/raid1/www/Hosts/bankrupt/TCREUR_Public/221003.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, October 3, 2022, Vol. 23, No. 191
Headlines
B E L A R U S
EUROTORG LLC: S&P Lowers ICR to 'SD' on Distressed Debt Exchange
B E L G I U M
ONTEX GROUP: S&P Lowers ICR to 'B', Outlook Negative
C R O A T I A
ZAGREB: S&P Upgrades LongTerm ICR to 'BB', Outlook Stable
F R A N C E
ELIS SA: Moody's Upgrades CFR to Ba1 & Alters Outlook to Stable
EUROPCAR MOBILITY: S&P Upgrades ICR to 'B' on Green Mobility Deal
GOLDSTORY SAS: S&P Affirms 'B' ICR & Alters Outlook to Positive
VANTIVA SA: Moody's Hikes CFR to Caa1 & Alters Outlook to Stable
G E R M A N Y
HSE FINANCE: S&P Affirms 'B' ICR & Alters Outlook to Negative
[*] GERMANY: Unveils Energy Price Cap for Consumers, Businesses
I T A L Y
ALMAVIVA: S&P Raises ICR to 'BB-', Outlook Stable
CREDEMVITA SPA: Fitch Affirms 'BB+' Rating on Subordinated Debt
HAYFIN EMERALD X: Fitch Assigns 'B-sf' Rating on Cl. F Notes
LEATHER SPA: S&P Affirms 'B' ICR & Alters Outlook to Negative
K A Z A K H S T A N
KAZMUNAYGAS NC: S&P Upgrades ICR to 'BB+', Outlook Negative
L U X E M B O U R G
SITEL GROUP: S&P Raises ICR to 'BB' on Stronger Credit Metrics
N E T H E R L A N D S
VINCENT TOPCO: S&P Affirms 'B-' LT ICR & Alters Outlook to Stable
S P A I N
GRIFOLS SA: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
INTERNATIONAL PARK: S&P Affirms 'B-' ICR, Outlook Negative
S W E D E N
ROAR BIDCO: Fitch Alters Outlook on 'B' LongTerm IDR to Stable
T U R K E Y
TURKIYE EMLAK: Fitch Affirms 'B-/B' LongTerm IDRs, Outlook Neg
VAKIF KATILIM: Fitch Affirms 'B-' Foreign Currency IDR
U N I T E D K I N G D O M
BRITISH STEEL: Owners Ask Government Bailout to Save Jobs
CAMAIEU: Goes Into Administration, 2,600 Jobs Affected
DAHLIAL LTD: Director Disqualified for Seven Years
EM MIDCO 2: S&P Assigns 'B' LongTerm ICR, Outlook Stable
HODDERS LAW: Enters Administration, Halts Trading
PHARMANOVIA BIDCO: S&P Upgrades LT ICR to 'B', Outlook Stable
SKINNER'S: Enters Administration, Seeks Buyer for Business
TAYLORMADE CASTINGS: Goes Into Liquidation, 14 Jobs Affected
X X X X X X X X
[*] BOND PRICING: For the Week September 26 to September 30, 2022
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B E L A R U S
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EUROTORG LLC: S&P Lowers ICR to 'SD' on Distressed Debt Exchange
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S&P Global Ratings lowered its foreign currency issuer credit
ratings on Eurotorg LLC to 'SD' (selective default) from 'CC/C' and
its local currency issuer ratings to 'SD' from 'CCC/C'. S&P also
lowered its rating on the U.S. dollar-denominated Eurobonds to 'D'
from 'CC'.
S&P downgraded Eurotorg to 'SD' after it completed its distressed
exchange with creditors, which reduced the company's debt burden by
about $44 million. The Eurobonds were issued in the form of loan
participation notes for the sole purpose of financing a loan to
Eurotorg and borrowed by a special-purpose vehicle, Bonitron.
Bonitron announced on Sept. 14, 2022, that its tender offer, under
which holders could exchange their Eurobonds for cash, was closed.
It paid holders $550 for each $1,000 in face value and about $44
million was tendered as a result of the offer. S&P considers this a
distressed exchange, given that the amount reimbursed fell
significantly short of the original imputed promise to the
creditors.
The company confirmed that the downgrade of the U.S.
dollar-denominated Eurobonds will not trigger accelerated repayment
of any other debt instruments issued by Eurotorg, in accordance
with the cross-default provisions in its documentation.
S&P said, "We expect Eurotorg's ability to make timely debt service
payments to remain uncertain for the next few months because of the
disruption to the financial and payment processing infrastructure
in Belarus resulting from the Russia-Ukraine conflict and related
sanctions. In particular, the company could encounter difficulties
in settling the coupon payment on its outstanding $97 million in
Eurobonds by the due date of Oct. 22, 2022, even though the company
has sufficient funds available and has already started the process
of executing the payment.
"In our view, food retail is one of the most resilient sectors when
there is macroeconomic turmoil. Due to its leading market position
in Belarus, we therefore expect Eurotorg will continue to generate
earnings and cash flows sufficient to fund its financial needs.
Nonetheless, given how the Belarusian payment infrastructure has
deteriorated, we cannot rule out further hardships or delays for
the company in servicing its debt. Moreover, if additional
sanctions are imposed on Belarus, its business entities, and
selected individuals, Eurotorg's ability to service its foreign
currency liabilities may be diminished.
"Bonitron launched a second public tender offer on Sept. 22, 2022.
When completed, we are likely to consider this is also a distressed
exchange because Bonitron is proposing to pay $720 for each $1,000
in face value, with a maximum acceptance amount of $40 million in
aggregate principal. Therefore, we expect the 'SD' rating on
Eurotorg and the 'D' rating on the Eurobonds to be maintained until
the situation is fully resolved."
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B E L G I U M
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ONTEX GROUP: S&P Lowers ICR to 'B', Outlook Negative
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S&P Global Ratings lowered its long-term ratings on Belgium-based
Ontex Group N.V. and its EUR580 senior unsecured notes due 2026 to
'B' from 'B+'.
In S&P's view, the announced disposal of the Mexican operations,
despite reducing business diversity, should support rapid
deleveraging toward 6x by year end 2023.
The negative outlook reflects S&P's expectation that the adjusted
EBITDA margin and free cash flow generation at Ontex will remain
depressed in 2023 and reflects the risk of delay in the company's
deleveraging trajectory.
Ontex's weakening profitability is pushing leverage to an estimated
9x in 2022, which is not commensurate with a 'B+' rating. The high
inflation and volatility of raw material prices, in particular
oil-based derivatives, fluff pulp, and energy, will lead to a
deterioration of Ontex's profitability in 2022. S&P said,
"Therefore, we have revised our forecasts and expect the company's
S&P Global Ratings-adjusted EBITDA margin to contract to 4.0%-5.0%
in 2022, from 6.5% in 2021 and 10.2% in 2020. This translates into
S&P Global Ratings-adjusted debt to EBITDA increasing to about 9x
in 2022, which represents a major deviation compared with our
previous estimate of leverage close to 5.0x-6.0x. Our adjusted debt
figure includes EUR580 million of notes due 2026, a EUR220 million
term loan due 2024, EUR50 million-EUR100 million expected
utilization of the revolving credit facility (RCF), EUR110
million-EUR115 million of lease liabilities, EUR130 million-EUR140
million of outstanding factoring, and EUR10 million-EUR15 million
of pension liabilities. We deduct from gross debt roughly EUR200
million of available cash according to our expectations in 2022."
The adjusted EBITDA margin will remain depressed at 4%-5% this year
as sales price increases and cost savings could only partially
offset the volatility of input costs. Given the focus on private
labels, the company has been relatively late in realizing sales
price increases in core developed countries. Since the beginning of
the year it has progressively started price negotiations with its
customers, with some time-lag compared with branded companies. S&P
said, "We expect additional rounds of price increases in the second
half of 2022 and at the beginning of 2023 in the retail channel,
along with gradual revision of prices in the healthcare segment
(about 20% of sales), since contracts in this segment are over
longer periods of up to three years. In the first half of 2022, we
observe a material increase in volumes, also supported by the
contract gains that were secured in 2021. That said, despite the
volume momentum, we believe the price increases will not be
sufficient to avoid margin erosion of S&P Global Ratings-adjusted
EBITDA margin to 4.0%-5.0% in 2022. We acknowledge some uncertainty
on the evolution of profitability in 2023, given the current
volatility of input costs, we see a risk that the company could
perform below our base case and the EBITDA margin might not
marginally improve in 2023 to 5.5%-6.5% as we currently expect.
Positively, we note Ontex's revenue should remain resilient in the
current economic environment, since the nondiscretionary nature of
personal hygiene should preserve volumes and Ontex's revenue could
be supported by additional demand for private labels as consumers
could trade down to more affordable products. In addition, we
acknowledge that the company is continuing to make cost-savings,
which has mitigated the margin contraction. We anticipate the
company should deliver about EUR80 million in savings for the whole
group (of which EUR60 million for the continuing operations) by the
end of 2022 and believe Ontex will continue optimizing its
footprint and reducing its selling, general, and administrative
expenses in 2023."
Successful disposal of Mexican assets should support deleveraging
in 2023. Ontex announced on July 29, 2022, that it had reached an
agreement to sell its Mexican assets to Softys for total net cash
proceeds of EUR250 million, of which EUR25 million will be deferred
over five years. The closing of the transaction is expected by
early 2023, contingent on merger clearance approvals and carve out
of the Tijuana plant, which the company will keep to support its
North American business. S&P said, "We expect the company will use
the proceeds to repay the EUR220 million term loan maturing in
2024. We estimate this will enable the group to reduce leverage
close to 6.0x in 2023, supported by the early repayment of the term
loan. Should the transaction fail to complete or should there be
unexpected delays in the carve-out of the Tijuana plant, we
estimate leverage would remain elevated at about 7.5x in 2023."
S&P said, "Early repayment of the EUR220 million term loan only
partly alleviates liquidity pressures since we expect limited
covenant headroom in 2023. We continue to assess Ontex's liquidity
as less than adequate since we expect volatile input prices will
hamper EBITDA and cash flow in 2023. In our view, the headroom
under Ontex's maintenance covenant, with semi-annual testing
reverting in June 2023 and which applies to the term loan and the
RCF, remains tight, mainly with reference to the test at year-end
2023. This is despite our assumption that the EUR220 million term
loan will be repaid in 2023 with the proceeds from the Mexican
disposal. We acknowledge the company has faced similar situations
in the past, when it managed covenant headroom through cost control
and cash management initiatives as well as thanks to the support of
its main lenders.
"Ontex has made a commitment to reduce leverage, which could be
further accelerated by additional disposals. Our rating assessment
is supported by the management's commitment to deleveraging,
although we believe the company's previous target to reduce net
leverage toward 3.0x in 2023 will be delayed. We also believe that
additional disposals in emerging markets might accelerate the
deleveraging path if proceeds are used for debt repayment. We
believe the announced disposals of these businesses have slightly
weakened Ontex's business risk profile due to the diminished
diversity of its geographic footprint. Moreover, emerging markets
tend to show healthier growth rate for incontinence products,
primarily baby and feminine care. However, we acknowledge Ontex has
not been able to properly manage operations in some of these
markets (mainly in Brazil) in the past years despite the
implementation of turnaround initiatives. Overall, we think that
the company's strategic decision to focus on core developed
countries in the private label segment should translate into lower
business complexity and increased and more stable profitability,
given foreign exchange-rate-driven volatility and the overall
dilutive margins from emerging markets.
"The negative outlook on Ontex reflects the risk that the company
could underperform our base case and that S&P Global
Ratings-adjusted debt to EBITDA could remain above 7x in 2023 after
the peak expected in 2022 of about 9x. This could stem from the
company's inability to counter margin erosion through price
increases and cost savings.
"We could lower our issuer credit rating on Ontex within the next
12-18 months if we believe the group will not be able to
significantly improve S&P Global Ratings-adjusted EBITDA margin
from the 4.0%-5.0% range expected in 2022. Failure to timely
complete the disposal of the Mexican business could also lead to
adjusted debt to EBITDA above 7.0x in 2023. We could also consider
a downgrade if the company's cash flow generation came under
pressure, such that free operating cash flow remained negative next
year, which could also raise concerns about the company's ability
to manage its covenant headroom, mainly in December 2023.
"We could revise the outlook to stable if Ontex is able to improve
its profitability and increase its financial flexibility through
announced asset disposals and debt repayment, such that S&P Global
Ratings-adjusted debt to EBITDA is maintained comfortably and
permanently below 7x from 2023 and free operating cash flow turns
positive again, after having been negative in 2022."
ESG credit indicators: E-2, S-2, G-2
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C R O A T I A
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ZAGREB: S&P Upgrades LongTerm ICR to 'BB', Outlook Stable
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S&P Global Ratings, on Sept. 23, 2022, raised its long-term foreign
currency issuer credit rating on the Croatian capital city of
Zagreb to 'BB' from 'BB-'. The outlook is stable.
Outlook
The outlook is stable because expect Zagreb's budgetary performance
will continue to improve, buoyed by high economic growth, despite
increasing energy prices. S&P believes that the ongoing
reconstruction of earthquake-devastated areas will be supported by
funds from the EU and Croatia's central government.
Downside scenario
S&P could lower the rating if, contrary to its expectations, the
financial pressure on Zagreb and its companies were to rise, for
example due to increasing payables alongside declining cash
holdings. Fading government support, for example shown via reduced
funds for Zagreb to finance major investment projects, could also
weigh on the rating.
Upside scenario
S&P sees upward potential for the rating if the city manages to
improve its budgetary performance more than it currently expects,
for example by implementing stricter cost controls. In addition,
further accumulation of cash reserves could reduce Zagreb's
dependence on short-term credit. In addition, increased
transparency on its financial planning could lead us to consider a
positive rating action.
Rationale
The upgrade reflects the city's improved liquidity situation, lower
contingent liabilities, and continued economic resilience. S&P
expects tax revenue to rise significantly, fueled by high real GDP
growth in 2022 and solid prospects for 2023 and 2024 despite
headwinds from geopolitical events. The ratings also take into
account Zagreb's moderately high tax-supported debt and a volatile
policy environment.
Zagreb continues to receive funds from the EU and Croatia's central
government to rebuild infrastructure after earthquakes. The city's
share of the cost of rebuilding private properties is significantly
lower than we previously expected, thereby reducing our estimate of
the city's contingent liabilities compared with our previous
projections. S&P continues to view the city as dependent on having
a good relationship with the central government to ensure financing
of ongoing projects and infrastructure development.
S&P expects Zagreb's tax revenue to skyrocket in 2022 and 2023
Higher prices for energy and food will lead to elevated inflation
rates in Croatia, further boosting Zagreb's tax revenue. Personal
income tax collection is the city's main tax source; the city can
theoretically modify the surcharge tax within limits set by central
government. S&P expects a sound rebound of the national economy,
with real GDP expanding by 5.8% in 2022, which, coupled with
double-digit inflation rates, will lead to Zabreb's tax revenue
increasing by more than 17% year-on-year.
Zagreb benefits from its role as Croatia's capital and dominant
economic center. The city contributes about one-third of Croatia's
GDP. Unemployment is considerably lower than the national average,
at 2.8% as of June 30, 2022, versus 6.3%. Zagreb's GDP per capita
is comparable with that of similarly rated international peers and
significantly higher than the national average. S&P said, "We
expect Croatia's real GDP to increase by a still sound 1.75% in
2023 and by 3.5% in 2024, well above other European countries, with
Zagreb's GDP per capita developing in line with national growth
trends. We anticipate that, in the medium term, Zagreb's economy
will benefit from a relatively stable population, which
distinguishes the city from the national trend."
S&P said, "We understand that Zagreb's financial management intends
to increase the transparency of the city's financials and decisions
and implement various savings measures, which should help keep
operating expenditure growth below inflation rates. We expect that
in 2022-2024 continued investment needs will continue to weigh on
Zagreb's budgetary performance."
The rating on the city incorporates our view of the unpredictable
institutional framework for Croatian local and regional
governments. Changes to tax codes and rates are frequent and
complicate financial planning, and the distribution of resources is
unbalanced and insufficiently aligned to tasks delegated to
municipalities. Zagreb has settled various legal disputes with the
Croatian ministry of finance, which S&P views as a sign of
improving cooperation between both administrations despite their
opposing partisan backgrounds. Mayor Tomislav Tomasevic, elected in
May 2021, has formed a majority coalition in the city council.
However, implementing cost-saving measures might be more difficult
in future. In some cases, this has been delayed by the courts
ruling that such measures should be implemented slower than the
city's management intended, so as to give citizens and companies
time to adapt.
Zagreb should display sound budgetary performance and improved
access to financing through 2024
S&P said, "We expect Zagreb's operating surplus to average about
12% of operating revenue through 2024, thanks to booming tax
revenue and cost-cutting measures. Moreover, the city has access to
the EU Solidarity Fund until midyear 2023 to alleviate the cost of
rebuilding infrastructure after two earthquakes in March 2020. We
therefore expect capital expenditure for those projects to decline
by then. According to national law, Zagreb needs to cover 20% of
the costs of rebuilding the more heavily damaged private buildings.
The magnitude of these costs is hard to estimate, but effective
drawings on Zagreb's finances were well below budgeted funds until
midyear 2022, which we believe is likely to continue, effectively
limiting Zagreb's contingent liabilities relating to
earthquake-related damage."
Zagreb's budgetary flexibility is limited because most revenue
items depend on the central government's decisions. The city cannot
change its main revenue source, personal income taxes, except for
the surtax charged. However, the surtax is already at the maximum
set by the central government. Expenditure flexibility is further
constrained by fixed subsidies granted to the municipal holding
company and Zagrebacki Elektricni Tramvaj (ZET), both of which
supply essential public services. Asset sales have been difficult
to achieve in recent years and do not provide additional room to
maneuver.
S&P said, "We expect Zagreb's tax-supported debt to reach 94% of
consolidated operating revenue in 2024, which we regard as high for
a local government in Central and Eastern Europe. Direct debt is
less than half the city's tax-supported debt, reflecting the
substantial use of non-traditional means like factoring and the
debt of various municipal companies. We therefore include the debt
of Zagrebacki Holding and ZET in our tax-supported debt ratio. We
assume Zagreb will accumulate debt beyond its financing needs to
help reduce payables to suppliers and further increase its cash
holdings according to a new minimum cash holding strategy.
"We now view contingent liabilities as lower than previously, since
yearly spending on earthquake-related damage remains low. In
addition, risks from litigation reduced considerably after the
largest case -- for more than Croatian kuna (HRK) 10.7 billion
(about EUR 435 million) -- was eventually dropped in the first half
of 2022, and all outstanding issues with the Croatian ministry of
finance have been settled. The remaining contingent liabilities are
low in our view, consisting of Zagrebacki Holding's and ZET's
payables, as well as the long- and short-term debt of related
entities not already included in tax-supported debt. Foreign
exchange risk is limited because all debt is in local currency.
"In our view, Zagreb's liquidity situation is improving but remains
a weakness. Cash on hand increased by midyear 2022, but still
covers only about one-half of the next 12 months' debt service and
financing needs, leaving the city dependent on raising debt.
Furthermore, we now view Zagreb's access to external liquidity as
satisfactory because the city has access to a pool of international
banks willing to provide short-term loans if needed."
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F R A N C E
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ELIS SA: Moody's Upgrades CFR to Ba1 & Alters Outlook to Stable
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Moody's Investors Service has upgraded Elis S.A.'s corporate family
rating to Ba1 from Ba2 and probability of default rating to Ba1-PD
from Ba2-PD. Concurrently, the rating on the EUR4 billion backed
senior unsecured Euro Medium Term Note (EMTN) programme was
upgraded to (P)Ba1 from (P)Ba2, and the ratings on the backed
senior unsecured notes (senior notes) due 2023, 2026, 2027 and 2028
were upgraded to Ba1 from Ba2. The outlook has been changed to
stable from positive.
"The rating action reflects Moody's expectation that further
recovery in the hospitality end market and the company's strong
track record in offsetting cost inflation will result in credit
metrics commensurate with a Ba1 CFR on a sustained basis", says
Eric Kang, a Moody's Vice President-Senior Analyst and lead analyst
on Elis. "Although Moody's expect the company will face more
challenging market conditions over the next 12-18 months, Elis can
reduce costs, capex and dividends if needed to limit a
deterioration in financial metrics and ensure positive future free
cash flow generation", adds Mr Kang.
RATINGS RATIONALE
The upgrade of Elis' CFR to Ba1 from Ba2 reflects Moody's
expectations that a further recovery in the hospitality end market,
the company's strong track record in offsetting cost inflation and
the levers at the company's disposal to limit financial pressures
from a deteriorating outlook, will result in credit metrics
commensurate with a Ba1 CFR on a sustained basis, notably
Moody's-adjusted debt/EBITDA reducing towards 3.0x and
Moody's-adjusted free cash flow (FCF) / debt in the low to mid
single percentage digits. Moody's-adjusted debt/EBITDA and FCF/debt
were 3.5x and 3.0% respectively for the last twelve months ended
June 30, 2022 (excluding EUR450 million of debt proceeds earmarked
for the repayment of the senior notes maturing in February 2023).
Moody's expects Elis to face more challenging market conditions
over the next 12-18 months amid slower economic activity and
volatile commodity prices, notably energy. However, Elis' operating
performance during the pandemic and past economic cycles has been
robust, partly because of diversified end markets. The resilience
of Elis' business model also reflects its ability to timely reduce
costs, capex and dividend payments if needed to protect margins and
FCF generation. Furthermore, at this stage, Moody's does not expect
potential gas rationing to have a material or long-lasting negative
effects on Elis' credit profile, reflecting its exposure to
essential businesses like healthcare, food processing and
pharmaceuticals as well as its ability to timely adjust production
capacity as shown during the pandemic.
Moody's expects Elis to maintain a conservative financial policy as
reflected by its objective to further reduce reported net leverage
in the coming years and the company's decision to suspend dividends
in 2020-2021 to support liquidity during the pandemic. Moody's also
expects Elis' acquisition strategy to continue focusing on small
acquisitions, mostly funded with internally generated cash flows.
This conservative financial policy and in particular the company's
willingness to cut past dividends offsets to some extent the weak
FCF for the rating category. Moody's expects Moody's-adjusted
FCF/debt excluding dividend payments to be in the mid single
percentage digits over the next 12-18 months. The company targets a
net leverage as reported of 2.5x by year-end 2022 compared to 3.0x
over 2017-2019.
LIQUIDITY
Moody's views Elis' liquidity as good reflecting Moody's
expectation of positive free cash flow over the next 12-18 months,
unrestricted cash balances of EUR614 million as of June 30, 2022
(including EUR450 million of debt proceeds earmarked for the
repayment of the senior notes maturing in February 2023), and
access to an undrawn sustainability-linked revolving credit
facility (RCF) of EUR900 million - although the RCF provides a
backup for the EUR600 million commercial paper programme, of which
EUR219 million was outstanding as of June 30, 2022.
Moody's expects the company will maintain comfortable headroom
under the net leverage financial maintenance covenant, which
applies to the RCF and the US private placement (USPP) debt. The
covenant, which is tested semi-annually, is set at 3.75x. Net
leverage as reported was 2.7x as of June 30, 2022.
Moody's expects the company will maintain good access to debt
capital markets as reflected by the issuance of new senior notes,
USPP debt and convertible notes since May 2022, which provides some
comfort that the company will be able to refinance the senior notes
of EUR450 million (original nominal value of EUR650 million) and
convertibles notes of EUR388 million maturing in February 2023 and
October 2023 respectively. After 2023, Elis has a staggered debt
maturity profile with around EUR300 million to EUR500 million of
debt maturating annually between 2024 and 2029.
STRUCTURAL CONSIDERATIONS
The (P)Ba1 backed senior unsecured rating of the EMTN programme as
well as the Ba1 backed senior unsecured instrument ratings on the
senior notes due 2023, 2026, 2027 and 2028 are at the same level as
the Ba1 CFR. The senior notes rank pari passu ranking with Elis'
other bank facilities. All these facilities are unsecured and have
a weak level of guarantee from operating companies.
RATING OUTLOOK
The stable outlook assumes that Elis' credit metrics will continue
to strengthen over the next 12 to 18 months, leading to
Moody's-adjusted debt/EBITDA reducing towards 3.0x and
Moody's-adjusted free cash flow (FCF) / debt in the low to mid
single percentage digits.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Positive rating pressure could develop if Elis maintains its strong
operating execution and commits to a financial policy that will
sustainably result in (1) Moody's-adjusted debt/EBITDA of below
3.0x, (2) strong levels of underlying free cash flow with continued
ability to flex costs and capex when needed, and (3) good
liquidity.
Downward rating pressure could materialize if a deterioration in
earnings or a change in financial policy sustainably lead to (1)
Moody's-adjusted debt/EBITDA increasing above 3.5x or (2)
Moody's-adjusted FCF/debt weakening towards 1% or below. The
ratings could also be downgraded if liquidity materially weakens.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
COMPANY PROFILE
Elis is a France-based multiservice provider of flat linen, garment
and washroom appliances, water fountains, coffee machines, dust
mats and pest control services. The company reported revenue of
around EUR3 billion in 2021.
EUROPCAR MOBILITY: S&P Upgrades ICR to 'B' on Green Mobility Deal
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S&P Global Ratings raised its long-term credit ratings on Europcar
Mobility Group (Europcar) and Europcar International SASU to 'B'
from 'B-', as well as its issue rating on the EUR500 million fleet
bond to 'B+' from 'B'. S&P's recovery rating of '2 with rounded
recovery prospects of 80% is unchanged.
The stable outlook indicates that Europcar will address in a timely
manner the refinancing of its corporate debt, while managing
potential volatility in demand through fleet and cost adjustments.
S&P expects EBIT interest coverage of at least 1x and neutral to
positive corporate free cash flows over the next 12 months.
Green Mobility Holding SA (GMH), which is 66% owned by Volkswagen
Finance Luxembourg, a fully-owned subsidiary of Volkswagen AG (VW),
completed the acquisition of Europcar in July 2022.
S&P said, "We think that Europcar could help accelerate VW's
long-term strategic aspiration to become a provider of integrated
mobility and transportation solutions via one central platform by
2030. Europcar is a leading player in the European car rental
market with a market share of 27% and a large network of more than
3,500 rental agencies in railway stations, airports, and cities
across more than 140 countries. Europcar's fleet management
capabilities should help VW develop an integrated mobility platform
to cover all consumers' mobility needs including subscription and
car sharing. VW owns a 66% stake in Europcar through GMH, while
Attestor and Pon Holdings own 27% and 7%, respectively. The
shareholder agreement between VW, Attestor, and Pon is designed to
allow VW to increase its ownership in Europcar through call
options, exercisable in five years. Attestor and Pon have put
options only. VW and Europcar will operate at arm's length, such
that there won't be any operational synergies between the two
groups. We therefore assess Europcar as a moderately strategic
entity for the VW group and apply an uplift of one notch to
Europcar's 'b-' standalone credit profile.
"We assess Europcar's liquidity as weak due to the upcoming
maturities of its corporate debt. The acquisition of Europcar by
GMH triggered the change of control clause of its corporate debt.
We understand that Europcar has obtained a waiver such that
debtholders of its corporate debt including a EUR500 million term
loan B (TLB) maturing in June 2023, a 170 million revolving credit
facility (RCF) maturing in June 2023, and state financing loans of
EUR251 million maturing in 2026, cannot exercise their put options
enabling them to request the immediate redemption of these loans
until the end of 2022. Over the next few months, we will monitor
Europcar's progress in refinancing its corporate debt. We assume
that VW will provide financial support to Europcar if it faced
difficulties refinancing its debt due to volatile financial markets
and in order to avoid a default on those liabilities.
"Europcar's 2022 earnings and cash flows will likely exceed our
previous expectations, which should also support the refinancing
process. We have therefore revised our forecast for 2022 and now
anticipate that Europcar's corporate EBITDA post International
Financial Reporting Standard (IFRS) 16 will increase to about
EUR500 million (higher than pre-pandemic level of about EUR390
million for 2019) and corporate free cash flow will increase to
about EUR300 million. Our previous forecast for 2022 (revenue of
EUR2.6 billion-EUR2.7 billion and corporate EBITDA post IFRS16 of
EUR330 million-EUR340 million) had underestimated the recovery in
demand for leisure activities. In addition, fleet supply has
remained constrained due to persisting supply chain issues, leading
to favorable pricing for car rental companies, like Europcar. In
the first quarter of 2022, the company's revenue soared 57% to
EUR567 million, from EUR356 million in 2021, supported by strong
pricing and a robust recovery in demand. More specifically, the
"Cars" segment experienced record growth of 76%, due to better
performance in the leisure segment, while "Vans & Trucks" declined
by 2%. Corporate EBITDA climbed to EUR31 million, from negative
EUR44 million in the first quarter of 2021, also helped by the
company's strict cost discipline. Corporate free cash flow also
adopted a positive trend, rising to EUR44 million in the first
quarter of 2022, from negative EUR100 million in the same quarter
of 2021."
"Weakening consumer sentiment in Europe will likely curb Europcar's
2023 earnings and cash flows. Europcar derives about 80%-85% of its
revenue from Europe. Moreover, the demand for car rentals is
discretionary in nature and therefore highly cyclical. We expect
further downward revisions to our macro-economic outlook for the
eurozone following the recent indefinite closure of the Nord Stream
1 gas pipeline. This will likely challenge Europcar's ability to
repeat the record operating results that we expect it will post in
2022. Our base case assumes that Europcar's corporate EBITDA post
IFRS 16 for 2023 will drop from our forecast of about EUR500
million for 2022, but stay above EUR300 million. We also forecast
that the company's corporate free cash flow (excluding fleet
related working capital) will be neutral to slightly positive in
2023, compared with about EUR300 million in 2022.
"The stable outlook indicates that Europcar will address the
refinancing of its EUR500 million term loan B and EUR170 million
RCF coming due within the next twelve months in a timely manner,
while managing the potential volatility in demand through fleet and
costs adjustments, leading to EBIT interest coverage of at least 1x
and neutral to positive corporate free cash flows."
Downside scenario
S&P said, "We could lower our rating on Europcar if it failed to
adapt its cost base to a potential fall in demand due to
deteriorating macro-economic conditions. This could lead to
negative corporate free cash flow and concerns on the
sustainability of its capital structure. We could also lower our
rating if we had concerns about the company's ability to refinance
its corporate debt coming due within the next twelve months."
Upside scenario
S&P could raise its rating on Europcar if
-- The company sustained its S&P Global Ratings-adjusted EBIT
interest coverage above 1.5x and posted positive corporate free
cash flows; or
-- If S&P was to reassess the strategic importance of Europcar to
its indirect majority owner VW or if the companies demonstrated a
track record of closer financial links.
ESG credit indicators: To E-2, S-3, G-3; From E-2, S-4, G-3
S&P said, "Social factors are now only a moderately negative
consideration in our credit rating analysis for Europcar. Although
we think that car rental companies will remain sensitive to health
and safety factors in the long-term, the high COVID-19 related
vaccination rate as well as materially lower hospitalization rates
in Europe, where Europcar generates 80%-85% of its revenue, reduces
the risk of extensive new lockdowns as observed in 2020-2021.
Europcar is therefore benefiting from a full recovery of rental
demand in 2022. In addition, the shortage of new vehicles (due
largely to a chip shortage resulting from global supply chain
constraints) limits the ability of rental companies to meet greater
demand and allows them to charge higher rental rates.
"Governance factors are a moderately negative consideration in our
credit rating analysis. This reflects pressure on Europcar's new
management team to successfully refinance the group in a timely
manner, and maintain positive corporate free cash flow despite
deteriorating macro-economic conditions. We note that the company
undertook a debt restructuring in 2020, although that was under a
different ownership and management team. Environmental factors
remain a neutral consideration in our credit rating analysis,
because Europcar, as a rental car company, is not directly exposed
to energy transition risks, unlike automakers."
GOLDSTORY SAS: S&P Affirms 'B' ICR & Alters Outlook to Positive
---------------------------------------------------------------
S&P Global Ratings revised its outlook on jewelry retailer
Goldstory SAS to positive from negative and affirmed its 'B' issuer
credit rating. At the same time, S&P discontinued its 'B' issuer
credit rating on THOM Group S.A.S.
S&P said, "The positive outlook indicates that we could raise the
rating on Goldstory if it achieves credit metrics in line with our
base-case assumptions. These include adjusted debt to EBITDA
dropping below 5x and positive FOCF (after leases) sustainably in
excess of EUR40 million. Our positive outlook assumes the company
would not increase debt to EBITDA to above 5.5x over the forecasted
period."
Despite macroeconomic headwinds, THOM Group's Q3 fiscal 2022
results point to very robust operating performance.
In Q3 fiscal 2022, THOM Group reported nine-month revenue of about
EUR724 million, compared to EUR711 million realized in the full
fiscal year 2021 and EUR737 million in fiscal 2019. The solid
performance stems from positive like-for-like sales in France,
thanks to the increase in brand attractiveness, and strong results
from the Italian business, which has completed a restructuring of
operations and is benefitting from a more robust brand positioning.
S&P said, "Although inflationary pressures are likely to weigh on
discretionary spending, we expect THOM Group to be able to smoothly
navigate the unfavorable macroeconomic environment thanks to the
recurrent nature of purchases linked to celebrations, such as
Christmas or Valentine's Day, and to the group's somewhat dominant
position in the affordable jewelry market, especially in France and
Italy. Indeed, these markets remain very fragmented, and
competition mainly comprises independent stores. THOM Group can
take advantage of its purchasing power to cushion the current price
increases of precious metals, while its omnichannel footprint and
diversified brands offer greater customer service in contrast to
smaller independent players. We expect the company's strategy of
maintaining flat prices in an inflationary environment to have
reduce profitability by about 150-200 basis points, but we think
this will help the company to further consolidate the market and
boost its topline through increased volumes. As a result, we expect
THOM Group's reported EBITDA to reach about EUR180 million in 2022
and we expect a similar amount in 2023, compared to EUR144 million
in 2021 and EUR127 million in 2019."
Goldstory's track record of robust earnings and cash flow
generation demonstrates the robustness of its operating model. S&P
said, "Goldstory has posted robust operating performance since we
first assigned a rating to the group in 2014. It has managed to
preserve sound operating profitability and robust FOCF generation
even during the COVID-19 pandemic, when almost the entire store
network was closed. The soundness of its business model was also
demonstrated after the refinancing completed in early 2021, during
which the company increased its gross debt amount by about EUR130
million, but our adjusted debt to EBITDA remained stable at about
5.1x at year-end 2021 compared to our previous expectations of
6.2x. The group's strong focus on costs and cash flow management,
along with its omnichannel strategy that helped it to keep business
operational during the pandemic, allowed the company to report FOCF
after lease payments of about EUR48 million in 2020 and EUR88
million in 2021. We expect the company to maintain its outstanding
FOCF generation, with FOCF of about EUR75 million in 2022 and about
EUR55 million in 2023."
Although the company has carried out several dividend recaps in the
past, its operating performance will support a leverage commitment
that is commensurate with a higher rating. The company recently
decided to pay a EUR100 million dividend to its shareholders and
reimburse EUR60 million of its vendor loan, consuming all its
available cash in hand. S&P said, "We expect the company to draw on
its revolving credit facility (RCF) by about EUR25 million to be
able to sustain inventory building until the Christmas period.
However, we expect adjusted debt to EBITDA will reduce to about
4.5x in 2022, compared to our previous expectations of about
5.5x-6.0x for the same year, from 5.1x realized in 2021, after
Altamir, the private equity sponsor of Goldstory, acquired a
majority stake earlier in 2021. We do not expect the group to
materially increase debt to EBITDA durably beyond 5.5x in the
scenario of another dividend recap, and we note that the group's
current documentation limits its senior secured net leverage ratio
at 4.3x, which is about 5.3x-5.8x under our adjusted terms.
Compared to other private equity-owned companies that we rate, THOM
Group regularly services dividends to its shareholders, but it has
also done so by primarily using cash on the balance sheet and
without undergoing a massive increase in leverage of the business
in the case of a recap. Consequently, we expect adjusted debt to
EBITDA will remain stable at less 5.0x in fiscal 2023."
S&P discontinued its 'B' long-term issuer credit rating on THOM
Group. The action follows the acquisition of THOM Group by
Goldstory.
S&P said, "The positive outlook reflects the possibility of a
one-notch upgrade over the next 12-18 months if, despite the
uncertain macroeconomic context, Goldstory continues to deliver
strong performance metrics in line with our forecasts. This would
include adjusted debt to EBITDA well below 5x; an earnings before
interest, tax, debt, amortization, and rent (EBITDAR) ratio
exceeding 2x in fiscal 2022; and materially positive FOCF after
lease payments. The positive outlook also reflects our assumption
that Goldstory will not increase debt to EBITDA to above 5.5x in
the scenario of new dividend recap.
"We could raise the rating over the next 12 months if Goldstory
continues to perform in line with our expectations. We expect tight
working capital and capital expenditure (capex) management will
support sizable FOCF (after lease payments) above EUR40 million on
a sustainable basis. Moreover, we expect the uptick in performance
will result in adjusted debt to EBITDA sustainably below 5.0x and
EBITDAR coverage remaining stable at about 2.0x-2.2x over the next
12-18 months, allowing for more leeway in case of any demand
downturn. A positive rating action would also be contingent on a
supportive financial policy that upholds stronger credit metrics.
"We could revise the outlook to stable over the next 12-18 months
if Goldstory's FOCF after lease payments were to reduce
substantially and durably at about EUR20 million-EUR40 million per
year, its EBITDAR coverage deteriorated below 1.8x, or its adjusted
debt to EBITDA increased sustainably above 5.5x."
This could happen if the unfavorable macroenvironment translated
into weakening earnings generation and pressure on the group's
margins, or if its financial policy were to become more aggressive,
leading to the depletion of its comfortable cash buffer or to
weaker credit metrics.
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 Goldstory, 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 generally finite holding
periods and a focus on maximizing shareholder returns."
VANTIVA SA: Moody's Hikes CFR to Caa1 & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service upgraded Vantiva S.A.'s ("Vantiva" or
"the company"), formerly Technicolor S.A. (Technicolor), corporate
family rating to Caa1 from Caa2 and its probability of default
rating to Caa1-PD from Caa2-PD. Moody's also changed the outlook to
stable from ratings under review.
This action concludes the review initiated on September 8, 2022,
following the company's announcement that its shareholders approved
the exceptional distribution of 65% of the capital of Technicolor
Creative Studios SA (TCS) in the form of dividend in kind. Vantiva
refinanced its EUR1.2 billion outstanding debt, which the company
announced on September 16 [1], and subsequently reduced its debt
load to EUR375 million. Euronext decided on the admission of TCS'
shares to trading on September 13 [2], subject to certain
conditions, which have been met, allowing the distribution in kind
of 65% of TCS shares and their subsequent listing on September 27.
Following the spinoff of TCS, Technicolor S.A. was renamed Vantiva
S.A. effective from September 27, 2022.
RATINGS RATIONALE
The recently completed refinancing included a EUR624 million
equivalent senior secured first lien term loan due 2026 raised by
TCS, as well as instruments raised by Vantiva itself — a EUR250
million senior secured first lien term loan due 2026 and a EUR125
million senior secured second lien term loan due 2026 (new term
loans), and EUR300 million mandatory convertible notes. The notes
were automatically converted into Vantiva's ordinary shares upon
the board of directors' approval to proceed with TCS listing. As a
result, Vantiva reduced its reported debt load to EUR375 million of
new term loans from EUR1.2 billion as of June 30, 2022.
Factoring in Vantiva's reduced scale following the spinoff of TCS
(45% of consolidated company-adjusted EBITDA in H1 2022), Moody's
estimate Vantiva's leverage to reduce to slightly below 6.5x
Moody's-adjusted debt/EBITDA as of the end of June 2022 from around
8.0x as of December 31, 2021, both pro forma for the transactions.
Moody's considers incremental leverage reduction over the next
12-18 months limited because of the ongoing components shortage and
expected persistently negative free cash flow (FCF). While the
refinancing resulted in interest expense savings of up to 35%
annually (or over 60% considering the payment-in-kind component),
Moody's forecasts the company's FCF to be negative (in mid-double
digits in absolute terms) over the next 12-18 months, driven by low
profitability, working capital consumption (mostly related to
inventory) and moderate capital spending (around 5% of revenue),
including R&D and lease payments.
However, Vantiva will retain a 35% stake in TCS at the time of the
spinoff, which will provide it with more financial flexibility. The
company plans to sell the stake or part of it and use the proceeds
for debt repayment.
The Caa1 CFR takes into account Vantiva's (1) leading market
positions, and good growth prospects in broadband connectivity; (2)
solid operating performance and improved profitability in the
Connected Home (CH) segment despite a difficult market environment;
(3) highly variable cost structure and cost-saving measures that to
some extent protect margins; (4) reduced debt burden following the
completion of refinancing; and (5) adequate liquidity.
The Caa1 CFR is constrained by the company's (1) exposure to mature
packaged media and traditional pay-TV markets; (2) ongoing key
components shortage, which significantly limits top-line and
earnings; (3) low profitability of the remaining business,
intensified by the inflationary pressure on key input costs; (4)
high seasonal working capital swings, which weigh on cash flow and
liquidity; (5) high leverage of around 6.5x-7.5x Moody's-adjusted
debt/EBITDA and weak interest coverage (below 1.0x Moody's-adjusted
EBITA/interest expense), expected over the next 12-18 months.
LIQUIDITY
Pro forma for the refinancing and spinoff of TCS, Moody's considers
Vantiva's liquidity adequate. As a part of refinancing, the company
extended the maturity of its $125 million asset-based lending line
to 2026 from 2023, which will support its liquidity needs. The cash
requirements mainly include working cash (typically 3% of revenue),
seasonal working capital swings, capital spending requirements of
around EUR70 million (including R&D) and lease payments. Vantiva
will not have any significant debt maturities until 2026, when its
375 million new loans are due.
The new financing package includes a maintenance net leverage
covenant, which Moody's expect Vantiva to comply with at all times
over the next 12-18 months.
RATIONALE FOR THE STABLE OUTLOOK
The stable outlook reflects Moody's expectation that Vantiva will
be able to manage through components shortages in the CH business.
This will allow the company to sustain its revenue and earnings
generation and preserve its adequate liquidity despite negative
FCF, though leverage will remain high over the next 12-18 months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Vantiva demonstrates sustainable
revenue growth, improves its profitability towards 5%
Moody's-adjusted EBITA margin and interest coverage at around 1.0x
Moody's-adjusted EBITA/interest expense, reduces its
Moody's-adjusted debt/EBITDA below 6.5x, generates at least
break-even Moody's-adjusted FCF, and maintains adequate liquidity,
all on a sustained basis.
The ratings could be downgraded if Vantiva's liquidity weakens,
including because of decreasing capacity under the maintenance
financial covenant or more negative FCF that Moody's currently
expects. Downward pressure on the ratings could also materialise
should the company fail to improve its credit metrics, including
profitability, interest cover and FCF generation, on a sustained
basis.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Manufacturing
published in September 2021.
COMPANY PROFILE
Vantiva S.A., headquartered in Paris, France, is a leading provider
of solutions and services for the media and entertainment
industries, deploying and monetising next-generation video and
audio technologies and experiences. Upon completion of TCS' listing
and spinoff on September 27, Technicolor S.A. was renamed Vantiva
S.A. (Vantiva) and remains listed on Euronext Paris. Vantiva's
business will focus on customer premise equipment (via the CH
unit), and DVD and supply chain services (via Vantiva Supply Chain
Services).
=============
G E R M A N Y
=============
HSE FINANCE: S&P Affirms 'B' ICR & Alters Outlook to Negative
-------------------------------------------------------------
S&P Global Ratings revised its outlook on German tele-retailer HSE
Finance to negative from stable and affirmed its 'B' long-term
issuer credit rating on the company.
S&P's negative outlook reflects the increased inflationary pressure
that could undermine HSE's top-line stability, profitability and
cash flow generation over the next 12-24 months, together with its
limited visibility over the group's Russian business capacity to
contribute to debt servicing.
Protracted weakness in consumer sentiment, driven by increasing
cost of living, will drag on volumes in the next 12-24 months.
HSE's revenue continued to decline in the second quarter of 2022 on
the back of logistical challenges and reduced orders, resulting in
total first-half 2022 sales that were 7.3% lower year on year.
Since mid-February and the start of the Russia-Ukraine conflict,
German consumers' sentiment has been depressed by inflationary
concerns. This can be seen in the second quarter of 2022 as
Germany's savings ratio, which measures savings as a percentage of
employees' current salaries, has returned to pre-COVID-19 levels,
primarily owing to the faster acceleration of expenses to incomes,
i.e., real income erosion. With skyrocketing energy prices
following Nord Stream 1's shut-off, S&P expects further increases
in the cost of living to hasten the depletion of household savings
built during the COVID-19 lockdowns. Increased budget vigilance
poses risks of a prolonged volume weakening until 2023.
Resolution of logistical challenges will provide volume and margin
reprieve in the second half of 2022. The COVID-19 outbreak at a
warehouse of HSE's only logistic partner DHL led to the delayed
fulfillment of orders, therefore driving consumer cancellations,
postponement of additional orders, and inventory build-up. This
compelled the company to introduce promotional activities to sell
off its products, especially on fashion goods whose seasonal nature
and susceptibility to trend shifts make immediate sales critical.
S&P understands that this has since been resolved and that
management is looking to increase warehouse automation to address
this risk over the long term.
Considering the highly discretionary nature of the group's product
offering, HSE has limited latitude to sufficiently increase prices
and make up for volume reduction without further impairing demand.
It is even more probable that price competition will intensify
among retailers in a bid to preserve market share. Some measures
have been identified to address this, such as securing cheaper
freight contracts and exercising contractual rights to return
excess inventory to stem the rise in the cost of goods sold.
However, this would not be enough to protect margins from the
confluence of demand volatility, cost of input increases, and
salary hikes. The company's scale of operations also limits its
negotiating power over suppliers. QVC, a subsidiary of U.S.-based
tele-retailer Qurate Retail (B+/Stable/--), is HSE's direct
competitor and the largest player in their shared markets, and it
reported a turnover of around EUR3 billion in 2021. HSE is smaller,
earning less than a third of QVC's turnover, with EUR848 million in
revenue in 2021.
S&P said, "With the company bearing the brunt of inflationary
pressures, we expect a margin squeeze that will compress
profitability.The rise in cost of inputs and energy prices, as well
as the limitations in retail price increases, will inevitably lead
to margin deterioration in 2022. Notwithstanding this, the company
can continue to generate positive cash flows. Our new base case now
forecasts leverage will exceed 6.5x in 2022 and declining FOCF
after leases. We ran a separate sensitivity test on energy costs
which comprise only 0.20% of total costs. Energy is such a small
portion of expenses that we don't expect energy cost inflation to
be a significant driver of profitability. We reckon, however, that
its impact would be more prominent on consumer demand, therefore
affecting turnover.
"Sanctions on Russia and our expectation of depressed earnings for
HSE in Russia raise doubts about the company's ability to expand
and access earnings generated there. Russia represents a material
exposure of about 10% in terms of revenue and profitability. We
understand that, because of international sanctions imposed on
Russia and measures taken by the Russian government in response,
cash flows generated in Russia can no longer be used to service
debt located at the parent company level. Furthermore, apart from
the current disruption to economic activity linked to the
sanctions, we expect follow-on effects to weigh materially on
Russia's long-term growth prospects, reducing HSE's incentive to
invest in that country. We understand HSE has stopped expansionary
capital expenditure (capex) in Russia and we see it as unlikely
that this might resume soon. For these reasons, we present HSE's
financial metrics including and excluding Russia to reflect the
increasing risk of an exit from Russia. The impact of ceasing
business in Russia would cause our adjusted leverage ratio to
increase by 0.4x-0.9x (see key metrics table below). While not
included in our calculations, we also believe that, if HSE were to
leave Russia, it could receive some form of financial compensation
that could help cushion the impact on our credit ratios, although
we would expect a material discount in the event of a disposal.
"Notwithstanding the limited rating headroom, HSE's robust cash
flow, sufficient liquidity, and absence of near-term maturities
support the rating. Despite our downward revision of our base case,
we acknowledge HSE remains cash flow generative. With production
capex being already disbursed, annual investments are considerably
flexible should management need to postpone outlay in the next two
years. We note that the EUR35 million revolving credit facility
(RCF) remains fully undrawn and can be tapped anytime. Following
its refinancing exercise in 2021, management pushed out maturities
of its EUR350 million fixed-rate notes and EUR250 million
floating-rate notes to 2026, rendering refinancing risk remote as
the company weathers the economic difficulties.
"Our negative outlook reflects the increased inflationary pressure
that could undermine HSE's top-line stability, profitability, and
cash flow over the next 12-24 months, together with our limited
visibility over the group's Russian business capacity to contribute
to debt servicing. We forecast continuous demand weakness and the
rise in cost of operations will bring S&P Global Ratings-adjusted
leverage to 6.5x-7.0x in 2022 before normalizing below 6.5x in
2023. Nonetheless, we expect the company continue generating cash
flow, with FOCF after leases forecast to be at EUR25 million-EUR35
million per year over the next two years."
Rating headroom is limited, and S&P could downgrade HSE if it
experienced any material underperformance against its base case or
if it were forced to exit Russia without any meaningful
compensation, translating into an inability to:
-- Demonstrate deleveraging, with debt to EBITDA trending well
below 6.5x; and
-- Restore a more robust cash flow generation, with an FOCF
greater than EUR25 million.
S&P could also lower the rating by multiple notches if the group
undertook bond repurchases at a decline against the par value.
S&P said, "We could revise the outlook to stable if the group curbs
revenue decline and contains margin erosion. We would expect these
factors to result in leverage sustainably and comfortably below
6.0x, and FOCF after leases remaining materially positive in the
next 12-24 months."
ESG credit indicators: E-2, S-2, G-3
S&P said, "ESG factors are neutral considerations in our evaluation
of HSE's creditworthiness. Early this year, the company was hit by
COVID-19 cases among workers in the warehouse run by its shipping
partner, DHL, which led to reduced order fulfillment. We understand
that this has since been resolved and we don't expect this to be a
recurring risk to operations. As far as we know, the company does
not currently face material litigation relating to environmental or
social concerns that is likely to require provisioning or lead to
significant payouts. Governance factors are a moderately negative
consideration, as is the case for most rated entities owned by
private-equity sponsors. We consider the company's aggressive
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."
[*] GERMANY: Unveils Energy Price Cap for Consumers, Businesses
---------------------------------------------------------------
Tom Fairles at The Wall Street Journal reports that Germany on
Sept. 29 unveiled a wide-ranging price cap on energy in response to
growing concerns among German businesses that a wave of
insolvencies could wash over the country and disrupt the supply
chains serving Germany's largest industrial sectors.
According to the Journal, the government said it would cap the
prices of electricity and natural gas as part of a fourth package
of measures aimed at shielding businesses and consumers from
soaring energy prices following Russia's attack on Ukraine.
The move comes after German businesses, starved of the abundant
Russian energy that long fired the nation's industrial engine,
started curtailing production and halting investments, the Journal
notes. Business and consumer confidence has tumbled, approaching
the lows reached during the 2008 global financial crisis, the
Journal states.
"We are putting up a large defensive shield [for the economy],"
Chancellor Olaf Scholz told reporters in Berlin. "It will help
workers, pensioners, families . . . and large industrial companies
to be able to pay their bills."
More than half of German small and midsize companies now worry that
the energy crisis could put them out of business, up from 42% last
month, according to a survey published on Sept. 29 by the Federal
Association of Medium-Sized Businesses, a trade group, the Journal
relates. "The situation is growing more threatening from day to
day," said the group's chairman, Markus Jerger.
Business lobbies have warned that an insolvency wave could be just
weeks away and that it could start a chain reaction of business
failures, the Journal states.
On Sept. 29, the government said it would cap the price of gas and
electricity for consumers and companies up to a given level of
consumption that has yet to be determined, the Journal relates.
Above that level, market prices would apply. A cut in value-added
tax on natural gas is set to be extended through next year.
The measures and other targeted assistance for companies affected
by the war could cost up to EUR200 billion in total and will be
partly financed through the reactivation of an economic support
fund created during the Covid-19 pandemic, the Journal discloses.
A levy on extraordinary profits by some power companies will also
help pay for the electricity price cap. The government said all
the details would be finalized in the coming weeks.
One in 10 German auto companies have reduced production as a result
of high energy costs, and another third are considering doing so,
the Journal relays citing, a survey in September by the German
Association of the Automotive Industry, a trade group. More than
half of companies have canceled or postponed planned investments
and nearly a quarter want to shift investments overseas, the trade
group says, the Journal notes.
Output in Germany's manufacturing industry is likely to decline
2.5% this year and by roughly 5% next year, according to Deutsche
Bank analysts, the Journal relays. Exports, a cornerstone of the
country's recent prosperity, are languishing below prepandemic
levels after adjusting for inflation.
With energy prices likely to remain structurally high, only some of
the German production facilities priced out of the market are
likely to come back on stream, the analysts said, the Journal
notes.
"The current energy-cost and thus inflation crisis is not only a
cyclical phenomenon but has a major structural component as well,
requiring significant government intervention to prevent serious
medium- and long-term damage to Germany's economic prospects," the
Journal quotes Timo Klein, an economist at S&P Global Market
Intelligence, as saying.
In addition to sparking an energy crisis, Russia's war in Ukraine
has shaken confidence in a German export model that has prospered
by forging deep links with autocratic regimes with fast-growing
economies, especially China, the Journal discloses.
Government officials are now concerned that Germany's economic
dependence on China -- it is the country's largest trade partner
and the biggest single market for many German companies -- would
translate into an even bigger shock for the German economy should
Beijing close ranks with Moscow against the West, the Journal
states.
=========
I T A L Y
=========
ALMAVIVA: S&P Raises ICR to 'BB-', Outlook Stable
-------------------------------------------------
S&P Global Ratings raised its issuer and issue credit ratings on
Italian IT-services provider Almaviva to 'BB-' from 'B+'.
The stable outlook reflects S&P's expectation that Almaviva will
maintain adjusted leverage comfortably below 3.0x and FOCF to debt
of 15%-20%, in line with its base case, supported by solid
operating performance and a prudent financial policy.
S&P said, "Almaviva's main business lines continue to perform
strongly, in line with our expectations. In first-half 2022,
Almaviva reported about 14% of revenue growth from all segments,
except the customer relationship management (CRM) Europe business.
In the IT services business, Almaviva signed about EUR600 million
of new contracts, of which about 64% were signed with the Public
Administration. We expect an increase of investments from the
Public Administration in the next couple of years supported by the
EU Recovery Fund (PNRR)." The PNRR will allocate about EUR50
billion to digitalization, innovation, and competitiveness, EUR20
billion to healthcare--focusing on technology--and EUR31 billion to
infrastructure and transportation. Almaviva has a strong presence
in all of these sectors. During first-quarter 2022, Almaviva was
awarded three tenders with its biggest client, Gruppo Ferrovie
dello Stato, for a total value of over EUR1.1 billion for seven
years.
Almaviva continues to diversify from telecommunication company
clients in the CRM International business, with nine new clients
acquired in first-half 2022--in the financial and multiservice
sectors. During first-quarter 2022, Almaviva became one of the
largest companies in Brazil in the extrajudicial collection sector
through the acquisition of two specialized companies, CRC Cobranza
and CRC Digital.
S&P said, "On the other hand, the company is downsizing its
unprofitable CRM Europe business and we expect revenues in this
segment to continue declining at 10%-30% per year. Taking this into
account, we anticipate the group's annual revenue growth to be
6%-10% in 2022-2023.
"We expect Almaviva's FOCF to debt will be above 15% in the next
two to three years, owing to solid topline growth, adjusted EBITDA
margin expansion, and prudent capex management.We expect Almaviva's
adjusted EBITDA margin to increase to 14.3%-15.5% in 2022-2023,
from 11.6% in 2020 and 14.1% in 2021, supported mainly by growth in
the higher margin CRM International and Almawave segments, as well
as the rightsizing of the unprofitable CRM Europe business. We note
that Almaviva's EBITDA margin is in the higher end of the peer
average of 10%-15%. This is partially explained by relatively lower
exceptional costs, due to a more conservative growth strategy than,
for example, Centurion Newco (Engineering). We expect that the
launch of new activities with three new clients in the CRM
International business will partly offset our expectation of a
breakeven EBITDA contribution from the domestic CRM operations.
"We also anticipate capex to revenues to remain at 3.5%-4.0%,
leading to annual FOCF after leases of EUR40 million-EUR90 million
and FOCF to debt of 15%-20%, in 2022-2023.
"Almaviva's financial policy is prudent and in line with our
expected deleveraging.Since 2017, Almaviva gradually decreased its
adjusted debt to EBITDA from 6.5x in 2017 to 2.8x as of the end of
second-half 2022, thanks to its EBITDA growth. We believe that
Almaviva will continue investing internally generated cash flow
back into the business and distribute modest annual dividends. As a
result, we expect adjusted leverage to progressively decline toward
2.0x, in line with the company's reported net leverage target of
about 1.0x by the end of 2023."
Almaviva's business is supported by its leading market position in
the public-sector, track record of continuous growth, solid EBITDA
margin improvement, and reduced customer concentration. Trends in
Italy's IT services market are healthy, given that the country
remains relatively underpenetrated compared with other European
countries like the U.K., France, Sweden, and Germany, and the
ongoing digital transformation in all sectors--especially the
public sector. Almaviva is capitalizing on its leading position as
a mission-critical IT services provider to Italy's domestic
transportation, logistics, and public administration sectors, with
long-term contracts that provide significant revenue visibility.
Almaviva is further diversifying its international CRM operations
to nontelecommunications clients, which currently represent about
34% of the operations in that segment versus about two-thirds in
2017. S&P said, "Although we still view Almaviva's high exposure to
its biggest customer, Gruppo Ferrovie dello Stato (about 18% of
total revenues), as a rating constraint, we acknowledge the
concentration in IT services revenue from this single client has
reduced to 26% from 49% in 2017. We anticipate further customer and
sector diversification in the future."
Although reducing, Almaviva has high exposure to the volatile and
unprofitable domestic CRM business. Almaviva has been facing
challenges in its Italian CRM business since 2015, which represents
about 10% of total revenue, leading to consistently negative EBITDA
in this segment. The challenges include a tough competitive
environment and low prices because telecom operators are
increasingly offshoring their business to Albania. Since then,
Almaviva has invested in resources in Romania in order to right
size the business. Therefore, S&P expects a break-even EBITDA in
2022-2023.
S&P said, "The stable outlook reflects our view that Almaviva's
revenues will expand by 5%-7% in the next 12 months, supported by
its IT services business, international CRM, and Almawave segments
offsetting the revenue decline in the European CRM business. We
expect top-line growth, coupled with ongoing cost efficiency plans,
to result in adjusted EBITDA margins of above 14%, leading to
adjusted EBITDA to debt remaining comfortably below 3.0x and FOCF
to debt above 15%.
"We could lower the rating on Almaviva if its performance was
significantly weaker than anticipated, working capital became
sustainably negative, or the company's capex management turned more
aggressive, leading to a FOCF to debt of below 10%. This could
happen if the CRM activities experienced further setbacks,
requiring Almaviva to incur large restructuring costs, or if the IT
services segment did not perform as expected potentially due to an
economic downturn weighing on EBITDA. Alongside any adverse foreign
exchange impact, this could hinder the group's ability to generate
meaningful FOCF after leases and increase FOCF to debt.
"We could raise the rating if Almaviva's FOCF increases
significantly as a result of continued profitability improvement
and prudent cash flow management, leading to adjusted FOCF to debt
moving to above 20%. An upgrade would also be contingent on
adjusted leverage staying below 3.0x and adequate liquidity."
ESG credit indicators: E-2, S-2, G-3
CREDEMVITA SPA: Fitch Affirms 'BB+' Rating on Subordinated Debt
---------------------------------------------------------------
Fitch Ratings has affirmed Italian insurer Credemvita S.p.A.'s
(Credemvita) Insurer Financial Strength (IFS) Rating at 'BBB+'
(Good) and Issuer Default Rating (IDR) at 'BBB'. The Outlooks are
Stable.
The affirmation reflects Credemvita's continuing high asset risk,
concentrated exposure to Italian sovereign debt as well as strong
capitalisation.
KEY RATING DRIVERS
Ownership Credit-Positive: Fitch expects Credemvita to receive
support from parent Credito Emiliano S.p.A. (Credem; BBB/Stable),
if required. This leads to an alignment of Credemvita's IDR with
that of Credem via a one-notch uplift from the insurer's standalone
credit quality of 'bbb-'. Credemvita's IFS Rating is notched up
once from its 'BBB' IDR to result in 'BBB+'. Credemvita is highly
integrated within Credem's product offering and is a significant
contributor to the parent's profitability, representing about 7% of
the Credem's operating result at end-2021.
High Asset Risk: Credemvita's standalone credit quality is
influenced by the company's high asset-concentration risk. The
company's risky assets ratio was very high at 246% at end-2021
(2020: 340%), despite Fitch's upgrade of Italy in December 2021.
Under Fitch's insurance criteria, the agency deems 30% of
Credemvita's sovereign assets as risky following Italy's recent
upgrade, down from 50% prior to the upgrade. Credemvita's risky
assets comprise exposure to non-investment-grade bonds and private
debt, and a concentrated exposure to Italian sovereign debt. To
match its domestic insurance liabilities, Credemvita held EUR2
billion of Italian sovereign bonds (2020: EUR1.7 billion),
corresponding to 6.0x consolidated shareholders' funds at end-2021
(2020: 5.6x).
Strong Capital, Improved Leverage: Credemvita's capitalisation, as
measured by Fitch's Prism Factor-Based Model (FBM) score, was 'Very
Strong' based on end-2021 financials, in line with end-2020's.
Credemvita's consolidated Solvency II ratio, calculated using the
standard formula, improved to 217% at end-2021, from 195% at
end-2020, albeit remaining highly sensitive to credit spreads. The
Solvency II ratio slightly deteriorated to 204% at end-1H22 as a
result of unfavourable market conditions. Credemvita's
Fitch-calculated financial leverage ratio (FLR) improved to 24% at
end-2021 (end-2020: 26%), which Fitch views as supportive of
Credemvita's rating.
Strong Profitability: Credemvita's 2021 net income was strong at
EUR33 million in 2021. Its five-year average return on equity (ROE)
was 12%, which Fitch views as strong and supportive of ratings.
Fitch expects Credemvita to maintain its high profitability in
2022.
Moderate Interest-Rate Risk: Fitch assesses Credemvita's
interest-rate risk as moderate for the company's ratings. It
reflects a low proportion of in-force life reserves that carry
financial guarantees (9% of life reserves at end-2021), their low
average level (0.3% of capital at end-2021), as well as the
company's highly liquid investments. The duration mismatch between
assets and liabilities was reduced significantly in 2021 as a
result of Credemvita extending its asset duration. Fitch sees this
as credit- positive.
Moderate Business Profile: Fitch ranks Credemvita's business
profile as 'Moderate' compared with Italian peers'. Credemvita
ranks 17th among Italian life insurers by premiums with EUR1.3
billion of gross premiums underwritten in 2021 and a market share
of 1.1%. Credemvita distributes its products mainly through
Credem's bank branches.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to a
negative rating action/downgrade:
- A downgrade of Credem's IDR
- A lessening in Credem's propensity to support Credemvita
Factors that could, individually or collectively, lead to a
positive rating action/upgrade:
- An upgrade of Credem's IDR
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
Credemvita's ratings are directly linked to the ratings of Credem.
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.
Entity/Debt Rating Prior
----------- ------ -----
Credemvita S.p.A. LT IDR BBB Affirmed BBB
Ins Fin Str BBB+ Affirmed BBB+
Subordinated LT BB+ Affirmed BB+
HAYFIN EMERALD X: Fitch Assigns 'B-sf' Rating on Cl. F Notes
------------------------------------------------------------
Fitch Ratings has assigned Hayfin Emerald CLO X DAC final ratings
as detailed below.
Debt Rating Prior
---- ------ -----
Hayfin Emerald CLO X DAC
A XS2500204065 LT AAAsf New Rating AAA(EXP)sf
B-1 XS2500204578 LT AAsf New Rating AA(EXP)sf
B-2 XS2500204735 LT AAsf New Rating AA(EXP)sf
C XS2500204909 LT Asf New Rating A(EXP)sf
D XS2500205112 LT BBB-sf New Rating BBB-(EXP)sf
E XS2500205385 LT BB-sf New Rating BB-(EXP)sf
F XS2500205542 LT B-sf New Rating B-(EXP)sf
Sub XS2500205898 LT NRsf New Rating NR(EXP)sf
TRANSACTION SUMMARY
Hayfin Emerald CLO X is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
are being used to fund a portfolio with a target par of EUR450
million. The portfolio will be actively managed by Hayfin Emerald
Management LLP. The collateralised loan obligation (CLO) has a
two-year reinvestment period and a seven-year weighted average life
(WAL) test.
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B' category. The Fitch
weighted average rating factor (WARF) of the identified portfolio
is 24.
High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 61.3%.
Diversified Asset Portfolio (Positive): The transaction includes
two Fitch matrices corresponding to a seven-year WAL test, a top 10
obligor concentration limit at 23% and maximum fixed-rate asset
limits of 10% and 20%, respectively. The transaction also includes
various concentration limits, including the exposure to the
three-largest Fitch-defined industries in the portfolio at 42.5%.
These covenants ensure the asset portfolio will not be exposed to
excessive concentration.
Portfolio Management (Neutral): The transaction has a two-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.
Cash Flow Modelling (Positive): The WAL used for the transaction's
stressed-case portfolio analysis was reduced by 12 months. This
reduction reflects the strict reinvestment conditions envisaged
after the reinvestment period. These conditions include passing the
coverage tests and the Fitch 'CCC' maximum limit after reinvestment
and a WAL covenant that progressively steps down over time, both
before and after the end of the reinvestment period. The conditions
would, in Fitch's opinion, reduce the effective risk horizon of the
portfolio during the stress period.
