Brothers 5.103 6/22/2046 EUR 0.100
Northland Resou 4.000 10/15/2020 USD 0.271
Credit Industri 0.805 9/21/2033 EUR 69.072
Societe General 2.200 12/17/2040 USD 59.290
Ukraine Governm 3.900 3/30/2023 USD 62.404
UBS AG/London 5.500 07/04/2022 CHF 74.850
UniCredit Bank 5.500 8/14/2023 EUR 72.000
Vontobel Financ 5.500 1/29/2024 EUR 72.020
Erste Group Ban 6.250 02/01/2026 EUR 72.550
VTB Bank PJSC 0.010 12/02/2025 RUB 56.530
UBS AG/London 8.250 07/07/2022 CHF 49.200
UBS AG/London 8.750 01/09/2023 CHF 31.500
UBS AG/London 8.250 07/07/2022 CHF 61.550
UBS AG/London 11.250 01/09/2023 CHF 65.750
UBS AG/London 8.250 07/07/2022 CHF 49.150
UBS AG/London 16.250 07/07/2022 CHF 28.140
UBS AG/London 16.300 01/08/2024 EUR 11.060
Zurcher Kantona 8.500 6/28/2022 USD 61.800
Leonteq Securit 9.000 6/30/2022 CHF 58.350
Bank Vontobel A 7.760 6/27/2022 CHF 51.900
Bank Vontobel A 8.252 6/27/2022 CHF 51.500
Bank Vontobel A 6.254 6/30/2022 CHF 56.100
UBS AG/London 10.500 6/30/2022 CHF 56.100
Sberbank of Rus 0.010 01/05/2024 RUB 51.150
UBS AG/London 15.500 6/30/2022 CHF 45.800
Republic of Udm 6.400 12/28/2025 RUB 61.020
Bank Vontobel A 7.758 01/09/2023 CHF 63.300
UBS AG/London 13.500 07/07/2022 CHF 49.650
UBS AG/London 10.750 07/07/2022 EUR 62.400
UBS AG/London 9.750 6/30/2022 CHF 29.960
UniCredit Bank 4.100 08/02/2023 EUR 64.530
Promsvyazbank P 0.010 12/14/2022 RUB 60.050
DekaBank Deutsc 1.000 1/20/2025 EUR 27.760
Sberbank of Rus 0.010 12/17/2025 RUB 73.400
UBS AG/London 6.250 12/23/2022 CHF 36.400
DekaBank Deutsc 2.500 02/02/2024 EUR 35.390
EFG Internation 7.000 12/29/2022 USD 14.220
Sberbank of Rus 0.010 12/22/2025 RUB 74.900
Sberbank of Rus 0.010 12/23/2024 RUB 86.610
Leonteq Securit 12.000 6/28/2022 CHF 69.000
Leonteq Securit 8.000 6/28/2022 CHF 53.470
DekaBank Deutsc 2.850 02/03/2023 EUR 66.990
Landesbank Hess 1.000 3/20/2035 EUR 72.150
EFG Internation 4.900 12/28/2023 USD 50.960
Leonteq Securit 10.000 6/28/2022 CHF 53.970
Leonteq Securit 10.000 6/28/2022 CHF 48.480
Rosselkhozbank 0.010 12/24/2023 RUB 65.020
UBS AG/London 12.750 01/03/2023 CHF 68.800
SG Issuer SA 4.950 01/10/2025 EUR 65.450
Sberbank of Rus 0.010 12/17/2025 RUB 74.500
Landesbank Hess 2.000 04/09/2035 EUR 71.850
Sberbank of Rus 1.550 09/12/2023 RUB 75.000
Zurcher Kantona 9.000 6/28/2022 CHF 55.220
EFG Internation 6.000 12/22/2023 USD 35.590
DZ Bank AG Deut 2.340 12/30/2030 EUR 74.460
Landesbank Bade 3.100 8/26/2022 EUR 41.940
Landesbank Bade 6.000 8/26/2022 EUR 32.580
Landesbank Bade 8.100 8/26/2022 EUR 29.000
Landesbank Bade 5.600 8/26/2022 EUR 74.620
Landesbank Bade 3.400 8/26/2022 EUR 72.490
Landesbank Bade 2.800 8/26/2022 EUR 46.770
Landesbank Bade 5.550 8/26/2022 EUR 38.640
Landesbank Bade 3.350 8/26/2022 EUR 74.810
Landesbank Bade 5.200 8/26/2022 EUR 67.850
Landesbank Bade 3.800 8/26/2022 EUR 74.530
Landesbank Bade 3.300 8/26/2022 EUR 74.230
Landesbank Bade 4.450 8/26/2022 EUR 68.800
Landesbank Bade 9.300 8/26/2022 EUR 70.960
Landesbank Bade 4.050 8/26/2022 EUR 25.110
Landesbank Bade 3.150 8/26/2022 EUR 53.640
Vontobel Financ 0.212 02/03/2023 EUR 50.500
Raiffeisen Swit 9.000 7/29/2022 CHF 51.990
UBS AG/London 9.000 02/03/2023 CHF 60.700
UBS AG/London 7.250 02/03/2023 CHF 59.950
UBS AG/London 14.250 02/03/2023 CHF 58.250
UBS AG/London 11.250 02/03/2023 CHF 62.100
UBS AG/London 8.000 02/03/2023 CHF 51.600
UBS AG/London 10.250 08/03/2022 CHF 51.950
UBS AG/London 15.000 08/03/2022 CHF 42.850
Raiffeisen Swit 10.100 02/08/2023 CHF 56.200
Leonteq Securit 9.000 02/08/2023 CHF 52.160
Citigroup Globa 12.379 11/13/2023 SEK 66.220
UniCredit Bank 4.000 11/21/2022 EUR 36.670
Landesbank Bade 2.650 10/27/2023 EUR 59.820
SG Issuer SA 7.000 7/20/2023 SEK 68.240
BNP Paribas Iss 6.310 07/05/2023 SEK 61.310
DZ Bank AG Deut 2.380 12/27/2028 EUR 75.255
Nordea Bank Abp 6.470 1/22/2024 SEK 67.870
Landesbank Bade 3.250 12/23/2022 EUR 54.800
Danske Bank A/S 8.050 07/09/2023 SEK 62.890
BNP Paribas Iss 3.000 01/08/2024 SEK 62.440
DekaBank Deutsc 3.350 11/28/2022 EUR 60.860
Vontobel Financ 3.000 09/05/2023 EUR 64.040
Landesbank Bade 2.150 12/23/2022 EUR 57.400
Zurcher Kantona 8.000 07/01/2022 CHF 54.100
Zurcher Kantona 17.250 07/01/2022 CHF 74.570
Zurcher Kantona 18.000 07/01/2022 USD 66.270
Zurcher Kantona 6.250 10/05/2022 CHF 73.380
Zurcher Kantona 9.000 07/05/2022 EUR 70.820
Bank Julius Bae 4.000 6/26/2023 CHF 70.050
Societe General 5.000 7/22/2022 EUR 70.700
Societe General 7.000 7/22/2022 EUR 66.250
Societe General 12.750 7/22/2022 EUR 70.660
Societe General 8.750 7/22/2022 EUR 63.500
Societe General 8.500 7/22/2022 EUR 64.150
Societe General 3.750 7/22/2022 EUR 74.730
Societe General 5.750 7/22/2022 EUR 68.920
Societe General 8.000 7/22/2022 EUR 69.410
Societe General 9.000 7/22/2022 EUR 67.470
Societe General 7.750 7/22/2022 EUR 67.420
Societe General 8.750 7/22/2022 EUR 65.830
Societe General 3.250 7/22/2022 EUR 73.620
Societe General 8.000 7/22/2022 EUR 64.570
Societe General 9.000 7/22/2022 EUR 62.910
Societe General 10.000 7/22/2022 EUR 67.500
Societe General 4.000 7/22/2022 EUR 61.930
Societe General 8.000 7/22/2022 EUR 46.730
Societe General 7.000 7/22/2022 EUR 69.160
Societe General 9.000 7/22/2022 EUR 63.720
Societe General 13.000 7/22/2022 EUR 56.510
Societe General 6.250 7/22/2022 EUR 63.410
Societe General 8.250 7/22/2022 EUR 59.220
Bank Julius Bae 9.000 6/27/2022 CHF 50.600
Leonteq Securit 8.000 6/28/2023 CHF 59.170
Leonteq Securit 16.000 6/28/2022 CHF 20.110
Leonteq Securit 18.000 9/28/2022 CHF 47.440
Corner Banca SA 14.000 9/28/2022 CHF 48.030
Corner Banca SA 17.000 6/28/2022 EUR 52.390
Leonteq Securit 17.000 6/28/2022 CHF 27.030
Leonteq Securit 14.000 12/28/2022 CHF 30.320
Raiffeisen Schw 12.000 12/28/2022 CHF 66.130
Leonteq Securit 8.000 12/28/2022 CHF 68.990
Leonteq Securit 6.400 6/28/2023 CHF 51.180
Leonteq Securit 12.000 9/28/2022 CHF 65.830
Leonteq Securit 12.000 6/28/2022 CHF 17.190
Leonteq Securit 8.000 12/28/2022 EUR 72.360
Leonteq Securit 13.000 6/28/2022 EUR 68.950
Leonteq Securit 17.000 6/28/2022 USD 23.660
Leonteq Securit 9.000 12/28/2022 USD 69.440
Raiffeisen Schw 12.000 6/29/2022 CHF 48.420
Raiffeisen Schw 13.000 6/29/2022 CHF 38.680
Raiffeisen Schw 10.000 6/29/2022 CHF 47.550
Raiffeisen Schw 20.000 6/29/2022 CHF 26.710
Raiffeisen Schw 11.000 6/29/2022 CHF 47.840
Raiffeisen Schw 7.200 12/29/2022 USD 74.550
EFG Internation 11.780 07/11/2022 USD 55.190
DZ Bank AG Deut 10.750 9/21/2022 EUR 45.260
DZ Bank AG Deut 8.500 9/21/2022 EUR 58.250
DZ Bank AG Deut 6.750 9/21/2022 EUR 57.290
DZ Bank AG Deut 9.000 9/21/2022 EUR 57.810
DZ Bank AG Deut 11.000 9/21/2022 EUR 58.280
DZ Bank AG Deut 6.250 9/21/2022 EUR 64.930
DZ Bank AG Deut 6.000 9/21/2022 EUR 65.840
DZ Bank AG Deut 6.500 9/21/2022 EUR 64.630
DZ Bank AG Deut 5.000 9/21/2022 EUR 70.600
DZ Bank AG Deut 5.750 9/21/2022 EUR 69.410
DZ Bank AG Deut 6.000 9/21/2022 EUR 61.660
DZ Bank AG Deut 6.250 9/21/2022 EUR 75.830
DZ Bank AG Deut 5.000 9/21/2022 EUR 67.280
Vontobel Financ 4.150 7/18/2023 EUR 56.040
Vontobel Financ 4.000 7/18/2023 EUR 66.950
Vontobel Financ 9.400 12/30/2022 CHF 36.130
Erste Group Ban 10.750 08/02/2022 EUR 45.500
Erste Group Ban 5.500 08/02/2025 EUR 60.800
Zurcher Kantona 7.000 01/09/2023 CHF 69.680
Zurcher Kantona 8.000 07/07/2022 EUR 69.650
Leonteq Securit 7.030 6/28/2023 CHF 57.820
UniCredit Bank 10.100 7/27/2022 EUR 35.980
UniCredit Bank 6.300 7/27/2022 EUR 36.760
UniCredit Bank 9.800 7/27/2022 EUR 55.900
UniCredit Bank 9.250 7/27/2022 EUR 58.710
Zurcher Kantona 6.500 1/13/2023 CHF 65.110
Zurcher Kantona 10.000 07/07/2022 CHF 60.920
Zurcher Kantona 5.000 1/13/2023 CHF 63.200
Zurcher Kantona 15.750 07/08/2022 USD 32.090
Bank Vontobel A 6.500 6/26/2023 CHF 49.700
Bank Vontobel A 6.502 6/26/2023 CHF 49.800
Bank Vontobel A 8.005 12/27/2022 CHF 55.200
Bank Vontobel A 6.000 12/27/2022 CHF 74.600
Bank Vontobel A 7.000 12/27/2022 CHF 53.400
Bank Vontobel A 5.750 6/26/2023 CHF 64.100
UniCredit Bank 4.650 7/30/2024 EUR 73.370
UniCredit Bank 3.950 7/30/2024 EUR 75.260
Zurcher Kantona 10.400 07/08/2022 CHF 50.180
Landesbank Bade 2.000 7/22/2022 EUR 59.840
Landesbank Bade 3.000 5/26/2023 EUR 51.620
Landesbank Hess 1.000 3/17/2036 EUR 70.250
Bank Vontobel A 8.008 08/05/2022 EUR 39.600
Bank Vontobel A 11.002 08/10/2022 CHF 60.200
Nordea Bank Abp 7.110 7/20/2023 SEK 67.870
