/raid1/www/Hosts/bankrupt/TCREUR_Public/231204.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, December 4, 2023, Vol. 24, No. 242
Headlines
B E L G I U M
MANUCHAR GROUP: Moody's Affirms 'B2' CFR, Outlook Remains Stable
C Y P R U S
UNITED CEMENT: S&P Suspends 'B+' Long-Term Issuer Credit Rating
C Z E C H R E P U B L I C
LIBERTY OSTRAVA: Seeks Creditor Protection in Czech Court
F R A N C E
CROWN EUROPEAN: Moody's Rates New Senior Unsecured Notes 'Ba1'
OBOL FRANCE 3: S&P Lowers Long-Term ICR to 'B-', Outlook Stable
G E R M A N Y
PONY SA 2023-1: Fitch Assigns 'BB-sf' Final Rating on Cl. F Debts
TELE COLUMBUS: To Convert Most of Interest to PIK Under Debt Deal
G R E E C E
FRIGOGLASS SAIC: S&P Withdraws 'SD' Long-Term Issuer Credit Rating
I R E L A N D
CIFC EUROPEAN I: Fitch Affirms Rating on Class F Notes to 'B-sf'
CUMULUS STATIC 2023-1: Moody's Assigns Ba3 Rating to Class E Notes
MULLIGAN & HAINES: Circuit Court Appoints Interim Examiners
L U X E M B O U R G
EP PACO: Moody's Affirms 'B1' CFR, Outlook Remains Stable
N E T H E R L A N D S
TAURUS 2020-1: Fitch Lowers Rating on Class E Notes to 'B-sf'
P O R T U G A L
THETIS FINANCE 2: Fitch Hikes Rating on Class F Notes to 'BBsf'
S P A I N
BBVA LEASING 3: Moody's Assigns B1 Rating to EUR336MM Ser. B Notes
DEOLEO SA: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
S W E D E N
VIAPLAY GROUP: In Free Fall After Striking Rescue Deal w/ Lenders
[*] SWEDEN: Company Bankruptcies Up 9% in November 2023
S W I T Z E R L A N D
SPORTRADAR GROUP: S&P Affirms 'BB-' ICR, Outlook Stable
T U R K E Y
TURKIYE: S&P Alters Outlook to Positive, Affirms 'B' LT SCR
U N I T E D K I N G D O M
APEXPOST: Goes Into Voluntary Liquidation
EG GROUP LIMITED: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
MARKET HOLDCO 3: Fitch Lowers LongTerm IDR to 'B', Outlook Stable
MORTIMER BTL 2023-1: Fitch Puts 'BB+sf' Final Rating on Two Notes
PREFERRED RESIDENTIAL 05-2: Fitch Affirms B-sf Rating on E1c Notes
ZELLIS HOLDINGS: Moody's Ups CFR to B3 & Alters Outlook to Stable
X X X X X X X X
[*] BOND PRICING: For the Week November 27 to December 1, 2023
- - - - -
=============
B E L G I U M
=============
MANUCHAR GROUP: Moody's Affirms 'B2' CFR, Outlook Remains Stable
----------------------------------------------------------------
Moody's Investors Service affirmed Manuchar Group BV's corporate
family rating and probability of default rating of B2 and B2-PD,
respectively. Concurrently, Moody's affirmed the B3 rating of
Manuchar's existing EUR350 million senior secured notes. The
outlook remains stable.
RATINGS RATIONALE
The rating affirmation with stable outlook balances Manuchar's
improved liquidity profile and low gross leverage metric compared
to other B2 rated distributors, which positions the company
strongly in the B2 rating category, with its higher exposure to
more challenging macroeconomic environment in emerging markets and
the reduced scale and business diversification after the carveout
of its sourcing and logistics services (SLS) operations. In
addition, the newly established super senior revolving credit
facility (SSRCF) reduces the company's reliance on non-recourse
factoring and other short-term bilateral financing arrangements,
which Moody's views as credit positive.
However, the company's track record of consistently generating
EBITDA above levels seen prior to 2021 remains relatively short
especially in the context of a more normalized pricing environment
and the new perimeter after the carveout of SLS operations. Supply
chain disruptions and COVID-19 related disruptions supported
exceptionally strong margins for its chemical distribution business
during 2021 and 2022. With the ending of these effects and a weaker
macroeconomic environment in emerging markets, Manuchar reported a
decline of company-adjusted EBITDA in the first three quarters of
2023 to $84 million from $158 million in the same period previous
year. Latin America, where it generates the majority of its sales,
is among the weakest performing regions for chemical distributors
as the effects of elevated inflation and increased interest rates
take a toll on their growth.
Nevertheless, the company's earnings remain above levels it
reported before 2021. Moody's forecasts Manuchar's Moody's-adjusted
EBITDA (excluding unrealized foreign exchange losses) to be around
$120 million by the end of 2023 leading to a Moody's-adjusted gross
leverage of around 4.5x (excluding unrealized foreign exchange
losses; or above 5x including unrealized foreign exchange losses)
and a Moody's-adjusted EBITA interest coverage of around 1.8x
(excluding unrealized foreign exchange losses; or around 1.5x
including unrealized foreign exchange losses).
LIQUIDITY PROFILE
Manuchar's liquidity profile is good and has improved since the
initial assignment of the ratings. As of the end of September 2023,
the company had around $98 million of cash on balance sheet
(including investments) and access to an undrawn $150 million
SSRCF. In combination with forecasted funds from operations and
working capital release over the next 12 months, these sources are
sufficient to cover capital spending and day-to-day cash needs. In
addition, the company has access to various non-recourse factoring
agreements and mixed-use facilities to manage working capital
swings. Most of these lines are committed for a short-term horizon,
but Manuchar has continuously renewed and extended them in the
past.
OUTLOOK
The stable outlook reflects Moody's expectation that the company's
gross leverage will be remain in the range of 4x-5x (excluding
unrealized foreign exchange losses) and EBITA interest coverage to
remain below 2.5x over the next 12 to 18 months, which is in line
with its B2 CFR.
STRUCTURAL CONSIDERATIONS
Moody's rates Manuchar's senior secured notes B3, one notch below
the B2 CFR, which reflects structural subordination of the bonds
relative to the SSRCF. The SSRCF will get priority over the
collateral. The security package of the senior secured notes
includes mainly shares pledges and pledges over certain
intercompany receivables. In Moody's loss given default analysis,
the bonds also rank behind transactional funding and trade
payables. This is because of the relatively weak guarantor coverage
and security package.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Positive pressure could arise if the company built a track record
of sustainable organic EBITDA growth with Moody's-adjusted total
debt/EBITDA sustainably below 4.5x, and continued to generate
meaningful positive free cash flow (FCF), while also maintaining an
adequate liquidity profile. An upgrade also would be likely with
Moody's-adjusted EBITA/interest expense is approaching 2.5x.
Negative pressure on the ratings could arise with evidence of the
company's inability to generate sustained positive FCF or
deterioration of the liquidity profile. A downgrade also would be
likely if Moody's-adjusted total debt/EBITDA increased above 5.5x
or EBITA/interest expense deteriorated below 1.75x on a sustainable
basis.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Distribution
and Supply Chain Services published in February 2023.
COMPANY PROFILE
Headquartered in Antwerpen, Belgium, Manuchar Group BV (Manuchar)
is a commodity chemical distributor that operates mainly in
emerging markets. In the last 12 months ended September 2023, the
company (excluding SLS operations) generated revenue of $1.5
billion and company-adjusted EBITDA of $113 million. Since 2022,
the company is majority owned by the private equity firm Lone Star
Fund.
===========
C Y P R U S
===========
UNITED CEMENT: S&P Suspends 'B+' Long-Term Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings suspended its 'B+' long-term issuer credit
rating on United Cement Group PLC (UCG), a cement producer with
operations in Uzbekistan and Kyrgyzstan.
S&P said, "We suspended our 'B+' long-term issuer credit rating on
UCG because the company has not yet published the audited accounts
for 2022. According to the management, the delay in the publication
of the accounts is related to the ongoing audit of the
consolidation of Kyzylkumcement, which UCG acquired in 2022. The
management expects that the audited reports will be available in
January 2024.
"We will resume our surveillance and reinstate the ratings once
audited financials are available and we conclude that they meet our
standards for quantity, timeliness, and reliability. To reinstate
the rating, we would also require information about UCG's 2023
performance. If, after a reasonable period, our information
requirements for surveillance are still not met, we will withdraw
the rating."
===========================
C Z E C H R E P U B L I C
===========================
LIBERTY OSTRAVA: Seeks Creditor Protection in Czech Court
---------------------------------------------------------
Peter Laca at Bloomberg News reports that Liberty Ostrava has asked
a Czech court for protection against one creditor as it seeks an
overhaul that may include entry of a strategic investor or sale of
some assets, Hospodarske Noviny newspaper reports, citing documents
and the company.
The creditor is a local energy provider and Liberty Ostrava is
seeking to negotiate new energy supplies, Hospodarske says,
Bloomberg notes.
The Czech unit of Sanjeev Gupta's Liberty Steel has been cutting
production and isn't generating enough revenue to cover its
obligations on time, the newspaper cites the request for creditor
protection, Bloomberg relates.
===========
F R A N C E
===========
CROWN EUROPEAN: Moody's Rates New Senior Unsecured Notes 'Ba1'
--------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to the new backed
senior unsecured notes issued by Crown European Holdings S.A.
(Crown European), a subsidiary of Crown Holdings, Inc. Crown
Holdings, Inc.'s (Crown) Ba1 corporate family rating, Ba1-PD
probability of default rating, SGL-2 speculative grade liquidity
rating (SGL) and stable outlook remain unchanged. The instrument
ratings assigned to the group's subsidiaries also remain
unchanged.
"Over the near term, Moody's expect that part of the cash proceeds
will be maintained on the balance sheet given the current high
interest rate environment," said Motoki Yanase, VP – Senior
Credit Officer at Moody's.
"Moody's still expect the company will use the cash proceeds to
paydown a part of the group's term loan facilities and eventually
repay its Euro senior unsecured notes maturing in 2024," added
Yanase.
RATINGS RATIONALE
Crown's Ba1 CFR is supported by the consolidated industry structure
in the can segment, and the stable alcoholic/nonalcoholic beverage
end markets. Its credit profile is also supported by a large base
of installed equipment in the transit packaging segment, which
drives a high percentage of recurring consumables sales. Crown also
benefits from geographic diversification. The rating also reflects
Moody's expectation that Crown will maintain financial discipline
by controlling share repurchase to keep its net leverage between
the 3.0x and 3.5x range that it targets.
On the other hand, the Ba1 CFR is constrained by the company's high
customer and product concentration of sales and exposure to the
cyclical end markets in the transit packaging segment.
Additionally, the fragmented and competitive industry structure in
the transit packaging segment makes growth and margin expansion
difficult. The company also has an outstanding asbestos liability,
which Moody's add to total debt as part of Moody's adjustments.
The stable outlook reflects Moody's expectation that Crown will be
able to improve its free cash flow generation in 2024, and that the
company will focus on its stated leverage target and control its
share repurchases accordingly.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Moody's could upgrade the rating if Crown sustainably improves its
credit metrics within the context of a stable competitive
environment and maintains good liquidity. An upgrade would also
require a more streamlined debt capital structure and the
flexibility of an unsecured capital structure. Specifically, the
ratings could be upgraded if total debt/EBITDA is below 3.5x and
free cash flow/debt is over 10%.
Moody's could downgrade the rating if credit metrics, liquidity or
the competitive environment deteriorate. Specifically, the rating
could be downgraded if total debt/EBITDA rises above 4.25x, free
cash flow/debt falls below 6.0%, or EBITDA/Interest expense is
below 5.0x.
The principal methodology used in this rating was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.
Headquartered in Yardley, Pennsylvania, Crown Holdings, Inc. (NYSE:
CCK), is a global manufacturer of steel and aluminum containers for
food, beverage, and consumer products. Crown also manufactures
protective packaging products and solutions. For the twelve months
ending September 2023, the company generated about $12.1 billion in
revenue.
OBOL FRANCE 3: S&P Lowers Long-Term ICR to 'B-', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Obol France 3 and its issue rating on the company's term loan B
(TLB) to 'B-' from 'B'. The recovery rating on the TLB is unchanged
at '3'.
The stable outlook indicates that Obol should remain self-funded
over the forecast period while its operating performance gradually
improves on market share and profitability improvements.
Fiscal 2024 results will likely fall behind our expectations as
Obol France 3 SAS struggles to counter a faster-than-expected drop
in mortality post-COVID-19. Contrary to our expectations, sales
declined 2.8% during the first six months of fiscal 2023 as 7.1%
lower funeral volumes outstripped higher selling prices--carry over
effect of pricing rounds over the past two fiscal years--and higher
tariffs from the crematorium management unit. Lower funeral volumes
stemmed from a sharper-than-expected drop in mortality, which
decreased 4.9% year-on-year, following the exceptionally high death
toll over the past three fiscal years in France. Although we
expected some growth, the company reported 6.3% lower EBITDA over
first-half fiscal 2024 than the same period a year earlier as the
operating leverage effect overrode the impact from cost-saving
initiatives in energy and personnel costs as well as retreating raw
material prices. This indicates that Obol's relatively fixed cost
base coupled with an increasingly challenging competitive landscape
in France results in high exposure to changes in mortality, to
which there is low visibility. For fiscal 2024, S&P's forecast
approximately 2% lower revenue and 100-150 basis point (bp) S&P
Global Ratings-adjusted EBITDA margin contraction as the trends
from the first half continue.
S&P said, "We see limited EBITDA and FOCF growth in fiscal 2025 due
to declining mortality and competitive pressures hindering market
share recovery.For fiscal 2025, we see approximately 2% revenue
growth, mainly supported by surgical pricing initiatives within its
high-end brands, higher fees from its crematorium management
business, and a recovery in the monuments division, more than
offsetting slightly lower funeral volumes. We assume 2%-3% lower
mortality, partly offset by marginal market share progression. We
expect S&P Global Ratings-adjusted EBITDA margin to rebound 100-150
bps as operating costs continue normalizing and cost savings come
to fruition. FOCF after leases should remain relatively neutral
over fiscal 2025, as in fiscal 2023 and fiscal 2024, reflecting a
relatively low EBITDA base, high capital expenditure (capex)
requirements to support Obol's market positioning and the higher
cash interest burden. The company's strategic initiatives to take
back market share over the past two years included roughly 100
funeral branch openings and several commercial initiatives, a 24/7
hotline, longer opening hours, and optimized offerings. Still,
market share continued declining, although it is now stabilizing,
because competitors have been matching Obol's efforts to expand its
funeral network. We expect market share to start gradually picking
up from fiscal 2025 onwards fuelled by the launch of
Essentiel--Obol's new affordable brand--the ramp-up of turnaround
initiatives, and a few small bolt-on acquisitions.
"We see heightened refinance risk with adjusted leverage expected
to remain near 8x by fiscal year-end 2025, when senior debt matures
in December 2025.Obol failed to deleverage from relatively high
levels over fiscal years 2022 and 2023, as market conditions
impaired operating performance, leading to adjusted leverage
persistently near 8.0x. For fiscal 2024, we see declining revenue
and lower profitability dragging adjusted EBITDA to EUR135
million-EUR140 million from EUR147.0 million in fiscal 2023. This
should translate into adjusted leverage further increasing toward
8.5x by fiscal year-end, compared with our 7.5x expectation. For
fiscal 2025, we see limited deleveraging to about 8.0x as top-line
pressures prevent a swifter rebound in the adjusted EBITDA, which
we expect to reach EUR145 million-EUR150 million. Lower EBITDA
coupled with an increasing cash interest burden should translate
into funds from operations cash interest coverage falling close to
2.0x in fiscal 2024 and 2.0x-2.5x in fiscal 2025. However, we don't
see liquidity issues over the coming 12 months, with about EUR75
million available liquidity at Sept. 30, 2023. This should
comfortably cover low working capital needs and relatively
flexible, although high, capex investments mostly tied to
expansionary projects.
"Despite challenging market conditions, Obol continues to benefit
from its leader positioning in the resilient funeral industry in
France. The company's extensive funeral network--covering more than
80% of mainland France--remain its key competitive advantage in an
industry where proximity and awareness are the main purchase
drivers. Despite headwinds from normalizing death rates, we see
generally positive underlying trends for the funeral sector in
France continuing, notably from an aging population--over 21% of
France's population is over 65. Also, we see the industry
relatively insulated from consumer trends affecting other sectors,
notably inflation and weakening consumer spending. Funerals
continue to exhibit relatively low-price elasticity thanks to its
nondiscretionary nature, strong emotional component (overriding
price considerations), and favorable regulation--funerals must take
place within six days of a death and assets from the deceased can
be used to cover funeral expenses up to EUR5,000. In our view, this
should continue underpinning Obol's ability to pass along cost
inflation while protecting its market position in the mid-to-high
price range.
"The stable outlook reflects our expectation that Obol should
remain self-funded over the coming 12 months, supported by a
gradual recovery of its operating performance. This assumes
marginal improvements in market share from the ramp-up of strategic
initiatives and rebounding profitability from cost-saving
initiatives and normalizing cost inflation, more than offsetting
the declining effect from COVID-19. Under our base-case scenario,
we expect adjusted leverage decreasing toward 8.0x by fiscal
year-end 2025, from 8.5x in fiscal 2024, and at least neutral FOCF
after leases over the forecast period.
"We could take a negative rating action if Obol fails to increase
its adjusted EBITDA or proves unable to adequately fund its
day-to-day operations with negative FOCF after leases further
weakening its liquidity position. These conditions would threaten
its ability to refinance upcoming debt maturities in December 2025
while increasing the risk of a liquidity event. This could happen
if Obol fails to stabilize its market share amid rapidly declining
deaths post-COVID-19 and sees its profitability further
deteriorating as cost inflation and the operating leverage effect
largely offset cost-saving initiatives.
"We could raise the ratings if adjusted leverage falls below 7.0x
consistently with a maintained FOCF cushion after leases. This
could happen if Obol exceeds our expectations to restore market
share and increase profitability thanks to a seamless execution of
its strategic, commercial and efficiency initiatives. We would also
need to see evidence of a refinancing plan with a high probability
of success for its TLB maturing in 2025 as Obol progresses on
deleveraging."
=============
G E R M A N Y
=============
PONY SA 2023-1: Fitch Assigns 'BB-sf' Final Rating on Cl. F Debts
-----------------------------------------------------------------
Fitch Ratings has assigned Pony S.A. Compartment German Auto Loans
2023-1 final ratings, as detailed below.
Entity/Debt Rating Prior
----------- ------ -----
Pony S.A. Compartment
German Auto Loans 2023-1
Class A XS2696128433 LT AAAsf New Rating AAA(EXP)sf
Class B XS2696129241 LT AA+sf New Rating AA+(EXP)sf
Class C XS2696129670 LT A+sf New Rating A+(EXP)sf
Class D XS2696129837 LT BBB+sf New Rating BBB+(EXP)sf
Class E XS2696130173 LT BBsf New Rating BB(EXP)sf
Class F XS2696130330 LT BB-sf New Rating BB-(EXP)sf
TRANSACTION SUMMARY
The transaction is a securitisation of German auto loans originated
to private and commercial borrowers by Hyundai Capital Bank Europe
GmbH (HCBE), a joint venture between Santander Consumer Bank AG
(SCB; 51% stakeholder) and Hyundai Capital Services Inc (49%). The
transaction has a 12-month revolving period. This is the second
issue, after Pony 2021-1, from this originator that Fitch has
rated.
KEY RATING DRIVERS
Low Originator Book Defaults: The low historical defaults of HCBE's
loans and better-than-expected performance of the predecessor
transaction outweigh Fitch's deteriorating asset outlook. This is
reflected in its base case default rate of 1.5%, which is lower
than the 1.8% base case Fitch assumed for HCBE's previous issuance.
The increased availability of HCBE's default data and a shorter
revolving period drive the lower 'AAA' default multiple of 6.75x
compared with 7.0x applied by Fitch in the predecessor
transaction.
Pro-Rata Principal Allocations: Repayment dynamics of the notes
depend on the length of pro-rata allocation of principal, which
starts once the class A notes over-collateralisation increases to
at least 11%. In Fitch's view, the principal deficiency ledger
trigger is the most effective sequential payment trigger to
terminate pro-rata allocations if asset performance deteriorates.
In its modelling, the length of pro-rata payments is limited in the
driving 'AAA' scenario, at just four months, while at 'BB',
allocations are pro-rata for about half of the transaction's
lifetime.
Reserve Funding Through Unrated HCBE: Rating triggers for the
funding of a commingling, set-off and replacement servicer fee
reserve by HCBE reference the rating of SCB, which holds a 51%
stake in HCBE. Fitch views this rating reference adequate for this
purpose, based on its assessment of the bank's investment
objectives and HCBE's relevance in SCB's long-term strategic
objectives.
Counterparty Risks Addressed: The transaction features a liquidity
reserve to reduce payment interruption risk. It is funded at
closing and provides about three months of coverage of the issuer's
expenses. Considerations for a replacement of the servicer, and
remedial actions for the transaction account bank and swap
counterparty are adequately defined in the transaction
documentation and in line with its counterparty criteria.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Asset performance deterioration beyond its current expectations
in the form of higher defaults and larger losses due to adverse
changes in macroeconomic conditions, business practices or the
legislative landscape
- Defaults and losses more back-loaded than assumed, leading to a
longer pro-rata period
Sensitivities to higher default rates and lower recoveries are
shown below:
Defaults increase by 10%
Class A: 'AAAsf'; Class B: 'AA+sf'; Class C: 'A+sf'; Class D:
'BBB+sf'; Class E: 'BBsf'; Class F: 'BB-sf'
Defaults increase by 25%
Class A: 'AA+sf'; Class B: 'AA-sf'; Class C: 'Asf'; Class D:
'BBBsf'; Class E: 'BBsf'; Class F: 'B+sf'
Defaults increase by 50%
Class A: 'AA+sf'; Class B: 'A+sf'; Class C: 'BBB+sf'; Class D:
'BBB-sf'; Class E: 'BB-sf'; Class F: 'Bsf'
Recoveries decrease by 10%
Class A: 'AAAsf'; Class B: 'AA+sf'; Class C: 'A+sf'; Class D:
'BBB+sf'; Class E: 'BBsf'; Class F: 'BB-sf'
Recoveries decrease by 25%
Class A: 'AAAsf'; Class B: 'AAsf'; Class C: 'Asf'; Class D:
'BBBsf'; Class E: 'BBsf'; Class F: 'BB-sf'
Recoveries decrease by 50%
Class A: 'AAAsf'; Class B: 'AA-sf'; Class C: 'A-sf'; Class D:
'BBB-sf'; Class E: 'BB-sf'; Class F: 'Bsf'
Defaults increase by 10% and recoveries decrease by 10%
Class A: 'AAAsf'; Class B: 'AAsf'; Class C: 'Asf'; Class D:
'BBBsf'; Class E: 'BBsf'; Class F: 'B+sf'
Defaults increase by 25% and recoveries decrease by 25%
Class A: 'AA+sf'; Class B: 'A+sf'; Class C: 'BBB+sf'; Class D:
'BBB-sf'; Class E: 'B+sf'; Class F: 'Bsf'
Defaults increase by 50% and recoveries decrease by 50%
Class A: 'A+sf'; Class B: 'A-sf'; Class C: 'BBB-sf'; Class D:
'BB-sf'; Class E: 'B-sf'; Class F: 'CCCsf'
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Defaults lower and losses smaller than assumed
- Reduction in inflationary pressure on food and energy and
improving growth prospects for Germany
Sensitivities to lower default rates and higher recoveries are
shown below:
Defaults decrease by 25% and recoveries increase by 25%
Class A: 'AAAsf'; Class B: 'AAAsf'; Class C: 'AA+sf; Class D:
'A+sf'; Class E: 'BBB+sf'; Class F: 'BBBsf'
DATA ADEQUACY
Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
TELE COLUMBUS: To Convert Most of Interest to PIK Under Debt Deal
-----------------------------------------------------------------
Libby Cherry at Bloomberg News reports that Tele Columbus AG will
convert most of its interest to payment-in-kind as part of the
amendment to debt terms under its plan to overhaul its debtload,
according to a presentation distributed to investors.
According to Bloomberg, EUR650 million senior secured notes will
receive a new coupon of 10%, which will be fully payment-in-kind.
The yield floor is set at 8% and the margin floor at 2%, regardless
of the amount of incremental equity injection, Bloomberg
discloses.
Incremental equity relates to any additional equity provided after
the EUR300 million injection is satisfied, Bloomberg notes.
The EUR462 million term loan facility will have an updated margin
of E +4%, with a 6% Euribor floor, notes the report. It will have
a minimum cash-pay of 50bps, with the reminder as PIK interest.
The Margin floor is set at 2% regardless of the amount of
incremental equity injection, Bloomberg News further notes.
Any incremental equity will reduce the loan and bond interest
coupon by 0.5% per annum for every EUR25 million. of additional
equity, Bloomberg states.
Maturities of loans and bonds will be extended until Oct. 15 2028
at par, Bloomberg discloses.
A Consent fee of 25bps has been set for consenting lenders and
noteholders, of which 12.5bps is an early consent fee, says the
report.
The Debt documentation has been updated including changes to debt
baskets and introduction of minimum liquidity covenants, the report
relays.
Shareholder capital will "go towards funding capital expenditure to
enact the management plan", Bloomberg relates.
A 90% noteholder consent is required to extend bond maturities and
all lender consent is required to extend term loan maturities,
Bloomberg notes.
If full consensual option is not reached, transaction could be
implemented using a UK scheme of arrangement or restructuring plan,
or a German StaRUG, Bloomberg discloses.
===========
G R E E C E
===========
FRIGOGLASS SAIC: S&P Withdraws 'SD' Long-Term Issuer Credit Rating
------------------------------------------------------------------
S&P Global Ratings withdrew its 'SD' (selective default) long-term
issuer credit and 'D' (default) issue-level ratings on Greek
refrigeration and glass packaging manufacturer Frigoglass SAIC and
on its senior secured notes. This follows the completion of
Frigoglass' senior notes restructuring in April 2023. The
Frigoglass group now reports its results under a new entity, Frigo
DebtCo PLC (not rated).
=============
I R E L A N D
=============
CIFC EUROPEAN I: Fitch Affirms Rating on Class F Notes to 'B-sf'
----------------------------------------------------------------
Fitch Ratings has upgraded CIFC European Funding CLO I DAC's class
D-R and affirmed the rest, as detailed below.
Entity/Debt Rating Prior
----------- ------ -----
CIFC European
Funding CLO I DAC
A-R XS2370635463 LT AAAsf Affirmed AAAsf
B-1-R XS2370636271 LT AAsf Affirmed AAsf
B-2-R XS2370636867 LT AAsf Affirmed AAsf
C-R XS2370638301 LT Asf Affirmed Asf
D-R XS2370638566 LT BBBsf Upgrade BBB-sf
E XS2020693987 LT BBsf Affirmed BBsf
F XS2020694100 LT B-sf Affirmed B-sf
TRANSACTION SUMMARY
CIFC European Funding CLO I DAC is a cash flow collateral loan
obligation (CLO) mostly comprising senior secured obligations. The
transaction is actively managed by CIFC CLO Management II LLC and
will exit its reinvestment period on 15 January 2024.
KEY RATING DRIVERS
Stable Performance: Since Fitch's last rating action in March 2022,
the portfolio's performance has been stable. The transaction is
below par by 78bp as reported by the trustee and has a negative
cash balance on a trade date basis at 1.2% of the portfolio. As per
the last trustee report dated 3 October 2023, the transaction was
passing all of its collateral-quality and portfolio-profile tests.
No defaulted obligations were reported in the latest trustee
report.
Manageable Refinancing Risk: The transaction has manageable
exposure to near- and medium-term refinancing risk, with no assets
in the portfolio maturing in 2024 and 6.4% maturing in 2025, as
calculated by Fitch. This, together with the stable asset
performance, has resulted in the upgrade of the class D-R notes and
affirmation of all others.
'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The Fitch-calculated weighted average
rating factor (WARF) of the current portfolio is 24.9.
High Recovery Expectations: Senior secured obligations comprise
98.1% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate (WARR) of the current portfolio as reported by the trustee is
61.6%.
Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration as calculated by Fitch is 11.9%, which is below the
covenanted maximum, and the largest obligor represents 1.4% of the
portfolio balance. Exposure to the three-largest Fitch-defined
industries is 34.3% as calculated by the trustee. Fixed-rate assets
as reported by the trustee are at 5.8% of the portfolio balance,
versus a limit of 7.5%.
Transaction in Reinvestment Period: Given the manager's ability to
reinvest, Fitch's analysis is based on a stressed portfolio, which
tested the notes' achievable ratings, since the portfolio can still
migrate to different collateral quality tests and the level of
fixed-rate assets could change.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
An increase of the default rate (RDR) by 25% of the mean RDR of the
current portfolio and a decrease of the recovery rate (RRR) by 25%
at all rating levels in the current portfolio would lead to a
downgrade of one notch for the class E notes but would have no
impact on all other tranches. Downgrades may occur if the build-up
of the notes' credit enhancement following amortisation does not
compensate for a larger loss expectation 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 C-R notes display a
rating cushion of one notch, the class B-1-R, B-2-R, D-R and E
notes of two notches and the class F notes of five notches. The
class A-R notes have no rating cushion.
Should the cushion between the current portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of no more than
one notch for the class A-R notes, two notches for the class B-1-R,
B-2-R, C-R and D-R notes, four notches for the class E notes and to
below 'B-sf' for the class F notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A reduction of the RDR at all rating levels in the Fitch-stressed
portfolio by 25% of the mean RDR and an increase in the RRR by 25%
at all rating levels in the stressed portfolio would result in
upgrades of up to five notches for all notes, except for the class
A-R notes. Further upgrades may occur, except for the 'AAAsf'
notes, if the portfolio's quality remains stable and the notes
start to amortise, leading to higher credit enhancement across the
structure.
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 referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
CUMULUS STATIC 2023-1: Moody's Assigns Ba3 Rating to Class E Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Cumulus Static CLO
2023-1 DAC (the "Issuer"):
EUR220,200,000 Class A Senior Secured Floating Rate Notes due
2033, Definitive Rating Assigned Aaa (sf)
EUR23,500,000 Class B Senior Secured Floating Rate Notes due 2033,
Definitive Rating Assigned Aa1 (sf)
EUR16,300,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2033, Definitive Rating Assigned A2 (sf)
EUR17,600,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2033, Definitive Rating Assigned Baa3 (sf)
EUR16,600,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2033, Definitive Rating Assigned Ba3 (sf)
RATINGS RATIONALE
The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.
The Issuer is a static CLO. The issued notes will be collateralized
primarily by broadly syndicated senior secured corporate loans. The
portfolio is expected to be 100% ramped as of the closing date.
Blackstone Ireland Limited may sell assets on behalf of the Issuer
during the life of the transaction. Reinvestment is not permitted
and all sales and principal proceeds received will be used to
amortize the notes in sequential order.
In addition to the five classes of notes rated by Moody's, the
Issuer has issued EUR24,900,000 of Subordinated Notes which are not
rated.
The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.
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.
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.
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.
Moody's used the following base-case modeling assumptions:
Par Amount: EUR325,000,000
Diversity Score: 60
Weighted Average Rating Factor (WARF): 2813
Weighted Average Spread (WAS): 3.73% (actual spread vector of the
portfolio)
Weighted Average Coupon (WAC): 3.55% (actual spread vector of the
portfolio)
Weighted Average Recovery Rate (WARR): 44.6%
Weighted Average Life (WAL): 4.36 years (actual amortization vector
of the portfolio)
MULLIGAN & HAINES: Circuit Court Appoints Interim Examiners
-----------------------------------------------------------
Francesca Comyn at The Currency reports that the Circuit Court has
appointed interim examiners to two pubs in Dublin including the
city centre Mulligan & Haines bar and restaurant on Dame Street.
According to The Currency, the move came after the Revenue
Commissioners applied to have the bars wound up due to undischarged
tax debts of circa EUR1.2 million -- alleged to include Covid wage
supports the businesses were not entitled to claim.
Joe Walsh of JW Accountants and John Healy of Kirby Healy will take
up the role of interim examiners to Mulligan & Haines Hospitality
Ltd. and Castor Ventures Ltd. until a full examinership petition is
heard in December, The Currency discloses.
===================
L U X E M B O U R G
===================
EP PACO: Moody's Affirms 'B1' CFR, Outlook Remains Stable
---------------------------------------------------------
Moody's Investors Service has affirmed the B1 long-term Corporate
Family Rating and the B1-PD probability of default rating of EP
PaCo S.A. (Euroports). Concurrently, Moody's has assigned a B1
rating to EP BCo SA's proposed EUR500 million senior secured first
lien term loan B maturing in June 2029 and to the new EUR45 million
revolving credit facility maturing in June 2028; and a B3 rating to
the proposed EUR70 million senior secured second lien term loan
maturing in June 2030. The outlook of EP PaCo S.A. and EP BCo SA
remain stable.
Proceeds from the loans will be used to (1) fully redeem the
existing EUR365 million senior secured first lien term loan due
2026 and the EUR105 million senior secured second lien term loan
due 2027; (2) fully repay the existing shareholder loan in the
amount of EUR66 million; (3) repay the EUR18 million of debt
drawdowns under the existing revolving credit facility; and (4) pay
for transaction costs. The ratings of the EUR365 million senior
secured first lien term loan and the EUR105 million senior secured
second lien term loan will be withdrawn once repaid.
RATINGS RATIONALE
The B1 senior secured ratings on the first lien term loan and
revolving credit facility are in line with the CFR of Euroports,
because of the guarantees on a senior secured basis from EP PaCo
S.A., EP BCo S.A. and all material subsidiaries that account for
90% of consolidated EBITDA and consolidated gross assets of the
group and, therefore, their first priority ranking of claim. The B3
senior secured rating on the second lien term loan reflects its
contractual subordination to the first lien credit facilities, as
per the finance documentation. The affirmation of the B1 CFR
reflects Moody's expectation that the operating and financial
performance of the group will continue to improve, such that the
funds from operations (FFO)/debt ratio will remain comfortably
positioned within the ratio guidance for a B1 rating.
In 2022, Euroports operations have improved, with revenues
increasing by 32% to EUR1,075 million and reported EBITDA growing
by 27% to EUR95 million, mostly as a result of organic growth. In
the first nine months of 2023, the port terminal business continued
to improve with revenues growing by 6% versus the same period last
year, supported by strong operational performance across most of
its terminals. However, following the exceptional performance of
last year, Euroports' revenue from the logistics business in the
first nine months of 2023 declined by 26%, mainly as a result of
decreasing freight forwarding prices following peak levels reached
in 2022. Hence, Moody's anticipates that total revenue will
decrease by around 10% in 2023, while reported EBITDA should remain
broadly in line with the previous year, at around EUR105 million,
because of its predominantly variable cost base.
Moody's expects performance to remain on a positive trend driven by
(1) the start of the windmill business in Port La Nouvelle; (2) new
business developments started in 2023 within the Sugar, Agribulk
and Forest products division; and (3) synergies from combining the
port operations with the logistics business. In addition, as a
result of the refinancing, total interest expense will decrease,
given the high margin attached to the second lien term loan that
will be reduced in amount and the shareholder loan, which Moody's
considers as 100% debt, that will be fully repaid. Consequently,
the company's credit metrics should improve, such that FFO/debt
ratio will be positioned at around 8.5%-9.5% by year-end 2024.
Nevertheless, there remain risks to the downside, in particular
from more muted global macroeconomic conditions and a weaker demand
for goods that might weigh on global trade flows.
Overall, Euroports' B1 rating continues to reflect (1) the
strategic location of the company's key terminals with a long
average concession life; (2) the high degree of geographic and
industry diversification, through strong terminal presence in
Europe and China; (3) a resilient operating profile, supported by
an effective cost-saving programme and robust terminal activity
over the last years; (4) the contractually fixed ability to pass
through inflation on the vast majority of the contracts; and (5)
long standing relationships with a well-diversified group of large
industrial customers with contractual take-or-pay or volume
requirement features, which somewhat offset the volatility of
underlying commodities handled.
At the same time, Euroports' B1 CFR is constrained by (1) its
exposure to cyclical industries, negative sector trends or adverse
weather conditions, notwithstanding contractual arrangements with
key customers; (2) high gross financial leverage, with leverage
reduction mainly reliant on EBITDA growth; (3) the share of the
logistic business in total EBITDA, which has lower profitability
and a weaker business profile than the traditional port operating
business; and (4) the absence of interest rate hedging, which
leaves the company exposed to high interest rates.
EP PaCo SA's probability of default rating of B1-PD is in line with
its CFR, reflecting a family-wide loss given default rate of 50%,
typically assumed by Moody's for a capital structure that consists
of first and second lien credit facilities.
LIQUIDITY AND DEBT COVENANTS
Euroports' liquidity position is good, underpinned by EUR81 million
of cash on balance sheet, as of September 2023, and an undrawn
committed facility of EUR45 million with a final maturity in June
2028. Following the transaction, the company will not face any
significant debt maturity before 2029 when the first lien term loan
of EUR500 million becomes due. Moody's do not expect the company to
distribute dividends next year. Overall, given Euroports'
relatively low capital spending requirements, Moody's expects that
Euroports' liquidity position and cash flow generation will be
sufficient to cover its capital expenditures and debt service
obligations in the following 12-18 months.
RATING OUTLOOK
The stable outlook reflects Moody's expectation that Euroports'
operating performance will continue to improve and financial
metrics will remain in line with the ratio guidance for the B1
rating level, namely that the FFO/debt ratio will remain above 7%.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward rating pressure could develop if Euroports demonstrates a
consistent growth in EBITDA or a reduction in debt levels, such
that FFO/debt were to be positioned above 10% on a sustained basis;
in conjunction with maintaining a good liquidity position.
Downward rating pressure could develop as a result of (1) a
weakening in the group's financial profile, such that FFO/debt
would likely fall below 7%; (2) a substantial deterioration in the
group's liquidity position or reduction of cash balances below
historic levels; or (3) a material change in the business mix of
the group resulting in a heightened risk profile.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Privately
Managed Ports published in April 2023.
PROFILE
EP PaCo S.A. is the direct shareholder of EP BCo SA, the parent
company of Euroports Holdings S.a.r.l, an international port
operator whose operations consist of large-scale ports situated in
fifteen terminal areas in Northern and Southern Europe as well as
in China. Through its terminals the company handles, stores and
transports primarily bulk and breakbulk essential commodities for a
diverse customer base across different end markets: forest
products, metals, minerals, fertilizer, agribulk, coal, liquids,
sugar, alternative energy and others. In 2022, EP PaCo S.A.
reported EUR1,075 million of revenues and EUR95 million of EBITDA.
EP PaCo SA is majority owned by R-Logitech, in turn owned by Sonel
Investments, which holds 53.4% of voting shares, followed by
Belgian sovereign funds PMV and SFPI-FPIM, each holding 23.3% of
shares.
=====================
N E T H E R L A N D S
=====================
TAURUS 2020-1: Fitch Lowers Rating on Class E Notes to 'B-sf'
-------------------------------------------------------------
Fitch Ratings has downgraded Taurus 2020-1 NL DAC's notes, as
detailed below.
Entity/Debt Rating Prior
----------- ------ -----
Taurus 2020-1 NL DAC
A XS2128007163 LT AAsf Downgrade AAAsf
B XS2128007593 LT A-sf Downgrade AA-sf
C XS2128007759 LT BBB-sf Downgrade A-sf
D XS2128007916 LT BBsf Downgrade BBBsf
E XS2128008211 LT B-sf Downgrade BB-sf
TRANSACTION SUMMARY
Taurus 2020-1 NL DAC finances 100% of a commercial mortgage term
loan originally sized at EUR653.3 million advanced by Bank of
America Merrill Lynch International DAC to entities related to
Blackstone Real Estate Partners. Together with a senior capex loan
and a mezzanine loan, the senior term loan is secured on a
portfolio of office and industrial properties in the Netherlands.
Since closing in 2020, 67 properties have been sold, resulting in
38.7% of the senior loan balance being repaid. As of August 2023,
the loan balance was EUR421.9 million, including both the senior
loan and the drawn amount of capex loan. Of the remaining portfolio
of 38 properties, 33 are offices, with 41% of market value focused
in the Amsterdam area. The loan is subject to 100% cash trapping.
However, as amounts trapped can be drawn to cover landlord expenses
(subject to certain conditions), they may not be available at loan
maturity in 20 February 2025.
KEY RATING DRIVERS
Macro Challenges, Office Demand Polarisation: The Dutch economy
started to slow in 1Q23 from a cyclical peak, weakened by high
inflation and subdued export demand from key eurozone markets. The
office market is polarising by quality and location. Hybrid working
and the green transition are transforming demand across Europe,
with non-central office submarkets, such as Canary Wharf and La
Defense, seeing occupancy fall. This has been reflected in very
sharp value declines of portfolio assets in Amsterdam's Bijlmermeer
quarter.
Worsening Loan Debt Yield: The senior debt yield has fallen by
around 1pp to 7.1% from the last review. With occupancy up 1pp and
gross income up EUR2 million, this fall reflects rising landlord
costs, tenant incentives (and arrears) and draws from the capex
loan. Fitch assumes the EUR34.0 million undrawn capex facility will
be spent mainly on remedial works (considering backlog capex cited
by the valuer), and accordingly limit assumed value-add to an
additional EUR0.6 million estimated rental value (ERV). Assuming no
injection of equity, Fitch expects further use of the capex loan to
push the debt yield below 7% by loan maturity.
Mezzanine Purchase Option: For a secondary office portfolio
(Fitch's weighted average (WA) property score is 4.1), its low debt
yield raises the risk of a senior loan maturity default,
particularly if interest rates remain high. In this case, the
mezzanine lender can purchase the senior loan as this option can
survive mortgage enforcement (if not exercised), and could act as a
negative market signal to the value of the portfolio when it
converges with the senior loan balance. The rating of the class E
notes has been downgraded to one notch below its break-even rating
as Fitch expects non-exercise to be viewed as a negative signal.
Concentrated Portfolio: The assets are polarised in their
resilience to the pressures on the office market from the external
environment. Overall, the effect is negative in its view, with
deterioration in performance and prospects contributing to its
downgrades. The portfolio has seen significant disposals to date,
potentially resulting in material adverse selection given available
disposal options and pro-rata principal distribution. Fitch
accounts for some of this in its ratings, while reflecting the full
scope in its Negative Outlooks.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Contraction in demand, which leads to lower rents or higher
vacancy in the portfolio
The change in model output that would apply with rental value
decline assumptions 15pp higher produces the following ratings:
'BBB+sf' / 'BB+sf' / 'Bsf' / 'CCCsf' / 'CCCsf'
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Improvement in portfolio performance led by rent increases and
decline in vacancy
The change in model output that would apply with cap rate
assumptions 1pp lower produces the following ratings:
'AAsf' / 'AA-sf'/ 'BBB+sf' / 'BBBsf' / 'BBsf'
Key property assumptions (weighted by net ERV)
ERV: EUR52.9 million
'Bsf' WA cap rate: 6.9%
'Bsf' WA structural vacancy: 20.6%
'Bsf' WA rental value decline: 8.7%
'BBsf' WA cap rate: 7.3%
'BBsf' WA structural vacancy: 23.2%
'BBsf' WA rental value decline: 12.2%
'BBBsf' WA cap rate: 7.6%
'BBBsf' WA structural vacancy: 26.3%
'BBBsf' WA rental value decline: 15.7%
'Asf' WA cap rate: 8.0%
'Asf' WA structural vacancy: 29.3%
'Asf' WA rental value decline: 19.2%
'AAsf' WA cap rate: 8.4%
'AAsf' WA structural vacancy: 32.4%
'AAsf' WA rental value decline: 23.3%
'AAAsf' WA cap rate: 8.8%
'AAAsf' WA structural vacancy: 60.3%
'AAAsf' WA rental value decline: 27.4%
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.
Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
===============
P O R T U G A L
===============
THETIS FINANCE 2: Fitch Hikes Rating on Class F Notes to 'BBsf'
---------------------------------------------------------------
Fitch Ratings has upgraded five classes of Ares Lusitani - STC,
S.A. / Thetis Finance No.2 (Thetis 2) notes. Fitch has also
affirmed the rating on class A and removed class B to F notes from
Rating Watch Positive (RWP). The Outlook on all classes is now
Stable.
Entity/Debt Rating Prior
----------- ------ -----
Ares Lusitani - STC,
S.A. / Thetis
Finance No.2
A PTLSNLOM0005 LT AAAsf Affirmed AAAsf
B PTLSNMOM0004 LT AAsf Upgrade A+sf
C PTLSNNOM0003 LT A+sf Upgrade A-sf
D PTLSNOOM0002 LT A-sf Upgrade BBB-sf
E PTLSNPOM0001 LT BBBsf Upgrade BBsf
F PTLSNQOM0000 LT BBsf Upgrade B-sf
TRANSACTION SUMMARY
The transaction is a three-year revolving securitisation of a
portfolio of fully amortising auto loans originated in Portugal by
Banco Credibom, S.A. Credibom is a specialist lender wholly owned
by CA Consumer Finance (A+/Stable/F1), itself fully owned by Credit
Agricole S.A. (A+/Stable/F1). The transaction closed in July 2021
and the revolving period is scheduled to end in July 2024.
KEY RATING DRIVERS
Recalibration of Intermediate Rating Cases: The rating actions and
the RWP resolution follow the recent upgrade of Portugal's
Long-Term Foreign- and Local-Currency IDRs to 'A-' from 'BBB+' and
the recalibration of intermediate rating cases as per Fitch's
Structured Finance and Covered Bonds Country Risk Rating Criteria.
Fitch maintains a six-notch differential between the sovereign IDR
and the highest achievable structured finance (SF) ratings. The
Portuguese sovereign upgrade implies a maximum achievable rating
for SF transactions in Portugal of 'AAAsf'/Stable.
Updated Asset Assumptions: Fitch has recalibrated the base-case
default and recovery assumptions at 7.8% and 45.3% from 9.8% and
50.7% respectively, driven by the transaction performance,
Portugal's economic outlook and the originator's underwriting and
servicing strategies. Fitch has also revised the 'AAAsf' default
multiple and recovery haircut to 5.0x and 45.0%from 4.0x and 50.0%,
respectively, on a blended portfolio basis.
Under the resulting 'AAAsf' rating case commensurate with the class
A note rating, the portfolio's lifetime loss rate is stable at
29.5%. The base case prepayments assumption has also been revised
to 12% for the entire pool based on the observation that
prepayments have been steadily below its initial assumptions.
Finally, Fitch has modelled the current portfolio yield of 7.4%,
instead of the revolving period limit of 5.5%, given the rising
interest rates macro environment since the transaction's closing.
Revolving and Pro Rata Amortisation: The portfolio is currently on
the second year of its revolving period, which will last until July
2024. After revolving, classes A to G notes have an initial
sequential amortisation period until their credit enhancement (CE)
ratios increase by 20% from the initial percentages, after which
they will be repaid pro rata. A sequential amortisation event will
occur if cumulative defaults on the portfolio exceed certain
thresholds or a principal deficiency ledger (PDL) is recorded for
two consecutive periods.
Currently, PDL and gross cumulative defaults are zero and 0.6%,
respectively. Fitch views tail risk as mitigated by a mandatory
switch to sequential notes amortisation when the portfolio balance
is 10% or less of its initial balance.
Counterparty Arrangements: The maximum achievable rating for the
transaction is 'AAAsf', in line with Fitch's Structured Finance and
Covered Bonds Counterparty Rating Criteria. This is due to the
minimum eligibility rating thresholds defined for the transaction
account bank of 'A' and the interest-rate swap provider of 'A' or
'F1', which are dynamically defined for the swap provider based on
the rating of the highest-rated note.
While no back-up servicer has been appointed at closing date,
servicing continuity risk is mitigated by the liquidity provided in
the form of a dedicated cash reserve that would cover senior costs,
net swap payments (if any) and interest on class A to C notes for
more than three months - a period Fitch deems sufficient to
implement alternative arrangements if needed. The maximum
achievable rating for class D to F notes is 'A+sf' in accordance
with Fitch's criteria, given that they are excluded from this
liquidity arrangement, and that their interest payments are
deferrable even when they become the most senior tranche.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
For class A notes, a downgrade of Portugal's Long-Term IDR that
could decrease the maximum achievable rating for Portuguese SF
transactions, could result in a downgrade of the notes.
Long-term asset performance deterioration, such as increased
delinquencies or a reduced portfolio yield, which could be driven
by changes in portfolio characteristics, macroeconomic conditions,
business practices or the legislative landscape could lead to a
downgrade of class A notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Class A notes are rated at the highest level on Fitch's scale and,
therefore, cannot be upgraded.
For class B to F notes, an increase in CE ratios as the transaction
deleverages to fully compensate the credit losses and cash flow
stresses commensurate with higher rating scenarios would result in
rating upgrades.
DATA ADEQUACY
Ares Lusitani - STC, S.A. / Thetis Finance No.2
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.
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action
Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.
Prior to the transaction's closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
=========
S P A I N
=========
BBVA LEASING 3: Moody's Assigns B1 Rating to EUR336MM Ser. B Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the Notes issued by BBVA LEASING 3, FONDO DE
TITULIZACION (the Issuer):
EUR2064M Series A Notes due November 2043, Definitive Rating
Assigned Aa3 (sf)
EUR336M Series B Notes due November 2043, Definitive Rating
Assigned B1 (sf)
The transaction is a static cash securitisation of credit rights
(interest and principal, excluding the purchase option and indirect
taxes, such as VAT) derived from lease receivables granted by Banco
Bilbao Vizcaya Argentaria, S.A. ("BBVA", LT Bank Deposits A2/ST
Bank Deposits P-1, LT Counterparty Risk Assessment A3(cr)/ST
Counterparty Risk Assessment P-2(cr)) to small and medium-sized
enterprises (SMEs), self-employed individuals and corporates
located in Spain.
RATINGS RATIONALE
The ratings of the Notes are primarily based on the analysis of the
credit quality of the underlying portfolio, the structural
integrity of the transaction, the roles of external counterparties
and the protection provided by credit enhancement.
In Moody's view, the strong credit positive features of this deal
include, amongst others:
(i) a diversified pool across industry sectors and regions;
(ii) a relatively granular pool as the top obligor represents less
than 1.2% of the pool volume and the effective number in terms of
obligor groups is 541; and
(iii) around 23.2% of the debtors are large corporate obligors.
However, the transaction has some challenging features, such as:
(i) exposure to the construction and building sector at around
16.2% of the pool volume, which includes a 6.8% exposure to real
estate developers, in terms of Moody's industry classification;
(ii) a strong linkage to BBVA as it holds several roles in the
transaction (originator, servicer, accounts bank and swap
counterparty); and
(iii) approximately 32.4% of the portfolio bears a floating
interest rate while the Notes are paying a fixed rate. However, to
mitigate the fixed-floating rate mismatch, the Issuer has entered
into a swap agreement with BBVA. Under the swap agreement, (i) the
issuer pays all interest collections on the collateral, (ii) the
swap counterparty pays a fixed rate of 2.92%, (iii) the notional
will be the average balance of the non-defaulted assets during the
calculation period immediately preceding each payment date.
Key collateral assumptions:
Mean default rate: Moody's assumed a mean default rate of 7.2% over
a weighted average life of 2.5 years (equivalent to a Ba3 proxy
rating as per Moody's Idealized Default Rates). This assumption is
based on: (1) the available historical vintage data, (2) the
performance of the previous transactions originated by BBVA, and
(3) the characteristics of the line-by-line portfolio information.
Moody's also took into account the current economic environment and
its potential impact on the portfolio's future performance, as well
as industry outlooks or past observed cyclicality of
sector-specific delinquency and default rates.
Default rate volatility: Moody's assumed a coefficient of variation
(i.e. the ratio of standard deviation over the mean default rate
explained above) of 54.9% as a result of the analysis of the
portfolio concentrations in terms of single obligors and industry
sectors.
Recovery rate: Moody's assumed a 35% stochastic mean recovery rate,
primarily based on the characteristics of the collateral-specific
line-by-line portfolio information, complemented by the available
historical vintage data. In addition, Moody's assumed a 12%
recovery rate mean upon insolvency of the originator.
Portfolio credit enhancement: the aforementioned assumptions
correspond to a portfolio credit enhancement assumption of 22%,
that takes into account the Spanish current local currency country
risk ceiling (LCC) of Aa1.
As of October 27, 2023, the audited provisional asset pool of
underlying assets was composed of a portfolio of 34,304 contracts
amounting to EUR2,601.6 million. The top industry sector in the
pool, in terms of Moody's industry classification, is
Transportation: Cargo (21.3%).
The top obligor group represents 1.2% of the portfolio and the
effective number of obligor groups is 541. The assets were
originated between 2006 and 2023 and have a weighted average
seasoning of 2.6 years and a weighted average remaining term of 4.8
years. The interest rate is floating for almost 32.4% of the pool
while the remaining part of the pool bears a fixed interest rate.
The weighted average spread on the floating portion is 1.3%, while
the weighted average interest on the fixed portion is 1.9%.
Geographically, the pool is concentrated mostly in the regions of
Catalonia (20.7%) and Madrid (19.5%). At closing there will be no
leases with more than 30 days in arrears.
Assets are represented by receivables belonging to different
sub-pools: equipment (42.5%), transportation (34.7%) and real
estate (22.8%). The securitized portfolio does not include the
final instalment amount to be paid by the lessee (if option is
chosen) to acquire full ownership of the leased asset (i.e. the
residual value instalment).
Key transaction structure features:
Reserve fund: the transaction benefits from EUR120,000,000 reserve
fund equivalent to 5% of the balance of the securitised portfolio
at closing. The reserve fund provides both credit and liquidity
protection to the Notes.
Counterparty risk analysis:
BBVA will act as servicer of the leases for the Issuer, while
Europea de Titulizacion, S.A., S.G.F.T. (NR) will be the management
company (Gestora) of the transaction.
All of the payments under the assets in the securitised pool are
paid into the collection account at BBVA, from which they are
transferred into the Issuer account on the second day following
receipt. The Issuer account is held at BBVA with a transfer
requirement if the rating of the account bank falls below Baa2.
To mitigate the fixed-floating rate mismatch, the Issuer will enter
into a swap agreement with BBVA. The collateral trigger is set at
loss of Senior Unsecured of A3 and the transfer trigger at loss of
Long Term Senior Unsecured of Baa3.
Principal Methodology:
The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations methodology" published in September
2023.
Factors that would lead to an upgrade or downgrade of the ratings:
The Notes' ratings are sensitive to the performance of the
underlying portfolio, which in turn depends on economic and credit
conditions that may change. The evolution of the associated
counterparties risk, the level of credit enhancement and the
Spain's country risk could also impact the Notes' ratings.
DEOLEO SA: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service has affirmed the B3 long term corporate
family rating and the B3-PD probability of default rating of Deoleo
S.A. ("Deoleo" or "the company"), the leading producer of olive oil
globally.
Concurrently, Moody's has affirmed the B2 rating on the EUR160
million senior secured term loan due 2025 (EUR58 million
outstanding as of September 2023) and the Caa2 rating on the EUR82
million senior secured junior lien term loan due 2026, both
borrowed by Deoleo's indirect subsidiary Deoleo Financial Ltd. The
outlook of both entities has been changed to negative from stable.
"The outlook change to negative from stable reflects Deoleo's
weaker than anticipated year-to-date September 2023 operating
performance due to its high exposure to the volatility in olive oil
price, which high prices are curbing demand resulting in weaker
earnings", says Valentino Balletta, a Moody's Analyst and lead
analyst for Deoleo.
"The rating action also reflects the company's adequate, albeit
tightening liquidity, and limited free cash flow generation
capacity at current earning; continued pressure on profitability
raises the refinancing risk on the company's June 2025 senior
secured term loan", added Mr. Balletta.
Environmental considerations were a key rating driver for the
rating action. This reflects the company's high exposure to the
volatility in price of its key raw material, olive oil, which could
be affected by climate change and a number of unpredictable natural
factors, such as weather conditions in key production areas such as
Spain, Italy and Greece, which are captured under Moody's General
Principles for Assessing Environmental, Social and Governance Risks
methodology for assessing ESG risks.
RATINGS RATIONALE
The outlook change to negative from stable reflects the company's
weaker than anticipated year-to-date performance and Moody's
expectations that difficult market conditions will persist,
preventing the company to improve its earnings from current levels
over the next 6 to 12 months.
Deoleo's operating performance in the first nine months of 2023 was
affected by high inflation and softer demand (volumes declined by
21%) driven by higher selling prices in response to the increase in
raw material prices. Although the company adopted a strategy to
preserve profitability and its gross unit margins increased
supported by a better mix, because of the focus on more profitable
markets and products, EBITDA during the nine months declined by 17%
year on year to EUR24 million (compared with EUR29 a year earlier).
Moody's expects the company's EBITDA to remain strained in the
remainder of the year, with leverage reaching 6.3x at year-end
2023, from 4.6x in 2022. Deoleo's profitability will remain subdued
and volatile because of higher olive oil prices, which will
continue to strain demand.
Any improvement in financial performance hinges on the upcoming
harvest, into which there is limited visibility at this stage.
According to some early forecasts, while the next harvest season
should be somewhat better than last year, prices are likely to
decrease but to remain higher than historical levels.
In addition, the company, in an effort to preserve profitability in
the current year, has reduced its discretionary spending, such as
bonuses, as well as promotions and marketing expenses. While low
raw material costs should ease pressure on volume and support some
improvement in profitability, the company will need to increase
marketing expenses back to historical levels to support brands and
retain market shares, resulting in an EBITDA next year remaining
at around the current level of EUR30 million- EUR31 million . As a
result, Moody's expects the company's financial leverage to remain
high at around 6.3x over the next 12-18 months, and FCF to be close
to breakeven in 2024. Operating cash flow is also volatile,
significantly affected by higher olive oil prices, which typically
translate into net working capital absorption, limiting flexibility
and creating additional risks.
Moody's expects weak macroeconomic prospects to pose significant
challenges, with high inflation and sustained high borrowing costs
potentially hampering spending. The enduring high prices of olive
oil, coupled with constrains on consumer spending, could lead to
subdued demand for this product over the next the next 12-18
months. Furthermore, there has been a noticeable shift in consumer
preferences towards less expensive olive oil alternatives like
refined olive oil and other vegetable oils, such as seed oil. This
trend could continue to exert pressure on overall consumption and,
subsequently, the company's profitability.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS
Moody's believes that environmental risk was a key rating driver in
the rating action.
Natural capital and physical climate risks are an environmental
consideration under Moody's General Principles for Assessing
Environmental, Social and Governance Risks methodology.
One of the most difficult harvest seasons for olives in the last
two decades, has strained the operational efficiency of olive oil
manufacturers, including Deoleo. The soaring selling prices of
olive oil have resulted in a decrease in sales volume, thereby
negatively impacting Deoleo's overall profit margins and leverage.
These considerations are reflected in Deoleo's E-4 Issuer Profile
Score (IPS), which reflects overall exposure to environmental
risks, and the company's Credit Impact Score (CIS) of CIS-4.
LIQUIDITY
Moody's expects Deoleo's liquidity to remain adequate, though it
has tightened overtime. Cash on balance sheet of EUR29.6 million as
of September 2023 has eroded in the last 12 months, also affected
by the prepayment of EUR20 million of the senior tranche in March
2023, constraining its financial flexibility to shocks. Although,
Moody's expect FCF to be negative by around EUR18 million in 2023,
mainly because of higher working capital absorption and higher
interest expenses as the company is not hedged against higher
interest rates, FCF is expected to be breakeven to modestly
positive in 2024. Increasing reliance on factoring lines and no
committed external sources of liquidity increase the company's
vulnerability and weaken its liquidity. An eroding liquidity
profile could lead to a ratings downgrade.
The company's debt facilities contain two maintenance covenants,
requiring it to maintain a minimum cash balances of EUR15 million
and a net leverage ratio, tested quarterly, that cannot exceed 5.0x
(2.96x as of September 2023). Moody's expects the company to remain
in compliance with its net leverage covenant and its minimum
liquidity covenant in the next 12 to 18 months.
