/raid1/www/Hosts/bankrupt/TCREUR_Public/231218.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 18, 2023, Vol. 24, No. 252
Headlines
A U S T R I A
SIGNA DEVELOPMENT: Fitch Cuts LongTerm IDR to 'C', Off Watch Neg.
C Y P R U S
BANK OF CYPRUS: S&P Hikes ICR to 'BB' on Reduced Funding Pressures
G R E E C E
AEGEAN BALTIC: S&P Affirms 'B+/B' ICRs, Alters Outlook to Positive
I R E L A N D
ANCHORAGE CAPITAL 6: Fitch Gives F-R Notes B-sf Reset Final Rating
DOLE PLC: Moody's Affirms 'Ba3' CFR & Alters Outlook to Stable
OCP EURO 2023-8: S&P Assigns B- (sf) Rating to Class F Notes
PROVIDUS CLO IX: S&P Assigns B- (sf) Rating to Class F Notes
I T A L Y
COLT SPV: Moody's Assigns B2 Rating to EUR20.3MM Class B-2 Notes
FABBRICA ITALIANA: Moody's Alters Outlook on 'B3' CFR to Stable
S W I T Z E R L A N D
HERENS MIDCO: Moody's Affirms 'B3' CFR, Alters Outlook to Negative
T U R K E Y
KOC HOLDING: S&P Upgrades Long-Term ICR to 'BB-', Outlook Positive
TAV AIRPORTS: S&P Assigns 'BB-' ICR, Outlook Stable
TAV HAVALIMANLARI: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable
U N I T E D K I N G D O M
ADVANZ PHARMA: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
CONDOR: Dismisses Administration Rumors Amid Financial Woes
EAST LONDON LIQUOR: Founder Buys Business Out of Administration
EQUITY RELEASE 5: Fitch Affirms 'BB+sf' Rating on Class C Notes
JUBILEE SAILING: Financial Difficulties Prompt Administration
PARAMOUNT LABELS: Bought Out of Administration
ROLLS-ROYCE PLC: Fitch Hikes LongTerm IDR to BB+, Outlook Positive
SHIPHAM VALVES: Enters Administration, 39 Jobs Affected
STRATTON 2024-1: Fitch Assigns 'BB-(EXP)sf' Class E Note Rating
THAMES WATER: Moody's Cuts GBP400MM Medium Term Notes Rating to B3
X X X X X X X X
[*] BOND PRICING: For the Week December 11 to December 15, 2023
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A U S T R I A
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SIGNA DEVELOPMENT: Fitch Cuts LongTerm IDR to 'C', Off Watch Neg.
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Fitch Ratings has downgraded Signa Development Selection AG's
(Signa Development) Long-Term Issuer Default Rating (IDR) to 'C'
from 'CCC-' and removed it from Rating Watch Negative (RWN). Fitch
has withdrawn Signa Development's senior unsecured rating and Signa
Development Finance S.C.S.'s bond rating (both 'CCC+'/'RR2').
On 8 December, Signa Development Finance S.C.S (the finance vehicle
issuing Signa Development's rated EUR300 million unsecured bond)
announced that Signa Development and its group companies, "seem
predominantly likely" to apply for the opening of insolvency
proceedings in the very near term. This application is an event of
default under the terms of the rated notes.
Previous rating downgrades reflected Signa Development's weak
ringfencing measures, which should have protected its bondholders
from wider Signa group difficulties. Signa Prime Selection (Signa
Prime) is reportedly in forms of standstills with various
suppliers, some development projects have been halted, and its
liquidity is constrained. This has led to contagion effects on
other Signa entities including Signa Development.
In Fitch's view, Signa Development has also breached financial
separation by significantly increasing its 1H23 and post-1H23
financial receivables to other group entities and activities. The
unwinding of these receivables will take time and be difficult.
Fitch has withdrawn Signa Development's senior unsecured rating of
'CCC+' with a Recovery Rating of 'RR2', including that on Signa
Development Finance S.C.S.'s bond (which is guaranteed by Signa
Development), due to insufficient information to calculate
meaningful recovery estimates.
KEY RATING DRIVERS
Lack of Segregation: The recent increase in financial receivables
to wider Signa group entities exposes Signa Development to group
entities' property developments or investments that are outside its
control. Some of these receivables were cash from recent 2023 net
disposal receipts destined for Signa Development creditors.
Bond Covenants: Despite Signa Development's bond covenants
restricting on-lending to affiliates (as defined), financial
receivables to wider Signa entities exist. The company recently
described some of these as "ordinary course of business cash
management operations", the most recent being net cash proceeds
from disposals (kika/Leiner, BEAM and others) that were diverted.
1H23 Cash Position: Signa Development improved its end-June 2023
cash position of EUR32 million with proceeds from the BEAM Berlin
office disposal (net proceeds undisclosed). During 1H23 it received
net proceeds from selling kika/Leiner. The Berlin office
Schonerhauser Allee, forward-sold, is near-completion and 60%
pre-let. Together with fast-tracking the sale of various D18
assets, Signa Development has received significant disposal
proceeds during 2023.
Wider Signa Group Difficulties: The group's parent entity, Signa
Holdings, which predominantly holds equity stakes in group
entities, has filed for insolvency. Elsewhere in the group, news
reports have pointed to property developments ceasing particularly
within Signa Prime, indicating constrained liquidity, rising
material and financing costs to complete projects, and real estate
valuation uncertainties, particularly as projects complete in
future years. The European Central Bank has requested banks to
scrutinise the real estate values used for lending to Signa
entities. Signa Development's end-2022 properties were valued by
external independent valuers.
Forward-Sale Business Model: Signa Development's forward-sale model
had provided greater certainty around timing and values of its
completed residential and office projects. During 2023, Signa
Development has fast-tracked other disposals, creating liquidity
and realising development profits. Nevertheless, liquidity is
required to fund developments to completion, alongside existing
debt funding (usually procured at a low 40% loan-to-value). In
addition, the contagion effect of unpaid suppliers and bank lenders
on other Signa entities, including Signa Development, may disrupt
near-term and longer-term projects and funding.
Wider Signa Group Poor Transparency: As the Signa group is
privately held, its public transparency is not comparable with
listed groups'. Signa Development's disclosed related-party
transactions are also subject to the oversight of its six-person
supervisory board, which has a fiduciary duty to its shareholders,
both of which are equipped to investigate the investment rationale,
arm's-length nature, and reporting of transactions with other Signa
group entities.
However, all six of Signa Development's supervisory board members
also serve on the 10-member supervisory board of Signa Prime.
Consequently, in Fitch's view, and from Signa Development's
creditors' perspective, transactions with Signa Prime fail to
demonstrate the high degree of transparency to allay corporate
governance risk. Although Signa Development was conserving its cash
with disposal receipts, financial receivables rose EUR215 million
in 1H23 after an EUR155 million increase in 2022, which Signa
Development has described as interest-bearing "loans to indirect
shareholders".
DERIVATION SUMMARY
Unlike other property developers Signa Development had a policy of
forward-sale of its residential and office developments, which
provided some visibility around timings, values upon completion. If
the company had relied on speculative development, its previous
ratings would have been lower.
KEY ASSUMPTIONS
Financial forecasts are no longer relevant pending the filing for
insolvency proceedings.
RECOVERY ANALYSIS
Fitch's recovery estimate for the EUR300 million unsecured bond is
not updated due to lack of information. The Recovery Rating and
senior unsecured rating are withdrawn as many of the assumptions
used have changed since the company's last disclosures on 30 June
2023.
Key factors will be the recovery of disposal receipts received in
2023, which were upstreamed to other parts of the group in the form
of financial receivables. These may have funded other entities',
probably subordinated, stakes in other property funding. Recoveries
on Signa Development's real estate will depend on recent decisions
to complete part-funded, near-completion, projects probably with
bespoke- project funders' or purchasers' additional monies, also
timing and decisions on funding, or mothballing other projects.
These decisions will depend on the priorities of the restructuring
advisers and available liquidity.
RATING SENSITIVITIES
Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- Fitch is likely to upgrade after Signa Development's insolvency
process, when a new capital structure will be put in place,
assessed and re-rated
Factors That Could, Individually or Collectively, Lead to
Downgrade:
- A 'D' rating would reflect Signa Development entering into
bankruptcy filing or other formal winding-up procedures
LIQUIDITY AND DEBT STRUCTURE
Appointment of Advisors: Signa Development has previously disclosed
that it has appointed advisors to support the company with its
current challenges, including its liquidity position.
End-June 2023 Cash: The last published figures on cash were as of
end-June 2023, when the company had cash of EUR32 million
(end-2022: EUR125.1 million). Post-1H23 the company reported
receipts from a two-stage sale of BEAM (a completed Berlin office)
for an undisclosed amount.
ISSUER PROFILE
Signa Development is a property development company active mainly
in Austria and Germany.
ESG CONSIDERATIONS
Signa Development has an ESG score of '5' for Group Structure
reflecting its complexity, transparency as an unlisted entity and
high levels of related-party transactions including recent cash
outflows. This has a negative impact on the credit profile, and is
highly relevant to the ratings in conjunction with other factors.
Signa Development has an ESG score of '5' for Governance Structure.
