/raid1/www/Hosts/bankrupt/TCREUR_Public/230515.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, May 15, 2023, Vol. 24, No. 97
Headlines
F R A N C E
ERAMET SA: Fitch Rates EUR500MM Bond 'BB+(EXP)'
SOLOCAL GROUP: Moody's Cuts CFR to Caa3 & Alters Outlook to Neg.
G E O R G I A
BASISBANK JSC: Fitch Affirms B+ LongTerm IDR, Alters Outlook to Pos
TERABANK JSC: Fitch Affirms B+ LongTerm IDR, Outlook Now Stable
G E R M A N Y
ADLER PELZER: Fitch Assigns 'B-(EXP)' LongTerm IDR, Outlook Stable
I R E L A N D
SOUND POINT III: Fitch Hikes Rating on Class F Notes to 'B+sf'
I T A L Y
BORMIOLI PHARMA: Fitch Assigns B Final LongTerm IDR, Outlook Stable
CEDACRI MERGECO: Fitch Affirms 'B' LT IDR, Alters Outlook to Neg.
CEDACRI SPA: Moody's Assigns B3 CFR & Rates New Secured Notes B3
ELROND NPL 2017: Moody's Cuts Rating on EUR42.5MM B Notes to Ca
K A Z A K H S T A N
KAZAKHMYS INSURANCE: Fitch Hikes IFS Rating to 'BB', Outlook Stable
L U X E M B O U R G
CATLUXE ACQUISITION: Moody's Appends 'LD' Designation to C-PD PDR
DANA FINANCING: Fitch Rates EUR425M Proposed Sr. Unsec. Notes BB+
N E T H E R L A N D S
IGNITION MIDCO: EUR325M Bank Debt Trades at 43% Discount
S P A I N
DURO FELGUERA: EUR85M Bank Debt Trades at 45% Discount
U N I T E D K I N G D O M
BLACK SHEEP: SIBA Chair Issues Comment Following Administration
DRESS ME ONLINE: Owed Over GBP2.8 Million at Time of Liquidation
LECHLADE FESTIVAL: Faces Liquidation Following Event Cancellation
MANCHESTER PRINTERS: Creditors' Meeting Scheduled Today, May 15
ORIFLAME INVESTMENT: Fitch Lowers LongTerm IDR to B-, Outlook Neg.
TEAM PRECISION: Enters Administration, 16 Jobs Affected
X X X X X X X X
[*] BOND PRICING: For the Week May 8 to May 12, 2023
- - - - -
===========
F R A N C E
===========
ERAMET SA: Fitch Rates EUR500MM Bond 'BB+(EXP)'
------------------------------------------------
Fitch Ratings has assigned Eramet S.A.'s sustainability-linked
five-year EUR500 million bond an expected senior unsecured rating
of 'BB+(EXP)'. The Recovery Rating is 'RR4'.
The issue will be a senior unsecured obligation and will rank pari
passu with existing bonds. Proceeds will fund general corporate
purposes, including refinancing part of its existing EUR500 million
bonds due in 2024.
Eramet's 'BB+' Long-Term Issuer Default Rating (IDR) reflects its
conservative and transparent capital allocation priorities,
favourable cost positions, long reserve lives and integrated
business model combining mining and processing. The rating is
constrained by comparatively smaller operational scale, currently
limited diversification of operations and end-markets as well as
exposure to developing countries including Gabon and Senegal.
Fitch will assigns a final rating to the issue upon receipt of
final documentation conforming to information already received.
KEY RATING DRIVERS
Financial Policy: Eramet's capital allocation priorities are i) to
preserve its prudent balance sheet over the long term, with net
debt/EBITDA (as reported by the company) below 1x on average
through the cycle; ii) pursue volume growth at existing operations
as well as diversify into battery materials; and iii) no defined
pay-out ratio has been implemented for dividends. However, Fitch
expects dividends to move with earnings and free cash flow
generation, while preserving a conservative balance sheet.
Exposure to Weaker Operating Environments: Operations in developing
countries where Eramet operates, such as Gabon (B-/Positive,
Country Ceiling: B; around 50-55% of earnings medium term), Senegal
(not rated), Argentina (C, Country Ceiling: B-) and Indonesia
(BBB/Stable, Country Ceiling: BBB) require an engaged dialogue with
the government and other stakeholders to make sure that government
policies balance maintaining a supportive investment climate,
budget considerations and environmental and social development
targets. Eramet's high exposure to countries with weak operating
environment constrains its rating.
Indonesian Country Ceiling Applied: EBITDA from operations in
France, Norway and the US, together with repatriation of dividends
and capital from Indonesia are sufficient to comfortably cover
hard-currency gross interest expense over the forecast horizon, in
accordance with Fitch's Corporates Exceeding the Country Ceiling
Rating Criteria. Indonesia has the lowest Country Ceiling of 'BBB'
among these countries, which is applied in this case.
A Future in Batteries: Construction of the lithium project in
Argentina is underway with anticipated commissioning in 2024
(Tsingshan Holding Group will hold 49.9% following scheduled
capital increases). A final investment decision for the first stage
of the second phase, which would ultimately triple the capacity of
annual lithium production to 75 thousand tonnes, is expected by
end-2023.
The group is also working towards approving a high-pressure acid
leach (HPAL) plant in Indonesia this year, which will allow
processing of additional ore from Weda Bay into nickel and cobalt
intermediates for battery value chains. The capex for this project
will be sizeable and the investment is expected to be pursued
together with BASF SE (49%), with BASF a major off-taker of
production.
Earnings Move Beyond Peak: Due to slowing global economic growth
and high energy costs, Fitch forecasts earnings of EUR1.05 billion
for 2023 (EBITDA plus dividends and capital repatriated from
associates) compared with EUR1.7 billion in 2022. Over the medium
term, Fitch expects earnings to rise to EUR1.35 billion, linked to
volume growth across manganese, nickel and mineral sands as well as
the lithium project in Argentina coming online (phase 1 will
provide a full year earnings contribution from 2026).
The HPAL plant could contribute dividends from 2027, but this is
beyond its forecast horizon (meaning equity contributions to the
joint venture are included in the forecast, but no earnings).
Heavy Investment Phase: Total capex is expected to be around EUR850
million-EUR900 million for the next three years. Taking into
account Eramet's funding contributions for the HPAL plant (at
equity consolidated) as well as equity contributions from Tsingshan
for the lithium investment, Fitch estimates net debt to rise to
EUR1.8 billion in 2025 from EUR529 million at end-2022, after which
growth capex comes down and cash flow generation strengthens. Net
debt/EBITDA in Fitch's conservative rating case rises from 0.4x in
2022 to 1.4x in 2025 before moving back towards 1.0x.
Favourable Cost Position: Fitch estimates that Eramet is positioned
in the second quartile on average. The manganese operations are
placed in the first/second quartile for business costs by CRU and
make up the bulk of earnings over the medium term (60-65% in its
forecast). The nickel operations are placed around the 25th
percentile (Weda Bay in Indonesia) and fourth quartile (SLN in New
Caledonia) for all-in sustaining costs by CRU (15% in its
forecast).
Existing cash cost guidance for the lithium project in Argentina is
at USD3.5/kg. Even after factoring in recent cost inflation
observed in the mining sector and the possibility of a slow ramp-up
the asset should achieve a favourable placement on the cost curve
(15% in its forecast).
Weak Profitability at SLN: Nickel operations in New Caledonia have
been held back by uncompetitive electricity supply and social
unrest for years. While the local government authorised nickel ore
exports of up to 6mt per year, rising energy costs and weather
disruptions had a negative impact on earnings in 2022 (EBITDA of
EUR75 million) and led to minus EUR89 million negative free cash
flow at SLN. Consequently, the French government provided liquidity
support in February 2023 through a EUR40 million increase in state
loans. Negotiations with the New Caledonian government continue
over a future competitive electricity supply.
As a temporary solution, Eramet has leased an offshore oil-fired
power plant to procure 180MW of capacity for its Doniambo smelter
for the next three years. Management targets limiting capex and
achieving neutral free cash flow until there is greater visibility
of the asset's long-term business plan.
DERIVATION SUMMARY
Anglo American plc (BBB+/Stable) has similar (net) leverage metrics
to Eramet, but stronger interest cover, liquidity and maturity
profile. Anglo American has significantly larger scale (individual
operations and overall group), stronger diversification across
commodities and end-markets as well as country risk of operations.
Endeavour Mining plc (BB/Stable) has a commitment to maintaining
net debt/EBITDA below 0.5x, even in a lower gold price environment.
The financial policy is more conservative than Eramet. Endeavour
faces higher country risk than Eramet with around 35% of mine free
cash flow coming from Burkina Faso. It has an incrementally better
cost position, but shorter reserve life. This explains Eramet's
higher rating.
Sibanye-Stillwater Limited (BB/Stable) produces precious group
metals that are required for the energy transition (mainly for
catalytic converter processes) and prospectively battery materials.
Sibanye also has gold assets in South Africa that sit in the fourth
quartile of the global cost curve. The financial profile is
comparable. Sibanye currently is net cash positive, but has an
acquisitive growth strategy, particularly in the battery materials
universe.
As part of this, Sibanye is in the process of closing the
acquisition of a 50% stake in the Rhyolite Ridge lithium-boron
project in the US with anticipated annual production of 24,000
tonnes of lithium carbonate/hydroxide (approval of capital
expenditure and finalising of project finance expected for this
year) and executing capital investment for the Keliber project in
Finland (85% stake) that will produce up to 15,000 tonnes of
lithium hydroxide monohydrate with ramp up targeted for 2025.
Across the portfolio, Eramet benefits from a better cost position
and prospectively wider diversification of commodities (including
battery grade nickel, lithium and cobalt derivatives), with mine
lives being comparable or slightly longer.
KEY ASSUMPTIONS
- Manganese ore (realised) free on board price of USD4.5 per dry
metric tonne (t) for 2023, in a range of USD4.1-4.3/t for later
years; for silicomanganese and MC ferromanganese CRU prices for
Europe, but applying discounts for realised prices in line with
historical data.
- Volumes in line with updated management guidance.
- EUR850 million-EUR900 million of capex per year over 2023-2025,
reducing to EUR500 million-EUR600 million for later years; equity
contributions received from Tsingshan for the lithium project in
Argentina and equity contributions made for the HPAL plant in
Indonesia were factored in after free cash flow.
- Effective tax rate in line with management guidance.
- No defined pay-out ratio for dividends has been implemented.
However, Fitch expects dividends to move with earnings and free
cash flow generation while preserving a conservative balance sheet
(first priority of capital allocation). The rating forecast
indicates negative free cash flow for the next three years, so
Fitch has assumed dividends for 2024 and subsequent years in line
with 2022 (EUR72 million). For 2023 a dividend of EUR118 million
was included.
RATING SENSITIVITIES
Factors That Could, Individually Or Collectively, Lead To A
Positive Rating Action/Upgrade
- An improvement in business profile linked to operational scale,
diversification and country risk of operations
Factors That Could, Individually Or Collectively, Lead To A
Negative Rating Action/Downgrade
- EBITDA net leverage (capturing recurring dividends from
associates and minority dividends paid) above 1.5x on a sustained
basis (2022: 0.35x)
- EBITDA interest coverage falling below 7.5x on a sustained basis
(2022: 15.8x)
- Operating EBITDA margin dropping below 25% on a sustained basis
linked to operational performance of assets
- Deterioration of operating environment in Gabon, e.g. increased
risk of Gabon tightening foreign-exchange controls or adversely
changing the fiscal regime for Comilog or the wider sector, given
the company's high exposure to Gabon
- Ongoing/sustained negative free cash flow linked to capex and
dividends or material debt-funded acquisitions
- Failure to address major refinancing needs less than 12 months
LIQUIDITY AND DEBT STRUCTURE
Robust Liquidity: Eramet has built up around EUR1.5 billion of cash
and cash equivalents (including bank deposits and 70% of other
short-term investments that were reported as current financial
assets in the accounts) ahead of progressing with major growth
capex across the portfolio. The group has also refinanced its
revolving credit facility at EUR935 million with maturity in June
2027, which remains entirely undrawn.
The business is funded beyond December 2024, but Fitch expects it
to raise additional financing over the next 12 months to pre-fund
capital commitments in anticipation of the board sanctioning
lithium expansion in Argentina and the HPAL plant in Indonesia.
The bulk of liquidity is held at the corporate centre/offshore.
While there are capital controls in place for Gabon, a jurisdiction
with a large earnings contribution, only 35% of revenues need to be
repatriated, which is less than combined operating and capital
expenditure for those operations.
ISSUER PROFILE
Eramet is a France-based medium-sized mining & metals company
specialising in manganese ore and alloys, nickel, mineral sands,
and developing lithium as its fourth main segment.
SUMMARY OF FINANCIAL ADJUSTMENTS
As of December 2022:
- EUR170 million of off-balance sheet factoring was treated as
debt.
- EUR100 million of operating and finance leases were excluded from
the total debt amount. EUR18 million of depreciation and EUR10
million of interest for leasing contracts were treated as operating
expenditure, reducing EBITDA.
- EUR17 million of development expenses were retained within
operating EBITDA
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
----------- ------ --------
Eramet S.A.
senior unsecured LT BB+(EXP) Expected Rating RR4
SOLOCAL GROUP: Moody's Cuts CFR to Caa3 & Alters Outlook to Neg.
----------------------------------------------------------------
Moody's Investors Service has downgraded to Caa3 from Caa1 the
corporate family rating and to Caa3-PD from Caa1-PD the probability
of default rating of SoLocal Group S.A., a French provider of local
media advertising and digital solutions to the SME sector.
Concurrently, Moody's has downgraded to Ca from Caa2 the ratings on
the EUR168.5 million senior secured notes due 2025 and the EUR17.8
million senior secured bond due 2025, both issued by SoLocal Group
S.A. The outlook has been changed to negative from ratings under
review.
This rating action concludes the review for downgrade initiated by
Moody's on February 28, 2023, following the company's decision to
postpone the publication of the fiscal year 2022 results.
Subsequently, on April 28, 2023, the company published its 2022
audited annual accounts with an unqualified opinion.
"Moody's have downgraded the ratings of SoLocal to reflect the
weaker than expected operating performance for 2023 and increased
risk of default and weak liquidity given the upcoming maturity of
its EUR34 million RCF and EUR186.3 million notes in September 2023
and March 2025, respectively" says Pilar Anduiza, a Moody's Analyst
and lead analyst for SoLocal.
RATINGS RATIONALE
The downgrade of SoLocal's CFR to Caa3 from Caa1 reflects the
uncertainty over the company's ability to address the refinancing
of its upcoming debt maturities given challenging market
conditions. Moody's believes that SoLocal's underlying operational
challenges coupled with lower macroeconomic growth and high
inflation in France will lead to weaker than expected performance
over the next 12-18 months at a time when the company will need to
address the refinancing of its upcoming maturities.
In 2022, SoLocal reported sales and EBITDA declines of 6.6% and
4.6%, respectively. During 2022 the company experienced some delays
in executing its turnaround strategy, in particular, in recruiting
and retaining sales personnel. The negative revenue trend continued
in the first quarter of 2023 as a result of the decline in the
company's customer base and high churn in part driven by the
uncertain macroeconomic conditions. Despite the company's efforts
to reduce churn and increase the number of new customers, Moody's
expects SoLocal's revenue to decline by 8%-10% in 2023, mainly due
the lower customer base. In addition, because of the high fixed
costs, Moody's expects EBITDA margin to fall to around 20% in 2023
from 28%.
As a result, the rating agency anticipates SoLocal's leverage to
increase to around 5.3x in 2023 from 3.4x in 2022. Lower earnings
coupled with higher interests will also likely lead to a negative
FCF generation during the year. Under these assumptions, capacity
under its covenants is expected to tighten significantly within the
period, with potential for a covenant breach in the fourth
quarter.
The expected increase in leverage and weaker outlook for next year
question the sustainability of SoLocal's capital structure and
increases the risk of default given its upcoming maturities.
SoLocal's Caa3 CFR continues to reflect its high Moody's-adjusted
gross leverage; the highly fragmented and competitive nature of the
markets in which SoLocal operates; a structurally challenged
business model, a difficult macroeconomic environment in France;
high churn rates, and difficulties in retaining and attracting
sales personnel; and the company's track record of serial
defaults.
The rating also takes into account its leading position in the
French digital market, the modernisation of its IT infrastructure,
the shift towards a subscription-based auto renewal business model
and a significant reduction in its cost base.
LIQUIDITY
SoLocal's liquidity is weak in light of its upcoming debt
maturities. As of December 2022, the company had EUR71 million in
cash and cash equivalents. Moody's estimates that SoLocal will
generate negative free cash flow of around EUR30 million in 2023.
SoLocal has the option to repay the outstanding amounts under the
RCF in shares in September 2023 while lenders may accept payment in
shares, or delay cash repayment of the RCF until September 2024.
The notes are subject to two financial covenants, EBITDA/net
interest above 3.0x and net leverage ratio below 3.5x. Moody's
expects capacity under its covenants to tighten significantly in
2023 with potential for a covenant breach in the fourth quarter.
STRUCTURAL CONSIDERATIONS
SoLocal's capital structure comprises EUR168.5 million senior
secured notes due 2025, EUR17.8 million senior secured notes due
2025, EUR34 million super senior RCF, and a EUR11 million loan from
Bpifrance (Aa2 stable) guaranteed by the French government and
borrowed by SoLocal.
The Ca rating of the notes is one notch below the Caa3 CFR,
reflecting the structural subordination of the liabilities at the
holding company, SoLocal Group S.A., with respect to the
liabilities at the operating company, SoLocal S.A., which include
trade payables, pensions and the Bpifrance loan.
The probability of default rating of Caa3-PD is in line with the
CFR, reflecting Moody's assumption of a 50% family recovery rate
based on the presence of bonds and bank debt in the capital
structure with financial maintenance covenants.
RATIONALE FOR NEGATIVE OUTLOOK
The negative outlook on the ratings reflects the weaker than
expected operating and financial prospects for SoLocal, which may
lead to weaker recoveries in the event of default than those
assumed in the current ratings. The outlook also reflects the
uncertainty around SoLocal's ability to address the refinancing of
its upcoming debt maturities.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
There is currently limited upward pressure on SoLocal's rating.
However, the rating could be upgraded if the company addresses the
refinancing of its upcoming maturities, its capital structure
becomes more sustainable and it demonstrates a track record of
revenue and earnings growth, positive FCF and reduced churn rates.
SoLocal's rating could be lowered if the company's liquidity
profile weakens materially and / or it fails to refinance its
upcoming debt maturities resulting in higher losses for creditors
than those currently assumed in the current Caa3 rating.
LIST OF AFFECTED RATINGS
Downgrades, previously placed on review for Downgrade:
Issuer: SoLocal Group S.A.
Probability of Default Rating, Downgraded to Caa3-PD from Caa1-PD
LT Corporate Family Rating, Downgraded to Caa3 from Caa1
Senior Secured Regular Bond/Debenture, Downgraded to Ca from Caa2
Outlook Action:
Issuer: SoLocal Group S.A.
Outlook, Changed To Negative From Ratings Under Review
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Media published
in June 2021.
COMPANY PROFILE
SoLocal, headquartered in Paris, France, is a provider of local
media advertising and digital solutions predominantly to the small
and medium-sized enterprise (SME) sector in the country. In 2022,
SoLocal reported revenue of EUR400 million and recurring EBITDA as
calculated by management of EUR115 million. SoLocal is publicly
listed on the Paris Stock Exchange.
=============
G E O R G I A
=============
BASISBANK JSC: Fitch Affirms B+ LongTerm IDR, Alters Outlook to Pos
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on the Long-Term Issuer
Default Rating (IDR) of JSC Basisbank (Basis) to Positive from
Stable and affirmed the IDR at 'B+'. The Viability Rating (VR) has
been affirmed at 'b+'.
The revision of the Outlook to Positive reflects its expectations
that favourable economic conditions in Georgia will persist and
result in sustained strengthening of Basis's asset quality, and
funding and liquidity profile, while also underpinning the
stability of the bank's already reasonable profitability and strong
capitalisation.
Fitch believes that the banking sector's operating environment
benefits from the country's buoyant economic growth, strengthening
sovereign credit profile and improving external finances. These
factors support the local banks' (including Basis's) key credit
metrics, and may further contribute to revenue and credit growth in
the sector. Therefore, Fitch has also revised the outlook on
operating environment score for banks in Georgia to positive from
stable.
KEY RATING DRIVERS
IDR Driven By VR: Basis's Long-Term Issuer Default Rating (IDR) is
driven by the bank's standalone profile, as captured by its
Viability Rating (VR), reflecting its limited (though expanded)
franchise; good, albeit weakened, capitalisation; and highly
dollarised balance sheet. The rating also reflects the bank's
record of reasonable performance.
Strong Economic Growth: The military conflict in Ukraine and
subsequent sanctions on Russia have resulted in a large positive
economic shock in the form of sizable immigration and surge in
remittances. Coupled with a rebound in tourism and strong domestic
demand, these factors have led to high GDP growth, which Fitch
estimates at 10.3% in 2022, before normalising to 4.5% by 2023.
Fitch expects the boost in economic activity to support the banking
sector's performance.
Market Position Improved, Remains Moderate: Basis had a moderate
4.4% market share of sector assets at end-2022, and was ranked
fourth. Basis has expanded its market share from 3% at end-2021
through the acquisition of the retail division and part of the
corporate business from VTB Bank Georgia that had exited the
market. Post-acquisition, retail loans comprised 36% of Basis's
total loans at end-2022 (end-2021: 19%), improving diversification.
The transfer of a part of VTB Georgia's deposits notably improved
Basis's funding profile.
High Dollarisation: Lending dollarisation (46% of loans at
end-2022) remains the key vulnerability to asset quality, although
there was a significant decline over the past few years due to the
macroprudential measures introduced by the National Bank of Georgia
(NBG). Foreign-currency (FC) loans in retail are particularly
risky, in Fitch's view, especially given that some of them have
floating interest rates. At end-2022, the bank's FC mortgage loans
amounted to 38% of Fitch Core Capital (FCC).
Impaired Loans Decreased: Basis's impaired loans ratio decreased to
4% at end-2022 from 5% at end-2021 (2020: 7.5%), reflecting a
positive effect of the acquired portfolio where impaired loans
ratio was below that of Basis as well as favourable economic
environment and write-offs. Asset-quality risks may stem from the
bank's significant exposure to cyclical sectors, including
housebuilding and real estate development (8% of gross loans at
end-2022), real estate management (7%) and hospitality (5%), which
fundamentally reflects the domestic economy's structure.
Reasonable Profitability: Operating profit improved to 2.9% of
risk-weighted assets (RWAs) in 2022 from 2.3 in 2021 due to wider
margins and stronger non-interest income supported by strong
economic growth. Fitch expects operating profitability in 2023 to
remain above Basis's long-term average despite some moderation
compared with 2022.
Expansion Hits Capitalisation, Partly Restored: Basis's FCC ratio
weakened to a still strong 16.5% at end-2022 (end-2021: 20.2%)
following the acquisition. The ratio was supported by a common
equity injection in 4Q22 (equal to 1.1% of RWAs) and internal
capital generation. The IFRS-based regulatory CET1 ratio of 16.2%
was comfortably (by 460 bps) above the minimum requirements at
end-1Q23. Fitch expects continuing good profit generation and only
moderate low-double-digit loan growth to support sound capital
adequacy in the near term.
Dollarised, Concentrated Funding; Moderate Liquidity: The loans to
deposits ratio materially improved to a moderate 109% at end-2022
from 145% at end-2021 as a result of deposit migration from VTB
Georgia. Risks still stem from high funding dollarisation (53% of
deposits at end-2022) and material concentrations. The liquid
assets, net of wholesale funding repayments scheduled for 2023,
covered deposits by an only moderate 13%. Reasonably stable funding
base and uninterrupted access to IFI funding should help avoid
pressure on liquidity.
Extraordinary Support Unlikely: The Government Support Rating (GSR)
of 'no support' reflects Fitch's view that resolution legislation
in Georgia, combined with constraints on the ability of the
authorities to provide support (especially in FC), means that
government support, although still possible, cannot be relied
upon.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The Outlooks on Basis's rating would likely be revised to Stable if
Fitch views there have been no material improvements in the
operating environment for Georgian banks.
Basis's ratings could be downgraded in case of material weakening
in capitalisation - potentially resulting from a sharp
deterioration in the operating environment, or significant
weakening in profitability or asset quality - if not offset by
shareholder support, and if regulatory ratios fall to levels only
marginally above prudential requirements. A sharp reduction in
liquidity buffers, particularly in FC, could also increase pressure
on the rating.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade of Basis's ratings would require an improvement in
Fitch's assessment of the local operating environment.
The bank could also be upgraded in case of strengthening of its
liquidity position, while maintaining healthy financial metrics. An
improvement in risk profile and reduction in asset-quality risks,
for example due to a material decrease in loan book dollarisation
and concentration, would also be credit positive.
VR ADJUSTMENTS
The funding and liquidity score of 'b+' has been assigned below the
implied score of 'bb' due to the following adjustment reason:
deposit structure.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Prior
----------- ------ -----
JSC Basisbank LT IDR B+ Affirmed B+
ST IDR B Affirmed B
Viability b+ Affirmed b+
Government Support ns Affirmed ns
TERABANK JSC: Fitch Affirms B+ LongTerm IDR, Outlook Now Stable
---------------------------------------------------------------
Fitch Rating has revised the Rating Outlook on JSC Terabank's
Long-Term Issuer Default Rating (IDR) to Stable from Negative. In
addition, Fitch has affirmed the IDR at 'B+' and Viability Rating
(VR) at 'b+'.
The Outlook revision reflects Fitch's view that the risks to the
bank's creditworthiness eased amid improvements in the operating
environment. The latter is driven by the country's buoyant economic
growth, strengthening sovereign profile and improving external
finances, stemming from net positive spill-over effects from the
Russia-Ukraine conflict to Georgia's economy.
KEY RATING DRIVERS
IDR Captures Intrinsic Strength: JSC Terabank's Long-Term IDR is
driven by its standalone profile, as captured by its VR. The VR
reflects the bank's reasonable financial metrics and moderate
capital buffers. It also considers the bank's highly dollarised
balance sheet and narrow, but growing franchise in SME and
micro-lending.
Strong Economic Growth: The military conflict in Ukraine and
subsequent sanctions on Russia have resulted in a large positive
spill-over effects in the form of sizable immigration and surge in
remittances. Coupled with stable public consumption, a rebound in
tourism and positive net exports, these factors have led to a
strong GDP growth, which Fitch estimates at 10.3% in 2022, before
normalising to 4.5% by 2023. Fitch expects the boost in economic
activity to support the banking sector's loan quality and
profitability in the next two to three years.
Small Size, Niche Franchise: Terabank is focused on SME, micro and
retail lending; however, its franchise and pricing power are
limited, translating into the small 2.4% lending market share in
the concentrated Georgian banking sector as of end-2022. Market
share in the bank's niche, SME and micro, was more pronounced at
5.5%.
Focus on Riskier SMEs: SME and micro-lending segments made up 64%
of Terabank's gross loans at end-2022 and is considered a strategic
growth area by the bank. Dollarisation was high at 48% as of
end-2022 (yet in line with the sector average: 45%), albeit reduced
from 55% at end-2021, helped by local currency appreciation.
Stable Asset Quality: Impaired loans (Stage 3 loans under IFRS 9,
based on management accounts) remained broadly unchanged at 4.1% of
gross loans at end-2022 (end-2021: 4.0%), while Stage 2 ratio
decreased noticeably to 6% (end-2021: 12%). Impaired loans were 67%
covered by total loan loss allowances. Fitch expects asset quality
to remain adequate against strong economic growth and reducing
inflationary pressures.
Improved Profitability: Operating profit improved to 2.8% of
risk-weighted assets (RWAs) in 2022 from 0.4% in 2020, driven by an
increase in net interest margin (5.3% in 2022, up from 4.5% in
2020) on the back of higher interest rates environment and
reversals of loan impairment charges (LICs; negative 0.6% in
2022).
Healthy Capitalisation: Terabank's Fitch Core Capital (FCC) ratio
increased to 15.8% at end-2022 from 14.9% at end-2021, driven by
internal capital generation exceeding loan growth. Fitch expects
FCC ratio to be above 16% in 2023, supported by reasonable
profitability amid moderate growth.
Concentrated Funding: Terabank is primarily funded by customer
deposits (end-2022: 75% of non-equity funding) of which a material
56% was in foreign currency. This amplifies foreign-currency
liquidity risk, particularly given high depositor concentration (20
largest depositors: 43% of customer accounts). Refinancing risks
are manageable given sufficient liquidity coverage of upcoming
wholesale funding maturities and good stock of liquid assets (14%
of assets or 22% of customer accounts).
Extraordinary Support Unlikely: The Government Support Rating (GSR)
of 'no support' reflects Fitch's view that resolution legislation
in Georgia, combined with constraints on the ability of the
authorities to provide support (especially in foreign currency),
means that government support, although still possible, cannot be
relied upon.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Terabank's ratings are primarily sensitive to a material
deterioration in the operating environment or a severe setback to
the economic outlook. The ratings could be downgraded if there is
significant asset-quality deterioration, for example with the
impaired loans ratio increasing up to 10%, or weak performance with
operating profit/RWA below 1%. The VR could also be downgraded as a
result of an erosion of capital buffers to below 100bp over
regulatory minimums or a significant increase in encumbrance by
unreserved impaired loans.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade would require an improvement in the Georgian operating
environment, coupled with extended record of reasonable performance
with operating profit/RWA above 2% and FCC ratio above 14% on
sustained basis. Continued decrease of balance sheet dollarisation
could also be credit positive.
VR ADJUSTMENTS
The asset quality score of 'b+' is below the implied score of 'bb'
due to the following adjustment reason: underwriting standards and
growth (negative).
The earnings and profitability score of 'b+' is below the implied
score of 'bb' due to the following adjustment reason: revenue
diversification (negative).
The capitalisation and leverage score of 'b+' is below the implied
score of 'bb' due to the following adjustment reason: risk profile
and business model (negative).
The funding and liquidity score of 'b+' is below the implied score
of 'bb' due to the following adjustment reason: deposit structure
(negative).
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 managed by
the entity.
Entity/Debt Rating Prior
----------- ------ -----
JSC Terabank LT IDR B+ Affirmed B+
ST IDR B Affirmed B
Viability b+ Affirmed b+
Government Support ns Affirmed ns
=============
G E R M A N Y
=============
ADLER PELZER: Fitch Assigns 'B-(EXP)' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned Adler Pelzer Holding GmbH (APG) an
expected Long-Term Issuer Default Rating (IDR) of 'B-/(EXP)' with a
Stable Outlook and an expected senior secured instrument rating of
'B(EXP)' with a Recovery Rating of 'RR3'. The final ratings are
subject to receiving the final documentation post refinancing.
The IDR reflects APG's high leverage metrics, which are a function
of its lower profitability and cash flow generation than the 'B'
rating median in its auto supplier navigator. This is mitigated by
its leading market position, strong technical knowledge and
established relationships with original equipment manufacturers
(OEM). Fitch regards APG's business profile as broadly in line with
a 'BB' rating category.
The Stable Outlook reflects its expectation that APG's
post-refinancing capital structure will improve and be consistent
with its rating, although pro-forma EBITDA net leverage of 3.6x
remains higher than its 'B' rating median of 3.0x. In line with
APG's current refinancing plan, Fitch assumed a senior secured bond
issue of EUR350 million and a EUR120 million equity-like
injection.
Fitch also expects operating margins and cash flow over the next
two to three years to improve moderately, on easing supply chain
tensions, reduced cost inflation, cost synergy realisation and
better fixed cost absorption from higher utilisation rates.
KEY RATING DRIVERS
High but Declining Leverage: Fitch expects APG to rebase its EBITDA
gross leverage and net leverage at significant lower levels
post-refinancing, following the planned equity-like injection of
EUR120 million and EBITDA/funds flow from operations (FFO)
increase. Fitch expects APG's EBITDA net leverage to be higher than
the 'B' rating median until end-2025 but commensurate with its
rating level. Stronger-than- expected improvement in profitability,
along with growing g volumes and declining raw material prices
could speed up deleveraging beyond its Fitch case.
its
Moderate Profitability Improvements: Fitch expects APG's EBIT
margin to improve moderately and to trend towards 4% by 2027, which
represents the 'B' median for car suppliers. Profitability
improvement will be led by volume recovery, subsiding energy and
raw material costs and some costs synergies following the full
integration of the companies acquired. The Fitch-adjusted EBIT
margin in 2021 and 2022 declined to around 1.5%, from around 3.5%
of 2019-2020, following dilutive effect from the acquisitions and
volatile production schedules due to unstable supply chain.
Poor Cash Flow Generation: Fitch forecasts APG's free cash flow
(FCF) to be above break-even from 2025, mostly on a higher EBITDA
margin. APG's cash flow generation was historically weak as a
result of thin operating profitability, a high tax burden and
volatile net working capital (NWC) needs. Weak cash flow is also
the result of dividends to minorities because the company has
several fully consolidated, but only 50% controlled, joint ventures
(JVs).
Stretched Trade Payable Terms: Fitch assumes that APG will
progressively reduce its average trade payable days to below 100
days in its five-year forecast period. The company's average
supplier days stood at 158 days in 2021 and 130 days in 2022. Fitch
understands from management that APG seeks to extend to maximum
payment terms with suppliers rather than relying on supply chain
arrangements. Fitch sees stretched conditions as a downside risk
for APG's cash flow and leverage if suppliers start to drastically
tighten payable terms.
Significant Trapped Cash: APG's reported cash at end-2022 was
around EUR230 million, more than 10% of its 2022 turnover. Fitch
deems EUR35 million as not available for debt repayment due to lack
of full ownership in certain consolidated subsidiaries. Fitch
further restricts available cash at 2% of annual sales due to
intra-year NWC swings.
Supportive Industry Trends: APG's business model is supported by an
increasing share of electric vehicles (EVs), as well as by higher
comfort and regulatory standards to reduce internal and external
noise produced by the engine. Acoustic insulation plays an even
more important role in EVs, as the absence of combustion engine
noise generates the need to develop insulation solutions that
cancel other noises emanating from motor vehicles. Moreover, OEMs
and regulators are setting higher standards to increase passenger
comfort and reduce vehicle noise.
Long-Term Partnerships: APG is a strategic supplier for all OEMs in
the development of acoustic and thermal insulation products. It is
involved in new vehicle developments, and in the study and
development of new solutions to reduce vehicle noise. In the
vehicle serial production, APG is awarded multiyear contracts, from
beginning to end of production, with pre-agreed volumes sold.
Market Leadership: APG is small compared with other Fitch-rated car
suppliers. However, the company claims global leadership in
acoustic and soft trim products, with the number one position in
engines, passenger luggage compartments and exteriors.
Even so, APG's reference market is fragmented: 42% market share is
held by companies individually holding a market share equal or
below 5%. Fitch expects some further market consolidation, driven
by disposals or acquisitions of weaker producers.
DERIVATION SUMMARY
APG's business profile is broadly in line with the 'BB' rating
category. APG has leading market share and an established top
position in the supply chain with longstanding relationships with
OEMs, given its strong technical knowledge in solutions for
acoustic and thermal insulation. APG, despite recent acquisitions,
is substantially smaller than the typical Fitch-rated auto
supplier. US-based producers such as Garrett Motion, Inc.
(BB-(EXP)/Stable) and Tenneco, Inc (B/Stable) generate revenue from
the more stable and profitable after-market business, which is
virtually non-existent in APG.
APG's operating and cash flow margins are at the lower end of auto
suppliers'. Fitch expects some improvement in operating
profitability and cash flow generation during 2023-2027 with above
break-even FCF in 2025. Fitch also expects APG's leverage to
benefit from the shareholder equity-like injection and sees metrics
improving in line with the 'B' median of car suppliers in 2024.
KEY ASSUMPTIONS
Fitch assumes the issuance of EUR350 million new senior secured
notes and an equity-like injection of EUR120 million. Proceeds will
be used to refinance APG's EUR425 million outstanding notes and
repay, along with existing cash, its EUR51 million bank debt
Sales CAGR of 3.5% in 2022-2027, supported by end-market recovery,
solid order book and easing supply chain
Fitch-adjusted EBITDA margin expanding towards the high single
digits on volume growth, while supply chain stabilisation leads to
improving utilisation rates and cost synergies
Interest rate of 9% on the EUR350 million new notes. Fitch assumes
pay-in-kind interest on the shareholder loan in 2023-2027
NWC/sales investments at 0.4% of sales a year
Capex at 3.6% of sales a year to 2027
No dividends to common shareholders. Dividends to non-controlling
interests between EUR10 million and EUR15 million a year
Recovery Assumptions:
The recovery analysis assumes that APG would be reorganised as a
going-concern in bankruptcy rather than liquidated
A 10% administrative claim.
Fitch ranks the planned EUR 350 million senior secured notes as
subordinated, in the application of proceeds, to the new super
senior revolving credit facility (RCF) and debt issued by group
subsidiaries
Going-Concern (GC) Approach
Fitch has used the 2022 Fitch-adjusted EBITDA of EUR115 million.
Given the current sector challenges and recent margin dilute
acquisition, Fitch does not apply any discount to the 2022 EBITDA
Fitch uses a multiple of 4.5x, to estimate the GC EBITDA for APG to
reflect the post-reorganisation enterprise value
The multiple used reflects the company's technical knowledge,
established OEM relationships and leading market share. The
multiple is in line with other car suppliers with established
market position and larger critical mass
The allocation of value in the liability waterfall results in
recovery corresponding to 'RR3'/60% for the senior secured notes
RATING SENSITIVITIES
Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
EBIT margin sustainably above 4%
FCF margin sustainably above break-even
EBITDA leverage and EBITDA net leverage sustainably below 3.5x and
3.0x, respectively
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
EBIT margin sustainably below 2%
Persistently negative FCF margin
EBITDA leverage and EBITDA net leverage sustainably above 4.5x and
4.0x, respectively
EBITDA interest coverage below 2x
LIQUIDITY AND DEBT STRUCTURE
Refinancing Supports Liquidity: APG reported EUR232 million readily
available cash at end-2022, above 10% of its 2022 sales. Fitch
regards around EUR40 million as trapped in intra-year NWC swings.
Fitch also restricts EUR35 million due to lack of ownership on cash
held in fully consolidated but only partly owned JVs. The
refinancing plan should increase the company's financial
flexibility as it will set up a new super senior RCF of EUR55
million. Increased liquidity will provide APG additional
flexibility in funding short-term cash flow shortfalls.
Reduced Short-Term Refinancing Risks: APG's immediate refinancing
risks should be removed, post the issue of EUR350 million new notes
and the equity-like injection of EUR120 million. The new funds
raised in 2023, along with existing cash, mean the company intends
to: I) refinance EUR425 million of the existing notes; II) repay a
super senior term loan of EUR40 million and EUR11 million other
bank debt. Fitch expects a significant increase in refinancing
costs because of the current macroeconomic and financial market
conditions.
ISSUER PROFILE
APG is a worldwide leader in design, engineering and manufacturing
of acoustic and thermal components and systems for the automotive
sector. APG is headquartered in Hagen, Germany, and has built a
global network of over 100 facilities near the main automotive
hubs.
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
----------- ------ --------
Adler Pelzer
Holding GmbH LT IDR B-(EXP) Expected Rating
senior secured LT B(EXP) Expected Rating RR3
=============
I R E L A N D
=============
SOUND POINT III: Fitch Hikes Rating on Class F Notes to 'B+sf'
--------------------------------------------------------------
Fitch Ratings has upgraded Sound Point Euro CLO III Funding DAC's
class E and F notes and affirmed the class A to D notes. The
Outlooks are Stable.
Entity/Debt Rating Prior
----------- ------ -----
Sound Point Euro
CLO III Funding DAC
A XS2113702380 LT AAAsf Affirmed AAAsf
B-1 XS2113702893 LT AAsf Affirmed AAsf
B-2 XS2113703511 LT AAsf Affirmed AAsf
C XS2113704089 LT Asf Affirmed Asf
D XS2113704758 LT BBBsf Affirmed BBBsf
E XS2113705565 LT BB+sf Upgrade BBsf
F XS2113705219 LT B+sf Upgrade Bsf
TRANSACTION SUMMARY
Sound Point Euro CLO III Funding DAC is a cash flow collateralised
loan obligation (CLO) mostly comprising senior secured obligations.
The transaction is actively managed by Sound Point CLO C-MOA, LLC
and will exit its reinvestment period in October 2024.
KEY RATING DRIVERS
Reinvesting Transaction: The transaction will exit its reinvestment
period in October 2024. The manager can reinvest unscheduled
principal proceeds and sale proceeds from credit impaired and
credit improved obligations after the reinvestment period ends,
subject to compliance with the reinvestment criteria. Given the
manager's ability to reinvest, its analysis is based on a stressed
portfolio testing Fitch-calculated weighted average life (WAL),
Fitch-calculated weighted average rating factor (WARF),
Fitch-calculated weighted average recovery rate (WARR), weighted
average spread, weighted average coupon and fixed-rate asset share
to their covenanted limits.
The transaction has four matrices, based on 7.5% and 0% fixed-rate
obligation limits and top 10 obligor concentration limits of 18%
and 23%. Fitch analysed the matrix specifying the 18% top 10
obligor concentration limit, as the transaction currently has a
10.8% concentration. When analysing the matrix, Fitch applied a
haircut of 1.5% to the WARR as the calculation in the transaction
documentation is not in line with the latest CLO criteria.
Stable Asset Performance: The rating actions reflect the shorter
WAL and therefore shorter risk horizon, as well as the stable asset
performance. The transaction is currently 0.24% above par. It is
passing all collateral quality tests, all portfolio profile tests
and all coverage tests. Exposure to assets with a Fitch-derived
rating of 'CCC+' and below is 0.25% according to the latest trustee
report versus a limit of 7.50%. There are no defaulted assets in
the portfolio.
'B' Portfolio: Fitch assesses the average credit quality of the
transaction's underlying obligors in the 'B' category. The WARF, as
calculated by Fitch under the updated criteria, was 24.37.
High Recovery Expectations: Senior secured obligations comprise
100% of the portfolio. Fitch views the recovery prospects for these
assets as more favourable than for second-lien, unsecured and
mezzanine assets. The WARR, as calculated by Fitch, was 64.67%.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 10.8%, and no obligor represents more than 1.25%
of the portfolio balance.
MIR Deviation: The class B, C and D notes' ratings are one notch
below the model-implied rating (MIR). The deviation reflects the
remaining reinvestment period until October 2024, during which the
portfolio could change significantly, due to reinvestment or
negative portfolio migration and limited deleveraging prospects as
less than 1% of the portfolio balance is maturing in 2024.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the current portfolio would have no impact on the notes.
Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the current portfolio than the
Fitch-stressed portfolio, the class B to F notes display a rating
cushion of up to four notches.
Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the stressed portfolio would lead to downgrades of up to three
notches for the rated notes and a downgrade below 'B-sf' for the
class F notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would lead to upgrades of up to four notches for the
rated notes, except for the 'AAAsf' rated notes, which are at the
highest level on Fitch's scale and cannot be upgraded.
During the reinvestment period, based on Fitch-stressed portfolio,
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining WAL test, allowing the notes to withstand
larger than expected losses for the remaining life of the
transaction. After the end of the reinvestment period, upgrades may
occur on stable portfolio credit quality and deleveraging, leading
to higher credit enhancement and excess spread available to cover
for losses on the remaining portfolio.
DATA ADEQUACY
Sound Point Euro CLO III Funding DAC
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
=========
I T A L Y
=========
BORMIOLI PHARMA: Fitch Assigns B Final LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has assigned Bormioli Pharma S.p.A. a final Long-Term
Issuer Default Rating (IDR) of 'B'. The Outlook is Stable. Fitch
has also assigned Bormioli's notes a final senior secured rating of
'B'/'RR4'/34%.
Bormioli's IDR is underpinned by its leading market position in
pharma packaging, long-term partnerships with customers, resilient
profitability through the cycle supported by the exposure to
non-cyclical pharmaceutical industry and expected improvement in
leverage and free cash flow (FCF) generation. Limited geographical
diversification and expected marginal FCF generation in 2023-2024
are rating constraints. Nevertheless, stable long-term demand for
Bormioli's products and favourable market environment are key
mitigating factors.
The Stable Outlook reflects expected good operating performance
with solid EBITDA margins supported by resilient end-market and
satisfactory liquidity position following the refinancing.
KEY RATING DRIVERS
Healthy Profitability Margins: Fitch forecasts an EBITDA margin of
about 18% in 2023, rising to a range of 19% to 22% in 2024-2026.
Margin improvement will primarily be driven by price revision and
softening of inflationary pressure. Fitch views improvement in the
EBITDA margin as the key driver of the group's deleveraging
capacity. Bormioli's solid Fitch-defined EBITDA margin of
17.5%-20.5% during 2019-2022 is comparable with packaging peers in
the 'BB' category. Resilient profitability is supported by the
ability to pass on cost increases to customers, mitigating
volatility in raw materials prices.
Deleveraging Capacity: Following the refinancing of the debt and
issue of EUR350 million new notes, Fitch expects EBITDA leverage to
remain at about 6.5x as at end-2023, underpinned by an expected
increase in EBITDA generation. Bormioli's Fitch-defined EBITDA
leverage as at end-2022 was 6.8x. Fitch forecasts EBITDA leverage
will improve and be below 6.0x for 2024 and reach about 5.2x by
2025, which is commensurate with the current rating.
Fitch views the group's leverage as one of the key rating
constraints. Its deleveraging capacity is strongly linked to
expected improvement in profitability, which if not achieved could
pressure leverage metrics and result in negative rating action.
Fluctuating FCF: Fitch forecasts the FCF margin will be marginal in
2023-2024, turning positive from 2025. Inability to improve the
EBITDA margin would pressure FCF and could result in negative
rating action. The group's FCF was under pressure over 2019-2022
and negative, primarily due to material capex mainly due to higher
growth capex and higher costs of furnace refurbishment.
The group is exposed to capex fluctuation as its glass furnaces
require regular refurbishment every three to four years or eight
years, depending on their type. However, Fitch does not expect any
material capex increase until 2027 when another investment cycle
will start, albeit expected to be lower than 2019-2022.
End-Markets Provide Resilience: Bormioli benefits from exposure to
the non-cyclical pharmaceutical industry, which contributes about
95% of revenue. This provides the group with resilient revenue
generation, due to quite stable demand for its products. The group
successfully revised prices during 2022, supporting revenue growth
together with rising sales volumes. Fitch expects the group's
revenue to be sustained above EUR300 million, which should result
in higher EBITDA generation than 2019-2022 of about EUR50 million.
Limited Business Profile: The group's business profile is limited
due to its small scale in comparison with other peers in packaging
industry. Bormioli's end-market is concentrated, but as it is
mainly driven by pharma industry, it is also resilient.
Concentrated geographical exposure, primarily to Europe (79% of
revenue in 2022), also constrains the business profile. Stable
demand for the group's products and a well-diversified customer
base with no single customer contributing more than 5% of revenue
are key mitigating factors.
Good Market Position: Bormioli is the leading pharma packaging
producer in Italy and has a good market position in the rest of
Europe. The company benefits from long-term relationships with
large pharmaceutical companies and the fact that packaging
contributes to a low share of costs for pharmaceutical producer.
This allows Bormioli to revise prices and pass on rising costs,
supporting its healthy profitability margins. The group benefits
from moderate to high barriers to entry, including a strict
regulatory environment, technical expertise, long-term
relationships with key customers and high switching costs for the
customers.
DERIVATION SUMMARY
Bormioli is smaller than other rated peers in 'B' category such as
Ardagh Group S.A. (B/Stable), Titan Holdings II B.V. (B/Positive),
Fiber Bidco S.p.A (B+/Stable) and Rimini BidCo S.p.A. (B+/Stable).
The company's business profile is also weaker than higher-rated
peers due to a less diversified geographical presence and more
limited end-market, albeit characterised by resilience.
Bormioli's EBITDA margins are solid and healthy and somewhat higher
than peers. Its Fitch-defined EBITDA margin was about 17.5%-18.5%
in 2021-2022, while most Fitch-rated peers in the 'B' category
reported profitability in the range of 12% to 15% on average. Fitch
forecasts Bormioli's EBITDA profitability will remain healthy with
an EBITDA margin of about 18%-19% in 2023-2024.
Bormioli's FCF generation is weaker than peers and reflects its
dependence on the investment cycle. Fitch forecasts FCF will turn
positive in 2025 with a margin of over 2.5%, which is comparable
with Fiber BidCo, Rimini Bidco and Titan Holdings.
Bormioli's leverage is higher than most peers, with forecast EBITDA
leverage at about 6.5x at end-2023. Ardagh Group is also highly
leveraged, with expected EBITDA leverage of above 8.0x in 2023, but
its business profile is stronger than Bormioli's, with higher
diversification and better contract structure with the pass-through
of most costs. Expected EBITDA generation improvement should allow
Bormioli to reduce EBITDA leverage below 6.0x by end-2024, which is
comparable with Titan Holdings' level.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Revenue rise by 10% in 2023 and by high single digit in 2024; low
single digits rise during 2025-2026
- EBITDA margin of 18% in 2023, about 20.7% on average in 2024-2026
improving to 22% by 2026
- Interest rate based on Fitch's March 2023 GEO forecast and
additional 50bp
- No material working capital fluctuation over the rating horizon
- Capex at about EUR22 million in 2023 and EUR28 million in 2024,
and about EUR19 million per year during 2025-2026
- No dividend payments
- New notes of EUR350 million in 2023 with maturity due 2028 for
refinancing of the existing debt
- No M&A to 2026
Key Recovery Rating Assumptions:
- The recovery analysis assumes that Bormioli would be deemed a
going concern (GC) in bankruptcy and that it would be reorganised
rather than liquidated
- Its GC value available for creditor claims is estimated at about
EUR186 million assuming GC EBITDA of EUR50 million
- GC EBITDA assumes a loss of a major customer and a failure to
broadly pass on raw material cost inflation to customers. The
assumption also reflects corrective measures taken in
reorganisation to offset the adverse conditions that trigger its
default
- A 10% administrative claim
- An enterprise value (EV) multiple of 5.0x EBITDA is applied to GC
EBITDA to calculate a post-reorganisation EV. The multiple is based
on Bormioli's strong market position in Europe with resilient
end-market, good customer diversification with a long-term
relationship. At the same time, the EV multiple reflects the
group's concentrated geographical diversification, fluctuating FCF
generation and small scale in comparison with peers.
- Fitch deducts about EUR40 million from the EV, due to Bormioli's
high usage of a factoring facility adjusted for a discount, in line
with Fitch's criteria
- Fitch estimates the total amount of senior debt claims at EUR425
million, which includes a planned EUR65 million super senior
secured revolving credit facility (RCF), EUR350 million senior
secured notes and EUR10 million of unsecured bank debt
- The allocation of value in the liability waterfall results in
recovery corresponding to 'RR4'/34% for the senior secured notes
RATING SENSITIVITIES
Factors That Could, Individually Or Collectively, Lead To Positive
Rating Action/Upgrade
- Clear deleveraging commitment with EBITDA leverage below 5.0x on
a sustained basis
- EBITDA interest coverage ratio above 3.0x
- FCF margin above 1% on a sustained basis
- Improvement in geographical diversification
Factors That Could, Individually Or Collectively, Lead To Negative
Rating Action/Downgrade
- EBITDA leverage not declining below 6.0x by end-2024
- Marginal to negative FCF, which reduces financial flexibility
- EBITDA interest coverage below 2.0x
LIQUIDITY AND DEBT STRUCTURE
Liquidity Position to Improve: Following the debt issuance of
EUR350 million and refinancing of all the existing debt
outstanding, the group's liquidity position has improved. Bormioli
has no scheduled debt repayment until its bullet payment in 2028.
Fitch's expectation of FCF generation improvement since 2023
supports the group's liquidity over the long term. Moreover, the
new EUR65 million RCF provides the group with additional committed
liquidity.
Adequate Debt Structure: After the refinancing of 2024 notes and
other bank debt, the group has senior secured notes of EUR350
million as well as a EUR65 million RCF that is expected to be
undrawn over the rating horizon. Fitch-adjusted short-term debt is
represented by drawn factoring facilities totalling EUR44 million
at end-2022. This debt self-liquidates with factored receivables.
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.
ISSUER PROFILE
Bormioli is a leading European producer of plastic and glass pharma
packaging. Bormioli is 93.4% owned by Triton, a private investment
fund.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Bormioli Pharma
S.p.A. LT IDR B New Rating B(EXP)
senior secured LT B New Rating RR4 B(EXP)
CEDACRI MERGECO: Fitch Affirms 'B' LT IDR, Alters Outlook to Neg.
-----------------------------------------------------------------
Fitch Ratings has revised Cedacri Mergeco S.p.A's (Cedacri) Outlook
to Negative from Stable, while affirming its Long-Term Issuer
Default Rating (IDR) at 'B' following the announcement of an up to
EUR250 million expected debt issue in the form of floating-rate
notes (FRNs).
Fitch has also assigned an expected rating of 'B(EXP)' to the
prospective debt issue and a Recovery Rating of 'RR4' and affirmed
the existing senior secured debt at the same level. A full list of
rating actions is below.
The Negative Outlook is driven by Cedacri's expected high leverage
following the contemplated FRN issue. Despite a forecast solid
trend in profitability, higher debt service costs will reflect in
interest cover metrics not being aligned with a 'B' rating over
2023-2024. Positive free cash flow (FCF) should help rebuild rating
headroom over the medium term which, along with some certainty over
capital allocation policy from its key shareholder (ION Group),
could allow the Outlook to revert to Stable.
The new debt issue will finance an approximately EUR50 million tax
payment, which will give Cedacri access to tax savings. The issue
will also finance around EUR150 million of shareholder
distributions.
KEY RATING DRIVERS
High Leverage: Fitch estimates that the debt issue will lift
Cedacri's EBITDA leverage to up to 7.8x in 2023 from 6.6x in 2022.
Given the company's floating-rate debt capital structure, Fitch
expects EBITDA interest coverage to decrease to up to 1.7x in 2023
from 3.4x in 2022. Fitch expects leverage to remain above its 6.5x
sensitivity for a downgrade to 'B-' and EBITDA interest coverage to
remain below 2.0x till end 2025. Fitch has tightened Cedacri's
leverage thresholds by 0.5x to bring it in line with close sector
peers' as Fitch has transitioned from funds from operations- (FFO)
to EBITDA-based metrics.
Temporarily Weak Financial Flexibility: Together with Cedacri's
reduced FCF generation, a weakened financial profile and tightened
flexibility have left the company with no further headroom at the
'B' rating level. If Cedacri outperforms Fitch-case projections,
leading to a quicker-than-expected deleveraging, coupled with
increased visibility over the company's financial policy and EBITDA
leverage trending sustainably below 6.5x, the rating Outlook may be
revised to Stable.
Aggressive Financial Policy: Cedacri's planned re-leverage follows
a tap issue of EUR105 million FRN last year, which kept the
company's EBITDA leverage marginally above its negative sensitivity
of 6.5x in 2022. Fitch expects ION Group to continue to utilise
Cedacri's leverage capacity in full. In addition, the company has
reported inter-company loans between ION Group companies, which
points to an aggressive financial policy and governance structure.
Strong Deleveraging Since LBO: Cedacri's deleveraging in 2022 was
mainly driven by cost efficiencies realised by ION Group
shareholders. Since the signing of its LBO in 2021 Cedacri realised
EUR36.8 million of the EUR49.7 million target cost savings. The
company's swift and strong realisation of synergies has seen
Cedacri's Fitch-defined EBITDA margin, adjusted for the application
of IFRS16 and capitalised R&D costs, increase to 25% in 2022 from
8.9% in 2020, which is solid for the rating.
Deleveraging Slowing: Fitch expects Cedacri's scope for synergy
realisation, without affecting the company's operating profile, to
reduce. In its view, the prospects for deleveraging through
increased profitability face higher execution risks and potential
delays. Leverage should reduce moderately through increases in
revenue and greater scale over the medium to long term.