UniCredit Bank 3.500 8/24/2022 EUR 43.450
UniCredit Bank 4.200 8/24/2022 EUR 54.430
SG Issuer SA 9.000 7/20/2023 SEK 63.250
Landesbank Bade 2.300 9/23/2022 EUR 63.080
TransFin-M PAO 15.650 02/04/2027 RUB 61.000
EFG Internation 6.200 2/20/2023 CHF 71.060
Raiffeisen Schw 4.600 2/20/2023 CHF 68.420
EFG Internation 8.160 2/26/2025 EUR 61.950
Leonteq Securit 6.000 2/20/2023 CHF 49.260
Leonteq Securit 6.800 2/20/2023 CHF 60.930
Credit Suisse A 6.000 8/22/2022 CHF 64.920
Leonteq Securit 5.040 2/21/2023 CHF 62.860
Raiffeisen Schw 4.500 2/21/2023 CHF 67.610
Raiffeisen Schw 6.000 8/24/2022 CHF 66.240
BNP Paribas Iss 7.050 01/05/2024 SEK 71.070
Citigroup Globa 7.200 5/24/2023 SEK #N/A N/A
UniCredit Bank 6.600 7/20/2028 EUR 25.710
Landesbank Bade 3.000 6/23/2023 EUR 53.370
Landesbank Bade 3.000 8/25/2023 EUR 50.290
SG Issuer SA 3.100 5/18/2028 EUR 67.310
Landesbank Bade 2.300 9/23/2022 EUR 62.470
VTB Bank PJSC 0.010 11/11/2025 RUB 48.950
VTB Bank PJSC 0.010 11/18/2025 RUB 53.400
VTB Bank PJSC 0.010 12/15/2023 RUB 87.390
Raiffeisen Swit 4.000 8/30/2022 CHF 28.070
Landesbank Bade 3.000 9/23/2022 EUR 46.790
UniCredit Bank 4.250 9/14/2022 EUR 66.460
Landesbank Bade 2.700 9/22/2023 EUR 54.770
Landesbank Hess 1.000 9/13/2034 EUR 75.800
Raiffeisen Schw 5.400 8/17/2022 CHF 67.720
Specialized Fin 15.342 2/15/2031 RUB 70.000
TransFin-M PAO 10.500 6/28/2027 RUB 60.000
Leonteq Securit 4.000 08/10/2022 CHF 54.260
Skandinaviska E 8.300 7/17/2023 SEK 57.280
UniCredit Bank 3.700 6/25/2022 EUR 41.820
Landesbank Bade 2.500 8/25/2023 EUR 48.940
Landesbank Bade 2.750 9/23/2022 EUR 48.140
TKK OOO 10.012 12/31/2033 RUB 60.100
UniCredit Bank 3.000 11/12/2022 EUR 51.640
TKK OOO 10.908 12/31/2033 RUB 60.100
Landesbank Bade 3.250 2/24/2023 EUR 57.680
Raiffeisen Cent 10.000 3/24/2023 EUR 48.160
Bank Vontobel A 9.008 8/19/2022 CHF 57.200
Bank Vontobel A 10.508 8/19/2022 CHF 43.900
Bank Vontobel A 10.507 8/19/2022 CHF 43.900
Leonteq Securit 15.000 8/19/2022 CHF 40.310
Leonteq Securit 12.400 8/19/2022 EUR 53.320
Leonteq Securit 9.000 08/11/2022 CHF 55.990
Leonteq Securit 15.740 08/10/2022 USD 19.110
Leonteq Securit 8.000 08/12/2022 CHF 56.940
Leonteq Securit 10.000 08/12/2022 CHF 41.430
Raiffeisen Swit 7.200 2/15/2023 CHF 58.150
DekaBank Deutsc 2.900 3/17/2023 EUR 68.500
Zurcher Kantona 7.000 10/06/2022 USD 73.630
Zurcher Kantona 8.750 07/01/2022 CHF 65.550
Societe General 6.000 7/22/2022 EUR 68.300
Societe General 6.750 7/22/2022 EUR 66.860
Societe General 7.750 7/22/2022 EUR 65.040
Societe General 12.000 7/22/2022 EUR 39.560
Societe General 14.000 7/22/2022 EUR 37.070
Societe General 6.500 7/22/2022 EUR 69.080
Societe General 10.500 7/22/2022 EUR 60.560
Societe General 4.750 7/22/2022 EUR 71.510
Societe General 7.000 7/22/2022 EUR 71.600
Societe General 10.000 7/22/2022 EUR 65.690
Societe General 11.000 7/22/2022 EUR 64.020
Societe General 7.250 7/22/2022 EUR 68.350
Societe General 8.250 7/22/2022 EUR 66.560
Societe General 9.250 7/22/2022 EUR 65.060
Societe General 4.250 7/22/2022 EUR 69.460
Societe General 5.250 7/22/2022 EUR 66.090
Societe General 8.000 7/22/2022 EUR 71.420
Societe General 6.000 7/22/2022 EUR 52.590
Societe General 10.000 7/22/2022 EUR 42.620
Societe General 11.000 7/22/2022 EUR 59.790
Societe General 7.250 7/22/2022 EUR 61.150
Bank Julius Bae 11.000 6/27/2022 CHF 22.350
UniCredit Bank 4.650 09/11/2023 EUR 63.180
Leonteq Securit 6.000 8/17/2022 CHF 67.650
EFG Internation 4.900 11/10/2023 USD 58.560
UBS AG/London 10.500 11/11/2022 CHF 58.450
UniCredit Bank 5.250 12/01/2023 EUR 35.130
Epito-Es Epulet 3.000 11/11/2030 HUF 65.500
Sberbank of Rus 0.010 10/28/2024 RUB 89.010
Sberbank of Rus 0.010 11/05/2025 RUB 73.600
Bank Vontobel A 6.006 11/14/2022 EUR 68.800
Sberbank of Rus 0.010 10/31/2025 RUB 75.500
Sberbank of Rus 0.010 11/20/2025 RUB 71.020
Sberbank of Rus 0.010 11/24/2025 RUB 78.910
Mostotrest PJSC 0.010 7/29/2026 RUB 56.950
Sberbank of Rus 0.010 11/12/2025 RUB 74.200
EFG Internation 7.500 5/19/2023 CHF 65.080
UBS AG/London 12.250 11/18/2022 EUR 31.500
Landesbank Bade 2.200 1/27/2023 EUR 24.450
DekaBank Deutsc 3.250 08/11/2023 EUR 47.950
DekaBank Deutsc 3.100 7/22/2022 EUR 46.700
DekaBank Deutsc 3.250 7/22/2022 EUR 78.580
DekaBank Deutsc 3.400 7/22/2022 EUR 63.310
DekaBank Deutsc 2.800 10/20/2023 EUR 32.000
Nordea Bank Abp 4.100 7/20/2023 SEK 50.500
UniCredit Bank 3.100 5/28/2023 EUR 61.460
Deutsche Bank A 2.200 4/14/2023 EUR 74.020
Landesbank Bade 2.400 7/22/2022 EUR 60.870
Leonteq Securit 11.000 08/05/2022 CHF 50.290
UniCredit Bank 5.750 2/26/2024 EUR 47.870
EFG Internation 6.500 02/09/2024 USD 76.330
Bank Vontobel A 8.002 08/05/2022 EUR 39.600
SG Issuer SA 8.300 7/21/2025 SEK 39.610
Leonteq Securit 5.400 7/25/2022 CHF 49.830
Landesbank Bade 2.500 8/25/2023 EUR 52.790
UniCredit Bank 3.350 9/14/2022 EUR 56.540
UniCredit Bank 4.550 9/28/2023 EUR 58.750
UniCredit Bank 3.750 9/14/2022 EUR 44.540
AKB Peresvet ZA 0.510 2/14/2032 RUB 13.000
UniCredit Bank 4.200 9/21/2022 EUR 37.920
Landesbank Bade 2.650 9/22/2023 EUR 54.910
SG Issuer SA 1.500 10/19/2033 EUR 77.870
Landesbank Bade 2.200 12/23/2022 EUR 63.800
Landesbank Bade 3.000 12/23/2022 EUR 50.260
Vasutvillamosit 3.000 02/03/2031 HUF 65.000
Raiffeisen Swit 7.500 02/08/2023 CHF 53.690
Raiffeisen Swit 11.000 08/05/2022 EUR 54.980
UBS AG/London 13.000 05/06/2024 USD 35.460
EFG Internation 13.000 11/07/2022 CHF 62.340
Leonteq Securit 6.700 11/04/2022 USD 46.950
Credit Suisse A 8.000 08/05/2022 EUR 62.140
Credit Suisse A 8.000 11/07/2022 USD 70.060
UBS AG/London 9.500 11/07/2022 CHF 60.800
UBS AG/London 12.750 11/07/2022 USD 39.600
UBS AG/London 12.750 11/07/2022 CHF 60.300
UBS AG/London 10.500 11/07/2022 CHF 53.800
UBS AG/London 10.250 11/07/2022 CHF 53.800
UBS AG/London 11.000 05/05/2023 CHF 59.150
UBS AG/London 12.750 11/07/2022 CHF 69.800
UBS AG/London 5.250 05/05/2023 CHF 63.100
UBS AG/London 14.500 11/07/2022 CHF 27.280
UBS AG/London 19.250 11/07/2022 CHF 65.800
Sberbank of Rus 0.010 05/07/2026 RUB 74.400
Luzerner Kanton 6.000 05/10/2023 CHF 57.450
Sberbank of Rus 0.010 05/10/2028 RUB 62.400
Bank Julius Bae 9.000 11/07/2022 USD 52.200
Vontobel Financ 7.450 05/09/2023 EUR 69.410
Leonteq Securit 11.000 11/07/2022 CHF 72.480
Bank Julius Bae 8.650 08/05/2022 USD 66.450
EFG Internation 5.000 05/11/2023 EUR 79.780
DekaBank Deutsc 5.100 06/04/2024 EUR 65.930
Leonteq Securit 11.200 11/07/2022 CHF 74.760
Leonteq Securit 7.000 11/07/2022 CHF 64.340
Leonteq Securit 14.000 08/10/2022 CHF 63.260
Leonteq Securit 10.000 11/07/2022 CHF 57.130
Leonteq Securit 10.000 08/10/2022 CHF 68.860
Leonteq Securit 8.000 11/07/2022 CHF 61.570
Leonteq Securit 11.000 08/10/2022 CHF 41.630
Zurcher Kantona 8.500 11/10/2022 EUR 60.040
Zurcher Kantona 8.500 11/10/2022 CHF 59.820
Bank Julius Bae 6.550 05/10/2023 CHF 65.250
Zurcher Kantona 7.000 08/10/2022 USD 48.780
DZ Bank AG Deut 4.800 9/19/2022 EUR 70.060
DZ Bank AG Deut 5.400 9/19/2022 EUR 68.810
Corner Banca SA 16.000 08/10/2022 EUR 42.350
Zurcher Kantona 10.000 5/19/2023 CHF 60.190
Zurcher Kantona 9.100 05/11/2023 CHF 59.190
UniCredit Bank 6.500 9/15/2022 EUR 20.290
Zurcher Kantona 7.000 11/11/2022 CHF 60.660
UniCredit Bank 7.300 6/14/2024 EUR 50.720
UniCredit Bank 5.300 6/14/2024 EUR 68.180
Bank Vontobel A 6.508 05/08/2023 CHF 77.700
Bank Vontobel A 15.010 08/08/2022 USD 21.600
Bank Vontobel A 14.257 08/08/2022 CHF 21.700
DZ Bank AG Deut 15.200 9/23/2022 EUR 68.920
DZ Bank AG Deut 8.900 9/23/2022 EUR 69.290
DZ Bank AG Deut 6.700 9/23/2022 EUR 71.660
DZ Bank AG Deut 8.600 9/23/2022 EUR 67.980
DZ Bank AG Deut 10.800 9/23/2022 EUR 64.830
DZ Bank AG Deut 5.500 9/23/2022 EUR 70.320
DZ Bank AG Deut 7.100 9/23/2022 EUR 66.070
DZ Bank AG Deut 9.100 9/23/2022 EUR 62.480
DZ Bank AG Deut 11.200 9/23/2022 EUR 59.380
DZ Bank AG Deut 5.600 9/23/2022 EUR 67.770
DZ Bank AG Deut 10.500 9/23/2022 EUR 70.730
DZ Bank AG Deut 5.000 9/23/2022 EUR 76.350
DZ Bank AG Deut 6.500 9/23/2022 EUR 72.930
DZ Bank AG Deut 10.200 9/23/2022 EUR 67.270
DZ Bank AG Deut 7.100 9/23/2022 EUR 71.130
DZ Bank AG Deut 9.500 9/23/2022 EUR 65.430
DZ Bank AG Deut 6.000 9/23/2022 EUR 66.490
DZ Bank AG Deut 8.300 9/23/2022 EUR 62.340
DZ Bank AG Deut 10.800 9/23/2022 EUR 58.980
DZ Bank AG Deut 6.800 9/23/2022 EUR 72.830
DZ Bank AG Deut 7.800 9/23/2022 EUR 70.220
DZ Bank AG Deut 9.000 9/23/2022 EUR 67.870
