/raid1/www/Hosts/bankrupt/TCREUR_Public/221121.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 21, 2022, Vol. 23, No. 226
Headlines
B E L G I U M
ONTEX GROUP: Moody's Cuts CFR & EUR580MM Sr. Unsecured Notes to B3
F R A N C E
BISCUIT HOLDING: EUR490M Bank Debt Trades at 34% Discount
CASPER MIDCO: Moody's Raises CFR to B3 & Alters Outlook to Stable
UNIFIN: Moody's Affirms 'B2' CFR & Alters Outlook to Stable
G E R M A N Y
AENOVA GROUP: S&P Alters Outlook to Stable, Affirms 'B-' ICR
HUGO BOSS: Egan-Jones Raises Sr. Unsecured Debt Ratings to BB+
SLV GMBH: EUR397M Bank Debt Trades at 27% Discount
WITTUR HOLDING: EUR565M Bank Debt Trades at 39% Discount
I C E L A N D
WD FF LIMITED: Fitch Affirms LongTerm IDR at 'B', Outlook Negative
I R E L A N D
FINANCE IRELAND NO. 2: S&P Affirms 'BB+(sf)' Cl. F-Dfrd Note Rating
ORANJE 32: S&P Affirms 'BB+ (sf)' Rating on Class E Notes
I T A L Y
ITALY: Egan-Jones Retains BB+ Sr. Unsecured Debt Ratings
L U X E M B O U R G
ARMORICA LUX: EUR335M Bank Debt Trades at 26% Discount
N E T H E R L A N D S
CASPER DEBTCO: Moody's Cuts CFR to Ca, Appends "/LD" to PDR
COMET BIDCO: GBP315M Bank Debt Trades at 32% Discount
COMET BIDCO: US$420M Bank Debt Trades at 33% Discount
GTT COMMUNICATIONS: EUR750M Bank Debt Trades at 32% Discount
GTT COMMUNICATIONS: US$140M Bank Debt Trades at 31% Discount
KETER GROUP: EUR690M Bank Debt Trades at 25% Discount
KETER GROUP: S&P Downgrades ICR to 'B-', On CreditWatch Negative
MEDIAN BV: Fitch Lowers LongTerm IDR to 'B-', Outlook Stable
SCHOELLER PACKAGING: Fitch Affirms 'B-' IDR, Outlook Stable
UPFIELD BV: GBP700M Bank Debt Trades at 15% Discount
R O M A N I A
BLUE AIR: To Hand Over 75% Stake to Romania Over Unpaid Debt
HIDROCONSTRUCTIA: Antitrust Regulator OKs Electromontaj Takeover
S P A I N
PROSIL ACQUISITION: DBRS Lowers Rating on Class A Notes to BBsf
S W I T Z E R L A N D
ILIM TIMBER: Moody's Lowers CFR to B3, Outlook Remains Negative
U N I T E D K I N G D O M
BRITISH STEEL: Chinese Owners Fail to Fulfill Investment Promise
BULB ENERGY: Government Bailout to Cost Taxpayers GBP6.5 Billion
BULB ENERGY: UK Government Blamed for Soaring Bailout Costs
SAPPHIRE: Enters Administration, To Be Put Up for Sale
THAME AND LONDON: Moody's Raises CFR to B3, Outlook Remains Stable
THG OPERATIONS: EUR600M Bank Debt Trades at 18% Discount
X X X X X X X X
[*] BOND PRICING: For the Week November 14 to November 18, 2022
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B E L G I U M
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ONTEX GROUP: Moody's Cuts CFR & EUR580MM Sr. Unsecured Notes to B3
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Moody's Investors Service has downgraded Ontex Group NV's corporate
family rating to B3 from B2 and its probability of default rating
to B3-PD from B2-PD. Concurrently, Moody's has downgraded to B3
from B2 the rating on the EUR580 million senior unsecured notes due
2026 issued by Ontex. The outlook on the ratings remains stable.
"The downgrade to B3 reflects Ontex's weaker than expected
operating performance compared with Moody's expectations when
Moody's downgraded the rating to B2 in March 2022, owing to
persistent inflationary pressures only partially mitigated by
higher prices and cost savings," says Pilar Anduiza, a Moody's
Analyst and lead analyst for Ontex.
"Given that some of these challenges will remain into 2023, Moody's
now expect a one year delay in the improvement of credit metrics
and the company's leverage will remain higher for longer," added Ms
Anduiza.
RATINGS RATIONALE
The downgrade reflects Moody's expectation that Ontex's
profitability will continue to be strained by inflationary cost
pressures resulting in weaker credit metrics over the next 12-18
months. Moody's expects Ontex's adjusted gross leverage will remain
very high in 2022, at around 9x, reducing towards 7.0x in 2023,
which is above the expectation for the previous B2 rating.
The company reported revenue growth of 16% YTD September 2022 on
the back of pricing and volume growth. However, EBITDA declined by
40% during the same period. Although, the company has been able to
pass on price increases to most end-customers, this has not been
enough to offset the impact from higher raw material costs as well
as inflation on energy, transportation, packaging and other
operating costs.
Nevertheless, Moody's positively notes the increased visibility
into 2022 final performance with the company's confirmation of its
outlook and the expectation that adjusted EBITDA for the year will
be at the higher end of the EUR125-140 million range.
The company also recently announced the change in CEO. While the
change in management is intended to allow a faster execution of the
strategy and the company confirmed that the strategy will remain
unchanged, Moody's notes that frequent changes in senior management
might also lead to changes in strategic focus and execution
delays.
Moody's expects Ontex's EBITDA margin to improve over the next
12-18 months, as the main raw material costs stabilise while the
company continues to increase prices and realises the cost savings
stemming from the cost reduction plan. Nevertheless, Moody's
believes that it will be challenging for Ontex to return to
pre-pandemic margin levels because if raw material prices drop on a
sustained basis, the current pricing levels will most likely have
to follow to some extent.
Moody's expects free cash flow generation to be negative by around
EUR100-140 million in 2022 as a result of higher than usual working
capital absorption and to remain negative in 2023 and 2024, mainly
because of restructuring-related one-off costs and gradually
increasing capital spending. Moody's also expects EBIT/interest
cover to be relatively weak over the next 12-18 months at around
1.0x.
More positively, Moody's notes that the announced sale of its
Mexican business is positive because Ontex plans to repay its
EUR220 million TLB due June 2024 at closing of the transaction,
addressing its upcoming debt maturities. While this sale and the
use of proceeds for debt reduction will support Ontex's liquidity,
the impact on leverage will be more modest, given that Mexico
generates most of the consolidated EBITDA from emerging markets.
Ontex's B3 CFR continues to be supported by the company's leading
market positions in the production of hygienic disposable products
in Europe; the less cyclical nature of its products; and its good
diversification by product and geography, with a balance between
its own and retail brands.
However, Ontex's CFR is constrained by the price-competitive nature
of the industry and by the strong bargaining power of large
retailers; its exposure to the negative impact from
foreign-currency exchange, also combined with the recent and sharp
increase in raw material prices; and the high level of
restructuring costs to support cost savings and future growth,
further constraining earnings and cash flow generation.
LIQUIDITY
Ontex's liquidity is currently adequate but is dependent on the
successful completion of the Mexico disposal and the refinancing of
the EUR250 million revolving credit facility (RCF) that is due in
June 2024.
The company had around EUR180 million of cash as of June 2022, and
EUR200 million availability under its EUR250 million RCF. Moody's
expects Ontex to address the refinancing of its RCF due June 2024
at least one year ahead of maturity.
Moody's notes that the EUR250 million RCF and the EUR220 million
term loan due June 2024 are subject to a covenant to be tested
semi-annually with progressive step-downs over time. The company
obtained a waiver for its leverage covenant tests in December 2022
as well as a reset for June 2023. Given the challenging environment
in 2023, under Moody's assumptions a covenant breach is possible
from December 2023. Therefore, the rating and outlook assumes a
successful sale of Mexico, with proceeds used to repay the TLB.
STRUCTURAL CONSIDERATIONS
The B3 rating on the senior unsecured notes is in line with the
CFR. All liabilities within the capital structure rank pari passu
among themselves. The instruments are guaranteed by material
subsidiaries representing a minimum of 70% of consolidated EBITDA.
Moody's has used the standard 50% family recovery rate to reflect
the presence of both notes and bank debt within the company's
capital structure. As a result, the PDR of B3-PD is in line with
the CFR.
RATIONALE FOR THE STABLE OUTLOOK
The stable outlook reflects Moody's expectation that Ontex's
operating performance will gradually stabilize resulting in an
improvement in credit metrics over the next 12-18 months, with
leverage reducing towards 7.0x by 2023 and progressively reducing
thereafter.
The stable outlook assumes a successful completion of the sale of
its Mexican business in Q1 2023, with proceeds used to repay its
term loan due June 2024, as well as the refinancing of its RCF
maturing in June 2024 at least one year ahead of maturity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward pressure on the ratings could develop overtime subject to
(1) a material improvement in operating performance and
profitability leading to sustained positive free cash flow
generation; (2) a reduction in leverage, measured as
Moody's-adjusted (gross) Debt/EBITDA, below 6.5x on a sustained
basis; (3) an improvement in its Moody's adjusted EBIT/interest
coverage ratio sustainably above 1.5x; and (4) the maintenance of a
good liquidity profile, including comfortable capacity under
financial covenants.
Downward pressure on the ratings could develop if (1) the planned
sale of the Mexican business does not complete as planned or
proceeds from disposal are not used to reduce debt; (2) the
company's liquidity profile deteriorates owing to upcoming debt
maturities; or (3) operating performance continues to weaken
leading to an increase in leverage, while free cash flow remains
sustainably negative.
LIST OF AFFECTED RATINGS
Downgrades:
Issuer: Ontex Group NV
Probability of Default Rating, Downgraded to B3-PD from B2-PD
LT Corporate Family Rating, Downgraded to B3 from B2
Senior Unsecured Regular Bond/Debenture, Downgraded to B3 from B2
Outlook Action:
Issuer: Ontex Group NV
Outlook, Remains Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.
COMPANY PROFILE
Ontex Group NV, headquartered in Aalst-Erembodegem, Belgium, is a
leading manufacturer of branded and retailer-branded hygienic
disposable products across Europe, the Americas, the Middle East
and Africa. Ontex operates in three product categories: baby care,
adult incontinence and feminine care. Ontex generated net sales of
around EUR2 billion in 2021 and EBITDA of EUR172 million, as
reported by the company. Ontex is a public company listed on the
Euronext Brussels stock exchange.
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F R A N C E
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BISCUIT HOLDING: EUR490M Bank Debt Trades at 34% Discount
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Participations in a syndicated loan under which Biscuit Holding
SASU/FR is a borrower were trading in the secondary market around
66 cents-on-the-dollar during the week ended Friday, November 18,
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 withdrawn and
outstanding.
Biscuit International produces snacks and confectionery products.
The Company manufactures a wide range of label biscuits and other
related products. The Company's country of domicile is France.
CASPER MIDCO: Moody's Raises CFR to B3 & Alters Outlook to Stable
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Moody's Investors Service has upgraded to B3 from Caa1 the
corporate family rating and to B3-PD from Caa1-PD the probability
of default rating of Casper MidCo SAS (B&B or the company) the
holding company of the French hotel operator B&B Hotels. Similarly,
the instrument ratings of the EUR715 million backed senior secured
term loan B3 (TL-B3), EUR100 million backed senior secured term
loan B4 (TL-B4) and EUR120 million equivalent backed senior secured
multicurrency 1st lien revolving credit facility (RCF) issued by
Casper BidCo SAS were upgraded to B3 from Caa1. The rating of the
EUR155 million backed senior secured 2nd lien term loans issued by
Casper BidCo SAS were upgraded to Caa2 from Caa3. The outlook on
all ratings has changed to stable from positive.
"The upgrade of B&B's CFR to B3 reflects the strong operating
performance of the company throughout 2022 combined with gradual
deleveraging which leads to substantial improvement of its credit
metrics. The stable outlook reflects Moody's expectation that
liquidity will remain adequate thanks to the substantial cushion
built throughout 2022 will accommodate for the rising inflation and
weaker consumer sentiment which will weigh on the company operating
performance in the next 12 to 18 months" says Elise Savoye, CFA, a
Moody's Vice President-Senior Analyst and lead analyst for B&B.
RATINGS RATIONALE
The rating action reflects B&B's strong performance throughout 2022
and relative outperformance of many peers. Over the first nine
months to 2022, B&B was able to significantly increase its prices
with an ADR of EUR65 as of Sep-22 YTD or 112% that of 2019 and
maintain its occupancy in line with 2019 (66.6% as of Sep-22 vs
67.1% in 2019) leading to a RevPar exceeding that of 2019 by 16%
and a better than peers recovery. B&B's market share in the budget
and economy segment increased as the company retained many of the
new customers gained thanks to higher opening rate during the
pandemic than peers and new hotels openings (77 through 2020 and
2021). Thanks to the very strong operating performance and gradual
deleveraging, B&B credit metrics have significantly improved with
Moody's adjusted gross debt/EBITDA at 7.0x and Moody's adjusted
EBITA / Interest at 1.2x as of Sept 2022 LTM.
B&B liquidity significantly improved and is now adequate thanks to
equity contribution in late 2021 and early 222, significant cash on
hand of EUR240 million, EUR120 million committed and undrawn backed
senior secured RCF, no major refinancing until 2026 and improved
cash-flow generation. The company has been able to generate
positive Moody's-adjusted free cash flow (FCF) over the first nine
months of 2022. Catch-up effect on the new openings in Q4 will
likely generate a negative FCF in the fourth quarter and we expect
B&B to be FCF neutral in 2022. B&B's now adequate liquidity is also
supported by the absence of dividend payout until the PEG loan is
repaid (2026).
The company grew its hotel base by a total of 142 hotels since 2020
and Moody's anticipate further growth. This will support revenue
generation but will also increase the leverage in absolute term via
additional leases (about 60% of Moody's adjusted debt is made of
leases).
Moody's expects B&B's very strong operating performance in 2022 to
weaken in the next 12-18 months on the back of the weaker consumer
sentiment, rising inflation and their implications on travel
activity. However, Moody's expect that revenue generation will
remain robust supported by B&B's good market position, improved
market share and good performance of new openings, while the
economy segment will likely benefit from transfers from the higher
end segments. B&B's flexible costs structure will also support
EBITDA generation; however Moody's expect the EBITDA margin to
decline from very high 25.2% LTM Sep-2022 to 21.5%-24% over the
next 12 to 18 months.
RATIONALE FOR THE STABLE OUTLOOK
The stable outlook reflects Moody's expectations that the key
credit metrics will remain commensurate with a B3 rating in the
next 12-18 months thanks to weaker but still robust operating
performance and significant cushion built throughout 2022. The
outlook does not reflect a spillover of geopolitical tensions on
the European travel market.
