/raid1/www/Hosts/bankrupt/TCREUR_Public/221107.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, November 7, 2022, Vol. 23, No. 216
Headlines
A U S T R I A
A-TEC INDUSTRIES: EUR798M Bank Debt Trades at 99.8% Discount
B E L G I U M
APOLLO FINCO: EUR348M Bank Debt Trades at 16% Discount
F R A N C E
BISCUIT HOLDING: EUR490M Bank Debt Trades at 32% Discount
BUFFALO GRILL: EUR200M Bank Debt Trades at 30% Discount
G E R M A N Y
PHOENIX PHARMAHANDEL: S&P Affirms 'BB+' LT ICR, Outlook Stable
RAFFINERIE HEIDE: Moody's Puts 'Caa2' CFR on Review for Upgrade
I R E L A N D
ARMADA EURO III: Moody's Affirms B2 Rating on EUR10MM Cl. F Notes
BAIN CAPITAL 2018-2: Moody's Affirms B2 Rating on Class F Notes
DRYDEN 32 EURO 2014: Moody's Lowers Rating on F-R Notes to 'B3'
PENTA CLO 12: S&P Assigns Prelim. B-(sf) Rating on Class F Notes
TRINITAS EURO III: S&P Assigns B-(sf) Rating on Class F Notes
K A Z A K H S T A N
BATYS TRANSIT: S&P Affirms 'B/B' Issuer Credit Ratings
L U X E M B O U R G
ADB SAFEGATE: $145M Bank Debt Trades at 20% Discount
ADB SAFEGATE: EUR344M Bank Debt Trades at 19% Discount
ALTISOURCE SARL: US$412M Bank Debt Trades at 17% Discount
ARMORICA LUX SARL: EUR335M Bank Debt Trades at 20% Discount
ATENTO LUXCO 1: Moody's Cuts CFR to B2 & Alters Outlook to Negative
BERING III SARL: EUR146M Bank Debt Trades at 18% Discount
N E T H E R L A N D S
JUBILEE PLACE 5: S&P Assigns BB-(sf) Rating on Class F Notes
PEARLS (NETHERLANDS): S&P Raises LT ICR to 'B+' on Planned Merger
U N I T E D K I N G D O M
AMPHORA FINANCE: GBP301M Bank Debt Trades at 32% Discount
DC BUILDING: Sole Director Faces 10-Year Disqualification
GCC MANAGEMENT: Directors Get 25-Year Disqualification Order
INEOS ENTERPRISES II: Moody's Rates New EUR350MM Term Loan 'Ba3'
MADE.COM: Set to Enter Administration Today, 500 Jobs at Risk
MISSOURI TOPCO: S&P Lowers ICR to 'CCC-', Outlook Negative
NEWGATE FUNDING 2007-3: S&P Affirms B+(sf) Rating on Cl. E Notes
NO1 BOTANICALS: Enters Administration, Put Up for Sale
RUTHERFORD HEALTH: Taunton Diagnostic Centre's Future Secured
V LARKIN: Director Gets 6-Year Disqualification Order
VEDANTA RESOURCES: Moody's Lowers CFR to B3, Outlook Remains Neg.
WOODHEAD CONSTRUCTION: Council to Set Up Development Company
X X X X X X X X
[*] BOND PRICING: For the Week October 31 to November 4, 2022
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A U S T R I A
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A-TEC INDUSTRIES: EUR798M Bank Debt Trades at 99.8% Discount
------------------------------------------------------------
Participations in a syndicated loan under which A-TEC Industries AG
is a borrower were trading in the secondary market around 0.175
cents-on-the-dollar during the week ended Fri., November 4, 2022,
according to Bloomberg's Evaluated Pricing service data.
The EUR798 million facility is a revolving guarantee facility loan.
The loan was scheduled to mature on August 5, 2013.
A-TEC Industries AG manufactures drive systems, metallurgy and
machine tools. The Company's country of domicile is Austria.
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B E L G I U M
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APOLLO FINCO: EUR348M Bank Debt Trades at 16% Discount
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Participations in a syndicated loan under which Apollo Finco BV is
a borrower were trading in the secondary market around 84.5
cents-on-the-dollar during the week ended Fri., Nov. 4, 2022,
according to Bloomberg's Evaluated Pricing service data.
The EUR348 million facility is a term loan. The loan is scheduled
to mature on September 9, 2028.
The Company's country of domicile is Belgium.
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F R A N C E
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BISCUIT HOLDING: EUR490M Bank Debt Trades at 32% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Biscuit Holding
SASU/FR is a borrower were trading in the secondary market around
68.38 cents-on-the-dollar during the week ended Fri., November 4,
2022, according to Bloomberg's Evaluated Pricing service data.
The EUR490 million facility is a term loan. The loan is scheduled
to mature on February 14, 2027. The amount is fully drawn and
outstanding.
The Company's country of domicile is France.
BUFFALO GRILL: EUR200M Bank Debt Trades at 30% Discount
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Participations in a syndicated loan under which Buffalo Grill SAS
is a borrower were trading in the secondary market around 70.3
cents-on-the-dollar during the week ended Fri., November 4, 2022,
according to Bloomberg's Evaluated Pricing service data.
The EUR200 million facility is a term loan. The loan is scheduled
to mature on January 31, 2025.
Buffalo Grill operates as a restaurant. The Company offers
hamburgers, salads, grilled meats, cocktails, beverages, and
desserts for on-premise consumption. The Company's country of
domicile is France.
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G E R M A N Y
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PHOENIX PHARMAHANDEL: S&P Affirms 'BB+' LT ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit and
issue ratings on Germany-headquartered pharmaceutical distributor
and pharmacy operator Phoenix Pharmahandel GmbH & Co. KG and
removed them from CreditWatch, where they were placed with negative
implications July 7, 2021.
The stable outlook reflects S&P's view that Phoenix will
successfully integrate McKesson's continental European assets and
continue to post resilient performance such that its adjusted
leverage remains below 4.0x one year after the transaction's
close.
Phoenix's acquisition of McKesson's continental European assets
will increase the group's adjusted leverage to about 4.0x in 2023
and within the 3.5x-4.0x in 2024, below S&P's previous expectations
of above 4.0x. The company will finance the acquisition with a
EUR300 million promissory note and internal funds. The overall
quantum of debt raised is lower than the originally planned EUR1
billion bridge facility. This, coupled with the group's
deleveraging and strong cash flow over the past year, increases
Phoenix's financial headroom. The targeted McKesson assets are
expected to contribute annual sales of EUR10 billion. Brocacef is
already entirely consolidated in the group's income statement. This
acquisition will reduce minority interests and improve net profit,
but by only a relatively small amount.
S&P expects the group's adjusted EBITDA margin to drop slightly
below 2% in 2023-2024 in light of the expected one-off and
restructuring costs related to the acquisition. The acquisition
supports Phoenix's long-term strategy, but the pace of deleveraging
will not only depend on the integration's success but the existing
business' continuous operational improvement. The acquired assets
are across Europe, including in countries where Phoenix is already
present, such as France and Italy. This will allow the group to
reinforce its market position and turn around the business in
France. On top of adding geographical diversity and market shares,
the deal could reinforce Phoenix's profitability because it will
benefit from economies of scale. The synergies mainly relate to the
reduction of the double-cost structure for the headquarters as well
as the logistics and distribution capabilities. Although synergies
have been clearly identified, rationalization and restructuring of
the new organization would require material upfront investment,
including capital expenditure (capex), which will delay a more
pronounced improvement in EBITDA in the near-to-medium term.
Phoenix operates in a highly regulated business environment, which
limits profitability improvement. In Germany, where the group only
operates in the wholesale business and which remains the largest
country in terms of revenue contribution (34% of revenue),
profitability improvement is extremely limited because of very
strict regulations and a highly competitive environment. Since an
adverse regulatory change in 2012, the margin allowed in wholesale
business is 3.15% plus 70 cents of the fixed fee, with a cap at
EUR37.80. Reducing rebates or negotiating better purchasing
conditions could impact profitability, but only to a limited extent
given stiff market competition. However, post-transaction, the
group's German exposure will decrease to an estimated 25% of total
revenue.
S&P said, "We expect Phoenix's operating performance to remain
resilient, with revenue growth stabilizing around 2%
post-transaction. The group has shown resilience to the
pandemic-induced shock, given the essential nature of the service
that it provides. In fiscal 2021, revenue increased 8.9% to EUR30.7
billion, reflecting organic business growth across all regions,
especially Eastern Europe (up 12.4%) and Germany (9.9%) due to an
increase in retail demand as pandemic-related restrictions eased.
Phoenix's growth in Germany, its most important market, has been
mainly price-driven thanks to a shift to high price prescription
drugs from consumers which has to partly offset inflationary
pressure. Although we expect the group to offset rising inflation
with higher prices for drugs, we still expect margin erosion from
the elevated inflation in Germany, pressure on salaries, and
increasingly competitive market conditions.
"We forecast that Phoenix's free operating cash flow (FOCF) will
remain positive over the next two years, but lower than historical
levels. We expect that the group's capacity to generate FOCF could
fluctuate due to large working capital requirements in light of the
acquisition. Still, the group's working capital management has
improved, thanks to the implemented inventory optimization program.
We forecast capex to remain relatively stable, in the EUR250
million-EUR300 million range in 2023 and 2024. Overall, we expect
that Phoenix 's FOCF should remain at EUR50 million-EUR150 million
in 2023 and 2024, then increase above EUR200 million from 2025
onward.
"The stable outlook reflects our view that Phoenix will gradually
improve its profitability, benefiting from the full-year
contribution of the McKesson's continental European assets and
continuous operational improvements. We also expect the company
will manage its working capital, capex, and returns to shareholders
in a way that will not materially increase its leverage. This
should enable it to maintain its adjusted debt to EBITDA below 4x.
"We could lower the rating if the group's fails to successfully
integrate McKesson's continental European assets, leading to
higher-than-expected one-off costs or significant delays in
synergies materialization that push Phoenix's adjusted debt to
EBITDA above 4x one year after the transaction's close. Similarly,
accelerated absorption of cash into working capital or capex from
the integration could also trigger a downgrade if it results in
persistently low or negative FOCF.
"We would consider raising the ratings if we saw Phoenix's business
risk profile reinforced by increasing the proportion of revenue
from the retail business, resulting in materially higher
profitability; and adjusted leverage fell below 3x sustainably."
ESG credit indicators: E-2, S-2, G-2
ESG factors have an overall neutral influence on S&P's credit
rating analysis of Phoenix. This is because of its well-established
track record of adjusting to the shifting competitor and regulatory
landscape in pharmaceutical distribution across multiple countries
in Europe.
RAFFINERIE HEIDE: Moody's Puts 'Caa2' CFR on Review for Upgrade
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on Raffinerie
Heide GmbH to ratings under review from negative. Concurrently, the
agency has placed the company's Caa2 long term corporate family
rating, its Caa2-PD probability of default rating and the Caa2
rating of the EUR250 million secured bond due in December 2022 on
review for upgrade.
RATINGS RATIONALE/FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS
The action reflects a decreasing probability that Raffinerie Heide
will default over the next 12-18 months under Moody's definitions.
Most notably, the likelihood has increased that even if the company
is not able to access the capital markets before December, it will
be willing and able to repay the EUR250 million guaranteed senior
secured bond due December 1, 2022 from internal cash flow
generation.
This assessment is primarily driven by a strong operating momentum
in the refining market since the start of the conflict in Ukraine.
The geopolitical tensions have supported refining margins that
reached unprecedently high levels during the second quarter,
enabling strong cash flow generation. For instance, Raffinerie
Heide's debt/EBITDA, as adjusted by Moody's, significantly declined
from 13.1x in 2021 to 3.2x for 12 months to June 2022 and its
reported cash and cash equivalents increased to EUR90 million at
the end of December 2021 to EUR200 million at the end of June 2022.
Even though at the end of June 2022 the company still did not have
sufficient liquidity to fully repay the maturing bond, Moody's
expects that the strong operational momentum and cash generation
continued during the third quarter, and it is likely to continue at
least until the maturity of the bond, providing sufficient cash
reserves to repay the maturing bond.
The review process will primarily focus on the assessment of the
capital structure and financial policies after the maturity of the
bond. This process may lead to an upgrade of Raffinerie Heide's
ratings by more than one notch after the repayment of the bond.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
Governance considerations include the agency's assumption of
increasing likelihood that the company will be willing and able to
service obligations related to its bond. Raffinerie Heide's
exposure to social and environmental risk is very high, primarily
reflecting very high carbon transition risk, which also drives
increasing regulation and societal pressure to speed up the
transition to electric vehicles.
The company's ratings could be upgraded if: (1) the refinery shows
a resilience to highly volatile crude prices and its end market
demand were about to stabilize; (2) it lowers its adjusted debt to
EBITDA below 7.0x on a sustained basis; (3) it continues to
generate meaningful positive free cash flows; (4) it strengthens
its liquidity profile, and (5) repay its bond latest at the
maturity.
Conversely, the company's ratings could be downgraded if it fails
to service the EUR250 million senior secured bond maturing in
December 2022.
Raffinerie Heide is a small-sized refining company based in
Germany. The company mainly processes crude oil and other
hydrocarbons to produce refined mineral oil products and
petrochemical products such as middle distillates, gasoline,
aromatics and olefins.
LIST OF AFFECTED RATINGS:
Issuer: Raffinerie Heide GmbH
Placed On Review for Upgrade:
LT Corporate Family Rating, currently Caa2
Probability of Default Rating, currently Caa2-PD
Senior Secured Regular Bond/Debenture, currently Caa2
Outlook Actions:
Outlook, Changed To Ratings Under Review From Negative
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Refining and
Marketing published in August 2021.
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I R E L A N D
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ARMADA EURO III: Moody's Affirms B2 Rating on EUR10MM Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Armada Euro CLO III Designated Activity Company:
EUR35,000,000 Class B Senior Secured Floating Rate Notes due 2031,
Upgraded to Aa1 (sf); previously on Mar 31, 2021 Definitive Rating
Assigned Aa2 (sf)
EUR27,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A1 (sf); previously on Mar 31, 2021
Definitive Rating Assigned A2 (sf)
EUR27,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa2 (sf); previously on Mar 31, 2021
Definitive Rating Assigned Baa3 (sf)
Moody's has also affirmed the ratings on the following notes:
EUR218,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Mar 31, 2021 Definitive
Rating Assigned Aaa (sf)
EUR30,000,000 Class A-2 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Mar 31, 2021 Definitive
Rating Assigned Aaa (sf)
EUR23,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Mar 31, 2021
Affirmed Ba2 (sf)
EUR10,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Mar 31, 2021
Affirmed B2 (sf)
Armada Euro CLO III Designated Activity Company, issued in December
2018 and refinanced in March 2021, is a collateralised loan
obligation (CLO) backed by a portfolio of predominantly European
senior secured loan and senior secured bonds. The portfolio is
managed by Brigade Capital Europe Management LLP ("Brigade
Capital"). The transaction's reinvestment period will end in
January 2023.
RATINGS RATIONALE
The rating upgrades on the Class B, C and D Notes are primarily a
result of the short time remaining before the end of the
reinvestment period.
In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile and lower
Weighted Average Rating Factor than it had assumed at the last
review in September 2022.
The affirmations on the ratings on the Class A-1, A-2, E and F
Notes are primarily a result of the expected losses on the notes
remaining consistent with their current rating levels, after taking
into account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.
In its base case, Moody's used the following assumptions:
Performing par and principal proceeds balance: EUR402.25m
Diversity Score: 53
Weighted Average Rating Factor (WARF): 2784
Weighted Average Life (WAL): 4.46 years
Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.52%
Weighted Average Coupon (WAC): 4.76%
Weighted Average Recovery Rate (WARR): 45.11%
Par haircut in OC tests and interest diversion test: None
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.
Counterparty Exposure:
The rating action took into consideration the notes' exposure to
relevant counterparties using the methodology "Moody's Approach to
Assessing Counterparty Risks in Structured Finance" published in
June 2022. Moody's concluded the ratings of the notes are not
constrained by these risks.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Additional uncertainty about performance is due to the following:
Portfolio amortisation: Once reaching the end of the reinvestment
period in January 2023. The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales or be delayed by an increase
in loan amend-and-extend restructurings. Fast amortisation would
usually benefit the ratings of the notes beginning with the notes
having the highest prepayment priority.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
BAIN CAPITAL 2018-2: Moody's Affirms B2 Rating on Class F Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Bain Capital Euro CLO 2018-2 Designated Activity
Company:
EUR13,800,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Upgraded to Aaa (sf); previously on Apr 20, 2021 Definitive
Rating Assigned Aa2 (sf)
EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Upgraded to Aaa (sf); previously on Apr 20, 2021 Definitive Rating
Assigned Aa2 (sf)
EUR29,100,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A1 (sf); previously on Apr 20, 2021
Affirmed A2 (sf)
Moody's has also affirmed the ratings on the following notes:
EUR232,500,000 Class A Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Apr 20, 2021 Definitive
Rating Assigned Aaa (sf)
EUR18,900,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Baa2 (sf); previously on Apr 20, 2021
Affirmed Baa2 (sf)
EUR22,900,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Apr 20, 2021
Affirmed Ba2 (sf)
EUR11,600,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B2 (sf); previously on Apr 20, 2021
Affirmed B2 (sf)
Bain Capital Euro CLO 2018-2 Designated Activity Company, issued in
November 2018, refinanced in April 2021, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Bain Capital
Credit U.S. CLO Manager, LLC. The transaction's reinvestment period
will end in January 2023.
RATINGS RATIONALE
The rating upgrades on the Class B-1, B-2 and C Notes are primarily
a result of the improvement in over-collateralisation ratios since
the payment date in October 2021.
The rating affirmations on the Class A, D, E and F Notes reflect
the expected losses of the notes continuing to remain consistent
with their current ratings after taking into account the CLO's
latest portfolio, its relevant structural features and its actual
over-collateralization levels.
The over-collateralisation ratios of the rated notes have improved
since the payment date in October 2021. According to the trustee
report dated October 2022 [1] the Class A/B, Class C, Class D and
Class E OC ratios are reported at 139.44%, 125.71%, 118.15% and
110.12% compared to October 2021 [2] levels of 137.86%, 124.28%,
116.81% and 108.88% respectively.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.
In its base case, Moody's used the following assumptions:
Performing par and principal proceeds balance: EUR370.4m
Defaulted Securities: EUR2.1m
Diversity Score: 65
Weighted Average Rating Factor (WARF): 2882
Weighted Average Life (WAL): 4.35 years
Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.71%
Weighted Average Coupon (WAC): 4.74%
Weighted Average Recovery Rate (WARR): 44.42%
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.
Counterparty Exposure:
The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2022. Moody's concluded the
ratings of the notes are not constrained by these risks.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Additional uncertainty about performance is due to the following:
Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.
Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.
Foreign currency exposure: The deal has a small exposure to USD
denominated assets. Volatility in foreign exchange rates will have
a direct impact on interest and principal proceeds available to the
transaction, which can affect the expected loss of rated tranches.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
DRYDEN 32 EURO 2014: Moody's Lowers Rating on F-R Notes to 'B3'
---------------------------------------------------------------
Moody's Investors Service has taken a variety of rating actions on
the following notes issued by Dryden 32 Euro CLO 2014 Designated
Activity Company:
EUR16,950,000 Class B-1-R Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Jun 26, 2020 Affirmed Aa2
(sf)
EUR24,050,000 Class B-2-R Senior Secured Fixed Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Jun 26, 2020 Affirmed Aa2
(sf)
EUR12,275,000 Class C-1-R Mezzanine Secured Deferrable Floating
Rate Notes due 2031, Upgraded to A1 (sf); previously on Jun 26,
2020 Affirmed A2 (sf)
EUR12,225,000 Class C-2-R Mezzanine Secured Deferrable Fixed Rate
Notes due 2031, Upgraded to A1 (sf); previously on Jun 26, 2020
Affirmed A2 (sf)
EUR12,500,000 Class F-R Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Downgraded to B3 (sf); previously on Dec 8, 2020
Upgraded to B2 (sf)
Moody's has also affirmed the ratings on the following notes:
EUR230,945,000 Class A-1-R Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Jun 26, 2020 Affirmed Aaa
(sf)
EUR12,155,000 Class A-2-R Senior Secured Fixed Rate Notes due
2031, Affirmed Aaa (sf); previously on Jun 26, 2020 Affirmed Aaa
(sf)
EUR17,500,000 Class D-1-R Mezzanine Secured Deferrable Floating
Rate Notes due 2031, Affirmed Baa2 (sf); previously on Dec 8, 2020
Upgraded to Baa2 (sf)
EUR5,000,000 Class D-2-R Mezzanine Secured Deferrable Fixed Rate
Notes due 2031, Affirmed Baa2 (sf); previously on Dec 8, 2020
Upgraded to Baa2 (sf)
EUR30,500,000 Class E-R Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Dec 8, 2020
Upgraded to Ba2 (sf)
Dryden 32 Euro CLO 2014 Designated Activity Company, issued in July
2014, refinanced in February 2017 and reset in August 2018 is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by PGIM Limited. The transaction's reinvestment period will
end in November 2022.
RATINGS RATIONALE
The rating upgrades on the Class B-1-R, Class B-2-R, Class C-1-R
and Class C-2-R Notes are primarily a result of the benefit of the
shorter period of time remaining before the end of the reinvestment
period in November 2022.
In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile than it
had assumed in November 2021.
The rating downgrade on the Class F-R notes is primarily a result
of the deterioration in over-collateralisation ratios since October
2021. Other contributing factor is the loss of the Euribor floor
benefit consequent to a change in Euro forward rates. According to
the trustee report dated September 2022 [1] the Class A/B, Class C,
Class D, Class E and Class F ratios are reported at 140.86%,
129.68%, 120.87%, 110.67%, 106.97% compared to October 2021 [2]
levels of 141.57%, 130.33%, 121.47%, 111.23% and 107.51%,
respectively.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.
In its base case, Moody's used the following assumptions:
Performing par and principal proceeds balance: EUR399.55m
Defaulted Securities: EUR3.76m
Diversity Score: 59
Weighted Average Rating Factor (WARF): 2942
Weighted Average Life (WAL): 4.66 years
Weighted Average Spread (WAS) (before accounting for Euribor
floors): 4.04%
Weighted Average Coupon (WAC): 4.8%
Weighted Average Recovery Rate (WARR): 41.02%
Par haircut in OC tests and interest diversion test: 0.26%
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.
Counterparty Exposure:
The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap provider,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in June 2022. Moody's
concluded the ratings of the notes are not constrained by these
risks.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change.
Additional uncertainty about performance is due to the following:
Portfolio amortisation: Once reaching the end of the reinvestment
period in November 2022, the main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.
Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.
Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
PENTA CLO 12: S&P Assigns Prelim. B-(sf) Rating on Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to Penta
CLO 12 DAC's class A Loan and class A, B, C, D, E, and F notes. At
closing, the issuer will also issue unrated subordinated notes.
The F class of notes is a delayed draw tranche which has a maximum
notional amount of EUR12 million, and a spread of three/six-month
Euro Interbank Offered Rate (EURIBOR) plus 10.50%. The class F
notes can only be issued once and only during the reinvestment
period with an issuance amount totaling EUR12 million. The issuer
will use the full proceeds received from the sale of the class F
notes to redeem the subordinated notes. Upon issuance, the class F
notes' spread could be subject to a variation and, if higher, is
subject to rating agency confirmation.
Under the transaction documents, the rated notes will pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.
This transaction has a 1.5 year non-call period and the portfolio's
reinvestment period will end approximately 4.4 years after
closing.
The preliminary ratings reflect S&P's assessment of:
-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization (OC).
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
Portfolio Benchmarks
CURRENT
S&P Global Ratings weighted-average rating factor 2,875.70
Default rate dispersion 464.22
Weighted-average life (years) 4.48
Obligor diversity measure 106.71
Industry diversity measure 18.18
Regional diversity measure 1.17
Transaction Key Metrics
CURRENT
Total par amount (mil. EUR) 300.00
Defaulted assets (mil. EUR) 0
Number of performing obligors 123
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 3.37
'AAA' covenanted weighted-average recovery (%) 35.99
Covenanted weighted-average spread (%) 3.70
Covenanted weighted-average coupon (%) 3.75
Rating rationale
S&P said, "Our preliminary ratings reflect our assessment of the
preliminary collateral portfolio's credit quality, which has a
weighted-average rating of 'B'. We consider that the portfolio will
primarily comprise broadly syndicated speculative-grade senior
secured term loans and senior secured bonds. Therefore, we
conducted our credit and cash flow analysis by applying our
criteria for corporate cash flow CDOs.
"In our cash flow analysis, we modelled the EUR300 million par
amount, the covenanted weighted-average spread of 3.70%, the
covenanted weighted-average coupon of 3.75%, and the covenanted
weighted-average recovery rates. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.
"We expect that the transaction's documented counterparty
replacement and remedy mechanisms will adequately mitigate its
exposure to counterparty risk under our counterparty criteria.
"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned preliminary ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.
"At closing, we consider that the transaction's legal structure
will be bankruptcy remote, in line with our legal criteria.
"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B to E notes could withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned preliminary ratings on
these notes. The class A Loan and class A and F notes can withstand
stresses commensurate with the assigned preliminary ratings.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement for
the class A Loan and class A, B, C, D, E, and F notes.
"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes,
based on four hypothetical scenarios.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."
Environmental, social, and governance (ESG) factors
S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit or limit assets from being related to the following
industries: the sale or extraction of thermal coal and oil sands,
oil and gas extraction from unconventional sources, and fossil fuel
transportation, processing or refining; controversial weapons;
ozone depleting substances; endangered or protected wildlife;
pornography and prostitution; tobacco and tobacco-related products;
gambling and payday lending; illegal drugs and recreational
cannabis; opioid drug manufacturing and distribution; alcohol
production; civilian firearms; non-sustainable palm oil production;
or speculative transactions of soft commodities. Accordingly, since
the exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, no specific adjustments have been made in our
rating analysis to account for any ESG-related risks or
opportunities."
The manager will provide an ESG monthly report that will include:
-- The portfolio's average ESG score and distribution;
-- The list of obligors with an ESG-linked loan; and
-- The list of obligors that have been classified as an ESG
ineligible obligation.
Environmental, social, and governance (ESG) corporate credit
indicators
S&P said, "The influence of ESG factors in our credit rating
analysis of European CLOs primarily depends on the influence of ESG
factors in our analysis of the underlying corporate obligors. To
provide additional disclosure and transparency of the influence of
ESG factors for the CLO asset portfolio in aggregate, we've
calculated the weighted-average and distributions of our ESG credit
indicators for the underlying obligors. We regard this
transaction's exposure as being broadly in line with our benchmark
for the sector, with the environmental and social credit indicators
concentrated primarily in category 2 (neutral) and the governance
credit indicators concentrated in category 3 (moderately
negative)."
Corporate ESG Credit Indicators
ENVIRONMENTAL SOCIAL GOVERNANCE
Weighted-average credit indicator* 2.12 2.14 2.92
E-1/S-1/G-1 distribution (%) 0.00 0.00 0.00
E-2/S-2/G-2 distribution (%) 69.40 70.42 9.68
E-3/S-3/G-3 distribution (%) 9.30 4.53 66.69
E-4/S-4/G-4 distribution (%) 0.00 3.41 1.00
E-5/S-5/G-5 distribution (%) 0.00 0.00 1.33
Unmatched obligor (%) 9.63 9.97 9.63
Unidentified asset (%) 11.67 11.67 11.67
*Only includes matched obligor
Penta CLO 12 DAC is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers. Partners
Group (UK) Management Ltd. will manage the transaction.
Ratings List
CLASS PRELIM PRELIM SUB(%) INTEREST RATE*
RATING AMOUNT
(MIL. EUR)
A AAA (sf) 133.00 39.00 Three/six-month EURIBOR
plus 2.10%
A Loan AAA (sf) 50.00 39.00 Three/six-month EURIBOR
plus 2.10%
B AA (sf) 24.90 30.70 Three/six-month EURIBOR
plus 4.24%
C A (sf) 17.40 24.90 Three/six-month EURIBOR
plus 5.08%
D BBB- (sf) 18.10 18.87 Three/six-month EURIBOR
plus 6.64%
E BB- (sf) 11.40 15.07 Three/six-month EURIBOR
plus 8.96%
F§ B- (sf) 12.00 11.07 Three/six-month EURIBOR
plus 10.50%
Sub NR 36.25 N/A N/A
* The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.
§ Class F is a delayed drawdown tranche, which is not issued at
closing.
EURIBOR -- Euro Interbank Offered Rate.
NR -- Not rated.
N/A -- Not applicable.
TRINITAS EURO III: S&P Assigns B-(sf) Rating on Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Trinitas Euro CLO III
DAC's class A, B-1, B-2, C, D, E, and F notes. The issuer has also
issued subordinated notes.
The ratings reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.
Portfolio Benchmarks
CURRENT
S&P weighted-average rating factor 2,685.40
Default rate dispersion 548.69
Weighted-average life (years) 4.89
Obligor diversity measure 135.14
Industry diversity measure 20.98
Regional diversity measure 1.24
Transaction Key Metrics
CURRENT
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 0.38
Covenanted 'AAA' weighted-average recovery (%) 37.23
Covenanted weighted-average spread (%) 3.90
Covenanted weighted-average coupon (%) 4.57
Delayed draw tranche
Class F is a delayed draw tranche. It is unfunded at closing and
has a maximum notional amount of EUR17.0 million and a spread of
three/six-month Euro Interbank Offered Rate (EURIBOR) plus 10.00%.
The class F notes can only be issued once and only during the
reinvestment period. The issuer will use the proceeds received from
the issuance of the class F notes to redeem the subordinated notes.
Upon issuance, the class F notes' spread could be higher (in
comparison with the issue date) subject to rating agency
confirmation. For the purposes of S&P's analysis, it has assumed
the class F notes to be outstanding at closing.
Asset priming obligations and uptier priming debt
Under the transaction documents, the issuer can purchase asset
priming (drop down) obligations and/or uptier priming debt to
address the risk of a distressed obligor either moving collateral
outside the existing creditors' covenant group or incurring new
money debt senior to the existing creditors.
In this transaction, current pay obligations are limited to 5.0%,
but those obligations that are uptier priming debt can have up to
1.0% more. Corporate rescue loans and uptier priming debt that
comprise defaulted obligations are limited to 5%. There is an
overall limit on all uptier priming debt of 1.0%.
Rating rationale
Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments.
For the class C and D notes additional interest is paid on the
first payment date of EUR33,022 and EUR55,650, respectively. The
portfolio's reinvestment period will end approximately four and a
half years after closing.
The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior-secured term loans and
senior-secured bonds. Therefore, S&P has conducted its credit and
cash flow analysis by applying its criteria for corporate cash flow
CDOs.
S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (3.90%),
the reference weighted-average coupon (4.57%), and actual
weighted-average recovery rates at each rating level. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.
"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned preliminary ratings."
Until the end of the reinvestment period on May 2, 2027, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.
The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under S&P's current counterparty criteria.
The transaction's legal structure and framework is bankruptcy
remote, in line with S&P's legal criteria.
S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe our ratings
are commensurate with the available credit enhancement for the
class A to E notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B-1, B-2, C, D,
and E notes could withstand stresses commensurate with higher
ratings than those we have assigned. However, as the CLO will be in
its reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our preliminary ratings assigned to the notes.
"For the class F notes, our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses
commensurate with a lower rating. However, we have applied our
'CCC' rating criteria, resulting in a 'B- (sf)' rating on this
class of notes."
The ratings uplift (to 'B-') reflects several key factors,
including:
-- The class F notes' available credit enhancement, which is in
the same range as that of other CLOs we have rated and that have
recently been issued in Europe.
-- The portfolio's average credit quality, which is similar to
other recent CLOs.
-- S&P's model generated break-even default rate at the 'B-'
rating level of 24.77% (for a portfolio with a weighted-average
life of 4.89 years), versus if it was to consider a long-term
sustainable default rate of 3.1% for 4.89 years, which would result
in a target default rate of 15.16%.
-- S&P does not believe that there is a one-in-two chance of this
note defaulting.
-- S&P does not envision this tranche defaulting in the next 12-18
months.
S&P said, "Following this analysis, we consider that the available
credit enhancement for the class F notes is commensurate with the
assigned 'B- (sf)' rating.
"Taking the above factors into account and following our analysis
of the credit, cash flow, counterparty, operational, and legal
risks, we believe that our preliminary ratings are commensurate
with the available credit enhancement for all the rated classes of
notes.
"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
to five of the 10 hypothetical scenarios we looked at in our
publication "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."
The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it is managed by Trinitas Capital
Management, LLC.
Environmental, social, and governance (ESG)
S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average." For this transaction, the documents
prohibit assets from being related to certain activities,
including, but not limited to the following: An obligor involved
in:
-- The marketing, manufacturing or trade of illegal drugs or
narcotics;
-- The marketing, manufacturing or distribution of opioids;
-- The use of child or forced labor;
-- Payday lending;
-- Providing storage facilities or services for oil or other
infrastructure;
-- Tobacco production;
-- Trading, for commercial purposes, endangered, or critically
endangered species; or
-- The development of genetic engineering or genetic
modification.
Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
our ESG benchmark for the sector, no specific adjustments have been
made in our rating analysis to account for any ESG-related risks or
opportunities.
Environmental, social, and governance (ESG) corporate credit
indicators
S&P said, "The influence of ESG factors in our credit rating
analysis of European CLOs primarily depends on the influence of ESG
factors in our analysis of the underlying corporate obligors. To
provide additional disclosure and transparency of the influence of
ESG factors for the CLO asset portfolio in aggregate, we've
calculated the weighted-average and distributions of our ESG credit
indicators for the underlying obligors. We regard this
transaction's exposure as being broadly in line with our benchmark
for the sector, with the environmental and social credit indicators
concentrated primarily in category 2 (neutral) and the governance
credit indicators concentrated in category 3 (moderately
negative)."
Corporate ESG Credit Indicators
ENVIRONMENTAL SOCIAL GOVERNANCE
Weighted-average credit indicator* 2.09 2.08 2.84
E-1/S-1/G-1 distribution (%) 0.50 0.75 0.00
E-2/S-2/G-2 distribution (%) 74.08 74.63 18.19
E-3/S-3/G-3 distribution (%) 6.63 5.33 59.65
E-4/S-4/G-4 distribution (%) 0.50 1.00 3.00
E-5/S-5/G-5 distribution (%) 0.00 0.00 0.88
Unmatched obligor (%) 13.82 13.82 13.82
Unidentified asset (%) 4.47 4.47 4.47
*Only includes matched obligor.
Ratings List
CLASS RATING AMOUNT INTEREST RATE CREDIT
(MIL. EUR) ENHANCEMENT (%)
A AAA (sf) 245.00 3mE + 1.87% 38.75
B-1 AA (sf) 26.10 3mE + 3.75% 29.73
B-2 AA (sf) 10.00 6.95% 29.73
C A (sf) 20.90 3mE + 4.74% 24.50
D BBB- (sf) 26.50 3mE + 6.30% 17.88
E BB- (sf) 17.40 3mE + 7.91% 13.53
F B- (sf) 17.00 3mE + 10.00% 9.28
Subordinated NR 45.30 N/A N/A
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.
===================
K A Z A K H S T A N
===================
BATYS TRANSIT: S&P Affirms 'B/B' Issuer Credit Ratings
------------------------------------------------------
S&P Global Ratings affirmed its 'B/B' global scale long- and
short-term issuer credit ratings on Batys Transit JSC and its
'kzBBB-' long-term Kazakhstan national scale rating.
The stable outlook reflects S&P's view of stable EBITDA of KZT3.6
billion-KZT5.1 billion, cash accumulation to repay maturing bonds
in 2025, and good visibility on future cash flows, supported by
material, although declining, earnings from the transition
business.
Batys' EBITDA will fall on the back of lower tariffs, only
partially compensated by an expanding contribution from new street
lighting projects. When the government reviewed Batys' five-year
investment program and tariffs in June 2022, it approved only KZT6
billion of investments from the KZT10 billion claimed, relating
mostly to 500 kilovolt (kV) line modernization. S&P said, "As a
result, we expect the company to charge on average of KZT1.8-KZT1.9
per kilowatt hour (kWh) in 2022-2027, compared to the requested
KZT2.6-KZT3.0 per kWh. Tariffs continue to compensate for debt
service costs, investments, and inflation, including 20% wage
increases forced by the government in 2022 following social unrest
in January. However, combined with expected transmission volumes of
2.9 billion kWh-3.4 billion kWh, EBITDA from the transmission
business will drop to KZT2.3 billion–KZT2.7 billion in 2022-2023,
compared with KZT3.8 billion in 2021. Although in our base case we
assume a material contribution from the Atyrau-4 and 5
street-lighting projects in 2023, this will only partially
compensate for the reduction in electricity transmission EBITDA. As
a result, we expect total EBITDA will fall almost 35% compared to
2021 levels to KZT3.1 billion by 2024."
S&P expects new street-lighting projects will lead to negative free
operating cash flow (FOCF) and additional debt accumulation in
2022-2023. The company recently signed the Atyrau-5 contract to
install and maintain a modern street lighting system for another
area of Atyrau city--the company's sixth tender in this field. S&P
positively notes the contracts have been signed with a city
administration that has no history of delayed or missed payments.
Another supportive factor is the short-term nature of these
projects; they are usually completed in stages, with one-to-two
years of construction followed by four-to-five years of returns. At
the same time, these contracts, like any other engineering and
construction (E&C) projects, require material working capital
outflows linked to equipment purchases in the early stages. This,
combined with a capital expenditure (capex) program of KZT6 billion
for the next five years, will lead to negative FOCF in 2022-2023.
S&P said, "We understand Batys plans to keep financing its
street-lighting projects with loans from its bondholder, Eurasian
Development Bank (EABD; BBB-/Negative/A-3). As a result, we
forecast gross debt will peak at KZT24 billion–KZT25 billion by
2023, with further gradual deleveraging as Batys receives project
repayments."
S&P said, "Nevertheless, we believe sizable cash balance, partially
reserved for bond repayment, and tight control on distributions
imposed by EABD, support the rating.Batys reported KZT13.1 billion
of cash and equivalents on its balance sheet at year-end 2021. We
understand about half of this amount is reserved on the account
with EABD and stored for 2025 debt repayment. We believe management
will continue to accumulate KZT1.7 billion annually, in line with
the schedule agreed with the bank and Ministry of Finance, to
finally repay the outstanding 2025 bonds of KZT12.6 billion. That
said, we net this reserved cash from our adjusted debt amount,
supporting FFO to debt of 14%-16% in 2022-2023. We further note
several financial covenants and the obligatory approval by the bank
for new debt and dividends, which somewhat protect debtholders from
management's ambitions to increase debt and dividend payouts.
"Declining EBITDA from the stable and regulated transmission
business and an expanding contribution from E&C activity may lead
us to reconsider business sustainability and the rating. Although
we highlight that existing regulation does not protect the company
from volume risk, the tariff system still provides an adequate
return on investment and visibility on future cash generation. At
the same time, cash flows from Batys' second business segment,
construction of street-lighting systems, are volatile, requiring
material upfront investments in working capital while depending on
its success in winning tenders organized by city administrations.
Still, current projects have no history of delayed or missed
payments. We project EBITDA from street-lighting projects will
contribute up to 35% of total EBITDA on average in the forecast
period. In the longer term, tariffs and stable EBITDA generation
could further reduce on the back of reducing capital investments,
which coupled with tender activity, could lead to large exposure to
volatile cash generating E&C business. This could lead us to
reconsider the business risk profile and rating.
"The company is continuing its ambitious plans for new
street-lighting projects, which will lead to an increase in debt.
In addition to existing street-lighting projects in Atyrau and
Eastern Kazakhstan, we expect the company's project pipeline to
further expand due to its participation in several tenders for
similar projects. If undertaken, these are likely to be material
(several billion tenge each) and will require external borrowings.
Our base case does not include any other investments in new
street-lighting projects given the uncertainties regarding timing,
budget, and contract-tender terms. However, we reflect the risk of
debt accumulation to finance these projects in our negative view of
the company's financial policy.
"The stable outlook reflects our view that the risks associated
with its small size, lack of solid regulatory protection, exposure
to one large industrial customer, and undiversified asset base are
balanced by relatively healthy projected operating cash flows in
the next three years, a sizable cash position, adequate
profitability, and a solid 10-year track record of operations.
"In our base-case scenario, we assume that Batys will generate
stable EBITDA of KZT2.3 billion–KZT 2.7 billion from transmission
business, with up to KZT2.8 billion from street-lighting projects.
Our base case includes KZT6 billion of capex for 500-kV line
modernization in the next five years, as well as material working
capital outflows of up to KZT6 billion by 2023, related to
street-lighting projects, which will turn FOCF negative in
2022-2023. However, given the sizable cash reserve of KZT13.1
billion, we believe management will accumulate the required funds
for the 2025 bonds repayment. We project FFO to debt of 14%-16% in
2022-2023.
"We could consider a negative rating action if the company
demonstrates heightened related-party transactions (raising
concerns about governance issues) or if its liquidity materially
deteriorates, for instance due to an increased reliance on
short-term borrowings. We will also revise the business risk
profile if the business mix shifts toward more volatile
activities." In addition, the ratings will come under pressure if
leverage materially increases, notably because:
-- Batys undertakes a more aggressive stance toward investments or
dividends than we currently assume.
-- The company shows material operating underperformance (for
instance, as a result of Kazchrome off-taking much lower volumes or
delaying payments on its electricity bills, or due to a technical
disruption) leading to weakened metrics.
An upgrade is less likely in the next two years given Batys' small
size and appetite for undertaking ambitious projects. S&P could
raise the ratings if:
-- The company diversifies its asset and customer base
significantly, leading to reduced single-customer exposure in the
electricity transmission segment;
-- The regulatory environment improves in a way that eliminates
Batys' exposure to volume risk; or
-- The company demonstrates improved financial performance and a
commitment to maintaining moderate debt leverage, with FFO to gross
debt of above 20% and headroom at all times.
ESG credit indicators: E-2, S-2, G-4
Governance factors are a negative consideration in S&P's analysis
of Batys. All the company's assets and operations are concentrated
in Kazakhstan where it sees governance risks as elevated relative
to developed countries. Additionally, the company demonstrates a
very ambitious development plan accompanied by aggressive
investments, which weigh on its governance profile.
===================
L U X E M B O U R G
===================
ADB SAFEGATE: $145M Bank Debt Trades at 20% Discount
----------------------------------------------------
Participations in a syndicated loan under which ADB Safegate
Luxembourg 2 Sarl is a borrower were trading in the secondary
market around 80 cents-on-the-dollar during the week ended Fri.,
November 4, 2022, according to Bloomberg's Evaluated Pricing
service data.
The US$145 million facility is a term loan. The loan is scheduled
to mature on October 2, 2024. The amount is fully drawn and
outstanding.
ADB Safegate provides airfield lighting solutions and services. The
Company offers in-pavement and elevated lighting, guidance sign,
mounting systems, light-emitting diode lighting, controlling,
monitoring, and power equipment, as well as cables, connectors,
tools, heliports, and accessories. The Company's country of
domicile is Luxembourg.
ADB SAFEGATE: EUR344M Bank Debt Trades at 19% Discount
------------------------------------------------------
Participations in a syndicated loan under which ADB Safegate
Luxembourg 2 Sarl is a borrower were trading in the secondary
market around 80.85 cents-on-the-dollar during the week ended Fri.,
November 4, 2022, according to Bloomberg's Evaluated Pricing
service data.
The EUR344 million facility is a term loan. The loan is scheduled
to mature on October 2, 2024. The amount is fully drawn and
outstanding.
ADB Safegate provides airfield lighting solutions and services. The
Company offers in-pavement and elevated lighting, guidance sign,
mounting systems, light-emitting diode lighting, controlling,
monitoring, and power equipment, as well as cables, connectors,
tools, heliports, and accessories. The Company's country of
domicile is Luxembourg.
ALTISOURCE SARL: US$412M Bank Debt Trades at 17% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Altisource Sarl is
a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., November 4, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$412 million facility is a term loan. The loan is scheduled
to mature on April 3, 2024. About US$244 million of the loan is
drawn and outstanding.
Altisource Solutions S.a.r.l. specializes in developing and
providing services and technology solutions for real estate,
mortgage, and asset recovery and customer relationship management.
The Company's country of domicile is Luxembourg.
ARMORICA LUX SARL: EUR335M Bank Debt Trades at 20% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Armorica Lux Sarl
is a borrower were trading in the secondary market around 79.9
cents-on-the-dollar during the week ended Fri., Nov. 4, 2022,
according to Bloomberg's Evaluated Pricing service data.
The EUR335 million facility is a term loan. The loan is scheduled
to mature on July 28, 2028. The amount is fully drawn and
outstanding.
Armorica Lux S.ar.l. is the parent company of idverde, a provider
of landscaping services in Europe, offering a broad range of
services for public or private clients across all segments. The
Company's country of domicile is Luxembourg.
ATENTO LUXCO 1: Moody's Cuts CFR to B2 & Alters Outlook to Negative
-------------------------------------------------------------------
Moody's Investors Service downgraded to B2 from Ba3 Atento Luxco 1
("Atento")'s corporate family rating and senior secured notes due
2026, irrevocably and unconditionally guaranteed by Atento S.A. and
certain subsidiaries. The outlook was changed to negative from
stable.
Downgrades:
Issuer: Atento Luxco 1
Corporate Family Rating: to B2 from Ba3
Gtd Senior Secured Notes: to B2 from Ba3
Outlook Actions:
Issuer: Atento Luxco 1
Outlook changed to negative from stable
RATINGS RATIONALE
The downgrade of Atento to B2 considers the deterioration in its
liquidity profile. Despite the positive top line trend and
expectation of improving margins, large interest and hedge payments
will maintain liquidity risk high through August 2023. Cash needs
have been high for Atento with lower-than-expected EBITDA because
of cyber-attack losses since October 2021 and lower than expected
volumes in the first half of 2022. Additionally, cash flow
generation was reduced with higher interest expenses and expenses
relating to hedges which swapped currency risk to a floating rate
based on the Brazilian base rate (Selic). In June 2022 Atento had a
cash position of $104 million. Moody's expects Atento cash balance
to reduce in the third quarter after interest and hedge expenses of
$42 million paid in August. But, as observed historically, Atento
will present a higher cash inflow in October-December which should
take cash balance to between $85 million and $95 million by
year-end. As of June, Atento had $47 million in short-term debt.
The next relevant cash outlay to service its debt is in February
2023 when Atento will conclude another interest payment for its
bonds including hedges in the amount of approximately $40 million.
Availability under committed facilities is only $7 million after
Atento having drawn $43 million in 2022. Apart from its cash
balance and operating cash generation Atento also counts on its
receivables from large customers that can be used as a short-term
liquidity source.
Moody's estimates EBITDA of $147 million for 2022, returning to a
margin of 10.2% for the year compared to 7.5% in the first half of
2022, and Debt/EBITDA of 4.96x. In 2022 Moody's estimates Cash Flow
from Operations minus reported Capex of negative $15.2 million
(compared to negative $34 million in the first half of the year).
In 2023 Moody's expects a normalized EBITDA of $187.9 million,
12.7% EBITDA margin, leverage reducing to 3.86x, and Cash Flow from
Operations minus reported Capex between $5 million and $11
million.
Atento's B2 ratings are supported by its size and scale, among the
top five Business Process Outsourcing ("BPO") providers globally by
revenues, its geographic and product diversity and leading position
in the markets it operates. The ratings also consider its long-term
service contracts, including the service agreement between Atento
and its largest client Telefonica S.A. that expires in 2023 for
Brazil and Spain. The agreement mitigates the risk of Atento's
concentration in Telefonica ("TEF"), although currently the
concentration is at 32% of revenues, from 50% in 2012. The growth
prospects of the BPO and customer relationship management (CRM)
industry in Latin America also support the company's ratings.
Moody's views as positive the increasing contribution of hard
currency revenue streams as observed in the last 2 years. Its
leading position in Latin America and technological capabilities
allow Atento to address the United States market from the lower
cost countries in Latin America (segment defined as Nearshore).
Conversely, Atento's ratings are constrained by the tight liquidity
and momentarily high leverage. Also constraining the ratings is the
large component of labor in the cost structure of this industry,
which weakens the operating flexibility and potentially generates
high contingency provisions. The industry's fragmented nature and
the necessity to diversify, implement technological innovation and
boost value-added offerings to remain competitive increase the
likelihood of M&A activity. Also, the exposure of EBITDA generation
to currencies which are susceptible to sharp depreciations against
the US dollar increases the risk of higher leverage and reduced
debt coverage because of currency mismatch.
The negative outlook reflects the risk of further deterioration in
Atento's liquidity profile if cash generation until December 2022
is lower than expected, cash balance falls short of expectation
without a viable liquidity source to mitigate such risk.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be downgraded if Atento is unable to extend its
maturity profile or if liquidity deteriorates further. The ratings
would suffer downward pressure if Atento's total adjusted debt to
EBITDA remains above 5.5x on a sustained basis and if company's
retained cash flow to net adjusted debt remains below 9.0% for an
extended period of time.
Atento's ratings could be upgraded if the company is able to
continue diversifying its customer base while registering sustained
organic revenue and EBITDA growth, higher operating margins and
gradual deleveraging. Additionally, the company would need to
refinance comfortably it's upcoming debt maturities while
maintaining total adjusted debt/EBITDA below 4.5x and retained cash
flow/net debt above 12.5% on a sustained basis for a rating
upgrade.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Headquartered in Luxembourg, Atento Luxco 1 (Atento) is the holding
company of the Atento group with direct and indirect subsidiaries
operating in Latin America, North America and EMEA. The company is
the largest provider of CRM and BPO services in Latin America, and
ranks among the top providers globally, with net revenue of $1.5
billion for the 12 months ended September 2020 and more than
130,000 employees. Atento is ultimately owned by Atento S.A., a
publicly listed company since October 2014.
BERING III SARL: EUR146M Bank Debt Trades at 18% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Bering III Sarl is
a borrower were trading in the secondary market around 82.3
cents-on-the-dollar during the week ended Fri., Nov. 4, 2022,
according to Bloomberg's Evaluated Pricing service data.
The EUR146 million facility is a term loan. The loan is scheduled
to mature on November 30, 2024. The amount is fully drawn and
outstanding.
Bering III S.a.r.l operates as a newly formed parent company of
Iberconsa, a Spanish fishing company with operations in Argentina,
Namibia, South Africa and Spain. The Company's country of domicile
is Luxembourg.
=====================
N E T H E R L A N D S
=====================
JUBILEE PLACE 5: S&P Assigns BB-(sf) Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Jubilee Place 5
B.V.'s class A loan and class B-Dfrd to F-Dfrd interest deferrable
notes. On closing, Jubilee Place 5 also issued unrated G-Dfrd, S1,
S2, and R notes.
Jubilee Place 5 is an RMBS transaction that securitizes a portfolio
of buy-to-let (BTL) mortgage loans secured on properties located in
the Netherlands. This is the fourth Jubilee Place transaction,
following Jubilee Place 2020-1, 2021-1, 3 and 4, which were also
rated by S&P Global Ratings.
The loans in the pool were originated by DNL 1 B.V. (DNL; 22.3%;
trading as Tulp), Dutch Mortgage Services B.V. (DMS; 62%; trading
as Nestr), and Community Hypotheken B.V. (Community; 15.7%; trading
as Casarion).
All three originators are new lenders in the Dutch BTL market, with
a very limited track record. However, the key characteristics and
performance to date of their mortgage books are similar to peers.
Moreover, Citibank N.A., London Branch, maintains significant
operational oversight and due diligence is conducted by an external
company, Fortrum, which completes an underwriting audit of all the
loans for each lender before a binding mortgage offer can be
issued.
At closing, the issuer used the issuance proceeds to purchase the
full beneficial interest in the mortgage loans from the seller. The
issuer grants security over all its assets in favor of the security
trustee.
Citibank retains an economic interest in the transaction in the
form of a vertical risk retention (VRR) loan note accounting for 5%
of the pool balance at closing. The remaining 95% of the pool is
funded through the proceeds of the mortgage-backed rated notes and
class A loan amount.
S&P considers the collateral to be prime, based on the originators'
prudent lending criteria, and the absence of loans in arrears in
the securitized pool.
Credit enhancement for the rated debt consists of subordination
from the closing date and the liquidity reserve fund, with any
excess amount over the target being released to the principal
priority of payment.
The class A loan benefits from liquidity support in the form of a
liquidity reserve, and the class A loan and B-Dfrd through F-Dfrd
notes benefit from the ability of principal to be used to pay
interest, provided that, in the case of the class B-Dfrd to F-Dfrd
notes, they are the most senior class outstanding.
There are no rating constraints in the transaction under our
counterparty, operational risk, or structured finance sovereign
risk criteria. S&P considers the issuer to be bankruptcy remote and
the legal framework to be compliant with its legal criteria.
Ratings
CLASS RATING* CLASS SIZE (MIL. EUR)§
Class A loan AAA (sf) 327.42
B-Dfrd AA (sf) 21.38
C-Dfrd A (sf) 10.69
D-Dfrd BBB+ (sf) 6.22
E-Dfrd BBB- (sf) 4.47
F-Dfrd BB- (sf) 3.89
G-Dfrd NR 14.57
S1 NR N/A
S2 NR N/A
R NR N/A
NR--Not rated.
N/A--Not applicable.
PEARLS (NETHERLANDS): S&P Raises LT ICR to 'B+' on Planned Merger
-----------------------------------------------------------------
S&P Global Ratings raised its long-term ratings to 'B+' from 'B' on
specialty chemicals businesses Caldic Group's parent company Pearls
(Netherlands) Bidco B.V.; its outstanding EUR1.1 billion-equivalent
term loan B (TLB), including the new EUR175 million debt add-on;
and its EUR155 million RCF. The recovery rating remains at '3'.
The stable outlook reflects S&P's expectation that Caldic Group
will not raise additional debt in the next 12-18 months, and
continues deleveraging, while the combined group maintains solid
top-line growth and profitability, enhanced exposure to growth
markets such as Latin America and Asia-Pacific, and continued
strong cash flow generation.
On Oct. 14, 2022, Caldic Group's financial sponsor Advent
International announced its agreement with Connell's owner
Wilbur-Ellis to merge the two specialty chemicals distribution
businesses.
The combined group will continue to operate under the Caldic brand.
S&P expects the merger to close in the first quarter of 2023. As
part of the transaction, Caldic plans to raise a new EUR175 million
TLB add-on to fund the cash purchase price portion and repay
drawings on the RCF used to fund bolt-on acquisitions. Following
the merger, Wilbur-Ellis will remain as a strategic shareholder,
with a minority stake, with the remainder owned by Advent
International.
S&P said, "The transaction improves Caldic Group's deleveraging
prospects, and we expect S&P Global Ratings-adjusted debt to EBITDA
to stand at about 5.5x at year-end 2022. Pro forma the merger, we
expect our adjusted debt-to-EBITDA ratio for the group will be
about 5.5x at year-end 2022, which is better than our previous
projection of about 6.5x for Caldic Group alone. The significant
leverage improvement is mostly thanks to Connell's largely
debt-free balance sheet and the transaction being mainly funded
through a share merger. The capital structure pro forma the merger
includes a TLB of about EUR1.3 billion equivalent, about EUR279
million equivalent of second-lien senior secured debt, and about
EUR25 million of other bank debt. Our debt adjustments as of
year-end 2022 include about EUR68 million of operational leases,
about EUR8 million of pension deficits, and other adjustments of
about EUR27 million. We do not net cash in our adjusted debt
calculation, owing to the company's private-equity ownership. The
outstanding shareholder loan, which we believe qualifies for equity
treatment under our methodology, has been converted into common
equity following the merger.
