/raid1/www/Hosts/bankrupt/TCREUR_Public/230724.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, July 24, 2023, Vol. 24, No. 147
Headlines
A U S T R I A
BENTELER INTERNATIONAL: S&P Assigns 'BB-' ICR on Refinancing
F R A N C E
ALTICE FRANCE: EUR1.72B Bank Debt Trades at 16% Discount
NORIA 2023: Moody's Assigns B2 Rating to EUR5MM Class F Notes
PICARD BONDCO: Fitch Affirms 'B' Long Term IDR, Outlook Negative
I R E L A N D
OAK HILL III: Fitch Affirms 'B+sf' Rating on Class F-R Notes
PHOENIX PARK: Moody's Lowers Rating on EUR11.8MM E Notes to B3
SEGOVIA EUROPEAN 5-2018: Moody's Affirms B2 Rating on Cl. F Notes
K A Z A K H S T A N
FORTELEASING JSC: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
LEASING GROUP: Fitch Affirms 'B-' Long Term IDRs, Outlook Stable
TECHNOLEASING LLC: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
L I T H U A N I A
AKROPOLIS GROUP: Fitch Affirms 'BB+' Long Term IDR, Outlook Stable
L U X E M B O U R G
ARVOS BIDCO: $100M Bank Debt Trades at 68% Discount
MALLINCKRODT INT'L: Moody's Cuts CFR to Ca & 1st Lien Debt to Caa3
N E T H E R L A N D S
E-MAC NL 2004-1: Fitch Affirms 'B-sf' Rating on 3 Tranches
E-MAC NL 2007-III: Fitch Puts B+sf Rating on D Notes on Watch Pos.
P O L A N D
CYFROWY POLSAT: Moody's Withdraws 'Ba3' Corporate Family Rating
T U R K E Y
VAKIF KATILIM: Fitch Affirms 'B-/B' Long Term IDRs, Outlook Neg.
U N I T E D K I N G D O M
BARINGS EURO 2014-1: Fitch Affirms 'B+sf' Rating on Cl. F-RR Notes
BARINGS EURO 2018-2: Fitch Affirms 'B+sf' Rating on Class F Notes
JULIEN MACDONALD: Enters Liquidation Following Cash Flow Issues
MAKEHAPPEN GROUP: Enters Administration, 165 Jobs Affected
PATAGONIA BIDCO: GBP100M Bank Debt Trades at 18% Discount
SANDSTONE PRESS: Bought Out of Liquidation by Vertebrate
SKILLS TRAINING: May Go Into Liquidation This Week
TRAFFORD CENTRE: Moody's Downgrades Rating on 2 Tranches to B1
WD FF LIMITED: Fitch Affirms 'B' LT IDR, Alters Outlook to Stable
[*] UK: Business Insolvencies Up in 2nd Quarter 2023
X X X X X X X X
[*] BOND PRICING: For the Week July 17 to July 21, 2023
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A U S T R I A
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BENTELER INTERNATIONAL: S&P Assigns 'BB-' ICR on Refinancing
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S&P Global Ratings assigned its 'BB-' long-term issuer credit
rating to Austria-headquartered global auto supplier Benteler
International AG and its 'BB-' issue rating to the company's senior
secured notes.
The stable outlook incorporates S&P's expectation that Benteler
will maintain adjusted debt to EBITDA of about 3x and FOCF to debt
of 7%-10% in the next few years.
S&P said, "Benteler has completed its refinancing in line with our
expectations. The company successfully refinanced its existing
capital structure through issuance of about EUR975 million senior
secured notes, a EUR810 million term loan, and a revolving credit
facility (RCF) of EUR250 million (undrawn at closing). Overall, the
quantum of notes and term loan is more than EUR150 million lower
than we expected when we assigned the preliminary rating. This
somewhat reduces headroom in our liquidity calculation, but
Benteler's liquidity remains in line with our expectations. In
addition, the coupon on the notes is slightly higher than we
anticipated, but the impact on our cash flow metrics is offset by
the lower amount of gross debt, and a lower margin on the term
loan.
"We assume incrementally weaker EBITDA margins in our base case for
2023 compared with our earlier projections. This reflects the
incipient slowdown in demand for the company's steel and tube
division (BST), and our forecast for a higher share of the less
profitable modules business in the auto components and modules
division (BAT) this year. However, despite the resulting reduction
of our EBITDA projection by EUR30 million-EUR40 million, the credit
metrics for 2023 and subsequent years remain well positioned for
the rating. The company's robust first-quarter 2023 performance,
with revenue growth of about 15%, reported EBITDA of EUR235
million, and our estimate of FOCF--excluding the impact of
factoring--of about EUR60 million, provide additional visibility
for our 2023 forecast, in our view."
Benteler has constantly overachieved its cost cutting targets in
the past three years, boosting its profitability and financial
resilience. As part of the debt restructuring and turnaround plan
implemented in early 2021, the company committed to a comprehensive
set of multiyear cost-saving measures spanning its BAT and BST
divisions. In BAT, in 2020-2022 the company achieved approximately
EUR900 million of gross savings from measures to increase
profitability of existing contracts with auto original equipment
manufacturers (OEMs), and optimize procurement, overheads, and
industrial efficiency. Overall, it overachieved its targets by
30%-40% each year. This has been supplemented by the closure, sale,
and rightsizing of 21 plants, which will complete by 2024. In BST,
footprint adjustments and plant improvements, overhead reduction,
and procurement efficiencies have enabled Benteler to reap
cumulative gross savings of about EUR115 million in the past three
years. Cost actions across BAT and BST have been accompanied by a
downsizing of the group's workforce by about 19% (to about 23,600
full-time-equivalent [FTE] employees, including 2,600 contract
workers). The company is targeting further savings of about EUR200
million annually in BAT over 2023-2024, and is well on track to
achieve estimated total run-rate savings of about EUR150 million in
BST over the five-year period to 2024. In our view, the measures
have lowered the group's break-even point, increasing the ability
to absorb any downturns in its auto, industrial, and onshore oil
and gas drilling end-markets. As of early April 2023, the company
had implemented savings of more than EUR90 million for this year,
or over 40% of its full-year 2023 target of more than EUR200
million.
S&P said, "We project a material improvement in credit metrics,
helped by the booming BST business. Benteler's adjusted debt to
EBITDA spiked at about 15x in 2020, along with negative FOCF of
EUR100 million over 2020-2021, when the company grappled with the
combined crisis of extended shutdowns of auto production and
then-plummeting steel/tube markets. Since then, the phasing in of
cost savings, a recovery in auto production--albeit volatile,
especially over 2021 and parts of 2022--and a surge in demand for
BST products for the U.S. onshore drilling market from 2022 allowed
Benteler to reduce adjusted leverage to 3.2x and generate EUR75
million FOCF last year. This is despite cash effects related to
restructuring of EUR130 million and a working capital-related cash
drain of EUR140 million. BST's U.S. operations benefit strongly
from elevated energy prices in the wake of the Russia-Ukraine war
and a recent increase in the number of active onshore oil and gas
rigs in North America. Although we forecast a normalization of
pricing and demand in BST from second-half 2023 and in 2024, we
expect Benteler will maintain leverage of about 3.0x-3.2x from
2023-2025. This is mainly thanks to EBITDA growth in BAT linked to
higher light vehicle (LV) production and improved margins, as well
as higher FOCF that benefits from lower restructuring cash-outs and
more moderate working capital needs. This counters our expectation
that BST's EBITDA will recede by about 35% in 2025 compared with
2023. Benteler fully offset cost inflation on raw materials,
energy, logistics, and other cost items through agreements with
auto OEMs in BAT and price increases in BST in 2022. Most
agreements in BAT foresee cost compensation through unit price
increases as opposed to one-time payments, which leads us to expect
that the company will also recover the majority of potential
increases on items such as labor costs in 2023."
Benteler is a key component supplier to large global auto OEMs.
BAT's components business is composed mainly of the manufacturing
of auto chassis parts (14% of 2022 sales), structure components and
crash management systems (26%), the assembly of thermal and tubular
components such as exhaust systems (18%), and the assembly of
chassis modules (front-end, suspension, and powertrain; 40%). Most
of these parts are subject to strict quality and safety
requirements, and need to undergo a certification process before
OEMs start production of a given model. This creates certain
barriers to entry in S&P's view, and many of Benteler's parts are
single-sourced, which implies a low probability of the company
being easily replaced during the lifetime of model programs.
Benteler is among the top 3 players for many of its component
segments and is engaged in nine of the 10 largest global platforms
in production, including VW's MQB A/B, Toyota's GA-K and GA-C, GM's
T1XX, and BMW's LK, underscoring the company's entrenched market
position, in S&P's view. In addition, due to the platforms'
lifetime (typically above seven years), well above 90% of revenue
in the next two years relates to booked business.
Benteler's product portfolio is largely unaffected by the
transition to alternative powertrains. Unlike some other auto
suppliers, only 9% of BAT's revenue comes from products for
conventional powertrains. Moreover, the business' profitability is
well below the division average, implying a low risk to Benteler's
earnings from the transition of the auto industry to electric
vehicles (EVs) and other alternative propulsion types. The company
is seeking to capitalize on the shift to EVs with new products such
as battery trays, but this business is still nascent.
Despite a leaner cost structure, it will take time for BAT's
profitability to catch up with that of auto supplier peers. S&P
said, "We forecast BAT's reported EBITDA margin to slowly climb to
6.0%-7.0% by 2025 from about 5% in 2022, fueled by higher auto
production, higher profitability on the company's recent order
intake, and cost savings. However, BAT's margins are set to trail
peers such as Gestamp (10%-12% adjusted EBITDA margin since 2013,
except 2020) or American Axle (above 13%) by a sizable margin for
the foreseeable future. In its order intake, Benteler is
increasingly prioritizing profitability of new projects over
volume. However, given the time lag of 2.0-2.5 years between order
intake and start of production, and because peak profitability is
usually only reached a few years into each program, we believe it
will take time for the impact of these initiatives to be felt in
BAT's overall margin."
The cyclicality of BST's end markets introduces volatility into the
group's credit metrics. The business has a positive impact on the
group's credit metrics and accounted for about half of 2022 group
EBITDA. However, demand, pricing, and profitability in this segment
are prone to wide short-term fluctuations, as is underlined by
BST's negative EBITDA just two years earlier during the COVID-19
pandemic. S&P said, "Despite Benteler's efforts to flex BST's cost
structure, we think earnings and cash flow will remain more
volatile than in BAT. Also, unlike other auto supplier peers such
as Schaeffler or ZF, BAT lacks a meaningful aftermarket business,
which typically exhibits higher and more stable margins than OEM
sales. BAT also displays somewhat higher customer concentration
than the sector average, with VW, BMW, and Mercedes contributing
60% of 2022 sales."
Benteler's financial policy supports the rating. In the next couple
of years, the company intends to maintain net leverage at below
1.5x through the business cycle, down from 2.3x at end-2022 pro
forma the proposed refinancing and adjusted for restructuring
costs. S&P said, "Absent material restructuring costs, which we
expect to remain modest from 2023, the main difference to our
adjusted leverage stems from our debt adjustments for factoring,
pensions, and surplus cash, which equal about 0.7x of difference in
our forecast for 2023. Moreover, we expect moderate dividend
payouts of 20%-30% of net income, and we understand the company is
not contemplating any material acquisitions. Overall, we think this
provides protection against a material deviation of leverage from
our base-case forecast, although Benteler lacks a track record for
this newly adopted post-restructuring financial policy."
The final ratings are in line with the preliminary ratings S&P
assigned on April 24, 2023.
S&P said, "The stable outlook incorporates our expectation that
trimming of costs in both divisions, the pass-through of input cost
inflation, and the currently strong demand in the BST division will
support solid profitability and cash flow in 2023. In subsequent
years, we expect EBITDA growth in BAT will sufficiently offset the
normalization of demand in BST. We believe this will allow the
company to maintain adjusted debt to EBITDA of about 3.0x and FOCF
to debt in the 7%-10% range over the next few years.
"We could lower the rating if losses of important customers or
platforms and deteriorating profitability in BAT, or a severe
market downturn in BST, cause Benteler's adjusted EBITDA margin to
sustainably drop below 7% and its adjusted debt to EBITDA to exceed
3.5x or FOCF to debt to decline toward 5% on a sustainable basis.
"We could raise our rating on the company if profitable order
intake and further trimming of costs in BAT, combined with
resilience of margin and cash flows in BST to market downturns,
results in the adjusted EBITDA margin increasing sustainably toward
10%, supporting adjusted debt to EBITDA approaching 2x and FOCF to
debt converging toward 15% on a sustainable basis."
ESG credit indicators: E-3, S-2, G-2
S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis for Benteler. This is
mainly because two-thirds of EBITDA in the company's BST division
comes from business with customers in the oil and gas drilling
sector, which faces material environmental transition risks. The
latter exposes Benteler indirectly to potentially tighter
regulation of its oil and gas customers. At the same time, we
expect that energy supply security considerations will support
strong demand for the company's related products in the short term.
Conversely, we see limited risk from the transition to alternative
powertrains for Benteler's key auto product lines such as vehicle
structures, chassis, or front-end and suspension modules. There is
some exposure to internal combustion engine-related products in its
engine and exhaust systems segment, but the earnings contribution
of these activities is small."
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F R A N C E
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ALTICE FRANCE: EUR1.72B Bank Debt Trades at 16% Discount
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Participations in a syndicated loan under which Altice France SA is
a borrower were trading in the secondary market around 84.1
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The EUR1.72 billion facility is a Term loan that is scheduled to
mature on August 31, 2028. The amount is fully drawn and
outstanding.
Altice France provides wireless telecommunication services. The
Company offers fiber optic network solutions for all type of media.
Altice France serves customers in France.
NORIA 2023: Moody's Assigns B2 Rating to EUR5MM Class F Notes
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Moody's Investors Service has assigned the following definitive
ratings to Notes issued by NORIA 2023 (the "Issuer"):
EUR410M Class A Asset Backed Floating Rate Notes due October 2040,
Definitive Rating Assigned Aaa (sf)
EUR30M Class B Asset Backed Floating Rate Notes due October 2040,
Definitive Rating Assigned Aa2 (sf)
EUR10M Class C Asset Backed Floating Rate Notes due October 2040,
Definitive Rating Assigned A3 (sf)
EUR9M Class D Asset Backed Floating Rate Notes due October 2040,
Definitive Rating Assigned Baa2 (sf)
EUR16M Class E Asset Backed Floating Rate Notes due October 2040,
Definitive Rating Assigned Ba2 (sf)
EUR5M Class F Asset Backed Floating Rate Notes due October 2040,
Definitive Rating Assigned B2 (sf)
Moody's has not assigned a rating to the Class G Asset Backed
Floating Rate Notes due October 2040 amounting to EUR20M.