However, the approaching maturity date of its around EUR58 million
outstanding senior secured term loan, which expires in June 2025,
will strain the liquidity profile and the ratings if it is not
extended before the senior secured bank credit facility becomes
current.
RATIONALE FOR NEGATIVE OUTLOOK
The negative outlook reflects Moody's expectations that the
company's earnings will remain under pressure in the next 12
months, with leveraging hovering around 6.5x. The negative outlook
also reflects the uncertainties surrounding the pace of recovery in
Deoleo's operating performance as any improvement is dependent on
benign economic and market conditions. Continued pressure on
profitability raises the refinancing risk of the company's June
2025 senior secured term loan.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade is unlikely over the next 12 months given the negative
outlook. While ratings remain constrained by the volatility of
earnings and credit metrics, primarily driven by unpredictable
factors that affect olive harvests and olive oil prices, over time,
the ratings could be upgraded if Deoleo demonstrates a consistent
track record of executing its strategy and improves its operating
and financial results across its key markets, while generating
positive FCF and maintaining adequate liquidity, including
sufficient capacity against its financial covenants.
The ratings could be downgraded in case of a protracted
deterioration in market conditions or the company's
competitiveness, leading to an increase in its Moody's-adjusted
gross debt/EBITDA to above 6.5x on a sustained basis. Ratings would
come under pressure if the company's Moody's-adjusted EBITA
interest coverage ratio falls below 1.0x, liquidity worsens more
than anticipated, reducing covenant capacity, and the company fails
to manage its debt maturities.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.
COMPANY PROFILE
Deoleo is the largest branded olive oil producer globally, with its
proprietary brands including Carapelli, Bertolli, Carbonell and
Hojiblanca. The company engages in the refining, blending,
bottling, distribution and sale of olive oil (around 75% of
revenue), as well as the production of seed oil, vinegars and
sauces. As of June 30, 2023, Deoleo was controlled by funds advised
by the private equity firm CVC Capital Partners, which held a
56.96% stake in the company.
===========
S W E D E N
===========
VIAPLAY GROUP: In Free Fall After Striking Rescue Deal w/ Lenders
-----------------------------------------------------------------
Bloomberg News reports that Viaplay Group AB dropped more than 80%
on Friday, Dec. 1, after striking a rescue deal with its lenders.
Before the deal announced Friday, Dec. 1, the
sports-and-entertainment streaming company was on the precipice
after an aggressive international expansion led to mounting losses
and expensive sports rights weighed on its earnings as subscriber
growth plateaued, Bloomberg relates.
According to Bloomberg, the Swedish company plans a SEK3.1 billion
(US$297 million) share issue directed at shareholders including
Canal+ and PPF Group and a rights issue of about SEK900 million to
all owners. Analysts said shareholders can expect to see their
holdings reduced to almost nothing under the plan, Bloomberg
notes.
"If we wouldn't have done the capital injection and agreements with
banks and bondholders, there would have been nothing there because
the company wouldn't have been able to meet its liabilities,"
Bloomberg quotes Chief Executive Officer Jorgen Madsen Lindemann as
saying by phone.
The Nordic streaming service has seen nearly its entire market
capitalization vanish in 2023, with shares capping an annus
horribilis by falling as much as 83% in Friday trading, erasing
SEK1.35 billion of value in less than three hours, Bloomberg
states.
Both components of its recapitalization plan were priced at 1 krona
per share -- much lower than the closing price of 23.68 kronor the
day before, Bloomberg discloses.
Equity analysts described the recapitalization plan as painful but
necessary. According to Bloomberg, Jefferies analyst Giles Thorne
said in a note to clients that "without this plan, the likely
outcome would have been insolvency proceedings."
The earnings report, which was postponed twice due to the funding
discussions, showed a net loss of SEK693 million for the July to
September period, the fifth consecutive quarter of losses,
Bloomberg relays.
The CEO, as cited by Bloomberg, said the firm has now shed more
than 30% of its workforce, which totaled just under 1,700 people at
the end 2022.
Since July, France's Vivendi SE, Czech investment firm PPF and
Norwegian media conglomerate Schibsted ASA have all disclosed large
stakes in the embattled streamer, fueling takeover speculation.
Schibsted hasn't committed to the share issue, Bloomberg recounts.
The plan, which also includes a SEK2-billion writedown of existing
debt obligations, as well as the amendment and extension of SEK14.6
billion of existing bank and bond commitments, has been discussed
with the company's largest owners, Bloomberg notes. It still needs
sign off from an extraordinary general meeting slated for January,
Bloomberg relays.
Viaplay Group is the Nordic region's leading entertainment
provider. The company is based in Stockholm, Sweden.
[*] SWEDEN: Company Bankruptcies Up 9% in November 2023
-------------------------------------------------------
Rafaela Lindeberg at Bloomberg News, citing data from credit
reference agency UC, reports that Swedish bankruptcies continued to
increase in November, from already record levels.
According to Bloomberg, during the month, bankruptcies increased by
9% compared to the same month last year, UC said in a statement on
Friday, Dec., 1. Year to date, the increase is 29%, Bloomberg
notes.
The biggest Nordic economy is in a recession with several major
forecasters projecting a contraction into next year, Bloomberg
discloses.
The economic woes are broad-based: higher interest rates have hit
consumer spending, a 2022 rout in housing markets is hurting
builders, commercial real estate is retrenching after years of
expansion and export markets are sputtering, Bloomberg says. A
weak krona is also importing price pressure, according to
Bloomberg.
UC estimates that bankruptcies for the full year will reach the
highest number since the financial crisis of the 1990s, if the
trend seen so far this year continues, Bloomberg relates.
The construction industry is the main driver, with a 24% increase
in bankruptcies last month from a year earlier, Bloomberg states.
=====================
S W I T Z E R L A N D
=====================
SPORTRADAR GROUP: S&P Affirms 'BB-' ICR, Outlook Stable
-------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' rating on Sportradar Group
AG.
S&P said, "The stable outlook reflects our expectations that over
the next 12 months, Sportradar will sustain minimal leverage with
no outstanding term debt, ample liquidity of about EUR500 million,
organic revenue growth of about 15%-20%, and free operating cash
flow (FOCF) of EUR70 million-EUR100 million in 2024. The outlook
also reflects our view that it has headroom at the rating to
incorporate debt-financed acquisitions to the extent that S&P
Global Ratings-adjusted leverage remains 2x-3x.
"We expect Sportradar to maintain revenue growth of about 15%-20%
over the next 12-18 months. Sportradar's revenue increased 19% in
the first nine months of 2023 with strength in its rest of the
world sports betting services and U.S. markets. While adverse
foreign exchange movement and weakness in its managed trading
services segment due to a string of consumer-friendly soccer
results were a headwind, overall revenue growth is underpinned by
strategic partnerships that expanded its market reach and services.
This includes the evolution from providing data to offering
comprehensive products encompassing live odds, trading services,
and end-to-end platform services. The company positioned itself to
continue this momentum in 2024. Sportradar's management team
expects enhanced content portfolio, including the National
Basketball Association (NBA) and Association of Tennis
Professionals (ATP) rights, to drive at least 20% revenue growth.
The NBA partnership, which includes exclusive player tracking data,
is an important shift to demonstrate Sportradar's innovative and
high value that can be further expanded into immersive gaming and
live betting.
"We anticipate that 2024 will be a transition year for Sportradar's
operating margin profile, particularly as the company integrates
the significant ATP and NBA rights. Sportradar's strategy of
leveraging its sports rights portfolio to cross-sell and upsell
innovative products translates into EBITDA margin improvement. In
2023, its margins improved to 17% from 12% in 2022. In 2024,
Sportradar is adding strategically sports rights with the ATP and
NBA, expected to result in a 37%-42% step-up in rights costs. While
these initially dilute margins, we project they will become
increasingly margin accretive over the medium term. Sportradar is
expanding its market reach with more diverse products derived from
these rights, capitalizing on its enhanced portfolio to drive
growth and profitability. To offset the cost headwind in 2024, the
management initiated a streamlining plan to reduce its 2023 labor
cost run rate by approximately 10% in October 2023, which it
expects to complete by the first quarter of 2024 . As such, we
expect the group to maintain S&P Global Ratings-adjusted margins of
about 17%-18% in 2024.
"Our rating partially incorporates the risk of a releveraging
event, such as a sizable debt-funded acquisition. The group's IPO
prospectus states its near-term strategy is focused on growth and
that it does not intend to pay dividends. Acquisition multiples
within Sportradar's markets can vary depending on the size, growth
profile, and opportunity associated with any given company, but
often reach over 15x. The group has a sizable cash balance of
EUR290 million and full availability under its EUR220 million
revolving credit facility. All other factors remaining constant, we
estimate the group can rely on its available liquidity sources for
acquisitions of up to EUR400 million-EUR500 million and maintain
credit metrics commensurate with the rating. However, the group has
no publicly stated a leverage policy, so we cannot rule out
debt-funded, strategically important acquisitions or shareholder
returns that raise leverage materially beyond 3.0x..
"The stable outlook reflects our expectation that over the next 12
months Sportradar will sustain minimal leverage with no outstanding
term debt, ample liquidity of about EUR500 million, organic revenue
growth of about 15%-20%, and FOCF generation (after lease payments)
of EUR70 million-EUR100 million in 2024. The outlook also reflects
our view that it has headroom at the rating to incorporate new
debt-financed acquisitions to the extent that its S&P Global
Ratings-adjusted leverage remains 2x-3x."
S&P could take a negative rating action in the next 12 months if:
-- Sportradar adopts a more aggressive financial policy than S&P's
base case through mergers, acquisitions, or shareholder returns
that would increase S&P Global Ratings-adjusted leverage close to
3.5x for a sustained period;
-- The group's organic business competitiveness or margins are
pressured by competitive pricing to acquire new content, sports,
and data rights, or operating weaknesses arise from reduced
consumer discretionary spend, leading to low FOCF after lease
payments; or
-- Liquidity comes under pressure because of material acquisitions
or unforeseen events.
Given that the rating incorporates leverage up to 3.5x S&P Global
Ratings-adjusted debt to EBITDA, S&P views an upgrade of Sportradar
in the short term as a function of:
-- A public commitment to maintain leverage well below 3x in the
long term, supported by such a track record;
-- Sportradar maintains double-digit percentage revenue growth and
improved adjusted EBITDA margins toward 20% while integrating
acquisitions and expanding its product line;
-- It maintains FOCF to debt approaching 15% under its eventual
capital structure; and
-- It demonstrates the successful integration and performance of
inorganic acquisitions.
S&P said, "Governance factors are a neutral consideration in our
credit analysis of Sportradar Holding. However, we recognize that
Mr. Koerl will hold 31.58% economic interest and 81.69% voting
rights, representing a key-man risk, and is essential for the
continued growth. Additionally, we note that the group will need to
strengthen its internal control system including the implementation
of its enterprise resource planning system to be compliant with the
auditor attestation requirements of the Sarbanes-Oxley Act. The
company currently is exempt because of its status as an emerging
growth company. But given its strong growth, the group is likely to
exceed $1.235 billion in annual gross revenue in the medium term,
at which stage it will no longer be eligible."
===========
T U R K E Y
===========
TURKIYE: S&P Alters Outlook to Positive, Affirms 'B' LT SCR
-----------------------------------------------------------
On Nov. 30, 2023, S&P Global Ratings revised to positive from
stable the outlook on its 'B' unsolicited long-term sovereign
credit ratings on Turkiye. At the same time, S&P affirmed all its
foreign and local currency sovereign credit ratings on Turkiye,
including its 'trA/trA-1' unsolicited national scale rating on the
sovereign.
S&P also raised its unsolicited transfer and convertibility
assessment to 'B+' from 'B', signifying that the risk that the
sovereign might prevent private sector debtors from servicing
foreign currency-denominated debt is abating. This action
recognizes that net reserves are slowly improving and that CBRT has
continued to simplify foreign currency controls.
As a sovereign rating, the ratings on Turkiye are subject to
certain publication restrictions set out in article 8a of the EU
CRA Regulation, including publication in accordance with a
pre-established calendar. Under the EU CRA Regulation, deviations
from the announced calendar are allowed only in limited
circumstances and must be accompanied by a detailed explanation of
the reasons for the deviation. In this case, the reason for the
deviation is the recent policy adjustments. These include another
10-ppt increase in the central bank rate, the monthly current
account surplus posted in September, and the recovery in usable
reserves during the first 17 days of November. The next scheduled
review for Turkiye will take place in 2024.
Outlook
S&P could raise the rating should balance of payments outcomes
improve, and domestic savings in Turkish lira rise, leading to a
rebuilding of Turkish usable foreign currency reserves (gross
reserves, minus foreign currency borrowed from domestic
residents).
Downside scenario
S&P could revise the outlook back to stable if pressures on
Turkiye's financial stability or wider public finances were to
intensify. This could occur in connection with currency devaluation
and a reversal of policies designed to reduce inflation.
Upside scenario
If Turkiye's balance-of-payments improved further, leading to more
rapid foreign currency reserve accumulation, and S&P saw a
reduction in dollarization within the next 12 months, we could
raise the long-term sovereign rating by one notch. The ratings
could also rise over a longer period, if policies become more
predictable based on stronger institutional checks and balances
combined with a reaffirmation of the independence of key economic
institutions such as CBRT and the financial regulator.
Rationale
Turkiye's new economic team has taken a series of steps to restore
confidence in Turkish lira (TRY) assets, rebalance the economy, and
ease the regulatory burden on the key financial sector.
Encouragingly, both of Turkiye's twin deficits are narrowing. Since
September, monetary tightening has cooled domestic demand, leading
to a fall in imports (including high-value items, such as
automobiles and other consumer durables). September's current
account posted a surplus--only the second surplus in the past 24
months. As the new CBRT board continues to tighten monetary policy,
we expect demand to subside further and for imports including
nonmonetary gold to decline. This expectation underpins our
projection that Turkiye's current account deficit will narrow to 2%
of GDP by 2025.
At the same time, the treasury has introduced additional tax
measures, cut energy subsidies, and contained expenditure growth to
curb the budgetary deficit.
Inflation appears to have peaked, albeit at elevated levels of over
60%. Turkiye has, moreover, started to rebuild its usable reserves
(gross reserves, excluding foreign currency borrowed from domestic
residents via forward and foreign exchange [FX] reserve
requirements). These rose by an estimated $5.5 billion during the
first half of November to a still-modest $27.5 billion (compared
with short-term external debt of $163 billion, including
nonresident deposits and trade financing).
The process of rebalancing the economy has only just started and is
subject to risks. For example, local elections are due at the end
of March 2024; as these approach, we could see policy reversals.
Alternatively, the economy could slow down more rapidly, the
financial account could shift into deficit, and the current account
could post deeper recurrent surpluses. This could occur in a
currency depreciation scenario and has potential to drag on fiscal
performance, but it would also imply a faster deleveraging, and
larger increases in currency reserves.
S&P said, "Our baseline scenario is somewhere in the middle of
these two scenarios. We expect Turkiye's new economic team will
tighten credit conditions further, the economy will avoid an
outright recession, and the financial account will post financial
account surpluses of between 3%-4% of GDP. Half of the surplus is
expected to come from equity inflows (including foreign direct
investment) and half from net debt inflows (including a
repatriation of some private sector liquid assets currently being
held abroad). We project that usable reserves will improve to
end-2018 levels of over $60 billion by 2025."
Institutional and economic profile: Early stages of rebalancing
-- In its efforts to reverse the dollarization of the Turkish
economy, improve the balance of payments, stabilize the currency,
and bring down elevated inflation, CBRT has raised the key interest
rate by 31.5 ppts since June 23.
-- President Tayyip Erdogan was re-elected in May 2023 for another
five-year term and has so far been supportive of the policy reset.
-- A hard economic landing may be required to bring Turkiye's wide
current account deficit back to balance.
The genesis of Turkiye's imbalances is expansionary monetary credit
and income policies adopted by the government to influence the
renumeration of wages, such as minimum wage and pension policies.
As a result, the new economic team has focused on reversing and
withdrawing monetary--and to a lesser degree--fiscal stimulus.
Since June 2023, the CBRT has raised its key reference rate (the
one-week repo) by a cumulative 3,150 basis points (bps), helping to
slow down but not reverse the pace of currency depreciation. At the
same time, authorities have started to dismantle reserve and
collateral requirements, which had been distorting the flow of
credit in the economy. The changes have caused local currency
deposit rates to rise; if this trend continues, it should reverse
the financial sector's dollarization, which has been accelerating
since 2022. This goes to the heart of the challenge for
policymakers: how to restore confidence in TRY (local currency)
assets.
Recent data confirm that Turkiye's economy is both slowing and
rebalancing, with consumption (including retail sales and imports)
softening since the start of the third quarter. Credit conditions
are tightening, and fiscal support is tapering. Recent dollar
weakness, and a stabilization of U.S. interest rates have also
reopened a window for some Turkish corporates, banks, as well as
the sovereign, to issue external commercial debt.
Overall, for 2024, S&P's forecasts that GDP growth will decelerate
to 2.4%, from 3.7% this year. Investment will be supported by
earthquake-related expenditure. We think demand for labor will
soften somewhat and that unemployment will peak at just over 11% by
2026.
In dollar terms, Turkiye is the 17th largest economy in the world.
It is open (exports are forecast to be 41% of GDP in 2023) and
diversified. Demographics are favorable, with a median age of 33
year (compared with 44 years in the EU), and an annual population
growth rate of 1.3% (0.1% in the EU). The private sector is
sophisticated, outward-looking, and resilient; it benefits from the
country's customs union with the EU, which is the destination for
over 40% of merchandise exports and one quarter of services
exports. Despite the recent focus on the increase in Turkish
exports and re-exports (via third-party countries) to Russia,
Russia accounts for just 2.5% of Turkish exports, less than the
Netherlands. That said, the increase in errors and omissions
surpluses since June may partly reflect increased shuttle trade to
Russia.
Turkish services exports are holding up well. The annualized
services net external position showed a surplus of 6.5% of GDP as
of end-September and, so far, the Gaza conflict has had little
measurable impact on tourism. The U.N. World Tourism Organization
ranks Turkiye as the fourth-most visited nation globally, ahead of
Italy, Mexico, the U.K., and Germany.
S&P considers Turkiye's broader institutional arrangements to be
weak, which continues to constrain our ratings on the sovereign.
Following the 2017 constitutional referendum, the office of prime
minster was abolished. Decision-making (including control of the
CBRT and the Supreme Electoral Council) is concentrated within the
executive branch. Ahead of March 2024's local elections, key
decision-makers could interrupt or reverse recent steps,
particularly those intended to tighten monetary policy.
Istanbul accounts for an estimated 30% of Turkiye's total GDP. The
party that controls the city therefore garners considerable
benefits, including financial ones, given the numerous public
infrastructure projects in the region.
Flexibility and performance profile: The policy reset will take at
least two years to tame inflation, but external accounts are
responding much more rapidly
-- Under its new leadership, the CBRT is tightening monetary
policy settings to bring down elevated inflation and restore
confidence in the lira.
-- Supplementary tax measures and spending constraints will
contain the full-year general government deficit at TRY830 billion
(4.3% of GDP).
Supplementary tax measures introduced in July 2023--including cuts
to subsidies on energy consumption--alongside delays on earthquake
and disaster spending--should deliver a full-year 2023 general
government deficit of close to 4.3% of GDP. This compares favorably
with the Treasury's forecast (6.5% of GDP), although interest costs
are rising, and remain very sensitive to exchange-rate developments
(two-thirds of sovereign debt is now foreign currency-denominated,
compared with less than half five years ago).
Overall, however, the underlying fiscal stance remains less
expansionary than we had originally projected. By 2025, S&P expects
general government deficits to narrow toward 3.5% of GDP as
authorities improve the primary budgetary outcome. That said, there
are risks to this forecast, arising from the possible backloading
of earthquake-related spending, or pre-election fiscal easing.
Government debt will increase over the next three years but remain
modest. S&P said, "We forecast that net general government debt
will increase to just over 31% of GDP by 2026 from 26% at end-2022.
This partly reflects exchange rate depreciation, given the high
share of foreign currency debt in total government debt. At the
same time, we project that interest expenditure, as a share of
revenue, will increase to 11.5% by 2026 from 8.5% in 2022,
influenced by both FX effects and the rising cost of domestic
debt."
Since early June, the CBRT has raised the one-week repo policy rate
by 31.5 ppts to 40%, simplified interest rate ceilings, ended
mandatory government bond holdings for banks making TRY cash loans,
withdrawn liquidity via increases in required reserves on
lower-maturity, FX-protected deposits, and eased other foreign
currency controls. These measures had several objectives:
-- They disincentivize lower-maturity FX protection;
-- They raise the cost of credit; and
-- They dampen the growth of monetary aggregates.
The tighter monetary stance has also helped to stabilize headline
inflation, although the rates is elevated, at 61% (based on
October's year-on-year data).
Monetary policy also has implications for Turkiye's balance of
payments. This is because entrenched private sector demand for gold
explains over half of Turkiye's current account deficit. If CBRT
succeeds in making local currency savings products more attractive
to Turkish households and businesses by raising rates, then gold
imports would recede, enabling a rapid narrowing of Turkiye's
external deficit. This occurred, to some extent, in September,
when, for only the second time in the past 24 months, the current
account posted a surplus. This was partly due to a 31% year-on-year
and 43% month-on-month decline in nonmonetary gold imports, but
gold imports remain highly volatile. S&P projects that the current
account deficit will narrow to 4.7% of GDP in 2023, and to below 3%
of GDP in 2024 as import compression accelerates, and the services
surplus holds up. But the CBRT's monetary stance, whether tighter
or looser, could move the current account trajectory in either
direction.
More credible monetary policy also appears to be slightly improving
demand for TRY assets, although we are at an early stage. As of
Nov. 17, 2023, FX and FX-linked deposits had declined to about 60%
of the total, from 64% at end-May. FX protected deposits--which
represent a partial encumberment on CBRT's current reserves--now
make up 19% of total deposits, versus 24% just after the end-May
elections.
Turkiye's usable foreign currency reserves have started to recover,
increasing to an estimated $27.5 billion as of Nov. 17 from a low
of $16.7 billion at end-May. The trend is still unclear, and most
of the recent increase appears to reflect foreign deposits with
CBRT (essentially, foreign currency borrowed from nonresidents).
Gross reserves of $134.5 billion are still encumbered by CBRT's
provision of insurance against any imputed exchange rate losses
above interest earnings on $97 billion (12% of GDP) in
lira-denominated deposits.
S&P said, "Financial stability risks are elevated but diminishing,
in our view. These could, in turn, present a contingent liability
risk to the government if it had to rescue a bank, either because
of domestic depositor confidence loss or if foreign creditors'
appetite for rolling over Turkish banks' foreign debt were to
decrease. The government has already contributed capital to public
banks several times. We think that, if there were a loss of
confidence in the banking sector, the government could be called
upon to contribute equity and loans to banks in significantly
higher amounts."
Bank asset quality could also face further pressure because about
33% of loans were denominated in foreign currency (as of Nov. 17,
2023), effectively making this debt more expensive to service as
the lira depreciates. Most of these exposures are to corporates
that earn large amounts in foreign currencies; FX lending to
households is virtually nonexistent. S&P said, "Loan book quality
risks are particularly pertinent for public banks, in our view,
given that they have been heavily involved in episodes of rapid
credit expansion at low rates, as well as lending to state agencies
and enterprises for quasi-fiscal purposes, raising questions about
the borrowers' ability to repay these lines. We consider the shift
back to a tighter monetary policy will likely drag on asset quality
in Turkiye's financial system."
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
Ratings List
RATINGS AFFIRMED; CREDITWATCH/OUTLOOK ACTION
TO FROM
TURKIYE
Sovereign Credit Rating |U^ B/Positive/B B/Stable/B
UPGRADED
TO FROM
TURKIYE
Transfer & Convertibility Assessment |U^ B+ B
RATINGS AFFIRMED
TURKIYE
Sovereign Credit Rating
Turkey National Scale |U^ trA/--/trA-1
|U^ Unsolicited ratings with issuer participation, access to
internal documents and access to management.
===========================
U N I T E D K I N G D O M
===========================
APEXPOST: Goes Into Voluntary Liquidation
-----------------------------------------
Tom Seaman at Undercurrent News reports that UK-based Apexpost,
which specializes in selling pelagic fish to Nigeria and the rest
of West Africa, has gone into liquidation.
According to Undercurrent News, the company, which reported around
GBP140 million in turnover in 2019 and 2022, went into voluntary
liquidation on Nov. 23.
EG GROUP LIMITED: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed EG Group Limited's Long-Term Issuer
Default Rating (IDR) at 'B' upon completion of refinancing. The
Outlook is Stable.
Fitch has assigned final ratings of 'B+' with a Recovery Rating of
'RR3' on the new around USD1.6 billion equivalent senior secured
notes issued by EG Global Finance plc.
Fitch has also assigned final ratings of 'B+'/ 'RR3' on the
equivalent of around USD3.16 billion term loans, issued by various
entities across the group - EG Finco Limited, EG Dutch Finco B.V.,
EG America LLC - after the amend and extend (A&E) agreement became
effective, upon reduction in debt from the application of ASDA
disposal proceeds and sale and leaseback proceeds.
EG Group cancelled its planned USD500 million equivalent term loan
add-on and replaced it with USD500 million floating-rate notes
(FRN) maturing in 2028, which Fitch does not rate. EG Group has
also raised a new USD200 million equivalent bridge loan from
Barclays to refinance two-thirds of the remaining outstanding
amounts under term loans maturing in 2025-2026 that were not
extended under A&E, also not rated by Fitch.
EG Group's IDR is supported by its 'BB' category business profile
and resolved refinancing risk, with most debt now maturing in 2028.
These credit positives are balanced by reduced but still high
EBITDAR leverage of around 6.5x in 2024 and weak coverage metrics.
Refinancing at slightly higher interest rates than under its
previous rating case is offset by a payment-in-kind (PIK) element
on the FRN that does not affect financial metrics, which remain
aligned with the rating sensitivities for a 'B' rating. Fitch
forecasts 2024 EBITDAR at USD1.5 billion and expect some execution
risk from management of fuel volumes and driving non-fuel business
in Continental Europe.
Both the FRN and bridge loan rank pari passu with existing senior
secured debt.
Fitch has withdrawn its expected instrument rating of 'B+(EXP)' on
the USD500 million equivalent term loan add-on as it is no longer
expected to convert to a final rating.
KEY RATING DRIVERS
Refinancing Completed: EG Group has now completed its refinancing,
with around USD5.4 billion of debt, including A&E term loans, new
notes, FRN and bridge, extended to 2028. This was aided by material
USD3.8 billion debt reduction since end-2022 from using the full
proceeds of completed business disposals and a sales and leaseback
transaction to repay debt. The capital structure is slightly
different from that planned, with new USD500 million FRN replacing
add-on term loan to help fully refinance previous around USD2
billion notes.
This leaves minimal USD59 million near-term debt maturities, under
prior term loans maturing in 2026 , in addition to USD671 million
second-lien debt due in 2027. The success of further UK and Ireland
forecourt disposal or KFC franchise disposal to a third party could
assist in further debt reduction if the proceeds are so applied,
for example to the repayment of the bridge loan from Barclays.
No Impact on Financial Metrics: Fitch envisages no impact on
financial metrics from the final capital structure against its
previous rating case. Refinancing of senior secured notes at
slightly higher interest rates is offset with the PIK element on
the FRN in terms of EBITDAR fixed-charge coverage, which remains
weak on average at around 1.5x. Fitch continues to expect EBITDAR
leverage at around 6.5x in 2024-2025, from the estimated pro forma
leverage of 7.5x at end-2023, with some execution risk on profit
growth. Fitch expects both metrics to remain well within rating
sensitivities for the 'B' rating.
Disposal Completed: EG Group has completed the disposal of most of
its UK and Ireland business (for USD2.5 billion), which was a
precondition to completing the A&E of its USD3.2 billion equivalent
term loans. The deal perimeter changed from the original plan, with
EG Group retaining more foodservice brands. This lowered proceeds,
and therefore debt reduction, by USD300 million, and EG retained
slightly higher EBITDA (about USD50 million).
EG Group retained 31 petrol fuel stations and 613 foodservice
outlets in the UK and Ireland, including proprietary brand bakery
chain Cooplands and its franchise businesses under KFC and
Starbucks. Fitch believes the resulting diversification partly
offsets the lower debt reduction.
DERIVATION SUMMARY
Most of EG Group's business is broadly comparable with that of
peers in Fitch's food/non-food retail portfolio, although its
company-owned, company-operated business model should provide more
flexibility and profitability.
EG Group can be compared with UK motorway services group Moto
Ventures Limited and, to a lesser extent, to emerging-market oil
product storage/distributor/petrol fuel station vertically
integrated operators such as Puma Energy Holdings Pte. Ltd
(BB-/Positive) and Vivo Energy Ltd. (BBB-/Stable).
EG Group is larger and more geographically diversified, with
exposure to 10 markets, including the US, Australia and western
Europe countries, against Moto's concentration in the UK, although
the latter is strategically positioned in more protected motorway
locations. Moto benefits from a robust business model with a
long-dated infrastructure asset base and the less discretionary
nature of motorway customers, enabling it to generate higher
EBITDAR margin than EG Group. Both companies invest in increasing
their exposure to higher-margin convenience and foodservice
operations.
Puma and Vivo's ratings are restricted by their concentration in
emerging markets, which limits the quality of cash flow available
to service debt at the holding company level. EG Group has higher
profitability than Vivo or Puma due to its materially higher share
of revenue from non-fuel activities.
KEY ASSUMPTIONS
Fitch's Key Assumptions within its Rating Case for the Issuer:
- Annual fuel volumes for remaining business of around 16 billion
litres in 2023, marginally declining thereafter
- Slightly increasing fuel gross margin yoy in 2024, which remains
below 2022 levels (excluding UK and Ireland), and a stable margin
in 2025
- Grocery and merchandise and foodservice sales to grow by 5% on
average in 2024-2026 with gross profit margins of 30% and 50%,
respectively
- EBITDAR of around USD1.5 billion in 2024
- Working-capital outflows in 2023-2025, mainly reflecting the
unwinding of deferred taxes
- Capex of USD300 million-400 million in 2023-2027
- No further M&A in the next four years; if further acquisitions
materialise, Fitch will assess their impact based on their scale,
funding, multiples paid and earnings accretion, including
synergies
- No dividends
RECOVERY ANALYSIS
According to its bespoke recovery analysis, higher recoveries would
be realised by preserving the business model using a going-concern
approach, reflecting EG Group's structurally cash-generative
business. The value from EG Group's site ownership has reasonable
asset backing, but the real value to creditors comes from such
assets being operational rather than liquidated.
EG Group's going-concern EBITDA assumption at USD850 million
reflects Fitch's view of a sustainable post-reorganisation EBITDA
level upon which Fitch bases the enterprise valuation. This
incorporates the group's growth, captures the UK and Ireland
disposal and additional rents, and compares with the going-concern
EBITDA of USD1.03 billion before the debt-reducing transactions.
The assumption also reflects corrective measures taken during the
reorganisation to offset adverse conditions that would have
triggered a theoretical default, such as cost-cutting efforts or a
material business repositioning.
In a distressed scenario, Fitch believes that a 5.5x multiple
reflects a conservative view of the weighted-average value of EG's
portfolio. Under its criteria, Fitch assumes EG's revolving credit
facility (RCF) and letter of credit facilities to be fully drawn or
claimed and takes 10% off the enterprise value to account for
administrative claims.
Its waterfall analysis generates a ranked recovery for the senior
secured facilities in the 'RR3' band, indicating a 'B+' instrument
rating, a one-notch uplift from the IDR. The waterfall analysis
output percentage on current metrics and assumptions is 64%. It
incorporates the USD3.16 billion extended term loans, the USD1.6
billion of SSNs, the USD500 million of FRNs, the USD200 million
equivalent bridge loan and remaining around USD60 million
outstanding under term loans that were not extended, and also
assumes a fully drawn RCF and letters of credit facility.
The second-lien debt instrument attracts 0% recovery and remains in
the 'RR6' band. It has an instrument rating at 'CCC+', two notches
below the IDR.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Sustained revenue and EBITDA expansion along with improving
operating margins
- Increased commitment to a financial policy, with EBITDAR leverage
comfortably below 6.0x on a sustained basis
- EBITDAR/interest plus rents approaching 2.0x on a sustained
basis
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Deteriorating performance of the business, either due to
recessionary environment, competition or lack of cost control,
leading to materially weaker EBITDA
- EBITDAR leverage remaining above 7.0x on a sustained basis
- EBITDAR/interest plus rents sustainably below 1.5x
- Increasingly negative free cash flow (FCF) as a result of trading
underperformance leading to compromised liquidity headroom
LIQUIDITY AND DEBT STRUCTURE
Satisfactory Liquidity: Fitch expects Fitch-calculated available
liquidity of around USD450 million at end-2023 after restricting
USD120 million of cash for intra-year working capital purposes and
including around USD400 million of an available, undrawn RCF.
Negative FCF: Fitch forecasts that FCF generation will be negative
and weaker than in previous years, driven by lower earnings
following disposals and additional rental costs after the US sale
and lease back transaction. Its rating case incorporates capex of
USD300 million-400 million, which is USD100 million-200 million
lower than historically as the group aims to deleverage, with
flexibility permitted by the ability to reduce growth capex
further.
Refinancing Addressed: Refinancing has been addressed, with USD3.16
billion term loans now extended and USD1.6 billion equivalent new
notes raised along with USD500 million FRN, all maturing in 2028.
Due to the springing maturity setup, these facilities will mature
first as long as the existing second-lien debt (USD670 million
maturing in 2027) remains outstanding.
Limited Near Term Maturities: The nearest maturities not captured
under springing covenant are limited to around USD60 million
outstanding debt (term loans that were not extended and fall due in
2026), while second-lien debt (USD670 million) will be up for
refinancing ahead of its maturity in April, 2027.
ISSUER PROFILE
EG Group Limited is a leading global petrol filling station,
convenience store and foodservice operator with operations across
10 developed markets.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
EG Global Finance
plc
senior secured LT B+ New Rating RR3
senior secured LT B+ New Rating RR3 B+(EXP)
senior secured LT B+ Affirmed RR3 B+
EG Finco Limited
senior secured LT B+ New Rating RR3 B+(EXP)
EG America LLC
senior secured LT B+ New Rating RR3 B+(EXP)
senior secured LT WD Withdrawn B+(EXP)
senior secured LT B+ Affirmed RR3 B+
EG Group Limited LT IDR B Affirmed B
Senior Secured
2nd Lien LT CCC+ Affirmed RR6 CCC+
senior secured LT B+ Affirmed RR3 B+
EG Dutch Finco B.V.
senior secured LT B+ New Rating RR3 B+(EXP)
MARKET HOLDCO 3: Fitch Lowers LongTerm IDR to 'B', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has downgraded Market Holdco 3 Limited's (Morrisons)
Long-Term Issuer Default Rating (IDR) to 'B' from 'B+'. The Outlook
is Stable.
The downgrade reflects higher leverage than Fitch previously
expected and lower coverage metrics due to higher adjusted debt and
lower earnings and free cash flow (FCF) generation. Based on its
revised forecasts, Fitch expects EBITDAR leverage to remain above
'B' category medians by FY26.
The rating is predicated on deleveraging from profit expansion and
debt prepayment from excess cash flow generation over its forecast
horizon of FY24-FY26 (year-end October). The 'B' IDR balances a
robust business profile that benefits from vertical integration,
well-invested stores, channel diversification and cash-generation
capabilities with a weakening market position, albeit with less
market share lost in FY23 than in FY22, and high leverage.
The Stable Outlook reflects the group's financial flexibility,
supported by ownership of freehold assets and adequate available
liquidity with no near-term debt maturities. Morrisons has
flexibility to divest assets, which could support deleveraging
depending on economics of the transaction.
KEY RATING DRIVERS
Leverage Higher for Longer: Fitch forecasts Morrisons' EBITDAR
leverage to remain 7.5x-7.0x in FY23-FY24 before reducing towards
6x in FY25, which is around 0.5x above its prior rating case, and
above its downgrade rating sensitivity thresholds. Lease-adjusted
debt is around GBP175 million higher due to higher capitalizable
rents from new sale and lease back (S&LB) transactions and a total
of GBP60 million lower debt repayments via cash sweep over
FY24-FY25 than Fitch previously modelled.
Fitch's rating case continues to assume that Morrisons will apply
future excess cash flows (GBP400 million over FY24-FY26) to debt
repayment in line with its intentions to deleverage.
Lowered Profit Forecast: Fitch has lowered its EBITDAR forecasts by
an average of GBP90 million to slightly above GBP1 billion in FY24,
progressing to around GBP1.1 billion in FY25. This captures 1.8%
growth in sales excluding fuel and slower EBITDA margin progression
by 30bp to 4.1% in FY23 and gradually to 5% by FY26. Fitch expects
continued investment in price due to competition and volumes in
decline, with some easing on volume decline as food inflation
subsides.
Results from 3Q23 indicate positive momentum with earnings growth
as Morrisons' like-for-like (LFL) sales have returned to slightly
positive over the three quarters to July 2023, following investment
in price enabled by a cost savings programme and some benefit from
its high vertical integration when cost of goods started to
decline. Fitch therefore expects FY23 EBITDA (after rents) at
around GBP770 million, from GBP717 million last year.
Profitability Drivers: Fitch expects incremental margin uplift from
McColls turning profitable from a GBP37 million loss in FY22,
including from further conversions to Morrisons Daily. Fitch
anticipates growth in scale for the wholesale channel from
attracting new partners, although this is not being captured in
market share, and for online via Amazon, Deliveroo and Ocado.
Further growth in scale of the online channel should support
progression in the channel's profitability. Fitch also expects
growth in profitability from synergies, to which Fitch has applied
small discount, and cost savings slightly exceeding cost increases
from FY25. Profitability metrics are solid, with an EBITDAR margin
of 5%-6%.
Cash Generation Permits Deleveraging: Fitch expects positive free
cash flow (FCF) generation with margin averaging around 1%, which
permits deleveraging, albeit slower than Fitch previously
estimated.
This incorporates continued tight working capital management over
FY23-FY24, with the company having delivered GBP170 million cash
inflow from working capital by 3Q23 YTD, with majority contribution
from lower inventories, in addition to around GBP100 million lower
annual capex than in FY22 until FY26. This will help offset high
interest cost that has suppressed the FFO margin to around 2% in
the next two years from 3%-4% previously.
S&LB Transactions: Morrisons raised GBP450 million from S&LBs from
its logistics and store portfolio assets by end-3Q23. Fitch assumes
overall a GBP60 million increase in rental cost by FY24 (vs FY22),
also capturing the increase from McColls, with total capitalizable
rents at GBP200 million. This is higher than Fitch modelled
previously. Fitch does not project further S&LBs, but Morrisons
retains further flexibility from its large freehold assets base
(about 80% of floor area) with book value after S&LB transactions
Fitch estimates at GBP7.3 billion.
Market Share Loss: Morrisons has continued to lose market share in
FY23, albeit slower than last year, and its market share has
started to stabilize in recent months. Morrisons is one of the
leading food retailers in the UK, with good brand and scale. It is
overall smaller in aggregate size and more food-focused than some
close peers, limiting downside risks on discretionary retail spend
in a recessionary environment.
Morrisons' own food manufacturing operations make up around half of
the fresh food it sells, and cost inflation and disinflation was
passed on to consumers, according to management. The McColls
acquisition provided Morrisons a direct convenience channel with
around 1,000 stores.
DERIVATION SUMMARY
Fitch rates Morrisons using its global Food Retail Navigator.
Following the downgrade, Morrisons is rated one notch below Bellis
Finco plc (ASDA; B+/Stable), which now has somewhat stronger
business profile with larger scale and improved market position
following ASDA's acquisition of EG Group's UK operations. Both
Morrisons and ASDA are smaller than UK market leader Tesco PLC
(BBB-/Stable), with operations focused in the UK only. Morrisons is
larger and more diversified than WD FF Limited (Iceland;
B/Stable).
Morrisons has lost market share recently, while ASDA has regained
momentum and demonstrated stronger LFL sales performance as the
cheapest large grocer for value-focused consumers.
Morrisons has stronger vertical integration than ASDA and a higher
portion of freehold assets. ASDA now has greater access to
convenience than Morrisons following the acquisition of EG Group's
operations, although the latter is also working on its
faster-growing convenience segment. This presents execution risk
for both. ASDA benefits from a stronger online market share than
Morrisons and the addition of the high-margin food service
segment.
Fitch forecasts EBITDAR margin to trend to 6% for both Morrisons
and ASDA by 2025, but Fitch expects the FFO margin to be slightly
higher for ASDA due to higher interest costs for Morrisons. Food
retail is cash generative, enabling deleveraging, which will also
depend on capital-allocation decisions by financial sponsors.
Fitch assumes capital allocation to debt reduction for both.
Morrisons' creditors benefit from mandatory prepayments from excess
FCF (Fitch models a total of GBP250 million over FY24 to FY25),
while for ASDA there are some scheduled plus material voluntary
debt repayments (Fitch models a total of GBP685 million over
2024-2025).
Morrisons' initial leverage after the LBO was higher than ASDA's
and Fitch expects a one-notch difference at FYE23. Fitch then
anticipates slower deleveraging for Morrisons towards 6.0x by FY25
vs ASDA, potentially trending below 5.0x in 2025, albeit subject to
execution risk on earnings growth and reduction in debt. Fitch also
expects quicker deleveraging to 6.0x by March 2025 for Iceland.
Average EBITDAR coverage metrics for Morrisons nearing 2.0x are
weaker than ASDA's around 2.5x.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Broadly flat revenue during rating horizon with average sales
(excluding fuel) growth of 1.8% during FY24-FY26
- Retail sales growth by 1.5% growth in FY24-FY26, incorporating
slight volume decline in FY24 that is offset by slowing inflation
pass-though and new store openings
- Wholesale segment growth by 10% in FY24 to FY26
- Average fuel sales decline by 8% a year during FY24 to FY26,
mainly driven by oil prices and small incremental declines in fuel
volumes (-0.5%)
- EBITDA (after leases) of around GBP800 million in FY24 increasing
towards GBP1 billion by FY26
- EBITDA (after leases) margin improvement to 4.1% (FY23, from 3.8%
in FY22) towards 5% by FY25, driven by McColls turning profitable,
delivery of synergies and uplift from McColls conversions, sales
growth across retail and wholesale segments, and cost savings plan
contributing positively to margin when this is no longer fully
absorbed by cost increases or reinvested in price (from FY25); this
is slightly offset by higher leases following S&LB transactions;
additional GBP20 million cost from corporate structure above
Morrisons business
- Working-capital inflow (excluding movement in provisions) of
around GBP130 million in FY23, driven by the improvement from the
working-capital programme that is partially offset by declining
fuel prices/oil prices; inflow of GBP180 million in FY24 and GBP70
million in FY25 and FY26
- Capex of GBP410 million in FY23, followed by GBP400 million a
year from FY24 to FY26
- S&LB of GBP450 million in FY23, with overall lease cost
increasing to around GBP220 million a year
- Debt repayment totalling GBP400 million from cash sweep (assumed
at 65% of FCF) over FY24-FY26
- No dividend payments and no M&A
RECOVERY ANALYSIS
According to its bespoke recovery analysis, higher recoveries would
be realized by liquidation in bankruptcy rather than reorganized
using a going-concern (GC) approach, reflecting Morrisons' high
proportion of freehold assets ownership.
The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realized in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors. Fitch assumes Morrisons' RCF to be
fully drawn and takes 10% off the enterprise value to account for
administrative claims. Its waterfall analysis generated a ranked
recovery for the senior secured notes and term loans in the 'RR2'
band, indicating a 'BB-' instrument rating, a two-notch uplift from
the IDR.
The waterfall analysis output percentage on current metrics and
assumptions is 73% (previous: 85%). This reflects the lower
liquidation value compared to the previous year due to S&LB
transactions. The senior unsecured instrument is in the 'RR6' band
and has an instrument rating at 'CCC+', two notches below the IDR.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade (to B+)
- Recovery in LFL sales growth leading to increasing cash profits
and accumulated cash for debt prepayment, with no adverse changes
to its financial policy
- EBITDAR leverage below 6.0x on a sustained basis
- EBITDAR fixed charge cover above 1.6x
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade (to B-)
- Continued LFL decline in sales exceeding other big competitors',
especially if combined with lower profitability leading to neutral
FCF and reduced deleveraging capacity
- Evidence of a more aggressive financial policy, for example, due
to material investments in the wholesale channel; increased
shareholder remuneration; lack of debt repayments; or material
under-performance relative to Fitch's forecasts
- EBITDAR leverage trending above 7.0x in FY24 or beyond
- EBITDAR fixed charge cover below 1.5x on a sustained basis
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Fitch expects Morrisons to have adequate
available liquidity comprising around GBP150 million cash
(excluding cash relating to working capital of GBP200 million as
restricted by Fitch) at FYE23 and a GBP1 billion committed RCF,
which is undrawn.
Its forecast assumes continuation of supply-chain facilities at
similar levels (GBP0.8 billion).
Long-Dated Major Maturities: Morrison has no material financial
debt maturing before 2027-2028. Remaining rolled-over existing
Morrison's notes totalling GBP82 million mature in 2026 and 2029.
Its rating case assumes debt repayments of around GBP400 million
between FY24 and FY26 via cash sweep from excess FCF.
ISSUER PROFILE
Morrisons is the fifth largest UK supermarket chain, operating
nearly 500 mid-sized supermarkets and around 1,000 convenience
stores (McColls and Morrisons Daily).
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Market Bidco
Limited
senior secured LT BB- Downgrade RR2 BB
Market Bidco
Finco plc
senior secured LT BB- Downgrade RR2 BB
Market Holdco 3
Limited LT IDR B Downgrade B+
Market Parent
Finco plc
senior unsecured LT CCC+ Downgrade RR6 B-
MORTIMER BTL 2023-1: Fitch Puts 'BB+sf' Final Rating on Two Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Mortimer BTL 2023-1 PLC's notes final
ratings, as detailed below.
Entity/Debt Rating Prior
----------- ------ -----
Mortimer BTL
2023-1 plc
A XS2712034466 LT AAAsf New Rating AAA(EXP)sf
B XS2712034540 LT AAsf New Rating AA(EXP)sf
C XS2712034623 LT A+sf New Rating A+(EXP)sf
D XS2712034979 LT BBBsf New Rating BBB(EXP)sf
E XS2712035190 LT BB+sf New Rating BB(EXP)sf
X XS2712035430 LT BB+sf New Rating B(EXP)sf
TRANSACTION SUMMARY
Mortimer BTL 2023-1 PLC is a securitisation of buy-to-let (BTL)
mortgages originated in England, Wales and Scotland by LendInvest
BTL Limited (LendInvest), which entered the BTL mortgage market in
December 2017. LendInvest is servicer for the pool with day-to-day
servicing activity delegated to Pepper (UK) Limited.
KEY RATING DRIVERS
Prime BTL Underwriting: LendInvest operates a two-tier lending
policy in line with prime BTL lenders. All loans require a full
valuation and LendInvest applies loan-to-value (LTV) and interest
cover ratio (ICR) tests. For tier one products, LendInvest excludes
borrowers with adverse credit while some adverse credit is
permitted for tier two lending. Loans in the securitised pool are
almost entirely tier one. LendInvest has now reached more than five
years of operations having advanced BTL mortgages since December
2017. Fitch has made an originator adjustment of 1.0x, in line with
other prime BTL lenders.
Fixed Hedging Schedule: The issuer entered into a swap at closing
to mitigate the interest-rate risk arising from fixed-rate mortgage
loans prior to their reversion date. The swap is based on a defined
schedule assuming no defaults or prepayments, rather than the
balance of fixed-rate loans in the pool. In the event that loans
prepay or default, the issuer will be over-hedged. The excess
hedging is beneficial to the issuer in a rising interest-rate
environment and detrimental when interest rates are falling.
No Product Switches Permitted: No product switches are allowed to
be retained in the pool and product switches will be repurchased.
This mitigates the risk of pool migration towards lower-yielding
assets and the need for additional hedging.
Unhedged Basis Risk: The pool includes 17.7% of loans linked to
Bank of England base rate (BBR), 8% to synthetic Libor and the
remainder 74.3% are fixed rate reverting either to BBR or synthetic
Libor. With the expected discontinuation of synthetic Libor in
March 2024, LendInvest expects to replace synthetic Libor with BBR
for the legacy loans, in line with the new originations. Fitch has
assumed that all floating-rate loans will be eventually linked to
BBR and has stressed the transaction cash flows for basis risk
between BBR and SONIA as the notes pay daily compounded SONIA, in
line with its criteria.
Fixed Loans Reversions Affect CPR: The majority of the fixed-rate
loans have a tenor of five to 10 years, with only a limited amount
of loans reverting in the first year. Fitch therefore expects
prepayments (CPR) to remain low for 2025-2028. In combination with
the current high interest rate environment, this limits excess
spread compression and the risk of over-hedging arising from high
CPR in the early years of the transaction.
Fitch has considered several sensitivities to alternative evolution
of high CPR in the first five years of the transaction against
criteria assumptions. In a variation to the rating determination in
the UK RMBS Rating Criteria Fitch decided to assign ratings two
notches above the model-implied ratings for the class B and C
notes.
Unrated Seller: As LendInvest is not rated by Fitch, Fitch is
unable to ascertain its ability to make substantial repurchases
from the pool in the event of a material breach of representations
and warranties (R&Ws). Fitch sees mitigating factors to this,
principally the materially clean re-underwriting and agreed-upon
procedures (AUP) reports, which make a significant breach of R&Ws a
sufficiently remote risk.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The transaction's performance may be affected by changes in market
conditions and the economic environment. Weakening economic
performance is strongly correlated to increasing levels of
delinquencies and defaults that could reduce the credit enhancement
(CE) available to the notes.
In addition, unexpected declines in recoveries could result in
lower net proceeds, which may make certain notes' ratings
susceptible to negative rating action depending on the extent of
the decline in recoveries. Fitch found that a 15% increase to the
weighted average foreclosure frequency (WAFF) increase and a 15%
decrease to the weighted average recovery rate (WARR) decrease
would result in a model-implied downgrade of up to two notches to
the class D and X notes, three notches to the class B, C, and E
notes and one notch to the class A notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Stable-to-improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and, potentially,
upgrades. Fitch found that a decrease in the WAFF of 15% and an
increase in the WARR of 15% would imply upgrades of no more than
one notch to the class D notes and no impact for all other notes.
CRITERIA VARIATION
Fitch has applied a criteria variation to the rating determination
language in the UK RMBS criteria. While the criteria would allow a
rating committee to assign a rating one notch above or below the
relevant MIRs, Fitch has assigned the class B and C notes a rating
two notches above their MIRs.
The rationale is supported by several sensitivities to the high
prepayment scenarios to address a more realistic evolution over
time mirroring the roll-off profile of fixed-rate loans. It is
standard in UK RMBS transactions (including previous Mortimer
transactions) to observe prepayments evolutions, which are flat
during the fixed-rate period and increase when loans revert to
floating-rate. At the assigned ratings, the class B and C notes are
only failing three scenario combinations of decreasing interest
rates and high prepayments, which are more remote given the current
high rate environment.
DATA ADEQUACY
Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.
Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
PREFERRED RESIDENTIAL 05-2: Fitch Affirms B-sf Rating on E1c Notes
------------------------------------------------------------------
Fitch Ratings has revised Preferred Residential Securities 05-2
PLC's (PRS 05-2) class C1a and C1c notes Outlook to Stable from
Negative. It has also affirmed all ratings and removed the class D
and E notes from Rating Watch Negative (RWN).
Entity/Debt Rating Prior
----------- ------ -----
Preferred Residential
Securities 05-2 PLC
Class C1a XS0234209020 LT AAAsf Affirmed AAAsf
Class C1c XS0234209459 LT AAAsf Affirmed AAAsf
Class D1c XS0234212594 LT A+sf Affirmed A+sf
Class E1c XS0234213642 LT B-sf Affirmed B-sf
TRANSACTION SUMMARY
PRS 05-2 is a securitisation of seasoned non-conforming mortgage
loans originated by Preferred Mortgages Limited, a subsidiary of
Lehman Brothers Europe. The mortgage pool consists of owner-
occupied and buy-to-let loans.
KEY RATING DRIVERS
Transition to Alternative Reference Rate: Fitch placed the class D
and E notes of Preferred Residential Securities 05-2 PLC (PRS 05-2)
on Rating Watch Negative in August 2023. Fitch had previously
placed the outlook of the transaction's class C, D and E notes on
Outlook Negative due to the risk that the interest rate on the
notes could become fixed if the notes do not transition to an
alternative reference rate by March 2024, when the Financial
Conduct Authority planned to stop the publication of the
three-month GBP Libor.
The issuer published a notice to noteholders on 23 November 2023
following consent from noteholders to transition to compounded
daily SONIA. Fitch has been informed and we have removed the Rating
Watch Negative on the class D and E notes and revised the Outlook
of all the notes to Stable.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The transaction's performance may be affected by changes in market
conditions and economic environment. Weakening economic performance
is strongly correlated with increasing levels of delinquencies and
defaults that could reduce credit enhancement (CE) available to the
notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and, potentially,
upgrades.
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.
Fitch did not undertake a review of the information provided about
the underlying asset pool[s] ahead of the transaction's initial
closing. The subsequent performance of the transaction over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
PRS 05-2 has an ESG Relevance Score of '4' for Customer Welfare -
Fair Messaging, Privacy & Data Security due to Customer Welfare -
Fair Messaging, Privacy & Data Security due to material
concentration of interest-only loans, which has a negative impact
on the credit profiles, and is relevant to the ratings in
conjunction with other factors.
PRS 05-2 has an ESG Relevance Score of '4' for Human Rights,
Community Relations, Access & Affordability due to the underlying
asset pools with limited affordability checks and self-certified
income, which has a negative impact on the credit profiles, and is
relevant to the ratings in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
ZELLIS HOLDINGS: Moody's Ups CFR to B3 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has upgraded Zellis Holdings Limited's
corporate family rating to B3 from Caa1 and the probability of
default rating to B3-PD from Caa1-PD. Concurrently, the rating
agency has assigned B3 ratings to the proposed GBP350 million
senior secured first lien term loan B2 (TLB) and the GBP40 million
senior secured first lien revolving credit facility (RCF). The
outlook has been changed to stable from positive.
RATINGS RATIONALE
The upgrade reflects the company's strong operating performance
over the past two years, which supported the reduction in Moody's
adjusted leverage to 6.1x in the twelve months that ended in
September 2023 from 7.0x in fiscal 2022 (ending in April), as well
as the improved liquidity profile following the proposed amend and
extend (A&E) transaction.
On November 28, Zellis launched the syndication for the envisaged
GBP350 million senior secured term loan B2 due in January 2028 and
the GBP40 million senior secured RCF due in April 2026. Proceeds
will be used to repay in full the existing credit facilities,
including the GBP293 million senior secured first lien term loan B
due in January 2025, the GBP27.5 million senior secured second lien
term loan due in January 2026 and the GBP40 million senior secured
first lien RCF, currently drawn by GBP11 million. If executed, the
envisaged deal will significantly improve the company's liquidity
and remove any short-term refinancing risk.
Zellis' credit metrics have strengthened over the past two years
due to steady growth in revenues and EBITDA as well as an improved
cash conversion. Moody's expects Zellis' revenues to grow
organically in the low- to mid-teens over fiscal 2024 and 2025,
driven primarily by the ongoing migration of Zellis' customers to
the new HCM Cloud platform, inflation-linked price adjustments, as
well as new business sales particularly in the Benefex division.
The rating agency forecasts company-adjusted EBITDA to grow to
approximately GBP80 million and above GBP90 million in fiscal 2024
and fiscal 2025, respectively, from GBP73 million in the twelve
months ended in September 2023, driven by organic top-line growth
and operating leverage. As a result, Moody's forecasts Zellis'
leverage to decline to below 5x over the next 18 months (around
6.5x on a R&D expensed basis).
In fiscal 2024 and 2025, the rating agency expects Zellis' free
cash flow (FCF) generation to remain broadly flat in a range of
GBP15 - 20 million on an annual basis, as the organic EBITDA growth
will be largely absorbed by increased interest payments. This is
likely to translate into a Moody's adjusted FCF/debt in the
mid-single digits in percentage terms over the same timeframe.
While credit metrics continue to evidence a general improvement,
interest coverage remains relatively weak, with Moody's adjusted
(EBITDA – capex)/interests of around 1x-1.5x in fiscal
2024-2025.
The B3 CFR further reflects Zellis': (1) leading position in the
niche market for payroll and HR software and services in the UK;
(2) high degree of recurring revenue and large exposure to SaaS;
(3) track record to date of receiving financial support from Bain
Capital, LP; and (4) adequate liquidity supported by Moody's
expectation of positive free cash flow (FCF) over the next 12-18
months.
Conversely, the rating also takes into consideration the company's
(1) relatively small size; (2) limited product diversification; (3)
geographical concentration in the UK market; and (4) track record
of debt-funded acquisitions.
LIQUIDITY
Zellis' liquidity is adequate. Following the transaction, the
company is expected to have a cash balance of GBP17 million and
access to a fully undrawn GBP40 million senior secured RCF due in
April 2026. Moody's forecasts Zellis to generate positive free cash
flow in a range of GBP15-20 million on an annual basis over the
next 12-18 months, supporting the overall liquidity profile of the
business.
The RCF contains a senior secured net leverage covenant tested if
drawings reach or exceed 35% of facility commitments. Should it be
tested, Moody's expects that Zellis would retain ample headroom
against a test level of 9.05x.
Zellis has no debt maturities in the near term, with the GBP 350
million TLB maturing in January 2028.
STRUCTURAL CONSIDERATIONS
The senior secured bank credit facilities, comprising the TLB and
the RCF, are rated B3, in line with the CFR, reflecting the pari
passu nature of these instruments. Pension claims worth GBP 25
million benefit from a security ranking pari passu with the senior
secured facilities.
COVENANTS
Moody's has reviewed the marketing draft terms for the restated
credit facilities. Notable terms include the following:
Guarantor coverage will be at least 80% of consolidated EBITDA
(determined in accordance with the agreement) and include all
companies representing 5% or more of consolidated EBITDA or gross
assets. Security will include fixed and floating charges and
security over key shares and bank accounts.
Unlimited pari passu debt is permitted up to a first lien leverage
ratio of 4.75x, and unlimited unsecured debt is permitted up to a
2x fixed charge coverage ratio and 5.75x total net leverage ratio.
All permitted may be made available by way of incremental facility.
Any restricted payments are permitted if total leverage is 4.00x or
lower. Asset sale proceeds are only required to be applied in full
(subject to exceptions) where total leverage is 4.50x or greater.
Adjustments to consolidated EBITDA include the full run rate of
cost savings and synergies realizable within 24 months, on an
uncapped basis but supported by independent diligence where the
savings exceed 15% of consolidated EBITDA.
The proposed terms, and the final terms may be materially
different.
RATING OUTLOOK
The stable outlook reflects Moody's expectations that the company
will continue to improve its operating performance leading to a
progressive reduction in leverage over the next 12-18 months. The
stable outlook also assumes that Zellis will continue to generate
positive free cash flow and will maintain an adequate liquidity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Zellis continues to grow its
revenue and EBITDA, such that:
-- Moody's adjusted gross debt/EBITDA (after the capitalization of
software development costs) improves below 5.5x on a sustained
basis; and
-- Moody's adjusted FCF/debt improves sustainably above 5%; and
-- Moody's adjusted (EBITDA – capital expenditures)/interest
expense improves above 2.0x.
Conversely, the ratings could be downgraded if the company's
revenue and EBITDA growth is weaker than expected such that:
-- Moody's-adjusted leverage weakens to above 7.0x; or
-- FCF were to turn negative on a sustained basis, or
-- Moody's-adjusted (EBITDA – capital expenditures)/interest
expenses remains below 1.3x or the liquidity position
deteriorates.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Software
published in June 2022.