This reflects the previous active participation of the founder
within Signa Development without being a supervisory or management
board member of Signa Development. Fitch understands from
management the founder has now stepped down from this active
participation. This has a negative impact on the credit profile,
and is highly 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.
Entity/Debt Rating Prior
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Signa Development
Selection AG LT IDR C Downgrade CCC-
senior unsecured LT WD Withdrawn CCC+
Signa Development
Finance S.C.S.
senior unsecured LT WD Withdrawn CCC+
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C Y P R U S
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BANK OF CYPRUS: S&P Hikes ICR to 'BB' on Reduced Funding Pressures
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S&P Global Ratings raised its long-term issuer credit rating on
Bank of Cyprus Public Co. Ltd. (BOC) to 'BB' from 'BB-' and
affirmed the 'B' short-term rating. S&P also raised its long-term
resolution counterparty rating (RCR) on BOC to 'BBB-/A-3' from
'BB+/B'.
S&P said, "At the same time, we raised our long-term issuer credit
rating on BOC's nonoperating holding company Bank of Cyprus
Holdings PLC to 'B+' from 'B' and affirmed the 'B' short-term
rating. We also raised our issue rating on the holding company's
subordinated debt to 'CCC+' from 'CCC'."
The outlook on both banks is positive.
Cypriot banks have continued to rebalance their funding profiles
and reduce leverage in recent years. This has significantly reduced
funding pressures. S&P estimates that the domestic loan-to-domestic
core customer deposits ratio will be about 62%-63% the end of 2023,
well below the peak of 185% in 2013. During the first 10 months of
2023, domestic customer deposits grew by 0.6%. Deposits from
nonresidents are still significant and, in S&P's view, the
country's position as an international financial center still
carries risks for its banks. However, by October 2023, the
proportion had declined to about 15.3% of total deposits, from
about 38% in 2012. Most nonresident deposits come from outside the
eurozone, of which a minority are Russia-related. Moreover, despite
capital market volatility and the impact of Western sanctions on
some Russian entities and individuals, deposits in Cyprus have
proved sticky, with few signs of instability or pricing
competition.
S&P expects an increase in rates pass-through and that more sight
deposits will shift to term deposits.However, the impact on the
cost of funding is likely to remain moderate. Cypriot banks have
started repaying their outstanding liabilities under the third
targeted longer-term refinancing operations program (TLTRO III);
although more will come due in 2024, these had declined to just
6.8% of total assets by the end of August 2023. Nevertheless,
Cypriot banks typically have large excess liquidity buffers—S&P
expects them to preserve comfortable funding and liquidity ratios,
even after reimbursing the TLTRO III funding in full.
Profitability has been boosted by the increase in interest rates,
combined with improving efficiency. Higher interest rates have
boosted earnings at Cypriot banks because most of their loans and
securities pay floating rates. Banks also benefit from the high
yields earned on the liquidity placed at the European Central Bank.
Returns are also benefiting from more structurally significant
streamlining of banks' cost structures and a reduction in
overcapacity. S&P said, "We estimate systemwide return on equity
(ROE) of 17%-18% in 2023. Although new business opportunities will
remain limited, we anticipate that Cypriot banks will be able to
sustain results in 2024. Declining interest rates could take more
of a toll in 2025 and beyond, causing ROE to drop to about 10%,
which we consider more in line with peers. We forecast that the
cost-to-income ratio will also decline and may be close to 50%-55%
by 2024-2025 (72% in 2019)."
Banks' cost of risk is normalizing. After years of sizable sales of
nonperforming loans (NPLs), securitizations, write-offs, and
recoveries, the Cypriot banking sector has largely absorbed the hit
to asset quality it took following the 2012 financial crisis. S&P
said, "Coverage of NPLs stood at 56% on Sept. 30, 2023, and we
expect it to remain comfortable. The quality of new lending has
also improved, which we anticipate will contribute to lower credit
losses over the next two years. We expect the average cost of risk
to be about 75-80 basis points (bps) over the next two to three
years; this is well below the average 195 bps over the past 10
years."
Cypriot banks continue to work on recovering legacy NPLs, which are
concentrated in the household segment. Systemwide, NPLs comprised
8.3% of total loans, or about EUR2.0 billion by Sept. 30, 2023,
down from 11.0% (EUR3.0 billion) at end-2021. Over the next couple
of years, the uncertain global environment; higher-for-longer
interest rates; and declining disposable income in the private
sector (which still has high leverage) are likely to cause an
inflow of NPLs which we expect to be manageable and significantly
below the inflow seen during the last crisis. Given the solid
medium-term growth prospects, and the progress toward reducing the
country's elevated current account deficit, S&P considers that
banks may be able to contain asset quality deterioration, despite
the current global economic headwinds.
S&P said, "We have revised our view of industry risk to 7, up from
8 and have reclassified the Cypriot banking system as being in
BICRA group 7 (from 8). Group 7 also includes Greece, Bahrain, and
Oman. We see a positive trend for economic risk.
"We upgraded BOC and BOC Holding based on the improved operating
environment for Cypriot banks. BOC has reduced its reliance on
nonresident deposits and has an ample liquidity buffer (liquidity
coverage ratio surplus amounted to EUR6.6 billion as of Sept. 30,
2023), pro forma the repayment of its TLTRO III funding.
"In addition, we consider that profitability prospects have
improved because higher interest rates have yet to be passed
through to funding costs and BOC has contained its credit losses.
We expect credit losses, including impairment on repossessed real
estate assets, to remain in line with 2021-2022 at about 80-90 bps
over the next two years, although NPLs will increase moderately. We
expect BOC's return on equity to peak at about 20% in 2023 and then
stabilize at a more-sustainable 10%-15% in 2024-2025. This reflects
the downsizing of the balance sheet as BOC repays its TLTRO III
funding, combined with a gradual decline in interest rates. Better
profitability will sustain the bank's capitalization, even though
it returned to making dividend distribution in 2023. We forecast
that BOC's risk-adjusted capital (RAC) ratio will be 9.5%-10.0%
over the next 18-24 months.
"The positive outlook on our long-term issuer credit ratings on BOC
and BOC Holdings indicate that we could raise these ratings on both
banks within the next 12 months if the group further improves its
capitalization.
"We could revise the outlooks to stable if we conclude that
economic risks in the Cypriot banking sector are unlikely to
reduce, if our capital ratios do not progress as expected, or if
asset quality deteriorates by much more than we currently forecast.
We could also downgrade BOC Holdings if we anticipated that double
leverage was likely to significantly exceed 120%, which could
prompt us to widen the notching difference between the operating
and holding entities.
"We could raise the ratings if the group were forecast to sustain a
RAC ratio above 10% while also maintaining resilient asset quality
metrics. This might occur if profitability prospects improved or
economic conditions in Cyprus recovered further."
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G R E E C E
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AEGEAN BALTIC: S&P Affirms 'B+/B' ICRs, Alters Outlook to Positive
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S&P Global Ratings took the following rating actions on eight Greek
financial institutions:
-- Aegean Baltic Bank S.A.: S&P revised the outlook to positive
from stable and affirmed its 'B+/B' long- and short-term issuer
credit ratings.
-- Alpha Bank S.A.: S&P revised the outlook to positive from
stable and affirmed its 'BB-/B' long- and short-term issuer credit
ratings and its 'BB+/B' resolution counterparty ratings (RCRs).
-- Alpha Services and Holdings S.A.: S&P revised the outlook to
positive from stable and affirmed its 'B/B' long- and short-term
issuer credit ratings.
-- Eurobank S.A.: S&P raised its long-term issuer credit rating to
'BB' from 'BB-' and affirmed the 'B' short-term rating. The outlook
is positive. S&P also raised its long- and short-term RCR to
'BBB-/A-3' from 'BB+/B'.
-- Eurobank Holdings: S&P raised its long-term issuer credit
rating to 'B+' from 'B' and affirmed the 'B' short-term rating. The
outlook is positive.
-- National Bank of Greece S.A.: S&P raised its long-term issuer
credit rating to 'BB' from 'BB-' and affirmed the 'B' short-term
rating. The outlook is positive. S&P also raised its long- and
short-term RCR to 'BBB-/A-3' from 'BB+/B'.
-- Piraeus Bank S.A.: S&P raised its long-term issuer credit
rating to 'BB-' from 'B+' and affirmed the 'B' short-term rating.
The outlook is positive. S&P also raised its long-term RCR to 'BB+'
from 'BB'.
-- Piraeus Financial Holdings S.A.: S&P raised its long-term
issuer credit rating to 'B' from 'B-' and affirmed the 'B'
short-term rating. The outlook is positive.
S&P said, "We also either affirmed or raised our issue ratings on
the senior and subordinated debt of most entities.
"The rating actions reflect our view of the Greek banking system's
improved resilience. Over the first nine months of 2023, Greek
banks' nonperforming exposure (NPE) ratios dropped below 6% on the
back of further sales and securitization, but importantly muted new
inflows. Credit losses for the four largest banking groups
decreased to 125 basis points (bps) on average in 2022, from the
highs of 570 bps in 2021 and 380 bps in 2020. Despite subdued
growth prospects in Europe, we expect the Greek economy to expand
2.5% in real terms in 2023 and 2.6% over 2024-2026--outperforming
many countries in the eurozone--with continuous improvements on the
labor market, which minimize potential tail risks for asset
quality."