LIQUIDITY
B&B's liquidity is adequate and is supported by EUR240 million of
cash as of September 2022, which benefitted from capital increase
of EUR100 million in 2021 and 2022 and the additional TL-B4 of
EUR100 million in 2021, and a committed undrawn backed senior
secured revolving credit facility of EUR120 million as of September
2022. The backed senior secured RCF has a springing covenant of net
leverage below 8.5x if drawn above 40%. Moody's expect the company
to be free cash flow negative (on a Moody's adjusted basis) in 2023
and 2024 on the back of their growth strategy.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
WHAT COULD MOVE THE RATINGS - UP
The rating could be upgraded if there is a combination of the
following:
Strong liquidity and a return to meaningful and sustained positive
free cash flow
Improvement in credit metrics with debt/EBITDA well below 6.0x
coverage (EBITA/interest) approaching 1.5x and retained cash
flow/net debt above 10%, all on a sustained basis and including
Moody's standard adjustments
WHAT COULD MOVE THE RATINGS - DOWN
Negative rating pressure could arise if:
Moody's adjusted gross debt/ EBITDA remains sustainably above 7x;
Moody's adjusted EBITA/ Interest remains sustainably below 1x;
A rapid and significant deterioration in the underlying business
conditions with lower than anticipated demand or higher costs
leading to materially negative free cash flow and inability to
preserve an adequate liquidity profile
STRUCTURAL CONSIDERATION
In the loss-given-default (LGD) assessment for B&B, Moody's ranks
pari passu the EUR715 million existing backed senior secured TL-B3,
the EUR100 million additional backed senior secured TL-B4 issued in
2021, and EUR120 million backed senior secured RCF, which share the
same security and are guaranteed by certain subsidiaries of the
group accounting for at least 80% of consolidated EBITDA. Moody's
also consider at the same level the total EUR120 million additional
financing received throughout the pandemic from operating
entities.
The TL-B3 and TL-B4 are covenant-light with a spring net leverage
covenant set at 8.5x only applicable to the revolver if it is drawn
over 40% (undrawn as of September 2022). The rating of the TL-B3,
TL-B4 and the RCF reflects a lower relative amount of loss
absorption by the second lien term loan given the additional first
lien debt amount in 2021 and additional state loans on the
operating entity levels.
The EUR155 million of backed senior secured second lien term loans
are ranked junior to the 1st lien TL-B3, TL-B4 and RCF, they share
the same security with 1st lien TL-B3, TL-B4 and RCF and are also
guaranteed by subsidiaries of the group accounting for at least 80%
of consolidated EBITDA. This is reflected in the Caa2 rating on
these loans.
LIST OF AFFECTED RATINGS
Upgrades:
Issuer: Casper MidCo SAS
Probability of Default Rating, Upgraded to B3-PD from Caa1-PD
LT Corporate Family Rating, Upgraded to B3 from Caa1
Issuer: Casper BidCo SAS
BACKED Senior Secured Bank Credit Facility, Upgraded to B3 from
Caa1
BACKED Senior Secured Bank Credit Facility, Upgraded to Caa2 from
Caa3
Outlook Actions:
Issuer: Casper MidCo SAS
Outlook, Changed To Stable From Positive
Issuer: Casper BidCo SAS
Outlook, Changed To Stable From Positive
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
COMPANY PROFILE
Based in Paris, France, B&B is a limited-service hotel chain with
660 hotels in 13 European countries and Brazil as of September
2022. B&B focuses on the "econo-chic" concept – the more upscale
part of the budget segment. The company follows an asset-light
business strategy leasing almost all its hotels. In the first nine
months of 2022 B&B generated EUR690 million in revenues, 9% above
2019 revenues of EUR632 million.
ESG
B&B is owned by Goldman Sachs Merchant Banking Division. As a
result, Moody's expect B&B's financial policy to favour
shareholders over creditors, evidenced by the company's high debt
burden and the continued aggressive debt-fueled growth. The
coronavirus pandemic constitutes a social risk under Moody's ESG
framework, given the substantial implications for public health and
safety.
UNIFIN: Moody's Affirms 'B2' CFR & Alters Outlook to Stable
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Moody's Investors Service has affirmed the B2 corporate family
rating and B2-PD probability of default rating of UniFin (Unither
or the company). At the same time, Moody's has affirmed the B2
instrument ratings of the EUR305 million backed senior secured term
loan B and the EUR25 million backed senior secured revolving credit
facility (RCF), both borrowed by the company. The outlook on all
ratings has been changed to stable from negative.
RATINGS RATIONALE
The change in outlook to stable primarily reflects the improved
financial performance over the current year, following a
deterioration of key credit metrics in 2021 indirectly caused by
the coronavirus pandemic. Moody's estimates that the company's key
credit metrics will remain adequately positioned for Unither's B2
rating category over the next 12-18 months, including
Moody's-adjusted gross leverage trending towards 4x, with a
Moody's-adjusted FCF/debt ratio of 1.5%, and continued adequate
liquidity.
Over the next 12-18 months, the agency expects the company to show
top-line growth in the mid-to-high-single digits in percentage
terms, thanks to the strong rebound in demand for blow-fill-seal
(BFS) technology, where the company continues to have a leading
global position. Growth will also be supported by the recent
acquisition of a manufacturing facility in Brazil, which will
increase the company's capacity in Steriles in the region, with
only moderate integration risks. Moody's expects the company to
maintain EBITDA margin thanks to its ability to pass through costs,
and therefore the agency estimates that the company's
Moody's-adjusted EBITDA margin will stay at around 22-23% over the
next 12-18 months, similar to the 2022 levels, despite high raw
materials and energy costs.
On October 26, the company announced that Ardian, the company's
majority shareholder, will sell its stake in the company to a
consortium of current and new investors, led by the company's CEO,
which currently controls around 25% of the company's voting rights.
The closing of the transaction is expected in early 2023. The
agency understands that both the financial policy and strategy of
the company will not materially change, and the company will remain
primarily focused on organic growth and consolidating the company's
market position in China, with a few selective acquisitions to
improve manufacturing capacity. Moody's also understands that in
the future structure no shareholder will have a controlling
position or a majority of votes in the Board of Directors.
RATING OUTLOOK
The stable rating outlook reflects Moody's expectations that
Unither's credit metrics will continue to improve in the next 12-18
months, with a Moody's-adjusted gross leverage trending towards 4x
driven by stronger earnings and positive Moody's-adjusted FCF. The
outlook assumes that the company's financial policy and governance
standards will not deteriorate with the future ownership
structure.
LIQUIDITY PROFILE
Unither's liquidity is adequate, supported by EUR53 million of cash
on balance at end of September 2022; access to a EUR25 million
backed senior secured RCF fully undrawn as of September 2022; and
Moody's expectations of a positive Moody's-adjusted FCF generation
over the next 12-18 months. The company's next debt maturities are
its backed senior secured RCF due in 2024 and the backed senior
secured term loan B debt due in 2025. However, the agency expects
these facilities will be refinanced with the change in ownership,
early next year.
The backed senior secured RCF has a springing net leverage
covenant, defined as a net senior secured leverage ratio at 7.35x,
tested only if the backed senior secured RCF is drawn more than
35%. Moody's expect the company to maintain good capacity under
this covenant, as the ratio was 2.7x as of September 2022.
STRUCTURAL CONSIDERATIONS
The B2-PD is in line with the CFR and reflects a 50% recovery rate,
given the all-bank debt and covenant-lite structure. UniFin is at
the top of the restricted group and the issuer of the EUR305
million backed senior secured term loan B, as well as the EUR25
million backed senior secured RCF. Both instruments are rated B2,
rank pari passu and have a fairly limited security package
consisting only of share pledges. The loan facilities benefit from
guarantees from subsidiaries representing at least 80% of EBITDA.
Other debts for EUR24 million as of September 2022 include loans
from BPI France.
Convertible bonds are issued outside of the restricted group at the
level of the reporting entity Uni Invest, and Moody's treats these
convertible bonds as equity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward rating pressure could develop in the medium term in case (1)
Unither's business profile becomes more diversified in terms of
customers and end-markets, (2) and its Moody's-adjusted gross
debt/EBITDA remains sustainably below 4.5x along with a prudent
financial policy, (3) and Unither sustains meaningful positive
Moody's-adjusted FCF and maintains adequate liquidity.
Downward rating pressure could develop in case (1) industry
fundamentals soften or the company loses important customers, (2)
or its Moody's-adjusted gross debt/EBITDA increases above 5.5x for
a prolonged period, or its (3) Moody's-adjusted FCF generation or
liquidity weakens.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
COMPANY PROFILE
Unither is a niche operator in the broader contract development and
manufacturing organization (CDMO) market. It is mainly active in
the secondary manufacturing and packaging part segments, with a
particular focus on the blow-fill-seal (BFS) technology. During the
twelve months ended September 2022, it generated EUR342 million of
net sales and company-adjusted EBITDA of EUR93 million. The company
is currently majority owned by Ardian, a financial sponsor, while
the current CEO's family controls around 25% of voting rights, and
other top executives of the company have 11%.
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G E R M A N Y
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AENOVA GROUP: S&P Alters Outlook to Stable, Affirms 'B-' ICR
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S&P Global Ratings revised its outlook on Germany-based Aenova
Group GmbH to stable from positive. S&P affirmed its 'B-' long-term
issuer credit rating on Aenova and its 'B-' rating on the senior
secured debt, which has a recovery of '3' (indicating recovery
prospects of about 60%).
The stable outlook indicates that S&P expects Aenova to continue
benefiting from its well-established contractual relationships
across pharma and health care, as well as from operational controls
and efficiencies gained in the past few years, translating into
adjusted debt to EBITDA of close to 7x and positive FOCF in 2023.
Aenova's profit margins will be lower than expected in 2022, due to
elevated raw material, packaging, and energy costs. S&P said, "We
now estimate the adjusted EBITDA margin at about 12%-13% in 2022,
some 200 basis points lower than our previous forecasts, on the
back of sweeping input price inflation. The group's order book
remains strong, thanks to its diverse portfolio of products and
manufacturing capabilities, allowing it to benefit from a
post-COVID return to more normal patterns of demand in many
therapeutic areas (for example, anti-infectives). The group has
been able to mitigate the inflationary impact on its margins,
thanks to management's timely negotiations with customers to pass
through increases in some key raw materials (e.g., active
pharmaceutical ingredients, glucose, gelatin), albeit with a time
lag of one to three months. However, packaging costs, traditionally
excluded from pass through provisions, climbed more than expected,
with global prices for plastic and cardboard packaging increasing
by more than 60% since April 2022, from already elevated levels in
2021. This was coupled with extended supply lead times causing
additional disruption to operational processes for contract
manufacturing organizations in the pharmaceutical and health care
industry, although these pressures now seem to be easing. We note
that Aenova will benefit from energy price caps at its German
manufacturing sites, which should ease the high energy cost impacts
for the next 12 months. Therefore, we believe that the group's
ability to increase its prices, coupled with volume growth, should
slow down further margin erosion as the group goes into 2023."
EBITDA margin should improve in 2023, backed by new product
launches and sound cost management. Despite some expected
volatility, we forecast Aenova's adjusted EBITDA margin will
improve about 12.5%-13.5% in 2023, since its solid orderbook for
the coming months should translate into higher volumes, fueled by
further pricing increases and new product launches such as the BFS
(Blow Fill Seal) project and further innovation in solids. Aenova
is a European market leader in solids, representing 57% of its 2021
sales, with longstanding customer relationships backed by timely
delivery and stringent quality. While operating costs should still
be elevated, management's commitment to include more transparency
in its negotiations should enable the group to pass through further
price increases if needed--including raw materials, packaging, and
energy--thanks to regular negotiation and enhanced transparency
from supplier to customer. The group has secured its electricity
and gas needs for the following months, using hedging when
possible. This should help Aenova's deleveraging path for the next
12 months, after the refinancing in June 2021.
S&P said, "We expect Aenova's adjusted debt to EBITDA to improve to
about 7x in 2023. Despite increased S&P Global Ratings-adjusted
debt to EBITDA in 2022, peaking at about 8x, due to lower
performance, we believe Aenova should be able to decrease its
adjusted leverage to 7x in the next 12 months, thanks to a higher
EBITDA base. Our adjusted debt of about EUR720 million-EUR725
million for 2022 includes the existing term loan B, additional
local bank loans, and our adjustments for net pension liabilities
of about EUR45 million, lease liabilities of about EUR65 million,
and EUR61 million for trade receivables. We also factor in the
financial sponsor ownership by BC Capital Partners. As such, we do
not deduct the cash on the balance sheet from our leverage
calculation."
FOCF should remain positive in 2023, at about EUR15 million. S&P
project positive FOCF generation of at least EUR10 million in 2022
and slightly above EUR15 million in 2023, thanks to lower capital
expenditure (capex) and sound working capital management. That
said, the group might require this cushion in case of operational
needs for additional inventories, if supply chain headwinds pick up
again. In addition, S&P views positively the group's rolling
interest rate hedging policy to support short-term debt service
coverage.
S&P said, "Future growth should be supported by a solid project
pipeline and supportive turnaround strategy. For 2022, capex is
likely to be lower than expected, at about EUR40 million (versus
EUR60 million-EUR70 million in our previous base case) and about
EUR45 million in 2023, due to postponed projects. Nevertheless, we
note that the group's project pipeline is significant, with further
capacities and innovations to be launched, which should support
Aenova's growth in the coming years. The group's focus is on
continuous improvement of production capacity utilization for
existing manufacturing sites, while supporting new partnerships and
product development. The group already has a strong positioning in
solids and plans to expand further in that sector, while
investments in new technologies it lacks in sterile would support
further growth. Since 2019, Aenova has started its turnaround plan
to improve its operational efficiency and gain significant business
in higher-margin business segments such as generic pharma (animal
health and generic drugs), and higher value differentiated
over-the-counter products. While this year's performance might be
lower than expected, we believe the group is putting in place the
necessary steps to implement its plan and fuel revenue growth.
"We expect strong revenue growth of about 10% in 2023, supported by
strong demand and a higher price mix. After a rebound of 5%-6% in
2022, with revenue of EUR735 million-EUR740 million, we expect
further growth over the next 12 months. This is due to a recovery
in demand, stemming from higher volumes of medical consultations,
since almost 50% of Aenova's products are prescription-based. This
means more predictable revenue, but also restoration of therapeutic
pathways disrupted by the pandemic. We also forecast further price
increases, as some impacts have not been fully mitigated, which
should support revenue growth. Therefore, we estimate revenue will
rise to EUR810 million-EUR815 million in 2023, from higher volumes,
coupled with increased prices and some new product launches.
"The stable outlook reflects our expectation that Aenova's
operating performance should improve in the next 12 months thanks
to a solid orderbook, continuous new contract wins and improved
pricing, tight cost-control--including material cost-pass
through--and an improved share of higher value-added products. We
expect adjusted debt to EBITDA of about 8x in 2022, with positive
free operating cash flow (FOCF), thanks to lower capex than
expected and control over working capital needs.