RATINGS RATIONALE
The transaction is a 14-month revolving cash securitisation of
consumer loan receivables extended by BNP Paribas Personal Finance
("BNPP PF")(Aa3/P-1/Aa3(cr)) to obligors located in France. The
borrowers use the loans for several purposes, such as property
improvement, equipment sales and other undefined or general
purposes. Some of the loans are granted as part of a debt
consolidation offer. The servicer is also BNP Paribas Personal
Finance ("BNPP PF").
The initial portfolio consists of personal loans, equipment sale
loans and debt consolidation loans originated by BNPP PF through
its branches and direct marketing activities as well as through
point of sales of third-party businesses with whom BNPP PF has
commercial arrangements to provide financing for equipment sale
loans (together the consumer loans). The balance of the portfolio
(as of July 5, 2023) corresponds to approximately EUR500 million,
for a total number of 67,390 loans. The tenor of the loans varies
from less than 1 year up to 17 years depending on the purposes of
the loan. The weighted-average seasoning is 18.7 months. The
initial share of debt consolidation loans is 19.12% of the
outstanding loan balance. All loans are standard French amortising
loans.
According to Moody's the transaction benefits from credit strengths
such as the granularity of the portfolio, the financial strength of
the originator and the liquidity support available to the
structure. At closing, an amortising liquidity reserve amounting to
1.25% of the aggregate amount outstanding of the Classes A to F
Notes will be funded. The liquidity reserve will amortise to a
floor of 0.5% of the initial balance of Classes A to F Notes. In
addition to the amortising liquidity reserve, there will also be a
non-amortising general reserve equal to 2.6% of the aggregate
amounts outstanding for Class A to G Notes at closing, which will
be part of the available revenue proceeds. However, Moody's notes
that the transaction features some credit weaknesses such as
limited available excess spread to clear the principal deficiencies
and the link to BNP Paribas Group given the number of roles
performed by entities of that group such as seller, servicer,
issuer account bank, swap counterparty, cash manager and
custodian.
Moody's analysis focused, amongst other factors, on (i) an
evaluation of the underlying portfolio of loans; (ii) historical
performance information of the total book and past ABS
transactions; (iii) the credit enhancement provided by
subordination; (iv) the liquidity support available in the
transaction by way of the reserve fund as well as the principal to
pay interest mechanism, and the (v) overall legal and structural
integrity of the transaction.
MAIN MODEL ASSUMPTIONS
Moody's determined the portfolio lifetime expected defaults of
4.50%, expected recoveries of 30.00% and Aaa portfolio credit
enhancement ("PCE") of 14.50%. 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
Moody's ABSCORE cash flow model to rate Auto and Consumer ABS.
Portfolio expected defaults of 4.50% are in line with the French
Consumer ABS average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account: (i) the
historical performance of the book of the originator, (ii)
macroeconomic trends, (iii) other similar transactions used as a
benchmark, and (iv) other qualitative considerations.
Portfolio expected recoveries of 30.00% are in line with the French
Consumer ABS average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account: (i)
historical performance of the book of the originator, (ii)
benchmark transactions, and (iii) other qualitative
considerations.
PCE of 14.50% is lower than the French Consumer ABS average and is
based on Moody's assessment of the pool taking into account: (i)
historical data variability, (ii) the unsecured nature of the
loans, (iii) the relative ranking to the originator's peers in the
French and EMEA consumer ABS market, and (iv) macroeconomic
expectations. The PCE level of 14.50% results in an implied
coefficient of variation ("CoV") of approximately 41.9%.
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 that may cause an upgrade of the ratings include a
performance of the pool which is significantly better than
expected.
Factors that may cause a downgrade of the ratings include a
significant decline in the overall performance of the pool and a
significant deterioration of the credit profile of the originator.
PICARD BONDCO: Fitch Affirms 'B' Long Term IDR, Outlook Negative
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Fitch Ratings has affirmed Picard Bondco S.A.'s Long-Term Issuer
Default Rating (IDR) at 'B' with a Negative Outlook.
The rating remains constrained by leverage that is above the level
compatible with the current rating. However, it is supported by the
robust business model as a leading company in the frozen food
market in France and premium positioning, as well as the company's
demonstrated capacity to sustainably grow its revenues and customer
base post pandemic while maintaining high profitability in a
challenging environment.
The Negative Outlook reflects the lack of rating headroom, as well
as the company's operational and balance-sheet vulnerability to the
deteriorating economic environment. However, Fitch consider that
the unrestricted EUR256 million cash balance provides the company
with flexibility to refinance at a lower debt amount. A revision of
the Outlook to Stable will depend on the company's capacity to
protect its margins and volumes in the current inflationary
environment, and its ability and commitment to reduce its current
high leverage in the next 12-18 months.
KEY RATING DRIVERS
High Leverage Ahead of Refinancing: Fitch expect EBITDAR leverage
to remain high ahead of 2026 maturities and persistently above 7.0x
until the financial year ending March 2026 (FY26) leaving the
company with no rating headroom. Leverage continues to be affected
by the cash distribution to shareholders completed in 2021 and will
increase temporarily in FY24 as energy prices weigh on
profitability. Fitch expect it to then decrease slowly towards 6.8x
over the forecast horizon, as profitability recovers and revenues
grow in the low to mid-single digits. Despite a healthy level of
cash, Fitch assume no voluntary debt prepayment in Fitch rating
case.
Limited Earnings Volatility Post Pandemic: Picard has had solid
post-pandemic performance despite inflationary pressures. Fitch
expect sales growth to be sustained by prices and a slowdown in
volumes decline in FY24, which should help sustain revenues at
EUR1.8 billion, significantly higher than pre-pandemic levels.
Fitch expect 2%-4% annual sales growth to FY26 with volumes growth
returning to positive as inflation normalises.
Temporary Margin Pressure: Fitch believe the EBITDA margin will be
temporarily affected by higher energy prices in FY24 and then
expand towards 13.5%. Picard's margins remain high for the sector,
as they are underpinned by its business model, with revenue largely
generated by own-brand products and structurally profitable
asset-light expansion. Maintaining solid profitability and cash
generation remains key to a revision of the Outlook to Stable,
alongside a commitment to reduce leverage.
Limited Near-Term Refinancing Needs: Refinancing in 2021 extended
Picard's maturities to FY27, mitigating refinancing risk for
several years. Fitch see increased refinancing risk in the context
of higher interest rates and given the current leverage. However,
this risk is balanced by the company's cash position and free cash
flow (FCF) generation, giving the company the option to refinance
its debt at a lower amount. Picard's shareholders have a history of
favouring high leverage through debt-funded dividend
recapitalisations.
Uncertainty Over Financial Policy: Financial policy remains one of
the key considerations behind the rating trajectory. Based on Fitch
understanding of the company's focus on deleveraging, Fitch have
not factored in any dividend payments in Fitch rating case. This is
despite an unrestricted EUR256 million cash balance as of end-March
2023, which Fitch project will increase to over EUR400 million by
FY26. Fitch treat sizeable shareholder distributions as an event
risk, which would put the ratings under pressure.
FCF Supports Cash Accumulation: Fitch expect Picard to generate
positive FCF of EUR50 million on average over the forecast horizon,
supported by limited working capital swings and capex needs. The
strong cash flow generation differentiates Picard from its peers.
However, Fitch give limited credit to cash accumulation due to the
history of repeat shareholder distributions.
Robust Business Model: Picard's leadership in a niche market and a
highly profitable own brand continue to underpin the company's
business model. The group showed resilience during the coronavirus
pandemic and in the recent inflationary environment as increased
prices were only partially offset by decreased volumes.
DERIVATION SUMMARY
Picard's overall profile remains weaker than that of larger food
retail peers, such as Bellis Finco plc (ASDA; B+/Stable) or Market
Holdco 3 limited (Morrisons; B+/Stable), due to its smaller scale
and weaker diversification. Picard is also smaller than UK frozen
food specialist WD FF Limited (Iceland; B/Stable), albeit
significantly more profitable because of its premium positioning
and robust business model in the niche frozen food segment.
Picard's leverage remains at the higher end of its peers. Fitch
also expect more limited deleveraging prospects for the company,
with EBITDAR leverage expected above 7x in March 2025, while Fitch
anticipate leverage at 6.5x in March 2024 for Iceland, under 6x in
October 2025 for Morrisons and at around 5x by end-2024 for ASDA.
However, Picard enjoys strong brand awareness, which is key for its
positioning as a market leader in the French frozen food retail
sector. Picard also has high profitability, due to its unique
business model mostly based on own-brand products. This makes it
comparable with food manufacturers, rather than with its immediate
food retailing peers. This differentiating factor results in
superior cash flow generation that supports Picard's financial
flexibility and comfortable liquidity.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Fitch Rating Case for the Issuer:
-- Revenue growth of 3.8% in FY23, driven equally by like-for-like
growth and store expansion and franchisee growth; like-for-like
growth expected to be mainly driven by some further price
increases
-- Revenue growth in FY24-FY27 near 3% on average, supported by
expected volume increases
-- EBIDTA margin decreasing to 12.4% in FY24 as energy cost
increases, trending back to pre-pandemic level by FY26 at 13.6%
-- Capex averaging 3% of revenue over FY24-FY27
-- Working capital normalisation with an outflow of EUR16 million
expected in FY24, followed by neutral working capital in FY-25-27
Key Recovery Assumptions:
Fitch assume that Picard would be considered a going-concern (GC)
in bankruptcy and that it would be reorganised rather than
liquidated. Fitch have assumed a 10% administrative claim in the
recovery analysis.
In Fitch bespoke GC recovery analysis Fitch estimate
post-restructuring EBITDA available to creditors of about EUR180
million, unchanged from Fitch previous analysis.
Fitch also assumes a fully drawn EUR60 million revolving credit
facility (RCF).
Fitch have maintained the distressed enterprise value/EBITDA
multiple at 6.0x, which reflects Picard's structurally
cash-generative business operations, despite its small scale.
Fitch waterfall analysis generates a ranked recovery for the
super-senior RCF in the 'RR1' category, leading to a 'BB'
instrument rating with a waterfall generated recovery computation
(WGRC) output percentage of 100% based on current metrics and
assumptions. The waterfall analysis generates a ranked recovery for
Picard's senior secured notes in the 'RR3' category, resulting in a
'B+' rating with a WGRC of 65%, and for the company's senior
unsecured notes in the 'RR6' category, with a rating of 'CCC+' and
a WGRC of 0%.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to an
upgrade:
-- Continuation of solid operating performance, for example,
reflected in positive like-for-like revenue growth, and growing
EBITDA with strong FCF margins in mid-single digits
-- EBITDAR leverage below 5.0x on a sustained basis, driven mostly
by debt prepayments, reflecting a commitment to more conservative
capital allocation
-- Operating EBITDAR fixed charge coverage above 2x on a sustained
basis
Factors that could, individually or collectively, lead to a
Revision of the Outlook to Stable:
-- Continuation of solid operating performance, as reflected in
neutral-to-positive LFL revenue growth, alongside high
profitability with low-to-mid-single-digit FCF margins
-- EBITDAR leverage trending towards 7.0x by FY25
-- Less aggressive financial policy, combined with continued FCF
generation resulting in EBITDAR net leverage decreasing below 6.5x
before refinancing
-- Operating EBITDAR fixed charge coverage above 1.5x on a
sustained basis
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Deteriorating competitive position or sustained erosion in
like-for-like sales growth and EBITDA margin, due for instance to
inability to manage costs inflation, leading to inability to
deleverage
-- Operating outperformance or material dividend distributions
leading to EBITDAR leverage remaining above 7.5x (7.0x net of cash)
at least two years before major contractual debt maturities
-- Diminished financial flexibility, due to lost financial
discipline, reduced liquidity headroom or operating EBITDAR
fixed-charge coverage permanently below 1.5x
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Comfortable Liquidity: Picard's liquidity is comfortable, with
EUR256 million of Fitch-adjusted available cash as of end-FY23. The
RCF provides an extra EUR60 million of liquidity buffer, further
improving its liquidity profile.
Low capex intensity and manageable working-capital outflows provide
healthy positive FCF generation that reinforces Picard's liquidity.
Fitch forecast Picard to reach available cash levels of above
EUR300 million by FY25. However, its liquidity position could be
threatened by sizeable shareholder distributions.
ISSUER PROFILE
Picard is a French food retailer, with a leading market share
(around 20%) in the highly specialised and niche frozen-food
market.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
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.
=============
I R E L A N D
=============
OAK HILL III: Fitch Affirms 'B+sf' Rating on Class F-R Notes
------------------------------------------------------------
Fitch Ratings has upgraded Oak Hill European Credit Partners III
DAC's class C notes and affirmed the rest.
ENTITY/DEBT RATING PRIOR
---------- ----- -----
Oak Hill European Credit
Partners III DAC
A-1-R XS1642509548 LT AAAsf Affirmed AAAsf
A-2-R XS1642571423 LT AAAsf Affirmed AAAsf
B-1-R XS1642511528 LT AAAsf Affirmed AAAsf
B-2-R XS1642511791 LT AAAsf Affirmed AAAsf
B-3-R XS1642512252 LT AAAsf Affirmed AAAsf
C-R XS1642512682 LT AAsf Upgrade AA-sf
D-R XS1642513656 LT A+sf Affirmed A+sf
E-R XS1642514035 LT BB+sf Affirmed BB+sf
F-R XS1642516592 LT B+sf Affirmed B+sf
KEY RATING DRIVERS
Increased Credit Enhancement: The trade date principal cash balance
was EUR10 million as of the June 6, 2023 investor report and the
senior notes A-1-R and A-2-R have been repaid by EUR33.5 million
and EUR2.4 million, respectively, since the last rating action in
August 2022. This is about 70% of the repayment reported at August
2022. Despite the slower repayment, credit enhancement has
increased across the structure.
Resilient Asset Performance: The transaction's metrics indicate
resilient asset performance, which together with increased credit
enhancement, led to today's rating actions. This is despite the
transaction being currently 5% below par and failing the Fitch
'CCC' limit test, weighted average life, weighted average spread,
as well as Moody's and Fitch's WARF tests as of June 6, 2023. The
other tests and the coverage tests were reported as passing.
Exposure to assets with Fitch-derived ratings of 'CCC+' and below
is 11.4% as calculated by the trustee. The portfolio had an
exposure to defaulted assets of EUR5 million as of June 6, 2023 but
no exposure to 'CC' and below obligors.
Reinvestment Unlikely Post-Exit: The transaction exited its
reinvestment period in July 2021. Any subsequent reinvestment of
unscheduled principal proceeds and sale proceeds from
credit-impaired and credit-improved obligations are subject to
Moody's weighted average factor (WARF) and Fitch 'CCC' tests being
satisfied. Given the manager is unlikely to reinvest, Fitch has
assessed the transaction by notching down one level all assets in
the current portfolio with Fitch-derived ratings (FDR) on Negative
Outlook.
Limited Deleveraging Prospect: The Stable Outlooks on all notes
reflect Fitch's expectation that deleveraging of the notes would be
constrained in the next 12-18 months by the small portion of assets
maturing by 2024 and limited prepayment expectation in the current
uncertain macroeconomic environment.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The Fitch-reported WARF of the current
portfolio was 35.7 (against a maximum covenant of 34). Fitch
calculated a WARF of 26.3 based on the current portfolio and 27.4
based on the Outlook Negative-notching stress.