Class F Delayed Issuance (Neutral): At closing, the class F notes
were issued with a pool factor (outstanding principal out of the
original balance) of zero and subscribed by the issuer for a zero
net cash price. The tranche can be sold at the discretion of the
subordinated noteholders at any time during the reinvestment period
only. Once sold the tranche will then be deemed to have a 100% pool
factor.
In Fitch's view, the sale of the tranche would reduce available
excess spread by the class F interest amount to cure the
reinvestment over-collateralisation test. Consequently, Fitch has
modelled the deal assuming the tranche is issued on the issue date
at the maximum spread to reflect the maximum stress the transaction
could withstand if that occurs.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the current portfolio would have no impact on class A notes and
would lead to downgrades of no more than two notches of the class B
to E notes and to below 'B-sf' for the class F notes.
Downgrades, which are based on the current portfolio, may occur if
the loss expectation is larger than initially assumed, due to
unexpectedly high levels of defaults and portfolio deterioration.
Due to the better metrics of the current portfolio than the
Fitch-stressed portfolio the rated notes display a rating cushion
to a downgrade of up to two notches.
Should the cushion between the current portfolio and the
Fitch-stressed portfolio erode due to manager trading or negative
portfolio credit migration, a 25% increase of the mean RDR across
all ratings and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would result in downgrades of three
notches on the class A to D notes and to below 'B-sf' for the class
E and F notes.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolios would lead to upgrades of no more than three notches for
the rated notes of the transaction, except for the 'AAAsf' notes.
During the reinvestment period, based on Fitch-stressed portfolio,
upgrades may occur, except for the 'AAAsf' notes, on
better-than-expected portfolio credit quality and a shorter
remaining WAL test, allowing the notes to withstand
larger-than-expected losses for the remaining life of the
transaction. After the end of the reinvestment period, upgrades may
occur on stable portfolio credit quality and deleveraging, leading
to higher credit enhancement and excess spread available to cover
losses in the remaining portfolio.
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
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
LEATHER SPA: S&P Affirms 'B' ICR & Alters Outlook to Negative
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Leather SpA, which trades
as Pasubio, to negative from stable and affirmed its 'B' long-term
issuer credit and issue ratings on the company's secured debt.
The negative outlook reflects the risk that the company may not
restore adjusted debt to EBITDA below 6x in 2023 amid uncertain
market conditions.
Uncertain market conditions could further constrain Pasubio's
earnings in the next 12 months. S&P said, "We believe that the
recovery in global auto production will remain exposed to supply
chain disruptions through 2022 and 2023. Despite some signs of
stabilization, the global supply of semiconductors remains tight,
and we see a heightened risk that gas rationing could further
derail the industrial and auto supply chain in the next 12 months,
particularly in Europe where Pasubio generates 86% of its revenue.
Despite Pasubio's ability to recover some of its higher costs with
its OEM customers, the lag in its pass-through mechanisms can lead
to sizable intrayear profitability swings in the case of sharp and
sudden cost increases. We understand that the company typically
negotiates pass-throughs with OEMs once a year, which contributed
to the material drop in adjusted EBITDA margin to about 8% in the
second half of 2021, from 20% in the first half. We estimate that
raw hides and processing chemicals represent about 65% of the
company's total cost base, compared with close to 10% for direct
labor and less than 2% for energy (including gas and electricity
consumption). Gradual cost recoveries have allowed Pasubio to
restore more stable adjusted EBITDA margins of about 15% this year,
but we believe that persistently high inflation could limit
profitability improvements through 2022 and 2023." Such a scenario
would challenge the company's ability to restore its adjusted
EBITDA margin closer to its target range of 17%-22% achieved in
2019-2020.
S&P said, "Pasubio's deleveraging below 6x could be delayed to
beyond 2023.In our revised base-case scenario, we assume that,
because of its positioning on the premium and luxury auto segment,
Pasubio will maintain resilient revenue growth of about 10% and
stabilized adjusted EBITDA margin of 15%-16% through 2022-2023 on
the back of progressive cost compensation and stabilizing input
prices. We estimate this would translate into adjusted debt to
EBITDA staying at 6.5x-7.0x in 2022, and close to our 6.0x downside
trigger in 2023. We therefore see limited rating headroom for small
downward deviations from our current base-case assumptions. In
particular, we estimate that, all else being equal, were revenue
growth to be 500 bps below our base case and adjusted EBITDA
margins to be 100 bps lower, leverage would stay well above our
rating limit in 2023, at close to 7x.
"Pasubio's positive free operating cash flow (FOCF) and sound
liquidity support the rating. With modest capital intensity
(reported capex to sales of about 4%) and little capacity
investments needed at this stage, we believe the company can remain
cash flow positive during periods of weaker earnings. This is
despite our assumption of an annual cash interest expense of about
EUR17 million and cash taxes of EUR5 million. We anticipate the
company will generate annual FOCF of EUR10 million-EUR20 million in
2022 and 2023, ultimately supporting its liquidity position. The
company had a cash balance of EUR30 million and revolving credit
facility (RCF) availabilities of EUR43 million on June 30, 2022.
Pasubio reported FOCF of EUR9 million during the first half of
2022, despite working capital requirements of EUR10 million, in
line with its cash flow generation track record over 2018-2020.
Last year's deficit of EUR1 million was mainly related to high
working capital outlays of about EUR20 million, because higher raw
material prices led to inventory buildup effects.
"We expect Pasubio's premium and luxury positioning to provide
operating performance resiliency. We think that the company's
positioning in the premium and luxury passenger car segment will
continue to allow some growth outperformance compared with global
auto production. According to S&P Global Mobility, global luxury
and premium car production is set to increase by a compound annual
growth rate of 7.5% over 2022-2025, compared with 4.5% for total
light vehicle production. This segment showed higher resiliency
during the pandemic, with a volume decline of 9.7% versus 16.1% for
light vehicles overall in 2020. We also believe that the company's
value-added offering, which consists of high-quality nappa and full
grain leather, supports some pricing power with OEMs and should
allow a progressive absorption of its higher operating expenses in
the next 12 months. We understand that the company has already
obtained some rolling pass-through compensation for higher energy
costs with some of its key clients for 2022 and 2023. We think this
should provide some resilience, since we anticipate that its gas
and electricity spending will more than double this year from the
2021 levels, which were about EUR1 million and EUR3 million,
respectively. We also view favorably Pasubio's ability to switch
the source of its heating and boiler systems from gas to petroleum
and diesel at its different Italian production plants.
"We assess substitution risk for auto leather as limited, for
now.Potentially evolving car consumer behaviors have so far not
affected the company's sound order book. We believe this is because
leather is still identified as a luxury feature. Nevertheless, the
carbon-intensive meat industry is the only supplier of byproduct
hides, and the tanning process requires polluting chemicals such as
chromium. We believe that increasing customer awareness of
environmental considerations and animal wellness could eventually
reduce demand for leather. In that regard, Tesla Inc. has made the
strategic choice of only using synthetic materials for its seats
and car interiors. To address potentially changing customer
behaviors, Pasubio is investing in new materials, such as recycled
or cotton-based leather, while reducing its chromium usage with
greener chemicals. We estimate that the company spent close to EUR2
million on such projects last year.
"The negative outlook reflects our expectations that prolonged cost
inflation, supply chain bottlenecks, and limited auto production
recovery may further hamper Pasubio's deleveraging in 2023. We
estimate this could result in the company's adjusted debt to EBITDA
staying above 6x in the next 12 months.
"We could lower our rating on Pasubio in the next 12 months if we
anticipate its adjusted debt to EBITDA will stay above 6x in 2023,
or its FOCF to debt to be below 2%. This could stem from operating
setbacks such as an inability to compensate for cost inflation,
prolonged weakness in European auto production, or the loss of
customer contracts. A more-aggressive financial policy favoring
material debt-funded acquisitions or shareholder returns could also
result in ratings pressure.
"We could revise our outlook on Pasubio to stable in the next 12
months if we believe it can progressively restore adjusted debt to
EBITDA below 6x while maintaining FOCF to debt above 2%. We believe
this could stem from cost pass-throughs materializing more quickly
and more strongly, a firmer recovery in the European auto
production, and the company allocating its FOCF toward debt
repayment."
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance is a moderately negative consideration in our
credit rating analysis of Leather SpA. Our assessment of the
company's financial risk profile as highly leveraged reflects
corporate decision-making that prioritizes the interests of the
controlling owners, in line with our view of the majority of rated
entities owned by private-equity sponsors. Our assessment also
reflects their generally finite holding periods and a focus on
maximizing shareholder returns. Environmental and social factors
have a neutral influence on our credit analysis of Leather at this
stage. Its leather products for passenger vehicles' seats and
interiors are used in both internal combustion engine cars and
electric vehicles, such that we do not view its product portfolio
as exposed to the powertrain transition. However, leather
production relies on carbon dioxide-emitting inputs such as hides
and chromium, such that we think it is somewhat more
carbon-intensive than the average for other auto parts. Increasing
environmental and animal wellness considerations have so far not
materially affected customers' demand for leather, which remains
primarily identified as a luxury feature."
===================
K A Z A K H S T A N
===================
KAZMUNAYGAS NC: S&P Upgrades ICR to 'BB+', Outlook Negative
-----------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Kazakhstani oil producer KazMunayGas NC JSC (KMG) to 'BB+' from
'BB' and the Kazakhstan national scale rating on the company to
'kzAA' from 'kzA+'.
The negative outlook mirrors that on the sovereign but also
reflects the risks of operational disruptions to the Caspian
Pipeline Consortium (CPC) route due to geopolitical tensions
between Russia and Kazakhstan.
On Sept. 15, 2022, KMG exercised its right to acquire a 50% stake
in KMG Kashagan B.V. (Kashagan), which owns 16.88% of the North
Caspian Production Sharing Agreement (the Kashagan project), from
Sovereign Wealth Fund Samruk-Kazyna JSC (Samruk-Kazyna) for $3.8
billion.
The transaction terms are better than the original $4.7 billion
selling price KMG received from Samruk-Kazyna in 2015, and more
favorable than we incorporated in our rating at the time of the
stake sale.
S&P said, "The upgrade reflects that the Kashagan option was
executed at better terms than we originally incorporated in our
rating. The transaction removes financial policy concerns that have
been incorporated in our rating since 2015, because we assumed a
stronger negative effect on KMG's leverage and liquidity. KMG sold
the 50% stake in Kashagan to Samruk-Kazyna for $4.7 billion in cash
in 2015 to avoid a breach of the financial covenant on its Eurobond
following a sharp decline in oil prices. As part of the
transaction, KMG received an option to purchase back the stake at
an uncertain time and price. We incorporated the transaction
through our financial policy assessment assuming a strike price of
$4.5 billion-$5.0 billion. Under the final terms, KMG has paid $3.8
billion for the stake, of which only $1.3 billion is in cash and
$1.6 billion (Kazakhstani tenge [KZT] 752 billion) is in the form
of 3% bonds due to Samruk-Kazyna in 2035. The remaining $900
million will be offset with financial aid provided to Samruk-Kazyna
in the past and will not affect KMG's debt or leverage metrics.
Therefore, the immediate impact on KMG's net leverage will be $2.6
billion. Importantly, Kashagan has become a cash generating asset
since 2015, with production at the Kashagan field having ramped up
in recent years. We estimate that Kashagan will generate up to $1.5
billion of EBITDA in 2023, which will be incorporated in KMG's
consolidated numbers. We also estimate that Kashagan's free cash
flow will be sufficient to cover most of the $1.3 billion cash
payment KMG will need to make to Samruk-Kazyna until June 30,
2022.
"KMG's funds from operations (FFO) to debt will remain sufficiently
above 30% over the next few years, but decisions on future
dividends and uses of cash will be important for the credit
profile. We expect that KMG's estimated FFO to debt of 30%-35% at
year-end 2022 will not be fully representative, since it will
consolidate only three months of Kashagan operations while
accounting for all transaction-related debt. We therefore assume
stronger credit metrics in 2023 despite our expectation of lower
oil prices, with FFO to debt of 40%-50%. In 2024, we expect FFO to
debt of 35%-45% based on our assumption of a sharp increase in
dividends from KMG's 20%-owned subsidiary Tengizchevroil (TCO),
which will compensate for lower oil prices. TCO is due to finish
heavy spending on its $45.2 billion FGP/WPMP expansion project by
2024, which will free up cash flows that we expect the company will
direct to shareholders. We note that credit metrics will be highly
dependent on KMG's future decisions about its cash uses and
dividends. At year-end 2021, KMG had KZT1.5 trillion ($3.4 billion)
on the balance sheet, which we netted with the company's debt
assuming that it would be used for the Kashagan stake purchase.
With no potential large cash outflows, maintaining such balances
may not be necessary going forward. In our base case, we assume a
progressive increase in dividends but do not factor any one-off
distributions. Currently, we continue to net cash from KMG's debt
roughly equal to the amount held at year-end 2021.
"Geopolitical tensions over CPC remain a key overarching risk for
future cash flows at KMG, TCO, and Kashagan, while alternative
export routes will remain very limited in the coming years. We
estimate that at least 65% of KMG's EBITDA (including dividends
from joint ventures [JVs]) will be linked to oil exports through
CPC in 2023, and more than 80% to exports through Russia, including
the Atyrau-Samara pipeline. Therefore, the company is highly
sensitive to disruptions to CPC operations, with at least four
accidents since late February." These incidents include:
-- Storm-related damage in March that reduced exports for almost a
month;
-- Safety inspections for World War II-era deep-sea mines in
June;
-- A Russian court ruling in July to stop loading for 30 days due
to alleged violations of the pipeline's oil spill plan, which was
overturned a few days later and replaced with a minor fine; and
-- Most recently, subsea cracks discovered on buoyancy tanks that
could limit loading on two out of three CPC single-point moorings
for about a month.
S&P said, "Although none of the accidents have led to lengthy
disruptions, 2022 oil production in Kazakhstan has been revised
down to 85.7 million tons from 87.5 million tons. We see a risk
that geopolitical tensions between Russia and Kazakhstan could lead
to further CPC disruptions, given the pipeline goes mostly through
Russian territory and ends at the Black Sea port of Novorossiysk.
More broadly, we see a risk that Russia might limit Kazakhstan's
access to the rest of its infrastructure, including the
Atyrau-Samara pipeline that also carries Kazakhstani oil to the
port of Novorossiysk through Transneft's oil pipeline system. We
note that alternative routes are very limited and no more than 20%
of TCO's and Kashagan's potential production can be exported via
them in the near term. Kazakhstan's president has recently ordered
the development of alternative routes to CPC, which could go
through the territories of Azerbaijan and Georgia, plus potential
transportation links through Iran. However, the development of
these links would take a few years and they won't be able to
provide more than 10 million tons of additional capacity, while the
combined production of TCO and Kashagan could exceed 55 million
tons within the next three years. There is 10 million tons of
available capacity in the Kazakhstan-China Oil Pipeline (KCP)
reserved for Kazakhstan--the other 10 million tons of capacity is
reserved for Russia's Rosneft. However, it will require upgrades of
Kazakhstan's oil pipeline network for delivery from production
fields in the country's west to the border with China in the east
to be possible. We estimate this could take two-to-three years to
achieve. Still, with all the potential alternative routes,
Kazakhstan will not be able to divert more than 25 million tons-30
million tons of oil from CPC--compared with production approaching
100 million tons per year in three years--which will keep it highly
dependent on CPC. At this point, we do not incorporate any lengthy
disruptions to CPC in our base-case scenario, but shutdowns
exceeding three-to-five days will start affecting KMG's oil
production and key assets, resulting in weaker cash flows and
credit metrics.
"We continue to view the likelihood of government support to KMG as
high because the benefits of the Kashagan option execution balance
the transfer of KazTransGaz (KTG) to Samruk-Kazyna in 2021. Our
rating on KMG continues to factor in our expectation of a high
likelihood of extraordinary state support, because we believe the
favorable terms of the Kashagan option execution balance the
transfer of KTG, which generated about $500 million of annual
EBITDA, to Samruk-Kazyna essentially without any compensation
(Samruk-Kazyna paid KZT1) at year-end 2021. KMG will maintain its
very important role for the government, being the government's main
asset in the strategic hydrocarbon industry, with priority access
to new assets and stakes in all the country's significant oil
ventures. It will remain a large exporter, taxpayer, employer, and
supplier of low-priced fuel to the domestic market. In our view,
KMG's default would have significant repercussions for the
government's reputation and for that of other government-related
entities (GREs). Still, the government generally tolerates
relatively high debt at KMG and other GREs. Government support
results in a two-notch uplift above our assessment of KMG's 'bb-'
stand-alone credit profile (SACP), which is the highest uplift for
GREs in Samruk-Kazyna's portfolio. We do not expect this to change
following the government's planned initial public offering of a
minority stake, which has been postponed several times but is
currently expected to take place before year-end 2022."
The negative outlook mirrors that on Kazakhstan.
S&P said, "It also reflects our view that in a low-probability
high-impact scenario of permanent disruption to Kazakhstan's oil
exports, KMG's credit quality could meaningfully weaken. Still,
KMG's exposure to refining and oil transportation, as well as its
sizeable liquidity buffer, should somewhat offset these risks. In
our base case, we assume that credit metrics will strengthen from
2023, supporting FFO to debt of about 45% on average."
S&P would lower the rating on KMG, if it lowers the rating on
Kazakhstan.
S&P could revise the outlook to stable if it revises the sovereign
outlook to stable.
S&P said, "If geopolitical risk alleviates and we see little chance
of disruption to exports, KMG's standalone creditworthiness could
improve further. This might happen if the company uses its
expanding positive free cash flow for deleveraging rather than
solely to finance higher dividends to the state. Still, this will
not translate into a higher overall rating, so long as the SACP is
below 'bbb-', three notches away from the current level."
ESG credit indicators: E-4, S-3, G-4
===================
L U X E M B O U R G
===================
SITEL GROUP: S&P Raises ICR to 'BB' on Stronger Credit Metrics
--------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on
Luxembourg-based customer experience providers Sitel Group SA and
its issue-level ratings on the company's senior secured debt to
'BB' from 'BB-' and removed all ratings from CreditWatch where it
placed them with positive implications on June 22, 2022.
The stable outlook reflects S&P's expectation for Sitel's leverage
to remain in the 3.25x-3.75x range in 2022 and 2023 while the
company gradually improves its EBITDA margin and generates healthy
levels of free operating cash flow.
Sitel Group and Majorel SA announced that they discontinued their
proposed merger discussions.
S&P said, "The upgrade reflects the company's EBITDA margin
expansion and improved leverage profile. We forecast Sitel's
adjusted EBITDA margin will approach 17% by the end of 2022,
resulting in leverage improving to about 3.75x, compared with
nearly 5x at the end of 2021. We attribute the margin improvement,
which is about a year earlier than our 2021 forecast, to Sitel
improving its mix of higher-margin offshore and near-shore labor,
which is more cost efficient for lower value-add solutions.
"In addition, we view EBITDA margins as a good indicator of the
complexity and value of services provided, fixed-cost leverage, and
execution and technology prowess. Companies like Sitel that can
offer global and multilanguage services, have integrated business
workflows, and generate a higher mix of value-added nonvoice
digital services typically command better pricing and depend less
on expensive human capital to drive operating leverage and growth.
Still, Sitel's profitability remains below that of its largest
peer, Teleperformance, which has consistently operated with
adjusted EBITDA margins in the 20% area for several years. We
credit this to many factors, including its mix of higher-margin
services, pricing power generated from its larger scale, and a
higher percentage of revenue generated by offshore and near-shore
labor.
"We expect prudent financial risk tolerance from Sitel's owners.
The Mulliez family privately owns the company through its Creadev
investment fund, which has historically held a long-term growth
strategy for its investments and had not raised debt at its
portfolio companies to fund dividends. While we expect the customer
experience industry to consolidate, we expect Sitel will use a
combination of debt and equity to avoid increasing leverage above
4x on a sustained basis. Before the 2021 acquisition of Sykes
Enterprises, Sitel operated with leverage below 2x. We also believe
ownership's low tolerance for high leverage is supported by the
proposed terms for its terminated merger with Majorel, which
included debt and equity financing and would have resulted in
reduced leverage.
"We expect Sitel will continue to reduce net leverage toward the
low-to mid-3x area in 2023 through EBITDA growth and cash flow
generation. We expect the company to generate about $150
million-$200 million of free operating cash flow annually.
"Sitel operates in the fragmented and price competitive customer
engagement business process outsourcing (BPO) industry with low
barriers to entry; however, we view its relatively large scale,
global footprint, and diverse service end markets favorably. Sitel
is the third-largest company in the customer experience industry,
behind Teleperformance SE and Concentrix. Its revenue base is about
$4 billion and holds about 5% market share, below that of
Teleperformance (over $8 billion of revenue in 2021; over 7% market
share). The company's global footprint gives it the ability to
serve the needs of large multinational clients by providing
at-scale onshore, near-shore, and offshore service options and
modern customer engagement and digital workflow solutions. Sitel's
global reach extends to over 140 locations in over 40 countries
with services in over 50 languages. We view its global presence and
language capabilities as a key competitive advantage versus smaller
peers in the global customer relationship management (CRM)
industry, considering the cross-border operations of the group's
blue-chip clients in many industries. We also expect Sitel to lean
on this advantage to limit the impact of wage inflation and high
employee attrition in the current macroeconomic environment by both
increasing its mix of lower-cost offshore and near-shore labor and
passing on a portion of higher input costs to its customers.
"The industry has considerable pricing pressure on traditional
activities such as call-center-based services with voice
interactions, which accounts for about 75% of Sitel's revenue. We
believe the company can leverage its embedded position and customer
insights to broaden its solutions to more value-added solutions
such as nonvoice interactions, robotics process automation, revenue
cycle management, etc.
"We expect favorable industry conditions for scaled customer
engagement companies. We believe only 25% of the market is
outsourced, which provides a long-term opportunity to add clients
operating in-house. Sitel's scale positions the company well, as
more in-house operators turn to outsourcing to improve efficiency.
We also believe the industry could benefit from increased levels of
outsourcing in an economic downturn. We think scaled companies can
expand beyond call centers and leverage their digital workflows to
broader their CRM solutions or more easily expand into growing
industry verticals such as e-commerce, health care, government,
etc.
"We expect Sitel to be acquisitive over the next two to three
years, which could result in ongoing integration risks. While Sitel
has completed the majority of the integration of Sykes Enterprises,
large acquisitions take significant time and resources to fully
integrate systems. In January 2022, Sitel had a security breach
affecting a portion of its legacy Sykes network, which hadn't yet
been fully integrated with Sitel's systems. Security breaches like
this increase reputational risk, which could translate into client
renewal challenges and modestly higher operating costs to resolve
the cyber incident. Although we have not seen a material
operational or financial impact to date, we are continuing to
monitor the company's operating performance to determine whether
the breach results in lower customer retention rates, pricing
pressure, or lower new client win rates.
"The stable outlook reflects our expectation for Sitel's leverage
to remain in the 3.25x-3.75x range in 2022 and 2023 while the
company gradually expands its EBITDA margin and generates healthy
levels of free operating cash flow."
S&P's could lower the ratings if the company's leverage increased
above 4x on a sustained basis, likely due to:
-- Large debt-financed acquisitions or other shareholder-friendly
initiatives that keep leverage elevated but do not significantly
improve our view of Sitel's business risk;
-- Adjusted EBITDA margin compression to the low-double-digit
percent area on a sustained basis; or
-- Reputational damage from poor service or recurring data
breaches leading to client losses or additional costs;
While unlikely over the next 12 months, S&P could raise the rating
on Sitel if the company reduced leverage below 3x on a sustained
basis, likely due to:
-- Improving operating performance and EBITDA margins driven by
growth through new and existing clients, improved pricing power,
increasing the mix of offshore and near-shore labor, and an
increase in sales of higher value-added services; and
-- A commitment to debt repayment with its strong cash flow
generation.
ESG credit indicators: E2, S3, G2
S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis of Sitel, reflecting the potential
for personal data and security breaches. We see these as risks for
CRM service providers in general. Such risks could arise through
increased regulatory oversight and fines or reputational damage,
affecting a firm's competitive advantage. While we do not assess
Sitel as demonstrating company-specific weaknesses in the
processing of large volumes of client data relative to other CRM
providers, the company had a security breach on a legacy network of
an acquired business in January 2022. To date, we do not believe
the breach has had an operational or financial impact on the
business."
=====================
N E T H E R L A N D S
=====================
VINCENT TOPCO: S&P Affirms 'B-' LT ICR & Alters Outlook to Stable
-----------------------------------------------------------------
S&P Global Ratings revised the outlook to stable from negative and
affirmed its 'B-' long-term issuer credit rating on Dutch caterer
Vincent Topco BV (Vermaat). We also affirmed our 'B-' issue level
rating on the first-lien debt.
The stable outlook indicates improving volume growth and margins
will support positive cash generation in the next 12-18 months. In
addition, S&P expects the company's liquidity position will remain
adequate over this period.
Vermaat had a better-than-expected 2021, which is continuing into
2022 as it outperforms its year-to-date budget and integrates its
acquisitions. The company's volume rebound supported topline growth
in 2021 to almost 50% on the prior year and, coupled with a better
EBITDA aided by additional government support through the NOW
program in The Netherlands, improved adjusted leverage to around
15x compared with the 24x S&P previously anticipated. The
government provided the NOW support during the height of social
distancing and restrictions as a result of the COVID-19 pandemic.
Since the easing of pandemic-related restrictions in February 2022,
the company has seen strong recovery across most of its business
segments and outperformed its budget by around 10% in the first
half of 2022. The additional government support in 2021 supported a
higher margin base but, with the rebound of volumes in 2022,
Vermaat has been able to narrow the gap on margins in each quarter
of 2022. S&P Said, "However, we expect some margin pressure
compared with our previous base case, as management continues to
find efficiencies in improving volumes and integrating
acquisitions. But we do not expect this margin pressure to prevent
the company from deleveraging below 10x in 2022."
S&P said, "We believe that Vermaat is well positioned to address
continuing inflationary and macroeconomic pressures. Vermaat's
contracts incorporate a number of downside protection measures
including a profit-sharing mechanism on lease agreements and a
mixture of cost plus and fixed price contracts, with some
index-linked pass throughs incorporated on the corporate
agreements. Management renegotiated a number of contracts during
the pandemic to support margins and we expect management will
actively manage the inflationary environment in the coming years.
In addition, Vermaat sources the majority of its products from its
largest supplier, where it has a volume-based agreement, supporting
improved purchasing power. We think that Vermaat's recent
acquisitions should also contribute to the increase in volumes
within this agreement. The company can also adapt to price
increases by incorporating alternative ingredients or adapting
menus to mitigate margin pressure."
Vermaat's liquidity remains adequate. The rebound in volumes
has--to date--allowed most segments to bridge the gap to 2019
revenue levels, which supports continued cash generation. S&P
expects cash flow will remain modest but positive in 2022 and
improve further in 2023 with no further requirements to draw on the
revolving credit facility (RCF) in the near term. This ensures
sufficient headroom on covenants and supports our continued
assessment of adequate liquidity.
S&P said, "The stable outlook reflects our expectation that Vermaat
has an adequate liquidity position to support the business over the
next 12 months. In addition, we expect a continued rebound in
volumes and margins which should support deleveraging over the
coming 12-18 months.
"We could downgrade the company if operational performance weakens
more than expected amid additional waves of the COVID-19 pandemic,
or there is a more structural change to working from home in the
longer term."
Lower discretionary spending could reduce demand across various
segments, which might further strain credit metrics and lead to
greater negative FOCF, tightening liquidity, and, in turn, a lower
rating.
In addition, S&P could consider a downgrade if it deems the capital
structure unsustainable, with leverage sustained above 10x.
S&P could consider an upgrade if business operations resumed
quicker than anticipated with the company generating greater than
anticipated EBITDA, resulting in adjusted debt to EBTIDA of below
7.5x on a sustained basis, funds from operations interest coverage
around 2.0x, and improved and sustained FOCF trending above EUR20
million.
ESG credit indicators: To E-2, S-3, G-3;From E-2, S-4, G-3
S&P said, "We now consider social factors as only moderately
negative in our credit rating analysis of Vermaat. We see strong
recovery in revenue and cash flow because the effects of
pandemic-related restrictions are reducing and the demand for
catering services in corporate, leisure, travel, and events has
largely resumed. Nonetheless, the moderately negative assessment
indicates that new virus variants could result in new restrictions
in the short term. More generally, we think the sector will remain
sensitive to health and safety issues. At the peak of the pandemic,
Vermaat's revenue halved in 2020 compared with 2019, as a result of
the pandemic- and volume-related restrictions. The company
continues to regain volumes as locations reopen with reducing
restrictions across most business segments. We continue to view
governance as moderately negative, given the financial sponsor
ownership of the company."
=========
S P A I N
=========
GRIFOLS SA: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Grifols, S.A. (Grifols) and its
subsidiaries Grifols Worldwide Operations USA, Inc and Grifols
Worldwide Operations Limited at 'BB-' Long-Term Issuer Default
Ratings (IDR) with Stable Outlook.
Grifols' 'BB-' IDR is materially constrained by the company's high
financial leverage given its aggressive financial policy and
debt-funded expansion strategy. Rating strengths are a strong
business profile underpinned by sizeable cost-efficient operations,
leading global market positions across its core plasma-derived
medical products and healthy cash flow margins.
The Stable Outlook reflects its expectation of steady deleveraging
in 2023 and 2024 after very high leverage in the last two years,
due to pandemic-driven operating underperformance and its
debt-funded acquisition of Biotest AG. Fitch forecasts deleveraging
towards total net debt/EBITDA of 4.5x in 2024 from a
pandemic-disrupted level of around 7.4x in 2022. This will be
supported by a conservative financial policy along with a
successful integration of Biotest leading to new product launches
and operating synergies, against the backdrop of receding pandemic
pressures.
KEY RATING DRIVERS
High Leverage, Steady Deleveraging: Grifols' ratings are
constrained by its high leverage with total debt/EBITDA projected
to peak at 7.9x (net 7.4x) in 2022, albeit in line with our
forecasts. This reflects the combination of a large debt-funded
acquisition of Biotest completed earlier this year, and a
pandemic-related slump in profitability in 2021 from which it is
gradually recovering. Fitch’s view the currently aggressive
leverage as temporary, and project deleveraging to 6.0x gross (5.6x
net) in 2023 and below 5.0x (4.5x) in 2024, which Fitch’s view as
commensurate with the 'BB-' IDR. Execution risk on integrating
Biotest or a relaxed financial policy could lead to a negative
rating action.
No Rating Headroom, Financial Policy Key: The rating is predicated
on Grifols' management remaining committed to a disciplined
financial policy prioritising deleveraging over shareholder
distributions, share buybacks or large M&As. The Stable Outlook is
based on near-term deleveraging prospects and the company's public
commitment to reducing net leverage to 4.0x before any dividend
payments would be made. Fitch does not expect Grifols to make any
large asset disposals to repay debt, despite having the capacity to
do so.
Timely Product Launches Critical: The timely integration of Biotest
with new product launches now delayed by one year to 2024/2025
remain critical to a structural EBITDA margin improvement. Fitch
expects EBITDA margin to rise towards 29% by 2025 (Fitch-defined,
excluding IFRS 16) from the pre-pandemic level of 27%, driving
deleveraging and free cash flow (FCF). Fitch sees moderate
execution risks, given Biotest's asset-intensive operations and
risks associated with the commercialisation of new plasma proteins.
Persisting execution challenges may signal more profound
operational issues and would put Grifols' ratings under pressure.
Healthy FCF: The rating reflects Grifols' intrinsic cash-generative
profile, excluding the impact of the pandemic, with mid-to-high
single-digit FCF margins (low teens before dividends). This
counterbalances its leveraged balance sheet and sets the company
apart from lower-rated sector peers, which is captured in Grifols'
rating sensitivities. Inability to maintain this FCF profile from
2023 would signal a weakening business profile, which combined with
its already stretched financial leverage, would no longer support
its 'BB-' IDR.
Recovering Plasma Volumes, Cost Pressures: Rebounding plasma
collection volumes have enabled a partial recovery of operating
profitability, which together with price increases and favourable
foreign-exchange (FX) changes, should lift EBITDA margin above 20%
for 2022 (Fitch-adjusted, excluding IFRS 16). Improving volumes and
scale-driven efficiencies in 2023 from the integration of Biotest
will contribute to further EBITDA margin improvement to 24.5%.
Fitch expects this to rise further towards 29% in 2025 on new
product launches and improved plasma economics. These forecasts
are, however, down from our previous estimates of over 30%,
reflecting sustained inflation pressures.
Leading Company in Attractive Niche: The rating reflects Grifols'
meaningful position in the plasma-derivatives market, which Fitch
estimates to grow at 8%-9% a year on the use of plasma proteins for
manufacturing of biologic drugs for existing and new treatments.
The plasma derivatives market benefits from barriers to entry due
to the complex and highly regulated collection, handling and
processing of plasma, the importance of scale given the sector's
high capital intensity, as well as reliable access to the key raw
material of blood plasma.
Niche-Specific Pressures: Compared with innovative pharmaceuticals,
the plasma-derivative niche is more exposed to cost and price
pressure given a chronically under-supplied plasma market and
little product differentiation between manufacturers of
plasma-derived medicines, with intellectual property protection of
less relevance. As one of the larger sector constituents, Grifols
is well-placed to defend its competitive market position through
its vertical integration securing plasma supply and running
cost-efficient operations.
Concentrated Portfolio, Accretive Biotest Acquisition: In Fitch’s
view, Grifols remains a medium-sized manufacturer with a
concentrated product portfolio (about 80% of revenue and EBITDA
generated from plasma derivatives) and high exposure to the US
market (about 60% of revenue). The acquisition of Biotest has
strengthened Grifols' product pipeline and innovation capabilities,
in addition to broadening its scale, geographic footprint and
profitability in the near term.
Superior Recoveries for Secured Creditors: Fitch continues to rate
Grifols' senior secured debt at 'BB+', two notches above the IDR,
reflecting its category 2 first-lien debt class under Fitch's
Corporates Recovery Ratings and Instrument Ratings Criteria, which
translates into a Recovery Rating of 'RR2'. However, the senior
unsecured debt issued by Grifols and its subsidiaries are deemed a
subordinated debt class, rated 'B+', one notch below the IDR, with
a Recovery Rating of 'RR5'.
DERIVATION SUMMARY
Fitch rates Grifols using the framework of the Ratings Navigator
for Generic companies.
Grifols stands out as an issuer within the non-investment grade
space with a compelling business model in terms of its global
market position in core products, strong operating profitability
and FCF generation. This is counterbalanced by a heavy reliance on
the performance on four main plasma-derived medicinal products that
are responsible for well over 50% of its sales. Its financial risk
is the main rating constraint, with gross debt/EBITDA projected to
remain above 5.0x (net 4.5x) until 2024.
Fitch compares Grifols with other 'BB' category life sciences peers
such as Synlab AG (BB/Stable) and Avantor Funding Inc.
(BB/Positive). Both companies are similar in revenue to Grifols,
although Avantor's margins are lower than both Synlab's and
Grifols'. However, both peers have significantly lower
indebtedness, which underpin their one-notch higher ratings.
Other pharma peers such as Grunenthal Pharma GmbH & Co
Kommanditgesellschaft derive its 'BB'/Stable rating from its very
conservative financial risk profile and financial policy, combined
with healthy cash flows. On the other hand, lower rated peers such
as European Medco Development 3 S.a.r.l. (B/Stable) have a
significantly smaller scale, which constrain its ratings despite
higher profitability.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Double-digit revenue growth in 2022 and 2023, fostered by
increased plasma supply, FX gains, and the integration of
Biotest. Mid-single-digit organic revenue growth in 2024 and
2025
- Gradual recovery of EBITDA margin (excluding the contribution
of associate Shanghai RAAS) to above 20% in 2022 from 16% in
2021, albeit still hampered by high costs. EBITDA margin to
rise further to 24% in 2023, and above 28% in 2024-2025, as
raw-material costs normalise and Biotest's new products are
launched
- Working-capital outflows averaging EUR200 million over 2022-
2023, increasing to EUR250 million after the launch of new
products in 2024-2025
- Annual capex of about EUR300 million-EUR350 million during
2022-2025
- Bolt-on acquisitions of EUR100 million in 2022 (excluding the
Biotest acquisition), EUR150 million in 2023, and EUR500
million in 2024-2025
- No cash dividend paid in 2022-2024, followed by a 30% dividend
pay-out in 2025
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Total debt/EBITDA below 4.0x (net 3.5x) or FFO gross leverage
below 5.0x (net 4.5x)
- Cash flow from operations (CFO) less capex/total debt with
equity credit sustainably above 7.5%
- Increased product diversification, reducing reliance on plasma
derivatives
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Total debt/EBITDA failing to decline below 5.0x (net 4.5x) or
FFO gross leverage to below 6.0x (net 5.5x) beyond 2023
- (CFO less capex)/total debt with equity credit sustainably
below 5%
- Biotest integration challenges, delays in new product launches
or weakened cost management leading to weaker sales and
inability to improve EBITDA margins (Fitch-defined, excl. IFRS
16) to above 24% beyond 2023
- Low single-digit FCF margin on a sustained basis
- EBITDA/interest paid persistently below 3.5x or FFO interest
coverage persistently below 3.0x
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Fitch said, "We assess Grifols' liquidity
headroom as adequate, with no significant debt maturities until
2025 and sufficient balance-sheet cash of EUR525 million and USD1
billion in an unutilised revolving credit facility as of June 2022.
We expect the company will continue deleveraging organically,
driven by positive FCF (mid-single-digit FCF margin in 2022,
followed by high single digits to 2025)."
ISSUER PROFILE
Grifols is a global company specialising in the hemotherapy/plasma
derivatives sector, which treats diseases using blood
components/proteins derived from human plasma.
ESG CONSIDERATIONS
Grifols has an ESG Relevance Score of '4' for governance structure
and group structure due to the company's concentrated ownership and
a complex group structure with some material related-party
transactions, both of which have a negative impact on the credit
profile and are relevant to the rating in conjunction with other
factors. In Fitch’s view, the concentrated family ownership has
favoured long-term growth at the expense of high indebtedness for a
listed company. In addition, complex related-party business
transactions with entities related to the family exist, albeit
conducted at arm's length.
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.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Grifols Escrow Issuer,
S.A.U.
senior unsecured LT B+ Affirmed RR5 B+
Grifols, S.A. LT IDR BB- Affirmed BB-
senior unsecured LT B+ Affirmed RR5 B+
senior secured LT BB+ Affirmed RR2 BB+
Grifols Worldwide
Operations USA,
Inc LT IDR BB- Affirmed BB-
senior secured LT BB+ Affirmed RR2 BB+
Grifols Worldwide
Operations Limited LT IDR BB- Affirmed BB-
senior secured LT BB+ Affirmed RR2 BB+
INTERNATIONAL PARK: S&P Affirms 'B-' ICR, Outlook Negative
----------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer credit and
issue ratings on PortAventura's parent entity International Park
Holdings B.V. (IPH).
S&P said, "The outlook remains negative, reflecting that we could
lower our ratings on IPH if we assess the group's capital structure
as unsustainable in the context of the company's free operating
cash flow (FOCF) profile, or if its liquidity weakens. This could
stem from increased refinancing risk in the next two years, with
its term loan B (TLB) coming due in June 2024 and/or a combination
of weak macroeconomic sentiment amid challenging capital markets."
Refinancing risk has increased for the EUR620 million TLB due June
2024, while liquidity remains adequate for now.
The company has successfully renegotiated for the maturity of most
of its EUR50 million RCF to be extended by up to three years, from
June 2023 currently, improving liquidity. S&P said, "However,
refinancing risk remains because the EUR620 million TLB due 2024 is
below our weighted average maturity of less than two years, which
is reflected in our assessment of a negative capital structure
modifier. Following the renegotiation of the RCF we expect
PortAventura to address the upcoming maturity in a timely manner.
We note that the company has reported record performance during
this year's high season and we understand that management is
seeking an opportune moment to refinance amid the current
volatility in the capital markets." Supported by PortAventura's
unique asset base comprising of three theme parks and six four- and
five-star hotels in Tarragona and the strong brand equity of
PortAventura Park and Ferrari Land, alongside a solid operational
track record, our base case assumes that the company should be in a
position to manage its upcoming maturities.
Sustained demand dynamics in first-half 2022 has paved the way for
deleveraging toward 6.5x-7.0x by year end, from 12x in 2021. As of
end-August 2022, while year-to-date park visits were 4% below 2019,
all other KPIs such as room nights (+7%), park spend (+10%) and
revenue per available room (revpar; +12%) exceeded 2019 levels.
Demand was buoyed by the pent-up demand for outdoor leisure
activities and household savings accumulated over the last two
years. S&P said, "The company has performed ahead of our topline
expectations, and we have therefore adjusted our revenue
projections accordingly to exceed 2019 levels. Despite the negative
effects of inflation and reopening post lockdowns, company-adjusted
EBITDA margins in first-half 2022 were 36.5% compared to 39.2% in
first-half 2019. We expect this performance will see its S&P Global
Ratings-adjusted debt to EBITDA reduce to 6.5x-6.7x in 2022 from
12x in 2021. Concurrently, the company has also managed to meet its
compliance covenants, rendering non-compliance risk remote at this
point."
S&P said, "Eroding real incomes and inflation will reduce cash
flows and keep credit metrics elevated in 2023-2024.
Notwithstanding a robust 2022, we expect park visits and hotel
nights to moderately decline in 2023 on the back of weakening
household purchasing power. This should be somewhat offset by an
increasing per-person spend that we expect will be somewhat buoyed
by efforts to partially pass on inflation through price increases.
Subsequently, we expect margin pressure in 2023-2024 to bring
EBITDA margin down to 40%-42% from the about 43% we forecast for
2022. We expect a reduction in capital expenditure (capex) of EUR30
million-EUR35 million over 2023 and 2024, which should support FOCF
after leases. As such, leverage will remain elevated at 6.5 x-7.0x
in 2022 and 2023 and FOCF after leases will be EUR20 million-EUR30
million over the forecast period.
"The negative outlook reflects the increasing refinancing risk in
the next two years amid weakening consumer sentiment. We expect an
operating recovery this year and some topline volatility in the
medium term on the back of a potential reduction in discretionary
spending. This could see revenues grow by about 60% this year
before slowing down by about 5% in 2023, therefore leading
deleveraging to 6.5x-7.0x in 2022 and 2023 from 12x in 2021."
S&P could lower the ratings if PortAventura:
-- Does not address the upcoming maturity of its TLB due in June
2024 and earliest potential maturity of the RCF due in January 2024
in a timely manner; or
-- Does not achieve S&P's base case, resulting in stressed
liquidity in which the sources and uses ratio for the next 12
months drops to nearly 1.0x, or a potential covenant breach. This
could occur, for example, because of more adverse recessionary and
consumer environment than it expects, combined with a lack of
supportive measures from the financial sponsors.
S&P said, "We could revise the outlook to stable if PortAventura is
able to launch and complete the TLB refinancing in a timely manner,
mitigating its refinancing risk, and if the group's operating
performance continues to recover such that we can see a clear path
for its S&P Global Ratings-adjusted debt to EBITDA to drop
sustainably below 7.5x. An outlook revision would also hinge on
PortAventura maintaining a sound liquidity position and prudent
capex such that FOCF after leases remained broadly neutral."
ESG credit indicators: E-2, S-3, G-3
S&P Said, "Social factors are a moderately negative consideration
in our credit rating analysis of International Park Holding. During
the pandemic, the company had to close its parks and hotels, which
led to a sharp 80% drop in revenue in 2020. PortAventura's business
proved its resilience once restrictions were lifted. We expect
attendance to recover to 2019 levels by end-2022, supported by
pent-up demand. Yet the company's asset concentration and single
geography accentuate its exposure to local health and safety risks,
which could result in future business disruption. Governance
factors are a moderately negative consideration, as is the case for
most rated entities owned by private-equity sponsors. We believe
the company's highly leveraged financial risk profiles 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."
===========
S W E D E N
===========
ROAR BIDCO: Fitch Alters Outlook on 'B' LongTerm IDR to Stable
--------------------------------------------------------------
Fitch Ratings has revised Roar Bidco AB's (Recipharm) Rating
Outlook to Stable from Positive, and has affirmed the group's
Long-Term Issuer Default Rating (IDR) at 'B'. The agency has also
affirmed Recipharm's EUR1,115 million first-lien term loan B (TLB)
rating at 'B+' with a Recovery Rating of 'RR3'.
The Outlook revision to Stable reflects the group's recent
under-performance versus our prior expectations alongside a weaker
free cash flow (FCF) profile due to higher interest costs and hefty
investments over 2022-2023. Further underperformance versus Fitch's
updated rating-case assumptions would lead to negative rating
action.
Overall the company is adequately positioned to weather a potential
stagflation by passing on cost increases to customers and to
continue to deliver revenue growth supported by solid demand and a
resilient business model.
The 'B' IDR is constrained by high financial leverage, which Fitch
projects to remain above 7.5x in 2022-2023, a highly competitive
contract development manufacturing organisation (CDMO) market, and
a temporarily weaker FCF profile. Positively, high barriers to
entry, regulatory approvals and high switching costs provide for a
sticky customer base, which supports the rating.
KEY RATING DRIVERS
Weaker-than-Expected Financial Performance: Trading performance
over the last 12 months has been weaker than Fitch's expectations.
This was due to delays to product release on quality issues and
some customer-project postponements, a lack of demand for
antibiotics (Covid-19 disruption) combined with increased raw
material and energy costs hitting sales and earnings generation.
Fitch forecasts that Covid-19 related disruption will abate, but
remain cautious about Fitch's earnings projections, particularly in
the near term, as energy costs account for roughly 5% of total
costs. Fitch forecasts that Fitch-adjusted EBITDA margins
(including the initially loss-making Biologics business) will
remain below 15% until 2024.
Financial Leverage to Remain High: Total debt/EBITDA has remained
high following the leveraged buy-out of Recipharm by EQT and
founders in 2021, and is projected to remain above 7.5x in
2022-2023, which is weak for the rating. Fitch believes the
underlying business has deleveraging potential and Fitch forecasts
deleveraging towards 5.5x by 2025, as inflationary pressures ease
and the group's cost base normalises. However, failure to improve
Fitch-adjusted EBITDA margins above 15% by 2024, combined with
neutral or volatile FCF generation, could prompt further negative
rating action.
Strong Revenue Visibility: The rating remains predicated on strong
revenue visibility and high barriers to entry, particularly in more
complex product areas where the manufacturing process is harder to
replicate. Setting up a contract manufacturer requires significant
capex, as well as technological knowledge, regulatory approvals and
time to build reputation. Reliability of CDMOs is key for pharma
companies as switching suppliers can be high-risk and
time-consuming. These factors, combined with the long life-cycle of
pharma products (typically 10+ years), translate into high revenue
visibility for Recipharm with a record in maintaining its customer
base, which is a key rating driver.
Fragmented Market; Large-Scale Customers: The CDMO market is
fragmented with the 10-largest manufacturers accounting for less
than 20% of the overall market. Following the acquisition of
Consort Medical in 2020, Recipharm is the fourth-largest CDMO
globally in sales but still represents only 1%-2% of the total
global market. Large global pharma customers typically have strong
bargaining power in new contract negotiations, especially in
high-volume generics. This is mitigated by Recipharm's strategic
focus on faster-growing, more technologically innovative advanced
delivery systems, plus sterile and development services
(representing 55% of sales).
Long-Term Structural Drivers: Fitch said, "We forecast that overall
market demand will continue to grow in the low to mid-single-digit
percentages, with higher pricing in more technologically complex
product areas, which will support Recipharm's deleveraging. The
global CDMO market, estimated at around EUR90 billion, is supported
by a growing trend of pharmaceutical companies outsourcing
production (opting for more asset-light business models to focus on
core activities, R&D, marketing and sales), as well as long-term
macro drivers of an ageing population, growing healthcare demand
and new drug development."
DERIVATION SUMMARY
Fitch rates Recipharm according to its global Generic Rating
Navigator. Under this framework, the business profile of Recipharm
is supported by resilient end-market demand, a continued
outsourcing trend and high entry barriers, with high switching
costs and strong revenue visibility. The rating is constrained by
its overall limited scale in a fragmented and competitive CDMO
market with high financial leverage.
Fitch regards capital- and asset-intensive businesses such as
PharmaZell (European Medco Development, B/Stable), Ceva Sante
(Financiere Top Mendel SAS, B/Stable) and privately rated CDMOs as
the closest peers to Recipharm as they all rely on ongoing
investments to grow at or above market and to maintain operating
margins.
Recipharm enjoys stronger profitability and scale than most
privately-rated CDMO peers. It also has a stronger business
profile, focused on prescription-drug manufacturing, steriles and
delivery systems with IP rights.
Recipharm's and Ceva Sante's business scale and diversification
support higher debt capacity than the more specialised PharmaZell,
which has around 0.5x-1.0x lower 2022 leverage, (measured as total
debt/ EBITDA) for the same rating. Recipharm has lower FCF
generation than Ceva Sante (owing to higher capex) and a more
stable contracted business model than Ceva Sante.
In Fitch's wider rated pharmaceutical portfolio, Nidda BondCo GmbH
(Stada, B/Negative) is around 3x the size of Recipharm, with total
debt/EBITDA projected to remain 8.0x-9.0x through 2023 (versus
7.0x-8.0x for Recipharm).
KEY ASSUMPTIONS
- Revenue growth of around of 15% in 2022 followed by mid-to-high
single digits to 2025
- EBITDA margin to decline to 15% in 2022 and 14% in 2023 due to
the loss-making Biologics division and cost inflation, before
gradually improving towards 18% in 2025
- Capex at 12% of sales in 2022, 8% in 2023, before returning to
historical levels (around 6%) until 2025
- Small working-capital outflows of EUR5 million per annum to
2025
- No large debt-funded M&A or shareholder distributions to 2025
KEY RECOVERY ASSUMPTIONS
Its recovery analysis assumes that Recipharm would be reorganised
as a going-concern (GC) in bankruptcy rather than liquidated.
The EUR164 million (SEK1,750 million-equivalent, unchanged from
last update) GC EBITDA reflects stress assumptions from weak
operating performance with regulatory issues or increased
competition leading to deteriorating margins. The assumption also
reflects corrective measures taken in reorganisation to offset the
adverse conditions that trigger the default.
An enterprise value (EV) multiple of 6.0x is applied to the GC
EBITDA to calculate a post-reorganisation EV. The choice of this
multiple is based on positive market fundamentals, strong revenue
visibility with long-term customer contracts and high switching
costs, but also some traits of commoditisation within solids.
Recipharm's SEK3 billion (EUR293 million-equivalent) revolving
credit facility (RCF) is assumed to be fully drawn upon default. It
has around EUR12 million-equivalent of prior-ranking local
facilities. The RCF and EUR1,115 million first-lien TLB rank
pari-passu between themselves, and senior to a GBP228 million
second-lien term loan in the debt waterfall.
Assuming a 10% administrative claim, the allocation of value in the
liability waterfall results in recoveries corresponding to 'RR3'
for the first-lien RCF and TLB. This indicates a 'B+' instrument
rating for the first-lien TLB with a waterfall-generated recovery
computation (WGRC) of 62% (previously 64%) based on current metrics
and assumptions.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Larger scale, increased high tech offering or increased
geographical diversification while maintaining EBITDA margin
sustainably above 20%
- FFO gross leverage sustainably below 6.5x or total debt/EBITDA
below 5.0x
- FCF margin at mid-to-high single digits
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Weak operating performance, product or regulatory issues or
change in M&A or investment discipline leading to weaker EBITDA
margin
- FFO gross leverage sustainably above 8.0x or total debt/EBITDA
above 6.5x
- Neutral to low single-digit FCF margin, reducing liquidity
headroom
LIQUIDITY AND DEBT STRUCTURE
Liquidity Remains Satisfactory: As of end-June 2022 cash on balance
sheet of EUR129 million was complemented by a fully undrawn RCF of
around EUR290 million (SEK3 billion). Fitch believes the group's
liquidity position is adequate to cover higher interest costs as
well as its ambitious investment plans, which include capacity
enhancement investments in its fill-and-finish production
facilities for vaccines and other products.
Although its assessment of liquidity is satisfactory, Fitch expects
weaker cash flows, with negative FCF expected in 2022-2023 before
it returns to positive in 2024 as inflationary pressures ease and
capex normalises. The group has a manageable debt maturity profile
with its first TLB maturity in April 2028.
ISSUER PROFILE
Recipharm, headquartered in Sweden, is a leading European CDMO
acquired by EQT and founding shareholders via the acquisition
vehicle Roar BidCo AB in 1H21.
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.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Roar BidCo AB LT IDR B Affirmed B
senior secured LT B+ Affirmed RR3 B+
===========
T U R K E Y
===========
TURKIYE EMLAK: Fitch Affirms 'B-/B' LongTerm IDRs, Outlook Neg
--------------------------------------------------------------
Fitch Ratings has affirmed Turkiye Emlak Katilim Bankasi A.S.'s
(Emlak Katilim) Long-Term Foreign-Currency (LTFC) Issuer Default
Rating (IDR) at 'B-' and Long-Term Local-Currency (LTLC) IDR at
'B'. The Outlooks are Negative.
KEY RATING DRIVERS
Emlak Katilim's LTFC IDR is driven by its Viability Rating (VR), or
standalone creditworthiness, reflecting the bank's limited
franchise and concentration of operations in the volatile Turkish
market, still fairly untested business model in light of its fairly
short length of operations, rapid growth and concentration risk.
Fitch considers core capitalisation weak for the bank's risk
profile. However, refinancing risks are mitigated by the bank's
fully deposit funded funding base.
At 'B-', the Negative Outlook on the bank's LTFC IDR reflects both
that on the sovereign and heightened operating environment risks.
Fitch does not factor government support into Emlak Katilim's LTFC
IDR, despite the bank's state ownership and strategic importance as
an Islamic bank to the authorities. This is due to the sovereign's
weak financial flexibility to provide support in FC given Turkey's
weak external finances and sovereign foreign-exchange reserves.
However, the bank's 'B' LTLC IDR is equalised with the sovereign on
the basis of state support, one notch above its LTFC IDR,
reflecting Fitch’s view of a higher sovereign ability to provide
support, and a lower risk of government intervention, in local
currency (LC). The Negative Outlook on the bank's LTLC IDR reflects
that on the sovereign.
The bank's 'B' Short-Term IDR is the only possible option in the
'B' Long-Term IDR category.
Emlak Katilim's National Rating reflects the bank's state ownership
and is affirmed at 'AA(tur)'/Stable, in line with other state-owned
commercial banks, reflecting its view that its creditworthiness in
LC relative to other Fitch-rated Turkish issuers' remains
unchanged.
Operating Environment Risks: Emlak Katilim's operations are
concentrated in the volatile Turkish market characterised by
increased macroeconomic and external risks amid policy uncertainty,
spiralling inflation, external financing weaknesses due to a
widening current account deficit, and weak international reserves.
Multiple new macroprudential regulations imposed on banks aimed at
promoting the government's policy agenda in the absence of monetary
policy further add to the risks and challenges of operating in
Turkiye.
Rapid Growth, Seasoning Risks: Emlak Katilim has grown rapidly from
a low base since its establishment in 2019, but accounted for just
0.5% of banking sector assets at end-1H22. The bank's long-term
growth prospects are underpinned by its state ownership and the
strategic importance of participation banking to the authorities.
It targets further high growth, with a focus on lira financing to
SMEs (a segment highly sensitive to the macro outlook), to
diversify its balance sheet and scale up its operations.
High Risk Appetite; Concentration Risks: Emlak Katilim's
non-performing financing and Stage 2 ratios were a low 0.8% and
0.3% at end-1H22, but should be viewed in light of its rapid growth
and fairly unseasoned portfolio. Credit risks are significant,
given the bank's still evolving credit underwriting framework,
seasoning and macro risks, high albeit below sector average FC
lending (30%), exposure to the troubled construction and real
estate sector, although this is declining (13% of total financing
at end-1H22), and single-name risks. Non-loan assets (mainly
Turkish government sukuk) comprised 22% of total assets at
end-1H22.
Unseasoned Financing Portfolio: Emlak Katilim's non-performing
financing ratio was a low 0.8% at end-1H22, but this should be
viewed in light of the bank's fairly unseasoned financing portfolio
and recent record of high growth. The bank's operations in the
volatile Turkish market and high concentration by single obligor
and sector puts further pressure on asset quality.
Volatile Profitability: The bank's profitability largely relies on
net financing income, which is likely to weaken due to lower CPI
gains and tighter spreads. Profitability remains sensitive to asset
quality weakening and concentration risk, while the high inflation
environment will continue to pressure costs. Emlak Katilim's
operating income/risk-weighted assets increased significantly to
7.7% at end-1H22 (end-2021: 1.1%) benefiting from lower interest
rates (as its liabilities reprice more quickly than its assets) and
high returns on CPI linkers.
Weak Core Capitalisation: Emlak Katilim's 12.9% common equity Tier
1 ratio at end-1H22 includes a 417bp uplift from regulatory
forbearance. In addition, the bank also benefits from alpha factor.
Fitch considers core capitalisation weak for the bank's growth,
sensitivity to lira depreciation and asset quality risks,
notwithstanding its assessment of ordinary state support for the
bank. At end-1H22, additional Tier 1 capital equal to 12% of
risk-weighted assets constituted a substantial qualifying junior
debt buffer but this is insufficient to result in uplift to Emlak
Katilim's ratings, due to the bank's very high leverage
(equity/assets ratio of 5.3% at end-1H22).
Mainly Deposit Funded: Customer deposits made up a high 89% of
total funding at end-1H22. In line with the sector average, 57% of
deposits were in FC, which heightens risks to FC liquidity in case
of sector-wide deposit instability, particularly given high
depositor concentration. FC liquidity mainly comprises FC cash and
placements in foreign banks and was enough to cover FC debts due
within one year, in addition to around 14% of FC deposits at
end-1H22. The bank has negligible FC wholesale funding exposure.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Emlak Katilim's LTFC IDR is sensitive to a change in its VR. The VR
could be downgraded due to further marked deterioration in the
operating environment, particularly if it leads to further erosion
of the bank's capital buffer, if not offset on a timely basis by a
state capital injection, or in its FC liquidity buffer, for example
caused by sector-wide deposit instability. The bank's VR is also
potentially sensitive to a sovereign downgrade.
Emlak Katilim's LTLC IDR could be downgraded if Turkey's LTLC IDR
was downgraded, Fitch believes the sovereign's propensity to
provide support in LC has reduced, or Fitch’s view of the
likelihood of intervention risk in the banking sector in LC
increases
The National Rating is sensitive to changes in the bank's LTLC IDR
and in its creditworthiness relative to other Turkish issuers.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Upside for the bank's ratings is limited in the near term given the
Negative Outlooks, Fitch’s view of government intervention risk
in the banking sector and the Negative Outlook on Turkey's
sovereign rating.
Government Support: Emlak Katilim's 'ns' GSR reflects the
sovereign's weak financial flexibility to provide support in FC,
given its weak external finances and sovereign foreign-exchange
reserves. This is despite us believing the government has a high
propensity to provide support, given Emlak's ownership, the
strategic importance of participation banking to the authorities
and the record of capital support.
VR ADJUSTMENTS
The Operating Environment score of 'b-' has been assigned below the
implied category score of 'bb' due to the following adjustment
reasons: Sovereign Rating (negative), Macroeconomic Stability
(negative).
The Earnings and Profitability score of 'b-' has been assigned
below the implied category score of 'bb' due to the following
adjustment reason: Earnings Stability (negative).
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
Emlak Katilim's ratings are linked to the Turkish sovereign rating
as it is sensitive to our assessment of country risks. In addition,
Emlak Katilim's LTLC IDR is linked to the Turkish sovereign rating
as it is equalised with the sovereign on the basis of state
support, one notch above its LTFC IDR, reflecting our view of a
higher sovereign ability to provide support, and a lower risk of
government intervention, in local currency.
ESG CONSIDERATIONS
Emlak Katilim's ESG Relevance Scores of '4' for Governance
Structure and Management Strategy (in contrast to a typical
Relevance Scores of '3' for comparable banks) reflects potential
government influence over its board's effectiveness and management
strategy in the challenging Turkish operating environment, which
has a moderately negative impact on the bank's credit profile, and
is relevant to the ratings in conjunction with other factors.
Emlak Katilim's ESG Relevance Governance Structure Score of '4'
also takes into account its status as an Islamic bank. Its
operations and activities need to comply with sharia principles and
rules, which entails additional costs, processes, disclosures,
regulations, reporting and sharia audit. In addition, Islamic banks
have an exposure to social impacts relevance score of '3' (in
contrast to a typical ESG relevance score of '2' for comparable
conventional banks), which reflects that Islamic banks have certain
sharia limitations embedded in their operations and obligations,
although this only has a minimal credit impact on Islamic banks.
The ESG Relevance Management Strategy score of '4' also reflects
increased regulatory intervention in the Turkish banking sector,
which hinders the operational execution of management strategy,
constrains management ability to determine strategy and price risk
and creates an additional operational burden for banks. This has a
moderately negative credit impact on the bank's rating in
combination 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
entities, either due to their nature or to the way in which they
are being managed by the entities.
Entity/Debt Rating Prior
----------- ------ -----
Turkiye Emlak
Katilim Bankasi
A.S. LT IDR B- Affirmed B-
ST IDR B Affirmed B
LC LT IDR B Affirmed B
LC ST IDR B Affirmed B
Natl LT AA(tur) Affirmed AA(tur)
Viability b- Affirmed b-
Government Support ns Affirmed ns
VAKIF KATILIM: Fitch Affirms 'B-' Foreign Currency IDR
------------------------------------------------------
Fitch Ratings has affirmed Vakif Katilim Bankasi A.S.'s Long-Term
Foreign-Currency (LTFC) Issuer Default Rating (IDR) at 'B-' with a
Negative Outlook. The bank's Viability Rating (VR) has also been
affirmed at 'b-'.
KEY RATING DRIVERS
Vakif Katilim's 'B-' LTFC IDR is driven by its standalone
creditworthiness, or VR, mainly reflecting the bank's growing
participation banking franchise and adequate capital buffers.
However, it also considers its exposure to the volatile Turkish
operating environment, rapid financing growth, despite its still
developing risk framework, fairly short record of operations, and
concentration risks on both sides of the balance sheet. At the same
time, the bank's FC wholesale funding exposure is fairly limited.
At 'B-',the Negative Outlook on the bank's LTFC IDR reflects both
that on the sovereign and heightened operating environment risks.
Fitch does not factor government support into Vakif Katilim's LTFC
IDR, despite the bank's state ownership and strategic importance as
an Islamic bank to the authorities. This is due to the sovereign's
weak financial flexibility to provide support in FC given Turkiye's
weak external finances and sovereign foreign-exchange reserves.
However, the bank's 'B' Long-Term Local-Currency (LC) IDR is
equalised with the sovereign on the basis of state support, one
notch above its LTFC IDR, reflecting our view of the sovereign's
higher ability to provide support, and a lower risk of government
intervention, in local currency (LC). The Negative Outlook on the
bank's LTLC IDR reflects that on the sovereign.
The bank's 'B' Short-Term IDR is the only possible option in the
Long-Term 'B' IDR category.
Vakif Katilim's National Rating reflects the bank's state ownership
and has been affirmed at 'AA(tur)'/Stable, in line with other
state-owned commercial banks, reflecting our view that its
creditworthiness in LC relative to other Fitch-rated Turkish
issuers is unchanged.
Operating Environment Pressures: Vakif Katilim's operations are
concentrated in the volatile Turkish market characterised by
increased macroeconomic and external risks amid policy uncertainty,
spiralling inflation, external financing weaknesses due to a
widening current account deficit, and weak international reserves.
Multiple new macroprudential regulations imposed on banks aimed at
promoting the government's policy agenda in the absence of monetary
policy add to the risks and challenges of operating in Turkiye.
Rapidly Growing Participation Bank: Vakif Katilim operates in the
niche participation (Islamic) banking segment in Turkiye, which has
reasonable medium-term prospects, given its low, albeit increasing
base (end-1H22: 8.2% of banking sector assets) and strategic
importance to the Turkish authorities. Vakif Katilim only started
operations in 2016. It has grown rapidly from a low base in its
quest for market share, supported by large capital injections from
the authorities, its growing branch network and product/services
offering, and links with state entities. However, its small size
results in limited pricing power and competitive advantages.
High Risk Appetite: Vakif Katilim's credit underwriting framework
is still developing given the bank's fairly short record of
operations and rapid financing growth in the volatile Turkish
market. As a result it remains fairly untested. The bank targets
loan book diversification largely through growing LC SME financing
(including export lending), a segment highly sensitive to the macro
outlook, with a focus on short-term financing.
Asset Quality Risks: The bank's non-performing financing (NPF)
ratio (end-1H22: 1.2%; sector: 2.5%) and Stage 2 ratio (2.8%; 39%
restructured) have been flattered by consistently strong financing
growth, which in turn creates seasoning risks. Macro uncertainty,
single name concentration, high FC financings (41%; sector: 38%)
and exposure to troubled sectors (real estate and construction,
13%; transportation, largely related to aviation, 5%; and energy,
6%) all heighten credit risks. However, total reserves coverage of
NPFs is adequate (155%, sector: 183%), while the typically rapidly
amortising nature of financings facilitates the timely detection of
problematic exposures. Turkish government sukuk comprised 19% of
total assets at end-1H22.
Growth Boosts Profitability: The bank's performance in recent years
has been largely stable supported by rapid financing growth,
adequate financing margin, controlled increases in operating
expenses (cost/assets ratio of 1.5%; 1.9% for the sector) and
manageable financing impairment charges. 1H22 performance
(annualised operating profit/risk-weighted assets of 8.2%; sector:
5.9%) was also boosted by a widening in core spreads from higher
financing yields and lower lira deposit costs, but also large gains
on CPI linkers; and on FC derivatives and customer flow driven FX
and precious metals transactions (14% of operating income).
