/raid1/www/Hosts/bankrupt/TCREUR_Public/221205.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, December 5, 2022, Vol. 23, No. 236
Headlines
F I N L A N D
PHM GROUP: S&P Affirms 'B' ICR on New EUR60MM Debt Issuance
F R A N C E
CMA CGM: S&P Assigns 'B' Short-Term Issuer Credit Rating
G E R M A N Y
COLOUROZ INVESTMENT 1: EUR50M Bank Debt Trades at 23% Discount
I R E L A N D
ARES EUROPEAN XVI: Fitch Assigns 'B-sf' Rating to Class F Notes
CVC CORDATUS XXVI: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes
PALMER SQUARE 2022-2: S&P Assigns BB- (sf) Rating to Cl. E Notes
L U X E M B O U R G
ARMORICA LUX SARL: EUR335M Bank Debt Trades at 40% Discount
EIRCOM FINCO: Fitch Cuts Debt Rating to BB-, Removes From Watch Neg
N E T H E R L A N D S
AXALTA COATING: Moody's Rates $2BB Senior Secured Term Loan 'Ba1'
CASPER DEBTOR: Fitch Cuts IDR to 'RD' Then Upgrades to 'CCC'
KETER GROUP: EUR231M Bank Debt Trades at 25% Discount
NOBEL BIDCO: EUR1.05B Bank Debt Trades at 22% Discount
P O L A N D
GLOBE TRADE: Moody's Affirms 'Ba1' CFR & Alters Outlook to Stable
S P A I N
TIMBER SERVICIOS: EUR1.20B Bank Debt Trades at 25% Discount
T U R K E Y
LIMAK ISKENDERUN: Fitch Affirms 'B' Rating on $370M Notes
MERSIN ULUSLARARASI: Fitch Affirms 'B' Rating on $600M Unsec. Notes
U N I T E D K I N G D O M
AMPHORA FINANCE LTD: GBP301M Bank Debt Trades at 37% Discount
CHESHIRE 2021-1: S&P Affirms 'B (sf)' Rating on Class F-Dfrd Notes
CHF 9: Director Gets 10-Year Disqualification Over GP8MM Scheme
CMI: Screen Scotland Buys Edinburgh Int'l Film Festival Rights
COMET BIDCO: US$420M Bank Debt Trades at 30% Discount
COVENTRY & RUGBY: Moody's Reviews Ba2 Bond Rating for Downgrade
DOT BAGEL: Kennedy & Rhind Acquires Chillingham Road Outlet
ELITE SPORTS: Rangers FC May Still Face Lawsuit Despite Collapse
GO-CENTRIC: Collapses After Awarded GBP10MM in Gov't Contracts
PINEWOOD GROUP: S&P Alters Outlook to Stable, Affirms 'BB-' ICR
SWAN HOUSING: S&P Keeps 'BB-' Long-Term ICR, Alters Watch to Pos.
TRITON UK: S&P Alters Outlook to Negative, Affirms 'B-' LT ICR
VUE INTERNATIONAL: EUR634M Bank Debt Trades at 37% Discount
WATERFRONT SOUTHPORT: Owed More Than GBP18MM at Time of Collapse
X X X X X X X X
[*] BOND PRICING: For the Week November 28 to December 2, 2022
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F I N L A N D
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PHM GROUP: S&P Affirms 'B' ICR on New EUR60MM Debt Issuance
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Finland-based residential property provider PHM Group Holding
Oyj (PHM) and its 'B' issue rating on its existing senior secured
notes. At the same time, S&P assigned a 'B' issue rating to the
proposed EUR60 million senior secured notes.
S&P said, "The stable outlook reflects our view that PHM will
continue to successfully integrate small tuck-in acquisitions in
the coming year, increasing its EBITDA base and solidifying its
market position. We also expect that the company will generate
positive free operating cash flow (FOCF) to support these
acquisitions and aid further deleveraging toward 7.5x by 2023."
PHM is planning to raise EUR60 million in new senior secured
floating-rate notes for general corporate purposes, including
acquisitions. The debt issuance will improve PHM's liquidity by
allowing it to repay its outstanding super senior revolving credit
facility (RCF).
PHM will use part of the incremental debt it raises as part of this
transaction to finance its first acquisition in Germany, Schultz
Gruppe. Schultz Gruppe is a property services company focusing on
the provision of maintenance and technical services in the north of
Germany. This is the second time that PHM has tapped the capital
markets to fund its acquisition pipeline in the past 12 months. In
the year to date, PHM has closed 33 acquisitions, of which Schultz
Gruppe is the largest so far. S&P said, "We view PHM's decision to
enter Germany as positive, as its population is about 3x larger
than that of the Nordics. We expect that PHM's business profile
will strengthen as it increases its scale while reducing
geographical concentration on Finland. However, we also expect
temporary margin pressure from the companies that PHM has acquired
in the second half of 2022." This includes Schultz Gruppe, whose
margins are below PHM's S&P Global Ratings-adjusted EBITDA margin
of 15.6% in 2021. However, PHM's management has shown its ability
to successfully integrate acquisitions and improve their
profitability.
The transaction underlines PHM's strategy of debt-funded
acquisitions and will weaken its credit metrics in 2023 and 2024.
S&P said, "Our forecast for PHM's leverage in 2022 is in line with
our previous forecast, at around 8.5x. However, we expect a delay
in deleveraging of up to 0.5x in 2023 and 2024 due to the higher
debt burden and interest costs than we had anticipated. For 2023,
we forecast leverage at 7.5x-8.0x, before a decline to close to
7.0x by year-end 2024, alongside FOCF of at least EUR20 million per
year. We expect that PHM will continue to finance small bolt-on
mergers and acquisitions (M&A) with debt. The documentation for the
proposed EUR60 million senior secured floating-rate notes permits
debt of up to EUR200 million. In addition, the company is upsizing
its super senior RCF by EUR12.5 million to EUR62.5 million for 12
months. While we acknowledge that M&A is part of PHM's business
model, we expect that it will take a more selective approach in a
weaker macroeconomic environment. We could see further rating
pressure if PHM debt finances more M&A activity than we anticipate,
absent any equity injections. Additionally, rating pressure could
arise from operational challenges leading to greater pressure on
the EBITDA margin than we anticipate in 2023. This would be due to
PHM's inability to increase prices sufficiently to offset continued
high cost inflation during the first quarter of 2023, and its
inability to raise the profitability of lower-margin acquisitions
such as Schultz Gruppe."
S&P said, "We continue to view PHM's liquidity as sufficient to
support its operations, although we expect lower cash flow due to
higher interest rates. We continue to forecast FOCF of at least
EUR20 million in 2023 and 2024, although this is EUR5 million-EUR15
million lower than our previous base case, mainly due to PHM's
higher debt burden and more expensive financing conditions. Our
forecast of funds from operations (FFO) cash interest coverage
remains comfortable, at above 2.5x over the next two years,
although incremental debt at high interest rates may tighten the
headroom.
"The stable outlook reflects our view that PHM will continue to
successfully integrate small tuck-in acquisitions in the coming
year, increasing its EBITDA base and solidifying its market
position. We also expect that the company will generate positive
FOCF to support these acquisitions and aid further deleveraging
toward 7.5x by 2023."
S&P could lower its rating if PHM experienced a material
deterioration in profitability due to unexpected operational issues
or high exceptional costs associated with integrating bolt-on
acquisitions, resulting in:
-- Sustained negative FOCF;
-- FFO cash interest coverage declining below 2.0x on a sustained
basis; and
-- Liquidity issues or tight covenant headroom.
Alternatively, a downgrade could result from certain financial
policy decisions, including large debt-funded acquisitions or
dividends, which would prevent PHM deleveraging.
S&P considers an upgrade unlikely in the coming 12 months. However,
it could raise the rating if PHM's revenue and EBITDA base increase
faster than it projects and if shareholders commit to a prudent
financial policy, with adjusted debt to EBITDA of less than 5x.
ESG credit indicators: E-2, S-2, G-3
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F R A N C E
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CMA CGM: S&P Assigns 'B' Short-Term Issuer Credit Rating
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S&P Global Ratings assigned its 'B' short-term issuer credit rating
to France-based container liner CMA CGM, reflecting our 'BB+'
long-term rating. S&P's 'BB+' long-term issuer credit rating, with
a stable outlook, on CMA CGM is unchanged.
The 'B' short-term issuer credit rating reflects S&P's 'BB+'
long-term issuer credit rating on CMA CGM. The 'BB+' long-term
rating, with a stable outlook, on CMA CGM is unchanged.
ESG credit indicators: E-3, S-2, G-2
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G E R M A N Y
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COLOUROZ INVESTMENT 1: EUR50M Bank Debt Trades at 23% Discount
--------------------------------------------------------------
Participations in a syndicated loan under which ColourOZ Investment
1 GmbH is a borrower were trading in the secondary market around
77.3 cents-on-the-dollar during the week ended Friday, December 2,
2022, according to Bloomberg's Evaluated Pricing service data.
The EUR50 million facility is a payment-in-kind term loan. The loan
is scheduled to mature on September 21, 2024. The amount is fully
drawn and outstanding.
ColourOz Investment 1 GmbH manufactures paint products. The
Company's country of domicile is Germany.
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I R E L A N D
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ARES EUROPEAN XVI: Fitch Assigns 'B-sf' Rating to Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned Ares European CLO XVI DAC final ratings,
as detailed below.
Entity/Debt Rating Prior
----------- ------ -----
Ares European CLO XVI
DAC
A XS2465008600 LT AAAsf New Rating AAA(EXP)sf
A-Loan LT AAAsf New Rating AAA(EXP)sf
B-1 XS2465009244 LT AAsf New Rating AA(EXP)sf
B-2 XS2465009327 LT AAsf New Rating AA(EXP)sf
C XS2465009756 LT Asf New Rating A(EXP)sf
D XS2465009913 LT BBB-sf New Rating BBB-(EXP)sf
E XS2465010176 LT BB-sf New Rating BB-(EXP)sf
F XS2465010333 LT B-sf New Rating B-(EXP)sf
Sub Notes XS2465010507 LT NRsf New Rating NR(EXP)sf
X XS2546373197 LT AAAsf New Rating AAA(EXP)sf
TRANSACTION SUMMARY
Ares European CLO XVI DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds have been used to fund a portfolio with a target par of
EUR400 million. The portfolio is actively managed by Ares
Management Limited. The collateralised loan obligation (CLO) has a
4.6-year reinvestment period and an 8.5-year weighted average life
(WAL) test.
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 25.67.
High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
62.13%.
Diversified Asset Portfolio (Positive): The transaction has a
concentration limit for the 10 largest obligors of 16%. The
transaction also includes various concentration limits, including
the maximum exposure to the three largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure the
asset portfolio will not be exposed to excessive concentration.
Portfolio Management (Neutral): The transaction has one matrix at
closing and one forward matrix that is effective one year post
closing, provided that the aggregate collateral balance (defaults
at Fitch collateral value) is at least at the reinvestment target
par balance. The matrices correspond to a fixed rate limit of
12.5%. The transaction has a 4.6-year reinvestment period and
includes reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.
Cash Flow Modelling (Positive): The WAL used for the transaction's
stress portfolio analysis was reduced by 12 months. This reduction
to the risk horizon accounts for the strict reinvestment conditions
envisaged after the reinvestment period. These include passing the
coverage tests and the Fitch 'CCC' maximum limit after reinvestment
and a WAL covenant that progressively steps down over time, both
before and after the end of the reinvestment period. In the
agency's opinion, these conditions would reduce the effective risk
horizon of the portfolio during the stress period.
Class F Delayed Issuance (Neutral): At closing, the class F notes
will be issued with a pool factor (outstanding principal out of the
original balance) of zero and subscribed by the issuer for a zero
net cash price. The tranche can be sold at the option of the
subordinated noteholders at any time during the reinvestment period
only. Once sold, the tranche will be deemed to have a 100% pool
factor.
In Fitch's view, the sale of the tranche would reduce available
excess spread to cure the reinvestment over-collateralisation test
by the class F interest amount. Consequently, Fitch has modelled
the deal assuming the tranche is issued on the issue date to
reflect the maximum stress the transaction could withstand if that
occurred.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would lead to a downgrade of one notch for
the class E and F notes and have no impact on the other notes.
Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio, the
class E notes display a rating cushion of three notches while the
class B, D and F notes have a two-notch cushion. There is a
one-notch rating cushion for the class C and no rating cushion for
the class A notes. Should the cushion between the identified
portfolio and the stress portfolio be eroded due to manager trading
or negative portfolio credit migration, a 25% increase of the mean
RDR across all ratings and a 25% decrease of the RRR across all
ratings of the stressed portfolio would lead to downgrades of up to
four notches for the notes.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of Fitch's stress portfolio
would lead to upgrades of up to three notches, except for the
'AAAsf' rated notes, which are at the highest level on Fitch's
scale and cannot be upgraded.
During the reinvestment period, based on Fitch's stress portfolio,
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining WAL test, meaning the notes are able to
withstand larger than expected losses for the transaction's
remaining life. After the end of the reinvestment period, upgrades
may occur in case of stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses on the remaining portfolio.
DATA ADEQUACY
Ares European CLO XVI DAC
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
CVC CORDATUS XXVI: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned CVC Cordatus Loan Fund XXVI DAC expected
ratings, as detailed below.
The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.
Entity/Debt Rating
----------- ------
CVC Cordatus Loan
Fund XXVI DAC
Class A LT AAA(EXP)sf Expected Rating
Class B-1 LT AA(EXP)sf Expected Rating
Class B-2 LT AA(EXP)sf Expected Rating
Class C LT A(EXP)sf Expected Rating
Class D-1 LT BBB+(EXP)sf Expected Rating
Class D-2 LT BBB-(EXP)sf Expected Rating
Class E LT BB-(EXP)sf Expected Rating
Class F LT B-(EXP)sf Expected Rating
Subordinated Notes LT NR(EXP)sf Expected Rating
TRANSACTION SUMMARY
CVC Cordatus Loan Fund XXVI DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds will be used to purchase a portfolio with a
target par of EUR423.5 million.
The portfolio is actively managed by CVC Credit Partners Investment
Management Limited (CVC). The collateralised loan obligation (CLO)
has an approximately five-year reinvestment period and a seven-year
weighted average life (WAL) test.
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 25.13.
High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
60.82%.
Diversified Portfolio (Positive): The transaction has a
concentration limit for the 10 largest obligors of 20%. The
transaction also includes various other concentration limits,
including the maximum exposure to the three-largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure the
asset portfolio will not be exposed to excessive concentration.
Portfolio Management (Neutral): The transaction has an
approximately five-year reinvestment period and includes
reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines. The
transaction can extend the WAL test by one year to seven years on 3
November 2023 if the aggregate collateral balance (defaulted
obligations at Fitch-calculated collateral value) is at least at
the target par and if the transaction is passing all its tests.
Cash Flow Modelling (Positive): The WAL used for the transaction's
stressed-case portfolio analysis is 12 months less than the WAL
covenant to account for the strict reinvestment conditions
envisaged by the transaction after its reinvestment period. These
include, among others, passing the coverage tests, the Fitch WARF
test and the Fitch 'CCC' bucket limitation test after reinvestment
as well a WAL covenant that progressively steps down over time,
both before and after the end of the reinvestment period. Fitch
believes these conditions would reduce the effective risk horizon
of the portfolio during the stress period.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A and B
notes and would lead to downgrades of no more than two notches of
the class C, and D-1 notes, one notch on the D-2 notes, up to three
notches on the class E notes and downgrade below ´CCCsf´ for the
class F notes.
Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than initially assumed, due to
unexpectedly high levels of defaults and portfolio deterioration.
Due to the better metrics of the identified portfolio than the
Fitch-stressed portfolio the rated notes display a rating cushion
to downgrades of up to two notches higher than the cushion on the
Fitch-stressed portfolio.
Should the cushion between the identified portfolio and the
Fitch-stressed portfolio erode due to manager trading
post-reinvestment period or negative portfolio credit migration, a
25% increase of the mean RDR across all ratings and a 25% decrease
of the RRR across all ratings of the Fitch-stressed portfolio would
result in downgrades of up to four notches for the class A to D
notes and to below 'CCCsf' for the class E and F notes.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would lead to upgrades of up to three notches for the
rated notes, except for the 'AAAsf' rated notes.
During the reinvestment period, upgrades based on the
Fitch-stressed portfolio and except for the 'AAAsf' notes, may
occur on better-than-expected portfolio credit quality and a
shorter remaining WAL test, allowing the notes to withstand
larger-than-expected losses for the remaining life of the
transaction. After the end of the reinvestment period, upgrades,
except for the 'AAAsf' notes, may occur on stable portfolio credit
quality and deleveraging, leading to higher credit enhancement and
excess spread available to cover losses in the remaining
portfolio.
DATA ADEQUACY
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
PALMER SQUARE 2022-2: S&P Assigns BB- (sf) Rating to Cl. E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Palmer Square
European CLO 2022-2 DAC's class A-1, A-2, B, C, D, and E notes. At
closing, the issuer also issued unrated subordinated notes. Under
the transaction documents, the rated notes will pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.
The portfolio's reinvestment period will end approximately 1.1
years after closing, and the portfolio's weighted-average life test
will be approximately 6.0 years after closing.
The ratings assigned to the notes reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
Portfolio Benchmarks
CURRENT
S&P Global Ratings weighted-average rating factor 2,633.01
Default rate dispersion 638.83
Weighted-average life (years) 4.67
Obligor diversity measure 144.51
Industry diversity measure 20.45
Regional diversity measure 1.41
Transaction Key Metrics
CURRENT
Total par amount (mil. EUR) 400.00
Defaulted assets (mil. EUR) 0
Number of performing obligors 176
Portfolio weighted-average rating
derived from S&P's CDO evaluator 'B'
'CCC' category rated assets (%) 0.75
'AAA' weighted-average recovery (%) 36.39
Covenanted weighted-average spread (%) 3.75
Reference weighted-average coupon (%) 4.00
Rating rationale
S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. We consider that the portfolio will primarily comprise broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. Therefore, we conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.
"In our cash flow analysis, we used the EUR400 million par amount,
the covenanted weighted-average spread of 3.75%, and the covenanted
weighted-average recovery rates for all rated notes. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.
"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.
"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.
"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.
"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B to E notes could withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on the notes.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class
A-1, A-2, B, C, D, and E notes.
"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we have also included the
sensitivity of the ratings on the class A-1 to E notes based on
four hypothetical scenarios."
Environmental, social, and governance (ESG) credit factors
S&P said, "We regard the exposure to ESG credit factors in the
transaction as broadly in line with our benchmark for the sector.
Primarily due to the diversity of the assets within CLOs, the
exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
production or marketing of controversial weapons, tobacco or
tobacco-related products, nuclear weapons, thermal coal production,
speculative extraction of oil sands and fossil fuels, pornography
or prostitution, illegal drugs, sale or production of civilian
firearms, opioid manufacturing and distribution, coal, and payday
lending. Accordingly, since the exclusion of assets from these
industries does not result in material differences between the
transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."
Environmental, social, and governance (ESG) corporate credit
indicators
S&P said, "The influence of ESG factors in our credit rating
analysis of European CLOs primarily depends on the influence of ESG
factors in our analysis of the underlying corporate obligors. To
provide additional disclosure and transparency of the influence of
ESG factors for the CLO asset portfolio in aggregate, we've
calculated the weighted-average and distributions of our ESG credit
indicators for the underlying obligors. We regard this
transaction's exposure as broadly in line with our benchmark for
the sector, with the environmental and social credit indicators
concentrated primarily in category 2 (neutral) and the governance
credit indicators concentrated in category 3 (moderately
negative)."
Corporate ESG Credit Indicators
ENVIRONMENTAL SOCIAL GOVERNANCE
Weighted-average credit indicator* 2.12 2.09 2.83
E-1/S-1/G-1 distribution (%) 0.25 1.50 0.00
E-2/S-2/G-2 distribution (%) 75.25 75.75 16.11
E-3/S-3/G-3 distribution (%) 10.22 7.47 67.86
E-4/S-4/G-4 distribution (%) 0.00 1.00 1.75
E-5/S-5/G-5 distribution (%) 0.00 0.00 0.00
Unmatched obligor (%) 10.13 10.13 10.13
Unidentified asset (%) 4.16 4.16 4.16
*Only includes matched obligor
Ratings List
CLASS RATING AMOUNT SUB (%) INTEREST RATE*
(MIL. EUR)
A-1 AAA (sf) 220.00 45.00 Three/six-month EURIBOR
plus 2.20%
A-2 AAA (sf) 26.00 38.50 Three/six-month EURIBOR
plus 3.20%
B AA (sf) 37.00 29.25 Three/six-month EURIBOR
plus 4.15%
C A (sf) 21.00 24.00 Three/six-month EURIBOR
plus 4.41%
D BBB- (sf) 28.00 17.00 Three/six-month EURIBOR
plus 6.26%
E BB- (sf) 12.00 14.00 Three/six-month EURIBOR
plus 8.25%
Sub NR 45.60 N/A N/A
*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A—-Not applicable.
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L U X E M B O U R G
===================
ARMORICA LUX SARL: EUR335M Bank Debt Trades at 40% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Armorica Lux Sarl
is a borrower were trading in the secondary market around 60.4
cents-on-the-dollar during the week ended Friday, December 2, 2022,
according to Bloomberg's Evaluated Pricing service data.
The EUR335 million facility is a term loan. The loan is scheduled
to mature on July 28, 2028. The amount is fully drawn and
outstanding.
Armorica Lux S.ar.l. is the parent company of idverde, a provider
of landscaping services in Europe. The Company's country of
domicile is Luxembourg.
EIRCOM FINCO: Fitch Cuts Debt Rating to BB-, Removes From Watch Neg
-------------------------------------------------------------------
Fitch Ratings has downgraded Eircom Finco S.a r. l.'s and eircom
Finance Designated Activity Company's senior secured instrument
ratings to 'BB-' from 'BB' and removed them from Rating Watch
Negative (RWN). The Recovery Rating is revised to 'RR3' from 'RR2'.
Fitch has affirmed eircom Holdings (Ireland) Limited's (eir)
Long-Term Issuer Default Rating (IDR) at 'B+' with a Stable
Outlook.
The downgrade reflects its view that the recovery prospects on
eir's senior secured instruments raised at the two finance
companies are weaker following the sale of a large minority
interest at Fibre Networks Ireland Limited (FNI) and the issue of
new secured debt at FNI. The Rating Watch has been removed given
greater visibility over eir's debt buyback plans and the size of
debt that will remain outside of FNI.
KEY RATING DRIVERS
Instrument Ratings Downgraded: In a hypothetical financial distress
scenario at eir, Fitch would expect the finance company debtholders
to now have a weakened claim over eir's fixed-line infrastructure
assets - which Fitch views as the most valuable component of eir's
network and were moved to FNI in July 2022. Its recovery analysis
assumptions for EBITDA and the distressed enterprise value
(EV)/EBITDA multiple are expected to be lower after Fitch excludes
FNI from the consolidated group. Its view is that this would not be
fully compensated by the equity value of eir's remaining stake in
FNI, resulting in a one-notch downgrade of the instrument ratings
to 'BB-'/RR3.
EBITDA Margin to Shrink: eir's guidance of a low single-digit
EBITDA decline in 2022 (versus stable EBITDA in 2021), in its view,
reflects decreasing fixed-line-and-mobile average revenue per user
(ARPU) and the company's retail market-share losses. eir has
increased marketing and customer acquisition costs in 2022, which
Fitch expects to shrink EBITDA margins by around 1.5% from the
previous year. Pricing competition for new customers has been
aggressive in both the fixed-line and mobile markets and is likely
to continue. The stability of revenue and EBITDA will be an
important factor in a potential upgrade to 'BB-'.
Fibre Rollout Accelerated: eir plans to roll out fibre to the home
(FTTH) to 1.9 million premises by end-2026 and was around halfway
complete at end-September 2022. This means adding 200,000 sites in
2022 and up to 250,000 premises passed in 2023. This represents a
meaningful increase in pace on the 177,000 homes built in 2021.
While this may provide some protection against future fixed-line
churn, competition for high-ARPU customers will remain stiff,
following high-speed broadband investment ramp-up by VMI (952,000
sites by 2025) and SIRO (up to 700,000 sites).
Inflation Risks Manageable: While eir has announced plans to
increase pricing by EUR5/month for a significant portion of its
existing retail customer base and from April 2023 a CPI+3% price
rise, inflation could reach higher than 5% in 2022 in Ireland. In a
highly competitive pricing market this could worsen the EBITDA
decline for eir. The company has mitigated their inflation risk by
already agreeing a 2% pay rise for its workforce, its largest
operating expense in 2022. eir has also fully hedged its energy
costs for 2022.
DERIVATION SUMMARY
eir's ratings reflect its position as the leading fixed-line
operator in a competitive Irish market. Relative to its European
telecom incumbent peers, Royal KPN N.V (BBB/Stable) and BT Group
plc (BBB/Stable) eir has higher leverage, is smaller in size, has a
largely domestic focus, and a lack of leadership in the mobile
segment. Its EBITDA margin is similar to peers', but pre-dividend
free cash flow (FCF) margin has historically been lower due to
higher capex as a percentage of revenue.
eir is more tightly rated than 'BB-' rated European telecom peers
like Telenet Group Holding N.V (BB-/Stable) due to its planned sale
of a stake in its fixed-line network, structural revenue decline
from legacy voice, declining market share, smaller scale and high
capex commitments in its fibre build.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Revenue estimated to decrease 1.2% yoy in 2022 (2021 accounts
were prepared on an 18-month period basis), followed by gradual
stabilisation to flat revenue growth in 2023-2025. The 2022 revenue
decline reflects the competitive environment and its expectation
that eir's market share in fixed line will continue to decline. The
decline also reflects the fall in fixed-and-mobile ARPUs, which
Fitch expects to continue into 2023
- Fitch-defined EBITDA margin to weaken slightly to 46% in 2022,
due to declining revenue and investments in customer acquisition
and marketing costs. This is followed by a gradual increase towards
47% by 2024
- Capex (excluding spectrum) at 22.9% of revenue in 2022, before
increasing to above 25% by 2024, reflecting the accelerated
national FTTH rollout plans, including the increase of 50,000
premises passed per year compared with 2022
- Dividend payments of EUR800 million in 2022 before averaging
EUR100 million in 2023-2025
- Debt buybacks of EUR600 million between 2022 and 2023
- Spectrum payments of EUR80 million during 2022 in the upcoming
auction for the 700MHz, 2100MHz, 2300MHz and 2600MHz bands
Key Recovery Rating Assumptions
- The recovery analysis assumes that eir would be a going-concern
(GC) in hypothetical bankruptcy scenario and that it would be
reorganised rather than liquidated
- A 10% administrative claim
- Post-reorganisation EBITDA of EUR285 million, which excludes
EBITDA from FNI
- Fitch applies a distressed EV at 4.5x EBITDA, reduced from 5.0x
at the last rating action. The reduction reflects the exclusion of
FNI's EBITDA and debt from the recovery analysis and the relative
weakening of the operating profile of the residual business, which
would include a mobile network business and a fixed-line services
business only.
- Fitch assumes an additional EUR280 million of debt buybacks are
made on top of the EUR320 million completed at November 2022. The
total amount of senior debt assumed in its analysis is EUR2.0bn.
- RRs for senior secured debt at holding company assume the sale of
the 50.1% equity stake in FNI for EUR250 million proceeds included
in its recovery analysis. This results in a WGRC of 69%, equal to
an 'RR3' rating. The senior secured debt is therefore rated one
notch higher than the IDR
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Strengthened operating profile and competitive capability
demonstrated by stable fixed broadband market share with increasing
fibre penetration, with a return to broadly stable underlying
revenue and EBITDA
- Funds from operations (FFO) net leverage expected to remain at or
below 4.7x on a sustained basis (equivalent to around 4.5x
Fitch-defined net debt / EBITDA). Fitch will also be guided by
calculations of these metrics on a proportionate consolidation
basis
- Cash flow from operations (CFO) less capex/total debt
consistently above 6%
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- FFO net leverage above 5.2x on a sustained basis (equivalent to
around 5.0x Fitch-defined net debt / EBITDA. Fitch will also be
guided by calculations of these metrics on a proportionate
consolidation basis
- CFO less capex/total debt remaining below 3% on a sustained
basis, driven by lower EBITDA or higher capex
- Deterioration in the regulatory or competitive environment
leading to a material adverse change in operating trends
LIQUIDITY AND DEBT STRUCTURE
Sufficient Liquidity: As of end September 2022 eir had EUR659
million in cash and equivalents. Its liquidity position is
supported by an undrawn EUR285 million revolving credit facility
and capex facilities. Following the new financing raised at FNI,
eir has made EUR320 million of debt buybacks in the 11 months to
November 2022 and its next significant maturity is its EUR350
million notes in 2024, EUR53 million of which has been bought back
by eir in the 11 months to November 2022. Remaining debt maturities
are spread across 2026, 2027 and 2029.
ISSUER PROFILE
eir is the incumbent telecom operator in Ireland, its sole market.
The company is the third-largest mobile operator but the leading
fixed-line operator and is rolling out its FTTH network across
Ireland.
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
----------- ------ -------- -----
Eircom Finco S.a r. l.
senior secured LT BB- Downgrade RR3 BB
eircom Holdings
(Ireland) Limited LT IDR B+ Affirmed B+
eircom Finance
Designated Activity
Company
senior secured LT BB- Downgrade RR3 BB
=====================
N E T H E R L A N D S
=====================
AXALTA COATING: Moody's Rates $2BB Senior Secured Term Loan 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to the $2
billion senior secured term loan due 2029 of Axalta Coating Systems
Dutch Holding B B.V. and co-borrower Axalta Coating Systems U.S.
Holdings Inc. These companies are wholly owned subsidiaries of
Axalta Coating Systems Ltd. ("Axalta"). The outlook is stable.
"Axalta is taking advantage of current market conditions to
refinance and extend the maturity of its $2 billion term loan,"
stated John Rogers, Moody's Senior Vice President and lead analyst
for Axalta.
Assignments:
Issuer: Axalta Coating Systems Dutch Holding B B.V.
Senior Secured Term Loan B, Assigned Ba1 (LGD2)
RATINGS RATIONALE
The Ba1 rating on Axalta's senior secured term loan is supported by
the stability of its earnings and cash flow over most of the cycle,
strong adjusted EBITDA margins (typically above 20%) and meaningful
free cash flow generation in most years. Additionally, free cash
flow can be preserved in a downturn by adjusting spending (e.g.,
lower research and development expenses) and lower capital
investments. The company has also been successful over time at
handling fluctuating commodity prices (e.g., oil-based resins,
titanium dioxide). While raw materials cost increases over the past
two years have been unusually large and persistent, some of these
products have already started to decline and most are expected to
fall further in 2023. Moody's principal concern with the company's
business model relates to the limited organic growth potential in
its Refinish business which is part of its Performance Coatings
segment and the expectation for additional acquisitions to augment
growth.
Axalta's Ba3 Corporate Family Rating is principally constrained by
meaningful financial leverage for the rating category and
uncertainty related to the potential downside in demand in Europe
in 2023 and the eventual pace of recovery post the downturn in
2023. Moody's noted that Axalta's earnings and cash flow should
hold up better than most other specialty chemical companies given
the stability of the autobody repair markets and the expectation at
automotive OEM build rates will hold up better than in past
downturns. The rating is supported by a very good liquidity
position and excellent market position as a coatings producer that
generates cash through most economic cycles. The rating also takes
into consideration past financial policy statements related to
lower debt levels in 2023.
Credit metrics are currently weak for the rating with LTM September
30, 2022, Moody's adjusted Debt/EBITDA of 5.6x and Retained Cash
Flow ("RCF")/Debt of 14%. Free cash flow is also below normal due
to a roughly $200 million increase in working capital. In 2023,
Moody's expects free cash flow to be well above $400 million
providing the company with the opportunity to improve credit
metrics by paying down balance sheet debt as discussed on the third
quarter earnings call. In addition, Axalta recently names a new
CEO, Chris Villavarayan, who may adjust priorities for cash over
the next several years. Moody's believes that acquisition will
continue to be a significant priority for cash management to grow
and diversify its earnings.
The stable outlook reflects the expected weakening of demand in
2023 offset by management's plan to reduce debt, leading to
improved credit metrics by the end of 2023. The stable outlook also
assumes that Axalta will take any other reasonable steps necessary
to return metrics to levels that fully support the rating.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Moody's could consider an upgrade with expectations for: (i)
adjusted financial leverage near 4.0x; (ii) retained cash flow to
debt sustained above 15%; and (iii) free cash flow to debt
sustained above 10% (FCF/Debt). An upgrade would also require the
new CEO to support the company's previously announced leverage
targets.
Moody's could consider a downgrade with expectations for (i)
adjusted financial leverage sustained above 5.0x; (ii) retained
cash flow-to debt sustained below 10%; (iii) a significant erosion
in the company's liquidity position; or (iv) the adoption of more
aggressive financial policy with regard to leverage and the pace,
or size, of acquisitions.
ESG CONSIDERATIONS
Axalta' ESG Credit Impact Score is moderately negative (CIS-3) as
governance, environmental and social risks are all moderate.
Environmental risks are moderate as the company's waste and
pollutions metrics are low and it has no significant environmental
remediation liabilities. Social risks are also moderate for
specialty chemical companies as responsible production and health
and safety risks are lower than commodity chemical companies.
Governance risks are moderately negative as it is an independent
public company.
Axalta has moderately negative exposure to environmental risks
(E-3) due to a below average level carbon transition and waste and
pollution risk exposure relative to other chemical companies. Like
many other specialty chemical companies, its exposure to physical
climate, natural capital and water management risks is also
low-to-moderate. Axalta has targeted to achieve a 50% absolute
reduction of Scope 1 and 2 greenhouse gas emissions by 2030,
sourcing at least 50% of its electricity from renewable sources by
2030 and a 10% reduction of process waste intensity, VOC emissions
intensity, and water usage intensity by 2030.
Axalta has moderately negative exposure to social risks (S-3) in
most categories. Customer relations risk is more limited as the
vast majority of sales are not to consumers, similar to other
specialty chemical companies. Responsible production and health and
safety risks are lower than many chemical companies due to the
nature of their products and processes. Risks related to societal
trends are viewed as low-to-moderate similar to other specialty
chemical companies and manufacturers.
Axalta has moderately negative exposure to governance risks (G-3)
mainly driven by its financial policies and track record. The
company's financial policies and risk management support its "Ba"
rating. Management credibility and track record is good as the
company has utilized free cash flow to de-lever its balance sheet
subsequent to acquisitions. The company's organizational structure
and its board structure and policies are consistent with an
independent public company and there have been no concerns over
compliance and reporting.
The principal methodology used in this rating was Chemicals
published in June 2022.
Axalta Coating Systems Ltd. is one of the world's leading coatings
companies. The company operates two business segments: (i)
Performance Coatings, which accounts for over 69% of sales; and
(ii) Mobility Coatings, which accounts for under 31% of sales.
Headquartered in Glen Mills, Pa., Axalta generated $4.8 billion of
revenue in the twelve months ended September 30, 2022.
CASPER DEBTOR: Fitch Cuts IDR to 'RD' Then Upgrades to 'CCC'
------------------------------------------------------------
Fitch Ratings has downgraded Casper Debtco B.V.'s Long-Term Issuer
Default Rating (IDR) to 'Restricted Default' (RD) from 'CCC',
following the company's disclosure of the result of its consent
solicitation on changes to its notes' documentation. Fitch views
this as a distressed debt exchange (DDE). Fitch has simultaneously
upgraded the IDR to 'CCC-' to reflect Casper Debtco B.V.'s
post-restructuring profile with likely further liquidity pressures
in the next 12-24 months.
Fitch has also downgraded Casper Debtco's super senior term loan B
(TLB) rating to 'B-' from 'B' and its senior secured debt rating to
'CC' from CCC'. The Recovery Rating for the TLB remains at 'RR1'
while that for the senior secured debt has been revised to 'RR5'
from 'RR4'.
Casper Debtco B.V. indirectly owns Dummen Orange Holding B.V., a
Netherlands-based floriculture company engaged in breeding,
propagation and commercialisation of flower varieties.
KEY RATING DRIVERS
Restructuring Equivalent to DDE: From 2023 Dummen Orange will defer
part of the interest payment to senior secured lenders, allowing it
to save EUR12 million of cash interest annually. In our view the
deferral of these payments is necessary to avoid bankruptcy and
represents a material reduction in terms as deferral of these
payments was not permitted under the original documentation. This
constitutes a DDE under Fitch's DDE Rating Criteria.
Poorly Funded Liquidity: Dummen Orange's rating post-DDE reflects
its tight liquidity profile, which follows continuing deterioration
of its operating performance in financial year ended September
2022. Fitch sees equally high risk of continuing operational
challenges in 2023, which could prevent Dummen Orange from
generating sufficient free cash flow (FCF) to pay its operational
expenses in FY24.
High Refinancing Risk: The approaching maturity of the company's
USD30 million trade working-capital (TWC) facility in March 2024
brings forward some refinancing risk and its extension will serve
as a test ahead of the main refinancing before most debt falls due
in March 2026. Slower-than-projected recovery of operating
profitability, FCF and leverage metrics will make timely
refinancing challenging.
Difficult Performance Turnaround: Fitch regards Dummen Orange's
operational restructuring as challenging but achievable in the
medium term. However, Fitch assumes slow EBITDA margin recovery to
above 9% (FYE22: 4.1%) only from FY24, taking into account the
complexity of anticipated turnaround measures, a long business
production cycle and persisting market challenges in FY23. Given
the company's limited ability to control production costs alongside
increased energy costs and inflationary pressures, which can only
partially be passed on through price increases, Fitch estimates
EBITDA will remain below EUR20 million in FY23.
Persistently Negative FCF: Onerous restructuring progress with
longer-than-expected operating recovery amid increased TWC needs
and high capital intensity leads to persistently negative FCF with
remote prospects of a return to break-even before FY26. Fitch
projects FCF will remain deeply negative in FY23 due to lack of
EBITDA recovery and high capex at around 6% of sales. Its
assumption of gradual EBITDA recovery from FY24 leads to gradually
slowing FCF outflows, albeit still negative to FYE25.
Redeemable Business Model: Despite the slow progress of turnaround
and still material execution risks, Fitch views Dummen Orange's
business model as fundamentally redeemable, with the potential to
deliver a successful operational turnaround in the long term. The
operating improvement might be supported by innovation-aided
relevance across multiple crop types and regions in an industry
protected by high entry barriers, including high capital intensity
and the importance of R&D. These are critical business traits that
could allow the company to maintain its market position in the
medium-to-long term.
Persistently High Leverage: Given Dummen Orange's high operating
risks and consistently negative FCF, Fitch projects exceptionally
high total debt/EBITDA at around 17.0x until FY23. Fitch estimates
that a gradual operating performance recovery will result in
leverage improvement towards 8.0x by FY25, which is still high and
subject to high execution risks.
High Underlying Business Risks: Dummen Orange's high-risk profile
reflects a hybrid nature of the business model combining the traits
of agriculture-like crop breeders with long product cycles, high
R&D, labour and capital intensity, as well as exposure to varying
crop productivity, phyto-sanitary events (plant diseases) and
unpredictable weather conditions. Its consumer-related
characteristics are further exposed to volume volatility driven by
customer demand and changing preferences and to a much lesser
extent, price fluctuations.
DERIVATION SUMMARY
Dummen Orange's rating reflects its tight liquidity position as
well as the uniqueness of its business model, which combines
features of a crop science company with the high importance of R&D,
and labour-and capital-intensive flower-propagation operations. It
also shares, to a limited extent, the operating risk with
manufacturers of consumer products, given its exposure to volume
risk driven by customer demand and changing consumer preferences.
The high inherent operating risks of agriculture credits make them
less suitable for a highly leveraged capital structure. The higher
ratings of vertically integrated agro-industrial businesses
Camposol Holding PLC (BB-/Stable) and Corporacion Azucarera del
Peru S.A. are supported by their higher operating and cash flow
margins in combination with lower leverage.
Comparability with higher-rated Sunshine Luxembourg VII SARL
(Galderma; B/Stable), a manufacturer of branded consumer products
with high R&D exposure, is limited to consumer-related volatility
of demand. However, Galderma's much larger scale, strong brand
quality, and the medicinal nature of its skincare products make the
business more resilient and higher leverage tolerance.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- FY23 revenue to decline 5% following the divestiture of the
QuickPlug (QP) business
- Revenue to increase 8% in FY24 on some recovery in the tropical
segment and price increases, followed by low-to-mid single-digit
annual revenue growth to FY25
- EBITDA margin at around 5% in FY23 and gradually increasing
toward 10% by FY25
- Capex at around EUR23 million in FY23, and EUR25 million-EUR26
million per year to FY25
- Annual net working-capital outflow at around 1% of sales to FY25
- QP divestment to yield EUR25 million proceeds
- No M&A activity to FY25
KEY RECOVERY RATING ASSUMPTIONS
The recovery analysis assumes that Casper Debtco would be
reorganised as a going-concern (GC) in bankruptcy rather than
liquidated
A 10% administrative claim.
GC EBITDA assumption of EUR32 million reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level upon which Fitch
bases the enterprise valuation (EV). The decrease in GC EBITDA from
its previous GC EBITDA of EUR37 million reflects mainly the
divestiture of QP
A multiple of 5.5x EBITDA is applied to the GC EBITDA to calculate
a post-reorganisation EV. The multiple is in the mid-range for the
sector and is supported by high barriers to entry, the significant
value of Dummen Orange's intellectual property and R&D, as well as
expected modest long-term growth for the floriculture sector
The allocation of value in the liability waterfall results in a
Recovery Rating 'RR1' for the super senior term loan of EUR55
million, ranking pari passu with a EUR6 million cash pooling
facility, a new super senior EUR25 million facility and the
incremental TWC facility of USD30 million, which Fitch expects will
be fully drawn prior to distress, under Fitch's Corporates Recovery
Ratings Criteria.
The lower IDR and increased debt quantum result in the downgrade of
the debt ratings to 'B-' for the super senior debt with a
waterfall-generated recovery computation (WGRC) of 100% based on
current assumptions, and to 'CC' for the reinstated TLB of EUR196
million, with a revised Recovery Rating 'RR5' and WGRC of 22%, from
'RR4' and WGRC of 48%
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Evidence of sufficiently funded operations for the next 12-24
months
- Improving operating performance with increasing EBITDA and EBITDA
margins
- Improving FCF
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Evidence of another refinancing that may be considered as a
distressed debt exchange
- Deteriorating FCF
- Lack of sufficient operational liquidity cushion to support
operations within the next six-12 months
LIQUIDITY AND DEBT STRUCTURE
Temporary Liquidity Reprieve: The issue of additional super senior
notes (SSN) tranches of EUR13 million and EUR12 million each, the
change in interest payment terms on their SSN and TLB facility as
well the divestiture of the QP business for EUR25 million have
provided relief to Dummen Orange's near-term liquidity, which stood
at EUR5 million at end-September 2022.
Liquidity Shortfall Expected in 2024: Given high cyclicality of the
company's operations and an expected challenging trading
environment in 2023 Fitch still anticipates tight liquidity
headroom for FY23. Generated operating cash flows as well as
available undrawn workin- capital facility is expected to be only
sufficient to cover part of its intra-year working capital needs.
Higher working-capital requirements or unforeseen external shock
such as low crop productivity or disease spread could result in the
business being unfunded under the currently available financing.
Fitch expects a liquidity shortfall when the working capital
facility matures in March 2024, unless it is renewed.
Long-Dated Maturities: The maturity profile benefits from
long-dated term loan maturities with no debt amortisations before
2026.
ESG CONSIDERATIONS
Casper Debtco Bhas an ESG Relevance Score of '4' for Exposure to
Environmental Impacts due to the influence of climate change and
extreme weather conditions on Dummen Orange's assets, productivity
and operating performance, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Casper Debtco B.V. LT IDR RD Downgrade CCC
LT IDR CCC- Upgrade RD
senior secured LT CC Downgrade RR5 CCC
super senior LT B- Downgrade RR1 B
KETER GROUP: EUR231M Bank Debt Trades at 25% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Keter Group BV is a
borrower were trading in the secondary market around 74.7
cents-on-the-dollar during the week ended Friday, December 2, 2022,
according to Bloomberg's Evaluated Pricing service data.
The EUR231 million facility is a term loan. The loan is scheduled
to mature on October 31, 2023. The amount is fully drawn 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.
NOBEL BIDCO: EUR1.05B Bank Debt Trades at 22% Discount
------------------------------------------------------
Participations in a syndicated loan under which Nobel Bidco BV is a
borrower were trading in the secondary market around 77.9
cents-on-the-dollar during the week ended Friday, December 2, 2022,
according to Bloomberg's Evaluated Pricing service data.
The EUR1.05 billion facility is a term loan. The loan is scheduled
to mature on June 23, 2028. The amount is fully drawn and
outstanding.
Nobel Bidco B.V. operates as the parent company of Philips'
domestic appliances business. The Company's country of domicile is
the Netherlands.
===========
P O L A N D
===========
GLOBE TRADE: Moody's Affirms 'Ba1' CFR & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 long term corporate
family rating of Globe Trade Centre S.A. (GTC). Concurrently, it
has affirmed the Ba1 rating of its backed senior unsecured notes,
issued by GTC Aurora Luxembourg S.A., guaranteed by GTC. The
outlook on both entities has changed to stable from positive.
RATINGS RATIONALE
GTC's Ba1 long term corporate family rating is supported by its
solid market position as a diversified office and retail landlord
in Central and Southern Eastern Europe, well-located and
good-quality property portfolio, stable cash flow from a
high-credit-quality tenant base and robust economic fundamentals
across its main jurisdictions Poland (Government of Poland, A2
stable), Hungary (Government of Hungary, Baa2 stable), Bulgaria
(Government of Bulgaria, Baa1 stable) and Romania (Government of
Romania, Baa3 stable), which Moody's expect to continue supporting
a resilient rental income generation over the next 12 to 24
months.
Among the factors constraining the rating are the prevailing
economic uncertainty and inflationary pressures, that will temper
demand for commercial real estate properties, strain rents and the
stability of property values. Also, the company's presence in less
liquid investment markets entails higher risks to investor
appetite, property valuations and access to capital than those in
core European markets. The company's future growth via developments
or acquisitions will be challenged by the rising cost of capital
and strained access to public capital markets.
Tightening financial conditions will delay the company's initial
plans to shift towards largely unsecured funding while debt
maturities concentration in 2026 will require refinancing well in
advance.
OUTLOOK
Company's recent non-yielding EUR115m investment in the Kildare
Innovation Campus located in Dublin, Ireland raises concerns
regarding the predictability of the GTC's investment strategy. It
has also weakened the net debt to EBITDA ratio of GTC to 11x as of
the LTM September 2022 from 9.7x as of LTM June 2022. Nonetheless
Moody's stable outlook reflects Moody's expectation that the
company will be able to strengthen its capital structure via the
planned equity raise of minimum EUR150 million; which Moody's
understand is broadly supported by company's shareholders and will
help GTC to prepare its balance sheet to cope with the planned
further investments into its property platform as well as under the
company's new strategy while dealing with a likely strain on
property values amid a weaker property investment environment
across Europe.
Moody's expect the negative pressure on pricing and occupancy
ratios from the economic deceleration and new office-supply in some
of its markets, to be balanced by the good quality of GTC's stock
and its disciplined development approach with solid pre-lease
ratios; so that overall, Moody's anticipate a broadly stable rental
income generation; additionally supported by the earnings
contribution of pre-leased-projects to be delivered throughout
2024.
Moody's outlook also reflects Moody's expectation that the company
will maintain credit metrics commensurate with its financial policy
committed to maintain a net LTV at around 45%.
However, the rising macroeconomic uncertainty and tightening
financial conditions could strain the operating environment of real
estate companies even further. Evidence of a sharp contraction in
investment activity and greater pressure on rents and values due to
weaker property market fundamentals than currently expected would
result in a negative rating action.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS
Strong track record of successfully growing its asset base while
maintaining a solid operating performance characterized by growing
occupancy rate and like-for-like net rental income across its
portfolio, in a favourable operating environment
Financial leverage declining towards 40% or below as measured by
Moody's-adjusted gross debt/assets, together with a declining
Moody's-adjusted Net debt/EBITDA to levels below 10x
Moody's adjusted fixed-charge coverage ratio around 3.0x on a
sustained basis
Maintenance of a robust unencumbered assets ratio well above 50%,
comprised by a high-quality asset pool in strong jurisdictions,
providing a good coverage to unsecured creditors
Maintaining strong liquidity and a long-dated well-staggered debt
maturity profile with a track record in accessing to all forms of
debt and equity capital
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS
Failure to deliver on the planned equity raise
Moody's-adjusted leverage sustained above 45%, or Moody's-adjusted
Net debt/EBITDA sustained above 11x
Deterioration in the operating performance, dropping occupancy
rate, declining like-for-like net rental income, shortening WALT,
or if property market fundamentals weaken sharply
Moody's adjusted fixed-charge coverage ratio declining below 2.5x
or company's inability to gradually adapt its capital structure to
the higher interest rate environment
Increase of its development pipeline towards 10% with no
meaningful pre-letting ratios or increasing amounts of capital
committed to non-yielding investments
Weakening of liquidity and the coverage of the unencumbered asset
pool, with an unencumbered property asset coverage ratio for
unsecured creditors sustained below 1.5x if the majority class of
debt switches to secured debt.
STRUCTURAL CONSIDERATIONS
The Ba1 CFR is in line with the backed senior unsecured rating
issued under GTC Aurora Luxembourg S.A., considering that GTC
majority of debt is unsecured (55% as of September 2022) and that
the company remains committed to reduce structural subordination
and continue its shift towards unsecured debt, currently hampered
by restrictive public debt markets.
Currently unencumbered properties amount around EUR932 million and
offer circa 1.4x coverage of unsecured debt obligations.
Bondholders are subordinated to existing secured bank debt of
around EUR563 million.
LIQUIDITY
GTC's liquidity will remain adequate supported by an expected cash
on hand around EUR170 million by year-end 2022 as well as an
undrawn EUR94m revolving credit facility (RCF); Moody's-adjusted
funds from operations will be between EUR65 million and EUR75
million over the next 12 months. These funds will adequately cover
all expected cash needs in the next 12 to 18 months.
As per end of September the average debt maturity was 4.5 years and
95% of the debt cost being fixed or hedged, both protect the
company's credit profile at a time when the capital markets are
disrupted.
The planned equity raise of between EUR150 million - EUR170 million
will help to support a potential capital expenditure of up to
EUR460 million between 2022 and 2024.
ESG CONSIDERATIONS
GTC's credit exposure to governance considerations is moderately
negative (G-3) mainly due to the concentration of voting rights at
its largest shareholder Optima Investment Ltd (Optima), which also
exposes the company to potential conflict of interests or
increasing amount of related-party transactions. Also, the recent
investment activity reflects a more opportunistic capital
allocation strategy, which is a credit negative specially if new
investments are non-yielding in nature. The latter is partly
balanced by the support of Optima to GTC's publicly communicated
financial policy. In addition, the company's governance structure
includes a board of directors with 8 members, 3 of which
independent and a framework governing the approval of related party
transactions, as outlined in the most recent version of the
company's articles of association dated August 19, 2022.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2022.
CORPORATE PROFILE
Globe Trade Centre S.A. (GTC) is a well-known real estate investor
and developer in Central Eastern Europe (CEE). The group was
established in 1994 and has real estate operations across Poland's
main cities, such as Warsaw, Krakow, Katowice, Wroclaw, Poznan, and
Lodz, and in other capital cities in CEE, such as Budapest,
Bucharest, Belgrade, Zagreb, and Sofia. The company's gross asset
value (GAV) amounted to around EUR2.3 billion as of September 30,
2022.
=========
S P A I N
=========
TIMBER SERVICIOS: EUR1.20B Bank Debt Trades at 25% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Timber Servicios
Empresariales SA is a borrower were trading in the secondary market
around 75.5 cents-on-the-dollar during the week ended Friday,
December 2, 2022, according to Bloomberg's Evaluated Pricing
service data.
The EUR1.20 billion facility is a term loan. The loan is scheduled
to mature on March 29, 2029. About EUR0 million of the loan is
withdrawn and outstanding.
Timber Servicios Empresariales, S.A. does business as Altadia.
Headquartered in Villarreal, Spain, Altadia is a global
manufacturer of intermediate products for the ceramic tile
industry. The group's offering comprises a full range of products
that determine the key properties of floor and wall tiles,
including surface colours, glazing products and body coloring
materials. Altadia is majority owned by the Carlyle Group.
===========
T U R K E Y
===========
LIMAK ISKENDERUN: Fitch Affirms 'B' Rating on $370M Notes
---------------------------------------------------------
Fitch Ratings has affirmed Limak Iskenderun Uluslararası Liman
Isletmeciligi A.S.'s (LimakPort) USD370 million notes at 'B'. The
Outlook is Negative.
RATING RATIONALE
LimakPort's ratings reflect its role as trade enabler for a range
of diversified products in the fast-growing south-east Turkiye
region, its modern assets and infrastructure, with designed
capacity well above current volumes and fully amortising debt.
These factors are balanced by its small size, which exposes it to
competition from the nearby bigger, but currently
capacity-constrained, Mersin Uluslararasi Liman Isletmeciligi A.S.
(Mersin Port, B/Negative). Mersin Port's potential expansion plans
could impact LimakPort's ability to continue gaining market share.
The port has a clear focus on container volumes, although it has
been able to attract cargo in 2021 and 2022 as congestion in the
container market has driven cargo volume growth.
The port's capacity, which is well above current throughput levels,
allows LimakPort flexibility in its capex plan. The capex plan is
focused on refurbishment and maintenance. Expansion capex would be
needed if the port reaches capacity. This is not Fitch's rating
case (FRC).
LimakPort expected debt service coverage ratio (DSCR) averages
1.18x in the FRC. Limak's credit profile cannot exceed Turkiye's
Long-Term Local-Currency Issuer Default Rating (IDR; B/Negative) )
since the port is embedded in Turkiye's macroeconomic environment.
KEY RATING DRIVERS
Industrial Hinterland, Exposed to Competition - Revenue Risk
(Volume): Midrange
LimakPort focusses on handling containers, covering two-thirds of
revenues. It also services cargo, roll-on/roll-off and dry bulk.
The port mainly serves the needs of its dynamic hinterland in
importing raw materials and exporting finished/semi-finished goods
to the EU, Middle East and north Africa. This results in a
diversified and balanced mix between imports and exports across the
major ports in the basin.
LimakPort has competition from two alternative ports in the same
area that target the same volumes (Mersin Port and Assan Port).
Both these ports are generally used for containers and are nearing
capacity. LimakPort is the only port in the area operating
significantly below capacity, and consequently absorbing a
substantial portion of growth in the area, resulting in container
volume CAGR of 40.2% between 2013-2021. However, despite steadily
increasing since 2013, LimakPort's market share is still only 17%,
against Mersin's 75%, which remains the largest port in Turkiye's
south eastern region.
LimakPort benefits from strong connections to the hinterland,
especially by road, where the port has a competitive advantage over
its competitors in transport cost per container. In addition, its
small size and ample capacity relative to Fitch-rated peers result
in greater operational efficiency, although this is mitigated by
the lower number of port calls at LimakPort compared with Mersin.
Mainly Unregulated US Dollar Tariff - Revenue Risk (Price):
Midrange
LimakPort's revenues are predominantly unregulated as only tariffs
for marine services (around 15% of revenues) are regulated by the
General Directorate of the Turkish State Railroad Administration.
This gives significant price flexibility in the unregulated
business as long as tariffs are not excessive or discriminatory,
for which there is no history of enforcement. LimakPort has been
able to increase tariffs four times since 2013.
The port's typical contract length is fairly short, at an average
of two years, and includes volume-related incentives. Although this
optimises upside by allowing for more regular tariff increases, it
also exposes LimakPort to downside risk, since flexibility can
become a weakness if volumes drop. LimakPort has a competitive
advantage over Mersin as its tariffs are on average 20% lower.
The depreciation of the Turkish lira does not have a direct impact
on LimakPort's tariffs, which are set in US dollars. The small
portion of revenue collected in local currency is used to pay for
operational expenses that are mainly lira-denominated. LimakPort
has a policy of converting unused amounts of lira into US dollars
on a weekly basis. This effectively removes exchange-rate imbalance
in the business and despite the depreciation of the lira against
the US dollar, allows the company to continue to maintain a healthy
profit margin.