COMPANY PROFILE
Headquartered in Bristol (UK), Zellis is a provider of payroll and
HR-related software solutions, as well as outsourcing services, to
private and public sector clients predominantly in the UK and
Ireland. In the twelve months that ended in September 2023, the
group generated GBP211 million of revenue and GBP73 million of
company-adjusted EBITDA.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week November 27 to December 1, 2023
--------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- ------- -----
United Kingdom Gilt 0.50010/22/2061 GBP 28.938
Republic of Austria G 0.850 6/30/2120 EUR 43.054
Signa Development Fin 5.500 7/23/2026 EUR 8.081
Tele Columbus AG 3.875 5/2/2025 EUR 64.011
Cullinan Holdco Scsp 4.62510/15/2026 EUR 74.738
Nitrogenmuvek Vegyipa 7.000 5/14/2025 EUR 63.863
United Kingdom Gilt 0.625 7/31/2035 GBP 66.618
CPI Property Group SA 4.875 EUR 26.033
Julius Baer Group Ltd 3.625 USD 65.235
CPI Property Group SA 1.750 1/14/2030 EUR 55.261
Heimstaden Bostad AB 3.248 EUR 43.637
United Kingdom Gilt 0.62510/22/2050 GBP 38.997
United Kingdom Gilt 0.875 7/31/2033 GBP 74.058
Clariane SE 0.875 3/6/2027 EUR 37.879
CPI Property Group SA 1.500 1/27/2031 EUR 51.836
BRANICKS Group AG 2.250 9/22/2026 EUR 36.473
CPI Property Group SA 1.625 4/23/2027 EUR 72.037
Clariane SE 1.875 EUR 25.173
Atos SE 1.750 5/7/2025 EUR 67.813
Clariane SE 4.125 GBP 59.833
ams-OSRAM AG 2.125 11/3/2027 EUR 75.109
CPI Property Group SA 4.875 EUR 26.276
Pro-Gest SpA 3.25012/15/2024 EUR 53.458
Heimstaden AB 4.250 3/9/2026 EUR 45.281
EnfraGen Energia Sur 5.37512/30/2030 USD 74.695
Heimstaden Bostad AB 2.625 EUR 30.325
Atos SE 1.00011/12/2029 EUR 45.976
SBB Treasury Oyj 1.12511/26/2029 EUR 52.905
Clariane SE 2.25010/15/2028 EUR 57.784
Heimstaden AB 6.750 EUR 19.307
GTC Aurora Luxembourg 2.250 6/23/2026 EUR 69.184
Turkiye Government In 5.750 5/11/2047 USD 71.020
Heimstaden AB 4.375 3/6/2027 EUR 40.619
DEMIRE Deutsche Mitte 1.87510/15/2024 EUR 55.490
Altice France Holding 8.000 5/15/2027 EUR 47.958
Deutsche Pfandbriefba 4.679 6/28/2027 EUR 72.853
Audax Renovables SA 4.20012/18/2027 EUR 72.860
CPI Property Group SA 3.750 EUR 20.497
French Republic Gover 0.750 5/25/2053 EUR 50.758
Heimstaden Bostad AB 3.625 EUR 36.643
Altice France Holding 10.500 5/15/2027 USD 52.730
Gol Finance SA 7.000 1/31/2025 USD 40.712
Braskem Netherlands F 5.875 1/31/2050 USD 70.882
Italy Buoni Poliennal 2.150 3/1/2072 EUR 56.443
Landesbank Baden-Wuer 4.000 EUR 69.592
Vedanta Resources Ltd 6.125 8/9/2024 USD 62.692
SBB Treasury Oyj 0.75012/14/2028 EUR 53.991
Banco Santander SA 3.625 EUR 70.319
Samhallsbyggnadsbolag 2.875 EUR 14.177
Dignity Finance PLC 4.69612/31/2049 GBP 73.333
Samhallsbyggnadsbolag 2.624 EUR 14.300
United Kingdom Inflat 0.125 3/22/2051 GBP 71.774
Mitsubishi UFJ Invest 8.45612/15/2050 EUR 46.325
United Kingdom Gilt 1.12510/22/2073 GBP 35.823
Barclays PLC 4.375 USD 73.316
Heimstaden Bostad Tre 0.750 9/6/2029 EUR 61.375
PCF GmbH 4.750 4/15/2026 EUR 69.178
Orpea SA 2.625 3/10/2025 EUR 19.920
MorphoSys AG 0.62510/16/2025 EUR 67.595
SIGNA Prime CM 2017 G 4.000 4/30/2047 EUR 18.355
Italy Buoni Poliennal 1.700 9/1/2051 EUR 57.279
Castellum AB 3.125 EUR 69.375
Eolo SpA 4.87510/21/2028 EUR 69.985
Kenbourne Invest SA 6.87511/26/2024 USD 69.753
Unigel Luxembourg SA 8.750 10/1/2026 USD 33.500
Eutelsat SA 1.50010/13/2028 EUR 72.809
Samhallsbyggnadsbolag 2.250 8/12/2027 EUR 62.091
Heimstaden Bostad AB 3.000 EUR 30.950
Romanian Government I 3.375 1/28/2050 EUR 62.074
VEON Holdings BV 3.37511/25/2027 USD 71.685
Atos SE 2.500 11/7/2028 EUR 52.162
Grupo Antolin-Irausa 3.500 4/30/2028 EUR 69.981
Kenbourne Invest SA 4.700 1/22/2028 USD 50.302
Heimstaden Bostad Tre 1.62510/13/2031 EUR 58.365
Allianz SE 3.875 USD 66.727
Turkiye Government In 4.875 4/16/2043 USD 65.850
Chrome Holdco SAS 5.000 5/31/2029 EUR 70.312
Deutsche Pfandbriefba 8.474 EUR 61.627
State of North Rhine- 0.950 1/10/2121 EUR 39.646
CPI Property Group SA 2.750 1/22/2028 GBP 68.266
B2W Digital Lux Sarl 4.37512/20/2030 USD 18.880
United Kingdom Gilt 1.250 7/31/2051 GBP 47.588
Heimstaden Bostad Tre 1.000 4/13/2028 EUR 68.648
Victoria PLC 3.750 3/15/2028 EUR 64.712
Liquid Telecommunicat 5.500 9/4/2026 USD 59.316
Samhallsbyggnadsbolag 2.625 EUR 14.322
InterCement Financial 5.750 7/17/2024 USD 67.435
Republic of Austria G 0.700 4/20/2071 EUR 42.054
HSE Finance Sarl 5.62510/15/2026 EUR 50.375
Citycon Oyj 4.496 EUR 69.875
United Kingdom Gilt 1.25010/22/2041 GBP 59.710
AT Securities BV 7.747 USD 48.500
ATF Netherlands BV 7.078 EUR 40.444
Heimstaden AB 9.966 SEK 27.667
Altice France SA/Fran 4.125 1/15/2029 EUR 72.270
Samhallsbyggnadsbolag 2.375 9/4/2026 EUR 69.798
Heimstaden Bostad Tre 1.375 7/24/2028 EUR 68.057
Altice France SA/Fran 5.125 7/15/2029 USD 72.374
Cie de Phalsbourg Sar 5.000 3/27/2029 EUR 63.887
Vedanta Resources Fin 8.950 3/11/2025 USD 71.381
Grand City Properties 1.500 EUR 41.260
Vedanta Resources Fin 9.250 4/23/2026 USD 56.229
Vodafone Group PLC 5.125 6/4/2081 USD 69.599
Altice France SA/Fran 3.375 1/15/2028 EUR 73.305
Carnival PLC 1.00010/28/2029 EUR 68.585
Romanian Government I 2.000 4/14/2033 EUR 71.070
Rothschild & Co Conti 3.650 EUR 65.947
IMMOFINANZ AG 2.50010/15/2027 EUR 71.415
Altice France SA/Fran 5.50010/15/2029 USD 72.628
Agps Bondco PLC 5.000 1/14/2029 EUR 31.621
ING Groep NV 4.250 USD 68.452
United Kingdom Gilt 0.875 1/31/2046 GBP 48.177
Heimstaden Bostad AB 3.375 EUR 39.377
Altice France SA/Fran 4.25010/15/2029 EUR 71.866
Casino Guichard Perra 4.498 3/7/2024 EUR 0.681
Italy Buoni Poliennal 1.500 4/30/2045 EUR 59.752
United Kingdom Gilt 1.125 1/31/2039 GBP 63.075
Brit Insurance Holdin 3.676 12/9/2030 GBP 72.569
Altice France Holding 6.000 2/15/2028 USD 40.295
Fastighets AB Balder 2.873 6/2/2081 EUR 69.067
Castellum Helsinki Fi 0.875 9/17/2029 EUR 72.876
Aroundtown SA 1.625 EUR 29.258
Grand City Properties 5.901 EUR 55.175
Altice France Holding 4.000 2/15/2028 EUR 38.292
Casino Guichard Perra 3.992 EUR 0.299
Orpea SA 2.000 4/1/2028 EUR 20.437
Teva Pharmaceutical F 4.100 10/1/2046 USD 64.181
UBS Group AG 4.375 USD 75.200
Casino Guichard Perra 4.469 EUR 0.259
Hungary Government In 1.750 6/5/2035 EUR 71.149
Metro Bank PLC 9.139 6/26/2028 GBP 45.563
Compact Bidco BV 5.750 5/1/2026 EUR 46.121
Proximus SADP 0.75011/17/2036 EUR 68.831
Raiffeisen Bank Inter 4.500 EUR 65.873
Prosus NV 3.832 2/8/2051 USD 60.193
Swedbank AB 4.000 USD 74.205
Aroundtown SA 2.125 EUR 32.850
Voltalia SA 1.000 1/13/2025 EUR 28.900
Romanian Government I 2.750 4/14/2041 EUR 61.461
United Kingdom Inflat 0.375 3/22/2062 GBP 72.638
Italy Buoni Poliennal 2.150 9/1/2052 EUR 62.397
United Kingdom Gilt 1.750 9/7/2037 GBP 72.633
Voyage Care BondCo PL 5.875 2/15/2027 GBP 72.417
Romanian Government I 2.000 1/28/2032 EUR 74.002
Romanian Government I 2.875 4/13/2042 EUR 61.430
United Kingdom Inflat 0.125 8/10/2048 GBP 74.189
VGP NV 1.500 4/8/2029 EUR 75.143
NAK Naftogaz Ukraine 7.625 11/8/2028 USD 47.178
La Financiere Atalian 5.125 5/15/2025 EUR 72.366
Metalcorp Group SA 8.500 6/28/2026 EUR 1.275
Russian Foreign Bond 5.100 3/28/2035 USD 35.938
Berkeley Group PLC/Th 2.500 8/11/2031 GBP 72.146
Herens Midco Sarl 5.250 5/15/2029 EUR 57.125
Akelius Residential P 0.750 2/22/2030 EUR 73.371
Kudelski SA 1.500 9/27/2024 CHF 72.388
Bigben Interactive 1.125 2/19/2026 EUR 59.056
Aroundtown SA 2.875 EUR 32.106
Accor SA 0.700 12/7/2027 EUR 46.068
United Kingdom Gilt 1.500 7/31/2053 GBP 49.828
CTP NV 1.500 9/27/2031 EUR 74.440
JSM Global Sarl 4.75010/20/2030 USD 18.880
Allianz SE 2.600 EUR 68.967
Citycon Oyj 3.625 EUR 56.591
Romanian Government I 2.625 12/2/2040 EUR 61.388
Air France-KLM 0.125 3/25/2026 EUR 17.612
Ukraine Government In 7.253 3/15/2035 USD 23.594
Aragvi Finance Intern 8.450 4/29/2026 USD 67.940
Paper Industries Inte 9.975 3/1/2025 EUR 71.066
Allianz SE 2.625 EUR 71.948
Prosus NV 2.778 1/19/2034 EUR 74.761
Intrum AB 3.000 9/15/2027 EUR 70.475
Hungary Government Bo 2.250 4/20/2033 HUF 71.838
Hellenic Republic Gov 1.875 1/24/2052 EUR 64.106
Intesa Sanpaolo SpA 4.950 6/1/2042 USD 66.395
Ukraine Government In 7.375 9/25/2034 USD 23.767
Spain Government Bond 1.00010/31/2050 EUR 51.680
gategroup Finance Lux 3.000 2/28/2027 CHF 67.933
Romanian Government I 4.000 2/14/2051 USD 66.618
Abengoa Abenewco 2 SA 1.50010/26/2024 EUR 1.066
Orpea SA 0.375 5/17/2027 EUR 38.658
French Republic Gover 0.750 5/25/2052 EUR 51.846
Ukraine Government In 6.750 6/20/2028 EUR 23.770
VTR Finance NV 6.375 7/15/2028 USD 17.734
Gazprom PJSC Via Gaz 2.500 3/21/2026 EUR 65.452
United Kingdom Inflat 0.12511/22/2065 GBP 64.274
Luzerner Kantonalbank 1.500 CHF 72.555
GRENKE AG 5.375 EUR 70.516
Vnesheconombank Via V 5.94211/21/2023 USD 9.872
CaixaBank SA 3.625 EUR 72.344
Balder Finland Oyj 1.000 1/20/2029 EUR 72.344
NatWest Group PLC 4.600 USD 71.100
Casino Guichard Perra 5.250 4/15/2027 EUR 1.036
Italy Buoni Poliennal 1.800 3/1/2041 EUR 68.473
United Kingdom Inflat 0.125 3/22/2058 GBP 67.334
Maxeda DIY Holding BV 5.875 10/1/2026 EUR 71.469
La Banque Postale SA 3.000 EUR 67.888
Endo Luxembourg Finan 6.125 4/1/2029 USD 64.250
Atento Luxco 1 SA 8.000 2/10/2026 USD 0.010
Agps Bondco PLC 6.000 8/5/2025 EUR 38.290
Ukraine Government In 4.375 1/27/2032 EUR 20.736
Hungary Government In 0.50011/18/2030 EUR 74.612
Moby SpA 7.750 2/15/2023 EUR 60.536
Nostrum Oil & Gas Fin 5.000 6/30/2026 USD 69.150
Agps Bondco PLC 4.250 7/31/2025 EUR 72.360
Mallinckrodt Internat 10.000 6/15/2029 USD 6.000
Hungary Government In 3.125 9/21/2051 USD 61.477
Nykredit Realkredit A 1.000 10/1/2050 DKK 73.985
United Kingdom Gilt 1.62510/22/2071 GBP 45.565
AI Candelaria Spain S 5.750 6/15/2033 USD 74.103
Unicaja Banco SA 4.875 EUR 74.437
Thames Water Kemble F 4.625 5/19/2026 GBP 58.666
Spain Government Bond 0.850 7/30/2037 EUR 69.988
NAK Naftogaz Ukraine 7.125 7/19/2026 EUR 46.511
Just Eat Takeaway.com 0.625 2/9/2028 EUR 72.240
UBS Group AG 0.625 1/18/2033 EUR 72.747
Rothesay Life PLC 5.000 GBP 69.393
Russian Foreign Bond 5.250 6/23/2047 USD 30.934
Idorsia Ltd 2.125 8/4/2028 CHF 39.517
Ellos Group AB/Boras 10.847 7/25/2024 SEK 72.016
NAK Naftogaz Ukraine 7.650 7/19/2025 USD 66.937
Orsted AS 2.500 2/18/3021 GBP 63.558
BICO Group AB 2.875 3/19/2026 SEK 70.089
Nexity SA 0.250 3/2/2025 EUR 59.078
United Kingdom Inflat 0.12511/22/2056 GBP 68.415
Ukraine Government In 7.750 9/1/2025 USD 29.703
Kernel Holding SA 6.75010/27/2027 USD 63.266
Serbia International 1.650 3/3/2033 EUR 69.798
Turkiye Government Bo 11.70011/13/2030 TRY 50.000
JT International Fina 3.300 9/14/2051 USD 62.421
Gol Finance SA 8.000 6/30/2026 USD 40.846
Spain Government Bond 1.000 7/30/2042 EUR 62.494
Fnac Darty SA 0.250 3/23/2027 EUR 68.583
Balder Finland Oyj 2.000 1/18/2031 EUR 69.192
Trinseo Materials Ope 5.125 4/1/2029 USD 38.522
CPI Property Group SA 5.800 SGD 44.443
Casino Guichard Perra 4.048 8/5/2026 EUR 1.000
Russian Railways Via 0.898 10/3/2025 CHF 63.810
Prosus NV 4.987 1/19/2052 USD 71.314
Kleopatra Holdings 2 6.500 9/1/2026 EUR 57.855
Orsted AS 1.500 2/18/3021 EUR 73.637
Aroundtown SA 3.375 EUR 38.758
Koninklijke Luchtvaar 0.750 CHF 27.500
Codere Finance 2 Luxe 11.000 9/30/2026 EUR 60.423
Kingdom of Belgium Go 0.400 6/22/2040 EUR 62.724
United Kingdom Gilt 1.750 7/22/2057 GBP 51.972
MHP Lux SA 6.250 9/19/2029 USD 63.486
Ukraine Government In 7.750 9/1/2027 USD 27.093
Balder Finland Oyj 1.375 5/24/2030 EUR 68.466
Ageas SA/NV 3.875 EUR 74.995
Ireland Government Bo 1.500 5/15/2050 EUR 68.255
EP Infrastructure AS 1.816 3/2/2031 EUR 72.983
Denmark Government Bo 0.25011/15/2052 DKK 50.566
Altice France SA/Fran 4.000 7/15/2029 EUR 71.255
UBM Development AG 5.500 EUR 74.601
Nexity SA 0.875 4/19/2028 EUR 36.153
Ukraine Government In 7.750 9/1/2024 USD 31.066
EnBW Energie Baden-Wu 2.125 8/31/2081 EUR 74.239
Slovakia Government B 2.250 6/12/2068 EUR 65.111
Casino Guichard Perra 3.580 2/7/2025 EUR 1.031
Idorsia Ltd 0.750 7/17/2024 CHF 60.828
Italy Buoni Poliennal 2.450 9/1/2050 EUR 68.545
Republic of Austria G 0.25010/20/2036 EUR 69.808
Optivo Finance PLC 3.283 3/22/2048 GBP 66.125
Intesa Sanpaolo SpA 4.700 9/23/2049 USD 70.126
EIG Pearl Holdings Sa 4.38711/30/2046 USD 74.539
Luzerner Kantonalbank 2.000 CHF 73.839
Abengoa Abenewco 2 SA 1.50010/26/2024 EUR 2.226
Signa Development Fin 5.500 7/23/2026 EUR 8.361
United Kingdom Gilt 1.750 1/22/2049 GBP 57.267
Samhallsbyggnadsbolag 7.599 SEK 15.150
Codere Finance 2 Luxe 12.75011/30/2027 EUR 7.457
Republic of Austria G 1.500 11/2/2086 EUR 56.813
Grand City Properties 6.332 EUR 59.489
Mutuelle Assurance De 3.500 EUR 71.721
Portugal Obrigacoes d 1.000 4/12/2052 EUR 53.064
Electricite de France 2.000 12/9/2049 EUR 59.682
Aroundtown SA 4.750 GBP 38.800
Rallye SA 4.000 2/28/2032 EUR 0.060
Aroundtown SA 1.450 7/9/2028 EUR 74.317
Russian Railways Via 0.840 3/12/2026 CHF 51.529
Vonovia SE 1.625 9/1/2051 EUR 52.706
Bulgaria Government I 1.375 9/23/2050 EUR 54.888
Czech Republic Govern 1.500 4/24/2040 CZK 66.920
Russian Foreign Bond 2.875 12/4/2025 EUR 61.108
Gazprom PJSC via Gaz 1.500 2/17/2027 EUR 61.992
Audax Renovables SA 2.75011/30/2025 EUR 74.048
OSB Group PLC 6.000 GBP 72.641
Shell International F 3.00011/26/2051 USD 67.891
Ocado Group PLC 0.750 1/18/2027 GBP 74.269
Prosus NV 4.027 8/3/2050 USD 62.435
MBT Systems GmbH 3.750 5/17/2029 EUR 71.542
Russian Foreign Bond 4.375 3/21/2029 USD 49.451
United Kingdom Gilt 2.500 7/22/2065 GBP 62.584
French Republic Gover 1.750 5/25/2066 EUR 64.544
Slovakia Government B 1.00010/13/2051 EUR 48.338
AnaCap Financial Euro 8.968 8/1/2024 EUR 65.270
Ukraine Government In 7.750 9/1/2026 USD 27.517
Ukraine Government In 9.750 11/1/2030 USD 28.558
Netherlands Governmen 0.500 1/15/2040 EUR 69.720
FIGEAC-AERO 1.75010/18/2028 EUR 15.757
Canary Wharf Group In 3.375 4/23/2028 GBP 66.454
Solocal Group 10.845 3/15/2025 EUR 24.986
BAT International Fin 4.00011/23/2055 GBP 57.754
Novo Banco SA/Luxembo 3.500 1/23/2043 EUR 73.343
SPP-Distribucia AS 1.000 6/9/2031 EUR 71.285
Metinvest BV 7.75010/17/2029 USD 58.480
Gazprom PJSC via Gaz 3.897 EUR 59.684
Wirecard AG 0.500 9/11/2024 EUR 15.967
Ukraine Government In 6.876 5/21/2031 USD 23.413
BAT International Fin 2.250 9/9/2052 GBP 40.632
Gazprom PJSC via Gaz 1.540 6/30/2027 CHF 61.251
Bayer AG 1.000 1/12/2036 EUR 67.008
Mithra Pharmaceutical 4.25012/17/2025 EUR 29.865
MMC Norilsk Nickel OJ 3.37510/28/2024 USD 74.625
Republic of Italy Gov 3.875 5/6/2051 USD 67.187
Casino Guichard Perra 6.625 1/15/2026 EUR 1.000
United Utilities Wate 1.875 6/3/2042 GBP 57.694
Delivery Hero SE 2.125 3/10/2029 EUR 71.701
Serbia International 2.050 9/23/2036 EUR 64.103
Russian Foreign Bond 4.750 5/27/2026 USD 54.014
alstria office REIT-A 1.50011/15/2027 EUR 72.868
Russian Railways Via 2.100 10/2/2023 CHF 66.446
Russian Railways Via 2.200 5/23/2027 EUR 65.206
Cellnex Finance Co SA 3.875 7/7/2041 USD 73.143
Ukraine Government In 7.750 9/1/2029 USD 27.521
Riverside Finance Plc 3.875 12/5/2044 GBP 74.220
Russian Foreign Bond 1.85011/20/2032 EUR 30.945
Maisons du Monde SA 0.125 12/6/2023 EUR 48.183
Rallye SA 4.371 2/28/2032 EUR 0.051
Ukraine Railways Via 8.250 7/9/2026 USD 53.317
Italy Buoni Poliennal 1.450 3/1/2036 EUR 73.670
Republic of Belarus I 6.378 2/24/2031 USD 35.497
Finland Government Bo 0.125 4/15/2052 EUR 44.804
Clariane SE 3.350 6/29/2028 EUR 61.370
United Kingdom Gilt 1.62510/22/2054 GBP 51.029
Delivery Hero SE 1.500 1/15/2028 EUR 74.837
Nykredit Realkredit A 1.000 10/1/2050 DKK 69.745
Electricite de France 4.500 12/4/2069 USD 68.668
Marginalen Bank Banka 10.09910/30/2028 SEK 60.000
Places For People Tre 2.500 1/26/2036 GBP 70.456
Fastator AB 10.614 9/26/2025 SEK 69.129
UBS Group AG 3.179 2/11/2043 USD 68.919
Turkiye Government Bo 10.500 8/11/2027 TRY 64.300
Croatia Government In 1.750 3/4/2041 EUR 71.371
Development Bank of t 6.750 5/2/2024 USD 41.390
Interpipe Holdings PL 8.375 5/13/2026 USD 72.796
Republic of Austria G 0.750 3/20/2051 EUR 55.666
Slovakia Government B 0.375 4/21/2036 EUR 65.853
Triodos Bank NV 2.250 2/5/2032 EUR 73.727
Logicor Financing Sar 0.875 1/14/2031 EUR 72.853
Slovenia Government B 0.688 3/3/2081 EUR 41.547
Ukraine Government In 7.750 9/1/2028 USD 27.637
PREOS Global Office R 7.500 12/9/2024 EUR 0.001
Oscar Properties Hold 11.320 7/5/2024 SEK 10.708
NGD Holdings BV 6.75012/31/2026 USD 70.147
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.688
Financiere Immobilier 6.000 1/30/2025 EUR 9.204
HSE Finance Sarl 9.75210/15/2026 EUR 50.794
Russian Foreign Bond 4.250 6/23/2027 USD 52.923
Republic of Belarus I 7.625 6/29/2027 USD 35.760
Caybon Holding AB 10.550 3/3/2025 SEK 50.000
French Republic Gover 1.500 5/25/2050 EUR 66.883
Barclays Bank PLC 4.33112/28/2040 EUR 69.561
Agps Bondco PLC 5.000 4/27/2027 EUR 33.591
Republic of Austria G 1.500 2/20/2047 EUR 71.674
Desenio Group AB 9.56112/16/2024 SEK 64.661
Dtek Renewables Finan 8.50011/12/2024 EUR 57.167
Magnolia Bostad AB 10.961 3/18/2025 SEK 70.000
Republic of Italy Gov 4.00010/17/2049 USD 70.336
Romanian Government I 3.375 2/8/2038 EUR 72.732
Hungary Government In 1.50011/17/2050 EUR 51.077
BNP Paribas SA 0.625 12/3/2032 EUR 75.189
Greenbit Energy AS 14.750 5/27/2025 NOK 71.148
Russian Railways Via 3.125 CHF 40.184
Gazprom PJSC via Gaz 2.950 4/15/2025 EUR 65.479
Novo Banco SA/Luxembo 3.500 2/19/2043 EUR 72.262
Aroundtown SA 3.00010/16/2029 GBP 69.509
Enel Finance Internat 0.875 9/28/2034 EUR 72.382
Imperial Brands Finan 1.750 3/18/2033 EUR 75.019
Diageo Finance PLC 2.750 6/8/2038 GBP 75.009
Covivio SA/France 0.875 1/20/2033 EUR 74.217
TotalEnergies Capital 3.127 5/29/2050 USD 70.068
Sydbank AS 3.252 EUR 63.409
Perrigo Finance Unlim 4.90012/15/2044 USD 75.735
Gazprom PJSC via Gaz 3.000 6/29/2027 USD 68.133
Vonovia SE 1.500 6/14/2041 EUR 60.896
Fresnillo PLC 4.250 10/2/2050 USD 71.495
Gazprom PJSC via Gaz 4.599 USD 51.421
Intesa Sanpaolo SpA 2.10011/13/2030 USD 74.990
Wuestenrot & Wuerttem 2.125 9/10/2041 EUR 73.027
Arrival SA 3.500 12/1/2026 USD 1.497
Flamingo Lux II SCA 5.000 3/31/2029 EUR 72.160
DDM Debt AB 9.000 4/19/2026 EUR 65.636
Cabonline Group Holdi 13.581 4/19/2026 SEK 67.434
Logicor Financing Sar 2.000 1/17/2034 EUR 72.653
Kingdom of Belgium Go 1.700 6/22/2050 EUR 68.946
Russian Railways Via 7.487 3/25/2031 GBP 67.181
Neoen SA 2.000 6/2/2025 EUR 44.425
Societe Generale SA 4.027 1/21/2043 USD 65.871
BPCE SFH SA 0.010 1/29/2036 EUR 66.860
R-Logitech Finance SA 10.250 9/26/2027 EUR 19.790
Global Fashion Group 1.250 3/15/2028 EUR 74.062
Agps Bondco PLC 5.50011/13/2026 EUR 36.532
Electricite de France 1.00011/29/2033 EUR 75.157
Prosus NV 2.031 8/3/2032 EUR 73.713
Evraz PLC 5.250 4/2/2024 USD 68.119
Bank Gospodarstwa Kra 2.000 11/3/2036 EUR 74.906
Vonovia SE 0.750 9/1/2032 EUR 72.868
BNP Paribas SA 2.000 9/13/2036 GBP 68.776
NIBC Bank NV 3.089 EUR 72.603
AerCap Ireland Capita 3.85010/29/2041 USD 75.328
Vnesheconombank Via V 6.80011/22/2025 USD 6.584
Ukraine Government In 8.994 2/1/2026 USD 29.833
Marginalen Bank Banka 13.061 SEK 45.002
Metinvest BV 8.500 4/23/2026 USD 69.300
K2A Knaust & Andersso 10.043 SEK 45.079
Latvia Government Int 1.375 5/16/2036 EUR 74.480
Mutuelle Assurance De 2.125 6/21/2052 EUR 73.770
SAS AB 8.755 SEK 1.762
IOG Plc 13.403 9/20/2024 EUR 31.376
Gazprom PJSC via Gaz 3.250 2/25/2030 USD 57.624
Marginalen Bank Banka 9.947 8/28/2029 SEK 55.405
Russian Foreign Bond 7.500 3/31/2030 USD 65.139
Hellenic Republic Gov 2.085 7/25/2057 EUR 29.744
State of North Rhine- 2.150 3/21/2119 EUR 65.326
Schlote Holding GmbH 6.75011/21/2024 EUR 36.598
John Lewis PLC 4.25012/18/2034 GBP 67.074
Royalty Pharma PLC 3.300 9/2/2040 USD 70.694
Kingdom of Belgium Go 2.150 6/22/2066 EUR 72.287
EnBW International Fi 0.500 3/1/2033 EUR 74.795
Codere Finance 2 Luxe 13.62511/30/2027 USD 8.967
EnfraGen Energia Sur 5.37512/30/2030 USD 74.555
Slovenia Government B 0.48810/20/2050 EUR 47.119
VTB Bank OJSC Via VTB 6.95010/17/2022 USD 6.640
Tresu Investment Hold 8.972 1/2/2025 EUR 23.348
Elli Finance UK PLC 8.750 6/15/2019 GBP 43.294
Sweden Government Bon 0.50011/24/2045 SEK 62.850
Agps Bondco PLC 4.625 1/14/2026 EUR 37.722
Turkiye Government Bo 10.40010/13/2032 TRY 52.000
Slovakia Government B 2.00010/17/2047 EUR 69.570
Annington Funding PLC 2.924 10/6/2051 GBP 55.659
NPC Ukrenergo 6.875 11/9/2028 USD 26.286
Alfa Bank AO Via Alfa 5.950 4/15/2030 USD 1.381
Societe Generale SA 4.027 1/21/2043 USD 66.001
Turkiye Government Bo 12.400 3/8/2028 TRY 68.800
Rickmers Holding AG 8.875 6/11/2018 EUR 2.249
BAT International Fin 2.000 3/13/2045 EUR 58.520
MMC Norilsk Nickel OJ 2.550 9/11/2025 USD 74.000
Finland Government Bo 0.125 4/15/2036 EUR 69.640
AstraZeneca PLC 3.000 5/28/2051 USD 70.253
Deutsche Bahn Finance 0.625 12/8/2050 EUR 49.882
La Financiere Atalian 6.625 5/15/2025 GBP 71.827
Altice France SA/Fran 5.125 1/15/2029 USD 72.944
Turkiye Government Bo 10.600 2/11/2026 TRY 68.000
Euroboden GmbH 5.500 10/1/2024 EUR 1.400
Sberbank of Russia Vi 5.12510/29/2022 USD 32.532
Euroboden GmbH 5.50011/18/2025 EUR 1.416
Prosus NV 1.985 7/13/2033 EUR 70.985
Photon Energy NV 6.50011/23/2027 EUR 51.909
NIBC Bank NV 2.850 2/21/2040 EUR 60.371
Altice France Holding 6.000 2/15/2028 USD 40.025
HOCHDORF Holding AG 7.277 CHF 28.802
Nederlandse Gasunie N 0.75010/13/2036 EUR 70.342
Realkredit Danmark A/ 1.000 10/1/2050 DKK 74.080
Just Group PLC 5.000 GBP 66.258
Kingdom of Belgium Go 2.250 6/22/2057 EUR 75.600
Deutsche Telekom AG 3.625 1/21/2050 USD 75.176
Ukraine Government Bo 9.790 5/26/2027 UAH 62.648
Shell International F 1.750 9/10/2052 GBP 48.151
Republic of Belarus I 6.200 2/28/2030 USD 33.599
Offentliga Hus I Nord 10.916 SEK 45.027
University of Oxford 2.544 12/8/2117 GBP 50.968
Samhallsbyggnadsbolag 6.849 1/30/2027 SEK 62.787
Kenbourne Invest SA 4.700 1/22/2028 USD 50.850
Siemens Financierings 0.500 9/5/2034 EUR 74.881
Allied Irish Banks PL 12.500 6/25/2035 GBP 55.821
Digital Intrepid Hold 0.625 7/15/2031 EUR 75.245
Selina Hospitality PL 6.000 11/1/2026 USD 10.128
Societe Generale SA 3.625 3/1/2041 USD 63.463
BUPA Finance PLC 4.000 GBP 65.471
Plusplus Capital Fina 11.000 7/29/2026 EUR 46.170
Ireland Government Bo 0.550 4/22/2041 EUR 65.365
Russian Railways Via 1.195 4/3/2028 CHF 50.031
Fastator AB 11.114 9/25/2026 SEK 70.015
PB International BV 7.62512/31/2025 USD 40.015
Chesnara PLC 4.750 8/4/2032 GBP 72.486
VTB Bank PJSC Via VTB 9.500 USD 17.569
WM Morrison Supermark 3.500 7/27/2026 GBP 70.841
Quant AB 10.00211/15/2025 EUR 69.464
Havila Shipping ASA 9.220 1/2/2025 NOK 47.694
Merlin Properties Soc 1.875 12/4/2034 EUR 74.153
BP Capital Markets PL 1.10411/15/2034 EUR 75.270
Lithuania Government 0.500 7/28/2050 EUR 44.459
Nykredit Realkredit A 2.000 10/1/2053 DKK 70.602
Bank Gospodarstwa Kra 2.000 11/3/2036 EUR 74.906
Kreditanstalt fuer Wi 0.875 7/4/2039 EUR 71.990
Verbund AG 0.900 4/1/2041 EUR 66.905
Ilija Batljan Invest 7.32712/15/2024 SEK 22.584
Senvion Holding GmbH 3.87510/25/2022 EUR 0.103
Altarea SCA 1.750 1/16/2030 EUR 73.918
Paul Tech AG 7.000 12/1/2025 EUR 56.773
Russian Foreign Bond 5.625 4/4/2042 USD 66.999
FF Group Finance Luxe 3.250 11/2/2021 CHF 6.637
Diageo Finance PLC 1.250 3/28/2033 GBP 73.390
State Agency of Roads 6.250 6/24/2030 USD 25.480
Gazprom PJSC via Gaz 2.950 1/27/2029 USD 63.109
Bank Gospodarstwa Kra 0.500 7/8/2031 EUR 75.134
UBS Group AG 4.375 USD 74.365
Nykredit Realkredit A 1.000 10/1/2053 DKK 73.136
STERIS Irish FinCo Un 3.750 3/15/2051 USD 72.601
Orpea SA 2.130 7/3/2024 EUR 23.583
Southern Gas Networks 3.100 9/15/2036 GBP 74.794
CK Hutchison Group Te 2.62510/17/2034 GBP 68.691
Gazprom PJSC Via Gaz 4.950 2/6/2028 USD 72.406
Russian Railways Via 4.375 3/1/2024 USD 75.000
Vodafone Group PLC 3.000 8/12/2056 GBP 57.459
Republic of Belarus I 5.875 2/24/2026 USD 34.712
Deutsche Bahn Finance 1.125 5/29/2051 EUR 57.262
Sweden Government Bon 1.375 6/23/2071 SEK 57.232
Russian Foreign Bond 1.12511/20/2027 EUR 39.038
Siemens Financierings 2.875 3/11/2041 USD 73.720
Thermo Fisher Scienti 2.00010/18/2051 EUR 64.388
Tinkoff Bank JSC Via 11.002 USD 55.000
Novo Banco SA/Luxembo 3.500 1/2/2043 EUR 72.833
Samhallsbyggnadsbolag 3.000 4/3/2040 EUR 46.767
Kenbourne Invest SA 6.87511/26/2024 USD 70.106
Thames Water Utilitie 1.250 1/31/2032 EUR 73.146
Finland Government Bo 1.375 4/15/2047 EUR 71.007
State of North Rhine- 1.450 1/19/2122 EUR 46.448
Royalty Pharma PLC 3.350 9/2/2051 USD 62.990
UBS Group AG 3.179 2/11/2043 USD 69.129
Scandinavian Airlines 0.625 CHF 2.524
Barclays PLC 3.33011/24/2042 USD 69.413
Holcim Finance Luxemb 0.625 1/19/2033 EUR 74.562
Vonovia Finance BV 1.125 9/14/2034 EUR 70.966
GTLK Europe Capital D 5.950 4/17/2025 USD 28.306
Bank Gospodarstwa Kra 2.37511/27/2040 PLN 62.840
Nykredit Realkredit A 1.500 10/1/2053 DKK 72.690
Shell International F 3.250 4/6/2050 USD 71.648
Cellnex Finance Co SA 3.875 7/7/2041 USD 72.811
BNP Paribas SA 2.824 1/26/2041 USD 65.164
Russian Federal Bond 7.250 5/10/2034 RUB 74.396
Nykredit Realkredit A 1.000 10/1/2053 DKK 68.237
Bank Gospodarstwa Kra 2.000 11/3/2036 EUR 74.906
Vonovia Finance BV 1.625 10/7/2039 EUR 64.671
Mitsubishi UFJ Invest 8.21512/30/2099 EUR 2.966
Republic of Poland Go 2.000 3/8/2049 EUR 64.905
Severstal OAO Via Ste 3.150 9/16/2024 USD 5.488
Prs Finance PLC 1.500 8/24/2034 GBP 72.815
Gecina SA 0.875 6/30/2036 EUR 69.564
Russian Foreign Bond 2.650 5/27/2036 EUR 34.338
Vonovia SE 1.000 6/16/2033 EUR 72.892
Credit Bank of Moscow 3.875 9/21/2026 USD 36.555
State of North Rhine- 1.375 1/15/2120 EUR 46.355
Novo Banco SA/Luxembo 3.500 3/18/2043 EUR 71.927
British Telecommunica 3.62511/21/2047 GBP 70.763
Ekosem-Agrar AG 2.500 7/31/2029 EUR 13.224
Becton Dickinson Euro 1.336 8/13/2041 EUR 62.954
Credit Bank of Moscow 3.100 1/21/2026 EUR 22.702
State of North Rhine- 1.950 9/26/2078 EUR 63.788
Air Berlin PLC 6.750 5/9/2019 EUR 0.354
Turkiye Government Bo 11.000 2/24/2027 TRY 63.500
BNP Paribas SA 2.824 1/26/2041 USD 64.802
ABH Financial Ltd Via 2.875 11/9/2022 CHF #N/A N/A
Air Berlin PLC 8.250 4/19/2018 EUR 0.385
Wellcome Trust Ltd/Th 1.500 7/14/2071 GBP 38.495
Sanctuary Capital PLC 2.375 4/14/2050 GBP 56.550
Utmost Group PLC 4.00012/15/2031 GBP 72.672
BAE Systems PLC 3.000 9/15/2050 USD 65.995
Southern Housing 3.50010/19/2047 GBP 68.635
Enel Finance Internat 0.875 6/17/2036 EUR 68.126
Republic of Ireland I 1.425 9/18/2119 EUR 48.584
Southern Housing 2.375 10/8/2036 GBP 69.724
Mallinckrodt Internat 10.000 4/15/2025 USD 7.000
Beyond Housing Ltd 2.125 5/17/2051 GBP 53.431
Vodafone Group PLC 3.375 8/8/2049 GBP 65.698
Agri Resources Group 8.000 3/17/2026 EUR 12.685
LEG Immobilien SE 1.00011/19/2032 EUR 73.653
CM.com NV 2.000 9/9/2026 EUR 64.129
Sberbank of Russia Vi 5.250 5/23/2023 USD 33.078
esure Group PLC 6.000 GBP 69.781
Unigel Luxembourg SA 8.750 10/1/2026 USD 33.250
Ekosem-Agrar AG 2.500 12/7/2027 EUR 11.130
Ukraine Railways Via 7.875 7/15/2028 USD 48.318
OGX Austria GmbH 8.375 4/1/2022 USD 0.016
Thames Water Utilitie 2.375 4/22/2040 GBP 57.767
UBS Group AG 0.625 2/24/2033 EUR 73.693
Eni SpA 1.00010/11/2034 EUR 74.084
Telefonica Emisiones 1.957 7/1/2039 EUR 75.368
UNEDIC ASSEO 0.500 5/25/2036 EUR 71.643
Abengoa Abenewco 2 SA 1.50010/26/2024 USD 1.150
Hungary Government Bo 2.250 6/22/2034 HUF 68.784
Cadent Finance PLC 2.750 9/22/2046 GBP 60.130
Wales & West Utilitie 3.000 8/3/2038 GBP 72.647
Gazprom PJSC via Gaz 1.85011/17/2028 EUR 59.378
Gazprom PJSC via Gaz 3.500 7/14/2031 USD 60.043
Thomas Cook Finance 2 3.875 7/15/2023 EUR 0.804
TotalEnergies Capital 3.386 6/29/2060 USD 69.687
Credit Bank of Moscow 5.150 2/20/2024 EUR 30.966
Lithuania Government 1.625 6/19/2049 EUR 61.691
ALROSA Finance SA 4.650 4/9/2024 USD 10.077
ING Bank NV 1.000 2/17/2037 EUR 74.854
Snam SpA 1.000 9/12/2034 EUR 73.911
Saxa Gres Spa 7.000 8/4/2027 EUR 4.471
UNEDIC ASSEO 0.250 7/16/2035 EUR 72.031
Deutsche Bahn Finance 0.625 4/15/2036 EUR 71.124
Tinkoff Bank JSC Via 6.000 USD 48.733
Medtronic Global Hold 1.750 7/2/2049 EUR 63.286
WPP Finance 2013 2.875 9/14/2046 GBP 59.742
Aroundtown SA 3.640 9/20/2030 EUR 70.346
OGX Austria GmbH 8.500 6/1/2018 USD 0.019
BUPA Finance PLC 4.125 6/14/2035 GBP 75.206
Andorra International 1.70010/13/2041 EUR 65.008
WM Morrison Supermark 4.750 7/4/2029 GBP 62.765
Siemens Financierings 3.300 9/15/2046 USD 73.817
Abengoa Abenewco 2 Bi 1.500 4/26/2024 EUR 0.498
Gazprom PJSC Via Gaz 4.364 3/21/2025 EUR 70.000
Grounds Real Estate D 6.000 2/18/2024 EUR 59.040
ALROSA Finance SA 3.100 6/25/2027 USD 8.584
Deutsche Telekom AG 1.750 12/9/2049 EUR 71.362
Novolipetsk Steel Via 1.450 6/2/2026 EUR 68.784
Medtronic Global Hold 1.500 7/2/2039 EUR 71.142
Deutsche Bahn Finance 1.85011/23/2043 EUR 69.506
GTLK Europe Capital D 4.349 2/27/2029 USD 21.629
British Telecommunica 4.250 11/8/2049 USD 76.365
Deutsche Bahn Finance 1.375 4/16/2040 EUR 72.484
State of North Rhine- 1.750 7/11/2068 EUR 62.240
Investor AB 1.500 6/20/2039 EUR 71.805
Societe Generale SA 3.625 3/1/2041 USD 63.877
Linde PLC 1.000 9/30/2051 EUR 54.163
Bank Gospodarstwa Kra 2.250 7/21/2033 PLN 74.427
BPCE SA 3.58210/19/2042 USD 66.551
ERWE Immobilien AG 7.50012/10/2023 EUR 23.051
Social Chain AG /The 5.750 4/7/2024 EUR 0.131
Altice France SA/Fran 5.125 7/15/2029 USD 71.896
Nykredit Realkredit A 1.000 10/1/2053 DKK 58.970
GTLK Europe DAC 5.125 5/31/2024 USD 35.411
Nykredit Realkredit A 1.500 10/1/2053 DKK 63.833
Affordable Housing Fi 2.893 8/11/2043 GBP 74.387
Engie SA 1.00010/26/2036 EUR 70.205
Amprion GmbH 0.625 9/23/2033 EUR 74.601
Vonovia Finance BV 1.000 1/28/2041 EUR 55.584
Nordea Kredit Realkre 1.000 10/1/2050 DKK 74.231
Yorkshire Water Finan 2.750 4/18/2041 GBP 63.809
Abengoa Abenewco 2 SA 1.50010/26/2024 USD 0.009
UNEDIC ASSEO 0.100 5/25/2034 EUR 73.509
Metinvest BV 7.650 10/1/2027 USD 63.478
Air Berlin PLC 5.625 5/9/2019 CHF 0.139
Anchor Hanover Group 2.000 7/21/2051 GBP 51.402
Republic of Poland Go 2.00010/25/2046 EUR 68.408
CNP Assurances SACA 1.87510/12/2053 EUR 75.120
Codere Finance 2 Luxe 13.62511/30/2027 USD 8.967
JAB Holdings BV 3.750 5/28/2051 USD 64.136
BNG Bank NV 0.805 6/28/2049 EUR 54.422
Fastator AB 10.618 9/24/2027 SEK 55.005
Shell International F 2.87511/26/2041 USD 72.536
Lendlease Europe Fina 3.500 12/2/2033 GBP 68.733
VTB Bank OJSC Via VTB 4.07310/24/2024 CHF 16.000
Vnesheconombank Via V 6.025 7/5/2022 USD 6.363
Borets Finance DAC 6.000 9/17/2026 USD 49.235
Southern Gas Networks 1.250 12/2/2031 GBP 72.682
Lehman Brothers UK Ca 5.125 EUR 32.757
GTLK Europe Capital D 4.650 3/10/2027 USD 22.704
Ukreximbank Via Biz F 9.95011/14/2029 USD 70.000
Trinseo Materials Ope 5.125 4/1/2029 USD 38.424
Russian Federal Bond 7.700 3/16/2039 RUB 72.334
Orbit Capital PLC 2.00011/24/2038 GBP 63.570
LEG Immobilien SE 1.500 1/17/2034 EUR 74.219
Flagship Finance PLC 1.875 7/14/2061 GBP 46.321
Becton Dickinson Euro 1.213 2/12/2036 EUR 72.902
BP Capital Markets BV 1.467 9/21/2041 EUR 65.541
Kreditanstalt fuer Wi 0.050 9/29/2034 EUR 73.054
Jyske Realkredit A/S 1.000 10/1/2050 DKK 74.061
Aroundtown SA 3.625 4/10/2031 GBP 67.239
RL Finance Bonds NO 4 4.875 10/7/2049 GBP 74.703
Nestle Finance Intern 0.875 6/14/2041 EUR 67.125
Intu Debenture PLC 5.56212/31/2027 GBP 39.779
Altice France SA/Fran 5.50010/15/2029 USD 72.478
Marston's Issuer PLC 7.890 7/16/2035 GBP 74.337
Turkiye Government Bo 8.000 3/12/2025 TRY 73.000
BNP Paribas SA 1.250 7/13/2031 GBP 74.009
Slovenia Government B 1.175 2/13/2062 EUR 55.162
Uliving@essex3 LLP 2.720 8/31/2066 GBP 49.490
MMK International Cap 4.375 6/13/2024 USD 27.957
Lloyds Banking Group 3.36912/14/2046 USD 64.571
Intesa Sanpaolo SpA 2.625 3/11/2036 GBP 68.103
Aberdeen City Council 0.100 2/28/2054 GBP 70.665
Paragon Treasury Plc 3.625 1/21/2047 GBP 71.011
Phosagro OAO Via Phos 2.600 9/16/2028 USD 66.488
Russian Agricultural 8.50010/16/2023 USD 26.042
Latvia Government Int 1.875 2/19/2049 EUR 67.378
BNP Paribas SA 4.500 USD 73.620
Bakkegruppen AS 11.730 2/3/2025 NOK 51.557
Bayerische Landesbank 0.620 5/14/2031 EUR 75.290
Credit Bank of Moscow 8.875 USD 20.000
European TopSoho Sarl 4.000 9/21/2021 EUR 52.875
Market Parent Finco P 6.750 10/1/2029 GBP 68.072
DXC Capital Funding D 0.950 9/15/2031 EUR 74.968
VK IPJSC 1.625 10/1/2025 USD 47.000
Tele Columbus AG 3.875 5/2/2025 EUR 63.499
Northern Powergrid No 1.875 6/16/2062 GBP 45.974
Nykredit Realkredit A 0.500 10/1/2053 DKK 67.922
Barclays PLC 3.811 3/10/2042 USD 69.987
Enel Finance Internat 1.12510/17/2034 EUR 74.042
Cyprus Government Int 1.250 1/21/2040 EUR 67.180
Manchester Airport Gr 2.875 9/30/2044 GBP 64.678
TotalEnergies Capital 3.461 7/12/2049 USD 74.338
Societe Nationale SNC 0.875 2/28/2051 EUR 47.339
TotalEnergies Capital 2.986 6/29/2041 USD 73.939
United Utilities Wate 2.000 7/3/2033 GBP 74.906
Republic of Croatia F 1.00011/27/2034 EUR 74.775
GTLK Europe Capital D 4.800 2/26/2028 USD 22.592
National Grid PLC 0.750 9/1/2033 EUR 73.215
Accent Capital PLC 2.625 7/18/2049 GBP 61.466
University College Lo 1.625 6/4/2061 GBP 46.181
Rallye SA 3.400 2/28/2032 EUR 0.067
Richemont Internation 1.625 5/26/2040 EUR 74.780
publity AG 5.500 6/19/2025 EUR 57.055
Jyske Realkredit A/S 1.000 10/1/2050 DKK 69.736
City of Lausanne Swit 0.050 9/28/2054 CHF 65.024
BP Capital Markets BV 0.933 12/4/2040 EUR 61.390
Unibail-Rodamco-Westf 1.750 7/1/2049 EUR 58.037
Atento Luxco 1 SA 8.000 2/10/2026 USD 0.001
Aroundtown SA 4.750 3/27/2032 USD 67.451
Nordea Kredit Realkre 1.000 10/1/2050 DKK 69.845
DZ Bank AG Deutsche Z 4.97211/24/2031 EUR 58.395
LEG Immobilien SE 1.62511/28/2034 EUR 72.159
Holcim Sterling Finan 2.250 4/4/2034 GBP 72.095
Magnolia Bostad AB 11.876 5/19/2026 SEK 66.000
Annington Funding PLC 3.935 7/12/2047 GBP 70.900
Nationwide Building S 0.500 5/5/2041 EUR 61.436
AstraZeneca PLC 2.125 8/6/2050 USD 58.546
VEON Holdings BV 3.37511/25/2027 USD 72.446
Tritax Big Box REIT P 1.50011/27/2033 GBP 67.902
Altice France Holding 10.500 5/15/2027 USD 52.878
Nykredit Realkredit A 1.500 10/1/2050 DKK 74.912
FF Group Finance Luxe 1.750 7/3/2019 EUR 5.729
Shell International F 0.875 11/8/2039 EUR 64.661
Lukoil Securities BV 3.875 5/6/2030 USD 72.461
Enel Finance Internat 1.250 1/17/2035 EUR 75.411
Wellcome Trust Ltd/Th 2.517 2/7/2118 GBP 51.109
Muenchener Hypotheken 0.010 11/2/2040 EUR 57.076
Espirito Santo Financ 9.75012/19/2025 EUR 0.562
Nederlandse Waterscha 0.500 4/26/2051 EUR 48.409
Croatia Government Bo 1.250 3/3/2040 EUR 66.437
A2A SpA 1.000 11/2/2033 EUR 73.747
Orange SA 1.375 9/4/2049 EUR 66.132
Northern Powergrid No 3.250 4/1/2052 GBP 68.056
Clarion Funding PLC 3.125 4/19/2048 GBP 65.539
Sibur Securities DAC 2.950 7/8/2025 USD 65.515
Cadent Finance PLC 2.625 9/22/2038 GBP 67.082
Credit Bank of Moscow 4.700 1/29/2025 USD 35.110
Deutsche Bahn Finance 0.875 6/23/2039 EUR 68.476
Caixa Economica Monte 6.679 EUR 75.000
Travelex Financing PL 8.000 5/15/2022 EUR 0.161
Credit Agricole SA 2.811 1/11/2041 USD 64.441
Telefonica Emisiones 1.864 7/13/2040 EUR 72.916
Cullinan Holdco Scsp 4.62510/15/2026 EUR 74.898
Ministeries Van de Vl 0.12510/15/2035 EUR 68.426
Ville de Paris 0.45010/20/2045 EUR 52.418
Heineken NV 1.750 5/7/2040 EUR 75.571
Suek Securities DAC 3.375 9/15/2026 USD 70.507
Societe Du Grand Pari 0.70010/15/2060 EUR 37.777
Commune de Marseille 0.50912/17/2041 EUR 58.456
Hacienda Investments 5.350 2/8/2028 USD 57.361
ABN AMRO Bank NV 1.125 4/23/2039 EUR 71.587
Republic of Belarus I 6.875 2/28/2023 USD 38.230
Yuksel Insaat AS 9.50011/10/2015 USD 0.492
GTLK Europe Capital D 4.949 2/18/2026 USD 19.136
Alno AG 8.000 3/21/2019 EUR 16.300
LSEGA Financing PLC 3.200 4/6/2041 USD 73.383
Cadent Finance PLC 3.125 3/21/2040 GBP 70.480
Lloyds Banking Group 4.344 1/9/2048 USD 73.560
Holcim Finance Luxemb 1.375 10/8/2036 EUR 65.873
Engie SA 1.25010/24/2041 EUR 62.254
EWE AG 0.37510/22/2032 EUR 74.208
Societe Du Grand Pari 0.300 9/2/2036 EUR 67.225
Severn Trent Utilitie 2.000 6/2/2040 GBP 60.822
Orpea SA 2.20012/15/2024 EUR 22.901
NRW Bank 0.100 7/9/2035 EUR 70.622
University of Liverpo 3.375 6/25/2055 GBP 71.801
Wales & West Utilitie 1.875 5/28/2041 GBP 57.994
National Gas Transmis 1.125 1/14/2033 GBP 68.232
Intesa Sanpaolo SpA 4.700 9/23/2049 USD 65.224
Intesa Sanpaolo SpA 4.375 1/12/2048 USD 66.577
Landwirtschaftliche R 0.62510/31/2036 EUR 73.738
Realkredit Danmark A/ 1.000 10/1/2053 DKK 58.871
Latvia Government Int 2.250 2/15/2047 EUR 72.711
Finland Government Bo 0.250 9/15/2040 EUR 62.271
Avangardco Investment 10.00010/29/2018 USD 0.109
Segro Capital Sarl 0.500 9/22/2031 EUR 74.821
Hera SpA 1.000 4/25/2034 EUR 74.797
Saltaire Finance PLC 1.52711/23/2051 GBP 47.980
Cardea Europe AG 7.250 12/8/2023 EUR 1.900
Lukoil Capital DAC 3.60010/26/2031 USD 72.000
Dexia Credit Local SA 5.732 EUR 2.235
Credit Bank of Moscow 7.625 USD 25.456
Finland Government Bo 0.500 4/15/2043 EUR 61.259
Solocal Group 10.845 3/15/2025 EUR 19.903
Barclays Bank PLC 12.000 9/24/2025 TRY 68.040
Rallye SA 3.250 2/28/2032 CHF 0.125
Segro PLC 2.87510/11/2037 GBP 73.938
Nestle Finance Intern 0.375 12/3/2040 EUR 62.061
Thermo Fisher Scienti 1.62510/18/2041 EUR 69.941
Grand City Properties 2.00010/25/2032 EUR 64.206
Gol Finance SA 8.000 6/30/2026 USD 42.288
Alfa Bank AO Via Alfa 5.900 USD 9.146
Engie SA 1.375 6/21/2039 EUR 67.872
Derwent London PLC 1.87511/17/2031 GBP 74.559
Nederlandse Waterscha 0.375 9/28/2046 EUR 52.822
Vedanta Resources Fin 8.950 3/11/2025 USD 71.878
Lehman Brothers UK Ca 5.750 EUR 7.000
United Utilities Wate 1.750 2/10/2038 GBP 63.306
Banco Espirito Santo 6.610 EUR 1.325
Nitrogenmuvek Vegyipa 7.000 5/14/2025 EUR 63.863
Lithuania Government 0.750 7/15/2051 EUR 46.824
Hacienda Investments 5.075 2/15/2023 USD 23.137
ABN AMRO Bank NV 0.625 1/24/2037 EUR 70.836
Bulgaria Government B 0.100 8/17/2031 BGN 71.604
Peabody Capital No 2 3.250 9/14/2048 GBP 66.828
Polyus Finance PLC 3.25010/14/2028 USD 60.615
Societe Nationale SNC 1.000 5/25/2040 EUR 65.916
Heimstaden Bostad AB 2.800 5/4/2035 EUR 52.840
Allergan Funding SCS 4.750 3/15/2045 USD 73.593
Saltaire Finance PLC 2.711 5/9/2052 GBP 64.967
Royalty Pharma PLC 3.550 9/2/2050 USD 66.162
Pandion AG 5.500 2/5/2026 EUR 72.661
Shell International F 3.125 11/7/2049 USD 69.436
Martlet Homes Ltd 3.000 5/9/2052 GBP 65.145
JAB Holdings BV 4.500 4/8/2052 USD 73.983
Catena Media PLC 12.065 SEK 71.135
Eversholt Funding PLC 3.529 8/7/2042 GBP 74.093
CPI Property Group SA 2.696 3/21/2027 EUR 74.530
Volkswagen Internatio 1.500 1/21/2041 EUR 66.495
Espirito Santo Financ 6.87510/21/2019 EUR 0.136
GlaxoSmithKline Capit 1.625 5/12/2035 GBP 71.116
DSV Finance BV 0.875 9/17/2036 EUR 70.342
Kommunekredit 0.010 5/4/2034 EUR 73.082
Clarion Funding PLC 1.875 1/22/2035 GBP 69.662
TotalEnergies Capital 1.618 5/18/2040 EUR 73.589
Saderea DAC 12.50011/30/2026 USD 41.771
State of Schleswig-Ho 0.200 8/15/2039 EUR 62.949
Paragon Treasury Plc 2.000 5/7/2036 GBP 66.987
Medtronic Global Hold 1.62510/15/2050 EUR 60.970
Genfit SA 3.50010/16/2025 EUR 25.108
Scottish Hydro Electr 2.250 9/27/2035 GBP 72.777
Medtronic Global Hold 1.37510/15/2040 EUR 67.825
BAWAG PSK Bank fuer A 0.375 3/25/2041 EUR 59.510
Nordea Kredit Realkre 1.000 10/1/2053 DKK 73.405
Chancellor Masters & 2.350 6/27/2078 GBP 55.815
European Financial St 1.375 5/31/2047 EUR 68.514
Prologis Internationa 0.750 3/23/2033 EUR 72.787
