/raid1/www/Hosts/bankrupt/TCREUR_Public/230619.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, June 19, 2023, Vol. 24, No. 122
Headlines
F R A N C E
ALTICE FRANCE: Moody's Lowers CFR to B3 & Alters Outlook to Stable
EUTELSAT SA: Moody's Lowers Rating on Senior Unsecured Debt to Ba1
SOLOCAL GROUP: Fitch Lowers LongTerm Issuer Default Rating to CC
G E R M A N Y
TELE COLUMBUS: EUR525M Bank Debt Trades at 25% Discount
VAC GERMANY: $225M Bank Debt Trades at 17% Discount
I R E L A N D
PERMANENT TSB: S&P Raises LongTerm ICR to 'BB+', Outlook Stable
PERRIGO COMPANY: Fitch Alters Outlook on 'BB+' IDR to Negative
I T A L Y
SAIPEM SPA: Moody's Affirms 'Ba3' CFR & Alters Outlook to Positive
K A Z A K H S T A N
EURASIAN BANK: Moody's Ups Deposit Ratings to B1, Outlook Positive
L I T H U A N I A
SIAULIU BANKAS: Moody's Rates New Tier 2 Subordinated Notes 'Ba1'
L U X E M B O U R G
ALTICE INT'L: Moody's Lowers CFR to B3 & Alters Outlook to Stable
COVIS FINCO: EUR309M Bank Debt Trades at 28% Discount
MALLINCKRODT FINANCE: $369.7M Bank Debt Trades at 23% Discount
MALLINCKRODT INTERNATIONAL: $1.39B Bank Debt Trades at 23% Off
ODYSSEY EUROPE: Moody's Hikes CFR to B3 & Alters Outlook to Stable
N E T H E R L A N D S
SIGMA HOLDCO: Moody's Upgrades CFR to B2, Outlook Stable
P O R T U G A L
LUSITANO NO. 5: Fitch Hikes Rating on Class D Notes to 'CCCsf'
S P A I N
BOLUDA TOWAGE: Moody's Affirms B2 CFR & Alters Outlook to Positive
CAIXABANK CONSUMO 6: Moody's Assigns B3 Rating to EUR220MM B Notes
DURO FELGUERA: EUR85M Bank Debt Trades at 47% Discount
GRUP MEDIAPRO: EUR180M Bank Debt Trades at 16% Discount
U N I T E D K I N G D O M
BREATHE: London Taxpayers Faces GB3MM Loss Following Collapse
BT GROUP: Fitch Assigns 'BB+(EXP)' Rating on Subordinated Notes
DAVID MASON: Baaj Capital Funds Acquisition
FITNESS FIRST: High Court Postpones Restructuring Plan Hearing
HUNTER BOOT: Enters Administration, Owes Creditors GBP112.8MM
KCA DEUTAG: Fitch Alters Outlook on 'B+' LongTerm IDR to Positive
PEAK JERSEY: Moody's Affirms 'B3' CFR, Outlook Remains Stable
PLATFORM BIDCO: EUR600M Bank Debt Trades at 18% Discount
[*] UK: Company Insolvencies Up 40% to 2,552 in May 2023
X X X X X X X X
[*] BOND PRICING: For the Week June 12 to June 16, 2023
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F R A N C E
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ALTICE FRANCE: Moody's Lowers CFR to B3 & Alters Outlook to Stable
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Moody's Investors Service has downgraded to B3 from B2 the long
term corporate family rating, and to B3-PD from B2-PD, the
probability of default rating of Altice France Holding S.A.
("Altice France Holding"), the parent company of French telecom
operator Altice France S.A. ("Altice France"). Concurrently,
Moody's has downgraded to Caa2 from Caa1 the senior unsecured
instrument ratings issued by Altice France Holding, and has
affirmed the B2 backed senior secured and senior secured bank
credit facility instrument ratings by Altice France. The outlook on
both entities has changed to stable from negative.
"The rating downgrade reflects the prolonged deterioration in
Altice France's credit metrics and the expectation that they will
not improve to levels commensurate with the exiting B2 ratings over
the next 12 to 24 months," says Ernesto Bisagno, a Moody's Vice
President, Senior Credit Officer, and lead analyst for Altice
France Holding.
"The rating action also takes into account the company's weaker
than expected operating performance and the ongoing negative free
cash flow generation, which will be further pressured by the
increased cost of debt," added Mr. Bisagno.
RATINGS RATIONALE
The rating downgrade reflects the fact that Altice France Holding
continues to operate with high leverage levels that exceed the
maximum tolerance levels for the previous B2 rating category. Given
that the competitive market conditions in France are constraining
earnings growth and that cash flow generation remains weak, there
is little visibility as to any deleveraging trajectory that could
bring credit metrics more in line with the expectations for the
previous rating, particularly when considering that debt maturities
will likely be refinanced at higher rates.
Operating performance in 2022 was resilient for Altice France
Holding, thanks to the contribution from acquired assets and higher
margin products. However, the company's Moody's adjusted leverage
at December 2022 remained high at 6.3x, due to the lack of positive
free cash flow generation. Operating performance in Q1 2023
weakened, with Altice France Holding posting an EBITDA decline of
5.3%, driven by a combination of lower fixed consumer revenue and
increased energy costs.
Moody's expects Altice France Holding's EBITDA to decline modestly
in 2023 or to be flat at best, largely depending on the company's
ability to restore revenue growth in the second part of the year,
as it guided for growth in net adds in the fixed business. Stronger
KPIs in fixed, combined with positive product mix should drive a
recovery in EBITDA from 2024.
Moody's expects negative free cash flow for Altice France Holding
over 2023-24, owing to high capex and increased funding costs,
following the A&E exercise completed in January 2023 and the future
refinancing of the 2025 debt maturities. As a result, the company's
Moody's adjusted debt to EBITDA ratio is likely to remain at around
6.5x over 2023-24.
The B3 rating of Altice France Holding reflects (1) its position as
leading convergent company in France; (2) its large scale; and (3)
its integrated business profile.
The ratings are constrained by (1) the highly leveraged capital
structure and the weak free cash flow, particularly in a rising
interest rate environment; (2) the competitive nature of the French
market, (3) the complexity of the group structure and its
aggressive financial policy; and (4) the growing refinancing needs
from 2025 onwards.
LIQUIDITY
Altice France Holding has adequate liquidity. However, the company
faces large debt maturities in 2025 with around EUR1,050 million
bonds due in Q1 2025, and around EUR500 million bank debt due in Q2
2025, that will have to refinanced in the coming months, likely at
higher rates. As of March 31, 2023, the company had cash of EUR480
million, and access to a fully undrawn revolving credit facility
(RCF) of EUR1,025 million at Altice France level maturing in 2028
and to a EUR175 million committed RCF at the holding level maturing
in 2026. The RCF at Altice France is subject to a springing (40%
drawings) net senior leverage covenant of maximum of 5.25x. The RCF
at the holding-company level is subject to a springing (40%
drawings) net leverage covenant of maximum of 5.75x. With pro forma
net senior leverage (L2QA) of 5.1x and total net leverage of 6.2x
in Q1 2023, there is around 12% headroom under the RCF at Altice
France and no headroom at Altice France Holding.
While the existing liquidity sources provide some flexibility to
cover part of the 2025 maturities, Moody's expects the company to
pro-actively address these funding requirements in the near term.
STRUCTURAL CONSIDERATIONS
The Caa2 rating of Altice France Holding's senior unsecured notes
reflects the structural subordination of these holding company
notes to bonds and other backed senior secured debt at Altice
France, which are rated B2, one notch above the CFR. This is
because of their senior ranking in the waterfall of liabilities, as
the debt at the operating company level is secured and is closer to
the cash-flow-generating assets.
RATIONALE FOR THE STABLE OUTLOOK
The stable outlook reflects Moody's expectations that Altice France
Holding's performance will flatten in 2023 with potential
improvement from 2024, such that its Moody's adjusted leverage
remains at around 6.5x. The stable outlook also reflects the
expectation that the company will proactively address the upcoming
debt maturities.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward pressure on the rating may develop over time if Altice
France Holding demonstrates sustained improvement in underlying
revenue and key performance indicators (KPIs, for example, churn
and ARPU), with growing EBITDA in main markets, leading to an
improvement in credit metrics, such as: (1) Moody's-adjusted
leverage maintained well below 6.0x; (2) an improvement in free
cash flow on a consistent basis; and (3) a Moody's adjusted
EBITDA-Capex/interest ratio higher than 1.25x.
Downward pressure on the ratings may develop if Altice France
Holding's underlying operating performance weakens, with a
sustained decline in revenue and deteriorating KPIs (including
churn and ARPU) leading to a deterioration in the group's credit
metrics, including: (1) Moody's-adjusted leverage trending towards
7.0x, or (2) a Moody's-adjusted EBITDA-capex/interest expense ratio
declining below 1.0x. Failure to address the 2025 refinancing needs
in the coming months could also lead to downward pressure on the
ratings.
LIST OF AFFECTED RATINGS
Issuer: Altice France S.A.
Affirmations:
Senior Secured Bank Credit Facility, Affirmed B2
BACKED Senior Secured Regular Bond/Debenture, Affirmed B2
Outlook Actions:
Outlook, Changed To Stable From Negative
Issuer: Altice France Holding S.A.
Downgrades:
LT Corporate Family Rating, Downgraded to B3 from B2
Probability of Default Rating, Downgraded to B3-PD from B2-PD
Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2 from
Caa1
Outlook Actions:
Outlook, Changed To Stable From Negative
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was
Telecommunications Service Providers published in September 2022.
COMPANY PROFILE
Altice France is a leading telecom operator in France. The company
has three business segments: business to consumer (B2C, 66% of
revenue in 2022), business to business (B2B, 33%) and media (3%).
In 2022, the company had 20.8 million mobile subscribers and 6.5
million fixed-line subscribers, of which 4.4 million were
fast-fibre connections. In 2022, Altice France reported revenue and
adjusted EBITDA (as defined by the company) of EUR11.3 billion and
EUR4.1 billion, respectively.
EUTELSAT SA: Moody's Lowers Rating on Senior Unsecured Debt to Ba1
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Moody's Investors Service has downgraded to Ba1 from Baa3 the
ratings on the senior unsecured debt instrument ratings issued by
Eutelsat SA, including the EUR800 million and EUR600 million bonds
maturing in October 2025 and July 2027. Eutelsat SA is the main
operating subsidiary of Eutelsat Communications SA ("Eutelsat").
Concurrently, Moody's has withdrawn Eutelsat SA's Baa3 long term
issuer rating and subsequently assigned a Ba1 long term corporate
family rating and a Ba1-PD probability of default rating to
Eutelsat Communications SA, in line with the rating agency's
practice for corporates with non-investment grade ratings. The
ratings for Eutelsat SA and Eutelsat Communications SA remain on
review for further downgrade, pending the completion of the
proposed acquisition of OneWeb, originally announced on July 26,
2022. Any further rating downgrade will likely be limited to one
notch, reflecting a combination of weaker credit metrics and
execution risk arising from the merger, partially offset by
increased diversification and stronger growth prospects.
"The downgrade to Ba1 reflects the prolonged deterioration in
Eutelsat's credit metrics due to reduced earnings owing to the
challenging operating environment for satellite operators," says
Ernesto Bisagno, a Moody's Vice President - Senior Credit Officer
and lead analyst for Eutelsat.
"The rating remains placed on review for further downgrade because
of the further potential deterioration of Eutelsat's credit metrics
if OneWeb's acquisition is completed as planned," adds Mr Bisagno.
RATINGS RATIONALE
The rating action reflects the prolonged deterioration in
Eutelsat's credit metrics due to reduced earnings owing to the
challenging operating environment for satellite operators. Moody's
changed the outlook on Eutelsat SA to negative in March 2020 and
since then, revenues and EBITDA have been declining, with Moody's
adjusted leverage remaining at around 4.0x, above the 3.5x maximum
leverage tolerance for the previous Baa3 rating.
The rating agency forecasts that Eutelsat's Moody's adjusted
leverage will remain high at 4.6x in 2023 (or 4.1x excluding loss
from associated companies), and while there is potential for
leverage reduction over 2024-2025 owing to a combination of
improved earnings and debt repayment on the back of positive free
cash flow, the ratio will remain at or above the threshold for a
sustained period of time.
The action reflects the company's tolerance to operate over a
sustained period of time at relatively high levels of leverage as
well as its appetite to pursue a transformational acquisition that
could further deteriorate its metrics. This is a governance
consideration (Financial strategy and risk management) under
Moody's General Principles for Assessing Environmental, Social and
Governance Risks Methodology for assessing ESG risks.
The rating agency expects that Eutelsat's Moody's adjusted EBITDA
will decline in the mid-single digit rate in 2023 (for the fiscal
year ending June) excluding foreign exchange, because of the
continued decline in broadcast, partially offset by stronger mobile
connectivity and fixed broadband. In 2024, there is potential for
earnings stabilization driven by the contribution from new
satellites, which should drive a return to revenue growth.
The rating remains placed on review for further downgrade, because
of the further potential deterioration of Eutelsat's credit
metrics resulting from the acquisition of OneWeb, announced in July
2022. The all-share transaction values OneWeb at $3.4 billion, and
is expected to close in Q4 2023.
Pro forma for the acquisition, Eutelsat's Moody's-adjusted leverage
would increase towards 5.0x as of June 2023 compared to 4.1x stand
alone. Although the merger is an all-share transaction, the
increase in leverage is caused by OneWeb's negative EBITDA
contribution.
Management guided that, from June 2023, the combined entity's
EBITDA will grow at a mid-teen compound annual growth rate (CAGR)
over the medium to long term, outpacing sales growth, with the
EBITDA margin gradually returning to Eutelsat's level. However,
free cash flow will remain negative over the period 2023-26 because
of an increase in capex related to OneWeb's Gen-2 constellation.
Pressure on free cash flow will be partially offset by the
suspension of dividends over 2023-25; the company indicated it
plans to bring back reported leverage to 3.0x over time.
Eutelsat's Ba1 rating reflects the company's strong market position
as the third-largest fixed satellite services (FSS) operator
globally; order backlog, which covers 3.1x its revenue; and strong
profitability, with a Moody's-adjusted EBITDA margin above 70%. The
rating is constrained by the difficult market conditions for
satellite operators; the ongoing revenue contraction in its video
segment; and the potential deterioration in Eutelsat's credit
metrics following the announced merger with OneWeb.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS
Moody's has changed its assessment of Eutelsat's Financial Strategy
and Risk Management to 3 from 2, reflecting the company's increased
tolerance to operate at higher leverage, and therefore has changed
the overall exposure to governance risks (Issuer Profile Score or
"IPS") to G-3 from G-2. Moody's has also changed Eutelsat's ESG
Credit Impact Score to CIS-3 from CIS-2, reflecting revised
governance considerations.
LIQUIDITY
Eutelsat's liquidity is adequate, underpinned by cash and cash
equivalents of around EUR307 million as of December 2022; access to
committed bank facilities of around EUR1 billion (fully undrawn as
of December 2022), of which EUR200 million will mature in June
2027, and the rest in 2024. Moody's expects the company to generate
free cash flow of around EUR250 million in 2023 (Moody's
calculation after dividends), supported by Eutelsat's decision to
pay a scrip dividend, which will save around EUR140 million in cash
payments.
If the OneWeb acquisition is completed as planned, the company will
have to fund an ambitious capex plan that will lead to negative
free cash flow generation over 2024-26.
STRUCTURAL CONSIDERATIONS
Eutelsat's PDR of Ba1-PD reflects the use of a 50% family recovery
rate assumptions, as is consistent with capital structures that
include both bank debt and bonds. The bonds are rated Ba1, in line
with the long term corporate family rating, as the vast majority of
the group's debt is sitting at the Eutelsat SA level.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The review process will focus on (1) the implications for
Eutelsat's risk profile of the announced acquisition, including
business diversification, growth potential opportunities but also
the risks associated with the integration of the acquired assets;
(2) the likely timeline for cost savings and the potential for
improved operating returns; and (3) the funding for the combined
capex plan and debt reduction measures that the company could put
in place and the ability to restore positive free cash flow
generation.
LIST OF AFFECTED RATINGS
Issuer: Eutelsat Communications SA
Assignments, Placed On Review for Downgrade:
LT Corporate Family Rating, Assigned Ba1
Probability of Default Rating, Assigned Ba1-PD
Outlook Actions:
Outlook, Assigned Ratings Under Review
Issuer: Eutelsat SA
Downgrades, Placed On Review for further Downgrade:
Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1
from Baa3
Withdrawals:
LT Issuer Rating, previously rated Baa3
Outlook Action:
Outlook, Remains Ratings Under Review
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Communications
Infrastructure published in February 2022.
COMPANY PROFILE
Eutelsat SA is the main operating subsidiary of Eutelsat
Communications SA, which was created in 1977 and is headquartered
in Paris (Eutelsat). Eutelsat is one of Europe's leading satellite
operators and one of the top-three global providers of FSS. The
company's fleet of 36 geostationary satellites reaches up to 150
countries in Europe, Africa, Asia and the Americas. Eutelsat
generates around 60% of its business from the video segment. In the
fiscal year ended June 30, 2022, the company generated revenue and
company adjusted EBITDA of EUR1,151 million and EUR862 million,
respectively.