Key contributors to increasing profitability are lower R&D expenses
and the company's operating efficiencies plan. While R&D expenses
seem less likely to reduce, Cedacri has identified an additional
EUR16.4 million of cost synergies to bring the total available
EBITDA uplift to EUR29.3 million by 2025. In addition, Cedacri will
benefit in 2023 from EUR7.2 million of realised but not yet cashed
cost synergies as of December 2022.
Strong Revenue Visibility: Most of Cedacri's systems are essential
for its clients. Over 50% of its revenue arises from long-term
contracts, increasingly delivered through a software-as-a service
(SaaS) model, and about three quarters are recurring. It has
increased the recurring portion of its revenue to around 77% in
2022 from 72% in 2020 and its retention rates remain strong at
above 95%. Since the ION Group's involvement, Cedacri has increased
the average contract length to around five years, supporting its
strong revenue visibility compared with peers.
Fitch believes that the prospects of increasing the client base are
more challenging in a consolidating market. However, moderate
revenue growth will be driven by Italian banks' high appetite for
outsourcing to IT service providers, where Cedacri is a leader.
R&D to Support Market Position: Cedacri's leading market position
is continuously supported by its strong investment in R&D to
develop its product offering and remain innovative in digitisation,
cloud solutions, IT security solutions and more. Cedacri's
commitment to investment in R&D weighs on Fitch-defined EBITDA and
EBITDA leverage metrics, but the realisation of these investments
is likely to benefit revenue growth and sustain its market-leading
position.
Customer Concentration: The concentration in Cedacri's customer
base, with the top 10 clients accounting for around 58% revenue,
significantly exposes the company to the risk of consolidation in
its customer base. However, Cedacri's contracts include short-term
protection against customers cancelling subscriptions and its wide
product portfolio helps to partially retain merging customers where
there is financial sector consolidation in Italy.
Short-term FCF Volatility: Fitch expects depressed FCF in 2023 and
2024 on higher debt interest payments, a reversal of cash inflows
from working capital and high capex. Fitch now expects higher capex
at around 7% of sales in 2023 reducing to 3.5% by 2025, excluding
R&D, and working capital absorption of around EUR17 million from
2023 to 2026. Fitch expects FCF margins to recover to around 7% and
12% in 2025 and 2026, respectively, as capex declines and the
company begins to benefit from tax-asset deductibility.
DERIVATION SUMMARY
Cedacri has a strong position in the Italian banking software and
IT services market. Its business model enables the company to
capitalise on growth in digital services, cloud computing and the
increasing outsourcing trend within banks and financial
institutions. However, the company is exposed to some consolidation
risk among its banking clients in its domestic market.
Cedacri's ratings are underpinned by a strong market position and
strong FCF generation capability, which are counterbalanced by high
leverage and low interest coverage. It compares well with Fitch
publicly and privately rated LBO peers in software services. These
include Centurion Bidco S.p.A (Engineering - Ingegneria Informatica
S.p.A. (EII), B+/Negative), and Dedalus SpA (B-/Stable).
Dedalus has comparable leverage and scale as Cedacri, but its
pan-European footprint in the highly fragmented healthcare software
industry provides it with a stronger anchor to revenue growth.
Cedacri's business model is stronger than EII's, with the latter
strongly exposed to the consultancy model but with a less leveraged
capital structure.
Fitch sees some comparison also with LBO peers in ERP services
including Teamsystem Holdings SpA (B/Stable) and Unit4 Group
Holding B.V. (B/Stable), also active with a SaaS model. These two
peers are less leveraged than Cedacri but their profitability and
FCF generation are broadly comparable with Cedacri's. However,
Fitch believes that ERP providers' diversified customer base has
lower business risk, in particular Teamsystem, which offers a
sophisticated full service offering.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Annual revenue growth averaging around 5.8% until 2025, from 2.3%
in 2022
- Additional realised cost savings of EUR24 million by 2026, with
low integration costs
- R&D costs between EUR37 million and EUR33 million annually from
2023 to 2026 treated as operating expense
- Change in working capital to absorb around EUR17 million from
2023 to 2026
- Non-recurring items of EUR55 million in 2023 including the
payment of the intangible tax asset for EUR50 million
- Capex (excluding R&D) at around 7% of sales in 2023 and 5% in
2024 before decreasing to around 3.5% in 2025
- Shareholder distributions of EUR150 million in 2023
Key Recovery Assumptions
Its recovery analysis assumes that Cedacri will be considered a
going concern (GC) in bankruptcy, and that it would be reorganised
rather than liquidated. This is because most of its value lies
within its contract portfolio, incumbent software licenses and
strong client relationships.
Fitch assumes a 10% administrative claim.
Fitch assesses GC EBITDA at EUR80 million, after undertaking
corrective measures and the restructuring of its capital structure,
which would leave Cedacri generating zero to slightly positive
FCF.
A financial distress leading to a restructuring may be driven by
Cedacri losing part of its customer base and compromising on
pricing to retain clients. In particular, the combination of a wave
of mergers between Italian banks and Cedacri suffering
technological weaknesses within its portfolio may lead to declining
revenue and a contraction in margins. In this case, Cedacri's
capital structure may come under pressure, with increased cost of
debt absorbing the remaining FCF headroom. A poorer execution under
the cost-saving plans may add to the financial risk in this
scenario.
Fitch continues to apply a recovery multiple of 5.5x, in line with
sector peers and around the mid-point of its multiples band for
EMEA. This generates a ranked recovery in the 'RR4' band, after
deducting 10% for administrative claims. This results in a 'B'
instrument rating with a waterfall-generated output percentage at
45% on current metrics and assumptions for the outstanding senior
secured debt.
Fitch estimates of creditor claims include a fully drawn EUR60
million super-senior revolving credit facility (RCF) and EUR1,055
million senior secured notes (SSNs).
The expected Recovery Rating of senior secured debt, including the
new up to EUR250 million FRNs, would remain at 'RR4' albeit with a
waterfall-generated output percentage at 33%. Therefore, Fitch
expects to assign a final 'B' rating to the new FRNs on
completion.
RATING SENSITIVITIES
Factors That Could, Individually or Collectively, Lead to Upgrade:
- Gross leverage below 5.0x operating EBITDA on revenue expansion
and cost-savings initiatives or a more conservative financial
policy
- Cash from operations (CFO) less capex above 10% of gross debt
- Operating EBITDA above 3.5x interest paid on a sustained basis
Factors That Could, Individually or Collectively, Lead to the
Outlook Being Revised to Stable:
- Gross Leverage sustainably below 6.5x operating EBITDA by 2025,
signaling a capital allocation policy that favours deleveraging in
line with a 'B' IDR
- Operating EBITDA above 2.0x interest paid by 2025
Factors That Could, Individually or Collectively, Lead to
Downgrade:
- Gross leverage above 6.5x operating EBITDA on a sustained basis,
led by lower margins, debt-funded acquisitions and/or dividend
payments
- CFO less capex below 5% of gross debt
- Operating EBITDA below 2.0x interest paid
- Fitch-defined EBITDA margin remaining below 18%, including
failure to control R&D and operating expenses
- FCF margin below 3%
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Fitch views Cedacri's liquidity as
satisfactory. Proceeds of the additional FRNs will strengthen its
cash position while the EUR60 million RCF remains undrawn. Fitch
expects the company to allocate a considerable amount of cash on
its balance sheet to fund a combination of M&A and dividend
payments.
ISSUER PROFILE
Cedacri was incorporated by financial investor and key shareholder
ION Group after its 2021 LBO of Cedacri S.p.A. Cedacri is a leader
in the Italian software and IT services market for banks.
Sources of Information
In accordance with Fitch's policies, the issuer appealed and
provided additional information to Fitch that resulted in a rating
action that is different than the original rating committee
outcome.
ESG CONSIDERATIONS
Cedacri has an ESG Relevance Score of '4' for Governance Structure,
which Fitch changed from '3' previously. This reflects
inter-company loan movements and related party transactions between
ION Group Companies over which Fitch has limited visibility on its
terms and economic substance. 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 Prior
----------- ------ -------- -----
Cedacri MergeCo
S.p.A LT IDR B Affirmed B
senior secured LT B(EXP)Expected Rating RR4
senior secured LT B Affirmed RR4 B
CEDACRI SPA: Moody's Assigns B3 CFR & Rates New Secured Notes B3
----------------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
and B3-PD probability of default rating to Cedacri S.p.A. (Cedacri
or the company). Concurrently, Moody's has affirmed the B3 rating
of the EUR755 million senior secured floating rate notes due 2028
originally issued by Cedacri Mergeco S.p.A. and assigned a B3
rating to Cedacri's proposed EUR250 million senior secured floating
rate notes due 2028. The outlook on Cedacri is stable.
Moody's has also withdrawn the positive outlook on Cedacri Mergeco
S.p.A. as well as its CFR of B3 and PDR of B3-PD, after it reverse
merged into Cedacri S.p.A. Cedacri S.p.A. is now at the top of the
restricted group and has assumed the EUR755 million senior secured
floating rate notes due 2028. In Moody's view, the group's
reorganization has no implications in terms of credit quality of
Cedacri.
RATINGS RATIONALE
Comparing to the previous rating on Cedacri Mergeco S.p.A. (B3 CFR
with a positive outlook), the rating action effectively affirms the
B3 CFR of Cedacri's corporate family and changes the outlook to
stable, reflecting the negative impact of the issuance of the
proposed senior secured floating rate notes on Cedacri's financial
profile. However, this is partially balanced by Moody's view that
Cedacri is well positioned to continue to grow and expand its
EBITDA, benefiting from rising IT spending and outsourcing trends
in Italian banking system and continued synergies realization.
Cedacri will use the net proceeds of the proposed EUR250 million
senior secured floating rate notes issuance to finance a
shareholder distribution, a tax credit payment (which will reduce
tax payments in the future in excess of the amount invested through
this transaction) and for general corporate purposes. The issuance
will thus lead to an increase in gross leverage and interest costs.
Pro-forma for the proposed notes, Moody's-adjusted gross leverage
increases to 6.8x as of December 31, 2022, up from 5.2x on an
actual basis.
The combination of rising interest rates, higher debt load and the
absence of interest rate hedging will result in a deterioration of
the company's Moody's-adjusted free cash flow (FCF) to a broadly
breakeven level during 2023 and a reduction of interest coverage
(calculated as Moody's-adjusted (EBITDA – capital expenditures) /
interest expense) to around 1.2x, pro-forma for the proposed notes,
weakening Cedacri's positioning in the B3 rating category.
The stable outlook reflects Moody's expectations of growth in
revenue and EBITDA over the next 12 to 18 months, such that
Moody's-adjusted leverage remains below 7.0x, the company generates
Moody's-adjusted FCF/debt in the low-single digits in % terms and
Moody's-adjusted interest coverage improves to above 1.3x. The
outlook also assumes no further material increase in leverage from
future debt-funded acquisitions or shareholder distributions, as
well as the company maintaining an adequate liquidity profile.
Cedacri's B3 CFR continues to be supported by i) the company's
position as a leading provider of financial services software and
services in Italy; ii) high barriers to entry given its local
market expertise and the significant risk and complexities inherent
to changing mission critical software; iii) positive long-term
dynamics in terms of IT/software spending and outsourcing; and iv)
good revenue visibility underpinned by long-term contracts and high
customer retention rates.
Concurrently, the company's CFR is constrained by i) relatively
small size and lack of geographic diversification; ii) customer
concentration and risks associated with potential consolidation in
the Italian banking system; iii) execution risk regarding the
company's ability to deliver growth in revenue and EBITDA; and iv)
the risk that the company will continue to pursue an aggressive
financial policy, including debt-funded shareholder remuneration or
acquisitions, which could delay a reduction in leverage.
LIQUIDITY
Cedacri's liquidity is adequate, supported by a cash balance of
EUR27 million as of December 2022 and the fully available EUR60
million revolving credit facility (RCF) due in 2027. Although the
proposed issuance initially strengthens liquidity, Moody's does not
expect Cedacri to consistently operate with excess cash.
The company's liquidity is also supported by low refinancing risk,
with the next debt maturity in 2028, and limited business and
working capital seasonality. The RCF contains a leverage ratio
covenant of 7.26x that will be tested when drawing exceeds 40% and
will act as a drawstop on further drawings.
STRUCTURAL CONSIDERATIONS
The B3 rating of the proposed EUR250 million senior secured notes
as well the EUR755 million senior secured notes, in line with the
CFR, reflects the fact that these notes rank pari-passu and
constitute most of financial debt in the restricted group. While
the EUR60 million super senior RCF ranks senior to the notes, its
size is not enough to justify a notching rating of the senior
secured notes below CFR.
ESG CONSIDERATIONS
Governance considerations were among key drivers of this rating
action, because the proposed issuance meaningfully increases
leverage and interest costs, which is indicative of an aggressive
financial policy. Cedacri is majority-owned by ION Investment
Group, a permanent capital investment company focused on financial
technology, software, data and analytics sectors. As is often the
case in highly levered, sponsored deals, Moody's considers that
Cedacri's shareholders will have a higher tolerance for
leverage/risk, and that governance will be comparatively less
transparent, when compared to publicly traded companies.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Positive pressure on the ratings is unlikely at this stage, given
the company's high leverage, limited FCF generation, and aggressive
financial policy, but could develop over time if management
maintains Moody's-adjusted leverage below 5.5x; Moody's-adjusted
FCF/debt improves towards high single-digit levels; or
Moody's-adjusted (EBITDA – capital expenditures) / interest
expense improves above 2.0x, all on a sustained basis. Any positive
rating action would also require the company to maintain adequate
liquidity and would depend on the company's financial policy. For
example, positive rating action would be less likely in the event
of material debt-funded acquisitions or additional shareholder
distributions.
Conversely, negative rating pressure can occur if expected organic
revenue and EBITDA growth does not materialize; Moody's-adjusted
leverage is above 7.0x; Moody's-adjusted (EBITDA – capital
expenditures) / interest expense falls does not improve above 1.3x;
or Moody's-adjusted FCF generation turns negative, all on a
sustained basis; or the company's liquidity deteriorates.
LIST OF AFFECTED RATINGS
Assignments:
Issuer: Cedacri S.p.A.
Probability of Default Rating, Assigned B3-PD
LT Corporate Family Rating, Assigned B3
Senior Secured Regular Bond/Debenture, Assigned B3
Affirmations:
Issuer: Cedacri S.p.A.
Senior Secured Regular Bond/Debenture, Affirmed B3
Withdrawals:
Issuer: Cedacri Mergeco S.p.A.
Probability of Default Rating, Withdrawn, previously rated B3-PD
LT Corporate Family Rating, Withdrawn, previously rated B3
Outlook Actions:
Issuer: Cedacri S.p.A.
Outlook, Assigned Stable
Issuer: Cedacri Mergeco S.p.A.
Outlook, Withdrawn, previously Positive
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Software
published in June 2022.
COMPANY PROFILE
Cedacri S.p.A., is an Italy-based software and service provider to
Italian financial institutions. The company operates under six
divisions and focuses on the provision of core banking
infrastructure, software, solutions and other IT services to the
Italian market. Software and service offerings include the
management of banks' applications using a software-as-a-service
approach, trading and post-trading brokerage activities, regulatory
compliance platforms comprising anti-money laundering checks, and
other services like business continuity and disaster recovery,
consulting and cloud infrastructure. The company was acquired by
ION Investment Group in May 2021 through Cedacri Mergeco S.p.A.
(which has since reverse merged into Cedacri S.p.A.), for an
enterprise value around EUR1.5bn. In 2022, the company reported
EUR465 million of revenue and EUR152 million of EBITDA.
ELROND NPL 2017: Moody's Cuts Rating on EUR42.5MM B Notes to Ca
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two notes
in Elrond NPL 2017 S.r.l. This downgrade reflects lower than
anticipated cash-flows generated from the recovery process on the
non-performing loans (NPLs) and higher interest expense on the
notes combined with under-hedging.
EUR464M Class A Notes, Downgraded to Caa2 (sf); previously on Dec
21, 2021 Downgraded to B2 (sf)
EUR42.5M Class B Notes, Downgraded to Ca (sf); previously on Dec
21, 2021 Downgraded to Caa3 (sf)
RATINGS RATIONALE
The rating action is prompted by lower than anticipated cash-flows
generated from the recovery process on the NPLs and higher interest
expense on the notes combined with under-hedging.
Lower than anticipated cash-flows generated from the recovery
process on the NPLs:
As of December 2022 Cumulative Collection Ratio, based on
collections net of legal and procedural costs, was at 63.15%
meaning that collections are being lower than anticipated in the
original Business Plan projection. Indeed, through the December 31,
2022 collection period, eleven collection periods since closing,
aggregate collections net of legal and procedural costs and
servicing fees were EUR290.36 million versus original business plan
expectations of EUR459.81 million. Cumulative gross collections as
per 2021 updated Business Plan are 28% down from original business
plan expectations and there have been no approved Updated Business
Plans since. The indicative 2021 updated business plan expects a
total amount of future collections lower than the outstanding
amount of Class A Notes.
PV Cumulative Profitability Ratio, for which Moody's observe a
declining trend, stood at 125.42% as of December 2022, however it
only refers to closed positions.
Elrond was underperforming the special servicer's original
projection already at the time of the previous rating action in
December 2021 but performance has continued to deteriorate since
then. This portfolio has a higher borrower concentration than other
Italian NPLs securitisations. About 14% of the pool Gross Book
Value ("GBV") is concentrated on the top 10 obligors, which
increases potential performance volatility.
Moody's notes that the advance rate, the ratio between the size of
the most senior tranche in the transaction and its GBV, stood at
23.64% as of January 2023.
Higher interest expense on the notes combined with under-hedging:
The transaction benefits from an interest rate cap with strike at
0.50% and underlying six-month EURIBOR, provided by Banca IMI
S.p.A. (absorbed by Intesa Sanpaolo S.p.A. (Baa2(cr) / P-2 (cr))
and J.P. Morgan SE (Aa1(cr) / P-1(cr)) as cap counterparties. Half
of the cap is provided by J.P. Morgan SE and half by Intesa
Sanpaolo S.p.A (Baa2(cr)/P-2(cr), originally Banca IMI S.p.A).
The notional of the interest rate cap was determined at closing, it
was initially equal to the outstanding balance of the Class A and
Class B notes and reduced in consideration of the anticipation of
notes' amortisation. Given class A notes have amortised at a slower
pace than the scheduled notional amount set out in the cap
agreement, a portion of the outstanding notes is unhedged.
Specifically, the scheduled cap notional for the next period is
EUR150,000,000 while outstanding notes' balance is
EUR271,515,051.41 with Class A notes at EUR229,015,051.41. Hence,
the Class B notes are unhedged and Class A notes are partially
unhedged. Note that Class B interest payments rank senior to Class
A principal repayment. Class B interest payments are not deferred
as the transaction does not include interest deferral triggers. 6
months Euribor for the last payment date was 0.631% as it was fixed
six months before. 6 months Euribor will increase for following
interest payment dates and will thus further reduce the proportion
of cash available to amoritise the Class A notes.
NPL transactions' cash flows depend on the timing and amount of
collections. Due to the current economic environment, Moody's has
considered additional stresses in its analysis, including a
6-months delay in the recovery timing.
Moody's has taken into account the potential cost of the GACS
Guarantee within its cash flow modelling, while any potential
benefit from the guarantee for the senior Noteholders has not been
considered in its analysis.
The principal methodology used in these ratings was "Non-Performing
and Re-Performing Loan Securitizations Methodology" published in
July 2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors or circumstances that could lead to an upgrade of the
ratings include: (1) the recovery process of the non-performing
loans producing significantly higher cash-flows in a shorter time
frame than expected; (2) improvements in the credit quality of the
transaction counterparties; and (3) a decrease in sovereign risk.
Factors or circumstances that could lead to a downgrade of the
ratings include: (1) significantly lower or slower cash-flows
generated from the recovery process on the non-performing loans due
to either a longer time for the courts to process the foreclosures
and bankruptcies, a change in economic conditions from Moody's
central scenario forecast or idiosyncratic performance factors. For
instance, should economic conditions be worse than forecasted and
the sale of the properties generate less cash-flows for the issuer
or take a longer time to sell the properties, all these factors
could result in a downgrade of the ratings; (2) deterioration in
the credit quality of the transaction counterparties; and (3)
increase in sovereign risk.
===================
K A Z A K H S T A N
===================
KAZAKHMYS INSURANCE: Fitch Hikes IFS Rating to 'BB', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has upgraded Kazakhstan-based Joint Stock Company
Kazakhmys Insurance Company's (Kazakhmys Ins) Insurer Financial
Strength (IFS) Rating to 'BB' from 'BB-' and its National IFS
Rating to 'A(kaz)' from 'BBB+(kaz)'. The Outlooks are Stable.
The upgrade follows the reduction of the insurer's dependence on
reinsurance, as evident in an improving reinsurance utilisation
ratio, while maintaining good profitability on the retained
business. The ratings continue to reflect Kazakhmys Ins's
favourable business profile, adequate capitalisation, good
financial performance and high, albeit reducing, dependence on
outwards reinsurance in commercial lines.
KEY RATING DRIVERS
Reduced Dependence on Reinsurance: Kazakhmys Ins's reinsurance
utilisation ratio, as measured by the ratio of gross to net earned
premiums, improved to 68% in 2022 from 76% in 2021; the improvement
mainly occurred in accident insurance, which has higher retentions.
As a result, the insurer was able to retain more profitable
business, which Fitch views as credit positive.
Moreover, Kazakhmys Ins improved the average credit quality of the
reinsurance panel, the majority of which carry a rating of 'A-' and
is well-diversified. Fitch expects Kazakhmys Ins to maintain
adequate risk selection and to retain profitable business in
property and casualty, particularly in commercial lines.
Favourable Business Profile: Kazakhmys Ins is one of the leading
non-life insurers in Kazakhstan, as underlined by its top three
market position in the non-life insurance segment in 2022 with a
market share of 9% of total gross written premium (GWP). The
company's written premiums grew 24% and 100% on a gross and on a
net basis, respectively. In 2022 Kazakhmys Ins strengthened its
cooperation with one of the local banks and became an exclusive
provider of accident insurance, which is mainly retained within the
company. As a result, the company's net written premiums (NWP) in
this line increased to 63% of the insurance book in 2022, from 24%
in 2021.
At the same time, Kazakhmys Ins remains significantly dependent on
its key customer - Kazakhmys Corporation LLC, which accounted for
59% of the insurer's GWP in 2022. The related-party risks are
largely fronted abroad and make little contribution to the
insurer's net underwriting result. Nevertheless, the size of the
related-party business allows Kazakhmys Ins to be one of the
largest local commercial underwriters.
Adequate Capital Position: At end-2022, Kazakhmys Ins's regulatory
capital position was very strong, with the regulatory solvency
margin, based on Solvency-I type formula, standing at 290% at
end-2022 and at 299% at end-3M23 with significant cushion above the
regulatory minimum level of 100%. The insurer's capitalisation, as
measured by Fitch's Prism Factor-Based Capital Model, was
'Adequate' (2021: 'Strong') as business growth attracted capital
consumption.
In 2022 Kazakhmys Ins paid out as dividends KZT5 billion (2021:
KZT3.3 billion), which represented a sizeable amount of the profit.
Fitch however understands from management that Kazakhmys Ins's
dividend policy is to pay out no more than 80% of current year
earnings, retaining a part of profits for investment in future
growth.
Good Financial Performance: Kazakhmys Ins has a long record of good
profitability, with a five-year average net income return on equity
of 23%. In 2022 Kazakhmys Ins reported net profit of KZT5.5
billion, which was supported by a very strong underwriting result
of KZT4.7 billion. The company's average loss ratio on a gross
basis was a very low 4% on average in 2018-2022.
Adequate Investment Risk: Fitch views Kazakhmys Ins's investment
and asset risk as adequate. The insurer predominantly invests in
fixed-income securities of good credit quality by domestic market
standards. For reporting purposes, these securities are classified
as available-for-sale (AFS) financial assets. Due to the higher
interest rates environment, the company reported significant
revaluation losses of KZT1.2 billion or 9% of shareholders' funds
at end-2022 on its AFS portfolio, which were recognised as a
negative change in revaluation reserve on its balance sheet. Fitch
expects part of these unrealised losses to unwind as the
instruments mature.
RATING SENSITIVITIES
International IFS Rating
Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- Maintenance of profitable reinsurance utilisation across the
portfolio, provided that the capital position remains adequate
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- Failure of the reinsurance programme to protect the insurer's
capital from material underwriting losses
- Sustained weakening of capital position, as underlined by a
regulatory solvency margin below 150%
National IFS Rating
Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- Strengthening of business profile on a sustained basis compared
with peers'
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- Failure of the reinsurance programme to protect the insurer's
capital from material underwriting losses
- Sustained weakening of capital position, as underlined by a
decreased regulatory solvency margin below 150%
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Prior
----------- ------ -----
JSC Kazakhmys
Insurance
Company LT IFS BB Upgrade BB-
Natl LT IFS A(kaz) Upgrade BBB+(kaz)
===================
L U X E M B O U R G
===================
CATLUXE ACQUISITION: Moody's Appends 'LD' Designation to C-PD PDR
-----------------------------------------------------------------
Moody's Investors Service appended a limited default (/LD)
designation to CatLuxe Acquisition S.a.r.l.'s ("Pronovias" or "the
company") probability of default rating, changing it to C-PD/LD
from C-PD. The company's Ca corporate family rating, the ratings of
the senior secured revolving credit facility due September 2023 and
the senior secured term loans due September 2024 issued by CatLuxe
S.a.r.l. remain unchanged at Ca, as does the negative outlook for
both entities. The /LD will be removed after three business days,
following which all ratings will be withdrawn.
The appending of the PDR with an "/LD" designation follows
Pronovias' finalization of a recapitalization agreement on April 5,
2023. The debt restructuring terms include a debt to equity swap
for the first and second lien senior secured bank credit
facilities, as well as an issuance of a new subordinated PIK
instrument. Moody's views this transaction as a distressed exchange
("DE"), which is a default under Moody's Rating Symbols and
Definitions published in May 2023. As a result of this
recapitalisation transaction, the company's debt leverage is
meaningfully lower.
CatLuxe Acquisition S.a.r.l. (Pronovias) is an international bridal
wear company with a presence in 95 countries. In 2022, the company
reported net sales and EBITDA (as adjusted by the company) of
EUR148.9 million and EUR31.1 million, respectively. The company is
mostly present in Europe (around two-thirds of sales). The
company's largest markets are Italy (22% of sales), followed by
Spain (17%) and the United States of America (Aaa stable, 18%).
DANA FINANCING: Fitch Rates EUR425M Proposed Sr. Unsec. Notes BB+
------------------------------------------------------------------
Fitch Ratings has assigned a rating of 'BB+'/'RR4' to Dana
Financing Luxembourg S.a.r.l.'s (Dana Financing) proposed issuance
of EUR425 million of senior unsecured notes due 2031 in a private
placement. Dana Financing is a subsidiary of Dana Incorporated
(Dana), and Dana will fully and unconditionally guarantee the
proposed notes. Dana's Long-Term Issuer Default Rating (IDR) is
'BB+', and the Rating Outlook is Negative.
Dana intends to primarily use net proceeds from the proposed notes
to redeem $200 million of Dana Financing's $400 million of 5.75%
senior unsecured notes due 2025, as well as repay $245 million of
outstanding revolver borrowings.
KEY RATING DRIVERS
Ratings and Outlook: Dana's Negative Outlook reflects the company's
underperformance relative to Fitch's expectations over the past
couple of years. Dana's EBITDA margin, FCF margin and leverage
metrics have all been weaker than Fitch expected. However, this
underperformance has been primarily due to volatile customer
production schedules, which, along with inflation, reduced Dana's
profitability and operating cash flow.
Industry operating conditions appear to be improving, and Fitch
expects they will improve further over the next two years. If
Dana's credit profile comes back in line with its rating
sensitivities in this time, Fitch could revise the Outlook back to
Stable. However, if Dana's credit profile does not materially
strengthen, despite a more stable production environment, Fitch
could downgrade the company's ratings.
Diversified Product Portfolio: The diversification of Dana's
product portfolio across light, commercial and off-highway vehicles
is a credit strength, limiting its exposure to any single end
market. The company's light vehicle business is primarily weighted
toward full-frame pickups and sport utility vehicles in North
America, and the strength of these sales relative to other light
vehicle classes has supported demand for Dana's products since the
pandemic began.
Electrification Investments: Dana has positioned itself as one of
the top producers of e-propulsion systems for commercial and
off-highway vehicles. These investments are a credit positive, as
they will help to hedge against technological change that could
lead to lower demand for Dana's traditional products. However, the
current market for electrified commercial and off-highway vehicles
is small, and ongoing investments in these technologies will weigh
on margins over the next several years. The company has noted that
its electric-vehicle business will result in about 50 basis points
of adjusted EBITDA margin compression in 2023.
Easing FCF Pressure: Dana produced positive post-dividend FCF
(according to Fitch's methodology) in 2022, with a 1.3% FCF margin,
a significant improvement after FCF turned strongly negative in
2021. The heavy use of cash in 2021 was driven by cash used for
working capital, as volatile customer production schedules and
supply-chain constraints led the company to carry significantly
higher inventory levels during the year.
Fitch expects Dana's post-dividend FCF margin in 2023 to be
breakeven to slightly negative due to heavy capex as the company
invests to support its backlog of new business. Beyond 2023, Fitch
expects Dana's FCF to turn positive again as operating conditions
normalize and the company benefits from new programs coming online.
However, any significant ongoing FCF weakness could contribute to a
potential future downgrade. Fitch expects capex as a percentage of
revenue to run near 5% in 2023 and in the mid-4% range over the
next few years, which would be roughly in line with historical
levels.
Elevated Leverage: Dana's gross EBITDA leverage (according to
Fitch's calculations) was 3.3x at YE 2022, in-line with Fitch's
expectations. Fitch expects EBITDA leverage to decline a bit in
2023 but to remain elevated, as the company continues to invest in
future electrification programs and as operating conditions remain
suboptimal. Fitch expects leverage to decline toward the mid-2x
range in 2024, and potentially toward the low-2x range in later
years. However, EBITDA remaining constrained by production or other
issues over the long term, resulting in EBITDA leverage above 2.5x
for a prolonged period, could drive a negative rating action.
DERIVATION SUMMARY
Dana has a relatively strong competitive position focusing
primarily on driveline systems for light, commercial and off-road
vehicles. It also manufactures sealing and thermal products for
vehicle powertrains and drivetrains. Dana's driveline business
competes directly with the driveline businesses of American Axle &
Manufacturing Holdings, Inc. and Cummins Inc.'s Meritor unit,
although American Axle focuses on light vehicles, while Meritor
focuses on commercial and off-road vehicles.
From a revenue perspective, Dana is similar in size to American
Axle, although American Axle's driveline business is a little
larger than Dana's light vehicle driveline business. Compared to
Meritor, Dana has roughly twice the annual revenue overall, and
Dana's commercial vehicle and off-highway vehicle segments combined
are a little larger than Meritor's overall business.
Fitch views Dana's midcycle EBITDA leverage as roughly consistent
with other auto and capital goods suppliers in the 'BB' range, such
as Allison Transmission Holdings, Inc. (BB+/Stable) or The Goodyear
Tire & Rubber Company (BB-/Stable). Prior to the pandemic, Dana's
EBITDA margins were relatively high for the 'BB' rating category
and in line with issuers in the low-'BBB' range. However, its
margins have more recently been in line other issuers in the 'BB'
category.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Global light vehicle production continues to recover over the
intermediate term;
- The global commercial vehicle and off-highway markets also
continue to recover over the next several years, with an outlook
that varies by region and end-market;
- Capex runs near 5% of revenue in 2023, then runs at roughly 4.5%
of revenue in subsequent years, which would be relatively
consistent with historical levels;
- Dana's post-dividend FCF margin is breakeven to slightly negative
in 2023, then generally runs in the 1.0%-2.0% range over the
following years;
- The company maintains a solid liquidity position, including cash
and credit facility availability;
- Excess cash is generally used for small acquisitions or share
repurchases.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Sustained EBITDA margin above 12%;
- Sustained gross EBITDA leverage below 2.0x;
- Sustained post-dividend FCF margin above 2.0%.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- A lack of meaningful improvement in Dana's credit profile once
operating conditions stabilize;
- A shift in industry dynamics that leads to a meaningful loss of
share for Dana's products;
- Sustained gross EBITDA leverage above 2.5x;
- Sustained FCF margin below 1.0%;
- Sustained EBITDA margin below 10%.
LIQUIDITY AND DEBT STRUCTURE
Strong Liquidity: As of March 31, 2023, Dana had $401 million of
cash and cash equivalents. In addition to its cash on hand, Dana
maintains additional liquidity through a $1.15 billion secured
revolver that is guaranteed by the company's wholly owned U.S.
subsidiaries. The revolver is secured by substantially all of the
assets of Dana and its guarantor subsidiaries and, following a
March 2023 amendment, matures in 2028. As of March 31, 2023, there
were $295 million of borrowings outstanding on the revolver and $16
million of the available capacity was used to back LOCs, leaving
$839 million of available capacity.
Based on the seasonality in Dana's business, as of March 31, 2023,
Fitch treated $100 million of Dana's cash and cash equivalents as
not readily available for the purpose of calculating net metrics.
This is an amount that Fitch estimates Dana would need to hold to
cover seasonal changes in operating cash flow, maintenance capex
and common dividends without resorting to temporary borrowing.
Debt Structure: As of March 31, 2023, Dana's debt structure
primarily consisted of $2.30 billion of senior unsecured notes
issued by both Dana and its Dana Financing subsidiary, as well as
the borrowings on its secured revolver and an estimated $53 million
of other short- and long-term debt (excluding finance leases).
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.
ISSUER PROFILE
Dana is an automotive and capital goods supplier focused on the
full-frame light truck, off-highway and commercial truck
end-markets. The company is headquartered in the U.S., and has
operations in North America, Europe, South America and the Asia
Pacific region.
Entity/Debt Rating Recovery
----------- ------ --------
Dana Financing
Luxembourg
S.a r.l.
senior
unsecured LT BB+ New Rating RR4
=====================
N E T H E R L A N D S
=====================
IGNITION MIDCO: EUR325M Bank Debt Trades at 43% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Ignition Midco BV
is a borrower were trading in the secondary market around 56.9
cents-on-the-dollar during the week ended Friday, May 12, 2023,
according to Bloomberg's Evaluated Pricing service data.
The EUR325 million facility is a Term loan that is scheduled to
mature on July 4, 2025. The amount is fully drawn and
outstanding.
Ignition Midco B.V. operates as a special purpose entity. The
Company was formed for the purpose of issuing debt securities to
repay existing credit facilities, refinance indebtedness, and for
acquisition purposes. The Company's country of domicile is the
Netherlands.
=========
S P A I N
=========
DURO FELGUERA: EUR85M Bank Debt Trades at 45% Discount
------------------------------------------------------
Participations in a syndicated loan under which Duro Felguera SA is
a borrower were trading in the secondary market around 54.8
cents-on-the-dollar during the week ended Friday, May 12, 2023,
according to Bloomberg's Evaluated Pricing service data.
The EUR85 million facility is a Term loan that is scheduled to
mature on July 27, 2023. The amount is fully drawn and
outstanding.
Duro Felguera, S.A., through its subsidiaries, manufactures
industrial equipment for the mining industry. The Company also
markets and sells control systems for producing steel for machinery
and railroad components. The Company’s country of domicile is
Spain.
===========================
U N I T E D K I N G D O M
===========================
BLACK SHEEP: SIBA Chair Issues Comment Following Administration
---------------------------------------------------------------
Graham Chalmers at Harrogate Advertiser reports that Ian Fozard,
former national chairman of the Society of Independent Brewers
(SIBA) national chairman and owner of Rooster's Brewery, said the
story of Masham-based Black Sheep highlighted the dire impact of
ever-rising costs and the over-dominance of the major global
players in the beer industry.
"There's a perfect storm of issues that impact on smaller
breweries. "They don't have the economy of scale of larger
breweries and they don't have the access to markets the larger
brewers have."
There was shock when Black Sheep, which was founded by Paul
Theakston in 1992 and has since been run by his sons Jo and Rob
Theakston, announced it was entering administration due to "the
pandemic and the sudden rise in all costs", Harrogate Advertiser
relates.
According to Harrogate Advertiser, Charlene Lyons, chief executive
and executive chair of Black Sheep Brewery, said: "Black Sheep
Brewery has great products, a compelling brand and is supported by
a dedicated team of people.
"But the business has been hit very hard by the pandemic and the
sudden rise in all costs.
"Covid loans were useful but, in the end, could not sufficiently
compensate for reduced cash flow in the long term.
"We have taken the decision to protect the business and its
creditors, during this period, by filing a notice of intention to
appoint administrators."
According to the Society of Independent Brewers (SIBA), there are
about 1,800 independent breweries in the UK and all are feeling the
pinch, Harrogate Advertiser notes.
DRESS ME ONLINE: Owed Over GBP2.8 Million at Time of Liquidation
----------------------------------------------------------------
Jon Robinson at BusinessLive reports that almost GBP3 million was
owed by the company behind the fashion brand founded by Real
Housewives of Cheshire star Seema Malhotra as it entered
liquidation, it has been revealed.
Manchester-based Dress Me Online, which traded as Forever Unique,
had debts of over GBP2.8 million, BusinessLive relays, citing
newly-filed documents with Companies House.
The brand Forever Unique is now trading under a new operating
company, Fashion Store Online Limited, BusinessLive notes.
According to its most recently available accounts, Dress Me Online
turned over GBP2.3 million in the year to December 2020,
BusinessLive discloses.
According to BusinessLive, the new statement of affairs, which has
been filed with Companies House, shows that HSBC was among its
largest creditors as well as China-based Guangzhou Pretty Fashion
and Turkey-based Nova Sourcing USD.
HMRC, BusinessLive says, was owed over GBP1.3 million when Dress Me
Online entered liquidation.
Amie Johnson and Yiannis Koumettou of Begbies Traynor were
appointed as joint liquidators of Dress Me Online on Tuesday, April
4, "after all options had been explored to keep the business open",
BusinessLive relates.
"We have successfully completed a sale of the company's stock,"
BusinessLive quotes insolvency director Amie Johnson as saying.
"In accordance with our statutory obligations we are now focusing
on our investigations into the company's affairs and conduct of the
company's directors.
"If creditors have any concerns regarding the company's affairs or
directors conduct we would ask that they contact us with details.
We will keep creditors updated with progress."
Speaking last month, she said: "Every option was explored but there
was no choice but to enter the company into liquidation.
"A combination of the economic climate, inflation and issues in
recovering from the pandemic have resulted in these
circumstances."
LECHLADE FESTIVAL: Faces Liquidation Following Event Cancellation
-----------------------------------------------------------------
Jessica Durston at Swindon Link reports that the team behind
Lechlade Festival on May 12 issued a statement announcing the 2023
festival's cancellation and the plans for the liquidation of the
company.
According to Swindon Link, the Lechlade Festival team's statement
is as follows:
"We regretfully must announce that due to circumstances beyond our
control, a decision has been made to cancel this year's Lechlade
Festival. We have been advised that the festival site is too wet
and the ground too soft to allow for a safe event.
"We are utterly devastated. The team was poised to deliver another
fabulous festival and we are beyond words at having to let down our
festival goers, performers, traders, suppliers and supporters. We
have explored all options, and If there was any other way, we would
have found a solution.
"With further heavy rain forecast, there is already a great deal of
standing water in many places and the ground beneath is very soft,
with high groundwater levels. At this stage, the site will not dry
and recover in time to accommodate the festival infrastructure and
vehicles.
"The outcome is that Lechlade Festival Limited cannot sustain the
losses incurred by cancellation. We have therefore, and with a
very heavy heart, made the difficult decision to commence
proceedings to place the company into liquidation.
"Our small team have worked tirelessly for many years to build the
festival. The core team is largely voluntary, supplemented by a
team of very loyal supporters who give their time to help deliver
this wonderful event."
For more information on the liquidation process, individuals should
email insolvency@monahans.co.uk, who will aim to deal with public
messages as soon as possible, subject to enquiry volumes, Swindon
Link states.
Individuals who have already paid for tickets via credit or debit
card, may be able to make recovery directly from their bank/card
provider, depending on the provider's rules, Swindon Link
discloses.
MANCHESTER PRINTERS: Creditors' Meeting Scheduled Today, May 15
---------------------------------------------------------------
Jo Francis at Printweek reports that Manchester Printers Group Ltd
appears likely to be wound up as the saga surrounding the business
and its associated group of companies reaches what could be its
final phase.
The firm's sole director Sarah Pinkney has called a virtual meeting
of creditors for Manchester Printers Group to take place at 2:15
p.m. on May 15, Printweek relates.
As with the other connected printing companies in the group,
Richard Cole and Steve Kenny of KBL Advisory in Sale are the
insolvency practitioners handling the case, Printweek discloses.
According to Printweek, the notice announcing the meeting states:
"A meeting of shareholders has been called and will be held prior
to the virtual meeting of creditors to consider passing a
resolution for voluntary winding up of the company."
Manchester Printers Group's accounts are currently flagged as
overdue at Companies House, Printweek notes.
ORIFLAME INVESTMENT: Fitch Lowers LongTerm IDR to B-, Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has downgraded Oriflame Investment Holding Plc's
(Oriflame) Long-Term Issuer Default Rating (IDR) and senior secured
rating to 'B-' from 'B'. The Outlook on the IDR is Negative. The
Recovery Rating on the senior secured debt remains at RR4'.
The downgrade reflects its expectation that Oriflame's leverage in
2023-2024 will remain considerably higher than previously estimated
after a material increase in 2022. The sharply increased financial
risk reflects significant challenges from weak revenue trends,
operating margin pressure and weaker free cash flow (FCF)
generation, all of which are no longer consistent with a 'B' IDR.
The Negative Outlook reflects high execution risks as Orflame is
implementing measures to regain business volumes and profitability,
particularly by rebuilding its sales consultant network, which is
critical to its direct selling business model. The Negative Outlook
is also driven by its expectation of EBITDA net leverage remaining
at or above 7.0x until end-2024, a level Fitch views as being
outside the 'B' rating category.
KEY RATING DRIVERS
Sharply Increased Leverage: The downgrade is primarily driven by
its assessment of the performance-driven increased financial risk
profile with EBITDA net leverage projected at around 8.0x in 2023
and 6.7x in 2024 before it gradually returns towards 5.0x in the
following two years. These considerably higher leverage levels,
particularly in the next two years, which Fitch views as being
outside the 'B' rating category, are reflected in the Negative
Outlook.
Meaningful Execution Risks: The downgrade also factors in
meaningful execution risks as the company addresses its sales and
profitability, in addition to dealing with competitive challenges,
and inflation-driven margin pressures. Fitch projects these
broadened execution risks will continue to affect the business
performance well into 2024. Evidence of a successful operational
turnaround in the next 12-18 months, which would lead to an
improved FCF and leverage profile, would be essential to the
Outlook being revised to Stable.
Weakened Operating performance: Oriflame's credit profile has been
eroded by a persistent drop in revenues and profits since 2022. The
complexity of the turnaround will, in its view, lead to further
revenue and EBITDA contraction in 2023, given a continued decline
in number of sales consultants, foreign-exchange (FX) fluctuations,
stubborn inflation and increasing marketing costs. At end-1Q23 its
reported sale representatives were down 23% yoy at about 1.7
million, with Europe and Asia hardest hit.
Fitch projects a reduction in the company's revenue and EBITDA
margin at 9.2% in 2023 from 16.4% in 2022. Fitch sees a gradual
return to operational growth in 2024, which would be critical to
the rating trajectory.
Weak Sales in Asia: Asia is one of the larger geographies for
Oriflame (23% of sales in 2022). However, performance in this
region has been under pressure, with sales falling 21.6% yoy in
local currency and sales representatives reducing 40% in 2022. Its
rating case assumes sales will remain weak until 2024 as a result
of more aggressive competition from local suppliers.
Working Capital Peaks in Russia: Following Russia's invasion of
Ukraine, Oriflame relocated the production of colour cosmetics for
global markets to India without making any large capex, but it
resulted in a stock-led increase in working capital peaking at
EUR35 million in 3Q22. Fitch views the Russia-related operational
losses as contained, largely mitigated by Oriflame's decision to
sell its Cetes Cosmetics Russia for about EUR30 million. The
transaction is expected to be closed in 2Q23.
FCF Temporarily Negative: Weak operating performance, in
combination with working capital outflow and unexpected resumption
of dividend payments of EUR30 million, will lead to a negative FCF
margin of 3% in 2023. Fitch projects FCF to return to positive
territory from 2024, a year later than expected, driven by a longer
operational recovery, working-capital normalisation and absence of
repeat dividend distributions.
Fitch believes that Oriflame's credit profile benefits from its
asset-light business model and largely variable cost base, which
support its intrinsically cash-generative operations However,
inability to return to positive FCF due to operational weakness,
larger trade working volatility or more aggressive financial policy
would put the rating under pressure.
Shareholder-Friendly Financial Policy: Fitch views the
reinstatement of EUR30 million dividend payment in early 2023 amid
substantial operational challenges as a sign of an aggressive
financial policy, despite the payment being permitted under the
credit documentation. Further shareholder distributions would add
more pressure to Oriflame's already high leverage metrics and weak
credit profile.
Hedging Strategy Effective: Fitch believes that predictable and
more regular interest streams mitigate Oriflame's cash flow
volatility. In 2021, it entered an interest-rate swap on its euro-
and US dollar-denominated debt and Fitch now expects annual savings
around EUR15 million. This translates into robust financial
flexibility, with EBITDA interest coverage projected to remain
firmly above 2.5x through 2026, supported by sufficient liquidity.
Mitigated Exposure to FX, Emerging Markets: Oriflame operates in
more than 60 countries - predominantly emerging markets - across
Europe, Asia and Latin America. This exposes it to the volatility
of developing economies and FX risks, as the cost of its products
is linked to hard currencies and its debt is euro- and US-dollar
denominated. Its rating case assumes the weakening of the euro will
have a positive impact of low single-digit percentage terms to
2026. Oriflame has hedged the principal and interest of its US
dollar notes.
Good Product Diversification: Oriflame's credit profile benefits
from diversification across all major beauty product categories,
including skincare (24% of 3Q22 sales), colour cosmetics (14%),
fragrances (23%) and personal and hair care (17%). Wellness
products (18% of revenue) benefit from rising demand and higher
profitability than other beauty products, as consumers become more
health-conscious. Fitch expects limited price mix from 2022, after
price increases of more expensive and profitable products in 2021
had a negative impact on volumes.
DERIVATION SUMMARY
Fitch rates Oriflame using its Ratings Navigator framework for
consumer companies. Oriflame's closest sector peer is Natura
Cosmeticos S.A. (BB/Positive) as it also operates in the
direct-selling beauty market. Natura has stronger business and
financial profiles than Oriflame, which are reflected in its higher
rating.
Like Oriflame, Natura is geographically diversified with exposure
to emerging markets but benefits from greater diversity across
sales channels and a substantially larger scale in the sector as,
after the acquisition of Avon Products Inc. Natura is the
fourth-largest pure beauty company globally. Natura's downgrade in
2020 reflected challenges of integrating Avon and from the pandemic
in Brazil but a recent equity injection has significantly improved
leverage metrics, resulting in an upgrade back to 'BB'.
Oriflame is rated lower than THG plc (B+/Negative), which operates
in the beauty and well-being consumer market. THG is smaller in
scale than Oriflame, as it operates mostly in the UK and Europe but
is not exposed to FX risks, although THG's revenues are growing
rapidly, organically and through M&A. Unlike Oriflame's, THG's
strategy is based on bolt-on, increasingly equity-funded, M&A.
No Country Ceiling, parent-subsidiary linkage or operating
environment aspects apply to Oriflame's ratings.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Revenue decline of 4.4% in 2023, followed by low-single-digit
increase of revenue based on price-mix effect and volumes recovery
over the next four years
- EBITDA margin improving towards 11%-12% by 2026
- Capex at around EUR8 million-EUR10 million to 2026
- No dividend distribution from 2024
- No M&A over the next four years
Recovery Rating Assumptions
The recovery analysis assumes that Oriflame would be considered a
going concern (GC) in bankruptcy and that it would be reorganised
rather than liquidated. Fitch has assumed a 10% administrative
claim.
In its bespoke recovery analysis, Fitch estimates GC EBITDA
available to creditors of around EUR90 million (previously EUR100
million), reflecting reduced Russian activities and a materially
contracted sales consultants base. The GC EBITDA is based on a
stressed scenario reflecting the company's exposure to FX
volatility and emerging markets and an inflationary environment.
The GC EBITDA reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level upon which Fitch bases the
valuation of the company.
An enterprise value (EV)/EBITDA multiple of 4.0x is used to
calculate a post-reorganisation valuation and is around half of the
2019 public-to-private transaction multiple of 7.2x.
Oriflame's super senior EUR100 million revolving credit facility
(RCF) is assumed to be fully drawn on default and ranks senior to
its senior secured notes of EUR707.5 million. The waterfall
analysis generated a ranked recovery for EUR250 million and USD550
million senior secured notes in the 'RR4' band, indicating a 'B-'
rating. The waterfall generated recovery computation (WGRC) output
percentage is 32%, based on current metrics and assumptions.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to an
Upgrade:
- Revenue growth, driven by opening of new markets, improvements in
price mix or sales volume, and successful engagement of new
representatives that sufficiently offset FX challenges
- Maintenance of adequate scale and geographic diversification with
EBITDA of at least EUR100 million and margin above 10% on a
sustained basis
- Positive FCF margin on a sustained basis
- EBITDA net leverage below 4.5x on a sustained basis
Factors that Could, Individually or Collectively, Lead to a
Revision of the Outlook to Stable:
- Turnaround in operating performances and maintenance of a
conservative financial policy resulting in neutral to positive FCF
generation
- Visibility that EBITDA net leverage may reduce towards 6x by
2025
Factors that Could, Individually or Collectively, Lead to a
Downgrade:
- Sustained operating underperformance in key markets, driven by an
inability to protect revenue and profit from continued reduction in
the number of active representatives not offset by improvements in
productivity
- EBITDA margin declining below 9% on a sustained basis
- Persistently negative FCF margin
- Aggressive financial policy preventing a decline of EBITDA net
leverage to below 6x
LIQUIDITY AND DEBT STRUCTURE
Satisfactory Liquidity: Fitch views liquidity as satisfactory based
on its forecast end-2023 freely available cash balance of around
EUR50 million (after adjusting for EUR70 million restricted cash
required for operating purposes). The company has access to fully
undrawn committed revolving credit facility (RCF) of EUR100
million, which Fitch projects will remain undrawn through
maturity.
The company's liquidity position is weakened by negative FCF in
2023; however, Fitch projects Oriflame's FCF margin will return to
positive in the low single digits from 2024. This is in the absence
of further restructuring charges and supported by low capex
requirements given the company's asset-light business model and
stabilisation of working capital.
Oriflame has no near-term maturities with the RCF and senior notes
coming due in 2025 and 2026, respectively, while interest rates are
hedged.
ISSUER PROFILE
Oriflame is a beauty manufacturer and direct selling company with
presence in more than 60 countries.
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
----------- ------ -------- -----
Oriflame Investment
Holding Plc LT IDR B- Downgrade B
senior secured LT B- Downgrade RR4 B
TEAM PRECISION: Enters Administration, 16 Jobs Affected
-------------------------------------------------------
Elizabeth Birt at South Wales Guardian reports that TEAM Precision
Pipe Assemblies Limited has gone into administration, with 16 jobs
lost.
The company was put into administration on Wednesday, March 1, due
to financial difficulties and EY-Parthenon's turnaround and
restructuring strategy team appointed Lucy Winterborne and
Dan Hurd as joint administrators, South Wales Guardian relates.
The company manufactures pipes and assemblies for air conditioning
and HVAC (heating, ventilation and air conditioning) units,
primarily used in the automotive sector.
Around 170 people were employed at the company, with people
connected to the company telling the South Wales Guardian that 30
full time jobs have gone, including agency staff.
However, EY-Parthenon has said that 16 redundancies were made when
the company entered administration and no further redundancies had
been made since, South Wales Guardian notes.
According to South Wales Guardian, Ms. Winterborne said: "The
company has faced financial difficulty over recent years, primarily
due to a fall in demand during the covid-19 pandemic and the
challenges facing the wider automotive sector that it supplies to.
"The business continues to trade on a reduced capacity whilst we
look for a buyer and we are currently liaising with a number of
parties who are undertaking due diligence."