Ample Capacity to Grow - Infrastructure Development and Renewal:
Midrange
LimakPort underwent a significant renovation during 2012-2014 to
increase capacity to 1 million 20-foot equivalent units (TEU). This
is significantly above current utilisation at 465,000 TEU, and
allows considerable growth before major growth capex is required.
Despite the substantial capacity available, Fitch expects
significant cyclical replacement capex near the end of the debt
tenor, but with limited access under the FRC to excess cash flow to
fund it.
LimakPort has substantial expansion potential, should this be
needed to accommodate long-term sustained growth in volumes above
its current capacity. Growth capex linked to the port's capacity
expansion is highly flexible and will only be rolled out if volumes
exceed certain thresholds. This growth capex and increased capacity
are not required to service the company's debt.
Fully Amortising Debt, Small Reserves - Debt Structure: Midrange
LimakPort's debt consists of a single tranche of USD370 million
senior secured notes due in 2036, which are fully amortising and
fixed rate. The debt features typical project-finance protections.
These include limits on additional equally-ranking debt, a
distribution lock-up covenant of 1.25x and a three-month operations
& maintenance reserve account. However, there is a lack of a cash
sweep mechanism upon lock-up, a limited six-month debt service
reserve account and a 1.5-year maintenance reserve account.
Positively, the long tail to the port's concession maturity in 2047
provides long-term financial flexibility in the structure.
Under Turkish administrative law, the concession agreement could be
terminated unilaterally for public benefit without LimakPort being
in breach of its obligations. In this scenario, compensation may be
available but any amount and timing are uncertain. Fitch deems this
as a remote possibility given the lack of economic rationale to
terminate the concession while the operator is meeting its
obligations under the concession agreement. In particular, it would
likely cost the authorities in compensation to terminate the
concession, while maintaining the concession does not carry any
cost.
PEER GROUP
LimakPort's closest peer is nearby Mersin Port. Mersin is the
largest port in the region and Turkiye's largest export-import
port. This exposes Mersin to the same diversified but volatile mix
of volumes as LimakPort, with a similarly well-connected
hinterland.
Despite the location and hinterland similarities, LimakPort is
considerably smaller than Mersin. Currently, it is able to compete
with Mersin due to considerable available capacity and
significantly lower tariffs. Both ports are able to flexibly set
tariffs as long as these are not excessive or discriminatory.
LimakPort benefits from a fully amortising and protective project
finance debt structure as opposed to Mersin's corporate bullet
structure. This leads to Mersin's key metric being leverage while
Fitch evaluates Limak on a DSCR basis. Mersin's and Limak's ratings
are aligned with Turkiye's sovereign IDR as their credit profiles
are fully exposed to Turkiye's macroeconomic and political
environment.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
A downgrade of Turkiye's sovereign rating.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Positive action on Turkiye's sovereign rating provided there was an
improvement in the macroeconomic environment and this was reflected
positively in the financial profile.
CREDIT UPDATE
From January to September 2022, LimakPort recorded 360,000 TEU
(4.5% higher than in 9M21: 345k) and 933,000 tons of cargo (an
increase of 37.6% above 9M21: 678,000 tons) as a result of the
change in the transportation model to de-containerisation. This
translated into increased revenues for container and general
cargo.
Overall operating costs decreased owing to lira depreciation,
together with investments in port equipment leading to lower
sub-contractor expenses and lower rental expenses.
Liquidity at end-September 2022 was USD75 million, of which 90%
(USD67.5 million) was allocated to offshore accounts. Free cash
available was USD36.8 million. Around 99% of Limak's total cash is
US dollar-denominated.
FINANCIAL ANALYSIS
The FRC is based on a reasonable downside scenario and applies
reduced throughput growth. Between 2022-2035, the FRC DSCR averages
1.2x. Fitch assumes volume growth to be linked to global GDP and
costs as a function of US dollar and lira inflation. Fitch assumes
that refurbishment in 2033-36 will still be needed, despite lower
volume growth compared with the sponsor case. The result is a
declining DSCR due in part to long-term deteriorating macroeconomic
conditions.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Prior
----------- ------ -----
Limak Iskenderun
Uluslararasi Liman
Isletmeciligi A.S.
Limak Iskenderun
Uluslararasi Liman
Isletmeciligi A.S.
/secured/1 LT LT B Affirmed B
MERSIN ULUSLARARASI: Fitch Affirms 'B' Rating on $600M Unsec. Notes
-------------------------------------------------------------------
Fitch Ratings has affirmed Mersin Uluslararasi Liman Isletmeciligi
A.S.'s (Mersin or MIP) USD600 million senior unsecured notes at
'B'. The Outlook is Negative.
RATING RATIONALE
Mersin's dominant market position in its catchment area, its
location and strong connectivity to its industrial hinterland and
its diversified goods mix mitigate the volatility of its domestic
and export market. MIP's weak, single-bullet debt structure weighs
on the rating, although the refinancing risk associated with the
bullet bond is mitigated by relatively moderate leverage of 2.5x at
maturity in 2024.
The Fitch Rating Case (FRC) does not factor in any extraordinary
volume growth despite Mersin's planned capacity expansion project,
East Mediterranean Hub II (EMH II), which would increase capacity
to 3.6 million 20-foot equivalent units (TEUs) from 2.6 million
TEU.
Mersin's revenue stability is supported by US dollar-denominated
tariffs. Turkish lira depreciation has offset inflationary cost
increases for costs incurred in lira, which make up a large part of
the port's cost base. Additionally, MIP had around 96% of its
liquidity in offshore accounts as of end-October 2022.
MIP's credit profile cannot exceed Turkiye's Long-Term
Local-Currency Issuer Default Rating (IDR; B/ Negative) since the
port is embedded in Turkiye's macroeconomic environment.
KEY RATING DRIVERS
Industrial Hinterland, Exposed to Macroeconomic Volatility -
Revenue Risk (Volume): Midrange
MIP is Turkiye's largest export-import port and the largest port in
terms of containerised throughput in Turkiye. The volume mix is
diversified and balanced between imports and exports, but volatile.
The port benefits from an industrial hinterland.
The port is currently working at capacity. Mersin lost some market
share between 2015 and 2020 to its main competitor, Limak
Iskenderun Uluslararasi Liman Isletmeciligi A.S. (Limak;
B/Negative), due to Limak's competitive rates, but in the last two
years has been able to stabilise its market share.
Unregulated US Dollar Tariffs - Revenue Risk (Price): Midrange
MIP's concession provides almost full pricing flexibility, with
restriction only against excessive and discriminatory pricing, for
which there is no history of enforcement and historically MIP has
been able to increase tariff. The typical contract length with
MIP's customers is on average short at one to two years and
includes volume-related incentives.
MIP's revenues are largely set and paid in US dollars. The
remaining local-currency payments are settled weekly in dollars so
depreciation of the lira does not have much direct impact on MIP's
tariffs. The majority of operational expenses are denominated in
lira and MIP maintains a policy of converting unused cash earmarked
for operating expenses into US dollars on a weekly basis.
Consequently, the depreciation of the lira against the US dollar,
MIP maintains a healthy margin.
Extensive Investment Plan - Infrastructure Development and Renewal:
Midrange
MIP's current container handling capacity is 2.6 million TEUs.
After the completion of its East Mediterranean Hub (EMH) Phase I in
2016, management is planning EMH II, which will further extend the
berth length, enabling the terminal to handle two mega-vessels
concurrently. EMH II is a phased expansion project to ultimately
extend MIP's capacity to 3.6 million TEUs by 2025. The first phase
of EMH II is expected to start in 2023. However, the timing of the
expansion will depend on volume growth, permit approvals, and the
political and economic environment. Fitch understands from MIP that
it plans to access external funding to fund a portion of the
project.
Refinance Risk, Unsecured Debt - Debt Structure: Weaker
MIP's USD600 million bullet bond is senior unsecured with a fixed
rate. No material covenants protect debt holders apart from a 3.0x
net debt/EBITDA incurrence-based covenant, which Fitch does not
consider to be protective as it does not prevent distributions to
shareholders. MIP has no available revolving credit facility or
reserve account. Combined with the single-bullet nature of the debt
resulting in high refinancing risk, this weighs on the overall debt
structure assessment. The presence of a sponsor group with local
and international banking relationships is likely to support MIP if
refinancing is hampered by temporary disruption to capital
markets.
PEER GROUP
MIP's main peer is Limak (B/Negative), which also operates in the
East Mediterranean region. Limak is also an export-import oriented
port with lower tariffs than Mersin due to its need to compete on
price versus bigger ports in the region such as Mersin. Limak's
debt structure is fully amortising compared with Mersin's bullet
debt structure, so it is not exposed to refinancing risk. Like
Mersin, Limak's rating is in line with Turkiye's Long-Term
Local-Currency IDR.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- A significantly unfavourable revision of the capital structure
linked to Mersin's debt-funded financial policy.
- Failure to refinance the existing USD600 million notes at least
12 months in advance of maturity.
- A downgrade of Turkiye's IDR.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Positive action on Turkiye's IDR provided that Mersin provides
tangible evidence of steps taken towards refinancing.
CREDIT UPDATE
Mersin's revenue fell by 0.2% in 2021. Container throughput was
well diversified in 2021, with no product type generating more than
6% of total container throughput. The customer base was also
reasonably diverse, with the five largest customers accounting
together for 44% of consolidated operating revenue.
MIP's debt matures in 2024 and the company is actively monitoring
global markets and is in touch with banks to assess potential
refinancing windows in 2023 and 2024. Fitch expects the refinancing
to be at a higher cost due to significantly increased interest
rates.
The commencement of the EMH II expansion project is pending until
the resolution of some municipality lawsuits, which the company
expects by 2023. The project is expected to be funded through a
USD100 million capex facility. The construction period is estimated
at around two years.
FINANCIAL ANALYSIS
The FRC assumes volume growth at 1.4% CAGR between 2021 and 2025
and prices to grow at around inflation. Other revenues grow at in
line with volumetric revenue. Costs increase as a function of lira
and US dollar inflation, growing at 8.1% between 2021 and 2026.
Fitch assumed debt to be refinanced in 2024 at 250bp above the
existing notes' rate.
In the FRC, around USD570 million capex will be undertaken between
2022-26, including the expansion project. Fitch has not included
additional volume growth from this investment. Dividends will be
distributed according to management's policy of distributing the
maximum amount available each year.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Prior
----------- ------ -----
Mersin Uluslararasi
Liman Isletmeciligi A.S.
Mersin Uluslararasi
Liman Isletmeciligi
A.S./Debt/1 LT LT B Affirmed B
===========================
U N I T E D K I N G D O M
===========================
AMPHORA FINANCE LTD: GBP301M Bank Debt Trades at 37% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Amphora Finance Ltd
is a borrower were trading in the secondary market around 63.1
cents-on-the-dollar during the week ended Friday, December 2, 2022,
according to Bloomberg's Evaluated Pricing service data.
The GBP301 million facility is a term loan. The loan is scheduled
to mature on June 1, 2025. The amount is fully drawn and
outstanding.
Amphora Finance Limited operates as a special purpose entity. The
Company was formed for the purpose of issuing debt securities to
repay existing credit facilities, refinance indebtedness, and for
acquisition purposes. The Company's country of domicile is the
United Kingdom.
CHESHIRE 2021-1: S&P Affirms 'B (sf)' Rating on Class F-Dfrd Notes
------------------------------------------------------------------
S&P Global Ratings affirmed its 'AAA (sf)', 'AA (sf)', 'A (sf)',
'BBB (sf)', 'BB (sf)', and 'B (sf)' credit ratings on Cheshire
2021-1 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd
notes, respectively.
The affirmations reflect that while the transaction has been
amortizing sequentially, resulting in increased credit enhancement
for the outstanding notes, there has been an offsetting increase in
loan-level arrears since closing. At the same time, the rated notes
are sensitive to some of the sensitivity analysis S&P has performed
that address the potential effect of the cost of living crisis on
borrowers and additional valuation haircuts that are supported by
the observed loss severity data in the transaction.
Since closing, in S&P's standard analysis its weighted-average
foreclosure frequency (WAFF) assumptions have increased at all
rating levels. This is due to an increase in loan-level arrears by
4.23 percentage points, with an increase in 90+ day arrears of 2.7
percentage points.
Meanwhile, a reduced weighted-average indexed current loan-to-value
(LTV) ratio, due to steadily rising house prices, caused the
weighted-average loss severity (WALS) to decrease. Overall,
required credit coverage has decreased since closing.
Credit Analysis Results
RATING LEVEL WAFF (%) WALS (%) CREDIT COVERAGE (%)
AAA 46.76 37.49 17.53
AA 39.08 29.81 11.65
A 34.66 18.00 6.24
BBB 29.97 11.61 3.48
BB 24.48 7.73 1.89
B 23.24 5.04 1.17
WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.
Total arrears remain higher than S&P's U.K. nonconforming index.
Total prepayments have been broadly in line with our U.K.
nonconforming index since closing.
There are no counterparty constraints on the ratings on the notes
in this transaction. The replacement language in the documentation
is in line with S&P's counterparty criteria.
S&P said, "Our credit and cash flow results indicate that the
available credit enhancement for the class A notes continues to be
commensurate with the assigned rating. We therefore affirmed our
'AAA (sf)' rating on the class A notes.
"The ratings on the class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and
F-Dfrd notes are below the levels indicated by our standard cash
flow analysis. While the class B-Dfrd to F-Dfrd notes pass at
higher levels of cash flow stresses than at closing, stemming from
the reduction in required credit coverage since closing, the
assigned ratings consider a sensitivity to valuation haircuts given
observed loss severities in the transaction. They also reflect
sensitivities related to higher levels of defaults due to
macroeconomic factors (such as cost of living pressures on
borrowers). In these sensitivities, the available credit
enhancement continues to be commensurate with the assigned rating
on each class of notes. We therefore affirmed our ratings on the
class B-Dfrd to F-Dfrd notes.
"We expect U.K. inflation to remain high for the rest of 2022 and
in 2023. Although high inflation is overall credit negative for all
borrowers, inevitably some borrowers will be more negatively
affected than others, and to the extent inflationary pressures
materialize more quickly or more severely than currently expected,
risks may emerge. We consider the borrowers in the transaction to
be non-conforming and as such are generally less resilient to
inflationary pressures than prime borrowers. Of the borrowers
within the pool, 99.9% pay a variable rate of interest, and so face
near-term pressure from cost of living and rate rises. This is
captured in our rating category, borrower, and loan-level stresses.
We also performed sensitivities related to higher defaults in our
cash flow analysis and the assigned ratings remain robust to
these."
CHF 9: Director Gets 10-Year Disqualification Over GP8MM Scheme
---------------------------------------------------------------
The Insolvency Service on Dec. 1 disclosed that Sean Murray (56) of
Ringwood, Hampshire, was the director of CHF 9 Limited, which was
incorporated in October 2017.
The company traded as a vehicle to secure investment to build care
home apartments and studios in the Grade II listed building and the
surrounding lands, near Bishop Auckland in County Durham.
Investors parted with GBP8.1 million to build 51 care studios
having seen marketing collateral, which included plans for 45
studios in the existing building and a further 40 on the
surrounding land.
CHF 9 Limited, however, went into administration in December 2019
before entering into creditors' voluntary liquidation in December
2020.
The company's insolvency, however, triggered an investigation by
the Insolvency Service before investigators uncovered that CHF 9
purchased the Grade II listed building in November 2017 for just
over GBP350,000, as well as the surrounding lands a month later for
just over GBP500,000.
The company required planning permission to make any changes to the
exterior or interior before meeting the local authority to discuss
plans to build 80 studios.
While the local authority advised CHF 9's plans would not be
possible and suggested 10-15 studios would be more appropriate,
Sean Murray sought investment for the project.
Further enquiries found that none of the money secured for the new
care studios were paid into CHF 9's bank account.
More than GBP3.3 million was paid to a connected company and a
further GBP2.8 million was paid to the company's solicitors before
GBP1 million was paid out of CHF 9's accounts.
The Secretary of State for Business, Energy and Industrial Strategy
accepted a 10-year disqualification undertaking from Sean Murray
after he did not dispute that he entered into 51 contracts with
investors for care studios in a Grade II listed building when he
did not have planning permission.
The disqualification came into effect in May 2022 and the
undertaking prevents Sean Murray from directly, or indirectly,
becoming involved in the promotion, formation or management of a
company, without the permission of the court.
Robert Clarke, Chief Investigator for the Insolvency Service,
said:
"Our enquiries found that the majority of investors would not have
invested had they known that CHF 9 didn't have planning permissions
to build the care apartments.
"Sean Murray has rightfully been removed from the corporate arena
for a significant amount of time. This should serve as a stark
warning for potential investors to do your due diligence, as well
as making clear to directors involved in investment schemes that we
have the powers to disqualify you from running limited companies."
CMI: Screen Scotland Buys Edinburgh Int'l Film Festival Rights
--------------------------------------------------------------
Tara Fitzpatrick at stv reports that Screen Scotland has purchased
the rights to the Edinburgh International Film Festival, sparking
hope for the future of the 75-year-old cultural event.
According to stv, the organisation, the national body for
development in film and TV, say they are also in discussions for
cultural cinema programmes in both Edinburgh and Aberdeen,
including the potential for a festival in the capital city in
2023.
The work to consider all options for a new 2023 festival has
received funding from Creative Scotland of up to GBP97,647, with
updated plans set to be announced early next year, stv discloses.
It comes after the Centre for the Moving Image (CMI), incorporating
the Edinburgh Filmhouse, the Belmont Filmhouse in Aberdeen and the
Edinburgh International Film Festival, announced it was going into
administration in October this year, stv notes.
Industry professionals and film fans alike expressed their
widespread disappointment at the news, with a campaign launched to
save the filmhouses from being sold, stv relays.
Screen Scotland says it is taking part in ongoing discussions with
Administrators and issued the update on Dec. 1, according to stv.
The organisation confirmed it had purchased the intellectual
property of the international film festival from administrators FRP
Advisory, stv recounts.
The purchase includes the domain name and brand assets which can be
provided to future operators of a festival, stv discloses.
An "options appraisal" is also underway to determine the
possibilities for a festival in Edinburgh in 2023, stv states.
COMET BIDCO: US$420M Bank Debt Trades at 30% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Comet Bidco Ltd is
a borrower were trading in the secondary market around 70.2
cents-on-the-dollar during the week ended Friday, December 2, 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.
Comet Bidco 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 United
Kingdom.
COVENTRY & RUGBY: Moody's Reviews Ba2 Bond Rating for Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
Ba2 underlying rating of the GBP407.2 million index-linked
guaranteed senior secured bonds (including GBP35 million of
variation bonds) due 2040 (the Bonds) issued by The Coventry and
Rugby Hospital Company Plc (CRHC). This follows the University
Hospitals Coventry and Warwickshire NHS Trust's (UHCW) issuance of
an Unavailability Notice for the entire UHCW site. The A1 backed
senior secured rating is unaffected by this rating action. The
outlook has been changed to ratings under review from negative.
RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATING
On November 14, 2022, CRHC announced that it had received a notice
of whole site unavailability relating to the UHCW acute facility
(UHCW represents around 92% of the annual unitary payment). This
followed various leaks in the plastic hot water pipes, which were
repaired within a few days. CRHC and UHCW are developing a plan to
mitigate the possibility of further leaks in the pipework,
including replacement of sections of the pipework. Under the terms
of a Supplemental Agreement (SA) between CHRC and the construction
contractor (a joint venture of Skanska Construction UK Limited and
Skanska Rashleigh Weatherfoil Limited, referred to hereon as CJV)
signed in 2013, CJV is liable for any defects or costs associated
with the Girpi piping for the duration of the project agreement
(PA). Moody's understands that CRHC is discussing this with CJV.
Whilst the SA provides some protection to CRHC, the company could
incur legal costs in enforcing the SA and may also need to procure
remedial works in advance of recovery under the SA.
UHCW makes quarterly unitary payments to CRHC at the end of
October, January, April and July. UHCW made the October 2022
payment in full with no deductions. However if UHCW is claiming the
entire site is still unavailable (noting that the recent leaks have
been rectified) then potentially it may in the worst case apply a
100% payment deduction in January 2023.
In addition to the developments with UHCW, the Coventry and
Warwickshire Partnership NHS Trust (CWPT, representing around 8% of
the annual unitary payment) had previously issued a notice to the
Security Trustee (under the funders direct agreement) of its
intention to issue a partial termination notice under the PA. CWPT
and CRHC recently entered into a standstill whereby no termination
can take place until January 31, 2023. CWPT continues to make 100%
payment deductions because of claimed inadequacies with fire doors
and fire stopping among other things within its mental health unit.
Settlement discussions are underway.
In a worst case scenario, if UHCW applies a 100% payment deduction
in January 2023 then CRHC will need to utilize its 6-month debt
service reserve account to make the June 30, 2023 debt service
payment. Debt service payments are on June 30 and December 31 of
each year.
The Bonds benefit from an unconditional and irrevocable guarantee
of scheduled principal and interest from Assured Guaranty UK
Limited (AGUK, A1 stable). The underlying rating of Ba2 reflects
the credit risk of the Bonds absent the benefit of the guarantee.
The overall rating of A1 is the higher of the underlying rating and
AGUK's rating.
The rating could be upgraded if (1) UHCW withdraws its notice of
unavailability and all necessary remedial works are completed
without CRHC incurring significant costs; (2) following completion
of the remedial works CRHC demonstrates a track record of adequate
operational performance at the UHCW site with relationships
remaining satisfactory; (3) CWPT elects not to terminate its part
of the PA, followed by a sustained period of satisfactory
performance by CRHC at the mental health unit; and (4) if CWPT
elects to terminate its part of the PA, any CWPT termination
compensation proceeds enable sufficient debt repayment such that
projected DSCR metrics do not deteriorate.
The rating could be downgraded if (1) UHCW makes a significant
deduction to the January unitary payment; (2) projected DSCR
metrics weaken further following CWPT proceeding to terminate its
portion of the PA and receipt of compensation proceeds; or (3) CRHC
experiences difficulty in completing the UHC remedial works.
The principal methodology used in this rating was Operational
Privately Financed Public Infrastructure (PFI/PPP/P3) Projects
Methodology published in June 2021.
DOT BAGEL: Kennedy & Rhind Acquires Chillingham Road Outlet
-----------------------------------------------------------
Tom Keighley at BusinessLive reports that Dot Bagel's Heaton store
is set to reopen after a rescue deal was struck following the
company's' collapse into liquidation last month.
According to BusinessLive, Jesmond bakery and cafe business Kennedy
& Rhind has acquired the Chillingham Road outlet and says it has
re-employed the majority of staff following its closure in October.
Dot Bagel, which also had an Acorn Road shop in Jesmond, had been
due to expand into other Tyneside sites before its demise,
BusinessLive notes.
Documents from liquidators at FRP show the business had liabilities
of GBP368,775, BusinessLive discloses. Now, the Chillingham Road
branch will reopen with expanded cafe facilities and an expanded
range of hot and cold drinks, as well as parties and pies,
BusinessLive relates.
ELITE SPORTS: Rangers FC May Still Face Lawsuit Despite Collapse
----------------------------------------------------------------
John Glover at The Scottish Daily Express reports that Rangers FC
could still be sued for GBP9.5 million by the administrators of the
Elite Sports Group despite the sports goods distributor going
insolvent.
The Ibrox club is facing a civil court action over claims Rangers
breached a contract related to the provision of kits for the
Glasgow team, Scottish Daily Express discloses. Elite is the
exclusive brand partner to Danish sportswear firm Hummel and it
instructed lawyers to go to the Court of Session in Edinburgh.
Elite won a bid to force Rangers to disclose sales data to them
last month, The Scottish Daily Express recounts. However,
according to Kieran Maguire of the respected Price of Football
podcast, the company has also been placed into administration, The
Scottish Daily Express notes.
The Scottish Daily Express spoke to the managing director of
insolvency practitioner Begbies Traynor who explained that the
administrators will be running the company instead of the directors
and will probably be seeking legal advice on the case.
Ken Patullo stated that the action the company raised could have
been a last-minute call for help and might not be a good case, The
Scottish Daily Express relays.
Mr. Patullo, as cited by The Scottish Daily Express, said he
expects the case will be settled but the administrators will look
at the pros and cons "impassionately" and "independently" with
their lawyers to see if they have a "good chance" at winning the
case.
He said: "The only thing that has happened now because the company
has gone into administration is the administrators are running the
company rather than the directors.
"Obviously the action has been raised already that doesn't
necessarily mean it's a good action. They will have to take their
own legal advice and continue with it."
News of the insolvency broke just hours after the most recent
hearing at the Court of Session, The Scottish Daily Express notes.
Several English football clubs linked to Elite confirmed their club
shops were closing down, according to The Scottish Daily Express.
GO-CENTRIC: Collapses After Awarded GBP10MM in Gov't Contracts
--------------------------------------------------------------
Hannah Rodger at Daily Record reports that a firm awarded millions
in government contracts despite warnings about its owner's
credentials has gone bust -- leaving hundreds of staff out of work
just weeks before Christmas.
Go-centric -- run by sports car-driving David Harper -- folded on
Dec. 1, leaving 600 call centre employees facing an uncertain
future, Daily Record relates.
Glasgow-based Go-centric was given almost GBP10 million from the
Scottish Government to manage the Test and Protect contact tracing
service during the pandemic but furloughed staff almost immediately
after taking on the work, Daily Record relates.
According to Daily Record, a spokeswoman for Go-centric said 250 of
the 600 staff had been able to find work in other firms and claimed
the company was actively looking for alternative work for the
remaining staff.
PINEWOOD GROUP: S&P Alters Outlook to Stable, Affirms 'BB-' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on U.K.-based Pinewood Group
Ltd. to stable from negative and affirmed its 'BB-' long-term
issuer credit rating on the company. At the same time, S&P affirmed
its 'BB' issue rating and its '2' recovery rating on Pinewood's
senior secured notes.
The stable outlook reflects S&P's expectation that Pinewood's
EBITDA-to-interest ratio will remain close to or above 2.4x, its
S&P Global Ratings-adjusted debt to EBITDA will improve to 10x-12x,
and its reported loan to value (LTV) will stay below 50% over the
next 12 months.
S&P said, "In November 2022, PGV acquired Pinewood, and the fund
will provide new equity to the business for future expansion. We
factor in that the new fund has no designated termination date and
its first exit option date is remote. According to management,
PGV's investors are a pool of sovereign and state pension funds. We
view positively that Pinewood will principally fund any new
projects with equity, while maintaining its financial target of
reported LTV below 50%. That said, we understand that the growth
strategy is not finalized yet and we will reassess its effect on
Pinewood's credit metrics once we have more information. We also
understand that the change of ownership does not constitute a
change of control event for Pinewood's senior secured notes because
PGV will continue to be managed by Aermont, and Aermont's directors
will represent a majority on Pinewood's board of directors. We
continue to view Aermont as a financial sponsor for Pinewood.
"Our outlook revision also factors in the good progress of
Pinewood's ongoing projects and holding demand for its assets. This
should stabilize the company's credit metrics in the next 12 to 18
months on the back of incremental EBITDA from the new developments.
Pinewood is demonstrating good progress with its significant
expansion project worth about GBP700 million. In October 2022,
Pinewood completed its Pinewood West new stages, and it expects to
complete its Shepperton North West and Shepperton South stages
through 2023. Once construction is completed, Shepperton Studios
will comprise 31 purpose-built stages, making it the second-largest
studio in the world, according to management. Pinewood has pre-let
the entirety of the Shepperton expansion to Amazon Prime Video and
Netflix, under long-term contracts with inflation-linked
indexation. We expect the new projects to generate approximately
GBP20 million-GBP25 million of EBITDA in the fiscal year ending
March 2024 (fiscal 2023), and about GBP50 million-GBP60 million in
fiscal 2024. As a result, we forecast that Pinewood's total EBITDA
will improve in the next 12-18 months to about GBP90 million-GBP100
million, bringing its leverage back to levels commensurate with its
'BB-' rating, with adjusted debt to EBITDA approaching 10x-12x and
EBITDA interest coverage recovering to 2.4x and above.
"Our rating affirmation reflects the predictability of Pinewood's
cash flows on the back of its existing long-term contracts with
Netflix and Disney. Pinewood's two existing studios 100% let out
under 10-year U.K. retail price index (RPI)-linked contracts with
Disney and Netflix, signed in 2019. These contracts do not have
break clauses, and upward revision in line with inflation is not
capped. These contracts underpin the approximate 85% share of
contribution of production accommodation, specialist underwater
stages, and associated rentals to Pinewood's revenue less direct
costs. We think these long-term contracts support the stability and
predictability of Pinewood's cash flows.
"Content production industry conditions remain supportive, albeit
somewhat moderate post-pandemic. We factor in that demand for
Pinewood's stages remains strong, supported by a secular growth
phase in the streaming industry. Pinewood's position is enhanced by
its favorable location close to Central London, the high quality of
its studios, and strong brand recognition, which should mitigate
strong competition within the industry, at least in the short-term.
We also factor in that increased build construction costs, supply
chain disruptions, and limited availability of well-priced funding
are limiting new stage supply."
Inflationary pressures remain the main challenge, but Pinewood has
a track record of delivering its expansionary projects on time and
on budget. Due to its size, the new expansion project incurs a
material development risk, which is exacerbated by the volatility
in the construction supply value chain and the inflationary risks.
S&P said, "We understand Pinewood's discretion to steer the
delivery pipeline is now limited because the majority of new stages
have been pre-let. Partly offsetting this, we note that the
obligations of Pinewood's subcontractors include performance
guarantees, which should mitigate the financial impact on Pinewood
in case of execution issues, to some extent. We view positively
that Pinewood's remaining capital expenditure (capex) is largely
pre-funded. As of Sept. 30, 2022, Pinewood had about GBP370 million
of cash and deposits, mostly funded with the proceeds from GBP300
million senior secured notes issued in November 2021. Pinewood also
has a GBP75 million availability under its fully undrawn revolving
credit facility (RCF). Together with the cash flows generated by
Pinewood's existing business, this should cover the remaining capex
for Shepperton North West and Shepperton South, which totals about
GBP320 million-GBP325 million to be spent in the next 12-14 months,
in management's estimates."
S&P said, "The stable outlook reflects our view that Pinewood's
assets will likely continue to generate steady income, supported by
increasing demand for media content and successful letting out of
the newly built stages, with the main tenant pool increasing to
three. The existing long-term contracts with Disney and Netflix
will also continue to bolster the company's performance. Under our
base-case scenario, we project that Pinewood's EBITDA interest
coverage should improve to 2.4x and above, with debt to EBITDA
returning to 10x-12x in fiscal 2023.
"We could lower the rating if we thought Pinewood's new
shareholders had adopted a more aggressive financial policy, such
as issuing additional debt or paying out dividends, leading to
weaker credit metrics than we currently anticipate. For example, we
would consider downgrading Pinewood if its debt to EBITDA increased
to above 13x or EBITDA interest coverage remained well below 2.4x
for a prolonged period. We would also view negatively Pinewood's
reported LTV ratio increasing above 50% without short-term recovery
potential.
"We could also lower the rating if Pinewood's rental activities
deteriorated, which could stem from sluggish demand linked to a
downturn in the media industry or changes in the operating and
regulatory conditions (such as business rate revaluation).
"We could consider a positive rating action if Pinewood's
shareholders demonstrated a supportive financial policy that helped
to support the metrics commensurate with a higher rating. A
significant increase in the company's tenant-base diversification
or in the scale and scope of its portfolio could also increase
rating upside."
SWAN HOUSING: S&P Keeps 'BB-' Long-Term ICR, Alters Watch to Pos.
-----------------------------------------------------------------
S&P Global Ratings maintained the CreditWatch placement on its
'BB-' long-term issuer credit rating on Swan Housing Association,
but revised the CreditWatch implications to positive from
developing. S&P previously placed the ratings on CreditWatch
developing on Oct. 7, 2022.
S&P said, "At the same time, we maintained the CreditWatch on our
'BB-' rating on the GBP250 million bond issued by Swan Housing
Capital PLC, but revised the CreditWatch implications to positive
from developing. Swan Housing Capital was set up for the sole
purpose of issuing bonds and lending the proceeds to Swan, and we
view it as a core subsidiary of Swan."
On Nov. 24, 2022, Swan Housing Association (Swan) and Sanctuary
Housing Association (Sanctuary) both announced that the two
entities' proposed business combination had been agreed by the
boards of both organizations, subject to obtaining appropriate
consents and satisfactorily concluding commercial discussions with
third parties. This followed an announcement on Nov. 18, 2022, that
Sanctuary Affordable Housing (a member of the Sanctuary group) had
provided Swan with a secured loan of GBP50 million.
S&P said, "The CreditWatch placement indicates that Swan's
creditworthiness could strengthen over the next three months. We
may consider raising the ratings on Swan if it becomes part of the
Sanctuary group through the proposed business combination.
Depending on Swan's status within the group, the ratings could be
raised by more than one notch.
"The CreditWatch positive placement reflects that we consider the
proposed business combination, which the boards of both Sanctuary
and Swan have approved, subject to obtaining appropriate consents
and satisfactorily concluding commercial discussions with third
parties, a positive step toward a solution for Swan. While delayed
beyond the previous communicated completion date of Nov. 30, 2022,
we understand that discussions with third parties are ongoing and
expect a conclusion within the next three months. We continue to
view Swan's access to external funding as limited compared with
peers, but consider it positive that Sanctuary has provided Swan
with a GBP50 million secured loan, which Swan used to refinance the
loan it received from Orbit Group as part of the partnership
discussions that ceased on Sept. 29, 2022."
The business and financial weaknesses that constrain Swan's
creditworthiness are somewhat balanced by the Regulator for Social
Housing's (RSH's) oversight and statutory powers to intervene. The
RSH's main approach to rescuing distressed housing associations in
the past has been to encourage the formation of business
partnerships with stronger organizations.
S&P said, "In our view, the uncertainty around its business is
likely to have constrained Swan's access to external liquidity.
That said, we estimate that it has sufficient liquidity to cover
operations for the next 12 months, supported by funding from
Sanctuary. We estimate that sources of liquidity could cover uses
by close to 1.3x, considering its latest cash position and support
from Sanctuary."
TRITON UK: S&P Alters Outlook to Negative, Affirms 'B-' LT ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Triton UK Midco Ltd. to
negative from positive and affirmed its 'B-' long-term issuer
credit rating. S&P also affirmed its 'B' rating on the group's
first-lien debt.
The negative outlook indicates that S&P could lower the ratings in
the next 12 months if Synamedia fails to contain the decline in
group revenue and improve profitability, resulting in its free
operating cash flow remaining negative, or if it does not
successfully refinance its 2024 debt maturities over the coming 12
months.
Triton UK, parent of video technology group Synamedia, delayed its
refinancing transaction in early 2022 and is now facing tighter
liquidity--fueled by its subdued operating performance and ongoing
debt amortization requirements.
Tough market conditions delayed the group's planned refinancing in
line with the terms proposed at the beginning of the year, leading
to reduced liquidity headroom driven by ongoing amortization
requirements. The group deferred its proposed refinancing
transaction in February 2022. Since then, challenging market
conditions for high-yield issuers have made it difficult to launch
the refinancing transaction at favorable terms. Coupled with
adverse working capital movements over the course of fiscal year
2022 (ending June 26) and subdued earnings, the group ended
September 2022 with just $4.6 million of cash on the balance sheet
and $22 million drawn under its $60 million revolving credit
facility (RCF). S&P said, "In our view, this will lead to tighter
liquidity in fiscal 2023, as we expect group earnings to remain
under pressure. Also, the existing first-lien debt requires a
partial amortization at 7.5% of its original principal every year
(or about $23 million per year)."
Shareholder support will increase liquidity headroom for the next
12 months. Existing shareholders Permira and Sky funded a $25
million common equity injection, which closed in the second quarter
of fiscal 2022. The proceeds will be used to fund ongoing working
capital needs in the second and third quarters of the fiscal year.
S&P said, "As a result, we think Synamedia has an adequate
liquidity position for the 12 months to September 2023. We also
consider the track record of shareholder support as credit
positive, and anticipate shareholders could make further injections
in the event of small liquidity shortfalls."
Synamedia has limited time to improve its credit metrics and
refinance its capital structure ahead of its debt maturities in
2024. Its $305 million first-lien term loan matures in October
2024, and the $100 million second-lien loan matures in October
2025. The $60 million RCF was extended to May 2026 earlier this
year. S&P said, "We think the group has sufficient time to address
its upcoming maturities well in advance of their due date, and
there is room to improve operating performance before approaching
the market for a refinancing transaction. That said, should the
group underperform our current expectations, especially in the
seasonally stronger fourth quarter of fiscal 2023 (April to June),
refinancing risk could rise abruptly."
S&P said, "A slower pick up in emerging tech solutions will lead to
weaker growth than we previously anticipated. Weak macroeconomic
conditions will likely affect the rate at which existing and new
customers switch to new technology from Synamedia's media cloud
services and video network divisions. In our view, this could lead
to a more prolonged period of declining group revenue due to the
ongoing decline in pay TV viewership in North America and Europe,
which continues to pressure revenues in the broadcasting
technologies segment. As a result, we now forecast group revenue to
decline by 3%-5% in fiscal 2023 and 2%-3% in fiscal 2024 on a
constant currency basis, after a 17% contraction in fiscal 2022
(largely driven by the expiration of a large one-off contract in
the video network division)."
Tight cost control and abating working capital headwinds should
provide stability to earnings and free cash flow. After a period of
heavy investment in its research and development (R&D) function in
recent years, and in a weaker macroeconomic environment, the group
will likely look to reduce investments in new solutions, instead
focusing on commercial efforts surrounding its existing product
suite. The group has identified $40 million-$50 million in cost
savings that it expects to set in motion by the end of calendar
year 2022. S&P said, "We believe this will allow the group to
maintain broadly stable profitability in fiscal 2023 and achieve
earnings growth in fiscal 2024 despite our forecast revenue
decline. We anticipate adjusted EBITDA margins of about 17% in
fiscal 2023 and 18%-20% in fiscal 2024, compared with 16.8% in
fiscal 2022."
S&P said, "We also forecast broadly neutral working capital
movements in fiscal 2023 and fiscal 2024, after outflows of $48
million in fiscal 2022. These outflows were driven by increasing
inventory levels due to supply chain disruptions, a rebalancing in
accruals, and a postponed tax credit that fell in the first quarter
of fiscal 2023. Coupled with broadly stable earnings and muted
capital expenditure (capex), we anticipate free operating cash flow
(FOCF) after leases will approach a break-even level in fiscal 2023
and grow to $10 million-$20 million in fiscal 2024.
"The negative outlook indicates that we could lower the ratings in
the next 12 months if Synamedia fails to contain the decline in
group revenue and to improve earnings and profitability, resulting
in its FOCF remaining negative."
S&P could lower its ratings on Triton UK Midco Ltd. if:
-- S&P expects a liquidity shortfall in the next 12-18 months,
without any remedying actions from the company or its shareholders;
or
-- S&P thinks there is a heightened probability of a default, such
as a missed debt interest or amortization payment, or a distressed
exchange.
S&P said, "We could revise our outlook to stable if the group
managed to show consistent growth in earnings and positive FOCF,
leading to improving credit metrics and increasing liquidity
headroom. We could also consider a positive rating action if the
group were to successfully refinance its capital structure at
favorable terms, reducing its pressure on liquidity."
ESG credit indicators: E-2, S-2, G-3
VUE INTERNATIONAL: EUR634M Bank Debt Trades at 37% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Vue International
Bidco PLC is a borrower were trading in the secondary market around
63.4 cents-on-the-dollar during the week ended Friday, December 2,
2022, according to Bloomberg's Evaluated Pricing service data.
The EUR634 million facility is a term loan. The loan is scheduled
to mature on June 21, 2026. The amount is fully drawn and
outstanding.
Vue International Bidco PLC operates movie theaters worldwide. The
Company's country of domicile is the United Kingdom.
WATERFRONT SOUTHPORT: Owed More Than GBP18MM at Time of Collapse
----------------------------------------------------------------
Jon Robinson at BusinessLive reports that more than GBP18 million
was owed to creditors when a landmark four-star hotel in Southport
entered administration, new documents have revealed.
Bliss Hotel remains open and none of the 90 members of staff have
been made redundant, while a new buyer is being sought,
BusinessLive notes. Prospective owners have until Dec. 9 to submit
a bid, BusinessLive discloses.
Parent company Waterfront Southport Properties Ltd, along with
subsidiary Waterfront Hotels (Southport) Ltd appointed Paul Davies
and Sandra Mundy of advisory firm James Cowper Kreston to manage
the administration process in October, BusinessLive relates.
The hotel, which is located on Southport's waterfront next to the
planned Marine Lakes Events Centre, was put on the market at the
end of September, BusinessLive recounts.
It includes 131 bedrooms and penthouses, a lounge bar, restaurant,
roof garden, gym, conferencing and events space, as well as secure
underground car parking for 120 cars.
According to newly-filed documents with Companies House, Waterfront
Southport Properties Ltd owed GBP18.2 million to its creditors when
it entered administration, BusinessLive discloses.
More than GBP16.2 million of that was due to ICG-Longbow Senior
Secured UK Property Debt Investments Ltd -- the charge holder which
forced the two businesses into administration, BusinessLive
states.
The charge holder was the primary source of funding for the two
businesses. However, the charge holder said the businesses had not
fulfilled their interest payment obligations, not complied with
property reporting obligations and net operating income and loan to
value obligationsm BusinessLive relays.
Other creditors include HMRC, though the administrators say the
amount owed remains unclear, BusinessLive notes.
