/raid1/www/Hosts/bankrupt/TCREUR_Public/230123.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, January 23, 2023, Vol. 24, No. 17
Headlines
C R O A T I A
LAURUS: Court Put Bellevue Hotel Assets Up for Sale for EUR7.2MM
F R A N C E
LUNE HOLDINGS: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
TEREOS FINANCE: Fitch Assigns 'BB-(EXP)' Rating on Sr. Unsec Notes
TEREOS SCA: S&P Rates New EUR300MM Senior Unsecured Notes 'BB-'
G E R M A N Y
TAKKO FASHION: Moody's Lowers CFR to Caa3 & Alters Outlook to Neg.
I R E L A N D
AQUEDUCT EUROPEAN 7-2022: S&P Assigns Prelim. B- Rating on F Notes
SALTWATER GROCERY: Enters Liquidation, Ceases Operations
I T A L Y
ITA AIRWAYS: Lufthansa Submits Offer for Minority Stake
R U S S I A
THERMAL POWER: Fitch Assigns BB- First-Time LongTerm IDR
UZEX JSC: Fitch Assigns 'B' LongTerm IDRs, Outlook Stable
S P A I N
IBERCAJA BANCO: Moody's Gives B1(hyb) Rating to Add'l. Tier 1 Debt
T U R K E Y
ULKER BISKUVI: Fitch Affirms 'B' Foreign Currency IDR, Outlook Neg.
U N I T E D K I N G D O M
BRITISH STEEL: Chancellor Set to Grant GBP300MM Funding Package
BULB: UK Government Set to Recoup Millions of Pounds From Sale
MILLGARDEN BOTANICS: Sold, Restructured Following Liquidation
SANDWELL COMMERCIAL 2: S&P Affirms 'CC (sf)' Rating on Cl. C Notes
TALKTALK TELECOM: Fitch Lowers LongTerm IDR to 'B', Outlook Stable
X X X X X X X X
[*] BOND PRICING: For the Week January 16 to January 20, 2023
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C R O A T I A
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LAURUS: Court Put Bellevue Hotel Assets Up for Sale for EUR7.2MM
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Annie Tsoneva at SeeNews reports that the commercial court in
Split, in Croatia, said it has decided to put up for sale the
assets of former hotel Bellevue in Split at a starting price of
EUR7.2 million (US$7.8 million) as part of the bankruptcy procedure
of hotel owner Laurus.
According to SeeNews, the sale will be carried out by submitting
written offers to the court, it said in a statement on Jan. 17,
which confirmed a decision taken by its creditors last month.
The building and the equipment of the hotel, which is located in
the centre of Split, overlooking the Adriatic sea, will be sold in
lump, SeeNews discloses.
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F R A N C E
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LUNE HOLDINGS: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
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Fitch Ratings has affirmed Lune Holdings S.a r.l.'s (Kem One)
Long-Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook,
and its senior secured rating at 'B'. The Recovery Rating is
'RR4'.
The ratings reflect Kem One's concentrated business profile as a
regional integrated producer of polyvinyl chloride (PVC) with a
significant exposure to the construction sector and input-price
volatility, as well as its vulnerability to production issues and
moderate scale.
Rating strengths are moderate leverage and strong liquidity from
robust cash generation of 2021-2022, which will allow the company
to implement its capex plan despite its expectation of falling
EBITDA from 2023. The IDR also reflects Kem One's position as the
second-largest PVC manufacturer in western Europe, and reduced
supplier dependency with its new ethylene import terminal.
KEY RATING DRIVERS
ARENH Protects Margins: Kem One's electricity cost is partly
insulated from the volatility of spot power prices due to the ARENH
system. This scheme, which ends in 2025, allows French industrial
consumers to benefit from a price of EUR42/MWh for a large part of
their consumption. In 2022, the French government increased as a
one-off the electricity volume allowed to support its industry. As
electricity is the second-largest variable cost after ethylene for
PVC manufacturers, this maintains the competitiveness of Kem One's
production at times of volatile energy costs.
Low Utilisation Rates: Fitch expects production levels to remain
constrained in 2023 by soft demand for PVC from the construction
sector, which is particularly affected by economic slowdown and
high interest rates. Kem One's competitiveness in export markets is
also challenged by high production costs in Europe and the
resumption of the global trade of chemical commodities from
lower-cost regions. A softening of energy prices and the future
conversion of Kem One's Fos-sur-Mer plant to a new technology will
support higher production from 2025.
Solid Cash Generation: Fitch estimates that Kem One generated
cumulative free cash flow (FCF) of about EUR180 million in 2021 and
2022, after strong EBITDA in those years. Although Fitch expects
EBITDA to fall to EUR110 million-EUR140 million in 2023-2025, Fitch
forecasts FCF to remain broadly positive in 2023 and 2025. However,
the Fos-sur-Mer plant turnaround and conversion, combined with
other growth capex, will turn FCF temporarily negative in 2024.
Moderate Mid-Cycle Leverage: Fitch forecasts EBITDA gross leverage
to increase to 3x-4x in 2023-2025 from an estimated 1.2x in 2022,
due to EBITDA moderation to mid-cycle levels. Based on its current
liquidity position and its rating case, Kem One does not need to
incur additional debt nor draw on its revolving credit facility
(RCF) to implement its capex plan. However, the cyclicality of the
business and the concentration of assets could result in more
volatility in earnings and leverage than Fitch projects.
Regional PVC Producer: Kem One is the second-largest PVC producer
in western Europe behind Inovyn (part of Ineos Quattro Holdings
Limited; BB/Stable), albeit with a moderate scale. However, its
direct access to the Mediterranean Sea provides a competitive
advantage as it can access fast-growing export markets in the
Middle East, Africa and southeast Asia. Although exports typically
only account for about 16% of revenues, they support a tighter
supply in southern Europe, where Kem One has the strongest
position.
Exposure to Construction Sector: Kem One is exposed to the
cyclicality of the construction sector as its key end-market. Its
limited regional diversification also exacerbates its exposure to a
downturn of the construction sector in western Europe, its main
geography of operations.
Caustic Soda Mitigates Cyclical Impact: As caustic soda is a
co-product of chlorine production, a diverging demand pattern in
caustic soda's end markets can offset the dynamics of PVC
operations, due to both the counter-cyclicality of caustic soda and
PVC pricing benefitting Kem One as an integrated producer. For
example, when demand for PVC fell in 2H22, production rates fell
across Europe, leading to a shortage of caustic soda and a strong
increase of its price. The rationalisation of European chlor-alkali
capacity since the ban of mercury cells in 2017 has also supported
regional caustic soda prices.
Concentrated Assets: Concentrated manufacturing around two
chlor-alkali plants exposes Kem One to cash-flow volatility during
unforeseen production disruptions, as seen in the past. It is also
exposed to the price volatility of ethylene, a main raw material,
and to supplier concentration. Fitch expects the new ethylene
import terminal to mitigate supply-disruption risk, which was the
main reason for a significantly lower utilisation rate than peers'.
However, Kem One would benefit from further operational
improvements to reduce unplanned outages and raise the utilisation
rate to the industry average. Scheduled turnarounds every six years
are mitigated by vinyl chloride monomer inventory build-up.
Moderate Capex Execution Risk: In its view the conversion of the
Fos-sur-Mer plant to bi-polar membrane technology has limited
execution risk as this is an established application already
deployed at the Lavera site in 2017. Expected savings from the
project will be material from 2025, mainly consisting of reduced
electricity and steam consumption per unit of chlorine, as well as
reduced annual maintenance and better-quality caustic soda.
DERIVATION SUMMARY
Kem One's EMEA chemical peers are Petkim Petrokimya Holdings A.S.
(B/Negative), Nobian Holding 2 B.V. (B/Stable), Root Bidco S.a.r.l.
(B/Stable), and Roehm Holding GmbH (B-/RWN). The 'B' category
ratings reflect inherently high-risk exposure to volatile
raw-material prices, cyclical demand, and high energy cost in
Europe.
Petkim is comparable to Kem One in terms of similar asset
concentration and commodity focus. Kem One has a smaller production
scale, weaker end-market diversification, more volatile cash flows
and Fitch expects it to be more leveraged through the cycle.
However, Kem One has a stronger market position and benefits from a
more stable economic environment.
Nobian Holding 2 B.V. operates within the same chlor-alkali value
chain but is not integrated into PVC production. Nobian's margins
are significantly higher, and the company benefits from strong
barriers to entry as it is the leading European merchant of
high-purity salt and supplies chlorine by pipeline to a captive
clientele of large chemical manufacturers. Although its leverage is
higher, it has better earnings visibility due to long-term
contracts with take-or-pay clauses, backward integration and much
larger scale.
Root Bidco S.a.r.l. is a manufacturer of crop protection,
bio-nutrition and bio-control products. It is significantly more
leveraged than Kem One, but generates more stable cash flows,
higher margins, benefits from a more diversified portfolio of
products and raw materials, and operates in fast-growing markets
serving the resilient agriculture industry.
Roehm Holding GmbH is a partly integrated producer of methyl
methacrylates (MMA). It is larger, more geographically diversified
and more profitable than Kem One. However, it is also exposed to
cyclical end-markets and to volatility in raw material and MMA
prices, and is significantly more leveraged.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Total annual sold volumes of PVC on average of 560,000 tonnes in
2022-2025
- EBITDA margin of 24% in 2022, about 10% in 2023, about 11% in
2024, and about 14% in 2025
- Average annual capex of EUR139 million in 2022-2025
- No dividend or M&A
Key Recovery Analysis Assumptions
The recovery analysis assumes that Kem One would be reorganised as
a going-concern (GC) in bankruptcy rather than liquidated.
The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level upon which Fitch bases the
enterprise valuation (EV).
The GC EBITDA of EUR85 million reflects prolonged oversupply
negatively affecting margins, and corrective measures, such as
cost-cutting efforts or asset rationalisation, to offset the
adverse conditions that would have caused its financial distress.
An EV multiple of 4x is applied to the GC EBITDA to calculate a
post-reorganisation enterprise value, in line with that for
commodity chemicals peers with concentrated assets.
Fitch assumes the super senior EUR100 million RCF to be fully
drawn, and the company's EUR30 million factoring contract to be
substituted by an equivalent super senior facility, in line with
its criteria.
After deducting 10% for administrative claims, its analysis
resulted in a waterfall-generated recovery computation (WGRC) in
the 'RR4' band, indicating a 'B' rating for the senior secured
notes. The WGRC output percentage on current metrics and
assumptions is 41%.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- EBITDA gross leverage and funds from operations (FFO) gross
leverage maintained below 3x on a sustained basis
- Record of stable production at an increased utilisation rate
- EBITDA margin above 12% on a sustained basis
- Positive FCF on a sustained basis
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- EBITDA gross leverage and FFO gross leverage above 4.5x on a
sustained basis
- Negative FCF on a sustained basis
- Recurring production disruption preventing a sustainable
improvement of profitability
LIQUIDITY AND DEBT STRUCTURE
Comfortable Liquidity: As of end-September 2022, Kem One's cash and
undrawn RCF totalled EUR320 million. This provides comfortable
liquidity buffer for the company to carry out its investment
programme, which mainly includes the conversion of electrolysis
technology at its Fos-sur-Mer facility by end-2024. Fitch expects
Kem One to generate overall neutral FCF in 2023-2025 while
maintaining a cash position above EUR120 million. Fitch therefore
expects the company will have sufficient financial flexibility to
engage in other projects or pay dividends, all within the
limitations of its credit agreements.
Long Maturity: Refinancing risk is limited as Kem One's financial
debt is mainly composed of its seven-year EUR450 million senior
secured notes due in 2028. Kem One is also funded by a super senior
EUR100 million RCF, which is subject to a springing leverage
covenant.
ISSUER PROFILE
Kem One is an integrated producer of PVC, caustic soda and
chloromethanes based in France. It is the second largest PVC
manufacturer in Europe.
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
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Lune Holdings
S.a r.l. LT IDR B Affirmed B
senior secured LT B Affirmed RR4 B
TEREOS FINANCE: Fitch Assigns 'BB-(EXP)' Rating on Sr. Unsec Notes
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Fitch Ratings has assigned Tereos SCA's (Tereos) planned senior
unsecured notes issue an expected 'BB-(EXP)' rating with a Recovery
Rating of 'RR5'.
The assignment of the final instrument rating is contingent on the
placement of the notes with final documents materially conforming
with the information received by Fitch during the rating process.
The notes will be issued by Tereos Finance Groupe 1 (FinCo) and the
company plans to use the proceeds for debt-refinancing purposes.
The notes are rated in line with other senior unsecured debt that
is currently outstanding at Finco, ie one notch below Tereos' 'BB'
Issuer Default Rating (IDR).
The 'BB' IDR of Tereos reflects the sustainability of a large part
of the improvements achieved in leverage and in profitability in
FY22 (ended March 2022), despite the likelihood of currently high
sugar, ethanol and starch prices normalising over time.
Its conservative financial policy and its expectation of overall
neutral to positive free cash flow (FCF) over FY23-FY25 should
sustain leverage at levels that are consistent with the rating, as
underlined by Tereos' Stable Outlook.
KEY RATING DRIVERS
Weak Bond Recovery Prospects: The senior unsecured rating for
FinCo's outstanding EUR1.1 billion bonds and for the planned EUR300
million issue is one notch below Tereos's IDR, reflecting their
structural subordination to prior-ranking debt at Tereos operating
entities (FY22: 2.6x consolidated EBITDA; 56% of total debt) and a
high share of secured debt in its total debt (39%). Tereos plans to
use the proceeds from the new bond to refinance EUR315 million
notes due in June 2023. Thus Fitch expects the debt structure to
remain largely unchanged for the next four years. Under its
criteria this indicates lower recoveries for unsecured debt raised
by FinCo than secured debt.
Sustainable Profit Recovery: Fitch believes measures undertaken
over the past three years to strengthen its cost and revenue
structure will sustain a large part of its EBITDA recovery reported
in 2HFY22. The strong FY22 performance was supported by high sugar,
ethanol and starch sales prices, but better production efficiency,
a new beetroot formula and the change in strategy at the starch and
sweeteners business will provide considerable support when prices
normalise. Fitch assumes EBITDA should stabilise at around EUR550
million - EUR600 million over FY23-FY26.
Cost Structure Improvement: Tereos has addressed its rigid cost
structure with its agreement in 2020 with its members - who supply
beetroot in France - of a new formula for the calculation of beet
prices. This improved cost structure should help soften the impact
on its EBITDA from low market prices by allowing flexibility to
adjust input beetroot prices and hence avoid sharp swings in EBITDA
as happened in FY19 when it shrank to EUR274 million (from EUR580
million in FY18) and only partially recovered, in FY21, to EUR435
million.
Profits to Peak in FY23: Fitch expects profits to strengthen
further in FY23, on continuing high sugar prices for the rest of
2022 and at least the first part of 2023, with EBITDA of EUR750
million. Sugar and ethanol prices have demonstrated high
correlation with oil prices, in connection with sugarcane being
used to produce both sugar and ethanol and due to ethanol's use as
a competitively priced input to be blended with gasoline. In Brazil
(which accounts for around a third of the company's profits),
legislation passed in 2022 lowering the tax burden on ethanol will
support higher prices for its use as vehicles fuel.
Volatile Underlying Business: Fitch does not see the current level
of ethanol and sugar prices as sustainable and expect FY24 EBITDA
to ease lower. Performance is vulnerable to weather events or pest
infestation, which may occasionally lead to lower crop volumes
available for processing by the company, such as in FY22 for the
Brazil procurement and for France in FY21 in connection to
jaundice. Also, price and volume movements can lead to large
working-capital swings. As a result, the inherent volatility of
Tereos's business profile continues to constrain the rating.
Volatile FCF: In FY22 FCF was positive, but Fitch estimates this
was largely due to the positive effect of margin calls on gas
prices. In FY23 still high sales prices and higher processed
volumes due to normalising harvest in Brazil are likely to result
in an adverse working-capital swing and, consequently, negative
FCF. However, the strengthening of EBITDA and a more normalised
profile of working capital post-FY23 should allow FCF to return to
positive territory despite capex remaining high at around EUR350
million-EUR400 million annually.
Sustainably Lower Leverage Profile: The strengthening of FFO and
proceeds from asset divestments allowed Tereos to substantially
reduce leverage to 2.9x on an readily marketable inventories (RMI)
-adjusted, FFO basis from a peak of around 7x in FY20-FY21.
Conservatively assuming a correction of EBITDA in the
medium-to-long term towards EUR550 million, due to climate,
regulation or price challenges, Fitch calculates that FFO-based RMI
adjusted net leverage should remain around 3.5x, leaving sufficient
headroom within the 'BB' IDR.
Conservative Financial Policy: Management have expressed their
commitment to further reducing net debt over FY23-FY24 from FYE22's
EUR2.4 billion (excluding factoring utilisation of slightly above
EUR200 million, which Fitch adds back to its debt calculation) to
EUR2 billion and to achieve a net debt/ EBITDA below 3.0x. This
target set by management since January 2021, which involves a focus
on organic growth over external expansion, has good support from
farmer members of the cooperative.
Strong Market Position: Tereos has a business profile that is
commensurate with the mid-to-high end of the 'BB' rating category
through the cycle. This reflects its large operational scope and
strong position in a commodity market with moderate long-term
growth prospects. Diversified production in the EU and Brazil, and
a presence in starches, sweeteners and protein products, reduce
reliance on sugar and ethanol operations. Flexibility to alternate
between sugar- and ethanol-processing, depending on market prices,
as well as a flexible pricing mechanism for beetroot procurement
agreed with its member farmers also supports profit-margin
resilience.
DERIVATION SUMMARY
Tereos's 'BB' IDR is respectively two and three notches below that
of larger and significantly more diversified commodity traders
Viterra Limited (BBB-/Positive) and Bunge Limited (BBB/Positive),
which however have a lower EBITDA margin of around 5%, versus
Tereos's 12%.
Fitch rates Tereos at the same level as Andre Maggi Participacoes
S.A. (Amaggi; BB/Stable), an integrated agribusiness company based
in Brazil. Both companies have an asset-heavy business. Tereos has
now achieved higher EBITDA and enjoys better geographic
diversification in commodity sourcing while Amaggi is heavily
reliant on one region but trades in a wider number of commodities.
Fitch projects comparable leverage for the two companies.
Tereos has comparable scale with and is focused on few commodities
similarly to the profile that Kernel Holding S.A. (CC) had before
the invasion of Ukraine in February 2022. Fitch expects Tereos to
retain from FY23 a similar leverage to the around 3x Fitch had
projected for Kernel. Compared with Tereos's ability to source raw
materials from Europe and Brazil, Kernel has more dependence on a
single source of supply, Ukraine.
Despite similar expectations for leverage and comparable product
concentration, Tereos is rated three notches above Aragvi Holding
International Limited (B/Positive), as it has greater business
scale, wider sourcing markets and less operating-environment risk,
as well as a heavier asset base and a longer record of operation.
KEY ASSUMPTIONS
- USD/EUR at 1.05 and USD/BRL at 5.1 over FY23-FY26
- Company's sales volumes to decline in low single digits per annum
in Europe and to recover in Brazil in proportion to normalisation
of sugarcane harvest in 2022 (which follows the 2021 contraction by
25% due to drought)
- International sugar price NY11 averaging at USD0.185/lb in FY23,
USD0.16/lb in FY24, and then normalising at USD0.145/lb. European
sugar prices for the company on average EUR650/tonne in FY23,
gradually reducing by EUR50/tonne a year towards EUR500/tonne in
FY26
- Ethanol prices to remain fairly strong, supported by high
international oil prices and favourable legislation in Brazil,
albeit correcting in FY23 from their 2022 peak and gradually
declining
- Fitch-adjusted EBITDA margin of 12% in FY23 and conservatively
around 10.5%-11% over rating horizon as a result of high
correlation between Tereos's sale prices and input costs (gas as
energy input; beetroot in Europe). EBITDA peaking at EUR750 million
in FY23 and then conservatively assumed at a sustainable level of
EUR550 million through the remaining forecast horizon
- Annual capex of EUR390 million in FY23, reducing to EUR370
million in FY24 and then stable at EUR350 million to FY26
- Dividends paid to cooperative members of around EUR25 million a
year
- Asset divestments to yield EUR150 million proceeds over
FY23-FY24, which are applied to debt reduction; no material M&A
transactions over the next four years
- Credit lines used to finance operations are renewed
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Higher diversification of operations by sourcing and processing
region or by commodity
- Maintenance of EBITDA margin of at least 12% and EBITDA around
EUR900m million, reflecting increased scale and benefits of
vertical integration
- Maintenance of positive FCF of at least EUR100 million-EUR150
million, also due to strict financial discipline
- Consolidated (RMI-adjusted) FFO net leverage, or EBITDA net
leverage, consistently below 3x and (RMI adjusted) FFO interest
cover or EBITDA / net interest cover of at least 4.5x
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Reduced financial flexibility as reflected in FFO interest
coverage (RMI-adjusted) falling permanently below 3.0x or an
inability to maintain adequate availability under committed
medium-term credit lines
- Consolidated FFO dropping below EUR500 million
- Consolidated (RMI-adjusted) FFO net leverage or EBITDA net
leverage above 4.0x on a sustained basis:
LIQUIDITY AND DEBT STRUCTURE
Satisfactory Liquidity: Tereos's internal liquidity score remained
weak at 0.6x as of FYE22 (defined as unrestricted cash plus RMI
plus accounts receivables divided by total current liabilities),
but the company has sufficient resources (cash and undrawn
committed lines) to service its short-term debt and, due to strong
bank relations, continues to renew its lines.
Liquidity is also supported by EUR580 million of undrawn committed
revolving credit facilities at FYE22. This should be sufficient to
cover its expectation of cash flow absorption in FY23 from a
continued increase of working capital.
Bond Extends Maturity Profile: Its maturity profile will be
extended after the planned refinancing of EUR315 million bond due
in June 2023 with the new EUR300 million issue, with the next
material debt repayment in 2025.
ESG CONSIDERATIONS
Tereos SCA has an ESG Relevance Score of '4' for Waste & Hazardous
Materials Management; Ecological Impacts due to the volumes of its
sugar production in France potentially being affected by regulation
that restrains the use of nicotinoid-based insecticides in beetroot
farming. This has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery
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Tereos Finance
Groupe 1
senior unsecured LT BB-(EXP) Expected Rating RR5
TEREOS SCA: S&P Rates New EUR300MM Senior Unsecured Notes 'BB-'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue rating to the proposed
EUR300 million senior unsecured notes to be issued by Tereos
Finance Groupe I, a group financing vehicle of French sugar
producer Tereos SCA (BB-/Stable/--). The proposed notes will mature
in 2028 and the company will mostly use the proceeds to repay the
EUR313 million of outstanding senior notes maturing in June 2023.
S&P said, "We view positively that this transaction will improve
Tereos' liquidity position and debt maturity profile, although we
factor higher interest costs compared to the previous senior notes
issuance in January 2022 due to less favorable global financing
conditions. The recovery rating on the proposed notes is '4',
reflecting our expectation of average recovery prospects (30%-50%;
rounded estimate: 45%), constrained by the large amount of debt
held by local subsidiaries and the unsecured nature of the
instrument."
Tereos SCA is a France-headquartered marketing cooperative group,
of which the shareholders are French sugar beet farmers. The group
achieved strong revenue and EBITDA growth in the eight months to
November 2022, with company-adjusted EBITDA up 88% year on year to
EUR703 million. This was thanks to favorable market conditions that
supported high market prices for sugar and ethanol, as well as high
production volumes in Brazil and for starch. S&P also values
Tereos' ability to pass on significantly higher operating costs
(notably beet and energy costs) to industrial customers and its
disciplined commercial strategy with a strong focus on increasing
profitability in all business segments.
S&P said, "We forecast revenue growth of about 13%-15% and an S&P
Global Ratings-adjusted EBITDA margin of about 13.5%-14.0% in
fiscal 2023 (ended March 31, 2023), assuming Tereos continues to
apply its pricing strategy through the second half--notably in its
Brazilian operations, and in the starch, sweeteners, and renewables
division, given that Europe's sugar production has already
contracted.
"Overall, we forecast S&P Global Ratings-adjusted debt to EBITDA of
about 3.5x, and funds from operations (FFO) to debt of about 20% in
fiscal 2023. This assumes higher FFO but negative free operating
cash flow versus fiscal 2022. We also factor the seasonality of
working capital, with higher requirements in the second half of the
fiscal year, as well as the negative effect of higher inventories
on cash flows. We will continue to monitor the group's business and
financial performance in fiscal 2023 amid potential lower
industrial demand in Europe and continued high operating cost
inflation."
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G E R M A N Y
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TAKKO FASHION: Moody's Lowers CFR to Caa3 & Alters Outlook to Neg.
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Moody's Investors Service has downgraded to Caa3 from Caa2 the
corporate family rating of German apparel retailer Takko Fashion
S.a r.l. (Takko or the company). Concurrently, Moody's has
downgraded to Ca-PD from Caa2-PD the company's probability of
default rating (PDR), and to Ca from Caa2 the rating on the EUR510
million backed senior secured notes due in November 2023 issued by
Takko Luxembourg 2 S.C.A., a wholly owned subsidiary of Takko. The
outlook has been changed to negative from stable for both
entities.
RATINGS RATIONALE
The rating action reflects the very high probability of a debt
restructuring in the next 3 to 6 months as the company has not yet
managed to refinance the EUR80 million super senior term loan
facility due May 2023 and the EUR510 million backed senior secured
notes due November 2023. Given the higher interest rates and wider
credit spreads in the capital markets compared to the last
refinancing of the company in 2017, Takko's current capital
structure appears unsustainable and therefore a balance sheet
restructuring is highly likely.
On January 11, 2023 Takko published results for Q3 of fiscal 2022,
ending October 2022. The company's reported EBITDA in the last
twelve months to October 2022 is broadly in line with fiscal 2022,
at around EUR230 million, but free cash flows in the first nine
months of fiscal 2022 are negative at EUR68 million, mainly due to
negative working capital movements. As a result the company's cash
balance decreased to around EUR 101 million compared to EUR234
million a year before. Setting aside the aforementioned debt
maturities, Moody's expects the company's cash balance to further
reduce and reach a low point in March/April 2023 as a result of the
normal working capital seasonality, therefore stretching further
the company's liquidity buffer. Moody's understands that the
company has been strategically increasing its inventory levels and
expects working capital movements to partially normalise in the
next 12 months. However, as the company has not managed to generate
meaningful free cash flows in recent years, the rating agency
expects its free cash flows to remain very limited unless the
company's interest burden reduces following a debt restructuring
(which would only seem feasible in a scenario of material absolute
debt reduction).
Moody's positively notes the company's ongoing revenue recovery
despite challenging macreoeconomic conditions with revenues above
pre pandemic levels in the last twelve months to October 2022.
Moody's expects the company to also benefit from some favorable
dynamics in the next 12 to 18 months, including relatively new
inventory carried over from last year, increasing selling prices
and lower freight rates. However, the rating agency expects these
positive dynamics to be offset by decreasing volumes, as consumer
purchasing power and confidence remain depressed, and the company
has to cover high fixed costs, notably energy bills and salaries.
On balance, Moody's expect the company's EBITDA to remain at least
at the same level as fiscal 2022 in the next 12 to 18 months.
ESG CONSIDERATIONS
Governance considerations have been a key driver of the rating
action reflecting the lack of refinancing only few months from the
next debt maturity leaving creditors with a very high probability
of a debt restructuring. Moody's has revised Takko's Governance
Issuer Profile Score (IPS) to G-5 (very highly negative) from G-4
(highly negative). Concurrently, Moody's has revised the company
Credit Impact Score to CIS-5 (very highly negative) from CIS-4
(highly negative).
STRUCTURAL CONSIDERATIONS
The Ca-PD probability of default rating reflects Moody's
expectation that a default in the form of a debt restructuring with
significant losses for debtholders is very likely in the next 3 to
6 months.
The Ca rating on the backed senior secured notes reflects Moody's
view on the recovery on the notes given the increased likelihood of
a debt restructuring. The Ca rating is one notch below the CFR
reflecting that the backed senior secured bonds are subordinated to
the EUR80 million term loan and trade payables, given the support
available to qualifying trade payables via the EUR185 million
Letter of Credit (LC) facility. Under the terms of the
intercreditor agreement, the super senior term loan and LC facility
rank ahead of the backed senior secured notes in an enforcement
payment waterfall, despite sharing the same guarantors and
first-priority security package. Moody's understand that Takko
Luxembourg 2 S.C.A.'s backed senior secured notes rank pari passu
to a EUR30 million shareholder term loan maturing August 2023.
RATIONALE FOR THE NEGATIVE OUTLOOK
The negative outlook reflects the high probability of a default
under Moody's definition. More specifically it reflects the high
probability that Takko will pursue a restructuring of its debt
given that its capital structure is unsustainable with the current
debt level and anticipated cost of debt.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of Takko's ratings is currently unlikely but could arise
if a sustainable capital structure is put in place following a
restructuring.
Conversely, downward pressure could arise in case of a debt
restructuring on distressed terms, such that Moody's estimates of
expected losses for the company's creditors become higher than
those implied by the Caa3 CFR.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Retail
published in November 2021.
COMPANY PROFILE
Founded in 1982, Takko Fashion S.a r.l. (Takko) is a German
discount fashion retailer, offering a range of own-label apparel
products and accessories for women, men and children. Takko
operates a portfolio of 1921 retail stores, principally in
out-of-town locations. For the 12 months ended October 30, 2022,
Takko reported net sales of around EUR1.0 billion and
company-reported EBITDA of EUR229 million. The company is mostly
present in Germany and also has a presence in 16 other European
countries, including Austria, the Netherlands, the Czech Republic,
Hungary, Romania, Poland, Slovakia and Italy.
=============
I R E L A N D
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AQUEDUCT EUROPEAN 7-2022: S&P Assigns Prelim. B- Rating on F Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Aqueduct
European CLO 7-2022 DAC's class A to F European cash flow CLO
notes. At closing, the issuer will issue unrated subordinated
notes.
Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments.
The portfolio's reinvestment period will end approximately 4.5
years after closing, while the non-call period will end 1.5 years
after closing.
The preliminary ratings reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.
-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.
Portfolio Benchmarks
CURRENT
S&P weighted-average rating factor 2,834.67
Default rate dispersion 493.26
Weighted-average life (years) 4.65
Obligor diversity measure 102.50
Industry diversity measure 20.57
Regional diversity measure 1.33
Transaction Key Metrics
CURRENT
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 2.33
'AAA' weighted-average recovery (%) 36.60
Floating-rate assets (%) 90.00
Weighted-average covenant spread (net of floors; %) 3.65
Weighted-average spread (net of floors; %) 3.79%
The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior-secured term loans and
senior-secured bonds. Therefore, S&P has conducted its credit and
cash flow analysis by applying its criteria for corporate cash flow
CDOs.
Asset priming obligations and uptier priming debt
Under the transaction documents, the issuer can purchase asset
priming (drop down) obligations and/or uptier priming debt to
address the risk of a distressed obligor either moving collateral
outside the existing creditors' covenant group or incurring new
money debt senior to the existing creditors.
S&P said, "In our cash flow analysis, we used the EUR300 million
target par amount, the covenanted weighted-average spread (3.65%),
and the covenanted weighted-average coupon (4.00%) as indicated by
the collateral manager. We have assumed the actual weighted-average
recovery at all rating levels. 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.
"Our credit and cash flow analysis show that the class B-1, B-2, C,
D, E, and F notes benefit from break-even default rate (BDR) and
scenario default rate cushions that we would typically consider to
be in line with higher ratings than those 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 preliminary ratings on the notes. The class A notes can
withstand stresses commensurate with the assigned preliminary
ratings.
"Until the end of the reinvestment period on Sept. 15, 2027, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating and compares that with the
current portfolio's default potential plus par losses to date. As a
result, until the end of the reinvestment period, the collateral
manager may through trading deteriorate the transaction's current
risk profile, if the initial ratings are maintained.
"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned preliminary ratings.
"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.
"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class A to F debt.
"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 to E debt based on four
hypothetical scenarios. The results are shown in the chart below.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category--and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met--we have not included the above scenario analysis results
for the class F notes."
Environmental, social, and governance (ESG)
S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
manufacturing or marketing of weapons of mass destruction, illegal
drugs or narcotics, pornographic materials, payday lending,
electrical utility with carbon intensity greater than 100gCO2/kWh,
unregulated hazardous chemicals, ozone-depleting substances,
endangered or protected wildlife, thermal coal, civilian firearms,
tobacco, opioid manufacturing, non-certified palm oil, private
prisons. Accordingly, since the exclusion of assets from these
industries does not result in material differences between the
transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."
Environmental, social, and governance (ESG) corporate credit
indicators
S&P said, "The influence of ESG factors in our credit rating
analysis of European CLOs primarily depends on the influence of ESG
factors in our analysis of the underlying corporate obligors. To
provide additional disclosure and transparency of the influence of
ESG factors for the CLO asset portfolio in aggregate, we've
calculated the weighted-average and distributions of our ESG credit
indicators for the underlying obligors. We regard this
transaction's exposure as being broadly in line with our benchmark
for the sector, with the environmental and social credit indicators
concentrated primarily in category 2 (neutral) and the governance
credit indicators concentrated in category 3 (moderately
negative)."
Corporate ESG Credit Indicators
ENVIRONMENTAL SOCIAL GOVERNANCE
Weighted-average credit indicator* 2.06 2.09 2.93
E-1/S-1/G-1 distribution (%) 0.00 0.00 0.00
E-2/S-2/G-2 distribution (%) 86.10 85.57 13.53
E-3/S-3/G-3 distribution (%) 5.29 3.83 73.39
E-4/S-4/G-4 distribution (%) 0.00 2.00 2.15
E-5/S-5/G-5 distribution (%) 0.00 0.00 2.33
Unmatched obligor (%) 8.60 8.60 8.60
Unidentified asset (%) 0.00 0.00 0.00
*Only includes matched obligor.
Ratings List
CLASS PRELIM. PRELIM. SUB (%) INTEREST RATE§
RATING* AMOUNT
(MIL. EUR)
A AAA (sf) 88.00 40.67 Three/six-month EURIBOR
plus 2.05%
A-Loan AAA (sf) 90.00 40.67 Three/six-month EURIBOR
plus 2.05%
B-1 AA (sf) 25.50 30.50 Three/six-month EURIBOR
plus 3.00%
B-2 AA (sf) 5.00 30.50 6.75%
C A (sf) 17.20 24.77 Three/six-month EURIBOR
plus 4.00%
D BBB- (sf) 19.00 18.43 Three/six-month EURIBOR
plus 5.85%
E BB- (sf) 12.50 14.27 Three/six-month EURIBOR
plus 7.19%
F B- (sf) 9.00 11.27 Three/six-month EURIBOR
plus 10.07%
Sub. Notes NR 22.70 N/A N/A
*The preliminary ratings assigned to the class A, B-1, and B-2
notes address timely interest and ultimate principal payments. The
preliminary ratings assigned to the class C, D, E, and F notes
address ultimate interest and principal payments.
§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.
SALTWATER GROCERY: Enters Liquidation, Ceases Operations
--------------------------------------------------------
Katy Thornton at Lovin Dublin reports that it seems that Saltwater
Grocery has unfortunately closed after just under two years in
business.
Saltwater Grocery ceased trading because it went into liquidation,
Lovin Dublin relays, citing the Business Post.
Saltwater Grocery initially opened in early 2021, which was a
particularly difficult time for hospitality given covid
restrictions, Lovin Dublin discloses.
In 2022, they won the Food & Wine 2022 award for best newcomer,
beating out hugely popular Irish restaurants such as Library
Street, Orwell Road, Note, O'Donoghue's Public House, Alumni
Kitchen Table, and more.
=========
I T A L Y
=========
ITA AIRWAYS: Lufthansa Submits Offer for Minority Stake
-------------------------------------------------------
The Associated Press reports that German airline Lufthansa said it
submitted an offer Wednesday, Jan. 18, for a minority stake in
Italy's ITA Airways Spa, formerly Alitalia.
The Italian finance ministry said in a statement that the Lufthansa
offer was the only one submitted by the Jan. 18 deadline, the AP
relates.
No financial terms were disclosed, the AP notes. According to the
AP, Lufthansa said it would have the option to buy remaining shares
at a later date.
ITA Airlines, and before it Alitalia, has been looking for an
industrial partner as its domestic business has suffered under
competition from low-cost airlines. Other offers have fallen by the
wayside, the AP notes.
ITA officially launched in October 2021 after bankrupt flag carrier
Alitalia landed its final flight, ending a 74-year business history
with a series of inglorious deals that never managed to restore the
carrier to health, the AP recounts.
"For Lufthansa Group, Italy is the most important market outside of
its home markets and the U.S.," the AP quotes Lufthansa as saying
in a statement. "Italy's importance for both business and private
travel lies in its strong export-oriented economy and status as one
of Europe's top vacation spots."
===========
R U S S I A
===========
THERMAL POWER: Fitch Assigns BB- First-Time LongTerm IDR
--------------------------------------------------------
Fitch Ratings has assigned Uzbekistan-based electricity generation
company Thermal Power Plants Joint Stock Company (TPP) a first-time
Long-Term Issuer Default Rating (IDR) of 'BB-' with Stable
Outlook.
TPP's rating is equalised with that of its parent Uzbekistan
(BB-/Stable) under Fitch's Government-Related Entities (GRE) Rating
Criteria, reflecting its strong ties with the state.
Fitch assesses the company's Standalone Credit Profile (SCP) at
'b-' to reflect an opaque regulatory framework and short-term
tariffs leading to weak revenue visibility. It also factors in high
counterparty risk and weak cash collection, high leverage and large
foreign-exchange (FX) mismatch between revenue and debt.
Positively, the SCP reflects the company's large size and a
dominant position in electricity generation in Uzbekistan,
reasonable electricity tariffs and Fitch-expected tariff growth and
efficiency improvements, which should sustain the company's
viability on a standalone basis.
KEY RATING DRIVERS
Ratings Equalised with Sovereign's: TPP scores 30 support points
under Fitch's GRE Criteria, which together with its 'b-' SCP, leads
to its rating being equalised with the state's under its notching
guidelines.
Strong Links with State: Fitch views the status, ownership and
control factor as 'Strong' as the state is TPP's sole shareholder
and the company is included in the government's list of
strategically important enterprises. The support track record is
'Very Strong' as around 85% of the company's debt is provided
either by the Ministry of Finance, which on-lends funds from
international financial institutions to the company, or by
Uzbekistan's Fund for Reconstruction and Development. The remaining
debt mostly comes from Uzbek state-owned banks. Other forms of
support include minimal dividends to the parent and equity
injections.
Incentive to Support: Fitch views the socio-political impact of a
TPP default as 'Moderate' as its market share will gradually
decline following renewable projects development and as other
operators will be able to provide substitutes with only minor or
temporary disruption. TPP has a large workforce of over 10,000
people and a significant asset renovation programme.
Fitch assesses the financial implications of a default as 'Strong'
as TPP is one of the largest corporate borrowers in Uzbekistan,
holding around USD3 billion of debt. This, together with the
presence of international banks among lenders, would have a
significant impact on the parent and other GREs in case of a TPP
default.
'b-' SCP: TPP's business profile benefits from its large size and
dominant position in electricity generation in Uzbekistan with
around a 70% market share in 2022, and reasonable electricity
tariffs. However, TPP expects its market share to decrease to
around 50% by 2026 as Uzbekistan makes progress with hydro and
other renewable projects development. The business profile is
constrained by the opaque regulatory framework and short-term
tariffs leading to weak revenue visibility, poor cash collections,
and limitations of the operating environment in Uzbekistan. Its
financial profile is weak due to high projected leverage, limited
liquidity and large FX mismatch between revenue and debt.
Regulatory Decisions Drive Financials: All of TPP's revenue and
around 80% of costs are regulated, underlining the considerable
influence on its financials of the regulator's decision on tariffs.
Regulated costs include the purchase of gas and fuel oil at other
state-owned enterprises, and almost all regulated revenue comes
from the sale of electricity to a single buyer, JSC National
Electric Grid of Uzbekistan. Therefore, regulated cost growth is as
important as tariff increase itself.
High Counterparty Risk: TPP's cash collections from National
Electric Grid of Uzbekistan, to which it sells generated
electricity, are low due to the latter's weak standalone financial
profile and weak payment discipline. TPP reached EBITDA margins of
19%-27% in 2020-2021, but large and increasing trade receivables
led to a small funds from operations (FFO) margin of just 1%-5% for
the same period. As partial compensation for weak cash collections,
the state's tariff commission allows TPP to defer payments for
purchased gas. Although TPP's tariffs are reasonable, improvement
in cash collections is dependent on tariff decisions for other
parties of the electricity value chain and is outside management's
control.
Expansion Capex to Increase Efficiency: TPP's business plan
incorporates an ambitious investment programme of around USD2.2
billion until 2026, which includes the construction of 2.3 GW of
new capacity with efficient combined-cycle gas turbines, and
maintenance capex. It should improve fuel efficiency and decrease
repair costs. TPP expects to fund investments with above-inflation
tariff indexations, international loans channeled through the
Ministry of Finance or state-guaranteed loans. Fitch expects TPP to
remain negative in free cash flow (FCF) to 2025, as was the case in
2020-2021.
Projected High Leverage: Fitch forecasts FFO gross leverage on
average at around 7x over 2022-2025 (8.9x at end-2021). This is
based on electricity tariff growth at around inflation level to
2025, gas tariff growth slightly below inflation and moderate
improvement in cash collections from the single buyer. Its
projections are highly sensitive to the regulator's tariff
decisions.
FX Mismatch in Revenue/Debt: TPP is exposed to foreign-currency
fluctuations risk as almost all of its debt is denominated in US
dollars, euros and Japanese yen against all revenue in local
currency (Uzbek soum). TPP does not hedge its FX risks, and plans
to continue funding capex from debt raised in foreign currencies
from international banks. Fitch forecasts Uzbek soum to depreciate
around 5% annually, which would have a negative impact on the
company's financial profile.
DERIVATION SUMMARY
The strength of ties with the government under Fitch's GRE Rating
Criteria is comparable to those of Regional Electrical Power
Networks JSC (BB-/Stable, SCP: b-) as both companies benefit from
almost all debt being provided or guaranteed by the state. Ties are
also similar to those of JSC Almalyk Mining and Metallurgical
Complex (BB-/Stable, SCP: b+) and JSC Uzbek Metallurgical Plant
(BB-/Stable; SCP: b+), and slightly stronger than for
UzbekHydroEnergo JSC (BB-/Stable; SCP: b).
TPP's ties with the state are stronger than those of
Kazakhstan-based GREs Kazakhstan Electricity Grid Operating Company
(KEGOC, BBB-/Stable; SCP bb+) and JSC Samruk-Energy (BB+/Stable;
SCP bb-) as those peers are stronger on a standalone basis and need
less state support.
On a standalone basis, TPP has a weaker business profile than
Samruk-Energy and Limited Liability Partnership Kazakhstan Utility
Systems (KUS, B+/Stable) as Kazakh peers benefit from better cash
collections, a stronger operating environment and higher revenue
visibility. TPP shares the same operating and regulatory framework
as hydro producer UzbekHydroEnergo and benefits from larger size
and scale of operations, but this is balanced by weaker
profitability.
TPP has a weaker financial profile than Samruk-Energy, KUS and
UzbekHydroEnergo and a similar one to Regional Electrical Power
Networks.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Domestic GDP growth on average at around 5% per year over
2023-2025
- Average USD/UZS exchange rate at 12,400 over 2023-2025
- Electricity sales volumes gradually declining to 47 TWh in 2025
from 57 TWh in 2021
- Electricity tariff growth close to inflation for 2023-2025
- Capex on average around USD560 million per year over 2023-2025
- Cost of new debt in hard currencies (largely provided via the
government) at around 7% in 2023-2025
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- A sovereign upgrade
- Stronger cash collections, a more transparent and predictable
operating and regulatory framework (including implementation of
multi-year tariffs) together with a stronger financial profile (eg.
FFO gross leverage below 5.5x on a sustained basis) could be
positive for the SCP
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- A sovereign downgrade
- Evidence of weaker government links, including lack of support
for new debt or large portions of non-guaranteed debt without
adequate compensation in tariffs
- Further reduction in cash collections, adverse tariff decisions,
operational under-performance, or dividends resulting in
deterioration in the financial profile (eg FFO gross leverage
exceeding 7.5x on a sustained basis)
The following rating sensitivities are for Uzbekistan (9 September
2022):
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- External Finances: Weakening of external finances, for example
through a sustained widening of the current account deficit derived
from a permanent decline in remittances or wider trade deficit,
resulting in a significant decline in FX reserves or rapid increase
in external liabilities
- Public Finances: A marked rise in the government debt-to-GDP
ratio or erosion of the sovereign's fiscal buffers, for example due
to an extended period of low growth or crystallisation of
contingent liabilities
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Macro: Significant narrowing of Uzbekistan's GDP per capita gap
vs. peers', for example underpinned by the implementation of
structural reforms, while improving macroeconomic stability
- Structural: Significant improvement of governance standards
including rule of law, voice and accountability, regulatory quality
and control of corruption
- External and Public Finances: Significant strengthening of the
sovereign's fiscal and external balance sheets, for example,
through sustained high commodity export revenues
LIQUIDITY AND DEBT STRUCTURE
External Financing Key: On 1 December 2022, TPP had UZS0.3 trillion
(USD27 million) of cash and equivalents. Annual debt amortisations
over 2023-2025 are UZS2.4 trillio-UZS2.6 trillion (USD220 million -
USD240 million) and TPP plans to pay them with operating cash flows
and refinancing in local banks.
Fitch expects TPP to continue generating negative FCF over
2023-2025, which it plans to finance with new bank borrowings with
state guarantees or loans directly from the state. The company has
signed credit lines of around USD1.2 billion for investment
projects with Asian Development Bank (ADB), EBRD, Japan
International Cooperation Agency (JICA) and Uzbekistan's Fund for
Reconstruction and Development. Capex can be postponed until
funding is secured.
State Funding Dominant: Around 55% of TPP's debt at end-2Q22 was
provided by the Ministry of Finance, which on-lends the funds from
JICA and ADB to the company. Another 30% was from Uzbekistan's Fund
for Reconstruction and Development. The remaining 15% came from
state-owned National Bank for Foreign Economic Activity of the
Republic of Uzbekistan (BB-/Stable), China Development Bank and
local commercial banks.
ISSUER PROFILE
TPP is a 100% state-owned company in Uzbekistan, whose principal
activity is generation of electricity and heat at gas-fired power
units. The company has around 11.5GW of installed capacity, or 71%
of total installed capacity in the country.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
TPP's rating is linked to Uzbekistan's IDR.
ESG CONSIDERATIONS
TPP's ESG Relevance Score of '4' for Financial Transparency
reflects delays in the publication of annual IFRS accounts and the
absence of interim IFRS reporting. The lack of transparency limits
our ability to assess the company's financial condition, which has
a negative impact on the credit profile and is relevant to the
rating, in conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating
----------- ------
Thermal Power Plants
Joint Stock Company LT IDR BB- New Rating
UZEX JSC: Fitch Assigns 'B' LongTerm IDRs, Outlook Stable
---------------------------------------------------------
Fitch Ratings has assigned JSC UZEX (UZBEK COMMODITY EXCHANGE;
UzEx) Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) of 'B'. The Outlooks are Stable.
KEY RATING DRIVERS
UzEx's ratings are constrained by its high reliance on Private
Joint Stock Bank Trustbank (B/Stable) where UzEx places virtually
all of its liquid assets (typically accounting for more than 98% of
total assets). Consequently, Fitch believes that a potential
default of Trustbank would trigger a failure and likely default of
UzEx. The Stable Outlook on the Long-Term IDRs reflects that on
Trustbank.
Trustbank Exposure Constrains IDR: UzEx's balance sheet needs are
largely driven by clearing-related collateral deposits, which given
the short-term nature of clearing activities, are generally placed
in liquid assets (cash and on demand deposits). UzEx utilises a
single counterparty for liquidity management purposes, which
results in high reliance on Trustbank and very high concentration
risk (the majority of UzEx's assets relate to short-term placements
with the bank). Fitch also considers Trustbank, which has a direct
and indirect 37% stake in UzEx, as a related party. This negatively
affects our ESG Relevance Score for Governance Structure.
Credible Niche Franchise: UzEx is Uzbekistan's main commodity
exchange with an estimated market share of around 90%. Commodities,
including cotton and copper, are a relevant part of Uzbekistan's
economy, but UzEx's franchise is small and concentrated compared
with more diversified domestic financial institutions, notably
banks. UzEx offers trading, clearing and settlement in a wide range
of commodities but five groups of commodities (cement, sugar,
cotton, metals and oil & gas) account for around 70% of total
revenue.
Adequate Recurring Profitability: Commodity exchange trading fees
(58% of 2021 operating revenue) and exchange clearing fees (33%)
are UzEx's main sources of revenue. UzEx also services the state
tender process, which is mandatory for government bodies and
state-owned enterprises. This segment contributed 7% to total
revenue in 2021. UzEx plans to diversify in other non-exchange
segments, but so far these generate negligible revenue.
Profitability (both EBITDA margins and pre-tax income) has been
relatively volatile since 2018, but Fitch views it as adequate.
Basic Risk Management Practices: Fitch views UzEx's risk management
practices as rudimentary but acceptable for the company's business
model. Counterparty risk management is basic, with flat margin
requirements at 10% not accounting for the varying credit quality
of counterparties or differing volatility inherent in different
commodities. However, despite the volatile operating environment,
clearing- or counterparty-related losses have to date been small
and UzEx's risk controls provide reasonable protection against
operational and indirect market risk, as proved by a record of low
losses on these risks (not exceeding 2% of pre-tax income in
2019-2021).
Counterparty Risk is Key: UzEx's credit overwhelmingly relates to
Trustbank where it typically deposits up to 99% of assets. Other
than this, credit risk is limited. UzEx is not directly exposed to
counterparty risk as the company acts as an agent only (in case of
non-delivery by one of the counterparties a clearing transaction is
cancelled with no recourse on UzEx).
No Corporate Debt: UzEx does not have any outstanding corporate
debt and Fitch understands that the company does not have any plans
to raise corporate debt in the medium term, which supports its
assessment of UzEx's capitalization and leverage. UzEx distributed
around 80% of net profit in recent years and plans to maintain this
distribution level in the medium term, with a minimum distribution
of 50%.
Short-Dated Balance Sheet: UzEx's liquidity profile is supported by
its short-dated balance sheet. Customers' collateral deposits are
normally very short term but were 106% covered by UzEx's liquid
assets at end-3Q22 (104% at end-2021), virtually all of it placed
on-demand at Trustbank.
Support Cannot be Relied Upon: UzEx is the leading commodity
exchange in Uzbekistan, so support from the government cannot be
ruled out. However, UzEx's ratings do not rely on this support
because of UzEx's limited importance to the Uzbek financial system
or to social policy.
Fitch considers UzEx to be too big to be supported by Trustbank in
case of need. UzEx's end 3Q22 assets amounted to 3.1x of the bank's
total capital at the same date. Moreover, Trustbank controls only a
minority stake in UzEx, which also weighs on its assessment of
propensity to support.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- A downgrade of TrustBank would result in higher counterparty risk
for UzEx and trigger a downgrade of its IDR.
- An abrupt deterioration of UzEx's performance with sizable losses
threatening the company's solvency.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- A significant decrease of reliance on Trustbank via a
diversification of liquidity placements with additional, lower risk
bank counterparties.
- An upgrade of Trustbank would result in lower counterparty risk
for UzEx and likely result in an upgrade of its IDR.
ESG CONSIDERATIONS
UzEx has an ESG Relevance Score of '5' for Governance Structure.
This reflects risks arising from a high reliance on the related
party (Trustbank). UzEx keeps all of its cash/liquid assets in
Trustbank. A default of Trustbank will trigger a failure of UzEx.
This constrains UzEx's ratings.
UzEx has an ESG Relevance Score of '4' for Financial Transparency
due to limitations in quality and timeliness of financial
disclosures and auditing processes, 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
----------- ------
JSC UZEX LT IDR B New Rating
ST IDR B New Rating
LC LT IDR B New Rating
LC ST IDR B New Rating
Government Support ns New Rating
Shareholder Support ns New Rating
=========
S P A I N
=========
IBERCAJA BANCO: Moody's Gives B1(hyb) Rating to Add'l. Tier 1 Debt
------------------------------------------------------------------
Moody's Investors Service has assigned a B1(hyb) rating to the
EUR350 million Additional Tier 1 non-viability contingent capital
securities to be issued by Ibercaja Banco SA (Ibercaja).
The B1(hyb) rating assigned to the notes is based on Ibercaja's
standalone creditworthiness as expressed by the bank's ba1 Adjusted
Baseline Credit Assessment (BCA); the high loss given failure of
these deeply subordinated securities under Moody's Advanced Loss
Given Failure (LGF) analysis, resulting in one notch downward
adjustment from the BCA; and the higher payment risk associated
with the non-cumulative coupon skip mechanism, resulting in a
further two notches of downward adjustment.
RATINGS RATIONALE
According to Moody's methodology on the rating of banks'
non-viability securities, Additional Tier 1 (AT1) securities are
typically positioned three notches below the bank's Adjusted BCA.
One notch reflects the high loss-given-failure that these
securities are likely to face in a resolution scenario, due to
their deep subordination, small volume and limited protection from
residual equity. Moody's also incorporates two additional notches
to reflect the higher risk associated with the non-cumulative
coupon skip mechanism, which could precede the bank reaching the
point of non-viability.
The notes, referred to as Perpetual Non-Cumulative Additional Tier
1 Preferred Securities by the issuer, are unsecured and perpetual,
subordinated to senior and to subordinated instruments that do not
constitute AT1 capital, senior to ordinary shares. They rank pari
passu with other subordinated obligations qualifying as AT1
instruments. They have a non-cumulative full-discretionary coupon
suspension mechanism. A principal write-down is triggered if the
group's transitional Common Equity Tier 1 (CET1) capital ratio
falls below 5.125%, which Moody's views as close to the point of
non-viability. As of the end of September 2022, Ibercaja's
transitional CET1 ratio stood at 12.8%.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The rating of the Additional Tier 1 notes is mainly driven by
Ibercaja's ba1 BCA.
Any changes in the bank's BCA would likely result in changes to the
Ba1(hyb) rating assigned to these securities.
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was Banks Methodology
published in July 2021.
===========
T U R K E Y
===========
ULKER BISKUVI: Fitch Affirms 'B' Foreign Currency IDR, Outlook Neg.
-------------------------------------------------------------------
Fitch Ratings has affirmed Ulker Biskuvi Sanayi A.S.'s (Ulker)
Long-Term Foreign-Currency (FC) Issuer Default Rating (IDR) at 'B'.
Fitch has also affirmed senior unsecured rating at 'B' with a 'RR4'
Recovery Rating. All ratings have been removed from Rating Watch
Negative (RWN). The Outlook on the IDR is Negative.
The removal from RWN reflects reduced refinancing and liquidity
risks after Ulker has converted financial investments into cash
deposits and has made progress towards refinancing its large debt
maturing in April 2023. Fitch estimates that available cash at
end-2022 was sufficient to almost fully cover debt due in 2023.
Liquidation of financial investments has also led to a more
conservative leverage profile at end-2022 than Fitch previously
expected.
The rating remains supported by Ulker's strong market position in
the Turkish confectionery market, which has so far enabled it to
successfully pass on cost increases, by adequate profitability and
by prospects over the long term of a resumption of positive free
cash flow (FCF) generation.
The Negative Outlook reflects the possibility of Turkiye's Country
Ceiling being downgraded from 'B' due to the Negative Outlook on
the sovereign rating.