High Recovery Expectations: Senior secured obligations comprise
97.6% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch WARR of the current portfolio as
reported by the trustee was 66.1%.
Diversified Portfolio Despite Amortisation: The portfolio has
repaid EUR35.9 million since August 2022 but remains
well-diversified across obligors, countries and industries. The
top-10 obligor concentration is 23.3%, and no obligor represents
more than 2.7% of the portfolio balance.
Deviation from Model-implied Rating: The class C-R and E-R note
ratings deviate from their model-implied ratings (MIR) by two
notches and one notch, respectively. This reflects the refinancing
risk associated with 7.4% and 22.9% of assets maturing in 2024 and
2025, respectively.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the current portfolio would have no impact on the class A-Rs, B-Rs,
C-R and E-R notes and would lead to downgrades of no more than one
notch for class D notes and to below 'B-sf' for the class F-R
notes.
Downgrades, which are based on the current portfolio, may occur if
the loss expectation is larger than initially assumed, due to
unexpectedly high levels of defaults and portfolio deterioration.
Due to the better WARF of the current portfolio than that with the
Fitch stress on obligors with Negative Outlook and to the model
deviation, the class C-R notes display a rating cushion of two
notches and the class E-R notes of one notch while other class
notes have no rating cushion.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the current portfolio
that Fitch-stressed for obligors with a Negative Outlook would lead
to upgrades of up to three notches for the rated notes, except for
the 'AAAsf' notes.
Upgrades, except for the 'AAAsf' notes, may occur on stable
portfolio credit quality and deleveraging, leading to higher credit
enhancement and excess spread available to cover losses in the
remaining portfolio.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions, 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.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
PHOENIX PARK: Moody's Lowers Rating on EUR11.8MM E Notes to B3
--------------------------------------------------------------
Moody's Investors Service has taken a variety of rating actions on
the following notes issued by Phoenix Park CLO Designated Activity
Company:
EUR22,000,000 Class A-2A1 Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Sep 8, 2020 Affirmed Aa2
(sf)
EUR10,000,000 Class A-2A2 Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Sep 8, 2020 Affirmed Aa2
(sf)
EUR10,000,000 Class A-2B Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aa1 (sf); previously on Sep 8, 2020 Affirmed Aa2 (sf)
EUR11,800,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Downgraded to B3 (sf); previously on Sep 8, 2020
Confirmed at B2 (sf)
Moody's has also affirmed the ratings on the following notes:
EUR240,000,000 Class A-1A Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Sep 8, 2020 Affirmed Aaa
(sf)
EUR7,000,000 Class A-1B Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Sep 8, 2020 Affirmed Aaa
(sf)
EUR9,000,000 Class B-1 Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed A2 (sf); previously on Sep 8, 2020
Affirmed A2 (sf)
EUR15,000,000 Class B-2 Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed A2 (sf); previously on Sep 8, 2020
Affirmed A2 (sf)
EUR26,800,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Baa3 (sf); previously on Sep 8, 2020
Confirmed at Baa3 (sf)
EUR20,200,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba3 (sf); previously on Sep 8, 2020
Confirmed at Ba3 (sf)
Phoenix Park CLO Designated Activity Company, issued in July 2014
and subsequently refinanced in October 2018, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by
Blackstone Ireland Limited. The transaction's reinvestment period
ended in May 2023.
RATINGS RATIONALE
The upgrades of the ratings on the Class A-2A1, A-2A2 and A-2B
notes are primarily a result of the transaction having reached the
end of the reinvestment period in May 2023; the downgrade of the
rating on the Class E notes is primarily a result of a shorter
weighted average life of the portfolio which leads to reduced time
for excess spread to cover shortfalls caused by future defaults.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.
In its base case, Moody's used the following assumptions:
Performing par and principal proceeds balance: EUR395.78m
Defaulted Securities: EUR2.06m
Diversity Score: 60
Weighted Average Rating Factor (WARF): 2941
Weighted Average Life (WAL): 4.11 years
Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.65%
Weighted Average Coupon (WAC): 3.19%
Weighted Average Recovery Rate (WARR): 44.3%
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.
Counterparty Exposure:
The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2022. Moody's concluded the
ratings of the notes are not constrained by these risks.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Additional uncertainty about performance is due to the following:
-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by: the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.
-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
SEGOVIA EUROPEAN 5-2018: Moody's Affirms B2 Rating on Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
notes issued by Segovia European CLO 5-2018 Designated Activity
Company:
EUR25,250,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa3 (sf); previously on Oct 18, 2022
Upgraded to A1 (sf)
Moody's has also affirmed the ratings on the following notes:
EUR206,500,000 (Current outstanding amount EUR193.84M) Class A-1
Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Oct 18, 2022 Affirmed Aaa (sf)
EUR9,500,000 Class A-2 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Oct 18, 2022 Affirmed Aaa
(sf)
EUR16,500,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Oct 18, 2022 Upgraded to Aaa
(sf)
EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on Oct 18, 2022 Upgraded to Aaa (sf)
EUR22,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Baa2 (sf); previously on Oct 18, 2022
Upgraded to Baa2 (sf)
EUR20,250,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Oct 18, 2022
Affirmed Ba2 (sf)
EUR10,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Oct 18, 2022
Affirmed B2 (sf)
Segovia European CLO 5-2018 Designated Activity Company, issued in
August 2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Segovia Loan Advisors (UK) LLP. The
transaction's reinvestment period ended in August 2022.
RATINGS RATIONALE
The rating upgrade on the Class C notes is primarily a result of
the deleveraging of the senior notes following amortisation of the
underlying portfolio since the last rating action in October 2022.
The affirmations on the ratings on the Class A-1, Class A-2, Class
B-1, Class B-2, Class D, Class E and Class F Notes are primarily a
result of the expected losses on the notes remaining consistent
with their current rating levels, after taking into account the
CLO's latest portfolio, its relevant structural features and its
actual over-collateralisation ratios.
The Class A-1 notes have paid down by approximately EUR12.7 million
(6.1%) since the last rating action in October 2022. As a result of
the deleveraging, over-collateralisation (OC) has increased
slightly. According to the trustee report dated June 2023 [1] the
Class A/B and Class C OC ratios are reported at 141.4% and 127.7%
compared to August 2022 [2] levels of 140.6% and 127.6%,
respectively. Moody's notes that the July 2023 principal payments
are not reflected in the reported OC ratios.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.
In its base case, Moody's used the following assumptions:
Performing par and principal proceeds balance: EUR330.71m
Defaulted Securities: EUR4.56m
Diversity Score: 61
Weighted Average Rating Factor (WARF): 3005
Weighted Average Life (WAL): 4.02 years
Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.68%
Weighted Average Coupon (WAC): 4.72%
Weighted Average Recovery Rate (WARR): 44.86%
Par haircut in OC tests and interest diversion test: none
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.
Counterparty Exposure:
The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap providers,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in June 2022. Moody's
concluded the ratings of the notes are not constrained by these
risks.
Factors that would lead to an upgrade or downgrade of the rating:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Additional uncertainty about performance is due to the following:
-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager, or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.
-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
===================
K A Z A K H S T A N
===================
FORTELEASING JSC: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed JSC ForteLeasing (FL) (LC) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB-'
and National Long Term Rating at 'A-(kaz)'. The Outlooks are
Stable. Fitch has also affirmed FL's Shareholder Support Rating
(SSR) of 'bb-'.
KEY RATING DRIVERS
Strong Likelihood of Support: FL's ratings are based on potential
support and are equalised with the support provider's rating, its
shareholder ForteBank Joint Stock Company (FB; BB-/Stable/bb-), one
of the largest privately-owned banks in Kazakhstan. Fitch view of
FL's potential support from FB is based on its high level of
management and operational integration, strong synergies with the
parent as the only entity providing leasing services to clients of
the banking group, and the high reputational risk to FB in case of
FL's default, given the same branding and full ownership.
High Level of Integration: Fitch's view of support is additionally
underpinned by the close supervision of FL by the bank's
management, sizeable parental funding (66% of FL's borrowings at
end-1Q23) and record of acceptable performance. Fitch believe FL's
small size relative to FB (less than 1% of total assets) would make
any required extraordinary support manageable for the shareholder.
Limited Standalone Viability: In Fitch's view, FL's standalone
credit profile would be materially lower than the support-driven
IDRs. This is due to FL's narrow independent franchise, which is
highly correlated with that of FB, modest absolute size and high
reliance on FB for funding.
Modest Franchise and Business Model: FL has a relatively small
franchise in the Kazakhstani leasing market, which is largely
dominated by state-owned companies. The business model is focused
on leasing of trucks and specialised vehicles. FL's largely
unseasoned portfolio is concentrated by leasing asset types and
single-names. Fitch believe FL's plan to significantly expand its
portfolio by becoming one of the largest leasing companies in
Kazakhstan could help alleviate concentration risks. However, rapid
growth could weaken asset quality in the medium term.
Rapid Portfolio Growth: FL's asset quality has been stable despite
the pandemic and ongoing macroeconomic challenges, with problem
receivables having decreased to 6.7% at end-1Q23 from around 11% at
end-2020. The problem receivables ratio is flattened by fast
portfolio growth, averaging around 57% in the last four financial
years, indicating more aggressive underwriting than peers. Fitch
expect seasoning of the lease portfolio in two to three years to
weigh on FL's asset quality metrics.
Strong Profitability: FL's profitability is sound with pre-tax
return on average assets at around 10% in 1Q23 (annualised; 7% in
2022), supported by a healthy net interest margin of 12.7% in 1Q23
(annualised; 11.4% in 2022). Higher provisioning costs driven by
asset quality deterioration could pressure profitability.
Growth, Concentration Compromise Strong Capitalisation: FL's gross
debt/tangible equity ratio weakened to 1.6x at end-1Q23 from 0.9x
at end-2021, as leasing portfolio growth has outpaced internal
equity generation. Fitch expect this trend to continue in
2023-2024. FL is not subject to regulatory or covenanted capital
requirements. High single-name concentration further weighs on
Fitch assessment of capital adequacy, with the 10 largest leasing
exposures amounting to 83% of FL's equity. In Fitch's view, FB
would provide capital support should it be required by FL.
Secured Funding at Favourable Conditions: FL is mostly funded from
the parent bank and state-owned fund DAMU (34% of total borrowings
as of end-1Q23). State funding is secured and at favourable
conditions with below market interest rates, despite the pressure
from key rate increases. FL's access to parent bank funding
supported recent growth as well as ambitious growth targets. Fitch
also believe FB would provide liquidity support should it become
necessary.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
-- A weakening of FB's propensity to support FL, triggered, for
example, by weaker integration, reduced ownership or potential
deviation of FL from the group's objectives could result in
notching FL's IDR down from the parent's.
-- A downgrade of FB's ratings would result in a corresponding
downgrade of FL's ratings.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
-- An upgrade of FB's IDR would likely result in an upgrade of
FL's ratings.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
FL's ratings are linked to and will therefore likely move in tandem
with FB's IDRs.
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.
LEASING GROUP: Fitch Affirms 'B-' Long Term IDRs, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Leasing Group JSC's (LG) Long-Term
Issuer Default Ratings (IDRs) at 'B-' National Long-Term Rating at
'BB-(kaz)'. The Outlooks are Stable.
KEY RATING DRIVERS
Modest Franchise: LG's ratings are driven by the company's
standalone creditworthiness, reflecting its modest franchise with
low market share, concentrated portfolio, as well as sizable
related-party exposure that could pressure capital and earnings.
Additional risks could stem from low provisioning of impaired
exposures, as well as high single name concentrations, making LG
vulnerable to sudden asset quality deterioration. The ratings are
supported by LG's record of stable profitability through the
economic cycle, as well as improving funding and acceptable
liquidity profiles.
Related Party Exposure: In Fitch's view, the continued presence of
material related-party exposure in the form of a reverse repurchase
transaction amounting to 46% of LG's capital at end-1Q23, weakens
the company's quality of capital and earnings, although management
intends to wind down the transaction by end-2023. Fitch believe
that despite the sound capital ratios, the presence of the
related-party transaction, which is secured with related party
equity shares, could pressure LG's capitalisation profile. This is
reflected in LG's ESG relevance score for Governance Structure of
'5'.
Standalone Creditworthiness Drives the Rating: LG is controlled by
Kazakh financial group Tengri Capital, which directly owns 68% and
manages the 32% stake of Samruk-Kazyna Invest LLP (SKI;
BB+/Stable). SKI is a 100% subsidiary of Kazakhstan's Sovereign
Wealth Fund Samruk-Kazyna JSC (BBB/Stable/F2). LG's ratings do not
factor in potential government support because Fitch treat SKI's
stake as a financial investment with a probable exit in 2024 via a
sale to Tengri Capital.
Concentrated Portfolio: LG focuses solely on financing leasing. Its
portfolio is concentrated, with the largest 10 lessees accounting
for 32% of the lease book at end-1Q23. LG is growing more slowly
than the market: flat in 1Q23 and 8% in 2022. The company largely
finances standard and fairly liquid equipment, with vehicles
accounting for around 60% at end-1Q23 and agricultural equipment
exposure negligible at 6%, offsetting some of the residual value
risks in case of lessor defaults. About 63% of the portfolio
benefits from government subsidies on interest rates or purchase
prices, which in Fitch's view supports payment discipline on these
contracts.
High Impaired Assets: LG's impaired leases ratio slightly increased
to 13.6% at end-1Q23 from 13% at end-2022 but remained notably
lower than 24% in 2019-2020. According to management, a large
proportion of impaired assets are legacy exposures (around 40% at
end-1Q23). Total provisions were modest, covering only 51% of total
impaired assets at end-1Q23 (54% at end-2022), reflecting reliance
on collateral.
Solid Profitability: LG's profitability was supported by a healthy
net interest margin of 14.2% at end-1Q23 (annualised; 13.9% at
end-2022) and pre-tax return on average assets of 7% in 1Q23
(annualised; 7% in 2022; 2021: 6.4%). This was partly a function of
low leverage leading to minimal interest expenses, which could
increase, if LG attracts more market funding in the medium term. In
Fitch view, higher provisioning costs could weigh on LG's
profitability.
Fitch believe low visibility of funds invested in relation to the
related party reverse repo constitute a material risk to LG, and
could result in significant losses or a capital write-off, should
this risk materialise.
Conservative Leverage: LG's gross debt/tangible equity ratio
increased to 1.0x at end-1Q23 from 0.5x at end-2020. This reflects
that the gradually growth of its portfolio and assets has been
faster than internal capital generation. LG's absolute capital
level is modest (USD15 million-equivalent at end-1Q23). The company
has not paid dividends and management intends to maintain an equity
to asset ratio of around 50%, aiming to support growth planned with
full profit retention.
Despite the relatively conservative leverage position, Fitch views
the material related-party exposure as undermining LG's capital and
leverage position, as does the low provisioning coverage of
impaired assets.