The joint administrators also warned that unsecured creditors
"cannot expect a distribution from this estate", according to
BusinessLive.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week November 28 to December 2, 2022
--------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- ------- -----
Orpea SA 2.625 3/10/2025 EUR 19.657
Orpea SA 2.000 4/1/2028 EUR 19.659
Castellum AB 3.125 EUR 60.919
Atento Luxco 1 SA 8.000 2/10/2026 USD 52.274
Orpea SA 0.375 5/17/2027 EUR 29.775
Gol Finance SA 7.000 1/31/2025 USD 39.743
Samhallsbyggnadsbola 2.875 EUR 37.539
Jababeka Internation 6.500 10/5/2023 USD 53.917
Metalcorp Group SA 8.500 6/28/2026 EUR 49.157
Movida Europe SA 5.250 2/8/2031 USD 73.354
Ulker Biskuvi Sanayi 6.950 10/30/2025 USD 73.257
Vedanta Resources Lt 6.125 8/9/2024 USD 61.247
Nobel Bidco BV 3.125 6/15/2028 EUR 67.552
Sigma Holdco BV 5.750 5/15/2026 EUR 71.099
EnfraGen Energia Sur 5.375 12/30/2030 USD 64.941
Castellum Helsinki F 0.875 9/17/2029 EUR 67.623
CECONOMY AG 1.750 6/24/2026 EUR 65.217
DEMIRE Deutsche Mitt 1.875 10/15/2024 EUR 68.731
Republic of Belarus 6.875 2/28/2023 USD 37.786
Gazprom PJSC via Gaz 1.500 2/17/2027 EUR 66.185
Samhallsbyggnadsbola 2.624 EUR 39.739
Tullow Oil PLC 7.000 3/1/2025 USD 70.117
VEON Holdings BV 3.375 11/25/2027 USD 72.750
Credit Suisse Group 0.625 1/18/2033 EUR 56.066
Kernel Holding SA 6.500 10/17/2024 USD 44.925
Vedanta Resources Fi 8.950 3/11/2025 USD 67.163
HSBC Holdings PLC 4.600 USD 71.868
DIC Asset AG 2.250 9/22/2026 EUR 59.650
Gazprom PJSC Via Gaz 3.125 11/17/2023 EUR 70.933
Air France-KLM 0.125 3/25/2026 EUR 16.128
Arrival SA 3.500 12/1/2026 USD 25.500
Casino Guichard Perr 3.992 EUR 17.596
Maxeda DIY Holding B 5.875 10/1/2026 EUR 66.877
Aroundtown SA 3.375 EUR 54.952
Vedanta Resources Fi 9.250 4/23/2026 USD 60.690
Corestate Capital Ho 1.375 11/28/2022 EUR 8.187
Telecom Italia SpA/M 5.250 3/17/2055 EUR 74.909
ATF Netherlands BV 3.750 EUR 74.468
MorphoSys AG 0.625 10/16/2025 EUR 48.610
JSM Global Sarl 4.750 10/20/2030 USD 64.005
Credit Suisse Group 5.100 USD 59.000
Heimstaden Bostad AB 2.625 EUR 61.578
Schoeller Packaging 6.375 11/1/2024 EUR 72.192
Gazprom PJSC Via Gaz 2.949 1/24/2024 EUR 70.000
Gazprom PJSC Via Gaz 2.250 11/22/2024 EUR 71.420
Credit Suisse Group 2.875 4/2/2032 EUR 74.239
Novafives SAS 5.000 6/15/2025 EUR 73.806
B2W Digital Lux Sarl 4.375 12/20/2030 USD 61.563
Credit Suisse Group 4.500 USD 56.000
Simpar Europe SA 5.200 1/26/2031 USD 73.008
Gazprom PJSC via Gaz 3.897 EUR 37.061
Romanian Government 3.375 1/28/2050 EUR 60.092
Casino Guichard Perr 4.262 EUR 16.125
Samhallsbyggnadsbola 2.625 EUR 38.793
AT Securities BV 5.250 USD 61.644
Allianz SE 3.875 USD 67.689
Gazprom PJSC Via Gaz 8.625 4/28/2034 USD 61.500
Casino Guichard Perr 3.580 2/7/2025 EUR 67.534
Carnival PLC 1.000 10/28/2029 EUR 41.714
Gazprom PJSC Via Gaz 7.288 8/16/2037 USD 73.000
MHP SE 7.750 5/10/2024 USD 52.622
Republic of Belarus 5.875 2/24/2026 USD 36.477
Gazprom PJSC Via Gaz 1.450 3/6/2023 CHF 60.660
Gazprom PJSC Via Gaz 2.500 3/21/2026 EUR 70.052
MHP Lux SA 6.950 4/3/2026 USD 50.638
Accentro Real Estate 3.625 2/13/2023 EUR 45.625
Kenbourne Invest SA 4.700 1/22/2028 USD 70.880
Balder Finland Oyj 2.000 1/18/2031 EUR 65.340
Ukraine Government I 6.750 6/20/2028 EUR 19.458
Cimpress PLC 7.000 6/15/2026 USD 67.581
Barclays PLC 4.375 USD 74.290
NAK Naftogaz Ukraine 7.625 11/8/2026 USD 18.073
Romanian Government 4.625 4/3/2049 EUR 74.536
Audax Renovables SA 4.200 12/18/2027 EUR 59.932
VTR Finance NV 6.375 7/15/2028 USD 44.098
Development Bank of 6.750 5/2/2024 USD 22.667
Korian SA 1.875 EUR 31.559
Credit Suisse Group 6.375 USD 70.440
Mitsubishi UFJ Inves 6.398 12/15/2050 EUR 38.311
Signa Development Fi 5.500 7/23/2026 EUR 55.334
Vonovia SE 1.625 9/1/2051 EUR 55.329
Gazprom PJSC Via Gaz 5.150 2/11/2026 USD 62.000
Finnair Oyj 4.250 5/19/2025 EUR 74.554
ADLER Group SA 2.250 1/14/2029 EUR 38.767
Korian SA 0.875 3/6/2027 EUR 40.587
Kernel Holding SA 6.750 10/27/2027 USD 38.393
Credit Suisse Group 5.625 SGD 72.793
Gazprom PJSC via Gaz 4.599 USD 52.000
Banco Santander SA 3.625 EUR 69.686
Romanian Government 2.000 1/28/2032 EUR 69.304
Credit Suisse Group 3.000 CHF 67.463
GTC Aurora Luxembour 2.250 6/23/2026 EUR 71.389
SBB Treasury Oyj 0.750 12/14/2028 EUR 59.641
Balder Finland Oyj 1.000 1/20/2029 EUR 67.543
VGP NV 2.250 1/17/2030 EUR 67.002
UBS Group AG 4.375 USD 68.720
Aroundtown SA 2.875 EUR 54.956
Casino Guichard Perr 6.625 1/15/2026 EUR 46.908
Metinvest BV 8.500 4/23/2026 USD 55.500
Credit Suisse Group 7.250 USD 74.740
Grand City Propertie 1.500 EUR 48.678
ams-OSRAM AG 2.125 11/3/2027 EUR 69.102
CPI Property Group S 4.875 EUR 52.325
Russian Foreign Bond 5.625 4/4/2042 USD 56.908
Mahle GmbH 2.375 5/14/2028 EUR 74.702
Banco Comercial Port 4.000 5/17/2032 EUR 70.050
Credit Suisse Group 5.250 USD 66.950
Gazprom PJSC via Gaz 2.950 1/27/2029 USD 48.500
Heimstaden Bostad AB 3.625 EUR 64.675
Romanian Government 2.750 4/14/2041 EUR 58.190
Gazprom PJSC via Gaz 2.950 4/15/2025 EUR 69.728
Fastighets AB Balder 2.873 6/2/2081 EUR 61.341
Teva Pharmaceutical 4.100 10/1/2046 USD 62.998
Atos SE 1.000 11/12/2029 EUR 61.435
Anadolu Efes Biracil 3.375 6/29/2028 USD 71.202
NAK Naftogaz Ukraine 7.125 7/19/2024 EUR 18.175
Gazprom PJSC Via Gaz 4.250 4/6/2024 GBP 65.122
VGP NV 1.500 4/8/2029 EUR 66.431
Gazprom PJSC via Gaz 3.250 2/25/2030 USD 64.000
ING Groep NV 3.875 USD 70.844
Takko Luxembourg 2 S 5.375 11/15/2023 EUR 74.108
Standard Chartered P 4.300 USD 68.430
Petrobras Global Fin 5.500 6/10/2051 USD 74.930
French Republic Gove 0.750 5/25/2052 EUR 62.407
SBB Treasury Oyj 1.125 11/26/2029 EUR 59.331
Citycon Oyj 4.496 EUR 62.567
Credit Suisse Group 3.875 CHF 74.792
Very Group Funding P 6.500 8/1/2026 GBP 73.905
Standard Chartered P 4.750 USD 72.415
Intesa Sanpaolo SpA 4.198 6/1/2032 USD 74.311
UBM Development AG 5.500 EUR 68.000
BNP Paribas SA 4.500 USD 73.746
Hungary Government I 2.125 9/22/2031 USD 74.545
Ukraine Government I 6.876 5/21/2031 USD 21.033
Allianz SE 3.200 USD 72.854
Constellation Automo 4.875 7/15/2027 GBP 65.646
BNP Paribas Fortis S 3.030 EUR 74.280
Gazprom PJSC Via Gaz 4.950 3/23/2027 USD 65.000
United Kingdom Gilt 1.125 10/22/2073 GBP 54.357
Gazprom PJSC via Gaz 1.850 11/17/2028 EUR 62.472
La Banque Postale SA 3.000 EUR 73.357
Berkeley Group PLC/T 2.500 8/11/2031 GBP 66.912
Romanian Government 2.000 4/14/2033 EUR 66.982
Allianz SE 2.625 EUR 74.060
Sigma Holdco BV 7.875 5/15/2026 USD 71.572
Heimstaden AB 6.750 EUR 45.948
Hungary Government I 1.750 6/5/2035 EUR 67.005
Vodafone Group PLC 5.125 6/4/2081 USD 70.707
Aggregate Holdings S 6.875 11/9/2025 EUR 36.675
Voltalia SA 1.000 1/13/2025 EUR 27.839
Casino Guichard Perr 5.250 4/15/2027 EUR 45.359
Aroundtown SA 0.375 4/15/2027 EUR 74.516
IWG International Ho 0.500 12/9/2027 GBP 73.020
Aroundtown SA 4.750 GBP 54.037
Gol Finance SA 8.000 6/30/2026 USD 57.977
Compact Bidco BV 5.750 5/1/2026 EUR 67.944
Hungary Government I 0.500 11/18/2030 EUR 69.512
Ukraine Government I 7.750 9/1/2026 USD 22.437
Cellnex Finance Co S 3.875 7/7/2041 USD 68.941
Atrium Finance Ltd 2.625 9/5/2027 EUR 70.144
Samhallsbyggnadsbola 1.000 8/12/2027 EUR 66.613
Hacienda Investments 5.350 2/8/2028 USD 42.000
Aroundtown SA 1.625 EUR 49.955
TUI AG 5.000 4/16/2028 EUR 72.550
Intesa Sanpaolo SpA 4.125 EUR 74.626
ING Groep NV 4.250 USD 67.582
Hannover Rueck SE 1.375 6/30/2042 EUR 73.857
CPI Property Group S 1.625 4/23/2027 EUR 72.286
Trinseo Materials Op 5.125 4/1/2029 USD 64.677
Zorlu Yenilenebilir 9.000 6/1/2026 USD 73.194
Aroundtown SA 2.125 EUR 53.490
Ukraine Railways Via 8.250 7/9/2024 USD 19.851
Romanian Government 3.875 10/29/2035 EUR 74.756
Allianz SE 2.600 EUR 71.405
Gazprom PJSC via Gaz 3.000 6/29/2027 USD 62.875
HOCHTIEF AG 0.625 4/26/2029 EUR 74.760
TAG Immobilien AG 0.625 8/27/2026 EUR 71.473
Gazprom PJSC Via Gaz 4.364 3/21/2025 EUR 69.728
Standard Profil Auto 6.250 4/30/2026 EUR 59.992
Unicaja Banco SA 4.875 EUR 72.771
Rothschild & Co Cont 4.438 USD 68.143
Phosagro OAO Via Pho 2.600 9/16/2028 USD 63.000
CTP NV 1.500 9/27/2031 EUR 59.545
HSE Finance Sarl 5.625 10/15/2026 EUR 55.667
Romanian Government 4.000 2/14/2051 USD 65.325
Russian Railways Via 2.100 10/2/2023 CHF 25.160
M2 Asset Management 5.500 1/15/2025 SEK 71.208
Lar Espana Real Esta 1.843 11/3/2028 EUR 67.628
Pro-Gest SpA 3.250 12/15/2024 EUR 62.120
Enel SpA 1.875 EUR 72.096
Orpea SA 2.200 12/15/2024 EUR 21.300
Sagax Euro Mtn NL BV 1.000 5/17/2029 EUR 71.364
Dtek Renewables Fina 8.500 11/12/2024 EUR 29.978
Altice France Holdin 4.000 2/15/2028 EUR 68.542
Fastighets AB Balder 1.125 1/29/2027 EUR 73.969
Aragvi Finance Inter 8.450 4/29/2026 USD 70.324
Diebold Nixdorf Dutc 9.000 7/15/2025 EUR 67.648
Hungary Government B 2.250 4/20/2033 HUF 60.046
Heimstaden AB 4.250 3/9/2026 EUR 72.311
Prosus NV 3.832 2/8/2051 USD 60.837
Ukraine Government I 9.750 11/1/2030 USD 24.276
Heimstaden Bostad AB 3.000 EUR 64.872
JT International Fin 2.250 9/14/2031 USD 74.087
Citycon Oyj 3.625 EUR 51.649
Credit Suisse Group 0.650 9/10/2029 EUR 68.297
NAK Naftogaz Ukraine 7.375 7/19/2022 USD 15.333
Barclays Bank PLC 1.710 EUR 74.447
AI Candelaria Spain 5.750 6/15/2033 USD 72.710
NPC Ukrenergo 6.875 11/9/2028 USD 16.134
Romanian Government 2.625 12/2/2040 EUR 57.534
Endo Luxembourg Fina 6.125 4/1/2029 USD 74.250
UniCredit SpA 0.850 1/19/2031 EUR 73.871
CPI Property Group S 1.500 1/27/2031 EUR 60.471
Gazprom PJSC via Gaz 3.500 7/14/2031 USD 52.750
CNP Assurances 4.875 USD 75.247
United Kingdom Gilt 1.500 7/31/2053 GBP 65.395
Russian Railways Via 2.200 5/23/2027 EUR 33.298
Zur Rose Group AG 2.500 11/21/2024 CHF 64.989
Gazprom PJSC Via Gaz 4.950 2/6/2028 USD 62.000
Serbia International 1.500 6/26/2029 EUR 74.737
GOL Equity Finance S 3.750 7/15/2024 USD 40.750
Romanian Government 4.125 3/11/2039 EUR 72.361
OSB Group PLC 6.000 GBP 73.003
Balder Finland Oyj 1.000 1/18/2027 EUR 74.636
Ideal Standard Inter 6.375 7/30/2026 EUR 48.467
Ukraine Government I 7.750 9/1/2029 USD 23.905
Korian SA 2.250 10/15/2028 EUR 68.328
EDP - Energias de Po 1.875 3/14/2082 EUR 72.617
Heimstaden AB 4.375 3/6/2027 EUR 71.187
Serbia International 1.000 9/23/2028 EUR 74.620
Slovakia Government 0.375 4/21/2036 EUR 65.510
Citycon Treasury BV 1.625 3/12/2028 EUR 73.528
Gazprom PJSC via Gaz 1.540 6/30/2027 CHF 49.997
Novolipetsk Steel Vi 1.450 6/2/2026 EUR 59.634
NatWest Group PLC 4.600 USD 68.500
Stellantis NV 1.250 6/20/2033 EUR 73.729
United Kingdom Gilt 1.125 1/31/2039 GBP 71.127
HSBC Bank PLC 3.127 USD 67.397
Vilmorin & Cie SA 1.375 3/26/2028 EUR 72.986
Barclays PLC 1.106 5/12/2032 EUR 74.188
Commerzbank AG 4.250 EUR 74.492
CPI Property Group S 4.875 EUR 54.399
Metro Bank PLC 5.500 6/26/2028 GBP 50.189
Haya Holdco 2 PLC 9.542 11/30/2025 EUR 57.640
ADLER Group SA 1.500 7/26/2024 EUR 42.863
Nitrogenmuvek Vegyip 7.000 5/14/2025 EUR 70.022
Ukraine Government B 15.840 2/26/2025 UAH 59.297
Republic of Belarus 6.378 2/24/2031 USD 30.000
Mutuelle Assurance D 3.500 EUR 71.143
Credit Suisse Group 3.091 5/14/2032 USD 69.965
International Consol 1.125 5/18/2028 EUR 72.724
Heimstaden Bostad AB 3.375 EUR 64.751
MMC Norilsk Nickel O 2.800 10/27/2026 USD 51.356
Iceland Bondco PLC 4.375 5/15/2028 GBP 69.861
Ukraine Government I 7.750 9/1/2028 USD 23.912
AerCap Ireland Capit 3.850 10/29/2041 USD 73.804
Swedbank AB 4.000 USD 74.061
ADLER Real Estate AG 3.000 4/27/2026 EUR 68.605
Just Eat Takeaway.co 0.625 2/9/2028 EUR 66.532
NGD Holdings BV 6.750 12/31/2026 USD 39.021
Kleopatra Holdings 2 6.500 9/1/2026 EUR 64.167
United Kingdom Gilt 1.750 7/22/2057 GBP 70.673
Aegon NV 0.496 NLG 68.629
CaixaBank SA 3.625 EUR 71.878
Enel Finance Interna 0.875 9/28/2034 EUR 70.772
Russian Railways Via 3.125 CHF 6.650
Orpea SA 2.130 7/3/2024 EUR 25.549
P3 Group Sarl 1.625 1/26/2029 EUR 74.203
ABN AMRO Bank NV 1.250 1/20/2034 EUR 73.855
Banco Santander SA 3.225 11/22/2032 USD 73.420
gategroup Finance Lu 3.000 2/28/2027 CHF 68.282
Rothesay Life PLC 5.000 GBP 68.247
Casino Guichard Perr 4.048 8/5/2026 EUR 45.520
Republic of Belarus 6.200 2/28/2030 USD 29.976
Akelius Residential 0.750 2/22/2030 EUR 73.890
Hellenic Republic Go 1.875 1/24/2052 EUR 61.420
Vnesheconombank Via 6.800 11/22/2025 USD 5.688
Rallye SA 4.000 2/28/2032 EUR 8.556
EP Infrastructure AS 2.045 10/9/2028 EUR 69.856
DDM Debt AB 9.000 4/19/2026 EUR 64.754
Liquid Telecommunica 5.500 9/4/2026 USD 70.151
Heimstaden Bostad Tr 1.625 10/13/2031 EUR 66.380
MMC Norilsk Nickel O 2.550 9/11/2025 USD 53.312
ADLER Group SA 1.875 1/14/2026 EUR 39.333
Intesa Sanpaolo Vita 2.375 12/22/2030 EUR 72.666
Peach Property Finan 4.375 11/15/2025 EUR 71.345
Rothesay Life PLC 4.875 USD 73.689
Russian Foreign Bond 5.250 6/23/2047 USD 41.480
Metinvest BV 5.625 6/17/2025 EUR 51.864
Grand City Propertie 0.125 1/11/2028 EUR 74.051
Logicor Financing Sa 2.000 1/17/2034 EUR 69.193
Phosagro OAO Via Pho 3.050 1/23/2025 USD 52.532
Altice France Holdin 6.000 2/15/2028 USD 66.310
Russian Railways Via 0.840 3/12/2026 CHF 18.524
EnBW Energie Baden-W 1.375 8/31/2081 EUR 73.268
United Kingdom Gilt 1.750 1/22/2049 GBP 71.906
Republic of Italy Go 3.875 5/6/2051 USD 68.203
Balder Finland Oyj 1.375 5/24/2030 EUR 63.663
Fastighets AB Balder 1.250 1/28/2028 EUR 69.619
Air Baltic Corp AS 6.750 7/30/2024 EUR 71.487
State Agency of Road 6.250 6/24/2030 USD 17.580
Prosus NV 4.027 8/3/2050 USD 61.582
Russian Foreign Bond 4.875 9/16/2023 USD 71.094
Castle UK Finco PLC 7.000 5/15/2029 GBP 69.817
Sberbank of Russia V 5.125 10/29/2022 USD 6.500
Sarens Finance Co NV 5.750 2/21/2027 EUR 74.952
Ukreximbank Via Biz 9.950 11/14/2029 USD 29.625
Russian Railways Via 4.600 3/6/2023 EUR 33.934
Vonovia SE 1.000 6/16/2033 EUR 69.952
BNP Paribas SA 0.837 EUR 74.000
Ocado Group PLC 0.750 1/18/2027 GBP 66.145
Ekosem-Agrar AG 8.500 12/7/2022 EUR 22.139
Prosus NV 1.288 7/13/2029 EUR 73.376
Tinkoff Bank JSC Via 6.000 USD 33.000
Romanian Government 3.500 4/3/2034 EUR 73.397
Deutsche Bahn Financ 0.625 12/8/2050 EUR 56.707
Serbia International 1.650 3/3/2033 EUR 64.772
Intesa Sanpaolo SpA 4.950 6/1/2042 USD 65.783
Idorsia Ltd 2.125 8/4/2028 CHF 69.987
Accor SA 0.700 12/7/2027 EUR 42.372
Vonovia SE 1.500 6/14/2041 EUR 61.716
Ukraine Railways Via 7.875 7/15/2026 USD 20.726
Metalloinvest Financ 3.375 10/22/2028 USD 57.500
Serbia International 2.050 9/23/2036 EUR 59.880
VTB Bank OJSC Via VT 6.950 10/17/2022 USD 7.111
United Kingdom Gilt 1.625 10/22/2054 GBP 67.906
CPI Property Group S 1.750 1/14/2030 EUR 64.743
EIG Pearl Holdings S 4.387 11/30/2046 USD 73.944
Hungary Government B 3.250 10/22/2031 HUF 70.195
Avianca Midco 2 PLC 9.000 12/1/2028 USD 74.250
Jaguar Land Rover Au 5.500 7/15/2029 USD 72.190
Vonovia SE 0.750 9/1/2032 EUR 69.578
MHP Lux SA 6.250 9/19/2029 USD 48.165
Credit Suisse Group 4.875 5/15/2045 USD 69.477
Heimstaden Bostad Tr 0.750 9/6/2029 EUR 69.890
Union Fenosa Prefere 2.843 EUR 65.923
Aroundtown SA 1.450 7/9/2028 EUR 73.974
TotalEnergies SE 2.125 EUR 73.933
EP Infrastructure AS 1.816 3/2/2031 EUR 64.440
Flamingo Lux II SCA 5.000 3/31/2029 EUR 74.630
Odea Bank AS 8.606 8/1/2027 USD 74.000
Deutsche Bank AG/New 3.035 5/28/2032 USD 74.492
ADLER Group SA 2.000 11/23/2023 EUR 48.606
Prosus NV 3.061 7/13/2031 USD 74.112
BICO Group AB 2.875 3/19/2026 SEK 65.345
Groupe des Assurance 1.850 4/21/2042 EUR 74.140
Russian Railways Via 4.375 3/1/2024 USD 29.044
Russian Foreign Bond 5.875 9/16/2043 USD 56.944
Dignity Finance PLC 4.696 12/31/2049 GBP 70.850
MRG Finance UK PLC 8.750 10/26/2023 EUR 56.068
Acef Holding SCA 1.250 4/26/2030 EUR 71.682
Vonovia SE 0.625 3/24/2031 EUR 72.757
Delivery Hero SE 1.000 4/30/2026 EUR 71.084
Fnac Darty SA 0.250 3/23/2027 EUR 64.200
Russian Railways Via 7.487 3/25/2031 GBP 25.650
Mallinckrodt Interna 10.000 6/15/2029 USD 51.938
SATO Oyj 1.375 2/24/2028 EUR 73.937
SPP-Distribucia AS 1.000 6/9/2031 EUR 65.237
EnBW Energie Baden-W 2.125 8/31/2081 EUR 67.189
Atento Luxco 1 SA 8.000 2/10/2026 USD 52.196
Grand City Propertie 2.500 EUR 70.301
Metinvest BV 7.750 10/17/2029 USD 40.500
Boparan Finance PLC 7.625 11/30/2025 GBP 67.563
Takko Luxembourg 2 S 7.137 11/15/2023 EUR 73.150
ASTM SpA 2.375 11/25/2033 EUR 74.322
Delivery Hero SE 2.125 3/10/2029 EUR 62.900
Enel Finance Interna 0.875 6/17/2036 EUR 67.786
VIC Properties SA 3.000 5/28/2025 EUR 75.000
EnBW International F 0.500 3/1/2033 EUR 71.307
Deutsche Bank AG/New 3.742 1/7/2033 USD 71.643
Russian Railways Via 0.898 10/3/2025 CHF 25.018
Czech Republic Gover 1.500 4/24/2040 CZK 60.888
adidas AG 0.625 9/10/2035 EUR 73.133
Foodco Bondco SA 6.250 5/15/2026 EUR 65.250
MMC Norilsk Nickel O 4.100 4/11/2023 USD 60.184
Russian Railways Via 5.700 4/5/2022 USD 24.849
Saga PLC 5.500 7/15/2026 GBP 70.719
BAT International Fi 2.250 9/9/2052 GBP 46.448
Ukreximbank Via Biz 9.750 1/22/2025 USD 29.500
Lukoil Securities BV 3.875 5/6/2030 USD 72.500
ZUR Rose Finance BV 2.750 3/31/2025 CHF 65.611
HOCHTIEF AG 1.250 9/3/2031 EUR 67.023
Fresenius Finance Ir 0.875 10/1/2031 EUR 71.363
Samhallsbyggnadsbola 1.125 9/4/2026 EUR 73.176
DVI Deutsche Vermoeg 2.500 1/25/2027 EUR 73.872
Brit Insurance Holdi 3.676 12/9/2030 GBP 72.307
Romanian Government 3.375 2/8/2038 EUR 68.881
Rothschild & Co Cont 3.030 EUR 67.958
Lloyds Banking Group 2.707 12/3/2035 GBP 74.930
Orpea SA 2.750 6/3/2033 EUR 20.350
Republic of Austria 0.250 10/20/2036 EUR 72.272
Vonovia Finance BV 1.125 9/14/2034 EUR 66.423
Croatia Government I 1.750 3/4/2041 EUR 71.760
Credit Suisse Group 3.500 CHF 64.863
Delivery Hero SE 1.500 1/15/2028 EUR 66.277
Assicurazioni Genera 1.713 6/30/2032 EUR 74.823
Prosus NV 2.031 8/3/2032 EUR 68.363
Neoen SA 2.000 6/2/2025 EUR 50.253
Prosus NV 2.778 1/19/2034 EUR 68.946
Ageas SA/NV 3.875 EUR 73.869
CPI Property Group S 3.750 EUR 54.899
Digital Intrepid Hol 1.375 7/18/2032 EUR 73.840
Lukoil Capital DAC 3.600 10/26/2031 USD 70.283
Shell International 1.750 9/10/2052 GBP 55.454
Merlin Properties So 1.875 12/4/2034 EUR 71.670
Bellis Finco PLC 4.000 2/16/2027 GBP 70.347
Thermo Fisher Scient 2.000 10/18/2051 EUR 70.159
Metinvest BV 7.650 10/1/2027 USD 50.287
Russian Foreign Bond 4.250 6/23/2027 USD 44.236
Deutsche Bank AG 1.375 2/17/2032 EUR 73.027
Russian Foreign Bond 7.500 3/31/2030 USD 64.385
United Group BV 5.250 2/1/2030 EUR 74.231
Nexity SA 0.250 3/2/2025 EUR 56.610
Sirius Real Estate L 1.750 11/24/2028 EUR 68.303
Royalty Pharma PLC 3.550 9/2/2050 USD 67.206
ADLER Group SA 2.250 4/27/2027 EUR 38.792
Societe Generale SA 3.625 3/1/2041 USD 63.226
Logicor Financing Sa 0.875 1/14/2031 EUR 69.004
Maison Finco PLC 6.000 10/31/2027 GBP 72.744
VF Ukraine PAT via V 6.200 2/11/2025 USD 53.994
Eustream AS 1.625 6/25/2027 EUR 64.951
Romanian Government 1.375 12/2/2029 EUR 73.359
Prosus NV 4.987 1/19/2052 USD 70.521
Raiffeisen Bank Inte 4.500 EUR 69.619
Phosagro OAO Via Pho 3.949 4/24/2023 USD 61.988
Imperial Brands Fina 1.750 3/18/2033 EUR 70.703
Fresenius SE & Co KG 1.125 1/28/2033 EUR 70.026
Rallye SA 4.371 2/28/2032 EUR 8.007
BNP Paribas SA 0.625 12/3/2032 EUR 71.337
MMC Norilsk Nickel O 6.625 10/14/2022 USD 53.098
Wellcome Trust Ltd/T 1.500 7/14/2071 GBP 52.596
Polyus Finance PLC 3.250 10/14/2028 USD 48.616
Orpea SA 2.564 11/30/2027 EUR 16.994
Swan Housing Capital 3.625 3/5/2048 GBP 73.994
Agri Resources Group 8.000 3/17/2026 EUR 58.147
MMC Norilsk Nickel O 3.375 10/28/2024 USD 64.422
Hacienda Investments 5.075 2/15/2023 USD 42.341
Glencore Capital Fin 1.250 3/1/2033 EUR 73.123
Altarea SCA 1.750 1/16/2030 EUR 73.967
Bank Gospodarstwa Kr 2.375 11/27/2040 PLN 47.997
Klepierre SA 0.875 2/17/2031 EUR 74.014
Russian Foreign Bond 4.375 3/21/2029 USD 41.196
Severstal OAO Via St 3.150 9/16/2024 USD 5.560
Sweden Government Bo 1.375 6/23/2071 SEK 67.447
Interpipe Holdings P 8.375 5/13/2026 USD 35.750
Nykredit Realkredit 1.000 10/1/2053 DKK 70.082
Herens Midco Sarl 5.250 5/15/2029 EUR 68.486
Societe Generale SA 1.113 7/17/2031 EUR 73.380
HSBC Bank PLC 4.420 USD 67.319
Slovenia Government 0.688 3/3/2081 EUR 39.343
Imerys SA 1.000 7/15/2031 EUR 69.627
University of Oxford 2.544 12/8/2117 GBP 65.782
Russian Foreign Bond 4.750 5/27/2026 USD 44.992
ADLER Group SA 3.250 8/5/2025 EUR 40.933
Verbund AG 0.900 4/1/2041 EUR 67.001
Shell International 3.000 11/26/2051 USD 71.668
Vonovia Finance BV 1.000 1/28/2041 EUR 56.600
Atos SE 2.500 11/7/2028 EUR 63.962
Credit Mutuel Arkea 0.875 3/11/2033 EUR 72.972
MVM Energetika Zrt 0.875 11/18/2027 EUR 71.755
Just Group PLC 5.000 GBP 68.620
Credit Bank of Mosco 3.100 1/21/2026 EUR 18.583
NE Property BV 2.000 1/20/2030 EUR 69.460
Russian Railways Via 1.195 4/3/2028 CHF 14.432
Intermediate Capital 2.500 1/28/2030 EUR 73.077
BAT International Fi 2.000 3/13/2045 EUR 58.141
R-Logitech Finance S 10.250 9/26/2027 EUR 59.978
Deutsche Bank AG/New 3.729 1/14/2032 USD 73.849
Vodafone Group PLC 3.000 8/12/2056 GBP 68.531
Cofinimmo SA 0.875 12/2/2030 EUR 74.776
Momox Holding AG 7.498 7/10/2025 EUR 57.557
BCP V Modular Servic 6.750 11/30/2029 EUR 72.659
Borets Finance DAC 6.000 9/17/2026 USD 34.153
Standard Chartered P 3.603 1/12/2033 USD 74.324
Biocartis Group NV 4.000 5/9/2024 EUR 56.812
Mutuelle Assurance D 2.125 6/21/2052 EUR 69.839
Aedifica SA 0.750 9/9/2031 EUR 67.672
BPCE SA 3.116 10/19/2032 USD 72.625
Tinkoff Bank JSC Via 11.002 USD 36.909
TotalEnergies Capita 3.386 6/29/2060 USD 72.757
Lloyds Banking Group 3.369 12/14/2046 USD 64.829
Novafives SAS 5.500 6/15/2025 EUR 73.969
UNEDIC ASSEO 0.100 5/25/2034 EUR 72.825
Electricite de Franc 1.000 11/29/2033 EUR 71.638
Cardea Europe AG 7.250 12/8/2023 EUR 42.917
Andorra Internationa 1.700 10/13/2041 EUR 73.548
Vnesheconombank Via 5.942 11/21/2023 USD 4.574
Samhallsbyggnadsbola 5.333 SEK 55.222
Chesnara PLC 4.750 8/4/2032 GBP 73.018
Jaguar Land Rover Au 5.500 7/15/2029 USD 71.721
Nestle Finance Inter 0.875 6/14/2041 EUR 70.295
Moby SpA 7.750 2/15/2023 EUR 65.867
EnfraGen Energia Sur 5.375 12/30/2030 USD 64.994
Standard Chartered P 2.678 6/29/2032 USD 74.252
Standard Chartered P 2.678 6/29/2032 USD 74.075
Julius Baer Group Lt 3.625 USD 69.541
Delete Group Oyj 6.458 4/19/2024 EUR 71.145
ALROSA Finance SA 3.100 6/25/2027 USD 9.979
Wirecard AG 0.500 9/11/2024 EUR 10.305
Unibail-Rodamco-West 1.750 7/1/2049 EUR 63.665
VTB Bank PJSC Via VT 9.500 USD 6.000
UNIQA Insurance Grou 2.375 12/9/2041 EUR 71.877
Evraz PLC 5.375 3/20/2023 USD 49.263
EQT AB 0.875 5/14/2031 EUR 69.956
Muenchener Rueckvers 1.000 5/26/2042 EUR 71.908
ICADE 1.000 1/19/2030 EUR 74.387
Credit Agricole Assu 1.500 10/6/2031 EUR 74.974
Evraz PLC 5.250 4/2/2024 USD 52.000
Standard Chartered P 3.265 2/18/2036 USD 72.641
FIGEAC-AERO 1.750 10/18/2028 EUR 21.911
alstria office REIT- 1.500 11/15/2027 EUR 72.457
Iren SpA 0.250 1/17/2031 EUR 70.541
Desenio Group AB 7.056 12/16/2024 SEK 49.833
ADLER Group SA 2.750 11/13/2026 EUR 39.083
Electricite de Franc 4.500 12/4/2069 USD 72.069
Audax Renovables SA 2.750 11/30/2025 EUR 67.930
Sibur Securities DAC 3.450 9/23/2024 USD 59.750
Paragon GmbH & Co KG 4.000 4/23/2023 CHF 50.110
Perrigo Finance Unli 4.900 12/15/2044 USD 67.300
Orsted AS 1.500 2/18/3021 EUR 73.793
Credit Bank of Mosco 5.150 2/20/2024 EUR 18.453
JDE Peet's NV 1.125 6/16/2033 EUR 73.804
Romania Government B 4.250 4/28/2036 RON 67.985
Russian Foreign Bond 2.875 12/4/2025 EUR 42.746
Novolipetsk Steel Vi 4.700 5/30/2026 USD 59.443
Global Ports Finance 6.500 9/22/2023 USD 25.000
Wuestenrot & Wuertte 2.125 9/10/2041 EUR 70.028
DOF Subsea AS 11.480 11/27/2023 NOK 69.499
Storebrand Livsforsi 1.875 9/30/2051 EUR 71.997
Thermo Fisher Scient 1.625 10/18/2041 EUR 71.765
JAB Holdings BV 4.500 4/8/2052 USD 66.864
DH Europe Finance II 1.350 9/18/2039 EUR 73.080
Becton Dickinson Eur 1.336 8/13/2041 EUR 66.453
Enel Finance Interna 2.250 7/12/2031 USD 74.852
Nykredit Realkredit 1.500 10/1/2053 DKK 74.613
Icade Sante SACA 1.375 9/17/2030 EUR 72.503
Bank Gospodarstwa Kr 2.125 6/5/2030 PLN 68.573
Raiffeisen Bank Inte 1.375 6/17/2033 EUR 69.138
HOCHDORF Holding AG 2.500 CHF 27.273
Czech Gas Networks I 0.450 9/8/2029 EUR 68.392
Deutsche Bahn Financ 1.125 5/29/2051 EUR 63.337
NatWest Group PLC 3.032 11/28/2035 USD 73.481
Maisons du Monde SA 0.125 12/6/2023 EUR 46.077
Prosus NV 1.985 7/13/2033 EUR 65.124
Barclays PLC 3.811 3/10/2042 USD 65.784
E.ON SE 0.875 10/18/2034 EUR 74.261
SAS AB 6.900 SEK 20.166
Republic of Poland G 2.000 3/8/2049 EUR 69.834
DOF Subsea AS 9.500 3/14/2023 USD 70.372
Island Offshore Ship 8.320 6/30/2024 NOK 15.250
Koninklijke KPN NV 0.875 11/15/2033 EUR 74.763
HSE Finance Sarl 7.512 10/15/2026 EUR 61.266
Czech Republic Gover 1.950 7/30/2037 CZK 70.713
BP Capital Markets B 1.467 9/21/2041 EUR 69.671
Credit Suisse Group 5.250 USD 68.960
BPCE SA 2.125 10/13/2046 EUR 71.217
ABN AMRO Bank NV 3.324 3/13/2037 USD 72.552
Credit Bank of Mosco 8.875 USD 17.000
BUPA Finance PLC 4.000 GBP 65.106
Czech Republic Gover 0.050 11/29/2029 CZK 72.018
Bigben Interactive 1.125 2/19/2026 EUR 69.358
Ekosem-Agrar AG 2.500 7/31/2029 EUR 21.627
Linde PLC 1.000 9/30/2051 EUR 60.582
esure Group PLC 6.000 GBP 70.817
Beyond Housing Ltd 2.125 5/17/2051 GBP 60.587
Deutsche Telekom AG 1.750 12/9/2049 EUR 72.731
John Lewis PLC 4.250 12/18/2034 GBP 63.234
GOL Equity Finance S 3.750 7/15/2024 USD 40.500
Karlou BV 7.750 6/18/2024 USD 14.000
Medtronic Global Hol 1.500 7/2/2039 EUR 72.544
ALROSA Finance SA 4.650 4/9/2024 USD 11.281
TP ICAP Finance PLC 2.625 11/18/2028 GBP 72.934
Engie SA 1.375 6/21/2039 EUR 68.521
VTR Finance NV 6.375 7/15/2028 USD 43.912
Engie SA 1.875 EUR 72.457
ABN AMRO Bank NV 1.000 6/2/2033 EUR 74.683
Mobile Telesystems O 5.000 5/30/2023 USD 27.649
Bank Gospodarstwa Kr 1.750 3/12/2028 PLN 74.622
Mallinckrodt Interna 10.000 4/15/2025 USD 68.226
Barclays PLC 3.382 5/20/2032 AUD 72.353
VEON Holdings BV 3.375 11/25/2027 USD 72.500
Russian Foreign Bond 2.650 5/27/2036 EUR 40.000
Vienna Insurance Gro 1.000 3/26/2036 EUR 67.514
Orange SA 1.375 9/4/2049 EUR 73.284
Societe Generale SA 4.027 1/21/2043 USD 66.370
Canton of Zurich 0.100 6/23/2045 CHF 71.103
Hungary Government B 2.250 6/22/2034 HUF 57.903
Enel Finance Interna 1.250 1/17/2035 EUR 73.598
Home Credit & Financ 8.800 USD 8.286
Banque Federative du 0.957 EUR 74.767
JT International Fin 3.300 9/14/2051 USD 56.894
Medtronic Global Hol 1.750 7/2/2049 EUR 70.033
Amprion GmbH 0.625 9/23/2033 EUR 73.227
UBS Group AG 3.179 2/11/2043 USD 67.041
Traton Finance Luxem 1.250 3/24/2033 EUR 72.479
Agence Francaise de 0.500 5/31/2035 EUR 73.435
Groupe Bruxelles Lam 0.125 1/28/2031 EUR 74.976
Nexity SA 0.875 4/19/2028 EUR 42.743
Intesa Sanpaolo SpA 4.700 9/23/2049 USD 71.325
Credit Suisse Group 3.091 5/14/2032 USD 70.320
Orsted AS 2.500 2/18/3021 GBP 66.311
BAT International Fi 4.000 11/23/2055 GBP 63.493
Hera SpA 1.000 4/25/2034 EUR 72.687
BNP Paribas SA 4.245 USD 68.145
Suek Securities DAC 3.375 9/15/2026 USD 33.949
Eni SpA 1.000 10/11/2034 EUR 73.291
Russian Federal Bond 6.100 7/18/2035 RUB 73.658
Sberbank of Russia V 5.250 5/23/2023 USD 6.524
Credit Bank of Mosco 3.875 9/21/2026 USD 20.746
Credit Suisse Group 2.125 11/15/2029 GBP 72.956
WPC Eurobond BV 0.950 6/1/2030 EUR 74.435
Russian Agricultural 8.500 10/16/2023 USD 13.414
MMK International Ca 4.375 6/13/2024 USD 29.904
Ukraine Government B 11.670 11/22/2023 UAH 59.375
Andrade Gutierrez In 9.500 12/30/2024 USD 54.543
Republic of Poland G 4.000 4/25/2047 PLN 65.048
BMW Finance NV 0.200 1/11/2033 EUR 74.581
Alfa Bank AO Via Alf 5.950 4/15/2030 USD 4.503
RWE AG 1.000 11/26/2033 EUR 74.363
Klepierre SA 0.625 7/1/2030 EUR 73.838
Aroundtown SA 3.000 10/16/2029 GBP 74.992
Eurochem Finance DAC 5.500 3/13/2024 USD 50.109
UBS Group AG 0.625 2/24/2033 EUR 73.212
Bank Gospodarstwa Kr 0.500 7/8/2031 EUR 69.605
Vonovia Finance BV 1.625 10/7/2039 EUR 64.022
Investor AB 0.375 10/29/2035 EUR 69.813
Credit Suisse Group 6.375 USD 74.000
Sovcombank Via SovCo 7.600 USD 4.609
GTLK Europe Capital 5.950 4/17/2025 USD 26.787
CBRE Global Investor 0.900 10/12/2029 EUR 74.528
Cellnex Finance Co S 3.875 7/7/2041 USD 68.335
Orpea SA 2.000 8/9/2029 EUR 23.396
JAB Holdings BV 2.250 12/19/2039 EUR 70.348
Ilija Batljan Invest 8.350 SEK 47.735
Electricite de Franc 2.000 12/9/2049 EUR 65.131
GTLK Europe Capital 4.800 2/26/2028 USD 22.781
NIBC Bank NV 2.850 2/21/2040 EUR 72.152
Kenbourne Invest SA 4.700 1/22/2028 USD 70.907
Motability Operation 2.125 1/18/2042 GBP 71.324
Scandinavian Airline 0.625 CHF 12.650
Credit Suisse Group 7.250 USD 75.000
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.310
Offshore Drilling Ho 8.375 9/20/2020 USD 3.876
Cie Generale des Eta 0.625 11/2/2040 EUR 63.257
Digital Intrepid Hol 0.625 7/15/2031 EUR 70.761
Jyske Realkredit A/S 1.000 10/1/2050 DKK 71.365
Direct Line Insuranc 4.750 GBP 71.627
Credit Bank of Mosco 4.700 1/29/2025 USD 19.142
Snam SpA 1.000 9/12/2034 EUR 71.411
GTLK Europe Capital 4.650 3/10/2027 USD 21.998
Thomas Cook Group PL 6.250 6/15/2022 EUR 0.188
PB International BV 7.625 12/31/2025 USD 44.698
Standard Chartered P 5.925 USD 76.750
Snam SpA 1.250 6/20/2034 EUR 74.006
ICADE 0.625 1/18/2031 EUR 68.819
Finland Government B 0.250 9/15/2040 EUR 66.508
BNP Paribas SA 2.824 1/26/2041 USD 62.144
HSBC Bank PLC 2.977 USD 67.394
Digital Dutch Finco 1.000 1/15/2032 EUR 72.727
GlaxoSmithKline Capi 1.625 5/12/2035 GBP 74.499
Lithuania Government 0.500 7/28/2050 EUR 46.278
Mithra Pharmaceutica 4.250 12/17/2025 EUR 65.430
BP Capital Markets B 0.933 12/4/2040 EUR 66.065
DH Europe Finance II 1.800 9/18/2049 EUR 72.896
National Grid Electr 0.872 11/26/2040 EUR 61.689
Rusal Capital DAC 4.850 2/1/2023 USD 43.189
Deutsche Telekom AG 3.625 1/21/2050 USD 73.936
State of North Rhine 0.500 1/15/2052 EUR 57.141
BPCE SA 2.277 1/20/2032 USD 74.971
Kreditanstalt fuer W 0.050 9/29/2034 EUR 73.957
Unibail-Rodamco-West 2.250 5/14/2038 EUR 74.379
Bank Gospodarstwa Kr 2.250 7/21/2033 PLN 61.167
Metropolitano de Ten 1.229 7/30/2036 EUR 73.651
Utmost Group PLC 4.000 12/15/2031 GBP 72.540
Ukraine Government B 9.790 5/26/2027 UAH 55.201
Genfit 3.500 10/16/2025 EUR 24.882
Enel Finance Interna 2.875 7/12/2041 USD 62.279
Global Fashion Group 1.250 3/15/2028 EUR 73.545
Allied Irish Banks P 12.500 6/25/2035 GBP 55.141
Ulker Biskuvi Sanayi 6.950 10/30/2025 USD 73.157
Segro Capital Sarl 0.500 9/22/2031 EUR 71.649
Debenhams PLC 5.250 7/15/2021 GBP 0.440
Finland Government B 0.500 4/15/2043 EUR 67.494
UBS Group AG 3.179 2/11/2043 USD 67.475
Wirtschafts- und Inf 0.031 1/22/2036 EUR 66.544
Proximus SADP 0.750 11/17/2036 EUR 71.082
LEG Immobilien SE 0.750 6/30/2031 EUR 71.580
AstraZeneca PLC 2.125 8/6/2050 USD 61.255
Nykredit Realkredit 0.500 10/1/2053 DKK 69.245
Lithuania Government 0.300 2/12/2032 EUR 69.152
Ireland Government B 0.550 4/22/2041 EUR 68.565
Sibur Securities DAC 2.950 7/8/2025 USD 42.843
PJSC Koks via IMH Ca 5.900 9/23/2025 USD 7.242
Peabody Capital No 2 3.250 9/14/2048 GBP 74.032
NET4GAS sro 3.500 7/28/2026 EUR 68.676
Standard Chartered P 3.265 2/18/2036 USD 73.023
Havila Shipping ASA 7.410 1/2/2025 NOK 40.000
Euroboden GmbH 5.500 11/18/2025 EUR 70.454
BPCE SA 3.116 10/19/2032 USD 72.350
Severn Trent Utiliti 2.000 6/2/2040 GBP 66.780
Econocom Group SA/NV 0.500 3/6/2023 EUR 7.921
Saderea DAC 12.500 11/30/2026 USD 64.359
Officine Maccaferri- 5.750 6/1/2021 EUR 17.672
Thomas Cook Finance 3.875 7/15/2023 EUR 1.474
Barclays PLC 3.330 11/24/2042 USD 69.273
Air Berlin PLC 8.250 4/19/2018 EUR 0.226
Unibail-Rodamco-West 1.375 5/25/2033 EUR 73.049
UNEDIC ASSEO 0.500 5/25/2036 EUR 72.379
Travelex Financing P 8.000 5/15/2022 EUR 0.271
Societe Generale SA 3.625 3/1/2041 USD 63.901
Gol Finance SA 8.000 6/30/2026 USD 58.205
Unibail-Rodamco-West 0.875 3/29/2032 EUR 71.161
Bayer AG 1.000 1/12/2036 EUR 70.560
TotalEnergies Capita 3.127 5/29/2050 USD 72.356
Shell International 0.875 11/8/2039 EUR 66.683
Icade Sante SACA 0.875 11/4/2029 EUR 74.569
Lithuania Government 0.750 7/15/2051 EUR 49.919
GTLK Europe Capital 4.949 2/18/2026 USD 26.012
Altice France Holdin 6.000 2/15/2028 USD 65.376
OMV AG 1.000 7/3/2034 EUR 74.870
Motability Operation 1.500 1/20/2041 GBP 64.823
Movida Europe SA 5.250 2/8/2031 USD 73.046
Czech Gas Networks I 0.875 3/31/2031 EUR 66.886
La Poste SA 0.625 1/18/2036 EUR 68.974
GTLK Europe Capital 4.349 2/27/2029 USD 20.543
Smurfit Kappa Treasu 1.000 9/22/2033 EUR 72.168
Credit Bank of Mosco 7.500 10/5/2027 USD 18.000
Market Parent Finco 6.750 10/1/2029 GBP 61.972
AstraZeneca PLC 3.000 5/28/2051 USD 73.302
Orpea SA 3.144 12/22/2025 EUR 57.468
Offentliga Hus I Nor 8.521 SEK 63.658
University College L 1.625 6/4/2061 GBP 59.072
Ozon Holdings PLC 1.875 2/24/2026 USD 59.593
Nordiska Kreditmarkn 10.669 SEK 73.926
GTLK Europe DAC 5.125 5/31/2024 USD 30.898
Idavang A/S 9.052 11/11/2025 EUR 62.295
Vnesheconombank Via 6.025 7/5/2022 USD 5.125
Engie SA 1.250 10/24/2041 EUR 63.175
LEG Immobilien SE 1.000 11/19/2032 EUR 67.785
TMK OAO Via TMK Capi 4.300 2/12/2027 USD 16.286
Sovcombank Via SovCo 8.000 4/7/2030 USD 3.506
Lloyds Banking Group 4.344 1/9/2048 USD 73.034
TenneT Holding BV 0.500 11/30/2040 EUR 60.190
Republic of Croatia 1.000 11/27/2034 HRK 70.380
Hellenic Bank PCL 10.000 EUR 54.997
Places For People Tr 2.500 1/26/2036 GBP 73.030
Tullow Oil PLC 7.000 3/1/2025 USD 70.399
Derwent London PLC 1.875 11/17/2031 GBP 72.864
Orange SA 0.625 12/16/2033 EUR 74.676
Sanctuary Capital PL 2.375 4/14/2050 GBP 62.741
Saxa Gres Spa 7.000 8/4/2026 EUR 35.754
Realkredit Danmark A 1.000 10/1/2050 DKK 71.295
SCF Capital Designat 5.375 6/16/2023 USD 20.000
Enel Finance Interna 2.250 7/12/2031 USD 74.262
BAE Systems PLC 3.000 9/15/2050 USD 67.131
Orpea SA 3.000 11/25/2041 EUR 14.843
Intelsat Jackson Hol 5.500 8/1/2023 USD 0.486
Siemens Financiering 2.875 3/11/2041 USD 74.617
Annington Funding PL 2.924 10/6/2051 GBP 62.972
Deutsche Bahn Financ 0.875 6/23/2039 EUR 69.920
Intu Debenture PLC 5.562 12/31/2027 GBP 43.382
CNP Assurances 1.875 10/12/2053 EUR 73.377
Unibail-Rodamco-West 1.750 2/27/2034 EUR 74.656
CPI Property Group S 2.750 1/22/2028 GBP 69.447
Perrigo Co PLC 5.300 11/15/2043 USD 74.000
Ageas SA/NV 1.875 11/24/2051 EUR 73.282
Klepierre SA 1.625 12/13/2032 EUR 74.358
Samhallsbyggnadsbola 3.527 1/30/2027 SEK 73.619
Koninklijke Luchtvaa 0.750 CHF 17.800
Novolipetsk Steel Vi 4.000 9/21/2024 USD 60.481
DNB Bank ASA 3.716 USD 66.682
Nykredit Realkredit 0.500 10/1/2050 DKK 71.108
Eurotorg LLC Via Bon 9.000 10/22/2025 USD 54.897
Thames Water Utiliti 2.375 4/22/2040 GBP 65.602
Stichting Afwikkelin 11.250 EUR 45.000
Gazprom PJSC Via Gaz 7.288 8/16/2037 USD 73.000
Andrade Gutierrez In 11.000 8/20/2021 USD 51.735
SKF AB 0.250 2/15/2031 EUR 74.224
Talanx AG 1.750 12/1/2042 EUR 74.901
Rallye SA 3.250 2/28/2032 CHF 8.560
BNG Bank NV 0.805 6/28/2049 EUR 62.486
European Financial S 0.700 1/17/2053 EUR 59.160
Sovereign Housing Ca 2.375 11/4/2048 GBP 65.672
BNP Paribas SA 2.588 8/12/2035 USD 73.380
PIK Securities DAC 5.625 11/19/2026 USD 32.400
Euronext NV 1.500 5/17/2041 EUR 65.227
TenneT Holding BV 0.125 11/30/2032 EUR 71.070
Klepierre SA 1.250 9/29/2031 EUR 74.599
Guinness Partnership 2.000 4/22/2055 GBP 56.177
EWE AG 0.375 10/22/2032 EUR 69.801
Simon International 1.125 3/19/2033 EUR 74.357
Hyde Housing Associa 1.750 8/18/2055 GBP 53.093
Enel Finance Interna 1.125 10/17/2034 EUR 74.294
Clarion Funding PLC 3.125 4/19/2048 GBP 72.195
Wellcome Trust Ltd/T 2.517 2/7/2118 GBP 66.104
Allianz SE 3.200 USD 68.250
Nostrum Oil & Gas Fi 8.000 7/25/2022 USD 26.269
Carmila SA 1.625 4/1/2029 EUR 70.492
Standard Chartered P 4.750 USD 67.693
Tritax Big Box REIT 1.500 11/27/2033 GBP 68.268
Aroundtown SA 2.912 9/20/2030 EUR 70.641
BPCE SA 3.648 1/14/2037 USD 74.398
NIBC Bank NV 1.315 EUR 72.490
Nordea Kredit Realkr 1.000 10/1/2050 DKK 71.405
Ukraine Government I 8.994 2/1/2026 USD 23.375
BNP Paribas SA 2.000 9/13/2036 GBP 67.526
Deutsche Wohnen SE 0.500 4/7/2031 EUR 69.656
Orpea SA 2.300 3/6/2025 EUR 25.743
Sibur Securities DAC 4.125 10/5/2023 USD 59.728
Republic of Poland G 2.000 10/25/2046 EUR 69.505
A2A SpA 0.625 7/15/2031 EUR 72.163
Hera SpA 0.250 12/3/2030 EUR 74.803
Euroboden GmbH 5.500 10/1/2024 EUR 69.956
Norddeutsche Landesb 8.916 EUR 68.031
B2W Digital Lux Sarl 4.375 12/20/2030 USD 61.831
Credit Agricole SA 2.811 1/11/2041 USD 62.253
BNP Paribas SA 1.250 7/13/2031 GBP 72.168
Ukraine Government I 7.750 9/1/2026 USD 23.358
Russian Foreign Bond 1.125 11/20/2027 EUR 38.638
Rallye SA 4.000 2/28/2032 CHF 9.598
Ile-de-France Mobili 1.275 2/14/2042 EUR 73.513
UniCredit Bank Austr 0.050 9/21/2035 EUR 69.500
EXOR NV 1.750 10/14/2034 EUR 74.428
National Grid Electr 2.000 4/17/2040 GBP 64.279
BNP Paribas SA 2.588 8/12/2035 USD 72.763
Intelsat Jackson Hol 9.750 7/15/2025 USD 0.486
Medtronic Global Hol 1.625 10/15/2050 EUR 67.346
Deutsche Bahn Financ 0.625 4/15/2036 EUR 71.389
Finland Government B 0.125 4/15/2036 EUR 71.951
Realkredit Danmark A 1.000 10/1/2053 DKK 70.084
Nestle Finance Inter 0.375 12/3/2040 EUR 63.717
Argenta Spaarbank NV 0.500 10/8/2041 EUR 65.206
Blend Funding PLC 2.922 4/5/2054 GBP 69.309
Sigma Holdco BV 7.875 5/15/2026 USD 71.579
DNB Bank ASA 3.320 USD 66.905
Intelsat Jackson Hol 8.500 10/15/2024 USD 0.486
Avianca Midco 2 PLC 9.000 12/1/2028 USD 74.477
Holcim Finance Luxem 0.625 1/19/2033 EUR 70.702
Bulgaria Government 0.250 5/24/2029 BGN 71.885
Standard Chartered P 3.603 1/12/2033 USD 74.330
Societe Generale SA 4.027 1/21/2043 USD 66.126
Holcim Finance Luxem 1.375 10/8/2036 EUR 60.477
Terragon AG 6.500 5/24/2024 EUR 5.000
CM.com NV 2.000 9/9/2026 EUR 67.649
Cooperatieve Raboban 0.625 2/25/2033 EUR 72.813
State of North Rhine 0.200 1/27/2051 EUR 52.171
Schlote Holding GmbH 6.750 11/21/2024 EUR 67.257
Accent Capital PLC 2.625 7/18/2049 GBP 68.344
Novolipetsk Steel Vi 4.500 6/15/2023 USD 61.652
Slovenia Government 1.175 2/13/2062 EUR 56.248
TenneT Holding BV 0.875 6/16/2035 EUR 73.472
Sovcombank Via SovCo 3.400 1/26/2025 USD 4.879
Gol Finance SA 7.000 1/31/2025 USD 39.512
Gazprom PJSC via Gaz 4.599 USD 52.000
Hungary Government I 2.125 9/22/2031 USD 74.833
K2A Knaust & Anderss 7.712 SEK 72.206
Landesbank Baden-Wue 0.375 2/21/2031 EUR 73.619
Credit Agricole Ital 0.125 3/15/2033 EUR 72.150
Claranova SE 5.000 7/1/2023 EUR 1.050
Marston's Issuer PLC 5.410 7/16/2035 GBP 74.824
A2A SpA 1.000 11/2/2033 EUR 68.614
Sovcombank Via SovCo 7.750 USD 3.468
Gazprom PJSC Via Gaz 4.950 2/6/2028 USD 70.000
Samhallsbyggnadsbola 7.000 7/24/2023 SEK 63.322
de Volksbank NV 0.375 9/16/2041 EUR 63.084
Hacienda Investments 5.350 2/8/2028 USD 42.000
Ziton A/S 10.060 10/3/2024 EUR 70.402
Aroundtown SA 3.625 4/10/2031 GBP 74.266
JAB Holdings BV 3.750 5/28/2051 USD 57.328
Immigon Portfolioabb 6.569 EUR 9.985
Greene King Finance 4.602 3/15/2036 GBP 74.923
Portugal Obrigacoes 1.150 4/11/2042 EUR 71.568
Korian SA 3.350 6/29/2028 EUR 74.008
Societa di Progetto 3.375 12/31/2038 EUR 72.097
Credit Bank of Mosco 7.625 USD 15.433
Deutsche Wohnen SE 1.300 4/7/2041 EUR 54.449
Saleza AS 9.000 7/12/2021 EUR 0.203