KEY RATING DRIVERS
Investment Liquidation Boosts Liquidity: In November 2022, Ulker
almost fully liquidated its portfolio of financial assets and
placed USD292 million of proceeds as cash deposits. Financial
investments did not qualify as an eligible liquidity source in its
analysis as they were predominantly in traded equity. Therefore,
their liquidation led to a significant increase in Fitch-adjusted
cash, which Fitch estimates was almost equal to the amount of loans
maturing in April 2023.
Strengthening Treasury Policies: Fitch sees an improvement in
Ulker's cash-management practices as the company has updated its
treasury policy and now considers no investments in traded equity.
Loans to related parties remain a credit weakness as Ulker still
has around a USD66 million loan to its parent, Yildiz Holding
A.Ş., but Fitch expects greater discipline, with no additional
loans to be provided from 2023.
Reduced Leverage: Fitch estimates EBITDA net leverage fell to
around 4x at end-2022 (2021: 7.4x) as an enlarged cash position and
strong operating performance offset foreign-exchange (FX)-driven
increase in debt. As management have expressed their commitment to
deleveraging, Fitch sees scope for further leverage reduction,
despite unfavourable impact on costs and debt from expected Turkish
lira depreciation in 2023. Its rating case shows leverage falling
to below 3.5x in 2024-2025, which is strong for a 'B' rating but
upgrade is currently not possible due to the Country Ceiling
constraint. These projections assume a stabilisation of the Turkish
lira and the company's adherence to a more conservative
cash-management policy.
Country Ceiling Constraint: Ulker's FC IDR is constrained by the
Country Ceiling of Turkiye where 54% of the company's 2021 EBITDA
was generated. EBITDA from countries with higher Country Ceilings -
Saudi Arabia (A+), Kazakhstan (BBB+) and Egypt (B+) - is not
sufficient to cover the company's hard-currency interest payments.
Fitch does not expect this to improve in 2023-2025, considering the
current high interest-rate environment, and therefore Turkiye will
remain its reference Country Ceiling over the medium term.
Resilient Performance: Ulker has delivered strong revenue growth of
around 130% in 9M22, as it passed on major cost increases and grew
sales volumes. EBITDA margin rose to 18.9% in 9M22 (9M21: 17.8%),
and Fitch expects it remained flat in 2022. This performance was
enabled by forward-looking and active management of input
materials, which were partly procured in advance, by strong pricing
power due to the appeal of its products, as well as a strong
consumer environment in both Turkiye and its other markets of
operation so far.
Possible Profit Erosion: In contrast to the current supportive
consumer environment in Turkiye, Fitch sees risk of a more
challenging trading environment ahead, with potential erosion of
consumer spending power from continued high inflation. Fitch also
assumes more limited pricing-power capability for Ulker,
particularly once the benefits of its procurement policies run out,
likely from 4Q22.
FCF to Remain Negative: Following positive FCF in 2019-2020 as
Ulker's investment cycle was gradually completed, currency
devaluation and a focus on securing inventory stocks in an
inflationary environment turned FCF negative in 2021-2022. This was
largely due to high working-capital investments and increased
interest payments. Fitch expects this to continue into 2023 but
cash generation is likely to improve from 2024, helping to build up
liquidity before Ulker's USD650 million Eurobond maturity in
October 2025.
High FX Risks: Ulker's foreign operations and its policy to
maintain around 80% of cash in hard currencies help to reduce FX
exposure but do not fully eliminate FX risks as it is debt is
almost fully in hard currencies. In 2021, foreign operations
accounted for 40% of Ulker's revenue and 46% EBITDA, and helped to
reduce FX risks due to hard currency-denominated exports and sales
in Saudi riyal and United Arab Emirates dirham, which are pegged to
the US dollar.
Market Leader in Turkiye: Ulker's ratings continue to benefit from
a strong position as the largest confectionery producer in Turkiye
with a 36% share in its snack category market at end-September
2022. Ulker has leading market shares in chocolate and biscuits but
is behind Eti, its largest competitor, in the cake category. It is
also a market leader in biscuits category in Egypt and Saudi
Arabia.
Ringfencing from Parent: The rating is premised on Ulker being
ringfenced from the rest of Yildiz group and Fitch assumes that
Ulker's cash flows will not be used to service the substantial debt
at Yildiz nor at Ulker's sister companies. However, Fitch includes
in its calculation of leverage metrics the guarantees Ulker
provides for obligations of third parties.
Related-Party Transactions: Ulker has an ESG Relevance Score of '4'
for group structure as its operations are characterised by
transactions with companies that are ultimately owned by its
shareholder Yildiz Holding. These related-party transactions are
mostly related to sales to modern and traditional retail.
Additionally, Ulker pays royalties to Yildiz, which owns the brands
under which Ulker markets its products. Fitch assumes these
transactions will continue to be conducted at arm's length and will
not result in significant cash leakage outside Ulker's consolidated
scope of activities.
DERIVATION SUMMARY
Ulker compares well against Argentinean confectionery producer
Arcor S.A.I.C. (B/Stable) due to similar operational scale,
strength of local brands and geographic diversification. Both
companies generate about 30%-40% of revenue outside their domestic
markets and are exposed to FX risks due to substantial debt in hard
currencies. The major difference in credit profiles stems from
Ulker's stronger EBITDA margin but also higher leverage. The
Negative Outlook on Ulker's FC IDR is driven by the Negative
Outlook on sovereign's rating as the rating is constrained by
Turkiye's Country Ceiling.
Ulker is rated on a par with beauty company Oriflame Investment
Holding Plc (B/Negative), which also operates mostly in emerging
markets and whose performance and Outlook are affected by exposure
to more challenging cost- and consumer-trading environments.
Oriflame has an EBITDA margin at around 8%-10%, lower than Ulker's
18%, and Fitch sees risks that its net leverage may have risen
substantially in 2022, which is reflected in Negative Outlook on
its rating.
Ulker is rated lower than Mexico-based Grupo Bimbo, S.A.B. de C.V.
(BBB/Stable), the world's largest baked goods producer with about a
3% market share, due to its smaller scale and geographic footprint
and higher leverage.
No parent-subsidiary linkage or operating-environment aspects
affect Ulker's rating. Fitch could considers linking Ulker's rating
to Yildiz's credit profile if the current ringfencing weakens.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- USD/TRY at 24.9 at end-2023 and 27.7 at end-2024
- Revenue more than doubling in 2022, then growing at around 40% in
2023-2024, driven mostly by inflation
- Revenue growth moderating to around 10% in 2025-2026
- EBITDA margin broadly maintained in 2022, declining in 2023,
before recovering gradually over 2024-2026
- Financial investments are fully liquidated; no further
investments in financial assets or loans to related parties to
2026
- Capex at 2.5% of sales each year through to 2026
- Refinancing of a large portion of debt maturing in 2023
- Dividends to minorities of TRY120 million a year through to 2026;
no common dividends
- No M&A to 2026
KEY RECOVERY RATING ASSUMPTIONS
Under its Corporates Recovery Ratings and Instrument Ratings
Criteria, Fitch applies a bespoke approach to recovery analysis for
issuers rated 'B+' and below. Its recovery analysis assumes that
Ulker would be reorganised as a going-concern (GC) in bankruptcy
rather than liquidated, given the inherent value in its brands and
market positions. Fitch has assumed a 10% administrative claim.
Fitch assesses Ulker's GC EBITDA at around USD185 million, which is
lower than its expectation of USD282 million EBITDA in 2022 as it
assumes severe FX stress and a reduced ability to pass on cost
increases to consumers when the company is in financial distress.
An enterprise value (EV) multiple of 4.5x EBITDA is applied to the
GC EBITDA to calculate a post-reorganisation EV. This assumes
around 40% discount to the current trading multiple of 7.4x.
In its debt waterfall Fitch assumes that Ulker's debt ranks
pari-passu with unsecured debt issued by operating companies and
reverse factoring. Ulker, which bears around 80% of the
consolidated debt, is also the second- largest operating company
within the group.
Its waterfall analysis generated a ranked recovery for the senior
unsecured debt, including its USD650 million Eurobond, in the 'RR3'
band, indicating a higher rating than the IDR as the waterfall
analysis output percentage on current metrics and assumptions was
57% (higher than 55% in the last review due to debt repayments).
However, the Eurobond is rated in line with Ulker's IDR of 'B' as
notching up is not possible due to the Turkish jurisdiction. The
Recovery Rating and the waterfall analysis output percentage remain
capped at 'RR4' and 50% respectively. Fitch does not expect senior
unsecured rating to change after the upcoming refinancing.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to an
upgrade:
- Upgrade of Turkiye's Country Ceiling
- Maintenance of funds from operations (FFO) net leverage and
EBITDA net leverage consistently below 5.0x and 4.5x respectively,
supported by stabilisation of the Turkish lira and a consistent
financial and cash- management policy
- Stable market share in Turkiye or internationally
- Neutral to positive FCF on a consistent basis
Factors that could, individually or collectively, lead to a
revision of Outlook to Stable:
- Stable Outlook on Turkiye's sovereign rating, while FFO net
leverage and EBITDA net leverage remain consistently below 6x and
5.5x respectively
Factors that could, individually or collectively, lead to a
downgrade:
- Deteriorated liquidity position with inability to repay or to
refinance debt maturing in 2023
- FFO net leverage and EBITDA net leverage remaining above 6.0x and
5.5x, respectively, due to M&A, investments in high-risk securities
or related-party transactions leading to significant cash leakage
outside Ulker's scope of consolidation
- Increased competition or consumers trading down that erode
Ulker's market share in Turkiye or internationally
- FCF remaining permanently negative
- Downgrade of Turkiye's Country Ceiling to below 'B'
LIQUIDITY AND DEBT STRUCTURE
Satisfactory Liquidity: Pro-forma for liquidation of short-term
financial assets, at-end-September 2022, Ulker had TRY9.5 billion
of cash relative to TRY10.6 billion of short-term debt. Excluding
TRY1.3 billion of short-term debt related to reverse factoring,
which is recurring in nature, its liquidity ratio was above 1x.
In addition, Ulker has made substantial progress towards
refinancing its debt due in April 2023 and Fitch expects new debt
documentation to be signed in early 2023. After refinancing is
completed, Fitch expects liquidity to be sufficient until the next
large maturity in October 2025 when its USD650 million Eurobond is
due.
ESG CONSIDERATIONS
Ulker has an ESG Relevance Score of '4' for group structure due to
the complexity of the structure of the wider Yildiz group and
material related-party transactions. This has a negative impact on
the credit profile, and is relevant to the rating in conjunction
with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they ar being
managed by the entity.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Ulker Biskuvi
Sanayi A.S. LT IDR B Affirmed B
senior unsecured LT B Affirmed RR4 B
===========================
U N I T E D K I N G D O M
===========================
BRITISH STEEL: Chancellor Set to Grant GBP300MM Funding Package
---------------------------------------------------------------
BBC News reports that Chancellor Jeremy Hunt is poised to grant a
GBP300 million funding package for struggling British Steel.
The move follows requests from Business Secretary Grant Shapps and
Levelling-up Secretary Michael Gove, BBC relates.
It would depend on British Steel's Chinese owner Jingye committing
to securing jobs at the company and making additional substantial
investments, BBC notes.
According to BBC, Treasury sources said the money would have to be
put towards decarbonisation.
It is unclear when a decision will be announced, BBC states.
British Steel employs thousands of people, and thousands more work
for its suppliers.
But making steel is very expensive, especially with energy prices
at current levels.
Owner Jingye wants the government to step in, BBC relays.
Ministers fear that if they don't act, parts of the business could
be shut down, BBC discloses.
Yet giving a wealthy foreign company money to prop up British Steel
would not be a good look -- the more so as cheap, heavily
subsidised imports from China are often cited as having been a key
factor in triggering a crisis in British steelmaking in the first
place, BBC states.
So any taxpayers money the government offers won't be for day to
day expenditure, according to BBC.
It will be ringfenced for investment in new technology -- in
particular a new greener, cleaner and cheaper to run blast furnace
for Scunthorpe, BBC notes.
It's hoped that will persuade Jingye to stick around and invest in
the business -- as well as making the plant itself more efficient
to run and therefore more viable, BBC states.
The support package, which was first reported by Sky, would help
British Steel build electric arc furnaces in Scunthorpe, North
Lincolnshire, BBC notes.
Three years ago, British Steel was bought out of insolvency by
Jingye, which became its third owner in four years, BBC recounts.
But the Chinese steel-making giant has recently been pushing for UK
taxpayer funding, which it says it needs to keep the firm running,
BBC relates.
BULB: UK Government Set to Recoup Millions of Pounds From Sale
--------------------------------------------------------------
Gill Plimmer, Jim Pickard and David Sheppard at The Financial Times
report that the UK government is set to recoup hundreds of millions
of pounds from the sale of the collapsed power supplier Bulb to
Octopus Energy as long as wholesale gas prices do not rise again in
the coming months.
The Whitehall financial watchdog had predicted that taxpayers could
lose up to GBP6.5 billion as a result of Bulb's 2021 failure, which
prompted the biggest state rescue of a business since the financial
crisis, the FT relates.
The potential payback from the Octopus deal will raise hopes that
the cost to taxpayers and households of Bulb's temporary
nationalisation will come in well below expectations, the FT
states.
The recent drop in energy prices -- if it continues -- would shave
up to GBP840 million from the eventual losses, officials have
estimated, the FT notes.
Bulb was quasi nationalised in November 2021. In December 2022, it
was taken over by its larger rival Octopus in a controversial --
and opaque -- deal signed off by the Department for Business,
Energy and Industrial Strategy following a long-running sales
process that drew only one bidder. Ministers have been criticised
for refusing to give the precise terms, the FT recounts.
As part of the deal, the government agreed to lend Octopus the cost
of buying energy for Bulb's 1.5 million customers during a
transition period from the date of the takeover on December 20 to
March 31 this year, the FT discloses.
The loans were intended to shield Octopus from the risk of
potentially heavy losses from absorbing Bulb's customers, as the
government had not bought energy supplies for them in advance to
cover the winter months, the FT states.
Treasury rules had forbidden Bulb from hedging -- or buying gas and
power supplies in advance -- during the year it was in state hands,
a move that is contrary to standard industry practice, the FT
notes.
In exchange for the government loans, Octopus agreed to make
repayments to the Treasury, the FT discloses. These were based on
the cost of the wholesale component of the energy price cap, which
governs how much households -- including Bulb's old customers --
pay for their energy bills, according to the FT.
Sharp falls in the wholesale price of natural gas and electricity
since the cap was last set mean Octopus's repayments are higher
than the costs to the government, the FT notes.
This means the Treasury stands to make a net gain of GBP300 million
from Octopus in January or GBP840 million in the three months to
April based on prices this week, the FT says. These are snapshot
figures and are highly dependent on usage and energy prices, which
could rise again, the FT discloses.
MILLGARDEN BOTANICS: Sold, Restructured Following Liquidation
-------------------------------------------------------------
Andrew Goldman at Daily Echo reports that a Dorset perfumery
business has been sold and restructured after falling into
liquidation with members of staff claiming they are owed money.
Millgarden Botanics LLP, which launched in 2015 to produce flowers
for perfumes, entered insolvency at the end of last year after the
business was hit by numerous financial difficulties, Daily Echo
relates.
Based at Keyneston Mill in Blandford, the firm also ran an onsite
bistro, gift shop and offered garden tours and perfume-making
classes. The site was recently put on the market for GBP3.75
million, Daily Echo discloses.
According to Daily Echo, during the liquidation process, business
recovery specialists at Begbies Traynor stepped in to oversee the
successful sale to a new entity, titled Botany to Bottle, which
saved six jobs.
The new company will focus on its core purpose of perfumery, Daily
Echo notes.
Millgarden Botanics ended up with debts of GBP1.63 million, with
around GBP22,000 owed to staff through missed holiday pay and
unpaid monthly salaries missed, Daily Echo states. HMRC was also
owed GBP124,000, according to Daily Echo.
Reasons for Millgarden Botanics' woes included the impact of the
pandemic and the cost-of-living crisis, in addition to insufficient
marketing activity and staffing levels exceeding revenue, Daily
Echo says.
The sale and restructure was handled by Stephen Powell, a partner
at Begbies Traynor, Daily Echo recounts.
SANDWELL COMMERCIAL 2: S&P Affirms 'CC (sf)' Rating on Cl. C Notes
------------------------------------------------------------------
S&P Global Ratings affirmed its credit ratings on Sandwell
Commercial Finance No. 2 PLC's class C, D, and E notes at 'CC
(sf)', 'D (sf)', and 'D (sf)', respectively.
The rating actions follow its review of the transaction's five key
rating factors (credit quality of the securitized assets, legal and
regulatory risks, operational and administrative risks,
counterparty risks, and payment structure and cash flow
mechanisms).
S&P said, "Given the application of principal deficiency ledger
(PDL) amounts, which will soon be applied to the class C notes, we
have affirmed our 'CC (sf)' rating on this class of notes as we
still believe the likelihood of a default to be virtually certain.
As of the December 2022 interest payment date (IPD), the
transaction's cumulative outstanding loan balance was GBP8.66
million--down from GBP350.00 million at closing and from GBP11.59
million since its April 2022 event-driven review.
On the last IPD, eight loans remained in the transaction secured on
seven U.K. commercial properties. Of the eight loans, one is on the
servicer's watchlist. The assets securing this loan have been sold
and final recoveries are being determined to repay the loan.
Principal losses are not directly applied reverse sequentially
toward the notes' redemption, but instead accrue on a PDL. To date,
principal losses have been applied to the class E notes' full
balance and to 93% of the class D notes' balance.
The servicer's watchlist has included several loans over time, and
all but one, have been resolved. This loan was originally secured
on a portfolio of four retail units. The assets have all been
auctioned. The properties were sold individually, rather than as a
portfolio, for a total of GBP0.46 million.
The servicer has received the net proceeds of about GBP384,000
(after expenses and fees) from the sale of the four assets leaving
an unpaid loan balance of GBP2.79 million. S&P said, "We expected
the principal losses for this loan to be applied to the class C and
D notes' PDLs in September 2022. The loan amount is still
outstanding and was unresolved in September 2022 as expected as the
servicer is waiting for a value-added tax claim to be settled. The
final loss for this loan will likely be applied to the class C and
D notes' PDLs on the March 2023 IPD. An expected principal loss of
about GBP2.75 million will use up the remaining class D notes' PDL
balance (currently GBP13.5 million against an outstanding notes'
balance of GBP14.5 million) with the remaining principal loss being
applied to the class C notes' PDL."
S&P ratings on the notes address timely payment of interest and
repayment of principal not later than the September 2037 legal
maturity date.
Principal receipts received can be diverted to pay senior expenses
and interest on the class C notes rather than paying down the notes
until the PDL reaches 50% of the current note balance. Once the
principal losses of the loan on the servicer's watchlist are
applied to the class C notes' PDL, the PDL balance will be
approximately 25% of the current note balance. S&P said, "We
affirmed our 'CC (sf)' rating on this class of notes as we still
believe the likelihood of a default to be virtually certain. This
class of notes will experience an interest shortfall on the IPD
after its PDL reaches 50%. This is because the servicer will be
unable to draw on the liquidity facility or use principal receipts
to pay interest on the interest shortfall due to a PDL trigger
breach. If this occurs, we would lower our rating on the notes to
'D (sf)' as it would not meet our definition of timely interest
payment. It is likely that this trigger will not be breached in the
near term as amortization of the notes from the remaining loan
paydowns will be reduced as principal is reallocated to cover
revenue shortfalls."
S&P also affirmed its 'D (sf)' ratings on the class D and E notes
as their PDLs are at 93% and 100% of their current balances
respectively, and the notes continue to experience interest
shortfalls.
Sandwell Commercial Finance No. 2 PLC is a 2005-vintage true sale
European CMBS transaction, initially backed by a pool of 187 loans
secured by 225 U.K. properties and let to 510 tenants. It is now
backed by eight loans secured on seven U.K. commercial properties.
TALKTALK TELECOM: Fitch Lowers LongTerm IDR to 'B', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has downgraded TalkTalk Telecom Group Plc's (TTG)
Long-Term Issuer Default Rating (IDR) to 'B' from 'B+' and secured
debt rating to 'B'/'RR4' from 'B+'/'RR4. The Outlook on the IDR is
Stable.
The downgrade reflects Fitch's view that the group's deleveraging
profile is more consistent with a 'B' rating. Its net debt/EBITDA
threshold at 'B+' was set at a maximum of 4.0x. Its rating case
forecasts Fitch-defined net debt/EBITDA leverage peaking at 5.0x in
2023, reducing to 4.3x by 2025 (Fitch leverage is formulated more
conservatively than covenant leverage). Over the longer term, the
company has the potential to bring leverage in line with 'B+'
metrics but a sustained period of negative free cash flow (FCF) and
leverage at Fitch-forecast levels are more consistent with a 'B'
IDR.
The Stable Outlook reflects a business model that operationally
seems to have passed a turning point. The customer base is
stabilising, customer churn and average revenue per user (ARPU) are
improving, there is potential for above sector-average growth, and
margin dynamics should benefit from improvements in fibre
competition among wholesale network providers. Management's focus
on growing its wholesale platform and ethernet business are
supportive of growth. However, Fitch expects heightened capex and a
period of investment/efficiency related costs needed for the
migration of copper access connections to fibre-based products to
maintain pressure on FCF for the next two to three years.
KEY RATING DRIVERS
Stable Customer Base: After several years of a slow and gradual
decline in customer numbers, the company appears to have stabilised
its customer base at around 4 million broadband subscribers,
including 2.5 million direct consumer accounts. The balance is
direct business and wholesale customers. This is the single most
important operational performance indicator (KPI), along with the
churn rate and ARPU. Management assumes strong momentum in these
measures as it seeks to financially deleverage, with an emphasis on
high value ethernet growth and expansion of its wholesale base.
Fitch believes some improvement in these metrics is achievable and
the business model sustainable. However, its rating case assumes
tangibly less optimistic forecast KPIs than management. This in
turn drives weaker forecast deleveraging in its base case, to a
level more consistent with a 'B' rating than 'B+'.
Positive UK Pricing: Price increases in April 2022 have yet to
deliver the level of growth management is targeting due to timing
and the effects of promotional offers to new customers and the mix
of new versus existing customers. Combined with customer churn
impacts, this has a dilutive effect on growth relative to head-line
"CPI plus" pricing. Similar effects are occurring across the market
but less so than at TTG. Its 1H23 organic revenue growth of 1%
covering the six months to August 2022 (four months benefiting from
a 9.1% increase in direct consumer pricing), compares with BT's 3%
increase in consumer revenue in the six months to September 2022;
and 5% at Openreach.
High Inflation Should Benefit 2024: With high consumer price
inflation expected in the UK at least through 2024, Fitch does
expect tangible growth for the company in FY24 and FY25 (financial
year ending February). Fitch's latest Global Economic Outlook
envisages UK CPI of 4.5% in 2024, falling to 2.8% in 2025. TTG's
contracted consumer pricing is currently set at CPI plus 3.7%,
which Fitch believes affects around two-thirds of its 2.5 million
direct consumer customers.
Fitch assumes the rest of the base should largely benefit from CPI
type indexation; with its base case assuming consolidated revenue
growth of around 4% in 2024 and 2025. A sustained customer base
relying on planned improvements in churn management are equally
important to this forecast.
Account Acquisitions: TTG has been acquiring wholesale customer
businesses to boost scale. Some (e.g. Virtual 1) have been made
outside the restricted group and funded with either equity or
increased use of a payment-in-kind (PIK) note. Fitch believes the
nature of these transactions will be high-margin and ultimately
accretive to restricted group cash flows.
In the case of Virtual1 (transaction closed in May 2022), a total
of 12,000 high ARPU ethernet customers were added to the wholesale
base. Ethernet is also an area that has been growing well
organically (connections increasing at a CAGR of 12.9% between
2018-2022) despite the decline in the overall base. TTG reported
66,000 ethernet connections at 1H23. These customers generate ARPUs
that are more than 10 times that of its consumer base.
Acquisition Financing: These acquisitions may increase potential
future refinancing risk if financed by PIK debt. They may also put
pressure on potential shareholder payments out of the TTG
restricted group in the near term if the PIK continues to be
serviced on a cash pay basis, although management may elect to
accrue interest on a PIK basis.
Mid-term Margin Pressure to Ease: TTG is effectively an aggregator
of broadband connectively enabled via network access to the
nationwide Openreach network and alternative suppliers (Altnets)
such as Cityfibre. At present, Openreach is by far its biggest
provider of network access, a network that is increasingly offered
with full fibre capability (i.e. fibre to the home). Increasing
availability of alternative fibre is driving competition in
wholesale access, which should improve cost economics for TTG,
while the opportunity to sign-up full fibre customers is supporting
consumer ARPU.
Near-term Margin Pressure: TTG's own wholesale access terms
nonetheless include "CPI plus" based indexation, which is currently
driving gross margin pressure. Its 1H23 gross margin of 50.5% was
2.2pp lower than 1H22.
Important Refinancing Intent: TTG's GBP330 million revolving credit
facility (RCF) matures in November 2024 and its GBP685 million bond
in 2025. GBP180 million was drawn under the RCF at August 2022.
This is the company's main source of liquidity and important as the
company navigates a period of heightened capex, its copper
migration programme as reflected in Fitch's expectations of
negative FCF for the next two to three years. Management's
commitment to address refinancing risks as it moves into FY24 is
significant in Fitch's view, as is the ability to maintain headroom
under the RCF covenant (maximum covenant adjusted net debt/EBITDA
of 3.5x).
DERIVATION SUMMARY
TTG is somewhat weakly positioned at the 'B' level until it can
reduce leverage and improve discretionary cash flows to manage its
balance sheet. This view also reflects a degree of fungibility with
respect to cash flow movements between TTG and its parent company.
The rating reflects a sizeable broadband customer base and the
company's positioning in the value-for-money segment within a
competitive market structure. TalkTalk's operating and FCF margins
are tangibly below the telecoms sector average, largely reflecting
its limited scale, unbundled local exchange network architecture
and dependence on regulated wholesale products for 'last-mile'
connectivity.
The company is less exposed to trends in cord 'cutting', where
consumers trade down or cancel pay-TV subscriptions in favour of
alternative internet or wireless-based services, although it
continues to incur attrition in its customer base. TalkTalk's
business model faces uncertainties in its long-term cost structure
as a result of increasing fibre-based products, evolving regulation
and a continued need to improve its structure.
Peers such as BT Group plc (BBB/Stable) and VMED O2 UK Limited
(BB-/Stable) benefit from fully owned access infrastructure,
revenue diversification as a result of scale in multiple products
segments (such as mobile and pay-TV), and materially higher
operating and cash flow margins. Fitch considers cash flow
visibility at these peers to be greater and therefore supportive of
higher relative leverage (i.e. supportive of higher leverage if
ratings were aligned).
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Revenue CAGR of 3.6% in FY23-FY26
- Gross margin of 52% in FY23 and remaining around 52-54% in
FY23-FY26
- Fitch-defined EBITDA margin about 12% in FY23 gradually
increasing to about 14.5% in FY26
- Treatment of 50% of copper-to-fibre migration costs as recurring
- Capex-to-sales ratio of around 7% FY23-FY24 reducing to 5.0% in
FY25 and 4.5% in FY26
- Positive working capital-to-sales ratio of 1.0% in FY23; 0.5% in
FY24-FY25 and 0.3% in FY26
- Dividends of GBP17 million in FY23; GBP5 million in FY24 and
GBP45 million in FY25-FY26
Key Recovery Rating Assumptions:
- The recovery analysis assumes that TalkTalk would be reorganised
as a going-concern in bankruptcy rather than liquidated
- Fitch has assumed a 10% administrative claim
- The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level upon which Fitch bases the
enterprise valuation
- TalkTalk's GC EBITDA assumption of GBP145 million reflects the
assumption of significantly deteriorated market share and
non-realized cost cutting plan
- An EV multiple of 3.5x EBITDA is applied to the GC EBITDA to
calculate a post-reorganisation enterprise value. The choice of
this multiple considered the multiple implied in taken private
transaction (EV of GBP1.1 billion and pre-IFRS company last 12
months to September 2020 EBITDA of GBP246 million) and
deterioration of business profile that would have led to financial
distress
- Fitch assumes the GBP330 million RCF is fully drawn and is
treated as pari-passu with the GBP685 million senior secured bond
- Fitch treats the drawn portion of the receivables purchase
agreement facility as being replaced by a super senior debt
facility on recovery
- Its waterfall analysis generates a ranked recovery for the senior
secured debt creditors in the 'RR4' band indicating a 'B' senior
secured instrument rating, in line with the IDR. The waterfall
analysis output percentage on current metrics and assumptions is
40%.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Fitch-defined EBITDA net leverage below 4.0x (which broadly
corresponds to funds from operations (FFO) net leverage below 4.5x)
on a sustained basis
- Stabilisation of market share and improved operational
performance
- Positive FCF margin in low single digits on a sustained basis
- Tangible progress in addressing the renewal/refinancing of the
RCF in FY24 at a level consistent with the company's medium-term
liquidity needs. Progress in refinancing its secured bond is also
deemed important.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Fitch defined EBITDA net leverage consistently above 5.0x (which
broadly corresponds to FFO net leverage consistently above 5.5x)
- FCF margin consistently below 0%
- Further deterioration in the market share or an increase in
competitive intensity in the UK broadband market
- Failure to make progress in refinancing the RCF that matures in
November 2024, or otherwise ensure secure committed funding to
support medium-term liquidity needs. Progress in refinancing the
2025 bond is similarly important
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: As of end-August 2022, TalkTalk had GBP15
million of cash and cash equivalents (GBP20 million as of end of
February 2022) and undrawn availability under of GBP150 million (of
a total GBP330 million RCF) at the end of August. Fitch expects
TalkTalk to generate negative FCF in FY23-25, funded by drawing
down on the RCF. In its view, available liquidity is sufficient to
finance near-term cash flows, but does include refinancing risk.
The RCF matures in November 2024 while the senior secured notes are
due in 2025. TalkTalk has discussed plans to refinance all
outstanding debt in the financial year ending February 2024.
ISSUER PROFILE
TalkTalk is an alternative 'value-for-money' fixed line telecom
operator in the UK, offering quad-play services to consumers and
broadband and ethernet services to business customers.
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
----------- ------ -------- -----
TalkTalk Telecom
Group PLC LT IDR B Downgrade B+
senior secured LT B Downgrade RR4 B+
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week January 16 to January 20, 2023
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Issuer Coupon Maturity Currency Price
------ ------ -------- ------- -----
Republic of Austria G 0.850 6/30/2120 EUR 48.235
Foodco Bondco SA 6.250 5/15/2026 EUR 39.668
La Financiere Atalian 5.125 5/15/2025 EUR 66.528
Castellum AB 3.125 EUR 61.431
Gol Finance SA 7.000 1/31/2025 USD 45.190
Fastighets AB Balder 2.873 6/2/2081 EUR 70.543
Maxeda DIY Holding BV 5.875 10/1/2026 EUR 70.002
B2W Digital Lux Sarl 4.375 12/20/2030 USD 65.980
Aroundtown SA 1.625 EUR 30.993
Accentro Real Estate 3.625 2/13/2023 EUR 45.204
Credit Suisse Group A 4.500 USD 57.020
Audax Renovables SA 4.200 12/18/2027 EUR 55.926
Jababeka Internationa 6.500 10/5/2023 USD 49.187
French Republic Gover 0.500 5/25/2072 EUR 43.042
Gazprom PJSC Via Gaz 3.125 11/17/2023 EUR 72.887
Russian Railways Via 2.100 10/2/2023 CHF 24.434
Atento Luxco 1 SA 8.000 2/10/2026 USD 54.556
Credit Suisse Group A 5.100 USD 61.000
Vedanta Resources Ltd 6.125 8/9/2024 USD 63.101
CECONOMY AG 1.750 6/24/2026 EUR 62.912
Frigoglass Finance BV 6.875 2/12/2025 EUR 26.799
JSM Global Sarl 4.750 10/20/2030 USD 68.929
AT Securities BV 5.250 USD 54.000
Allianz SE 3.875 USD 68.289
Orpea SA 2.625 3/10/2025 EUR 22.968
Aroundtown SA 2.125 EUR 35.000
Italy Buoni Poliennal 2.150 3/1/2072 EUR 59.877
Gol Finance SA 8.000 6/30/2026 USD 60.780
Aroundtown SA 0.375 4/15/2027 EUR 67.685
Romanian Government I 3.375 1/28/2050 EUR 57.933
DIC Asset AG 2.250 9/22/2026 EUR 60.103
Aroundtown SA 1.450 7/9/2028 EUR 64.173
Metalcorp Group SA 8.500 6/28/2026 EUR 40.000
Tullow Oil PLC 7.000 3/1/2025 USD 60.878
Mclaren Finance PLC 7.500 8/1/2026 USD 73.992
Orpea SA 2.000 4/1/2028 EUR 22.322
ADLER Group SA 2.250 1/14/2029 EUR 31.833
Aroundtown SA 3.375 EUR 46.555
Canary Wharf Group In 1.750 4/7/2026 EUR 74.200
United Kingdom Gilt 0.625 7/31/2035 GBP 69.090
DEMIRE Deutsche Mitte 1.875 10/15/2024 EUR 73.173
Aroundtown SA 5.375 3/21/2029 USD 73.796
Vedanta Resources Fin 9.250 4/23/2026 USD 64.556
Italy Buoni Poliennal 1.500 4/30/2045 EUR 59.800
Gazprom PJSC via Gaz 3.897 EUR 58.086
Heimstaden Bostad AB 2.625 EUR 52.055
La Financiere Atalian 6.625 5/15/2025 GBP 65.493
Aroundtown SA 2.875 EUR 38.499
Gazprom PJSC Via Gaz 2.250 11/22/2024 EUR 72.946
Romanian Government I 4.625 4/3/2049 EUR 72.477
Korian SA 1.875 EUR 27.224
Casino Guichard Perra 3.992 EUR 17.436
Heimstaden Bostad AB 3.248 EUR 73.188
Development Bank of t 6.750 5/2/2024 USD 31.595
Storskogen Group AB 5.443 12/1/2025 SEK 72.667
Casino Guichard Perra 4.262 EUR 15.167
Cellnex Telecom SA 0.750 11/20/2031 EUR 74.222
InterCement Financial 5.750 7/17/2024 USD 73.012
Orpea SA 0.375 5/17/2027 EUR 29.628
Grand City Properties 1.500 EUR 41.070
Mitsubishi UFJ Invest 6.398 12/15/2050 EUR 37.673
Hidrovias Internation 4.950 2/8/2031 USD 74.412
Castellum Helsinki Fi 0.875 9/17/2029 EUR 65.622
Diebold Nixdorf Dutch 9.000 7/15/2025 EUR 65.010
Aroundtown SA 3.000 10/16/2029 GBP 63.916
Credit Suisse Group A 0.625 1/18/2033 EUR 56.493
Ukraine Government In 7.253 3/15/2035 USD 18.519
United Kingdom Gilt 1.250 10/22/2041 GBP 64.691
NAK Naftogaz Ukraine 7.625 11/8/2026 USD 16.606
Barclays Bank PLC 2.756 EUR 71.884
Cardea Europe AG 7.250 12/8/2023 EUR 26.000