DZ Bank AG Deut 11.400 9/23/2022 EUR 63.720
DZ Bank AG Deut 13.300 9/23/2022 EUR 64.110
DZ Bank AG Deut 19.000 9/23/2022 EUR 36.720
DZ Bank AG Deut 8.700 9/23/2022 EUR 71.660
DZ Bank AG Deut 11.700 9/23/2022 EUR 66.070
DZ Bank AG Deut 4.500 9/23/2022 EUR 71.090
DZ Bank AG Deut 12.200 9/23/2022 EUR 60.820
DZ Bank AG Deut 13.000 9/23/2022 EUR 71.620
DZ Bank AG Deut 5.000 9/19/2022 EUR 64.610
DZ Bank AG Deut 6.250 9/19/2022 EUR 73.210
DZ Bank AG Deut 6.500 9/19/2022 EUR 75.840
EFG Internation 15.000 11/14/2022 EUR 67.490
Credit Suisse A 8.000 08/12/2022 CHF 74.360
UBS AG/London 14.750 11/14/2022 CHF 31.900
UBS AG/London 10.500 11/14/2022 CHF 30.350
UBS AG/London 11.250 11/14/2022 CHF 49.500
UBS AG/London 6.500 11/14/2022 CHF 61.050
UBS AG/London 5.500 05/12/2023 EUR 74.350
UBS AG/London 6.000 11/14/2022 EUR 73.950
UBS AG/London 11.750 11/14/2022 CHF 31.150
Corner Banca SA 15.000 11/21/2022 USD 33.890
Leonteq Securit 10.000 11/21/2022 CHF 61.000
Leonteq Securit 13.000 11/21/2022 USD 41.570
Leonteq Securit 9.000 11/21/2022 CHF 34.800
UniCredit Bank 4.350 6/14/2024 EUR 76.220
Vontobel Financ 4.550 11/14/2022 EUR 71.230
Leonteq Securit 1.650 1/25/2023 EUR 69.040
Leonteq Securit 7.450 1/25/2023 EUR 41.690
Luzerner Kanton 8.000 08/04/2022 CHF 69.710
EFG Internation 4.750 1/29/2024 USD 48.330
UniCredit Bank 3.450 04/02/2024 EUR 63.130
Credit Suisse A 6.000 08/08/2022 CHF 68.210
Bayerische Land 1.550 2/23/2024 EUR 69.670
Sberbank of Rus 0.010 02/06/2023 RUB 90.000
Sberbank of Rus 0.010 8/25/2025 RUB 50.000
Landesbank Hess 1.000 10/01/2035 EUR 74.150
Leonteq Securit 0.010 10/16/2023 EUR 68.050
UBS AG/London 14.500 10/17/2022 USD 28.200
EFG Internation 4.900 10/16/2023 USD 56.660
EFG Internation 4.900 10/20/2023 USD 53.520
Sberbank of Rus 0.010 10/23/2025 RUB 73.200
Zurcher Kantona 6.300 12/16/2022 CHF 39.120
Leonteq Securit 7.600 1/23/2023 CHF 47.880
Danske Bank A/S 6.860 07/09/2022 SEK 25.870
DekaBank Deutsc 2.000 02/10/2023 EUR 67.140
Raiffeisen Schw 6.900 7/27/2022 CHF 70.860
Leonteq Securit 7.400 1/24/2023 CHF 74.330
Corner Banca SA 5.250 1/24/2023 CHF 72.200
Sberbank of Rus 0.010 1/27/2025 RUB 70.000
DekaBank Deutsc 3.500 2/24/2023 EUR 62.520
Leonteq Securit 4.750 7/28/2022 CHF 73.650
Leonteq Securit 7.000 7/28/2022 USD 74.240
EFG Internation 11.800 02/04/2025 USD 76.620
Credit Suisse A 6.200 7/29/2022 CHF 67.740
Bank Julius Bae 8.350 1/30/2023 CHF 62.350
UniCredit Bank 7.600 2/19/2024 EUR 73.240
Raiffeisen Schw 7.200 1/31/2023 CHF 72.270
Leonteq Securit 6.400 1/31/2023 CHF 70.750
Raiffeisen Schw 6.900 08/03/2022 CHF 68.960
Sberbank of Rus 1.351 08/03/2023 RUB 80.000
Skandinaviska E 5.800 1/15/2025 SEK 50.810
Skandinaviska E 6.000 1/15/2025 SEK 41.950
Societe General 10.000 03/02/2023 USD 71.400
EFG Internation 7.000 08/10/2023 CHF 71.770
EFG Internation 4.900 9/21/2023 USD 58.460
VTB Bank PJSC 0.010 9/22/2023 RUB 70.630
Sberbank of Rus 0.010 9/22/2025 RUB 74.250
SFO VTB Investm 0.010 11/13/2023 RUB 72.810
Leonteq Securit 5.400 10/03/2022 CHF 74.760
Sberbank of Rus 0.010 10/04/2024 RUB 73.030
Raiffeisen Schw 5.400 10/04/2022 CHF 74.600
Raiffeisen Schw 6.000 10/04/2022 CHF 74.840
Nordea Bank Abp 5.813 7/20/2024 SEK 46.600
Nordea Bank Abp 7.450 7/20/2024 SEK 45.280
DekaBank Deutsc 3.200 11/04/2022 EUR 63.590
UBS AG/London 6.750 10/10/2022 CHF 74.150
EFG Internation 10.060 10/14/2022 USD 68.510
Landesbank Bade 3.600 6/23/2023 EUR 50.400
UniCredit Bank 4.150 05/08/2023 EUR 60.040
UniCredit Bank 4.900 5/22/2023 EUR 61.690
TKK OOO 8.200 9/23/2033 RUB 60.100
TKK OOO 8.700 9/20/2046 RUB 60.100
UniCredit Bank 4.250 6/28/2022 EUR 39.640
Landesbank Hess 1.500 12/16/2036 EUR 75.000
Vontobel Financ 12.250 6/28/2022 EUR 65.030
UniCredit Bank 3.850 6/28/2022 EUR 48.730
UniCredit Bank 3.600 6/28/2022 EUR 73.650
UniCredit Bank 3.800 6/28/2022 EUR 38.390
Bank Julius Bae 13.000 11/30/2022 EUR 61.700
UBS AG/London 7.500 08/10/2022 CHF 70.000
UBS AG/London 7.750 08/10/2022 CHF 18.100
UBS AG/London 5.250 08/10/2022 CHF 53.000
UBS AG/London 9.750 02/10/2023 USD 75.250
UBS AG/London 13.750 08/10/2022 CHF 68.950
UBS AG/London 14.250 08/10/2022 USD 28.240
EFG Internation 4.500 02/12/2024 USD 46.140
Skandinaviska E 9.020 7/17/2023 SEK 54.810
SG Issuer SA 4.000 6/22/2026 EUR 65.000
Landesbank Bade 3.000 9/23/2022 EUR 51.890
UniCredit Bank 4.200 7/26/2022 EUR 17.480
UniCredit Bank 4.450 7/23/2022 EUR 49.250
UniCredit Bank 4.150 7/26/2022 EUR 39.540
UniCredit Bank 3.650 7/23/2022 EUR 40.660
Skandinaviska E 10.360 7/17/2023 SEK 65.070
Landesbank Bade 2.500 8/25/2023 EUR 51.830
UniCredit Bank 3.000 08/03/2023 EUR 67.840
UniCredit Bank 5.350 2/27/2023 EUR 43.030
Landesbank Bade 2.700 10/28/2022 EUR 47.170
UniCredit Bank 4.400 12/10/2022 EUR 68.970
Landesbank Bade 1.500 4/16/2039 EUR 74.020
Citigroup Globa 8.200 3/21/2024 SEK 64.480
Leonteq Securit 10.000 11/14/2022 CHF 64.310
Leonteq Securit 13.000 11/17/2022 USD 43.490
Corner Banca SA 11.000 11/17/2022 EUR 62.470
Leonteq Securit 9.000 11/17/2022 CHF 55.260
Leonteq Securit 8.000 5/17/2023 CHF 62.340
Leonteq Securit 10.000 11/14/2022 EUR 64.820
Corner Banca SA 11.000 11/17/2022 USD 62.450
Leonteq Securit 10.000 8/17/2022 CHF 27.410
Bank Vontobel A 11.008 11/14/2022 CHF 53.800
Leonteq Securit 10.000 11/17/2022 USD 66.420
Leonteq Securit 8.500 11/14/2022 EUR 66.730
Leonteq Securit 8.500 11/17/2022 CHF 66.210
Raiffeisen Schw 12.000 8/17/2022 CHF 53.290
Raiffeisen Schw 5.500 5/17/2023 CHF 78.640
Raiffeisen Schw 6.500 11/17/2023 CHF 61.790
Bank Vontobel A 14.505 11/14/2022 EUR 56.300
Bank Vontobel A 14.505 11/14/2022 EUR 56.300
Goldman Sachs & 8.000 12/21/2022 EUR 69.180
DZ Bank AG Deut 8.500 9/21/2022 EUR 68.110
DZ Bank AG Deut 6.250 9/21/2022 EUR 61.240
DZ Bank AG Deut 5.000 9/21/2022 EUR 62.500
DZ Bank AG Deut 5.750 9/21/2022 EUR 72.990
DZ Bank AG Deut 5.250 9/21/2022 EUR 71.710
DZ Bank AG Deut 7.000 9/21/2022 EUR 66.820
Corner Banca SA 6.500 11/21/2022 CHF 34.610
Corner Banca SA 7.600 11/18/2022 USD 34.600
UBS AG/London 7.250 11/21/2022 CHF 65.150
UBS AG/London 10.250 11/21/2022 CHF 30.150
UBS AG/London 5.250 5/19/2023 CHF 68.000
UBS AG/London 19.250 11/21/2022 CHF 75.500
UBS AG/London 8.000 5/18/2023 EUR 75.200
UBS AG/London 8.250 11/21/2022 CHF 49.750
Bank Vontobel A 7.004 11/14/2022 CHF 51.900
Bank Vontobel A 9.256 11/14/2022 CHF 61.600
Bank Vontobel A 9.003 11/14/2022 CHF 46.700
Bank Vontobel A 5.755 5/15/2023 CHF 60.300
Bank Vontobel A 12.004 8/15/2022 CHF 51.100
EFG Internation 13.000 11/14/2022 CHF 33.490
Raiffeisen Cent 6.500 06/09/2023 EUR 50.540
Leonteq Securit 12.500 8/25/2022 CHF 53.910
Leonteq Securit 10.000 11/21/2022 EUR 66.300
EFG Internation 8.000 11/21/2022 CHF 65.750
Raiffeisen Swit 3.600 11/20/2023 CHF 72.000
EFG Internation 17.000 11/21/2022 EUR 57.070
Leonteq Securit 5.050 06/02/2023 EUR 50.460
EFG Internation 14.000 11/21/2022 CHF 22.620
Leonteq Securit 14.200 09/01/2022 CHF 27.730
Banque Cantonal 8.900 11/18/2022 CHF 74.250
Leonteq Securit 17.000 8/25/2022 CHF 52.260
Leonteq Securit 10.000 5/25/2023 EUR 64.890
Credit Suisse A 12.500 8/22/2022 CHF 47.210
Raiffeisen Swit 10.500 07/11/2024 USD 14.160
Landesbank Bade 3.000 8/26/2022 EUR 53.550
UBS AG/London 8.750 2/17/2023 CHF 74.350
Bank Vontobel A 10.506 8/19/2022 EUR 63.700
Bank Vontobel A 6.505 2/20/2023 EUR 56.000
Bank Vontobel A 7.756 8/19/2022 CHF 46.200
Bank Vontobel A 12.008 8/19/2022 CHF 27.200
Leonteq Securit 5.700 8/19/2022 USD 40.780
UniCredit Bank 4.350 7/31/2023 EUR 57.840
Leonteq Securit 8.310 7/19/2022 EUR 46.860
Citigroup Globa 5.000 08/01/2033 EUR 68.110
DekaBank Deutsc 2.400 5/17/2024 EUR 40.200
UBS AG/London 7.800 4/20/2026 EUR 57.910
Leonteq Securit 10.000 7/20/2022 CHF 30.650
Raiffeisen Cent 4.966 5/17/2023 EUR 62.350
Raiffeisen Cent 6.456 5/17/2023 EUR 71.770
DekaBank Deutsc 2.000 5/19/2023 EUR 71.100
Bank Vontobel A 7.501 10/16/2023 CHF 58.000
UniCredit Bank 4.300 8/15/2022 EUR 38.250
UBS AG/London 8.250 10/21/2022 CHF 56.900
UBS AG/London 7.000 4/21/2023 USD 52.050
UBS AG/London 9.000 10/21/2022 CHF 30.900
UBS AG/London 23.750 10/21/2022 USD 66.650
UBS AG/London 10.500 4/21/2023 CHF 30.100
EFG Internation 5.700 4/26/2023 USD 41.020
Bank Julius Bae 9.300 7/22/2022 USD 37.850
Leonteq Securit 8.000 4/26/2023 CHF 69.090
UniCredit Bank 1.550 7/18/2031 EUR 71.420