Credit growth is trending higher but from a very low base, and most
lending is to healthier sectors. The EU's various support funds for
investments in infrastructure and renewable energy are boosting
credit demand from corporates. Nevertheless, typical to countries
recovering from financial crises, the pace of lending growth is
below that of GDP. S&P's forecast total private sector debt will
drop below 70% of GDP by 2024 versus about 107% in 2020. While this
is largely attributable to the clean-up of about EUR80 billion in
nonperforming loans (NPLs) with the help of the Hercules asset
protection scheme (APS), the provisioning burden on banks has
reduced. Positively, higher interest rates also didn't lead to
higher NPL formation in retail lending thanks to the four largest
banks' joint decision to cap interest rates on outstanding--largely
floating-rate--mortgages.
External funding prospects are set to improve. Greek Banks' funding
and liquidity profiles continued to improve even after the
repayment of most TLTRO funding from the European Central Bank
(ECB) earlier this year. Strong deposit growth, coupled with the
massive contraction of the loan books since 2019, boosted banks'
liquidity. S&P said, "Decreasing macroeconomic risks, as evidenced
by our raising of the sovereign ratings on Greece to 'BBB-' is also
positively affecting foreign investor sentiment toward Greek bank
debt. Banks' external debt issuances have already gained momentum,
but the system is still a net external lender. Four systemic banks'
TLTRO borrowings dropped to EUR16.8 billion from a peak of EUR50.8
billion at end-2021. We expect banks to meet their minimum
requirements for own funds and eligible liabilities (MREL) in
2025."
S&P said, "We now see favorable prospects of easing economic and
industry risks for Greek banks. These developments support our
positive view of the economic and industry risk trends faced by the
Greek banking system, from stable previously. A simultaneous
enhancement of the economic and industry risk scores in our next
review would see us revise up the anchor for Greek banks to 'bb+'
from 'bb'. This is the key driver for our positive outlooks on
Greek banks."
Aegean Baltic Bank S.A. (ABB)
The 'B+/B' long- and short-term ratings balance ABB's concentrated
monoline business model centered on shipping and more confidence
sensitive funding than that of peers against solid earnings and
asset quality track records, supporting its strong risk-adjusted
capitalization (RAC) profile.
Outlook
The positive outlook on ABB reflects S&P's view that Greek banks
will likely face reduced economic and industry risks over the next
12 months, which will be supportive for ABB's creditworthiness.
Downside scenario: S&P could revise the outlook to stable if it
concludes that:
-- The industry or economic risks faced by the Greek banking
sector are unlikely to reduce in the next two years.
-- ABB's funding or liquidity profile deteriorate because of its
high asset-liability mismatches or outflows of deposits.
-- ABB's asset quality deteriorates compared with historical
levels.
The bank proves unable to preserve its sound capitalization.
Specifically, this could occur if the RAC ratio falls closer to or
below 10% on a sustained basis, mostly due to rising credit losses
or aggressive growth.
Upside scenario: S&P would consider raising its long-term issuer
credit rating on ABB by one notch to 'BB-' if it views industry and
economic risks for Greek banks to have sustainably reduced, all
else being equal.
Alpha Bank S.A. and Alpha Services and Holdings S.A.
S&P revised its outlook on the bank and its holding company owing
to improving economic and funding prospects in the operating
environment as well as the bank's improving capitalization in RAC
terms.
Outlooks
Alpha Bank S.A.
S&P said, "Our positive outlook on Alpha Bank S.A. over the next 12
months reflects our anticipation of easing credit and funding risks
in the operating environment. In our base-case scenario, we assume
that the private sector and domestic property markets will continue
to recover over the next one to two years. Therefore, we expect
credit losses to further normalize toward cyclical lows for the
financial system of 80 bps-90 bps in 2024 and 2025. Owing to
massive deleveraging and strong deposit formation in the past five
years, banks' funding and liquidity metrics will continue to
improve."
Upside scenario: S&P could raise the ratings on the bank over the
next 12 months if it concludes that:
-- Credit losses for Greek banks overall have dropped to cyclical
lows following the ongoing recovery of the economy and the
creditworthiness of the private sector; and
-- Greek banks' susceptibility to a liquidity crisis that might
stem from a run on deposits or changes in foreign investor
sentiment decreases, owing to anticipated improvements to funding
profiles and their increasing ability to raise debt from abroad.
S&P could also consider raising the ratings if Alpha Bank's
capitalization improves with its forecast RAC ratio exceeding 7% on
a sustained basis.
Downside scenario: S&P could revise the outlook to stable if
systemwide credit and funding risks do not ease as it anticipates.
Alpha Services and Holdings S.A.
Upside scenario: A positive rating action on Alpha Services and
Holdings would follow a positive rating action on Alpha Bank,
unless S&P sees a potential material increase in liquidity risks,
most likely in a scenario where the nonoperating holding company
(NOHC)'s investments in Alpha Bank materially exceed 120% of the
NOHC's equity on a sustained basis. In this case, S&P might
eventually widen the notching difference between Alpha Bank and
Alpha Services and Holdings.
Downside scenario: S&P would revise its outlook to stable on Alpha
Services and Holdings over the next 12 months if it takes a similar
action on Alpha Bank.
Eurobank S.A. And Eurobank Holdings
S&P said, "We raised our long-term ratings on Eurobank S.A. and
Eurobank Holdings, reflecting Eurobank's strengthened performance
and resilience. In our view, the transformation of Eurobank since
2018 has led to a more focused and profitable bank with better
asset quality. We expect the announced share acquisition to bring
its holding in Hellenic Bank above 50% (subject to regulatory
approvals) will weigh on the capital position but provide further
benefits in the medium term. We see important synergies from
Eurobank and Hellenic Bank's complementary businesses, and the
improved diversification will enhance Eurobank's risk profile while
execution risks are limited, in our view. Therefore, we now
incorporate a positive comparable rating analysis (CRA) adjustment
in the rating. The adjustment is informed by peer analysis and
captures attributes not fully reflected in other rating factors.
Specifically, we think the improvements outlined above support our
view that Eurobank's operating performance is more in line with
peers rated 'BB', and that the Hellenic Bank acquisition will
benefit Eurobank's creditworthiness despite the negative effect on
its capital position."
Outlook
S&P said, "Our positive outlook on Eurobank over the next 12 months
reflects our anticipation of easing credit and funding risks in the
operating environment. In our base-case scenario, we assume that
the private sector and domestic property markets will continue to
recover. Therefore, we expect credit losses to further normalize
toward cyclical lows for the financial system of 80 bps-90 bps in
2024 and 2025." Owing to massive deleveraging and strong deposit
formation over the past five years, banks' funding and liquidity
metrics will continue to improve.
The positive outlook on Eurobank Holdings over the next 12 months
mirrors that on its operating entity.
Downside scenario: S&P said, "We could revise the outlook to stable
over the next 12 months if systemwide credit and funding risks do
not ease as we anticipate. We could also revise the outlook to
negative if, contrary to our expectations, the acquisition has
unexpected negative effects on Eurobank's financial strength.
Specifically, we could take a negative rating action if the
consolidation of Hellenic Bank leads Eurobank's capital position to
deteriorate materially more than we envisage, or if substantial
execution risks emerge, leading to higher integration costs."
In addition, S&P could lower the rating on Eurobank Holdings if it
anticipates that its double leverage would significantly exceed
120%, in which case we could widen the notching difference between
the operating and holding entities.
Upside scenario: S&P could raise the ratings on the bank over the
next 12 months if we conclude that:
-- Credit losses for Greek banks overall have dropped to cyclical
lows following the ongoing recovery of the economy and the
creditworthiness of the private sector; and
-- Greek banks' susceptibility to a liquidity crisis that might
stem from a run on deposits or changes in foreign investor
sentiment decreases, owing to anticipated improvements of funding
profiles and their increasing ability to raise debt from abroad.
National Bank of Greece S.A. (NBG)
S&P said, "The upgrade follows our capital forecast revisions for
the next 12-18 months, reflecting NBG's success in building larger
capital buffers while maintaining a resilient balance sheet. We
expect the bank's RAC ratio to remain close to 8.0% in 2023-2025
after NBG already registered 220-bps accretion on its common equity
Tier 1 (CET1) ratio in just three quarters of 2023, thanks to
strong earnings. We also view positively the bank's normalization
in core cost of risk to just 66 bps in third-quarter 2023. We
expect likely resumed dividends and potential share buybacks will
not materially affect NBG's capitalization improvements."
Outlook
S&P said, "The positive outlook on NBG over the next 12 months
reflects our anticipation of the easing credit and funding risks in
the operating environment. In our base-case scenario, we assume
that the private sector and domestic property markets will continue
to recover. Therefore, we expect credit losses to further normalize
toward cyclical lows for the financial system of 80 bps-90 bps in
2024 and 2025. Owing to massive deleveraging coupled with a strong
deposit formation in the past five years, banks' funding and
liquidity metrics will continue to improve."