Credit Suisse Group A 7.250 USD 72.250
Air France-KLM 0.125 3/25/2026 EUR 16.402
Banco Santander SA 3.625 EUR 70.172
British American Toba 3.750 EUR 73.976
French Republic Gover 1.750 5/25/2066 EUR 74.486
Vonovia SE 1.625 9/1/2051 EUR 48.417
Aroundtown SA 1.625 1/31/2028 EUR 67.236
Carnival PLC 1.000 10/28/2029 EUR 42.552
Russian Railways Via 2.200 5/23/2027 EUR 30.181
Ukraine Railways Via 8.250 7/9/2024 USD 19.190
Republic of Belarus I 6.875 2/28/2023 USD 37.775
Corestate Capital Hol 1.375 11/28/2022 EUR 12.557
Gazprom PJSC via Gaz 1.500 2/17/2027 EUR 67.977
VEON Holdings BV 3.375 11/25/2027 USD 70.188
Credit Suisse Group A 5.250 USD 65.480
Electricite de France 3.375 EUR 74.363
Saderea DAC 12.500 11/30/2026 USD 35.003
Russian Railways Via 0.898 10/3/2025 CHF 22.734
Romanian Government I 1.750 7/13/2030 EUR 70.286
Rallye SA 4.000 2/28/2032 EUR 0.784
Credit Suisse Group A 3.000 CHF 63.125
Corestate Capital Hol 3.500 4/15/2023 EUR 14.972
Ukraine Government In 6.750 6/20/2028 EUR 17.527
Haya Holdco 2 PLC 10.954 11/30/2025 EUR 43.545
ING Groep NV 3.875 USD 73.476
Romanian Government I 2.124 7/16/2031 EUR 70.004
Vedanta Resources Fin 8.950 3/11/2025 USD 68.378
Eustream AS 1.625 6/25/2027 EUR 69.953
Credit Suisse Group A 6.375 USD 70.010
Gazprom PJSC via Gaz 4.599 USD 47.000
Nykredit Realkredit A 1.000 10/1/2050 DKK 74.452
Romanian Government I 3.875 10/29/2035 EUR 74.716
Cimpress PLC 7.000 6/15/2026 USD 70.010
Finnair Oyj 4.250 5/19/2025 EUR 72.358
Aegon NV 0.496 NLG 66.288
VTR Finance NV 6.375 7/15/2028 USD 37.538
Heimstaden AB 6.750 EUR 43.698
CPI Property Group SA 5.800 SGD 47.476
Gazprom PJSC Via Gaz 4.364 3/21/2025 EUR 71.738
Ukraine Government In 4.375 1/27/2032 EUR 17.130
Russian Railways Via 0.840 3/12/2026 CHF 20.509
Roadster Finance DAC 2.375 12/8/2027 EUR 76.048
ADLER Group SA 1.500 7/26/2024 EUR 67.333
Atos SE 1.000 11/12/2029 EUR 62.939
Diebold Nixdorf Dutch 9.000 7/15/2025 EUR 67.860
Grand City Properties 0.125 1/11/2028 EUR 67.595
Vodafone Group PLC 5.125 6/4/2081 USD 73.990
CPI Property Group SA 4.875 EUR 47.973
Credit Suisse Group A 5.625 SGD 73.065
Dtek Renewables Finan 8.500 11/12/2024 EUR 31.012
Romanian Government I 2.750 4/14/2041 EUR 56.501
Heimstaden Bostad AB 3.625 EUR 52.332
Serbia International 1.000 9/23/2028 EUR 72.510
United Kingdom Gilt 1.125 10/22/2073 GBP 44.270
Romanian Government I 4.125 3/11/2039 EUR 71.716
Gazprom PJSC Via Gaz 5.150 2/11/2026 USD 68.000
Metro Bank PLC 5.500 6/26/2028 GBP 57.228
Slovenia Government B 0.688 3/3/2081 EUR 36.493
Unicaja Banco SA 4.875 EUR 72.867
Heimstaden AB 4.375 3/6/2027 EUR 65.243
Vnesheconombank Via V 6.800 11/22/2025 USD 5.402
Gazprom PJSC Via Gaz 2.500 3/21/2026 EUR 71.598
Constellation Automot 4.875 7/15/2027 GBP 65.850
Gazprom PJSC Via Gaz 2.949 1/24/2024 EUR 73.000
Kernel Holding SA 6.500 10/17/2024 USD 45.256
MMC Norilsk Nickel OJ 4.100 4/11/2023 USD 73.116
Rallye SA 4.371 2/28/2032 EUR 1.238
Gazprom PJSC via Gaz 3.250 2/25/2030 USD 66.000
Trinseo Materials Ope 5.125 4/1/2029 USD 66.108
Credit Suisse Group A 2.875 4/2/2032 EUR 72.903
EnfraGen Energia Sur 5.375 12/30/2030 USD 70.898
Ukraine Government In 6.876 5/21/2031 USD 18.396
Citycon Oyj 4.496 EUR 58.339
MorphoSys AG 0.625 10/16/2025 EUR 48.902
Samhallsbyggnadsbolag 2.624 EUR 37.083
Hungary Government In 0.500 11/18/2030 EUR 68.663
United Kingdom Gilt 0.875 1/31/2046 GBP 53.846
NAK Naftogaz Ukraine 7.125 7/19/2024 EUR 17.078
Rothschild & Co Conti 4.438 USD 65.100
Republic of Poland Go 1.250 10/25/2030 PLN 70.750
Spain Government Bond 1.450 10/31/2071 EUR 50.084
Gazprom PJSC via Gaz 3.000 6/29/2027 USD 62.875
Aroundtown SA 4.750 GBP 45.970
Samhallsbyggnadsbolag 2.875 EUR 37.156
Romanian Government I 2.625 12/2/2040 EUR 56.154
Korian SA 0.875 3/6/2027 EUR 40.725
Republic of Italy Gov 4.000 10/17/2049 USD 73.262
CPI Property Group SA 1.500 1/27/2031 EUR 57.148
NatWest Group PLC 4.600 USD 72.010
Air Baltic Corp AS 6.750 7/30/2024 EUR 71.973
MHP SE 7.750 5/10/2024 USD 49.941
Ukraine Government In 7.750 9/1/2024 USD 24.018
Mahle GmbH 2.375 5/14/2028 EUR 72.278
HSBC Bank PLC 5.401 USD 70.107
Mallinckrodt Internat 10.000 6/15/2029 USD 54.755
Nexity SA 0.250 3/2/2025 EUR 58.639
Serbia International 1.500 6/26/2029 EUR 72.083
Republic of Italy Gov 3.875 5/6/2051 USD 69.194
Grand City Properties 2.500 EUR 42.869
ADLER Real Estate AG 3.000 4/27/2026 EUR 68.597
Deutsche Bank AG/New 3.742 1/7/2033 USD 73.822
Kleopatra Holdings 2 6.500 9/1/2026 EUR 53.750
Gazprom PJSC Via Gaz 4.950 3/23/2027 USD 73.500
Raiffeisen Bank Inter 1.375 6/17/2033 EUR 71.017
Ukraine Government Bo 15.840 2/26/2025 UAH 52.868
SBB Treasury Oyj 0.750 12/14/2028 EUR 64.255
Romanian Government I 2.000 4/14/2033 EUR 64.676
gategroup Finance Lux 3.000 2/28/2027 CHF 65.461
Intesa Sanpaolo SpA 4.125 EUR 73.187
Aggregate Holdings SA 6.875 11/9/2025 EUR 35.142
CaixaBank SA 3.625 EUR 70.712
Aroundtown SA 3.625 4/10/2031 GBP 61.844
Balder Finland Oyj 2.000 1/18/2031 EUR 64.735
Accor SA 0.700 12/7/2027 EUR 42.416
Casino Guichard Perra 3.580 2/7/2025 EUR 67.573
UBM Development AG 5.500 EUR 70.125
Ukraine Government In 7.750 9/1/2026 USD 21.109
Russian Foreign Bond 5.625 4/4/2042 USD 62.891
ING Groep NV 4.250 USD 69.050
MHP Lux SA 6.950 4/3/2026 USD 48.181
MMC Norilsk Nickel OJ 3.375 10/28/2024 USD 71.788
Gazprom PJSC Via Gaz 4.250 4/6/2024 GBP 72.171
Gazprom PJSC via Gaz 2.950 1/27/2029 USD 68.995
Intesa Sanpaolo SpA 4.198 6/1/2032 USD 75.070
Credit Suisse AG/Lond 0.250 9/1/2028 EUR 73.108
International Consoli 1.125 5/18/2028 EUR 76.277
La Banque Postale SA 3.000 EUR 71.969
Russian Railways Via 3.125 CHF 7.623
Russian Railways Via 4.600 3/6/2023 EUR 36.148
Schoeller Packaging B 6.375 11/1/2024 EUR 68.982
Altice France Holding 6.000 2/15/2028 USD 63.055
Grand City Properties 2.750 EUR 57.568
Serbia International 1.650 3/3/2033 EUR 61.610
Atrium Finance PLC 2.625 9/5/2027 EUR 67.935
Heimstaden AB 7.625 SEK 71.510
Heimstaden Bostad AB 3.000 EUR 55.779
Altice Finco SA 4.750 1/15/2028 EUR 74.611
MVM Energetika Zrt 0.875 11/18/2027 EUR 71.458
Samhallsbyggnadsbolag 2.625 EUR 37.729
Novolipetsk Steel Via 1.450 6/2/2026 EUR 55.870
Voltalia SA 1.000 1/13/2025 EUR 28.376
Hungary Government In 1.750 6/5/2035 EUR 65.591
Gazprom PJSC via Gaz 1.540 6/30/2027 CHF 50.000
Ireland Government Bo 0.550 4/22/2041 EUR 65.541
Republic of Austria G 0.250 10/20/2036 EUR 69.671
Sagax Euro Mtn NL BV 1.000 5/17/2029 EUR 70.807
Republic of Belarus I 5.875 2/24/2026 USD 41.975
Mutuelle Assurance De 3.500 EUR 74.893
Union Fenosa Preferen 3.852 EUR 67.923
Raiffeisen Bank Inter 4.500 EUR 71.761
Hellenic Republic Gov 1.875 1/24/2052 EUR 59.006
Volkswagen Financial 0.375 2/12/2030 EUR 75.559
Romanian Government I 4.000 2/14/2051 USD 66.165
Jaguar Land Rover Aut 5.500 7/15/2029 USD 71.873
Russian Foreign Bond 5.250 6/23/2047 USD 40.531
UniCredit SpA 0.850 1/19/2031 EUR 73.872
Ukreximbank Via Biz F 9.750 1/22/2025 USD 32.333
Russian Railways Via 4.375 3/1/2024 USD 31.246
Heimstaden Bostad Tre 0.750 9/6/2029 EUR 67.901
Boparan Finance PLC 7.625 11/30/2025 GBP 67.536
Russian Foreign Bond 7.500 3/31/2030 USD 64.192
Heimstaden AB 4.250 3/9/2026 EUR 69.571
Heimstaden Bostad AB 3.375 EUR 56.089
Eutelsat SA 1.500 10/13/2028 EUR 72.175
SAS AB 6.900 SEK 10.000
SBB Treasury Oyj 1.125 11/26/2029 EUR 63.987
Phosagro OAO Via Phos 3.949 4/24/2023 USD 64.946
Moby SpA 7.750 2/15/2023 EUR 57.748
Grupo Antolin-Irausa 3.500 4/30/2028 EUR 70.549
Fuerstenberg Capital 5.625 EUR 72.102
Acef Holding SCA 0.750 6/14/2028 EUR 74.774
Ukraine Government In 7.750 9/1/2025 USD 22.292
Ideal Standard Intern 6.375 7/30/2026 EUR 42.025
Wintershall Dea Finan 3.000 EUR 73.081
Spain Government Bond 1.000 7/30/2042 EUR 64.354
United Kingdom Gilt 1.500 7/31/2053 GBP 58.166
Sigma Holdco BV 5.750 5/15/2026 EUR 72.422
Deutsche Bank AG 1.375 2/17/2032 EUR 74.082
Ukraine Government In 7.750 9/1/2028 USD 20.927
Casino Guichard Perra 6.625 1/15/2026 EUR 55.232
VTB Bank PJSC Via VTB 9.500 USD 16.289
Enel Finance Internat 0.875 6/17/2036 EUR 66.323
Peach Property Financ 4.375 11/15/2025 EUR 73.266
Balder Finland Oyj 1.000 1/20/2029 EUR 67.485
Enel Finance Internat 0.875 9/28/2034 EUR 69.360
Signa Development Fin 5.500 7/23/2026 EUR 61.250
NGD Holdings BV 6.750 12/31/2026 USD 45.152
Ukraine Government In 9.750 11/1/2030 USD 21.097
Republic of Belarus I 7.625 6/29/2027 USD 40.661
Credit Bank of Moscow 3.875 9/21/2026 USD 49.750
Intesa Sanpaolo Vita 2.375 12/22/2030 EUR 73.063
United Kingdom Gilt 1.125 1/31/2039 GBP 67.029
Croatia Government In 1.750 3/4/2041 EUR 70.687
CPI Property Group SA 3.750 EUR 48.649
Phosagro OAO Via Phos 2.600 9/16/2028 USD 63.000
Allianz SE 2.600 EUR 70.417
VGP NV 2.250 1/17/2030 EUR 65.863
Pro-Gest SpA 3.250 12/15/2024 EUR 62.025
Eolo SpA 4.875 10/21/2028 EUR 70.576
NAK Naftogaz Ukraine 7.375 7/19/2022 USD 15.500
TotalEnergies SE 2.125 EUR 72.149
Blackstone Property P 1.625 4/20/2030 EUR 69.517
Gazprom PJSC via Gaz 2.950 4/15/2025 EUR 70.899
Standard Profil Autom 6.250 4/30/2026 EUR 60.000
CPI Property Group SA 4.875 EUR 50.783
Tinkoff Bank JSC Via 6.000 USD 40.165
GOL Equity Finance SA 3.750 7/15/2024 USD 49.000
DDM Debt AB 9.000 4/19/2026 EUR 61.615
Ireland Government Bo 1.500 5/15/2050 EUR 73.733
Hungary Government Bo 2.250 4/20/2033 HUF 63.156
Balder Finland Oyj 1.000 1/18/2027 EUR 75.050
ADLER Group SA 1.875 1/14/2026 EUR 39.000
Berkeley Group PLC/Th 2.500 8/11/2031 GBP 68.532
Allianz SE 2.625 EUR 73.278
Ziggo Bond Co BV 3.375 2/28/2030 EUR 75.204
GTC Aurora Luxembourg 2.250 6/23/2026 EUR 72.425
Gazprom PJSC via Gaz 1.850 11/17/2028 EUR 64.486
Agri Resources Group 8.000 3/17/2026 EUR 39.083
Nobel Bidco BV 3.125 6/15/2028 EUR 68.290
State Agency of Roads 6.250 6/24/2030 USD 17.400
Aragvi Finance Intern 8.450 4/29/2026 USD 70.452
Republic of Belarus I 6.378 2/24/2031 USD 33.000
Ukraine Government In 7.750 9/1/2029 USD 21.044
VTB Bank OJSC Via VTB 6.950 10/17/2022 USD 7.345
Fastighets AB Balder 1.250 1/28/2028 EUR 70.292
Rothesay Life PLC 5.000 GBP 69.182
ADLER Group SA 3.250 8/5/2025 EUR 39.233
Slovenia Government B 0.125 7/1/2031 EUR 75.598
NPC Ukrenergo 6.875 11/9/2028 USD 16.875
Julius Baer Group Ltd 3.625 USD 70.357
Gazprom PJSC via Gaz 3.500 7/14/2031 USD 64.675
FIGEAC-AERO 1.750 10/18/2028 EUR 23.709
Serbia International 2.050 9/23/2036 EUR 56.906
Bank Gospodarstwa Kra 2.125 6/5/2030 PLN 71.583
Russian Railways Via 5.700 4/5/2022 USD 24.380
MMC Norilsk Nickel OJ 2.550 9/11/2025 USD 69.111
HSE Finance Sarl 5.625 10/15/2026 EUR 53.000
Zur Rose Group AG 2.500 11/21/2024 CHF 73.169
Diebold Nixdorf Dutch 9.000 7/15/2025 EUR 67.860
Jaguar Land Rover Aut 5.500 7/15/2029 USD 71.553
Gazprom PJSC Via Gaz 4.950 2/6/2028 USD 73.875
Romanian Government I 1.375 12/2/2029 EUR 72.744
Samhallsbyggnadsbolag 5.333 SEK 59.253
CPI Property Group SA 1.625 4/23/2027 EUR 71.111
alstria office REIT-A 1.500 11/15/2027 EUR 72.164
HOCHTIEF AG 1.250 9/3/2031 EUR 67.395
Republic of Croatia F 1.000 11/27/2034 EUR 71.025
Mithra Pharmaceutical 4.250 12/17/2025 EUR 61.071
Fnac Darty SA 0.250 3/23/2027 EUR 65.970
EnBW Energie Baden-Wu 1.375 8/31/2081 EUR 74.831
Evraz PLC 5.250 4/2/2024 USD 52.000
Kernel Holding SA 6.750 10/27/2027 USD 34.475
ams-OSRAM AG 2.125 11/3/2027 EUR 71.335
Evraz PLC 5.375 3/20/2023 USD 48.523
Polyus Finance PLC 3.250 10/14/2028 USD 59.756
Vonovia SE 1.500 6/14/2041 EUR 57.621
Credit Suisse Group A 4.875 5/15/2045 USD 69.477
Ukraine Railways Via 7.875 7/15/2026 USD 19.750
Oscar Properties Hold 9.999 7/5/2024 SEK 65.310
TI Automotive Finance 3.750 4/15/2029 EUR 74.960
Citycon Oyj 3.625 EUR 48.238
Herens Midco Sarl 5.250 5/15/2029 EUR 68.967
Credit Suisse Group A 0.650 1/14/2028 EUR 74.888
Russian Foreign Bond 4.250 6/23/2027 USD 41.773
Russian Railways Via 7.487 3/25/2031 GBP 25.724
United Kingdom Gilt 1.750 7/22/2057 GBP 61.762
Russian Railways Via 1.195 4/3/2028 CHF 20.500
AerCap Ireland Capita 3.850 10/29/2041 USD 73.340
Metinvest BV 8.500 4/23/2026 USD 54.375
VGP NV 1.500 4/8/2029 EUR 65.814
Lloyds Banking Group 3.369 12/14/2046 USD 67.136
ADLER Group SA 2.250 4/27/2027 EUR 33.583
VF Ukraine PAT via VF 6.200 2/11/2025 USD 55.852
MHP Lux SA 6.250 9/19/2029 USD 47.160
Liquid Telecommunicat 5.500 9/4/2026 USD 73.228
SATO Oyj 1.375 2/24/2028 EUR 73.511
Credit Bank of Moscow 3.100 1/21/2026 EUR 23.774
PB International BV 7.625 12/31/2025 USD 44.405
HOCHDORF Holding AG 2.500 CHF 26.552
Enel SpA 1.875 EUR 72.651
EP Infrastructure AS 2.045 10/9/2028 EUR 69.744
Triodos Bank NV 2.250 2/5/2032 EUR 73.873
Fresenius SE & Co KGa 1.125 1/28/2033 EUR 69.854
Credit Suisse Group A 3.500 CHF 69.233
Idorsia Ltd 2.125 8/4/2028 CHF 66.360
Fastighets AB Balder 1.125 1/29/2027 EUR 74.873
Societe Generale SA 4.027 1/21/2043 USD 69.257
Casino Guichard Perra 5.250 4/15/2027 EUR 51.063
Aroundtown SA 2.912 9/20/2030 EUR 61.745
CPI Property Group SA 1.750 1/14/2030 EUR 60.778
Prosus NV 4.987 1/19/2052 USD 74.568
Compact Bidco BV 5.750 5/1/2026 EUR 67.354
MRG Finance UK PLC 8.750 10/26/2023 EUR 63.063
Shell International F 3.000 11/26/2051 USD 71.245
Cellnex Finance Co SA 3.875 7/7/2041 USD 70.916
Prosus NV 2.031 8/3/2032 EUR 72.247
Idavang A/S 9.052 11/11/2025 EUR 63.899
Odea Bank AS 8.606 8/1/2027 USD 75.000
Tinkoff Bank JSC Via 11.002 USD 40.954
Klepierre SA 1.625 12/13/2032 EUR 75.837
Heimstaden Bostad Tre 1.625 10/13/2031 EUR 64.780
Castle UK Finco PLC 7.012 5/15/2028 EUR 73.887
Lithuania Government 0.500 7/28/2050 EUR 45.925
United Kingdom Gilt 1.750 1/22/2049 GBP 64.961
ABN AMRO Bank NV 1.115 3/3/2042 EUR 71.829
Vonovia SE 1.000 6/16/2033 EUR 67.924
Czech Republic Govern 1.200 3/13/2031 CZK 76.667
Wirecard AG 0.500 9/11/2024 EUR 10.304
EP Infrastructure AS 1.816 3/2/2031 EUR 64.553
Altice France Holding 4.000 2/15/2028 EUR 65.206
Hungary Government Bo 3.250 10/22/2031 HUF 71.583
Korian SA 2.250 10/15/2028 EUR 67.602
Bank Gospodarstwa Kra 0.500 7/8/2031 EUR 70.447
Avianca Midco 2 PLC 9.000 12/1/2028 USD 73.750
Muenchener Rueckversi 1.000 5/26/2042 EUR 71.770
Prosus NV 3.832 2/8/2051 USD 63.398
Hellenic Republic Gov 0.750 6/18/2031 EUR 75.129
MMC Norilsk Nickel OJ 2.800 10/27/2026 USD 72.250
Euroboden GmbH 5.500 10/1/2024 EUR 60.674
Momox Holding AG 8.504 7/10/2025 EUR 67.868
Russian Foreign Bond 4.375 3/21/2029 USD 40.497
Hungary Government Bo 3.000 10/27/2027 HUF 77.094
Russian Foreign Bond 2.875 12/4/2025 EUR 39.367
SPP-Distribucia AS 1.000 6/9/2031 EUR 65.455
BNP Paribas SA 4.245 USD 69.487
Very Group Funding Pl 6.500 8/1/2026 GBP 71.464
M2 Asset Management A 6.414 1/15/2025 SEK 70.375
Linde PLC 1.000 9/30/2051 EUR 59.239
Severstal OAO Via Ste 3.150 9/16/2024 USD 5.901
Samhallsbyggnadsbolag 1.125 9/4/2026 EUR 74.166
Euroboden GmbH 5.500 11/18/2025 EUR 54.395
Logicor Financing Sar 2.000 1/17/2034 EUR 64.500
ZUR Rose Finance BV 2.750 3/31/2025 CHF 63.378
Hacienda Investments 5.350 2/8/2028 USD 42.000
Societe Generale SA 4.027 1/21/2043 USD 70.103
HSBC Bank PLC 4.420 USD 69.991
Deutsche Bahn Finance 0.625 12/8/2050 EUR 53.362
EDP - Energias de Por 1.875 3/14/2082 EUR 73.119
Glencore Capital Fina 1.250 3/1/2033 EUR 70.259
Hungary Government Bo 2.000 5/23/2029 HUF 70.145
Russian Foreign Bond 5.875 9/16/2043 USD 57.000
Slovenia Government B 0.488 10/20/2050 EUR 46.147
EnBW Energie Baden-Wu 2.125 8/31/2081 EUR 68.228
Vonovia Finance BV 1.000 1/28/2041 EUR 51.258
Metinvest BV 5.625 6/17/2025 EUR 53.851
Mclaren Finance PLC 7.500 8/1/2026 USD 73.246
Electricite de France 4.500 12/4/2069 USD 71.932
Sigma Holdco BV 7.875 5/15/2026 USD 72.071
Sberbank of Russia Vi 5.125 10/29/2022 USD 14.250
Aryzta AG 4.879 CHF 73.621
Orpea SA 2.130 7/3/2024 EUR 27.246
HSBC Bank PLC 5.251 USD 70.111
Vnesheconombank Via V 5.942 11/21/2023 USD 6.403
Vonovia Finance BV 2.750 3/22/2038 EUR 75.166
Romanian Government I 3.500 4/3/2034 EUR 73.680
Saxa Gres Spa 7.000 8/4/2026 EUR 40.031
ALROSA Finance SA 3.100 6/25/2027 USD 10.900
Deutsche Bank AG/New 3.729 1/14/2032 USD 75.516
GTLK Europe Capital D 4.800 2/26/2028 USD 22.781
Nykredit Realkredit A 1.000 10/1/2053 DKK 69.118
MMK International Cap 4.375 6/13/2024 USD 28.514
Offshore Drilling Hol 8.375 9/20/2020 USD 3.841
Republic of Belarus I 6.200 2/28/2030 USD 33.482
UNEDIC ASSEO 0.250 7/16/2035 EUR 69.833
Biocartis Group NV 4.000 11/9/2027 EUR 59.895
Balder Finland Oyj 1.375 5/24/2030 EUR 64.194
Enexis Holding NV 0.375 4/14/2033 EUR 73.339
Czech Republic Govern 1.500 4/24/2040 CZK 62.368
Acef Holding SCA 1.250 4/26/2030 EUR 70.041
United Kingdom Gilt 1.625 10/22/2054 GBP 59.841
publity AG 5.500 6/19/2025 EUR 59.570
TotalEnergies SE 3.250 EUR 74.514
Deutsche Telekom AG 1.750 12/9/2049 EUR 68.837
Dignity Finance PLC 4.696 12/31/2049 GBP 67.785
Russian Foreign Bond 4.750 5/27/2026 USD 42.092
Alfa Bank AO Via Alfa 5.950 4/15/2030 USD 2.219
Novolipetsk Steel Via 4.500 6/15/2023 USD 66.436
Electricite de France 2.000 12/9/2049 EUR 63.227
Polyus Finance PLC 5.250 2/7/2023 USD 56.394
Electricite de France 1.000 11/29/2033 EUR 71.694
Rallye SA 5.250 2/28/2032 EUR 7.440
Lukoil Securities BV 3.875 5/6/2030 USD 71.349
Realkredit Danmark A/ 1.000 10/1/2050 DKK 74.453
Icade Sante SACA 1.375 9/17/2030 EUR 74.952
Eurochem Finance DAC 5.500 3/13/2024 USD 57.073
Prosus NV 2.778 1/19/2034 EUR 73.621
Brit Insurance Holdin 3.676 12/9/2030 GBP 72.779
Hungary Government Bo 3.000 8/21/2030 HUF 72.775
Arrival SA 3.500 12/1/2026 USD 23.698
Econocom Group SA/NV 0.500 3/6/2023 EUR 8.028
P3 Group Sarl 1.625 1/26/2029 EUR 74.421
University of Oxford 2.544 12/8/2117 GBP 56.859
Metinvest BV 7.650 10/1/2027 USD 52.134
DVI Deutsche Vermoege 2.500 1/25/2027 EUR 74.331
Orpea SA 2.200 12/15/2024 EUR 22.500
JT International Fina 3.300 9/14/2051 USD 58.986
Sberbank of Russia Vi 5.250 5/23/2023 USD 14.258
NET4GAS sro 3.500 7/28/2026 EUR 68.492
Credit Suisse Group A 0.650 9/10/2029 EUR 67.459
Offentliga Hus I Nord 9.655 SEK 64.279
Holcim Finance Luxemb 1.375 10/8/2036 EUR 60.893
CTP NV 1.500 9/27/2031 EUR 60.536
Mutuelle Assurance De 2.125 6/21/2052 EUR 69.229
Phosagro OAO Via Phos 3.050 1/23/2025 USD 52.606
Bank Gospodarstwa Kra 2.375 11/27/2040 PLN 53.314
Gecina SA 0.875 6/30/2036 EUR 67.257
Altarea SCA 1.750 1/16/2030 EUR 75.127
Ekosem-Agrar AG 2.500 7/31/2029 EUR 17.847
CM.com NV 2.000 9/9/2026 EUR 66.332
Metalloinvest Finance 3.375 10/22/2028 USD 53.710
Hungary Government Bo 4.500 5/27/2032 HUF 78.353
Nykredit Realkredit A 1.500 10/1/2053 DKK 73.702
Banco Comercial Portu 4.000 5/17/2032 EUR 70.259
Hungary Government Bo 3.000 10/27/2038 HUF 58.975
BCP V Modular Service 6.750 11/30/2029 EUR 74.074
Intesa Sanpaolo SpA 4.950 6/1/2042 USD 66.605
Ukraine Government Bo 9.790 5/26/2027 UAH 54.673
Russian Agricultural 8.500 10/16/2023 USD 13.516
Desenio Group AB 8.034 12/16/2024 SEK 50.774
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.189
Credit Bank of Moscow 8.875 USD 17.000
Enel Finance Internat 2.250 7/12/2031 USD 74.680
Nostrum Oil & Gas Fin 8.000 7/25/2022 USD 25.677
BNP Paribas SA 0.625 12/3/2032 EUR 71.626
Citycon Treasury BV 1.625 3/12/2028 EUR 73.495
Kojamo Oyj 0.875 5/28/2029 EUR 75.170
Atos SE 2.500 11/7/2028 EUR 65.996
Romanian Government I 3.375 2/8/2038 EUR 68.332
Novolipetsk Steel Via 4.700 5/30/2026 USD 70.179
VTB Bank OJSC Via VTB 4.073 10/24/2024 CHF 16.000
Logicor Financing Sar 1.625 1/17/2030 EUR 73.761
esure Group PLC 6.000 GBP 68.750
Stellantis NV 1.250 6/20/2033 EUR 72.654
Samhallsbyggnadsbolag 1.000 8/12/2027 EUR 69.504
Air Berlin PLC 8.250 4/19/2018 EUR 0.227
Ocado Group PLC 0.750 1/18/2027 GBP 67.519
Rothschild & Co Conti 3.030 EUR 68.047
ADLER Group SA 2.750 11/13/2026 EUR 37.933
Rickmers Holding AG 8.875 6/11/2018 EUR 0.891
Orpea SA 2.750 6/3/2033 EUR 21.871
Prosus NV 4.027 8/3/2050 USD 65.752
Deutsche Wohnen SE 1.300 4/7/2041 EUR 52.809
Castle UK Finco PLC 7.000 5/15/2029 GBP 69.085
Vnesheconombank Via V 6.025 7/5/2022 USD 4.680
Hellenic Bank PCL 10.000 EUR 66.009
TMK OAO Via TMK Capit 4.300 2/12/2027 USD 50.716
BP Capital Markets BV 1.467 9/21/2041 EUR 65.912
NE Property BV 2.000 1/20/2030 EUR 69.641
Santhera Pharmaceutic 7.500 8/17/2024 CHF 74.120
Neoen SA 2.000 6/2/2025 EUR 48.428
Global Ports Finance 6.500 9/22/2023 USD 24.931
United Group BV 5.250 2/1/2030 EUR 72.654
Ukreximbank Via Biz F 9.950 11/14/2029 USD 29.375
Credit Bank of Moscow 5.150 2/20/2024 EUR 22.573
GTLK Europe DAC 5.125 5/31/2024 USD 30.223
UNEDIC ASSEO 0.500 5/25/2036 EUR 70.135
ALROSA Finance SA 4.650 4/9/2024 USD 10.871
Gecina SA 0.875 1/25/2033 EUR 75.362
Just Eat Takeaway.com 0.625 2/9/2028 EUR 66.338
Eurotorg LLC Via Boni 9.000 10/22/2025 USD 63.000
CPI Property Group SA 2.750 1/22/2028 GBP 66.921
Thermo Fisher Scienti 2.000 10/18/2051 EUR 67.461
Scandinavian Airlines 0.625 CHF 12.917
Nostrum Oil & Gas Fin 7.000 2/16/2025 USD 23.958
Maisons du Monde SA 0.125 12/6/2023 EUR 46.124
BICO Group AB 2.875 3/19/2026 SEK 71.703
Credit Bank of Moscow 7.500 10/5/2027 USD 18.000
UBS Group AG 3.179 2/11/2043 USD 72.142
Credit Suisse Group A 3.091 5/14/2032 USD 71.009
IWG International Hol 0.500 12/9/2027 GBP 74.705
BMW Finance NV 0.200 1/11/2033 EUR 73.724
State of North Rhine- 1.375 1/15/2120 EUR 54.602
Casino Guichard Perra 4.048 8/5/2026 EUR 51.792
BPCE SA 3.116 10/19/2032 USD 74.893
Societe Generale SA 3.625 3/1/2041 USD 66.305
Finland Government Bo 0.500 4/15/2043 EUR 63.998
BPCE SA 2.125 10/13/2046 EUR 70.901
Ozon Holdings PLC 1.875 2/24/2026 USD 59.099
TP ICAP Finance PLC 2.625 11/18/2028 GBP 74.668
Debenhams PLC 5.250 7/15/2021 GBP 0.181
ABN AMRO Bank NV 3.324 3/13/2037 USD 74.158
Lar Espana Real Estat 1.843 11/3/2028 EUR 71.095
Interpipe Holdings PL 8.375 5/13/2026 USD 35.750
Kreditanstalt fuer Wi 0.050 9/29/2034 EUR 72.347
Credit Bank of Moscow 5.550 2/14/2023 USD 22.034
B2W Digital Lux Sarl 4.375 12/20/2030 USD 66.177
Merlin Properties Soc 1.875 12/4/2034 EUR 71.317
Social Chain AG /The 5.750 4/7/2024 EUR 70.000
Jyske Realkredit A/S 1.000 10/1/2050 DKK 70.418
Nordea Kredit Realkre 1.000 10/1/2050 DKK 74.580
Credit Bank of Moscow 4.700 1/29/2025 USD 23.069
Simon International F 1.125 3/19/2033 EUR 74.422
Iceland Bondco PLC 4.375 5/15/2028 GBP 73.870
Delivery Hero SE 2.125 3/10/2029 EUR 65.446
Vonovia SE 0.625 12/14/2029 EUR 74.921
Logicor Financing Sar 0.875 1/14/2031 EUR 65.980
Credit Agricole Assur 1.500 10/6/2031 EUR 74.865
Credit Suisse Group A 3.091 5/14/2032 USD 70.721
BAT International Fin 2.250 9/9/2052 GBP 41.677
Deutsche Bahn Finance 1.125 5/29/2051 EUR 59.746
Russian Foreign Bond 2.650 5/27/2036 EUR 39.333
UNIQA Insurance Group 2.375 12/9/2041 EUR 70.992
Stichting Afwikkeling 11.250 EUR 44.369
GTLK Europe Capital D 5.950 4/17/2025 USD 26.608
Novolipetsk Steel Via 4.000 9/21/2024 USD 63.228
Perrigo Finance Unlim 4.900 12/15/2044 USD 69.851
Nexity SA 0.875 4/19/2028 EUR 44.333
Slovenia Government B 1.175 2/13/2062 EUR 52.810
Latvia Government Int 1.875 2/19/2049 EUR 71.058
Ilija Batljan Invest 5.764 12/15/2024 SEK 63.011
HSE Finance Sarl 7.512 10/15/2026 EUR 56.827
Blackstone Property P 1.000 5/4/2028 EUR 73.820
Klepierre SA 0.875 2/17/2031 EUR 75.000
Orsted AS 1.500 2/18/3021 EUR 74.995
R-Logitech Finance SA 10.250 9/26/2027 EUR 65.842
ASTM SpA 2.375 11/25/2033 EUR 73.902
Imperial Brands Finan 1.750 3/18/2033 EUR 72.250
BNG Bank NV 0.125 4/19/2033 EUR 75.249
Mallinckrodt Internat 10.000 4/15/2025 USD 68.750
Republic of Poland Go 2.000 10/25/2046 EUR 70.383
Republic of Poland Go 4.000 4/25/2047 PLN 72.074
GTLK Europe Capital D 4.650 3/10/2027 USD 22.023
RWE AG 1.000 11/26/2033 EUR 73.794
Wuestenrot & Wuerttem 2.125 9/10/2041 EUR 70.377
Borets Finance DAC 6.000 9/17/2026 USD 33.376
Metinvest BV 7.750 10/17/2029 USD 50.000
Russian Foreign Bond 1.850 11/20/2032 EUR 38.643
CBRE Global Investors 0.900 10/12/2029 EUR 73.891
Gol Finance SA 8.000 6/30/2026 USD 60.606
Rallye SA 3.250 2/28/2032 CHF 8.437
Bigben Interactive 1.125 2/19/2026 EUR 70.798
Slovakia Government B 0.375 4/21/2036 EUR 65.613
Unibail-Rodamco-Westf 1.750 7/1/2049 EUR 62.468
Bellis Finco PLC 4.000 2/16/2027 GBP 74.906
Swan Housing Capital 3.625 3/5/2048 GBP 71.451
Audax Renovables SA 2.750 11/30/2025 EUR 68.144
SCF Capital Designate 5.375 6/16/2023 USD 20.001
Jyske Realkredit A/S 1.000 10/1/2050 DKK 74.561
Vonovia SE 0.625 3/24/2031 EUR 71.845
Mobile Telesystems OJ 5.000 5/30/2023 USD 27.511
TotalEnergies Capital 1.618 5/18/2040 EUR 73.350
Ziton A/S 11.032 10/3/2024 EUR 69.549
NatWest Group PLC 3.032 11/28/2035 USD 75.435
Barclays PLC 1.106 5/12/2032 EUR 75.003
ICADE 1.000 1/19/2030 EUR 74.907
BAT International Fin 4.000 11/23/2055 GBP 59.158
JDE Peet's NV 1.125 6/16/2033 EUR 74.923
Orsted AS 2.500 2/18/3021 GBP 68.821
Ilija Batljan Invest 9.264 SEK 46.447
BAT International Fin 2.000 3/13/2045 EUR 56.154
Fresenius Finance Ire 0.875 10/1/2031 EUR 72.009
Intermediate Capital 2.500 1/28/2030 EUR 71.254
Atento Luxco 1 SA 8.000 2/10/2026 USD 54.487
Direct Line Insurance 4.750 GBP 74.167
Lukoil Capital DAC 3.600 10/26/2031 USD 70.581
Hungary Government Bo 1.500 8/26/2026 HUF 75.895
E.ON SE 0.600 10/1/2032 EUR 74.925
Engie SA 1.875 EUR 72.427
Rallye SA 3.400 2/28/2032 EUR 5.520
John Lewis PLC 4.250 12/18/2034 GBP 60.976
GTLK Europe Capital D 4.349 2/27/2029 USD 20.558
DH Europe Finance II 1.350 9/18/2039 EUR 71.176
Societe Generale SA 3.625 3/1/2041 USD 66.593
Plusplus Capital Fina 11.000 7/29/2026 EUR 76.240
Cie de Financement Fo 0.600 10/25/2041 EUR 64.865
A2A SpA 0.625 7/15/2031 EUR 72.938
Aedifica SA 0.750 9/9/2031 EUR 66.720
Credit Bank of Moscow 7.625 USD 20.689
EnBW International Fi 0.500 3/1/2033 EUR 71.565
Barclays PLC 3.811 3/10/2042 USD 69.739
Officine Maccaferri-S 5.750 6/1/2021 EUR 17.034
blueplanet Investment 5.500 2/26/2026 EUR 29.792
Banque Federative du 0.957 EUR 75.765
Pozavarovalnica Sava 3.750 11/7/2039 EUR 72.924
EWE AG 0.375 10/22/2032 EUR 69.768
Genova Property Group 9.245 SEK 74.291
Intelsat Jackson Hold 9.750 7/15/2025 USD 0.491
United Group BV 4.625 8/15/2028 EUR 75.261
Hungary Government Bo 2.250 6/22/2034 HUF 60.391
WPC Eurobond BV 0.950 6/1/2030 EUR 73.699
Maison Finco PLC 6.000 10/31/2027 GBP 72.425
Blackstone Property P 1.750 3/12/2029 EUR 74.253
Enel Finance Internat 2.250 7/12/2031 USD 74.498
Delivery Hero SE 1.500 1/15/2028 EUR 69.371
City of Lugano Switze 0.150 11/28/2070 CHF 48.034
PIK Securities DAC 5.625 11/19/2026 USD 40.313
Ukraine Government Bo 9.840 2/15/2023 UAH 59.748
NIBC Bank NV 2.850 2/21/2040 EUR 69.757
Russian Foreign Bond 1.125 11/20/2027 EUR 38.269
Slovakia Government B 1.000 10/13/2051 EUR 52.691
Lehman Brothers UK Ca 5.125 EUR 15.357
NIBC Bank NV 1.315 EUR 71.456
Romania Government Bo 4.250 4/28/2036 RON 69.185
LEG Immobilien SE 1.625 11/28/2034 EUR 73.939
Czech Republic Govern 0.050 11/29/2029 CZK 72.569
Schlote Holding GmbH 6.750 11/21/2024 EUR 63.630
UNEDIC ASSEO 0.100 5/25/2034 EUR 71.090
Societe Nationale SNC 1.000 1/19/2061 EUR 44.855
Proximus SADP 0.750 11/17/2036 EUR 69.729
ABN AMRO Bank NV 0.400 9/17/2041 EUR 62.196
ICADE 0.625 1/18/2031 EUR 70.962
Snam SpA 1.250 6/20/2034 EUR 74.559
NorteGas Energia Dist 0.905 1/22/2031 EUR 74.472
Finland Government Bo 0.250 9/15/2040 EUR 63.457
Eni SpA 1.000 10/11/2034 EUR 72.491
AstraZeneca PLC 3.000 5/28/2051 USD 73.408
Intesa Sanpaolo SpA 2.625 3/11/2036 GBP 65.705
Diebold Nixdorf Dutch 9.000 7/15/2025 EUR 66.252
Icade Sante SACA 0.875 11/4/2029 EUR 74.795
CNP Assurances 1.875 10/12/2053 EUR 72.787
Barclays PLC 3.330 11/24/2042 USD 71.218
PREOS Global Office R 7.500 12/9/2024 EUR 46.530
Tullow Oil PLC 7.000 3/1/2025 USD 61.023
Realkredit Danmark A/ 1.000 10/1/2050 DKK 70.324
SKF AB 0.250 2/15/2031 EUR 74.485
Orange SA 1.375 9/4/2049 EUR 69.514
United Group BV 3.625 2/15/2028 EUR 73.683
Orange SA 0.500 9/4/2032 EUR 74.909
Hacienda Investments 5.075 2/15/2023 USD 41.028
Suek Securities DAC 3.375 9/15/2026 USD 30.098
UBS Group AG 0.625 2/24/2033 EUR 72.682
EYEMAXX Real Estate A 5.500 4/26/2023 EUR 1.329
Republic of Poland Go 2.000 3/8/2049 EUR 70.153
Czech Gas Networks In 0.450 9/8/2029 EUR 71.498
Sovcombank Via SovCom 3.400 1/26/2025 USD 4.732
Vonovia SE 0.750 9/1/2032 EUR 68.007
Chesnara PLC 4.750 8/4/2032 GBP 73.129
Cofinimmo SA 0.875 12/2/2030 EUR 73.784
Russian Federal Bond 6.100 7/18/2035 RUB 73.326
Intelsat Jackson Hold 8.500 10/15/2024 USD 0.491
Lithuania Government 1.625 6/19/2049 EUR 65.570
GTLK Europe Capital D 4.949 2/18/2026 USD 20.830
Rusal Capital DAC 4.850 2/1/2023 USD 43.317
Royalty Pharma PLC 3.350 9/2/2051 USD 63.985
Sovcombank Via SovCom 7.600 USD 3.221
VTR Finance NV 6.375 7/15/2028 USD 38.426
Rallye SA 4.000 2/28/2032 CHF 9.497
JAB Holdings BV 4.500 4/8/2052 USD 72.275
Intelsat Jackson Hold 5.500 8/1/2023 USD 0.491
VEON Holdings BV 3.375 11/25/2027 USD 70.375
Kreditanstalt fuer Wi 0.375 5/20/2036 EUR 72.215
Terragon AG 6.500 5/24/2024 EUR 5.000
Medtronic Global Hold 1.750 7/2/2049 EUR 65.501
ABN AMRO Bank NV 1.250 1/20/2034 EUR 74.348
Digital Intrepid Hold 1.375 7/18/2032 EUR 73.079
East Slope Residencie 0.100 2/28/2062 GBP 65.971
State of North Rhine- 1.750 7/11/2068 EUR 71.951
Kreditanstalt fuer Wi 0.875 7/4/2039 EUR 73.480
Prosus NV 1.985 7/13/2033 EUR 69.043
Enel Finance Internat 1.250 1/17/2035 EUR 72.025
Credit Agricole SA 2.811 1/11/2041 USD 64.385
Akelius Residential P 0.750 2/22/2030 EUR 73.060
UBS Group AG 3.179 2/11/2043 USD 72.091
European Financial St 0.700 1/17/2053 EUR 56.239
Travelex Financing PL 8.000 5/15/2022 EUR 0.301
Becton Dickinson Euro 1.336 8/13/2041 EUR 65.123
Motability Operations 2.125 1/18/2042 GBP 67.347
Deutsche Bahn Finance 0.625 4/15/2036 EUR 70.250
Koninklijke Luchtvaar 0.750 CHF 18.300
Talanx AG 1.750 12/1/2042 EUR 74.085
Avianca Midco 2 PLC 9.000 12/1/2028 USD 73.667
Imerys SA 1.000 7/15/2031 EUR 71.029
Cooperatieve Rabobank 1.000 1/19/2034 EUR 74.377
Barclays Bank PLC 5.000 11/1/2029 BRL 62.320
Nykredit Realkredit A 0.500 10/1/2050 DKK 70.218
GOL Equity Finance SA 3.750 7/15/2024 USD 40.500
Ukraine Government Bo 16.000 5/24/2023 UAH 58.625
Thermo Fisher Scienti 1.625 10/18/2041 EUR 70.974
Holcim Finance Luxemb 0.625 1/19/2033 EUR 72.359
Agence Francaise de D 1.125 3/2/2037 EUR 74.386
Vodafone Group PLC 3.000 8/12/2056 GBP 62.126
Credit Suisse Group A 2.125 11/15/2029 GBP 71.258
BNP Paribas SA 2.588 8/12/2035 USD 74.594
SCF Capital Designate 3.850 4/26/2028 USD 20.766
Ukraine Government Bo 15.970 4/19/2023 UAH 58.352
BNP Paribas SA 2.824 1/26/2041 USD 63.682
CK Hutchison Group Te 2.625 10/17/2034 GBP 69.774
Bulgaria Government B 0.100 8/17/2031 BGN 60.302
Groupe des Assurances 1.850 4/21/2042 EUR 73.391
K2A Knaust & Andersso 7.712 SEK 69.418
Vesteda Finance BV 0.750 10/18/2031 EUR 74.001
Segro Capital Sarl 0.500 9/22/2031 EUR 72.478
AstraZeneca PLC 2.125 8/6/2050 USD 61.564
DNB Bank ASA 4.985 USD 67.408
Deutsche Bahn Finance 0.875 6/23/2039 EUR 68.741
Digital Dutch Finco B 1.250 2/1/2031 EUR 74.857
Altice France SA/Fran 5.125 1/15/2029 USD 77.900
Societe Du Grand Pari 0.700 10/15/2060 EUR 41.632
UniCredit Bank Austri 0.050 9/21/2035 EUR 68.053
Ireland Government Bo 0.400 5/15/2035 EUR 74.220
CTP NV 1.250 6/21/2029 EUR 66.969
Communaute Francaise 0.626 8/24/2040 EUR 62.792
Verbund AG 0.900 4/1/2041 EUR 66.132
DH Europe Finance II 1.800 9/18/2049 EUR 69.605
Bank Gospodarstwa Kra 2.250 7/21/2033 PLN 65.196
Croatia Government Bo 1.250 3/3/2040 EUR 65.534
Canary Wharf Group In 3.375 4/23/2028 GBP 67.440
Wellcome Trust Ltd/Th 2.517 2/7/2118 GBP 56.607
ABN AMRO Bank NV 1.000 6/2/2033 EUR 75.201
Becton Dickinson Euro 1.213 2/12/2036 EUR 72.893
Romanian Government I 3.875 10/29/2035 EUR 74.611
ABH Financial Ltd Via 2.700 6/11/2023 EUR 16.750
Quant AB 7.762 11/15/2025 EUR 68.936
Sibur Securities DAC 2.950 7/8/2025 USD 68.634
Clarion Funding PLC 3.125 4/19/2048 GBP 68.088
Portugal Obrigacoes d 0.900 10/12/2035 EUR 74.757
TenneT Holding BV 0.500 11/30/2040 EUR 58.730
Banco Santander SA 3.299 EUR 74.985
Credit Suisse Group A 4.500 USD 54.000
Lehman Brothers UK Ca 3.875 EUR 15.755
Nordea Kredit Realkre 1.000 10/1/2053 DKK 73.848
Investor AB 0.375 10/29/2035 EUR 67.906
Societe Du Grand Pari 1.000 2/18/2070 EUR 44.911
Siemens Financierings 0.500 9/5/2034 EUR 75.014
Korian SA 3.350 6/29/2028 EUR 74.882
Digital Dutch Finco B 1.000 1/15/2032 EUR 71.713
LSEGA Financing PLC 3.200 4/6/2041 USD 76.178
Digital Intrepid Hold 0.625 7/15/2031 EUR 70.121
Engie SA 1.000 10/26/2036 EUR 68.489
TechnipFMC PLC 3.750 10/7/2033 EUR 69.334
Koninklijke KPN NV 0.875 12/14/2032 EUR 75.301
TenneT Holding BV 0.875 6/16/2035 EUR 71.869
Chancellor Masters & 2.350 6/27/2078 GBP 59.710
Societe Nationale SNC 1.000 5/25/2040 EUR 66.555
Karlou BV 7.750 6/18/2024 USD 10.428
Orpea SA 2.000 8/9/2029 EUR 21.933
Sibur Securities DAC 4.125 10/5/2023 USD 62.201
Medtronic Global Hold 1.375 10/15/2040 EUR 68.393
Alfa Bank AO Via Alfa 5.900 USD 3.397
Intu Debenture PLC 5.562 12/31/2027 GBP 43.597
Voyageurs du Monde 3.000 7/9/2028 EUR 72.520
Royalty Pharma PLC 3.550 9/2/2050 USD 66.631
Cooperatieve Rabobank 0.750 6/21/2039 EUR 69.886
Intesa Sanpaolo SpA 4.700 9/23/2049 USD 73.587
EYEMAXX Real Estate A 5.500 9/24/2024 EUR 1.794
ABN AMRO Bank NV 1.125 4/23/2039 EUR 75.020
JSM Global Sarl 4.750 10/20/2030 USD 68.218
Intesa Sanpaolo SpA 2.500 10/14/2031 USD 72.653
EQT AB 0.875 5/14/2031 EUR 70.775
Engie SA 1.250 10/24/2041 EUR 62.261
Realkredit Danmark A/ 1.000 10/1/2053 DKK 63.472
Gecina SA 0.875 1/25/2033 EUR 74.279
Lithuania Government 0.750 7/15/2051 EUR 49.692
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.306
Polyus Finance PLC 4.700 1/29/2024 USD 59.674
Barclays Bank PLC 2.000 8/2/2030 USD 73.593
Shell International F 1.750 9/10/2052 GBP 50.052
Immigon Portfolioabba 8.813 EUR 10.200
Vienna Insurance Grou 1.000 3/26/2036 EUR 67.253
TotalEnergies Capital 3.127 5/29/2050 USD 73.571
HOWOGE Wohnungs-bauge 1.125 11/1/2033 EUR 74.443
SRV Group Oyj 4.875 EUR 56.000
Credit Agricole SA 2.811 1/11/2041 USD 64.146
BAE Systems PLC 3.000 9/15/2050 USD 68.850
Realkredit Danmark A/ 1.500 10/1/2053 DKK 73.700
Bulgaria Government B 0.250 5/24/2029 BGN 73.381
Lithuania Government 0.300 2/12/2032 EUR 72.173
Klepierre SA 0.625 7/1/2030 EUR 75.230
Nordea Kredit Realkre 1.000 10/1/2050 DKK 70.433
Finland Government Bo 0.125 4/15/2036 EUR 69.710
Sovcombank Via SovCom 8.000 4/7/2030 USD 4.774
Societe Du Grand Pari 1.625 4/8/2042 EUR 73.572
Orpea SA 2.770 12/18/2028 EUR 21.826
Credit Suisse AG/Lond 1.250 2/22/2029 USD 72.354
Societe Du Grand Pari 0.300 9/2/2036 EUR 66.267
Iren SpA 0.250 1/17/2031 EUR 71.471
Alfa Bank AO Via Alfa 6.950 USD 3.397
Bunzl Finance PLC 1.500 10/30/2030 GBP 75.052
TenneT Holding BV 1.500 6/3/2039 EUR 73.687
Intesa Sanpaolo SpA 4.375 1/12/2048 USD 63.414
Vnesheconombank Via V 6.800 11/22/2025 USD 5.402
FF Group Finance Luxe 1.750 7/3/2019 EUR 4.429
Barclays PLC 3.382 5/20/2032 AUD 72.140
Privatbank CJSC Via U 10.250 1/23/2018 USD 3.403
Air Berlin PLC 6.750 5/9/2019 EUR 0.345
Accentro Real Estate 4.125 3/23/2026 EUR 45.611
Cooperatieve Rabobank 0.625 2/25/2033 EUR 72.956
Prologis Internationa 0.750 3/23/2033 EUR 68.579
Carmila SA 1.625 4/1/2029 EUR 72.574
BP Capital Markets BV 0.933 12/4/2040 EUR 61.994
Fuerstenberg Capital 2.522 EUR 72.260
Altice France Holding 6.000 2/15/2028 USD 61.874
Utmost Group PLC 4.000 12/15/2031 GBP 74.124
Credit Bank of Moscow 7.121 6/25/2024 USD 23.025
Kuntarahoitus Oyj 0.050 9/10/2035 EUR 69.860
DSV Finance BV 0.750 7/5/2033 EUR 71.725
A2A SpA 1.000 11/2/2033 EUR 69.226
Wellcome Trust Ltd/Th 1.500 7/14/2071 GBP 43.585
Chancellor Masters & 0.250 6/27/2068 GBP 60.155
Zurich Finance Irelan 1.625 6/17/2039 EUR 73.147
E.ON SE 0.875 10/18/2034 EUR 73.492
Sibur Securities DAC 3.450 9/23/2024 USD 59.750
Ukraine Government Bo 12.520 5/13/2026 UAH 57.413
Nestle Finance Intern 0.875 6/14/2041 EUR 68.111
Agence Francaise de D 0.500 5/31/2035 EUR 71.522
de Volksbank NV 0.375 9/16/2041 EUR 61.182
Societa di Progetto B 3.375 12/31/2038 EUR 72.851
Orpea SA 2.564 11/30/2027 EUR 20.060
Just Group PLC 5.000 GBP 70.852
Stichting Afwikkeling 6.250 10/26/2020 EUR 43.619
Credit Suisse Group A 5.250 USD 66.750
O1 Properties Finance 0.500 9/27/2028 USD 5.409
Vonovia Finance BV 1.125 9/14/2034 EUR 64.933
JAB Holdings BV 2.250 12/19/2039 EUR 70.847
OMV AG 1.000 7/3/2034 EUR 74.142
Realkredit Danmark A/ 1.000 10/1/2053 DKK 73.693
Realkredit Danmark A/ 1.000 10/1/2053 DKK 69.121
La Poste SA 1.000 9/17/2034 EUR 73.169
Credit Suisse Group A 6.375 USD 66.000
Nederlandse Waterscha 0.125 9/3/2035 EUR 70.030
Orpea SA 3.144 12/22/2025 EUR 25.311
Nats En Route PLC 1.750 9/30/2033 GBP 73.343
EDOB Abwicklungs AG 7.500 4/1/2012 EUR 1.215
Kommunekredit 0.010 5/4/2034 EUR 72.077
PJSC Koks via IMH Cap 5.900 9/23/2025 USD 7.456
Medtronic Global Hold 1.625 10/15/2050 EUR 63.417
Cellnex Finance Co SA 3.875 7/7/2041 USD 71.095
BP Capital Markets PL 1.104 11/15/2034 EUR 74.708
Caisse Francaise de F 0.375 2/13/2040 EUR 63.496
Deutsche Lichtmiete F 5.750 1/1/2023 EUR 5.150
Tritax Big Box REIT P 1.500 11/27/2033 GBP 67.185
BNP Paribas SA 2.824 1/26/2041 USD 64.591
RTE Reseau de Transpo 0.750 1/12/2034 EUR 74.400
Covivio 0.875 1/20/2033 EUR 74.125
State of North Rhine- 0.500 1/15/2052 EUR 53.975
Cardiff University 3.000 12/7/2055 GBP 71.882
Tresu Investment Hold 7.128 1/2/2025 EUR 45.239
Derwent London PLC 1.875 11/17/2031 GBP 71.577
Ukraine Government Bo 11.670 11/22/2023 UAH 59.135
Ageas SA/NV 1.875 11/24/2051 EUR 72.821
Orpea SA 3.000 11/25/2041 EUR 20.528
TotalEnergies Capital 3.386 6/29/2060 USD 73.374
Aeroports de Paris 1.125 6/18/2034 EUR 73.359
Hera SpA 1.000 4/25/2034 EUR 72.223
Societe Du Grand Pari 1.000 11/26/2051 EUR 54.860
Koninklijke KPN NV 0.875 11/15/2033 EUR 73.485
Unibail-Rodamco-Westf 0.875 3/29/2032 EUR 71.881
Yandex NV 0.750 9/13/2022 USD 69.413
Enel Finance Internat 1.125 10/17/2034 EUR 72.478
FF Group Finance Luxe 3.250 11/2/2021 CHF 5.550
Nordea Kredit Realkre 1.000 10/1/2053 DKK 69.201
BAWAG PSK Bank fuer A 0.010 11/19/2035 EUR 66.344
Avangardco Investment 10.000 10/29/2018 USD 0.348
Havila Shipping ASA 7.760 1/2/2025 NOK 39.833
BUPA Finance PLC 4.000 GBP 68.240
Cyprus Government Int 1.250 1/21/2040 EUR 67.407
Snam SpA 1.000 9/12/2034 EUR 71.775
Thomas Cook Finance 2 3.875 7/15/2023 EUR 0.969
Andorra International 1.700 10/13/2041 EUR 65.297
Bayer AG 1.000 1/12/2036 EUR 69.818
Home Credit & Finance 8.800 USD 8.279
Genfit 3.500 10/16/2025 EUR 25.730
EXOR NV 1.750 10/14/2034 EUR 73.463
Molnlycke Holding AB 0.625 1/15/2031 EUR 75.451
Ukraine Government Bo 9.990 5/22/2024 UAH 58.625
Hylea Group SA 7.250 12/1/2022 EUR 0.300
UkrLandFarming PLC 10.875 3/26/2018 USD 1.334
Sovcombank Via SovCom 7.750 USD 3.418
Jyske Realkredit A/S 1.000 10/1/2053 DKK 73.859
Avanti Communications 9.000 10/1/2022 USD 16.714
Nordiska Kreditmarkna 11.401 SEK 74.809
Allianz Finance II BV 0.500 11/22/2033 EUR 74.976
National Grid Electri 0.872 11/26/2040 EUR 60.524