Concentrated Funding Profile: LG relies on funding from state-owned
fund DAMU (69%) and short-term bonds (30%). The borrowings are
predominantly in local currency. State funding is at favourable
terms with below-market interest rates, although these could be
pressured in the currently high interest rate environment. LG could
attract more state and market funding in the medium term, including
drawing on the recently acquired credit line from the Islamic
Corporation for the Development of the Private Sector (A+/Negative)
to provide Shari'ah-compliant financing in Kazakhstan.
ESG Governance Structure: LG has an ESG Relevance Score of '5' for
governance structure due to the high related-party exposure, which
has a significant negative impact on the ratings.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
-- A material deterioration in the quality of capital,
compromising business model viability and worsening the solvency of
the company as a whole. Operational events that potentially reduces
funding market access that raises refinancing risks.
-- Material increase in leverage position with debt-to-tangible
equity above 5x.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
-- Strengthening of corporate governance and a reduction in
related-party activity coupled with other factors could be rating
positive.
-- Sustained growth of LG's franchise and business scale, with
material diversification of the loan portfolio away from
single-name concentrations, while maintaining solid financial
metrics and solid asset quality, could be credit positive.
-- Proven record of material and stable funding from an
international financial institution or its participation in the
company's equity could be rating positive.
ADJUSTMENTS
The sector risk operating environment score of 'b+' is below the
'bb' category implied score due to the following adjustment reason:
regulatory and legal framework (negative).
The business profile score of 'b-' is above the 'ccc' category
implied score due to the following adjustment reason: market
position (positive).
The asset quality score of 'b-' is above the 'ccc' category implied
score due to the following adjustment reason: non-loan exposures
(positive).
The earnings and profitability score of 'b' is below the 'bb'
category implied score due to the following adjustment: revenue
diversification (negative).
The funding, liquidity and coverage score of 'b-' is above the
'ccc' implied score due to the following adjustment: cash
flow-generative business model (positive).
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
LG has an ESG Relevance Score of '5' for governance structure due
to the material exposure to a related-party, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
TECHNOLEASING LLC: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed TechnoLeasing LLC's (TL) Long-Term
Issuer Default Ratings (IDRs) at 'B-' and the National Long-Term
Rating at 'BB-(kaz)'. The Outlooks are Stable.
KEY RATING DRIVERS
Modest Franchise: TL is a small leasing company operating in
Kazakhstan focused on leasing of agricultural and road construction
equipment, as well as cargo and city-transport vehicles. The
ratings reflect TL's modest franchise, monoline business model,
substantial concentration by lessee and industry as well as
reliance of its business profile on continued funding access, which
can be volatile.
Stable Outlook: The Stable Outlook on TL's Long-Term IDRs reflects
Fitch's view that TL should be able to withstand macroeconomic
challenges at its current rating, including those stemming from
high interest rate and inflation. It also reflects TL's record of
adequate profitability and asset quality during multiple stressed
periods.
State Dominates Funding Profile: TL's funding profile benefits from
access to subsidised state funding (around 40% of total outstanding
debt at end-1Q23), as well as other funding sources including banks
(31%) and local bond market (29%). TL benefits from substantial
undrawn balances on its credit lines from government development
institutions and local banks, as well as two KZT3 billion bonds
registered on the local stock exchange, which could support the
company's growth in the medium term.
Limited Funding Flexibility: TL's liquidity is acceptable for the
rating, benefiting from well-matched cash outflows against inflows
and solid cash buffers of KZT1.9 billion at end-1Q23 (11% of total
debt). However, TL has only limited access to unsecured funding,
with most debt secured (65% of total debt at end-1Q23), which
constrains its funding flexibility and liquidity. Nevertheless, the
company has a good record of accessing and diversifying funding
under stress.
In Fitch view, the principal repayment on TL's first bond maturing
in 4Q23 totalling KZT2 billion weighs on the company's liquidity
profile, which led us to revise the funding, liquidity and coverage
score to 'b-' from 'b'. Fitch understand TL has been taking steps
to ensure timely repayment of the bond principal, which alleviates
some of the liquidity pressure.
Sizeable Exposure to Agriculture: TL has gradually reduced its
exposure to agricultural equipment to a still high 58% at end-1Q23
from 75% at end-2019, with no reported impaired loans at end-1Q23.
The low reserve coverage of the gross portfolio is partly balanced
by prudent down-payments (averaging around 20% in 2022), and a high
proportion of government-subsidised leases (around 70% at
end-1Q23).
Material Portfolio Risk: Fitch assess TL's credit risk as high,
given its sizable exposure to the agricultural sector, with the
lease book subject to mostly annual payments, which could lead to
sudden increases in impaired lease assets. As a result, TL's asset
quality could be affected by macroeconomic challenges, agricultural
goods prices, the state of harvests and export controls. Overall,
the agricultural sector's performance should be supported by sound
agricultural goods prices, structurally weak local currency, as
well as the absence of significant export controls.
Solid Performance: TL has a record of stable performance despite
economic and other challenges. Its annualised pre-tax return on
average assets was 4.9% in 1Q23 (2022: 3.4%), but would have been
lower had TL provisioned more conservatively. In Fitch view, TL's
profitability could come under pressure from narrowing margins, as
funding costs increase. TL's structurally volatile funding access
could further narrow margins under more adverse conditions.
Acceptable Leverage: TL has a modest level of absolute capital
(USD12.9 million-equivalent at end-1Q23) but an acceptable gross
debt-to-tangible equity ratio of 3.1x (3.2x at end-2022) and
liabilities-to-equity ratio of 3.8x at end-1Q23. TL has resumed
dividend payments, targeted at up to 20% of net income annually,
which has slowed capital generation somewhat. However, management
intends to maintain leverage comfortably below the covenanted
liabilities-to-equity ratio of 7.5x. At end-1Q23, TL's capital base
could sustain impairment charges of around 14% of gross leases
before breaching the covenanted level.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
-- Signs of increased refinancing risks, with funding increasingly
reliant on short-term funding sources or an inability to access
liquidity when needed;
-- Changes in strategic direction that contribute to a material
increase in risk appetite or an increase in leverage with a gross
debt-to-tangible equity ratio above 5x, which would significantly
narrow headroom to covenanted leverage metrics;
-- Deterioration in asset quality that affects profitability and
reduces loss absorption buffers, particularly the availability and
quality of equity.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
-- A materially stronger franchise, improved liquidity and better
funding diversification could lead to an upgrade;
-- In the longer term, a more diversified portfolio and larger
business scale relative to both domestic and international peers
combined with a conservative leverage profile and the maintenance
of above peer financial indicators could be positive for the
rating.
DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS
Average Recovery Prospects: TL's senior unsecured bond rating is
equalised with the Long-Term Local-Currency IDR, reflecting Fitch's
view that the likelihood of default on the senior unsecured
obligation is the same as that of the company, with average
recovery prospects reflected in a 'RR4' Recovery Rating.
DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES
The senior unsecured bond rating is sensitive to changes in TL's
Long-Term IDR. Lower recovery assumptions due to, for instance, a
growing share of secured debt or worse-than-expected asset-quality
trends (which could lead to larger asset haircuts), could lead to
below-average recoveries and lead Fitch to notch the rating down
from TL's Long-Term IDR.
ADJUSTMENTS
The sector risk operating environment score of 'b+' is below the
'bb' category implied score due to the following adjustment reason:
regulatory and legal framework (negative);
The business profile score of 'b-' is above the 'ccc' category
implied score due to the following adjustment reason: market
position (positive).
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
TL has an ESG Relevance Score of '4' for Governance Structure due
to a significant dependence in decision-making on the sole
shareholder, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.
TL has an ESG Relevance Score of '4' for Exposure to Environmental
Impacts due to its sizable exposure to the agricultural sector,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
=================
L I T H U A N I A
=================
AKROPOLIS GROUP: Fitch Affirms 'BB+' Long Term IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Akropolis Group, UAB's Long-Term Issuer
Default Rating (IDR) at 'BB+' with a Stable Outlook. Fitch has also
affirmed Akropolis's senior unsecured rating of 'BB+' with a
Recovery Rating of 'RR4'.
Akropolis's concentration on five shopping centres in Lithuania and
Latvia, which limits asset, tenant and geographical
diversification, constrains the ratings. The largest asset
comprises more than 30% of the group's portfolio value.
The ratings also reflect Akropolis's dominant position in its local
retail markets and its strong operating performance.
Fitch-calculated net debt/EBITDA of Akropolis is low at under 4.5x,
while EBITDA interest coverage remains healthy at around 4.0x,
stemming from a high income-yielding profile of Baltic-located
assets and a moderate Fitch-calculated loan-to-value (LTV) of below
35%. This financial profile is strong for the rating, despite the
substantial capex to be incurred on its Vingis mixed-use
development.
KEY RATING DRIVERS
Strong Operating Performance: Akropolis's rental income in 2022
increased over 25% compared with pandemic-affected 2021 on a
like-for-like basis. Despite the rental increase, the tenants'
occupancy cost ratio (OCR) decreased to 10% (2021: 11%) as tenant
sales exceeded 2019 levels, aided by high inflation in 2022 that
averaged 19% and 17% in Lithuania and Latvia, respectively.
Akropolis did not pass on all higher property operating expenses,
which included increased energy costs, to its tenants, resulting in
a lower EBITDA margin of 93% (2021: 96%). Occupancy remained stable
at 98% at end-2022, but the GLA weighted average lease expiry (to
break) decreased to 5.1 years (end-2021: 6.1 years) as a
substantial portion of leases expires in 2024. However, the metric
would be lower if weighted by income.
Rental Indexation Limited: Akropolis decided to forfeit part of its
annual rent indexation, which is included in most of its tenancy
agreements and is based on the previous year's CPI. The average
indexation applied in January 2023 for the portfolio was around 8%,
which tried to balance sustainable rents in a high inflation
environment that is affecting household consumption and tenant
sales. Fitch forecasts inflation in 2023 of 11% and 10% for
Lithuania and Latvia, respectively. Fitch expect Akropolis to again
forfeit part of inflation-linked rent increases in 2024.
Concentrated Portfolio: Akropolis's EUR1 billion portfolio includes
five assets located in Lithuania (around 60% by market value, (MV))
and Latvia (around 40%), countries with populations of 2.86 million
and 1.9 million, respectively. The limited number of assets and the
small size of the retail markets, where some well-known brands are
present via franchisees, mean tenant and asset concentration is
high. The top 10 tenant groups generate 39% of rent, including 11%
from tenants owned by Akropolis's parent company, Vilniaus Prekyba
Group (VP Group).
Strong Market Position: Akropolis's shopping centres, with an
average retail gross lettable area (GLA) of 64,000 square metres
(sqm), have dominant positions in the key cities of Lithuania and
Latvia. They provide comprehensive retail offerings, including food
retailers Rimi and VP-Group owned Maxima, a wide range of fashion
brands, including Zara, H&M, Reserved, and entertainment. This,
combined with good locations and the strong Akropolis brand,
attracted 41 million visitors in 2022.
Low Leverage: Fitch expects Akropolis's net debt/EBITDA to decrease
to 3.6x in 2023 (2022: 4.3x), aided by rent indexation, limited
capex and the absence of dividends. Fitch forecast leverage to rise
moderately to 4.2x in 2026, due to higher capex on the Vingis
project. Its EBITDA interest coverage in 2022 decreased to 6.4x
(2021: 16.8x) as Akropolis upsized its bank loan that is secured on
the Akropolis Vilnius shopping centre. The loan (34% of total debt)
is not hedged against interest rates. Fitch expected interest
coverage to remain between 4.0x and 5.0x during the next four
years.
Vingis Rent Postponed: In the beginning of 2023, Vilnius local
authorities approved plans to improve the transportation
infrastructure around Akropolis's Vingis project, a mixed-use
development including retail, office and residential space.
Akropolis expects to submit the documents necessary to receive
building permits by end-2023. Once the permit is received,
construction is expected to start. The first rental income receipts
are now expected in 2026, a year later than scheduled. Total capex
for the project will be around EUR300 million to be spent until
end-2027, but this is largely uncommitted at this stage.
Akropolis is also refurbishing the common space in its Klaipeda
asset for an expected total cost of around EUR8 million.
No Independent Oversight: Akropolis's concentrated ownership by the
privately-held VP Group means financial disclosure and corporate
governance are not comparable with listed companies'. This,
together with the lack of independent directors on Akropolis's
board, means that the arm's length nature of related-party
transactions (including the Maxima Group and sister tenants) does
not have the independent oversight of listed peers. The
related-party links are also underlined by the rotation of
management within the VP Group when in June 2023, Nerijus
Maknevičius, who worked in the VP Group, replaced Manfredas
Darguzis as CEO of Akropolis, while Darguzis was appointed CEO of
the Maxima Group.
PSL Assessment: Fitch rates Akropolis on a consolidated plus
one-notch basis under its Parent and Subsidiary Linkage (PSL)
Criteria. Fitch view the legal ringfencing as 'porous' based on
self-imposed restrictions in its bond documentation that limit
potential value transfers to the VP Group. The restrictions include
a maximum 60% total indebtedness/total assets ratio (quasi-LTV) and
less onerous limits on transactions with affiliates and dividends.
The criteria's access and control factors are assessed as 'open'
due to full ownership by the VP Group and despite Akropolis being
separately funded with its own treasury functions and independent
cash management.
DERIVATION SUMMARY
Akropolis's EUR1 billion retail portfolio is similar in size and
concentration to Balkans Real Estate B.V.'s (BRE; BB(EXP)/Stable)
EUR0.7 billion (fully consolidated) portfolio of retail (73% of
market value) and office (27%) assets. However, country risk
exposure is materially higher as all its assets are in Serbia
(BB+/Stable). MAS plc's (BB/Positive) core EUR0.9 billion CEE
portfolio is predominantly in Romania (BBB-/Stable), but has
slightly lower asset concentration.
The portfolio of NEPI Rockcastle N.V. (BBB+/Stable), valued at
EUR5.7 billion; Globalworth Real Estate Investments Limited
(BBB-/Negative) at EUR2.8 billion; and Globe Trade Centre S.A.
(BBB-/Negative) at EUR2 billion; are bigger and more diversified.
However, only GTC and BRE are diversified between retail and
offices.
Akropolis has the most conservative financial profile with net
debt/EBITDA expected at below 4.5x until 2026 and an LTV below 35%.
BRE's net debt/EBITDA is expected at 6.0x-7.0x until 2025 and
NEPI's at around 6.0x. NEPI's assets are lower-yielding at a net
initial yield of 6.8%. The financial profiles of Globalworth and
GTC are weaker.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Fitch Rating Case for the Issuer:
-- Rent increase of 7% in 2023 including CPI indexation effect.