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week May 8 to May 12, 2023
----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- ------- -----
Casino Guichard P 4.498 03/07/2024 EUR 30.240
Republic of Austr 0.850 6/30/2120 EUR 41.286
Tele Columbus AG 3.875 05/02/2025 EUR 66.953
Atento Luxco 1 SA 8.000 02/10/2026 USD 17.173
Casino Guichard P 3.580 02/07/2025 EUR 26.194
Casino Guichard P 4.103 EUR 5.389
Casino Guichard P 5.250 4/15/2027 EUR 26.689
La Financiere Ata 4.000 5/15/2024 EUR 71.703
Casino Guichard P 4.048 08/05/2026 EUR 24.537
Casino Guichard P 3.992 EUR 4.809
Metalcorp Group S 8.500 6/28/2026 EUR 8.828
Kenbourne Invest 6.875 11/26/2024 USD 70.822
Vedanta Resources 8.950 03/11/2025 USD 71.008
Deutsche Bank AG 4.789 USD 71.579
Casino Guichard P 6.625 1/15/2026 EUR 27.556
Agps Bondco PLC 4.250 7/31/2025 EUR 75.112
Movida Europe SA 5.250 02/08/2031 USD 75.983
DEMIRE Deutsche M 1.875 10/15/2024 EUR 66.531
AT Securities BV 5.250 USD 37.500
Pro-Gest SpA 3.250 12/15/2024 EUR 70.156
Deutsche Bank AG 6.000 USD 73.250
Gol Finance SA 7.000 1/31/2025 USD 46.466
SBB Treasury Oyj 0.750 12/14/2028 EUR 55.297
Citycon Oyj 4.496 EUR 64.056
Credit Suisse Gro 9.750 USD 0.250
Landesbank Baden- 4.000 EUR 68.377
Trinseo Materials 5.375 09/01/2025 USD 74.213
Castellum AB 3.125 EUR 66.753
Mitsubishi UFJ In 7.193 12/15/2050 EUR 44.858
Aggregate Holding 6.875 11/09/2025 EUR 18.162
Deutsche Bank AG 4.500 EUR 65.245
Allianz SE 3.875 USD 69.135
Altice France Hol 8.000 5/15/2027 EUR 67.223
Aroundtown SA 2.125 EUR 24.360
Barclays PLC 4.375 USD 63.750
Schoeller Packagi 6.375 11/01/2024 EUR 70.917
gategroup Finance 3.000 2/28/2027 CHF 64.754
BNP Paribas SA 4.500 USD 68.757
La Financiere Ata 5.125 5/15/2025 EUR 63.666
CECONOMY AG 1.750 6/24/2026 EUR 72.505
SBB Treasury Oyj 1.125 11/26/2029 EUR 53.051
HSBC Holdings PLC 4.600 USD 74.227
Standard Chartere 4.300 USD 70.510
UniCredit SpA 3.875 EUR 70.264
ams-OSRAM AG 2.125 11/03/2027 EUR 63.106
Kenbourne Invest 4.700 1/22/2028 USD 60.577
InterCement Finan 5.750 7/17/2024 USD 61.429
AnaCap Financial 8.250 08/01/2024 EUR 68.303
Credit Suisse Gro 7.500 USD 4.250
Aroundtown SA 1.625 EUR 25.982
Vodafone Group PL 5.125 06/04/2081 USD 74.486
MARB BondCo PLC 3.950 1/29/2031 USD 72.724
Garfunkelux Holdc 6.750 11/01/2025 EUR 71.572
Russian Railways 0.898 10/03/2025 CHF 49.609
Vivion Investment 3.500 11/01/2025 EUR 60.667
CPI Property Grou 4.875 EUR 36.082
ING Groep NV 3.875 USD 68.999
Tullow Oil PLC 7.000 03/01/2025 USD 57.695
Heimstaden AB 4.250 03/09/2026 EUR 65.179
Heimstaden Bostad 3.248 EUR 63.710
Societe Generale 5.375 USD 68.500
Agps Bondco PLC 6.000 08/05/2025 EUR 43.251
Russian Railways 2.100 10/02/2023 CHF 64.490
Agps Bondco PLC 5.000 1/14/2029 EUR 33.702
Standard Profil A 6.250 4/30/2026 EUR 57.318
Signa Development 5.500 7/23/2026 EUR 46.667
Deutsche Bank AG 6.750 EUR 74.957
Samhallsbyggnadsb 1.000 08/12/2027 EUR 61.018
Trinseo Materials 5.125 04/01/2029 USD 50.093
HSE Finance Sarl 5.625 10/15/2026 EUR 53.208
Deutsche Pfandbri 8.474 EUR 67.395
DIC Asset AG 2.250 9/22/2026 EUR 56.888
Standard Chartere 4.750 USD 68.000
UBS Group AG 4.375 USD 66.525
Agps Bondco PLC 4.625 1/14/2026 EUR 39.770
Grupo Antolin-Ira 3.500 4/30/2028 EUR 69.458
Rallye SA 4.000 2/28/2032 EUR 0.750
Grand City Proper 1.500 EUR 35.519
Deutsche Bank AG 4.625 EUR 64.028
Herens Midco Sarl 5.250 5/15/2029 EUR 62.341
Intrum AB 3.000 9/15/2027 EUR 70.879
MHP SE 7.750 05/10/2024 USD 58.157
Aroundtown SA 0.375 4/15/2027 EUR 69.794
Gazprom PJSC via 3.897 EUR 51.004
Aroundtown SA 5.375 3/21/2029 USD 73.125
Altice France Hol 10.500 5/15/2027 USD 68.840
Romanian Governme 4.625 04/03/2049 EUR 75.101
Credit Suisse Gro 6.250 USD 4.500
Ziton A/S 11.952 10/03/2024 EUR 58.441
Simpar Europe SA 5.200 1/26/2031 USD 71.636
Credit Suisse Gro 7.500 USD 7.000
EnfraGen Energia 5.375 12/30/2030 USD 63.409
Samhallsbyggnadsb 1.125 09/04/2026 EUR 63.815
Nobel Bidco BV 3.125 6/15/2028 EUR 76.908
NAK Naftogaz Ukra 7.625 11/08/2026 USD 21.676
EFG International 5.500 USD 69.769
ING Groep NV 4.250 USD 61.466
La Banque Postale 3.000 EUR 62.212
Intermediate Capi 2.500 1/28/2030 EUR 70.198
Teva Pharmaceutic 4.100 10/01/2046 USD 63.734
Icebear Steenwijk 12.349 09/07/2024 EUR 34.480
Samhallsbyggnadsb 2.624 EUR 24.856
CPI Property Grou 1.500 1/27/2031 EUR 52.926
ATF Netherlands B 7.078 EUR 44.250
CPI Property Grou 3.750 EUR 29.080
Market Bidco Finc 5.500 11/04/2027 GBP 75.115
Fastighets AB Bal 2.873 06/02/2081 EUR 66.202
Altice Finco SA 4.750 1/15/2028 EUR 70.576
CPI Property Grou 1.625 4/23/2027 EUR 71.599
VTR Finance NV 6.375 7/15/2028 USD 11.403
Kernel Holding SA 6.500 10/17/2024 USD 64.866
Gazprom PJSC via 1.500 2/17/2027 EUR 66.945
Ocado Group PLC 3.875 10/08/2026 GBP 74.089
CPI Property Grou 4.875 EUR 40.592
Credit Suisse Gro 4.500 USD 3.000
Heimstaden Bostad 2.625 EUR 50.198
Chrome Holdco SAS 5.000 5/31/2029 EUR 70.503
Heimstaden AB 6.750 EUR 46.196
UniCredit SpA 4.450 EUR 73.849
Logicor Financing 2.000 1/17/2034 EUR 63.531
HSBC Holdings PLC 4.700 USD 73.423
Aroundtown SA 1.450 07/09/2028 EUR 65.152
Vonovia SE 1.625 09/01/2051 EUR 47.181
Ukraine Governmen 6.750 6/20/2028 EUR 15.328
Coruripe Netherla 10.000 02/10/2027 USD 70.864
Russian Railways 0.840 03/12/2026 CHF 48.703
Nordea Bank Abp 3.750 USD 74.938
United Kingdom Gi 1.750 09/07/2037 GBP 75.330
Allianz SE 3.200 USD 72.296
Banco Santander S 4.125 EUR 72.894
Aroundtown SA 2.875 EUR 30.000
JSM Global Sarl 4.750 10/20/2030 USD 19.750
BNP Paribas SA 4.625 USD 68.838
Grand City Proper 2.500 EUR 40.428
NAK Naftogaz Ukra 7.125 7/19/2026 EUR 20.010
Citycon Oyj 3.625 EUR 50.790
Credit Suisse Gro 7.250 USD 5.750
Heimstaden Bostad 3.375 EUR 53.284
B2W Digital Lux S 4.375 12/20/2030 USD 18.625
Credit Suisse Gro 0.625 1/18/2033 EUR 67.841
Aragvi Finance In 8.450 4/29/2026 USD 67.904
Russian Railways 3.125 CHF 16.300
Unicaja Banco SA 4.875 EUR 67.111
Gazprom PJSC Via 4.250 04/06/2024 GBP 72.853
SCOR SE 5.250 USD 74.923
Italy Buoni Polie 1.500 4/30/2045 EUR 59.011
Castellum Helsink 0.875 9/17/2029 EUR 67.230
Romanian Governme 3.375 1/28/2050 EUR 60.352
Aroundtown SA 3.375 EUR 42.475
SPP-Distribucia A 1.000 06/09/2031 EUR 69.002
Korian SA 1.875 EUR 29.143
Aareal Bank AG 0.750 4/18/2028 EUR 74.901
Turkey Government 4.875 4/16/2043 USD 68.654
NatWest Group PLC 4.600 USD 69.366
Altice France SA/ 5.500 10/15/2029 USD 74.472
Corestate Capital 3.500 7/31/2023 EUR 14.868
Liquid Telecommun 5.500 09/04/2026 USD 61.930
Banco Santander S 3.625 EUR 64.042
Canary Wharf Grou 3.375 4/23/2028 GBP 68.623
Maxeda DIY Holdin 5.875 10/01/2026 EUR 73.520
Solocal Group 9.957 3/15/2025 EUR 67.875
Agps Bondco PLC 5.000 4/27/2027 EUR 37.062
MHP Lux SA 6.950 04/03/2026 USD 51.106
Saxa Gres Spa 7.000 08/04/2027 EUR 7.016
Atrium Finance PL 2.625 09/05/2027 EUR 68.951
Air France-KLM 0.125 3/25/2026 EUR 17.037
Desenio Group AB 8.785 12/16/2024 SEK 60.000
SCF Capital Desig 3.850 4/26/2028 USD 58.876
British American 3.750 EUR 73.903
Samhallsbyggnadsb 2.875 EUR 24.586
EP Infrastructure 1.816 03/02/2031 EUR 70.810
Idorsia Ltd 2.125 08/04/2028 CHF 56.359
HSE Finance Sarl 9.073 10/15/2026 EUR 53.208
Romanian Governme 4.125 03/11/2039 EUR 75.322
Allianz SE 2.625 EUR 68.361
Takko Luxembourg 5.375 11/15/2023 EUR 71.000
Heimstaden Bostad 3.625 EUR 52.554
Korian SA 0.875 03/06/2027 EUR 42.765
Takko Luxembourg 8.698 11/15/2023 EUR 70.150
Abengoa Abenewco 1.500 10/26/2024 EUR 1.328
ESPG AG 6.000 10/01/2023 EUR 75.822
United Kingdom Gi 1.250 10/22/2041 GBP 62.942
Piraeus Financial 8.750 EUR 74.978
Gazprom PJSC via 2.950 1/27/2029 USD 63.375
Rothschild & Co C 5.500 USD 67.656
Compact Bidco BV 5.750 05/01/2026 EUR 67.091
UBS Group AG 3.875 USD 74.250
Erste Group Bank 3.375 EUR 74.226
Altice France Hol 4.000 2/15/2028 EUR 57.525
Ukreximbank Via B 9.750 1/22/2025 USD 75.500
Mutuelle Assuranc 3.500 EUR 72.692
Boparan Finance P 7.625 11/30/2025 GBP 66.111
United Kingdom Gi 1.125 1/31/2039 GBP 65.709
Heimstaden AB 9.316 SEK 63.843
Dignity Finance P 4.696 12/31/2049 GBP 61.421
Raiffeisen Bank I 6.000 EUR 74.064
AI Candelaria Spa 5.750 6/15/2033 USD 70.858
Orpea SA 2.625 03/10/2025 EUR 28.312
Allianz SE 2.600 EUR 66.253
Scandinavian Airl 0.625 CHF 5.887
Agps Bondco PLC 5.500 11/13/2026 EUR 38.105
Metinvest BV 8.500 4/23/2026 USD 65.250
Ageas SA/NV 3.875 EUR 71.421
Kleopatra Holding 6.500 09/01/2026 EUR 56.375
Romanian Governme 2.875 4/13/2042 EUR 59.564
Julius Baer Group 3.625 USD 60.883
Heimstaden AB 4.375 03/06/2027 EUR 64.797
Romanian Governme 4.000 2/14/2051 USD 68.514
Nykredit Realkred 1.000 10/01/2050 DKK 72.995
Republic of Italy 4.000 10/17/2049 USD 75.018
Ukraine Governmen 7.750 09/01/2024 USD 21.192
VEON Holdings BV 3.375 11/25/2027 USD 70.187
Russian Railways 2.200 5/23/2027 EUR 54.612
Gazprom PJSC Via 2.500 3/21/2026 EUR 72.369
Ukraine Governmen 7.750 09/01/2025 USD 18.833
Accor SA 0.700 12/07/2027 EUR 45.664
Samhallsbyggnadsb 2.625 EUR 24.921
IOG Plc 12.146 9/20/2024 EUR 55.000
Romanian Governme 2.000 1/28/2032 EUR 72.302
Tinkoff Bank JSC 6.000 USD 44.499
French Republic G 1.750 5/25/2066 EUR 67.047
Republic of Austr 0.700 4/20/2071 EUR 44.351
Audax Renovables 4.200 12/18/2027 EUR 65.673
VGP NV 2.250 1/17/2030 EUR 69.264
Altice France SA/ 5.125 7/15/2029 USD 73.299
Aroundtown SA 4.750 GBP 32.269
United Kingdom Gi 1.500 7/31/2053 GBP 54.347
Credit Suisse Gro 6.375 USD 2.499
Credit Suisse Gro 5.100 USD 26.919
United Kingdom Gi 1.625 10/22/2071 GBP 50.465
Romanian Governme 2.124 7/16/2031 EUR 74.779
Voltalia SA 1.000 1/13/2025 EUR 28.205
Hellenic Republic 1.875 1/24/2052 EUR 60.489
Atos SE 1.000 11/12/2029 EUR 65.337
Endo Luxembourg F 6.125 04/01/2029 USD 71.000
Gol Finance SA 8.000 6/30/2026 USD 49.045
United Kingdom Gi 0.875 1/31/2046 GBP 51.534
Rallye SA 4.371 2/28/2032 EUR 1.036
Ubisoft Entertain 0.878 11/24/2027 EUR 70.909
Electricite de Fr 3.375 EUR 73.565
Russian Railways 1.195 04/03/2028 CHF 45.887
Dtek Renewables F 8.500 11/12/2024 EUR 39.906
Raiffeisen Bank I 4.500 EUR 56.872
ING Groep NV 4.875 USD 74.485
Novolipetsk Steel 1.450 06/02/2026 EUR 67.784
NAK Naftogaz Ukra 7.375 7/19/2022 USD 34.173
Berkeley Group PL 2.500 08/11/2031 GBP 68.345
Altice France Hol 6.000 2/15/2028 USD 57.883
Hungary Governmen 1.750 06/05/2035 EUR 69.881
Bigben Interactiv 1.125 2/19/2026 EUR 69.441
Credit Suisse Gro 7.500 USD 5.250
Swedbank AB 4.000 USD 73.099
Gazprom PJSC Via 4.950 3/23/2027 USD 74.360
Hungary Governmen 0.500 11/18/2030 EUR 72.918
Ukraine Railways 8.250 07/09/2026 USD 20.150
Credit Suisse Gro 0.650 09/10/2029 EUR 76.613
Carnival PLC 1.000 10/28/2029 EUR 51.313
Laboratoire Eimer 5.000 02/01/2029 EUR 70.179
Grand City Proper 0.125 01/11/2028 EUR 72.277
Romanian Governme 2.750 4/14/2041 EUR 59.519
Gazprom PJSC via 1.540 6/30/2027 CHF 62.501
University of Oxf 2.544 12/08/2117 GBP 51.608
Republic of Belar 6.200 2/28/2030 USD 42.055
Credit Suisse Gro 9.750 USD 1.392
Ukraine Governmen 9.750 11/01/2030 USD 17.523
Erste Group Bank 4.250 EUR 72.954
Iceland Bondco PL 4.375 5/15/2028 GBP 73.306
Altice France SA/ 4.250 10/15/2029 EUR 72.388
Diebold Nixdorf D 9.000 7/15/2025 EUR 41.531
Gazprom PJSC via 4.599 USD 57.500
Landesbank Hessen 4.375 3/30/2042 USD 62.677
Citycon Treasury 1.625 03/12/2028 EUR 71.985
Borets Finance DA 6.000 9/17/2026 USD 48.601
Ukraine Governmen 7.750 09/01/2026 USD 16.722
Metinvest BV 7.750 10/17/2029 USD 57.500
Turkey Government 6.000 1/14/2041 USD 77.582
Logicor Financing 1.625 1/17/2030 EUR 72.575
Development Bank 6.750 05/02/2024 USD 40.875
Ilija Batljan Inv 6.587 12/15/2024 SEK 29.795
Aroundtown SA 1.625 1/31/2028 EUR 68.786
Korian SA 2.250 10/15/2028 EUR 67.157
Abengoa Abenewco 1.500 10/26/2024 EUR 0.082
Commerzbank AG 4.250 EUR 71.101
Rothesay Life PLC 5.000 GBP 65.911
Wirecard AG 0.500 09/11/2024 EUR 14.340
Nostrum Oil & Gas 5.000 6/30/2026 USD 70.000
Metalloinvest Fin 3.375 10/22/2028 USD 55.226
Serbia Internatio 1.650 03/03/2033 EUR 65.486
VF Ukraine PAT vi 6.200 02/11/2025 USD 60.540
Intesa Sanpaolo S 1.350 2/24/2031 EUR 75.467
Gazprom PJSC via 2.950 4/15/2025 EUR 74.821
Aegon NV 0.496 NLG 64.595
Logicor Financing 0.875 1/14/2031 EUR 64.829
Deutsche Bank AG 1.375 2/17/2032 EUR 73.932
Stellantis NV 1.250 6/20/2033 EUR 74.281
AerCap Ireland Ca 3.850 10/29/2041 USD 74.039
Hungary Governmen 3.000 10/27/2038 HUF 59.404
Phosagro OAO Via 2.600 9/16/2028 USD 64.168
Delivery Hero SE 1.000 1/23/2027 EUR 75.576
Gazprom PJSC via 3.000 6/29/2027 USD 70.773
Russian Railways 4.375 03/01/2024 USD 53.073
Heimstaden Bostad 0.750 09/06/2029 EUR 64.155
Credit Suisse Gro 3.000 CHF 2.906
Banco de Sabadell 5.000 EUR 70.487
GOL Equity Financ 3.750 7/15/2024 USD 60.250
Garfunkelux Holdc 7.750 11/01/2025 GBP 70.646
Romanian Governme 2.625 12/02/2040 EUR 59.289
Metinvest BV 5.625 6/17/2025 EUR 66.003
Spain Government 1.000 7/30/2042 EUR 61.932
Gazprom PJSC Via 4.364 3/21/2025 EUR 74.306
CaixaBank SA 3.625 EUR 64.308
VIC Properties SA 3.000 5/28/2025 EUR 48.000
Deutsche Bank AG/ 3.729 1/14/2032 USD 73.912
esure Group PLC 6.000 GBP 68.370
BP Capital Market 1.467 9/21/2041 EUR 63.330
Czech Republic Go 1.500 4/24/2040 CZK 64.520
Arrival SA 3.500 12/01/2026 USD 23.250
Sberbank of Russi 5.125 10/29/2022 USD 32.553
BAWAG Group AG 5.125 EUR 70.053
Balder Finland Oy 1.000 1/20/2029 EUR 65.476
Bellis Finco PLC 4.000 2/16/2027 GBP 68.909
NGD Holdings BV 6.750 12/31/2026 USD 63.824
Gazprom PJSC via 3.250 2/25/2030 USD 68.388
Union Fenosa Pref 4.640 EUR 70.667
BAT International 2.250 09/09/2052 GBP 39.154
UniCredit SpA 0.850 1/19/2031 EUR 75.185
Russian Foreign B 5.625 04/04/2042 USD 63.985
Delivery Hero SE 2.125 03/10/2029 EUR 62.720
DDM Debt AB 9.000 4/19/2026 EUR 60.820
CPI Property Grou 2.750 1/22/2028 GBP 68.416
Kernel Holding SA 6.750 10/27/2027 USD 57.525
Credit Suisse Gro 7.500 USD 25.000
Belfius Bank SA 3.625 EUR 69.748
Romania Governmen 4.250 4/28/2036 RON 75.565
Mobile Telesystem 5.000 5/30/2023 USD 27.342
ERWE Immobilien A 7.500 12/10/2023 EUR 53.106
NatWest Group PLC 4.500 GBP 74.021
Fastighets AB Bal 1.250 1/28/2028 EUR 70.829
Spain Government 0.850 7/30/2037 EUR 68.927
Hungary Governmen 2.250 4/20/2033 HUF 64.165
Samhallsbyggnadsb 7.069 SEK 40.000
Fuerstenberg Capi 5.625 EUR 52.917
Sweden Government 1.375 6/23/2071 SEK 63.225
Stichting Afwikke 11.250 EUR 82.975
Intesa Sanpaolo S 4.125 EUR 67.897
Ukraine Governmen 15.840 2/26/2025 UAH 71.551
Electricite de Fr 4.500 12/04/2069 USD 70.649
Shell Internation 3.000 11/26/2051 USD 69.853
Credit Suisse Gro 5.250 USD 5.750
Zenith Finco PLC 6.500 6/30/2027 GBP 73.850
TotalEnergies SE 2.125 EUR 72.024
Stichting Afwikke 6.250 10/26/2020 EUR 43.625
Raiffeisenbank AS 1.000 06/09/2028 EUR 74.905
CNP Assurances 1.875 10/12/2053 EUR 70.332
Atos SE 2.500 11/07/2028 EUR 73.929
Cardea Europe AG 7.250 12/08/2023 EUR 33.250
Ukraine Governmen 4.375 1/27/2032 EUR 15.761
Ukraine Governmen 7.750 09/01/2028 USD 16.928
Credit Suisse Gro 6.250 USD 7.000
CPI Property Grou 5.800 SGD 43.950
DNB Bank ASA 5.203 USD 72.851
Metro Bank PLC 5.500 6/26/2028 GBP 59.553
Credit Suisse Gro 5.625 SGD 2.906
VGP NV 1.500 04/08/2029 EUR 67.842
Russian Foreign B 7.500 3/31/2030 USD 65.197
Heimstaden Bostad 1.000 4/13/2028 EUR 73.263
Direct Line Insur 4.750 GBP 70.338
Corestate Capital 1.375 7/31/2023 EUR 13.028
MorphoSys AG 0.625 10/16/2025 EUR 62.868
Mime Petroleum AS 13.500 3/21/2083 USD 19.756
Sagax Euro Mtn NL 1.000 5/17/2029 EUR 69.805
Banco Comercial P 4.000 5/17/2032 EUR 72.800
Societe Du Grand 1.000 2/18/2070 EUR 40.191
JT International 3.300 9/14/2051 USD 63.306
Republic of Italy 3.875 05/06/2051 USD 70.844
CPI Property Grou 1.750 1/14/2030 EUR 58.633
Glencore Capital 1.250 03/01/2033 EUR 71.835
Republic of Austr 1.500 11/02/2086 EUR 58.766
Cooperatieve Rabo 3.100 EUR 74.883
Sagax Euro Mtn NL 0.750 1/26/2028 EUR 74.228
Ukraine Governmen 6.876 5/21/2031 USD 15.847
Nexity SA 0.250 03/02/2025 EUR 59.310
Fnac Darty SA 0.250 3/23/2027 EUR 68.221
United Kingdom Gi 1.750 1/22/2049 GBP 61.687
Slovenia Governme 0.488 10/20/2050 EUR 48.571
ALROSA Finance SA 4.650 04/09/2024 USD 10.241
Evraz PLC 5.250 04/02/2024 USD 52.210
R-Logitech Financ 10.250 9/26/2027 EUR 23.986
Chesnara PLC 4.750 08/04/2032 GBP 72.847
NPC Ukrenergo 6.875 11/09/2028 USD 15.383
Engie SA 1.000 10/26/2036 EUR 68.697
Haya Holdco 2 PLC 11.698 11/30/2025 EUR 38.857
Vonovia SE 1.000 6/16/2033 EUR 66.986
La Financiere Ata 6.625 5/15/2025 GBP 62.367
Mithra Pharmaceut 4.250 12/17/2025 EUR 59.205
Nykredit Realkred 1.000 10/01/2053 DKK 72.145
Jyske Bank A/S 3.625 EUR 71.303
Vonovia SE 0.750 09/01/2032 EUR 68.563
Orpea SA 0.375 5/17/2027 EUR 38.930
Foodco Bondco SA 6.250 5/15/2026 EUR 39.494
Koninklijke KPN N 0.875 11/15/2033 EUR 75.134
Ukraine Railways 7.875 7/15/2028 USD 19.611
Italy Buoni Polie 1.450 03/01/2036 EUR 71.813
Heimstaden Bostad 3.000 EUR 53.355
United Kingdom Gi 1.750 7/22/2057 GBP 57.062
Phosagro OAO Via 3.050 1/23/2025 USD 73.545
Acef Holding SCA 1.250 4/26/2030 EUR 72.545
Aroundtown SA 3.000 10/16/2029 GBP 62.778
UNEDIC ASSEO 0.500 5/25/2036 EUR 70.179
Kingdom of Belgiu 0.400 6/22/2040 EUR 62.201
Stichting Afwikke 5.467 EUR 30.000
Gazprom PJSC via 3.500 7/14/2031 USD 62.759
WM Morrison Super 4.750 07/04/2029 GBP 62.517
Financiere Immobi 6.000 1/30/2025 EUR 10.094
Russian Railways 7.487 3/25/2031 GBP 56.985
UNIQA Insurance G 2.375 12/09/2041 EUR 73.899
MMC Norilsk Nicke 2.550 09/11/2025 USD 73.000
Sberbank of Russi 5.250 5/23/2023 USD 32.749
DNB Bank ASA 5.360 USD 72.949
SCF Capital Desig 5.375 6/16/2023 USD 73.258
BPCE SA 2.125 10/13/2046 EUR 70.205
Credit Suisse Gro 6.375 USD 24.000
Home Credit & Fin 8.800 USD 5.344
Heimstaden Bostad 1.625 10/13/2031 EUR 61.326
Credit Suisse Gro 3.875 CHF 2.737
Electricite de Fr 1.875 10/13/2036 EUR 71.779
Ilija Batljan Inv 10.087 SEK 9.324
Deutsche Bank AG/ 3.742 01/07/2033 USD 72.024
United Kingdom Gi 1.625 10/22/2054 GBP 55.813
Novolipetsk Steel 4.700 5/30/2026 USD 71.000
Odea Bank AS 8.606 08/01/2027 USD 73.376
Credit Suisse Gro 5.250 USD 26.500
Rothschild & Co C 3.170 EUR 68.477
Triodos Bank NV 2.250 02/05/2032 EUR 72.959
Serbia Internatio 2.050 9/23/2036 EUR 60.143
Merlin Properties 1.875 12/04/2034 EUR 68.566
Atento Luxco 1 SA 8.000 02/10/2026 USD 17.072
PB International 7.625 12/31/2025 USD 40.269
Ideal Standard In 6.375 7/30/2026 EUR 54.438
Vnesheconombank V 6.800 11/22/2025 USD 5.525
Slovenia Governme 0.688 03/03/2081 EUR 46.702
Ukreximbank Via B 9.950 11/14/2029 USD 53.000
Gecina SA 0.875 6/30/2036 EUR 66.993
TotalEnergies SE 3.250 EUR 73.661
MMC Norilsk Nicke 2.800 10/27/2026 USD 73.000
AstraZeneca PLC 3.000 5/28/2051 USD 74.394
Vodafone Group PL 3.000 08/12/2056 GBP 58.124
Metinvest BV 7.650 10/01/2027 USD 60.641
Quant AB 9.323 11/15/2025 EUR 64.640
Orpea SA 2.000 04/01/2028 EUR 28.000
Altice France SA/ 4.000 7/15/2029 EUR 71.829
Intesa Sanpaolo S 4.950 06/01/2042 USD 65.160
EQT AB 0.875 5/14/2031 EUR 69.957
Eurochem Finance 5.500 3/13/2024 USD 58.726
Delivery Hero SE 1.500 1/15/2028 EUR 67.326
SAS AB 8.295 SEK 5.000
Aareal Bank AG 0.250 11/23/2027 EUR 74.747
Gazprom PJSC via 1.850 11/17/2028 EUR 60.018
Bulgaria Governme 1.375 9/23/2050 EUR 52.759
Ocado Group PLC 0.750 1/18/2027 GBP 66.741
Altice France SA/ 4.125 1/15/2029 EUR 73.450
Romanian Governme 3.375 02/08/2038 EUR 70.639
Nexity SA 0.875 4/19/2028 EUR 42.191
Hacienda Investme 5.350 02/08/2028 USD 52.225
Nykredit Realkred 1.500 10/01/2053 DKK 71.978
Latvia Government 1.375 5/16/2036 EUR 73.812
Russian Foreign B 5.100 3/28/2035 USD 41.311
Credit Suisse Gro 7.250 USD 26.500
Grand City Proper 6.332 EUR 58.016
CTP NV 1.500 9/27/2031 EUR 65.408
Prosus NV 2.778 1/19/2034 EUR 73.014
Enel SpA 1.875 EUR 72.295
Slovakia Governme 1.000 10/13/2051 EUR 50.648
Blackstone Proper 1.625 4/20/2030 EUR 70.274
Neoen SA 2.000 06/02/2025 EUR 44.861
Euroboden GmbH 5.500 10/01/2024 EUR 50.490
Prosus NV 2.031 08/03/2032 EUR 70.416
Kingdom of Belgiu 2.150 6/22/2066 EUR 73.478
Prosus NV 3.832 02/08/2051 USD 59.808
Eurovita Assicura 6.000 12/22/2025 EUR 50.603
Orsted AS 1.500 2/18/3021 EUR 73.299
Aedifica SA 0.750 09/09/2031 EUR 69.048
MRG Finance UK PL 8.750 10/26/2023 EUR 70.233
Greene King Finan 6.154 12/15/2034 GBP 74.567
VTB Bank OJSC Via 6.950 10/17/2022 USD 7.282
Royalty Pharma PL 3.550 09/02/2050 USD 66.966
EWE AG 0.375 10/22/2032 EUR 71.981
Simon Internation 1.125 3/19/2033 EUR 69.178
Kenbourne Invest 6.875 11/26/2024 USD 71.086
Heimstaden Bostad 1.375 7/24/2028 EUR 72.148
Ukraine Governmen 8.994 02/01/2026 USD 16.972
DNB Bank ASA 5.385 USD 73.093
Vonovia Finance B 2.750 3/22/2038 EUR 69.444
Air Berlin PLC 8.250 4/19/2018 EUR 0.419
Rallye SA 4.000 2/28/2032 CHF 4.058
Realkredit Danmar 1.000 10/01/2050 DKK 72.997
Suek Securities D 3.375 9/15/2026 USD 65.645
Ukraine Governmen 7.750 09/01/2029 USD 16.959
Nats En Route PLC 1.750 9/30/2033 GBP 73.302
Vonovia SE 0.625 3/24/2031 EUR 72.107
Utmost Group PLC 4.000 12/15/2031 GBP 73.617
BMW Finance NV 0.200 01/11/2033 EUR 74.910
BAT International 4.000 11/23/2055 GBP 55.050
Raiffeisen Bank I 1.375 6/17/2033 EUR 72.918
E.ON SE 0.875 10/18/2034 EUR 74.013
Muenchener Rueckv 1.000 5/26/2042 EUR 71.295
Enel Finance Inte 0.875 9/28/2034 EUR 70.586
Pension Insurance 3.625 10/21/2032 GBP 75.392
Gazprom PJSC Via 4.950 02/06/2028 USD 72.500
Mallinckrodt Inte 10.000 4/15/2025 USD 57.870
Barclays PLC 3.330 11/24/2042 USD 69.658
VTB Bank PJSC Via 9.500 USD 16.796
Smurfit Kappa Tre 1.000 9/22/2033 EUR 74.487
Vonovia Finance B 1.125 9/14/2034 EUR 63.640
Republic of Austr 0.250 10/20/2036 EUR 69.133
Caisse des Depots 0.398 12/15/2050 EUR 43.417
Thermo Fisher Sci 1.625 10/18/2041 EUR 67.475
Rallye SA 3.250 2/28/2032 CHF 1.086
Bank Gospodarstwa 0.500 07/08/2031 EUR 72.344
Flamingo Lux II S 5.000 3/31/2029 EUR 73.020
Perrigo Finance U 4.900 12/15/2044 USD 73.361
Fresenius SE & Co 1.125 1/28/2033 EUR 73.342
Akelius Residenti 0.750 2/22/2030 EUR 72.391
Ozon Holdings PLC 1.875 2/24/2026 USD 56.377
Ukraine Governmen 9.990 5/22/2024 UAH 70.101
STERIS Irish FinC 3.750 3/15/2051 USD 73.620
Intesa Sanpaolo V 2.375 12/22/2030 EUR 74.927
Mallinckrodt Inte 10.000 6/15/2029 USD 45.980
Credit Suisse Gro 4.500 USD 22.500
Euroboden GmbH 5.500 11/18/2025 EUR 51.845
Verbund AG 0.900 04/01/2041 EUR 68.190
BNP Paribas SA 1.250 7/13/2031 GBP 71.741
Rothesay Life PLC 4.875 USD 74.227
Evraz PLC 5.375 3/20/2023 USD 52.109
Prosus NV 4.987 1/19/2052 USD 70.358
AstraZeneca PLC 2.125 08/06/2050 USD 62.122
Czech Republic Go 0.050 11/29/2029 CZK 74.824
MHP Lux SA 6.250 9/19/2029 USD 48.922
PIK Securities DA 5.625 11/19/2026 USD 44.341
Selina Hospitalit 6.000 11/01/2026 USD 29.669
Hertha BSC GmbH & 6.500 11/08/2023 EUR 79.954
Digital Intrepid 0.625 7/15/2031 EUR 70.022
Altice France SA/ 5.125 1/15/2029 USD 74.045
Kenbourne Invest 4.700 1/22/2028 USD 60.572
CTP NV 1.250 6/21/2029 EUR 70.652
Sirius Real Estat 1.750 11/24/2028 EUR 70.061
State Agency of R 6.250 6/24/2030 USD 15.732
Wellcome Trust Lt 2.517 02/07/2118 GBP 52.152
State of North Rh 2.150 3/21/2119 EUR 67.757
Barclays PLC 1.106 05/12/2032 EUR 74.789
Finland Governmen 1.375 4/15/2047 EUR 72.463
Republic of Belar 6.875 2/28/2023 USD 38.158
Barclays PLC 3.811 03/10/2042 USD 71.380
Thomas Cook Group 6.250 6/15/2022 EUR 0.261
Lloyds Banking Gr 4.344 01/09/2048 USD 74.991
Rallye SA 5.250 2/28/2032 EUR 1.106
Banque Federative 1.125 11/19/2031 EUR 73.816
Places For People 2.500 1/26/2036 GBP 71.962
Gecina SA 0.875 1/25/2033 EUR 75.136
NIBC Bank NV 2.850 2/21/2040 EUR 62.010
Offentliga Hus I 10.266 SEK 60.000
Bank Gospodarstwa 2.375 11/27/2040 PLN 59.950
CBRE Global Inves 0.900 10/12/2029 EUR 71.910
Tinkoff Bank JSC 11.002 USD 34.518
GlaxoSmithKline C 1.625 05/12/2035 GBP 71.354
TotalEnergies Cap 3.127 5/29/2050 USD 72.019
Lar Espana Real E 1.843 11/03/2028 EUR 71.041
Lukoil Securities 3.875 05/06/2030 USD 71.750
Air Berlin PLC 6.750 05/09/2019 EUR 0.749
Syngenta Finance 4.375 3/28/2042 USD 75.278
La Poste SA 0.625 1/18/2036 EUR 67.937
NET4GAS sro 3.500 7/28/2026 EUR 67.928
BP Capital Market 0.933 12/04/2040 EUR 59.071
Schlote Holding G 6.750 11/21/2024 EUR 49.241
RWE AG 1.000 11/26/2033 EUR 73.386
Kojamo Oyj 0.875 5/28/2029 EUR 71.361
Mutuelle Assuranc 2.125 6/21/2052 EUR 69.640
Landesbank Baden- 0.375 2/21/2031 EUR 73.534
EYEMAXX Real Esta 5.500 4/26/2023 EUR 2.017
Russian Foreign B 4.250 6/23/2027 USD 42.011
Medtronic Global 1.375 10/15/2040 EUR 65.849
Orsted AS 2.500 2/18/3021 GBP 68.870
Telenor ASA 0.875 2/14/2035 EUR 73.011
Electricite de Fr 2.000 12/09/2049 EUR 57.262
Deutsche Bahn Fin 1.125 5/29/2051 EUR 56.683
Lukoil Capital DA 3.600 10/26/2031 USD 68.750
Ireland Governmen 0.550 4/22/2041 EUR 64.286
Just Eat Takeaway 0.625 02/09/2028 EUR 64.755
Sweden Government 0.500 11/24/2045 SEK 66.085
Wendel SE 1.375 1/18/2034 EUR 72.927
LEG Immobilien SE 0.750 6/30/2031 EUR 73.515
Blend Funding PLC 2.922 04/05/2054 GBP 63.725
Enel Finance Inte 1.250 1/17/2035 EUR 73.059
Electricite de Fr 1.000 11/29/2033 EUR 71.168
Chelyabinsk Pipe 4.500 9/19/2024 USD 44.827
JAB Holdings BV 4.500 04/08/2052 USD 74.061
Severstal OAO Via 3.150 9/16/2024 USD 4.564
Deutsche Bahn Fin 0.625 4/15/2036 EUR 70.064
Alfa Bank AO Via 5.950 4/15/2030 USD 2.116
Altice France SA/ 5.125 7/15/2029 USD 73.133
Aroundtown SA 3.625 04/10/2031 GBP 60.068
Moby SpA 7.750 2/15/2023 EUR 59.684
Prosus NV 4.027 08/03/2050 USD 60.924
AXA SA 1.875 07/10/2042 EUR 75.048
Russian Foreign B 2.875 12/04/2025 EUR 38.554
NE Property BV 2.000 1/20/2030 EUR 71.854
Diebold Nixdorf D 9.000 7/15/2025 EUR 41.653
UBS Group AG 0.625 2/24/2033 EUR 69.528
Audax Renovables 2.750 11/30/2025 EUR 75.095
Balder Finland Oy 1.375 5/24/2030 EUR 61.772
Interpipe Holding 8.375 5/13/2026 USD 48.757
Marston's Issuer 7.035 7/16/2035 GBP 74.566
EnBW Energie Bade 2.125 8/31/2081 EUR 70.288
Imerys SA 1.000 7/15/2031 EUR 75.132
BAE Systems PLC 3.000 9/15/2050 USD 68.179
Sanctuary Capital 2.375 4/14/2050 GBP 58.782
Ekosem-Agrar AG 2.500 7/31/2029 EUR 19.355
FIGEAC-AERO 1.750 10/18/2028 EUR 23.817
ABH Financial Ltd 2.700 06/11/2023 EUR 15.618
Kreditanstalt fue 0.875 07/04/2039 EUR 71.510
Thermo Fisher Sci 2.000 10/18/2051 EUR 62.364
Slovakia Governme 0.375 4/21/2036 EUR 63.666
GOL Equity Financ 3.750 7/15/2024 USD 56.500
Balder Finland Oy 2.000 1/18/2031 EUR 62.714
National Gas Tran 1.125 1/14/2033 GBP 66.947
Polyus Finance PL 3.250 10/14/2028 USD 62.919
Deutsche Telekom 1.750 12/09/2049 EUR 66.441
Vodafone Group PL 3.375 08/08/2049 GBP 66.819
GTLK Europe Capit 5.950 4/17/2025 USD 28.891
Tullow Oil PLC 7.000 03/01/2025 USD 58.201
State of North Rh 1.450 1/19/2122 EUR 48.510
CK Hutchison Grou 2.625 10/17/2034 GBP 70.856
PREOS Global Offi 7.500 12/09/2024 EUR 21.500
Polyus Finance PL 4.700 1/29/2024 USD 70.043
Debenhams PLC 5.250 7/15/2021 GBP 0.529
Orange SA 0.625 12/16/2033 EUR 74.724
Cofinimmo SA 0.875 12/02/2030 EUR 72.138
A2A SpA 0.625 7/15/2031 EUR 75.230
Shell Internation 3.250 04/06/2050 USD 74.193
Motability Operat 2.375 07/03/2039 GBP 70.148
Credit Suisse Gro 3.500 CHF 2.782
Deutsche Bahn Fin 0.625 12/08/2050 EUR 49.261
UBS Group AG 4.375 USD 69.125
JAB Holdings BV 2.250 12/19/2039 EUR 70.332
Alfa Bank AO Via 6.950 USD 6.516
Vienna Insurance 1.000 3/26/2036 EUR 70.023
Royalty Pharma PL 3.300 09/02/2040 USD 71.521
Slovenia Governme 1.175 2/13/2062 EUR 56.828
Utmost Group PLC 6.125 GBP 74.461
Anchor Hanover Gr 2.000 7/21/2051 GBP 54.000
Hacienda Investme 5.075 2/15/2023 USD 39.235
State of North Rh 1.375 1/15/2120 EUR 47.142
Home Group Ltd 3.125 3/27/2043 GBP 70.947
Becton Dickinson 1.336 8/13/2041 EUR 61.762
Banco Santander S 3.039 EUR 74.449
Digital Intrepid 1.375 7/18/2032 EUR 71.275
Segro Capital Sar 0.500 9/22/2031 EUR 70.397
UBS Group AG 0.875 11/03/2031 EUR 72.976
Omnicom Capital H 2.250 11/22/2033 GBP 75.489
Credit Bank of Mo 8.875 USD 13.031
Kommunekredit 0.125 9/26/2040 EUR 58.952
HOCHDORF Holding 2.500 CHF 30.962
Samhallsbyggnadsb 7.000 7/24/2023 SEK 31.582
Nostrum Oil & Gas 8.000 7/25/2022 USD 25.984
Greene King Finan 6.434 3/15/2036 GBP 74.255
Prosus NV 1.985 7/13/2033 EUR 68.096
Nordea Kredit Rea 1.000 10/01/2050 DKK 73.191
JAB Holdings BV 3.750 5/28/2051 USD 65.141
Solocal Group 9.957 3/15/2025 EUR 60.547
ALROSA Finance SA 3.100 6/25/2027 USD 6.688
Societe Generale 3.625 03/01/2041 USD 63.225
Virgolino de Oliv 10.500 1/28/2018 USD 0.516
Enexis Holding NV 0.375 4/14/2033 EUR 74.415
Russian Foreign B 4.375 3/21/2029 USD 41.760
Amprion GmbH 0.625 9/23/2033 EUR 73.293
OGX Austria GmbH 8.375 04/01/2022 USD 0.070
Vonovia Finance B 1.000 1/28/2041 EUR 50.800
Republic of Croat 1.000 11/27/2034 EUR 73.110
Credit Bank of Mo 3.100 1/21/2026 EUR 24.944
UNEDIC ASSEO 0.100 5/25/2034 EUR 71.874
Derwent London PL 1.875 11/17/2031 GBP 72.380
Travelex Financin 8.000 5/15/2022 EUR 0.450
Hellenic Republic 2.085 7/25/2057 EUR 33.402
Nykredit Realkred 1.000 10/01/2053 DKK 67.345
alstria office RE 1.500 11/15/2027 EUR 73.762
Societe Generale 4.027 1/21/2043 USD 65.670
Credit Mutuel Ark 0.875 03/11/2033 EUR 73.515
Agri Resources Gr 8.000 3/17/2026 EUR 16.950
Vonovia SE 1.500 6/14/2041 EUR 55.362
Shell Internation 1.750 09/10/2052 GBP 47.195
Ireland Governmen 0.400 5/15/2035 EUR 74.757
BP Capital Market 1.104 11/15/2034 EUR 73.164
Kommunekredit 0.875 11/03/2036 EUR 74.736
Finland Governmen 0.125 4/15/2036 EUR 68.686
Karlou BV 7.750 6/18/2024 USD 11.569
Societe Nationale 1.000 1/19/2061 EUR 41.167
Vnesheconombank V 5.942 11/21/2023 USD 7.576
Storebrand Livsfo 1.875 9/30/2051 EUR 72.201
Cooperatieve Rabo 1.000 1/19/2034 EUR 74.317
Novo Banco SA/Lux 3.500 1/23/2043 EUR 70.749
Blackstone Proper 1.750 03/12/2029 EUR 74.571
Cooperatieve Rabo 0.625 2/25/2033 EUR 73.198
Eurotorg LLC Via 9.000 10/22/2025 USD 70.426
ABN AMRO Bank NV 1.000 06/02/2033 EUR 75.903
Novo Banco SA/Lux 3.500 2/19/2043 EUR 71.140
VTB Bank OJSC Via 4.073 10/24/2024 CHF 16.000
Iren SpA 0.250 1/17/2031 EUR 75.161
Vedanta Resources 8.950 03/11/2025 USD 71.070
VTR Finance NV 6.375 7/15/2028 USD 11.572
Abengoa Abenewco 1.500 10/26/2024 USD 0.973
Jyske Realkredit 1.000 10/01/2050 DKK 73.147
Shell Internation 2.875 11/26/2041 USD 75.207
Proximus SADP 0.750 11/17/2036 EUR 67.319
BNP Paribas SA 0.625 12/03/2032 EUR 72.656
CM.com NV 2.000 09/09/2026 EUR 63.096
Oscar Properties 10.640 07/05/2024 SEK 58.282
BUPA Finance PLC 4.000 GBP 63.415
Prs Finance PLC 1.500 8/24/2034 GBP 73.631
Holcim Finance Lu 0.625 1/19/2033 EUR 72.087
MMK International 4.375 6/13/2024 USD 26.205
RL Finance Bonds 4.875 10/07/2049 GBP 75.032
Engie SA 1.875 EUR 74.431
Russian Foreign B 2.650 5/27/2036 EUR 37.986
ABN AMRO Bank NV 1.250 1/20/2034 EUR 74.607
TotalEnergies Cap 3.386 6/29/2060 USD 73.425
Slovakia Governme 2.000 10/17/2047 EUR 70.433
Abengoa Abenewco 1.500 4/26/2024 EUR 0.498
Ageas SA/NV 1.875 11/24/2051 EUR 72.536
EnBW Internationa 0.500 03/01/2033 EUR 72.956
Russian Foreign B 5.875 9/16/2043 USD 61.760
Market Parent Fin 6.750 10/01/2029 GBP 60.537
Berlin Hyp AG 0.375 4/21/2031 EUR 73.380
Wuestenrot & Wuer 2.125 09/10/2041 EUR 70.502
Russian Foreign B 4.750 5/27/2026 USD 43.279
Annington Funding 3.935 07/12/2047 GBP 68.977
European Financia 0.050 1/18/2052 EUR 39.746
Maisons du Monde 0.125 12/06/2023 EUR 47.025
Bank Gospodarstwa 2.250 7/21/2033 PLN 70.700
Credit Suisse Gro 5.100 USD 23.375
Koninklijke Lucht 0.750 CHF 23.100
Ukraine Governmen 19.600 04/02/2025 UAH 73.321
BAT International 2.000 3/13/2045 EUR 56.651
Medtronic Global 1.625 10/15/2050 EUR 58.039
Thomas Cook Finan 3.875 7/15/2023 EUR 0.500
Societe Nationale 0.875 2/28/2051 EUR 47.946
Credit Bank of Mo 5.150 2/20/2024 EUR 30.645
Saderea DAC 12.500 11/30/2026 USD 40.500
Lendlease Europe 3.500 12/02/2033 GBP 64.980
Lloyds Banking Gr 3.369 12/14/2046 USD 66.537
Beyond Housing Lt 2.125 5/17/2051 GBP 56.220
Vesteda Finance B 0.750 10/18/2031 EUR 74.295
Engie SA 1.250 10/24/2041 EUR 61.651
Hellenic Bank PCL 10.000 EUR 80.220
GTLK Europe Capit 4.349 2/27/2029 USD 20.877
Uralkali OJSC Via 4.000 10/22/2024 USD 17.561
ICADE 0.625 1/18/2031 EUR 74.256
Czech Republic Go 1.950 7/30/2037 CZK 74.439
Offshore Drilling 8.375 9/20/2020 USD 2.450
Imperial Brands F 1.750 3/18/2033 EUR 72.474
BICO Group AB 2.875 3/19/2026 SEK 71.096
BNP Paribas SA 4.625 USD 69.750
Hungary Governmen 2.250 6/22/2034 HUF 61.136
Digital Dutch Fin 1.000 1/15/2032 EUR 71.266
GTLK Europe DAC 5.125 5/31/2024 USD 36.394
Credit Agricole S 2.811 01/11/2041 USD 66.384
GTLK Europe Capit 4.800 2/26/2028 USD 21.344
Nordea Kredit Rea 1.000 10/01/2050 DKK 68.786
Snam SpA 1.250 6/20/2034 EUR 74.750
K2A Knaust & Ande 9.447 SEK 70.000
Investor AB 0.375 10/29/2035 EUR 67.522
Aroundtown SA 2.912 9/20/2030 EUR 63.054
Abengoa Abenewco 1.500 10/26/2024 USD 1.075
Groupe des Assura 1.850 4/21/2042 EUR 73.173
BNP Paribas SA 2.824 1/26/2041 USD 66.379
Enel Finance Inte 0.875 6/17/2036 EUR 65.894
Vonovia Finance B 1.625 10/07/2039 EUR 57.833
Siemens Financier 0.500 09/05/2034 EUR 75.271
Societe Nationale 1.000 5/25/2040 EUR 65.321
Russian Agricultu 8.500 10/16/2023 USD 26.532
Traton Finance Lu 1.250 3/24/2033 EUR 74.088
Fresenius Finance 0.875 10/01/2031 EUR 74.480
Hera SpA 1.000 4/25/2034 EUR 72.789
Region Hauts-de-F 0.691 07/09/2042 EUR 59.293
Credit Bank of Mo 7.625 USD 27.791
Hyde Housing Asso 1.750 8/18/2055 GBP 47.446
Finland Governmen 0.500 4/15/2043 EUR 61.215
Slovakia Governme 2.250 06/12/2068 EUR 70.262
Wellcome Trust Lt 1.500 7/14/2071 GBP 39.686
Nykredit Realkred 1.500 10/01/2050 DKK 74.470
Czech Gas Network 0.875 3/31/2031 EUR 73.248
TMK OAO Via TMK C 4.300 02/12/2027 USD 53.028
TenneT Holding BV 1.125 06/09/2041 EUR 70.689
JDE Peet's NV 1.125 6/16/2033 EUR 74.396
Barclays PLC 3.382 5/20/2032 AUD 76.883
TotalEnergies Cap 1.618 5/18/2040 EUR 71.918
BNP Paribas SA 2.000 9/13/2036 GBP 65.940
Chancellor Master 0.250 6/27/2068 GBP 57.786
Intu Debenture PL 5.562 12/31/2027 GBP 41.037
Kreditanstalt fue 0.050 9/29/2034 EUR 72.097
Rickmers Holding 8.875 06/11/2018 EUR 1.708
UNEDIC ASSEO 0.250 7/16/2035 EUR 70.531
BNP Paribas SA 4.500 USD 73.000
BPCE SFH SA 0.010 1/29/2036 EUR 65.736
Societe Du Grand 0.700 10/15/2060 EUR 38.170
Brit Insurance Ho 3.676 12/09/2030 GBP 74.049
John Lewis PLC 4.250 12/18/2034 GBP 64.178
Enel Finance Inte 1.125 10/17/2034 EUR 72.341
Aggregate Holding 5.500 5/17/2024 EUR 35.000
A2A SpA 1.000 11/02/2033 EUR 71.976
Volkswagen Intern 1.500 1/21/2041 EUR 61.076
VEON Holdings BV 3.375 11/25/2027 USD 70.644
UBS Group AG 3.179 02/11/2043 USD 70.380
Altarea SCA 1.750 1/16/2030 EUR 70.302
National Gas Tran 1.375 02/07/2031 GBP 74.216
Nykredit Realkred 0.500 10/01/2050 DKK 68.953
JSM Global Sarl 4.750 10/20/2030 USD 20.250
BNP Paribas SA 3.861 05/02/2033 EUR 0.010
Allianz SE 3.200 USD 73.000
Royalty Pharma PL 3.350 09/02/2051 USD 64.008
Aroundtown SA 4.750 3/27/2032 USD 62.450
Motability Operat 2.125 1/18/2042 GBP 64.981
Medtronic Global 1.500 07/02/2039 EUR 69.101
Clarion Funding P 1.875 1/22/2035 GBP 70.413
Senvion Holding G 3.875 10/25/2022 EUR 0.128
Tele Columbus AG 3.875 05/02/2025 EUR 67.150
Aberdeen City Cou 0.100 2/28/2054 GBP 74.460
Talanx AG 1.750 12/01/2042 EUR 74.196
BNP Paribas SA 2.824 1/26/2041 USD 66.290
Credit Bank of Mo 3.875 9/21/2026 USD 32.339
Bromford Housing 3.125 05/03/2048 GBP 70.779
GTLK Europe Capit 4.650 03/10/2027 USD 22.363
Realkredit Danmar 1.000 10/01/2050 DKK 68.643
Credit Bank of Mo 7.500 10/05/2027 USD 20.569
DH Europe Finance 1.350 9/18/2039 EUR 68.799
BNG Bank NV 0.805 6/28/2049 EUR 55.308
Vnesheconombank V 6.025 07/05/2022 USD 6.339
Lehman Brothers U 3.875 EUR 18.750
Sovcombank Via So 3.400 1/26/2025 USD 2.186
Idavang A/S 10.520 11/11/2025 EUR 74.166
Nordea Kredit Rea 1.000 10/01/2053 DKK 72.312
Orange SA 1.375 09/04/2049 EUR 66.049
Coruripe Netherla 10.000 02/10/2027 USD 71.320
Banco Santander S 5.348 EUR 0.296
Hungary Governmen 2.000 5/23/2029 HUF 71.974
Unibail-Rodamco-W 1.750 2/27/2034 EUR 75.403
Movida Europe SA 5.250 02/08/2031 USD 75.836
Tresu Investment 8.012 01/02/2025 EUR 44.458
Eni SpA 1.000 10/11/2034 EUR 74.469
Northern Powergri 3.250 04/01/2052 GBP 71.246
SCOR SE 1.375 9/17/2051 EUR 71.651
Finland Governmen 0.250 9/15/2040 EUR 61.793
Ukraine Governmen 9.790 5/26/2027 UAH 50.998
MARB BondCo PLC 3.950 1/29/2031 USD 72.422
Land Berlin 0.625 1/26/2052 EUR 51.987
FF Group Finance 3.250 11/02/2021 CHF 4.826
Mitsubishi UFJ In 7.427 12/30/2099 EUR 4.363
Bayer AG 1.000 01/12/2036 EUR 69.145
Trinseo Materials 5.125 04/01/2029 USD 50.197
Societe Generale 4.027 1/21/2043 USD 65.014
Engie SA 1.375 6/21/2039 EUR 67.128
DSV Finance BV 0.750 07/05/2033 EUR 74.116
Shell Internation 0.875 11/08/2039 EUR 62.947
City of Lausanne 0.050 9/28/2054 CHF 51.818
Becton Dickinson 1.213 02/12/2036 EUR 70.101
Realkredit Danmar 1.500 10/01/2053 DKK 71.977
State of North Rh 1.950 9/26/2078 EUR 66.479
Croatia Governmen 1.250 03/03/2040 EUR 64.375
Orpea SA 2.200 12/15/2024 EUR 28.062
State of North Rh 1.750 10/26/2057 EUR 68.952
Barclays Bank PLC 12.000 9/24/2025 TRY 71.774
Novo Banco SA/Lux 3.500 01/02/2043 EUR 71.094