Island Offshore Shiph 8.520 6/30/2024 NOK 21.529
Credit Suisse Group A 7.250 USD 73.460
State of Rhineland-Pa 0.375 4/1/2041 EUR 63.957
KTG Agrar SE 7.125 6/6/2017 EUR 2.002
Bulgaria Government B 1.500 6/21/2039 BGN 51.586
Nordea Kredit Realkre 0.500 10/1/2050 DKK 70.307
Norddeutsche Landesba 8.916 EUR 73.613
State of Saxony-Anhal 0.500 3/24/2051 EUR 56.338
Rusal Capital DAC 5.300 5/3/2023 USD 40.406
Societe Du Grand Pari 0.875 5/10/2046 EUR 59.104
Saleza AS 9.000 7/12/2021 EUR 0.203
Pfandbriefbank schwei 0.250 4/25/2042 CHF 73.691
Bulgaria Government B 0.500 12/21/2029 BGN 72.550
JAB Holdings BV 3.750 5/28/2051 USD 58.938
NPC Ukrenergo 6.875 11/9/2028 USD 17.406
LEG Immobilien SE 1.000 11/19/2032 EUR 68.399
Jyske Realkredit A/S 1.000 10/1/2053 DKK 69.204
La Financiere Atalian 5.125 5/15/2025 EUR 66.577
Societe Generale SA 1.113 7/17/2031 EUR 73.097
EYEMAXX Real Estate A 5.500 7/22/2025 EUR 16.000
Royalty Pharma PLC 3.300 9/2/2040 USD 72.171
Amprion GmbH 0.625 9/23/2033 EUR 72.312
BPCE SFH SA 0.010 1/29/2036 EUR 66.402
Andrade Gutierrez Int 11.000 8/20/2021 USD 46.500
Grand City Properties 2.000 10/25/2032 EUR 69.898
Repsol Europe Finance 0.875 7/6/2033 EUR 74.231
United Utilities Wate 1.750 2/10/2038 GBP 66.798
Shell International F 2.875 11/26/2041 USD 75.445
Shell International F 3.250 4/6/2050 USD 75.299
BPCE SA 3.116 10/19/2032 USD 74.320
LEG Immobilien SE 0.750 6/30/2031 EUR 72.146
Credit Mutuel Arkea S 0.875 3/11/2033 EUR 73.179
Nordea Kredit Realkre 1.500 10/1/2053 DKK 73.741
Agence Francaise de D 0.375 5/25/2036 EUR 67.510
Hellenic Republic Gov 2.085 7/25/2057 EUR 33.163
Lendlease Europe Fina 3.500 12/2/2033 GBP 65.181
EnfraGen Energia Sur 5.375 12/30/2030 USD 70.622
Mallinckrodt Internat 10.000 6/15/2029 USD 54.000
Aroundtown SA 2.700 10/31/2028 EUR 69.699
BNG Bank NV 0.805 6/28/2049 EUR 59.762
Landesbank Hessen-Thu 0.500 1/19/2037 EUR 71.684
ABN AMRO Bank NV 0.625 1/24/2037 EUR 72.007
European Financial St 1.375 5/31/2047 EUR 73.968
BNP Paribas SA 1.250 7/13/2031 GBP 72.309
Czech Gas Networks In 0.875 3/31/2031 EUR 71.521
Market Parent Finco P 6.750 10/1/2029 GBP 55.886
Hannover Rueck SE 1.375 6/30/2042 EUR 73.473
Gol Finance SA 7.000 1/31/2025 USD 45.162
Annington Funding PLC 3.935 7/12/2047 GBP 73.272
Chelyabinsk Pipe Plan 4.500 9/19/2024 USD 21.051
BPCE SA 3.582 10/19/2042 USD 67.489
Russian Foreign Bond 4.250 6/23/2027 USD 41.773
Yuksel Insaat AS 9.500 11/10/2015 USD 0.503
Landesbank Baden-Wuer 0.375 2/21/2031 EUR 74.141
ABN AMRO Bank NV 3.324 3/13/2037 USD 74.018
Alno AG 8.500 5/14/2018 EUR 14.913
Hexagon Housing Assoc 3.625 4/22/2048 GBP 73.489
La Poste SA 0.625 1/18/2036 EUR 67.288
Traton Finance Luxemb 1.250 3/24/2033 EUR 72.996
Societe Du Grand Pari 1.700 5/25/2050 EUR 69.650
SABIC Capital I BV 3.000 9/14/2050 USD 74.171
Jababeka Internationa 6.500 10/5/2023 USD 59.614
SCOR SE 1.375 9/17/2051 EUR 71.579
Vonovia Finance BV 0.500 9/14/2029 EUR 74.661
Banco Espirito Santo 6.875 7/15/2016 EUR 25.125
Banco Espirito Santo 4.904 EUR 2.050
Royal Schiphol Group 2.890 10/25/2034 AUD 70.246
Nykredit Realkredit A 0.500 10/1/2050 DKK 68.877
Avianca Midco 2 PLC 9.000 12/1/2028 USD 73.394
Ahtium PLC 4.000 12/16/2015 EUR 0.586
Guinness Partnership 2.000 4/22/2055 GBP 51.916
British Telecommunica 3.625 11/21/2047 GBP 71.413
Allied Irish Banks PL 12.500 6/25/2035 GBP 55.635
Gazprom PJSC Via Gaz 4.950 2/6/2028 USD 73.875
Enagas Financiaciones 0.375 11/5/2032 EUR 75.205
InterCement Financial 5.750 7/17/2024 USD 72.433
Banca Popolare di Vic 9.500 9/29/2025 EUR 0.313
Deutsche Bahn Finance 1.375 4/16/2040 EUR 73.955
National Grid Gas PLC 1.375 2/7/2031 GBP 74.297
Caisse des Depots et 1.114 9/20/2049 EUR 64.887
A2A SpA 0.625 10/28/2032 EUR 70.508
Ukraine Government Bo 10.000 8/23/2023 UAH 58.970
Allianz SE 3.200 USD 74.598
Yorkshire Water Finan 1.750 10/27/2032 GBP 73.947
DOF Subsea AS 9.500 3/14/2023 USD 70.801
Aggregate Holdings SA 5.500 5/17/2024 EUR 39.201
Cie Generale des Etab 0.625 11/2/2040 EUR 62.633
UBS AG/London 8.200 3/31/2023 EUR 75.700
Shell International F 0.875 11/8/2039 EUR 64.927
MS Deutschland Beteil 6.875 12/18/2017 EUR 0.173
Veolia Environnement 1.250 5/14/2035 EUR 75.039
Medtronic Global Hold 1.500 7/2/2039 EUR 71.785
Pfandbriefbank schwei 0.250 10/6/2042 CHF 73.171
CRC Breeze Finance SA 6.110 5/8/2026 EUR 30.347
Vedanta Resources Ltd 6.125 8/9/2024 USD 63.515
Republic of Ireland I 1.425 9/18/2119 EUR 59.086
Republic of Poland Go 1.750 4/25/2032 PLN 69.651
Land Berlin 0.625 1/26/2052 EUR 57.156
BNG Bank NV 0.125 7/9/2035 EUR 70.441
Vodafone Group PLC 3.375 8/8/2049 GBP 69.699
British Telecommunica 4.250 11/8/2049 USD 75.394
Sirius Real Estate Lt 1.750 11/24/2028 EUR 68.968
Elli Finance UK PLC 8.750 6/15/2019 GBP 62.428
DOF Subsea AS 11.480 11/27/2023 NOK 70.333
Prosus NV 3.832 2/8/2051 USD 63.603
Credit Agricole Itali 0.125 3/15/2033 EUR 71.142
GlaxoSmithKline Capit 1.625 5/12/2035 GBP 71.860
Mitsubishi UFJ Invest 5.628 12/30/2099 EUR 5.141
Deutsche Telekom AG 3.625 1/21/2050 USD 75.405
New World Resources N 4.000 10/7/2020 EUR 0.198
Single Platform Inves 4.020 7/1/2052 EUR 66.435
Equinor ASA 3.250 11/18/2049 USD 76.299
Southern Gas Networks 1.250 12/2/2031 GBP 72.727
Salerno Pompei Napoli 2.800 1/19/2045 EUR 69.039
Pierre Et Vacances SA 2.000 4/1/2023 EUR 27.529
Cyprus Government Int 2.250 4/16/2050 EUR 72.376
Gazprom PJSC Via Gaz 8.625 4/28/2034 USD 74.186
UniCredit Jelzalogban 3.250 10/22/2028 HUF 73.530
National Grid Gas PLC 1.125 1/14/2033 GBP 66.624
Orpea SA 2.300 3/6/2025 EUR 24.543
Trinseo Materials Ope 5.125 4/1/2029 USD 65.398
DNB Bank ASA 3.691 USD 67.430
Wendel SE 1.375 1/18/2034 EUR 71.160
Channel Link Enterpri 3.848 6/30/2050 GBP 70.053
Erste Group Bank AG 0.500 1/12/2037 EUR 69.680
Diageo Finance PLC 1.250 3/28/2033 GBP 73.762
Deutsche Bahn Finance 0.750 7/16/2035 EUR 72.872
Essity AB 0.250 2/8/2031 EUR 75.066
Aroundtown SA 3.250 11/12/2032 EUR 57.103
DekaBank Deutsche Gir 3.625 EUR 70.801
Ministeries Van de Vl 0.125 10/15/2035 EUR 67.331
Uralkali OJSC Via Ura 4.000 10/22/2024 USD 19.408
MHP Lux SA 6.250 9/19/2029 USD 45.981
Vonovia Finance BV 1.625 10/7/2039 EUR 61.794
Regiao Autonoma Madei 1.141 12/4/2034 EUR 71.647
Banco Santander SA 0.100 2/27/2032 EUR 75.087
M2 Asset Management A 6.246 2/4/2026 SEK 69.612
Nykredit Realkredit A 1.500 10/1/2053 DKK 70.010
University College Lo 1.625 6/4/2061 GBP 51.709
Mondelez Internationa 1.250 9/9/2041 EUR 66.794
Unibail-Rodamco-Westf 2.250 5/14/2038 EUR 75.258
Constellation Automot 4.875 7/15/2027 GBP 65.812
Cie de Financement Fo 0.010 10/29/2035 EUR 67.205
STERIS Irish FinCo Un 3.750 3/15/2051 USD 72.656
Shell International F 3.125 11/7/2049 USD 73.385
DNB Bank ASA 3.716 USD 67.378
SAir Group 4.250 2/2/2007 CHF 12.262
Ukraine Government In 7.750 9/1/2026 USD 21.273
Ukraine Government In 7.750 9/1/2029 USD 21.119
Fastighets AB Balder 1.293 3/3/2031 EUR 55.850
Annington Funding PLC 2.924 10/6/2051 GBP 58.389
Hellas Telecommunicat 6.054 1/15/2015 USD 0.014
Berner Kantonalbank A 0.100 9/30/2039 CHF 71.029
Scottish Hydro Electr 2.250 9/27/2035 GBP 72.530
Motability Operations 1.500 1/20/2041 GBP 61.030
Societe Nationale SNC 0.875 2/28/2051 EUR 50.937
ESB Finance DAC 1.000 7/19/2034 EUR 74.901
MMC Norilsk Nickel OJ 6.625 10/14/2022 USD 72.779
City of Zurich Switze 0.400 11/21/2046 CHF 74.167
Sanctuary Capital PLC 2.375 4/14/2050 GBP 58.898
Gazprom PJSC via Gaz 4.599 USD 52.000
Smurfit Kappa Treasur 1.000 9/22/2033 EUR 72.675
Caisse Francaise de F 0.625 1/20/2042 EUR 64.727
BNP Paribas SA 2.000 9/13/2036 GBP 67.316
Foodco Bondco SA 6.250 5/15/2026 EUR 39.668
Peabody Capital No 2 3.250 9/14/2048 GBP 69.822
Unibail-Rodamco-Westf 1.375 5/25/2033 EUR 73.243
European Financial St 1.200 2/17/2045 EUR 72.439
Eurogrid GmbH 0.741 4/21/2033 EUR 75.192
Espirito Santo Financ 9.750 12/19/2025 EUR 0.622
UK Municipal Bonds Ag 1.625 8/26/2060 GBP 46.463
LiveWest Treasury PLC 2.250 10/10/2043 GBP 64.187
Storebrand Livsforsik 1.875 9/30/2051 EUR 71.763
Credit Suisse AG/Lond 9.000 4/22/2024 USD 19.590
Dexia Credit Local SA 3.533 EUR 2.699
National Grid PLC 0.750 9/1/2033 EUR 72.592
Barclays Bank PLC 12.000 9/24/2025 TRY 57.336
Evraz PLC 5.250 4/2/2024 USD 52.000
Muenchener Hypotheken 0.125 9/5/2035 EUR 69.857
Royal Schiphol Group 0.750 4/22/2033 EUR 73.593
Banco Espirito Santo 6.900 6/28/2024 EUR 25.184
Bilt Paper BV 10.360 USD 1.279
Clarion Funding PLC 1.875 1/22/2035 GBP 69.458
Ukraine Government In 6.876 5/21/2031 USD 18.943
Region de Bruxelles-C 1.121 5/11/2071 EUR 52.166
European Primary Plac 1.732 11/9/2055 GBP 51.461
Realkredit Danmark A/ 0.500 10/1/2053 DKK 68.235
Metropolitan Housing 1.875 7/28/2036 GBP 66.748
VST Building Technolo 7.000 6/28/2024 EUR 0.250
Canton of St Gallen S 0.200 11/28/2041 CHF 75.625
Transcapitalbank JSC 10.000 USD 65.000
Region de Bruxelles-C 1.220 6/23/2053 EUR 62.141
SNCF Reseau 0.750 5/25/2036 EUR 72.120
Grand City Properties 2.081 8/8/2034 EUR 58.136
M Objekt Real Estate 6.000 7/22/2024 EUR 47.334
DLR Kredit A/S 1.500 10/1/2053 DKK 75.390
State of North Rhine- 0.600 6/4/2041 EUR 66.367
Engie SA 1.375 6/21/2039 EUR 68.096
Places For People Tre 2.500 1/26/2036 GBP 70.509
Phosagro OAO Via Phos 3.949 4/24/2023 USD 64.946
Suek Securities DAC 3.375 9/15/2026 USD 34.000
Nationwide Building S 0.500 5/5/2041 EUR 64.091
Holcim Sterling Finan 2.250 4/4/2034 GBP 70.518
WPP Finance 2013 2.875 9/14/2046 GBP 61.007
United Kingdom Gilt 1.250 7/31/2051 GBP 54.945
OGX Austria GmbH 8.500 6/1/2018 USD 0.002
MFB Magyar Fejlesztes 4.600 10/24/2029 HUF 73.502
Electricite de France 1.875 10/13/2036 EUR 74.222
Realkredit Danmark A/ 0.500 10/1/2050 DKK 68.897
Penarian Housing Fina 3.212 6/7/2052 GBP 71.781
Ukraine Government In 7.253 3/15/2035 USD 18.493
Haya Holdco 2 PLC 10.954 11/30/2025 EUR 43.545
Hidrovias Internation 4.950 2/8/2031 USD 74.368
Virgolino de Oliveira 11.750 2/9/2022 USD 0.499
Free and Hanseatic Ci 0.200 9/3/2049 EUR 51.439
de Volksbank NV 0.125 11/19/2040 EUR 59.632
Russian Foreign Bond 5.875 9/16/2043 USD 57.000
Norske Skogindustrier 7.000 12/30/2026 EUR 0.010
Land Securities Capit 2.750 9/22/2059 GBP 63.011
European Financial St 0.050 1/18/2052 EUR 44.178
Action Logement Servi 0.500 10/30/2034 EUR 72.579
University of Southam 2.250 4/11/2057 GBP 58.937
Bourbon Corp 11.652 EUR 0.972
Development Bank of t 6.750 5/2/2024 USD 31.595
Nestle Finance Intern 0.375 12/3/2040 EUR 61.698
Nordea Kredit Realkre 1.500 10/1/2053 DKK 70.029
State of Schleswig-Ho 0.200 8/15/2039 EUR 64.174
Basque Government 1.375 10/31/2070 EUR 44.954
National Grid Electri 2.000 4/17/2040 GBP 62.055
MHP SE 7.750 5/10/2024 USD 50.434
DLR Kredit A/S 1.000 10/1/2053 DKK 73.945
WD Invest Sarl 1.900 10/2/2024 EUR 11.333
City of Lausanne Swit 0.540 11/6/2062 CHF 60.203
UniCredit Bank AG 0.010 1/21/2036 EUR 67.759
Unibail-Rodamco-Westf 2.000 12/5/2033 EUR 74.449
Celtic Resources Hold 4.125 10/9/2024 USD 12.790
Deutsche Lichtmiete A 5.250 9/1/2025 EUR 3.256
Argenta Spaarbank NV 0.500 10/8/2041 EUR 62.973
Ukraine Government In 9.790 5/26/2027 UAH 54.673
Unibail-Rodamco-Westf 2.000 4/28/2036 EUR 75.370
Hyde Housing Associat 1.750 8/18/2055 GBP 48.829
Del Monte Finance Lux 6.625 5/24/2006 EUR 1.000
Lehman Brothers UK Ca 6.900 USD 3.986
Accent Capital PLC 2.625 7/18/2049 GBP 63.984
Housing & Care 21 3.288 11/8/2049 GBP 71.322
Tinkoff Bank JSC Via 6.000 USD 40.165
Euronext NV 1.500 5/17/2041 EUR 64.539
Cooperatieve Rabobank 0.500 10/29/2027 MXN 60.333
Metropolitano de Tene 1.229 7/30/2036 EUR 71.010
TenneT Holding BV 0.125 11/30/2032 EUR 70.725
Avanti Communications 9.000 10/1/2022 USD 16.714
Espirito Santo Financ 6.875 10/21/2019 EUR 0.001
Free and Hanseatic Ci 0.250 2/18/2041 EUR 62.308
Volkswagen Internatio 1.500 1/21/2041 EUR 64.252
Alfa Bank AO Via Alfa 5.500 10/26/2031 USD 3.726
NRW Bank 0.100 7/9/2035 EUR 69.912
RTE Reseau de Transpo 1.125 9/9/2049 EUR 57.414
Region Wallonne Belgi 1.050 6/22/2040 EUR 67.908
Cirio Finance Luxembo 7.500 11/3/2002 EUR 2.560
Cirio Finanziaria SpA 8.000 12/21/2005 EUR 0.128
Phosagro OAO Via Phos 2.600 9/16/2028 USD 63.000
Sairgroup Finance BV 4.375 6/8/2006 EUR 1.964
Deutsche Wohnen SE 0.500 4/7/2031 EUR 70.034
Gazprom PJSC via Gaz 3.250 2/25/2030 USD 66.000
DWR Cymru Financing U 1.375 3/31/2033 GBP 72.538
Petrobras Global Fina 4.500 2/4/2033 EUR 71.109
Solarworld AG 9.691 2/24/2019 EUR 14.875
Beyond Housing Ltd 2.125 5/17/2051 GBP 56.134
Waste Italia SpA 10.500 11/15/2019 EUR 0.550
Kernel Holding SA 6.750 10/27/2027 USD 40.000
Petrobras Global Fina 4.750 4/2/2038 EUR 58.348
TenneT Holding BV 1.125 6/9/2041 EUR 65.667
New World Resources N 8.000 4/7/2020 EUR 0.089
JAB Holdings BV 4.500 4/8/2052 USD 70.723
Orange SA 0.750 6/29/2034 EUR 72.967
Nationale-Nederlanden 0.050 11/12/2040 EUR 58.474
State of Bremen 0.400 8/20/2049 EUR 54.663
Evraz PLC 5.375 3/20/2023 USD 48.523
La Financiere Atalian 6.625 5/15/2025 GBP 65.755
Stichting Afwikkeling 6.625 5/14/2018 EUR 43.625
British Telecommunica 4.250 11/8/2049 USD 75.794
Claranova SE 5.000 7/1/2023 EUR 1.100
Cirio Holding Luxembo 6.250 2/16/2004 EUR 1.798
Anchor Hanover Group 2.000 7/21/2051 GBP 53.834
DLR Kredit A/S 1.000 10/1/2053 DKK 70.135
LBI ehf 6.100 8/25/2011 USD 10.662
Norwegian Air Shuttle 7.137 2/7/2023 SEK 40.738
Communaute Francaise 0.625 6/11/2035 EUR 72.099
Ukraine Government In 4.375 1/27/2032 EUR 17.170
Cooperatieve Rabobank 0.010 11/27/2040 EUR 58.297
Single Platform Inves 0.915 2/15/2043 EUR 61.766
LEG Immobilien SE 1.500 1/17/2034 EUR 69.026
Privatbank CJSC Via U 11.000 2/9/2021 USD 1.000
Region Wallonne Belgi 0.650 1/16/2051 EUR 50.128
Aroundtown SA 2.970 9/26/2033 EUR 53.062
Hungary Government In 3.125 9/21/2051 USD 59.164
Zurich Finance Irelan 1.600 12/17/2052 EUR 71.172
Cadent Finance PLC 2.750 9/22/2046 GBP 62.503
Land Thueringen 0.375 11/14/2034 EUR 74.586
Societe Generale SA 13.500 8/23/2024 USD 47.500
Air Liquide Finance S 0.375 9/20/2033 EUR 74.189
Saltaire Finance PLC 1.527 11/23/2051 GBP 52.974
Alpine Holding GmbH 6.000 5/22/2017 EUR 0.528
CBo Territoria 3.750 7/1/2024 EUR 4.700
State Agency of Roads 6.250 6/24/2030 USD 17.083
Pfandbriefzentrale de 0.200 5/22/2042 CHF 72.660
Metinvest BV 8.500 4/23/2026 USD 52.006
State of North Rhine- 0.200 1/27/2051 EUR 49.303
Air Berlin PLC 5.625 5/9/2019 CHF 0.177
Richemont Internation 1.625 5/26/2040 EUR 75.707
INVEST-DEVELOPMENT PJ 9.000 4/2/2026 RUB 40.000
Ministeries Van de Vl 0.875 3/21/2046 EUR 60.791
Avianca Midco 2 PLC 9.000 12/1/2028 USD 73.394
MFB Magyar Fejlesztes 3.000 10/27/2027 HUF 76.104
Deutsche Lichtmiete A 5.750 12/1/2023 EUR 10.659
National Grid Gas PLC 1.625 1/14/2043 GBP 52.213
Deutsche Bahn Finance 3.350 1/20/2042 AUD 70.822
Platform HG Financing 1.625 8/10/2055 GBP 47.231
adidas AG 0.625 9/10/2035 EUR 72.220
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
Segro PLC 2.875 10/11/2037 GBP 74.557
Telenor ASA 0.875 2/14/2035 EUR 72.908
Nykredit Realkredit A 1.000 10/1/2053 DKK 63.460
Russian Foreign Bond 5.250 6/23/2047 USD 40.531
AXA Home Loan SFH SA 0.125 6/25/2035 EUR 69.384
OGX Austria GmbH 8.375 4/1/2022 USD 0.002
Irish Bank Resolution 0.566 6/21/2016 EUR 0.679
DWR Cymru Financing U 2.375 3/31/2034 GBP 73.796
Hampshire Trust Bank 7.250 5/10/2028 GBP 63.385
Havila Shipping ASA 7.010 1/2/2025 NOK 39.833
Agrokor dd 9.875 5/1/2019 EUR 15.000
Rallye SA 1.000 2/28/2032 EUR 5.000
Jyske Realkredit A/S 0.500 10/1/2050 DKK 70.370
Nederlandse Gasunie N 0.750 10/13/2036 EUR 67.302
Thames Water Utilitie 2.375 4/22/2040 GBP 63.372
Liquid Telecommunicat 5.500 9/4/2026 USD 72.852
Jyske Realkredit A/S 0.500 10/1/2053 DKK 68.310
Ramfort GmbH 6.750 3/15/2026 EUR 74.007
Credit Suisse Group A 5.100 USD 57.250
Republic of Belarus I 6.875 2/28/2023 USD 37.775
DSV Finance BV 0.875 9/17/2036 EUR 66.172
Orange SA 0.625 12/16/2033 EUR 73.143
Norddeutsche Landesba 0.750 8/26/2031 EUR 73.764
Prosus NV 4.027 8/3/2050 USD 65.776
Prologis Internationa 3.000 2/22/2042 GBP 71.125
Romania Government Bo 3.650 9/24/2031 RON 75.326
Eversholt Funding PLC 3.529 8/7/2042 GBP 72.989
Dexia SA 3.484 EUR 3.112
Banco Espirito Santo 7.125 11/28/2023 EUR 0.110
Manchester Airport Gr 2.875 9/30/2044 GBP 65.160
Landwirtschaftliche R 0.010 11/26/2040 EUR 59.931
Gazprom PJSC via Gaz 3.500 7/14/2031 USD 64.675
Investor AB 1.500 6/20/2039 EUR 73.767
Credit Suisse AG/Lond 2.600 1/27/2032 USD 65.530
Clarion Funding PLC 1.875 9/7/2051 GBP 49.219
Northern Powergrid Yo 2.250 10/9/2059 GBP 57.164
Ville de Paris 0.650 11/25/2070 EUR 37.596
Bank of Valletta PLC 3.750 6/15/2031 EUR 73.176
Heineken NV 1.750 5/7/2040 EUR 75.331
BNP Paribas SA 1.590 2/23/2051 EUR 64.247
Muenchener Hypotheken 0.250 3/29/2041 CHF 74.193
ESFIL-Espirito Santo 5.250 6/12/2015 EUR 0.111
Canton of Geneva Swit 0.500 10/31/2056 CHF 69.777
Sovereign Housing Cap 2.375 11/4/2048 GBP 61.460
Vedanta Resources Fin 8.950 3/11/2025 USD 68.139
Realkredit Danmark A/ 0.500 10/1/2050 DKK 70.219
Luzerner Kantonalbank 0.160 12/23/2043 CHF 70.247
Hungary Government In 2.125 9/22/2031 USD 73.184
Severn Trent Utilitie 2.000 6/2/2040 GBP 63.876
European Financial St 0.700 1/20/2050 EUR 58.717
Ukraine Government In 7.375 9/25/2034 USD 18.881
United Utilities Wate 0.010 7/27/2040 GBP 71.468
Land Berlin 0.625 8/25/2036 EUR 73.806
Metinvest BV 7.750 10/17/2029 USD 52.500
Deutsche Lichtmiete A 5.250 2/1/2027 EUR 2.510
Optivo Finance PLC 3.283 3/22/2048 GBP 70.423
Alitalia-Societa Aere 5.250 7/30/2020 EUR 0.100
Stonewater Funding PL 1.625 9/10/2036 GBP 65.945
Kommunekredit 0.500 6/19/2039 DKK 68.452
LSF9 Balta Issuer SAR 3.000 12/31/2030 EUR 60.778
Martlet Homes Ltd 3.000 5/9/2052 GBP 67.774
Uliving@essex3 LLP 2.720 8/31/2066 GBP 61.923
Ministeries Van de Vl 1.000 1/23/2051 EUR 58.892
Ministeries Van de Vl 1.500 4/11/2044 EUR 72.626
Serbia International 1.500 6/26/2029 EUR 72.287
Cimpress PLC 7.000 6/15/2026 USD 71.432
Jyske Realkredit A/S 1.500 10/1/2053 DKK 73.708
Nederlandse Waterscha 1.900 1/31/2035 AUD 70.332
Republic of Ireland I 1.320 11/28/2119 EUR 44.402
Senivita Social Estat 6.500 5/12/2025 EUR 3.710
Flagship Finance PLC 1.875 7/14/2061 GBP 49.102
Transports Publics Du 0.450 12/29/2056 CHF 60.741
Privatbank CJSC Via U 10.875 2/28/2018 USD 4.681
Free and Hanseatic Ci 0.010 11/5/2035 EUR 68.980
Ville de Paris 1.200 6/25/2039 EUR 72.798
Citizen Treasury PLC 3.250 10/20/2048 GBP 73.669
Republic of Ireland I 1.250 10/8/2121 EUR 53.699
Raiffeisenlandesbank 0.500 1/22/2035 EUR 73.192
Department of L'Eure 0.515 5/25/2040 EUR 61.914
Notting Hill Genesis 3.250 10/12/2048 GBP 69.208
Yorkshire Water Finan 2.750 4/18/2041 GBP 70.854
BNG Bank NV 0.250 11/22/2036 EUR 68.754
Espirito Santo Financ 3.125 12/2/2018 EUR 0.622
NAK Naftogaz Ukraine 7.625 11/8/2026 USD 16.619
DZ Bank AG Deutsche Z 2.000 12/29/2031 EUR 71.490
Deutsche Pfandbriefba 1.000 12/2/2030 EUR 69.947
Nykredit Realkredit A 1.000 10/1/2050 DKK 70.318
Ukraine Government In 9.750 11/1/2030 USD 21.198
Finmek International 7.000 12/3/2004 EUR 2.193
Lehman Brothers UK Ca 5.750 EUR 7.000
Credit Suisse AG/Lond 1.500 3/19/2029 USD 76.225
Kernel Holding SA 6.500 10/17/2024 USD 45.413
Societe Generale SA 8.000 5/28/2027 USD 40.860
BAWAG PSK Bank fuer A 0.375 3/25/2041 EUR 62.307
Blend Funding PLC 2.922 4/5/2054 GBP 64.298
MFB Magyar Fejlesztes 4.200 4/20/2033 HUF 70.671
Nykredit Realkredit A 0.500 10/1/2053 DKK 66.727
Cooperatieve Rabobank 0.500 7/30/2043 MXN 14.765
Parnassia Groep BV 1.200 12/1/2051 EUR 67.657
Ukreximbank Via Biz F 10.426 2/9/2023 USD 32.033
Cadent Finance PLC 2.250 10/10/2035 GBP 70.546
Standard Chartered Ba 3.000 4/30/2036 AUD 68.305
Single Platform Inves 1.450 9/14/2040 EUR 69.746
RTE Reseau de Transpo 1.125 7/8/2040 EUR 66.908
Veneto Banca SpA 6.411 EUR 0.345
Takarek Mortgage Bank 3.000 10/22/2031 HUF 52.140
Wirtschafts- und Infr 0.500 8/28/2046 EUR 58.847
Ukraine Government In 8.994 2/1/2026 USD 21.584
Banco Espirito Santo 5.084 EUR 0.295
Cadent Finance PLC 2.625 9/22/2038 GBP 69.013
Credit Suisse AG/Lond 2.300 9/24/2031 USD 64.700
Land Berlin 0.150 2/22/2036 EUR 69.641
Abengoa Abenewco 1 SA 6.000 6/10/2022 EUR 0.434
Region Wallonne Belgi 1.250 6/22/2071 EUR 55.755
Caisse Francaise de F 0.500 10/1/2046 EUR 58.545
Fuerstenberg Capital 3.905 EUR 73.245
Italgas SpA 0.500 2/16/2033 EUR 70.817
DLR Kredit A/S 1.000 10/1/2050 DKK 70.906
Nordea Kredit Realkre 0.500 10/1/2050 DKK 69.042
Land Thueringen 0.125 1/13/2051 EUR 48.331
Fastighets AB Balder 2.860 4/27/2028 NOK 73.529
Virgolino de Oliveira 10.500 1/28/2018 USD 0.499
German Pellets GmbH 7.250 4/1/2016 EUR 1.495
Romanian Government I 2.000 1/28/2032 EUR 67.594
Landwirtschaftliche R 0.625 10/31/2036 EUR 74.103
GN Store Nord AS 1.970 3/3/2036 EUR 60.164
Herens Midco Sarl 5.250 5/15/2029 EUR 67.417
Canton of Neuchatel 0.350 7/14/2050 CHF 67.390
Gemeente Bergen OP Zo 0.440 9/20/2044 EUR 60.396
Region Wallonne Belgi 1.805 1/24/2040 EUR 75.145
Wales & West Utilitie 1.875 5/28/2041 GBP 60.859
Nederlandse Waterscha 0.500 4/26/2051 EUR 54.688
NRW Bank 1.250 3/21/2044 EUR 74.627
Southern Housing Grou 2.375 10/8/2036 GBP 71.504
Pfandbriefbank schwei 0.125 8/17/2040 CHF 73.727
Romanian Government I 3.375 1/28/2050 EUR 58.117
Pfandbriefzentrale de 0.020 1/30/2040 CHF 72.611
Aster Treasury Plc 1.405 1/27/2036 GBP 66.258
Assura Financing PLC 1.625 6/30/2033 GBP 68.312
German Pellets GmbH 7.250 11/27/2019 EUR 1.495
BPCE SA 3.582 10/19/2042 USD 67.074
Motability Operations 2.375 7/3/2039 GBP 73.294
Autobahnen- und Schne 0.100 7/16/2035 EUR 70.976
Credit Suisse Group A 4.875 5/15/2045 USD 70.290
LiveWest Treasury PLC 1.875 2/18/2056 GBP 50.699
Bromford Housing Grou 3.125 5/3/2048 GBP 71.360
Iberdrola Finanzas SA 1.000 2/2/2037 EUR 70.130
Banca Popolare di Vic 2.821 12/20/2017 EUR 0.396
Landesbank Hessen-Thu 0.560 10/15/2031 EUR 74.370
Russian Foreign Bond 4.375 3/21/2029 USD 40.497
V-Bank AG 4.000 EUR 71.917
Banque Internationale 0.510 2/10/2031 EUR 73.339
Land Baden-Wuerttembe 0.375 7/20/2048 EUR 55.297
State of Lower Saxony 0.050 3/9/2035 EUR 70.836
Lukoil Capital DAC 3.600 10/26/2031 USD 70.000
BOA Offshore AS 0.409 7/17/2047 NOK 3.228
Ukraine Government In 7.750 9/1/2024 USD 24.455
Ukraine Government In 11.670 11/22/2023 UAH 59.135
Serbia International 2.125 12/1/2030 USD 72.572
Raiffeisen-Landesbank 0.500 5/27/2041 EUR 63.417
Free State of Bavaria 0.010 1/18/2035 EUR 71.080
Investitionsbank Berl 0.050 3/2/2035 EUR 70.618
Free State of Saxony 0.010 12/17/2035 EUR 68.790
Muenchener Hypotheken 0.010 11/2/2040 EUR 58.941
Raiffeisenlandesbank 0.375 1/15/2035 EUR 71.828
Veneto Banca SpA 9.878 12/1/2025 EUR 0.646
Vier Gas Transport Gm 0.500 9/10/2034 EUR 66.720
National Grid Electri 2.000 9/16/2038 GBP 63.814
Notting Hill Genesis 2.000 6/3/2036 GBP 67.658
Home Group Ltd 3.125 3/27/2043 GBP 71.346
City of Bern Switzerl 0.040 10/2/2070 CHF 47.987
MVM Energetika Zrt 3.250 9/3/2031 HUF 59.000
Annington Funding PLC 2.308 10/6/2032 GBP 73.625
Deutsche Wohnen SE 2.000 3/28/2034 EUR 73.271
Cooperatieve Rabobank 0.500 10/30/2043 MXN 13.509
London & Quadrant Hou 3.750 10/27/2049 GBP 74.620
VF Ukraine PAT via VF 6.200 2/11/2025 USD 56.061
South Eastern Power N 1.750 9/30/2034 GBP 71.624
Ukraine Government In 6.750 6/20/2028 EUR 17.834
Region de Bruxelles-C 0.562 12/23/2065 EUR 38.038
ABN AMRO Bank NV 0.375 1/14/2035 EUR 73.116
Land Berlin 0.500 6/19/2047 EUR 62.046
London & Quadrant Hou 3.125 2/28/2053 GBP 65.048
National Grid Electri 1.608 8/24/2040 GBP 56.513
FNG Benelux Holding N 5.000 8/28/2023 EUR 1.000
Russian Foreign Bond 5.100 3/28/2035 USD 40.604
Care Property Invest 2.050 7/8/2031 EUR 72.935
Sigma Holdco BV 7.875 5/15/2026 USD 71.907
Metalloinvest Finance 3.375 10/22/2028 USD 53.710
Offshore Drilling Hol 8.375 9/20/2020 USD 3.841
Ile-de-France Mobilit 1.275 2/14/2042 EUR 69.811
Joh Friedrich Behrens 6.250 6/18/2024 EUR 29.511
Action Logement Servi 0.750 7/19/2041 EUR 62.840
NRW Bank 1.150 9/16/2051 EUR 67.983
EnBW International Fi 2.080 1/21/2041 EUR 67.594
Landesbank Hessen-Thu 0.550 11/27/2030 EUR 77.545
Autonomous Community 2.965 9/8/2039 JPY 64.715
Eurochem Finance DAC 5.500 3/13/2024 USD 48.500
Kingdom of Belgium Go 1.170 5/12/2121 EUR 43.943
Northern Powergrid No 3.250 4/1/2052 GBP 73.276
Ville de Paris 0.850 8/4/2051 EUR 52.671
Credit Suisse AG/Lond 3.200 3/24/2032 USD 68.123
Free and Hanseatic Ci 1.095 6/13/2046 EUR 71.163
LEG Immobilien SE 0.875 3/30/2033 EUR 66.000
Bellis Finco PLC 4.000 2/16/2027 GBP 75.219
Charm Finance PLC 3.509 4/12/2048 GBP 73.796
Pfandbriefbank schwei 0.250 3/15/2041 CHF 74.798
Republic of Ireland I 0.835 7/8/2080 EUR 48.935
Stichting Afwikkeling 4.252 EUR 44.375
Hellas Telecommunicat 8.500 10/15/2013 EUR 0.834
Junta de Castilla y L 1.275 4/7/2049 EUR 57.462
Region Wallonne Belgi 0.500 6/22/2037 EUR 66.824
Romanian Government I 4.625 4/3/2049 EUR 72.325
Platform HG Financing 1.926 9/15/2041 GBP 62.978
Libra Longhurst Group 3.250 5/15/2043 GBP 73.732
DLR Kredit A/S 0.500 10/1/2053 DKK 68.931
Norske Skogindustrier 2.000 12/30/2115 EUR 0.113
Northern Powergrid No 1.875 6/16/2062 GBP 51.364
Russian Foreign Bond 5.625 4/4/2042 USD 62.891
German Pellets GmbH 7.250 7/9/2018 EUR 1.495
National Grid Electri 1.625 10/7/2035 GBP 66.100
Peach Property Financ 4.375 11/15/2025 EUR 71.833
State of Bremen 0.450 2/24/2051 EUR 54.183
CCEP Finance Ireland 1.500 5/6/2041 EUR 69.950
Wessex Water Services 1.250 1/12/2036 GBP 61.084
DZ HYP AG 0.375 11/10/2034 EUR 73.812
Jyske Realkredit A/S 1.500 10/1/2053 DKK 70.000
Region of Centre-Val 0.711 11/2/2036 EUR 71.261
Banco Santander SA 4.390 EUR 0.212
State of Saarland 0.050 11/5/2040 EUR 60.477
City of Lausanne Swit 0.050 9/28/2054 CHF 55.085
Assura Financing PLC 1.500 9/15/2030 GBP 75.097
Free and Hanseatic Ci 0.300 9/16/2050 EUR 51.684
KTG Agrar SE 7.250 10/15/2019 EUR 2.002
AXA Bank Europe SCF 0.250 6/9/2040 EUR 61.822
State of North Rhine- 0.500 11/25/2039 EUR 67.175
Stobart Finance PLC 2.750 5/8/2024 GBP 70.668
OTP Munkavallalok I s 4.500 7/14/2031 HUF 70.010
Single Platform Inves 0.740 4/1/2042 EUR 59.351
Deutsche Bank AG 1.580 10/23/2031 EUR 73.816
VTB Bank OJSC Via VTB 6.250 6/30/2035 USD 22.588
Credit Suisse Group A 4.875 5/15/2045 USD 70.297
Assistance Publique H 1.502 5/9/2044 EUR 73.250
niiio finance group A 4.000 5/31/2026 EUR 47.500
Autonomous Region of 1.095 9/27/2036 EUR 69.555
Land Berlin 0.350 9/9/2050 EUR 52.862
Polski Fundusz Rozwoj 2.000 3/5/2030 PLN 73.003
Maxeda DIY Holding BV 5.875 10/1/2026 EUR 68.792
Realkredit Danmark A/ 1.500 10/1/2053 DKK 69.914
Gazprom PJSC Via Gaz 3.125 11/17/2023 EUR 72.887
Ile-de-France Mobilit 0.200 11/16/2035 EUR 67.718
Russian Foreign Bond 7.500 3/31/2030 USD 64.192
Kommunekredit 0.375 2/3/2045 DKK 59.627
Sovcombank Via SovCom 7.750 USD 3.418
Ukraine Government In 7.750 9/1/2025 USD 22.753
Single Platform Inves 1.110 1/22/2040 EUR 65.740
Tennor Finance BV 5.750 6/17/2024 EUR 75.000
nextbike GmbH 6.000 3/31/2025 EUR 75.000
Onward Homes Ltd 2.125 3/25/2053 GBP 54.388
Banco Santander SA 3.764 12/7/2033 AUD 74.671
Nova Kreditna Banka M 1.625 5/25/2027 EUR 74.266
Nostrum Oil & Gas Fin 8.000 7/25/2022 USD 25.677
Windreich GmbH 6.500 7/15/2016 EUR 2.876
Barclays Bank PLC 2.600 1/31/2028 EUR 62.620
Region de Bruxelles-C 1.400 3/11/2054 EUR 61.826
Societe Centrale des 2.500 5/15/2023 EUR 6.880
Basque Government 1.000 10/31/2050 EUR 52.234
Nederlandse Waterscha 0.375 9/28/2046 EUR 57.461
Achmea Bank NV 0.250 9/29/2036 EUR 68.879
Republic of Ireland I 0.995 2/24/2121 EUR 44.557
Credit Bank of Moscow 3.875 9/21/2026 USD 25.086
Ministeries Van de Vl 1.564 11/12/2046 EUR 69.227
Credit Suisse AG/Lond 3.110 3/3/2032 USD 68.270
Land Berlin 0.125 6/4/2035 EUR 70.959
United Utilities Wate 1.875 6/3/2042 GBP 62.004
Telefonica Emisiones 1.864 7/13/2040 EUR 71.946
State of North Rhine- 0.375 9/2/2050 EUR 53.171
Kreditanstalt fuer Wi 1.000 10/19/2050 EUR 64.851
Ziggo Bond Co BV 3.375 2/28/2030 EUR 75.003
Societe Generale SA 12.000 7/14/2026 USD 10.990
Golden Gate AG 6.500 10/11/2014 EUR 36.000
LIB-Landesimmobilien 0.620 7/15/2041 EUR 65.851
Abengoa Abenewco 1 SA 6.000 6/10/2022 EUR 0.434
State of Rhineland-Pa 0.375 3/10/2051 EUR 53.145
Ukraine Government Bo 4.000 1/25/2024 USD 49.095
Bayerische Landesbode 0.250 3/21/2036 EUR 71.378
Castle UK Finco PLC 7.000 5/15/2029 GBP 69.410
Region of Ile de Fran 0.610 7/2/2040 EUR 63.842
Land Thueringen 0.100 7/9/2035 EUR 70.444
Magyar Export-Import 2.000 10/27/2027 HUF 65.774
Landeskreditbank Bade 0.610 11/17/2050 EUR 59.951
Linde PLC 0.375 9/30/2033 EUR 74.573
Southern Housing Grou 3.500 10/19/2047 GBP 72.699
Severn Trent Utilitie 0.010 12/16/2055 GBP 48.223
Sovcombank Via SovCom 7.600 USD 3.221
DekaBank Deutsche Gir 0.400 1/29/2035 EUR 74.009
Bank Gospodarstwa Kra 2.000 11/3/2036 EUR 71.928
Land Thueringen 0.375 12/1/2051 EUR 52.275
National Grid Electri 1.690 9/16/2041 GBP 56.146
Clarion Funding PLC 1.250 11/13/2032 GBP 70.403
Nordea Kredit Realkre 1.000 10/1/2053 DKK 63.497
Bazalgette Finance Pl 0.688 6/27/2050 GBP 66.888
Pfandbriefbank schwei 0.375 9/23/2043 CHF 74.256
Societe Generale SA 9.000 10/31/2034 USD 61.200
Gazprom PJSC via Gaz 2.950 1/27/2029 USD 67.000
City of Lausanne Swit 0.680 3/11/2058 CHF 67.208
Air Berlin Finance BV 8.500 3/6/2019 EUR 0.481
Windreich GmbH 6.500 3/1/2015 EUR 2.876
Kommunekredit 0.125 9/26/2040 EUR 61.603
Bayerische Landesbank 1.550 2/13/2040 EUR 49.855
Hacienda Investments 5.350 2/8/2028 USD 42.000
Nederlandse Waterscha 0.877 6/24/2054 EUR 65.065
Praktiker AG 5.875 2/10/2016 EUR 0.001
Free State of Bavaria 0.010 3/28/2036 EUR 68.247
Credit Agricole Itali 1.000 1/17/2045 EUR 62.577
State of Brandenburg 0.375 1/29/2035 EUR 74.297
WM Morrison Supermark 2.500 10/1/2031 GBP 64.868
Serbia International 1.650 3/3/2033 EUR 61.705
JAB Holdings BV 3.750 5/28/2051 USD 61.361
Altice Finco SA 4.750 1/15/2028 EUR 74.400
Landesbank Hessen-Thu 0.664 11/1/2032 EUR 73.194
Ville de Paris 2.017 5/25/2052 EUR 72.629
Sibur Securities DAC 2.950 7/8/2025 USD 70.500
Kingdom of Belgium Go 0.459 7/23/2079 EUR 32.550
DZ Bank AG Deutsche Z 1.026 9/23/2030 EUR 72.523
Ukraine Government In 7.750 9/1/2027 USD 20.949
State of North Rhine- 0.750 8/16/2041 EUR 67.955
State of Bremen 0.936 9/28/2046 EUR 67.977
Kommunekredit 0.625 11/21/2039 EUR 69.762
Joh Friedrich Behrens 7.750 11/11/2020 EUR 31.000
Land Securities Capit 2.625 9/22/2037 GBP 74.496
Steilmann SE 7.000 9/23/2018 EUR 1.429
3i Group PLC 3.750 6/5/2040 GBP 74.436
Prosus NV 2.778 1/19/2034 EUR 73.497
Master & Fellows of U 3.068 4/28/2065 GBP 61.352
A-TEC Industries AG 5.750 11/2/2010 EUR 0.100
Mallinckrodt Internat 10.000 4/15/2025 USD 67.697
Italy Buoni Poliennal 2.150 9/1/2052 EUR 63.954
Metinvest BV 7.650 10/1/2027 USD 51.528
Aktia Bank Oyj 0.800 2/26/2036 EUR 69.329
Hamon & CIE SA 3.300 1/31/2035 EUR 46.000
Ukraine Government In 16.000 5/24/2023 UAH 58.625
Takarek Mortgage Bank 1.750 12/22/2026 HUF 65.140
SNCF Reseau 2.000 2/5/2048 EUR 74.440
Catalyst Housing Ltd 3.125 10/31/2047 GBP 68.446
Region Occitanie 0.728 11/16/2037 EUR 68.180
Gazprom PJSC via Gaz 1.850 11/17/2028 EUR 64.486
Credit Agricole SA 4.400 2/24/2042 AUD 65.037
Affinity Water Financ 3.278 8/22/2042 GBP 74.245
Vedanta Resources Fin 9.250 4/23/2026 USD 64.744
Quintet Private Bank 3.650 11/13/2023 EUR 12.400
Landesbank Hessen-Thu 9.620 8/24/2033 EUR 75.500
Evan Group PLC 6.000 7/31/2022 EUR 18.250
Concessio Estacions A 3.520 12/31/2037 EUR 74.366
Alpine Holding GmbH 5.250 7/1/2015 EUR 0.528
Gazprom PJSC via Gaz 3.897 EUR 58.086
ING-DiBa AG 1.000 5/23/2039 EUR 73.431
French Republic Gover 0.750 5/25/2053 EUR 56.364
Raiffeisenlandesbank 0.620 9/29/2031 EUR 75.064
Swissgrid AG 0.050 6/30/2050 CHF 56.338
MHP Lux SA 6.950 4/3/2026 USD 48.978
Serbia International 2.050 9/23/2036 EUR 57.179
Finance and Credit Ba 9.250 1/25/2019 USD 0.001
Erotik-Abwicklungsges 7.750 7/9/2019 EUR 0.779
Republic of Belarus I 7.625 6/29/2027 USD 42.274
Land Berlin 0.050 8/6/2040 EUR 60.144
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.269
Bank Nadra Via NDR Fi 8.250 7/31/2018 USD 0.208
Schoeller Packaging B 6.375 11/1/2024 EUR 69.302
MMC Norilsk Nickel OJ 3.375 10/28/2024 USD 71.788
Region Wallonne Belgi 1.865 5/10/2051 EUR 71.337
Societe Generale SA 11.000 7/14/2026 USD 7.900
State of North Rhine- 1.000 10/16/2046 EUR 68.371
RHP Finance PLC 3.250 2/5/2048 GBP 74.706
Ukreximbank Via Biz F 10.426 2/9/2023 USD 32.033
Ukraine Government In 9.840 2/15/2023 UAH 59.748
Alfa Bank AO Via Alfa 5.950 4/15/2030 USD 2.219
Land Thueringen 0.200 9/12/2039 EUR 63.973
UBS AG/London 14.000 1/18/2024 USD 9.420
Futureal Development 4.000 3/23/2031 HUF 58.000
Autonomous Community 0.700 7/30/2033 EUR 74.879
Eurogrid GmbH 0.875 11/20/2040 EUR 64.946
City of Lausanne Swit 0.600 11/30/2056 CHF 67.121
ALROSA Finance SA 4.650 4/9/2024 USD 10.871
Region Wallonne Belgi 1.246 5/12/2070 EUR 54.924
Deutsche Bahn Finance 1.850 11/23/2043 EUR 74.888
Credit Suisse AG/Lond 1.800 9/14/2028 USD 73.539
Telefonica Emisiones 1.957 7/1/2039 EUR 74.811
United Group BV 5.250 2/1/2030 EUR 72.539
Republic of Belarus I 5.875 2/24/2026 USD 41.000
Agrokor dd 8.875 2/1/2020 USD 15.000
Sberbank of Russia Vi 5.125 10/29/2022 USD 14.250
DLR Kredit A/S 0.500 10/1/2050 DKK 70.731
Takarek Mortgage Bank 2.600 10/22/2028 HUF 59.820
Republic of Ireland I 0.740 11/27/2120 EUR 34.280
State of North Rhine- 0.800 7/30/2049 EUR 61.902
Heimstaden Bostad AB 2.800 5/4/2035 EUR 62.270
Prosus NV 4.987 1/19/2052 USD 74.510
Assistance Publique H 0.683 3/19/2041 EUR 62.717
Saltaire Finance PLC 2.711 5/9/2052 GBP 69.591
Veneto Banca SpA 6.950 2/25/2025 EUR 0.643
Region of Pays de la 0.877 10/28/2041 EUR 66.395
Region Auvergne-Rhone 0.892 10/21/2041 EUR 64.586
Realkredit Danmark A/ 0.500 10/1/2053 DKK 66.741
London & Quadrant Hou 2.000 10/20/2038 GBP 63.201
Wingholding Zrt 3.500 5/20/2030 HUF 72.670
Societe Generale SA 0.831 11/25/2031 EUR 68.262
BPCE SFH SA 0.375 3/18/2041 EUR 62.166
Borets Finance DAC 6.000 9/17/2026 USD 33.376
Societe Nationale SNC 1.280 3/27/2120 EUR 37.931
Blend Funding PLC 3.508 5/4/2057 GBP 71.600
State of Bremen 0.500 5/6/2041 EUR 65.183
Hema Bondco II BV 8.500 1/15/2023 EUR 0.082
Nordea Kredit Realkre 0.500 10/1/2053 DKK 68.403
Credit Agricole Itali 0.750 1/20/2042 EUR 62.112
Cooperatieve Rabobank 0.500 11/30/2027 MXN 63.250
Takarek Mortgage Bank 3.500 10/27/2027 HUF 66.800
Scottish Hydro Electr 2.125 3/24/2036 GBP 70.017
Nationale-Nederlanden 0.375 3/4/2041 EUR 62.607
Interpipe Holdings PL 8.375 5/13/2026 USD 40.763
Holcim US Finance Lux 2.240 10/15/2031 USD 74.723
Deutsche Bahn Finance 3.100 5/20/2041 AUD 70.353
Rhaetische Bahn AG RH 0.050 8/3/2050 CHF 62.810
Ukraine Government In 7.750 9/1/2027 USD 20.626
Ministeries Van de Vl 1.000 10/13/2036 EUR 74.960
Raiffeisen Landesbank 0.375 11/13/2034 EUR 73.090
Severstal OAO Via Ste 3.150 9/16/2024 USD 5.901
St Galler Kantonalban 0.100 10/10/2041 CHF 70.647
Raiffeisen Bank Inter 10.000 3/24/2023 EUR 28.710
AlphaNotes ETP Dac 1.000 9/15/2032 USD 66.440
SNCF Reseau 1.425 8/14/2119 EUR 42.977
Ideal Standard Intern 6.375 7/30/2026 EUR 42.467
Sigma Holdco BV 5.750 5/15/2026 EUR 72.000
A-TEC Industries AG 8.750 10/27/2014 EUR 0.100
Ukraine Government In 7.750 9/1/2028 USD 20.880
Prs Finance PLC 1.500 8/24/2034 GBP 73.488
Canton of Neuchatel 0.100 10/29/2049 CHF 63.041
Wirtschafts- und Infr 0.192 1/28/2042 EUR 58.770
Heta Asset Resolution 2.290 12/31/2023 EUR 0.027
Assistance Publique H 1.183 4/16/2050 EUR 59.714
Ile-de-France Mobilit 0.950 5/28/2041 EUR 66.575
Orbit Capital PLC 3.375 6/14/2048 GBP 71.815
Single Platform Inves 0.950 7/25/2047 EUR 57.983
OGX Austria GmbH 8.375 4/1/2022 USD 0.002
Cadent Finance PLC 3.125 3/21/2040 GBP 72.253
NRW Bank 0.500 6/17/2041 EUR 65.497
Gazprom PJSC via Gaz 1.500 2/17/2027 EUR 67.977
Banco Santander SA 1.000 10/1/2033 EUR 73.643
Blend Funding PLC 2.467 6/16/2061 GBP 53.125
PJSC Koks via IMH Cap 5.900 9/23/2025 USD 7.456
Single Platform Inves 1.220 8/24/2047 EUR 61.143
Ukraine Government Bo 3.700 5/25/2023 USD 71.648
Jyske Realkredit A/S 1.000 10/1/2053 DKK 63.468
UniCredit Bank Austri 0.150 4/29/2033 EUR 73.523
Centrosolar Group AG 7.000 2/15/2016 EUR 2.505
Kommunekredit 0.500 7/30/2027 TRY 25.859
Sairgroup Finance BV 6.625 10/6/2010 EUR 1.964
Dolphin Drilling ASA 4.490 8/28/2019 NOK 0.644
Caisse de Refinanceme 0.250 2/7/2035 EUR 71.524
Kreditanstalt fuer Wi 0.788 11/4/2039 EUR 71.730
Jyske Realkredit A/S 0.500 10/1/2050 DKK 68.892
Stelius Befektetoe Za 3.100 9/17/2030 HUF 66.500
Aegon Bank NV 0.375 6/9/2036 EUR 70.271
Pfandbriefbank schwei 0.250 1/24/2041 CHF 74.986
Caisse Francaise de F 0.125 2/15/2036 EUR 67.815
GN Store Nord AS 3.200 11/26/2036 GBP 75.011
Paradigm Homes Charit 2.250 5/20/2051 GBP 58.021
Republic of Belarus I 6.378 2/24/2031 USD 33.000
Deutsche Telekom AG 3.625 1/21/2050 USD 69.762
Leonteq Securities AG 7.000 1/31/2024 CHF 42.810
UBS AG/London 16.150 2/15/2024 USD 67.180
Caixa Economica Monte 5.000 EUR 52.410
Bromford Housing Grou 2.554 3/17/2054 GBP 58.628
City of Zurich Switze 0.250 11/24/2051 CHF 68.164
Intesa Sanpaolo SpA 1.400 2/8/2031 GBP 70.421
Signa Development Fin 5.500 7/23/2026 EUR 61.583
Land Thueringen 0.250 3/5/2040 EUR 63.531
Land Thueringen 1.100 7/3/2047 EUR 72.111
Odea Bank AS 8.606 8/1/2027 USD 72.511
getgoods.de AG 7.750 10/2/2017 EUR 0.527
Cooperatieve Rabobank 0.500 12/29/2027 MXN 61.663
Kommunekredit 0.869 11/12/2043 SEK 63.288
La Banque Postale Hom 0.640 1/27/2042 EUR 67.565
BPCE SFH SA 0.500 1/23/2035 EUR 73.573
Frigoglass Finance BV 6.875 2/12/2025 EUR 26.799
Ukraine Government In 11.670 11/22/2023 UAH 59.135
Single Platform Inves 1.260 1/22/2049 EUR 60.278
State of Bremen 1.000 5/27/2039 EUR 74.246
Landesbank Hessen-Thu 1.100 7/23/2036 EUR 65.850
Akbank TAS 4.000 9/17/2029 EUR 72.310
Land Baden-Wuerttembe 0.125 11/19/2040 EUR 61.293
Grand City Properties 2.500 6/27/2039 EUR 47.685
Havenbedrijf Rotterda 1.100 3/23/2051 EUR 64.029
Sberbank of Russia Vi 5.250 5/23/2023 USD 14.258
Spain Government Bond 1.900 10/31/2052 EUR 68.112
Rio Forte Investments 4.000 7/22/2014 EUR 3.709
Land Berlin 0.625 7/15/2039 EUR 69.505
Incommunities Treasur 3.250 3/21/2049 GBP 73.769
Serbia International 1.000 9/23/2028 EUR 72.715
Assistance Publique H 1.073 4/16/2045 EUR 62.996
Aragvi Finance Intern 8.450 4/29/2026 USD 71.007
Cooperatieve Rabobank 0.500 1/31/2033 MXN 38.082
Midland Heart Capital 1.831 8/12/2050 GBP 51.955
Phosagro OAO Via Phos 3.050 1/23/2025 USD 52.606
Credit Bank of Moscow 4.700 1/29/2025 USD 23.069
Credit Suisse AG/Lond 1.352 4/8/2034 EUR 69.560
State of Bremen 0.550 2/4/2050 EUR 56.759
Societe Generale SA 10.000 6/28/2034 USD 61.850
Gecci Investment KG 6.000 10/1/2027 EUR 43.880
Romanian Government I 3.375 2/8/2038 EUR 68.353