State of North Rhine 1.375 1/15/2120 EUR 57.985
Scottish Hydro Elect 2.250 9/27/2035 GBP 74.009
ABN AMRO Bank NV 3.324 3/13/2037 USD 72.145
InterCement Financia 5.750 7/17/2024 USD 68.270
Orange SA 0.750 6/29/2034 EUR 74.444
ABN AMRO Bank NV 0.400 9/17/2041 EUR 64.482
BPCE SA 2.277 1/20/2032 USD 74.692
Cooperatieve Raboban 1.000 1/19/2034 EUR 74.084
Chancellor Masters & 0.250 6/27/2068 GBP 66.962
Societe Du Grand Par 0.700 10/15/2060 EUR 45.305
SCF Capital Designat 3.850 4/26/2028 USD 19.428
GN Store Nord AS 1.970 3/3/2036 EUR 48.785
Nederlandse Watersch 0.125 9/3/2035 EUR 71.664
A2A SpA 0.625 10/28/2032 EUR 69.591
Cooperatieve Raboban 0.500 7/30/2043 MXN 12.489
Shell International 2.875 11/26/2041 USD 74.927
Bulgaria Government 0.100 8/17/2031 BGN 59.926
BNP Paribas SA 2.824 1/26/2041 USD 61.739
Wales & West Utiliti 1.875 5/28/2041 GBP 64.292
Ukraine Government B 10.000 8/23/2023 UAH 59.375
Molnlycke Holding AB 0.625 1/15/2031 EUR 73.734
Ukraine Government I 7.750 9/1/2025 USD 25.127
NAK Naftogaz Ukraine 7.625 11/8/2026 USD 18.061
Orpea SA 2.770 12/18/2028 EUR 12.523
Chelyabinsk Pipe Pla 4.500 9/19/2024 USD 16.665
Ukraine Government B 9.990 5/22/2024 UAH 51.591
Cimpress PLC 7.000 6/15/2026 USD 66.785
Realkredit Danmark A 1.000 10/1/2053 DKK 74.678
Polyus Finance PLC 5.250 2/7/2023 USD 48.191
Zurich Finance Irela 1.625 6/17/2039 EUR 73.172
Pierre Et Vacances S 2.000 4/1/2023 EUR 26.479
National Grid Electr 2.000 9/16/2038 GBP 65.947
O1 Properties Financ 0.500 9/27/2028 USD 5.227
Jyske Realkredit A/S 1.000 10/1/2053 DKK 74.789
CK Hutchison Group T 2.625 10/17/2034 GBP 70.452
Becton Dickinson Eur 1.213 2/12/2036 EUR 73.714
Vedanta Resources Fi 8.950 3/11/2025 USD 67.046
Nationwide Building 0.500 5/5/2041 EUR 66.152
National Grid PLC 0.750 9/1/2033 EUR 72.463
Medtronic Global Hol 1.375 10/15/2040 EUR 69.567
Assura Financing PLC 1.625 6/30/2033 GBP 69.478
NPC Ukrenergo 6.875 11/9/2028 USD 18.486
Investor AB 1.500 6/20/2039 EUR 74.742
Polski Koncern Nafto 2.875 3/25/2031 PLN 72.486
Gazprom PJSC via Gaz 3.500 7/14/2031 USD 64.532
ABN AMRO Bank NV 0.625 1/24/2037 EUR 73.728
DSV Finance BV 0.750 7/5/2033 EUR 72.610
Anchor Hanover Group 2.000 7/21/2051 GBP 58.029
Royalty Pharma PLC 3.350 9/2/2051 USD 65.362
Jababeka Internation 6.500 10/5/2023 USD 54.609
AI Candelaria Spain 5.750 6/15/2033 USD 73.064
Land Securities Capi 2.750 9/22/2059 GBP 69.856
Northern Powergrid N 1.875 6/16/2062 GBP 57.932
Nostrum Oil & Gas Fi 7.000 2/16/2025 USD 25.383
Kernel Holding SA 6.500 10/17/2024 USD 44.276
Regiao Autonoma Made 1.141 12/4/2034 EUR 74.336
Platform HG Financin 1.625 8/10/2055 GBP 51.583
Gazprom PJSC Via Gaz 4.950 3/23/2027 USD 52.000
Credit Bank of Mosco 5.550 2/14/2023 USD 21.202
Jyske Realkredit A/S 1.500 10/1/2053 DKK 74.629
SCOR SE 1.375 9/17/2051 EUR 71.906
Royalty Pharma PLC 3.300 9/2/2040 USD 72.096
UNEDIC ASSEO 0.250 7/16/2035 EUR 71.703
Prologis Internation 0.750 3/23/2033 EUR 70.136
Prosus NV 4.027 8/3/2050 USD 61.405
Nordea Kredit Realkr 1.000 10/1/2053 DKK 74.763
United Utilities Wat 1.875 6/3/2042 GBP 65.433
Gecina SA 0.875 1/25/2033 EUR 74.733
Nordea Kredit Realkr 1.500 10/1/2053 DKK 74.664
Dexia Credit Local S 3.533 EUR 2.048
Rusal Capital DAC 5.300 5/3/2023 USD 40.465
Societe Nationale SN 1.000 5/25/2040 EUR 69.698
Social Chain AG /The 5.750 4/7/2024 EUR 68.000
Northern Powergrid Y 2.250 10/9/2059 GBP 63.592
Simpar Europe SA 5.200 1/26/2031 USD 72.999
Bulgaria Government 1.500 6/21/2039 BGN 53.980
Banco Espirito Santo 7.125 11/28/2023 EUR 0.110
LEG Immobilien SE 1.500 1/17/2034 EUR 69.008
Societe Du Grand Par 1.000 2/18/2070 EUR 47.934
Cadent Finance PLC 2.750 9/22/2046 GBP 66.330
ABH Financial Ltd Vi 2.700 6/11/2023 EUR 6.987
Mondelez Internation 1.250 9/9/2041 EUR 66.906
Ukraine Government I 7.253 3/15/2035 USD 21.750
Lendlease Europe Fin 3.500 12/2/2033 GBP 67.026
RTE Reseau de Transp 1.125 7/8/2040 EUR 68.042
Rickmers Holding AG 8.875 6/11/2018 EUR 1.345
Enel Finance Interna 2.875 7/12/2041 USD 61.940
Gecina SA 0.875 6/30/2036 EUR 67.185
Hylea Group SA 7.250 12/1/2022 EUR 0.400
Royal Schiphol Group 0.750 4/22/2033 EUR 74.092
Hellenic Republic Go 2.085 7/25/2057 EUR 32.556
SABIC Capital I BV 3.000 9/14/2050 USD 72.392
Credit Suisse Group 4.500 USD 57.625
Credit Agricole SA 2.811 1/11/2041 USD 61.619
Alfa Bank AO Via Alf 6.950 USD 4.438
Ukraine Government B 16.000 5/24/2023 UAH 59.375
European Financial S 0.700 1/20/2050 EUR 61.570
Rallye SA 5.250 2/28/2032 EUR 7.856
Uralkali OJSC Via Ur 4.000 10/22/2024 USD 19.327
NatWest Markets NV 7.125 10/15/2093 USD 74.104
Clarion Funding PLC 1.875 9/7/2051 GBP 52.950
Vier Gas Transport G 0.500 9/10/2034 EUR 66.961
Prosus NV 3.832 2/8/2051 USD 60.635
EA Partners II BV 6.750 6/1/2021 USD 0.866
Tresu Investment Hol 6.228 1/2/2025 EUR 48.500
STERIS Irish FinCo U 3.750 3/15/2051 USD 72.252
Bulgaria Government 0.500 12/21/2029 BGN 70.879
Chancellor Masters & 2.350 6/27/2078 GBP 68.163
OGX Austria GmbH 8.375 4/1/2022 USD 0.002
BNP Paribas SA 4.500 USD 69.000
RTE Reseau de Transp 0.750 1/12/2034 EUR 74.667
Metalloinvest Financ 3.375 10/22/2028 USD 53.731
CCEP Finance Ireland 1.500 5/6/2041 EUR 71.674
Banco Espirito Santo 6.875 7/15/2016 EUR 18.250
Credit Bank of Mosco 7.121 6/25/2024 USD 22.717
City of Lausanne Swi 0.050 9/28/2054 CHF 55.015
Nordea Kredit Realkr 1.000 10/1/2053 DKK 70.139
Gazprom PJSC via Gaz 3.250 2/25/2030 USD 64.000
Engie SA 1.000 10/26/2036 EUR 69.455
WPP Finance 2013 2.875 9/14/2046 GBP 64.093
Kreditanstalt fuer W 0.375 5/20/2036 EUR 73.990
Air Berlin PLC 6.750 5/9/2019 EUR 0.304
Republic of Belarus 5.875 2/24/2026 USD 33.000
Latvia Government In 1.375 5/16/2036 EUR 74.010
Alfa Bank AO Via Alf 5.900 USD 4.396
Orbit Capital PLC 2.000 11/24/2038 GBP 66.572
Ministeries Van de V 0.125 10/15/2035 EUR 69.711
Croatia Government B 1.250 3/3/2040 EUR 63.143
Lukoil Capital DAC 3.600 10/26/2031 USD 70.000
Ukraine Government I 11.670 11/22/2023 UAH 59.375
Cooperatieve Raboban 0.750 6/21/2039 EUR 71.848
FF Group Finance Lux 1.750 7/3/2019 EUR 4.333
Ukraine Government I 7.750 9/1/2027 USD 23.322
Cadent Finance PLC 2.625 9/22/2038 GBP 71.279
Canton of Geneva Swi 0.500 10/31/2056 CHF 70.865
Ukraine Government B 10.950 11/1/2023 UAH 65.343
Gazprom PJSC via Gaz 1.500 2/17/2027 EUR 66.185
East Slope Residenci 0.100 2/28/2062 GBP 72.256
DLR Kredit A/S 1.500 10/1/2053 DKK 74.711
PREOS Global Office 7.500 12/9/2024 EUR 48.500
DNB Bank ASA 3.691 USD 66.663
Intesa Sanpaolo SpA 2.700 3/29/2031 USD 73.738
UniCredit Bank AG 0.010 1/21/2036 EUR 69.117
United Utilities Wat 1.750 2/10/2038 GBP 69.020
Realkredit Danmark A 1.500 10/1/2053 DKK 74.604
EYEMAXX Real Estate 5.500 4/26/2023 EUR 1.613
UBS Group AG 4.375 USD 73.259
Realkredit Danmark A 1.000 10/1/2053 DKK 64.387
Polyus Finance PLC 4.700 1/29/2024 USD 47.725
Fuerstenberg Capital 2.522 EUR 66.823
Caisse Francaise de 0.625 1/20/2042 EUR 66.941
Banco Espirito Santo 4.572 EUR 2.054
Telefonica Emisiones 1.864 7/13/2040 EUR 73.775
Unibail-Rodamco-West 2.000 5/29/2037 EUR 74.327
Slovakia Government 1.000 10/13/2051 EUR 56.795
Republic of Belarus 6.875 2/28/2023 USD 37.786
DWR Cymru Financing 1.375 3/31/2033 GBP 74.107
Aeroports de Paris 1.125 6/18/2034 EUR 73.688
Bayerische Landesban 1.850 3/5/2031 EUR 73.517
JSM Global Sarl 4.750 10/20/2030 USD 64.070
Republic of Poland G 1.750 4/25/2032 PLN 65.260
Mallinckrodt Interna 10.000 6/15/2029 USD 55.500
Prosus NV 3.061 7/13/2031 USD 73.999
NorteGas Energia Dis 0.905 1/22/2031 EUR 74.562
Gazprom PJSC Via Gaz 8.625 4/28/2034 USD 69.900
M2 Asset Management 6.246 2/4/2026 SEK 74.300
Metinvest BV 7.750 10/17/2029 USD 52.500
Volkswagen Internati 1.500 1/21/2041 EUR 65.600
Alno AG 8.500 5/14/2018 EUR 13.662
Societe Nationale SN 1.000 1/19/2061 EUR 48.914
Espirito Santo Finan 9.750 12/19/2025 EUR 0.622
Suek Securities DAC 3.375 9/15/2026 USD 34.000
Petrobras Global Fin 4.750 4/2/2038 EUR 57.380
Kuntarahoitus Oyj 0.050 9/10/2035 EUR 71.422
EA Partners I BV 6.875 9/28/2020 USD 0.494
Anglo American Capit 3.950 9/10/2050 USD 74.726
Flagship Finance PLC 1.875 7/14/2061 GBP 54.553
Notting Hill Genesis 2.000 6/3/2036 GBP 69.946
EIG Pearl Holdings S 4.387 11/30/2046 USD 73.855
DLR Kredit A/S 1.000 10/1/2050 DKK 72.064
Air Liquide Finance 0.375 9/20/2033 EUR 74.925
Wendel SE 1.375 1/18/2034 EUR 70.037
Intesa Sanpaolo SpA 4.375 1/12/2048 USD 61.149
M Objekt Real Estate 6.000 7/22/2024 EUR 48.758
Stichting Afwikkelin 6.250 10/26/2020 EUR 45.341
Gazprom PJSC Via Gaz 5.150 2/11/2026 USD 73.040
Catalyst Housing Ltd 3.125 10/31/2047 GBP 72.773
Barclays Bank PLC 12.000 9/24/2025 TRY 57.993
Credit Suisse Group 5.100 USD 63.020
UkrLandFarming PLC 10.875 3/26/2018 USD 1.442
Hungary Government I 3.125 9/21/2051 USD 60.011
State of Schleswig-H 0.200 8/15/2039 EUR 66.260
Vnesheconombank Via 6.800 11/22/2025 USD 5.688
Development Bank of 6.750 5/2/2024 USD 23.440
Cyprus Government In 2.250 4/16/2050 EUR 71.690
Canton of Ticino 0.400 6/27/2044 CHF 74.893
Clarion Funding PLC 1.875 1/22/2035 GBP 71.247
London & Quadrant Ho 2.750 7/20/2057 GBP 63.942
Hampshire Trust Bank 7.250 5/10/2028 GBP 59.374
Russian Foreign Bond 5.625 4/4/2042 USD 56.908
Gazprom PJSC via Gaz 3.897 EUR 37.061
Celtic Resources Hol 4.125 10/9/2024 USD 13.417
Communaute Francaise 0.625 6/11/2035 EUR 74.636
Diebold Nixdorf Dutc 9.000 7/15/2025 EUR 68.359
Phosagro OAO Via Pho 2.600 9/16/2028 USD 63.000
Constellation Automo 4.875 7/15/2027 GBP 65.575
Ukraine Government B 9.840 2/15/2023 UAH 59.375
Espirito Santo Finan 6.875 10/21/2019 EUR 0.001
MHP SE 7.750 5/10/2024 USD 52.677
Enagas Financiacione 0.375 11/5/2032 EUR 74.341
Landesbank Hessen-Th 0.500 1/19/2037 EUR 73.285
SNCF Reseau 0.750 5/25/2036 EUR 74.714
Kernel Holding SA 6.750 10/27/2027 USD 33.627
Fastighets AB Balder 1.293 3/3/2031 EUR 55.223
Electricite de Franc 1.875 10/13/2036 EUR 74.882
London & Quadrant Ho 3.125 2/28/2053 GBP 69.855
Saltaire Finance PLC 1.527 11/23/2051 GBP 58.232
MHP Lux SA 6.950 4/3/2026 USD 48.646
Nederlandse Watersch 0.500 4/26/2051 EUR 58.175
Land Berlin 0.100 1/18/2041 EUR 62.382
Aggregate Holdings S 5.500 5/17/2024 EUR 38.366
Russian Foreign Bond 5.875 9/16/2043 USD 56.944
Lithuania Government 1.625 6/19/2049 EUR 65.898
Nordea Kredit Realkr 0.500 10/1/2050 DKK 71.221
Deutsche Lichtmiete 5.750 1/1/2023 EUR 5.500
Ukraine Government B 15.970 4/19/2023 UAH 60.775
La Poste SA 1.000 9/17/2034 EUR 74.730
Russian Foreign Bond 4.875 9/16/2023 USD 71.094
Sberbank of Russia V 5.125 10/29/2022 USD 6.500
Intesa Sanpaolo SpA 2.625 3/11/2036 GBP 65.402
DSV Finance BV 0.875 9/17/2036 EUR 67.008
Evraz PLC 5.250 4/2/2024 USD 52.000
State of North Rhine 0.600 6/4/2041 EUR 68.977
Nykredit Realkredit 1.000 10/1/2053 DKK 64.500
Mitsubishi UFJ Inves 5.628 12/30/2099 EUR 5.142
Republic of Ireland 1.425 9/18/2119 EUR 64.842
LEG Immobilien SE 0.875 3/30/2033 EUR 65.759
United Kingdom Gilt 1.250 7/31/2051 GBP 61.708
Prologis Internation 3.000 2/22/2042 GBP 74.266
Societe Du Grand Par 1.000 11/26/2051 EUR 59.119
Deutsche Lichtmiete 5.750 12/1/2023 EUR 2.467
Erste Group Bank AG 0.500 1/12/2037 EUR 71.446
Trinseo Materials Op 5.125 4/1/2029 USD 63.475
Holcim Sterling Fina 2.250 4/4/2034 GBP 71.128
National Grid Gas PL 1.375 2/7/2031 GBP 74.986
Manchester Airport G 2.875 9/30/2044 GBP 67.508
Enexis Holding NV 0.375 4/14/2033 EUR 73.814
Annington Funding PL 2.308 10/6/2032 GBP 74.846
Shell International 3.125 11/7/2049 USD 73.278
Ukraine Government I 7.750 9/1/2024 USD 26.690
LEG Immobilien SE 1.625 11/28/2034 EUR 68.583
Southern Gas Network 1.250 12/2/2031 GBP 73.763
New World Resources 8.000 4/7/2020 EUR 0.103
Clarion Funding PLC 1.250 11/13/2032 GBP 71.726
Aster Treasury Plc 1.405 1/27/2036 GBP 67.773
FF Group Finance Lux 3.250 11/2/2021 CHF 5.368
Lehman Brothers UK C 3.875 EUR 13.474
UK Municipal Bonds A 1.625 8/26/2060 GBP 53.030
Wendel SE 1.000 6/1/2031 EUR 74.739
Muenchener Hypotheke 0.010 10/19/2039 EUR 62.336
Land Berlin 0.350 9/9/2050 EUR 56.129
Italgas SpA 0.500 2/16/2033 EUR 70.458
Cie de Financement F 0.010 10/29/2035 EUR 68.616
Paragon Treasury Plc 2.000 5/7/2036 GBP 71.677
Land Thueringen 0.125 1/13/2051 EUR 51.666
Accentro Real Estate 4.125 3/23/2026 EUR 50.001
Severn Trent Utiliti 0.010 12/16/2055 GBP 58.238
Avangardco Investmen 10.000 10/29/2018 USD 0.348
Vedanta Resources Fi 9.250 4/23/2026 USD 61.198
Free State of Bavari 0.010 1/18/2035 EUR 72.588
Lehman Brothers UK C 5.750 EUR 7.000
EYEMAXX Real Estate 5.500 9/24/2024 EUR 1.577
Pfandbriefbank schwe 0.125 8/17/2040 CHF 73.737
Jyske Realkredit A/S 0.500 10/1/2050 DKK 71.276
Polski Fundusz Rozwo 1.375 8/30/2027 PLN 74.909
Region Wallonne Belg 1.250 6/22/2071 EUR 57.451
Nederlandse Watersch 0.375 9/28/2046 EUR 60.798
Banco Espirito Santo 6.900 6/28/2024 EUR 20.654
Deutsche Bahn Financ 0.750 7/16/2035 EUR 74.011
Blend Funding PLC 2.467 6/16/2061 GBP 59.579
Wirtschafts- und Inf 0.101 9/8/2033 EUR 73.590
MHP Lux SA 6.250 9/19/2029 USD 47.961
European Financial S 0.050 1/18/2052 EUR 46.680
Russian Foreign Bond 5.100 3/28/2035 USD 40.087
Avianca Midco 2 PLC 9.000 12/1/2028 USD 73.486
Societe Nationale SN 0.875 2/28/2051 EUR 54.786
Ukraine Government I 6.876 5/21/2031 USD 21.753
Ukraine Government I 9.790 5/26/2027 UAH 55.201
Ukraine Government I 7.375 9/25/2034 USD 21.726
Russian Foreign Bond 4.250 6/23/2027 USD 44.236
Yandex NV 0.750 9/13/2022 USD 69.345
Ukraine Government I 15.840 2/26/2025 UAH 59.297
NA SA 5.000 EUR 20.000
BAWAG PSK Bank fuer 0.375 3/25/2041 EUR 64.465
Agence France Locale 1.950 6/20/2030 AUD 74.853
Alfa Bank AO Via Alf 5.500 10/26/2031 USD 3.670
Barclays Bank PLC 5.000 11/1/2029 BRL 60.205
Latvia Government In 1.875 2/19/2049 EUR 71.403
PJSC Koks via IMH Ca 5.900 9/23/2025 USD 7.242
KTG Agrar SE 7.125 6/6/2017 EUR 2.007
Prosus NV 4.987 1/19/2052 USD 70.339
BPCE SFH SA 0.375 3/18/2041 EUR 64.114
Land Berlin 0.625 1/26/2052 EUR 60.513
Credit Suisse Group 4.875 5/15/2045 USD 71.730
Autonomous Community 2.965 9/8/2039 JPY 66.281
Privatbank CJSC Via 10.250 1/23/2018 USD 3.400
Bank of Valletta PLC 3.750 6/15/2031 EUR 73.688
BPCE SA 3.582 10/19/2042 USD 65.834
Region Wallonne Belg 0.650 1/16/2051 EUR 54.021
Barclays Bank PLC 2.000 8/2/2030 USD 72.383
Ukraine Government B 12.520 5/13/2026 UAH 58.384
Bilt Paper BV 10.360 USD 1.399
Grand City Propertie 2.000 10/25/2032 EUR 71.272
RTE Reseau de Transp 1.125 9/9/2049 EUR 59.616
Caisse Francaise de 0.375 2/13/2040 EUR 65.610
Telenor ASA 0.875 2/14/2035 EUR 74.013
National Grid Gas PL 1.125 1/14/2033 GBP 67.605
National Grid Gas PL 1.625 1/14/2043 GBP 54.906
Nykredit Realkredit 0.500 10/1/2050 DKK 69.859
Hellas Telecommunica 6.054 1/15/2015 USD 0.014
Peach Property Finan 4.375 11/15/2025 EUR 70.750
Metinvest BV 8.500 4/23/2026 USD 44.000
TechnipFMC PLC 3.750 10/7/2033 EUR 69.883
Electricite de Franc 4.990 10/21/2056 USD 74.148
Ukraine Government I 10.000 8/23/2023 UAH 59.375
Ukraine Government I 9.750 11/1/2030 USD 24.784
Nobel Bidco BV 3.125 6/15/2028 EUR 68.141
Vedanta Resources Lt 6.125 8/9/2024 USD 61.798
Virgolino de Oliveir 11.750 2/9/2022 USD 0.499
NRW Bank 0.100 7/9/2035 EUR 71.488
DLR Kredit A/S 0.500 10/1/2050 DKK 71.714
Bourbon Corp 11.652 EUR 0.917
blueplanet Investmen 5.500 2/26/2026 EUR 31.401
State of Bremen 0.450 2/24/2051 EUR 57.756
Banca Popolare di Vi 9.500 9/29/2025 EUR 0.207
Yuksel Insaat AS 9.500 11/10/2015 USD 0.721
TenneT Holding BV 1.125 6/9/2041 EUR 67.237
Societe Du Grand Par 1.700 5/25/2050 EUR 74.209
ABN AMRO Bank NV 1.115 3/3/2042 EUR 74.734
Eversholt Funding PL 3.529 8/7/2042 GBP 74.949
Cooperatieve Raboban 0.500 10/29/2027 MXN 60.595
Credit Suisse AG/Lon 2.600 1/27/2032 USD 68.146
DZ Bank AG Deutsche 0.550 4/29/2024 EUR 72.527
Nordea Kredit Realkr 1.000 10/1/2053 DKK 64.419
Jyske Realkredit A/S 1.000 10/1/2053 DKK 70.142
Free and Hanseatic C 0.400 11/23/2051 EUR 56.554
HSBC Continental Eur 0.546 EUR 75.000
Agence Francaise de 0.375 5/25/2036 EUR 69.704
Republic of Belarus 6.378 2/24/2031 USD 23.000
Standard Chartered P 4.300 USD 64.655
Berner Kantonalbank 0.100 9/30/2039 CHF 70.895
Sigma Holdco BV 5.750 5/15/2026 EUR 71.175
Home Group Ltd 3.125 3/27/2043 GBP 74.877
Linde PLC 0.375 9/30/2033 EUR 74.405
Espirito Santo Finan 3.125 12/2/2018 EUR 0.610
Deutsche Lichtmiete 5.250 2/1/2027 EUR 3.000
London & Quadrant Ho 2.000 10/20/2038 GBP 65.584
St Galler Kantonalba 0.100 10/10/2041 CHF 70.811
Southern Housing Gro 2.375 10/8/2036 GBP 73.619
Nordea Kredit Realkr 1.500 10/1/2053 DKK 71.045
Region de Bruxelles- 1.121 5/11/2071 EUR 56.465
Salerno Pompei Napol 2.800 1/19/2045 EUR 72.829
Societe Du Grand Par 0.300 9/2/2036 EUR 68.668
Jyske Realkredit A/S 0.500 10/1/2053 DKK 69.260
DekaBank Deutsche Gi 3.625 EUR 65.406
State of Saxony-Anha 0.500 3/24/2051 EUR 59.523
Realkredit Danmark A 0.500 10/1/2050 DKK 71.126
Covivio 0.875 1/20/2033 EUR 74.296
Ferrovie dello Stato 0.641 12/4/2030 EUR 73.754
Nykredit Realkredit 1.500 10/1/2053 DKK 70.977
Ministeries Van de V 1.000 1/23/2051 EUR 63.210
Solarworld AG 9.691 2/24/2019 EUR 14.883
Land Baden-Wuerttemb 0.125 11/19/2040 EUR 63.576
Muenchener Hypotheke 0.250 3/29/2041 CHF 73.690
Petrobras Global Fin 4.500 2/4/2033 EUR 70.044
Cirio Holding Luxemb 6.250 2/16/2004 EUR 1.822
Investitionsbank Ber 0.050 3/2/2035 EUR 72.087
Single Platform Inve 4.020 7/1/2052 EUR 72.809
Notting Hill Genesis 3.250 10/12/2048 GBP 73.565
Castle UK Finco PLC 7.000 5/15/2029 GBP 70.479
BNG Bank NV 0.125 7/9/2035 EUR 72.190
Realkredit Danmark A 0.500 10/1/2050 DKK 69.892
Gazprom PJSC via Gaz 2.950 1/27/2029 USD 53.000
Rallye SA 1.000 2/28/2032 EUR 7.743
Norwegian Air Shuttl 7.137 2/7/2023 SEK 40.467
Nordea Kredit Realkr 0.500 10/1/2050 DKK 70.002
Ile-de-France Mobili 0.950 5/28/2041 EUR 70.076
Canton of Geneva Swi 0.050 8/27/2041 CHF 72.101
Northern Electric Fi 2.750 5/24/2049 GBP 72.795
Yorkshire Water Fina 2.750 4/18/2041 GBP 74.433
State of North Rhine 0.500 11/25/2039 EUR 69.390
TenneT Holding BV 1.500 6/3/2039 EUR 74.947
Platform HG Financin 1.926 9/15/2041 GBP 65.981
University of Southa 2.250 4/11/2057 GBP 65.364
Very Group Funding P 6.500 8/1/2026 GBP 74.295
Basque Government 1.000 10/31/2050 EUR 56.058
City of Kyiv Via PBR 7.500 12/15/2022 USD 34.479
South Eastern Power 1.750 9/30/2034 GBP 73.136
Takarek Mortgage Ban 3.750 4/14/2026 HUF 75.000
Liquid Telecommunica 5.500 9/4/2026 USD 69.100
Land Thueringen 0.375 12/1/2051 EUR 55.717
Borets Finance DAC 6.000 9/17/2026 USD 34.153
Praktiker AG 5.875 2/10/2016 EUR 2.232
Phosagro OAO Via Pho 3.050 1/23/2025 USD 52.532
European Primary Pla 1.732 11/9/2055 GBP 56.918
Credit Suisse AG/Lon 3.220 2/8/2032 AUD 66.325
Free and Hanseatic C 0.250 2/18/2041 EUR 64.710
Alitalia-Societa Aer 5.250 7/30/2020 EUR 0.100
Nationale-Nederlande 0.050 9/24/2035 EUR 69.604
Romanian Government 4.000 2/14/2051 USD 65.325
Midland Heart Capita 1.831 8/12/2050 GBP 55.803
Credit Suisse AG 0.500 12/16/2025 BRL 65.890
Pfandbriefbank schwe 0.375 6/15/2046 CHF 72.808
Stonewater Funding P 1.625 9/10/2036 GBP 68.121
Sovcombank Via SovCo 7.750 USD 3.468
ESB Finance DAC 1.875 7/21/2035 GBP 73.652
DLR Kredit A/S 1.000 10/1/2053 DKK 70.935
Bayerische Landesban 1.820 3/12/2031 EUR 73.112
Nykredit Realkredit 0.500 10/1/2053 DKK 67.663
Dexia SA 3.484 EUR 3.554
Bayerische Landesban 1.820 5/12/2031 EUR 72.873
Privatbank CJSC Via 10.875 2/28/2018 USD 3.217
Banco Espirito Santo 4.752 EUR 0.301
Prosus NV 2.778 1/19/2034 EUR 68.933
EYEMAXX Real Estate 5.500 7/22/2025 EUR 16.000
City of Zurich Switz 0.250 11/24/2051 CHF 69.030
Wessex Water Service 1.250 1/12/2036 GBP 62.937
Evraz PLC 5.375 3/20/2023 USD 49.263
Free and Hanseatic C 0.200 9/3/2049 EUR 54.723
Canton of Neuchatel 0.100 10/29/2049 CHF 63.235
Ukraine Government I 7.750 9/1/2028 USD 24.188
Intesa Sanpaolo SpA 2.500 10/14/2031 USD 71.861
Metinvest BV 7.650 10/1/2027 USD 51.031
Societe Generale SA 2.000 2/26/2033 USD 70.611
NRW Bank 0.500 6/17/2041 EUR 67.898
MMC Norilsk Nickel O 6.625 10/14/2022 USD 53.098
VON Der Heydt Securi 1.000 4/30/2031 EUR 69.858
BNG Bank NV 1.550 2/19/2032 AUD 74.786
Uliving@essex3 LLP 2.720 8/31/2066 GBP 66.832
Lehman Brothers UK C 5.125 EUR 13.474
Onward Homes Ltd 2.125 3/25/2053 GBP 58.845
State of Lower Saxon 0.250 4/15/2036 EUR 72.294
National Grid Electr 1.625 10/7/2035 GBP 67.541
Deutsche Telekom AG 3.625 1/21/2050 USD 69.762
Romanian Government 3.875 10/29/2035 EUR 74.751
Haya Holdco 2 PLC 9.542 11/30/2025 EUR 57.640
Action Logement Serv 0.750 7/19/2041 EUR 66.043
Martlet Homes Ltd 3.000 5/9/2052 GBP 72.590
Signa Development Fi 5.500 7/23/2026 EUR 54.750
Iberdrola Finanzas S 1.000 2/2/2037 EUR 68.572
Russian Foreign Bond 12.750 6/24/2028 USD 72.435
State of North Rhine 0.750 8/16/2041 EUR 70.719
SRV Group Oyj 4.875 EUR 56.000
Eurochem Finance DAC 5.500 3/13/2024 USD 48.500
Ukreximbank Via Biz 10.426 2/9/2023 USD 30.735
JAB Holdings BV 3.750 5/28/2051 USD 57.078
Windreich GmbH 6.500 7/15/2016 EUR 2.847
KBC Group NV 3.125 7/24/2029 EUR 20.000
Santhera Pharmaceuti 7.500 8/17/2024 CHF 71.388
Finmek International 7.000 12/3/2004 EUR 2.193
Romanian Government 2.875 4/13/2042 EUR 58.367
FNG Benelux Holding 5.000 8/28/2023 EUR 1.000
Muenchener Hypotheke 0.010 11/2/2040 EUR 60.843
VST Building Technol 7.000 6/28/2024 EUR 0.230
State of Saarland 0.050 11/5/2040 EUR 62.524
ESFIL-Espirito Santo 5.250 6/12/2015 EUR 0.111
Ukraine Government I 4.375 1/27/2032 EUR 19.622
State of Bremen 0.150 9/14/2040 EUR 63.469
Privatbank CJSC Via 11.000 2/9/2021 USD 1.000
Caisse Francaise de 0.500 10/1/2046 EUR 60.949
SCF Capital Designat 5.375 6/16/2023 USD 20.000
Bayerische Landesbod 0.250 3/21/2036 EUR 72.650
Achmea Bank NV 0.250 9/29/2036 EUR 70.292
Russian Foreign Bond 5.250 6/23/2047 USD 41.480
EDOB Abwicklungs AG 7.500 4/1/2012 EUR 0.521
EOS Imaging SA 6.000 5/31/2023 EUR 7.250
Air Berlin PLC 5.625 5/9/2019 CHF 0.508
Elli Finance UK PLC 8.750 6/15/2019 GBP 62.279
Cie de Financement F 0.600 10/25/2041 EUR 67.088
Action Logement Serv 0.500 10/30/2034 EUR 74.526
Mallinckrodt Interna 4.750 4/15/2023 USD 38.500
Kommunekredit 0.125 9/26/2040 EUR 63.469
State of North Rhine 1.000 10/16/2046 EUR 71.371
Cadent Finance PLC 2.250 10/10/2035 GBP 72.030
Scottish Hydro Elect 2.125 3/24/2036 GBP 71.714
Ministeries Van de V 0.875 3/21/2046 EUR 64.599
Deutsche Lichtmiete 5.250 9/1/2025 EUR 3.250
JAB Holdings BV 4.500 4/8/2052 USD 68.383
Gazprom PJSC Via Gaz 3.125 11/17/2023 EUR 70.933
Niedersachsen Invest 0.250 7/16/2035 EUR 73.223
Lehman Brothers UK C 6.900 USD 3.986
Tinkoff Bank JSC Via 6.000 USD 37.186
Rallye SA 3.400 2/28/2032 EUR 8.008
Romania Government B 3.650 9/24/2031 RON 73.902
Fuerstenberg Capital 3.905 EUR 64.860
Region de Bruxelles- 1.220 6/23/2053 EUR 66.287
Deutsche Bahn Financ 3.100 5/20/2041 AUD 70.801
Republic of Belarus 7.625 6/29/2027 USD 22.400
Veneto Banca SpA 9.878 12/1/2025 EUR 0.541
Quintet Private Bank 3.650 11/13/2023 EUR 15.050
LiveWest Treasury PL 2.250 10/10/2043 GBP 67.529
Ukraine Government I 12.520 5/13/2026 UAH 58.384
Aroundtown SA 3.250 11/12/2032 EUR 71.126
Zurich Finance Irela 1.600 12/17/2052 EUR 71.214
BAWAG PSK Bank fuer 0.010 11/19/2035 EUR 67.842
nextbike GmbH 6.000 3/31/2025 EUR 65.000
Kommunekredit 0.500 6/19/2039 DKK 69.166
Senivita Social Esta 6.500 5/12/2025 EUR 5.110
Lukoil Securities BV 3.875 5/6/2030 USD 70.500
Serbia International 2.125 12/1/2030 USD 73.872
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.368
Bank Julius Baer & C 13.250 1/5/2023 USD 46.500
Bayerische Landesban 1.550 2/13/2040 EUR 52.176
State of North Rhine 0.375 9/2/2050 EUR 56.081
Cooperatieve Raboban 0.500 1/31/2033 MXN 35.608
Nationale-Nederlande 0.050 11/12/2040 EUR 61.102
Transports Publics D 0.450 12/29/2056 CHF 61.199
BPCE SA 3.648 1/14/2037 USD 74.087
Swissgrid AG 0.050 6/30/2050 CHF 55.815
Havila Shipping ASA 6.660 1/2/2025 NOK 31.101
Castellum AB 2.840 6/5/2029 SEK 73.932
de Volksbank NV 0.125 11/19/2040 EUR 61.704
Iceland Bondco PLC 4.375 5/15/2028 GBP 69.833
Novafives SAS 5.000 6/15/2025 EUR 73.708
Nordea Kredit Realkr 0.500 10/1/2053 DKK 69.330
Romanian Government 2.000 1/28/2032 EUR 69.405
City of Lugano Switz 0.150 11/28/2070 CHF 53.515
Ile-de-France Mobili 0.675 11/24/2036 EUR 72.833
State of Bremen 0.400 8/20/2049 EUR 57.656
Metropolitan Housing 1.875 7/28/2036 GBP 68.798
Ukraine Government I 9.990 5/22/2024 UAH 51.591
Gazprom PJSC via Gaz 1.850 11/17/2028 EUR 62.472
Realkredit Danmark A 0.500 10/1/2053 DKK 69.246
Region Wallonne Belg 1.050 6/22/2040 EUR 71.536
Credit Suisse AG/Lon 2.300 9/24/2031 USD 67.168
Kairos Global Soluti 1.900 7/3/2035 USD 70.284
Russian Foreign Bond 7.500 3/31/2030 USD 64.385
CBo Territoria 3.750 7/1/2024 EUR 4.230
WD Invest Sarl 1.900 10/2/2024 EUR 11.833
State Agency of Road 6.250 6/24/2030 USD 18.167
Cirio Finance Luxemb 7.500 11/3/2002 EUR 3.199
Bellis Finco PLC 4.000 2/16/2027 GBP 70.313
Nova Kreditna Banka 1.625 5/25/2027 EUR 73.170
Prosus NV 2.031 8/3/2032 EUR 68.353
BNG Bank NV 0.250 11/22/2036 EUR 70.564
Maxeda DIY Holding B 5.875 10/1/2026 EUR 66.792
Dtek Renewables Fina 8.500 11/12/2024 EUR 29.978
Raiffeisen-Landesban 0.500 5/27/2041 EUR 65.599
Autonomous Region of 1.095 9/27/2036 EUR 72.285
Lloyds Bank PLC 2.637 1/16/2040 AUD 64.489
New World Resources 4.000 10/7/2020 EUR 0.312
Offshore Drilling Ho 8.375 9/20/2020 USD 3.876
Societe Du Grand Par 0.875 5/10/2046 EUR 62.755
LiveWest Treasury PL 1.875 2/18/2056 GBP 55.227
Schoeller Packaging 6.375 11/1/2024 EUR 73.000
Andrade Gutierrez In 9.500 12/30/2024 USD 54.543
ALROSA Finance SA 4.650 4/9/2024 USD 11.281
Jyske Realkredit A/S 0.500 10/1/2053 DKK 67.711
Jyske Realkredit A/S 0.500 10/1/2050 DKK 69.928
BPCE SFH SA 0.010 1/29/2036 EUR 67.800
ABN AMRO Bank NV 0.375 1/14/2035 EUR 74.573
Grand City Propertie 2.081 8/8/2034 EUR 69.464
Norske Skogindustrie 2.000 12/30/2115 EUR 0.113
United Kingdom Gilt 1.500 7/22/2047 GBP 68.161
Luzerner Kantonalban 0.160 12/23/2043 CHF 70.617
Kommunekredit 0.010 5/4/2034 EUR 73.267
City of Lausanne Swi 0.600 7/6/2050 CHF 70.416
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
Ukraine Government I 12.520 5/13/2026 UAH 58.384
Manchester Airport G 2.875 3/31/2039 GBP 72.805
Standard Profil Auto 6.250 4/30/2026 EUR 60.071
Interpipe Holdings P 8.375 5/13/2026 USD 38.395
Ukraine Government I 11.670 11/22/2023 UAH 59.375
Ukraine Government I 6.750 6/20/2028 EUR 19.322
Credit Suisse Group 4.875 5/15/2045 USD 71.705
Romanian Government 3.375 1/28/2050 EUR 60.204
Land Berlin 0.125 11/24/2045 EUR 56.812
Zorlu Yenilenebilir 9.000 6/1/2026 USD 74.926
Del Monte Finance Lu 6.625 5/24/2006 EUR 1.402
Metinvest BV 5.625 6/17/2025 EUR 51.864
Siemens Financiering 2.875 3/11/2041 USD 74.494
OGX Austria GmbH 8.500 6/1/2018 USD 0.002
Romanian Government 1.750 7/13/2030 EUR 72.257
Credit Suisse AG/Lon 13.300 11/29/2023 USD 51.550
Abengoa Abenewco 1 S 6.000 6/10/2022 EUR 0.352
Vilogia SA d'HLM 1.500 8/7/2034 EUR 71.369
Paradigm Homes Chari 2.250 5/20/2051 GBP 62.798
Wrekin Housing Group 2.500 10/22/2048 GBP 65.103
DLR Kredit A/S 0.500 10/1/2053 DKK 69.859
LSF9 Balta Issuer SA 3.000 12/31/2030 EUR 61.370
Wingholding Zrt 3.500 5/20/2030 HUF 73.770
KTG Agrar SE 7.250 10/15/2019 EUR 2.007
Andrade Gutierrez In 11.000 8/20/2021 USD 51.735
Credit Suisse AG/Lon 11.500 9/25/2023 CHF 66.370
Land Thueringen 0.100 7/9/2035 EUR 71.892
Endo Luxembourg Fina 6.125 4/1/2029 USD 74.388
Ville de Paris 0.450 10/20/2045 EUR 58.172
CRC Breeze Finance S 6.110 5/8/2026 EUR 31.300
Standard Chartered B 3.000 4/30/2036 AUD 67.548
Care Property Invest 2.050 7/8/2031 EUR 74.735
Deutsche Telekom AG 4.125 7/23/2049 USD 71.425
La Banque Postale Ho 0.250 2/12/2035 EUR 72.651
Realkredit Danmark A 1.500 10/1/2053 DKK 70.881
Veragold Mining Co G 5.000 12/31/2025 EUR 30.000
Vnesheconombank Via 5.942 11/21/2023 USD 4.574
Department of L'Eure 0.515 5/25/2040 EUR 64.919
Hospices Civils de L 0.597 11/24/2031 EUR 73.709
Hell Energy Magyaror 2.700 12/18/2029 HUF 59.100
BPCE SA 3.582 10/19/2042 USD 65.337
Cooperatieve Raboban 0.010 11/27/2040 EUR 60.365
Italy Buoni Polienna 2.150 9/1/2052 EUR 71.005
Boparan Finance PLC 7.625 11/30/2025 GBP 66.784
Magyar Export-Import 2.000 10/27/2027 HUF 65.655
DLR Kredit A/S 0.500 10/1/2050 DKK 70.865
Virgolino de Oliveir 10.500 1/28/2018 USD 0.499
Russian Foreign Bond 4.375 3/21/2029 USD 41.196
Hellas Telecommunica 8.500 10/15/2013 EUR 0.834
Bayerische Landesban 1.500 7/14/2036 EUR 69.934
Norske Skogindustrie 7.000 12/30/2026 EUR 0.010
Cyprus Government In 1.250 1/21/2040 EUR 66.324
Master & Fellows of 3.068 4/28/2065 GBP 66.921
Herens Midco Sarl 5.250 5/15/2029 EUR 68.333
State of Rhineland-P 0.375 4/1/2041 EUR 66.700
Bayerische Landesban 1.860 3/13/2036 EUR 74.582
State of Brandenburg 0.125 1/26/2046 EUR 57.133
Nykredit Realkredit 1.000 10/1/2050 DKK 71.282
Ukraine Government I 7.750 9/1/2024 USD 27.502
Autobahnen- und Schn 0.100 7/16/2035 EUR 72.396
Region de Bruxelles- 1.400 3/11/2054 EUR 66.103
State of Bremen 0.550 2/4/2050 EUR 60.010
Anglo American Capit 3.950 9/10/2050 USD 74.394
Agence Francaise de 2.302 10/25/2044 USD 65.826
Kommunekredit 0.625 11/21/2039 EUR 71.680
Aragvi Finance Inter 8.450 4/29/2026 USD 70.630
Compact Bidco BV 5.750 5/1/2026 EUR 69.667
Gemeente Bergen OP Z 0.440 9/20/2044 EUR 63.281
LIB-Landesimmobilien 0.620 7/15/2041 EUR 68.353
Wirtschafts- und Inf 0.245 2/25/2036 EUR 70.175
Serbia International 1.650 3/3/2033 EUR 64.875
State of Brandenburg 0.600 10/13/2051 EUR 60.843
State of Brandenburg 0.500 11/21/2039 EUR 69.824
Aktia Bank Oyj 0.800 2/26/2036 EUR 71.693
Realkredit Danmark A 0.500 10/1/2053 DKK 67.677
Caisse Francaise de 0.125 2/15/2036 EUR 69.204
Muenchener Hypotheke 0.400 8/11/2031 EUR 74.459
Region Wallonne Belg 1.246 5/12/2070 EUR 56.726
Sovcombank Via SovCo 3.400 1/26/2025 USD 4.879
State of Brandenburg 0.050 8/10/2040 EUR 62.684
Sovcombank Via SovCo 8.000 4/7/2030 USD 3.506
Avianca Midco 2 PLC 9.000 12/1/2028 USD 73.486
Ukraine Government B 3.700 4/27/2023 USD 70.696
Phosagro OAO Via Pho 3.949 4/24/2023 USD 61.988
V-Bank AG 4.000 EUR 70.866
Anadolu Efes Biracil 3.375 6/29/2028 USD 72.432
Caisse de Refinancem 0.250 2/7/2035 EUR 72.923
Land Thueringen 0.200 9/12/2039 EUR 65.920
Agence Francaise de 2.360 1/30/2045 AUD 61.739
Prosus NV 1.288 7/13/2029 EUR 73.453
ISP Group AG 5.250 CHF 73.219
Region Wallonne Belg 0.500 6/22/2037 EUR 69.485
Nationale-Nederlande 0.375 3/4/2041 EUR 64.741
Hema Bondco II BV 8.500 1/15/2023 EUR 1.194
Hamon & CIE SA 3.300 1/31/2035 EUR 46.000
Cooperatieve Raboban 0.500 10/30/2043 MXN 11.327
Credit Suisse AG/Lon 1.250 2/22/2029 USD 72.869
Ukraine Government I 7.375 9/25/2034 USD 21.357
LBI ehf 6.100 8/25/2011 USD 10.666
MVM Energetika Zrt 3.250 9/3/2031 HUF 59.000
Eastern Power Networ 1.875 6/1/2035 GBP 73.047
Banco Santander SA 3.236 EUR 1.547
Rhaetische Bahn AG R 0.050 8/3/2050 CHF 62.418
Havenbedrijf Rotterd 1.100 3/23/2051 EUR 66.056
State of North Rhine 0.800 7/30/2049 EUR 64.896
VF Ukraine PAT via V 6.200 2/11/2025 USD 53.624
Joh Friedrich Behren 7.750 11/11/2020 EUR 31.000
Cirio Finanziaria Sp 8.000 12/21/2005 EUR 0.415
Credit Agricole Corp 15.000 6/18/2026 TRY 65.214
Free State of Saxony 0.010 12/17/2035 EUR 70.308
Nordea Kredit Realkr 0.500 10/1/2053 DKK 67.712
BNP Paribas SA 1.590 2/23/2051 EUR 63.573
Banco Santander SA 1.000 10/1/2033 EUR 71.323
Caisse des Depots et 2.615 11/15/2049 AUD 63.308
State of Bremen 0.500 5/6/2041 EUR 67.437
Societe Generale SA 1.137 1/26/2037 EUR 70.432
Bayerische Landesban 0.630 3/19/2032 EUR 72.929
Norwegian Air Shuttl 7.500 11/10/2023 USD 74.304
Kingdom of Belgium G 1.400 6/22/2053 EUR 72.581
Magyar Export-Import 2.500 5/23/2029 HUF 63.445
Mallinckrodt Interna 10.000 4/15/2025 USD 65.843
Takarek Mortgage Ban 3.500 10/27/2027 HUF 66.800
Ukreximbank Via Biz 9.750 1/22/2025 USD 33.243
AlphaNotes ETP Dac 1.000 9/15/2032 USD 65.263
City of Bern Switzer 0.040 10/2/2070 CHF 54.322
Windreich GmbH 6.500 3/1/2015 EUR 2.846
Jyske Realkredit A/S 1.500 10/1/2053 DKK 71.002
BNP Paribas SA 1.019 5/25/2028 EUR 40.010
Windreich GmbH 6.750 3/1/2015 EUR 2.847
Romania Government B 4.750 10/11/2034 RON 73.768
Romanian Government 2.625 12/2/2040 EUR 57.675
Nederlandse Gasunie 0.750 10/13/2036 EUR 68.840
Zurcher Kantonalbank 24.800 4/12/2023 USD 40.000
Societe Generale SA 2.000 1/30/2036 USD 56.368
City of Lausanne Swi 0.600 11/30/2056 CHF 67.624
Intesa Sanpaolo SpA 4.700 9/23/2049 USD 71.092
Deutsche Telekom AG 3.500 4/15/2041 AUD 69.540
Norwegian Air Shuttl 6.375 11/15/2024 USD 47.629
Nostrum Oil & Gas Fi 8.000 7/25/2022 USD 26.269
Ukraine Government I 7.750 9/1/2029 USD 24.269
Credit Suisse AG/Lon 3.200 3/24/2032 USD 70.749
Intesa Sanpaolo SpA 2.000 6/15/2028 USD 73.960
Agrokor dd 9.875 5/1/2019 EUR 15.000
Societe Nationale SN 1.280 3/27/2120 EUR 42.208
DNB Bank ASA 1.185 1/14/2038 EUR 69.290
Junta de Castilla y 1.275 4/7/2049 EUR 62.544
Aroundtown SA 2.970 9/26/2033 EUR 67.462
Holcim US Finance Lu 2.240 10/15/2031 USD 73.953
Pro-Gest SpA 3.250 12/15/2024 EUR 62.708
Credit Suisse AG/Lon 1.500 3/19/2029 USD 69.545
Ville de Paris 0.750 11/30/2041 EUR 67.288
Serbia International 2.050 9/23/2036 EUR 60.093
Sovcombank Via SovCo 7.600 USD 4.609
Credit Agricole Ital 0.750 1/20/2042 EUR 64.053
Abengoa Abenewco 1 S 6.000 6/10/2022 EUR 0.352
Deutsche Bank AG 1.580 10/23/2031 EUR 72.426
Landwirtschaftliche 0.010 11/26/2040 EUR 62.251
Thames Water Utiliti 2.442 5/12/2050 GBP 56.909
Raiffeisenlandesbank 0.375 1/15/2035 EUR 73.266
CDC Habitat SEM 1.700 3/21/2039 EUR 72.052
Region of Pays de la 0.877 10/28/2041 EUR 70.359
Spain Government Bon 1.900 10/31/2052 EUR 73.273
Deutsche Wohnen SE 2.000 3/28/2034 EUR 73.681
United Group BV 5.250 2/1/2030 EUR 74.525
Europejskie Centrum 13.200 4/14/2023 PLN 49.489
Deutsche Pfandbriefb 1.020 7/29/2030 EUR 70.549
Serbia International 1.500 6/26/2029 EUR 74.938
Credit Bank of Mosco 8.875 USD 10.945
Nestle Hungaria Kft 1.750 5/31/2028 HUF 59.000
ING Groep NV 0.975 2/14/2034 EUR 67.209
Swissgrid AG 0.200 6/29/2040 CHF 69.659
Parnassia Groep BV 1.200 12/1/2051 EUR 69.229
Uralkali OJSC Via Ur 4.000 10/22/2024 USD 19.327
Credit Agricole Ital 1.000 1/17/2045 EUR 65.070
BPCE SA 2.255 3/12/2040 AUD 48.055
Ahtium PLC 4.000 12/16/2015 EUR 0.586
Land Berlin 0.050 8/6/2040 EUR 62.264
Single Platform Inve 4.020 7/1/2052 EUR 72.809
SNCF Reseau 1.425 8/14/2119 EUR 45.890
Altice France Holdin 4.000 2/15/2028 EUR 68.438
Malta Government Bon 1.800 8/28/2051 EUR 65.340
ABN AMRO Bank NV 0.500 12/12/2039 EUR 68.175
VTB Bank OJSC Via VT 6.250 6/30/2035 USD 21.403
German Pellets GmbH 7.250 11/27/2019 EUR 1.515
Novolipetsk Steel Vi 4.700 5/30/2026 USD 59.443
Single Platform Inve 1.220 8/24/2047 EUR 61.667
Region de Bruxelles- 0.562 12/23/2065 EUR 42.690
Banca Popolare di Vi 2.821 12/20/2017 EUR 0.396
Region of Veneto Ita 0.112 12/7/2046 EUR 73.217
Rena GmbH 7.000 12/15/2015 EUR 0.059
Waste Italia SpA 10.500 11/15/2019 EUR 0.550
LSEGA Financing PLC 3.200 4/6/2041 USD 74.794
Credit Suisse AG/Lon 20.100 3/3/2023 USD 13.000
United Utilities Wat 1.474 8/24/2031 USD 70.502
Takko Luxembourg 2 S 7.137 11/15/2023 EUR 73.500
Akbank TAS 4.000 9/17/2029 EUR 74.200
Muenchener Hypotheke 0.125 9/5/2035 EUR 71.211
Region de Bruxelles- 0.274 12/11/2040 EUR 61.586
Novafives SAS 5.500 6/15/2025 EUR 73.455
Ukraine Government I 10.000 8/23/2023 UAH 59.375
Polski Fundusz Rozwo 2.000 3/5/2030 PLN 68.767
Espirito Santo Finan 5.050 11/15/2025 EUR 0.622
Muenchener Hypotheke 0.250 5/2/2036 EUR 71.094
niiio finance group 4.000 5/31/2026 EUR 41.000
AXA Bank Europe SCF 0.250 6/9/2040 EUR 63.927
Credit Bank of Mosco 3.875 9/21/2026 USD 20.746
Republic of Ireland 0.740 11/27/2120 EUR 38.107
Canton of Neuchatel 0.350 7/14/2050 CHF 67.729
Caisse Francaise de 0.726 10/29/2039 EUR 67.437
Transcapitalbank JSC 10.000 USD 65.000
BOA Offshore AS 0.409 7/17/2047 NOK 15.267
Credit Suisse AG/Lon 2.000 5/17/2029 USD 73.912
Caisse des Depots et 1.270 10/1/2051 EUR 73.214
Golfino AG 8.000 11/18/2023 EUR 0.010
Land Berlin 0.125 6/4/2035 EUR 72.422
Foodco Bondco SA 6.250 5/15/2026 EUR 65.398
Caisse des Depots et 2.345 1/29/2050 AUD 59.345
Republic of Ireland 1.320 11/28/2119 EUR 46.996
Wingholding Zrt 3.000 9/22/2031 HUF 66.250
Landesbank Baden-Wue 0.905 4/1/2041 EUR 57.579
EVN AG 0.850 10/15/2035 EUR 70.069
Alpine Holding GmbH 5.250 7/1/2015 EUR 3.159
Portugal Telecom Int 6.250 7/26/2016 EUR 0.285
Russian Foreign Bond 4.750 5/27/2026 USD 44.992
Agrokor dd 8.875 2/1/2020 USD 15.000
Deutsche Bahn Financ 3.350 1/20/2042 AUD 70.951
OTP Munkavallalok I 4.500 7/14/2031 HUF 71.760
Turkey Government In 5.750 5/11/2047 USD 67.033
Deutsche Bank AG 1.500 2/26/2028 USD 72.530
MMC Norilsk Nickel O 3.375 10/28/2024 USD 64.422
Irish Bank Resolutio 0.566 6/21/2016 EUR 0.679
Ukraine Government I 15.840 2/26/2025 UAH 59.297
Serbia International 1.000 9/23/2028 EUR 74.847
DZ Bank AG Deutsche 1.070 10/6/2042 EUR 73.886
Ministeries Van de V 1.564 11/12/2046 EUR 73.641
Anglian Water Servic 1.760 11/13/2035 GBP 70.257
Heimstaden Bostad AB 2.800 5/4/2035 EUR 66.298
LSF9 Balta Issuer SA 3.000 12/31/2030 EUR 61.370
Spain Government Bon 1.200 10/31/2040 EUR 72.150
Ceske Drahy AS 3.000 6/4/2035 EUR 72.600
Mobile Telesystems O 5.000 5/30/2023 USD 27.649
Barclays Bank PLC 0.500 1/28/2033 MXN 30.350
Norske Skog Holding 8.000 2/24/2021 EUR 0.006
La Veggia Finance SA 7.125 11/14/2004 EUR 0.287
State of Brandenburg 0.300 10/4/2049 EUR 56.022
Ile-de-France Mobili 0.200 11/16/2035 EUR 69.901
Aegon Bank NV 0.375 6/9/2036 EUR 71.732
Standard Chartered B 0.520 1/22/2041 JPY 61.719
City of Lausanne Swi 0.540 11/6/2062 CHF 61.975
Raiffeisen Landesban 0.250 3/4/2036 EUR 70.693
Cooperatieve Raboban 0.500 12/29/2027 MXN 59.574
Free State of Bavari 0.010 3/28/2036 EUR 69.460
Land Berlin 0.150 2/22/2036 EUR 71.267
Jyske Realkredit A/S 1.000 10/1/2053 DKK 64.375
Sibur Securities DAC 2.950 7/8/2025 USD 42.843
Evan Group PLC 6.000 7/31/2022 EUR 17.011
State of Lower Austr 1.000 9/15/2121 EUR 39.732
MMC Norilsk Nickel O 2.550 9/11/2025 USD 53.312
HSE Finance Sarl 5.625 10/15/2026 EUR 55.940
DZ Bank AG Deutsche 1.055 3/11/2031 EUR 71.338
Erste Group Bank AG 1.230 5/29/2033 EUR 73.628
Windreich GmbH 6.250 3/1/2015 EUR 2.847
Celtic Resources Hol 4.125 10/9/2024 USD 13.417
Housing & Care 21 3.288 11/8/2049 GBP 74.853
City of Lausanne Swi 0.680 3/11/2058 CHF 68.017
Malta Government Bon 1.400 8/20/2046 EUR 67.324
Polski Fundusz Rozwo 1.375 9/30/2027 PLN 74.549
Deutsche Pfandbriefb 0.312 4/16/2029 EUR 71.936
State of Rhineland-P 0.375 3/10/2051 EUR 56.652
Futureal Development 4.000 3/23/2031 HUF 58.000
French Republic Gove 0.750 5/25/2053 EUR 61.172
Maison Finco PLC 6.000 10/31/2027 GBP 72.705
Richter Gedeon Nyrt 1.750 6/4/2031 HUF 60.000
Italy Buoni Polienna 0.950 3/1/2037 EUR 68.961
Credit Suisse AG/Lon 9.000 4/22/2024 USD 23.625
Muenchener Hypotheke 0.250 10/31/2044 CHF 69.913