"From 2023, we anticipate positive annual FOCF of EUR15
million-EUR20 million, mainly thanks to better operating leverage
and lower working capital requirements. Under our base case, we
expect Aenova to maintain FFO cash interest coverage above 3x and
to achieve adjusted debt to EBITDA of about 7x.
"We could downgrade Aenova if its operating performance deviates
materially from our base case, such that the group fails to improve
its profitability in line with our assumptions and adjusted debt to
EBITDA stagnates." This scenario could stem from:
-- Loss of key customers;
-- More aggressive financial policy causing adjusted leverage to
increase above our base-case expectations;
-- Nonrenewal of contracts; or
-- A significant increase in production and distribution costs,
with an inability to pass costs through to customers.
S&P said, "We could downgrade Aenova if it is unable to generate
healthy and recurring FOCF, resulting in a material deterioration
in its credit metrics that would hamper expected deleveraging.
"We could take a positive rating action if Aenova demonstrated
profitable growth, with an adjusted EBITDA margin increasing to at
least 15%, pushing adjusted debt to EBITDA comfortably and
sustainably below 6.0x, while also generating positive FOCF. This
scenario could stem from continuous contract gains, robust growth
from product developments, enhanced operating efficiency, and a
conservative approach to external expansion."
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Aenova, because of
controlling ownership by a financial sponsor. However, we view
positively the results of the group's operational turnaround
strategy, which has been supported by the sponsor. Aenova's
business has a high degree of operational complexity, providing
high specification outsourced manufacturing services to
pharmaceuticals and consumer health care companies, such as
originators, generic companies, and providers of food supplements
and veterinary products."
HUGO BOSS: Egan-Jones Raises Sr. Unsecured Debt Ratings to BB+
--------------------------------------------------------------
Egan-Jones Ratings Company, on November 15, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Hugo Boss AG to BB+ from BB-.
Headquartered in Metzingen, Germany, Hugo Boss AG designs,
produces, and markets brand name clothing.
SLV GMBH: EUR397M Bank Debt Trades at 27% Discount
--------------------------------------------------
Participations in a syndicated loan under which SLV GmbH is a
borrower were trading in the secondary market around 73.0
cents-on-the-dollar during the week ended Friday, November 18,
2022, according to Bloomberg's Evaluated Pricing service data.
The EUR397 million facility is a term loan. The loan is scheduled
to mature on January 3, 2024. The amount is fully withdrawn and
outstanding.
SLV GmbH provides lighting products. The Company offers lamps,
pendant, fittings, transformers, control devices, and electrical
products. The Company's country of domicile is Germany.
WITTUR HOLDING: EUR565M Bank Debt Trades at 39% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Wittur Holding GmbH
is a borrower were trading in the secondary market around 61.4
cents-on-the-dollar during the week ended Friday, November 18,
2022, according to Bloomberg's Evaluated Pricing service data.
The EUR565 million facility is a term loan. The loan is scheduled
to mature on September 23, 2026. The amount is fully withdrawn
and outstanding.
Wittur Holding GmbH is the operating entity of The Wittur Group.
The Company is a worldwide producer and supplier of elevator
components. Founded 1968 in Germany, the group is today present
with various subsidiaries in Europe, Asia and Latin America.
=============
I C E L A N D
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WD FF LIMITED: Fitch Affirms LongTerm IDR at 'B', Outlook Negative
------------------------------------------------------------------
Fitch Ratings has affirmed WD FF Limited's (Iceland; previously
Lannis Ltd) Long-Term Issuer Default Rating (IDR) at 'B'. The
Outlook is Negative. Fitch also affirmed the senior secured
instrument ratings issued by Iceland Bondco plc at 'B+'/'RR3'.
The Negative Outlook reflects higher leverage than commensurate
with the rating and temporary weaker profitability, which Fitch
expects to recover by the financial year ending March 2025 (FY25)
as the company implements its energy hedging plans. It also
captures execution risk on cost savings ahead of the refinancing of
notes maturing in March 2025. This is balanced by a healthy
liquidity position, supported by capex flexibility and fixed
interest rate debt.
Iceland remains highly exposed to capital market conditions at the
time of refinancing, although management retains flexibility to
potentially refinance its debt at a lower amount. Should
operational turnaround and debt capital markets prove elusive by
2H23, this could be indicative of off-market refinancing risks
leading to at least a one-notch downgrade.
The 'B' rating also reflects Iceland's specialist business model
focused on the frozen food and value-seeking consumer segments,
which have been resilient through business cycles. Fitch believes
this segment will somewhat benefit from a recessionary
environment.
KEY RATING DRIVERS
Higher Leverage Upon Refinancing: Fitch expects high funds from
operations (FFO) adjusted gross leverage at 7.5x in FY25 when the
GBP550 million notes mature. Iceland remains highly exposed to
capital market conditions at the time of refinancing. Its forecast
incorporates a reduction in leverage from around 8.5x in FY22-23 as
profitability recovers amid energy cost hedging, which is still
subject to execution. Fitch assumes no voluntary debt prepayment,
as Fitch expects the company will favour a healthy liquidity
position in the current uncertain economic environment and
potentially refinance its debt at a lower amount. Fitch expected
deleveraging to 7.5x by FY24 under its previous rating case in
January 2022.
Energy Cost Drags Profits: Fitch has lowered Iceland's EBITDA
forecast for FY23 to around GBP90 million, from around GBP125
million (after GBP15 million adjustment for leases in line with its
criteria) previously. Fitch expects around a 200bp negative impact
on the EBITDA margin from materially higher but now fully hedged
energy costs in FY23. Overall, Fitch expects a 100bp hit to the
EBITDA margin in FY23, with the energy impact mitigated by around
GBP50 million cost savings and some uplift in sales as consumers
feel the squeeze on their incomes and trade down. Fitch
deconsolidate the restaurants business from its forecast.
Profitability Pressures: Fitch expects cost pressures to continue,
in terms of cost of goods inflation and national living-wage
increases. Fitch expects Iceland to implement various cost-saving
measures, following GBP11 million in 1Q23, to offset some of the
cost inflation. Cost inflation is harder to absorb for
smaller-scale grocers such as Iceland that operate with thinner
EBITDA margins (3.4% in FY22) than large and more diversified
mainstream grocers (around 5%-6%). Management has indicated it has
maintained broadly stable buying margins so far, but this could
become harder, given supplier-cost inflation and in light of
Iceland's value offer and competitive landscape.
Fitch expects for EBITDA margin to gradually recover to 3.6% over
the rating horizon as energy hedging deals, still subject to
execution risk, provide full benefit by FY25.
Opportunistic Financial Behaviour: Iceland's cash funding of the
share purchase from Brait (GBP109 million, fully paid in FY21) and
non-core investments signalled opportunistic financial behaviour in
the context of the company's high leverage. Iceland has not
diverted further funds to its non-core restaurant business,
following an initial GBP31 million that was up-streamed in 3Q21.
However, it is likely that the restricted group would support the
restaurant business if needed.
Its two-family ownership, following the share buyback from Brait,
should allow a longer-term strategic focus. Fitch does not assume
any further material outflows to support, or material earnings
contribution from its restaurant business under its rating case.
The restaurant business has not been included in the restricted
group, and Fitch assumes no additional debt to be serviced from the
restricted group in future.
Lower Free Cash Flow Generation: Fitch expects Iceland to generate
broadly neutral free cash flow (FCF) amid lower profit forecast and
compared with 1% FCF under its previous forecast. Low maintenance
capex of around GBP15 million provides flexibility. Generally,
Fitch expects capex to be lower than FY18-20 when Iceland invested
in its distribution network, depots, online and IT infrastructure.
Fitch expects prudent balancing of capital allocation between
modernisation of its stores, business growth and maintaining
healthy cash balance in the current uncertain environment.
Value Positioning May Benefit: Changing behaviours, whereby
consumers increasingly look for value and shop around for deals,
puts Iceland in a good position to gain market share. Iceland is
UK's second-largest frozen food retailer after Tesco. Iceland grew
its sales during the global financial crisis.
Iceland mildly increased its share in the UK grocery market between
2008 and 2022, despite competitive pressures and the rapid growth
of discount stores. This was achieved by greater differentiation in
its product offering, improved pricing, investment in its stores
and formats, and improved brand positioning with regard to the
environment and sustainability. Fitch expects the UK food industry
to continue to have stiff competition.
DERIVATION SUMMARY
Iceland's business risk profile, as a mostly UK-based specialist
food retailer, is constrained by the company's modest size and
lower diversification compared with other Fitch-rated European food
retailers, such as Tesco Plc (BBB-/Stable) and Bellis Finco Plc
(ASDA; BB-/Negative). Both peers have higher market share, larger
scale, and greater diversification than Iceland.
Iceland's EBITDAR leverage, which Fitch expects to reduce from
around 8.5x in FY23 to slightly below 7.0x in FY25, is much higher
than Fitch-rated UK peers (ASDA: just below 6.0x trending to 5.0x;
Tesco: around 3.5x).
Iceland is larger than Picard Bondco S.A. (B/Negative), a French
specialist food retailer also active in frozen foods, but its
profitability is materially weaker (EBITDAR margin of about 5.5%
versus Picard's above 17%) and FFO. Picard operates mostly in the
higher-margin premium segment and benefits from strong brand
awareness. Picard's financial leverage is similar to Iceland's on
FFO-adjusted gross leverage basis at above 8.5x in FY23-FY25, but
it has better deleveraging capability and a stronger business
profile.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within its Rating Case for the Issuer:
- Retail revenue (excluding restaurants) growth of 4.5% in FY23 and
3% in FY24 driven by trade-down, partial cost inflation
pass-through and Food Warehouse store openings offset by core
Iceland store closures. Growth of about 1% thereafter.
- 15 Food Warehouse store openings over FY23-FY24, increasing to 25
stores per year in the following two years, partly offset by core
Iceland store closures of 20 per year.
- EBITDA margin to contract by 100bp, given energy cost and wage
inflation, partially offset by cost-savings initiatives.
Improvement by 70bp in FY24 and further 50bp in FY25 as energy
hedging impact feeds through, EBITDA margin reaching 3.6% by FY25.
- Working capital slight outflow of GBP8 million in FY23 (movement
of inventory, payables, and receivables only) and slight inflow
thereafter.
- Capex of GBP50 million in FY23 and reduced to GBP25 million in
FY24 in line with management guidance, and reversal to GBP50
million thereafter.
- No dividends or other distributions (to the restaurants business,
for example) over the rating horizon.
- Restaurant business has been deconsolidated.
Fitch's Key Recovery Rating Assumptions:
Fitch's recovery analysis assumes that Iceland would be reorganised
as a going-concern in bankruptcy scenario rather than liquidated.
Fitch has assumed a 10% administrative claim.
Iceland's going-concern EBITDA assumption reflects its expectation
of recovery in earnings amid visibility on energy cost and cost
savings initiatives. Fitch has excluded the restaurant business
from its going-concern EBITDA calculation.
The going-concern EBITDA estimate of GBP110 million (unchanged)
reflects its view of a sustainable, post-reorganisation EBITDA,
upon which Fitch bases the enterprise valuation (EV). The
assumption also reflects corrective measures taken in the
reorganisation to offset the adverse conditions that trigger its
default, such as cost-cutting efforts or a material business
repositioning.
Fitch applies an EV multiple of 4.5x to the going-concern EBITDA to
calculate a post-reorganisation EV.
Iceland's revolving credit facility (RCF) is assumed to be fully
drawn upon default. The RCF is super-senior to the company's senior
notes in the debt waterfall.
The allocation of value in the debt waterfall results in recovery
expectations corresponding to a 'RR3' Recovery Rating for the rated
notes totalling GBP800 million, with a recovery percentage of 53%
(unchanged).
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to an
upgrade (to B+):
- Fitch views an upgrade of the IDR as unlikely over the next two
years, unless Iceland demonstrates material improvements in
operating performance and adopts more conservative capital
allocation.
- Evidence of positive and profitable like-for-like sales growth
and the maintenance of stable market shares, leading to resilient
profitability with EBITDA margins increasing towards 5%, could lead
to positive rating action.
- Total EBITDAR leverage below 5.5x and FFO adjusted gross leverage
below 6.0x, both on a sustained basis.
- EBITDAR fixed-charge coverage above 2.0x on a sustained basis.
Factors that could, individually or collectively, lead to Outlook
revision to Stable (at B):
- Evidence of stable market share, demonstrated ability to pass on
or mitigate cost inflation, including progress on energy hedging,
leading to stabilised EBITDA margin towards 3.5% and positive FCF.
- Maintenance of comfortable liquidity position while making
voluntary debt prepayments, combined with less adverse market
conditions or EBITDAR leverage trending to 6.5x or below and FFO
adjusted gross leverage trending to 7.0x or below.
- EBITDAR fixed-charge coverage at or above 1.5x.
Factors that could, individually or collectively, lead to negative
rating action/downgrade (to B-):
- Evidence of negative like-for-like sales growth, with loss of
market shares due to a competitive environment or to permanently
lower capex, or inability to pass on or to mitigate cost inflation,
including lack of progress on energy hedging, leading to a
prolonged and accelerating EBITDA margin erosion or neutral FCF.
- Tightening of liquidity amid unexpected cash outflows, combined
with adverse market conditions suggesting high refinancing risk.
- EBITDAR leverage above 6.5x and FFO adjusted gross leverage above
7.0x, both on a sustained basis.
- EBITDAR fixed-charge coverage below 1.5x on a sustained basis.
LIQUIDITY AND DEBT STRUCTURE
Comfortable Liquidity: Fitch views Iceland's liquidity as
comfortable, given a cash balance of GBP116 million at September
2022, which excludes restricted GBP20 million for working-capital
purposes (Fitch's adjustment), along with an undrawn GBP20 million
RCF. Fitch expects Iceland's liquidity to remain comfortable over
the rating horizon, despite weaker earnings as Fitch expects
Iceland to flex its capex accordingly. Around 25% of the GBP60
million capex in FY22 was for maintenance.
Refinancing risk on the upcoming GBP550 million senior secured
notes maturities in March 2025 has increased and depend on
execution of profits recovery and visibility on deleveraging before
refinancing, while healthy liquidity provides some buffers to
implement cost-saving measures. Fitch does not assume any voluntary
debt prepayments before maturities.
Iceland is currently exposed to limited interest rate risks as all
debt is fixed, reflected in FFO fixed charge cover of around 1.5x,
in line with the rating.