Downside scenario: S&P could revise the outlook to stable if
systemwide credit and funding risks do not ease as it anticipates
and/or NBG's operating performance is weaker than expected.
Upside scenario: S&P could raise the ratings on the bank over the
next 12 months if we conclude that:
-- Credit losses for Greek banks overall have dropped to cyclical
lows following the ongoing recovery of the economy and the
creditworthiness of the private sector; and
-- Greek banks' susceptibility to a liquidity crisis that might
stem from a run on deposits or changes in foreign investor
sentiment decreases, owing to anticipated improvements of funding
profiles and their increasing ability to raise debt from abroad.
S&P said, "We could also raise the ratings if NBG's business
positions improve. We would look, for example, for evidence of
strong franchise growth, stronger and more consistent performance,
and robust balance sheet metrics."
Piraeus Bank S.A. And Piraeus Financial Holdings S.A.
S&P said, "We raised our ratings on the bank and its holding
company owing to our conclusion that the group largely closed its
asset quality gap with peers. We also raised our issue ratings to
'CCC' from 'CCC-' on the junior subordinated instrument of Piraeus
Holdings. This is because the risk profile of the bank has
materially improved over the past few years and we now consider
that the risk of default on this debt has diminished."
Outlooks
Piraeus Bank S.A.
S&P said, "Our positive outlook on Piraeus Bank S.A. over the next
12 months reflects our anticipation of easing credit and funding
risks in the operating environment. In our base-case scenario, we
assume that the private sector and domestic property markets will
continue to recover. Therefore, we expect credit losses to further
normalize toward cyclical lows for the financial system of 80
bps-90 bps in 2024 and 2025. Owing to massive deleveraging and
strong deposit formation in the past five years, banks' funding and
liquidity metrics will continue to improve."
Upside scenario: S&P could raise the ratings on the bank over the
next 12 months if it concludes that:
-- Credit losses for Greek banks have dropped to cyclical lows
following the ongoing recovery of the economy and the
creditworthiness of the private sector; and
-- Greek banks' susceptibility to a liquidity crisis that might
stem from a run on deposits or changes in foreign investor
sentiment decreases, owing to anticipated improvements of funding
profiles and their increasing ability to raise debt from abroad.
Should this scenario materialize, S&P's upgrade of the bank would
still hinge on its key asset quality and funding metrics moving in
tandem with the system.
S&P said, "We could also consider a positive rating action if we
expect Piraeus' capitalization to improve, with its RAC ratio
exceeding 7% on a sustained basis. This is not our base-case
scenario though, because the bank has fully used its regulatory
Tier 1 issuance quota and is about to resume dividend payments,
subject to the ECB's approval."
Downside scenario: S&P could revise the outlook to stable if
systemwide credit and funding risks do not ease as it anticipates.
Piraeus Financials Holdings S.A.
The positive outlook over the next 12 months on Piraeus Financial
Holdings S.A. mirrors that on its operating entity, Piraeus Bank
SA.
BICRA Score Snapshot*
Greece
TO FROM
BICRA group 7 7
Economic risk 7 7
Economic resilience High Risk High Risk
Economic imbalances High Risk High Risk
Credit risk in the economy High Risk Very High Risk
Trend Positive Stable
Industry risk 7 7
Institutional framework High Risk High Risk
Competitive dynamics High Risk High Risk
Systemwide funding High Risk High Risk
Trend Positive Stable
Banking Industry Country Risk Assessment (BICRA) economic risk and
industry risk scores are on a scale from 1 (lowest risk) to 10
(highest risk).
Ratings List
AEGEAN BALTIC BANK S.A.
RATINGS AFFIRMED; OUTLOOK ACTION
TO FROM
AEGEAN BALTIC BANK S.A.
Issuer Credit Rating B+/Positive/B B+/Stable/B
ALPHA SERVICES AND HOLDINGS SOCIETE ANONYME
RATINGS AFFIRMED
ALPHA BANK SA
Resolution Counterparty Rating BB+/--/B
ALPHA BANK SA
Senior Unsecured BB-
ALPHA SERVICES AND HOLDINGS SOCIETE ANONYME
Subordinated CCC
RATINGS AFFIRMED; OUTLOOK ACTION
TO FROM
ALPHA BANK SA
Issuer Credit Rating BB-/Positive/B BB-/Stable/B
ALPHA SERVICES AND HOLDINGS SOCIETE ANONYME
Issuer Credit Rating B/Positive/B B/Stable/B
EUROBANK HOLDINGS
UPGRADED
TO FROM
EUROBANK S.A
Resolution Counterparty Rating BBB-/--/A-3 BB+/--/B
EUROBANK S.A
Senior Unsecured BB BB-
UPGRADED; RATINGS AFFIRMED
TO FROM
EUROBANK HOLDINGS
Issuer Credit Rating B+/Positive/B B/Positive/B
EUROBANK S.A
Issuer Credit Rating BB/Positive/B BB-/Positive/B
NATIONAL BANK OF GREECE S.A.
UPGRADED
TO FROM
NATIONAL BANK OF GREECE S.A.
Resolution Counterparty Rating BBB-/--/A-3 BB+/--/B
NATIONAL BANK OF GREECE S.A.
Senior Unsecured BB BB-
Subordinated B B-
UPGRADED; RATINGS AFFIRMED
TO FROM
NATIONAL BANK OF GREECE S.A.
Issuer Credit Rating BB/Positive/B BB-/Positive/B
PIRAEUS FINANCIAL HOLDINGS S.A.
RATINGS AFFIRMED
PIRAEUS FINANCIAL HOLDINGS S.A.
Subordinated CCC
UPGRADED
TO FROM
PIRAEUS BANK S.A.
Senior Unsecured BB- B+
PIRAEUS FINANCIAL HOLDINGS S.A.
Junior Subordinated CCC CCC-
UPGRADED; RATINGS AFFIRMED
TO FROM
PIRAEUS BANK S.A.
Issuer Credit Rating BB-/Positive/B B+/Positive/B
Resolution Counterparty Rating BB+/--/B BB/--/B
PIRAEUS FINANCIAL HOLDINGS S.A.
Issuer Credit Rating B/Positive/B B-/Positive/B
=============
I R E L A N D
=============
ANCHORAGE CAPITAL 6: Fitch Gives F-R Notes B-sf Reset Final Rating
------------------------------------------------------------------
Fitch Ratings has assigned Anchorage Capital Europe CLO 6 DAC reset
final ratings as detailed below.
Entity/Debt Rating Prior
----------- ------ -----
Anchorage Capital
Europe CLO 6 DAC
A XS2500008128 LT PIFsf Paid In Full AAAsf
A-R XS2715950932 LT AAAsf New Rating
B-1 XS2500008474 LT PIFsf Paid In Full AAsf
B-1-R XS2715951153 LT AAsf New Rating
B-2 XS2500008631 LT PIFsf Paid In Full AAsf
B-2-R XS2715951070 LT AAsf New Rating
C XS2500008805 LT PIFsf Paid In Full Asf
C-R XS2715951583 LT Asf New Rating
D XS2500008987 LT PIFsf Paid In Full BBB-sf
D-R XS2715951740 LT BBB-sf New Rating
E XS2500009282 LT PIFsf Paid In Full BB-sf
E-R XS2715951666 LT BB-sf New Rating
F XS2500009365 LT PIFsf Paid In Full B-sf
F-R XS2715952128 LT B-sf New Rating
TRANSACTION SUMMARY
Anchorage Capital Europe CLO 6 DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds are being used to fund a portfolio with a
target par of EUR400 million. The portfolio is actively managed by
Anchorage CLO ECM, L.L.C.
The collateralised loan obligation (CLO) has a four-year
reinvestment period and a 7.1-year weighted average life test (WAL)
at closing, which can be extended by one year, at any time, from
one year after closing.
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The
Fitch-calculated weighted average rating factor (WARF) of the
identified portfolio is 25.6.
High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. 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 identified portfolio
is 62.0%.
Diversified Asset Portfolio (Positive): The transaction has a
concentration limit for the 10 largest obligors at 20%. The
transaction also includes various concentration limits, including
the maximum exposure to the three-largest Fitch-defined industries
in the portfolio at 42.5%. These covenants ensure the asset
portfolio will not be exposed to excessive concentration.
WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year, to 8.1 years, on the step-up date, which can be one
year after closing at the earliest. The WAL extension is at the
option of the manager but subject to conditions including
fulfilling the collateral quality tests and meeting the
reinvestment target par, with defaulted assets at their collateral
value.
Portfolio Management (Neutral): The transaction has a four-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.
Cash Flow Modelling (Neutral): The WAL used for the transaction's
Fitch-stressed portfolio analysis is 12 months less than the WAL
covenant at the issue date, to account for the strict reinvestment
conditions envisaged by the transaction after its reinvestment
period. These include, among others, passing the coverage tests,
the Fitch WARF and the Fitch 'CCC' bucket limitation test post
reinvestment, as well as a WAL covenant that progressively steps
down over time, both before and after the end of the reinvestment
period. Fitch believes these conditions would reduce the effective
risk horizon of the portfolio during the stress period.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would lead to downgrades of no more than
one notch to the class A-R and D-R notes, two notches to the class
B-R and C-R notes, and to below 'B-sf' for the class F-R notes.
Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B-R to E-R notes display a
rating cushion of one to two notches.
Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the Fitch-stressed portfolio would lead to downgrades of up to
four notches for the class A-R to D-R notes and to below 'B-sf' for
the class E-R and F-R notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would lead to upgrades of up to two notches for the rated
notes, except for the 'AAAsf' rated notes.
During the reinvestment period, based on the Fitch-stressed
portfolio, upgrades may occur on better-than-expected portfolio
credit quality and a shorter remaining WAL test, leading to the
ability of the notes to withstand larger-than-expected losses for
the remaining life of the transaction. After the end of the
reinvestment period, upgrades may occur on stable portfolio credit
quality and deleveraging, leading to higher credit enhancement and
excess spread available to cover losses in the remaining
portfolio.
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.
DOLE PLC: Moody's Affirms 'Ba3' CFR & Alters Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service changed the outlooks for Dole plc
("Dole"), Finantic Limited ("Finantic") and Total Produce USA
Holdings Inc. ("Total Produce USA") to stable from negative. At the
same time, Moody's affirmed Dole's Ba3 Corporate Family Rating,
Ba3-PD Probability of Default Rating, and the Ba3 rating on the
company's $600 million senior secured 1st lien revolving credit
facility. In addition, Moody's affirmed the Ba3 ratings on Finantic
Limited's $300 million senior secured 1st lien term loan A and
Total Produce USA Holdings Inc.'s $540 million senior secured 1st
lien term loan B. Moody's also upgraded Dole's speculative grade
liquidity rating ("SGL") to SGL-2 from SGL-3.
The outlook revision to stable from negative reflects Dole's
improved credit metrics over the past year and Moody's expectations
that the company will continue to focus on reducing balance sheet
leverage. In 2022, Dole faced a number of headwinds including cost
inflation, weather related issues that impacted its sourcing, a
salad recall, and operating challenges in it fresh vegetables
division that caused its debt to EBITDA to rise slightly above 4x.
However, recently these headwinds have subsided, resulting in
improved credit metrics for the company. Dole utilized its good
free cash flow and asset proceeds to repay debt. In addition, Dole
announced in January 2023 an agreement to sell its fresh vegetables
division to Fresh Express Incorporated for $293 million in cash,
with proceeds earmarked for debt reduction. Following the sale of
its Fresh Vegetables division, Dole will have lower leverage and
strong free cash flow. As of September 30, 2023, Dole's Moody's
adjusted debt/ LTM EBITDA stood at 3.9x, and Moody's is projecting
that the company's debt-to-EBTIDA leverage could fall below 3.5x in
the next 12 to 18 months.
Moody's affirmed the existing ratings based on expectations that
the company will be able to maintain its Moody's adjusted debt to
EBITDA below 4.0x in the next 12 to 18 months and continue to
generate positive free cash flow. In addition, Moody's projects
that Dole will continue to realize merger synergies from the Dole
Food Company, Inc. and Total Produce plc merger. At the time of the
merger in July 2021, management announced expectations of
delivering between $30 million and $40 million in synergies, and
Moody's believes management is still on track to realize these
synergies over a five-year period. Lastly, the affirmation is based
on Moody's expectations that Dole plc will remain committed to
divesting its Fresh Vegetables division if the regulatory review
process of the sale transaction to Fresh Express Incorporated is
not successful.
The SGL upgrade to SGL-2 from SGL-3 reflects Moody's view that the
company's free cash flow has improved and will remain good over the
next 12 months as a result of an improvement in earnings, and that
a reduction in borrowings provides more revolver capacity.
Inflationary headwinds and operational challenges such as
disruptions to the Chilean grape supply have subsided, and the
company has taken steps such as raising prices to improve earnings
and free cash flow. In the next 12 months, Moody's is forecasting a
flat to slightly lower free cash flow generation with higher
earnings offset by an increase in capital spending and less of a
boost from working capital. The SGL-2 rating reflects good
liquidity based on approximately $218 million in cash as of
September 30, 2023 and approximately $70-80 million in free cash
flow in 2024, $501 million of availability on a $600 million
revolving credit facility, and no meaningful debt maturities
through 2026. The cash sources provide ample resources for the
$12.9 million of required annual term loan amortization,
reinvestment needs and potential acquisitions. Dole also has $152
million of availability on $248 million of secured lines of credit
with various banks to support local operations. Moody's expects
these facilities to remain in place for normal operations. However,
because the facilities can be terminated by the banks, borrowings
are a potential cash need.
RATINGS RATIONALE
Dole plc's Ba3 CFR reflects the company's significant scale with
approximately $9 billion in revenues, broad geographic presence,
and a leading market share in fruit and vegetables. The rating is
constrained by the company's low EBITDA margin and free cash flow
as well as its elevated Moody's adjusted debt to EBITDA leverage of
3.9x as of September 30, 2023.
Combining Dole Food's iconic brand and asset base including its
distribution and manufacturing facilities, shipping vessels,
packing houses, and owned acres with Total Produce's sourcing and
customer relationships in Europe and North America created a global
leader in fresh produce. Dole plc is still expected to deliver
between $30 million and $40 million in EBITDA synergies through
development of high growth products and cross-promotion of the two
product portfolios, increased collaboration in certain regions of
the world, collaborative sourcing from key production regions, and
increased collaboration across inland freight and logistics in
North America. Prior to the merger in July 2021, Total Produce plc
owned a 45% stake in Dole Food Company, Inc. and as such, the two
companies were able to collaborate on a number of initiatives prior
to the merger. The high expense base associated with complex global
sourcing and distribution of fresh fruits and vegetables, as well
as marketing, translates to a low EBITDA margin and limited free
cash flow generation. Dole plc's EBITDA margin is less than 5% and
the company's free cash flow generation is moderate for the Ba3
rating.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Dole's ratings could be upgraded if the company maintains good
market share, improves the operating profit margin to at least 6%,
and sustains free cash flow to debt of at least 10% and debt to
EBITDA below 2.0x.
Ratings could be downgraded if distribution or market share losses,
pricing erosion or an increase in operating costs leads to lower
earnings. Adverse changes in sourcing, transport or competitive
factors, a deterioration in liquidity, an inability to sustain
comfortably positive free cash flow, or debt to EBITDA sustained
above 4.0x could also lead to a downgrade.
The principal methodology used in these ratings was Protein and
Agriculture published in November 2021.
Dole plc, based in Ireland, is a global producer of fresh fruit and
fresh vegetables. The company was created from the merger of Total
Produce plc and Dole Food Company, Inc. on July 29, 2021, and is
publicly listed in the U.S. For the twelve-month period ended
September 30, 2023, Dole plc generated revenue of approximately
$9.4 billion.
OCP EURO 2023-8: S&P Assigns B- (sf) Rating to Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned credit ratings to OCP Euro CLO 2023-8
DAC's class A-Loan and class A to F European cash flow CLO notes.
At closing, the issuer also issued unrated class Z notes and
subordinated notes.
The ratings reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.
Portfolio benchmarks
CURRENT
S&P Global Ratings' weighted-average rating factor 2,876.84
Default rate dispersion 463.01
Weighted-average life (years) 4.39
Weighted-average life (years) extended to cover
the length of the reinvestment period 5.10
Obligor diversity measure 126.44
Industry diversity measure 22.22
Regional diversity measure 1.29
Transaction key metrics
CURRENT
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 0.00
Actual 'AAA' weighted-average recovery (%) 37.51
Actual weighted-average spread (net of floors; %) 4.58
Actual weighted-average coupon (%) 4.45
Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments.
Asset Priming Obligations And Uptier Priming Debt
Under the transaction documents, the issuer can purchase asset
priming (drop down) obligations and/or uptier priming debt to
address the risk, where a distressed obligor could either move
collateral outside the existing creditors' covenant group or incur
new money debt senior to the existing creditors.
Rationale
S&P said, "The portfolio is well-diversified, primarily comprising
broadly syndicated speculative-grade senior secured term loans and
senior secured bonds. Therefore, we have conducted our credit and
cash flow analysis by applying our criteria for corporate cash flow
CDOs.
"In our cash flow analysis, we used the EUR350 million target par
amount, the weighted-average spread (4.58%), the weighted-average
coupon (4.45%), and the actual weighted-average recovery rates
calculated in line with our CLO criteria for all classes of
ratings. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.
"Until the end of the reinvestment period on Jan. 20, 2029, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.
"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.
"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.
"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class
A-Loan and class A to F notes.
"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to F notes could withstand
stresses commensurate with the same or higher ratings than those we
have assigned. However, as the CLO is still in its reinvestment
phase, during which the transaction's credit risk profile could
deteriorate, we have capped our ratings assigned to the notes.
"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-Loan and
class A to E notes based on four hypothetical scenarios.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."