"We believe Caldic Group's financial-sponsor ownership continues to
limit the potential for leverage reduction over the medium term. We
expect faster deleveraging following the transaction, based on both
parties' expressed commitment to not incur new debt in the
foreseeable future. Given their intention to continue deleveraging
by focusing on integration and cash flow generation, we expect S&P
Global Ratings-adjusted-debt to EBITDA to be about 5x in 2023,
leading to our core credit metric remaining in the highly leveraged
category over 2022-2023. The financial sponsor's strong commitment
to deleveraging and a track record of keeping adjusted debt to
EBITDA below 5.0x would be necessary for us to revise upward our
assessment of the financial risk profile. We believe strategic
mergers and acquisitions (including bolt on transactions) will
continue, in line with Caldic Group's acquisition strategy, and be
funded through cash flow generation, thereby supporting the
company's deleveraging path, in line with Advent's and the group's
management's representations."
The merger with Connell improves Caldic's size, geographic
diversification, and market position in the Asia Pacific region.
With about EUR2.7 billion of sales and about EUR302 million of S&P
Global Ratings-adjusted EBITDA in 2022 pro forma the transaction,
Caldic will be the third largest player in the pure specialty
chemicals distribution market, just behind peers such as IMCD and
Azelis. The enlarged group will have a presence in about 43
countries spread across Europe (about 31% of the sales), North
America (about 13% of sales), Latin America (about 31% of sales),
and Asia-Pacific (about 25% of sales). S&P said, "We believe that
Connell will also improve the group's overall market position,
thanks to cross-selling opportunities, the opportunity to further
extend the number of partners (principals) in Asia-Pacific, and
leveraging on Caldic's and Connell's branded products. Given that
the two businesses are highly complementary without any significant
geographic overlaps, we do not expect any loss of key principals
following the merger, and we believe there is potential to further
optimize the cost base through procurement-cost savings, logistics,
and warehousing, as well as by reducing selling and administrative
expenses. We believe that Caldic is better positioned than some of
its close peers, such as Barentz, in terms of size and geographic
diversification."
S&P said, "We believe that Caldic Group's rapid acquisitive growth,
although common in the industry, still carries some integration
risk. We forecast Caldic Group's sales to increase to a pro forma
EUR2.7 billion in 2022 from about EUR1.7 billion reported at the
end of 2021 pro forma the GTM transaction. Given the market's
fragmented nature, it is very common for chemicals distributors to
expand through acquisitions, and we see a similar trend among peers
such as IMCD, Azelis, and Barentz." In less than 12 months, Caldic
Group has pursued two large mergers, with GTM announced in November
2021 and with Connell, announced in October, alongside six bolt-on
acquisitions. Although Caldic Group has shown its ability to
integrate acquired companies in previous years, it still needs to
demonstrate a track record of successfully merging with larger
businesses.
Caldic Group has shown resilient operating performance during the
challenging economic environment and should withstand a potential
recession. Despite the difficult economic environment in 2022 due
to the ongoing Russia-Ukraine conflict, cost inflation, and
continued supply chain disruptions in Asia, Caldic Group has
performed well in 2022. The company reported about 36% growth for
the 12 months ended Sept. 30, 2022, and EBITDA growth of about 38%
on a like for like basis. S&P said, "We expect continued solid
top-line growth and strong ability to pass on cost increases to
customers during the last quarter of 2022, leading to EBITDA
margins of 11.0%-11.5%. In 2023, we expect softening demand,
especially in developed economies and the industrial end market,
will be more than compensated by continued growth in Latin America
and Asia-Pacific and by the very resilient life sciences end
market. This translates into our expectation of revenue growth of
4.5%-5.5% in 2023 with stable profitability."
S&P said, "The stable outlook reflects our view that Caldic Group
will continue to show resilient performance following the merger,
successfully integrating GTM and Connell and showing profitability
improvements, supported by good growth prospects in its end
markets, as well as significant cost savings and cross-selling
opportunities. We expect the adjusted debt to EBITDA will gradually
decrease to 5.0x-5.5x over the coming two years with continued
positive free operating cash flow (FOCF)."
S&P could lower the ratings if:
-- Caldic Group pursues larger-than-expected debt-funded mergers
or acquisitions, resulting in adjusted debt to EBITDA approaching
6.0x;
-- The group experiences adverse operational developments, such as
lagging growth in mature markets, loss of market share, disruption
of delivering planned synergies, or unanticipated one-off costs,
leading to materially lower EBITDA;
-- Caldic Group and its sponsor adopt a more aggressive debt
tolerance stance and financing strategy with regards to
acquisitions or shareholder remuneration; or
-- Caldic Group reports a meaningful deterioration of FOCF,
although S&P views this as unlikely at this stage.
S&P could consider an upgrade if:
-- Caldic Group reduces gross debt using organic cash flow
generation in the coming years, leading to adjusted debt to EBITDA
consistently and meaningfully below 5.0x; and
-- There is a track record and continuing commitment from the
owners to support deleveraging and preserve credit metrics in line
with a higher rating.
Environmental, Social, And Governance
ESG credit indicators: E-2, S-2, G-3
S&P said, "Environmental and social factors have an overall neutral
influence on our credit rating analysis of Pearls (Netherlands)
Bidco B.V. The group is a specialty chemicals and ingredients
distributor focusing on several end markets, including the
pharmaceutical and food industries. It has several initiatives to
reduce its impact along the supply chain and increase the number of
sustainable products in its portfolio. Governance is a moderately
negative consideration, as for most rated entities owned by
private-equity sponsors. We believe the group's highly leveraged
financial risk profile points to corporate decision-making that
prioritizes the interests of controlling owners. This also reflects
generally finite holding periods and a focus on maximizing
shareholder returns."
===========================
U N I T E D K I N G D O M
===========================
AMPHORA FINANCE: GBP301M Bank Debt Trades at 32% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Amphora Finance Ltd
is a borrower were trading in the secondary market around 68.19
cents-on-the-dollar during the week ended Fri., Nov. 4, 2022,
according to Bloomberg's Evaluated Pricing service data.
The GBP301 million facility is a term loan. The loan is scheduled
to mature on June 1, 2025. The amount is fully drawn and
outstanding.
Amphora Finance Limited operates as a special purpose entity. The
Company was formed for the purpose of issuing debt securities to
repay existing credit facilities, refinance indebtedness, and for
acquisition purposes. The Company's country of domicile is the
United Kingdom.
DC BUILDING: Sole Director Faces 10-Year Disqualification
---------------------------------------------------------
The Insolvency Service on Nov. 4 disclosed that Daniel Eric Carter
was the sole director of DC Building & Extensions Ltd, previously
known as Carters Building Ltd. Incorporated in August 2017, the
company provided building services for residential properties.
DC Building & Extensions Ltd, however, experienced trading
difficulties throughout the life of the company and by May 2019,
the building firm had entered into compulsory liquidation following
a petition by one of its creditors.
The Official Receiver was appointed as Liquidator and the building
firm's insolvency triggered an investigation by the Insolvency
Service before investigators uncovered that DC Building &
Extensions Ltd substantially abused its position.
Daniel Carter caused the building firm to take deposits and advance
payments totalling close to GBP182,000 from 5 new customers.
However, these customers were put at unreasonable risk as the
building firm accepted their cash despite knowing it was insolvent
Further enquiries found that Daniel Carter caused the building firm
to continue trading despite it being placed into liquidation by the
court, he failed to disclose GBP35,000 of assets to the Official
Receiver, and withdrew more than GBP25,000 from DC Building &
Extensions Ltd's account for personal use and to pay other third
parties.
On June 28, 2022, a 10-year disqualification order was made against
Mr. Carter in the High Court by Deputy Judge Greenwood, after he
failed to file an acknowledgement of service or any evidence in
response to the claim.
Mr. Carter was also ordered to pay costs of GBP6,649.
Mike Smith, Chief Investigator for the Insolvency Service, said:
"When people paid deposits for building works they were doing so in
good faith that their jobs would get completed. Daniel Carter,
however, completely abused this trust when he caused the company to
take clients' money knowing there was substantial risk his firm
couldn't carry out the works he had promised.
"Daniel Carter's 10-year ban issued by the court is a substantial
disqualification and should serve as a clear warning to other
service providers that there are serious consequences if you take
money from clients while insolvent with no likelihood of being able
to complete projects."
GCC MANAGEMENT: Directors Get 25-Year Disqualification Order
------------------------------------------------------------
The Insolvency Service on Nov. 2 disclosed that Christopher Bateman
(49) and his business partner, Nicola Fairweather (48) are banned
for 25 years from directly, or indirectly, becoming involved in the
promotion, formation or management of a company, without the
permission of the court.
The Insolvency Service's investigations were triggered when two
connected companies, GCC Management Ltd and Amek Solutions Ltd,
entered into insolvency procedures. Mr. Bateman, from Knutsford,
and Ms. Fairweather, from Macclesfield, were directors of both
companies.
GCC Management was an unregulated company that offered people the
opportunity to invest in the purchase of care homes, with the
promise of fixed rate returns of 10% to 30%. Amek Solutions
advised on and/or arranged investments in GCC Management.
Investigators found Mr. Bateman caused Amek Solutions to breach the
Financial Services and Markets Act 2000. Misconduct included:
advising people -- many being unsophisticated investors -- to
transfer funds from their pensions; failing to advise investors to
seek independent financial advice; and Amek did not have authority
to encourage investments.
Amek Solutions promoted GCC Management's scheme to at least 133
people, who invested close to GBP6.3 million from their pensions
despite not being protected under the Financial Services
Compensation Scheme. Amek Solutions was rewarded by receiving more
than GBP5.4 million in commission from GCC Management.
Investigators also looked into the affairs of GCC Management and
found that when the company entered into liquidation, investors
were owed GBP13.2 million.
GCC Management produced misleading and unrealistic marketing
materials based on a business plan which lacked commercial
viability, there were no mitigation plans to help investors if
returns couldn't be made, and the company sent false information to
investors about when their returns would be repaid.
By September 2012, GCC Management only had one operating care home
that had generated income, which was much lower than expected.
However, the company continued to push their investment
opportunities to dupe more investors.
Investigators calculated that at least 243 people invested more
than GBP11.6 million with GCC Management. A total of 166 of these
investors transferred more than GBP7.8 million from their existing
pensions.
From the funds they received through deception, GCC Management made
unaccounted payments worth millions that did not benefit the
company or its investors. This included GBP1.4 million paid to
connected companies Mr. Bateman and Ms. Fairweather were directors
of and another GBP1.4 million to foreign exchange companies.
Robert Clarke, Chief Investigator for the Insolvency Service,
said:
"Our thorough investigations uncovered extensive abuse of investors
who have lost millions of pounds through Bateman and Fairweather's
deceitful activities. Many investors were regular people who were
not familiar with investments and were duped to transfer money from
their hard-earned pensions.
"The judge commented in court that this was an appalling
exploitation of relatively unsophisticated investors. Thankfully
Bateman and Fairweather have been removed from the corporate arena
for a significant amount of time and this should send a clear
message to other company directors that there are serious
consequences if you dupe those seeking to invest pension funds to
best effect."
INEOS ENTERPRISES II: Moody's Rates New EUR350MM Term Loan 'Ba3'
----------------------------------------------------------------
Moody's Investors Service assigned Ba3 rating to INEOS ENTERPRISES
HOLDINGS II LIMITED's proposed EURO and USD equivalent EUR350
million senior secured term loan A (TLA) due 2026. Other ratings
of INEOS Enterprises Holdings Limited (INEOS Enterprises) are
unaffected. These included the corporate family rating of INEOS
Enterprises at Ba3 and probability of default rating at Ba3-PD, as
well as the Ba3 rating of INEOS ENTERPRISES HOLDINGS II LIMITED's
EUR780 million senior secured term loan B due 2026, and INEOS
ENTERPRISES HOLDINGS US FINCO LLC's $370 million senior secured
term loan B due 2026. The outlook on all three entities is stable.
The proceeds of the proposed TLA are slated to refinance the
outstanding EUR147 million senior secured term loan A due 2024 and
to partially fund the acquisition of ASHTA Chemicals Inc. (ASHTA),
a producer of chlorine and potassium hydroxide, for EUR290
million.
RATINGS RATIONALE
The rating action reflects good strategic fit of the ASHTA
acquisition. ASHTA will provide an opportunity to add chlorine, a
key raw material for INEOS Enterprises' Pigments business, into the
group, while also adding potassium hydroxide production to INEOS
Enterprises portfolio. ASHTA's plant is proximate to INEOS
Enterprises' site in Ashtabula, OH, and has recently benefitted
from investments into a modern membrane cell chlor-alkali plant
which utilizes INEOS' BichlorTM technology.
The acquisition is expected to be largely debt financed including
partial proceeds of the proposed TLA, a EUR50 million draw on the
securitization facility and a EUR50 million of available cash.
Moody's expects INEOS Enterprises' pro forma gross leverage to be
just below 4x in 2022 which the agency views as the highest level
commensurate with the current rating. Moody's expects INEOS
Enterprises' leverage to remain largely stable in 2023 before
reducing in 2024.
INEOS Enterprises has benefitted from solid performance in recent
years supported by its diversified portfolio of specialty chemical
businesses. Most recently, in the second quarter of 2022, pigments
and composites businesses were the key EBITDA contributors while
solvents, the largest EBITDA contributor in the first quarter of
2022, was impacted by unplanned outage of its acetylene production
plant, resulting in lost volume. Still, the company's overall
profitability increased with EUR500 million of EBITDA generated for
the twelve months ended June 2022 compared to EUR445 million in
2021 and EUR390 million in 2020. INEOS Enterprises' leverage was
3.3x for the twelve months ended June 2022 and the company
generated over EUR120 million of free cash flow after capex and
dividends.
The Ba3 corporate family rating (CFR) of INEOS Enterprises reflects
its robust business profile, which benefits from leading positions
in many of its markets and high degree of diversification, despite
the moderate scale of its overall revenue base. INEOS Enterprises'
assets and sales are evenly balanced between EMEA and the Americas,
albeit with a limited presence in the fast growing Asia Pacific.
Counterbalancing these strengths are the intrinsic cyclicality of
INEOS Enterprises' business and the parent company's history of
shareholder friendly policies.
LIQUIDITY
INEOS Enterprises' liquidity position is good. At the end of June
2022, the group had cash balances of around EUR360 million. In
addition, it has access to a EUR250 million securitisation facility
collateralised by trade receivables. At the end of June 2022,
availability under the programme was around EUR227 million.
Looking ahead, Moody's expects the group to generate sufficient FCF
to meet scheduled term loan amortisations under a range of
scenarios. The senior secured term loans are covenant-lite, with
the exception of a net total leverage covenant which only applies
to TLA and for which Moody's expects INEOS Enterprises to maintain
comfortable headroom particularly given the re-setting of the TLA
covenant back to 4.75x from 4.0x.
STRUCTURAL CONSIDERATIONS
The Ba3 ratings assigned to the TLA and TLB of INEOS ENTERPRISES
HOLDINGS II LIMITED and the TLA of INEOS ENTERPRISES HOLDINGS US
FINCO LLC reflects the fact that both loans are senior secured
obligations of the borrowers, rank pari passu with each other and
benefit, to the extent legally possible, from the same first
ranking guarantees from all material subsidiaries representing at
least 85% of the restricted group's consolidated EBITDA and
assets.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Positive rating momentum may arise over time should INEOS
Enterprises demonstrate (i) consistent profitability by maintaining
or growing its Moody's-adjusted EBITDA margin in the teens; (ii)
sustained positive FCF generation after capex and dividends; (iii)
Moody's-adjusted total and net debt to EBITDA below 3.0x and 2.5x
through the cycle; and (iv) conservative financial policy in line
with its stated net leverage target of below 3.0x through the
cycle.
Conversely, the ratings could come under downward pressure, should
INEOS Enterprises' operating results fall short of Moody's
expectations and FCF generation turn negative, resulting in some
deterioration in liquidity and leverage reflected in
Moody's-adjusted total and net debt to EBITDA rising above 4x and
3.5x for an extended period of time.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Chemicals
published in June 2022.
Headquartered in the UK, INEOS Enterprises Holdings Limited is a
leading producer of intermediary chemicals with strong
manufacturing platforms in Europe and North America, operating
fourteen sites in each of the two regions. In 2021, INEOS
Enterprises reported revenues of EUR2.7 billion and EBITDA of
EUR445 million.
MADE.COM: Set to Enter Administration Today, 500 Jobs at Risk
-------------------------------------------------------------
Zoe Wood at The Guardian reports that the online furniture retailer
Made.com's dream of becoming the "new Ikea" will die today when
administrators are appointed, triggering about 500 job losses and
leaving thousands of customers in the lurch.
It will complete a fall from grace for the London-based company
which was valued at almost GBP800 million when it listed on the
stock exchange in summer 2021 and was vaunted as the future of
furniture retail.
The Made.com name is expected to be sold straight away, most likely
to its high street rival Next, in a cut-price deal, The Guardian
states. After a desperate hunt, no buyers interested in taking on
the whole company came forward; one industry expert described it as
a "basket case", The Guardian notes.
Like other online companies, Made.com's sales rocketed during the
pandemic only to slump when life returned to normal, The Guardian
relates. It has spent several desperate months trying to raise the
extra cash it needed to continue operating, according to The
Guardian .
Made.com's shares were suspended from the stock exchange and the
company confirmed that administration was now on the cards, The
Guardian recounts. Insolvency experts at PricewaterhouseCoopers
(PwC) are lined up to handle the job and are expected to be
formally appointed at a court hearing this morning, The Guardian
discloses.
There were buyers in the wings but they wanted only Made.com's
brands and other intellectual property, The Guardian notes.
According to The Guardian, insiders say the Made.com business model
was flawed. Its early success was built on a just-in-time model,
with pieces shipped from manufacturers only after orders were
placed. Rather than dealing with a handful of suppliers, it worked
with more than 200 factories, The Guardian notes. But that model
meant that when the pandemic hit, causing huge supply chain
disruption, manufacturers did not prioritise Made.com, The Guardian
states.
At the time of its flotation, Made.com employed close to 700 people
but as it struggled to piece together a rescue deal in September it
disclosed that more than 200 workers were being made redundant, The
Guardian discloses. It is estimated about 500 mainly UK-based
staff remain and they are expected to be let go by the
administrators, according to The Guardian.
Made.com has already stopped taking orders but customers who have
already bought something face a nervous wait to be reunited with
their money, The Guardian notes. After PwC are appointed, they
will advise customers how to claim a refund. However, there is no
guarantee shoppers will get their money back because it is likely
that the company will also have other debts, The Guardian states.
MISSOURI TOPCO: S&P Lowers ICR to 'CCC-', Outlook Negative
----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Missouri TopCo, Parent Of Retailer Matalan, to 'CCC-' from 'CCC'.
S&P also lowered its issue ratings on the first-lien senior secured
notes to 'CCC-' (recovery rating '3') and the second-lien secured
debt to 'C' (recovery rating '6').
The negative outlook indicates that S&P could lower its ratings on
Matalan if the company announces a distressed debt exchange on any
of its instruments or it sees escalation in its risk of a
conventional default.
If successful, the sale of the group will trigger the refinancing
of its debt instruments.
S&P said, "The group is currently going through a strategic sale
process, which we expect will close in the upcoming months. We
think the risk of the resulting refinancing of some or all debt
instruments at less than their par value has escalated amid the
unfavorable operating environment. In the first half of the fiscal
year ending Feb. 25, 2023 (fiscal 2023), the group has suffered a
decline in its S&P Global Ratings-adjusted gross margin to close to
52% revenue compared to the same period last year, from about 60%.
Over that same period, the company posted adjusted EBITDA of GBP81
million, GBP21 million less than in the six months to Aug. 28,
2021."
If the strategic sale process is unsuccessful, the group's activist
first-lien lenders have agreed an alternative recapitalization plan
aimed at materially reducing the group's total debt. S&P would
likely consider such a recapitalization as a distressed debt
exchange, and therefore envision specific default scenarios under
its criteria over the next six months, absent unforeseen positive
developments in the issuer's circumstances. As at Aug. 27, 2022,
the group had GBP409.6 million debt due for repayment within 12
months, comprising the GBP349.6 million 6.75% notes and GBP60
million fully drawn ABL. In addition, the group had GBP79.6 million
9.5% second-lien notes due in January 2024 (plus payment-in-kind
accrued interest) and GBP49.6 million 9.5% shareholder notes due in
July 2024.
The six-month extension of the first-lien notes maturity gives the
company some headroom to continue its trading uninterrupted during
the holiday season. The group has extended the maturities of its
GBP350 million first-lien notes and its ABL to July 31, 2023,
resolving the pressure from the imminent refinancing risk. In
addition, the group has raised a new GBP8 million
cash-collateralized ancillary facility, replacing its guarantee and
letter-of-credit facilities available under the previous bank
financing package, which matured on July 25, 2022. As at Aug. 27,
2022, the group had GBP101.6 million unrestricted cash, net of the
GBP0.3 million cash collateral associated with utilization of the
new ancillary facility.
S&P said, "The negative outlook indicates that we could lower our
ratings on Matalan over the next six months if the company
announces a distressed debt exchange on any of its instruments or
if its risk of a conventional default escalates."
S&P could lower its ratings if the company announces a distressed
debt exchange offer, launches reorganization, or stops servicing
its debt. Although not its core assumption at this stage, it would
downgrades the company if it were to file for insolvency.
Any upside would reflect an improvement in the company's ability to
timely service its debt and pay all of its obligations in full and
in a timely manner. This would likely depend on drastic improvement
in operating performance over the next few weeks and strategic sale
at a price sufficient to fully repay all borrowings. S&P considers
these developments unlikely in the currently unfavorable operating
environment and credit market conditions.
ESG credit indicators: E-2, S-2, G-3
NEWGATE FUNDING 2007-3: S&P Affirms B+(sf) Rating on Cl. E Notes
----------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Newgate Funding
PLC's series 2007-1 class Cb and Db notes, series 2007-2 class Bb
and Cb notes, and series 2007-3 class Cb and D notes. At the same
time, S&P affirmed its ratings on the series 2007-1 class A3, Ma,
Mb, Ba, Bb, E, and F notes, series the 2007-2 class A3, M, Db, E,
and F notes, and the series 2007-3 class A2b, A3, Ba, Bb, and E
notes.
In these transactions, S&P's ratings address timely receipt of
interest and ultimate repayment of principal for all classes of
notes.
Collateral performance has been stable. Total arrears have
marginally decreased for all three transactions, mainly due to a
decrease in 90+ days arrears.
S&P said, "Compared with our previous reviews, the weighted-average
foreclosure frequency (WAFF) has increased at all rating levels for
the three transactions. This is following an increase in our
originator adjustment to reflect that the non-conforming borrowers
in these pools will generally have lower resilience to current
inflationary pressures and interest rate rises. Our 'AAA'
weighted-average loss severity (WALS) has reduced following an
update to the jumbo valuation thresholds. Overall required credit
coverage has slightly increased at all rating levels for the three
transactions compared to previous reviews. Over the same period,
credit enhancement has also increased for all classes of notes.
WAFF And WALS Levels
RATING LEVEL WAFF (%) WALS (%) CREDIT COVERAGE(%)
NEWGATE SERIES 2007-1
AAA 43.32 34.97 15.15
AA 36.81 28.11 10.35
A 33.16 17.67 5.86
BBB 29.49 12.24 3.61
BB 25.46 8.95 2.28
B 24.55 6.35 1.56
NEWGATE SERIES 2007-2
AAA 44.60 36.26 16.17
AA 38.60 29.54 11.40
A 35.07 19.18 6.73
BBB 31.29 13.62 4.26
BB 27.10 10.12 2.74
B 26.15 7.46 1.95
NEWGATE SERIES 2007-3
AAA 37.22 37.20 13.84
AA 31.11 30.52 9.49
A 27.67 20.50 5.67
BBB 24.20 15.05 3.64
BB 20.28 11.51 2.33
B 19.40 8.69 1.69
WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.
In all three transactions, the notes benefit from a liquidity
facility and a reserve fund, which are nonamortizing as the
respective cumulative loss triggers have been breached. In
addition, the transactions are paying pro rata as all conditions
required are satisfied.
S&P said, "For each of the three transactions, our conclusions on
operational, legal, and counterparty risk analysis remain unchanged
since our previous full reviews. The liquidity facility and bank
account provider (Barclays Bank PLC; A/Positive/A-1) breached the
'A-1+' downgrade trigger specified in the transaction documents,
following our lowering of its long- and short-term ratings in
November 2011. Because no remedial actions were taken following our
November 2011 downgrade, our current counterparty criteria cap the
maximum potential rating on the notes in these transactions at our
'A' long-term issuer credit rating (ICR) on Barclays Bank PLC.
"In our cashflow analysis, we have considered the sensitivity of
the notes to a deterioration in the WAFF since the nonconforming
borrowers in these transactions will generally have lower
resilience to the current inflationary pressures and interest rate
rises.
"We have begun to see increasing divergence between Term SONIA and
the Bank of England Base Rate. In this transaction, the rate of
increase on the liability referenced index (Term SONIA) is higher
than the asset referenced index (Bank of England Base Rate), which
may lead to reduced excess spread. Although this risk is currently
captured within our basis risk stresses as well as other stresses
that we apply to assess liquidity in transactions, we have
performed an additional sensitivity cashflow run, which applied a
higher basis risk stress.
"After taking these risks into account, the available credit
enhancement is still commensurate with higher ratings than those
currently assigned for six classes of notes. We therefore, raised
our ratings on the series 2007-1 class Cb and Db notes, the series
2007-2 class Bb and Cb notes, and the series 2007-3 class Cb and D
notes. At the same time, we affirmed our ratings on the series
2007-1 class E and F notes, series 2007-2 class Db, E, and F notes,
and series 2007-3 class E notes.
"For all classes currently rated 'A (sf)', the available credit
enhancement is commensurate with higher ratings than that currently
assigned. However, given the ratings on all the notes are capped at
the long-term ICR on Barclays, we affirmed our 'A (sf)' ratings on
these classes of notes."
Newgate Funding series 2007-1, series 2007-2, and series 2007-3 are
U.K. RMBS transactions, which securitize pools of nonconforming
loans secured on first-ranking U.K. mortgages.
Ratings List
CLASS RATING TO RATING FROM
NEWGATE FUNDING PLC (SERIES 2007-1)
RATINGS RAISED
Cb BBB (sf) BB+ (sf)
Db B+ (sf) B (sf)
RATINGS AFFIRMED
A3 A (sf) A (sf)
Ma A (sf) A (sf)
Mb A (sf) A (sf)
Ba A (sf) A (sf)
Bb A (sf) A (sf)
E B (sf) B (sf)
F B (sf) B (sf)
NEWGATE FUNDING PLC (SERIES 2007-2)
RATINGS RAISED
Bb A (sf) BBB+ (sf)
Cb BB (sf) BB- (sf)
RATINGS AFFIRMED
A3 A (sf) A (sf)
M A (sf) A (sf)
Db B (sf) B (sf)
E B- (sf) B- (sf)
F B- (sf) B- (sf)
NEWGATE FUNDING PLC (SERIES 2007-3)
RATINGS RAISED
Cb A (sf) BBB+ (sf)
D BBB (sf) BBB- (sf)
RATINGS AFFIRMED
A2b A (sf) A (sf)
A3 A (sf) A (sf)
Ba A (sf) A (sf)
Bb A (sf) A (sf)
E B+ (sf) B+ (sf)
NO1 BOTANICALS: Enters Administration, Put Up for Sale
------------------------------------------------------
Business Sale reports that No1 Botanicals, an upmarket soft drinks
supplier, has fallen into administration and a buyer is now being
sought for the business.
No1 Botanicals, which trades as Rosemary Water Ltd., has seen
considerable growth since it was founded in 2017, but fell into
financial difficulties as a result of the disruption facing the
hospitality sector, Business Sale relates.
Clare Lloyd and Henry Shinners of Evelyn Partners were appointed as
joint administrators of No1 Botanicals on Oct. 25 and are now
marketing the business and its assets, including intellectual
property, for sale, with the hope of securing a rescue deal for the
company, Business Sale recounts.
The company was founded by David Spencer-Percival in London in
2017. In 2019, the company raised GBP1.2 million from 568
investors via a crowdfunding campaign on Crowdcube, which valued
the business at over GBP25 million.
In its accounts for the year ending December 31 2020, the company's
fixed assets were valued at GBP52,390 and current assets at GBP1.5
million, while its net assets amounted to GBP346,603, Business Sale
discloses.
No1 Botanicals produces a range of sparkling waters blended with
herbs including ginger, rosemary and ashwagandha. The firm's drinks
are free from sugar, sweeteners and preservatives and come in fully
recyclable packaging.
RUTHERFORD HEALTH: Taunton Diagnostic Centre's Future Secured
-------------------------------------------------------------
Daniel Mumby at SomersetLive reports that a vital health facility
in Taunton has been secured for at least the next 15 years
following a new deal with local health bosses.
The Taunton Diagnostic Centre opened its doors in September 2021,
allowing patients to have a range of tests and access numerous
different health services without having to travel to Musgrove Park
Hospital. The facility's future seemed in jeopardy in June when
Rutherford Health, the company tasked with running it on behalf of
the NHS, went into liquidation, SomersetLive, SomersetLive
recounts.
The Somerset NHS Foundation Trust has now announced a new
partnership with Alliance Medical Ltd., which will run the centre
until at least 2037, SomersetLive discloses. The Taunton
Diagnostic Centre was created by redeveloping the Zenith Fire
Control Centre on Blackbrook Park Avenue, which was meant to be
used as a regional centre to handle 999 calls but was never used.
According to SomersetLive, Peter Lewis, chief executive of the
Somerset NHS Foundation Trust, said: "The Taunton Diagnostic Centre
is a real asset to the NHS in Somerset and has made a significant
contribution to our ability to be able to diagnose and treat NHS
patients as quickly as possible.
"When our previous partners, Rutherford Health, went into
liquidation in June, we stepped in to run the centre on a
short-term basis. Now I am delighted that we have formed a strong
partnership with Alliance Medical to run the centre and continue
providing an excellent service to Somerset patients.
"The centre helps us to prioritise the capacity that we have
available at Musgrove Park Hospital for emergency patients or those
who are already in the hospital. This is not only good for our
patients, but also the way we care for people across the whole
Somerset healthcare system by enabling them to have imaging scans
away from the acute hospital."
V LARKIN: Director Gets 6-Year Disqualification Order
-----------------------------------------------------
The Insolvency Service on Nov. 3 disclosed that on October 18,
2022, Vincent Christopher Larkin (51), from Bracknell, Berkshire,
received a 6-year disqualification order in the High Court of
Justice before Insolvency & Companies Court Judge Jones.
During proceedings, the court heard that Vincent Larkin was the
director of a scaffolding company called V Larkin Limited. Trading
as Olympic Scaffolding, the scaffolders was incorporated in
February 2006.
The scaffolding firm, however, went into liquidation in May 2019
and V Larkin Limited's insolvency triggered an investigation by the
Insolvency Service.
Investigators uncovered that Vincent Larkin caused the scaffolders
to trade to the detriment of the tax authorities when V Larkin
Limited failed to pay GBP209,000 worth of business and
employee-related tax from the tax year ending 2016/2017.
Further enquiries revealed that between April 2017 and right up to
the point the company was heading into liquidation in May 2019,
Vincent Larkin caused the scaffolders to make payments totalling
close to GBP489,000 but no payments were identified as having been
made to the tax authorities.
Mr. Larkin did not attend court and in his absence was disqualified
and ordered to pay costs of GBP7,355.80.
Lawrence Zussman, Deputy Head of Company Investigations at the
Insolvency Service, said:
"As a company director, Vincent Larkin had a duty to ensure the
scaffolding firm declared and paid the correct amount of taxes due.
Our enquiries, however, clearly showed that Vincent Larkin
systematically abused the tax authorities when the scaffolders
failed to pay more than GBP200,000 of tax.
This type of behaviour from a company director is deplorable and we
will not hesitate in taking action against tax abuse."
VEDANTA RESOURCES: Moody's Lowers CFR to B3, Outlook Remains Neg.
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Vedanta Resources Limited (VRL) to B3 from B2. At the
same time, Moody's has downgraded the ratings to Caa1 from B3 on
the senior unsecured bonds issued by VRL, and those issued by
Vedanta Resources Finance II Plc and guaranteed by VRL.
The outlook on the ratings remains negative.
"The rating action reflects VRL's rising refinancing pressure given
that the company has yet to obtain funding for its large maturities
due in April 2023 and Vedanta Resources Finance II Plc's due in May
2023, which is taking longer than Moody's earlier expectations of
completion by October 2022. The proximity of the large maturities'
due dates without a refinancing completed well in advance indicates
VRL's aggressive liability management," says Kaustubh Chaubal, a
Moody's Senior Vice President.
"The negative outlook reflects holding company VRL's persistently
weak liquidity profile and Moody's concerns over the elevated
refinancing risk arising from its looming debt maturities," adds
Chaubal, also Moody's Lead Analyst for VRL.
RATINGS RATIONALE
Holding company (holdco) VRL's persistently weak liquidity and high
refinancing needs with large, looming debt maturities are a
pertinent credit risk, especially amid rising inflation and higher
interest rates weighing on global economic growth.
Moody's had earlier expected holdco VRL to refinance Vedanta
Resources Finance II Plc's April 2023 and VRL's May 2023 US dollar
bond maturities by October this year. In addition to these $900
million bond maturities in the first quarter (Q1) of the year
ending March 31m 2024, holdco VRL has $830 million loan repayments
between October 2022 and March 2023. While cash dividends can
somewhat ease the holdco's woes, large dividend payments will erode
its operating subsidiaries' liquidity.
Moody's continues to view the company's unsustainable capital
structure, weak liquidity and poor liability management -- as
illustrated through the holdco addressing debt maturities extremely
close to the scheduled debt maturity dates -- as signs of an
aggressive risk appetite, with implications on the company's
financial strategy and risk management, a key component of the
agency's corporate governance risk assessment framework.
Moody's estimates that holdco VRL would have reduced its gross debt
by almost $1 billion during the first half (H1) of fiscal 2023.
Still, holdco VRL has substantial cash needs over the 18-month
period from October 2022 through March 2024. These include: (1)
external debt maturities of around $3.8 billion, comprising almost
half of holdco VRL's debt as of September 2022; (2) $450 million of
an intercompany loan; and (3) an annual interest bill of around
$600 million.
Given VRL is purely a holding company without any operations, it
will stay reliant on dividends from operating subsidiaries and on
Indian and multinational banks for funding, because Moody's expects
cross-border capital markets to remain very challenging. In
addition to the $1.6 billion of dividends VRL received during H1
fiscal 2023, VRL's operating subsidiaries -- 69.7% owned Vedanta
Limited (VDL) and VDL's 64.9% owned subsidiary Hindustan Zinc
Limited (HZL) -- could pay dividends using their cash balances.
Still, Moody's expects that such dividends will fall substantially
short of the holdco's large cash needs until March 2024,
necessitating continued bank financing.
Moody's notes that VRL is negotiating financing arrangements toward
addressing part of its near-term debt maturities, although the
quantum and timing remain uncertain. Moreover, the rating agency
believes that holdco VRL is unlikely to proactively address
refinancing at least 12 months prior to scheduled maturity dates,
indicating characteristics of a low-B-category CFR.
Based on Moody's commodity price assumptions, VRL's consolidated
credit metrics will somewhat weaken in fiscal years 2023 and 2024
from fiscal 2022, mirroring the weakening trajectory in the prices
of its key commodities. Spot prices in October 2022 across VRL's
key commodities were 8%-20% lower than their respective averages
during April through September this year. Moody's forecasts for VRL
are based on the rating agency's price sensitivities for metals
($1.00-$1.30 per pound [/lb] for aluminum, $1.10-$1.40/lb for zinc,
and $17-$21 per ounce for silver). For oil and gas, Moody's
forecasts are based on a crude oil assumption of $90 per barrel for
the remainder of fiscal 2023, incorporating the windfall tax
imposed by the government of India and $60 per barrel for fiscal
2024 (and no windfall tax).
Moody's expects these price sensitivities to translate into
consolidated adjusted EBITDA of around $5.2 billion-$5.4 billion
and cash flow from operations of around $3.0 billion-$3.8 billion
for fiscal years 2023 and 2024. Moody's believes VRL will require
additional borrowings to fund its capital expenditure, especially
since the rating agency expects operating subsidiaries to pay large
cash dividends.
As a result, Moody's expects VRL's leverage -- measured by
consolidated adjusted gross debt/EBITDA -- will increase from 2.8x
as of March 2022 but will stay in the 3.2x-3.6x range over fiscal
years 2023 and 2024, still comfortably below the revised downgrade
trigger of 5.5x.
Meanwhile, VRL's equity base is thin with a capital structure that
remains highly skewed towards debt (comprising around 90% of total
capital). Given VRL's earnings are inherently susceptible to
volatile commodity prices, headroom under its financial covenants
could narrow. While VRL was in compliance with all financial
maintenance covenants as of March 2022, it has previously operated
with bank waivers for periods when in breach. Covenant compliance
will be key to its credit quality, especially with bank loans
comprising more than two thirds of VRL's consolidated debt. In a
scenario where VRL foresees a potential covenant breach, Moody's
expects the company to proactively seek covenant waivers, ahead of
the covenant testing date.
VRL's B3 CFR reflects the company's exposure to the inherent
volatility in commodity prices as well as the company's weak
liquidity and high refinancing risk, especially at holding company
VRL.
On balance, the B3 CFR also reflects VRL's credit strengths that
comprise its large-scale and diversified low-cost operations;
exposure to a wide range of commodities such as zinc, aluminum,
iron ore, oil and gas, steel and power; strong position in key
markets, enabling it to command a pricing premium; and history of
relative margin stability through commodity cycles.
VRL's senior unsecured bonds are rated at Caa1, one notch lower
than the B3 CFR, reflecting Moody's view that the bondholders are
in weaker position relative to operating subsidiaries' creditors.
The one-notch differential between the bond ratings and the CFR
reflects the legal and structural subordination of the holding
company bondholders to the rest of the group. Moody's calculates
operating company claims at around 60% of total consolidated claims
as of March 2022, with the balance of the claims distributed across
holding company VRL and its intermediate holding companies that
have a direct shareholding in Vedanta Limited (VDL).
OUTLOOK
The negative outlook reflects VRL's persistently weak liquidity
profile and Moody's concerns over the elevated refinancing risk
arising from holdco VRL's looming debt maturities.
LIQUIDITY
Holding company VRL's liquidity remains weak. Moody's estimates
that VRL's cash holding, new loans, management/branding fee and
dividends from operating subsidiaries will still not be sufficient
to meet the holding company's cash needs through March 2024.
ESG CONSIDERATIONS
VRL's very highly negative exposure to environmental considerations
relates to carbon transition, water management and natural capital.
The company's very highly negative social risk exposure emanates
from health and safety risks with an incidence of fatalities in
each of the past four years. The company's highly unionized work
force presents the risk of human capital, although the company has
not had any labor strikes in recent years. The company has a very
highly negative governance exposure due to VRL's concentrated
ownership with sole shareholder, Volcan Investments Ltd. This keeps
governance risk elevated given the company's past related party
transactions to the detriment of creditors. Governance risks also
reflect the company's aggressive liquidity risk management.
VRL's CIS-5 score reflects very high risks on environmental, social
and governance considerations. Absent these risks, the company's
large scale and efficient asset base could support a higher
rating.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's expects holdco VRL to find sufficient funds through bank
loans and dividends to address its debt maturities until June 2023.
However, Moody's could further downgrade VRL's ratings if (1)
holdco VRL fails to address its January 2024 US dollar bond
maturity by June 2023, after depleting liquidity at operating
subsidiaries to repay near-term debt maturities; (2) VRL pursues
aggressive financial policies, in particular large debt-funded
investments that materially skew its financial profile; (3) there
is exposure to VRL's ultimate shareholder, Volcan Investments,
other than through modest dividends; (4) a sustained breach on any
of the company's financial covenants limits its ability to raise
debt; or (5) an adverse ruling on any of the company's lawsuits
results in large cash outflows.
Downward ratings pressure could also emerge if commodity prices
soften substantially and reduce VRL's EBITDA and free cash flow
generation, causing a sustained weakening in credit metrics, such
as adjusted debt/EBITDA stays above 5.5x, EBIT/interest coverage
remains below 1.0x, or cash flow from operations less
dividends/debt sustains below 7%.
An upgrade is unlikely, given the downgrade action and the negative
outlook on all ratings.
In addition, downward pressure on VRL's senior unsecured Caa1
ratings could also emerge if the company is unable to sustain
reductions in the level of priority claims ranking ahead of the
holding company's senior unsecured debt. While Moody's expects that
there may be some volatility in the ratio of priority claims to
total claims, a sustained deterioration in this metric toward
historical levels would likely cause the rating agency to widen the
difference between the CFR and the senior unsecured notes' rating
to two notches.
The outlook could return to stable if VRL (1) adopts prudent
financial and liquidity risk management strategies, including a
sustained approach to proactive refinancing; and (2) maintains
sufficient funding to fully address its debt maturities on a 12-18
month forward basis.
The principal methodology used in these ratings was Mining
published in October 2021.
Vedanta Resources Limited (VRL), headquartered in London, is a
diversified resources company with interests mainly in India. Its
main operations are held by Vedanta Limited (VDL), a 69.7%-owned
subsidiary. Through VRL's various operating subsidiaries, the group
produces oil and gas, zinc, lead, silver, aluminum, iron ore, steel
and power.
Delisted from the London Stock Exchange in October 2018, VRL is now
wholly owned by Volcan Investments Ltd. Founder chairman of VRL,
Anil Agarwal, and his family, are the key shareholders of Volcan.
For the fiscal year ending March 31, 2022, VRL generated revenues
of USD17.6 billion and adjusted EBITDA of USD6.4 billion. For the
first half of the fiscal year ending March 31, 2023, VDL reported
consolidated revenue of INR744.9 billion (USD9.3 billion) and
consolidated EBITDA of INR187.8 billion (USD2.3 billion).
WOODHEAD CONSTRUCTION: Council to Set Up Development Company
------------------------------------------------------------
Tom Oakley at BBC News reports that a Derbyshire council's plans to
set up its own development company following the collapse of a
contractor have been given the go-ahead.
Woodhead Construction went into liquidation when it was half-way
through a four-year contract with Bolsover District Council, BBC
relates.
The contractor had agreed to build up to 400 homes in Langwith and
Shirebrook -- and a wellbeing centre in Creswell, BBC discloses.
According to BBC, councillors approved plans to establish Dragonfly
Development on Nov. 2.
The company will take over building contracts and identify other
development projects over the next five years, BBC states.
Woodhead Construction, based in Edwinstowe, Nottinghamshire --
which was believed to have employed 150 people -- went into
liquidation in September.