SOLOCAL GROUP: Fitch Lowers LongTerm Issuer Default Rating to CC
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Fitch Ratings has downgraded SOLOCAL Group's Long-Term Issuer
Default Rating (IDR) to 'CC' from 'CCC+'. Fitch has also downgraded
Solocal's senior secured debt to 'CCC-' from 'B-' with a Recovery
Rating of 'RR3'.
The downgrade reflects a material increase in the default risk by
Solocal following its announcement of its intention to defer the
coupon payments due next week and in September 2023 on its floating
rate notes, which mature in 2025. Fitch expects the company to
enter into talks with bondholders to negotiate a waiver or a
standstill agreement on payments due for the rest of 2023.
Fitch expects to downgrade the IDR to 'C' upon a missed interest
payment, and further to 'RD' upon the uncured expiry of any
applicable original grace period, in accordance with its rating
definitions.
KEY RATING DRIVERS
Coupon Payment Deferral: Solocal announced on 7 June its intention
to defer its June and September coupon payments and is open to
discussions with creditors to negotiate an agreement. Coupons are
paid quarterly and will be due on June 15, 2023 for its EUR176.7
million bond and EUR18.7 million mini bond, which matures in March
2025.
Fitch understands that the decision to suspend the coupon payment
is to preserve liquidity and ongoing operations. Fitch expects
management to hold talks with bondholders to achieve a mutually
agreed interest waiver under the "mandat ad-hoc" procedure opened
at the Court of Nanterre.
Imminent Default: Failure to pay the quarterly coupon on its senior
secured bonds will result in the company entering the contractual
30-day grace period. An event of default will be triggered if the
company fails to pay within the end of the 30-day grace period.
Solocal's preparation for negotiations with creditors means Fitch
believes debt restructuring is very likely and needed to avert a
liquidity crisis. If it agrees with bondholders the deferral of
interest payments on the bonds this would represent a worsening of
terms for noteholders and would be likely to be recognized as a
distressed debt exchange (DDE) under its criteria. The missed
payment or a recognition of a DDE would result in a downgrade to
'C'. Failure to cure the interest payment within the 30-day grace
period or the completion of the DDE would be likely to result in a
further downgrade to 'RD'.
RCF Maturity Extension Likely: Solocal's revolving credit facility
(RCF) expires in September 2023 and it is fully drawn for EUR34
million following its EUR10 million repayment in 2022. Solocal has
the option to make a full cash reimbursement of the RCF. However,
due to poorer trading and following recent payment deferral
requests to preserve liquidity, Fitch believes it is likely that
Solocal will request lenders to accept a share-based payment.
However, creditors might reject this request and opt for an
extension of the maturity into 2024, as allowed by the financial
documentation. The payment of the RCF and its terms is likely to be
negotiated as part of the mandat ad hoc.
Debt Reimbursements Pressure Liquidity: Fitch estimates minimum
cash for running Solocal's operations at around EUR25 million.
Fitch assumes EUR38 million of debt repayments in 2024 under its
RCF and the BPI France loan to result in minimal liquidity
headroom, although this may be mitigated by some capex flexibility.
Fitch therefore sees high execution risks over the next 12 to 18
months, which makes a debt restructuring very likely to avert
insolvency.
Recovery Prospects: Fitch believes Solocal will be restructured
rather than liquidated under distress, in particular considering
the immaterial nature of the company's asset base, fairly low
leverage and cash generation of restructured operations. Fitch
considers the risk of liquidation low, in view of efforts that
could be made by European governments to preserve employment. Its
ultimate recovery prospects remain unchanged for senior secured
creditors, at 66%.
DERIVATION SUMMARY
Solocal's rating reflects a transitioning business model, in
particular in its shift to a subscription-based digital platform
from directories. Competition in digital advertising is fierce.
Changes to management and leading shareholders, and high salesforce
turnover add to execution risk.
Leverage is lower than other 'CC' category peers' since Solocal's
recent restructuring of its financial liabilities. However, it is
at the maximum sustainable level given its record of debt-to-equity
conversions. However, Solocal's debt-to-equity swaps keep financial
risk high, particularly in light of limited refinancing
alternatives.
Solocal's most direct comparable peer is Yell, part of the Hibu
group, which has a similar market position in the UK and is facing
similar operational and financial challenges. Comparisons can be
made between Solocal and specialised directories businesses such as
Speedster Bidco GMBH (Autoscout24, B/Negative) or online
classifieds media groups such as Adevinta ASA (BB/Stable) and
Traviata B.V. (B/Stable).
Autoscout24 is more geographically diversified, and is better
positioned in its business niche, while Adevinta has materially
larger scale, with stronger profitability and cash generation,
underpinned by its greater diversification and strong eBay
classifieds brand.
Traviata, the owner of a minority stake in Axel Springer SE, also
has a stronger business model than Solocal, due to larger scale and
greater diversification and stronger brands. These peers have
higher leverage metrics, but they are protected by stronger
barriers to entry and by a higher product criticality for its
customers, resulting in a higher debt capacity and lower
refinancing risk.
Fitch sees similar reduction in leverage and comparable declines in
revenue and profitability to other post-distressed debt exchange
ratings in European leveraged credits such as Subcalidora 1
S.a.r.l. (Imagina, B/Stable). However, Imagina's competitive
position is stronger in its covered regions, with higher barriers
to entry, although its customer diversification remains weak.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Number of customers slowly declining to around 280,000 in 2023
followed by slight growth to 2025
- Average Fitch-calculated average revenue per account decreasing
slightly to EUR1,350 for 2023 and stable thereafter
- EBITDA margin at 23.1% in 2023 and slightly recovering to
around 24.8% by 2025
- Average capex EUR34 million annually for 2023-2026
- Average working-capital outflows of EUR20 million-30 million
for 2023-2026
- Super senior facility prepayment of EUR34 million and
EUR4 million of BPI loan repayment due in 2024
Key Recovery Assumptions
Fitch adopts a going-concern (GC) approach to assessing recoveries
for Solocal. This reflects the higher probability of a surviving
cash-generative business with GC enterprise value as the basis for
financial stakeholder recovery than liquidation in the event of
default. Fitch has assumed a 10% administrative claim.
Fitch expects Solocal to be potentially attractive to trade buyers,
particularly after the completion of its redundancy plan. Fitch
estimates a Fitch-defined GC EBITDA of EUR90 million, factoring in
the current capital structure, the potential for slow growth in the
number of clients, and a lower interest burden.
Its enterprise value/EBITDA is constant at 2.0x, considering
business-model pressures and below 50% recoveries for senior
secured loans after the restructuring in 2020.
Fitch factors in the outstanding super senior facility ranking
ahead of the bonds and view the BPI France state-guaranteed loan as
unsecured.
Based on current metrics and assumptions, the waterfall analysis
generates a ranked recovery at 66%, representing ultimate recovery
prospects, in the 'RR3' band for the existing senior secured debt.
This indicates a 'CCC-' senior secured debt rating.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Mitigation of default including interest payments and material
repayments under the RCF in 2023, in the presence of a cash
buffer for 2023 and 2024, also through access to alternative
funding sources
- Evidence of progress in business overhaul, with an increase
in the number of clients and average revenue per account,
improving churn and EBITDA margin
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Lack of payment of interest on the bonds on June 15, 2023
- Entering into a formal bankruptcy procedure
- Evidence of worsening terms for noteholders resulting in a
distressed debt exchange
- Deterioration of liquidity with reduced available cash
buffer signaling acceleration to insolvency
LIQUIDITY AND DEBT STRUCTURE
Minimal Liquidity: Fitch forecasts Solocal's liquidity to be under
pressure in 2024 at around its estimated EUR25 million cash buffer.
Liquidity is pressured after the repayment of its EUR34 million of
the RCF due in September 2023, which Fitch expects to be extended
to 2024. Liquidity may be put under additional pressure from
deteriorating business conditions or restructuring payments.
ISSUER PROFILE
Solocal (formerly PagesJaunes, rebranded in 2013) is a French
advertising company that provides digital content, websites and
media campaign services to customers and businesses on a local
basis. The customer base mainly includes small businesses in
suburban or rural areas of France, belonging to housing, general
services and health professions.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery Prior
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SOLOCAL Group LT IDR CC Downgrade CCC+
senior secured LT CCC- Downgrade RR3 B-
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G E R M A N Y
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TELE COLUMBUS: EUR525M Bank Debt Trades at 25% Discount
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Participations in a syndicated loan under which Tele Columbus AG is
a borrower were trading in the secondary market around 75.5
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.
The EUR525.2 million facility is a Term loan that is scheduled to
mature on October 15, 2024. About EUR462.5 million of the loan is
withdrawn and outstanding.
Tele Columbus AG provides cable services. The Company offers cable
television programming, telephone, and internet connection services
to homeowners and the housing industry. Tele Columbus operates
throughout Germany.
VAC GERMANY: $225M Bank Debt Trades at 17% Discount
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Participations in a syndicated loan under which VAC Germany Holding
GmbH is a borrower were trading in the secondary market around 82.8
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $225 million facility is a Term loan that is scheduled to
mature on March 8, 2025. The amount is fully drawn and
outstanding.
VAC Germany Holding GmbH operates as a holding company. The
Company, through its subsidiaries, provides industrial machinery.
The Company's country of domicile is Germany.
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I R E L A N D
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PERMANENT TSB: S&P Raises LongTerm ICR to 'BB+', Outlook Stable
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S&P Global Ratings took the following rating actions:
-- S&P said, "We raised our long- and short-term issuer credit
ratings (ICRs) on holding company AIB Group PLC to 'BBB/A-2' from
'BBB-/A-3', and on Allied Irish Banks PLC (together AIB) to 'A/A-1'
from 'A-/A-2'. The outlook on both entities is stable. We also
raised our long-term resolution counterparty rating (RCR) on Allied
Irish Banks to 'A+' from 'A' and affirmed our short-term RCR at
'A-1'. We raised all issue ratings on all of the bank's
subordinated and hybrid instruments, including senior
non-preferred, except for the legacy subordinated notes issued out
of Allied Irish Banks."
-- S&P said, "We raised our long- and short-term ICRs on holding
company Bank of Ireland Group PLC to 'BBB/A-2' from 'BBB-/A-3', and
on Bank of Ireland (together BOI) to 'A/A-1' from 'A-/A-2'. The
outlook is stable. We also raised our long-term RCR on Bank of
Ireland to 'A+' from 'A' and affirmed our short-term RCR at 'A-1'.
We raised all issue ratings on all of the bank's subordinated and
hybrid instruments, including senior non-preferred."
-- S&P said, "We raised our long-term ICR on holding company
Permanent TSB Group Holdings PLC to 'BB+' from 'BB-' and affirmed
the short-term rating at 'B'. We took the same action on its
operating company, Permanent TSB PLC (PTSB), raising our long-term
ICR to 'BBB+' from 'BBB' and affirming the 'A-2'short-term rating.
Our outlook on the ratings is stable. We also raised our long and
short-term RCRs on Permanent TSB PLC to 'A-/A-2' from 'BBB+/A-2'.
We raised all issue ratings on all of the bank's subordinated and
hybrid instruments, including senior non-preferred."
Rationale
The Irish economy -- like other European economies -- is set to
slow this year but should continue to outperform peers over the
next two years, bolstering Irish banks' asset quality. S&P said,
"We note the downside risk attached to our macroeconomic forecast,
but under our current base-case scenario, we expect the underlying
Irish economy as measured by GNI* to expand by about 2.0% in 2023
versus the stagnation we anticipate for the eurozone economy, at
GDP growth of 0.3%. The slowdown in Ireland's economic activity
will spill over into the labor market, leading to moderate
unemployment growth, peaking at only 5.0% in 2023, compared with
4.5% in 2022. The largest risk we therefore see for Irish banks is
from inflation, anticipated to remain high in 2023 at 5.3% (down
from 8.1% in 2022), weighing on both operating costs and borrowers'
debt-servicing capacity."
S&P said, "We expect systemwide non-accrual loans to stabilize at
around 3% over the next year. Elevated inflation and increasing
interest rates will pressure the private sector's debt-servicing
capacity. We anticipate that additional problem loans will emerge,
mostly among small and midsize enterprises. Overall, we expect the
effect to be manageable, with the average nonperforming exposure
(NPE) level for the Irish banking system stabilizing at around 3%
of total loans, as we expect the inflow of new NPEs to be largely
offset by the outflow of cured NPEs as well as limited NPE
portfolio sales. As of end-March 2023, nonaccrual (stage 3) loans
accounted for about 3.4% of gross loans for AIB (down from 21.6% in
2016) and BOI (11.4% in 2016), and at 3.3% for PTSB (27.5% in
2016). The management overlays that banks hold should also help
Irish banks to manage credit losses, and we expect additional
credit costs of 30-40 basis points (bps) for 2023-2024.
"Although we do not see an immediate threat to the banking sector,
the structural imbalance of the property market is an element of
risk to monitor. Housing-related debt forms about 70% of household
debt and more than 54% of total private-sector debt. Household debt
to disposable income remains high, at about 96% at end-2022,
despite having improved over the past few years (123% in 2018).
Over the next two years, we anticipate real house prices will
decline temporarily, mostly due to high inflation. However, we note
that even though price dynamics are not fuelled by credit growth,
the structural demand-supply issue remains (from the expanding
population and lagging supply), and nominal residential house
prices match the 2007 peak despite being stagnated since October
2022. At the same time, we expect residential mortgage performance
will likely hold thanks to still-high employment, and low average
loan-to-value (LTV) ratios in the system (51% average LTV on the
stock as of end-2022). Additionally, in 2022, the share of
fixed-rate mortgages in new lending and mortgage refinancing has
increased as borrowers sought to lock-in their mortgage payments in
anticipation of further interest rate increases. This boosted the
loan stock within the fixed-rate mortgage portfolio, to about 60%
from 40% a year ago, helping reduce credit risk in the mortgage
portfolio as interest rates continue rising.
Higher interest rates -- alongside banks' continual focus on cost
discipline and business momentum, thanks to consolidation within
the banking sector -- will improve Irish banks' operating
profitability. The gradual repricing of loans, containment of
funding costs given the large share of non-interest-bearing
deposits, and the larger scale of market consolidation put Irish
banks in a good position to benefit from increasing interest rates.
S&P expects the domestic return on equity to exceed 10% in 2023
(from only about 6% pre-pandemic). Irish banks continue to rely on
net interest income (around 80% in operating revenue), but work
toward diversifying revenue sources and increase top-line results
by expanding product offerings to insurance and wealth management.
Although inflation will continue to pressure costs, higher interest
rates and sector consolidation will strengthen revenue growth,
which should help reduce average cost to income to 55%-57% over the
next two years. In S&P's view, current business momentum and
significant growth in revenues over the next two years should also
underpin domestic banks' digital agendas and bring structural
improvements sustaining banks' cost efficiencies in the long run.
S&P said, "The positive trends outlined above led us to revise our
economic risk score for the Irish banking sector to '3' from '4'
(on a scale of 1-10, with 1 being the lowest risk) and we now
classify Ireland as being in group 3, rather than group 4, under
our banking industry country risk assessment (BICRA). Some other
countries we classify in group 3 are Czech Republic, Israel, the
Netherlands, the U.K., and Korea. Our industry risk assessment
remains unchanged at '4'. As a result, we have revised upward our
anchor, the starting point for assigning an issuer credit rating,
for banks operating primarily in Ireland to 'bbb+' from 'bbb' and
have incorporated this into our ratings on three Irish banking
groups."
OUTLOOKS
AIB Group PLC (holding company) and Allied Irish Banks (operating
company)
Primary analyst: Anastasia Turdyeva
S&P said, "We have revised upward AIB's group stand-alone credit
profile (group SACP) to 'bbb+' from 'bbb' to reflect improvements
in the Irish banking sector's economic risk profile and the group's
strengthening creditworthiness. Particularly, the group reduced its
NPE ratio to 3. 4% at the end of March 2023 from 21.6% in 2016.
"Our ratings also reflect the group's solid presence in the
domestic market, with a market share above 30% in mortgages and
retail customer current accounts, and a robust capital base, as
reflected in our projected RAC ratio expected to range 13.0%-13.5%
by end-2025.
"We continue to incorporate two notches for additional
loss-absorbing capacity (ALAC) into the ratings on Allied Irish
Banks, the operating bank, because we forecast its ALAC ratio will
stay comfortably above the 6% threshold over the next two years.
This does not apply to the rating on the holding company, AIB Group
PLC, which is one notch lower than the group SACP to reflect its
structural subordination.
"The stable outlook on both AIB Group PLC and Allied Irish Banks
reflects our expectation that the group's asset quality will reach
the targeted 3% NPE level by end-2023 and won't deteriorate over
the next 18-24 months thanks to relatively supportive -- although
slowing -- domestic economic growth in 2023 and 2024, as well as
solid underwriting standards. It also reflects our view that the
group will continue to deliver on its strategy in 2023-2025, which
we think will materialize through a more efficient, profitable, and
diversified business model. Finally, we anticipate that the bank
will maintain its robust capital base and solid funding and
liquidity profiles."
Downside scenario
Though not our base-case scenario, S&P could lower its ratings over
the next 18-24 months if the group's asset quality deteriorated
versus its peer group or if our projected risk-adjusted capital
(RAC) ratio declined below 10% due to more aggressive capital
management.