Ratings
AMOUNT CREDIT
CLASS RATING* (MIL. EUR) INTEREST RATE§ ENHANCEMENT (%)
A AAA (sf) 108.85 3mE +1.74% 38.00
A-Loan AAA (sf) 108.15 3mE +1.74% 38.00
B AA (sf) 39.375 3mE +2.45% 26.75
C A (sf) 20.125 3mE +3.30% 21.00
D BBB- (sf) 22.40 3mE +5.75% 14.60
E BB- (sf) 16.10 3mE +8.04% 10.00
F B- (sf) 8.75 3mE +9.64% 7.50
Z NR 1.00 N/A N/A
Subordinated NR 28.45 N/A N/A
*The ratings assigned to the class A-Loan, A, and B notes address
timely interest and ultimate principal payments. The ratings
assigned to the class C to F notes address ultimate interest and
principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.
PROVIDUS CLO IX: S&P Assigns B- (sf) Rating to Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Providus CLO IX
DAC's class X, A, B, C, D, E, and F notes. The issuer also issued
unrated subordinated notes.
The reinvestment period will be approximately 4.5 years, while the
non-call period will be 1.5 years after closing.
Under the transaction documents, the rated loans and notes pay
quarterly interest unless there is a frequency switch event.
Following this, the notes will switch to semiannual payment.
The ratings assigned to the notes reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.
Portfolio benchmarks
CURRENT
S&P Global Ratings' weighted-average rating factor 2,901.37
Default rate dispersion 568.74
Weighted-average life (years) 4.56
Weighted-average life extended to cover the length of the
reinvestment period (years) 4.59
Obligor diversity measure 116.71
Industry diversity measure 13.75
Regional diversity measure 1.44
Transaction key metrics
CURRENT
Total par amount (mil. EUR) 375.00
Defaulted assets (mil. EUR) 0.00
Number of performing obligors 144
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 1.80
Actual 'AAA' weighted-average recovery (%) 36.74
Actual weighted-average spread (%) 4.13
Actual weighted-average coupon (%) 5.07
S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. We consider that the portfolio is well-diversified, primarily
comprising broadly syndicated speculative-grade senior secured term
loans and senior secured bonds. Therefore, we conducted our credit
and cash flow analysis by applying our criteria for corporate cash
flow CDOs.
"In our cash flow analysis, we also modeled the actual
weighted-average spread of 4.13%, the covenanted weighted-average
coupon of 5.76%, and the actual target weighted-average recovery
rates as indicated by the collateral manager. We applied various
cash flow stress scenarios, using four different default patterns,
in conjunction with different interest rate stress scenarios for
each liability rating category.
"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.
"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.
"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.
"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B, C, D, and E notes could
withstand stresses commensurate with higher ratings than those we
have assigned. However, as the CLO will be in its reinvestment
phase starting from the effective date, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings assigned to the notes.
"The class X and A notes can withstand stresses commensurate with
the assigned ratings. In our view, the portfolio is granular in
nature, and well-diversified across obligors, industries, and asset
characteristics when compared with other CLO transactions we have
rated recently. As such, we have not applied any additional
scenario and sensitivity analysis when assigning our ratings to any
classes of notes in this transaction.
"For the class F notes, our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses that
are commensurate with a lower rating. However, we have applied our
'CCC' rating criteria, resulting in a 'B- (sf)' rating on this
class of notes."
The ratings uplift (to 'B-') reflects several key factors,
including:
-- The available credit enhancement for this class of notes is in
the same range as other CLOs that we rate, and that have recently
been issued in Europe.
-- The portfolio's average credit quality is similar to other
recent CLOs.
-- S&P's model generated break-even default rate at the 'B-'
rating level of 25.94% (for a portfolio with a weighted-average
life of 4.59 years), versus if it was to consider a long-term
sustainable default rate of 3.1% for 4.59 years, which would result
in a target default rate of 14.23%.
S&P said, "For us to assign a rating in the 'CCC' category, we also
assess (i) whether the tranche is vulnerable to non-payments in the
near future, (ii) if there is a one in two chance of this tranche
defaulting, and (iii) if we envision this tranche to default in the
next 12-18 months.
"Following this analysis, we consider that the available credit
enhancement for the class F notes is commensurate with a 'B- (sf)'
rating.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class X,
A, B, C, D, E, and F notes.
"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A to E notes, based on four
hypothetical scenarios.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."
Providus CLO IX DAC is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers. Permira
European CLO Manager LLP will manage the transaction.
Ratings list
AMOUNT
CLASS RATING (MIL. EUR) SUB (%) INTEREST RATE*
X AAA (sf) 2.00 N/A Three/six-month EURIBOR
plus 0.75%
A AAA (sf) 228.80 38.99 Three/six-month EURIBOR
plus 1.75%
B AA (sf) 41.20 28.00 Three/six-month EURIBOR
plus 2.45%
C A (sf) 22.10 22.11 Three/six-month EURIBOR
plus 3.30%
D BBB- (sf) 25.90 15.20 Three/six-month EURIBOR
plus 5.25%
E BB- (sf) 17.10 10.64 Three/six-month EURIBOR
plus 7.63%
F B- (sf) 12.50 7.31 Three/six-month EURIBOR
plus 9.66%
Sub NR 27.40 N/A N/A
*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.
=========
I T A L Y
=========
COLT SPV: Moody's Assigns B2 Rating to EUR20.3MM Class B-2 Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the Notes issued by COLT SPV S.R.L. (the "Issuer") as
part of a restructuring:
EUR113.7M Class A-2 Asset Backed Floating Rate Notes due February
2040, Assigned Aa3 (sf)
EUR20.3M Class B-2 Asset Backed Floating Rate Notes due February
2040, Assigned B2 (sf)
Moody's has not assigned any rating to the EUR4.1M Class J-2 Asset
Backed Fixed Rate and Additional Return Notes due February 2040
issued by the Issuer.
At the same time, Moody's has taken the following actions on the
outstanding Notes:
EUR375M Class A-1 Asset Backed Floating Rate Notes due February
2040, Upgraded to Aa3 (sf); previously on Dec 19, 2022 Assigned A1
(sf)
EUR79.1M Class B-1 Asset Backed Floating Rate Notes due February
2040, Affirmed B2 (sf); previously on Dec 19, 2022 Assigned B2
(sf)
The transaction, which originally closed on December 19, 2022, is a
static cash securitisation of a portfolio composed of unsecured
term loans granted by illimity Bank S.p.A. (unrated) to
medium-sized enterprises and corporates located in Italy. At
closing, the Issuer issued Class A-1 Asset Backed Floating Rate
Notes due February 2040 ("Class A-1 Notes"), Class B-1 Asset Backed
Floating Rate Notes due February 2040 ("Class B-1 Notes") and Class
J-1 Asset Backed Fixed Rate and Additional Return Notes due
February 2040 ("Class J-1 Notes"). The initial loans in the initial
portfolio were all benefitting from a government guarantee.
The restructuring consists mainly of the following:
(i) the Issuer will acquire a subsequent portfolio of loans from
illimity Bank S.p.A.;
(ii) the purchase of the subsequent portfolio will be financed by
Class A-2 Asset Backed Floating Rate Notes due February 2040
("Class A-2 Notes"), Class B-2 Asset Backed Floating Rate Notes due
February 2040 ("Class B-2 Notes") and Class J-2 Asset Backed Fixed
Rate and Additional Return Notes due February 2040 ("Class J-2
Notes") as well as by the repurchase price of certain assets, that
illimity Bank S.p.A. will repurchase from the Issuer;
(iii) the transaction's cash reserve and set-off reserve will be
topped-up.
The Class A-1 and A-2 Notes will rank pro rata and pari passu with
each other, so will Class B-1 and B-2 Notes and Class J-1 and J-2
Notes, respectively.
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, among others:
(i) around 77.8% of the portfolio balance consists of loans that
benefit from Sace S.p.A. ("SACE") Guarantees or Banca del
Mezzogiorno - MCC S.p.A. ("MCC") Guarantees, which are funded by
the Government of Italy (Baa3/P-3), and cover mainly between 80%
and 90% of the loan balance outstanding at the time of activation
of the guarantee (including 90 days past due and insolvency of the
debtor);
(ii) relatively low industry sector concentration: the debtors
active in the highly cyclical Construction and Building sector, in
terms of Moody's industry classification, represents around 17.4%
of the total portfolio and the top region (Lombardy) accounting for
40% of the portfolio;
(iii) the Class A-1 and A-2 Notes' subordination representing 31.9%
of the total assets and a cash reserve of 4% of the Class A-1 and
A-2 Notes funded at the restructuring date;
(iv) interest payment on the Class B-1 and B-2 Notes becomes
subordinated to the repayment of the Class A-1 and A-2 Notes
principal if the cumulative default ratio is higher than 5%. This
is beneficial for the Class A-1 and A-2 Notes to the detriment of
the Class B-1 and B-2 Notes;
(v) very limited interest rate risk with 100% of assets and
liabilities paying floating rates;
(vi) a dedicated reserve funded at the restructuring date
mitigating the set-off risk arising from borrowers having deposits
or derivatives with illimity Bank S.p.A. Borrowers may offset these
amounts against amounts they owe under the securitized loans in
case of an insolvency of illimity Bank S.p.A.
However, the transaction has several challenging features, such
as:
(i) the lack of granularity of the portfolio with 81 debtors and
the Top 1 and 10 representing 5.1% and 35.7%, respectively; each of
the Top 7 debtors have an outstanding balance representing more
than 3% of the total portfolio;
(ii) relatively low borrowers' average credit quality in the low B
range with cross-over and growing companies;
(iii) the potential renegotiation capabilities: the servicer can
renegotiate several terms and conditions of the loans up to certain
limits. These renegotiations could affect the loan maturity and the
interest rate applied to the loans.