ISSUER PROFILE
Iceland is a British food retailer specialising in frozen and
chilled food products at a low price point. It operates around
1,000 stores in the UK.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Iceland Bondco PLC
senior secured LT B+ Affirmed RR3 B+
WD FF Limited LT IDR B Affirmed B
=============
I R E L A N D
=============
FINANCE IRELAND NO. 2: S&P Affirms 'BB+(sf)' Cl. F-Dfrd Note Rating
-------------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Finance Ireland
RMBS No. 2 DAC's class B-Dfrd, C-Dfrd, and D-Dfrd notes to 'AA+
(sf)' from 'AA (sf)', 'AA- (sf)' from 'A+ (sf)', and 'A- (sf)' from
'BBB+ (sf)', respectively. At the same time, S&P affirmed its 'AAA
(sf)', 'BBB- (sf)', and 'BB+ (sf)' ratings on the class A, E-Dfrd,
and F-Dfrd notes, respectively.
The rating actions reflect its full analysis of the most recent
transaction information that S^P has received and the transaction's
structural features.
The transaction's performance remains stable with low arrears,
while both the general reserve fund and the class A liquidity
reserve fund remain at their respective targets.
After applying S&P's global residential loans criteria, our
weighted-average foreclosure frequency has decreased primarily
because of the transaction's improved weighted-average effective
loan-to-value (LTV) ratio. S&P's weighted-average loss severity
assumptions have decreased at all rating levels due mainly to the
reduced current weighted-average LTV ratio following recent
significant HPI growth in Ireland.
Credit Analysis Results
RATING LEVEL WAFF (%) WALS (%)
AAA 30.56 25.28
AA 20.66 20.98
A 15.66 13.48
BBB 10.44 9.72
BB 5.44 7.31
B 4.24 5.35
WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.
S&P said, "Considering the results of our credit and cash flow
analysis, the increased available credit enhancement, and the
transaction's performance, we consider that the available credit
enhancement for the class B-Dfrd, C-Dfrd, and D-Dfrd notes is
commensurate with higher ratings than those currently assigned. We
therefore raised our ratings on these classes of notes.
"We analyzed the performance of the class E-Dfrd and F-Dfrd notes
under different stress scenarios. Specifically, we considered the
high proportion of loans that are on fixed rate products and are
due to revert to a floating rate in the coming years. This could
potentially lead to an increase beyond the typical level of
prepayments expected under our criteria. We also considered the
potential sensitivity of these classes of notes to an increase in
arrears as a result of cost of living pressures, and the
sensitivity of the notes to reduced revenues caused by product
switches. In each case, the ratings remain robust. We therefore
affirmed our 'BBB- (sf)' and 'BB+ (sf)' ratings on the class E-Dfrd
and F-Dfrd notes.
"The available credit enhancement for the class A notes continue to
be commensurate with the currently assigned rating. We therefore
affirmed our 'AAA (sf)' rating on this class of notes."
Finance Ireland RMBS No. 2 is a static RMBS transaction that
securitizes a portfolio of owner-occupied mortgage loans, secured
over residential properties in Ireland. The transaction closed in
September 2020.
ORANJE 32: S&P Affirms 'BB+ (sf)' Rating on Class E Notes
---------------------------------------------------------
S&P Global Ratings raised its credit ratings on the class B through
D notes issued by Oranje (European Loan Conduit No. 32) DAC to 'AAA
(sf)', 'AA (sf)', and 'AA- (sf)', respectively. At the same time,
S&P affirmed its 'AAA (sf)' rating on the class A notes and 'BB+
(sf)' rating on the class E notes.
Rating Rationale
The rating actions follow its review of the transaction's credit
and cash flow characteristics. Four (Cheetah, Cygnet, Le Mirage,
and Legion) of the five loans originally backing the notes have
repaid in full. The repayment of the four loans together with the
partial prepayment of the Phoenix loan have been applied almost
entirely pro rata to the notes, therefore only marginally
increasing credit enhancement. The class A notes' credit
enhancement is now 37.0%, up from 34.9% at closing.
The S&P loan-to-value (LTV) ratio on the Phoenix loan has reduced
to 65.2%from 72.8%, due to deleveraging. S&P's S&P Value on the
remaining properties securing the loan has remained relatively
stable.
The Phoenix loan had a three-year term with an initial maturity
date of August 2021, followed by two one-year extension options.
The second extension option has recently been exercised and the
loan maturity date has been extended to August 2023. The loan pays
interest-only. The original interest rate hedge expired on the
initial loan maturity in 2021. A new interest rate cap was put in
place at 2.5% and will expire at loan maturity in August 2023.
Based on S&P net cash flow (NCF) and the current capped interest
rate of 2.5% (plus margin of 1.9%), the interest coverage ratio
(ICR) for the loan is 3.11x. During the life of the loan, it
benefits from a debt yield covenant which ratchets to 10% from 8.5%
and a cash sweep event which ratchets from to 11% to 9.5%, with
current minimum levels at 10.0% and 11.0%, respectively. The
current debt yield is 13.5%.
At the August 2022 interest payment date, the Ondernemingshuis,
Maastricht property sale was completed and the loan was repaid by
EUR5.7 million.
Transaction Overview
The transaction closed in 2018 and initially consisted of five
loans secured on 79 office, industrial, and residential properties
in the Netherlands. One loan--the Phoenix loan--remains, which has
also partially prepaid because the borrower sold six of the 18
offices. The offices are all located in the Netherlands.
The transaction is backed by one senior commercial mortgage loan.
Morgan Stanley arranged and underwrote the Phoenix loan to
facilitate the refinancing of a portfolio of 18 office properties
located across the Netherlands. The loan had a cut-off loan balance
of EUR99.5 million, indicating an original LTV ratio of 56.1%. Its
loan balance is now EUR75.40 million following the sale of six
assets.
S&P said, "At closing, we underwrote the properties to a slightly
higher occupancy rate than in-place, giving credit for lease ups.
This has not materialized to the same extent and vacancies have
persisted. In addition, the largest property Zuidtoren in Hoofddorp
is currently 49.3% vacant after undergoing major renovations. Green
Street reports market vacancy of 6.3% for Amsterdam as a whole,
however, the property is not in a central business district
location. Average market gross rent is reported as EUR190 per sq
meter per annum, which compares with an in-place rent of EUR239 per
sq meter per annum. Our assumed vacancy rate at closing was 13.1%
compared to 26.1% of the actual portfolio vacancy at that time. The
current vacancy is 22.2%, and we have now applied a 22.2% vacancy
rate in our analysis."
On a like-for-like basis, vacancy at the properties has decreased
since closing--to 22.2% from 26.1%. However, rental income has
improved only marginally to EUR11.6 million from EUR11.5 million.
Net rental income is EUR10.9 million, according to the August 2022
investor report. This is up from EUR10.3 million on a like-for-like
basis since closing..
The 12 office properties have a diversified rent roll with 74
tenants. However, only three of the properties are leased to more
than five tenants. The top five tenants account for 48.4% of rental
income and all have more than six years unexpired lease term. The
weighted-average lease term to expiry is 5.7 years and to
break--5.2 years and extends beyond loan maturity.
Since closing, S&P's S&P Global Ratings value has increased
slightly by 4.6% to EUR115.6 million from EUR111.0 million. This is
because we have assumed a higher NCF which is partially offset by a
higher cap rate at 8.5%.
Table 1
Loan And Collateral Summary
REVIEW AS OF AT ISSUANCE
NOVEMBER 2022 DECEMBER 2018
Data as of August 2022 November 2018
Senior loan balance (mil. EUR) 75.4 99.5
Senior loan-to-value ratio (%) 45.3 54.2
Contractual rental income
per year (mil. EUR) 11.6 11.5*
Net rental income per year
(mil. EUR) 10.9 10.3*
Vacancy rate (%) 22.2 26.1*
Market value (mil. EUR) 169.3 143.9*
*For the 12 remaining Phoenix properties only.
Table 2
S&P Global Ratings' Key Assumptions
REVIEW AS OF AT ISSUANCE
NOVEMBER 2022 DECEMBER 2018*
S&P Global Ratings vacancy (%) 22.2 13.1
S&P Global Ratings expenses (%) 10.0 11.5
S&P Global Ratings net
cash flow (mil. EUR) 10.3 9.8
S&P Global ratings value (mil. EUR) 115.6 111.0
S&P Global Ratings cap rate (%) 8.5 8.4
Haircut-to-market value (%) 31.7 22.9
S&P Global Ratings loan-to-value ratio
(before recovery rate adjustments; %) 65.2 72.8
*For the 12 remaining Phoenix properties only.
Other analytical considerations
S&P said, "We also analyzed the transaction's payment structure and
cash flow mechanics. We assessed whether the cash flow from the
securitized assets would be sufficient, at the applicable rating,
to make timely payments of interest and ultimate repayment of
principal by the legal maturity date of the floating-rate notes,
after considering available credit enhancement and allowing for
transaction expenses and external liquidity support."
As of the August 2022 interest payment date (IPD), the available
liquidity facility is EUR3.3 million. There have been no drawings.
S&P said, "Our analysis also included a full review of the legal
and regulatory risks, operational and administrative risks, and
counterparty risks. Our assessment of these risks remains unchanged
since closing and is commensurate with the ratings."
Rating Actions
S&P's ratings in this transaction address the timely payment of
interest, payable quarterly, and the payment of principal no later
than the legal final maturity date in November 2028.
The transaction's overall credit quality has improved due to the
delevering, which has followed the partial prepayments. At closing,
S&P also analyzed various last-loan-standing scenarios, where it
reviewed the impact of the prepayment of the loans in different
orders on the capital structure. The class C and D notes were
constrained due to the last-loan-standing analysis. However, this
is no longer a feature of our analysis as only one loan remains in
the transaction.
The S&P Global Ratings LTV ratio has decreased to 65.2% (from
72.8%). S&P therefore raised its ratings on the class B through D
notes to 'AAA (sf)', 'AA (sf)', 'A+ (sf)', 'AA- (sf)',
respectively. S&P affirmed its 'AAA (sf)' rating on the class A
notes and affirmed its 'BB+ (sf)' rating on the class E notes.
Based on the credit metrics alone, S&P's rating on the class E
notes could be higher. However, this class does not benefit from
support from the liquidity facility. S&P therefore does not believe
that its credit risk is commensurate with an investment-grade
rating.
=========
I T A L Y
=========
ITALY: Egan-Jones Retains BB+ Sr. Unsecured Debt Ratings
--------------------------------------------------------
Egan-Jones Ratings Company, on November 15, 2022, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Republic of Italy.
Italy is a European country with a long Mediterranean coastline.
===================
L U X E M B O U R G
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ARMORICA LUX: EUR335M Bank Debt Trades at 26% Discount
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Participations in a syndicated loan under which Armorica Lux Sarl
is a borrower were trading in the secondary market around 74.4
cents-on-the-dollar during the week ended Friday, November 18,
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 withdrawn and
outstanding.
Armorica Lux Sarl 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.
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N E T H E R L A N D S
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CASPER DEBTCO: Moody's Cuts CFR to Ca, Appends "/LD" to PDR
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Moody's Investors Service has downgraded to Ca from Caa1 the
corporate family rating of Casper Debtco B.V. ("Dummen Orange" or
"the company"), the holding company of the Dummen Orange group, the
Dutch-based leading floriculture breeding company globally.
Moody's also downgraded the company's probability of default rating
to Ca-PD/LD from Caa1-PD, appending a limited default designation
("/LD") to the PDR. Concurrently, the rating agency downgraded the
rating on the EUR80 million super senior secured term loans due
March 2026 to Caa1 from B2 and the rating on the EUR195.6 million
senior secured term loan due September 2026 to C from Caa2, both
borrowed by Casper Debtco B.V. Moody's also changed the outlook to
stable from negative.
The "/LD" designation follows the change in terms and conditions
under the company's debt obligations. The company has recently
started capitalizing substantially all the interest payments on its
EUR80 million super senior secured term loans due March 2026 and
the EUR195.6 million senior secured term loan due September 2026,
essentially converting a cash obligation into a payment-in-kind
(PIK) obligation. This capitalization of interest results in terms
less favorable than those provided in the original credit agreement
and therefore qualifies as a distressed exchange and a limited
default under Moody's definition. Moody's will remove the "/LD"
designation after three business days.
"The downgrade reflects the default resulting from amendments to
the terms and conditions of the company's debt obligations that
result in a diminished value relative to the original promise,"
says Valentino Balletta, a Moody's Analyst and lead analyst for
Dummen Orange.
"It also reflects Moody's expectation that the company's capital
structure is unsustainable, owing to its very high leverage, the
uncertain pace of recovery in light of the challenging economic
environment, and its already weak liquidity. As a result, the
likelihood of another default over the next 12 to 24 months is very
high," adds Mr Balletta. The unsustainable capital structure, weak
liquidity management and track of record of defaults are governance
considerations captured under the financial strategy and risk
management factor as per Moody's General Principles for Assessing
Environmental, Social and Governance Risks Methodology for
assessing ESG risks.
RATINGS RATIONALE
The downgrade reflects the default resulting from amendments to the
terms and conditions of the company's debt obligations that result
in a diminished value relative to the original promise. This is
considered a distressed exchange and a default under Moody's
definition.
The downgrade also reflects Moody's view that the company's
unsustainable capital structure will likely lead to another default
over the next 12 to 24 months, despite the changes to the terms and
conditions of the loans to temporarily alleviate pressure on its
liquidity. While the capitalization of interests will lead to EUR15
million of cash interest savings, it will also lead to a
progressive increase in the company's debt load.
Dummen Orange's year-to-date operating performance has been weaker
than expected, with a negative Moody's adjusted EBITDA as of
year-end September 2022, after the impact of phytosanitary and mold
issues which led to one-off costs of around EUR15 million. The
company is facing substantial headwinds, stemming from higher raw
material, energy, wages and freight costs, which are currently
difficult to be passed on entirely to final customers through price
increases. In addition, the company's operating performance has
been materially impacted by operational challenges in the tropical
business.
In addition, rising input and energy costs could lead to reduction
in volumes as plant growers delay or shorten their growing season,
mainly in Europe. In turn, growers could face increasing
difficulties in passing on price increases to end customers,
especially if end market demand declines given the highly
discretionary nature of the horticultural products. This creates
uncertainty around Dummen Orange's ability to achieve a sustained
recovery in EBITDA and cash flow generation.
The company will need to drive material improvements in performance
to reduce leverage to more sustainable levels. However, Moody's
believes that any material improvement in profitability is unlikely
given the very challenging operating environment, and as a result,
the company's capital structure will remain highly levered, with
Moody's-adjusted gross debt/EBITDA expected to be above 20x over
the next one to two years. The rating agency's calculation of
Dummen Orange's EBITDA deducts development costs of around EUR13-15
million per year that are capitalized in the company's financial
statements.