Profitability remains sensitive to the macro outlook and asset
quality risks.
Capitalisation Underpinned by Support: The common equity Tier 1
ratio (end-1H22: 15.4% excluding 454bp regulatory forbearance but
including a 482bp alpha effect uplift) outperforms peers and is
adequate for its risk profile and growth appetite. Capital provides
a moderate buffer against market volatility, asset quality
weakening and lira depreciation (which inflates FC risk-weighted
assets), while further budgeted core capital injections (the bank
has received TRY8.6billion of capital support since 2016) should
mitigate risks to capitalisation from planned growth.
Limited FC Debt: The bank is largely deposit funded (end-1H22: 84%
of total funding). A high, albeit declining, 55% of deposits are in
FC, which heightens FC liquidity risk. External FC debt is fairly
limited (8% of total funding), while FC liquidity (mainly
comprising unencumbered FC government sukuk, FC placements in
foreign banks and FC cash excluding balances with the Central Bank
of Turkey) broadly covers non-deposit FC liabilities due within a
year. Nevertheless, FC liquidity could come under pressure in case
of sector-wide FC deposit instability or prolonged wholesale
funding market closure.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Vakif Katilim's LTFC IDR is sensitive to a change in its VR. The VR
could be downgraded due to further marked deterioration in the
operating environment, particularly if it leads to further erosion
of the bank's FC liquidity buffer, for example due to a prolonged
funding-market closure or deposit instability, or a material
deterioration of asset quality metrics. The VR is also potentially
sensitive to a sovereign downgrade.
Vakif Katilim's LTLC IDR could be downgraded if Turkiye's LTLC IDR
was downgraded, Fitch believes the sovereign's propensity to
provide support in LC has reduced, or Fitch’s view of the
likelihood of intervention risk in the banking sector in LC
increases.
The National Rating is sensitive to changes in the bank's LTLC IDR
and its creditworthiness relative to other Turkish issuers.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Upside for the bank's ratings is limited in the near term given the
Negative Outlooks, Fitch’s view of government intervention risk
in the banking sector and the Negative Outlook on the sovereign
rating.
Government Support: Vakif Katilim's 'ns' GSR reflects the
sovereign's weak financial flexibility to provide support in FC,
given its weak external finances and sovereign foreign-currency
reserves. This is despite Fitch believing the government has a high
propensity to provide support, given Vakif Katilim's ownership, the
strategic importance of participation banking to the authorities
and the record of capital support.
VR ADJUSTMENTS
The Operating Environment score of 'b-' has been assigned below the
'bb' category implied score for Turkiye due to the following
adjustment reasons: Sovereign Rating (negative), Macroeconomic
Stability (negative).
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
Vakif Katilim's ratings are linked to the Turkish sovereign rating
as they are sensitive to its assessment of country risks. In
addition, Vakif Katilim's LTLC IDR is linked to the Turkish
sovereign rating as it is equalised with the sovereign on the basis
of state support, one notch above its LTFC IDR, reflecting its view
of a higher sovereign ability to provide support, and a lower risk
of government intervention, in LC.
ESG CONSIDERATIONS
Vakif Katilim's ESG Relevance Scores of '4' for Governance
Structure and Management Strategy (in contrast to a typical
Relevance Scores of '3' for comparable banks) reflects potential
government influence over its board's effectiveness and management
strategy in the challenging Turkish operating environment, which
has a moderately negative impact on the bank's credit profile, and
is relevant to the ratings in conjunction with other factors.
Vakif Katilim's ESG Relevance Governance Structure Score of '4'
also takes into account its status as an Islamic bank. Its
operations and activities need to comply with sharia principles and
rules, which entails additional costs, processes, disclosures,
regulations, reporting and sharia audit. In addition, Islamic banks
have an exposure to social impacts relevance score of '3' (in
contrast to a typical ESG relevance score of '2' for comparable
conventional banks), which reflects that Islamic banks have certain
sharia limitations embedded in their operations and obligations,
although this only has a minimal credit impact on Islamic banks.
The ESG Relevance Management Strategy score of '4' also reflects
increased regulatory intervention in the Turkish banking sector,
which hinders the operational execution of management strategy,
constrains management ability to determine strategy and price risk
and creates an additional operational burden for banks. This has a
moderately negative credit impact on the bank's rating in
combination 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
entities, either due to their nature or to the way in which they
are being managed by the entities.
Entity Rating Prior
------ ------ -----
Vakif Katilim
Bankasi AS LT IDR B- Affirmed B-
ST IDR B Affirmed B
LC LT IDR B Affirmed B
LC ST IDR B Affirmed B
Natl LT AA(tur) Affirmed AA(tur)
Viability b- Affirmed b-
Government Support ns Affirmed ns
===========================
U N I T E D K I N G D O M
===========================
BRITISH STEEL: Owners Ask Government Bailout to Save Jobs
---------------------------------------------------------
Alexa Phillips at The Telegraph reports that the owners of British
Steel have asked for a government bailout to save the jobs of
thousands of steel workers in the north of England.
Jingye Group, a Chinese company that bought Britain's
second-biggest steel producer out of insolvency in 2020, told
ministers that its two blast furnaces would not be viable without
financial support from taxpayers, The Telegraph relates.
According to The Telegraph, insiders told Sky News the amount
required to keep the company's blast furnaces operational in
Scunthorpe, north Lincolnshire, could be "hundreds of millions of
pounds".
British Steel has about 4,000 employees and supports the
livelihoods of thousands of people in its supply chain.
On Oct. 1, it was unclear whether the rescue package was requested
as a grant or loan, The Telegraph discloses.
In addition to soaring energy costs, the steel industry faces
slowing global demand and excess production capacity, which is
lowering prices, The Telegraph states.
The Government, as cited by The Telegraph, said it was working with
the company to "understand the best way forward as it seeks to
secure a more sustainable future".
A spokesman for the Department for Business, Energy and Industrial
Strategy said the Government had already provided support for the
steel sector with more than GBP780 million since 2013 to help with
energy costs while the Energy Bill Relief Scheme is in place to
lower costs.
"We are investing hundreds of millions of pounds in our long-term
future but like most other companies we are facing a significant
challenge because of the economic slowdown, surging inflation and
exceptionally high energy and carbon prices," The Telegraph quotes
a British Steel spokesman as saying.
"We welcome the recent announcement by the UK government to reduce
energy costs for businesses and remain in dialogue with officials
to ensure we compete on a level playing field with our global
competitors."
CAMAIEU: Goes Into Administration, 2,600 Jobs Affected
------------------------------------------------------
Hannah Thompson at The Connexiion reports that clothes brand
Camaieu has gone into administration, with 2,600 jobs across more
than 500 stores cut as a result of the legal ruling by a business
court in Lille (Nord, Hauts-de-France).
The group had been in receivership since Aug. 1, The Connexiion
discloses.
On Sept. 26, management asked the state for a repayable advance of
48 million, to continue its business recovery plans, The Connexiion
relates.
But the Economy Ministry denied this request, saying it was "not
realistic", The Connexiion notes. It also said that the state
could not "in any case, substitute itself for the shareholders",
according to The Connexiion. The shareholders are, in this case,
Hermione People & Brands (HPB).
HPB had said that it was ready to inject EUR5 million of funds to
help as long as it also received government support, and that the
Hauts-de-France region (where the company is based) would also
help, The Connexiion discloses.
But the government said that "the state cannot take on this risk",
citing that if HPB was only willing to put forward EUR5 million of
the EUR80 million needed, then the "plan is too risky", The
Connexiion relays.
After the administration ruling, Ministry for Industry, Roland
Lescure, said: "The takeover plan was very poorly prepared, with a
business plan on just one page. I regret that it has come to
this."
Camaieu appears to have suffered from changing habits in the way
that people buy clothes in France, and has been in significant debt
for some time, The Connexiion states.
It was also ordered to pay rent for the duration of the lockdown
period, following a decision from the Cour de Cassation (the
highest French judicial court), The Connexiion recounts. It had
been placed in receivership in the summer of 2020, and was then
taken over the Financiere immobiliere bordelaise (FIB) under Michel
Ohayon, the parent company of HPB, The Connexiion relates.
DAHLIAL LTD: Director Disqualified for Seven Years
--------------------------------------------------
The Insolvency Service on Sept. 30 disclosed that Marian Daniel
Clipici, aged 35, has been disqualified as a director for 7 years
after failing to keep adequate accounts while his business was
trading.
Marian Clipici, a Romanian national, was the sole director of
Dahlial Limited, which operated a construction business from
November 2017 according to documents filed at Companies House.
However, its trading address was also home to Dahlia Restaurant, a
Romanian restaurant in Southampton, which recently closed. In
addition, until July 2021 he was also a director of Dani-Deea Ltd,
which operates a Romanian food shop in Southampton.
The company ceased trading in September 2021 and went into
liquidation. The liquidator identified a number of concerns,
triggering a subsequent investigation by the Insolvency Service.
Investigators found that Marian Clipici was unable to account for
more than GBP530,000 paid into the business bank account between
June 2019 and the point of liquidation, including a GBP40,000
Bounce Back Loan paid to the company in May 2020.
The accounts also showed a similar amount paid out over the same
period, bringing the total value of transactions to over £1
million, none of which could be demonstrated to have been for
legitimate company payments due to a lack of accounting records and
documentation.
Businesses were only eligible for support through the Bounce Back
Loan scheme if the money was to be used to benefit the business.
Marian Clipici, however, was unable to prove that the Bounce Back
Loan was either validly obtained or used to support his business
during the Covid pandemic.
The Bounce Back Loan was paid into the company's bank account in
May 2020 and over the next four months Marian Clipici withdrew
GBP30,000. He claimed the payments were for subcontractors and
business expenses, but was unable to demonstrate to investigators
that these transactions were legitimate company payments.
Marian Clipici made a claim of GBP12,600 in the liquidation of the
company, but due to his inadequate company records, the liquidator
was unable to establish whether this was a valid claim.
The liquidators found that the company owed GBP60,396, including
the GBP40,000 Bounce Back Loan owed to the bank and more than
GBP7,000 to the tax authorities.
The Secretary of State for Business, Energy and Industrial Strategy
accepted a disqualification undertaking from Marian Daniel Clipici
after he did not dispute he had failed to ensure that Dahlial
Limited had kept adequate books and accounting records, or had
failed to provide the Liquidator with such records that had been
kept.
His disqualification is effective for 7 years and begins on
September 20, 2022. The disqualification undertaking prevents
Clipici from directly, or indirectly, becoming involved in the
promotion, formation or management of a company, without the
permission of the court.
Lawrence Zussman Deputy Head of Insolvent Investigation, said
Maintaining adequate company accounting records is a statutory
requirement for all directors, and is vital to ensure company
transactions are legitimate.
Marian Daniel Clipici has justifiably been removed from the
business environment for a period of 7 years and his
disqualification should serve as a warning to other directors that
if you do not take your responsibilities as a director seriously,
you run the risk of being disqualified.
EM MIDCO 2: S&P Assigns 'B' LongTerm ICR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to U.K.-Based EM Midco 2 (Element Materials Technology) and its
financing subsidiaries Element Materials Technology Group US
Holdings and EM Bidco Ltd. S&P assigned its 'B' issue rating and
'3' recovery rating to its $1,825 million term loan B (TLB) split
across a USD (including $975 million term loan and $450 million
delayed draw term loan) and EUR tranche (EUR374 million).
S&P said, "We also raised our issuer credit ratings on Element
Materials Technology Ltd. and its financing subsidiaries Greenrock
Midco Ltd. and Greenrock Finance Inc. to 'B' from 'B-' and removed
the ratings from CreditWatch where they were placed on Jan. 7,
2022. We have withdrawn our issue ratings on the senior secured
debt as it has now been fully repaid.
"The stable outlook reflects our expectation that Element will
deleverage from below 12x in 2022 (including PIK notes and
excluding any annualization for acquisitions) to close to 9x by
2023, supported by topline growth and margin expansion. We expect
tailwinds from environmental, social, and governance (ESG)-linked
initiatives, coupled with some synergy realization and full-year
effects from 2022 acquisitions. We anticipate funds from operations
(FFO) cash interest coverage above 2x from 2023 and positive free
operating cash flow (FOCF) generation."
Previous minority shareholder Temasek has completed the acquisition
of Element Materials Technology Ltd. from private equity company
Bridgepoint, via a new entity, EM Midco 2 Ltd. (Element).
Element's business risk profile is supported by its leading
position in materials and product-qualification testing. Its
competitive advantage stems from strong technical expertise in
subsegments of the testing, inspection, and certification (TIC)
market, which are increasingly supported by regulatory and
sustainability drivers. Excess funds from the transaction have been
used for the acquisition of a North American laboratory-based TIC
provider National Technical Systems (NTS), which focuses primarily
on testing services in North America across various end markets.
The acquisition cements the combined entity as the market leader in
North America for space and defense TIC, the global leader and No.
1 player by revenues in the global aerospace market. It will also
be in the top five TIC providers for pharma. With increased testing
requirements in these industries--which need to comply with local,
global, and industry-specific regulations and standards--80% of
Element's revenue is now driven by regulation.
Element's specialized TIC services allow the group to operate in an
industry with high barriers to entry, limiting new competitors.The
bulk of the combined entity's revenues will come from segments that
require technical complexity and expertise such as life sciences
(23%), connected technology (18%), and commercial aerospace (16%).
The reputational risk associated with such segments calls for
end-user trust. Element is well positioned in this regard given its
long-term relationships with high-profile industry leaders.
Post-acquisition, Element will benefit from a large laboratory
network (over 230 labs for the combined entity), creating a
significant advantage over industry newcomers that face high
laboratory costs upfront.
Regulation-driven revenues, alongside a structural shift toward
noncyclical markets, support long-term revenues, margins, and cash
stability.An increase in noncyclical markets' revenue share to 58%
(2022) from 25% (2016)--a trend likely to continue--suggests
Element is well placed to maintain EBIDTA margins in line with
peers. The NTS acquisition should further strengthen cash stability
as the combined entity is well placed to benefit from increased
end-market-user diversification. Apart from the above-mentioned end
markets, Element is also well diversified across the built
environment (12%), space and defense (11%), the energy transition
(10%), and assurance and other (10%). This diversification--and the
fact that over 80% of revenues are backed by regulation--makes for
stable revenues, operating margins, and cash flows. Element has
demonstrated its ability to generate positive FOCF amid challenging
business conditions, which supports its business resilience. This
is despite having a business model that requires highly specialized
operations, creating a relatively inflexible cost base. Element
requires highly educated staff with deep technical expertise, a
scarce resource that is not easy to reduce during economic
downturns. However, management was able to adjust the operating
cost base swiftly during the pandemic by up to $100 million via
staff reductions (81%), salary suppression (10%), and operating
spending cuts (9%). Relatively low capital expenditure (capex) and
working capital needs further support FOCF, signifying that Element
can operate well in challenging conditions.
S&P said, "We see the green transition to low and carbon-free
energy as positive for Element.More than 60% of Element's revenues
are driven by customers' ESG targets, compared to an estimated
40%-45% for Element's competitors. Customers' increased focus on
sustainability and health and safety initiatives is likely to
increase demand for Element's services. Element's end markets
contribute to more than 80% of global greenhouse gas emissions and
will need to reduce this to 60% by 2035. The materials technology
sector will be key to decarbonization, and industry investment will
be critical to helping entities reach net zero targets.
"Our assessment of Element's business risk profile is constrained
by the niche markets in which it operates.Its absolute revenue
base, including the $1.2 billion effect of the acquisition expected
by end-2022, remains small compared to the overall TIC market size
and larger peers. For instance, market leaders such as Bureau
Veritas have almost 11x the revenue of the combined entity. This
reflects the niche markets in which the combined entity operates,
which are very small compared to the total outsourced TIC market.
Element's focus in a highly fragmented market is on the product
testing stage in niche industries, while other players such as
Bureau Veritas operate across multiple segments of the value chain.
This limits Element's business strength relative to peers.
"Our financial risk profile assessment incorporates high leverage
for fiscal 2022, before significant deleveraging supported by
organic as well as inorganic topline growth and margin expansion.
By the end of 2022, we expect Element's S&P Global Ratings-adjusted
net debt to EBITDA will be below 12x. This includes the holdco PIK
notes of $800 million, which we consider a debt liability. On a
cash pay basis, we foresee leverage of about 9.0x while FOCF is
negative. This mainly reflects transaction fees of around $105
million, with the expected adjusted EBITDA of $280 million being
impacted by exceptional costs of about $22 million. Furthermore,
fiscal 2022 adjusted EBITDA does not include any full-year
annualization of the NTS acquisition. From 2023, we expect leverage
to improve to below 7.0x coupled with solid FOCF generation of
above $65 million and FFO cash interest coverage sustainably above
2x.
"Element will see the benefits of the full-year effects of the
acquisitions in 2023, in our view. We view 2022 as a
transformational year given the change in ownership, as well as
numerous acquisitions. In 2023, we forecast solid topline growth of
21.2%, of which we estimate about one-third will come from
like-for-like growth across all segments. We also estimate around
150 basis points of margin expansion coming from better scale, a
positive product mix reflecting a bigger share of higher-margin
business, and lower exceptional costs. Noting Element's business
strategy to continue growing through bolt-on mergers and
acquisitions (M&A), as well as organic growth, we have factored
into our base case about $30 million of additional acquisition
spending annually from 2023. We expect this amount to be funded via
drawdowns under the $200 million revolving credit facility (RCF).
For 2024, we forecast revenue growth of 6.5%, mostly organic.
ESG-related initiatives from clients will provide tailwinds to
business growth. We forecast an adjusted EBITDA margin of 25.6% in
2024, supporting FOCF generation of close to $90 million and
deleveraging to 8.5x and 6.0x on a cash-pay basis.
"We view the group's financial policy as neutral and Temasek as a
strategic investor.Temasek's acquisition of Element from the
previous private equity owner, Bridgepoint, is expected to result
in a less aggressive financial policy. Our view is that the company
will not pay dividends in the short-to-medium term and will focus
on organic growth. This has led to our neutral financial policy
assessment, despite the high opening leverage. Our assessment
aligns with other businesses we rate and of which Temasek has
majority ownership, and for which we also have a neutral financial
policy assessment.
"The final ratings are in line with the preliminary ratings we
assigned on April 4, 2022, following the closing of the transaction
and our review of final documentation. For more, see "U.K.-Based EM
Midco 2 (Element Materials Technology) Rated Preliminary 'B';
Outlook Stable," published April 4, 2022.
"The stable outlook indicates that we expect Element to deleverage
from below 12x (9x on a cash-pay basis) in 2022 to close to 9x
(6.8x on a cash-pay basis) by 2023. This will be supported by
topline growth and margin expansion on growth across all end
markets amid tailwinds from ESG-linked initiatives. This momentum
will be coupled with some synergy realizations and the full-year
effects of acquisitions undertaken during 2022. We anticipate
Element will achieve FFO cash interest coverage above 2x from 2023,
while generating sound positive FOCF."
S&P could consider lowering the rating if:
-- Element generates weak or negative FOCF on a sustained basis;
-- FFO cash interest coverage declines sustainably below 2x; and
-- Element adopts a more aggressive financial policy through
shareholder returns or material debt-funded acquisitions that
increase leverage beyond S&P's current projections. S&P currently
assumes the company will not pay shareholder dividends, but if this
changes it could weigh on the rating.
S&P said, "We could consider raising the rating on Element if its
adjusted debt to EBITDA improves to sustainably below 5x while
EBITDA margins normalize to around 25% and the group demonstrates a
track record of sustainable FOCF. We view it as unlikely that the
business would releverage to fund dividends, but we think
significant part-debt-funded acquisitions could hamper long-term
deleveraging."
ESG credit indicators: E-1, S-2, G-2
S&P said, "Environmental factors are a positive consideration in
our credit rating analysis of Element. The company's business model
leads to cooperation with end markets that account for over 80% of
global emissions. This will need to be reduced to 60% by 2035,
creating structural demand for materials technology to act as a key
decarbonization tool. Increased demand for Element's services--like
environmental and battery testing--align closely with the
industry's environmental agenda. Element stands to profit from
increasingly stringent EU laws in the medium term, which should
more than compensate for the very slow decline in its traditional
fossil-fuel-related activities. We view social and governance
factors as neutral considerations to our rating on Element."
HODDERS LAW: Enters Administration, Halts Trading
-------------------------------------------------
The Law Society Gazette reports that Hodders Law Limited, a North
London firm which had just reached its 150th anniversary, has gone
into administration and ceased trading.
Hodders Law Limited was placed into administration on Sept. 23 and
financial advisory firm Quantuma placed in charge of its affairs,
The Law Society Gazette relates.
According to its most recent accounts, the firm had 48 staff
members working from four offices.
Neighbouring firm JPC announced last week that it had reached an
agreement with Hodders and Quantuma to buy its private client, real
estate and dispute resolution cases, The Law Society Gazette
discloses.
In a statement on its website, Hodders said that all client files
will transfer to another regulated law firm, with clients being
contacted now to update them on the situation, The Law Society
Gazette notes.
The most recent annual report and statement of accounts, for the
period ending July 31, stated that Hodders had assets worth GBP1.64
million, of which around half was from debtors due to pay within a
year.
But the amount owed to creditors within one year had increased from
GBP970,000 to more than GBP2 million, The Law Society Gazette
discloses. The firm went from having net current assets of
GBP111,000 to an overall deficit of almost GBP400,000, The Law
Society Gazette states.
PHARMANOVIA BIDCO: S&P Upgrades LT ICR to 'B', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
U.K.-Based Pharmanovia Bidco Ltd. to 'B' from 'B-'. S&P also raised
its issue ratings on Pharmanovia's senior secured debt to 'B' from
'B-', with a recovery rating of '3', reflecting S&P's expectations
of meaningful recovery prospects (50%-70%; rounded estimate: 55%)
in the event of default.
S&P said, "The stable outlook indicates that we expect Pharmanovia
to continue posting solid performance, resulting in adjusted debt
to EBITDA at about 5x-6x within 12-18 months, with solid FOCF
generation of about GBP60 million over the same period.
"Our rating action reflects a positive step change in leverage and
free cash flow as profits from new assets ramp up, despite some
integration costs. With reported sales of about GBP244.8 million,
adjusted EBITDA of GBP97.3 million, and adjusted debt to EBITDA of
6.3x in fiscal 2022, Pharmanovia's results were in line with our
expectations. We anticipate that adjusted debt to EBITDA should
remain close to 6x in the next 12 months, including drawing for the
Rocaltrol China acquisition, reducing to 5x-6x thereafter,
demonstrating a consistent track record of debt to EBITDA close to
6x. We forecast the company will generate adjusted EBITDA of about
GBP115 million-GBP120 million in fiscal 2023 and fiscal 2024,
taking into consideration exceptional costs, thanks to the ramping
up of its in-transition portfolio and control over its operating
expenses, linked to its business model. This forecast reflects our
view that cost-saving plans in place will mitigate investments in
the company's commercial footprint."
S&P expects Pharmanovia, a pharmaceutical company specialized in
off-patent branded drugs, will continue its track record of
improving credit metrics. Specifically, S&P forecast S&P Global
Ratings-adjusted debt to EBITDA will decrease below 6x by March 31,
2024 (end-fiscal 2024) thanks to optimizing sales potential
relative to the acquisition multiples of previously acquired assets
in its portfolio.
Pharmanovia's acquisition of Rocaltrol China demonstrates its
interest in certain therapeutic areas and its ambition to focus on
them going forward. In July 2022, Pharmanovia announced the
acquisition of the commercial rights for Rocaltrol in China from
Roche, following a previous deal for Rocaltrol (excluding China and
Japan) in 2020. This reinforces the company's existing presence in
endocrinology, with a branded product prescribed since 1978. The
company financed this acquisition with a mix of revolving credit
facility (RCF) drawing of EUR85 million and own generated cash. S&P
views this portfolio acquisition as consistent with Pharmanovia's
strategy to capitalize on its existing presence in four therapeutic
areas (cardiology, endocrinology, neurology, and oncology). It also
expands the company's portfolio of well-established brands, which
have been widely prescribed and publicized by large pharmaceutical
companies, enabling the company to invest in marketing and
efficient promotion only slightly.
New management's strategy is a mix of internal projects and
selective acquisitions. Since the beginning of 2021, Pharmanovia,
under new management, has demonstrated larger ambitions to
redevelop some of its portfolio, with line extensions, new
indications, and reformulations if relevant, realizing internal
growth accompanied by continuous selective acquisitions from large
pharmaceutical partners. S&P said, "We now consider that
Pharmanovia has successfully demonstrated its ability to acquire
assets at reasonable valuations, increasing its scale to GBP244.8
million from GBP141.7 million in fiscal 2020, and its adjusted
EBITDA base to GBP97.3 million from GBP62.0 million over the same
period. In addition, we acknowledge a more diversified product
portfolio--for example, the company's exposure to Bonviva has
dropped to 17% of fiscal 2022 pro forma net sales (including
Rocaltrol China) compared to 36% of fiscal 2020 revenue. Therefore,
we note an improvement in product concentration with the No. 1
product being Rocaltrol, which now represents 23% of fiscal 2022
pro forma net sales (before Bonviva and Valium), with a solid
presence in cardiology (33% of fiscal 2022 pro forma net sales),
endocrinology (28%), neurology (24%), and oncology (15%)."
S&P said, "We expect Pharmanovia's profitability to improve to
46%-48% in fiscal 2024 from 44%-46% in fiscal 2023 thanks to the
ramp up of Rocaltrol sales and the full transition of previous
acquisitions. Our expectation for fiscal 2023 reflects our view
that the company will continue to invest in personnel costs and
marketing to build its internal growth capacities. Pharmanovia has
been continuously investing in its commercial platform with an
internal salesforce to expand its market shares. The pandemic
slightly reduced sales in the U.K., but the company expects to
recover in the next 12 months, despite some sales phasing-out due
to changes in the distribution model and transitions for some of
its products.
"We expect FOCF generation to remain solid at close to GBP60
million in fiscal 2023, despite high exceptional capital
expenditure (capex). Pharmanovia's asset-light business model
enables the company to post high operational margins, mostly thanks
to the outsourcing of manufacturing and distribution. Therefore,
FOCF should be GBP58 million-GBP60 million for fiscal 2023,
underlying better working capital management than in fiscal 2022.
We expect exceptionally high capex of about GBP27 million in fiscal
2023, mainly due to technical transfers for product transition as
part of maintenance capex and special spending on the enterprise
resource planning (ERP) transition to SAP S4/HANA and product
development. Capex should normalize to GBP4 million in fiscal 2024,
which should rebuild its FOCF to GBP65 million-GBP70 million in
that year.
"Our stable outlook on Pharmanovia indicates our expectation that
adjusted debt to EBITDA should be close to 6x in fiscal 2023,
underlying the ramp-up of Rocaltrol China acquisition and solid
EBITDA above GBP110 million. We also expect Pharmanovia to generate
FOCF of GBP50 million-GBP60 million in fiscal 2023, despite higher
one-off capex, which should enable the company to grow internally
and build resources to replenish lost sales from its existing
product portfolio. We still view that the company operates a
business model that relies on acquisitions to supplement growth and
create scale. As such, the company will likely continue using
available liquidity to pursue acquisitions.
"We expect Pharmanovia's adjusted debt to EBITDA to improve below
6x in fiscal 2024, and post FOCF of GBP60 million-GBP70 million.
"We could lower the rating if we observe a deterioration in
Pharmanovia's operational performance such that it cannot generate
sufficient FOCF, leading to a significant deterioration of FOCF to
debt sustainably below 5%, or is unable to reduce leverage within
12-18 months after potentially peaking at 6.5x following its latest
acquisition. We could also downgrade the company if we see material
deviations from its track record of financial discipline regarding
acquisition multiples, which could result in a deterioration of
leverage metrics or leverage reduction capacity.
"This could happen if, for example, the company faces operational
setbacks in the integration of its recent acquisitions, suffers
from unexpected tightening of reimbursement terms, or sees
increasing competition that pressures prices. We could also lower
the rating if Pharmanovia fails to replace declining revenue with
newly acquired products, if it purchases products that we consider
higher risk, or if it overpays for products, thus incurring a
substantial increase in leverage compared with our base case.
"We could upgrade Pharmanovia if it demonstrates a strong trend of
leverage reduction, with adjusted debt to EBITDA sustainably below
5.0x, and a long-term commitment to a conservative financial
policy. In addition, we would also expect the group to maintain a
continuous good track record of positive FOCF above our current
base case. For example, this could occur after significant gains in
market share through larger contract gains; robust growth from
product developments, such as dosage forms and categories; enhanced
operating efficiency; and a conservative approach to external
expansion."
ESG credit indicators: E-2, S-2, G-3
SKINNER'S: Enters Administration, Seeks Buyer for Business
----------------------------------------------------------
BBC News reports that Cornish brewer Skinner's has announced it is
going into administration after 25 years of beer-making.
"Our strong hope is that a buyer can be found," BBC quotes Steve
Skinner, founder of the brewery which employed 35 people in 2021,
as saying.
The gates of the firm's headquarters have been locked, with no sign
of anyone inside the premises on Sept. 30, BBC relates.
According to BBC, Mr. Skinner added: "We would like to take this
opportunity to thank our staff, stockists, suppliers, the
'Skinner's Beer Tribe' and the whole community for so many years of
steadfast support.
"Our strong hope is that a buyer can be found, and that the brewery
in some form will continue to be part of life in Cornwall for many
years to come."
The Truro-based firm has appointed Bishop Fleming as official
administrators, BBC discloses.
TAYLORMADE CASTINGS: Goes Into Liquidation, 14 Jobs Affected
------------------------------------------------------------
Angus Williams at East Anglian Daily Times reports that a
third-generation family-run firm has gone into liquidation after
its energy bills neared GBP15,000 per month.
Taylormade Castings, which produced metal products such as fences
and garden furniture, appointed liquidators from McTear Williams &
Wood on Sept. 12, leaving creditors short by nearly GBP300,000,
East Anglian Daily Times relates.
According to East Anglian Daily Times, liquidator Jo Watts said the
business which was owned by a company in Haverhill, and employed 14
people elsewhere, had been profitable as recently as 2019.
"It was profitable up until very recently. Unfortunately, the
trigger was Covid. While they tried to stay open, a lot of their
customers were closed so their turnover reduced significantly,"
East Anglian Daily Times quotes Ms. Watts as saying.
"From the beginning of 2022, the energy costs were also a factor.
But I think it was more sort of the final nail in the coffin,
rather than the only reason.
"With a business like this their energy costs are significant --
one of the major costs -- because it's a foundry in there running
these great big furnaces 24 hours a day."
Ms. Watts said the firm's monthly energy bill spiked to nearly
GBP15,000 in 2022 after prices rocketed, East Anglian Daily Times
notes.
All 14 staff have been made redundant, though a handful of staff
are currently being retained while the business is wound down, East
Anglian Daily Times disclsoes.
The firm held assets totalling more than GBP500,000 when it went
into liquidation, according to East Anglian Daily Times.
Among the creditors is EDF energy which is owed almost GBP50,000,
East Anglian Daily Times states.
Ms. Watts, as cited by East Anglian Daily Times, said the
liquidator plans to auction off the property and expects to return
creditors some of their cash.
"The unsecured creditors are likely to get somewhere between 15 and
20 pence in the pound," she said. "That's obviously dependent on
all the debtors paying and us realising what we expect for the
property in the auction."
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week September 26 to September 30, 2022
-----------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- ------- -----
Banca Monte dei Pasch 5.3750 1/18/2028 EUR 56.221
Banca Monte dei Pasch 10.5000 7/23/2029 EUR 60.833
CECONOMY AG 1.7500 6/24/2026 EUR 55.729
Atento Luxco 1 SA 8.0000 02/10/2026 USD 49.894
Gol Finance SA 7.0000 1/31/2025 USD 49.702
Gazprom PJSC Via Gaz 1.4500 03/06/2023 CHF 62.357
Vedanta Resources Ltd 6.1250 08/09/2024 USD 64.617
Mahle GmbH 2.3750 5/14/2028 EUR 66.691
Casino Guichard Perra 3.9920 EUR 33.732
Amprion GmbH 0.6250 9/23/2033 EUR 69.668
Constellation Automot 4.8750 7/15/2027 GBP 71.929
Casino Guichard Perra 4.4980 03/07/2024 EUR 68.889
Fastighets AB Balder 2.8730 06/02/2081 EUR 69.764
Russian Foreign Bond 4.8750 9/16/2023 USD 67.309
VTR Finance NV 6.3750 7/15/2028 USD 58.005
Orpea SA 2.6250 03/10/2025 EUR 67.293
Gazprom PJSC via Gaz 3.2500 2/25/2030 USD 49.000
Russian Foreign Bond 5.6250 04/04/2042 USD 59.347
Gazprom PJSC Via Gaz 3.125011/17/2023 EUR 53.501
Ukraine Government In 7.7500 09/01/2024 USD 28.137
Poste Italiane SpA 2.6250 EUR 71.957
Ulker Biskuvi Sanayi 6.950010/30/2025 USD 69.702
MHP Lux SA 6.9500 04/03/2026 USD 53.736
HSBC Holdings PLC 4.6000 USD 74.027
Allianz SE 3.8750 USD 68.692
Standard Chartered PL 4.3000 USD 72.438
Gazprom PJSC Via Gaz 5.1500 02/11/2026 USD 56.000
Intesa Sanpaolo SpA 4.1250 EUR 68.550
Standard Profil Autom 6.2500 4/30/2026 EUR 61.514
Deutsche Bank AG 1.3750 2/17/2032 EUR 71.620
Audax Renovables SA 4.200012/18/2027 EUR 68.774
Russian Railways Via 2.1000 10/02/2023 CHF 26.577
Casino Guichard Perra 3.0220 EUR 21.796
United Kingdom Gilt 0.6250 7/31/2035 GBP 66.093
Gazprom PJSC via Gaz 4.5985 USD 35.500
Banco Santander SA 3.6250 EUR 65.192
Banca Monte dei Pasch 8.5000 09/10/2030 EUR 58.118
Vedanta Resources Fin 8.9500 03/11/2025 USD 73.523
Momox Holding AG 6.2500 07/10/2025 EUR 55.420
Credit Suisse Group A 4.5000 USD 66.160
Iceland Bondco PLC 4.3750 5/15/2028 GBP 66.203
Cimpress PLC 7.0000 6/15/2026 USD 70.567
Russian Railways Via 2.2000 5/23/2027 EUR 31.936
Gazprom PJSC via Gaz 3.8970 EUR 35.599
ZF Finance GmbH 2.2500 05/03/2028 EUR 73.988
Casino Guichard Perra 5.2500 4/15/2027 EUR 52.106
EP Infrastructure AS 2.0450 10/09/2028 EUR 72.488
Movida Europe SA 5.2500 02/08/2031 USD 73.476
Atos SE 1.0000 11/12/2029 EUR 58.009
Gazprom PJSC via Gaz 2.9500 1/27/2029 USD 50.000
Romanian Government I 4.6250 04/03/2049 EUR 69.152
MHP SE 7.7500 05/10/2024 USD 54.445
Simpar Europe SA 5.2000 1/26/2031 USD 74.559
Castellum AB 3.1250 EUR 60.286
Russian Foreign Bond 4.2500 6/23/2027 USD 48.469
Barclays PLC 4.3750 USD 71.200
Jababeka Internationa 6.5000 10/05/2023 USD 55.894
Neoen SA 2.0000 06/02/2025 EUR 48.480
Deutsche Bank AG 4.6250 EUR 72.445
Romanian Government I 3.3750 1/28/2050 EUR 54.670
Russian Foreign Bond 7.5000 3/31/2030 USD 65.959
Samhallsbyggnadsbolag 1.0000 08/12/2027 EUR 68.848
Teva Pharmaceutical F 4.1000 10/01/2046 USD 60.439
Russian Foreign Bond 5.1000 3/28/2035 USD 43.529
Sofina SA 1.0000 9/23/2028 EUR 73.958
Gazprom PJSC Via Gaz 8.6250 4/28/2034 USD 51.000
Orpea SA 2.0000 04/01/2028 EUR 59.043
Vedanta Resources Fin 9.2500 4/23/2026 USD 64.449
Maxeda DIY Holding BV 5.8750 10/01/2026 EUR 69.192
Gazprom PJSC via Gaz 1.5000 2/17/2027 EUR 49.116
Russian Foreign Bond 4.7500 5/27/2026 USD 48.753
Ocado Group PLC 3.8750 10/08/2026 GBP 74.667
Aragvi Finance Intern 8.4500 4/29/2026 USD 70.059
Samhallsbyggnadsbolag 2.8750 EUR 42.130
Mitsubishi UFJ Invest 4.968012/15/2050 EUR 33.893
Banca Monte dei Pasch 8.0000 1/22/2030 EUR 57.357
DDM Debt AB 9.0000 4/19/2026 EUR 74.476
Samhallsbyggnadsbolag 2.6240 EUR 44.154
Casino Guichard Perra 3.5800 02/07/2025 EUR 61.419
Novafives SAS 5.0000 6/15/2025 EUR 67.658
Air France-KLM 0.1250 3/25/2026 EUR 15.495
Faurecia SE 2.3750 6/15/2029 EUR 69.214
ZUR Rose Finance BV 2.7500 3/31/2025 CHF 70.412
Credit Suisse Group A 5.1000 USD 68.500
ZF Europe Finance BV 3.000010/23/2029 EUR 72.910
Russian Railways Via 4.6000 03/06/2023 EUR 15.000
Telecom Italia SpA/Mi 1.6250 1/18/2029 EUR 72.213
Korian SA 0.8750 03/06/2027 EUR 44.605
Accentro Real Estate 3.6250 2/13/2023 EUR 51.287
EP Infrastructure AS 1.8160 03/02/2031 EUR 64.350
Gazprom PJSC Via Gaz 4.9500 3/23/2027 USD 30.000
BNP Paribas SA 4.5000 USD 72.976
Nobel Bidco BV 3.1250 6/15/2028 EUR 68.756
Ukraine Government In 9.7500 11/01/2030 USD 22.965
Neoen SA 1.8750 10/07/2024 EUR 38.169
MHP Lux SA 6.2500 9/19/2029 USD 52.227
Suzano Austria GmbH 3.1250 1/15/2032 USD 73.032
Deutsche Bank AG 4.5000 EUR 73.073
Kernel Holding SA 6.750010/27/2027 USD 40.498
Dtek Renewables Finan 8.5000 11/12/2024 EUR 36.062
Sigma Holdco BV 5.7500 5/15/2026 EUR 68.349
BNP Paribas SA 4.6250 USD 69.026
ASTM SpA 2.375011/25/2033 EUR 72.219
Nexi SpA 2.1250 4/30/2029 EUR 74.258
Gazprom PJSC Via Gaz 7.2880 8/16/2037 USD 50.000
Swedbank AB 4.0000 USD 71.525
Cellnex Telecom SA 0.750011/20/2031 EUR 68.063
Spain Government Bond 1.0000 7/30/2042 EUR 66.816
SBB Treasury Oyj 1.125011/26/2029 EUR 63.733
United Kingdom Gilt 0.8750 1/31/2046 GBP 51.718
La Banque Postale SA 3.0000 EUR 65.083
Casino Guichard Perra 6.6250 1/15/2026 EUR 57.053
British American Toba 3.7500 EUR 72.740
Raiffeisen Bank Inter 4.5000 EUR 68.095
Jaguar Land Rover Aut 4.5000 7/15/2028 EUR 66.403
Republic of Belarus I 5.8750 2/24/2026 USD 23.808
Vodafone Group PLC 5.1250 06/04/2081 USD 69.991
VF Ukraine PAT via VF 6.2000 02/11/2025 USD 53.797
Development Bank of t 6.7500 05/02/2024 USD 16.609
Russian Foreign Bond 4.3750 3/21/2029 USD 42.514
Mutuelle Assurance De 2.1250 6/21/2052 EUR 68.629
Gazprom PJSC Via Gaz 2.250011/22/2024 EUR 51.871
Saipem Finance Intern 3.1250 3/31/2028 EUR 71.341
Gazprom PJSC via Gaz 3.5000 7/14/2031 USD 50.000
Ukraine Government In 4.3750 1/27/2032 EUR 19.215
NAK Naftogaz Ukraine 7.3750 7/19/2022 USD 20.751
Bulgaria Government I 1.3750 9/23/2050 EUR 54.808
Ukraine Government In 7.7500 09/01/2029 USD 22.122
Credit Suisse Group A 5.2500 USD 74.550
Gazprom PJSC Via Gaz 2.5000 3/21/2026 EUR 52.451
Matalan Finance PLC 6.7500 1/31/2023 GBP 73.891
Aggregate Holdings SA 6.8750 11/09/2025 EUR 37.500
Enel Finance Internat 0.5000 6/17/2030 EUR 74.309
Standard Chartered PL 4.7500 USD 74.905
Electricite de France 2.6250 EUR 73.372
Gazprom PJSC Via Gaz 2.9490 1/24/2024 EUR 52.872
Ocado Group PLC 0.8750 12/09/2025 GBP 69.668
UBS Group AG 4.3750 USD 71.200
Lukoil Capital DAC 3.600010/26/2031 USD 72.500
Vonovia SE 1.6250 09/01/2051 EUR 51.326
SBB Treasury Oyj 0.750012/14/2028 EUR 63.930
Electricite de France 3.3750 EUR 72.195
Air Liquide Finance S 0.3750 9/20/2033 EUR 74.049
ING Groep NV 3.8750 USD 69.167
UniCredit SpA 3.8750 EUR 70.381
ING Groep NV 4.2500 USD 64.823
JSM Global Sarl 4.750010/20/2030 USD 74.123
Ukraine Government In 6.8760 5/21/2031 USD 20.139
Fnac Darty SA 0.2500 3/23/2027 EUR 62.840
NAK Naftogaz Ukraine 7.6250 11/08/2026 USD 21.833
Leather 2 SpA 4.5000 9/30/2028 EUR 72.650
Gazprom PJSC via Gaz 1.5400 6/30/2027 CHF 47.237
Gazprom PJSC Via Gaz 4.2500 04/06/2024 GBP 50.379
Gazprom PJSC via Gaz 3.0000 6/29/2027 USD 51.326
Altice France SA/Fran 5.1250 7/15/2029 USD 74.353
Russian Railways Via 0.8400 03/12/2026 CHF 18.652
NPC Ukrenergo 6.8750 11/09/2028 USD 19.283
Citycon Oyj 3.6250 EUR 58.229
Biocartis Group NV 4.0000 05/09/2024 EUR 57.810
Aroundtown SA 1.6250 EUR 71.108
United Kingdom Gilt 1.125010/22/2073 GBP 41.664
Russian Railways Via 0.8980 10/03/2025 CHF 25.000
InterCement Financial 5.7500 7/17/2024 USD 73.954
Korian SA 1.8750 EUR 32.885
Bank Gospodarstwa Kra 0.5000 07/08/2031 EUR 69.294
Gol Finance SA 8.0000 6/30/2026 USD 63.613
Tinkoff Bank JSC Via 11.0020 USD 32.500
Jaguar Land Rover Aut 4.5000 10/01/2027 USD 71.768
VZ Secured Financing 3.5000 1/15/2032 EUR 72.874
United Kingdom Gilt 1.5000 7/31/2053 GBP 55.718
Nordea Bank Abp 3.7500 USD 71.740
Allianz SE 3.2000 USD 71.270
Raiffeisen Bank Inter 1.3750 6/17/2033 EUR 70.625
Romanian Government I 2.0000 1/28/2032 EUR 64.413
EnfraGen Energia Sur 5.375012/30/2030 USD 69.348
Vodafone Group PLC 4.1250 06/04/2081 USD 73.098
ams-OSRAM AG 2.1250 11/03/2027 EUR 65.163