Cadent Finance PL 2.750 9/22/2046 GBP 60.330
Nordea Kredit Rea 1.500 10/01/2053 DKK 68.290
Cyprus Government 1.250 1/21/2040 EUR 65.497
HOWOGE Wohnungsba 1.125 11/01/2033 EUR 73.020
Elli Finance UK P 8.750 6/15/2019 GBP 53.034
FF Group Finance 1.750 07/03/2019 EUR 5.000
Nordea Bank Abp 3.750 USD 75.179
Just Group PLC 5.000 GBP 65.349
Annington Funding 2.924 10/06/2051 GBP 54.208
Vedanta Resources 6.125 08/09/2024 USD 65.591
adidas AG 0.625 09/10/2035 EUR 71.043
TenneT Holding BV 0.500 11/30/2040 EUR 64.025
Orange SA 0.750 6/29/2034 EUR 73.550
Shell Internation 3.125 11/07/2049 USD 72.685
Cadent Finance PL 2.250 10/10/2035 GBP 70.023
Platform HG Finan 1.926 9/15/2041 GBP 63.553
Andorra Internati 1.700 10/13/2041 EUR 68.098
Russian Foreign B 1.850 11/20/2032 EUR 38.763
Russian Foreign B 1.125 11/20/2027 EUR 38.904
Jyske Realkredit 0.500 10/01/2050 DKK 69.145
Bayerische Landes 0.250 3/21/2036 EUR 69.945
EnfraGen Energia 5.375 12/30/2030 USD 63.266
Samhallsbyggnadsb 3.000 04/03/2040 EUR 35.000
Manchester Airpor 2.875 9/30/2044 GBP 66.097
British Telecommu 4.250 11/08/2049 USD 75.065
Italgas SpA 0.500 2/16/2033 EUR 72.301
Sovcombank Via So 7.600 USD 3.502
JAB Holdings BV 3.750 5/28/2051 USD 64.919
State of Schleswi 0.200 8/15/2039 EUR 62.252
LEG Immobilien SE 1.625 11/28/2034 EUR 66.668
Novo Banco SA/Lux 3.500 3/18/2043 EUR 72.048
Cyprus Government 2.250 4/16/2050 EUR 70.399
Clarion Funding P 3.125 4/19/2048 GBP 67.815
LEG Immobilien SE 1.500 1/17/2034 EUR 70.225
Nostrum Oil & Gas 7.000 2/16/2025 USD 25.375
Nykredit Realkred 0.500 10/01/2053 DKK 66.912
Genfit SA 3.500 10/16/2025 EUR 25.353
Aroundtown SA 2.700 10/31/2028 EUR 66.034
Nykredit Realkred 1.000 10/01/2053 DKK 61.787
Intesa Sanpaolo S 4.700 9/23/2049 USD 74.922
Landwirtschaftlic 0.625 10/31/2036 EUR 73.013
Republic of Polan 2.000 03/08/2049 EUR 67.439
Societe Generale 5.375 USD 68.375
Evan Group PLC 6.000 7/31/2022 EUR 23.000
Wales & West Util 3.000 08/03/2038 GBP 75.451
Credit Bank of Mo 4.700 1/29/2025 USD 26.160
Latvia Government 1.875 2/19/2049 EUR 69.124
Unibail-Rodamco-W 0.875 3/29/2032 EUR 70.726
Medtronic Global 1.750 07/02/2049 EUR 61.304
BNG Bank NV 0.250 11/22/2036 EUR 67.556
Alfa Bank AO Via 5.900 USD 2.577
A2A SpA 0.625 10/28/2032 EUR 71.796
Land Berlin 0.125 11/24/2045 EUR 50.660
Yandex NV 0.750 9/13/2022 USD 69.375
GTLK Europe Capit 4.949 2/18/2026 USD 20.193
Unibail-Rodamco-W 1.750 07/01/2049 EUR 56.305
National Grid Ele 0.872 11/26/2040 EUR 58.895
Cadent Finance PL 2.625 9/22/2038 GBP 68.139
Covivio SA/France 0.875 1/20/2033 EUR 73.024
Immigon Portfolio 8.813 EUR 9.170
Platform HG Finan 1.625 08/10/2055 GBP 46.111
InterCement Finan 5.750 7/17/2024 USD 61.154
European Financia 0.700 1/17/2053 EUR 50.656
Magyar Export-Imp 2.000 10/27/2027 HUF 62.396
Communaute Franca 0.625 06/11/2035 EUR 71.635
Unibail-Rodamco-W 1.375 5/25/2033 EUR 72.727
National Grid Ele 2.000 4/17/2040 GBP 61.638
Eversholt Funding 3.529 08/07/2042 GBP 74.245
Ukreximbank Via B 9.750 1/22/2025 USD 73.395
Social Chain AG / 5.750 04/07/2024 EUR 26.000
Diebold Nixdorf D 9.000 7/15/2025 EUR 45.169
Air Berlin Financ 6.000 03/06/2019 EUR 0.315
Snam SpA 1.000 09/12/2034 EUR 71.530
Unilever PLC 1.500 06/11/2039 EUR 75.462
Credit Agricole S 2.811 01/11/2041 USD 66.260
Korian SA 3.350 6/29/2028 EUR 74.227
National Grid PLC 0.750 09/01/2033 EUR 71.771
Digital Dutch Fin 1.250 02/01/2031 EUR 75.021
Simpar Europe SA 5.200 1/26/2031 USD 71.628
SABIC Capital I B 3.000 9/14/2050 USD 71.368
BPCE SA 3.582 10/19/2042 USD 66.731
Altice France Hol 6.000 2/15/2028 USD 58.022
Land Berlin 0.350 09/09/2050 EUR 48.255
Accent Capital PL 2.625 7/18/2049 GBP 64.227
University of Sou 2.250 04/11/2057 GBP 56.053
Jyske Realkredit 1.500 10/01/2053 DKK 72.017
3i Group PLC 3.750 06/05/2040 GBP 74.097
DXC Capital Fundi 0.950 9/15/2031 EUR 72.931
ABN AMRO Bank NV 1.125 4/23/2039 EUR 73.501
Bulgaria Governme 1.500 6/21/2039 BGN 55.603
Linde PLC 0.375 9/30/2033 EUR 74.465
LEG Immobilien SE 1.000 11/19/2032 EUR 71.125
Sovcombank Via So 7.750 USD 3.072
Tritax Big Box RE 1.500 11/27/2033 GBP 66.587
Credit Bank of Mo 5.550 2/14/2023 USD 22.598
Jigsaw Funding PL 3.375 05/05/2052 GBP 74.272
NIBC Bank NV 3.089 EUR 73.700
Wales & West Util 1.875 5/28/2041 GBP 60.177
BNG Bank NV 0.125 4/19/2033 EUR 75.246
Stichting Afwikke 6.625 5/14/2018 EUR 43.625
publity AG 5.500 6/19/2025 EUR 60.811
Cie de Financemen 0.600 10/25/2041 EUR 62.658
Virgolino de Oliv 11.750 02/09/2022 USD 0.516
Southern Housing 2.375 10/08/2036 GBP 72.278
Motability Operat 1.500 1/20/2041 GBP 59.072
NET4GAS sro 2.745 1/28/2031 CZK 45.880
European Financia 1.800 07/10/2048 EUR 74.107
Gol Finance SA 8.000 6/30/2026 USD 49.061
Anglo American Ca 3.950 09/10/2050 USD 74.011
Hannover Rueck SE 1.375 6/30/2042 EUR 72.569
Lithuania Governm 0.750 7/15/2051 EUR 47.654
Kreditanstalt fue 0.375 5/20/2036 EUR 71.396
Allianz Finance I 0.500 11/22/2033 EUR 74.940
Realkredit Danmar 1.000 10/01/2053 DKK 61.798
Nederlandse Water 0.375 9/28/2046 EUR 53.313
Kelag-Kaerntner E 1.150 4/16/2041 EUR 60.101
Alfa Bank AO Via 5.500 10/26/2031 USD 0.030
Herens Midco Sarl 5.250 5/15/2029 EUR 62.250
NAK Naftogaz Ukra 7.625 11/08/2026 USD 22.255
Euroclear Investm 1.375 6/16/2051 EUR 74.907
Zurich Finance Ir 1.625 6/17/2039 EUR 73.390
Southern Gas Netw 1.250 12/02/2031 GBP 72.549
Deutsche Bahn Fin 0.875 6/23/2039 EUR 67.240
Unibail-Rodamco-W 2.000 5/29/2037 EUR 72.922
European Financia 1.750 7/17/2053 EUR 69.632
BASF SE 1.625 11/15/2037 EUR 74.969
Havila Shipping A 8.190 01/02/2025 NOK 39.917
Sovcombank Via So 8.000 04/07/2030 USD 5.620
Holcim Sterling F 2.250 04/04/2034 GBP 72.388
Gol Finance SA 7.000 1/31/2025 USD 47.146
State of North Rh 0.375 09/02/2050 EUR 48.432
Nederlandse Water 0.500 4/26/2051 EUR 49.442
RTE Reseau de Tra 1.125 09/09/2049 EUR 59.191
OGX Austria GmbH 8.375 04/01/2022 USD 0.070
Nederlandse Water 0.125 09/03/2035 EUR 69.162
Ukraine Governmen 7.253 3/15/2035 USD 15.929
DWR Cymru Financi 2.375 3/31/2034 GBP 73.594
State of North Rh 1.750 07/11/2068 EUR 62.996
Kernel Holding SA 6.500 10/17/2024 USD 64.299
United Utilities 1.750 02/10/2038 GBP 65.052
Sibur Securities 2.950 07/08/2025 USD 65.124
Stichting Afwikke 5.961 EUR 83.000
Canary Wharf Grou 3.375 4/23/2028 GBP 69.137
State of North Rh 0.600 06/04/2041 EUR 63.693
SES SA 5.300 04/04/2043 USD 73.610
Prologis Internat 0.750 3/23/2033 EUR 69.309
Standard Chartere 4.750 USD 68.490
United Utilities 1.875 06/03/2042 GBP 59.343
Societe Du Grand 0.300 09/02/2036 EUR 66.278
Deutsche Bahn Fin 1.375 4/16/2040 EUR 70.844
O1 Properties Fin 0.500 9/27/2028 USD 5.244
OGX Austria GmbH 8.500 06/01/2018 USD 0.002
LEG Immobilien SE 0.875 3/30/2033 EUR 69.171
Nordea Kredit Rea 1.500 10/01/2053 DKK 72.018
Hexagon Housing A 3.625 4/22/2048 GBP 70.252
Caixa Economica M 5.738 EUR 56.100
European Financia 2.000 2/28/2056 EUR 73.873
Paragon Treasury 2.000 05/07/2036 GBP 69.893
Linde PLC 1.000 9/30/2051 EUR 54.537
Intesa Sanpaolo S 4.375 01/12/2048 USD 70.672
Communaute Franca 0.626 8/24/2040 EUR 61.393
BPCE SA 3.582 10/19/2042 USD 66.979
Close Brothers Fi 1.625 12/03/2030 GBP 72.024
Ukraine Governmen 9.790 5/26/2027 UAH 50.998
Region Centre 0.711 11/02/2036 EUR 71.033
Credit Agricole I 0.125 3/15/2033 EUR 71.171
South Eastern Pow 1.750 9/30/2034 GBP 71.403
Nationwide Buildi 0.500 05/05/2041 EUR 61.764
Intesa Sanpaolo S 2.625 03/11/2036 GBP 68.797
Saltaire Finance 1.527 11/23/2051 GBP 50.763
Scottish Hydro El 2.250 9/27/2035 GBP 72.898
Cardiff Universit 3.000 12/07/2055 GBP 69.415
Volkswagen Intern 3.000 07/01/2039 EUR 76.626
BNG Bank NV 0.875 10/24/2036 EUR 75.048
Saleza AS 9.000 07/12/2021 EUR 0.203
La Poste SA 1.000 9/17/2034 EUR 74.820
Nordea Kredit Rea 1.000 10/01/2053 DKK 67.436
Nykredit Realkred 1.500 10/01/2053 DKK 68.270
Norske Skogindust 7.000 12/30/2026 EUR 0.010
Yuksel Insaat AS 9.500 11/10/2015 USD 0.500
Sovereign Housing 2.375 11/04/2048 GBP 60.271
WPP Finance 2013 2.875 9/14/2046 GBP 59.154
Guinness Partners 2.000 4/22/2055 GBP 50.428
DSV Finance BV 0.875 9/17/2036 EUR 68.075
Hellas Telecommun 6.054 1/15/2015 USD 0.056
Peabody Capital N 3.250 9/14/2048 GBP 69.669
EYEMAXX Real Esta 5.500 9/24/2024 EUR 2.358
DH Europe Finance 1.800 9/18/2049 EUR 65.885
Jyske Realkredit 1.000 10/01/2050 DKK 68.770
Bulgaria Governme 0.100 8/17/2031 BGN 69.936
Diageo Finance PL 1.250 3/28/2033 GBP 73.151
Air Liquide Finan 0.375 9/20/2033 EUR 74.700
State of North Rh 0.200 1/27/2051 EUR 44.935
Paradigm Homes Ch 2.250 5/20/2051 GBP 57.777
City of Lausanne 0.600 07/06/2050 CHF 68.460
Parnassia Groep B 1.200 12/01/2051 EUR 64.399
Societe Du Grand 1.700 5/25/2050 EUR 65.705
Bourbon Corp 11.652 EUR 0.920
Russian Federal B 6.100 7/18/2035 RUB 71.065
Deutsche Wohnen S 1.300 04/07/2041 EUR 56.149
Cooperatieve Rabo 0.500 10/29/2027 MXN 64.541
Annington Funding 2.308 10/06/2032 GBP 72.334
Prologis Internat 3.000 2/22/2042 GBP 69.730
City of Lausanne 0.600 11/30/2056 CHF 63.046
Realkredit Danmar 1.000 10/01/2053 DKK 72.153
European Financia 1.375 5/31/2047 EUR 69.104
UniCredit Bank Au 0.050 9/21/2035 EUR 67.265
Hampshire Trust B 7.250 05/10/2028 GBP 68.690
Altice France Hol 10.500 5/15/2027 USD 68.835
Berner Kantonalba 0.100 9/30/2039 CHF 70.310
Mondelez Internat 1.250 09/09/2041 EUR 64.150
UBS Group AG 3.875 USD 77.249
NPC Ukrenergo 6.875 11/09/2028 USD 15.761
ABN AMRO Bank NV 0.625 1/24/2037 EUR 71.432
Jyske Realkredit 1.000 10/01/2053 DKK 67.436
Espirito Santo Fi 6.875 10/21/2019 EUR 0.053
NRW Bank 0.100 07/09/2035 EUR 69.433
Deutsche Bahn Fin 0.750 7/16/2035 EUR 72.894
Vnesheconombank V 6.800 11/22/2025 USD 5.525
Altice Finco SA 4.750 1/15/2028 EUR 70.635
Nederlandse Gasun 0.750 10/13/2036 EUR 68.443
B2W Digital Lux S 4.375 12/20/2030 USD 19.921
Gazprom PJSC via 4.599 USD 59.430
Orpea SA 2.130 07/03/2024 EUR 28.064
British Telecommu 4.250 11/08/2049 USD 74.675
European Financia 1.200 2/17/2045 EUR 68.375
Housing & Care 21 3.288 11/08/2049 GBP 71.057
Kommunekredit 0.625 11/21/2039 EUR 67.329
Claranova SE 5.000 07/01/2023 EUR 0.500
Telefonica Emisio 1.864 7/13/2040 EUR 71.386
Bausparkasse Schw 0.200 4/27/2033 EUR 75.498
Terragon AG 6.500 5/24/2024 EUR 1.493
Metropolitan Hous 1.875 7/28/2036 GBP 67.963
Clarion Funding P 1.875 09/07/2051 GBP 48.718
New World Resourc 4.000 10/07/2020 EUR 0.077
Autonomous Commun 0.700 7/30/2033 EUR 74.869
BAWAG PSK Bank fu 0.375 3/25/2041 EUR 59.891
Eastern Power Net 1.875 06/01/2035 GBP 71.116
National Grid Ele 2.000 9/16/2038 GBP 64.339
Autonomous Region 1.095 9/27/2036 EUR 70.109
BAWAG PSK Bank fu 0.010 11/19/2035 EUR 65.640
London & Quadrant 2.750 7/20/2057 GBP 58.669
Equinor ASA 3.250 11/18/2049 USD 74.913
Jyske Realkredit 1.500 10/01/2050 DKK 74.500
Deutsche Bahn Fin 3.100 5/20/2041 AUD 75.043
Metinvest BV 7.750 10/17/2029 USD 57.250
Junta de Castilla 1.275 04/07/2049 EUR 54.971
City of Lugano Sw 0.150 11/28/2070 CHF 43.501
British Telecommu 3.625 11/21/2047 GBP 69.943
Canton of Ticino 0.400 6/27/2044 CHF 74.597
Richemont Interna 1.625 5/26/2040 EUR 73.134
Unibail-Rodamco-W 2.250 5/14/2038 EUR 71.758
Channel Link Ente 3.848 6/30/2050 GBP 67.852
Northern Powergri 2.250 10/09/2059 GBP 53.434
National Gas Tran 1.625 1/14/2043 GBP 51.926
Realkredit Danmar 1.000 10/01/2053 DKK 67.347
Achmea Bank NV 0.250 9/29/2036 EUR 67.751
Pozavarovalnica S 3.750 11/07/2039 EUR 73.580
Realkredit Danmar 1.500 10/01/2050 DKK 74.479
AI Candelaria Spa 5.750 6/15/2033 USD 71.034
Thames Water Util 2.375 4/22/2040 GBP 63.279
AnaCap Financial 8.250 08/01/2024 EUR 68.225
Free State of Bav 0.010 1/18/2035 EUR 70.616
City of Lausanne 0.680 03/11/2058 CHF 63.577
Region de Bruxell 0.562 12/23/2065 EUR 29.280
Fuerstenberg Capi 2.522 EUR 52.254
University Colleg 1.625 06/04/2061 GBP 48.454
National Grid Ele 1.625 10/07/2035 GBP 66.650
Grand City Proper 2.000 10/25/2032 EUR 60.990
Vedanta Resources 9.250 4/23/2026 USD 67.109
Flagship Finance 1.875 7/14/2061 GBP 48.347
Ukraine Governmen 12.520 5/13/2026 UAH 55.641
Nykredit Realkred 0.500 10/01/2050 DKK 66.845
Evraz PLC 5.250 04/02/2024 USD 52.210
Agence Francaise 1.125 03/02/2037 EUR 74.317
SRV Group Oyj 4.875 EUR 52.500
Metinvest BV 7.650 10/01/2027 USD 60.369
Region de Bruxell 1.121 05/11/2071 EUR 43.128
Sberbank of Russi 5.250 5/23/2023 USD 32.749
RTE Reseau de Tra 1.125 07/08/2040 EUR 67.803
Scottish Hydro El 2.125 3/24/2036 GBP 70.767
Standard Profil A 6.250 4/30/2026 EUR 57.925
Cie Generale des 0.625 11/02/2040 EUR 64.399
Regiao Autonoma M 1.141 12/04/2034 EUR 72.610
Nationale-Nederla 0.375 03/04/2041 EUR 60.582
Magyar Export-Imp 2.500 5/23/2029 HUF 64.684
New World Resourc 8.000 04/07/2020 EUR 0.106
Allied Irish Bank 12.500 6/25/2035 GBP 53.507
Raiffeisen-Landes 0.500 5/27/2041 EUR 60.801
Societe Du Grand 1.625 04/08/2042 EUR 71.844
Norske Skogindust 2.000 12/30/2115 EUR 0.407
European Financia 0.700 1/20/2050 EUR 54.058
Assura Financing 1.625 6/30/2033 GBP 68.853
Banco Espirito Sa 5.998 EUR 2.270
Nordea Kredit Rea 1.500 10/01/2050 DKK 74.508
London & Quadrant 2.000 10/20/2038 GBP 64.478
Community Finance 0.339 12/01/2040 GBP 74.093
Orange SA 1.200 07/11/2034 EUR 74.051
Avangardco Invest 10.000 10/29/2018 USD 0.103
KTG Agrar SE 7.125 06/06/2017 EUR 2.001
Blend Funding PLC 3.459 9/21/2047 GBP 75.360
Bilt Paper BV 10.360 USD 1.217
Manchester Airpor 2.875 3/31/2039 GBP 71.905
Celtic Resources 4.125 10/09/2024 USD 14.420
Orpea SA 2.564 11/30/2027 EUR 27.662
NET4GAS sro 8.160 1/28/2028 CZK 71.190
Deutsche Wohnen S 0.500 04/07/2031 EUR 68.612
East Slope Reside 0.100 2/28/2062 GBP 64.176
UK Municipal Bond 1.625 8/26/2060 GBP 42.917
Segro PLC 2.875 10/11/2037 GBP 74.369
Onward Homes Ltd 2.125 3/25/2053 GBP 52.844
Officine Maccafer 5.750 06/01/2021 EUR 16.625
Nestle Finance In 0.875 6/14/2041 EUR 66.057
de Volksbank NV 0.375 9/16/2041 EUR 58.999
Mallinckrodt Inte 10.000 4/15/2025 USD 57.600
Unibail-Rodamco-W 2.000 4/28/2036 EUR 74.821
Global Ports Fina 6.500 9/22/2023 USD 44.658
Cie de Financemen 0.010 10/29/2035 EUR 66.863
Investor AB 1.500 6/20/2039 EUR 71.527
Swan Housing Capi 3.625 03/05/2048 GBP 74.935
UBS Group AG 3.179 02/11/2043 USD 70.570
Stonewater Fundin 1.625 09/10/2036 GBP 67.011
Northern Powergri 1.875 6/16/2062 GBP 47.559
Ukraine Governmen 9.750 11/01/2030 USD 17.387
EYEMAXX Real Esta 5.500 7/22/2025 EUR 19.371
Privatbank CJSC V 10.250 1/23/2018 USD 3.364
Interpipe Holding 8.375 5/13/2026 USD 49.875
Grounds Real Esta 6.000 2/18/2024 EUR 75.000
Rallye SA 1.000 2/28/2032 EUR 0.391
Libra Longhurst G 3.250 5/15/2043 GBP 73.154
Raiffeisen Bank I 0.430 09/09/2030 EUR 73.254
Phosagro OAO Via 3.050 1/23/2025 USD 62.000
nextbike GmbH 6.000 3/31/2025 EUR 70.000
Incommunities Tre 3.250 3/21/2049 GBP 73.119
Cooperatieve Rabo 0.500 10/30/2043 MXN 13.406
Holcim Finance Lu 1.375 10/08/2036 EUR 63.029
Russian Foreign B 4.250 6/23/2027 USD 42.011
CCEP Finance Irel 1.500 05/06/2041 EUR 67.837
UkrLandFarming PL 10.875 3/26/2018 USD 1.998
Lithuania Governm 0.300 02/12/2032 EUR 70.242
Deutsche Bank AG 1.750 04/09/2035 EUR 69.100
Iberdrola Finanza 1.000 02/02/2037 EUR 70.748
Northern Electric 2.750 5/24/2049 GBP 65.805
Liquid Telecommun 5.500 09/04/2026 USD 61.474
Abengoa Abenewco 1.500 10/26/2024 USD 1.075
Land Thueringen 0.125 1/13/2051 EUR 43.683
Yorkshire Water F 2.750 4/18/2041 GBP 69.916
Region de Bruxell 1.500 6/22/2070 EUR 51.083
FLUVIUS System Op 0.810 04/08/2033 EUR 70.567
Kommunekredit 0.010 05/04/2034 EUR 71.445
La Poste SA 0.625 1/18/2036 EUR 68.206
Saltaire Finance 2.711 05/09/2052 GBP 68.439
Avanti Communicat 9.000 10/01/2022 USD 14.281
La Financiere Ata 4.000 5/15/2024 EUR 71.802
Air Berlin PLC 5.625 05/09/2019 CHF 0.328
London & Quadrant 3.125 2/28/2053 GBP 65.267
MHP Lux SA 6.950 04/03/2026 USD 51.634
Pfandbriefbank sc 0.250 10/06/2042 CHF 72.346
State of North Rh 1.550 6/16/2048 EUR 71.443
Swissgrid AG 0.050 6/30/2050 CHF 51.780
UniCredit Bank AG 0.010 1/21/2036 EUR 67.157
WM Morrison Super 2.500 10/01/2031 GBP 44.704
Espirito Santo Fi 3.125 12/02/2018 EUR 0.622
Altice Financing 5.750 8/15/2029 USD 75.266
Russian Foreign B 7.500 3/31/2030 USD 65.197
Orpea SA 2.750 06/03/2033 EUR 28.250
State of Rhinelan 1.500 4/25/2052 EUR 68.186
Petrobras Global 4.750 04/02/2038 EUR 50.558
Citizen Treasury 3.250 10/20/2048 GBP 72.231
Republic of Belar 5.875 2/24/2026 USD 51.000
Deutsche Lichtmie 5.250 02/01/2027 EUR 2.000
Luzerner Kantonal 0.150 10/07/2044 CHF 66.818
Jyske Realkredit 1.000 10/01/2053 DKK 72.444
Aroundtown SA 3.250 11/12/2032 EUR 56.516
Standard Chartere 3.000 4/30/2036 AUD 69.133
Canton of Geneva 0.500 10/31/2056 CHF 66.750
Aster Treasury Pl 1.405 1/27/2036 GBP 68.076
Hylea Group SA 7.250 12/01/2022 EUR 0.250
Cooperatieve Rabo 0.500 7/30/2043 MXN 15.418
Metalloinvest Fin 3.375 10/22/2028 USD 55.226
ABN AMRO Bank NV 0.400 9/17/2041 EUR 59.982
Pro-Gest SpA 3.250 12/15/2024 EUR 70.364
Aegon Bank NV 0.375 06/09/2036 EUR 69.564
Standard Chartere 4.300 USD 67.960
Nostrum Oil & Gas 5.000 6/30/2026 USD 70.000
Raiffeisenlandesb 0.500 1/22/2035 EUR 72.528
DLR Kredit A/S 1.000 10/01/2050 DKK 74.748
Ministeries Van d 0.875 3/21/2046 EUR 57.323
Chancellor Master 2.350 6/27/2078 GBP 57.304
Banco Espirito Sa 7.125 11/28/2023 EUR 0.621
Nordea Kredit Rea 0.500 10/01/2050 DKK 69.015
Land Securities C 2.750 9/22/2059 GBP 58.752
Credit Bank of Mo 7.121 6/25/2024 USD 23.488
LiveWest Treasury 2.250 10/10/2043 GBP 64.409
Russian Foreign B 5.875 9/16/2043 USD 61.760
Deutsche Lichtmie 5.750 12/01/2023 EUR 2.537
MHP SE 7.750 05/10/2024 USD 58.678
Dexia Credit Loca 4.433 EUR 2.475
Communaute Franca 2.300 4/25/2089 EUR 70.100
Pfandbriefbank sc 0.500 1/25/2044 CHF 75.046
Heineken NV 1.750 05/07/2040 EUR 72.313
Abengoa Abenewco 1.500 4/26/2024 USD 0.988
Notting Hill Gene 3.250 10/12/2048 GBP 68.543
State of North Rh 0.500 1/15/2052 EUR 49.634
Luzerner Kantonal 0.160 12/23/2043 CHF 68.184
Catalyst Housing 3.125 10/31/2047 GBP 68.190
Espirito Santo Fi 9.750 12/19/2025 EUR 0.622
Island Offshore S 8.950 6/30/2024 NOK 29.584
Dexia SA 5.030 EUR 2.809
Canton of Zurich 0.100 6/23/2045 CHF 71.523
Transcapitalbank 10.000 USD 39.094
Italy Buoni Polie 0.150 5/15/2051 EUR 61.194
Altice France Hol 8.000 5/15/2027 EUR 67.067
Severn Trent Util 2.000 06/02/2040 GBP 62.398
Caisse Francaise 0.375 2/13/2040 EUR 61.657
Free and Hanseati 0.200 09/03/2049 EUR 46.966
Tinkoff Bank JSC 6.000 USD 44.499
DWR Cymru Financi 1.375 3/31/2033 GBP 72.716
Market Bidco Finc 5.500 11/04/2027 GBP 74.864
Ville de Paris 1.200 6/25/2039 EUR 71.111
EDOB Abwicklungs 7.500 04/01/2012 EUR 1.537
State of North Rh 1.000 10/16/2046 EUR 63.652
Barclays Bank PLC 3.415 12/28/2040 EUR 72.451
BAE Systems PLC 3.000 9/15/2050 USD 68.106
Alfa Bank AO Via 5.950 4/15/2030 USD 2.116
M Objekt Real Est 6.000 7/22/2024 EUR 62.768
M2 Asset Manageme 7.734 02/04/2026 SEK 74.999
Hellas Telecommun 8.500 10/15/2013 EUR 0.904
Caisse des Depots 1.552 8/16/2038 EUR 74.008
Orbit Capital PLC 3.500 3/24/2045 GBP 74.313
Region de Bruxell 1.220 6/23/2053 EUR 55.365
Wessex Water Serv 1.250 01/12/2036 GBP 61.473
Ukraine Governmen 15.840 2/26/2025 UAH 71.551
Suek Securities D 3.375 9/15/2026 USD 65.645
Societe Du Grand 1.000 11/26/2051 EUR 51.479
Ukraine Governmen 6.750 6/20/2028 EUR 15.470
Free and Hanseati 0.400 11/23/2051 EUR 47.705
SNCF Reseau 2.000 02/05/2048 EUR 70.881
Action Logement S 0.750 7/19/2041 EUR 61.419
Nederlandse Water 0.877 6/24/2054 EUR 51.263
Altice France SA/ 5.500 10/15/2029 USD 74.289
Italy Buoni Polie 2.800 03/01/2067 EUR 67.436
WD Invest Sarl 1.900 10/02/2024 EUR 11.812
Privatbank CJSC V 11.000 02/09/2021 USD 1.000
Region Auvergne-R 0.892 10/21/2041 EUR 61.237
Nationale-Nederla 0.050 11/12/2040 EUR 57.182
Holcim US Finance 2.240 10/15/2031 USD 75.157
Cooperatieve Rabo 0.010 11/27/2040 EUR 56.576
Lehman Brothers U 6.900 USD 3.986
Investitionsbank 0.050 03/02/2035 EUR 70.068
Ukraine Governmen 19.700 08/06/2025 UAH 71.231
Lehman Brothers U 5.750 EUR 7.000
State of North Rh 0.500 11/25/2039 EUR 65.159
Senivita Social E 6.500 05/12/2025 EUR 3.430
Russian Federal B 7.100 5/15/2041 RUB 72.737
University of Lee 3.125 12/19/2050 GBP 73.950
Transports Public 0.450 12/29/2056 CHF 62.552
Ukraine Governmen 7.750 09/01/2026 USD 17.008
European Primary 1.732 11/09/2055 GBP 48.675
BNG Bank NV 0.125 07/09/2035 EUR 69.964
Realkredit Danmar 0.500 10/01/2050 DKK 68.953
MMC Norilsk Nicke 6.625 10/14/2022 USD 72.500
Turkiye Is Bankas 8.100 12/03/2029 USD 74.324
ABN AMRO Bank NV 0.375 1/14/2035 EUR 72.782
Ile-de-France Mob 0.675 11/24/2036 EUR 70.120
Ile-de-France Mob 0.950 5/28/2041 EUR 64.966
Societe Generale 3.920 12/09/2036 AUD 69.976
Romanian Governme 4.000 2/14/2051 USD 69.588
Societe Generale 3.625 03/01/2041 USD 63.411
Ukraine Governmen 7.375 9/25/2034 USD 15.782
Cooperatieve Rabo 0.750 6/21/2039 EUR 68.326
Region Wallonne B 0.500 6/22/2037 EUR 66.092
Aragvi Finance In 8.450 4/29/2026 USD 67.655
Spain Government 1.900 10/31/2052 EUR 64.290
Prosus NV 4.027 08/03/2050 USD 60.996
Muenchener Hypoth 1.000 4/18/2039 EUR 72.482
Cirio Finance Lux 7.500 11/03/2002 EUR 3.060
Action Logement S 0.500 10/30/2034 EUR 72.710
GN Store Nord AS 1.970 03/03/2036 EUR 55.650
BAWAG PSK Bank fu 0.625 6/19/2034 EUR 74.986
Stobart Finance P 2.750 05/08/2024 GBP 74.281
Yorkshire Water F 1.750 10/27/2032 GBP 74.095
Kommunekredit 0.375 02/03/2045 DKK 55.422
Vier Gas Transpor 0.500 09/10/2034 EUR 67.493
TotalEnergies Cap 1.535 5/31/2039 EUR 73.789
Kuntarahoitus Oyj 0.050 09/10/2035 EUR 69.164
Republic of Belar 6.378 2/24/2031 USD 42.687
Nykredit Realkred 0.500 10/01/2053 DKK 64.704
NRW Bank 1.250 5/13/2049 EUR 67.166
TechnipFMC PLC 3.750 10/07/2033 EUR 70.736
Ocado Group PLC 3.875 10/08/2026 GBP 74.317
de Volksbank NV 0.125 11/19/2040 EUR 57.712
Blend Funding PLC 3.508 05/04/2057 GBP 70.128
Cirio Holding Lux 6.250 2/16/2004 EUR 2.231
Grand City Proper 2.081 08/08/2034 EUR 65.274
City of Lausanne 0.540 11/06/2062 CHF 56.297
ABN AMRO Bank NV 1.115 03/03/2042 EUR 67.586
Region Wallonne B 0.650 1/16/2051 EUR 46.558
Tennor Finance BV 5.750 6/17/2024 EUR 70.000
Banca Popolare di 9.500 9/29/2025 EUR 0.380
Agence Francaise 0.500 5/31/2035 EUR 72.185
Alitalia-Societa 5.250 7/30/2020 EUR 0.100
Nestle Finance In 0.375 12/03/2040 EUR 60.492
Joh Friedrich Beh 6.250 6/18/2024 EUR 6.550
Jyske Realkredit 0.500 10/01/2053 DKK 66.937
Land Securities C 2.625 9/22/2037 GBP 73.576
Severn Trent Util 0.010 12/16/2055 GBP 47.531
Comunidad Foral d 1.800 3/25/2042 EUR 70.056
ALROSA Finance SA 4.650 04/09/2024 USD 10.241
Societe Du Grand 0.875 05/10/2046 EUR 56.421
Orpea SA 2.770 12/18/2028 EUR 28.518
Euronext NV 1.500 5/17/2041 EUR 68.062
LIB-Landesimmobil 0.620 7/15/2041 EUR 62.302
Borets Finance DA 6.000 9/17/2026 USD 48.601
City of Lausanne 0.230 11/01/2060 CHF 50.177
Basque Government 1.375 10/31/2070 EUR 41.747
Anglo American Ca 3.950 09/10/2050 USD 74.017
Autobahnen- und S 0.100 7/16/2035 EUR 70.257
Ukraine Governmen 7.750 09/01/2025 USD 18.334
Cooperatieve Rabo 0.500 1/31/2033 MXN 39.327
Stichting Afwikke 8.450 8/20/2018 USD 43.625
Gazprom PJSC Via 4.950 02/06/2028 USD 72.119
Realkredit Danmar 0.500 10/01/2053 DKK 64.718
DZ Bank AG Deutsc 0.780 03/05/2030 EUR 73.108
Endo Luxembourg F 6.125 04/01/2029 USD 71.428
British Telecommu 3.883 6/25/2039 GBP 73.558
Lehman Brothers U 5.125 EUR 15.517
Bellis Finco PLC 4.000 2/16/2027 GBP 68.700
ING Bank NV 1.000 2/17/2037 EUR 75.334
Intesa Sanpaolo S 2.500 10/14/2031 USD 73.844
Ile-de-France Mob 1.275 2/14/2042 EUR 68.066
Region of Ile de 0.610 07/02/2040 EUR 61.992
MHP Lux SA 6.250 9/19/2029 USD 48.421
Raiffeisen Bank I 0.370 02/03/2033 EUR 63.710
Banco Santander S 0.100 2/27/2032 EUR 75.326
Rallye SA 3.400 2/28/2032 EUR 1.733
Schoeller Packagi 6.375 11/01/2024 EUR 70.996
Abengoa Abenewco 1.500 10/26/2024 USD 0.973
Norwegian Air Shu 7.500 11/10/2023 USD 73.375
Ukraine Governmen 7.750 09/01/2024 USD 21.081
VTB Bank OJSC Via 6.250 6/30/2035 USD 22.822
Nykredit Realkred 1.000 10/01/2050 DKK 68.637
Ukraine Governmen 7.750 09/01/2028 USD 16.938
Italy Buoni Polie 2.150 09/01/2052 EUR 61.997
State of North Rh 1.450 2/16/2043 EUR 73.343
Novolipetsk Steel 4.700 5/30/2026 USD 73.491
Societe Generale 9.000 12/22/2034 USD 70.750
Credit Suisse AG/ 2.100 3/31/2031 USD 74.701
German Pellets Gm 7.250 11/27/2019 EUR 0.547
Deutsche Lichtmie 5.250 09/01/2025 EUR 1.611
SES SA 5.300 04/04/2043 USD 73.610
Gazprom PJSC Via 4.950 3/23/2027 USD 74.360
Prosus NV 3.832 02/08/2051 USD 59.809
Nordea Kredit Rea 0.500 10/01/2050 DKK 67.052
Optivo Finance PL 3.283 3/22/2048 GBP 69.782
ESFIL-Espirito Sa 5.250 06/12/2015 EUR 0.111
Muenchener Hypoth 0.010 11/02/2040 EUR 57.210
Penarian Housing 3.212 06/07/2052 GBP 70.797
Offshore Drilling 8.375 9/20/2020 USD 2.450
Aroundtown SA 2.970 9/26/2033 EUR 52.097
Sovcombank Via So 7.750 USD 3.072
Societe Generale 12.000 9/14/2023 USD 51.100
Agatos SpA 4.750 12/31/2026 EUR 70.000
Veneto Banca SpA 9.878 12/01/2025 EUR 0.741
PJSC Koks via IMH 5.900 9/23/2025 USD 7.513
LSF9 Balta Issuer 3.000 12/31/2030 EUR 59.306
Virgolino de Oliv 10.500 1/28/2018 USD 0.516
Banco Espirito Sa 6.875 7/15/2016 EUR 21.558
Argenta Spaarbank 0.500 10/08/2041 EUR 60.734
MBH Mortgage Bank 3.000 10/22/2031 HUF 63.600
Russian Foreign B 5.100 3/28/2035 USD 41.311
Norske Skogindust 7.125 10/15/2033 USD 0.010
FNG Benelux Holdi 5.000 8/28/2023 EUR 0.918
Landesbank Hessen 0.500 1/19/2037 EUR 70.636
Advanced Soltech 8.750 07/09/2023 SEK 74.500
Zenith Finco PLC 6.500 6/30/2027 GBP 73.167
Muenchener Hypoth 0.250 05/02/2036 EUR 68.964
Realkredit Danmar 0.500 10/01/2050 DKK 66.872
Salerno Pompei Na 2.800 1/19/2045 EUR 74.740
Gazprom PJSC via 3.897 EUR 51.004
Kreditanstalt fue 1.000 10/19/2050 EUR 62.197
Petrobras Global 4.500 02/04/2033 EUR 64.143
EVN AG 0.850 10/15/2035 EUR 69.350
Erste Group Bank 0.500 01/12/2037 EUR 68.552
London & Quadrant 3.750 10/27/2049 GBP 74.751
La Financiere Ata 6.625 5/15/2025 GBP 62.440
Nykredit Realkred 1.000 10/01/2050 DKK 71.827
Diebold Nixdorf D 9.000 7/15/2025 EUR 45.432
LBI ehf 6.100 8/25/2011 USD 9.957
Muenchener Hypoth 0.010 10/19/2039 EUR 59.013
Realkredit Danmar 1.500 10/01/2053 DKK 68.175
Kleopatra Holding 6.500 09/01/2026 EUR 56.607
Swissgrid AG 0.200 6/29/2040 CHF 68.584
Hungary Governmen 3.125 9/21/2051 USD 62.300
Ahtium PLC 4.000 12/16/2015 EUR 0.586
Single Platform I 4.020 07/01/2052 EUR 60.476
Caisse Francaise 0.125 2/15/2036 EUR 66.831
State of Hesse 0.750 08/04/2036 EUR 74.325
Credit Suisse AG/ 2.300 9/24/2031 USD 74.908
UniCredit Bank AG 1.120 5/14/2057 EUR 48.303
Raiffeisenlandesb 1.650 8/23/2046 EUR 72.105
Caisse Francaise 0.500 10/01/2046 EUR 54.723
Midland Heart Cap 1.831 08/12/2050 GBP 51.708
Irish Bank Resolu 0.566 6/21/2016 EUR 0.679
Nederlandse Water 1.625 1/29/2048 EUR 72.971
Cirio Del Monte N 7.750 3/14/2005 EUR 0.164
Ramfort GmbH 6.750 3/15/2026 EUR 63.891
Societe Generale 2.000 1/30/2036 USD 58.765
City of Bern Swit 0.040 10/02/2070 CHF 44.700
Autonomous Commun 1.255 10/31/2048 EUR 54.228
A-TEC Industries 8.750 10/27/2014 EUR 0.100
French Republic G 0.750 5/25/2053 EUR 51.919
Land Berlin 0.100 1/18/2041 EUR 58.022
Societe Generale 15.760 8/13/2026 USD 57.800
Banco Espirito Sa 6.178 EUR 0.295
Muenchener Hypoth 0.125 09/05/2035 EUR 69.315
Free and Hanseati 0.250 2/18/2041 EUR 60.076
Republic of Belar 6.378 2/24/2031 USD 42.167
Altice France SA/ 5.125 1/15/2029 USD 73.828
Southern Housing 3.500 10/19/2047 GBP 71.999
Kernel Holding SA 6.750 10/27/2027 USD 57.749
Credit Suisse AG/ 9.000 4/22/2024 USD 26.500
Metropolitano de 1.229 7/30/2036 EUR 70.663
Aktia Bank Oyj 0.500 3/30/2031 EUR 74.507
Windreich GmbH 6.500 7/15/2016 EUR 2.780
Ukraine Governmen 6.876 5/21/2031 USD 16.168
Ministeries Van d 1.000 1/23/2051 EUR 54.758
SCF Capital Desig 5.375 6/16/2023 USD 73.258
PIK Securities DA 5.625 11/19/2026 USD 44.341
Malta Government 1.500 10/22/2045 EUR 62.660
DLR Kredit A/S 1.000 10/01/2053 DKK 73.677
Cirio Finanziaria 8.000 12/21/2005 EUR 0.479
Malta Government 1.000 8/23/2035 EUR 74.016
Intrum AB 3.000 9/15/2027 EUR 70.875
Metinvest BV 5.625 6/17/2025 EUR 66.116
SNCF Reseau 0.750 5/25/2036 EUR 71.790
Zurich Finance Ir 1.600 12/17/2052 EUR 71.193
Cadent Finance PL 3.125 3/21/2040 GBP 71.055
Region of Pays de 0.877 10/28/2041 EUR 63.815
Metinvest BV 8.500 4/23/2026 USD 65.042
Region de Bruxell 0.556 12/23/2064 EUR 30.445
Pfandbriefbank sc 0.250 1/24/2041 CHF 74.387
Signa Development 5.500 7/23/2026 EUR 47.000
State of Brandenb 0.600 10/13/2051 EUR 51.603
Sidetur Finance B 10.000 4/20/2016 USD 0.394
Orpea SA 2.000 08/09/2029 EUR 28.250
Pfandbriefzentral 0.050 10/06/2043 CHF 67.812
Romanian Governme 2.000 4/14/2033 EUR 70.166
Agrokor dd 9.125 02/01/2020 EUR 15.000
Russian Foreign B 5.250 6/23/2047 USD 40.939
Deutsche Wohnen S 2.000 3/28/2034 EUR 68.487
Celtic Resources 4.125 10/09/2024 USD 14.420
Land Berlin 0.625 8/25/2036 EUR 72.761
Romanian Governme 2.750 4/14/2041 EUR 59.546
Ukraine Governmen 19.750 2/18/2026 UAH 68.729
Communaute Franca 1.040 7/19/2101 EUR 43.574
Telefonica Emisio 1.957 07/01/2039 EUR 74.839
German Pellets Gm 7.250 07/09/2018 EUR 0.547
Bazalgette Financ 0.688 6/27/2050 GBP 64.723
GN Store Nord AS 3.200 11/26/2036 GBP 72.983
Russian Foreign B 5.625 04/04/2042 USD 63.985
Garfunkelux Holdc 6.750 11/01/2025 EUR 71.704
Virgolino de Oliv 10.875 1/13/2020 USD 36.000
Bayerische Landes 1.690 4/23/2037 EUR 73.710
Grenke Finance PL 2.237 1/29/2029 EUR 74.477
Swissgrid AG 0.125 6/30/2036 CHF 74.182
Fuerstenberg Capi 3.905 EUR 52.946
Prosus NV 4.987 1/19/2052 USD 70.379
Caisse Francaise 0.625 1/20/2042 EUR 62.127
Societe Generale 8.000 7/17/2023 USD 60.200
Bank Nadra Via ND 8.250 7/31/2018 USD 0.208
Nostrum Oil & Gas 8.000 7/25/2022 USD 25.984
State of Lower Sa 0.050 03/09/2035 EUR 70.265
Caisse Francaise 0.010 10/19/2035 EUR 66.388
Ministeries Van d 0.125 10/15/2035 EUR 67.073
Ukraine Governmen 8.994 02/01/2026 USD 16.896
Ministeries Van d 1.500 04/11/2044 EUR 68.882
MMK International 4.375 6/13/2024 USD 26.205
Grand City Proper 2.500 6/27/2039 EUR 51.268
Heimstaden Bostad 2.800 05/04/2035 EUR 57.988
La Financiere Ata 5.125 5/15/2025 EUR 63.000
Serbia Internatio 2.050 9/23/2036 EUR 60.286
SNCF Reseau 1.425 8/14/2119 EUR 38.205
Altice France SA/ 4.250 10/15/2029 EUR 72.438
Ile-de-France Mob 0.200 11/16/2035 EUR 67.931
Prosus NV 1.985 7/13/2033 EUR 68.089
Autonomous Commun 2.300 5/24/2049 EUR 69.494
Ville de Paris 0.450 10/20/2045 EUR 52.813
Gebr Sanders GmbH 8.750 10/22/2018 EUR 9.375
Centre Hospitalie 0.490 12/01/2036 EUR 68.491
Concessio Estacio 3.520 12/31/2037 EUR 75.310
Privatbank CJSC V 10.875 2/28/2018 USD 6.709
Credit Suisse AG/ 1.250 2/22/2029 USD 68.500
Region Wallonne B 1.050 6/22/2040 EUR 66.231
Scottish Hydro El 1.429 10/20/2056 GBP 74.143
Nobel Bidco BV 3.125 6/15/2028 EUR 76.796
AXA Home Loan SFH 0.125 6/25/2035 EUR 68.735
State of Bremen 0.400 8/20/2049 EUR 50.118
DLR Kredit A/S 0.500 10/01/2053 DKK 68.022
ESB Finance DAC 1.875 7/21/2035 GBP 70.965
Alno AG 8.500 5/14/2018 EUR 16.859
Gazprom PJSC via 3.250 2/25/2030 USD 68.388
British Telecommu 1.739 6/25/2039 GBP 75.200
Abengoa Abenewco 6.000 06/10/2022 EUR 0.439
Royal Schiphol Gr 2.890 10/25/2034 AUD 74.356
ING-DiBa AG 1.000 5/23/2039 EUR 71.617
Eurochem Finance 5.500 3/13/2024 USD 58.726
BPCE SA 5.478 EUR 67.617
Banque Internatio 1.000 2/18/2036 EUR 65.840
LiveWest Treasury 1.875 2/18/2056 GBP 49.537
Republic of Irela 1.425 9/18/2119 EUR 50.393
Credit Suisse AG 0.500 12/16/2025 BRL 71.815
Hospices Civils d 0.597 11/24/2031 EUR 74.835
RHP Finance PLC 3.250 02/05/2048 GBP 74.252
Autostrade per l' 3.625 06/09/2038 EUR 73.828
Ukraine Governmen 4.375 1/27/2032 EUR 15.747
BNG Bank NV 0.562 06/07/2051 EUR 57.298
Lithuania Governm 0.500 7/28/2050 EUR 43.697
Jain Internationa 7.125 02/01/2022 USD 22.000
Kreditanstalt fue 1.100 9/16/2051 EUR 63.719
Region de Bruxell 1.400 03/11/2054 EUR 51.306
La Banque Postale 0.250 02/12/2035 EUR 70.684
Blend Funding PLC 2.467 6/16/2061 GBP 51.945
Rhaetische Bahn A 0.050 08/03/2050 CHF 61.316
Deutsche Bank AG/ 13.750 6/20/2026 TRY 17.079
DLR Kredit A/S 1.000 10/01/2050 DKK 70.308
Orpea SA 3.144 12/22/2025 EUR 28.999
Sberbank of Russi 5.125 10/29/2022 USD 32.553
Autonomous Commun 1.850 5/13/2061 EUR 53.866
Ville de Paris 0.650 11/25/2070 EUR 34.689
Autonomous Commun 1.931 04/04/2042 EUR 71.806
NRW Bank 1.150 9/16/2051 EUR 63.474
Havila Shipping A 7.440 01/02/2025 NOK 42.000
Orbit Capital PLC 2.000 11/24/2038 GBP 64.820
Portugal Obrigaco 1.000 04/12/2052 EUR 52.711
Mallinckrodt Inte 10.000 6/15/2029 USD 47.941
Grupo Antolin-Ira 3.500 4/30/2028 EUR 69.883
Societe Generale 24.000 04/03/2025 USD 26.100
Ukraine Governmen 7.750 09/01/2027 USD 17.025
OGX Austria GmbH 8.500 06/01/2018 USD 0.002
German Pellets Gm 7.250 04/01/2016 EUR 0.547
Republic of Belar 6.200 2/28/2030 USD 41.850
HSE Finance Sarl 5.625 10/15/2026 EUR 53.604
Garfunkelux Holdc 7.750 11/01/2025 GBP 70.749
Deutsche Bank AG 1.580 10/23/2031 EUR 73.991
Land Berlin 0.125 06/04/2035 EUR 70.374
Romanian Governme 3.375 1/28/2050 EUR 60.351
DZ HYP AG 0.375 11/10/2034 EUR 73.305
United Utilities 0.010 7/27/2040 GBP 69.302
CB First Investme 8.000 EUR 70.868
Banca Popolare di 2.821 12/20/2017 EUR 0.396
Hemso Fastighets 0.473 2/18/2030 EUR 71.875
Clarion Funding P 1.250 11/13/2032 GBP 71.303
Norddeutsche Land 2.000 1/31/2035 EUR 71.738
Societe Generale 15.000 08/01/2024 USD 30.150
Deutsche Lichtmie 5.750 01/01/2023 EUR 2.760
Canton of Neuchat 0.350 7/14/2050 CHF 64.882
Canton of Neuchat 0.100 10/29/2049 CHF 60.951
Development Bank 6.750 05/02/2024 USD 41.731
Erotik-Abwicklung 7.750 07/09/2019 EUR 0.779
Bayerische Landes 1.550 2/13/2040 EUR 50.938
Region Wallonne B 1.865 05/10/2051 EUR 66.874
AMATHEON AGRI Hol 5.000 1/22/2025 EUR 70.000
Solon SE 1.375 12/06/2012 EUR 0.745
Landeskreditbank 0.610 11/17/2050 EUR 54.707
British Telecommu 3.924 6/25/2042 GBP 70.949
Notting Hill Gene 2.000 06/03/2036 GBP 68.897
State of Brandenb 0.125 1/26/2046 EUR 50.337
Alno AG 8.000 3/21/2019 EUR 16.600
A-TEC Industries 5.750 11/02/2010 EUR 0.100
Jyske Realkredit 1.000 10/01/2053 DKK 61.802
Land Berlin 0.150 2/22/2036 EUR 68.910
State Savings Ban 11.996 1/19/2024 USD 34.250
Raiffeisenbank AS 0.700 11/15/2031 EUR 74.535
Grand City Proper 2.800 2/25/2039 EUR 54.447
Deutsche Bahn Fin 1.850 11/23/2043 EUR 68.211
Orbit Capital PLC 3.375 6/14/2048 GBP 71.170
Kingdom of Belgiu 1.400 6/22/2053 EUR 62.372
EOS Imaging SA 6.000 5/31/2023 EUR 7.250
Malta Government 1.800 8/28/2051 EUR 61.342
Nordea Kredit Rea 1.000 10/01/2053 DKK 61.825
Credit Suisse Int 9.500 3/24/2026 UAH 56.870
Sairgroup Finance 4.375 06/08/2006 EUR 1.964
Veneto Banca SpA 6.411 EUR 0.345
Pfandbriefbank sc 0.250 4/25/2042 CHF 72.843
Single Platform I 0.915 2/15/2043 EUR 62.642
Compact Bidco BV 5.750 05/01/2026 EUR 67.202
Haya Holdco 2 PLC 11.698 11/30/2025 EUR 40.466
ACCIONA Financiac 3.000 12/02/2039 EUR 74.945
Wrekin Housing Gr 2.500 10/22/2048 GBP 60.515
Societe Generale 7.280 05/06/2024 USD 54.000
Romanian Governme 4.625 04/03/2049 EUR 75.092
Nationwide Buildi 0.485 07/11/2044 CHF 70.900
Master & Fellows 3.068 4/28/2065 GBP 57.915
Banco Santander S 1.000 10/01/2033 EUR 74.219
Societe Generale 1.113 7/17/2031 EUR 74.888
Republic of Belar 7.625 6/29/2027 USD 50.818
Fastighets AB Bal 1.293 03/03/2031 EUR 55.815
Raiffeisenlandesb 0.200 06/09/2036 EUR 67.560
Agence Francaise 1.656 04/04/2054 EUR 71.520
Russian Foreign B 4.375 3/21/2029 USD 41.760
Gazprom PJSC via 3.500 7/14/2031 USD 62.759
Aktia Bank Oyj 0.550 3/17/2031 EUR 74.927
VTB Bank PJSC Via 9.500 USD 16.796
Agence Francaise 0.375 5/25/2036 EUR 67.832
Republic of Polan 1.750 4/25/2032 PLN 73.034
Takko Luxembourg 5.375 11/15/2023 EUR 71.626
Serbia Internatio 1.650 03/03/2033 EUR 65.455
VST Building Tech 7.000 6/28/2024 EUR 0.115
Joh Friedrich Beh 7.750 11/11/2020 EUR 6.010
State of Brandenb 0.300 10/04/2049 EUR 48.528
Solarworld AG 9.691 2/24/2019 EUR 14.875
Single Platform I 1.220 8/24/2047 EUR 62.262
Portugal Telecom 6.250 7/26/2016 EUR 0.285
KTG Agrar SE 7.250 10/15/2019 EUR 2.001
AXA Bank Europe S 0.250 06/09/2040 EUR 59.950
Free State of Sax 0.010 12/17/2035 EUR 68.087
JAB Holdings BV 2.000 12/19/2039 EUR 72.535
Ministeries Van d 1.000 10/13/2036 EUR 74.016
Gazprom PJSC via 2.950 1/27/2029 USD 58.000
Niedersachsen Inv 0.250 7/16/2035 EUR 71.583
Land Berlin 0.625 7/15/2039 EUR 67.457
Kommunekredit 0.500 6/19/2039 DKK 64.930
Ukraine Governmen 7.750 09/01/2029 USD 16.782
Elia Transmission 1.560 1/30/2044 EUR 74.834
Rio Forte Investm 4.000 7/22/2014 EUR 2.833
Assistance Publiq 0.683 3/19/2041 EUR 61.483
Thames Water Util 1.771 8/28/2057 GBP 75.409
State of North Rh 0.750 8/16/2041 EUR 65.154
Kantonsspital St 0.300 9/30/2036 CHF 75.552
Ville de Paris 0.750 11/30/2041 EUR 61.769
Credit Suisse AG/ 2.600 1/27/2032 USD 76.073
Landwirtschaftlic 0.010 11/26/2040 EUR 58.014
Region of Veneto 2.556 12/07/2046 EUR 72.868
NRW Bank 0.500 6/17/2041 EUR 63.265
Centre Hospitalie 0.800 6/28/2041 EUR 62.507