Raiffeisen Swit 12.000 7/19/2022 CHF 58.960
Raiffeisen Swit 12.000 7/19/2022 EUR 61.400
VTB Bank PJSC 0.010 05/01/2025 RUB 65.570
UniCredit Bank 4.900 5/14/2024 USD 75.010
Sberbank of Rus 0.010 4/22/2026 RUB 76.800
Sberbank of Rus 0.010 4/23/2026 RUB 70.600
Leonteq Securit 18.000 7/26/2022 CHF 66.300
Landesbank Bade 3.260 4/28/2023 EUR 76.430
Landesbank Bade 3.060 4/26/2024 EUR 75.600
Leonteq Securit 9.000 10/26/2022 EUR 61.170
Zurcher Kantona 8.500 10/26/2022 USD 74.470
Raiffeisen Cent 5.750 5/19/2023 EUR 48.540
Nordea Bank Abp 3.200 7/20/2026 SEK 70.870
EFG Internation 5.000 4/26/2023 USD 57.700
Raiffeisen Swit 6.750 10/26/2022 CHF 55.070
Raiffeisen Swit 12.000 10/26/2022 CHF 37.900
Raiffeisen Swit 8.000 10/26/2022 EUR 60.460
Landesbank Bade 2.650 1/27/2023 EUR 45.690
Societe General 7.000 8/26/2022 EUR 67.640
Societe General 8.000 8/26/2022 EUR 65.820
Societe General 7.750 8/26/2022 EUR 65.350
Societe General 10.000 8/26/2022 EUR 67.620
Societe General 11.250 7/22/2022 EUR 67.510
Societe General 5.750 8/26/2022 EUR 69.240
Societe General 4.500 8/26/2022 EUR 72.130
Societe General 6.500 8/26/2022 EUR 67.220
Societe General 7.500 8/26/2022 EUR 65.420
DZ Bank AG Deut 5.600 9/19/2022 EUR 62.920
DZ Bank AG Deut 5.000 9/19/2022 EUR 66.990
Leonteq Securit 20.000 7/26/2022 CHF 59.450
Leonteq Securit 10.000 10/26/2022 CHF 29.210
Leonteq Securit 12.000 1/26/2023 CHF 31.400
Leonteq Securit 8.000 1/26/2023 CHF 70.840
DZ Bank AG Deut 6.750 9/19/2022 EUR 73.890
Leonteq Securit 9.000 7/26/2023 USD 69.950
Zurcher Kantona 7.500 08/04/2022 CHF 71.860
Raiffeisen Schw 12.500 7/26/2022 CHF 27.840
Raiffeisen Schw 5.400 1/23/2023 CHF 79.440
Raiffeisen Schw 14.000 7/26/2022 CHF 52.400
Raiffeisen Schw 8.000 1/23/2023 CHF 59.720
Bank Julius Bae 8.250 7/27/2022 CHF 55.500
Bank Julius Bae 7.600 10/27/2022 CHF 64.000
Vontobel Financ 10.450 8/29/2022 EUR 40.030
Vontobel Financ 9.300 8/29/2022 EUR 75.370
DekaBank Deutsc 2.800 09/01/2023 EUR 43.430
DVM Constructio 3.000 7/29/2030 HUF 60.400
Landesbank Bade 3.100 8/26/2022 EUR 55.730
Landesbank Bade 4.100 8/26/2022 EUR 74.660
Landesbank Bade 3.500 8/26/2022 EUR 24.990
Landesbank Bade 5.450 8/26/2022 EUR 21.440
Landesbank Bade 3.100 8/26/2022 EUR 69.960
Landesbank Bade 3.250 8/26/2022 EUR 73.210
Sberbank of Rus 0.010 08/07/2025 RUB 78.100
SFO VTB Investm 0.010 03/10/2023 RUB 71.000
Bank Otkritie F 0.010 7/28/2023 RUB 83.010
Landesbank Bade 3.000 10/25/2024 EUR 30.190
Leonteq Securit 8.690 7/26/2023 CHF 62.860
Vontobel Financ 3.500 9/23/2022 EUR 52.120
Leonteq Securit 28.020 7/22/2022 CHF 55.120
Leonteq Securit 13.000 7/22/2022 CHF 50.880
UBS AG/London 12.000 1/16/2023 CHF 30.050
Raiffeisen Schw 16.000 7/19/2022 EUR 63.670
Raiffeisen Schw 12.000 10/19/2022 CHF 68.210
Raiffeisen Schw 11.000 7/19/2022 CHF 55.120
Raiffeisen Schw 8.000 7/19/2023 CHF 58.660
Raiffeisen Schw 6.000 7/19/2023 CHF 75.690
Sberbank of Rus 0.010 7/23/2026 RUB 70.200
Societe General 4.000 8/26/2022 EUR 65.440
Societe General 5.000 8/26/2022 EUR 62.330
Societe General 7.000 8/26/2022 EUR 57.770
Societe General 8.000 8/26/2022 EUR 56.000
Societe General 8.500 8/26/2022 EUR 65.010
Societe General 13.500 8/26/2022 EUR 33.910
Societe General 8.000 8/26/2022 EUR 75.520
Raiffeisen Cent 6.381 9/21/2022 EUR 66.420
Raiffeisen Cent 7.232 9/21/2022 EUR 66.190
Raiffeisen Cent 11.061 9/21/2022 EUR 70.050
Societe General 10.500 8/26/2022 EUR 69.610
Societe General 11.500 8/26/2022 EUR 67.970
Raiffeisen Cent 0.851 9/21/2022 EUR 57.510
Raiffeisen Cent 5.530 9/21/2022 EUR 60.540
Societe General 12.000 7/22/2022 EUR 65.140
Societe General 3.000 8/26/2022 EUR 69.700
Societe General 6.750 8/26/2022 EUR 70.820
Societe General 10.750 8/26/2022 EUR 61.300
Societe General 5.500 8/26/2022 EUR 47.310
Societe General 7.500 8/26/2022 EUR 42.010
Societe General 9.500 8/26/2022 EUR 38.460
Societe General 11.500 8/26/2022 EUR 35.900
DekaBank Deutsc 3.190 2/17/2023 EUR 69.290
Leonteq Securit 10.000 7/26/2022 CHF 59.510
Leonteq Securit 7.000 7/26/2023 CHF 70.210
Leonteq Securit 10.000 10/26/2022 CHF 50.340
Vontobel Financ 7.500 9/23/2022 EUR 63.470
Vontobel Financ 5.500 9/23/2022 EUR 68.860
Zurcher Kantona 10.000 08/03/2022 CHF 77.530
Zurcher Kantona 10.000 08/03/2022 CHF 57.030
Zurcher Kantona 12.500 08/03/2022 CHF 49.860
Vontobel Financ 11.200 7/26/2022 EUR 44.710
Zurcher Kantona 28.500 08/02/2022 USD 44.310
Zurcher Kantona 27.500 08/02/2022 CHF 57.750
Bank Julius Bae 10.000 7/26/2022 USD 56.600
Bank Vontobel A 5.500 1/22/2024 CHF 73.700
Bank Vontobel A 4.500 7/21/2023 CHF 71.200
Bank Vontobel A 9.500 1/23/2023 CHF 61.600
Bank Vontobel A 6.500 1/24/2023 CHF 56.700
Bank Vontobel A 12.500 1/24/2023 CHF 51.800
Bank Vontobel A 12.500 1/24/2023 CHF 52.100
BNP Paribas Emi 6.900 8/25/2022 EUR 70.690
Societe General 6.500 8/26/2022 EUR 68.680
Societe General 7.500 8/26/2022 EUR 66.730
Societe General 8.750 8/26/2022 EUR 63.820
Societe General 8.000 8/26/2022 EUR 71.410
Societe General 9.500 8/26/2022 EUR 65.740
Societe General 4.750 8/26/2022 EUR 71.710
Societe General 6.750 8/26/2022 EUR 67.090
Societe General 3.500 8/26/2022 EUR 75.760
Societe General 5.500 8/26/2022 EUR 69.440
Societe General 8.500 8/26/2022 EUR 63.880
DZ Bank AG Deut 4.800 9/19/2022 EUR 64.180
DZ Bank AG Deut 5.700 9/19/2022 EUR 65.740
DZ Bank AG Deut 6.500 9/19/2022 EUR 64.520
Corner Banca SA 8.200 7/26/2023 CHF 58.390
Corner Banca SA 10.000 1/23/2023 CHF 69.040
DZ Bank AG Deut 4.750 9/19/2022 EUR 70.750
DZ Bank AG Deut 8.250 9/19/2022 EUR 58.530
DZ Bank AG Deut 7.000 9/19/2022 EUR 60.180
Zurcher Kantona 11.000 08/03/2022 CHF 56.480
Raiffeisen Schw 10.000 7/26/2022 CHF 50.800
Raiffeisen Schw 13.500 7/26/2022 CHF 61.840
Raiffeisen Schw 9.500 1/26/2023 CHF 59.770
Raiffeisen Schw 8.500 1/23/2023 CHF 67.620
Raiffeisen Schw 9.000 1/23/2023 CHF 76.900
Raiffeisen Schw 7.000 1/23/2023 CHF 71.580
Bank Julius Bae 6.400 10/27/2022 CHF 68.800
Zurcher Kantona 21.500 08/03/2022 CHF 72.450
Societe General 10.500 7/22/2022 EUR 72.370
Leonteq Securit 21.420 7/27/2022 CHF 25.130
Sberbank of Rus 0.010 7/24/2025 RUB 76.800
Sberbank of Rus 0.010 7/23/2025 RUB 69.600
Landesbank Bade 3.250 3/24/2023 EUR 74.120
Landesbank Bade 4.300 3/24/2023 EUR 69.740
Landesbank Bade 4.050 3/24/2023 EUR 30.980
Landesbank Bade 7.250 3/24/2023 EUR 74.340
Landesbank Bade 3.700 3/24/2023 EUR 73.950
Vontobel Financ 16.450 03/03/2023 EUR 42.860
Raiffeisen Cent 10.192 9/21/2022 EUR 54.200
Raiffeisen Cent 7.644 9/21/2022 EUR 57.860
Raiffeisen Cent 8.918 9/21/2022 EUR 55.680
Vontobel Financ 5.000 3/26/2024 EUR 71.400
UBS AG/London 9.750 09/05/2022 CHF 54.850
UBS AG/London 10.000 03/03/2023 CHF 58.550
UBS AG/London 11.250 03/03/2023 CHF 58.950
UBS AG/London 15.000 09/05/2022 CHF 61.100
EFG Internation 6.400 03/08/2023 USD 59.090
Nordea Bank Abp 7.100 7/20/2024 SEK 48.840
Nordea Bank Abp 9.000 7/20/2024 SEK 41.700
Vontobel Financ 10.000 9/23/2022 EUR 65.940
Vontobel Financ 12.500 9/23/2022 EUR 63.240
Vontobel Financ 6.000 9/23/2022 EUR 59.440
Vontobel Financ 11.000 9/23/2022 EUR 53.660
Vontobel Financ 13.500 9/23/2022 EUR 63.310
Vontobel Financ 11.000 9/23/2022 EUR 67.340
Vontobel Financ 13.000 9/23/2022 EUR 67.630
Vontobel Financ 10.000 9/23/2022 EUR 72.330
Vontobel Financ 12.000 9/23/2022 EUR 69.110
Vontobel Financ 14.000 9/23/2022 EUR 66.220
Vontobel Financ 9.500 9/23/2022 EUR 64.260
Vontobel Financ 12.500 9/23/2022 EUR 60.190
Vontobel Financ 11.000 9/23/2022 EUR 72.420
Vontobel Financ 12.500 9/23/2022 EUR 20.910
Vontobel Financ 11.500 9/23/2022 EUR 21.400
Vontobel Financ 8.500 9/23/2022 EUR 53.300
UBS AG/London 8.000 1/16/2023 CHF 75.100
Sberbank of Rus 0.010 7/24/2028 RUB 58.600
Societe General 6.000 8/26/2022 EUR 59.820
Societe General 9.000 8/26/2022 EUR 64.360
Societe General 7.000 8/26/2022 EUR 77.450
Raiffeisen Cent 8.508 9/21/2022 EUR 66.510
Raiffeisen Cent 8.508 9/21/2022 EUR 70.410
Raiffeisen Cent 14.038 9/21/2022 EUR 70.540
Societe General 9.500 8/26/2022 EUR 71.340
Raiffeisen Cent 0.851 9/21/2022 EUR 58.690
Raiffeisen Cent 1.702 9/21/2022 EUR 62.400
Societe General 8.750 8/26/2022 EUR 65.300
Societe General 12.750 8/26/2022 EUR 58.180
Societe General 10.500 8/26/2022 EUR 66.170
Societe General 3.500 8/26/2022 EUR 56.450
Leonteq Securit 11.000 1/26/2023 USD 58.710
Leonteq Securit 8.400 1/26/2023 CHF 61.720