Key collateral assumptions:
Mean default rate: Moody's assumed a mean default rate of 18.7%
over a weighted average life of 2.6 years (equivalent to a B3 proxy
rating as per Moody's Idealized Default Rates). Moody's default
assumption is based on: (1) the characteristics of the loan-by-loan
portfolio information for the initial portfolio, (2) a mapping of
Cerved Group S.p.A.'s rating categories onto Moody's scale based on
the available historical data and rating migration of Cerved Group
S.p.A.'s ratings since 2008, (3) an additional two notches stress
applied to all debtors with an exposure above the 3% of the total
portfolio, as well as a one notch stress to all borrowers having
loans with bullet maturities, and (4) servicer's flexibility to
extend the maturity of the loans within certain limits.
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 42% as a result of the analysis of the
portfolio concentrations in terms of single obligors and industry
sectors.
Recovery rate: considering the partial guarantee on the loans,
Moody's assumed 65% fixed recovery rate as long as the guarantor is
around and 25% mean recovery rate in the scenarios where the
guarantor defaults. The main driver of the recovery is the amount
guaranteed provided by SACE and MCC, hence, ultimately the
Government of Italy (rated Baa3).
Portfolio credit enhancement: in absence of the guarantee, the
aforementioned assumptions considering the 25% recovery rate
correspond to a portfolio credit enhancement of 35%, that takes
into account the Italian current local currency country risk
ceiling (LCC) of Aa3.
As of October 31, 2023, the pool of underlying assets was composed
of a portfolio of 115 loans amounting to EUR583.7 million. The top
two industry sectors in the pool, in terms of Moody's industry
classification, are Construction and Building (17.4%) and
Automotive (15.8%). The top borrower represents 5.1% of the
portfolio and the effective number of obligors is 45. Mid-cap
companies account for 47.7% of the total portfolio, the remaining
being corporates. The assets were originated mainly between 2021
and 2022 and have a weighted average seasoning of 1.8 years and a
weighted average remaining term of 3.9 years. The pool bears a
floating interest rate, and the weighted average margin is 3.6%.
Geographically, the pool is concentrated mostly in Lombardy (40.0%)
and Piemonte (12.5%). At closing, none of the debtors was neither
in arrears by more than 30 days nor benefitting from a debt
moratorium or the loan was classified as unlikely-to-pay by the
originator or classified as bad loan by any bank in Italy.
Approximately 61.3% of the portfolio consists of loans which
benefit from SACE Guarantees, while 16.4% of the portfolio consists
of loans which benefit from MCC Guarantees.
Key transaction structure features:
Credit enhancement: Class A-1 and A-2 Notes benefits from the
subordination of the Class B-1 and B-2 Notes and Class J-1 and J-2
Notes representing 31.9% of the total assets, while the Class B-1
and B-2 Notes benefits from credit enhancement from the Class J-1
and J-2 Notes subordination.
Cash reserve:
The transaction benefits from EUR 15.9 million cash reserve funded
at the restructuring date equivalent to 4% of the original balance
of the Class A-1 and A-2 Notes. It will amortise according to Class
A-1 and A-2 Notes' amortisation down to a floor of 1% of the
initial Class A-1 and A-2 Notes' balance. The cash reserve provides
mainly liquidity protection to the Class A-1 and A-2 Notes, as well
as credit enhancement at maturity. Amortised amounts from the cash
reserve will also be used to make principal payments on the Notes.
Counterparty risk analysis:
illimity Bank S.p.A. will service the securitized portfolio, while
Banca Finanziaria Internazionale S.p.A. (unrated) acts as back-up
servicer. To ensure payment continuity over the transaction's
lifetime, the transaction documents incorporate estimation language
according to which the calculation agent, i.e., Banca Finanziaria
Internazionale S.p.A., will prepare the payment report based on
estimates if the servicer report is not available. In such a case,
only interest on the Class A-1 and A-2 Notes and items senior
thereto will be paid.
All of the payments under the securitised loans are collected by
the servicer into its collection account. Collections are
transferred within 2 business days into the issuer collection
account held at Bank of New York Mellon SA/NV (Milan Branch)
(Aa2/P-1). The Issuer account is held at Bank of New York Mellon
SA/NV (Milan Branch) (Aa2/P-1) with a transfer requirement if the
rating of the account bank falls below Baa3/P-3.
The transaction structure includes a dedicated set-off reserve set
at EUR20 million at restructuring date, which will amortise with
the reduction of deposits on the debtors' account down to a floor
of EUR8.4 million, which covers the mark-to-market value of the
derivatives in place at the transfer date. This dedicated reserve
mitigates the potential set off risk of the transaction.
Principal Methodology
The principal methodology used in these ratings was "SME
Asset-Backed Securitizations methodology" published in July 2023.
Factors that would lead to an upgrade or downgrade of the ratings:
The 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 including the guarantor, the level of credit enhancement and
the Italy's country risk could also impact the ratings.
FABBRICA ITALIANA: Moody's Alters Outlook on 'B3' CFR to Stable
---------------------------------------------------------------
Moody's Investors Service affirmed the B3 long term corporate
family rating and the B3-PD probability of default rating of
Fabbrica Italiana Sintetici S.p.A. (FIS). Concurrently, Moody's
affirmed the B3 rating of the EUR350 million Sustainability-Linked
Senior Secured Notes due August 2027. Moody's also changed the
outlook to stable from negative.
The rating action reflects:
-- Easing liquidity concerns as FIS (i) raised additional EUR50m
debt to repay its drawings under its EUR50m revolving credit
facility (RCF), (ii) increased the size of RCF to EUR80m from
EUR50m and (iii) implements working capital optimization programme
-- Positive trajectory of improving profitability with EBITDA at
levels above EUR100 million supported by sales of new molecules and
positive net benefits from restructuring
RATINGS RATIONALE
FIS's B3 CFR takes into account prospects of continued revenue
growth sustained by long-standing customer relationships, expected
net benefits from restructuring and strengthened liquidity. The
implementation of restructuring and working capital optimization
programmes should over time have positive benefits on FIS'
financial strengths.
At the same time, the small scale; high product, customer,
geographic and supplier concentration; high working capital in
absolute and relative terms and when compared to peers, reliance on
two (reverse) factoring programmes and the maturity of its EUR53
million convertible notes due October 2024 all constrain the
rating.
Moody's views the presence of Bain Capital as the majority
shareholder as neutral as the rating agency does not expect any
material changes to FIS' governance or its overall (financial)
strategy.
LIQUIDITY
The liquidity of FIS is adequate. At closing of the family
transaction, FIS placed a EUR50 million private placement. Proceeds
have been used to repay the drawings of FIS' EUR50 million RCF. At
the same time, the RCF has been upsized to EUR80 million further
also reflecting the growth of the company in past years. Working
capital optimization should allow FIS to generate Moody's-adjusted
positive free cash flows over time.
OUTLOOK
The outlook is stable. The stable outlook takes into account
improving profitability supported by sales of new molecules,
positive net benefits from restructuring, the implementation of
working capital optimization as well as the roll-over of
convertible bonds maturing in October 2024.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the rating if FIS had (i) Debt to EBITDA
sustained below 4.5x; (ii) EBITDA margin sustainably in the
high-teens (%); evidence of ability to pass on higher input costs
to customers to protect margins; and (iii) a stronger liquidity
profile with sustained positive FCF and EBITDA/interest expense
maintained above 2.0x. An upgrade would also require greater
diversification of revenues.
Moody's could downgrade the ratings with (i) Debt to EBITDA
sustained above 6.0x; (ii) EBITDA margin in the low teens (%) on a
sustained basis; or (iii) weakening of liquidity, such as
persistent negative free cash flow or EBITDA/interest expense below
2.0x.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Chemicals
published in October 2023.
COMPANY PROFILE
Fabbrica Italiana Sintetici S.p.A. (FIS), based in Montecchio
Maggiore/Italy, is a contract development and manufacturing company
(CDMO) that specializes in the production and development of small
molecule active pharmaceutical ingredients (API). FIS' businesses
are organised in four divisions: Custom (2022 share of net sales:
72%); Generic (24%); R&D Services (2%); and Animal Health (1%).
Bain Capital in December 2023 acquired a majority stake in FIS with
the founding Ferrari family retaining a minority stake and holding
a EUR250 million vendor loan as part of the transaction. The
Ferrari family holds its interests through Nine Trees Group S.p.A.
In 2022, FIS generated turnover from sales and services of around
EUR672 million and reported EBITDA of EUR93.5 million.
=====================
S W I T Z E R L A N D
=====================
HERENS MIDCO: Moody's Affirms 'B3' CFR, Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has affirmed the B3 long term corporate
family rating and B3-PD probability of default rating of Herens
Midco S.a.r.l. (Arxada), the parent company of Arxada AG.