Assistance Publiq 1.099 04/06/2071 EUR 40.078
Aareal Bank AG 1.741 01/12/2045 EUR 61.732
Prosus NV 2.778 1/19/2034 EUR 72.987
NRW Bank 1.200 3/28/2039 EUR 74.702
Vnesheconombank V 5.942 11/21/2023 USD 7.576
Chrome Holdco SAS 5.000 5/31/2029 EUR 70.526
Hungary Governmen 1.500 11/17/2050 EUR 51.215
Deutsche Bank AG/ 3.984 10/10/2042 USD 67.277
Region de Bruxell 1.810 3/22/2053 EUR 63.776
JAB Holdings BV 4.500 04/08/2052 USD 74.306
DLR Kredit A/S 1.000 10/01/2053 DKK 68.166
Banco Espirito Sa 6.900 6/28/2024 EUR 19.170
Muenchener Hypoth 0.250 3/29/2041 CHF 72.678
Assistance Publiq 1.125 4/16/2047 EUR 58.962
Romanian Governme 2.000 1/28/2032 EUR 72.214
Nostrum Oil & Gas 7.000 2/16/2025 USD 26.386
Barclays Bank PLC 1.637 04/12/2039 EUR 74.100
Republic of Austr 2.100 9/20/2117 EUR 72.402
Norwegian Air Shu 7.500 11/10/2023 USD 73.375
Bank of Valletta 3.750 6/15/2031 EUR 66.949
BPCE SFH SA 0.500 1/23/2035 EUR 72.916
Credit Suisse AG/ 7.730 6/15/2028 ZAR 72.514
NRW Bank 1.400 3/19/2070 EUR 58.785
Region Wallonne B 1.250 6/22/2071 EUR 48.924
Ministeries Van d 0.634 11/19/2060 EUR 35.345
Barclays Bank PLC 5.000 11/01/2029 BRL 64.631
Communaute Franca 1.581 1/23/2120 EUR 46.335
LFA Foerderbank B 0.050 9/29/2034 EUR 70.992
Thames Water Util 1.760 8/28/2062 GBP 74.514
Sovcombank Via So 8.000 04/07/2030 USD 5.620
Assistance Publiq 1.053 5/25/2052 EUR 52.155
Orpea SA 3.000 11/25/2041 EUR 28.771
Bank Gospodarstwa 2.000 11/03/2036 EUR 72.005
Elli Investments 12.250 6/15/2020 GBP 52.250
VF Ukraine PAT vi 6.200 02/11/2025 USD 62.140
Depfa Funding III 2.056 EUR 56.183
Prosus NV 2.031 08/03/2032 EUR 70.494
St Galler Kantona 0.100 10/10/2041 CHF 69.285
Ideal Standard In 6.375 7/30/2026 EUR 55.303
Gemeente Bergen O 0.440 9/20/2044 EUR 56.697
DZ HYP AG 1.300 7/18/2041 EUR 68.802
Nationale-Nederla 0.050 9/24/2035 EUR 67.594
Martlet Homes Ltd 3.000 05/09/2052 GBP 66.945
Credit Agricole S 4.400 2/24/2042 AUD 63.320
State of Saarland 0.050 11/05/2040 EUR 58.174
La Banque Postale 0.640 1/27/2042 EUR 64.800
Caisse de Refinan 0.250 02/07/2035 EUR 71.032
La Veggia Finance 7.125 11/14/2004 EUR 0.287
Agrokor dd 9.875 05/01/2019 EUR 15.000
City of Zurich Sw 0.400 11/21/2046 CHF 72.421
Free and Hanseati 0.010 11/05/2035 EUR 68.323
Ukraine Governmen 7.375 9/25/2034 USD 15.851
Raiffeisenlandesb 0.375 1/15/2035 EUR 71.194
UBS AG/London 6.500 10/02/2024 USD 58.750
Societe Generale 2.200 12/17/2040 USD 65.429
Canton of Geneva 0.050 8/27/2041 CHF 71.876
Maxeda DIY Holdin 5.875 10/01/2026 EUR 73.583
United Kingdom Gi 1.125 10/22/2073 GBP 39.842
Republic of Belar 7.625 6/29/2027 USD 51.120
Region de Bruxell 1.100 6/22/2066 EUR 47.799
Bayerische Landes 0.870 11/29/2034 EUR 69.445
Vasakronan AB 1.870 06/03/2039 EUR 45.501
Bankinter SA 1.200 06/05/2035 EUR 73.837
UBS AG/London 6.850 7/25/2023 USD 9.910
Del Monte Finance 6.625 5/24/2006 EUR 1.000
Pershing Square H 3.000 7/15/2032 USD 73.159
Novolipetsk Steel 1.450 06/02/2026 EUR 68.138
Boparan Finance P 7.625 11/30/2025 GBP 65.804
Societe Generale 1.137 1/26/2037 EUR 68.991
Aareal Bank AG 1.576 2/23/2032 EUR 63.607
Odea Bank AS 8.606 08/01/2027 USD 73.437
Nederlandse Water 0.501 10/24/2039 EUR 64.617
Pfandbriefzentral 0.020 1/30/2040 CHF 72.258
J&T Banka AS 7.000 EUR 69.028
Kantonsspital Bad 0.350 9/30/2036 CHF 75.643
NRW Bank 0.612 10/21/2050 EUR 54.804
Phosagro OAO Via 2.600 9/16/2028 USD 64.168
Credit Suisse AG/ 7.700 08/03/2028 ZAR 70.785
Ukraine Governmen 15.840 2/26/2025 UAH 71.551
Romanian Governme 2.124 7/16/2031 EUR 74.674
HSBC Bank PLC 0.500 12/22/2025 BRL 72.489
Pfandbriefbank sc 0.375 6/15/2046 CHF 70.728
Republic of Irela 1.250 10/08/2121 EUR 45.194
Nomura Bank Inter 1.130 4/23/2036 EUR 66.316
Region de Bruxell 0.444 3/19/2057 EUR 36.844
Corporate Commerc 8.250 08/08/2014 USD 0.308
Thomas Cook Group 6.250 6/15/2022 EUR 0.285
NRW Bank 0.106 8/17/2050 EUR 48.133
Sanctuary Capital 2.481 11/12/2037 GBP 70.817
State of North Rh 1.850 3/18/2089 EUR 62.218
Mobile Telesystem 5.000 5/30/2023 USD 27.342
Windreich GmbH 6.500 03/01/2015 EUR 2.780
Agrokor dd 8.875 02/01/2020 USD 15.000
Land Baden-Wuertt 0.125 11/19/2040 EUR 58.822
Societe Nationale 1.400 5/18/2120 EUR 34.067
Altice France Hol 4.000 2/15/2028 EUR 57.625
Centre Hospitalie 1.500 4/27/2050 EUR 68.449
State of Rhinelan 0.375 7/20/2048 EUR 49.395
CPI Hungary Inves 2.250 08/07/2030 HUF 55.000
National Grid Ele 0.010 3/26/2036 GBP 74.810
Finmek Internatio 7.000 12/03/2004 EUR 2.193
Societe Generale 3.100 4/22/2036 AUD
Region Wallonne B 1.165 6/29/2059 EUR 49.969
ALROSA Finance SA 3.100 6/25/2027 USD 6.688
SCF Capital Desig 3.850 4/26/2028 USD 58.876
UBS AG/London 1.500 02/02/2031 USD 75.163
Societe Generale 15.000 8/30/2024 USD 29.200
Deutsche Bank AG 1.750 10/30/2028 USD 75.420
Richter Gedeon Ny 1.750 06/04/2031 HUF 68.500
NRW Bank 1.250 3/21/2044 EUR 70.872
BNG Bank NV 10.010 6/17/2025 TRY 57.492
Sairgroup Finance 6.625 10/06/2010 EUR 1.964
Ukraine Governmen 19.750 11/05/2025 UAH 70.185
Free and Hanseati 0.300 9/16/2050 EUR 47.357
Minicentrales Dos 0.010 06/06/2047 EUR 66.455
Barclays Bank PLC 2.320 01/11/2041 USD 59.018
Jyske Realkredit 0.500 10/01/2050 DKK 66.894
Cooperatieve Rabo 0.500 8/21/2028 MXN 59.355
Kreditanstalt fue 1.271 5/20/2051 EUR 68.174
DZ Bank AG Deutsc 2.000 12/29/2031 EUR 71.880
Landesbank Baden- 1.000 08/12/2039 EUR 65.540
Free State of Bav 0.010 3/28/2036 EUR 67.138
Espirito Santo Fi 5.050 11/15/2025 EUR 0.622
State of Bremen 0.450 2/24/2051 EUR 49.129
Severstal OAO Via 3.150 9/16/2024 USD 4.564
Rena GmbH 7.000 12/15/2015 EUR 0.054
Landesbank Hessen 1.370 9/22/2031 EUR 70.703
Batigere Grand Es 1.500 12/15/2051 EUR 54.122
Alpine Holding Gm 6.000 5/22/2017 EUR 0.518
UniCredit Bank Au 0.150 4/29/2033 EUR 72.413
Bazalgette Financ 0.074 5/16/2049 GBP 60.024
Heimstaden Bostad 2.800 05/04/2035 EUR 58.266
Alliander NV 1.125 04/08/2035 EUR 71.842
Deutsche Pfandbri 1.000 12/02/2030 EUR 73.807
Hacienda Investme 5.350 02/08/2028 USD 52.225
Dtek Renewables F 8.500 11/12/2024 EUR 40.039
Banco de Sabadell 3.150 3/30/2037 EUR 73.205
Barclays Bank PLC 0.500 10/01/2031 TRY 14.979
Single Platform I 1.610 2/15/2043 EUR 72.951
BNP Paribas SA 1.590 2/23/2051 EUR 65.788
Republic of Belar 5.875 2/24/2026 USD 51.725
Engie SA 2.750 11/20/2045 EUR 75.608
State of Rhinelan 0.375 03/10/2051 EUR 48.194
Slovenska Sporite 4.490 EUR 53.746
Russian Foreign B 2.875 12/04/2025 EUR 38.554
Single Platform I 0.950 7/25/2047 EUR 59.426
Assistance Publiq 1.183 4/16/2050 EUR 56.418
SNCF Reseau 2.777 7/29/2115 EUR 72.172
DZ Bank AG Deutsc 1.055 03/11/2031 EUR 71.195
Land Berlin 0.050 08/06/2040 EUR 58.037
Abengoa Abenewco 1.500 4/26/2024 USD 0.988
State of Lower Au 1.000 9/15/2121 EUR 33.604
Banque Federative 0.376 10/15/2031 EUR 72.133
DZ Bank AG Deutsc 0.530 7/26/2033 EUR 69.265
Russian Foreign B 4.750 5/27/2026 USD 43.279
Commerzbank AG 0.900 10/07/2030 EUR 72.905
City of Zurich Sw 0.250 11/24/2051 CHF 66.273
Nordea Kredit Rea 0.500 10/01/2053 DKK 64.737
Credit Bank of Mo 8.875 USD 13.031
Havenbedrijf Rott 1.100 3/23/2051 EUR 59.462
BPCE SFH SA 0.375 3/18/2041 EUR 60.204
Raiffeisen Landes 0.375 11/13/2034 EUR 72.505
Republic of Irela 0.995 2/24/2121 EUR 37.180
T-Centrum CZ AS 11.710 10/30/2024 CZK 69.000
OR PJSC 12.000 11/14/2024 RUB 2.750
Instabank ASA i 10.850 NOK 67.516
Heta Asset Resolu 3.211 12/31/2023 EUR 1.537
Region Wallonne B 1.000 9/16/2059 EUR 44.391
Kreditanstalt fue 1.201 9/13/2051 EUR 66.009
State of Saxony-A 0.500 3/24/2051 EUR 50.661
Praktiker AG 5.875 02/10/2016 EUR 0.001
Elli Finance UK P 8.750 6/15/2019 GBP 53.034
Polyus Finance PL 4.700 1/29/2024 USD 70.043
BNP Paribas SA 1.000 1/23/2040 MXN 22.521
Spain Government 1.450 10/31/2071 EUR 46.702
Canton of St Gall 0.200 11/28/2041 CHF 74.403
Berlin Hyp AG 0.030 7/22/2030 EUR 73.754
Deutsche Telekom 4.125 7/23/2049 USD 74.892
Hamon & CIE SA 3.300 1/31/2035 EUR 46.339
Department of L'E 0.515 5/25/2040 EUR 60.926
State of Bremen 0.150 9/14/2040 EUR 59.027
Alpine Holding Gm 5.250 07/01/2015 EUR 0.546
Stadt Graz 1.878 10/31/2046 EUR 74.390
Societe Generale 0.690 4/21/2033 EUR 71.698
Kingdom of Belgiu 1.170 05/12/2121 EUR 39.473
Raiffeisen Landes 0.250 03/04/2036 EUR 68.067
Aareal Bank AG 4.603 2/16/2043 EUR 71.560
Dublin Port Co 2.406 9/30/2049 EUR 72.475
Flextronics Inter 3.600 12/06/2031 HUF 66.000
Futureal Developm 4.000 3/23/2031 HUF 64.000
GB Social Housing 3.814 04/09/2047 GBP 70.294
Societe Du Grand 2.062 3/19/2070 EUR 62.588
Gazprom PJSC via 1.500 2/17/2027 EUR 67.011
Realkredit Danmar 0.500 10/01/2053 DKK 66.893
United Kingdom Gi 1.500 7/22/2047 GBP 59.060
Russian Agricultu 8.500 10/16/2023 USD 26.532
Windreich GmbH 6.750 03/01/2015 EUR 2.780
Cooperatieve Rabo 0.500 11/30/2027 MXN 64.391
Free State of Sax 0.400 05/12/2036 EUR 71.125
DLR Kredit A/S 1.500 10/01/2053 DKK 73.506
Junta de Castilla 1.270 10/31/2044 EUR 59.925
Mondelez Internat 1.250 09/09/2041 EUR 64.091
Golfino AG 8.000 11/18/2023 EUR 0.018
Land Thueringen 1.127 04/02/2049 EUR 64.334
Veneto Banca SpA 6.944 5/15/2025 EUR 0.741
DZ Bank AG Deutsc 1.070 10/06/2042 EUR 67.830
Deutsche Pfandbri 0.500 7/23/2029 EUR 75.425
State of Lower Sa 0.250 4/15/2036 EUR 69.706
Muenchener Hypoth 1.543 11/16/2048 EUR 68.199
Romanian Governme 3.375 02/08/2038 EUR 70.607
Ukraine Governmen 12.520 5/13/2026 UAH 55.641
Gazprom PJSC via 1.850 11/17/2028 EUR 60.065
Jyske Realkredit 1.500 10/01/2053 DKK 68.260
Deutsche Bank AG 1.725 1/16/2045 EUR 47.493
Norddeutsche Land 1.552 06/04/2036 EUR 74.398
UBS Group AG 2.370 2/25/2036 USD 68.090
Ukraine Governmen 3.900 10/05/2023 USD 72.365
Kuntarahoitus Oyj 0.940 06/09/2064 EUR 60.952
Assistance Publiq 1.502 05/09/2044 EUR 69.748
Societe Generale 13.000 04/03/2024 USD 69.950
SG Issuer SA 0.263 2/20/2025 EUR 20.260
4iG Nyrt 2.900 3/29/2031 HUF 72.050
Region Wallonne B 1.130 3/28/2036 EUR 74.944
Norddeutsche Land 0.400 03/11/2031 EUR 72.496
DZ Bank AG Deutsc 0.190 1/14/2031 EUR 73.453
SR-Boligkreditt A 1.252 12/02/2041 EUR 69.775
Raiffeisenlandesb 0.998 11/04/2033 EUR 71.571
DZ Bank AG Deutsc 0.850 02/10/2032 EUR 75.516
National Treasury 1.560 2/16/2122 EUR 54.995
Kreditanstalt fue 0.980 02/09/2042 EUR 69.931
CRC Breeze Financ 6.110 05/08/2026 EUR 74.356
Yarlington Treasu 3.410 9/18/2057 GBP 66.510
UBS AG/London 3.327 11/23/2025 EUR 58.500
State of Bremen 1.000 5/27/2039 EUR 72.014
Credit Suisse AG/ 4.450 6/28/2023 USD 9.590
Stelius Befekteto 3.100 9/17/2030 HUF 66.500
Bulgaria Steel Fi 12.000 05/04/2013 EUR 0.216
Phosphorus Holdco 10.000 04/01/2019 GBP 1.500
Peine GmbH 2.000 07/05/2023 EUR 44.500
Affinity Water Fi 3.278 8/22/2042 GBP 71.239
Altice France SA/ 4.125 1/15/2029 EUR 73.418
Vasakronan AB 2.130 5/27/2041 SEK 70.424
Credit Bank of Mo 7.625 USD 27.791
Autonomous Commun 1.442 10/26/2049 EUR 56.634
Bayerische Landes 1.820 05/12/2031 EUR 72.785
Orpea SA 2.300 03/06/2025 EUR 28.042
Grand Delta Habit 1.500 09/01/2049 EUR 54.883
Vasakronan AB 1.130 5/27/2042 JPY 72.324
Region de Bruxell 0.592 12/10/2061 EUR 35.020
Ministeries Van d 0.875 06/03/2045 EUR 54.576
Land Thueringen 0.375 11/14/2034 EUR 73.766
Societe Generale 0.360 9/14/2033 EUR 74.960
Land Thueringen 0.375 12/01/2051 EUR 47.276
Ville de Paris 2.017 5/25/2052 EUR 65.869
Land Berlin 0.500 6/19/2047 EUR 57.545
Credit Bank of Mo 7.500 10/05/2027 USD 20.569
Nordea Kredit Rea 0.500 10/01/2053 DKK 67.062
Landesbank Hessen 0.750 1/21/2036 EUR 63.740
Nederlandse Water 1.900 1/31/2035 AUD 73.686
DZ Bank AG Deutsc 1.000 2/13/2042 EUR 63.518
State Agency of R 6.250 6/24/2030 USD 15.500
Single Platform I 1.010 3/20/2051 EUR 57.152
Societe Nationale 1.280 3/27/2120 EUR 38.193
Assistance Publiq 0.791 8/27/2051 EUR 48.357
Landesbank Hessen 1.800 07/07/2036 EUR 66.700
Societe Generale 12.000 12/31/2036 USD 68.200
Societe Generale 8.000 5/28/2027 USD 63.000
Credit Bank of Mo 7.121 6/25/2024 USD 23.488
Region Wallonne B 1.220 06/12/2050 EUR 55.861
Vasakronan AB 2.256 04/12/2044 EUR 73.948
Vasakronan AB 2.400 6/20/2044 SEK 69.778
State of North Rh 1.267 9/16/2051 EUR 64.335
State of North Rh 1.641 08/11/2066 EUR 63.951
Natixis SA 0.300 6/25/2048 USD 28.919
Norske Skog Holdi 8.000 2/24/2021 EUR 0.006
Norddeutsche Land 1.050 11/17/2036 EUR 62.529
Norddeutsche Land 0.850 07/07/2031 EUR 74.960
ING Bank NV 0.465 4/21/2041 EUR 63.210
Barclays Bank PLC 0.500 1/28/2033 MXN 39.320
MFB Magyar Fejles 4.200 4/20/2033 HUF 70.860
Sovcombank Via So 7.600 USD 3.502
Rio Forte Investm 4.750 11/10/2015 EUR 2.376
Basque Government 1.000 10/31/2050 EUR 48.795
Aareal Bank AG 0.220 03/10/2028 EUR 73.736
BNG Bank NV 1.873 11/24/2047 EUR 73.833
Credit Suisse AG/ 1.660 02/02/2035 EUR 69.392
MBH Mortgage Bank 2.600 10/22/2028 HUF 69.500
Land Thueringen 0.250 03/05/2040 EUR 61.379
Ville de Paris 0.831 2/23/2056 EUR 43.780
Romanian Governme 2.875 4/13/2042 EUR 59.648
State of Saxony-A 1.223 05/04/2046 EUR 70.577
BOA Offshore AS 0.409 7/17/2047 NOK 2.436
Cie de Financemen 0.975 08/11/2046 EUR 64.094
Foodco Bondco SA 6.250 5/15/2026 EUR 41.534
Centrosolar Group 7.000 2/15/2016 EUR 2.505
State of North Rh 1.960 1/24/2079 EUR 71.346
Single Platform I 0.800 12/20/2040 EUR 62.930
Single Platform I 3.000 6/21/2047 USD 71.535
Tonon Luxembourg 9.250 1/24/2020 USD 1.721
Kommunekredit 0.500 7/30/2027 TRY 29.352
Deutsche Apotheke 1.770 12/21/2046 EUR 69.347
Landesbank Baden- 0.260 5/28/2031 EUR 73.700
Kreditanstalt fue 1.115 5/17/2041 EUR 68.857
Thames Water Util 2.442 05/12/2050 GBP 51.897
Kingdom of Belgiu 0.650 6/22/2071 EUR 40.477
Communaute Franca 0.782 02/08/2061 EUR 40.214
Brussels Municipa 0.336 12/15/2035 EUR 68.073
Credit Bank of Mo 4.700 1/29/2025 USD 26.160
Muenchener Hypoth 1.000 6/30/2037 EUR 65.476
Deutsche Wohnen S 2.500 7/21/2034 EUR 73.854
Places For People 2.500 05/03/2039 EUR 72.030
Landesbank Baden- 0.000 5/15/2039 EUR 66.030
Senivita Social E 8.500 6/30/2025 EUR 0.020
GTC Magyarorszag 2.250 12/07/2030 HUF 68.150
Skandinaviska Ens 6.400 1/15/2025 SEK 70.040
Ile-de-France Mob 1.000 12/02/2043 EUR 62.224
MMC Norilsk Nicke 2.550 09/11/2025 USD 73.000
Italy Buoni Polie 0.950 03/01/2037 EUR 65.262
Laboratoire Eimer 5.000 02/01/2029 EUR 70.377
Landesbank Baden- 0.490 12/11/2030 EUR 74.186
SAir Group 5.125 03/01/2003 CHF 10.177
Banque Cantonale 0.100 11/01/2044 CHF 64.479
Intesa Sanpaolo S 4.700 9/23/2049 USD 71.857
BNG Bank NV 0.630 07/11/2067 EUR 38.867
Caisse Francaise 1.110 9/21/2046 EUR 69.608
Nederlandse Water 1.577 12/09/2039 GBP 66.290
Polyus Finance PL 3.250 10/14/2028 USD 62.919
Privatbank CJSC V 10.875 2/28/2018 USD 6.709
State of Brandenb 0.300 11/17/2045 EUR 53.286
Republic of Irela 0.740 11/27/2120 EUR 28.635
SCC Power PLC 6.000 12/31/2028 USD 49.250
Landesbank Baden- 0.510 6/18/2031 EUR 73.003
Kreditanstalt fue 0.980 6/28/2051 EUR 63.175
Heta Asset Resolu 3.248 12/31/2023 EUR 1.504
Uliving@essex3 LL 2.720 8/31/2066 GBP 47.180
Nordea Bank Abp 4.000 1/20/2029 SEK 74.750
UniCredit Bank AG 1.550 7/18/2031 EUR 71.320
BPCE SFH SA 1.586 02/01/2047 EUR 70.733
Citigroup Global 7.200 5/24/2023 SEK
Region Bretagne S 0.815 06/12/2040 EUR 64.594
Deutsche Bank AG 0.687 10/11/2049 EUR 44.507
Bazalgette Financ 0.010 08/05/2036 GBP 75.361
Deutsche Pfandbri 3.100 09/07/2046 USD 69.699
Pfandbriefbank sc 0.250 5/17/2040 CHF 75.146
DZ HYP AG 1.226 8/25/2036 EUR 65.840
Orient Express Ba 2.000 USD 15.267
Kommunekredit 1.375 5/18/2046 SEK 69.012
Caisse des Depots 3.000 11/08/2051 AUD 71.137
Region Wallonne B 1.000 6/22/2045 EUR 56.980
Anglian Water Ser 1.760 11/13/2035 GBP 68.016
Intesa Sanpaolo B 3.102 11/19/2035 AUD 67.519
Arkea Public Sect 1.642 5/18/2043 EUR 75.572
Hemso Fastighets 1.800 05/05/2032 EUR 72.822
Grand Delta Habit 1.500 06/02/2045 EUR 57.449
Standard Chartere 2.140 1/29/2036 USD 71.897
ACCIONA Financiac 1.900 6/28/2034 EUR 71.380
O1 Properties Fin 0.500 9/27/2028 USD 5.244
Sibur Securities 2.950 07/08/2025 USD 65.124
Cie de Saint-Goba 1.875 05/03/2035 EUR 75.125
Comunidad Foral d 0.550 10/22/2035 EUR 68.527
Credit Agricole I 1.000 1/17/2045 EUR 59.445
VTB Bank PJSC 13.000 RUB 53.000
Kardan NV 6.325 2/21/2021 ILS 11.000
Housing & Care 21 3.288 11/08/2049 GBP 71.715
Air Berlin Financ 8.500 03/06/2019 EUR 0.315
Depfa Funding II 6.500 EUR 61.338
National Grid Ele 1.608 8/24/2040 GBP 50.888
Berlin Hyp AG 1.057 2/21/2059 EUR 49.488
State of North Rh 1.491 8/23/2066 EUR 60.806
Espirito Santo Fi 4.512 10/27/2024 EUR 0.559
SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000
Deutsche Bank AG 2.530 10/07/2036 USD 68.524
Rikshem AB 3.250 5/31/2041 AUD 61.808
Single Platform I 1.170 07/08/2034 EUR 75.203
SiC Processing Gm 7.125 03/01/2016 EUR 0.643
Altice France SA/ 4.000 7/15/2029 EUR 71.858
Lukoil Capital DA 3.600 10/26/2031 USD 71.232
International Fin 0.500 6/29/2027 ZAR 66.793
BNP Paribas SA 2.670 3/13/2030 AUD 75.208
Steilmann SE 6.750 6/27/2017 EUR 2.184
Unibail-Rodamco-W 2.000 12/05/2033 EUR 73.552
Malta Government 2.400 8/13/2052 EUR 69.910
Landesbank Baden- 0.850 6/15/2035 EUR 66.082
Erste Group Bank 1.170 1/28/2037 EUR 72.474
Bpifrance 1.046 5/25/2050 EUR 53.089
Bazalgette Financ 0.174 5/16/2049 GBP 64.145
Spain Government 1.200 10/31/2040 EUR 67.030
Caisse Francaise 1.640 07/10/2048 EUR 72.241
Societe Nationale 2.457 12/23/2050 USD 66.535
Aareal Bank AG 1.068 2/18/2050 EUR 54.140
DLR Kredit A/S 0.500 10/01/2050 DKK 70.109
Ukraine Governmen 19.750 5/21/2025 UAH 72.794
Region de Bruxell 0.765 7/15/2052 EUR 46.496
Credit Agricole I 0.750 1/20/2042 EUR 59.943
Lloyds Bank PLC 1.920 4/16/2044 EUR 66.670
Kreditanstalt fue 1.000 10/20/2050 EUR 63.638
Eurotorg LLC Via 9.000 10/22/2025 USD 70.426
Nestle Hungaria K 1.750 5/31/2028 HUF 69.500
UBS AG/London 7.510 06/07/2024 USD 9.795
Kommunekredit 1.700 6/26/2045 EUR 75.861
State of Brandenb 0.050 08/10/2040 EUR 58.061
Credit Bank of Mo 3.875 9/21/2026 USD 32.339
BASF SE 1.025 8/13/2048 JPY 72.427
Single Platform I 0.767 2/15/2041 EUR 62.609
Finance and Credi 9.250 1/25/2019 USD 0.001
Decipher Producti 12.500 9/27/2019 USD 1.500
Danske Bank A/S 0.805 08/12/2036 EUR 71.516
Natixis SA 2.700 5/25/2036 USD 74.701
EnBW Internationa 2.080 1/21/2041 EUR 66.702
Banco Santander S 2.280 2/28/2039 EUR 72.844
Virgolino de Oliv 11.750 02/09/2022 USD 0.516
Kreditanstalt fue 1.000 4/27/2041 EUR 70.205
Barclays Bank PLC 4.100 1/29/2048 USD 74.217
Muenchener Hypoth 1.750 12/19/2046 EUR 73.412
HSE Finance Sarl 9.073 10/15/2026 EUR 53.208
UniCredit SpA 1.490 10/23/2035 EUR 67.431
Societe Wallonne 0.883 11/21/2044 EUR 52.879
HSBC Bank PLC 0.500 6/23/2027 MXN 65.978
Turkey Government 5.750 05/11/2047 USD 73.130
Boparan Finance P 7.625 11/30/2025 GBP 66.210
Uralkali OJSC Via 4.000 10/22/2024 USD 17.561
Kingdom of Belgiu 2.750 06/10/2071 USD 68.546
NatWest Markets P 1.250 12/04/2034 EUR 70.597
Assistance Publiq 0.666 3/19/2040 EUR 63.181
Deutsche Bank AG/ 12.780 3/16/2028 TRY 55.463
Credit Suisse AG/ 11.500 9/25/2023 CHF 17.150
MBH Mortgage Bank 3.000 1/28/2036 HUF 55.500
BPCE SFH SA 1.597 2/13/2042 EUR 74.406
Single Platform I 0.419 2/15/2040 EUR 59.281
Iceland Bondco PL 4.375 5/15/2028 GBP 74.275
SNCF Reseau 2.622 9/24/2049 USD 73.021
Deutschsprachige 1.004 07/01/2036 EUR 73.591
Cie de Financemen 0.900 7/18/2058 EUR 51.015
Caisse Francaise 1.555 02/12/2042 EUR 75.660
Hamburg Commercia 4.000 03/06/2034 EUR 74.865
HYPO NOE Landesba 1.605 8/23/2046 EUR 73.416
Single Platform I 2.150 08/05/2036 NOK 74.245
French Republic G 1.500 5/25/2050 EUR 68.357
UniCredit Bank AG 0.610 05/02/2033 EUR 71.902
Caisse Francaise 1.093 10/14/2051 EUR 61.285
Cooperatieve Rabo 0.500 12/29/2027 MXN 63.281
Hamburg Commercia 4.000 3/14/2033 EUR 76.283
Credit Agricole C 2.400 5/17/2048 EUR 54.657
Operateur de Rese 2.850 02/03/2045 EUR 75.123
LSF9 Balta Issuer 3.000 12/31/2030 EUR 59.306
Kreditanstalt fue 0.160 2/16/2036 EUR 68.901
Credit Agricole S 3.750 06/09/2040 AUD 67.987
Erste Group Bank 0.940 5/22/2034 EUR 72.988
Societe Nationale 2.910 1/27/2051 AUD 69.407
Lehman Brothers T 4.500 03/07/2015 EUR 0.100
UBS AG/London 7.100 11/22/2023 USD 9.800
Societe Generale 12.000 1/30/2025 USD 58.500
Societe Generale 15.000 02/01/2024 USD 9.280
Grand City Proper 2.600 2/25/2034 EUR 61.790
City of St Gallen 0.140 9/16/2044 CHF 69.198
DXC Capital Fundi 0.950 9/15/2031 EUR 73.500
Muenchener Hypoth 0.400 08/11/2031 EUR 73.314
BNG Bank NV 2.000 2/19/2038 AUD 69.922
Chelyabinsk Pipe 4.500 9/19/2024 USD 44.827
State of Brandenb 0.750 08/08/2036 EUR 74.165
Aktia Bank Oyj 0.990 1/15/2035 EUR 70.355
DZ Bank AG Deutsc 0.700 4/29/2036 EUR 69.189
Romanian Governme 2.000 4/14/2033 EUR 70.097
Landesbank Hessen 1.650 5/27/2030 EUR 17.227
DZ Bank AG Deutsc 0.700 03/02/2034 EUR 73.752
Pfandbriefbank sc 0.125 8/17/2040 CHF 73.098
Single Platform I 1.416 2/15/2041 EUR 72.029
Credito Padano Ba 3.100 EUR 36.332
Assistance Publiq 1.073 4/16/2045 EUR 60.711
Carmila SA 1.890 11/06/2031 EUR 74.304
Portugal Telecom 5.242 11/06/2017 EUR 0.694
Credit Agricole C 1.550 09/08/2031 AUD 75.145
Natixis SA 2.530 8/30/2036 AUD 64.268
Assistance Publiq 0.634 8/27/2045 EUR 53.675
VTB Bank PJSC 9.571 USD 30.000
Landesbank Baden- 5.318 2/13/2034 EUR 75.600
Credit Suisse AG/London 08/09/2024 USD 8.750
Landesbank Hessen 1.000 4/30/2035 EUR 69.350
Republic of Austr 1.500 2/20/2047 EUR 72.968
Banco Santander S 2.011 04/12/2039 EUR 69.943
Credit Suisse AG/ 4.700 07/01/2046 AUD 72.073
Societe Generale 2.670 3/24/2031 AUD 75.420
Deutsche Bank AG 0.610 9/30/2031 EUR 75.491
Single Platform I 3.505 08/06/2046 AUD 60.130
Kreditanstalt fue 1.175 4/14/2051 EUR 67.496
Muenchener Hypoth 0.805 4/16/2036 EUR 65.544
Norddeutsche Land 1.350 10/20/2038 EUR 61.902
Avanti Communicat 9.000 10/01/2022 USD 14.281
Aareal Bank AG 1.880 4/15/2030 EUR 72.256
Credit Suisse AG/ 0.875 5/21/2031 EUR 72.419
Pfandbriefzentral 0.200 5/22/2042 CHF 71.945
State of Mecklenb 0.239 11/17/2070 EUR 33.584
Regie Autonome de 0.875 8/18/2080 EUR 37.667
Societe Du Grand 0.576 10/29/2052 EUR 41.703
Kreditanstalt fue 0.816 12/19/2050 EUR 55.370
Region de Bruxell 1.225 6/21/2070 EUR 42.001
Sveriges Sakersta 1.378 7/13/2046 SEK 65.971
Banco Santander S 0.010 10/01/2032 EUR 67.919
Land Thueringen 0.100 07/09/2035 EUR 69.766
Lehman Brothers T 5.318 3/16/2035 EUR 0.100
Deutsche Pfandbri 0.613 9/30/2032 EUR 65.892
Bromford Housing 2.554 3/17/2054 GBP 57.084
UniCredit Bank AG 6.600 7/20/2028 EUR 6.360
Nordea Bank Abp 0.620 10/14/2026 SEK 60.490
Nationwide Buildi 0.750 05/08/2035 EUR 74.222
Credit Suisse AG/ 5.250 9/21/2032 USD 77.479
Credit Suisse AG/ 3.220 02/08/2032 AUD 74.329
Societe Generale 2.680 10/20/2031 AUD
NTRP Via Interpip 10.250 08/02/2017 USD 2.380
Region Wallonne B 0.808 6/24/2038 EUR 65.666
DZ Bank AG Deutsc 0.500 2/24/2031 EUR 75.165
Argentum Capital 1.377 5/25/2034 EUR 74.108
Land Thueringen 0.200 09/12/2039 EUR 62.035
CNH Industrial Fi 2.200 7/15/2039 EUR 73.470
Vasakronan AB 3.270 6/26/2034 AUD 74.608
Nederlandse Water 1.675 4/26/2046 EUR 74.226
Pfandbriefbank sc 0.375 9/23/2043 CHF 73.288
Assa Abloy AB 0.650 8/28/2034 EUR 72.004
Assistance Publiq 0.490 9/30/2040 EUR 59.910
Communaute Franca 2.350 8/18/2062 EUR 71.887
Morhomes PLC 2.508 2/19/2051 GBP 57.289
Kreditanstalt fue 0.826 10/22/2041 EUR 68.052
National Grid Ele 1.151 2/20/2040 EUR 61.712
Sparekassen Brede 3.750 4/15/2031 DKK 71.194
SNCF Reseau 2.303 07/11/2067 EUR 66.716
United Utilities 0.387 10/05/2057 GBP 53.384
Kreditanstalt fue 0.730 1/21/2050 EUR 60.662
UniCredit SpA 0.725 11/27/2030 EUR 69.024
Commerzbank AG 1.150 6/28/2034 EUR 74.781
Region of Pays de 0.570 03/10/2036 EUR 68.956
Premium Green PLC 1.650 3/28/2031 AUD 73.244
DZ Bank AG Deutsc 2.696 6/24/2026 EUR 70.240
Ministeries Van d 1.874 3/28/2058 EUR 62.053
Agence France Loc 0.550 6/20/2040 EUR 63.061
Societe Generale 2.050 2/18/2031 AUD
Malta Government 1.400 8/20/2046 EUR 60.717
Communaute Franca 0.749 9/16/2080 EUR 47.521
Single Platform I 1.413 3/20/2051 EUR 63.179
Caisse des Depots 1.106 9/30/2049 EUR 55.098
DNB Boligkreditt 0.980 6/20/2044 EUR 65.584
Hamburg Commercia 4.000 9/20/2033 EUR 75.833
BNP Paribas SA 3.950 07/11/2039 AUD 73.337
Kreditanstalt fue 1.110 7/13/2046 EUR 69.061
Aareal Bank AG 1.800 7/21/2036 EUR 71.863
Deutsche Pfandbri 0.640 09/10/2030 EUR 72.757
Pescanova SA 5.125 4/20/2017 EUR 0.319
Kommunalkredit Au 1.183 06/02/2031 EUR 74.104
Single Platform I 1.075 6/26/2052 EUR 57.589
Caisse Francaise 1.718 03/04/2049 EUR 73.475
Windreich GmbH 6.250 03/01/2015 EUR 2.780
getgoods.de AG 7.750 10/02/2017 EUR 0.527
Assistance Publiq 0.800 3/23/2046 EUR 55.361
Commerzbank AG 2.350 2/24/2042 EUR 71.351
Deutsche Bank AG/ 4.320 6/15/2037 AUD 75.345
Region Bourgogne- 0.270 12/07/2035 EUR 68.656
Landeskreditbank 1.862 04/06/2062 EUR 71.533
Autonomous Commun 1.655 10/31/2050 EUR 59.704
Cooperatieve Rabo 2.255 9/20/2047 EUR 68.389
DekaBank Deutsche 1.585 12/28/2035 EUR 61.441
Ukraine Governmen 9.790 5/26/2027 UAH 50.998
Hemso Fastighets 3.020 9/14/2048 SEK 69.605
Assistance Publiq 2.000 5/25/2053 EUR 68.055
VTB Bank OJSC Via 6.250 6/30/2035 USD 22.822
Anselma Issuer SA 1.574 12/31/2038 EUR 42.230
BNP Paribas Issua 3.300 07/01/2030 EUR 63.530
Rosbank PJSC 0.020 4/30/2024 RUB 60.050
MBH Mortgage Bank 1.750 12/22/2026 HUF 72.800
Barclays Bank PLC 4.150 04/05/2039 AUD 71.609
State of Lower Au 0.815 9/22/2056 EUR 48.301
Raiffeisenlandesb 0.620 9/29/2031 EUR 75.618
Cooperatieve Rabo 2.481 2/26/2036 AUD 72.649
Muenchener Hypoth 0.550 2/18/2046 CHF 62.548
Landesbank Baden- 0.290 08/06/2031 EUR 71.281
Communaute Franca 0.788 8/30/2049 EUR 50.321
Raiffeisen Bank z 11.597 EUR 69.468
MFB Magyar Fejles 2.900 10/22/2031 HUF 66.411
Single Platform I 1.440 7/18/2042 EUR 69.187
Banco Santander S 0.790 9/30/2031 EUR 75.217
Kreditanstalt fue 0.699 10/20/2036 EUR 74.010
Ahtium PLC 9.750 04/04/2017 EUR 0.726
State of Rhinelan 0.375 04/01/2041 EUR 61.548
Alpine Holding Gm 5.250 06/10/2016 EUR 0.546
Pescanova SA 8.750 2/17/2019 EUR 0.319
DZ Privatbank SA 0.360 4/29/2031 EUR 75.200
Vnesheconombank V 6.025 07/05/2022 USD 6.339
Grupo Isolux Cors 6.000 12/30/2021 EUR 0.270
Deutsche Bank AG 0.700 10/28/2031 EUR 70.336
Single Platform I 0.950 2/15/2044 EUR 61.768
Republic of Irela 1.230 06/01/2120 EUR 44.572
Telia Co AB 3.000 9/25/2064 EUR 73.361
Veneto Banca SpA 6.950 2/25/2025 EUR 0.741
Rio Forte Investm 3.900 07/10/2014 USD 2.886
Landeskreditbank 0.812 12/16/2060 EUR 48.667
Pfandbriefzentral 0.250 06/12/2040 CHF 75.045
State of Brandenb 0.500 11/21/2039 EUR 65.401
State of Bremen 0.550 02/04/2050 EUR 51.828
Caisse Francaise 0.726 10/29/2039 EUR 65.175
Department of Bou 0.810 12/16/2041 EUR 61.839
ABN AMRO Bank NV 0.500 12/12/2039 EUR 64.611
Kreditanstalt fue 1.208 6/17/2051 EUR 68.104
Kuntarahoitus Oyj 1.200 7/21/2061 EUR 62.605
Kreditanstalt fue 1.208 03/10/2051 EUR 68.034
SAir Group 0.125 07/07/2005 CHF 10.375
Leonteq Securitie 23.000 08/02/2023 CHF 69.080
Societe Generale 12.000 7/14/2026 USD 17.000
HPI AG 3.500 EUR 2.000
Russian Post FGUP 2.750 12/06/2023 RUB 60.070
Societe Generale 8.000 8/16/2023 USD 68.590
MOL Hungarian Oil 1.900 04/12/2031 HUF 58.900
Societe Generale 15.000 5/31/2024 USD 41.150
Market Epito Zrt 2.950 10/22/2029 HUF 68.000
Golden Gate GmbH 6.500 10/11/2014 EUR 36.000
DEPFA PLC 3.947 1/26/2034 EUR 0.010
Citigroup Global 2.000 3/25/2039 EUR 72.733
Kommunalkredit Au 0.570 9/15/2037 EUR 64.201
Societe Generale 2.050 2/18/2031 AUD
Kreditanstalt fue 0.683 2/22/2051 EUR 58.322
Takko Luxembourg 8.698 11/15/2023 EUR 70.071
Purple Protected 1.565 12/23/2060 EUR 63.663
Deutsche Pfandbri 1.850 9/20/2032 EUR 74.912
Single Platform I 1.850 2/15/2041 NOK 68.090
Muenchener Hypoth 1.172 10/30/2047 EUR 67.142
Kuntarahoitus Oyj 0.815 2/24/2061 EUR 54.688
Vasakronan AB 1.655 09/05/2039 SEK 64.062
Rena GmbH 8.250 07/11/2018 EUR 0.054
MMC Norilsk Nicke 6.625 10/14/2022 USD 72.500
DZ Bank AG Deutsc 1.550 6/27/2041 EUR 69.125
Muenchener Hypoth 0.375 8/27/2031 EUR 73.154
BPCE SFH SA 1.390 03/11/2039 EUR 74.033
NRW Bank 1.235 12/16/2061 EUR 58.163
Deutsche Pfandbri 1.340 10/16/2051 EUR 61.716
Nordea Hypotek AB 2.250 10/15/2048 SEK 75.590
Eurogrid GmbH 0.875 11/20/2040 EUR 63.980
Caisse des Depots 1.460 1/24/2052 EUR 59.655
Single Platform I 1.233 6/25/2044 EUR 66.619
Vasakronan AB 0.914 5/27/2030 EUR 66.477
Societe Generale 0.831 11/25/2031 EUR 69.226
Bayerische Landes 1.820 03/12/2031 EUR 73.029
ING Bank NV 2.220 1/20/2036 USD 73.325
Region de Bruxell 0.274 12/11/2040 EUR 55.148
Credit Agricole C 1.300 02/02/2061 EUR 49.378
Raiffeisenlandesb 1.973 2/17/2045 EUR 73.371
DekaBank Deutsche 0.400 1/29/2035 EUR 73.625
Landesbank Hessen 0.850 03/12/2035 EUR 66.783
Region de Bruxell 1.144 1/14/2056 EUR 50.798
BNP Paribas SA 3.590 7/20/2040 AUD 68.538
Kuntarahoitus Oyj 0.726 01/08/2060 EUR 47.390
Department of L'E 0.643 8/31/2041 EUR 60.141
MKB-Leasing OOO 10.500 10/12/2026 RUB 70.020
Credit Suisse AG/ 5.800 7/26/2023 USD 8.920
Russian Federal B 0.250 7/20/2044 RUB 12.700
COFIDUR SA 0.100 12/31/2024 EUR 30.020
SALVATOR Vermoege 9.500 EUR 7.900
Uliving@Essex Iss 0.100 8/31/2058 GBP 68.415
Purple Protected 1.518 1/25/2061 EUR 65.546
Societe Generale 2.000 2/26/2033 USD 74.307
Credit Agricole C 2.800 2/23/2041 AUD 64.571
Deutsche Pfandbri 4.120 11/03/2031 EUR 57.184
Single Platform I 1.250 10/18/2035 EUR 73.545
Single Platform I 1.250 8/15/2051 EUR 61.464
Malta Government 1.200 5/13/2037 EUR 70.530
BPCE SFH SA 1.210 6/15/2039 EUR 72.219
Region de Bruxell 1.620 4/30/2049 EUR 63.173
Pershing Square H 3.000 7/15/2032 USD 73.159
Single Platform I 1.050 6/25/2044 EUR 62.907
Republic of Irela 1.180 5/25/2087 EUR 48.838
Deutsche Telekom 3.500 4/15/2041 AUD 73.069
BNP Paribas SA 3.580 7/23/2040 AUD 73.407
Landeskreditbank 0.842 05/03/2041 EUR 68.847
ING Bank NV 0.182 4/21/2033 EUR 75.066
Charm Finance PLC 3.509 04/12/2048 GBP 73.230
United Kingdom Gi 0.500 10/22/2061 GBP 32.257
Landesbank Hessen 1.383 3/28/2042 EUR 73.121
City of Hanover G 1.560 05/03/2048 EUR 72.050
Vasakronan AB 2.162 05/04/2040 SEK 68.744
Region Wallonne B 1.246 05/12/2070 EUR 47.546
Autonomous Commun 1.138 11/22/2052 EUR 48.326
International Ban 8.250 10/09/2024 USD 60.375
Ministeries Van d 1.053 06/03/2050 EUR 53.792
Ukraine Governmen 9.990 5/22/2024 UAH 70.101
Kreditanstalt fue 0.945 12/17/2040 EUR 70.450
Banque Internatio 1.010 12/12/2039 EUR 60.118
Kreditanstalt fue 0.890 03/10/2041 EUR 68.905
Credit Agricole S 3.000 1/28/2041 AUD 51.761
Hemso Fastighets 2.680 07/10/2035 AUD 68.054
Landesbank Hessen 0.950 04/09/2036 EUR 65.170
Landesbank Hessen 0.750 8/14/2034 EUR 67.441
Kreditanstalt fue 1.027 10/26/2050 EUR 60.373
Department of Loi 0.478 10/30/2040 EUR 59.593
Greenergy Holding 3.000 9/21/2031 HUF 68.466
SG Issuer SA 2.270 02/04/2032 EUR 61.760
Credit Suisse AG/ 13.700 9/25/2023 USD 19.000
Landesbank Baden- 1.000 6/26/2039 EUR 68.100
VTB Bank PJSC 8.400 5/21/2030 RUB 56.000
RENE LEZARD Mode 7.250 11/25/2017 EUR 0.400
Sberbank of Russi 0.010 11/13/2026 TRY 44.780
Bank Vontobel AG 8.500 11/06/2023 CHF 62.400
Societe Generale 17.000 1/17/2030 USD 43.500
Landesbank Baden- 1.250 06/05/2039 EUR 68.590
Pongs & Zahn AG 8.500 11/01/2014 EUR 0.003
UBS AG/London 0.120 5/25/2040 MXN 15.401
Nationale-Nederla 1.400 3/18/2039 EUR 75.205
Sequa Petroleum N 5.000 4/29/2020 USD 30.250
Oberoesterreichis 0.315 9/14/2035 EUR 66.592
Landesbank Hessen 5.318 1/14/2037 EUR 65.600
Single Platform I 1.000 10/31/2040 EUR 64.870
Deutsche Wohnen S 2.125 8/31/2033 EUR 73.854
Aareal Bank AG 0.660 6/26/2028 EUR 74.194
Region de Bruxell 0.845 9/30/2059 EUR 42.658
DZ Bank AG Deutsc 0.580 10/27/2032 EUR 74.241
Kreditanstalt fue 1.171 7/19/2051 EUR 65.835
State of Lower Au 0.460 10/08/2049 EUR 47.682
BPCE SFH SA 1.344 2/18/2041 EUR 72.780
Cie de Financemen 1.730 5/13/2046 EUR 73.981
State of Hesse 0.227 8/20/2049 EUR 50.134
Deutsche Wohnen S 1.250 7/31/2031 EUR 72.859
Malta Government 2.000 07/10/2051 EUR 65.210
Norske Skog Holdi 8.000 2/24/2021 EUR 0.006
Single Platform I 0.780 04/01/2042 EUR 61.187
Berlin Hyp AG 0.895 7/20/2050 EUR 53.377
DZ Bank AG Deutsc 0.710 4/30/2035 EUR 69.388
Caisse des Depots 1.290 05/05/2051 EUR 57.902
Pfandbriefbank sc 0.375 1/24/2042 CHF 75.096
BPCE SFH SA 1.403 1/13/2039 EUR 74.816
DZ Bank AG Deutsc 1.840 12/21/2048 EUR 65.057
Region Occitanie 0.728 11/16/2037 EUR 67.050
UkrLandFarming PL 10.875 3/26/2018 USD 1.998
Uliving@Essex2 Is 0.100 8/31/2063 GBP 64.497
Muenchener Hypoth 0.125 11/19/2030 EUR 75.096
Ile-de-France Mob 1.586 2/23/2052 EUR 64.644
Senvion Holding G 3.875 10/25/2022 EUR 0.128
Communaute Franca 2.500 07/06/2087 EUR 73.257
United Utilities 0.359 10/05/2048 GBP 58.283
Severn Trent Util 1.399 02/09/2057 GBP 75.380
New World Resourc 4.000 10/07/2020 EUR 0.077
Steilmann SE 7.000 9/23/2018 EUR 1.429
State of Hesse 0.375 04/09/2040 EUR 60.732
Muenchener Hypoth 0.335 02/10/2031 EUR 74.179
Single Platform I 1.375 7/25/2053 EUR 62.769
Erdoel-Lagergesel 1.200 06/04/2043 EUR 63.406
Single Platform I 0.457 2/15/2046 EUR 52.271
Region de Bruxell 1.800 8/17/2048 EUR 68.950
Kreditanstalt fue 1.366 3/17/2042 EUR 75.323
DZ Bank AG Deutsc 1.000 2/18/2032 EUR 66.717
Kreditanstalt fue 0.301 10/15/2034 EUR 74.339
Single Platform I 2.080 4/30/2045 EUR 75.685
Societe Generale 2.700 3/25/2036 USD 63.022
Hypo Vorarlberg B 1.520 07/08/2050 EUR 56.274
Caisse des Depots 1.780 1/15/2048 EUR 68.071
Grand Delta Habit 1.285 11/06/2040 EUR 60.688
Landesbank Hessen 0.950 02/12/2035 EUR 67.911
MVM Energetika Zr 3.250 09/03/2031 HUF 65.000
Societe Generale 9.250 9/22/2026 USD 67.100
VTB Bank PJSC 5.000 USD 48.000
Raiffeisen Schwei 6.000 7/19/2023 CHF 71.590
Credit Suisse AG/ 2.500 7/23/2025 SEK 21.160
Credit Suisse AG/ 2.500 10/07/2025 SEK 22.000
Skandinaviska Ens 10.150 1/15/2025 SEK 70.080
Credit Bank of Mo 5.150 2/20/2024 EUR 30.645
Banco Santander S 1.000 1/14/2034 EUR 70.992
DNB Boligkreditt 1.557 02/01/2040 EUR 75.304
Region Wallonne B 1.225 09/02/2120 EUR 36.023
Deutsche Pfandbri 0.710 09/10/2031 EUR 70.411
Centre Hospitalie 1.580 02/11/2061 EUR 71.165
Muenchener Hypoth 0.420 12/10/2035 EUR 66.299
Bank Julius Baer 20.900 5/22/2023 CHF 49.700
Region Wallonne B 1.135 10/10/2069 EUR 45.372
Region de Bruxell 1.029 1/14/2048 EUR 53.887
LR Realkredit AS 1.000 10/01/2050 DKK 67.095
Lloyds Bank PLC 0.500 7/26/2028 MXN 59.929
NRW Bank 0.550 7/23/2035 EUR 72.264
DZ HYP AG 1.060 7/28/2036 EUR 74.814
Single Platform I 1.117 5/25/2066 EUR 53.108
Collectivite Euro 0.487 10/09/2045 EUR 51.296
Deutsche Bank AG 0.710 9/24/2031 EUR 69.455
Kuntarahoitus Oyj 1.150 9/24/2051 EUR 66.562
French Republic G 0.500 6/25/2044 EUR 58.877
Landesbank Hessen 1.150 6/23/2036 EUR 66.788
Norske Skog Holdi 8.000 2/24/2023 USD 0.006
Agrokor dd 9.875 05/01/2019 EUR 15.000
Regie Autonome de 0.938 5/25/2050 EUR 52.691
DZ HYP AG 0.300 8/21/2035 EUR 68.670
United Kingdom Gi 1.250 7/31/2051 GBP 51.791
ING Bank NV 0.335 4/21/2036 EUR 68.719
Barclays Bank PLC 1.450 9/24/2038 MXN 27.613
MMC Norilsk Nicke 2.800 10/27/2026 USD 71.665
Credit Agricole C 15.000 6/18/2026 TRY 69.211
State of Brandenb 0.050 2/28/2033 EUR 74.491
Region de Bruxell 0.930 05/03/2051 EUR 49.982
State of Bremen 0.500 05/06/2041 EUR 62.440
BNP Paribas SA 1.450 11/17/2041 EUR 66.606
Single Platform I 0.815 04/01/2042 EUR 60.242
Caisse Francaise 1.670 12/07/2048 EUR 72.915
Kreditanstalt fue 0.955 04/06/2040 EUR 71.315
Credit Mutuel Ark 1.555 5/14/2035 EUR 73.906
Kuntarahoitus Oyj 1.155 11/19/2060 EUR 58.455
Norddeutsche Land 0.600 11/18/2030 EUR 75.282
Kreditanstalt fue 0.902 11/16/2050 EUR 61.928
Republic of Irela 2.000 6/29/2064 EUR 69.337
State of Saarland 0.500 3/15/2051 EUR 50.796
Purple Protected 1.580 5/25/2060 EUR 43.816
BNP Paribas SA 1.395 02/12/2035 EUR 73.381
DNB Boligkreditt 1.550 09/01/2042 EUR 73.088
BPCE SA 2.550 06/09/2035 AUD 61.975
United Kingdom Gi 0.625 10/22/2050 GBP 42.569
Bayerische Landes 0.940 7/16/2032 EUR 75.592
Region de Bruxell 0.808 1/31/2050 EUR 47.209
DZ Bank AG Deutsc 0.900 03/02/2035 EUR 71.800
Kreditanstalt fue 0.788 11/04/2039 EUR 69.577
Commerzbank AG 1.219 12/12/2039 EUR 64.897
Region Wallonne B 1.272 10/03/2040 EUR 68.458
Deutsche Wohnen S 2.125 9/26/2033 EUR 70.028
Oberoesterreichis 0.655 1/25/2036 EUR 66.891
UBS Group AG 2.490 03/04/2036 USD 69.265
Grupo Isolux Cors 0.250 12/30/2018 EUR 0.157
HSBC Bank PLC 10.300 12/20/2024 TRY 71.174
Santander Interna 1.700 12/12/2049 EUR 43.480
TBI Bank EAD 5.250 7/30/2031 EUR 50.137
Lehman Brothers T 5.318 10/05/2035 EUR 0.100
DZ Bank AG Deutsc 4.000 6/23/2023 EUR 70.970
Goldman Sachs Int 0.098 1/13/2025 EUR 20.700
Quintet Private B 3.650 11/13/2023 EUR 5.880
UBS AG/London 7.000 12/12/2023 USD 9.840
Landesbank Baden- 1.250 6/26/2039 EUR 67.010
IEC Optima Ltd Co 15.000 10/29/2024 RUB 3.920
Metal Hungaria Ho 3.000 11/17/2030 HUF 62.500
Landesbank Hessen 5.318 1/26/2037 EUR 68.400
Swissquote Bank S 29.720 12/05/2023 CHF 42.320
Caisse Francaise 1.428 2/19/2049 EUR 70.647
Caisse des Depots 1.617 3/18/2049 EUR 65.028
Landesbank Baden- 0.500 7/24/2030 EUR 75.632
Oberoesterreichis 0.610 1/28/2037 EUR 67.116