Average rent increases in 2024-2026 of 4%, reflecting CPI
indexation effect and Vingis's first rent in 2026
-- Stable occupancy of above 97%
-- Around EUR270 million capex until 2026, mostly related to the
Vingis project
-- No dividends paid for the next four years
-- Akropolis's bond to be refinanced at 6.5% in 2026
RATING SENSITIVITIES
Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
-- Expansion of the portfolio in less correlated markets while
maintaining portfolio quality
-- Unencumbered assets/unsecured debt cover above 2.0x
-- Net debt/EBITDA below 8.5x
-- Consistent interest-rate hedging policy
-- Improved corporate governance
-- Improvements in the consolidated profile of VP Group and
Akropolis
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
-- Net debt/EBITDA above 9.0x and LTV trending above 55%
-- Unencumbered assets/unsecured debt cover below 1.75x
-- Failure to complete the Vingis development as per schedule
and/or materially outside the assumed budget
-- Liquidity score below 1.0x
-- Transactions with related-parties that are detrimental to
Akropolis's interests
-- A deterioration in the consolidated profile of VP Group and
Akropolis
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Strong Liquidity: Cash reported by Akropolis at end-2022 amounted
to EUR176 million, including EUR42 million from the Akropolis
Vilnius refinancing in September 2022. At end-2022 this EUR42
million, although available for Akropolis, was held in accounts
pledged to banks as collateral. Out of a total of EUR62 million
cash held in these accounts, Fitch treats EUR20 million as
restricted, leaving Fitch-deemed readily available cash at EUR156
million.
The readily available cash, together with Fitch-forecast free cash
flow (FCF) of EUR33 million, comfortably covers EUR8 million of
loan amortisations in 2023. The next meaningful debt repayment is
in 2026 when Akropolis's EUR300 million unsecured Eurobond matures.
Akropolis does not use committed revolving credit facilities as a
contingent source of liquidity.
Four out of Akropolis's five assets are unencumbered, resulting in
an unencumbered assets/unsecured debt of 2.3x.
ESG CONSIDERATIONS
Akropolis has an ESG Relevance Score of '4' for Governance
Structure, reflecting the lack of corporate governance attributes
that would both mitigate key person risk from the dominant
shareholder Nerijus Numa and ensure independent oversight of
related-party transactions. This has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.
Unless stated otherwise above the highest level of ESG credit
relevance is a score of 3 - 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 company.
===================
L U X E M B O U R G
===================
ARVOS BIDCO: $100M Bank Debt Trades at 68% Discount
---------------------------------------------------
Participations in a syndicated loan under which Arvos BidCo Sarl is
a borrower were trading in the secondary market around 32.3
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $100 million facility is a Term loan that is scheduled to
mature on August 29, 2023. The amount is fully drawn and
outstanding.
Arvos BidCo S.a.r.l. is the parent company of the Arvos Group,
which is a global leader in providing heat exchanging and wind
tower solutions. Arvos Group is a carve-out from Alstom and is
fully owned by Triton funds and by its management. Arvos Midco S.a
r.l. (formerly Alison Midco S.a.r.l.) is the parent company of
Arvos BidCo. The Company's country of domicile is Luxembourg.
MALLINCKRODT INT'L: Moody's Cuts CFR to Ca & 1st Lien Debt to Caa3
------------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Mallinckrodt
International Finance S.A., including the corporate family rating
to Ca from Caa1 and the probability of default rating to Ca-PD from
Caa1-PD. Moody's has appended the limited defaults (/LD)
designation to Mallinckrodt Ca-PD. Moody's also downgraded the
ratings on the company's senior secured first lien debt to Caa3
from Caa1, and the rating on the senior secured second lien debt to
C from Caa3. At the same time, Speculative Grade Liquidity Rating
was downgraded to SGL-4 from SGL-2. The outlook remains negative.
The downgrade of the PDR, along with the appending of limited
default "LD" designation reflects Mallinckrodt's missed debt
service payment due June 15, 2023 and the expiration of the
applicable 30-day grace period. The company entered into a
forbearance agreement with its first lien lenders on its interest
and principal payments. The missed payment constitutes a default
under Moody's default definition, despite the forbearance
agreement.
The ratings downgrade reflect Moody's view of the increased
likelihood of a default as the company has missed its interest
payment and continues to delay the payment of the opioid litigation
settlement.
Governance risk is a consideration in the rating action. The
company operates with aggressive financial policies reflected in
very high debt levels and obligations, resulting in capital
structure and interest expense that is untenable. The company
entered into a forbearance agreement with holders of its debt on
July 16, 2023.
Moody's took the following rating actions:
Downgrades:
Issuer: Mallinckrodt International Finance S.A.
Corporate Family Rating, Downgraded to Ca from Caa1
Probability of Default Rating, Downgraded to Ca-PD /LD from
Caa1-PD
Speculative Grade Liquidity Rating, Downgraded to SGL-4 from
SGL-2
Senior Secured 1st Lien Term Loan B, Downgraded to Caa3 from Caa1
Senior Secured 1st Lien Notes, Downgraded to Caa3 from Caa1
Senior Secured 2nd Lien Notes, Downgraded to C from Caa3
Outlook Actions:
Issuer: Mallinckrodt International Finance S.A.
Outlook, Remains Negative
RATINGS RATIONALE
Mallinckrodt's Ca CFR reflects the high likelihood of a material
debt restructuring as the company continues to discuss strategic
alternatives with its lenders to pursue a sustainable capital
structure, as well as Moody's view of recovery. The company missed
the June 15, 2023 interest payment past the thirty business days
grace period on its first lien senior secured notes due 2028 and
second lien notes due 2029. The rating also reflects Mallinckrodt's
pro forma financial leverage at 7.4x for the twelve months ended
March 31, 2023, including the present value of liabilities related
to the opioid settlement. The rating is constrained by high
earnings concentration in Mallinckrodt's two largest franchises,
Acthar and INOmax, both of which will continue to experience
double-digit declines in earnings due to competitive pressures.
Mallinckrodt's ratings are supported by its moderate scale and its
growing hospital-based business.
The downgrade of the Speculative Grade Liquidity Rating to SGL-4
from SGL-2 reflects the company's entrance into a forbearance
agreement that will result in substantial portion of the company's
debt maturing on August 15th. The company's access under its $200
million ABL facility was also capped at $100 million. That said,
Mallinckrodt's cash balance remains material at roughly $480
million as of March 31, 2023.
Mallinckrodt's CIS-5 indicates that the rating is lower than it
would have been if ESG risk exposures did not exist and that the
negative impact is more pronounced than for issuers scored CIS-4.
Primary drivers of the CIS-5 include governance risks (G-5), driven
by the company's aggressive financial policies vis-à-vis very high
financial leverage and management track record and credibility
risks of successfully operating following the 2020 bankruptcy
filing. The score also reflects exposure to social risks (S-5),
most notably with responsible production and high exposure to
litigation, specifically related to its sales of opioid drugs.
Additionally, because branded business represents a large share of
cash flows, drug pricing risk in the US is a key social risk, for
Mallinckrodt as well.
The senior secured first lien term loans and notes are rated Caa3,
one notch above the Ca Corporate Family Rating. The first lien
instrument ratings reflect one-notch override to the Loss Given
Default model, reflecting Moody's expectation for higher recovery
rates in the event of a default. The second lien notes due 2025 and
second lien notes due 2029 are both rated C, one-notch below the
CFR, which reflects the subordination of these instruments to the
first lien credit facilities and the expectation of loss in value
in a default scenario.
The negative outlook reflects very high risk of debt restructuring
and that recovery could be weaker than Moody's anticipates.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to a downgrade include Moody's lowering its
view on expected recoveries. Factors that could lead to an upgrade
include the company improving earnings or reducing debt
sufficiently to achieve a tenable capital structure with improved
liquidity.
The principal methodology used in these ratings was Pharmaceuticals
published in November 2021.
Luxembourg-based Mallinckrodt International Finance S.A. is a
subsidiary of Dublin, Ireland-based Mallinckrodt plc (collectively
"Mallinckrodt"). Mallinckrodt International Finance S.A. is a
specialty biopharmaceutical company with reported net revenue for
the twelve months ended March 31, 2023 of approximately $1.85
billion.
=====================
N E T H E R L A N D S
=====================
E-MAC NL 2004-1: Fitch Affirms 'B-sf' Rating on 3 Tranches
----------------------------------------------------------
Fitch Ratings has affirmed all tranches of E-MAC NL 2004-1 B.V.,
E-MAC NL 2005-III B.V., E-MAC NL 2006-II B.V., and E-MAC Program
B.V. Compartment NL 2006-III.
ENTITY/DEBT RATING PRIOR
---------- ------ -----
E-MAC NL 2004-1 B.V.
Class A XS0188806870 LT B-sf Affirmed B-sf
Class B XS0188807506 LT B-sf Affirmed B-sf
Class C XS0188807928 LT B-sf Affirmed B-sf
Class D XS0188808819 LT CCCsf Affirmed CCCsf
E-MAC NL 2006-II B.V.
Class A XS0255992413 LT B-sf Affirmed B-sf
Class B XS0255993577 LT B-sf Affirmed B-sf
Class C XS0255995358 LT B-sf Affirmed B-sf
Class D XS0255996166 LT CCCsf Affirmed CCCsf
Class E XS0256040162 LT CCCsf Affirmed CCCsf
E-MAC Program B.V.
Compartment NL 2006-III
Class A2 XS0274609923 LT B-sf Affirmed B-sf
Class B XS0274610855 LT B-sf Affirmed B-sf
Class C XS0274611317 LT B-sf Affirmed B-sf
Class D XS0274611747 LT CCCsf Affirmed CCCsf
Class E XS0275099322 LT CCCsf Affirmed CCCsf
E-MAC NL 2005-III B.V.
Class A XS0236785431 LT B-sf Affirmed B-sf
Class B XS0236785860 LT B-sf Affirmed B-sf
Class C XS0236786082 LT B-sf Affirmed B-sf
Class D XS0236786595 LT CCCsf Affirmed CCCsf
Class E XS0236787056 LT CCCsf Affirmed CCCsf
TRANSACTION SUMMARY
The transactions are seasoned true-sale securitisations of Dutch
residential mortgage loans originated by GMAC- RFC Nederland B.V.
The servicer is CMIS Nederland B.V.
KEY RATING DRIVERS
Asset Maturity Risk: Fitch identified assets in all transactions
with maturity dates exceeding those of the notes. These amounts can
reach up to 0.5% of the current pool balance. Note amortisation in
these transactions is currently pro-rata given the satisfactory
performance. In a benign environment it is possible for the
transactions to amortise pro-rata until note maturity. This implies
a loss in all collateralised tranches equal to the balance of the
loans that mature after the notes.
High IO Loan Concentration: The majority of the loans in all four
deals are interest-only (IO) and the IO concentration within the
portfolios exceeds the average of Fitch-rated Dutch RMBS. According
to Fitch's criteria, a 50% weighted average foreclosure frequency
(WAFF) is tested for the peak concentration at 'AAA' level and the
'B' WAFF for the remainder of the pool.
Weakening Asset Performance: The affirmations reflect Fitch's
expectation of a mild deterioration of asset performance,
consistent with weaker macroeconomic conditions linked to
inflationary pressures that negatively affect real household wages
and disposable income, especially for more vulnerable borrowers
such as unemployed and self-employed individuals. The transactions
are protected by substantial portfolio seasoning of more than 16
years, and have low portions of loans in three-month plus arrears
(between 0.4% and 0.7% as of April 2023).
Constraints for Excess Spread Notes: Fitch has affirmed the excess
spread notes in the 2005-III, 2006-II and 2006-III transactions at
'CCCsf'. Principal redemption of these notes ranks subordinate to
the payment of extension margins on the collateralised notes in the
revenue waterfall. As the extension margin amounts have been
accruing and remain unpaid, the principal repayment of these notes
via excess spread is unlikely. The class E notes could fully
amortise through the release of the reserve fund if it builds up
after significant performance deterioration, i.e. 90+ day arrears
increase above 2% and then fall below 2% again.
Counterparty Risks Mitigated: A liquidity reserve and adequate
counterparty ratings mitigate counterparty risks for all
transactions as per Fitch's Structured Finance and Covered Bonds
Counterparty Rating Criteria.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Adverse macroeconomic factors may affect asset performance. An
increase in foreclosures and losses beyond Fitch's stresses could
trigger a downgrade.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Prepayment of the assets with a maturity after the notes' maturity
could lead to upgrades.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool[s] and the transaction[s]. 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 initial
closing. The subsequent performance of the transactions 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, 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.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
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.
E-MAC NL 2007-III: Fitch Puts B+sf Rating on D Notes on Watch Pos.
------------------------------------------------------------------
Fitch Ratings has placed E-MAC Program B.V. - Compartment NL
2007-III's class D notes rating on Rating Watch Positive (RWP) and
affirmed the other tranches of the transaction. Fitch has also
affirmed E-MAC NL 2004-II B.V., E-MAC NL 2005-I B.V. and E-MAC
Program B.V. Compartment NL 2007-I.
ENTITY/DEBT RATING PRIOR
----------- ------ -----
E-MAC NL 2005-I B.V.
Class A XS0216513118 LT A+sf Affirmed A+sf
Class B XS0216513548 LT A+sf Affirmed A+sf
Class C XS0216513977 LT A+sf Affirmed A+sf
Class D XS0216514199 LT A+sf Affirmed A+sf
E-MAC Program B.V.
Compartment NL 2007-I
Class A2 XS0292255758 LT Asf Affirmed Asf
Class B XS0292256301 LT BBB+sf Affirmed BBB+sf
Class C XS0292258695 LT BB+sf Affirmed BB+sf
Class D XS0292260162 LT BB-sf Affirmed BB-sf
Class E XS0292260675 LT CCCsf Affirmed CCCsf
E-MAC Program B.V. –
Compartment NL 2007-III
Class A2 XS0307677640 LT A+sf Affirmed A+sf
Class B XS0307682210 LT A-sf Affirmed A-sf
Class C XS0307682723 LT BB+sf Affirmed BB+sf
Class D XS0307683291 LT B+sf Rating Watch On B+sf
Class E XS0307683531 LT CCCsf Affirmed CCCsf
E-MAC NL 2004-II B.V.
Class A XS0207208165 LT A+sf Affirmed A+sf
Class B XS0207209569 LT A+sf Affirmed A+sf
Class C XS0207210906 LT A+sf Affirmed A+sf
Class D XS0207211037 LT A+sf Affirmed A+sf
Class E XS0207264077 LT CCCsf Affirmed CCCsf
TRANSACTION SUMMARY
E-MAC is a special-purpose company incorporated under the laws of
the Netherlands with limited liability and registered on the
Commercial Register of the Chamber of Commerce of Amsterdam. Its
shares are owned by Stichting E-MAC NL Holding, established under
the laws of the Netherlands as a foundation.
At closing, the issuer acquired a portfolio of residential
mortgages from the seller that forms the collateral for the notes.
The portfolio consists of first-ranking or first- and sequentially
lower-ranking fixed- and variable-rate mortgages secured over
residential property located in the Netherlands.