Autonomous Community 1.850 5/13/2061 EUR 57.867
Ukraine Government In 12.520 5/13/2026 UAH 57.413
Moby SpA 7.750 2/15/2023 EUR 57.748
Junta de Castilla y L 1.270 10/31/2044 EUR 62.936
SNCF Reseau 2.622 9/24/2049 USD 73.828
Intesa Sanpaolo SpA 4.700 9/23/2049 USD 71.627
Sonnedix Energy Tau S 2.200 12/31/2038 EUR 8.000
Banque Cantonale Vaud 22.300 1/31/2023 CHF 34.290
Raiffeisen Landesbank 0.250 3/4/2036 EUR 69.017
Republic of Belarus I 6.200 2/28/2030 USD 33.000
NRW Bank 1.250 5/13/2049 EUR 72.537
Credit Suisse AG/Lond 0.875 5/21/2031 EUR 67.024
Orbit Capital PLC 3.500 3/24/2045 GBP 74.593
Barclays Bank PLC 2.070 12/18/2035 USD 65.647
Communaute Francaise 1.760 1/26/2043 EUR 72.349
Paragon Treasury Plc 2.000 5/7/2036 GBP 69.167
Phones4u Finance PLC 9.500 4/1/2018 GBP 74.954
Castellum AB 2.840 6/5/2029 SEK 73.876
Compact Bidco BV 5.750 5/1/2026 EUR 67.727
NRW Bank 0.533 1/21/2041 EUR 65.513
Single Platform Inves 1.610 2/15/2043 EUR 71.832
United Kingdom Gilt 1.625 10/22/2071 GBP 55.770
ALROSA Finance SA 3.100 6/25/2027 USD 10.900
Ahtium PLC 9.750 4/4/2017 EUR 0.726
Region de Bruxelles-C 1.922 4/24/2059 EUR 71.069
Credit Suisse AG/Lond 7.650 3/3/2023 USD 41.500
Romanian Government I 1.375 12/2/2029 EUR 72.801
Iceland Bondco PLC 4.375 5/15/2028 GBP 74.333
Malta Government Bond 2.000 7/10/2051 EUR 66.180
Societe Nationale SNC 1.400 5/18/2120 EUR 40.087
EOS Imaging SA 6.000 5/31/2023 EUR 7.250
Renovables Atlasol SA 2.200 12/31/2038 EUR 75.053
Castle UK Finco PLC 7.504 5/15/2028 EUR 73.767
Banque Federative du 2.460 6/7/2032 AUD 72.486
OGX Austria GmbH 8.500 6/1/2018 USD 0.002
Phosphorus Holdco PLC 10.000 4/1/2019 GBP 1.408
City of Lausanne Swit 0.230 11/1/2060 CHF 54.869
Caisse Francaise de F 0.010 10/19/2035 EUR 67.224
Assistance Publique H 0.490 9/30/2040 EUR 60.961
Vnesheconombank Via V 5.942 11/21/2023 USD 6.403
Ville de Rennes 0.505 10/22/2034 EUR 73.267
Landesbank Hessen-Thu 1.000 3/9/2037 EUR 66.500
Bazalgette Finance Pl 0.074 5/16/2049 GBP 59.842
Yarlington Treasury S 3.410 9/18/2057 GBP 70.837
PIK Securities DAC 5.625 11/19/2026 USD 40.037
Landesbank Hessen-Thu 0.350 5/27/2031 EUR 75.060
Batigere Grand Est SA 1.400 8/31/2050 EUR 58.834
Ville de Paris 0.450 10/20/2045 EUR 54.742
EVN AG 0.850 10/15/2035 EUR 69.152
Nomura Bank Internati 1.071 1/28/2032 EUR 74.804
Russian Foreign Bond 4.750 5/27/2026 USD 42.092
Cie de Saint-Gobain 1.875 5/3/2035 EUR 74.983
UBS AG/London 25.500 7/13/2023 USD 57.600
Ukraine Government In 15.840 2/26/2025 UAH 52.868
Region de Bruxelles-C 0.910 1/31/2053 EUR 53.772
Ile-de-France Mobilit 0.675 11/24/2036 EUR 70.156
Deutsche Pfandbriefba 0.906 3/4/2050 EUR 67.405
Romanian Government I 2.750 4/14/2041 EUR 56.706
State of Lower Saxony 0.250 4/15/2036 EUR 70.650
Nomura Bank Internati 1.130 4/23/2036 EUR 64.879
Nykredit Realkredit A 1.000 10/1/2050 DKK 73.172
State of Mecklenburg- 0.239 11/17/2070 EUR 41.602
TechnipFMC PLC 4.000 6/14/2032 EUR 74.101
Steilmann SE 6.750 6/27/2017 EUR 2.184
La Veggia Finance SA 7.125 11/14/2004 EUR 0.287
Region Wallonne Belgi 1.000 9/16/2059 EUR 49.384
Societe Generale SA 10.000 10/18/2024 USD 44.600
Erste Jelzalogbank zr 2.500 10/30/2029 HUF 68.400
Land Berlin 0.125 11/24/2045 EUR 54.225
Lukoil Securities BV 3.875 5/6/2030 USD 71.349
CB First Investment B 8.000 EUR 71.288
Hungary Government In 0.125 9/21/2028 EUR 74.140
Societe Generale SA 2.060 3/12/2031 USD 74.960
State of Lower Austri 0.815 9/22/2056 EUR 53.844
Espirito Santo Financ 5.050 11/15/2025 EUR 0.622
MFB Magyar Fejlesztes 3.900 10/22/2028 HUF 76.746
British Telecommunica 3.924 6/25/2042 GBP 74.404
Kreditanstalt fuer Wi 0.816 12/19/2050 EUR 57.361
Ministeries Van de Vl 0.875 6/3/2045 EUR 57.494
SiC Processing GmbH 7.125 3/1/2016 EUR 0.690
Novolipetsk Steel Via 4.700 5/30/2026 USD 70.179
Societe Generale SA 1.137 1/26/2037 EUR 69.155
Cie de Financement Fo 0.975 8/11/2046 EUR 67.481
Banque Cantonale de F 0.100 11/1/2044 CHF 66.371
German Real Estate Ca 3.000 EUR 75.000
Eurotorg LLC Via Boni 9.000 10/22/2025 USD 56.337
Landesbank Hessen-Thu 0.550 4/20/2033 EUR 71.271
TI Automotive Finance 3.750 4/15/2029 EUR 75.004
Renovables Atlasol SA 2.200 12/31/2038 EUR 75.053
Land Berlin 0.100 1/18/2041 EUR 60.166
Canton of Geneva Swit 0.050 8/27/2041 CHF 72.294
Region de Bruxelles-C 0.444 3/19/2057 EUR 41.165
Alpine Holding GmbH 5.250 6/10/2016 EUR 0.528
Ukraine Government In 9.790 5/26/2027 UAH 54.673
La Banque Postale Hom 0.250 2/12/2035 EUR 71.277
State of Lower Austri 0.460 10/8/2049 EUR 51.673
HOCHTIEF AG 2.300 4/26/2034 EUR 70.125
DekaBank Deutsche Gir 2.200 3/24/2023 EUR 74.050
Richter Gedeon Nyrt 1.750 6/4/2031 HUF 60.000
Manchester Airport Gr 2.875 3/31/2039 GBP 70.837
Boparan Finance PLC 7.625 11/30/2025 GBP 67.095
Novolipetsk Steel Via 1.450 6/2/2026 EUR 55.870
State of Lower Austri 1.000 9/15/2121 EUR 39.387
Eastern Power Network 1.875 6/1/2035 GBP 71.518
Ile-de-France Mobilit 1.586 2/23/2052 EUR 69.115
Bayerische Landesbank 1.820 5/12/2031 EUR 71.556
Landesbank Hessen-Thu 0.650 4/28/2031 EUR 75.174
Rena GmbH 7.000 12/15/2015 EUR 0.054
Ukraine Government Bo 3.700 6/22/2023 USD 67.964
Tonon Luxembourg SA 12.500 5/14/2024 USD 2.680
Single Platform Inves 1.840 11/5/2040 EUR 75.119
DZ Bank AG Deutsche Z 1.000 2/13/2042 EUR 69.119
Caisse Francaise de F 0.726 10/29/2039 EUR 66.306
Flextronics Internati 3.600 12/6/2031 HUF 58.000
UBS AG/London 17.040 5/26/2027 SEK 71.540
Takarek Mortgage Bank 5.750 5/27/2032 HUF 65.360
Credit Suisse AG/Lond 25.750 6/8/2027 USD 74.300
Societe Generale SA 16.000 7/3/2024 USD 19.130
Hell Energy Magyarors 2.700 12/18/2029 HUF 55.600
Deutsche Wohnen SE 2.125 9/26/2033 EUR 72.612
Department of Bouches 0.432 2/1/2046 EUR 52.098
Intelsat Jackson Hold 8.500 10/15/2024 USD 0.491
DNB Boligkreditt AS 0.980 6/20/2044 EUR 68.134
Morhomes PLC 2.508 2/19/2051 GBP 58.976
Region de Bruxelles-C 0.592 12/10/2061 EUR 43.603
DZ Bank AG Deutsche Z 0.550 3/23/2033 EUR 73.577
Caisse des Depots et 1.015 7/22/2050 EUR 62.856
Aareal Bank AG 0.625 9/16/2030 EUR 70.430
A-TEC Industries AG 2.750 5/10/2014 EUR 0.100
United Kingdom Gilt 1.500 7/22/2047 GBP 61.972
Landesbank Hessen-Thu 0.650 10/18/2034 EUR 68.142
Luzerner Kantonalbank 0.150 10/7/2044 CHF 68.698
Celtic Resources Hold 4.125 10/9/2024 USD 12.790
Landesbank Hessen-Thu 0.500 12/23/2036 EUR 64.150
Landesbank Hessen-Thu 1.400 1/13/2037 EUR 68.250
GSP-Finance LLC/Russi 9.430 3/27/2028 RUB 70.000
Credit Suisse AG/Lond 4.550 2/23/2023 USD 9.576
Romanian Government I 1.750 7/13/2030 EUR 70.495
Elia Transmission Bel 1.560 1/30/2044 EUR 74.246
ISP Group AG 5.250 CHF 72.990
State of Brandenburg 0.600 10/13/2051 EUR 57.087
Italy Buoni Poliennal 0.950 3/1/2037 EUR 65.061
Kreditanstalt fuer Wi 1.115 5/17/2041 EUR 69.091
Deutsche Bank AG 1.725 1/16/2045 EUR 44.715
International Finance 0.500 6/29/2027 ZAR 67.845
ESB Finance DAC 1.875 7/21/2035 GBP 71.953
State of Saxony-Anhal 1.223 5/4/2046 EUR 70.557
DLR Kredit A/S 0.500 10/1/2050 DKK 69.203
Communaute Francaise 0.788 8/30/2049 EUR 52.624
Alno AG 8.000 3/21/2019 EUR 15.000
UBS AG/London 19.500 9/28/2023 USD 56.500
Region Bretagne SCI 0.620 8/7/2037 EUR 68.601
Heimstaden Bostad AB 2.800 5/4/2035 EUR 62.822
Kuntarahoitus Oyj 1.400 3/5/2061 EUR 71.638
Credit Bank of Moscow 5.150 2/20/2024 EUR 22.573
Kreditanstalt fuer Wi 1.100 9/16/2051 EUR 66.526
Maison Finco PLC 6.000 10/31/2027 GBP 72.350
Kingdom of Belgium Go 1.400 6/22/2053 EUR 67.628
Kleopatra Holdings 2 6.500 9/1/2026 EUR 53.500
SNCF Reseau 0.350 7/25/2047 EUR 72.104
Niedersachsen Invest 0.250 7/16/2035 EUR 72.035
BPCE SA 2.820 12/18/2039 AUD 54.078
Romanian Government I 3.750 2/7/2034 EUR 75.090
State Savings Bank of 10.186 1/19/2024 USD 32.520
Anselma Issuer SA 1.574 12/31/2038 EUR 58.730
Erste Jelzalogbank zr 2.500 10/22/2028 HUF 70.300
Societe Generale SA 18.500 10/31/2024 USD 35.500
Kuntarahoitus Oyj 1.197 4/6/2051 EUR 70.772
Single Platform Inves 1.448 7/25/2053 EUR 63.615
UBS AG/London 0.120 5/25/2040 MXN 12.443
MMK International Cap 4.375 6/13/2024 USD 28.514
DZ Bank AG Deutsche Z 1.070 10/6/2042 EUR 71.530
New World Resources N 4.000 10/7/2020 EUR 0.198
Mobile Telesystems OJ 5.000 5/30/2023 USD 27.511
Societe Du Grand Pari 0.576 10/29/2052 EUR 46.782
Global Ports Finance 6.500 9/22/2023 USD 24.931
Uralkali OJSC Via Ura 4.000 10/22/2024 USD 19.408
Mercedes-Benz Manufac 1.500 3/16/2027 HUF 67.000
MKB-Leasing OOO 9.200 12/22/2027 RUB 65.000
VON Der Heydt Securit 1.000 4/30/2031 EUR 69.858
DZ Bank AG Deutsche Z 1.055 3/11/2031 EUR 70.765
UBS Group AG 2.490 3/4/2036 USD 70.717
Ville de Paris 0.963 12/6/2051 EUR 54.590
BAE Systems PLC 3.000 9/15/2050 USD 68.545
HSE Finance Sarl 5.625 10/15/2026 EUR 52.647
Magyar Export-Import 2.500 5/23/2029 HUF 67.867
Anglian Water Service 0.850 12/23/2040 JPY 72.049
Single Platform Inves 0.800 12/20/2040 EUR 61.613
Frigate Luxembourg SA 2.000 8/1/2032 EUR 58.975
Region de Bruxelles-C 0.765 7/15/2052 EUR 50.656
Jyske Realkredit A/S 0.500 10/1/2053 DKK 66.784
Veneto Banca SpA 6.944 5/15/2025 EUR 0.643
Novolipetsk Steel Via 4.500 6/15/2023 USD 66.436
UBS Group AG 3.030 11/18/2034 AUD 74.352
UniCredit Bank AG 8.150 2/22/2023 EUR 73.420
Raiffeisenlandesbank 0.200 6/9/2036 EUR 66.760
Societe Generale SA 13.600 8/16/2024 USD 63.000
DekaBank Deutsche Gir 7.650 3/10/2023 EUR 35.090
Landesbank Hessen-Thu 0.550 8/28/2034 EUR 71.300
Ministeries Van de Vl 0.634 11/19/2060 EUR 42.775
Republic of Ireland I 1.230 5/29/2120 EUR 51.775
Elecnor SA 3.025 9/30/2035 EUR 74.791
VTB Bank PJSC Via VTB 9.500 USD 16.289
Portugal Telecom Inte 6.250 7/26/2016 EUR 0.285
Prosus NV 2.031 8/3/2032 EUR 71.979
Pfandbriefbank schwei 0.375 6/15/2046 CHF 72.056
Ukreximbank Via Biz F 9.750 1/22/2025 USD 32.827
Credit Suisse AG/Lond 9.000 11/27/2023 USD 55.800
TKK OOO 17.171 12/31/2033 RUB 60.100
UBS AG/London 12.340 9/7/2023 USD 4.120
Kuntarahoitus Oyj 1.150 4/1/2051 EUR 68.790
Comunidad Foral de Na 1.450 5/8/2040 EUR 70.636
BNG Bank NV 1.550 2/19/2032 AUD 74.715
Transmission Finance 2.701 10/16/2037 EUR 73.995
Region de Bruxelles-C 1.419 6/22/2045 EUR 70.111
BASF SE 1.025 8/13/2048 JPY 65.843
Virgolino de Oliveira 10.875 1/13/2020 USD 36.000
Caisse des Depots et 1.780 1/15/2048 EUR 72.926
Communaute Francaise 2.100 6/30/2067 EUR 72.792
Banco Santander SA 3.600 11/5/2033 AUD 73.535
Russian Foreign Bond 2.875 12/4/2025 EUR 39.367
Single Platform Inves 1.660 12/16/2036 EUR 75.560
Agrokor dd 9.125 2/1/2020 EUR 15.000
Rena GmbH 8.250 7/11/2018 EUR 0.054
Canton of Ticino 0.400 6/27/2044 CHF 74.883
Pfandbriefbank schwei 0.250 5/17/2040 CHF 75.548
Wrekin Housing Group 2.500 10/22/2048 GBP 61.132
Carmila SA 1.890 11/6/2031 EUR 66.379
Metinvest BV 5.625 6/17/2025 EUR 53.851
Raiffeisen Schweiz Ge 8.340 3/7/2023 EUR 62.520
Credit Suisse AG/Lond 19.200 8/29/2025 USD 54.670
Barclays Bank PLC 10.200 2/16/2023 USD 48.900
Societe Generale SA 11.750 9/18/2024 USD 39.400
Ferrovie dello Stato 0.641 12/4/2030 EUR 74.190
Muenchener Hypotheken 0.250 5/2/2036 EUR 69.623
SNCF Reseau 2.303 7/11/2067 EUR 73.368
Malta Government Bond 1.800 8/28/2051 EUR 62.097
Vacse AB 2.067 4/20/2034 SEK 74.481
Autonomous Community 1.646 7/30/2060 EUR 55.496
Credit Bank of Moscow 5.550 2/14/2023 USD 22.034
Landesbank Baden-Wuer 0.750 8/5/2031 EUR 75.576
Cooperatieve Rabobank 0.540 8/3/2040 EUR 63.256
State of Bremen 0.150 9/14/2040 EUR 61.308
Norske Skog Holding A 8.000 2/24/2021 EUR 0.006
Ceske Drahy AS 3.000 6/4/2035 EUR 73.102
Kreditanstalt fuer Wi 1.142 2/15/2042 EUR 75.275
Norwegian Air Shuttle 7.500 11/10/2023 USD 74.276
Bayerische Landesbank 1.500 7/14/2036 EUR 70.337
Bayerische Landesbank 1.690 4/23/2037 EUR 71.796
Autonomous Community 2.300 5/24/2049 EUR 73.588
Societe Generale SA 7.280 5/6/2024 USD 52.840
DZ Bank AG Deutsche Z 1.140 12/30/2030 EUR 73.940
Ingrad AO 10.500 12/6/2029 RUB 62.000
Centre Hospitalier Un 1.160 9/6/2039 EUR 59.294
Hypo-Bank Burgenland 0.810 9/17/2031 EUR 76.199
Grenke Finance PLC 2.040 4/16/2029 EUR 67.173
Solon SE 1.375 12/6/2012 EUR 0.745
Kingdom of Belgium Go 0.650 6/22/2071 EUR 47.294
Single Platform Inves 1.250 10/18/2035 EUR 72.972
Credit Agricole SA 3.000 1/28/2041 AUD 52.142
Free State of Saxony 0.400 5/12/2036 EUR 72.015
Royal Schiphol Group 3.090 7/1/2034 AUD 72.003
Vnesheconombank Via V 6.025 7/5/2022 USD 4.680
Nordea Kredit Realkre 0.500 10/1/2053 DKK 66.775
Gebr Sanders GmbH & C 8.750 10/22/2018 EUR 9.375
Kuntarahoitus Oyj 0.940 6/9/2064 EUR 70.289
Department of Loiret 0.478 10/30/2040 EUR 60.657
Bulgaria Government I 1.375 9/23/2050 EUR 56.701
Eurohold Bulgaria AD 8.000 12/29/2026 EUR 63.755
Getin Noble Bank SA 12.320 3/31/2023 PLN 39.955
Credit Agricole Corpo 0.900 10/1/2034 EUR 68.695
Societe Generale SA 18.000 8/1/2024 USD 17.500
Muenchener Hypotheken 1.010 8/6/2044 EUR 57.818
Romanian Government I 2.625 12/2/2040 EUR 56.290
Gazprom PJSC Via Gaz 4.950 3/23/2027 USD 73.466
Societe Du Grand Pari 2.062 3/19/2070 EUR 74.462
Autonomous Community 1.138 11/22/2052 EUR 50.591
Department of L'Eure 1.110 6/18/2039 EUR 71.014
Region de Bruxelles-C 0.274 12/11/2040 EUR 58.543
Landesbank Hessen-Thu 0.600 3/18/2031 EUR 75.090
Single Platform Inves 0.950 5/17/2038 EUR 66.349
Kreditanstalt fuer Wi 1.201 9/13/2051 EUR 69.206
Free and Hanseatic Ci 0.400 11/23/2051 EUR 52.531
LFA Foerderbank Bayer 0.125 9/30/2038 EUR 63.988
Credit Bank of Moscow 8.875 USD 19.718
LFA Foerderbank Bayer 0.160 1/2/2040 EUR 62.190
Hospices Civils de Ly 0.597 11/24/2031 EUR 73.739
Landshypotek Bank AB 1.680 1/20/2042 SEK 72.684
Air Berlin Finance BV 6.000 3/6/2019 EUR 0.483
Grand Delta Habitat 1.285 11/6/2040 EUR 64.962
Single Platform Inves 0.880 1/15/2040 EUR 64.307
HSBC Bank PLC 0.500 12/22/2025 BRL 68.708
Bayerische Landesbank 3.550 10/14/2036 EUR 72.373
Single Platform Inves 0.785 3/20/2039 EUR 63.504
Chelyabinsk Pipe Plan 4.500 9/19/2024 USD 21.051
Region de Bruxelles-C 1.375 4/29/2039 EUR 74.494
Societe Generale SA 20.000 6/28/2024 USD 49.990
Barclays Bank PLC 1.580 4/12/2039 EUR 70.050
UBS AG/London 8.810 11/8/2023 USD 9.570
Societe Generale SA 16.000 1/3/2024 USD 53.750
Jain International Tr 7.125 2/1/2022 USD 21.798
Bpifrance SACA 1.046 5/25/2050 EUR 58.423
Autonomous Community 1.744 7/1/2061 EUR 56.988
Banco Santander SA 0.790 9/30/2031 EUR 74.367
Caisse des Depots et 2.940 3/2/2051 AUD 69.223
Grand City Properties 2.600 2/25/2034 EUR 56.846
Societe Generale SA 3.920 12/9/2036 AUD 69.348
Societe Generale SFH 0.360 9/14/2033 EUR 75.219
MFB Magyar Fejlesztes 2.900 10/22/2031 HUF 65.184
Landeskreditbank Bade 2.500 5/21/2036 AUD 71.004
BNP Paribas SA 1.395 2/12/2035 EUR 72.556
Hypo Vorarlberg Bank 0.400 12/22/2031 EUR 71.989
Societe Nationale SNC 3.190 4/19/2041 AUD 74.442
Autonomous Community 1.550 5/11/2051 EUR 60.325
London & Quadrant Hou 2.750 7/20/2057 GBP 58.855
Spain Government Bond 1.200 10/31/2040 EUR 68.597
Virgolino de Oliveira 10.500 1/28/2018 USD 0.499
Corporate Commercial 8.250 8/8/2014 USD 0.308
Romanian Government I 4.000 2/14/2051 USD 65.425
Anglian Water Service 1.760 11/13/2035 GBP 67.901
Bulgaria Steel Financ 12.000 5/4/2013 EUR 0.216
Autonomous Community 1.255 10/31/2048 EUR 57.723
Malta Government Bond 2.400 8/13/2052 EUR 70.090
Kingdom of Belgium Go 1.600 6/22/2047 EUR 75.115
State of Rhineland-Pa 0.600 10/24/2046 EUR 61.342
Muenchener Hypotheken 0.250 10/31/2044 CHF 70.148
Societe Du Grand Pari 1.955 4/16/2069 EUR 71.090
Communaute Francaise 1.925 4/18/2059 EUR 70.857
Ukraine Government In 10.000 8/23/2023 UAH 58.970
Region de Bruxelles-C 1.620 4/30/2049 EUR 68.671
Raiffeisen Schweiz Ge 18.000 1/25/2023 CHF 19.180
Pharmacy Chain 36.6 P 10.500 6/4/2030 RUB 60.350
Raiffeisen Switzerlan 7.050 5/22/2023 EUR 50.290
MMC Norilsk Nickel OJ 4.100 4/11/2023 USD 73.116
Proximus SADP 1.500 5/14/2040 EUR 67.305
State of Saarland 0.500 3/15/2051 EUR 56.400
Norddeutsche Landesba 0.600 2/24/2031 EUR 74.105
State of Brandenburg 0.125 1/26/2046 EUR 54.350
Region Occitanie 0.766 10/7/2041 EUR 62.977
Standard Profil Autom 6.250 4/30/2026 EUR 60.793
Emissionszentrale fue 0.150 9/9/2041 CHF 74.486
Parnassia Groep BV 1.210 12/1/2033 EUR 74.899
Region Occitanie 1.339 3/21/2042 EUR 70.226
Credit Suisse AG/Lond 1.400 12/20/2030 EUR 71.849
Romanian Government I 2.000 4/14/2033 EUR 64.918
Rusal Capital DAC 4.850 2/1/2023 USD 43.317
Region Wallonne Belgi 1.220 6/12/2050 EUR 59.838
NRW Bank 1.182 8/7/2050 EUR 60.828
Swissgrid AG 0.125 6/30/2036 CHF 74.497
Region Wallonne Belgi 0.050 10/26/2032 EUR 71.999
Landwirtschaftliche R 0.984 2/4/2042 EUR 72.408
Kreditanstalt fuer Wi 0.980 2/9/2042 EUR 72.971
Communaute Francaise 2.000 4/14/2076 EUR 74.837
Communaute Francaise 1.120 7/19/2038 EUR 68.564
Credit Suisse AG 0.500 12/16/2025 BRL 68.345
Societa di Progetto B 3.375 12/31/2038 EUR 72.851
Tranzit-Food Baromfif 2.000 6/23/2028 HUF 74.970
Credit Suisse Interna 9.500 3/24/2026 UAH 51.490
CPI Hungary Investmen 2.250 8/7/2030 HUF 51.000
Erste Jelzalogbank zr 3.500 5/23/2029 HUF 74.610
SAir Group 5.125 3/1/2003 CHF 12.750
Deutsche Telekom AG 4.125 7/23/2049 USD 74.793
Ministeries Van de Vl 1.874 3/28/2058 EUR 66.884
Romanian Government I 2.124 7/16/2031 EUR 70.068
UBS Group AG 2.210 11/24/2035 USD 68.748
Bayerische Landesbank 2.250 10/17/2033 EUR 67.050
Region de Bruxelles-C 1.144 1/14/2056 EUR 55.791
Batigere Grand Est SA 1.500 12/15/2051 EUR 61.905
Malta Government Bond 1.400 8/20/2046 EUR 60.721
Credit Bank of Moscow 7.625 USD 20.689
Specialfastigheter Sv 1.215 5/14/2035 SEK 72.131
Grupo Antolin-Irausa 3.500 4/30/2028 EUR 70.496
Minicentrales Dos SA 0.010 6/6/2047 EUR 59.327
Swissgrid AG 0.200 6/29/2040 CHF 69.823
Deutsche Bank AG/Lond 4.320 6/15/2037 AUD 74.135
DZ Bank AG Deutsche Z 0.780 3/5/2030 EUR 71.969
Landeskreditbank Bade 0.842 5/3/2041 EUR 71.275
Muenchener Hypotheken 0.010 10/19/2039 EUR 60.469
Solarwatt GmbH 7.000 11/1/2015 EUR 15.500
Norske Skogindustrier 7.125 10/15/2033 USD 0.010
Commerzbank AG 1.046 12/18/2034 EUR 70.437
Italy Buoni Poliennal 2.450 9/1/2050 EUR 70.361
Muenchener Hypotheken 1.000 4/18/2039 EUR 74.149
Northern Electric Fin 2.750 5/24/2049 GBP 67.502
Vajda-Papir Gyarto Ke 3.500 5/17/2031 HUF 69.600
Barclays Bank PLC 2.550 6/19/2024 USD 71.777
VTB Bank PJSC 8.400 5/21/2030 RUB 55.000
Region Auvergne-Rhone 0.697 8/2/2036 EUR 71.648
Danske Bank A/S 1.070 8/23/2038 JPY 73.088
Belfius Bank SA 0.125 6/19/2034 EUR 71.867
UBS Group AG 2.370 2/25/2036 USD 69.676
Depfa Funding III LP 2.056 EUR 51.669
Liga Bank eG Regensbu 0.010 1/29/2036 EUR 65.414
Ile-de-France Mobilit 1.200 4/8/2050 EUR 60.685
Deutsche Pfandbriefba 1.850 9/20/2032 EUR 70.283
Bibby Offshore Servic 7.500 6/15/2021 GBP 11.625
Comunidad Foral de Na 1.800 3/25/2042 EUR 73.954
Communaute Francaise 0.749 9/16/2080 EUR 51.464
FLUVIUS System Operat 0.810 4/8/2033 EUR 71.464
Malta Government Bond 1.500 10/22/2045 EUR 63.470
United Group BV 4.625 8/15/2028 EUR 75.196
Office Public De L'Ha 1.700 12/22/2060 EUR 71.473
Intelsat Jackson Hold 9.750 7/15/2025 USD 0.491
Landesbank Baden-Wuer 0.430 1/22/2031 EUR 75.095
Deutsche Pfandbriefba 1.050 6/12/2029 EUR 75.305
State of Brandenburg 0.300 11/17/2045 EUR 56.044
DAH Holding GmbH 7.250 9/28/2018 EUR 0.718
Russian Agricultural 8.500 10/16/2023 USD 13.516
Region of Veneto Ital 2.556 12/7/2046 EUR 70.708
Communaute Francaise 0.500 6/27/2046 EUR 52.697
Hypo Vorarlberg Bank 0.741 10/16/2036 EUR 66.186
Sanctuary Capital PLC 2.481 11/12/2037 GBP 72.303
State of Brandenburg 0.500 11/21/2039 EUR 67.568
ABN AMRO Bank NV 0.500 12/12/2039 EUR 66.207
Region de Bruxelles-C 0.845 9/30/2059 EUR 48.486
Danske Bank A/S 0.910 10/17/2039 JPY 67.886
Communaute Francaise 1.363 4/16/2040 EUR 70.156
Credit Agricole Corpo 8.040 5/18/2023 USD 32.850
Credit Suisse AG/Lond 18.000 5/4/2023 USD 71.210
Credit Suisse AG/Lond 11.500 9/25/2023 CHF 59.740
Leonteq Securities AG 8.000 1/26/2023 CHF 48.490
Pongs & Zahn AG 8.500 11/1/2014 EUR 0.002
Pick Szeged Szalamigy 2.000 12/6/2029 HUF 62.880
Single Platform Inves 0.465 2/27/2035 EUR 66.291
Nostrum Oil & Gas Fin 7.000 2/16/2025 USD 25.558
Vasakronan AB 1.130 5/27/2042 JPY 67.188
Single Platform Inves 0.363 2/15/2041 EUR 55.477
NRW Bank 1.400 3/19/2070 EUR 65.251
Kreditanstalt fuer Wi 0.980 6/28/2051 EUR 67.163
Societe Generale SFH 0.570 3/15/2036 EUR 72.444
Land Thueringen 1.127 4/2/2049 EUR 67.330
Nationale-Nederlanden 0.050 9/24/2035 EUR 68.289
Caisse des Depots et 3.000 11/8/2051 AUD 69.794
Altice France Holding 4.000 2/15/2028 EUR 65.167
DZ Bank AG Deutsche Z 1.840 12/21/2048 EUR 72.776
New World Resources N 8.000 4/7/2020 EUR 0.089
Grupo Isolux Corsan S 6.000 12/30/2021 EUR 0.253
DZ Bank AG Deutsche Z 0.500 3/2/2038 EUR 62.492
BPCE SA 2.250 3/13/2040 AUD 48.941
Kreditanstalt fuer Wi 0.613 6/10/2040 EUR 65.805
CDC Habitat SEM 1.150 4/30/2037 EUR 68.625
BNP Paribas SA 3.580 7/23/2040 AUD 70.864
Landesbank Hessen-Thu 1.150 7/10/2034 EUR 73.231
Hypo Vorarlberg Bank 1.520 7/8/2050 EUR 65.843
HSBC Bank PLC 0.500 11/25/2025 BRL 69.336
Erste Group Bank AG 0.770 11/13/2033 EUR 71.447
BNP Paribas SA 1.550 2/1/2023 USD 68.260
Leonteq Securities AG 7.000 3/29/2023 CHF 57.860
Landesbank Hessen-Thu 1.000 12/28/2035 EUR 65.450
Boparan Finance PLC 7.625 11/30/2025 GBP 68.000
Orbit Capital PLC 2.000 11/24/2038 GBP 64.256
Ministeries Van de Vl 1.863 2/28/2048 EUR 71.885
Nobel Bidco BV 3.125 6/15/2028 EUR 68.100
Single Platform Inves 1.080 7/18/2036 EUR 70.469
NRW Bank 0.835 9/24/2041 EUR 69.431
Region Wallonne Belgi 1.550 4/28/2120 EUR 53.583
Norddeutsche Landesba 1.910 11/10/2036 EUR 72.526
Lloyds Bank PLC 2.545 8/28/2038 SEK 72.654
Communaute Francaise 1.820 3/27/2049 EUR 71.635
Assistance Publique H 0.800 3/23/2046 EUR 57.696
Banco Santander SA 1.000 1/14/2034 EUR 70.735
Region de Bruxelles-C 1.528 4/5/2049 EUR 65.897
Raiffeisen-Landesbank 0.766 9/17/2031 EUR 75.596
Region Hauts-de-Franc 0.402 2/18/2043 EUR 55.844
Autonomous Community 1.655 10/31/2050 EUR 63.714
Ukraine Government Bo 3.900 10/5/2023 USD 59.813
Grenke Finance PLC 2.237 1/29/2029 EUR 73.482
Rusal Capital DAC 5.300 5/3/2023 USD 40.406
Region Provence-Alpes 0.753 1/5/2037 EUR 70.765
Bazalgette Finance Pl 0.174 5/16/2049 GBP 65.793
Santander Consumer Ba 8.100 NOK 56.752
Landesbank Baden-Wuer 1.050 7/17/2034 EUR 69.370
Single Platform Inves 0.700 9/20/2041 EUR 59.108
Banco Espirito Santo 10.000 12/6/2021 EUR 0.110
City of St Gallen 0.140 9/16/2044 CHF 71.145
DLR Kredit A/S 0.500 10/1/2053 DKK 67.984
Bulgaria Steel Financ 12.000 5/4/2013 EUR 0.216
Astana Finance BV 9.000 11/16/2011 USD 15.250
ABN AMRO Bank NV 1.070 3/3/2041 EUR 72.020
Norwegian Air Shuttle 7.500 11/10/2023 USD 74.276
Region Wallonne Belgi 1.272 10/3/2040 EUR 70.616
Batigere Grand Est SA 1.600 11/14/2039 EUR 69.571
Dtek Renewables Finan 8.500 11/12/2024 EUR 31.012
Region of Centre-Val 0.712 12/3/2039 EUR 65.265
Takarek Mortgage Bank 3.000 1/28/2036 HUF 43.330
Societe Generale SA 20.000 8/31/2023 USD 9.250
Credit Suisse AG/Lond 13.700 9/25/2023 USD 19.830
Bank Severnyy Morskoy 8.500 RUB 100.020
Gold-Zack AG 7.000 12/14/2005 EUR 3.522
Romanian Government I 2.875 4/13/2042 EUR 56.336
Credit Bank of Moscow 7.500 10/5/2027 USD 18.858
Landesbank Baden-Wuer 0.327 5/7/2038 EUR 65.093
Aareal Bank AG 0.255 9/17/2029 EUR 72.453
Barclays Bank PLC 6.400 6/16/2031 MXN 69.770
Ville de Paris 0.831 2/23/2056 EUR 46.443
Wirtschafts- und Infr 0.421 3/17/2039 EUR 66.377
Credit Agricole SA 1.000 4/6/2035 EUR 71.065
Region de Bruxelles-C 1.500 6/22/2070 EUR 59.939
TBI Bank EAD 5.250 7/30/2031 EUR 49.967
Aareal Bank AG 1.741 1/12/2045 EUR 70.473
MMC Norilsk Nickel OJ 2.800 10/27/2026 USD 72.250
Deutsche Pfandbriefba 0.312 4/16/2029 EUR 72.503
Single Platform Inves 1.180 4/1/2039 EUR 67.802
Region de Bruxelles-C 1.813 1/22/2048 EUR 74.145
Ukraine Government In 12.520 5/13/2026 UAH 57.413
HSBC Bank PLC 0.500 6/23/2027 MXN 63.242
Credit Agricole SA 3.750 6/9/2040 AUD 66.470
Batigere Grand Est SA 2.030 5/29/2070 EUR 71.743
Luzerner Kantonalbank 0.250 8/28/2040 CHF 74.545
Depfa Funding II LP 6.500 EUR 57.625
NRW Bank 0.610 9/7/2040 EUR 67.520
MMC Norilsk Nickel OJ 2.550 9/11/2025 USD 69.111
Cooperatieve Rabobank 0.500 8/21/2028 MXN 54.822
Agence France Locale 0.210 12/20/2035 EUR 68.463
Kreditanstalt fuer Wi 1.027 10/26/2050 EUR 61.626
Stichting Afwikkeling 8.450 8/20/2018 USD 43.625
Luminis SA 1.800 9/2/2059 EUR 51.883
Agrokor dd Via Aquari 4.921 8/8/2017 EUR 14.625
Credit Suisse AG/Lond 3.500 3/28/2032 USD 70.885
Batigere Grand Est SA 1.600 11/14/2044 EUR 64.899
Deutsche Wohnen SE 1.700 12/5/2036 EUR 67.948
National Grid Electri 2.710 10/4/2034 AUD 72.867
State of Brandenburg 0.300 10/4/2049 EUR 53.150
Sovcombank Via SovCom 8.000 4/7/2030 USD 4.774
Vorosko Kereskedelmi 4.750 1/25/2032 HUF 65.000
Credit Suisse AG/Lond 17.250 2/21/2023 USD 69.000
Credit Suisse AG/Lond 7.000 12/17/2026 EUR 54.170
Landesbank Hessen-Thu 1.750 8/4/2036 EUR 66.550
BNP Paribas SA 1.259 10/2/2023 USD 24.040
Leonteq Securities AG 6.000 12/1/2023 CHF 63.240
Leonteq Securities AG 22.000 5/31/2023 CHF 60.800
Canary Wharf Group In 3.375 4/23/2028 GBP 67.660
Landesbank Hessen-Thu 0.550 8/19/2032 EUR 70.718
Assistance Publique H 1.099 4/6/2071 EUR 44.406
Landesbank Saar 0.540 11/18/2033 EUR 70.021
Autostrade per l'Ital 3.625 6/9/2038 EUR 74.089
Deutsche Apotheker-un 1.616 1/15/2038 EUR 73.735
Kingdom of Belgium Go 2.750 6/10/2071 USD 70.274
Credit Bank of Moscow 7.121 6/25/2024 USD 23.025
Greenleaves Capital D 2.610 9/25/2031 AUD 73.932
Region de Bruxelles-C 1.100 6/22/2066 EUR 54.308
Malta Government Bond 1.000 8/23/2035 EUR 71.170
Single Platform Inves 1.165 6/6/2046 EUR 62.045
Wirtschafts- und Infr 0.208 1/28/2043 EUR 57.399
Kreditanstalt fuer Wi 1.208 3/10/2051 EUR 72.036
National Treasury Man 1.560 2/16/2122 EUR 64.886
Kommunalkredit Austri 1.183 6/2/2031 EUR 72.807
Societe Generale SA 1.700 1/19/2031 USD 73.150
Single Platform Inves 1.080 5/17/2033 EUR 74.970
Communaute Francaise 1.040 7/19/2101 EUR 47.937
Single Platform Inves 0.656 9/20/2050 EUR 48.982
Very Group Funding Pl 6.500 8/1/2026 GBP 71.542
Department of Gironde 0.765 4/29/2036 EUR 72.930
Department of Gironde 0.846 4/29/2039 EUR 67.982
Pfandbriefbank schwei 0.375 1/24/2042 CHF 75.771
Muenchener Hypotheken 0.568 6/15/2032 EUR 75.094
Region Hauts-de-Franc 0.691 7/9/2042 EUR 60.837
Pescanova SA 5.125 4/20/2017 EUR 0.319
Mox Telecom AG 7.250 11/2/2017 EUR 2.270
Agrokor dd 8.875 2/1/2020 USD 15.000
Region Wallonne Belgi 1.225 9/2/2120 EUR 41.657
Credit Suisse AG/Lond 5.100 6/8/2041 USD 64.987
Credit Suisse AG/Lond 3.220 2/8/2032 AUD 68.068
NTRP Via Interpipe Lt 10.250 8/2/2017 USD 26.500
Region de Bruxelles-C 1.065 6/22/2047 EUR 60.898
Single Platform Inves 1.850 11/5/2040 EUR 74.194
Bayerische Landesbank 1.320 9/16/2033 EUR 73.588
Nederlandse Waterscha 0.750 10/4/2041 EUR 67.509
Italy Buoni Poliennal 2.800 3/1/2067 EUR 71.312
NatWest Markets PLC 1.250 12/4/2034 EUR 68.835
Single Platform Inves 0.950 2/5/2033 EUR 75.377
Vasakronan AB 2.777 4/12/2039 SEK 74.555
KESZ Holding Business 4.100 11/17/2031 HUF 73.400
Societe Generale SA 11.000 11/22/2024 USD 34.180
Societe Generale SA 8.100 4/3/2023 USD 61.980
Zurcher Kantonalbank 20.000 1/18/2023 USD 69.650
Societe Generale SA 12.000 9/5/2024 USD 44.280
Vontobel Financial Pr 3.700 2/27/2023 EUR 77.080
Ebis OOO 13.000 8/11/2023 RUB 4.520
Region de Bruxelles-C 0.556 12/23/2064 EUR 38.456
Grand City Properties 2.800 2/25/2039 EUR 50.767
Societe Generale SA 2.000 2/26/2033 USD 72.236
Hungary Government In 0.125 9/21/2028 EUR 74.023
Gazprom PJSC Via Gaz 5.150 2/11/2026 USD 74.870
Region de Bruxelles-C 1.620 2/8/2044 EUR 72.833
Credit Agricole SA 3.270 10/5/2041 AUD 55.968
Barclays Bank PLC 1.750 9/29/2032 USD 63.817
Regie Autonome des Tr 0.938 5/25/2050 EUR 56.140
Agence Francaise de D 2.114 9/8/2034 AUD 72.209
Greenleaves Capital D 2.685 9/25/2031 AUD 74.776
Ukraine Government In 7.375 9/25/2034 USD 18.436
Novolipetsk Steel Via 4.000 9/21/2024 USD 63.228
National Grid Electri 1.151 2/20/2040 EUR 62.137
Grupo Isolux Corsan S 1.000 12/30/2021 EUR 0.157
Credit Suisse AG/Lond 2.000 5/17/2029 USD 70.602
Alfa Bank AO Via Alfa 5.500 10/26/2031 USD 3.726
Cimpress PLC 7.000 6/15/2026 USD 71.432
BNP Paribas SA 3.750 6/12/2040 AUD 72.448
Nykredit Realkredit A 1.182 1/17/2034 EUR 70.549
Ville de Paris 0.963 6/8/2050 EUR 55.667
Region de Bruxelles-C 0.844 12/22/2047 EUR 55.576
Virgolino de Oliveira 11.750 2/9/2022 USD 0.499
Sequa Petroleum NV 5.000 4/29/2020 USD 30.250
Single Platform Inves 1.051 4/1/2042 EUR 63.075
MMC Norilsk Nickel OJ 6.625 10/14/2022 USD 72.779
DZ HYP AG 1.430 10/26/2046 EUR 72.018
State of Hesse 0.227 8/20/2049 EUR 53.959
Communaute Francaise 0.584 9/17/2039 EUR 61.276
Credit Suisse AG/Lond 17.250 3/14/2023 CHF 42.960
Landesbank Baden-Wuer 7.070 1/27/2023 EUR 31.160
Vontobel Financial Pr 6.000 3/24/2023 EUR 62.580
Societe Generale SA 0.973 4/13/2023 USD 63.550
Bank Vontobel AG 9.340 6/5/2023 EUR 34.000
Nordea Bank Abp 4.600 1/20/2029 SEK 66.500
Nordea Bank Abp 4.100 7/20/2023 SEK 50.670
MOL Hungarian Oil & G 2.000 9/24/2029 HUF 66.290
Takarek Mortgage Bank 3.750 4/14/2026 HUF 75.000
DeltaCredit Bank JSC 1.000 5/18/2026 RUB 74.200
Pharmacy Chain 36.6 P 10.000 11/30/2029 RUB 60.350
BNP Paribas Issuance 7.200 12/17/2024 SEK 72.560
Societe Generale SA 17.000 1/17/2030 USD 48.300
Mifa Mitteldeutsche F 7.500 8/12/2018 EUR 2.150
Intelsat Jackson Hold 9.750 7/15/2025 USD 0.491
Single Platform Inves 0.780 2/15/2040 EUR 62.027
ING Groep NV 0.975 2/14/2034 EUR 66.327
NRW Bank 1.000 6/24/2051 EUR 65.150
Purple Protected Asse 2.100 4/15/2060 EUR 50.676
Wirtschafts- und Infr 0.500 12/1/2038 EUR 67.661
Credit Suisse AG/Lond 2.000 9/30/2030 USD 66.712
National Grid Electri 2.037 2/15/2039 EUR 75.256
Slovakia Government B 2.000 10/17/2047 EUR 74.650
Affinity Water Financ 0.230 11/22/2042 GBP 67.718
Kuntarahoitus Oyj 1.155 11/19/2060 EUR 55.005
Muenchener Hypotheken 0.300 1/27/2031 EUR 74.854
DZ Bank AG Deutsche Z 0.210 2/4/2033 EUR 74.766
Jain International Tr 7.125 3/31/2026 USD 27.547
Region Auvergne-Rhone 1.150 4/8/2039 EUR 71.815
Polyus Finance PLC 3.250 10/14/2028 USD 59.756
Deutsche Bank AG 0.700 10/7/2031 EUR 70.295
Autonomous Community 1.515 6/21/2051 EUR 59.498
Region Auvergne-Rhone 0.543 9/28/2036 EUR 69.496
Erste Group Bank AG 1.065 5/17/2041 EUR 65.256
State of Rhineland-Pa 0.375 7/20/2048 EUR 55.765
Landesbank Hessen-Thu 0.600 4/9/2035 EUR 66.579
Kelag-Kaerntner Elekt 1.150 4/16/2041 EUR 65.523
Kuntarahoitus Oyj 1.300 4/8/2061 EUR 69.361
Deutsche Telekom AG 3.500 4/15/2041 AUD 69.994
Caisse des Depots et 0.916 1/20/2051 EUR 58.784
Communaute Francaise 1.787 6/14/2044 EUR 73.107
BPCE SA 2.250 3/13/2040 AUD 48.405
Societe Generale SA 3.100 4/22/2036 AUD 65.090
United Kingdom Gilt 0.625 10/22/2050 GBP 45.404
Pfandbriefzentrale de 0.250 6/12/2040 CHF 75.431
Rikshem AB 1.910 11/16/2032 NOK 73.979
UkrLandFarming PLC 10.875 3/26/2018 USD 1.334
Kreditanstalt fuer Wi 1.087 1/21/2050 EUR 70.187
Nederlandse Waterscha 0.448 10/8/2040 EUR 64.845
Commerzbank AG 2.350 2/24/2042 EUR 72.659
Single Platform Inves 1.108 2/15/2041 EUR 65.058
NORD/LB Luxembourg SA 0.542 9/30/2037 EUR 67.775
BNG Bank NV 10.010 6/17/2025 TRY 57.380
Bayerische Landesbank 1.600 7/21/2036 EUR 71.897
Caisse Francaise de F 1.110 9/21/2046 EUR 72.632
Region de Bruxelles-C 0.808 1/31/2050 EUR 54.012
Banque Federative du 0.376 10/15/2031 EUR 73.910
Societe Du Grand Pari 1.923 5/25/2066 EUR 65.085
UniCredit Bank AG 13.000 7/28/2025 USD 70.730
Credit Suisse AG/Lond 11.500 1/16/2023 EUR 23.200
Bank Julius Baer & Co 9.300 1/9/2023 USD 47.200
SG Issuer SA 6.867 11/12/2031 EUR 79.260
COFIDUR SA 0.100 12/31/2024 EUR #N/A N/A
RUSAL Bratsk OJSC 0.010 4/7/2026 RUB 74.790
KVS OOO 11.000 12/8/2033 RUB 70.000
Duna Aszfalt Ut Es Me 2.990 10/17/2029 HUF 61.000
Landesbank Hessen-Thu 1.000 4/28/2036 EUR 68.562
Oberoesterreichische 0.763 12/15/2050 EUR 60.617
Single Platform Inves 0.428 2/15/2040 EUR 57.993
DekaBank Deutsche Gir 1.100 11/25/2030 EUR 71.370
Polyus Finance PLC 5.250 2/7/2023 USD 56.394
Societe Generale SA 2.700 3/25/2036 USD 65.151
Vasakronan AB 1.000 6/15/2041 EUR 40.406
Parnassia Groep BV 1.470 12/1/2045 EUR 61.001
Muenchener Hypotheken 1.172 10/30/2047 EUR 71.291
Landshypotek Bank AB 0.750 2/16/2033 SEK 74.684
Single Platform Inves 1.490 3/20/2051 EUR 62.755
Kreditanstalt fuer Wi 1.267 3/22/2051 EUR 72.875
Muenchener Hypotheken 1.000 5/7/2035 EUR 73.046
Landesbank Hessen-Thu 0.950 2/12/2035 EUR 70.213
Muenchener Hypotheken 0.550 2/18/2046 CHF 64.461
Banco Santander SA 0.010 10/1/2032 EUR 66.815
Hemso Fastighets AB 0.473 2/18/2030 EUR 68.764
Centre Hospitalier de 1.580 2/11/2061 EUR 73.074
Turkiye Ihracat Kredi 12.540 9/14/2028 TRY 50.617
Nomura Bank Internati 1.175 7/8/2033 EUR 70.809
Nationwide Building S 0.485 7/11/2044 CHF 73.077
DZ HYP AG 0.300 8/21/2035 EUR 69.393
Northland Resources A 4.000 10/15/2020 USD 0.271
Barclays Bank PLC 0.500 1/28/2033 MXN 25.604
Opportunity SA/LU 0.400 11/13/2030 EUR 72.610
Decipher Production L 12.500 9/27/2019 USD 1.500
NRW Bank 1.245 9/7/2060 EUR 65.093
Heta Asset Resolution 2.864 12/31/2023 EUR 0.023
Nederlandse Waterscha 0.260 11/10/2036 EUR 69.002
Minicentrales Dos SA 0.010 6/6/2047 EUR 66.811
SAG Solarstrom AG 7.500 7/10/2017 EUR 31.000
Berlin Hyp AG 0.055 10/16/2030 EUR 74.563
Muenchener Hypotheken 0.886 3/26/2043 EUR 66.869
Deutsche Bank AG 1.750 4/9/2035 EUR 68.849
Nederlandse Waterscha 0.230 10/22/2035 EUR 70.700
United Group BV 3.625 2/15/2028 EUR 73.600
Communaute Francaise 1.115 7/11/2039 EUR 68.033
Aareal Bank AG 1.068 2/18/2050 EUR 66.286
Caisse des Depots et 0.750 11/6/2048 EUR 58.984
Wirtschafts- und Infr 0.267 8/29/2044 EUR 55.008
Region Wallonne Belgi 1.135 10/10/2069 EUR 50.955
Hemso Fastighets AB 2.127 4/18/2039 EUR 57.086
Erste Group Bank AG 1.400 5/7/2034 EUR 76.722
UniCredit Bank AG 4.550 12/22/2025 EUR 70.600
Credit Suisse AG/Lond 13.300 11/29/2023 USD 51.550
Societe Generale SA 23.000 5/1/2023 USD 43.000
Credit Suisse AG/Lond 5.880 6/28/2023 USD 9.160
Landesbank Baden-Wuer 3.500 12/22/2023 EUR 70.900
MET Hungary Solar Par 3.800 12/2/2031 HUF 68.100
UBS AG/London 18.000 6/29/2023 USD 52.500
Credit Suisse AG/Lond 8.000 11/15/2023 USD 62.410
UniCredit Jelzalogban 3.500 10/27/2027 HUF 76.700
BNP Paribas SA 1.275 10/2/2023 USD 22.080
Landesbank Hessen-Thu 1.000 9/3/2035 EUR 66.650
Bank Julius Baer & Co 7.200 1/19/2023 CHF 65.750
Russian Railways JSC 12.980 10/15/2040 RUB 50.000
Meta Wolf AG 6.750 3/10/2005 DEM 0.112
State of Saxony-Anhal 2.272 7/3/2028 EUR 60.000
Bayerische Landesbank 1.100 1/26/2024 EUR 58.350
Hemso Fastighets AB 3.020 9/14/2048 SEK 68.751
Communaute Francaise 1.170 7/5/2049 EUR 60.247
French Republic Gover 0.500 6/25/2044 EUR 61.744
Landeskreditbank Bade 1.025 4/1/2061 EUR 61.277
French Republic Gover 1.500 5/25/2050 EUR 72.878
Landeskreditbank Bade 1.017 3/15/2061 EUR 60.431
Single Platform Inves 1.100 4/19/2039 JPY 72.572
Kreditanstalt fuer Wi 0.953 1/24/2042 EUR 72.609
Saechsische Aufbauban 0.300 2/18/2042 EUR 58.734
Kreditanstalt fuer Wi 1.270 6/29/2051 EUR 71.020
Nomura Bank Internati 1.150 10/6/2036 EUR 64.418
National Grid Electri 2.226 12/19/2039 GBP 63.926
Single Platform Inves 0.860 6/15/2039 EUR 63.844
Ville de Paris 0.750 11/30/2041 EUR 63.574
Landeskreditbank Bade 0.547 2/18/2041 EUR 64.012
Alfa Bank AO Via Alfa 5.900 USD 3.397
Muenchener Hypotheken 0.400 8/11/2031 EUR 74.036
Alliander NV 1.125 4/8/2035 EUR 74.144
Vasakronan AB 2.130 5/27/2041 SEK 68.608
Virgolino de Oliveira 10.875 1/13/2020 USD 36.000
Spain Government Bond 0.850 7/30/2037 EUR 69.257
Commerzbank AG 2.565 5/15/2043 EUR 71.791
Kreditanstalt fuer Wi 1.143 4/15/2050 EUR 69.637
Getin Noble Bank SA 12.000 5/31/2024 PLN 36.654
Societe Nationale SNC 2.457 12/23/2050 USD 67.560
Republic of Ireland I 1.100 11/12/2096 EUR 50.531
DZ Bank AG Deutsche Z 0.800 1/21/2041 EUR 67.069
Credit Industriel Et 0.900 2/4/2041 EUR 61.334
Deutsche Pfandbriefba 2.000 7/9/2032 EUR 71.972
DZ Bank AG Deutsche Z 1.470 1/20/2042 EUR 69.110
BNP Paribas SA 0.500 11/16/2032 MXN 33.838
Tonon Luxembourg SA 12.500 5/14/2024 USD 2.680
Barclays Bank PLC 2.000 6/12/2029 TRY 20.571
Department of Bouches 0.450 10/15/2041 EUR 58.648
Ferrovie Luganesi SA 0.280 12/31/2044 CHF 68.650
UniCredit Bank AG 0.310 10/15/2035 EUR 69.760
Pfandbriefzentrale de 0.050 10/6/2043 CHF 68.726
Harp Issuer PLC 1.400 2/14/2032 USD 69.217
Getin Noble Bank SA 12.300 8/31/2023 PLN 45.696
Credit Suisse AG/Nass 3.750 10/20/2036 USD 67.389
Getin Noble Bank SA 12.800 11/9/2023 PLN 34.709
Credit Agricole Corpo 9.450 3/8/2027 TRY 49.035
Municipality of Arnhe 0.605 2/24/2040 EUR 68.134
Landesbank Hessen-Thu 0.450 9/5/2031 EUR 74.381
Deutsche Pfandbriefba 0.857 9/18/2037 EUR 50.406
State of Hesse 0.100 10/1/2037 EUR 64.463
Erste Group Bank AG 1.230 5/29/2033 EUR 75.044
KESZ Holding Business 2.800 6/17/2031 HUF 68.070
Raiffeisen Schweiz Ge 14.200 2/14/2023 CHF 55.290
Vontobel Financial Pr 3.900 1/19/2023 EUR 65.470
Kalita OOO 15.000 9/12/2023 RUB 2.920
Basler Kantonalbank 16.000 10/5/2023 CHF 50.710
Societe Generale SA 9.000 6/15/2023 USD 34.700
EFG International Fin 6.370 3/6/2023 USD 53.840
Wellis Magyarorszag K 3.000 2/26/2031 HUF 67.281
Landesbank Hessen-Thu 0.800 11/26/2035 EUR 65.100
Landesbank Hessen-Thu 1.000 10/1/2035 EUR 67.300
Landesbank Hessen-Thu 9.620 9/21/2033 EUR 73.700
OR PJSC 11.500 7/28/2024 RUB 4.930
Landeskreditbank Bade 0.170 12/10/2035 EUR 70.514
AB Financial Products 1.605 7/30/2040 EUR 58.214
Landesbank Hessen-Thu 0.250 1/13/2031 EUR 75.199
Societe Generale SA 1.100 2/20/2034 EUR 69.528
Lloyds Bank PLC 2.520 9/4/2038 SEK 72.137
Single Platform Inves 1.050 3/17/2039 EUR 66.001
Grupo Isolux Corsan S 6.000 12/30/2021 USD 0.253
NRW Bank 1.070 3/10/2051 EUR 66.280
Landesbank Baden-Wuer 0.900 5/28/2035 EUR 66.143
Department of Bouches 0.561 9/15/2035 EUR 72.147
Hungary Government In 1.625 4/28/2032 EUR 71.947
Kreditanstalt fuer Wi 0.650 2/24/2041 EUR 68.763
Ville de Paris 1.165 6/9/2053 EUR 56.198
Region de Bruxelles-C 1.810 3/22/2053 EUR 70.893
United Kingdom Gilt 0.500 10/22/2061 GBP 36.089
Single Platform Inves 1.510 2/13/2043 EUR 68.355
Credit Suisse AG/Lond 2.000 1/24/2029 USD 73.309
Parnassia Groep BV 1.470 12/3/2046 EUR 60.590
Single Platform Inves 0.930 7/2/2041 EUR 62.791
Single Platform Inves 1.000 7/15/2036 EUR 69.491
Kommunekredit 1.375 5/18/2046 SEK 69.015
Caisse des Depots et 1.438 5/24/2051 EUR 69.911
Communaute Francaise 0.782 2/8/2061 EUR 44.264
Nederlandse Waterscha 1.551 11/24/2061 EUR 72.833
Malta Government Bond 1.200 5/13/2037 EUR 70.280
Hemso Fastighets AB 1.800 5/5/2032 EUR 68.678
Muenchener Hypotheken 0.805 4/16/2036 EUR 65.790
Credit Agricole Corpo 2.400 5/17/2048 EUR 56.245
Landesbank Hessen-Thu 0.500 12/3/2031 EUR 73.102
Landesbank Hessen-Thu 1.150 11/24/2036 EUR 69.649