Upside scenario
S&P said, "We are highly unlikely to take a positive rating action
at this stage. An upgrade would hinge on an improved operating
environment and the group performing consistently well compared
with higher rated peers. Specifically, we could raise the ratings
if we anticipated a significant structural improvement in
efficiency and revenue generation capacity, which would allow AIB
to demonstrate resilient performance through the cycle, while asset
quality metrics remain in line with our expectations."
AIB Group PLC: BBB/Stable/A-2
Allied Irish Banks PLC: A/Stable/A-1
Group SACP: bbb+
Anchor: bbb+
Business position: Adequate (0)
Capital and earnings: Strong (+1)
Risk position: Moderate (-1)
Funding and liquidity: Adequate and adequate (0)
Comparable rating analysis: 0
Support: +2
ALAC support: +2
Government-related entity (GRE) support: 0
Group support: 0
Sovereign support: 0
Additional Factors: 0
ESG Credit Indicators: E-2, S-2, G-2
Bank of Ireland Group (holdco) and Bank of Ireland (opco)
Primary analyst: Letizia Conversano
S&P said, "We have revised upward BOI's group SACP to 'bbb+' from
'bbb' to reflect the improvements we have generally seen in the
economic risk profile of the Irish banking sector and the resulting
strengthening of the group's creditworthiness. BOI has notably
reduced its NPE ratio to 3.4% at the end of March 2023 from 11.4%
in 2016.
"Our ratings also reflect the bank's dominant presence in the
domestic market, with a market share above 20%, and a solid capital
base, as reflected in our projected RAC ratio of 13.7%-14.2% by
end-2025.
"We continue incorporating two notches for ALAC into our ratings on
Bank of Ireland, as we forecast its ALAC ratio will stay
comfortably above the 6% threshold over the next two years. This
does not apply to the long-term rating on the holding company,
which remains one notch lower than the group SACP to reflect its
structural subordination.
"We have also raised our issue rating on BOI's Additional Tier 1 to
'BB-' from 'B'. The upgrade reflects the upward revision of BOI'
SACP and our view that the bank will be able and willing to
maintain its regulatory Common Equity Tier 1 ratio at least at 14%
in the medium-to-long term, thus, allowing a minimum 700bp buffer
above the outstanding Additional Tier 1 instruments' 7% capital
trigger.
"The stable outlook on both BOI's holding company and operating
company reflect our expectations that the group's asset quality
will remain close to the 3% NPE level in 2023 and won't deteriorate
over the next 18-24 months. This is thanks to the relatively
supportive--although slowing--domestic economic growth in 2023 and
2024, as well as solid underwriting standards. It also reflects our
view that the group will continue to deliver on its new strategy in
2023-2025, which could lead to a more efficient, profitable, and
diversified business model. Finally, we anticipate that the bank
will maintain its robust capital base and solid funding and
liquidity profiles."
Downside scenario
S&P said, "Though not our base-case scenario, we could lower our
ratings over the next 18-24 months if the bank's asset quality
deteriorated significantly versus its peer group, or if our
projected RAC ratio declined below 10% on the back of more
aggressive capital management."
Upside scenario
S&P said, "We are highly unlikely to take a positive rating action
at this stage. An upgrade would hinge on an improved operating
environment and the group performing consistently well compared
with higher rated peers. Specifically, we could raise the ratings
if we anticipated a significant structural improvement in
efficiency and revenue generation capacity, which would allow BOI
to demonstrate resilient performance through the cycle, while asset
quality metrics remained in line with our expectations."
Bank of Ireland Group PLC: BBB/Stable/A-2
Bank of Ireland: A/Stable/A-1
Group SACP: bbb+
Anchor: bbb+
Business position: Adequate (0)
Capital and earnings: Strong (+1)
Risk position: Moderate (-1)
Funding and liquidity: Adequate and adequate (0)
Comparable rating analysis: 0
Support: +2
ALAC Support: +2
GRE Support: 0
Group Support: 0
Sovereign Support: 0
Additional Factors: 0
ESG credit indicators: E-2, S-2, G-2
Permanent TSB Group Holdings PLC (holdco) and Permanent TSB PLC
(opco)
Primary analyst: Letizia Conversano
S&P said, "We revised upward PTSB's group SACP to 'bbb-' from 'bb+'
to reflect the improvements we have seen in the economic risk
profile of Irish banking sector, including PTSB, and the resulting
strengthening of the group's creditworthiness.
"Our ratings on PTSB reflect the bank's efforts to clean up its
balance sheet over the past decade--with NPEs decreasing to 3.3% of
its customer loans at March-end 2023, from 27.5% as of December
2016--as well as our expectation that the bank's NPEs will remain
below 4% of its customer loans in 2023-2025. This is thanks to a
generally supportive economic environment and good underwriting
standards. At the same time, our ratings incorporate the challenges
the bank may face to build a solid domestic franchise in a banking
system dominated by the two big domestic banking groups, AIB and
BOI.
"We now consider that the bank's RAC ratio could remain comfortably
above 15% in 2023-2025. That said, our projections incorporate some
level of uncertainty around the bank's ability to expand its
customer loan portfolio without eroding the net interest margin, as
well as around the bank's excess capital and dividend policy. We
also consider that the bank's profitability--although improving--is
still below that of its peers, as measured by our earnings buffer.
As a result, we maintain our capital and earnings assessment.
"The stable outlook on PTSB reflects that we expect the bank to
continue pursuing strategic initiatives to expand its franchise
into the mortgage and SME domestic markets and boosting its
risk-adjusted returns, while maintaining sound asset quality, in
line with its peers."
Upside scenario
S&P said, "We could raise the ratings on PTSB over the next 18-24
months if considered that the bank's strategic initiatives underpin
a competitive advantage in the domestic market and allow the Irish
banking group to develop a more diversified, cost-efficient, and
profitable business model throughout the credit cycle. We could
also upgrade the bank if we observed that its RAC ratio were to
stay sustainably above the 15% threshold, while improving its
profitability metrics in line with peers and keeping sound asset
quality metrics."
Downside scenario
Although not in S&P's central scenario, it could downgrade the bank
over the 18-24-month outlook horizon if its asset quality metrics
were to deteriorate more than peers'.
Permanent TSB Group Holdings PLC: BB+/Stable/B
Permanent TSB PLC: BBB+/Stable/A-2
Group stand-alone credit profile: bbb-
Anchor: bbb+
Business position: Constrained (-2)
Capital and earnings: Strong (+1)
Risk position: Moderate (-1)
Funding and liquidity: Adequate and adequate (0)
Comparable rating analysis: 0
Support: +2
ALAC support: +2
GRE support: 0
Group support: 0
Sovereign support: 0
Additional Factors: 0
ESG Credit Indicators: E-2, S-2, G-2
Ireland
TO FROM
BICRA GROUP 3 4
ECONOMIC RISK 3 4
Economic Resilience Low Risk Low Risk
Economic Imbalances Intermediate Risk High Risk
Credit Risk In The Economy Intermediate Risk Intermediate Risk
Economic Risk Trend Stable Stable
INDUSTRY RISK 4 4
Institutional Framework Intermediate Risk Intermediate Risk
Competitive Dynamics High Risk High Risk
Systemwide Funding Low Risk Low Risk
Industry Risk Trend Stable Stable
Banking Industry Country Risk Assessment (BICRA) economic risk and
industry risk scores are on a scale from 1 (lowest risk) to 10
(highest risk).
PERRIGO COMPANY: Fitch Alters Outlook on 'BB+' IDR to Negative
--------------------------------------------------------------
Fitch Ratings has affirmed Perrigo Company plc's Issuer Default
Rating (IDR) at 'BB+' and the debt ratings of its subsidiaries,
including Perrigo Company plc's senior unsecured notes at
'BB+'/'RR4', Perrigo Finance Unlimited Company's senior unsecured
notes at 'BB+'/'RR4', and Perrigo Investments LLC's senior secured
revolver and term loans at 'BBB-'/'RR1'.
The revision of the Rating Outlook to Negative from Stable reflects
the challenge that the company may not reduce EBITDA leverage
(total debt/EBITDA) to 4.0x or below by mid to late 2024 through
operating business improvement including margins, despite Fitch's
expectation that the company will pay down $700 million of debt in
2024. The company needs to execute on improvements in its
manufacturing footprint, expanding markets for HRA-acquired
products and operating efficiencies.
KEY RATING DRIVERS
Acquisition and Elevated Leverage: The acquisition of HRA Pharma
added three category-leading self-care brands in blister care,
women's health and scar care to Perrigo's product portfolio. These
platforms offer higher growth and margins relative to Perrigo's
base business. Fitch expects that the company will be able to
generate at least EUR50 million in annual cost synergies during in
2024. The integration appears to be progressing on track. There are
also likely some attainable revenue synergies, but Fitch has not
incorporated any into its forecast. The acquisition consumed
balance sheet cash, which will prevent Perrigo from reducing debt
in the near term, stressing leverage.
Business Transformation/Restructuring: The company has largely
completed its effort to transform its business in order to support
margins and further strengthen its competitive position. Over the
last four years, the company reorganized in order to refocus on
priorities, increase efficiencies and improve growth, targeting
$100 million in net savings by 2022. Perrigo divested its generic
prescription pharmaceuticals business for $1.5 billion in cash in
2021. In addition, the company divested its animal health,
international prescription drug businesses and other businesses.
On the sales growth side, the company completed a number of
targeted acquisitions in existing or adjacent product categories,
and Fitch expects this strategy to continue. The company acquired
the Nestle plant and Good Start brands in the U.S. and Canada for
$110 million. The $170 million includes $60 million of anticipated
capex to expand plant capacity.
Scale and Diversification: Perrigo is by far the largest
manufacturer of private label over-the-counter (OTC) medicines. The
company generates nearly half of its sales from branded products
and half from store brand products when accounting for HRA on a pro
forma full year basis.
The company's significant scale positions it well to serve a broad
range of customers, including large retailers. Perrigo serves
Walmart, Target, Walgreens, CVS, Sam's Club, Amazon, Costco and a
number of large drug distributors. Walmart is Perrigo's largest
customer and accounts for roughly 13% of sales and the next 10
largest customers account for 41% of sales. In addition, no product
category accounts for more than 14% of total sales. The company
generates roughly 64% of its revenues in the U.S., 35% in Europe
and 1% in other geographies.
Tax Liability Significantly Reduced: The company has resolved its
Athena tax assessment of $843 million and the potential interest
penalty, which required no payment by Perrigo. Perrigo also
resolved its Irish Tax Assessment risk for EUR266 million in cash.
Perrigo plc funded it with the proceeds of a EUR350 million Belgian
arbitration award.
Consistently Positive FCF: Perrigo is a consistent generator of
positive FCF. The company benefits from relatively reliable demand,
generally stable margins and manageable capex. Fitch expects the
company to generate roughly $100 million to $200 million in annual
FCF during the forecast period. However, contingent liability and
tax disputes could offset the expected results at some point in the
future.
Dependable Demand: Consumer health care products and prescription
medicines benefit from relatively reliable demand. Sales tend to be
recession-resistant as most people prioritize health care needs.
OTC medicines can be purchased without a physician's prescription
and offer relief for some non-critical medical issues. In addition,
private label brands offer less costly alternatives to brand-name
products, attracting cost-conscious consumers, while at the same
time offering higher margins to retailers. Consumers have been
gradually switching to private-label alternatives.
DERIVATION SUMMARY
Perrigo's most relevant peer is P&L Development Holdings, LLC's
(CCC+), as both manufacture and market private label OTC health
care products. Perrigo is significantly larger and more diverse in
terms of products and geographies. Nevertheless, P&L Development
Holdings, LLC offers an alternative to retailers as the
second-largest player in the space. In addition, Perrigo operates
with leverage (total debt/EBITDA) significantly lower than P&L
Development Holdings. Both companies' products are mainly paid for
by large retailers with meaningful negotiating power.
KEY ASSUMPTIONS
- Revenues grow organically about 3% annually driven by digestive
health products and nutritional products in CSCA segment;
- Margins increase moderately;
- Annual FCF of roughly $200 million-$300 million;
- Small tuck-in acquisitions targeting OTC products;
- $700 million of debt maturing in 2024 is paid down.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Gross leverage (total debt/EBITDA) is sustained below 3.5x,
driven by EBITDA growth and some debt reduction;
- Successful integration of HRA Pharma;
- Near-term M&A is targeted and doesn't negatively affect
Perrigo's deleveraging ability.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Gross leverage (total debt/EBITDA) sustainably above 4.0x
18-24 months post HRA acquisition;
- Integration issues with HRA that would materially and durably
stress operating or financial performance;
- Additional leveraging M&A in the near term.
LIQUIDITY AND DEBT STRUCTURE
Fitch expects Perrigo to maintain adequate liquidity throughout the
forecast period. At April 1, 2023, Perrigo had balance sheet cash
of approximately $553 million and full availability on its $1
billion revolving credit agreement and Fitch's expectation of $100
million to $200 million of FCF per year. After the recent
refinancing, debt maturities are manageable with $700 million due
in 2024 and $2.81 billion thereafter. It is worth noting that the
company completed its acquisition of HRA on May 2, 2022.
ISSUER PROFILE
Perrigo is the largest manufacturer of private label OTC medicines.
The company focuses on the quality and affordability of its
products. P&L Development, the second-largest firm in the space is
significantly smaller and less diversified than Perrigo.
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
----------- ------ -------- -----
Perrigo Finance
Unlimited Company
senior unsecured LT BB+ Affirmed RR4 BB+
Perrigo Company plc LT IDR BB+ Affirmed BB+
senior
unsecured LT BB+ Affirmed RR4 BB+
Perrigo
Investments LLC
senior secured LT BBB- Affirmed RR1 BBB-
=========
I T A L Y
=========
SAIPEM SPA: Moody's Affirms 'Ba3' CFR & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service changed the outlook of Saipem S.p.A.
(Saipem) and Saipem Finance International B.V. to positive from
stable and also affirmed Saipem's long term corporate family rating
at Ba3 and its probability of default rating at Ba3-PD.
RATIONALE FOR CHANGING THE OUTLOOK TO POSITIVE
The outlook change to positive reflects Saipem's progress on its
transformation plan as evidenced by improving margins and Moody's
expectations for continued improvement in EBITDA and cash flow.
Saipem's EBITA margin rose to 4.2% in 2022 from -22.1% in the
previous year, and Moody's expects its EBITA margin to expand
towards 8% in 2023, supported by the conclusion of loss making
contracts related to offshore wind and the sizeable new order
intake with a strong contribution from the typically higher than
average profitability at the offshore segment. Amidst the very
strong business environment, Saipem reported about EUR12.9 billion
of new orders in 2022, up from EUR7 billion in 2021.
Given its strong technological capabilities in complex offshore oil
and gas production and particularly around the LNG value chain,
Moody's believe Saipem will continue to benefit from the
much-improved business environment for the OFS sector. High oil and
gas prices for 2023 in combination with the European efforts to
diversify its gas supply away from Russia are likely to result in
new and profitable business for Saipem, especially in its offshore
segment. Strong demand for Saipem's services and products will also
likely improve payment terms and speed of cash collection and hence
positively impact working capital and cash generation. High
utilization rates of its offshore drilling fleet and increasing day
rates also support profitability and cash generation.
Consequently, the rating agency expects Saipem debt/EBITDA to
decline from the very high 7.6x at the end of 2022 towards 4.0x by
the end of 2023, in line with expectations for its Ba3 rating, and
for cash generation to improve meaningfully.
RATINGS RATIONALE
The Ba3 long term corporate family rating takes into the company's
sizeable and diversified backlog and its strong market position as
one of the top engineering and construction (E&C) companies in the
oil and gas (O&G) industry, especially in the offshore segment and
the LNG value chain. Furthermore, it reflects Moody's expectation
that the company's two main shareholders with direct and indirect
ties to the Government of Italy (Baa3 negative) – the oil and gas
producer Eni S.p.A. (Baa1 negative) and the country's promotional
institution for economic development Cassa Depositi e Prestiti
S.p.A. (Baa3 negative) through its subsidiary CDP Industria S.p.A
will continue to provide support to Saipem if needed. In total both
own 44% in Saipem's share capital. Both shareholders have
participated in the capital increase according to their respective
stakes.
LIQUIDITY
Saipem's liquidity is good following the EUR2 billion capital
increase in summer 2022 and the closing of the RCF and SACE loan in
February 2023. At end of Q1 2023 Saipem's available cash balance
stood at around EUR1.5 billion. This in combination with the access
to a fully committed and undrawn EUR470 million RCF maturing in
February 2026 and a EUR390 million SACE facility maturing in
December 2028 (to be drawn in Q2 2023) will be more than sufficient
to finance day to day cash needs, capex spending and the EUR500
million backed senior unsecured bond maturity in September 2023
issued by Saipem Finance International B.V.
Saipem's management has communicated to the market that it will not
pay any dividends until the company generates meaningful positive
free cash flow and sustains a net cash position.
ESG CONSIDERATIONS
Corporate governance considerations were among the key drivers of
this action, reflecting Saipem's progress on its restructuring plan
and its new senior management (both CEO and CFO joined in 2022)
building a track record of improving the business. Environmental
considerations include the ongoing shift from oil business toward
businesses related to natural gas and renewable energy.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Saipem's Ba3 CFR could be upgraded if the company built a track
record of its Moody's adjusted FFO/debt sustainably above 20%,
generates meaningful free cash flow on a sustained basis and its
Moody's adjusted gross debt/EBITDA declines sustainably below 4.0x,
while maintaining strong liquidity and improving its track record
of project execution and consistent profitability.