Carmila SA 1.890 11/6/2031 EUR 65.622
Kreditanstalt fuer W 1.000 10/19/2050 EUR 66.264
Nomura Bank Internat 1.130 4/23/2036 EUR 66.619
Ville de Paris 0.650 11/25/2070 EUR 42.462
German Pellets GmbH 7.250 4/1/2016 EUR 1.515
Phosphorus Holdco PL 10.000 4/1/2019 GBP 1.386
Landesbank Baden-Wue 7.070 1/27/2023 EUR 35.860
Credit Suisse AG/Lon 5.800 7/26/2023 USD 9.250
Wellis Magyarorszag 3.000 2/26/2031 HUF 66.722
Russian Foreign Bond 2.875 12/4/2025 EUR 42.746
Stelius Befektetoe Z 3.100 9/17/2030 HUF 66.500
Bromford Housing Gro 2.554 3/17/2054 GBP 63.952
Malta Government Bon 2.000 7/10/2051 EUR 69.330
Severstal OAO Via St 3.150 9/16/2024 USD 5.560
Autostrade per l'Ita 3.240 6/10/2034 EUR 74.666
Single Platform Inve 4.020 7/1/2052 EUR 72.809
Getin Noble Bank SA 12.800 11/9/2023 PLN 33.865
Landesbank Baden-Wue 1.100 5/7/2040 EUR 65.764
MMK International Ca 4.375 6/13/2024 USD 29.904
Nykredit Realkredit 1.000 10/1/2050 DKK 74.314
Cooperatieve Raboban 0.500 11/30/2027 MXN 60.593
Cooperatieve Raboban 0.500 8/21/2028 MXN 55.647
Governo Portugues Co 2.750 EUR 74.510
HSBC Holdings PLC 0.950 12/9/2032 EUR 71.462
State of Lower Saxon 0.050 3/9/2035 EUR 72.283
Societa di Progetto 3.375 12/31/2038 EUR 72.097
NRW Bank 1.150 9/16/2051 EUR 70.853
TechnipFMC PLC 4.000 6/14/2032 EUR 73.795
Kuntarahoitus Oyj 0.940 6/9/2064 EUR 74.227
Autonomous Community 1.850 5/13/2061 EUR 62.868
MFB Magyar Fejleszte 4.200 4/20/2033 HUF 69.043
ABN AMRO Bank NV 1.070 3/3/2041 EUR 74.329
Communaute Francaise 0.626 8/24/2040 EUR 66.238
Hemso Fastighets AB 3.020 9/14/2048 SEK 70.904
Frigoglass Finance B 6.875 2/12/2025 EUR 37.564
Kreditanstalt fuer W 1.100 9/16/2051 EUR 67.987
Assa Abloy AB 0.650 8/28/2034 EUR 73.263
Landesbank Baden-Wue 0.327 5/7/2038 EUR 66.431
Vnesheconombank Via 6.025 7/5/2022 USD 5.125
Moby SpA 7.750 2/15/2023 EUR 65.867
Single Platform Inve 1.165 6/6/2046 EUR 62.624
Kleopatra Holdings 2 6.500 9/1/2026 EUR 64.370
Autonomous Community 1.655 10/31/2050 EUR 68.017
Republic of Ireland 0.835 7/8/2080 EUR 53.674
GTC Magyarorszag Zrt 2.600 3/17/2031 HUF 67.850
Free and Hanseatic C 0.300 9/16/2050 EUR 56.151
Kreditanstalt fuer W 1.000 10/20/2050 EUR 68.949
Vasakronan AB 1.655 9/5/2039 SEK 63.169
Joh Friedrich Behren 6.250 6/18/2024 EUR 30.261
Societe Generale SA 3.920 12/9/2036 AUD 70.870
OTP Munkavallalok Ii 4.500 7/14/2031 HUF 71.760
Russian Federal Bond 0.250 7/20/2044 RUB 13.000
Vasakronan AB 1.130 5/27/2042 JPY 71.583
Ukraine Government I 15.970 4/19/2023 UAH 60.775
Caisse des Depots et 0.945 5/19/2051 EUR 67.076
State of Lower Austr 0.815 9/22/2056 EUR 55.144
Single Platform Inve 0.780 2/15/2040 EUR 62.531
Novolipetsk Steel Vi 1.450 6/2/2026 EUR 59.634
Credit Bank of Mosco 7.500 10/5/2027 USD 18.000
Caisse des Depots et 1.460 1/24/2052 EUR 73.280
BASF SE 1.025 8/13/2048 JPY 69.751
Credit Bank of Mosco 5.550 2/14/2023 USD 21.202
Romanian Government 2.000 4/14/2033 EUR 67.048
Bayerische Landesban 1.637 3/8/2035 EUR 73.819
Deutsche Telekom AG 3.500 9/6/2039 AUD 70.796
Credit Suisse AG/Lon 1.400 11/4/2025 CHF 30.390
Veneto Banca SpA 6.411 EUR 0.345
Kommunekredit 0.500 7/30/2027 TRY 25.179
Rosbank PJSC 0.040 4/30/2024 RUB 60.050
HSBC Bank PLC 0.500 11/25/2025 BRL 67.044
Societe Generale SA 10.000 6/28/2034 USD 60.847
DZ Bank AG Deutsche 1.000 2/8/2035 EUR 71.933
Landesbank Hessen-Th 0.750 11/17/2036 EUR 65.700
Raiffeisenlandesbank 1.500 10/21/2039 EUR 67.459
Stichting Afwikkelin 6.625 5/14/2018 EUR 45.375
Landesbank Baden-Wue 0.821 8/24/2032 EUR 73.202
Ahtium PLC 9.750 4/4/2017 EUR 0.726
Stichting Afwikkelin 4.252 EUR 45.000
Sairgroup Finance BV 4.375 6/8/2006 EUR 1.964
NIBC Bank NV 0.460 7/19/2029 EUR 73.967
Norddeutsche Landesb 0.750 1/15/2032 EUR 73.695
Societe Nationale SN 2.457 12/23/2050 USD 63.340
German Pellets GmbH 7.250 7/9/2018 EUR 1.515
Erste Group Bank AG 1.010 10/7/2041 EUR 62.560
DZ Bank AG Deutsche 2.000 12/29/2031 EUR 71.700
Sonnedix Energy Tau 2.200 12/31/2038 EUR 8.000
Landesbank Baden-Wue 0.250 5/27/2037 EUR 66.986
BAE Systems PLC 3.000 9/15/2050 USD 68.574
Landesbank Hessen-Th 0.950 2/12/2035 EUR 70.070
Boparan Finance PLC 7.625 11/30/2025 GBP 68.083
Grand Delta Habitat 1.285 11/6/2040 EUR 64.306
Single Platform Inve 1.108 2/15/2041 EUR 65.610
Bayerische Landesban 0.770 11/29/2032 EUR 71.917
MOL Hungarian Oil & 1.900 4/12/2031 HUF 54.600
Banque Federative du 0.376 10/15/2031 EUR 74.318
Ukraine Government I 9.840 2/15/2023 UAH 59.375
OGX Austria GmbH 8.375 4/1/2022 USD 0.002
Aareal Bank AG 0.300 12/11/2030 EUR 64.101
Anselma Issuer SA 2.174 12/31/2038 EUR 64.580
Batigere Grand Est S 1.345 4/18/2032 EUR 74.676
Landesbank Baden-Wue 0.395 1/29/2031 EUR 73.715
Zurcher Kantonalbank 16.750 4/4/2023 USD 37.990
Banque International 2.120 8/20/2040 EUR 70.073
Raiffeisen Landesban 0.375 11/13/2034 EUR 74.586
AXA Home Loan SFH SA 0.125 6/25/2035 EUR 70.702
Bank Nadra Via NDR F 8.250 7/31/2018 USD 0.208
Luzerner Kantonalban 0.150 10/7/2044 CHF 68.775
Norwegian Air Shuttl 7.500 11/10/2023 USD 74.304
State of Saarland 1.108 5/18/2046 EUR 73.857
HSBC Bank PLC 0.500 12/22/2025 BRL 66.402
Aeroports de la Cote 2.500 7/9/2036 EUR 67.415
BNP Paribas SA 0.857 2/22/2036 EUR 66.278
Region of Centre-Val 0.711 11/2/2036 EUR 73.798
Frigate Luxembourg S 2.000 8/1/2032 EUR 53.635
Raiffeisenlandesbank 0.200 6/9/2036 EUR 66.720
Mondelez Internation 1.250 9/9/2041 EUR 66.921
Free and Hanseatic C 0.010 11/5/2035 EUR 70.539
Landeskreditbank Bad 0.610 11/17/2050 EUR 62.374
MFB Magyar Fejleszte 2.900 10/22/2031 HUF 65.045
Alno AG 8.000 3/21/2019 EUR 14.000
Alfa Bank AO Via Alf 5.950 4/15/2030 USD 4.503
Land Baden-Wuerttemb 0.375 7/20/2048 EUR 58.114
Kuntarahoitus Oyj 1.150 9/24/2051 EUR 72.291
Alpine Holding GmbH 6.000 5/22/2017 EUR 3.159
Global Ports Finance 6.500 9/22/2023 USD 35.000
Takarek Mortgage Ban 3.000 10/22/2031 HUF 52.140
Societe Generale SA 13.500 8/23/2024 USD 50.900
Wirtschafts- und Inf 0.500 8/28/2046 EUR 60.638
Commerzbank AG 2.565 5/15/2043 EUR 65.371
Land Thueringen 0.250 3/5/2040 EUR 65.628
Ukraine Government I 16.000 5/24/2023 UAH 59.375
Portugal Telecom Int 5.242 11/6/2017 EUR 0.694
Credit Suisse AG/Lon 4.430 9/25/2035 USD 72.632
Bayerische Landesban 0.710 12/1/2031 EUR 74.017
ING Bank NV 0.335 4/21/2036 EUR 70.466
Societe Generale SA 0.831 11/25/2031 EUR 73.833
Region of Ile de Fra 0.610 7/2/2040 EUR 67.233
Steilmann SE 6.750 6/27/2017 EUR 2.184
UBS AG/London 3.327 11/23/2025 EUR 58.500
Corporate Commercial 8.250 8/8/2014 USD 0.308
National Treasury Ma 1.560 2/16/2122 EUR 71.451
Republic of Belarus 6.200 2/28/2030 USD 24.000
Land Berlin 0.625 7/15/2039 EUR 71.585
Comunidad Foral de N 1.450 5/8/2040 EUR 73.991
Golden Gate AG 6.500 10/11/2014 EUR 36.230
Ministeries Van de V 1.874 3/28/2058 EUR 72.275
Tennor Finance BV 5.750 6/17/2024 EUR 75.000
State of Saxony-Anha 2.030 7/3/2028 EUR 60.000
Rio Forte Investment 4.000 7/22/2014 EUR 3.846
Prosus NV 1.985 7/13/2033 EUR 65.153
DZ Bank AG Deutsche 5.500 6/23/2023 EUR 71.660
TBI Bank EAD 5.250 7/30/2031 EUR 51.224
Grenke Finance PLC 0.819 2/15/2030 EUR 65.962
Region Auvergne-Rhon 0.892 10/21/2041 EUR 67.304
Region Hauts-de-Fran 0.691 7/9/2042 EUR 64.124
Kingdom of Belgium G 1.170 5/12/2121 EUR 45.909
UBS AG/London 1.600 4/18/2049 EUR 70.438
Single Platform Inve 0.840 6/20/2043 EUR 59.714
Societe Nationale SN 1.400 5/18/2120 EUR 44.201
Kardan NV 6.325 2/21/2021 ILS #N/A N/A
Grand City Propertie 2.500 6/27/2039 EUR 60.776
Malta Government Bon 1.000 8/23/2035 EUR 74.970
Eurohold Bulgaria AD 8.000 12/29/2026 EUR 65.706
Pfandbriefzentrale d 0.020 1/30/2040 CHF 73.092
MMC Norilsk Nickel O 4.100 4/11/2023 USD 60.184
Single Platform Inve 0.754 9/20/2039 EUR 62.816
Caisse Francaise de 0.010 10/19/2035 EUR 68.620
Department of Girond 0.846 4/29/2039 EUR 70.970
Credit Suisse Group 2.455 7/4/2034 EUR 67.204
Virgolino de Oliveir 10.500 1/28/2018 USD 0.499
Barclays Bank PLC 1.580 4/12/2039 EUR 67.500
Romanian Government 4.625 4/3/2049 EUR 74.605
Nederlandse Watersch 0.877 6/24/2054 EUR 63.654
Region de Bruxelles- 0.592 12/10/2061 EUR 47.728
Bayerische Landesban 3.180 2/16/2038 EUR 70.264
Kreditanstalt fuer W 1.270 6/29/2051 EUR 72.759
Ukraine Government I 9.790 5/26/2027 UAH 55.201
DZ Bank AG Deutsche 1.000 2/13/2042 EUR 70.272
Ukraine Government I 16.000 5/24/2023 UAH 59.375
Nomura Bank Internat 1.138 12/19/2039 EUR 57.524
Pescanova SA 5.125 4/20/2017 EUR 0.319
Pongs & Zahn AG 8.500 11/1/2014 EUR 0.152
Ile-de-France Mobili 1.586 2/23/2052 EUR 74.263
Mercedes-Benz Manufa 1.500 3/16/2027 HUF 63.000
Morhomes PLC 2.508 2/19/2051 GBP 63.141
Bayerische Landesban 2.250 10/17/2033 EUR 69.145
Societe Centrale des 2.500 5/15/2023 EUR 6.780
State of Bremen 0.936 9/28/2046 EUR 68.451
BPCE SA 0.500 10/21/2034 EUR 74.284
ING Bank NV 0.465 4/21/2041 EUR 66.688
Single Platform Inve 0.835 10/14/2061 EUR 48.390
Ile-de-France Mobili 1.200 4/8/2050 EUR 66.715
Agrokor dd 9.875 5/1/2019 EUR 15.000
BCP V Modular Servic 6.750 11/30/2029 EUR 72.450
EnBW International F 2.080 1/21/2041 EUR 74.414
Bank Gospodarstwa Kr 2.000 11/3/2036 EUR 70.544
Kommunekredit 0.869 11/12/2043 SEK 65.383
Romanian Government 1.375 12/2/2029 EUR 73.447
Centre Hospitalier R 0.800 6/28/2041 EUR 67.096
Banco Espirito Santo 10.000 12/6/2021 EUR 0.110
VTB Bank PJSC Via VT 9.500 USD 6.000
Single Platform Inve 1.610 2/15/2043 EUR 72.829
Kingdom of Belgium G 0.459 7/23/2079 EUR 34.106
Credit Agricole Corp 1.550 9/8/2031 AUD 72.015
State of Saarland 0.500 3/15/2051 EUR 59.005
Credit Bank of Mosco 4.700 1/29/2025 USD 19.142
Nederlandse Watersch 1.900 1/31/2035 AUD 69.532
Autonomous Community 1.255 10/31/2048 EUR 61.745
Deutsche Bank AG 1.750 10/30/2028 USD 72.900
SunDell Estate Nyrt 3.250 11/12/2030 HUF 68.000
Kelag-Kaerntner Elek 1.150 4/16/2041 EUR 68.745
Premium Green PLC 1.050 9/15/2035 EUR 73.023
Banco Santander SA 2.210 3/12/2031 USD 73.196
Flamingo Lux II SCA 5.000 3/31/2029 EUR 74.379
Pfandbriefbank schwe 0.250 10/6/2042 CHF 73.792
Virgolino de Oliveir 10.875 1/13/2020 USD 36.000
BPCE SA 2.250 3/13/2040 AUD 48.290
Single Platform Inve 0.930 7/2/2041 EUR 63.427
Muenchener Hypotheke 0.420 12/10/2035 EUR 66.065
Republic of Ireland 1.250 10/8/2121 EUR 59.392
MMC Norilsk Nickel O 2.800 10/27/2026 USD 51.356
Credit Bank of Mosco 7.121 6/25/2024 USD 22.717
Intelsat Jackson Hol 8.500 10/15/2024 USD 0.486
Single Platform Inve 0.833 2/15/2041 EUR 61.950
Erdoel-Lagergesellsc 1.200 6/4/2043 EUR 73.521
Barclays Bank PLC 13.810 4/16/2024 TRY 74.894
Junta de Castilla y 1.270 10/31/2044 EUR 66.769
Societe Generale SA 21.000 2/2/2023 USD 56.760
Single Platform Inve 0.363 2/15/2041 EUR 55.972
DekaBank Deutsche Gi 7.650 3/10/2023 EUR 33.470
Bulgaria Steel Finan 12.000 5/4/2013 EUR 0.216
Rena GmbH 8.250 7/11/2018 EUR 0.059
Lloyds Bank PLC 0.500 7/26/2028 MXN 56.060
Erotik-Abwicklungsge 7.750 7/9/2019 EUR 0.779
Steilmann SE 7.000 9/23/2018 EUR 1.429
Vontobel Financial P 7.500 12/23/2022 USD 53.470
Credit Agricole Corp 1.120 11/21/2034 EUR 72.023
CDC Habitat SEM 0.814 2/15/2040 EUR 61.237
Romanian Government 3.375 2/8/2038 EUR 68.908
Nostrum Oil & Gas Fi 7.000 2/16/2025 USD 25.383
Air Berlin Finance B 8.500 3/6/2019 EUR 0.381
SAir Group 2.125 11/4/2004 CHF 12.350
Spain Government Bon 0.850 7/30/2037 EUR 72.292
Agence France Locale 2.550 3/20/2036 AUD 72.705
Virgolino de Oliveir 10.875 1/13/2020 USD 36.000
Turkey Government In 4.875 4/16/2043 USD 63.986
Societe Generale SA 9.250 9/16/2024 USD 31.200
Communaute Francaise 1.040 7/19/2101 EUR 52.129
Banque Federative du 1.590 2/5/2031 USD 72.184
Caisse des Depots et 1.015 7/22/2050 EUR 69.083
Kreditanstalt fuer W 0.890 3/10/2041 EUR 72.466
Credito Padano Banca 3.100 EUR 34.598
Cimpress PLC 7.000 6/15/2026 USD 68.235
Credit Suisse AG/Lon 5.100 6/8/2041 USD 72.389
Transmission Finance 2.701 10/16/2037 EUR 73.487
Slovenska Sporitelna 4.820 EUR 71.997
CPI Hungary Investme 2.250 8/7/2030 HUF 51.000
Phones4u Finance PLC 9.500 4/1/2018 GBP 74.938
DNB Boligkreditt AS 0.980 6/20/2044 EUR 69.846
Getin Noble Bank SA 12.320 3/31/2023 PLN 39.955
MS Deutschland Betei 6.875 12/18/2017 EUR 0.211
Raiffeisenlandesbank 0.500 1/22/2035 EUR 74.737
SAir Group 0.125 7/7/2005 CHF 12.375
National Grid Electr 1.608 8/24/2040 GBP 58.594
Region Bretagne SCI 0.544 12/7/2036 EUR 71.728
National Grid Electr 2.020 3/12/2032 AUD 72.857
National Grid Electr 1.151 2/20/2040 EUR 63.058
Single Platform Inve 0.700 9/20/2041 EUR 58.829
BNP Paribas SA 1.271 1/2/2024 USD 43.500
Single Platform Inve 0.915 2/15/2043 EUR 62.371
SAir Group 5.500 7/23/2003 CHF 12.345
Centre Hospitalier R 1.500 4/27/2050 EUR 72.169
Odea Bank AS 8.606 8/1/2027 USD 59.538
Credit Suisse AG/Lon 0.875 5/21/2031 EUR 71.692
A-TEC Industries AG 8.750 10/27/2014 EUR 0.100
NET4GAS sro 2.750 7/17/2025 CZK 74.599
OGX Austria GmbH 8.500 6/1/2018 USD 0.002
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
BPCE SFH SA 1.229 4/12/2049 EUR 71.362
Grenke Finance PLC 2.040 4/16/2029 EUR 65.640
Novolipetsk Steel Vi 4.500 6/15/2023 USD 61.652
Finance and Credit B 9.250 1/25/2019 USD 0.001
Communaute Francaise 1.581 1/23/2120 EUR 55.009
Region Wallonne Belg 1.225 9/2/2120 EUR 42.848
United Kingdom Gilt 1.625 10/22/2071 GBP 67.364
Single Platform Inve 1.080 5/25/2066 EUR 50.571
PIK Securities DAC 5.625 11/19/2026 USD 33.200
Communaute Francaise 1.380 11/7/2046 EUR 68.840
SG Issuer SA 0.263 2/20/2025 EUR 19.990
Italy Buoni Polienna 1.700 9/1/2051 EUR 65.134
Vajda-Papir Gyarto K 3.500 5/17/2031 HUF 70.900
Societe Generale SA 2.420 5/27/2031 USD 73.570
State of Mecklenburg 0.239 11/17/2070 EUR 41.653
GTC Magyarorszag Zrt 2.250 12/7/2030 HUF 66.590
Alpine Holding GmbH 5.250 6/10/2016 EUR 3.159
Credit Suisse AG/Lon 4.450 6/28/2023 USD 8.980
Bpifrance SACA 1.046 5/25/2050 EUR 62.793
Elli Finance UK PLC 8.750 6/15/2019 GBP 62.279
Landesbank Baden-Wue 1.300 6/21/2049 EUR 56.556
VTB Bank OJSC Via VT 6.250 6/30/2035 USD 21.403
Getin Noble Bank SA 12.650 4/28/2023 PLN 35.965
Banco Santander SA 3.764 12/7/2033 AUD 74.496
Ukraine Government I 9.990 5/22/2024 UAH 51.591
Caisse des Depots et 0.398 12/15/2050 EUR 56.461
Bayerische Landesban 0.400 7/15/2031 EUR 73.466
Region Hauts-de-Fran 0.402 2/18/2043 EUR 59.045
UBS AG/London 5.000 1/9/2023 USD 52.100
Getin Noble Bank SA 11.720 11/30/2023 PLN 23.875
Romanian Government 2.750 4/14/2041 EUR 58.329
Single Platform Inve 1.220 4/1/2039 EUR 68.771
Banco Santander SA 0.010 10/1/2032 EUR 66.461
Landesbank Hessen-Th 0.700 11/2/2034 EUR 68.429
Landesbank Hessen-Th 0.500 12/6/2034 EUR 71.100
Caixa Economica Mont 5.000 EUR 52.250
Alfa Bank AO Via Alf 5.500 10/26/2031 USD 3.670
UniCredit Bank Austr 0.150 4/29/2033 EUR 74.810
Ukraine Government I 15.970 4/19/2023 UAH 60.775
Depfa Funding III LP 2.056 EUR 52.830
BNP Paribas SA 0.500 9/29/2029 AUD 68.791
Malta Government Bon 2.400 8/13/2052 EUR 72.880
Raiffeisen Switzerla 7.050 5/22/2023 EUR 53.570
Aareal Bank AG 1.576 2/23/2032 EUR 69.457
HSE Finance Sarl 7.512 10/15/2026 EUR 61.266
Ville de Paris 0.963 12/6/2051 EUR 58.319
Bayerische Landesban 0.450 2/12/2031 EUR 74.420
Raiffeisen Schweiz G 8.340 3/7/2023 EUR 59.900
Landesbank Baden-Wue 4.734 2/20/2034 EUR 73.740
UBS AG/London 17.040 5/26/2027 SEK 66.750
Rusal Capital DAC 4.850 2/1/2023 USD 43.189
Credit Agricole SA 3.750 6/9/2040 AUD 64.301
Hemso Fastighets AB 2.615 11/30/2043 EUR 62.585
Unibail-Rodamco-West 2.000 12/5/2033 EUR 74.326
Kommunekredit 0.375 2/3/2045 DKK 61.263
Getin Noble Bank SA 12.290 7/28/2023 PLN 29.965
Landesbank Hessen-Th 1.150 11/24/2036 EUR 69.596
Ministeries Van de V 0.400 11/20/2043 EUR 59.162
Willhem AB 1.824 10/18/2038 SEK 65.786
Eurotorg LLC Via Bon 9.000 10/22/2025 USD 54.897
Deutsche Pfandbriefb 0.857 9/18/2037 EUR 50.332
Turkey Government In 6.000 1/14/2041 USD 71.665
SG Issuer SA 0.600 3/7/2033 EUR 72.433
Credit Bank of Mosco 7.625 USD 15.433
Agence France Locale 0.570 9/20/2040 EUR 67.737
Hungary Government B 3.000 4/25/2041 HUF 53.263
Deutsche Bank AG 1.725 1/16/2045 EUR 44.789
Sveriges Sakerstalld 1.378 7/13/2046 SEK 67.855
Takarek Mortgage Ban 5.750 5/27/2032 HUF 65.360
Landesbank Baden-Wue 3.480 2/24/2023 EUR 50.050
Republic of Ireland 0.995 2/24/2121 EUR 49.533
Ville de Paris 0.850 8/4/2051 EUR 59.513
Nykredit Realkredit 1.182 1/17/2034 EUR 68.745
BNG Bank NV 0.630 7/11/2067 EUR 50.745
Bulgaria Government 1.375 9/23/2050 EUR 57.134
Grand Delta Habitat 1.500 9/1/2049 EUR 63.343
Societe Generale SA 21.000 12/23/2022 USD 29.200
State of Lower Austr 0.550 11/13/2080 EUR 36.130
Vajda-Papir Gyarto K 3.500 11/16/2030 HUF 65.500
Eurogrid GmbH 0.875 11/20/2040 EUR 66.268
Ukraine Government I 9.840 2/15/2023 UAH 59.375
Region of Centre-Val 0.712 12/3/2039 EUR 68.289
Intelsat Jackson Hol 9.750 7/15/2025 USD 0.486
HSBC Continental Eur 1.140 8/26/2049 EUR 61.787
Agence France Locale 0.330 12/20/2040 EUR 64.118
DekaBank Deutsche Gi 1.100 11/25/2030 EUR 72.402
Raiffeisen Bank Inte 0.370 2/3/2033 EUR 63.058
Solon SE 1.375 12/6/2012 EUR 0.745
Societe Generale SA 18.000 11/2/2023 USD 9.900
Caisse des Depots et 1.050 9/27/2049 EUR 69.802
Credit Suisse AG/Lon 1.352 4/8/2034 EUR 72.536
Depfa Funding II LP 6.500 EUR 57.625
Mox Telecom AG 7.250 11/2/2017 EUR 2.270
Leonteq Securities A 3.500 1/10/2023 EUR 15.660
DZ Bank AG Deutsche 0.530 7/26/2033 EUR 69.916
Landesbank Hessen-Th 4.734 2/11/2037 EUR 66.600
Landesbank Baden-Wue 1.600 4/3/2039 EUR 71.390
Landesbank Hessen-Th 1.500 11/17/2036 EUR 66.900
Single Platform Inve 0.800 12/20/2040 EUR 62.294
Centre Hospitalier U 1.160 9/6/2039 EUR 59.955
Societe Generale SA 10.000 8/3/2023 USD 66.000
Assistance Publique 0.490 9/30/2040 EUR 63.994
Jain International T 7.125 2/1/2022 USD 21.799
Getin Noble Bank SA 12.300 8/31/2023 PLN 45.520
Landesbank Hessen-Th 2.000 11/25/2036 EUR 66.000
Agence France Locale 0.210 12/20/2035 EUR 70.666
Intesa Sanpaolo Bank 3.102 11/19/2035 AUD 65.342
Societe Wallonne de 0.883 11/21/2044 EUR 61.019
Erste Group Bank AG 0.770 11/13/2033 EUR 70.033
Gecci Investment KG 6.000 10/1/2027 EUR 37.552
SiC Processing GmbH 7.125 3/1/2016 EUR 0.784
Bilt Paper BV 10.360 USD 1.399
Single Platform Inve 0.656 9/20/2050 EUR 49.534
Heimstaden Bostad AB 2.800 5/4/2035 EUR 67.113
Takarek Mortgage Ban 1.750 12/22/2026 HUF 65.140
Virgolino de Oliveir 11.750 2/9/2022 USD 0.499
Orient Express Bank 2.000 USD 19.402
UBS AG/London 7.500 6/22/2023 USD 70.050
Ville de Paris 1.165 6/9/2053 EUR 61.820
Single Platform Inve 0.901 2/15/2041 EUR 64.047
Societe Generale SA 15.140 7/16/2024 USD 27.000
Credit Suisse AG/Lon 4.530 7/12/2023 USD 8.520
Barclays Bank PLC 2.070 12/18/2035 USD 63.648
Landesbank Hessen-Th 9.468 9/21/2033 EUR 74.600
Futureal Development 3.500 11/16/2036 HUF 47.000
Credit Agricole Corp 2.400 5/17/2048 EUR 57.925
Credit Suisse AG/Lon 1.000 12/20/2027 EUR 2.910
Region de Bruxelles- 0.765 7/15/2052 EUR 55.285
Deutsche Wohnen SE 2.125 9/26/2033 EUR 72.573
Nationwide Building 0.485 7/11/2044 CHF 73.495
Purple Protected Ass 2.085 10/27/2060 EUR 59.832
Polyus Finance PLC 5.250 2/7/2023 USD 48.191
Societe Du Grand Par 0.576 10/29/2052 EUR 50.585
Hemso Fastighets AB 1.130 10/31/2039 EUR 67.178
HSBC Continental Eur 1.410 12/12/2039 EUR 71.402
Comunidad Foral de N 0.550 10/22/2035 EUR 72.321
Credit Suisse AG/Lon 6.250 10/31/2025 USD 9.010
Communaute Francaise 0.788 8/30/2049 EUR 57.339
Purple Protected Ass 1.580 5/25/2060 EUR 53.203
Societe Generale SA 15.760 8/13/2026 USD 53.800
DekaBank Deutsche Gi 3.970 2/9/2023 EUR 40.330
HPI AG 3.500 EUR 0.400
Ukraine Government I 7.750 9/1/2025 USD 24.912
Ukraine Government I 7.750 9/1/2027 USD 22.565
Sairgroup Finance BV 6.625 10/6/2010 EUR 1.964
Single Platform Inve 3.505 8/6/2046 AUD 65.071
Elecnor SA 3.025 9/30/2035 EUR 70.552
BNP Paribas SA 1.275 10/2/2023 USD 23.540
Department of Loiret 0.915 11/23/2043 EUR 65.744
Erste Group Bank AG 7.000 12/1/2022 EUR 62.500
Barclays Bank PLC 2.000 12/21/2029 USD 73.423
Kingdom of Belgium G 2.750 6/10/2071 USD 69.213
Ukraine Government B 3.900 10/5/2023 USD 56.543
Credit Suisse AG/Lon 2.302 4/8/2037 EUR 71.935
Credit Suisse AG/Lon 2.100 3/31/2031 USD 67.878
Getin Noble Bank SA 12.650 4/29/2024 PLN 22.775
Credit Agricole Corp 14.280 11/5/2026 TRY 62.883
Royal Schiphol Group 2.890 10/25/2034 AUD 70.311
UBS AG/London 4.520 9/7/2023 USD 9.204
BNP Paribas Issuance 4.360 12/14/2022 EUR 69.710
Landesbank Baden-Wue 0.500 11/25/2030 EUR 74.983
CDC Habitat SEM 1.170 5/4/2037 EUR 68.185
Wirtschafts- und Inf 0.200 12/2/2043 EUR 58.126
DekaBank Deutsche Gi 5.970 2/9/2023 EUR 40.410
Region Bretagne SCI 0.815 6/12/2040 EUR 68.828
Kreditanstalt fuer W 0.689 6/18/2040 EUR 72.428
Kommunekredit 1.336 10/1/2032 AUD 71.520
City of Lausanne Swi 0.230 11/1/2060 CHF 55.169
Sberbank of Russia V 5.250 5/23/2023 USD 6.524
RENE LEZARD Mode Gmb 7.250 11/25/2017 EUR 0.500
ABN AMRO Bank NV 2.295 9/21/2026 EUR 20.000
La Banque Postale Ho 0.640 1/27/2042 EUR 69.033
Landesbank Hessen-Th 1.650 5/27/2030 EUR 4.938
Single Platform Inve 1.370 7/25/2053 EUR 62.514
Hamburgische Investi 0.380 2/24/2042 EUR 65.286
Saechsische Aufbauba 0.300 2/18/2042 EUR 61.441
Societe Generale SA 11.000 8/16/2024 USD 17.650
Polyus Finance PLC 3.250 10/14/2028 USD 48.616
Hemso Fastighets AB 0.473 2/18/2030 EUR 69.831
Societe Generale SA 16.000 10/3/2024 USD 8.550
Luzerner Kantonalban 0.250 8/28/2040 CHF 74.740
Ville de Paris 0.758 8/20/2060 EUR 46.739
Vasakronan AB 1.770 10/26/2033 NOK 69.518
Free State of Saxony 0.400 5/12/2036 EUR 73.787
Department of Loiret 0.478 10/30/2040 EUR 63.694
BNP Paribas SA 2.840 8/26/2039 AUD 56.936
State of Hesse 0.227 8/20/2049 EUR 55.945
United Kingdom Gilt 0.500 10/22/2061 GBP 43.786
Batigere Grand Est S 1.400 8/31/2050 EUR 59.852
Bibby Offshore Servi 7.500 6/15/2021 GBP 11.625
Heta Asset Resolutio 1.136 12/31/2023 EUR 0.017
Russian Railways JSC 13.630 4/29/2043 RUB 55.010
DAH Holding GmbH 7.250 9/28/2018 EUR 0.718
Cie de Financement F 0.975 8/11/2046 EUR 69.574
Raiffeisen Switzerla 7.050 5/23/2023 CHF 53.120
Barclays Bank PLC 2.975 2/21/2025 USD 8.978
Single Platform Inve 1.060 4/1/2042 EUR 64.983
VTB Bank PJSC 5.000 USD 54.500
UBS Group AG 2.370 2/25/2036 USD 66.181
Nitrogenmuvek Vegyip 7.000 5/14/2025 EUR 70.022
Caisse Francaise de 1.093 10/14/2051 EUR 69.085
Societe Generale SA 2.480 7/17/2040 USD 51.237
BNG Bank NV 0.632 7/12/2066 EUR 51.412
Societe Generale SA 3.300 7/8/2034 AUD 70.774
Landesbank Hessen-Th 0.800 2/26/2035 EUR 68.580
Region Wallonne Belg 1.135 10/10/2069 EUR 53.986
Getin Noble Bank SA 11.290 7/26/2024 PLN 34.875
Ministeries Van de V 0.634 11/19/2060 EUR 44.651
Batigere Grand Est S 1.600 11/14/2039 EUR 68.980
HOCHTIEF AG 2.300 4/26/2034 EUR 66.823
Societe Nationale SN 3.190 4/19/2041 AUD 73.337
Kommunekredit 2.200 9/27/2041 AUD 64.675
Basque Government 1.750 4/22/2050 EUR 69.564
Cattles Ltd 8.125 7/5/2017 GBP 0.027
Single Platform Inve 1.085 6/20/2050 EUR 57.561
State of Lower Austr 0.460 10/8/2049 EUR 54.675
Rosbank PJSC 0.030 4/30/2024 RUB 60.050
UkrLandFarming PLC 10.875 3/26/2018 USD 1.442
Agrokor dd 9.125 2/1/2020 EUR 15.000
New World Resources 4.000 10/7/2020 EUR 0.312
Region Wallonne Belg 1.150 9/2/2120 EUR 40.538
Zurcher Kantonalbank 12.000 2/16/2023 USD 62.150
Ukraine Government I 8.994 2/1/2026 USD 23.775
Region Provence-Alpe 0.753 1/5/2037 EUR 74.061
Kuntarahoitus Oyj 0.815 2/24/2061 EUR 63.715
Muenchener Hypotheke 0.550 2/18/2046 CHF 61.135
Hemso Fastighets AB 2.680 7/10/2035 AUD 65.709
CDC Habitat SEM 1.150 4/30/2037 EUR 67.954
United Kingdom Gilt 0.625 10/22/2050 GBP 51.418
Credit Suisse AG/Lon 9.000 3/23/2023 USD 59.070
City of Zurich Switz 0.400 11/21/2046 CHF 74.583
Single Platform Inve 0.785 3/20/2039 EUR 64.035
Sibur Securities DAC 3.450 9/23/2024 USD 57.671
Erste Group Bank AG 7.500 11/29/2024 EUR 59.950
Wirtschafts- und Inf 0.170 12/9/2041 EUR 63.534
Region Auvergne-Rhon 0.543 9/28/2036 EUR 71.371
Assistance Publique 1.665 4/10/2049 EUR 73.281
Free and Hanseatic C 1.095 6/13/2046 EUR 71.326
Credit Suisse AG/Lon 4.700 7/1/2046 AUD 74.694
A-TEC Industries AG 2.750 5/10/2014 EUR 0.100
City of St Gallen 0.140 9/16/2044 CHF 71.471
Deutsche Bank AG 2.825 2/25/2043 EUR 71.664
Caisse des Depots et 2.700 4/28/2041 AUD 68.353
Credit Suisse AG/Lon 4.460 7/26/2023 USD 9.190
Kommunalkredit Austr 1.055 10/6/2031 EUR 73.494
Landesbank Hessen-Th 0.650 10/6/2031 EUR 74.401
UBS AG 9.000 3/31/2023 USD 50.100
Bayer Construct Epit 3.700 10/21/2031 HUF 66.340
Alfa Bank AO Via Alf 5.900 USD 4.396
Societe Du Grand Par 1.149 4/8/2069 EUR 57.682
BNP Paribas SA 3.580 7/23/2040 AUD 74.910
Grand City Propertie 2.800 2/25/2039 EUR 64.072
Kingdom of Belgium G 0.558 9/24/2077 EUR 37.759
Region Wallonne Belg 0.150 5/10/2035 EUR 69.834
Swissgrid AG 0.125 6/30/2036 CHF 74.869
Autonomous Community 0.810 10/31/2040 EUR 64.548
ABN AMRO Bank NV 0.450 12/12/2036 EUR 71.697
Bayerische Landesban 0.900 11/29/2035 EUR 65.040
CDC Habitat SEM 1.060 5/22/2036 EUR 67.951
Region de Bruxelles- 1.500 6/22/2070 EUR 66.575
SG Issuer SA 1.050 11/20/2025 EUR 18.350
Landesbank Hessen-Th 1.000 11/29/2034 EUR 70.900
Agrokor dd Via Aquar 4.921 8/8/2017 EUR 14.625
Russian Railways JSC 14.680 10/11/2038 RUB 55.010
Deutsche Pfandbriefb 0.500 7/23/2029 EUR 71.930
Erste Group Bank AG 5.250 11/30/2022 EUR 52.400
Societe Generale SA 7.010 8/1/2023 USD 73.740
Ideal Standard Inter 6.375 7/30/2026 EUR 48.731
Single Platform Inve 1.442 7/25/2053 EUR 64.244
Barclays Bank PLC 3.130 4/9/2051 USD 69.404
Societe Generale SA 16.000 8/1/2024 USD 16.150
Region de Bruxelles- 1.144 1/14/2056 EUR 59.753
Polyus Finance PLC 4.700 1/29/2024 USD 47.725
Sibur Holding PAO 1.500 10/1/2032 USD 46.000
Thomas Cook Group PL 6.250 6/15/2022 EUR 0.188
Grupo Isolux Corsan 1.000 12/30/2021 EUR 0.157
Region Provence-Alpe 0.394 9/1/2036 EUR 70.610
DekaBank Deutsche Gi 4.630 12/16/2022 EUR 72.700
Romanian Government 3.500 4/3/2034 EUR 73.471
Kreditanstalt fuer W 0.826 10/22/2041 EUR 73.413
UBS AG 9.000 4/20/2023 USD 25.000
Hypo Vorarlberg Bank 1.520 7/8/2050 EUR 63.021
LP Portfolio Vagyonk 3.400 9/23/2031 HUF 56.200
Luzerner Kantonalban 10.120 12/23/2022 CHF 9.000
Nordea Bank Abp 3.050 7/20/2027 SEK 70.900
Ukraine Government I 4.375 1/27/2032 EUR 19.475
Rusal Capital DAC 5.300 5/3/2023 USD 40.465
Landesbank Hessen-Th 0.800 11/26/2035 EUR 66.850
Hungary Government I 3.125 9/21/2051 USD 59.682
Autonomous Community 1.138 11/22/2052 EUR 55.663
Caisse Francaise de 0.510 11/19/2040 EUR 66.526
State of Lower Austr 0.585 10/11/2049 EUR 56.968
Landesbank Baden-Wue 0.900 11/22/2034 EUR 66.279
Sibur Securities DAC 4.125 10/5/2023 USD 59.728
LP Portfolio Vagyonk 2.800 11/30/2030 HUF 60.950
UBS AG 7.000 5/1/2024 USD 67.000
State of Rhineland-P 0.375 7/20/2048 EUR 58.903
Skandinaviska Enskil 10.150 1/15/2025 SEK 62.730
Rosbank PJSC 0.010 4/30/2024 RUB 60.050
Officine Maccaferri- 5.750 6/1/2021 EUR 17.672
Gold-Zack AG 7.000 12/14/2005 EUR 1.650
Wirtschafts- und Inf 0.060 8/31/2034 EUR 71.052
Ville de Paris 1.293 2/22/2049 EUR 69.630
Jain International T 7.125 3/31/2026 USD 27.543
Landesbank Saar 0.760 5/8/2034 EUR 71.663
Ile-de-France Mobili 1.000 12/2/2043 EUR 68.388
Societe Generale SA 14.400 12/14/2023 USD 28.600
Caisse des Depots et 0.859 3/2/2041 EUR 70.482
Single Platform Inve 1.235 12/20/2050 EUR 60.148
Single Platform Inve 1.013 12/20/2050 EUR 54.851
Communaute Francaise 0.782 2/8/2061 EUR 48.993
Raiffeisen Centroban 11.819 3/22/2023 EUR 73.800
Caisse des Depots et 2.766 8/9/2049 USD 69.084
Santander Internatio 1.150 4/8/2041 EUR 64.397
Ministeries Van de V 1.095 6/3/2055 EUR 59.267
TransFin-M PAO 9.400 2/4/2027 RUB 61.000
MOL Hungarian Oil & 1.100 9/22/2030 HUF 47.000
Bulgaria Government 0.375 9/23/2030 EUR 73.974
State of Rhineland-P 0.600 10/24/2046 EUR 62.747
Department of Girond 0.412 11/26/2037 EUR 68.144
Chelyabinsk Pipe Pla 4.500 9/19/2024 USD 16.665
Getin Noble Bank SA 11.300 8/30/2024 PLN 37.876
Ministeries Van de V 0.600 11/19/2055 EUR 45.922
Caisse des Depots et 0.913 11/20/2050 EUR 66.365
Deutsche Wohnen SE 1.700 12/5/2036 EUR 69.342
LR Realkredit AS 0.500 10/1/2050 DKK 68.883
Pescanova SA 6.750 3/5/2015 EUR 0.319
Land Berlin 0.500 6/19/2047 EUR 63.167
BPCE SA 1.920 12/9/2030 AUD 66.707
Novolipetsk Steel Vi 4.000 9/21/2024 USD 60.481
Hungary Government B 4.000 4/28/2051 HUF 55.963
Region of Pays de la 0.570 3/10/2036 EUR 73.549
Societe Generale SA 2.630 3/2/2036 USD 62.292
Region Auvergne-Rhon 0.650 5/18/2038 EUR 70.125
Societe Nationale SN 2.910 1/27/2051 AUD 66.217
Centre Hospitalier B 0.950 2/5/2041 EUR 56.171
Single Platform Inve 0.830 9/6/2041 EUR 61.462
Region Occitanie 0.766 10/7/2041 EUR 66.230
Region Wallonne Belg 1.220 6/12/2050 EUR 64.040
InterCement Financia 5.750 7/17/2024 USD 69.297
International Financ 0.500 6/29/2027 ZAR 66.549
ABN AMRO Bank NV 1.171 4/4/2044 EUR 71.725
Region de Bruxelles- 1.528 4/5/2049 EUR 71.216
Department of L'Eure 1.110 6/18/2039 EUR 74.121
getgoods.de AG 7.750 10/2/2017 EUR 0.527
Deutsche Wohnen SE 1.250 7/31/2031 EUR 74.259
Norske Skogindustrie 7.125 10/15/2033 USD 0.010
Single Platform Inve 1.340 6/20/2041 EUR 70.419
Pfandbriefbank schwe 0.250 4/25/2042 CHF 74.083
BNP Paribas SA 1.300 1/28/2037 EUR 70.443
Vasakronan AB 3.300 1/14/2042 AUD 64.853
Banco Santander SA 3.600 11/5/2033 AUD 73.369
Caisse des Depots et 3.000 11/8/2051 AUD 67.950
Credit Suisse AG/Lon 9.000 11/28/2022 USD 38.790
Batigere Grand Est S 1.500 12/15/2051 EUR 63.083
Societe Generale SA 20.000 12/18/2025 USD 32.500
State of North Rhine 0.950 1/10/2121 EUR 47.319
Ukraine Government B 4.000 1/25/2024 USD 47.088
Turkiye Ihracat Kred 12.540 9/14/2028 TRY 49.899
Autonomous Community 1.515 6/21/2051 EUR 64.665
Single Platform Inve 1.200 11/1/2040 EUR 66.487
Agence Francaise de 0.537 7/16/2040 EUR 69.850
Cordia International 3.000 7/27/2030 HUF 57.000
Leonteq Securities A 13.000 11/30/2022 EUR 38.596
Single Platform Inve 0.740 4/1/2042 EUR 59.957
Landesbank Hessen-Th 1.000 10/14/2036 EUR 66.200
Batigere Grand Est S 1.550 11/14/2039 EUR 68.022
Single Platform Inve 0.559 2/15/2047 EUR 51.788
SG Issuer SA 2.910 10/29/2034 AUD 67.134
Zurcher Kantonalbank 20.000 1/18/2023 USD 68.050
LFA Foerderbank Baye 0.050 9/29/2034 EUR 72.519
Forras Vagyonkezeles 3.250 10/1/2030 HUF 68.580
Single Platform Inve 0.720 3/20/2051 EUR 51.149
Region de Bruxelles- 1.100 6/22/2066 EUR 56.757
Santander Internatio 1.365 1/28/2061 EUR 54.851
NRW Bank 0.106 8/17/2050 EUR 56.173
Landesbank Baden-Wue 1.080 7/16/2035 EUR 66.274
National Grid Electr 2.920 9/30/2044 AUD 66.084
Region Bretagne SCI 0.815 6/12/2040 EUR 68.828
Minicentrales Dos SA 0.010 6/6/2047 EUR 59.376
Steilmann SE 7.000 3/9/2017 EUR 1.429
Muenchener Hypotheke 0.886 3/26/2043 EUR 68.686
Polski Bank Spoldzie 10.850 9/14/2027 PLN 42.925
Russian Agricultural 8.500 10/16/2023 USD 13.414
Credit Suisse AG/Lon 3.110 3/3/2032 USD 71.014
Credit Suisse AG/Lon 10.500 12/27/2022 CHF 8.400
Hell Energy Magyaror 3.000 7/28/2031 HUF 65.900
Landesbank Saar 0.890 9/4/2034 EUR 72.131
Region of Centre-Val 0.822 5/12/2041 EUR 67.583
Banco Santander SA 1.000 1/14/2034 EUR 70.792
Muenchener Hypotheke 0.620 7/22/2033 EUR 69.751
Credit Suisse AG/Lon 8.000 6/28/2023 USD 9.620
Region Occitanie 0.728 11/16/2037 EUR 70.480
Corner Banca SA 14.000 3/27/2023 CHF 60.080
VTB Bank PJSC 3.750 EUR 50.000
SunDell Estate Nyrt 3.650 7/9/2031 HUF 69.500
4iG Nyrt 2.900 3/29/2031 HUF 68.510
BNP Paribas Emission 8.500 2/21/2023 USD 60.510
BNG Bank NV 0.562 6/7/2051 EUR 65.889
Norddeutsche Landesb 1.150 7/1/2036 EUR 67.930
Barclays Bank PLC 4.150 4/5/2039 AUD 71.818
Societe Generale SA 1.700 1/19/2031 USD 70.087
Eltex Kft 3.500 12/21/2028 HUF 69.600
Credit Agricole Corp 1.300 2/2/2061 EUR 53.353
Kingdom of Belgium G 0.650 6/22/2071 EUR 48.741
Portugal Obrigacoes 1.000 4/12/2052 EUR 57.919
Purple Protected Ass 1.598 2/5/2061 EUR 66.555
Credit Suisse AG/Lon 7.750 12/15/2022 CHF 34.170
Deutsche Pfandbriefb 4.120 11/3/2031 EUR 65.230
Landesbank Baden-Wue 0.750 8/12/2039 EUR 67.450
Cie de Financement F 0.900 7/18/2058 EUR 60.070
Landesbank Baden-Wue 1.000 8/12/2039 EUR 66.910
Region de Bruxelles- 1.225 6/21/2070 EUR 56.598
DZ Bank AG Deutsche 0.540 10/23/2031 EUR 74.289
Malta Government Bon 1.500 10/22/2045 EUR 65.690
Berlin Hyp AG 0.750 3/4/2050 EUR 64.878
Thomas Cook Finance 3.875 7/15/2023 EUR 1.474
Single Platform Inve 0.605 9/20/2042 EUR 57.403
Pfandbriefzentrale d 0.050 10/6/2043 CHF 69.392
Landesbank Hessen-Th 0.650 10/18/2034 EUR 67.955
Societe Generale SA 9.000 10/31/2034 USD 54.000
UniCredit Bank AG 1.120 5/14/2057 EUR 68.587
Deutsche Pfandbriefb 0.480 5/19/2031 EUR 64.889
Credit Suisse AG/Lon 2.000 9/30/2030 USD 68.946
Single Platform Inve 1.156 2/12/2041 EUR 65.909
Societe Generale SA 8.880 9/16/2024 USD 37.250
NatWest Markets PLC 1.250 12/4/2034 EUR 70.477
Societe Du Grand Par 1.923 5/25/2066 EUR 72.705
Slovenia Government 0.488 10/20/2050 EUR 49.667
SNCF Reseau 2.622 9/24/2049 USD 73.075
SAir Group 2.750 7/30/2004 CHF 12.350
Single Platform Inve 1.870 11/21/2044 EUR 71.160
SG Issuer SA 0.350 11/15/2023 EUR 26.890
Rosbank PJSC 0.020 4/30/2024 RUB 60.050
Pfandbriefzentrale d 0.200 5/22/2042 CHF 73.355
Assistance Publique 1.125 4/16/2047 EUR 65.614
Takarek Mortgage Ban 3.000 1/28/2036 HUF 43.330
Duna Aszfalt Ut Es M 2.990 10/17/2029 HUF 68.000
Lehman Brothers Trea 2.875 3/14/2013 CHF 0.100
Deutsche Bank AG 0.687 10/11/2049 EUR 50.960
Sequa Petroleum NV 5.000 4/29/2020 USD 30.250
Deutsche Bank AG 2.348 8/15/2034 EUR 71.764
Corner Banca SA 13.000 1/19/2023 USD 32.910
Kommunekredit 2.180 7/16/2040 AUD 64.756
Kuntarahoitus Oyj 1.220 3/27/2060 EUR 69.470
DZ Bank AG Deutsche 9.250 4/28/2023 EUR 42.760
Norddeutsche Landesb 0.900 12/8/2031 EUR 74.861
BNP Paribas SA 1.450 11/17/2041 EUR 67.688
MET Hungary Solar Pa 3.800 12/2/2031 HUF 68.100
Communaute Francaise 0.392 1/22/2041 EUR 60.441
Flextronics Internat 3.600 12/6/2031 HUF 58.000
Vontobel Financial P 6.000 3/24/2023 EUR 69.040
Caisse Francaise de 0.865 2/17/2042 EUR 70.554
Getin Noble Bank SA 12.110 12/21/2023 PLN 19.875
Landesbank Hessen-Th 0.800 9/29/2036 EUR 66.107
Deutsche Bank AG/Lon 2.200 4/14/2023 EUR 74.910
State of North Rhine 1.850 3/18/2089 EUR 69.503
Natixis SA 0.300 6/25/2048 USD 27.264
DZ Bank AG Deutsche 3.780 12/23/2022 EUR 72.720
Wirtschafts- und Inf 0.200 12/14/2045 EUR 56.560
VTB Bank PJSC 10.000 RUB 70.000
Landesbank Hessen-Th 0.350 5/27/2031 EUR 74.519
BNG Bank NV 0.772 8/5/2050 EUR 58.202
Republic of Austria 0.100 7/10/2040 EUR 64.419
Societe Generale SA 2.650 2/25/2030 USD 73.438
Hypo Tirol Bank AG 0.740 5/29/2040 EUR 69.038
DekaBank Deutsche Gi 2.200 3/24/2023 EUR 72.890
Kreditanstalt fuer W 1.267 3/22/2051 EUR 74.867
Getin Noble Bank SA 11.260 6/28/2024 PLN 24.876
Credit Suisse AG/Lon 2.500 7/23/2025 SEK 25.160
Banque Cantonale de 0.100 11/1/2044 CHF 66.344
DLR Kredit A/S 0.500 10/1/2053 DKK 69.094
Kreditanstalt fuer W 0.885 11/14/2039 EUR 73.959
State of Hesse 0.450 9/23/2044 EUR 62.758
Norddeutsche Landesb 0.850 12/7/2035 EUR 65.331
Landesbank Saar 0.650 11/19/2035 EUR 67.196
DekaBank Deutsche Gi 0.780 10/18/2035 EUR 68.665
Home Invest Belgium 1.850 1/15/2032 EUR 73.342
Region Wallonne Belg 1.000 9/16/2059 EUR 54.973
HSBC Bank PLC 0.500 6/23/2027 MXN 61.834
LFA Foerderbank Baye 0.250 9/30/2039 EUR 65.644
Takarek Mortgage Ban 2.600 10/22/2028 HUF 59.820
SCF Capital Designat 3.850 4/26/2028 USD 19.428
BPCE SA 2.614 3/4/2036 AUD 57.988
UniCredit Bank AG 5.300 4/8/2025 EUR 68.160
Italy Buoni Polienna 1.500 4/30/2045 EUR 65.454
Republic of Poland G 1.250 10/25/2030 PLN 66.484
Wirtschafts- und Inf 0.192 1/28/2042 EUR 60.635
NTRP Via Interpipe L 10.250 8/2/2017 USD 26.500
Ferrovie Luganesi SA 0.280 12/31/2044 CHF 68.626
Zurcher Kantonalbank 30.000 1/18/2023 USD 26.490
Region Auvergne-Rhon 1.150 4/8/2039 EUR 74.905
Hypo Vorarlberg Bank 1.590 8/25/2050 EUR 61.965
Harp Issuer PLC 1.400 2/14/2032 USD 66.975
Landesbank Baden-Wue 3.120 12/23/2022 EUR 66.230
JP Morgan Structured 11.000 12/30/2026 ZMW #N/A N/A
Ukraine Government B 16.000 3/13/2024 UAH 60.286
Landesbank Baden-Wue 4.000 8/22/2025 EUR 45.890
Malta Government Bon 1.200 5/13/2037 EUR 72.070
Landesbank Hessen-Th 0.530 11/4/2031 EUR 73.449
Region de Bruxelles- 0.444 3/19/2057 EUR 44.530
Landesbank Baden-Wue 4.100 12/23/2022 EUR 62.060
Hamburgische Investi 0.372 2/22/2041 EUR 66.329
Single Platform Inve 1.000 10/31/2040 EUR 64.116
Muenchener Hypotheke 1.692 11/6/2051 EUR 69.720
Single Platform Inve 0.815 4/1/2042 EUR 59.096
Slovenska Sporitelna 4.490 EUR 61.351
Nederlandse Watersch 0.955 2/13/2051 EUR 65.142
Wirtschafts- und Inf 0.450 12/1/2038 EUR 69.666
Banco Santander SA 0.790 9/30/2031 EUR 74.211
Alfa-Bank AO 10.200 2/10/2025 RUB 65.000
Banque International 0.800 12/22/2032 EUR 73.865
Barclays Bank PLC 2.700 3/26/2031 AUD 74.502
CB First Investment 8.000 EUR 70.614
Assistance Publique 1.099 4/6/2071 EUR 48.330
Single Platform Inve 1.051 4/1/2042 EUR 63.540
Bayerische Landesban 1.800 1/25/2036 EUR 74.154
Natixis SA 3.600 11/11/2041 AUD 66.828
Skandinaviska Enskil 8.520 1/15/2024 SEK 74.220
Societe Generale SA 2.050 2/18/2031 AUD 68.348
Credit Agricole Corp 1.900 1/15/2031 AUD 74.766
Caisse des Depots et 1.365 11/2/2051 EUR 74.592
TransFin-M PAO 9.150 2/4/2027 RUB 61.000
Kreditanstalt fuer W 0.980 6/28/2051 EUR 69.504
Region de Bruxelles- 0.750 6/24/2042 EUR 65.379
Bayerische Landesban 1.100 3/24/2023 EUR 73.380
Ministeries Van de V 0.875 6/3/2045 EUR 60.064
Grand City Propertie 2.600 2/25/2034 EUR 68.923
Single Platform Inve 1.650 6/3/2038 EUR 74.907
Assistance Publique 0.800 3/23/2046 EUR 61.326
Single Platform Inve 1.083 2/15/2041 EUR 64.967
Deutsche Bank AG/Lon 4.320 6/15/2037 AUD 72.977
Deutsche Pfandbriefb 0.613 9/30/2032 EUR 60.665
Getin Noble Bank SA 12.320 4/4/2024 PLN 32.635
Ville de Paris 0.760 5/25/2066 EUR 45.137
Credit Agricole Corp 0.650 11/5/2034 EUR 67.852
SBAB Bank AB 0.928 11/7/2034 SEK 74.278
Credit Suisse AG/Lon 20.000 11/29/2024 USD 11.229
National Grid Electr 2.226 12/19/2039 GBP 66.143
Kreditanstalt fuer W 1.115 5/17/2041 EUR 70.138
Landesbank Hessen-Th 1.370 9/22/2031 EUR 71.198
Societe Generale SA 1.100 2/20/2034 EUR 70.371
Erste Group Bank AG 0.100 9/30/2032 EUR 69.350
Municipality of Arnh 0.605 2/24/2040 EUR 70.435
EFG International Fi 4.900 11/24/2023 USD 50.120
Deutsche Apotheker-u 1.090 12/16/2039 EUR 63.700
Region de Bruxelles- 0.556 12/23/2064 EUR 43.172
Communaute Francaise 1.600 6/22/2047 EUR 73.405
BNG Bank NV 2.300 3/3/2036 AUD 71.550
Single Platform Inve 1.082 3/17/2039 EUR 66.940
Zurcher Kantonalbank 7.100 12/2/2022 USD 61.070
Assistance Publique 1.073 4/16/2045 EUR 66.706
Basque Government 2.000 4/30/2059 EUR 69.831
Hospices Civils de L 0.380 8/28/2030 EUR 74.733
BNP Paribas SA 1.125 11/5/2034 EUR 70.478
Lehman Brothers Trea 11.750 3/1/2010 EUR 0.100
Danske Bank A/S 0.910 10/17/2039 JPY 72.328
Landesbeteiligungen 1.450 6/15/2046 EUR 65.900
Landesbank Saar 0.842 1/24/2033 EUR 74.975