Italgas SpA 0.500 2/16/2033 EUR 73.522
European Financial St 2.000 2/28/2056 EUR 72.681
Sovereign Housing Cap 2.375 11/4/2048 GBP 57.542
Sovcombank Via SovCom 7.600 USD 4.036
Alno AG 8.500 5/14/2018 EUR 15.628
Banco Espirito Santo 7.12511/28/2023 EUR 0.397
A2A SpA 0.62510/28/2032 EUR 74.120
Syngenta Finance NV 4.375 3/28/2042 USD 69.810
Realkredit Danmark A/ 2.000 10/1/2053 DKK 70.604
Deutsche Bahn Finance 0.750 7/16/2035 EUR 73.693
Russian Federal Bond 6.100 7/18/2035 RUB 65.553
Nationale-Nederlanden 0.05011/12/2040 EUR 58.195
Credit Bank of Moscow 7.500 10/5/2027 USD 21.675
EYEMAXX Real Estate A 5.500 4/26/2023 EUR 1.313
DH Europe Finance II 1.800 9/18/2049 EUR 66.286
AOC I Die Stadtentwic 7.500 4/8/2027 EUR 50.241
London & Quadrant Hou 3.125 2/28/2053 GBP 63.247
City of Bern Switzerl 0.040 10/2/2070 CHF 57.273
European Financial St 1.800 7/10/2048 EUR 73.595
LEG Immobilien SE 0.875 3/30/2033 EUR 72.116
Alfa Bank AO Via Alfa 6.950 USD 8.466
Land Baden-Wuerttembe 0.12511/19/2040 EUR 59.498
Investor AB 0.37510/29/2035 EUR 68.939
Region Occitanie 0.72711/16/2037 EUR 69.523
State of North Rhine- 1.550 6/16/2048 EUR 69.674
Debenhams PLC 5.250 7/15/2021 GBP 0.529
Platform HG Financing 1.926 9/15/2041 GBP 61.842
National Grid Electri 2.000 4/17/2040 GBP 60.518
Guinness Partnership 2.000 4/22/2055 GBP 47.725
Yorkshire Water Finan 1.75010/27/2032 GBP 71.191
Region de Bruxelles-C 1.121 5/11/2071 EUR 41.530
Thames Water Utilitie 4.625 6/4/2046 GBP 75.060
Mondelez Internationa 1.250 9/9/2041 EUR 66.196
Luzerner Kantonalbank 0.16012/23/2043 CHF 75.630
JSM Global Sarl 4.75010/20/2030 USD 13.300
Braskem Netherlands F 5.875 1/31/2050 USD 70.935
Orbit Capital PLC 3.500 3/24/2045 GBP 72.171
Virgolino de Oliveira 10.500 1/28/2018 USD 0.172
Equinor ASA 3.25011/18/2049 USD 71.588
Metalloinvest Finance 3.37510/22/2028 USD 54.898
Siemens Financierings 2.875 3/11/2041 USD 72.983
BNG Bank NV 0.25011/22/2036 EUR 68.459
Church Commissioners 3.625 7/14/2052 GBP 75.274
Deutsche Bank AG 4.50011/27/2030 TRY 30.553
Vnesheconombank Via V 6.80011/22/2025 USD 6.584
Land Berlin 0.125 6/4/2035 EUR 71.636
ESFIL-Espirito Santo 5.250 6/12/2015 EUR 0.149
Realkredit Danmark A/ 1.500 10/1/2053 DKK 72.689
BPCE SFH SA 0.500 1/23/2035 EUR 73.826
Rallye SA 5.250 2/28/2032 EUR 0.067
Immigon Portfolioabba 10.138 EUR 17.146
Deutsche Konsum REIT- 1.350 1/30/2025 EUR 70.678
State of North Rhine- 0.500 1/15/2052 EUR 47.714
Deutsche Wohnen SE 1.300 4/7/2041 EUR 61.142
City of Lugano Switze 0.15011/28/2070 CHF 56.727
NRW Bank 1.250 3/21/2044 EUR 68.579
MMC Norilsk Nickel OJ 3.37510/28/2024 USD 71.500
Berner Kantonalbank A 0.100 9/30/2039 CHF 75.736
Realkredit Danmark A/ 1.000 10/1/2050 DKK 69.753
Thames Water Utilitie 1.760 8/28/2062 GBP 58.187
Parnassia Groep BV 1.200 12/1/2051 EUR 69.220
SCF Capital Designate 3.850 4/26/2028 USD 65.723
Societe Du Grand Pari 1.000 2/18/2070 EUR 39.227
Privatbank CJSC Via U 10.250 1/23/2018 USD 0.626
Pro-Gest SpA 3.25012/15/2024 EUR 53.905
Karlou BV 7.750 6/18/2024 USD 11.529
adidas AG 0.625 9/10/2035 EUR 73.384
UkrLandFarming PLC 10.875 3/26/2018 USD 2.398
European Financial St 1.200 2/17/2045 EUR 68.031
Luzerner Kantonalbank 0.150 10/7/2044 CHF 74.501
BNP Paribas SA 0.500 9/29/2029 AUD 70.518
East Slope Residencie 0.100 2/28/2062 GBP 59.982
Alitalia-Societa Aere 5.250 7/30/2020 EUR 0.050
Societe Du Grand Pari 1.625 4/8/2042 EUR 72.034
La Poste SA 0.625 1/18/2036 EUR 70.212
InterCement Financial 5.750 7/17/2024 USD 67.238
CCEP Finance Ireland 1.500 5/6/2041 EUR 69.366
Bulgaria Government B 1.500 6/21/2039 BGN 54.878
Realkredit Danmark A/ 1.000 10/1/2053 DKK 73.227
CPI Hungary Investmen 2.250 8/7/2030 HUF 59.000
Prosus NV 3.832 2/8/2051 USD 60.044
Ilija Batljan Invest 10.827 SEK 3.400
Perrigo Co PLC 5.30011/15/2043 USD 71.495
TMK OAO Via TMK Capit 4.300 2/12/2027 USD 65.106
Offshore Drilling Hol 8.375 9/20/2020 USD 1.250
Muenchener Hypotheken 0.250 5/2/2036 EUR 69.560
Atos SE 1.125 4/17/2026 EUR 55.016
Bourbon Corp SA 11.652 EUR 0.904
Communaute Francaise 0.625 6/11/2035 EUR 72.623
RTE Reseau de Transpo 1.125 9/9/2049 EUR 59.481
National Grid Electri 1.625 10/7/2035 GBP 66.032
Veganz Group AG 7.500 2/24/2025 EUR 74.440
Agence Francaise de D 0.375 5/25/2036 EUR 68.804
Argenta Spaarbank NV 0.500 10/8/2041 EUR 60.149
Orbit Capital PLC 3.375 6/14/2048 GBP 68.847
Hexagon Housing Assoc 3.625 4/22/2048 GBP 68.103
National Grid Electri 2.000 9/16/2038 GBP 63.074
Blend Funding PLC 3.459 9/21/2047 GBP 72.435
B2W Digital Lux Sarl 4.37512/20/2030 USD 14.000
Saleza AS 9.000 7/12/2021 EUR 0.203
TBI Bank EAD 5.250 7/30/2031 EUR 52.028
NPC Ukrenergo 6.875 11/9/2028 USD 26.233
Banca Popolare di Vic 2.82112/20/2017 EUR 0.396
Transcapitalbank JSC 10.000 USD 1.130
Manchester Airport Gr 2.875 3/31/2039 GBP 70.871
EYEMAXX Real Estate A 5.500 9/24/2024 EUR 1.354
Interpipe Holdings PL 8.375 5/13/2026 USD 73.414
Barclays Bank PLC 2.700 6/1/2032 USD 76.565
Muenchener Hypotheken 0.01010/19/2039 EUR 59.117
Virgolino de Oliveira 11.750 2/9/2022 USD 0.425
VTR Finance NV 6.375 7/15/2028 USD 17.266
Jyske Realkredit A/S 1.500 10/1/2053 DKK 72.705
UK Municipal Bonds Ag 1.625 8/26/2060 GBP 39.373
Assura Financing PLC 1.625 6/30/2033 GBP 70.021
Region Wallonne Belgi 0.500 6/22/2037 EUR 66.942
National Grid Electri 0.87211/26/2040 EUR 61.435
SCF Capital Designate 5.375 6/16/2023 USD 73.041
Herens Midco Sarl 5.250 5/15/2029 EUR 57.325
Platform HG Financing 1.625 8/10/2055 GBP 43.887
BNG Bank NV 0.125 7/9/2035 EUR 70.883
Lehman Brothers UK Ca 3.875 EUR 32.757
Alfa Bank AO Via Alfa 5.50010/26/2031 USD 0.618
EIG Pearl Holdings Sa 4.38711/30/2046 USD 74.716
Junta de Castilla y L 1.275 4/7/2049 EUR 54.156
Motability Operations 2.125 1/18/2042 GBP 63.180
SNCF Reseau 2.000 2/5/2048 EUR 69.857
Telenor ASA 0.875 2/14/2035 EUR 74.888
DWR Cymru Financing U 1.375 3/31/2033 GBP 71.641
Orpea SA 2.56411/30/2027 EUR 23.502
Nederlandse Waterscha 0.125 9/3/2035 EUR 70.433
ABN AMRO Bank NV 0.400 9/17/2041 EUR 58.988
Sovcombank Via SovCom 7.750 USD 1.301
KTG Agrar SE 7.125 6/6/2017 EUR 0.515
Ministeries Van de Vl 1.000 1/23/2051 EUR 53.965
PIK Securities DAC 5.62511/19/2026 USD 47.369
South Eastern Power N 1.750 9/30/2034 GBP 70.789
Affinity Water Financ 3.278 8/22/2042 GBP 66.424
Chancellor Masters & 0.250 6/27/2068 GBP 54.750
Ukraine Government In 7.750 8/1/2041 USD 43.903
Societe Nationale SNC 1.000 1/19/2061 EUR 40.470
Ukraine Government Bo 12.520 5/13/2026 UAH 73.826
DH Europe Finance II 1.350 9/18/2039 EUR 70.722
Jigsaw Funding PLC 3.375 5/5/2052 GBP 70.775
Petrobras Global Fina 4.500 2/4/2033 EUR 62.483
Nostrum Oil & Gas Fin 5.000 6/30/2026 USD 69.150
Anglo American Capita 3.950 9/10/2050 USD 72.778
Nordea Kredit Realkre 0.500 10/1/2050 DKK 70.030
Autonomous Community 1.850 5/13/2061 EUR 53.103
Espirito Santo Financ 3.125 12/2/2018 EUR 0.215
WD Invest Sarl 1.900 10/2/2024 EUR 12.724
SABIC Capital I BV 3.000 9/14/2050 USD 64.968
Veneto Banca SpA 9.878 12/1/2025 EUR 0.635
SES SA 5.300 4/4/2043 USD 70.524
Cooperatieve Rabobank 0.50010/29/2027 MXN 66.770
Credit Bank of Moscow 5.550 2/14/2023 USD 23.584
Nederlandse Waterscha 1.900 1/31/2035 AUD 68.323
DH Europe Finance II 3.40011/15/2049 USD 73.529
Hellas Telecommunicat 6.054 1/15/2015 USD 0.016
Motability Operations 2.375 7/3/2039 GBP 69.384
JAB Holdings BV 2.25012/19/2039 EUR 72.322
Steilmann SE 7.000 9/23/2018 EUR 1.429
Land Securities Capit 2.750 9/22/2059 GBP 57.374
Landesbank Hessen-Thu 0.500 1/19/2037 EUR 70.143
Samhallsbyggnadsbolag 6.400 8/27/2025 NOK 71.190
Credit Agricole SA 2.811 1/11/2041 USD 64.922
Russian Foreign Bond 5.875 9/16/2043 USD 62.539
Cardiff University 3.000 12/7/2055 GBP 66.356
Nordea Kredit Realkre 1.500 10/1/2053 DKK 63.844
Realkredit Danmark A/ 1.000 10/1/2053 DKK 68.238
Jyske Realkredit A/S 2.000 10/1/2053 DKK 70.613
Heimstaden Bostad AB 2.800 5/4/2035 EUR 52.682
TotalEnergies Capital 1.535 5/31/2039 EUR 74.647
Annington Funding PLC 2.308 10/6/2032 GBP 73.472
Region Wallonne Belgi 1.050 6/22/2040 EUR 66.479
Home Credit & Finance 8.800 USD 5.354
Nykredit Realkredit A 0.500 10/1/2050 DKK 64.815
Prologis Internationa 3.000 2/22/2042 GBP 68.725
Euronext NV 1.500 5/17/2041 EUR 70.335
Zurich Finance Irelan 2.250 12/8/2031 USD 73.690
National Gas Transmis 1.625 1/14/2043 GBP 51.522
Banca Popolare di Vic 9.500 9/29/2025 EUR 0.380
Kommunekredit 0.125 9/26/2040 EUR 59.851
Kuntarahoitus Oyj 0.050 9/10/2035 EUR 70.272
Nykredit Realkredit A 0.500 10/1/2050 DKK 70.013
Nordea Kredit Realkre 1.500 10/1/2053 DKK 72.693
Dexia SA 5.752 EUR 2.750
Paper Industries Inte 9.975 3/1/2025 EUR 71.845
Hyde Housing Associat 1.750 8/18/2055 GBP 44.924
Cie de Financement Fo 0.60010/25/2041 EUR 62.093
Altice France SA/Fran 4.25010/15/2029 EUR 71.888
Swan Housing Capital 3.625 3/5/2048 GBP 71.443
Zurcher Kantonalbank 10.00010/25/2024 CHF 70.480
Chelyabinsk Pipe Plan 4.500 9/19/2024 USD 60.728
Bromford Housing Grou 3.125 5/3/2048 GBP 68.379
European Financial St 0.050 1/18/2052 EUR 40.087
Societe Du Grand Pari 0.875 5/10/2046 EUR 55.917
Russian Foreign Bond 4.250 6/23/2027 USD 52.923
DWR Cymru Financing U 2.375 3/31/2034 GBP 70.179
Housing & Care 21 3.288 11/8/2049 GBP 67.555
Nykredit Realkredit A 0.500 10/1/2053 DKK 62.664
State of North Rhine- 0.600 6/4/2041 EUR 63.861
Nostrum Oil & Gas Fin 7.000 2/16/2025 USD 24.315
State of Bremen 0.150 9/14/2040 EUR 59.497
Metropolitan Housing 1.875 7/28/2036 GBP 66.635
State of Bremen 0.400 8/20/2049 EUR 48.642
3i Group PLC 3.750 6/5/2040 GBP 73.885
Raiffeisen-Landesbank 0.500 5/27/2041 EUR 60.340
Nordea Kredit Realkre 2.000 10/1/2053 DKK 70.602
State of North Rhine- 0.200 1/27/2051 EUR 43.444
Sovcombank Via SovCom 3.400 1/26/2025 USD 3.095
Societe Generale SA 13.500 8/23/2024 USD 49.700
Societa di Progetto B 3.37512/31/2038 EUR 73.458
Linde PLC 0.375 9/30/2033 EUR 74.452
European Financial St 1.750 7/17/2053 EUR 69.172
RTE Reseau de Transpo 1.125 7/8/2040 EUR 67.901
Metinvest BV 7.75010/17/2029 USD 59.250
Realkredit Danmark A/ 1.500 10/1/2050 DKK 74.916
SRV Group Oyj 4.875 EUR 40.000
Nats En Route PLC 1.750 9/30/2033 GBP 73.732
Jyske Realkredit A/S 1.000 10/1/2053 DKK 73.192
Blend Funding PLC 2.922 4/5/2054 GBP 60.893
Credit Bank of Moscow 7.121 6/25/2024 USD 23.530
Sibur Securities DAC 3.450 9/23/2024 USD 74.293
DWR Cymru Financing U 2.500 3/31/2036 GBP 73.689
Avanti Communications 9.000 10/1/2022 USD 13.750
Erste Group Bank AG 0.500 1/12/2037 EUR 69.084
Havila Shipping ASA 8.470 1/2/2025 NOK 44.544
Raiffeisenlandesbank 1.650 8/23/2046 EUR 72.115
Cooperatieve Rabobank 0.50010/30/2043 MXN 13.132
Niedersachsen Invest 0.250 7/16/2035 EUR 73.135
Allergan Funding SCS 4.850 6/15/2044 USD 75.335
Catalyst Housing Ltd 3.12510/31/2047 GBP 65.494
Northern Powergrid Yo 2.250 10/9/2059 GBP 50.639
EYEMAXX Real Estate A 5.500 7/22/2025 EUR 19.409
City of Lausanne Swit 0.540 11/6/2062 CHF 73.694
Lithuania Government 2.100 5/26/2047 EUR 72.979
Bayerische Landesbank 1.550 2/13/2040 EUR 48.724
Intesa Sanpaolo SpA 1.400 2/8/2031 GBP 70.192
Realkredit Danmark A/ 0.500 10/1/2050 DKK 70.007
Aegon Bank NV 0.375 6/9/2036 EUR 69.754
Prosus NV 4.987 1/19/2052 USD 71.177
Sidetur Finance BV 10.000 4/20/2016 USD 0.515
Vedanta Resources Ltd 6.125 8/9/2024 USD 63.263
Kreditanstalt fuer Wi 0.375 5/20/2036 EUR 72.314
OGX Austria GmbH 8.375 4/1/2022 USD 0.016
BNG Bank NV 0.87510/24/2036 EUR 75.271
Jyske Realkredit A/S 1.500 10/1/2050 DKK 74.922
Cooperatieve Rabobank 0.750 6/21/2039 EUR 68.161
Raiffeisenlandesbank 0.998 11/4/2033 EUR 73.729
Ministeries Van de Vl 1.500 4/11/2044 EUR 68.669
Clarion Funding PLC 1.875 9/7/2051 GBP 46.899
London & Quadrant Hou 3.75010/27/2049 GBP 71.684
States of Guernsey Bo 3.37512/12/2046 GBP 74.028
British Telecommunica 4.250 11/8/2049 USD 75.183
Russian Federal Bond 5.900 3/12/2031 RUB 72.795
AI Candelaria Spain S 5.750 6/15/2033 USD 73.851
Credit Agricole Itali 0.125 3/15/2033 EUR 72.574
Vier Gas Transport Gm 0.500 9/10/2034 EUR 70.109
nextbike GmbH 6.000 3/31/2025 EUR 50.000
Senivita Social Estat 6.500 5/12/2025 EUR 3.860
Raiffeisenlandesbank 0.500 1/22/2035 EUR 73.307
Channel Link Enterpri 3.848 6/30/2050 GBP 65.908
blueplanet Investment 5.500 2/26/2026 EUR 0.080
Futures Treasury PLC 3.375 2/8/2044 GBP 73.257
Kommunekredit 0.62511/21/2039 EUR 68.178
Lehman Brothers UK Ca 6.900 USD 3.986
Abengoa Abenewco 2 SA 1.50010/26/2024 USD 1.150
Ukraine Government In 6.876 5/21/2031 USD 23.272
Deutsche Bahn Finance 3.350 1/20/2042 AUD 68.487
Air Liquide Finance S 3.500 9/27/2046 USD 75.215
Societe Du Grand Pari 1.700 5/25/2050 EUR 64.813
Deutsche Lichtmiete A 5.250 9/1/2025 EUR 0.400
Cie Generale des Etab 0.625 11/2/2040 EUR 62.205
DLR Kredit A/S 1.000 10/1/2053 DKK 74.933
Salerno Pompei Napoli 2.800 1/19/2045 EUR 71.995
Ile-de-France Mobilit 0.67511/24/2036 EUR 70.762
Hylea Group SA 7.250 12/1/2022 EUR 0.060
Deutsche Lichtmiete A 5.250 2/1/2027 EUR 0.400
BPCE SA 3.58210/19/2042 USD 65.791
Realkredit Danmark A/ 1.500 10/1/2053 DKK 63.822
Bayerische Landesbode 0.250 3/21/2036 EUR 70.730
Muenchener Hypotheken 1.000 4/18/2039 EUR 72.174
Gol Finance SA 7.000 1/31/2025 USD 40.319
Atari SA 6.500 7/31/2026 EUR 0.120
Aragvi Finance Intern 8.450 4/29/2026 USD 68.042
Mallinckrodt Internat 10.000 4/15/2025 USD 6.643
State of Bremen 0.450 2/24/2051 EUR 47.860
Abengoa Abenewco 2 SA 1.50010/26/2024 USD 0.009
Banco Santander SA 6.199 EUR 2.348
O1 Properties Finance 0.500 9/27/2028 USD 5.261
Yandex NV 0.750 9/13/2022 USD 69.375
State of Lower Saxony 0.050 3/9/2035 EUR 71.598
Wessex Water Services 1.250 1/12/2036 GBP 59.896
Rallye SA 4.000 2/28/2032 CHF 0.135
Petrobras Global Fina 4.750 4/2/2038 EUR 47.965
Development Bank of t 6.750 5/2/2024 USD 41.390
Jyske Realkredit A/S 1.500 10/1/2053 DKK 63.817
Penarian Housing Fina 3.212 6/7/2052 GBP 67.460
NRW Bank 0.500 6/17/2041 EUR 62.155
Cyprus Government Int 2.250 4/16/2050 EUR 69.631
Jyske Realkredit A/S 1.000 10/1/2053 DKK 68.265
Grand City Properties 2.500 6/27/2039 EUR 64.763
Stichting Afwikkeling 6.250 EUR 67.625
Altice France Holding 8.000 5/15/2027 EUR 47.975
Pentracor GmbH 8.500 5/29/2025 EUR 0.152
Nederlandse Waterscha 0.955 2/13/2051 EUR 55.975
Land Securities Capit 2.625 9/22/2037 GBP 73.158
Santander UK Group Ho 5.625 9/15/2045 USD 76.274
La Banque Postale Hom 0.250 2/12/2035 EUR 71.522
Russian Federal Bond 7.000 7/30/2036 RUB 70.100
RHP Finance PLC 3.250 2/5/2048 GBP 71.097
de Volksbank NV 0.12511/19/2040 EUR 57.003
BAWAG PSK Bank fuer A 0.01011/19/2035 EUR 66.508
State of North Rhine- 0.750 8/16/2041 EUR 65.360
Romanian Government I 2.000 1/28/2032 EUR 73.942
Nordea Kredit Realkre 1.000 10/1/2053 DKK 68.272
London & Quadrant Hou 2.00010/20/2038 GBP 63.076
Intesa Sanpaolo SpA 2.50010/14/2031 USD 73.666
Caisse Francaise de F 1.555 2/12/2042 EUR 74.040
University of Leeds 3.12512/19/2050 GBP 70.528
New World Resources N 4.000 10/7/2020 EUR 0.897
European Financial St 0.700 1/17/2053 EUR 50.600
Agrokor dd 9.875 5/1/2019 EUR 15.000
Bilt Paper BV 10.360 USD 1.220
Ministeries Van de Vl 0.875 3/21/2046 EUR 57.165
United Utilities Wate 0.010 7/27/2040 GBP 62.845
Bayerische Landesbank 2.02010/14/2030 EUR 75.368
Siemens Financierings 3.300 9/15/2046 USD 73.209
Free and Hanseatic Ci 0.250 2/18/2041 EUR 60.334
Region de Bruxelles-C 1.500 6/22/2070 EUR 49.594
Magyar Export-Import 2.500 5/23/2029 HUF 73.273
SNCF Reseau 2.25012/20/2047 EUR 74.727
City of Zurich Switze 0.25011/24/2051 CHF 75.759
Liquid Telecommunicat 5.500 9/4/2026 USD 58.641
Herefordshire Capital 4.19311/28/2049 GBP 71.438
NAK Naftogaz Ukraine 7.625 11/8/2028 USD 46.703
Motability Operations 1.500 1/20/2041 GBP 57.642
Land Berlin 0.625 1/26/2052 EUR 50.296
German Pellets GmbH 7.25011/27/2019 EUR 1.267
Norwegian Air Shuttle 7.50011/10/2023 USD 73.375
Belano Medical AG 8.25012/14/2025 EUR 106.372
Eastern Power Network 1.875 6/1/2035 GBP 70.465
Land Berlin 0.12511/24/2045 EUR 50.180
Russian Federal Bond 7.100 5/15/2041 RUB 66.810
ACCIONA Financiacion 3.000 12/2/2039 EUR 74.983
Notting Hill Genesis 2.000 6/3/2036 GBP 67.696
Autonomous Community 1.25510/31/2048 EUR 54.209
de Volksbank NV 0.375 9/16/2041 EUR 58.778
State of North Rhine- 1.75010/26/2057 EUR 66.379
Land Berlin 0.100 1/18/2041 EUR 58.388
Fresnillo PLC 4.250 10/2/2050 USD 71.731
Deutsche Bahn Finance 2.005 6/7/2039 SEK 74.170
Caisse Francaise de F 0.500 10/1/2046 EUR 54.061
PCF GmbH 4.750 4/15/2026 EUR 69.744
National Grid Electri 1.657 7/28/2056 GBP 72.802
Turkiye Government Bo 9.100 2/16/2028 TRY 52.000
City of Lausanne Swit 0.230 11/1/2060 CHF 64.267
Region Wallonne Belgi 0.650 1/16/2051 EUR 45.964
Altice France SA/Fran 5.125 1/15/2029 USD 72.799
Dtek Renewables Finan 8.50011/12/2024 EUR 57.167
Vedanta Resources Fin 9.250 4/23/2026 USD 56.712
UniCredit Bank Austri 0.050 9/21/2035 EUR 67.846
Free State of Bavaria 0.010 1/18/2035 EUR 72.003
ESB Finance DAC 1.875 7/21/2035 GBP 70.372
University of Southam 2.250 4/11/2057 GBP 53.680
Island Offshore Shiph 9.990 6/30/2024 NOK 45.000
Citizen Treasury PLC 3.25010/20/2048 GBP 67.785
Ukraine Government In 6.750 6/20/2028 EUR 24.013
Terragon AG 6.500 5/24/2024 EUR 1.416
Lithuania Government 0.300 2/12/2032 EUR 72.874
Deutsche Lichtmiete A 5.750 12/1/2023 EUR 1.493
Santander Consumer Fi 8.250 EUR 92.858
ABN AMRO Bank NV 0.375 1/14/2035 EUR 73.105
Republic of Belarus I 5.875 2/24/2026 USD 34.712
BNG Bank NV 1.550 2/19/2032 AUD 74.824
Ukraine Government In 7.750 9/1/2026 USD 27.881
Basque Government 1.37510/31/2070 EUR 41.537
Eolo SpA 4.87510/21/2028 EUR 70.296
State of North Rhine- 0.50011/25/2039 EUR 65.645
Mallinckrodt Internat 10.000 6/15/2029 USD 6.624
Banco Espirito Santo 6.875 7/15/2016 EUR 20.000
Agence Francaise de D 1.125 3/2/2037 EUR 75.016
Nordea Kredit Realkre 0.500 10/1/2050 DKK 64.941
Cooperatieve Rabobank 0.500 7/30/2043 MXN 15.203
Gecci Investment KG 5.750 8/1/2025 EUR 15.052
Commune de Marseille 0.49812/17/2040 EUR 60.247
J&T Banka AS 7.000 EUR 70.498
Department of Gironde 0.765 4/29/2036 EUR 68.522
Samhallsbyggnadsbolag 5.23112/18/2025 SEK 70.138
Metinvest BV 7.650 10/1/2027 USD 62.802
Societe Du Grand Pari 1.00011/26/2051 EUR 50.980
Virgolino de Oliveira 10.500 1/28/2018 USD 0.172
Altice France SA/Fran 3.375 1/15/2028 EUR 73.393
Codere Finance 2 Luxe 11.000 9/30/2026 EUR 60.423
Gazprom PJSC via Gaz 2.950 1/27/2029 USD 63.109
Scottish Hydro Electr 2.125 3/24/2036 GBP 70.305
NRW Bank 1.200 3/28/2039 EUR 74.551
UBS AG/London 5.07011/23/2025 EUR 58.500
Cadent Finance PLC 2.25010/10/2035 GBP 69.464
Norske Skogindustrier 7.00012/30/2026 EUR 0.010
Ukraine Government In 7.253 3/15/2035 USD 23.585
DLR Kredit A/S 1.000 10/1/2053 DKK 69.853
JAB Holdings BV 3.750 5/28/2051 USD 63.167
State of North Rhine- 1.450 2/16/2043 EUR 72.831
MMC Norilsk Nickel OJ 2.550 9/11/2025 USD 72.717
European Financial St 0.700 1/20/2050 EUR 54.209
SNCF Reseau 0.750 5/25/2036 EUR 72.386
Eurovita SpA 6.00012/22/2025 EUR 36.889
TechnipFMC PLC 3.750 10/7/2033 EUR 71.561
Deutsche Telekom AG 3.625 1/21/2050 USD 75.035
EDOB Abwicklungs AG 7.500 4/1/2012 EUR 1.537
Steilmann SE 6.750 6/27/2017 EUR 2.184
Deutsche Pfandbriefba 1.000 12/2/2030 EUR 72.204
Landwirtschaftliche R 0.01011/26/2040 EUR 57.960
Abengoa Abenewco 2 Bi 1.500 4/26/2024 USD 0.584
Region of Pays de la 0.924 11/4/2044 EUR 57.284
British Telecommunica 1.739 6/25/2039 GBP 72.091
Karbon Homes Ltd 3.37511/15/2047 GBP 72.920
Cirio Finanziaria SpA 8.00012/21/2005 EUR 0.478
Aroundtown SA 2.970 9/26/2033 EUR 59.185
Assistance Publique H 1.75011/27/2041 EUR 74.305
Russian Foreign Bond 5.100 3/28/2035 USD 35.938
Polyus Finance PLC 3.25010/14/2028 USD 60.615
Nordea Kredit Realkre 1.000 10/1/2053 DKK 58.888
Transports Publics Du 0.45012/29/2056 CHF 68.907
AXA Bank Europe SCF 0.250 6/9/2040 EUR 60.211
Cirio Holding Luxembo 6.250 2/16/2004 EUR 1.900
SAG Solarstrom AG 6.25012/14/2015 EUR 31.000
Norske Skogindustrier 2.00012/30/2115 EUR 0.367
Jyske Realkredit A/S 0.500 10/1/2053 DKK 62.711
Goldman Sachs Interna 16.288 3/17/2027 USD 40.280
German Pellets GmbH 7.250 7/9/2018 EUR 1.267
Voyage Care BondCo PL 5.875 2/15/2027 GBP 73.807
SES SA 5.300 4/4/2043 USD 70.627
NRW Bank 1.250 5/13/2049 EUR 62.919
Action Logement Servi 0.50010/30/2034 EUR 73.614
Credit Agricole Itali 0.750 1/20/2042 EUR 59.384
Societe Generale SA 10.000 6/28/2034 USD 71.600
Fastighets AB Balder 1.293 3/3/2031 EUR 60.805
Finmek International 7.000 12/3/2004 EUR 2.193
British Telecommunica 1.774 6/25/2042 GBP 72.504
Nostrum Oil & Gas Fin 8.000 7/25/2022 USD 25.933
Hungary Government In 3.125 9/21/2051 USD 61.521
European Primary Plac 1.732 11/9/2055 GBP 45.350
Bank Nadra Via NDR Fi 8.250 7/31/2018 USD 0.208
MHP Lux SA 6.250 9/19/2029 USD 63.427
Privatbank CJSC Via U 10.875 2/28/2018 USD 8.704
Norwegian Air Shuttle 7.137 2/7/2023 SEK 72.356
Intrum AB 3.000 9/15/2027 EUR 70.223
Espirito Santo Financ 5.05011/15/2025 EUR 0.389
DekaBank Deutsche Gir 0.400 1/29/2035 EUR 74.294
HYPO NOE Landesbank f 1.605 8/23/2046 EUR 73.724
Kreditanstalt fuer Wi 1.00010/19/2050 EUR 59.609
Orpea SA 2.000 8/9/2029 EUR 23.536
Ukraine Government In 7.750 9/1/2025 USD 29.775
Home Group Ltd 3.125 3/27/2043 GBP 68.218
State of Saxony-Anhal 0.500 3/24/2051 EUR 49.293
State of Bremen 0.550 2/4/2050 EUR 50.439
Action Logement Servi 0.750 7/19/2041 EUR 61.577
Prosus NV 4.027 8/3/2050 USD 62.521
Abengoa Abenewco 1 SA 6.000 6/10/2022 EUR 0.454
Free and Hanseatic Ci 0.40011/23/2051 EUR 46.185
Solon SE 1.375 12/6/2012 EUR 0.745
Agence Francaise de D 0.500 5/31/2035 EUR 73.193
Deutsche Bank AG 0.65011/30/2048 EUR 47.784
Celtic Resources Hold 4.125 10/9/2024 USD 14.533
CaixaBank SA 4.000 7/7/2042 EUR 75.306
Stonewater Funding PL 1.625 9/10/2036 GBP 65.706
Barclays Bank PLC 0.500 1/28/2033 MXN 41.172
Altice France SA/Fran 4.000 7/15/2029 EUR 71.485
Kommunekredit 0.500 6/19/2039 DKK 65.199
Grupo Antolin-Irausa 3.500 4/30/2028 EUR 70.327
Sovcombank Via SovCom 8.000 4/7/2030 USD 7.738
MFB Magyar Fejlesztes 4.200 4/20/2033 HUF 74.300
Tennor Finance BV 5.750 6/17/2024 EUR 29.000
BNP Paribas SA 1.590 2/23/2051 EUR 62.980
National Grid Electri 0.010 3/26/2036 GBP 71.306
Free State of Saxony 0.400 5/12/2036 EUR 72.280
Communaute Francaise 2.300 4/25/2089 EUR 68.673
Caisse Francaise de F 0.625 1/20/2042 EUR 62.180
Land Berlin 0.350 9/9/2050 EUR 46.978
Nederlandse Waterscha 1.625 1/29/2048 EUR 71.495
Romanian Government I 2.000 4/14/2033 EUR 71.104
UniCredit Bank AG 0.010 1/21/2036 EUR 67.681
Paradigm Homes Charit 2.250 5/20/2051 GBP 55.127
Anglo American Capita 3.950 9/10/2050 USD 72.708
DekaBank Deutsche Gir 1.10011/25/2030 EUR 72.525
State of North Rhine- 1.00010/16/2046 EUR 62.594
LiveWest Treasury PLC 2.25010/10/2043 GBP 62.368
Cirio Finance Luxembo 7.500 11/3/2002 EUR 1.240
Nykredit Realkredit A 1.000 10/1/2056 DKK 65.676
Metropolitano de Tene 1.229 7/30/2036 EUR 71.626
Air Liquide Finance S 3.500 9/27/2046 USD 74.111
Romanian Government I 3.375 1/28/2050 EUR 62.134
Realkredit Danmark A/ 0.500 10/1/2053 DKK 67.921
Aroundtown SA 3.25011/12/2032 EUR 63.090
Aster Treasury Plc 1.405 1/27/2036 GBP 66.656
Chrome Holdco SAS 5.000 5/31/2029 EUR 70.250
Cooperatieve Rabobank 0.500 1/31/2033 MXN 39.398
Department of L'Eure 0.643 8/31/2041 EUR 57.939
London & Quadrant Hou 2.750 7/20/2057 GBP 56.110
Clarion Funding PLC 1.25011/13/2032 GBP 71.039
La Financiere Atalian 5.125 5/15/2025 EUR 72.175
Credit Suisse Interna 9.500 3/24/2026 UAH 61.990
Norske Skog Holding A 8.000 2/24/2021 EUR 0.006
Canary Wharf Group In 3.375 4/23/2028 GBP 66.552
State of Hesse 0.227 8/20/2049 EUR 49.990
BASF SE 1.025 8/13/2048 JPY 64.338
Region de Bruxelles-C 0.56212/23/2065 EUR 28.964
Gemeente Bergen OP Zo 0.440 9/20/2044 EUR 56.304
Veneto Banca SpA 6.411 EUR 0.345
ING-DiBa AG 1.000 5/23/2039 EUR 71.433
Moby SpA 7.750 2/15/2023 EUR 60.536
NRW Bank 1.000 6/24/2051 EUR 56.002
Societe Nationale SNC 2.842 3/31/2036 AUD 73.451
Onward Homes Ltd 2.125 3/25/2053 GBP 50.294
Aroundtown SA 2.70010/31/2028 EUR 74.297
Libra Longhurst Group 3.250 5/15/2043 GBP 69.579
DZ HYP AG 0.37511/10/2034 EUR 73.969
Joh Friedrich Behrens 6.250 6/18/2024 EUR 7.440
Caisse Francaise de F 0.375 2/13/2040 EUR 62.232
Russian Foreign Bond 5.250 6/23/2047 USD 30.934
Romanian Government I 4.000 2/14/2051 USD 66.887
Land Berlin 0.050 8/6/2040 EUR 58.556
AnaCap Financial Euro 8.968 8/1/2024 EUR 65.045
MMK International Cap 4.375 6/13/2024 USD 27.957
Russian Foreign Bond 4.375 3/21/2029 USD 49.451
Italy Buoni Poliennal 2.800 3/1/2067 EUR 68.450
JAB Holdings BV 4.500 4/8/2052 USD 72.723
A2Dominion Housing Gr 4.250 1/14/2039 GBP 74.738
La Veggia Finance SA 7.12511/14/2004 EUR 0.628
Societe Nationale SNC 2.45712/23/2050 USD 57.308
Barclays Bank PLC 2.180 3/18/2039 EUR 71.665
Malta Government Bond 2.000 7/10/2051 EUR 64.040
Cie de Financement Fo 0.01010/29/2035 EUR 67.547
HSE Finance Sarl 5.62510/15/2026 EUR 51.147
Ile-de-France Mobilit 1.275 2/14/2042 EUR 68.051
Proximus SADP 1.500 5/14/2040 EUR 68.356
WM Morrison Supermark 2.500 10/1/2031 GBP 38.072
Hellas Telecommunicat 8.50010/15/2013 EUR 0.781
German Pellets GmbH 7.250 4/1/2016 EUR 1.267
Autonomous Region of 1.095 9/27/2036 EUR 70.572
Kairos Global Solutio 1.900 7/3/2035 USD 72.325
Landesbank Baden-Wuer 0.980 7/15/2032 EUR 75.251
ABN AMRO Bank NV 1.115 3/3/2042 EUR 67.804
Flamingo Lux II SCA 5.000 3/31/2029 EUR 71.559
Turkiye Ihracat Kredi 12.540 9/14/2028 TRY 53.403
Caisse Francaise de F 0.125 2/15/2036 EUR 67.703
Stelius Befektetoe Za 3.100 9/17/2030 HUF 67.000
Nationale-Nederlanden 0.375 3/4/2041 EUR 60.273
Notting Hill Genesis 3.25010/12/2048 GBP 66.497
Phosphorus Holdco PLC 10.000 4/1/2019 GBP 0.500
British Telecommunica 3.924 6/25/2042 GBP 70.521
Banco Espirito Santo 6.790 EUR 0.672
Swissgrid AG 0.050 6/30/2050 CHF 63.287
Operateur de Reseaux 2.850 2/3/2045 EUR 74.248
Serbia International 1.650 3/3/2033 EUR 69.860
Bayerische Landesbank 1.820 5/12/2031 EUR 72.076
Muenchener Hypotheken 0.125 9/5/2035 EUR 69.981
Altice France SA/Fran 4.125 1/15/2029 EUR 72.430
Ville de Paris 2.017 5/25/2052 EUR 66.591
Serbia International 2.050 9/23/2036 EUR 64.133
Severn Trent Utilitie 0.01012/16/2055 GBP 38.954
Master & Fellows of U 3.068 4/28/2065 GBP 58.056
Endo Luxembourg Finan 6.125 4/1/2029 USD 62.000
Ahtium PLC 4.00012/16/2015 EUR 0.586
Kreditanstalt fuer Wi 0.980 6/28/2051 EUR 59.403
State of Hesse 0.750 8/4/2036 EUR 75.291
LSEGA Financing PLC 3.200 4/6/2041 USD 73.414
BPCE SFH SA 0.375 3/18/2041 EUR 60.038
Cirio Del Monte NV 7.750 3/14/2005 EUR 1.704
Sberbank of Russia Vi 5.12510/29/2022 USD 32.532
AXA Home Loan SFH SA 0.125 6/25/2035 EUR 69.576
Alliander NV 1.125 4/8/2035 EUR 73.416
Societe Nationale SNC 2.842 3/31/2036 AUD 73.383
Republic of Ireland I 1.560 2/16/2122 EUR 52.738
Ile-de-France Mobilit 0.950 5/28/2041 EUR 65.119
BNP Paribas Issuance 20.000 9/18/2026 EUR 53.160
Kernel Holding SA 6.75010/27/2027 USD 62.863
Cooperatieve Rabobank 0.01011/27/2040 EUR 56.284
Region de Bruxelles-C 1.220 6/23/2053 EUR 54.287
Severn Trent Utilitie 1.602 9/29/2056 GBP 72.085
Raiffeisen Landesbank 0.37511/13/2034 EUR 73.633
National Grid Electri 1.151 2/20/2040 EUR 58.558
Deutsche Bahn Finance 3.100 5/20/2041 AUD 66.342
Incommunities Treasur 3.250 3/21/2049 GBP 70.417
Prosus NV 2.778 1/19/2034 EUR 74.706
Nationwide Building S 0.750 5/8/2035 EUR 74.394
Bpifrance SACA 1.046 5/25/2050 EUR 52.113
Orpea SA 3.00011/25/2041 EUR 23.434
Investitionsbank Berl 0.050 3/2/2035 EUR 71.523
Elia Transmission Bel 1.560 1/30/2044 EUR 74.428
State of Rhineland-Pa 1.500 4/25/2052 EUR 66.040
LSF9 Balta Issuer SAR 3.00012/31/2030 EUR 65.002
National Grid Electri 1.541 12/1/2053 GBP 70.427
Ukraine Government In 4.375 1/27/2032 EUR 21.123
Gazprom PJSC via Gaz 3.250 2/25/2030 USD 57.624
DLR Kredit A/S 1.000 10/1/2050 DKK 71.281
Region de Bruxelles-C 0.444 3/19/2057 EUR 33.444
Jyske Realkredit A/S 0.500 10/1/2053 DKK 67.939
Credit Bank of Moscow 7.500 10/5/2027 USD 21.675
Credit Agricole Itali 1.000 1/17/2045 EUR 58.266
Gecci Investment KG 6.000 10/1/2027 EUR 7.445
Altice France Holding 4.000 2/15/2028 EUR 38.350
Orpea SA 2.750 6/3/2033 EUR 27.737
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
UBS AG/London 11.000 1/8/2024 CHF 20.860
Autonomous Community 1.13811/22/2052 EUR 48.247
New World Resources N 8.000 4/7/2020 EUR 0.105
Communaute Francaise 0.626 8/24/2040 EUR 60.411
Severn Trent Utilitie 1.399 2/9/2057 GBP 66.068
Midland Heart Capital 1.831 8/12/2050 GBP 49.160
niiio finance group A 4.000 5/31/2026 EUR 65.000
LIB-Landesimmobilien 0.620 7/15/2041 EUR 62.295
Autobahnen- und Schne 0.100 7/16/2035 EUR 70.832
Iberdrola Finanzas SA 1.000 2/2/2037 EUR 70.479
Sekerbank Turk AS 18.84012/10/2027 TRY #N/A N/A
Raiffeisen Landesbank 0.250 3/4/2036 EUR 68.716
Region of Ile de Fran 0.610 7/2/2040 EUR 62.451
Free and Hanseatic Ci 0.200 9/3/2049 EUR 45.957
National Grid Electri 1.676 9/24/2052 GBP 73.575
Ukraine Government In 7.750 9/1/2024 USD 31.291
State of Lower Saxony 0.250 4/15/2036 EUR 70.798
Landesbank Baden-Wuer 0.400 2/12/2031 EUR 75.034
Autostrade per l'Ital 3.625 6/9/2038 EUR 73.188
Nordea Kredit Realkre 1.500 10/1/2050 DKK 74.897
Yorkshire Water Servi 1.462 8/1/2051 GBP 67.207
Muenchener Hypotheken 0.300 9/6/2032 EUR 73.412
Severn Trent Utilitie 1.399 2/9/2057 GBP 65.533
Realkredit Danmark A/ 0.500 10/1/2053 DKK 62.638
Regiao Autonoma Madei 1.141 12/4/2034 EUR 74.277
Republic of Ireland I 0.995 2/24/2121 EUR 35.541
Vasakronan AB 2.256 4/12/2044 EUR 62.026
Sairgroup Finance BV 6.625 10/6/2010 EUR 0.250
Jyske Realkredit A/S 0.500 10/1/2050 DKK 70.089
Scottish Hydro Electr 1.42910/20/2056 GBP 66.069
Golden Gate GmbH 6.50010/11/2014 EUR 33.070
Nordea Kredit Realkre 0.500 10/1/2053 DKK 68.008
Blend Funding PLC 3.508 5/4/2057 GBP 66.999
Ukraine Government In 7.375 9/25/2034 USD 23.763
LiveWest Treasury PLC 1.875 2/18/2056 GBP 46.550
Ukraine Government In 7.750 9/1/2027 USD 27.416
HSBC Bank PLC 0.500 6/23/2027 MXN 69.334
Metinvest BV 8.500 4/23/2026 USD 69.221
de Volksbank NV 1.500 7/23/2038 EUR 75.682
Republic of Ireland I 0.74011/27/2120 EUR 27.564
Wrekin Housing Group 2.50010/22/2048 GBP 58.131
DZ Bank AG Deutsche Z 5.122 11/2/2033 EUR 54.244
Barclays Bank PLC 1.750 9/29/2032 USD 67.292
Northern Electric Fin 2.750 5/24/2049 GBP 62.673
MBH Mortgage Bank Co 3.00010/22/2031 HUF 67.850
Hamon & CIE SA 3.300 1/31/2035 EUR 44.154
Comunidad Foral de Na 1.800 3/25/2042 EUR 70.292
Orpea SA 3.14412/22/2025 EUR 23.250
EVN AG 0.85010/15/2035 EUR 71.388
Prosus NV 2.031 8/3/2032 EUR 73.573
HSE Finance Sarl 9.74210/15/2026 EUR 50.794
Alfa Bank AO Via Alfa 5.50010/26/2031 USD 0.618
Stadt Graz 1.87810/31/2046 EUR 73.203
Corporate Commercial 8.250 8/8/2014 USD 0.308
Caisse de Refinanceme 0.250 2/7/2035 EUR 71.447
Blend Funding PLC 2.467 6/16/2061 GBP 49.069
Celtic Resources Hold 4.125 10/9/2024 USD 14.533
Russian Foreign Bond 4.750 5/27/2026 USD 54.014
Rio Forte Investments 4.000 7/22/2014 EUR 2.771
NRW Bank 1.150 9/16/2051 EUR 58.571
Kelag-Kaerntner Elekt 1.150 4/16/2041 EUR 56.564
Compact Bidco BV 5.750 5/1/2026 EUR 46.671
Pfandbriefzentrale de 0.050 10/6/2043 CHF 75.151
Alpine Holding GmbH 5.250 7/1/2015 EUR 0.372
Sovcombank Via SovCom 8.000 4/7/2030 USD 7.738
VTB Bank OJSC Via VTB 6.250 6/30/2035 USD 23.335
Holcim US Finance Lux 2.24010/15/2031 USD 75.964
Romanian Government I 2.875 4/13/2042 EUR 61.515
Swedbank AB 0.350 9/22/2031 EUR 75.595
Anglian Water Service 1.141 8/1/2042 GBP 73.394
Free State of Bavaria 0.010 3/28/2036 EUR 68.138
Jyske Realkredit A/S 0.500 10/1/2050 DKK 64.821
Region Wallonne Belgi 1.865 5/10/2051 EUR 63.787
DLR Kredit A/S 0.500 10/1/2053 DKK 69.546
Alpine Holding GmbH 6.000 5/22/2017 EUR 0.372
Region de Bruxelles-C 1.710 5/5/2047 EUR 62.850
Prosus NV 1.985 7/13/2033 EUR 70.972
Raiffeisenlandesbank 0.375 1/15/2035 EUR 72.239
Autonomous Community 2.300 5/24/2049 EUR 69.041
Kommunekredit 0.500 7/30/2027 TRY 34.378
State Agency of Roads 6.250 6/24/2030 USD 25.591
Region Centre 0.711 11/2/2036 EUR 69.057
Land Baden-Wuerttembe 0.375 7/20/2048 EUR 49.227
NRW Bank 1.400 3/19/2070 EUR 52.302
DZ Bank AG Deutsche Z 1.026 9/23/2030 EUR 75.481
Elli Finance UK PLC 8.750 6/15/2019 GBP 43.294
Portugal Telecom Inte 6.250 7/26/2016 EUR 0.285
Deutsche Bank AG/Lond 13.750 6/20/2026 TRY 30.299
Solarworld AG 9.691 2/24/2019 EUR 14.875
GN Store Nord AS 1.970 3/3/2036 EUR 67.636
Assistance Publique H 1.099 4/6/2071 EUR 39.206
Pershing Square Holdi 3.000 7/15/2032 USD 71.170
State of Brandenburg 0.300 10/4/2049 EUR 47.692
Ahtium PLC 9.750 4/4/2017 EUR 0.726
Agatos SpA 4.75012/31/2026 EUR 29.800
Gazprom PJSC Via Gaz 4.950 2/6/2028 USD 72.406
Cie de Financement Fo 0.975 8/11/2046 EUR 60.914
SNCF Reseau 1.425 8/14/2119 EUR 37.205
Yorkshire Water Servi 1.758 2/1/2054 GBP 71.165
Rena GmbH 8.250 7/11/2018 EUR 0.054
Offshore Drilling Hol 8.375 9/20/2020 USD 1.250
CNH Industrial Financ 2.200 7/15/2039 EUR 69.924
Kingdom of Belgium Go 0.459 7/23/2079 EUR 28.589
British Telecommunica 3.883 6/25/2039 GBP 74.276
LFA Foerderbank Bayer 0.01012/15/2033 EUR 74.230
State of North Rhine- 0.800 7/30/2049 EUR 55.709
Del Monte Finance Lux 6.625 5/24/2006 EUR 1.000
Privatbank CJSC Via U 11.000 2/9/2021 USD 1.000
Deutsche Pfandbriefba 1.850 9/20/2032 EUR 72.428
Yarlington Treasury S 3.410 9/18/2057 GBP 62.723
DZ Bank AG Deutsche Z 0.600 2/19/2036 EUR 66.195
Bausparkasse Wuestenr 1.830 4/3/2043 EUR 74.964
Barclays Bank PLC 5.000 11/1/2029 BRL 73.379
BPCE SA 0.50010/21/2034 EUR 71.274
BPCE SFH SA 1.210 6/15/2039 EUR 70.898
Purple Protected Asse 1.600 9/8/2056 EUR 48.620
Finance and Credit Ba 9.250 1/25/2019 USD 0.139
Stonewater Funding PL 3.375 11/2/2045 GBP 73.096
Erdoel-Lagergesellsch 1.200 6/4/2043 EUR 66.699
Charm Finance PLC 3.509 4/12/2048 GBP 70.002
Abengoa Abenewco 2 Bi 1.500 4/26/2024 USD 0.584
Sairgroup Finance BV 4.375 6/8/2006 EUR 0.250
Landesbank Hessen-Thu 4.375 3/30/2042 USD 72.424
Uliving@Essex Issuerc 0.100 8/31/2058 GBP 63.221
Metalloinvest Finance 3.37510/22/2028 USD 54.898
Societe Generale SA 14.000 8/8/2024 USD 23.120
EnBW International Fi 2.080 1/21/2041 EUR 66.776
Rhaetische Bahn AG RH 0.050 8/3/2050 CHF 72.644
Barclays Bank PLC 4.100 1/29/2048 USD 73.136
National Grid Electri 1.541 12/1/2056 GBP 69.228
A-TEC Industries AG 8.75010/27/2014 EUR 0.100
Lloyds Bank PLC 0.500 7/26/2028 MXN 62.540
Kreditanstalt fuer Wi 1.100 9/16/2051 EUR 60.690
Suek Securities DAC 3.375 9/15/2026 USD 70.507
Ukraine Government In 7.750 9/1/2028 USD 27.548
Ministeries Van de Vl 1.00010/13/2036 EUR 74.898
Landesbank Baden-Wuer 0.905 4/1/2041 EUR 52.740
Jain International Tr 7.125 2/1/2022 USD 22.000
Republic of Belarus I 6.378 2/24/2031 USD 35.497
Landesbank Baden-Wuer 0.900 5/28/2035 EUR 67.896
Deutsche Pfandbriefba 1.34010/16/2051 EUR 61.806
PJSC Koks via IMH Cap 5.900 9/23/2025 USD 8.614
Severn Trent Utilitie 1.668 8/1/2057 GBP 73.285
Cie DU Chemin de Fer 0.28011/29/2052 CHF 63.747
Gazprom PJSC via Gaz 3.897 EUR 60.595
Cooperatieve Rabobank 0.50011/30/2027 MXN 67.434
Russian Foreign Bond 2.875 12/4/2025 EUR 61.108
Landesbank Baden-Wuer 1.080 7/16/2035 EUR 69.208
Jyske Realkredit A/S 1.000 10/1/2053 DKK 58.866
Sovcombank Via SovCom 7.600 USD 4.036
Tinkoff Bank JSC Via 6.000 USD 48.733
Deutsche Pfandbriefba 2.000 7/9/2032 EUR 73.921
National Grid Electri 1.541 12/1/2056 GBP 68.818
ESB Finance DAC 2.000 4/17/2044 EUR 65.966
Severstal OAO Via Ste 3.150 9/16/2024 USD 5.488
Caisse Francaise de F 0.01010/19/2035 EUR 67.315
Free and Hanseatic Ci 0.300 9/16/2050 EUR 46.166
VTB Bank PJSC Via VTB 9.500 USD 17.569
Caisse Francaise de F 1.699 1/18/2044 EUR 72.246
Sparekassen Bredebro 3.750 4/15/2031 DKK 72.646
Romanian Government I 2.750 4/14/2041 EUR 61.538
Yorkshire Water Servi 1.462 8/1/2051 GBP 68.538
Raiffeisenbank AS 8.891 EUR 71.935
Region Provence-Alpes 0.753 1/5/2037 EUR 68.393
Region of Pays de la 0.87710/28/2041 EUR 59.891
getgoods.de AG 7.750 10/2/2017 EUR 0.527
Vontobel Financial Pr 7.120 12/7/2023 EUR 54.950
Grupo Isolux Corsan S 6.00012/30/2021 EUR 0.673
Kreditanstalt fuer Wi 0.81612/19/2050 EUR 52.543
Free State of Saxony 0.01012/17/2035 EUR 69.413
Sibur Securities DAC 2.950 7/8/2025 USD 65.515
Land Thueringen 0.100 7/9/2035 EUR 71.150
Region Auvergne-Rhone 0.89210/21/2041 EUR 61.785
State of North Rhine- 0.375 9/2/2050 EUR 46.952
Alfa Bank AO Via Alfa 5.950 4/15/2030 USD 1.381
Marseille Provence Me 1.000 1/15/2038 EUR 69.727
Region de Bruxelles-C 1.000 4/21/2051 EUR 52.517
State of Bremen 1.000 5/27/2039 EUR 72.443
Heta Asset Resolution 4.54012/29/2023 EUR 1.384
Uliving@Essex2 Issuer 0.100 8/31/2063 GBP 60.060
Avanti Communications 9.000 10/1/2022 USD 13.750
Credit Agricole Corpo 2.400 5/17/2048 EUR 54.841
Stichting Afwikkeling 6.25010/26/2020 EUR 43.625
Societe Generale SA 1.00010/20/2031 USD 70.250
ACCIONA Financiacion 1.900 6/28/2034 EUR 72.055
MFB Magyar Fejlesztes 2.90010/22/2031 HUF 69.656
Societe Wallonne de F 0.88311/21/2044 EUR 53.174
Landeskreditbank Bade 0.61011/17/2050 EUR 53.851
Nostrum Oil & Gas Fin 8.000 7/25/2022 USD 25.933
La Financiere Atalian 6.625 5/15/2025 GBP 71.542
Heta Asset Resolution 4.72912/31/2023 EUR 1.384
Ukraine Government In 9.790 5/26/2027 UAH 62.648
Alpine Holding GmbH 5.250 6/10/2016 EUR 0.372
Societe Generale SA 22.75010/17/2024 USD 17.700
Thames Water Utilitie 2.620 3/22/2033 GBP 69.547
Hampshire Trust Bank 7.250 5/10/2028 GBP 72.238
Deutsche Bank AG 0.68710/11/2049 EUR 39.784
SAir Group 0.125 7/7/2005 CHF 10.000
DZ Bank AG Deutsche Z 1.000 2/13/2042 EUR 67.085
Societe Generale SA 14.300 8/22/2024 USD 17.770
CBo Territoria 7.000 6/30/2028 EUR 4.250
Erotik-Abwicklungsges 7.750 7/9/2019 EUR 0.779
Lea bank ASA 12.460 NOK 74.247
Concessio Estacions A 3.52012/31/2037 EUR 75.308
Societe Generale SA 1.137 1/26/2037 EUR 71.613
Codere Finance 2 Luxe 12.75011/30/2027 EUR 7.457
Pershing Square Holdi 3.000 7/15/2032 USD 71.284
Land Thueringen 0.375 12/1/2051 EUR 45.829
Kuntarahoitus Oyj 0.940 6/9/2064 EUR 58.337
Societe Generale SA 16.000 7/3/2024 USD 32.250
Landesbank Baden-Wuer 0.290 8/6/2031 EUR 73.065
Ghelamco Invest 4.250 1/21/2027 EUR 70.081
IBP Markets Ltd 5.000 GBP 51.782
Yorkshire Water Servi 1.709 2/1/2058 GBP 69.757
Banco Santander SA 1.000 1/14/2034 EUR 73.000
Bayerische Landesbank 1.02011/12/2035 EUR 66.539
DZ Bank AG Deutsche Z 1.550 6/27/2041 EUR 74.604
Aareal Bank AG 1.800 7/21/2036 EUR 65.292
Deutsche Bank AG 1.750 4/9/2035 EUR 66.425
Bundesrepublik Deutsc 1.250 8/15/2048 EUR 75.377
Republic of Belarus I 6.200 2/28/2030 USD 33.599
DLR Kredit A/S 0.500 10/1/2053 DKK 64.182
State of Mecklenburg- 0.23911/17/2070 EUR 24.471
Region Wallonne Belgi 1.250 6/22/2071 EUR 48.015
Credit Agricole SA 4.400 2/24/2042 AUD 59.568
Windreich GmbH 6.500 3/1/2015 EUR 4.150
Nationale-Nederlanden 0.050 9/24/2035 EUR 68.328
Windreich GmbH 6.500 7/15/2016 EUR 4.150
Aareal Bank AG 1.741 1/12/2045 EUR 51.376
JAB Holdings BV 2.00012/19/2039 EUR 71.748
Assistance Publique H 2.000 5/25/2053 EUR 67.015
Achmea Bank NV 0.250 9/29/2036 EUR 67.779
SCC Power PLC 6.00012/31/2028 USD 52.470
United Utilities Wate 1.662 8/11/2056 GBP 74.011
GN Store Nord AS 3.20011/26/2036 GBP 73.638
United Utilities Wate 1.587 8/16/2056 GBP 72.176
Societe Generale SA 24.00011/14/2024 USD 54.300
Bayerische Landesbank 2.25010/17/2033 EUR 71.078