Vontobel Financ 10.500 9/23/2022 EUR 58.560
Vontobel Financ 5.000 9/23/2022 EUR 69.480
Vontobel Financ 4.000 9/23/2022 EUR 61.980
Zurcher Kantona 12.500 08/03/2022 CHF 70.570
Vontobel Financ 7.000 9/23/2022 EUR 62.540
Vontobel Financ 8.000 9/23/2022 EUR 53.260
Societe General 3.000 7/22/2022 USD 9.140
Erste Group Ban 5.550 8/30/2022 EUR 60.050
UniCredit Bank 5.550 7/19/2022 EUR 57.000
Landesbank Bade 2.500 3/22/2024 EUR 75.110
Bank Julius Bae 5.700 10/24/2022 EUR 69.200
Bank Julius Bae 7.300 10/24/2022 USD 64.900
Bank Julius Bae 7.400 7/22/2022 USD 73.200
Vontobel Financ 10.000 9/23/2022 EUR 71.440
Vontobel Financ 7.000 9/23/2022 EUR 57.770
Vontobel Financ 9.500 9/23/2022 EUR 54.890
Vontobel Financ 8.000 9/23/2022 EUR 72.000
Vontobel Financ 7.500 9/23/2022 EUR 77.910
Vontobel Financ 8.500 9/23/2022 EUR 76.010
Vontobel Financ 9.000 9/23/2022 EUR 74.070
Vontobel Financ 11.000 9/23/2022 EUR 70.680
Vontobel Financ 6.500 9/23/2022 EUR 69.150
Vontobel Financ 10.000 9/23/2022 EUR 21.830
Vontobel Financ 14.000 9/23/2022 EUR 20.600
Vontobel Financ 15.000 9/23/2022 EUR 20.210
Raiffeisen Swit 7.000 05/03/2023 CHF 56.310
Landesbank Hess 1.800 06/09/2036 EUR 73.050
Nordea Bank Abp 6.450 1/22/2024 SEK 71.750
Bank Vontobel A 9.006 10/31/2022 CHF 22.400
Leonteq Securit 9.000 12/21/2022 CHF 44.010
Leonteq Securit 12.000 7/26/2022 EUR 59.240
Leonteq Securit 10.000 10/26/2022 USD 24.060
Leonteq Securit 7.000 4/26/2023 CHF 60.790
Leonteq Securit 8.000 7/26/2022 CHF 58.940
Raiffeisen Swit 7.200 4/26/2023 CHF 74.840
Raiffeisen Swit 10.500 10/26/2022 CHF 55.960
EFG Internation 10.000 12/16/2022 CHF 27.880
UBS AG/London 11.250 12/16/2022 USD 58.950
UBS AG/London 8.250 6/16/2023 CHF 59.750
VTB Bank PJSC 0.010 06/01/2024 RUB 79.660
Goldman Sachs & 7.000 7/20/2022 EUR 61.370
Goldman Sachs & 12.000 7/20/2022 EUR 61.680
Goldman Sachs & 10.000 7/20/2022 EUR 64.750
Goldman Sachs & 5.000 6/21/2023 EUR 72.120
Goldman Sachs & 8.000 6/21/2023 EUR 69.250
Goldman Sachs & 5.000 6/21/2023 EUR 74.150
Goldman Sachs & 6.000 6/21/2023 EUR 63.280
Goldman Sachs & 7.000 6/21/2023 EUR 64.240
Goldman Sachs & 5.000 12/21/2022 EUR 77.630
Bank Julius Bae 9.250 9/19/2022 EUR 60.450
Bank Julius Bae 8.200 9/19/2022 USD 55.700
Bank Julius Bae 12.000 9/19/2022 USD 52.050
Leonteq Securit 10.000 9/21/2022 EUR 64.260
Credit Suisse A 8.250 9/19/2022 EUR 59.330
Vontobel Financ 8.500 7/13/2022 EUR 47.930
VTB Bank PJSC 0.010 5/20/2026 RUB 65.900
UniCredit Bank 3.500 2/13/2023 EUR 34.920
Leonteq Securit 11.000 7/29/2022 CHF 53.490
Leonteq Securit 11.000 10/31/2022 USD 55.830
Credit Suisse A 8.000 08/03/2022 CHF 28.590
SG Issuer SA 7.700 1/20/2024 SEK 60.920
TMK PJSC 7.350 2/28/2025 RUB 60.160
Vontobel Financ 5.500 09/09/2022 EUR 64.400
Raiffeisen Swit 8.200 11/03/2022 CHF 54.020
Raiffeisen Swit 6.500 11/03/2022 CHF 56.390
Bank Vontobel A 11.006 10/31/2022 CHF 47.500
Bank Vontobel A 8.503 10/31/2022 CHF 59.300
Landesbank Hess 2.234 06/09/2036 EUR 69.500
UniCredit Bank 1.560 1/20/2031 EUR 72.690
Bank Vontobel A 9.001 10/17/2022 CHF 54.800
Bank Vontobel A 8.000 10/17/2022 CHF 59.800
UBS AG/London 13.250 10/21/2022 CHF 46.450
UBS AG/London 13.250 10/21/2022 CHF 48.250
EFG Internation 5.800 4/26/2023 EUR 32.200
Leonteq Securit 12.000 7/22/2022 CHF 55.620
UniCredit Bank 0.900 7/18/2031 EUR 75.650
Raiffeisen Swit 8.200 10/19/2022 CHF 56.370
Raiffeisen Swit 7.000 4/19/2023 CHF 71.720
Landesbank Bade 7.250 7/22/2022 EUR 58.510
Landesbank Bade 5.000 7/22/2022 EUR 64.370
Vontobel Financ 3.500 07/03/2023 EUR 65.110
Landesbank Hess 1.100 7/23/2036 EUR 73.050
VTB Bank PJSC 0.010 5/19/2024 RUB 72.020
UBS AG/London 12.500 12/16/2022 CHF 44.350
UBS AG/London 8.000 12/16/2022 CHF 55.700
UBS AG/London 9.000 12/16/2022 CHF 71.350
Goldman Sachs & 5.000 3/22/2023 EUR 77.030
Landesbank Bade 4.000 7/25/2025 EUR 42.410
Bank Julius Bae 7.850 9/19/2022 USD 67.550
Leonteq Securit 10.520 12/21/2022 USD 57.890
DekaBank Deutsc 2.000 2/23/2024 EUR 69.950
DekaBank Deutsc 3.400 2/23/2024 EUR 70.160
Erste Group Ban 7.250 03/03/2026 EUR 34.500
EFG Internation 10.000 7/27/2022 CHF 47.400
Sberbank of Rus 0.010 1/29/2024 RUB 85.930
SG Issuer SA 1.250 2/28/2033 EUR 64.240
Bank Vontobel A 7.756 2/13/2023 CHF 56.800
Bank Vontobel A 6.507 8/17/2022 CHF 67.200
Bank Vontobel A 12.505 8/19/2022 CHF 43.500
Bank Vontobel A 6.505 2/27/2023 CHF 47.900
Leonteq Securit 9.000 8/26/2022 CHF 47.690
Leonteq Securit 14.000 8/26/2022 USD 19.820
Leonteq Securit 8.000 03/01/2023 CHF 50.850
Leonteq Securit 11.000 8/26/2022 CHF 30.080
Raiffeisen Swit 7.500 03/01/2023 CHF 55.600
Landesbank Bade 3.150 3/24/2023 EUR 54.070
Sberbank of Rus 0.010 03/04/2026 RUB 77.210
UBS AG/London 16.250 09/05/2022 CHF 43.500
Landesbank Hess 1.400 03/05/2036 EUR 71.850
Landesbank Hess 1.000 04/09/2035 EUR 73.400
UniCredit Bank 4.400 04/12/2023 EUR 61.480
Societe General 2.000 10/19/2022 EUR 63.750
UniCredit Bank 5.150 4/24/2023 EUR 58.210
Bank Vontobel A 20.004 08/10/2022 CHF 43.700
UBS AG/London 11.000 8/24/2022 CHF 42.250
UBS AG/London 6.500 2/24/2023 CHF 54.350
UBS AG/London 11.250 8/24/2022 CHF 52.900
EFG Internation 15.000 8/24/2022 CHF 49.800
EFG Internation 8.200 03/01/2023 USD 34.490
Landesbank Hess 1.000 04/03/2035 EUR 72.600
Danske Bank A/S 7.500 01/09/2025 SEK 44.130
VTB Bank PJSC 0.010 3/25/2025 RUB 87.010
Raiffeisen Swit 7.000 8/19/2022 CHF 47.750
Erste Group Ban 9.500 3/29/2024 EUR 51.450
Credit Suisse A 7.250 9/19/2022 CHF 70.170
Raiffeisen Cent 8.250 05/11/2023 EUR 57.040
Nordea Bank Abp 3.450 7/20/2026 SEK 71.620
Bank Julius Bae 9.650 7/29/2022 USD 70.200
Leonteq Securit 10.000 10/31/2022 USD 39.080
Leonteq Securit 10.000 10/31/2022 CHF 65.550
Vontobel Financ 15.750 08/03/2022 EUR 30.310
UBS AG/London 5.520 4/29/2041 USD 50.391
Leonteq Securit 11.500 10/27/2022 CHF 52.350
Landesbank Bade 3.350 4/28/2023 EUR 41.240
Landesbank Bade 7.000 4/28/2023 EUR 43.480
Landesbank Bade 7.000 4/28/2023 EUR 74.110
Landesbank Bade 5.250 4/28/2023 EUR 34.360
Landesbank Bade 2.150 4/28/2023 EUR 72.220
Landesbank Bade 5.200 4/28/2023 EUR 37.730
Landesbank Bade 2.000 4/28/2023 EUR 72.300
Landesbank Bade 3.150 4/28/2023 EUR 37.920
Landesbank Bade 2.300 4/28/2023 EUR 51.190
Landesbank Bade 6.000 4/28/2023 EUR 65.620
Landesbank Bade 4.350 4/28/2023 EUR 37.590
Bank Vontobel A 7.504 4/24/2023 CHF 72.700
Bank Vontobel A 12.005 10/24/2022 CHF 48.000
EFG Internation 9.000 10/28/2022 CHF 63.410
UBS AG/London 10.500 4/28/2023 CHF 65.500
UBS AG/London 8.000 10/28/2022 CHF 62.050
UBS AG/London 13.750 10/28/2022 EUR 58.350
UBS AG/London 8.750 10/28/2022 CHF 52.750
UBS AG/London 9.500 10/28/2022 CHF 55.300
UBS AG/London 8.750 4/28/2023 CHF 59.200
SG Issuer SA 7.740 1/20/2024 SEK 60.970
Leonteq Securit 10.000 10/31/2022 EUR 67.030
Leonteq Securit 7.000 05/03/2023 CHF 56.650
Nordea Bank Abp 4.250 7/20/2027 SEK 70.380
Bank Vontobel A 6.503 4/24/2023 EUR 52.900
Bank Vontobel A 7.252 4/24/2023 CHF 53.400
Bank Vontobel A 7.008 7/25/2022 CHF 51.500
Landesbank Bade 3.100 3/24/2023 EUR 72.090
UBS AG/London 7.750 10/28/2022 CHF 61.800
UBS AG/London 12.750 10/28/2022 CHF 36.050
Zurcher Kantona 6.400 11/07/2022 USD 31.810
Sberbank of Rus 0.010 04/04/2025 RUB 75.000
Landesbank Hess 1.000 4/30/2035 EUR 76.100
Pravourmiiskoe 9.500 3/31/2028 RUB 92.010
Landesbank Bade 3.350 4/28/2023 EUR 68.090
Landesbank Bade 3.800 4/28/2023 EUR 51.360
Landesbank Bade 4.200 4/28/2023 EUR 73.710
Landesbank Bade 6.100 4/28/2023 EUR 65.080
Landesbank Bade 3.200 4/28/2023 EUR 68.150
Landesbank Bade 4.000 4/28/2023 EUR 73.620
Landesbank Bade 5.700 4/28/2023 EUR 35.800
Landesbank Bade 3.000 4/28/2023 EUR 40.130
Bank Vontobel A 7.504 4/24/2023 CHF 72.700
DekaBank Deutsc 1.460 10/27/2022 EUR 71.680
UBS AG/London 13.500 4/29/2024 USD 35.410
Raiffeisen Swit 7.700 8/19/2022 CHF 52.820
Leonteq Securit 9.300 8/24/2022 USD 33.770
UBS AG/London 10.250 8/24/2022 CHF 57.050
UBS AG/London 6.250 8/24/2022 CHF 56.400
UBS AG/London 6.500 8/24/2022 CHF 16.780
Credit Suisse A 8.100 8/23/2022 CHF 58.460
EFG Internation 13.000 8/24/2022 CHF 40.960
Vontobel Financ 20.500 8/17/2022 EUR 54.750
DekaBank Deutsc 1.000 3/17/2025 EUR 55.810
DekaBank Deutsc 2.100 3/17/2023 EUR 69.080
UBS AG/London 14.750 2/17/2023 CHF 34.100
EFG Internation 4.500 2/26/2024 USD 44.560
Bank Vontobel A 10.006 1/23/2023 EUR 67.900