Dummen Orange's Ca CFR continues to be constrained by (1) its
relatively small scale and niche business focus on floriculture
breeding; (2) its exposure to phytosanitary issues, which creates
risk of earnings volatility; (3) its very high financial leverage
and unsustainable capital structure, with Moody's-adjusted gross
debt/EBITDA expected to be above 20x through 2024; (4) Moody's
expectation that the company will maintain negative free cash flow
over the next 2 years, which will gradually erode its cash cushion
and create pressure on its liquidity, particularly given the high
seasonality of the business and the maturity of its trade working
capital facility in March 2024; and (5) its track record of serial
defaults and restructuring.
However, the rating remains supported by (1) its leading position
in the niche floriculture breeding market globally; (2) its strong
R&D capabilities, which represent a significant competitive
advantage and should support a progressively growing recurring
revenue stream over time; (3) its ample portfolio of intellectual
property rights, which protect its revenue stream; and (4) the
company's position in the high-margin upstream segment of the
floricultural value chain.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
Governance considerations have been a driver of the rating action.
The very high and sustained level of leverage and its very tight
liquidity profile create an elevated risk of debt restructuring
which is already reflected in the rating agency assessment of the
company's Financial Strategy and Risk Management score of 5 as well
as Management Credibility and Track Record score of 4. As a result,
the overall exposure to governance risks (Issuer Profile Score or
"IPS") is G-5. Dummen Orange's overall ESG Credit Impact Score
(CIS) is CIS-5 to reflect that the ESG attributes are overall
considered as having a very high negative impact on the rating.
LIQUIDITY
Dummen Orange's liquidity is weak. With a cash balance of around
EUR5 million (including EUR23 million drawings under the new trade
working capital facility) as of end September 2022, the company's
liquidity position has materially weakened in recent months,
because of the weaker than expected operating performance.
The company has recently taken several actions to address the
liquidity shortfall, including (1) raising an additional EUR25
million under the super senior secured term loans; (2) the disposal
of some assets; and (3) the capitalisation of interests that will
allow cash interest savings of around EUR15 million per year.
Nevertheless, while these actions temporarily alleviate pressure on
liquidity, the rating agency forecasts that the company's cash
balance will decrease over the coming quarters owing to the
continued negative free cash flow (FCF) generation.
The company's funds from operations of around EUR15 million each
year in 2023 and 2024 will be insufficient to cover its capital
spending, including capitalized R&D costs and lease repayments,
totaling EUR30 million per year, resulting in negative free cash
flow and therefore increasing reliance on the $30 million trade
working capital facility maturing in March 2024.
More positively, the company's debt facilities do not contain any
financial maintenance covenants.
STRUCTURAL CONSIDERATIONS
Dummen Orange's capital structure primarily comprises a EUR195.6
million senior secured term loan due September 2026, EUR80 million
super senior secured term loans due March 2026 and a $30 million
trade working capital facility maturing in March 2024. These
facilities share a common security package, with the super senior
facility and the trade working capital facility having a priority
claim over the proceeds from enforcement of security. The security
package primarily comprises pledges over shares, bank accounts and
intragroup receivables. In addition, the facilities are guaranteed
by the group's operating subsidiaries representing at least 75% of
consolidated EBITDA and gross assets. Moody's considers the
security package to be weak, in line with its standard approach for
share pledges.
The Caa1 rating on the super senior secured term loans is three
notches above the CFR, reflecting the presence of a significant
junior debt cushion, equal to almost 70% of the total financial
debt. Conversely, the C rating on the senior secured term loan is
one notch below the CFR, reflecting the very small recovery
expectation for this debt instrument in a default scenario.
The Ca-PD/LD PDR of Dummen Orange reflects Moody's assumption of a
50% family recovery rate, as is customary for covenant-lite bank
debt capital structures.
RATIONALE FOR STABLE OUTLOOK
The stable outlook reflects Moody's expectations that the company
will remain subject to the risk of a broader debt restructuring
over the next one to two years which may lead to a significant debt
write-off which is captured in the Ca CFR.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade is unlikely in the short term, and would be conditional
upon the company materially improving its operating performance and
establishing a more sustainable capital structure and restoring its
liquidity position.
There is limited negative pressure on the ratings at this stage
reflecting the already low rating. The rating could be further
downgraded if Moody's lowers its expectation for recovery in a
situation of distressed exchange due to a strong deterioration in
the company's business environment among others.
LIST OF AFFECTED RATINGS
Downgrades:
Issuer: Casper Debtco B.V.
Probability of Default Rating, Downgraded to Ca-PD /LD from
Caa1-PD
LT Corporate Family Rating, Downgraded to Ca from Caa1
Senior Secured Bank Credit Facility, Downgraded to C from Caa2
Senior Secured Bank Credit Facility, Downgraded to Caa1 from B2
Outlook Action:
Issuer: Casper Debtco B.V.
Outlook, Changed To Stable From Negative
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.
COMPANY PROFILE
Dummen Orange, headquartered in the Netherlands, is a leading Dutch
flower breeder specializing in the breeding and propagation of cut
flowers, pot plants and bedding plants, with a global network of
breeding, propagation, rooting and sales and marketing locations.
In the financial year ended September 30, 2022, the company
generated revenue of EUR390 million (2021: EUR386 million) and
EBITDA of EUR21.8 million (2021: EUR45.1 million), as adjusted for
non-recurring items. Dummen Orange is controlled by funds managed
by private equity firm BC Partners, which acquired the company from
H2 Equity Partners and the founding Dummen Orange family in
December 2015.
COMET BIDCO: GBP315M Bank Debt Trades at 32% Discount
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Participations in a syndicated loan under which Comet Bidco Ltd is
a borrower were trading in the secondary market around 68
cents-on-the-dollar during the week ended Friday, November 18,
2022, according to Bloomberg's Evaluated Pricing service data.
The GBP315 million facility is a term loan. The loan is scheduled
to mature on October 6, 2024. The amount is fully withdrawn and
outstanding.
CometBidco Limited provides connectivity and business-critical
insight across communities of buyers and sellers. The Company uses
range of exhibitions, conferences, trade shows, and websites to
target new business, demonstrate their products, build relationship
with their clients, and identify new opportunities for performance
improvement. The Company's country of domicile is the Netherlands.
COMET BIDCO: US$420M Bank Debt Trades at 33% Discount
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Participations in a syndicated loan under which Comet Bidco Ltd is
a borrower were trading in the secondary market around 67
cents-on-the-dollar during the week ended Friday, November 18,
2022, according to Bloomberg's Evaluated Pricing service data.
The US$420 million facility is a term loan. The loan is scheduled
to mature on October 6, 2024. About US$402 million of the loan is
withdrawn and outstanding.
CometBidco Limited provides connectivity and business-critical
insight across communities of buyers and sellers. The Company uses
range of exhibitions, conferences, tradeshows, and websites to
target new business, demonstrate their products, build relationship
with their clients, and identify new opportunities for performance
improvement. The Company's country of domicile is the Netherlands.
GTT COMMUNICATIONS: EUR750M Bank Debt Trades at 32% Discount
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Participations in a syndicated loan under which GTT Communications
BV is a borrower were trading in the secondary market around 68
cents-on-the-dollar during the week ended Friday, November 18,
2022, according to Bloomberg's Evaluated Pricing service data.
The EUR750 million facility is a term loan. The loan is scheduled
to mature on May 31, 2025. About EUR374 million of the loan is
withdrawn and outstanding.
GTT Communications B.V. provides telecommunication services. The
Company's country of domicile is the Netherlands.
GTT COMMUNICATIONS: US$140M Bank Debt Trades at 31% Discount
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Participations in a syndicated loan under which GTT Communications
BV is a borrower were trading in the secondary market around 69
cents-on-the-dollar during the week ended Friday, November 18,
2022, according to Bloomberg's Evaluated Pricing service data.
The US$140 million facility is a term loan. The loan is scheduled
to mature on May 31, 2025. About US$70 million of the loan is
withdrawn and outstanding.
GTT Communications B.V. provides telecommunication services. The
Company's country of domicile is the Netherlands.
KETER GROUP: EUR690M Bank Debt Trades at 25% Discount
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Participations in a syndicated loan under which Keter Group BV is a
borrower were trading in the secondary market around 75
cents-on-the-dollar during the week ended Friday, November 18,
2022, according to Bloomberg's Evaluated Pricing service data.
The EUR690 million facility is a term loan. The loan is scheduled
to mature on October 31, 2023. The amount is fully withdrawn and
outstanding.
Keter Group BV manufactures and markets resin-based household and
garden consumer products. The Company offers furniture, storage,
and organization solutions, such as sheds, deck boxes, dining
tables, seating lounge sets, cabinets, shelves, workbenches,
sawhorses, tool chest systems, and outdoor toys. The Company's
country of domicile is the Netherlands.
KETER GROUP: S&P Downgrades ICR to 'B-', On CreditWatch Negative
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S&P Global Ratings lowered to 'B-' from 'B' its issuer credit
rating on Keter Group B.V. and its issue rating on the existing
EUR1,205 million term loan B (TLB) and EUR102 million revolving
credit facility (RCF). S&P also placed the 'B-' issuer credit and
issue ratings on Keter on CreditWatch with negative implications.
S&P said, "The CreditWatch placement reflects that we would be
likely to lower our ratings on Keter, if the company is not able to
secure refinancing of its EUR1,205 million TLB in the next three
months given the increasing pressure on its liquidity position. We
intend to resolve the CreditWatch placement as soon as we have
further information on the company's progress regarding
refinancing.
"The downgrade to 'B-' follows our current expectation that Keter's
FY2022-FY2023 performance will be hit by high-cost inflation,
particularly increases in raw materials, energy, and freight costs.
Its performance will also be impaired by recessionary pressures and
a decline in consumer purchase power, which we believe will lessen
the demand for outdoor and indoor storage and furniture from the
end of 2022. Although Keter is taking mitigating measures, such as
increasing prices on selected products (by around 8%-15%), engaging
in cost savings initiatives, and rationalizing lower-margin
stock-keeping units, in our view, the operating environment will
continue posing significant challenges to the company's operations.
We forecast S&P-Global Ratings-adjusted credit metrics to
deteriorate in FY2022, with adjusted leverage above 7x excluding
any NCE instruments (at about 15x including NCE instruments) and
FFO cash interest coverage at or below 2.5x over the same period.
In our base we expect some improvement over 2023, however believe
that the operating conditions will remain demanding and will hamper
performance and credit metrics recovery.
"Keter's EUR1,205 million TLB and EUR102 million RCF mature within
the next 12 months, on Oct. 31, 2023, and July 31, 2023,
respectively. This has created significant pressure on Keter's
liquidity position, which, as a result, we assess as weak. We
understand Keter is currently engaging with lenders and negotiating
refinancing. However, there is still uncertainty about the
successful completion of this and on the company's ability to
secure refinancing in the next months ahead of maturity.
"The CreditWatch placement reflects that we could lower our ratings
on Keter if its refinancing plans for the EUR1,205 million TLB are
not completed in the next three months. In this case, we could
lower the rating by multiple notches, as both the EUR1,205 million
TLB and EUR102 million RCF maturities fall in less than a year,
increasing refinancing risk significantly. If refinancing plans are
consummated, we expect to affirm our 'B-' ratings on the group and
remove the negative CreditWatch placement. The outcome is also
subject to the review of the company's final capital structure, as
well as the terms and conditions of refinancing.
"We intend to resolve the CreditWatch placement as soon as we
obtain further information on completion of the refinancing from
the company."
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Keter Group B.V., as
is the case for most rated entities owned by private-equity
sponsors. We believe the company's highly leveraged financial risk
profile points to corporate decision-making that prioritizes the
interests of the controlling owners. This also reflects the
generally finite holding periods and a focus on maximizing
shareholder returns. Environmental and social factors are an
overall neutral consideration in our credit rating analysis. The
company has successfully penetrated the online channel and benefits
from supportive consumer demand for home and garden furniture."
MEDIAN BV: Fitch Lowers LongTerm IDR to 'B-', Outlook Stable
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Fitch Ratings has downgraded Median B.V.'s Long-Term Issuer Default
Rating (IDR) to 'B-' from 'B'. The Outlook remains Stable. Fitch
has downgraded Median's term loan B (TLB) senior secured rating to
'B' from 'B+' with a recovery rating of 'RR3'.
The downgrade reflects sustained lower free cash flow (FCF)
generation and tighter financial flexibility, with EBITDAR
fixed-charge coverage projected to stay below 1.5x in a higher
interest rate environment.
The 'B-' IDR balances the company's high leverage and aggressive
financial policy with its leading market position in the
non-cyclical private mental care and rehabilitation care markets of
Germany and the UK, aided by an overall balanced regulatory
environment in both countries.
KEY RATING DRIVERS
Structurally Weaker Financial Flexibility: Fitch forecasts that
Median's EBITDAR fixed-charge coverage will remain around 1.3x in
the near and medium term, below the 1.5x sensitivity that Fitch had
set for a 'B' rating. The higher interest rates will place great
pressure on already tight coverage metrics given Median's variable
rate TLB debt structure. The increase in lease payments, which are
linked to inflation and account for around 11% of revenue, will
further affect the fixed charge coverage ratios.
Weak FCF Limits Deleveraging: Fitch projects FCF generation to
remain negative until end-2024, and only mildly positive
thereafter, which contrasts with its previous estimate of sustained
positive FCF. Fitch views the quality of FCF as a clear
differentiating factor between a 'B' and 'B-' rated credits.
This weaker FCF is due to a higher cost of debt, a temporary
pandemic-related reduction in EBITDA and funds from operations
(FFO) generation, non-recurring expenses and the return of prior
Covid-19 related subsidies in Germany in 2023. Lower EBITDA and FFO
will put pressure on leverage metrics, with EBITDAR leverage likely
to remain static at around 7.0x until 2026.
Temporary Pressure on Margins: Fitch expects EBITDA margins to
decline to below 9% in 2022 and 2023 due to lower occupancy in
Germany and higher costs, including energy and personnel. Lower
occupancy in Germany is partly driven by less elective post-acute
rehabilitation treatments, related to the discouraging effect of
ongoing Covid-19 restrictions in sanitary rehabilitation centres
such as requiring patients to wear a mask. From 2024, Fitch
projects a gradually recovering patient admission levels leading to
higher occupancy, and EBITDA margins improving towards 9%.
Fitch anticipates revenues to recover in 2023-2024 as elective
treatments steadily increase and increased reimbursement rates
offset the increase in cost, but Fitch expects personnel costs
(around 62% of revenue) to remain higher than Fitch anticipated,
slowing the recovery of margins.
M&A to Drive Growth: In 2022 Median acquired multiple clinics in
Germany for about EUR50 million, reflecting its intention to
continue expanding inorganically. The company is expecting to sell
and lease back the real estate of the clinics acquired, in line
with its strategy. Its rating case factors in annual bolt-on
acquisitions of EUR100 million funded with a mix of internal cash
flows and incremental debt, as Fitch believes Median will remain
opportunistic on its M&A approach. However, this strategy carries
increased execution risks as it depends on Median's ability to
access new debt.