Conversely, Saipem's CFR could be downgraded if its Moody's
adjusted gross debt/EBITDA remained sustainably above 4.5x; its
Moody's adjusted FFO/debt remained sustainably below 15%; or its
liquidity deteriorated, or the company experience further material
delays or additional costs when executing its projects.
LIST OF AFFECTED RATINGS
Issuer: Saipem S.p.A.
Affirmations:
LT Corporate Family Rating, Affirmed Ba3
Probability of Default Rating, Affirmed Ba3-PD
Outlook Actions:
Outlook, Changed To Positive From Stable
Issuer: Saipem Finance International B.V.
Affirmations:
BACKED Senior Unsecured Medium-Term Note Program, Affirmed (P)Ba3
BACKED Senior Unsecured Regular Bond/Debenture, Affirmed Ba3
Outlook Actions:
Outlook, Changed To Positive From Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Construction
published in September 2021.
COMPANY PROFILE
Headquartered in Milan, Italy, Saipem S.p.A. (Saipem) is a leading
company in the engineering, procurement and construction of
large-scale projects in the energy and infrastructure industries.
In 2022, Saipem generated revenue of around EUR10 billion with a
workforce of around 32,000 employees, including around 6,000
engineers. The company is active in the world's key O&G regions.
Company's shareholders include the Italian Government and ENI which
together owe 44% in Saipem's share capital. The market valued the
company at about EUR2.6 billion on June 9, 2023.
===================
K A Z A K H S T A N
===================
EURASIAN BANK: Moody's Ups Deposit Ratings to B1, Outlook Positive
------------------------------------------------------------------
Moody's Investors Service has upgraded long-term deposit ratings,
Counterparty Risk Ratings (CRRs) and Counterparty Risk Assessments
(CR Assessments) as well as Baseline Credit Assessments (BCAs) and
Adjusted BCAs of three Kazakh banks, namely: Eurasian Bank, Bank
CenterCredit (BCC) and Bank RBK JSC (Bank RBK). The outlooks on the
banks' long-term deposit ratings remain positive.
Concurrently, Moody's upgraded BCC's long-term national scale bank
deposit rating to Baa2.kz from Ba1.kz and its long-term national
scale CRR to A3.kz from Baa2.kz.
All other ratings and assessments were affirmed.
RATINGS RATIONALE
The ratings upgrades reflect recent improvements in the asset
quality, profitability and solvency of these three Kazakh banks.
The banks have benefitted from significant improvement in the
operating environment in 2022 which enabled them to address their
key credit weaknesses: poor asset quality and profitability as well
as modest capital adequacy. Stronger revenues allowed significant
improvement in provisioning coverage of problem loans, while the
work-out of problem loans and better credit quality of new loans
(given tighter underwriting standards and better lending
opportunities) reduced the share of problem loans. Moody's expects
that the banks will be able to maintain these achievements and
further improve asset quality and solvency (as provisioning
coverage will continue to grow) while profitability and liquidity
will remain good.
In 2022, the departure from Kazakhstan of the subsidiaries of
Russian banks enabled local banks to obtain new clients and reduced
competition and this, together with a high inflation environment,
led to growth of interest margins. Higher FX income due to high
volatility of the local currency and higher cross-border
transactions was also one of the key revenue contributors for
Kazakh banks.
This rating action also reflects a revised assessment as per
Moody's Investors Service's General Principles for Assessing
Environmental, Social and Governance (ESG) Risks Methodology.
Positive improvements in credit metrics as a result of better risk
management and more cautious strategies, as well as lower related
party transactions (in case of Eurasian Bank) are reflected in a
better governance issuer profile scores of G-3 compared to
previously assigned scores of G-4 for the three banks. As a result,
the banks' ESG credit impact scores improved to CIS-3 from CIS-4.
BANK-SPECIFIC RATING DRIVERS
EURASIAN BANK
Moody's has upgraded Eurasian Bank's long-term deposit ratings to
B1 from B2 and its BCA and Adjusted BCA to b2 from b3.
The upgrade of the BCA to b2 from b3 reflects significant progress
in improvements in asset quality whereby the share of problem loans
(defined as Stage 3 and POCI loans, according to IFRS 9 accounting
standard) in the bank's gross loan book decreased to around 13% at
end-2022 from 22% at end-2021 and 29% at end-2020. Also, Eurasian
Bank has significantly improved its provisioning coverage of
problem loans by loan loss reserves to 116% at end-2022 from 65% at
end-2020. As a result, the risk for the bank's solvency stemming
from the previously high uncertainty surrounding the future
performance of legacy problem assets has substantially reduced: the
share of problem loans relative to the sum of the bank's tangible
common equity and loan loss reserves fell to around 41% at end-2022
from around 65% at end-2021 and 87% at end-2020. The bank's
profitability has also improved: return on average assets grew to
over 4% in 2022 from historically weak levels below 1%. The rating
upgrade also reflects reduced appetite for related party lending:
Eurasian Bank has reduced loans to related parties to 3% of the
loan portfolio or 13% of tangible common equity at end-2022 from 7%
and 49%, respectively, two years earlier.
Eurasian Bank's B1 deposit ratings are based on its b2 BCA and a
one-notch uplift, given Moody's assessment of high probability of
support from the Government of Kazakhstan (Baa2 stable).
BANK CENTERCREDIT
Moody's has upgraded BCC's long-term deposit ratings to Ba3 from B1
and its BCA and Adjusted BCA to b2 from b3.
The upgrade of the BCA reflects significant improvement in asset
quality, with the share of problem loans in the bank's gross loan
book decreasing to around 7% at end-2022 from 13% at end-2021 and
20% at end-2020. BCC has also significantly improved its coverage
of problem loans by loan loss reserves to 75% at end-2022 from a
modest 58% at end-2021. As a result, the share of problem loans
relative to the sum of the bank's tangible common equity and loan
loss reserves fell to around 38% at end-2022 from around 68% at
end-2021 and 94% at end-2020. Furthermore, pressure on capital from
repossessed collateral is also decreasing as the bank is gradually
selling the collateral while its capital grows. At end-2022,
repossessed collateral accounted for 28% of tangible common equity,
down from 54% at end-2021.
During 2022, the bank reported net income to average assets at
around 5%. Moody's expect this will moderate to around 2% in the
next 12-18 months due to the absence of a one-off gain from the
acquisition of Alfa-Bank and some reduction of exceptional gains
from FX transactions in 2022.
In 2022, the bank acquired a local subsidiary of Russia's Alfa-Bank
at a low price. The latter was subject to the US sanctions and was
included in the SDN list. As a result, BCC recorded a significant
gain on the acquisition and grew its loan portfolio, with
Alfa-Bank's loan portfolio accounting for around 19% of the BCC's
loan book at the beginning of 2022. Moody's expects that
profitability will remain significantly better than what was
achieved by the bank previously (around 1%) due to stronger margins
while non-interest income will be supported by the growing retail
franchise. The latter will benefit from Alfa-Bank's good
distribution platform.
The upgrade of the BCC's long-term national scale deposit rating
and CRR reflects improvements of credit metrics such as asset
quality, solvency and profitability which position the bank more
strongly within the national scale rating bands corresponding to
the global scale ratings.
BCC's Ba3 long-term deposit ratings are based on its b2 BCA and a
two-notch uplift, given Moody's assessment of high probability of
support from the Government of Kazakhstan.
BANK RBK JSC
Moody's has upgraded Bank RBK's long-term deposit ratings to B1
from B2 and its BCA and Adjusted BCA to b2 from b3.
The upgrade of the BCA to b2 from b3 reflects significant progress
in improvements in asset quality: the share of problem loans in the
bank's gross loan book decreased to 7% at end-2022 from 10% at
end-2021 and 20% at end-2020. The bank's strategy is to pursue a
low risk model via lending to large corporates and low risk retail,
where over 75% of new retail loans are issued to individuals who
have their salary accounts with Bank RBK. As a result Moody's
expects that asset quality will improve further. The rating agency
adds that Bank RBK has significantly improved its provisioning
coverage of problem loans by loan loss reserves to a more
reasonable 70% from a weak 52% a year earlier. As a result, the
share of problem loans relative to the sum of the bank's tangible
common equity and loan loss reserves fell to around 39% at end-2022
from around 51% at end-2021 and 76% at end-2020, a trend which
Moody's expects to continue. The good level of collateral on the
remaining legacy problem loans and the track record of successful
problem loan work-outs are considered to be additional risk
mitigants.
Furthermore, pressure on capital from repossessed collateral is
also decreasing as the bank is gradually selling collateral while
its capital grows: at end-2022, repossessed collateral and other
assets originated as a result of the problem loans work-out (e.g.
investment property, debt of collectors) accounted for 55% of
tangible common equity, down from 67% at end-2021.
Profitability was good in 2022, with return on average total assets
above 2% (compared to 1% in 2021), and better than historic levels.
This improved on the back of higher foreign exchange income and
higher net interest margin which benefited from high inflation.
Bank RBK's B1 deposit ratings are based on its b2 BCA and a
one-notch uplift, given Moody's assessment of moderate probability
of support from the Government of Kazakhstan.
RATIONALE FOR THE POSITIVE OUTLOOKS
The positive outlooks on the long-term deposit ratings reflect
Moody's expectations that the three banks will be able to further
improve their asset quality, solvency and profitability, despite
potential geopolitical pressures which may impact the local
operating environment. Asset quality and loss absorption capacity
will likely improve as they continue to grow better quality loan
portfolios and increase loan loss reserve coverage. Lower pressure
from legacy problem loans on profitability due to diminished need
to create reserves, a higher share of performing loan portfolios
and high interest rate environment (which support margins) as well
as strong non-interest income generated by a larger retail base
which will benefit from increasing digitalisation will support
performance in the next 12-18 months. Improving efficiency,
especially for BCC as it optimises costs after acquisition of
Alfa-Bank will also support profitability.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS
The three banks' CIS-3 indicates that ESG considerations have a
limited impact on the current ratings with potential for greater
negative impact over time, mainly due to negative impact of
governance risks on the credit ratings. The banks' exposure to
environmental and social risks has a limited impact on the
ratings.
The banks face high exposure to environmental risks (E-4),
primarily because of their portfolio exposure to carbon transition
risk as a result of lending to carbon-intensive industries or
industries which are indirectly exposed to carbon transition risks.
The important role played by hydrocarbons in the Kazakhstan economy
increases the vulnerability to carbon transition risks.
The banks face moderate exposure to social risks (S-3) related to
regulatory and litigation risk requiring the banks to meet high
compliance standards.
The banks' exposure to governance risks is moderate (G-3),
reflecting their concentrated ownership, insufficient board
oversight and institutional weaknesses in Kazakhstan, which are
however partially balanced by improvement in risk management
reflected in better fiscal buffers, especially loss absorption
capacity and profitability.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's expects that the ratings could be upgraded if the three
banks further improve asset quality and capital adequacy, loan loss
provisions continue to cover at least 70% of problem loans while
return on average assets will not decrease below 2% in the next
12-18 months. Maintenance of strong liquidity is also an essential
factor for ratings upgrade. At the same time, Moody's views the
banks' current rapid loan book growth and exposure to potential
downside pressure from the operating environment as a source of
uncertainty over the future asset performance, profitability and
capital levels.
The outlook on the banks' long-term deposit ratings could be
changed to stable in case of a failure to preserve the positive
achievements in asset quality, capitalisation and profitability.
LIST OF AFFECTED RATINGS
Issuer: Bank CenterCredit
Outlook Actions:
Outlook, Remains Positive
Upgrades:
- Adjusted Baseline Credit Assessment, Upgraded to b2 from b3
- Baseline Credit Assessment, Upgraded to b2 from b3
- LT Counterparty Risk Assessment, Upgraded to Ba2(cr) from
Ba3(cr)
- LT Counterparty Risk Rating (Foreign Currency), Upgraded to Ba2
from Ba3
- LT Counterparty Risk Rating (Local Currency), Upgraded to Ba2
from Ba3
- NSR LT Counterparty Risk Rating (Local Currency), Upgraded to
A3.kz from Baa2.kz
- LT Bank Deposits (Foreign Currency), Upgraded to Ba3 POS from
B1 POS
- LT Bank Deposits (Local Currency), Upgraded to Ba3 POS from
B1 POS
- NSR LT Bank Deposits (Local Currency), Upgraded to Baa2.kz
from Ba1.kz
Affirmations:
- ST Counterparty Risk Assessment, Affirmed NP(cr)
- ST Counterparty Risk Rating (Foreign Currency), Affirmed NP
- ST Counterparty Risk Rating (Local Currency), Affirmed NP
- ST Bank Deposits (Foreign Currency), Affirmed NP
- ST Bank Deposits (Local Currency), Affirmed NP
Issuer: Bank RBK JSC
Outlook Actions:
Outlook, Remains Positive
Upgrades:
- Adjusted Baseline Credit Assessment, Upgraded to b2 from b3
- Baseline Credit Assessment, Upgraded to b2 from b3
- LT Counterparty Risk Assessment, Upgraded to Ba3(cr) from B1(cr)
- LT Counterparty Risk Rating (Foreign Currency), Upgraded to Ba3
from B1
- LT Counterparty Risk Rating (Local Currency), Upgraded to Ba3
from B1
- LT Bank Deposits (Foreign Currency), Upgraded to B1 POS from
B2 POS
- LT Bank Deposits (Local Currency), Upgraded to B1 POS from B2
POS
Affirmations:
- ST Counterparty Risk Assessment, Affirmed NP(cr)
- ST Counterparty Risk Rating (Foreign Currency), Affirmed NP
- ST Counterparty Risk Rating (Local Currency), Affirmed NP
- ST Bank Deposits (Foreign Currency), Affirmed NP
- ST Bank Deposits (Local Currency), Affirmed NP
Issuer: Eurasian Bank
Outlook Actions:
Outlook, Remains Positive
Upgrades:
- Adjusted Baseline Credit Assessment, Upgraded to b2 from b3
- Baseline Credit Assessment, Upgraded to b2 from b3
- LT Counterparty Risk Assessment, Upgraded to Ba3(cr) from
B1(cr)
- LT Counterparty Risk Rating (Foreign Currency), Upgraded to Ba3
from B1
- LT Counterparty Risk Rating (Local Currency), Upgraded to Ba3
from B1
- LT Bank Deposits (Foreign Currency), Upgraded to B1 POS from
B2 POS
- LT Bank Deposits (Local Currency), Upgraded to B1 POS from
B2 POS
Affirmations:
- ST Counterparty Risk Assessment, Affirmed NP(cr)
- ST Counterparty Risk Rating (Foreign Currency), Affirmed NP
- ST Counterparty Risk Rating (Local Currency), Affirmed NP
- ST Bank Deposits (Foreign Currency), Affirmed NP
- ST Bank Deposits (Local Currency), Affirmed NP
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
Methodology published in July 2021.
=================
L I T H U A N I A
=================
SIAULIU BANKAS: Moody's Rates New Tier 2 Subordinated Notes 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 domestic currency
subordinated debt rating to Siauliu Bankas, AB's proposed Tier 2
notes. All other ratings and rating assessments remain unaffected
by the rating action. Ratings on subordinated instruments do not
carry outlooks.
The rating incorporates the Baseline Credit Assessment of baa3, and
one negative notch as per Moody's Advanced Loss Given Failure (LGF)
analysis.
RATINGS RATIONALE
ASSIGNMENT OF SUBORDINATED DEBT RATING
Siauliu Bankas plans to issue subordinated notes qualifying as Tier
2 capital under its subordinated debt issuance program. The Ba1
subordinated debt rating takes into account the very high expected
loss rate in case of failure as indicated by LGF. The very high
loss rate reflects both the subordination to senior creditors and
the uncertainty associated with the timing of a potential
write-off. The notes will also count as Tier 2 capital in
accordance with European Union's Capital Requirements Regulation
(CRR).
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Siauliu Bankas's subordinated debt rating could be upgraded should
the bank's standalone strength improve; with a lower long-term
problem loans to gross loans ratio and higher coverage ratio, and
strong capitalization with tangible common equity/risk weighted
assets (TCE/RWA) above 16%, and recurring net income to tangible
assets above 1.5%, while maintaining a strong liquidity profile and
improving the maturity profile of its debt issuance. The rating
could also be upgraded following significant issuances of Tier 2
instruments or more subordinated instruments.
Conversely, downward pressure on Siauliu Bankas's subordinated debt
rating could develop if the operating environment deteriorated more
than expected, resulting in a significant deterioration in the
bank's asset quality, profitability or capital. An unsuccessful
refinancing of its outstanding senior debt could also trigger a
downgrade of the rating. Furthermore, the rating could come under
pressure if the risk appetite of the bank was to increase,
resulting in a weakening of its asset quality or increase
volatility in its earnings.
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was Banks Methodology
published in July 2021.
===================
L U X E M B O U R G
===================
ALTICE INT'L: Moody's Lowers CFR to B3 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the long
term corporate family rating, and to B3-PD from B2-PD, the
probability of default rating of Altice International S.a.r.l.
("Altice International"), a telecoms operator with operations in
Portugal, Israel, Dominican Republic and the owner of TEADS.