Bank Vontobel A 10.008 7/22/2022 CHF 53.000
Leonteq Securit 13.000 7/25/2022 USD 21.840
Leonteq Securit 5.500 1/25/2023 USD 49.470
Zurcher Kantona 11.500 08/12/2022 CHF 70.540
DZ Bank AG Deut 3.000 12/23/2022 EUR 32.950
DZ Bank AG Deut 7.000 12/23/2022 EUR 25.900
Leonteq Securit 10.000 08/12/2022 CHF 64.190
Corner Banca SA 12.000 08/12/2022 CHF 56.190
Raiffeisen Swit 8.000 08/12/2022 CHF 56.880
VTB Bank PJSC 3.750 EUR 64.000
Landesbank Bade 2.300 9/23/2022 EUR 60.340
Landesbank Bade 3.050 9/23/2022 EUR 50.700
Skandinaviska E 6.500 7/15/2024 SEK 54.320
EFG Internation 13.360 10/12/2022 CHF 63.340
Leonteq Securit 11.000 10/12/2022 CHF 65.360
DZ Bank AG Deut 5.250 7/20/2022 EUR 69.940
DZ Bank AG Deut 4.750 9/21/2022 EUR 52.350
DZ Bank AG Deut 5.000 7/20/2022 EUR 70.600
DZ Bank AG Deut 5.500 9/21/2022 EUR 63.520
Landesbank Hess 0.850 2/18/2036 EUR 69.550
Nordea Bank Abp 2.000 02/03/2026 SEK 64.660
VTB Bank PJSC 0.010 5/13/2025 RUB 65.060
VTB Bank PJSC 0.010 5/13/2025 RUB 69.550
Goldman Sachs & 5.000 3/22/2023 EUR 77.200
EFG Internation 12.000 10/12/2022 CHF 35.880
Bank Julius Bae 7.150 07/06/2022 CHF 72.550
Bank Julius Bae 6.900 07/06/2022 CHF 58.450
Zurcher Kantona 11.250 07/06/2022 EUR 36.260
DZ Bank AG Deut 5.750 7/20/2022 EUR 65.600
DZ Bank AG Deut 5.000 7/20/2022 EUR 72.750
DZ Bank AG Deut 8.750 7/20/2022 EUR 59.370
Zurcher Kantona 6.500 12/21/2022 EUR 61.530
VTB Bank PJSC 0.010 04/08/2026 RUB 77.590
Leonteq Securit 10.000 12/21/2022 USD 31.920
EFG Internation 6.000 3/30/2023 USD 59.450
Raiffeisen Schw 7.250 02/06/2023 CHF 69.950
Landesbank Bade 2.550 6/23/2023 EUR 67.770
SG Issuer SA 6.850 1/20/2024 SEK 64.460
Goldman Sachs & 6.000 12/21/2022 EUR 63.450
DZ Bank AG Deut 5.000 7/20/2022 EUR 69.600
DZ Bank AG Deut 10.000 7/20/2022 EUR 48.190
DZ Bank AG Deut 7.000 9/21/2022 EUR 52.870
SG Issuer SA 7.600 1/20/2025 SEK 30.140
DZ Bank AG Deut 12.700 9/23/2022 EUR 29.010
DZ Bank AG Deut 14.500 9/23/2022 EUR 28.220
DZ Bank AG Deut 14.900 9/23/2022 EUR 68.210
Vontobel Financ 21.000 9/23/2022 EUR 63.850
Vontobel Financ 8.000 9/23/2022 EUR 73.390
Vontobel Financ 9.000 9/23/2022 EUR 58.520
Vontobel Financ 12.000 9/23/2022 EUR 59.040
Vontobel Financ 10.500 9/23/2022 EUR 73.580
UniCredit Bank 9.650 09/07/2022 EUR 21.670
DZ Bank AG Deut 17.100 9/23/2022 EUR 61.520
DZ Bank AG Deut 16.300 9/23/2022 EUR 44.340
Sberbank of Rus 0.010 04/05/2028 RUB 64.000
Goldman Sachs & 5.000 9/21/2022 EUR 64.730
Goldman Sachs & 5.000 12/21/2022 EUR 77.850
EFG Internation 11.560 10/12/2022 CHF 66.720
Zurcher Kantona 15.250 07/06/2022 CHF 38.830
Zurcher Kantona 8.250 7/20/2022 EUR 54.140
DZ Bank AG Deut 7.500 7/20/2022 EUR 55.850
Bank Julius Bae 8.450 8/15/2022 USD 54.950
Vontobel Financ 14.500 9/23/2022 EUR 78.490
UBS AG/London 7.750 7/20/2022 CHF 45.550
Leonteq Securit 5.000 2/27/2024 CHF 72.510
DSTelecom SA 2.456 05/07/2028 EUR 1.440
Lehman Brothers 3.500 6/20/2011 EUR 0.100
Lehman Brothers 7.500 2/14/2010 AUD 0.100
Erste Group Ban 0.770 11/13/2033 EUR 72.170
Lehman Brothers 7.600 1/31/2013 AUD 0.100
Credit Agricole 3.000 1/19/2041 AUD 55.339
Credit Agricole 10.200 12/13/2027 TRY 36.997
DZ Bank AG Deut 0.800 1/21/2041 EUR 71.798
Region Bretagne 0.150 1/19/2035 EUR 74.038
Lehman Brothers 4.000 03/10/2011 EUR 0.100
Brussels Munici 0.832 3/29/2041 EUR 71.432
Muenchener Hypo 1.003 03/09/2060 EUR 65.643
BNP Paribas SA 1.010 10/05/2035 EUR 71.294
Lehman Brothers 8.000 3/19/2012 USD 0.100
Standard Charte 3.000 4/30/2036 AUD 74.464
DekaBank Deutsc 1.350 11/15/2044 EUR 71.307
Vasakronan AB 2.752 11/20/2031 AUD 76.868
Lehman Brothers 7.150 3/21/2013 USD 0.100
Region Wallonne 0.638 6/21/2047 EUR 59.739
Getin Noble Ban 8.400 1/31/2024 PLN 48.875
Landesbank Bade 0.750 08/05/2031 EUR 76.135
Societe General 1.900 1/15/2031 AUD 68.780
Ukraine Governm 9.710 11/19/2031 UAH 43.922
Norddeutsche La 0.825 02/12/2036 EUR 67.955
Citigroup Globa 0.300 1/19/2032 EUR 72.645
Norddeutsche La 1.420 4/28/2039 EUR 70.383
Credit Agricole 15.700 10/07/2026 TRY 47.458
Erste Group Ban 0.560 9/29/2033 EUR 72.568
Region de Bruxe 0.609 12/03/2049 EUR 56.877
Department of P 0.671 7/17/2040 EUR 69.212
Region de Bruxe 1.053 11/14/2059 EUR 57.785
Kreditanstalt f 1.000 4/27/2041 EUR 76.705
Societe General 2.900 12/23/2031 AUD 74.894
Raiffeisenlande 2.310 2/27/2040 EUR 64.056
Caisse des Depo 2.615 11/15/2049 AUD 66.619
Assistance Publ 0.647 7/17/2040 EUR 68.946
Credit Agricole 1.900 1/15/2031 AUD 77.353
Norddeutsche La 1.000 8/13/2036 EUR 69.058
Norddeutsche La 0.400 8/13/2031 EUR 76.702
Norddeutsche La 0.700 2/15/2036 EUR 66.659
Lehman Brothers 6.300 12/21/2018 USD 0.100
Lehman Brothers 11.000 2/16/2009 CHF 0.100
Lehman Brothers 7.000 2/15/2010 CHF 0.100
Lehman Brothers 5.375 02/04/2014 USD 0.100
Lehman Brothers 13.000 2/16/2009 CHF 0.100
Lehman Brothers 10.000 2/16/2009 CHF 0.100
BNP Paribas SA 4.000 02/11/2029 PLN 79.294
Landesbank Bade 0.490 12/11/2030 EUR 76.460
Department of L 0.550 12/18/2045 EUR 61.989
Societe General 5.050 11/25/2036 USD 58.858
Barclays Bank P 2.070 12/18/2035 USD 71.520
Erste Group Ban 1.110 6/17/2035 EUR 73.305
Credit Agricole 2.100 12/18/2035 USD 69.384
Aktia Bank Oyj 0.850 12/21/2040 EUR 69.107
Banque Internat 0.800 12/22/2032 EUR 76.721
Deutsche Bank A 2.010 12/10/2052 EUR 59.128
Landesbank Bade 0.980 7/15/2032 EUR 75.348
Societe General 2.680 4/13/2031 AUD 73.382
Landesbank Bade 1.080 7/16/2035 EUR 69.678
Heta Asset Reso 7.500 12/31/2023 ATS 4.157
Municipality of 0.210 9/14/2035 EUR 75.488
Brussels Munici 0.892 3/29/2041 EUR 72.890
Brussels Munici 0.892 9/29/2041 EUR 72.175
Raiffeisen-Land 1.100 11/13/2036 EUR 70.056
Agence Francais 0.714 07/10/2045 EUR 70.588
BNG Bank NV 0.772 08/05/2050 EUR 67.721
Wirtschafts- un 0.101 09/08/2033 EUR 77.197
Single Platform 1.080 5/25/2066 EUR 51.814
Landesbank Bade 0.890 08/06/2035 EUR 67.706
Landesbank Hess 0.500 2/18/2036 EUR 70.871
Norddeutsche La 1.570 09/09/2038 EUR 72.645
Ukraine Governm 6.000 09/10/2031 UAH 31.317
Ukraine Governm 6.000 10/15/2031 UAH 31.155
Citigroup Globa 0.200 1/19/2031 EUR 74.766
Lehman Brothers 0.500 12/20/2017 AUD 0.100
Lehman Brothers 0.500 12/20/2017 AUD 0.100
Bayerische Land 0.350 12/23/2030 EUR 80.418
Ukraine Governm 9.700 10/13/2032 UAH 42.810
Ukraine Governm 8.750 2/16/2033 UAH 39.036
Lehman Brothers 0.500 12/20/2017 AUD 0.100
Lehman Brothers 9.300 12/21/2010 EUR 0.100
Ukraine Governm 9.980 03/06/2030 UAH 47.319
Ukraine Governm 9.700 03/10/2032 UAH 43.469
Ukraine Governm 9.700 8/25/2032 UAH 42.950
Ukraine Governm 6.000 1/28/2032 UAH 30.679
Lehman Brothers 0.500 12/20/2017 AUD 0.100
Ukraine Governm 9.730 9/24/2031 UAH 44.153
Lehman Brothers 4.000 01/04/2011 USD 0.100
Lehman Brothers 0.500 12/20/2017 AUD 0.100
Ukraine Governm 9.950 05/08/2030 UAH 46.968
Ukraine Governm 6.000 11/28/2029 UAH 35.099
BNP Paribas SA 1.150 11/20/2034 EUR 75.524
Muenchener Hypo 0.030 1/14/2031 EUR 77.255
Lehman Brothers 8.000 12/31/2010 USD 0.100
Region Wallonne 0.865 7/20/2044 EUR 65.430
Lehman Brothers 0.500 12/20/2017 USD 0.100
Republic of Ire 0.810 07/10/2079 EUR 52.368
DZ Bank AG Deut 0.500 8/18/2036 EUR 73.562
Landesbank Hess 0.460 7/20/2032 EUR 75.459
Societe General 1.290 2/27/2040 EUR 67.000
Lehman Brothers 0.500 12/20/2017 USD 0.100
Lehman Brothers 0.500 12/20/2017 USD 0.100
Lehman Brothers 0.500 12/20/2017 USD 0.100
Landesbank Bade 0.060 10/04/2030 EUR 74.469
Landeskreditban 0.842 05/03/2041 EUR 75.726
Caisse des Depo 2.700 4/28/2041 AUD 70.842
HSBC Continenta 1.385 11/18/2039 EUR 71.541
Hypo Tirol Bank 1.320 7/16/2041 EUR 67.078
Lehman Brothers 6.000 3/18/2015 USD 0.100
UBS Group AG 3.030 11/18/2034 AUD 76.730
Barclays Bank P 2.000 05/07/2036 MXN 25.162
Single Platform 0.750 8/15/2050 EUR 55.464
Erste Group Ban 0.940 5/22/2034 EUR 72.826
Lehman Brothers 1.000 2/26/2010 USD 0.100
Lehman Brothers 11.750 03/01/2010 EUR 0.100
Berlin Hyp AG 0.750 03/04/2050 EUR 66.894
Societe General 2.710 07/08/2035 AUD 64.212
Landesbank Hess 0.490 2/28/2035 EUR 72.895
DZ Bank AG Deut 0.700 4/29/2036 EUR 77.089
Bayerische Land 1.800 1/25/2036 EUR 85.402
Single Platform 1.180 04/01/2039 EUR 70.757
Aareal Bank AG 1.125 6/28/2030 EUR 75.895
Region Wallonne 0.808 6/24/2038 EUR 74.556
Region Wallonne 0.970 6/24/2043 EUR 67.881
Kreditanstalt f 1.143 4/15/2050 EUR 74.515
Kuntarahoitus O 12.000 6/26/2023 TRY 70.200