Compact Bidco BV 5.7500 05/01/2026 EUR 72.787
Romanian Government I 4.0000 2/14/2051 USD 60.995
Samhallsbyggnadsbolag 2.6250 EUR 43.896
B2W Digital Lux Sarl 4.375012/20/2030 USD 71.461
Nykredit Realkredit A 1.0000 10/01/2050 DKK 71.028
Credit Suisse Group A 0.6250 1/18/2033 EUR 61.989
CaixaBank SA 3.6250 EUR 66.994
International Consoli 3.7500 3/25/2029 EUR 70.266
Ocado Group PLC 0.7500 1/18/2027 GBP 61.925
WEPA Hygieneprodukte 2.875012/15/2027 EUR 73.282
Banco Santander SA 4.1250 EUR 72.941
Sarens Finance Co NV 5.7500 2/21/2027 EUR 67.460
Serbia International 2.0500 9/23/2036 EUR 56.811
Novolipetsk Steel Via 1.4500 06/02/2026 EUR 57.740
Piraeus Financial Hol 8.7500 EUR 73.768
Serbia International 1.0000 9/23/2028 EUR 70.587
Consus Real Estate AG 4.000011/29/2022 EUR 78.000
Gazprom PJSC via Gaz 2.9500 4/15/2025 EUR 52.835
NAK Naftogaz Ukraine 7.1250 7/19/2024 EUR 20.554
Cooperatieve Rabobank 1.0000 1/19/2034 EUR 72.690
Novatek OAO Via Novat 4.422012/13/2022 USD 61.814
Trinseo Materials Ope 5.1250 04/01/2029 USD 66.109
Eurochem Finance DAC 5.5000 3/13/2024 USD 54.000
Herens Midco Sarl 5.2500 5/15/2029 EUR 66.334
State of North Rhine- 0.9500 01/10/2121 EUR 45.100
ADLER Group SA 2.2500 1/14/2029 EUR 55.708
Gazprom PJSC Via Gaz 4.3640 3/21/2025 EUR 52.727
Lukoil Securities BV 3.8750 05/06/2030 USD 72.500
Hungary Government In 1.7500 06/05/2035 EUR 65.957
Cellnex Finance Co SA 2.0000 9/15/2032 EUR 69.205
Metinvest BV 8.5000 4/23/2026 USD 48.000
Hungary Government In 1.6250 4/28/2032 EUR 70.686
State Agency of Roads 6.2500 6/24/2030 USD 20.458
Frigoglass Finance BV 6.8750 02/12/2025 EUR 49.667
Grupo Antolin-Irausa 3.5000 4/30/2028 EUR 66.685
Casino Guichard Perra 4.0480 08/05/2026 EUR 53.670
Romanian Government I 1.3750 12/02/2029 EUR 68.867
Gazprom PJSC via Gaz 1.850011/17/2028 EUR 47.769
Heimstaden Bostad AB 2.6250 EUR 67.438
CPI Property Group SA 4.8750 EUR 67.198
TI Automotive Finance 3.7500 4/15/2029 EUR 69.968
VEON Holdings BV 3.375011/25/2027 USD 52.000
Metalloinvest Finance 3.375010/22/2028 USD 57.500
Romanian Government I 3.875010/29/2035 EUR 72.795
Zurich Finance Irelan 3.0000 4/19/2051 USD 73.687
Signa Development Fin 5.5000 7/23/2026 EUR 66.512
Castellum Helsinki Fi 0.8750 9/17/2029 EUR 66.184
Telefonica Europe BV 2.3760 EUR 73.720
Romanian Government I 1.7500 7/13/2030 EUR 67.877
Russian Foreign Bond 2.8750 12/04/2025 EUR 39.117
Altice France Holding 6.0000 2/15/2028 USD 65.977
Serbia International 2.1250 12/01/2030 USD 69.975
Simon International F 1.1250 3/19/2033 EUR 71.127
Glencore Capital Fina 1.2500 03/01/2033 EUR 68.251
Virgin Media Finance 3.7500 7/15/2030 EUR 72.386
CTP NV 1.5000 9/27/2031 EUR 63.988
Serbia International 1.6500 03/03/2033 EUR 59.834
Ziggo Bond Co BV 3.3750 2/28/2030 EUR 70.753
TotalEnergies SE 3.2500 EUR 72.190
Bellis Finco PLC 4.0000 2/16/2027 GBP 63.039
Citycon Oyj 4.4960 EUR 73.336
Russian Railways Via 7.4870 3/25/2031 GBP 21.319
Electricite de France 1.000011/29/2033 EUR 71.461
Ukreximbank Via Biz F 9.7500 1/22/2025 USD 30.000
Republic of Belarus I 6.3780 2/24/2031 USD 23.000
Vier Gas Transport Gm 0.1250 09/10/2029 EUR 73.126
ADLER Group SA 1.8750 1/14/2026 EUR 59.175
Mallinckrodt Internat 10.0000 6/15/2029 USD 56.698
TUI AG 5.0000 4/16/2028 EUR 72.124
Verallia SA 1.8750 11/10/2031 EUR 71.477
Teva Pharmaceutical F 1.625010/15/2028 EUR 71.513
Takko Luxembourg 2 SC 5.375011/15/2023 EUR 66.875
Vier Gas Transport Gm 0.5000 09/10/2034 EUR 61.672
Cellnex Telecom SA 1.750010/23/2030 EUR 72.662
Very Group Funding Pl 6.5000 08/01/2026 GBP 71.406
MMC Norilsk Nickel OJ 6.625010/14/2022 USD 67.922
Zalando SE 0.6250 08/06/2027 EUR 72.333
Thermo Fisher Scienti 2.000010/18/2051 EUR 68.100
Boparan Finance PLC 7.625011/30/2025 GBP 68.667
Unicaja Banco SA 4.8750 EUR 70.545
Kleopatra Holdings 2 6.5000 09/01/2026 EUR 65.735
Ideal Standard Intern 6.3750 7/30/2026 EUR 56.296
Intesa Sanpaolo SpA 1.3500 2/24/2031 EUR 70.862
National Grid Electri 0.8230 07/07/2032 EUR 73.016
Erste Group Bank AG 3.3750 EUR 73.315
GOL Equity Finance SA 3.7500 7/15/2024 USD 51.500
MVM Energetika Zrt 0.875011/18/2027 EUR 72.937
HOCHTIEF AG 0.6250 4/26/2029 EUR 72.237
Deutsche Bank AG/New 3.7420 01/07/2033 USD 68.598
Hera SpA 0.2500 12/03/2030 EUR 70.098
Prosus NV 3.0610 7/13/2031 USD 71.173
Accor SA 0.7000 12/07/2027 EUR 38.688
Russian Railways Via 3.1250 CHF 9.987
Banco Santander SA 3.225011/22/2032 USD 72.591
Anadolu Efes Biracili 3.3750 6/29/2028 USD 71.973
VGP NV 2.2500 1/17/2030 EUR 70.824
Victoria PLC 3.7500 3/15/2028 EUR 73.547
Renault SA 1.1250 10/04/2027 EUR 74.229
Metinvest BV 5.6250 6/17/2025 EUR 47.017
MMC Norilsk Nickel OJ 3.375010/28/2024 USD 55.970
MMC Norilsk Nickel OJ 2.5500 09/11/2025 USD 55.379
EnBW Energie Baden-Wu 2.1250 8/31/2081 EUR 65.095
Pro-Gest SpA 3.250012/15/2024 EUR 71.850
Russian Railways Via 5.7000 04/05/2022 USD 20.060
Credit Suisse Group A 3.0000 CHF 71.774
International Consoli 1.5000 07/04/2027 EUR 70.128
Carnival PLC 1.000010/28/2029 EUR 52.171
Energizer Gamma Acqui 3.5000 6/30/2029 EUR 73.444
DIC Asset AG 2.2500 9/22/2026 EUR 74.450
SPP-Distribucia AS 1.0000 06/09/2031 EUR 65.076
EIG Pearl Holdings Sa 4.387011/30/2046 USD 74.068
Rothesay Life PLC 5.0000 GBP 69.337
United Kingdom Gilt 1.1250 1/31/2039 GBP 64.776
Heimstaden AB 6.7500 EUR 64.732
International Consoli 1.1250 5/18/2028 EUR 61.495
Sigma Holdco BV 7.8750 5/15/2026 USD 68.569
VGP NV 1.5000 04/08/2029 EUR 70.744
Intesa Sanpaolo SpA 4.1980 06/01/2032 USD 70.068
Slovakia Government B 0.3750 4/21/2036 EUR 65.741
Balder Finland Oyj 1.0000 1/20/2029 EUR 70.529
Mobilux Finance SAS 4.2500 7/15/2028 EUR 69.216
Hacienda Investments 5.3500 02/08/2028 USD 10.000
Allianz SE 2.6250 EUR 69.804
SKF AB 0.2500 2/15/2031 EUR 73.926
Ukraine Railways Via 8.2500 07/09/2024 USD 22.005
Hannover Rueck SE 1.3750 6/30/2042 EUR 72.434
Pierre Et Vacances SA 2.0000 04/01/2023 EUR 25.073
Kernel Holding SA 6.500010/17/2024 USD 42.092
Commerzbank AG 4.2500 EUR 70.545
HSE Finance Sarl 6.071010/15/2026 EUR 70.562
Metinvest BV 7.7500 4/23/2023 USD 54.500
VEON Holdings BV 4.0000 04/09/2025 USD 65.000
UniCredit SpA 4.4500 EUR 72.191
NatWest Group PLC 4.6000 USD 69.970
Corestate Capital Hol 3.5000 4/15/2023 EUR 20.833
Novolipetsk Steel Via 4.7000 5/30/2026 USD 66.000
MMK International Cap 4.3750 6/13/2024 USD 29.776
BAT International Fin 2.2500 09/09/2052 GBP 39.507
Castle UK Finco PLC 7.0000 5/15/2029 GBP 72.970
Maison Finco PLC 6.000010/31/2027 GBP 72.529
Republic of Italy Gov 4.000010/17/2049 USD 72.279
Atos SE 2.5000 11/07/2028 EUR 66.079
Rallye SA 4.3710 2/28/2032 EUR 12.009
United Kingdom Gilt 1.7500 1/22/2049 GBP 62.718
Air Baltic Corp AS 6.7500 7/30/2024 EUR 72.629
Voltalia SA 1.0000 1/13/2025 EUR 27.589
Constellium SE 3.1250 7/15/2029 EUR 73.919
Eustream AS 1.6250 6/25/2027 EUR 67.453
FEL Energy VI Sarl 5.7500 12/01/2040 USD 73.078
Snam SpA 0.6250 6/30/2031 EUR 72.767
Metro Bank PLC 5.5000 6/26/2028 GBP 54.361
gategroup Finance Lux 3.0000 2/28/2027 CHF 70.813
Rolls-Royce PLC 1.6250 05/09/2028 EUR 73.487
Russian Foreign Bond 1.850011/20/2032 EUR 43.484
Turkey Government Int 5.2500 3/13/2030 USD 71.653
Cellnex Finance Co SA 2.0000 2/15/2033 EUR 67.905
VZ Vendor Financing I 2.8750 1/15/2029 EUR 72.756
Fuerstenberg Capital 5.6250 EUR 62.614
HSE Finance Sarl 5.625010/15/2026 EUR 68.663
NGD Holdings BV 6.750012/31/2026 USD 41.967
Republic of Belarus I 7.6250 6/29/2027 USD 22.887
BCP V Modular Service 6.750011/30/2029 EUR 72.336
MorphoSys AG 0.625010/16/2025 EUR 66.039
Hellenic Bank PCL 10.0000 EUR 55.070
Stellantis NV 1.2500 6/20/2033 EUR 69.003
VTB Bank OJSC Via VTB 6.950010/17/2022 USD 5.894
John Lewis PLC 4.250012/18/2034 GBP 63.849
Phosagro OAO Via Phos 3.9490 4/24/2023 USD 60.589
Gazprom PJSC Via Gaz 4.9500 02/06/2028 USD 49.000
United Kingdom Gilt 1.7500 7/22/2057 GBP 59.368
Banco de Sabadell SA 5.0000 EUR 73.467
Allianz SE 2.6000 EUR 67.090
Heimstaden Bostad AB 3.3750 EUR 71.329
Enel Finance Internat 0.8750 6/17/2036 EUR 60.485
IWG International Hol 0.5000 12/09/2027 GBP 66.738
Odea Bank AS 8.6060 08/01/2027 USD 68.081
VEON Holdings BV 4.9500 6/16/2024 USD 72.500
Hungary Government In 1.500011/17/2050 EUR 50.140
Zorlu Yenilenebilir E 9.0000 06/01/2026 USD 73.190
Tinkoff Bank JSC Via 6.0000 USD 33.000
Hungary Government Bo 3.250010/22/2031 HUF 64.275
Cooperatieve Rabobank 3.1000 EUR 70.990
Banco Santander SA 1.0000 11/04/2031 EUR 74.289
Russian Foreign Bond 2.6500 5/27/2036 EUR 40.561
Intesa Sanpaolo SpA 4.9500 06/01/2042 USD 62.491
Severstal OAO Via Ste 3.1500 9/16/2024 USD 10.710
EDP - Energias de Por 1.8750 3/14/2082 EUR 70.241
Wirecard AG 0.5000 09/11/2024 EUR 12.000
Hungary Government Bo 2.2500 4/20/2033 HUF 54.715
Phosagro OAO Via Phos 3.0500 1/23/2025 USD 56.500
Telefonaktiebolaget L 1.0000 5/26/2029 EUR 72.981
Credit Agricole Assur 1.5000 10/06/2031 EUR 73.015
BMW Finance NV 0.2000 01/11/2033 EUR 71.171
MMC Norilsk Nickel OJ 4.1000 04/11/2023 USD 58.000
Phosagro OAO Via Phos 2.6000 9/16/2028 USD 52.182
GTLK Europe Capital D 4.8000 2/26/2028 USD 23.909
United Kingdom Gilt 1.625010/22/2054 GBP 57.617
GTLK Europe Capital D 4.3490 2/27/2029 USD 20.639
Orange SA 1.3750 09/04/2049 EUR 69.797
Evraz PLC 5.3750 3/20/2023 USD 50.000
Just Group PLC 5.0000 GBP 65.782
Italy Buoni Poliennal 1.4500 03/01/2036 EUR 71.872
NET4GAS sro 3.5000 7/28/2026 EUR 60.069
Banque Federative du 1.125011/19/2031 EUR 71.101
La Poste SA 0.6250 1/18/2036 EUR 66.615
Enel SpA 1.8750 EUR 67.372
Vnesheconombank Via V 5.942011/21/2023 USD 5.360
Republic of Italy Gov 3.8750 05/06/2051 USD 68.870
TotalEnergies SE 2.1250 EUR 71.235
Atento Luxco 1 SA 8.0000 02/10/2026 USD 50.357
Delivery Hero SE 1.0000 4/30/2026 EUR 71.697
Mutuelle Assurance De 3.5000 EUR 69.645
HOCHTIEF AG 1.2500 09/03/2031 EUR 66.761
Nykredit Realkredit A 1.0000 10/01/2053 DKK 70.195
Nostrum Oil & Gas Fin 7.0000 2/16/2025 USD 24.333
Eurotorg LLC Via Boni 9.000010/22/2025 USD 48.000
Romanian Government I 4.1250 03/11/2039 EUR 69.338
Sberbank of Russia Vi 5.125010/29/2022 USD 9.040
Metinvest BV 7.750010/17/2029 USD 46.250
AerCap Ireland Capita 3.850010/29/2041 USD 68.909
Sibur Securities DAC 3.4500 9/23/2024 USD 33.799
Romanian Government I 2.7500 4/14/2041 EUR 54.233
National Grid Electri 0.872011/26/2040 EUR 56.990
Andrade Gutierrez Int 9.500012/30/2024 USD 57.000
Arrival SA 3.5000 12/01/2026 USD 33.000
Aroundtown SA 3.3750 EUR 74.008
Prosus NV 2.7780 1/19/2034 EUR 70.032
BICO Group AB 2.8750 3/19/2026 SEK 56.860
ADLER Group SA 1.5000 7/26/2024 EUR 66.775
Vnesheconombank Via V 6.800011/22/2025 USD 5.180
AerCap Ireland Capita 3.400010/29/2033 USD 73.881
GTLK Europe Capital D 4.6500 03/10/2027 USD 25.000
Metinvest BV 7.6500 10/01/2027 USD 47.507
Barclays PLC 1.1060 05/12/2032 EUR 72.929
Heimstaden Bostad AB 3.6250 EUR 68.998
UBS Group AG 0.6250 2/24/2033 EUR 70.490
Societe Generale SA 3.6250 03/01/2041 USD 63.344
UNEDIC ASSEO 0.2500 7/16/2035 EUR 71.065
HOCHDORF Holding AG 2.5000 CHF 35.501
Wintershall Dea Finan 3.0000 EUR 73.658
Global Ports Finance 6.5000 9/22/2023 USD 15.539
Delivery Hero SE 1.5000 1/15/2028 EUR 64.813
Hungary Government Bo 3.000010/27/2038 HUF 50.725
VTR Finance NV 6.3750 7/15/2028 USD 57.789
Ekosem-Agrar AG 2.5000 7/31/2029 EUR 22.735
Rothschild & Co Conti 1.7000 EUR 66.868
GTLK Europe Capital D 5.9500 4/17/2025 USD 26.634
UniCredit SpA 0.8500 1/19/2031 EUR 69.821
Union Fenosa Preferen 1.4390 EUR 67.920
Credit Suisse Group A 3.0910 5/14/2032 USD 73.411
CPI Property Group SA 1.7500 1/14/2030 EUR 70.616
CPI Property Group SA 4.8750 EUR 69.043
Jaguar Land Rover Aut 5.5000 7/15/2029 USD 67.867
Sibur Securities DAC 2.9500 07/08/2025 USD 35.334
Sweden Government Bon 1.3750 6/23/2071 SEK 67.173
Medtronic Global Hold 1.625010/15/2050 EUR 64.810
Haya Holdco 2 PLC 9.542011/30/2025 EUR 63.420
A2A SpA 0.6250 7/15/2031 EUR 69.703
BNP Paribas SA 0.6250 12/03/2032 EUR 68.776
Balder Finland Oyj 2.0000 1/18/2031 EUR 69.930
Russian Foreign Bond 1.125011/20/2027 EUR 43.496
RWE AG 1.000011/26/2033 EUR 70.547
Hellenic Republic Gov 0.7500 6/18/2031 EUR 73.398
Vonovia SE 1.5000 6/14/2041 EUR 57.899
ALROSA Finance SA 3.1000 6/25/2027 USD 10.000
Cardea Europe AG 7.2500 12/08/2023 EUR 52.421
Berkeley Group PLC/Th 2.5000 08/11/2031 GBP 64.699
Credit Bank of Moscow 3.8750 9/21/2026 USD 20.256
Autostrade per l'Ital 2.2500 1/25/2032 EUR 74.196
Mithra Pharmaceutical 4.250012/17/2025 EUR 67.856
Orange SA 0.625012/16/2033 EUR 73.154
United Group BV 5.2500 02/01/2030 EUR 73.175
Deutsche Bank AG/New 3.7290 1/14/2032 USD 70.545
ABN AMRO Bank NV 1.2500 1/20/2034 EUR 72.298
Dana Financing Luxemb 3.0000 7/15/2029 EUR 74.228
Polyus Finance PLC 3.250010/14/2028 USD 44.500
BAT International Fin 2.0000 3/13/2045 EUR 52.726
Yandex NV 0.7500 9/13/2022 USD 69.393
Shell International F 3.000011/26/2051 USD 70.006
Investor AB 0.375010/29/2035 EUR 65.510
BNP Paribas SA 1.6250 07/02/2031 EUR 74.043
Corestate Capital Hol 1.375011/28/2022 EUR 20.982
Bank Gospodarstwa Kra 2.1250 06/05/2030 PLN 70.797
ADLER Group SA 2.2500 4/27/2027 EUR 57.100
UniCredit SpA 3.1270 06/03/2032 USD 73.250
Essity AB 0.2500 02/08/2031 EUR 73.807
Croatia Government In 1.7500 03/04/2041 EUR 70.859
AI Candelaria Spain S 5.7500 6/15/2033 USD 72.128
Tikehau Capital SCA 1.6250 3/31/2029 EUR 73.873
Russian Railways Via 4.3750 03/01/2024 USD 21.874
Muenchener Rueckversi 1.2500 5/26/2041 EUR 73.453
UPM-Kymmene Oyj 0.5000 3/22/2031 EUR 72.623
HSBC Bank PLC 3.1269 USD 74.780
Borets Finance DAC 6.0000 9/17/2026 USD 33.318
Ageasfinlux SA 1.6190 EUR 74.321
Enel Finance Internat 0.8750 9/28/2034 EUR 64.307
Idorsia Ltd 2.1250 08/04/2028 CHF 69.594
Realkredit Danmark A/ 1.0000 10/01/2050 DKK 71.031
Deutsche Bahn Finance 0.6250 4/15/2036 EUR 69.576
Paragon GmbH & Co KGa 4.0000 4/23/2023 CHF 55.000
Ekosem-Agrar AG 8.5000 12/07/2022 EUR 12.803
AXA SA 1.8750 07/10/2042 EUR 73.918
Lloyds Banking Group 2.7070 12/03/2035 GBP 70.600
Czech Republic Govern 1.5000 4/24/2040 CZK 59.523
Sweden Government Bon 0.500011/24/2045 SEK 73.805
ADLER Group SA 2.750011/13/2026 EUR 58.155
adidas AG 0.6250 09/10/2035 EUR 70.020
Mallinckrodt Internat 10.0000 4/15/2025 USD 64.063
EnBW Energie Baden-Wu 1.3750 8/31/2081 EUR 71.211
Orsted AS 2.5000 2/18/3021 GBP 68.411
Medtronic Global Hold 1.7500 07/02/2049 EUR 68.483
Slovenia Government B 0.6875 03/03/2081 EUR 36.136
HSBC Bank PLC 1.7500 USD 74.381
Becton Dickinson Euro 1.3360 8/13/2041 EUR 63.150
Jaguar Land Rover Aut 5.5000 7/15/2029 USD 67.862
NE Property BV 2.0000 1/20/2030 EUR 71.279
Belfius Bank SA 3.6250 EUR 73.817
Korian SA 2.250010/15/2028 EUR 74.555
ACEA SpA 0.2500 7/28/2030 EUR 73.238
Altice France SA/Fran 5.1250 1/15/2029 USD 73.515
Intesa Sanpaolo SpA 4.7000 9/23/2049 USD 73.764
ADLER Group SA 2.000011/23/2023 EUR 67.737
Republic of Austria G 1.5000 11/02/2086 EUR 67.442
Just Eat Takeaway.com 0.6250 02/09/2028 EUR 63.997
TP ICAP Finance PLC 2.625011/18/2028 GBP 70.853
Fresenius SE & Co KGa 1.1250 1/28/2033 EUR 71.252
Medtronic Global Hold 1.375010/15/2040 EUR 69.679
University of Oxford 2.5440 12/08/2117 GBP 51.912
Muenchener Rueckversi 1.0000 5/26/2042 EUR 69.123
Russian Railways Via 1.1950 04/03/2028 CHF 19.578
Moby SpA 7.7500 2/15/2023 EUR 66.546
JAB Holdings BV 4.5000 04/08/2052 USD 68.815
Deutsche Bahn Finance 1.1250 5/29/2051 EUR 60.838
Ilija Batljan Invest 8.3500 SEK 49.000
Electricite de France 4.5000 12/04/2069 USD 75.149
Alfa Bank AO Via Alfa 5.9500 4/15/2030 USD 7.584
Intesa Sanpaolo SpA 2.6250 03/11/2036 GBP 60.334
Ozon Holdings PLC 1.8750 2/24/2026 USD 37.000
Nykredit Realkredit A 1.5000 10/01/2053 DKK 71.020
Siemens Financierings 0.5000 09/05/2034 EUR 71.039
Imerys SA 1.0000 7/15/2031 EUR 65.051
Engie SA 1.000010/26/2036 EUR 64.062
Vonovia SE 0.7500 09/01/2032 EUR 67.628
Verbund AG 0.9000 04/01/2041 EUR 65.162
Czech Gas Networks In 0.4500 09/08/2029 EUR 64.939
AXA SA 1.3750 10/07/2041 EUR 73.068
Nykredit Realkredit A 1.5000 10/01/2053 DKK 74.820
Infrastrutture Wirele 1.7500 4/19/2031 EUR 74.177
ADLER Group SA 3.2500 08/05/2025 EUR 61.060
Hellenic Republic Gov 1.8750 02/04/2035 EUR 73.998
Julius Baer Group Ltd 3.6250 USD 70.629
alstria office REIT-A 1.500011/15/2027 EUR 73.870
Hungary Government Bo 4.5000 5/27/2032 HUF 70.051
Deutsche Telekom AG 1.7500 12/09/2049 EUR 68.267
ABH Financial Ltd Via 2.8750 11/09/2022 CHF #N/A N/A
SCF Capital Designate 3.8500 4/26/2028 USD 19.797
CPI Property Group SA 3.7500 EUR 60.922
EnBW International Fi 0.5000 03/01/2033 EUR 66.617
Enel Finance Internat 2.2500 07/12/2031 USD 72.149
Sanctuary Capital PLC 2.3750 4/14/2050 GBP 55.860
Wuestenrot & Wuerttem 2.1250 09/10/2041 EUR 68.922
ALROSA Finance SA 4.6500 04/09/2024 USD 11.595
Virgin Media Finance 5.0000 7/15/2030 USD 73.936
Slovakia Government B 1.000010/13/2051 EUR 56.908
Foodco Bondco SA 6.2500 5/15/2026 EUR 72.624
ABN AMRO Bank NV 3.3240 3/13/2037 USD 73.831
Hungary Government Bo 1.5000 8/26/2026 HUF 70.278
Deutsche Bank AG/New 3.0350 5/28/2032 USD 74.092
Heimstaden Bostad AB 3.0000 EUR 65.037
Electricite de France 2.0000 12/09/2049 EUR 60.190
Maisons du Monde SA 0.1250 12/06/2023 EUR 46.285
Kojamo Oyj 0.8750 5/28/2029 EUR 71.235
Delivery Hero SE 2.1250 03/10/2029 EUR 61.793
Econocom Group SA/NV 0.5000 03/06/2023 EUR 7.905
Credit Bank of Moscow 5.1500 2/20/2024 EUR 20.534
EnBW International Fi 0.250010/19/2030 EUR 72.291
VTB Bank PJSC Via VTB 9.5000 USD 6.598
Digital Intrepid Hold 1.3750 7/18/2032 EUR 70.236
Russian Foreign Bond 4.8750 9/16/2023 USD 67.309
Nexity SA 0.2500 03/02/2025 EUR 58.019
GTLK Europe Capital D 4.9490 2/18/2026 USD 28.392
Traton Finance Luxemb 1.2500 3/24/2033 EUR 70.019
UniCredit SpA 1.6250 1/18/2032 EUR 72.416
BASF SE 1.625011/15/2037 EUR 73.073
BPCE SA 0.2500 1/14/2031 EUR 74.019
Hera SpA 1.0000 4/25/2034 EUR 65.526
Republic of Poland Go 2.0000 03/08/2049 EUR 72.746
Altice France Holding 4.0000 2/15/2028 EUR 65.619
Iberdrola Internation 1.8250 EUR 74.605
NatWest Group PLC 4.5000 GBP 72.580
Medtronic Global Hold 1.5000 07/02/2039 EUR 72.686
Sberbank of Russia Vi 5.2500 5/23/2023 USD 11.187
Enel Finance Internat 1.2500 1/17/2035 EUR 66.651
Denmark Government Bo 0.250011/15/2052 DKK 56.449
Romanian Government I 3.5000 04/03/2034 EUR 71.022
State of North Rhine- 1.4500 1/19/2122 EUR 59.922
Fresnillo PLC 4.2500 10/02/2050 USD 71.325
MMC Norilsk Nickel OJ 2.800010/27/2026 USD 55.000
Rallye SA 4.0000 2/28/2032 EUR 11.849
Thermo Fisher Scienti 1.625010/18/2041 EUR 69.579
Republic of Poland Go 4.0000 4/25/2047 PLN 68.816
United Group BV 3.6250 2/15/2028 EUR 73.243
Evraz PLC 5.2500 04/02/2024 USD 47.936
Wellcome Trust Ltd/Th 1.5000 7/14/2071 GBP 40.545
GTLK Europe DAC 5.1250 5/31/2024 USD 29.220
Smurfit Kappa Treasur 1.0000 9/22/2033 EUR 69.863
Czech Gas Networks In 0.8750 3/31/2031 EUR 60.338
Czech Republic Govern 1.2000 3/13/2031 CZK 73.987
Jaguar Land Rover Aut 4.5000 10/01/2027 USD 72.401
Banque Federative du 0.6250 2/21/2031 EUR 74.500
La Poste SA 1.0000 9/17/2034 EUR 73.933
E.ON SE 0.6000 10/01/2032 EUR 71.870
Ziggo Bond Co BV 5.1250 2/28/2030 USD 74.242
Prosus NV 1.2880 7/13/2029 EUR 71.728
FIGEAC-AERO 1.750010/18/2028 EUR 21.912
BP Capital Markets BV 1.4670 9/21/2041 EUR 64.770
Novolipetsk Steel Via 4.0000 9/21/2024 USD 60.712
DH Europe Finance II 1.3500 9/18/2039 EUR 69.648
Russian Federal Bond 6.1000 7/18/2035 RUB 72.704
Logicor Financing Sar 2.0000 1/17/2034 EUR 68.057
Saxa Gres Spa 7.0000 08/04/2026 EUR 27.731
Heimstaden Bostad Tre 0.7500 09/06/2029 EUR 70.189
Prosus NV 4.9870 1/19/2052 USD 67.264
Prosus NV 3.8320 02/08/2051 USD 57.478
Desenio Group AB 7.056012/16/2024 SEK 53.000
Andorra International 1.700010/13/2041 EUR 72.428
Annington Funding PLC 3.9350 07/12/2047 GBP 68.572
Deutsche Bahn Finance 0.6250 12/08/2050 EUR 52.240
Snam SpA 1.2500 6/20/2034 EUR 69.891
Credit Suisse Group A 0.6500 09/10/2029 EUR 72.260
Aedifica SA 0.7500 09/09/2031 EUR 67.235
Fastighets AB Balder 1.2500 1/28/2028 EUR 73.833
EQT AB 0.8750 5/14/2031 EUR 69.933
Nykredit Realkredit A 1.0000 10/01/2053 DKK 65.520
ERG SpA 0.8750 9/15/2031 EUR 72.964
Polyus Finance PLC 5.2500 02/07/2023 USD 48.029
Heimstaden Bostad Tre 1.625010/13/2031 EUR 68.749
Prosus NV 1.9850 7/13/2033 EUR 63.215
Bank Gospodarstwa Kra 2.375011/27/2040 PLN 50.654
Republic of Austria G 0.250010/20/2036 EUR 71.277
National Grid PLC 0.7500 09/01/2033 EUR 68.147
Hungary Government Bo 1.5000 4/22/2026 HUF 71.975
Proximus SADP 0.750011/17/2036 EUR 68.217
Aggregate Holdings SA 5.5000 5/17/2024 EUR 37.205
Utmost Group PLC 6.1250 GBP 71.766
Saderea DAC 12.500011/30/2026 USD 73.048
Eni SpA 2.7500 EUR 73.326
Royalty Pharma PLC 3.5500 09/02/2050 USD 65.916
Altarea SCA 1.7500 1/16/2030 EUR 64.758
BNP Paribas SA 1.2500 7/13/2031 GBP 67.013
Hacienda Investments 5.0750 2/15/2023 USD 12.054
Lithuania Government 0.5000 7/28/2050 EUR 49.399
Unibail-Rodamco-Westf 2.2500 5/14/2038 EUR 65.219
Allianz Finance II BV 0.500011/22/2033 EUR 73.201
Novafives SAS 5.5000 6/15/2025 EUR 68.095
Terragon AG 6.5000 5/24/2024 EUR 5.000
Vodafone Group PLC 3.0000 08/12/2056 GBP 56.447
JAB Holdings BV 2.250012/19/2039 EUR 63.506
Groupe Bruxelles Lamb 0.1250 1/28/2031 EUR 73.918
Offentliga Hus I Nord 7.7010 SEK 62.539
Orpea SA 2.200012/15/2024 EUR 65.000
Becton Dickinson Euro 1.2130 02/12/2036 EUR 69.762
Prosus NV 2.0850 1/19/2030 EUR 73.312
Societe Generale SA 3.6250 03/01/2041 USD 63.559
Anheuser-Busch InBev 2.8500 5/25/2037 GBP 71.741
CPI Property Group SA 1.5000 1/27/2031 EUR 66.328
Terna - Rete Elettric 0.7500 7/24/2032 EUR 72.592
Lar Espana Real Estat 1.8430 11/03/2028 EUR 74.116
A2A SpA 1.0000 11/02/2033 EUR 65.635
Lukoil Capital DAC 3.600010/26/2031 USD 72.500
Credit Bank of Moscow 3.1000 1/21/2026 EUR 20.078
Hungary Government Bo 2.2500 6/22/2034 HUF 52.141
E.ON SE 0.875010/18/2034 EUR 69.847
Cooperatieve Rabobank 1.0000 1/19/2034 EUR 72.935
Eurogrid GmbH 0.7410 4/21/2033 EUR 73.279
Enel Finance Internat 2.8750 07/12/2041 USD 60.394
BAT International Fin 4.000011/23/2055 GBP 52.128
STERIS Irish FinCo Un 3.7500 3/15/2051 USD 71.589
Aeroporti di Roma SpA 1.7500 7/30/2031 EUR 72.291
Cofinimmo SA 0.8750 12/02/2030 EUR 73.567
Assicurazioni General 1.7130 6/30/2032 EUR 69.622
Imperial Brands Finan 1.7500 3/18/2033 EUR 68.469
Prosus NV 2.0310 08/03/2032 EUR 65.927
Engie SA 1.8750 EUR 70.476
GOL Equity Finance SA 3.7500 7/15/2024 USD 52.250
Republic of Poland Go 2.000010/25/2046 EUR 72.680
Koninklijke KPN NV 0.875011/15/2033 EUR 71.615
Vnesheconombank Via V 6.0250 07/05/2022 USD 5.212
Vonovia SE 1.0000 6/16/2033 EUR 66.443
Prosus NV 4.0270 08/03/2050 USD 58.850
Credit Agricole SA 0.8750 1/14/2032 EUR 74.200
BPCE SA 2.125010/13/2046 EUR 68.876
Landesbank Baden-Wuer 0.3750 2/21/2031 EUR 71.982
Hungary Government Bo 2.750012/22/2026 HUF 73.315
DSV Finance BV 0.8750 9/17/2036 EUR 65.093
Mobile Telesystems OJ 5.0000 5/30/2023 USD 25.217
Deutsche Bahn Finance 0.8750 6/23/2039 EUR 66.072
Ukraine Government Bo 9.7900 5/26/2027 UAH 55.424
Nestle Finance Intern 0.8750 6/14/2041 EUR 67.906
Intu Debenture PLC 5.562012/31/2027 GBP 45.000
UniCredit SpA 3.1270 06/03/2032 USD 72.408
PB International BV 7.625012/31/2025 USD 44.700
TenneT Holding BV 0.8750 6/16/2035 EUR 71.527
Finland Government Bo 0.5000 4/15/2043 EUR 66.034
Sovcombank Via SovCom 7.6000 USD 4.342
Novolipetsk Steel Via 4.5000 6/15/2023 USD 55.000
Wellcome Trust Ltd/Th 2.5170 02/07/2118 GBP 51.577
PREOS Global Office R 7.5000 12/09/2024 EUR 59.700
Cooperatieve Rabobank 0.6250 2/25/2033 EUR 71.655
Sibur Securities DAC 4.1250 10/05/2023 USD 34.094
Credit Bank of Moscow 7.5000 10/05/2027 USD 9.414
Scandinavian Airlines 0.6250 CHF 13.883
Aviva PLC 4.0000 06/03/2055 GBP 71.284
ABN AMRO Bank NV 1.0000 06/02/2033 EUR 72.874
PIK Securities DAC 5.625011/19/2026 USD 8.999
Koninklijke Luchtvaar 0.7500 CHF 19.050
SAS AB 4.8640 SEK 25.667
Erste Group Bank AG 0.2500 1/27/2031 EUR 72.604
Ukraine Railways Via 7.8750 7/15/2026 USD 21.602
Snam SpA 1.0000 09/12/2034 EUR 66.287
PJSC Koks via IMH Cap 5.9000 9/23/2025 USD 7.543
Koninklijke KPN NV 0.875012/14/2032 EUR 74.016
Intelsat Jackson Hold 9.7500 7/15/2025 USD 0.501
Balder Finland Oyj 1.3750 5/24/2030 EUR 67.804
Vonovia SE 0.6250 3/24/2031 EUR 71.548
BUPA Finance PLC 4.0000 GBP 64.469
Czech Republic Govern 0.050011/29/2029 CZK 70.321
Sovcombank Via SovCom 7.7500 USD 3.402
RTE Reseau de Transpo 0.7500 01/12/2034 EUR 72.667
Suek Securities DAC 3.3750 9/15/2026 USD 13.244
State of North Rhine- 1.3750 1/15/2120 EUR 56.220
Rusal Capital DAC 4.8500 02/01/2023 USD 40.000
Groupe des Assurances 1.8500 4/21/2042 EUR 73.048
Travelex Financing PL 8.0000 5/15/2022 EUR 0.238
Allianz SE 3.2000 USD 76.751
Realkredit Danmark A/ 1.0000 10/01/2050 DKK 66.712
Orange SA 0.7500 6/29/2034 EUR 73.181
Fresenius Finance Ire 0.8750 10/01/2031 EUR 73.714
UNEDIC ASSEO 0.5000 5/25/2036 EUR 72.025
Royalty Pharma PLC 3.3500 09/02/2051 USD 63.648
Societe Generale SA 4.0270 1/21/2043 USD 65.435
Credit Bank of Moscow 4.7000 1/29/2025 USD 25.598
Credit Bank of Moscow 5.5500 2/14/2023 USD 21.239
Hexagon Housing Assoc 3.6250 4/22/2048 GBP 71.740
Intesa Sanpaolo Vita 2.375012/22/2030 EUR 71.591
Cellnex Finance Co SA 3.8750 07/07/2041 USD 66.778
Credit Suisse Group A 2.125011/15/2029 GBP 72.687
BNP Paribas SA 2.0000 9/13/2036 GBP 61.093
Jyske Realkredit A/S 1.0000 10/01/2050 DKK 71.137
Akelius Residential P 0.7500 2/22/2030 EUR 72.860
Linde PLC 1.0000 9/30/2051 EUR 54.486
Intelsat Jackson Hold 5.5000 08/01/2023 USD 0.501
Mallinckrodt Internat 10.0000 6/15/2029 USD 58.000
AstraZeneca PLC 3.0000 5/28/2051 USD 72.535
TotalEnergies Capital 3.1270 5/29/2050 USD 70.790
UNIQA Insurance Group 2.3750 12/09/2041 EUR 70.852
BAE Systems PLC 3.0000 9/15/2050 USD 66.563
Lloyds Banking Group 3.369012/14/2046 USD 65.896
ICADE 0.6250 1/18/2031 EUR 72.819
EXOR NV 1.750010/14/2034 EUR 71.872
Nykredit Realkredit A 1.5000 10/01/2050 DKK 73.253
Kuntarahoitus Oyj 0.0500 09/10/2035 EUR 70.085
Enel Finance Internat 1.125010/17/2034 EUR 67.658
La Banque Postale SA 0.7500 6/23/2031 EUR 73.601
Engie SA 1.3750 6/21/2039 EUR 63.997
Koninklijke DSM NV 0.6250 6/23/2032 EUR 74.048
UBS Group AG 3.1790 02/11/2043 USD 70.030
DXC Capital Funding D 0.9500 9/15/2031 EUR 73.520
Upjohn Finance BV 1.9080 6/23/2032 EUR 71.828
Terna - Rete Elettric 0.3750 9/25/2030 EUR 74.542
Shell International F 1.7500 09/10/2052 GBP 45.041
Vonovia Finance BV 1.0000 1/28/2041 EUR 52.392
Region Wallonne Belgi 0.5000 6/22/2037 EUR 68.937
Barclays PLC 3.8110 03/10/2042 USD 68.215
AstraZeneca PLC 2.1250 08/06/2050 USD 61.009
Barclays PLC 3.3820 5/20/2032 AUD 74.990
Nestle Finance Intern 0.3750 12/03/2040 EUR 61.720
Nostrum Oil & Gas Fin 8.0000 7/25/2022 USD 26.405
Bayer AG 0.6250 07/12/2031 EUR 73.620
Eurofins Scientific S 0.8750 5/19/2031 EUR 72.968
Flughafen Zurich AG 0.2000 2/26/2035 CHF 72.195
Ukraine Government In 7.2530 3/15/2035 USD 19.300
Russian Foreign Bond 5.2500 6/23/2047 USD 48.753
Motability Operations 2.1250 1/18/2042 GBP 63.172
Samhallsbyggnadsbolag 2.8740 1/30/2027 SEK 74.228
Gol Finance SA 8.0000 6/30/2026 USD 63.866
BNP Paribas SA 2.8240 1/26/2041 USD 63.704
Talanx AG 1.7500 12/01/2042 EUR 73.642
Gazprom PJSC via Gaz 4.5985 USD 33.000
Societe Generale SA 4.0270 1/21/2043 USD 65.905
Samhallsbyggnadsbolag 4.8410 SEK 60.839
Credit Suisse Group A 3.0910 5/14/2032 USD 73.343
Intelsat Jackson Hold 8.500010/15/2024 USD 0.501
JT International Fina 3.3000 9/14/2051 USD 61.611
Credit Bank of Moscow 8.8750 USD 12.273
Idavang A/S 7.5710 11/11/2025 EUR 67.500
Credit Agricole SA 4.7500 USD 75.578
Stichting Afwikkeling 6.250010/26/2020 EUR 45.353
Nordea Kredit Realkre 1.0000 10/01/2050 DKK 71.157
Logicor Financing Sar 0.8750 1/14/2031 EUR 68.990
Genfit 3.500010/16/2025 EUR 25.786
Nykredit Realkredit A 0.5000 10/01/2053 DKK 65.145
JAB Holdings BV 1.0000 7/14/2031 EUR 71.221
Euronext NV 1.5000 5/17/2041 EUR 62.637
Prosus NV 3.0610 7/13/2031 USD 71.104
BP Capital Markets PL 1.104011/15/2034 EUR 71.894
CTP NV 1.2500 6/21/2029 EUR 71.303
Platform HG Financing 1.6250 08/10/2055 GBP 43.577
Royalty Pharma PLC 3.3000 09/02/2040 USD 70.795
Senvion Holding GmbH 3.875010/25/2022 EUR 1.204
Aeroports de Paris 1.1250 6/18/2034 EUR 70.988
LEG Immobilien SE 1.5000 1/17/2034 EUR 68.642
Officine Maccaferri-S 5.7500 06/01/2021 EUR 17.437
Telefonica Emisiones 1.8640 7/13/2040 EUR 70.264
Metalloinvest Finance 3.375010/22/2028 USD 56.000
European Financial St 0.7000 1/17/2053 EUR 61.323
Ukreximbank Via Biz F 10.4256 02/09/2023 USD 30.752
DH Europe Finance II 1.8000 9/18/2049 EUR 66.244
Electricite de France 1.875010/13/2036 EUR 73.770
Aeroports de Paris 2.1250 10/11/2038 EUR 74.550
Russian Foreign Bond 5.6250 04/04/2042 USD 59.347
Anchor Hanover Group 2.0000 7/21/2051 GBP 50.483
RL Finance Bonds NO 4 4.8750 10/07/2049 GBP 70.660
Global Fashion Group 1.2500 3/15/2028 EUR 69.766
SCF Capital Designate 5.3750 6/16/2023 USD 20.000
Clarion Funding PLC 3.1250 4/19/2048 GBP 66.766
Sagax Euro Mtn NL BV 0.7500 1/26/2028 EUR 73.649
BNG Bank NV 0.250011/22/2036 EUR 69.603
Ukraine Government Bo 14.9100 10/12/2022 UAH 58.875
Holcim Finance Luxemb 0.5000 4/23/2031 EUR 72.260
Ukraine Government In 7.7500 09/01/2027 USD 21.803
Cooperatieve Rabobank 1.0000 1/19/2034 EUR 72.936
BNP Paribas SA 1.5747 USD 69.997
Karlou BV 7.7500 6/18/2024 USD 14.929
Rickmers Holding AG 8.8750 06/11/2018 EUR 1.670
ABN AMRO Bank NV 3.3240 3/13/2037 USD 73.860
Southern Gas Networks 1.2500 12/02/2031 GBP 68.539
Audax Renovables SA 2.750011/30/2025 EUR 72.835
BPCE SA 2.2770 1/20/2032 USD 74.078
Rallye SA 3.2500 2/28/2032 CHF 12.157
Direct Line Insurance 4.7500 GBP 70.304
Optivo Finance PLC 3.2830 3/22/2048 GBP 69.413
Shell International F 2.875011/26/2041 USD 72.907
Intermediate Capital 2.5000 1/28/2030 EUR 73.761
Sovereign Housing Cap 2.3750 11/04/2048 GBP 58.161
Cadent Finance PLC 2.7500 9/22/2046 GBP 56.944
de Volksbank NV 0.3750 9/16/2041 EUR 64.557
BUPA Finance PLC 4.1250 6/14/2035 GBP 72.460
Ville de Paris 0.750011/30/2041 EUR 66.234
Vodafone Group PLC 3.3750 08/08/2049 GBP 64.258
EA Partners I BV 6.8750 9/28/2020 USD 0.500
Zurich Finance Irelan 1.6250 6/17/2039 EUR 72.555
Segro PLC 2.8750 10/11/2037 GBP 72.188
Siemens Financierings 2.8750 03/11/2041 USD 74.310
Unibail-Rodamco-Westf 1.3750 12/04/2031 EUR 71.811
Ireland Government Bo 0.5500 4/22/2041 EUR 67.960
Barclays PLC 3.330011/24/2042 USD 68.263
Merlin Properties Soc 1.8750 12/04/2034 EUR 70.625
Russian Agricultural 8.500010/16/2023 USD 13.519
Credit Mutuel Arkea S 0.8750 03/11/2033 EUR 71.244
Polyus Finance PLC 4.7000 1/29/2024 USD 48.164
Credit Bank of Moscow 7.6250 USD 15.483
Royal Schiphol Group 0.7500 4/22/2033 EUR 73.258
EIG Pearl Holdings Sa 4.387011/30/2046 USD 74.298
Ukreximbank Via Biz F 9.950011/14/2029 USD 37.000
Credit Mutuel Arkea S 0.875010/25/2031 EUR 74.389
Adecco International 0.5000 9/21/2031 EUR 73.706
Perrigo Finance Unlim 4.900012/15/2044 USD 68.917
Sovcombank Via SovCom 3.4000 1/26/2025 USD 5.279
EWE AG 0.375010/22/2032 EUR 66.961
Nordea Kredit Realkre 1.0000 10/01/2050 DKK 66.815
Air Berlin PLC 8.2500 4/19/2018 EUR 0.450
Pension Insurance Cor 3.625010/21/2032 GBP 69.393
Debenhams PLC 5.2500 7/15/2021 GBP 0.329
Nykredit Realkredit A 0.5000 10/01/2050 DKK 67.062
Thomas Cook Finance 2 3.8750 7/15/2023 EUR 1.285
Tritax Big Box REIT P 1.500011/27/2033 GBP 64.566
Cie Generale des Etab 0.2500 11/02/2032 EUR 72.316
Ukraine Government In 7.7500 09/01/2024 USD 27.667
Deutsche Telekom AG 3.6250 1/21/2050 USD 73.405
Sovcombank Via SovCom 8.0000 04/07/2030 USD 4.073
JDE Peet's NV 1.1250 6/16/2033 EUR 68.235
BNP Paribas SA 4.6250 USD 72.313
Wendel SE 1.3750 1/18/2034 EUR 65.264
Kreditanstalt fuer Wi 0.3750 5/20/2036 EUR 73.681
Offshore Drilling Hol 8.3750 9/20/2020 USD 3.858
Russian Foreign Bond 5.8750 9/16/2043 USD 58.065
Ukraine Government Bo 10.9500 11/01/2023 UAH 67.083
BNP Paribas SA 2.8240 1/26/2041 USD 63.998
Nexity SA 0.8750 4/19/2028 EUR 42.983
Guinness Partnership 2.0000 4/22/2055 GBP 49.381
Credit Agricole SA 2.8110 01/11/2041 USD 64.141
Bank Gospodarstwa Kra 2.2500 7/21/2033 PLN 63.019
Engie SA 2.0000 9/28/2037 EUR 72.364
EnfraGen Energia Sur 5.375012/30/2030 USD 68.749
UBS Group AG 4.3750 USD 71.625
Digital Intrepid Hold 0.6250 7/15/2031 EUR 69.245
Republic of Belarus I 6.8750 2/28/2023 USD 30.727
Action Logement Servi 0.500010/30/2034 EUR 74.169
Fuerstenberg Capital 2.5220 EUR 60.512
O1 Properties Finance 0.5000 9/27/2028 USD 6.506
NIBC Bank NV 1.3150 EUR 73.200
Klepierre SA 0.8750 2/17/2031 EUR 72.109
Derwent London PLC 1.875011/17/2031 GBP 71.367
Enexis Holding NV 0.3750 4/14/2033 EUR 71.336
Samhallsbyggnadsbolag 7.0000 7/24/2023 SEK 47.511
Deutsche Lichtmiete A 5.7500 12/01/2023 EUR 8.500
Slovenia Government B 1.1750 2/13/2062 EUR 58.173
Russian Foreign Bond 12.7500 6/24/2028 USD 66.670
Alfa Bank AO Via Alfa 5.9000 USD 7.384
Mondelez Internationa 0.6250 09/09/2032 EUR 74.385
EA Partners II BV 6.7500 06/01/2021 USD 0.491
Sagax Euro Mtn NL BV 1.0000 5/17/2029 EUR 70.160
BPCE SA 3.116010/19/2032 USD 73.929
Holcim Finance Luxemb 0.5000 09/03/2030 EUR 74.390
Russian Foreign Bond 4.7500 5/27/2026 USD 48.753
CPI Property Group SA 2.7500 1/22/2028 GBP 70.468
Shell International F 3.2500 04/06/2050 USD 72.920
Lithuania Government 0.7500 7/15/2051 EUR 53.196
Regiao Autonoma Madei 1.1410 12/04/2034 EUR 72.945
Gazprom PJSC Via Gaz 4.9500 3/23/2027 USD 50.500
RTE Reseau de Transpo 1.1250 09/09/2049 EUR 56.072
Chancellor Masters & 2.3500 6/27/2078 GBP 55.356
OMV AG 1.0000 07/03/2034 EUR 71.442
TMK OAO Via TMK Capit 4.3000 02/12/2027 USD 16.520
Nordea Kredit Realkre 1.0000 10/01/2053 DKK 65.615
Vonovia Finance BV 2.7500 3/22/2038 EUR 73.546
UBS Group AG 2.0950 02/11/2032 USD 74.997
VEON Holdings BV 3.375011/25/2027 USD 51.000
CCEP Finance Ireland 0.8750 05/06/2033 EUR 73.208
Autonomous Community 2.9650 09/08/2039 JPY 66.851
Shell International F 3.1250 11/07/2049 USD 71.180
Annington Funding PLC 2.9240 10/06/2051 GBP 55.073
Unibail-Rodamco-Westf 1.7500 07/01/2049 EUR 52.570
Jyske Realkredit A/S 1.0000 10/01/2050 DKK 66.808
Immigon Portfolioabba 6.5690 EUR 10.287
Interpipe Holdings PL 8.3750 5/13/2026 USD 40.000
Molnlycke Holding AB 0.6250 1/15/2031 EUR 72.901
OP Corporate Bank plc 0.7500 3/24/2031 EUR 73.721
Vonovia Finance BV 1.1250 9/14/2034 EUR 64.745
Mondelez Internationa 1.2500 09/09/2041 EUR 63.656
Altice France Holding 6.0000 2/15/2028 USD 66.952
Flagship Finance PLC 1.8750 7/14/2061 GBP 45.142
Hellenic Republic Gov 2.0850 7/25/2057 EUR 32.828
Bayer AG 1.0000 01/12/2036 EUR 65.673
UNEDIC ASSEO 0.1000 5/25/2034 EUR 72.040
BNP Paribas SA 2.5880 08/12/2035 USD 74.209
BP Capital Markets BV 0.9330 12/04/2040 EUR 59.654
Alfa Bank AO Via Alfa 6.9500 USD 7.829
Enel Finance Internat 2.2500 07/12/2031 USD 72.032
Rallye SA 4.0000 2/28/2032 CHF 7.998
BAWAG PSK Bank fuer A 0.010011/19/2035 EUR 66.892
National Grid Gas PLC 1.1250 1/14/2033 GBP 62.563
Delete Group Oyj 5.0720 4/19/2024 EUR 67.455
Southern Gas Networks 3.1000 9/15/2036 GBP 72.076
Jyske Realkredit A/S 1.0000 10/01/2053 DKK 70.371
EYEMAXX Real Estate A 5.5000 4/26/2023 EUR 1.602
Home Credit & Finance 8.8000 USD 7.947
Severn Trent Utilitie 2.0000 06/02/2040 GBP 60.120
Digital Dutch Finco B 1.0000 1/15/2032 EUR 70.685
Bevco Lux Sarl 1.0000 1/16/2030 EUR 73.794
Western Power Distrib 1.7500 09/09/2031 GBP 72.703
Close Brothers Financ 1.6250 12/03/2030 GBP 72.211
MHP Lux SA 6.2500 9/19/2029 USD 52.291
Ziton A/S 7.9000 10/03/2022 EUR 70.419
National Grid Gas PLC 1.6250 1/14/2043 GBP 47.857
BPCE SA 2.2770 1/20/2032 USD 74.107
Blend Funding PLC 2.9220 04/05/2054 GBP 61.993
Takko Luxembourg 2 SC 5.696011/15/2023 EUR 67.625
Credit Agricole SA 2.8110 01/11/2041 USD 63.830
Platform HG Financing 1.9260 9/15/2041 GBP 59.504
Russian Foreign Bond 5.1000 3/28/2035 USD 43.529
Credit Suisse Group A 4.5000 USD 66.000
GlaxoSmithKline Capit 1.6250 05/12/2035 GBP 66.800
Shell International F 1.0000 12/10/2030 GBP 72.664
Scottish Hydro Electr 2.2500 9/27/2035 GBP 67.697
CM.com NV 2.0000 09/09/2026 EUR 66.892
Sirius Real Estate Lt 1.750011/24/2028 EUR 72.752
University College Lo 1.6250 06/04/2061 GBP 47.230
Realkredit Danmark A/ 1.0000 10/01/2053 DKK 70.213
Digital Dutch Finco B 1.2500 02/01/2031 EUR 73.831
Segro Capital Sarl 0.5000 9/22/2031 EUR 72.662
Intesa Sanpaolo SpA 2.500010/14/2031 USD 68.815
A2A SpA 0.625010/28/2032 EUR 65.968
Unibail-Rodamco-Westf 1.3750 5/25/2033 EUR 68.227
Northern Powergrid No 3.2500 04/01/2052 GBP 67.127
Wendel SE 1.0000 06/01/2031 EUR 71.509
NPC Ukrenergo 6.8750 11/09/2028 USD 19.780
Thomas Cook Group PLC 6.2500 6/15/2022 EUR 0.185
Blackstone Property P 1.6250 4/20/2030 EUR 74.272
DNB Bank ASA 3.6914 USD 69.659
CNP Assurances 1.8750 10/12/2053 EUR 71.254
Volkswagen Internatio 1.5000 1/21/2041 EUR 62.439
Altice France SA/Fran 5.1250 7/15/2029 USD 74.321
LEG Immobilien SE 1.000011/19/2032 EUR 66.985
Cadent Finance PLC 0.7500 03/11/2032 EUR 72.614
OGX Austria GmbH 8.5000 06/01/2018 USD 0.002
Ageas SA/NV 1.875011/24/2051 EUR 72.917
LEG Immobilien SE 0.8750 3/30/2033 EUR 65.412
Trinseo Materials Ope 5.1250 04/01/2029 USD 65.995
Action Logement Servi 0.7500 7/19/2041 EUR 65.951
Gol Finance SA 7.0000 1/31/2025 USD 49.621
VEON Holdings BV 4.9500 6/16/2024 USD 71.000
Realkredit Danmark A/ 1.0000 10/01/2053 DKK 65.525
2i Rete Gas SpA 0.5790 1/29/2031 EUR 72.986
MMK International Cap 4.3750 6/13/2024 USD 20.000
Motability Operations 1.5000 1/20/2041 GBP 57.111
Gazprom PJSC via Gaz 3.2500 2/25/2030 USD 47.966
Terega SA 0.8750 9/17/2030 EUR 74.307
Gecina SA 0.8750 6/30/2036 EUR 68.276
Allied Irish Banks PL 12.5000 6/25/2035 GBP 54.674
Storebrand Livsforsik 1.8750 9/30/2051 EUR 71.591
Clarion Funding PLC 1.8750 09/07/2051 GBP 47.715
DNB Bank ASA 3.3196 USD 69.568
Region Wallonne Belgi 1.0500 6/22/2040 EUR 71.615
Nordea Kredit Realkre 1.0000 10/01/2053 DKK 70.362
UBS Group AG 3.1790 02/11/2043 USD 69.821
Nykredit Realkredit A 0.5000 10/01/2050 DKK 65.899
SRV Group Oyj 4.8750 EUR 56.000
Societe Du Grand Pari 0.700010/15/2060 EUR 46.862
JDE Peet's NV 2.2500 9/24/2031 USD 74.383
Novatek OAO Via Novat 4.422012/13/2022 USD 61.814
Vedanta Resources Fin 8.9500 03/11/2025 USD 73.268
Saltaire Finance PLC 2.7110 05/09/2052 GBP 67.845
Stichting Afwikkeling 11.2500 EUR 0.579
Prologis Internationa 0.7500 3/23/2033 EUR 68.039
Air Berlin PLC 6.7500 05/09/2019 EUR 0.301
Nordea Kredit Realkre 0.5000 10/01/2050 DKK 67.136
TotalEnergies Capital 3.3860 6/29/2060 USD 69.628
Repsol Europe Finance 0.8750 07/06/2033 EUR 71.933
CK Hutchison Group Te 2.625010/17/2034 GBP 65.015
Investor AB 1.5000 6/20/2039 EUR 72.923
Fresnillo PLC 4.2500 10/02/2050 USD 71.517
VEON Holdings BV 4.0000 04/09/2025 USD 61.000
Sage Group PLC/The 1.6250 2/25/2031 GBP 72.373
Russian Foreign Bond 4.2500 6/23/2027 USD 48.469
National Grid Electri 2.0000 4/17/2040 GBP 57.731
Gazprom PJSC Via Gaz 7.2880 8/16/2037 USD 52.079
Lukoil Securities BV 3.8750 05/06/2030 USD 70.500
LSF9 Balta Issuer SAR 3.000012/31/2030 EUR 56.807
BPCE SA 3.582010/19/2042 USD 67.848
Europejskie Centrum O 13.0000 4/14/2023 PLN 49.489
European Financial St 0.0500 1/18/2052 EUR 48.756
Ukraine Government Bo 15.9700 4/19/2023 UAH 59.254
British Telecommunica 4.2500 11/08/2049 USD 75.541
Realkredit Danmark A/ 1.5000 10/01/2053 DKK 74.829
Anglo American Capita 3.9500 09/10/2050 USD 71.107
Nationwide Building S 0.5000 05/05/2041 EUR 66.257
Holcim Sterling Finan 2.2500 04/04/2034 GBP 67.222
Holcim Finance Luxemb 1.3750 10/08/2036 EUR 63.461
Jigsaw Funding PLC 3.3750 05/05/2052 GBP 69.362
CE Credit Management 6.5000 6/28/2024 EUR 69.007
Rallye SA 3.4000 2/28/2032 EUR 12.274
Nordea Bank Abp 3.7500 USD 72.520
Holcim Finance Luxemb 0.6250 1/19/2033 EUR 67.985
NorteGas Energia Dist 0.9050 1/22/2031 EUR 72.900
Republic of Belarus I 7.6250 6/29/2027 USD 22.939
BNP Paribas SA 4.5000 USD 79.220
Celtic Resources Hold 4.1250 10/09/2024 USD 14.432
Vnesheconombank Via V 6.800011/22/2025 USD 5.180
BNP Paribas SA 2.5880 08/12/2035 USD 73.984
East Slope Residencie 0.1000 2/28/2062 GBP 69.356
BNG Bank NV 0.8050 6/28/2049 EUR 66.198
Niedersachsen Invest 0.2500 7/16/2035 EUR 71.672
Region Auvergne-Rhone 0.892010/21/2041 EUR 66.685
Simpar Europe SA 5.2000 1/26/2031 USD 74.434
Gazprom PJSC Via Gaz 4.9500 02/06/2028 USD 39.000
Klepierre SA 0.6250 07/01/2030 EUR 72.107
Swissgrid AG 0.2000 6/29/2040 CHF 64.788
Virgolino de Oliveira 10.5000 1/28/2018 USD 0.054
Western Power Distrib 1.6250 10/07/2035 GBP 61.692
Rallye SA 5.2500 2/28/2032 EUR 12.015
Thames Water Utilitie 2.3750 4/22/2040 GBP 60.388
Deutsche Bank AG 1.580010/23/2031 EUR 71.143
Sveriges Sakerstallda 0.7500 06/09/2032 SEK 73.477
Jyske Realkredit A/S 1.5000 10/01/2053 DKK 74.895
Basque Government 1.000010/31/2050 EUR 53.769
SABIC Capital I BV 3.0000 9/14/2050 USD 71.565
Landwirtschaftliche R 0.010011/26/2040 EUR 62.069
JAB Holdings BV 3.7500 5/28/2051 USD 61.407
Vienna Insurance Grou 1.0000 3/26/2036 EUR 67.388
Telenor ASA 0.8750 2/14/2035 EUR 72.496
Enel Finance Internat 2.8750 07/12/2041 USD 59.142
Bunzl Finance PLC 1.500010/30/2030 GBP 72.507
Unibail-Rodamco-Westf 1.7500 2/27/2034 EUR 67.735
Deutsche Bahn Finance 1.3750 4/16/2040 EUR 72.052
Evan Group PLC 6.0000 7/31/2022 EUR 21.000
de Volksbank NV 3.0000 1/26/2035 EUR 40.000
Chancellor Masters & 0.2500 6/27/2068 GBP 63.276
Italgas SpA 0.5000 2/16/2033 EUR 65.518
Lehman Brothers UK Ca 5.1250 EUR 13.435
Lendlease Europe Fina 3.5000 12/02/2033 GBP 66.909
WPC Eurobond BV 0.9500 06/01/2030 EUR 73.529
Netherlands Governmen 2.0000 1/15/2054 EUR 97.497
LEG Immobilien SE 0.7500 6/30/2031 EUR 71.081
Cie de Financement Fo 0.600010/25/2041 EUR 67.770
Linde PLC 0.3750 9/30/2033 EUR 71.577
Republic of Belarus I 6.3780 2/24/2031 USD 22.319
BPCE SFH SA 0.0100 1/29/2036 EUR 67.092
Ukraine Government In 6.8760 5/21/2031 USD 19.691
Erste Group Bank AG 0.5000 01/12/2037 EUR 70.595
Sigma Holdco BV 7.8750 5/15/2026 USD 68.677
Societe Du Grand Pari 1.000011/26/2051 EUR 60.008
FF Group Finance Luxe 1.7500 07/03/2019 EUR 4.000
Heineken NV 1.7500 05/07/2040 EUR 72.069
Bulgaria Government B 0.1000 8/17/2031 BGN 76.795
ESB Finance DAC 1.0000 7/19/2034 EUR 73.275
Russian Foreign Bond 7.5000 3/31/2030 USD 65.959
LiveWest Treasury PLC 1.8750 2/18/2056 GBP 47.545
Ville de Paris 0.450010/20/2045 EUR 57.182
Dexia Credit Local SA 2.0630 EUR 2.296
K2A Knaust & Andersso 7.2270 SEK 74.067
Cie Generale des Etab 0.6250 11/02/2040 EUR 58.656
Hylea Group SA 7.2500 12/01/2022 EUR 1.250
Yorkshire Water Finan 1.750010/27/2032 GBP 71.472
TenneT Holding BV 0.125011/30/2032 EUR 70.313
Norddeutsche Landesba 8.9160 EUR 59.311
Republic of Croatia F 1.000011/27/2034 HRK 73.605
Autobahnen- und Schne 0.1000 7/16/2035 EUR 70.966
Caisse Francaise de F 0.3750 2/13/2040 EUR 65.993
Autonomous Region of 1.0950 9/27/2036 EUR 71.156
Klepierre SA 1.625012/13/2032 EUR 72.425
Land Securities Capit 2.7500 9/22/2059 GBP 61.389
Unibail-Rodamco-Westf 0.8750 3/29/2032 EUR 66.315
Ulker Biskuvi Sanayi 6.950010/30/2025 USD 69.624
Shell International F 0.8750 11/08/2039 EUR 63.698
Standard Chartered PL 4.7500 USD 76.375
Deutsche Lichtmiete A 5.2500 09/01/2025 EUR 4.200
Schlote Holding GmbH 6.750011/21/2024 EUR 73.415
Banco Espirito Santo 7.125011/28/2023 EUR 0.215
Realkredit Danmark A/ 1.5000 10/01/2053 DKK 71.011
Argenta Spaarbank NV 0.5000 10/08/2041 EUR 65.845
Stichting Afwikkeling 6.6250 5/14/2018 EUR 45.375
Richemont Internation 1.6250 5/26/2040 EUR 72.472
Nederlandse Waterscha 0.3750 9/28/2046 EUR 61.245
National Grid Electri 2.7500 02/06/2035 GBP 72.730
Home Group Ltd 3.1250 3/27/2043 GBP 70.457
Prologis Internationa 3.0000 2/22/2042 GBP 66.951
Republic of Belarus I 5.8750 2/24/2026 USD 23.808
Bank of Valletta PLC 3.7500 6/15/2031 EUR 68.820
HSBC Bank PLC 2.9769 USD 74.743
Nordea Kredit Realkre 1.5000 10/01/2053 DKK 71.041
FEL Energy VI Sarl 5.7500 12/01/2040 USD 73.132
NAK Naftogaz Ukraine 7.6250 11/08/2026 USD 22.073
United Utilities Wate 1.7500 02/10/2038 GBP 62.394
Wales & West Utilitie 1.8750 5/28/2041 GBP 56.192
Communaute Francaise 0.6250 06/11/2035 EUR 74.482
Ukraine Government Bo 16.0000 5/24/2023 UAH 58.875
Mitsubishi UFJ Invest 4.252012/30/2099 EUR 5.244
DNB Bank ASA 3.7164 USD 69.617
UK Municipal Bonds Ag 1.6250 8/26/2060 GBP 44.980
South Eastern Power N 1.7500 9/30/2034 GBP 67.202
TenneT Holding BV 0.500011/30/2040 EUR 59.175
Rusal Capital DAC 5.3000 05/03/2023 USD 41.124
Standard Chartered PL 4.3000 USD 70.345
ABN AMRO Bank NV 0.6250 1/24/2037 EUR 72.862
Diageo Finance PLC 1.2500 3/28/2033 GBP 68.624
Jyske Realkredit A/S 1.5000 10/01/2050 DKK 73.269
European Financial St 0.7000 1/20/2050 EUR 63.654
Ukraine Government In 7.7500 09/01/2028 USD 22.155
Iren SpA 0.2500 1/17/2031 EUR 68.948
Bayerische Landesbode 0.2500 3/21/2036 EUR 71.282
WD Invest Sarl 1.9000 10/02/2024 EUR 11.687
Societe Nationale SNC 0.8750 2/28/2051 EUR 54.892
Czech Republic Govern 1.9500 7/30/2037 CZK 68.969
ABH Financial Ltd Via 2.7000 06/11/2023 EUR 5.688
Chelyabinsk Pipe Plan 4.5000 9/19/2024 USD 15.146
Croatia Government Bo 1.2500 03/03/2040 EUR 66.694
Alfa Bank AO Via Alfa 5.500010/26/2031 USD 7.906
CCEP Finance Ireland 1.5000 05/06/2041 EUR 66.571
Housing & Care 21 3.2880 11/08/2049 GBP 69.958
M Objekt Real Estate 6.0000 7/22/2024 EUR 54.511
Very Group Funding Pl 6.5000 08/01/2026 GBP 71.296
Ukraine Government In 9.7500 11/01/2030 USD 22.782
RTE Reseau de Transpo 1.1250 07/08/2040 EUR 64.465
Realkredit Danmark A/ 1.0000 10/01/2053 DKK 60.293
VF Ukraine PAT via VF 6.2000 02/11/2025 USD 53.618
InterCement Financial 5.7500 7/17/2024 USD 73.119
United Utilities Wate 1.8750 06/03/2042 GBP 57.548
MHP Lux SA 6.9500 04/03/2026 USD 53.643
Lehman Brothers UK Ca 3.8750 EUR 13.435
Akademiska Hus AB 0.6500 02/08/2044 CHF 73.105
Hungary Government In 2.1250 9/22/2031 USD 71.246
Santhera Pharmaceutic 7.5000 8/17/2024 CHF 71.729
Prs Finance PLC 1.5000 8/24/2034 GBP 71.018
Deutsche Bahn Finance 0.7500 7/16/2035 EUR 71.844
Saltaire Finance PLC 2.7110 05/09/2052 GBP 67.419
Orpea SA 2.7500 06/03/2033 EUR 62.312
Ukraine Government In 7.3750 9/25/2034 USD 19.420
Prosus NV 3.8320 02/08/2051 USD 57.497
BPCE SA 3.116010/19/2032 USD 73.757
Hacienda Investments 5.3500 02/08/2028 USD 10.000