ALROSA Finance SA 4.650 4/9/2024 USD 10.077
Orpea SA 2.300 3/6/2025 EUR 22.900
United Utilities Wate 1.585 7/12/2057 GBP 73.880
Severn Trent Utilitie 1.589 2/1/2067 GBP 68.935
SiC Processing GmbH 7.125 3/1/2016 EUR 0.643
DXC Capital Funding D 0.950 9/15/2031 EUR 75.311
State of Rhineland-Pa 0.375 3/10/2051 EUR 46.830
Ministeries Van de Vl 0.63411/19/2060 EUR 35.889
Kleopatra Holdings 2 6.500 9/1/2026 EUR 57.609
Depfa Funding II LP 6.500 EUR 64.425
Communaute Francaise 0.788 8/30/2049 EUR 48.962
Land Thueringen 0.37511/14/2034 EUR 74.910
Norwegian Air Shuttle 7.50011/10/2023 USD 73.375
Gazprom PJSC via Gaz 1.85011/17/2028 EUR 59.378
SNCF Reseau 2.622 9/24/2049 USD 65.816
Peine GmbH 2.000 7/5/2023 EUR 44.500
Deutsche Bank AG 1.725 1/16/2045 EUR 43.429
UniCredit SpA 0.72511/27/2030 EUR 71.530
Ukraine Government In 9.750 11/1/2030 USD 28.684
DLR Kredit A/S 1.500 10/1/2053 DKK 72.814
Credit Bank of Moscow 8.875 USD 20.000
PIK Securities DAC 5.62511/19/2026 USD 47.369
Yorkshire Water Servi 1.823 2/1/2050 GBP 74.093
Grand Delta Habitat 1.285 11/6/2040 EUR 64.681
Bromford Housing Grou 2.554 3/17/2054 GBP 55.973
DZ Bank AG Deutsche Z 5.158 6/26/2029 EUR 74.580
Erste Group Bank AG 7.50011/29/2024 EUR 73.350
Dolphin Drilling ASA 4.490 8/28/2019 NOK 0.644
Societe Nationale SNC 1.400 5/18/2120 EUR 33.302
Malta Government Bond 1.50010/22/2045 EUR 60.550
Barclays Bank PLC 1.38211/27/2045 EUR 60.208
Anglian Water Service 1.76011/13/2035 GBP 64.990
UBS AG/London 1.860 2/28/2049 EUR 67.975
Orpea SA 2.77012/18/2028 EUR 23.434
Thames Water Utilitie 1.819 8/28/2049 GBP 66.065
Bulgaria Steel Financ 12.000 5/4/2013 EUR 0.216
DZ Bank AG Deutsche Z 1.000 2/18/2032 EUR 66.013
Department of Gironde 0.65012/17/2038 EUR 66.109
Air Berlin Finance BV 6.000 3/6/2019 EUR 0.278
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.010
Officine Maccaferri-S 5.750 6/1/2021 EUR 16.625
Malta Government Bond 1.000 8/23/2035 EUR 74.259
Basque Government 1.00010/31/2050 EUR 48.722
Spain Government Bond 1.45010/31/2071 EUR 45.834
Societe Nationale SNC 1.280 3/27/2120 EUR 33.809
SG Issuer SA 0.600 3/7/2033 EUR 72.881
CDC Habitat SEM 0.853 2/15/2041 EUR 60.999
Ile-de-France Mobilit 1.586 2/23/2052 EUR 62.359
Landesbank Baden-Wuer 5.300 2/13/2034 AUD 73.793
Sovcombank Via SovCom 7.750 USD 1.301
International Finance 0.500 6/29/2027 ZAR 73.085
Vnesheconombank Via V 6.025 7/5/2022 USD 6.363
Russian Federal Bond 6.900 2/6/2036 RUB 70.697
Futureal Development 4.000 3/23/2031 HUF 69.000
Raiffeisen-Landesbank 2.010 12/7/2048 EUR 71.124
State of Saarland 0.050 11/5/2040 EUR 58.643
Banque Federative du 0.37610/15/2031 EUR 72.997
Region Wallonne Belgi 1.000 9/16/2059 EUR 43.565
Deutsche Wohnen SE 1.700 12/5/2036 EUR 70.533
Department of Bouches 0.48210/20/2045 EUR 51.033
Russian Foreign Bond 5.625 4/4/2042 USD 66.999
Russian Foreign Bond 7.500 3/31/2030 USD 65.139
Societe Generale SA 12.000 9/5/2024 USD 51.000
State of North Rhine- 1.491 8/23/2066 EUR 57.356
SNCF Reseau 0.350 7/25/2047 EUR 66.793
Nordea Kredit Realkre 0.500 10/1/2053 DKK 62.678
Bank of Valletta PLC 3.750 6/15/2031 EUR 75.098
Free and Hanseatic Ci 0.010 11/5/2035 EUR 69.673
BPCE SA 2.255 3/12/2040 AUD 54.173
Brussels Municipaliti 0.832 3/29/2041 EUR 62.848
BNP Paribas SA 2.840 8/26/2039 AUD 57.312
Virgolino de Oliveira 10.875 1/13/2020 USD 36.000
Veneto Banca SpA 6.950 2/25/2025 EUR 0.635
Region Wallonne Belgi 1.550 4/28/2120 EUR 45.432
Thames Water Utilitie 2.442 5/12/2050 GBP 45.647
Societe Generale SA 2.000 2/26/2033 USD 70.569
Landesbank Hessen-Thu 1.05011/17/2060 EUR 49.182
State of Brandenburg 0.30011/17/2045 EUR 53.569
UBS Group AG 2.21011/24/2035 USD 68.330
Kreditanstalt fuer Wi 0.600 2/16/2051 EUR 52.764
Rikshem AB 3.250 5/31/2041 AUD 59.789
Norddeutsche Landesba 1.35010/20/2038 EUR 64.940
AK BARS Bank Via AK B 8.000 7/13/2022 USD 31.000
Banco Espirito Santo 6.900 6/28/2024 EUR 19.998
Deutsche Pfandbriefba 0.640 9/10/2030 EUR 71.180
Societe Generale SA 0.83111/25/2031 EUR 71.318
Eurogrid GmbH 0.87511/20/2040 EUR 61.424
Societe Du Grand Pari 2.062 3/19/2070 EUR 60.482
Ville de Paris 1.165 6/9/2053 EUR 51.817
KTG Agrar SE 7.25010/15/2019 EUR 0.592
UBS AG/London 1.600 4/18/2049 EUR 63.862
Belfius Bank SA 0.125 6/19/2034 EUR 71.828
Region Occitanie 0.72811/16/2037 EUR 67.296
Lehman Brothers Treas 0.50012/20/2017 AUD 0.100
Kreditanstalt fuer Wi 0.93512/16/2039 EUR 71.308
NatWest Markets PLC 1.250 12/4/2034 EUR 74.742
Kreditanstalt fuer Wi 1.201 9/13/2051 EUR 62.730
State of Brandenburg 0.750 8/8/2036 EUR 75.220
BNG Bank NV 2.300 3/3/2036 AUD 68.955
BNG Bank NV 2.000 2/19/2038 AUD 65.260
Ramfort GmbH 6.750 3/15/2026 EUR 34.489
Bayerische Landesbank 0.360 4/9/2031 EUR 75.081
Kuntarahoitus Oyj 1.300 4/8/2061 EUR 63.862
Hemso Fastighets AB 3.020 9/14/2048 SEK 71.968
Banque et Caisse d'Ep 1.230 4/26/2046 EUR 67.808
GB Social Housing PLC 3.814 4/9/2047 GBP 70.023
Grand City Properties 2.600 2/25/2034 EUR 74.990
Ville de Paris 1.200 6/25/2039 EUR 71.290
Anselma Issuer SA 2.17412/31/2038 EUR 30.080
National Grid Electri 1.690 9/16/2041 GBP 53.768
Gazprom PJSC via Gaz 3.500 7/14/2031 USD 60.043
DZ Bank AG Deutsche Z 0.780 3/5/2030 EUR 73.672
Comunidad Foral de Na 1.450 5/8/2040 EUR 67.769
Swedbank Hypotek AB 1.500 7/13/2048 EUR 67.316
Republic of Belarus I 7.625 6/29/2027 USD 35.760
Havenbedrijf Rotterda 1.100 3/23/2051 EUR 58.795
NIBC Bank NV 0.410 1/27/2031 EUR 74.438
DNB Boligkreditt AS 0.980 6/20/2044 EUR 64.238
Department of Bouches 0.981 5/14/2047 EUR 56.179
BNG Bank NV 10.010 6/17/2025 TRY 67.300
SAir Group 4.250 2/2/2007 CHF 10.000
Borets Finance DAC 6.000 9/17/2026 USD 49.235
Canton of Neuchatel 0.10010/29/2049 CHF 71.194
Gold-Zack AG 7.00012/14/2005 EUR 6.001
Cooperatieve Rabobank 1.650 8/24/2036 EUR 71.817
Kommunekredit 0.375 2/3/2045 DKK 54.539
Ville de Paris 0.65011/25/2070 EUR 33.255
Landesbank Hessen-Thu 0.980 11/9/2060 EUR 47.778
Ukraine Government In 8.994 2/1/2026 USD 29.909
Landeskreditbank Bade 2.500 5/21/2036 AUD 68.239
ALROSA Finance SA 3.100 6/25/2027 USD 8.584
State of Brandenburg 0.60010/13/2051 EUR 50.318
Nomura Bank Internati 1.13812/19/2039 EUR 59.810
Kommunekredit 0.100 9/30/2033 DKK 73.803
Irish Bank Resolution 0.566 6/21/2016 EUR 0.076
DAH Holding GmbH 7.250 9/28/2018 EUR 0.718
Hypo-Wohnbaubank AG 1.700 7/25/2036 EUR #N/A N/A
MMC Norilsk Nickel OJ 6.62510/14/2022 USD 72.500
VTB Bank PJSC 9.700 4/2/2031 RUB 51.720
Nederlandse Waterscha 0.190 11/2/2050 EUR 45.328
Region de Bruxelles-C 0.27412/11/2040 EUR 57.358
Caisse Francaise de F 1.09310/14/2051 EUR 57.231
Yorkshire Water Servi 1.460 8/1/2056 GBP 66.215
Credit Mutuel Arkea S 0.73010/14/2036 EUR 67.291
Severn Trent Utilitie 1.626 8/11/2051 GBP 73.850
Deutsche Telekom AG 3.500 9/6/2039 AUD 69.898
Veneto Banca SpA 6.944 5/15/2025 EUR 0.635
OGX Austria GmbH 8.500 6/1/2018 USD 0.019
Cooperatieve Rabobank 0.50012/29/2027 MXN 66.257
VTB Bank PJSC 5.000 USD 56.000
State of Lower Austri 0.815 9/22/2056 EUR 46.709
Comunidad Foral de Na 0.55010/22/2035 EUR 69.941
Gazprom PJSC via Gaz 4.599 USD 51.421
Slovenska Sporitelna 4.490 EUR 61.010
Deutsche Bank Luxembo 1.560 10/6/2028 EUR 73.462
Spain Government Bond 1.90010/31/2052 EUR 63.941
Cie de Saint-Gobain S 3.00012/23/2049 EUR 72.658
State of Lower Austri 0.460 10/8/2049 EUR 47.995
Ville de Paris 0.75011/30/2041 EUR 61.977
Autonomous Community 1.900 5/24/2039 EUR 75.246
Kardan NV 6.325 2/21/2021 ILS #N/A N/A
Centre Hospitalier Re 0.800 6/28/2041 EUR 62.797
Die Schweizerische Po 0.18012/14/2061 CHF 58.205
Land Berlin 0.500 6/19/2047 EUR 53.266
NRW Bank 0.650 7/20/2037 EUR 70.763
Romanian Government I 3.375 2/8/2038 EUR 72.720
Kommunekredit 0.86911/12/2043 SEK 61.515
Grand Delta Habitat 1.500 6/2/2045 EUR 60.361
Landesbank Baden-Wuer 1.300 6/21/2049 EUR 54.436
Rena GmbH 7.00012/15/2015 EUR 0.054
National Grid Electri 1.541 12/1/2053 GBP 70.785
Credit Agricole SA 3.750 6/9/2040 AUD 64.762
Thames Water Utilitie 1.819 8/28/2049 GBP 65.354
Region de Bruxelles-C 1.400 3/11/2054 EUR 51.782
Bayerische Landesbank 3.500 7/28/2036 EUR 70.229
Ukraine Government Bo 11.720 7/30/2025 UAH 71.179
DZ HYP AG 1.43010/26/2046 EUR 66.816
Land Berlin 0.625 8/25/2036 EUR 73.698
Communaute Francaise 1.581 1/23/2120 EUR 45.404
Bayerische Landesbank 1.850 3/5/2031 EUR 72.918
Region de Bruxelles-C 1.100 6/22/2066 EUR 41.608
Nederlandse Waterscha 1.77012/23/2047 EUR 75.297
Affinity Water Financ 0.23011/22/2042 GBP 61.187
Landesbank Hessen-Thu 0.75012/17/2035 EUR 67.062
Liga Bank eG Regensbu 0.010 1/29/2036 EUR 64.916
Land Thueringen 0.125 1/13/2051 EUR 42.464
Region Hauts-de-Franc 0.691 7/9/2042 EUR 59.495
La Banque Postale Hom 0.640 1/27/2042 EUR 62.789
Mondelez Internationa 1.250 9/9/2041 EUR 66.363
Hypo Vorarlberg Bank 1.590 8/25/2050 EUR 51.030
Maxeda DIY Holding BV 5.875 10/1/2026 EUR 70.985
Chelyabinsk Pipe Plan 4.500 9/19/2024 USD 60.728
Comunidad Foral de Na 2.100 4/30/2044 EUR 70.699
State of Brandenburg 0.50011/21/2039 EUR 65.892
Thames Water Utilitie 1.846 8/28/2047 GBP 68.210
Thames Water Utilitie 1.846 8/28/2047 GBP 67.037
VST Building Technolo 7.000 6/28/2024 EUR 0.150
Societe Generale SA 15.760 8/13/2026 USD 54.100
Kommunekredit 2.200 9/27/2041 AUD 60.261
State of Brandenburg 0.375 1/29/2035 EUR 74.879
Agence France Locale 2.550 3/20/2036 AUD 70.861
Bayerische Landesbank 1.820 3/12/2031 EUR 72.434
Caisse des Depots et 0.91311/20/2050 EUR 49.601
Romanian Government I 2.625 12/2/2040 EUR 61.507
Gazprom PJSC via Gaz 1.500 2/17/2027 EUR 61.981
Land Berlin 0.625 7/15/2039 EUR 67.842
State of Rhineland-Pa 0.375 4/1/2041 EUR 61.969
Societe Generale SA 1.100 2/20/2034 EUR 73.373
DZ HYP AG 0.300 8/21/2035 EUR 69.824
Basque Government 2.350 4/11/2049 EUR 71.524
Air Berlin Finance BV 8.500 3/6/2019 EUR 0.278
Deutsche Bank AG 2.825 2/25/2043 EUR 71.016
Ukraine Government In 12.520 5/13/2026 UAH 73.826
Natixis SA 2.71910/25/2032 AUD 74.260
HSBC Bank PLC 10.30012/20/2024 TRY 74.700
Deutsche Pfandbriefba 0.613 9/30/2032 EUR 63.889
Hypo Vorarlberg Bank 6.125 EUR 73.850
Anselma Issuer SA 1.57412/31/2038 EUR 31.230
Zurcher Kantonalbank 9.000 5/8/2024 EUR 63.790
Telia Co AB 3.000 9/25/2064 EUR 72.895
Landeskreditbank Bade 1.862 4/6/2062 EUR 70.552
Cooperatieve Rabobank 1.099 6/28/2051 EUR 58.754
State of Saxony-Anhal 1.223 5/4/2046 EUR 70.541
Cie de Financement Fo 0.900 7/18/2058 EUR 49.925
Region de Bruxelles-C 1.813 1/22/2048 EUR 68.018
Caisse des Depots et 1.81511/27/2048 EUR 67.262
SpareBank 1 SMN 1.000 7/3/2034 EUR 74.062
Santander Consumer Ba 9.520 NOK 58.596
Region Auvergne-Rhone 1.090 4/8/2037 EUR 72.527
BPCE SFH SA 1.229 4/12/2049 EUR 60.850
State of North Rhine- 1.850 3/18/2089 EUR 55.210
Arkea Home Loans SFH 1.534 3/31/2043 EUR 73.232
Landesbank Hessen-Thu 1.000 7/15/2060 EUR 48.464
Deutsche Pfandbriefba 4.120 11/3/2031 EUR 51.173
Malta Government Bond 2.400 8/13/2052 EUR 69.752
O1 Properties Finance 0.500 9/27/2028 USD 5.261
Vasakronan AB 1.130 5/27/2042 JPY 68.173
Frigate Luxembourg SA 2.000 8/1/2032 EUR 51.720
Praktiker AG 5.875 2/10/2016 EUR 0.001
Thames Water Utilitie 1.771 8/28/2057 GBP 60.195
Pescanova SA 5.125 4/20/2017 EUR 1.246
German Real Estate Ca 3.000 EUR 70.500
Landesbank Baden-Wuer 10.000 1/26/2024 EUR 33.490
Vajda-Papir Gyarto Ke 3.500 5/17/2031 HUF 73.400
State of North Rhine- 1.960 1/24/2079 EUR 65.980
BOA Offshore AS 0.409 7/17/2047 NOK 4.769
Regie Autonome des Tr 0.640 8/13/2041 EUR 61.446
Nederlandse Waterscha 1.610 12/4/2052 EUR 67.638
Aareal Bank AG 0.30012/11/2030 EUR 70.783
BNG Bank NV 0.630 7/11/2067 EUR 38.011
Caisse des Depots et 1.000 2/26/2051 EUR 50.797
Malta Government Bond 1.400 8/20/2046 EUR 58.010
Caisse des Depots et 0.930 11/9/2050 EUR 49.915
Agence Francaise de D 1.95411/13/2053 EUR 69.098
Nederlandse Waterscha 1.370 3/23/2065 EUR 54.197
Ville de Paris 1.165 6/9/2053 EUR 51.939
Santander Internation 1.365 1/28/2061 EUR 51.385
Republic of Ireland I 2.045 3/22/2075 EUR 72.772
Societe Nationale SNC 2.503 1/14/2041 AUD 62.319
Vasakronan AB 2.400 6/20/2044 SEK 72.554
Republic of Ireland I 0.835 7/8/2080 EUR 39.868
Portugal Obrigacoes d 1.150 4/11/2042 EUR 67.043
National Grid Electri 3.350 6/10/2036 AUD 72.287
Landesbank Baden-Wuer 0.590 12/7/2035 EUR 64.190
National Grid Electri 1.823 5/26/2056 GBP 75.456
Hemso Fastighets AB 1.460 7/7/2042 JPY 74.679
State of Lower Austri 0.40010/13/2050 EUR 45.634
National Grid Electri 2.22612/19/2039 GBP 62.246
Region Occitanie 0.83411/22/2045 EUR 56.054
Societe Generale SA 13.01011/14/2024 USD 26.100
T-Centrum CZ AS 11.40010/30/2024 CZK 65.220
UBS AG/London 16.300 1/8/2024 EUR 29.320
Landesbank Hessen-Thu 2.00011/25/2036 EUR 63.650
Espirito Santo Financ 5.125 5/30/2016 EUR 0.147
Russian Foreign Bond 5.875 9/16/2043 USD 62.539
Kuntarahoitus Oyj 1.200 7/21/2061 EUR 61.487
RENE LEZARD Mode GmbH 7.25011/25/2017 EUR 0.151
COFIDUR SA 0.10012/31/2024 EUR 30.400
National Grid Electri 1.584 7/28/2056 GBP 70.662
Muenchener Hypotheken 1.495 10/5/2050 EUR 65.314
Kreditanstalt fuer Wi 1.087 1/21/2050 EUR 62.635
Republic of Ireland I 2.000 6/29/2064 EUR 68.672
Muenchener Hypotheken 1.300 5/7/2061 EUR 54.469
Agence Francaise de D 1.95511/21/2053 EUR 69.491
United Utilities Wate 0.387 10/5/2057 GBP 45.892
DZ Bank AG Deutsche Z 1.055 3/11/2031 EUR 71.367
Barclays Bank PLC 3.900 2/15/2042 AUD 65.125
Deutsche Bahn Finance 1.520 7/3/2035 SEK 75.251
Societe Generale SA 5.05011/25/2036 USD 48.321
State of Bremen 0.500 5/6/2041 EUR 62.621
Kingdom of Belgium Go 2.750 6/10/2071 USD 59.563
Republic of Ireland I 1.250 10/8/2121 EUR 43.279
Danske Bank A/S 0.91010/17/2039 JPY 72.372
Lukoil Capital DAC 3.60010/26/2031 USD 72.000
BAE Systems PLC 3.000 9/15/2050 USD 65.123
Deutsche Pfandbriefba 0.857 9/18/2037 EUR 62.560
Minicentrales Dos SA 0.010 6/6/2047 EUR 66.375
A-TEC Industries AG 2.750 5/10/2014 EUR 0.100
United Utilities Wate 1.591 9/25/2056 GBP 71.677
Agrokor dd 8.875 2/1/2020 USD 15.000
DEPFA PLC 4.234 1/26/2034 EUR 0.010
CBo Territoria 3.750 7/1/2024 EUR #N/A N/A
AKB Peresvet ZAO 0.510 6/23/2021 RUB 28.000
Banque Cantonale Vaud 17.050 6/6/2024 CHF 69.110
Banco Santander SA 0.010 10/1/2032 EUR 72.463
DZ Bank AG Deutsche Z 0.330 8/18/2033 EUR 75.320
Kommunekredit 1.062 9/9/2041 EUR 70.186
Lloyds Bank PLC 2.637 1/16/2040 AUD 65.378
Grand Delta Habitat 1.500 9/1/2049 EUR 56.863
UBS Group AG 2.490 3/4/2036 USD 70.109
Renovables Atlasol SA 2.20012/31/2038 EUR 72.091
Caisse des Depots et 0.39812/15/2050 EUR 42.451
Saechsische Aufbauban 0.300 2/18/2042 EUR 56.660
UniCredit SpA 1.49010/23/2035 EUR 73.612
State of Brandenburg 0.125 1/26/2046 EUR 49.987
Canton of Neuchatel 0.350 7/14/2050 CHF 76.353
Hypo Vorarlberg Bank 1.520 7/8/2050 EUR 50.216
Region de Bruxelles-C 0.765 7/15/2052 EUR 44.609
Kommunalkredit Austri 1.183 6/2/2031 EUR 74.209
SNCF Reseau 2.777 7/29/2115 EUR 70.387
Bayerische Landesbank 3.55010/14/2036 EUR 71.535
Morhomes PLC 2.508 2/19/2051 GBP 53.413
Republic of Ireland I 1.21010/27/2111 EUR 42.712
Lehman Brothers Treas 5.637 11/2/2035 EUR 0.100
BNP Paribas SA 1.15011/20/2034 EUR 75.300
SAG Solarstrom AG 7.500 7/10/2017 EUR 31.000
Barclays Bank PLC 9.260 11/8/2024 USD 9.890
Luzerner Kantonalbank 16.710 7/17/2024 CHF 73.470
SunDell Estate Nyrt 3.25011/12/2030 HUF 68.000
Credit Suisse AG/Lond 7.000 5/16/2024 CHF 62.940
Republic of Ireland I 1.230 6/23/2121 EUR 42.373
State of Saxony-Anhal 2.250 7/3/2028 EUR 60.000
Axial Javito Keresked 2.000 9/23/2030 HUF 69.631
ABN AMRO Bank NV 1.425 4/17/2045 EUR 66.748
Steilmann SE 7.000 3/9/2017 EUR 1.429
Turkiye Government Bo 12.600 10/1/2025 TRY 69.800
Banco Santander SA 2.280 2/28/2039 EUR 75.225
Nederlandse Waterscha 1.77012/28/2048 EUR 72.463
Ile-de-France Mobilit 1.200 4/8/2050 EUR 55.651
Region de Bruxelles-C 0.453 12/7/2055 EUR 35.293
SCF Capital Designate 3.850 4/26/2028 USD 65.723
UBS Group AG 2.300 12/3/2035 AUD 64.171
UBS AG/London 2.35012/17/2048 EUR 74.222
DZ Bank AG Deutsche Z 1.070 10/6/2042 EUR 66.788
Stadt Graz 1.82410/31/2047 EUR 71.231
Ministeries Van de Vl 0.40011/20/2043 EUR 53.711
Santander Internation 1.150 4/8/2041 EUR 63.894
State of Brandenburg 0.050 8/10/2040 EUR 58.777
Raiffeisen Bank Inter 0.370 2/3/2033 EUR 66.696
Batigere Grand Est SA 2.030 5/29/2070 EUR 68.374
Arkea Public Sector S 1.642 5/18/2043 EUR 73.487
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.688
Landesbank Hessen-Thu 0.75010/21/2033 EUR 71.860
Realkredit Danmark A/ 0.500 10/1/2050 DKK 64.872
Region Occitanie 0.79211/23/2043 EUR 58.479
Credit Suisse AG/Lond 28.000 9/23/2024 USD 2.550
UBS AG/London 9.000 7/26/2024 CHF 72.250
MBH Mortgage Bank Co 3.000 1/28/2036 HUF 57.900
UBS AG/London 7.09010/18/2024 USD 9.930
VTB Bank PJSC 9.895 USD 55.100
MBH Mortgage Bank Co 3.000 8/21/2030 HUF 71.930
Societe Du Grand Pari 0.57610/29/2052 EUR 41.041
NRW Bank 0.106 8/17/2050 EUR 41.552
Region Bourgogne-Fran 0.397 12/3/2045 EUR 49.592
DZ Bank AG Deutsche Z 0.420 2/17/2033 EUR 72.860
Caisse des Depots et 1.015 7/22/2050 EUR 52.879
Bazalgette Finance Pl 0.074 5/16/2049 GBP 60.555
State of Saxony-Anhal 1.808 5/15/2048 EUR 74.761
Ville de Paris 0.963 6/8/2050 EUR 51.081
DZ Bank AG Deutsche Z 0.190 1/14/2031 EUR 75.059
Kingdom of Belgium Go 0.675 7/7/2080 EUR 33.718
City of Amsterdam Net 1.515 2/26/2044 EUR 72.635
Hemso Fastighets AB 2.127 4/18/2039 EUR 67.927
Aktia Bank Oyj 0.800 2/26/2036 EUR 69.405
Region Nouvelle-Aquit 0.81411/22/2044 EUR 57.252
Caisse des Depots et 1.365 11/2/2051 EUR 56.383
Batigere Grand Est SA 1.61010/23/2040 EUR 68.238
Credit Suisse AG/Lond 9.000 4/22/2024 USD 36.940
UBS AG/London 8.25011/19/2026 EUR 54.900
Nestle Hungaria Kft 1.750 5/31/2028 HUF 74.500
MVM Energetika Zrt 3.250 9/3/2031 HUF 70.000
Metal Hungaria Holdin 3.00011/17/2030 HUF 63.500
DZ Bank AG Deutsche Z 7.250 6/28/2024 EUR 70.240
Duna Aszfalt Ut Es Me 2.99010/17/2029 HUF 61.000
Region Wallonne Belgi 1.246 5/12/2070 EUR 45.397
Orient Express Bank P 2.000 USD 11.881
Landesbank Hessen-Thu 0.750 8/18/2036 EUR 65.845
City of Gothenburg Sw 1.990 2/20/2045 SEK 74.647
State of Saxony-Anhal 0.475 9/30/2050 EUR 50.079
Deutsche Pfandbriefba 0.906 3/4/2050 EUR 57.441
Kreditanstalt fuer Wi 0.620 1/14/2050 EUR 52.785
FNG Benelux Holding N 5.000 8/28/2023 EUR 1.013
Region de Bruxelles-C 0.59212/10/2061 EUR 33.148
Region Bourgogne-Fran 0.270 12/7/2035 EUR 66.218
Lloyds Bank PLC 2.450 7/23/2048 EUR 70.314
United Utilities Wate 0.359 10/5/2048 GBP 54.798
Department of Gironde 0.41811/12/2041 EUR 57.176
Landesbank Hessen-Thu 0.900 5/12/2036 EUR 67.765
Regie Autonome des Tr 0.875 8/18/2080 EUR 35.319
Landesbank Hessen-Thu 1.150 6/23/2036 EUR 69.866
Landesbank Baden-Wuer 1.050 7/17/2034 EUR 71.000
Region Hauts-de-Franc 0.402 2/18/2043 EUR 54.504
Kingdom of Belgium Go 1.170 5/12/2121 EUR 38.814
Regie Autonome des Tr 0.953 5/24/2052 EUR 52.491
Region de Bruxelles-C 1.00010/29/2059 EUR 41.708
Citigroup Global Mark 1.230 8/20/2039 EUR 66.901
Malta Government Bond 1.800 8/28/2051 EUR 60.325
Agence Francaise de D 2.30210/25/2044 USD 62.384
Region de Bruxelles-C 0.28310/24/2033 EUR 71.481
Kreditanstalt fuer Wi 0.788 11/4/2039 EUR 66.861
United Utilities Wate 1.43511/21/2056 GBP 69.083
Credit Agricole Corpo 1.81511/30/2033 USD 69.447
BNP Paribas Issuance 2.420 1/30/2034 EUR 44.710
Parnassia Groep BV 1.260 12/3/2046 EUR 73.721
Ukraine Government In 9.790 5/26/2027 UAH 62.648
Futureal Development 3.50011/16/2036 HUF 55.000
Cordia International 3.000 7/27/2030 HUF 67.000
ArmSwissBank CJSC 6.000 6/1/2026 USD 0.000
Rosselkhozbank JSC 0.01012/24/2023 RUB 65.000
Lloyds Bank PLC 2.450 2/1/2049 EUR 70.107
Aareal Bank AG 2.783 5/18/2037 EUR 72.362
Malta Government Bond 1.200 5/13/2037 EUR 72.535
Kreditanstalt fuer Wi 1.171 7/19/2051 EUR 62.427
Ukraine Government In 7.750 9/1/2029 USD 27.536
UniCredit Bank AG 0.31010/15/2035 EUR 69.617
Ville de Paris 0.758 8/20/2060 EUR 38.149
Bazalgette Finance Pl 0.010 8/5/2036 GBP 71.748
Regie Autonome des Tr 1.820 7/18/2048 EUR 67.855
Anglian Water Service 0.85012/23/2040 JPY 72.265
Nomura Bank Internati 1.175 7/8/2033 EUR 71.688
LR Realkredit AS 1.000 10/1/2050 DKK 68.673
BPCE SA 2.250 3/13/2040 AUD 54.447
Saastopankkien Keskus 0.975 8/18/2034 EUR 73.428
Santander Internation 1.320 8/8/2039 EUR 68.919
Region de Bruxelles-C 1.065 6/22/2047 EUR 56.052
Region de Bruxelles-C 1.419 6/22/2045 EUR 65.952
Barclays Bank PLC 1.340 2/1/2051 EUR 54.370
Banque Internationale 1.300 1/15/2041 EUR 62.983
La Banque Postale Hom 1.623 2/13/2042 EUR 73.757
Kuntarahoitus Oyj 0.040 2/9/2034 EUR 73.697
Hacienda Investments 5.350 2/8/2028 USD 57.361
Region de Bruxelles-C 0.650 2/15/2061 EUR 34.836
Kingdom of Belgium Go 0.558 9/24/2077 EUR 31.966
Espirito Santo Financ 4.87810/27/2024 EUR 0.152
Citigroup Global Mark 1.150 9/19/2039 EUR 65.580
Severn Trent Utilitie 1.566 2/1/2058 GBP 69.399
United Kingdom Inflat 0.250 3/22/2052 GBP 74.164
Deutsche Lichtmiete F 5.750 1/1/2023 EUR 5.010
Zurcher Kantonalbank 17.300 4/19/2024 USD 58.580
Joh Friedrich Behrens 7.75011/11/2020 EUR 8.111
Vontobel Financial Pr 14.300 8/21/2024 USD 73.840
UniCredit Bank AG 7.500 5/16/2024 EUR 73.620
Ville de Paris 0.850 8/4/2051 EUR 48.698
Communaute Francaise 1.040 7/19/2101 EUR 42.562
Cooperatieve Rabobank 0.500 8/21/2028 MXN 62.294
Landesbank Baden-Wuer 0.660 7/14/2036 EUR 63.327
Region de Bruxelles-C 1.225 6/21/2070 EUR 40.556
Ville de Paris 0.464 8/20/2040 EUR 60.797
Assistance Publique H 0.683 3/19/2041 EUR 61.841
Ukraine Government Bo 9.700 6/7/2028 UAH 51.069
Renovables Atlasol SA 2.20012/31/2038 EUR 72.091
Vasakronan AB 1.700 6/28/2044 EUR 33.884
Republic of Ireland I 2.000 6/29/2063 EUR 70.054
State of Lower Austri 0.55011/13/2080 EUR 28.785
Credito Padano Banca 3.100 EUR 36.337
Natixis SA 2.700 5/18/2036 USD 73.431
Caisse Francaise de F 0.865 2/17/2042 EUR 63.765
DZ Bank AG Deutsche Z 0.200 10/2/2034 EUR 66.148
Santander Internation 2.770 7/2/2035 USD 70.495
Landshypotek Bank AB 1.815 2/25/2041 SEK 73.501
Penarian Housing Fina 3.212 6/7/2052 GBP 68.202
Land Baden-Wuerttembe 1.150 4/5/2049 EUR 64.265
Muenchener Hypotheken 0.25010/31/2044 CHF 76.026
Region de Bruxelles-C 1.016 9/23/2057 EUR 43.569
Kommunekredit 1.336 10/1/2032 AUD 71.625
United Utilities Wate 1.70211/21/2057 GBP 73.407
VTB Bank OJSC Via VTB 6.250 6/30/2035 USD 23.335
Region de Bruxelles-C 1.05311/14/2059 EUR 42.659
Depfa Funding III LP 3.062 EUR 54.198
Elli Investments Ltd 12.250 6/15/2020 GBP 52.250
Mox Telecom AG 7.250 11/2/2017 EUR 2.270
Zurcher Kantonalbank 10.00010/25/2024 CHF 66.700
SG Issuer SA 0.021 8/15/2033 EUR 55.870
Abroncs Kereskedohaz 2.80012/17/2027 HUF 74.000
Russian Federal Bond 0.250 7/20/2044 RUB 15.000
Landesbank Baden-Wuer 15.000 2/23/2024 EUR 69.880
Kreditanstalt fuer Wi 1.270 6/29/2051 EUR 64.442
Virgolino de Oliveira 10.875 1/13/2020 USD 36.000
Muenchener Hypotheken 1.185 5/5/2059 EUR 53.711
Nederlandse Waterscha 1.870 11/8/2057 EUR 70.976
Kommunekredit 2.180 7/16/2040 AUD 60.553
Serbia Treasury Bonds 2.300 3/18/2047 EUR 57.148
Federal Grid Co - Ros 7.000 6/30/2048 RUB 55.000
LFA Foerderbank Bayer 0.050 9/29/2034 EUR 72.613
Region Wallonne Belgi 1.040 5/28/2040 EUR 63.784
Region Auvergne-Rhone 0.650 5/18/2038 EUR 65.736
DNB Boligkreditt AS 1.53012/21/2043 EUR 70.737
Kreditanstalt fuer Wi 1.267 3/22/2051 EUR 64.942
Metropole de Lyon 0.50012/28/2049 EUR 45.085
Region Wallonne Belgi 1.805 1/24/2040 EUR 72.608
Slovenska Sporitelna 4.820 EUR 63.925
Kreditanstalt fuer Wi 1.175 4/14/2051 EUR 63.320
State of Saarland 0.500 3/15/2051 EUR 49.158
Sovcombank Via SovCom 3.400 1/26/2025 USD 3.095
Ministeries Van de Vl 0.875 6/3/2045 EUR 54.518
Centre Hospitalier de 1.580 2/11/2061 EUR 70.670
Region de Bruxelles-C 0.640 7/20/2045 EUR 52.799
Cooperatieve Rabobank 1.460 6/1/2040 EUR 73.317
State of North Rhine- 1.467 6/12/2045 EUR 71.154
Region Auvergne-Rhone 0.543 9/28/2036 EUR 67.100
United Utilities Wate 0.010 9/30/2036 GBP 72.984
BNP Paribas SA 2.72012/12/2034 AUD 65.786
Nederlandse Waterscha 0.996 11/4/2049 EUR 59.246
Hemso Fastighets AB 1.13010/31/2039 EUR 62.945
Specialfastigheter Sv 1.280 9/20/2049 SEK 56.309
Assistance Publique H 1.502 5/9/2044 EUR 68.442
Solarwatt GmbH 7.000 11/1/2015 EUR 15.500
Batigere Grand Est SA 1.60011/14/2039 EUR 70.041
Kreditanstalt fuer Wi 1.00010/20/2050 EUR 60.254
MOL Hungarian Oil & G 1.900 4/12/2031 HUF 66.700
UniCredit Bank AG 0.900 3/24/2036 EUR 67.930
SALVATOR Vermoegensve 9.500 EUR 7.900
UBS AG/London 21.600 8/2/2027 SEK 60.480
Vontobel Financial Pr 8.200 4/26/2024 EUR 73.240
Vasutvillamosito Kft 3.000 2/3/2031 HUF 65.000
Region de Bruxelles-C 1.28612/17/2046 EUR 57.126
Republic of Ireland I 1.020 9/10/2086 EUR 42.725
Deutsche Pfandbriefba 0.710 9/10/2031 EUR 68.357
Raiffeisen-Landesbank 1.470 5/3/2069 EUR 50.892
National Grid Electri 2.920 9/30/2044 AUD 57.661
Batigere Grand Est SA 1.50012/15/2051 EUR 55.304
HSBC Bank PLC 2.102 1/30/2047 EUR 69.343
Grupo Isolux Corsan S 1.00012/30/2021 EUR 0.157
SNCF Reseau 2.303 7/11/2067 EUR 65.352
Landeskreditbank Bade 1.017 3/15/2061 EUR 53.113
Oberoesterreichische 0.285 11/6/2042 EUR 53.327
Ville de Paris 0.831 2/23/2056 EUR 43.878
NRW Bank 0.550 7/23/2035 EUR 74.568
Agence France Locale 0.586 6/20/2034 EUR 73.451
Region de Bruxelles-C 1.750 1/17/2048 EUR 68.172
Metropole de Lyon 0.466 12/7/2046 EUR 49.000
State of Rhineland-Pa 0.375 7/20/2048 EUR 50.643
Muenchener Hypotheken 0.550 2/18/2046 CHF 72.507
Landeskreditbank Bade 1.025 4/1/2061 EUR 53.406
BPCE SFH SA 1.512 4/20/2043 EUR 70.493
Belfius Bank SA 1.561 4/27/2043 EUR 72.534
Nederlandse Waterscha 2.010 5/3/2058 EUR 74.337
Credit Agricole Corpo 1.300 2/2/2061 EUR 50.241
Assistance Publique H 1.800 4/10/2048 EUR 67.754
Goldman Sachs Interna 2.300 5/25/2037 EUR 74.471
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.586
DZ Bank AG Deutsche Z 1.850 2/19/2049 EUR 71.793
Landshypotek Bank AB 1.680 1/20/2042 SEK 70.852
Nomura Bank Internati 1.415 1/27/2042 EUR 64.570
Morgan Stanley & Co I 1.105 6/18/2041 EUR 63.488
Autonomous Community 1.515 6/21/2051 EUR 54.937
Landesbank Hessen-Thu 1.650 5/27/2030 EUR 42.066
Region Wallonne Belgi 1.150 9/2/2120 EUR 33.548
DZ Bank AG Deutsche Z 1.250 9/30/2060 EUR 53.043
Vasakronan AB 2.050 5/28/2044 EUR 37.560
Region Wallonne Belgi 1.13510/10/2069 EUR 44.291
Republic of Ireland I 1.32011/28/2119 EUR 38.002
State of Hesse 0.100 10/1/2037 EUR 65.973
Sibur Securities DAC 3.450 9/23/2024 USD 74.293
Region de Bruxelles-C 1.036 1/7/2060 EUR 42.249
Luminis SA 1.800 9/2/2059 EUR 43.366
Deutsche Bank AG 2.01012/10/2052 EUR 53.635
Luzerner Kantonalbank 5.10010/16/2026 USD 59.590
Raiffeisen Switzerlan 7.750 7/21/2025 CHF 72.220
Credit Suisse AG/Lond 24.000 3/22/2024 USD 70.910
Autonomous Community 1.646 7/30/2060 EUR 50.194
Phosphorus Holdco PLC 10.000 4/1/2019 GBP 0.500
Gebr Sanders GmbH & C 8.75010/22/2018 EUR 9.375
MOL Hungarian Oil & G 1.100 9/22/2030 HUF 58.500
Mifa Mitteldeutsche F 7.500 8/12/2018 EUR 1.505
Micro Small & Medium 6.900 8/28/2026 USD 57.891
Nederlandse Waterscha 1.675 4/26/2046 EUR 72.852
Phosagro OAO Via Phos 2.600 9/16/2028 USD 66.488
State of Lower Austri 1.000 9/15/2121 EUR 31.325
United Kingdom Gilt 1.500 7/22/2047 GBP 54.993
Deutsche Pfandbriefba 3.100 9/7/2046 USD 72.135
Kuntarahoitus Oyj 1.150 9/24/2051 EUR 65.903
Bayerische Landesbank 0.770 6/18/2032 EUR 73.076
BNG Bank NV 1.04011/28/2047 EUR 60.235
Department of Bouches 0.432 2/1/2046 EUR 49.838
Bazalgette Finance Pl 0.74011/30/2042 GBP 75.194
Grenke Finance PLC 0.819 2/15/2030 EUR 67.678
Caisse des Depots et 2.766 8/9/2049 USD 63.997
Communaute Francaise 1.397 7/18/2059 EUR 51.621
Vasakronan AB 2.162 5/4/2040 SEK 69.381
Societe Nationale SNC 2.820 4/28/2036 AUD 73.239
Wirtschafts- und Infr 0.20012/14/2045 EUR 49.152
ING Bank NV 0.465 4/21/2041 EUR 63.700
Basque Government 2.000 4/30/2059 EUR 60.158
Kreditanstalt fuer Wi 0.91810/11/2050 EUR 58.832
DNB Boligkreditt AS 1.634 2/13/2043 EUR 73.186
Centre Hospitalier Re 1.500 4/27/2050 EUR 74.555
Goldman Sachs Interna 2.500 7/26/2048 EUR 72.381
FLUVIUS System Operat 0.810 4/8/2033 EUR 72.364
DZ Bank AG Deutsche Z 1.20011/25/2050 EUR 54.802
Ministeries Van de Vl 0.60011/19/2055 EUR 39.736
Nederlandse Waterscha 1.650 5/27/2061 EUR 62.492
CDC Habitat SEM 1.060 5/22/2036 EUR 71.777
Nationale-Nederlanden 1.432 3/21/2039 EUR 75.337
Region Wallonne Belgi 0.638 6/21/2047 EUR 48.637
Agence Francaise de D 1.656 4/4/2054 EUR 64.018
Nykredit Realkredit A 1.000 10/1/2050 DKK 72.787
Vasakronan AB 1.000 6/15/2041 EUR 28.530
Bankinter SA 1.200 6/5/2035 EUR 75.314
Communaute Francaise 1.187 9/16/2069 EUR 51.810
Specialfastigheter Sv 1.180 12/2/2044 SEK 59.298
Caisse des Depots et 1.075 9/15/2050 EUR 52.482
Severn Trent Utilitie 1.457 8/1/2058 GBP 67.246
Severn Trent Utilitie 1.501 8/1/2058 GBP 68.511
National Grid Electri 1.797 7/14/2056 GBP 75.231
Societe Generale SA 3.920 12/9/2036 AUD 70.177
IT Holding Finance SA 9.87511/15/2012 EUR 0.015
Commune de Marseille 1.07911/19/2046 EUR 58.314
Bank Vontobel AG 18.000 6/28/2024 CHF 53.500
AutoWallis Nyrt 3.000 7/27/2031 HUF 70.100
Epito-Es Epuletkarban 3.00011/11/2030 HUF 65.500
VTB Bank PJSC 16.750 RUB 70.750
Landesbank Hessen-Thu 1.50011/17/2036 EUR 67.200
Rosseti Kuban PJSC 10.44011/21/2025 RUB 80.000
SG Issuer SA 2.10012/27/2033 EUR 45.060
Societe Generale SA 8.000 8/18/2026 USD 69.000
UBS AG/London 12.000 4/24/2025 USD 62.830
Region de Bruxelles-C 1.31012/15/2069 EUR 42.531
SG Issuer SA 0.100 6/11/2029 NZD 72.186
Nederlandse Waterscha 1.55111/24/2061 EUR 62.681
Sveriges Sakerstallda 1.378 7/13/2046 SEK 65.829
Landesbank Hessen-Thu 2.400 3/22/2052 EUR 68.546
Region de Bruxelles-C 0.900 6/28/2046 EUR 53.126
Region de Bruxelles-C 1.036 6/29/2049 EUR 50.143
Belfius Bank SA 1.296 2/20/2040 EUR 71.197
Region Occitanie 0.766 10/7/2041 EUR 61.849
State of North Rhine- 1.641 8/11/2066 EUR 60.604
Cooperatieve Rabobank 1.430 9/1/2036 EUR 72.995
State of Hesse 0.375 4/9/2040 EUR 62.138
DZ Bank AG Deutsche Z 1.84012/21/2048 EUR 71.370
UBS Group AG 2.370 2/25/2036 USD 68.964
United Utilities Wate 1.474 8/24/2031 USD 72.917
Assistance Publique H 0.800 3/23/2046 EUR 55.062
Region Wallonne Belgi 2.070 8/27/2049 EUR 70.267
Centre Hospitalier Un 1.160 9/6/2039 EUR 64.580
Ville de Paris 0.39512/18/2045 EUR 48.514
Region de Bruxelles-C 0.930 5/3/2051 EUR 49.095
Nederlandse Waterscha 0.932 12/2/2060 EUR 47.704
Autonomous Community 1.65510/31/2050 EUR 58.697
Assistance Publique H 1.81011/17/2043 EUR 72.571
Communaute Francaise 1.787 6/14/2044 EUR 69.278
Lloyds Bank PLC 2.450 7/20/2048 EUR 70.260
DZ Bank AG Deutsche Z 0.35011/10/2042 EUR 58.862
Santander Consumer Ba 9.520 NOK 61.217
Nordea Hypotek AB 2.25010/15/2048 SEK 76.534
Deutsche Pfandbriefba 0.50011/18/2030 EUR 69.554
Kreditanstalt fuer Wi 0.400 8/12/2040 EUR 64.360
Caisse des Depots et 1.902 9/11/2048 EUR 68.528
Landesbank Hessen-Thu 1.150 3/9/2037 EUR 69.081
Republic of Ireland I 1.230 6/1/2120 EUR 42.741
City of Hanover Germa 1.560 5/3/2048 EUR 71.478
Bausparkasse Wuestenr 0.485 6/25/2040 EUR 60.819
Department of L'Eure 1.110 6/18/2039 EUR 70.412
DZ HYP AG 0.205 6/5/2040 EUR 57.811
Landeskreditbank Bade 0.81212/16/2060 EUR 48.252
Caisse des Depots et 0.916 1/20/2051 EUR 50.058
Region de Bruxelles-C 1.065 6/12/2058 EUR 43.884
Aareal Bank AG 1.850 3/20/2035 EUR 68.734
Region de Bruxelles-C 0.910 1/31/2053 EUR 46.483
Nederlandse Waterscha 0.877 6/24/2054 EUR 50.240
Premium Green PLC 1.63012/30/2030 AUD 73.517
Republic of Ireland I 0.810 7/10/2079 EUR 39.610
Bayerische Landesbank 3.85011/18/2036 EUR 73.954
Agence Francaise de D 1.862 2/25/2054 EUR 67.821
Vasakronan AB 2.130 5/27/2041 SEK 71.028
Landesbank Baden-Wuer 0.880 5/29/2034 EUR 69.895
Lehman Brothers Treas 4.68012/12/2045 EUR 0.100
Caisse des Depots et 2.140 6/19/2045 EUR 74.866
FLUVIUS System Operat 3.00010/27/2044 EUR 75.061
Republic of Ireland I 1.10011/12/2096 EUR 42.002
DZ Bank AG Deutsche Z 2.240 8/22/2034 USD 78.486
Lehman Brothers Treas 5.637 10/5/2035 EUR 0.100
Severn Trent Utilitie 1.523 8/1/2058 GBP 68.697
Commerzbank AG 1.04612/18/2034 EUR 71.767
Sanctuary Capital PLC 2.48111/12/2037 GBP 69.068
Caisse Francaise de F 0.72610/29/2039 EUR 64.905
Agrokor dd 9.125 2/1/2020 EUR 15.000
Zurcher Kantonalbank 8.700 8/14/2024 EUR 65.030
Raiffeisenlandesbank 3.093 6/9/2036 EUR 54.370
Zurcher Kantonalbank 10.000 5/23/2024 CHF 66.160
Societe Generale SA 12.000 7/14/2026 USD 37.000
Raiffeisen Schweiz Ge 18.000 4/3/2024 CHF 54.290
UBS AG/London 26.000 3/22/2024 CHF 24.720
Quintet Private Bank 6.050 5/26/2026 USD 64.640
DZ Bank AG Deutsche Z 2.00012/29/2031 EUR 74.260
Leonteq Securities AG 30.000 2/6/2024 CHF 18.920
Specialfastigheter Sv 1.215 5/14/2035 SEK 73.963
Autonomous Community 1.744 7/1/2061 EUR 49.917
BNP Paribas SA 1.400 6/4/2041 EUR 66.019
Region Wallonne Belgi 1.961 5/22/2045 EUR 71.236
Vorosko Kereskedelmi 4.750 1/25/2032 HUF 70.500
Szinorg Universal zrt 3.000 5/15/2030 HUF 72.144
Banca Popolare di Son 1.59012/30/2035 EUR 74.609
Region Wallonne Belgi 1.272 10/3/2040 EUR 65.946
Credit Bank of Moscow 7.625 USD 25.456
Erste Group Bank AG 1.010 10/7/2041 EUR 56.074
Landesbank Hessen-Thu 1.370 9/22/2031 EUR 69.697
BPCE SA 2.160 10/6/2031 USD 75.914
Bayerische Landesbank 0.80010/16/2036 EUR 62.313
Vasakronan AB 1.77010/26/2033 NOK 72.300
Nederlandse Waterscha 2.000 8/6/2058 EUR 74.680
Batigere Grand Est SA 1.400 8/31/2050 EUR 53.861
Kuntarahoitus Oyj 1.449 3/1/2061 EUR 67.271
Caisse des Depots et 1.780 1/15/2048 EUR 67.361
Banque et Caisse d'Ep 1.270 5/7/2045 EUR 69.570
Region Auvergne-Rhone 0.645 4/9/2040 EUR 61.357
Oberbank AG 2.280 6/22/2038 EUR 71.853
Kuntarahoitus Oyj 0.983 11/3/2060 EUR 57.080
Serbia Treasury Bonds 1.500 3/26/2033 EUR 72.032
Intesa Sanpaolo Bank 3.10211/19/2035 AUD 65.568
Landesbank Saar 0.65011/19/2035 EUR 68.183
Credit Agricole Corpo 2.480 8/18/2050 USD 53.453
Bazalgette Finance Pl 0.174 5/16/2049 GBP 59.066
Cooperatieve Rabobank 1.850 3/29/2049 EUR 61.768
Ministeries Van de Vl 1.053 6/3/2050 EUR 52.568
Region Wallonne Belgi 2.160 2/23/2044 EUR 73.718
Evraz PLC 5.250 4/2/2024 USD 68.119
Bayerische Landesbank 0.400 7/15/2031 EUR 74.744
Tonon Luxembourg SA 9.250 1/24/2020 USD 0.586
United Utilities Wate 0.010 12/9/2036 GBP 72.231
Region Wallonne Belgi 1.000 6/22/2045 EUR 56.934
BNP Paribas SA 1.300 1/28/2037 EUR 70.832
Willhem AB 1.82410/18/2038 SEK 66.283
Kommunekredit 1.700 6/26/2045 EUR 74.392
PJSC Koks via IMH Cap 5.900 9/23/2025 USD 8.614
Landesbank Baden-Wuer 0.570 12/7/2034 EUR 66.292
Land Thueringen 0.200 9/12/2039 EUR 62.693
Barclays Bank PLC 2.325 1/2/2041 USD 72.563
DLR Kredit A/S 0.500 10/1/2050 DKK 71.541
State of Hesse 0.450 9/23/2044 EUR 55.453
Alfa Bank AO Via Alfa 5.900 USD 9.146
United Kingdom Inflat 0.125 3/22/2073 GBP 66.486
Lloyds Bank PLC 1.920 4/16/2044 EUR 66.105
Zurcher Kantonalbank 8.100 2/2/2024 CHF 69.930
Barclays Bank PLC 9.00010/23/2024 USD 9.820
Citigroup Global Mark 3.880 3/2/2026 EUR 65.050
UBS AG/London 7.540 7/3/2024 USD 9.840
UBS AG/London 7.950 7/3/2024 USD 9.880
Societe Generale SA 8.000 9/18/2036 USD 69.400
Zurcher Kantonalbank 12.000 10/4/2024 EUR 71.940
Societe Generale SA 14.40012/14/2023 USD 21.450
ArmSwissBank CJSC 9.000 6/1/2025 AMD 0.000
Vontobel Financial Pr 8.400 12/4/2023 EUR 71.410
Zurcher Kantonalbank 12.500 2/14/2024 CHF 63.310
Landesbank Baden-Wuer 1.500 4/16/2039 EUR 72.230
Zurcher Kantonalbank 8.500 8/19/2024 CHF 56.510
Zurcher Kantonalbank 10.150 8/19/2024 EUR 57.720
VTB Bank PJSC 3.750 EUR 45.000
Credit Suisse AG/Lond 14.30012/15/2023 USD 44.230
Opus Global Nyrt 2.80010/29/2029 HUF 70.000
ArmSwissBank CJSC 6.750 6/15/2024 USD 0.000
ABN AMRO Bank NV 1.070 3/3/2041 EUR 59.482
Credit Agricole Corpo 1.550 9/8/2031 AUD 72.321
Raiffeisen-Landesbank 0.050 9/13/2033 EUR 71.086
Bibby Offshore Servic 7.500 6/15/2021 GBP 11.625
Raiffeisenverband Sal 1.853 2/5/2049 EUR 69.375
Cooperatieve Rabobank 1.300 3/28/2039 EUR 74.321
NIBC Bank NV 0.660 7/14/2031 EUR 74.637
Hypo Vorarlberg Bank 0.500 6/23/2031 EUR 72.390
ASCE Group OJSC 7.000 6/11/2031 USD 60.796
Communaute Francaise 1.115 7/11/2039 EUR 67.025
Sequa Petroleum NV 5.000 4/29/2020 USD 30.250
Pick Szeged Szalamigy 2.000 12/6/2029 HUF 73.890
VTB Bank PJSC 7.600 4/2/2031 RUB 60.010
Ukraine Government Bo 11.900 10/8/2025 UAH 70.091
Belfius Bank SA 1.550 1/28/2039 EUR 75.265
Commerzbank AG 1.430 1/23/2040 EUR 69.625
Parnassia Groep BV 1.470 12/1/2045 EUR 63.148
NRW Bank 0.80010/22/2060 EUR 44.452
Nederlandse Waterscha 1.577 12/9/2039 GBP 64.299
BPCE SFH SA 1.403 1/13/2039 EUR 74.190
Republic of Ireland I 1.230 5/29/2120 EUR 42.527
Kuntarahoitus Oyj 1.005 12/7/2060 EUR 57.296
SG Issuer SA 2.70011/28/2034 ZAR 42.992
Sparkasse Oberoesterr 0.200 3/22/2033 EUR 75.450
Muenchener Hypotheken 1.003 3/9/2060 EUR 49.631
Barclays Bank PLC 3.020 3/26/2051 USD 60.960
Region Provence-Alpes 1.525 6/29/2037 EUR 75.754
Communaute Francaise 2.100 6/30/2067 EUR 64.098
Banque et Caisse d'Ep 0.900 8/6/2042 EUR 67.517
Muenchener Hypotheken 1.010 8/6/2044 EUR 56.696
Goldman Sachs Interna 2.034 7/7/2036 EUR 72.700
Region Auvergne-Rhone 0.697 8/2/2036 EUR 69.974
Muenchener Hypotheken 1.000 6/30/2037 EUR 67.344
Ukraine Government Bo 6.000 9/13/2028 UAH 40.731
Hungary Government Bo 4.000 4/28/2051 HUF 65.107
Deutsche Apotheker-un 1.616 1/15/2038 EUR 69.953
Nordea Eiendomskredit 2.200 6/17/2043 NOK 74.930
Muenchener Hypotheken 0.42012/10/2035 EUR 67.010
Kreditanstalt fuer Wi 1.143 4/15/2050 EUR 63.072
Republic of Ireland I 1.200 4/15/2120 EUR 41.104
Communaute Francaise 1.340 7/1/2054 EUR 54.181
Region Wallonne Belgi 2.100 6/26/2048 EUR 72.415
Communaute Francaise 0.392 1/22/2041 EUR 56.500
Region Auvergne-Rhone 0.805 7/26/2039 EUR 65.542
BPCE SA 2.250 3/13/2040 AUD 54.945
Region of Pays de la 1.70410/23/2040 EUR 72.328
Autonomous Community 0.81010/31/2040 EUR 60.263
Nomura Bank Internati 0.400 11/5/2030 EUR 74.078
BNP Paribas SA 3.660 8/9/2039 AUD 70.134
NRW Bank 1.020 8/1/2049 EUR 55.399
Kuntarahoitus Oyj 1.078 5/6/2039 EUR 75.240
Deutsche Bank AG 2.330 2/11/2043 EUR 65.230
Region Auvergne-Rhone 0.800 5/22/2040 EUR 62.542
Hypo Tirol Bank AG 0.740 5/29/2040 EUR 63.854
Region Auvergne-Rhone 1.150 4/8/2039 EUR 70.001
Barclays Bank PLC 2.50012/29/2032 USD 70.921
Region Wallonne Belgi 1.300 6/16/2068 EUR 45.982
Landesbank Hessen-Thu 1.383 3/28/2042 EUR 71.993
Ministeries Van de Vl 1.874 3/28/2058 EUR 59.041
DZ Bank AG Deutsche Z 0.800 1/21/2041 EUR 64.815
Municipality of Eindh 1.785 5/30/2047 EUR 74.095
Deutsche Bank AG/Lond 14.900 5/30/2028 TRY 54.950
Premium Green PLC 1.63012/30/2030 AUD 73.517
Department of Bouches 1.068 5/21/2048 EUR 56.203
Jyske Realkredit A/S 1.000 10/1/2056 DKK 65.814
DZ Bank AG Deutsche Z 0.625 7/21/2036 EUR 65.360
Purple Protected Asse 1.518 1/25/2061 EUR 66.605
Deutsche Pfandbriefba 1.720 3/7/2042 EUR 75.172
BNP Paribas SA 0.720 7/1/2031 EUR 75.618
Region Auvergne-Rhone 0.49310/23/2037 EUR 65.200
Norddeutsche Landesba 1.09011/15/2043 EUR 67.025
ABN AMRO Bank NV 0.45012/12/2036 EUR 69.321
SCC Power PLC 6.00012/31/2028 USD 52.470
Communaute Francaise 2.350 8/18/2062 EUR 70.384
Natixis SA 2.920 9/5/2039 AUD 59.783
Erste Group Bank AG 1.230 5/29/2033 EUR 74.093
Landesbank Hessen-Thu 0.75011/14/2034 EUR 69.306
Housing & Care 21 3.288 11/8/2049 GBP 67.031