Polyus Finance PLC 4.700 1/29/2024 USD 59.674
Saastopankkien Keskus 0.860 1/18/2036 EUR 69.107
Single Platform Inves 0.830 9/6/2041 EUR 60.895
ING Bank NV 0.182 4/21/2033 EUR 75.118
Portugal Telecom Inte 5.242 11/6/2017 EUR 0.694
Saastopankkien Keskus 0.975 8/18/2034 EUR 72.778
United Utilities Wate 1.474 8/24/2031 USD 71.801
Republic of Austria G 0.100 7/10/2040 EUR 61.209
Batigere Grand Est SA 1.550 8/12/2041 EUR 66.814
Opportunity SA/LU 0.400 11/13/2030 EUR 72.610
Grand Delta Habitat 1.500 9/1/2047 EUR 57.636
Norske Skogindustrier 7.125 10/15/2033 USD 0.010
Nederlandse Waterscha 0.964 6/11/2059 EUR 61.541
Norske Skog Holding A 8.000 2/24/2023 USD 0.006
Steilmann SE 7.000 3/9/2017 EUR 1.429
MFB Magyar Fejlesztes 1.900 4/22/2026 HUF 76.882
Lehman Brothers Treas 4.810 10/5/2035 EUR 0.100
Orient Express Bank P 2.000 USD 19.301
Norske Skogindustrier 7.000 12/30/2026 EUR 0.010
State of Saarland 1.108 5/18/2046 EUR 72.505
SAir Group 6.250 4/12/2005 CHF 12.262
State of Lower Austri 0.585 10/11/2049 EUR 53.889
Batigere Grand Est SA 1.485 10/25/2039 EUR 67.905
Batigere Grand Est SA 1.550 11/14/2039 EUR 68.611
HSBC Bank PLC 10.300 12/10/2024 TRY 65.467
ABN AMRO Bank NV 0.450 12/12/2036 EUR 70.223
Muenchener Hypotheken 0.510 1/10/2035 EUR 73.303
Baromfi-Coop Termelo 3.000 7/19/2031 HUF 60.700
Futureal Development 3.500 11/16/2036 HUF 47.000
BNP Paribas Emissions 5.100 2/21/2023 USD 72.910
OR PJSC 16.000 11/26/2025 RUB 21.150
Landesbank Hessen-Thu 2.400 6/9/2036 EUR 63.300
Raiffeisen Schweiz Ge 10.000 1/16/2023 CHF 55.440
Landesbank Hessen-Thu 1.500 12/10/2036 EUR 67.450
Raiffeisen Bank Inter 7.500 9/1/2023 EUR 38.950
Raiffeisen Switzerlan 7.050 5/23/2023 CHF 50.130
Credit Suisse AG/Lond 9.000 2/14/2023 USD 70.460
Reneszansz Kofarago z 3.200 4/9/2031 HUF 73.000
VTB Bank PJSC 3.750 EUR 30.000
Nestle Hungaria Kft 1.750 5/31/2028 HUF 59.000
DVM Construction Fova 3.000 7/29/2030 HUF 57.300
Danske Bank A/S 5.000 1/9/2025 SEK 72.750
Cordia International 3.000 7/27/2030 HUF 57.000
Landesbank Baden-Wuer 4.810 2/20/2034 EUR 72.360
Landesbank Baden-Wuer 4.810 1/30/2034 EUR 75.910
Golfino AG 8.000 11/18/2023 EUR 0.010
SALVATOR Vermoegensve 9.500 EUR 7.900
Pannonia Bio Ltd 2.400 9/18/2029 HUF 65.650
Landesbank Hessen-Thu 1.000 11/29/2034 EUR 68.500
Agence France Locale 0.330 12/20/2040 EUR 61.189
Landesbank Baden-Wuer 0.905 4/1/2041 EUR 58.923
Kreditanstalt fuer Wi 1.171 7/19/2051 EUR 69.145
Department of Bouches 0.530 7/30/2035 EUR 72.119
Norddeutsche Landesba 0.350 12/11/2030 EUR 72.510
Raiffeisenlandesbank 1.174 7/11/2034 EUR 74.114
UBS Group AG 2.300 12/3/2035 AUD 65.842
Goldman Sachs Interna 2.200 3/29/2048 EUR 71.453
Prosus NV 1.985 7/13/2033 EUR 68.986
Thames Water Utilitie 2.442 5/12/2050 GBP 52.773
Muenchener Hypotheken 1.000 6/30/2037 EUR 65.778
Ukraine Government In 15.970 4/19/2023 UAH 58.352
BPCE SA 2.160 10/6/2031 USD 73.206
Vasakronan AB 0.950 3/22/2039 JPY 70.688
Rikshem AB 3.250 5/31/2041 AUD 64.070
Societe Du Grand Pari 2.100 2/14/2069 EUR 69.384
Berlin Hyp AG 1.057 2/21/2059 EUR 63.961
BNP Paribas SA 0.857 2/22/2036 EUR 66.367
Deutsche Pfandbriefba 4.120 11/3/2031 EUR 68.335
Region Provence-Alpes 1.547 11/29/2038 EUR 75.300
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.500
Communaute Francaise 1.380 11/7/2046 EUR 65.692
Landesbank Baden-Wuer 0.250 5/27/2037 EUR 65.722
Lloyds Bank PLC 2.560 9/4/2038 SEK 72.972
Libra Internet Bank S 4.250 9/28/2028 EUR 74.394
NIBC Bank NV 0.410 1/27/2031 EUR 67.438
Muenchener Hypotheken 0.170 9/24/2031 EUR 73.973
Single Platform Inves 1.120 7/25/2045 JPY 63.506
Romanian Government I 3.500 4/3/2034 EUR 73.713
Kreditanstalt fuer Wi 0.890 3/10/2041 EUR 70.797
National Grid Electri 2.920 9/30/2044 AUD 65.807
Centre Hospitalier Re 0.800 6/28/2041 EUR 63.853
Region Provence-Alpes 0.569 10/1/2038 EUR 65.670
Societe Generale SA 1.290 12/19/2034 EUR 71.950
Agence Francaise de D 2.330 2/10/2041 AUD 65.474
Aktia Bank Oyj 1.050 9/9/2041 EUR 65.218
State of North Rhine- 0.200 7/17/2034 EUR 73.601
Lloyds Bank PLC 2.450 7/20/2048 EUR 75.321
Societe Du Grand Pari 1.149 4/8/2069 EUR 52.118
Single Platform Inves 1.715 2/15/2041 EUR 74.705
Societe Generale SA 2.970 4/15/2036 USD 67.395
Department of Loiret 0.915 11/23/2043 EUR 62.231
Single Platform Inves 3.770 3/3/2046 AUD 71.339
Bausparkasse Wuestenr 0.485 6/25/2040 EUR 63.791
UniCredit SpA 1.050 1/23/2031 EUR 75.323
Collectivite Europeen 0.200 11/5/2035 EUR 68.111
Assistance Publique H 0.647 7/17/2040 EUR 66.970
AB Booster Capital Lt 2.000 3/8/2032 USD 69.059
Lloyds Bank PLC 0.500 7/26/2028 MXN 57.664
Province of Brescia I 3.308 12/22/2036 EUR 74.620
Single Platform Inves 1.117 5/25/2066 EUR 51.581
SNCF Reseau 1.475 3/30/2065 EUR 55.826
ABN AMRO Bank NV 1.425 4/17/2045 EUR 72.236
Caisse des Depots et 1.460 1/24/2052 EUR 68.089
DZ Bank AG Deutsche Z 0.500 10/21/2032 EUR 74.264
Credit Suisse AG/Lond 1.520 12/20/2030 EUR 72.840
Banca Popolare di Vic 9.500 10/2/2025 EUR 0.313
SCF Capital Designate 5.375 6/16/2023 USD 20.001
BPCE SA 0.500 10/21/2034 EUR 72.620
Credit Agricole Corpo 0.650 11/5/2034 EUR 66.742
Deutsche Pfandbriefba 0.903 11/19/2029 EUR 72.903
National Grid Electri 3.120 12/10/2039 AUD 70.132
Assa Abloy AB 0.650 8/28/2034 EUR 72.882
Vilogia SA d'HLM 1.500 8/7/2034 EUR 71.936
Muenchener Hypotheken 0.300 9/6/2032 EUR 72.015
Land Baden-Wuerttembe 1.150 4/5/2049 EUR 74.587
OTP Munkavallalok Ii 4.500 7/14/2031 HUF 70.010
OR PJSC 16.000 11/22/2025 RUB 21.740
DZ Bank AG Deutsche Z 15.500 2/22/2023 EUR 25.240
Landesbank Baden-Wuer 7.000 4/28/2023 EUR 71.020
Societe Generale SA 20.000 4/3/2025 USD 14.100
Credit Suisse AG/Lond 4.450 6/28/2023 USD 8.970
DekaBank Deutsche Gir 3.970 2/9/2023 EUR 44.540
DekaBank Deutsche Gir 5.970 2/9/2023 EUR 44.670
DZ Bank AG Deutsche Z 4.050 6/23/2023 EUR 56.580
Magyar Telekom Teleco 1.450 11/26/2027 HUF 68.750
UniCredit Bank AG 3.500 2/13/2023 EUR 44.710
Landesbank Hessen-Thu 1.100 12/27/2034 EUR 68.500
Pongs & Zahn AG 8.500 EUR 0.003
SunDell Estate Nyrt 3.250 11/12/2030 HUF 68.000
Kardan NV 6.325 2/21/2021 ILS 4.000
BNG Bank NV 0.630 7/11/2067 EUR 47.696
Department of Bouches 0.671 5/5/2042 EUR 60.819
Assistance Publique H 1.053 5/25/2052 EUR 55.576
Serbia International 2.125 12/1/2030 USD 72.404
Communaute Francaise 1.520 7/22/2069 EUR 61.336
Frankfurter Volksbank 0.100 7/15/2031 EUR 73.077
Ukraine Government In 15.840 2/26/2025 UAH 52.868
Bayerische Landesbank 1.850 3/5/2031 EUR 72.266
Wirtschafts- und Infr 0.450 12/1/2038 EUR 68.062
Landesbank Hessen-Thu 1.000 1/13/2037 EUR 68.114
Single Platform Inves 0.800 4/7/2042 EUR 59.640
Akademiska Hus AB 0.850 2/17/2033 SEK 73.087
Single Platform Inves 1.850 2/15/2041 NOK 74.036
Pro-Gest SpA 3.250 12/15/2024 EUR 62.325
Bayerische Landesbank 3.850 11/18/2036 EUR 74.981
DNB Boligkreditt AS 1.480 12/22/2042 EUR 74.203
Kingdom of Belgium Go 0.675 7/7/2080 EUR 38.118
Single Platform Inves 1.060 4/1/2042 EUR 64.281
Santander Internation 1.365 1/28/2061 EUR 55.360
Kommunalkredit Austri 1.055 10/6/2031 EUR 71.623
Region Provence-Alpes 0.623 10/15/2035 EUR 72.060
BNP Paribas SA 1.000 1/23/2040 MXN 19.080
Hungary Government Bo 3.000 4/25/2041 HUF 55.659
Single Platform Inves 1.920 11/5/2040 EUR 75.495
Raiffeisen-Landesbank 0.550 1/20/2031 EUR 75.618
Kreditanstalt fuer Wi 0.990 2/12/2051 EUR 66.612
Sibur Securities DAC 4.125 10/5/2023 USD 62.201
Department of L'Eure 0.643 8/31/2041 EUR 61.465
Bank fuer Kirche und 0.660 3/17/2036 EUR 68.478
Portugal Obrigacoes d 1.000 4/12/2052 EUR 53.485
Single Platform Inves 0.780 3/5/2039 EUR 63.237
Kreditanstalt fuer Wi 0.820 4/15/2050 EUR 67.672
Caisse des Depots et 0.945 5/19/2051 EUR 60.826
Communaute Francaise 0.392 1/22/2041 EUR 57.554
BNP Paribas SA 0.500 9/29/2029 AUD 69.057
Norske Skog Holding A 8.000 2/24/2021 EUR 0.006
Uliving@Essex2 Issuer 0.100 8/31/2063 GBP 66.646
DekaBank Deutsche Gir 0.230 4/22/2031 EUR 75.279
Landesbank Hessen-Thu 0.400 1/21/2031 EUR 76.140
Ville de Paris 0.921 5/26/2053 EUR 52.154
Muenchener Hypotheken 0.620 7/22/2033 EUR 69.867
Muenchener Hypotheken 1.300 5/7/2061 EUR 64.547
Bayerische Landesbank 0.400 7/15/2031 EUR 73.582
Nederlandse Waterscha 1.370 3/23/2065 EUR 62.629
Regie Autonome des Tr 0.953 5/24/2052 EUR 60.247
Credito Padano Banca 3.100 EUR 34.522
Region Bretagne SCI 0.815 6/12/2040 EUR 67.262
Saastopankkien Keskus 1.445 6/23/2035 EUR 75.416
Turkey Government Int 6.000 1/14/2041 USD 72.845
Privatbank CJSC Via U 10.875 2/28/2018 USD 4.681
State of Brandenburg 0.050 8/10/2040 EUR 60.349
DZ Bank AG Deutsche Z 0.350 2/28/2035 EUR 71.653
Vasakronan AB 2.084 8/26/2030 AUD 73.543
Communaute Francaise 1.581 1/23/2120 EUR 53.416
DZ Bank AG Deutsche Z 1.000 2/18/2032 EUR 66.424
Lehman Brothers Treas 11.750 3/1/2010 EUR 0.100
Espirito Santo Financ 5.050 11/15/2025 EUR 0.622
Kommunekredit 0.100 9/30/2033 DKK 73.799
Santander Internation 1.700 12/12/2049 EUR 40.612
Ukraine Government In 16.000 5/24/2023 UAH 58.625
State of Hesse 0.450 9/23/2044 EUR 60.727
Ukraine Government In 10.000 8/23/2023 UAH 58.970
Hunland Feed Kft 2.880 7/21/2031 HUF 66.230
UBS AG/London 8.250 11/19/2026 EUR 76.160
Credit Suisse AG/Lond 8.000 11/20/2023 USD 50.950
OR PJSC 11.000 12/29/2024 RUB 4.740
Credit Suisse AG/Lond 8.500 3/24/2023 USD 50.130
Duna House Holding Ny 4.500 1/12/2032 HUF 76.250
Credit Suisse AG/Lond 8.000 11/10/2023 USD 44.890
EFG International Fin 18.000 2/9/2023 EUR 44.740
UBS AG/London 11.760 2/1/2023 USD 9.546
VTB Bank PJSC 13.000 RUB 37.210
Credit Suisse AG/Lond 9.000 12/26/2023 USD 57.410
Landesbank Baden-Wuer 4.050 3/24/2023 EUR 19.920
Crown Holding Kft 5.500 2/23/2032 HUF 79.650
OR PJSC 12.600 9/28/2025 RUB 5.700
DZ Bank AG Deutsche Z 0.880 12/30/2030 EUR 69.730
GTC Magyarorszag Zrt 2.250 12/7/2030 HUF 65.210
Daniella Kereskedelmi 3.000 7/30/2030 HUF 66.030
VTB Bank PJSC 5.000 USD 35.100
Raiffeisen Switzerlan 3.000 11/28/2023 USD 69.000
Societe Generale SA 0.705 11/12/2035 EUR 64.580
DZ Bank AG Deutsche Z 0.390 12/30/2030 EUR 74.140
Landesbank Baden-Wuer 1.250 6/26/2039 EUR 66.270
County of Bihor Roman 2.320 12/15/2027 RON 60.000
OR PJSC 12.000 11/14/2024 RUB 5.520
Duna House Holding Ny 3.000 9/2/2030 HUF 72.970
Bayerische Landesbank 2.150 1/27/2023 EUR 46.850
Caisse des Depots et 2.766 8/9/2049 USD 69.691
Barclays Bank PLC 3.130 4/9/2051 USD 74.762
CNH Industrial Financ 2.200 7/15/2039 EUR 74.869
Raiffeisen-Landesbank 1.380 7/24/2059 EUR 68.694
Slovenska Sporitelna 4.820 EUR 66.576
Single Platform Inves 0.901 2/15/2041 EUR 63.611
Bayerische Landesbode 0.700 6/12/2037 EUR 72.506
Morgan Stanley & Co I 1.105 6/18/2041 EUR 59.966
Raiffeisenlandesbank 0.658 9/29/2031 EUR 75.333
Goldman Sachs Interna 2.520 3/3/2036 USD 70.958
Premium Green PLC 1.050 9/15/2035 EUR 70.033
Caisse des Depots et 1.617 3/18/2049 EUR 74.149
Credit Mutuel Arkea S 1.555 5/14/2035 EUR 73.818
Region de Bruxelles-C 1.020 4/30/2060 EUR 51.689
Region Wallonne Belgi 1.250 4/30/2055 EUR 55.085
Kuntarahoitus Oyj 1.449 3/1/2061 EUR 73.389
Deutsche Bank AG 2.010 12/10/2052 EUR 62.792
Banque Internationale 1.000 2/18/2036 EUR 68.369
SAir Group 2.750 7/30/2004 CHF 12.250
Slovenia Government B 1.750 11/3/2040 EUR 72.960
Region Auvergne-Rhone 0.650 5/18/2038 EUR 67.350
Single Platform Inves 1.680 10/22/2036 EUR 75.700
Caisse des Depots et 0.323 6/4/2035 EUR 70.319
Region Auvergne-Rhone 0.800 5/22/2040 EUR 65.055
Caisse Francaise de F 1.093 10/14/2051 EUR 66.663
Societe Generale SA 2.300 4/20/2048 EUR 74.177
Batigere Grand Est SA 1.345 4/18/2032 EUR 75.286
Cooperatieve Rabobank 1.099 6/28/2051 EUR 66.382
Oberoesterreichische 0.315 9/14/2035 EUR 69.673
Landesbank Baden-Wuer 0.290 8/6/2031 EUR 72.838
Muenchener Hypotheken 0.105 2/17/2031 EUR 74.730
United Utilities Wate 0.359 10/5/2048 GBP 59.861
State of North Rhine- 0.950 1/10/2121 EUR 43.581
Agence Francaise de D 0.368 1/12/2046 EUR 55.304
Region Auvergne-Rhone 0.645 4/9/2040 EUR 63.806
Societe Generale SA 2.050 2/18/2031 AUD 68.986
Nederlandse Waterscha 0.955 2/13/2051 EUR 62.307
Societe Generale SA 2.050 2/18/2031 AUD 68.922
State of Hesse 0.375 4/9/2040 EUR 62.587
Single Platform Inves 1.600 2/15/2041 EUR 71.529
Republic of Austria G 0.700 4/20/2071 EUR 49.206
Region of Centre-Val 0.924 11/2/2043 EUR 62.432
Kingdom of Belgium Go 0.400 6/22/2040 EUR 63.698
Municipality of Leval 0.750 11/17/2036 EUR 71.125
Assistance Publique H 2.000 5/25/2053 EUR 72.288
Nykredit Realkredit A 1.000 10/1/2053 DKK 73.677
Region of Pays de la 1.704 10/23/2040 EUR 74.739
Region de Bruxelles-C 0.500 6/22/2040 EUR 61.828
Societe Nationale SNC 2.910 1/27/2051 AUD 67.954
Hemso Fastighets AB 2.418 11/30/2038 EUR 60.489
Bayerische Landesbank 0.430 4/8/2033 EUR 67.641
Societe Generale SA 1.900 1/15/2031 AUD 68.345
Societe Nationale SNC 2.931 1/14/2051 AUD 68.625
Landesbank Saar 0.130 8/24/2033 EUR 73.965
Credit Suisse AG/Lond 2.800 5/27/2031 AUD 74.712
Hemso Fastighets AB 2.615 11/30/2043 EUR 58.677
DZ Bank AG Deutsche Z 0.330 8/18/2033 EUR 74.869
Landesbank Hessen-Thu 1.050 11/17/2060 EUR 61.186
Canton of Zurich 0.100 6/23/2045 CHF 70.664
Espirito Santo Financ 3.679 10/27/2024 EUR 1.443
Phones4u Finance PLC 9.500 4/1/2018 GBP 74.954
Ville de Paris 0.758 8/20/2060 EUR 43.784
Berlin Hyp AG 0.440 10/29/2035 EUR 62.340
Landesbank Hessen-Thu 1.000 8/27/2035 EUR 69.547
Credit Suisse AG/Lond 2.850 6/16/2036 EUR 71.501
Bayerische Landesbode 0.030 10/22/2035 EUR 68.974
Single Platform Inves 1.220 4/1/2039 EUR 68.207
Nykredit Realkredit A 0.500 10/1/2053 DKK 68.285
Europejskie Centrum O 13.200 4/14/2023 PLN 49.798
KPNQwest NV 8.875 2/1/2008 EUR 0.774
Peine GmbH 2.000 7/5/2023 EUR 44.500
Banque Federative du 0.125 11/6/2030 EUR 74.885
Northland Resources A 15.000 7/15/2019 USD 2.621
Northland Resources A 15.000 7/15/2019 USD 2.621
Single Platform Inves 1.200 11/1/2040 EUR 65.935
State of Rhineland-Pa 0.100 10/1/2040 EUR 61.522
Aktia Bank Oyj 0.990 1/15/2035 EUR 72.355
Single Platform Inves 1.163 5/25/2066 EUR 52.969
Province of Brescia I 1.212 6/30/2036 EUR 72.345
Lehman Brothers Treas 2.875 3/14/2013 CHF 0.100
Single Platform Inves 1.085 6/20/2050 EUR 57.007
Wirtschafts- und Infr 0.650 2/8/2039 EUR 70.468
Caisse des Depots et 1.150 2/3/2042 EUR 69.542
Norske Skogindustrier 2.000 12/30/2115 EUR 0.113
DZ HYP AG 1.300 7/18/2041 EUR 74.269
Bayerische Landesbank 3.500 7/28/2036 EUR 72.512
State of North Rhine- 1.491 8/23/2066 EUR 67.558
Deutsche Pfandbriefba 3.100 9/7/2046 USD 69.922
Batigere Grand Est SA 1.540 11/4/2041 EUR 66.455
Aargau Verkehr AG 0.270 11/29/2049 CHF 70.439
Single Platform Inves 1.870 11/21/2044 EUR 70.510
Specialfastigheter Sv 1.180 12/2/2044 SEK 59.480
Single Platform Inves 0.887 9/20/2039 EUR 64.305
Region de Bruxelles-C 0.658 1/7/2041 EUR 61.049
Deutsche Telekom AG 3.500 9/6/2039 AUD 71.231
Credit Mutuel Arkea S 1.165 9/23/2039 EUR 64.091
SFO Social Developmen 10.210 1/8/2027 RUB 60.050
MOL Nyrt Kueloenleges 4.950 1/26/2032 HUF 71.740
Erste Group Bank AG 4.500 8/31/2025 EUR 72.850
ENSI Kft 4.750 1/25/2032 HUF 68.350
Metal Hungaria Holdin 3.500 11/16/2031 HUF 65.000
Vontobel Financial Pr 3.500 1/19/2023 EUR 67.140
Vontobel Financial Pr 10.000 3/24/2023 EUR 45.330
Biggeorge Property Ny 5.100 2/18/2032 HUF 75.900
Credit Suisse AG/Lond 9.500 1/12/2023 USD 52.040
UBS AG/London 12.000 3/22/2023 CHF 8.610
DekaBank Deutsche Gir 7.050 4/28/2023 EUR 65.260
UniCredit Bank AG 6.600 7/20/2028 EUR 17.800
Credit Suisse AG/Lond 16.300 12/26/2023 USD 53.020
Pannon Work Szemelyze 3.000 10/30/2030 HUF 64.150
UBS AG/London 18.500 10/26/2023 USD 60.250
UniCredit Bank AG 4.550 9/28/2023 EUR 52.720
Danske Bank A/S 5.300 7/15/2023 SEK 40.180
Skandinaviska Enskild 5.050 1/15/2025 SEK 72.000
MARSO Ltd 2.300 12/17/2029 HUF 68.230
Credit Suisse AG/Lond 20.000 11/29/2024 USD 11.150
Alteo Nyrt 3.150 10/28/2029 HUF 56.400
MOL Hungarian Oil & G 1.100 9/22/2030 HUF 47.000
National Grid Electri 0.010 3/26/2036 GBP 72.575
Vasakronan AB 2.400 6/20/2044 SEK 66.740
LR Realkredit AS 1.000 10/1/2050 DKK 69.223
Credit Suisse AG/Lond 0.900 12/20/2031 EUR 66.144
Purple Protected Asse 2.060 3/30/2061 EUR 60.384
Nederlandse Waterscha 1.577 12/9/2039 GBP 67.217
Greenleaves Capital D 2.665 9/25/2031 AUD 74.293
Greenleaves Capital D 2.626 6/24/2031 AUD 75.030
Region Bretagne SCI 0.544 12/7/2036 EUR 69.225
Barclays Bank PLC 2.000 12/21/2029 USD 73.756
SAir Group 5.500 7/23/2003 CHF 12.263
SAir Group 6.250 10/27/2002 CHF 12.263
Republic of Ireland I 1.230 6/1/2120 EUR 52.856
Grand Delta Habitat 1.500 6/2/2045 EUR 64.131
Commerzbank AG 1.200 2/25/2036 EUR 65.425
Santander Internation 1.150 4/8/2041 EUR 64.222
Erste Group Bank AG 1.010 10/7/2041 EUR 64.465
BCP V Modular Service 6.750 11/30/2029 EUR 73.792
Kreditanstalt fuer Wi 1.075 12/20/2049 EUR 69.647
ING Bank NV 2.220 1/20/2036 USD 72.041
HSE Finance Sarl 7.512 10/15/2026 EUR 56.827
Caisse des Depots et 1.018 2/16/2051 EUR 62.337
Landesbank Baden-Wuer 0.395 1/29/2031 EUR 75.141
Region de Bruxelles-C 1.100 5/25/2051 EUR 59.559
Department of Bouches 1.068 5/21/2048 EUR 59.641
Natixis SA 2.710 5/26/2036 USD 74.464
Single Platform Inves 1.800 7/25/2053 EUR 70.899
Landesbank Hessen-Thu 1.650 5/27/2030 EUR 7.033
Grand Delta Habitat 1.750 10/28/2061 EUR 71.900
Single Platform Inves 1.250 8/15/2051 EUR 60.682
Santander Consumer Ba 8.100 NOK 56.752
Aareal Bank AG 0.300 12/11/2030 EUR 67.464
Republic of Ireland I 2.000 6/29/2063 EUR 74.377
Denmark Government Bo 0.250 11/15/2052 DKK 58.354
Single Platform Inves 1.080 5/25/2066 EUR 50.301
Credit Agricole Corpo 1.300 2/2/2061 EUR 51.702
ING Bank NV 0.335 4/21/2036 EUR 69.280
Hungary Government Bo 4.000 4/28/2051 HUF 58.686
Republic of Ireland I 2.000 6/29/2064 EUR 73.058
Bayerische Landesbank 0.490 4/9/2035 EUR 63.267
Pescanova SA 6.750 3/5/2015 EUR 0.319
City of Lausanne Swit 0.600 7/6/2050 CHF 70.402
Ministeries Van de Vl 1.053 6/3/2050 EUR 56.729
French Republic Gover 0.500 5/25/2040 EUR 66.438
Uliving@Essex Issuerc 0.100 8/31/2058 GBP 70.929
Rikshem AB 2.327 3/1/2033 EUR 76.488
Kuntarahoitus Oyj 0.858 2/22/2051 EUR 68.552
Single Platform Inves 0.835 10/14/2061 EUR 48.344
SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000
Region Wallonne Belgi 1.222 6/24/2080 EUR 49.904
Ville de Paris 0.760 5/25/2066 EUR 40.785
Kreditanstalt fuer Wi 0.620 1/14/2050 EUR 55.661
Agrokor dd 9.875 5/1/2019 EUR 15.000
Heta Asset Resolution 2.522 12/31/2023 EUR 0.027
Gazprom PJSC Via Gaz 8.625 4/28/2034 USD 66.000
Deutsche Pfandbriefba 0.613 9/30/2032 EUR 61.049
Aktia Bank Oyj 0.635 10/16/2035 EUR 67.605
Kreditanstalt fuer Wi 1.000 10/20/2050 EUR 67.160
Nederlandse Waterscha 1.080 10/26/2050 EUR 64.685
Landesbank Hessen-Thu 0.750 10/21/2033 EUR 71.386
Hypo Tirol Bank AG 1.010 1/20/2040 EUR 71.186
Deutsche Bank AG 2.267 8/25/2034 EUR 74.252
Region Wallonne Belgi 1.305 9/29/2041 EUR 69.686
Credit Mutuel Arkea S 0.730 10/14/2036 EUR 63.647
Nederlandse Waterscha 1.200 11/26/2049 EUR 69.168
Nomura Bank Internati 1.138 12/19/2039 EUR 56.495
NRW Bank 0.473 6/23/2049 EUR 61.440
Specialfastigheter Sv 1.280 9/20/2049 SEK 56.285
Communaute Francaise 1.725 4/23/2049 EUR 73.361
Leonteq Securities AG 8.000 11/22/2023 CHF 64.220
ENVIEN Magyarorszag K 2.500 5/18/2031 HUF 66.920
SG Issuer SA 2.270 2/4/2032 EUR 56.540
BNP Paribas Issuance 7.980 1/20/2025 SEK 67.110
Leonteq Securities AG 16.420 1/20/2023 USD 33.400
Societe Generale SA 9.200 5/22/2025 USD 63.560
EFG International Fin 10.600 6/1/2023 USD 64.360
Credit Suisse AG/Lond 8.000 2/24/2023 USD 53.070
Vontobel Financial Pr 12.000 6/23/2023 EUR 70.020
VTB Bank PJSC 0.010 11/25/2026 RUB 65.000
Leonteq Securities AG 8.000 3/11/2024 CHF 52.990
Credit Suisse AG/Lond 8.000 6/28/2023 USD 9.620
Societe Generale SA 14.400 12/14/2023 USD 27.500
Ebis OOO 14.500 11/25/2025 RUB 3.320
Leonteq Securities AG 9.000 5/8/2023 CHF 61.790
UniCredit Bank AG 4.400 3/16/2026 EUR 61.510
Sberbank of Russia PJ 0.010 1/22/2027 RUB 71.200
Leonteq Securities AG 24.600 1/20/2023 CHF 33.250
EFG International Fin 9.350 1/12/2023 CHF 47.670
Danske Bank A/S 7.500 1/9/2025 SEK 73.450
UBS AG/London 10.000 3/23/2026 USD 36.640
Banque Cantonale Vaud 7.300 9/16/2024 CHF 24.380
Credit Suisse AG/Lond 8.000 3/2/2023 CHF 62.220
Anselma Issuer SA 2.174 12/31/2038 EUR 57.580
Credit Suisse AG/Lond 20.100 3/3/2023 USD 13.000
EFG International Fin 9.000 6/7/2023 EUR 64.960
Russian Federal Bond 0.250 7/20/2044 RUB 10.550
Danske Bank A/S 6.600 1/9/2027 SEK 70.240
Dyadya Doner OOO 13.500 4/25/2023 RUB 20.150
VTB Bank PJSC 0.010 4/8/2026 RUB 72.000
VTB Bank PJSC 3.750 EUR 22.357
UniCredit Bank AG 7.600 3/30/2023 EUR 72.900
Societe Generale SA 10.000 8/17/2023 USD 41.520
Nordea Bank Abp 4.000 1/20/2029 SEK 72.000
SG Issuer SA 1.800 7/6/2033 EUR 75.740
Skandinaviska Enskild 6.000 7/15/2024 SEK 73.000
UBS AG/London 5.000 1/9/2023 USD 45.450
Credit Suisse AG/Lond 7.250 1/12/2023 CHF 69.450
SG Issuer SA 8.700 1/20/2025 SEK 43.730
DZ Bank AG Deutsche Z 1.370 12/30/2030 EUR 74.110
Raiffeisen Schweiz Ge 7.000 3/17/2023 CHF 63.420
Skandinaviska Enskild 8.600 7/17/2023 SEK 70.570
Bayerische Landesbank 3.000 2/23/2024 EUR 74.160
Deutsche Bank AG/Lond 13.750 6/20/2026 TRY 35.374
Skandinaviska Enskild 7.450 1/15/2025 SEK 62.790
Credit Agricole Corpo 1.500 5/10/2034 EUR 71.010
Societe Generale SA 20.000 2/2/2023 USD 47.450
VTB Bank PJSC 7.600 4/2/2031 RUB 61.000
Unix Auto Es Alkatres 4.000 11/11/2026 HUF 70.700
Skandinaviska Enskild 6.350 7/15/2024 SEK 71.410
Forras Vagyonkezelesi 3.250 10/1/2030 HUF 67.100
Bank Julius Baer & Co 8.400 1/12/2023 CHF 72.950
Santander Internation 1.192 12/7/2045 EUR 63.061
Landesbank Hessen-Thu 0.460 7/20/2032 EUR 70.331
Department of Bouches 0.490 12/8/2045 EUR 53.207
Kuntarahoitus Oyj 1.200 7/21/2061 EUR 67.353
Single Platform Inves 1.235 12/20/2050 EUR 59.514
Department of Bouches 0.445 12/8/2043 EUR 55.292
Single Platform Inves 0.720 3/20/2051 EUR 50.650
Hungary Government In 1.500 11/17/2050 EUR 49.609
Caisse Francaise de F 0.510 11/19/2040 EUR 64.324
BPCE SA 2.315 11/19/2035 AUD 55.442
Department of Bouches 0.668 4/1/2042 EUR 60.913
Agence France Locale 0.586 6/20/2034 EUR 73.737
Single Platform Inves 1.010 3/20/2051 EUR 56.550
Caisse des Depots et 1.900 9/14/2048 EUR 75.337
Region de Bruxelles-C 1.819 1/22/2048 EUR 73.100
Kommunekredit 2.200 9/27/2041 AUD 63.254
CDC Habitat SEM 1.043 5/12/2036 EUR 68.186
Department of Bouches 0.558 3/15/2035 EUR 73.242
Single Platform Inves 0.754 9/20/2039 EUR 62.304
Single Platform Inves 0.940 10/4/2041 EUR 61.324
Department of Bouches 0.543 12/15/2034 EUR 73.654
BNG Bank NV 2.300 3/3/2036 AUD 71.668
HSBC Continental Euro 2.025 3/19/2049 EUR 74.370
Credit Agricole Corpo 15.700 10/7/2026 TRY 60.355
Region de Bruxelles-C 1.225 6/21/2070 EUR 51.173
Republic of Ireland I 1.230 6/23/2121 EUR 51.395
BPCE SA 2.730 10/5/2036 AUD 58.135
Region Occitanie 0.786 12/14/2046 EUR 56.615
Single Platform Inves 0.870 6/20/2043 EUR 59.676
Landesbank Hessen-Thu 1.340 6/4/2042 EUR 63.245
Rikshem AB 2.215 10/27/2032 EUR 76.512
BNG Bank NV 0.562 6/7/2051 EUR 62.661
Region Hauts-de-Franc 0.361 2/18/2041 EUR 58.573
Landeskreditbank Bade 1.236 5/22/2045 EUR 71.717
Banque Internationale 1.250 2/18/2041 EUR 65.142
Communaute Francaise 1.617 2/7/2039 EUR 74.260
Italy Buoni Poliennal 0.150 5/15/2051 EUR 61.629
Credit Agricole Corpo 2.800 2/23/2041 AUD 65.980
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.500
Bayerische Landesbank 1.680 12/18/2037 EUR 70.863
Single Platform Inves 0.751 11/6/2047 EUR 52.585
Region Wallonne Belgi 1.040 5/28/2040 EUR 68.124
Landesbank Hessen-Thu 1.035 5/21/2035 EUR 69.548
Hemso Fastighets AB 2.680 7/10/2035 AUD 66.517
Ministeries Van de Vl 0.400 11/20/2043 EUR 55.872
Department of Bouches 0.467 12/8/2044 EUR 54.213
Landesbank Hessen-Thu 0.700 1/6/2032 EUR 76.529
Single Platform Inves 0.833 2/15/2041 EUR 61.466
Banco Santander SA 2.011 4/12/2039 EUR 70.277
Assistance Publique H 1.665 4/10/2049 EUR 68.859
Berlin Hyp AG 0.460 10/7/2031 EUR 75.060
Barclays Bank PLC 2.520 6/30/2031 AUD 73.775
Liga Bank eG Regensbu 0.680 3/17/2036 EUR 68.691
Single Platform Inves 0.885 7/24/2036 EUR 68.249
Ministeries Van de Vl 0.940 5/12/2050 EUR 53.901
Anglian Water Service 0.855 6/20/2039 JPY 74.874
Single Platform Inves 1.905 8/22/2039 EUR 75.094
Hypo Vorarlberg Bank 1.020 1/17/2035 EUR 71.149
Landesbank Hessen-Thu 1.200 2/9/2052 EUR 73.770
Credit Suisse AG/Lond 1.400 2/21/2032 EUR 70.143
Aareal Bank AG 1.576 2/23/2032 EUR 73.218
EDOB Abwicklungs AG 7.500 4/1/2012 EUR 1.215
Bayerische Landesbank 2.020 10/14/2030 EUR 74.685
Raiffeisen-Landesbank 1.470 5/3/2069 EUR 66.572
Credit Bank of Moscow 3.100 1/21/2026 EUR 23.774
United Utilities Wate 0.387 10/5/2057 GBP 58.047
State of Rhineland-Pa 0.500 7/30/2036 EUR 72.831
Lloyds Bank PLC 2.280 1/29/2044 EUR 75.154
Raiffeisenlandesbank 0.725 8/27/2041 EUR 66.323
Department of Val d'O 0.929 5/19/2041 EUR 65.746
BNP Paribas SA 1.660 3/4/2031 USD 73.948
Merrill Lynch BV 2.510 8/25/2036 USD 75.110
Department of Bouches 0.981 5/14/2047 EUR 59.293
Landesbank Hessen-Thu 0.750 11/24/2031 EUR 74.625
Department of Bouches 0.872 12/18/2037 EUR 70.721
Kommunalkredit Austri 0.570 9/15/2037 EUR 67.725
BPCE SA 3.000 11/18/2036 AUD 60.442
Department of Bouches 0.855 5/20/2038 EUR 69.756
Department of Bouches 0.906 5/20/2039 EUR 68.623
HSBC Bank PLC 2.230 9/6/2047 EUR 73.359
Single Platform Inves 1.600 3/23/2038 EUR 73.863
Credit Suisse AG/Lond 3.750 3/24/2032 USD 72.434
Single Platform Inves 1.340 4/4/2042 EUR 70.343
Single Platform Inves 1.675 2/15/2041 EUR 74.560
Single Platform Inves 0.803 3/20/2041 EUR 60.496
Raiffeisenlandesbank 0.998 11/4/2033 EUR 73.912
NRW Bank 1.000 2/26/2050 EUR 66.303
Wirtschafts- und Infr 0.200 12/14/2045 EUR 54.162
Credit Agricole Corpo 2.100 12/18/2035 USD 67.743
Ville de Paris 0.395 12/18/2045 EUR 54.013
Deutsche Bank AG/Lond 1.215 9/16/2036 JPY 74.471
Single Platform Inves 0.840 6/20/2043 EUR 59.007
Grenke Finance PLC 0.819 2/15/2030 EUR 65.900
Caisse des Depots et 0.398 12/15/2050 EUR 50.857
Societe Generale SA 2.920 2/21/2035 USD 69.836
BPCE SA 2.450 2/24/2035 AUD 58.266
Spain Government Bond 1.000 10/31/2050 EUR 55.453
Metropole de Lyon 0.376 12/22/2044 EUR 52.782
Grand Delta Habitat 1.630 3/6/2045 EUR 66.049
Citigroup Global Mark 0.610 5/5/2031 EUR 74.567
Communaute Francaise 0.750 2/4/2061 EUR 44.643
BNP Paribas SA 1.450 11/17/2041 EUR 68.032
Norddeutsche Landesba 0.575 2/11/2031 EUR 73.446
Specialfastigheter Sv 2.375 6/25/2048 SEK 74.645
Oberoesterreichische 0.655 1/25/2036 EUR 65.999
Region de Bruxelles-C 0.930 5/3/2051 EUR 55.401
NRW Bank 0.185 8/17/2033 EUR 75.254
Societe Du Grand Pari 2.145 11/26/2068 EUR 75.494
Societe Nationale SNC 2.820 4/28/2036 AUD 75.529
SCF Capital Designate 3.850 4/26/2028 USD 20.766
Societe Nationale SNC 2.503 1/14/2041 AUD 66.778
Region Bretagne SCI 0.815 6/12/2040 EUR 65.696
Lehman Brothers Treas 0.010 9/20/2011 USD 0.100
Single Platform Inves 0.523 5/7/2041 EUR 56.847
Landesbank Hessen-Thu 0.780 12/5/2031 EUR 76.456
Intesa Sanpaolo Bank 3.102 11/19/2035 AUD 66.176
Nederlandse Waterscha 1.125 7/8/2050 EUR 65.895
Kreditanstalt fuer Wi 0.730 1/21/2050 EUR 66.050
UniCredit SpA 1.490 10/23/2035 EUR 65.978
AK BARS Bank Via AK B 8.000 7/13/2022 USD 31.000
Banque Internationale 0.600 8/6/2030 EUR 75.247
Single Platform Inves 1.150 5/25/2066 EUR 52.290
Vasakronan AB 1.770 10/26/2033 NOK 70.828
Deutsche Pfandbriefba 1.020 7/29/2030 EUR 71.205
Regie Autonome des Tr 0.875 8/18/2080 EUR 42.010
Department of Val d'O 0.735 7/3/2040 EUR 64.567
Department of Puy-de- 0.671 7/17/2040 EUR 63.674
Norddeutsche Landesba 0.850 7/7/2031 EUR 74.744
Region de Bruxelles-C 1.250 1/10/2060 EUR 56.404
Grand Delta Habitat 1.500 9/1/2049 EUR 62.442
Wirtschafts- und Infr 0.101 9/8/2033 EUR 73.535
KPNQwest NV 10.000 3/15/2012 EUR 0.778
Oberoesterreichische 0.285 11/6/2042 EUR 59.017
Hypo Vorarlberg Bank 0.375 11/4/2030 EUR 74.491
Single Platform Inves 1.370 7/25/2053 EUR 62.203
Region Occitanie 1.238 3/2/2039 EUR 73.051
Turkey Government Int 4.875 4/16/2043 USD 65.159
Caisse des Depots et 0.930 11/9/2050 EUR 61.022
Single Platform Inves 1.830 11/5/2040 EUR 74.991
Landesbank Hessen-Thu 0.850 11/19/2035 EUR 67.643
LBI ehf 7.431 USD 0.001
Department of Bouches 0.482 10/20/2045 EUR 53.261
Belfius Bank SA 1.296 2/20/2040 EUR 74.664
Morgan Stanley & Co I 3.470 1/27/2042 AUD 70.229
Single Platform Inves 1.865 2/15/2046 EUR 71.264
Department of Bouches 0.457 10/8/2040 EUR 60.491
Credit Agricole Corpo 2.105 10/22/2035 USD 68.131
Single Platform Inves 0.605 9/20/2042 EUR 56.949
LBI ehf 6.100 8/25/2011 USD 10.662
Department of Bouches 0.500 10/5/2043 EUR 56.344
Muenchener Hypotheken 0.867 2/25/2047 EUR 67.478
SG Issuer SA 0.100 6/11/2029 NZD 68.159
J&T Banka AS 9.000 EUR 71.185
Department of Bouches 1.100 7/8/2039 EUR 70.791
Danske Bank A/S 0.805 8/12/2036 EUR 72.138
DZ HYP AG 1.226 8/25/2036 EUR 69.679
O1 Properties Finance 0.500 9/27/2028 USD 5.409
ATF Netherlands BV 3.750 EUR 47.997
SAir Group 2.125 11/4/2004 CHF 12.263
Single Platform Inves 0.853 3/20/2040 EUR 62.578
Hypo Vorarlberg Bank 0.860 10/24/2034 EUR 70.277
Bayerische Landesbank 0.710 12/1/2031 EUR 74.028
HSBC Bank PLC 10.300 12/20/2024 TRY 65.227
Santander Internation 1.180 12/5/2034 EUR 72.894
Berlin Hyp AG 1.157 12/9/2039 EUR 71.279
Department of Bouches 0.810 12/16/2041 EUR 63.291
Communaute Francaise 2.041 4/12/2069 EUR 73.830
Comunidad Foral de Na 2.100 4/30/2044 EUR 74.703
Societe Generale SA 3.820 4/26/2039 AUD 67.198
BPCE SFH SA 1.187 5/2/2039 EUR 73.398
Department of Bouches 1.368 5/6/2044 EUR 68.420
Bank Julius Baer & Co 10.500 2/16/2023 USD 74.800
Textura Kereskedelmi 5.500 2/28/2032 HUF 71.550
Bank Julius Baer & Co 17.200 2/6/2023 USD 52.400
DekaBank Deutsche Gir 4.700 1/25/2023 EUR 72.140
Swissquote Bank SA 20.000 2/6/2023 CHF 34.300
UBS AG/London 6.500 12/29/2023 USD 43.650
Credit Suisse AG/Lond 7.000 4/6/2023 CHF 59.710
Leonteq Securities AG 23.400 1/18/2023 CHF 25.990
Raiffeisen Schweiz Ge 10.000 2/21/2023 CHF 53.270
Landesbank Baden-Wuer 3.460 2/24/2023 EUR 75.480
Landesbank Hessen-Thu 0.850 2/18/2036 EUR 63.800
UBS AG/London 10.750 1/9/2023 CHF 71.050
UBS AG/London 8.750 2/13/2023 USD 63.800
Landesbank Baden-Wuer 5.690 2/24/2023 EUR 64.480
Societe Generale SA 16.000 8/1/2024 USD 17.500
Citigroup Global Mark 2.560 4/29/2025 EUR 62.580
UBS AG 9.000 4/20/2023 USD 25.000
Polsolar Kft 6.800 4/22/2037 HUF 77.000
Bayer Construct Epito 3.700 10/21/2031 HUF 64.880
VTB Bank PJSC 10.000 RUB 37.250
DZ Bank AG Deutsche Z 3.900 3/24/2023 EUR 67.590
DZ Bank AG Deutsche Z 5.000 3/24/2023 EUR 66.890
Zurcher Kantonalbank 24.800 4/12/2023 USD 41.740
UBS AG/London 5.000 12/15/2023 EUR 51.650
Alfa-Bank AO 11.750 RUB 73.000
DZ Bank AG Deutsche Z 0.750 12/28/2029 EUR 75.060
UBS AG 9.000 3/31/2023 USD 50.100
Agrar Mezogazdasagi T 2.900 8/24/2031 HUF 66.070
Rosselkhozbank JSC 10.100 RUB 75.000
Russian Railways JSC 12.980 5/30/2040 RUB 55.000
Leonteq Securities AG 24.000 10/20/2023 CHF 70.090
BNP Paribas SA 1.271 1/2/2024 USD 43.500
Zurcher Kantonalbank 9.000 9/21/2023 USD 72.240
VTB Bank PJSC 9.700 4/2/2031 RUB 50.000
DZ Bank AG Deutsche Z 2.696 6/24/2026 EUR 71.030
UniCredit Bank AG 4.350 6/5/2023 EUR 75.840
Metal Hungaria Holdin 3.000 11/17/2030 HUF 62.000
Societe Generale SA 18.000 11/2/2023 USD #N/A N/A
Progress Etteremhaloz 3.000 9/18/2030 HUF 60.400
HPI AG 3.500 EUR 0.300
BPCE SA 1.920 12/9/2030 AUD 66.997
Assistance Publique H 1.795 3/30/2048 EUR 71.850
Region of Centre-Val 0.390 12/4/2042 EUR 55.992
Assistance Publique H 1.800 4/10/2048 EUR 71.909
Hypo Vorarlberg Bank 1.020 7/15/2041 EUR 63.930
Wirtschafts- und Infr 0.350 3/31/2036 EUR 69.746
NIBC Bank NV 0.660 7/14/2031 EUR 67.947
BNG Bank NV 0.799 7/25/2039 EUR 71.078
Nederlandse Waterscha 1.000 11/24/2050 EUR 64.929
BNG Bank NV 1.603 3/19/2048 EUR 74.944
Raiffeisenlandesbank 0.750 6/20/2031 EUR 76.072
Region de Bruxelles-C 1.310 12/15/2069 EUR 53.640
Region de Bruxelles-C 1.750 1/17/2048 EUR 70.721
Kuntarahoitus Oyj 1.150 9/24/2051 EUR 69.867
Landesbank Hessen-Thu 1.020 5/14/2032 EUR 77.061
Banca dell Elba Credi 4.890 12/16/2032 EUR 82.374
Cooperatieve Rabobank 1.315 2/28/2039 EUR 75.359
Region de Bruxelles-C 1.800 8/17/2048 EUR 71.935
NRW Bank 1.180 3/3/2051 EUR 70.859
GB Social Housing PLC 3.814 4/9/2047 GBP 72.135
Societe Generale SFH 0.650 6/23/2035 EUR 74.238
Slovenska Sporitelna 4.490 EUR 56.170
Deutsche Bank AG 0.510 9/16/2031 EUR 72.917
Region of Pays de la 0.427 3/9/2034 EUR 74.386
Norddeutsche Landesba 0.825 1/14/2032 EUR 73.344
Wirtschafts- und Infr 0.245 2/25/2036 EUR 68.805
State of North Rhine- 1.450 1/19/2122 EUR 57.237
Citigroup Global Mark 3.330 5/18/2050 USD 71.112
Bank fuer Kirche und 0.770 10/12/2035 EUR 70.038
Deutsche Bank AG 0.610 9/30/2031 EUR 73.662
Landesbank Hessen-Thu 0.650 10/6/2031 EUR 74.226
BNP Paribas SA 1.010 10/5/2035 EUR 69.244
Region Auvergne-Rhone 0.530 9/29/2036 EUR 69.484
State of Saxony-Anhal 0.475 9/30/2050 EUR 57.487
Region Auvergne-Rhone 1.090 4/8/2037 EUR 74.573
Bank fuer Kirche und 0.800 11/12/2035 EUR 70.232
NRW Bank 0.800 10/22/2060 EUR 56.361
Single Platform Inves 0.559 2/15/2047 EUR 51.520
Deutsche Bank AG 2.330 2/11/2043 EUR 70.419
Kingdom of Belgium Go 0.558 9/24/2077 EUR 36.131
Caisse des Depots et 1.300 4/28/2051 EUR 65.490
Nederlandse Waterscha 1.650 5/27/2061 EUR 72.437
Mondelez Internationa 1.250 9/9/2041 EUR 66.919
CDC Habitat SEM 0.814 2/15/2040 EUR 61.774
Assistance Publique H 0.791 8/27/2051 EUR 51.515
Bank fuer Kirche und 0.600 6/9/2036 EUR 67.502
Landesbank Baden-Wuer 0.500 12/8/2031 EUR 73.948
Republic of Austria G 0.750 3/20/2051 EUR 61.030
Single Platform Inves 0.955 2/15/2041 EUR 62.780
Banque et Caisse d'Ep 1.230 4/26/2046 EUR 74.873
Norddeutsche Landesba 0.600 1/14/2031 EUR 73.778
NIBC Bank NV 0.460 7/19/2029 EUR 73.564
Kreissparkasse Koeln 0.350 2/19/2035 EUR 68.000
Santander Consumer Ba 8.100 NOK 56.752
DZ Bank AG Deutsche Z 0.500 2/4/2036 EUR 66.429
Purple Protected Asse 1.565 12/23/2060 EUR 62.712
Ukraine Government In 9.990 5/22/2024 UAH 58.625
Turkey Government Int 5.750 5/11/2047 USD 68.236
Landesbank Hessen-Thu 0.900 6/10/2036 EUR 67.538
Sovcombank Via SovCom 3.400 1/26/2025 USD 4.732
ING Bank NV 0.465 4/21/2041 EUR 65.232
Muenchener Hypotheken 1.692 11/6/2051 EUR 71.104
Hypo Tirol Bank AG 0.510 1/21/2031 EUR 75.400
UniCredit Bank AG 0.610 5/2/2033 EUR 72.808
Region de Bruxelles-C 1.065 6/12/2058 EUR 53.276
Credit Suisse Group A 2.455 7/4/2034 EUR 64.717
SpareBank 1 SMN 1.000 7/3/2034 EUR 69.998
Region Wallonne Belgi 0.970 6/24/2043 EUR 61.509
Opportunity SA/LU 0.400 11/13/2030 EUR 72.932
Pescanova SA 8.750 2/17/2019 EUR 0.319
National Grid Electri 2.500 7/24/2035 AUD 69.594
Societe Wallonne de F 0.913 7/31/2040 EUR 58.824
Nederlandse Waterscha 0.190 11/2/2050 EUR 52.151
Region de Bruxelles-C 0.640 7/20/2045 EUR 55.702
Agence Francaise de D 0.537 7/16/2040 EUR 66.583
Single Platform Inves 0.678 2/15/2041 EUR 59.024
Norddeutsche Landesba 0.900 7/5/2032 EUR 72.484
Muenchener Hypotheken 0.790 12/21/2035 EUR 66.245
BPCE SA 1.980 10/6/2030 AUD 68.049
Single Platform Inves 0.462 2/15/2040 EUR 58.901
Comunidad Foral de Na 0.550 10/22/2035 EUR 69.803
Erste Group Bank AG 1.200 2/11/2040 EUR 68.849
Agence Francaise de D 2.360 1/30/2045 AUD 62.887
State of Lower Austri 0.400 10/13/2050 EUR 50.082
Lehman Brothers Treas 6.000 9/20/2011 EUR 0.100
Saastopankkien Keskus 0.840 10/22/2035 EUR 69.127
Single Platform Inves 0.745 2/15/2047 EUR 54.436
UBS AG/London 3.327 11/23/2025 EUR 58.500
Citigroup Global Mark 2.000 3/21/2037 EUR 74.738
French Republic Gover 0.750 5/25/2052 EUR 57.754
Cie de Financement Fo 1.730 5/13/2046 EUR 76.869
Cie de Financement Fo 1.630 5/26/2046 EUR 75.185
Kreditanstalt fuer Wi 1.110 7/13/2046 EUR 73.613
Societe Publique de G 1.272 8/23/2036 EUR 74.065
Commerzbank AG 1.400 7/21/2031 EUR 73.452
State of North Rhine- 1.267 9/16/2051 EUR 69.400
Transports Publics Ne 0.320 10/28/2037 CHF 69.231
Credit Suisse AG/Lond 3.880 10/31/2036 USD 62.361
NRW Bank 1.070 10/29/2049 EUR 69.323
Kuntarahoitus Oyj 1.000 10/25/2049 EUR 68.537
Hemso Fastighets AB 1.130 10/31/2039 EUR 68.254
DekaBank Deutsche Gir 0.705 6/1/2032 EUR 75.244
DekaBank Deutsche Gir 0.705 7/1/2032 EUR 75.017
Landesbank Hessen-Thu 0.800 1/16/2035 EUR 68.894
Single Platform Inves 0.924 2/18/2049 EUR 53.997
Deutsche Apotheker-un 1.090 12/16/2039 EUR 65.193
Caisse des Depots et 1.065 9/20/2049 EUR 64.002
DZ Bank AG Deutsche Z 1.598 10/11/2050 EUR 64.393
Cie de Financement Fo 1.270 4/26/2039 EUR 74.951
Autonomous Community 1.950 5/24/2041 EUR 74.212
OR PJSC 13.500 10/22/2025 RUB 10.680
BNP Paribas Emissions 7.450 9/25/2023 EUR 61.750
Leonteq Securities AG 6.000 2/20/2023 CHF 46.400
Bayerische Landesbank 1.000 3/22/2024 EUR 59.750
BNP Paribas Emissions 8.500 2/21/2023 USD 69.000
Bayerische Landesbank 2.200 4/26/2024 EUR 72.960
Bank Vontobel AG 15.000 1/30/2023 EUR 51.700
UBS AG/London 27.500 2/2/2023 USD 19.600
Credit Suisse AG/Lond 8.250 4/11/2023 USD 60.430
Societe Generale SA 10.000 1/3/2025 USD 25.900
Kopaszi Gat Kft 5.750 1/31/2032 HUF 79.330
Leonteq Securities AG 18.000 1/31/2023 CHF 15.890
Luzerner Kantonalbank 14.480 2/14/2023 CHF 69.590
Zurcher Kantonalbank 15.000 2/14/2023 CHF 56.870
Wingholding Zrt 5.000 2/17/2032 HUF 75.370
SG Issuer SA 0.300 2/16/2032 EUR 45.030
Leonteq Securities AG 12.000 5/2/2023 USD 22.310
Szabo Fogaskerekgyart 5.500 2/23/2032 HUF 70.100
GTC Magyarorszag Zrt 2.600 3/17/2031 HUF 66.430
Landesbank Baden-Wuer 3.480 2/24/2023 EUR 64.280
Greenergy Holding Vag 3.000 9/21/2031 HUF 66.175
Kometa 99 Elelmiszeri 5.000 2/21/2032 HUF 67.700
Landesbank Baden-Wuer 1.000 8/12/2039 EUR 65.270
EFG International Fin 6.120 7/11/2024 EUR 68.400
Skandinaviska Enskild 8.300 7/17/2023 SEK 70.430
Societe Generale SA 9.500 9/12/2024 USD 74.500
MASTERPLAST Nyrt 2.900 8/25/2031 HUF 59.000
Landesbank Baden-Wuer 4.810 1/30/2034 EUR 74.740
Landesbank Baden-Wuer 4.810 1/30/2034 EUR 72.470
Leonteq Securities AG 10.000 2/13/2023 USD 15.600
Leonteq Securities AG 10.000 3/10/2023 CHF 49.840
Credit Suisse AG/Lond 9.750 4/27/2023 USD 64.540
WEB Windenergie AG 4.500 EUR 0.010
Sberbank of Russia PJ 0.016 3/15/2032 RUB 70.000
Skandinaviska Enskild 9.020 7/17/2023 SEK 69.490
SG Issuer SA 2.250 10/28/2029 EUR 71.060
Bayerische Landesbank 0.650 12/22/2023 EUR 58.190
Senivita Social Estat 8.500 6/30/2025 EUR 0.020
Landesbank Baden-Wuer 0.500 10/18/2039 EUR 64.240
Danske Bank A/S 8.050 7/9/2023 SEK 71.880
Norddeutsche Landesba 1.000 8/13/2036 EUR 64.637
Norddeutsche Landesba 0.850 5/12/2036 EUR 63.346
Norddeutsche Landesba 1.000 5/12/2036 EUR 64.821
Kreditanstalt fuer Wi 0.880 12/7/2050 EUR 65.117
Aareal Bank AG 0.570 8/7/2029 EUR 74.143
Landesbank Hessen-Thu 0.650 1/14/2036 EUR 65.443