Region Occitani 0.786 12/14/2046 EUR 64.811
Landesbank Hess 0.490 1/24/2035 EUR 73.100
Region de Bruxe 0.450 12/22/2056 EUR 46.917
Metropole de Ly 0.500 12/28/2048 EUR 57.701
Landesbank Bade 0.350 1/20/2031 EUR 75.210
Landesbank Bade 0.510 4/15/2031 EUR 75.909
Landesbank Bade 0.460 01/07/2031 EUR 76.961
Landesbank Bade 0.490 12/23/2030 EUR 76.388
Landesbank Hess 0.550 1/21/2036 EUR 71.513
Landesbank Bade 0.520 01/07/2032 EUR 74.535
Norddeutsche La 1.050 01/06/2039 EUR 64.983
Getin Noble Ban 12.110 12/21/2023 PLN 54.875
Grupo Isolux Co 1.000 12/30/2021 USD 0.100
Region Occitani 0.776 10/06/2041 EUR 69.389
Department of V 0.735 07/03/2040 EUR 70.146
Grupo Isolux Co 6.000 12/30/2021 USD 0.267
BNP Paribas SA 3.180 11/19/2039 AUD 67.135
Landesbank Hess 0.700 11/04/2033 EUR 74.223
Muenchener Hypo 1.495 10/05/2050 EUR 68.378
Landesbank Bade 0.340 03/04/2030 EUR 76.159
Caisse des Depo 0.696 9/14/2040 EUR 74.046
Lehman Brothers 6.000 03/04/2015 USD 0.100
Landesbank Bade 0.370 01/06/2031 EUR 75.433
Purple Protecte 1.565 12/23/2060 EUR 67.185
Lehman Brothers 13.000 7/25/2012 EUR 0.100
Kommunekredit 2.200 9/27/2041 AUD 70.302
Landesbank Bade 0.360 12/30/2030 EUR 75.406
Caisse des Depo 2.205 9/28/2041 AUD 65.034
Norddeutsche La 1.410 07/07/2037 EUR 70.750
Kreissparkasse 0.350 2/19/2035 EUR 70.084
Purple Protecte 1.518 1/25/2061 EUR 69.008
Credit Agricole 7.000 06/12/2023 TRY 70.288
Landesbank Bade 1.020 7/15/2033 EUR 73.343
Barclays Bank P 3.020 4/23/2036 NZD 73.097
Ukraine Governm 11.300 05/10/2025 UAH 66.096
Ukraine Governm 11.290 11/10/2025 UAH 63.189
Ukraine Governm 10.360 11/10/2027 UAH 53.467
Ukraine Governm 9.780 05/10/2029 UAH 48.265
Ukraine Governm 9.610 11/10/2029 UAH 46.727
Ukraine Governm 9.150 05/10/2031 UAH 42.712
Ukraine Governm 9.010 11/10/2031 UAH 41.511
Ukraine Governm 8.630 05/10/2033 UAH 38.394
Ukraine Governm 8.520 11/10/2033 UAH 37.504
Ukraine Governm 8.310 11/10/2034 UAH 35.898
Ukraine Governm 6.000 12/11/2030 UAH 32.768
Lehman Brothers 8.800 12/27/2009 EUR 0.100
Lehman Brothers 11.000 12/20/2017 AUD 0.100
Landesbank Bade 0.570 4/23/2031 EUR 76.391
Ukraine Governm 6.000 4/23/2031 UAH 32.024
Ukraine Governm 9.790 5/14/2031 UAH 44.888
Ukraine Governm 6.000 03/12/2031 UAH 32.231
Ukraine Governm 9.800 04/02/2031 UAH 45.049
Lehman Brothers 2.500 8/23/2012 GBP 0.100
Societe General 0.690 4/21/2033 EUR 73.902
Region Hauts-de 0.643 07/09/2040 EUR 68.848
DZ Bank AG Deut 0.500 02/04/2036 EUR 73.055
Single Platform 1.000 07/08/2034 EUR 76.141
Lehman Brothers 3.000 8/13/2011 EUR 0.100
Landesbank Bade 0.440 05/07/2031 EUR 75.268
Landesbank Bade 0.540 4/21/2033 EUR 70.531
Lehman Brothers 14.900 11/16/2010 EUR 0.100
Grand Delta Hab 1.630 03/06/2045 EUR 54.757
Nederlandse Wat 0.810 07/08/2050 EUR 70.152
Single Platform 0.930 07/02/2041 EUR 65.786
Norddeutsche La 0.500 02/10/2033 EUR 72.333
DZ Bank AG Deut 0.550 1/21/2036 EUR 73.774
BPCE SA 2.160 10/06/2031 USD 75.178
Agence Metropol 0.500 07/07/2035 EUR 76.541
Landesbank Bade 0.500 7/30/2031 EUR 75.170
Caisse des Depo 1.275 05/05/2051 EUR 76.319
Irish Bank Reso 6.750 11/30/2013 BGN 33.250
Landesbank Hess 0.600 2/18/2036 EUR 71.887
Lehman Brothers 16.000 10/08/2008 CHF 0.100
Ukraine Governm 6.000 11/22/2028 UAH 37.920
Single Platform 1.200 11/01/2040 EUR 68.671
BPCE SA 2.730 10/05/2036 AUD 68.332
Bayerische Land 1.020 11/12/2035 EUR 76.658
Raiffeisen-Land 1.140 4/26/2051 EUR 74.620
Single Platform 0.725 03/07/2039 EUR 65.268
Region de Bruxe 0.730 2/25/2050 EUR 58.908
Lehman Brothers 3.500 12/20/2027 USD 0.100
Ukraine Governm 6.000 1/22/2031 UAH 32.506
Ukraine Governm 6.000 8/28/2030 UAH 33.337
Ukraine Governm 9.700 12/06/2028 UAH 48.939
Ukraine Governm 6.000 9/19/2029 UAH 35.565
Ukraine Governm 9.910 08/07/2030 UAH 46.417
Ukraine Governm 6.000 9/18/2030 UAH 33.209
Ukraine Governm 6.000 10/11/2028 UAH 38.263
Single Platform 1.200 11/15/2037 EUR 72.490
Ukraine Governm 6.000 1/27/2027 UAH 44.988
Region Occitani 0.580 10/06/2036 EUR 74.864
Lehman Brothers 1.500 10/12/2010 EUR 0.100
Grupo Isolux Co 0.250 12/30/2018 EUR 0.100
ECM Real Estate 5.000 10/09/2011 EUR 15.375
Region de Bruxe 0.256 2/26/2035 EUR 75.113
Societe General 1.192 8/29/2034 USD 66.250
Lehman Brothers 8.000 10/23/2008 USD 0.100
Lehman Brothers 7.000 10/22/2010 EUR 0.100
Lehman Brothers 3.400 9/21/2009 HKD 0.100
Citigroup Globa 1.180 12/23/2036 EUR 71.464
Batigere Grand 1.550 11/14/2039 EUR 60.763
Single Platform 0.840 6/20/2043 EUR 62.540
Caisse des Depo 0.750 11/06/2048 EUR 62.923
Societe General 2.920 2/21/2035 USD 74.604
Single Platform 0.938 2/15/2041 EUR 64.307
Norddeutsche La 0.825 5/18/2033 EUR 75.366
Bayerische Land 0.630 3/19/2032 EUR 79.301
BNP Paribas SA 3.310 2/27/2040 AUD 67.120
Petromena ASA 10.850 11/19/2018 USD 0.622
Landesbank Bade 0.780 4/21/2036 EUR 66.051
Landesbank Bade 0.610 05/11/2034 EUR 68.547
Landesbank Bade 0.500 05/11/2032 EUR 72.761
Lehman Brothers 5.200 11/09/2011 EUR 0.100
Societe General 2.900 10/24/2039 AUD 60.196
Lehman Brothers 18.250 10/02/2008 USD 0.100
Lehman Brothers 6.000 9/20/2011 EUR 0.100
Single Platform 0.785 3/20/2039 EUR 66.069
Single Platform 0.932 2/15/2041 EUR 63.688
Kreditanstalt f 0.885 11/14/2039 EUR 77.256
Landesbank Bade 0.500 4/21/2031 EUR 75.804
Norddeutsche La 1.910 11/10/2036 EUR 77.159
Single Platform 0.803 3/20/2041 EUR 62.337
ECM Real Estate 5.000 10/09/2011 EUR 15.375
Lehman Brothers 4.000 10/12/2010 USD 0.100
Liga Bank eG Re 0.680 3/17/2036 EUR 71.699
Lehman Brothers 9.000 05/06/2011 CHF 0.100
Lehman Brothers 7.000 4/24/2009 USD 0.100
Lehman Brothers 10.000 10/23/2008 USD 0.100
Lehman Brothers 10.600 4/22/2014 MXN 0.100
Bayerische Land 0.770 11/29/2032 EUR 78.953
Bayerische Land 0.820 11/29/2033 EUR 77.663
Lehman Brothers 4.600 08/01/2013 EUR 0.100
Lehman Brothers 8.000 5/22/2009 USD 0.100
Lehman Brothers 16.000 11/09/2008 USD 0.100
Bayerische Land 0.870 11/29/2034 EUR 76.492
Lehman Brothers 10.000 5/22/2009 USD 0.100
Lehman Brothers 1.000 05/09/2012 EUR 0.100
Lehman Brothers 4.300 06/04/2012 USD 0.100
Stichting Afwik 8.450 8/20/2018 USD 5.375
Caisse des Depo 2.340 11/27/2049 AUD 62.478
Lehman Brothers 2.300 06/06/2013 USD 0.100
Lehman Brothers 4.000 06/05/2011 USD 0.100
Bayerische Land 1.637 03/08/2035 EUR 84.195
DZ Bank AG Deut 0.500 03/02/2038 EUR 69.336
Landesbank Bade 0.400 01/12/2032 EUR 74.524
Lehman Brothers 13.500 06/02/2009 USD 0.100
Lehman Brothers 23.300 9/16/2008 USD 0.100
Lehman Brothers 3.000 06/03/2010 EUR 0.100
Lehman Brothers 12.400 06/12/2009 USD 0.100
Caisse des Depo 1.270 10/01/2051 EUR 77.635
BPCE SA 2.250 3/13/2040 AUD 58.382
Lehman Brothers 6.450 2/20/2010 AUD 0.100
Berlin Hyp AG 0.895 7/20/2050 EUR 68.831
Lehman Brothers 5.500 4/23/2014 EUR 0.100
Single Platform 1.870 11/21/2044 EUR 73.565
Agence Francais 0.537 7/16/2040 EUR 73.083
Single Platform 0.605 9/20/2042 EUR 59.775
BNG Bank NV 1.410 7/28/2031 AUD 75.177
Landesbank Bade 0.350 1/13/2031 EUR 76.972
HSBC Bank PLC 10.300 12/20/2024 TRY 49.581
Oberoesterreich 0.655 1/25/2036 EUR 67.842
Lehman Brothers 7.500 5/30/2010 AUD 0.100
Barclays Bank P 2.230 1/26/2036 USD 72.503
Single Platform 0.678 2/15/2041 EUR 60.848
Norddeutsche La 1.175 11/10/2036 EUR 71.467
SpareBank 1 SR- 1.020 10/08/2036 EUR 73.435
Societe General 2.480 7/17/2040 USD 62.480
Goldman Sachs & 7.000 9/21/2022 EUR 66.130
Goldman Sachs & 6.000 3/22/2023 EUR 71.630
Vontobel Financ 13.130 8/17/2022 EUR 55.260
UniCredit Bank 4.250 07/01/2022 USD 55.900
Vontobel Financ 8.000 9/23/2022 EUR 61.250
Vontobel Financ 3.500 9/23/2022 EUR 48.780
Vontobel Financ 6.000 9/23/2022 EUR 55.350
Vontobel Financ 5.000 9/23/2022 EUR 69.350
Vontobel Financ 4.000 9/23/2022 EUR 64.170
Vontobel Financ 5.500 9/23/2022 EUR 64.550
Vontobel Financ 5.000 9/23/2022 EUR 64.420
Vontobel Financ 6.500 9/23/2022 EUR 55.470
Vontobel Financ 2.500 9/23/2022 EUR 54.560
Vontobel Financ 4.500 9/23/2022 EUR 56.280
Vontobel Financ 3.500 9/23/2022 EUR 54.530
Vontobel Financ 5.000 12/23/2022 EUR 65.480
Vontobel Financ 4.500 12/23/2022 EUR 66.050
Vontobel Financ 12.500 12/23/2022 EUR 35.980
Vontobel Financ 6.000 12/23/2022 EUR 65.490
Vontobel Financ 7.500 12/23/2022 EUR 69.290
Vontobel Financ 6.500 12/23/2022 EUR 62.780
Vontobel Financ 6.500 9/23/2022 EUR 61.210
Vontobel Financ 5.000 9/23/2022 EUR 71.350