Department of Bouches 0.81012/16/2041 EUR 62.065
Commerzbank AG 1.200 2/25/2036 EUR 73.931
Kreditanstalt fuer Wi 1.07512/20/2049 EUR 62.433
Credit Agricole Corpo 0.650 11/5/2034 EUR 69.931
Credit Agricole SA 6.750 9/29/2042 AUD 73.205
NRW Bank 1.23512/16/2061 EUR 52.520
Raiffeisen-Landesbank 0.18010/10/2034 EUR 69.012
Communaute Francaise 1.367 1/20/2070 EUR 55.952
Commerzbank AG 1.21912/12/2039 EUR 67.847
HSBC Bank PLC 10.30012/10/2024 TRY 75.183
ING Groep NV 0.975 2/14/2034 EUR 74.448
Ile-de-France Mobilit 1.000 12/2/2043 EUR 61.868
Societe Generale SA 1.51012/20/2044 EUR 64.688
EDOB Abwicklungs AG 7.500 4/1/2012 EUR 1.537
Credit Agricole CIB F 0.810 11/1/2033 EUR 72.219
Ukraine Government In 12.520 5/13/2026 UAH 73.826
Northland Resources A 4.00010/15/2020 USD 0.271
Centrosolar Group AG 7.000 2/15/2016 EUR 2.505
BNP Paribas SA 0.50011/16/2032 MXN 39.884
SG Issuer SA 1.500 1/24/2034 EUR 61.150
Societe Generale SA 12.00012/31/2036 USD 64.700
Pongs & Zahn AG 8.500 11/1/2014 EUR 0.010
Credit Suisse AG/Lond 16.30012/26/2023 USD 39.090
DekaBank Deutsche Gir 2.500 2/2/2024 EUR 29.140
UBS AG/London 22.000 3/15/2024 CHF 56.350
Zurcher Kantonalbank 21.750 2/8/2024 CHF 45.450
Leonteq Securities AG 19.000 2/16/2024 CHF 44.370
Leonteq Securities AG 27.00012/22/2023 CHF 46.420
Zurcher Kantonalbank 6.900 5/10/2024 CHF 57.860
Region Occitanie 1.339 3/21/2042 EUR 68.509
State of North Rhine- 1.513 7/27/2065 EUR 58.442
SG Issuer SA 2.100 3/30/2034 EUR 70.280
SG Issuer SA 1.600 4/21/2034 EUR 66.810
BPCE SA 2.730 10/5/2036 AUD 65.104
DZ HYP AG 1.226 8/25/2036 EUR 67.447
Caisse des Depots et 2.345 1/29/2050 AUD 52.179
Agence Francaise de D 2.360 1/30/2045 AUD 56.086
Region Wallonne Belgi 1.240 5/28/2069 EUR 44.271
BNG Bank NV 1.87311/24/2047 EUR 72.661
Basque Government 1.750 4/22/2050 EUR 61.162
Credit Agricole SA 3.610 4/20/2036 AUD 64.926
Land Thueringen 0.250 3/5/2040 EUR 62.057
Cooperatieve Rabobank 2.255 9/20/2047 EUR 69.381
Ville de Paris 0.760 5/25/2066 EUR 35.098
Nederlandse Waterscha 2.030 9/28/2058 EUR 71.147
Raiffeisen-Landesbank 1.380 7/24/2059 EUR 54.360
Nederlandse Waterscha 2.032 1/23/2058 EUR 74.218
Raiffeisen-Landesbank 1.140 4/26/2051 EUR 55.981
Kreditanstalt fuer Wi 0.820 4/15/2050 EUR 58.064
Nederlandse Waterscha 1.955 6/28/2058 EUR 72.637
Hamburgische Investit 0.380 2/24/2042 EUR 61.963
Cooperatieve Rabobank 2.360 9/25/2047 EUR 70.758
National Grid Electri 2.020 3/12/2032 AUD 73.031
Hypo Vorarlberg Bank 0.375 11/4/2030 EUR 73.563
BPCE SA 2.31511/19/2035 AUD 63.611
Autonomous Community 1.08910/31/2049 EUR 51.251
Kuntarahoitus Oyj 1.15511/19/2060 EUR 48.841
French Republic Gover 0.500 6/25/2044 EUR 57.997
Caisse des Depots et 0.945 5/19/2051 EUR 50.890
Land Thueringen 1.127 4/2/2049 EUR 60.649
Region Wallonne Belgi 0.970 6/24/2043 EUR 59.311
Societe Generale SA 2.300 1/28/2036 USD 63.589
BNP Paribas SA 3.750 6/12/2040 AUD 73.827
Ministeries Van de Vl 1.095 6/3/2055 EUR 47.933
Republic of Austria G 0.100 7/10/2040 EUR 60.307
Agence Francaise de D 2.330 2/10/2041 AUD 60.743
Agence Metropolitaine 0.800 7/1/2040 EUR 64.694
State of North Rhine- 1.650 5/16/2047 EUR 72.156
Ministeries Van de Vl 1.39211/12/2041 EUR 66.242
Grand City Properties 2.800 2/25/2039 EUR 68.377
Kreditanstalt fuer Wi 1.115 5/17/2041 EUR 70.303
Deutsche Bank AG 2.267 8/25/2034 EUR 71.614
BNP Paribas SA 1.45011/17/2041 EUR 66.213
NRW Bank 1.245 9/7/2060 EUR 53.625
Citigroup Global Mark 1.010 12/1/2034 EUR 71.812
Caisse des Depots et 3.000 11/8/2051 AUD 59.853
Credit Mutuel Arkea S 1.165 9/23/2039 EUR 65.574
Norske Skogindustrier 7.12510/15/2033 USD 0.010
Lehman Brothers Treas 8.875 1/28/2011 HKD 0.100
Barclays Bank PLC 1.24011/14/2034 EUR 73.941
Landesbank Hessen-Thu 0.850 3/12/2035 EUR 69.496
BNP Paribas SA 1.000 11/5/2036 EUR 67.717
Italy Buoni Poliennal 2.700 3/1/2047 EUR 74.397
Windreich GmbH 6.750 3/1/2015 EUR 4.146
Natixis SA 3.60011/11/2041 AUD 63.157
Batigere Grand Est SA 1.60011/14/2044 EUR 62.432
Kreditanstalt fuer Wi 0.68011/12/2039 EUR 66.240
Barclays Bank PLC 1.988 12/1/2040 USD 70.450
Landesbank Baden-Wuer 10.000 6/28/2024 EUR 65.040
OPUS TIGAZ Gazhalozat 2.800 3/24/2031 HUF 64.000
Societe Generale SA 1.580 9/16/2024 USD 3.650
TKK OOO 10.90012/31/2033 RUB 60.100
UBS AG/London 7.060 5/6/2024 USD 9.940
Leonteq Securities AG 17.000 2/21/2024 CHF 52.290
Corner Banca SA 21.000 2/20/2024 CHF 45.310
Flextronics Internati 3.600 12/6/2031 HUF 70.000
DekaBank Deutsche Gir 6.200 12/7/2023 EUR 69.500
Market Epito Zrt 2.95010/22/2029 HUF 68.000
Credit Suisse AG/Lond 1.400 11/4/2025 CHF 60.610
Dr Wiesent Sozial gGm 7.000 EUR 0.001
ING Bank NV 2.900 6/23/2051 USD 64.530
Bayerische Landesbank 1.100 1/26/2024 EUR 53.430
Alteo Nyrt 2.450 10/8/2031 HUF 70.100
Ukraine Government Bo 11.940 6/24/2026 UAH 66.040
Credit Agricole SA 3.270 10/5/2041 AUD 56.773
Malta Government Bond 1.000 8/23/2035 EUR 74.000
Deutsche Pfandbriefba 1.500 8/25/2041 EUR 73.130
SG Issuer SA 3.00010/10/2034 ZAR 45.124
SG Issuer SA 3.300 9/26/2034 ZAR 46.995
Serbia Treasury Bonds 2.250 2/26/2041 EUR 62.617
Cooperatieve Rabobank 2.940 3/11/2036 AUD 72.033
Agence Francaise de D 1.600 7/25/2043 EUR 71.841
BNG Bank NV 2.020 8/7/2058 EUR 73.450
Kreditanstalt fuer Wi 0.650 2/24/2041 EUR 66.050
Ukraine Government Bo 8.12011/10/2035 UAH 30.663
Department of L'Eure 0.44210/25/2045 EUR 50.425
Hypo-Bank Burgenland 2.010 2/7/2048 EUR 72.281
Region Bourgogne-Fran 0.300 12/3/2040 EUR 57.642
Communaute Francaise 2.105 7/23/2068 EUR 64.462
DZ Bank AG Deutsche Z 0.52011/23/2033 EUR 71.213
Region Wallonne Belgi 2.05710/19/2043 EUR 72.710
Bayerische Landesbode 0.03010/22/2035 EUR 68.487
Goldman Sachs Interna 2.500 3/24/2040 EUR 75.976
Regie Autonome des Tr 0.938 5/25/2050 EUR 51.646
Lloyds Bank PLC 2.520 9/4/2038 SEK 74.972
BNG Bank NV 2.000 9/5/2058 EUR 68.486
Kreditanstalt fuer Wi 0.980 2/9/2042 EUR 69.199
Landesbank Hessen-Thu 1.200 2/9/2052 EUR 58.495
Landesbank Hessen-Thu 2.435 2/6/2048 EUR 69.050
BNG Bank NV 1.410 7/28/2031 AUD 75.201
Region Wallonne Belgi 1.222 6/24/2080 EUR 43.176
Societe Generale SA 2.300 4/20/2048 EUR 74.475
French Republic Gover 0.500 5/25/2040 EUR 64.982
Abengoa Abenewco 1 SA 6.000 6/10/2022 EUR 0.454
Region Wallonne Belgi 1.220 6/12/2050 EUR 54.799
Premium Green PLC 1.610 9/30/2030 AUD 74.345
SAir Group 6.25010/27/2002 CHF 10.000
UniCredit Bank AG 1.120 5/14/2057 EUR 51.984
Region de Bruxelles-C 1.620 2/8/2044 EUR 68.482
Department of Val d'O 0.929 5/19/2041 EUR 64.635
Deutsche Bank AG 0.650 6/3/2031 EUR 75.057
Landwirtschaftliche R 0.984 2/4/2042 EUR 65.596
Novolipetsk Steel Via 1.450 6/2/2026 EUR 69.255
BNG Bank NV 0.562 6/7/2051 EUR 56.975
Kreditanstalt fuer Wi 1.208 6/17/2051 EUR 63.767
Metropole de Lyon 0.50012/28/2048 EUR 46.462
Kommunalkredit Austri 0.570 9/15/2037 EUR 65.525
Kommunalkredit Austri 1.055 10/6/2031 EUR 72.595
Communaute Francaise 2.041 4/12/2069 EUR 64.434
UniCredit Bank AG 2.25010/14/2039 EUR 71.845
Communaute Francaise 0.785 8/24/2050 EUR 48.571
Assistance Publique H 0.490 9/30/2040 EUR 60.375
Region Centre 0.924 11/2/2043 EUR 58.732
NRW Bank 1.245 11/4/2051 EUR 59.879
Muenchener Hypotheken 1.692 11/6/2051 EUR 68.213
Espirito Santo Financ 5.05011/15/2025 EUR 0.389
United Utilities Wate 1.55610/25/2056 GBP 69.836
Stichting Afwikkeling 6.625 5/14/2018 EUR 43.625
KPNQwest NV 8.875 2/1/2008 EUR 0.783
Caisse des Depots et 0.606 9/30/2039 EUR 63.084
BNP Paribas SA 1.000 1/23/2040 MXN 22.691
HSBC Continental Euro 1.38511/18/2039 EUR 68.643
Assistance Publique H 0.750 12/3/2041 EUR 62.282
Heta Asset Resolution 4.09912/31/2023 EUR 1.384
Credit Suisse AG/Lond 4.700 7/1/2046 AUD 71.514
Nederlandse Waterscha 0.964 6/11/2059 EUR 51.802
Banco Espirito Santo 10.000 12/6/2021 EUR 0.397
Communaute Francaise 0.94810/11/2059 EUR 44.098
Autonomous Community 1.950 5/24/2041 EUR 72.432
Zurcher Kantonalbank 22.000 8/6/2024 USD 75.160
Swissquote Bank SA 27.050 7/31/2024 CHF 64.980
BNP Paribas Issuance 1.300 4/22/2026 EUR 57.220
Landesbank Hessen-Thu 0.75011/17/2036 EUR 71.100
Raiffeisen Switzerlan 17.50012/27/2023 CHF 42.470
Evan Group PLC 6.000 7/31/2022 EUR 2.022
SG Issuer SA 1.250 2/28/2033 EUR 47.000
Basler Kantonalbank 24.000 3/8/2024 CHF 27.530
Skandinaviska Enskild 4.500 11/7/2024 EUR 61.350
Landesbank Baden-Wuer 2.600 1/26/2024 EUR 58.090
Landesbank Baden-Wuer 6.750 4/26/2024 EUR 30.770
RUSAL Bratsk OJSC 0.010 4/7/2026 RUB 73.810
EFG International Fin 22.000 1/9/2024 CHF 55.400
Raiffeisen Switzerlan 9.000 2/24/2025 EUR 62.090
Rosbank PJSC 0.030 4/30/2024 RUB 70.000
ACBA Bank OJSC 11.500 3/1/2026 AMD 0.000
Zurcher Kantonalbank 12.25012/15/2023 CHF 53.350
Rosbank PJSC 0.040 4/30/2024 RUB 70.000
VTB Bank PJSC 18.750 RUB 70.010
Credit Suisse AG/Lond 20.00011/29/2024 USD 14.140
Citigroup Global Mark 1.000 9/30/2036 EUR 68.991
Erste Group Bank AG 0.950 5/5/2035 EUR 67.752
DZ Bank AG Deutsche Z 0.550 9/9/2036 EUR 69.747
Societe Publique de G 1.272 8/23/2036 EUR 73.653
MS Deutschland Beteil 6.87512/18/2017 EUR 0.151
Societe Generale SA 27.30010/20/2025 USD 9.000
Aareal Bank AG 0.255 9/17/2029 EUR 75.564
BPCE SFH SA 1.344 2/18/2041 EUR 71.487
Norske Skog Holding A 8.000 2/24/2023 USD 0.006
BNG Bank NV 1.627 4/25/2046 EUR 73.744
Agrokor dd Via Aquari 4.921 8/8/2017 EUR 14.625
Aareal Bank AG 1.300 9/19/2031 EUR 74.037
Region Wallonne Belgi 1.127 10/3/2036 EUR 72.090
Deutsche Bank AG 2.530 10/7/2036 USD 69.596
Raiffeisenlandesbank 0.620 9/29/2031 EUR 74.196
Hungary Government Bo 3.000 4/25/2041 HUF 61.992
BPCE SFH SA 1.53612/21/2038 EUR 75.776
Kreditanstalt fuer Wi 0.951 9/9/2050 EUR 57.728
Societe Generale SA 0.690 4/21/2033 EUR 74.679
Wirtschafts- und Infr 0.170 12/9/2041 EUR 56.872
Region de Bruxelles-C 1.500 8/2/2038 EUR 72.275
Cooperatieve Rabobank 3.000 3/25/2036 AUD 72.474
HSBC Bank PLC 2.230 9/6/2047 EUR 69.749
Natixis SA 2.800 3/3/2041 USD 68.888
Cooperatieve Rabobank 2.09012/27/2047 EUR 66.603
Standard Chartered Ba 3.000 4/30/2036 AUD 66.704
DZ Bank AG Deutsche Z 0.700 4/29/2036 EUR 72.364
Agence Francaise de D 1.774 3/24/2044 EUR 73.594
Deutsche Bank AG/Lond 4.320 6/15/2037 AUD 72.913
Assistance Publique H 0.630 7/30/2042 EUR 58.584
Ukraine Government Bo 6.000 8/28/2030 UAH 32.635
BNP Paribas SA 2.400 6/14/2048 EUR 75.346
Specialfastigheter Sv 2.375 6/25/2048 SEK 75.234
Agence Francaise de D 0.537 7/16/2040 EUR 63.855
Regie Autonome des Tr 1.900 6/26/2048 EUR 71.642
Kreditanstalt fuer Wi 0.990 2/12/2051 EUR 59.694
Land Berlin 0.150 2/22/2036 EUR 70.052
Credit Agricole Corpo 2.800 2/23/2041 AUD 60.720
Kuntarahoitus Oyj 1.005 11/4/2060 EUR 57.282
Agence France Locale 0.21012/20/2035 EUR 68.435
Agence Francaise de D 1.95011/19/2053 EUR 64.242
Ile-de-France Mobilit 0.20011/16/2035 EUR 68.882
Caisse Francaise de F 0.51011/19/2040 EUR 61.339
Credit Agricole Corpo 3.200 3/19/2041 AUD 63.912
Aareal Bank AG 1.465 7/24/2029 EUR 75.083
Wirtschafts- und Infr 0.650 2/8/2039 EUR 67.992
Caisse des Depots et 1.150 2/3/2042 EUR 63.965
Caisse Francaise de F 1.668 2/23/2043 EUR 73.761
Vasakronan AB 2.277 3/11/2039 EUR 43.302
French Republic Gover 0.500 5/25/2072 EUR 36.239
Region Wallonne Belgi 0.850 1/26/2071 EUR 36.945
Deutsche Bank AG/Lond 3.97710/10/2042 USD 73.797
Saastopankkien Keskus 0.860 1/18/2036 EUR 69.200
Caisse des Depots et 1.617 3/18/2049 EUR 63.865
Natixis SA 4.510 4/12/2043 AUD 71.808
Premium Green PLC 1.650 3/28/2031 AUD 72.451
Premium Green PLC 1.650 3/28/2031 AUD 72.732
Communaute Francaise 0.782 2/8/2061 EUR 39.523
Nykredit Realkredit A 1.182 1/17/2034 EUR 73.235
Kingdom of Belgium Go 1.400 6/22/2053 EUR 61.474
Aareal Bank AG 1.576 2/23/2032 EUR 75.089
Region de Bruxelles-C 1.500 2/15/2039 EUR 74.497
Nederlandse Waterscha 1.437 3/4/2042 EUR 73.297
de Volksbank NV 1.552 4/12/2040 EUR 75.103
Cie de Financement Fo 1.270 4/26/2039 EUR 73.824
Bayerische Landesbank 1.690 4/23/2037 EUR 69.883
Autonomous Community 1.44210/26/2049 EUR 56.385
Cie Generale de Navig 0.35012/29/2056 CHF 71.349
Kuntarahoitus Oyj 0.854 1/14/2060 EUR 55.322
Region de Bruxelles-C 2.344 2/14/2053 EUR 70.754
Department of L'Eure 0.515 5/25/2040 EUR 61.421
Region Centre 0.668 11/2/2035 EUR 71.038
Yorkshire Water Servi 1.758 2/1/2054 GBP 71.642
Banca di Cividale SpA 4.120 10/2/2036 EUR 69.966
Caisse des Depots et 1.410 5/21/2049 EUR 60.408
Cerruti Finance SA 6.500 7/26/2004 EUR 0.901
Region de Bruxelles-C 0.845 9/30/2059 EUR 39.050
Credit Agricole Corpo 1.280 12/5/2039 EUR 69.629
Aareal Bank AG 1.068 2/18/2050 EUR 57.666
Department of Bouches 0.500 10/5/2043 EUR 54.682
SpareBank 1 SR-Bank A 0.970 10/9/2040 EUR 59.857
Hypo Vorarlberg Bank 0.39010/21/2030 EUR 74.027
Caisse des Depots et 2.61511/15/2049 AUD 55.800
Caisse des Depots et 0.750 11/6/2048 EUR 50.909
Bayerische Landesbank 1.620 5/21/2036 EUR 70.954
Caisse des Depots et 1.474 6/5/2049 EUR 60.215
Aareal Bank AG 3.60012/11/2042 EUR 74.870
Opus Global Nyrt 3.200 4/29/2031 HUF 71.000
Landesbank Baden-Wuer 6.850 8/23/2024 EUR 74.580
UBS AG/London 7.300 10/3/2024 USD 9.880
LP Portfolio Vagyonke 2.80011/30/2030 HUF 70.000
Credit Suisse AG/Lond 7.00012/17/2026 EUR 70.290
Pannon Work Szemelyze 3.00010/30/2030 HUF 72.950
LP Portfolio Vagyonke 3.400 9/23/2031 HUF 64.600
ITK Holding zrt 2.900 6/23/2031 HUF 68.200
Infogroup Holding Kft 3.000 5/20/2031 HUF 69.750
Credit Suisse AG/Lond 7.250 8/14/2024 CHF 70.820
VTB Bank PJSC 10.000 RUB 58.560
Landesbank Hessen-Thu 1.500 1/20/2037 EUR 65.350
Bank Julius Baer & Co 13.600 6/17/2024 CHF 60.400
Appeninn Holding 3.50011/22/2029 HUF 71.000
Swissquote Bank SA 25.390 5/30/2024 CHF 56.480
Wingholding Zrt 3.000 9/22/2031 HUF 67.300
MKB-Leasing OOO 14.70012/22/2027 RUB 65.000
UBS AG/London 15.500 1/18/2024 CHF 56.350
SkyGreen Buildings Kf 3.00012/29/2030 HUF 68.750
Societe Generale SA 11.000 7/14/2026 USD 11.600
Vontobel Financial Pr 24.00012/22/2023 EUR 52.310
Societe Generale SA 20.000 1/29/2026 USD 16.750
MKB-Leasing OOO 16.00010/12/2026 RUB 70.020
Zurcher Kantonalbank 16.700 4/19/2024 CHF 58.840
Zurcher Kantonalbank 10.000 6/6/2024 CHF 67.030
Bank Julius Baer & Co 13.350 5/14/2024 CHF 65.150
Zurcher Kantonalbank 10.000 2/27/2024 CHF 71.370
Mercedes-Benz Manufac 1.500 3/16/2027 HUF 75.000
B+N Referencia Ipari 2.90012/20/2029 HUF 74.200
Bayerische Landesbank 1.450 1/26/2024 EUR 73.470
Hell Energy Magyarors 2.70012/18/2029 HUF 71.400
Lehman Brothers Treas 4.050 9/16/2008 EUR 0.100
Norddeutsche Landesba 1.280 9/2/2039 EUR 62.428
Lloyds Bank PLC 2.280 1/29/2044 EUR 70.235
Merrill Lynch BV 2.510 8/25/2036 USD 72.441
Assistance Publique H 0.634 8/27/2045 EUR 50.455
Landesbank Hessen-Thu 0.750 8/19/2036 EUR 62.734
Federal Grid Co - Ros 7.000 6/30/2048 RUB 55.000
Kreditanstalt fuer Wi 2.760 8/8/2046 USD 72.512
Landesbank Hessen-Thu 0.800 2/26/2035 EUR 69.169
Assistance Publique H 1.183 4/16/2050 EUR 55.824
Lloyds Bank PLC 1.765 8/17/2037 EUR 71.421
Muenchener Hypotheken 1.002 2/21/2050 EUR 57.429
Caisse des Depots et 0.571 2/18/2041 EUR 60.001
Lloyds Bank PLC 2.170 8/28/2038 EUR 74.416
BNP Paribas SA 3.180 7/23/2034 AUD 70.341
Caisse des Depots et 1.548 8/9/2038 EUR 75.380
Vasakronan AB 2.533 1/28/2044 EUR 39.871
Bayerische Landesbank 1.68012/18/2037 EUR 68.617
CDC Habitat SEM 1.170 5/4/2037 EUR 71.510
Brussels Municipaliti 0.33612/15/2035 EUR 68.748
Barclays Bank PLC 2.000 5/7/2036 MXN 30.641
Department of Val d'O 0.39011/18/2041 EUR 56.782
Societe Du Grand Pari 2.14511/26/2068 EUR 61.485
Societe Du Grand Pari 1.149 4/8/2069 EUR 40.665
BNP Paribas SA 3.580 7/23/2040 AUD 72.177
Landesbank Saar 0.680 3/29/2034 EUR 71.537
Kuntarahoitus Oyj 1.220 3/27/2060 EUR 61.931
Muenchener Hypotheken 1.17210/30/2047 EUR 64.033
BNP Paribas SA 1.050 3/29/2036 EUR 70.627
Caisse des Depots et 1.460 1/24/2052 EUR 57.602
Landesbank Hessen-Thu 1.350 3/16/2037 EUR 70.948
DNB Boligkreditt AS 1.569 1/31/2042 EUR 73.347
Senvion Holding GmbH 3.87510/25/2022 EUR 0.103
Region Wallonne Belgi 0.808 6/24/2038 EUR 66.494
CDC Habitat SEM 1.700 3/21/2039 EUR 73.549
BNG Bank NV 1.603 3/19/2048 EUR 68.959
DZ Bank AG Deutsche Z 0.550 1/21/2036 EUR 65.902
Spain Government Bond 1.20010/31/2040 EUR 67.564
BNP Paribas SA 1.660 2/26/2031 USD 74.994
Kingdom of Belgium Go 0.650 6/22/2071 EUR 39.749
Ministeries Van de Vl 1.56411/12/2046 EUR 64.908
DNB Boligkreditt AS 1.23011/18/2039 EUR 71.914
Deutsche Pfandbriefba 0.480 5/19/2031 EUR 67.605
Region Bourgogne-Fran 0.841 5/12/2037 EUR 68.398
Royal Schiphol Group 2.89010/25/2034 AUD 74.692
Kreditanstalt fuer Wi 2.820 11/8/2046 USD 73.455
SAir Group 2.125 11/4/2004 CHF 10.000
Credit Agricole SA 1.000 4/6/2035 EUR 70.430
National Grid Electri 1.608 8/24/2040 GBP 54.932
NRW Bank 0.71010/22/2036 EUR 73.911
BPCE SA 3.00011/18/2036 AUD 67.297
Landeskreditbank Bade 1.236 5/22/2045 EUR 68.868
Landesbank Baden-Wuer 0.560 9/22/2033 EUR 69.028
BNP Paribas SA 2.75010/24/2034 AUD 66.333
BNP Paribas SA 2.730 9/27/2034 AUD 66.357
HSBC Continental Euro 0.80012/13/2034 EUR 67.846
Landesbank Hessen-Thu 0.950 2/12/2035 EUR 70.563
HSBC Continental Euro 1.200 9/26/2039 EUR 66.564
Communaute Francaise 1.140 9/20/2059 EUR 46.634
Lehman Brothers Treas 10.600 4/22/2014 MXN 0.100
Department of Bouches 0.45010/15/2041 EUR 57.743
Collectivite Europeen 0.487 10/9/2045 EUR 51.154
Credit Bank of Moscow 4.700 1/29/2025 USD 35.110
Nederlandse Waterscha 0.50110/24/2039 EUR 64.917
Batigere Grand Est SA 1.55011/14/2039 EUR 69.106
Region Occitanie 0.83411/18/2044 EUR 57.553
Citigroup Global Mark 1.20012/23/2036 EUR 70.079
Vasakronan AB 1.870 6/3/2039 EUR 39.177
SG Issuer SA 1.750 4/21/2034 EUR 75.340
Bank Vontobel AG 12.000 9/23/2024 EUR 73.400
Zurcher Kantonalbank 15.000 4/3/2024 CHF 57.860
Credit Suisse AG/Lond 10.00010/31/2024 EUR 64.640
Nordea Bank Abp 3.050 7/20/2026 SEK 74.250
UBS AG/London 16.500 7/22/2024 CHF 56.150
SG Issuer SA 1.750 3/17/2034 EUR 63.580
Raiffeisen Switzerlan 20.000 5/8/2024 EUR 58.500
SG Issuer SA 1.05011/20/2025 EUR 10.170
Landesbank Hessen-Thu 1.00010/14/2036 EUR 64.950
Vontobel Financial Pr 12.000 7/22/2024 EUR 55.550
Leonteq Securities AG 8.000 5/30/2024 CHF 64.360
Leonteq Securities AG 11.000 12/7/2023 CHF 18.110
Zurcher Kantonalbank 8.500 6/19/2024 CHF 66.930
Zurcher Kantonalbank 8.500 7/19/2024 CHF 70.390
Leonteq Securities AG 28.000 5/30/2024 CHF 59.770
Zurcher Kantonalbank 12.000 4/26/2024 EUR 56.190
Bank Julius Baer & Co 15.300 6/17/2024 EUR 60.500
Zurcher Kantonalbank 17.000 3/13/2024 CHF 61.500
Nordea Bank Abp 2.000 2/3/2026 SEK 51.680
Societe Generale SA 24.000 8/30/2024 USD 48.620
SG Issuer SA 1.800 8/14/2034 EUR 62.950
Zurcher Kantonalbank 15.000 3/6/2024 CHF 65.180
MASTERPLAST Nyrt 2.900 8/25/2031 HUF 67.500
Landesbank Hessen-Thu 0.80011/26/2035 EUR 65.300
Veragold Mining Co Gm 5.00012/31/2025 EUR 73.000
ArmSwissBank CJSC 6.500 5/2/2025 USD 0.000
UBS AG/London 0.537 1/3/2024 USD 2.740
TKK OOO 12.000 9/20/2046 RUB 60.100
Citigroup Global Mark 1.80011/17/2036 EUR 64.680
UBS AG/London 8.000 4/7/2025 CHF 66.250
JP Morgan Structured 12.200 4/22/2025 USD 0.000
Raiffeisen Switzerlan 4.300 1/14/2025 CHF 75.660
Landesbank Hessen-Thu 1.750 2/16/2037 EUR 69.700
Landesbank Hessen-Thu 1.50012/10/2036 EUR 68.250
UniCredit Bank AG 10.600 6/28/2024 EUR 66.720
Hamburg Commercial Ba 2.597 2/1/2036 EUR 63.170
Zurcher Kantonalbank 17.400 4/19/2024 USD 57.610
Region of Chelyabinsk 6.00012/17/2027 RUB 70.000
Zurcher Kantonalbank 8.000 4/5/2024 CHF 68.950
Leonteq Securities AG 24.500 1/26/2024 CHF 16.700
Zurcher Kantonalbank 9.000 2/9/2024 CHF 69.930
UniCredit Bank AG 5.550 7/1/2024 EUR 70.700
Zurcher Kantonalbank 10.000 1/30/2024 USD 68.980
Raiffeisen Schweiz Ge 20.000 9/11/2024 CHF 64.820
Bank Vontobel AG 9.250 2/19/2024 EUR 53.700
DZ Bank AG Deutsche Z 5.000 6/28/2024 EUR 75.320
UBS AG/London 12.000 2/22/2024 CHF 50.600
Zurcher Kantonalbank 8.500 2/23/2024 CHF 64.870
DZ Bank AG Deutsche Z 1.74010/11/2050 EUR 57.510
SG Issuer SA 2.100 12/6/2033 EUR 45.120
DZ Bank AG Deutsche Z 3.41110/11/2050 EUR 57.510
Ist Saiberian Petrole 14.00012/28/2024 RUB 27.990
Bayerische Landesbank 2.350 2/23/2024 EUR 75.430
Araratbank OJSC 5.500 1/29/2024 USD 0.000
BNP Paribas Emissions 16.00012/21/2023 EUR 66.260
Morgan Stanley BV 0.028 8/26/2025 EUR 17.850
Rosbank PJSC 0.010 4/30/2024 RUB 70.000
Region de Bruxelles-C 1.144 1/14/2056 EUR 46.686
Credit Agricole CIB F 0.440 9/6/2033 EUR 69.554
Raiffeisenverband Sal 1.617 1/29/2048 EUR 66.357
Credit Agricole Corpo 0.720 5/10/2033 EUR 72.838
Region Centre 0.834 5/12/2042 EUR 59.709
Citigroup Global Mark 1.200 8/25/2041 EUR 62.657
Credit Agricole CIB F 0.440 8/30/2033 EUR 71.173
Citigroup Global Mark 1.000 8/31/2036 EUR 68.691
Ville de Paris 0.921 5/26/2053 EUR 48.064
Communaute Francaise 1.010 7/19/2051 EUR 50.843
PA Resources AB 13.500 3/3/2016 SEK 0.124
NRW Bank 1.510 3/7/2046 EUR 69.480
DNB Boligkreditt AS 0.846 7/14/2036 EUR 72.760
State of North Rhine- 0.880 7/12/2040 EUR 69.571
Ville de Paris 2.10010/23/2045 EUR 75.373
BPCE SFH SA 0.860 7/25/2036 EUR 72.610
AKB Peresvet ZAO 0.510 8/4/2034 RUB 28.010
Citigroup Global Mark 13.20012/18/2023 SEK 56.270
Federal Grid Co - Ros 7.690 4/27/2048 RUB 55.000
Federal Grid Co - Ros 6.150 9/7/2048 RUB 55.000
Nationwide Building S 1.336 2/26/2041 EUR 72.021
SNCF Reseau 1.475 3/30/2065 EUR 49.449
Akademiska Hus AB 2.080 4/17/2045 SEK 71.687
Credit Agricole CIB F 0.540 9/20/2033 EUR 71.844
Hypo-Bank Burgenland 0.810 9/17/2031 EUR 74.104
Vodafone Group PLC 4.600 8/9/2046 USD 75.611
Region Auvergne-Rhone 0.530 9/29/2036 EUR 68.040
New World Resources N 4.000 10/7/2020 EUR 0.897
Landesbank Hessen-Thu 0.90010/27/2036 EUR 66.894
SAir Group 6.250 4/12/2005 CHF 10.000
Natixis SA 3.00010/18/2051 USD 65.539
Credit Agricole Corpo 14.280 11/5/2026 TRY 61.440
Societe Generale SA 3.05011/23/2031 AUD 74.157
Oberoesterreichische 0.350 10/9/2041 EUR 56.439
Kreditanstalt fuer Wi 1.02710/26/2050 EUR 59.031
Landesbank Hessen-Thu 1.170 12/8/2036 EUR 69.433
Ville de Paris 0.963 12/6/2051 EUR 50.225
Hypo Tirol Bank AG 1.010 1/20/2040 EUR 67.810
Oberoesterreichische 0.64110/13/2035 EUR 62.531
Cooperatieve Rabobank 1.315 2/28/2039 EUR 73.238
BNG Bank NV 1.750 2/2/2043 EUR 75.604
Nederlandse Waterscha 0.70010/25/2050 EUR 52.099
Kreditanstalt fuer Wi 0.880 12/7/2050 EUR 58.053
DZ Bank AG Deutsche Z 0.640 12/7/2035 EUR 67.025
de Volksbank NV 1.51012/13/2038 EUR 75.543
Aktia Bank Oyj 0.96512/11/2040 EUR 62.046
Credit Agricole CIB F 1.000 4/26/2036 EUR 69.580
Region de Bruxelles-C 1.020 4/30/2060 EUR 41.506
Kreditanstalt fuer Wi 0.943 6/9/2050 EUR 59.701
Norddeutsche Landesba 0.675 2/25/2033 EUR 72.887
Societe Generale SA 2.670 3/24/2031 AUD 73.905
Berlin Hyp AG 0.750 3/4/2050 EUR 54.301
Credit Agricole Corpo 1.190 2/26/2040 EUR 66.813
DNB Boligkreditt AS 1.557 9/11/2042 EUR 72.232
Nederlandse Waterscha 1.880 9/28/2048 EUR 74.468
Purple Protected Asse 1.570 4/30/2061 EUR 47.411
Landesbank Hessen-Thu 0.60011/26/2035 EUR 65.828
DNB Boligkreditt AS 1.550 9/1/2042 EUR 72.640
Kreditanstalt fuer Wi 1.208 3/10/2051 EUR 63.946
Cooperatieve Rabobank 2.250 9/15/2047 EUR 69.320
Credit Agricole CIB F 0.500 2/23/2033 EUR 72.778
BNG Bank NV 0.632 7/12/2066 EUR 38.718
Caisse des Depots et 1.552 8/16/2038 EUR 75.120
Region of Pays de la 0.449 3/9/2035 EUR 70.596
Landesbank Baden-Wuer 0.580 3/2/2033 EUR 70.755
Wirtschafts- und Infr 0.500 8/28/2046 EUR 53.217
Region of Pays de la 0.427 3/9/2034 EUR 73.056
BPCE SA 2.320 3/4/2036 USD 66.173
Muenchener Hypotheken 1.000 5/7/2035 EUR 73.222
Credit Agricole CIB F 0.39012/16/2032 EUR 71.156
Credit Agricole Corpo 15.000 6/18/2026 TRY 63.902
CDC Habitat SEM 1.043 5/12/2036 EUR 71.675
Kreditanstalt fuer Wi 0.693 2/8/2050 EUR 52.497
UniCredit Bank Austri 0.150 4/29/2033 EUR 73.780
Region de Bruxelles-C 0.55612/23/2064 EUR 29.780
Caisse des Depots et 0.982 11/6/2050 EUR 52.042
Caisse des Depots et 1.005 11/5/2050 EUR 52.425
Kreditanstalt fuer Wi 0.830 12/9/2050 EUR 57.535
Deutsche Pfandbriefba 0.312 4/16/2029 EUR 75.357
Swedbank Hypotek AB 1.59511/20/2043 EUR 72.925
Credit Agricole CIB F 0.400 12/4/2032 EUR 71.327
Deutsche Telekom AG 3.500 4/15/2041 AUD 68.229
Kreditanstalt fuer Wi 0.683 2/22/2051 EUR 54.437
Raiffeisenlandesbank 1.174 7/11/2034 EUR 71.259
Batigere Grand Est SA 1.550 8/12/2041 EUR 66.205
Kreditanstalt fuer Wi 0.680 2/23/2051 EUR 54.742
Caisse Francaise de F 1.640 7/10/2048 EUR 69.400
Kuntarahoitus Oyj 0.726 1/8/2060 EUR 49.538
State of Rhineland-Pa 0.500 7/30/2036 EUR 73.336
Region de Bruxelles-C 1.250 1/10/2060 EUR 46.214
Caisse des Depots et 1.018 2/16/2051 EUR 51.126
Credit Agricole Corpo 2.610 7/27/2050 USD 55.159
Kuntarahoitus Oyj 0.858 2/22/2051 EUR 62.205
Raiffeisenlandesbank 0.750 6/20/2031 EUR 75.460
Landesbank Saar 0.710 12/6/2035 EUR 68.669
Landesbank Baden-Wuer 0.580 4/20/2032 EUR 73.083
Barclays Bank PLC 3.130 4/9/2051 USD 62.149
Nederlandse Waterscha 1.92810/23/2048 EUR 75.216
Kreissparkasse Koeln 0.350 2/19/2035 EUR 68.606
Landesbank Saar 0.835 2/19/2035 EUR 70.885
Credit Agricole CIB F 0.830 4/6/2036 EUR 68.583
Kreditanstalt fuer Wi 0.90211/16/2050 EUR 58.491
Credit Agricole Corpo 2.00011/23/2032 USD 73.733
Cie de Financement Fo 1.76011/15/2048 EUR 68.860
Caisse Francaise de F 1.720 11/6/2047 EUR 70.083
Societe Generale SA 1.040 3/25/2041 EUR 62.826
Credit Agricole CIB F 0.580 4/6/2033 EUR 71.488
Grand Delta Habitat 1.500 9/1/2047 EUR 52.456
Credit Agricole CIB F 0.550 3/17/2033 EUR 71.649
ING Bank NV 2.410 3/16/2031 AUD 73.791
NRW Bank 1.180 3/3/2051 EUR 59.760
Erste Group Bank AG 1.200 2/11/2040 EUR 60.939
Citigroup Global Mark 1.000 1/21/2036 EUR 69.479
SpareBank 1 SR-Bank A 1.650 2/24/2042 EUR 66.736
Agence Francaise de D 1.833 2/26/2052 EUR 67.943
Purple Protected Asse 1.580 5/25/2060 EUR 40.827
Purple Protected Asse 1.598 2/5/2061 EUR 67.647
Muenchener Hypotheken 1.285 4/19/2039 EUR 73.788
Landesbank Baden-Wuer 0.395 1/29/2031 EUR 75.421
Nederlandse Waterscha 1.486 4/24/2052 EUR 65.686
Wirtschafts- und Infr 0.192 1/28/2042 EUR 55.804
Landesbank Hessen-Thu 0.950 6/11/2035 EUR 70.211
Nationale-Nederlanden 1.400 3/18/2039 EUR 75.068
Assistance Publique H 1.795 3/30/2048 EUR 67.706
Kreditanstalt fuer Wi 0.730 1/21/2050 EUR 56.692
Bank of Ireland Mortg 1.548 4/17/2043 EUR 72.973
Raiffeisen-Landesbank 1.922 4/19/2058 EUR 67.611
Landesbank Baden-Wuer 0.436 9/25/2031 EUR 73.975
Caisse des Depots et 0.950 2/17/2051 EUR 49.977
Landesbank Baden-Wuer 0.400 7/2/2031 EUR 74.341
Agence Francaise de D 0.714 7/10/2045 EUR 56.771
Argentum Capital SA 0.50011/30/2033 EUR 64.445
Ukraine Government Bo 9.780 5/10/2029 UAH 47.444
SAir Group 5.125 3/1/2003 CHF 10.000
Agence Francaise de D 1.760 2/19/2047 EUR 70.723
Purple Protected Asse 1.56512/23/2060 EUR 64.523
Nederlandse Waterscha 1.850 2/11/2059 EUR 67.755
Kreditanstalt fuer Wi 0.953 1/24/2042 EUR 68.885
Societe Generale SA 3.160 1/24/2032 AUD 74.447
Landesbank Baden-Wuer 0.821 8/24/2032 EUR 74.326
Kreditanstalt fuer Wi 1.271 5/20/2051 EUR 64.553
Region Bourgogne-Fran 0.895 5/20/2038 EUR 70.200
Oberoesterreichische 0.610 1/28/2037 EUR 68.273
Credit Agricole CIB F 0.730 6/2/2033 EUR 72.380
Natixis SA 2.720 5/27/2036 USD 73.721
Norddeutsche Landesba 2.208 6/4/2036 EUR 72.198
Citigroup Global Mark 1.18012/23/2036 EUR 69.755
Office Public De L'Ha 1.70012/22/2060 EUR 66.378
DZ Bank AG Deutsche Z 0.390 7/2/2031 EUR 74.060
Credit Agricole CIB F 0.490 9/13/2033 EUR 71.492
Citigroup Global Mark 1.01010/28/2035 EUR 71.012
Hellas Telecommunicat 6.054 1/15/2015 USD 0.016
DZ Bank AG Deutsche Z 1.74010/11/2050 EUR 60.447
Barclays Bank PLC 1.000 8/31/2034 EUR 70.969
Landesbank Baden-Wuer 0.490 6/9/2031 EUR 74.741
Landesbank Baden-Wuer 0.520 12/9/2031 EUR 73.672
Grand Delta Habitat 1.75010/28/2061 EUR 67.976
Republic of Ireland I 1.190 10/7/2101 EUR 44.056
SAir Group 2.750 7/30/2004 CHF 10.000
Purple Protected Asse 2.08510/27/2060 EUR 44.978
Credit Agricole CIB F 0.85011/19/2033 EUR 72.012
Republic of Ireland I 0.740 9/22/2078 EUR 38.112
Muenchener Hypotheken 0.79012/21/2035 EUR 68.610
Standard Chartered Ba 0.500 9/11/2040 JPY 63.728
Credit Agricole CIB F 1.16010/25/2036 EUR 70.503
Landesbank Hessen-Thu 1.00012/10/2036 EUR 67.759
Caisse des Depots et 0.696 9/14/2040 EUR 62.072
Aareal Bank AG 0.625 9/16/2030 EUR 73.602
Muenchener Hypotheken 0.490 9/17/2032 EUR 74.604
Landesbank Hessen-Thu 0.80012/12/2034 EUR 69.599
Pescanova SA 6.750 3/5/2015 EUR 1.246
Heta Asset Resolution 5.73012/31/2023 EUR 1.384
Societa di Progetto B 3.37512/31/2038 EUR 73.458
Caisse des Depots et 1.270 10/1/2051 EUR 54.835
Credit Agricole Corpo 12.00011/17/2025 TRY 63.158
HSBC Continental Euro 1.41012/12/2039 EUR 68.654
Lehman Brothers Treas 1.680 3/5/2015 EUR 0.100
DekaBank Deutsche Gir 1.080 12/9/2039 EUR 65.299
Landesbank Baden-Wuer 0.90011/22/2034 EUR 69.417
Region de Bruxelles-C 0.875 6/22/2057 EUR 40.123
Credit Agricole Corpo 0.900 10/1/2034 EUR 71.407
ECM Real Estate Inves 5.000 10/9/2011 EUR 15.375
Barclays Bank PLC 3.10012/13/2044 AUD 54.191
Bulgaria Steel Financ 12.000 5/4/2013 EUR 0.216
Region Centre 0.712 12/3/2039 EUR 62.593
Kreditanstalt fuer Wi 1.030 12/6/2049 EUR 61.698
Junta de Castilla y L 1.27010/31/2044 EUR 60.146
Credit Agricole Corpo 1.10012/16/2034 EUR 72.794
Societe Generale SA 3.040 1/19/2032 AUD 73.816
Municipality of Tilbu 0.47011/14/2034 EUR 75.579
Minicentrales Dos SA 0.010 6/6/2047 EUR 58.375
Nationwide Building S 1.618 1/28/2041 EUR 75.039
Nationwide Building S 1.573 5/7/2041 EUR 74.697
Windreich GmbH 6.250 3/1/2015 EUR 4.150
Agrokor dd 9.875 5/1/2019 EUR 15.000
Region de Bruxelles-C 0.759 9/20/2049 EUR 48.331
DNB Boligkreditt AS 1.080 5/16/2039 EUR 70.903
Pescanova SA 8.750 2/17/2019 EUR 1.156
Instabank ASA i 12.250 NOK 73.175
Barclays Bank PLC 0.61311/15/2024 USD 9.770
UBS AG/London 16.120 5/14/2027 SEK 72.100
Credit Suisse AG/Lond 8.000 12/9/2024 CHF 72.980
Vontobel Financial Pr 5.000 3/26/2024 EUR 32.950
VTB Bank PJSC 0.010 4/22/2026 RUB 71.220
Bank Vontobel AG 9.500 12/4/2023 EUR 50.000
Senivita Social Estat 8.500 6/30/2025 EUR 0.020
Meta Wolf AG 6.750 3/10/2005 DEM 0.110
VTB Bank PJSC 0.010 4/8/2026 RUB 70.020
Societe Generale SA 15.840 8/30/2024 USD 18.800
SG Issuer SA 0.021 6/14/2033 EUR 74.720
SG Issuer SA 0.021 7/7/2033 EUR 65.540
UBS AG/London 15.750 7/25/2024 EUR 69.150
Raiffeisen Switzerlan 15.000 2/6/2024 CHF 36.940
Swissquote Bank SA 15.43012/12/2023 CHF 37.940
Zurcher Kantonalbank 12.300 2/16/2024 EUR 57.120
Landesbank Baden-Wuer 1.250 6/5/2039 EUR 69.150
UniCredit Bank AG 4.450 1/2/2024 EUR 40.870
Leonteq Securities AG 23.000 5/15/2024 CHF 69.700
Ardshinbank CJSC 4.000 7/12/2024 USD 0.000
SG Issuer SA 1.600 4/18/2034 EUR 69.500
Deutsche Bank AG 1.050 9/1/2031 EUR 74.670
Autonomous Community 1.550 5/11/2051 EUR 55.724
Bank fuer Kirche und 0.660 3/17/2036 EUR 68.057
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.010
Bank fuer Kirche und 0.600 6/9/2036 EUR 67.131
Autonomous Community 1.931 4/4/2042 EUR 71.856
Austrian Anadi Bank A 6.000 7/19/2032 EUR 75.263
Wirtschafts- und Infr 0.250 8/11/2039 EUR 62.333
Decipher Production L 12.500 9/27/2019 USD 1.500
Aranynektar Termekgya 3.500 4/3/2030 HUF 67.109
La Banque Postale Hom 1.379 4/4/2040 EUR 73.198
Ukraine Government Bo 6.00011/20/2024 UAH 74.687
OP Corporate Bank plc 1.400 3/16/2035 EUR 75.985
Communaute Francaise 1.500 2/13/2045 EUR 64.596
Norske Skog Holding A 8.000 2/24/2021 EUR 0.006
Ukraine Government Bo 11.890 5/6/2026 UAH 66.622
BNP Paribas SA 1.395 2/12/2035 EUR 74.800
Caisse Francaise de F 1.110 9/21/2046 EUR 63.138
Landesbank Hessen-Thu 0.650 10/6/2031 EUR 74.611
Grupo Isolux Corsan S 6.00012/30/2021 USD 0.673
Vasakronan AB 0.914 5/27/2030 EUR 69.007
SpareBank 1 Boligkred 1.49012/14/2038 EUR 75.365
Credit Agricole Corpo 2.480 3/4/2036 USD 69.889
LFA Foerderbank Bayer 0.250 3/19/2037 EUR 70.270
Societe Generale SA 2.700 3/15/2031 AUD 74.152
BNG Bank NV 2.000 7/24/2058 EUR 73.100
Kuntarahoitus Oyj 1.400 3/5/2061 EUR 66.002
Societe Generale SA 3.330 7/26/2034 AUD 69.053
BPCE SA 2.614 3/4/2036 AUD 65.529
Credit Agricole SA 3.450 3/4/2041 AUD 52.601
Communaute Francaise 2.177 8/17/2068 EUR 66.478
Land Thueringen 1.100 7/3/2047 EUR 65.279
Department of Loiret 0.55012/18/2045 EUR 51.774
Lukoil Securities BV 3.875 5/6/2030 USD 72.461
Landesbank Baden-Wuer 0.327 5/7/2038 EUR 65.030
Caisse des Depots et 1.300 4/28/2051 EUR 55.499
ASH8 Debt Co UK 1 PLC 3.65112/31/2055 GBP 73.248
ING Bank NV 0.335 4/21/2036 EUR 68.992
BPCE SA 1.920 12/9/2030 AUD 75.005
BPCE SA 2.285 12/3/2035 AUD 63.283
Communaute Francaise 1.170 7/5/2049 EUR 54.839
Societe Generale SA 2.050 2/22/2031 AUD 71.074
Societe Generale SA 3.300 7/8/2034 AUD 68.783
Hamburgische Investit 0.372 2/22/2041 EUR 63.492
Ukraine Government Bo 8.750 4/20/2033 UAH 35.287
BNG Bank NV 1.990 6/12/2058 EUR 73.722
Societe Generale SA 2.710 7/8/2035 AUD 62.363
Agence France Locale 0.550 6/20/2040 EUR 62.426
BPCE SA 1.85010/30/2030 AUD 75.041
Credit Agricole Corpo 1.12011/21/2034 EUR 73.711
Agence Francaise de D 1.91110/26/2048 EUR 71.678
Kuntarahoitus Oyj 0.448 3/19/2040 EUR 64.048
Societe Generale SA 2.750 3/12/2040 AUD 53.530
Societe Generale SA 2.700 3/17/2031 AUD 74.207
BPCE SA 2.450 2/24/2035 AUD 66.556
Municipality of Utrec 0.950 3/2/2037 EUR 75.589
Nostrum Oil & Gas Fin 7.000 2/16/2025 USD 27.521
Deutsche Pfandbriefba 2.490 2/21/2033 EUR 74.862
BNG Bank NV 2.000 4/17/2058 EUR 74.042
BNG Bank NV 2.160 3/5/2058 EUR 75.427
Societe Generale SA 1.700 1/19/2031 USD 74.394
BPCE SA 2.550 6/9/2035 AUD 66.725
Hypo Tirol Bank AG 1.530 4/10/2043 EUR 70.476
Saastopankkien Keskus 1.445 6/23/2035 EUR 75.422
Credit Agricole SA 3.000 1/19/2041 AUD 48.934
Barclays Bank PLC 1.011 2/1/2041 EUR 56.384
Department of L'Eure 0.95911/25/2037 EUR 71.989
Agence Metropolitaine 0.500 7/7/2035 EUR 71.807
Nederlandse Waterscha 0.810 7/8/2050 EUR 54.399
Region Wallonne Belgi 0.865 7/20/2044 EUR 54.581
Hemso Fastighets AB 2.680 7/10/2035 AUD 65.846
Assistance Publique H 0.647 7/17/2040 EUR 62.775
NRW Bank 0.642 2/9/2051 EUR 50.317
SAir Group 5.500 7/23/2003 CHF 10.000
City of Amsterdam Net 1.359 2/26/2044 EUR 70.386
DekaBank Deutsche Gir 1.58512/28/2035 EUR 59.484
SG Issuer SA 0.900 4/7/2036 EUR 68.928
Bank fuer Kirche und 0.80011/12/2035 EUR 69.898
Bank fuer Kirche und 0.77010/12/2035 EUR 69.748
Portugal Telecom Inte 5.242 11/6/2017 EUR 0.694
SG Issuer SA 2.910 10/8/2034 AUD 65.328
La Banque Postale Hom 1.311 5/9/2040 EUR 72.243
Kreditanstalt fuer Wi 0.69910/20/2036 EUR 74.926
Region Wallonne Belgi 0.828 8/28/2048 EUR 50.593
Luminis SA 2.120 5/3/2029 EUR 73.889
Societe Wallonne de F 1.066 9/18/2046 EUR 54.236
Societe Generale SA 3.11010/28/2041 AUD 54.703
Batigere Grand Est SA 1.540 11/4/2041 EUR 65.714
HSBC Continental Euro 1.140 8/26/2049 EUR 55.300
Oberoesterreichische 1.014 9/16/2049 EUR 45.862
DNB Boligkreditt AS 1.080 5/16/2039 EUR 71.059
BLT Finance BV 12.000 2/10/2015 USD 10.500
Societe Generale SA 3.820 4/26/2039 AUD 64.294
BPCE SA 2.82012/18/2039 AUD 60.456
Ville de Rennes 0.50510/22/2034 EUR 70.081
Batigere Grand Est SA 1.48510/25/2039 EUR 68.456
A-TEC Industries AG 5.750 11/2/2010 EUR 0.100
BNP Paribas SA 3.700 10/4/2039 AUD 64.727
Societe Generale SA 3.31011/29/2033 AUD 70.876
Norddeutsche Landesba 1.150 12/6/2033 EUR 74.295
Lehman Brothers Treas 5.103 6/22/2046 EUR 0.100
LBI ehf 7.431 USD 0.001
NTRP Via Interpipe Lt 10.250 8/2/2017 USD 0.910
Vasakronan AB 3.300 1/14/2042 AUD 60.086
Standard Chartered Ba 3.040 1/18/2042 USD 70.249
Kaupthing ehf 5.082 12/1/2008 EUR 0.250
Saastopankkien Keskus 0.84010/22/2035 EUR 69.300
Societe Wallonne de F 0.90410/23/2047 EUR 50.842
Region Wallonne Belgi 0.05010/26/2032 EUR 73.016
Societe Wallonne de F 0.94810/23/2051 EUR 48.310
SG Issuer SA 2.91010/29/2034 AUD 65.197
Societe Generale SA 2.90010/24/2039 AUD 55.467
Bazalgette Finance Pl 0.688 6/27/2050 GBP 57.160
Societe Generale SA 2.370 9/17/2035 AUD 59.254
Societe Generale SA 2.880 9/10/2034 AUD 65.288
Raiffeisen Bank zrt 11.597 EUR 67.697
Landesbank Baden-Wuer 0.200 12/2/2030 EUR 73.187
Zurcher Kantonalbank 16.000 1/3/2024 CHF 53.360
Bank Vontobel AG 17.500 1/5/2024 CHF 66.500
Swissquote Bank SA 23.990 7/3/2024 CHF 60.100
Nordea Bank Abp 9.370 7/20/2029 SEK 75.570
BNP Paribas Emissions 3.000 6/27/2024 EUR 69.850
Federal Grid Co - Ros 7.000 3/23/2050 RUB 55.000
Federal Grid Co - Ros 7.000 3/23/2050 RUB 55.000
Federal Grid Co - Ros 7.69010/30/2048 RUB 55.000
Federal Grid Co - Ros 7.69010/30/2048 RUB 55.000
BNP Paribas Emissions 12.00012/21/2023 EUR 62.640
Metropole de Lyon 0.37612/22/2044 EUR 50.867
United Kingdom Inflat 0.125 3/22/2068 GBP 63.678
Societe Generale SA 4.740 3/24/2030 USD 75.352
LSF9 Balta Issuer SAR 3.00012/31/2030 EUR 65.002
Caisse Francaise de F 1.93012/14/2048 EUR 72.698
Credit Agricole Corpo 11.190 1/15/2026 TRY 60.648
Barclays Bank PLC 3.020 4/23/2036 NZD 72.282
Banque Internationale 1.08510/22/2040 EUR 61.145
Communaute Francaise 1.520 7/22/2069 EUR 53.076
Communaute Francaise 1.652 1/26/2038 EUR 75.630
Department of Gironde 0.846 4/29/2039 EUR 67.600
Communaute Francaise 1.940 2/19/2048 EUR 67.073
DZ Bank AG Deutsche Z 0.70011/30/2035 EUR 67.856
Communaute Francaise 1.950 8/9/2049 EUR 67.568
National Grid Electri 2.500 7/24/2035 AUD 67.068
Lloyds Bank PLC 2.480 7/5/2038 SEK 75.254
Assistance Publique H 1.053 5/25/2052 EUR 51.533
Nederlandse Waterscha 0.26011/10/2036 EUR 68.749
Banque Internationale 1.020 3/25/2040 EUR 61.377
Communaute Francaise 1.600 6/22/2047 EUR 63.959
Landesbank Saar 0.54011/18/2033 EUR 70.913
Banque Internationale 0.77511/18/2032 EUR 72.859
Muenchener Hypotheken 1.54311/16/2048 EUR 67.313
Grand Delta Habitat 1.820 3/18/2050 EUR 61.435
Department of Bouches 0.668 4/1/2042 EUR 59.687
Communaute Francaise 2.500 7/6/2087 EUR 73.878
Banque Internationale 1.000 2/18/2036 EUR 68.263
Communaute Francaise 1.976 2/5/2048 EUR 67.653
Vasakronan AB 0.950 3/22/2039 JPY 72.201
Credit Bank of Moscow 3.100 1/21/2026 EUR 22.702
Banque Internationale 1.190 1/18/2041 EUR 61.761
Communaute Francaise 1.815 3/26/2049 EUR 66.118
Communaute Francaise 1.820 3/27/2049 EUR 66.193
Region Wallonne Belgi 1.600 3/29/2039 EUR 73.670
DZ Bank AG Deutsche Z 0.510 1/25/2036 EUR 65.499
Banque Internationale 0.510 2/10/2031 EUR 75.294
Communaute Francaise 1.617 2/7/2039 EUR 73.228
DZ Bank AG Deutsche Z 0.400 9/1/2033 EUR 75.456
Societe Du Grand Pari 1.955 4/16/2069 EUR 57.278
Communaute Francaise 1.700 4/15/2049 EUR 63.866
Communaute Francaise 1.725 4/23/2049 EUR 67.960
Communaute Francaise 1.925 4/18/2059 EUR 63.019
Banque Internationale 1.01012/12/2039 EUR 61.599
Region de Bruxelles-C 1.472 4/29/2044 EUR 67.938
Communaute Francaise 1.363 4/16/2040 EUR 68.869
Communaute Francaise 0.818 8/28/2050 EUR 49.081
Communaute Francaise 1.000 10/8/2069 EUR 41.613
DNB Bank ASA 1.185 1/14/2038 EUR 70.504
Communaute Francaise 0.886 6/22/2057 EUR 44.235
Communaute Francaise 0.500 6/27/2046 EUR 49.182
Virgolino de Oliveira 11.750 2/9/2022 USD 0.425
Lehman Brothers Treas 0.500 8/1/2020 EUR 0.100
VTB Bank PJSC 0.01010/14/2026 RUB 70.010
Biznes Nedvizhimost J 10.80012/18/2026 RUB 62.000
SG Issuer SA 5.000 4/2/2024 EUR 54.700
Leonteq Securities AG 6.00012/27/2023 CHF 64.420
Leonteq Securities AG 28.000 4/11/2024 CHF 32.150
Leonteq Securities AG 24.000 4/11/2024 CHF 51.590
Leonteq Securities AG 23.000 6/26/2024 CHF 56.580