Median's record of lowering acquisition multiples by undertaking
sale and leaseback transactions on the real estate of acquired
targets yields deleveraging potential. Fitch views the rating
impact of larger acquisitions as event risk, subject to their
business risk and integration complexity, and acquisition economics
and funding mix.
Execution Risks Remain: Fitch continues to see high execution risks
related to the integration of Priory within Median. In addition, an
environment of higher interest rates and lower liquidity in the
debt markets poses challenges to Median's ability to pursue an
acquisitive buy-and-build with sale and leasebacks strategy.
Pan-European Operator, Diversified Service Offering: Median
benefits from geographic diversification across two of Europe's
larger economies with a high share of healthcare spending, unlike
most Fitch-rated EMEA healthcare-service providers.
The merger of German rehabilitation specialist Median with UK-based
behavioural healthcare service provider Priory created a
pan-European healthcare platform to address growing demand for
rehabilitation and mental care in Europe, which has been
exacerbated by the pandemic. Leading national market positions,
albeit in narrowly defined areas, with a reasonably diverse range
of services, also contribute to greater operating resilience for
the combined entity.
Constructive Regulatory Frameworks: Median benefits from stable and
well-funded state-backed healthcare systems in Germany and the UK,
with constructive pricing policies allowing private operators to
pass on most inflationary cost increases.
The German state promotes rehabilitation care over disability
pension to reduce the longer-term burden on the social care system
by reintegrating patients into work and social life after an acute
medical treatment. In the UK, the government's funding pledge to
assign a growing share of the NHS's budget to adult mental health
(at least GBP2.3 billion a year by 2023-2024) provides a supportive
framework for independent private operators.
DERIVATION SUMMARY
Fitch rates Median under Fitch's ratings navigator for healthcare
providers. Global sector peers tend to cluster in the 'B'/'BB'
range, driven by the traits of their respective regulatory
frameworks influencing the quality of funding and government
healthcare policies, and companies' operating profiles, including
scale, service and geographic diversification, and payor and
medical indication mix. Many sector providers pursue debt-funded
M&A strategies, given the importance of scale and limited room for
maximising organic return.
European sector peers have similar operating characteristics of
stable patient demand with regulated but limited ability to enforce
price increases above inflation, and the necessity of driving
operating efficiencies while maintaining well-invested clinic
networks to safeguard competitive sustainability. Nevertheless,
ratings tend to be constrained by weak credit metrics expressed in
highly leveraged balance sheets as a result of continuing national
and cross-border market consolidation with EBITDAR leverage at
6.0x-7.0x and tight EBITDAR fixed charge cover metrics of
1.5x-2.0x.
Median's 'B-' IDR reflects its pan-European operations in mostly
balanced regulatory frameworks, albeit with limited scope for
profitability improvement given sector-specific high operating
leverage. Its credit risk profile is lower than that of peers like
Mehilainen Ythyma Oy (B/Stable) and Almaviva Developpement
(B/Stable), where despite Median's larger scale of operations Fitch
is expecting tighter EBITDAR fixed charge coverage of below 1.5x
and volatile medium-term FCF generation.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
Organic revenue increase at low single digits in 2022, with low
single digits in the UK and flat sales in Germany. Operating
recovery in 2023 will result in organic revenue growth in the high
single digits in 2023, mid single digits in 2024, and low single
digits in 2025.
Annual acquisitions at EUR50 million in 2022 and EUR100 million
thereafter funded through use of committed revolving credit
facility (RCF) and new debt issuance, boosting sales growth to mid
to high single-digit increments
EBITDAR margin fluctuating between 19% and 20% over 2022-2025
Rent expense slightly above 11% of sales over 2022-2023, leading to
an EBITDA margin below 9%; for 2024-2025, EBITDA margins above 9%
Capex gradually easing to 3.5% of revenue in 2025 from 4.2% in
2021
Sale and leaseback proceeds of around EUR30 million in 2022 and
EUR60 million in 2023
No dividends or share buybacks
KEY RECOVERY RATING ASSUMPTIONS
In the recovery analysis Fitch assumes that Median would be
reorganised as a going concern (GC) in bankruptcy rather than
liquidated, given its strong market position across selected
services lines in Germany and the UK and a high share of rented
estate.
Fitch estimates Median's GC EBITDA at around EUR120 million,
reflecting potential integration challenges, adverse regulatory
changes leading to declining occupancy rates, unfavourable shifts
in payor/medical indication mix, or rising costs, especially as the
personnel-intensive business is plagued by staff shortages.
An enterprise value/EBITDA multiple of 6.0x is applied to the GC
EBITDA to calculate a post-reorganisation enterprise value. This
multiple considers: the social-infrastructure asset nature of the
healthcare business, supported by long-term demand and high
barriers to entry; geographic diversification and constructive
regulatory frameworks; and trading and acquisition multiples of
listed sector peers averaging 10.0x-12.0x.
The multiple is 0.5x below that of Mehilainen, whose business
benefits from wide diversification across healthcare and social
care, a leading market position in Finland - now also growing
abroad - with higher cost variability and lower capital intensity,
given its exposure to occupational health and outpatient care. At
the same time, Median's GC multiple is in line with that of other
national hospital operators, such as Almaviva Developpement, as
well as several privately rated EMEA sector peers.
After deducting 10% for administrative claims, its waterfall
analysis generates a ranked recovery for the senior secured TLB in
the 'RR3' category, leading to a 'B' senior secured rating, which
includes a pari passu ranking RCF of EUR120 million that Fitch
assumes will be fully drawn before distress. This results in a
waterfall-generated recovery computation output percentage of 70%,
based on current metrics and assumptions
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
EBITDA margin trending to 9% and FFO margin to 5% on a sustained
basis
Positive FCF on a sustained basis
FFO adjusted gross leverage below 7.5x and EBITDAR leverage below
7.0x on a sustained basis
EBITDAR fixed charge coverage above 1.5x on a sustained basis
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Risk to the business model resulting from adverse regulatory
changes to public and private funding in Germany and the UK, or
challenges in executing the M&A growth strategy leading to erosion
of EBITDA margin below 6% and FFO margin below 2.5% on a sustained
basis
Negative or neutral FCF margins on a sustained basis
Tightening liquidity headroom with increased use of the company's
RCF
FFO adjusted gross leverage above 9.0x and EBITDAR leverage above
8.5x on a sustained basis
EBITDAR fixed charge coverage below 1.2x on a sustained basis
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Fitch expects Median to have adequate
liquidity, given the lack of significant debt repayments until
September 2027, available cash balance of EUR44 million (after
restricting EUR25 million that Fitch considers minimum for
operations), and around EUR100 million available under its
revolving credit facility maturing in March 2027, as of August
2022.
ISSUER PROFILE
Median B.V. is the result of the September 2021 private equity-led
merger of Median (Germany) and Priory (UK), two leading providers
of medical rehabilitation and mental care services in their
respective countries.
ESG CONSIDERATIONS
Median has an ESG Relevance Score of '4' for Exposure to Social
Impact, due to operations in a healthcare market that is subject to
sector regulation, as well as budgetary and pricing policies
adopted in Germany and the UK. Rising healthcare costs expose
private-hospital operators to high risks of adverse regulatory
changes, which could constrain companies' ability to maintain
operating profitability and cash flows. This has a negative impact
on the credit profile and is relevant to the rating in conjunction
with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery Prior
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Median B.V. LT IDR B- Downgrade B
senior secured LT B Downgrade RR3 B+
SCHOELLER PACKAGING: Fitch Affirms 'B-' IDR, Outlook Stable
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Fitch Ratings has affirmed returnable transit packaging
manufacturer Schoeller Packaging B.V.'s Long-Term Issuer Default
Rating (IDR) at 'B-' with a Stable Outlook and senior secured
ratings at 'B-'/'RR4'.
The affirmation reflects its expectations that Schoeller's free
cash flow (FCF) generation will improve in 2023 due to normalised
capex and working capital changes, and remain under pressure in the
medium term. Fitch forecasts higher EBITDA leverage than previously
expected due to weaker profitability, with limited leverage
headroom under its negative sensitivity in 2023 and modest
deleveraging in 2024. Fitch expects Fitch-adjusted EBITDA margin to
be below its negative sensitivity of 9% in 2022-2023 on high input
costs and the weak economic environment in Europe before it starts
improving towards 10%.
Schoeller's rating is supported by its leading position in its
niche market, a diversified product portfolio and its extended
geographical presence across Europe. Successful long-term
co-operation with customers and substantial technology investments
in new products act as effective barriers to entry.
KEY RATING DRIVERS
Slower Deleveraging: Fitch forecast EBITDA leverage at 6.8x-7.0x in
2022-2023, which is higher than Fitch previously expected with
limited headroom under its leverage sensitivity. Weaker margins,
high capex and negative working capital changes with the resultant
higher drawings under a EUR30 million revolving credit facility
(RCF) limit deleveraging capacity. Deleveraging towards 4.5x, a
level that is in line with a 'B' category rating, is constrained
now compared with its previous expectations, with forecast EBITDA
leverage at 5.5x in 2024. However, weaker than expected
deleveraging is likely to pressure the rating.
Thin FCF Margins: Fitch forecasts a negative FCF margin in 2022 at
around 8% and a neutral to positive margin in 2023-2024, before it
gradually recovers to around 1%. Schoeller's FCF generation is
affected by a material increase in capex in its rental model in
2021-2022, inflation-related negative working capital changes in
2022 and the expected weaker economic environment in Europe in
2023. Fitch expects FCF generation to be supported by normalised
working capital changes and capex limited to 5% of revenue from
2023. The negative FCF puts pressure on Schoeller's liquidity,
results in high drawings under the RCF and constrains the rating to
the low range of the 'B' rating category.
EBITDA Margin Under Pressure: Fitch forecasts the Fitch-adjusted
EBITDA margin at around 8% in 2022-2023 before it recovers to
around 10% in 2024, which is below its previous expectations. The
company passed on the higher costs of resin and energy through
price increases in 2021 and 2022. However, the remaining inflated
costs pressure the EBITDA margins. Fitch expects margins to
stabilise somewhat in 4Q22 due to currently decreasing resin prices
and cost-cutting measures. However, Fitch expects the margin will
be affected by the expected weak economic environment in 2023,
before it starts improving following continuous cost control and an
expansion of the rental business.
Declining Volumes: Schoeller reported 12.8% revenue growth in 1H22
reflecting price increases being offset by lower volumes. Further
drop in volumes especially in pooling and beverage end-markets in
3Q22 resulted in 1% revenue growth for 9M22. Fitch believes demand
will be somewhat restored in 4Q due to a strong order intake driven
by seasonality and lower resin prices. However, Fitch believes
volume growth is likely to be under pressure in 2023. Fitch
believes renting a container instead of buying it is likely to be a
good alternative for some customers and a mitigating factor for
Schoeller during the economic slowdown when purchasing containers
will be under pressure.
Upcoming Refinancing: Refinancing risk comes from the EUR30 million
RCF due in May 2024 and the EUR250 million senior secured notes
(SSN) due in November 2024. Although refinancing is not imminent,
it is challenged by the weakening economic environment. Fitch
believes that the company will improve its credit ratios and be
supported by a solid business profile when it enters the capital
market in the next several months.
Accelerating Investments: Innovation leading to development of new
products is key to maintaining competitiveness in the returnable
transit packaging industry and Schoeller has historically invested
heavily in more advanced, higher-margin products. Fitch expects its
new rental business to grow faster than the general business.
However, the build-up phase demands material investment and Fitch
forecasts very high capex in 2022 before it gradually normalises.
The rating case assumes the rental business is part of Schoeller's
corporate structure. Fitch will apply the recently announced
deconsolidation once the process is finalised.
Increasing Customer Concentration: Schoeller has a broad customer
base covering a variety of end-markets, but with increasing
concentration to its largest customer in pooling services, Irel
Bidco S.a.r.l (IFCO; B+/Stable), at almost 18% of total revenue in
9M22 (26% in 9M21). The business profile is strengthened by a
leading product range consisting of more than 1,000 customisable
products. It has a good record of longstanding relationships as the
majority of its top 100 customers are recurring, with relationships
often exceeding 15 years.
Environmentally-Driven Growth Opportunities: Fitch believes that
reusable plastic containers are set for growth, supported by a
number of trends such as supply-chain efficiency, environmental
awareness and e-commerce development, which will drive a transition
to reusable from single-use packaging. Fitch expects growing demand
for a circular economy, favourable regulation and efforts to cut
costs by companies will stimulate demand for reusable packaging.
This development should benefit Schoeller's products as they are
100% recyclable and have a long lifetime with an average of 15-20
years, making them sustainable.
DERIVATION SUMMARY
Fitch treats Schoeller as a diversified manufacturer, although
Fitch believes that packaging companies are similar in terms of raw
material usage, environmental impact, logistics, end-markets and
customers. The returnable transit packaging market remains
fragmented, but Schoeller has a leading position in Europe with a
20% market share. Plant locations across Europe allow Schoeller to
be more competitive and to operate at lower transportation costs
than peers that usually operate domestically.
Most Fitch-rated packaging peers produce consumer products
(bottles, jars, small packages) and offer a wider range of products
(different material/shapes/colour/marketing), such as Ardagh Group
S.A. (B/Stable) and Smurfit Kappa Group plc (BBB-/Stable), while
Titan Holdings II B.V. (B/Positive) is focused on metal packaging.
Similar to Schoeller, they are exposed to a broad range of
end-markets (retail, food, industrial etc.), but are more affected
by market trends resulting from consumer spending and preferences.
Schoeller has weaker EBITDA margins than Fitch-rated mid-sized
diversified manufacturers or packaging companies rated in a 'B'
category, including the belt manufacturer Ammega Group B.V.
(B-/Stable), the speciality fibre-based materials manufacturer
Ahlstrom-Munksjö Oyj (B+/Stable), Ardagh Group and Titan Holdings.
Schoeller has a similar leverage profile to Ammega with EBITDA
leverage in the range of 6x-7x. However, Schoeller's leverage is
stronger than that of Ardgah, which has EBITDA leverage at
9.7x-8.0x in 2022-2023, compared with Schoeller's 6.8x-7.0x. The
higher rating of IREL Bidco S.a.r.l (B+/Stable), owner of
Schoeller's customer IFCO, reflects its very high EBITDA margins,
long-term contractual flows and somewhat lower leverage.
KEY ASSUMPTIONS
- Revenue growth of around 2% in 2022 followed by a decline of 2.2%
in 2023 and a low single digit recovery in 2024-2025
- Fitch-adjusted EBITDA margin to decrease to around 8% in
2022-2023. This is followed by a recovery to around 10% and above
in 2024-2025
- Working-capital outflow of around 4% of revenues in 2022 before
it normalises next year
- Capex at 8% of revenue in 2022. Normalised capex at 5% in
2023-2025
- No M&A activity to 2024
- Refinancing of the RCF and SSNs in 2024
KEY RECOVERY ASSUMPTIONS
The recovery analysis assumes that Schoeller would be restructured
as a going concern rather than liquidated in a default.