Heta Asset Resolu 5.730 12/31/2023 EUR 1.504
Hypo Vorarlberg B 0.570 8/26/2030 EUR 75.396
Nederlandse Water 0.964 06/11/2059 EUR 53.940
Norddeutsche Land 0.600 2/24/2031 EUR 74.452
Muenchener Hypoth 0.568 6/15/2032 EUR 74.383
ESB Finance DAC 2.000 4/17/2044 EUR 69.040
Cie de Financemen 1.630 5/26/2046 EUR 72.287
Hamburg Commercia 4.000 7/18/2033 EUR 75.670
Luzerner Kantonal 0.500 7/26/2041 CHF 75.413
Norske Skogindust 2.000 12/30/2115 EUR 0.407
Communaute Franca 2.000 4/14/2076 EUR 66.014
Kreditanstalt fue 1.027 8/31/2046 EUR 67.626
Free and Hanseati 1.095 6/13/2046 EUR 67.965
Kommunekredit 0.100 9/30/2033 DKK 72.343
National Grid Ele 2.920 9/30/2044 AUD 66.076
SpareBank 1 SR-Ba 1.020 10/08/2036 EUR 66.088
BPCE SA 2.730 10/05/2036 AUD 60.504
Lloyds Bank PLC 2.280 1/29/2044 EUR 70.861
Caisse Francaise 1.699 1/18/2044 EUR 75.602
Muenchener Hypoth 0.886 3/26/2043 EUR 64.373
Landesbank Hessen 0.590 5/21/2031 EUR 75.198
Region Provence-A 0.753 01/05/2037 EUR 70.293
Single Platform I 1.340 05/10/2044 EUR 66.542
Barclays Bank PLC 3.020 3/26/2051 USD 60.658
Hungary Governmen 4.000 4/28/2051 HUF 59.706
Department of Gir 0.846 4/29/2039 EUR 67.143
Portugal Obrigaco 1.150 04/11/2042 EUR 66.895
Muenchener Hypoth 1.185 05/05/2059 EUR 54.302
Single Platform I 0.908 2/15/2041 EUR 64.503
Berlin Hyp AG 0.118 3/18/2030 EUR 75.400
Kreditanstalt fue 0.620 1/14/2050 EUR 53.984
Aareal Bank AG 1.850 3/20/2035 EUR 75.010
State of Lower Au 0.550 11/13/2080 EUR 30.422
Lithuania Governm 2.100 5/26/2047 EUR 75.427
Autonomous Commun 0.810 10/31/2040 EUR 59.682
Communaute Franca 1.787 6/14/2044 EUR 69.612
Kommunekredit 0.869 11/12/2043 SEK 63.745
Region de Bruxell 1.020 4/30/2060 EUR 43.056
Agrokor dd Via Aq 4.921 08/08/2017 EUR 14.625
Gecci Investment 6.000 10/01/2027 EUR 34.404
CDC Habitat SEM 0.853 2/15/2041 EUR 57.347
Espirito Santo Fi 5.050 11/15/2025 EUR 0.622
Hypo Vorarlberg B 0.400 12/22/2031 EUR 70.664
Aargau Verkehr AG 0.270 11/29/2049 CHF 72.986
State of Brandenb 0.375 1/29/2035 EUR 73.669
Norddeutsche Land 0.750 02/04/2031 EUR 74.986
Republic of Irela 1.320 11/28/2119 EUR 40.980
Berlin Hyp AG 1.157 12/09/2039 EUR 55.864
Nomura Bank Inter 1.138 12/19/2039 EUR 58.816
Oberoesterreichis 0.705 1/29/2036 EUR 67.356
Lehman Brothers T 4.680 12/12/2045 EUR 0.100
Republic of Austr 0.100 07/10/2040 EUR 59.748
Saastopankkien Ke 0.860 1/18/2036 EUR 66.804
Premium Green PLC 1.610 9/30/2030 AUD 75.041
Caisse Francaise 1.720 11/06/2047 EUR 74.102
Affinity Water Fi 0.230 11/22/2042 GBP 66.636
Santander Interna 2.770 07/02/2035 USD 71.110
Credit Agricole S 3.450 03/04/2041 AUD 55.849
Premium Green PLC 1.630 12/30/2030 AUD 74.289
Single Platform I 1.600 2/15/2041 EUR 73.353
DZ Bank AG Deutsc 0.550 3/23/2033 EUR 73.183
BNP Paribas SA 1.300 1/28/2037 EUR 70.649
Commerzbank AG 1.046 12/18/2034 EUR 71.323
Hungary Governmen 3.000 4/25/2041 HUF 56.830
UBS AG/London 8.900 11/22/2023 USD 9.780
Societe Generale 24.000 11/14/2024 USD 58.338
Societe Generale 10.000 01/03/2025 USD 47.530
Credit Suisse AG/ 1.000 12/20/2027 EUR 0.270
Credit Suisse AG/ 4.460 7/26/2023 USD 9.630
Ingrad AO 11.000 2/27/2030 RUB 63.000
Raiffeisen Schwei 20.000 11/07/2023 CHF 30.240
SG Issuer SA 7.600 1/20/2025 SEK 57.040
Danske Bank A/S 9.000 07/09/2026 SEK 72.230
Busy Bee Finance 5.000 6/28/2029 EUR 65.000
MET Hungary Solar 3.800 12/02/2031 HUF 68.250
Credit Suisse AG/ 13.300 11/29/2023 USD 40.520
Metal Hungaria Ho 3.500 11/16/2031 HUF 68.000
Raiffeisen Schwei 12.000 6/21/2023 CHF 47.590
Alteo Nyrt 3.150 10/28/2029 HUF 59.800
Societe Generale 15.000 05/02/2024 USD 7.870
GTC Magyarorszag 2.600 3/17/2031 HUF 69.560
Norddeutsche Land 0.650 01/12/2032 EUR 72.217
NRW Bank 1.245 09/07/2060 EUR 59.383
Societe Generale 1.700 1/19/2031 USD 72.517
Thomas Cook Finan 3.875 7/15/2023 EUR 0.500
Landwirtschaftlic 0.400 7/29/2036 EUR 70.808
Deutsche Pfandbri 0.857 9/18/2037 EUR 54.593
Kommunekredit 2.180 7/16/2040 AUD 65.828
Italy Buoni Polie 2.700 03/01/2047 EUR 74.101
Muenchener Hypoth 1.010 08/06/2044 EUR 56.011
State of Saarland 1.108 5/18/2046 EUR 65.780
Bayerische Landes 3.450 7/15/2036 EUR 73.626
Region Bretagne S 0.620 08/07/2037 EUR 68.278
Bank fuer Kirche 0.660 3/17/2036 EUR 67.756
Single Platform I 1.240 5/25/2052 EUR 60.840
Barclays Bank PLC 3.130 04/09/2051 USD 61.886
Landeskreditbank 2.500 5/21/2036 AUD 73.302
Ville de Paris 0.963 12/06/2051 EUR 51.000
Region de Bruxell 1.620 02/08/2044 EUR 68.057
ING Groep NV 0.975 2/14/2034 EUR 68.816
Volksbank Weinhei 2.600 12/08/2058 EUR 60.522
Bilt Paper BV 10.360 USD 1.217
Landesbank Hessen 1.150 11/24/2036 EUR 66.378
Agrokor dd 8.875 02/01/2020 USD 15.000
DAH Holding GmbH 7.250 9/28/2018 EUR 0.718
NRW Bank 1.000 2/26/2050 EUR 61.881
Credit Agricole C 2.500 2/20/2048 EUR 76.021
Grupo Isolux Cors 1.000 12/30/2021 EUR 0.157
Deutsche Pfandbri 0.906 03/04/2050 EUR 59.257
BNP Paribas SA 0.500 11/16/2032 MXN 37.234
Mox Telecom AG 7.250 11/02/2017 EUR 2.270
Autonomous Commun 1.250 10/31/2040 EUR 64.638
Department of Val 0.929 5/19/2041 EUR 64.376
Deutsche Bank AG 2.330 02/11/2043 EUR 67.379
Caisse des Depots 1.150 02/03/2042 EUR 63.505
DZ Bank AG Deutsc 0.760 9/15/2033 EUR 74.986
Bayerische Landes 0.770 6/18/2032 EUR 73.262
Banque Internatio 0.480 11/13/2030 EUR 72.931
SNCF Reseau 1.100 10/27/2036 EUR 74.794
Jyske Realkredit 0.500 10/01/2053 DKK 64.754
Specialfastighete 1.215 5/14/2035 SEK 72.930
State of North Rh 1.650 5/16/2047 EUR 73.719
Landesbank Baden- 0.500 11/25/2030 EUR 74.848
Caisse Francaise 0.510 11/19/2040 EUR 61.949
Autonomous Commun 1.089 10/31/2049 EUR 51.289
Land Thueringen 1.100 07/03/2047 EUR 65.414
French Republic G 0.500 5/25/2072 EUR 38.386
Banque Internatio 2.120 8/20/2040 EUR 60.489
Region Centre 0.390 12/04/2042 EUR 54.486
LFA Foerderbank B 0.250 9/30/2039 EUR 62.586
Ville de Paris 1.165 06/09/2053 EUR 52.194
Single Platform I 0.835 10/14/2061 EUR 47.555
Commerzbank AG 1.250 6/28/2034 EUR 75.424
Bayerische Landes 3.550 10/14/2036 EUR 74.091
Region de Bruxell 0.640 7/20/2045 EUR 52.427
Citigroup Global 2.900 3/15/2041 USD 70.712
DZ Bank AG Deutsc 0.440 1/21/2036 EUR 62.538
Autonomous Commun 1.950 5/24/2041 EUR 72.656
Single Platform I 1.085 6/20/2050 EUR 58.677
Ferrovie Luganesi 0.280 12/31/2044 CHF 70.893
Anselma Issuer SA 2.174 12/31/2038 EUR 41.080
MKB-Leasing OOO 9.200 12/22/2027 RUB 65.000
Wellis Magyarorsz 3.000 2/26/2031 HUF 63.905
Hell Energy Magya 3.000 7/28/2031 HUF 70.100
Credit Suisse AG/ 17.480 01/08/2024 CHF 77.370
OTP Munkavallalok 4.500 7/14/2031 HUF 72.850
Societe Generale 10.000 6/28/2034 USD 72.000
Landesbank Baden- 0.700 09/05/2039 EUR 64.050
DZ Bank AG Deutsc 1.598 10/11/2050 EUR 56.960
Credit Suisse AG/London 08/09/2024 USD 8.349
Futureal Developm 3.500 11/16/2036 HUF 51.000
Skandinaviska Ens 6.000 7/15/2024 SEK
Landesbank Baden- 1.000 7/17/2039 EUR 66.280
KESZ Holding Busi 2.800 6/17/2031 HUF 71.070
OR PJSC 11.500 7/28/2024 RUB 2.830
Goldman Sachs Int 2.200 3/29/2048 EUR 70.364
Societe Generale 2.650 3/19/2031 AUD
Muenchener Hypoth 0.040 1/17/2031 EUR 73.907
Region Wallonne B 1.222 6/24/2080 EUR 44.124
Landesbank Hessen 2.400 3/22/2052 EUR 75.677
Lloyds Bank PLC 2.545 8/28/2038 SEK 75.107
Petromena ASA 10.850 11/19/2018 USD 0.622
Grand Delta Habit 1.425 2/26/2048 EUR 54.571
Kreditanstalt fue 0.918 10/11/2050 EUR 62.218
Kreditanstalt fue 0.880 12/07/2050 EUR 61.504
Caisse des Depots 1.114 9/20/2049 EUR 56.457
Vilogia SA d'HLM 1.500 08/07/2034 EUR 72.663
Ville de Paris 0.850 08/04/2051 EUR 49.368
DZ HYP AG 1.172 4/25/2039 EUR 71.613
DZ Bank AG Deutsc 2.240 8/22/2034 USD 77.213
Centre Hospitalie 1.160 09/06/2039 EUR 57.453
HSBC Bank PLC 0.500 11/25/2025 BRL 73.109
BNP Paribas SA 3.660 08/09/2039 AUD 70.638
Single Platform I 0.605 9/20/2042 EUR 59.093
Landesbank Hessen 0.900 05/12/2036 EUR 64.501
Kuntarahoitus Oyj 1.300 04/08/2061 EUR 65.075
Region Occitanie 0.766 10/07/2041 EUR 61.583
Rikshem AB 2.137 1/29/2036 EUR 73.645
Aareal Bank AG 1.250 1/30/2029 EUR 73.728
Raiffeisenverband 1.853 02/05/2049 EUR 64.600
Landesbank Hessen 1.050 1/20/2037 EUR 65.279
Italy Buoni Polie 2.150 03/01/2072 EUR 55.332
Landesbank Baden- 0.905 04/01/2041 EUR 58.156
Flamingo Lux II S 5.000 3/31/2029 EUR 72.694
DNB Boligkreditt 1.230 11/18/2039 EUR 71.547
DZ HYP AG 2.023 1/18/2058 EUR 70.144
Region de Bruxell 1.819 1/22/2048 EUR 69.620
NRW Bank 1.182 08/07/2050 EUR 59.665
Nederlandse Water 1.370 3/23/2065 EUR 56.202
Kingdom of Belgiu 0.459 7/23/2079 EUR 28.938
Berlin Hyp AG 0.750 03/04/2050 EUR 51.551
Citigroup Global 1.500 5/13/2051 EUR 56.096
Single Platform I 2.085 1/24/2044 NOK 66.632
Bayerische Landes 0.030 10/22/2035 EUR 67.677
Landshypotek Bank 1.815 2/25/2041 SEK 74.975
Landesbank Saar 0.540 11/18/2033 EUR 70.212
LFA Foerderbank B 0.010 12/15/2033 EUR 72.721
Kreditanstalt fue 0.210 11/18/2037 EUR 64.311
Kreditanstalt fue 0.820 4/15/2050 EUR 62.181
Purple Protected 2.100 4/15/2060 EUR 46.500
Belfius Bank SA 0.125 6/19/2034 EUR 71.315
Muenchener Hypoth 1.230 02/11/2042 EUR 70.847
Slovenska Sporite 4.820 EUR 63.373
DZ Bank AG Deutsc 0.700 11/30/2035 EUR 68.579
Tonon Luxembourg 12.500 5/14/2024 USD 0.001
Virgolino de Oliv 10.875 1/13/2020 USD 36.000
UniCredit Bank AG 2.250 10/14/2039 EUR 70.932
Agence Francaise 1.600 7/27/2043 EUR 74.239
Romanian Governme 2.625 12/02/2040 EUR 59.331
Kreditanstalt fue 0.830 12/09/2050 EUR 61.746
DZ HYP AG 0.205 06/05/2040 EUR 57.365
Astana Finance BV 7.875 06/08/2010 EUR 16.000
Lehman Brothers T 5.103 6/22/2046 EUR 0.100
Kreditanstalt fue 0.943 06/09/2050 EUR 63.182
Barclays Bank PLC 2.070 12/18/2035 USD 64.903
Department of Loi 0.550 12/18/2045 EUR 51.953
Republic of Irela 1.230 6/23/2121 EUR 43.844
Single Platform I 1.840 7/25/2053 EUR 71.923
Societe Generale 2.060 03/12/2031 USD 74.075
Nederlandse Water 1.610 12/04/2052 EUR 69.520
NIBC Bank NV 0.410 1/27/2031 EUR 68.862
Lehman Brothers T 5.550 03/12/2015 EUR 0.100
Barclays Bank PLC 2.230 1/26/2036 USD 67.425
Assistance Publiq 1.750 11/27/2041 EUR 74.393
DNB Boligkreditt 1.569 1/31/2042 EUR 73.624
DNB Boligkreditt 1.533 1/27/2042 EUR 73.234
Grupo Isolux Cors 6.000 12/30/2021 USD 0.268
Standard Chartere 3.040 1/18/2042 USD 72.060
Bayerische Landes 0.280 10/09/2030 EUR 75.286
Kreditanstalt fue 0.935 12/16/2039 EUR 71.049
Kommunekredit 0.342 09/01/2042 EUR 58.463
Eika Boligkreditt 1.112 5/16/2039 EUR 71.102
Credit Agricole C 2.105 10/22/2035 USD 69.342
Bank Vontobel AG 11.600 6/20/2023 CHF 66.000
Landesbank Hessen 2.400 06/09/2036 EUR 62.800
Bank Vontobel AG 15.430 06/06/2023 CHF 62.700
Sberbank of Russi 0.010 02/01/2029 RUB 74.100
DekaBank Deutsche 14.820 06/01/2023 EUR 59.730
Landesbank Hessen 1.500 1/20/2037 EUR 64.450
OR PJSC 16.000 11/26/2025 RUB 14.010
Landesbank Hessen 1.600 06/12/2035 EUR 72.000
Cordia Internatio 3.000 7/27/2030 HUF 87.093
Citigroup Global 12.000 2/13/2024 SEK 72.950
MOL Hungarian Oil 1.100 9/22/2030 HUF 54.500
Landesbank Hessen 1.150 9/22/2036 EUR 64.400
Societe Generale 15.000 9/29/2025 USD 12.600
Banque Cantonale 7.300 9/16/2024 CHF 27.290
Banque et Caisse 1.000 01/04/2042 EUR 68.969
Norddeutsche Land 0.750 2/16/2032 EUR 73.020
Aareal Bank AG 0.380 9/16/2031 EUR 57.323
Heta Asset Resolu 5.920 12/31/2023 EUR 1.500
Deutsche Bank AG 1.050 09/01/2031 EUR 71.899
Lehman Brothers T 4.000 01/04/2011 USD 0.100
BNG Bank NV 2.000 09/05/2058 EUR 68.886
Kreditanstalt fue 0.680 2/23/2051 EUR 59.148
Landesbank Hessen 0.600 3/18/2036 EUR 61.927
Nederlandse Water 1.950 8/29/2058 EUR 70.621
Region Hauts-de-F 0.402 2/18/2043 EUR 54.282
Muenchener Hypoth 0.050 7/15/2030 EUR 75.410
SAir Group 5.500 7/23/2003 CHF 10.209
Landesbank Hessen 0.500 8/20/2031 EUR 74.315
Landesbank Hessen 0.750 8/19/2036 EUR 65.437
Kingdom of Belgiu 1.600 6/22/2047 EUR 70.752
Ukraine Governmen 7.750 09/01/2027 USD 17.108
DekaBank Deutsche 1.340 8/22/2036 EUR 71.103
Societe Publique 1.272 8/23/2036 EUR 72.526
National Grid Ele 1.690 9/16/2041 GBP 54.997
Kreditanstalt fue 1.087 1/21/2050 EUR 66.095
Single Platform I 1.448 7/25/2053 EUR 64.172
DZ Bank AG Deutsc 0.600 5/15/2036 EUR 67.002
Landesbank Hessen 0.530 11/04/2031 EUR 73.950
Landesbank Baden- 0.650 06/01/2034 EUR 66.720
DZ Bank AG Deutsc 1.850 2/19/2049 EUR 66.901
Brussels Municipa 0.892 3/29/2041 EUR 63.172
Heta Asset Resolu 7.500 12/31/2023 ATS 1.537
Banco Espirito Sa 10.000 12/06/2021 EUR 0.622
Raiffeisen Landes 1.385 12/14/2037 EUR 75.642
Deutsche Bahn Fin 0.232 3/17/2032 EUR 74.352
DZ Bank AG Deutsc 1.470 1/20/2042 EUR 65.175
Alfa Bank AO Via 5.500 10/26/2031 USD 0.030
Single Platform I 1.000 07/08/2034 EUR 72.343
Credit Agricole C 3.020 4/22/2036 AUD 74.622
AK BARS Bank Via 8.000 7/13/2022 USD 31.000
Elli Investments 12.250 6/15/2020 GBP 52.250
Specialfastighete 1.120 2/19/2044 SEK 60.953
Grand Delta Habit 1.630 03/06/2045 EUR 59.499
Agrokor dd 9.125 02/01/2020 EUR 15.000
Banque et Caisse 1.270 05/07/2045 EUR 70.611
Credit Agricole C 18.540 3/24/2027 TRY 77.917
Landesbank Saar 0.650 11/19/2035 EUR 68.046
DZ Bank AG Deutsc 0.350 11/10/2042 EUR 57.164
Nederlandse Water 0.190 11/02/2050 EUR 45.652
Ville de Paris 1.165 06/09/2053 EUR 50.917
Caisse des Depots 0.323 06/04/2035 EUR 69.832
Caisse des Depots 1.930 03/06/2048 EUR 70.033
Deutsche Bank AG 2.267 8/25/2034 EUR 74.484
DZ HYP AG 1.430 10/26/2046 EUR 64.097
Tonon Luxembourg 12.500 5/14/2024 USD 0.001
Norddeutsche Land 1.600 4/14/2037 EUR 67.657
Swedbank Hypotek 1.500 7/13/2048 EUR 71.319
Landesbank Hessen 0.550 1/21/2036 EUR 61.828
French Republic G 0.500 5/25/2040 EUR 64.780
Ukraine Governmen 9.990 5/22/2024 UAH 70.101
BNP Paribas SA 1.150 11/20/2034 EUR 73.730
UBS Group AG 3.030 11/18/2034 AUD 75.907
Deutsche Wohnen S 1.700 12/05/2036 EUR 64.025
Deutsche Telekom 3.500 09/06/2039 AUD 74.480
DZ Bank AG Deutsc 0.800 1/21/2041 EUR 60.549
Hypo Tirol Bank A 1.090 1/21/2041 EUR 64.885
Lehman Brothers T 2.000 6/21/2011 EUR 0.100
Caisse des Depots 1.630 12/28/2046 EUR 66.425
Societe Generale 3.820 4/26/2039 AUD 66.539
Muenchener Hypoth 0.580 10/14/2035 EUR 68.204
Landesbank Hessen 1.250 11/10/2036 EUR 66.400
VTB Bank PJSC 3.750 EUR 30.000
MOL Nyrt Kueloenl 4.950 1/26/2032 HUF 74.460
Landesbank Hessen 1.580 12/16/2036 EUR 67.800
Credit Suisse AG/ 11.500 7/26/2023 CHF 45.050
Landesbank Hessen 1.500 12/10/2036 EUR 67.100
Societe Generale 12.264 11/02/2023 USD 15.150
BNP Paribas Emiss 3.000 4/21/2026 EUR 50.600
Landesbank Hessen 1.500 12/16/2036 EUR 67.600
Landesbank Hessen 0.750 11/17/2036 EUR 67.200
niiio finance gro 4.000 5/31/2026 EUR 31.000
Bank Vontobel AG 17.060 06/05/2023 EUR 68.200
Landesbank Hessen 1.500 1/20/2037 EUR 66.700
Landesbank Hessen 1.500 11/17/2036 EUR 66.400
Nordea Bank Abp 4.600 1/20/2029 SEK 71.000
Landesbank Hessen 2.000 11/25/2036 EUR 64.650
Landesbank Hessen 0.750 12/02/2036 EUR 67.000
DZ Bank AG Deutsc 4.050 6/23/2023 EUR 43.190
DZ Bank AG Deutsc 1.598 10/11/2050 EUR 56.960
Abroncs Kereskedo 2.800 12/17/2027 HUF 74.000
Landesbank Hessen 1.000 12/28/2035 EUR 65.250
UBS AG/London 7.000 4/25/2024 USD 9.850
UniCredit Bank AG 1.120 1/20/2031 EUR 70.500
SG Issuer SA 9.180 1/20/2025 SEK 57.920
SG Issuer SA 2.100 8/23/2033 EUR 22.260
Landesbank Baden- 5.318 1/30/2034 EUR 74.070
VTB Bank PJSC 7.600 04/02/2031 RUB 70.000
BNP Paribas Issua 7.200 12/17/2024 SEK 74.030
Alteo Nyrt 2.450 10/08/2031 HUF 57.900
Zurcher Kantonalb 15.400 6/13/2023 CHF 32.520
State of Saxony-A 2.241 07/03/2028 EUR 60.000
Wingholding Zrt 3.000 9/22/2031 HUF 58.150
Russian Railways 3.310 10/15/2040 RUB 50.010
Credit Suisse AG/ 10.250 06/09/2023 USD 58.940
Landesbank Hessen 1.170 12/08/2036 EUR 66.614
Region de Bruxell 1.506 2/21/2039 EUR 73.641
Land Thueringen 1.000 3/29/2039 EUR 73.776
La Banque Postale 1.311 05/09/2040 EUR 72.600
State of North Rh 1.467 06/12/2045 EUR 72.213
BPCE SFH SA 1.229 04/12/2049 EUR 64.007
Natixis SA 4.530 3/16/2048 AUD 72.297
Heta Asset Resolu 2.864 12/31/2023 EUR 1.537
Landesbank Baden- 0.590 9/22/2034 EUR 65.402
Norddeutsche Land 1.570 09/09/2038 EUR 63.916
Landesbank Baden- 0.560 9/22/2033 EUR 67.552
Landesbank Hessen 1.400 1/13/2037 EUR 66.450
Societe Generale 1.900 1/21/2031 USD
Cooperatieve Rabo 2.360 9/25/2047 EUR 69.795
Kreditanstalt fue 0.990 02/12/2051 EUR 63.161
Landeskreditbank 1.443 3/18/2042 EUR 75.142
LBI ehf 7.431 USD 0.001
Aareal Bank AG 1.125 6/28/2030 EUR 66.516
Caisse des Depots 1.000 2/26/2051 EUR 53.004
Landesbank Baden- 0.550 2/19/2031 EUR 74.378
Barclays Bank PLC 2.500 12/29/2032 USD 75.558
Societe Generale 2.120 01/06/2036 USD 58.791
Saechsische Aufba 0.300 2/18/2042 EUR 56.889
Caisse des Depots 1.548 08/09/2038 EUR 74.618
Caisse des Depots 2.160 12/07/2050 AUD 59.136
Santander Interna 1.192 12/07/2045 EUR 57.601
Pfandbriefbank sc 0.250 3/15/2041 CHF 74.122
National Grid Ele 2.710 10/04/2034 AUD 75.267
Societe Du Grand 1.955 4/16/2069 EUR 62.353
Cie de Financemen 1.270 4/26/2039 EUR 73.440
Communaute Franca 0.886 6/22/2057 EUR 44.552
NRW Bank 0.510 9/23/2039 EUR 65.125
Communaute Franca 1.000 10/08/2069 EUR 42.480
Citigroup Global 0.430 8/15/2031 EUR 72.161
Single Platform I 1.500 3/20/2051 EUR 65.262
BNG Bank NV 1.627 4/25/2046 EUR 71.651
Moby SpA 7.750 2/15/2023 EUR 59.684
NRW Bank 0.650 7/20/2037 EUR 73.288
Credit Suisse AG/ 5.000 2/18/2046 AUD 75.280
Assistance Publiq 1.665 04/10/2049 EUR 65.386
PA Resources AB 13.500 03/03/2016 SEK 0.124
Single Platform I 1.910 8/15/2036 NOK 72.676
Norddeutsche Land 0.325 9/15/2031 EUR 70.677
Bank fuer Kirche 0.770 10/12/2035 EUR 69.343
Rikshem AB 2.900 1/23/2035 AUD 70.476
DZ Bank AG Deutsc 1.250 9/30/2060 EUR 47.339
Region of Pays de 0.448 12/20/2039 EUR 62.075
Kingdom of Belgiu 0.558 9/24/2077 EUR 32.334
Landesbank Baden- 0.540 10/07/2031 EUR 72.310
Landesbank Baden- 0.690 10/08/2035 EUR 63.936
Landesbank Hessen 0.700 08/08/2034 EUR 67.071
Oberoesterreichis 0.445 3/28/2036 EUR 66.633
Landesbank Hessen 0.700 11/04/2033 EUR 70.839
Landesbank Hessen 0.900 11/10/2036 EUR 63.870
Landesbank Hessen 0.600 11/11/2031 EUR 74.474
Single Platform I 1.023 2/15/2046 EUR 60.630
National Grid Ele 2.037 2/15/2039 EUR 74.187
Cie de Financemen 1.887 1/31/2049 EUR 73.865
Landesbank Hessen 1.000 1/13/2037 EUR 64.766
Landesbank Baden- 0.740 06/02/2036 EUR 63.114
Norddeutsche Land 0.950 6/16/2033 EUR 69.841
Norske Skog Holdi 8.000 2/24/2023 USD 0.006
Landesbank Hessen 0.410 12/17/2030 EUR 75.452
Norddeutsche Land 0.525 1/19/2032 EUR 71.535
Landesbank Hessen 0.400 11/17/2036 EUR 71.488
Landesbank Baden- 0.530 06/01/2032 EUR 70.625
SG Issuer SA 2.700 11/28/2034 ZAR 37.658
NRW Bank 0.750 5/26/2036 EUR 74.074
Landesbank Hessen 0.820 11/15/2034 EUR 67.861
Credit Agricole S 3.270 10/05/2041 AUD 63.430
Credit Agricole S 3.610 4/20/2036 AUD 67.640
Single Platform I 0.950 5/17/2038 EUR 66.878
State of Rhinelan 0.872 10/31/2036 EUR 75.411
NRW Bank 0.591 3/19/2040 EUR 67.418
Region de Bruxell 0.910 1/31/2053 EUR 47.040
CDC Habitat SEM 1.150 4/30/2037 EUR 67.318
Deutsche Apotheke 0.800 12/21/2035 EUR 64.258
Caisse des Depots 1.015 7/22/2050 EUR 53.583
Grenke Finance PL 0.819 2/15/2030 EUR 63.916
Landesbank Hessen 0.500 12/03/2031 EUR 73.711
Hypo Vorarlberg B 0.410 05/06/2031 EUR 72.497
Landesbank Hessen 1.000 12/10/2036 EUR 64.726
Region de Bruxell 1.040 05/03/2061 EUR 41.491
ABN AMRO Bank NV 1.950 12/07/2048 EUR 75.669
Basque Government 2.000 4/30/2059 EUR 60.779
Landesbank Baden- 0.460 10/28/2030 EUR 74.333
Landeskreditbank 0.730 10/04/2050 EUR 55.031
State of Rhinelan 0.600 10/24/2046 EUR 56.583
Single Platform I 0.955 2/15/2041 EUR 64.487
Landesbank Hessen 0.980 11/09/2060 EUR 45.924
Landesbank Saar 0.835 2/19/2035 EUR 70.723
Nederlandse Water 1.830 6/22/2048 EUR 75.573
BPCE SA 2.315 11/19/2035 AUD 58.710
Ministeries Van d 0.400 11/20/2043 EUR 53.452
State of Bremen 0.500 6/14/2034 EUR 75.016
Region Auvergne-R 1.832 05/06/2042 EUR 74.959
Muenchener Hypoth 1.000 05/07/2035 EUR 72.618
Lukoil Securities 3.875 05/06/2030 USD 71.063
BPCE SA 1.850 10/30/2030 AUD 72.114
Muenchener Hypoth 1.285 4/19/2039 EUR 73.759
Republic of Irela 2.000 6/29/2063 EUR 69.686
Lloyds Bank PLC 2.480 07/05/2038 SEK 74.810
Caisse Francaise 1.760 07/10/2047 EUR 74.857
Landesbank Hessen 0.700 12/28/2035 EUR 63.434
Barclays Bank PLC 1.382 11/27/2045 EUR 67.111
Credit Agricole C 0.550 3/17/2033 EUR 71.113
ABN AMRO Bank NV 1.070 03/03/2041 EUR 69.564
Republic of Irela 0.810 07/10/2079 EUR 41.203
La Banque Postale 1.379 04/04/2040 EUR 74.129
Nederlandse Water 0.750 10/04/2041 EUR 64.796
CDC Habitat SEM 0.814 2/15/2040 EUR 58.266
Aktia Bank Oyj 0.850 12/21/2040 EUR 59.223
Single Platform I 2.210 9/27/2038 NOK 74.076
Caisse des Depots 0.982 11/06/2050 EUR 52.860
State of Rhinelan 0.500 7/30/2036 EUR 71.958
Landesbank Hessen 0.490 2/28/2035 EUR 63.604
Communaute Franca 2.177 8/17/2068 EUR 67.496
Metropole de Lyon 0.500 12/28/2049 EUR 45.412
DZ HYP AG 1.965 7/19/2058 EUR 68.570
Land Baden-Wuertt 0.375 7/20/2048 EUR 50.836
DZ HYP AG 0.050 1/31/2031 EUR 75.037
Lehman Brothers T 2.875 3/14/2013 CHF 0.100
Lehman Brothers T 1.750 02/07/2010 EUR 0.100
Landesbank Hessen 0.900 07/08/2036 EUR 67.107
Single Platform I 1.865 2/15/2046 EUR 72.872
DekaBank Deutsche 0.780 10/18/2035 EUR 68.707
Municipality of A 0.605 2/24/2040 EUR 65.982
Vasakronan AB 1.310 12/10/2040 EUR 38.357
ABN AMRO Bank NV 0.450 12/12/2036 EUR 69.574
Single Platform I 2.230 04/04/2040 NOK 72.556
State of Bremen 0.936 9/28/2046 EUR 64.436
Landesbank Hessen 0.240 1/21/2031 EUR 73.657
Landesbank Hessen 0.260 1/21/2031 EUR 74.430
Credit Agricole S 3.000 1/19/2041 AUD 51.931
DZ Bank AG Deutsc 0.210 02/04/2033 EUR 73.275
Lehman Brothers T 5.500 6/22/2010 USD 0.100
Lehman Brothers T 7.750 01/03/2012 AUD 0.100
Malta Government 1.000 8/23/2035 EUR 72.300
Credit Suisse AG/ 2.000 9/30/2030 USD 75.632
Region de Bruxell 1.750 1/17/2048 EUR 68.248
Grupo Isolux Cors 1.000 12/30/2021 USD 0.157
National Grid Ele 2.500 7/24/2035 AUD 71.777
Norddeutsche Land 0.500 07/07/2031 EUR 72.310
Norddeutsche Land 0.750 8/26/2031 EUR 73.922
Single Platform I 0.740 04/01/2042 EUR 60.998
Autonomous Commun 1.900 5/24/2039 EUR 74.824
Cie de Financemen 1.101 5/17/2039 EUR 71.312
DZ Bank AG Deutsc 0.550 09/09/2036 EUR 66.801
Cie DU Chemin de 0.280 11/29/2052 CHF 55.491
Hypo Vorarlberg B 0.390 10/21/2030 EUR 74.071
OTP Munkavallalok 4.500 7/14/2031 HUF 72.850
Leonteq Securitie 5.050 06/02/2023 EUR 28.130
Credit Suisse AG/ 6.500 7/19/2023 USD 9.830
Leonteq Securitie 25.500 1/19/2024 CHF 72.000
Credit Suisse AG/ 10.000 6/16/2023 CHF 72.100
Hunland Feed Kft 2.880 7/21/2031 HUF 69.110
Goldman Sachs & C 7.000 6/21/2023 EUR 74.320
Swissquote Bank S 27.000 8/15/2023 CHF 56.830
Hypo-Wohnbaubank 2.000 01/12/2037 EUR
Rosbank PJSC 0.010 4/30/2024 RUB 60.050
Skandinaviska Ens 7.450 1/15/2025 SEK 70.420
UBS AG/London 6.000 06/06/2023 USD 9.830
DZ Bank AG Deutsc 1.598 10/11/2050 EUR 56.960
UniCredit Bank AG 4.900 5/22/2023 EUR 48.460
Credit Suisse AG/ 3.214 10/06/2023 SEK 2.430
Leonteq Securitie 30.000 8/18/2023 CHF 61.490
Nordea Bank Abp 2.000 12/29/2025 SEK 56.670
UBS AG/London 12.000 5/19/2023 CHF 73.100
Landesbank Baden- 0.750 08/12/2039 EUR 66.220
SG Issuer SA 5.000 04/02/2024 EUR 51.920
Szinorg Universal 3.000 5/15/2030 HUF 64.818
Duna Aszfalt Ut E 2.990 10/17/2029 HUF 61.000
Skandinaviska Ens 6.000 1/15/2025 SEK 69.430
Deutsche Bank AG/ 11.210 6/26/2025 TRY 69.924
DZ Bank AG Deutsc 0.500 10/20/2036 EUR 65.255
Heta Asset Resolu 3.106 12/31/2023 EUR 1.504
Heta Asset Resolu 4.875 12/31/2023 EUR 1.500
Aareal Bank AG 0.625 9/16/2030 EUR 62.960
Hungary Governmen 3.125 9/21/2051 USD 61.608
Barclays Bank PLC 2.000 06/12/2029 TRY 35.720
Region Occitanie 1.339 3/21/2042 EUR 68.495
Raiffeisen Landes 2.000 8/28/2048 EUR 72.168
Credit Agricole C 5.400 1/31/2028 BRL 73.427
Landesbank Baden- 0.820 02/01/2039 EUR 58.808
Wirtschafts- und 0.200 12/14/2045 EUR 48.624
SAir Group 6.250 10/27/2002 CHF 10.415
Autonomous Commun 1.646 7/30/2060 EUR 51.646
Citigroup Global 1.150 9/19/2039 EUR 62.316
Vasakronan AB 3.100 09/09/2039 AUD 62.813
NRW Bank 0.473 6/23/2049 EUR 56.213
DZ Bank AG Deutsc 0.330 8/18/2033 EUR 72.849
Banque Internatio 1.600 07/07/2036 EUR 64.906
Banca Popolare di 9.500 10/02/2025 EUR 0.380
Agence France Loc 0.586 6/20/2034 EUR 73.713
Nationwide Buildi 1.420 4/23/2041 EUR 75.389
Raiffeisenlandesb 1.174 07/11/2034 EUR 75.331
Region de Bruxell 1.528 04/05/2049 EUR 63.364
Nationwide Buildi 1.336 2/26/2041 EUR 73.231
Norddeutsche Land 1.600 08/01/2039 EUR 62.776
Phosphorus Holdco 10.000 04/01/2019 GBP 1.500
Lloyds Bank PLC 2.637 1/16/2040 AUD 66.941
PJSC Koks via IMH 5.900 9/23/2025 USD 7.513
Deutsche Bank AG 0.510 9/16/2031 EUR 74.739
Single Platform I 1.040 6/25/2044 EUR 62.107
Liga Bank eG Rege 0.250 4/30/2031 EUR 71.523
Kingdom of Belgiu 1.700 6/22/2050 EUR 70.125
Region de Bruxell 0.950 05/07/2049 EUR 52.309
Parnassia Groep B 1.470 12/03/2046 EUR 50.926
Credit Agricole C 0.730 06/02/2033 EUR 71.907
Steilmann SE 7.000 03/09/2017 EUR 1.429
Credit Agricole C 1.000 05/10/2036 EUR 68.327
Northland Resourc 4.000 10/15/2020 USD 0.271
Credit Agricole S 1.000 04/06/2035 EUR 71.268
HSBC Bank PLC 2.102 1/30/2047 EUR 71.979
BPCE SA 2.250 3/13/2040 AUD 49.339
BPCE SA 2.250 3/13/2040 AUD 48.869
Banque et Caisse 0.900 08/06/2042 EUR 67.544
BNP Paribas SA 3.310 2/27/2040 AUD 65.563
Citigroup Global 1.300 1/31/2037 EUR 68.782
Citigroup Global 3.200 4/27/2051 AUD 55.972
Municipality of L 0.750 11/17/2036 EUR 71.032
Santander Consume 8.520 NOK 57.578
Raiffeisenverband 1.500 02/01/2038 EUR 72.169
Hemso Fastighets 2.615 11/30/2043 EUR 63.057
BNP Paribas SA 1.000 11/05/2036 EUR 67.807
Purple Protected 1.570 4/30/2061 EUR 52.193
AB Booster Capita 2.000 03/08/2032 USD 70.763
Kreditanstalt fue 1.267 3/22/2051 EUR 69.003
Muenchener Hypoth 0.415 10/28/2030 EUR 75.395
Agence France Loc 0.210 12/20/2035 EUR 67.967
Landesbank Hessen 1.510 04/03/2036 EUR 71.283
Proximus SADP 1.500 5/14/2040 EUR 66.958
Caisse des Depots 1.370 6/28/2037 EUR 75.456
Ville de Paris 1.160 10/27/2036 EUR 75.469
Landesbank Baden- 0.780 5/27/2031 EUR 74.858
Region Wallonne B 2.100 6/26/2048 EUR 69.172
Landesbank Baden- 0.250 5/27/2037 EUR 65.047
Turkiye Ihracat K 12.540 9/14/2028 TRY 49.152
Communaute Franca 2.100 6/30/2067 EUR 65.223
Bibby Offshore Se 7.500 6/15/2021 GBP 11.625
New World Resourc 8.000 04/07/2020 EUR 0.106
Societe Generale 2.650 1/26/2032 USD 75.193
Finland Governmen 0.125 4/15/2052 EUR 45.591
BPCE SA 2.285 12/03/2035 AUD 58.368
LBI ehf 6.100 8/25/2011 USD 9.957
UBS AG/London 2.350 12/17/2048 EUR 72.976
BNP Paribas SA 3.170 01/07/2041 AUD 62.900
Banque Internatio 0.510 02/10/2031 EUR 72.286
Lehman Brothers T 5.100 05/08/2017 HKD 0.100
Commerzbank AG 1.155 3/16/2038 EUR 74.167
BPCE SA 1.920 12/09/2030 AUD 72.038
Communaute Franca 2.105 7/23/2068 EUR 65.479
Kuntarahoitus Oyj 0.040 02/09/2034 EUR 72.353
Lehman Brothers T 0.800 12/30/2016 EUR 0.100
BPCE SA 0.500 10/21/2034 EUR 70.454
Agence Francaise 2.360 10/17/2044 AUD 65.308
Hemso Fastighets 1.130 10/31/2039 EUR 64.092
Sveriges Sakersta 0.928 11/07/2034 SEK 73.296
Societe Generale 1.230 1/30/2035 EUR 72.062
Batigere Grand Es 1.485 10/25/2039 EUR 64.433
Batigere Grand Es 1.600 11/14/2044 EUR 59.093
Single Platform I 0.753 6/25/2039 EUR 64.171
Credit Agricole C 1.150 5/31/2036 EUR 71.114
Agence Francaise 2.360 1/30/2045 AUD 65.165
Specialfastighete 1.180 12/02/2044 SEK 59.721
Kreditanstalt fue 1.270 6/29/2051 EUR 67.761
Wirtschafts- und 0.192 1/28/2042 EUR 55.104
Banque Internatio 1.190 1/18/2041 EUR 60.350
Lehman Brothers T 4.300 06/04/2012 USD 0.100
Single Platform I 0.363 2/15/2041 EUR 57.303
Lehman Brothers T 2.500 8/15/2012 CHF 0.100
Bayerische Landes 1.850 03/05/2031 EUR 73.519
Portugal Obrigaco 0.900 10/12/2035 EUR 75.249
Credit Agricole C 14.280 11/05/2026 TRY 66.444
State of Lower Au 1.886 03/02/2048 EUR 73.453
Spain Government 1.000 10/31/2050 EUR 51.872
UniCredit Bank AG 0.030 2/28/2033 EUR 72.525
ING Bank NV 2.900 6/23/2051 USD 66.710
Cooperatieve Rabo 1.099 6/28/2051 EUR 61.342
United Kingdom Gi 0.875 7/31/2033 GBP 75.413
Raiffeisen-Landes 0.050 9/13/2033 EUR 68.844
Minicentrales Dos 0.010 06/06/2047 EUR 59.261
Ringkjoebing Land 1.875 06/06/2039 EUR 70.525
Muenchener Hypoth 0.270 10/19/2035 EUR 68.611
Region Wallonne B 0.050 10/26/2032 EUR 72.706
Credit Agricole C 1.100 12/16/2034 EUR 70.956
BPCE SA 2.820 12/18/2039 AUD 54.794
Kingdom of Belgiu 0.675 07/07/2080 EUR 34.150
Bank Vontobel AG 13.500 8/21/2023 CHF 58.000
Landesbank Hessen 1.000 10/14/2036 EUR 64.900
Societe Generale 21.000 2/27/2025 USD 25.100
Raiffeisen Switze 17.500 12/27/2023 CHF 39.200
Landesbank Hessen 1.250 04/07/2037 EUR 70.500
OR PJSC 16.000 11/22/2025 RUB 24.900
TMK PJSC 7.350 2/28/2025 RUB 60.150
OR PJSC 12.600 9/28/2025 RUB 3.910
Baromfi-Coop Term 3.000 7/19/2031 HUF 68.400
Sberbank of Russi 0.010 7/24/2028 RUB 66.100
Leonteq Securitie 24.200 09/08/2023 CHF 61.960
UBS AG/London 8.270 12/05/2023 USD 9.990
Credit Suisse AG/ 20.000 10/10/2023 CHF 27.810
Opus Global Nyrt 3.200 4/29/2031 HUF 71.000
SG Issuer SA 8.700 1/20/2025 SEK 57.260
Landesbank Hessen 0.700 01/12/2037 EUR 66.400
Credit Suisse AG/ 7.250 5/24/2023 CHF 68.930
MetMax Europe Zrt 3.000 12/11/2030 HUF 67.400
Luzerner Kantonal 12.200 7/17/2023 CHF 73.610
OR PJSC 13.500 10/22/2025 RUB 7.300
Landesbank Hessen 0.500 12/23/2036 EUR 63.800
OR PJSC 11.000 12/29/2024 RUB 2.320
LP Portfolio Vagy 2.640 01/08/2030 HUF 72.440
Axial Javito Kere 2.000 9/23/2030 HUF 61.908
SG Issuer SA 7.740 7/20/2025 SEK 64.290
Swissquote Bank S 17.170 02/06/2024 CHF 34.580
DZ Bank AG Deutsc 0.570 12/30/2030 EUR 72.200
Single Platform I 0.946 5/25/2036 EUR 69.541
Eika Boligkreditt 1.245 3/28/2039 EUR 72.622
Landesbank Hessen 0.500 02/02/2032 EUR 73.505
Norddeutsche Land 0.500 10/14/2031 EUR 71.732
Cerruti Finance S 6.500 7/26/2004 EUR 2.058
Italy Buoni Polie 1.800 03/01/2041 EUR 67.412
Opportunity SA/LU 0.400 11/13/2030 EUR 73.323
Single Platform I 1.600 3/23/2038 EUR 74.086
DZ Bank AG Deutsc 0.750 7/18/2033 EUR 73.565
Societe Generale 2.680 4/13/2031 AUD
Banque Internatio 1.300 1/15/2041 EUR 61.538
Cattles Ltd 8.125 07/05/2017 GBP 0.027
Region de Bruxell 1.532 8/16/2038 EUR 74.856
Kuntarahoitus Oyj 0.858 2/22/2051 EUR 63.356
Landeskreditbank 0.547 2/18/2041 EUR 62.458
Lehman Brothers T 4.600 10/11/2017 ILS 0.100
Akademiska Hus AB 0.850 2/17/2033 SEK 74.288
Agence Francaise 0.368 01/12/2046 EUR 53.489
Norddeutsche Land 0.350 02/11/2031 EUR 72.432
Caisse des Depots 1.815 08/08/2048 EUR 68.500
Department of L'E 0.442 10/25/2045 EUR 50.553
Hellas Telecommun 6.054 1/15/2015 USD 0.056
DZ Bank AG Deutsc 0.460 12/20/2035 EUR 65.411
Aareal Bank AG 0.300 12/11/2030 EUR 59.984
State of Hesse 0.450 9/23/2044 EUR 58.947
Ville de Paris 0.921 5/26/2053 EUR 47.619
Region de Bruxell 1.310 12/15/2069 EUR 44.078
Caisse des Depots 2.630 9/16/2049 AUD 66.504
Specialfastighete 1.280 9/20/2049 SEK 57.984
DZ Bank AG Deutsc 1.598 10/11/2050 EUR 61.542
Land Baden-Wuertt 1.150 04/05/2049 EUR 67.876
Commerzbank AG 1.200 2/25/2036 EUR 66.295
Regie Autonome de 0.640 8/13/2041 EUR 62.171
Credit Agricole C 3.370 6/21/2039 AUD 72.530
Landesbeteiligung 1.450 6/15/2046 EUR 58.341
Department of L'E 0.959 11/25/2037 EUR 71.372
BNP Paribas SA 3.180 7/23/2034 AUD 67.481
DekaBank Deutsche 2.140 5/18/2046 EUR 72.671
State of North Rh 0.800 7/30/2049 EUR 57.084
Nationwide Buildi 1.573 05/07/2041 EUR 75.067
Vivion Investment 3.000 08/08/2024 EUR 73.828
Region Auvergne-R 0.805 7/26/2039 EUR 65.150
Dolphin Drilling 4.490 8/28/2019 NOK 0.644
Aareal Bank AG 0.570 08/07/2029 EUR 67.951
Credit Suisse AG/ 4.750 06/07/2046 AUD 72.436
Region de Bruxell 1.472 4/29/2044 EUR 67.331
Hypo Vorarlberg B 1.020 1/17/2035 EUR 67.964
Italy Buoni Polie 2.450 09/01/2050 EUR 67.809
IBP Markets Ltd 5.000 GBP 52.693
Republic of Irela 0.740 9/22/2078 EUR 39.646
Landesbank Hessen 0.700 9/25/2034 EUR 66.709
Oberbank AG 0.230 10/07/2041 EUR 55.179
SpareBank 1 SR-Ba 0.970 10/09/2040 EUR 58.763
Cie Generale de N 0.350 12/29/2056 CHF 64.308
LFA Foerderbank B 0.250 3/19/2037 EUR 68.670
Allgemeine Sparka 0.200 3/22/2033 EUR 72.901
Hypo Vorarlberg B 0.480 3/26/2031 EUR 73.521
Region Occitanie 0.580 10/06/2036 EUR 69.815
Natixis SA 2.700 5/21/2036 USD 74.560
Region de Bruxell 1.500 2/15/2039 EUR 74.579
Nomura Bank Inter 1.450 12/10/2041 EUR 62.519
BNG Bank NV 1.790 1/21/2049 EUR 71.585
Societe Generale 3.310 11/29/2033 AUD 73.420
Natixis SA 2.720 5/27/2036 USD 74.884
Landesbank Hessen 0.700 01/06/2032 EUR 74.998
Wirtschafts- und 0.450 12/01/2038 EUR 65.661
Deutsche Bank AG 0.650 06/03/2031 EUR 75.475
Norddeutsche Land 1.200 1/13/2037 EUR 63.853
Brussels Municipa 0.832 3/29/2041 EUR 62.262
Caisse des Depots 1.270 10/01/2051 EUR 57.215
Norddeutsche Land 0.750 1/15/2032 EUR 72.869
Nederlandse Water 1.795 12/24/2048 EUR 74.636
Credit Agricole C 3.100 4/28/2041 AUD 66.703
Norddeutsche Land 0.450 5/14/2031 EUR 72.300
Norddeutsche Land 0.650 11/11/2031 EUR 72.639
DZ Bank AG Deutsc 0.850 10/15/2036 EUR 69.810
Muenchener Hypoth 1.002 2/21/2050 EUR 58.099
Bayerische Landes 0.430 04/08/2033 EUR 69.996
Caisse des Depots 1.300 4/28/2051 EUR 57.454
Stadt Graz 1.824 10/31/2047 EUR 71.989
Region Centre 0.668 11/02/2035 EUR 72.899
Region de Bruxell 0.256 2/26/2035 EUR 69.102
Muenchener Hypoth 1.300 05/07/2061 EUR 55.114
Department of Loi 0.915 11/23/2043 EUR 60.281
Single Platform I 1.000 7/15/2036 EUR 69.246
Banque et Caisse 1.230 4/26/2046 EUR 68.882
Ukraine Governmen 12.520 5/13/2026 UAH 55.641
Republic of Irela 1.100 11/12/2096 EUR 43.315
CDC Habitat SEM 1.043 05/12/2036 EUR 67.576
CDC Habitat SEM 1.170 05/04/2037 EUR 67.538
Municipality of U 0.950 03/02/2037 EUR 75.056
Single Platform I 0.880 1/15/2040 EUR 65.583
Comunidad Foral d 1.450 05/08/2040 EUR 67.348
Assistance Publiq 1.795 3/30/2048 EUR 68.488
Credit Industriel 1.170 1/28/2037 EUR 70.945
Arkea Home Loans 1.534 3/31/2043 EUR 73.981
DZ Bank AG Deutsc 0.700 8/24/2033 EUR 73.403
Caisse des Depots 1.140 2/25/2037 EUR 72.927
Credit Agricole C 2.480 8/18/2050 USD 55.124
Natixis SA 4.510 04/12/2043 AUD 74.528
Kuntarahoitus Oyj 0.766 10/28/2048 EUR 62.087
DZ Bank AG Deutsc 1.250 2/23/2037 EUR 73.048
Italy Buoni Polie 1.700 09/01/2051 EUR 56.580
CDC Habitat SEM 1.060 5/22/2036 EUR 67.783
Ministeries Van d 0.600 11/19/2055 EUR 38.384
Societe Generale 1.100 2/20/2034 EUR 70.986
NRW Bank 1.070 03/10/2051 EUR 62.095
BNP Paribas SA 0.500 9/29/2029 AUD 74.783
Ville de Paris 0.758 8/20/2060 EUR 39.816
Basque Government 1.750 4/22/2050 EUR 61.159
Caisse des Depots 1.018 2/16/2051 EUR 53.325
Communaute Franca 2.050 7/26/2047 EUR 72.417
Region de Bruxell 0.450 12/22/2056 EUR 35.767
NRW Bank 1.510 03/07/2046 EUR 72.641
Region Bourgogne- 0.300 12/03/2040 EUR 57.131
Single Platform I 0.720 3/20/2051 EUR 52.458
Natixis SA 2.955 5/28/2050 USD 62.819
Lehman Brothers T 2.000 10/28/2010 EUR 0.100
Astana Finance BV 9.000 11/16/2011 USD 15.250
Bulgaria Steel Fi 12.000 05/04/2013 EUR 0.216
Metropole de Lyon 0.540 12/07/2050 EUR 44.899
Department of Bou 0.467 12/08/2044 EUR 52.289
Caisse des Depots 0.642 02/12/2041 EUR 58.442
Kreditanstalt fue 0.680 11/12/2039 EUR 72.366
State of Lower Au 0.585 10/11/2049 EUR 49.775
Hypo Vorarlberg B 0.741 10/16/2036 EUR 62.149
NORD/LB Luxembour 0.542 9/30/2037 EUR 66.491
Region Wallonne B 0.591 02/10/2040 EUR 61.128
DZ Bank AG Deutsc 0.500 3/18/2032 EUR 75.156
Barclays Bank PLC 6.400 6/16/2031 MXN 71.850
Caisse des Depots 2.340 11/27/2049 AUD 62.209
NRW Bank 1.000 6/24/2051 EUR 60.660
ASCE Group OJSC 7.000 06/11/2031 USD 61.043
Single Platform I 1.490 3/20/2051 EUR 63.648
Region de Bruxell 0.658 01/07/2041 EUR 60.667
Norddeutsche Land 0.500 7/28/2031 EUR 72.148
Norddeutsche Land 0.675 2/25/2033 EUR 68.877
Caisse des Depots 2.940 03/02/2051 AUD 70.553
Kuntarahoitus Oyj 1.449 03/01/2061 EUR 68.696
Region of Pays de 0.449 03/09/2035 EUR 72.311
Bayerische Landes 0.380 1/22/2031 EUR 75.368
NRW Bank 1.180 03/03/2051 EUR 65.070
Premium Green PLC 1.050 9/15/2035 EUR 70.667
Tonon Luxembourg 9.250 1/24/2020 USD 1.721
Ministeries Van d 1.564 11/12/2046 EUR 66.035
Ministeries Van d 1.392 11/12/2041 EUR 65.830
Nomura Bank Inter 1.415 1/27/2042 EUR 62.049
Societe Generale 2.750 03/12/2040 AUD 55.036
Landshypotek Bank 1.680 1/20/2042 SEK 72.407
Banque Internatio 1.215 03/05/2040 EUR 62.002
Bayerische Landes 0.360 04/09/2031 EUR 74.598
Bayerische Landes 0.490 04/09/2035 EUR 65.628
EDOB Abwicklungs 7.500 04/01/2012 EUR 1.537
Kuntarahoitus Oyj 0.250 6/28/2040 CAD 41.984
Kuntarahoitus Oyj 0.130 09/02/2033 EUR 74.267
Vasakronan AB 2.050 5/28/2044 EUR 48.020
Single Platform I 0.462 2/15/2040 EUR 60.389
NRW Bank 0.800 10/22/2060 EUR 50.004
Nordea Bank Abp 3.050 7/20/2027 SEK 65.500
VTB Bank PJSC 11.250 RUB 52.010
Bank Julius Baer 10.000 08/07/2023 USD 67.450
SG Issuer SA 8.410 1/20/2027 SEK 54.420
Societe Generale 16.000 07/03/2024 USD 32.010
Raiffeisen Schwei 7.000 07/05/2023 CHF 72.950
Raiffeisen Switze 8.500 07/06/2023 EUR 64.710
Credit Suisse AG/ 10.500 5/25/2023 EUR 71.930
Leonteq Securitie 26.400 8/25/2023 CHF 67.330