===============
X X X X X X X X
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[*] BOND PRICING: For the Week October 31 to November 4, 2022
-------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- ------- -----
Metalcorp Group SA 8.500 6/28/2026 EUR 28.006
Banca Monte dei Pasch5.375 1/18/2028 EUR 69.100
Credit Suisse Group A4.500 USD 58.275
Credit Suisse Group A0.625 1/18/2033 EUR 57.634
Credit Suisse Group A5.625 SGD 73.039
Credit Suisse Group A6.375 USD 74.250
Credit Suisse Group A5.100 USD 60.900
Casino Guichard Perra4.498 3/7/2024 EUR 66.947
Credit Suisse Group A2.875 4/2/2032 EUR 74.968
Credit Suisse Group A7.250 USD 74.700
Casino Guichard Perra3.992 EUR 14.000
Credit Suisse Group A3.000 CHF 68.686
Castellum AB 3.125 EUR 54.034
Orpea SA 2.625 3/10/2025 EUR 41.907
Vedanta Resources Ltd6.125 8/9/2024 USD 62.960
United Kingdom Gilt 1.125 10/22/2073 GBP 43.538
Casino Guichard Perra4.262 EUR 10.583
Metalcorp Group SA 7.000 10/2/2022 EUR 31.957
Carnival PLC 1.000 10/28/2029 EUR 42.846
Webuild SpA 3.875 7/28/2026 EUR 71.096
Tullow Oil PLC 7.000 3/1/2025 USD 66.454
Audax Renovables SA 4.200 12/18/2027 EUR 59.838
Unibail-Rodamco-Westf2.125 EUR 72.769
Gol Finance SA 7.000 1/31/2025 USD 44.843
Orpea SA 2.000 4/1/2028 EUR 41.582
Credit Suisse Group A3.875 CHF 68.445
Signa Development Fin5.500 7/23/2026 EUR 54.250
Banca Monte dei Pasch8.500 9/10/2030 EUR 73.790
Credit Suisse Group A4.875 5/15/2045 USD 67.733
Allianz SE 3.875 USD 60.057
Banca Monte dei Pasch8.000 1/22/2030 EUR 72.962
Casino Guichard Perra5.250 4/15/2027 EUR 39.969
Credit Suisse Group A3.091 5/14/2032 USD 69.217
Atento Luxco 1 SA 8.000 2/10/2026 USD 40.882
CECONOMY AG 1.750 6/24/2026 EUR 55.983
R-Logitech Finance SA10.250 9/26/2027 EUR 69.235
International Persona9.750 11/12/2025 EUR 74.375
Nordea Bank Abp 3.750 USD 68.875
Webuild SpA 3.625 1/28/2027 EUR 71.112
Heimstaden Bostad AB 2.625 EUR 44.966
Gazprom PJSC Via Gaz 3.125 11/17/2023 EUR 53.663
Frigoglass Finance BV6.875 2/12/2025 EUR 37.859
Aroundtown SA 0.375 4/15/2027 EUR 72.021
Romanian Government I3.624 5/26/2030 EUR 73.436
Casino Guichard Perra3.580 2/7/2025 EUR 47.347
Orpea SA 0.375 5/17/2027 EUR 73.467
Constellation Automot4.875 7/15/2027 GBP 62.140
Nobel Bidco BV 3.125 6/15/2028 EUR 59.384
Cimpress PLC 7.000 6/15/2026 USD 61.222
Aegon NV 4.101 USD 73.110
JT International Fina2.250 9/14/2031 USD 69.008
Ulker Biskuvi Sanayi 6.950 10/30/2025 USD 68.966
Barclays PLC 4.375 USD 63.800
HSBC Holdings PLC 4.600 USD 66.622
Casino Guichard Perra6.625 1/15/2026 EUR 41.980
Casino Guichard Perra4.048 8/5/2026 EUR 41.231
Credit Suisse Group A3.500 CHF 70.291
Republic of Belarus I6.875 2/28/2023 USD 24.700
UBS Group AG 4.375 USD 67.040
Estonia Government In0.125 6/10/2030 EUR 74.214
Credit Suisse Group A0.650 9/10/2029 EUR 68.618
Jababeka Internationa6.500 10/5/2023 USD 55.580
BNP Paribas SA 4.625 USD 65.696
Standard Chartered PL4.300 USD 65.470
AT Securities BV 5.250 USD 70.508
Castellum Helsinki Fi0.875 9/17/2029 EUR 59.609
EnfraGen Energia Sur 5.375 12/30/2030 USD 57.013
Altice France Holding8.000 5/15/2027 EUR 71.481
British American Toba3.000 EUR 70.143
Elior Group SA 3.750 7/15/2026 EUR 70.097
Telecom Italia SpA/Mi1.625 1/18/2029 EUR 67.664
Swan Housing Capital 3.625 3/5/2048 GBP 56.190
DIC Asset AG 2.250 9/22/2026 EUR 61.032
Jaguar Land Rover Aut4.500 7/15/2028 EUR 67.934
Gazprom PJSC Via Gaz 1.450 3/6/2023 CHF 52.687
BAT International Fin4.000 11/23/2055 GBP 52.996
Aroundtown SA 2.875 EUR 46.973
Banco Comercial Portu1.750 4/7/2028 EUR 71.580
Saipem Finance Intern3.125 3/31/2028 EUR 69.367
VTR Finance NV 6.375 7/15/2028 USD 54.163
Fastighets AB Balder 2.873 6/2/2081 EUR 58.711
Deutsche Bank AG/New 3.742 1/7/2033 USD 64.921
United Kingdom Gilt 1.125 1/31/2039 GBP 62.989
Credit Agricole SA 4.750 USD 69.242
Ocado Group PLC 3.875 10/8/2026 GBP 71.906
Gazprom PJSC Via Gaz 5.150 2/11/2026 USD 55.000
Vodafone Group PLC 5.125 6/4/2081 USD 64.488
Ocado Group PLC 0.875 12/9/2025 GBP 71.643
Piraeus Financial Hol8.750 EUR 66.160
Vedanta Resources Fin9.250 4/23/2026 USD 58.556
Electricite de France1.000 11/29/2033 EUR 65.821
Gazprom PJSC via Gaz 3.000 6/29/2027 USD 58.500
Trinseo Materials Ope5.125 4/1/2029 USD 56.061
Enel Finance Internat5.500 6/15/2052 USD 69.766
Atos SE 1.000 11/12/2029 EUR 53.305
Movida Europe SA 5.250 2/8/2031 USD 73.066
United Group BV 5.250 2/1/2030 EUR 67.862
Shell International F1.750 9/10/2052 GBP 46.093
Atos SE 1.750 5/7/2025 EUR 72.807
Suzano Austria GmbH 3.125 1/15/2032 USD 70.728
Minejesa Capital BV 4.625 8/10/2030 USD 74.956
Deutsche Bank AG 4.625 EUR 67.959
Verisure Midholding A5.250 2/15/2029 EUR 73.939
Deutsche Bank AG 6.000 USD 73.345
DEMIRE Deutsche Mitte1.875 10/15/2024 EUR 66.825
MHP Lux SA 6.950 4/3/2026 USD 48.136
CPI Property Group SA4.875 EUR 51.419
Heimstaden Bostad AB 3.248 EUR 59.212
Intrum AB 3.000 9/15/2027 EUR 74.568
Air France-KLM 0.125 3/25/2026 EUR 15.642
ING Groep NV 4.250 USD 59.288
Altice France SA/Fran3.375 1/15/2028 EUR 73.501
Deutsche Bank AG 4.789 USD 72.660
Cellnex Telecom SA 0.750 11/20/2031 EUR 64.384
Akelius Residential P2.249 5/17/2081 EUR 72.903
Telecom Italia SpA/Mi5.250 3/17/2055 EUR 67.820
HSE Finance Sarl 5.625 10/15/2026 EUR 55.617
AerCap Ireland Capita3.300 1/30/2032 USD 73.168
Deutsche Bank AG 4.500 EUR 70.686
Poste Italiane SpA 2.625 EUR 70.626
Mahle GmbH 2.375 5/14/2028 EUR 68.004
Gazprom PJSC Via Gaz 4.950 3/23/2027 USD 30.000
VGP NV 1.500 4/8/2029 EUR 61.552
Telecom Italia Capita6.000 9/30/2034 USD 72.335
WM Morrison Supermark4.750 7/4/2029 GBP 58.002
State of North Rhine-3.000 1/27/2028 EUR 3.029
Gazprom PJSC Via Gaz 2.949 1/24/2024 EUR 54.366
Mitsubishi UFJ Invest4.968 12/15/2050 EUR 35.950
BNP Paribas SA 4.500 USD 67.900
Aroundtown SA 3.375 EUR 47.925
VGP NV 1.625 1/17/2027 EUR 74.687
Rothesay Life PLC 4.875 USD 66.552
VGP NV 2.250 1/17/2030 EUR 62.126
Electricite de France2.625 EUR 64.365
MHP SE 7.750 5/10/2024 USD 49.357
Engie SA 1.875 EUR 68.165
La Banque Postale SA 3.000 EUR 62.925
Faurecia SE 2.375 6/15/2029 EUR 68.228
Romanian Government I2.124 7/16/2031 EUR 61.275
Gazprom PJSC via Gaz 1.500 2/17/2027 EUR 46.572
Romanian Government I4.625 4/3/2049 EUR 62.400
Aroundtown SA 1.625 EUR 48.385
Gazprom PJSC Via Gaz 8.625 4/28/2034 USD 49.500
United Kingdom Gilt 0.375 10/22/2030 GBP 74.977
Gazprom PJSC Via Gaz 2.250 11/22/2024 EUR 55.664
Braskem Netherlands F5.875 1/31/2050 USD 69.466
International Consoli3.750 3/25/2029 EUR 69.652
ADLER Real Estate AG 1.875 4/27/2023 EUR 72.867
Banco Santander SA 3.625 EUR 62.096
Allianz SE 3.200 USD 64.577
ADLER Group SA 2.250 1/14/2029 EUR 37.283
Legal & General Group5.625 GBP 74.003
Vedanta Resources Fin8.950 3/11/2025 USD 68.941
Aroundtown SA 2.125 EUR 53.003
JSM Global Sarl 4.750 10/20/2030 USD 69.408
United Kingdom Gilt 1.625 10/22/2054 GBP 57.537
Electricite de France3.375 EUR 63.561
Petrobras Global Fina5.500 6/10/2051 USD 69.588
Garfunkelux Holdco 3 6.750 11/1/2025 EUR 69.629
Romanian Government I2.000 1/28/2032 EUR 59.378
Gazprom PJSC via Gaz 2.950 1/27/2029 USD 48.500
University of Oxford 2.544 12/8/2117 GBP 52.944
International Consoli1.500 7/4/2027 EUR 69.731
TAG Immobilien AG 0.625 8/27/2026 EUR 70.497
Gazprom PJSC via Gaz 3.250 2/25/2030 USD 51.000
MARB BondCo PLC 3.950 1/29/2031 USD 71.088
Sofina SA 1.000 9/23/2028 EUR 70.776
SCOR SE 5.250 USD 66.140
Liquid Telecommunicat5.500 9/4/2026 USD 72.098
EP Infrastructure AS 1.698 7/30/2026 EUR 72.411
InterCement Financial5.750 7/17/2024 USD 68.908
Intesa Sanpaolo SpA 2.925 10/14/2030 EUR 74.072
Vonovia SE 1.625 9/1/2051 EUR 42.318
Ukraine Government In6.750 6/20/2028 EUR 16.775
Gazprom PJSC via Gaz 3.897 EUR 32.428
Castle UK Finco PLC 7.000 5/15/2029 GBP 62.077
B2W Digital Lux Sarl 4.375 12/20/2030 USD 68.053
United Kingdom Gilt 1.750 1/22/2049 GBP 62.420
Allianz SE 2.625 EUR 64.724
Aroundtown SA 4.750 GBP 47.009
Russian Railways Via 2.100 10/2/2023 CHF 26.914
CSN Resources SA 4.625 6/10/2031 USD 67.049
ING Groep NV 3.875 USD 63.268
Altice France Holding4.000 2/15/2028 EUR 57.870
Ukraine Government In4.375 1/27/2032 EUR 15.694
Pro-Gest SpA 3.250 12/15/2024 EUR 63.458
Russian Foreign Bond 12.750 6/24/2028 USD 67.326
Russian Foreign Bond 4.875 9/16/2023 USD 67.000
Russian Foreign Bond 7.500 3/31/2030 USD 63.261
Novafives SAS 5.000 6/15/2025 EUR 58.336
TUI AG 5.000 4/16/2028 EUR 67.950
Corestate Capital Hol1.375 11/28/2022 EUR 21.083
UniCredit SpA 3.875 EUR 66.714
Tele Columbus AG 3.875 5/2/2025 EUR 74.990
Vodafone Group PLC 4.125 6/4/2081 USD 67.680
MRG Finance UK PLC 8.750 10/26/2023 EUR 41.000
Heimstaden AB 6.750 EUR 55.267
Gazprom PJSC Via Gaz 4.250 4/6/2024 GBP 50.078
Maxeda DIY Holding BV5.875 10/1/2026 EUR 63.359
Swedbank AB 4.000 USD 67.340
BAT International Fin5.750 7/5/2040 GBP 72.985
Aragvi Finance Intern8.450 4/29/2026 USD 69.667
CSN Resources SA 5.875 4/8/2032 USD 72.251
Gazprom PJSC Via Gaz 2.500 3/21/2026 EUR 49.096
BNP Paribas SA 0.837 EUR 72.000
United Group BV 4.000 11/15/2027 EUR 69.412
Simpar Europe SA 5.200 1/26/2031 USD 72.009
NatWest Group PLC 4.600 USD 62.675
SPP Infrastructure Fi2.625 2/12/2025 EUR 71.620
Societe Generale SA 5.375 USD 69.800
Ukraine Government In7.750 9/1/2024 USD 25.000
Klabin Austria GmbH 3.200 1/12/2031 USD 72.993
Altice France SA/Fran5.500 10/15/2029 USD 74.417
Vilmorin & Cie SA 1.375 3/26/2028 EUR 70.525
Nobian Finance BV 3.625 7/15/2026 EUR 73.333
Deuce Finco Plc 5.500 6/15/2027 GBP 73.768
British American Toba3.750 EUR 65.863
Aroundtown SA 1.450 7/9/2028 EUR 69.731
Jaguar Land Rover Aut4.500 10/1/2027 USD 68.561
Grand City Properties1.500 EUR 53.654
Nykredit Realkredit A1.000 10/1/2050 DKK 70.306
Victoria PLC 3.625 8/24/2026 EUR 74.174
Deutsche Bank AG/New 3.729 1/14/2032 USD 67.540
Berkeley Group PLC/Th2.500 8/11/2031 GBP 59.955
Mong Duong Finance Ho5.125 5/7/2029 USD 70.426
Banco Santander SA 4.750 USD 68.053
Assicurazioni General2.124 10/1/2030 EUR 74.675
Accor SA 0.700 12/7/2027 EUR 40.028
CAB SELAS 3.375 2/1/2028 EUR 74.697
CNP Assurances 4.875 USD 64.880
Credit Suisse Group A3.091 5/14/2032 USD 68.974
ADLER Group SA 1.500 7/26/2024 EUR 45.167
Italy Buoni Poliennal1.500 4/30/2045 EUR 56.426
Hellenic Republic Gov1.875 1/24/2052 EUR 52.758
Veolia Environnement 2.500 EUR 74.324
Samhallsbyggnadsbolag2.624 EUR 34.012
Banco de Sabadell SA 5.000 EUR 69.886
Compact Bidco BV 5.750 5/1/2026 EUR 63.445
Smith & Nephew PLC 2.032 10/14/2030 USD 72.520
Valeo 1.000 8/3/2028 EUR 74.519
Phoenix Group Holding5.750 GBP 73.253
International Consoli1.125 5/18/2028 EUR 64.820
Balder Finland Oyj 1.000 1/18/2027 EUR 72.220
Wellcome Trust Ltd/Th1.500 7/14/2071 GBP 41.538
Slovakia Government B0.375 4/21/2036 EUR 59.578
Banco de Credito Soci5.250 11/27/2031 EUR 74.619
TUI Cruises GmbH 6.500 5/15/2026 EUR 71.763
Samhallsbyggnadsbolag2.875 EUR 31.982
Heimstaden Bostad AB 3.625 EUR 45.354
HSBC Holdings PLC 4.700 USD 69.574
Gazprom PJSC Via Gaz 7.288 8/16/2037 USD 50.000
Andrade Gutierrez Int9.500 12/30/2024 USD 57.000
Cellnex Finance Co SA2.000 9/15/2032 EUR 66.108
Bellis Finco PLC 4.000 2/16/2027 GBP 65.723
Sigma Holdco BV 5.750 5/15/2026 EUR 60.724
Republic of Belarus I5.875 2/24/2026 USD 19.817
Vodafone Group PLC 3.000 8/12/2056 GBP 56.607
Gazprom PJSC via Gaz 4.599 USD 35.500
Citycon Oyj 4.496 EUR 64.695
Anheuser-Busch InBev 2.850 5/25/2037 GBP 68.880
United Group BV 3.625 2/15/2028 EUR 68.093
VTB Bank OJSC Via VTB6.950 10/17/2022 USD 5.611
Altice Finco SA 4.750 1/15/2028 EUR 68.234
Diebold Nixdorf Dutch9.000 7/15/2025 EUR 74.950
Gol Finance SA 8.000 6/30/2026 USD 61.804
Russian Railways Via 2.200 5/23/2027 EUR 33.156
Just Group PLC 5.000 GBP 57.868
Minerva Luxembourg SA4.375 3/18/2031 USD 74.515
Accentro Real Estate 3.625 2/13/2023 EUR 49.603
Millicom Internationa4.500 4/27/2031 USD 72.463
NatWest Group PLC 5.125 GBP 74.449
Russian Railways Via 4.600 3/6/2023 EUR 27.186
ADLER Group SA 1.875 1/14/2026 EUR 39.959
ZF Finance GmbH 2.250 5/3/2028 EUR 73.240
Samhallsbyggnadsbolag1.000 8/12/2027 EUR 65.498
Vmed O2 UK Financing 4.500 7/15/2031 GBP 71.604
Ukraine Government In7.750 9/1/2026 USD 17.910
United Group BV 4.625 8/15/2028 EUR 68.341
Mobilux Finance SAS 4.250 7/15/2028 EUR 68.590
ams-OSRAM AG 2.125 11/3/2027 EUR 60.529
Verallia SA 1.875 11/10/2031 EUR 71.176
Aroundtown SA 1.625 1/31/2028 EUR 72.316
EIG Pearl Holdings Sa4.387 11/30/2046 USD 65.978
Unicaja Banco SA 4.875 EUR 66.590
Enel SpA 1.375 EUR 73.160
WEPA Hygieneprodukte 2.875 12/15/2027 EUR 71.813
Gazprom PJSC via Gaz 3.500 7/14/2031 USD 49.125
Air Baltic Corp AS 6.750 7/30/2024 EUR 72.203
Kernel Holding SA 6.500 10/17/2024 USD 36.160
Saga PLC 5.500 7/15/2026 GBP 64.167
MorphoSys AG 0.625 10/16/2025 EUR 64.032
Romanian Government I2.625 12/2/2040 EUR 48.649
Securitas AB 0.250 2/22/2028 EUR 73.999
Standard Profil Autom6.250 4/30/2026 EUR 57.199
Ocado Group PLC 0.750 1/18/2027 GBP 60.942
Corestate Capital Hol3.500 4/15/2023 EUR 19.824
Peach Property Financ4.375 11/15/2025 EUR 70.837
Very Group Funding Pl6.500 8/1/2026 GBP 67.240
Romanian Government I3.875 10/29/2035 EUR 66.038
Ziggo Bond Co BV 3.375 2/28/2030 EUR 68.224
MMC Norilsk Nickel OJ2.550 9/11/2025 USD 53.459
Jaguar Land Rover Aut5.875 1/15/2028 USD 70.247
Barclays PLC 3.250 1/17/2033 GBP 71.469
Castle UK Finco PLC 5.571 5/15/2028 EUR 73.875
EP Infrastructure AS 1.816 3/2/2031 EUR 56.818
Aydem Yenilenebilir E7.750 2/2/2027 USD 74.209
CPI Property Group SA3.750 EUR 54.849
Takko Luxembourg 2 SC5.375 11/15/2023 EUR 68.417
Credit Suisse Group A5.250 USD 70.625
Commerzbank AG 4.250 EUR 65.428
Development Bank of t6.750 5/2/2024 USD 17.333
SBB Treasury Oyj 1.125 11/26/2029 EUR 56.471
Erste Group Bank AG 3.375 EUR 69.471
Republic of Italy Gov4.000 10/17/2049 USD 64.552
Standard Chartered PL4.750 USD 66.800
Hammerson Ireland Fin1.750 6/3/2027 EUR 70.614
Credit Suisse Group A4.500 USD 57.625
VZ Secured Financing 3.500 1/15/2032 EUR 71.764
AI Candelaria Spain S5.750 6/15/2033 USD 58.927
Societe Generale SA 4.750 USD 76.250
Romanian Government I2.750 4/14/2041 EUR 49.373
Ageasfinlux SA 1.619 EUR 74.963
Metinvest BV 8.500 4/23/2026 USD 48.000
Evonik Industries AG 1.375 9/2/2081 EUR 71.845
CPI Property Group SA1.500 1/27/2031 EUR 59.030
Sarens Finance Co NV 5.750 2/21/2027 EUR 71.173
Virgin Media Finance 3.750 7/15/2030 EUR 72.502
Kleopatra Holdings 2 6.500 9/1/2026 EUR 63.250
Kernel Holding SA 6.750 10/27/2027 USD 35.360
Diageo Finance PLC 2.750 6/8/2038 GBP 69.878
Prosus NV 1.288 7/13/2029 EUR 70.508
Balder Finland Oyj 2.000 1/18/2031 EUR 58.881
E.ON SE 0.875 10/18/2034 EUR 66.471
Ubisoft Entertainment0.878 11/24/2027 EUR 72.092
Castellum AB 0.750 9/4/2026 EUR 72.821
Ctec II GmbH 5.250 2/15/2030 EUR 74.286
Deutsche Bahn Finance1.375 4/16/2040 EUR 64.741
Intesa Sanpaolo SpA 4.125 EUR 64.625
Orpea SA 2.200 12/15/2024 EUR 47.000
VEON Holdings BV 3.375 11/25/2027 USD 51.000
Zurich Finance Irelan3.000 4/19/2051 USD 69.578
Dignity Finance PLC 4.696 12/31/2049 GBP 70.112
Tatra Banka as 0.500 4/23/2028 EUR 72.599
Intesa Sanpaolo SpA 4.198 6/1/2032 USD 64.419
Eni SpA 3.375 EUR 74.064
Turkey Government Int5.875 6/26/2031 USD 72.128
Romanian Government I1.375 12/2/2029 EUR 63.716
Rothschild & Co Conti1.700 EUR 67.048
Rothesay Life PLC 5.000 GBP 62.603
Altice Financing SA 4.250 8/15/2029 EUR 73.550
Banco Santander SA 4.125 EUR 69.254
Heimstaden Bostad AB 3.000 EUR 47.255
Korian SA 0.875 3/6/2027 EUR 43.014
Altice France SA/Fran4.250 10/15/2029 EUR 72.951
InPost SA 2.250 7/15/2027 EUR 73.904
ING Groep NV 4.875 USD 68.046
CPI Property Group SA1.625 4/23/2027 EUR 73.094
Enel Finance Internat0.500 6/17/2030 EUR 70.653
Raiffeisen Bank Inter4.500 EUR 65.253
Virgin Media Vendor F4.875 7/15/2028 GBP 73.875
Ukraine Government In7.750 9/1/2025 USD 21.444
Ukraine Government Bo15.840 2/26/2025 UAH 59.233
Ukraine Railways Via 8.250 7/9/2024 USD 21.350
NAK Naftogaz Ukraine 7.625 11/8/2026 USD 20.260
Allianz SE 2.600 EUR 61.730
Gazprom PJSC Via Gaz 4.950 2/6/2028 USD 44.000
Vodafone Group PLC 3.000 8/27/2080 EUR 72.937
Novolipetsk Steel Via1.450 6/2/2026 EUR 55.514
Rallye SA 4.371 2/28/2032 EUR 11.042
HOCHTIEF AG 0.625 4/26/2029 EUR 68.739
Romanian Government I3.625 3/27/2032 USD 68.700
John Lewis PLC 4.250 12/18/2034 GBP 57.077
Wintershall Dea Finan3.000 EUR 68.044
Boparan Finance PLC 7.625 11/30/2025 GBP 62.906
NAK Naftogaz Ukraine 7.125 7/19/2024 EUR 18.492
Bulgaria Government I1.375 9/23/2050 EUR 44.997
Republic of Austria G1.500 2/20/2047 EUR 70.888
UBS Group AG 3.875 USD 81.375
Agri Resources Group 8.000 3/17/2026 EUR 30.001
EP Infrastructure AS 2.045 10/9/2028 EUR 64.342
Rothschild & Co Conti4.420 USD 74.846
Herens Midco Sarl 5.250 5/15/2029 EUR 62.334
Altice France SA/Fran5.125 7/15/2029 USD 74.231
Altice Financing SA 3.000 1/15/2028 EUR 72.895
Enel Finance Internat2.250 7/12/2031 USD 66.055
Deutsche Bank AG 1.375 2/17/2032 EUR 67.323
ADLER Group SA 2.000 11/23/2023 EUR 60.050
Citycon Oyj 3.625 EUR 52.341
Telefonica Europe BV 2.376 EUR 69.848
Vodafone Group PLC 4.250 9/17/2050 USD 67.321
Hungary Government In0.500 11/18/2030 EUR 60.469
Assicurazioni General2.429 7/14/2031 EUR 74.030
Akelius Residential P1.125 1/11/2029 EUR 72.279
Enel SpA 1.875 EUR 64.176
Belfius Bank SA 3.625 EUR 70.639
Diamond BC BV 4.625 10/1/2029 USD 74.025
Iceland Bondco PLC 4.375 5/15/2028 GBP 68.057
JAB Holdings BV 4.500 4/8/2052 USD 60.356
Serbia International 1.000 9/23/2028 EUR 66.753
Maison Finco PLC 6.000 10/31/2027 GBP 68.607
M&G PLC 6.250 10/20/2068 GBP 74.736
TotalEnergies SE 2.125 EUR 66.275
Credit Suisse Group A6.375 USD 74.125
Czech Republic Govern2.000 10/13/2033 CZK 67.046
Balder Finland Oyj 1.000 1/20/2029 EUR 62.243
Mutuelle Assurance De3.500 EUR 62.269
State Agency of Roads6.250 6/24/2030 USD 14.932
TI Automotive Finance3.750 4/15/2029 EUR 68.801
Romanian Government I2.500 2/8/2030 EUR 69.389
BAT International Fin2.000 3/13/2045 EUR 44.508
GOL Equity Finance SA3.750 7/15/2024 USD 44.750
Accor SA 2.625 EUR 74.751
Standard Chartered PL4.316 USD 76.750
Gazprom PJSC via Gaz 2.950 4/15/2025 EUR 44.982
MVM Energetika Zrt 0.875 11/18/2027 EUR 70.074
North Macedonia Gover1.625 3/10/2028 EUR 71.982
Abertis Infraestructu2.625 EUR 71.420
Prosus NV 3.061 7/13/2031 USD 69.649
Cooperatieve Rabobank3.100 EUR 68.206
Metalloinvest Finance3.375 10/22/2028 USD 57.500
Romanian Government I5.125 6/15/2048 USD 66.243
Leather 2 SpA 5.693 9/30/2028 EUR 68.921
Heimstaden AB 4.375 3/6/2027 EUR 72.421
BAT International Fin2.250 6/26/2028 GBP 74.975
Serbia International 2.125 12/1/2030 USD 64.986
Dometic Group AB 2.000 9/29/2028 EUR 69.938
ZF Europe Finance BV 3.000 10/23/2029 EUR 71.716
Autostrade per l'Ital1.875 9/26/2029 EUR 74.662
Republic of Armenia I3.950 9/26/2029 USD 71.604
Banco Comercial Portu4.000 5/17/2032 EUR 66.260
CaixaBank SA 3.625 EUR 64.606
IWG International Hol0.500 12/9/2027 GBP 64.996
EnBW International Fi1.875 10/31/2033 EUR 73.290
Voltalia SA 1.000 1/13/2025 EUR 27.034
Zorlu Yenilenebilir E9.000 6/1/2026 USD 72.108
NPC Ukrenergo 6.875 11/9/2028 USD 17.500
UniCredit SpA 0.850 1/19/2031 EUR 67.195
Unibail-Rodamco-Westf2.875 EUR 61.889
Gazprom PJSC Via Gaz 4.364 3/21/2025 EUR 52.821
Assicurazioni General1.713 6/30/2032 EUR 67.420
Laboratoire Eimer Sel5.000 2/1/2029 EUR 67.699
Talanx AG 1.750 12/1/2042 EUR 68.852
HOCHTIEF AG 1.250 9/3/2031 EUR 63.305
Ukraine Government In9.750 11/1/2030 USD 19.274
Russian Foreign Bond 5.250 6/23/2047 USD 46.527
Holcim Finance Luxemb0.500 4/23/2031 EUR 68.181
Samhallsbyggnadsbolag2.625 EUR 35.013
Metro Bank PLC 5.500 6/26/2028 GBP 49.339
Ukraine Government In7.750 9/1/2029 USD 18.743
Teva Pharmaceutical F1.625 10/15/2028 EUR 69.600
Gazprom PJSC via Gaz 1.850 11/17/2028 EUR 48.855
Republic of Austria G1.500 11/2/2086 EUR 54.860
Neoen SA 1.875 10/7/2024 EUR 35.438
Enel Finance Internat0.375 5/28/2029 EUR 73.945
Cellnex Telecom SA 1.750 10/23/2030 EUR 70.185
ADLER Group SA 3.250 8/5/2025 EUR 42.000
Altice France Holding6.000 2/15/2028 USD 63.747
MHP Lux SA 6.250 9/19/2029 USD 46.583
Victoria PLC 3.750 3/15/2028 EUR 70.331
Turkey Government Int6.625 2/17/2045 USD 64.132
Achmea BV 4.625 EUR 71.941
Korian SA 1.875 EUR 32.205
Atrium Finance Issuer2.625 9/5/2027 EUR 71.775
FEL Energy VI Sarl 5.750 12/1/2040 USD 67.943
Cellnex Finance Co SA1.250 1/15/2029 EUR 73.964
Volkswagen Financial 0.375 2/12/2030 EUR 72.818
HSE Finance Sarl 6.071 10/15/2026 EUR 61.864
Ageas SA/NV 3.875 EUR 68.438
TotalEnergies SE 3.250 EUR 69.247
Lukoil Capital DAC 2.800 4/26/2027 USD 76.500
Banco de Credito Soci1.750 3/9/2028 EUR 73.610
SBB Treasury Oyj 0.750 12/14/2028 EUR 57.543
CPI Property Group SA4.875 EUR 53.212
GTC Aurora Luxembourg2.250 6/23/2026 EUR 73.263
Wellcome Trust Ltd/Th2.517 2/7/2118 GBP 53.029
Avianca Midco 2 PLC 9.000 12/1/2028 USD 74.516
RCS & RDS SA 3.250 2/5/2028 EUR 74.043
Banco Comercial Portu3.871 3/27/2030 EUR 74.026
Autostrade per l'Ital2.000 1/15/2030 EUR 74.607
Credit Suisse Group A2.125 11/15/2029 GBP 71.490
Adecco International 1.000 3/21/2082 EUR 67.589
NAK Naftogaz Ukraine 7.375 7/19/2022 USD 20.662
Amprion GmbH 0.625 9/23/2033 EUR 67.421
Landesbank Baden-Wuer4.000 EUR 72.822
TotalEnergies SE 2.000 EUR 72.221
Sberbank of Russia Vi5.125 10/29/2022 USD 8.643
Union Fenosa Preferen2.843 EUR 67.923
Russian Railways Via 0.898 10/3/2025 CHF 24.872
MMC Norilsk Nickel OJ4.100 4/11/2023 USD 58.000
Russian Railways Via 5.700 4/5/2022 USD 24.818
ZUR Rose Finance BV 2.750 3/31/2025 CHF 67.298
HSBC Bank PLC 3.127 USD 71.193
Deutsche Bank AG/New 3.035 5/28/2032 USD 68.497
Ukreximbank Via Biz F9.750 1/22/2025 USD 30.970
Ukraine Government In8.994 2/1/2026 USD 16.741
Intesa Sanpaolo SpA 5.875 EUR 72.619
DDM Debt AB 9.000 4/19/2026 EUR 70.007
Republic of Belarus I6.378 2/24/2031 USD 19.667
Logicor Financing Sar2.000 1/17/2034 EUR 58.941
Hungary Government In1.750 6/5/2035 EUR 58.185
Cellnex Finance Co SA2.000 2/15/2033 EUR 64.631
Romanian Government I3.500 4/3/2034 EUR 63.819
CPI Property Group SA1.750 1/14/2030 EUR 65.163
Anadolu Efes Biracili3.375 6/29/2028 USD 70.260
Chrome Holdco SASU 5.000 5/31/2029 EUR 71.120
LEG Immobilien SE 0.400 6/30/2028 EUR 74.306
Electricite de France3.000 EUR 69.119
Bulgarian Energy Hold2.450 7/22/2028 EUR 71.444
Nykredit Realkredit A1.000 10/1/2053 DKK 69.466
Serbia International 1.650 3/3/2033 EUR 55.041
Eustream AS 1.625 6/25/2027 EUR 60.588
EnBW Energie Baden-Wu2.125 8/31/2081 EUR 58.222
Grupo Antolin-Irausa 3.500 4/30/2028 EUR 63.545
Raiffeisen Bank Inter6.000 EUR 74.686
Phosagro OAO Via Phos3.050 1/23/2025 USD 56.500
Fastighets AB Balder 1.125 1/29/2027 EUR 70.080
Tinkoff Bank JSC Via 11.002 USD 32.500
Republic of Belarus I6.200 2/28/2030 USD 20.000
MMC Norilsk Nickel OJ2.800 10/27/2026 USD 55.000
VF Ukraine PAT via VF6.200 2/11/2025 USD 53.527
Vantage Towers AG 0.750 3/31/2030 EUR 74.767
OSB Group PLC 6.000 GBP 70.703
BMW Finance NV 0.200 1/11/2033 EUR 68.909
UniCredit SpA 4.450 EUR 66.606
Ideal Standard Intern6.375 7/30/2026 EUR 51.373
Rolls-Royce PLC 1.625 5/9/2028 EUR 71.280
Republic of Italy Gov3.875 5/6/2051 USD 62.095
Hungary Government Bo3.250 10/22/2031 HUF 58.290
Intesa Sanpaolo SpA 5.500 EUR 74.641
Akelius Residential P0.750 2/22/2030 EUR 66.622
Nykredit Realkredit A1.500 10/1/2053 DKK 73.879
Iberdrola Internation2.250 EUR 74.420
Gazprom PJSC via Gaz 1.540 6/30/2027 CHF 48.848
Rallye SA 4.000 2/28/2032 EUR 10.314
Minejesa Capital BV 5.625 8/10/2037 USD 64.036
Enel Finance Internat0.875 6/17/2036 EUR 55.887
Russian Foreign Bond 4.250 6/23/2027 USD 44.423
AerCap Ireland Capita3.850 10/29/2041 USD 64.181
Credit Agricole Assur1.500 10/6/2031 EUR 68.719
P3 Group Sarl 1.625 1/26/2029 EUR 61.867
Aggregate Holdings SA6.875 11/9/2025 EUR 36.708
Julius Baer Group Ltd3.625 USD 65.551
HSBC Bank PLC 4.420 USD 71.027
ADLER Real Estate AG 2.125 2/6/2024 EUR 68.638
Novatek OAO Via Novat4.422 12/13/2022 USD 62.811
State of North Rhine-1.450 1/19/2122 EUR 50.861
Vattenfall AB 2.500 6/29/2083 GBP 72.210
Turkey Government Int5.250 3/13/2030 USD 71.363
BNP Paribas SA 1.625 7/2/2031 EUR 71.391
Rumo Luxembourg Sarl 4.200 1/18/2032 USD 74.983
Enel Finance Internat0.875 1/17/2031 EUR 70.502
BNP Paribas SA 3.132 1/20/2033 USD 73.274
AXA SA 1.875 7/10/2042 EUR 69.375
Atento Luxco 1 SA 8.000 2/10/2026 USD 41.063
Prosus NV 3.832 2/8/2051 USD 55.102
Vonovia SE 0.750 9/1/2032 EUR 62.025
Enel Finance Internat0.875 9/28/2034 EUR 59.653
Synthos SA 2.500 6/7/2028 EUR 74.741
Zalando SE 0.625 8/6/2027 EUR 74.188
Deutsche Bank AG 1.750 11/19/2030 EUR 73.192
Russian Railways Via 0.840 3/12/2026 CHF 18.588
Serbia International 2.050 9/23/2036 EUR 51.548
Albania Government In3.500 11/23/2031 EUR 70.851
BCP V Modular Service6.750 11/30/2029 EUR 68.113
Enel Finance Internat1.875 7/12/2028 USD 74.098
Helvetia Europe SA 2.750 9/30/2041 EUR 73.486
Hellenic Republic Gov0.750 6/18/2031 EUR 70.423
Dtek Renewables Finan8.500 11/12/2024 EUR 35.090
Evraz PLC 5.375 3/20/2023 USD 50.000
ADLER Group SA 2.250 4/27/2027 EUR 37.834
Fastighets AB Balder 1.250 1/28/2028 EUR 66.775
Heimstaden Bostad Tre1.000 4/13/2028 EUR 73.201
Enel Finance Internat4.750 5/25/2047 USD 65.380
Thames Water Utilitie1.250 1/31/2032 EUR 71.447
Lukoil Securities BV 3.875 5/6/2030 USD 72.500
Heimstaden Bostad AB 3.375 EUR 52.062
Aliaxis Finance SA 0.875 11/8/2028 EUR 70.449
Deutsche Bahn Finance0.625 12/8/2050 EUR 45.030
Deutsche Bank AG/New 3.547 9/18/2031 USD 72.754
Sagax Euro Mtn NL BV 1.000 5/17/2029 EUR 65.136
Global Ports Finance 6.500 9/22/2023 USD 28.807
Sampo Oyj 2.500 9/3/2052 EUR 70.284
Heimstaden Bostad Tre1.625 10/13/2031 EUR 61.198
Nexity SA 0.250 3/2/2025 EUR 55.691
SES SA 2.875 EUR 73.429
Fnac Darty SA 0.250 3/23/2027 EUR 62.037
Investec PLC 1.875 7/16/2028 GBP 73.408
Garfunkelux Holdco 3 7.750 11/1/2025 GBP 70.419
TP ICAP Finance PLC 2.625 11/18/2028 GBP 67.490
Tesco Corporate Treas0.375 7/27/2029 EUR 72.486
Autostrade per l'Ital2.250 1/25/2032 EUR 69.269
Solvay SA 0.500 9/6/2029 EUR 73.084
Aroundtown SA 2.912 9/20/2030 EUR 70.405
E.ON SE 0.350 2/28/2030 EUR 74.705
Erste Group Bank AG 4.250 EUR 71.866
Ziggo BV 2.875 1/15/2030 EUR 73.099
Russian Railways Via 7.487 3/25/2031 GBP 21.877
Novolipetsk Steel Via4.700 5/30/2026 USD 66.000
Maisons du Monde SA 0.125 12/6/2023 EUR 46.071
Bank Gospodarstwa Kra2.125 6/5/2030 PLN 60.072
Enel Finance Internat2.875 7/12/2041 USD 53.838
Republic of Armenia I3.600 2/2/2031 USD 67.858
ADLER Real Estate AG 3.000 4/27/2026 EUR 58.598
Russian Railways Via 3.125 CHF 6.242
Deutsche Pfandbriefba5.750 EUR 73.855
JAB Holdings BV 3.750 5/28/2051 USD 53.056
Prosus NV 4.193 1/19/2032 USD 74.473
Hungary Government In1.625 4/28/2032 EUR 64.879
HOCHDORF Holding AG 2.500 CHF 25.303
RAC Bond Co PLC 5.250 11/4/2027 GBP 73.902
Intesa Sanpaolo SpA 1.350 2/24/2031 EUR 68.142
Credit Suisse Group A5.100 USD 62.000
NatWest Group PLC 4.500 GBP 67.986
Altice France SA/Fran4.000 7/15/2029 EUR 72.964
State of North Rhine-2.150 3/21/2119 EUR 69.637
Electricite de France5.875 GBP 69.520
SPP-Distribucia AS 1.000 6/9/2031 EUR 62.564
Eurotorg LLC Via Boni9.000 10/22/2025 USD 52.029
Energizer Gamma Acqui3.500 6/30/2029 EUR 70.268
Haya Holdco 2 PLC 9.542 11/30/2025 EUR 63.505
Republic of Austria G0.250 10/20/2036 EUR 66.524
UniCredit SpA 1.625 1/18/2032 EUR 69.327
Hungary Government Bo3.000 10/27/2027 HUF 66.514
Aviva PLC 4.000 6/3/2055 GBP 67.099
Shell International F3.000 11/26/2051 USD 61.328
RL Finance Bonds NO 44.875 10/7/2049 GBP 66.001
Flamingo Lux II SCA 5.000 3/31/2029 EUR 72.086
CTP NV 1.500 9/27/2031 EUR 51.301
Russian Foreign Bond 4.375 3/21/2029 USD 42.805
Vnesheconombank Via V6.800 11/22/2025 USD 5.870
BUPA Finance PLC 4.000 GBP 58.320
Electricite de France2.875 EUR 73.477
Idorsia Ltd 2.125 8/4/2028 CHF 68.158
Romanian Government I2.875 3/11/2029 EUR 74.286
Picard Bondco SA 5.375 7/1/2027 EUR 74.133
Czech Republic Govern1.500 4/24/2040 CZK 51.253
SATO Oyj 1.375 2/24/2028 EUR 73.386
Siemens Financierings1.750 2/28/2039 EUR 71.522
Tikehau Capital SCA 1.625 3/31/2029 EUR 72.925
Audax Renovables SA 2.750 11/30/2025 EUR 68.629
Utmost Group PLC 6.125 GBP 65.914
Nykredit Realkredit A1.500 10/1/2053 DKK 69.608
Barclays PLC 3.564 9/23/2035 USD 69.296
BAWAG Group AG 5.125 EUR 72.952
Atos SE 2.500 11/7/2028 EUR 60.615
Wp/ap Telecom Holding5.500 1/15/2030 EUR 74.550
Realkredit Danmark A/1.000 10/1/2050 DKK 70.308
Tinkoff Bank JSC Via 6.000 USD 33.000
Evraz PLC 5.250 4/2/2024 USD 48.886
BICO Group AB 2.875 3/19/2026 SEK 57.257
Orsted AS 2.500 2/18/3021 GBP 58.701
Airbus SE 2.375 6/9/2040 EUR 71.746
Delivery Hero SE 1.000 4/30/2026 EUR 71.309
Logicor Financing Sar0.875 1/14/2031 EUR 61.247
Iberdrola Internation1.825 EUR 70.011
Heimstaden AB 4.250 3/9/2026 EUR 74.358
Turkey Government Int7.250 3/5/2038 USD 74.888
Telefonica Emisiones 5.213 3/8/2047 USD 72.037
Biocartis Group NV 4.000 5/9/2024 EUR 58.629
Phosagro OAO Via Phos2.600 9/16/2028 USD 50.000
RWE AG 1.000 11/26/2033 EUR 67.299
EDP - Energias de Por1.875 3/14/2082 EUR 65.219
Delivery Hero SE 1.500 1/15/2028 EUR 62.172
ADLER Group SA 2.750 11/13/2026 EUR 39.000
Banco Santander SA 3.225 11/22/2032 USD 67.106
Medtronic Global Hold1.375 10/15/2040 EUR 61.365
Intesa Sanpaolo SpA 4.950 6/1/2042 USD 56.458
B&M European Value Re4.000 11/15/2028 GBP 74.650
IG Group Holdings PLC3.125 11/18/2028 GBP 72.451
Delivery Hero SE 1.000 1/23/2027 EUR 73.121
TenneT Holding BV 0.875 6/16/2035 EUR 65.925
Telefonaktiebolaget L1.000 5/26/2029 EUR 69.994
Balder Finland Oyj 1.375 5/24/2030 EUR 58.303
Transport for London 4.000 4/7/2064 GBP 74.198
Digital Intrepid Hold1.375 7/18/2032 EUR 65.382
TenneT Holding BV 0.125 11/30/2032 EUR 66.263
BUPA Finance PLC 4.125 6/14/2035 GBP 68.462
Suez SA 1.250 5/14/2035 EUR 68.099
GSK Consumer Healthca3.375 3/29/2038 GBP 70.780
AP Moller - Maersk A/0.750 11/25/2031 EUR 71.967
Electricite de France4.500 12/4/2069 USD 63.660
Vonovia SE 0.625 12/14/2029 EUR 70.082
Intesa Sanpaolo Vita 2.375 12/22/2030 EUR 67.627
Deutsche Bahn Finance1.125 5/29/2051 EUR 51.925
Siemens Financierings0.500 9/5/2034 EUR 67.578
Ozon Holdings PLC 1.875 2/24/2026 USD 55.899
DVI Deutsche Vermoege2.500 1/25/2027 EUR 72.572
Zurich Finance Irelan3.500 5/2/2052 USD 69.273
Vodafone Group PLC 3.375 8/8/2049 GBP 63.998
Cadent Finance PLC 2.750 9/22/2046 GBP 54.922
Lloyds Banking Group 3.369 12/14/2046 USD 57.948
Prosus NV 2.085 1/19/2030 EUR 71.607
Jaguar Land Rover Aut5.500 7/15/2029 USD 68.289
DXC Capital Funding D0.950 9/15/2031 EUR 71.486
Momox Holding AG 7.498 7/10/2025 EUR 58.108
Pension Insurance Cor3.625 10/21/2032 GBP 65.315
Citycon Treasury BV 1.625 3/12/2028 EUR 71.141
Samhallsbyggnadsbolag1.125 9/4/2026 EUR 74.061
Korian SA 2.250 10/15/2028 EUR 70.982
EnBW International Fi0.250 10/19/2030 EUR 70.466
Annington Funding PLC2.924 10/6/2051 GBP 51.893
Polyus Finance PLC 3.250 10/14/2028 USD 49.257
Sanctuary Capital PLC2.375 4/14/2050 GBP 52.149
Antofagasta PLC 2.375 10/14/2030 USD 72.966
Lloyds Banking Group 2.707 12/3/2035 GBP 67.114
Sherwood Financing PL4.500 11/15/2026 EUR 69.353
alstria office REIT-A1.500 11/15/2027 EUR 69.726
ALROSA Finance SA 3.100 6/25/2027 USD 10.000
Canary Wharf Group In3.375 4/23/2028 GBP 74.746
VIA Outlets BV 1.750 11/15/2028 EUR 73.568
Deutsche Bahn Finance1.600 EUR 73.011
Just Eat Takeaway.com0.625 2/9/2028 EUR 61.819
Odea Bank AS 8.606 8/1/2027 USD 63.131
LEG Immobilien SE 0.875 1/17/2029 EUR 74.829
Nykredit Realkredit A1.000 10/1/2053 DKK 64.391
Ziton A/S 9.016 10/3/2024 EUR 70.390
HSBC Holdings PLC 2.871 11/22/2032 USD 70.340
Sweden Government Bon1.375 6/23/2071 SEK 61.275
Muenchener Rueckversi1.000 5/26/2042 EUR 64.948
University College Lo1.625 6/4/2061 GBP 47.391
Metinvest BV 7.750 4/23/2023 USD 55.500
Banco Santander SA 2.749 12/3/2030 USD 67.858
Acef Holding SCA 1.250 4/26/2030 EUR 62.158
Czech Gas Networks In0.450 9/8/2029 EUR 63.314
Altice France SA/Fran4.125 1/15/2029 EUR 73.335
Credit Bank of Moscow7.500 10/5/2027 USD 14.374
Proximus SADP 0.750 11/17/2036 EUR 63.850
Orpea SA 2.564 11/30/2027 EUR 41.509
Nestle Finance Intern0.875 6/14/2041 EUR 61.449
Grand City Properties2.500 EUR 72.848
Jaguar Land Rover Aut5.500 7/15/2029 USD 68.178
Banco Santander SA 1.000 11/4/2031 EUR 71.147
FIGEAC-AERO 1.750 10/18/2028 EUR 21.938
CPI Property Group SA2.750 1/22/2028 GBP 66.439
Republic of Belarus I7.625 6/29/2027 USD 19.696
Cadent Finance PLC 2.625 9/22/2038 GBP 60.736
Barclays PLC 3.811 3/10/2042 USD 57.298
Novafives SAS 5.500 6/15/2025 EUR 58.430
HSBC Holdings PLC 2.357 8/18/2031 USD 70.809
Vonovia SE 0.250 9/1/2028 EUR 73.633
UNIQA Insurance Group2.375 12/9/2041 EUR 67.134
Moby SpA 7.750 2/15/2023 EUR 65.688
UBS Group AG 2.746 2/11/2033 USD 71.209
MMC Norilsk Nickel OJ3.375 10/28/2024 USD 55.903
Bank Gospodarstwa Kra2.375 11/27/2040 PLN 39.315
UBS Group AG 0.875 11/3/2031 EUR 71.165
Verbund AG 0.900 4/1/2041 EUR 58.489
UniCredit SpA 3.127 6/3/2032 USD 69.160
Virgin Media Secured 4.250 1/15/2030 GBP 73.717
Banco Santander SA 1.625 10/22/2030 EUR 72.133
Annington Funding PLC3.935 7/12/2047 GBP 65.741
Hellenic Republic Gov1.875 2/4/2035 EUR 70.660
BPCE SA 2.125 10/13/2046 EUR 64.699
AerCap Ireland Capita3.400 10/29/2033 USD 70.594
ContourGlobal Power H3.125 1/1/2028 EUR 71.359
Severstal OAO Via Ste3.150 9/16/2024 USD 10.830
Barclays PLC 2.894 11/24/2032 USD 70.110
Glencore Capital Fina0.750 3/1/2029 EUR 73.319
Latvia Government Int0.250 1/23/2030 EUR 74.844
Electricite de France2.000 12/9/2049 EUR 50.078
Delivery Hero SE 2.125 3/10/2029 EUR 59.264
Royalty Pharma PLC 2.200 9/2/2030 USD 74.359
Upjohn Finance BV 1.908 6/23/2032 EUR 69.483
Zurich Insurance Co L1.500 5/3/2052 CHF 73.221
Mallinckrodt Internat10.000 6/15/2029 USD 56.057
Eurochem Finance DAC 5.500 3/13/2024 USD 54.000
Phosagro OAO Via Phos3.949 4/24/2023 USD 59.401
Constellium SE 3.125 7/15/2029 EUR 72.172
gategroup Finance Lux3.000 2/28/2027 CHF 69.033
Muenchener Rueckversi1.250 5/26/2041 EUR 69.661
Stora Enso Oyj 0.625 12/2/2030 EUR 72.767
Credit Agricole SA 1.125 7/12/2032 EUR 71.672
Desenio Group AB 7.056 12/16/2024 SEK 47.867
Novolipetsk Steel Via4.000 9/21/2024 USD 60.243
Hacienda Investments 5.350 2/8/2028 USD 12.206
Vinci SA 2.750 9/15/2034 GBP 74.367
Swiss Re Finance UK P2.714 6/4/2052 EUR 72.145
AXA SA 1.375 10/7/2041 EUR 68.935
BNP Paribas SA 0.625 12/3/2032 EUR 65.238
GlaxoSmithKline Capit1.625 5/12/2035 GBP 65.140
Turkey Government Int6.750 5/30/2040 USD 68.731
EnBW Energie Baden-Wu1.625 8/5/2079 EUR 70.857
Sigma Holdco BV 7.875 5/15/2026 USD 61.843
Hungary Government Bo2.000 5/23/2029 HUF 58.184
Arrival SA 3.500 12/1/2026 USD 30.934
Global Fashion Group 1.250 3/15/2028 EUR 72.558
Volkswagen Internatio1.250 9/23/2032 EUR 74.531
EnfraGen Energia Sur 5.375 12/30/2030 USD 56.387
Icade Sante SACA 0.875 11/4/2029 EUR 71.757
Anchor Hanover Group 2.000 7/21/2051 GBP 47.896
Deutsche Bahn Finance0.350 9/29/2031 EUR 74.296
Medtronic Global Hold1.625 10/15/2050 EUR 56.137
Deutsche Telekom AG 1.750 12/9/2049 EUR 60.910
Deutsche Bahn Finance0.625 4/15/2036 EUR 64.795
Grand City Properties0.125 1/11/2028 EUR 69.184
ABN AMRO Bank NV 3.324 3/13/2037 USD 68.331
Direct Line Insurance4.750 GBP 65.384
Linde PLC 1.000 9/30/2051 EUR 46.028
Derwent London PLC 1.875 11/17/2031 GBP 66.106
Czech Republic Govern1.200 3/13/2031 CZK 67.346
Sagax Euro Mtn NL BV 0.750 1/26/2028 EUR 68.464
Chancellor Masters & 2.350 6/27/2078 GBP 54.803
Credit Bank of Moscow3.100 1/21/2026 EUR 20.594
Cardea Europe AG 7.250 12/8/2023 EUR 39.950
Orpea SA 2.130 7/3/2024 EUR 45.264
Offentliga Hus I Nord8.521 SEK 62.000
State of North Rhine-1.950 9/26/2078 EUR 73.180
Stellantis NV 1.250 6/20/2033 EUR 65.487
Altarea SCA 1.875 1/17/2028 EUR 73.259
SAS AB 6.900 SEK 20.000
Barclays PLC 4.950 1/10/2047 USD 72.797
H&M Finance BV 0.250 8/25/2029 EUR 73.066
Wintershall Dea Finan2.499 EUR 71.877
Anglo American Capita4.750 3/16/2052 USD 72.424
ASTM SpA 2.375 11/25/2033 EUR 68.270
Bank Gospodarstwa Kra1.750 3/12/2028 PLN 67.922
Viterra Finance BV 1.000 9/24/2028 EUR 74.003
British Land Co PLC/T2.375 9/14/2029 GBP 74.933
Anglian Water Osprey 2.000 7/31/2028 GBP 70.926
HSBC Holdings PLC 2.804 5/24/2032 USD 71.051
NatWest Group PLC 0.780 2/26/2030 EUR 74.554
ING Groep NV 0.250 2/1/2030 EUR 74.112
Sirius Real Estate Lt1.750 11/24/2028 EUR 63.014
Klepierre SA 1.625 12/13/2032 EUR 66.485
Virgin Media Secured 4.125 8/15/2030 GBP 71.677
Fuerstenberg Capital 5.625 EUR 63.486
PB International BV 7.625 12/31/2025 USD 44.742
BNP Paribas SA 4.245 USD 69.147
VTB Bank PJSC Via VTB9.500 USD 6.640
Barclays PLC 2.667 3/10/2032 USD 70.307
EnBW Energie Baden-Wu1.375 8/31/2081 EUR 65.033
HSBC Holdings PLC 2.848 6/4/2031 USD 73.954
BNG Bank NV 0.125 4/19/2033 EUR 72.174
Mercedes-Benz Group A0.750 3/11/2033 EUR 71.952
NGD Holdings BV 6.750 12/31/2026 USD 41.097
Logicor Financing Sar1.625 1/17/2030 EUR 70.200
Russian Foreign Bond 5.875 9/16/2043 USD 56.999
VEON Holdings BV 4.000 4/9/2025 USD 62.172
Croatia Government In1.750 3/4/2041 EUR 63.837
Prosus NV 2.778 1/19/2034 EUR 67.824
Royalty Pharma PLC 3.550 9/2/2050 USD 59.148
CTP NV 0.750 2/18/2027 EUR 71.334
BASF SE 0.875 10/6/2031 EUR 73.594
Platform HG Financing1.625 8/10/2055 GBP 41.699
Infrastrutture Wirele1.750 4/19/2031 EUR 71.800
Unicaja Banco SA 3.125 7/19/2032 EUR 72.541
Intesa Sanpaolo SpA 4.700 9/23/2049 USD 69.794
Unibail-Rodamco-Westf2.000 6/29/2032 EUR 70.158
Deutsche Telekom AG 3.625 1/21/2050 USD 64.731
Heimstaden Bostad Tre1.375 7/24/2028 EUR 73.566
Scandinavian Airlines0.625 CHF 13.539
Chancellor Masters & 0.250 6/27/2068 GBP 62.642
Severn Trent Utilitie2.625 2/22/2033 GBP 74.417
Lukoil Capital DAC 3.600 10/26/2031 USD 72.500
Enel Finance Internat5.500 6/15/2052 USD 68.843
WPP Finance 2013 2.875 9/14/2046 GBP 52.797
Grainger PLC 3.000 7/3/2030 GBP 70.508
National Grid Electri2.000 4/17/2040 GBP 53.989
BNP Paribas SA 2.824 1/26/2041 USD 55.385
Dana Financing Luxemb3.000 7/15/2029 EUR 73.495
Czech Republic Govern0.950 5/15/2030 CZK 67.826
NET4GAS sro 3.500 7/28/2026 EUR 65.504
Societe Generale SA 3.625 3/1/2041 USD 55.554
BP Capital Markets BV1.467 9/21/2041 EUR 58.661
Slovakia Government B2.000 10/17/2047 EUR 68.496