KEY RATING DRIVERS
Post Swap Income Adjustments: The RWP on the 2007-III class D
tranche indicates the upgrade potential due to a higher expected
post swap income available to the SPV once subordinated swap
payments are excluded from the total swap payment amounts. The
current information available to Fitch does not detail these
payments, resulting in a potential overestimation of payments due.
Fitch expects it could upgrade the class D notes if it receives a
detailed breakdown of the swap payments confirming higher post swap
income are available to the issuers.
Fitch also expects the transactions' liquidity positions to improve
as they move into their tail periods. This is because the liquidity
reserve amounts, which are currently at their floor, will increase
as a proportion of the notes' balances.
No Replacement Language Caps Notes: Fitch has capped the 2004-II
and 2005-I notes' ratings due to a lack of replacement language for
the collection account bank. As commingling losses combined with
pro rata payments could lead to losses for all notes, Fitch have
capped the rating of these notes at the deposit rating of ABN Amro
Bank N.V. (A/Stable/F1, deposit ratings: A+/F1) Counterparty risks
are reduced for the other two transactions under Fitch's Structured
Finance and Covered Bonds Counterparty Rating Criteria.
CE Limited by Pro-rata Amortisation: As of the April 2023 payment
date, all transactions were continuing to amortise pro rata. All
transactions have had periods of sequential amortisation, but once
reverted to pro rata, the credit enhancement (CE) build-up for the
senior notes reduced in line with the amortisation mechanism in the
documentation. This feature has been factored into the rating
analysis to the extent that the relevant pro-rata triggers are
captured by Fitch's modelling.
There are no conditions that would result in an irreversible switch
to sequential note amortisation after amortisation has crossed a
certain threshold, which Fitch deem a non-standard structural
feature. Where appropriate, Fitch has assigned ratings that are
different to those derived by its cash flow model. This reflects
that ratings could be lower if performance is better than assumed
in the respective rating scenarios and thereby principal payments
continue to be pro rata. Fitch also considered cash-flow models
with a purely sequential amortisation to take into account
worse-than-expected performance and prolonged periods of high
arrears.
Excess Spread Notes at 'CCCsf': All outstanding excess spread notes
are rated 'CCCsf'. Principal redemption of these notes is
subordinate to the payment of subordinated swap payments and
extension margins on the collateralised notes in the revenue
waterfall. As the extension margin amounts have been accruing and
remain unpaid, the full principal redemption of the excess spread
notes from interest receipts is considered unlikely. Fitch's
ratings do not address the payment of extension margins.
The reserve funds may increase following asset performance
deterioration. Funds collected will be released once arrears fall
again below the pre-defined three-months arrears trigger, at which
point the funds released will be used towards the redemption of the
excess spread notes. As the portfolios continue to amortise, a
small number of loans can lead to greater volatility in arrears
performance, leading to the possibility of continuous
replenishments and releases in the reserve funds, and subsequent
redemptions on the excess spread notes. Given this variability, the
credit risk of these notes is commensurate with the 'CCCsf'
rating.
IO Concentration: As of April 2023, the interest-only (IO)
concentrations in these transactions range between 69% (2005-I) and
about 84% (2004-II) of the outstanding portfolio and are high
compared with other Fitch-rated Dutch RMBS. Under the criteria,
Fitch assumed a 50% weighted average foreclosure frequency (WAFF)
for the peak concentration at 'AAA' level (Fitch apply lower WAFF
assumptions at lower rating stresses), and the 'B' WAFF to the
remainder of the pool.
For 2004-II and 2007-III, the application of the IO concentration
WAFF resulted in model-implied ratings (MIR) more than three
notches below the rating derived by applying a WAFF produced by the
standard criteria assumptions. Consequently, Fitch considered the
IO WAFF in its rating analysis for these transactions. Fitch used
the standard criteria WAFF for the remaining two deals.
The KRDs listed in the applicable sector criteria, are not material
to this rating action.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Adverse macroeconomic factors may affect asset performance. An
increase in foreclosures and losses beyond Fitch's stresses may
erode CE, leading to negative rating action.
Furthermore, a downgrade of the collection account bank could
result in a downgrade of 2004-II's and 2005-I's notes.
The RWP indicates potential for an upgrade assuming an increase in
available funds once subordinated swap payments are excluded from
the total swap payments. However, if available funds were lower
than expected or did not increase the rating would not be
upgraded.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Due to the lack of a hard switch-back to sequential amortisation, a
slight and persistent increase in delinquencies and losses could be
beneficial for the senior notes, as this could switch the
transactions to sequential amortisation and lead to an increase in
their CE if amortisation remains sequential until the notes are
repaid.
Furthermore, an upgrade of the collection account bank could result
in an upgrade of 2004-II's and 2005-I's notes.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
CRITERIA VARIATION
Fitch varied from its European RMBS Rating Criteria and affirmed
E-MAC 2004-II's class D notes at 'A+sf' despite the MIR from the
updated analysis was more than three notches lower than the current
rating. This is because the MIR results are sensitive to the post
swap income available to the SPV, Fitch is assuming in its cash
flow analysis. Post swap income could be higher once subordinated
swap payments are excluded from the total swap payment amounts.
The current information available to Fitch does not detail these
payments, resulting in a potential overestimation of payments due.
The impact of applying the criteria variation is five notches,
resulting in a 'BBB-sf' rating for the class D notes if the
criteria variation was not applied.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
E-MAC NL 2004-II B.V., E-MAC NL 2005-I B.V., E-MAC Program B.V. -
Compartment NL 2007-III, E-MAC Program B.V. Compartment NL 2007-I
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 pool[s] ahead of the transaction's E-MAC NL
2004-II B.V., E-MAC NL 2005-I B.V., E-MAC Program B.V. -
Compartment NL 2007-III, E-MAC Program B.V. Compartment NL 2007-I
initial closing. The subsequent performance of the transactions
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, 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.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
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.
===========
P O L A N D
===========
CYFROWY POLSAT: Moody's Withdraws 'Ba3' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba3 corporate family
rating and the Ba3-PD probability of default rating of Cyfrowy
Polsat S.A. (Polsat), a leading media and telecom company in
Poland. The outlook prior to the withdrawal was negative.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings for its own business
reasons.
COMPANY PROFILE
Polsat is the largest pay-TV provider in Poland and one of the
leading satellite platforms in Europe, one of Poland's leading
content producers and private broadcasters in terms of both
audience and advertising market shares and one of the four largest
telecommunication operators in Poland offering fixed and mobile
broadband in fiber/LTE/5G. In 2022, Polsat reported consolidated
revenue of PLN12.9 billion and EBITDA of PLN3.4 billion.
===========
T U R K E Y
===========
VAKIF KATILIM: Fitch Affirms 'B-/B' Long Term IDRs, Outlook Neg.
----------------------------------------------------------------
Fitch Ratings has Affirmed Vakif Katilim Bankasi A.S.'s (Vakif
Katilim) Long-Term Foreign-Currency (LTFC) Issuer Default Rating
(IDR) at 'B-' and Long-Term Local-Currency (LTLC) IDR at 'B'. The
Outlooks are Negative. Fitch has also affirmed the bank's Viability
Rating (VR) at 'b-'.
KEY RATING DRIVERS
VR Drives LTFC IDR: Vakif Katilim's LTFC IDR is driven by its 'b-'
VR. The VR reflects its concentrated operation in the challenging
Turkish market, rapid financing growth, fairly short record of
operations and concentration risks on both sides of the balance
sheet. However, it also considers its growing participation banking
franchise, adequate capital buffers and fairly limited FC wholesale
funding. The Negative Outlook on the LTFC IDR reflects that on the
operating environment.
The bank's 'B' Short-Term (ST) IDRs are the only possible option
mapping to LT IDRs in the 'B' category.
Sovereign Support Drives LTLC IDR: The LTLC IDR is driven by state
support, reflecting Fitch view of the sovereign's higher ability to
provide support and a lower risk of government intervention risk in
LC. The Negative Outlook reflects that on the sovereign LTLC IDR.
Rapid Franchise Growth: Vakif Katilim's rapid growth, aimed at
increasing market share (end-1Q23: 1.3% of total banking sector
assets), has been supported by capital injections from the
authorities, its growing branch network and product/service
offering and links with state entities. Its small size results in
limited pricing power, but participation (Islamic) banking in
Turkiye has reasonable prospects, given its strategic importance to
the authorities.
High Risk Appetite: Vakif Katilim's credit underwriting framework
is still developing, given its fairly short record of operations
and rapid growth (16% FX-adjusted growth in 1Q23; 90% in 2022) in
the volatile Turkish market. It targets diversification by growing
short-term, LC, largely SME financing (including export lending), a
segment sensitive to the macro outlook.
Asset Quality Risks: Vakif Katilim's non-performing financing ratio
improved to 0.8% at end-1Q23 (end-2022: 0.9%; end-2021: 1.6%) and
the Stage 2 financing ratio was low at 1.9% (33% restructured;
average reserve coverage: 6.9%), reflecting strong financing
growth, which in turn creates seasoning risks. Asset quality risks
remain given macro volatility, single name concentration, high FC
financings (28%; sector: 30%) as not all borrowers are hedged
against lira depreciation and exposure to troubled sectors.
Reasonable Profitability: Vakif Katilim's operating profits/average
total assets declined slightly to 4.5% in 1Q23 (2022: 4.6%), due to
a decline in its net financing margin (1Q23: 7.4%; 2022: 7.7%)
following the impact of macro-prudential measures and higher
operating expenses, which was largely offset by higher net fees and
trading income. The 1Q23 net profit (return on assets: 1Q23: 1.8%;
2022: 3.3%) was dragged down by a one-off donation to the
earthquake relief fund (TRY927.6 million, adjusted return on
assets:3.1%). Profitability remains sensitive to slower GDP growth,
asset quality risks and economic and regulatory developments.
Capitalisation Underpinned by Support: The common equity Tier 1
(CET1) ratio (end-1Q23:17.0%, including 264bp regulatory
forbearance uplift) outperforms peers and is adequate for its risk
profile and growth appetite, while its leverage is also lower
(equity/assets: 11.7%; sector: 10.1%). The bank's capital ratios
benefit from a favourable risk-weighting on assets financed by
profit share accounts, providing a further uplift of around 450bp
to its CET1 ratio.
Capitalisation is supported by pre-impairment operating profit
(1Q23: equal to 7.3% of average loans, annualised) and full
reserves coverage of impaired loans (161%) but remains sensitive to
the macroeconomic outlook, lira depreciation (via the inflation of
FC risk-weighted assets) and asset quality risks. Additional
capital increases are budgeted until end-2025, which should
mitigate risks to capitalisation from further rapid growth.
Limited FC Debt: The bank is largely customer deposit-funded (86%
of total funding) at end-1Q23; 41% were in FC and 27% were
FX-protected lira deposits. External FC debt is fairly limited (7%
of total funding), while FC liquidity (mainly comprising
unencumbered FC government sukuk, FC placements in foreign banks
and FC cash excluding balances with the Central Bank of the
Republic of Turkiye) broadly covers non-deposit FC liabilities due
within a year.
Nevertheless, FC liquidity could come under pressure in case of
sector-wide FC deposit instability or prolonged wholesale funding
market closure.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Vakif Katilim's LTFC IDR is sensitive to a downgrade of its VR, a
change in Fitch's view of government intervention risk in the
banking sector and potentially to a sovereign downgrade.
The VR could be downgraded due to further marked deterioration in
the operating environment, particularly if it leads to further
erosion of the bank's FC liquidity buffer, for example, due to a
prolonged funding-market closure or deposit instability, or a
material deterioration of asset quality metrics.
Vakif Katilim's LTLC IDR would be downgraded if Turkiye's LTLC IDR
was downgraded, if Fitch believed the sovereign's propensity to
provide support in LC had reduced, or if Fitch view of the
likelihood of intervention risk in the banking sector in LC
increases.
The Short-Term IDRs are sensitive to changes in the bank's
Long-Term IDRs.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Upgrades are unlikely given heightened operating environment risks
and market volatility, the Negative Outlook on Turkey's sovereign
ratings, and Fitch view of government intervention risk in the
banking sector.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
Vakif Katilim's National Rating reflects Fitch view that the bank's
creditworthiness in LC relative to other Turkish issuers is
unchanged. The National Rating is underpinned by Fitch view
government support in LC.
Vakif Katilim's 'no support' Government Support Rating reflects the
sovereign's weak financial flexibility to provide support in FC,
given its weak external finances and sovereign FC reserves. This is
despite Fitch believing the government has a high propensity to
provide support, given Vakif Katilim's ownership, the strategic
importance of participation banking to the authorities and the
record of capital support.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
The National Rating is sensitive to a change in the bank's
creditworthiness in LC relative to that of other Turkish issuers.
VR ADJUSTMENTS
The operating environment score of 'b-' has been assigned below the
implied score of 'bb' due to the following adjustment reason(s):
sovereign rating (negative), macroeconomic stability (negative).
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
Vakif Katilim's LTLC IDR is driven by support from the Turkish
authorities.
ESG CONSIDERATIONS
Vakif Katilim's ESG Relevance Scores of '4' for Governance
Structure and Management Strategy (in contrast to a typical
Relevance Score of '3' for comparable banks) reflects potential
government influence over its board's effectiveness and management
strategy in the challenging Turkish operating environment, which
has a moderately negative impact on the bank's credit profile, and
is relevant to the ratings in conjunction with other factors.
The ESG Relevance Management Strategy score of '4' also reflects
increased regulatory intervention in the Turkish banking sector,
which hinders the operational execution of management strategy,
constrains management ability to determine strategy and price risk
and creates an additional operational burden for banks. This has a
moderately negative credit impact on the bank's rating in
combination with other factors.
Vakif Katilim's ESG Relevance Governance Structure Score of '4'
also takes into account its status as an Islamic bank. Its
operations and activities need to comply with sharia principles and
rules, which entails additional costs, processes, disclosures,
regulations, reporting and sharia audit. In addition, Islamic banks
have an exposure to social impacts relevance score of '3' (in
contrast to a typical ESG relevance score of '2' for comparable
conventional banks), which reflects that Islamic banks have certain
sharia limitations embedded in their operations and obligations,
although this only has a minimal credit impact on Islamic banks.
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
entities, either due to their nature or to the way in which they
are being managed by the entities.
===========================
U N I T E D K I N G D O M
===========================
BARINGS EURO 2014-1: Fitch Affirms 'B+sf' Rating on Cl. F-RR Notes
------------------------------------------------------------------
Fitch Ratings has revised Barings Euro CLO 2014-1 DAC class F-RR
notes' Outlook to Negative from Stable. All notes have been
affirmed.
ENTITY/DEBT RATING PRIOR
----------- ------ -----
Barings Euro CLO 2014-1 DAC
A-RR XS1713462239 LT AAAsf Affirmed AAAsf
B-1-RR XS1713461421 LT AA+sf Affirmed AA+sf
B-2-RR XS1713460704 LT AA+sf Affirmed AA+sf
C-RR XS1713460027 LT A+sf Affirmed A+sf
D-RR XS1713459441 LT BBB+sf Affirmed BBB+sf
E-RR XS1713458807 LT BB+sf Affirmed BB+sf
F-RR XS1713458633 LT B+sf Affirmed B+sf
TRANSACTION SUMMARY
Barings Euro CLO 2014-1 DAC is a cash flow collateralised loan
obligation (CLO). The underlying portfolio of assets mainly
consists of leveraged loans and is managed by Barings (U.K.)