Societe Nationale SNC 1.0000 1/19/2061 EUR 48.762
DSV Finance BV 0.7500 07/05/2033 EUR 71.120
TotalEnergies Capital 2.9860 6/29/2041 USD 74.093
Jyske Realkredit A/S 1.0000 10/01/2053 DKK 65.613
Andrade Gutierrez Int 11.0000 8/20/2021 USD 54.633
Accent Capital PLC 2.6250 7/18/2049 GBP 60.682
Yarlington Treasury S 3.4100 9/18/2057 GBP 70.997
Tresu Investment Hold 5.0000 01/02/2025 EUR 48.750
Nordea Kredit Realkre 1.5000 10/01/2053 DKK 74.921
Polski Koncern Naftow 2.8750 3/25/2031 PLN 70.351
E.ON SE 0.6250 11/07/2031 EUR 73.927
Constellation Automot 4.8750 7/15/2027 GBP 72.100
Nykredit Realkredit A 0.5000 10/01/2043 DKK 74.214
Italgas SpA 1.0000 12/11/2031 EUR 72.603
Tinkoff Bank JSC Via 6.0000 USD 33.837
Realkredit Danmark A/ 0.5000 10/01/2043 DKK 74.229
WPP Finance 2013 2.8750 9/14/2046 GBP 54.182
Yuksel Insaat AS 9.5000 11/10/2015 USD 0.105
Praktiker AG 5.8750 02/10/2016 EUR 2.232
Intesa Sanpaolo SpA 2.100011/13/2030 USD 72.450
Credit Bank of Moscow 7.1210 6/25/2024 USD 21.126
OGX Austria GmbH 8.3750 04/01/2022 USD 0.002
Suez SA 0.500010/14/2031 EUR 74.146
Kreditanstalt fuer Wi 0.0500 9/29/2034 EUR 73.493
University of Southam 2.2500 04/11/2057 GBP 54.657
La Banque Postale Hom 0.2500 02/12/2035 EUR 71.451
Espirito Santo Financ 9.750012/19/2025 EUR 0.456
Evraz PLC 5.2500 04/02/2024 USD 47.936
Gazprom PJSC via Gaz 3.8970 EUR 35.599
State of Schleswig-Ho 0.2000 8/15/2039 EUR 65.577
Ukraine Government In 15.8400 2/26/2025 UAH 58.337
Republic of Poland Go 1.7500 4/25/2032 PLN 67.212
Hungary Government In 3.1250 9/21/2051 USD 56.530
FF Group Finance Luxe 3.2500 11/02/2021 CHF 5.296
Evraz PLC 5.3750 3/20/2023 USD 50.000
Cimpress PLC 7.0000 6/15/2026 USD 71.320
Muenchener Hypotheken 0.0500 8/13/2036 CHF 72.403
Credit Suisse Group A 5.1000 USD 68.500
BNG Bank NV 1.5500 2/19/2032 AUD 73.120
Prosus NV 4.9870 1/19/2052 USD 67.255
Finland Government Bo 0.2500 9/15/2040 EUR 65.537
Southern Housing Grou 2.3750 10/08/2036 GBP 69.252
Cadent Finance PLC 2.6250 9/22/2038 GBP 64.465
Suez SA 1.2500 5/14/2035 EUR 72.279
London & Quadrant Hou 3.1250 2/28/2053 GBP 63.951
Privatbank CJSC Via U 10.8750 2/28/2018 USD 3.757
Gazprom PJSC via Gaz 2.9500 1/27/2029 USD 50.709
Omnicom Capital Holdi 2.250011/22/2033 GBP 71.187
Transport for London 3.6250 5/15/2045 GBP 71.421
Gazprom PJSC Via Gaz 8.6250 4/28/2034 USD 49.827
Cooperatieve Rabobank 0.7500 6/21/2039 EUR 71.680
State of North Rhine- 0.5000 1/15/2052 EUR 59.202
BNG Bank NV 0.1250 07/09/2035 EUR 70.949
Bourbon Corp 8.3050 EUR 0.438
Aragvi Finance Intern 8.4500 4/29/2026 USD 69.904
Takarek Mortgage Bank 3.500010/27/2027 HUF 72.600
State of North Rhine- 0.6000 06/04/2041 EUR 69.245
Vedanta Resources Ltd 6.1250 08/09/2024 USD 64.852
DZ Bank AG Deutsche Z 1.0260 9/23/2030 EUR 73.457
City of Kyiv Via PBR 7.500012/15/2022 USD 34.590
Nederlandse Gasunie N 0.750010/13/2036 EUR 66.222
Engie SA 1.250010/24/2041 EUR 58.919
Free and Hanseatic Ci 0.2500 2/18/2041 EUR 64.414
DLR Kredit A/S 1.0000 10/01/2050 DKK 72.495
Enagas Financiaciones 0.3750 11/05/2032 EUR 70.850
Lseg Netherlands BV 0.7500 04/06/2033 EUR 73.739
Alliander NV 1.1250 04/08/2035 EUR 71.833
EDOB Abwicklungs AG 7.5000 04/01/2012 EUR 1.215
Finland Government Bo 0.1250 4/15/2036 EUR 71.262
TotalEnergies Capital 1.6180 5/18/2040 EUR 71.953
Senivita Social Estat 6.5000 05/12/2025 EUR 5.510
Unibail-Rodamco-Westf 2.0000 5/29/2037 EUR 65.388
Northern Powergrid No 1.8750 6/16/2062 GBP 45.327
3i Group PLC 3.7500 06/05/2040 GBP 69.768
Iberdrola Finanzas SA 1.0000 02/02/2037 EUR 69.458
National Grid Gas PLC 1.3750 02/07/2031 GBP 70.586
Dexia SA 2.0120 EUR 2.000
Lithuania Government 1.6250 6/19/2049 EUR 73.852
City of Lausanne Swit 0.5400 11/06/2062 CHF 57.378
Hungary Government Bo 4.750011/24/2032 HUF 70.822
SCOR SE 1.3750 9/17/2051 EUR 71.763
Nykredit Realkredit A 1.0000 10/01/2053 DKK 60.279
Deutsche Wohnen SE 1.3000 04/07/2041 EUR 56.218
Agence Francaise de D 0.3750 5/25/2036 EUR 70.387
Ukraine Government Bo 9.9900 5/22/2024 UAH 58.875
Manchester Airport Gr 2.8750 9/30/2044 GBP 59.364
Intesa Sanpaolo SpA 4.3750 01/12/2048 USD 68.965
Ukraine Government Bo 10.0000 8/23/2023 UAH 58.875
ABN AMRO Bank NV 0.4000 9/17/2041 EUR 64.926
Vonovia Finance BV 1.6250 10/07/2039 EUR 60.337
Nordiska Kreditmarkna 9.4660 SEK 72.982
Hyde Housing Associat 1.7500 8/18/2055 GBP 44.907
Societe Nationale SNC 1.0000 5/25/2040 EUR 69.740
Privatbank CJSC Via U 10.2500 1/23/2018 USD 4.000
Metropolitan Housing 1.8750 7/28/2036 GBP 65.814
Mallinckrodt Internat 4.7500 4/15/2023 USD 38.500
Hellas Telecommunicat 6.0540 1/15/2015 USD 0.014
Fuerstenberg Capital 3.9050 EUR 60.840
DWR Cymru Financing U 2.3750 3/31/2034 GBP 71.052
Places For People Tre 2.5000 1/26/2036 GBP 70.088
Gazprom PJSC Via Gaz 5.1500 02/11/2026 USD 55.066
Metropolitano de Tene 1.2290 7/30/2036 EUR 71.873
Emissionszentrale fue 0.3500 4/27/2040 CHF 74.421
Carmila SA 1.6250 04/01/2029 EUR 72.448
Ukreximbank Via Biz F 9.7500 1/22/2025 USD 32.794
Luzerner Kantonalbank 0.160012/23/2043 CHF 65.902
Eni SpA 1.0000 10/11/2034 EUR 70.594
Beyond Housing Ltd 2.1250 5/17/2051 GBP 52.538
Ukraine Government In 7.7500 09/01/2025 USD 24.318
Saleza AS 9.0000 07/12/2021 EUR 0.203
nextbike GmbH 6.0000 3/31/2025 EUR 75.000
Telefonica Emisiones 1.9570 07/01/2039 EUR 72.356
Cie de Financement Fo 0.010010/29/2035 EUR 67.904
Ukraine Government In 11.1500 8/26/2022 UAH 58.875
Orpea SA 2.564011/30/2027 EUR 60.234
Agence Francaise de D 0.5000 5/31/2035 EUR 73.767
Onward Homes Ltd 2.1250 3/25/2053 GBP 51.601
Elli Finance UK PLC 8.7500 6/15/2019 GBP 65.125
Cyprus Government Int 1.2500 1/21/2040 EUR 67.989
Kommunekredit 0.3750 02/03/2045 DKK 58.880
Yorkshire Water Finan 2.7500 4/18/2041 GBP 66.864
Cardiff University 3.0000 12/07/2055 GBP 66.781
Muenchener Hypotheken 0.2500 05/02/2036 EUR 70.082
MHP SE 7.7500 05/10/2024 USD 54.801
Wessex Water Services 1.2500 01/12/2036 GBP 58.632
Aster Treasury Plc 1.4050 1/27/2036 GBP 62.915
VZ Secured Financing 3.5000 1/15/2032 EUR 72.831
Republic of Ireland I 1.4250 9/18/2119 EUR 59.293
Cadent Finance PLC 2.2500 10/10/2035 GBP 65.513
Virgolino de Oliveira 11.7500 02/09/2022 USD 0.448
Deutsche Bahn Finance 3.3500 1/20/2042 AUD 72.568
Midland Heart Capital 1.8310 08/12/2050 GBP 49.119
Free State of Bavaria 0.0100 1/18/2035 EUR 71.151
Russian Foreign Bond 4.3750 3/21/2029 USD 42.514
Kommunekredit 0.1250 9/26/2040 EUR 62.478
Credit Agricole Itali 0.1250 3/15/2033 EUR 70.970
Eurochem Finance DAC 5.5000 3/13/2024 USD 49.318
City of Zurich Switze 0.400011/21/2046 CHF 69.347
Jyske Realkredit A/S 0.5000 10/01/2050 DKK 67.212
Nationale-Nederlanden 0.0500 9/24/2035 EUR 68.617
Libra Longhurst Group 3.2500 5/15/2043 GBP 72.100
Castle UK Finco PLC 7.0000 5/15/2029 GBP 73.324
Bromford Housing Grou 3.1250 05/03/2048 GBP 68.238
Assura Financing PLC 1.6250 6/30/2033 GBP 66.972
Credit Bank of Moscow 7.5000 10/05/2027 USD 9.414
City of Zurich Switze 0.2500 5/26/2039 CHF 73.458
Cooperatieve Rabobank 0.5000 1/31/2033 MXN 29.712
Espirito Santo Financ 6.875010/21/2019 EUR 0.103
Banco Espirito Santo 3.8030 EUR 0.120
University of Leeds 3.125012/19/2050 GBP 68.308
Societe Du Grand Pari 0.8750 05/10/2046 EUR 63.915
Romania Government Bo 3.6500 9/24/2031 RON 70.948
Futureal Development 4.0000 3/23/2031 HUF 58.000
Annington Funding PLC 2.3080 10/06/2032 GBP 70.827
Jyske Realkredit A/S 1.5000 10/01/2053 DKK 71.033
Citizen Treasury PLC 3.250010/20/2048 GBP 70.561
Zurich Finance Irelan 2.2500 12/08/2031 USD 73.392
City of Bern Switzerl 0.0400 10/02/2070 CHF 40.306
Ukraine Government Bo 9.8400 2/15/2023 UAH 58.875
Covivio 0.8750 1/20/2033 EUR 72.461
Orpea SA 3.000011/25/2041 EUR 44.948
City of Lugano Switze 0.150011/28/2070 CHF 43.253
Development Bank of t 6.7500 05/02/2024 USD 16.609
Eastern Power Network 2.125011/25/2033 GBP 71.581
Agrokor dd 9.8750 05/01/2019 EUR 15.000
Mallinckrodt Internat 10.0000 4/15/2025 USD 62.753
Cooperatieve Rabobank 0.500010/29/2027 MXN 59.718
Cooperatieve Rabobank 0.010011/27/2040 EUR 60.228
Landesbank Hessen-Thu 0.5000 1/19/2037 EUR 72.028
Nederlandse Waterscha 0.1250 09/03/2035 EUR 70.483
UkrLandFarming PLC 10.8750 3/26/2018 USD 1.387
Ministeries Van de Vl 0.125010/15/2035 EUR 69.632
State of North Rhine- 0.7500 8/16/2041 EUR 71.158
TenneT Holding BV 1.5000 06/03/2039 EUR 72.897
Ministeries Van de Vl 1.0000 1/23/2051 EUR 63.018
Nordea Kredit Realkre 1.5000 10/01/2053 DKK 67.405
Iceland Bondco PLC 4.3750 5/15/2028 GBP 65.969
State Agency of Roads 6.2500 6/24/2030 USD 20.083
State of North Rhine- 0.2000 1/27/2051 EUR 54.161
NRW Bank 0.1000 07/09/2035 EUR 70.548
LiveWest Treasury PLC 2.2500 10/10/2043 GBP 61.250
Nationale-Nederlanden 0.3750 03/04/2041 EUR 64.746
Barclays Bank PLC 12.0000 9/24/2025 TRY 49.403
Alpine Holding GmbH 5.2500 07/01/2015 EUR 3.084
Nykredit Realkredit A 0.5000 10/01/2053 DKK 63.803
Region Wallonne Belgi 0.6500 1/16/2051 EUR 53.870
DLR Kredit A/S 1.0000 10/01/2053 DKK 70.622
Channel Link Enterpri 3.8480 6/30/2050 GBP 69.592
Achmea Bank NV 0.2500 9/29/2036 EUR 69.154
Scottish Hydro Electr 2.1250 3/24/2036 GBP 65.811
EYEMAXX Real Estate A 5.5000 9/24/2024 EUR 1.812
Bayerische Landesbank 2.250010/17/2033 EUR 71.078
Basque Government 1.375010/31/2070 EUR 47.179
Phosagro OAO Via Phos 3.0500 1/23/2025 USD 56.317
Canton of Geneva Swit 0.500010/31/2056 CHF 63.093
Claranova SE 5.0000 07/01/2023 EUR 1.070
Societe Du Grand Pari 0.3000 09/02/2036 EUR 69.417
Banco Espirito Santo 6.8750 7/15/2016 EUR 16.375
Cirio Holding Luxembo 6.2500 2/16/2004 EUR 1.822
Orpea SA 2.0000 08/09/2029 EUR 52.146
Ukraine Government Bo 12.5200 5/13/2026 UAH 59.134
National Grid Electri 2.0000 9/16/2038 GBP 60.183
Gazprom PJSC via Gaz 1.5000 2/17/2027 EUR 49.116
Ukraine Government In 4.3750 1/27/2032 EUR 19.445
Catalyst Housing Ltd 3.125010/31/2047 GBP 67.136
Bilt Paper BV 10.3600 USD 1.318
Nederlandse Gasunie N 0.3750 10/03/2031 EUR 74.401
Deutsche Lichtmiete A 5.2500 02/01/2027 EUR 4.011
Orbit Capital PLC 2.000011/24/2038 GBP 63.114
Caisse Francaise de F 0.6250 1/20/2042 EUR 67.458
Barclays Bank PLC 1.7500 9/29/2032 USD 66.999
Orbit Capital PLC 3.3750 6/14/2048 GBP 69.816
Realkredit Danmark A/ 2.0000 10/01/2053 DKK 74.017
Banco Espirito Santo 3.9830 EUR 0.349
Credit Agricole SA 3.7500 06/09/2040 AUD 66.620
Nordea Kredit Realkre 1.0000 10/01/2053 DKK 60.298
Ukraine Government In 7.7500 09/01/2029 USD 21.917
Deutsche Wohnen SE 0.5000 04/07/2031 EUR 71.177
TenneT Holding BV 1.1250 06/09/2041 EUR 66.163
Prosus NV 4.0270 08/03/2050 USD 59.034
State of North Rhine- 0.500011/25/2039 EUR 69.293
Deutsche Lichtmiete F 5.7500 01/01/2023 EUR 6.900
Cordia International 4.0000 11/07/2026 HUF 75.000
Pfandbriefbank schwei 0.2500 4/25/2042 CHF 70.095
Credit Agricole Itali 0.7500 1/20/2042 EUR 63.997
Zurich Finance Irelan 1.600012/17/2052 EUR 69.239
Pfandbriefbank schwei 0.5000 6/17/2041 CHF 74.705
BPCE SA 3.2830 EUR 66.368
Ile-de-France Mobilit 1.2750 2/14/2042 EUR 72.896
City of Lausanne Swit 0.6800 03/11/2058 CHF 63.736
Lehman Brothers UK Ca 6.9000 USD 3.986
Sberbank of Russia Vi 5.125010/29/2022 USD 9.040
Rallye SA 1.0000 2/28/2032 EUR 13.770
British Telecommunica 3.625011/21/2047 GBP 64.934
DWR Cymru Financing U 1.3750 3/31/2033 GBP 68.929
Norwegian Air Shuttle 6.3790 02/07/2023 SEK 39.908
Parnassia Groep BV 1.2000 12/01/2051 EUR 70.738
Phosagro OAO Via Phos 2.6000 9/16/2028 USD 54.000
Privatbank CJSC Via U 11.0000 02/09/2021 USD 1.000
ESFIL-Espirito Santo 5.2500 06/12/2015 EUR 0.111
Realkredit Danmark A/ 0.5000 10/01/2050 DKK 67.063
Uliving@essex3 LLP 2.7200 8/31/2066 GBP 61.371
Saltaire Finance PLC 1.527011/23/2051 GBP 50.356
Ministeries Van de Vl 0.8750 3/21/2046 EUR 65.069
United Kingdom Gilt 1.2500 7/31/2051 GBP 52.679
Turkey Government Int 4.8750 4/16/2043 USD 56.416
Motability Operations 2.3750 07/03/2039 GBP 68.813
Air Berlin PLC 5.6250 05/09/2019 CHF 0.436
DLR Kredit A/S 0.5000 10/01/2050 DKK 67.862
Grand City Properties 2.000010/25/2032 EUR 72.025
Southern Housing Grou 3.500010/19/2047 GBP 70.567
Virgolino de Oliveira 10.5000 1/28/2018 USD 0.010
Banca Popolare di Vic 9.5000 9/29/2025 EUR 0.093
Nordea Kredit Realkre 0.5000 10/01/2053 DKK 65.248
Junta de Castilla y L 1.2750 04/07/2049 EUR 60.332
Avangardco Investment 10.000010/29/2018 USD 0.348
Nykredit Realkredit A 2.0000 10/01/2053 DKK 74.008
London & Quadrant Hou 2.000010/20/2038 GBP 62.607
Caisse Francaise de F 0.5000 10/01/2046 EUR 61.782
Region of Centre-Val 0.7110 11/02/2036 EUR 73.493
Cadent Finance PLC 3.1250 3/21/2040 GBP 67.364
SpareBank 1 Nord Norg 4.8200 NOK 52.060
Intesa Sanpaolo SpA 2.7000 3/29/2031 USD 73.330
Deutsche Wohnen SE 2.0000 3/28/2034 EUR 70.960
National Grid Electri 1.1510 2/20/2040 EUR 58.498
Gazprom PJSC Via Gaz 3.125011/17/2023 EUR 53.501
DLR Kredit A/S 1.5000 10/01/2053 DKK 74.870
Andrade Gutierrez Int 9.500012/30/2024 USD 56.576
Sovcombank Via SovCom 7.7500 USD 3.402
NRW Bank 0.5000 6/17/2041 EUR 67.589
DLR Kredit A/S 0.5000 10/01/2043 DKK 74.448
Paragon Treasury Plc 2.0000 05/07/2036 GBP 67.368
Paradigm Homes Charit 2.2500 5/20/2051 GBP 54.823
Blend Funding PLC 3.5080 05/04/2057 GBP 69.016
Kommunekredit 0.0100 05/04/2034 EUR 71.690
Peabody Capital No 2 3.2500 9/14/2048 GBP 67.824
Orpea SA 2.770012/18/2028 EUR 65.153
Metinvest BV 8.5000 4/23/2026 USD 39.980
Bellis Finco PLC 4.0000 2/16/2027 GBP 62.708
Alitalia-Societa Aere 5.2500 7/30/2020 EUR 0.267
Land Baden-Wuerttembe 0.125011/19/2040 EUR 63.152
Frigate Luxembourg SA 2.0000 08/01/2032 EUR 57.540
Clarion Funding PLC 1.8750 1/22/2035 GBP 67.870
Kommunekredit 0.625011/21/2039 EUR 70.467
Land Berlin 0.6250 1/26/2052 EUR 62.176
Cooperatieve Rabobank 0.500010/30/2043 MXN 11.700
Region Wallonne Belgi 1.2500 6/22/2071 EUR 56.865
Nykredit Realkredit A 1.5000 10/01/2053 DKK 67.420
Notting Hill Genesis 3.2500 10/12/2048 GBP 67.740
Ziggo Bond Co BV 5.1250 2/28/2030 USD 74.413
ALROSA Finance SA 4.6500 04/09/2024 USD 11.595
Cirio Finance Luxembo 7.5000 11/03/2002 EUR 3.136
Accentro Real Estate 4.1250 3/23/2026 EUR 50.538
Land Berlin 0.3500 09/09/2050 EUR 57.634
Luzerner Kantonalbank 0.1500 10/07/2044 CHF 63.953
Suek Securities DAC 3.3750 9/15/2026 USD 13.244
New World Resources N 4.0000 10/07/2020 EUR 0.312
Altice France Holding 4.0000 2/15/2028 EUR 65.750
EYEMAXX Real Estate A 5.5000 7/22/2025 EUR 16.000
Solarworld AG 9.6910 2/24/2019 EUR 25.000
New World Resources N 8.0000 04/07/2020 EUR 0.001
Notting Hill Genesis 2.0000 06/03/2036 GBP 66.739
MMC Norilsk Nickel OJ 6.625010/14/2022 USD 67.922
Borets Finance DAC 6.0000 9/17/2026 USD 33.318
Phosagro OAO Via Phos 3.9490 4/24/2023 USD 60.589
VST Building Technolo 7.0000 6/28/2024 EUR 1.089
Realkredit Danmark A/ 0.5000 10/01/2053 DKK 63.817
EOS Imaging SA 6.0000 5/31/2023 EUR 7.250
State of Bremen 0.4000 8/20/2049 EUR 59.133
Societe Du Grand Pari 1.0000 2/18/2070 EUR 50.003
Kantonsspital Baden A 0.3500 9/30/2036 CHF 72.184
City of Lausanne Swit 0.6000 07/06/2050 CHF 66.942
DLR Kredit A/S 1.5000 10/01/2053 DKK 71.931
DXC Capital Funding D 0.9500 9/15/2031 EUR 73.850
UniCredit Bank AG 0.0100 1/21/2036 EUR 67.841
DZ Bank AG Deutsche Z 0.5500 4/29/2024 EUR 64.546
Gazprom PJSC via Gaz 3.5000 7/14/2031 USD 49.182
Jababeka Internationa 6.5000 10/05/2023 USD 56.014
DLR Kredit A/S 1.0000 10/01/2050 DKK 67.151
Nats En Route PLC 1.7500 9/30/2033 GBP 71.227
KTG Agrar SE 7.1250 06/06/2017 EUR 2.007
Stonewater Funding PL 1.6250 09/10/2036 GBP 64.086
Swan Housing Capital 3.6250 03/05/2048 GBP 71.701
Hampshire Trust Bank 7.2500 05/10/2028 GBP 63.076
Kernel Holding SA 6.750010/27/2027 USD 39.971
Clarion Funding PLC 1.250011/13/2032 GBP 68.663
Berner Kantonalbank A 0.1000 9/30/2039 CHF 66.747
Severn Trent Utilitie 0.010012/16/2055 GBP 51.380
Credit Agricole Itali 1.0000 1/17/2045 EUR 65.474
Unibail-Rodamco-Westf 2.0000 12/05/2033 EUR 68.266
Region de Bruxelles-C 1.1210 05/11/2071 EUR 54.115
Alno AG 8.5000 5/14/2018 EUR 15.868
Mondelez Internationa 0.6250 09/09/2032 EUR 70.318
St Galler Kantonalban 0.1000 10/10/2041 CHF 66.177
Vasakronan AB 1.668010/16/2030 USD 74.079
B2W Digital Lux Sarl 4.375012/20/2030 USD 71.189
LEG Immobilien SE 1.625011/28/2034 EUR 67.238
Ukraine Government Bo 11.100011/23/2022 UAH 58.875
Nederlandse Waterscha 0.5000 4/26/2051 EUR 60.245
Vedanta Resources Fin 9.2500 4/23/2026 USD 64.623
Sairgroup Finance BV 4.3750 06/08/2006 EUR 1.964
Aegon Bank NV 0.3750 06/09/2036 EUR 70.699
City of Lausanne Swit 0.600011/30/2056 CHF 63.832
Realkredit Danmark A/ 0.5000 10/01/2050 DKK 65.924
United Group BV 5.2500 02/01/2030 EUR 73.319
Windreich GmbH 6.5000 03/01/2015 EUR 4.475
Nationale-Nederlanden 0.0500 11/12/2040 EUR 61.154
Ukraine Government In 6.7500 6/20/2028 EUR 19.352
Banco Santander SA 3.2360 EUR 1.472
TotalEnergies Capital 1.5350 5/31/2039 EUR 73.112
Blend Funding PLC 2.4670 6/16/2061 GBP 53.282
London & Quadrant Hou 2.7500 7/20/2057 GBP 57.809
Zorlu Yenilenebilir E 9.0000 06/01/2026 USD 73.256
Unibail-Rodamco-Westf 2.0000 4/28/2036 EUR 68.237
Hema Bondco II BV 8.5000 1/15/2023 EUR 0.113
Vnesheconombank Via V 5.942011/21/2023 USD 5.360
Global Ports Finance 6.5000 9/22/2023 USD 15.539
Bank Vontobel AG 15.0000 11/07/2022 EUR 20.400
DLR Kredit A/S 0.5000 10/01/2053 DKK 65.877
Cellnex Telecom SA 1.9000 7/31/2029 EUR 73.852
Transports Publics Du 0.450012/29/2056 CHF 55.089
Canton of Neuchatel 0.100010/29/2049 CHF 58.023
Ukraine Government In 8.9940 02/01/2026 USD 21.833
Joh Friedrich Behrens 6.2500 6/18/2024 EUR 31.500
Raiffeisen Landesbank 0.375011/13/2034 EUR 73.291
Canton of Zurich 0.2500 07/12/2039 CHF 74.509
CBo Territoria 3.7500 07/01/2024 EUR 4.230
Nordea Kredit Realkre 1.5000 10/01/2050 DKK 73.273
BAWAG PSK Bank fuer A 0.3750 3/25/2041 EUR 64.021
State of North Rhine- 0.8000 7/30/2049 EUR 66.792
Prosus NV 2.7780 1/19/2034 EUR 70.160
Turkey Government Int 5.7500 05/11/2047 USD 59.414
Emissionszentrale fue 0.300011/25/2039 CHF 73.088
Pfandbriefbank schwei 0.1250 8/17/2040 CHF 69.615
Norske Skogindustrier 7.000012/30/2026 EUR 0.010
CPI Hungary Investmen 2.2500 08/07/2030 HUF 51.000
Kreditanstalt fuer Wi 0.9800 6/28/2051 EUR 70.170
Region de Bruxelles-C 1.2200 6/23/2053 EUR 64.680
LBI ehf 6.1000 8/25/2011 USD 10.750
Cellnex Finance Co SA 3.8750 07/07/2041 USD 67.141
Uralkali OJSC Via Ura 4.000010/22/2024 USD 18.767
ESB Finance DAC 1.8750 7/21/2035 GBP 68.751
DZ HYP AG 0.3750 11/10/2034 EUR 73.804
HSBC Bank PLC 0.5000 6/23/2027 MXN 60.850
Incommunities Treasur 3.2500 3/21/2049 GBP 70.523
European Primary Plac 1.7320 11/09/2055 GBP 49.815
Sigma Holdco BV 5.7500 5/15/2026 EUR 68.344
Land Thueringen 0.1000 07/09/2035 EUR 70.785
GN Store Nord AS 1.9700 03/03/2036 EUR 57.573
Espirito Santo Financ 5.050011/15/2025 EUR 0.456
AI Candelaria Spain S 5.7500 6/15/2033 USD 72.239
United Group BV 3.6250 2/15/2028 EUR 73.042
Bank Julius Baer & Co 13.2500 01/05/2023 USD 34.900
Engie SA 1.5000 3/13/2035 EUR 72.707
Region Auvergne-Rhone 0.493010/23/2037 EUR 69.036
Vasakronan AB 2.1300 5/27/2041 SEK 67.474
Standard Profil Autom 6.2500 4/30/2026 EUR 61.936
Credit Agricole SA 4.4000 2/24/2042 AUD 66.497
Sibur Securities DAC 2.9500 07/08/2025 USD 35.334
Eastern Power Network 1.8750 06/01/2035 GBP 66.665
Pfandbriefbank schwei 0.2500 08/04/2038 CHF 73.497
Master & Fellows of U 3.0680 4/28/2065 GBP 58.558
Joh Friedrich Behrens 7.7500 11/11/2020 EUR 31.510
Manchester Airport Gr 2.8750 3/31/2039 GBP 65.242
Kingdom of Belgium Go 1.4000 6/22/2053 EUR 70.563
NRW Bank 1.1500 9/16/2051 EUR 67.770
Muenchener Hypotheken 0.2500 3/29/2041 CHF 68.513
Sovcombank Via SovCom 7.6000 USD 4.342
Eurogrid GmbH 0.875011/20/2040 EUR 60.652
Pfandbriefbank schwei 0.3750 07/08/2039 CHF 74.034
UniCredit Bank Austri 0.0500 9/21/2035 EUR 68.424
Iberia Lineas Aereas 3.7500 5/28/2027 EUR 70.255
Abengoa Abenewco 1 SA 6.0000 06/10/2022 EUR 0.236
de Volksbank NV 0.125011/19/2040 EUR 62.043
Ile-de-France Mobilit 0.9500 5/28/2041 EUR 69.836
Romanian Government I 3.875010/29/2035 EUR 72.564
Bayerische Landesbank 1.8200 05/12/2031 EUR 73.192
Russian Foreign Bond 2.8750 12/04/2025 EUR 39.117
Corporate Commercial 8.2500 08/08/2014 USD 0.308
Ferrovie dello Stato 0.6410 12/04/2030 EUR 71.335
Metinvest BV 7.6500 10/01/2027 USD 47.980
Morhomes PLC 2.5080 2/19/2051 GBP 58.222
Portugal Telecom Inte 6.2500 7/26/2016 EUR 0.285
Altice France SA/Fran 5.1250 1/15/2029 USD 73.572
Veneto Banca SpA 9.8776 12/01/2025 EUR 0.476
Martlet Homes Ltd 3.0000 05/09/2052 GBP 63.908
Nederlandse Waterscha 0.8770 6/24/2054 EUR 65.713
PIK Securities DAC 5.625011/19/2026 USD 8.999
Dana Financing Luxemb 3.0000 7/15/2029 EUR 74.228
Ile-de-France Mobilit 0.675011/24/2036 EUR 72.718
Transcapitalbank JSC 10.0000 USD 65.369
Department of L'Eure 0.5150 5/25/2040 EUR 64.846
Swissgrid AG 0.0500 6/30/2050 CHF 51.448
Del Monte Finance Lux 6.6250 5/24/2006 EUR 1.393
Novolipetsk Steel Via 4.7000 5/30/2026 USD 51.000
Realkredit Danmark A/ 1.5000 10/01/2053 DKK 67.409
Hungary Government In 0.1250 9/21/2028 EUR 73.231
Metinvest BV 7.7500 4/23/2023 USD 55.000
Sidetur Finance BV 10.0000 4/20/2016 USD 0.770
Havenbedrijf Rotterda 1.1000 3/23/2051 EUR 65.329
UBS AG/London 8.5600 6/29/2027 SEK 69.260
Nykredit Realkredit A 1.0000 10/01/2050 DKK 66.704
Quintet Private Bank 3.650011/13/2023 EUR 24.500
Aralco Finance SA 10.1250 05/07/2020 USD 3.060
Waste Italia SpA 10.500011/15/2019 EUR 0.550
City of St Gallen 0.1400 9/16/2044 CHF 66.087
Herens Midco Sarl 5.2500 5/15/2029 EUR 66.383
ABN AMRO Bank NV 0.3750 1/14/2035 EUR 73.368
Fastighets AB Balder 1.2930 03/03/2031 EUR 59.379
Realkredit Danmark A/ 1.5000 10/01/2050 DKK 73.264
Grupo Antolin-Irausa 3.5000 4/30/2028 EUR 66.739
Kreditanstalt fuer Wi 1.000010/19/2050 EUR 65.810
Petrobras Global Fina 4.7500 04/02/2038 EUR 63.380
Swissgrid AG 0.1500 6/30/2034 CHF 74.350
Ukraine Government In 7.3750 9/25/2034 USD 19.190
Klepierre SA 1.2500 9/29/2031 EUR 73.372
Havila Shipping ASA 6.1600 01/02/2025 NOK 36.307
Romanian Government I 1.3750 12/02/2029 EUR 69.021
Polski Fundusz Rozwoj 2.0000 03/05/2030 PLN 70.169
Eurotorg LLC Via Boni 9.000010/22/2025 USD 53.000
Polyus Finance PLC 5.2500 02/07/2023 USD 48.029
Banco Santander SA 1.0000 10/01/2033 EUR 69.224
Deutsche Telekom AG 3.5000 4/15/2041 AUD 70.324
Intesa Sanpaolo SpA 4.7000 9/23/2049 USD 73.081
Sovcombank Via SovCom 8.0000 04/07/2030 USD 4.073
Region de Bruxelles-C 0.5920 12/10/2061 EUR 47.488
Hellas Telecommunicat 8.500010/15/2013 EUR 0.834
Serbia International 1.6500 03/03/2033 EUR 59.906
CSN Resources SA 4.6250 06/10/2031 USD 71.407
Nobel Bidco BV 3.1250 6/15/2028 EUR 68.812
Romanian Government I 2.8750 4/13/2042 EUR 54.460
LSEGA Financing PLC 3.2000 04/06/2041 USD 75.249
Maison Finco PLC 6.000010/31/2027 GBP 72.529
Northern Powergrid Yo 2.2500 10/09/2059 GBP 51.317
Nationwide Building S 0.4850 07/11/2044 CHF 69.195
Canton of Geneva Swit 0.300011/28/2039 CHF 73.266
Italy Buoni Poliennal 2.1500 09/01/2052 EUR 66.333
State of North Rhine- 0.3750 09/02/2050 EUR 57.765
Ukraine Government In 9.8400 2/15/2023 UAH 58.875
Irish Bank Resolution 0.5660 6/21/2016 EUR 0.679
Swisscom AG 0.245011/20/2034 CHF 74.480
National Grid Electri 2.9200 9/30/2044 AUD 66.924
DZ Bank AG Deutsche Z 1.5760 7/22/2030 EUR 72.942
Pfandbriefbank schwei 0.2500 3/15/2041 CHF 71.188
Cyprus Government Int 2.2500 4/16/2050 EUR 72.695
Boparan Finance PLC 7.625011/30/2025 GBP 69.400
HOCHTIEF AG 2.3000 4/26/2034 EUR 68.947
Region de Bruxelles-C 0.4440 3/19/2057 EUR 43.868
JAB Holdings BV 2.200011/23/2030 USD 74.221
VTB Bank OJSC Via VTB 6.950010/17/2022 USD 5.894
Cooperatieve Rabobank 0.5000 7/30/2043 MXN 12.511
VTB Bank OJSC Via VTB 6.2500 6/30/2035 USD 21.764
Ziggo Bond Co BV 3.3750 2/28/2030 EUR 70.880
Raiffeisen-Landesbank 0.5000 5/27/2041 EUR 65.346
NET4GAS sro 2.7500 7/17/2025 CZK 72.670
State of Saxony-Anhal 0.5000 3/24/2051 EUR 60.722
Maxeda DIY Holding BV 5.8750 10/01/2026 EUR 68.439
Region of Ile de Fran 0.6100 07/02/2040 EUR 66.798
Societe Centrale des 2.5000 5/15/2023 EUR 6.880
Canton of Geneva Swit 0.2500 6/15/2040 CHF 71.829
Muenchener Hypotheken 0.010010/19/2039 EUR 61.990
Hamon & CIE SA 3.3000 1/31/2035 EUR 46.000
Nova Kreditna Banka M 1.6250 5/25/2027 EUR 73.542
Muenchener Hypotheken 0.0100 11/02/2040 EUR 60.703
Republic of Belarus I 6.2000 2/28/2030 USD 22.017
Pfandbriefbank schwei 0.3750 1/24/2042 CHF 72.289
UniCredit Bank Austri 0.1500 4/29/2033 EUR 73.759
Willhem AB 1.824010/18/2038 SEK 62.812
Communaute Francaise 0.7820 02/08/2061 EUR 47.858
EVN AG 0.850010/15/2035 EUR 64.827
TI Automotive Finance 3.7500 4/15/2029 EUR 69.965
Cirio Finanziaria SpA 8.000012/21/2005 EUR 0.423
JSM Global Sarl 4.750010/20/2030 USD 74.224
Metinvest BV 7.750010/17/2029 USD 40.250
Espirito Santo Financ 3.1250 12/02/2018 EUR 0.459
Stelius Befektetoe Za 3.1000 9/17/2030 HUF 66.500
Leather 2 SpA 4.5000 9/30/2028 EUR 72.709
ING Groep NV 0.9750 2/14/2034 EUR 62.798
Gemeente Bergen OP Zo 0.4400 9/20/2044 EUR 63.723
Hungary Government In 2.1250 9/22/2031 USD 71.155
Wingholding Zrt 3.5000 5/20/2030 HUF 68.160
Gazprom PJSC via Gaz 1.850011/17/2028 EUR 47.769
Severstal OAO Via Ste 3.1500 9/16/2024 USD 10.710
Emissionszentrale fue 0.1500 09/09/2041 CHF 69.625
Jyske Realkredit A/S 1.5000 10/01/2053 DKK 67.409
VTB Bank OJSC Via VTB 6.2500 6/30/2035 USD 21.764
Constellium SE 3.1250 7/15/2029 EUR 74.019
Anadolu Efes Biracili 3.3750 6/29/2028 USD 72.707
Romanian Government I 2.7500 4/14/2041 EUR 54.407
Municipality of Leval 0.750011/17/2036 EUR 73.132
MVM Energetika Zrt 3.2500 09/03/2031 HUF 59.000
Single Platform Inves 1.2200 8/24/2047 EUR 59.784
Wales & West Utilitie 3.0000 08/03/2038 GBP 72.264
Steilmann SE 7.0000 9/23/2018 EUR 1.429
Rena GmbH 8.2500 07/11/2018 EUR 0.056
Deutsche Telekom AG 3.6250 1/21/2050 USD 74.186
Stichting Afwikkeling 2.8750 EUR 0.579
Barclays Bank PLC 2.6500 11/04/2031 EUR 64.660
Luzerner Kantonalbank 0.4000 3/15/2038 CHF 74.624
Kommunekredit 0.5000 6/19/2039 DKK 67.476
Spain Government Bond 1.900010/31/2052 EUR 70.610
Pfandbriefbank schwei 0.3750 9/23/2043 CHF 70.968
SCF Capital Designate 5.3750 6/16/2023 USD 20.000
Serbia International 2.1250 12/01/2030 USD 69.917
Celtic Resources Hold 4.1250 10/09/2024 USD 14.432
Societe Generale SA 1.1370 1/26/2037 EUR 70.434
Raiffeisenlandesbank 0.3750 1/15/2035 EUR 72.199
BNP Paribas SA 1.0194 5/25/2028 EUR 40.000
CRC Breeze Finance SA 6.1100 05/08/2026 EUR 30.404
Pfandbriefbank schwei 0.5000 1/25/2044 CHF 72.844
SG Issuer SA 5.1500 01/10/2025 EUR 67.060
VZ Vendor Financing I 2.8750 1/15/2029 EUR 72.829
Windreich GmbH 6.5000 7/15/2016 EUR 4.475
Takko Luxembourg 2 SC 5.375011/15/2023 EUR 67.560
Jain International Tr 7.1250 02/01/2022 USD 22.414
Caisse des Depots et 0.398012/15/2050 EUR 57.970
Ville de Paris 0.8310 2/23/2056 EUR 53.642
Altice Financing SA 5.7500 8/15/2029 USD 73.332
Rhaetische Bahn AG RH 0.0500 08/03/2050 CHF 58.275
Frigoglass Finance BV 6.8750 02/12/2025 EUR 50.499
Nordea Kredit Realkre 0.5000 10/01/2043 DKK 74.492
Region de Bruxelles-C 0.8080 1/31/2050 EUR 57.456
Sberbank of Russia Vi 5.2500 5/23/2023 USD 11.187
AXA Home Loan SFH SA 0.1250 6/25/2035 EUR 69.661
Credit Agricole SA 3.6100 4/20/2036 AUD 66.403
Romanian Government I 1.7500 7/13/2030 EUR 68.048
National Grid Electri 1.6080 8/24/2040 GBP 52.203
Meta Wolf AG 6.7500 03/10/2005 DEM 0.108
Pfandbriefzentrale de 0.2500 06/12/2040 CHF 71.458
Alpine Holding GmbH 6.0000 5/22/2017 EUR 3.084
PJSC Koks via IMH Cap 5.9000 9/23/2025 USD 7.543
Finmek International 7.0000 12/03/2004 EUR 2.193
Polyus Finance PLC 4.7000 1/29/2024 USD 48.164
Serbia International 1.0000 9/23/2028 EUR 70.784
Alfa Bank AO Via Alfa 5.9000 USD 7.384
ABN AMRO Bank NV 1.1150 03/03/2042 EUR 73.201
City of Lausanne Swit 0.0500 9/28/2054 CHF 51.322
Vnesheconombank Via V 6.0250 07/05/2022 USD 5.212
Kreditanstalt fuer Wi 1.1000 9/16/2051 EUR 67.661
JAB Holdings BV 3.7500 5/28/2051 USD 61.788
Lehman Brothers UK Ca 5.7500 EUR 7.000
Signa Development Fin 5.5000 7/23/2026 EUR 65.733
DZ Bank AG Deutsche Z 0.1900 1/14/2031 EUR 73.537
Deutsche Bahn Finance 0.1000 1/28/2036 CHF 73.225
Kingdom of Belgium Go 0.6500 6/22/2071 EUR 46.772
German Pellets GmbH 7.250011/27/2019 EUR 1.505
Cooperatieve Rabobank 0.500011/30/2027 MXN 59.048
LIB-Landesimmobilien 0.6200 7/15/2041 EUR 67.211
Affinity Water Financ 3.2780 8/22/2042 GBP 72.379
State Savings Bank of 10.1863 1/19/2024 USD 33.578
City of Zurich Switze 0.250011/24/2051 CHF 63.240
Pfandbriefzentrale de 0.0500 10/06/2043 CHF 65.030
Credit Bank of Moscow 4.7000 1/29/2025 USD 25.598
Credit Suisse AG/Lond 2.3000 9/24/2031 USD 71.313
Autostrade per l'Ital 3.2400 06/10/2034 EUR 71.922
Kommunekredit 0.5000 7/30/2027 TRY 19.198
BPCE SA 3.582010/19/2042 USD 67.141
Caisse Francaise de F 0.1250 2/15/2036 EUR 68.403
Norwegian Air Shuttle 6.375011/15/2024 USD 48.071
Depfa Funding III LP 2.0560 EUR 53.220
UBS AG/London 10.0000 3/23/2026 USD 46.000
Luzerner Kantonalbank 0.5000 7/26/2041 CHF 72.602
French Republic Gover 0.7500 5/25/2053 EUR 58.842
Free State of Saxony 0.010012/17/2035 EUR 69.092
Credit Suisse AG/Lond 2.6000 1/27/2032 USD 72.667
Metinvest BV 5.6250 6/17/2025 EUR 47.945
Nederlandse Waterscha 1.9000 1/31/2035 AUD 68.013
Russian Federal Bond 0.2500 7/20/2044 RUB 14.481
Alfa Bank AO Via Alfa 5.9500 4/15/2030 USD 7.584
Free and Hanseatic Ci 0.2000 09/03/2049 EUR 55.308
Kleopatra Holdings 2 6.5000 09/01/2026 EUR 65.735
Romanian Government I 2.0000 1/28/2032 EUR 64.513
MFB Magyar Fejlesztes 4.600010/24/2029 HUF 69.937
UBS AG/London 0.904011/23/2025 EUR 58.500
Haya Holdco 2 PLC 9.542011/30/2025 EUR 63.511
BAE Systems PLC 3.0000 9/15/2050 USD 66.902
Jain International Tr 7.1250 3/31/2026 USD 27.543
Realkredit Danmark A/ 0.5000 10/01/2053 DKK 65.089
Virgolino de Oliveira 11.7500 02/09/2022 USD 0.448
Romanian Government I 3.3750 1/28/2050 EUR 54.843
Offshore Drilling Hol 8.3750 9/20/2020 USD 3.858
Cooperatieve Rabobank 0.5000 8/21/2028 MXN 54.394
Nordea Kredit Realkre 0.5000 10/01/2053 DKK 63.853
Hungary Government In 3.1250 9/21/2051 USD 56.238
niiio finance group A 4.0000 5/31/2026 EUR 30.660
ALROSA Finance SA 3.1000 6/25/2027 USD 10.000
Caisse des Depots et 1.1140 9/20/2049 EUR 72.786
Vasakronan AB 1.1300 5/27/2042 JPY 74.967
MS Deutschland Beteil 6.875012/18/2017 EUR 0.210
Energizer Gamma Acqui 3.5000 6/30/2029 EUR 73.197
Bestjobs Recrutare SA 5.8000 5/20/2026 EUR 73.011
Serbia International 2.0500 9/23/2036 EUR 56.818
LFA Foerderbank Bayer 0.0500 9/29/2034 EUR 71.625
Valiant Bank AG 0.1250 12/04/2034 CHF 73.892
Romanian Government I 2.6250 12/02/2040 EUR 54.353
AXA Bank Europe SCF 0.2500 06/09/2040 EUR 63.626
Virgin Media Finance 3.7500 7/15/2030 EUR 72.650
Pfandbriefzentrale de 0.0200 1/30/2040 CHF 68.524
BPCE SFH SA 0.3750 3/18/2041 EUR 64.715
Raiffeisen Landesbank 0.2500 03/04/2036 EUR 69.560
Vasakronan AB 1.770010/26/2033 NOK 69.535
Credit Bank of Moscow 5.5500 2/14/2023 USD 21.239
Free and Hanseatic Ci 0.400011/23/2051 EUR 57.801
Muenchener Hypotheken 0.1250 09/05/2035 EUR 69.972
Canton of Zurich 0.1000 6/23/2045 CHF 66.465
Nordea Kredit Realkre 0.5000 10/01/2050 DKK 66.068
Credit Bank of Moscow 8.8750 USD 12.273
Mobilux Finance SAS 4.2500 7/15/2028 EUR 69.887
RHP Finance PLC 3.2500 02/05/2048 GBP 70.051
OGX Austria GmbH 8.5000 06/01/2018 USD 0.002
Commerzbank AG 2.5650 5/15/2043 EUR 66.509
Ahtium PLC 4.000012/16/2015 EUR 0.586
Banco de Sabadell SA 3.1500 3/30/2037 EUR 57.334
Region de Bruxelles-C 1.4000 03/11/2054 EUR 65.901
A-TEC Industries AG 8.750010/27/2014 EUR 0.100
Cooperatieve Rabobank 0.500012/29/2027 MXN 58.209
DLR Kredit A/S 1.0000 10/01/2053 DKK 66.335
Raiffeisenlandesbank 0.5000 1/22/2035 EUR 73.894
Junta de Castilla y L 1.270010/31/2044 EUR 65.182
V-Bank AG 4.0000 EUR 68.186
Luzerner Kantonalbank 0.2500 8/28/2040 CHF 69.992
National Grid Electri 1.6900 9/16/2041 GBP 51.857
Turkey Government Int 6.5000 9/20/2033 USD 73.123
DNB Boligkreditt AS 0.9800 6/20/2044 EUR 68.805
Credit Bank of Moscow 7.6250 USD 15.483
Land Thueringen 0.2000 09/12/2039 EUR 65.421
Havila Shipping ASA 5.4100 01/02/2025 NOK 31.237
Prosus NV 2.0850 1/19/2030 EUR 73.126
Phosphorus Holdco PLC 10.0000 04/01/2019 GBP 1.312
Nestle Hungaria Kft 1.7500 5/31/2028 HUF 59.000
Hungary Government Bo 1.000011/26/2025 HUF 72.884
State of North Rhine- 1.000010/16/2046 EUR 72.365
Matalan Finance PLC 6.7500 1/31/2023 GBP 73.891
Interpipe Holdings PL 8.3750 5/13/2026 USD 40.000
Ile-de-France Mobilit 0.200011/16/2035 EUR 69.475
SAG Solarstrom AG 6.250012/14/2015 EUR 31.000
Rena GmbH 7.000012/15/2015 EUR 0.056
Romanian Government I 4.0000 2/14/2051 USD 60.631
Single Platform Inves 0.5590 2/15/2047 EUR 49.851
Jaguar Land Rover Aut 4.5000 7/15/2028 EUR 69.022
Deutsche Bank AG 0.9500 09/01/2028 GBP 71.623
Caixa Economica Monte 5.0000 EUR 51.520
Virgin Media Secured 4.1250 8/15/2030 GBP 66.451
Banque Cantonale de F 0.1000 11/01/2044 CHF 61.847
Boparan Finance PLC 7.625011/30/2025 GBP 69.417
Anglo American Capita 3.9500 09/10/2050 USD 71.233
Republic of Armenia I 3.9500 9/26/2029 USD 74.318
Turkey Government Int 6.0000 1/14/2041 USD 63.293
Raiffeisen Bank Inter 0.3700 02/03/2033 EUR 62.890
Ahtium PLC 9.7500 04/04/2017 EUR 0.726
Wrekin Housing Group 2.500010/22/2048 GBP 58.560
Kommunekredit 0.8690 11/12/2043 SEK 61.474
Free and Hanseatic Ci 0.0100 11/05/2035 EUR 69.302
Region Hauts-de-Franc 0.4020 2/18/2043 EUR 59.202
WEPA Hygieneprodukte 2.875012/15/2027 EUR 73.400
Jyske Realkredit A/S 1.0000 10/01/2053 DKK 60.286
Assistance Publique H 0.4900 9/30/2040 EUR 63.945
Compact Bidco BV 5.7500 05/01/2026 EUR 72.625
Sovcombank Via SovCom 3.4000 1/26/2025 USD 5.279
Sairgroup Finance BV 6.6250 10/06/2010 EUR 1.964
Banca Popolare di Vic 2.821012/20/2017 EUR 0.396
Bromford Housing Grou 2.5540 3/17/2054 GBP 57.365
Norske Skogindustrier 2.000012/30/2115 EUR 0.113
Societe Generale SA 16.0000 07/03/2024 USD 8.700
Muenchener Hypotheken 0.125011/19/2030 EUR 72.806
Landeskreditbank Bade 0.610011/17/2050 EUR 62.824
State of Bremen 0.1500 9/14/2040 EUR 63.389
MMC Norilsk Nickel OJ 2.5500 09/11/2025 USD 55.379
Bayerische Landesbank 1.5500 2/13/2040 EUR 55.676
Alno AG 8.0000 3/21/2019 EUR 16.000
Nordea Kredit Realkre 2.0000 10/01/2053 DKK 74.155
Air Berlin Finance BV 8.5000 03/06/2019 EUR 0.298
Bank Gospodarstwa Kra 2.0000 11/03/2036 EUR 71.354
Deutsche Bank AG 1.5000 2/26/2028 USD 73.170
Bank Nadra Via NDR Fi 8.2500 7/31/2018 USD 0.208
State of Lower Saxony 0.0500 03/09/2035 EUR 71.489
Credit Bank of Moscow 3.8750 9/21/2026 USD 20.256
Ukraine Government In 15.8400 2/26/2025 UAH 58.337
Siemens Financierings 2.8750 03/11/2041 USD 73.706
Prosus NV 2.0310 08/03/2032 EUR 65.663
Land Berlin 0.6250 7/15/2039 EUR 71.499
Penarian Housing Fina 3.2120 06/07/2052 GBP 68.864
Pfandbriefbank schwei 0.5000 6/22/2040 CHF 75.218
Walliser Kantonalbank 0.0100 03/12/2035 CHF 72.834
Banco Santander SA 0.1800 6/22/2031 EUR 70.543
FLUVIUS System Operat 0.8100 04/08/2033 EUR 70.584
Novafives SAS 5.0000 6/15/2025 EUR 66.875
Autonomous Community 1.8500 5/13/2061 EUR 59.897
Northern Electric Fin 2.7500 5/24/2049 GBP 61.297
BASF SE 1.0250 8/13/2048 JPY 73.350
Pro-Gest SpA 3.250012/15/2024 EUR 70.727
Landesbank Baden-Wuer 0.500011/25/2030 EUR 73.446
TBI Bank EAD 5.2500 7/30/2031 EUR 55.406
United Kingdom Gilt 1.625010/22/2071 GBP 53.057
Kreditanstalt fuer Wi 0.6130 06/10/2040 EUR 65.697
SAG Solarstrom AG 7.5000 07/10/2017 EUR 31.000
Landesbank Baden-Wuer 0.4000 07/02/2031 EUR 70.845
Republic of Armenia I 3.6000 02/02/2031 USD 70.680
Societe Nationale SNC 1.2800 3/27/2120 EUR 42.260
VON Der Heydt Securit 1.0000 4/30/2031 EUR 70.278
Jyske Realkredit A/S 2.0000 10/01/2053 DKK 74.080
Grenke Finance PLC 2.0400 4/16/2029 EUR 70.285
Sanctuary Capital PLC 2.4812 11/12/2037 GBP 70.593
Regie Autonome des Tr 0.9380 5/25/2050 EUR 58.548
Polyus Finance PLC 3.250010/14/2028 USD 44.500
Single Platform Inves 0.4190 2/15/2040 EUR 56.633
Romanian Government I 3.7500 02/07/2034 EUR 73.190
MMC Norilsk Nickel OJ 3.375010/28/2024 USD 51.000
Land Berlin 0.125011/24/2045 EUR 57.521
Transmission Finance 2.701010/16/2037 EUR 73.630
Elli Investments Ltd 12.2500 6/15/2020 GBP 52.250
JAB Holdings BV 4.5000 04/08/2052 USD 68.383
Romania Government Bo 4.7500 10/11/2034 RON 72.109
DekaBank Deutsche Gir 7.6500 03/10/2023 EUR 34.650
4iG Nyrt 6.000012/17/2031 HUF 75.940
Dtek Renewables Finan 8.5000 11/12/2024 EUR 36.062
HSBC Bank PLC 2.015011/24/2036 EUR 70.827
Romanian Government I 4.6250 04/03/2049 EUR 69.079
Single Platform Inves 0.4275 2/15/2040 EUR 56.931
Communaute Francaise 1.0400 7/19/2101 EUR 51.068
UniCredit Bank AG 0.428011/19/2029 EUR 74.343
Deutsche Bahn Finance 3.1000 5/20/2041 AUD 72.860
DZ Bank AG Deutsche Z 10.0000 6/23/2023 EUR 60.080
Van Lanschot Kempen N 1.4100 04/04/2024 EUR 25.000
Premium Green PLC 1.0000 7/25/2040 EUR 63.554
Region de Bruxelles-C 1.1000 5/25/2051 EUR 62.819
Landesbank Hessen-Thu 1.2000 9/17/2036 EUR 64.850
ISP Group AG 5.2500 CHF 73.677
Norwegian Air Shuttle 7.5000 11/10/2023 USD 74.286
Assa Abloy AB 0.6500 8/28/2034 EUR 70.405
State of Brandenburg 0.1250 1/26/2046 EUR 57.449
Norwegian Air Shuttle 7.5000 11/10/2023 USD 74.286
JAB Holdings BV 2.000012/19/2039 EUR 72.635
Barclays Bank PLC 5.0000 11/01/2029 BRL 67.991
Batigere Grand Est SA 1.610010/23/2040 EUR 58.821
Vilogia SA d'HLM 1.5000 08/07/2034 EUR 69.321
Assistance Publique H 1.0990 04/06/2071 EUR 49.573
Agrokor dd 8.8750 02/01/2020 USD 15.000
Sibur Securities DAC 4.1250 10/05/2023 USD 34.094
German Pellets GmbH 7.2500 07/09/2018 EUR 1.505
Caisse de Refinanceme 0.2500 02/07/2035 EUR 72.002
Italy Buoni Poliennal 2.4500 09/01/2050 EUR 71.943
DZ Bank AG Deutsche Z 1.0550 03/11/2031 EUR 71.159
Single Platform Inves 0.3630 2/15/2041 EUR 54.227
BNP Paribas SA 1.5900 2/23/2051 EUR 61.916
Deutsche Bank AG 0.5000 9/16/2031 EUR 73.671
SG Issuer SA 5.0000 5/30/2029 EUR 36.940
Region of Centre-Val 0.7120 12/03/2039 EUR 68.204
UniCredit SpA 0.725011/27/2030 EUR 67.449
Land Thueringen 0.1250 1/13/2051 EUR 53.087
Muenchener Hypotheken 0.5680 6/15/2032 EUR 71.432
Barclays Bank PLC 0.5000 1/28/2033 MXN 30.362
BPCE SA 2.2500 3/13/2040 AUD 52.716
United Kingdom Gilt 1.5000 7/22/2047 GBP 59.771
Credit Suisse AG/Nass 3.750010/20/2036 USD 72.710
Mobile Telesystems OJ 5.0000 5/30/2023 USD 25.217
Communaute Francaise 0.6260 8/24/2040 EUR 65.394
Takko Luxembourg 2 SC 6.528011/15/2023 EUR 67.859
Romanian Government I 2.1240 7/16/2031 EUR 66.950
Norske Skog Holding A 8.0000 2/24/2021 EUR 0.006
Jyske Realkredit A/S 0.5000 10/01/2053 DKK 65.169
Ideal Standard Intern 6.3750 7/30/2026 EUR 56.509
Canton of Geneva Swit 0.6000 07/04/2046 CHF 72.545
Caisse des Depots et 1.0150 7/22/2050 EUR 70.811
Kingdom of Belgium Go 1.1700 05/12/2121 EUR 43.863
Republic of Ireland I 0.8350 07/08/2080 EUR 49.468
State of Bremen 0.5000 05/06/2041 EUR 67.464
Proximus SADP 1.5000 5/14/2040 EUR 71.753
Hemso Fastighets AB 1.130010/31/2039 EUR 63.310
LFA Foerderbank Bayer 0.2500 3/19/2037 EUR 69.220
Single Platform Inves 0.8870 9/20/2039 EUR 63.355
BCP V Modular Service 6.750011/30/2029 EUR 72.000
MMC Norilsk Nickel OJ 2.800010/27/2026 USD 50.983
Orient Express Bank P 2.0000 USD 19.405
Aareal Bank AG 1.8800 4/15/2030 EUR 74.299
Ukraine Government In 9.7900 5/26/2027 UAH 55.424
Royal Schiphol Group 2.890010/25/2034 AUD 71.527
Ile-de-France Mobilit 1.5860 2/23/2052 EUR 74.165
State of North Rhine- 1.8500 3/18/2089 EUR 68.261
Ile-de-France Mobilit 1.2000 04/08/2050 EUR 65.290
MFB Magyar Fejlesztes 4.2000 4/20/2033 HUF 63.014
Ministeries Van de Vl 0.634011/19/2060 EUR 47.580
Single Platform Inves 0.800012/20/2040 EUR 60.711
Grenke Finance PLC 0.8190 2/15/2030 EUR 69.888
Engie SA 2.750011/20/2045 EUR 73.775
GTC Magyarorszag Zrt 2.2500 12/07/2030 HUF 60.270
State of Rhineland-Pa 0.3750 03/10/2051 EUR 57.569
Grupo Isolux Corsan S 1.000012/30/2021 EUR 0.156
Malta Government Bond 2.0000 07/10/2051 EUR 71.220
UniCredit SpA 3.1270 06/03/2032 USD 72.903
Heimstaden Bostad AB 2.8000 05/04/2035 EUR 69.946
Credit Bank of Moscow 7.1210 6/25/2024 USD 21.126
Landeskreditbank Bade 2.5000 5/21/2036 AUD 72.076
Cie de Financement Fo 0.9750 08/11/2046 EUR 69.214
Autonomous Community 1.255010/31/2048 EUR 60.785
4iG Nyrt 2.9000 3/29/2031 HUF 62.790
GN Store Nord AS 3.200011/26/2036 GBP 69.477
Alfa Bank AO Via Alfa 5.500010/26/2031 USD 7.906
Ukraine Government In 12.5200 5/13/2026 UAH 59.134
Autonomous Community 1.5150 6/21/2051 EUR 62.610
Heimstaden Bostad AB 2.8000 05/04/2035 EUR 71.110
Anglian Water Service 1.760011/13/2035 GBP 65.349
British Telecommunica 3.9240 6/25/2042 GBP 70.768
Jyske Realkredit A/S 0.5000 10/01/2043 DKK 74.357
SNCF Reseau 1.4250 8/14/2119 EUR 47.558
Deutsche Telekom AG 3.5000 09/06/2039 AUD 71.439
State of Lower Saxony 0.2500 4/15/2036 EUR 71.193
Deutsche Pfandbriefba 0.9060 03/04/2050 EUR 68.779
BPCE SA 1.9800 10/06/2030 AUD 70.168
Hungary Government Bo 3.0000 4/25/2041 HUF 47.418
OTP Munkavallalok Ii 4.5000 7/14/2031 HUF 65.170
Landesbank Baden-Wuer 7.0700 1/27/2023 EUR 70.520
Veragold Mining Co Gm 5.000012/31/2022 EUR 45.000
Republic of Armenia I 3.9500 9/26/2029 USD 73.861
State of Brandenburg 0.600010/13/2051 EUR 62.104
Land Berlin 0.1000 1/18/2041 EUR 62.425
Kommunekredit 0.1000 9/30/2033 DKK 74.287
Single Platform Inves 0.7674 2/15/2041 EUR 59.592
Kopaszi Gat Kft 5.7500 1/31/2032 HUF 74.460
Land Berlin 0.0500 08/06/2040 EUR 62.219
State of Bremen 0.4500 2/24/2051 EUR 59.415
State of Lower Austri 1.0000 9/15/2121 EUR 44.758
Malta Government Bond 2.4000 8/13/2052 EUR 74.330
Raiffeisen Switzerlan 7.0500 5/22/2023 EUR 63.560
AMATHEON AGRI Holding 5.0000 1/22/2025 EUR 70.000
SiC Processing GmbH 7.1250 03/01/2016 EUR 0.803
JDE Peet's NV 2.2500 9/24/2031 USD 74.700
United Kingdom Gilt 0.500010/22/2061 GBP 33.760
Societe Generale SA 3.9200 12/09/2036 AUD 69.905
Sibur Securities DAC 3.4500 9/23/2024 USD 33.799
Banque Federative du 0.376010/15/2031 EUR 72.321
Communaute Francaise 0.7500 02/04/2061 EUR 46.882
Ukraine Government In 12.5200 5/13/2026 UAH 59.134
VTB Bank PJSC 3.7500 EUR 60.000
Societe Generale SFH 0.5700 3/15/2036 EUR 72.444
Region Bretagne SCI 0.5440 12/07/2036 EUR 71.407
Novolipetsk Steel Via 1.4500 06/02/2026 EUR 57.740
Malta Government Bond 1.4000 8/20/2046 EUR 65.060
Societe Generale SA 15.2600 5/22/2023 USD 43.650
Cirio Del Monte NV 7.7500 3/14/2005 EUR 0.397
Societe Generale SA 0.831011/25/2031 EUR 68.446
getgoods.de AG 7.7500 10/02/2017 EUR 0.527
Deutsche Pfandbriefba 1.340010/16/2051 EUR 72.078
Magyar Export-Import 1.650011/26/2025 HUF 70.831
Societe Generale SA 2.3600 5/25/2031 USD 72.761
Republic of Austria G 0.1000 07/10/2040 EUR 63.317
HSE Finance Sarl 5.625010/15/2026 EUR 70.583
Windreich GmbH 6.2500 03/01/2015 EUR 4.475
Kuntarahoitus Oyj 0.9400 06/09/2064 EUR 73.855
Landesbank Baden-Wuer 1.0500 7/17/2034 EUR 66.862
STAVMAT Epitoanyag Ke 3.0000 7/20/2031 HUF 60.900
Deutsche Bank AG 1.750010/30/2028 USD 70.710
Batigere Grand Est SA 1.500012/15/2051 EUR 50.756
Bank Vontobel AG 8.000012/19/2022 EUR 28.000
Region Auvergne-Rhone 0.5430 9/28/2036 EUR 71.384
Societe Generale SFH 0.6500 6/23/2035 EUR 74.067
Mondelez Internationa 1.2500 09/09/2041 EUR 63.177
Gecci Investment KG 6.0000 10/01/2027 EUR 31.078
MFB Magyar Fejlesztes 3.000010/27/2027 HUF 70.859
Barclays Bank PLC 2.070012/18/2035 USD 64.296
Banco Espirito Santo 6.9000 6/28/2024 EUR 16.414
UBS AG/London 1.6000 4/18/2049 EUR 71.704
Veneto Banca SpA 6.4110 EUR 0.345
Lloyds Bank PLC 0.5000 7/26/2028 MXN 54.970
Single Platform Inves 1.8650 2/15/2046 EUR 69.857
Thames Water Utilitie 2.0600 11/12/2030 USD 74.684
Commerzbank AG 2.3500 2/24/2042 EUR 67.284
CDC Habitat SEM 0.8140 2/15/2040 EUR 53.317
Basque Government 2.0000 4/30/2059 EUR 66.299
CDC Habitat SEM 1.0430 05/12/2036 EUR 63.936
KTG Agrar SE 7.250010/15/2019 EUR 2.007
BNP Paribas Emissions 5.1500 11/04/2022 USD 70.070
Pfandbriefbank schwei 0.3750 6/15/2046 CHF 69.247
State of Brandenburg 0.500011/21/2039 EUR 69.461
DekaBank Deutsche Gir 1.100011/25/2030 EUR 72.397
Region of Pays de la 0.877010/28/2041 EUR 69.020
Free and Hanseatic Ci 0.3000 9/16/2050 EUR 56.594
Malta Government Bond 1.500010/22/2045 EUR 67.070
Jyske Realkredit A/S 0.5000 10/01/2050 DKK 65.953
Spain Government Bond 1.200010/31/2040 EUR 70.759
Kuntarahoitus Oyj 0.5140 10/07/2039 EUR 70.537
Depfa Funding II LP 6.5000 EUR 57.625
Single Platform Inves 0.7445 2/15/2047 EUR 52.777
Credit Suisse AG/Lond 9.0000 4/22/2024 USD 32.640
Deutsche Bank AG 2.4000 2/25/2032 EUR 74.230
JP Morgan Structured 11.000012/30/2026 ZMW #N/A N/A
Basler Kantonalbank 10.8400 3/28/2023 EUR 71.080
Ukraine Government In 10.0000 8/23/2023 UAH 58.875
La Banque Postale Hom 0.6400 1/27/2042 EUR 68.566
NIBC Bank NV 0.4600 7/19/2029 EUR 71.131
Solon SE 1.3750 12/06/2012 EUR 0.745
Prosus NV 1.9850 7/13/2033 EUR 62.985
Akademiska Hus AB 1.2520 2/13/2043 SEK 60.792
Windreich GmbH 6.7500 03/01/2015 EUR 4.475
Russian Agricultural 8.500010/16/2023 USD 13.519
Golden Gate AG 6.5000 10/11/2014 EUR 32.000
Hemso Fastighets AB 1.8000 05/05/2032 EUR 73.372
Region de Bruxelles-C 1.5000 6/22/2070 EUR 65.149
Societe Generale SA 12.0000 09/05/2024 USD 66.700
Barclays Bank PLC 1.5804 04/12/2039 EUR 69.900
International Bank of 8.2500 10/09/2024 USD 60.375
Malta Government Bond 1.8000 8/28/2051 EUR 67.050
Mox Telecom AG 7.2500 11/02/2017 EUR 2.270
Canton of Neuchatel 0.3500 7/14/2050 CHF 62.310
Ukraine Government In 14.9100 10/12/2022 UAH 58.875
Home Invest Belgium S 1.8500 1/15/2032 EUR 74.039
BNP Paribas SA 3.5800 7/23/2040 AUD 72.325
Region Wallonne Belgi 1.0000 9/16/2059 EUR 54.188
Region Nouvelle-Aquit 0.814011/22/2044 EUR 63.419
Region de Bruxelles-C 0.7650 7/15/2052 EUR 55.125
DZ Bank AG Deutsche Z 2.000012/29/2031 EUR 66.990
Assistance Publique H 0.6660 3/19/2040 EUR 67.150
Ukraine Government In 11.100011/23/2022 UAH 58.875
Societe Generale SA 16.0000 07/03/2024 USD 16.550
Credit Agricole Corpo 1.5500 09/08/2031 AUD 72.636
DNB Bank ASA 1.1850 1/14/2038 EUR 67.775
Ukraine Government In 16.0000 5/24/2023 UAH 58.875
Kreditanstalt fuer Wi 1.2710 5/20/2051 EUR 73.960
Allgemeine Sparkasse 2.5000 1/27/2034 EUR 73.508
Single Platform Inves 0.6555 9/20/2050 EUR 47.934
Peine GmbH 2.0000 07/05/2023 EUR 44.500
Ukraine Government In 7.2530 3/15/2035 USD 19.000