Nordea Bank Abp 2.000 4/29/2027 SEK 63.650
Sustainable Capit 5.623 06/09/2024 USD 67.910
Nordea Bank Abp 8.260 7/20/2028 SEK 74.250
UBS AG/London 16.120 5/14/2027 SEK 71.210
Sberbank of Russi 0.010 12/07/2026 RUB 73.900
Landesbank Baden- 13.590 8/25/2023 EUR 63.690
UBS AG/London 8.000 11/08/2023 USD 9.830
MBH Mortgage Bank 3.000 8/21/2030 HUF 66.500
Pongs & Zahn AG 8.500 EUR 0.002
Leonteq Securitie 13.000 6/14/2023 CHF 47.790
MS Deutschland Be 6.875 12/18/2017 EUR 0.162
Barclays Bank PLC 2.730 9/27/2024 EUR 56.830
Societe Generale 21.000 11/30/2023 USD 6.800
Societe Generale 0.705 11/12/2035 EUR 64.980
Societe Generale 1.624 4/19/2035 EUR 75.110
Nordea Bank Abp 4.100 7/20/2023 SEK 51.135
Bank Vontobel AG 8.250 7/26/2023 EUR 60.800
UBS AG/London 19.000 8/17/2023 CHF 61.800
UBS AG/London 8.160 8/16/2023 USD
Leonteq Securitie 24.500 1/26/2024 CHF 63.840
Landesbank Hessen 1.750 5/19/2036 EUR 67.300
Landesbank Hessen 1.850 6/16/2036 EUR 67.200
Luzerner Kantonal 8.260 7/17/2023 CHF 74.420
Credit Suisse AG/ 7.750 1/24/2025 USD 73.250
Credit Suisse AG/ 18.500 8/16/2023 USD 57.790
Danske Bank A/S 5.300 7/15/2023 SEK 39.500
Landesbank Baden- 10.000 1/26/2024 EUR 35.790
Bank Vontobel AG 6.502 6/26/2023 CHF 49.700
DZ Bank AG Deutsc 0.540 12/30/2030 EUR 72.360
VTB Bank PJSC 9.700 04/02/2031 RUB 69.000
Societe Generale 18.000 11/02/2023 USD
UBS AG/London 18.500 10/26/2023 CHF 69.250
Skandinaviska Ens 5.050 1/15/2025 SEK
Landesbank Hessen 1.900 05/12/2036 EUR 65.500
Credit Suisse AG/ 6.250 10/31/2025 USD 9.680
Pick Szeged Szala 2.000 12/06/2029 HUF 65.800
Landesbank Hessen 1.300 9/25/2035 EUR 68.900
Citigroup Global 1.250 11/02/2036 EUR 67.845
Landesbank Hessen 1.350 5/15/2034 EUR 73.271
HSBC Continental 2.150 3/14/2049 EUR 75.239
Nationale-Nederla 1.432 3/21/2039 EUR 75.483
CDC Habitat SEM 1.700 3/21/2039 EUR 69.732
Banque Internatio 0.600 08/06/2030 EUR 74.348
Heta Asset Resolu 5.270 12/31/2023 EUR 1.500
Kuntarahoitus Oyj 0.854 1/14/2060 EUR 56.785
Aktia Bank Oyj 0.800 2/26/2036 EUR 67.041
Single Platform I 0.870 6/20/2043 EUR 61.233
SAir Group 4.250 02/02/2007 CHF 10.565
Kreditanstalt fue 0.650 2/24/2041 EUR 66.197
ECM Real Estate I 5.000 10/09/2011 EUR 15.375
Region Wallonne B 0.970 6/24/2043 EUR 59.378
Norddeutsche Land 0.825 02/12/2036 EUR 61.573
Standard Chartere 0.520 1/22/2041 JPY 64.470
Kreditanstalt fue 0.080 2/15/2034 EUR 73.698
Landesbank Baden- 1.080 7/16/2035 EUR 68.017
Nederlandse Water 1.551 11/24/2061 EUR 64.708
Wirtschafts- und 0.500 8/28/2046 EUR 52.411
Norddeutsche Land 1.130 02/10/2039 EUR 58.539
Nomura Bank Inter 0.450 12/03/2030 EUR 74.453
HSBC Continental 1.200 9/26/2039 EUR 68.911
Merrill Lynch BV 2.650 08/04/2036 AUD 68.062
UBS AG/London 1.600 4/18/2049 EUR 62.846
Landesbank Hessen 0.350 8/19/2030 EUR 75.614
Municipality of A 0.460 9/20/2049 EUR 50.723
Oberoesterreichis 0.953 9/16/2039 EUR 64.504
Landesbank Hessen 0.650 10/18/2034 EUR 66.061
NIBC Bank NV 0.660 7/14/2031 EUR 69.184
HSBC Continental 2.890 09/11/2039 AUD 62.590
Hypo Tirol Bank A 1.320 7/16/2041 EUR 67.285
Landesbank Hessen 0.450 8/19/2031 EUR 73.748
Raiffeisenlandesb 0.810 9/18/2034 EUR 71.575
BNG Bank NV 0.043 9/17/2033 EUR 70.966
Single Platform I 1.033 2/15/2046 EUR 60.627
Landesbank Hessen 0.780 12/05/2031 EUR 75.239
HSBC Continental 1.500 7/26/2049 EUR 65.899
Credit Suisse AG/ 1.299 09/07/2032 EUR 71.218
Deutsche Bank AG 2.480 12/10/2035 EUR 74.393
BNG Bank NV 0.632 07/12/2066 EUR 39.589
Espirito Santo Fi 5.125 5/30/2016 EUR 0.528
United Kingdom Gi 2.500 7/22/2065 GBP 69.013
Deutsche Bank AG/ 0.500 8/23/2038 MXN 22.442
Emissionszentrale 0.150 09/09/2041 CHF 74.064
Landesbank Saar 0.130 8/24/2033 EUR 72.756
Region Provence-A 0.394 09/01/2036 EUR 68.083
Single Platform I 1.250 05/10/2044 EUR 64.962
State of Rhinelan 0.100 10/01/2040 EUR 60.257
Single Platform I 0.532 2/15/2044 EUR 55.531
Oberoesterreichis 0.350 10/09/2041 EUR 53.807
Landesbank Hessen 0.664 11/01/2032 EUR 71.757
Wirtschafts- und 0.101 09/08/2033 EUR 73.849
Citigroup Global 2.950 9/29/2041 AUD 60.771
Kommunekredit 2.200 9/27/2041 AUD 65.943
Landesbank Hessen 0.650 10/06/2031 EUR 74.848
Landesbank Hessen 0.500 4/30/2031 EUR 75.092
SG Issuer SA 3.000 10/10/2034 ZAR 39.730
Region Bourgogne- 0.895 5/20/2038 EUR 69.598
Department of Bou 0.906 5/20/2039 EUR 67.751
Region Bretagne S 0.544 12/07/2036 EUR 67.871
Caisse des Depots 0.945 5/19/2051 EUR 52.471
Lloyds Bank PLC 2.450 02/01/2049 EUR 71.541
Nordea Bank Abp 1.305 03/01/2034 EUR 75.140
UBS AG/London 1.860 2/28/2049 EUR 66.930
Berlin Hyp AG 0.349 12/10/2031 EUR 71.238
Region de Bruxell 1.467 03/01/2039 EUR 70.196
ABN AMRO Bank NV 1.425 4/17/2045 EUR 68.761
Single Platform I 0.800 04/07/2042 EUR 61.401
DNB Boligkreditt 1.530 12/21/2043 EUR 71.666
Landeskreditbank 1.236 5/22/2045 EUR 68.809
NRW Bank 0.921 10/20/2041 EUR 68.089
Single Platform I 1.450 9/14/2040 EUR 71.394
Norddeutsche Land 1.560 10/20/2038 EUR 64.171
Kreditanstalt fue 1.143 4/15/2050 EUR 66.255
Lehman Brothers T 4.200 12/03/2008 HKD 0.100
Single Platform I 0.750 8/15/2050 EUR 52.399
Caisse des Depots 1.365 11/02/2051 EUR 58.791
Single Platform I 0.803 3/20/2041 EUR 62.467
Raiffeisenverband 1.740 02/01/2038 EUR 74.892
Credit Agricole C 10.800 3/24/2026 TRY 62.336
Single Platform I 1.060 04/01/2042 EUR 65.726
Muenchener Hypoth 1.003 03/09/2060 EUR 50.314
Landesbank Saar 0.760 05/08/2034 EUR 71.276
Hemso Fastighets 2.418 11/30/2038 EUR 65.412
Cie de Financemen 1.695 12/04/2048 EUR 70.592
Wirtschafts- und 0.421 3/17/2039 EUR 63.971
Banque Internatio 0.675 10/29/2030 EUR 74.135
Landesbank Baden- 0.327 05/07/2038 EUR 64.155
Hypo Tirol Bank A 1.530 04/10/2043 EUR 67.625
Societe Generale 2.300 4/20/2048 EUR 72.383
Bausparkasse Wues 1.830 04/03/2043 EUR 71.787
Republic of Polan 2.000 10/25/2046 EUR 68.007
Muenchener Hypoth 0.867 2/25/2047 EUR 60.612
Department of Gir 0.412 11/26/2037 EUR 65.223
Caisse des Depots 0.930 11/09/2050 EUR 51.968
Nederlandse Water 0.260 11/10/2036 EUR 67.785
Russian Foreign B 5.250 6/23/2047 USD 40.939
Banque Internatio 0.775 11/18/2032 EUR 69.955
BPCE SFH SA 1.512 4/20/2043 EUR 71.720
DZ Bank AG Deutsc 1.000 02/08/2035 EUR 70.628
Region de Bruxell 0.460 12/15/2051 EUR 41.245
Citigroup Global 3.900 2/18/2042 AUD 70.729
Oberoesterreichis 0.285 11/06/2042 EUR 50.612
DLR Kredit A/S 0.500 10/01/2053 DKK 65.809
Commerzbank AG 2.565 5/15/2043 EUR 70.908
Kreditanstalt fue 0.693 02/08/2050 EUR 51.905
Nederlandse Water 0.932 12/02/2060 EUR 49.477
NRW Bank 0.600 1/28/2051 EUR 52.731
Credit Industriel 0.900 02/04/2041 EUR 61.162
BNG Bank NV 1.900 07/11/2058 EUR 69.214
Department of Val 0.390 11/18/2041 EUR 56.403
Region de Bruxell 1.710 05/05/2047 EUR 63.197
LBI ehf 7.431 USD 0.001
Caisse des Depots 0.916 1/20/2051 EUR 52.984
Sovcombank Via So 3.400 1/26/2025 USD 2.186
Goldman Sachs Int 2.520 03/03/2036 USD 70.130
Belfius Bank SA 1.296 2/20/2040 EUR 72.762
Abengoa Abenewco 6.000 06/10/2022 EUR 0.439
Kreditanstalt fue 0.600 2/16/2051 EUR 56.324
Region de Bruxell 0.650 2/15/2061 EUR 35.463
Kommunekredit 1.062 09/09/2041 EUR 70.037
Agence Francaise 1.600 7/25/2043 EUR 74.243
Department of Bou 0.445 12/08/2043 EUR 53.550
Single Platform I 1.180 04/01/2039 EUR 68.817
Credit Agricole C 0.400 12/04/2032 EUR 70.832
Oberoesterreichis 0.763 12/15/2050 EUR 46.807
NRW Bank 0.420 02/08/2039 EUR 65.440
Single Platform I 1.013 12/20/2050 EUR 56.827
Agence Francaise 2.302 10/25/2044 USD 66.725
Raiffeisenlandesb 1.500 10/21/2039 EUR 70.246
BNP Paribas SA 1.125 11/05/2034 EUR 71.654
Vasakronan AB 1.000 6/15/2041 EUR 34.579
HSBC Continental 1.385 11/18/2039 EUR 71.082
Credit Mutuel Ark 0.730 10/14/2036 EUR 63.731
HSBC Continental 1.300 10/23/2039 EUR 69.987
Raiffeisen Landes 1.132 8/16/2049 EUR 58.472
UBS AG/London 2.700 9/16/2044 AUD 57.065
Global Ports Fina 6.500 9/22/2023 USD 44.658
Landeskreditbank 0.700 03/11/2041 EUR 64.357
Single Platform I 1.103 5/25/2052 EUR 57.721
BNG Bank NV 0.772 08/05/2050 EUR 52.711
Assistance Publiq 0.647 7/17/2040 EUR 62.394
Single Platform I 0.940 10/04/2041 EUR 63.337
Norddeutsche Land 1.410 07/07/2037 EUR 64.292
Berlin Hyp AG 0.110 1/20/2031 EUR 72.463
Citigroup Global 1.000 3/19/2041 EUR 57.683
Department of Val 0.735 07/03/2040 EUR 63.481
BNG Bank NV 0.680 03/04/2050 EUR 49.815
DNB Bank ASA 1.185 1/14/2038 EUR 69.033
Single Platform I 0.678 2/15/2041 EUR 60.994
Kuntarahoitus Oyj 0.448 3/19/2040 EUR 60.989
Eika Boligkreditt 0.560 11/29/2039 EUR 63.115
HSBC Bank PLC 10.300 12/10/2024 TRY 71.466
Kreditanstalt fue 0.250 10/06/2036 CAD 52.141
Banque Internatio 0.680 10/09/2030 EUR 74.141
Single Platform I 1.140 3/26/2040 EUR 67.402
Berlin Hyp AG 0.055 10/16/2030 EUR 72.849
Nederlandse Water 0.230 10/22/2035 EUR 69.813
UniCredit Bank AG 0.310 10/15/2035 EUR 68.705
Single Platform I 1.163 5/25/2066 EUR 52.101
Societe Wallonne 0.948 10/23/2051 EUR 48.917
Societe Wallonne 0.904 10/23/2047 EUR 50.874
UBS AG/London 19.000 7/15/2024 CHF 57.850
Landesbank Hessen 2.000 04/09/2035 EUR 65.200
Trans-Sped Logisz 2.500 3/16/2030 HUF 68.740
Landesbank Hessen 2.000 03/10/2037 EUR 70.850
DZ Bank AG Deutsc 1.360 6/25/2031 EUR 71.620
Landesbank Hessen 5.318 02/11/2037 EUR 67.000
Landesbank Hessen 1.500 02/10/2037 EUR 66.650
UBS AG/London 7.000 1/26/2024 USD 74.350
Swissquote Bank S 28.900 1/23/2024 CHF 68.040
UBS AG/London 18.000 04/08/2024 CHF 62.350
Bank Vontobel AG 13.000 8/30/2023 CHF 49.700
SG Issuer SA 2.100 12/27/2033 EUR 53.010
Landesbank Hessen 1.750 2/16/2037 EUR 67.500
Rosbank PJSC 0.040 4/30/2024 RUB 60.050
Rosbank PJSC 0.030 4/30/2024 RUB 60.050
Dr Wiesent Sozial 7.000 EUR 0.002
Pannonia Bio Ltd 2.400 9/18/2029 HUF 68.600
Swissquote Bank S 28.100 11/07/2023 CHF 66.730
Landesbank Baden- 1.500 4/24/2039 EUR 67.370
Leonteq Securitie 20.200 11/14/2023 CHF 28.960
Credit Suisse AG/ 16.300 12/26/2023 USD 45.650
Swissquote Bank S 17.200 2/13/2024 CHF 33.710
Erste Group Bank 0.100 9/30/2032 EUR 71.450
Bank Vontobel AG 23.000 8/14/2023 CHF 63.400
DZ Bank AG Deutsc 20.200 9/22/2023 EUR 70.240
Swissquote Bank S 17.900 1/30/2024 CHF 36.370
Nordea Bank Abp 3.050 7/20/2026 SEK 72.125
Landesbank Hessen 1.000 04/09/2035 EUR 67.200
UBS AG/London 8.250 11/19/2026 EUR 69.310
Sberbank of Russi 0.010 7/24/2025 RUB 93.900
SG Issuer SA 5.000 5/23/2024 EUR 54.870
Nordea Bank Abp 2.000 02/03/2026 SEK 55.600
Citigroup Global 2.930 9/15/2025 EUR 31.010
Nordea Bank Abp 8.500 1/20/2025 SEK 70.090
Raiffeisen Schwei 13.000 07/04/2023 CHF 48.020
Leonteq Securitie 20.000 02/06/2024 CHF 58.440
BNP Paribas Emiss 10.000 12/21/2023 EUR 44.220
DZ Bank AG Deutsc 0.800 02/02/2037 EUR 68.350
Landesbank Hessen 1.000 02/11/2037 EUR 64.772
HSBC Continental 2.040 3/29/2049 EUR 73.442
Region de Bruxell 1.535 04/05/2049 EUR 63.478
Region de Bruxell 1.419 6/22/2045 EUR 64.244
Hamburg Commercia 3.000 7/17/2035 EUR 64.783
Muenchener Hypoth 0.120 8/13/2030 EUR 75.250
Landesbank Hessen 0.700 2/24/2032 EUR 74.747
Aareal Bank AG 0.255 9/17/2029 EUR 66.024
DZ Bank AG Deutsc 0.480 9/22/2036 EUR 65.144
Lehman Brothers T 6.720 12/29/2008 EUR 0.100
Lehman Brothers T 7.060 12/29/2008 EUR 0.100
KPNQwest NV 8.875 02/01/2008 EUR 0.637
Lehman Brothers T 6.600 02/09/2009 EUR 0.100
KPNQwest NV 10.000 3/15/2012 EUR 0.638
LBI ehf 8.650 05/01/2011 ISK 10.000
Lehman Brothers T 2.300 6/27/2013 USD 0.100
Lehman Brothers T 2.370 7/15/2013 USD 0.100
Teksid Aluminum L 12.375 7/15/2011 EUR 0.122
Lehman Brothers T 1.950 11/04/2013 EUR 0.100
Lehman Brothers T 0.500 2/16/2009 EUR 0.100
Lehman Brothers T 8.000 4/20/2009 EUR 0.100
Landesbank Hessen 1.150 07/10/2034 EUR 71.168
Lehman Brothers T 4.100 06/10/2014 SGD 0.100
Cooperatieve Rabo 1.485 09/03/2041 EUR 73.308
Erste Group Bank 1.110 6/17/2035 EUR 73.389
DZ Bank AG Deutsc 0.500 02/04/2036 EUR 65.687
Serbia Treasury B 2.300 3/18/2047 EUR 72.310
Lehman Brothers T 7.000 10/22/2010 EUR 0.100
Landesbank Baden- 0.400 03/05/2031 EUR 72.973
Citigroup Global 0.250 02/09/2031 EUR 73.377
Region Wallonne B 1.300 6/16/2068 EUR 46.002
DZ Bank AG Deutsc 0.700 10/16/2034 EUR 70.566
BNP Paribas SA 3.700 10/04/2039 AUD 66.685
Credit Agricole C 0.900 10/01/2034 EUR 69.680
Communaute Franca 0.948 10/11/2059 EUR 45.283
Hemso Fastighets 2.127 4/18/2039 EUR 61.825
Deutsche Pfandbri 0.765 09/12/2036 EUR 55.689
Region de Bruxell 0.540 9/13/2044 EUR 51.973
Landesbank Baden- 0.150 08/11/2031 EUR 72.585
Muenchener Hypoth 0.620 7/22/2033 EUR 70.100
Credit Mutuel Ark 1.165 9/23/2039 EUR 63.269
DZ Bank AG Deutsc 0.500 8/18/2036 EUR 65.236
Region de Bruxell 1.922 4/24/2059 EUR 62.178
Comunidad Foral d 2.100 4/30/2044 EUR 70.725
BPCE SFH SA 1.420 3/30/2039 EUR 74.949
Communaute Franca 1.520 7/22/2069 EUR 53.952
Caisse des Depots 2.766 08/09/2049 USD 70.982
BNG Bank NV 0.799 7/25/2039 EUR 68.717
State of North Rh 1.293 2/25/2041 EUR 74.412
Norddeutsche Land 1.000 07/10/2031 EUR 75.752
State of North Rh 0.880 07/12/2040 EUR 69.594
Santander Interna 1.320 08/08/2039 EUR 64.845
Bayerische Landes 1.500 7/14/2036 EUR 72.362
Single Platform I 0.830 09/06/2041 EUR 62.434
Erste Group Bank 0.880 02/12/2035 EUR 71.821
Communaute Franca 1.367 1/20/2070 EUR 56.190
Barclays Bank PLC 1.750 9/29/2032 USD 70.105
Landesbank Saar 0.680 3/29/2034 EUR 71.048
Landwirtschaftlic 0.210 9/30/2033 EUR 75.468
DZ Bank AG Deutsc 0.500 05/04/2034 EUR 69.772
Kuntarahoitus Oyj 1.150 04/01/2051 EUR 65.814
Single Platform I 1.548 10/31/2050 EUR 64.897
Erste Group Bank 0.560 9/29/2033 EUR 72.008
Aareal Bank AG 0.520 4/18/2031 EUR 59.678
State of Saxony-A 0.475 9/30/2050 EUR 51.740
Single Platform I 0.930 07/02/2041 EUR 64.203
Hungary Governmen 3.000 8/21/2030 HUF 74.391
Banque et Caisse 1.220 5/26/2041 EUR 72.793
Natixis SA 2.710 5/19/2036 USD 74.656
Natixis SA 2.710 5/26/2036 USD 74.799
BPCE SA 3.000 11/18/2036 AUD 62.740
Natixis SA 2.700 5/18/2036 USD 74.556
Credit Agricole C 17.520 1/27/2027 TRY 73.935
Norddeutsche Land 1.090 11/15/2043 EUR 64.431
ABN AMRO Bank NV 1.355 2/21/2039 EUR 74.137
Landesbank Baden- 0.710 11/09/2035 EUR 64.520
Societe Generale 2.970 4/15/2036 USD 65.040
Region Provence-A 0.623 10/15/2035 EUR 71.886
Erste Group Bank 0.890 11/03/2036 EUR 69.514
DZ Bank AG Deutsc 0.660 04/01/2036 EUR 66.916
DZ Bank AG Deutsc 0.710 12/03/2035 EUR 67.960
Norddeutsche Land 0.650 05/12/2031 EUR 73.469
Denmark Governmen 0.250 11/15/2052 DKK 51.911
DZ Bank AG Deutsc 0.800 8/20/2035 EUR 69.584
Banque et Caisse 0.880 02/10/2037 EUR 75.084
Barclays Bank PLC 2.800 10/28/2036 USD 72.199
NRW Bank 1.085 10/26/2041 EUR 69.838
Santander Consume 8.520 NOK 56.770
Single Platform I 2.070 06/01/2040 NOK 71.337
Region Centre 0.924 11/02/2043 EUR 60.489
Region de Bruxell 1.250 01/10/2060 EUR 48.145
DNB Boligkreditt 1.594 1/29/2043 EUR 74.296
DZ Bank AG Deutsc 0.785 7/31/2034 EUR 71.716
Societe Generale 1.040 3/25/2041 EUR 60.070
Banque et Caisse 1.068 5/18/2041 EUR 71.096
Landesbank Baden- 0.650 12/01/2031 EUR 73.356
Region Occitanie 0.792 11/23/2043 EUR 58.537
Erste Group Bank 1.065 5/17/2041 EUR 65.007
DNB Boligkreditt 1.488 12/14/2038 EUR 75.587
DZ Bank AG Deutsc 0.650 12/22/2036 EUR 66.711
Harp Issuer PLC 1.400 2/14/2032 USD 70.029
Republic of Austr 0.750 3/20/2051 EUR 56.824
Home Invest Belgi 1.850 1/15/2032 EUR 71.967
Erste Group Bank 0.520 11/02/2033 EUR 71.122
SpareBank 1 SMN 0.190 11/06/2030 EUR 73.172
DZ Bank AG Deutsc 1.040 5/15/2034 EUR 74.758
UBS Group AG 2.210 11/24/2035 USD 67.376
DZ Bank AG Deutsc 0.600 1/19/2035 EUR 69.071
Landesbank Hessen 0.750 12/17/2035 EUR 63.970
DZ Bank AG Deutsc 0.500 12/21/2035 EUR 65.966
DZ Bank AG Deutsc 0.520 11/23/2033 EUR 71.306
Region de Bruxell 1.000 4/21/2051 EUR 52.616
Landesbank Hessen 0.600 04/09/2035 EUR 64.302
Societe Du Grand 1.149 04/08/2069 EUR 42.210
DZ Bank AG Deutsc 0.700 10/19/2034 EUR 70.330
Norddeutsche Land 1.000 09/10/2032 EUR 72.328
Landesbank Hessen 0.730 02/11/2032 EUR 75.320
Berlin Hyp AG 0.440 10/29/2035 EUR 59.354
DekaBank Deutsche 0.530 10/22/2035 EUR 66.232
Landesbank Baden- 0.900 5/28/2035 EUR 66.641
Republic of Polan 1.250 10/25/2030 PLN 73.868
Municipality of E 1.785 5/30/2047 EUR 75.310
Landesbank Hessen 1.300 06/04/2035 EUR 70.354
Region de Bruxell 1.065 6/22/2047 EUR 56.190
Norddeutsche Land 1.170 11/24/2038 EUR 59.310
Barclays Bank PLC 1.235 11/27/2040 EUR 68.627
Societe Generale 0.570 3/15/2036 EUR 71.717
Communaute Franca 0.750 02/04/2061 EUR 39.419
DZ Bank AG Deutsc 0.200 10/02/2034 EUR 65.958
Single Platform I 1.082 3/17/2039 EUR 67.440
Landwirtschaftlic 1.365 03/10/2042 EUR 74.600
BNG Bank NV 1.040 11/28/2047 EUR 60.953
Republic of Irela 0.835 07/08/2080 EUR 41.482
DZ Bank AG Deutsc 0.650 9/17/2035 EUR 67.991
State of Lower Au 1.750 05/02/2047 EUR 70.687
DZ Bank AG Deutsc 1.150 4/30/2035 EUR 73.373
Landesbank Hessen 1.750 4/14/2037 EUR 72.743
DekaBank Deutsche 1.100 11/25/2030 EUR 72.679
Region de Bruxell 0.980 01/10/2051 EUR 52.525
Region Wallonne B 2.168 7/26/2047 EUR 72.332
Lehman Brothers T 6.650 8/24/2011 AUD 0.100
Landeskreditbank 0.170 12/10/2035 EUR 69.777
Lehman Brothers T 4.350 08/08/2016 SGD 0.100
Aktia Bank Oyj 0.965 12/11/2040 EUR 60.643
Landesbank Hessen 0.490 1/24/2035 EUR 63.875
Lehman Brothers T 5.000 05/02/2022 EUR 0.100
Barclays Bank PLC 7.830 7/26/2038 MXN 63.228
Lehman Brothers T 3.860 9/21/2011 SGD 0.100
Ministeries Van d 1.095 06/03/2055 EUR 48.825
Lehman Brothers T 15.000 3/30/2011 EUR 0.100
Lehman Brothers T 5.200 3/19/2018 EUR 0.100
Region Bretagne S 0.770 12/01/2039 EUR 65.057
Credit Agricole C 2.100 12/18/2035 USD 68.934
Single Platform I 0.780 03/05/2039 EUR 64.433
Ville de Paris 0.395 12/18/2045 EUR 50.779
Kuntarahoitus Oyj 0.960 10/25/2049 EUR 64.674
DZ Bank AG Deutsc 0.800 11/06/2034 EUR 71.266
Single Platform I 0.695 6/25/2039 EUR 64.113
Citigroup Global 0.700 1/30/2032 EUR 73.727
French Republic G 0.750 5/25/2052 EUR 53.343
Region de Bruxell 0.283 10/24/2033 EUR 69.981
Batigere Grand Es 1.540 11/04/2041 EUR 61.753
Landesbank Hessen 0.750 11/14/2034 EUR 66.738
Erste Group Bank 0.770 11/13/2033 EUR 72.910
Landesbank Hessen 0.560 6/16/2031 EUR 74.823
Berlin Hyp AG 0.625 6/30/2031 EUR 70.793
DZ HYP AG 1.033 12/06/2049 EUR 57.337
National Grid Ele 3.120 12/10/2039 AUD 71.463
DZ Bank AG Deutsc 0.625 7/21/2036 EUR 66.560
Single Platform I 0.885 7/24/2036 EUR 68.369
Single Platform I 0.924 2/18/2049 EUR 54.831
Landesbank Hessen 0.460 7/20/2032 EUR 71.652
DZ Bank AG Deutsc 0.110 8/17/2032 EUR 71.850
DZ Bank AG Deutsc 0.500 03/02/2038 EUR 61.026
Lehman Brothers T 0.500 07/02/2020 EUR 0.100
Belfius Bank SA 0.190 1/28/2031 EUR 72.893
Credit Agricole C 2.280 1/19/2036 USD 70.351
Lehman Brothers T 5.000 11/22/2012 EUR 0.100
Landesbank Hessen 0.350 1/20/2031 EUR 74.801
Agence Metropolit 0.500 07/07/2035 EUR 69.564
Landesbank Hessen 0.750 04/09/2035 EUR 65.666
Cooperatieve Rabo 0.540 08/03/2040 EUR 61.478
Single Platform I 1.165 06/06/2046 EUR 63.076
Kreditanstalt fue 0.953 1/24/2042 EUR 69.590
Credit Agricole C 2.610 7/27/2050 USD 56.919
Autonomous Commun 1.744 07/01/2061 EUR 53.887
Natixis SA 3.800 5/28/2039 AUD 71.037
Lehman Brothers T 0.750 3/29/2012 EUR 0.100
Lehman Brothers T 4.150 8/25/2020 EUR 0.100
Lehman Brothers T 5.318 11/02/2035 EUR 0.100
Lehman Brothers T 4.250 3/13/2021 EUR 0.100
Lehman Brothers T 4.000 2/28/2010 EUR 0.100
BPCE SFH SA 1.186 05/09/2039 EUR 71.795
Oberoesterreichis 0.650 10/15/2035 EUR 67.354
DZ Bank AG Deutsc 0.600 11/16/2035 EUR 67.149
Single Platform I 0.559 2/15/2047 EUR 53.105
AutoWallis Nyrt 3.000 7/27/2031 HUF 60.800
Mercedes-Benz Man 1.500 3/16/2027 HUF 70.000
UBS AG/London 7.000 07/12/2023 CHF 63.850
Vorosko Kereskede 4.750 1/25/2032 HUF 68.000
Alfa-Bank AO 10.200 02/10/2025 RUB 70.000
Landesbank Baden- 4.960 7/28/2023 EUR 60.080
Zurcher Kantonalb 17.000 09/04/2023 EUR 49.470
TransFin-M PAO 9.150 02/04/2027 RUB 61.000
MASTERPLAST Nyrt 2.900 8/25/2031 HUF 62.500
Raiffeisen Schwei 20.000 08/11/2023 CHF 23.810
MASTERPLAST Nyrt 2.100 12/21/2027 HUF 73.000
Eltex Kft 3.500 12/21/2028 HUF 69.400
EFG International 7.500 5/19/2023 CHF 11.270
Zurcher Kantonalb 21.200 5/16/2023 CHF 68.710
ENVIEN Magyarorsz 2.500 5/18/2031 HUF 69.790
Otthon Centrum Ho 3.000 4/19/2031 HUF 70.200
Hell Energy Magya 2.700 12/18/2029 HUF 63.100
SkyGreen Building 3.000 12/29/2030 HUF 59.700
Progress Etteremh 3.000 9/18/2030 HUF 67.900
Credit Suisse AG/ 20.000 11/29/2024 USD 10.360
Luzerner Kantonal 6.000 07/06/2023 EUR 66.130
Raiffeisen Schwei 7.000 9/20/2023 CHF 63.870
Agrar Mezogazdasa 2.900 8/24/2031 HUF 69.050
Cooperatieve Rabo 1.850 3/29/2049 EUR 60.674
Ukraine Governmen 7.253 3/15/2035 USD 16.018
Banque Internatio 1.500 1/20/2037 EUR 62.667
State of North Rh 0.950 01/10/2121 EUR 38.017
Agence France Loc 0.330 12/20/2040 EUR 59.413
Vedanta Resources 9.250 4/23/2026 USD 66.487
Romanian Governme 1.750 7/13/2030 EUR 75.162
Romanian Governme 1.750 7/13/2030 EUR 75.089
Communaute Franca 2.041 04/12/2069 EUR 65.588
Netherlands Gover 0.500 1/15/2040 EUR 69.951
Lithuania Governm 1.625 6/19/2049 EUR 63.082
Norddeutsche Land 1.100 07/05/2032 EUR 73.812
Deutsche Apotheke 1.444 09/01/2036 EUR 68.717
Bayerische Landes 1.600 7/21/2036 EUR 73.911
DNB Boligkreditt 0.846 7/14/2036 EUR 71.990
Ireland Governmen 1.500 5/15/2050 EUR 68.757
Merrill Lynch BV 2.580 8/20/2036 USD 70.209
DLR Kredit A/S 0.500 10/01/2050 DKK 67.637
United Kingdom Gi 0.625 7/31/2035 GBP 68.249
Kommunalkredit Au 1.055 10/06/2031 EUR 72.783
Region de Bruxell 2.410 8/23/2063 EUR 70.616
Hungary Governmen 3.250 10/22/2031 HUF 73.053
Caisse des Depots 1.438 5/24/2051 EUR 60.422
Ville de Paris 0.760 5/25/2066 EUR 36.301
Hemso Fastighets 2.000 2/15/2033 EUR 72.119
Region de Bruxell 0.690 6/22/2050 EUR 44.003
Deutsche Apotheke 1.715 2/13/2037 EUR 71.068
Batigere Grand Es 1.550 08/12/2041 EUR 62.226
Lehman Brothers T 10.000 06/11/2038 JPY 0.100
Single Platform I 1.165 7/30/2035 EUR 72.484
Region Occitanie 0.834 11/18/2044 EUR 57.739
Banque Internatio 3.320 5/24/2042 EUR 74.132
Deutsche Bank AG/ 14.900 5/30/2028 TRY 56.362
Banque Federative 0.125 11/06/2030 EUR 74.457
Region Provence-A 0.709 6/29/2040 EUR 63.718
Luzerner Kantonal 0.250 8/28/2040 CHF 73.037
Kreditanstalt fue 0.613 06/10/2040 EUR 63.362
BNP Paribas SA 3.750 06/12/2040 AUD 75.298
Office Public De 1.700 12/22/2060 EUR 68.596
Vedanta Resources 6.125 08/09/2024 USD 65.210
Deutsche Pfandbri 0.320 12/09/2030 EUR 69.460
Nederlandse Water 1.125 07/08/2050 EUR 61.080
Credit Suisse AG/ 2.100 3/15/2037 EUR 71.785
SG Issuer SA 2.910 10/29/2034 AUD 69.389
Batigere Grand Es 1.550 11/14/2039 EUR 65.072
Single Platform I 1.080 7/18/2036 EUR 70.987
Single Platform I 2.230 3/17/2039 NOK 73.720
Natixis SA 2.500 03/04/2036 USD 73.550
Region Provence-A 0.575 07/06/2039 EUR 63.511
Citigroup Global 0.520 3/19/2033 EUR 68.601
Croatia Governmen 1.750 03/04/2041 EUR 68.523
Department of Gir 0.650 12/17/2038 EUR 65.557
State of Lower Au 0.400 10/13/2050 EUR 46.769
DZ Bank AG Deutsc 6.250 12/20/2023 EUR 63.250
Landesbank Baden- 7.200 8/23/2024 EUR 36.000
Vontobel Financia 10.250 9/22/2023 EUR 74.290
Leonteq Securitie 28.800 8/25/2023 CHF 66.020
Raiffeisen Switze 16.800 8/29/2023 CHF 66.610
Swissquote Bank S 20.000 8/29/2023 CHF 67.830
Corner Banca SA 24.000 8/29/2023 CHF 66.660
Bank Julius Baer 13.200 11/30/2023 CHF 22.800
Bank Julius Baer 8.600 11/30/2023 CHF 70.200
UBS AG/London 18.000 2/26/2024 CHF 74.550
DZ Bank AG Deutsc 13.400 8/25/2023 EUR 65.900
DZ Bank AG Deutsc 11.200 12/22/2023 EUR 68.340
Bank Vontobel AG 15.000 02/05/2024 CHF 46.700
Bank Vontobel AG 12.000 02/05/2024 CHF 30.700
Landesbank Baden- 2.200 7/28/2023 EUR 71.210
Landesbank Baden- 3.600 7/28/2023 EUR 65.060
Landesbank Baden- 4.100 7/28/2023 EUR 49.290
Landesbank Baden- 8.200 7/28/2023 EUR 35.900
Landesbank Baden- 11.500 7/28/2023 EUR 31.240
Landesbank Baden- 7.100 7/28/2023 EUR 74.280
Landesbank Baden- 11.000 7/28/2023 EUR 64.760
Vontobel Financia 16.000 9/22/2023 EUR 76.190
Vontobel Financia 21.000 6/23/2023 EUR 67.880
Vontobel Financia 18.000 9/22/2023 EUR 71.860
Vontobel Financia 18.500 6/23/2023 EUR 72.970
Vontobel Financia 20.500 9/22/2023 EUR 68.270
Vontobel Financia 24.000 9/22/2023 EUR 67.680
Vontobel Financia 22.000 9/22/2023 EUR 70.580
Vontobel Financia 20.500 9/22/2023 EUR 73.940
Vontobel Financia 21.000 6/23/2023 EUR 74.280
Vontobel Financia 23.500 6/23/2023 EUR 69.770
Leonteq Securitie 29.000 7/14/2023 CHF 44.860
Leonteq Securitie 18.000 7/18/2023 CHF 73.100
Vontobel Financia 19.500 6/23/2023 EUR
Vontobel Financia 13.000 9/22/2023 EUR 55.300
Vontobel Financia 17.500 6/23/2023 EUR 52.740
Raiffeisen Switze 19.500 7/18/2023 CHF 73.460
Leonteq Securitie 25.000 7/18/2023 CHF 29.020
DZ Bank AG Deutsc 7.250 9/20/2023 EUR 25.920
Bank Julius Baer 12.150 7/19/2023 CHF 16.700
UBS AG/London 19.250 7/13/2023 CHF 47.800
Bank Vontobel AG 14.500 1/16/2024 CHF 67.700
Bank Vontobel AG 16.500 7/17/2023 CHF 50.700
Leonteq Securitie 24.000 7/21/2023 CHF 31.880
Leonteq Securitie 30.000 7/21/2023 CHF 60.150
Bank Julius Baer 12.280 7/21/2023 EUR 66.700
SG Issuer SA 5.000 5/30/2029 EUR 33.160
Vontobel Financia 12.250 9/22/2023 EUR 68.870
Vontobel Financia 16.750 9/22/2023 EUR 60.650
Credit Suisse AG/ 16.750 8/29/2023 CHF 62.340
Leonteq Securitie 30.000 09/01/2023 CHF 34.950
Leonteq Securitie 27.000 09/01/2023 CHF 60.980
Leonteq Securitie 17.000 09/06/2023 CHF 68.700
Luzerner Kantonal 3.500 8/30/2023 USD 45.710
Leonteq Securitie 17.000 12/05/2023 CHF 64.000
DZ Bank AG Deutsc 9.750 9/20/2023 EUR 32.820
UBS AG/London 11.250 8/31/2023 CHF 18.940
UBS AG/London 16.750 8/31/2023 USD 61.200
Raiffeisen Switze 20.000 09/06/2023 CHF 35.490
DZ Bank AG Deutsc 13.600 9/22/2023 EUR 73.600
DZ Bank AG Deutsc 14.400 6/23/2023 EUR 76.640
DZ Bank AG Deutsc 13.700 6/23/2023 EUR 40.290
DZ Bank AG Deutsc 17.600 6/23/2023 EUR 16.540
DZ Bank AG Deutsc 15.300 6/23/2023 EUR 63.670
DZ Bank AG Deutsc 18.200 6/23/2023 EUR 69.740
Bank Vontobel AG 8.250 8/21/2023 CHF 74.300
Bank Vontobel AG 15.000 5/23/2023 CHF 32.400
UniCredit Bank AG 5.800 6/21/2023 EUR 69.560
DZ Bank AG Deutsc 14.500 6/19/2023 EUR 58.300
DZ Bank AG Deutsc 14.250 9/18/2023 EUR 66.440
DZ Bank AG Deutsc 6.250 9/18/2023 EUR 58.960
UBS AG/London 14.750 11/27/2023 CHF 57.300
UBS AG/London 12.000 11/27/2023 CHF 15.980
Landesbank Baden- 8.500 11/24/2023 EUR 76.020
Landesbank Baden- 9.100 11/24/2023 EUR 72.940
Landesbank Baden- 3.200 11/24/2023 EUR 59.420
Landesbank Baden- 5.100 11/24/2023 EUR 54.100
Landesbank Baden- 4.100 11/24/2023 EUR 42.000
Landesbank Baden- 7.500 11/24/2023 EUR 35.040
Landesbank Baden- 10.000 11/24/2023 EUR 32.460
Landesbank Baden- 11.750 11/24/2023 EUR 31.480
Landesbank Baden- 4.000 11/24/2023 EUR 71.020
Landesbank Baden- 6.100 11/24/2023 EUR 64.280
Landesbank Baden- 9.400 11/24/2023 EUR 58.800
Leonteq Securitie 30.000 5/31/2023 CHF 39.160
Leonteq Securitie 24.000 5/31/2023 CHF 34.450
Vontobel Financia 20.000 6/23/2023 EUR 71.750
Vontobel Financia 22.500 6/23/2023 EUR 23.710
Vontobel Financia 10.000 6/23/2023 EUR 68.180
Vontobel Financia 15.850 6/23/2023 EUR 63.890
Raiffeisen Schwei 16.000 5/30/2023 CHF 59.060
Leonteq Securitie 17.000 5/23/2023 CHF 59.720
Credit Suisse AG/ 6.750 9/23/2024 USD 61.940
Sberbank of Russi 0.010 8/31/2028 RUB 64.700
Sberbank of Russi 0.010 09/04/2026 RUB 74.400
Leonteq Securitie 9.000 09/06/2023 CHF 58.520
Leonteq Securitie 10.000 09/07/2023 USD 65.660
Zurcher Kantonalb 5.000 09/07/2023 CHF 66.410
Goldman Sachs & C 4.000 6/21/2023 EUR 70.270
Goldman Sachs & C 5.000 6/21/2023 EUR 66.250
Goldman Sachs & C 6.000 6/21/2023 EUR 62.690
Goldman Sachs & C 7.000 6/21/2023 EUR 59.510
Goldman Sachs & C 10.000 6/21/2023 EUR 51.760
Goldman Sachs & C 12.000 6/21/2023 EUR 47.700
Vontobel Financia 4.100 9/26/2023 EUR 73.720
Societe Generale 9.640 09/12/2024 USD 59.800
Bank Julius Baer 7.000 09/11/2023 USD 64.950
EFG International 11.000 09/10/2024 USD 51.120
DekaBank Deutsche 2.350 9/27/2024 EUR 61.340
Bank Julius Baer 7.000 09/12/2023 USD 64.850
Bank Julius Baer 7.000 09/12/2023 USD 64.850
UniCredit Bank AG 10.300 9/27/2024 EUR 46.400
Leonteq Securitie 7.000 9/13/2023 CHF 48.040
Leonteq Securitie 6.000 9/13/2023 CHF 70.110
DekaBank Deutsche 3.000 10/11/2024 EUR 72.690
DekaBank Deutsche 2.850 10/11/2024 EUR 74.570
Raiffeisen Schwei 4.000 09/10/2024 CHF 72.040
Raiffeisen Schwei 7.250 9/13/2023 CHF 67.040
Raiffeisen Schwei 7.000 9/13/2023 CHF 68.790
Erste Group Bank 4.000 10/01/2025 EUR 69.600
Erste Group Bank 4.500 10/01/2025 EUR 44.400
UBS AG/London 4.520 09/07/2023 USD
Landesbank Baden- 3.850 10/24/2025 EUR 64.830
EFG International 10.000 9/20/2023 USD 35.680
EFG International 9.100 9/20/2023 EUR 35.620
Societe Generale 13.010 9/19/2024 USD 58.000
Basler Kantonalba 6.000 9/15/2023 CHF 76.050
Landesbank Hessen 1.200 9/17/2036 EUR 65.050
UniCredit Bank AG 6.150 10/21/2024 EUR 44.220
Landesbank Hessen 1.500 10/20/2036 EUR 64.900
UBS AG/London 15.000 8/31/2023 CHF 56.500
UBS AG/London 20.000 2/29/2024 CHF 69.650
Vontobel Financia 19.000 6/23/2023 EUR 74.600
Vontobel Financia 20.500 6/23/2023 EUR 72.790
Vontobel Financia 22.000 6/23/2023 EUR 71.070
Vontobel Financia 20.500 9/22/2023 EUR 71.280
Vontobel Financia 20.000 6/23/2023 EUR 74.780
Landesbank Hessen 1.500 10/01/2036 EUR 65.700
Raiffeisen Schwei 5.850 10/04/2023 CHF 65.890
Citigroup Global 2.540 9/13/2024 EUR 59.810
Sberbank of Russi 0.010 10/03/2028 RUB 69.700
Leonteq Securitie 7.000 10/04/2023 CHF 49.300
Leonteq Securitie 7.400 10/04/2023 CHF 73.680
Corner Banca SA 7.000 10/04/2023 CHF 76.850
Leonteq Securitie 8.000 10/04/2023 USD 61.320
UniCredit Bank AG 3.650 10/29/2024 EUR 73.870
Leonteq Securitie 8.090 10/04/2023 CHF 52.600
Credit Suisse AG/ 25.000 10/20/2026 USD 5.520
Erste Group Bank 4.500 11/02/2025 EUR 48.200
Sberbank of Russi 0.010 10/05/2028 RUB 66.010
Societe Generale 15.000 10/31/2024 USD
Goldman Sachs & C 5.000 6/21/2023 EUR 73.550
Goldman Sachs & C 6.000 6/21/2023 EUR 69.080
Goldman Sachs & C 7.000 6/21/2023 EUR 65.140
Goldman Sachs & C 8.000 6/21/2023 EUR 62.800
Goldman Sachs & C 10.000 6/21/2023 EUR 59.660
Goldman Sachs & C 13.000 6/21/2023 EUR 52.600
Goldman Sachs & C 5.000 9/20/2023 EUR 74.360
Goldman Sachs & C 6.000 9/20/2023 EUR 70.260
Goldman Sachs & C 7.000 9/20/2023 EUR 66.620
Goldman Sachs & C 8.000 9/20/2023 EUR 64.540
Goldman Sachs & C 10.000 9/20/2023 EUR 58.930
Goldman Sachs & C 12.000 9/20/2023 EUR 55.240
Basler Kantonalba 7.000 10/11/2023 CHF 11.820
DZ Bank AG Deutsc 1.850 12/29/2031 EUR 63.740
DZ Bank AG Deutsc 1.980 12/29/2031 EUR 69.750
VTB Bank PJSC 3.750 EUR
VTB Bank PJSC 10.000 RUB 52.000
Corner Banca SA 8.000 10/11/2023 CHF 12.560
Zurcher Kantonalb 15.260 3/20/2024 CHF 53.420
Credit Suisse AG/ 15.250 3/20/2024 CHF 45.270
Credit Suisse AG/ 16.000 9/20/2023 CHF 38.600
BNP Paribas Issua 7.980 1/20/2025 SEK 71.450
Landesbank Hessen 1.000 03/06/2035 EUR 66.850
UniCredit Bank AG 3.450 04/02/2024 EUR 56.390
Leonteq Securitie 6.000 12/01/2023 CHF 55.760
Landesbank Baden- 4.100 6/27/2025 EUR 70.650
Leonteq Securitie 7.400 12/01/2023 USD 55.340
Bank Julius Baer 18.000 02/09/2024 CHF 65.400
Raiffeisen Bank I 7.500 07/07/2023 EUR 60.160
EFG International 9.800 06/07/2023 USD 66.080
DekaBank Deutsche 3.500 6/28/2024 EUR 69.420
Leonteq Securitie 26.400 08/08/2023 CHF 68.170
DekaBank Deutsche 3.100 6/28/2024 EUR 72.670
Bayer Construct E 3.700 10/21/2031 HUF 67.720
DZ Bank AG Deutsc 12.100 6/19/2023 EUR 75.760
Leonteq Securitie 15.000 6/28/2023 USD 64.620
Credit Suisse AG/ 8.000 6/28/2023 USD 9.300
Raiffeisen Schwei 8.700 12/28/2023 CHF 69.540
UBS AG/London 12.750 3/25/2024 CHF 65.950
DZ Bank AG Deutsc 10.500 6/21/2023 EUR 66.550
Leonteq Securitie 19.000 6/29/2023 USD 56.080
DekaBank Deutsche 4.450 4/27/2026 EUR 72.700
Landesbank Baden- 4.500 7/28/2023 EUR 70.170
Erste Group Bank 14.000 6/30/2023 EUR 69.400
Erste Group Bank 12.500 6/30/2023 EUR 72.450
Erste Group Bank 15.500 6/30/2023 EUR 69.550
DZ Bank AG Deutsc 14.000 6/21/2023 EUR 64.490
UBS AG/London 15.250 11/27/2023 CHF 61.100
UBS AG/London 8.900 8/24/2023 USD 9.860
DZ Bank AG Deutsc 17.700 9/22/2023 EUR 55.520
Zurcher Kantonalb 18.000 9/29/2023 CHF 36.560
Credit Suisse AG/ 11.750 9/29/2023 CHF 20.810
Basler Kantonalba 16.000 10/05/2023 CHF 68.080
UBS AG/London 21.800 10/06/2023 USD 72.600
Leonteq Securitie 12.000 10/10/2023 CHF 26.240
Leonteq Securitie 20.200 10/10/2023 CHF 75.150
Leonteq Securitie 23.200 10/10/2023 CHF 74.670
Raiffeisen Switze 18.000 10/11/2023 CHF 73.810
DZ Bank AG Deutsc 1.080 12/30/2030 EUR 72.390
Vontobel Financia 5.000 3/26/2024 EUR 59.390
Landesbank Hessen 1.400 03/05/2036 EUR 64.400
Societe Generale 24.000 04/03/2024 USD 65.400
UniCredit Bank AG 5.300 04/08/2025 EUR 72.670
Sberbank of Russi 0.010 03/06/2028 RUB 71.900
UBS AG/London 9.750 07/01/2024 CHF 22.340
Bank Julius Baer 21.850 10/11/2023 CHF 27.550
Bank Vontobel AG 12.030 6/23/2023 EUR 22.400
Landesbank Baden- 4.000 6/28/2024 EUR 43.240
Landesbank Baden- 5.100 6/28/2024 EUR 38.750
Landesbank Baden- 7.000 6/28/2024 EUR 35.130
Landesbank Baden- 8.000 6/28/2024 EUR 33.610
Landesbank Baden- 5.250 6/28/2024 EUR 73.110
Vontobel Financia 17.500 6/23/2023 EUR 25.090
Raiffeisen Schwei 20.000 07/05/2023 CHF 74.810
Bank Julius Baer 9.050 07/05/2023 CHF 70.950
UBS AG/London 17.750 6/29/2023 CHF 43.100
UBS AG/London 18.000 6/29/2023 USD 73.600
UBS AG/London 16.250 01/04/2024 CHF 47.550
UBS AG/London 17.750 6/29/2023 CHF 70.250
UniCredit Bank AG 14.300 12/22/2023 EUR 82.140
UBS AG/London 11.000 01/08/2024 CHF 18.960
UBS AG/London 16.000 01/08/2024 CHF 73.650
Banque Internatio 21.000 07/12/2023 CHF 77.200
UBS AG/London 18.500 6/15/2023 CHF 59.700
Swissquote Bank S 13.230 2/27/2024 CHF 39.210
Landesbank Hessen 1.000 03/09/2037 EUR 67.200
Leonteq Securitie 6.000 02/07/2024 CHF 66.020
Leonteq Securitie 9.000 08/07/2023 CHF 11.740
Leonteq Securitie 7.000 02/07/2024 CHF 75.320
Leonteq Securitie 10.000 08/04/2023 EUR 64.270
DZ Bank AG Deutsc 2.120 12/29/2031 EUR 72.650
Raiffeisen Schwei 9.000 08/04/2023 CHF 70.020
UBS AG/London 8.250 8/23/2023 CHF 57.850
UBS AG/London 6.750 2/23/2024 CHF 72.900
UBS AG/London 10.000 8/23/2023 CHF 59.350
SG Issuer SA 6.500 1/20/2025 SEK 69.780
UniCredit Bank AG 4.900 03/10/2025 EUR 76.250
Bank Vontobel AG 12.250 08/04/2023 EUR 20.800
Bank Vontobel AG 10.500 08/04/2023 EUR 63.200
Vontobel Financia 17.000 6/23/2023 EUR 59.830
Vontobel Financia 16.000 6/23/2023 EUR 61.040
Vontobel Financia 12.000 6/23/2023 EUR 66.580
Vontobel Financia 8.500 6/23/2023 EUR 73.530
Vontobel Financia 9.500 6/23/2023 EUR 71.660
Vontobel Financia 8.000 6/23/2023 EUR 75.540
Vontobel Financia 12.500 6/23/2023 EUR 74.820
Vontobel Financia 14.000 6/23/2023 EUR 72.440
Vontobel Financia 15.000 6/23/2023 EUR 74.040
Vontobel Financia 16.000 6/23/2023 EUR 65.280
Vontobel Financia 14.500 6/23/2023 EUR 71.560
Vontobel Financia 20.500 6/23/2023 EUR 63.110
Vontobel Financia 19.000 6/23/2023 EUR 65.000
Vontobel Financia 17.500 6/23/2023 EUR 67.030
Vontobel Financia 9.500 6/23/2023 EUR 83.030
Vontobel Financia 25.000 6/23/2023 EUR 55.790
Vontobel Financia 22.000 6/23/2023 EUR 59.170
Vontobel Financia 18.000 6/23/2023 EUR 65.360
Vontobel Financia 15.500 6/23/2023 EUR 70.400
Vontobel Financia 14.000 6/23/2023 EUR 73.240
Vontobel Financia 10.500 6/23/2023 EUR 74.570
Leonteq Securitie 15.500 6/13/2023 CHF 59.310
UniCredit Bank AG 18.200 6/23/2023 EUR 65.340
Leonteq Securitie 21.000 6/13/2023 CHF 37.310
Raiffeisen Schwei 15.000 6/14/2023 CHF 58.860
Raiffeisen Schwei 14.500 6/14/2023 CHF 36.070
Vontobel Financia 20.500 6/23/2023 EUR 12.770
Vontobel Financia 14.000 6/23/2023 EUR 13.820
Vontobel Financia 23.500 6/23/2023 EUR 73.900
Vontobel Financia 8.500 6/23/2023 EUR 15.610
Vontobel Financia 23.000 6/23/2023 EUR 69.700
Vontobel Financia 21.000 6/23/2023 EUR 19.710
DZ Bank AG Deutsc 21.700 6/23/2023 EUR 64.760
DZ Bank AG Deutsc 19.400 6/23/2023 EUR 62.600
Raiffeisen Schwei 5.800 8/25/2023 CHF 69.950
Raiffeisen Bank I 8.000 04/08/2024 EUR 69.420
Landesbank Baden- 5.600 3/22/2024 EUR 71.270
UBS AG/London 4.000 08/03/2026 SEK 70.660
Raiffeisen Schwei 7.300 03/04/2024 CHF 68.210
Raiffeisen Schwei 8.000 12/04/2023 CHF 70.750
Vontobel Financia 16.250 9/22/2023 EUR 59.720
Raiffeisen Switze 17.500 08/02/2023 CHF 57.370
Leonteq Securitie 20.000 08/02/2023 CHF 58.370
Corner Banca SA 23.000 08/08/2023 CHF 63.630
DekaBank Deutsche 2.250 7/14/2026 EUR 75.070
VTB Bank PJSC 10.000 RUB 54.000
Raiffeisen Switze 19.700 08/09/2023 CHF 63.050
VTB Bank PJSC 11.250 05/06/2037 RUB 53.000
EFG International 9.000 06/07/2023 EUR 67.470
Landesbank Baden- 3.200 6/27/2025 EUR 74.840
Raiffeisen Schwei 7.200 06/01/2023 CHF 35.770
SG Issuer SA 1.800 8/14/2034 EUR 69.300
Bank Vontobel AG 8.500 9/18/2023 CHF 68.800
Landesbank Hessen 1.750 08/04/2036 EUR 66.350
Bank Vontobel AG 12.000 1/22/2024 EUR 66.200
Bank Vontobel AG 10.500 7/21/2023 CHF 41.700
BNP Paribas Issua 3.000 1/23/2024 EUR 56.550
Bank Vontobel AG 15.000 7/21/2023 CHF 41.000
EFG International 14.000 7/26/2023 USD 61.020
MOL Nyrt Kueloenl 4.950 1/26/2032 HUF 74.460