Vontobel Financ 10.000 9/23/2022 EUR 65.760
Vontobel Financ 7.000 12/23/2022 EUR 66.500
Vontobel Financ 8.000 9/23/2022 EUR 64.680
Vontobel Financ 6.500 9/23/2022 EUR 64.800
Vontobel Financ 7.000 9/23/2022 EUR 64.920
Vontobel Financ 7.000 12/23/2022 EUR 66.580
Vontobel Financ 5.500 12/23/2022 EUR 65.840
Vontobel Financ 8.000 12/23/2022 EUR 67.080
Vontobel Financ 5.500 9/23/2022 EUR 64.550
Vontobel Financ 8.000 9/23/2022 EUR 65.170
Vontobel Financ 4.500 12/23/2022 EUR 56.040
Vontobel Financ 5.500 9/23/2022 EUR 55.230
Vontobel Financ 13.500 12/23/2022 EUR 63.560
Vontobel Financ 3.000 12/23/2022 EUR 60.150
Vontobel Financ 4.500 12/23/2022 EUR 60.900
Vontobel Financ 3.500 12/23/2022 EUR 60.400
Vontobel Financ 4.000 12/23/2022 EUR 60.650
Vontobel Financ 9.500 12/23/2022 EUR 67.740
Vontobel Financ 7.500 12/23/2022 EUR 70.490
Vontobel Financ 7.000 12/23/2022 EUR 63.030
Vontobel Financ 6.000 12/23/2022 EUR 69.770
Vontobel Financ 6.000 3/24/2023 EUR 58.100
Vontobel Financ 3.000 3/24/2023 EUR 58.750
Vontobel Financ 4.000 3/24/2023 EUR 59.490
Vontobel Financ 3.500 3/24/2023 EUR 59.120
Vontobel Financ 4.500 3/24/2023 EUR 59.870
Vontobel Financ 8.000 3/24/2023 EUR 58.890
Vontobel Financ 8.000 12/23/2022 EUR 57.650
Vontobel Financ 7.000 3/24/2023 EUR 65.240
Vontobel Financ 8.500 3/24/2023 EUR 62.950
Vontobel Financ 12.000 3/24/2023 EUR 65.290
Vontobel Financ 10.500 3/24/2023 EUR 74.360
Vontobel Financ 13.500 12/23/2022 EUR 69.780
Vontobel Financ 11.500 12/23/2022 EUR 73.240
Vontobel Financ 16.500 12/23/2022 EUR 74.940
Vontobel Financ 14.500 3/24/2023 EUR 74.940
Vontobel Financ 18.000 12/23/2022 EUR 72.680
Vontobel Financ 11.750 3/24/2023 EUR 63.110
Vontobel Financ 8.500 3/24/2023 EUR 67.060
Vontobel Financ 13.500 3/24/2023 EUR 68.790
Vontobel Financ 8.500 3/24/2023 EUR 68.920
Vontobel Financ 10.000 3/24/2023 EUR 66.010
Vontobel Financ 11.500 3/24/2023 EUR 67.120
Vontobel Financ 10.500 6/23/2023 EUR 67.680
Vontobel Financ 9.000 6/23/2023 EUR 69.850
Vontobel Financ 11.500 6/23/2023 EUR 68.680
Vontobel Financ 13.000 6/23/2023 EUR 70.180
DekaBank Deutsc 3.600 07/01/2022 EUR 46.390
Stadtsparkasse 1.000 11/03/2031 EUR 77.231
Bayerische Land 1.440 11/03/2033 EUR 83.620
Stadtsparkasse 1.040 11/14/2031 EUR 77.265
Brussels Munici 0.384 6/15/2035 EUR 76.637
Lehman Brothers 6.000 7/28/2010 EUR 0.100
Hellas Telecomm 8.500 10/15/2013 EUR 0.834
NORD/LB Luxembo 0.542 9/30/2037 EUR 71.228
Credit Agricole 0.700 4/15/2033 EUR 75.525
Single Platform 1.083 2/15/2041 EUR 66.593
Landesbank Bade 0.660 7/14/2036 EUR 64.525
Bayerische Land 0.520 11/26/2031 EUR 80.711
Department of B 1.368 05/06/2044 EUR 76.902
Lehman Brothers 4.150 8/25/2020 EUR 0.100
Department of L 0.442 10/25/2045 EUR 60.491
Single Platform 1.490 3/20/2051 EUR 65.988
Lehman Brothers 6.000 12/06/2016 USD 0.100
Caisse des Depo 2.160 12/07/2050 AUD 59.540
Region Wallonne 0.591 02/10/2040 EUR 68.617
Lehman Brothers 4.000 4/24/2009 USD 0.100
Department of G 0.900 12/15/2039 EUR 73.076
Lehman Brothers 15.000 3/30/2011 EUR 0.100
Region Bretagne 0.700 12/02/2038 EUR 71.902
Lehman Brothers 0.250 10/19/2012 CHF 0.100
Citigroup Globa 1.250 11/02/2036 EUR 72.409
Lehman Brothers 7.000 2/15/2012 EUR 0.100
Norske Skogindu 2.000 12/30/2115 EUR 0.113
Landesbank Bade 0.530 03/03/2031 EUR 76.934
Lehman Brothers 3.500 10/24/2011 USD 0.100
Nederlandse Wat 0.964 06/11/2059 EUR 71.063
Lehman Brothers 5.200 3/19/2018 EUR 0.100
Lehman Brothers 14.900 9/15/2008 EUR 0.100
Lehman Brothers 6.000 2/14/2012 EUR 0.100
Lehman Brothers 6.600 2/22/2012 EUR 0.100
Lehman Brothers 4.690 2/19/2017 EUR 0.100
Ukraine Governm 9.500 3/19/2025 UAH 63.780
Landesbank Bade 0.560 7/13/2034 EUR 67.786
Lehman Brothers 2.000 10/28/2010 EUR 0.100
Lehman Brothers 11.000 6/29/2009 EUR 0.100
Lehman Brothers 5.500 6/15/2009 CHF 0.100
Lehman Brothers 1.500 10/25/2011 EUR 0.100
Heta Asset Reso 4.350 12/31/2023 EUR 4.007
Astana Finance 9.000 11/16/2011 USD 15.250
Region Bretagne 0.770 12/01/2039 EUR 71.385
DZ Bank AG Deut 0.600 5/15/2036 EUR 75.750
Norddeutsche La 1.000 01/12/2034 EUR 75.366
Liga Bank eG Re 0.760 12/08/2036 EUR 71.524
Citigroup Globa 1.030 10/25/2034 EUR 72.254
Landesbank Bade 0.370 10/20/2031 EUR 73.492
Lehman Brothers 7.250 10/06/2008 EUR 0.100
Lehman Brothers 10.500 08/09/2010 EUR 0.100
Lehman Brothers 9.000 6/13/2009 USD 0.100
Lehman Brothers 7.000 11/28/2008 CHF 0.100
Lehman Brothers 8.000 5/22/2009 USD 0.100
SG Issuer SA 0.100 06/11/2029 NZD 66.007
Credit Industri 2.275 10/08/2035 EUR 76.233
Region de Bruxe 0.796 07/02/2042 EUR 69.210
Lehman Brothers 7.000 4/14/2009 EUR 0.100
Wirtschafts- un 0.500 12/01/2038 EUR 72.376
Lehman Brothers 7.750 1/30/2009 EUR 0.100
Wirtschafts- un 0.450 12/01/2038 EUR 73.084
Communaute Fran 0.818 8/28/2050 EUR 58.338
Barclays Bank P 1.000 8/31/2034 EUR 77.183
Region Bretagne 0.642 6/16/2037 EUR 73.802
Landesbank Bade 0.140 10/20/2031 EUR 76.489
BNP Paribas SA 2.750 10/24/2034 AUD 69.706
Lehman Brothers 7.585 11/22/2009 MXN 0.100
Norddeutsche La 1.200 1/13/2037 EUR 71.346
Region Bretagne 0.815 06/12/2040 EUR 71.418
Region Bretagne 0.607 06/11/2036 EUR 75.646
Single Platform 0.960 7/22/2038 EUR 68.814
Aktia Bank Oyj 0.800 2/26/2036 EUR 74.612
Lehman Brothers 2.300 6/27/2013 USD 0.100
Muenchener Hypo 0.510 01/10/2035 EUR 77.305
Bayerische Land 1.320 9/16/2033 EUR 82.688
DZ Bank AG Deut 0.650 12/22/2036 EUR 75.604
Ukraine Governm 6.500 9/20/2023 UAH 71.516
Landesbank Bade 0.150 9/20/2030 EUR 75.236
Transports Publ 0.220 10/28/2032 CHF 75.319
Landeskreditban 1.025 04/01/2061 EUR 66.199
Region Bourgogn 0.300 12/03/2040 EUR 63.720
Lehman Brothers 5.220 03/01/2024 EUR 0.100
Natixis SA 2.180 8/24/2035 USD 72.740
Cooperatieve Ra 0.500 12/29/2027 MXN 57.525
Kuntarahoitus O 1.170 9/22/2056 EUR 73.840
Single Platform 1.156 02/12/2041 EUR 68.031
Region de Bruxe 0.557 08/07/2048 EUR 57.420
Lehman Brothers 10.000 3/27/2009 USD 0.100
Lehman Brothers 5.000 10/24/2008 CHF 0.100
SAir Group 2.750 7/30/2004 CHF 12.625
Lehman Brothers 4.500 03/06/2013 CHF 0.100
Lehman Brothers 9.000 3/17/2009 GBP 0.100
Lehman Brothers 3.860 9/21/2011 SGD 0.100
Lehman Brothers 3.850 4/24/2009 USD 0.100
Region de Bruxe 0.731 8/25/2060 EUR 50.106
Region de Bruxe 0.761 07/02/2041 EUR 70.176
BNP Paribas SA 0.720 07/01/2031 EUR 76.825
Liga Bank eG Re 0.650 6/26/2034 EUR 74.310
Lehman Brothers 11.000 12/19/2011 USD 0.100
Department of G 0.979 6/25/2040 EUR 73.559
NRW Bank 1.200 10/25/2049 EUR 77.960
Norddeutsche La 0.950 08/03/2033 EUR 75.959
Lehman Brothers 8.000 08/03/2009 USD 0.100
Lehman Brothers 2.500 12/15/2011 GBP 0.100
Natixis SA 2.950 10/28/2034 AUD 74.374
Norddeutsche La 1.050 1/13/2037 EUR 70.296
Communaute Fran 0.771 8/25/2050 EUR 56.932
Communaute Fran 0.785 8/24/2050 EUR 57.831
Lehman Brothers 6.000 10/24/2008 EUR 0.100
Batigere Grand 1.540 11/04/2041 EUR 56.318
Norddeutsche La 0.700 08/03/2033 EUR 74.157
Banque Internat 1.600 07/07/2036 EUR 74.631
Lehman Brothers 4.000 11/24/2016 EUR 0.100
Agence Francais 2.360 10/17/2044 AUD 64.682
Kuntarahoitus O 0.960 10/25/2049 EUR 71.614
DekaBank Deutsc 0.780 10/18/2035 EUR 73.248
Region de Bruxe 0.720 10/17/2051 EUR 57.965
Lehman Brothers 4.350 08/08/2016 SGD 0.100
Norddeutsche La 0.925 7/23/2036 EUR 69.755
Region de Bruxe 0.875 6/22/2057 EUR 55.260
Lehman Brothers 4.000 4/13/2011 CHF 0.100
Region of Centr 0.825 6/18/2041 EUR 70.387
Lehman Brothers 0.250 7/21/2014 EUR 0.100
Credit Agricole 2.810 10/29/2034 AUD 77.625
Credit Agricole 17.520 1/27/2027 TRY 57.379
HSBC Continenta 1.300 10/23/2039 EUR 70.376
Lehman Brothers 5.750 6/15/2009 CHF 0.100
Lehman Brothers 7.500 10/24/2008 USD 0.100
Bank fuer Kirch 0.800 11/12/2035 EUR 73.812
Bank fuer Kirch 0.770 10/12/2035 EUR 73.624
DNB Boligkredit 1.080 5/16/2039 EUR 76.915
DZ Bank AG Deut 0.500 10/20/2036 EUR 73.784
Natixis SA 2.955 5/28/2050 USD 69.113
Single Platform 0.853 3/20/2040 EUR 64.509
Norddeutsche La 0.825 10/12/2033 EUR 74.388
BNP Paribas SA 3.660 08/09/2039 AUD 72.430
Hypo Tirol Bank 0.740 5/29/2040 EUR 71.797
Aareal Bank AG 0.570 08/07/2029 EUR 75.566
Lehman Brothers 6.000 7/28/2010 EUR 0.100
City of Amsterd 0.490 12/16/2036 EUR 75.336
Barclays Bank P 13.350 9/28/2023 TRY 67.397
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN 1529-2754.
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