WEB Windenergie AG 4.000 12/17/2025 EUR 0.010
Dr Wiesent Sozial gG 7.000 EUR 0.002
Commerzbank AG 1.400 7/21/2031 EUR 73.043
Phosphorus Holdco PL 10.000 4/1/2019 GBP 1.386
Russian Railways JSC 13.630 10/15/2040 RUB 50.010
Deutsche Pfandbriefb 3.100 9/7/2046 USD 72.926
Caisse des Depots et 1.075 9/15/2050 EUR 70.178
Skandinaviska Enskil 7.520 7/15/2024 SEK 70.990
DZ Bank AG Deutsche 4.000 12/23/2022 EUR 65.120
Communaute Francaise 1.010 7/19/2051 EUR 59.542
STAVMAT Epitoanyag K 3.000 7/20/2031 HUF 64.600
VTB Bank PJSC 13.000 RUB 74.900
Single Platform Inve 0.810 4/1/2042 EUR 60.177
UniCredit Bank AG 0.610 5/2/2033 EUR 73.448
Sberbank of Russia P 0.010 2/4/2027 RUB 68.900
Single Platform Inve 1.120 7/25/2045 JPY 67.458
Landesbank Hessen-Th 1.750 2/16/2037 EUR 70.100
Landesbank Hessen-Th 9.468 11/16/2033 EUR 74.300
Santander Consumer B 8.100 NOK 56.499
Landesbank Hessen-Th 1.500 12/16/2036 EUR 69.900
Ville de Paris 0.831 2/23/2056 EUR 52.062
Wirtschafts- und Inf 0.650 2/8/2039 EUR 72.057
Zurcher Kantonalbank 22.500 12/20/2022 USD 66.780
Bayerische Landesban 1.716 1/8/2037 EUR 71.971
French Republic Gove 0.500 6/25/2044 EUR 65.363
Barclays Bank PLC 2.600 3/30/2031 AUD 73.844
Grenke Finance PLC 2.237 1/29/2029 EUR 72.710
Ukraine Government B 3.700 5/25/2023 USD 67.297
Bazalgette Finance P 0.074 5/16/2049 GBP 65.145
Vasakronan AB 0.950 3/22/2039 JPY 74.837
Vontobel Financial P 3.900 1/19/2023 EUR 58.060
BNP Paribas SA 1.660 3/4/2031 USD 71.277
CDC Habitat SEM 0.853 2/15/2041 EUR 61.189
Bayerische Landesban 0.350 12/23/2030 EUR 74.653
Wirtschafts- und Inf 0.400 11/23/2039 EUR 67.861
Raiffeisenlandesbank 0.998 11/4/2033 EUR 73.065
Santander Internatio 1.320 8/8/2039 EUR 68.095
Credit Suisse AG/Lon 18.300 8/1/2023 USD 18.500
NRW Bank 1.400 3/19/2070 EUR 68.919
FLUVIUS System Opera 0.810 4/8/2033 EUR 72.362
Assistance Publique 0.647 7/17/2040 EUR 66.438
ASCE Group OJSC 7.000 6/11/2031 USD 71.786
Assistance Publique 0.750 11/30/2039 EUR 68.614
Kommunalkredit Austr 0.570 9/15/2037 EUR 69.073
Agence Francaise de 2.114 9/8/2034 AUD 72.247
Landesbank Hessen-Th 1.600 6/12/2035 EUR 72.300
Kreditanstalt fuer W 0.613 6/10/2040 EUR 67.251
Kreditanstalt fuer W 1.208 6/17/2051 EUR 74.969
NORD/LB Luxembourg S 0.542 9/30/2037 EUR 69.343
Getin Noble Bank SA 11.250 5/31/2024 PLN 36.016
Getin Noble Bank SA 12.300 1/31/2024 PLN 37.875
Regie Autonome des T 0.875 8/18/2080 EUR 44.426
Landesbank Hessen-Th 1.300 9/25/2035 EUR 69.400
Region Wallonne Belg 0.050 10/26/2032 EUR 73.681
Societe Generale SA 9.200 5/22/2025 USD 63.560
Raiffeisen Bank Inte 0.290 11/11/2030 EUR 73.002
LFA Foerderbank Baye 0.010 12/15/2033 EUR 73.875
Metal Hungaria Holdi 3.000 11/17/2030 HUF 62.000
Communaute Francaise 1.363 4/16/2040 EUR 73.375
Landesbank Hessen-Th 0.750 11/14/2034 EUR 68.606
National Grid Electr 1.690 9/16/2041 GBP 58.488
MASTERPLAST Nyrt 2.000 12/6/2026 HUF 74.000
Santander Internatio 1.700 12/12/2049 EUR 43.755
s Wohnbaubank AG 0.750 1/27/2035 EUR 65.500
Vontobel Financial P 7.150 12/9/2022 CHF 28.550
Kuntarahoitus Oyj 1.400 3/5/2061 EUR 74.562
Assistance Publique 0.683 3/19/2041 EUR 65.884
Batigere Grand Est S 1.550 8/12/2041 EUR 66.416
Senivita Social Esta 8.500 6/30/2025 EUR 0.020
NIBC Bank NV 0.410 1/27/2031 EUR 68.319
Landesbank Hessen-Th 1.300 6/4/2035 EUR 72.641
ALROSA Finance SA 3.100 6/25/2027 USD 9.979
Wirtschafts- und Inf 0.250 8/11/2039 EUR 65.886
Phones4u Finance PLC 9.500 4/1/2018 GBP 74.938
Pongs & Zahn AG 8.500 EUR 0.003
Landesbank Hessen-Th 1.500 7/26/2034 EUR 71.200
BNG Bank NV 10.010 6/17/2025 TRY 57.138
Deutsche Bank AG/Lon 13.750 6/20/2026 TRY 25.153
Getin Noble Bank SA 11.750 5/31/2023 PLN 36.965
Privatbank CJSC Via 10.875 2/28/2018 USD 3.217
Resa SA/Belgium 1.950 7/22/2036 EUR 20.000
International Bank o 8.250 10/9/2024 USD 60.375
KPNQwest NV 8.875 2/1/2008 EUR 0.453
Credit Agricole SA 4.400 2/24/2042 AUD 63.417
Deutsche Bank AG 0.700 10/7/2031 EUR 66.808
DekaBank Deutsche Gi 4.810 12/23/2022 EUR 54.770
Infogroup Holding Kf 3.000 5/20/2031 HUF 61.050
UBS AG/London 7.000 3/31/2023 USD 57.950
Single Platform Inve 1.050 6/25/2044 EUR 62.294
Landeskreditbank Bad 0.547 2/18/2041 EUR 67.855
SG Issuer SA 8.800 7/20/2023 SEK 68.130
MOL Nyrt Kueloenlege 4.950 1/26/2032 HUF 73.430
Societe Generale SA 2.650 1/26/2032 USD 73.199
Bank J Safra Sarasin 7.750 12/22/2022 CHF 67.690
Landesbank Saar 0.710 12/6/2035 EUR 68.039
Deutsche Bank AG 2.000 3/31/2032 USD 73.950
Ville de Paris 1.165 6/9/2053 EUR 61.944
VTB Bank PJSC 11.250 5/6/2037 RUB 74.000
Anselma Issuer SA 1.574 12/31/2038 EUR 64.230
Single Platform Inve 0.950 7/25/2047 EUR 58.446
Region Nouvelle-Aqui 0.630 11/22/2039 EUR 67.272
Cooperatieve Raboban 1.850 3/29/2049 EUR 73.182
Landesbank Baden-Wue 0.310 12/9/2039 EUR 51.557
Credit Suisse AG/Lon 19.500 12/12/2022 USD 45.420
NRW Bank 1.235 12/16/2061 EUR 68.203
Ville de Paris 0.395 12/18/2045 EUR 57.431
Credit Industriel Et 0.900 2/4/2041 EUR 62.621
Agence Francaise de 2.330 2/10/2041 AUD 64.454
Societe Nationale SN 2.931 1/14/2051 AUD 66.962
Bank Vontobel AG 11.500 12/12/2022 EUR 59.300
UBS AG/London 6.750 1/9/2023 CHF 66.850
UBS AG/London 7.850 11/2/2023 USD 47.500
KESZ Holding Busines 4.100 11/17/2031 HUF 74.850
UniCredit Bank AG 0.900 3/24/2036 EUR 68.020
Republic of Austria 0.750 3/20/2051 EUR 64.468
Republic of Ireland 1.200 4/15/2120 EUR 52.336
Kreditanstalt fuer W 0.820 4/15/2050 EUR 70.695
Berlin Hyp AG 0.895 7/20/2050 EUR 66.055
KESZ Holding Busines 2.800 6/17/2031 HUF 69.430
Kingdom of Belgium G 0.400 6/22/2040 EUR 67.218
VTB Bank PJSC 0.010 5/13/2025 RUB 72.010
Landesbank Baden-Wue 1.585 2/22/2034 EUR 74.834
DZ Bank AG Deutsche 0.780 3/5/2030 EUR 72.209
Wirtschafts- und Inf 0.421 3/17/2039 EUR 68.054
Landesbank Hessen-Th 1.806 5/11/2037 EUR 70.392
Kommunekredit 0.100 9/30/2033 DKK 74.363
Credit Suisse AG/Lon 3.214 10/6/2023 SEK 8.690
Daniella Kereskedelm 3.000 7/30/2030 HUF 67.450
Communaute Francaise 1.000 10/8/2069 EUR 51.889
Single Platform Inve 0.780 4/1/2042 EUR 59.795
Rikshem AB 1.910 11/16/2032 NOK 73.485
Kreditanstalt fuer W 0.220 11/19/2035 EUR 72.727
Agence Francaise de 2.360 10/17/2044 AUD 61.861
Alteo Nyrt 3.150 10/28/2029 HUF 59.800
EFG International Fi 9.100 9/20/2023 EUR 36.130
EFG International Fi 10.000 9/20/2023 USD 35.420
National Grid Electr 3.120 12/10/2039 AUD 70.508
Vorosko Kereskedelmi 4.750 1/25/2032 HUF 65.000
State of Rhineland-P 0.100 10/1/2040 EUR 63.553
Deutsche Pfandbriefb 0.765 9/12/2036 EUR 51.206
Wirtschafts- und Inf 0.138 8/23/2044 EUR 56.403
MetMax Europe Zrt 3.000 12/11/2030 HUF 63.400
Ville de Marseille 0.498 12/17/2040 EUR 65.358
Landeskreditbank Bad 1.017 3/15/2061 EUR 62.881
BPCE SFH SA 0.430 5/7/2040 EUR 64.600
Landesbank Hessen-Th 1.035 5/21/2035 EUR 69.500
Department of Val d' 0.390 11/18/2041 EUR 60.771
Landeskreditbank Bad 2.500 5/21/2036 AUD 70.913
Hungary Government I 1.625 4/28/2032 EUR 72.314
Kuntarahoitus Oyj 0.870 10/11/2050 EUR 72.583
UBS AG/London 1.500 2/2/2031 USD 74.666
Wirtschafts- und Inf 0.208 1/28/2043 EUR 59.431
Communaute Francaise 0.750 2/4/2061 EUR 48.057
Skandinaviska Enskil 8.300 7/17/2023 SEK 66.530
Landesbank Baden-Wue 1.050 7/17/2034 EUR 68.380
Landesbank Hessen-Th 1.000 9/3/2035 EUR 69.000
Assistance Publique 0.630 7/30/2042 EUR 63.164
Agence France Locale 0.550 6/20/2040 EUR 67.758
SG Issuer SA 6.130 1/20/2024 SEK 71.120
LBI ehf 6.100 8/25/2011 USD 10.666
Heta Asset Resolutio 4.350 12/31/2023 EUR 0.776
Veneto Banca SpA 6.950 2/25/2025 EUR 0.579
Landesbank Hessen-Th 0.500 2/14/2035 EUR 70.400
Agrokor dd 8.875 2/1/2020 USD 15.000
Astana Finance BV 7.875 6/8/2010 EUR 16.000
Minicentrales Dos SA 0.010 6/6/2047 EUR 66.743
Deutsche Apotheker-u 1.444 9/1/2036 EUR 71.026
Kuntarahoitus Oyj 0.854 1/14/2060 EUR 66.920
United Kingdom Gilt 0.625 7/31/2035 GBP 71.909
Ringkjoebing Landbob 1.875 6/6/2039 EUR 70.744
Single Platform Inve 1.785 7/30/2042 EUR 73.196
Caisse des Depots et 1.150 2/3/2042 EUR 73.625
Vontobel Financial P 8.000 12/23/2022 EUR 65.090
Bayerische Landesban 2.200 4/26/2024 EUR 69.890
Norddeutsche Landesb 1.450 5/10/2039 EUR 67.247
Nomura Bank Internat 1.415 1/27/2042 EUR 63.977
Societe Generale SA 12.264 11/2/2023 USD 20.000
Credit Agricole Corp 17.520 1/27/2027 TRY 72.133
Assistance Publique 0.750 12/3/2041 EUR 66.061
Single Platform Inve 1.416 2/15/2041 EUR 71.976
MOL Nyrt Kueloenlege 4.950 1/26/2032 HUF 73.430
Bank Vontobel AG 9.250 1/4/2023 CHF 20.700
Landesbank Saar 0.680 3/29/2034 EUR 71.270
Landesbank Hessen-Th 1.000 4/28/2036 EUR 68.520
DZ Bank AG Deutsche 1.850 12/29/2031 EUR 69.880
Credit Suisse AG/Lon 8.000 6/16/2023 USD 32.250
Department of L'Eure 0.643 8/31/2041 EUR 64.656
Sintekom TH OOO 13.000 1/23/2025 RUB 50.500
Credit Suisse AG/Lon 0.900 12/20/2031 EUR 71.830
Liga Bank eG Regensb 0.010 1/29/2036 EUR 66.684
Region de Bruxelles- 0.650 2/15/2061 EUR 47.616
Deutsche Pfandbriefb 1.340 10/16/2051 EUR 73.274
Landesbank Hessen-Th 0.850 2/18/2036 EUR 64.550
Communaute Francaise 0.749 9/16/2080 EUR 55.238
Grupo Isolux Corsan 0.250 12/30/2018 EUR 0.157
Credit Suisse AG/Lon 9.750 4/27/2023 USD 56.530
Reneszansz Kofarago 3.200 4/9/2031 HUF 73.000
Aareal Bank AG 0.570 8/7/2029 EUR 70.979
Raiffeisen-Landesban 1.380 7/24/2059 EUR 70.979
Hypo Vorarlberg Bank 1.022 7/31/2034 EUR 70.863
Department of Val d' 0.735 7/3/2040 EUR 67.673
Agence Metropolitain 0.500 7/7/2035 EUR 74.201
Norddeutsche Landesb 0.900 7/5/2032 EUR 73.509
Skandinaviska Enskil 8.200 1/15/2024 SEK 73.820
Autonomous Community 1.744 7/1/2061 EUR 61.470
HSBC Continental Eur 0.900 3/2/2035 EUR 72.498
Kreditanstalt fuer W 1.201 9/13/2051 EUR 71.101
Deutsche Pfandbriefb 0.710 9/10/2031 EUR 65.726
Leonteq Securities A 10.000 12/13/2022 USD 27.840
Hungary Government B 3.000 8/21/2030 HUF 71.253
Frigoglass Finance B 6.875 2/12/2025 EUR 37.504
Bayerische Landesban 3.100 2/24/2023 EUR 65.470
Barclays Bank PLC 1.750 9/29/2032 USD 65.204
Municipality of Eind 1.134 10/18/2066 EUR 72.854
UniCredit SpA 1.490 10/23/2035 EUR 66.362
SG Issuer SA 2.200 1/10/2025 EUR 71.230
OR PJSC 12.000 11/14/2024 RUB 62.660
Communaute Francaise 0.948 10/11/2059 EUR 58.399
DZ Bank AG Deutsche 0.520 11/23/2033 EUR 73.006
DZ Bank AG Deutsche 0.660 11/23/2035 EUR 70.058
UBS Group AG 2.210 11/24/2035 USD 65.286
Barclays Bank PLC 1.235 11/27/2040 EUR 72.813
Hypo Vorarlberg Bank 0.741 10/16/2036 EUR 64.178
Natixis SA 2.719 10/25/2032 AUD 72.615
Batigere Grand Est S 1.485 10/25/2039 EUR 67.312
Kreditanstalt fuer W 1.027 10/26/2050 EUR 69.378
Ukreximbank Via Biz 10.426 2/9/2023 USD 30.735
Single Platform Inve 1.130 5/1/2030 EUR 73.702
Deutsche Pfandbriefb 1.850 9/20/2032 EUR 69.903
Caisse des Depots et 2.940 3/2/2051 AUD 67.511
Single Platform Inve 1.103 5/25/2052 EUR 57.097
Republic of Ireland 1.230 5/29/2120 EUR 56.901
Societe Generale SA 8.000 5/31/2023 USD 65.775
AutoWallis Nyrt 3.000 4/15/2030 HUF 66.470
UniCredit Bank AG 10.700 2/17/2025 EUR 68.750
Assistance Publique 1.183 4/16/2050 EUR 63.878
Landesbank Baden-Wue 0.980 7/15/2032 EUR 73.673
Region Wallonne Belg 1.222 6/24/2080 EUR 53.481
Oberoesterreichische 0.350 10/9/2041 EUR 63.232
Standard Chartered P 5.925 USD 73.435
SALVATOR Vermoegensv 9.500 EUR 7.900
A-TEC Industries AG 5.750 11/2/2010 EUR 0.100
Bazalgette Finance P 0.688 6/27/2050 GBP 74.523
Premium Green PLC 1.000 7/25/2040 EUR 65.353
Communaute Francaise 1.367 1/20/2070 EUR 66.642
Akademiska Hus AB 2.080 4/17/2045 SEK 72.923
Veneto Banca SpA 6.944 5/15/2025 EUR 0.579
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
Pescanova SA 8.750 2/17/2019 EUR 0.319
Bank Otkritie Financ 0.010 9/24/2025 RUB 71.030
Vasakronan AB 2.084 8/26/2030 AUD 73.138
Duna House Holding N 3.000 9/2/2030 HUF 74.050
Wirtschafts- und Inf 0.250 9/8/2037 EUR 66.418
Credit Suisse AG/Lon 7.000 2/10/2023 EUR 68.840
Leonteq Securities A 10.000 7/21/2023 CHF 60.330
Hunland Feed Kft 2.880 7/21/2031 HUF 67.540
Kuntarahoitus Oyj 1.200 7/21/2061 EUR 70.462
Commerzbank AG 2.350 2/24/2042 EUR 66.153
DZ Bank AG Deutsche 4.850 12/23/2022 EUR 57.330
Credit Agricole SA 1.000 4/6/2035 EUR 71.000
Regie Autonome des T 0.938 5/25/2050 EUR 60.200
Autonomous Community 1.550 5/11/2051 EUR 64.234
Nomura Bank Internat 1.380 1/19/2037 EUR 68.592
Credit Suisse AG/Lon 18.250 3/14/2023 CHF 22.470
Single Platform Inve 1.413 3/20/2051 EUR 62.971
Italy Buoni Polienna 0.150 5/15/2051 EUR 71.258
Nederlandse Watersch 1.577 12/9/2039 GBP 71.768
Landesbank Baden-Wue 6.820 12/23/2022 EUR 60.340
Societe Generale SA 2.050 2/22/2031 AUD 68.679
BNG Bank NV 2.000 2/19/2038 AUD 66.767
DZ Bank AG Deutsche 2.150 12/23/2022 EUR 65.760
EFG International Fi 18.000 12/22/2022 CHF 56.380
Single Platform Inve 0.800 4/7/2042 EUR 60.110
Barclays Bank PLC 3.900 2/15/2042 AUD 68.756
Banco Santander SA 1.020 1/4/2034 EUR 70.952
Bank Julius Baer & C 5.700 1/5/2023 CHF 70.000
Credit Suisse AG/Lon 5.800 7/12/2023 USD 7.980
Raiffeisen Schweiz G 18.800 12/27/2022 CHF 63.570
Societe Generale SA 2.670 3/24/2031 AUD 71.971
Caisse des Depots et 2.160 12/7/2050 AUD 56.419
MASTERPLAST Nyrt 2.100 12/21/2027 HUF 68.000
Ville de Paris 0.373 12/21/2044 EUR 58.751
Aktia Bank Oyj 0.850 12/21/2040 EUR 65.746
Kreditanstalt fuer W 0.816 12/19/2050 EUR 66.268
Assistance Publique 1.053 5/25/2052 EUR 59.770
Landesbank Saar 0.720 6/29/2035 EUR 68.773
Wirtschafts- und Inf 0.350 3/31/2036 EUR 71.149
Corner Banca SA 12.800 12/7/2022 CHF 47.220
Basler Kantonalbank 10.000 12/8/2022 CHF 62.940
Barclays Bank PLC 6.400 6/16/2031 MXN 65.805
Ville de Marseille 1.079 11/19/2046 EUR 67.090
Belfius Bank SA 0.125 6/19/2034 EUR 73.068
Corner Banca SA 10.000 11/30/2022 CHF 59.520
Bazalgette Finance P 0.174 5/16/2049 GBP 72.554
Landesbank Baden-Wue 1.500 4/16/2039 EUR 71.470
Bank Vontobel AG 11.000 2/6/2023 CHF 32.400
DekaBank Deutsche Gi 1.585 12/28/2035 EUR 60.801
Standard Chartered B 3.040 1/18/2042 USD 71.560
Bank J Safra Sarasin 12.400 12/28/2022 CHF 58.130
SR-Boligkreditt AS 1.252 12/2/2041 EUR 74.913
Landesbank Hessen-Th 0.500 12/3/2031 EUR 73.217
Zurcher Kantonalbank 7.500 1/10/2023 CHF 63.770
Region de Bruxelles- 0.900 4/14/2050 EUR 59.567
Kuntarahoitus Oyj 1.300 4/8/2061 EUR 71.889
Region Auvergne-Rhon 0.805 7/26/2039 EUR 70.064
Region Auvergne-Rhon 0.697 8/2/2036 EUR 74.137
Raiffeisen Switzerla 5.300 6/14/2023 CHF 69.070
Kingdom of Belgium G 0.675 7/7/2080 EUR 39.824
Credit Suisse AG/Lon 5.880 6/28/2023 USD 8.510
UniCredit Bank AG 15.050 4/28/2023 EUR 44.700
DZ Bank AG Deutsche 4.000 6/23/2023 EUR 62.390
Credit Suisse AG/Lon 2.100 3/15/2037 EUR 72.696
Single Platform Inve 0.803 3/20/2041 EUR 60.921
Single Platform Inve 0.885 7/24/2036 EUR 69.074
Kreditanstalt fuer W 1.208 3/10/2051 EUR 73.996
Barclays Bank PLC 2.550 3/18/2031 AUD 73.712
DZ Bank AG Deutsche 1.000 2/18/2032 EUR 67.209
Republic of Ireland 0.740 9/22/2078 EUR 51.414
Landesbank Baden-Wue 0.690 10/8/2035 EUR 62.089
Norddeutsche Landesb 1.000 10/26/2035 EUR 66.944
Region Wallonne Belg 1.272 10/3/2040 EUR 73.541
Nederlandse Watersch 0.750 10/4/2041 EUR 70.376
SG Issuer SA 2.910 10/8/2034 AUD 67.198
Credit Industriel Et 2.160 10/29/2035 USD 67.736
Oberoesterreichische 0.285 11/6/2042 EUR 60.777
Nederlandse Watersch 0.190 11/2/2050 EUR 56.279
Single Platform Inve 1.200 11/15/2037 EUR 70.245
Bayerische Landesban 2.150 1/27/2023 EUR 43.300
Landesbank Baden-Wue 0.500 1/17/2040 EUR 66.210
Skandinaviska Enskil 5.750 1/15/2025 SEK 67.550
Wirtschafts- und Inf 0.395 9/23/2038 EUR 67.881
Landesbank Baden-Wue 0.500 10/18/2039 EUR 65.740
State of Hesse 0.100 10/1/2037 EUR 65.949
Kuntarahoitus Oyj 0.514 10/7/2039 EUR 71.564
Erste Group Bank AG 1.065 5/17/2041 EUR 63.308
Societe Generale SA 2.360 5/25/2031 USD 73.199
Kommunekredit 1.375 5/18/2046 SEK 71.376
Kreditanstalt fuer W 1.271 5/20/2051 EUR 73.749
Landesbank Hessen-Th 1.050 11/17/2060 EUR 63.578
State of Brandenburg 0.300 11/17/2045 EUR 60.484
Hungary Government I 1.500 11/17/2050 EUR 49.684
Credit Agricole Corp 9.450 3/8/2027 TRY 50.014
Region Auvergne-Rhon 0.493 10/23/2037 EUR 69.298
Landesbank Hessen-Th 1.100 12/27/2034 EUR 70.900
Single Platform Inve 0.887 9/20/2039 EUR 64.923
DZ Bank AG Deutsche 2.000 12/23/2022 EUR 63.010
Bayerische Landesban 0.800 10/16/2036 EUR 62.880
Wirtschafts- und Inf 0.250 9/16/2037 EUR 66.389
Societe Generale SA 2.880 9/10/2034 AUD 65.006
Wirtschafts- und Inf 0.267 8/29/2044 EUR 57.876
Kreditanstalt fuer W 0.880 12/7/2050 EUR 66.934
UniCredit SpA 0.725 11/27/2030 EUR 71.318
Serbia International 2.125 12/1/2030 USD 72.970
Credit Agricole Corp 3.020 4/22/2036 AUD 73.458
Kreditanstalt fuer W 1.000 4/27/2041 EUR 73.743
Landesbank Baden-Wue 0.210 2/26/2031 EUR 70.501
NRW Bank 1.070 3/10/2051 EUR 68.742
Societe Generale SFH 0.570 3/15/2036 EUR 73.488
Landesbank Baden-Wue 0.850 5/27/2033 EUR 70.244
Single Platform Inve 1.425 5/25/2052 EUR 63.399
Region Wallonne Belg 1.550 4/28/2120 EUR 55.268
CDC Habitat SEM 1.043 5/12/2036 EUR 67.553
Deutsche Bank AG 0.510 9/16/2031 EUR 73.853
State of Saxony-Anha 0.475 9/30/2050 EUR 60.843
OR PJSC 11.000 12/29/2024 RUB 4.980
Ukraine Government B 3.700 6/22/2023 USD 68.029
Region Auvergne-Rhon 0.530 9/29/2036 EUR 71.949
Emissionszentrale fu 0.150 9/9/2041 CHF 74.504
BNG Bank NV 0.680 3/4/2050 EUR 56.760
NRW Bank 1.021 8/11/2051 EUR 68.435
Oberbank AG 0.230 10/7/2041 EUR 61.891
Bibby Offshore Servi 7.500 6/15/2021 GBP 11.625
Vasakronan AB 2.400 6/20/2044 SEK 68.392
Peine GmbH 2.000 7/5/2023 EUR 44.500
Mifa Mitteldeutsche 7.500 8/12/2018 EUR 2.120
Hypo Tirol Bank AG 1.010 1/20/2040 EUR 73.010
Norske Skog Holding 8.000 2/24/2021 EUR 0.006
United Kingdom Gilt 1.250 10/22/2041 GBP 69.852
DekaBank Deutsche Gi 1.300 4/23/2035 EUR 72.331
Deutsche Bank AG 2.480 12/10/2035 EUR 71.151
Aareal Bank AG 1.800 7/21/2036 EUR 74.646
State Savings Bank o 10.186 1/19/2024 USD 32.523
OR PJSC 11.500 7/28/2024 RUB 5.800
KPNQwest NV 10.000 3/15/2012 EUR 0.453
Landesbank Baden-Wue 1.000 6/5/2039 EUR 69.850
Nederlandse Watersch 0.964 6/11/2059 EUR 66.017
Baromfi-Coop Termelo 3.000 7/19/2031 HUF 64.200
Societe Generale SA 8.760 7/31/2024 USD 37.800
Credit Suisse AG/Lon 10.920 2/16/2023 GBP 63.390
Corner Banca SA 14.000 2/14/2023 CHF 58.180
BPCE SA 2.250 3/13/2040 AUD 48.760
Kuntarahoitus Oyj 0.448 3/19/2040 EUR 63.296
Landesbank Hessen-Th 0.900 6/10/2036 EUR 67.549
Landwirtschaftliche 0.400 7/29/2036 EUR 73.536
Ukraine Government B 3.900 3/30/2023 USD 74.583
Societe Generale SA 12.500 12/14/2023 USD 33.500
Single Platform Inve 1.233 6/25/2044 EUR 67.100
Sberbank of Russia P 0.010 3/27/2028 RUB 61.800
Leonteq Securities A 6.000 2/20/2023 CHF 49.390
Vasakronan AB 2.533 1/28/2044 EUR 57.289
Bank Julius Baer & C 10.500 2/16/2023 USD 72.250
Purple Protected Ass 1.518 1/25/2061 EUR 65.466
DZ Bank AG Deutsche 3.900 3/24/2023 EUR 67.390
Finland Government B 0.125 4/15/2052 EUR 53.632
DZ Bank AG Deutsche 10.900 3/24/2023 EUR 48.230
Purple Protected Ass 1.565 12/23/2060 EUR 63.330
Norddeutsche Landesb 1.600 8/1/2039 EUR 68.056
HSBC Continental Eur 1.500 7/26/2049 EUR 68.183
Batigere Grand Est S 1.800 8/12/2050 EUR 66.669
UBS AG/London 8.000 3/9/2027 USD 9.300
Region de Bruxelles- 0.500 6/22/2040 EUR 64.794
Bayerische Landesban 1.000 3/22/2024 EUR 54.950
Spain Government Bon 1.000 7/30/2042 EUR 68.219
SG Issuer SA 5.000 4/2/2024 EUR 53.690
Single Platform Inve 0.950 5/17/2038 EUR 66.914
Luminis SA 1.800 9/2/2059 EUR 52.425
Uliving@Essex2 Issue 0.100 8/31/2063 GBP 72.543
Cie Generale de Navi 0.350 12/29/2056 CHF 63.314
Landesbank Baden-Wue 0.540 10/7/2031 EUR 72.390
Transports Publics N 0.320 10/28/2037 CHF 68.324
Bayerische Landesbod 0.030 10/22/2035 EUR 70.787
Caisse des Depots et 0.750 11/6/2048 EUR 64.627
Caisse des Depots et 1.114 9/20/2049 EUR 71.030
Single Platform Inve 1.000 7/15/2036 EUR 70.239
Republic of Ireland 1.180 5/25/2087 EUR 62.749
Credit Suisse AG/Lon 1.600 11/27/2030 USD 65.884
Landesbank Hessen-Th 1.000 12/28/2035 EUR 67.400
Credit Agricole Corp 2.650 1/29/2035 AUD 72.097
Nederlandse Watersch 0.996 11/4/2049 EUR 69.751
Single Platform Inve 0.462 2/15/2040 EUR 59.408
Department of Bouche 0.482 10/20/2045 EUR 56.682
Land Thueringen 1.100 7/3/2047 EUR 74.660
HSBC Continental Eur 1.385 11/18/2039 EUR 71.335
Caisse des Depots et 0.982 11/6/2050 EUR 68.349
TKK OOO 10.900 12/31/2033 RUB 60.100
Credit Suisse AG/Lon 5.000 3/29/2023 USD 9.500
Corestate Capital Ho 3.500 4/15/2023 EUR 5.522
Otthon Centrum Holdi 3.000 4/19/2031 HUF 69.700
UBS Group AG 2.490 3/4/2036 USD 67.201
NRW Bank 1.180 3/3/2051 EUR 74.294
Batigere Grand Est S 2.030 5/29/2070 EUR 72.001
Landesbank Baden-Wue 0.850 6/15/2035 EUR 64.240
Assistance Publique 0.666 3/19/2040 EUR 67.219
Kommunalkredit Austr 1.183 6/2/2031 EUR 74.619
ING Bank NV 2.220 1/20/2036 USD 70.350
French Republic Gove 0.500 5/25/2072 EUR 45.734
Deutsche Bank AG/Lon 14.900 5/30/2028 TRY 59.521
Metropole de Lyon 0.466 12/7/2046 EUR 54.988
Department of Bouche 0.467 12/8/2044 EUR 57.569
Landesbank Hessen-Th 0.900 10/22/2035 EUR 68.118
SpareBank 1 SR-Bank 0.970 10/9/2040 EUR 65.884
Department of Bouche 0.500 10/5/2043 EUR 59.637
Department of Bouche 0.457 10/8/2040 EUR 63.513
Department of Bouche 0.450 10/15/2041 EUR 61.763
Centrosolar Group AG 7.000 2/15/2016 EUR 2.505
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
Fuerstenberg Capital 5.625 EUR 66.731
Societe Generale SA 4.740 3/24/2030 USD 72.140
BNP Paribas SA 1.000 1/23/2040 MXN 19.539
AK BARS Bank Via AK 8.000 7/13/2022 USD 31.081
Bayerische Landesban 2.300 2/24/2023 EUR 46.780
COFIDUR SA 0.100 12/31/2024 EUR 25.300
SAir Group 4.250 2/2/2007 CHF 12.345
Barclays Bank PLC 2.000 6/12/2029 TRY 21.078
Zurcher Kantonalbank 7.500 7/26/2023 EUR 55.780
Region de Bruxelles- 1.310 12/15/2069 EUR 59.227
Bank Julius Baer & C 14.500 1/13/2023 USD 31.000
Societe Generale SA 21.000 5/1/2025 USD 42.300
Credit Suisse AG/Lon 19.250 12/8/2022 CHF 46.720
Raiffeisen Centroban 7.500 9/1/2023 EUR 38.020
Illes Holding Zrt 5.000 2/22/2032 HUF 71.700
Credit Suisse AG/Lon 9.000 5/3/2023 CHF 74.720
Zurcher Kantonalbank 12.500 2/16/2023 USD 66.510
Deutsche Bank AG 0.610 9/30/2031 EUR 74.620
AutoWallis Nyrt 3.000 7/27/2031 HUF 61.500
National Treasury Ma 1.190 10/7/2101 EUR 57.204
Citigroup Global Mar 2.650 3/17/2040 USD 69.307
Bayerische Landesban 0.490 4/9/2035 EUR 62.632
Barclays Bank PLC 2.000 5/7/2036 MXN 19.208
Region de Bruxelles- 1.040 5/3/2061 EUR 58.687
UBS AG/London 5.520 4/29/2041 USD 43.610
Landesbank Hessen-Th 2.400 6/9/2036 EUR 64.350
Landshypotek Bank AB 1.680 1/20/2042 SEK 74.746
Credit Suisse AG/Lon 12.000 1/31/2023 USD 65.940
UBS AG/London 19.250 1/26/2023 USD 57.150
Santander Consumer B 8.100 NOK 56.499
DekaBank Deutsche Gi 3.350 11/28/2022 EUR 48.510
Region Occitanie 1.339 3/21/2042 EUR 73.784
Landesbank Baden-Wue 0.150 8/11/2031 EUR 74.618
Single Platform Inve 1.690 7/25/2053 EUR 69.621
Danske Bank A/S 6.600 1/9/2027 SEK 72.280
Befimmo SA 1.269 2/24/2031 EUR 70.886
Kreditanstalt fuer W 0.680 2/23/2051 EUR 67.681
Norddeutsche Landesb 0.600 2/24/2031 EUR 74.777
Leonteq Securities A 14.000 2/8/2023 USD 28.300
Swissquote Bank SA 27.000 8/15/2023 CHF 55.210
OR PJSC 16.000 11/26/2025 RUB 23.030
Wirtschafts- und Inf 0.321 2/18/2041 EUR 63.859
SG Issuer SA 5.500 1/20/2025 SEK 70.750
SG Issuer SA 8.410 1/20/2027 SEK 49.590
Parnassia Groep BV 1.470 12/3/2046 EUR 61.565
Credit Suisse AG/Lon 13.500 11/28/2022 CHF 8.370
Credit Suisse AG/Lon 15.000 11/29/2022 USD 8.110
Norddeutsche Landesb 1.500 3/16/2037 EUR 70.904
Greenergy Holding Va 3.000 9/21/2031 HUF 65.596
Single Platform Inve 1.010 3/20/2051 EUR 57.143
Societe Generale SA 12.000 7/14/2026 USD 24.980
Zurcher Kantonalbank 11.500 2/23/2023 USD 73.270
Single Platform Inve 0.767 2/15/2041 EUR 61.652
Landesbank Baden-Wue 0.350 1/20/2031 EUR 73.170
Office Public De L'H 1.700 12/22/2060 EUR 72.037
DZ Bank AG Deutsche 0.500 5/4/2034 EUR 72.032
Credit Agricole Corp 2.750 12/12/2034 AUD 72.883
Societe Generale SA 15.800 12/5/2024 USD 50.300
Bayerische Landesban 1.680 12/18/2037 EUR 70.619
Bank Vontobel AG 15.000 11/28/2022 CHF 47.600
Ville de Paris 0.921 5/26/2053 EUR 58.333
Landesbank Baden-Wue 4.734 1/30/2034 EUR 73.920
Societe Generale SA 17.000 7/3/2024 USD 20.590
Banque Federative du 2.460 6/7/2032 AUD 72.105
Merrill Lynch BV 2.510 8/25/2036 USD 73.142
Norddeutsche Landesb 0.400 8/23/2030 EUR 74.992
Kommunekredit 0.342 9/1/2042 EUR 65.091
Single Platform Inve 0.908 2/15/2041 EUR 63.081
UniCredit Bank AG 6.600 7/20/2028 EUR 16.820
Region Nouvelle-Aqui 0.814 11/22/2044 EUR 63.058
Credit Suisse AG/Lon 7.500 3/29/2023 CHF 67.900
Merrill Lynch BV 2.580 8/11/2036 AUD 66.000
OR PJSC 16.000 11/22/2025 RUB 20.030
Credit Suisse AG/Lon 8.500 12/15/2022 EUR 36.930
Metropole de Lyon 0.500 12/28/2048 EUR 53.028
BNP Paribas SA 1.660 2/26/2031 USD 71.144
Aktia Bank Oyj 0.690 2/4/2036 EUR 70.191
Societe Generale SA 20.000 2/29/2024 USD 4.430
Kreditanstalt fuer W 0.160 2/16/2036 EUR 71.076
NRW Bank 0.642 2/9/2051 EUR 65.193
Grand Delta Habitat 1.750 10/28/2061 EUR 72.003
UBS AG/London 16.300 1/8/2024 EUR 12.360
Barclays Bank PLC 2.320 1/11/2041 USD 58.587
DZ Bank AG Deutsche 15.200 6/23/2023 EUR 33.010
Credit Suisse AG/Lon 7.500 1/5/2023 CHF 67.060
Credit Suisse AG/Lon 8.250 12/14/2022 USD 67.370
Muenchener Hypotheke 0.420 11/16/2033 EUR 71.514
OR PJSC 13.500 10/22/2025 RUB 12.210
Societe Generale SA 11.000 11/22/2024 USD 33.800
UBS AG/London 12.000 11/6/2023 USD 73.300
SAir Group 5.125 3/1/2003 CHF 12.750
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.500
UBS AG/London 23.250 8/15/2025 USD 8.400
Landesbank Hessen-Th 1.300 4/30/2035 EUR 72.810
Single Platform Inve 0.955 2/15/2041 EUR 63.304
State of Rhineland-P 0.500 7/30/2036 EUR 74.694
OPUS TIGAZ Gazhaloza 2.800 3/24/2031 HUF 70.000
SG Issuer SA 1.750 11/9/2033 EUR 74.960
Corner Banca SA 15.000 12/14/2022 USD 71.780
Santander Internatio 2.770 7/2/2035 USD 67.351
Agence Francaise de 0.714 7/10/2045 EUR 64.617
BNP Paribas SA 3.590 7/20/2040 AUD 70.799
Region de Bruxelles- 1.250 1/10/2060 EUR 61.062
Lloyds Bank PLC 2.560 9/4/2038 SEK 74.977
SG Issuer SA 8.120 7/20/2023 SEK 66.840
DZ Bank AG Deutsche 0.520 6/23/2031 EUR 74.895
Deutsche Bank AG 4.210 10/29/2031 EUR 73.640
Credit Suisse AG/Lon 17.316 6/21/2024 USD 28.900
Credit Agricole Corp 1.190 2/26/2040 EUR 65.607
Spain Government Bon 1.000 10/31/2050 EUR 59.677
Republic of Ireland 1.020 9/10/2086 EUR 57.594
Landeskreditbank Bad 0.812 12/16/2060 EUR 55.801
Ville de Paris 0.963 6/8/2050 EUR 62.626
Department of Girond 0.900 12/15/2039 EUR 70.687
Republic of Ireland 1.230 6/1/2120 EUR 58.391
UBS AG/London 8.500 12/16/2022 EUR 53.550
Landesbank Baden-Wue 0.510 10/14/2030 EUR 74.864
Societe Generale SA 8.000 11/30/2032 USD 66.230
Landesbank Baden-Wue 4.734 3/14/2034 EUR 75.000
Bayerische Landesban 2.350 2/23/2024 EUR 46.730
Single Platform Inve 0.853 3/20/2040 EUR 63.035
Aareal Bank AG 0.625 9/16/2030 EUR 67.143
Region Wallonne Belg 1.305 9/29/2041 EUR 72.708
Credit Suisse AG/Nas 3.750 10/20/2036 USD 68.131
Credit Suisse AG/Lon 2.500 10/7/2025 SEK 25.690
Deutsche Bank AG/Lon 0.500 10/18/2038 MXN 16.594
Landesbank Baden-Wue 1.500 4/24/2039 EUR 70.060
Ville de Paris 0.464 8/20/2040 EUR 65.021
Collectivite Europee 0.200 11/5/2035 EUR 70.336
Landesbank Hessen-Th 0.600 11/26/2035 EUR 65.095
Bayerische Landesban 1.020 11/12/2035 EUR 66.542
Landesbank Baden-Wue 0.500 12/2/2039 EUR 66.840
Societe Generale SA 1.290 12/19/2034 EUR 73.044
Skandinaviska Enskil 6.400 1/15/2025 SEK 60.790
Credit Mutuel Arkea 1.165 9/23/2039 EUR 63.740
Credit Suisse AG/Lon 2.449 5/18/2036 EUR 74.230
Region de Bruxelles- 0.845 9/30/2059 EUR 52.329
Norddeutsche Landesb 1.350 10/20/2038 EUR 67.358
Landesbank Baden-Wue 0.550 11/9/2032 EUR 70.451
ENVIEN Magyarorszag 2.500 5/18/2031 HUF 68.130
Caisse des Depots et 0.930 11/9/2050 EUR 66.687
Kreditanstalt fuer W 0.210 11/18/2037 EUR 67.584
Purple Protected Ass 1.480 11/30/2060 EUR 54.735
Landesbank Saar 0.540 11/18/2033 EUR 70.344
Kuntarahoitus Oyj 1.155 11/19/2060 EUR 63.836
Landesbank Baden-Wue 0.430 12/9/2030 EUR 73.933
Bayerische Landesban 1.690 4/23/2037 EUR 71.463
Societe Generale SA 3.820 4/26/2039 AUD 66.667
OR PJSC 12.600 9/28/2025 RUB 5.620
Market Epito Zrt 2.950 10/22/2029 HUF 68.000
Credit Agricole Corp 2.810 10/29/2034 AUD 73.639
Landesbank Baden-Wue 0.400 11/8/2039 EUR 65.130
Ringkjoebing Landbob 1.100 10/30/2035 EUR 67.000
Kreditanstalt fuer W 0.788 11/4/2039 EUR 73.868
DZ HYP AG 1.033 12/6/2049 EUR 67.806
Landesbank Baden-Wue 0.500 12/23/2039 EUR 66.360
HSBC Continental Eur 0.800 12/13/2034 EUR 72.927
Skandinaviska Enskil 7.450 1/15/2025 SEK 63.160
Pick Szeged Szalamig 2.000 12/6/2029 HUF 64.250
Landesbank Baden-Wue 0.500 9/5/2039 EUR 66.610
Credit Agricole Corp 2.950 8/22/2039 AUD 68.389
Landesbank Baden-Wue 1.750 5/15/2039 EUR 68.940
Landesbank Baden-Wue 1.250 5/15/2039 EUR 69.840
DZ Bank AG Deutsche 0.700 11/2/2035 EUR 70.562
Single Platform Inve 1.163 5/25/2066 EUR 53.055
Nederlandse Watersch 0.230 10/22/2035 EUR 72.336
Zurcher Kantonalbank 19.000 1/18/2023 USD 60.580
Citigroup Global Mar 2.930 9/15/2025 EUR 40.900
NRW Bank 0.510 9/23/2039 EUR 69.028
Deutsche Pfandbriefb 0.903 11/19/2029 EUR 72.210
Bayerische Landesban 0.820 11/29/2033 EUR 69.397
Bayerische Landesban 0.870 11/29/2034 EUR 66.487
UBS AG/London 2.700 9/16/2044 AUD 61.192
Single Platform Inve 1.260 1/22/2049 EUR 60.677
UBS AG/London 2.630 9/3/2044 AUD 60.347
Nomura Bank Internat 0.400 12/3/2030 EUR 72.721
DZ Bank AG Deutsche 0.640 12/7/2035 EUR 69.832
Ville de Marseille 0.509 12/17/2041 EUR 64.134
Muenchener Hypotheke 0.805 4/16/2036 EUR 65.457
Republic of Austria 0.700 4/20/2071 EUR 51.126
Credit Agricole SA 3.610 4/20/2036 AUD 64.470
Societe Generale SA 3.100 4/22/2036 AUD 64.640
Opus Global Nyrt 3.200 4/29/2031 HUF 71.000
Stichting Afwikkelin 8.450 8/20/2018 USD 45.375
Muenchener Hypotheke 1.000 6/30/2037 EUR 65.462
Barclays Bank PLC 7.830 7/26/2038 MXN 54.687
Luzerner Kantonalban 6.000 7/6/2023 EUR 47.620
Purple Protected Ass 1.570 4/30/2061 EUR 66.874
Barclays Bank PLC 3.020 3/26/2051 USD 67.962
Credit Agricole Corp 2.610 7/27/2050 USD 61.433
Proximus SADP 1.500 5/14/2040 EUR 70.018
Region Bourgogne-Fra 0.270 12/7/2035 EUR 70.882
Region Bourgogne-Fra 0.397 12/3/2045 EUR 55.156
UBS AG/London 7.000 11/28/2022 CHF 43.600
Hypo Tirol Bank AG 1.090 1/21/2041 EUR 63.685
Goldman Sachs & Co W 5.000 12/21/2022 EUR 73.200
AB Booster Capital L 2.000 3/8/2032 USD 66.368
SG Issuer SA 1.250 2/28/2033 EUR 55.340
Oberoesterreichische 0.705 1/29/2036 EUR 64.478
Hypo Vorarlberg Bank 6.125 EUR 74.900
Nomura Bank Internat 1.150 10/6/2036 EUR 66.090
Region Wallonne Belg 0.970 6/24/2043 EUR 64.940
Societe Generale SA 20.000 8/31/2023 USD 12.780
Societe Generale SA 3.700 10/23/2037 USD 68.216
Pannon Work Szemelyz 3.000 10/30/2030 HUF 64.150
DVM Construction Fov 3.000 7/29/2030 HUF 60.200
Landesbank Hessen-Th 0.750 8/14/2034 EUR 69.396
Oberoesterreichische 0.763 12/15/2050 EUR 62.715
LBI ehf 7.431 USD 0.001
Lloyds Bank PLC 2.480 7/5/2038 SEK 74.287
SG Issuer SA 8.300 7/21/2025 SEK 46.680
EFG International Fi 10.000 2/13/2023 USD 59.550
Bayerische Landesban 0.940 7/16/2032 EUR 74.455
Lehman Brothers Trea 10.442 11/22/2008 CHF 0.100
Opus Global Nyrt 2.800 10/29/2029 HUF 69.500
Single Platform Inve 1.117 5/25/2066 EUR 51.691
Zurcher Kantonalbank 18.200 1/18/2023 USD 74.330
Hema Bondco II BV 8.500 1/15/2023 EUR 1.194
Russian Post FGUP 2.750 12/6/2023 RUB 60.080
SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000
SAG Solarstrom AG 7.500 7/10/2017 EUR 31.000
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
Landesbank Baden-Wue 0.750 4/24/2034 EUR 74.830
Landesbank Baden-Wue 1.000 4/24/2034 EUR 74.740
Landesbank Baden-Wue 1.250 4/24/2039 EUR 69.660
Vasakronan AB 1.700 6/28/2044 EUR 61.817
Royal Schiphol Group 3.090 7/1/2034 AUD 72.060
Hamburg Commercial B 3.000 7/17/2035 EUR 71.159
Banca Popolare di Vi 9.500 10/2/2025 EUR 0.207
DZ Bank AG Deutsche 2.200 6/24/2026 EUR 71.200
Lehman Brothers Trea 4.734 3/16/2035 EUR 0.100
Meta Wolf AG 6.750 3/10/2005 DEM 0.121
Lehman Brothers Trea 14.900 9/15/2008 EUR 0.100
Bulgaria Steel Finan 12.000 5/4/2013 EUR 0.216
Espirito Santo Finan 5.125 5/30/2016 EUR 0.528
Russian Railways JSC 18.830 11/29/2028 RUB 55.010
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Hypo Vorarlberg Bank 1.020 1/17/2035 EUR 69.684
Aareal Bank AG 1.741 1/12/2045 EUR 69.206
State of North Rhine 0.880 7/12/2040 EUR 73.645
Decipher Production 12.500 9/27/2019 USD 1.500
Gebr Sanders GmbH & 8.750 10/22/2018 EUR 9.375
WEB Windenergie AG 6.500 EUR 0.010
WEB Windenergie AG 6.250 EUR 0.010
LBI ehf 8.650 5/1/2011 ISK 10.625
Standard Chartered B 0.500 9/11/2040 JPY 62.089
Cie de Financement F 1.101 5/17/2039 EUR 74.376
Landesbank Baden-Wue 1.250 6/5/2039 EUR 69.250
Landesbank Baden-Wue 1.000 6/26/2039 EUR 68.990
Landesbank Baden-Wue 1.250 6/26/2039 EUR 68.140
Vontobel Financial P 18.500 12/23/2022 EUR 70.080
Harp Issuer PLC 1.400 2/14/2032 USD 68.365
Luzerner Kantonalban 11.000 12/8/2022 CHF 70.770
Romanian Government 2.875 4/13/2042 EUR 58.334
Kometa 99 Elelmiszer 5.000 2/21/2032 HUF 71.700
UBS AG/London 0.120 5/25/2040 MXN 12.737
Caisse des Depots et 1.290 5/5/2051 EUR 73.148
Raiffeisen Switzerla 20.000 1/6/2023 CHF 65.790
Single Platform Inve 1.510 2/13/2043 EUR 68.916
Landesbank Baden-Wue 2.720 6/23/2023 EUR 69.860
Barclays Bank PLC 1.450 9/24/2038 MXN 23.085
DZ Bank AG Deutsche 1.370 12/30/2030 EUR 74.420
Landesbank Baden-Wue 5.690 2/24/2023 EUR 59.510
Vontobel Financial P 3.650 12/6/2022 EUR 58.380
Spain Government Bon 1.450 10/31/2071 EUR 55.458
Single Platform Inve 0.946 5/25/2036 EUR 70.027
DZ Bank AG Deutsche 10.500 12/23/2022 EUR 47.670
Single Platform Inve 1.390 6/25/2044 EUR 66.280
Deutsche Bank AG 2.530 10/7/2036 USD 67.343
Corner Banca SA 20.000 12/13/2022 CHF 61.070
Credit Suisse AG/Lon 9.500 12/7/2022 USD 49.390
Leonteq Securities A 17.000 3/7/2023 CHF 24.270
Landesbank Hessen-Th 2.000 3/10/2037 EUR 74.000
Credit Suisse AG/Lon 8.500 3/1/2023 CHF 54.450
Raiffeisenlandesbank 0.725 8/27/2041 EUR 68.597
Agrar Mezogazdasagi 2.900 8/24/2031 HUF 67.390
Bank Vontobel AG 6.250 5/7/2024 CHF 66.800
Vasakronan AB 2.390 1/17/2039 EUR 59.734
Landesbank Baden-Wue 0.150 9/20/2030 EUR 73.411
UBS AG/London 8.250 11/19/2026 EUR 68.490
Citigroup Global Mar 7.200 5/24/2023 SEK 69.220
Bank Vontobel AG 11.000 2/6/2023 EUR 32.800
Muenchener Hypotheke 0.100 8/14/2034 EUR 72.261
Leonteq Securities A 14.000 12/20/2022 EUR 49.800
Landesbank Baden-Wue 0.490 12/23/2030 EUR 74.259
Single Platform Inve 1.180 4/1/2039 EUR 68.366
Landesbank Hessen-Th 2.400 3/22/2052 EUR 73.041
Leonteq Securities A 23.400 1/18/2023 CHF 30.060
Vontobel Financial P 3.000 12/23/2022 EUR 64.940
Region Provence-Alpe 0.623 10/15/2035 EUR 74.509
Landesbank Baden-Wue 0.360 12/30/2030 EUR 73.350
Agence Francaise de 0.368 1/12/2046 EUR 58.506
Municipality of Leva 0.750 11/17/2036 EUR 74.001
Societe Generale SA 3.310 11/29/2033 AUD 71.165
Grupo Isolux Corsan 6.000 12/30/2021 EUR 0.253
UBS AG/London 13.250 4/6/2023 USD 52.900
Landesbank Baden-Wue 2.900 12/23/2022 EUR 60.420
SAir Group 6.250 10/27/2002 CHF 12.345
Italy Buoni Polienna 2.150 3/1/2072 EUR 65.168
Basler Kantonalbank 7.600 4/13/2023 CHF 53.600
Specialized Financia 15.342 2/15/2031 RUB 70.000
Kalita OOO 15.000 9/12/2023 RUB 3.070
Region Auvergne-Rhon 0.645 4/9/2040 EUR 66.849
State of Hesse 0.375 4/9/2040 EUR 66.180
Alfa-Bank AO 11.750 RUB 75.000
UBS AG/London 12.500 12/16/2022 CHF 40.500
Credit Agricole Corp 10.200 8/6/2026 TRY 54.358
Landesbank Baden-Wue 0.660 10/9/2034 EUR 64.059
Credit Suisse AG/Lon 3.500 3/28/2032 USD 73.757
Single Platform Inve 1.490 3/20/2051 EUR 63.311
Region de Bruxelles- 0.256 2/26/2035 EUR 71.535
Ministeries Van de V 1.053 6/3/2050 EUR 61.517
BNG Bank NV 1.040 11/28/2047 EUR 68.277
Landesbank Hessen-Th 0.750 4/9/2035 EUR 67.765
DZ Bank AG Deutsche 0.570 12/30/2030 EUR 75.000
Credit Agricole Corp 3.200 3/19/2041 AUD 69.749
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.310
AKB Peresvet ZAO 0.510 2/14/2032 RUB 15.010
Credit Suisse AG/Lon 3.880 10/31/2036 USD 66.340
Hemso Fastighets AB 1.800 5/5/2032 EUR 71.051
Landesbank Baden-Wue 0.380 11/18/2030 EUR 73.727
Landesbank Baden-Wue 0.460 10/28/2030 EUR 74.424
Bayerische Landesban 1.400 1/26/2024 EUR 66.300
Single Platform Inve 0.745 2/15/2047 EUR 54.743
Raiffeisen Schweiz G 8.000 7/19/2023 USD 39.340
Region de Bruxelles- 1.100 5/25/2051 EUR 63.692
Landesbank Saar 0.835 2/19/2035 EUR 70.183
Barclays Bank PLC 1.382 11/27/2045 EUR 72.983
DZ Bank AG Deutsche 0.700 11/30/2035 EUR 70.677
Barclays Bank PLC 0.500 10/1/2031 TRY 9.696
Bayerische Landesban 0.650 12/22/2023 EUR 52.260
Commerzbank AG 1.219 12/12/2039 EUR 66.787
Norddeutsche Landesb 0.650 11/18/2030 EUR 74.992
Caisse des Depots et 1.022 9/13/2049 EUR 67.830
Natixis SA 3.000 8/28/2049 AUD 58.332
Department of Bouche 0.432 2/1/2046 EUR 55.506
United Utilities Wat 0.387 10/5/2057 GBP 69.602
Department of Bouche 0.490 12/8/2045 EUR 56.641
BPCE SA 2.285 12/3/2035 AUD 54.991
Raiffeisen Switzerla 3.000 11/28/2023 USD 68.000
Communication Techno 5.250 1/27/2032 HUF 65.000
Caisse des Depots et 1.300 4/28/2051 EUR 70.163
Kreditanstalt fuer W 0.935 12/16/2039 EUR 74.489
Lehman Brothers Trea 7.500 5/30/2010 AUD 0.100
UBS AG/London 10.250 5/30/2023 CHF 39.850
Single Platform Inve 1.270 5/15/2035 EUR 74.097
Leonteq Securities A 10.000 12/1/2022 USD 34.880
Credit Bank of Mosco 3.100 1/21/2026 EUR 18.583
Landesbank Baden-Wue 0.430 1/22/2031 EUR 73.703
NRW Bank 0.600 1/28/2051 EUR 58.497
Region Wallonne Belg 0.250 12/29/2036 EUR 68.092
Landesbank Hessen-Th 0.300 9/15/2031 EUR 72.098
Basler Kantonalbank 10.000 2/13/2023 CHF 43.070
Landesbank Hessen-Th 0.850 7/17/2035 EUR 71.500
Vasakronan AB 1.668 10/16/2030 USD 74.972
Corner Banca SA 7.350 1/16/2023 CHF 74.390
Bank Otkritie Financ 0.010 7/16/2025 RUB 74.110
Intelsat Jackson Hol 9.750 7/15/2025 USD 0.486
Bayerische Landesbod 0.700 6/12/2037 EUR 74.288
Hellas Telecommunica 8.500 10/15/2013 EUR 0.834
Transports publics f 0.500 6/27/2041 CHF 71.557
Norske Skog Holding 8.000 2/24/2023 USD 0.006
SNCF Reseau 1.475 3/30/2065 EUR 58.953
Credit Agricole Corp 10.500 2/16/2027 TRY 52.619
Belfius Bank SA 0.780 7/22/2036 EUR 74.560
Russian Railways JSC 15.300 9/20/2039 RUB 55.010
Landesbank Baden-Wue 0.590 9/22/2034 EUR 63.586
UBS AG/London 16.000 12/29/2022 CHF 42.050
Hypo Vorarlberg Bank 1.020 7/15/2041 EUR 61.792
NIBC Bank NV 0.660 7/14/2031 EUR 68.842
DZ Bank AG Deutsche 5.000 3/24/2023 EUR 66.970
Raiffeisen Schweiz G 10.000 2/21/2023 CHF 55.750
DZ Bank AG Deutsche 4.050 6/23/2023 EUR 56.910
Single Platform Inve 1.240 5/25/2052 EUR 59.217
Dyadya Doner OOO 13.500 4/25/2023 RUB 19.060
Single Platform Inve 0.750 8/15/2050 EUR 52.583
DZ Bank AG Deutsche 5.000 12/23/2022 EUR 73.570
Oberoesterreichische 0.610 1/28/2037 EUR 73.191