UniCredit Bank AG 6.6000 7/20/2028 EUR 0.640
United Utilities Wate 1.4740 8/24/2031 USD 69.894
Grand City Properties 2.8000 2/25/2039 EUR 70.548
Single Platform Inves 1.7850 7/30/2042 EUR 71.604
Barclays Bank PLC 5.2500 11/08/2023 USD 8.977
City of Lausanne Swit 0.2300 11/01/2060 CHF 51.705
Novolipetsk Steel Via 4.5000 6/15/2023 USD 61.693
Region Wallonne Belgi 1.2250 09/02/2120 EUR 44.559
Deutsche Pfandbriefba 0.4750 10/11/2028 EUR 74.450
Nordea Hypotek AB 2.250010/15/2048 SEK 72.739
Portugal Telecom Inte 5.2420 11/06/2017 EUR 0.694
Republic of Armenia I 3.6000 02/02/2031 USD 70.046
Spain Government Bond 0.8500 7/30/2037 EUR 70.706
Nomura Bank Internati 1.1300 4/23/2036 EUR 67.054
Communaute Francaise 1.5810 1/23/2120 EUR 52.994
Ville de Paris 1.1650 06/09/2053 EUR 62.616
Raiffeisen Switzerlan 9.3500 02/07/2023 CHF 72.610
Erotik-Abwicklungsges 7.7500 07/09/2019 EUR 0.779
Bulgaria Steel Financ 12.0000 05/04/2013 EUR 0.216
Spain Government Bond 1.450010/31/2071 EUR 51.723
Assistance Publique H 1.1830 4/16/2050 EUR 64.553
Thomas Cook Finance 2 3.8750 7/15/2023 EUR 1.285
Landesbank Baden-Wuer 1.6000 04/03/2039 EUR 70.890
Slovenia Government B 0.487510/20/2050 EUR 50.349
Uliving@Essex2 Issuer 0.1000 8/31/2063 GBP 70.752
HSBC Holdings PLC 0.9500 12/09/2032 EUR 71.264
Spain Government Bond 1.000010/31/2050 EUR 57.332
Landesbank Hessen-Thu 0.8500 03/12/2035 EUR 68.778
Vontobel Financial Pr 5.8500 1/27/2023 EUR 72.560
Rusal Capital DAC 4.8500 02/01/2023 USD 42.202
Department of L'Eure 0.959011/25/2037 EUR 74.441
Nordea Eiendomskredit 2.2000 6/17/2043 NOK 73.144
Basler Kantonalbank 7.000012/16/2022 CHF 72.590
CDC Habitat SEM 1.0600 5/22/2036 EUR 64.407
ING Bank NV 2.8300 9/28/2051 USD 65.263
Agence Francaise de D 2.3300 02/10/2041 AUD 63.798
Grand Delta Habitat 1.6300 03/06/2045 EUR 55.148
Nostrum Oil & Gas Fin 8.0000 7/25/2022 USD 26.405
Romanian Government I 2.0000 4/14/2033 EUR 62.047
Steilmann SE 6.7500 6/27/2017 EUR 2.184
French Republic Gover 0.5000 5/25/2072 EUR 42.858
Kantonsspital St Gall 0.3000 9/30/2036 CHF 72.000
Sparekassen Bredebro 3.7500 4/15/2031 DKK 69.800
Credit Suisse AG 0.500012/16/2025 BRL 69.532
Single Platform Inves 0.9300 2/15/2045 EUR 56.493
Ukraine Government In 9.7900 5/26/2027 UAH 55.424
OTP Munkavallalok I s 4.5000 7/14/2031 HUF 65.170
State of Lower Austri 0.8150 9/22/2056 EUR 58.592
Credit Agricole SA 3.4500 03/04/2041 AUD 56.061
State of Saarland 0.0500 11/05/2040 EUR 62.153
Rio Forte Investments 4.0000 7/22/2014 EUR 3.845
Nykredit Realkredit A 1.0000 10/01/2050 DKK 69.927
Agrokor dd Via Aquari 4.9210 08/08/2017 EUR 14.625
Department of Gironde 0.4180 11/12/2041 EUR 61.236
BNP Paribas SA 0.5000 9/29/2029 AUD 70.301
Sonnedix Energy Tau S 2.200012/31/2038 EUR 72.000
JP Morgan Structured 12.0000 8/28/2026 ZMW #N/A N/A
Caisse Francaise de F 0.510011/19/2040 EUR 67.050
Autonomous Community 1.138011/22/2052 EUR 54.203
NTRP Via Interpipe Lt 10.2500 08/02/2017 USD 26.500
Republic of Ireland I 0.740011/27/2120 EUR 34.231
HSBC Bank PLC 2.2300 09/06/2047 EUR 66.524
Nederlandse Waterscha 1.551011/24/2061 EUR 73.996
NRW Bank 1.4000 3/19/2070 EUR 68.626
Communaute Francaise 0.7490 9/16/2080 EUR 54.304
ING Bank NV 0.3350 4/21/2036 EUR 68.959
Ukraine Government In 7.7500 09/01/2027 USD 20.349
Housing & Care 21 3.2880 11/08/2049 GBP 69.682
Single Platform Inves 1.7150 2/15/2041 EUR 74.164
Muenchener Hypotheken 1.3000 05/07/2061 EUR 67.920
Pescanova SA 5.1250 4/20/2017 EUR 0.319
Deutsche Agrar Holdin 7.2500 9/28/2018 EUR 0.718
Communaute Francaise 0.8860 6/22/2057 EUR 52.276
MOL Hungarian Oil & G 1.1000 9/22/2030 HUF 47.000
Heta Asset Resolution 1.136012/31/2023 EUR 1.270
Ville de Paris 1.1650 06/09/2053 EUR 62.776
Parnassia Groep BV 1.2100 12/01/2033 EUR 73.550
Rusal Capital DAC 5.3000 05/03/2023 USD 41.124
CDC Habitat SEM 0.8530 2/15/2041 EUR 52.515
UBS AG/London 9.7500 3/17/2023 CHF 37.650
Hamburg Commercial Ba 0.550011/20/2028 EUR 74.018
Steilmann SE 7.0000 03/09/2017 EUR 1.429
Republic of Ireland I 0.7400 9/22/2078 EUR 47.344
International Finance 0.5000 6/29/2027 ZAR 63.512
Kreditanstalt fuer Wi 1.1750 4/14/2051 EUR 73.873
Ville de Paris 0.9630 06/08/2050 EUR 60.947
Deutsche Pfandbriefba 1.8500 9/20/2032 EUR 68.704
Single Platform Inves 1.2500 8/15/2051 EUR 59.203
Ville de Paris 0.8500 08/04/2051 EUR 58.528
La Veggia Finance SA 7.125011/14/2004 EUR 0.287
Hemso Fastighets AB 0.4730 2/18/2030 EUR 70.856
BNG Bank NV 10.0100 6/17/2025 TRY 49.039
Free State of Bavaria 0.0100 3/28/2036 EUR 67.982
BOA Offshore AS 0.4087 7/17/2047 NOK 5.225
Ukreximbank Via Biz F 10.4256 02/09/2023 USD 30.752
Decipher Production L 12.5000 9/27/2019 USD 1.500
Kernel Holding SA 6.500010/17/2024 USD 43.305
UniCredit Bank AG 4.1000 10/04/2024 EUR 70.300
DZ Bank AG Deutsche Z 0.660011/23/2035 EUR 69.151
Comunidad Foral de Na 1.4500 05/08/2040 EUR 72.479
Republic of Ireland I 0.9950 2/24/2121 EUR 45.178
Assistance Publique H 1.0730 4/16/2045 EUR 67.144
Societe Generale SA 24.0000 8/30/2024 USD 37.250
Credit Suisse Interna 9.5000 3/24/2026 UAH 74.900
National Grid Electri 2.0370 2/15/2039 EUR 72.388
Centrosolar Group AG 7.0000 2/15/2016 EUR 2.505
Chelyabinsk Pipe Plan 4.5000 9/19/2024 USD 15.146
Deutsche Bank AG/Lond 2.2000 4/14/2023 EUR 49.850
CDC Habitat SEM 1.7000 3/21/2039 EUR 64.942
Thomas Cook Group PLC 6.2500 6/15/2022 EUR 0.185
AB Booster Capital Lt 2.0000 03/08/2032 USD 69.792
Societe Generale SA 12.0000 7/14/2026 USD 25.900
Societe Generale SA 11.0000 7/14/2026 USD 16.000
Banque Internationale 8.0000 11/08/2023 USD 62.910
Foodco Bondco SA 6.2500 5/15/2026 EUR 72.792
Societe Nationale SNC 1.4000 5/18/2120 EUR 43.841
Kreditanstalt fuer Wi 0.8200 4/15/2050 EUR 72.196
Commerzbank AG 1.4000 7/21/2031 EUR 73.491
Getin Noble Bank SA 11.0700 4/28/2023 PLN 51.314
Region Nouvelle-Aquit 0.7770 05/12/2041 EUR 67.004
State of Rhineland-Pa 0.3750 04/01/2041 EUR 66.261
State of Lower Austri 0.4600 10/08/2049 EUR 55.229
State of Brandenburg 0.3000 10/04/2049 EUR 57.090
Elecnor SA 3.0250 9/30/2035 EUR 71.401
Free State of Saxony 0.4000 05/12/2036 EUR 72.693
Turkey Government Int 6.6250 2/17/2045 USD 66.303
VTB Bank PJSC 5.0000 USD 63.000
Alteo Nyrt 3.150010/28/2029 HUF 55.900
Andrade Gutierrez Int 11.0000 8/20/2021 USD 54.633
Italy Buoni Poliennal 1.5000 4/30/2045 EUR 61.249
Ukraine Government Bo 3.9000 10/05/2023 USD 50.023
MFB Magyar Fejlesztes 2.900010/22/2031 HUF 59.780
Landesbank Baden-Wuer 0.3270 05/07/2038 EUR 65.821
MFB Magyar Fejlesztes 1.9000 4/22/2026 HUF 71.805
Kingdom of Belgium Go 0.4586 7/23/2079 EUR 32.372
Centre Hospitalier Re 0.8000 6/28/2041 EUR 67.152
City of Kyiv Via PBR 7.500012/15/2022 USD 34.590
Novolipetsk Steel Via 4.0000 9/21/2024 USD 60.712
Caisse des Depots et 1.0750 9/15/2050 EUR 71.906
United Kingdom Gilt 0.625010/22/2050 GBP 43.097
VTB Bank PJSC Via VTB 9.5000 USD 6.598
Italy Buoni Poliennal 0.9500 03/01/2037 EUR 65.121
SAir Group 4.2500 02/02/2007 CHF 12.324
EnBW International Fi 2.0800 1/21/2041 EUR 65.882
HSE Finance Sarl 6.071010/15/2026 EUR 70.562
Single Platform Inves 0.9075 2/15/2041 EUR 61.084
Raiffeisen Schweiz Ge 8.3400 03/07/2023 EUR 67.770
Landesbank Hessen-Thu 1.5000 10/01/2036 EUR 66.000
Duna Aszfalt Ut Es Me 2.990010/17/2029 HUF 68.000
BNG Bank NV 0.5620 06/07/2051 EUR 65.038
Batigere Grand Est SA 1.550011/14/2039 EUR 59.961
Single Platform Inves 1.1025 5/25/2052 EUR 55.496
Tonon Luxembourg SA 12.5000 5/14/2024 USD 0.399
Societe Du Grand Pari 0.575510/29/2052 EUR 52.735
German Real Estate Ca 3.0000 EUR 75.000
Avangard Bank PJSC 0.0100 2/28/2029 RUB 100.000
Societe Generale SA 2.4200 5/27/2031 USD 73.139
BNP Paribas SA 1.4000 06/04/2041 EUR 64.495
Nostrum Oil & Gas Fin 7.0000 2/16/2025 USD 24.211
Credit Mutuel Arkea S 2.0600 9/21/2038 EUR 74.307
Standard Chartered Ba 3.0400 1/18/2042 USD 71.805
Deutsche Bank AG 1.7500 04/09/2035 EUR 61.254
LR Realkredit AS 0.5000 10/01/2050 DKK 67.355
ING Bank NV 0.4650 4/21/2041 EUR 66.524
Ukraine Government In 9.9900 5/22/2024 UAH 58.875
Veneto Banca SpA 6.9440 5/15/2025 EUR 0.476
Alpine Holding GmbH 5.2500 06/10/2016 EUR 3.084
NIBC Bank NV 0.4100 1/27/2031 EUR 64.631
SCF Capital Designate 3.8500 4/26/2028 USD 19.797
OGX Austria GmbH 8.3750 04/01/2022 USD 0.002
Credit Suisse AG/Lond 5.8800 6/28/2023 USD 9.050
Resa SA/Belgium 1.9500 7/22/2036 EUR 50.010
SG Issuer SA 6.1300 1/20/2024 SEK 53.280
Assistance Publique H 0.7500 12/03/2041 EUR 67.032
MMC Norilsk Nickel OJ 4.1000 04/11/2023 USD 58.464
Caisse Francaise de F 0.726010/29/2039 EUR 70.098
Takarek Mortgage Bank 5.7500 5/27/2032 HUF 73.500
Quintet Private Bank 6.0500 5/26/2026 USD 59.260
Landesbank Hessen-Thu 1.500010/20/2036 EUR 65.200
Societe Generale SA 9.000010/31/2034 USD #N/A N/A
Single Platform Inves 1.4900 3/20/2051 EUR 61.676
HSBC Bank PLC 10.3000 12/10/2024 TRY 56.626
State of Brandenburg 0.0500 08/10/2040 EUR 62.322
Nykredit Realkredit A 1.1820 1/17/2034 EUR 66.443
Kingdom of Belgium Go 0.4000 6/22/2040 EUR 66.364
Single Platform Inves 1.2500 05/10/2044 EUR 62.120
Landshypotek Bank AB 1.6800 1/20/2042 SEK 71.123
Muenchener Hypotheken 1.6920 11/06/2051 EUR 63.245
Autonomous Community 1.6460 7/30/2060 EUR 56.860
Department of Bouches 0.810012/16/2041 EUR 66.688
Single Platform Inves 0.9500 2/15/2044 EUR 58.999
Region de Bruxelles-C 1.0650 6/22/2047 EUR 64.881
Phosphorus Holdco PLC 10.0000 04/01/2019 GBP 1.312
Societe Generale SA 11.000010/30/2036 USD 66.125
Raiffeisen Schweiz Ge 6.0000 7/19/2023 CHF 59.900
Mifa Mitteldeutsche F 7.5000 08/12/2018 EUR 2.410
Premium Green PLC 0.620010/31/2046 EUR 69.531
Lehman Brothers Treas 3.6284 3/16/2035 EUR 0.100
SG Issuer SA 8.1200 7/20/2023 SEK 52.120
Single Platform Inves 0.9460 5/25/2036 EUR 68.761
NRW Bank 1.0000 6/24/2051 EUR 67.993
Autonomous Community 1.655010/31/2050 EUR 66.673
Kuntarahoitus Oyj 0.4475 3/19/2040 EUR 62.862
Caisse des Depots et 1.0650 9/20/2049 EUR 71.834
ABN AMRO Bank NV 0.4500 12/12/2036 EUR 70.789
Hemso Fastighets AB 2.615011/30/2043 EUR 68.146
Deutsche Pfandbriefba 0.8570 9/18/2037 EUR 48.782
Veneto Banca SpA 6.9500 2/25/2025 EUR 0.476
BNG Bank NV 1.9800 4/19/2040 SEK 74.094
National Grid Electri 3.1200 12/10/2039 AUD 71.022
Specialfastigheter Sv 1.2800 9/20/2049 SEK 54.870
Santander Consumer Ba 7.0000 NOK 58.802
Nordea Hypotek AB 0.792510/22/2032 SEK 72.935
DZ Bank AG Deutsche Z 1.0000 2/13/2042 EUR 69.067
Erste Jelzalogbank zr 3.5000 5/23/2029 HUF #N/A N/A
Deutsche Bank AG/Lond 13.7500 6/20/2026 TRY 24.673
VEB-Leasing AO 7.9100 09/01/2025 RUB 61.300
Ville de Paris 0.9630 12/06/2051 EUR 58.325
Societe Du Grand Pari 1.1490 04/08/2069 EUR 55.623
Jyske Realkredit A/S 0.5000 10/01/2053 DKK 63.850
Hamburgische Investit 0.3800 2/24/2042 EUR 64.390
Canton of Neuchatel 0.3000 7/19/2039 CHF 72.073
Barclays Bank PLC 2.000012/21/2029 USD 74.385
Societe Generale SA 12.0000 9/14/2023 USD 58.750
Futureal Development 3.500011/16/2036 HUF 47.000
Vontobel Financial Pr 17.0000 9/22/2023 EUR 73.560
Skandinaviska Enskild 6.0000 7/15/2024 SEK 73.000
Grand Delta Habitat 1.2850 11/06/2040 EUR 56.092
Caisse des Depots et 0.913011/20/2050 EUR 67.628
Erste Group Bank AG 1.0100 10/07/2041 EUR 61.895
Akademiska Hus AB 2.0800 4/17/2045 SEK 70.607
Banco Santander SA 1.0000 1/14/2034 EUR 70.512
CB First Investment B 8.0000 EUR 66.141
Caisse Francaise de F 1.092510/14/2051 EUR 70.355
BPCE SA 1.9200 12/09/2030 AUD 69.246
AK BARS Bank Via AK B 8.0000 7/13/2022 USD 30.914
Canton of Geneva Swit 0.0500 8/27/2041 CHF 67.140
Ukraine Government In 8.9940 02/01/2026 USD 19.394
Deutsche Apotheker-un 1.090012/16/2039 EUR 61.010
Dolphin Drilling ASA 4.4900 8/28/2019 NOK 0.644
Municipality of Arnhe 0.6050 2/24/2040 EUR 70.038
State of Bremen 0.5500 02/04/2050 EUR 61.744
State of Lower Austri 0.5850 10/11/2049 EUR 57.525
Region Wallonne Belgi 1.5500 4/28/2120 EUR 52.897
Ministeries Van de Vl 0.8750 06/03/2045 EUR 65.006
Landesbank Baden-Wuer 3.6284 2/20/2034 EUR 72.740
Hell Energy Magyarors 3.0000 7/28/2031 HUF 61.200
DZ Bank AG Deutsche Z 0.950012/30/2030 EUR 71.960
Skandinaviska Enskild 5.0500 1/15/2025 SEK 72.000
Virgolino de Oliveira 10.8750 1/13/2020 USD 36.000
Region Wallonne Belgi 1.2500 4/30/2055 EUR 59.716
Ile-de-France Mobilit 1.0000 12/02/2043 EUR 68.007
Deutsche Bank AG 0.5100 9/16/2031 EUR 72.062
UBS AG/London 5.5200 4/29/2041 USD 45.270
SALVATOR Vermoegensve 9.5000 EUR 6.800
Caisse Francaise de F 0.010010/19/2035 EUR 67.806
Air Berlin Finance BV 6.0000 03/06/2019 EUR 0.294
A-TEC Industries AG 2.7500 05/10/2014 EUR 0.100
Deutsche Wohnen SE 2.1250 9/26/2033 EUR 72.834
Elia Transmission Bel 1.5600 1/30/2044 EUR 72.940
Brussels Municipaliti 0.8320 3/29/2041 EUR 68.013
Aareal Bank AG 0.6250 9/16/2030 EUR 64.510
Kelag-Kaerntner Elekt 1.1500 4/16/2041 EUR 66.273
Single Platform Inves 1.3010 6/25/2044 EUR 61.706
Single Platform Inves 1.0100 3/20/2051 EUR 55.561
Novafives SAS 5.5000 6/15/2025 EUR 67.375
Ukraine Government Bo 3.7000 4/27/2023 USD 70.433
UBS AG/London 2.6300 09/03/2044 AUD 62.822
German Pellets GmbH 7.2500 04/01/2016 EUR 1.505
Ukraine Government In 7.7500 09/01/2026 USD 21.400
Netherlands Governmen 0.5000 1/15/2040 EUR 73.859
Region Wallonne Belgi 1.2200 06/12/2050 EUR 63.489
Leonteq Securities AG 3.0800 01/11/2023 USD 64.340
MOL Hungarian Oil & G 1.9000 04/12/2031 HUF 50.900
SG Issuer SA 8.7000 1/20/2025 SEK 24.680
Magyar Export-Import 2.000010/27/2027 HUF 66.454
UBS Group AG 2.4900 03/04/2036 USD 68.863
Batigere Grand Est SA 1.600011/14/2039 EUR 60.862
Caisse des Depots et 0.7500 11/06/2048 EUR 66.236
NRW Bank 1.1800 03/03/2051 EUR 74.028
Credit Agricole Corpo 17.5200 1/27/2027 TRY 61.359
Single Platform Inves 0.7800 2/15/2040 EUR 60.777
Harp Issuer PLC 1.3997 2/14/2032 USD 65.542
Batigere Grand Est SA 1.4000 8/31/2050 EUR 48.154
Communaute Francaise 1.3800 11/07/2046 EUR 68.890
Berlin Hyp AG 1.0570 2/21/2059 EUR 66.109
Saechsische Aufbauban 0.3000 2/18/2042 EUR 63.248
Land Thueringen 1.1270 04/02/2049 EUR 71.169
Landshypotek Bank AB 0.7500 2/16/2033 SEK 71.613
Landesbank Hessen-Thu 1.1500 9/22/2036 EUR 63.200
Mercedes-Benz Manufac 1.5000 3/16/2027 HUF 63.000
Vontobel Financial Pr 16.5000 6/23/2023 EUR 61.460
Nordea Bank Abp 2.5000 1/20/2027 SEK 73.370
Pongs & Zahn AG 8.5000 EUR 0.003
Department of Loiret 0.478010/30/2040 EUR 63.654
Credit Bank of Moscow 5.1500 2/20/2024 EUR 20.534
Hospices Civils de Ly 0.3800 8/28/2030 EUR 73.673
Rikshem AB 1.910011/16/2032 NOK 72.588
Pfandbriefzentrale de 0.2000 5/22/2042 CHF 68.898
New World Resources N 4.0000 10/07/2020 EUR 0.312
Intelsat Jackson Hold 9.7500 7/15/2025 USD 0.501
MFB Magyar Fejlesztes 3.900010/22/2028 HUF 71.017
Single Platform Inves 0.8400 6/20/2043 EUR 58.052
Region Provence-Alpes 0.7530 01/05/2037 EUR 73.268
National Grid Electri 2.0200 03/12/2032 AUD 72.224
Agrokor dd 9.1250 02/01/2020 EUR 15.000
United Utilities Wate 0.3870 10/05/2057 GBP 61.376
Grand Delta Habitat 1.8200 3/18/2050 EUR 56.431
Brussels Municipaliti 0.336012/15/2035 EUR 71.005
Communaute Francaise 0.7882 8/30/2049 EUR 55.920
Erdoel-Lagergesellsch 1.2000 06/04/2043 EUR 73.872
Odea Bank AS 8.6060 08/01/2027 USD 63.571
Agrokor dd 9.1250 02/01/2020 EUR 15.000
Sequa Petroleum NV 5.0000 4/29/2020 USD 30.250
Brussels Municipaliti 0.8920 9/29/2041 EUR 68.640
Heta Asset Resolution 7.500012/31/2023 ATS 1.270
Ukraine Government In 7.7500 09/01/2026 USD 22.210
Region de Bruxelles-C 1.1440 1/14/2056 EUR 59.537
Societe Generale SA 9.6400 09/12/2024 USD 65.820
UBS AG/London 14.5000 6/15/2023 USD 47.050
Nordea Bank Abp 7.0500 7/20/2024 SEK 72.000
Intelsat Jackson Hold 8.500010/15/2024 USD 0.501
Region of Veneto Ital 0.1120 12/07/2046 EUR 70.236
Landesbank Hessen-Thu 0.9800 11/09/2060 EUR 62.310
Saastopankkien Keskus 0.9750 8/18/2034 EUR 72.901
Vasakronan AB 2.4000 6/20/2044 SEK 64.217
Deutsche Pfandbriefba 4.1200 11/03/2031 EUR 74.236
BNG Bank NV 2.3000 03/03/2036 AUD 70.675
National Treasury Man 1.5600 2/16/2122 EUR 65.734
Kreditanstalt fuer Wi 1.2010 9/13/2051 EUR 71.048
Nomura Bank Internati 9.2600 01/10/2027 USD 72.850
Societe Generale SA 15.7600 8/13/2026 USD 61.250
Magyar Telekom Teleco 1.450011/26/2027 HUF #N/A N/A
Societe Generale SA 29.0000 4/19/2023 USD 50.650
Berlin Hyp AG 0.3750 9/29/2031 EUR 74.416
Swissgrid AG 0.1250 6/30/2036 CHF 70.187
Aareal Bank AG 0.5200 4/18/2031 EUR 61.598
Societe Generale SA 2.0000 1/30/2036 USD 58.301
Norske Skog Holding A 8.0000 2/24/2021 EUR 0.006
Single Platform Inves 1.8400 7/25/2053 EUR 70.434
Republic of Austria G 0.8500 6/30/2120 EUR 45.844
DZ Bank AG Deutsche Z 0.5300 7/26/2033 EUR 69.754
Kuntarahoitus Oyj 1.3000 04/08/2061 EUR 70.626
Agrokor dd 9.8750 05/01/2019 EUR 15.000
Sveriges Sakerstallda 1.3775 7/13/2046 SEK 63.394
Investitionsbank Berl 0.0500 03/02/2035 EUR 70.863
Solarwatt GmbH 7.0000 11/01/2015 EUR 15.500
Deutsche Bank AG 2.4000 03/10/2031 EUR 74.441
Privatbank CJSC Via U 10.8750 2/28/2018 USD 3.757
Hospices Civils de Ly 0.597011/24/2031 EUR 72.052
Landesbank Hessen-Thu 0.650010/18/2034 EUR 67.848
NRW Bank 1.2440 04/06/2051 EUR 73.325
Norske Skogindustrier 7.125010/15/2033 USD 0.010
VTB Bank PJSC 3.7500 EUR 56.000
Bank Julius Baer & Co 8.0000 10/07/2022 USD 37.350
Bank Julius Baer & Co 8.3500 1/30/2023 CHF 61.950
ABN AMRO Bank NV 2.3606 9/21/2026 EUR 50.000
Minicentrales Dos SA 0.0100 06/06/2047 EUR 59.125
Landesbank Baden-Wuer 1.000012/15/2031 EUR 73.943
Virgolino de Oliveira 10.8750 1/13/2020 USD 36.000
Land Thueringen 0.3750 12/01/2051 EUR 57.263
Credit Suisse AG/Lond 2.0000 9/30/2030 USD 72.607
Senvion Holding GmbH 3.875010/25/2022 EUR 1.204
SpareBank 1 SR-Bank A 1.6500 2/24/2042 EUR 71.966
Department of L'Eure 0.6430 8/31/2041 EUR 64.706
SAir Group 5.5000 7/23/2003 CHF 12.324
Kreditanstalt fuer Wi 0.6200 1/14/2050 EUR 65.586
Thames Water Utilitie 2.4420 05/12/2050 GBP 50.417
Caisse Francaise de F 0.8650 2/17/2042 EUR 71.100
Societe Generale SA 3.310011/29/2033 AUD 70.773
TMK PJSC 7.3500 2/28/2025 RUB 60.160
Societe Generale Effe 5.750010/28/2022 EUR 62.770
Raiffeisen Schweiz Ge 6.3000 07/12/2023 CHF 64.960
Vontobel Financial Pr 18.0000 3/24/2023 EUR 66.130
Single Platform Inves 0.9500 7/25/2047 EUR 56.411
Ville de Paris 0.650011/25/2070 EUR 41.966
French Republic Gover 0.5000 6/25/2044 EUR 64.253
Credit Agricole SA 3.2700 10/05/2041 AUD 56.663
Magyar Export-Import 2.5000 5/23/2029 HUF 63.372
Assistance Publique H 1.0530 5/25/2052 EUR 60.517
Landesbank Baden-Wuer 0.2500 5/27/2037 EUR 66.193
Single Platform Inves 1.3400 04/04/2042 EUR 70.574
Kreditanstalt fuer Wi 1.1710 7/19/2051 EUR 71.114
Single Platform Inves 0.7500 8/15/2050 EUR 51.137
Malta Government Bond 1.2000 5/13/2037 EUR 72.560
Credit Agricole Corpo 2.4000 5/17/2048 EUR 59.027
Region Wallonne Belgi 0.8080 6/24/2038 EUR 69.883
Landesbank Hessen-Thu 0.7500 04/09/2035 EUR 67.680
Deutsche Bahn Finance 1.5200 07/03/2035 SEK 71.164
HSBC Bank PLC 1.7000 02/09/2031 USD 73.996
Batigere Grand Est SA 1.5500 08/12/2041 EUR 56.708
Assistance Publique H 0.6470 7/17/2040 EUR 66.391
Single Platform Inves 1.8500 11/05/2040 EUR 72.316
Credit Mutuel Arkea S 0.730010/14/2036 EUR 62.831
Finance and Credit Ba 9.2500 1/25/2019 USD 0.001
DekaBank Deutsche Gir 0.4000 1/29/2035 EUR 73.806
Region de Bruxelles-C 0.2740 12/11/2040 EUR 60.952
DekaBank Deutsche Gir 5.9700 02/09/2023 EUR 43.590
Secundus Vierte Betei 3.500012/31/2026 EUR 71.590
OR PJSC 11.5000 7/28/2024 RUB 5.100
Kardan NV 6.3250 2/21/2021 ILS #N/A N/A
Rio Forte Investments 3.9000 07/10/2014 USD 3.850
Norddeutsche Landesba 0.8500 12/07/2035 EUR 64.344
Grupo Isolux Corsan S 6.000012/30/2021 EUR 0.257
Single Platform Inves 1.1500 5/25/2066 EUR 50.049
Banco Santander SA 2.2100 03/12/2031 USD 71.963
Cooperatieve Rabobank 1.8500 3/29/2049 EUR 70.896
Vontobel Financial Pr 10.0000 3/24/2023 EUR 45.280
Nordea Bank Abp 7.1000 7/20/2025 SEK 74.450
Russian Railways JSC 15.3000 5/30/2040 RUB 50.000
Landesbank Hessen-Thu 3.6284 4/18/2034 EUR 71.300
Credit Suisse AG/Lond 3.2143 10/06/2023 SEK 11.950
Forras Vagyonkezelesi 3.2500 10/01/2030 HUF 62.360
Caisse des Depots et 1.4600 1/24/2052 EUR 74.554
Nederlandse Waterscha 1.080010/26/2050 EUR 67.805
Autonomous Community 1.7440 07/01/2061 EUR 58.220
Deutsche Telekom AG 4.1250 7/23/2049 USD 73.924
Barclays Bank Ireland 1.6500 03/11/2047 EUR 71.782
DekaBank Deutsche Gir 1.585012/28/2035 EUR 63.579
Banco Santander SA 0.0100 10/01/2032 EUR 65.210
ABN AMRO Bank NV 0.5000 12/12/2039 EUR 67.971
Turkey Government Int 5.9500 1/15/2031 USD 73.254
BPCE SA 2.2500 3/13/2040 AUD 53.142
Santander Consumer Ba 7.0000 NOK 58.802
Italy Buoni Poliennal 2.1500 03/01/2072 EUR 62.918
Land Thueringen 0.2500 03/05/2040 EUR 65.478
Raiffeisenlandesbank 0.810010/20/2031 EUR 74.177
Aeroports de la Cote 2.5000 07/09/2036 EUR 68.941
Caisse des Depots et 2.6300 9/16/2049 AUD 63.124
BNP Paribas SA 3.7000 10/04/2039 AUD 66.117
Aralco Finance SA 10.1250 05/07/2020 USD 3.060
Batigere Grand Est SA 1.8000 08/12/2050 EUR 54.403
Bayerische Landesbank 0.0200 1/28/2031 EUR 73.818
Minicentrales Dos SA 0.0100 06/06/2047 EUR 66.875
Deutsche Bank AG 0.6870 10/11/2049 EUR 47.635
Deutsche Bank AG 0.7000 02/06/2032 EUR 73.309
Ukraine Government In 9.8400 2/15/2023 UAH 58.875
DekaBank Deutsche Gir 3.5100 4/28/2023 EUR 68.730
Nordea Bank Abp 0.620010/14/2026 SEK 45.500
Nordea Bank Abp 10.1337 1/20/2027 SEK 70.120
Landesbank Hessen-Thu 1.580012/16/2036 EUR 70.500
Credit Suisse AG/Lond 20.000011/29/2024 USD 12.030
Citigroup Global Mark 2.9300 9/15/2025 EUR 51.000
Pannonia Bio Ltd 2.4000 9/18/2029 HUF 60.880
Region Wallonne Belgi 0.1500 05/10/2035 EUR 69.048
Romanian Government I 3.3750 02/08/2038 EUR 65.929
Specialfastigheter Sv 1.2150 5/14/2035 SEK 69.978
Kreditanstalt fuer Wi 0.7878 11/04/2039 EUR 73.908
Parnassia Groep BV 1.4700 12/03/2046 EUR 66.124
Kreditanstalt fuer Wi 0.6000 2/16/2051 EUR 66.981
Landesbank Baden-Wuer 1.5850 2/22/2034 EUR 72.916
Ministeries Van de Vl 1.5640 11/12/2046 EUR 72.193
Intelsat Jackson Hold 9.7500 7/15/2025 USD 0.501
Province of Brescia I 1.2120 6/30/2036 EUR 71.333
DLR Kredit A/S 0.5000 10/01/2053 DKK 66.176
Ukraine Government In 6.7500 6/20/2028 EUR 19.708
RUSNANO AO 10.0400 11/10/2025 RUB 80.110
Nordea Bank Abp 6.4700 1/22/2024 SEK 71.500
SG Issuer SA 2.2700 02/04/2032 EUR 52.460
Raiffeisen Switzerlan 7.0500 5/23/2023 CHF 62.590
Societe Generale Effe 4.000011/22/2022 USD 56.260
MOL Nyrt Kueloenleges 4.9500 1/26/2032 HUF 66.570
Landesbank Baden-Wuer 5.3000 7/28/2023 EUR 68.700
DZ Bank AG Deutsche Z 9.7500 5/26/2023 EUR 60.190
Landesbank Hessen-Thu 1.6000 06/12/2035 EUR 70.100
EFG International Fin 7.8000 10/06/2023 USD 64.400
SG Issuer SA 1.7500 4/21/2034 EUR 67.350
Skandinaviska Enskild 7.8000 7/17/2023 SEK 71.550
Natixis SA 2.7800 10/05/2036 AUD 73.013
Purple Protected Asse 1.5800 5/25/2060 EUR 59.433
Single Platform Inves 0.8330 2/15/2041 EUR 60.018
Region Auvergne-Rhone 0.6500 5/18/2038 EUR 69.928
Landesbank Saar 0.8350 2/19/2035 EUR 70.119
Kreditanstalt fuer Wi 0.935012/16/2039 EUR 74.196
Turkiye Ihracat Kredi 12.5400 9/14/2028 TRY 43.028
Centre Hospitalier Re 1.5000 4/27/2050 EUR 73.652
State of North Rhine- 0.8800 07/12/2040 EUR 72.385
Hemso Fastighets AB 2.418011/30/2038 EUR 68.729
Hypo Vorarlberg Bank 0.400012/22/2031 EUR 70.606
Cimpress PLC 7.0000 6/15/2026 USD 71.320
NRW Bank 1.1550 9/21/2050 EUR 70.114
NRW Bank 1.085010/26/2041 EUR 73.323
DZ Bank AG Deutsche Z 1.0700 10/06/2042 EUR 72.458
DekaBank Deutsche Gir 1.3000 4/23/2035 EUR 70.575
Caisse des Depots et 1.1060 9/30/2049 EUR 70.509
French Republic Gover 0.5000 5/25/2040 EUR 68.430
Berlin Hyp AG 0.4000 10/07/2031 EUR 74.524
Single Platform Inves 0.9010 2/15/2041 EUR 62.025
Land Berlin 0.1250 06/04/2035 EUR 71.389
Region Wallonne Belgi 0.6375 6/21/2047 EUR 56.606
Saastopankkien Keskus 0.8600 1/18/2036 EUR 69.538
State of Hesse 0.4500 9/23/2044 EUR 62.216
Santander Consumer Ba 7.0000 NOK 58.802
Landesbank Hessen-Thu 0.7000 9/25/2034 EUR 68.633
DekaBank Deutsche Gir 3.9700 02/09/2023 EUR 43.380
UniCredit Bank AG 23.500010/28/2022 EUR 53.450
OPUS TIGAZ Gazhalozat 2.8000 3/24/2031 HUF 70.000
WEB Windenergie AG 5.5000 04/08/2023 EUR 30.000
Biggeorge Property Za 5.1000 2/18/2032 HUF 71.090
Russian Railways JSC 10.1500 9/20/2039 RUB 55.000
Takarek Mortgage Bank 2.600010/22/2028 HUF 65.800
Heta Asset Resolution 4.350012/31/2023 EUR 1.270
IT Holding Finance SA 9.875011/15/2012 EUR 0.015
UBS Group AG 2.3700 2/25/2036 USD 67.840
Carmila SA 1.8900 11/06/2031 EUR 65.606
Ukraine Government Bo 3.7000 5/25/2023 USD 67.355
Italy Buoni Poliennal 0.6000 08/01/2031 EUR 73.958
Wirtschafts- und Infr 0.5000 12/01/2038 EUR 69.689
CDC Habitat SEM 1.1700 05/04/2037 EUR 63.388
Kuntarahoitus Oyj 1.1500 9/24/2051 EUR 71.192
Nordea Bank Abp 4.7500 7/20/2026 SEK 61.620
GTC Magyarorszag Zrt 2.6000 3/17/2031 HUF 61.450
Vontobel Financial Pr 25.0000 6/23/2023 EUR 45.080
Bank Vontobel AG 5.7560 12/05/2022 CHF 60.500
Pongs & Zahn AG 8.5000 11/01/2014 EUR 0.101
NRW Bank 0.6000 1/28/2051 EUR 59.768
Assistance Publique H 0.7910 8/27/2051 EUR 56.109
Republic of Ireland I 1.2300 6/23/2121 EUR 51.285
UBS Group AG 2.210011/24/2035 USD 66.858
Hemso Fastighets AB 3.0200 9/14/2048 SEK 71.642
BNG Bank NV 1.040011/28/2047 EUR 71.544
Portugal Obrigacoes d 1.0000 04/12/2052 EUR 55.602
SNCF Reseau 1.4750 3/30/2065 EUR 60.644
Belfius Bank SA 0.1900 1/28/2031 EUR 73.314
Kuntarahoitus Oyj 1.0050 12/07/2060 EUR 64.357
Societe Generale SA 2.9200 2/21/2035 USD 67.904
BNP Paribas SA 3.0800 8/28/2039 AUD 62.962
Ukraine Government In 9.9900 5/22/2024 UAH 58.875
Kingdom of Belgium Go 0.6750 07/07/2080 EUR 37.953
Deutsche Pfandbriefba 0.6130 9/30/2032 EUR 59.170
Banque Federative du 1.5900 02/05/2031 USD 70.930
Landesbank Hessen-Thu 1.0000 4/28/2036 EUR 68.688
Landesbank Hessen-Thu 1.6500 5/27/2030 EUR 2.895
NRW Bank 0.800010/22/2060 EUR 61.179
Caisse Francaise de F 1.1100 9/21/2046 EUR 69.772
Landesbank Hessen-Thu 0.560010/15/2031 EUR 73.738
Region Occitanie 0.728011/16/2037 EUR 70.636
Brussels Municipaliti 0.8920 3/29/2041 EUR 69.235
Flextronics Internati 3.6000 12/06/2031 HUF 58.000
Leonteq Securities AG 3.5000 01/10/2023 EUR 19.970
Landesbank Baden-Wuer 3.6200 1/27/2023 EUR 73.830
BrokerCreditService S 3.5000 4/30/2024 USD 53.000
DZ Bank AG Deutsche Z 2.150012/23/2022 EUR 70.170
Bank Julius Baer & Co 12.000010/20/2022 CHF 43.750
Eltex Kft 3.500012/21/2028 HUF 65.800
LP Portfolio Vagyonke 2.800011/30/2030 HUF 55.900
RENE LEZARD Mode GmbH 7.250011/25/2017 EUR 0.120
Pannon Work Szemelyze 3.000010/30/2030 HUF 60.100
Opus Global Nyrt 2.800010/29/2029 HUF 67.000
Kreditanstalt fuer Wi 1.2080 03/10/2051 EUR 74.221
Parnassia Groep BV 1.4300 12/01/2043 EUR 66.363
Parnassia Groep BV 1.4700 12/01/2045 EUR 66.324
Aareal Bank AG 1.5760 2/23/2032 EUR 66.065
Abengoa Abenewco 1 SA 6.0000 06/10/2022 EUR 0.236
Bayerische Landesbode 0.030010/22/2035 EUR 69.094
NRW Bank 1.0700 03/10/2051 EUR 68.239
Kuntarahoitus Oyj 1.4000 03/05/2061 EUR 73.332
Grand City Properties 2.5000 6/27/2039 EUR 67.195
Single Platform Inves 0.8730 5/25/2052 EUR 50.689
Romanian Government I 3.5000 04/03/2034 EUR 70.866
Republic of Ireland I 1.0200 09/10/2086 EUR 53.088
DZ Bank AG Deutsche Z 5.450012/23/2022 EUR 60.670
Takarek Mortgage Bank 1.750012/22/2026 HUF #N/A N/A
Single Platform Inves 0.4620 2/15/2040 EUR 57.709
Pfandbriefbank schwei 0.2500 5/17/2040 CHF 71.615
Heta Asset Resolution 5.920012/31/2023 EUR 1.270
Deutsche Bank AG 0.6500 06/03/2031 EUR 73.754
Heta Asset Resolution 5.730012/31/2023 EUR 1.270
State of Brandenburg 0.300011/17/2045 EUR 59.715
Republic of Belarus I 6.2000 2/28/2030 USD 21.250
Kreditanstalt fuer Wi 1.2700 6/29/2051 EUR 72.748
Region Occitanie 0.7660 10/07/2041 EUR 66.307
Societe d'Infrastruct 1.9130 07/12/2033 EUR 72.998
Belfius Bank SA 0.1250 6/19/2034 EUR 71.499
Vasakronan AB 1.3100 12/10/2040 EUR 66.465
Dr Max Funding SRO 5.0500 6/23/2028 EUR 66.469
Muenchener Hypotheken 0.4000 08/11/2031 EUR 72.897
NRW Bank 0.1055 8/17/2050 EUR 55.177
Region Auvergne-Rhone 0.6450 04/09/2040 EUR 66.782
Land Berlin 0.5000 6/19/2047 EUR 63.790
Landesbank Hessen-Thu 0.6000 2/18/2036 EUR 64.866
Department of Gironde 0.8460 4/29/2039 EUR 70.855
DZ HYP AG 1.3000 7/18/2041 EUR 73.919
City of Gothenburg Sw 1.9900 2/20/2045 SEK 73.534
Sveriges Sakerstallda 0.6490 9/18/2032 SEK 72.169
Credit Agricole SA 3.0000 1/19/2041 AUD 52.212
Ukraine Government Bo 3.9000 3/30/2023 USD 73.756
Hungary Government Bo 4.0000 4/28/2051 HUF 49.939
Single Platform Inves 1.4500 9/14/2040 EUR 68.417
Single Platform Inves 0.9150 2/15/2043 EUR 60.494
DLR Kredit A/S 0.5000 10/01/2050 DKK 66.459
Brussels Municipaliti 0.3840 6/15/2035 EUR 72.581
Region Hauts-de-Franc 0.6910 07/09/2042 EUR 64.264
Kommunekredit 1.3750 5/18/2046 SEK 67.559
Merrill Lynch BV 3.1000 02/08/2037 USD 71.847
Barclays Bank PLC 1.3400 02/01/2051 EUR 65.984
Single Platform Inves 0.5320 2/15/2044 EUR 52.321
Purple Protected Asse 1.6000 09/08/2056 EUR 72.484
Region Bourgogne-Fran 0.3000 12/03/2040 EUR 61.073
Nomura Bank Internati 1.138012/19/2039 EUR 62.945
Kingdom of Belgium Go 0.5580 9/24/2077 EUR 35.937
Romanian Government I 3.7500 02/07/2034 EUR 73.235
Northland Resources A 4.000010/15/2020 USD 0.271
Communaute Francaise 1.3670 1/20/2070 EUR 64.454
Communaute Francaise 1.0100 7/19/2051 EUR 58.451
Bank Vontobel AG 20.000012/19/2022 CHF 30.400
Landesbank Baden-Wuer 5.4500 3/24/2023 EUR 66.340
Bank J Safra Sarasin 7.750012/22/2022 CHF 56.510
Societe Generale SA 9.2000 5/22/2025 USD 70.500
SG Issuer SA 2.1000 12/06/2033 EUR 34.940
Region Auvergne-Rhone 0.8050 7/26/2039 EUR 69.960
Berlin Hyp AG 0.440010/29/2035 EUR 63.787
Natixis SA 2.8000 03/03/2041 USD 68.765
Swedbank AB 0.3500 9/22/2031 EUR 73.593
AB Financial Products 0.2380 7/30/2040 EUR 69.174
Land Berlin 0.1500 2/22/2036 EUR 70.218
Ville de Paris 0.7600 5/25/2066 EUR 45.704
Tonon Luxembourg SA 12.5000 5/14/2024 USD 0.399
Finland Government Bo 0.1250 4/15/2052 EUR 50.802
Nomura Bank Internati 1.4500 12/10/2041 EUR 65.221
Vasakronan AB 2.1620 05/04/2040 SEK 66.506
A-TEC Industries AG 5.7500 11/02/2010 EUR 0.100
Batigere Grand Est SA 1.3450 4/18/2032 EUR 73.636
Basque Government 1.7500 4/22/2050 EUR 67.303
Landesbank Baden-Wuer 1.000012/15/2031 EUR 73.943
DZ Bank AG Deutsche Z 5.000012/23/2022 EUR 71.330
Agrar Mezogazdasagi T 2.9000 8/24/2031 HUF 61.540
Bank Vontobel AG 8.5004 12/12/2022 EUR 58.400
T-Centrum CZ AS 10.170010/30/2024 CZK 72.000
UBS AG/London 6.3800 06/07/2023 USD 9.490
Koks PAO 9.2000 8/16/2023 RUB 60.050
DekaBank Deutsche Gir 2.2000 3/24/2023 EUR 66.920
UBS AG/London 19.4000 3/28/2024 USD 5.903
Vasakronan AB 1.115010/24/2039 EUR #N/A N/A
Heta Asset Resolution 2.322012/31/2023 EUR 1.270
Erste Group Bank AG 1.1700 1/28/2037 EUR 69.316
DZ Bank AG Deutsche Z 0.700010/16/2034 EUR 71.152
Region Auvergne-Rhone 0.6970 08/02/2036 EUR 73.827
Heta Asset Resolution 0.905012/31/2023 EUR 1.270
Single Platform Inves 0.8110 6/28/2039 EUR 62.276
Credit Suisse AG/Lond 2.1000 3/31/2031 USD 71.732
Barclays Bank PLC 1.382011/27/2045 EUR 70.924
MFB Magyar Fejlesztes 1.7000 6/24/2025 HUF 75.173
Specialfastigheter Sv 1.1800 12/02/2044 SEK 58.898
Hypo Vorarlberg Bank 1.0220 7/31/2034 EUR 70.083
Muenchener Hypotheken 0.5500 2/18/2046 CHF 59.240
Single Platform Inves 0.4650 2/27/2035 EUR 65.830
Caisse des Depots et 2.6700 9/17/2049 AUD 63.639
Kommunekredit 2.1800 7/16/2040 AUD 63.733
Single Platform Inves 0.7800 04/01/2042 EUR 57.810
HSBC Continental Euro 2.8900 09/11/2039 AUD 70.389
Credit Suisse Group A 2.4550 07/04/2034 EUR 73.766
Single Platform Inves 0.9320 2/15/2041 EUR 60.230
Kreditanstalt fuer Wi 0.815512/19/2050 EUR 66.677
Credit Suisse AG/Lond 2.1000 3/15/2037 EUR 73.023
Prosus NV 1.2880 7/13/2029 EUR 71.534
Region de Bruxelles-C 0.5000 6/22/2040 EUR 64.503
Banque et Caisse d'Ep 1.0000 01/04/2042 EUR 72.745
Santander Internation 2.7700 07/02/2035 USD 68.118
NRW Bank 1.2450 11/04/2051 EUR 70.767
Oberoesterreichische 0.6100 1/28/2037 EUR 71.981
Credit Agricole Corpo 2.6100 7/27/2050 USD 58.034
Cooperatieve Rabobank 1.4300 09/01/2036 EUR 74.137
Credit Suisse AG/Lond 1.2500 2/22/2029 USD 73.268
Department of Loiret 0.915011/23/2043 EUR 66.031
Kommunekredit 1.3360 10/01/2032 AUD 70.246
Ukraine Government In 14.9100 10/12/2022 UAH 58.875
Single Platform Inves 0.9240 2/18/2049 EUR 52.430
Muenchener Hypotheken 1.4950 10/05/2050 EUR 60.853
Wirtschafts- und Infr 0.1920 1/28/2042 EUR 61.377
Deutsche Bank AG 2.3300 02/11/2043 EUR 61.838
Heta Asset Resolution 5.270012/31/2023 EUR 7.212
Gebr Sanders GmbH & C 8.750010/22/2018 EUR 9.375
Ringkjoebing Landboba 1.8750 06/06/2039 EUR 70.585
Landesbank Hessen-Thu 0.7500 12/02/2036 EUR 64.300
BPCE SA 3.000011/18/2036 AUD 65.169
Norske Skogindustrier 7.125010/15/2033 USD 0.010
Heta Asset Resolution 4.875012/31/2023 EUR 1.270
Region Wallonne Belgi 1.2460 05/12/2070 EUR 55.653
Region de Bruxelles-C 1.1000 6/22/2066 EUR 54.978
Citigroup Global Mark 12.0000 2/13/2024 SEK 71.900
Leonteq Securities AG 13.0000 2/22/2023 CHF 37.200
SG Issuer SA 2.100012/27/2033 EUR 39.240
Leonteq Securities AG 2.3800 11/10/2022 EUR 13.560
Erste Group Bank AG 6.2500 3/29/2023 EUR 45.350
DZ Bank AG Deutsche Z 6.850011/25/2022 EUR 52.310
Banque Internationale 18.000011/23/2022 CHF 34.490
Vasutvillamosito Kft 3.0000 02/03/2031 HUF 65.000
UBS AG/London 6.750010/14/2022 EUR 58.100
Leonteq Securities AG 25.8000 9/27/2022 CHF 55.470
Deutsche Bank AG 3.5000 3/31/2032 EUR 71.640
UBS AG/London 8.250011/19/2026 EUR 63.850
Anselma Issuer SA 1.574012/31/2038 EUR 68.230
Landesbank Baden-Wuer 4.3000 3/24/2023 EUR 63.650
Landesbank Baden-Wuer 3.300011/25/2022 EUR 34.090
Nordea Bank Abp 4.6000 1/20/2029 SEK 61.750
DekaBank Deutsche Gir 5.600012/23/2022 EUR 72.080
Zurcher Kantonalbank 12.2500 10/07/2022 CHF 46.510
COFIDUR SA 0.100012/31/2024 EUR 25.200
Nordea Bank Abp 6.1000 7/20/2024 SEK 66.000
Market Epito Zrt 2.950010/22/2029 HUF 68.000
Gazprom PJSC 17.690010/21/2043 RUB 70.000
Russian Railways JSC 9.3900 2/28/2040 RUB 50.000
Republic of Poland Go 1.250010/25/2030 PLN 68.058
Vasakronan AB 1.7000 6/28/2044 EUR 69.566
Societe Generale SA 2.0000 2/26/2033 USD 68.390
Kommunekredit 0.3420 09/01/2042 EUR 64.112
NRW Bank 0.6420 02/09/2051 EUR 65.567
Canton of St Gallen S 0.200011/28/2041 CHF 69.640
SAir Group 6.250010/27/2002 CHF 12.324
Rikshem AB 3.2500 5/31/2041 AUD 73.272
Credit Agricole Corpo 18.5400 3/24/2027 TRY 67.138
Hungary Government In 0.1250 9/21/2028 EUR 73.213
Landesbank Baden-Wuer 1.3000 6/21/2049 EUR 56.900
Akademiska Hus AB 0.8500 2/17/2033 SEK 70.679
Zurcher Kantonalbank 8.650010/13/2023 CHF 71.080
DVM Construction Fova 3.0000 7/29/2030 HUF 56.700
SunDell Estate Nyrt 3.2500 11/12/2030 HUF 67.000
DekaBank Deutsche Gir 4.810012/23/2022 EUR 38.550
DekaBank Deutsche Gir 7.3000 6/28/2023 EUR 70.130
EFG International Fin 6.5000 3/24/2023 USD 53.580
Crown Holding Kft 5.5000 2/23/2032 HUF 74.520
Skandinaviska Enskild 8.5200 1/15/2024 SEK 61.150
Zurcher Kantonalbank 6.000011/22/2022 CHF 58.890
Danske Bank A/S 6.9400 07/09/2023 SEK 66.760
DZ Bank AG Deutsche Z 0.690012/28/2029 EUR 72.610
Skandinaviska Enskild 7.6000 1/15/2024 SEK 59.840
Comunidad Foral de Na 0.550010/22/2035 EUR 70.376
Caisse des Depots et 0.9500 2/17/2051 EUR 68.127
Citigroup Global Mark 0.6100 05/05/2031 EUR 73.536
Regie Autonome des Tr 0.9530 5/24/2052 EUR 66.200
Wirtschafts- und Infr 0.2080 1/28/2043 EUR 60.333
Credit Agricole SA 3.0000 1/28/2041 AUD 52.812
BNP Paribas SA 1.450011/17/2041 EUR 65.655
ING Bank NV 2.9000 6/23/2051 USD 66.703
Single Platform Inves 1.315012/15/2038 EUR 68.350
Norddeutsche Landesba 1.3100 3/23/2039 EUR 63.984
Ministeries Van de Vl 0.400011/20/2043 EUR 59.598
Purple Protected Asse 1.480011/30/2060 EUR 61.253
Banque Internationale 0.775011/18/2032 EUR 71.967
Bayerische Landesbank 1.8200 03/12/2031 EUR 73.389
Cattles Ltd 8.1250 07/05/2017 GBP 0.027
Astana Finance BV 7.8750 06/08/2010 EUR 16.000
Single Platform Inves 1.0510 04/01/2042 EUR 61.469
Hellenic Republic Gov 1.8750 1/24/2052 EUR 56.903
Single Platform Inves 1.6000 3/23/2038 EUR 73.419
Region Provence-Alpes 0.5690 10/01/2038 EUR 68.287
Societe Generale SA 1.7000 1/19/2031 USD 69.515
Bayerische Landesbank 0.650010/13/2031 EUR 74.428
Norske Skog Holding A 8.0000 2/24/2023 USD 0.006
Bayerische Landesbank 0.6300 3/19/2032 EUR 71.770
Ville de Marseille 0.509012/17/2041 EUR 63.211
UBS AG/London 2.7000 9/16/2044 AUD 63.694
Region de Bruxelles-C 1.0290 1/14/2048 EUR 63.975
Santander Internation 1.1920 12/07/2045 EUR 63.532
State of Hesse 0.2270 8/20/2049 EUR 54.991
BNP Paribas SA 0.9000 7/31/2030 EUR 74.489
Pfandbriefzentrale de 0.4500 02/11/2042 CHF 73.013
Ukraine Government Bo 4.0000 1/25/2024 USD 42.240
Single Platform Inves 1.7620 5/25/2066 EUR 59.183
Raiffeisenlandesbank 0.9980 11/04/2033 EUR 71.613
Region Hauts-de-Franc 0.3610 2/18/2041 EUR 61.570
Barclays Bank PLC 1.6448 06/03/2041 USD 66.752
Deutsche Bank AG 3.5000 4/14/2048 EUR 72.645
CDC Habitat SEM 1.1500 4/30/2037 EUR 63.172
Region de Bruxelles-C 0.6400 7/20/2045 EUR 60.153
Kreditanstalt fuer Wi 1.1151 5/17/2041 EUR 68.982
BPCE SA 2.2550 03/12/2040 AUD 52.447
Lehman Brothers Treas 10.0000 06/11/2038 JPY 0.100
Ville de Paris 0.9210 5/26/2053 EUR 57.463
Region de Bruxelles-C 0.6580 01/07/2041 EUR 64.863
Deutsche Bahn Finance 2.0050 06/07/2039 SEK 73.100
Teksid Aluminum Luxem 12.3750 7/15/2011 EUR 0.122
Erste Group Bank AG 4.2500 9/28/2022 EUR 52.700
Region de Bruxelles-C 0.8450 9/30/2059 EUR 51.024
Communaute Francaise 1.3630 4/16/2040 EUR 72.726
Bank Vontobel AG 7.5000 3/31/2023 CHF 48.600
Zurcher Kantonalbank 21.2500 10/04/2022 CHF 50.550
Credit Suisse AG/Lond 8.0000 1/16/2023 CHF 53.750
Leonteq Securities AG 17.000011/22/2022 USD 16.310
DZ Bank AG Deutsche Z 1.6200 6/25/2031 EUR 63.470
Zurcher Kantonalbank 23.000011/22/2022 CHF 34.150
DZ Bank AG Deutsche Z 1.710012/29/2031 EUR 70.460
VTB Bank PJSC 5.9484 USD 57.990
DZ Bank AG Deutsche Z 3.100012/23/2022 EUR 73.860
Nordea Bank Abp 4.0000 1/20/2029 SEK 67.750
Bank Vontobel AG 12.5080 9/26/2022 CHF 51.200
SG Issuer SA 6.7600 7/20/2024 SEK 64.120
Specialized Financial 12.0000 8/18/2023 RUB 60.060
AKB Peresvet ZAO 0.5100 08/04/2034 RUB 19.450
BNP Paribas SA 3.9500 07/11/2039 AUD 72.330
Nederlandse Waterscha 1.200011/26/2049 EUR 73.759
Grupo Isolux Corsan S 0.250012/30/2018 EUR 0.156
Landesbank Baden-Wuer 1.000012/15/2031 EUR 73.943
Landesbank Baden-Wuer 1.000012/15/2031 EUR 73.943
Landesbank Baden-Wuer 0.4360 9/25/2031 EUR 70.383
Ukraine Government Bo 3.7000 6/22/2023 USD 64.441
Kuntarahoitus Oyj 1.000010/25/2049 EUR 69.489
BPCE SA 2.6140 03/04/2036 AUD 62.398
Bpifrance SACA 1.0460 5/25/2050 EUR 61.718
Natixis SA 1.8000 02/08/2031 USD 74.585
Getin Noble Bank SA 12.110012/21/2023 PLN 33.875
Regie Autonome des Tr 0.8750 8/18/2080 EUR 41.981
Batigere Grand Est SA 1.600011/14/2044 EUR 53.878
Wirtschafts- und Infr 0.5000 8/28/2046 EUR 62.201
Italy Buoni Poliennal 1.7000 09/01/2051 EUR 60.874
Deutsche Bank AG 2.2670 8/25/2034 EUR 66.617
Ukraine Government In 15.9700 4/19/2023 UAH 59.254
Banque Internationale 1.2500 2/18/2041 EUR 67.365
Bank Julius Baer & Co 14.3500 1/25/2023 CHF 36.100
Landesbank Baden-Wuer 4.7000 5/26/2023 EUR 59.610
Cordia International 3.0000 7/27/2030 HUF 57.000
Metal Hungaria Holdin 3.000011/17/2030 HUF 62.000
DZ Bank AG Deutsche Z 7.200012/23/2022 EUR 62.730
Landesbank Baden-Wuer 4.440012/23/2022 EUR 71.420
Richter Gedeon Nyrt 1.7500 06/04/2031 HUF 60.000
UBS AG/London 7.500011/17/2023 CHF 60.600
Skandinaviska Enskild 8.2000 1/15/2024 SEK 60.720
Basler Kantonalbank 8.0000 3/22/2023 CHF 47.760
Skandinaviska Enskild 9.5000 7/17/2023 SEK 54.660
VTB Bank PJSC 7.6000 04/02/2031 RUB 69.100
Skandinaviska Enskild 6.5000 1/15/2024 SEK 58.720
Bank Julius Baer & Co 4.0000 6/26/2023 CHF 55.000
Kreditanstalt fuer Wi 1.000010/20/2050 EUR 69.152
Eurohold Bulgaria AD 8.000012/29/2026 EUR 60.286
NatWest Markets PLC 1.2500 12/04/2034 EUR 70.632
Single Platform Inves 0.8000 04/07/2042 EUR 58.058
Autonomous Community 0.810010/31/2040 EUR 63.132
Deutsche Bank AG 2.160012/18/2030 EUR 73.457
Societe Generale SA 1.1000 2/20/2034 EUR 68.046
NRW Bank 1.0200 08/01/2049 EUR 61.008
Aktia Bank Oyj 1.0500 09/09/2041 EUR 67.031
Vacse AB 2.0670 4/20/2034 SEK 74.215
Landeskreditbank Bade 0.1700 12/10/2035 EUR 70.698
Single Platform Inves 3.0000 6/21/2047 USD 69.006
Italy Buoni Poliennal 1.8000 03/01/2041 EUR 68.764
NRW Bank 0.4730 6/23/2049 EUR 63.398
BPCE SA 2.5500 06/09/2035 AUD 62.276
Single Platform Inves 1.1200 7/25/2045 JPY 74.142
Getin Noble Bank SA 11.2900 7/26/2024 PLN 34.875
Stichting Afwikkeling 8.4500 8/20/2018 USD 45.375
Region de Bruxelles-C 1.310012/15/2069 EUR 58.491
Region Occitanie 1.3390 3/21/2042 EUR 73.982
Specialfastigheter Sv 2.3750 6/25/2048 SEK 72.223
Aktia Bank Oyj 0.6900 02/04/2036 EUR 68.862
Single Platform Inves 1.1050 1/18/2040 EUR 64.536
Single Platform Inves 0.6780 2/15/2041 EUR 57.456
Landesbank Saar 0.8900 09/04/2034 EUR 71.957
Societe Generale SA 0.432011/14/2029 EUR 73.780
Heta Asset Resolution 1.490012/31/2023 EUR 1.270
Pfandbriefbank schwei 0.2500 10/06/2042 CHF 69.624
Caisse des Depots et 1.3000 4/28/2051 EUR 71.069
Grand Delta Habitat 1.5000 06/02/2045 EUR 53.507
Landesbank Hessen-Thu 1.0000 7/15/2060 EUR 63.380
Region Wallonne Belgi 1.1350 10/10/2069 EUR 52.996
Region de Bruxelles-C 1.2500 01/10/2060 EUR 60.631
O1 Properties Finance 0.5000 9/27/2028 USD 6.506
Muenchener Hypotheken 0.250010/31/2044 CHF 64.145
Single Platform Inves 0.8800 1/15/2040 EUR 63.114
Banco Espirito Santo 10.0000 12/06/2021 EUR 0.215
BPCE SFH SA 0.5000 1/23/2035 EUR 74.228
UBS AG/London 9.2500 03/08/2023 CHF 58.200
SG Issuer SA 8.4100 1/20/2027 SEK 31.870
SG Issuer SA 7.7400 1/20/2024 SEK 54.820
Takarek Mortgage Bank 3.000010/22/2031 HUF 59.200
MASTERPLAST Nyrt 2.100012/21/2027 HUF 68.000
VTB Bank PJSC 17.7500 05/06/2037 RUB 73.520
UBS AG/London 7.8000 4/20/2026 EUR 46.350
Bank Vontobel AG 5.5000 01/12/2023 EUR 66.200
Gazprombank JSC 3.2500 5/24/2032 EUR 41.998
DZ Bank AG Deutsche Z 1.080012/30/2030 EUR 71.920
Skandinaviska Enskild 9.2000 7/15/2024 SEK 59.770
Landesbank Baden-Wuer 0.5000 09/05/2039 EUR 65.510
Alteo Nyrt 2.4500 10/08/2031 HUF 50.400
State of Saarland 0.5000 3/15/2051 EUR 60.488
Agence France Locale 0.210012/20/2035 EUR 71.222
Landesbank Saar 0.6700 03/10/2034 EUR 70.911
Astana Finance BV 9.000011/16/2011 USD 15.250
Caisse des Depots et 0.6420 02/12/2041 EUR 69.069
Bibby Offshore Servic 7.5000 6/15/2021 GBP 11.625
Parnassia Groep BV 1.2600 12/03/2046 EUR 74.048
Single Platform Inves 0.7535 9/20/2039 EUR 61.117
Lehman Brothers Treas 11.0000 6/29/2009 EUR 0.100
Single Platform Inves 1.3400 6/20/2041 EUR 68.936
Land Baden-Wuerttembe 0.3750 7/20/2048 EUR 59.512
Ville de Paris 1.2930 2/22/2049 EUR 68.913
Republic of Austria G 0.7500 3/20/2051 EUR 63.396
Tonon Luxembourg SA 9.2500 1/24/2020 USD 0.500
Ville de Paris 0.4640 8/20/2040 EUR 64.009
Italy Buoni Poliennal 0.1500 5/15/2051 EUR 65.199
Credit Agricole Corpo 2.4800 8/18/2050 USD 56.311
Officine Maccaferri-S 5.7500 06/01/2021 EUR 17.437
Petromena ASA 9.7500 5/24/2016 NOK 0.607
Region de Bruxelles-C 0.9760 11/04/2058 EUR 54.846
Kuntarahoitus Oyj 1.0050 11/04/2060 EUR 63.210
Nordea Bank Abp 4.2500 7/20/2027 SEK 68.750
UBS AG/London 10.5000 11/07/2022 CHF 42.600
Leonteq Securities AG 7.5200 1/25/2023 USD 49.130
Epito-Es Epuletkarban 3.0000 11/11/2030 HUF 65.500
UniCredit Bank AG 8.1500 2/22/2023 EUR 64.380
Corner Banca SA 6.500011/21/2022 CHF 36.350
Credit Suisse AG/Lond 4.5300 07/12/2023 USD 8.880
Credit Suisse AG/Lond 8.0000 8/30/2024 USD 8.219
Landesbank Hessen-Thu 1.500010/27/2036 EUR 63.000
UBS AG/London 8.2500 05/03/2023 USD 68.250
Corner Banca SA 5.400012/16/2022 CHF 61.260
KESZ Holding Business 2.8000 6/17/2031 HUF 63.390
Zurcher Kantonalbank 11.5000 2/23/2023 USD 60.710
Golfino AG 8.000011/18/2023 EUR 0.020
Deutsche Bank AG 2.750012/19/2031 EUR 67.990
SG Issuer SA 8.3000 7/21/2025 SEK 30.600
SG Issuer SA 6.9400 1/20/2025 SEK 52.100
SG Issuer SA 6.8500 1/20/2024 SEK 58.490
HPI AG 3.5000 EUR 0.500
DZ Bank AG Deutsche Z 1.740012/28/2029 EUR 72.380
Caisse des Depots et 0.8590 03/02/2041 EUR 71.347
Liga Bank eG Regensbu 0.0100 1/29/2036 EUR 65.899
DekaBank Deutsche Gir 1.3400 8/22/2036 EUR 69.278
Caisse des Depots et 3.0000 11/08/2051 AUD 67.375
Grenke Finance PLC 2.2370 1/29/2029 EUR 69.836
Agence France Locale 0.5500 6/20/2040 EUR 69.017
Norddeutsche Landesba 0.7500 8/26/2031 EUR 74.086
Hemso Fastighets AB 2.1270 4/18/2039 EUR 65.459
Landesbank Baden-Wuer 0.8750 9/19/2031 EUR 73.741
NRW Bank 0.6500 7/20/2037 EUR 74.209
Cooperatieve Rabobank 1.0990 6/28/2051 EUR 69.838
Deutsche Wohnen SE 1.7000 12/05/2036 EUR 69.146
Hellas Telecommunicat 6.0540 1/15/2015 USD 0.014
Landesbank Hessen-Thu 1.050011/17/2060 EUR 63.824
BNG Bank NV 0.6320 07/12/2066 EUR 56.380
BNG Bank NV 0.7993 7/25/2039 EUR 72.945
Commerzbank AG 1.2190 12/12/2039 EUR 63.719
Moby SpA 7.7500 2/15/2023 EUR 66.546
UniCredit SpA 2.3600 1/26/2035 EUR 71.876
LBI ehf 7.4310 USD 0.001
Landesbank Saar 0.6800 3/29/2034 EUR 70.926
BNG Bank NV 0.6300 07/11/2067 EUR 55.739
Societe Generale SA 0.6900 4/21/2033 EUR 71.888
Societe Nationale SNC 2.5030 1/14/2041 AUD 65.083
BNP Paribas SA 2.8400 8/26/2039 AUD 60.502
Czech Republic Govern 0.9500 5/15/2030 CZK 74.372
Wirtschafts- und Infr 0.1700 12/09/2041 EUR 61.923
Purple Protected Asse 1.5984 02/05/2061 EUR 65.434
Turkey Government Int 6.7500 5/30/2040 USD 72.435
Single Platform Inves 1.0800 5/25/2066 EUR 48.510
Credit Mutuel Arkea S 1.1650 9/23/2039 EUR 62.499
Canton of Ticino 0.4000 6/27/2044 CHF 70.036
BNP Paribas SA 3.1700 01/07/2041 AUD 63.590
Muenchener Hypotheken 0.8050 4/16/2036 EUR 65.587
Landeskreditbank Bade 0.812012/16/2060 EUR 60.787
Department of Gironde 0.900012/15/2039 EUR 70.626
DZ Bank AG Deutsche Z 0.7800 03/05/2030 EUR 72.309
DZ Bank AG Deutsche Z 0.7500 9/21/2035 EUR 70.154
Deutsche Bank AG 0.700010/28/2031 EUR 64.826
Espirito Santo Financ 2.677010/27/2024 EUR 1.438
Single Platform Inves 1.6000 2/15/2041 EUR 70.060
Societe Nationale SNC 2.9100 1/27/2051 AUD 65.661
Norddeutsche Landesba 0.9000 07/05/2032 EUR 72.515
Natixis SA 0.3000 6/25/2048 USD 28.322
Societe Du Grand Pari 1.9230 5/25/2066 EUR 72.778