Wirtschafts- und Infr 0.200 12/2/2043 EUR 56.395
DZ Bank AG Deutsche Z 1.200 11/25/2050 EUR 60.580
Norddeutsche Landesba 1.170 11/24/2038 EUR 62.302
DZ Bank AG Deutsche Z 0.550 7/29/2032 EUR 75.100
Norddeutsche Landesba 1.310 3/23/2039 EUR 63.732
Sveriges Sakerstallda 1.378 7/13/2046 SEK 66.402
Norddeutsche Landesba 1.390 7/9/2038 EUR 65.701
Region de Bruxelles-C 1.541 6/22/2057 EUR 63.435
Raiffeisenlandesbank 2.070 6/18/2049 EUR 73.185
Norddeutsche Landesba 1.150 7/1/2036 EUR 66.206
Norddeutsche Landesba 0.950 7/1/2036 EUR 64.226
Banco Santander SA 2.280 2/28/2039 EUR 75.105
ING Bank NV 2.830 9/28/2051 USD 65.384
Ukraine Government In 15.970 4/19/2023 UAH 58.352
Norddeutsche Landesba 1.200 1/13/2037 EUR 66.387
Kuntarahoitus Oyj 0.870 10/11/2050 EUR 69.166
State of North Rhine- 1.850 3/18/2089 EUR 66.175
Landesbank Baden-Wuer 1.100 5/7/2040 EUR 66.906
Housing & Care 21 3.288 11/8/2049 GBP 70.181
Norddeutsche Landesba 0.800 4/8/2036 EUR 62.936
Norddeutsche Landesba 1.050 1/13/2037 EUR 64.855
Kreditanstalt fuer Wi 0.680 2/23/2051 EUR 64.728
Hamburgische Investit 0.380 2/24/2042 EUR 63.368
Caisse des Depots et 2.730 3/2/2041 AUD 69.924
Norddeutsche Landesba 0.900 10/20/2036 EUR 63.502
Landesbank Baden-Wuer 0.520 1/7/2032 EUR 73.748
Landesbank Hessen-Thu 1.370 9/22/2031 EUR 69.797
Kingdom of Belgium Go 1.700 6/22/2050 EUR 74.849
Single Platform Inves 0.946 5/25/2036 EUR 69.306
Wirtschafts- und Infr 0.321 2/18/2041 EUR 62.023
Caisse des Depots et 0.571 2/18/2041 EUR 65.549
Basque Government 2.000 4/30/2059 EUR 64.694
Cooperatieve Rabobank 2.481 2/26/2036 AUD 72.993
Nederlandse Waterscha 1.428 11/14/2046 EUR 75.080
Caisse des Depots et 1.545 11/9/2046 EUR 71.364
BNP Paribas SA 1.300 1/28/2037 EUR 70.758
Agence Metropolitaine 0.500 7/7/2035 EUR 71.957
Landesbank Saar 0.835 2/19/2035 EUR 70.373
LFA Foerderbank Bayer 0.250 3/19/2037 EUR 67.859
Ministeries Van de Vl 0.600 11/19/2055 EUR 43.006
Vasakronan AB 3.300 1/14/2042 AUD 65.625
Landesbank Hessen-Thu 0.590 10/15/2031 EUR 73.799
Norddeutsche Landesba 1.300 2/11/2037 EUR 67.282
Norddeutsche Landesba 1.150 2/11/2037 EUR 65.744
Norddeutsche Landesba 0.900 4/8/2036 EUR 63.914
Caisse des Depots et 2.205 9/28/2041 AUD 63.363
Norddeutsche Landesba 1.150 7/23/2036 EUR 66.168
Societe Generale SA 1.040 3/25/2041 EUR 61.606
Norddeutsche Landesba 1.175 11/10/2036 EUR 66.246
Deutschsprachige Geme 1.004 7/1/2036 EUR 74.739
BPCE SFH SA 1.229 4/12/2049 EUR 68.717
Norddeutsche Landesba 0.925 7/23/2036 EUR 63.932
Banque et Caisse d'Ep 1.000 1/4/2042 EUR 72.423
Credit Suisse AG/Lond 2.728 5/18/2036 EUR 68.506
Kreditanstalt fuer Wi 1.208 6/17/2051 EUR 72.746
Norddeutsche Landesba 1.470 12/23/2037 EUR 66.396
Norddeutsche Landesba 1.440 1/15/2038 EUR 65.989
Ville de Paris 1.165 6/9/2053 EUR 56.134
Norddeutsche Landesba 1.300 3/16/2037 EUR 67.139
Norddeutsche Landesba 1.500 3/16/2037 EUR 69.194
DZ Bank AG Deutsche Z 0.750 9/21/2035 EUR 69.816
Sidetur Finance BV 10.000 4/20/2016 USD 0.770
Kreditanstalt fuer Wi 0.683 2/22/2051 EUR 63.019
NRW Bank 0.642 2/9/2051 EUR 61.168
Norddeutsche Landesba 1.000 10/13/2036 EUR 64.142
Republic of Ireland I 1.200 4/15/2120 EUR 48.200
Republic of Ireland I 1.180 5/25/2087 EUR 57.324
Caisse des Depots et 0.642 2/12/2041 EUR 64.209
Norddeutsche Landesba 0.700 3/12/2036 EUR 62.028
Communaute Francaise 2.105 7/23/2068 EUR 74.586
Norddeutsche Landesba 0.825 3/12/2036 EUR 63.246
Wirtschafts- und Infr 0.400 11/23/2039 EUR 66.117
Region de Bruxelles-C 0.900 4/14/2050 EUR 55.427
Autonomous Community 1.931 4/4/2042 EUR 74.242
Norske Skog Holding A 8.000 2/24/2023 USD 0.006
Kreditanstalt fuer Wi 0.918 10/11/2050 EUR 65.771
Norddeutsche Landesba 0.850 8/25/2036 EUR 63.113
Norddeutsche Landesba 0.825 1/14/2036 EUR 63.395
Caisse des Depots et 1.365 11/2/2051 EUR 68.369
NRW Bank 1.085 10/26/2041 EUR 72.108
Single Platform Inves 1.413 3/20/2051 EUR 62.323
Single Platform Inves 0.780 4/1/2042 EUR 59.306
Norddeutsche Landesba 1.560 10/20/2038 EUR 67.707
Norddeutsche Landesba 1.050 11/17/2036 EUR 64.971
Norddeutsche Landesba 1.350 10/20/2038 EUR 65.369
Specialfastigheter Sv 1.120 2/19/2044 SEK 59.136
Societe Generale SA 1.290 2/27/2040 EUR 65.235
Department of L'Eure 0.959 11/25/2037 EUR 71.851
Norddeutsche Landesba 0.700 2/15/2036 EUR 62.102
Bayerische Landesbank 0.380 1/22/2031 EUR 75.120
Norddeutsche Landesba 0.650 12/3/2031 EUR 72.788
Norddeutsche Landesba 0.725 9/22/2036 EUR 61.796
Belfius Bank SA 0.190 1/28/2031 EUR 75.372
Caisse des Depots et 2.700 4/28/2041 AUD 69.411
NRW Bank 0.591 3/19/2040 EUR 70.333
Kuntarahoitus Oyj 0.448 3/19/2040 EUR 62.679
Norddeutsche Landesba 0.925 9/10/2036 EUR 63.832
Norddeutsche Landesba 1.150 6/10/2036 EUR 66.242
Norddeutsche Landesba 1.000 6/10/2036 EUR 64.762
Norddeutsche Landesba 1.250 12/3/2036 EUR 66.975
Hypo Tirol Bank AG 1.090 1/21/2041 EUR 63.048
Bayerische Landesbank 0.280 10/9/2030 EUR 74.694
Landesbank Baden-Wuer 0.780 4/21/2036 EUR 63.538
BNP Paribas SA 2.670 3/13/2030 AUD 74.867
Barclays Bank PLC 2.000 5/7/2036 MXN 15.116
Norddeutsche Landesba 0.825 2/12/2036 EUR 63.322
Kreditanstalt fuer Wi 1.000 4/27/2041 EUR 72.100
National Grid Electri 2.020 3/12/2032 AUD 73.097
Landesbank Baden-Wuer 1.300 6/21/2049 EUR 58.357
Bayerische Landesbank 3.180 2/16/2038 EUR 67.604
Communaute Francaise 1.340 7/1/2054 EUR 60.592
Region Wallonne Belgi 1.300 6/16/2068 EUR 51.994
DZ HYP AG 0.205 6/5/2040 EUR 59.317
Landesbank Baden-Wuer 0.790 5/16/2033 EUR 69.911
Landesbank Baden-Wuer 0.730 6/16/2031 EUR 75.856
Region Wallonne Belgi 1.240 5/28/2069 EUR 50.179
Kreditanstalt fuer Wi 0.902 11/16/2050 EUR 65.529
Banque Internationale 0.480 11/13/2030 EUR 73.839
Banque Internationale 0.775 11/18/2032 EUR 71.290
Norddeutsche Landesba 1.410 7/7/2037 EUR 66.700
Norddeutsche Landesba 1.200 9/18/2035 EUR 67.544
Landesbank Hessen-Thu 1.000 7/15/2060 EUR 60.850
Caisse des Depots et 0.678 7/23/2040 EUR 65.489
Batigere Grand Est SA 1.800 8/12/2050 EUR 65.618
Elli Finance UK PLC 8.750 6/15/2019 GBP 62.428
Banque Internationale 0.675 10/29/2030 EUR 75.132
Northland Resources A 4.000 10/15/2020 NOK 0.271
Agence France Locale 0.570 9/20/2040 EUR 64.745
Norddeutsche Landesba 1.510 1/21/2037 EUR 69.563
Hypo Vorarlberg Bank 0.570 8/26/2030 EUR 76.280
Standard Chartered Ba 0.500 9/11/2040 JPY 58.285
Norddeutsche Landesba 1.570 9/9/2038 EUR 66.875
Norddeutsche Landesba 1.000 10/12/2032 EUR 72.179
Caisse des Depots et 0.696 9/14/2040 EUR 65.554
Communaute Francaise 0.818 8/28/2050 EUR 53.281
Raiffeisen Bank Inter 0.290 11/11/2030 EUR 72.447
Norddeutsche Landesba 0.850 12/7/2035 EUR 63.811
Landesbank Hessen-Thu 0.980 11/9/2060 EUR 59.720
Bankinter SA 1.200 6/5/2035 EUR 75.311
Caisse des Depots et 1.474 6/5/2049 EUR 71.490
Norddeutsche Landesba 1.000 10/26/2035 EUR 65.462
Heta Asset Resolution 2.262 12/31/2023 EUR 0.023
SpareBank 1 SR-Bank A 0.970 10/9/2040 EUR 61.360
Lehman Brothers Treas 13.000 7/25/2012 EUR 0.100
Nationwide Building S 0.750 5/8/2035 EUR 74.667
Region Wallonne Belgi 1.961 5/22/2045 EUR 75.205
Lehman Brothers Treas 6.000 8/7/2013 EUR 0.100
Deutsche Wohnen SE 1.250 7/31/2031 EUR 74.097
Home Invest Belgium S 1.850 1/15/2032 EUR 71.457
Landesbank Baden-Wuer 0.540 1/29/2032 EUR 72.489
Cie DU Chemin de Fer 0.280 11/29/2052 CHF 53.933
Banque Internationale 0.680 10/9/2030 EUR 75.099
Collectivite Europeen 0.487 10/9/2045 EUR 53.379
Oberoesterreichische 0.650 10/15/2035 EUR 66.350
Lehman Brothers Treas 3.000 8/13/2011 EUR 0.100
ECM Real Estate Inves 5.000 10/9/2011 EUR 15.375
Hellas Telecommunicat 6.054 1/15/2015 USD 0.014
Caisse des Depots et 1.140 2/25/2037 EUR 75.494
Akademiska Hus AB 2.080 4/17/2045 SEK 71.064
Ville de Paris 1.293 2/22/2049 EUR 63.742
Norddeutsche Landesba 1.350 2/3/2038 EUR 64.857
Caisse des Depots et 0.859 3/2/2041 EUR 66.602
Norddeutsche Landesba 1.600 4/14/2037 EUR 70.108
Norddeutsche Landesba 1.750 4/14/2037 EUR 71.645
Deutsche Bank AG 2.480 12/10/2035 EUR 74.620
Republic of Austria G 1.500 11/2/2086 EUR 66.535
Norddeutsche Landesba 1.520 2/11/2038 EUR 67.012
Akademiska Hus AB 1.252 2/13/2043 SEK 62.569
Kreditanstalt fuer Wi 0.660 11/12/2039 EUR 70.522
Commerzbank AG 1.219 12/12/2039 EUR 64.493
LR Realkredit AS 0.500 10/1/2050 DKK 67.799
Deutsche Pfandbriefba 0.765 9/12/2036 EUR 51.381
Raiffeisenlandesbank 0.810 9/18/2034 EUR 70.283
Caisse des Depots et 0.606 9/30/2039 EUR 68.332
Communaute Francaise 1.000 10/8/2069 EUR 49.034
Lloyds Bank PLC 2.580 3/28/2039 SEK 72.638
MOL Nyrt Kueloenleges 4.950 1/26/2032 HUF 71.740
Leonteq Securities AG 22.800 1/25/2023 CHF 33.800
Zurcher Kantonalbank 4.500 7/14/2023 CHF 36.860
Credit Suisse AG/Lond 8.000 2/13/2023 CHF 52.900
Global Refuse Holding 5.100 1/28/2032 HUF #N/A N/A
SUN Group Kereskedelm 5.500 1/17/2032 HUF 69.750
Citigroup Global Mark 17.040 2/9/2023 EUR 73.040
Corner Banca SA 27.000 7/18/2023 USD 60.140
Bank Julius Baer & Co 7.000 3/8/2023 CHF 64.150
Hell Energy Magyarors 3.000 7/28/2031 HUF 62.300
Landesbank Hessen-Thu 2.000 4/16/2036 EUR 62.850
Credit Suisse AG/Lond 18.000 3/31/2023 USD 44.090
EFG International Fin 5.500 1/10/2023 EUR 66.300
Leonteq Securities AG 20.000 2/14/2023 USD 40.000
Leonteq Securities AG 20.400 1/18/2023 CHF 80.720
Leonteq Securities AG 13.000 4/21/2023 CHF 58.910
Communication Technol 5.250 1/27/2032 HUF 65.000
Otthon Centrum Holdin 3.000 4/19/2031 HUF 68.400
Illes Holding Zrt 5.000 2/22/2032 HUF 67.700
AutoWallis Nyrt 3.000 7/27/2031 HUF 61.500
Landesbank Baden-Wuer 4.810 2/20/2034 EUR 74.580
UBS AG/London 14.750 3/29/2023 CHF 29.980
Vajda-Papir Gyarto Ke 3.500 11/16/2030 HUF 62.100
Citigroup Global Mark 16.200 3/17/2023 EUR 59.310
Eltex Kft 3.500 12/21/2028 HUF 69.600
MetMax Europe Zrt 3.000 12/11/2030 HUF 60.100
Dr Wiesent Sozial gGm 7.000 EUR 0.003
MASTERPLAST Nyrt 2.000 12/6/2026 HUF 74.000
Bayerische Landesbank 2.350 2/23/2024 EUR 50.960
Bayerische Landesbank 2.300 2/24/2023 EUR 50.790
WEB Windenergie AG 5.250 4/8/2023 EUR 0.010
MASTERPLAST Nyrt 2.100 12/21/2027 HUF 68.000
Axial Javito Keresked 2.000 9/23/2030 HUF 59.702
Romanian Government I 2.875 4/13/2042 EUR 56.498
Landesbank Hessen-Thu 0.800 8/7/2035 EUR 68.099
Landesbank Hessen-Thu 0.750 8/18/2036 EUR 65.818
Kommunekredit 2.180 7/16/2040 AUD 63.535
Sweden Government Bon 0.500 11/24/2045 SEK 71.324
Hypo Vorarlberg Bank 0.920 7/8/2036 EUR 68.378
UniCredit SpA 0.725 11/27/2030 EUR 71.878
Barclays Bank PLC 2.600 3/30/2031 AUD 74.758
BPCE SFH SA 0.843 7/19/2044 EUR 64.099
Landesbank Hessen-Thu 1.050 1/20/2037 EUR 68.599
Landesbank Hessen-Thu 0.950 4/9/2036 EUR 68.112
Landesbank Hessen-Thu 0.800 2/18/2036 EUR 67.482
Sweden Government Bon 1.375 6/23/2071 SEK 61.081
Landesbank Hessen-Thu 0.900 10/27/2036 EUR 67.092
Norddeutsche Landesba 0.750 1/15/2032 EUR 72.779
Hungary Government In 2.125 9/22/2031 USD 73.047
Hungary Government In 3.125 9/21/2051 USD 58.813
Natixis SA 0.300 6/25/2048 USD 29.279
Norddeutsche Landesba 0.675 2/25/2033 EUR 68.980
Landesbank Baden-Wuer 0.510 6/18/2031 EUR 74.717
SAir Group 2.750 7/30/2004 CHF 12.263
Grupo Isolux Corsan S 0.250 12/30/2018 EUR 0.157
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.306
Landesbank Hessen-Thu 0.700 12/28/2035 EUR 66.023
Societe Generale SA 3.040 1/19/2032 AUD 74.122
Norddeutsche Landesba 0.900 7/5/2033 EUR 69.934
Erste Group Bank AG 0.560 9/29/2033 EUR 71.030
Landesbank Hessen-Thu 1.000 2/11/2037 EUR 68.163
Russian Foreign Bond 5.100 3/28/2035 USD 40.604
Landesbank Hessen-Thu 0.900 8/5/2036 EUR 67.395
Societe Generale SA 3.020 1/11/2032 AUD 73.788
Barclays Bank PLC 2.550 3/18/2031 AUD 74.633
Landesbank Hessen-Thu 0.900 11/10/2036 EUR 67.158
Landesbank Hessen-Thu 0.800 1/18/2036 EUR 67.670
Landesbank Hessen-Thu 0.800 4/15/2036 EUR 66.676
Erste Group Bank AG 1.310 2/23/2035 EUR 76.861
Landesbank Hessen-Thu 0.620 2/6/2036 EUR 65.630
Landesbank Hessen-Thu 0.620 1/11/2036 EUR 65.779
Landesbank Hessen-Thu 0.750 3/18/2036 EUR 66.179
Landesbank Hessen-Thu 0.750 10/14/2036 EUR 65.664
Finland Government Bo 0.125 4/15/2052 EUR 49.980
Norddeutsche Landesba 0.500 6/16/2031 EUR 72.479
Landesbank Hessen-Thu 0.800 9/29/2036 EUR 66.135
UniCredit Bank AG 1.120 5/14/2057 EUR 66.089
Societe Generale SA 3.060 11/24/2031 AUD 73.958
Czech Republic Govern 1.950 7/30/2037 CZK 72.035
Liga Bank eG Regensbu 0.250 4/30/2031 EUR 72.717
Landesbank Hessen-Thu 0.600 3/18/2036 EUR 64.745
Deutsche Pfandbriefba 0.710 9/10/2031 EUR 66.230
Deutsche Bank AG 0.650 6/3/2031 EUR 74.772
Hypo Tirol Bank AG 0.670 7/21/2031 EUR 75.505
Landesbank Hessen-Thu 0.750 1/21/2036 EUR 66.354
Italy Buoni Poliennal 1.450 3/1/2036 EUR 71.534
Landesbank Hessen-Thu 0.900 5/12/2036 EUR 67.613
Kreditanstalt fuer Wi 0.699 10/20/2036 EUR 75.047
Landesbank Hessen-Thu 0.540 3/21/2035 EUR 66.162
Republic of Ireland I 1.210 10/27/2111 EUR 51.357
Ukraine Government In 8.994 2/1/2026 USD 21.500
Landesbank Hessen-Thu 0.550 1/21/2036 EUR 64.425
Landesbank Hessen-Thu 0.490 2/28/2035 EUR 65.817
Societe Generale SA 2.680 10/20/2031 AUD 71.816
Landesbank Baden-Wuer 0.530 11/10/2031 EUR 73.975
DZ Bank AG Deutsche Z 0.650 8/5/2036 EUR 71.723
Metropole de Lyon 0.500 12/28/2049 EUR 48.193
Landesbank Hessen-Thu 0.850 9/2/2036 EUR 66.719
Region of Centre-Val 0.725 12/12/2039 EUR 65.386
Landesbank Hessen-Thu 0.620 4/18/2036 EUR 65.218
Landesbank Hessen-Thu 0.500 2/18/2036 EUR 63.828
Landesbank Hessen-Thu 0.650 9/16/2036 EUR 64.703
Oberoesterreichische 0.705 1/29/2036 EUR 66.481
Barclays Bank PLC 3.020 4/23/2036 NZD 74.565
Landesbank Hessen-Thu 0.600 2/18/2036 EUR 64.779
Landesbank Hessen-Thu 0.270 1/15/2032 EUR 72.313
Erdoel-Lagergesellsch 1.200 6/4/2043 EUR 70.272
Department of Gironde 0.900 12/15/2039 EUR 67.585
Region de Bruxelles-C 0.980 1/10/2051 EUR 54.951
Erste Group Bank AG 1.110 6/17/2035 EUR 72.310
Region Provence-Alpes 0.575 7/6/2039 EUR 64.453
Portugal Obrigacoes d 1.150 4/11/2042 EUR 66.672
Lehman Brothers Treas 4.200 12/3/2008 HKD 0.100
Region de Bruxelles-C 0.690 6/22/2050 EUR 51.576
Landesbank Hessen-Thu 0.600 11/26/2035 EUR 65.212
Italy Buoni Poliennal 1.700 9/1/2051 EUR 58.694
Erste Group Bank AG 0.570 8/14/2032 EUR 72.867
Heta Asset Resolution 5.920 12/31/2023 EUR 0.023
Italy Buoni Poliennal 1.800 3/1/2041 EUR 68.020
Region de Bruxelles-C 0.731 8/25/2060 EUR 45.074
SAir Group 0.125 7/7/2005 CHF 12.250
Erste Group Bank AG 0.520 11/2/2033 EUR 69.871
KPNQwest NV 7.125 6/1/2009 EUR 0.774
Landesbank Hessen-Thu 0.750 12/17/2035 EUR 66.508
Landesbank Hessen-Thu 0.700 10/29/2035 EUR 66.369
Cattles Ltd 8.125 7/5/2017 GBP 0.027
LFA Foerderbank Bayer 0.050 9/29/2034 EUR 71.120
Muenchener Hypotheken 0.580 10/14/2035 EUR 68.638
Lehman Brothers Treas 10.000 10/22/2008 USD 0.100
Hellas Telecommunicat 8.500 10/15/2013 EUR 0.834
Erste Group Bank AG 1.650 3/23/2037 EUR 77.648
Romanian Government I 2.000 1/28/2032 EUR 67.460
Barclays Bank PLC 10.200 2/14/2025 TRY 61.513
Hellenic Republic Gov 1.875 2/4/2035 EUR 75.715
Region de Bruxelles-C 1.286 12/17/2046 EUR 64.977
Teva Pharmaceutical F 4.100 10/1/2046 USD 63.674
SNCF Reseau 1.100 10/27/2036 EUR 75.297
Ukraine Government In 9.840 2/15/2023 UAH 59.748
Netherlands Governmen 0.500 1/15/2040 EUR 71.629
Vasakronan AB 1.870 6/3/2039 EUR 51.269
DekaBank Deutsche Gir 3.550 8/11/2025 EUR 75.430
EFG International Fin 9.000 1/16/2023 CHF 13.190
Leonteq Securities AG 5.600 7/19/2023 CHF 69.280
Corner Banca SA 8.000 1/16/2023 CHF 54.640
Bank Vontobel AG 10.000 1/16/2023 EUR 20.900
Basler Kantonalbank 7.000 7/14/2023 CHF 70.030
Landesbank Hessen-Thu 1.000 8/19/2036 EUR 65.400
UniCredit Bank AG 17.800 3/24/2023 EUR 77.370
Raiffeisen Schweiz Ge 6.300 7/12/2023 CHF 70.660
Raiffeisen Schweiz Ge 6.500 1/12/2023 CHF 54.360
Raiffeisen Bank Inter 10.340 6/21/2023 EUR 76.450
Vontobel Financial Pr 19.500 6/23/2023 EUR 64.340
Vontobel Financial Pr 16.500 6/23/2023 EUR 68.030
Vontobel Financial Pr 21.000 6/23/2023 EUR 62.770
Vontobel Financial Pr 10.000 6/23/2023 EUR 57.840
DZ Bank AG Deutsche Z 21.700 6/23/2023 EUR 70.250
UniCredit Bank AG 17.900 6/23/2023 EUR 76.330
Corner Banca SA 8.000 1/12/2023 CHF 65.390
Leonteq Securities AG 8.400 1/16/2023 CHF 36.050
Leonteq Securities AG 10.400 1/19/2023 CHF 38.990
Bank Julius Baer & Co 8.800 4/27/2023 USD 75.500
UniCredit Bank AG 13.700 3/24/2023 EUR 71.940
Landesbank Baden-Wuer 3.500 7/28/2023 EUR 60.350
Landesbank Baden-Wuer 2.000 7/28/2023 EUR 66.000
Landesbank Baden-Wuer 7.250 7/28/2023 EUR 61.580
Landesbank Baden-Wuer 3.850 7/28/2023 EUR 55.150
Landesbank Baden-Wuer 2.250 7/28/2023 EUR 58.880
Landesbank Baden-Wuer 2.850 7/28/2023 EUR 75.650
Sberbank of Russia PJ 0.010 7/20/2026 RUB 72.900
Landesbank Baden-Wuer 8.800 7/28/2023 EUR 70.430
Luzerner Kantonalbank 7.500 8/9/2023 CHF 14.660
Vontobel Financial Pr 4.350 2/13/2024 EUR 70.890
UniCredit Bank AG 5.500 3/24/2023 EUR 73.510
UniCredit Bank AG 8.600 3/24/2023 EUR 66.950
UniCredit Bank AG 12.700 3/24/2023 EUR 70.170
UniCredit Bank AG 16.000 3/24/2023 EUR 65.460
UniCredit Bank AG 10.600 3/24/2023 EUR 64.260
Landesbank Hessen-Thu 1.800 6/9/2036 EUR 67.100
UBS AG/London 13.000 5/6/2024 USD 25.380
Leonteq Securities AG 8.800 12/7/2023 CHF 61.560
Luzerner Kantonalbank 9.500 5/30/2023 CHF 61.000
UBS AG/London 11.000 5/5/2023 CHF 44.750
UBS AG/London 5.250 5/5/2023 CHF 65.550
UniCredit Bank AG 4.000 12/30/2024 EUR 73.150
UniCredit Bank AG 5.000 1/21/2025 USD 62.570
DekaBank Deutsche Gir 3.300 1/12/2026 EUR 68.990
Raiffeisen Schweiz Ge 7.200 6/6/2023 CHF 51.900
Raiffeisen Schweiz Ge 4.900 12/6/2023 CHF 71.390
Landesbank Baden-Wuer 2.500 1/2/2026 EUR 58.670
DekaBank Deutsche Gir 2.100 8/11/2023 EUR 69.510
Leonteq Securities AG 10.460 5/4/2023 USD 73.330
Credit Suisse AG/Lond 13.250 1/20/2023 USD 28.790
Bank Vontobel AG 7.250 7/21/2023 CHF 68.100
Landesbank Baden-Wuer 2.100 8/22/2025 EUR 71.280
Banque Cantonale Vaud 6.850 6/7/2023 CHF 59.310
EFG International Fin 14.000 7/26/2023 USD 61.490
Leonteq Securities AG 7.500 1/20/2023 EUR 39.320
Landesbank Baden-Wuer 8.600 7/28/2023 EUR 64.890
Landesbank Baden-Wuer 5.750 7/28/2023 EUR 72.420
Landesbank Baden-Wuer 7.400 7/28/2023 EUR 30.610
UniCredit Bank AG 14.600 3/24/2023 EUR 38.040
UniCredit Bank AG 13.300 3/24/2023 EUR 39.030
Landesbank Baden-Wuer 4.500 7/28/2023 EUR 77.000
Landesbank Baden-Wuer 3.200 7/28/2023 EUR 65.840
Landesbank Baden-Wuer 6.750 7/28/2023 EUR 71.200
Landesbank Baden-Wuer 2.250 7/28/2023 EUR 69.850
Bank Julius Baer & Co 13.500 1/30/2023 USD 61.750
UniCredit Bank AG 19.500 6/23/2023 EUR 78.320
Vontobel Financial Pr 6.250 1/20/2023 EUR 64.320
UniCredit Bank AG 13.700 3/24/2023 EUR 76.100
Basler Kantonalbank 8.600 1/23/2023 CHF 68.850
Raiffeisen Switzerlan 8.500 1/24/2023 CHF 48.240
Goldman Sachs & Co We 6.000 6/21/2023 EUR 68.440
Goldman Sachs & Co We 7.000 3/22/2023 EUR 64.000
Goldman Sachs & Co We 8.000 6/21/2023 EUR 47.790
Goldman Sachs & Co We 5.000 6/21/2023 EUR 70.530
Vontobel Financial Pr 20.000 6/23/2023 EUR 70.840
Vontobel Financial Pr 17.500 6/23/2023 EUR 61.330
Vontobel Financial Pr 23.500 6/23/2023 EUR 73.100
Leonteq Securities AG 20.000 1/27/2023 CHF 64.800
Leonteq Securities AG 26.400 1/27/2023 CHF 14.200
Raiffeisen Schweiz Ge 15.000 6/14/2023 CHF 75.710
Raiffeisen Schweiz Ge 14.500 6/14/2023 CHF 35.060
UniCredit Bank AG 6.900 3/24/2023 EUR 70.020
UniCredit Bank AG 14.300 3/24/2023 EUR 67.700
UniCredit Bank AG 6.000 6/23/2023 EUR 73.510
UniCredit Bank AG 17.800 3/24/2023 EUR 63.440
UniCredit Bank AG 11.100 3/24/2023 EUR 72.880
EFG International Fin 15.500 1/31/2023 USD 30.700
Credit Suisse AG/Lond 6.500 1/24/2023 CHF 68.090
Zurcher Kantonalbank 7.500 1/23/2023 USD 72.450
DZ Bank AG Deutsche Z 10.500 6/21/2023 EUR 73.700
Leonteq Securities AG 10.000 1/19/2023 CHF 45.000
Leonteq Securities AG 10.000 1/16/2023 CHF 46.320
Bank Julius Baer & Co 11.150 1/27/2023 USD 44.450
Landesbank Baden-Wuer 8.400 7/28/2023 EUR 73.770
Landesbank Baden-Wuer 4.400 7/28/2023 EUR 73.710
Landesbank Baden-Wuer 5.700 7/28/2023 EUR 54.680
Landesbank Baden-Wuer 4.000 7/28/2023 EUR 60.140
Landesbank Baden-Wuer 3.000 7/28/2023 EUR 62.870
Landesbank Baden-Wuer 3.850 7/28/2023 EUR 73.520
Landesbank Baden-Wuer 4.900 7/28/2023 EUR 69.560
Landesbank Baden-Wuer 6.000 7/28/2023 EUR 71.750
Landesbank Baden-Wuer 5.200 7/28/2023 EUR 32.770
Landesbank Baden-Wuer 2.500 7/28/2023 EUR 38.170
UniCredit Bank AG 9.900 3/24/2023 EUR 42.680
Landesbank Baden-Wuer 11.000 7/28/2023 EUR 58.420
Landesbank Baden-Wuer 6.400 7/28/2023 EUR 72.180
UniCredit Bank AG 12.100 3/24/2023 EUR 40.110
Bank Julius Baer & Co 9.750 6/14/2023 CHF 50.450
Raiffeisen Schweiz Ge 8.000 1/12/2023 CHF 75.050
Bank Vontobel AG 10.500 1/16/2023 CHF 45.300
Leonteq Securities AG 10.000 1/19/2023 USD 11.830
Leonteq Securities AG 11.000 1/19/2023 CHF 69.920
UniCredit Bank AG 5.950 3/2/2023 EUR 73.500
Landesbank Baden-Wuer 5.250 7/28/2023 EUR 73.510
Landesbank Baden-Wuer 2.250 7/28/2023 EUR 73.720
UniCredit Bank AG 8.100 3/24/2023 EUR 45.880
UniCredit Bank AG 8.900 3/24/2023 EUR 44.200
Landesbank Baden-Wuer 5.000 7/28/2023 EUR 60.350
STAVMAT Epitoanyag Ke 3.000 7/20/2031 HUF 61.100
Leonteq Securities AG 16.000 4/12/2023 CHF 34.200
UniCredit Bank AG 7.400 12/9/2024 EUR 66.250
EFG International Fin 7.800 10/6/2023 USD 59.270
Corner Banca SA 10.000 10/11/2023 USD 56.900
Leonteq Securities AG 22.000 4/12/2023 CHF 34.640
Leonteq Securities AG 13.000 7/11/2023 CHF 67.260
Corner Banca SA 20.000 4/12/2023 CHF 51.410
UBS AG/London 6.750 5/18/2023 USD 48.950
UBS AG/London 8.500 5/17/2023 CHF 72.100
UBS AG/London 7.500 11/17/2023 CHF 64.350
UBS AG/London 5.750 11/17/2023 CHF 71.700
UBS AG/London 8.000 5/17/2023 CHF 34.200
UBS AG/London 8.250 11/20/2023 USD 69.650
UBS AG/London 8.500 11/17/2023 CHF 72.650
Raiffeisen Schweiz Ge 13.500 4/11/2023 CHF 61.920
Raiffeisen Schweiz Ge 14.800 4/11/2023 CHF 29.290
DZ Bank AG Deutsche Z 8.400 3/24/2023 EUR 62.460
DZ Bank AG Deutsche Z 12.100 3/24/2023 EUR 69.360
DZ Bank AG Deutsche Z 23.900 3/24/2023 EUR 74.240
Basler Kantonalbank 7.000 11/17/2023 CHF 63.140
DekaBank Deutsche Gir 5.700 6/22/2023 EUR 73.620
HC Finance OOO 10.500 11/11/2024 RUB 60.100
Leonteq Securities AG 12.000 2/22/2023 CHF 11.510
Bank Vontobel AG 7.500 5/9/2023 EUR 73.200
Bank Vontobel AG 6.250 5/12/2023 CHF 55.400
Luzerner Kantonalbank 6.720 5/12/2023 USD 56.790
UBS AG/London 15.250 10/20/2023 USD 41.900
Zurcher Kantonalbank 9.000 4/5/2023 USD 53.630
Landesbank Baden-Wuer 12.280 4/28/2023 EUR 69.290
UBS AG/London 6.500 11/17/2023 CHF 74.450
UBS AG/London 8.000 11/17/2023 CHF 62.700
UBS AG/London 10.250 5/17/2023 CHF 55.500
Raiffeisen Switzerlan 15.400 4/11/2023 USD 60.150
Raiffeisen Schweiz Ge 8.000 10/11/2023 CHF 66.170
Raiffeisen Schweiz Ge 15.000 4/11/2023 CHF 37.680
Landesbank Hessen-Thu 0.750 11/17/2036 EUR 65.200
Credit Suisse AG/Lond 8.000 2/9/2023 CHF 52.550
Credit Suisse AG/Lond 7.000 2/13/2023 CHF 72.250
DZ Bank AG Deutsche Z 5.300 3/24/2023 EUR 74.830
DZ Bank AG Deutsche Z 23.300 3/24/2023 EUR 69.430
DZ Bank AG Deutsche Z 21.000 3/24/2023 EUR 66.210
Basler Kantonalbank 12.000 5/17/2023 CHF 55.230
EFG International Fin 12.000 5/17/2023 CHF 28.350
EFG International Fin 9.000 5/17/2023 CHF 66.460
Leonteq Securities AG 10.000 5/18/2023 USD 52.240
Bank Vontobel AG 5.750 11/6/2023 CHF 75.100
Bank Vontobel AG 8.500 11/6/2023 CHF 55.500
Bank Vontobel AG 10.000 2/13/2023 CHF 59.900
Zurcher Kantonalbank 10.000 4/21/2023 CHF 70.130
Leonteq Securities AG 13.000 2/22/2023 USD 59.210
Leonteq Securities AG 18.000 2/22/2023 CHF 26.700
Leonteq Securities AG 11.000 2/22/2023 USD 32.160
Bank Julius Baer & Co 19.000 1/30/2023 CHF 65.400
Bank Julius Baer & Co 12.500 4/28/2023 CHF 62.200
Leonteq Securities AG 8.000 5/17/2023 CHF 60.760
UBS AG/London 11.000 4/29/2024 CHF 64.850
UBS AG/London 20.000 10/23/2023 CHF 39.050
UBS AG/London 17.750 4/20/2023 CHF 70.900
DZ Bank AG Deutsche Z 8.250 3/20/2023 EUR 51.640
Zurcher Kantonalbank 10.700 4/4/2023 USD 57.520
Leonteq Securities AG 11.000 10/11/2023 USD 57.980
Leonteq Securities AG 15.000 4/26/2024 CHF 51.180
SG Issuer SA 1.600 4/21/2034 EUR 60.930
DZ Bank AG Deutsche Z 6.250 6/19/2023 EUR 55.610
Leonteq Securities AG 22.000 4/25/2023 CHF 38.280
Leonteq Securities AG 14.000 7/25/2023 CHF 76.230
Banque Internationale 10.000 5/16/2023 EUR 40.810
Raiffeisen Schweiz Ge 7.700 11/15/2023 USD 72.070
Raiffeisen Schweiz Ge 6.200 11/15/2023 CHF 50.730
Raiffeisen Schweiz Ge 8.000 8/15/2023 CHF 73.110
DZ Bank AG Deutsche Z 6.750 6/21/2023 EUR 60.340
DZ Bank AG Deutsche Z 8.250 6/19/2023 EUR 50.690
SG Issuer SA 1.500 9/16/2033 EUR 75.810
Credit Suisse AG/Lond 7.250 4/20/2023 CHF 61.220
Vontobel Financial Pr 14.500 3/24/2023 EUR 62.890
Vontobel Financial Pr 15.500 3/24/2023 EUR 61.810
Vontobel Financial Pr 24.000 3/24/2023 EUR 57.130
Vontobel Financial Pr 24.500 3/24/2023 EUR 56.550
Vontobel Financial Pr 20.500 3/24/2023 EUR 60.850
Vontobel Financial Pr 17.500 3/24/2023 EUR 60.100
Vontobel Financial Pr 12.500 3/24/2023 EUR 65.980
Vontobel Financial Pr 17.000 6/23/2023 EUR 61.080
Vontobel Financial Pr 14.500 6/23/2023 EUR 63.840
Vontobel Financial Pr 14.000 3/24/2023 EUR 73.370
Vontobel Financial Pr 14.000 6/23/2023 EUR 72.550
Vontobel Financial Pr 20.500 3/24/2023 EUR 62.730
Vontobel Financial Pr 16.500 3/24/2023 EUR 66.780
Vontobel Financial Pr 11.500 3/24/2023 EUR 73.520
Vontobel Financial Pr 19.500 6/23/2023 EUR 61.650
Vontobel Financial Pr 15.500 6/23/2023 EUR 65.670
Vontobel Financial Pr 12.000 6/23/2023 EUR 73.740
Vontobel Financial Pr 10.500 6/23/2023 EUR 72.430
Vontobel Financial Pr 14.000 6/23/2023 EUR 71.140
Vontobel Financial Pr 14.000 3/24/2023 EUR 69.970
Leonteq Securities AG 7.000 5/12/2023 CHF 56.600
Raiffeisen Switzerlan 17.200 4/19/2023 USD 39.930
Credit Suisse AG/Lond 17.000 2/6/2023 USD 41.140
Credit Suisse AG/Lond 9.000 3/23/2023 USD 59.070
Goldman Sachs & Co We 5.000 3/22/2023 EUR 57.290
Goldman Sachs & Co We 7.000 3/22/2023 EUR 51.630
Raiffeisen Schweiz Ge 17.000 4/21/2023 CHF 41.810
VTB Bank PJSC 0.010 10/6/2024 RUB 73.860
Leonteq Securities AG 10.000 10/11/2023 USD 58.770
Leonteq Securities AG 8.000 3/15/2023 CHF 26.350
Raiffeisen Schweiz Ge 9.000 5/12/2023 CHF 49.450
Raiffeisen Schweiz Ge 6.200 11/15/2023 CHF 69.380
Raiffeisen Schweiz Ge 6.500 11/15/2023 CHF 68.470
DekaBank Deutsche Gir 3.350 4/8/2024 EUR 66.130
Bank Julius Baer & Co 8.300 7/7/2023 USD 55.050
Credit Suisse AG/Lond 14.000 4/11/2023 EUR 65.640
Vontobel Financial Pr 16.500 3/24/2023 EUR 61.430
Vontobel Financial Pr 8.250 3/24/2023 EUR 64.130
Basler Kantonalbank 15.000 4/6/2023 CHF 32.960
EFG International Fin 20.000 4/6/2023 CHF 32.210
DZ Bank AG Deutsche Z 17.700 3/20/2023 EUR 64.130
Raiffeisen Schweiz Ge 6.500 11/17/2023 CHF 58.360
Basler Kantonalbank 15.000 7/27/2023 EUR 67.150
Bank Vontobel AG 5.755 5/15/2023 CHF 58.900
Corner Banca SA 7.000 11/22/2023 CHF 68.250
Leonteq Securities AG 8.000 5/22/2023 CHF 70.530
Sberbank of Russia PJ 0.010 11/23/2026 RUB 66.200
BNP Paribas Emissions 6.450 5/7/2026 EUR 66.020
EFG International Fin 19.000 4/27/2023 CHF 75.520
Landesbank Baden-Wuer 4.700 4/26/2024 EUR 71.900
Landesbank Baden-Wuer 7.600 4/26/2024 EUR 75.510
Landesbank Baden-Wuer 9.850 4/26/2024 EUR 71.760
Landesbank Baden-Wuer 11.000 4/26/2024 EUR 73.170
Landesbank Baden-Wuer 3.500 4/26/2024 EUR 75.220
Landesbank Baden-Wuer 5.500 4/26/2024 EUR 68.850
Landesbank Baden-Wuer 10.000 4/26/2024 EUR 73.420
Landesbank Baden-Wuer 4.000 4/26/2024 EUR 50.790
Landesbank Baden-Wuer 6.750 4/26/2024 EUR 45.110
Landesbank Baden-Wuer 8.800 4/26/2024 EUR 43.110
Landesbank Baden-Wuer 2.800 4/26/2024 EUR 71.330
Landesbank Baden-Wuer 3.900 4/26/2024 EUR 67.100
Landesbank Baden-Wuer 5.100 4/26/2024 EUR 63.540
UBS AG/London 7.000 5/19/2023 CHF 54.350
Bank Vontobel AG 6.500 7/26/2023 CHF 60.400
Bank Vontobel AG 8.250 7/26/2023 EUR 74.900
Leonteq Securities AG 8.000 5/25/2023 CHF 73.610
Bank Vontobel AG 11.000 7/26/2023 CHF 69.300
Bank Vontobel AG 12.300 4/26/2023 CHF 47.100
BNP Paribas Emissions 21.000 3/23/2023 EUR 70.240
BNP Paribas Emissions 23.000 3/23/2023 EUR 70.620
BNP Paribas Emissions 15.000 6/22/2023 EUR 77.900
BNP Paribas Emissions 16.000 6/22/2023 EUR 75.070
BNP Paribas Emissions 19.000 6/22/2023 EUR 73.280
BNP Paribas Emissions 29.000 3/23/2023 EUR 68.740
BNP Paribas Emissions 18.000 6/22/2023 EUR 62.920
BNP Paribas Emissions 12.000 12/21/2023 EUR 71.160
BNP Paribas Emissions 15.000 3/23/2023 EUR 67.660
BNP Paribas Emissions 10.000 12/21/2023 EUR 73.200
BNP Paribas Emissions 15.000 12/21/2023 EUR 75.550
BNP Paribas Emissions 6.000 3/23/2023 EUR 73.510
BNP Paribas Emissions 12.000 3/23/2023 EUR 61.520
BNP Paribas Emissions 14.000 3/23/2023 EUR 61.900
BNP Paribas Emissions 6.000 6/22/2023 EUR 73.150
BNP Paribas Emissions 10.000 6/22/2023 EUR 68.010
BNP Paribas Emissions 14.000 6/22/2023 EUR 72.980
Raiffeisen Bank Inter 6.500 6/9/2023 EUR 37.680
Bank Vontobel AG 6.500 7/26/2023 CHF 11.900
Bank Vontobel AG 12.000 7/26/2023 CHF 64.000
BNP Paribas Emissions 18.000 3/23/2023 EUR 73.870
BNP Paribas Emissions 14.000 6/22/2023 EUR 75.630
BNP Paribas Emissions 20.000 3/23/2023 EUR 73.500
BNP Paribas Emissions 13.000 12/21/2023 EUR 71.380
BNP Paribas Emissions 14.000 12/21/2023 EUR 77.190
BNP Paribas Emissions 9.000 3/23/2023 EUR 66.870
BNP Paribas Emissions 7.000 6/22/2023 EUR 73.580
Leonteq Securities AG 5.050 6/2/2023 EUR 40.160
BNP Paribas Emissions 16.000 3/23/2023 EUR 75.470
BNP Paribas Emissions 25.000 6/22/2023 EUR 72.540
BNP Paribas Emissions 14.000 6/22/2023 EUR 75.740
BNP Paribas Emissions 18.000 3/23/2023 EUR 75.530
BNP Paribas Emissions 18.000 3/23/2023 EUR 73.120
BNP Paribas Emissions 12.000 3/23/2023 EUR 72.540
BNP Paribas Emissions 17.000 3/23/2023 EUR 68.040
BNP Paribas Emissions 12.000 6/22/2023 EUR 63.150
BNP Paribas Emissions 16.000 3/23/2023 EUR 64.930
BNP Paribas Emissions 20.000 3/23/2023 EUR 59.130
BNP Paribas Emissions 10.000 6/22/2023 EUR 73.670
Raiffeisen Bank Inter 10.000 5/31/2024 EUR 73.830
BNP Paribas Emissions 6.000 12/21/2023 EUR 74.380
BNP Paribas Emissions 9.000 12/21/2023 EUR 70.980
BNP Paribas Emissions 16.000 3/23/2023 EUR 73.490
BNP Paribas Emissions 16.000 3/23/2023 EUR 75.150
BNP Paribas Emissions 14.000 12/21/2023 EUR 67.070
BNP Paribas Emissions 13.000 3/23/2023 EUR 74.170
BNP Paribas Emissions 9.000 3/23/2023 EUR 71.900
BNP Paribas Emissions 10.000 3/23/2023 EUR 72.090
BNP Paribas Emissions 17.000 3/23/2023 EUR 76.660
BNP Paribas Emissions 8.000 6/22/2023 EUR 67.150
BNP Paribas Emissions 9.000 3/23/2023 EUR 75.700
BNP Paribas Emissions 13.000 3/23/2023 EUR 71.530
BNP Paribas Emissions 18.000 3/23/2023 EUR 68.180
Leonteq Securities AG 22.600 4/28/2023 CHF 39.950
BNP Paribas Emissions 14.000 6/22/2023 EUR 67.590
BNP Paribas Emissions 16.000 6/22/2023 EUR 73.840
BNP Paribas Emissions 8.000 12/21/2023 EUR 70.090
BNP Paribas Emissions 14.000 3/23/2023 EUR 76.110
BNP Paribas Emissions 10.000 12/21/2023 EUR 66.520
BNP Paribas Emissions 12.000 12/21/2023 EUR 74.300
BNP Paribas Emissions 14.000 3/23/2023 EUR 64.550
Leonteq Securities AG 18.000 5/2/2023 CHF 41.070
BNP Paribas Emissions 7.000 12/21/2023 EUR 75.280
Leonteq Securities AG 20.000 8/22/2023 CHF 53.170
Vontobel Financial Pr 4.150 7/18/2023 EUR 46.430
Leonteq Securities AG 8.000 6/28/2023 CHF 55.120
Corner Banca SA 26.000 8/22/2023 USD 56.040
Societe Generale SA 12.250 6/29/2023 USD 12.300
Vontobel Financial Pr 4.000 7/18/2023 EUR 66.180
Leonteq Securities AG 7.030 6/28/2023 CHF 64.430
Landesbank Baden-Wuer 4.150 6/23/2023 EUR 48.140
Landesbank Baden-Wuer 5.150 6/23/2023 EUR 52.560
Landesbank Baden-Wuer 2.000 6/23/2023 EUR 63.590
Leonteq Securities AG 6.400 6/28/2023 CHF 55.420
Bank Julius Baer & Co 13.200 11/30/2023 CHF 69.400
Vontobel Financial Pr 11.500 3/24/2023 EUR 61.590
Vontobel Financial Pr 14.000 3/24/2023 EUR 58.280
Vontobel Financial Pr 6.500 3/24/2023 EUR 69.860
Vontobel Financial Pr 15.500 3/24/2023 EUR 63.520
Vontobel Financial Pr 12.500 3/24/2023 EUR 67.380
Vontobel Financial Pr 22.500 3/24/2023 EUR 46.630
Vontobel Financial Pr 21.500 3/24/2023 EUR 42.370
Vontobel Financial Pr 25.000 3/24/2023 EUR 37.980
Vontobel Financial Pr 21.500 3/24/2023 EUR 69.590
Vontobel Financial Pr 19.000 3/24/2023 EUR 72.980
Vontobel Financial Pr 14.500 3/24/2023 EUR 72.380
Vontobel Financial Pr 20.500 3/24/2023 EUR 71.280
Vontobel Financial Pr 14.000 3/24/2023 EUR 58.770
Vontobel Financial Pr 9.500 3/24/2023 EUR 68.330
Vontobel Financial Pr 15.500 3/24/2023 EUR 56.820
Vontobel Financial Pr 17.000 3/24/2023 EUR 55.490
Vontobel Financial Pr 9.500 3/24/2023 EUR 72.080
Vontobel Financial Pr 14.500 3/24/2023 EUR 73.150
Vontobel Financial Pr 17.500 3/24/2023 EUR 69.590
Vontobel Financial Pr 22.000 3/24/2023 EUR 75.580
Vontobel Financial Pr 18.500 3/24/2023 EUR 62.480
Vontobel Financial Pr 12.500 3/24/2023 EUR 74.170
Vontobel Financial Pr 20.500 3/24/2023 EUR 63.200
Vontobel Financial Pr 18.500 3/24/2023 EUR 65.550
Vontobel Financial Pr 14.500 3/24/2023 EUR 71.100
Vontobel Financial Pr 16.500 3/24/2023 EUR 68.310
DZ Bank AG Deutsche Z 16.000 3/22/2023 EUR 79.020
DZ Bank AG Deutsche Z 15.250 6/21/2023 EUR 76.650
UBS AG/London 18.000 7/7/2023 USD 76.050
Vontobel Financial Pr 12.000 6/23/2023 EUR 72.310
Vontobel Financial Pr 11.000 6/23/2023 EUR 73.230
Vontobel Financial Pr 18.000 9/22/2023 EUR 65.650
Vontobel Financial Pr 10.500 6/23/2023 EUR 74.400
Vontobel Financial Pr 17.500 9/22/2023 EUR 66.200
Vontobel Financial Pr 14.500 9/22/2023 EUR 68.080
Vontobel Financial Pr 15.500 9/22/2023 EUR 67.740
Vontobel Financial Pr 19.000 6/23/2023 EUR 64.850
Vontobel Financial Pr 18.000 6/23/2023 EUR 65.470
Vontobel Financial Pr 20.000 6/23/2023 EUR 64.310
Vontobel Financial Pr 16.500 6/23/2023 EUR 66.920
Vontobel Financial Pr 17.500 6/23/2023 EUR 66.300
Vontobel Financial Pr 12.500 6/23/2023 EUR 71.210
Vontobel Financial Pr 14.000 6/23/2023 EUR 69.310
Vontobel Financial Pr 15.000 6/23/2023 EUR 68.580
Vontobel Financial Pr 15.500 6/23/2023 EUR 67.600
Vontobel Financial Pr 13.500 6/23/2023 EUR 70.330
Vontobel Financial Pr 16.000 9/22/2023 EUR 67.060
Vontobel Financial Pr 18.500 9/22/2023 EUR 65.110
Vontobel Financial Pr 16.500 9/22/2023 EUR 66.480
Vontobel Financial Pr 14.000 9/22/2023 EUR 68.780
Vontobel Financial Pr 12.000 9/22/2023 EUR 70.710
Vontobel Financial Pr 13.000 9/22/2023 EUR 70.290
Vontobel Financial Pr 13.500 9/22/2023 EUR 69.480
Vontobel Financial Pr 11.500 9/22/2023 EUR 71.580
Vontobel Financial Pr 11.000 9/22/2023 EUR 72.450
Vontobel Financial Pr 10.000 9/22/2023 EUR 74.240
Vontobel Financial Pr 10.500 9/22/2023 EUR 73.350
Vontobel Financial Pr 20.500 6/23/2023 EUR 63.610
Vontobel Financial Pr 22.500 6/23/2023 EUR 62.630
Vontobel Financial Pr 21.500 6/23/2023 EUR 63.120
Vontobel Financial Pr 13.000 6/23/2023 EUR 67.160
Vontobel Financial Pr 16.500 6/23/2023 EUR 75.150
Vontobel Financial Pr 18.500 9/22/2023 EUR 62.060
Vontobel Financial Pr 19.500 9/22/2023 EUR 61.420
Banque Internationale 21.000 7/12/2023 CHF 59.320
Landesbank Baden-Wuer 4.100 7/28/2023 EUR 60.340
Landesbank Baden-Wuer 8.200 7/28/2023 EUR 47.720
Landesbank Baden-Wuer 11.500 7/28/2023 EUR 42.980
Vontobel Financial Pr 18.500 9/22/2023 EUR 60.710
Vontobel Financial Pr 24.000 9/22/2023 EUR 56.340
Vontobel Financial Pr 19.000 6/23/2023 EUR 60.060
Vontobel Financial Pr 22.000 9/22/2023 EUR 57.430
Vontobel Financial Pr 20.500 9/22/2023 EUR 58.970
Vontobel Financial Pr 17.000 9/22/2023 EUR 62.980
Vontobel Financial Pr 21.000 6/23/2023 EUR 57.380
Vontobel Financial Pr 23.500 6/23/2023 EUR 55.410
Vontobel Financial Pr 16.500 6/23/2023 EUR 72.730
Vontobel Financial Pr 15.500 9/22/2023 EUR 65.580
Vontobel Financial Pr 17.000 6/23/2023 EUR 62.980
Vontobel Financial Pr 14.000 6/23/2023 EUR 75.770
Bank Julius Baer & Co 20.450 8/23/2023 CHF 60.700
UniCredit Bank AG 6.600 9/22/2025 EUR 55.340
Bank Vontobel AG 21.000 8/21/2023 EUR 48.900
Banque Internationale 12.000 2/23/2024 CHF 72.830
UBS AG/London 15.500 8/24/2023 USD 51.000
Bank Julius Baer & Co 8.400 8/25/2023 USD 73.300
Landesbank Baden-Wuer 5.500 8/23/2024 EUR 54.990
Landesbank Baden-Wuer 7.200 8/23/2024 EUR 50.940
Landesbank Baden-Wuer 9.200 8/23/2024 EUR 48.840
Vontobel Financial Pr 15.250 9/22/2023 EUR 67.950
Credit Suisse AG/Lond 10.000 8/22/2023 CHF 67.510
Leonteq Securities AG 28.800 8/25/2023 CHF 59.790
Leonteq Securities AG 26.400 8/25/2023 CHF 55.730
Leonteq Securities AG 23.000 8/29/2023 CHF 49.210
Vontobel Financial Pr 21.000 6/23/2023 EUR 74.210
VTB Bank PJSC 0.010 3/25/2026 RUB 68.530
Landesbank Baden-Wuer 3.750 1/3/2025 EUR 43.770
Vontobel Financial Pr 19.500 6/23/2023 EUR 75.160
SG Issuer SA 0.010 6/22/2033 EUR 76.010
DZ Bank AG Deutsche Z 8.800 9/22/2023 EUR 69.780
DZ Bank AG Deutsche Z 6.600 6/19/2023 EUR 63.080
DZ Bank AG Deutsche Z 7.400 6/19/2023 EUR 61.590
Leonteq Securities AG 6.000 2/13/2023 EUR 45.210
DZ Bank AG Deutsche Z 12.500 9/18/2023 EUR 71.100
DZ Bank AG Deutsche Z 6.600 6/19/2023 EUR 67.460
UBS AG/London 10.750 11/13/2023 CHF 58.000
UniCredit Bank AG 14.300 9/7/2023 EUR 54.140
Corner Banca SA 8.000 6/21/2023 CHF 53.550
Vontobel Financial Pr 16.750 9/22/2023 EUR 50.650
UBS AG/London 8.000 6/23/2023 CHF 48.050
Deutsche Bank AG 4.210 10/29/2031 EUR 71.800
Bank Vontobel AG 7.500 6/19/2023 CHF 68.300
Societe Generale SA 10.010 6/27/2024 USD 32.725
Credit Suisse AG/Lond 17.316 6/21/2024 USD 28.900
DekaBank Deutsche Gir 3.200 7/21/2025 EUR 70.010
Vontobel Financial Pr 11.000 9/22/2023 EUR 67.800
Vontobel Financial Pr 23.000 6/23/2023 EUR 58.830
Vontobel Financial Pr 9.500 9/22/2023 EUR 69.030
Vontobel Financial Pr 15.500 6/23/2023 EUR 63.330
Vontobel Financial Pr 18.000 6/23/2023 EUR 61.560
Vontobel Financial Pr 15.500 9/22/2023 EUR 63.140
Vontobel Financial Pr 16.500 9/22/2023 EUR 62.940
Vontobel Financial Pr 9.000 9/22/2023 EUR 69.860
Vontobel Financial Pr 14.500 9/22/2023 EUR 75.360
Credit Suisse AG/Lond 16.000 6/25/2024 USD 29.000
Vontobel Financial Pr 22.500 9/22/2023 EUR 73.800
Vontobel Financial Pr 17.000 9/22/2023 EUR 62.460
Vontobel Financial Pr 18.000 9/22/2023 EUR 61.570
Vontobel Financial Pr 17.000 6/23/2023 EUR 62.080
Luzerner Kantonalbank 6.000 7/6/2023 EUR 50.130
Luzerner Kantonalbank 5.880 7/6/2023 CHF 50.340
Luzerner Kantonalbank 6.780 7/6/2023 USD 50.270
Sberbank of Russia PJ 0.010 6/22/2028 RUB 60.400
UBS AG/London 7.250 6/23/2023 CHF 64.300
Raiffeisen Switzerlan 16.800 8/29/2023 CHF 50.090
UBS AG/London 9.250 6/23/2023 USD 41.100
UBS AG/London 7.750 6/23/2023 CHF 44.500
Swissquote Bank SA 20.000 8/29/2023 CHF 51.420
Bank Julius Baer & Co 4.000 6/26/2023 CHF 65.650
Vontobel Financial Pr 12.500 6/23/2023 EUR 66.290
Vontobel Financial Pr 17.500 9/22/2023 EUR 62.040
Vontobel Financial Pr 11.500 9/22/2023 EUR 67.100
Vontobel Financial Pr 25.000 6/23/2023 EUR 58.250
Vontobel Financial Pr 20.500 6/23/2023 EUR 60.090
Vontobel Financial Pr 13.000 6/23/2023 EUR 65.420