DZ Bank AG Deutsche 5.000 12/23/2022 EUR 57.290
Norddeutsche Landesb 1.300 2/11/2037 EUR 68.969
Autonomous Community 1.646 7/30/2060 EUR 60.191
Purple Protected Ass 1.600 9/8/2056 EUR 64.556
Single Platform Inve 1.340 4/4/2042 EUR 71.567
Grand Delta Habitat 1.425 2/26/2048 EUR 62.855
Berlin Hyp AG 1.057 2/21/2059 EUR 66.341
NRW Bank 0.675 2/25/2041 EUR 70.602
Landesbank Baden-Wue 0.600 3/5/2036 EUR 60.717
Zurcher Kantonalbank 18.000 4/14/2023 USD 63.980
Landesbank Hessen-Th 1.170 12/8/2036 EUR 69.888
UBS AG/London 18.000 2/23/2023 CHF 62.350
Deutsche Bank AG 2.330 2/11/2043 EUR 65.831
Region de Bruxelles- 1.065 6/22/2047 EUR 64.869
Wirtschafts- und Inf 0.500 12/1/2038 EUR 67.869
Parnassia Groep BV 1.470 12/1/2045 EUR 61.956
Raiffeisen Switzerla 15.000 12/6/2022 CHF 54.430
Leonteq Securities A 9.000 3/9/2023 CHF 73.590
BPCE SA 2.730 10/5/2036 AUD 58.179
Single Platform Inve 1.548 10/31/2050 EUR 63.627
Muenchener Hypotheke 1.495 10/5/2050 EUR 67.071
Commerzbank AG 0.900 10/7/2030 EUR 72.538
Luzerner Kantonalban 8.400 12/27/2022 USD 64.570
Deutsche Apotheker-u 1.616 1/15/2038 EUR 72.196
Single Platform Inve 1.040 6/25/2044 EUR 61.199
Single Platform Inve 1.250 5/10/2044 EUR 64.033
DZ Bank AG Deutsche 5.250 6/21/2023 EUR 69.300
Szabo Fogaskerekgyar 5.500 2/23/2032 HUF 74.200
Societe Generale SA 3.060 11/24/2031 AUD 73.521
DZ Bank AG Deutsche 1.980 12/29/2031 EUR 74.400
Luzerner Kantonalban 1.750 10/27/2025 CHF 57.620
Leonteq Securities A 10.000 12/7/2022 USD 60.670
Landesbank Baden-Wue 0.770 6/23/2036 EUR 62.200
BNP Paribas SA 1.130 5/26/2036 EUR 68.525
Leonteq Securities A 7.400 12/1/2023 USD 60.940
Credit Agricole Corp 15.000 7/14/2026 TRY 64.952
Raiffeisen Schweiz G 8.000 5/5/2023 CHF 57.490
Zurcher Kantonalbank 10.000 5/9/2023 USD 54.780
Norddeutsche Landesb 0.725 9/22/2036 EUR 63.500
Natixis SA 2.520 8/24/2036 AUD 62.688
Bank fuer Kirche und 0.660 3/17/2036 EUR 67.985
Credit Suisse AG/Lon 8.000 8/30/2024 USD 8.180
DZ Bank AG Deutsche 0.550 9/9/2036 EUR 71.772
Natixis SA 2.530 8/30/2036 AUD 62.828
Deutsche Bank AG/Lon 0.500 4/5/2038 MXN 20.188
Landeskreditbank Bad 1.236 5/22/2045 EUR 73.210
MASTERPLAST Nyrt 2.900 8/25/2031 HUF 59.000
Region Provence-Alpe 0.358 8/31/2035 EUR 72.401
Credit Agricole CIB 0.440 8/30/2033 EUR 70.909
Landesbank Baden-Wue 0.200 9/22/2031 EUR 70.819
Raiffeisen Schweiz G 7.000 2/27/2023 CHF 67.390
Bayerische Landesban 1.730 4/1/2036 EUR 73.296
Russian Foreign Bond 5.100 3/28/2035 USD 40.087
Region de Bruxelles- 1.419 6/22/2045 EUR 73.045
Landesbank Hessen-Th 0.850 9/2/2036 EUR 66.688
Landesbank Baden-Wue 0.260 7/29/2030 EUR 74.437
Landesbank Hessen-Th 0.340 8/6/2031 EUR 74.251
Landesbank Baden-Wue 0.510 8/2/2033 EUR 67.532
Single Platform Inve 1.250 8/15/2051 EUR 61.016
Natixis SA 2.530 8/5/2036 AUD 62.920
Banque International 0.950 8/6/2031 EUR 73.854
Landesbank Baden-Wue 0.270 3/7/2031 EUR 72.782
Landesbank Baden-Wue 0.290 6/9/2031 EUR 72.190
Landesbank Baden-Wue 0.320 12/9/2031 EUR 71.008
Citigroup Global Mar 0.430 8/15/2031 EUR 72.962
Landesbank Baden-Wue 0.060 9/1/2031 EUR 73.838
Zurcher Kantonalbank 7.750 2/10/2023 EUR 60.180
Region Provence-Alpe 0.393 8/26/2036 EUR 72.499
Landesbank Hessen-Th 0.400 9/17/2031 EUR 74.444
Landesbank Hessen-Th 0.650 9/16/2036 EUR 64.720
Landesbank Baden-Wue 0.290 8/6/2031 EUR 71.717
Credit Suisse AG/Lon 16.000 12/16/2022 USD 54.780
Barclays Bank PLC 1.011 2/1/2041 EUR 69.926
Credit Agricole Corp 11.190 3/12/2027 TRY 54.046
Landesbank Baden-Wue 0.640 2/26/2036 EUR 61.136
Kreditanstalt fuer W 0.600 2/16/2051 EUR 62.939
Landesbank Baden-Wue 0.620 2/18/2036 EUR 60.949
UBS AG/London 9.750 2/10/2023 USD 52.050
Credit Agricole Corp 11.190 1/15/2026 TRY 59.197
VTB Bank PJSC 3.750 EUR 45.000
Credit Suisse AG/Lon 16.300 12/26/2023 USD 38.950
DZ Bank AG Deutsche 0.500 2/4/2036 EUR 68.023
Societe Nationale SN 2.503 1/14/2041 AUD 65.745
Credit Agricole Corp 11.340 2/12/2026 TRY 59.127
Societe Generale SA 1.900 1/15/2031 AUD 67.748
Zurcher Kantonalbank 17.500 12/9/2022 USD 48.160
Deutsche Bank AG 0.700 10/28/2031 EUR 67.876
Morgan Stanley & Co 3.100 10/28/2041 AUD 65.593
BPCE SA 3.000 11/18/2036 AUD 60.511
Region of Centre-Val 0.924 11/2/2043 EUR 65.944
Republic of Ireland 1.210 10/27/2111 EUR 56.175
BNP Paribas Emission 3.000 4/21/2026 EUR 62.250
Societe Generale SA 5.050 11/25/2036 USD 43.904
DNB Boligkreditt AS 1.230 11/18/2039 EUR 74.814
UBS AG/London 5.000 4/14/2023 CHF 70.050
Muenchener Hypotheke 1.010 8/6/2044 EUR 57.561
BNP Paribas SA 3.310 2/27/2040 AUD 66.658
Landesbank Baden-Wue 1.000 7/17/2039 EUR 67.530
Romanian Government 2.124 7/16/2031 EUR 71.992
BNG Bank NV 0.799 7/25/2039 EUR 73.412
Communaute Francaise 1.397 7/18/2059 EUR 68.339
Communaute Francaise 1.520 7/22/2069 EUR 65.162
Morgan Stanley & Co 1.105 6/18/2041 EUR 61.975
Landesbank Hessen-Th 1.000 7/15/2060 EUR 63.414
City of Kyiv Via PBR 7.500 12/15/2022 USD 34.479
Republic of Ireland 1.230 6/23/2121 EUR 56.420
Landesbank Baden-Wue 0.720 6/22/2035 EUR 63.633
Credit Agricole Corp 10.800 3/24/2026 TRY 54.034
DZ HYP AG 0.205 6/5/2040 EUR 60.636
Region de Bruxelles- 1.286 12/17/2046 EUR 69.007
UBS AG/London 1.860 2/28/2049 EUR 74.612
Landesbank Baden-Wue 0.340 3/4/2030 EUR 74.327
Landesbank Baden-Wue 0.700 3/30/2034 EUR 66.661
Landesbank Baden-Wue 0.760 3/31/2036 EUR 62.253
UBS AG/London 9.750 3/17/2023 CHF 34.150
Natixis SA 2.900 1/29/2040 AUD 61.346
Bayerische Landesban 1.682 5/2/2036 EUR 72.687
Bayerische Landesban 1.770 5/15/2036 EUR 73.204
Landesbank Hessen-Th 1.000 10/23/2035 EUR 68.000
Credit Agricole Corp 11.400 10/28/2025 TRY 60.973
DZ Bank AG Deutsche 1.250 9/30/2060 EUR 63.671
Landesbank Hessen-Th 1.000 10/29/2035 EUR 66.800
Landesbank Hessen-Th 0.700 10/29/2035 EUR 66.254
Landesbank Hessen-Th 1.590 1/18/2034 EUR 73.663
AB Financial Product 1.605 7/30/2040 EUR 57.988
Bayerische Landesban 1.480 4/8/2036 EUR 70.763
Credit Agricole Corp 2.480 8/18/2050 USD 59.669
Ebis OOO 13.000 8/11/2023 RUB 5.740
Berlin Hyp AG 0.440 10/29/2035 EUR 62.713
Societe Generale SA 2.900 10/24/2039 AUD 57.595
Region de Bruxelles- 1.053 11/14/2059 EUR 56.670
SG Issuer SA 6.940 1/20/2025 SEK 63.340
Landesbank Hessen-Th 0.850 10/17/2034 EUR 69.700
Specialfastigheter S 1.280 9/20/2049 SEK 58.824
Caisse des Depots et 1.065 9/20/2049 EUR 70.096
Norddeutsche Landesb 1.560 10/20/2038 EUR 69.730
Single Platform Inve 1.340 5/10/2044 EUR 65.574
Landesbank Baden-Wue 0.490 5/28/2031 EUR 73.488
Credit Agricole Corp 15.000 6/18/2026 TRY 65.497
Citigroup Global Mar 1.500 5/13/2051 EUR 60.282
Landesbank Baden-Wue 0.740 6/2/2036 EUR 61.934
Landesbank Hessen-Th 0.750 12/17/2035 EUR 66.416
Kreditanstalt fuer W 0.480 11/19/2040 EUR 68.373
Russian Foreign Bond 1.850 11/20/2032 EUR 41.226
BPCE SA 2.315 11/19/2035 AUD 55.303
Autonomous Community 1.089 10/31/2049 EUR 58.641
Landesbank Hessen-Th 0.700 12/28/2035 EUR 66.000
Norddeutsche Landesb 1.170 11/24/2038 EUR 64.084
Skandinaviska Enskil 5.520 7/15/2024 SEK 66.370
Region de Bruxelles- 0.875 6/22/2057 EUR 53.849
Leonteq Securities A 7.200 2/14/2023 CHF 28.040
Republic of Italy Go 4.000 10/17/2049 USD 71.497
Societe Generale SA 3.110 10/28/2041 AUD 59.383
Credit Agricole Corp 12.000 11/17/2025 TRY 61.670
Kreditanstalt fuer W 0.660 11/12/2039 EUR 72.811
Credit Suisse AG/Lon 1.000 9/24/2035 EUR 62.980
Kreditanstalt fuer W 1.030 12/6/2049 EUR 71.186
Department of Girond 0.650 12/17/2038 EUR 69.108
Barclays Bank PLC 3.100 12/13/2044 AUD 57.914
Vasakronan AB 1.310 12/10/2040 EUR 47.160
Region de Bruxelles- 0.658 1/7/2041 EUR 65.177
Berlin Hyp AG 1.157 12/9/2039 EUR 66.927
Landesbank Baden-Wue 0.700 9/5/2039 EUR 65.720
Skandinaviska Enskil 9.020 7/17/2023 SEK 66.150
Landesbank Hessen-Th 0.900 11/20/2035 EUR 67.000
Landesbank Baden-Wue 0.440 10/19/2035 EUR 71.632
Morgan Stanley & Co 3.470 1/27/2042 AUD 69.068
Landesbank Hessen-Th 0.850 11/19/2035 EUR 67.482
Caisse des Depots et 2.630 9/16/2049 AUD 63.527
Communaute Francaise 1.187 9/16/2069 EUR 61.943
Caisse des Depots et 2.670 9/17/2049 AUD 64.054
Communaute Francaise 0.584 9/17/2039 EUR 64.136
SAir Group 2.750 7/30/2004 CHF 12.375
Credit Agricole Corp 10.200 12/13/2027 TRY 49.118
Caisse des Depots et 2.340 11/27/2049 AUD 59.336
Landesbank Hessen-Th 0.600 9/27/2034 EUR 68.700
Landesbank Baden-Wue 0.150 9/11/2039 EUR 64.800
Single Platform Inve 1.050 3/17/2039 EUR 66.568
Metropole de Lyon 0.540 12/7/2050 EUR 51.534
Vontobel Financial P 0.080 12/5/2022 EUR 59.400
Single Platform Inve 1.600 2/15/2041 EUR 72.106
Ebis OOO 12.000 4/9/2024 RUB 4.490
Landesbank Baden-Wue 0.780 4/21/2036 EUR 62.413
Caisse des Depots et 1.275 5/5/2051 EUR 73.664
Caisse des Depots et 2.730 3/2/2041 AUD 68.874
Landesbank Hessen-Th 1.400 3/5/2036 EUR 67.000
Credit Agricole Corp 11.640 3/24/2027 TRY 55.108
Landesbank Hessen-Th 0.820 12/17/2035 EUR 67.598
Landesbank Hessen-Th 0.800 4/15/2036 EUR 66.683
Basler Kantonalbank 8.000 11/28/2022 CHF 65.540
Quintet Private Bank 6.050 5/26/2026 USD 64.280
Single Platform Inve 1.440 7/18/2042 EUR 68.055
DZ Bank AG Deutsche 0.510 1/25/2036 EUR 68.480
Region Wallonne Belg 0.850 1/26/2071 EUR 46.400
Region Wallonne Belg 1.250 4/30/2055 EUR 60.148
Societe Generale SA 2.060 3/12/2031 USD 71.899
Landesbank Hessen-Th 0.620 2/6/2036 EUR 65.699
Merrill Lynch BV 2.580 8/20/2036 USD 73.832
Norddeutsche Landesb 0.325 9/15/2031 EUR 71.543
Credit Agricole Corp 10.320 7/22/2026 TRY 54.748
Republic of Austria 0.850 6/30/2120 EUR 48.810
Landesbank Hessen-Th 0.620 1/11/2036 EUR 65.847
Norddeutsche Landesb 0.725 9/14/2033 EUR 69.482
Norddeutsche Landesb 0.550 9/10/2031 EUR 72.772
Erste Group Bank AG 0.570 8/14/2032 EUR 71.765
Landesbank Hessen-Th 1.000 8/27/2035 EUR 69.378
Kreditanstalt fuer W 0.400 8/12/2040 EUR 68.284
Landeskreditbank Bad 0.170 12/10/2035 EUR 72.038
Caisse des Depots et 1.005 11/5/2050 EUR 68.793
Norddeutsche Landesb 2.180 9/20/2034 EUR 74.870
Nomura Bank Internat 0.450 12/3/2030 EUR 73.430
Kuntarahoitus Oyj 1.005 12/7/2060 EUR 65.422
Ukraine Government I 7.253 3/15/2035 USD 21.143
Societe Wallonne de 0.913 7/31/2040 EUR 55.715
Cooperatieve Raboban 0.540 8/3/2040 EUR 65.429
Banque et Caisse d'E 0.900 8/6/2042 EUR 73.676
Takarek Mortgage Ban 3.000 8/21/2030 HUF 54.840
Regie Autonome des T 0.640 8/13/2041 EUR 67.354
Norddeutsche Landesb 0.925 9/10/2036 EUR 65.560
Landesbank Hessen-Th 0.620 4/18/2036 EUR 65.296
Landesbank Hessen-Th 0.550 8/18/2033 EUR 70.465
Nordea Bank Abp 0.620 10/14/2026 SEK 46.680
Landesbank Hessen-Th 0.450 9/15/2033 EUR 65.535
LBI ehf 7.431 USD 0.001
Lehman Brothers Trea 16.000 12/26/2008 USD 0.100
Axial Javito Kereske 2.000 9/23/2030 HUF 59.094
NRW Bank 0.360 10/15/2035 EUR 74.063
Collectivite Europee 0.487 10/9/2045 EUR 56.801
BNP Paribas Issuance 1.560 2/2/2039 EUR 51.050
Lehman Brothers Trea 8.280 7/31/2013 GBP 0.100
Lehman Brothers Trea 6.650 8/24/2011 AUD 0.100
Communaute Francaise 1.340 7/1/2054 EUR 69.793
IT Holding Finance S 9.875 11/15/2012 EUR 0.015
Kreditanstalt fuer W 0.250 10/6/2036 CAD 51.120
Bayerische Landesban 1.600 7/21/2036 EUR 71.507
United Confectioners 7.000 4/3/2023 RUB 70.000
Russian Railways JSC 15.300 9/19/2033 RUB 55.010
Turkey Government In 6.625 2/17/2045 USD 74.557
BPCE SFH SA 0.500 1/23/2035 EUR 74.903
DekaBank Deutsche Gi 1.850 3/20/2045 EUR 68.638
Deutsche Bank AG 1.750 4/9/2035 EUR 65.597
DekaBank Deutsche Gi 1.340 8/22/2036 EUR 70.908
State of North Rhine 1.491 8/23/2066 EUR 72.357
Bayerische Landesban 1.320 9/16/2033 EUR 74.273
Raiffeisen Bank Inte 0.430 9/9/2030 EUR 74.478
Norddeutsche Landesb 1.570 9/9/2038 EUR 68.651
Landesbank Hessen-Th 0.750 10/15/2035 EUR 66.848
Bayerische Landesban 1.620 5/21/2036 EUR 71.926
Lloyds Bank PLC 1.920 4/16/2044 EUR 73.810
Kreditanstalt fuer W 1.171 7/19/2051 EUR 71.056
Romanian Government 1.750 7/13/2030 EUR 72.222
SG Issuer SA 2.270 2/4/2032 EUR 59.190
Denmark Government B 0.250 11/15/2052 DKK 62.705
Corner Banca SA 10.000 1/23/2023 CHF 39.150
Centre Hospitalier U 0.490 12/1/2036 EUR 71.154
UBS AG/London 7.500 7/12/2023 CHF 61.650
UBS AG/London 10.000 8/23/2023 CHF 49.050
Credit Suisse AG/Lon 8.500 1/23/2023 USD 58.470
Norddeutsche Landesb 1.090 11/15/2043 EUR 68.400
Leonteq Securities A 9.000 12/14/2022 CHF 58.650
Landesbank Hessen-Th 0.500 2/2/2032 EUR 72.784
Landesbank Hessen-Th 0.450 1/7/2032 EUR 74.117
SpareBank 1 SR-Bank 1.020 10/8/2036 EUR 72.332
UBS AG/London 9.500 11/30/2022 CHF 40.700
Metal Hungaria Holdi 3.500 11/16/2031 HUF 65.000
Rikshem AB 2.137 1/29/2036 EUR 72.057
Landesbank Hessen-Th 0.750 10/27/2031 EUR 74.919
ENEL RUSSIA PJSC 8.600 12/15/2022 RUB 61.010
Sberbank of Russia P 0.010 8/6/2026 RUB 73.500
Credit Suisse AG/Lon 10.000 12/12/2022 CHF 6.960
State of North Rhine 1.450 1/19/2122 EUR 61.008
Credit Suisse AG/Lon 10.000 2/2/2023 USD 7.590
Caisse des Depots et 1.018 2/16/2051 EUR 67.867
Landesbank Hessen-Th 2.435 2/6/2048 EUR 69.964
Hungary Government B 3.000 10/27/2038 HUF 56.364
SkyGreen Buildings K 3.000 12/29/2030 HUF 63.500
Credit Suisse AG/Lon 7.000 12/8/2022 CHF 61.520
Raiffeisen Schweiz G 9.500 5/2/2023 CHF 45.970
VTB Bank PJSC 8.191 USD 37.800
Region of Centre-Val 0.755 11/2/2037 EUR 72.334
Zurcher Kantonalbank 19.000 4/6/2023 CHF 71.000
Russian Railways JSC 13.630 5/30/2040 RUB 50.010
Barclays Bank PLC 2.680 4/14/2031 AUD 74.065
NRW Bank 1.000 2/26/2050 EUR 69.002
Romanian Government 2.124 7/16/2031 EUR 72.119
Landesbank Hessen-Th 1.000 3/6/2035 EUR 68.850
Nykredit Realkredit 1.000 10/1/2053 DKK 74.660
French Republic Gove 0.500 5/25/2040 EUR 69.902
Region Provence-Alpe 0.785 6/18/2040 EUR 68.947
Region Wallonne Belg 1.300 6/16/2068 EUR 54.907
CTP NV 1.250 6/21/2029 EUR 66.944
DekaBank Deutsche Gi 3.000 12/29/2022 EUR 53.170
BNP Paribas Emission 19.000 6/22/2023 EUR 63.690
Credit Bank of Mosco 5.150 2/20/2024 EUR 18.453
Landesbank Saar 0.670 3/10/2034 EUR 71.267
Banque Cantonale Vau 7.300 9/16/2024 CHF 27.990
Italy Buoni Polienna 1.800 3/1/2041 EUR 72.876
Landesbank Baden-Wue 0.590 10/7/2032 EUR 70.014
Republic of Austria 1.500 11/2/2086 EUR 69.260
Kreditanstalt fuer W 0.620 1/14/2050 EUR 60.012
Bayerische Landesban 1.100 1/26/2024 EUR 68.460
Landesbank Baden-Wue 2.200 1/27/2023 EUR 65.950
Deutsche Pfandbriefb 2.000 7/9/2032 EUR 71.652
Barclays Bank PLC 2.730 9/27/2024 EUR 48.480
Landesbank Baden-Wue 0.710 11/9/2035 EUR 63.246
Single Platform Inve 1.301 6/25/2044 EUR 63.733
Nederlandse Watersch 0.260 11/10/2036 EUR 70.788
Basque Government 1.375 10/31/2070 EUR 49.897
Oberbank AG 1.850 4/18/2039 EUR 72.419
Skandinaviska Enskil 6.500 1/15/2024 SEK 72.050
Batigere Grand Est S 1.540 11/4/2041 EUR 66.093
Batigere Grand Est S 1.610 10/23/2040 EUR 67.867
Erste Group Bank AG 4.500 10/1/2025 EUR 44.500
Department of Bouche 0.810 12/16/2041 EUR 66.584
State of Lower Austr 0.400 10/13/2050 EUR 52.940
Credit Industriel Et 1.170 1/28/2037 EUR 71.453
Russian Foreign Bond 12.750 6/24/2028 USD 72.435
Solarwatt GmbH 7.000 11/1/2015 EUR 15.500
Republic of Belarus 7.625 6/29/2027 USD 34.688
Bayerische Landesban 1.350 12/23/2022 EUR 57.810
DZ Bank AG Deutsche 2.240 8/22/2034 USD 73.639
Sparekassen Bredebro 3.750 4/15/2031 DKK 68.418
Raiffeisen Schweiz G 7.000 9/20/2023 CHF 65.910
UBS AG/London 7.000 1/23/2023 USD 67.600
United Kingdom Gilt 0.875 1/31/2046 GBP 59.391
Bank Vontobel AG 15.000 6/26/2023 EUR 70.200
BNP Paribas Emission 6.000 12/22/2022 EUR 35.090
Skandinaviska Enskil 9.500 7/17/2023 SEK 67.330
Skandinaviska Enskil 10.360 7/17/2023 SEK 70.595
Hungary Government B 2.000 5/23/2029 HUF 69.945
Nederlandse Watersch 1.125 7/8/2050 EUR 68.773
Lehman Brothers Trea 13.432 1/8/2009 ILS 0.100
Batigere Grand Est S 1.600 11/14/2044 EUR 65.147
Progress Etteremhalo 3.000 9/18/2030 HUF 63.800
Nederlandse Watersch 1.080 10/26/2050 EUR 67.381
Astana Finance BV 9.000 11/16/2011 USD 15.250
Northland Resources 12.250 3/26/2016 USD 2.621
Credit Suisse AG/Lon 0.500 1/8/2026 BRL 65.378
Norske Skogindustrie 7.125 10/15/2033 USD 0.010
Region de Bruxelles- 1.015 1/23/2051 EUR 61.075
State of North Rhine 1.513 7/27/2065 EUR 73.901
New World Resources 8.000 4/7/2020 EUR 0.103
Waste Italia SpA 10.500 11/15/2019 EUR 0.550
Bank Julius Baer & C 9.600 3/30/2023 USD 67.600
DZ Bank AG Deutsche 4.800 12/19/2022 EUR 72.660
DZ Bank AG Deutsche 5.800 12/19/2022 EUR 71.170
DZ Bank AG Deutsche 4.900 3/20/2023 EUR 73.940
DZ Bank AG Deutsche 6.100 12/19/2022 EUR 50.970
DZ Bank AG Deutsche 5.600 3/20/2023 EUR 52.370
Leonteq Securities A 15.000 1/3/2023 CHF 71.830
Leonteq Securities A 8.000 6/30/2023 USD 59.880
DZ Bank AG Deutsche 8.250 12/19/2022 EUR 49.150
DZ Bank AG Deutsche 6.250 3/20/2023 EUR 48.100
VTB Bank PJSC 0.010 11/25/2026 RUB 65.000
Biznes Nedvizhimost 10.800 12/18/2026 RUB 62.000
Bank Vontobel AG 10.000 8/16/2023 CHF 73.200
Vontobel Financial P 18.750 12/23/2022 EUR 45.200
Vontobel Financial P 15.000 12/23/2022 EUR 69.670
Vontobel Financial P 24.000 12/23/2022 EUR 55.580
Vontobel Financial P 9.000 12/23/2022 EUR 49.890
Vontobel Financial P 12.000 12/23/2022 EUR 46.160
Vontobel Financial P 11.000 12/23/2022 EUR 46.830
Vontobel Financial P 7.500 12/23/2022 EUR 51.560
Vontobel Financial P 10.000 12/23/2022 EUR 48.310
Vontobel Financial P 13.500 12/23/2022 EUR 30.990
Vontobel Financial P 6.500 12/23/2022 EUR 53.390
Vontobel Financial P 8.000 12/23/2022 EUR 71.120
Vontobel Financial P 7.500 12/23/2022 EUR 64.870
Landesbank Hessen-Th 1.000 2/11/2037 EUR 68.119
Bank Vontobel AG 20.000 1/3/2023 CHF 64.500
Bank Vontobel AG 7.000 3/30/2023 CHF 50.500
Credit Suisse AG/Lon 16.000 12/29/2022 CHF 60.810
Credit Suisse AG/Lon 12.000 12/29/2022 CHF 54.750
Vontobel Financial P 14.500 12/23/2022 EUR 69.630
Vontobel Financial P 8.500 12/23/2022 EUR 73.870
Vontobel Financial P 9.500 12/23/2022 EUR 71.890
Vontobel Financial P 17.000 12/23/2022 EUR 63.680
Vontobel Financial P 16.500 12/23/2022 EUR 71.250
Vontobel Financial P 20.000 12/23/2022 EUR 67.110
Vontobel Financial P 18.000 12/23/2022 EUR 69.820
Vontobel Financial P 15.500 12/23/2022 EUR 72.800
Vontobel Financial P 19.000 12/23/2022 EUR 68.420
Vontobel Financial P 18.500 12/23/2022 EUR 62.290
Vontobel Financial P 17.000 12/23/2022 EUR 63.030
Zurcher Kantonalbank 16.500 2/14/2023 USD 52.050
Vontobel Financial P 7.000 12/23/2022 EUR 64.450
Vontobel Financial P 15.000 12/23/2022 EUR 64.980
Vontobel Financial P 14.500 12/23/2022 EUR 43.860
Vontobel Financial P 11.000 12/23/2022 EUR 66.370
Vontobel Financial P 5.000 12/23/2022 EUR 65.980
Vontobel Financial P 8.350 2/20/2023 EUR 74.410
DZ Bank AG Deutsche 12.300 12/23/2022 EUR 29.640
DZ Bank AG Deutsche 11.600 12/23/2022 EUR 73.250
Landesbank Baden-Wue 3.500 2/24/2023 EUR 62.970
DZ Bank AG Deutsche 18.900 12/23/2022 EUR 47.180
Landesbank Baden-Wue 2.000 2/24/2023 EUR 69.400
Landesbank Baden-Wue 3.350 2/24/2023 EUR 63.210
SG Issuer SA 2.000 12/22/2036 EUR 66.260
Zurcher Kantonalbank 9.000 12/30/2022 CHF 55.290
Zurcher Kantonalbank 7.000 12/30/2022 CHF 38.960
MKB-Leasing OOO 9.200 12/22/2027 RUB 65.000
Landesbank Baden-Wue 7.500 2/24/2023 EUR 39.220
Landesbank Baden-Wue 2.500 2/24/2023 EUR 61.160
Landesbank Baden-Wue 4.000 2/24/2023 EUR 59.230
Landesbank Baden-Wue 10.000 2/24/2023 EUR 70.470
UniCredit Bank AG 3.700 1/27/2025 EUR 58.420
Landesbank Baden-Wue 3.300 2/24/2023 EUR 47.580
Landesbank Baden-Wue 2.700 3/24/2023 EUR 68.130
Landesbank Baden-Wue 4.200 3/24/2023 EUR 64.330
Landesbank Baden-Wue 2.200 2/24/2023 EUR 62.740
Landesbank Baden-Wue 4.700 2/24/2023 EUR 56.420
Erste Group Bank AG 1.360 2/23/2036 EUR 74.482
Vontobel Financial P 13.500 12/23/2022 EUR 42.990
Vontobel Financial P 15.500 2/20/2023 EUR 70.910
Vontobel Financial P 12.250 12/23/2022 EUR 67.990
Leonteq Securities A 24.000 1/6/2023 CHF 13.720
Vontobel Financial P 21.000 12/23/2022 EUR 59.740
Vontobel Financial P 15.000 12/23/2022 EUR 73.910
Vontobel Financial P 14.500 12/23/2022 EUR 62.700
Vontobel Financial P 16.500 12/23/2022 EUR 60.900
Vontobel Financial P 18.500 12/23/2022 EUR 59.200
Vontobel Financial P 10.500 12/23/2022 EUR 66.700
Vontobel Financial P 20.000 12/23/2022 EUR 74.850
Vontobel Financial P 7.500 12/23/2022 EUR 71.400
Vontobel Financial P 6.000 12/23/2022 EUR 74.000
Vontobel Financial P 10.500 12/23/2022 EUR 74.370
Vontobel Financial P 12.500 12/23/2022 EUR 64.630
Vontobel Financial P 9.000 12/23/2022 EUR 68.960
Vontobel Financial P 12.000 12/23/2022 EUR 72.410
Vontobel Financial P 15.500 12/23/2022 EUR 68.870
Vontobel Financial P 17.000 12/23/2022 EUR 67.220
Vontobel Financial P 7.000 12/23/2022 EUR 55.760
Vontobel Financial P 14.000 12/23/2022 EUR 70.610
Vontobel Financial P 4.500 12/23/2022 EUR 60.030
Vontobel Financial P 8.500 12/23/2022 EUR 53.880
Vontobel Financial P 17.000 12/23/2022 EUR 46.340
Vontobel Financial P 15.000 12/23/2022 EUR 47.630
Vontobel Financial P 10.000 12/23/2022 EUR 52.140
Vontobel Financial P 5.500 12/23/2022 EUR 57.790
Vontobel Financial P 19.000 12/23/2022 EUR 45.140
Vontobel Financial P 11.500 12/23/2022 EUR 50.510
Vontobel Financial P 13.500 12/23/2022 EUR 49.040
Vontobel Financial P 13.500 12/23/2022 EUR 69.040
Vontobel Financial P 11.000 12/23/2022 EUR 72.200
Vontobel Financial P 10.000 12/23/2022 EUR 73.940
Vontobel Financial P 10.000 12/23/2022 EUR 72.510
Vontobel Financial P 15.500 12/23/2022 EUR 65.420
Vontobel Financial P 11.500 12/23/2022 EUR 69.940
Vontobel Financial P 19.000 12/23/2022 EUR 61.490
Vontobel Financial P 13.500 12/23/2022 EUR 67.600
Vontobel Financial P 14.500 12/23/2022 EUR 67.570
Vontobel Financial P 12.500 12/23/2022 EUR 70.600
Vontobel Financial P 22.500 12/23/2022 EUR 60.080
Vontobel Financial P 18.500 12/23/2022 EUR 63.560
Vontobel Financial P 16.000 12/23/2022 EUR 66.170
Vontobel Financial P 20.000 12/23/2022 EUR 62.360
Vontobel Financial P 16.500 12/23/2022 EUR 71.920
Vontobel Financial P 21.000 12/23/2022 EUR 61.180
Vontobel Financial P 17.000 12/23/2022 EUR 64.830
Vontobel Financial P 4.500 12/23/2022 EUR 66.660
Vontobel Financial P 9.500 12/23/2022 EUR 57.490
Vontobel Financial P 16.000 12/23/2022 EUR 50.790
Vontobel Financial P 7.500 12/23/2022 EUR 73.630
Vontobel Financial P 14.500 12/23/2022 EUR 70.690
Vontobel Financial P 9.500 12/23/2022 EUR 69.440
Vontobel Financial P 11.500 12/23/2022 EUR 65.750
Vontobel Financial P 15.500 12/23/2022 EUR 59.500
Vontobel Financial P 13.500 12/23/2022 EUR 62.500
Vontobel Financial P 18.000 12/23/2022 EUR 56.880
Vontobel Financial P 20.500 12/23/2022 EUR 54.510
Vontobel Financial P 18.500 12/23/2022 EUR 65.970
Vontobel Financial P 11.500 12/23/2022 EUR 42.390
Vontobel Financial P 11.000 12/23/2022 EUR 44.150
Vontobel Financial P 15.500 12/23/2022 EUR 40.970
Vontobel Financial P 13.500 12/23/2022 EUR 42.510
Vontobel Financial P 3.500 12/23/2022 EUR 52.840
Vontobel Financial P 5.000 12/23/2022 EUR 50.290
Vontobel Financial P 9.000 12/23/2022 EUR 46.000
Vontobel Financial P 7.000 12/23/2022 EUR 48.050
Vontobel Financial P 17.000 12/23/2022 EUR 74.450
Vontobel Financial P 17.000 12/23/2022 EUR 72.630
Vontobel Financial P 14.000 12/23/2022 EUR 74.710
Vontobel Financial P 10.500 12/23/2022 EUR 74.060
Vontobel Financial P 15.000 12/23/2022 EUR 68.730
Vontobel Financial P 12.500 12/23/2022 EUR 71.280
Vontobel Financial P 17.000 12/23/2022 EUR 66.340
Vontobel Financial P 5.000 12/23/2022 EUR 56.570
Vontobel Financial P 8.500 12/23/2022 EUR 51.030
Vontobel Financial P 9.000 12/23/2022 EUR 50.070
Vontobel Financial P 11.000 12/23/2022 EUR 48.280
Vontobel Financial P 13.000 12/23/2022 EUR 46.660
Vontobel Financial P 7.000 12/23/2022 EUR 53.110
Vontobel Financial P 7.500 12/23/2022 EUR 52.040
Vontobel Financial P 6.000 12/23/2022 EUR 54.180
Vontobel Financial P 10.000 12/23/2022 EUR 49.170
Vontobel Financial P 13.500 12/23/2022 EUR 45.890
Vontobel Financial P 14.500 12/23/2022 EUR 45.100
Vontobel Financial P 16.500 12/23/2022 EUR 43.710
Vontobel Financial P 17.500 12/23/2022 EUR 37.570
Vontobel Financial P 6.500 12/23/2022 EUR 49.020
Vontobel Financial P 14.500 12/23/2022 EUR 39.800
Vontobel Financial P 24.500 12/23/2022 EUR 36.820
Vontobel Financial P 9.000 12/23/2022 EUR 45.470
Vontobel Financial P 13.000 12/23/2022 EUR 59.360
Vontobel Financial P 9.000 12/23/2022 EUR 66.410
Vontobel Financial P 11.000 12/23/2022 EUR 62.670
Vontobel Financial P 19.000 12/23/2022 EUR 51.380
Vontobel Financial P 15.000 12/23/2022 EUR 56.400
Vontobel Financial P 17.000 12/23/2022 EUR 53.760
Vontobel Financial P 21.500 12/23/2022 EUR 49.260
Vontobel Financial P 17.000 12/23/2022 EUR 71.120
Vontobel Financial P 18.500 12/23/2022 EUR 69.460
Vontobel Financial P 15.500 12/23/2022 EUR 72.860
Vontobel Financial P 20.000 12/23/2022 EUR 67.900
Vontobel Financial P 14.000 12/23/2022 EUR 69.970
Vontobel Financial P 16.000 12/23/2022 EUR 67.490
Vontobel Financial P 11.500 12/23/2022 EUR 72.650
Vontobel Financial P 7.000 12/23/2022 EUR 46.560
Vontobel Financial P 19.500 12/23/2022 EUR 73.600
Vontobel Financial P 5.500 12/23/2022 EUR 49.100
Vontobel Financial P 6.000 12/23/2022 EUR 47.780
Vontobel Financial P 8.000 12/23/2022 EUR 45.410
Vontobel Financial P 8.500 12/23/2022 EUR 44.290
Vontobel Financial P 5.000 12/23/2022 EUR 50.510
Vontobel Financial P 9.500 12/23/2022 EUR 43.260
Vontobel Financial P 15.500 12/23/2022 EUR 38.080
Vontobel Financial P 14.500 12/23/2022 EUR 38.840
Vontobel Financial P 16.500 12/23/2022 EUR 37.350
Vontobel Financial P 17.500 12/23/2022 EUR 36.660
Vontobel Financial P 19.500 12/23/2022 EUR 35.370
Vontobel Financial P 18.500 12/23/2022 EUR 36.000
Vontobel Financial P 10.500 12/23/2022 EUR 42.280
Vontobel Financial P 13.500 12/23/2022 EUR 39.640
Vontobel Financial P 11.500 12/23/2022 EUR 41.360
Vontobel Financial P 12.500 12/23/2022 EUR 40.470
Vontobel Financial P 15.500 12/23/2022 EUR 65.230
Vontobel Financial P 12.500 12/23/2022 EUR 72.320
Vontobel Financial P 16.000 12/23/2022 EUR 68.780
Vontobel Financial P 18.000 12/23/2022 EUR 70.530
Vontobel Financial P 15.000 12/23/2022 EUR 73.890
Vontobel Financial P 16.500 12/23/2022 EUR 72.170
Vontobel Financial P 11.500 12/23/2022 EUR 70.830
Vontobel Financial P 10.500 12/23/2022 EUR 52.460
Vontobel Financial P 12.000 12/23/2022 EUR 67.760
Vontobel Financial P 13.500 12/23/2022 EUR 66.090
Vontobel Financial P 16.000 12/23/2022 EUR 62.990
Vontobel Financial P 14.500 12/23/2022 EUR 64.510
Vontobel Financial P 12.000 12/23/2022 EUR 74.890
Vontobel Financial P 15.000 12/23/2022 EUR 71.720
Vontobel Financial P 16.500 12/23/2022 EUR 70.240
Vontobel Financial P 13.500 12/23/2022 EUR 73.260
Vontobel Financial P 19.000 12/23/2022 EUR 21.780
Vontobel Financial P 24.000 12/23/2022 EUR 19.160
Vontobel Financial P 3.000 12/23/2022 EUR 60.560
Vontobel Financial P 4.000 12/23/2022 EUR 57.790
Vontobel Financial P 3.500 12/23/2022 EUR 59.140
Vontobel Financial P 5.500 12/23/2022 EUR 55.350
Vontobel Financial P 17.500 12/23/2022 EUR 43.070
Vontobel Financial P 15.500 12/23/2022 EUR 44.410
Vontobel Financial P 12.000 12/23/2022 EUR 47.460
Vontobel Financial P 18.500 12/23/2022 EUR 42.430
Vontobel Financial P 17.000 12/23/2022 EUR 71.730
Vontobel Financial P 8.500 12/23/2022 EUR 73.470
Vontobel Financial P 9.500 12/23/2022 EUR 71.450
Vontobel Financial P 10.500 12/23/2022 EUR 69.520
Raiffeisen Schweiz G 12.000 12/30/2022 CHF 58.040
Basler Kantonalbank 11.000 8/9/2023 CHF 74.740
Zurcher Kantonalbank 8.800 7/26/2023 CHF 74.980
Zurcher Kantonalbank 10.000 1/26/2023 CHF 65.210
EFG International Fi 4.660 1/26/2023 EUR 69.560
UBS AG/London 9.170 1/30/2024 USD 8.469
EFG International Fi 3.120 1/31/2023 EUR 68.230
Leonteq Securities A 20.000 2/1/2023 CHF 64.620
Erste Group Bank AG 1.170 1/28/2037 EUR 70.136
Raiffeisen Schweiz G 13.000 1/31/2023 CHF 53.130
Raiffeisen Schweiz G 19.000 1/31/2023 CHF 34.240
Citigroup Global Mar 1.000 1/21/2036 EUR 67.457
Zurcher Kantonalbank 10.500 1/27/2023 EUR 52.500
Bank Vontobel AG 12.000 1/30/2023 CHF 13.800
Credit Suisse AG/Lon 8.750 1/27/2023 CHF 69.340
Bank Vontobel AG 18.250 1/30/2023 CHF 15.300
Bank Vontobel AG 7.000 7/28/2023 CHF 70.400
Credit Suisse AG/Lon 9.250 1/27/2023 USD 55.990
UBS AG/London 16.350 1/31/2024 USD 7.433
UBS AG/London 15.800 1/31/2024 USD 7.463
DZ Bank AG Deutsche 10.700 6/23/2023 EUR 50.750
DZ Bank AG Deutsche 7.900 6/23/2023 EUR 70.930
DZ Bank AG Deutsche 10.000 6/23/2023 EUR 68.070
DZ Bank AG Deutsche 6.400 6/23/2023 EUR 59.150
DZ Bank AG Deutsche 10.800 3/24/2023 EUR 69.150
DZ Bank AG Deutsche 9.300 6/23/2023 EUR 67.390
DZ Bank AG Deutsche 7.300 6/23/2023 EUR 68.500
DZ Bank AG Deutsche 10.400 6/23/2023 EUR 63.830
DZ Bank AG Deutsche 20.100 3/24/2023 EUR 71.630
DZ Bank AG Deutsche 14.400 12/23/2022 EUR 74.780
Leonteq Securities A 14.000 1/3/2023 CHF 30.100
Leonteq Securities A 9.000 6/30/2023 CHF 50.170
EFG International Fi 18.000 2/16/2023 CHF 26.290
DZ Bank AG Deutsche 5.100 12/19/2022 EUR 52.130
DZ Bank AG Deutsche 4.800 3/20/2023 EUR 53.320
UBS AG/London 8.400 9/11/2023 EUR 72.290
Corner Banca SA 18.000 1/3/2023 USD 62.840
DZ Bank AG Deutsche 6.250 12/19/2022 EUR 68.960
DZ Bank AG Deutsche 5.000 3/20/2023 EUR 55.020
Raiffeisen Switzerla 9.000 6/30/2023 USD 71.290
VTB Bank PJSC 0.010 12/13/2024 RUB 74.040
Luzerner Kantonalban 5.000 6/28/2023 CHF 69.560
Zurcher Kantonalbank 6.800 12/28/2022 CHF 74.080
Societe Generale Eff 4.930 2/17/2023 USD 74.110
Vontobel Financial P 16.000 12/23/2022 EUR 72.450
Vontobel Financial P 15.000 12/23/2022 EUR 74.170
Vontobel Financial P 19.000 12/23/2022 EUR 67.770
EFG International Fi 19.000 12/29/2022 USD 67.660
Vontobel Financial P 6.000 12/23/2022 EUR 37.550
Vontobel Financial P 21.000 12/23/2022 EUR 59.550
Vontobel Financial P 12.500 12/23/2022 EUR 45.490
Vontobel Financial P 9.500 12/23/2022 EUR 49.090
Vontobel Financial P 10.500 12/23/2022 EUR 47.560
Vontobel Financial P 18.000 12/23/2022 EUR 40.870
Vontobel Financial P 7.500 12/23/2022 EUR 35.320
Vontobel Financial P 12.000 12/23/2022 EUR 31.730
Vontobel Financial P 18.000 12/23/2022 EUR 64.180
Vontobel Financial P 7.000 12/23/2022 EUR 52.450
Vontobel Financial P 7.500 12/23/2022 EUR 62.820
Vontobel Financial P 8.000 12/23/2022 EUR 59.330
Vontobel Financial P 5.500 12/23/2022 EUR 57.370
Leonteq Securities A 25.200 2/17/2023 CHF 19.140
Banque International 10.000 8/9/2023 CHF 67.200
Leonteq Securities A 22.800 2/15/2023 CHF 51.440
Credit Suisse AG/Lon 11.500 12/23/2022 USD 37.620
Leonteq Securities A 24.120 12/30/2022 CHF 61.500
Landesbank Baden-Wue 2.300 12/22/2023 EUR 69.770
Landesbank Baden-Wue 5.900 12/22/2023 EUR 46.070
Landesbank Baden-Wue 9.500 12/22/2023 EUR 57.510
Landesbank Baden-Wue 4.800 12/22/2023 EUR 72.630
Landesbank Baden-Wue 2.600 12/22/2023 EUR 60.680
Landesbank Baden-Wue 4.300 12/22/2023 EUR 74.220
Landesbank Baden-Wue 7.000 12/22/2023 EUR 35.110
Landesbank Baden-Wue 4.150 12/22/2023 EUR 56.260
UniCredit Bank AG 7.000 3/15/2023 EUR 70.750
UniCredit Bank AG 7.600 3/15/2023 EUR 40.620
Credit Suisse AG/Lon 8.500 5/10/2023 USD 69.770
Vontobel Financial P 8.000 12/23/2022 EUR 73.090
UBS AG/London 7.250 12/29/2023 CHF 68.900
UBS AG/London 8.500 6/29/2023 CHF 64.600
UBS AG/London 6.500 12/29/2023 CHF 63.650
UBS AG/London 17.500 12/29/2022 USD 54.950
Societe Generale Eff 8.000 1/27/2023 EUR 56.880
Vontobel Financial P 5.000 3/24/2023 EUR 61.180
Vontobel Financial P 21.500 12/23/2022 EUR 65.020
Vontobel Financial P 15.000 3/24/2023 EUR 68.120
Vontobel Financial P 11.500 12/23/2022 EUR 71.670
Vontobel Financial P 14.000 12/23/2022 EUR 69.280
Vontobel Financial P 11.000 3/24/2023 EUR 72.440
Credit Suisse AG/Lon 4.600 3/31/2023 USD 8.810
Credit Suisse AG/Lon 6.200 3/31/2023 USD 8.890
Vontobel Financial P 13.000 12/23/2022 EUR 71.690
Vontobel Financial P 18.500 3/24/2023 EUR 65.980
Vontobel Financial P 7.500 12/23/2022 EUR 55.790
Vontobel Financial P 12.000 12/23/2022 EUR 50.550
Vontobel Financial P 17.500 12/23/2022 EUR 46.380
Vontobel Financial P 17.000 3/24/2023 EUR 70.700
Vontobel Financial P 15.000 3/24/2023 EUR 73.790
Vontobel Financial P 16.500 3/24/2023 EUR 70.140
Vontobel Financial P 13.500 3/24/2023 EUR 73.790
Vontobel Financial P 16.000 12/23/2022 EUR 67.710
Vontobel Financial P 19.500 12/23/2022 EUR 64.230
Vontobel Financial P 18.000 12/23/2022 EUR 65.940
Vontobel Financial P 13.500 12/23/2022 EUR 74.160
Vontobel Financial P 16.500 12/23/2022 EUR 70.880
Vontobel Financial P 18.000 12/23/2022 EUR 69.350
Vontobel Financial P 19.500 12/23/2022 EUR 67.890
Vontobel Financial P 20.500 12/23/2022 EUR 66.470
Banque Cantonale Vau 12.360 6/27/2023 CHF 73.020
Vontobel Financial P 13.500 3/24/2023 EUR 69.320
Vontobel Financial P 11.500 12/23/2022 EUR 71.590
Vontobel Financial P 13.000 12/23/2022 EUR 69.720
Vontobel Financial P 18.000 12/23/2022 EUR 72.730
Vontobel Financial P 16.000 12/23/2022 EUR 74.590
Vontobel Financial P 15.500 3/24/2023 EUR 71.290
Vontobel Financial P 14.500 3/24/2023 EUR 68.230
Vontobel Financial P 13.000 3/24/2023 EUR 50.600
Vontobel Financial P 10.000 3/24/2023 EUR 52.780
Vontobel Financial P 8.000 3/24/2023 EUR 55.720
Vontobel Financial P 14.000 3/24/2023 EUR 49.490
Vontobel Financial P 11.500 3/24/2023 EUR 51.640
Vontobel Financial P 19.000 12/23/2022 EUR 45.140
Vontobel Financial P 17.000 3/24/2023 EUR 47.830
Vontobel Financial P 15.500 3/24/2023 EUR 48.620
Vontobel Financial P 10.500 12/23/2022 EUR 52.170
Vontobel Financial P 10.000 12/23/2022 EUR 74.300
Vontobel Financial P 12.500 3/24/2023 EUR 70.470
Vontobel Financial P 14.500 3/24/2023 EUR 68.810
Vontobel Financial P 9.500 3/24/2023 EUR 74.550
Vontobel Financial P 17.500 3/24/2023 EUR 65.600
Vontobel Financial P 19.000 3/24/2023 EUR 64.180
Vontobel Financial P 13.000 12/23/2022 EUR 70.040
Vontobel Financial P 15.000 12/23/2022 EUR 67.700
Vontobel Financial P 16.000 3/24/2023 EUR 67.140
Vontobel Financial P 11.000 12/23/2022 EUR 72.570
Vontobel Financial P 21.500 12/23/2022 EUR 61.660
Vontobel Financial P 17.500 12/23/2022 EUR 65.560
Vontobel Financial P 19.500 12/23/2022 EUR 63.540
Vontobel Financial P 16.000 3/24/2023 EUR 74.520
Vontobel Financial P 17.000 3/24/2023 EUR 73.050
DZ Bank AG Deutsche 15.400 6/23/2023 EUR 60.970
DZ Bank AG Deutsche 17.000 6/23/2023 EUR 58.520
DZ Bank AG Deutsche 13.900 6/23/2023 EUR 63.790
DZ Bank AG Deutsche 18.600 6/23/2023 EUR 56.400
DZ Bank AG Deutsche 7.400 2/24/2023 EUR 52.200
DZ Bank AG Deutsche 9.600 2/24/2023 EUR 50.140
DZ Bank AG Deutsche 3.800 6/23/2023 EUR 55.500
DZ Bank AG Deutsche 5.000 6/23/2023 EUR 53.190
DZ Bank AG Deutsche 6.400 6/23/2023 EUR 51.290
DZ Bank AG Deutsche 8.000 6/23/2023 EUR 49.750
DZ Bank AG Deutsche 9.400 2/24/2023 EUR 71.620
DZ Bank AG Deutsche 8.200 6/23/2023 EUR 70.850
DZ Bank AG Deutsche 6.100 6/23/2023 EUR 56.410
DZ Bank AG Deutsche 12.500 6/23/2023 EUR 67.690
Sberbank of Russia P 0.010 12/30/2026 RUB 73.800
Leonteq Securities A 7.000 1/5/2024 CHF 72.160
DZ Bank AG Deutsche 4.700 6/23/2023 EUR 74.310
DZ Bank AG Deutsche 6.800 6/23/2023 EUR 70.320
DZ Bank AG Deutsche 12.400 2/24/2023 EUR 62.840
DZ Bank AG Deutsche 8.800 6/23/2023 EUR 66.010
DZ Bank AG Deutsche 7.900 6/23/2023 EUR 70.380
DZ Bank AG Deutsche 22.800 2/24/2023 EUR 66.800
DZ Bank AG Deutsche 24.900 2/24/2023 EUR 63.120
DZ Bank AG Deutsche 18.100 6/23/2023 EUR 72.740
DZ Bank AG Deutsche 19.500 6/23/2023 EUR 69.770
DZ Bank AG Deutsche 20.900 6/23/2023 EUR 67.060
DZ Bank AG Deutsche 22.400 6/23/2023 EUR 64.430
DZ Bank AG Deutsche 13.600 6/23/2023 EUR 74.340
Leonteq Securities A 9.000 1/3/2023 USD 57.440
Leonteq Securities A 8.000 6/30/2023 CHF 66.000
VTB Bank PJSC 0.010 12/20/2024 RUB 74.850
Raiffeisen Schweiz G 14.200 2/14/2023 CHF 54.080
Raiffeisen Schweiz G 15.000 2/14/2023 CHF 71.500
Raiffeisen Switzerla 8.600 8/11/2023 USD 67.530
DZ Bank AG Deutsche 5.600 3/20/2023 EUR 72.620
Leonteq Securities A 7.000 2/13/2023 EUR 56.110
Leonteq Securities A 24.120 12/28/2022 CHF 8.990
UBS AG/London 5.250 9/11/2023 EUR 70.740
Leonteq Securities A 8.000 6/30/2023 CHF 66.020
Leonteq Securities A 12.000 3/30/2023 CHF 16.180
DZ Bank AG Deutsche 4.750 12/19/2022 EUR 48.960
Raiffeisen Switzerla 15.000 12/30/2022 CHF 57.060
Raiffeisen Switzerla 20.000 12/30/2022 CHF 66.230
Raiffeisen Switzerla 6.500 1/3/2024 CHF 67.140
Raiffeisen Switzerla 12.000 12/30/2022 CHF 36.200
BNP Paribas Emission 3.000 2/11/2026 EUR 64.200
Credit Suisse AG/Lon 12.000 2/13/2023 CHF 14.350
Credit Suisse AG/Lon 8.000 2/13/2023 CHF 74.160
Zurcher Kantonalbank 9.000 6/28/2023 CHF 71.180
Vontobel Financial P 7.500 12/23/2022 EUR 59.030
Vontobel Financial P 3.500 3/24/2023 EUR 67.360
Vontobel Financial P 7.500 3/24/2023 EUR 59.120
Bank Julius Baer & C 13.500 2/15/2023 CHF 57.650
Basler Kantonalbank 15.000 5/24/2023 CHF 20.000
UBS AG/London 16.750 3/2/2023 USD 63.300
UBS AG/London 11.500 3/2/2023 USD 73.750
UBS AG/London 14.000 3/2/2023 CHF 63.650
Vontobel Financial P 13.500 12/23/2022 EUR 57.710
Vontobel Financial P 19.500 12/23/2022 EUR 56.160
Landesbank Baden-Wue 2.400 12/22/2023 EUR 56.230
Landesbank Baden-Wue 5.000 12/22/2023 EUR 63.110
Landesbank Baden-Wue 4.200 12/22/2023 EUR 56.260
Landesbank Baden-Wue 2.300 12/22/2023 EUR 56.950
Landesbank Baden-Wue 6.300 12/22/2023 EUR 59.460
Landesbank Baden-Wue 3.000 12/22/2023 EUR 68.230
Landesbank Baden-Wue 9.200 12/22/2023 EUR 72.560
Landesbank Baden-Wue 2.500 12/22/2023 EUR 59.260
Landesbank Baden-Wue 3.000 12/22/2023 EUR 56.340
Landesbank Baden-Wue 5.600 12/22/2023 EUR 71.120
Societe Generale Eff 15.750 12/23/2022 EUR 62.770
Societe Generale Eff 4.750 12/23/2022 EUR 62.810
Vontobel Financial P 6.500 12/23/2022 EUR 74.990
Vontobel Financial P 8.250 12/23/2022 EUR 66.480
Vontobel Financial P 13.250 12/23/2022 EUR 59.970
Vontobel Financial P 11.000 12/23/2022 EUR 52.260
Vontobel Financial P 21.750 12/23/2022 EUR 68.160
Vontobel Financial P 22.000 12/23/2022 EUR 44.890
UBS AG/London 9.500 6/29/2023 CHF 41.100
UBS AG/London 6.500 12/29/2023 USD 39.200
UBS AG/London 6.000 6/29/2023 CHF 69.100
UBS AG/London 13.750 12/29/2022 CHF 62.650
Societe Generale Eff 6.000 1/27/2023 EUR 60.980
Vontobel Financial P 7.710 3/30/2023 EUR 74.860
Vontobel Financial P 7.000 3/24/2023 EUR 57.380
Vontobel Financial P 10.000 12/23/2022 EUR 73.580
Vontobel Financial P 16.500 3/24/2023 EUR 66.800
Vontobel Financial P 11.500 3/24/2023 EUR 71.840
Vontobel Financial P 15.000 12/23/2022 EUR 67.990
Vontobel Financial P 10.000 3/24/2023 EUR 73.770
Vontobel Financial P 12.000 3/24/2023 EUR 73.030
Vontobel Financial P 6.500 12/23/2022 EUR 57.860
Vontobel Financial P 15.500 12/23/2022 EUR 47.660
Vontobel Financial P 13.500 12/23/2022 EUR 49.040
Vontobel Financial P 9.000 12/23/2022 EUR 53.910
Vontobel Financial P 19.000 3/24/2023 EUR 67.960
Vontobel Financial P 14.500 3/24/2023 EUR 72.510
Vontobel Financial P 19.000 3/24/2023 EUR 68.160
Vontobel Financial P 17.500 3/24/2023 EUR 69.040
Vontobel Financial P 15.000 3/24/2023 EUR 69.170
Vontobel Financial P 11.500 12/23/2022 EUR 73.870
Credit Suisse AG/Lon 9.250 12/27/2022 CHF 8.320
Credit Suisse AG/Lon 8.500 3/24/2023 USD 56.550