Leonteq Securities AG 23.000 3/13/2024 USD 42.320
Ardshinbank CJSC 9.250 2/8/2025 AMD 0.000
Leonteq Securities AG 20.000 6/19/2024 CHF 55.390
Leonteq Securities AG 22.000 1/9/2024 CHF 46.970
Leonteq Securities AG 24.00012/15/2023 CHF 44.250
Leonteq Securities AG 24.000 5/22/2024 CHF 59.650
Rosbank PJSC 0.020 4/30/2024 RUB 70.000
Credit Suisse AG/Lond 1.660 2/2/2035 EUR 69.564
UniCredit Bank AG 6.600 7/20/2028 EUR #N/A N/A
Bank Vontobel AG 7.200 1/19/2027 EUR 9.900
Landesbank Hessen-Thu 1.250 4/7/2037 EUR 75.400
UBS AG/London 9.500 12/8/2023 USD 54.650
Swissquote Bank SA 29.720 12/5/2023 CHF 18.200
SG Issuer SA 2.270 2/4/2032 EUR 64.390
Rosselkhozbank JSC 10.100 RUB 75.000
VTB Bank PJSC 8.400 5/21/2030 RUB 75.000
Societe Generale SA 4.251 8/29/2034 USD 70.038
UniCredit Bank AG 0.610 5/2/2033 EUR 73.337
BNP Paribas SA 3.170 1/7/2041 AUD 62.253
Kuntarahoitus Oyj 0.130 9/2/2033 EUR 75.598
Natixis SA 2.530 8/30/2036 AUD 61.919
Credit Agricole Corpo 1.000 1/31/2033 AUD 65.734
Landwirtschaftliche R 0.400 7/29/2036 EUR 71.531
Landesbank Baden-Wuer 0.060 9/1/2031 EUR 74.228
NRW Bank 1.021 8/11/2051 EUR 56.323
Belfius Bank SA 0.780 7/22/2036 EUR 71.850
MMC Norilsk Nickel OJ 6.62510/14/2022 USD 72.500
UniCredit Bank AG 4.05012/27/2023 EUR 42.190
Leonteq Securities AG 7.000 1/31/2024 CHF 13.950
Kingdom of Belgium Go 1.600 6/22/2047 EUR 69.963
Norske Skog Holding A 8.000 2/24/2023 USD 0.006
Region Wallonne Belgi 1.741 4/7/2039 EUR 74.109
Ukraine Government Bo 11.570 3/1/2028 UAH 56.631
Region Wallonne Belgi 1.717 2/2/2038 EUR 76.036
Region Wallonne Belgi 1.107 10/3/2036 EUR 71.882
New World Resources N 8.000 4/7/2020 EUR 0.105
Credit Suisse AG/Lond 1.000 9/24/2035 EUR 70.643
Nederlandse Waterscha 0.750 10/4/2041 EUR 64.744
Landesbank Hessen-Thu 0.530 11/4/2031 EUR 74.394
Landesbank Baden-Wuer 0.14010/20/2031 EUR 74.361
Department of Bouches 0.457 10/8/2040 EUR 59.920
Department of Loiret 0.50010/30/2042 EUR 56.389
UBS AG/London 0.120 5/25/2040 MXN 15.710
Rikshem AB 2.900 1/23/2035 AUD 68.240
Department of Loiret 0.47810/30/2040 EUR 60.053
DNB Boligkreditt AS 1.594 1/29/2043 EUR 73.129
Department of Bouches 0.467 12/8/2044 EUR 52.232
Region Provence-Alpes 1.54711/29/2038 EUR 73.900
Santander Internation 1.100 12/7/2040 EUR 64.674
Region Wallonne Belgi 1.250 4/30/2055 EUR 50.063
Assistance Publique H 1.073 4/16/2045 EUR 60.385
Thomas Cook Finance 2 3.875 7/15/2023 EUR 0.804
Department of Bouches 0.445 12/8/2043 EUR 53.609
Department of Bouches 0.490 12/8/2045 EUR 50.936
Italy Buoni Poliennal 0.150 5/15/2051 EUR 60.204
Department of Bouches 0.671 5/5/2042 EUR 59.556
Societe Publique d'Ad 2.003 9/27/2044 EUR 73.835
DZ HYP AG 1.965 7/19/2058 EUR 67.264
Credito Padano Banca 3.100 EUR 36.620
Region Wallonne Belgi 2.168 7/26/2047 EUR 71.250
HSBC Continental Euro 1.500 7/26/2049 EUR 61.162
Department of Bouches 0.561 9/15/2035 EUR 73.001
Department of Bouches 0.558 3/15/2035 EUR 74.218
Ukraine Government Bo 8.52011/10/2033 UAH 33.863
Citigroup Global Mark 0.520 3/19/2033 EUR 71.605
Hypo Vorarlberg Bank 0.40012/22/2031 EUR 70.177
Barclays Bank PLC 2.07012/18/2035 USD 65.457
Kuntarahoitus Oyj 0.87010/11/2050 EUR 62.738
HSBC Continental Euro 2.220 1/24/2048 EUR 71.981
Caisse des Depots et 1.275 5/5/2051 EUR 55.263
Societe Generale SA 2.970 4/15/2036 USD 68.469
Barclays Bank PLC 1.23511/27/2040 EUR 63.488
State of North Rhine- 0.200 7/17/2034 EUR 74.627
Region Wallonne Belgi 0.150 5/10/2035 EUR 68.348
Kreditanstalt fuer Wi 0.21011/18/2037 EUR 66.114
Purple Protected Asse 1.48011/30/2060 EUR 40.585
Region Wallonne Belgi 1.94510/20/2039 EUR 75.284
Deutsche Bank Luxembo 2.386 4/27/2029 EUR 73.812
Region Wallonne Belgi 1.93010/20/2039 EUR 75.113
Muenchener Hypotheken 1.666 8/7/2042 EUR 75.657
Department of Bouches 0.54312/15/2034 EUR 74.698
Aareal Bank AG 1.475 7/19/2029 EUR 75.199
NRW Bank 1.182 8/7/2050 EUR 57.912
Republic of Ireland I 1.180 5/25/2087 EUR 46.928
Department of Bouches 0.906 5/20/2039 EUR 68.183
Department of Bouches 0.87212/18/2037 EUR 70.900
Barclays Bank PLC 2.000 10/8/2042 EUR 66.533
HSBC Continental Euro 2.200 2/27/2049 EUR 71.760
Communaute Francaise 0.749 9/16/2080 EUR 46.773
Societe Generale SA 2.120 1/6/2036 USD 62.242
Bayerische Landesbode 0.700 6/12/2037 EUR 70.847
Wirtschafts- und Infr 0.208 1/28/2043 EUR 53.718
Region Wallonne Belgi 0.25012/29/2036 EUR 64.817
Deutsche Bank AG/Lond 0.500 4/5/2038 MXN 24.160
AB Financial Products 3.952 7/30/2040 EUR 71.170
Barclays Bank PLC 2.320 1/11/2041 USD 58.983
Italy Buoni Poliennal 0.950 3/1/2037 EUR 66.850
Credit Agricole Corpo 2.700 6/3/2035 AUD 69.869
BPCE SFH SA 1.390 3/11/2039 EUR 73.419
Region Wallonne Belgi 1.165 6/29/2059 EUR 48.734
LFA Foerderbank Bayer 0.160 1/2/2040 EUR 61.997
Erste Group Bank AG 1.540 3/18/2034 EUR 74.143
Department of Gironde 0.979 6/25/2040 EUR 66.915
Bayerische Landesbank 0.380 1/22/2031 EUR 75.082
BNG Bank NV 0.772 8/5/2050 EUR 51.847
Caisse des Depots et 0.642 2/12/2041 EUR 59.233
Communaute Francaise 1.380 11/7/2046 EUR 61.231
Department of Bouches 0.855 5/20/2038 EUR 69.754
Barclays Bank PLC 6.400 6/16/2031 MXN 69.514
Landeskreditbank Bade 0.605 6/16/2036 EUR 74.771
Landesbank Hessen-Thu 0.900 7/8/2036 EUR 64.966
BNP Paribas SA 1.130 5/26/2036 EUR 70.039
Deutsche Bank AG 2.348 8/15/2034 EUR 72.287
BNP Paribas SA 1.010 10/5/2035 EUR 67.356
Societe Du Grand Pari 1.923 5/25/2066 EUR 56.992
Norske Skogindustrier 7.12510/15/2033 USD 0.010
Lehman Brothers Treas 8.00012/27/2032 JPY 0.100
Banque Cantonale de F 0.100 11/1/2044 CHF 74.004
Deutsche Bank AG/Lond 11.210 6/26/2025 TRY 72.624
Norddeutsche Landesba 1.00010/13/2036 EUR 65.919
NRW Bank 0.92110/20/2041 EUR 66.633
Rio Forte Investments 4.75011/10/2015 EUR 2.388
Banco Santander SA 1.020 1/4/2034 EUR 71.686
Region de Bruxelles-C 1.810 3/22/2053 EUR 61.849
Communaute Francaise 0.771 8/25/2050 EUR 46.963
Region Wallonne Belgi 1.225 9/2/2120 EUR 35.288
DZ Bank AG Deutsche Z 0.750 9/21/2035 EUR 68.546
Astana Finance BV 7.875 6/8/2010 EUR 16.000
KPNQwest NV 7.125 6/1/2009 EUR 0.783
Region de Bruxelles-C 1.922 4/24/2059 EUR 58.990
Erste Group Bank AG 1.400 5/7/2034 EUR 72.497
Landesbank Hessen-Thu 1.23512/10/2049 EUR 60.079
BNP Paribas SA 3.080 8/28/2039 AUD 59.551
Santander Internation 1.70012/12/2049 EUR 49.752
Erste Group Bank AG 0.77011/13/2033 EUR 69.111
Lehman Brothers Treas 5.500 6/22/2010 USD 0.100
LBI ehf 8.650 5/1/2011 ISK 7.750
Oberbank AG 0.230 10/7/2041 EUR 57.537
Berlin Hyp AG 1.157 12/9/2039 EUR 62.260
National Grid Electri 3.12012/10/2039 AUD 64.836
Berlin Hyp AG 0.34912/10/2031 EUR 74.247
Credit Agricole Corpo 10.20012/13/2027 TRY 49.619
LBI ehf 2.250 2/14/2011 CHF 7.750
Region Wallonne Belgi 0.591 2/10/2040 EUR 59.067
Credit Agricole Corpo 10.150 2/5/2025 TRY 72.332
Kreditanstalt fuer Wi 0.88511/14/2039 EUR 70.845
Region Wallonne Belgi 1.890 5/22/2045 EUR 70.225
Norske Skogindustrier 7.00012/30/2026 EUR 0.010
Norske Skogindustrier 2.00012/30/2115 EUR 0.367
Credit Suisse AG/Lond 4.750 6/7/2046 AUD 71.859
Bilt Paper BV 10.360 USD 1.220
Kreditanstalt fuer Wi 0.66011/12/2039 EUR 68.920
Lloyds Bank PLC 2.580 3/28/2039 SEK 75.403
SG Issuer SA 0.263 2/20/2025 EUR 23.700
Leonteq Securities AG 20.000 4/24/2024 CHF 57.540
Landesbank Baden-Wuer 4.00012/22/2023 EUR 71.440
Landesbank Baden-Wuer 11.000 3/22/2024 EUR 40.530
JP Morgan Structured 13.000 6/28/2033 ZMW 56.668
Nordea Bank Abp 3.050 7/20/2027 SEK 67.250
Mostotrest PJSC 0.010 7/29/2026 RUB 66.500
DZ Bank AG Deutsche Z 5.000 6/26/2024 EUR 68.840
Raiffeisen Switzerlan 6.000 1/18/2024 CHF 53.910
Rosselkhozbank JSC 9.000 RUB 74.360
UBS AG/London 18.000 4/8/2024 CHF 40.200
Barclays Bank PLC 2.300 8/31/2036 USD 66.096
Ukraine Government In 7.750 8/1/2041 USD 43.762
Landesbeteiligungen B 1.450 6/15/2046 EUR 58.317
Communaute Francaise 2.000 4/14/2076 EUR 64.857
Danske Bank A/S 0.805 8/12/2036 EUR 72.215
Landesbank Hessen-Thu 0.700 11/4/2033 EUR 69.745
Bayerische Landesbank 1.320 9/16/2033 EUR 74.213
Hungary Government Bo 3.00010/27/2038 HUF 64.990
Santander Internation 1.192 12/7/2045 EUR 60.948
Banque Internationale 2.120 8/20/2040 EUR 74.452
Landesbank Baden-Wuer 0.620 2/18/2036 EUR 63.818
Ministeries Van de Vl 0.940 5/12/2050 EUR 48.028
Communaute Francaise 1.91712/14/2045 EUR 69.991
Ukraine Government Bo 6.00010/11/2028 UAH 40.342
Republic of Austria G 2.100 9/20/2117 EUR 70.444
Citigroup Global Mark 2.900 3/15/2041 USD 69.587
Cooperatieve Rabobank 1.485 9/3/2041 EUR 73.186
Natixis SA 2.710 5/26/2036 USD 73.639
State of Lower Austri 1.886 3/2/2048 EUR 72.138
Raiffeisen-Landesbank 0.550 1/20/2031 EUR 74.407
Ukraine Government Bo 9.000 7/17/2030 UAH 41.515
Credit Bank of Moscow 5.150 2/20/2024 EUR 30.966
Natixis SA 0.300 6/25/2048 USD 32.023
Region de Bruxelles-C 1.100 5/25/2051 EUR 53.382
Landesbank Hessen-Thu 1.15011/24/2036 EUR 69.237
DZ Bank AG Deutsche Z 0.500 8/30/2034 EUR 68.958
Lehman Brothers Treas 1.750 2/7/2010 EUR 0.100
Eika Boligkreditt AS 0.56011/29/2039 EUR 63.303
Assa Abloy AB 0.650 8/28/2034 EUR 72.297
Kreditanstalt fuer Wi 0.250 10/6/2036 CAD 53.306
Municipality of Arnhe 0.605 2/24/2040 EUR 66.191
Turkiye Government Bo 10.280 9/15/2027 TRY 60.500
Region de Bruxelles-C 0.976 11/4/2058 EUR 41.968
Landesbank Baden-Wuer 0.650 12/1/2031 EUR 74.673
Cie de Financement Fo 1.101 5/17/2039 EUR 71.250
Bank Vontobel AG 6.500 9/5/2024 CHF 73.600
Leonteq Securities AG 11.00012/11/2024 CHF 59.730
Swissquote Bank SA 24.040 9/11/2024 CHF 67.650
Leonteq Securities AG 22.000 9/11/2024 CHF 66.260
Leonteq Securities AG 18.000 9/11/2024 CHF 72.180
HSBC Trinkaus & Burkh 19.000 6/28/2024 EUR 66.400
HSBC Trinkaus & Burkh 20.750 3/22/2024 EUR 62.870
HSBC Trinkaus & Burkh 8.50012/30/2024 EUR 74.040
Bank Julius Baer & Co 8.850 9/9/2024 EUR 65.200
Leonteq Securities AG 25.00012/11/2024 CHF 59.920
HSBC Trinkaus & Burkh 15.000 6/28/2024 EUR 70.970
HSBC Trinkaus & Burkh 9.000 3/22/2024 EUR 68.680
Leonteq Securities AG 7.000 2/9/2024 CHF 54.550
Landesbank Hessen-Thu 2.000 3/16/2037 EUR 70.400
Landesbank Baden-Wuer 3.000 2/27/2026 EUR 68.890
Landesbank Baden-Wuer 4.000 2/27/2026 EUR 73.130
Bank Julius Baer & Co 5.750 2/12/2024 CHF 54.300
Leonteq Securities AG 5.200 2/14/2024 EUR 70.410
Leonteq Securities AG 8.000 2/14/2024 CHF 55.680
Leonteq Securities AG 5.000 2/14/2024 CHF 70.300
Landesbank Baden-Wuer 3.000 2/27/2026 EUR 63.470
Landesbank Baden-Wuer 3.000 2/27/2026 EUR 55.570
Bank Vontobel AG 10.750 2/12/2024 CHF 64.000
UBS AG/London 6.250 3/4/2024 CHF 55.450
UBS AG/London 7.750 3/4/2024 USD 68.700
UBS AG/London 5.250 3/4/2024 EUR 58.850
SG Issuer SA 0.300 2/16/2032 EUR 31.720
Raiffeisen Schweiz Ge 6.100 2/21/2024 CHF 69.550
Raiffeisen Schweiz Ge 7.200 2/21/2024 CHF 56.070
Landesbank Baden-Wuer 3.100 2/26/2027 EUR 65.310
Leonteq Securities AG 8.000 2/22/2024 CHF 59.300
UBS AG/London 12.250 3/11/2024 CHF 13.820
UBS AG/London 12.250 3/11/2024 EUR 45.050
Raiffeisen Schweiz Ge 6.700 2/14/2024 CHF 70.390
Luzerner Kantonalbank 8.000 2/14/2024 CHF 54.810
Bank Vontobel AG 5.750 2/16/2024 CHF 67.700
UBS AG/London 16.000 3/11/2024 CHF 14.760
Basler Kantonalbank 22.000 9/6/2024 CHF 66.440
UniCredit Bank AG 14.800 9/27/2024 EUR 73.620
UniCredit Bank AG 15.800 9/27/2024 EUR 72.230
UniCredit Bank AG 18.000 9/27/2024 EUR 69.890
UniCredit Bank AG 19.100 9/27/2024 EUR 68.870
Leonteq Securities AG 20.000 8/28/2024 CHF 57.130
UniCredit Bank AG 14.800 2/23/2024 EUR 74.190
Vontobel Financial Pr 18.000 9/27/2024 EUR 59.060
Zurcher Kantonalbank 8.000 8/21/2024 CHF 73.210
Swissquote Bank SA 23.200 8/28/2024 CHF 64.020
Leonteq Securities AG 22.000 8/28/2024 CHF 49.900
Leonteq Securities AG 10.000 2/25/2025 CHF 72.550
Raiffeisen Schweiz Ge 20.000 8/28/2024 CHF 70.730
Leonteq Securities AG 24.000 8/14/2024 CHF 63.260
Leonteq Securities AG 22.000 8/14/2024 CHF 59.160
UBS AG/London 9.500 8/15/2029 EUR 62.740
Leonteq Securities AG 21.000 8/14/2024 CHF 56.790
DZ Bank AG Deutsche Z 4.500 3/20/2024 EUR 70.110
DZ Bank AG Deutsche Z 4.500 6/26/2024 EUR 71.410
Zurcher Kantonalbank 10.000 7/12/2024 EUR 74.060
Swissquote Bank SA 26.040 7/17/2024 CHF 48.780
Leonteq Securities AG 12.00010/14/2024 CHF 73.760
Raiffeisen Switzerlan 10.000 7/17/2024 CHF 73.000
Vontobel Financial Pr 20.000 9/27/2024 EUR 65.270
Vontobel Financial Pr 11.500 9/27/2024 EUR 70.930
Vontobel Financial Pr 15.500 9/27/2024 EUR 67.320
Vontobel Financial Pr 10.500 9/27/2024 EUR 72.660
Vontobel Financial Pr 12.500 9/27/2024 EUR 69.330
Vontobel Financial Pr 14.000 9/27/2024 EUR 68.230
Vontobel Financial Pr 17.000 9/27/2024 EUR 66.540
Vontobel Financial Pr 18.500 9/27/2024 EUR 65.910
Landesbank Baden-Wuer 7.250 7/26/2024 EUR 70.360
Zurcher Kantonalbank 10.10010/10/2024 USD 68.490
Swissquote Bank SA 21.320 7/17/2024 CHF 65.520
Leonteq Securities AG 21.000 7/17/2024 CHF 65.390
Raiffeisen Schweiz Ge 9.000 1/14/2025 CHF 73.100
DZ Bank AG Deutsche Z 6.500 6/26/2024 EUR 74.140
DZ Bank AG Deutsche Z 9.750 6/26/2024 EUR 74.370
DZ Bank AG Deutsche Z 4.250 9/25/2024 EUR 73.420
DZ Bank AG Deutsche Z 6.250 9/25/2024 EUR 69.620
DZ Bank AG Deutsche Z 4.500 9/25/2024 EUR 74.770
Zurcher Kantonalbank 17.750 3/20/2024 CHF 74.100
DZ Bank AG Deutsche Z 4.500 6/26/2024 EUR 74.270
DZ Bank AG Deutsche Z 6.250 9/25/2024 EUR 64.120
DZ Bank AG Deutsche Z 9.00012/27/2024 EUR 71.660
Societe Generale Effe 10.750 9/27/2024 EUR 72.530
Leonteq Securities AG 6.400 2/3/2025 EUR 70.300
Vontobel Financial Pr 12.000 2/9/2024 EUR 61.540
Bank Vontobel AG 8.000 8/5/2024 EUR 67.100
Credit Suisse AG/Lond 7.250 8/22/2024 CHF 71.330
Vontobel Financial Pr 9.500 9/27/2024 EUR 73.840
Leonteq Securities AG 22.000 10/2/2024 CHF 71.420
Bank Julius Baer & Co 6.350 7/18/2024 CHF 66.400
Zurcher Kantonalbank 10.000 7/12/2024 CHF 69.870
Zurcher Kantonalbank 15.000 7/12/2024 CHF 61.820
Zurcher Kantonalbank 10.000 7/12/2024 CHF 73.600
UniCredit Bank AG 13.800 9/27/2024 EUR 75.100
UniCredit Bank AG 16.900 9/27/2024 EUR 71.020
DZ Bank AG Deutsche Z 17.000 3/22/2024 EUR 74.450
DZ Bank AG Deutsche Z 23.000 6/28/2024 EUR 70.850
UniCredit Bank AG 19.500 6/28/2024 EUR 74.020
UniCredit Bank AG 13.500 3/22/2024 EUR 58.170
UniCredit Bank AG 15.100 3/22/2024 EUR 65.960
UniCredit Bank AG 16.300 3/22/2024 EUR 60.990
EFG International Fin 4.90012/15/2023 USD 43.230
Leonteq Securities AG 11.00010/11/2024 CHF 60.390
Corner Banca SA 13.000 7/11/2024 CHF 69.960
Vontobel Financial Pr 11.000 3/22/2024 EUR 66.620
UniCredit Bank AG 5.800 1/12/2024 EUR 23.010
Vontobel Financial Pr 21.000 9/27/2024 EUR 62.860
Raiffeisen Schweiz Ge 20.000 8/7/2024 CHF 51.450
DZ Bank AG Deutsche Z 26.000 3/22/2024 EUR 64.140
UniCredit Bank AG 19.70012/22/2023 EUR 68.860
Swissquote Bank SA 16.380 7/31/2024 CHF 47.360
UniCredit Bank AG 17.300 3/22/2024 EUR 75.400
Bank Julius Baer & Co 6.900 2/7/2025 CHF 73.450
UniCredit Bank AG 11.60012/31/2024 EUR 68.710
Vontobel Financial Pr 11.250 3/22/2024 EUR 71.190
UniCredit Bank AG 23.20012/22/2023 EUR 55.410
UniCredit Bank AG 19.100 3/22/2024 EUR 70.900
DekaBank Deutsche Gir 2.000 1/12/2024 EUR 62.780
Unibank OJSC 5.300 2/5/2024 USD 0.000
UniCredit Bank AG 1.550 7/18/2031 EUR 74.280
UniCredit Bank AG 10.850 2/1/2024 EUR 72.740
DZ Bank AG Deutsche Z 23.900 6/28/2024 EUR 73.850
Basler Kantonalbank 10.000 1/20/2025 CHF 72.930
UBS AG/London 19.500 7/19/2024 CHF 71.400
BNP Paribas Emissions 3.000 3/21/2024 EUR 70.150
BNP Paribas Emissions 4.000 6/27/2024 EUR 73.380
BNP Paribas Emissions 6.000 6/27/2024 EUR 70.030
BNP Paribas Emissions 6.000 9/26/2024 EUR 71.280
BNP Paribas Emissions 7.00012/30/2024 EUR 72.520
Bank Vontobel AG 5.000 7/19/2024 CHF 64.900
Bank Vontobel AG 18.000 7/19/2024 CHF 54.300
Bank Vontobel AG 7.500 7/19/2024 CHF 42.500
Leonteq Securities AG 27.000 7/24/2024 CHF 49.680
Leonteq Securities AG 20.000 8/7/2024 CHF 46.400
Leonteq Securities AG 30.000 8/7/2024 CHF 44.600
Nordea Bank Abp 2.00012/29/2025 SEK 52.980
Zurcher Kantonalbank 10.000 1/24/2025 CHF 68.470
Vontobel Financial Pr 24.000 9/27/2024 EUR 59.550
Vontobel Financial Pr 22.500 9/27/2024 EUR 61.210
Vontobel Financial Pr 19.000 9/27/2024 EUR 71.670
Vontobel Financial Pr 23.000 9/27/2024 EUR 69.390
UniCredit Bank AG 17.20012/22/2023 EUR 72.100
UniCredit Bank AG 19.000 3/22/2024 EUR 72.880
ObedinenieAgroElita O 13.750 5/22/2024 RUB 43.000
Societe Generale SA 21.000 2/23/2026 USD 49.750
Landesbank Hessen-Thu 1.000 3/6/2035 EUR 68.250
Leonteq Securities AG 24.000 7/10/2024 CHF 59.820
Leonteq Securities AG 26.000 7/10/2024 CHF 45.810
Bank Julius Baer & Co 8.950 7/8/2024 EUR 63.850
Zurcher Kantonalbank 10.000 7/3/2024 CHF 70.890
Societe Generale Effe 10.750 6/28/2024 EUR 67.930
BNP Paribas Emissions 9.000 3/21/2024 EUR 71.260
BNP Paribas Emissions 8.500 3/21/2024 EUR 66.930
BNP Paribas Emissions 11.000 3/21/2024 EUR 67.630
BNP Paribas Emissions 12.000 3/21/2024 EUR 65.370
BNP Paribas Emissions 13.000 3/21/2024 EUR 63.290
BNP Paribas Emissions 15.000 3/21/2024 EUR 63.850
BNP Paribas Emissions 6.500 6/27/2024 EUR 74.050
BNP Paribas Emissions 11.000 6/27/2024 EUR 68.110
BNP Paribas Emissions 13.000 6/27/2024 EUR 64.520
BNP Paribas Emissions 7.00012/21/2023 EUR 69.380
BNP Paribas Emissions 8.50012/21/2023 EUR 65.110
BNP Paribas Emissions 11.00012/21/2023 EUR 65.210
BNP Paribas Emissions 14.00012/21/2023 EUR 62.730
BNP Paribas Emissions 15.00012/21/2023 EUR 60.380
BNP Paribas Emissions 19.00012/21/2023 EUR 60.530
BNP Paribas Emissions 7.000 3/21/2024 EUR 70.700
BNP Paribas Emissions 9.50012/30/2024 EUR 71.320
BNP Paribas Emissions 10.00012/30/2024 EUR 69.540
BNP Paribas Emissions 11.00012/30/2024 EUR 68.390
BNP Paribas Emissions 14.00012/30/2024 EUR 68.430
Vontobel Financial Pr 10.250 6/28/2024 EUR 69.420
Leonteq Securities AG 24.000 7/10/2024 CHF 48.840
Swissquote Bank SA 26.120 7/10/2024 CHF 49.720
Swissquote Bank SA 14.080 7/10/2024 CHF 72.480
Zurcher Kantonalbank 8.500 7/4/2025 CHF 74.570
Citigroup Global Mark 14.650 7/22/2024 HKD 34.410
Raiffeisen Switzerlan 20.000 7/10/2024 CHF 59.240
DZ Bank AG Deutsche Z 4.250 6/26/2024 EUR 65.370
DZ Bank AG Deutsche Z 5.000 9/25/2024 EUR 68.860
Reneszansz Kofarago z 3.200 4/9/2031 HUF 73.000
Landesbank Baden-Wuer 3.400 6/27/2025 EUR 65.810
Landesbank Baden-Wuer 4.200 6/27/2025 EUR 64.060
Raiffeisen Switzerlan 10.000 4/16/2024 USD 52.060
Citigroup Global Mark 2.500 4/29/2025 EUR 19.530
Citigroup Global Mark 2.560 4/29/2025 EUR 25.200
UniCredit Bank AG 1.120 1/20/2031 EUR 73.670
Otthon Centrum Holdin 3.000 4/19/2031 HUF 72.400
DekaBank Deutsche Gir 2.500 5/17/2024 EUR 53.600
DekaBank Deutsche Gir 2.400 5/17/2024 EUR 33.680
UBS AG/London 7.800 4/20/2026 EUR 45.840
ArmSwissBank CJSC 6.500 5/24/2025 USD 0.000
Swissquote Bank SA 10.300 4/18/2024 CHF 73.180
Credit Suisse AG/Lond 7.500 4/18/2024 CHF 60.540
DZ Bank AG Deutsche Z 12.700 3/22/2024 EUR 74.340
DZ Bank AG Deutsche Z 18.900 3/22/2024 EUR 63.970
DZ Bank AG Deutsche Z 22.900 3/22/2024 EUR 59.720
DZ Bank AG Deutsche Z 17.500 3/22/2024 EUR 67.860
DZ Bank AG Deutsche Z 21.60012/22/2023 EUR 63.990
DZ Bank AG Deutsche Z 18.700 3/22/2024 EUR 68.330
Vontobel Financial Pr 19.500 6/28/2024 EUR 57.240
Vontobel Financial Pr 20.000 6/28/2024 EUR 71.890
Vontobel Financial Pr 23.500 6/28/2024 EUR 68.000
Vontobel Financial Pr 18.500 6/28/2024 EUR 74.350
Vontobel Financial Pr 21.500 6/28/2024 EUR 69.690
Vontobel Financial Pr 16.500 6/28/2024 EUR 55.780
Vontobel Financial Pr 14.500 6/28/2024 EUR 57.860
Vontobel Financial Pr 12.000 6/28/2024 EUR 59.990
Vontobel Financial Pr 19.500 6/28/2024 EUR 54.670
Vontobel Financial Pr 10.500 6/28/2024 EUR 63.300
Vontobel Financial Pr 21.500 6/28/2024 EUR 64.640
Vontobel Financial Pr 11.000 6/28/2024 EUR 48.360
Vontobel Financial Pr 17.000 6/28/2024 EUR 72.270
Vontobel Financial Pr 20.000 6/28/2024 EUR 69.410
UBS AG/London 11.250 4/12/2024 USD 73.150
Basler Kantonalbank 17.000 7/19/2024 CHF 58.620
Credit Suisse AG/Lond 8.000 4/19/2024 CHF 60.000
Vontobel Financial Pr 14.000 6/28/2024 EUR 49.510
Vontobel Financial Pr 10.500 3/22/2024 EUR 52.210
Bank Vontobel AG 7.000 4/15/2024 CHF 59.500
Bank Vontobel AG 8.000 4/15/2024 CHF 38.400
UBS AG/London 7.00010/14/2024 CHF 72.300
UBS AG/London 14.50010/14/2024 CHF 64.000
UniCredit Bank AG 6.800 5/24/2027 EUR 67.720
BNP Paribas Emissions 5.500 8/19/2024 EUR 70.800
Leonteq Securities AG 8.000 4/24/2025 CHF 69.290
Leonteq Securities AG 30.000 4/24/2024 CHF 32.780
Vontobel Financial Pr 9.000 3/22/2024 EUR 61.870
Zurcher Kantonalbank 18.000 4/17/2024 CHF 31.760
Zurcher Kantonalbank 5.300 4/15/2024 CHF 63.780
BNP Paribas Emissions 5.00012/21/2023 EUR 60.000
BNP Paribas Emissions 3.000 3/21/2024 EUR 65.920
BNP Paribas Emissions 5.000 3/21/2024 EUR 62.090
BNP Paribas Emissions 7.000 3/21/2024 EUR 58.380
BNP Paribas Emissions 5.000 6/27/2024 EUR 65.570
BNP Paribas Emissions 7.000 6/27/2024 EUR 61.940
BNP Paribas Emissions 8.000 6/27/2024 EUR 58.840
BNP Paribas Emissions 13.000 6/27/2024 EUR 75.810
BNP Paribas Emissions 14.000 3/21/2024 EUR 73.890
Leonteq Securities AG 13.00010/21/2024 EUR 61.180
Leonteq Securities AG 22.000 4/24/2024 USD 74.430
Leonteq Securities AG 8.00010/21/2024 CHF 64.180
DekaBank Deutsche Gir 2.55012/22/2023 EUR 63.860
DekaBank Deutsche Gir 1.00012/23/2024 EUR 64.420
Vontobel Financial Pr 12.500 2/9/2024 EUR 61.620
Leonteq Securities AG 22.000 8/7/2024 CHF 53.510
BNP Paribas Issuance 1.200 8/12/2026 EUR 74.790
Bank Vontobel AG 20.500 11/4/2024 CHF 50.200
BNP Paribas Emissions 18.000 6/27/2024 EUR 64.190
BNP Paribas Emissions 12.00012/30/2024 EUR 71.640
BNP Paribas Emissions 10.000 3/21/2024 EUR 71.570
BNP Paribas Emissions 17.000 3/21/2024 EUR 64.460
Sberbank of Russia PJ 0.01011/23/2026 RUB 67.900
DekaBank Deutsche Gir 3.20012/20/2024 EUR 64.380
Citigroup Global Mark 4.95010/19/2029 CHF 9.415
Raiffeisen Schweiz Ge 7.000 5/22/2024 CHF 65.880
DekaBank Deutsche Gir 3.400 1/5/2024 EUR 57.340
Basler Kantonalbank 7.400 6/3/2024 CHF 67.740
Bank Vontobel AG 7.500 2/5/2024 CHF 57.700
Leonteq Securities AG 20.000 9/18/2024 CHF 72.420
Leonteq Securities AG 22.000 9/18/2024 CHF 60.070
UniCredit Bank AG 17.70012/22/2023 EUR 60.320
UniCredit Bank AG 17.300 3/22/2024 EUR 64.400
UniCredit Bank AG 17.800 6/28/2024 EUR 66.320
UniCredit Bank AG 19.70012/31/2024 EUR 68.340
DZ Bank AG Deutsche Z 6.750 3/20/2024 EUR 70.230
DZ Bank AG Deutsche Z 8.500 6/26/2024 EUR 64.130
Leonteq Securities AG 20.000 8/30/2024 CHF 70.590
EFG International Fin 8.000 3/5/2024 CHF 52.650
SG Issuer SA 5.000 5/30/2029 EUR 51.260
DZ Bank AG Deutsche Z 4.500 6/26/2024 EUR 65.520
Leonteq Securities AG 17.000 12/5/2023 CHF 14.940
DZ Bank AG Deutsche Z 18.700 6/28/2024 EUR 74.410
Raiffeisen Schweiz Ge 5.800 2/7/2024 CHF 68.410
UniCredit Bank AG 4.900 3/10/2025 EUR 68.370
UniCredit Bank AG 20.00012/22/2023 EUR 63.010
UniCredit Bank AG 19.100 3/22/2024 EUR 67.410
UniCredit Bank AG 19.400 6/28/2024 EUR 69.330
UniCredit Bank AG 19.10012/31/2024 EUR 72.500
UniCredit Bank AG 20.00012/31/2024 EUR 71.740
UniCredit Bank AG 17.10012/22/2023 EUR 65.660
DekaBank Deutsche Gir 2.10012/13/2024 EUR 73.990
DekaBank Deutsche Gir 3.70012/15/2025 EUR 72.380
UniCredit Bank AG 4.55012/22/2025 EUR 50.660
BNP Paribas Emissions 17.000 6/27/2024 EUR 66.730
BNP Paribas Emissions 20.000 6/27/2024 EUR 65.270
BNP Paribas Emissions 11.00012/30/2024 EUR 72.920
BNP Paribas Emissions 13.00012/30/2024 EUR 70.510
BNP Paribas Emissions 14.000 3/21/2024 EUR 65.970
BNP Paribas Emissions 20.000 3/21/2024 EUR 62.070
Landesbank Hessen-Thu 0.50012/23/2036 EUR 64.750
HSBC Trinkaus & Burkh 14.750 4/26/2024 EUR 65.330
HSBC Trinkaus & Burkh 10.000 4/26/2024 EUR 68.370
HSBC Trinkaus & Burkh 16.250 5/24/2024 EUR 65.300
HSBC Trinkaus & Burkh 14.750 7/26/2024 EUR 66.880
HSBC Trinkaus & Burkh 20.250 6/28/2024 EUR 61.410
HSBC Trinkaus & Burkh 18.750 9/27/2024 EUR 64.390
Swissquote Bank SA 28.320 9/18/2024 CHF 66.470
UniCredit Bank AG 19.100 3/22/2024 EUR 62.620
UniCredit Bank AG 19.200 6/28/2024 EUR 65.060
UniCredit Bank AG 18.80012/31/2024 EUR 68.940
Landesbank Hessen-Thu 1.50012/16/2036 EUR 70.300
Landesbank Baden-Wuer 3.00011/28/2025 EUR 73.900
Landesbank Baden-Wuer 3.00011/28/2025 EUR 67.000
Bank Vontobel AG 6.250 5/7/2024 CHF 67.800
Metal Hungaria Holdin 3.50011/16/2031 HUF 70.000
Leonteq Securities AG 3.500 5/15/2024 EUR 69.160
DekaBank Deutsche Gir 2.70012/13/2024 EUR 69.570
UniCredit Bank AG 7.400 12/9/2024 EUR 40.760
BNP Paribas Emissions 22.000 3/21/2024 EUR 62.640
Leonteq Securities AG 9.000 1/31/2024 CHF 54.140
Leonteq Securities AG 5.000 1/31/2024 CHF 67.350
Leonteq Securities AG 7.000 1/31/2024 CHF 57.400
Raiffeisen Schweiz Ge 6.000 1/31/2024 CHF 67.470
UBS AG/London 15.240 1/31/2024 USD 5.237
EFG International Fin 8.000 2/2/2024 CHF 59.080
Landesbank Hessen-Thu 3.000 3/10/2037 EUR 68.600
Sberbank of Russia PJ 0.010 2/4/2027 RUB 67.600
Landesbank Hessen-Thu 1.000 3/9/2037 EUR 71.800
HSBC Trinkaus & Burkh 8.600 9/27/2024 EUR 59.420
HSBC Trinkaus & Burkh 6.20012/30/2024 EUR 65.690
Landesbank Baden-Wuer 7.500 6/27/2025 EUR 69.650
Raiffeisen Schweiz Ge 20.000 9/25/2024 CHF 65.070
Raiffeisen Schweiz Ge 20.000 9/25/2024 CHF 62.760
UniCredit Bank AG 11.70012/22/2023 EUR 57.640
UniCredit Bank AG 13.30012/22/2023 EUR 55.550
UniCredit Bank AG 14.900 3/22/2024 EUR 59.220
UniCredit Bank AG 16.400 3/22/2024 EUR 57.660
UniCredit Bank AG 19.600 3/22/2024 EUR 55.010
UniCredit Bank AG 15.800 6/28/2024 EUR 61.280
UniCredit Bank AG 17.000 6/28/2024 EUR 60.140
UniCredit Bank AG 19.500 6/28/2024 EUR 58.250
UniCredit Bank AG 17.20012/31/2024 EUR 64.330
UniCredit Bank AG 18.80012/31/2024 EUR 63.290
Bank Vontobel AG 6.000 6/26/2024 CHF 61.700
Bank Vontobel AG 13.000 6/26/2024 CHF 45.500
Bank Vontobel AG 9.000 6/17/2025 CHF 70.100
Bank Vontobel AG 18.50012/16/2024 CHF 47.900
DZ Bank AG Deutsche Z 20.400 3/22/2024 EUR 67.290
DZ Bank AG Deutsche Z 16.400 6/28/2024 EUR 73.660
DZ Bank AG Deutsche Z 24.100 6/28/2024 EUR 62.300
Bank Vontobel AG 20.000 6/26/2024 CHF 48.600
DZ Bank AG Deutsche Z 15.400 6/28/2024 EUR 74.940
DZ Bank AG Deutsche Z 18.900 3/22/2024 EUR 70.750
DZ Bank AG Deutsche Z 22.000 3/22/2024 EUR 66.070
DZ Bank AG Deutsche Z 17.400 6/28/2024 EUR 72.430
DZ Bank AG Deutsche Z 18.500 6/28/2024 EUR 71.320
UBS AG/London 9.75012/23/2024 CHF 67.450
UBS AG/London 10.250 6/21/2024 CHF 62.500
Vontobel Financial Pr 18.500 6/28/2024 EUR 67.890
Vontobel Financial Pr 22.500 6/28/2024 EUR 64.410
Vontobel Financial Pr 21.500 6/28/2024 EUR 70.300
Vontobel Financial Pr 17.500 6/28/2024 EUR 72.630
Banque Internationale 24.70012/21/2023 EUR 56.500
Vontobel Financial Pr 21.500 3/22/2024 EUR 68.760
Vontobel Financial Pr 23.500 3/22/2024 EUR 75.150
DZ Bank AG Deutsche Z 4.75012/18/2023 EUR 52.860
DZ Bank AG Deutsche Z 20.100 3/22/2024 EUR 71.050
DZ Bank AG Deutsche Z 21.000 9/27/2024 EUR 74.070
UniCredit Bank AG 15.40012/22/2023 EUR 53.640
UniCredit Bank AG 17.80012/22/2023 EUR 51.890
UniCredit Bank AG 17.900 3/22/2024 EUR 56.240
UniCredit Bank AG 18.200 6/28/2024 EUR 59.120
UniCredit Bank AG 18.00012/31/2024 EUR 63.780
UniCredit Bank AG 19.60012/31/2024 EUR 62.870
DZ Bank AG Deutsche Z 4.500 9/25/2024 EUR 65.540
DZ Bank AG Deutsche Z 4.70012/18/2023 EUR 68.340
DZ Bank AG Deutsche Z 7.75012/20/2023 EUR 59.760
Vontobel Financial Pr 15.000 3/22/2024 EUR 74.350
Vontobel Financial Pr 20.000 3/22/2024 EUR 70.420
Basler Kantonalbank 18.000 6/21/2024 CHF 68.100
DZ Bank AG Deutsche Z 24.200 3/22/2024 EUR 74.610
Vontobel Financial Pr 24.000 6/28/2024 EUR 51.780
Vontobel Financial Pr 23.000 6/28/2024 EUR 53.900
Leonteq Securities AG 6.000 1/31/2024 USD 67.660
Zurcher Kantonalbank 5.100 1/31/2025 CHF 21.080
Leonteq Securities AG 6.000 2/7/2024 CHF 44.660
Raiffeisen Schweiz Ge 5.500 2/7/2024 CHF 53.920
Leonteq Securities AG 7.000 2/7/2024 CHF 65.210
DZ Bank AG Deutsche Z 2.12012/29/2031 EUR 74.990
Bank Vontobel AG 6.200 2/2/2024 CHF 69.100
UBS AG/London 7.750 2/23/2024 EUR 69.550
UBS AG/London 19.000 7/12/2024 CHF 44.550
UBS AG/London 14.250 7/12/2024 EUR 54.500
Leonteq Securities AG 8.000 1/20/2025 EUR 73.890
DZ Bank AG Deutsche Z 7.500 9/27/2024 EUR 71.590
Ameriabank CJSC 9.500 7/14/2024 AMD 9.000
Basler Kantonalbank 21.000 7/5/2024 CHF 60.250
Zurcher Kantonalbank 10.000 7/12/2024 CHF 67.170
Societe Generale Effe 9.000 7/26/2024 EUR 72.270
Societe Generale Effe 11.000 7/26/2024 EUR 69.270
Societe Generale Effe 13.000 7/26/2024 EUR 67.370
DZ Bank AG Deutsche Z 9.900 7/26/2024 EUR 65.720
SG Issuer SA 11.170 7/20/2025 SEK 55.440
Raiffeisen Schweiz Ge 10.20010/28/2024 CHF 63.240
Raiffeisen Schweiz Ge 8.000 5/2/2025 CHF 68.330
Bank Vontobel AG 10.500 7/29/2024 EUR 56.100
DZ Bank AG Deutsche Z 0.680 6/7/2024 EUR 62.180
UBS AG/London 12.000 11/4/2024 EUR 62.100
Basler Kantonalbank 26.000 5/8/2024 CHF 37.170
UniCredit Bank AG 18.90012/22/2023 EUR 71.080
UniCredit Bank AG 19.200 6/28/2024 EUR 72.780
UniCredit Bank AG 19.600 3/22/2024 EUR 74.280
UniCredit Bank AG 14.500 3/22/2024 EUR 74.620
UniCredit Bank AG 18.100 3/22/2024 EUR 68.170
UniCredit Bank AG 18.00012/22/2023 EUR 72.470
UniCredit Bank AG 19.00012/22/2023 EUR 70.780
UniCredit Bank AG 20.00012/22/2023 EUR 69.170
UniCredit Bank AG 16.800 3/22/2024 EUR 75.730
UniCredit Bank AG 17.500 3/22/2024 EUR 74.330
UniCredit Bank AG 18.200 3/22/2024 EUR 72.980
UniCredit Bank AG 18.900 3/22/2024 EUR 71.680
UniCredit Bank AG 19.700 3/22/2024 EUR 70.450
UniCredit Bank AG 16.800 6/28/2024 EUR 76.730
UniCredit Bank AG 17.400 6/28/2024 EUR 75.700
UniCredit Bank AG 18.000 6/28/2024 EUR 74.690
UniCredit Bank AG 18.600 6/28/2024 EUR 73.720
Swissquote Bank SA 21.060 4/11/2024 CHF 36.560
Raiffeisen Schweiz Ge 9.000 5/2/2025 CHF 67.870
Raiffeisen Schweiz Ge 18.400 5/2/2024 CHF 33.780
Bank Vontobel AG 23.500 4/29/2024 CHF 32.800
UniCredit Bank AG 6.800 7/25/2024 EUR 63.590
Leonteq Securities AG 30.000 5/8/2024 CHF 39.380
Societe Generale Effe 12.750 9/27/2024 EUR 70.630
EFG International Fin 4.900 12/4/2023 USD 47.510
Bank Vontobel AG 9.500 7/1/2024 EUR 60.500
Vontobel Financial Pr 9.000 9/27/2024 EUR 70.100
HSBC Trinkaus & Burkh 7.000 1/26/2024 EUR 70.180
DZ Bank AG Deutsche Z 0.88012/30/2030 EUR 73.550
BNP Paribas Issuance 19.000 9/18/2026 EUR 52.620
UniCredit Bank AG 16.550 8/18/2025 USD 40.010
Zurcher Kantonalbank 24.673 6/28/2024 CHF 72.010
Bank Vontobel AG 10.000 6/28/2024 USD 72.900
DZ Bank AG Deutsche Z 4.500 6/26/2024 EUR 68.490
Credit Suisse AG/Lond 9.50010/25/2024 CHF 67.270
Bank Vontobel AG 28.000 9/9/2024 CHF 65.400
Leonteq Securities AG 9.000 7/8/2024 CHF 55.840
Erste Group Bank AG 14.500 8/2/2024 EUR 51.050
Bank Vontobel AG 22.000 7/1/2024 CHF 57.600
BNP Paribas Issuance 16.000 9/18/2026 EUR 73.880
Leonteq Securities AG 25.00012/18/2024 CHF 61.130
HSBC Trinkaus & Burkh 6.700 9/27/2024 EUR 63.210
HSBC Trinkaus & Burkh 6.000 8/23/2024 EUR 66.390
Landesbank Baden-Wuer 6.100 6/27/2025 EUR 75.230
Leonteq Securities AG 9.200 7/7/2025 CHF 33.800
Landesbank Baden-Wuer 6.750 6/27/2025 EUR 72.550
HSBC Trinkaus & Burkh 10.500 9/27/2024 EUR 72.860
Bank Vontobel AG 20.000 1/5/2024 CHF 19.100
Citigroup Global Mark 6.220 9/25/2024 SGD 5.114
Landesbank Baden-Wuer 8.900 6/27/2025 EUR 68.190
HSBC Trinkaus & Burkh 15.200 3/22/2024 EUR 70.150
HSBC Trinkaus & Burkh 5.100 3/28/2025 EUR 67.380
HSBC Trinkaus & Burkh 6.200 1/26/2024 EUR 65.750
Landesbank Baden-Wuer 8.500 6/27/2025 EUR 66.420
HSBC Trinkaus & Burkh 8.300 9/27/2024 EUR 75.650
Landesbank Baden-Wuer 7.10011/22/2024 EUR 71.540
HSBC Trinkaus & Burkh 9.400 3/22/2024 EUR 76.260
Landesbank Baden-Wuer 7.70011/22/2024 EUR 66.430
HSBC Trinkaus & Burkh 5.00012/22/2023 EUR 67.930
HSBC Trinkaus & Burkh 6.900 9/27/2024 EUR 65.120
HSBC Trinkaus & Burkh 5.80012/30/2024 EUR 66.400
HSBC Trinkaus & Burkh 7.200 1/26/2024 EUR 64.570
HSBC Trinkaus & Burkh 6.900 2/23/2024 EUR 65.020
HSBC Trinkaus & Burkh 6.700 8/23/2024 EUR 65.650
Vontobel Financial Pr 8.500 6/28/2024 EUR 72.500
HSBC Trinkaus & Burkh 12.60012/22/2023 EUR 73.230
Landesbank Baden-Wuer 7.200 6/28/2024 EUR 63.990
HSBC Trinkaus & Burkh 11.20012/22/2023 EUR 70.000
Leonteq Securities AG 12.000 11/8/2024 CHF 70.660
Leonteq Securities AG 17.000 8/5/2024 USD 68.780
Societe Generale Effe 7.500 6/28/2024 EUR 72.750
Vontobel Financial Pr 12.00012/22/2023 EUR 66.710
Vontobel Financial Pr 11.00012/22/2023 EUR 69.690
Vontobel Financial Pr 11.50012/22/2023 EUR 68.190
Vontobel Financial Pr 13.50012/22/2023 EUR 64.130
Vontobel Financial Pr 10.50012/22/2023 EUR 71.150
Vontobel Financial Pr 9.50012/22/2023 EUR 72.800
Vontobel Financial Pr 19.50012/22/2023 EUR 54.560
Vontobel Financial Pr 18.00012/22/2023 EUR 56.340
Vontobel Financial Pr 14.50012/22/2023 EUR 61.690
Vontobel Financial Pr 16.50012/22/2023 EUR 58.400
Vontobel Financial Pr 12.50012/22/2023 EUR 65.350
Vontobel Financial Pr 15.50012/22/2023 EUR 60.500
Vontobel Financial Pr 14.00012/22/2023 EUR 62.910
Bank Vontobel AG 19.000 4/9/2024 CHF 22.100
DZ Bank AG Deutsche Z 5.50012/18/2023 EUR 72.960
DZ Bank AG Deutsche Z 6.20012/18/2023 EUR 71.900
Vontobel Financial Pr 17.50012/22/2023 EUR 68.970
Vontobel Financial Pr 21.00012/22/2023 EUR 63.700
Vontobel Financial Pr 20.00012/22/2023 EUR 65.150
Vontobel Financial Pr 15.50012/22/2023 EUR 73.590
Vontobel Financial Pr 19.00012/22/2023 EUR 67.000
Vontobel Financial Pr 16.50012/22/2023 EUR 71.060
SG Issuer SA 11.680 1/31/2024 CHF 43.200
DekaBank Deutsche Gir 2.450 8/30/2024 EUR 72.790
Landesbank Baden-Wuer 2.600 3/22/2024 EUR 71.610
Sberbank of Russia PJ 0.010 7/24/2028 RUB 66.000
Landesbank Baden-Wuer 2.250 8/22/2025 EUR 70.880
Landesbank Baden-Wuer 2.000 8/22/2025 EUR 71.280
Landesbank Baden-Wuer 4.000 8/22/2025 EUR 51.890
Landesbank Baden-Wuer 3.250 8/22/2025 EUR 53.430
UniCredit Bank AG 4.100 9/1/2025 EUR 71.880
Societe Generale SA 12.300 7/31/2024 USD 60.960
Erste Group Bank AG 4.500 8/31/2025 EUR 40.950
Landesbank Baden-Wuer 2.400 8/22/2025 EUR 71.870
Landesbank Baden-Wuer 2.500 8/22/2025 EUR 73.890
DZ Bank AG Deutsche Z 1.620 6/25/2031 EUR 71.590
Sberbank of Russia PJ 0.010 8/3/2028 RUB 65.020
DZ Bank AG Deutsche Z 4.250 9/25/2024 EUR 66.200
DZ Bank AG Deutsche Z 4.500 6/26/2024 EUR 71.770
DZ Bank AG Deutsche Z 6.500 9/25/2024 EUR 62.740
DZ Bank AG Deutsche Z 5.000 3/20/2024 EUR 73.580
DZ Bank AG Deutsche Z 8.000 3/20/2024 EUR 62.280
DZ Bank AG Deutsche Z 6.75012/20/2023 EUR 65.670
DZ Bank AG Deutsche Z 7.500 6/26/2024 EUR 55.830
DZ Bank AG Deutsche Z 7.750 9/25/2024 EUR 67.110
Wellis Magyarorszag K 3.000 2/26/2031 HUF 71.155
Landesbank Baden-Wuer 3.200 3/27/2026 EUR 64.600
EFG International Fin 4.500 2/26/2024 USD 38.830
UniCredit Bank AG 4.600 3/26/2024 EUR 68.040
Landesbank Baden-Wuer 4.100 6/27/2025 EUR 66.730
Landesbank Hessen-Thu 1.400 3/5/2036 EUR 65.450
Societe Generale SA 14.000 4/3/2024 USD 14.500
UniCredit Bank AG 5.300 4/8/2025 EUR 61.540
Sberbank of Russia PJ 0.010 3/6/2028 RUB 68.800
DekaBank Deutsche Gir 2.250 7/14/2026 EUR 68.200
Landesbank Baden-Wuer 4.100 6/27/2025 EUR 59.350
DekaBank Deutsche Gir 2.000 6/28/2024 EUR 68.090
DekaBank Deutsche Gir 3.400 7/19/2024 EUR 31.740
Societe Generale Effe 11.250 8/23/2024 EUR 70.000
Societe Generale Effe 13.250 8/23/2024 EUR 68.160
DZ Bank AG Deutsche Z 4.500 6/26/2024 EUR 68.500
UniCredit Bank AG 19.600 3/22/2024 EUR 70.220
UniCredit Bank AG 19.800 6/28/2024 EUR 71.820
UniCredit Bank AG 19.30012/31/2024 EUR 74.450
Zurcher Kantonalbank 19.000 8/23/2024 CHF 64.870
Societe Generale Effe 9.250 8/23/2024 EUR 73.050
DZ Bank AG Deutsche Z 6.800 6/28/2024 EUR 73.550
DZ Bank AG Deutsche Z 11.100 8/23/2024 EUR 67.430
DZ Bank AG Deutsche Z 7.20012/31/2024 EUR 72.860
DZ Bank AG Deutsche Z 8.30012/31/2024 EUR 70.900
DZ Bank AG Deutsche Z 9.50012/31/2024 EUR 69.250
DZ Bank AG Deutsche Z 12.50012/31/2024 EUR 67.170
EFG International Fin 11.500 12/8/2023 USD 57.450
UBS AG/London 13.75012/11/2023 CHF 16.740
DekaBank Deutsche Gir 2.100 9/27/2024 EUR 75.210
DekaBank Deutsche Gir 2.350 9/27/2024 EUR 38.690
UniCredit Bank AG 10.300 9/27/2024 EUR 37.250
DekaBank Deutsche Gir 2.85010/11/2024 EUR 65.170
DekaBank Deutsche Gir 2.25010/11/2024 EUR 72.340
Raiffeisen Schweiz Ge 4.000 9/10/2024 CHF 63.700
Erste Group Bank AG 4.500 10/1/2025 EUR 25.950
Landesbank Baden-Wuer 3.85010/24/2025 EUR 60.890
Landesbank Baden-Wuer 3.00010/24/2025 EUR 71.820
Landesbank Hessen-Thu 1.200 9/17/2036 EUR 64.900
UniCredit Bank AG 6.15010/21/2024 EUR 23.050
DZ Bank AG Deutsche Z 0.61012/30/2030 EUR 75.170
Societe Generale SA 20.000 9/18/2026 USD 9.500
Sberbank of Russia PJ 0.010 9/21/2026 RUB 73.100
Landesbank Baden-Wuer 3.000 9/25/2026 EUR 68.060
Landesbank Hessen-Thu 1.50010/27/2036 EUR 60.900
Landesbank Baden-Wuer 2.500 4/28/2025 EUR 73.640
Sberbank of Russia PJ 0.010 9/21/2028 RUB 67.010
DekaBank Deutsche Gir 4.450 4/27/2026 EUR 64.590
EFG International Fin 15.500 4/4/2024 CHF 49.830
Erste Group Bank AG 6.000 5/2/2026 EUR 62.400
Communication Technol 5.250 1/27/2032 HUF 65.000
IDBank CJSC 9.250 5/25/2024 AMD 0.000
Citigroup Global Mark 7.800 4/19/2027 EUR 63.160
BNP Paribas Emissions 8.00012/21/2023 EUR 73.280
BNP Paribas Emissions 9.00012/21/2023 EUR 67.730
BNP Paribas Emissions 11.00012/21/2023 EUR 63.010
BNP Paribas Emissions 14.00012/21/2023 EUR 48.130
BNP Paribas Emissions 15.00012/21/2023 EUR 46.260
BNP Paribas Emissions 12.00012/21/2023 EUR 65.710
BNP Paribas Emissions 10.00012/21/2023 EUR 56.630
BNP Paribas Emissions 15.00012/21/2023 EUR 43.910
BNP Paribas Emissions 7.00012/21/2023 EUR 75.370
BNP Paribas Emissions 8.00012/21/2023 EUR 70.430
BNP Paribas Emissions 9.00012/21/2023 EUR 66.100
BNP Paribas Emissions 12.00012/21/2023 EUR 74.810
BNP Paribas Emissions 12.00012/21/2023 EUR 52.380
BNP Paribas Emissions 10.00012/21/2023 EUR 57.960
BNP Paribas Emissions 11.00012/21/2023 EUR 55.270
BNP Paribas Emissions 7.00012/21/2023 EUR 66.610
BNP Paribas Emissions 10.00012/21/2023 EUR 59.370
BNP Paribas Emissions 6.00012/21/2023 EUR 62.510
BNP Paribas Emissions 8.00012/21/2023 EUR 56.930
BNP Paribas Emissions 10.00012/21/2023 EUR 52.290
BNP Paribas Emissions 11.00012/21/2023 EUR 50.650
BNP Paribas Emissions 12.00012/21/2023 EUR 48.370
BNP Paribas Emissions 12.00012/21/2023 EUR 55.390
BNP Paribas Emissions 14.00012/21/2023 EUR 49.590
BNP Paribas Emissions 12.00012/21/2023 EUR 51.050
BNP Paribas Emissions 13.00012/21/2023 EUR 49.990
BNP Paribas Emissions 7.00012/21/2023 EUR 69.500
BNP Paribas Emissions 7.00012/21/2023 EUR 65.240
BNP Paribas Emissions 10.00012/21/2023 EUR 57.260
Raiffeisen Schweiz Ge 8.600 1/4/2024 CHF 49.540
Raiffeisen Schweiz Ge 6.200 4/4/2024 CHF 64.700
UBS AG/London 7.250 4/3/2024 USD 9.264
Leonteq Securities AG 12.000 6/17/2024 CHF 71.000
Leonteq Securities AG 16.000 3/20/2024 CHF 49.800
Corner Banca SA 22.000 3/20/2024 CHF 28.170
Bank Julius Baer & Co 7.10012/20/2024 CHF 65.750
Zurcher Kantonalbank 16.000 6/14/2024 CHF 54.700
UBS AG/London 14.000 6/14/2024 USD 63.850
DZ Bank AG Deutsche Z 4.500 6/26/2024 EUR 71.410
Bank Vontobel AG 7.000 12/4/2023 CHF 60.800
UBS AG/London 9.750 6/10/2024 CHF 62.700
Leonteq Securities AG 9.600 6/13/2024 CHF 65.350
Bank Vontobel AG 8.00012/11/2023 CHF 47.100
BNP Paribas Emissions 6.00012/21/2023 EUR 56.860
BNP Paribas Emissions 7.00012/21/2023 EUR 56.900
BNP Paribas Emissions 8.00012/21/2023 EUR 52.220
BNP Paribas Emissions 9.00012/21/2023 EUR 52.260