Single Platform Inves 1.1170 5/25/2066 EUR 49.357
DekaBank Deutsche Gir 1.0800 12/09/2039 EUR 67.287
Region Auvergne-Rhone 0.8000 5/22/2040 EUR 66.938
Ukraine Government In 16.0000 5/24/2023 UAH 58.875
Landesbank Hessen-Thu 0.7000 11/04/2033 EUR 70.324
Ville de Marseille 0.498012/17/2040 EUR 64.428
LFA Foerderbank Bayer 0.2500 9/30/2039 EUR 64.221
Libra Internet Bank S 4.2500 9/28/2028 EUR 73.578
Norddeutsche Landesba 1.090011/15/2043 EUR 66.789
NRW Bank 1.0000 2/26/2050 EUR 68.786
Landesbank Baden-Wuer 0.8210 8/24/2032 EUR 71.025
Caisse des Depots et 0.9155 1/20/2051 EUR 64.922
Pescanova SA 8.7500 2/17/2019 EUR 0.319
Northland Resources A 4.000010/15/2020 NOK 0.271
Nederlandse Waterscha 0.7500 10/04/2041 EUR 70.234
Northland Resources A 15.0000 7/15/2019 USD 2.621
Commerzbank AG 1.046012/18/2034 EUR 70.368
Region Wallonne Belgi 0.050010/26/2032 EUR 72.802
Single Platform Inves 0.8525 3/20/2040 EUR 61.137
Deutsche Bank AG 2.7840 04/03/2034 EUR 71.464
DZ Bank AG Deutsche Z 1.0000 2/18/2032 EUR 66.989
Rikshem AB 2.9000 1/23/2035 AUD 74.572
LSF9 Balta Issuer SAR 3.000012/31/2030 EUR 56.807
Hungary Government Bo 3.0000 8/21/2030 HUF 65.166
SAir Group 6.2500 04/12/2005 CHF 12.324
SAir Group 2.1250 11/04/2004 CHF 12.325
Region Wallonne Belgi 1.1500 09/02/2120 EUR 41.559
Communaute Francaise 2.0000 4/14/2076 EUR 73.991
Communaute Francaise 1.1200 7/19/2038 EUR 71.956
Region de Bruxelles-C 1.5280 04/05/2049 EUR 70.837
Ministeries Van de Vl 1.0530 06/03/2050 EUR 60.542
UBS AG/London 6.2500 03/08/2023 CHF 55.250
Leonteq Securities AG 20.0000 11/01/2022 CHF 36.070
UBS AG/London 6.2500 11/10/2023 CHF 48.300
Erste Group Bank AG 4.5000 8/31/2025 EUR 68.850
Citigroup Global Mark 4.0000 02/07/2034 EUR 66.280
Landesbank Hessen-Thu 1.0000 9/16/2036 EUR 63.450
Raiffeisen Centrobank 10.0000 3/24/2023 EUR 30.720
Sberbank of Russia PJ 0.010011/13/2026 TRY 64.500
Corner Banca SA 12.8000 12/07/2022 CHF 38.520
Leonteq Securities AG 12.0000 10/04/2022 CHF 50.690
BNP Paribas Emissions 8.5000 2/21/2023 USD 70.230
UniCredit Bank AG 0.9000 3/24/2036 EUR 67.310
Landesbank Hessen-Thu 1.1500 6/13/2034 EUR 71.500
Raiffeisen Schweiz Ge 10.000012/31/2024 CHF 52.680
Erste Group Bank AG 4.2500 5/31/2023 EUR 59.750
State of Saxony-Anhal 2.1383 07/03/2028 EUR 60.000
Russian Railways JSC 18.830011/29/2028 RUB 55.000
Ebis OOO 12.0000 9/27/2022 RUB 19.000
Russian Railways JSC 9.3900 2/28/2040 RUB 50.010
Romanian Government I 3.3750 02/08/2038 EUR 66.056
HSBC Continental Euro 2.0250 3/19/2049 EUR 73.363
Landesbank Hessen-Thu 0.9500 04/09/2036 EUR 68.232
Muenchener Hypotheken 0.8670 2/25/2047 EUR 70.540
Turkey Government Int 6.8750 3/17/2036 USD 73.056
Natixis SA 2.6600 9/23/2036 AUD 71.963
Banque Federative du 0.1250 11/06/2030 EUR 73.858
Kuntarahoitus Oyj 0.8580 2/22/2051 EUR 71.573
Deutsche Pfandbriefba 0.6400 09/10/2030 EUR 67.599
Societe Generale SA 3.060011/24/2031 AUD 73.019
Raiffeisen-Landesbank 1.5000 02/10/2061 EUR 56.770
Bayerische Landesbode 0.7000 06/12/2037 EUR 73.219
UniCredit SpA 1.490010/23/2035 EUR 63.044
Kreditanstalt fuer Wi 0.6500 2/24/2041 EUR 71.383
BPCE SA 1.850010/30/2030 AUD 69.204
DZ HYP AG 0.1800 03/10/2031 EUR 74.367
Caisse des Depots et 0.5705 2/18/2041 EUR 68.750
Natixis SA 2.6200 09/08/2036 AUD 71.529
Grand Delta Habitat 1.5000 09/01/2049 EUR 51.460
Societe Generale SA 3.050011/23/2031 AUD 73.015
Ingrad AO 11.5000 2/27/2030 RUB 63.010
Danske Bank A/S 6.5000 01/09/2027 SEK 62.920
Goldman Sachs Interna 0.0700 1/13/2025 EUR 53.500
Landesbank Hessen-Thu 0.7000 01/12/2037 EUR 63.800
Landesbank Baden-Wuer 9.0000 4/26/2024 EUR 63.480
Leonteq Securities AG 3.170010/28/2022 EUR 68.020
UBS AG/London 26.750011/18/2022 USD 35.750
Landesbank Hessen-Thu 1.3500 4/16/2036 EUR 65.600
OR PJSC 11.000012/29/2024 RUB 5.200
Vontobel Financial Pr 9.5000 3/24/2023 EUR 60.600
Citigroup Global Mark 8.2000 3/21/2024 SEK 72.060
Societe Generale SA 8.0000 5/28/2027 USD 32.020
BNP Paribas SA 0.5640 9/15/2031 EUR 70.912
Emissionszentrale fue 0.1000 11/02/2038 CHF 71.673
Merrill Lynch BV 2.5100 8/25/2036 USD 66.786
Deutsche Pfandbriefba 3.1000 09/07/2046 USD 70.395
Getin Noble Bank SA 11.2500 5/31/2024 PLN 36.016
Deutsche Bank AG 2.0100 12/10/2052 EUR 53.600
Single Platform Inves 1.4400 7/18/2042 EUR 66.013
State of Mecklenburg- 0.239011/17/2070 EUR 42.484
Autonomous Community 1.089010/31/2049 EUR 56.577
BNP Paribas SA 3.6600 08/09/2039 AUD 69.505
Russian Foreign Bond 5.2500 6/23/2047 USD 48.753
Santander Internation 1.7000 12/12/2049 EUR 36.257
Republic of Belarus I 6.8750 2/28/2023 USD 30.000
Agence France Locale 2.5500 3/20/2036 AUD 71.304
Barclays Bank PLC 2.3200 01/11/2041 USD 59.704
Muenchener Hypotheken 0.0300 1/14/2031 EUR 71.536
Kuntarahoitus Oyj 1.2000 7/21/2061 EUR 69.372
Norddeutsche Landesba 0.7000 2/15/2036 EUR 61.735
Landeskreditbank Bade 0.8422 05/03/2041 EUR 72.801
Deutsche Bank AG 1.7250 1/16/2045 EUR 47.182
Aktia Bank Oyj 0.9650 12/11/2040 EUR 66.374
Nomura Bank Internati 0.4000 12/03/2030 EUR 71.506
Metropole de Lyon 0.5400 12/07/2050 EUR 52.101
Ukraine Government In 7.7500 09/01/2028 USD 22.466
SpareBank 1 SR-Bank A 1.0200 10/08/2036 EUR 68.480
Landesbank Hessen-Thu 0.4500 09/05/2031 EUR 73.828
Aktia Bank Oyj 0.850012/21/2040 EUR 64.948
Purple Protected Asse 1.5176 1/25/2061 EUR 64.373
Purple Protected Asse 1.565012/23/2060 EUR 62.199
DekaBank Deutsche Gir 2.1400 5/18/2046 EUR 72.162
Aareal Bank AG 1.7410 01/12/2045 EUR 67.491
Batigere Grand Est SA 2.0300 5/29/2070 EUR 63.183
Purple Protected Asse 2.085010/27/2060 EUR 67.264
Natixis SA 2.5200 8/24/2036 AUD 70.755
Centre Hospitalier Be 0.9500 02/05/2041 EUR 59.300
UkrLandFarming PLC 10.8750 3/26/2018 USD 1.387
Region Wallonne Belgi 1.0000 6/22/2045 EUR 63.523
Credit Agricole Corpo 1.3000 02/02/2061 EUR 55.995
Natixis SA 2.9300 7/29/2051 AUD 67.727
Ukraine Government In 7.7500 09/01/2025 USD 24.340
Aareal Bank AG 0.5700 08/07/2029 EUR 68.701
Societe Generale SA 2.900012/23/2031 AUD 72.253
DZ Bank AG Deutsche Z 0.5100 1/25/2036 EUR 67.693
DZ Bank AG Deutsche Z 0.650012/22/2036 EUR 69.274
Single Platform Inves 1.9200 11/05/2040 EUR 73.818
Getin Noble Bank SA 12.2900 7/28/2023 PLN 35.888
DZ Bank AG Deutsche Z 0.8000 11/06/2034 EUR 71.894
BNP Paribas SA 0.6850 8/26/2030 EUR 73.095
Espirito Santo Financ 5.1250 5/30/2016 EUR 0.528
KPNQwest NV 10.0000 3/15/2012 EUR 0.453
Region de Bruxelles-C 0.562012/23/2065 EUR 41.817
Credit Suisse AG/Lond 7.5000 10/06/2022 CHF 59.970
UBS AG/London 13.2500 04/06/2023 USD 52.600
Credit Suisse AG/Lond 8.000010/19/2022 CHF 69.690
DekaBank Deutsche Gir 2.800012/23/2022 EUR 58.270
AutoWallis Nyrt 3.0000 7/27/2031 HUF 56.400
DZ Bank AG Deutsche Z 2.000012/23/2027 EUR 73.450
Leonteq Securities AG 10.0000 3/24/2023 USD 37.700
DZ Bank AG Deutsche Z 5.000012/23/2022 EUR 46.730
Landesbank Baden-Wuer 3.2000 1/27/2023 EUR 57.330
SG Issuer SA 5.5000 1/20/2025 SEK 49.940
Landesbank Hessen-Thu 1.3000 09/02/2036 EUR 63.700
DZ Bank AG Deutsche Z 7.500012/23/2022 EUR 19.600
Landesbank Baden-Wuer 6.750011/25/2022 EUR 35.600
Sberbank of Russia PJ 0.010011/30/2028 RUB 57.600
Citigroup Global Mark 6.0000 01/04/2034 EUR 69.230
Goldman Sachs & Co We 9.000010/26/2022 EUR 56.680
Credit Suisse AG/Lond 7.5000 2/15/2023 CHF 72.070
Credit Suisse AG/Lond 8.5000 03/06/2023 CHF 60.530
Landesbank Baden-Wuer 4.8200 9/30/2022 EUR 61.350
Raiffeisen Centrobank 7.5000 07/07/2023 EUR 39.010
Greenergy Holding Vag 3.0000 9/21/2031 HUF 59.724
Deutsche Bank AG 1.5600 6/18/2031 EUR 68.670
Baromfi-Coop Termelo 3.0000 7/19/2031 HUF 60.500
Hunland Feed Kft 2.8800 7/21/2031 HUF 61.690
Reneszansz Kofarago z 3.2000 04/09/2031 HUF 73.000
Citigroup Global Mark 3.5000 5/24/2033 EUR 68.270
DZ Bank AG Deutsche Z 4.000012/23/2022 EUR 69.810
DZ Bank AG Deutsche Z 5.000012/23/2022 EUR 70.000
Wingholding Zrt 5.0000 2/17/2032 HUF 70.630
DZ Bank AG Deutsche Z 4.4500 6/23/2023 EUR 72.750
Leonteq Securities AG 6.3000 7/17/2023 EUR 63.910
WEB Windenergie AG 6.5000 EUR 0.010
Russian Railways JSC 9.390010/15/2040 RUB 50.000
Ebis OOO 14.000011/29/2022 RUB 7.400
MARSO Ltd 2.300012/17/2029 HUF 63.520
RUSAL Bratsk OJSC 0.0100 04/07/2026 RUB 73.300
SFO VTB Investment Pr 0.010011/13/2023 RUB 50.010
Duna House Holding Ny 3.0000 09/02/2030 HUF 68.500
DeloPorts LLC 0.010011/14/2025 RUB 70.090
VEB-Leasing AO 6.9100 1/16/2024 RUB 74.600
OR PJSC 12.000011/14/2024 RUB 5.250
DZ Bank AG Deutsche Z 0.960012/30/2030 EUR 72.690
Commerzbank AG 1.1500 6/28/2034 EUR 73.732
Single Platform Inves 1.0750 6/26/2052 EUR 55.731
Deutsche Bank AG 0.7100 9/24/2031 EUR 63.065
DZ Bank AG Deutsche Z 0.4200 2/17/2033 EUR 73.209
Deutsche Apotheker-un 1.6160 1/15/2038 EUR 69.689
Kreditanstalt fuer Wi 0.885011/14/2039 EUR 73.628
DZ Bank AG Deutsche Z 0.4800 9/22/2036 EUR 67.708
Kreditanstalt fuer Wi 0.6600 11/12/2039 EUR 72.651
Caisse des Depots et 0.9300 11/09/2050 EUR 67.950
Hemso Fastighets AB 2.0000 2/15/2033 EUR 73.133
Getin Noble Bank SA 10.0200 04/04/2024 PLN 27.875
Caisse des Depots et 1.0000 2/26/2051 EUR 70.102
Single Platform Inves 0.9550 2/15/2041 EUR 61.451
HSBC Bank PLC 2.130011/30/2036 EUR 72.481
Tonon Luxembourg SA 9.2500 1/24/2020 USD 0.500
Norddeutsche Landesba 0.6750 2/25/2033 EUR 68.864
J&T Banka AS 7.0000 EUR 71.823
Muenchener Hypotheken 0.1700 9/25/2031 EUR 71.541
Landesbank Baden-Wuer 0.6000 03/05/2036 EUR 59.993
SBAB Bank AB 0.9275 11/07/2034 SEK 70.803
Credit Industriel Et 2.160010/29/2035 USD 67.537
Aareal Bank AG 0.3800 9/16/2031 EUR 59.380
Landshypotek Bank AB 1.8150 2/25/2041 SEK 73.845
BPCE SFH SA 0.4300 05/07/2040 EUR 64.720
Lehman Brothers Treas 6.6500 8/24/2011 AUD 0.100
Department of Gironde 0.412011/26/2037 EUR 67.897
Assistance Publique H 1.1250 4/16/2047 EUR 66.200
DZ Bank AG Deutsche Z 0.7000 8/24/2033 EUR 73.815
Grand Delta Habitat 1.5000 09/01/2047 EUR 59.326
Bayerische Landesbank 1.0000 3/22/2024 EUR 64.430
EFG International Fin 5.5000 7/31/2023 USD 67.440
Leonteq Securities AG 11.0000 11/07/2022 CHF 68.990
DZ Bank AG Deutsche Z 2.000012/23/2022 EUR 58.810
DZ Bank AG Deutsche Z 2.4000 3/17/2023 EUR 68.890
Raiffeisen Centrobank 6.5000 9/22/2023 EUR 59.490
DekaBank Deutsche Gir 3.040010/26/2022 EUR 60.490
UBS AG/London 7.6400 4/20/2026 SEK 68.070
UBS AG/London 19.2500 7/13/2023 CHF 53.600
DekaBank Deutsche Gir 4.630012/16/2022 EUR 68.960
Raiffeisen Schweiz Ge 8.5000 2/20/2023 CHF 50.820
Opus Global Nyrt 3.2000 4/29/2031 HUF 71.000
Credit Suisse AG/Lond 7.370012/28/2022 USD 9.720
Leonteq Securities AG 11.000012/21/2022 EUR 59.630
Societe Generale SA 7.3100 5/22/2026 USD 51.200
Vajda-Papir Gyarto Ke 3.500011/16/2030 HUF 61.700
Credit Suisse AG/Lond 10.9200 2/16/2023 GBP 72.190
Landesbank Baden-Wuer 4.6500 4/28/2023 EUR 59.250
Tranzit-Food Baromfif 2.0000 6/23/2028 HUF #N/A N/A
Landesbank Baden-Wuer 3.940011/25/2022 EUR 57.290
Credit Suisse AG/Lond 10.0000 07/12/2023 CHF 60.870
Raiffeisen Schweiz Ge 12.000010/13/2022 CHF 54.840
Barclays Bank PLC 7.0300 3/14/2023 USD 9.450
UBS AG/London 6.5000 6/28/2023 USD 9.500
Nordea Bank Abp 3.7500 1/20/2027 SEK 68.250
Zurcher Kantonalbank 4.5000 11/03/2022 CHF 60.800
Bayer Construct Epito 3.700010/21/2031 HUF 60.030
Bank Vontobel AG 14.0000 10/02/2023 CHF 42.100
DZ Bank AG Deutsche Z 5.1000 6/23/2023 EUR 71.070
Goldman Sachs Interna 10.0000 2/21/2025 EUR 73.850
Corner Banca SA 12.320010/18/2022 EUR 42.190
Leonteq Securities AG 20.0000 11/10/2022 CHF 52.460
Nordea Bank Abp 9.0000 7/20/2024 SEK 55.180
Skandinaviska Enskild 6.8000 1/15/2024 SEK 59.030
DZ Bank AG Deutsche Z 5.000012/23/2022 EUR 53.170
Citigroup Global Mark 12.378711/13/2023 SEK 57.790
SG Issuer SA 5.3000 01/10/2025 EUR 63.540
Citigroup Global Mark 12.0000 11/01/2022 EUR 2.005
Gold-Zack AG 7.000012/14/2005 EUR 1.004
Single Platform Inves 1.1625 5/25/2066 EUR 50.684
SpareBank 1 SR-Bank A 0.9700 10/09/2040 EUR 61.997
Cooperatieve Rabobank 0.5400 08/03/2040 EUR 65.325
Landesbank Saar 0.7600 05/08/2034 EUR 71.403
HSBC Bank PLC 0.500012/22/2025 BRL 68.634
Kreditanstalt fuer Wi 1.027010/26/2050 EUR 69.581
BPCE SA 2.7300 10/05/2036 AUD 62.731
Intesa Sanpaolo Bank 3.102011/19/2035 AUD 73.074
Republic of Ireland I 1.320011/28/2119 EUR 45.132
Communaute Francaise 1.5200 7/22/2069 EUR 63.299
Deutsche Bank AG 2.4800 12/10/2035 EUR 66.613
Kuntarahoitus Oyj 1.155011/19/2060 EUR 63.351
Norddeutsche Landesba 0.7500 1/15/2032 EUR 72.969
Caisse des Depots et 2.7660 08/09/2049 USD 69.565
Landesbank Baden-Wuer 0.5000 12/08/2031 EUR 71.156
Banco Santander SA 0.7900 9/30/2031 EUR 72.683
Single Platform Inves 1.235012/20/2050 EUR 58.340
Citigroup Global Mark 2.6500 3/17/2040 USD 70.710
Landesbank Baden-Wuer 0.7800 4/21/2036 EUR 61.708
Republic of Austria G 0.7000 4/20/2071 EUR 49.824
Cie Generale de Navig 0.350012/29/2056 CHF 57.973
NRW Bank 0.5100 9/23/2039 EUR 68.572
Department of Bouches 1.1000 07/08/2039 EUR 73.829
Hypo Vorarlberg Bank 1.0200 7/15/2041 EUR 62.191
Societe Generale SA 4.7400 3/24/2030 USD 71.300
Landesbank Baden-Wuer 0.5600 9/22/2033 EUR 64.558
NRW Bank 0.6100 09/07/2040 EUR 69.711
Free and Hanseatic Ci 1.0950 6/13/2046 EUR 72.527
Premium Green PLC 1.5500 7/25/2040 EUR 70.928
Landesbank Baden-Wuer 0.0400 1/15/2031 EUR 74.118
HSBC Continental Euro 1.2000 9/26/2039 EUR 67.096
Banque Internationale 1.1900 1/18/2041 EUR 66.723
Societe Generale SA 2.3700 9/17/2035 AUD 58.764
Bulgaria Government I 0.3750 9/23/2030 EUR 72.663
Landesbank Baden-Wuer 0.9050 04/01/2041 EUR 57.222
Lehman Brothers Treas 11.7500 03/01/2010 EUR 0.100
Region of Centre-Val 0.3900 12/04/2042 EUR 59.309
Specialfastigheter Sv 1.1200 2/19/2044 SEK 57.017
Deutsche Pfandbriefba 2.0000 07/09/2032 EUR 70.313
Ministeries Van de Vl 1.0950 06/03/2055 EUR 59.960
Banco Santander SA 2.7490 12/03/2030 USD 73.830
Region Wallonne Belgi 1.1650 6/29/2059 EUR 57.492
Hypo Tirol Bank AG 0.6700 7/21/2031 EUR 72.659
Brown's Pharma Holdin 3.9000 07/09/2031 EUR 70.037
Ville de Sion 0.3550 09/12/2039 CHF 74.373
Norddeutsche Landesba 1.050011/17/2036 EUR 65.532
Aareal Bank AG 0.6600 6/26/2028 EUR 74.341
DZ Bank AG Deutsche Z 1.4700 1/20/2042 EUR 69.109
Getin Noble Bank SA 11.3000 8/30/2024 PLN 37.875
Single Platform Inves 0.5230 05/07/2041 EUR 55.586
Single Platform Inves 1.5000 3/20/2051 EUR 62.755
Republic of Ireland I 1.2500 10/08/2121 EUR 54.428
NIBC Bank NV 0.6600 7/14/2031 EUR 65.022
Hypo Tirol Bank AG 0.6450 7/21/2031 EUR 72.493
Muenchener Hypotheken 0.8860 3/26/2043 EUR 68.976
Single Platform Inves 0.9500 02/05/2033 EUR 74.286
Landesbank Hessen-Thu 0.7000 9/27/2034 EUR 68.429
Landesbank Baden-Wuer 0.3100 12/09/2039 EUR 51.287
NRW Bank 1.0330 1/27/2042 EUR 73.684
SAir Group 0.1250 07/07/2005 CHF 12.375
DZ Bank AG Deutsche Z 0.4400 1/21/2036 EUR 63.459
Credit Agricole SA/Lo 1.7700 4/26/2035 EUR 73.885
Cerruti Finance SA 6.5000 7/26/2004 EUR 2.058
Caisse des Depots et 0.9450 5/19/2051 EUR 68.797
Societe Generale SA 2.6500 1/26/2032 USD 72.937
Landesbank Baden-Wuer 0.8200 02/01/2039 EUR 57.694
DZ HYP AG 1.2260 8/25/2036 EUR 65.991
Societe Generale SA 2.4800 7/17/2040 USD 52.595
KPNQwest NV 7.1250 06/01/2009 EUR 0.453
Oberbank AG 0.2300 10/07/2041 EUR 61.307
Kreditanstalt fuer Wi 1.0000 4/27/2041 EUR 73.336
NIBC Bank NV 2.1050 10/10/2033 EUR 68.887
Land Thueringen 1.1000 07/03/2047 EUR 74.233
Deutsche Bank AG 0.6100 9/30/2031 EUR 73.400
State of Saarland 1.1080 5/18/2046 EUR 73.564
Norske Skogindustrier 7.000012/30/2026 EUR 0.010
NRW Bank 1.022012/23/2041 EUR 73.999
Credit Agricole SA 1.0000 04/06/2035 EUR 69.098
Single Platform Inves 0.6560 2/15/2046 EUR 51.787
Region Wallonne Belgi 0.8650 7/20/2044 EUR 62.456
Region of Centre-Val 0.9240 11/02/2043 EUR 66.229
Natixis SA 2.4200 9/29/2035 AUD 70.390
Bayerische Landesbank 1.3200 9/16/2033 EUR 73.073
Single Platform Inves 1.8300 11/05/2040 EUR 73.554
Single Platform Inves 1.8400 11/05/2040 EUR 73.684
Aareal Bank AG 1.0680 2/18/2050 EUR 67.881
Hypo Vorarlberg Bank 1.0200 1/17/2035 EUR 68.990
Kreditanstalt fuer Wi 1.0870 1/21/2050 EUR 73.394
Aktia Bank Oyj 0.8000 2/26/2036 EUR 70.111
Region Wallonne Belgi 1.3050 9/29/2041 EUR 72.423
Aktia Bank Oyj 0.9900 1/15/2035 EUR 73.095
Agence Francaise de D 2.302010/25/2044 USD 73.527
Single Platform Inves 0.6950 6/25/2039 EUR 60.880
Leonteq Securities AG 3.5000 9/30/2022 EUR 67.030
Region de Bruxelles-C 0.6500 2/15/2061 EUR 47.168
Region de Bruxelles-C 1.286012/17/2046 EUR 69.069
UBS AG/London 9.2500 2/13/2023 USD 20.920
UBS AG/London 15.2500 9/15/2023 USD 26.940
UBS AG/London 9.0000 8/25/2023 USD 58.200
Leonteq Securities AG 12.0000 05/02/2023 CHF 59.090
Erste Group Bank AG 6.7500 10/01/2022 EUR 67.050
Zurcher Kantonalbank 11.3000 9/30/2022 USD 52.700
UBS AG/London 4.2500 3/29/2023 EUR 47.250
Landesbank Baden-Wuer 2.860010/28/2022 EUR 64.170
UBS AG/London 9.5000 2/27/2023 CHF 53.050
Leonteq Securities AG 4.900011/15/2022 USD 74.610
SG Issuer SA 9.1800 1/20/2025 SEK 25.360
Erste Group Bank AG 8.0000 10/01/2022 EUR 67.050
DekaBank Deutsche Gir 2.790010/28/2022 EUR 65.210
Bank Vontobel AG 14.9100 6/23/2023 EUR 65.500
Landesbank Baden-Wuer 2.5000 6/28/2024 EUR 65.640
Landesbank Hessen-Thu 1.6000 03/08/2034 EUR 74.000
Sberbank of Russia PJ 0.0100 08/03/2028 RUB 57.510
Landesbank Baden-Wuer 3.710011/25/2022 EUR 70.270
Zurcher Kantonalbank 7.000011/22/2022 CHF 10.030
Zurcher Kantonalbank 19.000011/18/2022 USD 63.360
Credit Suisse AG/Lond 7.2500 5/24/2023 CHF 54.860
DZ Bank AG Deutsche Z 6.0700 1/27/2023 EUR 75.010
UBS AG/London 6.000011/14/2022 EUR 69.200
Corner Banca SA 11.000011/17/2022 USD 58.230
Sovcombank Leasing OO 9.2500 5/19/2025 RUB 65.010
DZ Bank AG Deutsche Z 1.850012/29/2031 EUR 63.240
VTB Bank PJSC 10.0000 RUB 70.000
Luzerner Kantonalbank 16.5000 1/31/2023 CHF 58.170
DZ Bank AG Deutsche Z 1.370012/30/2030 EUR 72.560
Raiffeisen Schweiz Ge 10.0000 1/16/2023 CHF 43.020
Raiffeisen Schweiz Ge 12.000010/19/2022 CHF 60.810
Leonteq Securities AG 10.0000 01/04/2023 CHF 12.820
Landesbank Baden-Wuer 6.820012/23/2022 EUR 65.330
UBS AG/London 8.1500 3/14/2025 USD 9.690
AKB Metallurgical Inv 7.5000 07/09/2023 RUB 85.000
Zurcher Kantonalbank 7.0000 07/12/2023 CHF 54.230
Credit Suisse AG/Lond 12.0000 2/13/2023 CHF 19.700
DZ Bank AG Deutsche Z 4.850012/23/2022 EUR 62.040
Raiffeisen Switzerlan 9.2500 10/06/2022 CHF 47.070
Vontobel Financial Pr 3.9000 1/19/2023 EUR 62.130
Landesbank Baden-Wuer 4.100012/23/2022 EUR 66.310
DZ Bank AG Deutsche Z 4.180010/28/2022 EUR 68.620
Appeninn Holding 3.500011/22/2029 HUF 57.350
Russian Post FGUP 2.7500 12/06/2023 RUB 60.100
Erste Group Bank AG 7.500011/29/2024 EUR 46.800
DZ Bank AG Deutsche Z 1.220012/28/2029 EUR 73.340
UBS AG/London 11.000010/14/2022 EUR 60.850
Ukraine Government In 15.9700 4/19/2023 UAH 59.254
SpareBank 1 SMN 0.1900 11/06/2030 EUR 72.254
Landesbank Hessen-Thu 0.5000 03/10/2034 EUR 67.296
HSBC Continental Euro 2.0400 3/29/2049 EUR 73.571
Grupo Isolux Corsan S 6.000012/30/2021 USD 0.305
Single Platform Inves 1.3900 6/25/2044 EUR 64.136
ING Bank NV 2.2500 2/26/2036 USD 70.774
Single Platform Inves 1.5348 5/25/2052 EUR 63.719
Barclays Bank PLC 6.4000 6/16/2031 MXN 71.474
LBI ehf 2.2500 2/14/2011 CHF 10.750
Deutsche Bank AG 2.3150 3/31/2031 EUR 73.833
Norddeutsche Landesba 0.500010/14/2031 EUR 72.642
Regie Autonome des Tr 1.0700 4/28/2050 EUR 60.813
Kuntarahoitus Oyj 0.9825 11/03/2060 EUR 66.062
Raiffeisen Bank Inter 0.2900 11/11/2030 EUR 73.129
Banque Internationale 0.5100 02/10/2031 EUR 73.652
Banco Santander SA 2.2800 2/28/2039 EUR 73.414
Getin Noble Bank SA 11.720011/30/2023 PLN 34.875
Societe Generale SA 5.400011/17/2037 USD 45.653
Department of L'Eure 1.1100 6/18/2039 EUR 74.045
Landesbank Hessen-Thu 1.0000 9/24/2035 EUR 69.187
Standard Chartered Ba 2.4700 2/24/2036 USD 72.757
Muenchener Hypotheken 0.1700 9/24/2031 EUR 71.550
Aareal Bank AG 0.2550 9/17/2029 EUR 67.104
Banque Internationale 1.085010/22/2040 EUR 65.363
ABN AMRO Bank NV 1.1710 04/04/2044 EUR 72.514
Credit Suisse AG/Lond 6.9000 3/20/2023 USD 1.640
UBS AG/London 6.8000 6/15/2026 USD 48.710
Raiffeisen Schweiz Ge 7.2000 6/14/2023 CHF 67.160
Credit Suisse AG/Lond 20.000012/21/2022 USD 45.360
Basler Kantonalbank 8.000011/28/2022 CHF 59.060
Societe Generale SA 24.0000 11/08/2024 USD 53.000
Landesbank Baden-Wuer 4.760011/25/2022 EUR 66.240
SunDell Estate Nyrt 3.6500 07/09/2031 HUF 65.000
Luzerner Kantonalbank 7.000012/16/2024 USD 55.980
Landesbank Hessen-Thu 1.2500 8/25/2036 EUR 63.600
Landesbank Hessen-Thu 1.3500 7/30/2035 EUR 67.900
Landesbank Baden-Wuer 2.000011/25/2022 EUR 63.430
Societe Generale Effe 5.500010/28/2022 EUR 73.960
Bank Vontobel AG 8.0000 5/26/2023 CHF 68.600
Leonteq Securities AG 4.0800 1/26/2026 EUR 72.320
UBS AG/London 10.500010/28/2022 USD 42.900
Raiffeisenlandesbank 0.2000 06/09/2036 EUR 65.940
DZ Bank AG Deutsche Z 4.690011/25/2022 EUR 30.690
Szabo Fogaskerekgyart 5.5000 2/23/2032 HUF 70.200
Leonteq Securities AG 10.0000 6/29/2023 EUR 60.930
Leonteq Securities AG 11.070011/30/2022 USD 28.240
Leonteq Securities AG 20.400011/16/2022 CHF 12.220
DekaBank Deutsche Gir 3.190010/26/2022 EUR 49.790
UBS AG/London 7.2500 05/03/2023 EUR 51.250
UBS AG/London 16.0000 04/01/2024 USD 73.650
Sberbank of Russia PJ 0.0100 2/26/2027 RUB 71.000
Skandinaviska Enskild 9.6000 1/15/2024 SEK 70.370
Leonteq Securities AG 2.5100 1/25/2023 EUR 58.700
Leonteq Securities AG 4.3100 1/25/2023 USD 59.370
Leonteq Securities AG 3.7900 1/25/2023 EUR 62.270
Leonteq Securities AG 1.6500 1/25/2023 EUR 57.430
Leonteq Securities AG 5.5000 1/25/2023 USD 58.970
Leonteq Securities AG 3.7200 1/25/2023 EUR 68.210
Leonteq Securities AG 2.4500 1/25/2023 EUR 71.390
Leonteq Securities AG 1.8000 1/25/2023 EUR 53.940
Leonteq Securities AG 4.0100 1/25/2023 USD 72.460
SG Issuer SA 1.050011/20/2025 EUR 17.900
Credit Suisse AG/Lond 9.7500 4/27/2023 USD 50.160
Landesbank Hessen-Thu 7.2569 8/24/2033 EUR 71.900
Landesbank Hessen-Thu 0.900011/20/2035 EUR 66.000
Raiffeisen Schweiz Ge 16.0000 5/23/2023 CHF 67.060
UBS AG/London 10.750010/21/2022 EUR 59.700
Russian Railways JSC 18.8300 5/20/2044 RUB 55.000
Ukraine Government In 10.0000 8/23/2023 UAH 58.875
BNG Bank NV 0.6800 03/04/2050 EUR 56.053
State of Lower Austri 0.400010/13/2050 EUR 53.256
Muenchener Hypotheken 0.580010/14/2035 EUR 63.209
BPCE SA 2.4000 3/26/2031 USD 73.745
Region Wallonne Belgi 1.0400 5/28/2040 EUR 70.481
Kreditanstalt fuer Wi 0.220011/19/2035 EUR 72.100
Assistance Publique H 0.8000 3/23/2046 EUR 61.790
de Volksbank NV 0.8312 7/19/2038 EUR 72.357
Lehman Brothers Treas 2.8750 3/14/2013 CHF 0.100
Communaute Francaise 1.3970 7/18/2059 EUR 67.001
Region Auvergne-Rhone 0.5300 9/29/2036 EUR 71.629
Eika Boligkreditt AS 0.560011/29/2039 EUR 65.834
Lehman Brothers Treas 3.0000 8/13/2011 EUR 0.100
BPCE SA 2.315011/19/2035 AUD 59.312
Allgemeine Sparkasse 0.2000 3/22/2033 EUR 74.046
Single Platform Inves 1.0300 03/11/2039 EUR 65.649
Berlin Hyp AG 0.6250 6/30/2031 EUR 72.945
Deutsche Pfandbriefba 0.500011/18/2030 EUR 65.255
Lehman Brothers Treas 14.9000 9/15/2008 EUR 0.100
Nomura Bank Internati 1.1500 10/06/2036 EUR 66.367
Region Bretagne SCI 0.6200 08/07/2037 EUR 70.946
Nederlandse Waterscha 1.000011/24/2050 EUR 70.102
Raiffeisenlandesbank 0.7500 6/20/2031 EUR 74.215
Getin Noble Bank SA 12.3000 1/31/2024 PLN 37.875
State of North Rhine- 0.2000 7/17/2034 EUR 74.098
Deutsche Bank AG 1.0500 09/01/2031 EUR 65.622
Raiffeisen-Landesbank 0.0500 9/13/2033 EUR 72.065
New World Resources N 8.0000 04/07/2020 EUR 0.001
Bayerische Landesbank 3.1800 2/16/2038 EUR 73.812
Municipality of Arnhe 0.4600 9/20/2049 EUR 60.518
Region Bretagne SCI 0.8150 06/12/2040 EUR 68.793
Vasakronan AB 1.6550 09/05/2039 SEK 61.918
Sihltal Zuerich Uetli 0.2500 4/30/2036 CHF 69.952
Department of Gironde 0.9790 6/25/2040 EUR 70.947
Region Provence-Alpes 0.7850 6/18/2040 EUR 67.637
Commerzbank AG 0.9000 10/07/2030 EUR 73.089
DZ Bank AG Deutsche Z 0.6000 12/04/2035 EUR 69.111
Single Platform Inves 1.8000 7/25/2053 EUR 69.837
Region Wallonne Belgi 1.2220 6/24/2080 EUR 51.861
Single Platform Inves 1.250010/18/2035 EUR 72.501
Raiffeisen-Landesbank 1.1400 4/26/2051 EUR 71.693
Nationwide Building S 0.7500 05/08/2035 EUR 74.506
Credit Agricole Corpo 2.7000 06/03/2035 AUD 73.163
Single Platform Inves 1.6100 2/15/2043 EUR 71.360
Grand Delta Habitat 1.750010/28/2061 EUR 65.262
Oberoesterreichische 0.3150 9/14/2035 EUR 69.645
LFA Foerderbank Bayer 0.1250 9/30/2038 EUR 64.065
Elli Investments Ltd 12.2500 6/15/2020 GBP 52.250
Societe Generale SA 2.200012/17/2040 USD 62.913
HSBC Continental Euro 1.4100 12/12/2039 EUR 69.289
Region Provence-Alpes 0.623010/15/2035 EUR 73.712
Raiffeisen Landesbank 0.7500 10/10/2031 EUR 73.968
Landesbank Baden-Wuer 0.440011/15/2042 EUR 64.306
National Grid Electri 2.7100 10/04/2034 AUD 72.824
Credit Agricole Corpo 10.2000 08/06/2026 TRY 45.225
Agence Metropolitaine 0.8000 07/01/2040 EUR 68.517
Autonomous Community 1.250010/31/2040 EUR 68.042
Region of Centre-Val 0.7250 12/12/2039 EUR 68.337
Landesbank Hessen-Thu 1.1500 6/23/2036 EUR 70.071
Department of Bouches 1.0680 5/21/2048 EUR 64.194
Getin Noble Bank SA 9.9600 3/31/2023 PLN 59.965
KPNQwest NV 8.8750 02/01/2008 EUR 0.453
KPNQwest NV 8.8750 02/01/2008 EUR 0.453
Penarian Housing Fina 3.2120 06/07/2052 GBP 69.981
Credit Suisse AG/Lond 0.8750 5/21/2031 EUR 71.119
Bayerische Landesbank 1.4800 04/08/2036 EUR 70.940
Autonomous Community 1.5500 05/11/2051 EUR 62.363
BNG Bank NV 0.7720 08/05/2050 EUR 64.345
BLT Finance BV 12.0000 02/10/2015 USD 10.500
Kuntarahoitus Oyj 0.8150 2/24/2061 EUR 63.234
Landwirtschaftliche R 0.4000 7/29/2036 EUR 72.435
Pescanova SA 6.7500 03/05/2015 EUR 0.319
NRW Bank 1.235012/16/2061 EUR 67.673
Credito Padano Banca 3.1000 EUR 33.687
LFA Foerderbank Bayer 0.1600 01/02/2040 EUR 62.223
State of Bremen 0.9360 9/28/2046 EUR 68.255
Region Auvergne-Rhone 0.250010/23/2034 EUR 72.836
Communaute Francaise 0.8175 8/28/2050 EUR 56.278
Region Wallonne Belgi 0.8280 8/28/2048 EUR 57.922
NORD/LB Luxembourg SA 0.5420 9/30/2037 EUR 68.207
Russian Foreign Bond 5.8750 9/16/2043 USD 58.065
Nederlandse Waterscha 0.9640 06/11/2059 EUR 68.630
Landesbank Hessen-Thu 1.0000 06/12/2035 EUR 69.500
Getin Noble Bank SA 11.4300 11/09/2023 PLN 33.865
Landesbank Hessen-Thu 0.9500 02/12/2035 EUR 70.031
Hypo Vorarlberg Bank 0.860010/24/2034 EUR 68.123
UBS AG/London 8.1000 03/04/2027 EUR 66.380
Communaute Francaise 1.1150 07/11/2039 EUR 70.421
Region de Bruxelles-C 1.6200 4/30/2049 EUR 73.100
Region de Bruxelles-C 0.9000 4/14/2050 EUR 59.361
Region de Bruxelles-C 0.7600 9/15/2038 EUR 70.452
Region de Bruxelles-C 0.556012/23/2064 EUR 42.352
Portugal Obrigacoes d 1.1500 04/11/2042 EUR 69.281
Credit Suisse AG/Lond 12.4000 9/25/2023 EUR 23.930
UBS AG/London 10.2500 03/09/2023 USD 33.850
UBS AG/London 15.7500 03/09/2023 USD 37.950
Leonteq Securities AG 12.0000 05/02/2023 USD 27.480
Leonteq Securities AG 13.0000 02/01/2023 CHF 58.220
Credit Suisse AG/Lond 7.5000 9/29/2022 USD 64.500
Ebis OOO 14.500011/25/2025 RUB 9.300
Landesbank Hessen-Thu 2.0000 3/16/2037 EUR 68.900
SG Issuer SA 5.7000 7/20/2024 SEK 57.510
Bank Vontobel AG 8.0000 5/26/2023 CHF 47.400
Bank Julius Baer & Co 10.0000 9/26/2022 CHF 54.050
Erste Group Bank AG 5.0000 10/01/2022 EUR 65.050
SG Issuer SA 6.5000 1/20/2025 SEK 50.060
Citigroup Global Mark 7.3000 1/18/2030 EUR 67.370
Societe Generale SA 10.0000 10/01/2036 USD 62.500
SG Issuer SA 8.8000 7/20/2023 SEK 54.610
Raiffeisen Centrobank 7.5000 09/01/2023 EUR 45.510
Leonteq Securities AG 12.0000 11/09/2022 CHF 29.390
Raiffeisen Schweiz Ge 10.0000 11/10/2022 USD 50.230
OR PJSC 12.6000 9/28/2025 RUB 5.510
Leonteq Securities AG 14.0000 02/03/2023 CHF 20.350
Sberbank of Russia PJ 0.0100 1/22/2027 RUB 66.100
Landesbank Hessen-Thu 1.0000 03/09/2037 EUR 65.100
OR PJSC 13.500010/22/2025 RUB 7.990
Luzerner Kantonalbank 6.400012/15/2022 CHF 62.270
DZ Bank AG Deutsche Z 1.400012/30/2030 EUR 71.470
OR PJSC 16.000011/26/2025 RUB 20.000
Ebis OOO 12.0000 04/09/2024 RUB 9.960
UBS AG/London 7.0000 4/21/2023 USD 35.850
Leonteq Securities AG 25.2000 10/04/2022 CHF 33.730
Leonteq Securities AG 9.000010/26/2022 EUR 58.980
Banque Internationale 15.0000 01/05/2023 EUR 41.090
UBS AG/London 11.500011/14/2022 EUR 64.750
Landesbank Baden-Wuer 7.000010/28/2022 EUR 55.230
Raiffeisen Schweiz Ge 6.500011/17/2023 CHF 50.140
Luzerner Kantonalbank 14.4800 2/14/2023 CHF 66.910
VTB Bank PJSC 0.0100 03/11/2026 RUB 73.820
Vontobel Financial Pr 8.0000 1/27/2023 CHF 54.960
OR PJSC 16.000011/22/2025 RUB 19.100
Leonteq Securities AG 7.0000 9/26/2022 CHF 68.760
WEB Windenergie AG 5.2500 04/08/2023 EUR 0.010
Russian Railways JSC 16.1000 8/18/2033 RUB 55.010
Russian Railways JSC 17.6900 10/11/2038 RUB 55.000
Russian Railways JSC 10.1500 9/19/2033 RUB 55.000
SG Issuer SA 6.8667 11/12/2031 EUR 59.540
Landesbank Hessen-Thu 0.6000 9/27/2034 EUR 67.300
VEB-Leasing AO 7.9100 8/18/2025 RUB 72.660
Pick Szeged Szalamigy 2.0000 12/06/2029 HUF 57.980
Russian Railways JSC 18.8300 06/08/2028 RUB 55.050
Landesbank Hessen-Thu 1.0000 10/01/2035 EUR 67.850
Russian Railways JSC 18.8300 5/29/2035 RUB 55.000
LP Portfolio Vagyonke 2.6400 01/08/2030 HUF 64.860
Morgan Stanley & Co I 1.1050 6/18/2041 EUR 63.095
Landeskreditbank Bade 1.0170 3/15/2061 EUR 66.203
Assistance Publique H 0.6830 3/19/2041 EUR 65.903
Deutsche Bank AG 2.8250 2/25/2043 EUR 67.514
Vasakronan AB 1.0000 6/15/2041 EUR 62.773
Credit Suisse AG/Lond 1.4000 2/21/2032 EUR 74.158
Espirito Santo Financ 5.050011/15/2025 EUR 0.456
CSN Resources SA 4.6250 06/10/2031 USD 71.454
DZ Bank AG Deutsche Z 1.2500 5/25/2035 EUR 75.453
Erste Group Bank AG 0.9500 05/05/2035 EUR 68.233
Deutsche Pfandbriefba 0.7100 09/10/2031 EUR 64.491
NRW Bank 1.1820 08/07/2050 EUR 70.189
Single Platform Inves 0.7800 03/05/2039 EUR 62.452
Batigere Grand Est SA 1.7090 11/04/2042 EUR 56.967
Wirtschafts- und Infr 0.4500 12/01/2038 EUR 69.528
Single Platform Inves 1.0800 7/18/2036 EUR 69.627
Wirtschafts- und Infr 0.3210 2/18/2041 EUR 64.482
Landesbank Hessen-Thu 0.7500 9/17/2035 EUR 66.999
Landesbank Hessen-Thu 0.6500 9/29/2033 EUR 70.983
DZ Bank AG Deutsche Z 1.150012/30/2030 EUR 72.950
Credit Suisse AG/Lond 7.2500 8/16/2024 USD 6.330
Bank Julius Baer & Co 6.500011/24/2022 CHF 62.050
Landesbank Hessen-Thu 1.3000 9/29/2036 EUR 62.400
Skandinaviska Enskild 7.8000 7/15/2024 SEK 63.070
Goldman Sachs Interna 0.0600 1/13/2025 EUR 68.500
BNP Paribas Issuance 3.3000 07/01/2030 EUR 60.310
Leonteq Securities AG 10.0000 01/12/2023 CHF 34.320
ENVIEN Magyarorszag K 2.5000 5/18/2031 HUF 62.190
UBS AG/London 13.7500 03/09/2023 CHF 65.000
Basler Kantonalbank 11.0000 01/09/2023 CHF 42.690
Deutsche Bank AG 4.210010/29/2031 EUR 72.150
SG Issuer SA 7.6000 1/20/2025 SEK 24.410
Leonteq Securities AG 30.0000 9/30/2022 CHF 12.210
VTB Bank PJSC 0.010012/20/2024 RUB 71.800
Trans-Sped Logisztika 2.5000 3/16/2030 HUF 61.040
Citigroup Global Mark 7.0000 12/07/2033 EUR 65.760
SG Issuer SA 7.5000 1/20/2025 SEK 22.980
SG Issuer SA 11.1700 7/20/2025 SEK 13.780
Landesbank Hessen-Thu 2.0000 03/10/2037 EUR 72.400
Societe Generale SA 7.000010/31/2031 USD 73.000
Landesbank Hessen-Thu 2.0000 4/16/2036 EUR 62.300
VTB Bank PJSC 0.0100 9/14/2024 RUB 71.810
Leonteq Securities AG 30.000011/15/2022 CHF 27.810
Nordea Bank Abp 2.3800 7/20/2026 SEK 74.750
BNP Paribas Emissions 7.9500 03/07/2023 EUR 65.000
SG Issuer SA 7.7000 1/20/2024 SEK 54.790
Leonteq Securities AG 1.8100 1/25/2023 EUR 52.920
Leonteq Securities AG 7.4500 1/25/2023 EUR 40.120
Raiffeisen Schweiz Ge 5.2000 1/17/2023 CHF 72.850
Ebis OOO 13.0000 08/11/2023 RUB 9.360
UBS AG/London 9.250010/21/2022 CHF 36.550
DZ Bank AG Deutsche Z 0.0974 10/11/2050 EUR 71.450
SG Issuer SA 6.8900 1/20/2024 SEK 57.430
Swissquote Bank SA 27.0000 8/15/2023 CHF 66.960
SG Issuer SA 7.5200 7/20/2024 SEK 65.410
Leonteq Securities AG 2.5000 06/05/2024 EUR 71.840
Leonteq Securities AG 8.6000 1/24/2023 CHF 69.960
SG Issuer SA 7.0000 7/20/2023 SEK 66.910
Russian Railways JSC 17.6900 4/29/2043 RUB 55.000
Aktia Bank Oyj 0.635010/16/2035 EUR 68.380
Liga Bank eG Regensbu 0.8500 05/04/2034 EUR 73.686
Societe Generale SA 3.8200 4/26/2039 AUD 66.664
Landesbeteiligungen B 1.4500 6/15/2046 EUR 62.960
Citigroup Global Mark 1.0000 1/21/2036 EUR 67.597
Bilt Paper BV 10.3600 USD 1.318
Banco Santander SA 1.0200 01/04/2034 EUR 68.825
Landeskreditbank Bade 1.0250 04/01/2061 EUR 65.016
Republic of Ireland I 1.2300 06/01/2120 EUR 53.431
Lehman Brothers Treas 6.0000 9/20/2011 EUR 0.100
Societe Generale SA 0.5700 6/30/2031 EUR 70.117
Hungary Government In 0.500011/18/2030 EUR 66.741
Erste Group Bank AG 0.770011/13/2033 EUR 68.688
State of Lower Austri 0.550011/13/2080 EUR 36.190
Department of Bouches 0.5300 7/30/2035 EUR 74.044
Raiffeisenlandesbank 1.1740 07/11/2034 EUR 71.472
Cie de Financement Fo 0.9000 7/18/2058 EUR 59.637
Banque Internationale 0.480011/13/2030 EUR 73.898
Landesbank Hessen-Thu 0.8300 9/29/2034 EUR 70.350
Landesbank Baden-Wuer 0.900011/22/2034 EUR 65.192
HSBC Bank PLC 10.300012/20/2024 TRY 56.361
State of Saxony-Anhal 0.4750 9/30/2050 EUR 60.103
Petromena ASA 10.850011/19/2018 USD 0.622
LBI ehf 7.4310 USD 0.001
Deutsche Bank AG 3.0500 02/02/2037 EUR 70.571
UBS Group AG 2.3000 12/03/2035 AUD 67.342
Credit Suisse AG/Lond 0.5000 01/08/2026 BRL 69.163
Bulgaria Steel Financ 12.0000 05/04/2013 EUR 0.216
Deutsche Bank AG/Lond 14.9000 5/30/2028 TRY 44.030
Agrokor dd 8.8750 02/01/2020 USD 15.000
Bayerische Landesbank 0.350012/23/2030 EUR 73.945
Landesbank Baden-Wuer 0.5000 02/03/2032 EUR 71.573
Wirtschafts- und Infr 0.2500 09/08/2037 EUR 67.479
Progressio Infrastruc 1.2500 4/25/2033 EUR 73.870
Caisse des Depots et 2.7000 4/28/2041 AUD 67.686
Caisse des Depots et 0.9820 11/06/2050 EUR 70.022
Caisse des Depots et 1.0220 9/13/2049 EUR 66.543
Region de Bruxelles-C 0.7590 9/20/2049 EUR 57.328
Norddeutsche Landesba 0.7500 2/16/2032 EUR 74.383
Wirtschafts- und Infr 0.200012/14/2045 EUR 57.392
Deutsche Bank AG 0.7000 10/07/2031 EUR 62.939
Landesbank Hessen-Thu 0.7500 9/18/2034 EUR 68.810
Citigroup Global Mark 1.2300 8/20/2039 EUR 64.603
Region de Bruxelles-C 0.2560 2/26/2035 EUR 71.101
Landesbank Hessen-Thu 0.9500 06/11/2035 EUR 69.681
Region de Bruxelles-C 0.9800 01/10/2051 EUR 59.429
Wirtschafts- und Infr 0.1380 8/23/2044 EUR 57.613
DZ HYP AG 0.2050 06/05/2040 EUR 60.413
Wirtschafts- und Infr 0.2670 8/29/2044 EUR 58.861
UniCredit Bank AG 0.0300 2/28/2033 EUR 72.354
Caisse des Depots et 0.6960 9/14/2040 EUR 70.948
Hypo Tirol Bank AG 0.5100 1/21/2031 EUR 72.375
Landesbank Hessen-Thu 0.7100 05/12/2034 EUR 68.985
Norddeutsche Landesba 1.5100 1/21/2037 EUR 68.758
Landesbank Hessen-Thu 0.6500 9/16/2036 EUR 64.961
BNP Paribas SA 1.3000 1/28/2037 EUR 68.038
Turkey Government Int 5.8750 6/26/2031 USD 72.737
Region Wallonne Belgi 0.8500 1/26/2071 EUR 46.366
Norddeutsche Landesba 1.0500 8/13/2032 EUR 73.214
Rikshem AB 2.1370 1/29/2036 EUR 74.011
Caisse des Depots et 0.6780 7/23/2040 EUR 70.820
Single Platform Inves 1.0000 7/15/2036 EUR 69.136
Communaute Francaise 2.0410 04/12/2069 EUR 75.085
Muenchener Hypotheken 0.0400 1/17/2031 EUR 71.624
Caisse des Depots et 1.2700 10/01/2051 EUR 74.921
Wirtschafts- und Infr 0.2000 12/02/2043 EUR 59.065
BNG Bank NV 2.280010/17/2048 SEK 74.271
Single Platform Inves 1.0330 2/15/2046 EUR 57.616
Regie Autonome des Tr 0.6400 8/13/2041 EUR 67.446
Hypo Vorarlberg Bank 1.5200 07/08/2050 EUR 63.827
Nomura Bank Internati 1.4150 1/27/2042 EUR 65.136
Landesbank Hessen-Thu 0.7000 08/08/2034 EUR 68.932
Landesbank Hessen-Thu 0.7000 07/07/2034 EUR 69.145
Saastopankkien Keskus 0.840010/22/2035 EUR 69.473
Norddeutsche Landesba 1.5200 02/11/2038 EUR 66.330
Communaute Francaise 0.7710 8/25/2050 EUR 55.074
Wirtschafts- und Infr 0.6500 02/08/2039 EUR 64.585
Northland Resources A 15.0000 7/15/2019 USD 2.621
Landesbank Hessen-Thu 1.1500 03/09/2037 EUR 69.266
Societe Generale SA 1.290012/19/2034 EUR 72.507
DNB Boligkreditt AS 1.0800 5/16/2039 EUR 73.804
Landeskreditbank Bade 1.2360 5/22/2045 EUR 72.081
Landesbank Hessen-Thu 1.3500 3/16/2037 EUR 71.107
State of Rhineland-Pa 0.600010/24/2046 EUR 63.591
French Republic Gover 0.7500 5/25/2052 EUR 60.199
Communaute Francaise 0.5840 9/17/2039 EUR 63.431
Region de Bruxelles-C 0.9100 1/31/2053 EUR 57.719
Bank Vontobel AG 9.0000 06/05/2023 CHF 48.400
Bank Vontobel AG 6.000012/27/2022 CHF 49.500
Leonteq Securities AG 7.0000 05/12/2023 CHF 48.480
VTB Bank PJSC 0.010012/13/2024 RUB 70.150
Region of Chelyabinsk 6.000012/17/2027 RUB 62.060
Vontobel Financial Pr 4.800010/25/2022 EUR 55.750
Citigroup Global Mark 9.160012/18/2023 EUR 68.070
UBS AG/London 11.7500 08/02/2023 EUR 68.900
UBS AG/London 10.2500 08/02/2023 CHF 60.200
Corner Banca SA 8.0000 9/26/2022 CHF 49.460
WEB Windenergie AG 4.000012/17/2025 EUR 0.010
Erste Jelzalogbank zr 2.500010/30/2029 HUF #N/A N/A
Bayerische Landesbank 3.000011/25/2022 EUR 66.680
Bayerische Landesbank 2.100010/28/2022 EUR 55.280
Societe Generale SA 2.7000 3/25/2036 USD 63.637
Nomura Bank Internati 1.1750 07/08/2033 EUR 71.768
UBS AG/London 0.1200 5/25/2040 MXN 12.933
Landesbank Hessen-Thu 1.3000 4/30/2035 EUR 72.754
Bayerische Landesbank 1.7160 01/08/2037 EUR 72.226
Ukraine Government Bo 15.8400 2/26/2025 UAH 58.337
Region of Pays de la 0.5700 03/10/2036 EUR 73.216
Deutsche Apotheker-un 0.800012/21/2035 EUR 63.799
HSBC Bank PLC 1.6200 1/27/2033 EUR 73.444
Caisse des Depots et 1.0180 2/16/2051 EUR 69.061
Single Platform Inves 1.4800 7/25/2053 EUR 64.190
Nederlandse Waterscha 0.1900 11/02/2050 EUR 54.677
Serbia International 1.5000 6/26/2029 EUR 70.242
Serbia International 1.5000 6/26/2029 EUR 70.179
Kuntarahoitus Oyj 0.9390 2/15/2050 EUR 73.838
Kommunalkredit Austri 0.5700 9/15/2037 EUR 68.463
Romanian Government I 2.1240 7/16/2031 EUR 66.894
LFA Foerderbank Bayer 0.010012/15/2033 EUR 74.532
Kommunekredit 2.2000 9/27/2041 AUD 63.905
Takarek Mortgage Bank 3.0000 8/21/2030 HUF 61.700
EFG International Fin 6.1200 07/11/2024 EUR 54.180
Specialized Financial 15.3420 2/15/2031 RUB 70.010
Leonteq Securities AG 6.7000 11/04/2022 USD 36.090
SG Issuer SA 0.0150 11/07/2033 EUR 58.770
EFG International Fin 15.000012/29/2022 EUR 63.630
Erste Group Bank AG 4.0000 10/01/2025 EUR 64.000
Societe Generale Effe 4.750010/28/2022 EUR 58.490
Leonteq Securities AG 14.0000 02/08/2023 USD 28.770
BNP Paribas Emissions 8.0000 3/23/2023 EUR 57.350
Leonteq Securities AG 30.000010/18/2022 CHF 39.640
Bank Vontobel AG 29.0000 1/24/2023 CHF 43.300
Bayerische Landesbank 2.1500 1/27/2023 EUR 50.620
Bayerische Landesbank 3.600010/28/2022 EUR 64.250
Luzerner Kantonalbank 3.5000 8/30/2023 USD 47.790
Skandinaviska Enskild 10.1500 1/15/2025 SEK 48.170
Bayerische Landesbank 2.3000 2/24/2023 EUR 54.890
Bayerische Landesbank 0.800010/16/2036 EUR 63.117
Norddeutsche Landesba 1.000010/26/2035 EUR 65.693
KPNQwest NV 7.1250 06/01/2009 EUR 0.453
BNP Paribas SA 1.6600 2/26/2031 USD 67.243
Agence France Locale 0.5700 9/20/2040 EUR 69.037
State of Rhineland-Pa 0.1000 10/01/2040 EUR 62.014
Landesbank Hessen-Thu 0.8000 9/29/2036 EUR 66.290
Societe Generale SA 2.190010/14/2035 USD 60.254
Ville de Marseille 1.079011/19/2046 EUR 65.951
Wirtschafts- und Infr 0.4210 3/17/2039 EUR 68.271
UniCredit Bank AG 2.250010/14/2039 EUR 73.317
ECM Real Estate Inves 5.0000 10/09/2011 EUR 15.375
Kreditanstalt fuer Wi 0.210011/18/2037 EUR 67.005
Norddeutsche Landesba 1.4700 06/04/2035 EUR 69.924
Norddeutsche Landesba 1.170011/24/2038 EUR 62.831
HSBC Continental Euro 1.5000 7/26/2049 EUR 66.389
Citigroup Global Mark 1.0000 9/30/2036 EUR 66.727
Hungary Government Bo 3.000010/27/2027 HUF 72.605
Nederlandse Waterscha 1.1250 07/08/2050 EUR 69.225
Romanian Government I 2.0000 4/14/2033 EUR 61.973
Romanian Government I 2.8750 4/13/2042 EUR 54.361
Norddeutsche Landesba 1.4100 07/07/2037 EUR 65.953
Romanian Government I 2.6250 12/02/2040 EUR 54.276
Berner Oberland-Bahne 0.4500 5/30/2036 CHF 74.790
Landesbank Baden-Wuer 0.5900 9/22/2034 EUR 62.250
NRW Bank 1.2450 09/07/2060 EUR 68.474
Hema Bondco II BV 8.5000 1/15/2023 EUR 0.113
DZ Bank AG Deutsche Z 2.2400 8/22/2034 USD 73.681
Agence Metropolitaine 0.5000 07/07/2035 EUR 73.861
Romania Government Bo 4.2500 4/28/2036 RON 65.875
Nederlandse Waterscha 0.8100 07/08/2050 EUR 67.880
Bayerische Landesbank 1.6900 4/23/2037 EUR 71.779
Communaute Francaise 1.7000 4/15/2049 EUR 72.978
Landesbank Baden-Wuer 0.4900 5/28/2031 EUR 71.856
Communaute Francaise 1.0000 10/08/2069 EUR 50.199
Danske Bank A/S 0.8050 08/12/2036 EUR 73.254
Penarian Housing Fina 3.2120 06/07/2052 GBP 70.306
Hungary Government Bo 2.0000 5/23/2029 HUF 63.239
Credito Padano Banca 3.1000 EUR 33.918
Republic of Ireland I 0.8100 07/10/2079 EUR 49.111
Landesbank Hessen-Thu 0.4000 9/17/2031 EUR 74.252
Region Occitanie 0.792011/23/2043 EUR 64.150
SAir Group 2.7500 7/30/2004 CHF 12.375
Landesbank Hessen-Thu 0.8500 9/23/2033 EUR 71.917
United Kingdom Gilt 1.250010/22/2041 GBP 62.621
Vasakronan AB 1.8700 06/03/2039 EUR 74.118
Bayerische Landesbank 0.1500 8/30/2030 EUR 74.069
DZ HYP AG 1.430010/26/2046 EUR 72.980
Russian Foreign Bond 12.7500 6/24/2028 USD 66.670
Uralkali OJSC Via Ura 4.000010/22/2024 USD 18.767
Region de Bruxelles-C 1.5350 04/05/2049 EUR 70.968
Region de Bruxelles-C 1.4720 4/29/2044 EUR 73.623
Region de Bruxelles-C 1.4190 6/22/2045 EUR 73.073
UBS AG/London 5.0000 09/08/2023 CHF 53.450
Bank Vontobel AG 5.2500 3/24/2023 CHF 55.900
Credit Suisse AG/Lond 8.000012/27/2022 CHF 61.660
Credit Suisse AG/Lond 7.250012/27/2022 CHF 45.570
Credit Suisse AG/Lond 10.000012/28/2022 USD 23.790
Credit Suisse AG/Lond 11.5000 9/29/2022 CHF 7.650
Credit Suisse AG/Lond 9.000012/29/2022 USD 61.300
Credit Suisse AG/Lond 14.5000 9/30/2022 USD 26.330
Credit Suisse AG/Lond 7.5000 10/03/2022 CHF 56.670
Credit Suisse AG/Lond 13.7000 9/25/2023 USD 22.830
Credit Suisse AG/Lond 7.5000 10/04/2022 CHF 42.770
Credit Suisse AG/Lond 8.2500 10/04/2022 EUR 46.590
Credit Suisse AG/Lond 11.0000 10/03/2022 CHF 45.050
Credit Suisse AG/Lond 7.5000 01/05/2023 CHF 54.070
Credit Suisse AG/Lond 10.0000 10/05/2022 USD 27.800
Bank Vontobel AG 7.0000 3/31/2023 CHF 71.100
Bank Vontobel AG 5.2500 10/08/2024 CHF 69.600
Bank Vontobel AG 5.5000 10/09/2023 CHF 53.300
Bank Vontobel AG 11.0000 10/10/2022 CHF 45.600
Bank Vontobel AG 12.0000 01/10/2023 CHF 67.800
Bank Vontobel AG 10.0000 01/10/2023 CHF 39.900
Bank Vontobel AG 8.0000 01/10/2023 CHF 58.900
Bank Vontobel AG 14.2500 10/10/2022 CHF 37.200
Bank Vontobel AG 13.0000 01/10/2023 CHF 27.900
Bank Vontobel AG 10.5000 04/12/2023 CHF 33.700
Bank Vontobel AG 16.2500 04/12/2023 CHF 46.100
UBS AG/London 6.7500 09/08/2023 CHF 55.300
UBS AG/London 7.2500 09/08/2023 CHF 52.000
UBS AG/London 8.5000 03/08/2023 CHF 47.400
UBS AG/London 8.5000 01/09/2023 CHF 70.350
UBS AG/London 6.7500 01/09/2023 CHF 60.050
UBS AG/London 8.0000 01/09/2023 CHF 74.650
UBS AG/London 5.7500 07/07/2023 CHF 72.100
UBS AG/London 6.7500 7/14/2023 CHF 66.250
UBS AG/London 5.2500 7/14/2023 CHF 65.750
UBS AG/London 7.0000 9/22/2023 EUR 64.450
UBS AG/London 6.0000 9/22/2023 CHF 62.250
UBS AG/London 9.7500 3/22/2023 CHF 54.100
UBS AG/London 8.2500 3/22/2023 CHF 69.050
UBS AG/London 7.5000 9/22/2023 CHF 61.200
Zurcher Kantonalbank 11.0000 9/27/2022 CHF 59.450
Zurcher Kantonalbank 10.2500 9/27/2022 CHF 56.670
Zurcher Kantonalbank 14.0000 9/27/2022 USD 43.350
Zurcher Kantonalbank 19.5000 9/27/2022 CHF 71.360
UBS AG/London 8.0000 2/13/2023 CHF 57.900
UBS AG/London 9.2500 2/13/2023 CHF 12.180
UBS AG/London 9.5000 2/13/2023 CHF 55.400
UBS AG/London 5.5000 2/13/2023 CHF 68.100
UBS AG/London 8.7500 2/13/2023 CHF 62.150
UBS AG/London 8.5000 2/13/2023 USD 66.700
UBS AG/London 8.2500 2/13/2023 EUR 66.750
UBS AG/London 9.2500 2/20/2023 CHF 11.180
UBS AG/London 8.0000 8/18/2023 USD 55.050
UBS AG/London 7.7500 8/18/2023 CHF 62.800
Luzerner Kantonalbank 9.7000 10/01/2024 CHF 56.530
Vontobel Financial Pr 14.500012/23/2022 EUR 50.560
Bank Vontobel AG 8.7500 4/18/2023 CHF 13.600
UBS AG/London 6.5000 03/08/2023 CHF 56.300
UBS AG/London 8.0000 03/08/2023 CHF 58.650
Bank Vontobel AG 19.0000 12/05/2022 CHF 34.100
Bank Vontobel AG 9.5000 12/12/2022 CHF 52.100
Bank Vontobel AG 9.5000 12/12/2022 CHF 44.000
Bank Vontobel AG 8.0000 03/10/2023 CHF 47.200
Zurcher Kantonalbank 10.6000 03/09/2023 CHF 49.390
Zurcher Kantonalbank 9.7500 3/16/2023 CHF 49.780
Zurcher Kantonalbank 8.0000 3/16/2023 CHF 52.990
Credit Suisse AG/Lond 7.5000 10/12/2022 USD 55.480
Credit Suisse AG/Lond 9.0000 10/12/2022 EUR 66.770
Credit Suisse AG/Lond 8.000010/14/2022 EUR 41.380
Credit Suisse AG/Lond 7.500010/20/2022 USD 69.040
Credit Suisse AG/Lond 7.000010/17/2022 CHF 58.260
Credit Suisse AG/Lond 8.500010/17/2022 USD 61.170
UBS AG/London 12.2500 4/13/2023 CHF 13.740
UBS AG/London 7.250010/13/2023 CHF 64.550
Zurcher Kantonalbank 13.000010/13/2022 CHF 49.280
Zurcher Kantonalbank 16.000010/14/2022 CHF 17.830
Zurcher Kantonalbank 5.000010/13/2022 CHF 69.840
Zurcher Kantonalbank 8.000010/18/2022 CHF 16.260
Zurcher Kantonalbank 11.000010/18/2022 CHF 66.910
UBS AG/London 10.7500 3/15/2023 CHF 17.240
UBS AG/London 4.0000 3/15/2023 CHF 50.250
UBS AG/London 5.5000 3/15/2023 EUR 21.800
UBS AG/London 5.7500 9/15/2023 CHF 73.700
UBS AG/London 6.5000 9/15/2023 CHF 67.600
UBS AG/London 7.0000 3/15/2023 CHF 51.550
UBS AG/London 7.7500 9/15/2023 CHF 58.100
UBS AG/London 10.7500 3/15/2023 USD 41.350
UBS AG/London 8.7500 3/15/2023 USD 64.650
UBS AG/London 9.2500 01/09/2023 USD 67.500
UBS AG/London 18.2500 3/15/2023 CHF 15.740
UBS AG/London 7.2500 9/22/2023 CHF 52.700
UBS AG/London 8.0000 3/22/2023 CHF 60.300
UBS AG/London 10.0000 3/22/2023 CHF 50.800
UBS AG/London 5.2500 3/15/2023 CHF 62.100
UBS AG/London 8.7500 3/15/2023 USD 53.200
UBS AG/London 12.0000 3/22/2023 CHF 14.560
Zurcher Kantonalbank 8.0000 10/11/2022 CHF 70.170
Zurcher Kantonalbank 20.0000 10/11/2022 CHF 68.670
Zurcher Kantonalbank 20.0000 10/12/2022 USD 26.710
Zurcher Kantonalbank 19.5000 10/12/2022 CHF 36.310
Zurcher Kantonalbank 7.5000 04/05/2023 CHF 71.820
Zurcher Kantonalbank 8.0000 04/05/2023 EUR 55.950
Zurcher Kantonalbank 9.3500 10/05/2022 EUR 50.330
UBS AG/London 7.0000 07/07/2023 CHF 66.100
UBS AG/London 8.0000 01/09/2023 CHF 40.050
UBS AG/London 8.7500 1/16/2023 CHF 32.750
UBS AG/London 7.5000 1/16/2023 CHF 66.550
UBS AG/London 10.2500 1/17/2023 USD 39.500
UBS AG/London 9.7500 1/16/2023 EUR 69.950