Fitch applies a distressed enterprise value (EV)/EBITDA multiple of
4.5x to calculate a going-concern EV, reflecting Schoeller´s
leading niche market position, long-term customer relationships and
geographic diversification. The multiple is limited by Schoeller's
small size.
Fitch estimates a post-restructuring going-concern EBITDA of EUR40
million.
These assumptions result in a recovery rate for the senior secured
instrument within the 'RR4' range, resulting in an equal instrument
rating with the IDR. The principal and interest waterfall analysis
output percentage on current metrics and assumptions is 32%.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- EBITDA leverage below 5.5x
- FFO gross leverage below 6.0x
- Neutral to positive FCF on a sustained basis
- Significant growth in size with evidence of strengthening of the
business model through revenue growth and continued EBITDA margin
improvements above 12%
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- EBITDA leverage above 7.5x
- FFO leverage above 8.0x
- EBITDA margin deterioration towards 9%
- Negative FCF on a sustained basis, compromising liquidity
- Loss of market share or key customers such as IFCO
- EBITDA/interest paid below 2.0x
LIQUIDITY AND DEBT STRUCTURE
Limited Liquidity: At end-September 2022, Schoeller´s readily
available cash amounted to EUR19.9 million. Forecast negative FCF
of EUR49 million in 2022 will weigh on the company's cash position
and result in minimal availability under the EUR30 million RCF due
in May 2024. Fitch expects FCF generation to remain weak in the
medium term supported by the EUR33.8million (September 2022)
available funds under the subordinated shareholder loan of EUR65
million (treated as equity according to Fitch's criteria with
drawings subject to upfront shareholder approval) which supports
capex on the rental business and factoring facilities of EUR100
million, of which EUR45 million was utilised at end-3Q22.
Undiversified Debt Structure: The company's debt structure is not
diversified as the majority of debt consists of EUR250 million
notes resulting in concentrated maturities in 2024. Schoeller also
has local loans of around EUR11.2 million (2021) that Fitch treat
as senior secured and a EUR9 million (2021) unsecured
state-guaranteed loan in France.
ISSUER PROFILE
Headquartered in the Netherlands, Schoeller is Europe´s largest
manufacturer of plastic containers and reusable transit packaging
with more than 1,000 customisable offered across 10 end-markets. In
2018 the sponsor Brookfield Business Partners L.P. acquired the
majority stake in Schoeller Packaging B.V.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Schoeller Packaging
B.V. LT IDR B- Affirmed B-
senior secured LT B- Affirmed RR4 B-
UPFIELD BV: GBP700M Bank Debt Trades at 15% Discount
----------------------------------------------------
Participations in a syndicated loan under which Upfield BV is a
borrower were trading in the secondary market around 86
cents-on-the-dollar during the week ended Friday, November 18,
2022, according to Bloomberg's Evaluated Pricing service data.
The GBP700 million facility is a term loan. The loan is scheduled
to mature on July 2, 2025. The amount is fully withdrawn and
outstanding.
Upfield B.V. operates as a plant-based consumer product company.
The Company's country of domicile is the Netherlands.
=============
R O M A N I A
=============
BLUE AIR: To Hand Over 75% Stake to Romania Over Unpaid Debt
------------------------------------------------------------
Nicoleta Banila at SeeNews reports that Romanian low cost carrier
Blue Air said on Nov. 18 that it is ready to hand over 75% of its
shares to Romania's finance ministry over unpaid debt.
On Nov. 18, the company's shareholders were contacted by telephone
by AAAS representatives requesting a meeting to specify the
technical details of the shares handover, Blue Air said, adding
that as soon as this legal process is completed, it will announce
the new shareholding structure, SeeNews relates.
According to SeeNews, on Nov. 17, the finance ministry said it
plans to take over a majority stake in low cost carrier Blue Air
after the air carrier failed to make payments on a RON300.75
million (US$63 million/EUR61 million) loan which was guaranteed
with 75% of the company's stock.
"The action was made necessary by repeated non-fulfillment of
repayment obligations assumed by Blue Air within the framework of
the state aid, namely the non-payment of interest and capital
installments related to the credit contracted with the state
guarantee," SeeNews quotes the ministry as saying.
The loan was granted in 2020 to help the company avoid bankruptcy
due to the COVID-19 pandemic, SeeNews recounts.
Blue Air suspended flights in September, after the environment
ministry blocked its accounts, SeeNews relays. A day later, the
ministry unblocked its accounts and the Environment Fund
Administration rescheduled its 28 million lei debt in 12 monthly
payments, SeeNews notes.
The air carrier aimed to restart flights on October 10, but failed
to do so, announcing that it is discussing with potential
investors, creditors and the Romanian government to restructure
itself, SeeNews discloses.
Blue Air also said at the time that its total debt amounts to
EUR230 million (US$238 million), or half of its annual revenues,
SeeNews notes.
HIDROCONSTRUCTIA: Antitrust Regulator OKs Electromontaj Takeover
----------------------------------------------------------------
Razvan Timpescu at SeeNews reports that Romania's Competition
Council said on Nov. 18 it has approved the agreed takeover of
hydropower and hydrotechnical construction company Hidroconstructia
and its subsidiaries by Electromontaj, an electricity
infrastructure company.
The anti-trust body's analysis revealed that the acquisition poses
no significant threats to the national market and that there are no
serious doubts regarding its compatibility with a regular
competition environment, SeeNews relays, citing a press release.
The institution announced back in September that it was looking
into the acquisition, SeeNews recounts.
Hidroconstructia originates from the former General Department of
the Bicaz HPP founded in 1950 as the sole constructor of the
hydropower installation at Bicaz, northeastern Romania. The
company has been insolvent since January 2022, when it filed a
court request in Bucharest, SeeNews notes.
=========
S P A I N
=========
PROSIL ACQUISITION: DBRS Lowers Rating on Class A Notes to BBsf
---------------------------------------------------------------
DBRS Ratings GmbH (DBRS Morningstar) downgraded its rating on the
Class A notes issued by ProSil Acquisition S.A. (the Issuer) to BB
(sf) from BB (high) (sf) and changed the trend to Stable from
Negative.
The transaction included the issuance of Class A, Class B, Class J,
and Class Z notes (together, the notes). The rating on the Class A
notes addresses the timely payment of interest and the ultimate
payment of principal on or before the final legal maturity date.
DBRS Morningstar does not rate the Class B, Class J, or Class Z
notes.
The notes are collateralised by a pool of mostly secured Spanish
nonperforming loans (NPLs) originated by Abanca Corporacion
Bancaria, S.A. and Abanca Corporacion Division Immobilaria S.L.
ProSil Acquisition S.A., Cell Number 1, Cell Number 2, and Cell
Number 3 (the transferor) sold the receivables to ProSil
Acquisition S.A., Cell Number 5 (the Issuer). As of the closing
date in March 2019, the gross book value of the loan pool was
approximately EUR 494.7 million. Cortland Investors II S.à r.l.
operates as sponsor and retention holder in the transaction and,
over time, acquired the three portfolios that are part of the pool
(Avia, Lor, and Sil). HipoGes Iberia S.L. (the servicer) services
the loans and manages the following Spanish property companies as
at the closing date: Beautmoon Spain, S.L.; Osgood Invest, S.L.;
Butepala Servicios y Gestiones S.L.; and Vetapana Servicios y
Gestiones S.L.
RATING RATIONALE
The downgrade follows a review of the transaction and is based on
the following analytical considerations:
-- Transaction performance: Assessment of the portfolio
recoveries as of September 2022, with a focus on: (1) a
comparison of actual gross collections and the servicer's
initial business plan forecast; (2) the collection performance
observed over the past months; and (3) a comparison between
the current performance and DBRS Morningstar’s expectations.
-- Portfolio characteristics: Loan pool composition as of
September 2022 and the evolution of its core features since
issuance.
-- Transaction liquidating structure: The order of priority
entails a fully sequential amortisation of the notes (i.e.,
the Class B notes will begin to amortise following the full
repayment of the Class A notes and the Class J notes will
amortise following the full repayment of the Class B notes.
Additionally, interest payments on the Class B notes become
subordinated to principal payments on the Class A notes if the
cumulative collection ratio or net present value (NPV)
cumulative profitability ratio is lower than 90%. This trigger
has been breached since the April 2020 interest payment date
(IPD). As per the September 2022 servicing report, the
cumulative collection ratio was 47.0% and the NPV cumulative
profitability ratio was 88.4%.
-- Liquidity support: The transaction benefits from an amortising
cash reserve providing liquidity to the structure, covering a
potential interest shortfall on the Class A notes and senior
fees. The current amount of the cash reserve is equal to EUR
5.3 million and the target amount is equal to 4.5% of the
Class A notes.
According to the latest investor report dated October 28, 2022, the
principal amount outstanding on the Class A, Class B, Class J, and
Class Z notes was equal to EUR 111.1 million, EUR 30.0 million, EUR
15.0 million, and EUR 16.0 million, respectively. The balance of
the Class A notes amortised by approximately 34.7% since issuance.
The current aggregated transaction balance is EUR 172.1 million.
As of September 2022, the transaction was performing significantly
below the servicer's initial expectations. The actual cumulative
gross collections equal EUR 107.4 million, whereas the servicer's
initial business plan estimated cumulative gross collections of EUR
211.7 million for the same period. Therefore, as of September 2022,
the transaction was underperforming by EUR 104.3 million (-49.3%)
compared with initial expectations.
At issuance, DBRS Morningstar estimated cumulative gross
collections for the same period of EUR 68.1 million at the BBB
(low) (sf) stressed scenario. Therefore, as of September 2022, the
transaction was performing above DBRS Morningstar’s stressed
initial expectations.
In October 2022, the servicer delivered an updated portfolio
business plan (the updated business plan) as of July 2022. The
updated business plan, combined with the actual cumulative gross
collections of EUR 102.0 million as of July 31, 2022, resulted in a
total of EUR 301.0 million expected gross collections, which was
7.5% lower than the total gross collections of EUR 325.3 million
estimated in the initial business plan. Without including actual
collections, the servicer's expected future collections from
October 2022 accounted for EUR 193.4 million (EUR 113.7 million in
the initial business plan). Hence, the servicer revised its
expectation for collections on the remaining portfolio upward and
timing of collections is now expected later than initially
envisaged. The updated DBRS Morningstar BB (sf) rating stress
assumes a haircut of 27.6% to the servicer's updated business plan,
considering total future expected collections from October 2022
onwards.
The final maturity date of the transaction is October 31, 2039.
The Coronavirus Disease (COVID-19) and the resulting isolation
measures had caused an economic contraction, leading in some cases
to increases in unemployment rates and income reductions for many
borrowers. For this transaction, DBRS Morningstar incorporated its
expectation of a moderate medium-term decline in commercial real
estate prices for certain property types.
All figures are in euros unless otherwise noted.
=====================
S W I T Z E R L A N D
=====================
ILIM TIMBER: Moody's Lowers CFR to B3, Outlook Remains Negative
---------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
corporate family rating and to B3-PD from B2-PD the probability of
default rating of Ilim Timber Continental S.A. The outlook remains
negative.
RATINGS RATIONALE
The rating action balances strong credit metrics on a consolidated
basis against limited insight into the split of profitability, cash
flow generation, cash position and assets between the two business
units Germany and Russia and thus increasing uncertainty regarding
the long-term viability of the business in the current setup in a
dramatically changing economic environment. The rating action
further reflects the challenge to refinancing the maturing
syndicated credit facility by November 2023.
Ilim Timber's rating is supported by the geographical
diversification of the company's assets, with two mills in Germany
and two in Eastern Siberia, Russia; the proximity of the company's
production assets to reliable and accessible raw material supply
and an established distribution infrastructure; its diversified
customer base and established sales channels to all key regions;
and its well-invested modern saw mills in Germany that require
low-maintenance capital spending.
At the same time the rating reflects Ilim Timber's low product
portfolio diversification because around 74% of the company's sales
are represented by sawn timber, a market characterised by
seasonality and volatility in terms of price; the company's highly
concentrated ownership; its fairly small size on a global scale;
high operational concentration at Wismar mill in Germany; somewhat
volatile spreads between cost of logs and sawn timber prices,
resulting in volatile profitability; and its partial exposure to an
emerging market's (Russia) operating environment and related party
transactions.
LIQUIDITY
As of June 30, 2022, Ilim Timber had a cash balance of EUR158
million. Together with operating cash flow of around EUR65 million,
which Moody's expect the company to generate over the 12 months to
June 2023, liquid funds are sufficient to cover capital spending of
around EUR20 million, along with debt maturities of EUR10 million
(excluding the balloon payment of the syndicated facility, which is
likely to be, at least partially, refinanced), and the cash sweep
payment under the syndicated debt facility that has been reduced
and eventually repaid in September in the amount of EUR30 million.
Given that the upcoming maturity of the syndicated debt facility in
November 2023 has not yet been addressed and taking into account
that part of cash may be located in Russia, Moody's consider Ilim
Timber's liquidity to be just adequate.
RATIONALE FOR NEGATIVE OUTLOOK
The negative outlook reflects the downside risks that Ilim Timber
is exposed to given its operations in Russia, and more broadly to
heightened geopolitical risk and the challenge of the upcoming
refinancing in November 2023.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The B3 CFR rating assumes that Ilim Timber will be able to
refinance its syndicated debt facility well ahead of the maturity
in November 2023. Indications that this might not be achievable
could trigger another negative rating action. Likewise, Moody's
could downgrade Ilim Timber's rating if (1) the heightened
geopolitical risk materially impacts the business or financial
profile of the company; (2) operating performance, cash generation
or market position were to weaken materially; or (3) liquidity was
to deteriorate.
Albeit unlikely in the near term given the downgrade, a positive
rating action would require clarity regarding management's future
financial policy in response to the geopolitical changes, in
particular evidence that core operations and assets are independent
from any sanctions against Russia.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Paper and
Forest Products published in December 2021.
COMPANY PROFILE
Ilim Timber Continental S.A., domiciled in Switzerland, is one of
the largest softwood sawn timber producers in Europe. The company
operates two facilities in Germany and two in Russia, with a total
annual production capacity of 2.6 million cubic metres of sawn
timber and 0.2 million cubic metres of plywood. In 2021, Ilim
Timber reported revenue of EUR753 million — of which 80% was
derived from sawn timber, 8% from by-products and 11% from the
plywood segment — and Moody's-adjusted EBITDA of EUR242 million.
The company generates 74% of its revenue from operations in Germany
and 26% from its mills in Russia. Ilim Timber is controlled by
Boris and Mikhail Zingarevich.