National Grid Electri0.872 11/26/2040 EUR 50.577
Siemens Financierings2.875 3/11/2041 USD 66.189
ALROSA Finance SA 4.650 4/9/2024 USD 10.785
GKN Holdings Ltd 4.625 5/12/2032 GBP 71.435
Aeroporti di Roma SpA1.750 7/30/2031 EUR 69.961
Cooperatieve Rabobank1.000 1/19/2034 EUR 67.939
La Mondiale SAM 2.125 6/23/2031 EUR 72.139
Mallinckrodt Internat10.000 4/15/2025 USD 66.666
United Utilities Wate2.000 7/3/2033 GBP 69.345
Ukraine Railways Via 7.875 7/15/2026 USD 19.500
Workspace Group PLC 2.250 3/11/2028 GBP 70.476
Orsted AS 1.500 2/18/3021 EUR 70.694
BNP Paribas SA 2.871 4/19/2032 USD 73.120
Mutuelle Assurance De2.125 6/21/2052 EUR 64.647
GTLK Europe Capital D5.950 4/17/2025 USD 25.532
Vonovia SE 1.000 6/16/2033 EUR 60.649
Cadent Finance PLC 0.625 3/19/2030 EUR 73.547
EnBW International Fi0.500 3/1/2033 EUR 64.274
Realkredit Danmark A/1.000 10/1/2050 DKK 65.597
Kojamo Oyj 0.875 5/28/2029 EUR 67.616
Nexity SA 0.875 4/19/2028 EUR 40.673
JT International Fina3.300 9/14/2051 USD 52.014
Northern Powergrid No1.875 6/16/2062 GBP 45.779
Groupe des Assurances1.850 4/21/2042 EUR 68.664
Societe Nationale SNC1.000 1/19/2061 EUR 41.354
Neoen SA 2.000 6/2/2025 EUR 46.898
Holcim Sterling Finan3.000 5/12/2032 GBP 72.267
Holding d'Infrastruct1.475 1/18/2031 EUR 73.593
Vnesheconombank Via V5.942 11/21/2023 USD 5.925
Hungary Government Bo4.500 5/27/2032 HUF 63.736
Credit Agricole SA 2.811 1/11/2041 USD 55.511
Motability Operations1.500 1/20/2041 GBP 54.383
Romanian Government I3.375 2/8/2038 EUR 59.844
LSEGA Financing PLC 3.200 4/6/2041 USD 66.996
Fresenius SE & Co KGa1.125 1/28/2033 EUR 67.478
Credit Bank of Moscow3.875 9/21/2026 USD 19.111
Enel Finance Internat1.875 7/12/2028 USD 73.745
Chesnara PLC 4.750 8/4/2032 GBP 74.903
Hungary Government Bo1.500 8/26/2026 HUF 66.661
Prosus NV 2.031 8/3/2032 EUR 64.065
Paragon GmbH & Co KGa4.000 4/23/2023 CHF 48.000
Slovenia Government B0.688 3/3/2081 EUR 31.060
Jyske Realkredit A/S 1.000 10/1/2050 DKK 70.417
UPM-Kymmene Oyj 0.500 3/22/2031 EUR 69.901
Equinor ASA 3.250 11/18/2049 USD 66.368
Shell International F4.000 5/10/2046 USD 74.103
NatWest Group PLC 3.032 11/28/2035 USD 68.835
Holcim Finance Luxemb0.625 4/6/2030 EUR 72.180
Digital Intrepid Hold0.625 7/15/2031 EUR 64.228
BNP Paribas SA 2.000 9/13/2036 GBP 58.458
UBS Group AG 2.095 2/11/2032 USD 69.380
Bayer AG 1.375 7/6/2032 EUR 73.106
Avianca Midco 2 PLC 9.000 12/1/2028 USD 74.664
Banque Federative du 1.125 11/19/2031 EUR 67.541
Eversholt Funding PLC2.742 6/30/2040 GBP 74.838
Jaguar Land Rover Aut5.875 1/15/2028 USD 70.650
Euroclear Investments1.375 6/16/2051 EUR 72.007
Raiffeisen Bank Inter1.375 6/17/2033 EUR 66.674
Santander UK Group Ho2.896 3/15/2032 USD 71.335
Icade Sante SACA 1.375 9/17/2030 EUR 69.804
Societe Generale SA 3.337 1/21/2033 USD 72.546
Barclays PLC 1.106 5/12/2032 EUR 68.565
Lar Espana Real Estat1.843 11/3/2028 EUR 64.788
UniCredit SpA 5.459 6/30/2035 USD 72.243
British Telecommunica3.625 11/21/2047 GBP 64.048
Ekosem-Agrar AG 8.500 12/7/2022 EUR 8.189
Aroundtown SA 3.000 10/16/2029 GBP 68.742
Thermo Fisher Scienti1.125 10/18/2033 EUR 74.677
Sherwood Financing PL6.000 11/15/2026 GBP 71.711
Imerys SA 1.000 7/15/2031 EUR 60.631
Jyske Bank A/S 3.625 EUR 73.080
UNEDIC ASSEO 0.100 5/25/2034 EUR 68.250
Nordea Kredit Realkre1.000 10/1/2050 DKK 70.390
MMK International Cap4.375 6/13/2024 USD 29.998
Glencore Capital Fina1.250 3/1/2033 EUR 63.655
Russian Foreign Bond 1.125 11/20/2027 EUR 38.057
Ekosem-Agrar AG 2.500 7/31/2029 EUR 18.086
Cofinimmo SA 0.875 12/2/2030 EUR 68.218
Orange SA 1.375 EUR 73.031
Enel Finance Internat1.250 1/17/2035 EUR 62.189
Accent Capital PLC 2.625 7/18/2049 GBP 56.929
GTLK Europe Capital D4.800 2/26/2028 USD 22.637
Samhallsbyggnadsbolag4.841 SEK 58.999
Shell International F1.000 12/10/2030 GBP 70.474
Electricite de France4.950 10/13/2045 USD 70.864
Segro Capital Sarl 0.500 9/22/2031 EUR 63.958
Bunzl Finance PLC 1.500 10/30/2030 GBP 68.534
Intesa Sanpaolo SpA 2.625 3/11/2036 GBP 57.063
STERIS Irish FinCo Un3.750 3/15/2051 USD 64.176
Segro PLC 2.875 10/11/2037 GBP 67.602
Wirecard AG 0.500 9/11/2024 EUR 12.019
Yorkshire Water Finan1.750 10/27/2032 GBP 67.450
Borets Finance DAC 6.000 9/17/2026 USD 33.414
Clarion Funding PLC 1.875 9/7/2051 GBP 44.276
Blackstone Property P2.625 10/20/2028 GBP 72.612
Sberbank of Russia Vi5.250 5/23/2023 USD 11.678
Yorkshire Water Finan2.750 4/18/2041 GBP 63.089
Wendel SE 1.375 1/18/2034 EUR 63.359
Claranova SE 5.000 7/1/2023 EUR 1.040
Interpipe Holdings PL8.375 5/13/2026 USD 40.000
Aedifica SA 0.750 9/9/2031 EUR 61.698
HSBC Bank PLC 4.750 3/24/2046 GBP 73.994
SELP Finance Sarl 0.875 5/27/2029 EUR 69.595
Metinvest BV 7.650 10/1/2027 USD 42.459
ACEA SpA 0.250 7/28/2030 EUR 70.878
Electricite de France1.875 10/13/2036 EUR 66.589
Intesa Sanpaolo SpA 5.148 6/10/2030 GBP 73.908
Prosus NV 4.027 8/3/2050 USD 56.483
Russian Federal Bond 6.100 7/18/2035 RUB 73.716
Traton Finance Luxemb1.250 3/24/2033 EUR 66.805
Digital Dutch Finco B1.000 1/15/2032 EUR 65.658
Societe Generale SA 3.625 3/1/2041 USD 56.204
Telenor ASA 0.625 9/25/2031 EUR 74.843
Holcim Finance Luxemb0.625 1/19/2033 EUR 63.457
Norddeutsche Landesba8.916 EUR 63.229
Electricite de France5.000 9/21/2048 USD 70.426
Prosus NV 4.987 1/19/2052 USD 65.056
Fresenius Finance Ire0.875 10/1/2031 EUR 69.150
Thermo Fisher Scienti1.625 10/18/2041 EUR 62.273
Vonovia SE 1.500 6/14/2041 EUR 49.576
Barclays PLC 2.645 6/24/2031 USD 72.122
Motability Operations2.125 1/18/2042 GBP 60.126
Clarion Funding PLC 3.125 4/19/2048 GBP 62.153
Ilija Batljan Invest 8.350 SEK 49.000
Credit Bank of Moscow5.150 2/20/2024 EUR 19.947
Tullow Oil PLC 7.000 3/1/2025 USD 66.584
Orange SA 0.500 9/4/2032 EUR 72.126
Vonovia Finance BV 1.000 7/9/2030 EUR 69.918
UBS Group AG 0.625 2/24/2033 EUR 66.330
Sibur Securities DAC 3.450 9/23/2024 USD 33.092
Hungary Government Bo2.750 12/22/2026 HUF 68.382
Hungary Government Bo2.250 6/22/2034 HUF 47.965
Foodco Bondco SA 6.250 5/15/2026 EUR 70.708
Acef Holding SCA 0.750 6/14/2028 EUR 73.113
E.ON SE 0.600 10/1/2032 EUR 68.674
Nestle Finance Intern0.375 5/12/2032 EUR 74.277
Altice France SA/Fran5.125 1/15/2029 USD 73.343
Northern Powergrid No3.250 4/1/2052 GBP 65.772
BNP Paribas SA 1.250 7/13/2031 GBP 64.733
GTLK Europe Capital D4.349 2/27/2029 USD 19.776
Deutsche Bahn Finance0.875 6/23/2039 EUR 61.071
UBS AG/London 4.500 6/26/2048 USD 73.502
Societe Du Grand Pari1.625 4/8/2042 EUR 69.768
BNP Paribas SA 2.588 8/12/2035 USD 69.096
Heimstaden Bostad Tre0.750 9/6/2029 EUR 63.907
Hellenic Bank PCL 10.000 EUR 53.486
UBS Group AG 2.746 2/11/2033 USD 70.647
Bank Gospodarstwa Kra2.250 7/21/2033 PLN 52.464
London & Quadrant Hou2.000 3/31/2032 GBP 70.986
Nykredit Realkredit A0.500 10/1/2050 DKK 65.966
Helvetia Schweizerisc1.450 8/12/2040 CHF 73.344
Market Parent Finco P6.750 10/1/2029 GBP 65.259
State of North Rhine-1.375 1/15/2120 EUR 48.115
Viterra Finance BV 3.200 4/21/2031 USD 73.066
Offshore Drilling Hol8.375 9/20/2020 USD 3.842
JDE Peet's NV 2.250 9/24/2031 USD 71.181
Nykredit Realkredit A1.500 10/1/2050 DKK 74.901
Holcim Finance Luxemb0.500 9/3/2030 EUR 70.675
Unibail-Rodamco-Westf2.250 5/14/2038 EUR 57.354
ABH Financial Ltd Via2.875 11/9/2022 CHF #N/A N/A
UBS AG/London 0.500 3/31/2031 EUR 73.144
Ukreximbank Via Biz F9.950 11/14/2029 USD 30.333
Metinvest BV 5.625 6/17/2025 EUR 41.025
Bank Gospodarstwa Kra1.875 4/27/2027 PLN 72.336
ABN AMRO Bank NV 1.250 1/20/2034 EUR 67.913
Becton Dickinson Euro1.336 8/13/2041 EUR 56.646
Sovereign Housing Cap2.375 11/4/2048 GBP 54.732
RELX Finance BV 0.875 3/10/2032 EUR 74.874
BASF SE 1.625 11/15/2037 EUR 67.758
TenneT Holding BV 0.500 11/30/2040 EUR 51.327
Thermo Fisher Scienti2.000 10/18/2051 EUR 59.299
Thames Water Utilitie2.375 4/22/2040 GBP 55.967
HSBC Holdings PLC 0.770 11/13/2031 EUR 70.859
Peabody Capital No 2 2.750 3/2/2034 GBP 73.000
BPCE SA 3.582 10/19/2042 USD 59.902
NE Property BV 2.000 1/20/2030 EUR 66.081
Cooperatieve Rabobank1.000 1/19/2034 EUR 68.048
DH Europe Finance II 1.350 9/18/2039 EUR 63.590
GTLK Europe Capital D4.650 3/10/2027 USD 25.000
SCF Capital Designate3.850 4/26/2028 USD 18.798
Adecco International 0.500 9/21/2031 EUR 69.367
Royalty Pharma PLC 3.350 9/2/2051 USD 56.574
Vonovia SE 0.625 3/24/2031 EUR 66.022
Cadent Finance PLC 2.250 10/10/2035 GBP 62.272
Societe Generale SA 2.889 6/9/2032 USD 70.258
Royalty Pharma PLC 2.150 9/2/2031 USD 71.472
Eni SpA 2.750 EUR 69.159
Cellnex Finance Co SA3.875 7/7/2041 USD 59.825
Nostrum Oil & Gas Fin8.000 7/25/2022 USD 26.502
Republic of Poland Go2.000 3/8/2049 EUR 64.673
National Grid Electri0.823 7/7/2032 EUR 70.397
Uralkali OJSC Via Ura4.000 10/22/2024 USD 18.407
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.267
Medtronic Global Hold2.250 3/7/2039 EUR 73.678
Deutsche Bank AG 1.875 12/22/2028 GBP 73.677
Mercialys SA 2.500 2/28/2029 EUR 74.431
Vnesheconombank Via V6.025 7/5/2022 USD 5.809
GTLK Europe Capital D4.949 2/18/2026 USD 31.294
Blend Funding PLC 2.922 4/5/2054 GBP 58.210
Housing & Care 21 3.288 11/8/2049 GBP 65.383
Econocom Group SA/NV 0.500 3/6/2023 EUR 8.054
JAB Holdings BV 1.000 7/14/2031 EUR 68.030
Northern Powergrid Yo2.250 10/9/2059 GBP 50.581
Aareal Bank AG 0.250 11/23/2027 EUR 73.930
Digital Dutch Finco B1.500 3/15/2030 EUR 74.412
Essity AB 0.250 2/8/2031 EUR 71.110
Saxa Gres Spa 7.000 8/4/2026 EUR 30.475
Volkswagen Financial 1.375 9/14/2028 GBP 72.743
Merlin Properties Soc1.375 6/1/2030 EUR 71.022
London Stock Exchange1.625 4/6/2030 GBP 74.877
BPCE SA 3.648 1/14/2037 USD 70.054
Storebrand Livsforsik1.875 9/30/2051 EUR 67.637
Saltaire Finance PLC 2.711 5/9/2052 GBP 65.077
TotalEnergies Capital3.127 5/29/2050 USD 63.125
Banque Federative du 1.125 1/19/2032 EUR 72.650
Banco Santander SA 2.958 3/25/2031 USD 72.975
Royalty Pharma PLC 3.300 9/2/2040 USD 64.281
ICADE 1.000 1/19/2030 EUR 69.887
Diageo Finance PLC 1.250 3/28/2033 GBP 66.583
Belfius Bank SA 1.250 4/6/2034 EUR 73.315
Altarea SCA 1.750 1/16/2030 EUR 62.104
Nordea Bank Abp 0.500 3/19/2031 EUR 73.325
Associated British Fo2.500 6/16/2034 GBP 71.021
Places For People Tre2.500 1/26/2036 GBP 65.321
United Utilities Wate1.750 2/10/2038 GBP 58.694
Standard Chartered PL3.265 2/18/2036 USD 69.297
Hyde Housing Associat1.750 8/18/2055 GBP 42.409
Andorra International1.700 10/13/2041 EUR 67.790
Jigsaw Funding PLC 3.375 5/5/2052 GBP 67.203
Southern Gas Networks3.100 9/15/2036 GBP 68.463
Metinvest BV 7.750 10/17/2029 USD 45.000
Hannover Rueck SE 1.375 6/30/2042 EUR 67.706
Vonovia Finance BV 1.125 9/14/2034 EUR 57.921
Flagship Finance PLC 1.875 7/14/2061 GBP 44.104
Perrigo Finance Unlim4.900 12/15/2044 USD 62.915
BAE Systems PLC 1.900 2/15/2031 USD 74.022
Jaguar Land Rover Aut4.500 10/1/2027 USD 68.567
Optivo Finance PLC 3.283 3/22/2048 GBP 64.775
BPCE SA 3.116 10/19/2032 USD 68.165
Chelyabinsk Pipe Plan4.500 9/19/2024 USD 15.165
Alfa Bank AO Via Alfa5.950 4/15/2030 USD 7.501
Zurich Finance Irelan1.875 9/17/2050 EUR 74.110
Wuestenrot & Wuerttem2.125 9/10/2041 EUR 65.756
Medtronic Global Hold0.750 10/15/2032 EUR 73.557
Johnson Controls Inte2.000 9/16/2031 USD 73.617
VEON Holdings BV 4.950 6/16/2024 USD 72.091
Euroboden GmbH 5.500 11/18/2025 EUR 74.538
Engie SA 0.500 10/24/2030 EUR 74.347
JDE Peet's NV 1.125 6/16/2033 EUR 64.782
Snam SpA 1.250 6/20/2034 EUR 65.104
Vonovia Finance BV 1.000 1/28/2041 EUR 44.109
Carmila SA 1.625 5/30/2027 EUR 73.702
Genfit 3.500 10/16/2025 EUR 25.525
Wintershall Dea Finan1.823 9/25/2031 EUR 72.171
abrdn plc 5.250 GBP 69.802
European Financial St0.875 4/10/2035 EUR 74.956
Southern Gas Networks1.250 12/2/2031 GBP 66.094
Nordea Kredit Realkre1.000 10/1/2053 DKK 64.429
Vonovia Finance BV 0.500 9/14/2029 EUR 70.864
Severn Trent Utilitie2.000 6/2/2040 GBP 56.886
Barclays PLC 3.330 11/24/2042 USD 59.597
Electricite de France4.875 1/22/2044 USD 71.957
Credit Suisse Group A4.875 5/15/2045 USD 66.965
Slovakia Government B1.875 3/9/2037 EUR 73.404
Alstom SA 0.500 7/27/2030 EUR 73.703
Aareal Bank AG 0.750 4/18/2028 EUR 73.605
Credit Suisse AG/Lond1.250 2/22/2029 USD 66.239
UBS Group AG 3.179 2/11/2043 USD 59.927
National Grid Gas PLC1.625 1/14/2043 GBP 45.169
Centrica PLC 4.250 9/12/2044 GBP 69.426
Peabody Capital No 2 3.250 9/14/2048 GBP 63.125
Rallye SA 5.250 2/28/2032 EUR 10.440
Intermediate Capital 2.500 1/28/2030 EUR 71.150
Vodafone Group PLC 4.875 6/19/2049 USD 73.927
Medtronic Global Hold1.500 7/2/2039 EUR 64.603
Wessex Water Services1.250 1/12/2036 GBP 54.737
ING Groep NV 0.875 11/29/2030 EUR 74.960
UniCredit SpA 5.459 6/30/2035 USD 71.793
ASTM SpA 1.500 1/25/2030 EUR 74.566
Lithuania Government 0.300 2/12/2032 EUR 70.903
TechnipFMC PLC 3.750 10/7/2033 EUR 70.564
Finland Government Bo0.500 4/15/2043 EUR 59.148
Prosus NV 1.985 7/13/2033 EUR 61.349
Orange SA 1.375 9/4/2049 EUR 60.728
Agence Francaise de D1.125 3/2/2037 EUR 71.511
Saderea DAC 12.500 11/30/2026 USD 64.118
UK Municipal Bonds Ag1.625 8/26/2060 GBP 44.234
AstraZeneca PLC 3.000 5/28/2051 USD 63.749
VTR Finance NV 6.375 7/15/2028 USD 53.877
Russian Foreign Bond 1.850 11/20/2032 EUR 42.000
Klepierre SA 0.875 2/17/2031 EUR 66.305
ING Groep NV 1.125 12/7/2028 GBP 74.587
LANXESS AG 0.625 12/1/2029 EUR 72.490
Tritax Big Box REIT P1.500 11/27/2033 GBP 59.589
Slovenia Government B0.125 7/1/2031 EUR 74.282
Allianz SE 3.200 USD 65.999
Koninklijke Luchtvaar0.750 CHF 18.650
Realkredit Danmark A/1.500 10/1/2053 DKK 73.926
Societe Generale SA 4.027 1/21/2043 USD 58.527
Nykredit Realkredit A0.500 10/1/2043 DKK 74.411
Nostrum Oil & Gas Fin7.000 2/16/2025 USD 25.424
Vodafone Group PLC 2.500 5/24/2039 EUR 71.621
Jyske Realkredit A/S 1.000 10/1/2050 DKK 65.697
BPCE SA 0.250 1/14/2031 EUR 71.162
UBS Group AG 2.095 2/11/2032 USD 68.939
BNP Paribas SA 0.875 8/31/2033 EUR 72.991
Merlin Properties Soc1.875 12/4/2034 EUR 61.917
esure Group PLC 6.000 GBP 67.372
Czech Gas Networks In0.875 3/31/2031 EUR 60.054
Pension Insurance Cor4.625 5/7/2031 GBP 73.907
Smurfit Kappa Treasur0.500 9/22/2029 EUR 74.064
Onward Homes Ltd 2.125 3/25/2053 GBP 48.966
Shell International F3.250 4/6/2050 USD 65.316
UBS Group AG 4.375 USD 66.125
Credit Agricole SA 4.750 USD 70.480
Terna - Rete Elettric0.375 9/25/2030 EUR 72.223
Mitsubishi UFJ Invest5.628 12/30/2099 EUR 5.244
ABN AMRO Bank NV 1.000 6/2/2033 EUR 69.024
Hungary Government Bo1.500 4/22/2026 HUF 68.689
Imperial Brands Finan1.750 3/18/2033 EUR 64.072
Nykredit Realkredit A0.500 10/1/2053 DKK 64.146
Utmost Group PLC 4.000 12/15/2031 GBP 69.691
Penarian Housing Fina3.212 6/7/2052 GBP 65.694
CK Hutchison Group Te2.625 10/17/2034 GBP 61.571
Gazprom PJSC Via Gaz 7.288 8/16/2037 USD 53.000
Guinness Partnership 2.000 4/22/2055 GBP 45.922
ABN AMRO Bank NV 1.125 4/23/2039 EUR 70.913
E.ON SE 0.750 12/18/2030 EUR 74.472
United Kingdom Gilt 1.250 7/31/2051 GBP 52.566
Syngenta Finance NV 4.375 3/28/2042 USD 70.340
Gol Finance SA 7.000 1/31/2025 USD 44.905
Electricite de France4.950 10/13/2045 USD 70.936
CK Hutchison Group Te1.500 10/17/2031 EUR 72.849
Blend Funding PLC 3.459 9/21/2047 GBP 68.616
Intelsat Jackson Hold5.500 8/1/2023 USD 0.483
CBRE Global Investors0.900 10/12/2029 EUR 70.593
Rallye SA 3.250 2/28/2032 CHF 8.723
Credit Bank of Moscow7.625 USD 14.660
Nordea Kredit Realkre0.500 10/1/2050 DKK 66.006
Terna - Rete Elettric0.750 7/24/2032 EUR 70.028
Orpea SA 2.750 6/3/2033 EUR 44.549
GOL Equity Finance SA3.750 7/15/2024 USD 44.705
Groupe Bruxelles Lamb0.125 1/28/2031 EUR 70.713
Bayer AG 0.625 7/12/2031 EUR 70.522
Bank Gospodarstwa Kra0.500 7/8/2031 EUR 64.993
ERG SpA 0.875 9/15/2031 EUR 70.206
Vonovia Finance BV 2.750 3/22/2038 EUR 63.301
Standard Chartered PL3.265 2/18/2036 USD 70.268
Unibail-Rodamco-Westf2.000 5/29/2037 EUR 58.195
Rickmers Holding AG 8.875 6/11/2018 EUR 1.698
Credit Agricole SA 0.875 1/14/2032 EUR 70.480
Eversholt Funding PLC3.529 8/7/2042 GBP 66.592
Investor AB 0.375 10/29/2035 EUR 60.933
Realkredit Danmark A/1.000 10/1/2053 DKK 64.394
Nederlandse Gasunie N0.375 10/3/2031 EUR 72.353
Manchester Airport Gr2.875 9/30/2044 GBP 56.258
Unibail-Rodamco-Westf0.875 3/29/2032 EUR 62.253
Medtronic Global Hold1.750 7/2/2049 EUR 59.272
Trinseo Materials Ope5.125 4/1/2029 USD 56.642
HSBC Bank PLC 2.977 USD 71.000
TotalEnergies Capital1.405 9/3/2031 GBP 71.847
Electricite de France5.000 9/21/2048 USD 69.849
Unibail-Rodamco-Westf1.750 7/1/2049 EUR 43.849
Euroboden GmbH 5.500 10/1/2024 EUR 70.972
Portugal Obrigacoes d1.150 4/11/2042 EUR 64.216
Red Electrica Financi0.500 5/24/2033 EUR 72.509
Yandex NV 0.750 9/13/2022 USD 69.354
EQT AB 0.875 5/14/2031 EUR 64.897
Wales & West Utilitie1.875 5/28/2041 GBP 53.519
Assura Financing PLC 1.625 6/30/2033 GBP 61.162
Deutsche Telekom AG 2.250 3/29/2039 EUR 74.778
Sweden Government Bon0.500 11/24/2045 SEK 69.015
Mercedes-Benz Group A1.125 8/8/2034 EUR 72.505
Engie SA 1.000 10/26/2036 EUR 60.398
Agence Francaise de D1.125 3/2/2037 EUR 71.226
Saltaire Finance PLC 1.527 11/23/2051 GBP 48.204
Republic of Poland Go2.000 10/25/2046 EUR 64.913
Transport for London 3.625 5/15/2045 GBP 68.668
Societe Generale SA 5.625 11/24/2045 USD 72.111
Romania Government Bo4.250 4/28/2036 RON 58.783
Koninklijke KPN NV 0.875 11/15/2033 EUR 68.436
Unibail-Rodamco-Westf1.375 12/4/2031 EUR 67.503
Investec PLC 2.625 1/4/2032 GBP 73.611
Intesa Sanpaolo SpA 2.500 1/15/2030 GBP 71.487
Snam SpA 0.750 6/17/2030 EUR 72.632
Eurofins Scientific S0.875 5/19/2031 EUR 70.198
Legrand SA 0.375 10/6/2031 EUR 72.747
Brenntag Finance BV 0.500 10/6/2029 EUR 72.198
EIG Pearl Holdings Sa4.387 11/30/2046 USD 66.119
RWE AG 0.625 6/11/2031 EUR 71.932
Allianz SE 1.301 9/25/2049 EUR 74.303
ICADE 0.625 1/18/2031 EUR 64.758
Orange SA 0.625 12/16/2033 EUR 69.698
Koninklijke DSM NV 0.625 6/23/2032 EUR 70.729
JT International Fina2.750 9/28/2033 GBP 70.949
Finland Government Bo1.375 4/15/2047 EUR 70.489
Societe Du Grand Pari0.700 10/15/2060 EUR 38.060
BNP Paribas SA 4.625 USD 66.000
DH Europe Finance II 1.800 9/18/2049 EUR 58.553
Enel Finance Internat1.125 10/17/2034 EUR 62.558
Investor AB 1.500 6/20/2039 EUR 65.182
Fresnillo PLC 4.250 10/2/2050 USD 67.670
Aberdeen City Council0.100 2/28/2054 GBP 74.568
Finland Government Bo0.125 4/15/2036 EUR 66.116
BNP Paribas SA 2.871 4/19/2032 USD 72.742
ESB Finance DAC 1.000 7/19/2034 EUR 70.336
Latvia Government Int1.375 5/16/2036 EUR 68.922
United Utilities Wate1.875 6/3/2042 GBP 54.530
CTP NV 1.250 6/21/2029 EUR 63.046
Hacienda Investments 5.075 2/15/2023 USD 11.202
JAB Holdings BV 2.250 12/19/2039 EUR 57.390
EXOR NV 1.750 10/14/2034 EUR 68.460
Bromford Housing Grou3.125 5/3/2048 GBP 64.144
Atlas Copco Finance D0.750 2/8/2032 EUR 72.953
Ireland Government Bo0.550 4/22/2041 EUR 61.738
Karbon Homes Ltd 3.375 11/15/2047 GBP 68.798
CM.com NV 2.000 9/9/2026 EUR 66.100
South Eastern Power N1.750 9/30/2034 GBP 64.028
Channel Link Enterpri3.848 6/30/2050 GBP 67.169
Sage Group PLC/The 2.875 2/8/2034 GBP 71.440
Sovcombank Via SovCom7.600 USD 3.464
Sibur Securities DAC 4.125 10/5/2023 USD 33.046
Airbus SE 3.950 4/10/2047 USD 73.629
BP Capital Markets BV0.933 12/4/2040 EUR 54.296
Sovcombank Via SovCom8.000 4/7/2030 USD 3.692
Lendlease Europe Fina3.500 12/2/2033 GBP 60.586
Czech Republic Govern0.050 11/29/2029 CZK 64.395
Shell International F2.875 11/26/2041 USD 66.394
Air Liquide Finance S0.375 9/20/2033 EUR 69.876
Realkredit Danmark A/1.000 10/1/2053 DKK 69.481
Whitbread Group PLC 3.000 5/31/2031 GBP 70.550
Polyus Finance PLC 5.250 2/7/2023 USD 47.659
Intelsat Jackson Hold9.750 7/15/2025 USD 0.483
Erste Group Bank AG 0.250 1/27/2031 EUR 69.778
Cie Generale des Etab0.250 11/2/2032 EUR 71.014
LiveWest Treasury PLC1.875 2/18/2056 GBP 44.930
Equinor ASA 3.700 4/6/2050 USD 72.262
Credit Bank of Moscow8.875 USD 11.817
Prs Finance PLC 1.500 8/24/2034 GBP 68.703
RTE Reseau de Transpo1.125 7/8/2040 EUR 59.535
Russian Railways Via 4.375 3/1/2024 USD 21.901
Svenska Handelsbanken0.500 2/18/2030 EUR 74.533
DNB Bank ASA 3.320 USD 67.374
Standard Chartered PL2.678 6/29/2032 USD 69.478
Aroundtown SA 3.625 4/10/2031 GBP 67.913
Credit Bank of Moscow4.700 1/29/2025 USD 23.957
Nykredit Realkredit A1.500 10/1/2050 DKK 72.026
Pierre Et Vacances SA2.000 4/1/2023 EUR 24.850
Rusal Capital DAC 4.850 2/1/2023 USD 40.000
BNG Bank NV 0.805 6/28/2049 EUR 55.849
RTE Reseau de Transpo0.750 1/12/2034 EUR 69.061
BAE Systems PLC 3.000 9/15/2050 USD 59.465
Bazalgette Finance Pl2.750 3/10/2034 GBP 72.859
Digital Dutch Finco B1.250 2/1/2031 EUR 69.107
Volkswagen Internatio1.500 1/21/2041 EUR 57.484
AGCO International Ho0.800 10/6/2028 EUR 74.676
La Poste SA 0.625 1/18/2036 EUR 62.840
Hera SpA 0.250 12/3/2030 EUR 67.618
OMV AG 1.000 7/3/2034 EUR 68.293
Regiao Autonoma Madei1.141 12/4/2034 EUR 69.950
Hellenic Republic Gov2.085 7/25/2057 EUR 30.664
Carmila SA 1.625 4/1/2029 EUR 65.938
AstraZeneca PLC 2.125 8/6/2050 USD 52.611
National Grid Electri2.000 9/16/2038 GBP 56.084
Paragon Treasury Plc 2.000 5/7/2036 GBP 63.415
Shell International F0.875 11/8/2039 EUR 57.545
LEG Immobilien SE 1.000 11/19/2032 EUR 60.652
Intelsat Jackson Hold8.500 10/15/2024 USD 0.483
Jyske Realkredit A/S 1.000 10/1/2053 DKK 64.482
Czech Gas Networks In1.000 7/16/2027 EUR 74.992
Hexagon Housing Assoc3.625 4/22/2048 GBP 67.535
Sibur Securities DAC 2.950 7/8/2025 USD 36.869
WPC Eurobond BV 0.950 6/1/2030 EUR 67.442
Mobile Telesystems OJ5.000 5/30/2023 USD 25.265
Kerry Group Financial0.875 12/1/2031 EUR 72.924
Logicor Financing Sar2.750 1/15/2030 GBP 71.968
Bevco Lux Sarl 1.000 1/16/2030 EUR 68.107
Lithuania Government 0.500 7/28/2050 EUR 41.907
Reckitt Benckiser Tre1.750 5/19/2032 GBP 71.625
Unibail-Rodamco-Westf1.750 2/27/2034 EUR 63.346
London & Quadrant Hou3.125 2/28/2053 GBP 59.480
Metropolitan Funding 4.125 4/5/2048 GBP 73.332
Vodafone Group PLC 5.125 6/19/2059 USD 73.999
E.ON SE 0.625 11/7/2031 EUR 71.310
Land Securities Capit2.750 9/22/2059 GBP 57.879
Henkel AG & Co KGaA 0.500 11/17/2032 EUR 71.923
Close Brothers Financ1.625 12/3/2030 GBP 69.443
Nordea Kredit Realkre1.000 10/1/2050 DKK 65.659
PJSC Koks via IMH Cap5.900 9/23/2025 USD 7.123
Cadent Finance PLC 0.750 3/11/2032 EUR 68.512
Millicom Internationa4.500 4/27/2031 USD 72.743
Simon International F1.125 3/19/2033 EUR 64.023
Novolipetsk Steel Via4.500 6/15/2023 USD 57.905
ABN AMRO Bank NV 1.125 4/23/2039 EUR 70.971
Carmila SA 2.125 3/7/2028 EUR 70.171
Altice France Holding6.000 2/15/2028 USD 63.217
Credit Suisse Group A4.875 5/15/2045 USD 66.961
FLUVIUS System Operat0.250 12/2/2030 EUR 74.418
Suek Securities DAC 3.375 9/15/2026 USD 11.976
Idavang A/S 7.571 11/11/2025 EUR 63.841
Russian Railways Via 1.195 4/3/2028 CHF 17.129
Clarion Funding PLC 1.250 11/13/2032 GBP 64.359
NN Group NV 0.875 11/23/2031 EUR 72.210
Mithra Pharmaceutical4.250 12/17/2025 EUR 67.888
Lithuania Government 0.750 7/15/2051 EUR 45.724
Terragon AG 6.500 5/24/2024 EUR 5.000
TenneT Holding BV 1.125 6/9/2041 EUR 57.923
Hylea Group SA 7.250 12/1/2022 EUR 1.300
Klepierre SA 0.625 7/1/2030 EUR 66.487
Stichting Afwikkeling6.250 10/26/2020 EUR 45.341
University of Leeds 3.125 12/19/2050 GBP 68.126
Land Securities Capit2.625 9/22/2037 GBP 69.076
Thomas Cook Group PLC6.250 6/15/2022 EUR 0.617
State of Schleswig-Ho0.200 8/15/2039 EUR 60.296
Mondelez Internationa0.625 9/9/2032 EUR 70.795
Cardiff University 3.000 12/7/2055 GBP 65.505
Societe Generale SA 2.889 6/9/2032 USD 70.787
FLUVIUS System Operat0.625 11/24/2031 EUR 73.499
DSV Finance BV 0.875 9/17/2036 EUR 60.249
Chanel Ceres PLC 1.000 7/31/2031 EUR 74.646
State of North Rhine-0.500 1/15/2052 EUR 50.986
Zurich Finance Irelan1.625 6/17/2039 EUR 64.093
Southern Housing Grou2.375 10/8/2036 GBP 65.141
Beyond Housing Ltd 2.125 5/17/2051 GBP 50.157
Wrekin Housing Group 2.500 10/22/2048 GBP 54.630
Brookfield Finance I 2.340 1/30/2032 USD 71.770
Cimpress PLC 7.000 6/15/2026 USD 69.000
Hannover Rueck SE 1.125 10/9/2039 EUR 73.008
Holcim Finance Luxemb1.375 10/8/2036 EUR 55.901
Martlet Homes Ltd 3.000 5/9/2052 GBP 60.561
Holcim Sterling Finan2.250 4/4/2034 GBP 62.734
Telia Co AB 0.125 11/27/2030 EUR 73.333
Gol Finance SA 8.000 6/30/2026 USD 61.922
Telefonica Emisiones 4.895 3/6/2048 USD 68.236
Morhomes PLC 3.400 2/19/2038 GBP 71.957
GTLK Europe DAC 5.125 5/31/2024 USD 30.701
European Financial St1.750 7/17/2053 EUR 72.859
Societe Generale SA 4.027 1/21/2043 USD 57.984
Direct Line Insurance4.000 6/5/2032 GBP 70.448
Inmobiliaria Colonial0.750 6/22/2029 EUR 74.017
Banque Federative du 0.625 2/21/2031 EUR 71.227
Erste Group Bank AG 0.250 9/14/2029 EUR 74.333
Intu Debenture PLC 5.562 12/31/2027 GBP 43.597
CNP Assurances 1.875 10/12/2053 EUR 66.703
Standard Chartered PL3.603 1/12/2033 USD 69.981
Libra Longhurst Group3.250 5/15/2043 GBP 67.025
Air Berlin PLC 8.250 4/19/2018 EUR 0.226
Unibail-Rodamco-Westf1.375 4/15/2030 EUR 72.332
BNP Paribas SA 2.824 1/26/2041 USD 55.380
SABIC Capital I BV 3.000 9/14/2050 USD 60.835
Iren SpA 0.875 10/14/2029 EUR 74.407
Orbit Capital PLC 3.375 6/14/2048 GBP 65.274
Platform HG Financing1.926 9/15/2041 GBP 55.907
Affordable Housing Fi2.893 8/11/2043 GBP 71.666
Nederlandse Waterscha0.125 9/3/2035 EUR 66.430
K2A Knaust & Andersso7.712 SEK 73.000
Iren SpA 0.250 1/17/2031 EUR 65.683
Vesteda Finance BV 0.750 10/18/2031 EUR 69.413
Smurfit Kappa Treasur1.000 9/22/2033 EUR 65.508
Enel Finance Internat2.875 7/12/2041 USD 53.038
Hera SpA 1.000 4/25/2034 EUR 63.293
Richemont Internation2.000 3/26/2038 EUR 73.704
Nats En Route PLC 1.750 9/30/2033 GBP 67.865
Johnson Controls Inte1.000 9/15/2032 EUR 73.481
Standard Chartered PL3.603 1/12/2033 USD 70.642
PREOS Global Office R7.500 12/9/2024 EUR 48.000
Home Credit & Finance8.800 USD 7.953
Credit Bank of Moscow5.550 2/14/2023 USD 22.642
Barclays PLC 3.382 5/20/2032 AUD 70.264
Danfoss Finance II BV0.750 4/28/2031 EUR 73.331
Aster Treasury Plc 1.405 1/27/2036 GBP 59.092
University of Southam2.250 4/11/2057 GBP 53.429
Achmea BV 2.500 9/24/2039 EUR 74.181
DWR Cymru Financing U2.500 3/31/2036 GBP 69.685
Eni SpA 1.000 10/11/2034 EUR 66.448
TenneT Holding BV 1.875 6/13/2036 EUR 73.463
Orange SA 0.750 6/29/2034 EUR 68.921
Delete Group Oyj 6.458 4/19/2024 EUR 67.458
Enel Finance Internat2.250 7/12/2031 USD 65.429
Czech Republic Govern1.950 7/30/2037 CZK 60.675
Enexis Holding NV 0.625 6/17/2032 EUR 72.830
Nordea Kredit Realkre1.000 10/1/2053 DKK 69.577
Nordea Bank Abp 3.750 USD 67.186
Braskem Netherlands F5.875 1/31/2050 USD 69.377
3i Group PLC 3.750 6/5/2040 GBP 65.490
Lloyds Banking Group 4.344 1/9/2048 USD 64.517
Nykredit Realkredit A1.000 10/1/2053 DKK 59.019
ESB Finance DAC 1.875 7/21/2035 GBP 64.991
SCF Capital Designate5.375 6/16/2023 USD 20.000
Rallye SA 3.400 2/28/2032 EUR 11.000
Sage Group PLC/The 1.625 2/25/2031 GBP 69.205
UNEDIC ASSEO 0.250 7/16/2035 EUR 66.734
CCEP Finance Ireland 1.500 5/6/2041 EUR 60.054
Omnicom Capital Holdi2.250 11/22/2033 GBP 67.860
Nestle Finance Intern0.375 12/3/2040 EUR 55.530
Hannover Rueck SE 1.750 10/8/2040 EUR 73.703
Transport for London 3.875 7/23/2042 GBP 73.678
DNB Bank ASA 3.716 USD 67.496
CCEP Finance Ireland 0.875 5/6/2033 EUR 70.318
Takko Luxembourg 2 SC5.696 11/15/2023 EUR 67.850
NIBC Bank NV 1.315 EUR 72.424
Nordea Kredit Realkre1.500 10/1/2053 DKK 69.599
Jyske Realkredit A/S 1.000 10/1/2053 DKK 69.621
Prologis Internationa1.625 6/17/2032 EUR 71.451
Island Offshore Shiph8.320 6/30/2024 NOK 4.304
Veolia Environnement 0.800 1/15/2032 EUR 73.592
National Grid Gas PLC1.125 1/14/2033 GBP 59.946
Orsted AS 2.500 5/16/2033 GBP 73.544
UNEDIC ASSEO 0.500 5/25/2036 EUR 67.091
RHP Finance PLC 3.250 2/5/2048 GBP 66.920
Richemont Internation1.625 5/26/2040 EUR 65.019
Credit Agricole SA 2.811 1/11/2041 USD 55.222
PIK Securities DAC 5.625 11/19/2026 USD 32.400
Kreditanstalt fuer Wi0.875 7/4/2039 EUR 69.803
Realkredit Danmark A/0.500 10/1/2050 DKK 65.967
Engie SA 1.375 6/21/2039 EUR 58.392
CE Credit Management 6.500 6/28/2024 EUR 70.351
Prosus NV 3.061 7/13/2031 USD 69.384
University of Liverpo3.375 6/25/2055 GBP 72.438
Annington Funding PLC3.685 7/12/2034 GBP 72.934
Gazprom PJSC Via Gaz 4.950 2/6/2028 USD 43.000
La Banque Postale SA 0.750 6/23/2031 EUR 69.999
Clarion Funding PLC 1.875 1/22/2035 GBP 63.165
Snam SpA 0.625 6/30/2031 EUR 68.722
ING Groep NV 2.727 4/1/2032 USD 73.648
Andrade Gutierrez Int11.000 8/20/2021 USD 51.362
Iren SpA 1.000 7/1/2030 EUR 72.170
BPCE SA 2.277 1/20/2032 USD 69.977
Santander UK Group Ho5.625 9/15/2045 USD 69.003
European Financial St0.700 1/17/2053 EUR 52.627
SKF AB 0.250 2/15/2031 EUR 71.518
Lseg Netherlands BV 0.750 4/6/2033 EUR 69.978
Scottish Hydro Electr2.250 9/27/2035 GBP 64.487
Samhallsbyggnadsbolag2.874 1/30/2027 SEK 74.360
Slovakia Government B2.250 6/12/2068 EUR 68.288
Ulker Biskuvi Sanayi 6.950 10/30/2025 USD 69.003
Credit Agricole Itali0.375 1/20/2032 EUR 73.343
Movida Europe SA 5.250 2/8/2031 USD 73.153
Eurogrid GmbH 0.741 4/21/2033 EUR 70.822
Finland Government Bo0.250 9/15/2040 EUR 59.263
LEG Immobilien SE 0.750 6/30/2031 EUR 65.511
DH Europe Finance II 3.250 11/15/2039 USD 72.393
Sovcombank Via SovCom3.400 1/26/2025 USD 4.883
Russian Agricultural 8.500 10/16/2023 USD 13.449
Standard Chartered PL2.678 6/29/2032 USD 68.833
TenneT Holding BV 0.500 6/9/2031 EUR 73.756
Altice France SA/Fran5.125 7/15/2029 USD 73.746
Coca-Cola Europacific0.700 9/12/2031 EUR 74.225
Realkredit Danmark A/1.500 10/1/2050 DKK 74.895
Nordea Kredit Realkre1.500 10/1/2053 DKK 73.934
Telefonica Emisiones 4.665 3/6/2038 USD 72.906
Shell International F3.125 11/7/2049 USD 63.615
Cooperatieve Rabobank0.625 2/25/2033 EUR 67.133
Ukraine Government Bo9.790 5/26/2027 UAH 54.368
ABN AMRO Bank NV 0.625 1/24/2037 EUR 68.178
National Grid Electri2.750 2/6/2035 GBP 69.237
DH Europe Finance II 3.400 11/15/2049 USD 67.862
Royal Schiphol Group 0.875 9/8/2032 EUR 71.468
NIBC Bank NV 2.850 2/21/2040 EUR 70.150
Realkredit Danmark A/1.000 10/1/2053 DKK 59.031
London & Quadrant Hou3.750 10/27/2049 GBP 68.452
Prologis Internationa2.750 2/22/2032 GBP 74.601
DWR Cymru Financing U2.375 3/31/2034 GBP 67.419
Gecina SA 0.875 6/30/2036 EUR 60.361
TenneT Holding BV 1.500 6/3/2039 EUR 64.837
DLR Kredit A/S 1.000 10/1/2050 DKK 71.545
Catalyst Housing Ltd 3.125 10/31/2047 GBP 62.822
Slovenia Government B1.750 11/3/2040 EUR 69.224
Aeroports de Paris 1.125 6/18/2034 EUR 68.166
Credit Logement SA 1.081 2/15/2034 EUR 74.115
Landesbank Baden-Wuer0.375 2/21/2031 EUR 68.303
Officine Maccaferri-S5.750 6/1/2021 EUR 16.598
Bilt Paper BV 10.360 USD 1.343
Deutsche Boerse AG 0.125 2/22/2031 EUR 72.829
Enel Finance Internat4.750 5/25/2047 USD 64.518
LiveWest Treasury PLC2.250 10/10/2043 GBP 57.045
BNP Paribas SA 4.500 USD 69.000
Vonovia Finance BV 1.625 10/7/2039 EUR 50.304
Celtic Resources Hold4.125 10/9/2024 USD 14.298
Allied Irish Banks PL12.500 6/25/2035 GBP 54.686
Covivio Hotels SACA 1.000 7/27/2029 EUR 73.832
Nederlandse Waterscha0.500 4/26/2051 EUR 51.538
Euronext NV 1.500 5/17/2041 EUR 56.163
BP Capital Markets PL1.104 11/15/2034 EUR 68.332
Windreich GmbH 6.500 3/1/2015 EUR 4.475
Vier Gas Transport Gm0.500 9/10/2034 EUR 60.092
Gecina SA 1.625 5/29/2034 EUR 71.943
Nykredit Realkredit A2.000 10/1/2053 DKK 73.022
Nordea Bank Abp 1.625 12/9/2032 GBP 74.466
Latvia Government Int2.250 2/15/2047 EUR 73.674
Annington Funding PLC2.308 10/6/2032 GBP 66.153
London & Quadrant Hou2.750 7/20/2057 GBP 53.561
Rallye SA 4.000 2/28/2032 CHF 8.500
Prologis Internationa3.000 2/22/2042 GBP 63.393
Signa Development Fin5.500 7/23/2026 EUR 52.834
Bulgaria Government B0.100 8/17/2031 BGN 63.936
A2A SpA 0.625 7/15/2031 EUR 66.740
Berlin Hyp AG 0.375 4/21/2031 EUR 72.816
Cie de Financement Fo0.010 10/29/2035 EUR 63.877
ENW Finance PLC 1.415 7/30/2030 GBP 71.624
Linde Finance BV 0.550 5/19/2032 EUR 72.648
Gazprom PJSC via Gaz 4.599 USD 32.000
Linde PLC 1.625 3/31/2035 EUR 74.842
Ile-de-France Mobilit0.675 11/24/2036 EUR 67.603
OGX Austria GmbH 8.500 6/1/2018 USD 0.002
Jyske Realkredit A/S 1.500 10/1/2050 DKK 74.943
British Telecommunica4.250 11/8/2049 USD 69.545
EYEMAXX Real Estate A5.500 4/26/2023 EUR 1.702
Thames Water Utilitie2.625 1/24/2032 GBP 73.179
Realkredit Danmark A/0.500 10/1/2053 DKK 64.087
Unibail-Rodamco-Westf2.000 4/28/2036 EUR 61.810
Electricite de France4.875 1/22/2044 USD 71.988
Kreditanstalt fuer Wi0.050 9/29/2034 EUR 69.504
Tresu Investment Hold6.228 1/2/2025 EUR 48.750
Bulgaria Government B1.500 6/21/2039 BGN 59.795
Societa di Progetto B3.375 12/31/2038 EUR 67.886
UniCredit SpA 3.127 6/3/2032 USD 68.511
TotalEnergies Capital3.386 6/29/2060 USD 61.497
Shell International F0.500 11/8/2031 EUR 74.570
BNP Paribas SA 3.132 1/20/2033 USD 72.756
OP Corporate Bank plc0.625 11/12/2029 EUR 73.714
Heineken NV 1.750 5/7/2040 EUR 65.321
DWR Cymru Financing U1.375 3/31/2033 GBP 65.494
Blackstone Property P1.625 4/20/2030 EUR 69.243
European Financial St0.050 1/18/2052 EUR 41.133
Bayerische Landesbank1.375 11/22/2032 EUR 73.466
Mong Duong Finance Ho5.125 5/7/2029 USD 70.210
NPC Ukrenergo 6.875 11/9/2028 USD 14.920
Polyus Finance PLC 4.700 1/29/2024 USD 48.152
de Volksbank NV 0.375 9/16/2041 EUR 58.091
Realkredit Danmark A/1.500 10/1/2053 DKK 69.600
Barclays Bank PLC 12.000 9/24/2025 TRY 53.125
Societe Generale SA 5.375 USD 69.170
BNP Paribas SA 2.588 8/12/2035 USD 68.253
Alfa Bank AO Via Alfa5.900 USD 5.355
Gazprom PJSC Via Gaz 8.625 4/28/2034 USD 49.131
MARB BondCo PLC 3.950 1/29/2031 USD 71.227
Credit Suisse AG/Lond1.500 3/19/2029 USD 68.319
UniCredit Bank AG 0.375 1/17/2033 EUR 74.612
Schlumberger Finance 0.500 10/15/2031 EUR 73.828
Ireland Government Bo0.400 5/15/2035 EUR 72.421
Futures Treasury PLC 3.375 2/8/2044 GBP 69.223
ABN AMRO Bank NV 0.400 9/17/2041 EUR 58.674
Kommunalbanken AS 1.500 12/30/2030 AUD 73.211
Enagas Financiaciones0.375 11/5/2032 EUR 68.347
Russian Foreign Bond 4.875 9/16/2023 USD 67.000
City of Lausanne Swit0.540 11/6/2062 CHF 54.125
Allianz Finance II BV0.500 11/22/2033 EUR 68.989
Deutsche Bahn Finance3.350 1/20/2042 AUD 66.974
Ageas SA/NV 1.875 11/24/2051 EUR 69.098
Molnlycke Holding AB 0.625 1/15/2031 EUR 69.855
Ile-de-France Mobilit1.275 2/14/2042 EUR 66.040
Immigon Portfolioabba6.569 EUR 9.934
Aroundtown SA 4.750 3/27/2032 USD 71.506
LyondellBasell Indust4.625 2/26/2055 USD 70.091
East Slope Residencie0.100 2/28/2062 GBP 66.103
HOWOGE Wohnungs-bauge1.125 11/1/2033 EUR 68.479
Repsol Europe Finance0.875 7/6/2033 EUR 69.175
Bayerische Landesbode0.250 3/21/2036 EUR 67.180
DAA Finance PLC 1.601 11/5/2032 EUR 74.223
Deutsche Bahn Finance0.750 7/16/2035 EUR 67.469
Wendel SE 1.000 6/1/2031 EUR 68.706
Mondelez Internationa1.250 9/9/2041 EUR 56.049
Landesbank Baden-Wuer0.375 5/7/2029 EUR 74.428
Gazprom PJSC Via Gaz 5.150 2/11/2026 USD 55.958
Optivo Finance PLC 2.857 10/7/2035 GBP 71.150
A2A SpA 1.000 11/2/2033 EUR 62.134
Ukraine Government Bo10.950 11/1/2023 UAH 67.977
Royal Schiphol Group 0.750 4/22/2033 EUR 69.096
Notting Hill Genesis 3.250 10/12/2048 GBP 63.025
LSF9 Balta Issuer SAR3.000 12/31/2030 EUR 56.842
LEG Immobilien SE 1.500 1/17/2034 EUR 62.137
Nationwide Building S0.500 5/5/2041 EUR 59.795
National Grid Electri1.125 7/7/2028 GBP 74.959
Terega SA 0.875 9/17/2030 EUR 71.630
AXA Logistics Europe 0.875 11/15/2029 EUR 69.105
Becton Dickinson Euro1.213 2/12/2036 EUR 65.644
Citizen Treasury PLC 3.250 10/20/2048 GBP 66.430
Societe Generale SA 4.750 USD 73.620
Societe Nationale SNC1.000 5/25/2040 EUR 63.110
Anglo American Capita3.950 9/10/2050 USD 64.134
Rusal Capital DAC 5.300 5/3/2023 USD 41.034
Eastern Power Network1.875 6/1/2035 GBP 63.546
O1 Properties Finance0.500 9/27/2028 USD 5.224
SRV Group Oyj 4.875 EUR 56.000
State of North Rhine-1.450 2/16/2043 EUR 73.389
Standard Chartered PL5.300 1/9/2043 USD 74.422
Sigma Holdco BV 7.875 5/15/2026 USD 61.102
ABH Financial Ltd Via2.700 6/11/2023 EUR 6.314
Jyske Realkredit A/S 1.500 10/1/2053 DKK 73.956
National Grid PLC 0.750 9/1/2033 EUR 65.555
State of North Rhine-1.750 7/11/2068 EUR 70.106
VEON Holdings BV 3.375 11/25/2027 USD 51.000
Motability Operations2.375 7/3/2039 GBP 65.905
Jyske Realkredit A/S 0.500 10/1/2050 DKK 66.114
National Grid Gas PLC1.375 2/7/2031 GBP 67.502
Enexis Holding NV 0.375 4/14/2033 EUR 68.701
Siemens Financierings1.250 2/25/2035 EUR 73.440
RTE Reseau de Transpo2.000 4/18/2036 EUR 74.527
Agence Francaise de D1.125 3/2/2037 EUR 71.505
Ukraine Government In7.750 9/1/2024 USD 23.797
Metropolitan Housing 1.875 7/28/2036 GBP 60.753
TMK OAO Via TMK Capit4.300 2/12/2027 USD 15.452
State of North Rhine-1.750 10/26/2057 EUR 73.296
Avianca Midco 2 PLC 9.000 12/1/2028 USD 72.972
Gazprom PJSC via Gaz 3.250 2/25/2030 USD 51.000
Assura Financing PLC 1.500 9/15/2030 GBP 68.531
Gecina SA 0.875 1/25/2033 EUR 69.504
Telenor ASA 0.875 2/14/2035 EUR 67.712
Engie SA 2.000 9/28/2037 EUR 67.558
Havila Shipping ASA 7.410 1/2/2025 NOK 30.248
Eastern Power Network2.125 11/25/2033 GBP 68.453
Debenhams PLC 5.250 7/15/2021 GBP 0.425
Polski Koncern Naftow2.875 3/25/2031 PLN 60.390
SP Transmission PLC 2.000 11/13/2031 GBP 72.825
Societe Du Grand Pari1.000 2/18/2070 EUR 40.075
Croatia Government Bo1.250 3/3/2040 EUR 59.403
KBC Group NV 0.750 5/31/2031 EUR 71.366
Notting Hill Genesis 2.000 6/3/2036 GBP 61.850
Siemens Financierings0.500 2/20/2032 EUR 74.243
SNCF Reseau 0.750 5/25/2036 EUR 69.708
OP Corporate Bank plc0.750 3/24/2031 EUR 69.958
Vilogia SA d'HLM 1.500 8/7/2034 EUR 62.983
EWE AG 0.375 10/22/2032 EUR 64.691
Cadent Finance PLC 3.125 3/21/2040 GBP 63.952
Paradigm Homes Charit2.250 5/20/2051 GBP 52.211
Scottish Hydro Electr2.125 3/24/2036 GBP 62.276
Europejskie Centrum O13.200 4/14/2023 PLN 49.489
Petrobras Global Fina4.750 4/2/2038 EUR 56.261
Vedanta Resources Fin8.950 3/11/2025 USD 69.131
JAB Holdings BV 2.200 11/23/2030 USD 72.012
Prosus NV 4.193 1/19/2032 USD 74.160
BPCE SA 1.000 1/14/2032 EUR 70.830
Vienna Insurance Grou1.000 3/26/2036 EUR 60.906
Credit Agricole Itali0.125 3/15/2033 EUR 68.081
Samhallsbyggnadsbolag7.000 7/24/2023 SEK 40.484
Vedanta Resources Ltd6.125 8/9/2024 USD 63.540
Blackstone Property P1.000 5/4/2028 EUR 72.935
European Financial St0.700 1/20/2050 EUR 55.272
Pfandbriefbank schwei0.375 7/8/2039 CHF 72.859
Incommunities Treasur3.250 3/21/2049 GBP 66.723
TotalEnergies Capital1.618 5/18/2040 EUR 64.826