BNP Paribas Emissions 10.00012/21/2023 EUR 48.300
BNP Paribas Emissions 12.00012/21/2023 EUR 44.960
BNP Paribas Emissions 12.00012/21/2023 EUR 63.910
BNP Paribas Emissions 16.00012/21/2023 EUR 52.530
BNP Paribas Emissions 8.00012/21/2023 EUR 57.890
BNP Paribas Emissions 14.00012/21/2023 EUR 46.660
BNP Paribas Emissions 13.00012/21/2023 EUR 75.060
BNP Paribas Emissions 14.00012/21/2023 EUR 67.200
BNP Paribas Emissions 7.00012/21/2023 EUR 70.340
BNP Paribas Emissions 9.50012/21/2023 EUR 62.960
BNP Paribas Emissions 10.00012/21/2023 EUR 76.170
BNP Paribas Emissions 13.00012/21/2023 EUR 70.310
BNP Paribas Emissions 15.00012/21/2023 EUR 74.000
BNP Paribas Emissions 15.00012/21/2023 EUR 74.170
BNP Paribas Emissions 12.00012/21/2023 EUR 66.210
BNP Paribas Emissions 16.00012/21/2023 EUR 55.540
BNP Paribas Emissions 13.00012/21/2023 EUR 75.360
Bank Vontobel AG 10.000 8/19/2024 CHF 49.300
Swissquote Bank SA 8.320 8/21/2024 CHF 71.940
Corner Banca SA 23.000 8/21/2024 CHF 46.940
Leonteq Securities AG 24.000 8/21/2024 CHF 61.960
Raiffeisen Switzerlan 12.300 8/21/2024 CHF 54.320
UniCredit Bank AG 16.800 3/22/2024 EUR 48.350
UniCredit Bank AG 15.200 3/22/2024 EUR 49.550
Leonteq Securities AG 22.000 6/5/2024 CHF 72.240
Leonteq Securities AG 28.000 6/5/2024 CHF 38.210
Leonteq Securities AG 9.000 12/2/2024 CHF 67.650
Leonteq Securities AG 24.000 6/5/2024 CHF 56.130
Vontobel Financial Pr 8.000 6/28/2024 EUR 62.500
Vontobel Financial Pr 11.000 6/28/2024 EUR 60.410
Leonteq Securities AG 5.000 1/4/2024 CHF 64.240
Landesbank Baden-Wuer 4.60012/22/2023 EUR 26.570
Landesbank Baden-Wuer 2.40012/22/2023 EUR 33.600
Landesbank Baden-Wuer 3.00012/22/2023 EUR 56.860
Landesbank Baden-Wuer 9.50012/22/2023 EUR 68.200
Landesbank Baden-Wuer 5.30012/22/2023 EUR 70.080
Landesbank Baden-Wuer 6.00012/22/2023 EUR 65.100
Landesbank Baden-Wuer 7.50012/22/2023 EUR 56.700
Landesbank Baden-Wuer 2.70012/22/2023 EUR 75.270
Landesbank Baden-Wuer 6.50012/22/2023 EUR 54.370
Landesbank Baden-Wuer 3.10012/22/2023 EUR 62.620
Landesbank Baden-Wuer 8.10012/22/2023 EUR 37.580
Landesbank Baden-Wuer 3.00012/22/2023 EUR 59.680
Landesbank Baden-Wuer 4.30012/22/2023 EUR 60.420
Landesbank Baden-Wuer 6.10012/22/2023 EUR 59.620
Landesbank Baden-Wuer 3.10012/22/2023 EUR 28.560
Landesbank Baden-Wuer 4.15012/22/2023 EUR 60.160
Landesbank Baden-Wuer 4.50012/22/2023 EUR 37.300
Landesbank Baden-Wuer 6.00012/22/2023 EUR 74.120
Landesbank Baden-Wuer 4.30012/22/2023 EUR 52.750
Landesbank Baden-Wuer 6.75012/22/2023 EUR 74.700
UBS AG/London 5.75012/29/2023 CHF 61.800
Raiffeisen Switzerlan 6.500 1/3/2024 CHF 64.630
Landesbank Hessen-Thu 1.000 6/12/2035 EUR 70.400
Leonteq Securities AG 20.000 7/3/2024 CHF 50.290
Leonteq Securities AG 20.000 7/3/2024 CHF 60.560
Zurcher Kantonalbank 10.000 6/26/2024 CHF 68.460
UniCredit Bank AG 9.30012/31/2024 EUR 71.780
SG Issuer SA 5.000 5/23/2024 EUR 53.800
Vontobel Financial Pr 12.750 6/28/2024 EUR 64.260
Vontobel Financial Pr 9.000 6/28/2024 EUR 60.810
Vontobel Financial Pr 24.750 6/28/2024 EUR 48.500
Leonteq Securities AG 14.000 7/24/2024 CHF 70.120
Leonteq Securities AG 15.000 7/24/2024 CHF 47.310
Leonteq Securities AG 23.000 7/24/2024 CHF 47.150
Leonteq Securities AG 9.000 1/21/2025 CHF 72.310
Leonteq Securities AG 10.000 1/21/2025 EUR 73.580
Swissquote Bank SA 11.580 7/24/2024 CHF 69.290
Raiffeisen Switzerlan 10.250 1/21/2025 EUR 72.950
Raiffeisen Schweiz Ge 20.000 7/24/2024 CHF 54.670
Raiffeisen Schweiz Ge 16.000 7/24/2024 CHF 71.780
Bank Vontobel AG 25.000 7/22/2024 USD 47.700
Societe Generale SA 7.280 5/6/2024 USD 40.250
Basler Kantonalbank 26.00012/29/2023 USD 43.660
UBS AG/London 13.750 7/1/2024 CHF 60.100
Leonteq Securities AG 24.120 1/4/2024 CHF 40.900
Finca Uco Cjsc 6.500 4/20/2024 USD 0.000
Evocabank CJSC 11.000 9/28/2024 AMD 10.300
Evocabank CJSC 5.000 9/28/2024 USD 0.000
Leonteq Securities AG 7.000 6/7/2024 CHF 57.630
UniCredit Bank AG 5.600 6/30/2025 EUR 60.090
Raiffeisen Schweiz Ge 10.000 12/7/2023 CHF 28.730
Vontobel Financial Pr 25.000 6/28/2024 EUR 57.240
Vontobel Financial Pr 23.500 6/28/2024 EUR 67.600
HSBC Trinkaus & Burkh 7.700 9/27/2024 EUR 63.530
HSBC Trinkaus & Burkh 6.90012/30/2024 EUR 64.230
HSBC Trinkaus & Burkh 9.90012/22/2023 EUR 58.160
HSBC Trinkaus & Burkh 5.30012/22/2023 EUR 56.640
HSBC Trinkaus & Burkh 8.400 3/22/2024 EUR 60.020
HSBC Trinkaus & Burkh 6.200 6/28/2024 EUR 63.410
HSBC Trinkaus & Burkh 12.300 3/22/2024 EUR 50.490
HSBC Trinkaus & Burkh 6.400 9/27/2024 EUR 60.240
HSBC Trinkaus & Burkh 15.10012/22/2023 EUR 47.710
HSBC Trinkaus & Burkh 9.400 3/22/2024 EUR 53.870
HSBC Trinkaus & Burkh 6.700 3/22/2024 EUR 58.210
Leonteq Securities AG 14.000 7/3/2024 CHF 48.010
Leonteq Securities AG 24.000 7/3/2024 CHF 57.890
Landesbank Baden-Wuer 6.000 1/3/2025 EUR 73.480
Bank Vontobel AG 8.50012/23/2024 CHF 66.200
Vontobel Financial Pr 16.750 6/28/2024 EUR 60.180
Vontobel Financial Pr 7.000 6/28/2024 EUR 63.700
Vontobel Financial Pr 8.500 6/28/2024 EUR 71.030
Leonteq Securities AG 26.000 7/3/2024 CHF 45.670
Corner Banca SA 15.000 7/3/2024 CHF 71.000
Ardshinbank CJSC 9.750 7/3/2025 AMD 0.000
Zurcher Kantonalbank 10.000 6/26/2024 EUR 66.800
HSBC Trinkaus & Burkh 7.100 3/28/2025 EUR 65.570
HSBC Trinkaus & Burkh 6.200 3/28/2025 EUR 66.550
HSBC Trinkaus & Burkh 5.200 6/27/2025 EUR 68.000
HSBC Trinkaus & Burkh 6.300 7/26/2024 EUR 67.530
HSBC Trinkaus & Burkh 5.60011/22/2024 EUR 68.220
HSBC Trinkaus & Burkh 18.000 9/27/2024 EUR 76.490
DZ Bank AG Deutsche Z 5.00012/20/2023 EUR 71.340
DZ Bank AG Deutsche Z 6.750 2/21/2024 EUR 70.600
DZ Bank AG Deutsche Z 5.000 3/20/2024 EUR 73.510
DZ Bank AG Deutsche Z 5.000 6/26/2024 EUR 70.670
Leonteq Securities AG 10.000 5/30/2024 CHF 52.310
UBS AG/London 5.250 1/12/2024 USD 58.600
UBS AG/London 9.500 1/12/2024 CHF 46.950
UBS AG/London 5.500 1/12/2024 CHF 62.150
Landesbank Baden-Wuer 5.90012/22/2023 EUR 23.980
Landesbank Baden-Wuer 5.00012/22/2023 EUR 49.520
Landesbank Baden-Wuer 4.20012/22/2023 EUR 72.510
Landesbank Baden-Wuer 4.90012/22/2023 EUR 64.630
Landesbank Baden-Wuer 8.50012/22/2023 EUR 47.690
Landesbank Baden-Wuer 4.10012/22/2023 EUR 66.990
Landesbank Baden-Wuer 2.30012/22/2023 EUR 66.060
Landesbank Baden-Wuer 6.30012/22/2023 EUR 42.820
Landesbank Baden-Wuer 2.50012/22/2023 EUR 68.970
Landesbank Baden-Wuer 9.20012/22/2023 EUR 48.940
Landesbank Baden-Wuer 7.00012/22/2023 EUR 21.250
Landesbank Baden-Wuer 2.50012/22/2023 EUR 66.090
Landesbank Baden-Wuer 3.00012/22/2023 EUR 41.920
Landesbank Baden-Wuer 3.10012/22/2023 EUR 58.130
UBS AG/London 4.75012/29/2023 CHF 62.600
UBS AG/London 4.75012/29/2023 EUR 56.650
UBS AG/London 6.50012/29/2023 CHF 44.200
Bank Vontobel AG 5.000 1/4/2024 CHF 63.600
Leonteq Securities AG 7.000 1/5/2024 CHF 46.490
Raiffeisen Switzerlan 5.900 1/3/2024 CHF 64.740
VTB Bank PJSC 0.01011/25/2026 RUB 67.900
Landesbank Baden-Wuer 4.100 1/23/2026 EUR 72.520
Erste Group Bank AG 5.250 1/31/2026 EUR 30.000
UBS AG/London 6.25012/22/2023 CHF 44.350
UBS AG/London 8.00012/22/2023 USD 73.400
Unibank OJSC 9.800 2/26/2024 AMD 9.450
Leonteq Securities AG 7.00012/27/2023 CHF 46.700
Leonteq Securities AG 7.00012/27/2023 USD 64.770
Bank Vontobel AG 5.50012/27/2023 CHF 67.400
Sberbank of Russia PJ 0.01012/11/2026 RUB 69.110
Raiffeisen Schweiz Ge 6.30012/27/2023 CHF 40.120
Raiffeisen Schweiz Ge 6.00012/27/2023 CHF 64.380
UBS AG/London 6.250 1/12/2024 CHF 65.300
UBS AG/London 6.500 1/12/2024 CHF 61.500
Landesbank Baden-Wuer 2.300 7/24/2026 EUR 73.390
Landesbank Baden-Wuer 2.500 7/24/2026 EUR 63.960
Raiffeisen Bank Inter 10.000 2/12/2024 EUR 75.960
Landesbank Hessen-Thu 1.800 7/7/2036 EUR 65.900
DekaBank Deutsche Gir 3.500 6/28/2024 EUR 56.370
Landesbank Baden-Wuer 3.200 6/27/2025 EUR 67.950
DekaBank Deutsche Gir 3.100 6/28/2024 EUR 64.580
Sberbank of Russia PJ 0.010 6/4/2026 RUB 74.900
Sberbank of Russia PJ 0.010 6/2/2028 RUB 74.200
Erste Group Bank AG 7.250 6/30/2026 EUR 60.200
Erste Group Bank AG 5.500 6/30/2025 EUR 48.750
UniCredit Bank AG 4.050 7/1/2024 EUR 71.380
UniCredit Bank AG 5.250 7/1/2024 EUR 14.900
Landesbank Baden-Wuer 3.350 6/26/2026 EUR 68.410
Richter Gedeon Nyrt 1.750 6/4/2031 HUF 72.500
DekaBank Deutsche Gir 4.250 6/30/2025 EUR 61.430
Finca Uco Cjsc 13.000 5/30/2025 AMD 10.604
UBS AG/London 8.250 1/13/2025 CHF 67.650
Leonteq Securities AG 8.010 6/27/2024 CHF 63.490
Swissquote Bank SA 22.44012/27/2023 CHF 60.740
Leonteq Securities AG 16.000 3/27/2024 CHF 49.610
Vontobel Financial Pr 21.50012/22/2023 EUR 73.060
Vontobel Financial Pr 23.50012/22/2023 EUR 69.540
Vontobel Financial Pr 21.50012/22/2023 EUR 58.010
DZ Bank AG Deutsche Z 4.25012/20/2023 EUR 71.350
DZ Bank AG Deutsche Z 4.500 3/20/2024 EUR 72.060
EFG International Fin 15.000 7/12/2024 CHF 63.800
Leonteq Securities AG 24.000 7/17/2024 CHF 50.270
Vontobel Financial Pr 5.750 4/9/2024 EUR 75.310
Bank Julius Baer & Co 8.900 10/7/2024 EUR 58.600
Leonteq Securities AG 7.00012/20/2023 CHF 60.300
Raiffeisen Schweiz Ge 8.00012/20/2023 CHF 64.170
Raiffeisen Schweiz Ge 6.30012/20/2023 CHF 64.580
Bank Vontobel AG 9.00012/18/2023 EUR 67.900
Bank Vontobel AG 6.00012/18/2023 CHF 38.600
Sberbank of Russia PJ 0.01012/21/2026 RUB 68.100
UBS AG/London 8.250 1/12/2024 CHF 75.200
DekaBank Deutsche Gir 6.600 1/17/2025 EUR 32.430
Erste Group Bank AG 4.250 1/31/2026 EUR 70.950
UBS AG/London 5.25012/22/2023 CHF 63.750
DZ Bank AG Deutsche Z 10.000 6/28/2024 EUR 72.240
DZ Bank AG Deutsche Z 21.00012/22/2023 EUR 73.230
DZ Bank AG Deutsche Z 24.70012/22/2023 EUR 59.850
DZ Bank AG Deutsche Z 4.75012/18/2023 EUR 59.060
Landesbank Baden-Wuer 9.200 8/23/2024 EUR 31.630
Landesbank Baden-Wuer 5.300 8/23/2024 EUR 73.650
Zurcher Kantonalbank 12.500 3/8/2024 CHF 48.840
BNP Paribas Emissions 24.00012/21/2023 EUR 58.040
BNP Paribas Emissions 14.000 6/27/2024 EUR 73.690
BNP Paribas Emissions 18.000 6/27/2024 EUR 64.940
Raiffeisen Switzerlan 9.100 8/26/2024 CHF 65.260
BNP Paribas Emissions 14.00012/21/2023 EUR 69.090
Vontobel Financial Pr 23.500 6/28/2024 EUR 59.540
Vontobel Financial Pr 19.000 6/28/2024 EUR 71.380
Vontobel Financial Pr 22.000 6/28/2024 EUR 62.140
Vontobel Financial Pr 16.000 6/28/2024 EUR 69.390
UBS AG/London 6.250 5/19/2025 EUR 56.450
UBS AG/London 9.75011/18/2024 EUR 58.550
Zurcher Kantonalbank 10.000 5/17/2024 CHF 67.020
Zurcher Kantonalbank 21.000 5/17/2024 CHF 45.520
DZ Bank AG Deutsche Z 5.000 3/20/2024 EUR 70.250
DZ Bank AG Deutsche Z 4.750 6/26/2024 EUR 68.620
DZ Bank AG Deutsche Z 7.25012/20/2023 EUR 53.140
DZ Bank AG Deutsche Z 6.750 3/20/2024 EUR 54.590
Vontobel Financial Pr 9.500 3/22/2024 EUR 68.660
Vontobel Financial Pr 12.000 3/22/2024 EUR 64.340
Vontobel Financial Pr 8.500 3/22/2024 EUR 71.280
Vontobel Financial Pr 11.500 6/28/2024 EUR 64.940
Vontobel Financial Pr 21.000 6/28/2024 EUR 58.130
Vontobel Financial Pr 10.500 6/28/2024 EUR 66.820
Vontobel Financial Pr 8.000 6/28/2024 EUR 73.510
Vontobel Financial Pr 18.000 6/28/2024 EUR 59.770
Vontobel Financial Pr 15.000 6/28/2024 EUR 61.640
Vontobel Financial Pr 9.000 6/28/2024 EUR 71.160
Vontobel Financial Pr 20.000 3/22/2024 EUR 57.550
Vontobel Financial Pr 24.500 3/22/2024 EUR 55.540
Vontobel Financial Pr 16.000 3/22/2024 EUR 60.050
Vontobel Financial Pr 23.500 3/22/2024 EUR 48.400
MirLand Development C 1.00012/31/2023 ILS 53.000
UBS AG/London 15.500 5/24/2024 CHF 72.800
UniCredit Bank AG 7.800 6/27/2024 EUR 65.660
UniCredit Bank AG 15.400 6/27/2024 EUR 72.500
Luzerner Kantonalbank 11.790 5/19/2025 CHF 73.270
Leonteq Securities AG 27.000 5/30/2024 CHF 52.250
Leonteq Securities AG 8.000 8/26/2024 CHF 64.780
Ameriabank CJSC 10.000 2/20/2025 AMD 10.000
HSBC Trinkaus & Burkh 8.800 3/22/2024 EUR 62.330
HSBC Trinkaus & Burkh 7.80012/30/2024 EUR 63.110
HSBC Trinkaus & Burkh 5.200 3/28/2025 EUR 66.380
HSBC Trinkaus & Burkh 10.100 3/22/2024 EUR 58.470
HSBC Trinkaus & Burkh 10.70012/22/2023 EUR 49.560
DZ Bank AG Deutsche Z 22.700 6/28/2024 EUR 67.430
HSBC Trinkaus & Burkh 5.700 2/23/2024 EUR 63.500
HSBC Trinkaus & Burkh 8.100 9/27/2024 EUR 56.730
HSBC Trinkaus & Burkh 5.000 9/27/2024 EUR 64.820
Bank Vontobel AG 9.250 9/10/2024 CHF 65.100
Bank Vontobel AG 15.000 3/11/2024 CHF 46.100
Bank Vontobel AG 21.000 3/11/2024 CHF 47.900
Bank Vontobel AG 11.000 9/10/2024 EUR 57.800
Basler Kantonalbank 11.200 9/16/2024 CHF 72.040
Basler Kantonalbank 18.000 6/17/2024 CHF 52.930
UBS AG/London 11.250 9/16/2024 EUR 58.250
Leonteq Securities AG 12.00012/16/2024 CHF 72.850
Leonteq Securities AG 16.000 6/20/2024 CHF 40.930
Leonteq Securities AG 28.000 3/20/2024 CHF 64.180
Landesbank Baden-Wuer 7.300 3/22/2024 EUR 64.070
Landesbank Baden-Wuer 14.000 3/22/2024 EUR 73.010
Landesbank Baden-Wuer 7.000 3/22/2024 EUR 70.580
Landesbank Baden-Wuer 9.500 3/22/2024 EUR 62.390
Landesbank Baden-Wuer 8.200 3/22/2024 EUR 72.000
Raiffeisen Switzerlan 15.000 6/19/2024 CHF 58.810
Vontobel Financial Pr 9.000 3/22/2024 EUR 68.530
Vontobel Financial Pr 16.250 3/22/2024 EUR 32.640
Vontobel Financial Pr 9.750 3/22/2024 EUR 66.520
Vontobel Financial Pr 9.750 3/22/2024 EUR 72.770
BNP Paribas Emissions 18.000 6/27/2024 EUR 69.150
BNP Paribas Emissions 21.000 6/27/2024 EUR 67.720
BNP Paribas Emissions 16.00012/21/2023 EUR 71.890
BNP Paribas Emissions 9.00012/30/2024 EUR 68.420
BNP Paribas Emissions 8.50012/30/2024 EUR 70.220
BNP Paribas Emissions 19.00012/21/2023 EUR 67.810
BNP Paribas Emissions 20.00012/21/2023 EUR 64.120
BNP Paribas Emissions 11.00012/21/2023 EUR 60.920
BNP Paribas Emissions 12.00012/21/2023 EUR 57.950
BNP Paribas Emissions 15.00012/21/2023 EUR 55.340
BNP Paribas Emissions 9.000 6/27/2024 EUR 69.700
BNP Paribas Emissions 10.000 6/27/2024 EUR 70.230
BNP Paribas Emissions 12.000 6/27/2024 EUR 63.490
BNP Paribas Emissions 16.000 6/27/2024 EUR 59.360
BNP Paribas Emissions 9.00012/21/2023 EUR 66.010
BNP Paribas Emissions 18.00012/21/2023 EUR 73.610
Zurcher Kantonalbank 9.000 3/13/2024 CHF 68.180
Swissquote Bank SA 11.700 6/19/2024 CHF 66.210
Landesbank Baden-Wuer 6.00012/22/2023 EUR 62.910
Raiffeisen Bank Inter 12.518 9/25/2024 EUR 67.850
Raiffeisen Bank Inter 13.503 9/25/2024 EUR 65.870
Raiffeisen Bank Inter 14.558 9/25/2024 EUR 63.570
UBS AG/London 8.000 7/24/2024 USD 9.815
Bank Julius Baer & Co 8.100 5/3/2024 CHF 71.400
DZ Bank AG Deutsche Z 8.250 6/26/2024 EUR 63.250
DZ Bank AG Deutsche Z 16.25012/20/2023 EUR 69.530
UBS AG/London 18.750 4/26/2024 CHF 30.050
DekaBank Deutsche Gir 7.500 5/31/2024 EUR 61.020
UBS AG/London 8.500 4/26/2024 CHF 60.050
Luzerner Kantonalbank 12.750 6/12/2024 CHF 54.320
Credit Suisse AG/Lond 8.500 3/11/2024 CHF 58.390
Bank Vontobel AG 22.250 6/17/2024 CHF 31.700
UBS AG/London 8.000 9/12/2024 USD 9.750
Swissquote Bank SA 20.120 6/20/2024 CHF 41.570
Leonteq Securities AG 30.000 3/20/2024 CHF 27.130
Landesbank Baden-Wuer 5.300 3/22/2024 EUR 70.280
Landesbank Baden-Wuer 10.000 3/22/2024 EUR 59.230
Landesbank Baden-Wuer 12.500 3/22/2024 EUR 71.850
Raiffeisen Switzerlan 20.000 6/19/2024 CHF 56.270
BNP Paribas Emissions 25.00012/21/2023 EUR 60.970
BNP Paribas Emissions 17.000 6/27/2024 EUR 71.920
BNP Paribas Emissions 17.00012/21/2023 EUR 67.740
BNP Paribas Emissions 9.50012/30/2024 EUR 66.770
BNP Paribas Emissions 8.00012/30/2024 EUR 73.420
BNP Paribas Emissions 22.00012/21/2023 EUR 64.200
BNP Paribas Emissions 23.00012/21/2023 EUR 60.900
BNP Paribas Emissions 10.00012/21/2023 EUR 66.050
BNP Paribas Emissions 13.00012/21/2023 EUR 61.000
BNP Paribas Emissions 14.00012/21/2023 EUR 58.020
BNP Paribas Emissions 18.00012/21/2023 EUR 51.820
BNP Paribas Emissions 11.000 6/27/2024 EUR 65.870
BNP Paribas Emissions 13.000 6/27/2024 EUR 61.350
BNP Paribas Emissions 14.00012/21/2023 EUR 71.820
Credit Suisse AG/Lond 8.000 9/13/2024 CHF 63.530
UBS AG/London 18.500 6/14/2024 CHF 34.550
Raiffeisen Schweiz Ge 6.600 5/13/2024 CHF 62.760
Raiffeisen Schweiz Ge 6.200 5/13/2024 CHF 69.600
Raiffeisen Schweiz Ge 6.400 5/13/2024 CHF 51.020
Bank Julius Baer & Co 10.150 5/21/2024 USD 61.050
Leonteq Securities AG 25.000 5/2/2024 CHF 34.060
Vontobel Financial Pr 10.750 6/28/2024 EUR 56.730
UniCredit Bank AG 8.30012/31/2024 EUR 74.040
UniCredit Bank AG 10.50012/31/2024 EUR 70.260
Vontobel Financial Pr 11.750 6/28/2024 EUR 55.020
Leonteq Securities AG 8.000 5/16/2024 CHF 69.880
UBS AG/London 8.440 5/26/2027 SEK 57.920
UBS AG/London 17.040 5/26/2027 SEK 65.050
Leonteq Securities AG 9.000 5/2/2025 CHF 70.860
HSBC Trinkaus & Burkh 17.300 9/27/2024 EUR 74.670
Landesbank Hessen-Thu 1.000 7/10/2035 EUR 70.500
Vontobel Financial Pr 16.50012/22/2023 EUR 65.950
Vontobel Financial Pr 12.00012/22/2023 EUR 76.620
Raiffeisen Switzerlan 10.800 6/27/2024 USD 62.610
DZ Bank AG Deutsche Z 13.00012/20/2023 EUR 73.610
DZ Bank AG Deutsche Z 5.500 1/24/2024 EUR 68.790
DZ Bank AG Deutsche Z 7.500 3/20/2024 EUR 67.780
DZ Bank AG Deutsche Z 22.10012/22/2023 EUR 62.870
DZ Bank AG Deutsche Z 15.60012/22/2023 EUR 56.940
Bank Vontobel AG 16.00012/27/2023 CHF 42.100
Finca Uco Cjsc 7.500 5/30/2025 USD 0.000
UBS AG/London 25.000 7/12/2024 CHF 61.350
Landesbank Hessen-Thu 1.600 6/12/2035 EUR 73.100
Bank Julius Baer & Co 7.500 4/29/2024 EUR 54.150
Landesbank Baden-Wuer 8.500 4/28/2025 EUR 69.110
Societe Generale Effe 13.250 4/26/2024 EUR 56.340
Landesbank Baden-Wuer 6.250 4/28/2025 EUR 67.200
Landesbank Baden-Wuer 7.300 4/28/2025 EUR 72.730
Societe Generale Effe 8.250 4/26/2024 EUR 64.600
Leonteq Securities AG 20.000 5/2/2024 CHF 34.500
Leonteq Securities AG 8.40010/28/2024 CHF 63.290
Swissquote Bank SA 12.050 5/2/2024 CHF 64.410
Leonteq Securities AG 27.500 5/2/2024 CHF 34.870
Credit Suisse AG/Lond 7.00011/11/2024 CHF 70.820
Luzerner Kantonalbank 3.600 7/6/2026 EUR 42.450
DZ Bank AG Deutsche Z 4.250 6/26/2024 EUR 68.360
DZ Bank AG Deutsche Z 4.500 9/25/2024 EUR 66.730
Zurcher Kantonalbank 10.000 7/19/2024 CHF 69.290
Zurcher Kantonalbank 7.500 7/19/2024 CHF 68.570
Zurcher Kantonalbank 10.000 7/19/2024 EUR 70.890
DZ Bank AG Deutsche Z 4.250 9/25/2024 EUR 66.130
DZ Bank AG Deutsche Z 7.000 6/26/2024 EUR 60.410
Landesbank Baden-Wuer 5.250 4/28/2025 EUR 71.580
Landesbank Baden-Wuer 7.500 4/28/2025 EUR 63.890
DZ Bank AG Deutsche Z 4.500 6/26/2024 EUR 65.510
Corner Banca SA 13.000 4/3/2024 CHF 34.740
Erste Group Bank AG 5.500 8/2/2025 EUR 33.950
UBS AG/London 13.000 9/30/2024 CHF 23.140
UniCredit Bank AG 4.650 7/30/2024 EUR 70.830
UniCredit Bank AG 3.950 7/30/2024 EUR 53.790
Citigroup Global Mark 1.000 7/14/2025 EUR 62.030
Unibank OJSC 5.250 5/20/2024 USD 0.000
TMK PJSC 7.350 2/28/2025 RUB 60.150
Landesbank Hessen-Thu 1.800 6/9/2036 EUR 66.100
Landesbank Baden-Wuer 4.100 6/27/2025 EUR 64.550
Societe Generale SA 18.000 5/31/2024 USD 15.350
HSBC Trinkaus & Burkh 11.500 3/22/2024 EUR 70.640
Landesbank Baden-Wuer 7.200 6/28/2024 EUR 69.890
Landesbank Baden-Wuer 9.00011/22/2024 EUR 66.040
Landesbank Baden-Wuer 6.10011/22/2024 EUR 71.000
HSBC Trinkaus & Burkh 8.60012/22/2023 EUR 62.700
HSBC Trinkaus & Burkh 9.000 9/27/2024 EUR 62.460
HSBC Trinkaus & Burkh 5.100 9/27/2024 EUR 68.620
Vontobel Financial Pr 9.750 6/28/2024 EUR 74.360
Landesbank Baden-Wuer 5.000 6/28/2024 EUR 75.150
Landesbank Baden-Wuer 9.500 6/28/2024 EUR 58.250
Zurcher Kantonalbank 10.000 5/2/2024 CHF 61.750
Societe Generale Effe 12.500 6/28/2024 EUR 63.630
Raiffeisen Switzerlan 10.500 8/5/2024 CHF 65.100
Raiffeisen Switzerlan 20.000 5/10/2024 CHF 57.070
BNP Paribas Emissions 12.00012/21/2023 EUR 69.650
BNP Paribas Emissions 16.00012/21/2023 EUR 62.880
BNP Paribas Emissions 17.00012/21/2023 EUR 60.530
BNP Paribas Emissions 12.000 6/27/2024 EUR 72.500
BNP Paribas Emissions 13.000 6/27/2024 EUR 69.060
BNP Paribas Emissions 14.000 6/27/2024 EUR 67.160
BNP Paribas Emissions 15.000 6/27/2024 EUR 65.430
BNP Paribas Emissions 13.00012/21/2023 EUR 65.370
BNP Paribas Emissions 15.00012/21/2023 EUR 65.440
Raiffeisen Switzerlan 6.000 10/7/2024 CHF 51.210
DZ Bank AG Deutsche Z 8.25012/20/2023 EUR 65.320
Leonteq Securities AG 15.300 8/7/2024 CHF 60.800
Zurcher Kantonalbank 8.500 1/27/2025 EUR 67.470
UBS AG/London 7.250 8/5/2024 CHF 63.550
HSBC Trinkaus & Burkh 17.600 9/27/2024 EUR 70.680
HSBC Trinkaus & Burkh 15.10012/30/2024 EUR 72.920
HSBC Trinkaus & Burkh 17.800 9/27/2024 EUR 75.160
HSBC Trinkaus & Burkh 16.10012/30/2024 EUR 76.240
HSBC Trinkaus & Burkh 17.700 7/26/2024 EUR 75.390
HSBC Trinkaus & Burkh 17.100 8/23/2024 EUR 75.910
HSBC Trinkaus & Burkh 7.700 3/28/2025 EUR 64.340
HSBC Trinkaus & Burkh 6.300 7/26/2024 EUR 66.260
UniCredit Bank AG 19.30012/22/2023 EUR 75.850
UBS AG/London 8.560 6/29/2027 SEK 59.830
SG Issuer SA 1.600 6/26/2034 EUR 14.450
Bank Vontobel AG 14.00012/27/2023 CHF 36.000
Raiffeisen Schweiz Ge 7.300 7/1/2024 CHF 59.070
Raiffeisen Switzerlan 9.300 1/4/2024 CHF 55.890
UBS AG/London 9.000 7/2/2027 USD 71.980
UBS AG/London 10.000 7/1/2024 CHF 70.650
UBS AG/London 16.250 1/4/2024 CHF 70.600
UBS AG/London 10.00012/29/2023 EUR 50.750
UniCredit Bank AG 6.60012/22/2023 EUR 62.680
UniCredit Bank AG 5.40012/22/2023 EUR 68.000
UniCredit Bank AG 5.90012/22/2023 EUR 65.170
UniCredit Bank AG 8.90012/22/2023 EUR 56.130
UniCredit Bank AG 8.10012/22/2023 EUR 58.150
UniCredit Bank AG 7.30012/22/2023 EUR 60.320
UniCredit Bank AG 9.80012/22/2023 EUR 54.250
UniCredit Bank AG 10.70012/22/2023 EUR 52.320
UniCredit Bank AG 13.00012/22/2023 EUR 69.170
UniCredit Bank AG 15.80012/22/2023 EUR 60.400
UniCredit Bank AG 12.00012/22/2023 EUR 72.720
UniCredit Bank AG 13.90012/22/2023 EUR 65.960
UniCredit Bank AG 14.80012/22/2023 EUR 63.050
UniCredit Bank AG 15.60012/22/2023 EUR 60.800
UniCredit Bank AG 13.00012/22/2023 EUR 67.710
UniCredit Bank AG 14.30012/22/2023 EUR 64.060
UniCredit Bank AG 11.70012/22/2023 EUR 71.650
UniCredit Bank AG 11.90012/22/2023 EUR 71.590
UniCredit Bank AG 14.30012/22/2023 EUR 74.370
UBS AG/London 16.000 1/8/2024 CHF 34.550
Bank Julius Baer & Co 8.00010/11/2024 CHF 67.600
Landesbank Baden-Wuer 6.300 4/26/2024 EUR 62.750
SG Issuer SA 4.000 6/22/2026 EUR 74.690
SG Issuer SA 1.750 4/21/2034 EUR 62.840
DZ Bank AG Deutsche Z 6.25012/18/2023 EUR 59.120
Nordea Bank Abp 8.260 7/20/2028 SEK 74.540
Landesbank Baden-Wuer 3.200 7/25/2025 EUR 72.610
Landesbank Baden-Wuer 9.250 3/22/2024 EUR 44.400
Landesbank Baden-Wuer 8.500 3/22/2024 EUR 64.410
Landesbank Baden-Wuer 3.100 7/24/2026 EUR 64.560
DZ Bank AG Deutsche Z 7.500 3/20/2024 EUR 68.910
Bank Vontobel AG 15.50011/18/2024 CHF 55.000
UniCredit Bank AG 13.100 2/23/2024 EUR 71.640
UniCredit Bank AG 14.900 2/23/2024 EUR 75.320
UniCredit Bank AG 8.500 2/23/2024 EUR 69.430
Landesbank Hessen-Thu 1.25011/10/2036 EUR 66.300
Bank Julius Baer & Co 17.200 2/16/2024 CHF 49.150
UBS AG/London 5.500 2/12/2024 CHF 58.450
UBS AG/London 7.250 2/12/2024 CHF 47.300
UBS AG/London 14.250 8/19/2024 CHF 43.500
Vontobel Financial Pr 22.00012/22/2023 EUR 28.940
Vontobel Financial Pr 20.00012/22/2023 EUR 33.260
Vontobel Financial Pr 21.50012/22/2023 EUR 67.770
Vontobel Financial Pr 20.50012/22/2023 EUR 69.390
Vontobel Financial Pr 25.00012/22/2023 EUR 60.650
Vontobel Financial Pr 24.00012/22/2023 EUR 61.930
Vontobel Financial Pr 23.50012/22/2023 EUR 63.300
Vontobel Financial Pr 23.00012/22/2023 EUR 64.720
Vontobel Financial Pr 22.00012/22/2023 EUR 66.200
Vontobel Financial Pr 18.50012/22/2023 EUR 74.860
Vontobel Financial Pr 19.00012/22/2023 EUR 72.940
Vontobel Financial Pr 20.00012/22/2023 EUR 71.130
UBS AG/London 16.000 4/19/2024 CHF 32.250
Inecobank CJSC 10.000 4/28/2025 AMD 10.957
Leonteq Securities AG 10.00011/26/2024 CHF 52.860
Vontobel Financial Pr 11.250 6/28/2024 EUR 51.800
Vontobel Financial Pr 11.250 6/28/2024 EUR 59.360
Swissquote Bank SA 13.400 5/30/2024 CHF 73.730
UniCredit Bank AG 14.800 3/22/2024 EUR 74.380
UniCredit Bank AG 15.500 3/22/2024 EUR 51.340
UniCredit Bank AG 14.200 6/28/2024 EUR 54.500
UniCredit Bank AG 13.000 6/28/2024 EUR 55.880
DZ Bank AG Deutsche Z 4.250 6/26/2024 EUR 65.520
HSBC Trinkaus & Burkh 15.20012/22/2023 EUR 71.070
HSBC Trinkaus & Burkh 14.00012/22/2023 EUR 27.430
HSBC Trinkaus & Burkh 6.00012/22/2023 EUR 40.200
HSBC Trinkaus & Burkh 5.90012/22/2023 EUR 71.040
Leonteq Securities AG 9.00010/21/2024 CHF 62.740
Credit Suisse AG/Lond 14.300 3/4/2024 USD 57.250
Vontobel Financial Pr 11.500 3/22/2024 EUR 61.990
Vontobel Financial Pr 24.750 3/22/2024 EUR 72.450
DZ Bank AG Deutsche Z 15.700 6/28/2024 EUR 71.700
UBS AG/London 10.000 5/27/2024 CHF 62.400
UBS AG/London 8.250 5/26/2025 CHF 63.350
UniCredit Bank AG 10.10011/22/2024 EUR 67.340
Basler Kantonalbank 12.000 8/26/2024 CHF 67.540
UniCredit Bank AG 12.300 8/23/2024 EUR 57.220
UniCredit Bank AG 9.400 2/23/2024 EUR 58.200
UniCredit Bank AG 14.100 2/23/2024 EUR 52.090
UniCredit Bank AG 11.00011/22/2024 EUR 61.130
UniCredit Bank AG 12.400 2/23/2024 EUR 53.760
UniCredit Bank AG 9.400 8/23/2024 EUR 62.290
UniCredit Bank AG 8.10011/22/2024 EUR 71.380
UniCredit Bank AG 9.00011/22/2024 EUR 69.320
UniCredit Bank AG 7.30011/22/2024 EUR 73.880
UniCredit Bank AG 13.400 2/23/2024 EUR 74.170
Basler Kantonalbank 17.900 5/30/2024 CHF 67.740
UniCredit Bank AG 11.300 8/23/2024 EUR 58.740
UniCredit Bank AG 9.40011/22/2024 EUR 66.160
UniCredit Bank AG 10.800 2/23/2024 EUR 56.020
UniCredit Bank AG 8.00011/22/2024 EUR 69.090
UniCredit Bank AG 10.300 8/23/2024 EUR 60.470
UniCredit Bank AG 13.400 8/23/2024 EUR 55.810
UniCredit Bank AG 10.20011/22/2024 EUR 64.310
UniCredit Bank AG 11.80011/22/2024 EUR 59.680
UniCredit Bank AG 8.70011/22/2024 EUR 67.910
UniCredit Bank AG 12.70011/22/2024 EUR 58.370
Leonteq Securities AG 10.000 5/26/2025 CHF 70.220
Vontobel Financial Pr 7.500 6/28/2024 EUR 72.750
Vontobel Financial Pr 12.250 6/28/2024 EUR 52.300
Bank Vontobel AG 10.000 5/28/2024 CHF 43.000
Bank Vontobel AG 5.500 5/28/2024 CHF 59.400
UBS AG/London 14.000 1/18/2024 USD 6.040
DekaBank Deutsche Gir 2.000 2/23/2024 EUR 74.760
Erste Group Bank AG 7.250 3/3/2026 EUR 22.100
EFG International Fin 4.750 1/29/2024 USD 42.160
Zurcher Kantonalbank 4.800 12/8/2023 CHF 63.470
Zurcher Kantonalbank 5.450 12/8/2023 USD 63.620
Basler Kantonalbank 5.200 9/9/2024 CHF 68.210
Landesbank Baden-Wuer 2.500 9/26/2025 EUR 72.350
Landesbank Baden-Wuer 3.000 9/26/2025 EUR 56.970
Sberbank of Russia PJ 0.010 3/25/2026 RUB 73.710
Leonteq Securities AG 28.000 8/21/2024 CHF 63.300
Vontobel Financial Pr 7.000 9/27/2024 EUR 63.680
Sberbank of Russia PJ 0.010 4/6/2026 RUB 73.400
Citigroup Global Mark 2.500 5/16/2031 EUR 71.150
Landesbank Hessen-Thu 0.700 1/12/2037 EUR 70.900
Banque Internationale 6.20011/25/2024 CHF 67.780
Vontobel Financial Pr 19.000 6/28/2024 EUR 74.920
Ameriabank CJSC 9.750 2/19/2024 AMD 0.000
Vontobel Financial Pr 11.000 6/28/2024 EUR 55.520
Vontobel Financial Pr 16.500 6/28/2024 EUR 70.290
Vontobel Financial Pr 8.000 3/22/2024 EUR 58.830
Vontobel Financial Pr 10.000 6/28/2024 EUR 58.840
Vontobel Financial Pr 9.000 6/28/2024 EUR 54.410
Societe Generale SA 15.800 12/5/2024 USD 45.580
Landesbank Hessen-Thu 0.850 2/18/2036 EUR 63.650
Raiffeisen Switzerlan 13.400 5/30/2024 CHF 63.290
BNP Paribas Emissions 1.400 6/4/2026 EUR 72.720
Swissquote Bank SA 26.980 6/5/2024 CHF 38.090
Raiffeisen Schweiz Ge 19.500 6/6/2024 CHF 68.840
UniCredit Bank AG 10.700 2/3/2025 EUR 37.720
Bank Vontobel AG 16.00012/27/2023 EUR 60.500
Landesbank Baden-Wuer 9.000 6/28/2024 EUR 72.730
Landesbank Baden-Wuer 11.000 6/28/2024 EUR 64.040
Landesbank Baden-Wuer 4.000 6/28/2024 EUR 45.120
Landesbank Baden-Wuer 5.100 6/28/2024 EUR 39.290
Landesbank Baden-Wuer 7.000 6/28/2024 EUR 34.050
Landesbank Baden-Wuer 8.000 6/28/2024 EUR 31.760
Landesbank Baden-Wuer 3.950 6/28/2024 EUR 68.710
Landesbank Baden-Wuer 4.400 6/28/2024 EUR 65.570
Landesbank Baden-Wuer 4.900 6/28/2024 EUR 62.730
Landesbank Baden-Wuer 5.350 6/28/2024 EUR 72.510
National Mortgage Co 8.500 3/4/2024 AMD 0.000
DekaBank Deutsche Gir 4.300 4/26/2024 EUR 55.480
DekaBank Deutsche Gir 3.100 4/26/2024 EUR 68.550
Landesbank Baden-Wuer 4.000 4/23/2027 EUR 61.580
Landesbank Baden-Wuer 3.100 4/23/2027 EUR 63.020
DekaBank Deutsche Gir 2.300 5/10/2024 EUR 74.070
UBS AG/London 9.250 4/8/2026 EUR 45.240
Raiffeisen Switzerlan 17.500 5/30/2024 CHF 68.070
Leonteq Securities AG 21.000 6/5/2024 CHF 54.560
Corner Banca SA 13.000 9/5/2024 CHF 60.850
Raiffeisen Switzerlan 9.000 6/2/2025 EUR 72.420
UniCredit Bank AG 10.700 2/17/2025 EUR 37.970
Leonteq Securities AG 4.290 1/21/2025 EUR 58.180
Vontobel Financial Pr 19.500 3/22/2024 EUR 72.660
Vontobel Financial Pr 8.500 6/28/2024 EUR 50.190
Vontobel Financial Pr 7.500 6/28/2024 EUR 59.770
Vontobel Financial Pr 9.000 3/22/2024 EUR 59.180
Vontobel Financial Pr 14.000 6/28/2024 EUR 57.180
Vontobel Financial Pr 12.500 6/28/2024 EUR 56.360
Vontobel Financial Pr 10.000 3/22/2024 EUR 59.480
Vontobel Financial Pr 13.500 6/28/2024 EUR 57.790
Societe Generale SA 20.00011/28/2025 USD 5.750
Sovcombank Leasing OO 9.250 5/19/2025 RUB 65.000
Leonteq Securities AG 14.00012/23/2024 CHF 71.860
Vontobel Financial Pr 14.000 6/28/2024 EUR 73.260
Corner Banca SA 18.500 9/23/2024 CHF 45.910
Swissquote Bank SA 10.000 6/26/2024 CHF 65.860
Vontobel Financial Pr 7.250 6/24/2024 EUR 56.550
Leonteq Securities AG 20.000 8/21/2024 CHF 70.890
Landesbank Baden-Wuer 6.500 8/23/2024 EUR 71.730
Landesbank Hessen-Thu 1.500 10/1/2036 EUR 66.400
BNP Paribas Emissions 3.000 3/21/2024 EUR 71.680
BNP Paribas Emissions 5.000 9/26/2024 EUR 71.910
BNP Paribas Emissions 6.000 9/26/2024 EUR 69.980
BNP Paribas Emissions 6.000 3/27/2025 EUR 72.410
VTB Bank PJSC 0.010 3/25/2026 RUB 70.990
DekaBank Deutsche Gir 3.200 7/21/2025 EUR 55.810
DekaBank Deutsche Gir 2.750 7/21/2025 EUR 69.560
Landesbank Baden-Wuer 2.500 7/25/2025 EUR 73.400
Landesbank Baden-Wuer 7.800 3/22/2024 EUR 49.110
Landesbank Baden-Wuer 12.500 3/22/2024 EUR 37.530
Sberbank of Russia PJ 0.010 6/22/2028 RUB 66.600
Landesbank Baden-Wuer 6.700 3/22/2024 EUR 70.670
Leonteq Securities AG 5.500 8/26/2024 CHF 48.470
Leonteq Securities AG 10.340 8/31/2026 EUR 62.530
Vontobel Financial Pr 7.500 9/27/2024 EUR 68.800
UniCredit Bank AG 14.200 2/23/2024 EUR 70.840
Landesbank Baden-Wuer 2.200 2/28/2025 EUR 74.210
DekaBank Deutsche Gir 2.100 9/20/2024 EUR 61.750
Sberbank of Russia PJ 0.010 8/31/2028 RUB 64.900
Leonteq Securities AG 28.000 9/5/2024 CHF 65.880
UniCredit Bank AG 10.500 9/23/2024 EUR 38.880
UniCredit Bank AG 10.400 2/28/2025 EUR 73.230
Landesbank Baden-Wuer 2.600 2/28/2025 EUR 61.880
Sberbank of Russia PJ 0.010 9/4/2026 RUB 73.700
Leonteq Securities AG 25.000 9/5/2024 EUR 65.850
Swissquote Bank SA 29.000 6/4/2024 CHF 62.370
Leonteq Securities AG 24.000 9/4/2024 CHF 64.600
Swissquote Bank SA 27.700 9/4/2024 CHF 53.610
Landesbank Baden-Wuer 2.700 4/28/2025 EUR 72.830
UniCredit Bank AG 5.400 4/30/2024 EUR 42.050
Landesbank Baden-Wuer 3.000 4/23/2027 EUR 65.290
Landesbank Hessen-Thu 1.900 5/12/2036 EUR 66.500
Zurcher Kantonalbank 4.700 4/8/2024 CHF 13.750
Landesbank Hessen-Thu 1.750 5/19/2036 EUR 67.700
Leonteq Securities AG 2.700 4/1/2026 EUR 42.610
Leonteq Securities AG 27.600 6/26/2024 CHF 40.550
Leonteq Securities AG 21.600 6/26/2024 CHF 52.880
Leonteq Securities AG 10.200 6/26/2024 EUR 65.630
Bank Vontobel AG 16.000 6/17/2024 USD 63.500
Landesbank Baden-Wuer 3.500 6/27/2025 EUR 64.830
Landesbank Baden-Wuer 4.000 6/27/2025 EUR 60.660
Sberbank of Russia PJ 0.010 3/27/2028 RUB 70.400
Bank Vontobel AG 4.501 6/11/2024 CHF 70.900
Landesbank Baden-Wuer 3.100 7/25/2025 EUR 69.390
DZ Bank AG Deutsche Z 7.20012/18/2023 EUR 64.060
DZ Bank AG Deutsche Z 9.00012/20/2023 EUR 56.060
Societe Generale SA 10.010 8/29/2024 USD 17.150
Landesbank Baden-Wuer 2.50010/24/2025 EUR 74.860
Zurcher Kantonalbank 2.550 8/26/2024 CHF 13.560
SG Issuer SA 7.600 1/20/2025 SEK 66.880
Vontobel Financial Pr 16.750 3/22/2024 EUR 70.430
DekaBank Deutsche Gir 6.150 8/29/2025 EUR 66.250
BNP Paribas Emissions 22.00012/21/2023 EUR 69.470
DZ Bank AG Deutsche Z 6.25012/20/2023 EUR 71.390
Araratbank OJSC 4.250 12/8/2024 USD 0.000
Bank Vontobel AG 19.500 2/5/2024 CHF 62.000
DZ Bank AG Deutsche Z 8.50012/18/2023 EUR 52.990
BNP Paribas Emissions 4.750 8/12/2026 EUR 70.950
Leonteq Securities AG 10.000 8/12/2024 CHF 73.100
BNP Paribas Emissions 3.750 8/26/2026 EUR 73.700
DZ Bank AG Deutsche Z 13.30012/18/2023 EUR 72.530
Armenian Economy Deve 10.500 5/4/2025 AMD 11.232
Societe Generale Effe 19.498 1/26/2024 EUR 48.210
Bank Vontobel AG 5.250 5/28/2024 CHF 65.800
Leonteq Securities AG 20.000 9/26/2024 USD 49.470
Vontobel Financial Pr 11.750 6/28/2024 EUR 73.240
Raiffeisen Switzerlan 20.000 6/26/2024 CHF 46.940
Raiffeisen Switzerlan 9.250 6/23/2025 CHF 70.360
Landesbank Baden-Wuer 3.250 1/2/2026 EUR 57.470
HSBC Trinkaus & Burkh 11.250 6/27/2025 EUR 73.490
HSBC Trinkaus & Burkh 23.250 3/22/2024 EUR 54.280
HSBC Trinkaus & Burkh 15.500 6/27/2025 EUR 67.470
Societe Generale SA 15.000 9/29/2025 USD 7.250
Landesbank Baden-Wuer 3.250 8/23/2024 EUR 67.450
Raiffeisen Switzerlan 7.400 2/5/2024 CHF 59.780
DZ Bank AG Deutsche Z 5.90012/18/2023 EUR 59.320
DZ Bank AG Deutsche Z 14.10012/18/2023 EUR 67.900
UBS AG/London 15.750 2/5/2024 CHF 37.650
Landesbank Baden-Wuer 4.750 9/25/2026 EUR 68.580
Bank Julius Baer & Co 18.000 2/9/2024 CHF 43.900
Credit Suisse AG/Lond 8.000 6/6/2024 CHF 60.970
UniCredit Bank AG 17.90012/22/2023 EUR 57.200
Vontobel Financial Pr 22.50012/22/2023 EUR 72.280
UniCredit Bank AG 6.600 9/22/2025 EUR 43.980
UniCredit Bank AG 5.500 9/22/2025 EUR 73.270
BNP Paribas Emissions 8.000 6/27/2024 EUR 70.510
BNP Paribas Emissions 9.500 6/27/2024 EUR 67.340
BNP Paribas Emissions 12.000 6/27/2024 EUR 60.920
BNP Paribas Emissions 13.000 6/27/2024 EUR 58.670
BNP Paribas Emissions 16.000 6/27/2024 EUR 58.540
DZ Bank AG Deutsche Z 5.25012/20/2023 EUR 61.220
DZ Bank AG Deutsche Z 4.250 9/25/2024 EUR 69.030
UBS AG/London 10.250 7/5/2024 CHF 68.050
Vontobel Financial Pr 20.00012/22/2023 EUR 74.620
Vontobel Financial Pr 18.50012/22/2023 EUR 70.900
Raiffeisen Switzerlan 19.000 3/13/2024 CHF 49.320
SG Issuer SA 1.600 8/7/2034 EUR 13.530
BNP Paribas Emissions 9.50012/21/2023 EUR 64.250
BNP Paribas Emissions 11.00012/21/2023 EUR 64.300
BNP Paribas Emissions 14.00012/21/2023 EUR 58.960
BNP Paribas Emissions 17.00012/21/2023 EUR 54.480
BNP Paribas Emissions 19.00012/21/2023 EUR 54.560
BNP Paribas Emissions 9.000 6/27/2024 EUR 71.190
BNP Paribas Emissions 10.000 6/27/2024 EUR 71.720
BNP Paribas Emissions 9.500 6/27/2024 EUR 67.380
BNP Paribas Emissions 11.000 6/27/2024 EUR 68.160
BNP Paribas Emissions 12.000 6/27/2024 EUR 63.410
BNP Paribas Emissions 15.000 6/27/2024 EUR 60.520
BNP Paribas Emissions 8.00012/21/2023 EUR 68.430
BNP Paribas Emissions 9.00012/21/2023 EUR 68.470
BNP Paribas Emissions 6.00012/21/2023 EUR 69.340
BNP Paribas Emissions 8.00012/21/2023 EUR 69.410
BNP Paribas Emissions 7.50012/21/2023 EUR 65.070
BNP Paribas Emissions 9.50012/21/2023 EUR 65.150
BNP Paribas Emissions 9.00012/21/2023 EUR 62.540
BNP Paribas Emissions 10.00012/21/2023 EUR 62.570
BNP Paribas Emissions 9.50012/21/2023 EUR 60.160
BNP Paribas Emissions 11.00012/21/2023 EUR 60.220
BNP Paribas Emissions 12.00012/21/2023 EUR 56.990
BNP Paribas Emissions 14.00012/21/2023 EUR 57.070
BNP Paribas Emissions 15.00012/21/2023 EUR 54.180
BNP Paribas Emissions 17.00012/21/2023 EUR 54.250
BNP Paribas Emissions 18.00012/21/2023 EUR 52.500
BNP Paribas Emissions 20.00012/21/2023 EUR 52.580
BNP Paribas Emissions 7.000 6/27/2024 EUR 69.980
Landesbank Baden-Wuer 7.200 8/23/2024 EUR 34.540
DZ Bank AG Deutsche Z 10.100 6/28/2024 EUR 73.530
DZ Bank AG Deutsche Z 11.40012/22/2023 EUR 56.630
DZ Bank AG Deutsche Z 7.50012/22/2023 EUR 65.410
DZ Bank AG Deutsche Z 8.70012/22/2023 EUR 62.180
DZ Bank AG Deutsche Z 22.20012/22/2023 EUR 68.180
UniCredit Bank AG 17.30012/22/2023 EUR 47.980
UniCredit Bank AG 14.90012/22/2023 EUR 49.910
UniCredit Bank AG 13.900 3/22/2024 EUR 53.020
UniCredit Bank AG 17.30012/22/2023 EUR 70.990
Leonteq Securities AG 10.000 9/10/2024 CHF 68.350
Leonteq Securities AG 19.000 6/10/2024 CHF 52.990
Leonteq Securities AG 11.000 3/10/2025 CHF 72.720
Leonteq Securities AG 30.000 3/13/2024 CHF 30.330
Leonteq Securities AG 8.000 8/30/2024 CHF 64.570
UBS AG/London 12.250 3/8/2024 EUR 57.450
UBS AG/London 10.250 3/10/2025 CHF 69.900
Zurcher Kantonalbank 20.000 3/8/2024 CHF 47.310
BNP Paribas Emissions 22.00012/21/2023 EUR 57.970
BNP Paribas Emissions 16.000 6/27/2024 EUR 68.860
BNP Paribas Emissions 18.00012/21/2023 EUR 63.010
UBS AG/London 18.000 2/26/2024 CHF 40.750
DZ Bank AG Deutsche Z 17.600 3/22/2024 EUR 73.220
UniCredit Bank AG 14.700 6/28/2024 EUR 64.030
UniCredit Bank AG 19.40012/22/2023 EUR 74.500
UniCredit Bank AG 19.200 6/28/2024 EUR 75.380
Vontobel Financial Pr 22.000 3/22/2024 EUR 73.010
Vontobel Financial Pr 23.500 3/22/2024 EUR 71.430
Vontobel Financial Pr 20.000 3/22/2024 EUR 74.600
Vontobel Financial Pr 24.50012/22/2023 EUR 70.070
Vontobel Financial Pr 16.000 3/22/2024 EUR 74.590
Vontobel Financial Pr 19.500 3/22/2024 EUR 70.200
DZ Bank AG Deutsche Z 11.60012/18/2023 EUR 67.020
Raiffeisen Switzerlan 9.00012/10/2024 CHF 68.830
Raiffeisen Switzerlan 20.000 3/13/2024 CHF 27.190
Raiffeisen Switzerlan 7.800 9/10/2024 CHF 60.270
BNP Paribas Emissions 8.500 6/27/2024 EUR 66.810
BNP Paribas Emissions 9.000 6/27/2024 EUR 64.670
BNP Paribas Emissions 10.000 6/27/2024 EUR 65.190
BNP Paribas Emissions 11.000 6/27/2024 EUR 63.470
Swissquote Bank SA 14.560 3/13/2024 CHF 44.370
Leonteq Securities AG 26.000 3/13/2024 CHF 29.000
Zurcher Kantonalbank 15.000 3/7/2024 CHF 46.770
DZ Bank AG Deutsche Z 6.250 3/20/2024 EUR 71.190
Landesbank Baden-Wuer 5.500 8/23/2024 EUR 39.280
Landesbank Baden-Wuer 6.500 8/23/2024 EUR 68.890
Landesbank Baden-Wuer 7.900 8/23/2024 EUR 64.940
Landesbank Baden-Wuer 7.000 8/23/2024 EUR 73.900
DZ Bank AG Deutsche Z 10.500 3/20/2024 EUR 65.570
Zurcher Kantonalbank 4.500 9/2/2024 CHF 67.240
UniCredit Bank AG 4.200 9/29/2025 EUR 40.210
Landesbank Baden-Wuer 3.500 6/28/2024 EUR 62.970
UniCredit Bank AG 7.300 6/14/2024 EUR 20.230
UniCredit Bank AG 5.300 6/14/2024 EUR 64.130
UniCredit Bank AG 7.200 6/14/2024 EUR 70.180
Landesbank Baden-Wuer 3.500 6/27/2025 EUR 69.070
UniCredit Bank AG 7.700 2/23/2024 EUR 72.330
UniCredit Bank AG 9.300 2/23/2024 EUR 66.720
UniCredit Bank AG 10.200 2/23/2024 EUR 64.310
UniCredit Bank AG 11.200 2/23/2024 EUR 62.150
UniCredit Bank AG 12.100 2/23/2024 EUR 60.210
Leonteq Securities AG 8.000 9/23/2024 CHF 70.430
Landesbank Baden-Wuer 4.000 7/25/2025 EUR 34.890
Landesbank Baden-Wuer 4.000 7/25/2025 EUR 66.370
HSBC Trinkaus & Burkh 11.750 5/24/2024 EUR 67.950
HSBC Trinkaus & Burkh 8.500 5/24/2024 EUR 71.920
HSBC Trinkaus & Burkh 17.50012/30/2024 EUR 66.800
HSBC Trinkaus & Burkh 22.750 3/22/2024 EUR 57.480
DZ Bank AG Deutsche Z 8.000 6/28/2024 EUR 70.410
DZ Bank AG Deutsche Z 24.900 3/22/2024 EUR 77.360
Basler Kantonalbank 24.000 7/5/2024 CHF 47.510
UBS AG/London 19.000 7/15/2024 CHF 56.550
UBS AG/London 8.000 1/6/2025 CHF 69.200
Bank Vontobel AG 14.500 1/16/2024 CHF 61.100
UniCredit Bank AG 24.400 6/28/2024 EUR 53.790
UniCredit Bank AG 15.900 3/22/2024 EUR 51.520
UniCredit Bank AG 19.800 6/28/2024 EUR 71.870
HH Finance PLC 5.000 5/19/2028 EUR 50.050
Landesbank Baden-Wuer 2.20010/24/2025 EUR 74.220
UniCredit Bank AG 14.600 3/22/2024 EUR 63.480
Swissquote Bank SA 22.120 4/11/2024 CHF 52.400
Raiffeisen Schweiz Ge 4.000 9/27/2024 CHF 23.270
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
* * * End of Transmission * * *