Concurrently, Moody's has downgraded to Caa2 from Caa1 the backed
senior unsecured instrument ratings on Altice Finco S.A. and to B3
from B2, the backed senior secured and senior secured bank credit
facility instrument ratings of Altice Financing S.A. The outlook on
all entities has changed to stable from negative.
"The ratings downgrade reflects the prolonged deterioration in
Altice International's credit metrics and the expectation that they
will not improve to levels commensurate with the exiting B2 ratings
over the next 12 to 24 months, despite the company's steady
operating performance," says Ernesto Bisagno, a Moody's Vice
President -- Senior Credit Officer -- and lead analyst for Altice
International.
"The rating action also takes into account the company's reduced
financial flexibility owing to the recent EUR320 million dividend
payment, and its ongoing weak free cash flow generation which will
be further pressured by the increased cost of debt," added Mr.
Bisagno.
RATINGS RATIONALE
The rating downgrade reflects the fact that Altice International
continues to operate with high leverage levels that exceed the
maximum tolerance levels for the previous B2 rating category.
In addition, in Q1 2023, Altice International distributed a EUR320
million dividend and paid EUR178 million to group companies, which
amounted to a total cash leakage of almost EUR500 million, further
constraining deleveraging. Although the distribution was in
accordance with the company's commitment to maintain its reported
net debt/EBITDA at 4.0x-4.5x (4.6x as of March 2023), it reduced
its financial flexibility at a time of increased uncertainty
because of weakened economic conditions and the need to refinance
the 2025 debt maturities at higher interest rates.
Moody's also notes that the credit quality of Altice International
reflects the overhang derived by the fact that the credit silo is
fully controlled by the French entrepreneur Mr Patrick Drahi, as
there is a track record of using the financial flexibility of the
stronger credit silos within the Altice group in Europe, in other
to support other initiatives of the broader group.
Moody's acknowledges Altice International's recent solid operating
performance, and expects EBITDA growth to remain steady over the
next 12-18 months because of revenue growth from the contribution
of its acquired assets and an additional contribution from its
fiber product, in particular in Portugal. However, free cash flow
(FCF) will be negative because of the increased shareholder
distributions and the loans granted to group companies. FCF will
improve in 2024, driven by stronger EBITDA growth, which will be
partially offset by higher interest expenses. As a result, there is
potential for the Moody's-adjusted debt/EBITDA ratio to decline
below 6.0x in 2023-24.
However, Altice International operations are exposed to earnings
volatility in Israel and Dominican Republic, mostly associated with
the fluctuation of the local currencies versus the euro. In
addition, any deleveraging trajectory would be driven by the
company's ability to continue to grow its earnings, despite the
competitive nature of the markets where it operates, and to improve
the weak FCF generation.
The B3 rating of Altice International reflects (1) the company's
geographical diversification and strong market position in the
countries where it operates; (2) its large scale; and (3) the
well-invested fibre-rich infrastructure. The ratings are
constrained by (1) its highly leveraged capital structure, with its
Moody's-adjusted debt/EBITDA ratio at 6.1x in 2022; (2) its weak
FCF; (3) the competitive intensity in its core markets and the
exposure to earnings volatility in some emerging markets; and (4)
the complexity of the group structure, as the company fully
consolidates its fibre network in Portugal (Fastfiber) but only
owns 50.01% (pro rata consolidated leverage would be approximately
0.5x higher than reported leverage).
LIQUIDITY
Altice International has adequate liquidity. As of March 31, 2023,
it had cash of EUR290 million plus EUR218 million (out of EUR578
million) of RCFs maturing in February 2027. The RCF is subject to a
springing (for drawing higher than 40%) net leverage covenant of
5.25x; net leverage as of the end of Q1 23 was 4.7x (L2QA) implying
a 12% headroom.
The next upcoming debt maturity includes a EUR600 million backed
senior secured bond issued by Altice Financing S.A. due in Q1 2025.
While the existing liquidity sources provide some flexibility to
cover part of the 2025 maturities, Moody's expects the company to
pro-actively address the funding requirements in the near term.
STRUCTURAL CONSIDERATIONS
The Caa2 rating of Altice International's backed senior unsecured
notes, issued at its borrowing vehicle Altice Finco S.A., reflects
this instrument's unsecured position relative to the B3-rated
instruments in the capital structure.
RATIONALE FOR THE STABLE OUTLOOK
The stable outlook reflects Moody's expectations that Altice
International will maintain steady organic growth, such that its
Moody's adjusted leverage will progressively decline below 6.0x
over 2023-24.
The stable outlook also reflects the expectation that the company
will proactively address upcoming debt maturities.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward pressure on the rating may develop over time if Altice
International demonstrates sustained improvement in underlying
revenue and key performance indicators (KPIs, for example, churn
and ARPU), with growing EBITDA in main markets, leading to an
improvement in credit metrics, such as: (1) Moody's-adjusted
leverage maintained below 5.5x; (2) an improvement in FCF on a
consistent basis; and (3) Moody's adjusted EBITDA-Capex/interest
ratio higher than 1.5x.
Downward pressure on the ratings may develop if Altice
International's underlying operating performance weakens, with a
sustained decline in revenue and deteriorating KPIs (including
churn and ARPU) leading to a deterioration in the group's credit
metrics, such as: (1) Moody's-adjusted leverage trending towards
7.0x; or (2) Moody's-adjusted EBITDA-capex/interest expense ratio
declining below 1.0x. Failure to address the 2025 refinancing needs
in the coming months could also lead to downward pressure on the
rating.
LIST OF AFFECTED RATINGS
Issuer: Altice Financing S.A.
Downgrades:
Senior Secured Bank Credit Facility, Downgraded to B3
from B2
BACKED Senior Secured Regular Bond/Debenture,
Downgraded to B3 from B2
Outlook Actions:
Outlook, Changed To Stable From Negative
Issuer: Altice Finco S.A.
Downgrades:
BACKED Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2
from Caa1
Outlook Actions:
Outlook, Changed To Stable From Negative
Issuer: Altice International S.a.r.l.
Downgrades:
LT Corporate Family Rating, Downgraded to B3 from B2
Probability of Default Rating, Downgraded to B3-PD from B2-PD
Outlook Actions:
Outlook, Changed To Stable From Negative
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was
Telecommunications Service Providers published in September 2022.
COMPANY PROFILE
Altice International is a multinational fibre, telecommunications,
content and media company, with a presence in three key markets:
the Dominican Republic, Israel and Portugal. The company also
operates globally through TEADS, a media platform. In 2022, Altice
International reported revenue and adjusted EBITDA of EUR5 billion
and EUR1.8 billion, respectively.
COVIS FINCO: EUR309M Bank Debt Trades at 28% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Covis Finco Sarl is
a borrower were trading in the secondary market around 72.5
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.
The EUR309.6 million facility is a Term loan that is scheduled to
mature on February 18, 2027. About EUR301.8 million of the loan is
withdrawn and outstanding.
Covis Finco SARL is an entity affiliated with Covis Pharma, which
is backed by Apollo Global Management. Covis Pharma distributes
pharmaceutical products for patients with life-threatening
conditions and chronic illnesses. Finco is the borrower under a
term loan facility used to refinance existing debt and refinance
the debt incurred to finance products acquired from AstraZeneca.
Finco has its registered office in Luxembourg.
MALLINCKRODT FINANCE: $369.7M Bank Debt Trades at 23% Discount
--------------------------------------------------------------
Participations in a syndicated loan under which Mallinckrodt
International Finance SA is a borrower were trading in the
secondary market around 77.3 cents-on-the-dollar during the week
ended Friday, June 16, 2023, according to Bloomberg's Evaluated
Pricing service data.
The $369.7 million facility is a Term loan that is scheduled to
mature on September 30, 2027. About $353.2 million of the loan is
withdrawn and outstanding.
Mallinckrodt International Finance SA manufactures and distributes
pharmaceutical products. The Company's country of domicile is
Luxembourg.
MALLINCKRODT INTERNATIONAL: $1.39B Bank Debt Trades at 23% Off
--------------------------------------------------------------
Participations in a syndicated loan under which Mallinckrodt
International Finance SA is a borrower were trading in the
secondary market around 77.4 cents-on-the-dollar during the week
ended Friday, June 16, 2023, according to Bloomberg's Evaluated
Pricing service data.
The $1.39 billion facility is a Term loan that is scheduled to
mature on September 30, 2027. About $1.33 billion of the loan is
withdrawn and outstanding.
Mallinckrodt International Finance SA manufactures and distributes
pharmaceutical products. The Company's country of domicile is
Luxembourg.
ODYSSEY EUROPE: Moody's Hikes CFR to B3 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service has upgraded Odyssey Europe Holdco
S.a.r.l.'s ("Olympic", "the company" or "the group") corporate
family rating to B3 from Caa1 and upgraded Olympic's probability of
default rating to B2-PD from Caa1-PD. Concurrently, Moody's has
upgraded the instrument rating on the EUR200 million senior secured
notes ("senior notes") due 2025 to B3 from Caa1. The outlook has
changed to stable from positive.
RATINGS RATIONALE
The upgrade of Olympic's CFR to B3 reflects Moody's expectation
that Moody's-adjusted gross leverage will decrease towards 4.5x in
the next 12 to 18 months, driven by the good recovery in the
group's operating and financial performance since 2022. This is
reflective of the full-year impact of the transfer back to within
the restricted group of the company's online and Lithuanian
land-based businesses, and the addition of Croatian land-based
activities following the restructuring transaction the group
completed in April 2022. Olympic's Lithuanian and online operations
had been transferred outside of the group in 2020 when the stake in
the company was managed by the former general partner Novalpina
Capital.
The company's operations were severely affected by strict
coronavirus pandemic-related restrictions from 2020 to the first
few months of 2022, most particularly in Latvia. The pandemic led
to an increase in Moody's-adjusted gross leverage to 18.6x in 2020
and 42.3x in 2021 from 5.3x in 2019. In 2022 and on a pro forma
basis, revenue and EBITDA as reported by the company grew
respectively by close to 81% and over 109%. As a result, in 2022
leverage decreased to around 5.8x on a non-pro forma basis and
comfortably below 5x pro forma for the full-year consolidation of
the online, Lithuanian and Croatian land-based businesses, which
together added around EUR29 million of additional adjusted EBITDA
(as reported by the company, i.e. on a non-IFRS 16 basis).
There continues to be, however, some uncertainty with regards to
the recovery in Latvian land-based operations given how long
casinos have been closed in the country because of the pandemic,
adverse regulatory developments and the impact of the
Russia-Ukraine war. There is also the risk that inflation continues
to pressure margins, most particularly on energy and personnel
costs, although the company indicates it has eased or reduced since
the beginning of 2023 in its key markets.
Olympic's ratings remain supported by the group's leading market
position in its countries of operation, barriers to entry because
of its strong brand recognition and local knowledge balanced by its
small scale, geographical concentration in the Baltic states and
exposure to adverse regulatory and tax measures inherent to the
gaming sector.
STRUCTURAL CONSIDERATIONS
The senior notes are rated B3, in line with the CFR. The
probability of default rating (PDR) is B2-PD, one notch above the
CFR, reflecting Moody's assumption of a 35% recovery rate given the
all-bond covenant-lite capital structure.
LIQUIDITY
Olympic's liquidity is adequate, supported by EUR56.5 million of
cash as of the end of March 2023 and no significant debt maturity
before December 2025. The company's liquidity is also supported by
positive free cash flow generation, although Moody's expect it will
be limited in the next one to two years given high interest costs
and Moody's expectation of relatively high capital expenditures to
support growth projects. Moody's are expecting the company will not
make distributions to its shareholders in line with the past two
years.
RATIONALE FOR STABLE OUTLOOK
The stable outlook reflects Moody's expectation that Olympic's
EBITDA will be maintained at levels leading to a Moody's-adjusted
gross leverage comfortably below 5x and that the company will
maintain adequate liquidity with positive free cash flow (FCF)
generation. It also incorporates Moody's assumption that the group
will address its 2025 debt maturity well ahead of time.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward pressure on the ratings could arise over time if Olympic
demonstrates a longer track record of prudent financial policy,
transparent and predictable strategy as well as ability to generate
positive incremental cash flows from its expansion in new
geographies, and maintains a good liquidity management. Upward
pressure on the ratings would require Moody's-adjusted gross
leverage to decrease to sustainably below 4.5x and Moody's adjusted
EBIT/interest to be above 1.5x while the company maintains solid
liquidity with positive FCF generation.
The ratings could come under downward pressure if the company's
operating performance deteriorates, FCF generation turns negative,
Moody's-adjusted gross leverage increases to above 6x or
Moody's-adjusted EBIT/interest ratio decreases to below 1.0x.
Downward pressure on the ratings would also occur if the group
pursues a more shareholder-friendly and less conservative financial
policy or engages in sizeable acquisitions that could lead to an
increase in leverage and integration risk.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Gaming
published in June 2021.
COMPANY PROFILE
Olympic is a European gaming group with leading positions in the
Baltic region, in Estonia, Latvia and Lithuania, as well as
operations in Croatia, Slovakia and Malta. The company had a total
of 144 casinos as of the end of March 2023 (24 in Estonia, 43 in
Latvia, 12 in Lithuania, 60 in Croatia, four in Slovakia and one in
Malta). In addition to land-based activities, the group operates an
online platform under the brand Olybet. In 2022, Olympic reported
EUR214.3 million in revenue and EUR47.6 million in adjusted EBITDA
(non-IFRS 16 basis) pro forma for the full-year consolidation of
the online, and Lithuanian and Croatian land-based businesses.
The stake in Olympic is managed by Treo Capital Advisors since
December 2022, by the team that has managed all the assets in the
former Novalpina Capital fund since its replacement by Berkeley
Research Group. In August 2021, management of the stake in Olympic
was transferred from Novalpina Capital to the consulting firm
Berkeley Research Group. The company had been acquired by funds
managed by Novalpina Capital in 2018 following which it was
delisted from the Tallinn Stock Exchange.
=====================
N E T H E R L A N D S
=====================
SIGMA HOLDCO: Moody's Upgrades CFR to B2, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has upgraded to B2 from B3 the long-term
corporate family rating and to B2-PD from B3-PD the probability of
default rating of Sigma Holdco BV ("Upfield" or "the company"), the
parent company of Upfield B.V., a global manufacturer of plant
butters and spreads, plant creams, liquids and plant cheeses.
Concurrently, Moody's has upgraded to B1 from B2 the ratings on the
backed senior secured first lien term loan (TL) due 2025 and on the
backed senior secured first lien revolving credit facility ("RCF")
due 2025, all borrowed by Upfield B.V. Moody's has also upgraded to
Caa1 from Caa2 the backed senior unsecured ratings on the EUR685
million and the $525 million notes due 2026 issued by Sigma Holdco
BV. The outlooks on both entities remain stable.
"The rating upgrade reflects the company's recent strong
performance and the success demonstrated in managing significant
commodity price volatility with only modest volume attrition," says
Paolo Leschiutta, a Moody's Senior Vice President and lead analyst
for Upfield. The recent operating performance improvement above the
rating agency's expectation reflects the management's ability to
weather the shock in commodity prices, which is a management
credibility and track record consideration, part of the governance
assessment under Moody's General Principles for Assessing
Environmental, Social and Governance Risks Methodology for
assessing ESG risks.
"The action also reflects that the stronger operating performance
has led to an improvement in credit metrics, which will support
Upfield in addressing its refinancing requirements in due course,"
added Mr. Leschiutta.
RATINGS RATIONALE
The rating upgrade reflects the company's strong performance since
the third quarter of 2022 on the back of significant pass-through
of high raw material costs to customers, which resulted in only
modest volume attrition. The company has been able to raise prices
by around 29% in 2022, while containing volume decline to 10.5% (of
which 4.0% was as a result of company's controlled actions in an
effort to optimize its product offering), leading to 8.9% growth in
its normalized EBITDA on a constant currency basis. This stronger
performance, together with lower restructuring costs and increasing
cost efficiencies are resulting in higher free cash flow (FCF)
generation, which the company has applied to reduce debt.
As of March 2023, the company's financial leverage, measured as
Moody's adjusted gross debt to EBITDA, stood at 6.8x, below the
7.5x reported as of December 2022 and well below the 10.4x reported
in 2021. The significant improvement in credit metrics, together
with Upfield's solid business profile, provide some buffer to
absorb potential pressures on top-line and profitability. Moody's
forecasts that the company's leverage will remain around 7.3x in
2023 and 7.1x in 2024.
The sustainability of this strong level of performance could be
tested due to the ongoing weakness in consumer sentiment, together
with shrinking purchasing power, which could result in greater
volume volatility as consumers remain more sensitive on their
spending and could trade down to cheaper product offerings or to
private label. In addition, some of the company's key markets
remain highly competitive and the company needs to maintain a
certain gap against traditional dairy butter, whose price is
related to dairy prices which have started to deflate recently.
However, the good results achieved in 2022, which continued in the
first quarter of 2023, together with the company's hedging policy,
provide a good cushion to allow the company to absorb potential
volatility in demand supporting credit metrics in line with the
current rating. In addition, potential softer demand in some of the
company's traditional plant-based spread products could be offset
by stronger momentum in new plant-based food categories such as
plant butter, cream and cheese. Moody's notes the progress the
company has made in recent years in rejuvenating its product
offering from traditional plant spreads to plant creams and plant
cheeses. Greater focus on brand positioning across different
channels and promotion of health benefits of plant-based products,
including plant cheese that is experiencing rapid growth in some
key markets like the US and the UK, offer good growth potential.