UBS AG/London 5.2500 1/17/2023 USD 62.000
UBS AG/London 17.0000 1/17/2023 USD 71.400
UBS AG/London 8.0000 1/16/2023 EUR 65.250
Credit Suisse AG/Lond 8.000010/20/2022 CHF 55.830
Credit Suisse AG/Lond 9.500010/21/2022 EUR 65.340
Credit Suisse AG/Lond 7.500010/24/2022 CHF 54.730
Credit Suisse AG/Lond 7.000010/26/2022 CHF 57.360
Bank Vontobel AG 8.0000 03/06/2023 USD 64.900
Bank Vontobel AG 13.000011/28/2022 CHF 31.800
Bank Vontobel AG 7.0000 10/02/2023 CHF 47.800
Bank Vontobel AG 7.2500 10/02/2023 CHF 45.800
Bank Vontobel AG 13.5000 3/31/2023 CHF 46.400
Bank Vontobel AG 20.0000 10/03/2022 CHF 54.500
Bank Vontobel AG 14.7500 1/16/2023 CHF 14.300
Bank Vontobel AG 8.5000 1/23/2023 CHF 11.200
Bank Vontobel AG 5.5000 1/23/2023 CHF 62.400
Bank Vontobel AG 7.0000 1/23/2023 CHF 55.500
Bank Vontobel AG 5.7500 1/23/2023 CHF 53.200
Bank Vontobel AG 5.0000 1/23/2023 EUR 65.100
Bank Vontobel AG 10.0000 1/23/2023 EUR 31.700
Bank Vontobel AG 8.7500 1/23/2023 CHF 63.400
Bank Vontobel AG 15.000010/24/2022 CHF 39.900
Bank Vontobel AG 12.000010/24/2022 CHF 51.300
Leonteq Securities AG 9.0000 05/02/2023 CHF 48.960
Leonteq Securities AG 7.0000 11/01/2023 CHF 69.010
Bank Vontobel AG 6.5000 2/27/2023 CHF 55.800
Bank Vontobel AG 6.5000 8/28/2023 CHF 46.900
Bank Vontobel AG 9.0000 2/28/2023 CHF 60.100
Bank Vontobel AG 18.0000 2/28/2023 CHF 37.700
Bank Vontobel AG 8.000011/28/2022 CHF 33.900
Bank Vontobel AG 5.500011/28/2022 CHF 45.100
UBS AG/London 9.2500 1/30/2023 USD 20.120
UBS AG/London 6.2500 7/28/2023 CHF 58.700
UBS AG/London 8.2500 1/30/2023 CHF 62.200
UBS AG/London 5.5000 7/28/2023 CHF 52.850
UBS AG/London 8.5000 1/30/2023 CHF 11.600
UBS AG/London 8.0000 7/28/2023 CHF 44.450
UBS AG/London 6.5000 7/28/2023 CHF 67.250
Zurcher Kantonalbank 7.000010/21/2022 CHF 65.220
Zurcher Kantonalbank 9.500010/20/2022 CHF 44.640
Zurcher Kantonalbank 9.1500 4/25/2023 CHF 72.830
Zurcher Kantonalbank 7.600010/14/2022 CHF 50.150
Zurcher Kantonalbank 11.0000 4/21/2023 CHF 72.760
Zurcher Kantonalbank 7.000010/20/2022 CHF 66.020
Zurcher Kantonalbank 7.500010/21/2022 CHF 51.130
Zurcher Kantonalbank 9.300010/14/2022 CHF 60.270
Zurcher Kantonalbank 21.750010/21/2022 CHF 37.770
Credit Suisse AG/Lond 7.2500 11/10/2022 CHF 52.190
Credit Suisse AG/Lond 10.2500 11/09/2022 USD 19.920
Credit Suisse AG/Lond 7.000011/14/2022 CHF 54.830
Credit Suisse AG/Lond 7.000011/14/2022 USD 70.640
Credit Suisse AG/Lond 7.000011/16/2022 CHF 42.190
Societe Generale Effe 5.750010/28/2022 EUR 72.150
UBS AG/London 10.5000 04/06/2023 CHF 47.750
UBS AG/London 13.2500 04/06/2023 USD 57.800
UBS AG/London 10.500010/13/2022 CHF 43.850
UBS AG/London 12.250010/13/2022 CHF 36.550
UBS AG/London 8.500010/13/2022 EUR 64.500
UBS AG/London 10.500010/13/2022 CHF 61.350
UBS AG/London 6.7500 4/13/2023 CHF 66.550
UBS AG/London 14.7500 4/14/2023 USD 42.900
UBS AG/London 7.5000 4/13/2023 CHF 62.100
UBS AG/London 7.0000 4/13/2023 CHF 63.350
UBS AG/London 7.500010/13/2023 CHF 70.100
UBS AG/London 7.500010/13/2023 EUR 69.000
UBS AG/London 15.0000 4/14/2023 USD 60.600
UBS AG/London 13.2500 4/14/2023 USD 50.200
UBS AG/London 13.2500 4/14/2023 USD 34.350
UBS AG/London 8.7500 10/06/2022 CHF 62.800
UBS AG/London 6.7500 04/06/2023 CHF 59.000
UBS AG/London 13.0000 10/06/2022 CHF 31.650
UBS AG/London 9.7500 04/06/2023 USD 17.380
UBS AG/London 13.7500 10/06/2023 USD 27.000
UBS AG/London 8.0000 10/06/2023 CHF 59.850
UBS AG/London 9.7500 04/06/2023 CHF 47.500
UBS AG/London 5.5000 04/06/2023 CHF 77.500
UBS AG/London 11.5000 10/06/2023 CHF 68.300
UBS AG/London 8.2500 2/20/2023 CHF 56.250
UBS AG/London 6.2500 8/18/2023 CHF 57.100
UBS AG/London 21.2500 2/20/2023 CHF 16.680
UBS AG/London 7.7500 8/18/2023 CHF 56.100
UBS AG/London 9.2500 2/27/2023 CHF 11.880
UBS AG/London 15.7500 2/27/2023 CHF 36.500
UBS AG/London 8.2500 2/27/2023 CHF 55.000
UBS AG/London 6.2500 2/27/2023 CHF 56.000
UBS AG/London 7.2500 2/27/2023 CHF 44.600
UBS AG/London 11.0000 2/27/2023 CHF 36.250
UBS AG/London 8.7500 2/27/2023 USD 42.150
UBS AG/London 9.5000 2/27/2023 CHF 52.800
Credit Suisse AG/Lond 8.000010/28/2022 CHF 39.640
Credit Suisse AG/Lond 8.0000 11/02/2022 USD 64.740
Credit Suisse AG/Lond 7.0000 11/04/2022 CHF 55.700
Credit Suisse AG/Lond 10.2500 11/04/2022 EUR 69.050
UBS AG/London 8.000010/13/2023 CHF 65.100
UBS AG/London 7.750010/13/2023 CHF 50.250
UBS AG/London 8.750010/13/2023 CHF 59.500
UBS AG/London 8.750010/13/2023 CHF 53.850
UBS AG/London 7.5000 10/06/2023 CHF 62.400
UBS AG/London 10.2500 04/06/2023 USD 54.150
UBS AG/London 7.0000 10/06/2023 CHF 67.750
UBS AG/London 13.0000 04/06/2023 USD 37.850
Zurcher Kantonalbank 9.100010/14/2022 CHF 58.250
Zurcher Kantonalbank 23.000010/20/2022 CHF 56.210
Zurcher Kantonalbank 7.500010/25/2022 CHF 68.700
Zurcher Kantonalbank 7.000010/25/2022 CHF 58.700
Zurcher Kantonalbank 10.000010/25/2022 CHF 44.410
Zurcher Kantonalbank 26.800010/25/2022 CHF 45.130
Zurcher Kantonalbank 14.500010/24/2022 USD 13.380
Zurcher Kantonalbank 10.000010/24/2022 USD 51.580
UBS AG/London 9.2500 3/29/2023 USD 48.850
UBS AG/London 5.7500 9/29/2023 CHF 68.900
UBS AG/London 8.5000 3/29/2023 CHF 48.600
UBS AG/London 10.000012/30/2022 CHF 37.400
Bank Vontobel AG 10.5000 4/24/2023 EUR 56.600
Bank Vontobel AG 7.5000 4/24/2023 CHF 51.100
Bank Vontobel AG 7.5000 4/24/2023 CHF 57.200
Bank Vontobel AG 9.2500 1/23/2023 EUR 56.000
Bank Vontobel AG 6.750010/23/2023 EUR 53.500
DekaBank Deutsche Gir 3.8000 12/01/2022 EUR 71.430
UBS AG/London 7.0000 02/06/2023 CHF 44.850
UBS AG/London 12.0000 02/06/2023 USD 42.250
UBS AG/London 6.0000 02/06/2023 CHF 72.900
UBS AG/London 18.7500 02/06/2023 CHF 42.450
UBS AG/London 10.2500 02/06/2023 CHF 65.450
UBS AG/London 7.2500 08/04/2023 CHF 55.600
UBS AG/London 8.0000 02/06/2023 CHF 60.500
UBS AG/London 9.2500 1/30/2023 CHF 55.850
UBS AG/London 11.0000 1/30/2023 CHF 61.650
UBS AG/London 10.7500 1/30/2023 CHF 55.350
Bank Vontobel AG 10.0000 03/06/2023 CHF 51.500
Bank Vontobel AG 10.5000 03/06/2023 CHF 65.400
Bank Vontobel AG 9.0000 03/06/2023 CHF 47.600
Bank Vontobel AG 8.0000 12/05/2022 CHF 47.800
Bank Vontobel AG 6.0000 09/04/2023 CHF 49.500
Bank Vontobel AG 13.7500 03/06/2023 EUR 26.200
Credit Suisse AG/Lond 12.000010/18/2022 EUR 22.540
Credit Suisse AG/Lond 9.500010/18/2022 CHF 8.550
Credit Suisse AG/Lond 9.000010/19/2022 USD 69.550
Credit Suisse AG/Lond 11.000010/20/2022 EUR 31.030
Credit Suisse AG/Lond 7.0000 1/23/2023 CHF 63.200
Credit Suisse AG/Lond 7.500010/24/2022 CHF 61.580
Credit Suisse AG/Lond 12.250010/24/2022 CHF 37.890
Credit Suisse AG/Lond 13.500010/24/2022 USD 37.840
Credit Suisse AG/Lond 8.000010/25/2022 USD 45.980
Bank Vontobel AG 7.2500 10/02/2023 CHF 53.100
Bank Vontobel AG 16.500010/31/2022 CHF 39.800
Bank Vontobel AG 16.000010/31/2022 CHF 29.700
Bank Vontobel AG 11.750010/31/2022 CHF 35.200
Bank Vontobel AG 7.5000 05/02/2023 CHF 59.300
Bank Vontobel AG 12.0000 1/30/2023 CHF 70.700
Bank Vontobel AG 7.500010/30/2023 CHF 60.800
Bank Vontobel AG 8.0000 05/02/2023 CHF 46.100
Bank Vontobel AG 15.0000 05/02/2023 CHF 45.600
Bank Vontobel AG 7.000010/30/2023 CHF 57.800
Bank Vontobel AG 19.000010/31/2022 EUR 25.300
Bank Vontobel AG 8.000010/30/2023 EUR 71.600
UBS AG/London 7.2500 4/27/2023 CHF 62.050
UBS AG/London 8.5000 4/27/2023 CHF 58.850
UBS AG/London 11.500010/27/2022 EUR 32.900
UBS AG/London 7.5000 4/27/2023 USD 58.900
UBS AG/London 9.250010/27/2022 CHF 57.500
UBS AG/London 8.7500 4/27/2023 CHF 63.350
UBS AG/London 7.000010/27/2023 CHF 47.350
UBS AG/London 11.000010/27/2022 CHF 52.500
UBS AG/London 8.7500 4/27/2023 CHF 55.950
UBS AG/London 8.000010/27/2023 CHF 62.250
UBS AG/London 9.2500 4/27/2023 CHF 50.550
UBS AG/London 9.7500 4/27/2023 USD 41.050
UBS AG/London 9.5000 4/27/2023 USD 43.900
UBS AG/London 11.750010/27/2022 CHF 73.950
Zurcher Kantonalbank 20.000010/26/2022 USD 37.800
Zurcher Kantonalbank 19.000010/26/2022 CHF 37.790
Zurcher Kantonalbank 12.000010/26/2022 USD 45.180
Zurcher Kantonalbank 28.538410/26/2022 CHF 72.500
Landesbank Baden-Wuer 3.650010/27/2023 EUR 70.970
Landesbank Baden-Wuer 5.150010/27/2023 EUR 67.640
Landesbank Baden-Wuer 6.200010/27/2023 EUR 65.990
Landesbank Baden-Wuer 3.500010/27/2023 EUR 72.960
Landesbank Baden-Wuer 2.500010/27/2023 EUR 50.770
Landesbank Baden-Wuer 3.250010/27/2023 EUR 35.590
Landesbank Baden-Wuer 7.800010/27/2023 EUR 67.620
Landesbank Baden-Wuer 5.000010/27/2023 EUR 66.560
Landesbank Baden-Wuer 8.200010/27/2023 EUR 60.460
Landesbank Baden-Wuer 4.250010/27/2023 EUR 64.780
Landesbank Baden-Wuer 6.200010/27/2023 EUR 59.100
Landesbank Baden-Wuer 7.600010/27/2023 EUR 56.230
Landesbank Baden-Wuer 9.000010/27/2023 EUR 53.850
Landesbank Baden-Wuer 2.700010/27/2023 EUR 66.520
Landesbank Baden-Wuer 4.350010/27/2023 EUR 61.930
Landesbank Baden-Wuer 5.600010/27/2023 EUR 59.310
Landesbank Baden-Wuer 2.900010/27/2023 EUR 70.250
Landesbank Baden-Wuer 4.300010/27/2023 EUR 65.590
Landesbank Baden-Wuer 6.000010/27/2023 EUR 61.840
Landesbank Baden-Wuer 7.750010/27/2023 EUR 59.000
Landesbank Baden-Wuer 5.250010/27/2023 EUR 50.700
Landesbank Baden-Wuer 6.500010/27/2023 EUR 47.860
Landesbank Baden-Wuer 8.000010/27/2023 EUR 45.850
Landesbank Baden-Wuer 2.000010/27/2023 EUR 64.190
Landesbank Baden-Wuer 3.000010/27/2023 EUR 60.130
Landesbank Baden-Wuer 4.250010/27/2023 EUR 57.000
Landesbank Baden-Wuer 3.350010/27/2023 EUR 67.060
Landesbank Baden-Wuer 4.350010/27/2023 EUR 64.370
Landesbank Baden-Wuer 3.600010/27/2023 EUR 72.390
Landesbank Baden-Wuer 3.100010/27/2023 EUR 59.600
Landesbank Baden-Wuer 4.700010/27/2023 EUR 55.480
Landesbank Baden-Wuer 2.700010/27/2023 EUR 67.060
Landesbank Baden-Wuer 3.500010/27/2023 EUR 64.570
Landesbank Baden-Wuer 4.350010/27/2023 EUR 62.410
Landesbank Baden-Wuer 2.100010/27/2023 EUR 62.530
Landesbank Baden-Wuer 3.100010/27/2023 EUR 59.300
Landesbank Baden-Wuer 4.300010/27/2023 EUR 56.730
Landesbank Baden-Wuer 3.500010/27/2023 EUR 53.390
Landesbank Baden-Wuer 4.000010/27/2023 EUR 68.820
Landesbank Baden-Wuer 6.250010/27/2023 EUR 62.450
Landesbank Baden-Wuer 2.250010/27/2023 EUR 60.610
Landesbank Baden-Wuer 4.850010/27/2023 EUR 71.420
Landesbank Baden-Wuer 5.900010/27/2023 EUR 70.240
Landesbank Baden-Wuer 2.850010/27/2023 EUR 67.850
Landesbank Baden-Wuer 7.350010/27/2023 EUR 65.040
Landesbank Baden-Wuer 9.250010/27/2023 EUR 60.680
Bank Julius Baer & Co 6.8000 02/02/2023 CHF 40.500
Bank Julius Baer & Co 11.0000 02/02/2023 CHF 48.550
Landesbank Baden-Wuer 2.500010/28/2022 EUR 69.950
Leonteq Securities AG 20.4000 11/01/2022 CHF 12.810
Corner Banca SA 15.0000 11/01/2022 CHF 71.780
Leonteq Securities AG 12.0000 11/01/2022 CHF 45.440
Corner Banca SA 10.0000 11/01/2023 CHF 61.110
Corner Banca SA 10.0000 05/02/2023 EUR 46.510
Leonteq Securities AG 9.0000 11/01/2023 CHF 55.020
Corner Banca SA 20.0000 11/01/2022 USD 20.110
Sberbank of Russia PJ 0.0100 11/02/2026 RUB 69.900
DZ Bank AG Deutsche Z 5.000011/23/2022 EUR 56.560
DZ Bank AG Deutsche Z 8.000011/23/2022 EUR 53.240
DZ Bank AG Deutsche Z 5.250012/21/2022 EUR 56.280
DZ Bank AG Deutsche Z 7.750011/23/2022 EUR 67.000
DZ Bank AG Deutsche Z 9.250011/23/2022 EUR 63.840
DZ Bank AG Deutsche Z 14.000011/23/2022 EUR 56.450
DZ Bank AG Deutsche Z 14.500012/21/2022 EUR 33.170
DZ Bank AG Deutsche Z 7.750012/21/2022 EUR 47.410
DZ Bank AG Deutsche Z 10.750012/21/2022 EUR 59.800
DZ Bank AG Deutsche Z 5.750011/23/2022 EUR 57.540
DZ Bank AG Deutsche Z 9.000011/23/2022 EUR 53.650
DZ Bank AG Deutsche Z 5.250012/21/2022 EUR 62.780
DZ Bank AG Deutsche Z 6.500012/21/2022 EUR 53.180
DZ Bank AG Deutsche Z 10.500011/23/2022 EUR 39.750
DZ Bank AG Deutsche Z 15.250011/23/2022 EUR 34.700
DZ Bank AG Deutsche Z 8.750012/21/2022 EUR 48.930
DZ Bank AG Deutsche Z 6.000012/21/2022 EUR 69.550
DZ Bank AG Deutsche Z 5.000011/23/2022 EUR 71.410
DZ Bank AG Deutsche Z 11.000012/21/2022 EUR 46.140
DZ Bank AG Deutsche Z 8.750012/21/2022 EUR 41.200
DZ Bank AG Deutsche Z 6.500011/23/2022 EUR 64.710
DZ Bank AG Deutsche Z 12.250011/23/2022 EUR 56.370
DZ Bank AG Deutsche Z 10.000012/21/2022 EUR 59.100
DZ Bank AG Deutsche Z 5.000011/23/2022 EUR 71.410
DZ Bank AG Deutsche Z 8.000011/23/2022 EUR 66.960
Leonteq Securities AG 14.0000 02/01/2023 USD 50.620
Leonteq Securities AG 14.0000 11/01/2022 EUR 67.700
Bank Julius Baer & Co 5.0000 02/02/2023 CHF 57.700
Bank Julius Baer & Co 4.5000 02/02/2023 CHF 67.200
Bank Julius Baer & Co 8.8000 11/02/2022 CHF 59.200
Raiffeisen Switzerlan 7.0000 05/02/2023 EUR 71.360
Raiffeisen Schweiz Ge 12.2500 05/02/2023 CHF 28.620
Raiffeisen Schweiz Ge 6.0000 11/01/2023 CHF 58.530
Raiffeisen Schweiz Ge 7.0000 11/01/2023 CHF 65.900
Raiffeisen Schweiz Ge 16.0000 11/01/2022 CHF 38.130
Raiffeisen Schweiz Ge 9.5000 05/02/2023 CHF 40.610
Raiffeisen Schweiz Ge 11.0000 02/01/2023 CHF 57.000
Raiffeisen Schweiz Ge 7.4000 11/01/2023 CHF 66.900
Raiffeisen Schweiz Ge 10.0000 05/01/2023 USD 41.900
Basler Kantonalbank 10.0000 05/10/2023 CHF 64.880
Basler Kantonalbank 14.0000 11/10/2022 CHF 33.480
Bank Julius Baer & Co 5.9000 11/02/2022 CHF 62.950
Bank Julius Baer & Co 6.3500 11/02/2022 CHF 62.300
Basler Kantonalbank 7.0000 11/10/2023 CHF 60.940
Bank Vontobel AG 6.5000 10/02/2023 CHF 60.600
Bank Vontobel AG 7.0000 3/31/2023 CHF 83.900
UBS AG/London 7.8500 11/02/2023 USD 38.500
Leonteq Securities AG 22.8000 11/02/2022 CHF 37.580
Leonteq Securities AG 23.4000 11/02/2022 CHF 19.410
Banque Internationale 18.0000 11/02/2022 EUR 39.080
Landesbank Baden-Wuer 2.5000 1/27/2023 EUR 62.480
EFG International Fin 6.5800 11/01/2022 CHF 56.240
Leonteq Securities AG 6.1000 12/06/2023 CHF 51.280
Raiffeisen Schweiz Ge 5.0000 09/07/2023 CHF 62.560
Raiffeisen Schweiz Ge 7.5000 03/03/2023 CHF 47.960
UniCredit Bank AG 4.6500 9/28/2022 EUR 52.500
Bank Vontobel AG 8.250011/27/2023 EUR 46.800
Bank Vontobel AG 8.5000 12/04/2023 CHF 56.600
UniCredit Bank AG 13.000012/29/2022 EUR 68.900
Bank Julius Baer & Co 7.0000 09/11/2023 USD 62.850
Societe Generale SA 20.000012/18/2025 USD 42.600
EFG International Fin 7.0000 03/08/2023 CHF 71.960
Landesbank Baden-Wuer 4.0000 9/26/2025 EUR 60.450
Landesbank Baden-Wuer 3.1000 9/26/2025 EUR 67.600
Leonteq Securities AG 8.5000 03/08/2023 EUR 49.190
Leonteq Securities AG 9.5000 12/08/2022 EUR 36.550
Goldman Sachs & Co We 7.000012/21/2022 EUR 47.960
Goldman Sachs & Co We 4.0000 3/22/2023 EUR 56.870
Goldman Sachs & Co We 6.0000 3/22/2023 EUR 51.760
Leonteq Securities AG 19.0000 12/06/2022 CHF 33.550
Leonteq Securities AG 12.0000 12/06/2022 CHF 36.440
Vontobel Financial Pr 5.000012/28/2023 EUR 71.580
Corner Banca SA 12.6000 12/06/2022 CHF 37.100
Corner Banca SA 13.6000 12/06/2022 EUR 50.010
EFG International Fin 6.2000 12/06/2022 CHF 51.150
Goldman Sachs & Co We 5.0000 6/21/2023 EUR 54.480
UniCredit Bank AG 11.4500 9/28/2022 EUR 57.570
UniCredit Bank AG 7.2500 9/28/2022 EUR 50.850
Leonteq Securities AG 14.8000 12/06/2022 CHF 31.610
Leonteq Securities AG 8.0000 12/06/2022 CHF 47.790
Leonteq Securities AG 10.4000 12/06/2022 CHF 42.000
Raiffeisen Schweiz Ge 10.5000 12/06/2022 CHF 53.740
Zurcher Kantonalbank 4.8000 12/08/2023 CHF 60.460
Leonteq Securities AG 11.0000 12/06/2022 CHF 44.760
Nordea Bank Abp 3.0500 7/20/2027 SEK 70.750
Leonteq Securities AG 10.0000 03/06/2023 CHF 36.220
Raiffeisen Schweiz Ge 4.0000 03/03/2023 CHF 14.410
Goldman Sachs & Co We 4.000012/21/2022 EUR 55.930
Goldman Sachs & Co We 5.0000 3/22/2023 EUR 54.140
Goldman Sachs & Co We 10.0000 6/21/2023 EUR 46.510
Sberbank of Russia PJ 0.0100 09/04/2026 RUB 70.300
Leonteq Securities AG 8.0000 03/07/2023 USD 34.690
Leonteq Securities AG 21.0000 6/13/2023 CHF 44.950
Leonteq Securities AG 13.000012/13/2023 CHF 70.750
UniCredit Bank AG 15.3000 3/24/2023 EUR 69.070
DZ Bank AG Deutsche Z 10.750012/21/2022 EUR 65.360
UniCredit Bank AG 7.800012/23/2022 EUR 58.840
UniCredit Bank AG 13.700012/23/2022 EUR 73.420
UniCredit Bank AG 14.8000 3/24/2023 EUR 72.070
Bank Julius Baer & Co 8.5000 6/14/2023 CHF 69.750
UniCredit Bank AG 16.7000 3/24/2023 EUR 70.490
UniCredit Bank AG 17.8000 3/24/2023 EUR 66.990
DZ Bank AG Deutsche Z 9.2500 6/21/2023 EUR 64.310
DZ Bank AG Deutsche Z 7.5000 9/20/2023 EUR 64.540
DZ Bank AG Deutsche Z 9.500012/21/2022 EUR 65.430
DZ Bank AG Deutsche Z 11.7500 3/22/2023 EUR 66.830
UniCredit Bank AG 14.600012/23/2022 EUR 71.870
UniCredit Bank AG 11.7000 3/24/2023 EUR 54.100
UniCredit Bank AG 11.700012/23/2022 EUR 52.870
UniCredit Bank AG 14.800012/23/2022 EUR 49.810
UniCredit Bank AG 8.4000 3/24/2023 EUR 66.270
UniCredit Bank AG 12.300012/23/2022 EUR 59.410
UniCredit Bank AG 19.0000 3/24/2023 EUR 68.610
DZ Bank AG Deutsche Z 14.750012/21/2022 EUR 63.630
UniCredit Bank AG 12.9000 3/24/2023 EUR 52.860
UniCredit Bank AG 5.3500 2/27/2023 EUR 38.080
UniCredit Bank AG 10.6000 3/24/2023 EUR 55.540
UniCredit Bank AG 8.6000 3/24/2023 EUR 58.940
UniCredit Bank AG 14.1000 3/24/2023 EUR 51.720
UniCredit Bank AG 9.6000 3/24/2023 EUR 57.170
UniCredit Bank AG 13.8000 3/24/2023 EUR 72.860
DZ Bank AG Deutsche Z 5.000012/21/2022 EUR 58.660
Leonteq Securities AG 11.0000 12/06/2022 EUR 59.390
DZ Bank AG Deutsche Z 5.250012/19/2022 EUR 67.000
Leonteq Securities AG 9.2000 12/06/2022 CHF 50.990
Goldman Sachs & Co We 5.000012/21/2022 EUR 52.930
Goldman Sachs & Co We 6.000012/21/2022 EUR 50.300
Goldman Sachs & Co We 16.000012/21/2022 EUR 40.380
Goldman Sachs & Co We 7.0000 3/22/2023 EUR 49.670
Goldman Sachs & Co We 12.0000 6/21/2023 EUR 44.640
DZ Bank AG Deutsche Z 4.800012/19/2022 EUR 55.290
DZ Bank AG Deutsche Z 5.900012/19/2022 EUR 53.260
DZ Bank AG Deutsche Z 5.500012/21/2022 EUR 64.580
DZ Bank AG Deutsche Z 6.750012/21/2022 EUR 52.440
Leonteq Securities AG 10.0000 12/06/2022 CHF 62.040
Leonteq Securities AG 17.1000 12/06/2022 CHF 11.140
DZ Bank AG Deutsche Z 15.500012/21/2022 EUR 42.920
DZ Bank AG Deutsche Z 6.000012/21/2022 EUR 67.110
Landesbank Baden-Wuer 2.9000 8/22/2025 EUR 56.230
UniCredit Bank AG 4.5000 9/30/2024 EUR 65.700
Leonteq Securities AG 8.0000 03/07/2023 USD 70.200
Zurcher Kantonalbank 6.000011/29/2022 CHF 69.740
Leonteq Securities AG 9.0000 03/10/2023 CHF 68.870
Leonteq Securities AG 9.0000 03/10/2023 CHF 45.670
Leonteq Securities AG 7.0000 9/13/2023 CHF 62.960
Leonteq Securities AG 10.0000 03/10/2023 CHF 12.860
Credit Suisse AG/Lond 13.500011/28/2022 CHF 12.610
Credit Suisse AG/Lond 15.000011/29/2022 USD 13.200
Credit Suisse AG/Lond 8.500011/30/2022 CHF 66.580
Credit Suisse AG/Lond 9.500011/30/2022 EUR 33.340
Credit Suisse AG/Lond 8.600011/29/2022 USD 61.760
Bank Vontobel AG 9.5000 2/20/2023 EUR 35.200
Bank Vontobel AG 10.0000 2/20/2023 CHF 63.500
Bank Vontobel AG 6.0000 2/20/2023 CHF 60.100
Bank Vontobel AG 7.0000 5/26/2023 EUR 64.500
UniCredit Bank AG 4.000012/30/2024 EUR 59.960
UniCredit Bank AG 4.000012/30/2024 EUR 71.270
Leonteq Securities AG 11.0000 3/13/2023 USD 67.910
DZ Bank AG Deutsche Z 4.250012/21/2022 EUR 53.230
DZ Bank AG Deutsche Z 13.250012/21/2022 EUR 69.500
Vontobel Financial Pr 13.500012/23/2022 EUR 64.460
Vontobel Financial Pr 16.500012/23/2022 EUR 51.300
Vontobel Financial Pr 10.500012/23/2022 EUR 71.830
Vontobel Financial Pr 13.000012/23/2022 EUR 68.740
Vontobel Financial Pr 14.500012/23/2022 EUR 44.100
Vontobel Financial Pr 16.000012/23/2022 EUR 43.090
Vontobel Financial Pr 7.500012/23/2022 EUR 27.720
Vontobel Financial Pr 4.000012/23/2022 EUR 30.910
Vontobel Financial Pr 9.500012/23/2022 EUR 62.920
Vontobel Financial Pr 10.000012/23/2022 EUR 46.360
Vontobel Financial Pr 5.000012/23/2022 EUR 51.480
Vontobel Financial Pr 14.000012/23/2022 EUR 43.890
Vontobel Financial Pr 13.000012/23/2022 EUR 59.530
Vontobel Financial Pr 16.000012/23/2022 EUR 61.660
Vontobel Financial Pr 18.000012/23/2022 EUR 68.020
Vontobel Financial Pr 12.000012/23/2022 EUR 43.700
Vontobel Financial Pr 10.000012/23/2022 EUR 45.250
Vontobel Financial Pr 15.000012/23/2022 EUR 41.990
EFG International Fin 12.0000 05/10/2023 EUR 40.150
EFG International Fin 11.0000 11/10/2022 CHF 64.170
Societe Generale Effe 6.000011/25/2022 EUR 68.470
Societe Generale Effe 12.000010/28/2022 EUR 69.070
EFG International Fin 16.0000 11/10/2022 USD 66.080
Leonteq Securities AG 11.000011/15/2022 CHF 33.950
Landesbank Baden-Wuer 4.000011/25/2022 EUR 60.670
Landesbank Baden-Wuer 4.350011/25/2022 EUR 45.250
Landesbank Baden-Wuer 2.700011/25/2022 EUR 53.080
Landesbank Baden-Wuer 2.400011/25/2022 EUR 65.280
Landesbank Baden-Wuer 4.700011/25/2022 EUR 60.740
Landesbank Baden-Wuer 3.200011/25/2022 EUR 63.910
Landesbank Baden-Wuer 5.100011/25/2022 EUR 54.150
Landesbank Baden-Wuer 2.600011/25/2022 EUR 69.720
Landesbank Baden-Wuer 3.500011/25/2022 EUR 63.480
Landesbank Baden-Wuer 6.100011/25/2022 EUR 59.060
Landesbank Baden-Wuer 2.600011/25/2022 EUR 54.320
Landesbank Baden-Wuer 2.850011/25/2022 EUR 56.310
Landesbank Baden-Wuer 4.000011/25/2022 EUR 71.850
Landesbank Baden-Wuer 5.850011/25/2022 EUR 56.380
Landesbank Baden-Wuer 2.350011/25/2022 EUR 69.950
Landesbank Baden-Wuer 6.650011/25/2022 EUR 59.400
Landesbank Baden-Wuer 8.300011/25/2022 EUR 47.250
Landesbank Baden-Wuer 9.000011/25/2022 EUR 65.890
Landesbank Baden-Wuer 6.250011/25/2022 EUR 58.670
Landesbank Baden-Wuer 2.700011/25/2022 EUR 68.680
Bank Vontobel AG 7.750011/13/2023 EUR 66.700
Bank Vontobel AG 6.250011/13/2023 CHF 57.600
Bank Vontobel AG 9.0000 05/12/2023 CHF 48.900
Bank Vontobel AG 11.500011/14/2022 EUR 54.600
Bank Vontobel AG 18.750011/14/2022 CHF 16.300
Zurcher Kantonalbank 6.6000 11/08/2023 CHF 62.260
Corner Banca SA 11.0000 12/06/2022 CHF 66.050
Leonteq Securities AG 8.0000 03/06/2023 CHF 56.480
Leonteq Securities AG 9.0000 09/06/2023 CHF 50.620
Raiffeisen Schweiz Ge 4.0000 09/06/2023 CHF 69.700
Leonteq Securities AG 7.3000 12/02/2022 AUD 46.580
Leonteq Securities AG 9.0000 03/07/2023 USD 45.700
MKB-Leasing OOO 23.0000 10/12/2026 RUB 70.030
Landesbank Baden-Wuer 3.150012/23/2022 EUR 55.750
Landesbank Baden-Wuer 3.500012/23/2022 EUR 62.740
Landesbank Baden-Wuer 3.000012/23/2022 EUR 68.930
Landesbank Baden-Wuer 3.000012/23/2022 EUR 69.370
Landesbank Baden-Wuer 4.750012/23/2022 EUR 64.760
Bank Julius Baer & Co 10.750010/31/2022 USD 62.000
Zurcher Kantonalbank 12.5000 10/05/2022 USD 51.850
Zurcher Kantonalbank 7.0000 10/07/2022 CHF 55.370
Zurcher Kantonalbank 10.5000 10/11/2022 CHF 65.780
Zurcher Kantonalbank 9.0505 9/30/2022 CHF 65.750
Zurcher Kantonalbank 8.1500 3/31/2023 CHF 42.550
UBS AG/London 7.5000 9/29/2023 CHF 54.550
UBS AG/London 8.5000 9/29/2023 CHF 61.050
UBS AG/London 12.0000 3/29/2023 EUR 58.050
UBS AG/London 14.7500 3/29/2023 CHF 54.750
UBS AG/London 8.5000 9/29/2023 CHF 65.950
UBS AG/London 13.0000 3/29/2023 USD 43.700
UBS AG/London 10.0000 3/29/2023 CHF 47.700
UBS AG/London 6.7500 3/29/2023 CHF 59.600
UBS AG/London 7.2500 3/29/2023 USD 66.150
UBS AG/London 7.7500 9/29/2023 CHF 51.250
UBS AG/London 8.7500 3/29/2023 CHF 45.900
UBS AG/London 6.2500 9/29/2023 CHF 59.400
UBS AG/London 10.2500 4/20/2023 CHF 61.200
UBS AG/London 8.250010/20/2023 CHF 55.550
UBS AG/London 10.2500 4/20/2023 CHF 39.200
UBS AG/London 10.750010/20/2022 EUR 28.840
UBS AG/London 10.750010/20/2022 CHF 52.150
UBS AG/London 9.500010/20/2023 EUR 71.800
UBS AG/London 5.7500 4/20/2023 CHF 69.500
UBS AG/London 8.750010/20/2023 CHF 49.500
UBS AG/London 8.750010/20/2023 EUR 68.250
UBS AG/London 14.2500 4/20/2023 USD 44.150
UBS AG/London 15.000010/20/2022 USD 55.950
UBS AG/London 11.2500 4/20/2023 CHF 66.650
UBS AG/London 13.2500 4/20/2023 USD 42.450
UBS AG/London 12.0000 1/23/2023 CHF 37.100
UBS AG/London 10.5000 1/23/2023 CHF 11.800
UBS AG/London 5.5000 7/21/2023 CHF 61.900
UBS AG/London 8.5000 7/21/2023 CHF 58.650
UBS AG/London 6.5000 1/23/2023 CHF 58.150
UBS AG/London 6.2500 7/21/2023 CHF 68.050
UBS AG/London 9.0000 7/21/2023 EUR 56.250
Credit Suisse AG/Lond 6.250011/28/2022 CHF 59.820
Credit Suisse AG/Lond 6.000011/28/2022 CHF 62.110
Credit Suisse AG/Lond 7.500011/28/2022 USD 73.260
Credit Suisse AG/Lond 8.000011/30/2022 USD 59.780
Credit Suisse AG/Lond 10.000011/30/2022 CHF 9.950
Credit Suisse AG/Lond 7.2500 12/01/2022 CHF 58.470
Credit Suisse AG/Lond 10.0000 9/26/2022 EUR 65.230
Credit Suisse AG/Lond 10.0000 10/03/2022 CHF 38.960
UBS AG/London 5.5000 09/01/2023 CHF 59.850
UBS AG/London 7.7500 03/01/2023 CHF 56.300
UBS AG/London 7.5000 03/01/2023 CHF 55.850
UBS AG/London 9.2500 03/01/2023 CHF 54.850
UBS AG/London 6.5000 03/01/2023 CHF 52.050
UBS AG/London 8.2500 03/01/2023 CHF 40.750
UBS AG/London 10.5000 2/27/2023 CHF 72.950
Credit Suisse AG/Lond 7.0000 12/08/2022 CHF 49.590
Credit Suisse AG/Lond 8.0000 12/09/2022 CHF 55.560
Credit Suisse AG/Lond 7.750012/15/2022 CHF 43.000
Credit Suisse AG/Lond 8.500012/16/2022 CHF 43.990
Bank Vontobel AG 7.0000 9/18/2023 CHF 54.900
Bank Vontobel AG 7.7500 3/17/2023 CHF 48.100
Bank Vontobel AG 8.5000 3/17/2023 CHF 40.800
Bank Vontobel AG 11.5000 3/17/2023 CHF 35.100
Bank Vontobel AG 5.750012/27/2022 USD 69.600
Bank Vontobel AG 6.0000 9/25/2023 CHF 54.200
Bank Vontobel AG 10.500012/27/2022 CHF 36.800
Bank Vontobel AG 11.0000 3/24/2023 EUR 49.500
Bank Vontobel AG 8.0000 3/24/2023 CHF 52.700
Bank Vontobel AG 7.2500 3/24/2023 CHF 47.700
Landesbank Baden-Wuer 2.900012/23/2022 EUR 64.710
UBS AG/London 7.2500 6/30/2023 CHF 70.700
UBS AG/London 4.5000 07/01/2024 CHF 72.900
UBS AG/London 8.2500 6/30/2023 CHF 48.650
UBS AG/London 7.500012/30/2022 CHF 59.600
UBS AG/London 7.000012/30/2022 CHF 59.400
UBS AG/London 7.7500 6/30/2023 CHF 71.750
UBS AG/London 8.500012/30/2022 CHF 69.900
UBS AG/London 6.0000 6/30/2023 CHF 41.250
UBS AG/London 8.500012/30/2022 CHF 63.450
Bank Vontobel AG 10.5000 4/18/2023 EUR 51.700
Bank Vontobel AG 7.5000 1/16/2023 EUR 50.000
Bank Vontobel AG 4.0000 4/15/2024 CHF 68.200
Bank Vontobel AG 9.000010/17/2022 CHF 65.000
Bank Vontobel AG 12.000010/17/2022 EUR 44.200
Bank Vontobel AG 7.5000 4/18/2023 CHF 63.600
Bank Vontobel AG 13.000010/17/2022 CHF 16.700
Bank Vontobel AG 9.2500 1/16/2023 CHF 51.000
Bank Vontobel AG 8.0000 1/16/2023 CHF 52.900
Bank Vontobel AG 9.0000 8/28/2023 EUR 71.900
Bank Vontobel AG 10.0000 2/28/2023 CHF 36.800
Bank Vontobel AG 6.0000 2/27/2023 CHF 50.200
Bank Vontobel AG 10.0000 2/27/2023 EUR 22.800
Bank Vontobel AG 7.5000 2/28/2023 CHF 34.300
Bank Vontobel AG 7.5000 8/28/2023 CHF 48.400
Bank Vontobel AG 6.0000 8/28/2023 CHF 53.300
Credit Suisse AG/Lond 7.000012/16/2022 CHF 47.920
Credit Suisse AG/Lond 11.000012/20/2022 CHF 9.490
Credit Suisse AG/Lond 9.250012/21/2022 USD 49.670
Credit Suisse AG/Lond 7.000012/23/2022 CHF 54.800
Credit Suisse AG/Lond 8.000012/27/2022 EUR 21.570
Credit Suisse AG/Lond 8.000012/27/2022 CHF 44.140
Bank Vontobel AG 11.5000 12/12/2022 EUR 57.400
Bank Vontobel AG 8.0000 03/10/2023 EUR 46.400
Bank Vontobel AG 6.7500 09/10/2024 EUR 65.600
Bank Vontobel AG 7.0000 12/12/2022 CHF 42.900
Bank Vontobel AG 7.250012/19/2022 CHF 42.100
Bank Vontobel AG 15.500012/19/2022 EUR 24.200
UBS AG/London 12.5000 2/13/2023 CHF 13.460
UBS AG/London 7.7500 2/13/2023 CHF 59.300
UBS AG/London 8.2500 1/23/2023 CHF 63.650
UBS AG/London 11.0000 7/21/2023 USD 28.220
Credit Suisse AG/Lond 9.0000 10/03/2022 EUR 64.550
Credit Suisse AG/Lond 11.5000 10/06/2022 USD 18.580
Credit Suisse AG/Lond 7.0000 10/07/2022 CHF 64.710
Credit Suisse AG/Lond 10.2500 2/13/2023 CHF 54.630
Credit Suisse AG/Lond 8.000011/24/2022 EUR 70.540
Credit Suisse AG/Lond 10.3500 2/27/2023 CHF 12.650
UBS AG/London 10.2500 3/29/2023 CHF 53.850
Zurcher Kantonalbank 7.5000 9/29/2022 EUR 60.120
Zurcher Kantonalbank 8.000012/27/2022 CHF 49.010
Zurcher Kantonalbank 10.5000 10/04/2022 CHF 58.250
Zurcher Kantonalbank 8.0000 10/04/2022 CHF 62.860
Zurcher Kantonalbank 29.0000 9/29/2022 CHF 38.660
Zurcher Kantonalbank 7.5000 10/04/2022 CHF 66.290
Zurcher Kantonalbank 8.0000 10/04/2022 CHF 69.410
Zurcher Kantonalbank 10.0000 10/04/2022 CHF 63.840
Zurcher Kantonalbank 8.2500 10/04/2022 CHF 50.620
Zurcher Kantonalbank 21.0000 10/04/2022 CHF 33.890
Zurcher Kantonalbank 16.7500 04/04/2023 USD 52.570
Zurcher Kantonalbank 6.8000 10/04/2022 CHF 65.620
UBS AG/London 8.0000 10/11/2022 CHF 56.800
UBS AG/London 8.000010/20/2023 CHF 55.250
UBS AG/London 14.250010/20/2022 CHF 38.000
UBS AG/London 9.500010/20/2022 USD 54.050
UBS AG/London 9.7500 2/20/2023 CHF 55.350
UBS AG/London 10.2500 2/20/2023 EUR 71.200
UBS AG/London 6.2500 8/18/2023 CHF 59.650
UBS AG/London 10.0000 2/20/2023 EUR 21.400
UBS AG/London 7.5000 8/18/2023 CHF 48.300
UBS AG/London 6.2500 8/18/2023 CHF 60.850
UBS AG/London 9.2500 2/20/2023 CHF 11.180
UBS AG/London 6.5000 8/18/2023 CHF 57.800
UBS AG/London 7.0000 7/21/2023 CHF 66.050
UBS AG/London 11.5000 1/23/2023 CHF 51.250
Luzerner Kantonalbank 9.7000 3/23/2023 CHF 61.720
Luzerner Kantonalbank 6.4000 10/04/2023 CHF 61.390
UBS AG/London 6.0000 7/14/2023 CHF 59.050
UBS AG/London 8.5000 1/16/2023 CHF 58.300
UBS AG/London 11.0000 1/16/2023 CHF 52.250
UBS AG/London 10.0000 1/16/2023 CHF 54.050
UBS AG/London 5.0000 01/09/2023 USD 48.850
UBS AG/London 6.0000 07/07/2023 EUR 51.400
UBS AG/London 7.2500 07/10/2023 USD 45.650
UBS AG/London 10.7500 01/09/2023 CHF 64.200
Zurcher Kantonalbank 8.2500 3/15/2023 EUR 54.100
UBS AG/London 7.7500 3/22/2023 USD 71.700
UBS AG/London 7.0000 9/22/2023 CHF 63.600
UBS AG/London 9.7500 3/22/2023 CHF 46.700
UBS AG/London 9.2500 3/22/2023 CHF 52.150
UBS AG/London 6.7500 3/22/2023 CHF 66.600
UBS AG/London 14.7500 3/22/2023 USD 20.200
UBS AG/London 10.5000 3/22/2023 USD 34.750
UBS AG/London 8.7500 9/22/2023 CHF 72.550
Bank Vontobel AG 10.5000 10/10/2022 CHF 58.600
UBS AG/London 5.2500 08/04/2023 CHF 67.150
UBS AG/London 8.7500 08/04/2023 CHF 41.550
UBS AG/London 8.5000 02/06/2023 USD 53.000
UBS AG/London 5.2500 08/04/2023 CHF 68.100
UBS AG/London 11.7500 08/04/2023 USD 43.800
UBS AG/London 5.7500 08/04/2023 CHF 47.350
Credit Suisse AG/Lond 9.0000 10/07/2022 CHF 7.950
Credit Suisse AG/Lond 15.000010/14/2022 USD 14.780
Credit Suisse AG/Lond 11.0000 10/11/2022 USD 55.980
Credit Suisse AG/Lond 9.5000 01/12/2023 USD 70.840
Credit Suisse AG/Lond 11.100010/13/2022 CHF 40.010
Credit Suisse AG/Lond 7.2500 01/12/2023 CHF 60.950
Credit Suisse AG/Lond 9.250010/13/2022 EUR 64.080
Credit Suisse AG/Lond 8.000010/21/2022 CHF 42.320
Credit Suisse AG/Lond 8.5000 1/13/2023 CHF 60.500
Credit Suisse AG/Lond 7.250010/14/2022 EUR 54.500
Bank Vontobel AG 6.0000 9/25/2023 CHF 59.300
Bank Vontobel AG 7.0000 9/25/2023 CHF 60.700
Bank Vontobel AG 5.7500 9/25/2023 EUR 69.900
Bank Vontobel AG 8.0000 3/24/2023 CHF 64.200
Bank Vontobel AG 20.0000 9/26/2022 CHF 35.500
Bank Vontobel AG 20.000012/27/2022 CHF 32.900
Bank Vontobel AG 4.500012/27/2022 CHF 55.900
Bank Vontobel AG 11.000012/27/2022 EUR 32.200
Bank Vontobel AG 5.000012/27/2022 CHF 46.400
Bank Vontobel AG 8.0000 3/24/2023 EUR 68.200
UBS AG/London 9.2500 03/01/2023 CHF 11.080
UBS AG/London 20.2500 03/01/2023 CHF 37.050
UBS AG/London 5.5000 09/01/2023 CHF 66.350
UBS AG/London 11.5000 03/01/2023 USD 46.750
UBS AG/London 9.0000 03/01/2023 CHF 55.500
UBS AG/London 11.2500 03/01/2023 CHF 12.000
UBS AG/London 9.0000 03/01/2023 EUR 61.500
UBS AG/London 9.7500 03/01/2023 CHF 11.360
UBS AG/London 10.2500 03/01/2023 CHF 62.300
UBS AG/London 7.0000 09/01/2023 CHF 46.000
UBS AG/London 6.2500 09/01/2023 EUR 70.750
Zurcher Kantonalbank 5.0000 09/07/2023 CHF 55.450
Leonteq Securities AG 12.0000 12/06/2022 CHF 32.550
Leonteq Securities AG 15.0000 12/07/2022 CHF 37.250
Leonteq Securities AG 10.0000 09/07/2023 USD 47.220
DZ Bank AG Deutsche Z 7.000012/19/2022 EUR 61.290
Bank Julius Baer & Co 9.4000 2/28/2023 USD 65.050
EFG International Fin 11.0000 06/06/2023 CHF 65.160
Leonteq Securities AG 10.200011/25/2022 CHF 63.200
Leonteq Securities AG 22.820011/25/2022 CHF 26.980
Leonteq Securities AG 9.600011/25/2022 EUR 68.880
Leonteq Securities AG 10.000011/25/2022 CHF 11.520
Leonteq Securities AG 10.800011/29/2022 CHF 48.710
Landesbank Baden-Wuer 3.5000 5/26/2023 EUR 69.280
Landesbank Baden-Wuer 5.2500 5/26/2023 EUR 64.110
Landesbank Baden-Wuer 7.3000 5/26/2023 EUR 59.980
Landesbank Baden-Wuer 2.8500 5/26/2023 EUR 34.030
Landesbank Baden-Wuer 8.2500 5/26/2023 EUR 58.450
Landesbank Baden-Wuer 2.1000 5/26/2023 EUR 54.140
Landesbank Baden-Wuer 4.1500 6/23/2023 EUR 70.790
Landesbank Baden-Wuer 6.3000 6/23/2023 EUR 67.160
Landesbank Baden-Wuer 2.5000 6/23/2023 EUR 69.990
Landesbank Baden-Wuer 3.6000 6/23/2023 EUR 66.520
Landesbank Baden-Wuer 2.4000 6/23/2023 EUR 61.030
Landesbank Baden-Wuer 3.6500 6/23/2023 EUR 57.600
Landesbank Baden-Wuer 4.6000 6/23/2023 EUR 55.460
Landesbank Baden-Wuer 2.1000 6/23/2023 EUR 66.180
Landesbank Baden-Wuer 2.9000 6/23/2023 EUR 63.420
Landesbank Baden-Wuer 4.1000 6/23/2023 EUR 60.670
Landesbank Baden-Wuer 5.5000 6/23/2023 EUR 58.430
Landesbank Baden-Wuer 2.7000 6/23/2023 EUR 73.650
Landesbank Baden-Wuer 5.0000 6/23/2023 EUR 66.810
Landesbank Baden-Wuer 2.2500 6/23/2023 EUR 72.360
Landesbank Baden-Wuer 3.2000 6/23/2023 EUR 69.080
Landesbank Baden-Wuer 4.3500 6/23/2023 EUR 66.250
Landesbank Baden-Wuer 2.0000 6/23/2023 EUR 64.770
Landesbank Baden-Wuer 3.0000 6/23/2023 EUR 61.800
Landesbank Baden-Wuer 4.0000 6/23/2023 EUR 59.210
Landesbank Baden-Wuer 3.6500 6/23/2023 EUR 70.550
Landesbank Baden-Wuer 5.0000 6/23/2023 EUR 67.390
Landesbank Baden-Wuer 2.2000 6/23/2023 EUR 66.620
Landesbank Baden-Wuer 3.6000 6/23/2023 EUR 63.160
Landesbank Baden-Wuer 2.1500 5/26/2023 EUR 62.290
Landesbank Baden-Wuer 4.1500 5/26/2023 EUR 53.970
Landesbank Baden-Wuer 6.0000 5/26/2023 EUR 52.190
Landesbank Baden-Wuer 2.7000 5/26/2023 EUR 68.810
Landesbank Baden-Wuer 4.1500 5/26/2023 EUR 64.670
Landesbank Baden-Wuer 5.8500 5/26/2023 EUR 61.260
Landesbank Baden-Wuer 4.0000 5/26/2023 EUR 52.110
Landesbank Baden-Wuer 3.5000 5/26/2023 EUR 65.470
Landesbank Baden-Wuer 7.1500 5/26/2023 EUR 58.440
Landesbank Baden-Wuer 3.6000 6/23/2023 EUR 50.270
Landesbank Baden-Wuer 2.0000 6/23/2023 EUR 49.700
Vontobel Financial Pr 16.750012/23/2022 EUR 46.000
Vontobel Financial Pr 11.750012/23/2022 EUR 58.190
Vontobel Financial Pr 17.750012/23/2022 EUR 23.890
Societe Generale Effe 4.500011/25/2022 EUR 53.440
Societe Generale Effe 6.750011/25/2022 EUR 69.700
Societe Generale Effe 5.000011/25/2022 EUR 72.750
Societe Generale Effe 6.750010/28/2022 EUR 68.140
Societe Generale Effe 3.500011/25/2022 EUR 65.010
Societe Generale Effe 6.500011/25/2022 EUR 58.000
Societe Generale Effe 4.750011/25/2022 EUR 55.020
Societe Generale Effe 4.750011/25/2022 EUR 54.280
Societe Generale Effe 5.750011/25/2022 EUR 52.100
Societe Generale Effe 4.000011/25/2022 EUR 70.840
Societe Generale Effe 5.000011/25/2022 EUR 67.290
Societe Generale Effe 6.000011/25/2022 EUR 64.510
Societe Generale Effe 12.000011/25/2022 EUR 54.630
Societe Generale Effe 8.250011/25/2022 EUR 68.950
Societe Generale Effe 10.250011/25/2022 EUR 66.120
Societe Generale Effe 3.750011/25/2022 EUR 57.120
Vontobel Financial Pr 6.000012/23/2022 EUR 59.110
Landesbank Baden-Wuer 10.700011/25/2022 EUR 67.320
Landesbank Baden-Wuer 4.300011/25/2022 EUR 63.180
Landesbank Baden-Wuer 3.000011/25/2022 EUR 63.840
Landesbank Baden-Wuer 7.440010/28/2022 EUR 66.000
EFG International Fin 10.0000 04/06/2023 CHF 59.230
EFG International Fin 15.0000 10/06/2022 USD 31.060
Societe Generale Effe 7.250010/28/2022 EUR 58.810
Societe Generale Effe 8.250010/28/2022 EUR 57.230
Societe Generale Effe 9.250010/28/2022 EUR 55.880
Societe Generale Effe 11.250010/28/2022 EUR 40.900
Societe Generale Effe 6.250010/28/2022 EUR 60.650
Goldman Sachs & Co We 7.000012/21/2022 EUR 59.730
Goldman Sachs & Co We 9.000012/21/2022 EUR 58.050
Goldman Sachs & Co We 15.000012/21/2022 EUR 52.210
Goldman Sachs & Co We 18.000012/21/2022 EUR 49.950
Goldman Sachs & Co We 3.0000 3/22/2023 EUR 69.950
Goldman Sachs & Co We 4.0000 3/22/2023 EUR 67.520
Goldman Sachs & Co We 5.0000 3/22/2023 EUR 64.050
Goldman Sachs & Co We 7.0000 3/22/2023 EUR 61.470
Goldman Sachs & Co We 8.0000 3/22/2023 EUR 59.800
Goldman Sachs & Co We 10.0000 3/22/2023 EUR 56.890
Goldman Sachs & Co We 15.0000 3/22/2023 EUR 52.940
Goldman Sachs & Co We 20.000010/26/2022 EUR 69.880
Goldman Sachs & Co We 4.000010/26/2022 EUR 68.990
Goldman Sachs & Co We 5.000010/26/2022 EUR 66.090
Goldman Sachs & Co We 14.000010/26/2022 EUR 51.480
Goldman Sachs & Co We 20.000010/26/2022 EUR 47.390
Goldman Sachs & Co We 4.000012/21/2022 EUR 66.600
Goldman Sachs & Co We 3.0000 6/21/2023 EUR 70.710
Goldman Sachs & Co We 5.0000 6/21/2023 EUR 60.710
Goldman Sachs & Co We 6.0000 6/21/2023 EUR 57.930
Goldman Sachs & Co We 10.0000 6/21/2023 EUR 53.200
Goldman Sachs & Co We 13.0000 6/21/2023 EUR 49.590
Goldman Sachs & Co We 2.0000 9/20/2023 EUR 73.080
Goldman Sachs & Co We 4.0000 9/20/2023 EUR 63.320
Goldman Sachs & Co We 6.0000 9/20/2023 EUR 59.250
Goldman Sachs & Co We 7.0000 9/20/2023 EUR 57.100
Goldman Sachs & Co We 8.0000 9/20/2023 EUR 56.160
Goldman Sachs & Co We 10.0000 9/20/2023 EUR 53.150
Goldman Sachs & Co We 12.0000 9/20/2023 EUR 51.620
UniCredit Bank AG 3.0000 3/21/2023 EUR 54.820
UniCredit Bank AG 3.5000 10/08/2022 EUR 33.170
UniCredit Bank AG 12.300012/23/2022 EUR 62.650
UniCredit Bank AG 9.7000 6/23/2023 EUR 70.510
UniCredit Bank AG 8.6000 6/23/2023 EUR 72.980
UniCredit Bank AG 8.300012/23/2022 EUR 73.390
UniCredit Bank AG 12.6000 6/23/2023 EUR 63.210
UniCredit Bank AG 12.2000 6/23/2023 EUR 66.230
UniCredit Bank AG 11.4000 3/24/2023 EUR 65.310
Leonteq Securities AG 10.0000 10/07/2022 CHF 50.880
Leonteq Securities AG 26.4000 10/07/2022 CHF 23.250
Leonteq Securities AG 7.0000 10/11/2023 CHF 67.980
Societe Generale Effe 8.500010/28/2022 EUR 73.190
Societe Generale Effe 9.500010/28/2022 EUR 46.360
DZ Bank AG Deutsche Z 1.980012/29/2031 EUR 69.750
UniCredit Bank AG 7.2000 11/10/2022 EUR 65.470
Leonteq Securities AG 20.0000 9/27/2022 USD 39.040
Leonteq Securities AG 7.0000 3/24/2023 CHF 66.720
Sibur Holding PAO 1.5000 10/01/2032 USD 47.000
Leonteq Securities AG 8.0000 04/12/2023 CHF 64.800
Leonteq Securities AG 10.0000 04/12/2023 CHF 55.180
Leonteq Securities AG 8.0000 01/11/2023 CHF 51.500
Bank Julius Baer & Co 5.7200 9/27/2022 CHF 63.650
DZ Bank AG Deutsche Z 5.600012/19/2022 EUR 56.640
DZ Bank AG Deutsche Z 5.900012/19/2022 EUR 56.710
DZ Bank AG Deutsche Z 7.900012/19/2022 EUR 71.960
Leonteq Securities AG 11.0000 01/11/2023 CHF 14.090
Corner Banca SA 12.0000 01/11/2023 CHF 58.780
Corner Banca SA 8.0000 10/11/2023 CHF 52.750
DZ Bank AG Deutsche Z 7.250012/19/2022 EUR 66.990
Landesbank Baden-Wuer 3.100010/23/2026 EUR 65.500
Raiffeisen Schweiz Ge 15.0000 10/12/2022 CHF 38.770
Raiffeisen Schweiz Ge 17.5000 10/12/2022 CHF 48.060
Raiffeisen Schweiz Ge 15.0000 10/12/2022 CHF 61.170
DZ Bank AG Deutsche Z 5.000010/26/2022 EUR 58.510
DZ Bank AG Deutsche Z 5.500012/21/2022 EUR 45.010
DZ Bank AG Deutsche Z 7.750012/21/2022 EUR 55.080
DZ Bank AG Deutsche Z 6.500012/21/2022 EUR 35.420
DZ Bank AG Deutsche Z 4.750012/21/2022 EUR 60.700
DZ Bank AG Deutsche Z 5.400012/19/2022 EUR 57.700
Corner Banca SA 12.0000 01/12/2023 USD 72.850
Leonteq Securities AG 9.0000 01/11/2023 CHF 52.050
Leonteq Securities AG 12.0000 01/11/2023 CHF 44.290
Corner Banca SA 16.0000 10/11/2022 EUR 37.800
Raiffeisen Schweiz Ge 7.0000 6/27/2023 CHF 59.100
Leonteq Securities AG 17.0000 01/12/2023 USD 44.450
Raiffeisen Schweiz Ge 7.0000 04/11/2023 CHF 67.020
Raiffeisen Schweiz Ge 7.0000 10/11/2023 CHF 64.230
Raiffeisen Schweiz Ge 11.0000 10/12/2022 USD 57.360
DekaBank Deutsche Gir 3.5000 11/10/2022 EUR 67.010
DZ Bank AG Deutsche Z 5.000010/26/2022 EUR 52.300
DZ Bank AG Deutsche Z 7.500012/21/2022 EUR 59.930
DZ Bank AG Deutsche Z 6.000012/21/2022 EUR 54.680
DZ Bank AG Deutsche Z 5.000012/21/2022 EUR 69.810
DZ Bank AG Deutsche Z 6.250012/21/2022 EUR 40.620
DZ Bank AG Deutsche Z 16.000010/26/2022 EUR 49.740
DZ Bank AG Deutsche Z 12.750010/26/2022 EUR 38.670
DZ Bank AG Deutsche Z 8.250012/21/2022 EUR 55.990
Societe Generale Effe 5.000010/28/2022 EUR 62.980
DekaBank Deutsche Gir 4.4000 11/10/2022 EUR 63.360
DZ Bank AG Deutsche Z 7.000010/26/2022 EUR 56.930
DZ Bank AG Deutsche Z 6.250012/19/2022 EUR 46.480
DZ Bank AG Deutsche Z 5.000012/19/2022 EUR 66.490
Raiffeisen Switzerlan 7.0000 3/24/2023 EUR 71.360
Raiffeisen Schweiz Ge 11.000012/27/2022 CHF 28.620
Raiffeisen Schweiz Ge 11.5000 9/27/2022 CHF 10.530
Raiffeisen Schweiz Ge 7.0000 3/24/2023 CHF 57.010
Raiffeisen Schweiz Ge 8.5000 3/24/2023 USD 35.260
Raiffeisen Schweiz Ge 18.5000 9/27/2022 USD 35.330
Raiffeisen Schweiz Ge 8.0000 3/24/2023 CHF 43.090
DZ Bank AG Deutsche Z 6.250012/21/2022 EUR 53.860
DZ Bank AG Deutsche Z 5.400012/19/2022 EUR 52.060
DZ Bank AG Deutsche Z 4.800012/19/2022 EUR 52.830
DZ Bank AG Deutsche Z 4.700012/19/2022 EUR 60.170
DZ Bank AG Deutsche Z 5.600012/19/2022 EUR 58.400
DZ Bank AG Deutsche Z 6.000012/19/2022 EUR 72.190
DZ Bank AG Deutsche Z 6.800012/19/2022 EUR 70.160
DZ Bank AG Deutsche Z 4.800012/19/2022 EUR 70.230
Leonteq Securities AG 23.4000 9/28/2022 CHF 11.080
DZ Bank AG Deutsche Z 3.900012/23/2022 EUR 48.960
DZ Bank AG Deutsche Z 15.100012/23/2022 EUR 40.390
DZ Bank AG Deutsche Z 5.500012/23/2022 EUR 54.560
DZ Bank AG Deutsche Z 6.500012/23/2022 EUR 59.690
DZ Bank AG Deutsche Z 15.500012/23/2022 EUR 60.440
DZ Bank AG Deutsche Z 10.800012/23/2022 EUR 63.360
UniCredit Bank AG 7.500010/19/2022 EUR 50.890
UniCredit Bank AG 11.700010/19/2022 EUR 45.290
UniCredit Bank AG 10.400010/19/2022 EUR 62.420
Leonteq Securities AG 23.000011/23/2022 CHF 44.610
Leonteq Securities AG 14.0000 2/23/2023 CHF 31.880
DZ Bank AG Deutsche Z 14.000011/25/2022 EUR 52.620
DZ Bank AG Deutsche Z 7.600011/25/2022 EUR 54.450
DZ Bank AG Deutsche Z 9.900011/25/2022 EUR 59.700
DZ Bank AG Deutsche Z 10.6000 3/24/2023 EUR 59.590
Societe Generale Effe 6.500010/28/2022 EUR 49.990
Societe Generale Effe 7.500010/28/2022 EUR 48.740
Societe Generale Effe 8.500010/28/2022 EUR 47.610
DZ Bank AG Deutsche Z 18.500011/25/2022 EUR 32.190
DZ Bank AG Deutsche Z 15.700011/25/2022 EUR 57.870
DZ Bank AG Deutsche Z 9.200011/25/2022 EUR 62.260
DZ Bank AG Deutsche Z 4.1000 3/24/2023 EUR 69.040
DZ Bank AG Deutsche Z 10.1000 3/24/2023 EUR 60.200
DZ Bank AG Deutsche Z 10.900011/25/2022 EUR 45.670
DZ Bank AG Deutsche Z 10.500012/23/2022 EUR 46.440
DZ Bank AG Deutsche Z 9.1000 3/24/2023 EUR 48.350
DZ Bank AG Deutsche Z 10.0000 3/24/2023 EUR 54.360
DZ Bank AG Deutsche Z 10.0000 3/24/2023 EUR 57.600
DZ Bank AG Deutsche Z 11.8000 3/24/2023 EUR 55.510
DZ Bank AG Deutsche Z 5.700011/25/2022 EUR 67.090
DZ Bank AG Deutsche Z 8.900011/25/2022 EUR 62.500
UniCredit Bank AG 6.300012/21/2022 EUR 48.200
UniCredit Bank AG 6.4500 6/21/2023 EUR 54.590
Bank Vontobel AG 5.500011/20/2023 CHF 56.400
Bank Vontobel AG 14.0000 5/22/2023 CHF 55.300
DekaBank Deutsche Gir 5.850011/25/2022 EUR 70.180
DekaBank Deutsche Gir 4.050011/22/2024 EUR 70.080
EFG International Fin 8.600011/29/2022 USD 67.910
UBS AG/London 9.2500 5/24/2023 USD 62.650
UBS AG/London 13.000011/25/2022 USD 45.000
UBS AG/London 21.500011/25/2022 USD 45.700
UBS AG/London 7.500011/24/2023 CHF 63.400
UBS AG/London 18.500011/25/2022 USD 44.100
UBS AG/London 15.000011/25/2022 USD 51.650
UBS AG/London 8.000011/24/2023 CHF 51.250
UBS AG/London 8.0000 5/24/2023 CHF 46.300
Landesbank Baden-Wuer 3.0000 6/28/2024 EUR 63.820
Landesbank Baden-Wuer 2.0000 6/28/2024 EUR 71.210
UBS AG/London 7.000011/24/2023 CHF 56.200
UBS AG/London 6.750011/24/2023 CHF 52.300
UBS AG/London 6.750011/24/2023 CHF 58.600
Bank Julius Baer & Co 9.2000 2/27/2023 EUR 49.900
Landesbank Baden-Wuer 5.5000 5/26/2023 EUR 31.290
Landesbank Baden-Wuer 2.1000 6/23/2023 EUR 58.780
Landesbank Baden-Wuer 3.1000 6/23/2023 EUR 56.010
Landesbank Baden-Wuer 4.2000 6/23/2023 EUR 53.630
Landesbank Baden-Wuer 4.5000 5/26/2023 EUR 72.680
Landesbank Baden-Wuer 8.6500 5/26/2023 EUR 70.750
Landesbank Baden-Wuer 6.7000 5/26/2023 EUR 68.960
Landesbank Baden-Wuer 7.0000 5/26/2023 EUR 68.010
Landesbank Baden-Wuer 2.5000 5/26/2023 EUR 68.250
Landesbank Baden-Wuer 8.4500 5/26/2023 EUR 66.390
Landesbank Baden-Wuer 11.0500 5/26/2023 EUR 59.320
Landesbank Baden-Wuer 3.3000 5/26/2023 EUR 71.240
Landesbank Baden-Wuer 5.9000 5/26/2023 EUR 63.110
Landesbank Baden-Wuer 3.0000 5/26/2023 EUR 52.190
Landesbank Baden-Wuer 6.2000 5/26/2023 EUR 46.160
Landesbank Baden-Wuer 5.1500 5/26/2023 EUR 66.300
Landesbank Baden-Wuer 3.2000 6/23/2023 EUR 47.610
Societe Generale Effe 10.750011/25/2022 EUR 35.940
Societe Generale Effe 12.750011/25/2022 EUR 33.630
Societe Generale Effe 14.750011/25/2022 EUR 31.910
Societe Generale Effe 5.500011/25/2022 EUR 51.530
Societe Generale Effe 6.500011/25/2022 EUR 50.000
Societe Generale Effe 8.000011/25/2022 EUR 66.290
Societe Generale Effe 8.750011/25/2022 EUR 66.310
Societe Generale Effe 16.000011/25/2022 EUR 52.580
Societe Generale Effe 3.500011/25/2022 EUR 55.840
Societe Generale Effe 8.250011/25/2022 EUR 65.530
Societe Generale Effe 8.500010/28/2022 EUR 71.800
Societe Generale Effe 4.500011/25/2022 EUR 62.020
Societe Generale Effe 7.500011/25/2022 EUR 56.550
Societe Generale Effe 9.500011/25/2022 EUR 54.190
Societe Generale Effe 6.750011/25/2022 EUR 44.700
Societe Generale Effe 8.750011/25/2022 EUR 39.260
Societe Generale Effe 7.750011/25/2022 EUR 67.910
Societe Generale Effe 6.750011/25/2022 EUR 50.360
Societe Generale Effe 7.750011/25/2022 EUR 48.880
Societe Generale Effe 4.750011/25/2022 EUR 58.450
Societe Generale Effe 10.250011/25/2022 EUR 62.750
Societe Generale Effe 10.000011/25/2022 EUR 57.230
Societe Generale Effe 11.000011/25/2022 EUR 55.910
Societe Generale Effe 12.000011/25/2022 EUR 72.820
Societe Generale Effe 7.250011/25/2022 EUR 70.640
Vontobel Financial Pr 17.750012/23/2022 EUR 51.010
Landesbank Baden-Wuer 7.8500 5/26/2023 EUR 43.250
Landesbank Baden-Wuer 5.6000 5/26/2023 EUR 68.580
Landesbank Baden-Wuer 3.5000 5/26/2023 EUR 70.930
Landesbank Baden-Wuer 2.0000 5/26/2023 EUR 69.840
Landesbank Baden-Wuer 5.2000 5/26/2023 EUR 61.540
Landesbank Baden-Wuer 2.1500 6/23/2023 EUR 53.880
Societe Generale Effe 7.500011/25/2022 EUR 48.720
Societe Generale Effe 8.500011/25/2022 EUR 47.580
Societe Generale Effe 5.750011/25/2022 EUR 71.840
Societe Generale Effe 6.500011/25/2022 EUR 69.050
Societe Generale Effe 7.000011/25/2022 EUR 68.070
Societe Generale Effe 7.500011/25/2022 EUR 67.140
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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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