Zurcher Kantonalbank 9.000 12/27/2022 CHF 70.660
Vontobel Financial P 15.000 12/23/2022 EUR 72.470
DZ Bank AG Deutsche 7.700 6/23/2023 EUR 71.240
Leonteq Securities A 19.000 1/3/2023 CHF 31.830
DZ Bank AG Deutsche 13.100 12/23/2022 EUR 66.630
DZ Bank AG Deutsche 10.200 2/24/2023 EUR 65.650
DZ Bank AG Deutsche 12.100 6/23/2023 EUR 61.950
DZ Bank AG Deutsche 10.900 6/23/2023 EUR 66.630
DZ Bank AG Deutsche 23.000 12/23/2022 EUR 68.790
DZ Bank AG Deutsche 21.900 3/24/2023 EUR 67.580
DZ Bank AG Deutsche 23.800 3/24/2023 EUR 64.190
DZ Bank AG Deutsche 17.800 12/23/2022 EUR 70.050
DZ Bank AG Deutsche 15.300 3/24/2023 EUR 73.440
DZ Bank AG Deutsche 9.700 2/24/2023 EUR 71.310
Leonteq Securities A 11.000 3/30/2023 CHF 39.000
Raiffeisen Schweiz G 11.300 2/14/2023 CHF 49.980
EFG International Fi 16.000 2/16/2023 USD 61.660
Landesbank Hessen-Th 1.510 4/3/2036 EUR 74.348
Corner Banca SA 10.000 8/25/2023 CHF 69.890
Leonteq Securities A 14.000 2/28/2023 EUR 51.400
Bank Vontobel AG 11.000 2/23/2024 CHF 25.100
Credit Suisse AG/Lon 10.250 5/22/2023 EUR 55.160
DZ Bank AG Deutsche 4.250 3/22/2023 EUR 50.590
DZ Bank AG Deutsche 7.750 3/22/2023 EUR 74.160
Bank Julius Baer & C 15.000 8/29/2023 CHF 27.650
UBS AG/London 15.000 3/16/2023 EUR 61.750
Credit Suisse AG/Lon 6.000 1/13/2023 CHF 70.620
Bank Vontobel AG 8.250 7/14/2023 EUR 73.100
Bank Vontobel AG 6.750 7/14/2023 CHF 62.100
Landesbank Baden-Wue 4.850 9/22/2023 EUR 56.560
NRW Bank 1.033 1/27/2042 EUR 74.060
Erste Group Bank AG 6.750 2/15/2023 EUR 71.000
Erste Group Bank AG 4.750 2/15/2023 EUR 73.500
Banque International 11.000 7/12/2023 EUR 56.180
BNP Paribas Emission 3.000 3/23/2023 EUR 69.230
BNP Paribas Emission 4.000 3/23/2023 EUR 59.540
BNP Paribas Emission 4.000 3/23/2023 EUR 57.380
Bank Julius Baer & C 11.750 4/18/2023 USD 73.050
Landesbank Baden-Wue 1.600 4/28/2023 EUR 57.510
Landesbank Baden-Wue 3.600 4/28/2023 EUR 49.840
Landesbank Baden-Wue 5.250 4/28/2023 EUR 46.010
Landesbank Baden-Wue 5.750 4/28/2023 EUR 70.950
Landesbank Baden-Wue 1.750 4/28/2023 EUR 67.610
Landesbank Baden-Wue 3.000 4/28/2023 EUR 62.700
Landesbank Baden-Wue 3.300 4/28/2023 EUR 68.340
Landesbank Baden-Wue 6.500 4/28/2023 EUR 43.930
Landesbank Baden-Wue 2.000 4/28/2023 EUR 74.950
Landesbank Baden-Wue 3.000 4/28/2023 EUR 71.560
Landesbank Baden-Wue 4.750 4/28/2023 EUR 65.790
Raiffeisen Schweiz G 10.000 10/11/2023 CHF 57.840
Zurcher Kantonalbank 9.400 10/11/2023 EUR 71.210
Sberbank of Russia P 0.010 1/15/2027 RUB 66.000
Vontobel Financial P 12.000 12/23/2022 EUR 51.420
Vontobel Financial P 6.000 12/23/2022 EUR 73.370
Vontobel Financial P 7.250 12/23/2022 EUR 59.820
Credit Suisse AG/Lon 8.000 1/17/2023 CHF 49.580
Zurcher Kantonalbank 7.250 7/17/2023 CHF 73.560
Zurcher Kantonalbank 7.500 1/17/2023 CHF 73.530
Zurcher Kantonalbank 8.000 1/17/2023 CHF 69.850
Zurcher Kantonalbank 29.000 1/17/2023 CHF 40.840
Zurcher Kantonalbank 15.500 1/17/2023 CHF 65.710
Zurcher Kantonalbank 21.500 1/17/2023 CHF 71.700
Zurcher Kantonalbank 12.000 1/17/2023 EUR 32.060
Zurcher Kantonalbank 17.700 1/17/2023 CHF 60.560
Raiffeisen Centroban 10.234 3/22/2023 EUR 65.320
Landesbank Baden-Wue 10.750 1/27/2023 EUR 67.000
Landesbank Baden-Wue 5.030 1/27/2023 EUR 73.670
Single Platform Inve 1.762 5/25/2066 EUR 61.636
Leonteq Securities A 12.000 4/24/2023 USD 56.320
Leonteq Securities A 14.000 1/24/2023 EUR 30.580
Corner Banca SA 10.000 7/24/2023 USD 63.990
Leonteq Securities A 17.000 1/24/2023 CHF 54.340
Leonteq Securities A 15.000 4/21/2023 CHF 39.950
Corner Banca SA 16.000 1/24/2023 CHF 14.920
Leonteq Securities A 14.000 4/21/2023 CHF 52.410
Leonteq Securities A 13.000 4/21/2023 CHF 59.060
Leonteq Securities A 15.000 1/24/2023 CHF 57.500
Leonteq Securities A 8.000 7/21/2023 CHF 70.800
Societe Generale Eff 9.500 12/23/2022 EUR 74.540
Societe Generale Eff 10.500 12/23/2022 EUR 73.080
Societe Generale Eff 10.250 12/23/2022 EUR 72.600
Societe Generale Eff 16.750 12/23/2022 EUR 56.510
Societe Generale Eff 9.750 12/23/2022 EUR 49.820
Societe Generale Eff 6.250 12/23/2022 EUR 60.550
Societe Generale Eff 8.250 12/23/2022 EUR 57.050
Societe Generale Eff 10.250 12/23/2022 EUR 54.410
BNP Paribas Emission 5.300 9/1/2023 EUR 74.200
UniCredit Bank AG 8.200 3/30/2023 EUR 73.070
Sberbank of Russia P 0.010 2/26/2027 RUB 69.500
Vontobel Financial P 3.450 2/27/2023 EUR 70.050
Credit Suisse AG/Lon 14.750 8/18/2023 USD 62.510
UBS AG/London 18.000 4/15/2024 USD 64.300
Bank Julius Baer & C 9.000 5/25/2023 USD 57.250
Leonteq Securities A 26.400 2/24/2023 CHF 19.410
Leonteq Securities A 9.000 8/24/2023 CHF 72.150
Luzerner Kantonalban 15.750 2/21/2023 CHF 51.580
Corner Banca SA 15.000 5/30/2023 CHF 53.920
Leonteq Securities A 12.000 5/30/2023 CHF 54.010
Basler Kantonalbank 7.000 7/14/2023 CHF 68.770
Norddeutsche Landesb 0.400 8/13/2031 EUR 72.221
Norddeutsche Landesb 1.000 8/13/2036 EUR 66.361
Landesbank Hessen-Th 1.000 8/19/2036 EUR 66.500
EFG International Fi 9.000 1/16/2023 CHF 11.550
Corner Banca SA 8.000 1/12/2023 CHF 65.020
Progressio Infrastru 1.250 4/25/2033 EUR 74.900
Goldman Sachs & Co W 7.000 6/21/2023 EUR 74.510
Leonteq Securities A 5.600 7/19/2023 CHF 73.110
Leonteq Securities A 10.000 1/19/2023 CHF 47.110
Leonteq Securities A 10.400 1/19/2023 CHF 34.000
Leonteq Securities A 10.000 1/16/2023 CHF 45.720
Bank Vontobel AG 10.500 1/16/2023 CHF 42.200
Landesbank Hessen-Th 0.450 8/19/2031 EUR 73.382
Leonteq Securities A 10.000 1/19/2023 USD 9.290
Leonteq Securities A 11.000 1/19/2023 CHF 68.960
Corner Banca SA 22.000 9/19/2023 EUR 58.940
DZ Bank AG Deutsche 7.250 9/20/2023 EUR 40.210
DZ Bank AG Deutsche 8.500 12/21/2022 EUR 74.500
Vontobel Financial P 16.500 6/23/2023 EUR 69.030
Vontobel Financial P 7.500 9/22/2023 EUR 58.360
Vontobel Financial P 13.000 9/22/2023 EUR 73.760
BNP Paribas Emission 3.000 3/23/2023 EUR 72.930
Leonteq Securities A 25.000 7/18/2023 CHF 51.210
Corner Banca SA 27.000 7/18/2023 USD 64.260
DZ Bank AG Deutsche 11.000 12/21/2022 EUR 60.120
Bank Julius Baer & C 12.150 7/19/2023 CHF 67.550
UBS AG/London 19.000 7/15/2024 CHF 59.600
Bank Vontobel AG 6.000 10/16/2023 CHF 69.300
Bank Vontobel AG 16.500 7/17/2023 CHF 45.000
Vontobel Financial P 10.750 3/21/2023 EUR 36.460
DZ Bank AG Deutsche 4.000 12/23/2022 EUR 59.870
Societe Generale Eff 10.500 1/27/2023 EUR 73.770
Societe Generale Eff 12.500 1/27/2023 EUR 70.080
DekaBank Deutsche Gi 3.000 1/27/2023 EUR 74.360
Leonteq Securities A 14.000 5/22/2023 CHF 49.430
Leonteq Securities A 22.000 2/22/2023 CHF 47.150
Leonteq Securities A 12.000 5/22/2023 CHF 69.990
Leonteq Securities A 12.000 8/18/2023 CHF 64.850
Leonteq Securities A 10.000 8/18/2023 CHF 58.590
Leonteq Securities A 18.000 2/22/2023 CHF 51.310
Corner Banca SA 20.000 2/22/2023 CHF 35.810
Credit Suisse AG/Lon 10.250 2/15/2023 USD 69.780
Zurcher Kantonalbank 6.500 2/15/2023 CHF 43.120
Zurcher Kantonalbank 12.000 2/15/2023 CHF 24.680
Zurcher Kantonalbank 21.800 2/15/2023 CHF 57.520
Norddeutsche Landesb 1.390 7/9/2038 EUR 67.621
Landesbank Hessen-Th 0.520 7/14/2031 EUR 74.135
Leonteq Securities A 10.000 7/12/2023 CHF 52.280
Leonteq Securities A 8.000 1/12/2023 CHF 68.830
Leonteq Securities A 9.000 1/12/2023 USD 55.890
EFG International Fi 13.000 1/5/2023 CHF 49.400
EFG International Fi 8.700 7/13/2023 EUR 20.120
DekaBank Deutsche Gi 3.100 7/21/2023 EUR 67.670
EFG International Fi 13.000 1/6/2023 USD 40.540
Goldman Sachs & Co W 6.000 3/22/2023 EUR 45.820
Goldman Sachs & Co W 6.000 6/21/2023 EUR 62.770
Goldman Sachs & Co W 6.000 12/21/2022 EUR 71.180
Goldman Sachs & Co W 6.000 3/22/2023 EUR 72.670
Goldman Sachs & Co W 6.000 6/21/2023 EUR 71.290
Goldman Sachs & Co W 7.000 12/21/2022 EUR 41.610
Goldman Sachs & Co W 7.000 12/21/2022 EUR 61.040
Goldman Sachs & Co W 7.000 3/22/2023 EUR 68.110
Bank Vontobel AG 8.000 1/10/2023 CHF 51.700
Bank Vontobel AG 11.000 1/10/2023 CHF 66.800
Goldman Sachs & Co W 5.000 3/22/2023 EUR 48.190
Goldman Sachs & Co W 3.000 3/22/2023 EUR 53.530
Goldman Sachs & Co W 3.000 6/21/2023 EUR 57.310
SG Issuer SA 0.021 6/14/2033 EUR 74.760
DekaBank Deutsche Gi 2.300 8/11/2023 EUR 57.240
Landesbank Baden-Wue 0.500 7/30/2031 EUR 73.260
Zurcher Kantonalbank 22.100 9/10/2024 USD 72.200
Zurcher Kantonalbank 6.800 1/16/2023 CHF 65.140
SG Issuer SA 0.015 11/7/2033 EUR 64.330
SG Issuer SA 0.021 8/15/2033 EUR 55.140
Landesbank Baden-Wue 2.100 8/22/2025 EUR 73.450
Landesbank Baden-Wue 3.000 8/22/2025 EUR 74.860
Raiffeisen Schweiz G 6.300 7/12/2023 CHF 69.190
Landesbank Hessen-Th 0.460 7/20/2032 EUR 70.040
Landesbank Baden-Wue 6.000 9/22/2023 EUR 74.360
Landesbank Baden-Wue 13.000 9/22/2023 EUR 61.880
DekaBank Deutsche Gi 3.550 8/11/2025 EUR 71.670
Zurcher Kantonalbank 4.500 7/14/2023 CHF 39.190
EFG International Fi 8.000 1/19/2023 CHF 35.960
Hypo Tirol Bank AG 1.320 7/16/2041 EUR 66.563
Leonteq Securities A 8.400 1/16/2023 CHF 38.740
Corner Banca SA 8.000 1/16/2023 CHF 50.070
Landesbank Hessen-Th 0.550 8/19/2032 EUR 70.388
Bank Vontobel AG 10.500 1/16/2023 CHF 42.200
Bank Vontobel AG 10.000 1/16/2023 EUR 21.700
Landesbank Hessen-Th 0.750 8/19/2036 EUR 61.289
Luzerner Kantonalban 7.500 8/9/2023 CHF 13.370
Vontobel Financial P 6.250 1/20/2023 EUR 58.790
DZ Bank AG Deutsche 6.000 3/24/2023 EUR 65.450
Raiffeisen Schweiz G 8.000 10/4/2023 CHF 74.820
Vontobel Financial P 12.050 5/3/2023 EUR 69.360
Corner Banca SA 10.000 10/4/2023 EUR 58.870
Raiffeisen Schweiz G 15.000 7/5/2023 CHF 59.940
Raiffeisen Schweiz G 15.300 4/4/2023 CHF 52.260
Leonteq Securities A 14.400 7/4/2023 CHF 54.370
Leonteq Securities A 9.400 4/4/2023 USD 61.490
Leonteq Securities A 15.000 10/4/2023 CHF 66.410
Zurcher Kantonalbank 22.800 3/31/2023 USD 67.580
Zurcher Kantonalbank 15.500 3/30/2023 USD 65.380
Zurcher Kantonalbank 10.000 3/31/2023 EUR 63.600
Zurcher Kantonalbank 10.500 3/31/2023 CHF 65.230
Bank Vontobel AG 10.000 4/3/2023 CHF 52.700
Bank Vontobel AG 7.500 10/2/2023 CHF 62.300
Bank Vontobel AG 18.000 4/3/2023 CHF 60.700
Bank Vontobel AG 9.000 10/2/2023 EUR 60.900
Bank Vontobel AG 14.000 10/2/2023 CHF 33.900
UBS AG/London 16.000 4/1/2024 USD 69.100
UBS AG/London 14.750 4/1/2024 USD 64.950
UBS AG/London 16.000 10/2/2023 CHF 59.900
UBS AG/London 12.250 4/1/2024 USD 66.650
Credit Suisse AG/Lon 10.000 3/28/2023 CHF 20.060
Credit Suisse AG/Lon 12.000 3/29/2023 CHF 54.370
Credit Suisse AG/Lon 8.250 3/29/2023 CHF 68.430
Credit Suisse AG/Lon 18.000 3/31/2023 USD 53.940
UniCredit Bank AG 10.850 1/18/2023 EUR 65.290
DZ Bank AG Deutsche 16.000 12/23/2022 EUR 41.260
Landesbank Hessen-Th 1.050 1/20/2037 EUR 68.488
Raiffeisen Schweiz G 19.710 12/14/2022 CHF 58.450
UniCredit Bank AG 10.850 1/18/2023 EUR 53.250
DZ Bank AG Deutsche 8.250 12/19/2022 EUR 69.060
DZ Bank AG Deutsche 6.250 3/20/2023 EUR 74.220
Vontobel Financial P 12.000 12/23/2022 EUR 67.870
Vontobel Financial P 16.500 12/23/2022 EUR 65.210
Vontobel Financial P 15.500 12/23/2022 EUR 62.930
Vontobel Financial P 17.500 12/23/2022 EUR 60.770
Vontobel Financial P 9.000 12/23/2022 EUR 73.780
Vontobel Financial P 13.500 12/23/2022 EUR 68.400
Vontobel Financial P 14.000 12/23/2022 EUR 65.320
Vontobel Financial P 16.000 12/23/2022 EUR 69.680
Vontobel Financial P 14.000 12/23/2022 EUR 72.680
UniCredit Bank AG 8.550 1/18/2023 EUR 54.520
EFG International Fi 6.530 12/13/2022 USD 43.490
DekaBank Deutsche Gi 7.050 4/28/2023 EUR 60.470
UniCredit Bank AG 20.000 1/9/2023 EUR 65.200
Bank Vontobel AG 7.500 12/8/2023 CHF 71.100
Bank Vontobel AG 10.000 6/12/2023 CHF 13.400
Bank Vontobel AG 5.000 12/11/2023 CHF 68.000
Bank Vontobel AG 7.000 12/11/2023 CHF 67.000
DZ Bank AG Deutsche 10.250 12/21/2022 EUR 28.710
Basler Kantonalbank 11.000 12/22/2022 CHF 63.080
Bank Julius Baer & C 8.450 12/14/2022 CHF 45.850
Vontobel Financial P 10.500 3/24/2023 EUR 40.460
Vontobel Financial P 10.500 3/24/2023 EUR 62.280
Vontobel Financial P 9.000 3/24/2023 EUR 63.700
Vontobel Financial P 4.500 12/23/2022 EUR 72.310
Vontobel Financial P 5.500 12/23/2022 EUR 69.720
Vontobel Financial P 9.500 12/23/2022 EUR 63.030
Vontobel Financial P 11.000 3/24/2023 EUR 69.120
Vontobel Financial P 10.000 3/24/2023 EUR 71.030
Vontobel Financial P 14.000 3/24/2023 EUR 65.970
Vontobel Financial P 12.000 12/23/2022 EUR 68.200
Vontobel Financial P 13.500 12/23/2022 EUR 66.080
Vontobel Financial P 23.500 3/24/2023 EUR 57.630
Vontobel Financial P 14.000 3/24/2023 EUR 72.340
Vontobel Financial P 7.000 3/24/2023 EUR 71.950
Vontobel Financial P 16.000 3/24/2023 EUR 51.730
Vontobel Financial P 18.000 12/23/2022 EUR 48.090
Vontobel Financial P 19.500 12/23/2022 EUR 74.480
Vontobel Financial P 8.000 3/24/2023 EUR 73.400
Vontobel Financial P 9.000 3/24/2023 EUR 71.790
Vontobel Financial P 7.000 3/24/2023 EUR 74.930
Vontobel Financial P 12.500 3/24/2023 EUR 67.840
Vontobel Financial P 16.000 3/24/2023 EUR 64.490
Vontobel Financial P 10.500 12/23/2022 EUR 70.030
Vontobel Financial P 13.500 12/23/2022 EUR 66.670
Vontobel Financial P 15.000 12/23/2022 EUR 65.140
Vontobel Financial P 23.000 12/23/2022 EUR 73.270
Vontobel Financial P 19.500 9/22/2023 EUR 71.860
Vontobel Financial P 18.000 9/22/2023 EUR 73.320
Vontobel Financial P 20.500 9/22/2023 EUR 70.260
Vontobel Financial P 14.000 6/23/2023 EUR 70.770
Vontobel Financial P 8.000 9/22/2023 EUR 65.850
Vontobel Financial P 17.500 6/23/2023 EUR 74.740
BNP Paribas Emission 5.000 9/21/2023 EUR 73.690
DekaBank Deutsche Gi 3.200 7/21/2023 EUR 70.570
DekaBank Deutsche Gi 3.000 7/21/2023 EUR 74.340
Leonteq Securities A 8.000 1/12/2023 CHF 36.190
Leonteq Securities A 10.000 1/12/2023 CHF 24.940
Leonteq Securities A 9.000 1/12/2023 CHF 56.280
Leonteq Securities A 6.200 7/12/2023 CHF 66.190
Leonteq Securities A 10.000 1/9/2023 EUR 67.300
Goldman Sachs & Co W 6.000 12/21/2022 EUR 43.720
Goldman Sachs & Co W 6.000 6/21/2023 EUR 46.950
Leonteq Securities A 12.000 1/12/2023 CHF 29.930
Goldman Sachs & Co W 7.000 3/22/2023 EUR 43.920
Goldman Sachs & Co W 7.000 6/21/2023 EUR 44.670
Goldman Sachs & Co W 7.000 6/21/2023 EUR 67.160
Goldman Sachs & Co W 8.000 6/21/2023 EUR 43.260
Bank Vontobel AG 8.000 1/10/2023 CHF 51.700
Bank Vontobel AG 7.000 1/10/2023 CHF 66.900
Goldman Sachs & Co W 5.000 12/21/2022 EUR 47.000
Goldman Sachs & Co W 5.000 6/21/2023 EUR 49.000
Goldman Sachs & Co W 5.000 12/21/2022 EUR 73.950
Goldman Sachs & Co W 5.000 6/21/2023 EUR 73.310
Goldman Sachs & Co W 3.000 12/21/2022 EUR 52.970
Goldman Sachs & Co W 3.000 6/21/2023 EUR 53.800
Landesbank Hessen-Th 1.000 8/18/2036 EUR 68.250
DekaBank Deutsche Gi 2.100 8/11/2023 EUR 73.690
DekaBank Deutsche Gi 2.300 8/9/2024 EUR 70.710
SG Issuer SA 0.021 7/7/2033 EUR 65.470
Raiffeisen Schweiz G 6.500 1/12/2023 CHF 53.070
Landesbank Hessen-Th 0.750 8/18/2036 EUR 65.834
DZ Bank AG Deutsche 0.500 8/18/2036 EUR 68.268
DZ Bank AG Deutsche 0.110 8/17/2032 EUR 74.185
Landesbank Baden-Wue 10.000 9/22/2023 EUR 66.070
EFG International Fi 11.000 8/9/2023 CHF 59.100
EFG International Fi 20.000 2/9/2023 USD 29.540
Vontobel Financial P 19.000 3/24/2023 EUR 62.300
Vontobel Financial P 15.500 12/23/2022 EUR 66.530
Vontobel Financial P 14.000 12/23/2022 EUR 69.440
Vontobel Financial P 19.500 12/23/2022 EUR 61.530
Vontobel Financial P 16.000 3/24/2023 EUR 65.740
Vontobel Financial P 17.500 12/23/2022 EUR 63.930
Norddeutsche Landesb 1.300 3/16/2037 EUR 68.829
Vontobel Financial P 20.000 3/24/2023 EUR 63.200
Vontobel Financial P 18.500 3/24/2023 EUR 64.630
Vontobel Financial P 17.000 3/24/2023 EUR 66.160
Vontobel Financial P 18.500 12/23/2022 EUR 64.460
Vontobel Financial P 15.500 12/23/2022 EUR 69.130
Vontobel Financial P 12.500 12/23/2022 EUR 74.620
Vontobel Financial P 17.000 12/23/2022 EUR 66.710
Vontobel Financial P 13.000 3/24/2023 EUR 73.600
Vontobel Financial P 14.500 3/24/2023 EUR 72.200
Vontobel Financial P 14.500 12/23/2022 EUR 72.630
Vontobel Financial P 12.000 3/24/2023 EUR 72.280
Vontobel Financial P 13.000 12/23/2022 EUR 74.650
Vontobel Financial P 17.500 3/24/2023 EUR 63.960
DZ Bank AG Deutsche 5.000 3/22/2023 EUR 74.650
DZ Bank AG Deutsche 10.750 12/21/2022 EUR 33.920
DZ Bank AG Deutsche 8.500 3/22/2023 EUR 30.940
DZ Bank AG Deutsche 6.250 12/21/2022 EUR 50.480
Natixis SA 2.780 10/5/2036 AUD 65.135
Landesbank Baden-Wue 2.250 3/24/2023 EUR 57.140
Landesbank Baden-Wue 4.900 3/24/2023 EUR 50.200
Landesbank Baden-Wue 6.150 3/24/2023 EUR 68.090
Leonteq Securities A 21.000 2/14/2023 CHF 18.560
Landesbank Baden-Wue 3.500 3/24/2023 EUR 58.220
Landesbank Baden-Wue 8.650 3/24/2023 EUR 41.180
Landesbank Baden-Wue 3.000 3/24/2023 EUR 65.030
Landesbank Baden-Wue 8.900 3/24/2023 EUR 46.490
Landesbank Baden-Wue 3.650 3/24/2023 EUR 62.650
Landesbank Baden-Wue 5.500 3/24/2023 EUR 69.010
Landesbank Baden-Wue 3.000 3/24/2023 EUR 58.300
UBS AG/London 7.000 9/25/2023 CHF 68.350
Natixis SA 2.930 7/29/2051 AUD 56.791
Landesbank Baden-Wue 2.000 8/22/2025 EUR 62.390
EFG International Fi 6.370 3/6/2023 USD 48.270
Banque Cantonale Vau 5.400 12/6/2023 CHF 49.400
UniCredit Bank AG 4.500 9/1/2025 EUR 69.480
Basler Kantonalbank 8.400 1/30/2023 CHF 70.980
Norddeutsche Landesb 0.550 8/30/2033 EUR 68.044
Norddeutsche Landesb 0.825 8/30/2033 EUR 70.382
DZ Bank AG Deutsche 6.500 12/21/2022 EUR 58.010
Bank Julius Baer & C 12.900 4/5/2023 EUR 60.700
BNP Paribas Emission 12.000 3/23/2023 EUR 72.240
BNP Paribas Emission 11.000 3/23/2023 EUR 72.450
BNP Paribas Emission 14.000 3/23/2023 EUR 66.640
BNP Paribas Emission 15.000 3/23/2023 EUR 65.450
BNP Paribas Emission 10.000 6/22/2023 EUR 70.830
BNP Paribas Emission 11.000 6/22/2023 EUR 69.020
BNP Paribas Emission 19.000 6/22/2023 EUR 73.210
BNP Paribas Emission 18.000 12/21/2023 EUR 73.300
BNP Paribas Emission 18.000 12/21/2023 EUR 71.690
BNP Paribas Emission 12.000 3/23/2023 EUR 70.280
BNP Paribas Emission 10.000 12/21/2023 EUR 74.690
BNP Paribas Emission 10.000 12/21/2023 EUR 72.290
BNP Paribas Emission 12.000 12/21/2023 EUR 72.010
BNP Paribas Emission 18.000 3/23/2023 EUR 66.080
BNP Paribas Emission 13.000 6/22/2023 EUR 70.520
BNP Paribas Emission 15.000 6/22/2023 EUR 68.090
BNP Paribas Emission 18.000 6/22/2023 EUR 65.470
BNP Paribas Emission 15.000 12/21/2023 EUR 69.330
BNP Paribas Emission 10.000 12/21/2023 EUR 70.790
BNP Paribas Emission 11.000 12/21/2023 EUR 70.470
BNP Paribas Emission 14.000 12/22/2022 EUR 74.110
BNP Paribas Emission 13.000 12/22/2022 EUR 73.910
BNP Paribas Emission 15.000 12/22/2022 EUR 70.590
BNP Paribas Emission 16.000 12/22/2022 EUR 66.040
BNP Paribas Emission 7.000 3/23/2023 EUR 73.570
BNP Paribas Emission 10.000 3/23/2023 EUR 69.760
BNP Paribas Emission 12.000 3/23/2023 EUR 66.230
BNP Paribas Emission 7.000 12/21/2023 EUR 73.450
BNP Paribas Emission 8.000 12/21/2023 EUR 71.460
BNP Paribas Emission 9.000 12/22/2022 EUR 65.730
BNP Paribas Emission 10.000 12/22/2022 EUR 62.530
BNP Paribas Emission 7.000 3/23/2023 EUR 70.600
EFG International Fi 11.000 1/30/2023 USD 46.790
Vontobel Financial P 9.250 12/23/2022 EUR 71.860
UniCredit Bank AG 4.100 9/1/2025 EUR 74.670
Landesbank Baden-Wue 7.700 2/24/2023 EUR 73.450
Leonteq Securities A 17.000 12/13/2022 USD 40.010
Leonteq Securities A 7.000 12/13/2023 CHF 70.690
Credit Suisse AG/Lon 19.250 12/6/2022 USD 42.900
BNP Paribas Emission 9.000 12/22/2022 EUR 69.350
BNP Paribas Emission 11.000 12/22/2022 EUR 64.170
BNP Paribas Emission 9.000 3/23/2023 EUR 67.710
BNP Paribas Emission 8.000 6/22/2023 EUR 71.960
BNP Paribas Emission 19.000 3/23/2023 EUR 70.740
BNP Paribas Emission 16.000 12/22/2022 EUR 65.970
BNP Paribas Emission 11.000 3/23/2023 EUR 61.340
BNP Paribas Emission 12.000 3/23/2023 EUR 57.830
BNP Paribas Emission 5.000 12/21/2023 EUR 68.500
BNP Paribas Emission 7.000 12/21/2023 EUR 63.570
BNP Paribas Emission 10.000 12/21/2023 EUR 60.740
BNP Paribas Emission 16.000 12/22/2022 EUR 55.280
BNP Paribas Emission 9.000 3/23/2023 EUR 63.590
BNP Paribas Emission 7.000 12/21/2023 EUR 60.070
BNP Paribas Emission 9.000 12/21/2023 EUR 57.820
BNP Paribas Emission 13.000 12/22/2022 EUR 70.230
BNP Paribas Emission 14.000 12/22/2022 EUR 67.520
BNP Paribas Emission 17.000 12/22/2022 EUR 65.140
BNP Paribas Emission 18.000 12/22/2022 EUR 63.600
BNP Paribas Emission 19.000 12/22/2022 EUR 62.140
BNP Paribas Emission 11.000 12/22/2022 EUR 74.580
BNP Paribas Emission 17.000 12/22/2022 EUR 69.260
BNP Paribas Emission 19.000 12/22/2022 EUR 69.180
BNP Paribas Emission 15.000 6/22/2023 EUR 73.090
BNP Paribas Emission 7.000 12/22/2022 EUR 60.250
BNP Paribas Emission 8.000 3/23/2023 EUR 56.820
BNP Paribas Emission 12.000 3/23/2023 EUR 53.500
BNP Paribas Emission 5.000 6/22/2023 EUR 61.250
BNP Paribas Emission 7.000 6/22/2023 EUR 57.080
BNP Paribas Emission 10.000 6/22/2023 EUR 54.300
BNP Paribas Emission 11.000 6/22/2023 EUR 53.270
BNP Paribas Emission 12.000 6/22/2023 EUR 51.640
BNP Paribas Emission 6.000 12/21/2023 EUR 64.020
BNP Paribas Emission 12.000 6/22/2023 EUR 71.890
BNP Paribas Emission 19.000 3/23/2023 EUR 69.780
BNP Paribas Emission 14.000 12/22/2022 EUR 74.420
BNP Paribas Emission 15.000 12/22/2022 EUR 72.700
BNP Paribas Emission 19.000 12/22/2022 EUR 68.050
BNP Paribas Emission 20.000 12/22/2022 EUR 66.630
BNP Paribas Emission 16.000 12/22/2022 EUR 67.320
BNP Paribas Emission 18.000 12/22/2022 EUR 62.730
BNP Paribas Emission 12.000 3/23/2023 EUR 74.910
BNP Paribas Emission 14.000 3/23/2023 EUR 70.310
BNP Paribas Emission 16.000 3/23/2023 EUR 66.340
BNP Paribas Emission 19.000 3/23/2023 EUR 65.820
NIBC Bank NV 2.105 10/10/2033 EUR 73.224
Skandinaviska Enskil 7.600 1/15/2024 SEK 73.150
EFG International Fi 12.000 1/30/2023 CHF 45.210
DZ Bank AG Deutsche 10.500 6/21/2023 EUR 54.580
Landesbank Baden-Wue 0.460 1/7/2031 EUR 74.967
Landesbank Baden-Wue 0.520 1/7/2032 EUR 72.742
Berlin Hyp AG 0.349 12/10/2031 EUR 74.389
UBS AG/London 14.000 3/23/2023 USD 72.750
UBS AG/London 14.250 3/23/2023 CHF 64.850
Citigroup Global Mar 1.040 8/4/2036 EUR 66.383
Landesbank Baden-Wue 3.250 8/22/2025 EUR 70.420
Vontobel Financial P 4.200 6/16/2023 USD 56.320
Vontobel Financial P 5.100 6/16/2023 USD 60.480
Vontobel Financial P 16.520 1/30/2023 EUR 60.820
Zurcher Kantonalbank 11.400 1/30/2023 CHF 71.120
Vontobel Financial P 9.750 12/23/2022 EUR 67.680
DZ Bank AG Deutsche 7.500 12/21/2022 EUR 73.510
DZ Bank AG Deutsche 6.000 3/22/2023 EUR 74.960
Bank Vontobel AG 10.250 5/19/2023 CHF 72.500
DZ Bank AG Deutsche 4.800 3/20/2023 EUR 72.640
DZ Bank AG Deutsche 7.500 6/19/2023 EUR 73.220
Leonteq Securities A 24.000 2/22/2023 CHF 63.970
Vontobel Financial P 18.700 2/24/2023 USD 60.990
DZ Bank AG Deutsche 14.300 3/24/2023 EUR 65.760
DZ Bank AG Deutsche 7.700 3/24/2023 EUR 64.420
DZ Bank AG Deutsche 13.400 3/24/2023 EUR 56.380
DZ Bank AG Deutsche 19.600 3/24/2023 EUR 56.560
DZ Bank AG Deutsche 23.800 3/24/2023 EUR 50.940
DZ Bank AG Deutsche 14.900 3/24/2023 EUR 68.170
DZ Bank AG Deutsche 11.700 3/24/2023 EUR 73.090
DZ Bank AG Deutsche 16.000 3/22/2023 EUR 54.180
DZ Bank AG Deutsche 5.250 6/21/2023 EUR 73.410
DZ Bank AG Deutsche 10.600 3/24/2023 EUR 65.500
DZ Bank AG Deutsche 14.100 3/24/2023 EUR 60.280
DZ Bank AG Deutsche 19.600 3/24/2023 EUR 47.130
DZ Bank AG Deutsche 22.400 12/23/2022 EUR 74.750
DZ Bank AG Deutsche 5.000 6/21/2023 EUR 72.950
Bank Vontobel AG 17.000 2/20/2023 EUR 50.100
Credit Suisse AG/Lon 7.000 2/17/2023 CHF 74.830
Bank Julius Baer & C 6.000 2/22/2023 CHF 54.600
Zurcher Kantonalbank 8.800 2/16/2023 CHF 38.260
Citigroup Global Mar 1.180 12/23/2036 EUR 67.699
Bank Julius Baer & C 13.900 2/22/2023 USD 74.050
DZ Bank AG Deutsche 6.800 3/20/2023 EUR 70.130
DZ Bank AG Deutsche 8.400 3/20/2023 EUR 74.510
DZ Bank AG Deutsche 5.800 3/20/2023 EUR 52.630
DZ Bank AG Deutsche 5.300 6/19/2023 EUR 51.050
DZ Bank AG Deutsche 6.900 6/19/2023 EUR 49.670
Vontobel Financial P 20.700 2/24/2023 USD 29.630
DZ Bank AG Deutsche 11.900 3/24/2023 EUR 68.430
DZ Bank AG Deutsche 15.300 3/24/2023 EUR 61.750
DZ Bank AG Deutsche 5.500 12/21/2022 EUR 49.660
DZ Bank AG Deutsche 22.800 12/23/2022 EUR 52.000
DZ Bank AG Deutsche 21.000 3/24/2023 EUR 54.470
DZ Bank AG Deutsche 11.200 3/24/2023 EUR 66.620
DZ Bank AG Deutsche 23.000 3/24/2023 EUR 45.620
DZ Bank AG Deutsche 22.700 12/23/2022 EUR 66.910
Credit Suisse AG/Lon 10.750 2/3/2023 USD 73.610
Bank Vontobel AG 18.500 2/6/2023 CHF 14.800
Bank Vontobel AG 7.500 2/5/2024 CHF 70.500
Bank Vontobel AG 10.750 5/8/2023 CHF 66.100
Bank Vontobel AG 12.250 8/4/2023 EUR 34.900
Bank Vontobel AG 12.000 8/4/2023 EUR 72.800
Bank Vontobel AG 10.500 8/4/2023 EUR 70.300
Bank Vontobel AG 17.000 2/6/2023 CHF 66.700
Zurcher Kantonalbank 7.000 2/3/2023 CHF 45.360
Zurcher Kantonalbank 26.000 2/3/2023 CHF 39.580
Vontobel Financial P 8.500 3/24/2023 EUR 42.020
Vontobel Financial P 14.500 3/24/2023 EUR 37.970
Vontobel Financial P 14.000 3/24/2023 EUR 58.340
Vontobel Financial P 12.500 12/23/2022 EUR 59.340
Vontobel Financial P 11.000 12/23/2022 EUR 61.120
Vontobel Financial P 14.000 12/23/2022 EUR 57.640
Vontobel Financial P 16.000 12/23/2022 EUR 56.100
Vontobel Financial P 8.500 12/23/2022 EUR 72.970
Vontobel Financial P 12.500 3/24/2023 EUR 67.450
Vontobel Financial P 10.000 12/23/2022 EUR 70.480
Vontobel Financial P 17.500 3/24/2023 EUR 66.530
Vontobel Financial P 15.500 12/23/2022 EUR 64.100
Vontobel Financial P 19.500 12/23/2022 EUR 62.320
Vontobel Financial P 24.000 12/23/2022 EUR 56.500
Vontobel Financial P 15.500 12/23/2022 EUR 69.660
Vontobel Financial P 20.500 3/24/2023 EUR 61.620
Vontobel Financial P 8.500 3/24/2023 EUR 72.950
Vontobel Financial P 15.000 3/24/2023 EUR 74.460
Vontobel Financial P 10.000 3/24/2023 EUR 72.880
Vontobel Financial P 6.000 12/23/2022 EUR 71.710
Vontobel Financial P 14.000 12/23/2022 EUR 72.220
Vontobel Financial P 10.000 3/24/2023 EUR 43.780
Vontobel Financial P 22.500 12/23/2022 EUR 71.490
Vontobel Financial P 10.500 3/24/2023 EUR 70.460
Vontobel Financial P 15.000 3/24/2023 EUR 65.580
Vontobel Financial P 13.500 3/24/2023 EUR 66.590
Vontobel Financial P 8.000 12/23/2022 EUR 73.840
Vontobel Financial P 11.500 3/24/2023 EUR 69.190
Vontobel Financial P 9.500 12/23/2022 EUR 71.890
Vontobel Financial P 12.000 12/23/2022 EUR 68.300
Vontobel Financial P 20.000 12/23/2022 EUR 60.970
Vontobel Financial P 18.500 12/23/2022 EUR 62.290
Vontobel Financial P 17.000 12/23/2022 EUR 63.710
Vontobel Financial P 21.500 12/23/2022 EUR 74.870
Landesbank Hessen-Th 1.580 12/16/2036 EUR 70.100
Barclays Bank PLC 3.070 12/3/2032 AUD 73.153
DZ Bank AG Deutsche 9.000 3/20/2023 EUR 71.250
Leonteq Securities A 21.600 12/14/2022 CHF 65.140
Leonteq Securities A 25.800 12/14/2022 CHF 23.760
Danske Bank A/S 3.725 1/9/2027 SEK 70.420
Raiffeisen Schweiz G 10.810 12/14/2022 CHF 47.560
Credit Suisse AG/Lon 8.500 12/15/2023 USD 69.800
Raiffeisen Switzerla 14.500 2/22/2023 CHF 34.560
Raiffeisen Schweiz G 13.000 2/21/2023 CHF 16.320
Raiffeisen Schweiz G 7.500 8/18/2023 CHF 72.920
Raiffeisen Schweiz G 18.000 2/22/2023 CHF 49.050
Credit Suisse AG/Lon 1.400 2/21/2032 EUR 74.966
Landesbank Baden-Wue 3.100 2/26/2027 EUR 72.980
Leonteq Securities A 22.200 2/22/2023 CHF 49.030
Single Platform Inve 1.480 7/25/2053 EUR 65.819
UBS AG/London 14.750 3/11/2024 CHF 70.000
UBS AG/London 12.250 3/11/2024 EUR 61.000
UBS AG/London 16.250 3/11/2024 CHF 72.000
Vontobel Financial P 7.550 2/23/2023 EUR 61.210
Bank Julius Baer & C 5.250 2/22/2023 CHF 73.750
Bank Julius Baer & C 6.650 2/22/2023 CHF 69.650
UBS AG/London 8.750 3/11/2024 USD 63.150
UBS AG/London 15.500 3/9/2023 USD 65.000
Societe Generale Eff 10.750 1/27/2023 EUR 74.750
Vontobel Financial P 8.350 2/22/2023 EUR 65.550
Leonteq Securities A 14.000 2/22/2023 USD 51.390
Basler Kantonalbank 12.000 3/2/2023 CHF 67.590
UBS AG/London 14.000 3/11/2024 USD 62.700
DZ Bank AG Deutsche 7.700 3/20/2023 EUR 50.800
Raiffeisen Switzerla 10.000 8/18/2023 USD 57.250
Leonteq Securities A 16.000 12/13/2022 CHF 65.890
Zurcher Kantonalbank 25.500 12/6/2022 CHF 57.610
Leonteq Securities A 11.000 3/10/2023 CHF 31.820
Leonteq Securities A 20.400 12/13/2022 CHF 9.100
Vontobel Financial P 12.540 12/14/2022 EUR 74.930
Leonteq Securities A 7.000 12/13/2023 CHF 69.430
Leonteq Securities A 24.000 12/13/2022 CHF 13.060
DZ Bank AG Deutsche 14.750 12/21/2022 EUR 44.150
DZ Bank AG Deutsche 13.000 3/22/2023 EUR 47.090
Basler Kantonalbank 9.000 6/22/2023 CHF 64.620
Credit Suisse AG/Lon 9.500 3/8/2023 USD 69.890
Vontobel Financial P 8.000 12/23/2022 EUR 65.540
Vontobel Financial P 8.500 12/23/2022 EUR 42.220
Leonteq Securities A 20.400 12/9/2022 CHF 11.350
Citigroup Global Mar 0.660 8/25/2033 EUR 69.316
Leonteq Securities A 15.000 6/13/2023 CHF 55.040
Corner Banca SA 15.000 3/10/2023 CHF 50.860
EFG International Fi 4.250 12/8/2022 EUR 71.120
Landesbank Baden-Wue 6.850 3/24/2023 EUR 72.920
Landesbank Baden-Wue 2.000 3/24/2023 EUR 58.230
Leonteq Securities A 12.000 5/11/2023 CHF 18.170
Leonteq Securities A 20.000 2/14/2023 USD 48.300
Zurcher Kantonalbank 25.500 2/8/2023 CHF 74.520
Credit Suisse AG/Lon 9.000 2/8/2023 CHF 63.310
Credit Agricole Corp 15.700 10/7/2026 TRY 62.008
Credit Agricole SA 3.270 10/5/2041 AUD 54.243
Leonteq Securities A 7.000 10/4/2023 CHF 62.390
Leonteq Securities A 10.000 1/4/2023 CHF 8.800
Leonteq Securities A 7.400 10/4/2023 CHF 70.150
Leonteq Securities A 15.000 1/4/2023 CHF 28.870
Landesbank Baden-Wue 3.000 2/27/2026 EUR 73.660
DZ Bank AG Deutsche 0.850 10/15/2036 EUR 74.733
Citigroup Global Mar 1.010 10/28/2035 EUR 67.988
Societe Generale Eff 11.250 12/23/2022 EUR 72.560
UniCredit Bank AG 3.650 10/29/2024 EUR 69.930
Natixis SA 3.000 10/18/2051 USD 62.626
VTB Bank PJSC 0.010 9/16/2026 RUB 72.130
Raiffeisen Schweiz G 12.000 1/4/2023 CHF 9.690
Raiffeisen Schweiz G 8.250 10/4/2023 CHF 69.240
Sberbank of Russia P 0.010 10/5/2026 RUB 73.100
Banque International 16.000 2/8/2023 EUR 33.510
Leonteq Securities A 26.400 2/14/2023 CHF 23.900
Raiffeisen Schweiz G 10.200 8/11/2023 CHF 72.410
Leonteq Securities A 21.600 2/14/2023 CHF 65.370
Landesbank Hessen-Th 0.700 11/4/2033 EUR 67.274
DZ Bank AG Deutsche 10.750 12/21/2022 EUR 68.600
DZ Bank AG Deutsche 5.500 12/21/2022 EUR 61.320
DZ Bank AG Deutsche 11.750 12/21/2022 EUR 57.010
BNP Paribas SA 1.010 10/5/2035 EUR 69.316
DZ Bank AG Deutsche 10.250 12/21/2022 EUR 57.500
DZ Bank AG Deutsche 9.000 12/21/2022 EUR 63.690
Bank Julius Baer & C 5.200 1/5/2023 CHF 71.200
Banque International 15.000 1/5/2023 EUR 39.030
Erste Group Bank AG 4.500 11/2/2025 EUR 61.150
Landesbank Hessen-Th 0.900 11/10/2036 EUR 67.180
Citigroup Global Mar 1.150 10/6/2036 EUR 67.537
Citigroup Global Mar 1.080 10/1/2036 EUR 66.826
Sberbank of Russia P 0.010 10/5/2028 RUB 58.700
Landesbank Hessen-Th 1.250 11/10/2036 EUR 67.800
EFG International Fi 10.000 4/6/2023 CHF 63.180
Goldman Sachs & Co W 7.000 12/21/2022 EUR 74.070
Goldman Sachs & Co W 9.000 12/21/2022 EUR 71.460
Goldman Sachs & Co W 15.000 12/21/2022 EUR 62.660
Goldman Sachs & Co W 18.000 12/21/2022 EUR 59.000
Goldman Sachs & Co W 8.000 3/22/2023 EUR 73.290
Goldman Sachs & Co W 10.000 3/22/2023 EUR 69.020
Goldman Sachs & Co W 15.000 3/22/2023 EUR 62.530
Goldman Sachs & Co W 3.000 6/21/2023 EUR 67.510
Goldman Sachs & Co W 4.000 6/21/2023 EUR 59.140
Goldman Sachs & Co W 5.000 6/21/2023 EUR 57.180
Goldman Sachs & Co W 6.000 6/21/2023 EUR 54.340
Goldman Sachs & Co W 7.000 6/21/2023 EUR 51.890
Goldman Sachs & Co W 8.000 6/21/2023 EUR 50.620
Goldman Sachs & Co W 10.000 6/21/2023 EUR 49.220
Goldman Sachs & Co W 13.000 6/21/2023 EUR 45.360
Goldman Sachs & Co W 2.000 9/20/2023 EUR 70.230
Goldman Sachs & Co W 3.000 9/20/2023 EUR 63.180
Goldman Sachs & Co W 3.000 9/20/2023 EUR 67.720
Goldman Sachs & Co W 4.000 9/20/2023 EUR 59.890
Goldman Sachs & Co W 5.000 9/20/2023 EUR 58.210
Goldman Sachs & Co W 6.000 9/20/2023 EUR 55.650
Goldman Sachs & Co W 7.000 9/20/2023 EUR 53.470
Goldman Sachs & Co W 8.000 9/20/2023 EUR 52.440
Goldman Sachs & Co W 10.000 9/20/2023 EUR 49.310
Goldman Sachs & Co W 12.000 9/20/2023 EUR 47.610
Bank Julius Baer & C 9.100 1/9/2023 USD 61.850
Bank Julius Baer & C 9.300 1/9/2023 USD 47.400
Landesbank Baden-Wue 0.530 3/3/2031 EUR 74.992
Caisse des Depots et 0.820 3/10/2050 EUR 65.517
DZ Bank AG Deutsche 0.800 3/20/2035 EUR 72.674
UniCredit Bank AG 3.450 4/2/2024 EUR 52.680
Landesbank Hessen-Th 0.510 3/10/2032 EUR 73.394
Landesbank Hessen-Th 0.510 3/10/2032 EUR 73.394
NRW Bank 0.591 3/19/2040 EUR 73.213
Landesbank Hessen-Th 2.000 4/9/2035 EUR 66.950
Bayerische Landesban 0.360 4/9/2031 EUR 73.521
DZ Bank AG Deutsche 1.370 12/28/2029 EUR 71.010
Bayerische Landesban 0.150 4/9/2031 EUR 74.787
Bayerische Landesban 0.390 4/9/2032 EUR 70.962
Bayerische Landesban 0.430 4/8/2033 EUR 68.391
Societe Generale SA 2.750 3/12/2040 AUD 55.770
Barclays Bank PLC 0.940 8/2/2049 JPY 66.725
Bayerische Landesban 0.280 10/9/2030 EUR 74.233
Banque International 1.020 3/25/2040 EUR 65.973
Landesbank Hessen-Th 1.000 3/20/2035 EUR 67.200
Nederlandse Watersch 1.370 3/23/2065 EUR 66.277
Landesbank Baden-Wue 7.850 4/28/2023 EUR 59.000
Landesbank Baden-Wue 5.000 4/28/2023 EUR 70.510
Landesbank Baden-Wue 7.000 4/28/2023 EUR 67.990
Landesbank Baden-Wue 5.700 4/28/2023 EUR 72.270
Landesbank Baden-Wue 3.350 4/28/2023 EUR 51.480
Landesbank Baden-Wue 2.150 4/28/2023 EUR 55.160
Landesbank Baden-Wue 5.200 4/28/2023 EUR 40.910
Landesbank Baden-Wue 3.350 4/28/2023 EUR 46.120
Landesbank Baden-Wue 5.650 4/28/2023 EUR 65.420
Landesbank Baden-Wue 4.200 4/28/2023 EUR 70.880
Landesbank Baden-Wue 7.000 4/28/2023 EUR 43.180
Landesbank Baden-Wue 3.800 4/28/2023 EUR 54.610
Landesbank Baden-Wue 4.200 4/28/2023 EUR 53.450
Landesbank Baden-Wue 3.000 4/28/2023 EUR 57.630
Landesbank Baden-Wue 2.000 4/28/2023 EUR 62.750
Landesbank Baden-Wue 6.100 4/28/2023 EUR 72.950
Landesbank Baden-Wue 4.000 4/28/2023 EUR 74.620
Landesbank Baden-Wue 5.300 5/26/2023 EUR 73.610
Landesbank Baden-Wue 4.200 4/28/2023 EUR 74.280
Landesbank Baden-Wue 5.000 4/28/2023 EUR 52.170
Landesbank Baden-Wue 4.000 4/28/2023 EUR 54.880
Landesbank Baden-Wue 3.000 4/28/2023 EUR 58.020
Landesbank Baden-Wue 2.000 4/28/2023 EUR 62.890
Landesbank Baden-Wue 3.000 4/28/2023 EUR 69.630
Landesbank Baden-Wue 4.650 4/28/2023 EUR 71.050
Landesbank Baden-Wue 5.250 4/28/2023 EUR 24.700
Landesbank Baden-Wue 3.150 4/28/2023 EUR 27.570
Landesbank Baden-Wue 2.300 4/28/2023 EUR 34.560
Landesbank Baden-Wue 6.250 4/28/2023 EUR 71.140
Landesbank Baden-Wue 6.000 4/28/2023 EUR 61.150
Landesbank Baden-Wue 4.000 4/28/2023 EUR 71.030
Landesbank Baden-Wue 5.700 4/28/2023 EUR 37.560
Landesbank Baden-Wue 4.350 4/28/2023 EUR 40.310
Landesbank Baden-Wue 3.000 4/28/2023 EUR 43.970
Bank Vontobel AG 6.503 4/24/2023 EUR 42.900
Bank Vontobel AG 7.252 4/24/2023 CHF 55.400
Bank Vontobel AG 7.504 4/24/2023 CHF 74.600
Bank Vontobel AG 7.504 4/24/2023 CHF 74.600
Landeskreditbank Bad 0.842 5/3/2041 EUR 73.385
UBS AG/London 13.500 4/29/2024 USD 35.410
UBS AG/London 10.500 4/28/2023 CHF 65.850
UBS AG/London 8.750 4/28/2023 CHF 53.550
Region Nouvelle-Aqui 0.777 5/12/2041 EUR 66.962
Landesbank Hessen-Th 0.500 6/4/2031 EUR 74.323
UniCredit Bank AG 4.850 5/23/2025 EUR 75.000
Raiffeisen Centroban 8.250 5/11/2023 EUR 60.420
Leonteq Securities A 7.000 5/3/2023 CHF 52.180
Corner Banca SA 6.000 5/3/2023 CHF 57.200
Raiffeisen-Landesban 1.470 5/3/2069 EUR 69.170
Erste Group Bank AG 14.500 5/31/2026 EUR 61.950
Nordea Bank Abp 4.250 7/20/2027 SEK 72.400
Region de Bruxelles- 0.930 5/3/2051 EUR 59.675
Landesbank Hessen-Th 0.680 10/12/2033 EUR 71.173
Landesbank Hessen-Th 0.800 7/30/2035 EUR 68.309
Landesbank Hessen-Th 0.710 5/12/2034 EUR 65.672
TMK PJSC 7.350 2/28/2025 RUB 60.150
Standard Chartered B 2.500 5/7/2031 AUD 74.589
Credit Agricole Corp 1.000 5/10/2036 EUR 69.205
Credit Agricole Corp 0.720 5/10/2033 EUR 73.167
Raiffeisen Switzerla 7.000 5/3/2023 CHF 56.130
Region Bourgogne-Fra 0.799 5/6/2041 EUR 67.289
Landesbank Hessen-Th 1.800 6/9/2036 EUR 68.100
Muenchener Hypotheke 1.300 5/7/2061 EUR 67.219
UBS AG/London 13.000 5/6/2024 USD 34.210
Region of Centre-Val 0.725 12/12/2039 EUR 68.419
UBS AG/London 11.000 5/5/2023 CHF 46.150
UBS AG/London 5.250 5/5/2023 CHF 63.150
Region of Centre-Val 0.807 5/12/2040 EUR 68.851
Region of Centre-Val 0.834 5/12/2042 EUR 66.393
Autonomous Community 1.250 10/31/2040 EUR 69.497
Hypo Vorarlberg Bank 0.410 5/6/2031 EUR 74.181
Luzerner Kantonalban 6.000 5/10/2023 CHF 52.120
Vontobel Financial P 7.750 6/1/2023 EUR 74.440
Landesbank Baden-Wue 4.100 6/27/2025 EUR 73.100
Sberbank of Russia P 0.010 5/10/2028 RUB 73.900
Region Bourgogne-Fra 0.841 5/12/2037 EUR 74.256
Muenchener Hypotheke 1.185 5/5/2059 EUR 67.376
DekaBank Deutsche Gi 5.100 6/4/2024 EUR 73.380
Corner Banca SA 8.000 5/10/2023 CHF 71.530
SG Issuer SA 0.900 4/7/2036 EUR 69.951
EFG International Fi 20.000 5/11/2023 USD 74.810
Landesbank Baden-Wue 6.300 6/23/2023 EUR 70.380
Landesbank Baden-Wue 2.400 6/23/2023 EUR 65.480
Landesbank Baden-Wue 4.000 6/23/2023 EUR 60.780
Landesbank Baden-Wue 6.300 6/23/2023 EUR 56.780
Landesbank Baden-Wue 12.000 5/26/2023 EUR 40.470
Leonteq Securities A 7.030 6/28/2023 CHF 59.110
Bank Vontobel AG 6.000 12/27/2022 CHF 68.600
Bank Vontobel AG 7.000 12/27/2022 CHF 39.800
Landesbank Baden-Wue 4.150 6/23/2023 EUR 47.570
Landesbank Baden-Wue 2.800 6/23/2023 EUR 51.160
Landesbank Baden-Wue 5.150 6/23/2023 EUR 47.660
Landesbank Baden-Wue 4.200 6/23/2023 EUR 49.720
Landesbank Baden-Wue 3.000 6/23/2023 EUR 53.010
Landesbank Baden-Wue 2.000 6/23/2023 EUR 57.010
Landesbank Baden-Wue 3.800 6/23/2023 EUR 31.020
Landesbank Baden-Wue 2.600 6/23/2023 EUR 34.080
Landesbank Baden-Wue 4.500 6/23/2023 EUR 35.270
Landesbank Baden-Wue 2.250 6/23/2023 EUR 39.050
Landesbank Baden-Wue 7.300 6/23/2023 EUR 57.370
Landesbank Baden-Wue 3.500 6/23/2023 EUR 72.550
Landesbank Baden-Wue 4.650 6/23/2023 EUR 61.500
Landesbank Baden-Wue 3.500 6/23/2023 EUR 73.700
Landesbank Baden-Wue 5.000 6/23/2023 EUR 29.060
Landesbank Baden-Wue 7.250 6/23/2023 EUR 46.160
Landesbank Baden-Wue 5.600 6/23/2023 EUR 49.860
Landesbank Baden-Wue 2.700 6/23/2023 EUR 60.420
Landesbank Baden-Wue 4.500 6/23/2023 EUR 72.210
Landesbank Baden-Wue 4.750 6/23/2023 EUR 72.380
Landesbank Baden-Wue 3.500 6/23/2023 EUR 53.730
Landesbank Baden-Wue 2.550 6/23/2023 EUR 56.010
Landesbank Baden-Wue 5.350 7/28/2023 EUR 69.830
Landesbank Baden-Wue 4.250 7/28/2023 EUR 72.950
Landesbank Baden-Wue 4.100 6/23/2023 EUR 63.100
Landesbank Baden-Wue 3.500 6/23/2023 EUR 65.020
Landesbank Baden-Wue 2.750 6/23/2023 EUR 67.800
Landesbank Baden-Wue 2.000 6/23/2023 EUR 70.840
Landesbank Baden-Wue 4.250 6/23/2023 EUR 46.700
Landesbank Baden-Wue 3.000 6/23/2023 EUR 49.250
Landesbank Baden-Wue 2.250 6/23/2023 EUR 51.700
Raiffeisen Centroban 11.750 8/4/2023 EUR 46.990
Norddeutsche Landesb 0.925 7/23/2036 EUR 65.638
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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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or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
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