The rating remains supported by Upfield's strong business profile
in light of its significant scale, strong portfolio of brands,
leading global market positions with extensive geographical
diversification, and good growth potential offered by product
innovation and expansion into adjacent plant-food categories like
cheese. The rating is also supported by the company's positive FCF
generation.
Refinancing needs remain substantial in light of Upfield B.V.'s
outstanding EUR3.9 billion term loan due in July 2025. Moody's
derives comfort from the fact that Upfield has already started to
address part of these refinancing needs, and that the high cash
conversion of the group, derived from high margins and low capex,
provide a cushion in terms of cash generation to accommodate a
refinancing at higher interest rates.
LIQUIDITY
Upfield's liquidity is adequate, with cash on balance sheet of
EUR189 million as of March 2023, good availability under its EUR700
million RCF (EUR327 million available as of March 2023, as this was
partially used in early 2023 to repay some of the more expensive
debt) and Moody's expectation for positive FCF (in excess of EUR100
million per annum under Moody's expectations). Covenant capacity
has also improved significantly, with the company's net senior
secured leverage at 4.9x as of March 2023, against a maximum level
of 8.5x.
The company faces a debt maturity wall in 2025, although it is
progressively addressing these refinancing needs. It recently
negotiated maturity extensions of its RCF to October 2027, from
January 2025, and the Polish zloty tranche to January 2028 from
July 2025, albeit these remain subject to a successful extension of
the rest of the term loan maturities.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS
The recent operating performance improvement above the rating
agency's expectation and the good ability to weather the shock in
commodity prices has led Moody's to change the Management
Credibility and Track Record score to 4 from 5. As a result, the
overall exposure to governance risks (Issuer Profile Score or
"IPS") has been changed to G-4 from G-5, while Upfield's overall
ESG Credit Impact Score (CIS) has been changed to CIS-4 from
CIS-5.
STRUCTURAL CONSIDERATIONS
The B2-PD probability of default rating, in line with the B2 CFR,
reflects Moody's 50% corporate family recovery assumption
applicable for mixed bank/bond debt structures. The B1 ratings of
the term loans and the RCF reflect the first-lien nature of these
facilities with no structural subordination because of the
guarantee structure. However, the security package only covers
significant assets in the UK and the US, and share pledges,
intercompany receivables and some bank accounts in other
jurisdictions. The Caa1 senior unsecured rating on the EUR1,150
million equivalent notes reflects the contractual subordination of
the notes to the term loan and RCF.
RATIONALE FOR STABLE OUTLOOK
The stable outlook reflects Moody's expectation that the company's
strong operating performance will be sustained such that its
Moody's adjusted Debt to EBITDA ratio will remain around 7x over
the next 12 to 18 months, which together with solid free cash flow
generation over this period should facilitate the refinancing of
upcoming debt maturities.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The rating could be upgraded if the company demonstrates solid
top-line growth with improving profitability, leading to
significant and sustainable positive FCF generation and a
sustainable reduction in leverage towards 6.5x (on a
Moody's-adjusted gross debt/EBITDA basis). Before an upgrade, the
company will need to address its refinancing needs and demonstrate
success in maintaining a Moody's-adjusted EBITA interest cover
above 2.0x.
The rating could be downgraded if the company fails to maintain the
current level of earnings, leading to negative FCF generation over
the next 12-18 months, which would weaken liquidity, as illustrated
by reduced availability under its RCF or significant deterioration
in covenant capacity. Quantitatively, the rating could be
downgraded if the company's leverage, on a Moody's-adjusted gross
debt/EBITDA basis, remains above 7.5x; or if its Moody's-adjusted
EBITA interest coverage ratio declines below 1.5x; or if it fails
to address its debt maturity wall at least more than 12 months
ahead of this becoming due.
LIST OF AFFECTED RATINGS
Upgrades:
Issuer: Sigma Holdco BV
LT Corporate Family Rating, Upgraded to B2 from B3
Probability of Default Rating, Upgraded to B2-PD from B3-PD
BACKED Senior Unsecured Regular Bond/Debenture, Upgraded to Caa1
from Caa2
Issuer: Upfield B.V.
BACKED Senior Secured Bank Credit Facility, Upgraded to B1 from
B2
Outlook Actions:
Issuer: Sigma Holdco BV
Outlook, Remains Stable
Issuer: Upfield B.V.
Outlook, Remains Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.
COMPANY PROFILE
Upfield, formed in 2018, is a global leader in plant-based foods,
operating in four categories of plant butters and spreads, plant
creams, liquids and plant cheeses, with most of its revenue coming
from the sale of plant spreads. In 2022, the company reported
revenue of EUR3.37 billion and company-normalised EBITDA of EUR749
million. The company operates largely in retail (89% of revenue)
and partially in food service. Upfield is geographically
diversified across both developed and emerging markets, with no
significant concentration in any one market. Its largest markets
are the US, Germany, the UK and the Netherlands. Upfield is
controlled by funds managed and advised by Kohlberg Kravis Roberts
& Co. Inc. (KKR).
===============
P O R T U G A L
===============
LUSITANO NO. 5: Fitch Hikes Rating on Class D Notes to 'CCCsf'
--------------------------------------------------------------
Fitch Ratings has upgraded Lusitano No. 5 Plc's notes, Lusitano No.
4 Plc's class D notes and Lusitano No. 6 Limited's class B and C
notes. The remaining tranches have been affirmed. Nine tranches
have been removed from Under Criteria Observation.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Lusitano Mortgages No. 5 plc
Class A XS0268642161 LT AA+sf Upgrade A+sf
Class B XS0268642831 LT A+sf Upgrade BBB+sf
Class C XS0268643649 LT BBB+sf Upgrade B+sf
Class D XS0268644886 LT CCCsf Upgrade CCsf
Lusitano Mortgages No. 6 Limited
Class A XS0312981649 LT AA+sf Affirmed AA+sf
Class B XS0312982290 LT AA+sf Upgrade AAsf
Class C XS0312982530 LT BBBsf Upgrade BB+sf
Class D XS0312982704 LT CCCsf Affirmed CCCsf
Class E XS0312983009 LT CCsf Affirmed CCsf
Lusitano Mortgages No. 4 Plc
Class A XS0230694233 LT AA-sf Affirmed AA-sf
Class B XS0230694589 LT A-sf Affirmed A-sf
Class C XS0230695552 LT BB+sf Affirmed BB+sf
Class D XS0230696360 LT B+sf Upgrade CCCsf
TRANSACTION SUMMARY
The static Portuguese RMBS transactions comprise residential
mortgages originated and serviced by Novo Banco, S.A.
KEY RATING DRIVERS
Iberian Recovery Rate Assumptions Updated: In the amendment of its
European RMBS Rating Criteria on 16 December 2022, Fitch updated
its house price decline assumptions and foreclosed sale adjustment.
The updates had a positive impact on recovery rates and
consequently on the expected losses in Portugal RMBS transactions.
This is reflected in the upgrades.
Portugal Country Ceiling: The maximum achievable rating for
Portuguese structured finance transactions is 'AA+sf', six notches
above Portugal's Long-Term Issuer Default Rating (IDR;
BBB+/Stable). The Stable Outlook on the notes reflects that on the
sovereign rating. Lusitano 5's class A notes and Lusitano 6's class
A and B notes are capped at Portugal's country ceiling (AA+), as
per Fitch's Structured Finance and Covered Bonds Country Risk
Rating Criteria.
Increasing CE: The notes are sufficiently protected by credit
enhancement (CE) to absorb the projected losses commensurate with
the current rating scenarios. Fitch expects structural CE to
increase in the short to medium term for Lusitano 6 given the
prevailing sequential amortisation. Fitch expects CE for Lusitano 4
and Lusitano 5 to remain reasonably stable considering the pro-rata
amortisation of the notes.
Performance Outlook: Over the past 12 months, the transactions'
asset performance has been stable. The proportion of loans in more
than 90 days arrears remained broadly stable (ranging between 0.16%
and 0.21% of the current portfolio balance as of the latest
reporting dates). Cumulative default rates range between 7.4% and
11.7% for the transactions, which is higher than the market average
but they have been stabilising over the last four years.
PIR Mitigated: Fitch considers payment interruption risk (PIR)
mitigated in the event of a servicer disruption. Fitch deems the
available liquidity mitigants sufficient to cover stressed senior
fees, net swap payments and senior note interest amounts due while
an alternative servicer arrangement is being implemented. Other
mitigants include the sweep of cash collections from the servicer
into the SPV account bank every two days, and the availability of
principal collections on the portfolio to cover any interest
shortfalls under certain circumstances.
While the reserve fund balances have been volatile in the past,
they have recovered and been at their respective target balances
since September 2017 for Lusitano 4 and January 2021 for Lusitano
5. The cash reserve is below target (22.4%) for Lusitano 6, but it
is the only transaction with a dedicated liquidity reserve.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Long-term asset underperformance such as increased delinquencies or
larger defaults, which could be driven by changes in the
macroeconomic conditions, interest-rate increases or borrower
behavior, could have a negative impact on all three transactions.
Lusitano 5's class A notes and Lusitano 6's class A and B notes are
capped at Portugal's country ceiling and are at their maximum
achievable rating. A downgrade of Portugal's Long-Term IDR could
decrease the maximum achievable rating for Portuguese structured
finance transactions.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Stable to improved asset performance and increased CE as the
transactions deleverage to fully compensate for the credit losses
and cash flow stresses that are commensurate with higher rating
scenarios could lead to a positive rating impact for all three
transactions.
Lusitano 5's class A notes and Lusitano 6's class A and B notes are
capped at Portugal's country ceiling and are at their maximum
achievable rating. An upgrade of Portugal's Long-Term IDR could
increase the maximum achievable rating for Portuguese structured
finance transactions provided that the CE is commensurate with
higher rating stresses.
DATA ADEQUACY
Lusitano Mortgages No.4 Plc, Lusitano Mortgages No.5 plc, Lusitano
Mortgages No.6 Limited
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. 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.
Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transaction's Lusitano
Mortgages No.4 Plc, Lusitano Mortgages No.5 plc, Lusitano Mortgages
No.6 Limited initial closing. The subsequent performance of the
transaction[s] over the years is consistent with the agency's
expectations given the operating environment and Fitch is therefore
satisfied that the asset pool information relied upon for its
initial rating analysis was adequately reliable.
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.
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.
=========
S P A I N
=========
BOLUDA TOWAGE: Moody's Affirms B2 CFR & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service has changed the outlook on Boluda Towage
S.L. to positive from stable. Concurrently, Moody's affirmed
Boluda's B2 corporate family rating and its B2-PD probability of
default rating.
"The rating action reflects Boluda's continued strong financial
performance during the second half of 2022 and first quarter of
2023, supporting a recovery of credit metrics" says Daniel Harlid,
the lead Analyst for Boluda. "Moody's continue to favorably view
Boluda's infrastructure-like business and critical importance in
the maritime ecosystem and expect that credit metrics will continue
to strengthen over the next 2-3 years", Mr. Harlid added. "A
continued performance recovery also reflected in solid positive
free cash flow generation could support further positive rating
pressure over the next quarters", Mr. Harlid continues.
RATINGS RATIONALE
The outlook change to positive reflects a strong operational and
financial performance during 2022 with a result that exceeded pre
pandemic levels and corresponding strong credit metrics. Moody's
continue to view Boluda's business profile as infrastructure-like
which should enable the company to perform very stable through a
normal business cycle.
In 2022, Boluda's Moody's-adjusted EBIDTA grew by 37% to EUR168
million. The majority of this growth was attributable to an
increasing number of port calls of Oil & Gas and Dry Bulk vessels
following the outbreak of the war in Ukraine, as well as broad
based price increases. As Boluda has a relatively high operational
leverage, the revenue increase of EUR111 million yielded an EBITDA
increase of EUR46 million in 2022 compared with 2021. Moody's base
case incorporates at least sustained volumes and pricing during the
next 12-18 months, which should lead to a debt / EBITDA of around
5.3x, comfortably below the requirements for the B1 rating
category. Having said that, the positive outlook balances the
prospects of sustained strong credit metrics with downside risks
such as a highly unpredictable geopolitical landscape that could
render a weakened demand for maritime trade. Also, Moody's expects
Boluda's EBITA / Interest coverage ratio to be around 1.5x and the
FFO coverage ratio to be around 2.8x for the next 12-18 months
which is still somewhat below the requirements for the B1 rating
category, nonetheless a consequence of rising interest rates.
The currently strongly positioned B2 rating also incorporates the
company's long history of operating as the sole tug operator in
Spanish and French ports, creating high barriers to entry. Another
credit strength is the company's relatively conservative financial
policy, evidenced by the Boluda family's history of reinvesting
results into the business rather than paying large sums of
dividends.
RATIONALE FOR POSITIVE OUTLOOK
The positive outlook incorporates the potential for continued
strong financial performance over the next 12-18 months. Moody's
base case rests on expectations that Boluda gradually continues to
grow revenue and EBITDA, resulting in an EBITA margin of 14%-15%
and debt / EBITDA of around 5.3x. During this time, Moody's also
expects that the company will continue to control capex spend in a
way that safeguards continued positive free cash flow.
LIQUIDITY PROFILE
Boluda's liquidity is good, supported by a cash balance of EUR58
million as of March 31, 2023, and a revolving credit facility (RCF)
of EUR90 million with a tenor of 6.5 years, fully undrawn. Working
capital swings are virtually nonexistent. Moody's expects the
company to generate around EUR100 million in annual funds from
operations (per Moody's projections), the majority of which will be
applied towards capital spending for dry docking and new vessels,
amounting to EUR60 million - EUR70 million over the next 12-18
months. The terms of the RCF require compliance with one springing
covenant, which needs to be tested when the facility is drawn by
more than 40% and which, we understand, is set with ample
headroom.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Positive ratings pressure would continue to build if the company
sustains a Moody's-adjusted debt / EBITDA below 6.0x, an
EBITA/Interest Coverage Ratio moving toward 2.0x and at the same
time shows an EBITA margin in the mid-teens percentage wise. A
prerequisite for a ratings upgrade would be to continue generating
meaningful free cash flow and maintaining good liquidity at all
times.
Negative ratings pressure could be the result of a debt / EBITDA
ratio above 7.0x while sustaining a EBITA margin below 10%. A
weakening liquidity profile and free cash flow moving toward zero
would also cause negative ratings pressure.
LIST OF AFFECTED RATINGS
Affirmations
Issuer: Boluda Towage S.L.
Probability of Default Rating, Affirmed B2-PD
LT Corporate Family Rating, Affirmed B2
BACKED Senior Secured Bank Credit Facility, Affirmed B2
Outlook Actions:
Issuer: Boluda Towage S.L.
Outlook, Changed To Positive From Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
COMPANY PROFILE
Headquartered in Madrid, Spain, Boluda is one of the world's
largest providers of maritime towage and related services. Its
origins date back to the early 19th century and the company has
since the start been owned by the same family, Boluda Fos. The
company's fleet of close to 300 tug vessels generates the bulk of
its revenue in Europe but has operations in Africa and Latin
America as well. In 2022 the company reported revenue of EUR574
million and EBITDA of EUR168 million.
CAIXABANK CONSUMO 6: Moody's Assigns B3 Rating to EUR220MM B Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to Notes issued by CAIXABANK CONSUMO 6, FONDO DE
TITULIZACION (the "Issuer"):
EUR1,780 million Series A Fixed Rate Asset-Backed Notes
due September 2036, Definitive Rating Assigned Aa3 (sf)
EUR220 million Series B Fixed Rate Asset-Backed Notes
due September 2036, Definitive Rating Assigned B3 (sf)
RATINGS RATIONALE
The transaction is a 12-month revolving cash securitisation of
unsecured consumer loans extended to obligors in Spain by
CaixaBank, S.A., (Baa1 Senior Unsecured/(P)P-2, A3(cr)/P-2(cr), A3
LT Bank Deposits). The loans are used for several purposes, such as
general consumer purposes, property improvement and auto-related
loans such as acquisition and maintenance. CaixaBank, S.A. also
acts as asset servicer, collection account bank, calculation agent
and paying agent of the transaction.
The provisional portfolio of underlying assets consists of
unsecured consumer loans originated in Spain, with fixed rates and
a total outstanding balance of approximately EUR2,628.2 million.
The final portfolio has been randomly selected from the provisional
portfolio to match the Notes issuance amount (EUR2,000.0 million).
As of May 8, 2023, the pool cut had 332,347 loans with a weighted
average seasoning of 13.9 months. All the loans in the pool have
been granted to individuals residing in Spain, are amortising loans
and pay through direct debit. The loans are used for several
purposes, such as home improvements (furniture, decoration,
equipment, etc) (23.04%), housing refurbishment works (20.53%) and
used vehicles purchase or repairs (19.93%). The pool is granular,
with the top 20 borrower exposure amounting to 0.08%. 2.34% of the
pool is in arrears up to 30 days. Around 42.0% of the portfolio
corresponds to loans approved under calculated limits (pre-approved
loans), where the borrower was offered an unsecured consumer loan
up to a maximum amount without initiating an application process
themselves. Loans approved under calculated limits require the
borrower to be an active customer of CaixaBank and meet a minimum
behavioural scoring.