Limited. The deal exited its reinvestment period in July 2022.
KEY RATING DRIVERS
Par Erosion and Refinancing Risk: Since Fitch's last rating action
in July 2022, par erosion from discounted sales of holdings in
Genesis Care Pty Limited and Casino, Guichard-Perrachon S.A.in 1H23
has resulted in reduced over-collateralisation (OC) cushions for
the junior notes. The Negative Outlook on the class F-RR notes
reflects the smaller OC cushion and their vulnerability to
medium-term refinancing risk due to their junior ranking.
Approximately 6.9% of the portfolio matures within the next 18
months, and 20.4% of the portfolio before end-2025. About 10.5% of
the portfolio comprises weak 'CCC+' or below credits, of which 4.6%
matures before end-2024.
Sufficient Cushion for Class A-RR to E-RR: The affirmation of and
the Stable Outlook for the class A-RR to E-RR notes reflect
sufficient default rate cushion at the current ratings to absorb
additional losses. The transaction's shorter weighted average life
(WAL) has offset the negative impact from the additional par losses
since the last rating action for these notes.
Post-Reinvestment Criteria: Although the transaction exited its
reinvestment period in July 2022 the manager can reinvest
unscheduled principal proceeds and sale proceeds from credit-risk
obligations after the reinvestment period, subject to compliance
with the reinvestment criteria. Given the manager's ability to
reinvest, Fitch analysis is based on a stressed portfolio testing
Fitch-calculated weighted average life (WAL), Fitch-calculated
weighted average rating factor (WARF), Fitch-calculated weighted
average recovery rate (WARR), weighted average spread (WAS) and
fixed-rate asset share to their covenanted limits.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The reported WARF of the current
portfolio was 25.61 as of June 2023, against a covenanted maximum
of 27.
High Recovery Expectations: Senior secured obligations comprise
95.6% of the portfolio as calculated by the trustee. Fitch views
the recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch WARR
reported by the trustee for the current portfolio was at 64.1% as
of June 2023, well above the covenanted minimum of 47.2%.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top-10 obligor
concentration is 18.8%, as calculated by Fitch, and no single
obligor represents more than 3.1% of the portfolio balance, as
reported by the trustee.
Cash Flow Analysis: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par-value and interest-coverage
tests.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings
would result in downgrades of no more than three notches for the
class E-RR and class F-RR notes. and no impact on the rest.
Downgrades may occur if the loss expectation of the current
portfolio is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics and shorter life of the current portfolio than the
Fitch-stressed portfolio, the class B-1-RR and B-2-RR notes display
a rating cushion of one notch.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would result in
upgrades of no more than two notches across the structure, apart
from the 'AAAsf' notes.
Upgrades, except for the 'AAAsf' notes, may occur on
better-than-expected portfolio credit quality and deal performance,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions, 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.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
BARINGS EURO 2018-2: Fitch Affirms 'B+sf' Rating on Class F Notes
-----------------------------------------------------------------
Fitch Ratings has revised Barings Euro CLO 2018-2 DAC class E and
class F notes' Outlook to Negative from Stable. The rest of the
notes have been affirmed with a Stable Outlook.
ENTITY/DEBT RATING PRIOR
---------- ------ -----
Barings Euro CLO 2018-2
DAC
A-1 A XS1857759762 LT AAAsf Affirmed AAAsf
A-1 B XS1859510221 LT AAAsf Affirmed AAAsf
A-2 XS1857760265 LT AAAsf Affirmed AAAsf
B-1 A XS1857761073 LT AA+sf Affirmed AA+sf
B-1 B XS1860319034 LT AA+sf Affirmed AA+sf
B-2 XS1857761586 LT AA+sf Affirmed AA+sf
C-1 XS1857762394 LT A+sf Affirmed A+sf
C-2 XS1860319620 LT A+sf Affirmed A+sf
D XS1857763012 LT BBB+sf Affirmed BBB+sf
E XS1857763525 LT BB+sf Affirmed BB+sf
F XS1857763871 LT B+sf Affirmed B+sf
TRANSACTION SUMMARY
Barings Euro CLO 2018-2 DAC is a cash flow collateralised loan
obligation (CLO). The underlying portfolio of assets mainly
consists of leveraged loans and is managed by Barings (U.K.)
Limited. The deal exited its reinvestment period on October 2022.
KEY RATING DRIVERS
Par Erosion and Refinancing Risk: Since Fitch's last rating action
in August 2022, par erosion from discounted sales of holdings in
Genesis Care Pty Limited and Casino, Guichard-Perrachon S.A. in
1H23 has resulted in reduced over-collateralisation (OC) cushions
for the junior notes. The Negative Outlook of class E and F note
reflects the smaller OC cushions and their vulnerability to
medium-term refinancing risk due to their junior ranking.
Approximately 6.1% of the portfolio matures within the next 18
months, and 18.4% of the portfolio before end-2025. About 9.8% of
the portfolio comprises weak 'CCC+' or below credits, of which
2.97% matures before end-2024.
Sufficient Cushion for Class A-D: The affirmation and the Stable
Outlook for class A to D notes reflect sufficient default rate
cushion at their current ratings to absorb additional losses. The
shortened weighted average life (WAL) has offset the negative
impact from the additional par losses since the last rating action
for these notes.
Post-Reinvestment Criteria: Although the transaction exited its
reinvestment period in October 2022 the manager can reinvest
unscheduled principal proceeds and sale proceeds from credit-risk
obligations after the reinvestment period, subject to compliance
with the reinvestment criteria. Given the manager's ability to
reinvest, Fitch analysis is based on a stressed portfolio testing
Fitch-calculated WAL, Fitch-calculated weighted average rating
factor (WARF), Fitch-calculated weighted average recovery rate
(WARR), weighted average spread (WAS) and fixed-rate asset share to
their covenanted limits.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The reported WARF of the current
portfolio was 25.26 as of June 2023, against a covenanted maximum
of 29.
High Recovery Expectations: Senior secured obligations comprise
95.59% of the portfolio as calculated by the trustee. Fitch views
the recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch WARR
reported by the trustee for the current portfolio was at 63% as of
June 2023, above the covenanted minimum of 57.8%.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top-10 obligor
concentration is 17.18%, as calculated by Fitch, and no single
obligor represents more than 2.47% of the portfolio balance, as
reported by the trustee.
Cash Flow Analysis: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par-value and interest-coverage
tests.
Deviation from Model-implied Ratings: The class F note rating at
'B+sf' is a deviation from its model-implied ratings (MIR) of
'Bsf'. The deviation reflects the marginal shortfall on the
modelled portfolio cushion at the current rating, and the credit
quality of the portfolio being more in line with the current
rating.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings
would result in downgrades of no more than one notch for the class
C notes, no more than five notches for the class E and class F
notes, and no impact on the rest.
Downgrades may occur if the loss expectation of the current
portfolio is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics and shorter life of the current portfolio than the
Fitch-stressed portfolio, the class B-1 and B-2 notes display a
rating cushion of one notch and the class D notes of two notches.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would result in
upgrades of no more than three notches across the structure, apart
from the 'AAAsf' notes.
Upgrades, except for the 'AAAsf' rated class of notes, may occur on
better-than-expected portfolio credit quality and deal performance,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions, 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.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
JULIEN MACDONALD: Enters Liquidation Following Cash Flow Issues
---------------------------------------------------------------
Samantha Conti at Women's Wear Daily reports that tough economic
times have claimed another industry victim -- Julien Macdonald,
whose business has gone into liquidation.
On July 23, insolvency practitioners FTS Recovery confirmed that
Alan Coleman and Marco Piacquadio have been appointed joint
liquidators to the fashion brand that was founded by Macdonald in
1997, WWD relates.
According to WWD, in a brief statement, FTS said Macdonald's
business fell into trouble during the COVID-19 pandemic, "which has
affected all aspects of the retail sector."
FTS added that Macdonald's label had lost "a significant proportion
of revenue" following the collapse of Debenhams at the end of 2020,
and that no employees or existing contracts could be saved, WWD
states.
The liquidators said they are selling stock and other assets in
order to seek repayment for creditors, WWD notes.
Mr. Coleman, a director at FTS Recovery, added that cash flow at
Julien Macdonald had been severely impacted due to the "loss and
under performance" of several key contracts, WWD discloses.
"The cash flow issues were compounded by general inflationary
costs, which impacted on all aspects of the business," WWD quotes
Mr. Coleman as saying.
Britain, like many other countries, has been fighting to bring down
inflation and has witnessed a series of punishing interest rate
hikes over the past 12 months, WWD relays.
MAKEHAPPEN GROUP: Enters Administration, 165 Jobs Affected
----------------------------------------------------------
ISPreview reports that several key deployments of gigabit-capable
full fibre (FTTP) broadband networks across the United Kingdom are
likely to be impacted after the Makehappen Group, which is a civil
engineer firm, fell into administration last week and effectively
put 165 staff out of a job.
The Leeds-based company first cropped up in 2019 after the
FibreNation project, which at the time was part of TalkTalk (until
CityFibre acquired it), announced that they were partnering with
Makehappen Group to deploy their own Fibre-to-the-Premises (FTTP)
network across the UK, ISPreview relates. Since then, Makehappen
has also signed various other full fibre contracts, such as with
operators like Upp and CityFibre (e.g. York and Chester), ISPreview
states.
Despite this, the company appears to have been struggling and the
latest update from The Gazette lists them as having appointed joint
administrators -- Neil Morley and Howard Smith -- from Interpath
Ltd on July 18, 2023, ISPreview discloses.
According to a report on Insider Media, Makehappen recently began
experiencing "significant pressure on cashflow after a number of
contracts were withdrawn by their customers", ISPreview notes.
Sadly, the business ceased to trade just before the appointment of
an administrator, which has left little prospect for the impacted
staff to return, ISPreview recounts.
PATAGONIA BIDCO: GBP100M Bank Debt Trades at 18% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Patagonia Bidco Ltd
is a borrower were trading in the secondary market around 82.4
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The GBP100 million facility is a Delay-Draw Term loan that is
scheduled to mature on October 28, 2028.
Patagonia Bidco Limited (Huws Gray) is an independent General
Builders Merchant (GBM) distributor in the U.K. that provides a
broad range of building materials to both trade and retail
customers.
SANDSTONE PRESS: Bought Out of Liquidation by Vertebrate
--------------------------------------------------------
Daily Business reports that a book publisher that collated a
collection of Nicola Sturgeon's speeches has been acquired by a
Yorkshire-based company after being placed into liquidation.
According to Daily Business, all assets and stock of Sandstone
Press, founded 21 years ago, have been snapped up by Vertebrate
Publishing which will keep the business going.
Dingwall-based Sandstone is a former Saltire Society publisher of
the year and Jokha Alharthi, one of its authors, won the Man Booker
International Prize in 2019 for her novel Celestial Bodies.
It had been backed by hundreds of thousands of pounds of support
over the years from agencies such as Creative Scotland and
Highlands and Islands Enterprise but insisted the collection of the
former First Minister's writing had been published and financed
without any state support, Daily Business discloses.
Robert Davidson, one of Sandstone's founders, warned earlier this
year of difficult trading conditions in the sector with growing
costs and overheads putting pressure on finances, Daily Business
relates.
SKILLS TRAINING: May Go Into Liquidation This Week
--------------------------------------------------
Joshua Stein at FEWeek reports that a high-profile independent
training provider, Skills Training UK, is close to collapse.
According to FEWeek, the national provider, which has centres
across the West Midlands, London and the South East, could file for
insolvency and go into liquidation this week with the loss of over
two hundred jobs.
Staff were told on Sunday afternoon that they are not required to
come back to work as bosses hold crunch talks with liquidators,
FEWeek relates. A final decision on the future of the business is
expected early this week, FEWeek notes.
Earlier this month, Skills Training UK was one of several big name
training providers that missed out on a national adult education
budget (AEB) contract in the Education and Skills Funding Agency's
most recent procurement, FEWeek recounts. The provider does though
hold devolved contracts in London and South Yorkshire.
The company also had traineeships as part of its portfolio, a
government programme that was scrapped by ministers earlier this
year.
Skills Training UK recorded a loss of GBP3.5 million in its 2022/23
accounts, in comparison to a profit of GBP1.2 million the year
prior, FEWeek discloses. Turnover also slipped to GBP10.3 million
from GBP18.0 million, which it blamed on the coronavirus pandemic,
the economic troubles and their high fixed costs, FEWeek states.
The provider's cash pot also vanished last year, from GBP2.2
million the year prior. Skills Training went into its overdraft by
more than GBP6,000, FEWeek relays.
TRAFFORD CENTRE: Moody's Downgrades Rating on 2 Tranches to B1
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of seven
classes of Notes issued by The Trafford Centre Finance Limited:
GBP340M (Current outstanding amount GBP224.2M) Class A2 Notes,
Downgraded to A1 (sf); previously on Sep 23, 2022 Downgraded to Aa3
(sf)
GBP188.5M Class A3 Notes, Downgraded to A1 (sf); previously on Sep
23, 2022 Downgraded to Aa3 (sf)
GBP120M (Current outstanding amount GBP43.15M) Class B Notes,
Downgraded to Baa3 (sf); previously on Sep 23, 2022 Downgraded to
Baa1 (sf)
GBP20M Class B2 Notes, Downgraded to Baa3 (sf); previously on Sep
23, 2022 Downgraded to Baa1 (sf)
GBP20M Class B3 Notes, Downgraded to Baa3 (sf); previously on Sep
23, 2022 Downgraded to Baa1 (sf)
GBP69.55M (Current outstanding amount GBP28.2M) Class D1(N) Notes,
Downgraded to B1 (sf); previously on Sep 23, 2022 Downgraded to Ba2
(sf)
GBP70M Class D3 Notes, Downgraded to B1 (sf); previously on Sep
23, 2022 Downgraded to Ba2 (sf)
RATINGS RATIONALE
The downgrade action reflects a re-assessment of the expected loss
of the underlying loan. The ratings on the seven outstanding
classes of Notes were downgraded because of an increase in expected
loss due to a higher risk of default and lower Moody's property
value.
Moody's updated loan to value (LTV) ratio is presently 81.0% based
on Moody's value of GBP733.3 million. This compares with an LTV of
78.1% and a Moody's value of GBP785.7 million when Moody's last
downgraded the transaction in September 2022. Moody's updated value
is based on a projected net cash flow of GBP55.0 million and a cap
rate of 7.50%.
The action has considered the transaction's higher default risk due
to its negative cash flow after debt service, which has required
the borrower to rely upon its sponsor. This action also considers
how discretionary retail properties face continued stress due to
the impact of high inflation on consumer spending, and that
e-commerce penetration of retail sales remains elevated following
the coronavirus pandemic.