===========================
U N I T E D K I N G D O M
===========================
BRITISH STEEL: Chinese Owners Fail to Fulfill Investment Promise
----------------------------------------------------------------
The Telegraph's Oliver Gill and Howard Mustoe report that the
Chinese owners of British Steel have injected only a fraction of
the GBP1.2 billion they promised to invest despite begging British
taxpayers for a bailout worth hundreds of millions of pounds.
Jingye, the largely unknown Chinese company that acquired British
Steel almost three years ago, has pumped in just GBP156 million
since acquiring the business in a Government-supported takeover in
March 2020, the Telegraph discloses.
Jingye is threatening to close one of the plant's two blast
furnaces and make 2,000 people at the British Steel works redundant
unless Grant Shapps, the Business Secretary, agrees to provide
state aid totalling hundreds of millions of pounds, notes the
Telegraph.
China has been "busy fishing into our pond" when it comes to
industrial assets, said former Conservative leader Sir Iain Duncan
Smith, who called upon the Government to safeguard strategic
industries such as steel, the Telegraph relates.
The move places a large question mark over the company's
intentions, he said, since prior deals suggest that "China is not a
reliable partner, it's a threat to us", the Telegraph notes.
Filings show that the capital has been injected as loans from the
steel plant's Beijing-controlled parent company, meaning not one
penny has been invested in equity, the Telegraph relays, citing
recently filed accounts.
Structuring Jingye's investment as debt rather than equity means
should the Scunthorpe plant crash once more into insolvency, the
Chinese company's loans would be repaid before unsecured creditors
such as staff and suppliers, the Telegraph states.
According to the Telegraph, a British Steel spokesman said: "Jingye
has invested hundreds of millions of pounds to support the ongoing
transformation of the business and is committed to investing in the
long-term future of British Steel as we transition to net zero.
The steel we make can play a central role in transitioning to a
low-carbon, circular economy and we've ambitious plans to invest in
a range of technologies to reduce the carbon intensity of our
operations, with solutions that are globally recognised and
accepted."
British Steel employs more than 4,000 people and is considered a
nationally-significant asset, producing large amounts of steel for
the railways and other major projects.
The Chinese firm has been locked in talks with Whitehall officials
for months to unlock fresh payments from British taxpayers, the
Telegraph recounts.
Long-delayed accounts filed at Companies House earlier this month
reveal for the first time the extent of Jingye's investment in
British Steel to date, the Telegraph notes.
BULB ENERGY: Government Bailout to Cost Taxpayers GBP6.5 Billion
----------------------------------------------------------------
Gill Plimmer and David Sheppard at The Financial Times report that
the taxpayer bill for failed retail energy supplier Bulb has soared
to GBP6.5 billion, making it the largest state bailout since Royal
Bank of Scotland in 2008, according to official documents released
on Nov. 17.
Bulb was effectively nationalised after collapsing with 1.6mn
customers in November last year, after soaring gas and electricity
prices exposed the fast-growing company's failure to secure the
energy it had promised customers in advance, the FT recounts.
The total cost to taxpayers is now the equivalent of more than
GBP200 for every household in the UK, the FT relays, citing figures
published by the Office for Budget Responsibility on Nov. 17.
Bulb was the largest and highest profile of a string of energy
retailer collapses in the past 18 months, leading to criticism of
the government and regulator Ofgem's failure to scrutinise the
sector properly.
Customers of 28 other collapsed energy suppliers have been
transferred to rivals at a cost of GBP2.7 billion, which has
already been added to every energy bill in the UK at a cost of
GBP94 per household, the FT discloses.
Bulb's customer base was deemed too large to transfer, however, and
was effectively taken over by the government until it was sold last
month to Octopus Energy, the FT notes.
The cost of the government bailout of Bulb may be added to customer
bills next year, the Treasury has previously said, the FT relays.
It was initially estimated by the government at GBP1.7 billion in
March, while energy consultancy Auxilione estimated in August it
would rise to around GBP4 billion by spring 2023, the FT states.
The jump to GBP6.5 billion according to the OBR, the government's
official forecasters, covers the period to the end of 2023 despite
the takeover by Octopus Energy, according to the FT .
The OBR figures will fuel the suggestion that part of the deal
includes additional government support, the FT states.
BULB ENERGY: UK Government Blamed for Soaring Bailout Costs
-----------------------------------------------------------
David Sheppard, Jim Pickard and Gill Plimmer at The Financial Times
report that the UK government has been accused of costing energy
bill payers more than GBP200 per household following its
"inexplicable" decision to bar nationalised retailer Bulb from
hedging energy purchases for its customers.
The Office for Budget Responsibility, the fiscal watchdog, revealed
last week that the projected cost of Bulb's bailout had soared
GBP6.5 billion, most of which will ultimately have to be repaid by
almost every home in the country, the FT relates. The government
had predicted in March that it would total about GBP1.7 billion,
the FT notes.
According to the FT, Ed Miliband, the former Labour party leader,
said the spiralling cost of Bulb's effective nationalisation a year
ago was "staggering" -- and stemmed not just from the company's
errors, but through the way the government had handled its rescue.
Treasury guidance limits government-controlled companies from
hedging, or buying customers gas and electricity in advance. In a
year of hugely volatile energy prices, that has sent the bill for
Bulb's rescue soaring, the FT discloses.
"The government should hang its head in shame over the Bulb fiasco
and the staggering costs it is imposing on the British people of
over GBP200 per household," the FT quotes Mr. Miliband as saying.
The Department for Business, Energy and Industrial Strategy, BEIS,
on Nov. 18 disputed the OBR figures, saying the government's
independent forecaster did not have visibility of the deal to sell
Bulb to one-time rival Octopus, the FT relays.
BEIS, as cited by the FT, said the total could be lower as it did
not include the price of the company's sale or potential repayments
Octopus may make to the exchequer over time. The government has
yet to reveal details of the sale, which has seen rival energy
retailers consider launching a judicial review, the FT states.
Under the sale announced last month, Octopus would absorb Bulb's
1.6mn customers to become one of the largest companies in the
retail energy space, rivalling Centrica's British Gas, the FT
recounts.
BEIS did not deny that the bill for Bulb's rescue would largely
have to be absorbed by households through their energy bills, the
FT notes.
Michael Lewis, chief executive of energy provider E. ON UK,
highlighted that the GBP6.5 billion projected cost of the Bulb
rescue was more than the GBP6 billion allocated by chancellor
Jeremy Hunt for energy efficiency projects such as home insulation
over three years from 2025, the FT relates. He warned that a
"frightening number of customers" risked falling into debt next
year, putting more pressure on "an already fragile industry".
According to the FT, Darren Jones, the Labour MP who chairs the
Commons Business, Energy and Industrial Strategy Committee, said
members had "long been concerned about the cost of the Bulb
administration". He added there were particular concerns over
"ministers' decision to prevent the administrators from hedging
against future energy price rises".
SAPPHIRE: Enters Administration, To Be Put Up for Sale
------------------------------------------------------
Terry Murden at Daily Business reports that East Kilbride shopping
centre owner, Sapphire, has fallen into administration and the
venue will be offered for sale.
The centre, which has 1.2 million sq ft of retail space, is
Scotland's largest undercover shopping and leisure destination with
150 shops, several restaurants, a cinema and an ice rink.
Blair Nimmo and Alistair McAlinden of Interpath Advisory were
appointed joint administrators on Nov. 16 at the Court of Session
in Edinburgh, Daily Business relates.
According to Daily Business, the centre will remain open and all
day-to-day operations will continue unaffected by the
administration process under the control of Reith Lambert which
remains property manager. Scoop AM has been appointed asset
manager, Daily Business discloses.
Working with key stakeholders and advisers the administrators will
take steps to enhance the Centre and consider the appropriate time
to bring to the market, Daily Business notes.
THAME AND LONDON: Moody's Raises CFR to B3, Outlook Remains Stable
------------------------------------------------------------------
Moody's Investors Service has upgraded to B3 from Caa1 the
corporate family rating and to B3-PD from Caa1-PD the probability
of default rating of Thame and London Limited (Travelodge or the
company), a UK leading budget hotel chain. Concurrently, Moody's
upgraded to B3 from Caa1 the instrument rating of the GBP440
million backed senior secured notes due 2025 issued by TVL Finance
plc. The rating agency also upgraded to Ba3 from B1 the instrument
ratings of the GBP40 million backed senior secured multi-currency
revolving credit facility (RCF) and GBP30 million backed senior
secured letter of credit facility issued by Full Moon Holdco 7
Limited. The outlook on all ratings remains stable.
RATINGS RATIONALE
The upgrade reflects Travelodge's strong results achieved this year
ahead of the Moody's previous expectations. The recovery was
supported by a combination of strong average daily rate growth and
occupancy, which came from both leisure and business customers and
was well ahead of the UK's broader lodging market. The company's
nine months' revenue to September 2022 reached GBP669 million, 23%
higher year-on-year compared with the pre-pandemic 2019 while
Travelodge's Moody's adjusted EBITDA grew by close to 30% compared
to 2019. The strong results were achieved despite significant cost
inflation (Travelodge's operating expenses in 2022 have been
approximately 15% above 2019 levels with broadly equal number of
hotels) and phasing out of the government support measures, such as
VAT, which returned to 20% in April this year.
As a result of growing profits the company's Moody's estimated
adjusted debt to EBITDA improved to approximately 7.2x in September
2022 from 11.5x in 2021 and 8.9x in 2019 - an adequate level taking
into account the company's large lease obligations for the fully
leased property portfolio. The rating agency also estimates that
Travelodge's Moody's adjusted EBITA interest cover improved to
1.2x. Although Moody's expects the interest cover to slightly
weaken due to higher interest expenses on the GBP440 million
floating rate notes, it will likely remain above 1x over the next
12-18 months. Travelodge also generated an estimated free cash flow
of more than GBP100 million over the twelve months to September
2022, which it used to repay GBP100 million of its term loan and
drawings on the RCF previously used for additional liquidity during
the pandemic - a credit positive.
However, Moody's does not expect the company's EBITDA to improve
much further from current levels in the next 12-18 months because
of the significant headwinds. These include ongoing cost inflation,
in particular on energy which Travelodge has hedged until March
2023. There is also a significant uncertainty around how the
deteriorating macroeconomic conditions in the UK and ongoing cost
of living crisis may affect consumer demand for domestic and
business travel in the country. Travelodge also has a relatively
high portion of fixed costs and is therefore sensitive to fairly
small changes in occupancy and daily rates.
More positively, the rating also reflects the company's leading
position in the UK budget hotel industry and its reliance on
domestic UK demand. Moody's believes that Travelodge's focus on the
more resilient midscale and economy sector, and its ability to
attract both business and leisure customers in approximately equal
proportions, provides a measure of cushion in a downturn.
ENVIRONMENTAL, SOCIAL & GOVERNANCE CONSIDERATIONS
The company is controlled by funds advised by Golden Tree Asset
Management, Avenue Capital and Goldman Sachs and has high tolerance
for leverage and shareholder-friendly actions, although Moody's
positive notes that the company used its excess cash this year to
repay GBP100 million of debt raised during the pandemic.
LIQUIDITY
Travelodge's liquidity is adequate and supported by GBP166 million
cash as of October 28, 2022 following the GBP60 million term loan
repayment. The liquidity also benefits from the fully drawn RCF of
GBP40 million, although it expires in June 2024. Moody's expects
Travelodge to generate approximately GBP50-60 million free cash
flow in 2023 after circa GBP80 million of pre-IFRS 16 capex. The
company's GBP440 million floating rate notes are due in July 2025.
Moody's also estimates that Travelodge maintains significant
headroom under its RCF net leverage covenant.
STRUCTURAL CONSIDERATIONS
The rated debt consists of a GBP440 million outstanding notes rated
at the same level as CFR and GBP40 million super senior RCF rated
Ba3. The difference reflects relative ranking of the instruments in
Travelodge's capital structure in the event of default.
Travelodge's capital structure also includes GBP65 million senior
secured notes due 2025, which are unrated and rank together with
the other notes.
RATIONALE FOR THE STABLE OUTLOOK
The stable outlook reflects Moody's expectation that Travelodge
will maintain organic revenue growth and margins and sufficient
liquidity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward rating pressure could result from further operational
improvements driven by continued outperformance and successful
execution of the development and refit strategy such that Moody's
adjusted leverage declines below 6.5x on a sustained basis, EBITA
cover improves towards 1.5x and free cash flow remains positive on
a sustained basis. Adequate liquidity would also be important.
Negative rating pressure could arise from operational setbacks such
that company's margins deteriorate significantly, interest cover
declines below 1x or free cash flow becomes negative. Any liquidity
challenges or inability to address upcoming maturities in good time
would also be viewed negatively.
LIST OF AFFECTED RATINGS
Upgrades:
Issuer: Full Moon Holdco 7 Limited
BACKED Senior Secured Bank Credit Facility, Upgraded to Ba3 from
B1
Issuer: Thame and London Limited
Probability of Default Rating, Upgraded to B3-PD from Caa1-PD
LT Corporate Family Rating, Upgraded to B3 from Caa1
Issuer: TVL Finance plc
BACKED Senior Secured Regular Bond/Debenture, Upgraded to B3 from
Caa1
Outlook Actions:
Issuer: Full Moon Holdco 7 Limited
Outlook, Remains Stable
Issuer: Thame and London Limited
Outlook, Remains Stable
Issuer: TVL Finance plc
Outlook, Remains Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
PROFILE
Travelodge is a budget hotel chain operating primarily in the
fragmented UK lodging market. As at September 2022, the company
controlled 595 hotels across the UK, Ireland and Spain covering
both urban and roadside locations with the vast majority of rooms
in the UK.
In the last twelve months to September 2022, Travelodge generated
revenues of GBP856 million and company-adjusted pre-IFRS 16 EBITDA
of GBP201 million. Over 90% of Travelodge's revenues are generated
from room bookings, with most of the remainder generated from food
and beverage sales. Around 80% of the booking orders are placed on
the company's website. As a result of its 2012 restructuring, the
shareholders of Travelodge are funds advised by Golden Tree Asset
Management, Avenue Capital and Goldman Sachs.
THG OPERATIONS: EUR600M Bank Debt Trades at 18% Discount
--------------------------------------------------------
Participations in a syndicated loan under which THG Operations
Holdings Ltd is a borrower were trading in the secondary market
around 82 cents-on-the-dollar during the week ended Friday,
November 18, 2022, according to Bloomberg's Evaluated Pricing
service data.
The EUR600 million facility is a term loan. The loan is scheduled
to mature on December 11, 2026. The amount is fully withdrawn and
outstanding.
THG Operations Holdings Limited is affiliated with THG PLC,
headquartered in Manchester, England, and has a diverse range of
e-commerce focused activities, and certain associated manufacturing
facilities. Its largest brands lookfantastic.com and myprotein.com
operate in the beauty and wellness retail segments
respectively.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week November 14 to November 18, 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.
This material is copyrighted and any commercial use, resale or
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