The transaction benefits from credit strengths such as (i) the
quality of the portfolio, which is highly granular, (ii) the fact
the transaction is not subject to interest rate risk, (iii) the
sequential amortization of the notes and (iv) the financial
strength and securitization experience of the originator.
Moody's notes that the transaction features some credit weaknesses
such as (i) the 42.0% exposure of the portfolio to loans approved
under calculated limits; (ii) the 12-month revolving period, during
which additional receivables may be sold to the issuer. However,
various mitigants have been put in place in the transaction
structure such as early amortisation triggers and eligibility and
replenishment criteria, (iii) a concentrated portfolio in the
region of Cataluna 27.0%. However, this is the originator's region
of origin, where it has its highest expertise, and (iii) a high
degree of linkage to CaixaBank, S.A. Commingling risk is partly
mitigated by the daily transfer of collections to the issuer
account and the current rating of Caixabank, S.A.
Moody's analysis focused, amongst other factors, on (i) an
evaluation of the underlying portfolio of consumer loans and the
eligibility and replenishment criteria; (ii) historical performance
provided on originator's total book and past consumer loan ABS
transactions originated by CaixaBank, S.A; (iii) the credit
enhancement provided by subordination, excess spread and the
reserve fund; (iv) the revolving nature of the portfolio; (v) the
liquidity support available in the transaction by way of principal
to pay interest; and (vi) the overall legal and structural
integrity of the transaction.
MAIN MODEL ASSUMPTIONS
Moody's determined a portfolio lifetime expected mean default rate
of 6.0%, expected recoveries of 15.0% and a portfolio credit
enhancement ("PCE") of 18.5% for the current portfolio of the
issuer. The expected defaults and recoveries capture Moody's
expectations of performance considering the current economic
outlook, while the PCE captures the loss Moody's expect the
portfolio to suffer in the event of a severe recession scenario.
Expected defaults and PCE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
its ABSROM cash flow model to rate consumer ABS transactions.
The portfolio expected mean default rate of 6.0% is marginally
higher than that of other Spanish consumer loan ABS and is based on
Moody's assessment of the lifetime expectation for the pool, taking
into account: (i) the historical performance of the loan book of
the originator, (ii) the historical performance of prior consumer
ABS transactions of Caixabank, S.A, (iii) the potential pool
deterioration during the revolving period, in particular in terms
of the exposure to certain riskier products such as loans approved
under calculated limits, (iv) benchmark loan transactions, and (v)
other qualitative considerations.
Moody's stressed the results from the historical data analysis to
account for (i) the rising trend of defaults on loans approved
under calculated limits; (ii) the revolving nature of the
portfolio; (iii) the expected outlook for the Spanish economy in
the medium term; and (iv) the volatile European economic
environment.
Portfolio expected recoveries of 15.0% are in line with Spanish
consumer loans and are based on (i) the historical recovery
vintages received for this transaction; (ii) the historical
performance of prior transactions of Caixabank, S.A; (iii)
benchmarks loan transactions; and (iv) other qualitative and
pool-derived aspects like the revolving period.
The PCE of 18.5% is in line with the Spanish consumer loans
average. The PCE has been defined following an analysis of data
variability, as well as by benchmarking this portfolio with past
and similar transactions. Factors that affect the potential
variability of a pool's credit losses are (i) historical data
variability; (ii) quantity, quality and relevance of the historical
performance data; (iii) originator quality; (iv) servicer quality;
(v) certain pool characteristics, such as asset geographical
concentration and loan characteristics; and (vi) certain structural
features, such as the revolving period.
METHODOLOGY
The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
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 of the Notes would be (i) better than expected performance
of the underlying collateral, (ii) significant improvement in the
credit quality of CaixaBank, S.A., or (iii) a lowering of Spain's
sovereign risk leading to the removal of the local currency ceiling
cap.
Factors or circumstances that could lead to a downgrade of the
ratings would be (i) worse than expected performance of the
underlying collateral, (ii) deterioration in the credit quality of
CaixaBank, S.A., or (iii) an increase in Spain's sovereign risk.
DURO FELGUERA: EUR85M Bank Debt Trades at 47% Discount
------------------------------------------------------
Participations in a syndicated loan under which Duro Felguera SA is
a borrower were trading in the secondary market around 52.8
cents-on-the-dollar during the week ended Friday, June 16, 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.
GRUP MEDIAPRO: EUR180M Bank Debt Trades at 16% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Grup Mediapro SA is
a borrower were trading in the secondary market around 84.3
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.
The EUR180 million facility is a Term loan that is scheduled to
mature on December 26, 2025. The amount is fully drawn and
outstanding.
Grup Mediapro is involved in the European audiovisual sector in
content integration, production and audiovisual distribution. The
Company's country of domicile is Spain.
===========================
U N I T E D K I N G D O M
===========================
BREATHE: London Taxpayers Faces GB3MM Loss Following Collapse
-------------------------------------------------------------
Mark Kleinman at Sky News reports that London taxpayers could face
millions of pounds in losses after an electric vehicle company
backed by Sadiq Khan collapsed into administration.
Sky News can reveal that the Mayor of London's Energy Efficiency
Fund (MEEF) injected more than GBP3 million into Breathe, which
provides EVs including Teslas to private-hire drivers.
The funds were committed by MEEF just 15 months ago, Sky News
discloses.
Insolvency practitioners from Begbies Traynor were appointed as
administrators to Breathe earlier last week, Sky News relates.
The reasons for its collapse were not immediately clear, Sky News
notes.
According to Sky News, a spokesperson for the mayor said: "The
mayor's Energy Efficiency Fund is the largest of its kind in the UK
and has already invested in 17 projects across London mobilising
over GBP380 million of investment, which is expected to save over
38,000 tonnes of CO2 and nearly 40m kwh of energy.
"MEEF's original investment of GBP3.2 million in Breathe represents
less than 1% of the total funding mobilised by the fund to date.
"The mayor is aware that Breathe has recently entered
administration.
"The appointed administrators are working with all parties to
complete a sale of the business and if needed realise assets to
enable the debt to be repaid."
Breathe operates a subscription service allowing customers to take
full ownership of their car at the end of the period.
It also offers financial products including insurance.
MEEF was set up by the Greater London Assembly in 2018 to provide
debt and equity to small business-owners.
BT GROUP: Fitch Assigns 'BB+(EXP)' Rating on Subordinated Notes
---------------------------------------------------------------
Fitch Ratings has assigned BT Group plc's (BT; BBB/Stable) proposed
benchmark long-dated, subordinated capital securities an expected
instrument rating of 'BB+(EXP)'. The proposed securities qualify
for 50% equity credit. The securities are being issued by British
Telecommunications plc and guaranteed by BT on a subordinated
basis.
BT has now included subordinated notes as part of their EUR20
billion euro medium-term notes (EMTN) programme. The terms do not
materially differ from BT's most recent issue of subordinated notes
in November 2021. The notes will have a non-call provision of 5.5
(NC5.5) years. The final rating is contingent on the receipt of
final documents conforming materially to the preliminary
documentation reviewed.
BT's Long-Term Issuer Default Rating (IDR) of 'BBB' reflects its
solid business profile, stable to modestly improving operating cash
flow, its leverage headroom and a competitive, but rational, market
environment.
BT closed its financial year to March 2023 with Fitch-defined
EBITDA net leverage of 1.8x compared with its downgrade threshold
of 2.5x. Fitch expects this metric to rise as the company enters a
period of peak capex with its accelerated fibre roll-out, which
Fitch believes is important in maintaining its competitive position
as well as managing its operating costs.
KEY RATING DRIVERS
Key Hybrid Features: The expected rating is two notches below BT's
IDR, reflecting the highly subordinated nature of the proposed
capital securities, their greater loss severity and heightened risk
of non-performance relative to senior obligations. The capital
securities rank senior only to the share capital of BT and British
Telecommunications plc.
The 50% equity credit reflects the equity-like characteristics of
the proposed issue including subordination, effective maturity of
at least five years, full discretion to defer interest coupon
payments, limited events of default, as well as the absence of
material covenants and look-back provisions. The inclusion of a
make-whole call for non-perpetual securities does not affect the
instrument rating.
Effective Maturity Date of Hybrid: BT's prospective securities have
a tenor of 60.5 years. However, Fitch deems the effective maturity
of the tranche at 25.5 years from issue. They will have a coupon
step-up of 25bp from year 10.5 and an additional step-up of 75bp on
the date 20 years after the relevant first reset date.
Change-of-Control Clause: The terms of the prospective hybrids will
include call rights in the event of a change of control. If this
event triggers a downgrade to a non-investment grade rating for BT,
the company has the option to redeem all of the securities. If BT
elects not to redeem the hybrid securities, the then prevailing
Interest rate, and each subsequent interest rate on the securities
will increase by 5%. Change-of-control clauses with call options
that result in a coupon step-up of up to 500bp, if the hybrid is
not called, do not negate equity credit, as per its criteria.
Operating Performance Improvement: BT's FY23 reported revenue
decline slowed to 1% (up 1% on a BT Sports JV pro-forma basis) from
FY22's 2.5%, while Fitch-defined EBITDA margin grew to 34% from
32%. Operating metrics reflected the benefit of inflation-adjusted
price increases, increased fibre-to-the-premises (FttP) take up and
progress on cost reductions, but also continued weakness in its
enterprise division and a challenging UK macroeconomic
environment.
FCF Remains Negative: BT's EBITDA net leverage was 1.8x while
Fitch-defined cashflow from operations (CFO) less capex improved to
1% of total debt for FY23 from -0.9% in FY22. However, as per
Fitch's expectations, FCF margin remained at a negative 4%,
primarily due to higher cash capex (GBP5.3 billion). Fitch
forecasts negative FCF until peak capex, but view such capex as a
strategically important investment.
Accelerated Network Build: BT's FttP passed a cumulative 10.3
million premises, including 3.1 million premises passed in FY23,
and reaching a penetration of 30%. Importantly, build costs were
maintained within GBP250-GDP350 per premise. BT has accelerated the
pace of build to reach its target of 25 million premises by
end-2026.
BT is well placed to reach this target, but Fitch estimates an
average build of 3.7 million premises annually, higher than BT has
managed to date, for it to achieve its target, while managing build
and provisioning costs and fibre overbuild competition. Fitch has
reflected this in its updated cash capex forecasts, which will be
supported by the reinvestment of the UK government's tax benefit on
qualifying capex. Furthermore, Fitch believes Ofcom's recent
ratification of the new pricing framework Equinox 2 will be
supportive of wholesale FttP take up.
DERIVATION SUMMARY
BT has a strong market position across business and consumer
segments and both fixed and mobile product lines. Its regulated
local loop access division, Openreach, accounts for about 44% of
adjusted EBITDA and provides strong support to the company's credit
profile.
Weaker FCF, a more competitive UK market environment, regulatory
pressures and cash contributions for high pension plan recovery
payments mean that downgrade thresholds are slightly more stringent
than its peer group of integrated European telecom operators that
are predominantly focused on their domestic markets, such as Royal
KPN N.V. (BBB/Stable) and Telecom Italia S.p.A. (BB-/Negative).
Higher and comparably rated peers such as Deutsche Telekom AG
(BBB+/Stable), Orange S.A. (BBB+/Stable) and Vodafone Group Plc
(BBB/Stable) have greater scale and geographic diversification that
can help mitigate potential weakness in domestic performance. This
diversification also offers levers to defend financial metrics in
the event of leverage pressure (ie. through asset sales or minority
listings), whereas levers are more limited at BT.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Revenue CAGR 0.5% in FY23-FY26, reflecting the benefit of
inflation-linked price rises but also competitive pressure driven
by a saturated market and a challenging macroeconomic outlook
- Fitch-defined EBITDA margin of 34%-36% in FY23-FY27, driven by
revenue and cost-transformation programme but with margin pressure
arising from cost inflation and the ongoing fibre roll-out
- Cash pension and asset-backed fund contributions, included within
funds from operations (FFO), of GBP790 million in FY24 and GBP780
million FY25-FY27
- A negative specific-item cash flow impact of GBP400 million
annually in FY24-FY27
- Capex of around 25% of revenue in FY24-FY26 on fibre and 5G
investments
- Dividend payments of about GBP800 million in FY24, followed by 2%
growth per year to FY27
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- Fitch-defined EBITDA net leverage below 2.0x (equivalent to FFO
net leverage below 2.5x) and cash flow from operations minus
capex/total debt trending towards 8%-10% in the medium term
- Greater visibility and reduced execution risks on the
implementation of BT's restructuring and transformation programme
and FttP deployment, resulting in improved FCF generation
- EBITDA growth reflecting reduced negative impact from legacy
products, improved operating performance at core divisions and
strengthened competitive position following increased FttP and
convergent customer base penetration
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- A downgrade to 'BBB-' would be likely if Fitch-defined EBITDA net
leverage is expected to remain consistently above 2.5x (equivalent
to FFO net leverage above 3.0x)
- Deterioration in the key operating and financial metrics at BT's
main operating subsidiaries and lower-than-expected FCF generation
LIQUIDITY AND DEBT STRUCTURE
Comfortable Liquidity: At FYE23, BT reported unrestricted cash and
equivalents of GBP3.2 billion (excluding collateral received on
swaps of GBP557 million) and access to an undrawn revolving credit
facility of GBP2.1 billion with maturity in March 2027. Its
expectations of negative FCF for the next three years are driven by
pension deficit payments and heightened capex, limiting an
otherwise robust liquidity profile.
ISSUER PROFILE
BT is the UK's incumbent telecoms operator providing communications
solutions and services to consumers, SMEs, public sector and to
other communications providers.
Criteria Variation
Fitch has treated BT's intention to meet GBP2 billion of its
pension deficit repair plan via an asset-backed facility (ABF) as a
pension obligation and not as financial debt. This treatment
constitutes a criteria variation from Fitch's rating criteria and
reflects the purpose of the ABF and some significant non-debt-like
features such as the ability to switch off payments in the event
the deficit is eliminated earlier than expected. Fitch sees only a
remote possibility that subsidiary EE will not be able to meet an
GBP180 million annual ABF payment and trigger any cross-default
with BT's debt.
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
----------- ------
British Telecommunications plc
Subordinated LT BB+(EXP) Expected Rating
DAVID MASON: Baaj Capital Funds Acquisition
-------------------------------------------
Business Sale reports that Baaj Capital, which has been active over
recent months targeting acquisitions of distressed UK businesses,
has struck its latest deal after funding the acquisition of
homeware designer and producer David Mason (Design) out of
administration.
David Mason, which includes brands The English Tableware Company,
Foxwood Home and David Mason Design, is based in Chesterfield and
has been operating for more than 60 years. The company develops
and designs a wide range of homeware, including dining and
kitchenware, home accessories and home fragrances, which it
provides to the wholesale market, as well as through its own
bespoke ranges.
However, the company’s operations were significantly impacted by
COVID-19 and the associated rise in inflation, while its cash flow
was affected by increasing shipping costs and a need to briefly
shut down operations, Business Sale discloses.
As a result, the company was placed into administration, with Alex
Cadwallader of Leonard Curtis and Stewart Bennett of S T Bennett &
Co appointed as joint administrators, working alongside solicitors
Crowell Moring, Business Sale notes.
The joint administrators subsequently secured a sale of the
business to D Mason Limited, a company funded by private equity
firm Baaj Capital, Business Sale discloses. Alex Cadwallader
commented that the sale maximised returns for creditors and
transferred seven jobs to the new owner, Business Sale states.
FITNESS FIRST: High Court Postpones Restructuring Plan Hearing
--------------------------------------------------------------
Paul Norman at CoStar News reports that the High Court has
postponed a decision on gym chain Fitness First's contentious plan
for the restructuring of its estate in a move understood to have
been made to give aggrieved landlords more time to consider their
positions.
Two weeks ago, it emerged that landlords including The Crown
Estate, M&G Real Estate and Landsec were planning to combine to
challenge the restructuring plan due to be heard in court on
June 19, CoStar News relates. Sky first reported that the groups
are "furious" about the terms of the plan overseen by Fitness
First's owner, the family of former sportswear tycoon and Wigan
Athletic Football Club owner, Dave Whelan, CoStar News notes.
Sources involved in the talks told CoStar News none of the
landlords have exposure to large numbers of centres but are
concerned that if the process is voted through without challenge it
will open the door to a host of other companies using it to "cram
down" or shift the financial burden of operating difficulties to
landlords, away from private shareholders and secured creditors.
Real estate sources have confirmed to CoStar News that the
objections focus on the level of financial information they have
been shown, their singling out as a creditor class and the apparent
repayment of a loan taken out by Fitness First under one of the
government's COVID lending schemes. Sources also said there is
confusion as to how Fitness First is presenting its membership
numbers with little information available on the usage of clubs,
given a member at one club may use the other clubs, CoStar News
relates.
Sky reported Hilton, Legal & General Investment Management and
Nuveen are also among the landlords involved in the challenge,
CoStar News notes.
Fitness First is planning to use a "cram down" restructuring plan,
a relatively new proposal in real estate, rather than the more
familiar company voluntary arrangement, CoStar News discloses.
Under the proposals, 10 or just under a quarter, of its 44 UK sites
would be closed, CoStar News states. Rent cuts would be sought at
many of the remaining sites, most of which are in London, notes.