Moody's rating action reflects a base expected loss in the range of
0%-10% of the current balance. Moody's derives this loss
expectation from the analysis of the default probability of the
securitised loan (both during the term and at maturity) and its
value assessment of the collateral.
DEAL PERFORMANCE
The transaction is secured by a loan backed by a single trophy
asset, the Trafford Centre, a dominant, super-regional shopping
centre in Greater Manchester. The deal benefits from scheduled
amortization and interest rate swaps such that the borrower pays a
fixed interest rate.
The Trafford Centre has begun to stabilize, though at levels below
that of 2019. Collections have stabilized at around 99%, and
reported occupancy of 85% increases to 94% when accounting for
recently signed leases. As of March 31, property annual cash flows
were at GBP47.8 million, but this was depressed by GBP9.3 million
of capital expenditures for tenant leasing costs. Excluding such
items, the centre generated a net operating income (NOI) of GBP57.1
million.
Moody's expects that The Trafford Centre will continue to
experience positive leasing resulting in higher occupancy, but this
will be largely offset by higher operating expenses, lower market
rents and higher concessions such as free rent. The post-pandemic
recovery from consumers return to in-person shopping and dining out
at the property is still positive. Moody's cash flow of GBP55.0
million is based on recent financial statements adjusted for a
normalized level of capital expenditures. Moody's increased its cap
rate to 7.50% to account for higher market yields for retail
properties. It notes that investors in retail properties are also
being more selective, and this is evident in lower transaction
volumes and in rising property yields.
Based on Moody's cashflow assumption, the average Moody's DSCR is
0.96x based on next year's scheduled debt service excluding GBP90
million of bullet repayments that are due in April 2024 to repay
Classes B3 and D3 Notes. Given Moody's projected cash flow, the
repayment of these notes will depend on the continued support of
Canada Pension Plan Investment Board (CPPIB Aaa stable) which in
2020 acquired the ownership of the centre via enforcement of its
GBP250 million subordinate debt following Intu's administration and
an unsuccessful sale process.
Given the sponsor's support, neither the cash reserve nor the
liquidity facility were used to make note payments to date. The
transaction benefits from a GBP5.0 million cash reserve and a
further GBP80.0 million liquidity facility covering both the
principal and interest payments of the Notes. The amount available
to the Class D Notes is limited to GBP15.0 million to cover a
shortfall of interest on the Class D1(N) Notes and the Class D3
Notes.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Approach to Rating EMEA CMBS Transactions" published in May 2021.
Factors that would lead to an upgrade or downgrade of the ratings:
Main factors or circumstances that could lead to an upgrade of the
ratings are generally: (i) an increase in the property values
backing the underlying loan; (ii) a decrease in default risk
assessment.
Main factors or circumstances that could lead to a downgrade of the
ratings are: (i) a decline in the property values backing the
underlying loan; or (ii) an increase in default risk assessment.
WD FF LIMITED: Fitch Affirms 'B' LT IDR, Alters Outlook to Stable
-----------------------------------------------------------------
Fitch Ratings has revised WD FF Limited's (Iceland; previously
Lannis Ltd) Outlook to Stable from Negative, while affirming the
food retailer's Long-Term Issuer Default Rating (IDR) at 'B'. Fitch
also affirmed the senior secured instruments issued by Iceland
Bondco plc at 'B+' with a Recovery Rating of 'RR3'.
The revision of the Outlook reflects an uplift in expected earnings
from savings and more clarity on energy costs leading to forecast
6.5x EBITDAR gross leverage in the financial year ending March 2024
(FY24). Iceland is exposed to refinancing risk, which will increase
as the maturity of the GBP550 million notes nears, and this will
weigh on the rating if not addressed 12-15 months ahead of maturity
in March 2025.
The 'B' rating also reflects Iceland's specialist business model
focused on the frozen food and value-seeking consumer segments,
which have been resilient through business cycles. Fitch believes
this segment will continue benefiting from the current
environment.
KEY RATING DRIVERS
Uplift in Forecast: Fitch have revised Fitch forecast for FY24
EBITDA up to around GBP150 million (after Fitch's GBP15 million
deduction for leases). This is due to continued sales growth,
benefiting from Iceland's value positioning, disposal of the
loss-making business in Ireland (GBP9.2 million loss in FY23), and
savings that have more than offset cost inflation. Fitch forecast
of around GBP40 million EBITDA uplift on FY23 prudently builds in
some pressure on margin versus the guided GBP50 million reduction
from locked-in energy cost in FY24.
High But Improved Leverage: Fitch expects FY24 EBITDAR gross
leverage at 6.5x on the back of higher earnings. Leverage remains
high for a food retailer, but it is 0.8x improvement against Fitch
previous forecast, supporting the Stable Outlook. Fitch expect the
company to build headroom under its leverage sensitivities. Fitch
also expect coverage metrics will remain weak amid the debt level
and higher interest rate environment as Iceland faces refinancing
ahead of its March 2025 maturities.
Profit Pressures Managed: Fitch expect Iceland to continue to
benefit from various cost-saving measures to help offset cost
inflation. Iceland outperformed Fitch rating case in FY23 due to
cost savings and disposal of loss-making business in Ireland.
Generally, cost inflation is harder to absorb for smaller-scale
grocers such as Iceland that operate with thinner EBITDA margins
(2.9% in FY23) than large and more diversified mainstream grocers
(around 5%-6%). Energy costs are over 95% locked in for FY24, and
Fitch build in a further GBP15 million reduction in costs on the
back of current market prices, but this is yet to be locked in.
Cash Generative Business: Similar to other food retailers, Iceland
is a cash-generative business. Fitch expect a neutral to positive
free cash flow (FCF) margin, trending towards 1% in FY26, which is
broadly aligned with peers, and is reflected in the Stable Outlook.
This is after GBP40-55 million capex, of which only GBP15 million
is maintenance, and higher interest costs.
Limited Outflows From Restricted Group: Fitch rating case does not
capture any further material outflows to support, or any dividends
from its restaurant business as its trading recovers. The company
has guided about its intentions to reduce its GBP800 million debt
instead. Iceland has invested nearly GBP50 million in its non-core
restaurant business, which remains outside the restricted group.
Iceland initially up-streamed GBP31 million (3Q21), subsequently
funded its trading losses and repaid its GBP15 million bank loan
during FY23-24.
Value Positioning Benefits: Consumer focus on value amid living
cost pressures puts Iceland in a good position to gain market share
or at least hold on to it. Iceland is UK's second-largest frozen
food retailer after Tesco.
Iceland grew its sales during the global financial crisis and
slightly increased its share in the UK grocery market between 2008
and 2023, despite competitive pressures and the rapid growth of
discount stores. This was achieved by greater differentiation in
its product offering, improved pricing, investment in its stores
and formats, and improved brand positioning with regard to the
environment and sustainability. Fitch expect the UK food industry
to continue to have stiff competition.
DERIVATION SUMMARY
Iceland's business risk profile, as a mostly UK-based specialist
food retailer, is constrained by the company's modest size and
lower diversification compared to other Fitch-rated European food
retailers, such as Tesco Plc (BBB-/Stable) and Bellis Finco Plc
(ASDA; B+/Stable) and Market Holdco 3 Ltd (Morrisons; B+/Stable).
All three peers have higher market share, larger scale, and greater
diversification than Iceland.
Fitch expect Iceland's EBITDAR leverage to reduce to 6.5x in FY24
from 7.6x in FY23, which is higher than Fitch-rated UK peers
(Morrisons: from around 7.0x in FYE23 (year-end October) to 6.3x by
FYE24; ASDA: from around 6.0x for 2023 to 5.0x by end-2024, Tesco
around 3.5x), which also benefit from stronger coverage ratios.
Iceland is larger than Picard Bondco S.A. (B/Negative), a French
specialist food retailer also active in frozen foods, but its
profitability is materially weaker (EBITDAR margin of 6% versus
Picard's 17%). Picard operates mostly in the higher-margin premium
segment and benefits from strong brand awareness. Picard's
financial leverage is currently similar to Iceland's on an EBITDAR
gross leverage basis. Fitch expect it to remain above 7.0x in
FY23-FY25, but it has better deleveraging capability and a stronger
business profile.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within its Rating Case for the Issuer:
Retail revenue (excluding restaurants) growth of 4.0% in FY24
driven by consumer focus on value, Food Warehouse store openings
offset by core Iceland store closures. Growth of about 1.0%-1.6%
thereafter.
Four Food Warehouse openings in FY24, increasing to 20-25 stores
per year in the following years, partly offset by core Iceland
store closures of 10-20 per year.
EBITDA margin to recover to 3.7% in FY24 and 4% thereafter, driven
by cost-saving initiatives helping more than offset wage inflation
and some normalisation in energy cost.
Working capital outflow of GBP16 million in FY24 and neutral
thereafter.
Capex of GBP40 million in FY24 in line with management's guidance,
increasing to GBP55 million to fund Warrington depot in FY25 and
then reverting to GBP40-50 million thereafter.
Refinancing of GBP550 million senior secured notes ahead of
maturity in March 2025
No dividends or other distributions over the rating horizon; FY24
includes the repayment of bank loan (GBP12.5 million) borrowed by
restaurant business.
Fitch's Key Recovery Rating Assumptions:
Fitch's recovery analysis assumes that Iceland would be reorganised
as a going-concern in bankruptcy scenario rather than liquidated.
Fitch have assumed a 10% administrative claim.
Iceland's going-concern EBITDA assumption reflects the scale of the
company's business with new stores openings each year, improved
cost base with visibility on energy cost and disposed loss making
business in Ireland. Fitch have excluded the restaurant business
from Fitch going-concern EBITDA calculation as the lenders under
the rated debt instruments have no recourse to these cash flows.
The going-concern EBITDA estimate of GBP120 million (GBP110 million
previously) reflects Fitch view of a sustainable,
post-reorganisation EBITDA, upon which Fitch base the enterprise
valuation (EV), and excluding the loss-making Irish operations
following their disposal. The assumption also reflects corrective
measures taken in the reorganisation to offset the adverse
conditions that trigger its default, such as cost-cutting efforts
or a material business repositioning.
Fitch apply an EV multiple of 4.5x (unchanged) to the going-concern
EBITDA to calculate a post-reorganisation EV.
Iceland's RCF, which has increased to GBP50 million (from GBP20
million) is assumed to be fully drawn upon default. The RCF is
super-senior to the company's senior notes in the debt waterfall.
The allocation of value in the debt waterfall results in recovery
expectations corresponding to a 'RR3' Recovery Rating for the
existing GBP800 million rated notes, with a recovery percentage of
55% (53% previously).
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to an
upgrade(to B+):
-- Fitch view an upgrade of the IDR as unlikely over the next two
years, unless Iceland adopts and follows a more conservative
financial policy.
-- Evidence of positive and profitable like-for-like sales growth
and the maintenance of stable market shares, leading to resilient
profitability with EBITDA margins increasing towards 5%, could lead
to positive rating action.
-- Total EBITDAR leverage below 5.5x on a sustained basis.
-- EBITDAR fixed-charge coverage above 2.0x on a sustained basis.
Factors that could, individually or collectively, lead to negative
rating action/downgrade(to B-):
-- Absence of advanced refinancing in the 12-15 months before the
major contractual maturity (March 2025)
-- Evidence of negative like-for-like sales growth, with loss of
market shares due to a competitive environment or to permanently
lower capex, or inability to pass on or to mitigate cost inflation,
leading to a prolonged and accelerating EBITDA margin erosion or
neutral FCF.
-- Tightening of liquidity amid unexpected cash outflows.
-- EBITDAR leverage above 6.5x on a sustained basis.
-- EBITDAR fixed-charge coverage below 1.5x on a sustained basis.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Comfortable Liquidity: Fitch views Iceland's current liquidity as
comfortable, comprising around GBP139 million at FYE23, which
excludes restricted GBP20 million for working-capital purposes
(Fitch's adjustment) along with an around GBP46 million undrawn RCF
(maturing in February 2025). Iceland has used GBP12.5 million to
repay debt borrowed by the restaurant business after FYE23.
Refinancing risk on the upcoming GBP550 million senior secured
notes maturing in March 2025 has increased and will weigh on the
rating if not addressed 12-15 months ahead of maturities.
ISSUER PROFILE
Iceland is a British food retailer specialising in frozen and
chilled food products at a low price point. It operates around
1,000 stores in the UK.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
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.
[*] UK: Business Insolvencies Up in 2nd Quarter 2023
----------------------------------------------------
Terry Murden at Daily Business reports that the number of companies
filing for administration has jumped significantly year-on-year, as
cost inflation, rising interest rates and sluggish growth continue
to bite Scottish businesses.
According to Daily Business, analysis of notices in The Gazette by
Interpath Advisory reveals that a total of 23 companies based in
Scotland fell into administration in the second quarter from three
companies in the corresponding period last year.
It says this is further evidence that Scottish insolvency activity
is now back to pre-pandemic levels following the record lows seen
during 2020 and 2021, Daily Business discloses.
This mirrors the UK picture which saw a total of 315 companies fall
into administration in the same period, a 48.5% rise from 212 last
year, Daily Business states.
"It's no surprise that a sluggish economy, stubbornly high
inflation and tightening monetary policy are increasing the
pressure on businesses up and down the country," Daily Business
quotes Blair Nimmo, chief executive of Interpath Advisory as
saying.
"Indeed, the interest rate conundrum appears to be the number one
concern for many of the businesses that we are speaking to at the
moment.
"With the expectation that it will take some time before we see
rates start to come back down, the overall cost of borrowing is now
hitting double figures -- something which we've not seen in the UK
for at least 15 years. This will have an impact on any business
which relies on debt finance, and particularly those which are
highly leveraged.
"At the same time, companies continue to contend with rising input
prices, as well as walking the wage inflation tightrope. And
consumers are cutting back on discretionary spending as the impact
of those 13 consecutive interest rate rises puts a squeeze on
disposable income."
The rising number of UK insolvencies in Q2 2023 can be seen across
a wide range of sectors, with companies operating in the building
and construction, food and drink and professional services
experiencing a notable number of appointments, Daily Business
notes.
According to Daily Business, Alistair McAlinden, head of Interpath
Advisory in Scotland, said: "Given the recent hikes in interest
rates and resultant increases in the cost of borrowing, one sector
where we expect to see a marked rise in activity over the months
ahead is real estate, from commercial, leisure and retail all the
way through to residential.
"In particular, the long shadow cast by Covid on both the demand
for and valuations of office and retail space will take some time
to dissipate, potentially leaving some investors under water."
While the number of administrations continues to rise, recent data
seems to suggest that the use of restructuring plans is also on the
up, Daily Business says. Following their introduction in the
Corporate Insolvency and Governance Act 2020, a total of 20
restructuring plans have now been registered, with that of the
Italian restaurant chain Prezzo sanctioned by the High Court on
July 3, 2023, Daily Business states.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week July 17 to July 21, 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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
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The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
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