TenneT Holding BV 1.250 10/24/2033 EUR 73.028
John Deere Cash Manag1.650 6/13/2039 EUR 68.980
Ukraine Government In7.253 3/15/2035 USD 17.038
Credit Suisse AG/Lond3.200 3/24/2032 USD 69.880
Nordiska Kreditmarkna10.669 SEK 73.539
European Financial St1.375 5/31/2047 EUR 69.649
Home Group Ltd 3.125 3/27/2043 GBP 65.073
Deutsche Bahn Finance1.850 11/23/2043 EUR 67.847
AI Candelaria Spain S5.750 6/15/2033 USD 58.792
Vodafone Group PLC 4.375 2/19/2043 USD 71.713
adidas AG 0.625 9/10/2035 EUR 66.136
InterCement Financial5.750 7/17/2024 USD 68.352
Blend Funding PLC 3.508 5/4/2057 GBP 65.061
Petrobras Global Fina4.500 2/4/2033 EUR 68.861
Muenchener Hypotheken1.000 4/18/2039 EUR 69.960
Klepierre SA 1.250 9/29/2031 EUR 66.716
Aon Global Ltd 4.250 12/12/2042 USD 73.252
Credit Mutuel Arkea S0.875 3/11/2033 EUR 67.358
Prologis Internationa0.750 3/23/2033 EUR 62.756
Deutsche Lichtmiete F5.750 1/1/2023 EUR 6.000
Unibail-Rodamco-Westf1.375 5/25/2033 EUR 63.170
DNB Bank ASA 3.691 USD 67.562
Phosagro OAO Via Phos3.050 1/23/2025 USD 51.349
Blackstone Property P1.750 3/12/2029 EUR 73.621
Vnesheconombank Via V6.800 11/22/2025 USD 5.870
Johnson Controls Inte4.500 2/15/2047 USD 73.917
Travelex Financing PL8.000 5/15/2022 EUR 0.941
Jyske Realkredit A/S 1.500 10/1/2053 DKK 69.628
Parnassia Groep BV 1.200 12/1/2051 EUR 66.629
MHP SE 7.750 5/10/2024 USD 49.077
United Utilities Wate0.875 10/28/2029 GBP 71.648
EA Partners I BV 6.875 9/28/2020 USD 0.500
Ministeries Van de Vl0.875 3/21/2046 EUR 57.472
National Grid Electri1.750 9/9/2031 GBP 69.371
Latvia Government Int1.875 2/19/2049 EUR 67.656
Engie SA 1.250 10/24/2041 EUR 53.160
La Poste SA 1.000 9/17/2034 EUR 69.996
Southern Housing Grou3.500 10/19/2047 GBP 66.923
MHP Lux SA 6.950 4/3/2026 USD 47.729
Credit Suisse AG/Lond2.300 9/24/2031 USD 66.093
Cie Generale des Etab0.625 11/2/2040 EUR 53.911
Bayer AG 1.000 1/12/2036 EUR 60.942
Luzerner Kantonalbank0.400 3/15/2038 CHF 73.759
Espirito Santo Financ9.750 12/19/2025 EUR 0.521
RTE Reseau de Transpo2.125 9/27/2038 EUR 72.166
Societe Generale SA 3.653 7/8/2035 USD 72.455
BPCE SA 2.277 1/20/2032 USD 69.644
Jyske Realkredit A/S 1.500 10/1/2050 DKK 72.041
Trane Technologies Lu4.500 3/21/2049 USD 73.883
Novartis Finance SA 1.700 8/14/2038 EUR 73.710
MHP Lux SA 6.250 9/19/2029 USD 46.422
Cooperatieve Rabobank0.750 6/21/2039 EUR 66.214
Midland Heart Capital1.831 8/12/2050 GBP 46.179
RTE Reseau de Transpo1.125 9/9/2049 EUR 48.447
Novatek OAO Via Novat4.422 12/13/2022 USD 62.811
RTE Reseau de Transpo0.625 7/8/2032 EUR 72.334
CBo Territoria 3.750 7/1/2024 EUR 4.230
Volkswagen Internatio3.500 4/2/2043 EUR 73.307
Constellation Automot4.875 7/15/2027 GBP 61.942
TotalEnergies Capital2.986 6/29/2041 USD 67.434
Autonomous Region of 1.095 9/27/2036 EUR 67.586
Air Liquide Finance S3.500 9/27/2046 USD 70.378
Standard Chartered PL4.300 USD 64.655
Vier Gas Transport Gm0.125 9/10/2029 EUR 72.689
ING Bank NV 1.000 2/17/2037 EUR 72.565
CSN Resources SA 4.625 6/10/2031 USD 67.146
City of Lausanne Swit0.050 9/28/2054 CHF 49.193
State of North Rhine-0.200 1/27/2051 EUR 46.509
Credit Mutuel Arkea S0.875 10/25/2031 EUR 70.778
Liquid Telecommunicat5.500 9/4/2026 USD 72.142
Covivio 1.125 9/17/2031 EUR 71.850
BNG Bank NV 0.875 10/24/2036 EUR 72.339
Societe Du Grand Pari0.875 5/10/2046 EUR 55.696
Altice France SA/Fran5.500 10/15/2029 USD 74.398
Gazprom PJSC via Gaz 2.950 1/27/2029 USD 49.145
Iberia Lineas Aereas 3.750 5/28/2027 EUR 71.561
Suez SA 0.500 10/14/2031 EUR 71.876
Agence Francaise de D0.375 5/25/2036 EUR 64.580
Ukraine Government In15.840 2/26/2025 UAH 59.233
UniCredit Bank AG 0.010 1/21/2036 EUR 63.858
Aeroports de Paris 2.125 10/11/2038 EUR 68.510
Espirito Santo Financ6.875 10/21/2019 EUR 0.001
Wales & West Utilitie3.000 8/3/2038 GBP 67.530
Accentro Real Estate 4.125 3/23/2026 EUR 56.878
Ukraine Government In7.750 9/1/2027 USD 18.268
Andrade Gutierrez Int9.500 12/30/2024 USD 53.034
State of North Rhine-0.600 6/4/2041 EUR 63.093
Sovcombank Via SovCom7.750 USD 3.353
Russian Foreign Bond 4.250 6/23/2027 USD 44.423
Nordea Kredit Realkre1.500 10/1/2050 DKK 72.038
Prosus NV 4.987 1/19/2052 USD 64.972
Credit Agricole SA 1.400 7/28/2031 EUR 72.388
RTE Reseau de Transpo1.875 10/23/2037 EUR 70.160
Intesa Sanpaolo SpA 2.700 3/29/2031 USD 66.909
Telefonica Emisiones 1.864 7/13/2040 EUR 63.984
Ukraine Government Bo15.970 4/19/2023 UAH 59.293
Fuerstenberg Capital 2.522 EUR 62.879
Unilever PLC 1.500 6/11/2039 EUR 69.929
OGX Austria GmbH 8.375 4/1/2022 USD 0.002
GELF Bond Issuer I SA1.125 7/18/2029 EUR 74.225
Societe Nationale SNC0.875 2/28/2051 EUR 47.683
Privatbank CJSC Via U10.250 1/23/2018 USD 3.453
Koninklijke KPN NV 0.875 12/14/2032 EUR 71.014
Electricite de France5.250 10/13/2055 USD 70.110
NorteGas Energia Dist0.905 1/22/2031 EUR 70.617
DLR Kredit A/S 1.000 10/1/2053 DKK 70.273
Jababeka Internationa6.500 10/5/2023 USD 56.039
Polski Fundusz Rozwoj1.375 8/30/2027 PLN 68.728
Lukoil Capital DAC 2.800 4/26/2027 USD 76.500
Vedanta Resources Fin9.250 4/23/2026 USD 60.005
Cyprus Government Int2.250 4/16/2050 EUR 69.361
Nykredit Realkredit A0.500 10/1/2053 DKK 62.629
Aragvi Finance Intern8.450 4/29/2026 USD 69.299
Cyprus Government Int1.250 1/21/2040 EUR 63.584
Stichting Afwikkeling11.250 EUR 0.579
EDOB Abwicklungs AG 7.500 4/1/2012 EUR 0.521
Paragon Treasury Plc 3.625 1/21/2047 GBP 71.109
HSBC Holdings PLC 0.813 11/3/2031 CHF 74.402
Uliving@essex3 LLP 2.720 8/31/2066 GBP 57.732
European Primary Plac1.732 11/9/2055 GBP 48.702
NRW Bank 0.100 7/9/2035 EUR 66.456
Societe Generale SA 1.113 7/17/2031 EUR 73.530
BPCE SA 0.750 3/3/2031 EUR 71.604
Gazprom PJSC Via Gaz 4.950 3/23/2027 USD 52.000
SNCF Reseau 2.250 12/20/2047 EUR 74.908
Saleza AS 9.000 7/12/2021 EUR 0.203
LEG Immobilien SE 1.625 11/28/2034 EUR 60.414
Avangardco Investment10.000 10/29/2018 USD 0.348
TotalEnergies Capital3.461 7/12/2049 USD 68.062
Kreditanstalt fuer Wi0.375 5/20/2036 EUR 69.014
Northern Electric Fin2.750 5/24/2049 GBP 60.131
Societe Du Grand Pari1.700 5/25/2050 EUR 65.506
Snam SpA 1.000 9/12/2034 EUR 61.564
Praktiker AG 5.875 2/10/2016 EUR 2.232
Siemens Financierings3.300 9/15/2046 USD 67.952
Orpea SA 3.000 11/25/2041 EUR 36.263
Bulgaria Government B0.500 12/21/2029 BGN 74.179
Ministeries Van de Vl1.500 4/11/2044 EUR 68.473
Thomas Cook Finance 23.875 7/15/2023 EUR 1.268
Credit Suisse AG/Lond2.600 1/27/2032 USD 67.201
Basler Kantonalbank 0.250 3/10/2036 CHF 74.787
Russian Foreign Bond 12.750 6/24/2028 USD 67.326
Credit Agricole Home 0.375 2/1/2033 EUR 73.828
FEL Energy VI Sarl 5.750 12/1/2040 USD 68.075
National Grid Electri1.625 10/7/2035 GBP 58.787
Nykredit Realkredit A0.500 10/1/2050 DKK 64.561
Hellas Telecommunicat6.054 1/15/2015 USD 0.014
Ukraine Government In7.375 9/25/2034 USD 16.107
UBS Group AG 3.179 2/11/2043 USD 59.470
Air Berlin PLC 6.750 5/9/2019 EUR 0.301
SCOR SE 1.375 9/17/2051 EUR 67.737
Action Logement Servi0.500 10/30/2034 EUR 70.146
EYEMAXX Real Estate A5.500 9/24/2024 EUR 1.457
Altice France Holding8.000 5/15/2027 EUR 71.425
Landwirtschaftliche R0.625 10/31/2036 EUR 70.325
Republic of Ireland I1.425 9/18/2119 EUR 50.155
Republic of Poland Go1.750 4/25/2032 PLN 56.152
Pershing Square Holdi3.250 10/1/2031 USD 80.632
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.364
Wessex Water Services1.500 9/17/2029 GBP 72.917
ABN AMRO Bank NV 3.324 3/13/2037 USD 67.820
Verisure Midholding A5.250 2/15/2029 EUR 74.098
DSV Finance BV 0.750 7/5/2033 EUR 68.243
blueplanet Investment5.500 2/26/2026 EUR 26.609
Deutsche Lichtmiete A5.750 12/1/2023 EUR 8.000
Intesa Sanpaolo SpA 2.100 11/13/2030 USD 68.181
Manchester Airport Gr2.875 3/31/2039 GBP 61.348
Alfa Bank AO Via Alfa6.950 USD 5.080
Equinor ASA 1.625 11/9/2036 EUR 73.416
Stonewater Funding PL1.625 9/10/2036 GBP 59.817
BNG Bank NV 0.875 10/17/2035 EUR 73.933
Ukraine Government In7.750 9/1/2026 USD 18.794
NAK Naftogaz Ukraine 7.625 11/8/2026 USD 20.281
Lehman Brothers UK Ca5.125 EUR 13.466
Region de Bruxelles-C1.121 5/11/2071 EUR 47.913
Berner Kantonalbank A0.100 9/30/2039 CHF 65.317
nVent Finance Sarl 2.750 11/15/2031 USD 72.533
Nederlandse Waterscha0.375 9/28/2046 EUR 54.215
Lukoil Capital DAC 3.600 10/26/2031 USD 72.500
Free State of Bavaria0.010 1/18/2035 EUR 67.412
Autonomous Community 2.965 9/8/2039 JPY 65.548
Lehman Brothers UK Ca3.875 EUR 13.466
City of Lausanne Swit0.680 3/11/2058 CHF 61.428
UBS Group AG 3.875 USD 74.250
Realkredit Danmark A/0.500 10/1/2043 DKK 74.411
Shell International F3.750 9/12/2046 USD 71.345
Ukraine Government Bo16.000 5/24/2023 UAH 59.000
BNG Bank NV 1.600 11/27/2030 AUD 73.916
Cirio Holding Luxembo6.250 2/16/2004 EUR 1.822
Region Wallonne Belgi1.250 6/22/2071 EUR 49.740
Region Provence-Alpes1.574 6/8/2037 EUR 74.616
Hellenic Republic Gov3.250 3/20/2050 EUR 73.364
Alfa Bank AO Via Alfa5.500 10/26/2031 USD 7.359
Hungary Government In2.125 9/22/2031 USD 66.767
B2W Digital Lux Sarl 4.375 12/20/2030 USD 67.759
Erste Group Bank AG 0.500 1/12/2037 EUR 66.120
Credit Suisse AG/Lond1.352 4/8/2034 EUR 74.179
Standard Chartered PL4.316 USD 76.750
Bourbon Corp 8.305 EUR 0.196
Nestle Finance Intern0.625 2/14/2034 EUR 72.419
FF Group Finance Luxe1.750 7/3/2019 EUR 4.000
Orpea SA 2.770 12/18/2028 EUR 42.094
Dexia SA 2.012 EUR 3.582
Canton of Geneva Swit0.500 10/31/2056 CHF 62.932
BPCE SFH SA 0.375 3/18/2041 EUR 58.775
BNG Bank NV 0.250 11/22/2036 EUR 65.135
City of Bern Switzerl0.040 10/2/2070 CHF 45.213
Kommunalbanken AS 1.250 7/2/2030 NZD 73.215
Nordea Kredit Realkre0.500 10/1/2053 DKK 64.217
Orange SA 1.200 7/11/2034 EUR 74.580
Republic of Belarus I6.875 2/28/2023 USD 30.400
Free State of Saxony 0.010 12/17/2035 EUR 65.069
Minerva Luxembourg SA4.375 3/18/2031 USD 74.520
Standard Chartered PL4.750 USD 66.720
Societe Du Grand Pari1.000 11/26/2051 EUR 51.349
Orpea SA 2.300 3/6/2025 EUR 58.729
Societe Generale SA 5.625 11/24/2045 USD 72.765
Kommunekredit 0.125 9/26/2040 EUR 57.170
Credit Bank of Moscow7.121 6/25/2024 USD 25.379
Blend Funding PLC 2.467 6/16/2061 GBP 50.686
Ministeries Van de Vl0.125 10/15/2035 EUR 65.084
GN Store Nord AS 1.970 3/3/2036 EUR 44.800
Fastighets AB Balder 1.293 3/3/2031 EUR 50.690
Banco Espirito Santo 4.193 EUR 0.120
Basque Government 1.000 10/31/2050 EUR 47.858
Nordea Kredit Realkre1.500 10/1/2053 DKK 66.000
ABN AMRO Bank NV 0.375 1/14/2035 EUR 69.517
European Financial St1.450 9/5/2040 EUR 74.691
Sveriges Sakerstallda0.750 6/9/2032 SEK 73.412
Salerno Pompei Napoli2.800 1/19/2045 EUR 69.996
Charm Finance PLC 3.509 4/12/2048 GBP 67.959
Unibail-Rodamco-Westf1.875 1/15/2031 EUR 72.804
State Agency of Roads6.250 6/24/2030 USD 15.334
CSN Resources SA 5.875 4/8/2032 USD 72.175
Ukraine Government Bo12.520 5/13/2026 UAH 58.399
Banca Popolare di Vic9.500 9/29/2025 EUR 0.096
Dexia Credit Local SA2.063 EUR 2.551
Ukreximbank Via Biz F10.426 2/9/2023 USD 30.000
Nordea Kredit Realkre0.500 10/1/2043 DKK 74.619
Metalloinvest Finance3.375 10/22/2028 USD 56.000
Very Group Funding Pl6.500 8/1/2026 GBP 67.201
A2A SpA 0.625 10/28/2032 EUR 63.034
BPCE SA 3.116 10/19/2032 USD 68.127
Zurich Finance Irelan1.600 12/17/2052 EUR 65.137
Ukraine Government In9.750 11/1/2030 USD 19.497
ESFIL-Espirito Santo 5.250 6/12/2015 EUR 0.111
Hampshire Trust Bank 7.250 5/10/2028 GBP 57.500
EA Partners II BV 6.750 6/1/2021 USD 0.615
Deutsche Lichtmiete A5.250 2/1/2027 EUR 3.030
Societe Generale SA 3.653 7/8/2035 USD 73.358
State of Saxony-Anhal0.500 3/24/2051 EUR 52.983
Argenta Spaarbank NV 0.500 10/8/2041 EUR 59.822
Prosus NV 3.832 2/8/2051 USD 55.027
Engie SA 1.500 3/13/2035 EUR 69.005
DSV Finance BV 0.500 3/3/2031 EUR 72.781
Santander UK Group Ho5.625 9/15/2045 USD 70.647
City of Zurich Switze0.250 5/26/2039 CHF 72.857
Evraz PLC 5.250 4/2/2024 USD 48.886
Ministeries Van de Vl1.000 1/23/2051 EUR 54.848
Basque Government 1.375 10/31/2070 EUR 41.316
RAC Bond Co PLC 5.250 11/4/2027 GBP 74.068
Takarek Mortgage Bank3.000 10/22/2031 HUF 48.650
Land Berlin 0.150 2/22/2036 EUR 65.986
Concessio Estacions A3.520 12/31/2037 EUR 74.834
Gazprom PJSC via Gaz 3.500 7/14/2031 USD 49.838
FF Group Finance Luxe3.250 11/2/2021 CHF 4.900
Vasakronan AB 1.115 10/24/2039 EUR 62.096
Russian Foreign Bond 7.500 3/31/2030 USD 63.261
Kuntarahoitus Oyj 0.050 9/10/2035 EUR 66.102
Klabin Austria GmbH 3.200 1/12/2031 USD 72.637
Aggregate Holdings SA5.500 5/17/2024 EUR 36.815
Orbit Capital PLC 2.000 11/24/2038 GBP 57.897
LEG Immobilien SE 0.875 3/30/2033 EUR 59.123
Cordia International 4.000 11/7/2026 HUF 75.000
United Group BV 5.250 2/1/2030 EUR 67.844
Covivio 0.875 1/20/2033 EUR 67.090
Ukraine Government In4.375 1/27/2032 EUR 15.823
Swissgrid AG 0.050 6/30/2050 CHF 50.097
Development Bank of t6.750 5/2/2024 USD 18.350
Aon Global Ltd 4.450 5/24/2043 USD 74.216
Highland Holdings Sar0.934 12/15/2031 EUR 72.186
Deuce Finco Plc 5.500 6/15/2027 GBP 73.650
BASF SE 1.450 12/13/2032 EUR 72.729
Eurocaja Rural SCC 0.125 9/22/2031 EUR 74.562
Kommunekredit 0.625 11/21/2039 EUR 65.069
WD Invest Sarl 1.900 10/2/2024 EUR 11.686
Veneto Banca SpA 9.878 12/1/2025 EUR 0.465
Societe Generale SA 3.337 1/21/2033 USD 71.935
Lithuania Government 1.625 6/19/2049 EUR 61.978
Ministeries Van de Vl1.000 10/13/2036 EUR 72.178
Karlou BV 7.750 6/18/2024 USD 14.322
Coventry Building Soc2.000 12/20/2030 GBP 69.791
E.ON SE 0.875 8/20/2031 EUR 74.804
Telia Co AB 1.625 2/23/2035 EUR 74.496
European Financial St1.200 2/17/2045 EUR 68.204
Societe Du Grand Pari0.300 9/2/2036 EUR 63.875
Simpar Europe SA 5.200 1/26/2031 USD 72.019
Italgas SpA 0.875 4/24/2030 EUR 73.956
Cie de Financement Fo0.600 10/25/2041 EUR 61.384
Yorkshire Building So1.500 9/15/2029 GBP 72.112
M Objekt Real Estate 6.000 7/22/2024 EUR 39.511
Telefonica Emisiones 1.957 7/1/2039 EUR 66.261
DLR Kredit A/S 0.500 10/1/2053 DKK 64.585
Ministeries Van de Vl1.874 3/28/2058 EUR 62.539
State of Bremen 0.450 2/24/2051 EUR 51.606
Societe Generale SA 2.000 1/30/2036 USD 50.796
Banco Santander SA 0.100 2/27/2032 EUR 72.442
Hungary Government In3.125 9/21/2051 USD 49.685
Tinkoff Bank JSC Via 6.000 USD 35.070
Cirio Finance Luxembo7.500 11/3/2002 EUR 2.513
Jyske Realkredit A/S 0.500 10/1/2053 DKK 64.172
Heineken NV 4.000 10/1/2042 USD 73.398
VEON Holdings BV 4.000 4/9/2025 USD 61.000
Deutsche Bahn Finance0.100 1/28/2036 CHF 72.537
Suek Securities DAC 3.375 9/15/2026 USD 11.976
Banque Cantonale Vaud0.400 5/5/2036 CHF 74.655
Solarworld AG 9.691 2/24/2019 EUR 14.883
Mallinckrodt Internat4.750 4/15/2023 USD 38.500
Castle UK Finco PLC 7.000 5/15/2029 GBP 62.417
Luzerner Kantonalbank0.160 12/23/2043 CHF 64.247
Orpea SA 2.000 8/9/2029 EUR 42.891
Avianca Midco 2 PLC 9.000 12/1/2028 USD 72.972
Affinity Water Financ3.278 8/22/2042 GBP 70.776
State of North Rhine-1.550 6/16/2048 EUR 73.314
National Grid Electri1.608 8/24/2040 GBP 48.478
Muenchener Hypotheken0.010 11/2/2040 EUR 55.025
Ville de Paris 1.200 6/25/2039 EUR 69.416
Yuksel Insaat AS 9.500 11/10/2015 USD 0.105
Flughafen Zurich AG 0.200 2/26/2035 CHF 71.305
City of Lausanne Swit0.600 11/30/2056 CHF 60.750
Perrigo Co PLC 5.300 11/15/2043 USD 70.215
Peach Property Financ4.375 11/15/2025 EUR 71.917
BAE Systems PLC 1.900 2/15/2031 USD 73.355
VEON Holdings BV 4.950 6/16/2024 USD 71.000
Barclays Bank PLC 2.000 8/2/2030 USD 73.449
State of North Rhine-0.750 8/16/2041 EUR 64.782
DZ Bank AG Deutsche Z0.550 4/29/2024 EUR 68.010
Realkredit Danmark A/2.000 10/1/2053 DKK 73.043
State of North Rhine-0.375 9/2/2050 EUR 50.144
Nobel Bidco BV 3.125 6/15/2028 EUR 59.500
Alitalia-Societa Aere5.250 7/30/2020 EUR 0.230
Agence Francaise de D0.500 5/31/2035 EUR 68.511
Realkredit Danmark A/1.500 10/1/2050 DKK 72.035
Ukraine Government In7.750 9/1/2028 USD 18.144
Nykredit Realkredit A1.500 10/1/2053 DKK 66.001
Ukraine Government In6.876 5/21/2031 USD 15.991
Evraz PLC 5.375 3/20/2023 USD 50.000
Antofagasta PLC 2.375 10/14/2030 USD 73.044
Metropolitano de Tene1.229 7/30/2036 EUR 68.382
Deutsche Wohnen SE 1.300 4/7/2041 EUR 47.975
Euronext NV 0.750 5/17/2031 EUR 73.989
DLR Kredit A/S 1.500 10/1/2053 DKK 70.466
Electricite de France4.990 10/21/2056 USD 68.203
Caisse Francaise de F0.375 2/13/2040 EUR 60.338
Rallye SA 1.000 2/28/2032 EUR 14.682
Metinvest BV 7.750 4/23/2023 USD 55.000
Credit Agricole Home 0.010 11/3/2031 EUR 74.216
JSM Global Sarl 4.750 10/20/2030 USD 69.099
Communaute Francaise 0.625 6/11/2035 EUR 70.132
Caisse Francaise de F0.500 10/1/2046 EUR 55.092
Credit Bank of Moscow7.500 10/5/2027 USD 14.374
Norwegian Air Shuttle6.379 2/7/2023 SEK 39.852
Free and Hanseatic Ci0.200 9/3/2049 EUR 48.492
Waste Italia SpA 10.500 11/15/2019 EUR 0.550
VF Ukraine PAT via VF6.200 2/11/2025 USD 53.023
Aroundtown SA 4.900 2/1/2038 USD 66.043
Ukreximbank Via Biz F9.750 1/22/2025 USD 32.717
KTG Agrar SE 7.125 6/6/2017 EUR 2.007
Virgolino de Oliveira11.750 2/9/2022 USD 0.498
Stadt Graz 1.878 10/31/2046 EUR 72.647
Rumo Luxembourg Sarl 4.200 1/18/2032 USD 74.431
BNG Bank NV 0.125 7/9/2035 EUR 66.991
Luzerner Kantonalbank0.150 10/7/2044 CHF 62.232
La Banque Postale Hom0.250 2/12/2035 EUR 67.690
BPCE SA 3.648 1/14/2037 USD 69.513
Ceske Drahy AS 3.000 6/4/2035 EUR 64.129
Linde PLC 0.375 9/30/2033 EUR 67.503
2i Rete Gas SpA 0.579 1/29/2031 EUR 69.950
Republic of Belarus I5.875 2/24/2026 USD 21.250
Banca Popolare di Vic2.821 12/20/2017 EUR 0.438
BAWAG PSK Bank fuer A0.010 11/19/2035 EUR 62.918
National Grid Electri1.045 7/27/2028 GBP 74.483
Prosus NV 4.027 8/3/2050 USD 56.468
Banco Espirito Santo 7.125 11/28/2023 EUR 0.218
Republic of Belarus I6.378 2/24/2031 USD 19.769
Herefordshire Capital4.193 11/28/2049 GBP 71.480
United Group BV 4.000 11/15/2027 EUR 68.850
Czech Republic Govern1.750 6/23/2032 CZK 67.926
Lehman Brothers UK Ca6.900 USD 3.986
Hungary Government Bo4.750 11/24/2032 HUF 64.551
Russian Foreign Bond 5.100 3/28/2035 USD 42.569
Aroundtown SA 3.250 11/12/2032 EUR 65.001
Italgas SpA 1.000 12/11/2031 EUR 69.969
State of Lower Saxony0.050 3/9/2035 EUR 67.226
TechnipFMC PLC 4.000 6/14/2032 EUR 73.977
Sberbank of Russia Vi5.125 10/29/2022 USD 8.643
Muenchener Hypotheken0.250 3/29/2041 CHF 67.200
Standard Profil Autom6.250 4/30/2026 EUR 57.164
Raiffeisenbank AS 0.700 11/15/2031 EUR 71.802
Jyske Realkredit A/S 1.000 10/1/2053 DKK 59.028
Eurochem Finance DAC 5.500 3/13/2024 USD 44.701
United Group BV 4.625 8/15/2028 EUR 68.083
EXOR NV 0.875 1/19/2031 EUR 72.735
Ocado Group PLC 3.875 10/8/2026 GBP 72.133
Santhera Pharmaceutic7.500 8/17/2024 CHF 71.240
Jyske Realkredit A/S 0.500 10/1/2043 DKK 74.594
NRW Bank 1.200 3/28/2039 EUR 72.785
EYEMAXX Real Estate A5.500 7/22/2025 EUR 16.000
Anglian Water Service1.760 11/13/2035 GBP 61.367
Deutsche Bahn Finance3.100 5/20/2041 AUD 66.931
JAB Holdings BV 4.500 4/8/2052 USD 68.383
UkrLandFarming PLC 10.875 3/26/2018 USD 1.377
Region of Centre-Val 0.711 11/2/2036 EUR 68.317
GN Store Nord AS 3.200 11/26/2036 GBP 66.565
Lukoil Securities BV 3.875 5/6/2030 USD 70.500
UniCredit Bank Austri0.050 9/21/2035 EUR 64.514
BPCE SFH SA 0.010 1/29/2036 EUR 63.003
Iceland Bondco PLC 4.375 5/15/2028 GBP 68.348
Herens Midco Sarl 5.250 5/15/2029 EUR 62.500
Niedersachsen Invest 0.250 7/16/2035 EUR 67.855
Credit Suisse AG/Lond20.000 11/29/2024 USD 10.583
MMC Norilsk Nickel OJ2.550 9/11/2025 USD 53.459
Ukraine Government Bo9.990 5/22/2024 UAH 59.000
British Telecommunica3.924 6/25/2042 GBP 67.252
Credit Agricole Itali1.000 1/17/2045 EUR 58.972
Virgolino de Oliveira10.500 1/28/2018 USD 0.498
Intrum AB 3.000 9/15/2027 EUR 74.485
Romania Government Bo3.650 9/24/2031 RON 64.778
Ministeries Van de Vl1.863 2/28/2048 EUR 66.585
Abengoa Abenewco 1 SA6.000 6/10/2022 EUR 0.374
Romanian Government I2.625 12/2/2040 EUR 48.843
Boparan Finance PLC 7.625 11/30/2025 GBP 62.759
Realkredit Danmark A/0.500 10/1/2053 DKK 62.645
Pfandbriefbank schwei0.500 6/22/2040 CHF 73.915
Cellnex Telecom SA 1.900 7/31/2029 EUR 72.190
Mediobanca Banca di C0.010 2/3/2031 EUR 74.060
Gazprom PJSC Via Gaz 3.125 11/17/2023 EUR 53.663
Banco Espirito Santo 4.373 EUR 0.349
Gazprom PJSC via Gaz 1.850 11/17/2028 EUR 48.855
Italgas SpA 0.500 2/16/2033 EUR 62.335
Credit Agricole Itali0.750 1/20/2042 EUR 58.323
Romanian Government I3.624 5/26/2030 EUR 73.769
Republic of Belarus I6.200 2/28/2030 USD 19.667
Nordea Kredit Realkre1.000 10/1/2053 DKK 59.021
London & Quadrant Hou2.000 10/20/2038 GBP 57.331
Ukraine Government Bo10.000 8/23/2023 UAH 59.000
Electricite de France4.650 10/21/2046 USD 72.308
Canton of Ticino 0.400 6/27/2044 CHF 68.823
Mallinckrodt Internat10.000 6/15/2029 USD 55.500
Republic of Belarus I7.625 6/29/2027 USD 20.250
Ile-de-France Mobilit0.950 5/28/2041 EUR 62.958
Pershing Square Holdi3.250 10/1/2031 USD 80.426
BCP V Modular Service6.750 11/30/2029 EUR 67.950
Hamon & CIE SA 3.300 1/31/2035 EUR 46.000
Ukraine Government Bo9.840 2/15/2023 UAH 59.000
DLR Kredit A/S 1.500 10/1/2053 DKK 73.792
Land Thueringen 0.125 1/13/2051 EUR 45.884
Jyske Realkredit A/S 0.500 10/1/2050 DKK 64.596
City of Lausanne Swit0.600 7/6/2050 CHF 64.994
Sherwood Financing PL6.000 11/15/2026 GBP 72.505
Bellis Finco PLC 4.000 2/16/2027 GBP 65.983
BNG Bank NV 1.550 2/19/2032 AUD 69.943
Italy Buoni Poliennal0.950 6/1/2032 EUR 72.107
Intesa Sanpaolo SpA 1.400 2/8/2031 GBP 74.925
Leonteq Securities AG13.000 11/30/2022 EUR 35.860
Havila Shipping ASA 6.660 1/2/2025 NOK 30.000
Pfandbriefbank schwei0.250 10/14/2036 CHF 74.930
Land Berlin 0.350 9/9/2050 EUR 50.122
Russian Foreign Bond 4.750 5/27/2026 USD 45.539
Cooperatieve Rabobank0.010 11/27/2040 EUR 54.715
BAWAG PSK Bank fuer A0.375 3/25/2041 EUR 58.424
City of Lugano Switze0.150 11/28/2070 CHF 45.687
Banco Santander SA 3.236 EUR 1.473
HSBC Continental Euro0.546 EUR 74.000
Intesa Sanpaolo SpA 4.375 1/12/2048 USD 61.149
MMK International Cap4.375 6/13/2024 USD 29.998
Volkswagen Internatio3.000 7/1/2039 EUR 73.459
Credit Agricole Publi0.125 12/8/2031 EUR 74.827
Hellas Telecommunicat8.500 10/15/2013 EUR 0.834
Romanian Government I3.000 2/14/2031 USD 68.119
Republic of Ireland I0.740 11/27/2120 EUR 28.272
Credit Suisse AG/Lond10.920 2/16/2023 GBP 63.390
Realkredit Danmark A/1.500 10/1/2053 DKK 65.916
Canton of Neuchatel 0.100 10/29/2049 CHF 56.544
Dublin Port Co 2.406 9/30/2049 EUR 72.876
Shell International F3.625 8/21/2042 USD 72.990
ING-DiBa AG 1.000 5/23/2039 EUR 69.280
Stonewater Funding PL3.375 11/2/2045 GBP 69.771
Jaguar Land Rover Aut4.500 7/15/2028 EUR 68.110
Region Wallonne Belgi0.500 6/22/2037 EUR 64.187
Region Wallonne Belgi0.650 1/16/2051 EUR 46.712
Landwirtschaftliche R0.010 11/26/2040 EUR 56.374
Nationale-Nederlanden0.375 3/4/2041 EUR 58.759
Realkredit Danmark A/0.500 10/1/2050 DKK 64.572
Sairgroup Finance BV 4.375 6/8/2006 EUR 1.964
Altice France SA/Fran4.250 10/15/2029 EUR 72.944
Virgin Media Vendor F4.875 7/15/2028 GBP 73.868
Offshore Drilling Hol8.375 9/20/2020 USD 3.842
Air Berlin PLC 5.625 5/9/2019 CHF 0.412
Bank Vontobel AG 15.000 11/7/2022 EUR 20.600
Kernel Holding SA 6.500 10/17/2024 USD 36.437
Autostrade per l'Ital3.750 6/9/2033 EUR 73.195
Banco Espirito Santo 6.875 7/15/2016 EUR 16.375
Holcim US Finance Lux2.240 10/15/2031 USD 71.949
Jyske Realkredit A/S 2.000 10/1/2053 DKK 73.073
United Utilities Wate0.010 7/27/2040 GBP 74.050
Phones4u Finance PLC 9.500 4/1/2018 GBP 74.432
Credit Suisse AG/Lond3.880 10/31/2036 USD 66.562
Autobahnen- und Schne0.100 7/16/2035 EUR 67.113
DLR Kredit A/S 1.000 10/1/2050 DKK 66.805
Affinity Water Financ2.699 11/22/2033 GBP 73.779
NRW Bank 0.500 6/17/2041 EUR 61.482
BPCE SA 0.500 10/21/2034 EUR 69.395
Stichting Afwikkeling6.625 5/14/2018 EUR 45.375
Fuerstenberg Capital 3.905 EUR 63.166
Celtic Resources Hold4.125 10/9/2024 USD 14.298
Free and Hanseatic Ci0.250 2/18/2041 EUR 58.696
National Grid Electri1.690 9/16/2041 GBP 48.027
Nordea Kredit Realkre0.500 10/1/2053 DKK 62.633
LBI ehf 6.100 8/25/2011 USD 10.750
United Group BV 3.625 2/15/2028 EUR 68.023
Ukraine Government In7.750 9/1/2025 USD 21.002
British Telecommunica3.883 6/25/2039 GBP 69.055
Credit Suisse Group A2.455 7/4/2034 EUR 67.723
Bank Gospodarstwa Kra2.000 11/3/2036 EUR 65.170
Transports Publics Du0.450 12/29/2056 CHF 53.954
Cimpress PLC 7.000 6/15/2026 USD 61.342
Privatbank CJSC Via U11.000 2/9/2021 USD 1.000
Romanian Government I1.750 7/13/2030 EUR 62.651
Prosus NV 2.031 8/3/2032 EUR 64.142
Borets Finance DAC 6.000 9/17/2026 USD 33.414
Nordea Kredit Realkre2.000 10/1/2053 DKK 73.319
ALROSA Finance SA 4.650 4/9/2024 USD 10.785
Hacienda Investments 5.350 2/8/2028 USD 12.206
Societe Generale SA 5.100 6/27/2036 USD 74.294
Caisse de Refinanceme0.250 2/7/2035 EUR 68.060
Romanian Government I3.625 3/27/2032 USD 68.894
JAB Holdings BV 3.750 5/28/2051 USD 52.740
Landesbank Hessen-Thu0.500 1/19/2037 EUR 67.548
Altice France Holding4.000 2/15/2028 EUR 57.917
Akademiska Hus AB 0.650 2/8/2044 CHF 71.580
Zurich Finance Irelan2.250 12/8/2031 USD 71.744
Deutsche Wohnen SE 0.500 4/7/2031 EUR 65.152
BPCE SA 2.614 3/4/2036 AUD 56.910
LSEGA Financing PLC 3.200 4/6/2041 USD 67.222
Bank of Valletta PLC 3.750 6/15/2031 EUR 69.693
de Volksbank NV 0.125 11/19/2040 EUR 56.179
Severn Trent Utilitie0.010 12/16/2055 GBP 51.361
Bank Julius Baer & Co13.250 1/5/2023 USD 34.650
City of Kyiv Via PBR 7.500 12/15/2022 USD 34.590
Credit Suisse AG/Lond5.100 6/8/2041 USD 72.214
Elli Finance UK PLC 8.750 6/15/2019 GBP 61.355
Deutsche Bahn Finance1.987 7/8/2030 AUD 74.725
Grand City Properties2.000 10/25/2032 EUR 69.597
Emissionszentrale fue0.100 11/2/2038 CHF 70.315
Credit Suisse AG/Lond0.875 5/21/2031 EUR 69.169
Altice Financing SA 3.000 1/15/2028 EUR 72.887
Kingdom of Belgium Go1.400 6/22/2053 EUR 62.276
Russian Foreign Bond 5.250 6/23/2047 USD 46.527
Privatbank CJSC Via U10.875 2/28/2018 USD 3.348
Ukraine Government In7.750 9/1/2029 USD 18.858
Credit Suisse AG/Lond3.110 3/3/2032 USD 70.120
City of Lausanne Swit0.875 10/6/2042 CHF 74.553
Cooperatieve Rabobank5.454 6/1/2037 AUD 73.525
Heineken NV 4.000 10/1/2042 USD 73.385
Global Ports Finance 6.500 9/22/2023 USD 35.000
Pfandbriefbank schwei0.250 4/25/2042 CHF 68.479
Viterra Finance BV 3.200 4/21/2031 USD 73.186
Nova Kreditna Banka M1.625 5/25/2027 EUR 70.765
Pfandbriefbank schwei0.125 8/17/2040 CHF 68.238
Deutsche Bank AG 1.580 10/23/2031 EUR 67.421
Kreditanstalt fuer Wi0.470 10/14/2033 EUR 74.357
Canton of Geneva Swit0.600 7/4/2046 CHF 71.060
Getin Noble Bank SA 10.990 12/12/2022 PLN 74.965
Land Berlin 0.625 8/25/2036 EUR 70.228
Caisse Francaise de F0.125 2/15/2036 EUR 64.252
Land Berlin 0.625 1/26/2052 EUR 53.971
Mallinckrodt Internat10.000 4/15/2025 USD 65.843
Boparan Finance PLC 7.625 11/30/2025 GBP 63.250
Kommunekredit 0.875 11/3/2036 EUR 71.939
Getin Noble Bank SA 12.320 3/31/2023 PLN 39.955
Berlin Hyp AG 0.250 5/19/2033 EUR 72.598
Castellum AB 2.840 6/5/2029 SEK 72.029
Gemeente Bergen OP Zo0.440 9/20/2044 EUR 56.812
Havenbedrijf Rotterda1.100 3/23/2051 EUR 58.678
Prosus NV 2.778 1/19/2034 EUR 67.426
French Republic Gover0.750 5/25/2053 EUR 51.706
Kommunalkredit Austri0.570 9/15/2037 EUR 64.080
Societe Du Grand Pari1.923 5/25/2066 EUR 62.641
DZ Bank AG Deutsche Z1.576 7/22/2030 EUR 72.405
Nederlandse Gasunie N0.750 10/13/2036 EUR 61.720
Agrokor dd 9.875 5/1/2019 EUR 15.000
HSBC Holdings PLC 4.000 9/8/2036 USD 72.966
Ziggo Bond Co BV 3.375 2/28/2030 EUR 68.419
DZ Bank AG Deutsche Z1.055 3/11/2031 EUR 70.103
Diamond BC BV 4.625 10/1/2029 USD 74.123
Russian Foreign Bond 5.875 9/16/2043 USD 56.999
New World Resources N8.000 4/7/2020 EUR 0.001
Altice Finco SA 4.750 1/15/2028 EUR 68.167
Italy Buoni Poliennal2.150 9/1/2052 EUR 60.273
British Telecommunica4.250 11/8/2049 USD 69.356
Raiffeisen Bank Inter0.700 12/6/2029 EUR 71.582
Constellium SE 3.125 7/15/2029 EUR 72.262
Aydem Yenilenebilir E7.750 2/2/2027 USD 74.440
PSP Swiss Property AG0.160 9/16/2031 CHF 74.537
Land Thueringen 0.250 3/5/2040 EUR 59.874
Polski Fundusz Rozwoj1.750 6/7/2027 PLN 71.220
Jyske Realkredit A/S 0.500 10/1/2053 DKK 62.682
Barclays Bank PLC 5.000 11/1/2029 BRL 68.054
DLR Kredit A/S 0.500 10/1/2050 DKK 66.577
Nationale-Nederlanden0.050 9/24/2035 EUR 64.528
Corporate Commercial 8.250 8/8/2014 USD 0.308
Encavis AG 2.900 3/24/2041 EUR 72.171
Credit Suisse AG/Lond9.750 4/27/2023 USD 50.200
Cellnex Finance Co SA3.875 7/7/2041 USD 59.600
Severstal OAO Via Ste3.150 9/16/2024 USD 10.830
Ukraine Government In9.790 5/26/2027 UAH 54.368
Anglo American Capita4.750 3/16/2052 USD 72.144
Vmed O2 UK Financing 4.500 7/15/2031 GBP 71.423
New World Resources N4.000 10/7/2020 EUR 0.312
Takarek Mortgage Bank3.500 10/27/2027 HUF 63.550
Hungary Government In0.125 9/21/2028 EUR 68.240
Kernel Holding SA 6.750 10/27/2027 USD 34.664
City of Lausanne Swit0.230 11/1/2060 CHF 48.485
Vnesheconombank Via V5.942 11/21/2023 USD 5.925
Romanian Government I3.875 10/29/2035 EUR 65.984
Akbank TAS 4.000 9/17/2029 EUR 74.150
Kreditanstalt fuer Wi1.000 10/19/2050 EUR 59.100
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
BNG Bank NV 1.980 4/19/2040 SEK 72.868
Region de Bruxelles-C0.274 12/11/2040 EUR 54.973
Mondelez Internationa0.625 9/9/2032 EUR 66.933
Thames Water Utilitie2.442 5/12/2050 GBP 47.509
Cirio Finanziaria SpA8.000 12/21/2005 EUR 0.414
Romanian Government I5.125 6/15/2048 USD 66.079
Aegon Bank NV 0.375 6/9/2036 EUR 66.328
Carmila SA 3.000 6/26/2029 EUR 74.636
BPCE SA 3.582 10/19/2042 USD 59.429
MED Hotel Management 3.000 12/31/2036 EUR 72.888
Altice France SA/Fran5.125 1/15/2029 USD 73.130
Fresnillo PLC 4.250 10/2/2050 USD 67.899
Iberdrola Finanzas SA1.000 2/2/2037 EUR 68.189
Caisse Francaise de F0.625 1/20/2042 EUR 61.278
Ukraine Government In15.840 2/26/2025 UAH 59.233
Autonomous Community 0.700 7/30/2033 EUR 72.829
Credit Suisse AG/Nass3.750 10/20/2036 USD 65.295
Muenchener Hypotheken0.050 8/13/2036 CHF 71.664
TUI Cruises GmbH 6.500 5/15/2026 EUR 72.071
Gecci Investment KG 6.000 10/1/2027 EUR 32.951
State of North Rhine-0.500 11/25/2039 EUR 63.711
State of Hesse 0.750 8/4/2036 EUR 71.856
Altice Financing SA 4.250 8/15/2029 EUR 73.500
Raiffeisenlandesbank 0.200 6/9/2036 EUR 61.850
BAWAG PSK Bank fuer A0.625 6/19/2034 EUR 72.622
Pfandbriefbank schwei0.250 3/15/2041 CHF 69.657
Sonnedix Energy Tau S2.200 12/31/2038 EUR 71.000
Credit Suisse AG/Lond1.800 9/14/2028 USD 73.419
DXC Capital Funding D0.950 9/15/2031 EUR 71.822
Romanian Government I3.375 1/28/2050 EUR 49.056
Region de Bruxelles-C1.400 3/11/2054 EUR 58.064
Carmila SA 1.890 11/6/2031 EUR 53.623
Malta Government Bond2.000 7/10/2051 EUR 64.170
DLR Kredit A/S 1.000 10/1/2053 DKK 65.125
PIK Securities DAC 5.625 11/19/2026 USD 33.200
Norwegian Air Shuttle7.500 11/10/2023 USD 74.301
Cooperatieve Rabobank0.500 10/30/2043 MXN 10.871
Sovcombank Via SovCom7.600 USD 3.464
Altice France SA/Fran4.000 7/15/2029 EUR 72.750
Aroundtown SA 2.970 9/26/2033 EUR 61.209
GB Social Housing PLC3.814 4/9/2047 GBP 66.529
CPI Hungary Investmen2.250 8/7/2030 HUF 51.000
Romanian Government I2.000 1/28/2032 EUR 59.571
Credit Suisse AG/Lond2.000 5/17/2029 USD 72.217
Region de Bruxelles-C1.220 6/23/2053 EUR 57.051
Phosagro OAO Via Phos2.600 9/16/2028 USD 50.000
Land Berlin 0.100 1/18/2041 EUR 56.797
Landesbank Hessen-Thu4.375 3/30/2042 USD 68.794
Region Wallonne Belgi1.050 6/22/2040 EUR 65.170
Frigoglass Finance BV6.875 2/12/2025 EUR 37.859
Canary Wharf Group In3.375 4/23/2028 GBP 74.171
State of Lower Saxony0.250 4/15/2036 EUR 66.908
Russian Foreign Bond 4.375 3/21/2029 USD 42.805
DZ Bank AG Deutsche Z0.660 11/23/2035 EUR 66.109
SCF Capital Designate5.375 6/16/2023 USD 20.000
Action Logement Servi0.750 7/19/2041 EUR 59.272
Metinvest BV 8.500 4/23/2026 USD 44.000
Achmea Bank NV 0.250 9/29/2036 EUR 64.809
nextbike GmbH 6.000 3/31/2025 EUR 65.000
V-Bank AG 4.000 EUR 70.446
MVM Energetika Zrt 3.250 9/3/2031 HUF 59.000
Maison Finco PLC 6.000 10/31/2027 GBP 68.258
Leather 2 SpA 5.693 9/30/2028 EUR 69.172
Garfunkelux Holdco 3 6.750 11/1/2025 EUR 68.875
United Kingdom Gilt 1.625 10/22/2071 GBP 54.982
DLR Kredit A/S 0.500 10/1/2043 DKK 74.720
Espirito Santo Financ3.125 12/2/2018 EUR 0.501
Nordea Kredit Realkre0.500 10/1/2050 DKK 64.883
Alno AG 8.500 5/14/2018 EUR 15.084
Credit Suisse AG/Lond3.220 2/8/2032 AUD 74.960
Standard Chartered Ba3.000 4/30/2036 AUD 65.883
Nederlandse Waterscha1.625 1/29/2048 EUR 74.654
Investitionsbank Berl0.050 3/2/2035 EUR 67.173
United Kingdom Gilt 0.625 7/31/2035 GBP 64.666
UBS AG/London 19.250 1/26/2023 USD 69.050
Nykredit Realkredit A1.000 10/1/2050 DKK 65.591
Credit Suisse AG/Lond3.750 9/29/2031 USD 71.230
Landesbank Hessen-Thu0.550 11/27/2030 EUR 72.755
Department of L'Eure 0.515 5/25/2040 EUR 58.628
Bausparkasse Schwaebi0.200 4/27/2033 EUR 72.508
Kommunekredit 0.500 6/19/2039 DKK 61.784
Romanian Government I2.124 7/16/2031 EUR 61.373
Irish Bank Resolution0.566 6/21/2016 EUR 0.679
Sherwood Financing PL4.500 11/15/2026 EUR 69.409
Intesa Sanpaolo SpA 2.250 4/16/2033 EUR 73.089
City of Munich German0.250 11/18/2032 EUR 73.239
Sibur Securities DAC 2.950 7/8/2025 USD 36.869
Kantonsspital St Gall0.300 9/30/2036 CHF 70.960
Heimstaden Bostad AB 2.800 5/4/2035 EUR 60.190
Zorlu Yenilenebilir E9.000 6/1/2026 USD 72.190
Pfandbriefzentrale de0.200 5/22/2042 CHF 67.383
JAB Holdings BV 2.200 11/23/2030 USD 71.433
Hema Bondco II BV 8.500 1/15/2023 EUR 0.113
Alpine Holding GmbH 5.250 6/10/2016 EUR 4.195
Evan Group PLC 6.000 7/31/2022 EUR 18.100
TotalEnergies Capital1.535 5/31/2039 EUR 66.246
Mox Telecom AG 7.250 11/2/2017 EUR 2.270
Junta de Castilla y L1.275 4/7/2049 EUR 54.143
Rhaetische Bahn AG RH0.050 8/3/2050 CHF 55.371
Ukraine Government Bo11.100 11/23/2022 UAH 59.000
SES SA 5.300 4/4/2043 USD 71.763
Novolipetsk Steel Via4.000 9/21/2024 USD 60.243
Nestle Hungaria Kft 1.750 5/31/2028 HUF 59.000
Ukraine Government In6.750 6/20/2028 EUR 17.370
Minejesa Capital BV 5.625 8/10/2037 USD 64.203
Norske Skogindustrier7.000 12/30/2026 EUR 0.010
Altice Financing SA 5.750 8/15/2029 USD 72.616
Kommunekredit 0.010 5/4/2034 EUR 68.308
City of Zurich Switze0.250 11/24/2051 CHF 62.330
niiio finance group A4.000 5/31/2026 EUR 46.000
NRW Bank 0.300 9/29/2033 EUR 72.434
CAB SELAS 3.375 2/1/2028 EUR 74.947
Valiant Bank AG 0.125 12/4/2034 CHF 73.016
Cooperatieve Rabobank0.500 7/30/2043 MXN 11.321
State of Brandenburg 0.300 10/4/2049 EUR 49.904
Finmek International 7.000 12/3/2004 EUR 2.193
Alpine Holding GmbH 6.000 5/22/2017 EUR 4.195
Romanian Government I2.750 4/14/2041 EUR 49.484
State of Lower Austri0.815 9/22/2056 EUR 49.829
Serbia International 2.050 9/23/2036 EUR 51.574
Muenchener Hypotheken0.420 12/10/2035 EUR 57.348
Dana Financing Luxemb3.000 7/15/2029 EUR 73.133
Rena GmbH 8.250 7/11/2018 EUR 0.058
Orbit Capital PLC 3.500 3/24/2045 GBP 67.793
State of Bremen 1.000 5/27/2039 EUR 70.648
Societe Generale SA 1.137 1/26/2037 EUR 65.844
Ukraine Government Bo3.700 4/27/2023 USD 72.052
Romanian Government I4.000 2/14/2051 USD 53.285
Region of Veneto Ital0.112 12/7/2046 EUR 71.810
Lehman Brothers UK Ca5.750 EUR 7.000
Cooperatieve Rabobank0.500 10/29/2027 MXN 59.024
BNG Bank NV 10.010 6/17/2025 TRY 52.885
Caisse Francaise de F1.555 2/12/2042 EUR 74.762
Barclays Bank PLC 2.000 12/21/2029 USD 70.152
4iG Nyrt 6.000 12/17/2031 HUF 69.000
Batigere Grand Est SA1.345 4/18/2032 EUR 67.992
Tennor Finance BV 5.750 6/17/2024 EUR 75.000
Land Berlin 0.125 11/24/2045 EUR 50.870
CDC Habitat SEM 1.700 3/21/2039 EUR 57.571
Jain International Tr7.125 3/31/2026 USD 27.543
Hamburg Commercial Ba0.550 11/20/2028 EUR 71.426
Pro-Gest SpA 3.250 12/15/2024 EUR 62.804
Bromford Housing Grou2.554 3/17/2054 GBP 54.556
DZ Bank AG Deutsche Z2.593 12/30/2024 EUR 68.540
Land Baden-Wuerttembe0.125 11/19/2040 EUR 57.649
Master & Fellows of U3.068 4/28/2065 GBP 57.011
Communaute Francaise 2.300 4/25/2089 EUR 70.516
State of Bremen 0.400 8/20/2049 EUR 51.837
Credit Suisse AG/Lond2.100 3/15/2037 EUR 69.208
Gazprom PJSC via Gaz 1.500 2/17/2027 EUR 46.572
State of Lower Austri1.000 9/15/2121 EUR 35.083
Canton of Neuchatel 0.350 7/14/2050 CHF 60.623
Alfa Bank AO Via Alfa5.950 4/15/2030 USD 7.501
VZ Vendor Financing I2.875 1/15/2029 EUR 68.319
Emissionszentrale fue0.150 9/9/2041 CHF 67.922
Phosphorus Holdco PLC10.000 4/1/2019 GBP 1.321
Joh Friedrich Behrens6.250 6/18/2024 EUR 30.210
Deutsche Lichtmiete A5.250 9/1/2025 EUR 4.100
Ctec II GmbH 5.250 2/15/2030 EUR 74.690
Single Platform Inves1.230 2/3/2034 EUR 71.509
SNCF Reseau 2.000 2/5/2048 EUR 70.218
Rena GmbH 7.000 12/15/2015 EUR 0.058
Assa Abloy AB 0.650 8/28/2034 EUR 66.705
Muenchener Hypotheken0.250 5/2/2036 EUR 65.843
Deutsche Telekom AG 3.500 4/15/2041 AUD 65.153
EOS Imaging SA 6.000 5/31/2023 EUR 7.250
Deutsche Telekom AG 3.625 1/21/2050 USD 64.722
DLR Kredit A/S 0.500 10/1/2050 DKK 65.195
Credit Agricole Corpo1.550 9/8/2031 AUD 69.489
Andrade Gutierrez Int11.000 8/20/2021 USD 51.362
MMB SCF SACA 0.010 9/20/2031 EUR 74.181
Ferrovie dello Stato 0.641 12/4/2030 EUR 70.099
Autostrade per l'Ital3.625 6/9/2038 EUR 69.478
Deutsche Wohnen SE 1.625 6/3/2031 EUR 74.394
Credit Suisse AG/Lond3.111 5/18/2036 EUR 66.925
Ukraine Government In11.100 11/23/2022 UAH 59.000
FLUVIUS System Operat0.810 4/8/2033 EUR 68.078
Grand City Properties2.081 8/8/2034 EUR 63.826
Swissgrid AG 0.125 6/30/2036 CHF 69.280
Vasakronan AB 2.035 1/15/2031 NOK 74.142
SG Issuer SA 5.150 1/10/2025 EUR 67.450
Joh Friedrich Behrens7.750 11/11/2020 EUR 31.300
Altice France SA/Fran3.375 1/15/2028 EUR 73.479
Spain Government Bond1.900 10/31/2052 EUR 63.473
DLR Kredit A/S 1.500 10/1/2050 DKK 73.141
Sigma Holdco BV 5.750 5/15/2026 EUR 60.275
Region Bretagne SCI 0.815 6/12/2040 EUR 62.344
Alpine Holding GmbH 5.250 7/1/2015 EUR 4.195
Rio Forte Investments4.000 7/22/2014 EUR 4.149
Pfandbriefbank schwei0.375 9/23/2043 CHF 69.265
Anselma Issuer SA 2.174 12/31/2038 EUR 67.580
Canton of Zurich 0.100 6/23/2045 CHF 64.800
Land Thueringen 0.100 7/9/2035 EUR 66.858
Blend Funding PLC 2.984 3/15/2034 GBP 74.462
Land Thueringen 0.200 9/12/2039 EUR 60.087
Lloyds Bank PLC 0.250 4/26/2027 USD 75.000
Castle UK Finco PLC 5.571 5/15/2028 EUR 74.187
Societe Nationale SNC2.820 4/28/2036 AUD 70.009
JDE Peet's NV 2.250 9/24/2031 USD 70.790
Nationwide Building S0.485 7/11/2044 CHF 66.554
Region Auvergne-Rhone0.892 10/21/2041 EUR 60.123
Portugal Telecom Inte6.250 7/26/2016 EUR 0.285
OTP Munkavallalok Ii 4.500 7/14/2031 HUF 57.990