The court is now due to hear the case on June 26, CoStar News
says.
Fitness First's most recently filed accounts show a loss of more
than GBP10 million in the year to March 31, 2021, CoStar News
discloses. Teneo Financial Advisory was appointed administrator to
Fitness First (Curzons) Limited, a company affiliated to the wider
group, earlier this year, and has been contacting landlords, CoStar
News recounts.
As with other restructuring plans such as CVAs, it is understood
that the centres have been batched into different buckets or
classes of trading difficulty, with Class B gyms those where
Fitness First is seeking between 70%, 60% and 40% rent reductions,
while Class C gyms may be subject to 10% reductions, according to
CoStar News. No rent reductions are being sought at some gyms,
CoStar News notes.
It is understood that the plan also seeks to write off COVID rent
arrears even where agreements with landlords have already been
made, CoStar News states.
According to CoStar News, a source on June 12 said the decision to
push back the Court hearing had been made due to the number of
parties involved and added it was clearly intended to give
landlords more time to understand the implications of the plan and
review it.
The hearing will take place over two days and then the judgment
will be given "urgently" afterwards, CoStar News discloses.
HUNTER BOOT: Enters Administration, Owes Creditors GBP112.8MM
-------------------------------------------------------------
Rahmah Ghazali at Yorkshire Evening Post reports that popular
footwear company Hunter Boot Limited has collapsed into
administration owing creditors GBP112.8 million.
The 160-year-old British company, known for its posh Wellington
boots that have been worn by Kate Middleton and Kate Moss, has
reportedly been struggling since 2019, Yorkshire Evening Post
notes.
The company was bought by Authentic Brands Group, the US owner of
Ted Baker and Juicy Couture earlier this month in a pre-pack
administration deal worth nearly GBP100 million, Yorkshire Evening
Post recounts. AlixPartners, the administrator, said that Hunter
had been on a decline due to a combination of reduced demand, the
pandemic, supply chain disruption and inflationary pressures,
Yorkshire Evening Post relates.
The administrators' proposal report, which was published this week,
revealed that as the business buckled, it owed unsecured creditors,
including suppliers and landlords, GBP16.9 million, which they are
unlikely to get back, Yorkshire Evening Post relays, citing the
Times.
The report, as cited by Yorkshire Evening Post, said Wells Fargo,
the US bank and Hunter's main lender, is due GBP98 million, while
Goldman Sachs-backed investment fund Pall Mall Legacy and HMRC are
owed GBP11 million and GBP140,747, respectively.
As they are secured creditors, they are likely to get the majority
of what they are owed, the report added, Yorkshire Evening Post
states. The report also revealed that the company's Bicester
Village was not included in the sale and had closed, Yorkshire
Evening Post discloses.
KCA DEUTAG: Fitch Alters Outlook on 'B+' LongTerm IDR to Positive
-----------------------------------------------------------------
Fitch Ratings has revised KCA Deutag Alpha Limited's (KCAD) Outlook
to Positive from Stable, while affirming its Long-Term Issuer
Default Rating (IDR) at 'B+'. The agency has also upgraded KCA
Deutag UK Finance plc's senior secured notes to 'BB-' from 'B+' and
revised its Recovery Rating to 'RR3' from 'RR4' on the updated
Country-Specific Treatment of Recovery Ratings Criteria and changed
geographic split following the acquisition.
The Outlook revision is driven by the company's improved business
profile following its acquisition of Saipem SpA's onshore drilling
business (Saipem Onshore Drilling) and its expectation that it will
remain conservatively leveraged. Fitch expects the company's EBITDA
to substantially increase in 2023 and 2024, driven by the
acquisition, improving utilisation and firmer prices. The rating
upgrade is contingent on the successful integration of the acquired
business and a record of operating as an enlarged group while
maintaining solid credit metrics.
KCAD's rating is constrained by the oilfield services (OFS)
sector's high volatility, large spare capacity and stiff
competition, the company's moderate scale, and its status as
largely a one-service provider (onshore and offshore drilling).
Rating strengths are KCAD's conservative leverage, free cash flow
(FCF)-generation capacity and geographical diversity of operations
with a focus on the Middle East.
KEY RATING DRIVERS
Saipem Acquisition Strengthens Business Profile: KCAD's acquisition
of Saipem Onshore Drilling has dramatically enhanced its scale and
improved its position in the Middle East, and in particular, Saudi
Arabia. The acquisition more than offsets KCAD's lost business in
Russia. Fitch projects KCAD's Fitch-adjusted EBITDA will double in
2024 relative to 2022, mainly on the back of the acquisition, but
also on improved utilisation and pricing.
Integration Ongoing: The acquisition is currently in the last phase
of completion. Fitch estimates KCAD's EBITDA (after leases) to be
around USD336 million in 2023. The integration, however, is still
ongoing, and some of the expected synergies are yet to be realised.
The rating upgrade will be contingent on successful integration
while maintaining a solid financial profile.
Moderate Leverage: Post-acquisition, Fitch expects KCAD's
Fitch-calculated EBITDA net leverage to remain just below 2.0x in
2024-2027 (excluding its payment-in-kind (PIK) loan, which Fitch
treats as equity; including PIK net leverage would be around 2.4x
over 2024-2027), a fairly conservative level. Its EBITDA interest
coverage should be around 4x. KCAD is planning to remain
conservatively leveraged and targets maximum net debt at 2x
EBITDA.
Improved Profitability, Pre-Dividend FCF: Fitch expects KCAD's
profitability will improve post-acquisition as the land drilling
business commands higher margins than the asset-light offshore
business. Fitch projects that the company's EBITDA margin (after
leases) will average 20% in 2023-2027, up from around 16% in
2020-2022. KCAD's pre-dividend FCF should remain positive in
2024-2027 and afford them some flexibility with regard to capital
allocation.
Focus on Onshore, Middle East: As a result of the acquisition,
KCAD's exposure to the lucrative Middle East market, and Saudi
Arabia in particular, has increased. Fitch projects that in 2024
the Middle East will account for more than 50% of KCAD's drilling
revenue, followed by Europe and Africa (around 25%) and Latin
America (around 10%). Onshore drilling will account for more than
60% of revenue, with the rest coming from the offshore drilling and
Kenera (KCAD's engineering unit). Post-acquisition, KCAD's onshore
fleet consists of 114 rigs (excluding idle rigs in Venezuela),
including 36 rigs in Saudi Arabia and 22 in Oman.
Mixed Utilisations: KCAD's utilisation in its core Middle East
market was high at 77% in 1Q23 (in Saudi Arabia it was 100%), and
Fitch expects it will remain strong given low break-even costs
typical for oil producers in the Middle East and the intention of
some of them, including Saudi Arabian Oil Company (A+/Stable), to
increase production capacity. KCAD's overall utilisation (71% in
1Q23 vs. 60% in 1Q22), however, could be negatively affected by
weaker and more volatile utilisations in other regions, eg. Latin
America.
Overall, Fitch expects KCAD's utilisation and day rates to
gradually improve as oil prices remain robust and oil producers
increase their capex budgets.
Order Book Offers Some Visibility: KCAD's order book provides some
visibility to its medium-term performance. As at 3 May 2023, its
total backlog amounted to USD3.6 billion (plus an optional USD2.4
billion), compared with an annual Fitch-projected revenue of USD2.1
billion for 2024-2027.
Senior Secured Notes Upgraded: The senior secured notes upgrade
reflects the revision of several country-specific
jurisdiction-based recovery rating caps, following Fitch's update
of Country-Specific Treatment of Recovery Ratings Criteria. Fitch
expects that more than 70% of the company's onshore drilling
revenue will be generated in Saudi Arabia, Oman, and Kuwait
following the acquisition.
DERIVATION SUMMARY
KCAD's scale (based on Fitch-forecast EBITDA in 2024) is comparable
to those of Canadian Precision Drilling Corporation (Precision,
B+/Positive) and Valaris Limited (B+/Stable); the latter two
companies are lower leveraged but have higher business risk
(Precision operates in North America, where oil operations are more
volatile and break-even costs are higher than in the Middle East;
Valaris operates offshore, where operational risks are higher).
KCAD's scale is smaller than that of Noble Corporation plc
(BB-/Stable), which also has lower projected leverage but higher
business risk due to its focus on offshore operations.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- EBITDA margins (after leases) at around 20% in 2023-2027
- Improving utilisations and day rates, additional synergies
leading to an annual EBITDA increase of around 25% in 2024
- Capex (including growth capex) averaging around
USD150 million in 2023-2027
- No dividend payments until 2026
KEY RECOVERY ANALYSIS ASSUMPTIONS
- The recovery analysis assumes that KCAD would be reorganised as a
going concern (GC) in bankruptcy rather than liquidated
- The GC EBITDA reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level upon which Fitch bases the
enterprise valuation (EV). KCAD's GC EBITDA of USD258 million (net
of lease charges) takes into account its acquisition of Saipem
Onshore Drilling and reflects a downturn followed by one year of
moderate recovery
- Fitch believes that a 4x multiple reflects a structurally
declining industry with pricing pressure, which is dependent on
robust exploration & production (E&P) budgets. The multiple was
increased from the previous level (3.5x) given KCAD's increased
scale and exposure to better-quality customers in the Middle East
- KCAD's super senior facilities (USD275 million) rank above its
senior secured notes (USD750 million)
- After deducting 10% for administrative claims and taking into
account Fitch's Country-Specific Treatment of Recovery Ratings
Criteria, its analysis led to a waterfall-generated recovery
computation (WGRC) in the 'RR3' band, indicating a 'BB-' rating for
the senior secured notes. The WGRC output percentage on current
metrics and assumptions is 70%.
RATING SENSITIVITIES
Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- EBITDA net leverage consistently below 2.5x, coupled with
successful integration of Saipem Onshore Drilling
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- The Rating Outlook is Positive, therefore, Fitch does not expect
a negative rating action at least in the short term. Inability to
maintain EBITDA net leverage below 2.5x and/or deteriorating
performance (eg. inability to renew some of its contracts,
substantially lower-than-expected synergies or profitability) could
lead to the Outlook being revised back to Stable
- EBITDA net leverage consistently above 3.5x, worsened liquidity
or unexpected erosion in its competitive position leading to
significantly lower utilisation or day rates could lead to a
negative rating action
LIQUIDITY AND DEBT STRUCTURE
Strong Liquidity: KCAD's near-term liquidity is strong with no debt
maturities until 2025. Fitch believes that the company should be
able to address its 2025 maturities in due course, given its fairly
conservative leverage. Its cash balance at end-March 2023 remained
at USD182 million, which coupled with unutilised committed credit
lines (around USD50 million) and the remaining undrawn amount under
PIK funding (USD50 million), were more than enough to cover
projected negative FCF in 2023.
PIK Treated as Equity: Fitch treats KCAD's USD200 million PIK notes
due in 2027 as equity and exclude them from its leverage
calculations. This is driven by its view that the holders of the
instrument mainly include common equity holders, structural
subordination of the PIK notes and the "pay-if-you-want" interest
payment feature. If the PIK interest is paid - which Fitch does not
expect - EBITDA net leverage would still remain below 2x in
2024-2027. If the PIK notes are included into debt, net leverage
would remain just below 2.5x in 2024-2027.
ISSUER PROFILE
KCAD is an international onshore and offshore drilling and
engineering contractor to the oil and gas industry.
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
----------- ------ -------- -----
KCA DEUTAG
ALPHA LIMITED LT IDR B+ Affirmed B+
KCA DEUTAG UK
Finance plc
senior secured LT BB- Upgrade RR3 B+
PEAK JERSEY: Moody's Affirms 'B3' CFR, Outlook Remains Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating and B3-PD probability of default rating to Peak Jersey
Holdco Limited (Stats Perform). Concurrently, Moody's affirmed the
B2 rating of the $499.8 million senior secured first-lien term loan
B and GBP50 million senior secured first-lien revolving credit
facility issued by Perform Content Services Limited. The outlook
for both entities remains stable.
The rating affirmation follows Moody's revision of the forward
looking projections, the 2022 annual accounts which indicated
results that were not in line with Moody's previous forecasts and
Stats Perform deleveraging track record.
RATINGS RATIONALE
Stats Perform's 2022 audited accounts showed a weaker performance
than Moody's anticipated; even when one-off items are excluded,
EBITA margin is materially lower. Moody's understands the key
drivers to be the double digit increase in content costs triggered
by renewals of La Liga rights into 2028, and the additions of
Australian Open tennis, Badminton and other minor football leagues;
additionally SG&A and other operating costs also remained elevated
in 2022 as cost synergies from the integration and restructuring of
the operations to cheaper labour countries are yet to fully come
through. The rating agency expects profitability to recover in the
medium term as higher costs are passed through contract renewals
and fixed periodic increases in existing contracts. EBITA expansion
will also benefit from a double digit revenue growth underpinned by
a compelling sports rights portfolio and a fixed cost base that is
highly predictable until end of 2024. Nevertheless, Moody's
adjusted leverage is expected to remain outside the downgrade
guidance also in 2023 as content costs increases will take longer
to pass through due to the existing customers contracts renewals
cycle. The rating agency has revised downwards its 2023
projections, nevertheless Moody's adjusted Free Cash Flow (FCF)
break-even is still expected in 2024, as well as Moody's adjusted
leverage below 6.0x.
The B3 CFR, however, remains constrained by the company's high and
persistent Moody's adjusted gross debt/EBITDA of above 7x; still
negative FCF since initial rating in 2019; the company's relatively
small scale and its high fixed-cost base, driven by sports rights
acquisitions; limited exposure to the rapidly growing USA market;
delays in full realisation of cost synergies, partially explained
by delays caused by the pandemic.
The B3 CFR continues to be supported by strong market fundamentals
and a rather limited number of competitors; the company's position
as one of the leading operators in the sports data analytics and
sports content services market with a global reach; Stats Perform's
product suite, patented technology and portfolio of exclusive
sports rights, which act as barriers to entry for competitors; and
the company's established long-term relationships with key sports
betting, media and technology companies, and content rights
providers.
LIQUIDITY
Stats Perform's liquidity remains adequate despite Moody's
expectation that FCF generation will remain negative at least until
mid-2024; sources of liquidity are $61 million of cash on balance
sheet as of end of March 2023 and an undrawn GBP50 million RCF
maturing in 2024 (with no intra-year drawings expected). No
significant debt maturities before 2026.
RATING OUTLOOK
The stable rating outlook reflects Moody's expectation that Stats
Perform will turn FCF positive in the next 12-18 months, supported
by sports data market growing at double-digit percentages, driven
by growth of online sports betting and increased consumption of
advanced data and statistics from the media industry. Such a
scenario would provide Stats Perform with an opportunity to
de-lever its capital structure. The stable outlook also assumes
that the company will extend or refinance its RCF facility by
October 2023 and that revised Moody's projections will be
achieved.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward pressure on the ratings could develop over time if
Moody's-adjusted debt/EBITDA remains below 5.5x and FCF is
positive, both on a sustained basis. A rating upgrade would also
require liquidity to remain adequate.
Downwards pressure on the ratings would require a Moody's-adjusted
leverage that fails to decrease below 7x or Moody's-adjusted FCF to
become positive, both metrics to be met by end of 2024. A rating
downgrade could also occurs if the company experience significant
contract losses, liquidity weakens or the company make debt funded
acquisitions.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
COMPANY PROFILE
Stats Perform is a global sports technology platform with
complementary products across media and technology, sportsbooks and
sports club/teams.
The group has a global footprint, with a strong content portfolio
and sportsbook presence in Europe, and a leading presence in media
and technology in the US. Its main customers include sportsbook
groups, media and technology companies, and sports teams looking to
use granular data to enhance team performance.
PLATFORM BIDCO: EUR600M Bank Debt Trades at 18% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Platform Bidco Ltd
is a borrower were trading in the secondary market around 81.8
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.
The EUR600 million facility is a Term loan that is scheduled to
mature on September 23, 2028. The amount is fully drawn and
outstanding.
Platform Bidco Ltd is a UK entity incorporated in April 2021 for
the acquisition of Valeo Foods Group Ltd, an Irish-headquartered
producer and distributor of branded and non-branded ambient food
products. The Company's country of domicile is the United
Kingdom.
[*] UK: Company Insolvencies Up 40% to 2,552 in May 2023
--------------------------------------------------------
Business Sale reports that the May 2023 company insolvency
statistics have been published by the Office for National
Statistics.
The number of registered company insolvencies for May 2023 was
2,552, 40% higher than recorded in May 2022 (1,825) and up from
1,685 in April 2023, Business Sale discloses.
According to Business Sale, the 2,552 total insolvencies were
comprised of:
-- 151 administrations, up 80% over May 2022
-- 2.181 creditors’ voluntary liquidations (CVLs),
38% higher than in May 2022
-- 189 compulsory liquidations, up 34% over May 2022
-- 31 compulsory voluntary arrangements (CVAs),
121% higher than May 2022
What is clear is that whilst the pandemic is largely in the
rearview, many businesses took a big hit and are struggling to
bounce back. The after effects for businesses are forecast to
linger for some time, Business Sale notes.
The uncertainty around interest rates is unlikely to have helped
matters with concerns about future higher costs of debt and
overheads and it is likely more pain will be experienced in the
second half of 2023, Business Sale states.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week June 12 to June 16, 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
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
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The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
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or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
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