Credit Suisse AG/ 7.200 7/30/2024 USD 59.470
Landesbank Baden- 8.400 7/28/2023 EUR 67.200
Landesbank Baden- 3.500 7/28/2023 EUR 68.490
Landesbank Baden- 7.250 7/28/2023 EUR 58.260
Landesbank Baden- 2.250 7/28/2023 EUR 44.860
Landesbank Baden- 2.850 7/28/2023 EUR 66.240
Landesbank Baden- 5.750 7/28/2023 EUR 51.030
Landesbank Baden- 3.800 7/28/2023 EUR 47.010
Landesbank Baden- 7.400 7/28/2023 EUR 22.360
Landesbank Baden- 5.000 7/28/2023 EUR 67.120
Landesbank Baden- 4.650 7/28/2023 EUR 71.040
Landesbank Baden- 8.800 7/28/2023 EUR 65.700
Landesbank Baden- 2.000 7/28/2023 EUR 65.130
EFG International 8.400 07/07/2023 CHF 52.610
Landesbank Baden- 4.600 7/28/2023 EUR 72.580
Credit Suisse AG/ 5.800 07/12/2023 USD 8.000
Landesbank Baden- 3.300 7/25/2025 EUR 74.870
Leonteq Securitie 8.000 7/28/2023 USD 59.320
Leonteq Securitie 11.000 7/28/2023 CHF 42.060
Leonteq Securitie 10.000 07/12/2023 CHF 33.150
EFG International 8.700 7/13/2023 EUR 7.870
Leonteq Securitie 6.200 07/12/2023 CHF 55.520
Goldman Sachs & C 6.000 6/21/2023 EUR 59.480
Goldman Sachs & C 6.000 6/21/2023 EUR 72.290
Goldman Sachs & C 7.000 6/21/2023 EUR 55.470
UBS AG/London 16.500 8/16/2023 USD 58.050
UBS AG/London 10.500 8/16/2023 USD 70.150
UBS AG/London 13.750 8/16/2023 CHF 46.150
UBS AG/London 13.750 8/16/2023 EUR 61.650
DekaBank Deutsche 2.100 08/11/2023 EUR 65.530
Leonteq Securitie 9.000 5/25/2023 CHF 18.640
Leonteq Securitie 10.000 5/25/2023 EUR 67.480
Landesbank Baden- 3.500 12/22/2023 EUR 69.720
EFG International 10.600 06/01/2023 USD 69.840
Leonteq Securitie 6.000 11/27/2023 CHF 55.750
Leonteq Securitie 12.000 1/29/2024 CHF 24.410
UBS AG/London 10.250 5/30/2023 CHF 39.800
UBS AG/London 9.000 5/30/2023 CHF 57.350
Landesbank Baden- 2.500 7/24/2026 EUR 68.880
EFG International 14.000 6/28/2023 CHF 24.500
Leonteq Securitie 8.000 6/27/2023 USD 40.540
Raiffeisen Bank I 10.000 02/12/2024 EUR 34.920
Leonteq Securitie 10.000 6/29/2023 EUR 74.660
Landesbank Baden- 5.900 12/22/2023 EUR 43.130
Landesbank Baden- 4.600 12/22/2023 EUR 46.640
Landesbank Baden- 2.400 12/22/2023 EUR 56.230
Landesbank Baden- 9.500 12/22/2023 EUR 74.160
Landesbank Baden- 6.000 12/22/2023 EUR 68.140
Landesbank Baden- 4.200 12/22/2023 EUR 73.940
Landesbank Baden- 7.500 12/22/2023 EUR 67.350
Landesbank Baden- 4.900 12/22/2023 EUR 74.390
Landesbank Baden- 8.500 12/22/2023 EUR 70.540
Landesbank Baden- 3.100 12/22/2023 EUR 55.690
Landesbank Baden- 2.300 12/22/2023 EUR 58.180
Landesbank Baden- 8.100 12/22/2023 EUR 53.780
Landesbank Baden- 6.300 12/22/2023 EUR 59.410
Landesbank Baden- 3.000 12/22/2023 EUR 75.370
Landesbank Baden- 4.300 12/22/2023 EUR 72.610
Landesbank Baden- 9.200 12/22/2023 EUR 54.410
Landesbank Baden- 6.100 12/22/2023 EUR 62.600
Landesbank Baden- 7.000 12/22/2023 EUR 22.670
Landesbank Baden- 3.100 12/22/2023 EUR 27.310
Landesbank Baden- 4.150 12/22/2023 EUR 42.190
Landesbank Baden- 2.500 12/22/2023 EUR 45.200
Landesbank Baden- 4.500 12/22/2023 EUR 55.720
Landesbank Baden- 3.000 12/22/2023 EUR 61.340
UBS AG/London 7.250 12/29/2023 CHF 71.400
UBS AG/London 5.750 12/29/2023 CHF 66.550
UBS AG/London 9.500 6/29/2023 CHF 9.400
UBS AG/London 8.500 6/29/2023 CHF 65.650
UBS AG/London 6.500 12/29/2023 USD 72.050
UBS AG/London 6.500 12/29/2023 CHF 67.100
UBS AG/London 6.750 6/29/2023 CHF 66.700
UBS AG/London 6.000 6/29/2023 CHF 66.750
UBS AG/London 16.000 12/29/2023 USD 63.500
UBS AG/London 10.250 6/29/2023 CHF 45.550
Banque Cantonale 12.360 6/27/2023 CHF 69.480
Leonteq Securitie 7.000 01/05/2024 CHF 75.940
Leonteq Securitie 8.000 6/30/2023 CHF 70.280
Leonteq Securitie 9.000 6/30/2023 CHF 61.210
Leonteq Securitie 8.000 6/30/2023 CHF 68.250
Leonteq Securitie 8.000 6/30/2023 USD 66.460
Raiffeisen Switze 6.500 01/03/2024 CHF 70.070
VTB Bank PJSC 0.010 11/25/2026 RUB 68.450
Luzerner Kantonal 5.000 6/28/2023 CHF 66.860
Zurcher Kantonalb 9.000 6/28/2023 CHF 75.460
Bank Vontobel AG 15.000 6/30/2023 CHF 15.900
SG Issuer SA 2.000 12/22/2036 EUR 63.040
UniCredit Bank AG 3.700 1/27/2025 EUR 74.630
Leonteq Securitie 10.000 07/07/2023 CHF 65.630
Leonteq Securitie 14.000 07/07/2023 CHF 71.050
Raiffeisen Switze 9.000 07/06/2023 USD 69.840
UBS AG/London 4.750 7/26/2023 CHF 58.400
UBS AG/London 7.000 7/26/2023 CHF 40.300
UBS AG/London 7.750 7/26/2023 CHF 75.400
UBS AG/London 8.250 7/26/2023 CHF 74.650
UBS AG/London 7.500 7/26/2023 CHF 62.600
UBS AG/London 6.000 1/26/2024 CHF 72.300
UniCredit Bank AG 4.750 2/16/2026 EUR 74.160
DZ Bank AG Deutsc 7.500 9/20/2023 EUR 50.260
Bank Julius Baer 9.750 6/14/2023 CHF 12.800
UniCredit Bank AG 19.500 6/23/2023 EUR 63.120
Zurcher Kantonalb 16.000 6/21/2023 CHF 33.560
Vontobel Financia 25.000 6/23/2023 EUR 65.560
Vontobel Financia 20.500 6/23/2023 EUR 73.870
Bank Vontobel AG 15.000 12/27/2023 CHF 32.000
Bank Vontobel AG 16.000 12/27/2023 CHF 35.000
DZ Bank AG Deutsc 19.500 12/22/2023 EUR 60.570
Bank Julius Baer 14.900 2/28/2024 CHF 40.300
Vontobel Financia 14.000 6/23/2023 EUR 63.670
Vontobel Financia 11.000 6/23/2023 EUR 68.200
Vontobel Financia 10.000 6/23/2023 EUR 69.840
Vontobel Financia 19.500 6/23/2023 EUR 66.550
Vontobel Financia 16.000 6/23/2023 EUR 70.400
Vontobel Financia 15.000 6/23/2023 EUR 62.340
Vontobel Financia 17.500 6/23/2023 EUR 68.410
Vontobel Financia 18.500 6/23/2023 EUR 58.520
Vontobel Financia 12.500 6/23/2023 EUR 66.050
DZ Bank AG Deutsc 4.750 9/18/2023 EUR 54.260
Vontobel Financia 19.500 6/23/2023 EUR 67.230
Vontobel Financia 17.000 6/23/2023 EUR 70.370
Vontobel Financia 20.000 6/23/2023 EUR 65.520
Vontobel Financia 16.000 6/23/2023 EUR 70.480
Vontobel Financia 19.500 6/23/2023 EUR 63.150
Vontobel Financia 16.000 6/23/2023 EUR 69.210
Vontobel Financia 13.000 6/23/2023 EUR 74.100
Vontobel Financia 12.000 6/23/2023 EUR 76.890
Vontobel Financia 10.500 6/23/2023 EUR 79.840
Vontobel Financia 23.500 6/23/2023 EUR 57.420
Vontobel Financia 20.500 6/23/2023 EUR 61.060
Vontobel Financia 16.500 6/23/2023 EUR 67.750
Leonteq Securitie 16.500 6/13/2023 CHF 64.420
Swissquote Bank S 15.200 6/13/2023 CHF 15.880
Swissquote Bank S 25.000 6/13/2023 CHF 38.380
Zurcher Kantonalb 11.500 03/01/2024 CHF 40.760
Raiffeisen Switze 15.000 03/06/2024 CHF 41.860
Credit Suisse AG/ 12.750 03/04/2024 CHF 36.160
Leonteq Securitie 7.000 01/10/2024 CHF 66.580
Raiffeisen Switze 7.700 01/10/2024 CHF 72.710
UBS AG/London 9.000 7/26/2023 CHF 9.720
UBS AG/London 11.250 7/26/2023 EUR 73.350
UBS AG/London 7.000 1/26/2024 CHF 63.600
UBS AG/London 9.750 7/26/2023 CHF 9.810
SG Issuer SA 4.000 6/22/2026 EUR 60.660
Goldman Sachs Int 0.100 1/13/2025 EUR 20.450
Bank Vontobel AG 8.000 6/30/2023 CHF 63.100
Vontobel Financia 4.900 7/13/2023 EUR 75.490
BNP Paribas Emiss 5.000 6/22/2023 EUR 75.860
Landesbank Baden- 5.600 12/22/2023 EUR 71.560
Corner Banca SA 15.000 5/30/2023 CHF 41.670
Leonteq Securitie 12.000 5/30/2023 CHF 41.430
Leonteq Securitie 11.000 8/28/2023 USD 68.360
Bank Vontobel AG 11.000 2/23/2024 CHF 26.100
Credit Suisse AG/ 10.250 5/22/2023 EUR 71.700
Bank Julius Baer 15.000 8/29/2023 CHF 26.800
Raiffeisen Schwei 9.100 8/25/2023 CHF 60.280
Raiffeisen Schwei 9.200 8/25/2023 CHF 70.890
Vontobel Financia 7.700 8/30/2023 EUR 56.950
Zurcher Kantonalb 6.000 5/24/2023 CHF 73.330
Zurcher Kantonalb 19.000 5/24/2023 CHF 25.550
Credit Suisse AG/ 8.750 5/25/2023 CHF 73.830
Landesbank Baden- 4.200 3/22/2024 EUR 74.490
Landesbank Baden- 5.100 3/22/2024 EUR 68.930
Landesbank Baden- 5.600 3/22/2024 EUR 73.180
Landesbank Baden- 4.500 3/22/2024 EUR 74.630
UBS AG/London 7.640 4/20/2026 SEK 68.470
DekaBank Deutsche 1.000 3/17/2025 EUR 69.340
Landesbank Baden- 3.200 3/27/2026 EUR 73.200
EFG International 4.500 2/26/2024 USD 39.410
DZ Bank AG Deutsc 0.630 12/30/2030 EUR 72.870
Basler Kantonalba 9.000 6/22/2023 CHF 74.390
UBS AG/London 5.750 12/15/2023 CHF 67.100
UBS AG/London 7.500 12/15/2023 CHF 67.000
UBS AG/London 14.500 6/15/2023 USD 56.200
Raiffeisen Schwei 5.700 12/13/2023 CHF 71.600
Bank Vontobel AG 7.750 12/11/2023 CHF 58.000
SG Issuer SA 1.500 1/24/2034 EUR 74.060
Leonteq Securitie 7.000 12/20/2023 CHF 73.560
Leonteq Securitie 9.000 6/20/2023 CHF 50.800
Raiffeisen Schwei 7.200 9/20/2023 CHF 70.740
Raiffeisen Switze 7.800 6/20/2023 CHF 45.030
Bank Vontobel AG 7.500 6/19/2023 CHF 64.400
Bank Vontobel AG 8.500 6/19/2023 CHF 63.800
Bank Vontobel AG 6.000 12/18/2023 CHF 53.600
Sberbank of Russi 0.010 12/21/2026 RUB 72.600
Vontobel Financia 4.330 6/22/2023 EUR 64.870
UBS AG/London 7.250 07/12/2023 CHF 64.050
UBS AG/London 4.750 07/12/2023 USD 67.200
UBS AG/London 11.500 07/12/2023 CHF 42.850
UBS AG/London 8.250 01/12/2024 CHF 71.100
UBS AG/London 6.500 07/12/2023 EUR 45.800
UBS AG/London 17.500 07/12/2023 USD 48.750
UBS AG/London 8.750 07/12/2023 USD 67.850
UBS AG/London 6.000 07/12/2023 CHF 66.350
UBS AG/London 6.250 07/12/2023 CHF 69.400
Raiffeisen Bank I 6.500 06/09/2023 EUR 46.680
Leonteq Securitie 8.000 5/25/2023 CHF 69.840
Landesbank Baden- 5.250 8/25/2023 EUR 74.830
UBS AG/London 19.750 7/27/2023 USD 71.650
DZ Bank AG Deutsc 9.800 9/22/2023 EUR 65.590
Bank Vontobel AG 18.006 5/24/2023 EUR 9.500
Zurcher Kantonalb 26.000 7/28/2023 CHF 68.310
EFG International 5.700 5/24/2023 USD 39.000
Bank Vontobel AG 6.502 5/23/2023 CHF 47.000
Leonteq Securitie 27.600 07/07/2023 CHF 71.200
Leonteq Securitie 9.200 07/07/2025 CHF 32.480
Raiffeisen Schwei 10.400 11/02/2023 CHF 16.380
Vontobel Financia 19.500 9/22/2023 EUR 74.390
Bank Vontobel AG 20.000 01/05/2024 CHF 63.800
Bank Julius Baer 13.500 08/03/2023 CHF 54.700
UBS AG/London 7.750 4/29/2024 CHF 74.900
Bank Vontobel AG 22.500 07/03/2023 CHF 57.300
Leonteq Securitie 6.000 01/09/2024 CHF 58.960
EFG International 10.000 7/26/2023 CHF 63.720
Societe Generale 9.800 07/10/2025 USD 66.250
SunDell Estate Ny 3.650 07/09/2031 HUF 69.500
Landesbank Baden- 4.400 7/28/2023 EUR 70.350
Landesbank Baden- 5.700 7/28/2023 EUR 60.850
Landesbank Baden- 3.850 7/28/2023 EUR 74.520
Landesbank Baden- 3.850 7/28/2023 EUR 41.550
Landesbank Baden- 4.900 7/28/2023 EUR 58.460
Landesbank Baden- 8.100 7/28/2023 EUR 69.660
Landesbank Baden- 8.600 7/28/2023 EUR 44.320
Landesbank Baden- 3.250 7/28/2023 EUR 61.670
Landesbank Baden- 2.250 7/28/2023 EUR 51.370
Landesbank Baden- 5.200 7/28/2023 EUR 24.570
Landesbank Baden- 2.500 7/28/2023 EUR 29.500
Landesbank Baden- 6.400 7/28/2023 EUR 75.270
Landesbank Baden- 5.000 7/28/2023 EUR 74.820
Landesbank Baden- 6.750 7/28/2023 EUR 65.240
Landesbank Baden- 6.400 7/28/2023 EUR 73.860
Landesbank Baden- 3.200 7/28/2023 EUR 61.510
Landesbank Baden- 6.300 7/28/2023 EUR 73.780
Leonteq Securitie 7.000 1/31/2024 CHF 13.720
Credit Suisse AG/ 4.530 07/12/2023 USD 9.540
Leonteq Securitie 7.000 7/28/2023 CHF 72.400
Leonteq Securitie 8.000 7/28/2023 CHF 54.750
UBS AG/London 7.250 11/03/2023 CHF 52.050
Leonteq Securitie 15.000 7/19/2023 CHF 77.580
Sberbank of Russi 0.010 10/23/2026 RUB 72.150
Credit Suisse AG/ 10.820 7/13/2023 CHF 57.880
UBS AG/London 11.000 10/13/2023 CHF 69.150
Leonteq Securitie 6.000 11/08/2023 CHF 73.310
Vontobel Financia 12.500 6/23/2023 EUR 62.730
Vontobel Financia 21.500 6/23/2023 EUR 42.980
Erste Group Bank 6.500 12/01/2026 EUR 70.700
Vontobel Financia 18.500 6/23/2023 EUR 57.490
Vontobel Financia 8.000 6/23/2023 EUR 75.570
Vontobel Financia 12.000 6/23/2023 EUR 66.610
Vontobel Financia 10.500 6/23/2023 EUR 69.900
Vontobel Financia 7.000 6/23/2023 EUR 76.830
Vontobel Financia 8.000 6/23/2023 EUR 74.320
Vontobel Financia 18.000 6/23/2023 EUR 59.420
Vontobel Financia 10.500 6/23/2023 EUR 69.860
Vontobel Financia 11.500 6/23/2023 EUR 68.230
Vontobel Financia 9.500 6/23/2023 EUR 71.670
Bank Vontobel AG 21.000 8/21/2023 EUR 66.000
Bank Vontobel AG 20.000 8/21/2023 CHF 61.700
Raiffeisen Switze 18.000 8/22/2023 CHF 61.420
Credit Suisse AG/ 14.250 1/18/2024 CHF 33.030
DZ Bank AG Deutsc 5.000 9/18/2023 EUR 57.530
Landesbank Baden- 5.500 8/23/2024 EUR 39.230
Landesbank Baden- 9.200 8/23/2024 EUR 34.340
Credit Suisse AG/ 10.000 8/22/2023 CHF 16.470
Leonteq Securitie 23.000 8/29/2023 CHF 34.100
Vontobel Financia 23.500 3/22/2024 EUR 74.800
Raiffeisen Schwei 10.200 08/11/2023 CHF 57.280
UBS AG/London 8.250 09/04/2023 CHF 68.100
Banque Internatio 10.000 08/09/2023 CHF 37.980
Leonteq Securitie 24.000 1/23/2024 CHF 64.580
Raiffeisen Switze 15.000 1/23/2024 CHF 34.160
UBS AG/London 14.500 10/13/2023 USD 64.800
UBS AG/London 18.000 4/15/2024 USD 67.200
UBS AG/London 7.850 11/02/2023 USD 50.950
DekaBank Deutsche 4.000 11/08/2024 EUR 67.200
Sberbank of Russi 0.010 11/02/2028 RUB 69.700
Zurcher Kantonalb 9.400 10/11/2023 EUR 69.850
Societe Generale 24.000 11/08/2024 USD 45.200
Corner Banca SA 11.400 7/19/2023 CHF 13.700
Credit Suisse AG/ 10.000 07/12/2023 CHF 11.520
Vontobel Financia 8.400 12/04/2023 EUR 65.860
Credit Suisse AG/ 4.700 7/19/2023 USD 9.690
Leonteq Securitie 8.000 11/08/2023 CHF 69.860
Societe Generale 7.620 11/29/2024 USD 56.975
Bank Vontobel AG 8.500 11/03/2023 CHF 38.200
Raiffeisen Switze 8.000 08/04/2023 EUR 79.870
UBS AG/London 6.500 8/23/2023 CHF 66.100
UBS AG/London 11.750 8/23/2023 CHF 11.720
Bank Vontobel AG 7.500 02/05/2024 CHF 74.900
Vontobel Financia 19.500 12/22/2023 EUR 65.260
Vontobel Financia 22.500 12/22/2023 EUR 66.940
Vontobel Financia 19.000 3/22/2024 EUR 68.630
Vontobel Financia 17.000 3/22/2024 EUR 67.040
Vontobel Financia 21.000 12/22/2023 EUR 66.130
Vontobel Financia 13.500 12/22/2023 EUR
DZ Bank AG Deutsc 4.900 6/19/2023 EUR 72.100
Swissquote Bank S 14.560 3/13/2024 CHF 40.270
Landesbank Baden- 5.250 9/22/2023 EUR 72.310
Bank Vontobel AG 10.000 03/04/2024 EUR 63.100
EFG International 9.500 9/14/2023 CHF 54.450
Landesbank Baden- 3.000 2/27/2026 EUR 69.190
Bank Vontobel AG 12.000 08/11/2023 CHF 18.900
Vontobel Financia 15.500 12/22/2023 EUR 73.740
Vontobel Financia 14.000 12/22/2023 EUR 72.800
UniCredit Bank AG 6.600 9/22/2025 EUR 43.100
Leonteq Securitie 27.000 02/09/2024 CHF 64.590
Vontobel Financia 18.000 3/22/2024 EUR 67.850
Vontobel Financia 15.000 12/22/2023 EUR 72.400
Landesbank Hessen 2.000 3/16/2037 EUR 68.100
UniCredit Bank AG 4.400 3/16/2026 EUR 76.200
Landesbank Baden- 3.000 2/27/2026 EUR 68.040
Bank Vontobel AG 10.750 02/12/2024 CHF 62.400
EFG International 11.000 08/09/2023 CHF 69.990
DZ Bank AG Deutsc 7.700 6/19/2023 EUR 72.000
DZ Bank AG Deutsc 4.750 6/19/2023 EUR 62.960
Leonteq Securitie 11.000 8/16/2023 CHF 14.750
Leonteq Securitie 12.000 8/16/2023 CHF 66.120
Leonteq Securitie 10.000 8/16/2023 CHF 25.480
Leonteq Securitie 19.000 5/16/2023 CHF 50.630
Vontobel Financia 8.000 6/23/2023 EUR 74.230
Vontobel Financia 12.500 6/23/2023 EUR 74.680
Vontobel Financia 17.500 6/23/2023 EUR 73.270
Vontobel Financia 17.500 6/23/2023 EUR 58.590
Vontobel Financia 15.500 6/23/2023 EUR 60.990
Vontobel Financia 13.000 6/23/2023 EUR 65.870
Vontobel Financia 9.500 6/23/2023 EUR 72.040
Vontobel Financia 15.000 6/23/2023 EUR 62.320
Vontobel Financia 14.000 6/23/2023 EUR 63.680
Vontobel Financia 9.000 6/23/2023 EUR 73.550
Vontobel Financia 13.000 6/23/2023 EUR 65.070
UBS AG/London 7.500 11/03/2023 CHF 72.800
ENSI Kft 4.750 1/25/2032 HUF 67.050
Vontobel Financia 18.500 9/22/2023 EUR 75.900
Bank Vontobel AG 15.000 01/05/2024 CHF 70.200
UniCredit Bank AG 16.550 8/18/2025 USD 58.540
UBS AG/London 7.500 8/18/2023 CHF 57.550
Luzerner Kantonal 6.400 10/04/2023 CHF 71.600
UBS AG/London 6.000 07/07/2023 EUR 60.850
UBS AG/London 8.750 08/04/2023 CHF 49.400
UBS AG/London 5.750 08/04/2023 CHF 57.200
UBS AG/London 5.500 09/01/2023 CHF 68.900
Luzerner Kantonal 9.700 10/01/2024 CHF 68.090
UBS AG/London 6.500 9/15/2023 CHF 70.900
Raiffeisen Bank I 9.696 9/20/2023 EUR 68.000
Raiffeisen Bank I 11.082 9/20/2023 EUR 66.720
Raiffeisen Bank I 9.696 9/20/2023 EUR 52.160
Raiffeisen Bank I 8.311 9/20/2023 EUR 73.560
UBS AG/London 7.000 10/27/2023 CHF 9.040
Landesbank Baden- 5.000 10/27/2023 EUR 52.680
Landesbank Baden- 6.200 10/27/2023 EUR 20.660
Landesbank Baden- 8.000 10/27/2023 EUR 42.760
Landesbank Baden- 3.000 10/27/2023 EUR 74.050
Landesbank Baden- 3.100 10/27/2023 EUR 58.910
Landesbank Baden- 4.800 10/27/2023 EUR 66.660
Landesbank Baden- 6.250 10/27/2023 EUR 68.800
Raiffeisen Schwei 6.000 11/01/2023 CHF 69.380
Sberbank of Russi 0.010 11/03/2026 RUB 75.300
Leonteq Securitie 16.000 7/19/2023 CHF 64.860
DZ Bank AG Deutsc 5.250 6/21/2023 EUR 64.200
Landesbank Baden- 3.250 10/27/2023 EUR 54.800
Landesbank Baden- 4.250 10/27/2023 EUR 23.010
Landesbank Baden- 4.700 10/27/2023 EUR 54.730
Landesbank Baden- 4.350 10/27/2023 EUR 74.010
Landesbank Baden- 3.150 10/27/2023 EUR 73.110
Landesbank Baden- 2.250 10/27/2023 EUR 59.610
Bank Vontobel AG 10.250 10/09/2023 CHF 53.200
Bank Vontobel AG 8.750 10/09/2023 CHF 43.300
Leonteq Securitie 9.000 11/01/2023 CHF 69.740
Basler Kantonalba 7.000 11/10/2023 CHF 75.850
Bank Vontobel AG 6.500 10/02/2023 CHF 70.400
Basler Kantonalba 12.000 7/13/2023 CHF 43.240
Societe Generale 7.500 11/03/2026 USD 15.800
Raiffeisen Schwei 10.000 10/11/2023 CHF 73.450
DZ Bank AG Deutsc 22.700 9/22/2023 EUR 70.920
Landesbank Baden- 12.000 8/25/2023 EUR 33.050
Landesbank Baden- 5.800 8/25/2023 EUR 74.200
Corner Banca SA 10.000 10/11/2023 USD 72.050
Leonteq Securitie 13.000 07/11/2023 CHF 60.320
SG Issuer SA 1.600 4/21/2034 EUR 68.260
Textura Kereskede 5.500 2/28/2032 HUF 70.100
UBS AG/London 14.250 04/08/2024 USD 63.850
UBS AG/London 7.750 9/29/2023 CHF 10.920
UBS AG/London 9.500 10/20/2023 EUR 74.250
Bank Vontobel AG 7.000 9/18/2023 CHF 66.900
UBS AG/London 8.000 10/20/2023 CHF 67.100
UBS AG/London 6.250 8/18/2023 CHF 74.050
UBS AG/London 6.500 8/18/2023 CHF 74.900
UBS AG/London 7.000 7/21/2023 CHF 66.050
UBS AG/London 7.250 07/10/2023 USD 52.050
UBS AG/London 5.000 09/08/2023 CHF 63.900
UBS AG/London 7.250 10/13/2023 CHF 68.150
Bank Vontobel AG 7.000 10/02/2023 CHF 63.900
UBS AG/London 6.250 7/28/2023 CHF 69.050
UBS AG/London 13.750 10/06/2023 USD 16.360
UBS AG/London 7.750 10/13/2023 CHF 9.500
UBS AG/London 8.750 10/13/2023 CHF 64.450
UBS AG/London 5.750 9/29/2023 CHF 71.400
UBS AG/London 7.250 08/04/2023 CHF 65.400
Bank Vontobel AG 6.000 09/04/2023 CHF 64.200
Bank Vontobel AG 7.250 10/02/2023 CHF 62.400
UBS AG/London 8.000 10/27/2023 CHF 70.550
Landesbank Baden- 2.500 10/27/2023 EUR 42.600
Landesbank Baden- 7.600 10/27/2023 EUR 19.620
Landesbank Baden- 5.600 10/27/2023 EUR 74.380
Landesbank Baden- 4.250 10/27/2023 EUR 68.920
Landesbank Baden- 7.350 10/27/2023 EUR 72.000
Landesbank Baden- 9.250 10/27/2023 EUR 64.270
Banque Internatio 11.000 07/12/2023 EUR 69.480
EFG International 7.230 7/13/2023 CHF 66.930
Corner Banca SA 10.000 11/01/2023 CHF 74.510
Sberbank of Russi 0.010 11/02/2026 RUB 73.200
UBS AG/London 17.400 4/14/2027 SEK 72.180
Citigroup Global 1.800 11/17/2036 EUR 62.500
UBS AG/London 14.500 10/06/2023 CHF 46.350
UBS AG/London 7.500 9/29/2023 CHF 54.550
UBS AG/London 8.500 9/29/2023 CHF 61.050
UBS AG/London 8.500 9/29/2023 CHF 72.150
UBS AG/London 8.250 10/20/2023 CHF 65.400
UBS AG/London 8.750 10/20/2023 CHF 9.770
UBS AG/London 9.000 7/21/2023 EUR 64.350
Bank Vontobel AG 6.000 9/25/2023 CHF 67.800
UBS AG/London 8.250 6/30/2023 CHF 52.750
Credit Suisse AG/ 10.250 2/28/2024 CHF 35.580
Bank Vontobel AG 9.000 8/28/2023 EUR 74.300
Bank Vontobel AG 6.000 8/28/2023 CHF 66.500
Raiffeisen Bank I 13.060 9/20/2023 EUR 72.280
UBS AG/London 11.000 7/21/2023 USD 18.700
UBS AG/London 5.250 08/04/2023 CHF 70.050
Bank Vontobel AG 7.000 9/25/2023 CHF 76.000
UBS AG/London 7.000 09/01/2023 CHF 30.950
UBS AG/London 9.000 09/08/2023 EUR 70.600
UBS AG/London 7.500 9/22/2023 CHF 67.950
UBS AG/London 7.750 8/18/2023 CHF 69.250
UBS AG/London 7.250 9/22/2023 CHF 64.400
Bank Vontobel AG 6.500 8/28/2023 CHF 66.100
UBS AG/London 5.500 7/28/2023 CHF 67.900
UBS AG/London 8.000 7/28/2023 CHF 51.350
UBS AG/London 8.000 10/06/2023 CHF 37.000
UBS AG/London 6.250 8/18/2023 CHF 68.500
UBS AG/London 7.750 8/18/2023 CHF 66.950
UBS AG/London 8.750 10/13/2023 CHF 57.650
UBS AG/London 7.500 10/06/2023 CHF 74.150
Raiffeisen Bank I 8.311 9/20/2023 EUR 69.730
Raiffeisen Bank I 8.311 9/20/2023 EUR 55.670
Raiffeisen Bank I 11.082 9/20/2023 EUR 49.860
Bank Vontobel AG 7.500 10/30/2023 CHF 71.900
Landesbank Baden- 8.200 10/27/2023 EUR 43.910
Landesbank Baden- 9.000 10/27/2023 EUR 18.860
Landesbank Baden- 5.250 10/27/2023 EUR 51.320
Landesbank Baden- 6.500 10/27/2023 EUR 46.460
Landesbank Baden- 3.500 10/27/2023 EUR 60.290
EFG International 7.800 10/06/2023 USD 63.100
Leonteq Securitie 10.000 10/11/2023 CHF 71.670
Raiffeisen Bank I 10.998 9/20/2023 EUR 75.820
Raiffeisen Bank I 14.435 9/20/2023 EUR 70.470
DZ Bank AG Deutsc 1.710 12/29/2031 EUR 71.210
UBS AG/London 10.750 04/08/2024 CHF 71.000
Vontobel Financia 11.500 9/22/2023 EUR 65.300
Vontobel Financia 13.500 9/22/2023 EUR
Vontobel Financia 11.500 9/22/2023 EUR 69.750
Vontobel Financia 15.500 9/22/2023 EUR 59.750
Vontobel Financia 14.500 9/22/2023 EUR 61.170
Vontobel Financia 11.500 9/22/2023 EUR 66.020
Vontobel Financia 8.500 9/22/2023 EUR 72.180
Vontobel Financia 12.500 9/22/2023 EUR 64.320
Bank Vontobel AG 16.500 5/30/2023 EUR 49.200
UniCredit Bank AG 7.400 12/09/2024 EUR 50.060
UBS AG/London 7.250 11/10/2023 CHF 58.400
UBS AG/London 11.750 11/10/2023 CHF 71.400
Pharmacy Chain 36 10.500 06/04/2030 RUB 60.350
UBS AG/London 6.250 11/10/2023 CHF 61.400
Bank Vontobel AG 6.250 05/07/2024 CHF 71.300
Landesbank Hessen 1.800 06/09/2036 EUR 66.900
UBS AG/London 7.500 11/17/2023 CHF 68.250
UBS AG/London 10.250 5/17/2023 CHF 42.700
DZ Bank AG Deutsc 20.500 3/22/2024 EUR 56.100
Leonteq Securitie 10.000 08/11/2023 CHF 53.500
Basler Kantonalba 15.000 5/24/2023 CHF 22.320
Zurcher Kantonalb 16.500 10/06/2023 USD 71.040
Bank Vontobel AG 25.000 08/07/2023 EUR 62.200
Bank Vontobel AG 19.500 02/05/2024 CHF 61.600
UBS AG/London 6.750 5/18/2023 USD 51.350
UBS AG/London 8.000 11/17/2023 CHF 67.900
UBS AG/London 8.250 11/20/2023 USD 65.350
Vontobel Financia 7.750 06/01/2023 EUR 63.150
DZ Bank AG Deutsc 18.600 3/22/2024 EUR 63.850
UniCredit Bank AG 4.550 12/22/2025 EUR 70.890
Basler Kantonalba 7.000 11/17/2023 CHF 72.410
Basler Kantonalba 12.000 5/17/2023 CHF 46.330
DekaBank Deutsche 5.700 6/22/2023 EUR 62.910
EFG International 9.000 5/17/2023 CHF 53.300
Raiffeisen Schwei 8.000 10/11/2023 CHF 74.630
Raiffeisen Schwei 10.000 07/11/2023 CHF 12.920
UBS AG/London 6.250 9/29/2023 CHF 68.600
UBS AG/London 6.000 6/30/2023 CHF 48.800
Bank Vontobel AG 7.500 8/28/2023 CHF 60.300
UBS AG/London 6.250 8/18/2023 CHF 73.350
UBS AG/London 11.750 08/04/2023 USD 62.100
Credit Suisse AG/ 12.400 9/25/2023 EUR 19.340
UBS AG/London 6.750 09/08/2023 CHF 66.850
UBS AG/London 7.250 09/08/2023 CHF 51.800
UBS AG/London 7.750 9/15/2023 CHF 73.550
UBS AG/London 15.250 9/15/2023 USD 15.700
Raiffeisen Schwei 6.200 11/15/2023 CHF 37.640
Raiffeisen Schwei 8.000 8/15/2023 CHF 44.660
Raiffeisen Schwei 6.200 11/15/2023 CHF 72.190
Bank Vontobel AG 10.000 2/19/2024 CHF 32.600
Sberbank of Russi 0.016 3/15/2032 RUB 73.370
Raiffeisen Schwei 7.500 11/15/2023 CHF 57.050
UBS AG/London 13.000 05/06/2024 USD 31.380
Vontobel Financia 18.000 12/22/2023 EUR 74.190
Vontobel Financia 16.500 3/22/2024 EUR 70.050
Vontobel Financia 15.000 3/22/2024 EUR 68.820
Swissquote Bank S 17.200 2/27/2024 CHF 42.520
Raiffeisen Switze 14.000 2/27/2024 CHF 42.330
UniCredit Bank AG 4.350 6/14/2024 EUR 74.560
Bank Vontobel AG 13.000 09/11/2023 CHF 55.100
BNP Paribas Emiss 10.000 12/21/2023 EUR 72.940
BNP Paribas Emiss 20.000 6/22/2023 EUR 74.620
BNP Paribas Emiss 12.000 12/21/2023 EUR 74.660
BNP Paribas Emiss 14.000 6/22/2023 EUR 69.870
BNP Paribas Emiss 18.000 6/22/2023 EUR 69.690
BNP Paribas Emiss 14.000 12/21/2023 EUR 75.140
BNP Paribas Emiss 9.500 12/21/2023 EUR 71.530
BNP Paribas Emiss 7.000 12/21/2023 EUR 61.560
BNP Paribas Emiss 8.500 12/21/2023 EUR 58.910
BNP Paribas Emiss 13.000 12/21/2023 EUR 53.010
BNP Paribas Emiss 6.000 12/21/2023 EUR 60.180
BNP Paribas Emiss 10.000 12/21/2023 EUR 53.090
BNP Paribas Emiss 12.000 12/21/2023 EUR 51.280
BNP Paribas Emiss 12.000 6/22/2023 EUR 71.460
BNP Paribas Emiss 10.000 6/22/2023 EUR 76.270
Bank Julius Baer 7.700 6/16/2023 USD 70.450
Leonteq Securitie 8.000 5/17/2023 CHF 38.140
Landesbank Baden- 9.850 6/23/2023 EUR 82.850
Landesbank Baden- 3.800 6/23/2023 EUR 67.860
Landesbank Baden- 8.500 6/23/2023 EUR 55.680
Landesbank Baden- 3.000 6/23/2023 EUR 59.300
Landesbank Baden- 4.800 6/23/2023 EUR 54.530
Landesbank Baden- 4.100 7/28/2023 EUR 38.540
Landesbank Baden- 10.000 7/28/2023 EUR 28.870
Vajda-Papir Gyart 3.500 5/17/2031 HUF 72.400
Vontobel Financia 21.250 6/23/2023 EUR 69.310
UBS AG/London 7.000 5/19/2023 CHF 68.700
Leonteq Securitie 25.200 6/16/2023 CHF 36.270
Bank Vontobel AG 5.755 5/15/2023 CHF 46.700
Leonteq Securitie 24.120 01/04/2024 CHF 42.440
Zurcher Kantonalb 12.000 12/28/2023 CHF 38.060
Leonteq Securitie 30.000 01/05/2024 CHF 72.520
Swissquote Bank S 24.170 01/05/2024 CHF 44.080
Raiffeisen Switze 16.000 01/03/2024 CHF 38.080
Credit Suisse AG/ 9.500 12/29/2023 CHF 49.290
Vontobel Financia 13.250 12/22/2023 EUR 67.570
UBS AG/London 14.500 06/10/2024 CHF 57.850
Raiffeisen Schwei 17.000 6/20/2023 CHF 68.440
Zurcher Kantonalb 11.000 6/16/2023 CHF 67.860
Bank Vontobel AG 16.250 6/20/2023 CHF 76.200
Bank Vontobel AG 15.000 6/19/2023 CHF 38.900
Bank Vontobel AG 16.000 6/19/2023 CHF 64.600
Bank Vontobel AG 28.500 9/18/2023 CHF 48.700
Bank Julius Baer 12.700 06/06/2023 USD 45.350
Swissquote Bank S 20.800 06/07/2023 CHF 64.000
Leonteq Securitie 11.000 12/07/2023 CHF 20.050
Bank Vontobel AG 16.070 06/05/2023 EUR 50.500
Bank Vontobel AG 13.900 06/06/2023 CHF 32.400
Bank Vontobel AG 9.340 06/05/2023 EUR 23.700
Bank Vontobel AG 22.500 5/31/2023 CHF 35.600
Raiffeisen Schwei 20.000 06/07/2023 CHF 72.470
Raiffeisen Schwei 12.600 06/07/2023 CHF 56.810
Raiffeisen Schwei 19.000 06/07/2023 CHF 54.250
Credit Suisse AG/ 14.250 06/01/2023 CHF 51.270
Leonteq Securitie 25.000 06/08/2023 CHF 74.150
UniCredit Bank AG 12.600 07/05/2023 EUR 24.520
Bank Vontobel AG 10.000 09/05/2023 CHF 56.700
Bank Vontobel AG 11.000 06/06/2023 CHF 12.800
UBS AG/London 13.000 06/02/2023 CHF 55.650
UBS AG/London 14.000 06/02/2023 CHF 50.200
UBS AG/London 29.750 06/09/2023 CHF 31.900
UBS AG/London 13.750 12/11/2023 CHF 17.880
Vontobel Financia 10.000 6/23/2023 EUR 47.970
Vontobel Financia 4.500 6/23/2023 EUR 56.780
Vontobel Financia 19.000 6/23/2023 EUR 57.540
Vontobel Financia 13.000 6/23/2023 EUR 65.090
Vontobel Financia 18.000 6/23/2023 EUR 58.650
Vontobel Financia 16.500 6/23/2023 EUR 41.890
Vontobel Financia 21.500 6/23/2023 EUR 71.010
Vontobel Financia 20.500 6/23/2023 EUR 59.350
Vontobel Financia 24.000 6/23/2023 EUR 35.950
Vontobel Financia 17.500 6/23/2023 EUR 74.150
Vontobel Financia 8.000 6/23/2023 EUR 57.090
Vontobel Financia 17.500 6/23/2023 EUR 45.350
Vontobel Financia 20.000 6/23/2023 EUR 43.450
Vontobel Financia 16.000 6/23/2023 EUR 46.300
Vontobel Financia 18.500 6/23/2023 EUR 44.380
Vontobel Financia 10.000 6/23/2023 EUR 53.870
Vontobel Financia 12.000 6/23/2023 EUR 51.050
Vontobel Financia 15.000 6/23/2023 EUR 47.350
Vontobel Financia 6.500 6/23/2023 EUR 60.750
Vontobel Financia 14.000 6/23/2023 EUR 48.550
Vontobel Financia 19.000 6/23/2023 EUR 72.420
DZ Bank AG Deutsc 22.600 6/23/2023 EUR 71.010
DZ Bank AG Deutsc 18.500 9/22/2023 EUR 74.640
Zurcher Kantonalb 17.000 9/22/2023 USD 73.870
Bank Vontobel AG 20.250 9/25/2023 CHF 65.900
Basler Kantonalba 16.000 9/28/2023 CHF 38.320
Leonteq Securitie 25.800 9/29/2023 CHF 41.490
Landesbank Baden- 7.800 3/22/2024 EUR 50.730
Landesbank Baden- 9.250 3/22/2024 EUR 45.940
Landesbank Baden- 11.000 3/22/2024 EUR 43.510
Landesbank Baden- 12.500 3/22/2024 EUR 41.450
Vontobel Financia 22.500 9/22/2023 EUR 63.840
Vontobel Financia 18.500 9/22/2023 EUR 72.340
Vontobel Financia 23.500 9/22/2023 EUR 67.770
Vontobel Financia 22.500 9/22/2023 EUR 68.870
Vontobel Financia 21.000 9/22/2023 EUR 69.890
Vontobel Financia 24.500 6/23/2023 EUR 67.870
Vontobel Financia 21.500 6/23/2023 EUR 71.030
Vontobel Financia 20.000 9/22/2023 EUR 71.160
Vontobel Financia 20.000 6/23/2023 EUR 72.730
Vontobel Financia 23.000 6/23/2023 EUR 69.400
Vontobel Financia 18.500 6/23/2023 EUR 74.540
Bank Vontobel AG 15.050 9/22/2023 CHF 19.700
SG Issuer SA 0.021 8/15/2033 EUR 68.610
Landesbank Baden- 2.100 8/22/2025 EUR 69.140
Vontobel Financia 15.000 6/23/2023 EUR
Vontobel Financia 14.500 9/22/2023 EUR
Corner Banca SA 22.000 9/19/2023 EUR 39.110
DZ Bank AG Deutsc 8.750 9/20/2023 EUR 74.440
DZ Bank AG Deutsc 7.500 12/20/2023 EUR 74.630
UBS AG/London 16.000 9/14/2023 CHF 68.800
Zurcher Kantonalb 14.000 9/14/2023 CHF 74.190
Bank Vontobel AG 13.000 3/18/2024 CHF 26.500
Bank Vontobel AG 16.500 12/18/2023 CHF 68.300
Landesbank Baden- 11.500 10/25/2024 EUR 73.050
Swissquote Bank S 16.600 10/03/2023 CHF 27.770
Corner Banca SA 13.000 04/03/2024 CHF 32.060
Bank Vontobel AG 12.960 9/22/2023 EUR 73.700
Raiffeisen Switze 16.000 10/03/2023 CHF 70.650
UBS AG/London 13.000 9/30/2024 CHF 64.450
Credit Suisse AG/ 8.500 03/11/2024 CHF 44.300
UBS AG/London 25.500 7/13/2023 USD 76.650
Leonteq Securitie 12.000 08/09/2023 CHF 54.080
Vontobel Financia 15.500 9/22/2023 EUR 75.130
Vontobel Financia 19.000 6/23/2023 EUR 70.740
Vontobel Financia 20.000 6/23/2023 EUR 69.610
Vontobel Financia 17.500 6/23/2023 EUR 73.190
Vontobel Financia 12.500 6/23/2023 EUR 81.660
Vontobel Financia 15.000 6/23/2023 EUR 77.190
Vontobel Financia 15.500 6/23/2023 EUR 75.770
Vontobel Financia 18.500 9/22/2023 EUR 70.390
Vontobel Financia 16.500 9/22/2023 EUR 73.070
Vontobel Financia 13.500 9/22/2023 EUR 78.290
Vontobel Financia 11.000 9/22/2023 EUR 82.900
Vontobel Financia 20.500 6/23/2023 EUR 68.480
Vontobel Financia 21.500 6/23/2023 EUR 67.430
Vontobel Financia 19.500 6/23/2023 EUR 68.670
Vontobel Financia 14.000 9/22/2023 EUR 51.630
Vontobel Financia 13.000 6/23/2023 EUR 51.630
Vontobel Financia 16.000 6/23/2023 EUR 61.770
Vontobel Financia 17.500 6/23/2023 EUR 59.910
Vontobel Financia 12.000 6/23/2023 EUR 68.260
Vontobel Financia 19.500 9/22/2023 EUR 57.880
Vontobel Financia 18.500 9/22/2023 EUR 59.030
Vontobel Financia 17.000 9/22/2023 EUR 60.240
Vontobel Financia 16.000 9/22/2023 EUR 61.590
Leonteq Securitie 11.000 08/09/2023 CHF 75.500
Vontobel Financia 16.000 9/22/2023 EUR 73.280
Vontobel Financia 14.000 9/22/2023 EUR 64.810
Leonteq Securitie 15.500 11/06/2023 CHF 60.090
Vontobel Financia 9.560 06/05/2023 CHF 50.530
Leonteq Securitie 11.210 06/06/2023 CHF 12.270
Leonteq Securitie 6.100 12/06/2023 CHF 71.420
Leonteq Securitie 8.500 06/06/2023 AUD 67.040
Bank Vontobel AG 8.000 5/26/2023 CHF 9.400
Bank Vontobel AG 8.250 11/27/2023 EUR 71.700
Bank Vontobel AG 9.000 06/05/2023 CHF 65.600
Leonteq Securitie 8.800 12/07/2023 CHF 70.470
Luzerner Kantonal 9.500 5/30/2023 CHF 71.160
UniCredit Bank AG 4.650 12/30/2024 USD 72.630
DekaBank Deutsche 3.300 01/12/2026 EUR 64.460
Raiffeisen Schwei 6.700 09/06/2023 USD 66.330
Raiffeisen Schwei 7.200 06/06/2023 CHF 63.180
Raiffeisen Schwei 8.200 12/06/2023 CHF 68.790
Landesbank Baden- 4.000 01/02/2026 EUR 71.410
Landesbank Baden- 2.500 01/02/2026 EUR 71.970
Landesbank Baden- 2.300 01/02/2026 EUR 72.920
Sberbank of Russi 0.010 11/27/2026 RUB 71.100
Ebis OOO 14.500 11/25/2025 RUB 0.780
UBS AG/London 9.500 12/08/2023 USD 62.800
UBS AG/London 14.000 06/08/2023 CHF 47.450
UBS AG/London 18.500 06/08/2023 USD 35.250
UBS AG/London 7.750 12/08/2023 CHF 59.350
UBS AG/London 5.250 06/08/2023 CHF 69.550
UBS AG/London 12.500 06/08/2023 CHF 48.300
UBS AG/London 8.500 12/08/2023 EUR 67.400
UBS AG/London 6.750 06/08/2023 CHF 69.650
UBS AG/London 7.500 06/08/2023 CHF 69.750
SG Issuer SA 2.100 12/06/2033 EUR 53.020
Leonteq Securitie 9.590 06/09/2023 CHF 67.750
Vontobel Financia 4.200 6/16/2023 USD 64.390
Vontobel Financia 5.100 6/16/2023 USD 58.790
Banque Cantonale 5.400 12/06/2023 CHF 7.410
Leonteq Securitie 11.000 6/13/2023 CHF 75.280
Leonteq Securitie 15.000 6/13/2023 CHF 41.170
Corner Banca SA 8.000 12/13/2023 CHF 69.060
Leonteq Securitie 7.000 12/13/2023 CHF 61.310
Raiffeisen Schwei 8.000 10/18/2023 CHF 40.250
Raiffeisen Schwei 8.000 7/19/2023 USD 68.090
UniCredit Bank AG 6.600 11/18/2024 EUR 70.330
UniCredit Bank AG 3.500 11/18/2024 EUR 73.900
Sberbank of Russi 0.010 10/21/2026 RUB 73.400
Sberbank of Russi 0.010 10/09/2026 RUB 70.010
Landesbank Baden- 2.250 11/28/2025 EUR 73.810
Raiffeisen Schwei 5.050 10/21/2024 CHF 68.000
Sberbank of Russi 0.010 10/20/2028 RUB 70.900
Sberbank of Russi 0.010 10/21/2026 RUB 75.500
UniCredit Bank AG 5.150 11/24/2025 EUR 68.700
Citigroup Global 13.320 10/30/2023 EUR 66.840
Landesbank Hessen 1.750 10/29/2036 EUR 68.500
DekaBank Deutsche 3.000 11/24/2025 EUR 68.630
DekaBank Deutsche 2.100 11/22/2024 EUR 69.350
Raiffeisen Schwei 8.000 7/25/2023 CHF 54.150
Raiffeisen Schwei 6.500 10/25/2023 CHF 73.320
Raiffeisen Schwei 8.700 10/25/2023 CHF 51.750
Raiffeisen Schwei 5.300 1/22/2024 CHF 73.750
Basler Kantonalba 7.000 7/14/2023 CHF 71.780
Zurcher Kantonalb 4.500 7/14/2023 CHF 9.090
Landesbank Hessen 1.000 8/19/2036 EUR 65.050
Goldman Sachs & C 7.000 6/21/2023 EUR 71.890
Landesbank Baden- 3.050 8/28/2026 EUR 75.270
Leonteq Securitie 5.600 7/19/2023 CHF 69.180
STAVMAT Epitoanya 3.000 7/20/2031 HUF 68.800
Luzerner Kantonal 7.500 08/09/2023 CHF 12.220
Leonteq Securitie 8.690 7/26/2023 CHF 58.370
Raiffeisen Schwei 8.000 7/19/2023 CHF 68.920
Leonteq Securitie 7.000 7/26/2023 CHF 69.690
Corner Banca SA 8.200 7/26/2023 CHF 63.870
Landesbank Baden- 2.000 8/22/2025 EUR 65.210
Landesbank Baden- 4.000 8/22/2025 EUR 58.360
Landesbank Baden- 3.250 8/22/2025 EUR 63.110
Raiffeisen Bank I 7.500 09/01/2023 EUR 64.100
Landesbank Hessen 1.300 09/02/2036 EUR 63.950
Landesbank Baden- 2.600 1/26/2024 EUR 66.070
Leonteq Securitie 6.000 07/05/2023 CHF 47.630
DekaBank Deutsche 3.100 7/21/2023 EUR 55.840
Goldman Sachs & C 7.000 6/21/2023 EUR 72.000
Goldman Sachs & C 8.000 6/21/2023 EUR 52.950
Goldman Sachs & C 5.000 6/21/2023 EUR 62.520
Goldman Sachs & C 3.000 6/21/2023 EUR 70.250
UBS AG/London 9.750 8/16/2023 CHF 63.500
UBS AG/London 8.000 8/16/2023 USD 67.100
UBS AG/London 12.750 8/16/2023 EUR 59.850
UBS AG/London 10.500 8/16/2023 CHF 10.420
UBS AG/London 11.250 8/16/2023 CHF 65.700
Basler Kantonalba 11.000 08/09/2023 CHF 70.160
DekaBank Deutsche 2.300 08/11/2023 EUR 75.320
DekaBank Deutsche 2.300 08/09/2024 EUR 74.160
Raiffeisen Schwei 7.900 7/28/2023 CHF 38.960
Raiffeisen Schwei 6.300 07/12/2023 CHF 73.390
DekaBank Deutsche 3.550 08/11/2025 EUR 73.540
Landesbank Hessen 3.000 03/10/2037 EUR 67.450
Sberbank of Russi 0.010 02/04/2027 RUB 72.400
Societe Generale 10.000 1/31/2024 USD
Zurcher Kantonalb 5.100 1/31/2025 CHF 19.190
Vontobel Financia 19.500 9/22/2023 EUR 72.660
Vontobel Financia 18.000 9/22/2023 EUR 73.940
Vontobel Financia 17.000 9/22/2023 EUR 70.120
Vontobel Financia 21.500 9/22/2023 EUR 65.330
Vontobel Financia 16.000 9/22/2023 EUR 72.180
Vontobel Financia 14.500 9/22/2023 EUR 74.110
Vontobel Financia 20.000 9/22/2023 EUR 66.840
Vontobel Financia 23.000 9/22/2023 EUR 64.050
Vontobel Financia 18.500 9/22/2023 EUR 68.430
Vontobel Financia 22.500 6/23/2023 EUR 64.570
Vontobel Financia 24.500 6/23/2023 EUR 62.590
Vontobel Financia 21.000 6/23/2023 EUR 66.650
Vontobel Financia 17.500 6/23/2023 EUR 71.520
Vontobel Financia 19.000 6/23/2023 EUR 68.970
Vontobel Financia 15.500 6/23/2023 EUR 74.160
Vontobel Financia 24.000 6/23/2023 EUR 69.500
Vontobel Financia 22.000 9/22/2023 EUR 70.210
Vontobel Financia 9.500 9/22/2023 EUR 73.400
Vontobel Financia 10.000 6/23/2023 EUR 71.440
Vontobel Financia 14.500 6/23/2023 EUR 65.510
Vontobel Financia 19.500 6/23/2023 EUR 60.640
Vontobel Financia 22.000 9/22/2023 EUR 70.320
Vontobel Financia 17.000 9/22/2023 EUR 75.440
Basler Kantonalba 18.000 9/14/2023 CHF 70.520
Bank Julius Baer 18.700 9/15/2023 USD 64.850
Landesbank Baden- 7.250 9/22/2023 EUR 74.850
Landesbank Baden- 6.000 9/22/2023 EUR 59.870
Landesbank Baden- 10.000 9/22/2023 EUR 47.570
Landesbank Baden- 13.000 9/22/2023 EUR 41.020
Leonteq Securitie 17.000 9/19/2023 CHF 67.590
Bank Vontobel AG 13.000 03/04/2024 CHF 36.500
UniCredit Bank AG 5.150 11/18/2024 EUR 21.180
UniCredit Bank AG 7.450 11/18/2024 EUR 46.950
UniCredit Bank AG 5.700 11/18/2024 EUR 21.990
Vontobel Financia 15.000 6/23/2023 EUR
Vontobel Financia 16.000 6/23/2023 EUR 73.120
Vontobel Financia 17.000 6/23/2023 EUR 42.540
Vontobel Financia 19.500 6/23/2023 EUR 56.410
Vontobel Financia 11.500 6/23/2023 EUR 67.790
Vontobel Financia 15.500 6/23/2023 EUR 62.460
Vontobel Financia 16.500 6/23/2023 EUR 60.840
Vontobel Financia 14.000 6/23/2023 EUR 64.110
Vontobel Financia 16.500 6/23/2023 EUR 59.750
HSBC Trinkaus & B 5.000 6/22/2023 EUR 72.580
UniCredit Bank AG 8.900 8/31/2023 EUR 30.550
UBS AG/London 16.250 07/07/2023 USD 56.350
Vontobel Financia 12.000 6/23/2023 EUR 83.240
Vontobel Financia 11.000 6/23/2023 EUR 84.890
*********
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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
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.
* * * End of Transmission * * *