Communaute Francaise 1.760 1/26/2043 EUR 68.193
Pfandbriefbank schwei0.500 6/17/2041 CHF 73.135
Bestjobs Recrutare SA5.800 5/20/2026 EUR 72.380
LIB-Landesimmobilien 0.620 7/15/2041 EUR 61.310
Societe Nationale SNC1.280 3/27/2120 EUR 34.887
Serbia International 1.000 9/23/2028 EUR 66.732
Pfandbriefbank schwei0.250 10/6/2042 CHF 68.027
Emissionszentrale fue0.300 11/25/2039 CHF 71.777
Logicor Financing Sar2.875 12/6/2029 GBP 73.193
Free and Hanseatic Ci0.400 11/23/2051 EUR 50.109
MFB Magyar Fejlesztes4.600 10/24/2029 HUF 63.763
State of Rhineland-Pa0.375 7/20/2048 EUR 52.190
Novafives SAS 5.000 6/15/2025 EUR 58.292
Social Chain AG /The 5.750 4/7/2024 EUR 75.000
UniCredit Bank Austri0.150 4/29/2033 EUR 70.628
Republic of Armenia I3.600 2/2/2031 USD 67.517
Canton of Zurich 0.250 7/12/2039 CHF 73.032
Uralkali OJSC Via Ura4.000 10/22/2024 USD 18.407
Thames Water Utilitie2.060 11/12/2030 USD 71.300
City of St Gallen 0.140 9/16/2044 CHF 64.938
Land Thueringen 0.375 12/1/2051 EUR 49.673
NRW Bank 1.150 9/16/2051 EUR 61.165
Nederlandse Waterscha0.877 6/24/2054 EUR 56.390
NRW Bank 1.250 3/21/2044 EUR 70.098
Getin Noble Bank SA 11.300 8/30/2024 PLN 37.873
Banco Santander SA 0.180 6/22/2031 EUR 74.602
State of Brandenburg 0.500 11/21/2039 EUR 63.887
Agrokor dd 8.875 2/1/2020 USD 15.000
Transmission Finance 2.701 10/16/2037 EUR 70.110
DZ Bank AG Deutsche Z2.000 12/29/2031 EUR 65.620
Ville de Paris 0.450 10/20/2045 EUR 50.457
Land Baden-Wuerttembe0.010 7/9/2032 EUR 74.025
German Pellets GmbH 7.250 7/9/2018 EUR 1.495
Allergan Funding SCS 4.750 3/15/2045 USD 83.841
Credit Suisse AG/Lond0.508 2/6/2031 EUR 74.465
Ideal Standard Intern6.375 7/30/2026 EUR 51.769
Intesa Sanpaolo SpA 1.900 2/8/2029 USD 71.265
Kreditanstalt fuer Wi1.100 9/16/2051 EUR 60.728
WEPA Hygieneprodukte 2.875 12/15/2027 EUR 71.875
Kingdom of Belgium Go0.459 7/23/2079 EUR 29.111
Barclays Bank PLC 3.070 12/3/2032 AUD 71.434
Ahtium PLC 4.000 12/16/2015 EUR 0.586
Kuntarahoitus Oyj 0.500 5/8/2029 AUD 72.853
Vnesheconombank Via V6.025 7/5/2022 USD 5.809
Espirito Santo Financ5.050 11/15/2025 EUR 0.521
Romanian Government I4.625 4/3/2049 EUR 62.494
VST Building Technolo7.000 6/28/2024 EUR 0.371
Region of Ile de Fran0.610 7/2/2040 EUR 60.432
Assistance Publique H1.750 11/27/2041 EUR 72.448
Mobilux Finance SAS 4.250 7/15/2028 EUR 69.077
Aeroports de la Cote 2.500 7/9/2036 EUR 63.864
Nationale-Nederlanden0.050 11/12/2040 EUR 56.032
Maxeda DIY Holding BV5.875 10/1/2026 EUR 63.755
Norddeutsche Landesba3.600 1/29/2035 USD 70.673
NRW Bank 2.000 4/23/2031 AUD 73.333
Deutsche Wohnen SE 2.000 3/28/2034 EUR 64.971
Interpipe Holdings PL8.375 5/13/2026 USD 35.460
Virgolino de Oliveira10.500 1/28/2018 USD 0.010
Senivita Social Estat6.500 5/12/2025 EUR 5.120
AK BARS Bank Via AK B8.000 7/13/2022 USD 31.025
Air Liquide Finance S3.500 9/27/2046 USD 70.423
Goldman Sachs Interna4.550 4/24/2050 USD 74.807
State of Lower Austri0.460 10/8/2049 EUR 47.460
Metinvest BV 7.750 10/17/2029 USD 39.317
State of Rhineland-Pa0.375 4/1/2041 EUR 60.481
Serbia International 1.500 6/26/2029 EUR 65.866
Mifa Mitteldeutsche F7.500 8/12/2018 EUR 2.410
Hungary Government Bo1.000 11/26/2025 HUF 70.485
Depfa Funding III LP 2.056 EUR 49.931
Kommunekredit 0.375 2/3/2045 DKK 51.379
State of Bremen 0.550 2/4/2050 EUR 53.982
Single Platform Inves1.840 11/5/2040 EUR 67.171
VZ Secured Financing 3.500 1/15/2032 EUR 72.067
Nykredit Realkredit A1.000 1/1/2033 DKK 73.512
Landeskreditbank Bade0.610 11/17/2050 EUR 54.746
HPI AG 3.500 EUR 0.015
Kommunekredit 0.500 7/30/2027 TRY 22.949
MOL Hungarian Oil & G1.100 9/22/2030 HUF 47.000
Swissgrid AG 0.150 6/30/2034 CHF 73.754
MFB Magyar Fejlesztes3.000 10/27/2027 HUF 65.077
Banco Santander SA 1.000 10/1/2033 EUR 66.654
Virgin Media Finance 3.750 7/15/2030 EUR 72.375
HSBC Bank PLC 2.015 11/24/2036 EUR 69.942
Raiffeisen-Landesbank0.500 5/27/2041 EUR 59.637
BNP Paribas SA 1.590 2/23/2051 EUR 55.205
VTB Bank PJSC Via VTB9.500 USD 6.640
Deutsche Bank AG 1.750 10/30/2028 USD 68.000
Single Platform Inves1.416 2/15/2041 EUR 63.734
State of Saarland 0.500 3/15/2051 EUR 52.659
SNCF Reseau 1.425 8/14/2119 EUR 38.184
Polski Fundusz Rozwoj2.000 3/5/2030 PLN 60.982
Kungsleden AB 1.963 3/30/2028 SEK 72.694
Single Platform Inves1.220 8/24/2047 EUR 52.676
Bilt Paper BV 10.360 USD 1.343
TI Automotive Finance3.750 4/15/2029 EUR 68.975
State of North Rhine-1.000 10/16/2046 EUR 64.695
Serbia International 1.650 3/3/2033 EUR 55.022
Jyske Realkredit A/S 1.500 10/1/2053 DKK 65.994
Credit Suisse AG/Lond5.000 11/27/2023 USD 9.380
Novolipetsk Steel Via4.700 5/30/2026 USD 53.585
Muenchener Hypotheken0.125 9/5/2035 EUR 66.043
Ahtium PLC 9.750 4/4/2017 EUR 0.726
SES SA 5.300 4/4/2043 USD 71.763
Region Bretagne SCI 0.544 12/7/2036 EUR 66.275
Ukraine Government In12.520 5/13/2026 UAH 58.399
State of Rhineland-Pa0.375 3/10/2051 EUR 50.279
Caisse Francaise de F1.093 10/14/2051 EUR 62.796
MFB Magyar Fejlesztes1.900 4/22/2026 HUF 67.741
Credit Suisse AG/Lond2.302 4/8/2037 EUR 65.341
BNG Bank NV 1.627 4/25/2046 EUR 70.487
MMC Norilsk Nickel OJ3.375 10/28/2024 USD 51.000
BOA Offshore AS 0.409 7/17/2047 NOK 5.249
DZ Bank AG Deutsche Z0.700 10/16/2034 EUR 68.553
Republic of Armenia I3.950 9/26/2029 USD 71.333
Romanian Government I2.875 4/13/2042 EUR 49.208
Credit Suisse AG/Lond3.500 3/28/2032 USD 72.893
State of Rhineland-Pa1.500 4/25/2052 EUR 71.208
Banco Santander SA 3.830 9/22/2032 USD 73.477
Cofinimmo SA 1.470 6/22/2028 EUR 74.613
Reckitt Benckiser Tre1.750 5/19/2032 GBP 71.505
Chrome Holdco SASU 5.000 5/31/2029 EUR 70.820
Futureal Development 4.000 3/23/2031 HUF 58.000
Ziggo BV 2.875 1/15/2030 EUR 72.781
Ukraine Government In16.000 5/24/2023 UAH 59.000
ABN AMRO Bank NV 1.115 3/3/2042 EUR 67.289
Novolipetsk Steel Via1.450 6/2/2026 EUR 55.514
Yarlington Treasury S3.410 9/18/2057 GBP 63.663
Takko Luxembourg 2 SC5.375 11/15/2023 EUR 68.726
Anadolu Efes Biracili3.375 6/29/2028 USD 71.258
Comunidad Foral de Na1.450 5/8/2040 EUR 67.325
Region Wallonne Belgi1.246 5/12/2070 EUR 48.765
Finance and Credit Ba9.250 1/25/2019 USD 0.001
Del Monte Finance Lux6.625 5/24/2006 EUR 1.401
Pfandbriefbank schwei0.375 6/15/2046 CHF 67.234
Credit Suisse AG/Lond9.000 4/22/2024 USD 26.740
Spain Government Bond1.200 10/31/2040 EUR 65.389
AXA Home Loan SFH SA 0.125 6/25/2035 EUR 65.770
Bpifrance SACA 1.046 5/25/2050 EUR 54.860
PJSC Koks via IMH Cap5.900 9/23/2025 USD 7.123
Single Platform Inves1.108 2/15/2041 EUR 57.829
St Galler Kantonalban0.100 10/10/2041 CHF 64.729
Credit Suisse AG 0.500 12/16/2025 BRL 70.241
HSE Finance Sarl 5.625 10/15/2026 EUR 55.827
Transcapitalbank JSC 10.000 USD 65.373
Nobian Finance BV 3.625 7/15/2026 EUR 73.281
Wp/ap Telecom Holding5.500 1/15/2030 EUR 74.583
Care Property Invest 2.050 7/8/2031 EUR 69.145
Anglo American Capita3.950 9/10/2050 USD 63.734
Banque Cantonale de F0.100 11/1/2044 CHF 60.108
Mercedes-Benz Manufac1.500 3/16/2027 HUF 63.000
Region Wallonne Belgi1.130 3/28/2036 EUR 73.052
Republic of Ireland I2.045 3/22/2075 EUR 74.747
Polyus Finance PLC 3.250 10/14/2028 USD 49.257
Norwegian Air Shuttle6.375 11/15/2024 USD 48.101
Intesa Sanpaolo SpA 2.500 10/14/2031 USD 63.923
Orient Express Bank P2.000 USD 19.403
Banco Espirito Santo 6.900 6/28/2024 EUR 16.367
Raiffeisenlandesbank 0.375 1/15/2035 EUR 68.439
Intesa Sanpaolo SpA 4.700 9/23/2049 USD 64.094
Sovcombank Via SovCom8.000 4/7/2030 USD 3.692
Harp Issuer PLC 1.400 2/14/2032 USD 61.693
Laboratoire Eimer Sel5.000 2/1/2029 EUR 67.967
Malta Government Bond1.800 8/28/2051 EUR 60.160
Malta Government Bond1.200 5/13/2037 EUR 67.560
Housing & Care 21 3.288 11/8/2049 GBP 65.669
Oberoesterreichische 0.610 1/28/2037 EUR 67.341
Caisse Francaise de F1.640 7/10/2048 EUR 73.449
Pfandbriefzentrale de0.250 6/12/2040 CHF 70.123
Virgin Media Secured 4.125 8/15/2030 GBP 71.542
Gazprom PJSC via Gaz 3.897 EUR 32.428
Ile-de-France Mobilit0.200 11/16/2035 EUR 65.224
Affinity Water Financ0.230 11/22/2042 GBP 66.375
Polski Fundusz Rozwoj1.375 9/30/2027 PLN 68.303
Single Platform Inves3.505 8/6/2046 AUD 63.769
Elecnor SA 3.025 9/30/2035 EUR 66.682
Raiffeisenlandesbank 0.500 1/22/2035 EUR 69.993
Norske Skogindustrier2.000 12/30/2115 EUR 0.113
Metinvest BV 7.650 10/1/2027 USD 41.653
Steilmann SE 7.000 9/23/2018 EUR 1.429
Severn Trent Utilitie1.941 10/29/2030 GBP 74.316
Credit Suisse AG/Lond3.750 3/24/2032 USD 74.380
Assistance Publique H1.099 4/6/2071 EUR 40.340
Autonomous Community 1.850 5/13/2061 EUR 53.399
Sibur Securities DAC 4.125 10/5/2023 USD 33.046
Compact Bidco BV 5.750 5/1/2026 EUR 64.114
Ministeries Van de Vl0.634 11/19/2060 EUR 39.681
Albania Government In3.500 11/23/2031 EUR 71.036
Vasakronan AB 1.655 9/5/2039 SEK 58.820
City of Zurich Switze0.400 11/21/2046 CHF 68.121
Pfandbriefbank schwei0.250 8/4/2038 CHF 72.416
Natixis SA 1.813 12/10/2030 USD 71.116
Landesbank Baden-Wuer7.070 1/27/2023 EUR 34.290
DNB Boligkreditt AS 0.980 6/20/2044 EUR 62.496
Malta Government Bond1.000 8/23/2035 EUR 69.995
Societe Generale SA 8.000 11/30/2032 USD 66.230
Swisscom AG 0.245 11/20/2034 CHF 73.909
Getin Noble Bank SA 12.300 1/31/2024 PLN 37.875
Vasakronan AB 2.050 5/28/2044 EUR 60.766
Pongs & Zahn AG 8.500 11/1/2014 EUR 0.150
Siemens Financierings2.875 3/11/2041 USD 66.464
State of Brandenburg 0.600 10/13/2051 EUR 54.053
Rusal Capital DAC 5.300 5/3/2023 USD 41.034
AXA Bank Europe SCF 0.250 6/9/2040 EUR 58.172
ISP Group AG 5.250 CHF 72.989
Croatia Government In1.125 3/4/2033 EUR 70.087
Chelyabinsk Pipe Plan4.500 9/19/2024 USD 15.165
Energizer Gamma Acqui3.500 6/30/2029 EUR 70.273
Nomura Bank Internati1.071 1/28/2032 EUR 70.123
National Grid Electri1.151 2/20/2040 EUR 53.406
MFB Magyar Fejlesztes3.900 10/22/2028 HUF 66.041
Serbia International 2.125 12/1/2030 USD 65.136
Banco de Sabadell SA 3.150 3/30/2037 EUR 55.684
TenneT Holding BV 2.000 5/12/2036 EUR 74.768
Agrokor dd 9.125 2/1/2020 EUR 15.000
BNP Paribas SA 2.670 3/13/2030 AUD 72.997
Grupo Antolin-Irausa 3.500 4/30/2028 EUR 63.684
Land Berlin 0.625 7/15/2039 EUR 65.866
Wingholding Zrt 3.500 5/20/2030 HUF 62.600
State of Brandenburg 0.125 1/26/2046 EUR 50.837
Barclays Bank PLC 4.100 1/29/2048 USD 70.595
Pescanova SA 5.125 4/20/2017 EUR 0.319
JAB Holdings BV 2.000 12/19/2039 EUR 64.520
Allgemeine Sparkasse 2.500 1/27/2034 EUR 69.442
Societe Nationale SNC2.842 3/31/2036 AUD 70.228
Credit Suisse AG/Lond1.450 12/20/2030 EUR 74.048
Credit Suisse AG/Lond4.600 3/31/2023 USD 8.520
DZ Bank AG Deutsche Z2.200 12/29/2031 EUR 72.960
Getin Noble Bank SA 10.930 4/29/2024 PLN 22.775
United Utilities Wate1.474 8/24/2031 USD 66.860
UBS AG/London 1.500 2/2/2031 USD 69.160
Region of Pays de la 0.877 10/28/2041 EUR 62.274
Odea Bank AS 8.606 8/1/2027 USD 63.315
Walliser Kantonalbank0.010 3/12/2035 CHF 71.961
Credit Suisse AG/Lond4.450 6/28/2023 USD 8.370
Deutsche Bank AG 2.400 2/25/2032 EUR 70.924
Raiffeisen Landesbank0.250 3/4/2036 EUR 65.494
OGX Austria GmbH 8.500 6/1/2018 USD 0.002
Kingdom of Belgium Go1.600 6/22/2047 EUR 70.040
International Hotel I3.650 12/7/2031 EUR 73.187
Sovcombank Via SovCom7.750 USD 3.353
Communaute Francaise 2.350 8/18/2062 EUR 73.537
Zurcher Kantonalbank 16.000 11/18/2022 CHF 32.100
North Macedonia Gover1.625 3/10/2028 EUR 71.726
Region Hauts-de-Franc0.402 2/18/2043 EUR 52.349
Stichting Afwikkeling8.450 8/20/2018 USD 45.375
Veneto Banca SpA 6.411 EUR 0.345
Picard Bondco SA 5.375 7/1/2027 EUR 74.500
Aeroports de la Cote 2.000 7/9/2033 EUR 74.866
Land Thueringen 1.100 7/3/2047 EUR 67.344
Russian Agricultural 8.500 10/16/2023 USD 13.449
State of Bremen 0.150 9/14/2040 EUR 57.915
Sairgroup Finance BV 6.625 10/6/2010 EUR 1.964
Single Platform Inves0.950 7/25/2047 EUR 49.563
Emissionszentrale fue0.350 4/27/2040 CHF 72.518
Cooperatieve Rabobank5.000 4/27/2037 AUD 69.591
Deutsche Pfandbriefba4.120 11/3/2031 EUR 66.106
Bank Gospodarstwa Kra6.000 6/25/2045 PLN 68.176
Societe Du Grand Pari1.955 4/16/2069 EUR 65.048
Stelius Befektetoe Za3.100 9/17/2030 HUF 66.500
Russian Foreign Bond 2.875 12/4/2025 EUR 40.670
Windreich GmbH 6.500 7/15/2016 EUR 4.475
Societe Generale SA 9.000 10/31/2034 USD 54.000
Single Platform Inves1.779 2/23/2036 EUR 73.052
Swissgrid AG 0.200 6/29/2040 CHF 63.767
BNP Paribas Emissions8.500 2/21/2023 USD 67.950
UniCredit SpA 3.127 6/3/2032 USD 68.278
Ukraine Government Bo16.000 3/13/2024 UAH 64.936
Muenchener Hypotheken0.010 10/19/2039 EUR 56.612
DZ HYP AG 0.375 11/10/2034 EUR 70.098
Kreditanstalt fuer Wi0.902 11/16/2050 EUR 60.340
Region Wallonne Belgi1.805 1/24/2040 EUR 71.595
Fortum Oyj 3.500 6/3/2043 EUR 73.388
Lloyds Bank PLC 0.500 7/26/2028 MXN 53.980
Pershing Square Holdi3.000 7/15/2032 USD 73.685
Santander Consumer Ba7.000 NOK 60.664
Caisse des Depots et 1.106 9/30/2049 EUR 63.593
Banque Federative du 0.376 10/15/2031 EUR 70.383
Ukraine Government Bo3.900 10/5/2023 USD 54.992
Kantonsspital Baden A0.350 9/30/2036 CHF 71.366
Eurohold Bulgaria AD 8.000 12/29/2026 EUR 60.716
Comunidad Foral de Na1.800 3/25/2042 EUR 70.378
Kelag-Kaerntner Elekt1.150 4/16/2041 EUR 59.319
Free and Hanseatic Ci0.010 11/5/2035 EUR 65.307
UBS Group AG 2.370 2/25/2036 USD 59.273
Bank Nadra Via NDR Fi8.250 7/31/2018 USD 0.208
Barclays Bank PLC 2.650 11/4/2031 EUR 67.300
Single Platform Inves0.950 2/15/2044 EUR 52.333
Ville de Paris 0.850 8/4/2051 EUR 50.531
Landesbank Baden-Wuer6.000 12/23/2022 EUR 74.420
La Banque Postale Hom0.640 1/27/2042 EUR 62.981
Bayerische Landesbank1.820 5/12/2031 EUR 72.028
EnBW International Fi2.080 1/21/2041 EUR 60.667
Single Platform Inves0.915 2/15/2043 EUR 53.945
Ministeries Van de Vl0.400 11/20/2043 EUR 52.333
ING Bank NV 2.220 1/20/2036 USD 63.636
Malta Government Bond1.500 10/22/2045 EUR 61.330
State of Saarland 0.050 11/5/2040 EUR 56.597
VTB Bank OJSC Via VTB6.250 6/30/2035 USD 21.707
Ukraine Government In8.994 2/1/2026 USD 18.983
Metinvest BV 5.625 6/17/2025 EUR 43.000
NRW Bank 1.510 3/7/2046 EUR 72.069
Region de Bruxelles-C0.444 3/19/2057 EUR 37.476
Italy Buoni Poliennal0.950 12/1/2031 EUR 73.439
Kingdom of Belgium Go1.170 5/12/2121 EUR 39.921
MMC Norilsk Nickel OJ4.100 4/11/2023 USD 57.918
EVN AG 0.850 10/15/2035 EUR 60.926
Raiffeisen Landesbank0.375 11/13/2034 EUR 69.608
Intesa Sanpaolo SpA 2.300 11/18/2028 USD 73.529
Autonomous Community 2.300 5/24/2049 EUR 69.440
Barclays PLC 5.000 5/24/2041 USD 70.185
Engie SA 2.750 11/20/2045 EUR 67.567
Caisse des Depots et 1.460 1/24/2052 EUR 67.327
Credit Suisse AG/Lond4.700 7/19/2023 USD 9.080
OTP Munkavallalok I s4.500 7/14/2031 HUF 57.990
Single Platform Inves1.675 2/15/2041 EUR 67.147
ING Bank NV 0.182 4/21/2033 EUR 71.712
Deutsche Wohnen SE 2.125 8/31/2033 EUR 70.481
City of Amsterdam Net1.515 2/26/2044 EUR 73.761
Turkey Government Int6.500 9/20/2033 USD 71.980
Russian Federal Bond 0.250 7/20/2044 RUB 10.180
Barclays Bank PLC 1.580 4/12/2039 EUR 66.750
Nederlandse Waterscha0.190 11/2/2050 EUR 46.789
DekaBank Deutsche Gir7.650 3/10/2023 EUR 29.880
Land Berlin 0.500 6/19/2047 EUR 56.765
Italy Buoni Poliennal2.450 9/1/2050 EUR 65.859
Vasakronan AB 2.256 4/12/2044 EUR 71.433
Magyar Export-Import 2.000 10/27/2027 HUF 61.814
Air Berlin Finance BV8.500 3/6/2019 EUR 0.382
Stichting Afwikkeling4.252 EUR 0.579
Mobile Telesystems OJ5.000 5/30/2023 USD 25.265
Communaute Francaise 1.040 7/19/2101 EUR 43.016
SG Issuer SA 0.010 6/22/2033 EUR 69.100
DZ Bank AG Deutsche Z1.000 2/13/2042 EUR 63.918
Ukraine Government In12.520 5/13/2026 UAH 58.399
BASF SE 1.025 8/13/2048 JPY 69.815
ING Bank NV 0.465 4/21/2041 EUR 61.351
Ukraine Government In7.375 9/25/2034 USD 16.300
Luzerner Kantonalbank0.500 7/26/2041 CHF 70.971
AB Financial Products0.238 7/30/2040 EUR 62.167
Liga Bank eG Regensbu0.010 1/29/2036 EUR 61.509
ALROSA Finance SA 3.100 6/25/2027 USD 10.000
State of North Rhine-1.850 3/18/2089 EUR 60.201
Civitas Properties Fi4.000 11/24/2022 EUR 65.000
French Republic Gover0.500 6/25/2044 EUR 57.451
Pfandbriefzentrale de0.050 10/6/2043 CHF 63.486
Communaute Francaise 0.788 8/30/2049 EUR 49.423
Unibail-Rodamco-Westf2.000 12/5/2033 EUR 65.825
Windreich GmbH 6.750 3/1/2015 EUR 4.475
DekaBank Deutsche Gir5.970 2/9/2023 EUR 34.500
Kuntarahoitus Oyj 1.011 1/27/2037 EUR 73.074
Morhomes PLC 2.508 2/19/2051 GBP 53.110
Cooperatieve Rabobank1.460 6/1/2040 EUR 72.876
Region Wallonne Belgi1.220 6/12/2050 EUR 55.698
K&H Jelzalogbank zrt 6.750 4/27/2032 HUF 73.235
Alteo Nyrt 3.150 10/28/2029 HUF 54.100
A-TEC Industries AG 8.750 10/27/2014 EUR 0.100
Altice France SA/Fran4.125 1/15/2029 EUR 73.389
Cooperatieve Rabobank0.500 11/30/2027 MXN 58.482
Cooperatieve Rabobank0.500 1/31/2033 MXN 29.828
Mondelez Internationa0.875 10/1/2031 EUR 73.166
Virgin Media Secured 4.250 1/15/2030 GBP 73.662
Cie de Financement Fo0.975 8/11/2046 EUR 62.819
MOL Nyrt Kueloenleges4.950 1/26/2032 HUF 59.210
National Grid Electri2.020 3/12/2032 AUD 69.400
Brussels Municipaliti0.832 3/29/2041 EUR 61.628
Quintet Private Bank 3.650 11/13/2023 EUR 25.630
Kleopatra Holdings 2 6.500 9/1/2026 EUR 63.270
Credit Agricole Corpo1.760 2/26/2031 USD 70.123
Grupo Isolux Corsan S1.000 12/30/2021 EUR 0.206
Bazalgette Finance Pl0.174 5/16/2049 GBP 66.786
Deutsche Pfandbriefba0.653 2/21/2033 EUR 74.569
Landeskreditbank Bade2.500 5/21/2036 AUD 65.864
MFB Magyar Fejlesztes2.900 10/22/2031 HUF 54.290
German Pellets GmbH 7.250 11/27/2019 EUR 1.495
State of North Rhine-1.467 6/12/2045 EUR 73.037
UBS AG/London 5.000 1/9/2023 USD 45.950
DekaBank Deutsche Gir3.970 2/9/2023 EUR 34.190
Thames Water Utilitie2.620 3/22/2033 GBP 70.144
Free State of Saxony 0.400 5/12/2036 EUR 68.366
Nomura Bank Internati1.130 4/23/2036 EUR 60.778
Credit Suisse AG/Lond5.000 3/29/2023 USD 9.500
Garfunkelux Holdco 3 7.750 11/1/2025 GBP 71.333
Societe Generale SA 5.050 11/25/2036 USD 32.884
Sovcombank Via SovCom3.400 1/26/2025 USD 4.883
Dtek Renewables Finan8.500 11/12/2024 EUR 35.090
Phosagro OAO Via Phos3.949 4/24/2023 USD 59.401
Free and Hanseatic Ci0.300 9/16/2050 EUR 49.363
CRC Breeze Finance SA6.110 5/8/2026 EUR 30.502
BNP Paribas SA 0.500 11/16/2032 MXN 29.380
United Kingdom Gilt 1.500 7/22/2047 GBP 59.185
Malta Government Bond2.400 8/13/2052 EUR 67.290
Kosovo Government Bon3.800 2/23/2032 EUR 73.328
Societe Generale SA 3.920 12/9/2036 AUD 68.720
Wellis Magyarorszag K3.000 2/26/2031 HUF 55.332
Bayerische Landesbank1.550 2/13/2040 EUR 53.486
Raiffeisen Switzerlan7.050 5/22/2023 EUR 67.260
Prosus NV 2.085 1/19/2030 EUR 71.537
VTB Bank PJSC 7.554 USD 63.500
Region de Bruxelles-C0.910 1/31/2053 EUR 50.383
Aedifica SA 1.850 7/15/2030 EUR 72.043
Prosus NV 1.985 7/13/2033 EUR 61.236
Alno AG 8.000 3/21/2019 EUR 15.000
voestalpine AG 1.810 8/19/2031 EUR 73.800
KTG Agrar SE 7.250 10/15/2019 EUR 2.007
Sibur Securities DAC 3.450 9/23/2024 USD 33.092
CB First Investment B8.000 EUR 56.944
Bayerische Landesbank2.250 10/17/2033 EUR 69.620
Vasakronan AB 2.470 1/14/2032 USD 73.084
BKS Bank AG 1.390 1/19/2032 EUR 73.387
Elia Transmission Bel1.560 1/30/2044 EUR 71.935
Premium Green PLC 1.610 9/30/2030 AUD 70.591
Eurogrid GmbH 0.875 11/20/2040 EUR 57.676
DZ Bank AG Deutsche Z0.190 1/14/2031 EUR 69.494
Takko Luxembourg 2 SC6.918 11/15/2023 EUR 67.276
Berlin Hyp AG 0.010 11/28/2031 EUR 74.190
NRW Bank 0.120 2/24/2033 EUR 72.335
Caisse des Depots et 1.114 9/20/2049 EUR 64.628
Vasakronan AB 1.130 5/27/2042 JPY 72.657
Canton of Geneva Swit0.050 8/27/2041 CHF 65.986
Societe Generale SA 8.000 5/31/2023 USD 65.775
CNH Industrial Financ2.200 7/15/2039 EUR 67.099
Haya Holdco 2 PLC 9.542 11/30/2025 EUR 63.505
Region de Bruxelles-C1.144 1/14/2056 EUR 51.097
Sberbank of Russia Vi5.250 5/23/2023 USD 11.678
Alteo Nyrt 2.450 10/8/2031 HUF 48.300
Commerzbank AG 2.950 1/20/2034 EUR 74.929
Standard Chartered Ba1.530 9/11/2030 USD 71.620
DZ Bank AG Deutsche Z1.550 6/27/2041 EUR 73.085
Barclays PLC 5.100 7/8/2041 USD 71.046
Barclays Bank PLC 0.500 1/28/2033 MXN 29.254
VON Der Heydt Securit1.000 4/30/2031 EUR 69.770
Flextronics Internati3.600 12/6/2031 HUF 58.000
Barclays Bank PLC 7.830 7/26/2038 MXN 65.319
ABN AMRO Bank NV 1.290 3/25/2037 EUR 73.528
State of Lower Austri1.886 3/2/2048 EUR 71.366
Deutsche Telekom AG 4.125 7/23/2049 USD 65.254
Credit Bank of Moscow8.875 USD 11.817
Republic of Ireland I0.835 7/8/2080 EUR 41.633
Bayerische Landesbode0.030 10/22/2035 EUR 65.301
Eurotorg LLC Via Boni9.000 10/22/2025 USD 52.029
Romanian Government I3.375 2/8/2038 EUR 59.600
Societe Generale SFH 0.280 9/14/2032 EUR 73.650
LFA Foerderbank Bayer0.250 3/19/2037 EUR 64.916
Steilmann SE 7.000 3/9/2017 EUR 1.429
DZ Bank AG Deutsche Z1.000 2/18/2032 EUR 65.902
BNP Paribas SA 4.800 8/20/2042 USD 73.469
ESB Finance DAC 2.000 4/17/2044 EUR 71.421
Lehman Brothers Treas4.358 10/5/2035 EUR 0.100
Deutsche Bank AG 0.950 9/1/2028 GBP 71.661
Ukraine Government In9.790 5/26/2027 UAH 54.368
GTC Magyarorszag Zrt 2.600 3/17/2031 HUF 54.860
Societa di Progetto B3.375 12/31/2038 EUR 67.886
State of Bremen 0.500 5/6/2041 EUR 61.487
Ville de Paris 0.750 11/30/2041 EUR 59.907
Centre Hospitalier Re1.500 4/27/2050 EUR 69.524
Grand City Properties2.500 6/27/2039 EUR 50.117
Landesbank Baden-Wuer0.900 6/24/2030 EUR 73.597
DZ Bank AG Deutsche Z4.180 10/28/2022 EUR 64.120
German Pellets GmbH 7.250 4/1/2016 EUR 1.495
Banque Federative du 0.125 11/6/2030 EUR 71.526
DZ Bank AG Deutsche Z0.520 11/23/2033 EUR 69.502
Golden Gate AG 6.500 10/11/2014 EUR 32.000
Region Wallonne Belgi1.135 10/10/2069 EUR 46.147
Danske Bank A/S 6.600 1/9/2027 SEK 60.640
Credit Suisse AG/Lond3.550 3/16/2032 USD 73.259
Penarian Housing Fina3.212 6/7/2052 GBP 66.375
ACCIONA Financiacion 3.090 4/7/2027 PLN 72.823
Agence France Locale 2.200 9/20/2031 AUD 74.631
Frigate Luxembourg SA2.000 8/1/2032 EUR 52.721
Centre Hospitalier Un1.160 9/6/2039 EUR 57.623
Getin Noble Bank SA 12.110 12/21/2023 PLN 19.875
J&T Banka AS 7.000 EUR 66.091
Societe Generale SA 1.920 1/21/2031 USD 65.580
Credit Suisse AG/Lond1.000 12/20/2027 EUR 2.910
Santander Consumer Ba2.620 6/18/2031 NOK 70.648
Credit Agricole Corpo2.110 7/6/2037 EUR 71.287
Nostrum Oil & Gas Fin8.000 7/25/2022 USD 26.502
Caixa Economica Monte5.000 EUR 52.070
SiC Processing GmbH 7.125 3/1/2016 EUR 0.788
Vasakronan AB 2.135 6/28/2031 USD 71.752
Ukraine Government In15.970 4/19/2023 UAH 59.293
SCF Capital Designate3.850 4/26/2028 USD 18.798
Ile-de-France Mobilit1.586 2/23/2052 EUR 64.839
Malta Government Bond1.400 8/20/2046 EUR 59.250
Pfandbriefbank schwei0.500 1/25/2044 CHF 71.080
Getin Noble Bank SA 11.250 5/31/2024 PLN 36.013
HOCHTIEF AG 2.300 4/26/2034 EUR 63.525
Deutsche Wohnen SE 1.700 12/5/2036 EUR 61.858
Societe Generale SA 1.700 1/19/2031 USD 64.259
Credit Suisse AG/Lond1.400 2/21/2032 EUR 72.152
Aktia Bank Oyj 1.050 9/9/2041 EUR 60.055
Credit Suisse AG/Lond4.430 9/25/2035 USD 72.582
BAE Systems PLC 3.000 9/15/2050 USD 61.708
BASF SE 2.370 10/17/2031 HKD 74.716
Getin Noble Bank SA 11.070 4/28/2023 PLN 35.965
Credit Suisse AG/Lond4.700 7/1/2046 AUD 73.556
OGX Austria GmbH 8.375 4/1/2022 USD 0.002
Getin Noble Bank SA 12.290 7/28/2023 PLN 29.875
Vasakronan AB 2.130 5/27/2041 SEK 64.691
Landesbank Hessen-Thu1.100 12/27/2034 EUR 65.400
Solon SE 1.375 12/6/2012 EUR 0.745
Agence Francaise de D0.368 1/12/2046 EUR 51.910
Societe Generale SA 0.831 11/25/2031 EUR 66.309
DekaBank Deutsche Gir1.100 11/25/2030 EUR 71.348
HSBC Bank PLC 0.500 6/23/2027 MXN 60.230
Batigere Grand Est SA1.400 8/31/2050 EUR 40.391
Norddeutsche Landesba0.600 2/24/2031 EUR 72.227
Steilmann SE 6.750 6/27/2017 EUR 2.184
Batigere Grand Est SA1.709 11/4/2042 EUR 49.034
Getin Noble Bank SA 11.430 11/9/2023 PLN 33.865
Italy Buoni Poliennal2.800 3/1/2067 EUR 65.631
DAH Holding GmbH 7.250 9/28/2018 EUR 0.718
DekaBank Deutsche Gir3.040 10/26/2022 EUR 56.390
Raiffeisen Schweiz Ge8.340 3/7/2023 EUR 56.840
Die Schweizerische Po0.370 3/17/2036 CHF 73.877
Pfandbriefbank schwei0.375 1/24/2042 CHF 70.686
Credit Agricole SA 4.400 2/24/2042 AUD 62.290
Region Wallonne Belgi1.550 4/28/2120 EUR 46.325
Region Provence-Alpes0.753 1/5/2037 EUR 68.383
Single Platform Inves1.610 2/15/2043 EUR 63.837
Societe Centrale des 2.500 5/15/2023 EUR 6.880
Luzerner Kantonalbank0.250 8/28/2040 CHF 68.666
Autonomous Community 1.138 11/22/2052 EUR 47.400
National Grid Electri3.120 12/10/2039 AUD 66.381
United Utilities Wate1.700 1/23/2033 EUR 73.926
Indigo Group SAS 2.951 7/27/2037 EUR 74.681
Getin Noble Bank SA 11.290 7/26/2024 PLN 34.875
Autonomous Community 1.931 4/4/2042 EUR 70.819
InPost SA 2.250 7/15/2027 EUR 74.045
Kreditanstalt fuer Wi1.270 6/29/2051 EUR 65.486
Landesbank Hessen-Thu0.600 3/18/2031 EUR 73.553
Jain International Tr7.125 2/1/2022 USD 21.799
Erotik-Abwicklungsges7.750 7/9/2019 EUR 0.779
Moby SpA 7.750 2/15/2023 EUR 65.688
Specialfastigheter Sv1.280 9/20/2049 SEK 51.556
Landesbank Hessen-Thu0.600 7/23/2031 EUR 71.504
Single Platform Inves1.897 3/3/2037 EUR 73.100
Ukraine Government Bo3.900 3/30/2023 USD 71.491
Societe Generale SA 3.770 10/18/2028 PLN 70.151
Credit Suisse AG/Lond2.800 5/27/2031 AUD 73.169
Single Platform Inves0.800 12/20/2040 EUR 54.862
Alliander NV 1.125 4/8/2035 EUR 69.495
Turkey Government Int5.750 5/11/2047 USD 57.927
Societe Du Grand Pari0.576 10/29/2052 EUR 46.235
Nykredit Realkredit A1.000 10/1/2050 DKK 68.958
Getin Noble Bank SA 11.260 6/28/2024 PLN 24.875
BNP Paribas SA 1.019 5/25/2028 EUR 40.000
State of Mecklenburg-0.239 11/17/2070 EUR 36.433
Ville de Paris 0.650 11/25/2070 EUR 35.094
Societe Du Grand Pari2.062 3/19/2070 EUR 68.539
Polyus Finance PLC 4.700 1/29/2024 USD 48.152
Romanian Government I2.500 2/8/2030 EUR 69.202
Nostrum Oil & Gas Fin7.000 2/16/2025 USD 25.424
Cassa Depositi e Pres1.089 12/15/2031 EUR 73.488
Caisse des Depots et 0.398 12/15/2050 EUR 50.625
Credit Suisse AG/Lond5.880 6/28/2023 USD 8.510
Unibail-Rodamco-Westf3.080 3/24/2034 EUR 73.421
Ukraine Government In10.000 8/23/2023 UAH 59.000
Portugal Telecom Inte5.242 11/6/2017 EUR 0.694
Telefonica Emisiones 4.900 4/18/2037 USD 74.219
Kuntarahoitus Oyj 0.940 6/9/2064 EUR 65.139
BNP Paribas SA 0.500 9/29/2029 AUD 67.530
Region de Bruxelles-C0.845 9/30/2059 EUR 44.012
La Veggia Finance SA 7.125 11/14/2004 EUR 0.287
MET Hungary Solar Par3.800 12/2/2031 HUF 59.200
Greenleaves Capital D3.050 12/24/2031 AUD 73.699
Credit Suisse AG/Lond2.100 3/31/2031 USD 66.646
Danske Bank A/S 7.728 7/9/2023 SEK 64.180
Region Wallonne Belgi2.057 10/19/2043 EUR 69.987
Assa Abloy AB 0.480 2/17/2031 EUR 74.305
Kreditanstalt fuer Wi0.820 4/15/2050 EUR 63.657
Credit Suisse AG/Lond2.000 1/24/2029 USD 73.366
State of Lower Austri1.800 3/9/2043 EUR 73.781
Unibail-Rodamco-Westf1.913 6/6/2033 EUR 74.100
Romanian Government I3.500 4/3/2034 EUR 63.734
Romanian Government I1.375 12/2/2029 EUR 63.716
Commerzbank AG 1.046 12/18/2034 EUR 66.326
Credit Bank of Moscow5.550 2/14/2023 USD 22.642
Polski Fundusz Rozwoj1.500 9/30/2027 PLN 68.775
Turkey Government Int6.000 1/14/2041 USD 60.631
Region Wallonne Belgi1.000 9/16/2059 EUR 46.798
State of Hesse 0.227 8/20/2049 EUR 48.549
Unibail-Rodamco-Westf2.066 11/4/2030 EUR 73.396
Cooperatieve Rabobank0.500 12/29/2027 MXN 57.452
Nederlandse Waterscha1.900 1/31/2035 AUD 65.123
Single Platform Inves1.720 2/15/2041 EUR 65.081
Corner Banca SA 15.000 12/14/2022 USD 59.430
Credit Suisse AG/Lond9.250 12/14/2022 USD 68.630
Credit Suisse AG/Lond0.900 12/20/2031 EUR 69.126
Intelsat Jackson Hold8.500 10/15/2024 USD 0.483
Cooperatieve Rabobank2.360 9/25/2047 EUR 69.231
Region Wallonne Belgi1.600 3/29/2039 EUR 73.231
Veragold Mining Co Gm5.000 12/31/2022 EUR 30.000
Vasakronan AB 1.700 6/28/2044 EUR 55.941
Kardan NV 6.325 2/21/2021 ILS 10.000
Hungary Government In1.500 11/17/2050 EUR 42.660
ING Bank NV 2.600 10/19/2031 AUD 72.964
Banque Internationale0.550 7/30/2029 EUR 74.788
Mondelez Internationa1.250 9/9/2041 EUR 55.547
Erste Jelzalogbank zr2.500 10/30/2029 HUF #N/A N/A
Kreditanstalt fuer Wi0.788 11/4/2039 EUR 67.845
Autonomous Community 1.255 10/31/2048 EUR 53.313
Deutsche Telekom AG 3.500 9/6/2039 AUD 66.439
Governo Portugues Con2.750 EUR 75.000
Credit Suisse AG/Lond7.500 10/24/2022 CHF 67.140
DekaBank Deutsche Gir7.300 6/28/2023 EUR 74.670
ABN AMRO Bank NV 1.070 3/3/2041 EUR 68.110
Department of L'Eure 0.643 8/31/2041 EUR 58.022
Land Baden-Wuerttembe0.375 7/20/2048 EUR 52.950
BNG Bank NV 2.020 8/7/2058 EUR 73.411
Kingdom of Belgium Go0.650 6/22/2071 EUR 40.356
Muenchener Hypotheken0.400 8/11/2031 EUR 70.280
Ukraine Government In6.876 5/21/2031 USD 16.175
Societe Generale Effe10.500 10/28/2022 EUR 52.610
MOL Hungarian Oil & G1.900 4/12/2031 HUF 48.900
Credit Bank of Moscow3.875 9/21/2026 USD 19.111
Region Auvergne-Rhone1.090 4/8/2037 EUR 71.508
Caisse des Depots et 1.015 7/22/2050 EUR 62.717
Banque Internationale2.160 6/27/2039 EUR 65.368
Region Hauts-de-Franc0.691 7/9/2042 EUR 57.292
United Kingdom Gilt 0.250 7/31/2031 GBP 71.932
Caisse Francaise de F0.510 11/19/2040 EUR 60.956
Intelsat Jackson Hold9.750 7/15/2025 USD 0.483
Cooperatieve Rabobank1.099 6/28/2051 EUR 62.784
State of Brandenburg 0.050 8/10/2040 EUR 56.849
Single Platform Inves1.040 6/25/2044 EUR 52.838
Norwegian Air Shuttle7.500 11/10/2023 USD 74.301
Communaute Francaise 0.626 8/24/2040 EUR 59.683
Centrosolar Group AG 7.000 2/15/2016 EUR 2.505
Gebr Sanders GmbH & C8.750 10/22/2018 EUR 9.375
Mitsubishi HC Capital2.300 11/28/2029 AUD 74.095
Pershing Square Holdi3.000 7/15/2032 USD 73.685
Agrokor dd 9.875 5/1/2019 EUR 15.000
Landesbank Hessen-Thu0.650 10/18/2034 EUR 61.666
BNP Paribas SA 0.480 7/28/2029 EUR 73.878
Deutsche Bahn Finance0.232 3/17/2032 EUR 74.554
Ukraine Government In15.970 4/19/2023 UAH 59.293
Credit Suisse AG/Lond4.700 11/30/2022 USD 9.440
Single Platform Inves1.051 4/1/2042 EUR 55.137
Single Platform Inves0.955 2/15/2041 EUR 55.684
DNB Bank ASA 1.185 1/14/2038 EUR 61.672
Societe Du Grand Pari2.100 2/14/2069 EUR 64.419
French Republic Gover1.500 5/25/2050 EUR 67.667
Nederlandse Waterscha1.850 2/11/2059 EUR 74.114
Credit Bank of Moscow5.150 2/20/2024 EUR 19.947
Hungary Government In3.125 9/21/2051 USD 49.614
Ministeries Van de Vl0.875 6/3/2045 EUR 52.986
Rusal Capital DAC 4.850 2/1/2023 USD 42.125
Canton of St Gallen S0.200 11/28/2041 CHF 68.400
Norske Skog Holding A8.000 2/24/2021 EUR 0.006
Sequa Petroleum NV 5.000 4/29/2020 USD 30.250
State of Brandenburg 0.375 1/29/2035 EUR 70.763
Getin Noble Bank SA 12.320 4/4/2024 PLN 32.635
Deutsche Apotheker-un0.555 8/28/2030 EUR 72.158
Bazalgette Finance Pl0.688 6/27/2050 GBP 71.703
Veneto Banca SpA 6.950 2/25/2025 EUR 0.477
Peine GmbH 2.000 7/5/2023 EUR 44.500
Cooperatieve Rabobank0.500 8/21/2028 MXN 53.492
KPNQwest NV 8.875 2/1/2008 EUR 0.453
Siemens Financierings3.300 9/15/2046 USD 67.535
Aareal Bank AG 1.880 4/15/2030 EUR 71.501
Banco Santander SA 2.210 3/12/2031 USD 67.061
Richter Gedeon Nyrt 1.750 6/4/2031 HUF 60.000
Region Occitanie 0.766 10/7/2041 EUR 59.490
VTB Bank PJSC 11.250 RUB 68.000
Single Platform Inves2.250 2/15/2044 EUR 69.095
Vontobel Financial Pr7.500 12/23/2022 USD 56.450
State of North Rhine-1.960 1/24/2079 EUR 70.308
Credit Suisse AG/Lond2.000 9/30/2030 USD 67.564
Land Thueringen 1.127 4/2/2049 EUR 63.236
Region de Bruxelles-C1.528 4/5/2049 EUR 62.945
DZ Bank AG Deutsche Z0.390 12/30/2030 EUR 69.000
UBS Group AG 2.210 11/24/2035 USD 58.457
Proximus SADP 1.500 5/14/2040 EUR 63.614
Ministeries Van de Vl1.053 6/3/2050 EUR 52.594
Republic of Ireland I1.230 5/29/2120 EUR 43.670
Region Bourgogne-Fran0.397 12/3/2045 EUR 48.263
Aktia Bank Oyj 0.500 3/30/2031 EUR 72.137
DZ Bank AG Deutsche Z0.900 12/30/2030 EUR 73.490
DZ Bank AG Deutsche Z0.640 12/7/2035 EUR 65.869
Societe Generale SA 20.650 9/13/2023 USD 24.650
SNCF Reseau 0.350 7/25/2047 EUR 64.253
Sveriges Sakerstallda0.649 9/18/2032 SEK 72.096
Standard Chartered Ba1.520 9/17/2030 USD 71.506
Credit Suisse AG/Lond4.750 6/7/2046 AUD 73.847
Deutsche Bank AG 2.400 3/10/2031 EUR 71.553
Deutsche Bank AG 0.687 10/11/2049 EUR 39.264
SpareBank 1 SR-Bank A1.650 2/24/2042 EUR 65.754
Landesbank Baden-Wuer4.650 11/25/2022 EUR 47.760
Deutsche Pfandbriefba0.500 7/23/2029 EUR 68.274
RCS & RDS SA 3.250 2/5/2028 EUR 74.063
Banque Cantonale Vaud13.400 10/6/2023 CHF 63.620
Single Platform Inves0.840 6/20/2043 EUR 51.680
Ukraine Government Bo3.700 5/25/2023 USD 68.642
Hungary Government Bo4.500 3/23/2028 HUF 70.387
DZ Bank AG Deutsche Z1.070 10/6/2042 EUR 66.905
MFB Magyar Fejlesztes4.500 4/22/2027 HUF 72.673
Region de Bruxelles-C0.592 12/10/2061 EUR 37.688
City of Hanover Germa1.560 5/3/2048 EUR 74.155
Deutsche Bank AG/Lond2.200 4/14/2023 EUR 62.880
Nederlandse Waterscha1.670 12/16/2030 AUD 74.091
Thomas Cook Group PLC6.250 6/15/2022 EUR 0.617
Vasakronan AB 2.400 6/20/2044 SEK 61.735
Slovenia Government B0.488 10/20/2050 EUR 42.828
Nederlandse Waterscha1.080 10/26/2050 EUR 60.349
Single Platform Inves1.680 10/22/2036 EUR 70.234
Credit Suisse AG/Lond1.400 12/20/2030 EUR 74.085
Nederlandse Waterscha0.466 12/3/2029 GBP 74.727
Credit Suisse AG/Lond4.530 7/12/2023 USD 7.720
Unibail-Rodamco-Westf3.080 4/3/2034 EUR 73.796
Minicentrales Dos SA 0.010 6/6/2047 EUR 59.125
Deutsche Bank AG 2.350 10/23/2030 EUR 72.300
Romania Government Bo4.750 10/11/2034 RON 65.064
Credit Suisse AG/Lond12.400 9/25/2023 EUR 16.700
Credit Suisse AG/Lond25.920 12/27/2022 USD 16.240
Basler Kantonalbank 10.840 3/28/2023 EUR 63.610
SG Issuer SA 2.270 2/4/2032 EUR 45.880
HSBC Holdings PLC 0.950 12/9/2032 EUR 67.326
Communaute Francaise 2.177 8/17/2068 EUR 68.997
Pfandbriefbank schwei0.250 1/24/2041 CHF 69.594
State of Bremen 0.102 2/7/2033 EUR 72.372
Municipality of Arnhe0.605 2/24/2040 EUR 64.406
Caisse des Depots et 1.300 4/28/2051 EUR 63.930
Credit Suisse AG/Lond4.490 8/30/2038 AUD 74.173
Societe Generale SA 16.000 7/3/2024 USD 22.550
Vasakronan AB 1.000 6/15/2041 EUR 38.448
Aareal Bank AG 1.250 1/30/2029 EUR 72.237
Landesbank Hessen-Thu1.500 10/20/2036 EUR 60.000
Assistance Publique H1.665 4/10/2049 EUR 64.803
Vasakronan AB 1.668 10/16/2030 USD 70.258
ABN AMRO Bank NV 0.250 12/12/2032 EUR 73.434
ABN AMRO Bank NV 0.500 12/12/2039 EUR 62.369
Societe Generale SA 5.400 11/17/2037 USD 31.906
Deutsche Pfandbriefba3.355 7/28/2037 USD 71.936
Caisse des Depots et 0.945 5/19/2051 EUR 60.669
Deutsche Pfandbriefba0.710 9/10/2031 EUR 60.827
Foodco Bondco SA 6.250 5/15/2026 EUR 70.792
Dolphin Drilling ASA 4.490 8/28/2019 NOK 0.644
Ukraine Government In7.750 9/1/2028 USD 19.114
Credit Suisse AG/Lond11.500 1/16/2023 EUR 25.470
Societe Generale SA 8.000 8/16/2023 USD 42.000
Denmark Government Bo0.250 11/15/2052 DKK 48.837
Citigroup Global Mark2.900 3/15/2041 USD 64.349
Parnassia Groep BV 1.210 12/1/2033 EUR 70.078
Autonomous Community 1.655 10/31/2050 EUR 58.892
UBS AG/London 13.250 10/27/2023 USD 59.050
Region Occitanie 1.339 3/21/2042 EUR 66.537
Erste Jelzalogbank zr2.500 10/22/2028 HUF 58.450
OP Corporate Bank plc1.706 12/12/2033 EUR 73.866
Hungary Government In0.125 9/21/2028 EUR 68.251
Landesbank Hessen-Thu1.500 10/27/2036 EUR 59.000
Agence Francaise de D1.656 4/4/2054 EUR 71.650
DZ HYP AG 0.050 1/31/2031 EUR 74.356
NRW Bank 0.106 8/17/2050 EUR 47.882
Department of Loiret 0.478 10/30/2040 EUR 57.338
Caisse Francaise de F0.010 10/19/2035 EUR 63.745
Deutsche Bank AG 1.500 2/26/2028 USD 70.200
Batigere Grand Est SA1.550 11/14/2039 EUR 52.650
Landesbank Hessen-Thu4.358 9/20/2032 EUR 74.500
Ukraine Government In7.253 3/15/2035 USD 16.175
Spain Government Bond1.000 10/31/2050 EUR 50.914
Single Platform Inves1.548 10/31/2050 EUR 48.283
ACCIONA Financiacion 3.000 12/2/2039 EUR 72.540
Norske Skog Holding A8.000 2/24/2023 USD 0.006
Hemso Fastighets AB 2.680 7/10/2035 AUD 64.070
Skandinaviska Enskild10.150 1/15/2025 SEK 50.510
Municipality of Arnhe0.460 9/20/2049 EUR 51.960
Agence Metropolitaine0.750 5/25/2034 EUR 74.414
Bulgaria Steel Financ12.000 5/4/2013 EUR 0.216
Getin Noble Bank SA 12.300 8/31/2023 PLN 45.520
Bayerische Landesbank1.600 7/21/2036 EUR 73.107
getgoods.de AG 7.750 10/2/2017 EUR 0.527
SAir Group 0.125 7/7/2005 CHF 12.375
Vodafone Group PLC 4.600 8/9/2046 USD 66.364
Banco Santander SA 0.180 7/6/2031 EUR 74.493
MKB-Leasing OOO 10.500 10/12/2026 RUB 70.020
Barclays Bank PLC 2.000 10/8/2042 EUR 72.403
Hospices Civils de Ly0.597 11/24/2031 EUR 69.151
Credit Suisse AG/Lond4.460 7/26/2023 USD 8.820
Pfandbriefzentrale de0.450 2/11/2042 CHF 71.514
UBS AG/London 9.760 2/16/2027 EUR 74.220
Pfandbriefzentrale de0.020 1/30/2040 CHF 67.281
Region de Bruxelles-C1.532 8/16/2038 EUR 74.294
Communaute Francaise 0.782 2/8/2061 EUR 40.947
Assistance Publique H2.000 5/25/2053 EUR 67.930
Single Platform Inves1.440 7/18/2042 EUR 59.425
Spain Government Bond0.850 7/30/2037 EUR 66.529
Republic of Austria G2.100 9/20/2117 EUR 67.811
GTC Magyarorszag Zrt 2.250 12/7/2030 HUF 53.870
Grand City Properties2.800 2/25/2039 EUR 53.198
Single Platform Inves1.060 4/1/2042 EUR 56.665
Slovenia Government B1.175 2/13/2062 EUR 48.137
DNB Boligkreditt AS 1.488 12/14/2038 EUR 73.387
Bazalgette Finance Pl0.010 8/5/2036 GBP 70.163
Republic of Austria G0.100 7/10/2040 EUR 57.215
BNP Paribas SA 3.750 6/12/2040 AUD 70.430
Alfa-Bank AO 11.750 RUB 75.000
VTB Bank PJSC 7.600 4/2/2031 RUB 70.000
Land Thueringen 0.375 11/14/2034 EUR 70.847
Societe Nationale SNC1.400 5/18/2120 EUR 36.671
Land Berlin 0.125 6/4/2035 EUR 67.433
Bazalgette Finance Pl0.074 5/16/2049 GBP 59.196
Premium Green PLC 1.610 9/30/2030 AUD 70.591
Region de Bruxelles-C0.562 12/23/2065 EUR 36.332
Hemso Fastighets AB 3.050 1/18/2038 SEK 74.138
Communaute Francaise 2.000 4/14/2076 EUR 66.028
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Free State of Bavaria0.010 3/28/2036 EUR 63.962
Bibby Offshore Servic7.500 6/15/2021 GBP 11.625
Assistance Publique H0.490 9/30/2040 EUR 57.646
Premium Green PLC 1.000 7/25/2040 EUR 57.912
Erste Group Bank AG 2.000 4/20/2037 EUR 73.633
Single Platform Inves1.340 4/4/2042 EUR 63.014
DZ Bank AG Deutsche Z0.840 10/27/2031 EUR 71.629
Purple Protected Asse1.600 9/8/2056 EUR 65.653
Deutsche Bank AG 3.300 3/9/2032 USD 73.927
Single Platform Inves0.815 4/1/2042 EUR 51.250
Morgan Stanley & Co I1.105 6/18/2041 EUR 55.422
Autonomous Community 1.515 6/21/2051 EUR 56.005
Kreditanstalt fuer Wi1.208 6/17/2051 EUR 67.671
Goldman Sachs Interna2.500 7/26/2048 EUR 70.154
Nederlandse Waterscha0.955 2/13/2051 EUR 58.264