Vontobel Financial Pr 20.000 9/22/2023 EUR 60.770
Vontobel Financial Pr 19.000 9/22/2023 EUR 61.530
Vontobel Financial Pr 15.000 9/22/2023 EUR 63.630
Vontobel Financial Pr 7.500 9/22/2023 EUR 72.550
Vontobel Financial Pr 13.000 9/22/2023 EUR 65.080
Vontobel Financial Pr 12.000 9/22/2023 EUR 66.360
Vontobel Financial Pr 21.500 6/23/2023 EUR 59.720
Vontobel Financial Pr 14.000 6/23/2023 EUR 64.770
Vontobel Financial Pr 19.500 9/22/2023 EUR 61.110
Vontobel Financial Pr 16.500 6/23/2023 EUR 62.810
Vontobel Financial Pr 11.000 6/23/2023 EUR 67.990
Vontobel Financial Pr 14.000 9/22/2023 EUR 64.810
Vontobel Financial Pr 8.000 9/22/2023 EUR 71.620
Landesbank Baden-Wuer 3.100 7/24/2026 EUR 76.850
Vontobel Financial Pr 24.500 9/22/2023 EUR 49.360
Vontobel Financial Pr 16.500 9/22/2023 EUR 53.770
Vontobel Financial Pr 23.000 9/22/2023 EUR 49.960
Vontobel Financial Pr 18.500 9/22/2023 EUR 70.820
Vontobel Financial Pr 13.500 9/22/2023 EUR 67.330
Leonteq Securities AG 7.600 3/9/2023 EUR 30.760
UniCredit Bank AG 3.450 4/2/2024 EUR 53.280
HSBC Trinkaus & Burkh 22.500 6/23/2023 EUR 73.790
HSBC Trinkaus & Burkh 19.900 3/24/2023 EUR 59.470
HSBC Trinkaus & Burkh 13.000 9/22/2023 EUR 65.910
HSBC Trinkaus & Burkh 16.300 2/24/2023 EUR 61.830
HSBC Trinkaus & Burkh 23.100 3/24/2023 EUR 36.440
HSBC Trinkaus & Burkh 9.700 3/24/2023 EUR 43.690
HSBC Trinkaus & Burkh 7.700 6/23/2023 EUR 47.290
HSBC Trinkaus & Burkh 17.500 9/22/2023 EUR 41.480
HSBC Trinkaus & Burkh 7.600 9/22/2023 EUR 47.990
HSBC Trinkaus & Burkh 8.400 12/22/2023 EUR 47.710
HSBC Trinkaus & Burkh 6.000 12/22/2023 EUR 51.580
HSBC Trinkaus & Burkh 13.000 1/27/2023 EUR 40.910
HSBC Trinkaus & Burkh 12.600 2/24/2023 EUR 41.220
HSBC Trinkaus & Burkh 4.900 2/24/2023 EUR 51.690
HSBC Trinkaus & Burkh 8.800 4/28/2023 EUR 45.520
DZ Bank AG Deutsche Z 9.500 5/24/2023 EUR 34.000
DZ Bank AG Deutsche Z 14.250 5/24/2023 EUR 36.070
Raiffeisen Schweiz Ge 14.200 5/16/2023 CHF 32.230
Bank Julius Baer & Co 8.500 5/21/2024 USD 67.950
DZ Bank AG Deutsche Z 15.700 6/23/2023 EUR 73.080
DZ Bank AG Deutsche Z 10.800 6/23/2023 EUR 71.740
Raiffeisen Schweiz Ge 6.800 1/24/2024 CHF 67.720
Raiffeisen Switzerlan 9.000 7/21/2023 USD 45.120
Landesbank Baden-Wuer 4.030 1/27/2023 EUR 69.130
UniCredit Bank AG 7.250 4/6/2023 EUR 51.630
Vontobel Financial Pr 12.000 3/24/2023 EUR 72.600
Vontobel Financial Pr 10.500 3/24/2023 EUR 75.980
Landesbank Baden-Wuer 9.000 3/24/2023 EUR 65.540
Landesbank Baden-Wuer 5.800 3/24/2023 EUR 73.840
Vontobel Financial Pr 18.000 3/24/2023 EUR 64.720
Landesbank Baden-Wuer 5.250 3/24/2023 EUR 76.750
Landesbank Baden-Wuer 5.600 3/24/2023 EUR 65.460
Landesbank Baden-Wuer 3.000 3/24/2023 EUR 72.330
Landesbank Baden-Wuer 10.000 3/24/2023 EUR 37.810
Landesbank Baden-Wuer 7.000 3/24/2023 EUR 43.200
Landesbank Baden-Wuer 4.000 3/24/2023 EUR 50.950
Vontobel Financial Pr 24.000 3/24/2023 EUR 68.010
Vontobel Financial Pr 17.500 3/24/2023 EUR 77.090
Vontobel Financial Pr 19.500 3/24/2023 EUR 73.760
Vontobel Financial Pr 20.000 3/24/2023 EUR 69.810
Vontobel Financial Pr 24.000 3/24/2023 EUR 75.620
Vontobel Financial Pr 15.500 3/24/2023 EUR 75.370
Vontobel Financial Pr 19.000 3/24/2023 EUR 63.620
Vontobel Financial Pr 17.000 3/24/2023 EUR 65.850
Vontobel Financial Pr 11.500 3/24/2023 EUR 74.320
Vontobel Financial Pr 25.000 3/24/2023 EUR 74.620
Vontobel Financial Pr 22.500 3/24/2023 EUR 77.800
Vontobel Financial Pr 20.500 3/24/2023 EUR 57.760
Vontobel Financial Pr 19.000 3/24/2023 EUR 59.350
Vontobel Financial Pr 16.000 3/24/2023 EUR 63.020
Vontobel Financial Pr 10.000 3/24/2023 EUR 72.610
Vontobel Financial Pr 11.500 3/24/2023 EUR 69.930
Vontobel Financial Pr 14.250 3/24/2023 EUR 33.220
Vontobel Financial Pr 15.500 3/24/2023 EUR 52.490
Vontobel Financial Pr 11.500 3/24/2023 EUR 56.640
Vontobel Financial Pr 6.500 3/24/2023 EUR 64.000
Vontobel Financial Pr 12.500 3/24/2023 EUR 55.100
Vontobel Financial Pr 15.500 3/24/2023 EUR 71.790
Vontobel Financial Pr 14.500 3/24/2023 EUR 73.320
Vontobel Financial Pr 18.000 3/24/2023 EUR 74.610
Vontobel Financial Pr 19.500 3/24/2023 EUR 66.320
Vontobel Financial Pr 17.500 3/24/2023 EUR 68.900
Vontobel Financial Pr 12.500 3/24/2023 EUR 46.000
Vontobel Financial Pr 10.500 3/24/2023 EUR 48.150
Vontobel Financial Pr 7.000 3/24/2023 EUR 53.430
Leonteq Securities AG 3.910 3/3/2023 CHF 67.320
Credit Suisse AG/Lond 19.000 3/15/2023 USD 41.850
Raiffeisen Schweiz Ge 18.000 3/21/2023 CHF 33.100
Vontobel Financial Pr 22.000 3/24/2023 EUR 28.310
Vontobel Financial Pr 16.000 3/24/2023 EUR 27.120
Vontobel Financial Pr 9.250 3/24/2023 EUR 53.680
Vontobel Financial Pr 10.000 3/24/2023 EUR 31.990
SG Issuer SA 2.100 3/30/2034 EUR 72.140
Credit Suisse AG/Lond 18.250 3/14/2023 CHF 23.950
Vontobel Financial Pr 17.000 3/24/2023 EUR 51.320
Vontobel Financial Pr 18.500 3/24/2023 EUR 50.240
Vontobel Financial Pr 10.000 3/24/2023 EUR 58.230
Vontobel Financial Pr 14.000 3/24/2023 EUR 53.750
Vontobel Financial Pr 7.500 3/24/2023 EUR 61.890
Vontobel Financial Pr 9.000 3/24/2023 EUR 60.030
Vontobel Financial Pr 16.500 3/24/2023 EUR 70.290
Vontobel Financial Pr 18.500 3/24/2023 EUR 67.600
Vontobel Financial Pr 20.500 3/24/2023 EUR 65.130
Vontobel Financial Pr 22.000 3/24/2023 EUR 64.120
Vontobel Financial Pr 9.500 3/24/2023 EUR 49.360
Bank Julius Baer & Co 10.100 3/21/2023 CHF 72.600
Raiffeisen Schweiz Ge 16.000 3/21/2023 CHF 66.000
Landesbank Hessen-Thu 1.000 3/6/2035 EUR 67.800
Vontobel Financial Pr 12.500 3/24/2023 EUR 59.720
Vontobel Financial Pr 9.000 3/24/2023 EUR 65.430
Vontobel Financial Pr 10.000 3/24/2023 EUR 63.370
Vontobel Financial Pr 7.500 3/24/2023 EUR 67.580
Vontobel Financial Pr 17.000 3/24/2023 EUR 61.900
Vontobel Financial Pr 11.000 3/24/2023 EUR 69.670
Vontobel Financial Pr 14.000 3/24/2023 EUR 65.450
Vontobel Financial Pr 18.000 3/24/2023 EUR 51.640
TransFin-M PAO 9.150 2/4/2027 RUB 61.000
Leonteq Securities AG 5.040 2/21/2023 CHF 34.200
Danske Bank A/S 9.430 7/9/2024 SEK 75.340
Vontobel Financial Pr 13.000 3/24/2023 EUR 71.110
Vontobel Financial Pr 14.000 3/24/2023 EUR 69.680
Landesbank Baden-Wuer 8.250 3/24/2023 EUR 69.520
SG Issuer SA 0.263 2/20/2025 EUR 20.290
Landesbank Baden-Wuer 12.000 3/24/2023 EUR 35.760
Vontobel Financial Pr 22.000 3/24/2023 EUR 70.800
Vontobel Financial Pr 18.000 3/24/2023 EUR 71.730
Vontobel Financial Pr 23.500 3/24/2023 EUR 76.760
Vontobel Financial Pr 16.000 3/24/2023 EUR 67.040
Vontobel Financial Pr 15.000 3/24/2023 EUR 68.330
Vontobel Financial Pr 16.500 3/24/2023 EUR 73.900
Vontobel Financial Pr 17.500 3/24/2023 EUR 61.140
Vontobel Financial Pr 14.500 3/24/2023 EUR 65.150
Vontobel Financial Pr 13.000 3/24/2023 EUR 67.390
Zurcher Kantonalbank 6.500 1/13/2023 CHF 62.660
Zurcher Kantonalbank 5.000 1/13/2023 CHF 72.050
Bank Vontobel AG 6.500 6/26/2023 CHF 54.300
Bank Vontobel AG 6.502 6/26/2023 CHF 54.300
Bank Vontobel AG 5.750 6/26/2023 CHF 60.300
UniCredit Bank AG 4.650 7/30/2024 EUR 75.450
UniCredit Bank AG 3.950 7/30/2024 EUR 75.950
Zurcher Kantonalbank 7.000 7/12/2023 CHF 55.820
Landesbank Baden-Wuer 6.650 6/23/2023 EUR 69.920
Landesbank Baden-Wuer 4.200 6/23/2023 EUR 55.040
Landesbank Baden-Wuer 3.800 6/23/2023 EUR 28.520
Landesbank Baden-Wuer 3.350 6/23/2023 EUR 39.300
Landesbank Baden-Wuer 7.300 6/23/2023 EUR 56.630
Landesbank Baden-Wuer 3.500 6/23/2023 EUR 72.760
Landesbank Baden-Wuer 4.650 6/23/2023 EUR 68.460
EFG International Fin 8.160 2/26/2025 EUR 74.490
Leonteq Securities AG 6.800 2/20/2023 CHF 58.550
Landesbank Baden-Wuer 2.250 6/23/2023 EUR 41.980
Landesbank Baden-Wuer 5.300 6/23/2023 EUR 63.580
Landesbank Baden-Wuer 5.350 6/23/2023 EUR 66.090
Landesbank Baden-Wuer 3.400 6/23/2023 EUR 73.680
Landesbank Baden-Wuer 7.250 6/23/2023 EUR 50.480
Landesbank Baden-Wuer 2.700 6/23/2023 EUR 67.580
Landesbank Baden-Wuer 3.650 6/23/2023 EUR 72.260
Landesbank Baden-Wuer 2.550 6/23/2023 EUR 55.180
Landesbank Baden-Wuer 4.250 6/23/2023 EUR 50.150
Landesbank Baden-Wuer 3.000 6/23/2023 EUR 53.130
UBS AG/London 20.000 2/29/2024 CHF 60.250
Leonteq Securities AG 4.000 2/20/2023 CHF 59.780
Vontobel Financial Pr 12.000 3/24/2023 EUR 48.500
Vontobel Financial Pr 8.500 3/24/2023 EUR 69.590
Erste Group Bank AG 5.500 8/2/2025 EUR 66.100
Landesbank Baden-Wuer 2.800 6/23/2023 EUR 52.130
Landesbank Baden-Wuer 3.000 6/23/2023 EUR 58.930
Landesbank Baden-Wuer 5.600 6/23/2023 EUR 55.020
Landesbank Baden-Wuer 4.500 6/23/2023 EUR 69.330
Landesbank Baden-Wuer 4.750 6/23/2023 EUR 75.800
Landesbank Baden-Wuer 3.500 6/23/2023 EUR 52.790
Landesbank Baden-Wuer 5.350 7/28/2023 EUR 65.750
Landesbank Baden-Wuer 4.250 7/28/2023 EUR 68.980
Landesbank Baden-Wuer 4.100 6/23/2023 EUR 69.520
Landesbank Baden-Wuer 2.750 6/23/2023 EUR 74.900
Landesbank Baden-Wuer 2.250 6/23/2023 EUR 55.920
Landesbank Baden-Wuer 2.600 6/23/2023 EUR 31.000
Landesbank Baden-Wuer 4.500 6/23/2023 EUR 37.530
Landesbank Baden-Wuer 5.000 6/23/2023 EUR 26.640
Landesbank Baden-Wuer 3.500 6/23/2023 EUR 71.740
Vontobel Financial Pr 0.212 2/3/2023 EUR 21.130
UBS AG/London 8.000 2/3/2023 EUR 63.650
UBS AG/London 9.000 2/3/2023 CHF 65.750
UBS AG/London 7.250 2/3/2023 CHF 65.600
UBS AG/London 14.250 2/3/2023 CHF 51.750
UBS AG/London 8.000 2/3/2023 CHF 26.040
Societe Generale SA 20.000 2/29/2024 USD 4.430
Vontobel Financial Pr 16.750 9/22/2023 EUR 48.220
Vontobel Financial Pr 4.200 6/26/2023 EUR 76.180
Raiffeisen Switzerlan 5.300 6/14/2023 CHF 71.710
Zurcher Kantonalbank 8.000 6/21/2023 CHF 52.060
Vontobel Financial Pr 7.500 9/22/2023 EUR 62.400
Vontobel Financial Pr 13.000 9/22/2023 EUR 73.630
UBS AG/London 20.000 6/29/2023 CHF 73.450
Vontobel Financial Pr 15.000 6/23/2023 EUR 65.480
Vontobel Financial Pr 17.000 6/23/2023 EUR 63.350
Vontobel Financial Pr 12.500 6/23/2023 EUR 67.720
Vontobel Financial Pr 10.500 6/23/2023 EUR 70.500
Raiffeisen Switzerlan 19.500 7/18/2023 CHF 58.590
Bank Julius Baer & Co 12.150 7/19/2023 CHF 62.150
UBS AG/London 9.250 7/13/2023 CHF 74.700
UBS AG/London 11.250 1/15/2024 CHF 75.850
UBS AG/London 19.000 7/15/2024 CHF 58.400
Banque Internationale 15.650 9/1/2023 EUR 56.870
EFG International Fin 7.000 6/9/2023 CHF 52.470
UBS AG/London 7.750 6/9/2023 EUR 73.350
UBS AG/London 8.000 6/9/2023 CHF 53.650
UBS AG/London 8.250 6/9/2023 CHF 63.350
UBS AG/London 10.500 6/9/2023 CHF 42.200
Raiffeisen Schweiz Ge 5.500 6/7/2023 CHF 63.920
Swissquote Bank SA 26.000 9/5/2023 CHF 71.890
UBS AG/London 6.800 6/15/2026 USD 43.870
UBS AG/London 11.250 8/31/2023 CHF 66.150
Vontobel Financial Pr 3.500 7/3/2023 EUR 56.760
DZ Bank AG Deutsche Z 7.200 6/23/2023 EUR 62.050
DZ Bank AG Deutsche Z 4.750 9/18/2023 EUR 60.320
UBS AG/London 12.000 5/19/2023 CHF 59.200
Bank Julius Baer & Co 12.750 5/21/2024 CHF 69.200
UBS AG/London 14.000 6/2/2023 CHF 72.750
UBS AG/London 11.250 2/3/2023 CHF 62.100
Raiffeisen Switzerlan 10.100 2/8/2023 CHF 28.990
SG Issuer SA 5.000 5/30/2029 EUR 44.180
DZ Bank AG Deutsche Z 7.250 9/20/2023 EUR 36.370
Leonteq Securities AG 1.810 1/25/2023 EUR 58.260
Leonteq Securities AG 1.650 1/25/2023 EUR 63.190
Leonteq Securities AG 4.310 1/25/2023 USD 59.900
Leonteq Securities AG 1.800 1/25/2023 EUR 59.140
Raiffeisen Switzerlan 7.300 1/25/2023 CHF 26.970
DZ Bank AG Deutsche Z 10.300 3/24/2023 EUR 75.830
Sberbank of Russia PJ 7.000 3/11/2031 RUB 70.370
Leonteq Securities AG 9.000 2/1/2023 CHF 50.700
Leonteq Securities AG 10.400 2/1/2023 USD 53.400
Bank Julius Baer & Co 15.400 3/8/2023 USD 57.750
EFG International Fin 4.750 1/29/2024 USD 45.670
Zurcher Kantonalbank 10.000 2/3/2023 CHF 36.710
Vontobel Financial Pr 14.750 1/30/2023 EUR 54.810
SG Issuer SA 1.250 2/28/2033 EUR 53.650
Zurcher Kantonalbank 16.000 3/3/2023 USD 47.270
Bank Vontobel AG 10.000 3/4/2024 EUR 66.600
Bank Vontobel AG 8.250 3/4/2024 CHF 63.000
Bank Vontobel AG 12.000 3/6/2023 CHF 72.500
Credit Suisse AG/Lond 16.000 3/3/2023 USD 31.240
Leonteq Securities AG 30.000 9/1/2023 CHF 57.780
Leonteq Securities AG 17.000 9/6/2023 CHF 51.740
Vontobel Financial Pr 4.000 6/29/2023 EUR 69.320
Luzerner Kantonalbank 3.500 8/30/2023 USD 63.120
Credit Suisse AG/Lond 15.400 6/11/2024 USD 30.000
DekaBank Deutsche Gir 3.400 7/19/2024 EUR 46.290
Landesbank Baden-Wuer 2.100 11/24/2023 EUR 68.830
Raiffeisen Schweiz Ge 15.200 3/7/2023 CHF 56.000
Zurcher Kantonalbank 7.000 2/3/2023 CHF 27.480
Zurcher Kantonalbank 20.000 3/3/2023 USD 44.120
Bank Vontobel AG 12.500 9/1/2023 CHF 70.500
Credit Suisse AG/Lond 17.500 3/3/2023 USD 72.730
Bank Vontobel AG 18.500 6/26/2023 CHF 41.600
DZ Bank AG Deutsche Z 4.750 9/18/2023 EUR 69.160
Banque Internationale 21.000 6/28/2023 EUR 56.290
Vontobel Financial Pr 13.500 6/23/2023 EUR 75.240
Leonteq Securities AG 25.000 7/18/2023 CHF 46.680
DZ Bank AG Deutsche Z 8.000 3/20/2023 EUR 45.630
Leonteq Securities AG 2.510 1/25/2023 EUR 62.090
Leonteq Securities AG 4.010 1/25/2023 USD 66.690
Leonteq Securities AG 7.450 1/25/2023 EUR 44.650
Bank Julius Baer & Co 9.400 3/8/2023 CHF 44.250
Bank Julius Baer & Co 9.200 3/8/2023 CHF 64.900
Landesbank Baden-Wuer 6.000 3/24/2023 EUR 72.710
Erste Group Bank AG 7.250 3/3/2026 EUR 33.250
EFG International Fin 11.000 1/30/2023 USD 51.330
UBS AG/London 6.250 11/10/2023 CHF 66.450
UBS AG/London 9.250 11/10/2023 CHF 54.400
Zurcher Kantonalbank 11.400 1/30/2023 CHF 68.890
UniCredit Bank AG 4.500 9/1/2025 EUR 75.980
Raiffeisen Schweiz Ge 7.700 11/8/2023 CHF 42.260
Raiffeisen Schweiz Ge 9.000 11/8/2023 USD 65.600
Landesbank Baden-Wuer 2.500 11/28/2025 EUR 71.050
Raiffeisen Schweiz Ge 8.000 5/5/2023 CHF 55.530
Leonteq Securities AG 9.400 1/30/2023 EUR 47.190
Leonteq Securities AG 6.600 1/30/2023 CHF 65.990
Leonteq Securities AG 10.000 1/30/2023 CHF 48.060
EFG International Fin 12.000 5/10/2023 EUR 25.750
Bank Vontobel AG 6.500 1/30/2023 CHF 75.400
Bank Vontobel AG 7.000 1/30/2023 CHF 72.800
Leonteq Securities AG 8.000 8/2/2023 CHF 61.030
Leonteq Securities AG 11.000 1/30/2023 CHF 65.650
Leonteq Securities AG 10.000 1/30/2023 CHF 36.440
Leonteq Securities AG 10.000 1/30/2023 USD 26.920
Luzerner Kantonalbank 7.000 12/16/2024 USD 47.870
Sberbank of Russia PJ 0.010 12/22/2026 RUB 69.800
Erste Group Bank AG 8.500 1/31/2023 EUR 64.300
Erste Group Bank AG 5.250 1/31/2026 EUR 69.350
UBS AG/London 7.250 6/22/2023 CHF 62.150
UBS AG/London 6.250 12/22/2023 CHF 59.050
UBS AG/London 10.250 6/22/2023 CHF 56.600
UBS AG/London 7.500 6/22/2023 USD 68.100
Raiffeisen Schweiz Ge 16.500 3/28/2023 CHF 40.240
Bank Julius Baer & Co 7.000 3/29/2023 CHF 74.650
UBS AG/London 9.250 9/25/2023 CHF 69.550
UBS AG/London 7.000 9/25/2023 CHF 65.550
UBS AG/London 13.500 3/23/2023 USD 72.100
Corner Banca SA 14.000 3/27/2023 CHF 54.310
Leonteq Securities AG 7.000 6/27/2023 CHF 64.170
Leonteq Securities AG 7.000 12/27/2023 CHF 61.520
Bank Vontobel AG 10.000 3/24/2023 EUR 51.100
Bank Vontobel AG 5.500 12/27/2023 CHF 59.700
UBS AG/London 17.400 4/14/2027 SEK 59.550
UBS AG/London 9.500 1/12/2024 CHF 64.100
Leonteq Securities AG 12.500 9/29/2023 USD 62.210
BNP Paribas Emissions 3.000 4/21/2026 EUR 63.750
Bank Vontobel AG 11.000 9/25/2023 CHF 60.200
Bank Vontobel AG 8.000 3/27/2023 EUR 27.100
UBS AG/London 19.400 3/28/2024 USD 5.456
DZ Bank AG Deutsche Z 17.100 3/24/2023 EUR 29.490
Raiffeisen Bank Inter 8.311 9/20/2023 EUR 65.840
Raiffeisen Bank Inter 11.082 9/20/2023 EUR 63.260
Raiffeisen Bank Inter 5.541 9/20/2023 EUR 62.320
Raiffeisen Bank Inter 8.311 9/20/2023 EUR 59.560
DZ Bank AG Deutsche Z 8.500 3/22/2023 EUR 71.750
Leonteq Securities AG 7.200 5/4/2023 EUR 73.140
DekaBank Deutsche Gir 4.000 11/8/2024 EUR 70.990
Sberbank of Russia PJ 0.010 11/3/2026 RUB 66.800
UBS AG/London 7.250 11/3/2023 CHF 53.850
Societe Generale SA 12.264 11/2/2023 USD 21.750
Sberbank of Russia PJ 0.010 7/23/2026 RUB 71.200
Sberbank of Russia PJ 0.010 7/24/2028 RUB 59.610
Societe Generale SA 7.010 8/1/2023 USD 73.740
HSBC Trinkaus & Burkh 1.000 4/12/2023 EUR 73.300
Credit Suisse AG/Lond 4.460 7/26/2023 USD 9.150
DekaBank Deutsche Gir 3.190 2/17/2023 EUR 66.690
Zurcher Kantonalbank 7.000 4/27/2023 CHF 57.800
Zurcher Kantonalbank 6.700 1/27/2023 EUR 67.270
DZ Bank AG Deutsche Z 6.250 3/20/2023 EUR 67.500
Landesbank Baden-Wuer 3.300 1/27/2023 EUR 60.020
Landesbank Baden-Wuer 4.750 1/27/2023 EUR 45.870
Landesbank Baden-Wuer 2.000 1/27/2023 EUR 54.780
Landesbank Baden-Wuer 2.900 1/27/2023 EUR 51.760
Landesbank Baden-Wuer 3.900 1/27/2023 EUR 49.090
Landesbank Baden-Wuer 2.000 1/27/2023 EUR 58.580
Landesbank Baden-Wuer 1.750 1/27/2023 EUR 55.740
Landesbank Baden-Wuer 3.000 1/27/2023 EUR 71.810
Landesbank Baden-Wuer 8.750 1/27/2023 EUR 27.250
Zurcher Kantonalbank 9.000 5/4/2023 CHF 68.780
EFG International Fin 12.000 1/30/2023 CHF 44.650
Landesbank Baden-Wuer 2.000 8/22/2025 EUR 68.970
Landesbank Baden-Wuer 4.000 8/22/2025 EUR 42.730
Vontobel Financial Pr 16.520 1/30/2023 EUR 56.230
UBS AG/London 9.750 5/10/2023 USD 40.950
UBS AG/London 9.500 5/10/2023 CHF 49.500
UBS AG/London 10.750 5/10/2023 USD 49.800
Bank Vontobel AG 7.000 1/10/2023 CHF 73.400
Goldman Sachs & Co We 5.000 6/21/2023 EUR 54.880
Vontobel Financial Pr 14.500 6/23/2023 EUR 74.130
Vontobel Financial Pr 18.000 6/23/2023 EUR 71.210
Goldman Sachs & Co We 3.000 3/22/2023 EUR 60.520
Vontobel Financial Pr 16.500 6/23/2023 EUR 75.370
Vontobel Financial Pr 19.000 6/23/2023 EUR 60.190
Vontobel Financial Pr 13.000 6/23/2023 EUR 65.390
Vontobel Financial Pr 9.500 6/23/2023 EUR 71.150
Vontobel Financial Pr 8.000 6/23/2023 EUR 73.240
Vontobel Financial Pr 25.000 6/23/2023 EUR 71.870
SG Issuer SA 0.021 6/14/2033 EUR 72.360
Credit Suisse AG/Lond 15.250 1/20/2023 USD 20.440
Bank Vontobel AG 10.500 7/21/2023 CHF 54.400
BNP Paribas Issuance 3.300 7/1/2030 EUR 61.370
EFG International Fin 13.000 1/26/2023 EUR 71.440
EFG International Fin 18.000 1/26/2023 USD 48.120
Goldman Sachs & Co We 6.000 3/22/2023 EUR 68.430
Goldman Sachs & Co We 7.000 6/21/2023 EUR 49.580
Goldman Sachs & Co We 7.000 6/21/2023 EUR 63.130
Vontobel Financial Pr 15.500 6/23/2023 EUR 72.980
Goldman Sachs & Co We 4.000 6/21/2023 EUR 74.230
Vontobel Financial Pr 19.500 6/23/2023 EUR 77.750
Vontobel Financial Pr 22.000 6/23/2023 EUR 74.460
DekaBank Deutsche Gir 2.300 8/11/2023 EUR 59.470
DekaBank Deutsche Gir 2.300 8/9/2024 EUR 74.500
Leonteq Securities AG 9.930 5/4/2023 USD 54.400
Bank Vontobel AG 12.000 1/22/2024 EUR 65.900
BNP Paribas Issuance 3.000 1/23/2024 EUR 56.600
Bank Vontobel AG 24.000 1/24/2023 CHF 29.400
Leonteq Securities AG 15.500 6/13/2023 CHF 74.160
Swissquote Bank SA 25.000 6/13/2023 CHF 39.540
Zurcher Kantonalbank 6.800 1/16/2023 CHF 67.150
SG Issuer SA 0.015 11/7/2033 EUR 63.050
SG Issuer SA 0.021 8/15/2033 EUR 53.970
Bank Julius Baer & Co 10.000 8/7/2023 USD 46.950
Corner Banca SA 11.000 5/8/2023 CHF 70.470
Leonteq Securities AG 23.000 2/7/2023 CHF 34.030
Leonteq Securities AG 18.000 2/7/2023 CHF 42.000
Leonteq Securities AG 24.000 1/25/2023 CHF 30.120
Leonteq Securities AG 7.520 1/25/2023 USD 41.320
Banque Internationale 13.000 1/25/2023 CHF 36.420
Goldman Sachs & Co We 5.000 3/22/2023 EUR 72.240
Goldman Sachs & Co We 3.000 6/21/2023 EUR 64.710
Goldman Sachs & Co We 3.000 6/21/2023 EUR 60.720
Vontobel Financial Pr 10.500 6/23/2023 EUR 77.010
Vontobel Financial Pr 11.000 6/23/2023 EUR 72.930
Vontobel Financial Pr 16.000 6/23/2023 EUR 62.510
Vontobel Financial Pr 12.000 6/23/2023 EUR 67.240
Vontobel Financial Pr 10.500 6/23/2023 EUR 68.990
Vontobel Financial Pr 20.500 6/23/2023 EUR 75.960
Vontobel Financial Pr 15.000 6/23/2023 EUR 70.760
Bank Vontobel AG 8.000 7/21/2023 CHF 70.000
Bank Vontobel AG 15.000 7/21/2023 CHF 66.500
SG Issuer SA 0.021 7/7/2033 EUR 63.480
Swissquote Bank SA 15.200 6/13/2023 CHF 54.440
Raiffeisen Schweiz Ge 6.700 1/24/2024 CHF 41.180
Raiffeisen Schweiz Ge 7.200 1/24/2024 CHF 74.840
Goldman Sachs & Co We 6.000 3/22/2023 EUR 49.620
Goldman Sachs & Co We 6.000 6/21/2023 EUR 50.670
Goldman Sachs & Co We 6.000 6/21/2023 EUR 70.090
Leonteq Securities AG 12.000 1/12/2023 CHF 30.690
Goldman Sachs & Co We 7.000 3/22/2023 EUR 47.400
EFG International Fin 7.390 1/24/2023 EUR 63.430
Goldman Sachs & Co We 5.000 3/22/2023 EUR 54.110
Vontobel Financial Pr 14.500 6/23/2023 EUR 63.900
Vontobel Financial Pr 17.000 6/23/2023 EUR 72.150
Vontobel Financial Pr 20.500 6/23/2023 EUR 59.220
Raiffeisen Schweiz Ge 15.500 5/16/2023 CHF 45.780
Bank Vontobel AG 18.000 8/14/2023 CHF 49.600
Bank Vontobel AG 14.000 8/14/2023 CHF 55.000
DZ Bank AG Deutsche Z 17.900 3/24/2023 EUR 54.030
DZ Bank AG Deutsche Z 17.000 6/23/2023 EUR 71.980
DZ Bank AG Deutsche Z 18.300 6/23/2023 EUR 75.460
DZ Bank AG Deutsche Z 15.900 6/23/2023 EUR 69.470
DZ Bank AG Deutsche Z 15.750 9/20/2023 EUR 75.350
Uniservice Capital LL 8.800 1/21/2029 RUB #N/A N/A
Raiffeisen Schweiz Ge 7.500 11/15/2023 CHF 56.120
Nordea Bank Abp 2.000 4/29/2027 SEK 66.380
Zurcher Kantonalbank 14.000 4/5/2023 CHF 43.430
Credit Suisse AG/Lond 8.000 7/5/2023 USD 72.490
UBS AG/London 6.000 11/17/2023 CHF 71.900
UBS AG/London 7.500 11/17/2023 CHF 67.600
VTB Bank PJSC 0.010 10/14/2026 RUB 69.750
Raiffeisen Schweiz Ge 10.000 7/11/2023 CHF 49.760
DZ Bank AG Deutsche Z 19.000 3/24/2023 EUR 59.540
Sberbank of Russia PJ 0.010 11/13/2026 TRY 65.010
Banque Cantonale Vaud 5.000 5/17/2023 CHF 34.870
Leonteq Securities AG 11.000 5/22/2023 CHF 47.050
Landesbank Baden-Wuer 2.850 1/3/2025 EUR 38.880
Vontobel Financial Pr 11.750 3/24/2023 EUR 68.470
UBS AG/London 8.440 5/26/2027 SEK 72.430
UniCredit Bank AG 12.550 6/1/2023 EUR 34.070
Leonteq Securities AG 19.000 5/16/2023 CHF 71.450
Leonteq Securities AG 21.000 5/16/2023 CHF 50.890
Leonteq Securities AG 10.000 8/16/2023 CHF 38.670
UBS AG/London 15.250 2/5/2024 EUR 58.300
UBS AG/London 5.750 11/13/2023 EUR 73.100
DZ Bank AG Deutsche Z 16.000 6/21/2023 EUR 75.470
DZ Bank AG Deutsche Z 14.400 3/24/2023 EUR 70.950
Leonteq Securities AG 11.000 8/16/2023 CHF 55.050
Landesbank Baden-Wuer 3.450 1/3/2025 EUR 45.140
Landesbank Baden-Wuer 3.550 1/3/2025 EUR 43.590
Landesbank Hessen-Thu 2.000 3/10/2037 EUR 73.050
DZ Bank AG Deutsche Z 6.000 3/20/2023 EUR 47.290
DZ Bank AG Deutsche Z 5.500 6/19/2023 EUR 45.340
Credit Suisse AG/Lond 8.500 3/1/2023 CHF 62.770
DZ Bank AG Deutsche Z 4.800 3/20/2023 EUR 54.800
Leonteq Securities AG 12.000 3/7/2023 CHF 67.960
Landesbank Baden-Wuer 3.460 3/22/2024 EUR 68.670
UBS AG/London 4.000 8/3/2026 SEK 54.470
Leonteq Securities AG 9.000 9/4/2023 CHF 74.820
Bank Vontobel AG 16.500 7/17/2023 CHF 50.700
Leonteq Securities AG 17.000 3/7/2023 CHF 22.930
UBS AG/London 7.640 4/20/2026 SEK 66.170
Leonteq Securities AG 21.000 3/7/2023 CHF 45.560
Bank Vontobel AG 6.000 10/16/2023 CHF 67.800
UBS AG/London 4.000 5/26/2026 SEK 62.670
Leonteq Securities AG 22.000 6/9/2023 EUR 77.220
Vontobel Financial Pr 8.000 9/22/2023 EUR 72.480
Vontobel Financial Pr 17.500 6/23/2023 EUR 73.710
UBS AG/London 9.750 7/1/2024 CHF 63.500
Vontobel Financial Pr 14.500 6/23/2023 EUR 79.890
Vontobel Financial Pr 19.500 6/23/2023 EUR 70.880
UBS AG/London 8.560 6/29/2027 SEK 75.090
Bank Julius Baer & Co 22.000 3/29/2023 CHF 41.200
Leonteq Securities AG 18.000 7/18/2023 CHF 57.600
Vontobel Financial Pr 19.500 6/23/2023 EUR 61.670
Vontobel Financial Pr 8.500 6/23/2023 EUR 73.610
Vontobel Financial Pr 19.000 6/23/2023 EUR 65.050
Vontobel Financial Pr 24.000 6/23/2023 EUR 43.740
Vontobel Financial Pr 10.000 6/23/2023 EUR 73.120
Vontobel Financial Pr 14.000 6/23/2023 EUR 75.470
Vontobel Financial Pr 15.500 6/23/2023 EUR 74.250
Vontobel Financial Pr 15.500 6/23/2023 EUR 71.430
Vontobel Financial Pr 17.000 6/23/2023 EUR 66.660
Vontobel Financial Pr 14.000 6/23/2023 EUR 69.570
Vontobel Financial Pr 16.000 6/23/2023 EUR 67.440
Vontobel Financial Pr 11.000 6/23/2023 EUR 73.010
Vontobel Financial Pr 12.000 6/23/2023 EUR 71.810
Vontobel Financial Pr 10.000 6/23/2023 EUR 74.300
Vontobel Financial Pr 9.500 6/23/2023 EUR 75.860
Vontobel Financial Pr 11.000 6/23/2023 EUR 61.920
Vontobel Financial Pr 19.500 6/23/2023 EUR 57.030
Vontobel Financial Pr 6.500 6/23/2023 EUR 69.380
Vontobel Financial Pr 12.500 6/23/2023 EUR 60.640
Vontobel Financial Pr 16.000 6/23/2023 EUR 58.610
Vontobel Financial Pr 14.000 6/23/2023 EUR 59.430
Vontobel Financial Pr 8.500 6/23/2023 EUR 65.210
Vontobel Financial Pr 7.500 6/23/2023 EUR 67.230
Vontobel Financial Pr 10.000 6/23/2023 EUR 63.630
Vontobel Financial Pr 5.500 6/23/2023 EUR 71.760
Vontobel Financial Pr 15.000 6/23/2023 EUR 68.530
Vontobel Financial Pr 17.500 6/23/2023 EUR 57.660
Bank Vontobel AG 15.000 9/25/2023 CHF 42.700
Vontobel Financial Pr 18.000 6/23/2023 EUR 68.280
Vontobel Financial Pr 16.500 9/22/2023 EUR 71.040
Bank Julius Baer & Co 7.350 4/5/2023 CHF 70.750
BNP Paribas Emissions 18.000 3/23/2023 EUR 72.480
BNP Paribas Emissions 20.000 6/22/2023 EUR 65.830
BNP Paribas Emissions 18.000 12/21/2023 EUR 70.200
BNP Paribas Emissions 18.000 12/21/2023 EUR 66.910
BNP Paribas Emissions 14.000 6/22/2023 EUR 73.830
BNP Paribas Emissions 12.000 6/22/2023 EUR 70.840
BNP Paribas Emissions 17.000 6/22/2023 EUR 64.710
BNP Paribas Emissions 10.000 12/21/2023 EUR 57.870
BNP Paribas Emissions 11.000 3/23/2023 EUR 72.730
BNP Paribas Emissions 13.000 3/23/2023 EUR 69.680
BNP Paribas Emissions 15.000 6/22/2023 EUR 67.390
BNP Paribas Emissions 17.000 6/22/2023 EUR 65.620
BNP Paribas Emissions 10.000 12/21/2023 EUR 75.210
DZ Bank AG Deutsche Z 6.250 6/21/2023 EUR 74.050
Zurcher Kantonalbank 9.000 6/20/2023 CHF 60.750
Zurcher Kantonalbank 7.000 6/20/2023 CHF 72.440
Corner Banca SA 22.000 6/6/2023 USD 75.250
Raiffeisen Schweiz Ge 12.600 6/7/2023 CHF 73.840
UniCredit Bank AG 12.600 7/5/2023 EUR 35.410
Bank Vontobel AG 11.000 6/6/2023 CHF 48.100
UBS AG/London 13.000 6/2/2023 CHF 60.850
Bank Julius Baer & Co 18.550 6/28/2023 CHF 42.150
Infogroup Holding Kft 3.000 5/20/2031 HUF 61.050
Landesbank Hessen-Thu 2.000 4/9/2035 EUR 66.000
Landesbank Baden-Wuer 2.700 9/22/2023 EUR 68.630
Landesbank Baden-Wuer 4.500 9/22/2023 EUR 62.720
Landesbank Baden-Wuer 4.900 9/22/2023 EUR 67.720
Landesbank Baden-Wuer 7.250 9/22/2023 EUR 62.390
UniCredit Bank AG 8.500 9/13/2023 EUR 72.820
Bank Vontobel AG 24.000 8/14/2023 CHF 56.300
Leonteq Securities AG 11.000 7/5/2023 CHF 67.420
LP Portfolio Vagyonke 3.400 9/23/2031 HUF 56.200
B+N Referencia Ipari 3.500 6/24/2031 HUF 68.500
Bank Julius Baer & Co 12.750 4/4/2023 CHF 68.750
ITK Holding zrt 2.900 6/23/2031 HUF 59.600
Zurcher Kantonalbank 12.000 6/20/2023 CHF 57.680
DZ Bank AG Deutsche Z 11.100 9/22/2023 EUR 43.510
Bank Vontobel AG 23.000 8/14/2023 CHF 52.200
Bank Julius Baer & Co 8.800 7/3/2023 USD 64.750
Landesbank Baden-Wuer 3.300 9/22/2023 EUR 43.970
Landesbank Baden-Wuer 11.000 9/22/2023 EUR 71.060
Landesbank Baden-Wuer 7.300 9/22/2023 EUR 68.380
Vontobel Financial Pr 9.500 3/24/2023 EUR 69.160
Vontobel Financial Pr 14.500 3/24/2023 EUR 36.560
Vontobel Financial Pr 17.500 3/24/2023 EUR 70.490
Landesbank Baden-Wuer 6.100 9/22/2023 EUR 38.310
Corner Banca SA 10.000 10/4/2023 EUR 60.820
Raiffeisen Schweiz Ge 15.000 7/5/2023 CHF 54.900
Vontobel Financial Pr 9.500 6/23/2023 EUR 68.790
Vontobel Financial Pr 12.000 6/23/2023 EUR 64.570
Vontobel Financial Pr 13.500 6/23/2023 EUR 62.670
Vontobel Financial Pr 9.000 3/24/2023 EUR 59.100
Vontobel Financial Pr 10.000 3/24/2023 EUR 57.460
Vontobel Financial Pr 14.000 6/23/2023 EUR 54.220
Vontobel Financial Pr 6.000 6/23/2023 EUR 64.370
Vontobel Financial Pr 3.500 6/23/2023 EUR 70.190
Vontobel Financial Pr 4.500 6/23/2023 EUR 68.250
Vontobel Financial Pr 5.000 6/23/2023 EUR 66.090
Vontobel Financial Pr 7.500 3/24/2023 EUR 71.650
Vontobel Financial Pr 11.500 3/24/2023 EUR 68.560
Vontobel Financial Pr 10.500 3/24/2023 EUR 69.930
Vontobel Financial Pr 9.000 3/24/2023 EUR 71.300
Vontobel Financial Pr 10.500 6/23/2023 EUR 70.620
Vontobel Financial Pr 13.000 6/23/2023 EUR 64.250
Vontobel Financial Pr 7.000 3/24/2023 EUR 72.520
Vontobel Financial Pr 17.500 6/23/2023 EUR 60.530
Vontobel Financial Pr 20.500 3/24/2023 EUR 61.950
Bank Vontobel AG 6.250 5/7/2024 CHF 67.700
Vontobel Financial Pr 14.000 6/23/2023 EUR 63.210
Vontobel Financial Pr 13.000 6/23/2023 EUR 64.690
Vontobel Financial Pr 22.500 3/24/2023 EUR 35.100
Vontobel Financial Pr 8.000 3/24/2023 EUR 49.730
Vontobel Financial Pr 18.500 3/24/2023 EUR 37.510
Vontobel Financial Pr 11.500 3/24/2023 EUR 44.450
Vontobel Financial Pr 12.500 3/24/2023 EUR 54.650
Vontobel Financial Pr 15.000 3/24/2023 EUR 40.440
Vontobel Financial Pr 13.500 6/23/2023 EUR 43.710
Vontobel Financial Pr 16.500 6/23/2023 EUR 41.220
Vontobel Financial Pr 11.500 3/24/2023 EUR 55.970
Vontobel Financial Pr 16.500 6/23/2023 EUR 66.230
Vontobel Financial Pr 20.000 3/24/2023 EUR 67.650
Vontobel Financial Pr 9.500 3/24/2023 EUR 70.500
Vontobel Financial Pr 15.000 6/23/2023 EUR 64.780
Vontobel Financial Pr 20.000 3/24/2023 EUR 73.490
Vontobel Financial Pr 15.500 6/23/2023 EUR 67.610
Vontobel Financial Pr 14.000 6/23/2023 EUR 70.940
Vontobel Financial Pr 13.500 6/23/2023 EUR 71.740
Vontobel Financial Pr 16.000 3/24/2023 EUR 67.260
Vontobel Financial Pr 15.500 3/24/2023 EUR 68.230
Vontobel Financial Pr 24.500 6/23/2023 EUR 56.970
Vontobel Financial Pr 12.500 6/23/2023 EUR 66.270
Vontobel Financial Pr 15.000 6/23/2023 EUR 63.040
Vontobel Financial Pr 15.500 6/23/2023 EUR 62.300
Vontobel Financial Pr 13.500 3/24/2023 EUR 64.960
Vontobel Financial Pr 21.000 3/24/2023 EUR 56.930
Vontobel Financial Pr 22.500 6/23/2023 EUR 58.480
Vontobel Financial Pr 15.000 6/23/2023 EUR 69.350
Vontobel Financial Pr 15.500 3/24/2023 EUR 67.940
Vontobel Financial Pr 12.500 3/24/2023 EUR 72.850
Vontobel Financial Pr 15.500 6/23/2023 EUR 67.600
Vontobel Financial Pr 12.000 6/23/2023 EUR 72.420
Vontobel Financial Pr 13.500 6/23/2023 EUR 70.720
Credit Suisse AG/Lond 8.500 1/23/2023 USD 51.430
EFG International Fin 8.000 1/19/2023 CHF 40.590
Leonteq Securities AG 21.000 6/13/2023 CHF 37.940
DZ Bank AG Deutsche Z 7.500 9/20/2023 EUR 67.730
Corner Banca SA 13.000 1/19/2023 USD 34.170
Bank Julius Baer & Co 9.300 4/27/2023 USD 62.800
Bank Vontobel AG 10.500 1/16/2023 CHF 45.300
UniCredit Bank AG 11.000 3/24/2023 EUR 41.340
UniCredit Bank AG 12.500 3/24/2023 EUR 73.790
Landesbank Baden-Wuer 8.100 7/28/2023 EUR 66.580
Landesbank Baden-Wuer 3.800 7/28/2023 EUR 68.230
Landesbank Baden-Wuer 7.600 7/28/2023 EUR 67.000
Landesbank Baden-Wuer 3.200 7/28/2023 EUR 73.410
Landesbank Baden-Wuer 2.000 7/28/2023 EUR 76.510
Landesbank Baden-Wuer 5.100 7/28/2023 EUR 75.050
DZ Bank AG Deutsche Z 6.000 3/24/2023 EUR 64.930
Raiffeisen Schweiz Ge 8.000 10/4/2023 CHF 68.260
Raiffeisen Schweiz Ge 12.200 4/4/2023 CHF 71.690
Vontobel Financial Pr 12.000 6/23/2023 EUR 67.180
Vontobel Financial Pr 9.000 6/23/2023 EUR 72.310
Vontobel Financial Pr 14.000 3/24/2023 EUR 63.840
Vontobel Financial Pr 16.000 3/24/2023 EUR 61.940
Vontobel Financial Pr 14.500 6/23/2023 EUR 68.420
Vontobel Financial Pr 14.000 3/24/2023 EUR 73.060
Vontobel Financial Pr 13.500 6/23/2023 EUR 68.130
Vontobel Financial Pr 14.500 6/23/2023 EUR 66.880
Vontobel Financial Pr 13.000 6/23/2023 EUR 72.500
Vontobel Financial Pr 11.000 6/23/2023 EUR 74.990
Vontobel Financial Pr 22.000 6/23/2023 EUR 31.810
Vontobel Financial Pr 19.000 3/24/2023 EUR 63.990
Vontobel Financial Pr 12.000 3/24/2023 EUR 74.170
Vontobel Financial Pr 14.500 3/24/2023 EUR 70.910
Vontobel Financial Pr 13.000 3/24/2023 EUR 72.580
Bank Vontobel AG 8.008 2/27/2023 CHF 58.600
Vontobel Financial Pr 7.500 6/23/2023 EUR 61.030
Vontobel Financial Pr 7.000 6/23/2023 EUR 62.720
Vontobel Financial Pr 7.500 3/24/2023 EUR 72.730
Vontobel Financial Pr 11.500 6/23/2023 EUR 69.590
Vontobel Financial Pr 8.000 6/23/2023 EUR 72.750
Vontobel Financial Pr 9.500 6/23/2023 EUR 71.750
Vontobel Financial Pr 7.000 6/23/2023 EUR 72.970
Bank Vontobel AG 12.000 5/9/2023 EUR 47.500
Vontobel Financial Pr 17.000 6/23/2023 EUR 65.560
Leonteq Securities AG 14.000 2/15/2023 CHF 11.730
Sberbank of Russia PJ 0.010 3/4/2026 RUB 72.400
Leonteq Securities AG 8.000 3/8/2023 CHF 58.660
Vontobel Financial Pr 23.500 3/24/2023 EUR 57.680
Vontobel Financial Pr 20.000 3/24/2023 EUR 57.640
Vontobel Financial Pr 19.000 3/24/2023 EUR 58.420
Vontobel Financial Pr 15.000 3/24/2023 EUR 62.830
Vontobel Financial Pr 9.500 3/24/2023 EUR 71.020
Vontobel Financial Pr 18.500 6/23/2023 EUR 59.930
Vontobel Financial Pr 16.000 3/24/2023 EUR 71.370
Vontobel Financial Pr 13.500 6/23/2023 EUR 73.730
Vontobel Financial Pr 5.000 6/23/2023 EUR 76.630
Vontobel Financial Pr 15.500 3/24/2023 EUR 68.390
Vontobel Financial Pr 12.500 6/23/2023 EUR 69.490
Vontobel Financial Pr 20.500 6/23/2023 EUR 60.790
Vontobel Financial Pr 13.000 3/24/2023 EUR 71.750
Vontobel Financial Pr 18.500 6/23/2023 EUR 62.550
Vontobel Financial Pr 9.500 6/23/2023 EUR 74.050
Vontobel Financial Pr 17.500 6/23/2023 EUR 63.540
Vontobel Financial Pr 16.500 6/23/2023 EUR 64.560
Vontobel Financial Pr 11.500 6/23/2023 EUR 70.920
Vontobel Financial Pr 18.000 3/24/2023 EUR 65.380
Vontobel Financial Pr 10.500 3/24/2023 EUR 67.010
Vontobel Financial Pr 12.000 3/24/2023 EUR 64.250
Vontobel Financial Pr 16.000 6/23/2023 EUR 59.480
Raiffeisen Schweiz Ge 15.300 4/4/2023 CHF 45.580
Vontobel Financial Pr 19.500 3/24/2023 EUR 55.960
Vontobel Financial Pr 4.500 3/24/2023 EUR 66.970
Vontobel Financial Pr 3.500 3/24/2023 EUR 70.710
Vontobel Financial Pr 15.000 6/23/2023 EUR 53.460
Vontobel Financial Pr 14.000 6/23/2023 EUR 67.850
Vontobel Financial Pr 10.000 3/24/2023 EUR 67.880
Vontobel Financial Pr 11.000 6/23/2023 EUR 66.820
Vontobel Financial Pr 9.000 3/24/2023 EUR 69.450
Vontobel Financial Pr 22.500 3/24/2023 EUR 59.810
Vontobel Financial Pr 16.000 3/24/2023 EUR 66.770
Vontobel Financial Pr 14.000 3/24/2023 EUR 70.400
Vontobel Financial Pr 8.500 3/24/2023 EUR 52.220
Vontobel Financial Pr 16.500 6/23/2023 EUR 46.140
UBS AG/London 6.250 11/10/2023 CHF 56.000
UBS AG/London 6.750 11/10/2023 CHF 67.500
Leonteq Securities AG 14.400 7/4/2023 CHF 48.150
Vontobel Financial Pr 10.000 6/23/2023 EUR 67.530
Vontobel Financial Pr 24.500 3/24/2023 EUR 34.210
Vontobel Financial Pr 5.500 6/23/2023 EUR 57.960
Vontobel Financial Pr 12.000 3/24/2023 EUR 65.080
Vontobel Financial Pr 22.000 6/23/2023 EUR 37.940
Vontobel Financial Pr 5.000 3/24/2023 EUR 56.850
Vontobel Financial Pr 15.500 3/24/2023 EUR 52.220
Vontobel Financial Pr 19.000 3/24/2023 EUR 75.030
Vontobel Financial Pr 15.500 6/23/2023 EUR 68.560
Vontobel Financial Pr 16.000 6/23/2023 EUR 66.940
Vontobel Financial Pr 11.000 3/24/2023 EUR 66.510
Vontobel Financial Pr 19.000 3/24/2023 EUR 58.830
Vontobel Financial Pr 12.500 3/24/2023 EUR 66.810
Vontobel Financial Pr 15.500 3/24/2023 EUR 63.620
Vontobel Financial Pr 9.000 6/23/2023 EUR 71.810
Vontobel Financial Pr 13.500 3/24/2023 EUR 64.080
Vontobel Financial Pr 18.500 6/23/2023 EUR 62.950
Vontobel Financial Pr 14.500 6/23/2023 EUR 70.130
Vontobel Financial Pr 21.000 3/24/2023 EUR 60.180
Vontobel Financial Pr 18.000 3/24/2023 EUR 64.760
Vontobel Financial Pr 16.500 3/24/2023 EUR 66.360
Vontobel Financial Pr 15.000 3/24/2023 EUR 69.200
Vontobel Financial Pr 23.000 6/23/2023 EUR 58.080
Vontobel Financial Pr 21.000 6/23/2023 EUR 60.390
Vontobel Financial Pr 16.500 3/24/2023 EUR 60.910
Vontobel Financial Pr 19.500 6/23/2023 EUR 61.870
Vontobel Financial Pr 18.500 6/23/2023 EUR 63.760
UBS AG/London 15.250 4/24/2023 CHF 61.750
Raiffeisen Switzerlan 11.800 7/5/2023 USD 65.820
UniCredit Bank AG 10.500 5/3/2023 EUR 56.570
Vontobel Financial Pr 8.500 6/23/2023 EUR 69.390
Vontobel Financial Pr 13.000 6/23/2023 EUR 65.360
Vontobel Financial Pr 10.500 6/23/2023 EUR 68.970
Vontobel Financial Pr 11.500 6/23/2023 EUR 68.200
Vontobel Financial Pr 18.500 3/24/2023 EUR 59.260
Vontobel Financial Pr 9.000 3/24/2023 EUR 72.460
Vontobel Financial Pr 16.500 6/23/2023 EUR 70.710
Vontobel Financial Pr 10.000 6/23/2023 EUR 72.670
Vontobel Financial Pr 11.500 3/24/2023 EUR 73.300
Vontobel Financial Pr 14.000 3/24/2023 EUR 61.950
Vontobel Financial Pr 10.500 6/23/2023 EUR 66.460
Vontobel Financial Pr 17.500 3/24/2023 EUR 57.770
Vontobel Financial Pr 15.500 3/24/2023 EUR 59.650
Vontobel Financial Pr 7.500 3/24/2023 EUR 60.770
Vontobel Financial Pr 5.500 3/24/2023 EUR 64.730
Vontobel Financial Pr 13.000 6/23/2023 EUR 55.210
Vontobel Financial Pr 9.500 6/23/2023 EUR 58.310
Vontobel Financial Pr 8.500 6/23/2023 EUR 59.620
Vontobel Financial Pr 13.000 3/24/2023 EUR 67.370
Vontobel Financial Pr 13.000 6/23/2023 EUR 68.780
Vontobel Financial Pr 15.000 6/23/2023 EUR 62.150
Vontobel Financial Pr 18.500 3/24/2023 EUR 64.300
Leonteq Securities AG 9.400 4/4/2023 USD 53.040
Leonteq Securities AG 15.000 10/4/2023 CHF 65.050
Vontobel Financial Pr 6.500 6/23/2023 EUR 73.350
Vontobel Financial Pr 13.000 6/23/2023 EUR 72.560
Vontobel Financial Pr 14.500 3/24/2023 EUR 69.130
Vontobel Financial Pr 14.000 6/23/2023 EUR 69.760
Bank Vontobel AG 7.505 8/24/2023 CHF 62.500
Vontobel Financial Pr 9.000 3/24/2023 EUR 70.020
Vontobel Financial Pr 7.000 6/23/2023 EUR 73.880
Vontobel Financial Pr 8.000 6/23/2023 EUR 71.100
Vontobel Financial Pr 15.000 6/23/2023 EUR 61.110
Vontobel Financial Pr 6.500 3/24/2023 EUR 62.670
Vontobel Financial Pr 11.500 6/23/2023 EUR 56.010
Vontobel Financial Pr 10.500 6/23/2023 EUR 57.130
Vontobel Financial Pr 14.000 3/24/2023 EUR 53.410
Vontobel Financial Pr 14.000 3/24/2023 EUR 63.310
Vontobel Financial Pr 9.000 3/24/2023 EUR 69.310
Vontobel Financial Pr 10.500 6/23/2023 EUR 46.890
Vontobel Financial Pr 3.000 6/23/2023 EUR 72.530
Vontobel Financial Pr 8.000 6/23/2023 EUR 51.550
Vontobel Financial Pr 10.500 3/24/2023 EUR 67.010
Vontobel Financial Pr 8.000 6/23/2023 EUR 71.300
Vontobel Financial Pr 22.000 6/23/2023 EUR 59.470
Vontobel Financial Pr 17.000 6/23/2023 EUR 65.540
Vontobel Financial Pr 18.000 6/23/2023 EUR 64.320
Vontobel Financial Pr 6.500 3/24/2023 EUR 74.460
Vontobel Financial Pr 7.000 3/24/2023 EUR 74.890
Vontobel Financial Pr 18.000 3/24/2023 EUR 59.780
Vontobel Financial Pr 18.000 3/24/2023 EUR 76.590
Vontobel Financial Pr 22.500 3/24/2023 EUR 58.980
Vontobel Financial Pr 22.000 3/24/2023 EUR 59.600
Vontobel Financial Pr 23.000 3/24/2023 EUR 58.340
Vontobel Financial Pr 20.000 3/24/2023 EUR 61.630
Vontobel Financial Pr 19.000 3/24/2023 EUR 63.140
Vontobel Financial Pr 18.500 3/24/2023 EUR 63.910
Vontobel Financial Pr 14.500 3/24/2023 EUR 70.210
Vontobel Financial Pr 23.500 6/23/2023 EUR 57.710
Vontobel Financial Pr 17.500 3/24/2023 EUR 65.610
Vontobel Financial Pr 24.000 6/23/2023 EUR 57.320
Vontobel Financial Pr 22.000 6/23/2023 EUR 58.880
Vontobel Financial Pr 14.000 6/23/2023 EUR 64.670
Vontobel Financial Pr 10.000 6/23/2023 EUR 70.030
Vontobel Financial Pr 15.000 6/23/2023 EUR 72.180
Vontobel Financial Pr 22.000 3/24/2023 EUR 56.280
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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 2023. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
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