Credit Suisse AG/Lond9.250 11/10/2022 CHF 7.180
ING Bank NV 2.440 7/13/2030 EUR 68.700
Caisse des Depots et 1.150 2/3/2042 EUR 68.417
Credit Agricole Corpo2.400 4/20/2031 USD 74.139
DZ Bank AG Deutsche Z1.210 12/29/2031 EUR 72.310
Societe Nationale SNC3.190 4/19/2041 AUD 68.197
BNP Paribas Emissions5.900 2/21/2023 USD 72.760
Anselma Issuer SA 1.574 12/31/2038 EUR 67.230
Realkredit Danmark A/1.000 1/1/2033 DKK 73.376
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.267
Intelsat Jackson Hold9.750 7/15/2025 USD 0.483
Raiffeisen Bank Inter0.370 2/3/2033 EUR 56.362
HSBC Bank PLC 1.700 2/9/2031 USD 69.294
Landesbank Baden-Wuer0.307 2/1/2030 EUR 71.737
Muenchener Hypotheken0.568 6/15/2032 EUR 68.954
Vasakronan AB 1.770 10/26/2033 NOK 65.777
BNG Bank NV 0.630 7/11/2067 EUR 43.341
Vasakronan AB 2.777 4/12/2039 SEK 71.071
Sanctuary Capital PLC2.481 11/12/2037 GBP 68.340
Specialfastigheter Sv1.180 12/2/2044 SEK 55.341
Nomura Bank Internati1.138 12/19/2039 EUR 55.622
Credit Suisse AG/Lond3.088 8/4/2034 EUR 74.754
Cooperatieve Rabobank1.850 3/29/2049 EUR 60.978
Hema Bondco II BV 8.500 1/15/2023 EUR 0.113
ContourGlobal Power H3.125 1/1/2028 EUR 71.929
Single Platform Inves1.180 4/1/2039 EUR 61.281
Italy Buoni Poliennal0.950 3/1/2037 EUR 61.774
Banco Santander SA 0.010 10/1/2032 EUR 62.154
Kingdom of Belgium Go0.400 6/22/2040 EUR 60.195
Belfius Bank SA 0.125 6/19/2034 EUR 68.182
DZ Bank AG Deutsche Z0.350 2/25/2030 EUR 73.840
Deutsche Wohnen SE 2.500 7/21/2034 EUR 69.375
Norske Skog Holding A8.000 2/24/2021 EUR 0.006
SAir Group 2.750 7/30/2004 CHF 12.375
Credit Agricole SA/Lo1.770 4/26/2035 EUR 68.393
Polyus Finance PLC 5.250 2/7/2023 USD 47.659
Commerzbank AG 1.110 5/28/2029 EUR 73.504
Hell Energy Magyarors2.700 12/18/2029 HUF 53.100
Credit Agricole Corpo1.507 9/15/2030 USD 70.261
Societe Du Grand Pari2.145 11/26/2068 EUR 69.183
Banco Espirito Santo 10.000 12/6/2021 EUR 0.218
Air Berlin Finance BV6.000 3/6/2019 EUR 0.382
Deutsche Bank AG 2.160 12/18/2030 EUR 70.694
KPNQwest NV 10.000 3/15/2012 EUR 0.453
State Savings Bank of10.186 1/19/2024 USD 33.578
Landesbank Baden-Wuer7.830 11/25/2022 EUR 71.180
Kreditanstalt fuer Wi1.171 7/19/2051 EUR 64.018
Corner Banca SA 13.200 11/2/2022 USD 63.900
BNP Paribas SA 1.050 3/29/2036 EUR 61.593
Region de Bruxelles-C1.500 8/2/2038 EUR 73.969
Kingdom of Belgium Go2.750 6/10/2071 USD 67.889
Ville de Paris 1.165 6/9/2053 EUR 54.573
Barclays Bank PLC 3.020 4/23/2036 NZD 66.572
ING Bank NV 2.830 9/28/2051 USD 55.589
Credit Agricole Corpo2.620 1/27/2032 USD 73.033
Societe Nationale SNC2.457 12/23/2050 USD 67.764
Vacse AB 2.067 4/20/2034 SEK 71.671
Sberbank of Russia PJ0.010 11/13/2026 TRY 64.600
Deutsche Pfandbriefba1.340 10/16/2051 EUR 66.012
Nykredit Realkredit A1.182 1/17/2034 EUR 63.325
EnBW International Fi3.080 6/16/2039 EUR 73.924
Grupo Isolux Corsan S6.000 12/30/2021 EUR 0.266
Landesbank Baden-Wuer1.300 6/21/2049 EUR 49.348
BNG Bank NV 0.632 7/12/2066 EUR 44.018
Grand Delta Habitat 1.285 11/6/2040 EUR 48.962
Batigere Grand Est SA2.030 5/29/2070 EUR 56.045
Region Wallonne Belgi1.865 5/10/2051 EUR 66.761
UniCredit Bank AG 6.600 7/20/2028 EUR 3.640
Natixis SA 2.719 10/25/2032 AUD 70.576
HSBC Bank PLC 2.230 9/6/2047 EUR 64.089
Grenke Finance PLC 0.819 2/15/2030 EUR 71.273
Agence Metropolitaine0.651 7/7/2032 EUR 74.991
Libra Internet Bank S4.250 9/28/2028 EUR 69.551
Societe Generale SA 0.432 11/14/2029 EUR 71.479
Landesbank Hessen-Thu8.717 6/17/2031 EUR 74.700
Nationwide Building S1.573 5/7/2041 EUR 72.492
Santander Consumer Ba7.000 NOK 60.664
Duna Aszfalt Ut Es Me2.990 10/17/2029 HUF 68.000
Depfa Funding II LP 6.500 EUR 57.625
DZ HYP AG 1.430 10/26/2046 EUR 66.313
DZ HYP AG 1.300 7/18/2041 EUR 68.413
Agrokor dd Via Aquari4.921 8/8/2017 EUR 14.625
Russian Railways JSC 15.300 9/20/2039 RUB 55.010
Nationwide Building S1.336 2/26/2041 EUR 72.709
Raiffeisenlandesbank 0.998 11/4/2033 EUR 67.334
Bayerische Landesbank0.280 10/9/2030 EUR 73.748
National Treasury Man1.560 2/16/2122 EUR 55.421
Single Platform Inves1.350 1/26/2034 EUR 72.597
Magyar Export-Import 2.500 5/23/2029 HUF 58.312
ING Bank NV 2.760 4/5/2036 USD 67.979
Single Platform Inves2.306 2/15/2044 EUR 69.850
UBS AG/London 7.780 12/27/2023 USD 9.660
Credit Suisse AG/Lond5.200 12/28/2022 USD 9.410
Credit Suisse AG/Lond7.370 12/28/2022 USD 9.180
Purple Protected Asse1.518 1/25/2061 EUR 58.488
National Grid Electri2.037 2/15/2039 EUR 66.439
ASH8 Debt Co UK 1 PLC3.651 12/31/2055 GBP 73.031
Deutsche Pfandbriefba0.475 10/11/2028 EUR 72.085
DZ Bank AG Deutsche Z0.300 2/12/2032 EUR 72.789
Kreditanstalt fuer Wi0.613 6/10/2040 EUR 60.710
Kreditanstalt fuer Wi1.027 10/26/2050 EUR 62.310
UniCredit SpA 5.459 6/30/2035 USD 72.054
Communaute Francaise 1.925 4/18/2059 EUR 65.205
Erdoel-Lagergesellsch1.200 6/4/2043 EUR 65.825
NRW Bank 1.250 5/13/2049 EUR 68.428
Agence Francaise de D2.360 10/17/2044 AUD 57.012
ABN AMRO Bank NV 0.450 12/12/2036 EUR 66.279
Batigere Grand Est SA1.800 8/12/2050 EUR 45.989
Banque et Caisse d'Ep0.900 8/6/2042 EUR 66.568
Societe Generale SA 2.420 5/27/2031 USD 67.473
Norske Skogindustrier7.000 12/30/2026 EUR 0.010
Bankinter SA 1.200 6/5/2035 EUR 73.569
Vasakronan AB 2.084 8/26/2030 AUD 71.133
Standard Chartered Ba0.500 9/11/2040 JPY 65.687
Allgemeine Sparkasse 2.000 10/16/2030 EUR 74.566
Deutsche Bank AG/Lond13.750 6/20/2026 TRY 15.697
HYPO NOE Landesbank f1.605 8/23/2046 EUR 70.424
Sveriges Sakerstallda1.378 7/13/2046 SEK 61.242
Societe Generale SFH 0.650 6/23/2035 EUR 70.348
Deutsche Bank AG 2.010 12/10/2052 EUR 47.003
Penarian Housing Fina3.212 6/7/2052 GBP 66.723
Nordea Bank Abp 7.250 7/20/2023 EUR 77.870
VTB Bank PJSC 5.000 USD 58.000
Single Platform Inves0.880 1/15/2040 EUR 57.354
Credit Suisse AG/Lond9.500 11/4/2022 CHF 35.750
OPUS TIGAZ Gazhalozat2.800 3/24/2031 HUF 70.000
Deutsche Pfandbriefba1.720 3/7/2042 EUR 74.531
United Utilities Wate1.707 10/6/2032 EUR 74.686
Sihltal Zuerich Uetli0.250 4/30/2036 CHF 69.033
Assistance Publique H1.183 4/16/2050 EUR 55.888
Hemso Fastighets AB 2.373 5/26/2031 USD 73.697
AXA Home Loan SFH SA 0.250 5/26/2032 EUR 74.210
Banco Santander SA 0.790 9/30/2031 EUR 69.728
Region de Bruxelles-C1.620 2/8/2044 EUR 69.031
Takarek Mortgage Bank2.600 10/22/2028 HUF 56.850
Landesbank Baden-Wuer6.750 11/25/2022 EUR 35.200
Grenke Finance PLC 2.040 4/16/2029 EUR 67.876
Romania Government Bo2.500 10/25/2027 RON 72.493
Skandinaviska Enskild6.000 7/15/2024 SEK 66.010
Collectivite Europeen0.181 10/9/2032 EUR 73.623
NRW Bank 0.800 10/22/2060 EUR 52.468
Marseille Provence Me1.000 1/15/2038 EUR 69.476
NIBC Bank NV 0.410 1/27/2031 EUR 62.211
DZ Bank AG Deutsche Z1.000 4/25/2033 EUR 74.642
Kreditanstalt fuer Wi0.980 6/28/2051 EUR 62.898
Region Wallonne Belgi2.168 7/26/2047 EUR 72.580
Single Platform Inves1.945 11/3/2035 EUR 74.778
Region de Bruxelles-C1.810 3/22/2053 EUR 67.113
Societe Generale SFH 0.360 9/14/2033 EUR 71.830
Banco Santander SA 2.280 2/28/2039 EUR 67.786
UniCredit SpA 2.360 1/26/2035 EUR 67.321
Commerzbank AG 2.350 2/24/2042 EUR 60.332
Intesa Sanpaolo SpA 0.240 9/10/2028 EUR 74.923
Autostrade per l'Ital3.240 6/10/2034 EUR 69.959
HSBC Continental Euro1.300 10/23/2039 EUR 62.386
Canton of Geneva Swit0.300 11/28/2039 CHF 71.935
Heimstaden Bostad AB 2.800 5/4/2035 EUR 60.932
Landesbank Baden-Wuer0.820 5/27/2032 EUR 66.722
LSF9 Balta Issuer SAR3.000 12/31/2030 EUR 56.842
Kommunekredit 0.100 9/30/2033 DKK 72.327
Norske Skogindustrier7.125 10/15/2033 USD 0.010
Vasakronan AB 3.100 9/9/2039 AUD 61.502
A-TEC Industries AG 5.750 11/2/2010 EUR 0.100
Svensk Exportkredit A0.500 6/20/2029 AUD 72.650
New World Resources N4.000 10/7/2020 EUR 0.312
ABN AMRO Bank NV 2.921 9/21/2026 EUR 50.000
Communaute Francaise 0.584 9/17/2039 EUR 57.831
DZ Bank AG Deutsche Z1.598 10/11/2050 EUR 67.690
Regie Autonome des Tr0.640 8/13/2041 EUR 60.919
Deutsche Bank AG 3.275 3/18/2032 USD 72.240
Bank Julius Baer & Co9.300 4/27/2023 USD 57.800
Single Platform Inves1.785 2/15/2041 EUR 68.639
Single Platform Inves1.375 7/25/2053 EUR 52.994
Ville de Paris 2.017 5/25/2052 EUR 70.930
Region Occitanie 0.728 11/16/2037 EUR 65.238
UniCredit Bank AG 5.050 10/28/2022 EUR 71.980
Landesbank Baden-Wuer2.000 11/25/2022 EUR 49.850
Caisse des Depots et 1.552 8/16/2038 EUR 73.813
ING Bank NV 2.250 2/26/2036 USD 63.697
Greenleaves Capital D2.626 6/24/2031 AUD 72.476
Skandinaviska Enskild5.050 1/15/2025 SEK 72.000
Credit Suisse AG/Lond6.200 3/31/2023 USD 8.550
Nederlandse Waterscha1.610 12/4/2052 EUR 73.024
VTB Bank PJSC 0.010 10/25/2024 RUB 74.440
State of North Rhine-2.000 4/16/2038 SEK 73.585
Landesbank Hessen-Thu2.050 4/6/2033 EUR 74.700
BNG Bank NV 1.900 7/11/2058 EUR 70.943
Landeskreditbank Bade1.862 4/6/2062 EUR 70.111
Region de Bruxelles-C1.500 6/22/2070 EUR 57.544
Caisse Francaise de F1.428 2/19/2049 EUR 70.651
Zurcher Kantonalbank 23.000 11/22/2022 CHF 31.770
Credit Suisse AG/Lond1.000 9/24/2035 EUR 59.905
Landesbank Hessen-Thu1.806 5/11/2037 EUR 71.568
Landesbank Hessen-Thu1.300 9/25/2035 EUR 63.600
VTB Bank PJSC 9.700 4/2/2031 RUB 60.000
Societe Generale SA 1.900 1/21/2031 USD 65.457
Landesbank Baden-Wuer0.250 5/27/2037 EUR 61.999
Credit Suisse AG/Lond1.600 11/27/2030 USD 64.536
Ministeries Van de Vl0.600 11/19/2055 EUR 41.153
Credit Agricole Corpo5.400 1/31/2028 BRL 74.731
Societe Generale SA 1.900 1/15/2031 AUD 64.455
Brussels Municipaliti0.336 12/15/2035 EUR 66.566
Communaute Francaise 0.749 9/16/2080 EUR 46.888
Societe Generale SA 2.360 5/25/2031 USD 67.115
EFG International Fin13.000 11/14/2022 CHF 28.550
DZ Bank AG Deutsche Z0.625 7/24/2031 EUR 70.630
Aareal Bank AG 1.576 2/23/2032 EUR 63.028
Societe Generale SA 2.630 3/2/2036 USD 55.226
Prosus NV 1.288 7/13/2029 EUR 70.313
Single Platform Inves0.810 4/1/2042 EUR 52.048
Societe Generale SA 3.310 11/29/2033 AUD 67.243
Caisse Francaise de F0.726 10/29/2039 EUR 64.828
Ukraine Government In10.000 8/23/2023 UAH 59.000
Republic of Ireland I0.740 9/22/2078 EUR 39.767
Premium Green PLC 2.325 7/25/2040 EUR 73.932
RENE LEZARD Mode GmbH7.250 11/25/2017 EUR 0.500
Aareal Bank AG 1.741 1/12/2045 EUR 60.406
DZ Bank AG Deutsche Z1.598 10/11/2050 EUR 67.690
State of Brandenburg 0.750 8/8/2036 EUR 71.726
O1 Properties Finance0.500 9/27/2028 USD 5.224
Kuntarahoitus Oyj 1.200 7/21/2061 EUR 62.006
DZ Bank AG Deutsche Z1.370 12/28/2029 EUR 71.010
Region de Bruxelles-C1.286 12/17/2046 EUR 61.444
Landeskreditbank Bade0.547 2/18/2041 EUR 60.865
Single Platform Inves1.831 11/30/2036 EUR 72.582
Single Platform Inves1.103 5/25/2052 EUR 47.954
Department of Gironde0.846 4/29/2039 EUR 64.728
Department of Gironde0.765 4/29/2036 EUR 70.070
Hungary Government Bo4.000 4/28/2051 HUF 47.453
DekaBank Deutsche Gir0.230 4/22/2031 EUR 72.589
Landwirtschaftliche R0.210 9/30/2033 EUR 72.372
Wirtschafts- und Infr0.500 8/28/2046 EUR 55.922
Societe Du Grand Pari1.149 4/8/2069 EUR 46.128
Region Wallonne Belgi1.250 4/30/2055 EUR 52.441
Credit Suisse AG/Lond4.000 12/30/2025 EUR 72.420
Landesbank Baden-Wuer5.300 2/13/2034 AUD 71.152
Lloyds Bank PLC 2.450 2/1/2049 EUR 72.613
Hungary Government In2.125 9/22/2031 USD 66.873
Kreditanstalt fuer Wi0.220 9/27/2033 EUR 72.742
Raiffeisenlandesbank 0.658 9/29/2031 EUR 69.640
Communaute Francaise 1.397 7/18/2059 EUR 58.313
Region Wallonne Belgi0.250 12/29/2036 EUR 62.194
Banco Santander SA 1.600 6/12/2032 EUR 70.999
Societe Wallonne de F0.624 6/22/2030 EUR 73.322
Deutsche Pfandbriefba0.200 12/1/2027 EUR 74.893
Communaute Francaise 1.787 6/14/2044 EUR 68.139
Hypo Tirol Bank AG 0.550 1/27/2031 EUR 69.393
Commerzbank AG 2.565 5/15/2043 EUR 59.608
Takarek Mortgage Bank1.750 12/22/2026 HUF 61.600
Takarek Mortgage Bank3.000 1/28/2036 HUF 40.900
Credit Agricole SA 3.000 1/28/2041 AUD 49.482
United Kingdom Gilt 1.750 9/7/2037 GBP 72.143
Agence France Locale 0.550 6/20/2040 EUR 62.839
Ukraine Government In9.990 5/22/2024 UAH 59.000
Department of Bouches1.068 5/21/2048 EUR 55.868
Raiffeisen Switzerlan7.050 5/23/2023 CHF 66.710
Republic of Ireland I0.995 2/24/2121 EUR 37.465
NRW Bank 0.185 8/17/2033 EUR 71.685
Alfa Bank AO Via Alfa5.900 USD 5.355
Ville de Paris 2.100 10/23/2045 EUR 74.907
International Finance0.500 6/29/2027 ZAR 63.808
Skandinaviska Enskild9.600 1/15/2024 SEK 72.620
Officine Maccaferri-S5.750 6/1/2021 EUR 16.598
Virgolino de Oliveira10.875 1/13/2020 USD 36.000
Muenchener Hypotheken0.250 10/31/2044 CHF 62.565
SNCF Reseau 2.777 7/29/2115 EUR 72.175
Canton of Geneva Swit0.250 6/15/2040 CHF 70.441
Landesbank Baden-Wuer0.760 6/15/2032 EUR 66.106
Aareal Bank AG 0.625 9/16/2030 EUR 61.908
Novolipetsk Steel Via4.500 6/15/2023 USD 57.905
Getin Noble Bank SA 11.750 5/31/2023 PLN 36.965
Telia Co AB 3.000 9/25/2064 EUR 72.020
Northland Resources A4.000 10/15/2020 USD 0.271
Landesbank Baden-Wuer1.500 4/24/2039 EUR 63.240
State of Bremen 0.936 9/28/2046 EUR 61.521
Caisse des Depots et 1.270 10/1/2051 EUR 66.563
Romanian Government I2.875 4/13/2042 EUR 49.052
Berlin Hyp AG 0.625 6/30/2031 EUR 69.709
Norddeutsche Landesba1.090 11/15/2043 EUR 63.885
Department of Loiret 0.915 11/23/2043 EUR 58.538
United Kingdom Gilt 0.875 7/31/2033 GBP 71.505
Grand Delta Habitat 1.425 2/26/2048 EUR 43.304
Single Platform Inves1.830 11/5/2040 EUR 67.048
Kuntarahoitus Oyj 1.300 4/8/2061 EUR 63.296
Landeskreditbank Bade1.236 5/22/2045 EUR 65.717
Nordea Bank Abp 6.060 7/20/2023 SEK 71.050
Specialfastigheter Sv2.205 10/11/2038 SEK 73.374
Agence France Locale 2.550 3/20/2036 AUD 67.594
ING Bank NV 0.335 4/21/2036 EUR 65.002
Societe Generale SA 8.000 5/3/2023 USD 71.075
Purple Protected Asse2.100 4/15/2060 EUR 57.236
BNP Paribas SA 2.800 1/18/2049 EUR 69.844
Republic of Austria G0.750 3/20/2051 EUR 54.762
Credit Agricole Corpo1.050 4/15/2032 EUR 73.001
BNP Paribas SA 2.400 6/14/2048 EUR 74.073
Kuntarahoitus Oyj 0.450 10/18/2033 EUR 74.226
Skandinaviska Enskild9.500 7/17/2023 SEK 53.960
Grand City Properties2.600 2/25/2034 EUR 59.531
BNP Paribas SA 2.300 9/17/2027 PLN 69.991
BNG Bank NV 0.772 8/5/2050 EUR 51.629
Region Bretagne SCI 0.700 12/2/2038 EUR 63.730
Ville de Paris 0.760 5/25/2066 EUR 38.905
United Utilities Wate0.379 12/9/2036 GBP 69.093
Raiffeisenlandesbank 1.174 7/11/2034 EUR 66.988
Kreditanstalt fuer Wi0.945 12/17/2040 EUR 69.006
Communaute Francaise 1.363 4/16/2040 EUR 66.511
Muenchener Hypotheken0.125 11/19/2030 EUR 70.787
Deutsche Pfandbriefba0.640 9/10/2030 EUR 64.230
Single Platform Inves0.780 4/1/2042 EUR 51.684
Bayerische Landesbank3.180 2/16/2038 EUR 71.518
NRW Bank 1.182 8/7/2050 EUR 63.298
Societe Generale SA 2.200 12/17/2040 USD 54.647
Aareal Bank AG 0.300 12/11/2030 EUR 58.780
Purple Protected Asse1.598 2/5/2061 EUR 59.437
Nomura Bank Internati2.061 3/22/2034 EUR 72.793
Autonomous Community 1.744 7/1/2061 EUR 52.521
4iG Nyrt 2.900 3/29/2031 HUF 57.040
Hypo Vorarlberg Bank 0.920 7/8/2036 EUR 61.487
TBI Bank EAD 5.250 7/30/2031 EUR 52.241
Deutsche Wohnen SE 1.250 7/31/2031 EUR 69.351
Batigere Grand Est SA1.610 10/23/2040 EUR 51.299
Decipher Production L12.500 9/27/2019 USD 1.500
Republic of Poland Go1.250 10/25/2030 PLN 58.124
DZ Bank AG Deutsche Z2.240 8/22/2034 USD 68.701
Autonomous Community 1.900 5/24/2039 EUR 73.406
United Kingdom Gilt 0.500 10/22/2061 GBP 35.062
Skandinaviska Enskild7.600 1/15/2024 SEK 57.580
Region Wallonne Belgi1.225 9/2/2120 EUR 38.790
Hemso Fastighets AB 2.615 11/30/2043 EUR 59.317
SNCF Reseau 1.100 10/27/2036 EUR 72.740
Ireland Government Bo1.500 5/15/2050 EUR 67.190
BPCE SFH SA 1.420 3/30/2039 EUR 72.862
Communaute Francaise 1.000 10/8/2069 EUR 44.044
Heta Asset Resolution1.490 12/31/2023 EUR 0.553
Pfandbriefbank schwei0.250 5/17/2040 CHF 70.228
Credit Suisse AG/Lond13.500 10/24/2022 USD 38.290
Batigere Grand Est SA1.500 12/15/2051 EUR 42.505
NIBC Bank NV 0.660 7/14/2031 EUR 62.450
Autonomous Community 1.646 7/30/2060 EUR 51.097
Citigroup Global Mark6.000 1/4/2034 EUR 67.740
Credit Suisse AG/Lond14.000 4/11/2023 EUR 70.350
Landesbank Baden-Wuer4.700 5/26/2023 EUR 54.420
Credit Suisse AG/Lond8.000 11/1/2022 EUR 45.690
Societe Generale SA 1.230 1/30/2035 EUR 68.325
DekaBank Deutsche Gir2.620 12/9/2022 EUR 69.070
Credit Suisse AG/Lond13.750 4/13/2023 USD 50.550
Barclays Bank PLC 1.750 6/22/2029 USD 72.798
Societe Generale SA 2.700 3/25/2036 USD 55.645
Societe Generale SFH 0.570 3/15/2036 EUR 68.452
Credit Industriel Et 1.170 1/28/2037 EUR 60.005
Landesbank Baden-Wuer0.905 4/1/2041 EUR 50.753
Landesbank Hessen-Thu1.850 11/16/2033 EUR 73.200
Kreditanstalt fuer Wi1.000 4/27/2041 EUR 67.421
Single Platform Inves1.370 7/25/2053 EUR 52.911
Rikshem AB 3.250 5/31/2041 AUD 61.739
HSE Finance Sarl 6.071 10/15/2026 EUR 61.864
DekaBank Deutsche Gir4.810 12/23/2022 EUR 43.530
Credit Suisse AG/Lond8.000 11/4/2022 USD 66.870
Communaute Francaise 1.617 2/7/2039 EUR 70.928
City of Amsterdam Net1.359 2/26/2044 EUR 71.402
BPCE SFH SA 1.500 2/7/2039 EUR 74.240
Swedbank AB 0.350 9/22/2031 EUR 70.549
Hypo Vorarlberg Bank 1.022 7/31/2034 EUR 65.709
Hemso Fastighets AB 0.473 2/18/2030 EUR 66.961
Banque Federative du 1.590 2/5/2031 USD 67.224
Caisse des Depots et 0.642 2/12/2041 EUR 62.978
UniCredit SpA 1.490 10/23/2035 EUR 58.494
Serbia International 1.500 6/26/2029 EUR 65.902
LFA Foerderbank Bayer0.050 9/29/2034 EUR 68.163
Region Wallonne Belgi0.050 10/26/2032 EUR 70.105
French Republic Gover0.500 5/25/2072 EUR 36.909
Republic of Austria G0.850 6/30/2120 EUR 39.204
Landesbank Hessen-Thu0.350 1/20/2031 EUR 72.634
Purple Protected Asse1.580 5/25/2060 EUR 53.970
Grand Delta Habitat 1.500 6/2/2045 EUR 45.548
SG Issuer SA 6.130 1/20/2024 SEK 51.000
Single Platform Inves0.887 9/20/2039 EUR 57.827
State of Brandenburg 0.300 11/17/2045 EUR 53.414
Kingdom of Belgium Go0.675 7/7/2080 EUR 34.389
Hypo Vorarlberg Bank 1.520 7/8/2050 EUR 56.396
Swedbank AB 2.070 9/9/2031 AUD 73.962
Caisse des Depots et 0.750 11/6/2048 EUR 58.631
Kreditanstalt fuer Wi0.699 10/20/2036 EUR 71.718
Communaute Francaise 1.380 11/7/2046 EUR 61.224
Land Berlin 0.050 8/6/2040 EUR 56.670
GSP-Finance LLC/Russi9.430 3/27/2028 RUB 70.000
Region de Bruxelles-C0.500 6/22/2040 EUR 58.695
Societe Generale SA 2.060 3/12/2031 USD 65.952
Italy Buoni Poliennal0.150 5/15/2051 EUR 57.658
Landesbank Baden-Wuer0.600 3/5/2036 EUR 54.804
Nationwide Building S0.750 5/8/2035 EUR 70.439
Willhem AB 1.824 10/18/2038 SEK 61.590
Hemso Fastighets AB 1.130 10/31/2039 EUR 64.588
Aktia Bank Oyj 0.800 2/26/2036 EUR 64.644
Befimmo SA 2.050 9/4/2035 EUR 71.664
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
Caisse des Depots et 1.075 9/15/2050 EUR 63.748
Commerzbank AG 1.400 7/21/2031 EUR 69.546
Svensk Exportkredit A0.500 8/29/2029 AUD 71.859
Heta Asset Resolution7.500 12/31/2023 ATS 0.572
BNP Paribas SA 1.395 2/12/2035 EUR 72.308
State of Saarland 1.108 5/18/2046 EUR 66.616
COFIDUR SA 0.100 12/31/2024 EUR 25.050
Department of Val d'O0.207 10/10/2032 EUR 73.832
UBS AG/London 9.250 3/9/2023 USD 69.200
Bank Julius Baer & Co12.000 10/27/2022 CHF 65.400
Austrian Anadi Bank A6.000 7/19/2032 EUR 70.184
BNP Paribas SA 1.450 11/17/2041 EUR 59.394
Norddeutsche Landesba0.900 7/5/2033 EUR 67.785
Credit Suisse AG/Lond8.000 11/29/2022 EUR 45.710
Deutsche Bank AG 0.500 9/16/2031 EUR 69.602
Muenchener Hypotheken1.640 8/8/2033 EUR 74.294
Swedbank Hypotek AB 1.490 8/15/2038 EUR 74.464
Romanian Government I3.750 2/7/2034 EUR 67.324
Single Platform Inves1.850 11/5/2040 EUR 66.116
Muenchener Hypotheken0.145 2/26/2031 EUR 70.063
Single Platform Inves1.715 2/6/2037 EUR 71.094
Kommunekredit 0.342 9/1/2042 EUR 58.358
Santander Internation1.150 4/8/2041 EUR 53.707
Region Bourgogne-Fran0.799 5/6/2041 EUR 60.617
Credit Bank of Moscow7.625 USD 14.660
DZ Bank AG Deutsche Z1.000 1/13/2032 EUR 72.072
BNP Paribas SA 2.100 1/24/2039 EUR 73.298
State of North Rhine-0.463 8/1/2033 EUR 73.970
National Grid Electri0.010 3/26/2036 GBP 72.382
VTB Bank PJSC 10.000 RUB 69.000
SG Issuer SA 14.280 4/13/2023 CHF 64.550
Landesbank Hessen-Thu1.350 5/15/2034 EUR 68.893
Bayerische Landesbode0.700 6/12/2037 EUR 68.959
BKS Bank AG 2.165 6/21/2039 EUR 69.378
Oberoesterreichische 0.705 1/29/2036 EUR 59.799
Credit Agricole Corpo0.100 10/21/2030 EUR 69.346
Agence Metropolitaine0.800 7/1/2040 EUR 62.062
Societe Wallonne de F0.883 11/21/2044 EUR 56.978
Credit Agricole Corpo1.810 1/27/2031 USD 70.709
Wirtschafts- und Infr0.192 1/28/2042 EUR 55.853
Caisse des Depots et 0.913 11/20/2050 EUR 60.175
Credit Mutuel Arkea S2.635 3/25/2039 EUR 73.620
Danske Bank A/S 1.490 2/15/2038 EUR 74.494
Takarek Mortgage Bank3.000 8/21/2030 HUF 52.050
State of North Rhine-0.950 1/10/2121 EUR 37.506
Banque et Caisse d'Ep1.230 4/26/2046 EUR 69.330
Region de Bruxelles-C1.036 6/29/2049 EUR 55.126
Takarek Mortgage Bank5.750 5/27/2032 HUF 62.450
Kuntarahoitus Oyj 1.400 3/5/2061 EUR 66.152
Single Platform Inves1.000 10/31/2040 EUR 56.668
Citigroup Global Mark1.000 3/19/2041 EUR 52.929
BPCE SA 0.554 12/16/2030 EUR 73.934
Societe Generale Effe4.000 11/22/2022 USD 54.050
State of Saxony-Anhal2.562 7/3/2028 EUR 60.000
Hypo Vorarlberg Bank 1.020 1/17/2035 EUR 64.526
LeasePlan Corp NV 1.830 5/6/2030 EUR 74.798
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
Department of Bouches0.810 12/16/2041 EUR 59.777
Single Platform Inves0.695 6/25/2039 EUR 55.545
BNP Paribas SA 1.125 11/5/2034 EUR 63.667
Batigere Grand Est SA1.600 11/14/2039 EUR 53.462
Phosphorus Holdco PLC10.000 4/1/2019 GBP 1.321
Vasakronan AB 2.162 5/4/2040 SEK 63.769
Netherlands Governmen0.500 1/15/2040 EUR 67.538
Societe Generale SA 3.820 4/26/2039 AUD 62.303
Purple Protected Asse2.085 10/27/2060 EUR 61.559
Kingdom of Belgium Go0.558 9/24/2077 EUR 32.510
Bayerische Landesbank2.020 10/14/2030 EUR 74.674
Royalty Pharma PLC 2.200 9/2/2030 USD 74.811
State of Rhineland-Pa0.600 10/24/2046 EUR 57.765
Region of Centre-Val 0.712 12/3/2039 EUR 61.987
Wofin Wohnungsfinanzi2.200 10/22/2035 EUR 70.890
Deutsche Bank AG 1.725 1/16/2045 EUR 42.468
Windreich GmbH 6.250 3/1/2015 EUR 4.475
Turkey Government Int4.875 4/16/2043 USD 55.030
BNP Paribas Issuance 1.560 2/2/2039 EUR 44.560
DZ Bank AG Deutsche Z1.598 10/11/2050 EUR 64.617
Heta Asset Resolution5.730 12/31/2023 EUR 0.553
Elenia Verkko Oyj 2.170 8/26/2034 EUR 73.902
UniCredit Bank AG 15.050 4/28/2023 EUR 44.880
Single Platform Inves1.250 10/18/2035 EUR 67.922
Banco Santander SA 0.020 7/23/2031 EUR 73.211
Credit Suisse AG/Lond7.500 10/24/2022 CHF 60.250
UBS AG/London 9.000 3/18/2024 CHF 71.500
Skandinaviska Enskild4.620 7/15/2026 SEK 72.460
Single Platform Inves0.800 4/7/2042 EUR 51.915
Commerzbank AG 1.155 3/16/2038 EUR 73.455
Credit Suisse AG/Lond6.550 11/30/2022 USD 9.550
Befimmo SA 1.269 2/24/2031 EUR 74.939
Landesbank Hessen-Thu0.900 5/12/2036 EUR 60.566
Credit Agricole Corpo11.190 3/12/2027 TRY 48.767
Spain Government Bond1.450 10/31/2071 EUR 45.470
Leonteq Securities AG30.000 11/15/2022 CHF 23.160
NIBC Bank NV 2.105 10/10/2033 EUR 65.357
Hemso Fastighets AB 2.975 10/25/2038 SEK 72.595
Landesbank Hessen-Thu0.750 4/9/2035 EUR 61.277
Sparekassen Bredebro 3.750 4/15/2031 DKK 67.876
Cyprus Government Int0.950 1/20/2032 EUR 74.848
PKO Bank Hipoteczny S3.488 8/24/2028 PLN 71.904
Kommunekredit 1.062 9/9/2041 EUR 69.108
Landesbank Hessen-Thu1.300 4/30/2035 EUR 66.179
Single Platform Inves2.240 4/5/2039 EUR 72.200
HSBC Continental Euro2.200 2/19/2049 EUR 68.848
Landesbank Baden-Wuer0.590 12/7/2035 EUR 56.653
Hamburger Sparkasse A1.530 1/12/2033 EUR 71.828
Banque Federative du 2.460 6/7/2032 AUD 70.146
Kreditanstalt fuer Wi0.826 10/22/2041 EUR 66.965
BNP Paribas SA 1.625 7/2/2031 EUR 71.822
BPCE SA 1.850 2/8/2036 EUR 71.863
DNB Boligkreditt AS 1.530 12/21/2043 EUR 69.337
State of Lower Austri0.080 9/22/2031 EUR 74.426
Malta Government Bond1.000 8/23/2035 EUR 69.590
Banque Internationale0.675 10/29/2030 EUR 71.364
Basque Government 2.350 4/11/2049 EUR 72.238
Agence Francaise de D0.537 7/16/2040 EUR 62.744
Natixis SA 2.150 10/23/2035 USD 61.088
Landesbank Hessen-Thu0.600 10/27/2034 EUR 61.234
HSBC Bank PLC 2.130 11/30/2036 EUR 71.566
Credit Suisse AG/Lond10.000 6/16/2023 CHF 62.110
Italy Buoni Poliennal0.600 8/1/2031 EUR 71.986
Kreditanstalt fuer Wi1.000 10/20/2050 EUR 61.888
Barclays Bank PLC 2.500 12/29/2032 USD 72.002
Republic of Ireland I1.320 11/28/2119 EUR 37.727
SNCF Reseau 2.029 1/22/2048 EUR 70.993
Credito Padano Banca 3.100 EUR 34.195
Deutsche Bank AG 3.050 3/3/2032 USD 71.398
Societe Generale SA 12.000 7/14/2026 USD 24.980
Aralco Finance SA 10.125 5/7/2020 USD 3.060
Nederlandse Waterscha0.448 10/8/2040 EUR 61.004
Cie de Saint-Gobain 1.875 5/3/2035 EUR 71.368
HSBC Continental Euro1.385 11/18/2039 EUR 63.437
UBS AG/London 0.904 11/23/2025 EUR 58.500
Landesbank Hessen-Thu0.550 8/28/2034 EUR 65.700
Espirito Santo Financ2.981 10/27/2024 EUR 1.438
Bulgaria Government I0.375 9/23/2030 EUR 66.935
Ville de Paris 0.963 6/8/2050 EUR 53.961
Phones4u Finance PLC 9.500 4/1/2018 GBP 74.432
Virgolino de Oliveira11.750 2/9/2022 USD 0.498
State of Saxony-Anhal1.223 5/4/2046 EUR 65.463
Fluxys Finance SA 3.080 12/11/2045 EUR 74.399
HSBC Bank PLC 0.500 11/25/2025 BRL 69.862
DekaBank Deutsche Gir1.360 8/25/2033 EUR 69.398
Cooperatieve Rabobank1.300 3/28/2039 EUR 73.340
DZ Bank AG Deutsche Z1.300 12/29/2031 EUR 71.260
Single Platform Inves1.233 6/25/2044 EUR 58.357
SG Issuer SA 14.300 12/23/2022 USD 61.700
Mediobanca Banca di C2.050 12/23/2029 USD 73.523
Citigroup Global Mark7.400 3/15/2032 EUR 71.310
Nordea Bank Abp 2.500 1/20/2027 SEK 74.000
Nomura Bank Internati9.260 1/10/2027 USD 66.260
Ville de Marseille 1.079 11/19/2046 EUR 58.910
EFG International Fin19.000 11/10/2022 CHF 21.100
Single Platform Inves0.740 4/1/2042 EUR 51.931
Kreditanstalt fuer Wi1.208 3/10/2051 EUR 66.948
Region de Bruxelles-C0.650 2/15/2061 EUR 40.047
Kreditanstalt fuer Wi0.680 2/23/2051 EUR 60.634
Single Platform Inves1.920 11/5/2040 EUR 67.455
Kopaszi Gat Kft 5.750 1/31/2032 HUF 67.550
Landwirtschaftliche R0.984 2/4/2042 EUR 68.693
Landesbank Hessen-Thu1.000 3/9/2037 EUR 61.100
Assistance Publique H0.800 3/23/2046 EUR 54.028
DZ Bank AG Deutsche Z0.420 2/17/2033 EUR 71.043
Credit Suisse AG/Lond15.250 1/20/2023 USD 19.120
Landesbank Baden-Wuer0.780 4/21/2036 EUR 56.381
Societe Generale SA 3.100 4/22/2036 AUD 60.579
Landeskreditbank Bade0.842 5/3/2041 EUR 66.195
Ebis OOO 12.000 4/9/2024 RUB 6.610
Oberbank AG 2.280 6/22/2038 EUR 70.606
BNG Bank NV 2.000 9/5/2058 EUR 72.970
Region de Bruxelles-C0.930 5/3/2051 EUR 52.137
Kreditanstalt fuer Wi0.953 1/24/2042 EUR 68.584
Credit Suisse AG/Lond16.000 12/29/2022 CHF 47.980
Basque Government 1.750 4/22/2050 EUR 60.580
BNG Bank NV 1.790 1/21/2049 EUR 72.817
Kalita OOO 15.000 9/12/2023 RUB 3.580
Region de Bruxelles-C1.506 2/21/2039 EUR 73.349
Cooperatieve Rabobank2.090 12/27/2047 EUR 64.970
Landesbank Hessen-Thu1.340 6/4/2042 EUR 61.859
Single Platform Inves3.770 3/3/2046 AUD 68.608
Hypo Vorarlberg Bank 6.125 EUR 72.500
ENEL RUSSIA PJSC 8.600 12/15/2022 RUB 61.010
Abengoa Abenewco 1 SA6.000 6/10/2022 EUR 0.374
Kuntarahoitus Oyj 0.815 2/24/2061 EUR 55.303
Berfest Investments S2.223 6/27/2038 EUR 72.829
Nederlandse Waterscha0.230 10/22/2035 EUR 66.800
Societe Wallonne de F0.948 10/23/2051 EUR 45.908
Deutsche Bank AG/Lond14.900 5/30/2028 TRY 50.209
Barclays Bank PLC 1.382 11/27/2045 EUR 61.947
Region Bourgogne-Fran0.300 12/3/2040 EUR 54.866
Landesbank Saar 0.500 12/12/2031 EUR 71.318
Deutsche Apotheker-un1.090 12/16/2039 EUR 55.554
DZ Bank AG Deutsche Z0.710 10/20/2031 EUR 70.914
ING Bank NV 2.550 10/15/2031 AUD 72.823
Credit Agricole Corpo1.750 11/29/2032 EUR 74.837
Kommunalkredit Austri1.055 10/6/2031 EUR 67.976
Societe Generale SA 3.640 6/29/2037 USD 60.647
Landesbank Baden-Wuer0.520 3/6/2034 EUR 58.992
Single Platform Inves1.130 5/1/2030 EUR 72.737
Aktia Bank Oyj 0.850 12/21/2040 EUR 57.793
SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000
Berlin Hyp AG 0.130 9/29/2032 EUR 71.855
BPCE SA 1.980 10/6/2030 AUD 66.485
Banque Internationale1.010 12/12/2039 EUR 58.357
Region de Bruxelles-C0.283 10/24/2033 EUR 71.420
Baromfi-Coop Termelo 3.000 5/19/2028 HUF 56.100
Agence France Locale 0.210 12/20/2035 EUR 66.643
LR Realkredit AS 0.500 10/1/2050 DKK 64.000
Magyar Export-Import 1.000 12/4/2024 HUF 74.271
Norddeutsche Landesba0.700 10/21/2030 EUR 73.696
Lehman Brothers Treas6.650 8/24/2011 AUD 0.100
Resa SA/Belgium 1.950 7/22/2036 EUR 50.010
Kuntarahoitus Oyj 0.500 7/30/2029 AUD 72.318
Deutsche Pfandbriefba0.857 9/18/2037 EUR 44.164
DZ Bank AG Deutsche Z1.598 10/11/2050 EUR 67.690
UniCredit Bank AG 1.300 9/19/2031 EUR 73.158
Single Platform Inves1.842 2/15/2044 EUR 65.052
Single Platform Inves1.390 6/25/2044 EUR 57.194
Credit Suisse AG/Lond7.000 10/26/2022 CHF 58.610
Municipality of Leval0.750 11/17/2036 EUR 70.076
NIBC Bank NV 0.460 7/19/2029 EUR 69.178
Credit Suisse AG/Lond7.500 11/28/2022 CHF 71.070
Single Platform Inves1.250 8/15/2051 EUR 51.749
Single Platform Inves1.785 7/30/2042 EUR 64.805
Landwirtschaftliche R1.365 3/10/2042 EUR 73.994
DZ Bank AG Deutsche Z6.500 2/24/2023 EUR 71.820
Credit Suisse AG/Lond9.250 5/25/2023 CHF 67.800
Ukraine Government In9.840 2/15/2023 UAH 59.000
Credit Agricole Corpo1.850 3/25/2030 USD 73.823
DekaBank Deutsche Gir3.190 10/26/2022 EUR 41.350
Danske Bank A/S 2.091 8/7/2032 EUR 74.278
ING Bank NV 2.400 6/18/2031 USD 74.989
Landesbank Baden-Wuer0.770 6/23/2036 EUR 56.119
Barclays Bank PLC 2.680 4/14/2031 AUD 72.505
VTB Bank PJSC 3.750 EUR 50.000
State of Lower Austri0.585 10/11/2049 EUR 49.593
BNG Bank NV 2.280 10/17/2048 SEK 72.162
Caisse des Depots et 1.140 2/25/2037 EUR 74.490
Region Auvergne-Rhone0.543 9/28/2036 EUR 66.394
United Utilities Wate0.387 10/5/2057 GBP 63.095
Purple Protected Asse1.565 12/23/2060 EUR 55.274
Republic of Austria G0.700 4/20/2071 EUR 40.443
Italy Buoni Poliennal2.150 3/1/2072 EUR 55.297
Luzerner Kantonalbank5.000 6/28/2023 CHF 63.380
DZ Bank AG Deutsche Z1.000 1/12/2032 EUR 72.112
State of North Rhine-0.463 8/8/2033 EUR 73.826
UBS AG/London 10.250 5/30/2023 CHF 39.000
United Utilities Wate1.653 12/6/2032 EUR 73.821
Single Platform Inves1.715 2/15/2041 EUR 67.192
DNB Boligkreditt AS 1.480 12/22/2042 EUR 69.300
Caisse des Depots et 1.780 1/15/2048 EUR 71.014
Standard Chartered Ba2.300 6/15/2031 USD 74.362
Single Platform Inves2.386 5/25/2053 EUR 68.425
BPCE SA 2.160 10/6/2031 USD 65.858
Kingdom of Belgium Go1.700 6/22/2050 EUR 69.534
BPCE SA 4.182 1/31/2034 USD 73.814
Russian Foreign Bond 5.100 3/28/2035 USD 42.569
Region Auvergne-Rhone1.150 4/8/2039 EUR 68.515
Bayerische Landesbank0.400 7/15/2031 EUR 73.164
BNP Paribas SA 1.660 3/4/2031 USD 64.635
Romanian Government I4.000 2/14/2051 USD 53.527
Bayerische Landesbank0.800 10/16/2036 EUR 64.363
Landeskreditbank Bade0.170 12/10/2035 EUR 66.255
Republic of Ireland I1.230 6/1/2120 EUR 44.763
Department of Gironde0.650 12/17/2038 EUR 63.053
Ministeries Van de Vl1.095 6/3/2055 EUR 50.664
Landesbank Baden-Wuer0.361 11/6/2029 EUR 72.832
Credit Agricole Corpo1.900 1/15/2031 AUD 72.241
Region de Bruxelles-C0.620 11/4/2044 EUR 53.571
Nationale-Nederlanden1.400 3/18/2039 EUR 73.448
BNG Bank NV 1.040 11/28/2047 EUR 61.288
Republic of Ireland I1.250 10/8/2121 EUR 45.547
Kreditanstalt fuer Wi0.816 12/19/2050 EUR 59.345
DekaBank Deutsche Gir2.200 3/24/2023 EUR 63.180
Rosselkhozbank JSC 0.010 12/24/2023 RUB 65.010
Landesbank Baden-Wuer0.740 6/2/2036 EUR 55.885
Nederlandse Waterscha1.003 6/24/2031 GBP 74.132
Bank fuer Kirche und 0.450 7/1/2031 EUR 72.335
Landesbank Baden-Wuer1.585 2/22/2034 EUR 68.117
Bayerische Landesbank1.850 3/5/2031 EUR 72.581
Vasakronan AB 2.400 2/25/2033 NOK 71.976
Kreditanstalt fuer Wi1.267 3/22/2051 EUR 67.843
NRW Bank 0.200 3/1/2034 EUR 70.479
NRW Bank 1.180 3/3/2051 EUR 66.612
SNCF Reseau 2.303 7/11/2067 EUR 66.572
DekaBank Deutsche Gir5.480 12/23/2022 EUR 60.830
Deutsche Wohnen SE 2.125 9/26/2033 EUR 66.135
Landesbank Hessen-Thu0.700 9/25/2034 EUR 62.153
Bibby Offshore Servic7.500 6/15/2021 GBP 11.625
Landesbank Baden-Wuer0.625 10/17/2029 EUR 74.558
Landesbank Baden-Wuer0.327 5/7/2038 EUR 61.345
Landesbank Hessen-Thu1.200 5/17/2034 EUR 68.900
Raiffeisen Bank Inter0.290 11/11/2030 EUR 67.356
Bayerische Landesbank0.900 11/29/2035 EUR 66.581
Landesbank Hessen-Thu1.010 10/31/2031 EUR 72.459
Deutsche Bahn Finance2.005 6/7/2039 SEK 70.466
Landesbank Hessen-Thu0.500 10/23/2030 EUR 72.745
Landesbank Baden-Wuer0.690 10/8/2035 EUR 56.146
Heta Asset Resolution2.262 12/31/2023 EUR 0.550
Norske Skogindustrier7.125 10/15/2033 USD 0.010
Raiffeisen Bank Inter0.430 9/9/2030 EUR 68.899
Landesbank Hessen-Thu0.750 10/21/2033 EUR 65.294
TKK OOO 12.000 9/20/2046 RUB 60.100
Kreditanstalt fuer Wi2.820 11/8/2046 USD 72.354
Raiffeisen-Landesbank2.010 12/7/2048 EUR 73.429
BNP Paribas SA 0.624 9/11/2029 EUR 73.159
Landeskreditbank Bade0.812 12/16/2060 EUR 51.681
Landesbank Hessen-Thu8.717 7/7/2031 EUR 74.900
Rio Forte Investments3.900 7/10/2014 USD 4.135
Aktia Bank Oyj 0.990 1/15/2035 EUR 67.966
SNCF Reseau 2.622 9/24/2049 USD 65.186
Caisse Francaise de F1.110 9/21/2046 EUR 63.225
DZ Bank AG Deutsche Z9.250 4/28/2023 EUR 41.670
Credit Suisse AG/Lond9.000 7/11/2023 USD 73.440
Caisse Francaise de F0.865 2/17/2042 EUR 64.750
Credit Suisse AG/Lond7.500 1/5/2023 CHF 53.500
UBS AG/London 10.250 4/6/2023 USD 50.850
Luzerner Kantonalbank8.400 12/27/2022 USD 64.440
Hypo Tirol Bank AG 0.670 7/21/2031 EUR 69.382
BNP Paribas Issuance 2.600 1/23/2024 EUR 65.750
DZ Bank AG Deutsche Z2.150 12/23/2022 EUR 54.970
Assistance Publique H0.750 12/3/2041 EUR 60.422
BPCE SA 2.255 3/12/2040 AUD 47.066
UBS AG/London 5.250 12/16/2022 CHF 73.000
DZ Bank AG Deutsche Z5.500 6/23/2023 EUR 60.440
DZ HYP AG 1.965 7/19/2058 EUR 74.102
Landesbank Baden-Wuer3.200 1/27/2023 EUR 53.560
ING Bank NV 2.410 3/16/2031 AUD 73.040
Aktia Bank Oyj 0.550 3/17/2031 EUR 72.541
Portugal Obrigacoes d1.000 4/12/2052 EUR 49.499
ING Bank NV 1.770 2/17/2031 USD 71.813
BPCE SA 3.000 11/18/2036 AUD 59.417
Raiffeisen-Landesbank0.665 2/11/2030 EUR 74.192
Akademiska Hus AB 1.252 2/13/2043 SEK 58.917
UBS AG/London 20.500 6/8/2023 USD 68.000
Landesbank Baden-Wuer0.710 5/12/2036 EUR 55.654
Muenchener Hypotheken1.300 5/7/2061 EUR 59.849
Single Platform Inves1.340 6/20/2041 EUR 62.114
Danske Bank A/S 2.059 6/28/2033 EUR 72.457
UniCredit Bank AG 0.740 1/20/2031 EUR 69.380
Luzerner Kantonalbank5.500 12/27/2022 CHF 64.850
Assistance Publique H1.073 4/16/2045 EUR 59.219
Bank Julius Baer & Co7.000 3/8/2023 CHF 63.900
Region Auvergne-Rhone0.645 4/9/2040 EUR 60.507
Department of Bouches0.872 12/18/2037 EUR 67.596
Nederlandse Waterscha1.650 5/27/2061 EUR 68.698
Single Platform Inves1.165 6/6/2046 EUR 53.613
Novafives SAS 5.500 6/15/2025 EUR 58.217
BNG Bank NV 0.562 6/7/2051 EUR 56.757
State of Saxony-Anhal0.475 9/30/2050 EUR 53.068
Cooperatieve Rabobank1.704 2/25/2049 EUR 73.354
Societe Generale SA 8.880 9/16/2024 USD 37.250
Hypo-Bank Burgenland 0.570 9/17/2029 EUR 74.999
Aareal Bank AG 0.570 8/7/2029 EUR 66.331
Landesbank Baden-Wuer1.080 7/16/2035 EUR 60.217
UBS AG/London 26.000 5/23/2024 USD 10.683
Banque Internationale0.680 10/9/2030 EUR 71.318
Societe Generale SA 2.190 10/14/2035 USD 52.655
Muenchener Hypotheken0.580 10/14/2035 EUR 59.267
Credit Bank of Moscow3.100 1/21/2026 EUR 20.594
Raiffeisen-Landesbank0.550 1/20/2031 EUR 70.627
Societe Generale SA 8.200 6/8/2023 USD 41.330
Forras Vagyonkezelesi3.250 10/1/2030 HUF 56.140
Nederlandse Waterscha0.260 11/10/2036 EUR 65.025
Purple Protected Asse1.480 11/30/2060 EUR 55.569
Societe Generale SA 0.705 11/12/2035 EUR 61.400
Banque Internationale0.775 11/18/2032 EUR 67.359
Vasakronan AB 0.914 5/27/2030 EUR 61.781
Metropole de Lyon 0.540 12/7/2050 EUR 44.314
LFA Foerderbank Bayer0.160 1/2/2040 EUR 57.377
Single Platform Inves1.080 5/25/2066 EUR 40.913
Turkey Government Int5.950 1/15/2031 USD 73.083
Landesbank Hessen-Thu0.360 12/2/2030 EUR 71.415
DekaBank Deutsche Gir2.790 10/28/2022 EUR 61.100
Caisse Francaise de F1.466 2/1/2038 EUR 74.379
Berlin Hyp AG 0.460 10/7/2031 EUR 72.046
SAir Group 5.125 3/1/2003 CHF 12.750
Agence France Locale 0.570 9/20/2040 EUR 62.772
DZ Bank AG Deutsche Z4.850 12/23/2022 EUR 48.200
Kreditanstalt fuer Wi0.951 9/9/2050 EUR 61.089
Banco Santander SA 0.190 6/29/2031 EUR 74.618
Single Platform Inves1.840 7/25/2053 EUR 61.407
Deutsche Bank AG 0.650 6/3/2031 EUR 69.655
Landesbank Hessen-Thu0.400 4/1/2030 EUR 74.071
Landesbank Hessen-Thu1.500 4/12/2032 EUR 74.000
Societe Generale SA 0.570 6/30/2031 EUR 67.219
Commerzbank AG 0.800 10/5/2029 EUR 72.476
DZ Bank AG Deutsche Z0.470 6/24/2030 EUR 73.341
BNP Paribas Issuance 4.360 12/14/2022 EUR 66.130
Region de Bruxelles-C1.029 1/14/2048 EUR 56.575
Landesbank Hessen-Thu0.950 4/9/2036 EUR 61.105
Purple Protected Asse1.570 4/30/2061 EUR 68.211
Communaute Francaise 2.100 6/30/2067 EUR 66.288
Credit Suisse AG/Lond7.250 8/16/2024 USD 6.330
Nordea Bank Abp 3.050 7/20/2027 SEK 65.750
Zurcher Kantonalbank 13.750 11/14/2022 CHF 56.790
Lloyds Bank PLC 2.637 1/16/2040 AUD 62.778
United Kingdom Gilt 1.250 10/22/2041 GBP 61.063
Communaute Francaise 1.367 1/20/2070 EUR 56.993
Goldman Sachs Interna1.300 7/3/2030 EUR 71.235
Landesbank Baden-Wuer0.400 11/8/2039 EUR 59.090
CDC Habitat SEM 1.043 5/12/2036 EUR 57.564
Deutsche Bank AG 2.784 4/3/2034 EUR 67.754
Skandinaviska Enskild6.500 1/15/2024 SEK 56.600
Erste Group Bank AG 1.230 5/29/2033 EUR 68.555
Pescanova SA 6.750 3/5/2015 EUR 0.319
Heta Asset Resolution1.136 12/31/2023 EUR 0.553
VTB Bank OJSC Via VTB6.250 6/30/2035 USD 21.707
A-TEC Industries AG 2.750 5/10/2014 EUR 0.100
Ukreximbank Via Biz F10.426 2/9/2023 USD 30.000
Barclays Bank PLC 1.750 9/29/2032 USD 62.196
United Kingdom Gilt 0.625 10/22/2050 GBP 43.123
BPCE SFH SA 1.210 6/15/2039 EUR 72.918
MS Deutschland Beteil6.875 12/18/2017 EUR 0.210
La Banque Postale Hom1.379 4/4/2040 EUR 71.591
Communaute Francaise 1.581 1/23/2120 EUR 45.080
Deutsche Bank AG/Lond11.210 6/26/2025 TRY 55.535
Danske Bank A/S 0.805 8/12/2036 EUR 69.070
Banco Santander SA 0.180 7/8/2031 EUR 74.434
Alfa-Bank AO 10.200 2/10/2025 RUB 65.000
UBS AG/London 11.750 8/4/2023 USD 43.950
DZ Bank AG Deutsche Z10.000 12/21/2022 EUR 63.810
Single Platform Inves1.450 9/20/2032 EUR 74.365
Region of Centre-Val 0.668 11/2/2035 EUR 70.197
Centre Hospitalier Un0.490 12/1/2036 EUR 65.727
Single Platform Inves1.050 6/25/2044 EUR 53.381
SG Issuer SA 0.015 11/7/2033 EUR 57.330
Corner Banca SA 13.680 10/28/2022 EUR 41.350
Nomura Bank Internati1.415 1/27/2042 EUR 57.001
MOL Nyrt Kueloenleges4.950 1/26/2032 HUF 59.210
BPCE SA 2.250 3/13/2040 AUD 47.750
Nordea Bank Abp 3.750 1/20/2027 SEK 68.620
Leonteq Securities AG25.200 11/9/2022 CHF 22.490
ING Bank NV 2.900 6/23/2051 USD 56.835
Aareal Bank AG 1.068 2/18/2050 EUR 61.515
Leonteq Securities AG11.000 12/21/2022 EUR 71.940
Bank Vontobel AG 14.000 11/14/2022 CHF 20.900
EFG International Fin15.000 11/10/2022 EUR 59.820
DZ Bank AG Deutsche Z6.600 12/23/2022 EUR 52.290
Raiffeisenlandesbank 0.725 8/27/2041 EUR 62.950
UBS AG/London 2.350 12/17/2048 EUR 71.015
Muenchener Hypotheken0.550 2/18/2046 CHF 57.142
Landeskreditbank Bade0.605 6/16/2036 EUR 70.257
Kreditanstalt fuer Wi0.980 2/9/2042 EUR 68.940
Single Platform Inves1.442 7/25/2053 EUR 54.358
Single Platform Inves1.083 2/15/2041 EUR 56.912
Swedbank Hypotek AB 1.445 3/29/2038 EUR 74.252
Morgan Stanley & Co I3.470 1/27/2042 AUD 66.972
Kuntarahoitus Oyj 1.197 4/6/2051 EUR 65.408
Turkiye Ihracat Kredi12.540 9/14/2028 TRY 48.682
Nordea Hypotek AB 2.250 10/15/2048 SEK 70.050
Bayerische Landesbank0.630 3/19/2032 EUR 72.463
DZ HYP AG 1.536 10/24/2039 EUR 74.381
Santander Internation0.970 12/20/2031 EUR 71.104
UBS AG/London 5.520 4/29/2041 USD 35.860
Single Platform Inves1.580 12/19/2033 EUR 74.150
Sberbank of Russia PJ0.010 2/26/2027 RUB 70.110
Societe Generale Effe8.000 10/28/2022 EUR 72.300
Credit Agricole SA 1.150 12/24/2030 EUR 72.601
Credit Suisse AG/Lond16.300 12/26/2023 USD 36.290
Hemso Fastighets AB 3.020 9/14/2048 SEK 65.591
Landesbank Baden-Wuer5.690 2/24/2023 EUR 58.410
Kreditanstalt fuer Wi0.955 4/6/2040 EUR 69.631
DZ Bank AG Deutsche Z1.580 12/29/2031 EUR 70.900
Standard Chartered Ba3.040 1/18/2042 USD 62.715
DNB Boligkreditt AS 1.481 1/11/2038 EUR 74.157
BPCE SFH SA 1.533 4/12/2038 EUR 74.882
VTB Bank PJSC 3.750 EUR 45.000
DZ Bank AG Deutsche Z0.890 11/18/2030 EUR 74.590
DZ Bank AG Deutsche Z0.860 11/18/2030 EUR 74.400
UBS AG/London 11.750 11/28/2022 CHF 26.640
Republic of Poland Go2.750 10/25/2029 PLN 69.438
Skandinaviska Enskild8.520 1/15/2024 SEK 58.600
Erste Group Bank AG 1.850 1/30/2034 EUR 74.041
Skandinaviska Enskild8.300 7/17/2023 SEK 53.280
BNP Paribas SA 1.930 6/1/2033 EUR 72.919
Landesbank Hessen-Thu1.750 7/6/2033 EUR 72.900
Credit Agricole Corpo14.280 11/5/2026 TRY 57.315
Deutsche Bank AG 0.510 9/16/2031 EUR 67.798
NRW Bank 0.835 9/24/2041 EUR 65.062
Berlin Hyp AG 0.440 10/29/2035 EUR 59.140
Goldman Sachs Interna2.250 5/10/2037 EUR 71.691
Goldman Sachs Interna2.300 5/25/2037 EUR 72.154
Lithuania Government 2.100 5/26/2047 EUR 70.961
Banque Internationale1.085 10/22/2040 EUR 57.861
Italy Buoni Poliennal1.700 9/1/2051 EUR 55.047
Golfino AG 8.000 11/18/2023 EUR 0.010
SR-Boligkreditt AS 1.252 12/2/2041 EUR 68.690
BNP Paribas SA 0.857 2/22/2036 EUR 59.459
Magyar Export-Import 1.650 11/26/2025 HUF 65.815
NRW Bank 0.130 10/12/2032 EUR 73.776
Uliving@Essex2 Issuer0.100 8/31/2063 GBP 67.087
Metal Hungaria Holdin3.000 11/17/2030 HUF 62.000
Deutsche Bahn Finance1.520 7/3/2035 SEK 70.803
NRW Bank 0.090 10/26/2032 EUR 73.341
Hemso Fastighets AB 2.127 4/18/2039 EUR 57.766
Comunidad Foral de Na2.100 4/30/2044 EUR 70.790
Kommunekredit 0.869 11/12/2043 SEK 60.184
Agence Metropolitaine0.500 7/7/2035 EUR 69.261
NTRP Via Interpipe Lt10.250 8/2/2017 USD 26.500
Credit Agricole Corpo1.850 1/22/2031 USD 71.004
Credit Agricole Corpo1.700 1/25/2031 USD 70.036
Barclays Bank PLC 2.320 1/11/2041 USD 53.947
DZ Bank AG Deutsche Z0.350 11/14/2031 EUR 74.241
Belfius Bank SA 0.190 1/28/2031 EUR 70.556
DZ Bank AG Deutsche Z0.800 1/21/2041 EUR 62.333
NRW Bank 0.533 1/21/2041 EUR 61.060
Agence Francaise de D2.302 10/25/2044 USD 66.746
Nordea Bank Abp 5.400 1/20/2025 SEK 61.750
Crown Holding Kft 5.500 2/23/2032 HUF 67.410
BNG Bank NV 1.873 11/24/2047 EUR 74.789
Assistance Publique H1.987 8/11/2042 EUR 74.931
Getin Noble Bank SA 11.720 11/30/2023 PLN 23.875
Credit Agricole Corpo2.610 7/27/2050 USD 48.550
Credit Agricole Corpo11.550 1/28/2026 TRY 53.051
Landesbank Hessen-Thu0.340 12/23/2030 EUR 71.231
Single Platform Inves2.000 1/1/2039 EUR 70.112
Single Platform Inves0.419 2/15/2040 EUR 51.373
DZ Bank AG Deutsche Z7.900 3/24/2023 EUR 68.260
Kreditanstalt fuer Wi1.271 5/20/2051 EUR 66.610
Grand Delta Habitat 1.630 3/6/2045 EUR 47.130
Landesbank Baden-Wuer1.600 4/3/2039 EUR 64.830
Raiffeisenlandesbank 1.725 6/21/2032 EUR 74.998
Barclays Bank PLC 13.810 4/16/2024 TRY 71.010
Citigroup Global Mark0.520 3/19/2033 EUR 63.140
Landeskreditbank Bade1.025 4/1/2061 EUR 55.191
Allgemeine Sparkasse 0.200 3/22/2033 EUR 71.176
Muenchener Hypotheken0.867 2/25/2047 EUR 63.142
UBS Group AG 2.490 3/4/2036 USD 60.236
Kreditanstalt fuer Wi0.650 2/24/2041 EUR 64.778
Agence France Locale 0.330 12/20/2040 EUR 59.232
UniCredit Bank AG 23.500 10/28/2022 EUR 48.240
Landesbank Baden-Wuer3.940 11/25/2022 EUR 45.800
Credit Bank of Moscow4.700 1/29/2025 USD 23.957
Nationwide Building S1.693 3/15/2039 EUR 73.623
BPCE SFH SA 0.430 5/7/2040 EUR 59.313
Ministeries Van de Vl0.940 5/12/2050 EUR 50.696
National Grid Electri2.226 12/19/2039 GBP 55.764
Single Platform Inves0.745 2/15/2047 EUR 46.250
Svensk Exportkredit A0.500 3/28/2029 AUD 73.325
BPCE SA 1.657 1/30/2034 EUR 73.649
Kuntarahoitus Oyj 0.854 1/14/2060 EUR 58.038
Region Wallonne Belgi1.150 9/2/2120 EUR 36.104
Region de Bruxelles-C0.731 8/25/2060 EUR 41.591
Credit Suisse AG/Lond2.500 7/23/2025 SEK 27.450
Credit Suisse AG/Lond3.214 10/6/2023 SEK 11.880
NRW Bank 0.610 9/7/2040 EUR 63.610
International Bank of8.250 10/9/2024 USD 60.375
UniCredit Bank AG 2.250 10/14/2039 EUR 67.282
NatWest Markets PLC 4.358 8/26/2031 USD 59.934
Northland Resources A4.000 10/15/2020 NOK 0.271
HSBC Bank PLC 3.820 4/16/2038 USD 71.488
NRW Bank 0.473 6/23/2049 EUR 55.812
Landesbeteiligungen B1.450 6/15/2046 EUR 56.307
Heta Asset Resolution5.920 12/31/2023 EUR 0.416
SG Issuer SA 2.910 10/8/2034 AUD 63.157
BPCE SA 1.130 10/6/2031 EUR 74.693
Credit Suisse AG/Lond9.500 1/12/2023 USD 69.910
MMC Norilsk Nickel OJ2.800 10/27/2026 USD 51.058
NRW Bank 1.245 11/4/2051 EUR 63.960
NRW Bank 1.021 8/11/2051 EUR 61.106
BNP Paribas Emissions10.000 12/22/2022 EUR 55.790
Luzerner Kantonalbank14.480 2/14/2023 CHF 68.560
UBS AG/London 8.100 3/4/2027 EUR 67.660
UBS AG/London 13.250 4/20/2023 USD 36.800
NRW Bank 0.765 12/10/2036 EUR 69.728
Landesbank Hessen-Thu0.510 3/10/2032 EUR 68.342
Region Occitanie 1.238 3/2/2039 EUR 69.746
Landesbank Baden-Wuer0.920 3/18/2032 EUR 70.768
Commerzbank AG 1.250 6/28/2034 EUR 70.256
Raiffeisenlandesbank 0.750 1/31/2030 EUR 74.306
DZ Bank AG Deutsche Z10.500 12/23/2022 EUR 45.820
Basler Kantonalbank 16.000 5/19/2023 CHF 62.980
Caisse des Depots et 3.000 11/8/2051 AUD 62.274
Kreditanstalt fuer Wi0.890 3/10/2041 EUR 66.171
Textura Kereskedelmi 5.500 2/28/2032 HUF 59.500
DekaBank Deutsche Gir4.630 12/16/2022 EUR 66.580
Finland Government Bo0.125 4/15/2052 EUR 43.534
Credit Suisse AG/Lond1.520 12/20/2030 EUR 74.865
Banque Cantonale Vaud7.300 9/16/2024 CHF 43.470
Credit Agricole Corpo3.200 3/19/2041 AUD 66.225
Landesbank Baden-Wuer1.000 12/15/2031 EUR 69.998
Brussels Municipaliti0.892 9/29/2041 EUR 61.968
Nederlandse Waterscha1.551 11/24/2061 EUR 63.417
Home Invest Belgium S1.850 1/15/2032 EUR 67.642
Deutsche Bank AG 0.700 2/6/2032 EUR 68.802
UniCredit Bank AG 8.150 2/22/2023 EUR 64.220
Luzerner Kantonalbank1.550 10/18/2024 CHF 70.220
Credit Suisse AG/Lond10.000 8/14/2023 CHF 72.680
Specialfastigheter Sv1.120 2/19/2044 SEK 54.272
Single Platform Inves0.803 3/20/2041 EUR 53.088
Credit Agricole SA 3.610 4/20/2036 AUD 63.180
Vontobel Financial Pr3.700 2/27/2023 EUR 72.740
Centre Hospitalier Re0.800 6/28/2041 EUR 60.392
Leonteq Securities AG8.000 11/29/2023 CHF 72.280
Landshypotek Bank AB 1.680 1/20/2042 SEK 69.447
Banco Santander SA 2.750 7/4/2038 EUR 74.644
Communaute Francaise 1.600 6/22/2047 EUR 65.150
Societe Generale SA 2.000 9/30/2030 USD 72.962
VTB Bank PJSC 0.010 12/13/2024 RUB 68.820
Region de Bruxelles-C1.020 4/30/2060 EUR 47.427
Kommunalkredit Austri1.183 6/2/2031 EUR 69.306
Landesbank Hessen-Thu0.780 11/18/2031 EUR 73.173
Bayerische Landesbank1.680 12/18/2037 EUR 72.340
Grand Delta Habitat 1.750 10/28/2061 EUR 58.637
SR-Boligkreditt AS 1.490 7/2/2038 EUR 74.438
Landesbank Baden-Wuer4.300 3/24/2023 EUR 58.860
Citigroup Global Mark12.000 2/13/2024 SEK 53.820
Natixis SA 0.300 6/25/2048 USD 21.230
Assistance Publique H1.800 4/10/2048 EUR 67.802
Cie de Financement Fo1.494 12/17/2038 EUR 73.769
Oberoesterreichische 0.285 11/6/2042 EUR 54.603
Agence France Locale 0.586 6/20/2034 EUR 71.447
Natixis SA 3.520 7/31/2034 USD 74.382
Raiffeisenlandesbank 2.070 6/18/2049 EUR 63.126
Romania Government Bo4.150 10/24/2030 RON 70.002
Hamburgische Investit0.380 2/24/2042 EUR 58.506
Natixis SA 3.220 7/5/2034 AUD 69.827
Landesbank Baden-Wuer0.660 7/3/2031 EUR 73.022
Single Platform Inves0.462 2/15/2040 EUR 52.368
Department of Bouches0.482 10/20/2045 EUR 49.716
BPCE SA 2.315 11/19/2035 AUD 54.153
DZ Bank AG Deutsche Z0.440 1/21/2036 EUR 57.179
UBS Group AG 3.030 11/18/2034 AUD 71.231
Skandinaviska Enskild7.450 1/15/2025 SEK 51.410
Region Auvergne-Rhone0.800 5/22/2040 EUR 61.355
Autonomous Community 0.810 10/31/2040 EUR 58.313
Region de Bruxelles-C0.556 12/23/2064 EUR 36.722
Landesbank Hessen-Thu0.750 12/2/2036 EUR 60.500
Credit Agricole Corpo2.500 2/20/2048 EUR 69.350
Landesbank Baden-Wuer3.480 2/24/2023 EUR 39.280
United Kingdom Gilt 1.500 7/31/2053 GBP 55.695
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.500
Landesbank Hessen-Thu1.000 1/21/2036 EUR 60.450
UBS AG/London 16.300 1/8/2024 EUR 11.100
Republic of Ireland I1.180 5/25/2087 EUR 49.101
Banco Santander SA 2.010 3/7/2034 EUR 73.863
Republic of Ireland I2.000 6/29/2064 EUR 65.738
Credit Suisse Group A5.250 USD 66.520
Raiffeisenlandesbank 0.750 6/20/2031 EUR 70.621
DekaBank Deutsche Gir3.000 1/27/2023 EUR 65.540
Muenchener Hypotheken0.600 3/4/2031 EUR 73.209
Oberoesterreichische 0.445 3/28/2036 EUR 66.563
Raiffeisen Centrobank10.000 3/24/2023 EUR 32.250
Republic of Ireland I2.000 6/29/2063 EUR 66.133
UBS AG/London 8.250 11/19/2026 EUR 64.100
DZ Bank AG Deutsche Z4.690 11/25/2022 EUR 35.410
Italy Buoni Poliennal2.700 3/1/2047 EUR 71.998
SAG Solarstrom AG 7.500 7/10/2017 EUR 31.000
Hypo Tirol Bank AG 1.010 1/20/2040 EUR 67.294
Kuntarahoitus Oyj 1.000 10/25/2049 EUR 63.216
Batigere Grand Est SA1.600 11/14/2044 EUR 45.944
Baromfi-Coop Termelo 2.700 11/20/2026 HUF 61.300
Single Platform Inves0.754 9/20/2039 EUR 55.795
BPCE SA 2.820 12/18/2039 AUD 52.895
Lehman Brothers Treas3.000 9/12/2036 JPY 0.100
Communaute Francaise 0.886 6/22/2057 EUR 45.299
SALVATOR Vermoegensve9.500 EUR 7.900
DZ HYP AG 1.300 2/27/2037 EUR 74.209
Autonomous Community 1.950 5/24/2041 EUR 70.755
Raiffeisen-Landesbank0.766 9/17/2031 EUR 70.142
Lehman Brothers Treas2.875 3/14/2013 CHF 0.100
Commerzbank AG 0.660 9/16/2030 EUR 74.403
SpareBank 1 SR-Bank A1.670 11/9/2033 EUR 73.888
OR PJSC 11.500 7/28/2024 RUB 4.020
Credit Suisse AG/Lond2.500 10/7/2025 SEK 27.920
Landesbank Baden-Wuer3.300 10/27/2036 EUR 69.683
Landesbank Baden-Wuer0.560 9/22/2033 EUR 60.322
Axial Javito Keresked2.000 9/23/2030 HUF 48.453
State of Hesse 0.450 9/23/2044 EUR 56.236
SAir Group 4.250 2/2/2007 CHF 12.329
BPCE SFH SA 1.375 3/22/2038 EUR 73.792
Premium Green PLC 1.637 7/25/2040 EUR 74.372
KPNQwest NV 7.125 6/1/2009 EUR 0.453
Russian Railways JSC 9.390 10/15/2040 RUB 50.010
UBS AG/London 18.000 11/20/2023 USD 73.850
Single Platform Inves1.690 7/25/2053 EUR 59.242
Single Platform Inves1.800 7/25/2053 EUR 61.015
Citigroup Global Mark1.370 7/27/2051 EUR 50.666
Barclays Bank PLC 3.900 2/15/2042 AUD 67.125
Credit Suisse AG/Lond10.350 2/27/2023 CHF 10.180
UBS AG/London 11.000 1/16/2023 CHF 55.100
Citigroup Global Mark1.380 11/4/2041 EUR 57.558
Landesbank Baden-Wuer0.400 1/12/2032 EUR 66.635
Sberbank of Russia PJ0.010 12/11/2026 RUB 66.100
DZ Bank AG Deutsche Z4.000 12/23/2022 EUR 54.530
Vontobel Financial Pr3.650 12/6/2022 EUR 50.930
Sberbank of Russia PJ0.010 7/23/2026 RUB 72.300
Sberbank of Russia PJ0.010 7/24/2028 RUB 59.000
Landesbank Baden-Wuer2.860 10/28/2022 EUR 56.030
Credit Suisse AG/Lond6.250 11/28/2022 CHF 65.160
Credit Suisse AG/Lond7.750 12/15/2022 CHF 47.370
Single Platform Inves1.762 5/25/2066 EUR 50.502
Credit Suisse AG/Lond10.000 1/18/2023 USD 57.920
Societe Generale SA 2.650 1/26/2032 USD 66.796
Bank Julius Baer & Co6.900 2/1/2023 CHF 70.150
Credit Suisse AG/Lond8.750 1/25/2023 USD 66.760
Sberbank of Russia PJ0.010 11/30/2028 RUB 59.600
Nederlandse Waterscha1.577 12/9/2039 GBP 63.038
Single Platform Inves1.761 12/14/2035 EUR 73.138
Merrill Lynch BV 3.770 2/16/2037 AUD 73.953
Landesbank Baden-Wuer2.300 2/28/2025 EUR 57.370
DekaBank Deutsche Gir4.210 2/24/2023 EUR 63.550
VTB Bank PJSC 0.010 9/7/2024 RUB 67.300
MFB Magyar Fejlesztes4.200 4/20/2033 HUF 59.051
Realkredit Danmark A/1.000 4/1/2033 DKK 73.001
VTB Bank PJSC 0.010 4/22/2026 RUB 70.000
NRW Bank 1.000 6/24/2051 EUR 61.122
Raiffeisen Schweiz Ge8.500 2/20/2023 CHF 44.500
Sberbank of Russia PJ0.010 11/27/2026 RUB 65.800
Sberbank of Russia PJ0.010 12/7/2026 RUB 71.300
Muenchener Hypotheken1.692 11/6/2051 EUR 56.639
Assistance Publique H0.666 3/19/2040 EUR 60.878
Credit Suisse AG/Lond4.600 11/9/2022 USD 9.740
Single Platform Inves2.130 3/18/2039 EUR 72.985
Regie Autonome des Tr1.820 7/18/2048 EUR 74.482
Landesbank Hessen-Thu1.550 9/21/2033 EUR 71.400
CDC Habitat SEM 0.853 2/15/2041 EUR 45.289
Landesbank Baden-Wuer0.620 2/18/2036 EUR 55.040
National Grid Electri3.350 6/10/2036 AUD 72.120
BNP Paribas SA 1.130 5/26/2036 EUR 61.581
Societe Generale SA 2.970 4/15/2036 USD 57.716
Caisse des Depots et 1.018 2/16/2051 EUR 61.637
Societe Generale SA 2.050 2/18/2031 AUD 65.029
Bayerische Landesbank0.450 2/12/2031 EUR 74.176
Kreditanstalt fuer Wi0.990 2/12/2051 EUR 61.246
DZ Bank AG Deutsche Z0.650 12/30/2030 EUR 73.560
SG Issuer SA 1.500 1/24/2034 EUR 59.040
Assistance Publique H1.913 4/22/2042 EUR 74.219
Purple Protected Asse2.060 3/30/2061 EUR 73.172
Deutsche Bank AG 2.330 2/11/2043 EUR 55.808
Landesbank Saar 0.710 12/6/2035 EUR 61.954
DekaBank Deutsche Gir14.820 6/1/2023 EUR 73.960
Muenchener Hypotheken1.172 10/30/2047 EUR 64.654
Berlin Hyp AG 0.750 3/4/2050 EUR 58.064
Deutsche Bank AG 1.560 6/18/2031 EUR 69.120
Department of Bouches0.981 5/14/2047 EUR 55.565
TMK PJSC 7.350 2/28/2025 RUB 60.150
Autonomous Community 1.550 5/11/2051 EUR 55.977
Landesbank Hessen-Thu0.900 6/10/2036 EUR 60.449
Credit Suisse AG/Lond6.800 1/27/2023 CHF 74.400
Danske Bank A/S 2.030 12/21/2032 EUR 73.098
Credit Suisse AG/Lond7.000 1/12/2023 EUR 65.550
Cooperatieve Rabobank1.485 9/3/2041 EUR 72.434
Region de Bruxelles-C1.040 5/3/2061 EUR 47.777
Deutsche Pfandbriefba0.240 4/18/2028 EUR 72.984
Landesbank Hessen-Thu0.350 5/27/2031 EUR 70.032
UBS AG/London 7.800 4/20/2026 EUR 42.860
Deutsche Pfandbriefba1.850 9/20/2032 EUR 64.959
VTB Bank PJSC 0.010 12/20/2024 RUB 70.090
VTB Bank PJSC 0.010 12/13/2024 RUB 73.040
Regie Autonome des Tr0.938 5/25/2050 EUR 51.865
Parnassia Groep BV 1.470 12/1/2045 EUR 59.804
NRW Bank 1.400 3/19/2070 EUR 59.811
Region de Bruxelles-C1.710 5/5/2047 EUR 67.846
Thomas Cook Finance 23.875 7/15/2023 EUR 1.268
VTB Bank PJSC 0.010 10/25/2024 RUB 75.000
Belfius Bank SA 1.561 4/27/2043 EUR 70.860
Muenchener Hypotheken1.420 4/20/2038 EUR 73.977
Barclays Bank PLC 6.400 6/16/2031 MXN 64.177
Single Platform Inves1.510 2/13/2043 EUR 60.039
Barclays Bank PLC 2.370 10/18/2031 USD 74.156
Single Platform Inves1.800 6/6/2039 EUR 69.159
Infogroup Holding Kft3.000 5/20/2031 HUF 52.350
DZ Bank AG Deutsche Z1.360 6/25/2031 EUR 67.710
Agence Francaise de D1.790 2/8/2049 EUR 74.259
Landesbank Baden-Wuer4.358 2/20/2034 EUR 68.120
Communaute Francaise 1.917 12/14/2045 EUR 68.711
La Banque Postale Hom1.475 12/17/2038 EUR 74.441
Muenchener Hypotheken0.170 9/25/2031 EUR 69.182
Single Platform Inves2.160 2/15/2044 EUR 67.882
Caisse des Depots et 0.950 2/17/2051 EUR 60.638
Landesbank Baden-Wuer0.820 2/1/2039 EUR 51.574
Region Bretagne SCI 0.815 6/12/2040 EUR 62.344
Credit Agricole Corpo1.620 8/24/2030 USD 70.990
DZ Bank AG Deutsche Z1.170 6/25/2030 EUR 71.380
DZ Bank AG Deutsche Z0.750 6/28/2033 EUR 72.847
BPCE SA 1.850 10/30/2030 AUD 65.501
Communaute Francaise 1.520 7/22/2069 EUR 56.600
Credit Suisse AG/Lond2.850 6/16/2036 EUR 69.332
Region Auvergne-Rhone0.805 7/26/2039 EUR 63.788
Cie de Financement Fo0.900 7/18/2058 EUR 51.875
Deutsche Bank AG/Lond4.030 6/15/2037 USD 68.038
Landesbank Saar 0.540 11/18/2033 EUR 65.092
Nomura Bank Internati0.400 11/5/2030 EUR 68.194
Aargau Verkehr AG 0.270 11/29/2049 CHF 64.997
Santander Internation1.700 12/12/2049 EUR 33.154
Ukraine Government In16.000 5/24/2023 UAH 59.000
Bayerische Landesbank1.480 4/8/2036 EUR 72.376
Single Platform Inves0.873 5/25/2052 EUR 43.591
Barclays Bank PLC 1.550 11/5/2029 USD 74.845
Banque Internationale0.480 11/13/2030 EUR 70.123
Credit Agricole Corpo1.760 1/20/2031 USD 70.460
Single Platform Inves2.040 2/15/2044 EUR 70.348
Petromena ASA 10.850 11/19/2018 USD 0.622
Barclays Bank PLC 1.235 11/27/2040 EUR 62.884
DZ Bank AG Deutsche Z0.540 12/30/2030 EUR 70.850
Hemso Fastighets AB 2.000 2/15/2033 EUR 67.432
DNB Boligkreditt AS 1.594 1/29/2043 EUR 71.948
Assistance Publique H1.810 11/17/2043 EUR 71.359
Muenchener Hypotheken1.495 10/5/2050 EUR 54.373
Muenchener Hypotheken1.666 8/7/2042 EUR 74.677
SAir Group 5.500 7/23/2003 CHF 12.329
Wirtschafts- und Infr0.170 12/9/2041 EUR 56.166
Ukraine Government In9.990 5/22/2024 UAH 59.000
Single Platform Inves1.600 2/15/2041 EUR 63.608
GVC George's Venture 2.500 12/18/2030 HUF 59.740
Corner Banca SA 11.000 11/17/2022 EUR 58.950
Erste Group Bank AG 1.065 5/17/2041 EUR 56.573
Societe Generale SA 2.920 2/21/2035 USD 60.133
UniCredit Bank AG 0.030 2/28/2033 EUR 69.517
Sberbank of Russia PJ0.010 7/5/2028 RUB 72.500
Sberbank of Russia PJ0.010 7/3/2026 RUB 72.400
Credit Suisse AG/Lond5.800 7/12/2023 USD 8.000
Single Platform Inves1.490 3/20/2051 EUR 54.317
Republic of Ireland I1.020 9/10/2086 EUR 44.721
Single Platform Inves1.480 7/25/2053 EUR 55.806
Assistance Publique H1.053 5/25/2052 EUR 51.791
BNG Bank NV 2.300 3/3/2036 AUD 65.581
Muenchener Hypotheken0.750 8/20/2031 EUR 72.688
Landesbank Baden-Wuer0.460 2/22/2030 EUR 72.480
Landesbank Baden-Wuer1.000 3/18/2039 EUR 53.503
Communaute Francaise 2.500 7/6/2087 EUR 73.536
Zurcher Kantonalbank 20.000 11/15/2022 USD 34.640
Banque Internationale18.000 11/23/2022 CHF 26.060
Sberbank of Russia PJ0.010 11/24/2026 RUB 66.100
Hungary Government Bo3.000 4/25/2041 HUF 45.069
Takarek Mortgage Bank3.750 4/14/2026 HUF 71.650
Deutsche Bank AG 2.480 12/10/2035 EUR 62.465
DekaBank Deutsche Gir1.300 4/23/2035 EUR 65.483
Commerzbank AG 1.430 1/23/2040 EUR 61.379
ECM Real Estate Inves5.000 10/9/2011 EUR 15.375
Region Auvergne-Rhone0.493 10/23/2037 EUR 63.591
Royal Schiphol Group 2.890 10/25/2034 AUD 66.886
Kreditanstalt fuer Wi0.660 11/12/2039 EUR 66.339
Landesbank Hessen-Thu1.020 5/14/2032 EUR 71.583
Landesbank Baden-Wuer0.780 5/27/2031 EUR 69.691
UBS AG/London 1.600 4/18/2049 EUR 63.267
Bayerische Landesbank1.690 4/23/2037 EUR 73.075
Erste Group Bank AG 1.400 5/7/2034 EUR 69.709
Caisse des Depots et 0.930 11/9/2050 EUR 60.495
Assistance Publique H1.502 5/9/2044 EUR 66.493
BNP Paribas SA 1.150 11/20/2034 EUR 70.063
Junta de Castilla y L1.270 10/31/2044 EUR 59.257
OR PJSC 12.000 11/14/2024 RUB 4.130
Landesbank Hessen-Thu0.900 10/22/2035 EUR 61.339
Waste Italia SpA 10.500 11/15/2019 EUR 0.550
Bulgaria Steel Financ12.000 5/4/2013 EUR 0.216
BPCE SFH SA 1.597 2/13/2042 EUR 73.681
Region Wallonne Belgi2.160 2/23/2044 EUR 71.111
Uliving@Essex Issuerc0.100 8/31/2058 GBP 72.013
Bayerische Landesbank0.710 12/1/2031 EUR 73.694
Ringkjoebing Landboba1.875 6/6/2039 EUR 64.482
Region Auvergne-Rhone0.650 5/18/2038 EUR 64.216
Takarek Mortgage Bank1.500 1/10/2025 HUF 73.000
Wirtschafts- und Infr0.060 8/31/2034 EUR 67.317
Landesbank Hessen-Thu1.700 1/11/2034 EUR 70.500
Oberoesterreichische 0.315 9/14/2035 EUR 65.628
BPCE SA 2.550 6/9/2035 AUD 57.094
State of North Rhine-1.513 7/27/2065 EUR 65.349
Russian Post FGUP 2.750 12/6/2023 RUB 60.070
Nationwide Building S1.425 3/16/2038 EUR 73.185
Erste Group Bank AG 0.350 10/23/2029 EUR 73.771
Region Wallonne Belgi1.741 4/7/2039 EUR 74.954
State of North Rhine-1.491 8/23/2066 EUR 63.779
Deutsche Pfandbriefba3.100 9/7/2046 USD 62.624
Ville de Paris 0.921 5/26/2053 EUR 50.015
Norddeutsche Landesba1.020 10/29/2031 EUR 73.882
UBS AG/London 9.750 1/16/2023 EUR 63.850
UBS AG/London 9.750 4/27/2023 USD 46.300
UBS AG/London 9.500 4/27/2023 USD 40.100
Berlin Hyp AG 0.030 7/22/2030 EUR 72.636
Dyadya Doner OOO 13.500 4/25/2023 RUB 15.000
Ile-de-France Mobilit1.000 12/2/2043 EUR 60.812
Credit Suisse AG/Lond7.500 11/18/2022 CHF 68.510
ING Bank NV 6.100 5/26/2028 RON 70.070
NRW Bank 0.591 3/19/2040 EUR 67.182
Nederlandse Waterscha1.500 3/10/2042 EUR 72.456
VTB Bank PJSC 0.010 9/16/2026 RUB 65.590
Credit Suisse AG/Lond8.000 10/31/2022 USD 60.000
Bank Vontobel AG 8.500 12/12/2022 EUR 53.800
VTB Bank PJSC 0.010 3/25/2026 RUB 61.000
JP Morgan Structured 12.000 8/28/2026 ZMW #N/A N/A
DZ Bank AG Deutsche Z0.520 6/23/2031 EUR 70.235
Credit Suisse AG/Lond8.000 8/30/2024 USD 8.219
Sberbank of Russia PJ0.010 12/7/2026 RUB 72.300
Kuntarahoitus Oyj 0.448 3/19/2040 EUR 59.401
Natixis SA 3.000 11/26/2031 AUD 74.314
Banque Internationale8.000 11/8/2023 USD 57.940
Assistance Publique H0.683 3/19/2041 EUR 59.318
Raiffeisen Schweiz Ge10.250 2/6/2023 CHF 36.090
Vontobel Financial Pr10.750 4/13/2023 EUR 70.260
UniCredit Bank AG 0.475 12/30/2030 EUR 73.463
Sberbank of Russia PJ0.010 9/3/2026 RUB 75.000
Sberbank of Russia PJ0.010 8/31/2028 RUB 57.800
Berlin Hyp AG 0.118 3/18/2030 EUR 74.056
Societe Generale SA 2.050 2/18/2031 AUD 65.084
VTB Bank PJSC 0.010 10/14/2026 RUB 55.560
VTB Bank PJSC 0.010 10/6/2024 RUB 71.720
Societe Generale SA 6.150 11/18/2024 USD 70.500
Trans-Sped Logisztika2.500 3/16/2030 HUF 55.430
Caisse des Depots et 1.275 5/5/2051 EUR 66.972
Landesbank Hessen-Thu1.800 6/9/2036 EUR 62.650
Landesbank Baden-Wuer0.320 5/28/2029 EUR 74.478
Region of Centre-Val 0.662 5/12/2034 EUR 73.676
UniCredit Bank AG 1.120 5/14/2057 EUR 60.799
Raiffeisen Schweiz Ge7.000 3/24/2023 CHF 53.840
UBS AG/London 13.250 8/2/2023 USD 59.400
Credit Suisse AG/Lond8.250 4/13/2023 CHF 53.850
United Utilities Wate0.359 10/5/2048 GBP 63.278
City of Kyiv Via PBR 7.500 12/15/2022 USD 34.590
UBS AG/London 5.000 4/14/2023 CHF 65.300
Credit Suisse AG/Lond8.500 3/24/2023 USD 73.720
VTB Bank PJSC 0.010 12/20/2024 RUB 69.670
VTB Bank PJSC 0.010 11/22/2024 RUB 75.000
VTB Bank PJSC 0.010 12/13/2024 RUB 73.780
Kuntarahoitus Oyj 0.939 2/15/2050 EUR 66.530
Sberbank of Russia PJ0.010 9/21/2028 RUB 58.610
Muenchener Hypotheken0.420 11/16/2033 EUR 65.222
Region Wallonne Belgi2.100 6/26/2048 EUR 73.874
Deutsche Apotheker-un1.616 1/15/2038 EUR 64.369
BNP Paribas SA 2.000 5/2/2033 EUR 71.872
UBS AG/London 12.250 11/3/2023 USD 64.400
Societe Generale SA 3.040 1/19/2032 AUD 70.154
BNP Paribas SA 2.230 2/22/2034 EUR 73.921
Sparebank 1 Oestlande1.750 1/30/2034 EUR 73.981
Vasakronan AB 2.533 1/28/2044 EUR 51.254
Raiffeisenlandesbank 0.810 10/20/2031 EUR 70.553
Bank of Ireland Mortg1.574 3/31/2043 EUR 72.123
Parnassia Groep BV 1.260 12/3/2046 EUR 70.462
Nordea Bank Abp 7.150 7/20/2024 SEK 64.600
BPCE SFH SA 1.229 4/12/2049 EUR 65.281
Hypo Tirol Bank AG 0.565 2/5/2031 EUR 69.638
Assistance Publique H0.647 7/17/2040 EUR 60.036
Region de Bruxelles-C1.250 1/10/2060 EUR 52.588
Landesbank Hessen-Thu1.600 6/12/2035 EUR 66.300
Credit Agricole Corpo2.480 8/18/2050 USD 46.968
Kreditanstalt fuer Wi0.620 1/14/2050 EUR 53.097
Region de Bruxelles-C0.460 12/15/2051 EUR 42.952
Region Auvergne-Rhone0.697 8/2/2036 EUR 68.749
EFG International Fin6.120 7/11/2024 EUR 44.640
Single Platform Inves1.140 3/26/2040 EUR 59.635
State of Lower Austri0.400 10/13/2050 EUR 45.713
Credit Agricole Corpo2.105 10/22/2035 USD 59.078
Department of Loiret 0.790 11/22/2039 EUR 63.012
BNG Bank NV 0.799 7/25/2039 EUR 67.043
HSBC Continental Euro0.800 12/13/2034 EUR 66.485
Skandinaviska Enskild6.250 1/15/2025 SEK 49.610
Landesbank Baden-Wuer0.010 1/25/2030 EUR 73.580
Wirtschafts- und Infr0.208 1/28/2043 EUR 54.604
MFB Magyar Fejlesztes1.700 6/24/2025 HUF 71.400
Lehman Brothers Treas11.750 3/1/2010 EUR 0.100
Region de Bruxelles-C0.765 7/15/2052 EUR 48.022
Single Platform Inves0.428 2/15/2040 EUR 51.601
Single Platform Inves0.725 3/7/2039 EUR 56.657
BPCE SA 2.285 12/3/2035 AUD 53.849
Landesbank Hessen-Thu0.500 2/18/2036 EUR 57.021
Landesbank Hessen-Thu0.500 10/14/2031 EUR 70.220
Credit Bank of Moscow7.121 6/25/2024 USD 25.379
Credit Suisse AG/Lond1.200 12/20/2030 EUR 72.785
DZ Bank AG Deutsche Z9.750 5/26/2023 EUR 67.030
Societe Generale SA 3.470 1/26/2033 USD 69.543
Rikshem AB 2.197 3/1/2033 EUR 74.149
VTB Bank PJSC 0.010 9/16/2026 RUB 71.950
DVM Construction Fova3.000 7/29/2030 HUF 54.400
DekaBank Deutsche Gir7.050 4/28/2023 EUR 52.190
Department of Loiret 0.550 12/18/2045 EUR 50.534
LFA Foerderbank Bayer0.125 9/30/2038 EUR 59.497
Office Public De L'Ha1.700 12/22/2060 EUR 70.789
Nomura Bank Internati0.909 11/20/2029 EUR 74.963
Kommunekredit 1.375 5/18/2046 SEK 65.447
Akademiska Hus AB 2.600 10/27/2047 SEK 74.933
Hypo Vorarlberg Bank 0.500 6/23/2031 EUR 69.597
Region de Bruxelles-C1.310 12/15/2069 EUR 49.956
Landesbank Hessen-Thu0.530 11/4/2031 EUR 71.691
Norddeutsche Landesba0.750 1/15/2032 EUR 70.664
Barclays Bank PLC 2.550 3/18/2031 AUD 72.155
Cooperatieve Rabobank3.000 3/25/2036 AUD 73.170
Landesbank Saar 0.700 3/26/2031 EUR 74.653
Muenchener Hypotheken1.000 6/30/2037 EUR 61.606
Barclays Bank PLC 3.020 3/26/2051 USD 58.532
Norddeutsche Landesba0.675 2/25/2033 EUR 66.501
VTB Bank PJSC 0.010 8/26/2026 RUB 67.120
DekaBank Deutsche Gir2.800 12/23/2022 EUR 46.120
Cooperatieve Rabobank1.520 9/7/2043 EUR 71.929
Russian Railways JSC 9.390 2/28/2040 RUB 50.010
Russian Railways JSC 9.390 2/28/2040 RUB 50.010
OP Corporate Bank plc1.400 3/16/2035 EUR 68.753
Deutsche Bank AG 1.750 4/9/2035 EUR 57.608
Basler Kantonalbank 8.000 8/18/2023 CHF 58.840
BNP Paribas Issuance 0.700 6/25/2039 EUR 61.390
Progress Etteremhaloz3.000 9/18/2030 HUF 57.700
Batigere Grand Est SA1.485 10/25/2039 EUR 52.099
Erste Group Bank AG 7.500 11/29/2024 EUR 46.950
Leonteq Securities AG8.000 11/1/2022 CHF 52.020
DZ Bank AG Deutsche Z1.150 12/30/2030 EUR 72.390
Vasakronan AB 1.870 6/3/2039 EUR 48.788
Solarwatt GmbH 7.000 11/1/2015 EUR 15.500
Nationale-Nederlanden0.530 9/3/2029 EUR 74.810
Transports Publics Ne0.220 10/28/2032 CHF 73.470
Pongs & Zahn AG 8.500 EUR 0.003
Astana Finance BV 9.000 11/16/2011 USD 15.250
Russian Foreign Bond 2.875 12/4/2025 EUR 40.670
NRW Bank 1.245 9/7/2060 EUR 60.381
Free and Hanseatic Ci1.095 6/13/2046 EUR 65.331
Communaute Francaise 1.115 7/11/2039 EUR 64.508
DZ HYP AG 1.060 7/28/2036 EUR 72.203
DekaBank Deutsche Gir2.890 5/23/2044 EUR 74.329
Pescanova SA 8.750 2/17/2019 EUR 0.319
State of North Rhine-1.293 2/25/2041 EUR 71.850
Raiffeisen-Landesbank0.060 10/3/2031 EUR 73.221
Banca Popolare di Son1.590 12/30/2035 EUR 74.325
Bayerische Landesbank3.200 10/28/2022 EUR 61.630
Reso-Leasing OOO 17.000 10/30/2025 RUB 70.000
Leonteq Securities AG8.000 1/23/2023 CHF 59.720
Corner Banca SA 14.000 2/14/2023 CHF 55.760
DZ Bank AG Deutsche Z1.000 11/9/2035 EUR 72.286
UBS AG/London 9.250 1/9/2023 USD 67.650
UBS AG/London 13.000 4/6/2023 USD 37.700
Landesbank Baden-Wuer4.000 1/2/2026 EUR 74.440
Banque et Caisse d'Ep1.000 1/4/2042 EUR 67.134
Region of Centre-Val 0.924 11/2/2043 EUR 58.739
Region of Centre-Val 0.755 11/2/2037 EUR 66.510
Brown's Pharma Holdin3.900 7/9/2031 EUR 70.511
Muenchener Hypotheken0.620 7/22/2033 EUR 66.422
Landesbank Hessen-Thu1.000 3/24/2032 EUR 73.024
UBS AG/London 0.120 5/25/2040 MXN 11.766
Hunland Feed Kft 2.880 7/21/2031 HUF 55.890
Baromfi-Coop Termelo 3.000 7/19/2031 HUF 58.100
Leonteq Securities AG11.000 1/19/2023 CHF 52.940
Leonteq Securities AG11.000 1/26/2023 USD 37.710
Caisse des Depots et 1.365 11/2/2051 EUR 68.018
Natixis SA 3.080 1/25/2032 AUD 73.741
Zurcher Kantonalbank 10.000 1/26/2023 CHF 60.630
Credit Suisse AG/Lond12.000 1/24/2023 USD 43.490
Erste Group Bank AG 1.200 2/11/2040 EUR 59.959
Credit Agricole Corpo17.520 1/27/2027 TRY 66.185
Credit Suisse AG/Lond8.000 11/21/2022 EUR 23.510
Credit Suisse AG/Lond7.000 2/10/2023 EUR 58.250
Credit Agricole Corpo10.800 3/24/2026 TRY 48.752
Citigroup Global Mark1.240 2/18/2040 EUR 57.177
Republic of Ireland I1.100 11/12/2096 EUR 42.536
Republic of Ireland I1.230 6/23/2121 EUR 43.306
DZ Bank AG Deutsche Z0.540 10/23/2031 EUR 69.410
Barclays Bank PLC 10.200 2/14/2025 TRY 56.754
Greenleaves Capital D2.665 9/25/2031 AUD 71.726
Barclays Bank PLC 0.940 8/2/2049 JPY 67.633
Metropolis of Grenobl0.700 11/18/2033 EUR 74.689
Metal Hungaria Holdin3.500 11/16/2031 HUF 65.000
Bank Vontobel AG 11.500 11/14/2022 EUR 64.100
Landesbank Baden-Wuer0.060 9/1/2031 EUR 68.934
Landesbank Hessen-Thu2.180 3/17/2042 EUR 73.326
Nordea Bank Abp 2.000 4/29/2027 SEK 59.980
UniCredit Bank AG 4.200 9/29/2025 EUR 49.390
Swedbank Hypotek AB 1.500 7/13/2048 EUR 68.821
Cie de Financement Fo1.520 7/19/2038 EUR 74.386
BPCE SFH SA 1.470 8/2/2038 EUR 73.868
State of Rhineland-Pa0.500 7/30/2036 EUR 68.829
BNP Paribas SA 2.050 8/14/2039 EUR 74.103
Region de Bruxelles-C1.800 8/17/2048 EUR 68.272
Landesbank Baden-Wuer0.570 2/27/2034 EUR 59.452
Landesbank Hessen-Thu1.200 2/9/2052 EUR 68.446
UBS AG/London 6.750 2/23/2024 CHF 68.950
UBS AG/London 8.500 11/30/2022 CHF 38.750
Zurcher Kantonalbank 10.000 1/27/2023 USD 72.910
Banque et Caisse d'Ep0.880 2/10/2037 EUR 72.054
Banque Cantonale Vaud5.000 4/6/2023 CHF 45.150
Kreditanstalt fuer Wi1.175 4/14/2051 EUR 66.558
Credit Agricole Corpo3.200 3/11/2036 AUD 71.907
Landesbank Baden-Wuer0.760 3/31/2036 EUR 56.247
DekaBank Deutsche Gir0.250 1/31/2031 EUR 73.203
NRW Bank 0.642 2/9/2051 EUR 57.738
Credit Agricole Corpo2.000 2/19/2031 AUD 73.067
Single Platform Inves1.650 6/1/2038 EUR 74.742
Caisse des Depots et 0.571 2/18/2041 EUR 62.382
Brussels Municipaliti0.892 3/29/2041 EUR 62.727
OR PJSC 16.000 11/22/2025 RUB 18.000
UBS AG/London 7.000 7/12/2023 CHF 52.250
Natixis SA 3.600 11/16/2041 AUD 65.823
Landeskreditbank Bade1.017 3/15/2061 EUR 55.389
Credit Suisse AG/Lond15.000 3/17/2023 USD 52.960
Bayer Construct Epito3.700 10/21/2031 HUF 53.340
Single Platform Inves1.240 5/21/2032 EUR 74.023
Region de Bruxelles-C1.065 6/22/2047 EUR 57.475
Barclays Bank PLC 2.600 4/6/2031 NZD 74.541
Landesbank Baden-Wuer0.500 4/16/2031 EUR 68.583
DNB Boligkreditt AS 1.570 9/27/2038 EUR 74.649
DNB Boligkreditt AS 1.573 11/2/2038 EUR 74.534
Stadt Graz 1.824 10/31/2047 EUR 69.175
Nordea Bank Abp 5.000 1/20/2025 SEK 61.120
Credit Agricole Corpo3.020 4/22/2036 AUD 70.071
Barclays Bank PLC 2.000 5/7/2036 MXN 28.038
ING Bank NV 2.330 5/12/2031 USD 74.789
Muenchener Hypotheken1.185 5/5/2059 EUR 59.803
UBS AG/London 10.000 10/2/2023 CHF 68.600
DZ Bank AG Deutsche Z3.000 3/24/2023 EUR 73.740
BPCE SFH SA 1.523 6/14/2038 EUR 74.954
Department of Bouches1.563 6/18/2038 EUR 74.722
Specialfastigheter Sv2.375 6/25/2048 SEK 69.119
Leonteq Securities AG7.000 9/27/2023 CHF 56.050
Societe Generale SA 29.000 4/19/2023 USD 50.650
Leonteq Securities AG23.400 1/18/2023 CHF 28.430
Kuntarahoitus Oyj 1.150 9/24/2051 EUR 65.075
Credit Mutuel Arkea S2.060 9/21/2038 EUR 67.787
Swedbank Hypotek AB 1.450 9/14/2038 EUR 73.922
Societe d'Infrastruct1.913 7/12/2033 EUR 70.664
ING Groep NV 0.975 2/14/2034 EUR 59.650
Banco Santander SA 2.750 9/5/2037 EUR 74.660
Nederlandse Waterscha1.950 8/29/2058 EUR 72.705
Credit Suisse AG/Lond7.000 10/31/2022 USD 54.620
Nordea Bank Abp 2.000 2/3/2027 SEK 63.310
NRW Bank 0.921 10/20/2041 EUR 66.900
Aareal Bank AG 0.220 3/10/2028 EUR 71.856
UniCredit Bank AG 1.560 1/20/2031 EUR 64.720
Credit Agricole Corpo3.100 4/28/2041 AUD 65.064
Landesbank Baden-Wuer0.420 4/12/2030 EUR 71.653
Cooperatieve Rabobank2.250 9/15/2047 EUR 67.819
JP Morgan Structured 11.000 12/30/2026 ZMW #N/A N/A
DZ Bank AG Deutsche Z1.150 4/30/2035 EUR 71.407
Nordea Bank Abp 8.250 1/20/2025 SEK 60.990
ABN AMRO Bank NV 1.585 1/21/2039 EUR 74.531
ING Bank NV 1.557 1/17/2039 EUR 74.606
ING Bank NV 1.560 1/21/2039 EUR 74.640
Credit Agricole Corpo2.300 6/16/2031 USD 72.679
UBS AG/London 16.000 4/1/2024 USD 70.350
Landesbank Baden-Wuer4.000 11/25/2022 EUR 66.800
Nordea Bank Abp 1.424 2/20/2034 EUR 73.969
Landesbank Hessen-Thu1.600 3/22/2034 EUR 72.079
Landeskreditbank Bade1.443 3/18/2042 EUR 72.576
DNB Boligkreditt AS 1.355 12/18/2037 EUR 72.756
DNB Boligkreditt AS 1.455 1/11/2038 EUR 73.841
DNB Boligkreditt AS 1.452 1/19/2038 EUR 73.697
Deutsche Bank AG/Lond12.780 3/16/2028 TRY 42.981
BNG Bank NV 1.603 3/19/2048 EUR 70.528
Stadshypotek AB 1.444 4/19/2038 EUR 74.241
Erste Group Bank AG 7.250 6/30/2026 EUR 66.850
Banco Santander SA 1.000 1/14/2034 EUR 66.473
Norddeutsche Landesba1.100 10/13/2034 EUR 66.705
Premium Green PLC 3.500 9/15/2041 EUR 71.447
Swedbank Hypotek AB 1.500 7/2/2038 EUR 72.864
Banco Santander SA 1.020 1/4/2034 EUR 66.146
BPCE SA 2.730 10/5/2036 AUD 57.126
Leonteq Securities AG17.000 11/22/2022 USD 14.360
Bank Vontobel AG 15.000 11/28/2022 CHF 56.100
Cie de Financement Fo1.887 1/31/2049 EUR 73.616
Lloyds Bank PLC 2.280 1/29/2044 EUR 70.987
Oberbank AG 2.250 2/1/2039 EUR 69.813
Swedbank Hypotek AB 1.292 2/11/2037 EUR 73.482
Sibur Holding PAO 1.500 10/1/2032 USD 47.000
DZ HYP AG 1.505 3/12/2038 EUR 74.846
Ukraine Government Bo4.000 1/25/2024 USD 40.778
BPCE SFH SA 1.529 12/14/2038 EUR 74.331
BPCE SFH SA 1.536 12/21/2038 EUR 74.312
Aareal Bank AG 0.255 9/17/2029 EUR 64.669
NRW Bank 0.650 7/20/2037 EUR 69.535
Vasakronan AB 1.781 10/30/2030 NOK 73.065
Norddeutsche Landesba1.600 8/1/2039 EUR 64.165
BNP Paribas SA 3.660 8/9/2039 AUD 66.511
NRW Bank 1.000 2/26/2050 EUR 61.766
Land Thueringen 1.000 3/29/2039 EUR 70.780
Nederlandse Waterscha1.486 4/24/2052 EUR 70.641
Landesbank Baden-Wuer1.250 4/24/2039 EUR 63.040
Department of L'Eure 1.110 6/18/2039 EUR 67.703
BKS Bank AG 1.160 2/4/2031 EUR 73.677
Credit Agricole Corpo1.830 2/4/2031 AUD 71.836
Kuntarahoitus Oyj 0.040 2/9/2034 EUR 69.691
Vasutvillamosito Kft 3.000 2/3/2031 HUF 65.000
BNP Paribas SA 3.580 7/23/2040 AUD 69.004
Caisse des Depots et 0.678 7/23/2040 EUR 64.513
Rikshem AB 2.370 6/17/2032 NOK 72.842
Aareal Bank AG 0.660 6/26/2028 EUR 72.315
Region Wallonne Belgi0.808 6/24/2038 EUR 64.829
Kreditanstalt fuer Wi0.400 8/12/2040 EUR 62.357
Daniella Kereskedelmi3.000 7/30/2030 HUF 54.700
Regie Autonome des Tr0.875 8/18/2080 EUR 36.256
UniCredit SpA 1.050 1/23/2031 EUR 67.466
Single Platform Inves1.150 5/25/2066 EUR 42.493
Caisse des Depots et 1.630 12/28/2046 EUR 74.742
Ville de Paris 0.831 2/23/2056 EUR 45.595
Vasakronan AB 3.270 6/26/2034 AUD 69.830
Royal Schiphol Group 3.090 7/1/2034 AUD 68.635
BNP Paribas SA 3.950 7/11/2039 AUD 69.123
Collectivite Europeen0.487 10/9/2045 EUR 49.831
DZ Bank AG Deutsche Z0.500 10/21/2032 EUR 72.143
Societe Generale SA 3.300 7/8/2034 AUD 66.669
UniCredit Bank AG 0.310 10/15/2035 EUR 65.937
Societe Generale SA 27.300 10/20/2025 USD 17.250
Hypo Vorarlberg Bank 0.390 10/21/2030 EUR 70.380
Landesbank Baden-Wuer0.440 10/19/2035 EUR 66.863
Nederlandse Waterscha0.436 10/22/2040 EUR 60.892
BNG Bank NV 1.410 7/28/2031 AUD 71.056
Mostotrest PJSC 0.010 7/29/2026 RUB 62.660
UBS AG/London 12.250 11/18/2022 EUR 27.040
Deutsche Pfandbriefba1.000 12/2/2030 EUR 64.887
Standard Chartered Ba1.730 1/26/2031 USD 71.735
Nederlandse Waterscha0.932 12/2/2060 EUR 53.346
Hypo Tirol Bank AG 0.740 5/29/2040 EUR 63.339
Single Platform Inves2.320 9/18/2041 EUR 71.269
Kuntarahoitus Oyj 0.983 11/3/2060 EUR 58.623
DNB Boligkreditt AS 1.538 5/18/2038 EUR 74.499
EFG International Fin9.100 9/20/2023 EUR 37.020
BKS Bank AG 1.160 2/4/2031 EUR 73.615
Santander Internation1.365 1/28/2061 EUR 42.817
NRW Bank 0.600 1/28/2051 EUR 51.026
Landesbank Baden-Wuer1.100 5/7/2040 EUR 56.839
HSBC Bank PLC 10.300 12/10/2024 TRY 60.725
Kreditanstalt fuer Wi0.210 11/18/2037 EUR 61.951
State of Lower Austri0.550 11/13/2080 EUR 28.907
Societe Wallonne de F0.750 5/22/2030 EUR 74.552
Metropole de Lyon 0.466 12/7/2046 EUR 47.989
Landesbank Saar 0.400 1/14/2031 EUR 73.133
Societe Generale SA 1.100 2/20/2034 EUR 64.217
Region Bretagne SCI 0.150 1/19/2035 EUR 66.967
Credit Agricole Corpo11.340 2/12/2026 TRY 54.122
Regie Autonome des Tr0.953 5/24/2052 EUR 57.390
Single Platform Inves0.785 3/20/2039 EUR 57.178
Credit Agricole Corpo0.650 11/5/2034 EUR 62.346
SBAB Bank AB 0.928 11/7/2034 SEK 70.325
Region de Bruxelles-C1.467 3/1/2039 EUR 72.778
Single Platform Inves1.340 5/10/2044 EUR 56.663
OR PJSC 12.600 9/28/2025 RUB 5.000
Region de Bruxelles-C1.819 1/22/2048 EUR 69.384
HSBC Continental Euro2.220 1/24/2048 EUR 70.112
BPCE SFH SA 1.458 1/26/2038 EUR 74.280
Landesbank Hessen-Thu2.435 2/6/2048 EUR 70.710
Deutsche Apotheker-un1.715 2/13/2037 EUR 66.724
Landesbank Baden-Wuer1.690 2/7/2033 EUR 71.715
La Banque Postale Hom1.470 12/1/2037 EUR 74.995
State of Rhineland-Pa0.872 10/31/2036 EUR 71.694
Ministeries Van de Vl1.564 11/12/2046 EUR 64.794
DZ Bank AG Deutsche Z0.750 7/30/2032 EUR 74.686
Single Platform Inves0.678 2/15/2041 EUR 51.717
Batigere Grand Est SA1.550 8/12/2041 EUR 49.126
Cooperatieve Rabobank0.540 8/3/2040 EUR 59.838
Kuntarahoitus Oyj 0.726 1/8/2060 EUR 43.118
Aktia Bank Oyj 0.965 12/11/2040 EUR 59.164
UBS AG/London 10.250 12/15/2022 CHF 49.950
Single Platform Inves0.656 9/20/2050 EUR 41.249
Skandinaviska Enskild8.600 7/17/2023 SEK 53.450
Metropole de Lyon 0.500 12/28/2048 EUR 45.917
Single Platform Inves1.000 7/15/2036 EUR 64.493
Banque Cantonale Vaud5.000 5/17/2023 CHF 61.390
UBS AG/London 8.250 11/21/2022 CHF 41.700
Credit Agricole Corpo10.800 3/24/2026 TRY 52.458
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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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