Concurrently, Moody's affirmed the Caa2 rating of Herens Midco
S.a.r.l.'s EUR460 million senior unsecured notes as well as the B2
ratings of Herens HoldCo S.a.r.l.'s USD350 million guaranteed
senior secured notes due 2028, EUR1,104.4 million and USD1,430
million senior secured term loan B due 2028 and the EUR430 million
senior secured revolving credit facility (RCF) due 2027. The
outlook on both entities has been changed to negative from stable.
The rating action reflects:
-- Very high leverage and weak coverage metrics
-- Moody's expectation deleveraging prospects will be limited over
the next twelve to eighteen months
-- Arxada's general resilient performance through the cyclical
trough
RATINGS RATIONALE
Arxada has experienced challenging trading conditions and
destocking across many of its end markets in 2023. Currently, as
with its peers, the agency considers there is very limited
visibility for a meaningful recovery in top line growth in 2024.
Nevertheless, Arxada's earnings performance has been generally
resilient through what Moody's considers is the cyclical trough.
The company reported EBITDA margins have gradually improved each
quarter across the first three quarters of 2023 from 14.8% to 16.3%
reflecting pricing initiatives, a reduction in the fixed cost base,
and the effective execution of cost savings programmes.
Arxada remains very highly leveraged. Moody's expects Arxada's
Moody's-adjusted gross leverage (debt/EBITDA) of around 11x for the
12 months to December 31, 2023, positioning Arxada weakly for its
current rating. Moody's expects the lack of visibility for a
material recovery in demand in 2024 will inhibit Arxada's ability
to meaningfully reduce leverage.
Interest costs are high. Moody's estimates total interest costs of
around CHF235 million to CHF240 million for the year. Moody's
estimate includes the benefit from hedges, which remain in place
until at least the end of 2024. The agency expects seasonal working
capital requirements will remain moderate reflecting the current
low-demand environment. The company announced measures to reduce
its cost base which targets around CHF30 million of savings with no
more than CHF30 million of exceptional costs over the next 18
months. Moody's considers all these factors will pose risks to the
generation of positive FCF in the next 12 to 18 months.
LIQUIDITY
Arxada's liquidity is adequate. At the end of Q3, the company
reported a cash position of CHF121 million. It also reported the
availability of CHF138 million under its EUR430 million RCF. The
company indicated that it will maintain sufficient capacity under
the springing covenant to fully access the remaining undrawn RCF.
Arxada has no debt maturities until January 2028 when Herens HoldCo
S.a.r.l.'s senior secured RCF matures.
STRUCTURAL CONSIDERATIONS
The B2 rating on the guaranteed senior secured notes and senior
secured bank credit facilities, which comprise the USD350 million
notes, the USD1,430 million Term Loan B, the EUR1,104.4 million
Term Loan B and the EUR430 million senior secured RCF issued by
Herens HoldCo S.a.r.l.— one notch above the CFR — reflects the
EUR460 million senior unsecured notes issued by Herens Midco
S.a.r.l., rated Caa2 and USD111 million senior unsecured notes
ranking below the senior secured debt instruments in the capital
structure. The senior secured debt instruments are guaranteed by a
substantial number of subsidiaries of the group and secured on a
first-priority basis by a significant amount of assets owned by the
group. The guarantees from operating entities shall represent more
than 80% of groupwide EBITDA.
The Caa2 rating on the EUR460 million senior unsecured notes —
two notches below the CFR — reflects the substantial amount of
secured debt in the structure, as well as the senior subordinated
nature of the guarantees by the same group of subsidiaries that
guarantee the secured term loan on a first-priority basis.
RATING OUTLOOK
The negative outlook reflects Moody's expectation that the lack of
visibility for a material recovery in demand in 2024 will inhibit
Arxada's ability to deleverage and restore credit metrics to levels
expected for the B3 rating category.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
It is unlikely positive pressure on the rating will develop over
the next 18 months given the company's stretched capital structure
and the continuation of a challenging economic outlook for most of
the company's end markets in 2024.
Downward pressure on the rating would emerge if the company fails
to achieve an improvement in operating performance such that credit
metrics remain strained (including, but not limited to, interest
coverage, measured by Moody's adjusted EBITDA to Interest Expense,
adjusted for benefit of interest rate hedging, falling below 1.5x
or the company's Moody's-adjusted debt/EBITDA remains above 8.0x);
or the company does not generate positive FCF over the next 12-18
months; or the company's liquidity position worsens.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Chemicals
published in October 2023.
COMPANY PROFILE
Headquartered in Switzerland, Arxada AG is a leading global
specialty chemicals business serving four core end markets; human
health and nutrition, home and personal care, paints and coatings,
and wood protection. The company's has an intellectual property
portfolio of more than 150 active patent families. Arxada,
including Troy and Enviro Tech, has a global manufacturing
footprint with 24 sites across six continents and 14 research and
development centres. In the last twelve months, the company
generated sales of around CHF2 billion.
===========
T U R K E Y
===========
KOC HOLDING: S&P Upgrades Long-Term ICR to 'BB-', Outlook Positive
------------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on Koc
Holding A.S. (Koc) and its issue rating on its unsecured notes to
'BB-' from 'B+' and affirmed its 'B' short-term rating.
The positive outlook on Koc mirrors that on Turkiye.
S&P said, "The upgrade and outlook revision follow a similar action
on our T&C assessment and sovereign credit rating on Turkiye. We
continue to apply a criteria exception on our rating on Koc,
reflecting our expectation that the holding company can maintain
sufficient cash in U.S. dollars to repay its $750 million bond due
in March 2025. As a result, Koc can be rated one notch above our
'B+' T&C assessment on Turkiye, and at a maximum of two notches
above our 'B' sovereign credit rating on Turkiye. The rating cap at
two notches above the sovereign credit rating is because we view
domestic investment holding companies as having high sensitivity to
their home country's risk.
"The criteria exception that enables us to rate Koc one notch above
our T&C assessment on Turkiye reflects our expectation that Koc can
maintain sufficient cash in U.S. dollars at international banks to
fully repay its U.S.-dollar-denominated debt and related interests.
We would typically apply our T&C rating cap to companies such as
Koc that are not exporters and that generate more than 90% of their
standalone cash flow in Turkiye, implying a rating of 'B'. In Koc's
case, more than 90% of income represents dividends from investments
in Turkiye. As of Sept. 30, 2023, Koc's only financial debt
liability pertains to its $750 million bond due in March 2025. We
think the company has enough U.S. dollars sitting offshore to repay
its debt, and we do not anticipate this cash would be depleted for
other reasons.
"In addition, Koc has passed our sovereign stress tests, indicating
that it would have enough liquidity resources to cover its
obligations in the next 12 months, in the event of a sovereign
default. We do not expect Koc's ability to use its U.S. dollar cash
to pay U.S.-dollar-denominated debt to be restricted by exchange or
repatriation controls.
"As a result of all these factors, we are deviating from our
criteria for rating above the sovereign by adding one notch, and
therefore rate Koc one notch above our 'B+' T&C assessment on
Turkiye." S&P will continue to apply this criteria exception so
long as:
-- The company is able to meet our T&C stress test requirements;
-- The amount of cash in U.S. dollars held offshore exceeds Koc's
U.S. dollar liabilities; and
-- S&P perceives no heightened risks of a repatriation of Koc's
offshore U.S. dollar holdings.
These three factors, which are the conditions to be rated one notch
above the T&C assessment, remain monitored on a quarterly basis.
The company passed all our requirements as of the end of September
2023.
Koc has a sound net cash position and liquidity buffers. Based on
portfolio value on Sept. 30, 2023, S&P estimates Koc's net cash
position at about Turkish lira (TRY) 11.7 billion, excluding
additional tier 1 (AT1) instruments (about $200 million). In
addition, about 94% of the company's gross cash held as of Sept.
30, 2023, was denominated in U.S. dollars and predominantly held at
international banks.
S&P said, "We consider Koc to have strong liquidity as of Sept. 30,
2023, and expect sources to exceed uses by 5.2x for the next 12
months, and by 2.0x for the following 24 months. In addition, in a
hypothetical scenario in which the Turkish sovereign were to
default, we think Koc would be able to continue to service its
obligations.
"Our stress test, which assesses the company's liquidity for a
one-year period under a hypothetical sovereign default scenario,
shows that Koc's liquidity sources would remain strong at about 7x
thanks to its high share of cash denominated in hard currency,
assuming no dividends. We think that, in this scenario, a
devaluation of the lira would benefit Koc's gross cash position,
and compensate the potential lack of dividend income and higher
operating and interest expenses.
"In addition, our T&C stress test points to a continued positive
liquidity ratio of foreign sources of cash to foreign uses of cash,
because Koc's current U.S. dollar cash balances held offshore are
sufficient to cover its outstanding $750 million bond maturing in
March 2025 and associated interest payments.
"Koc's net cash position is pivotal for our rating. Under our base
case, we anticipate that Koc will retain a net cash position, which
could eventually be supported by dividends from its investee
assets. For 2023, we estimate that Koc will receive dividends,
fees, and interest income over TRY25 billion, up from TRY8.7
billion a year ago. This is supported by its key assets' solid
operating results, largely because of their exporting nature. In
the nine months to Sept. 30, 2023, about 50% of the revenue of
Koc's investee assets was linked to hard currencies (including U.S.
dollars), so we view Koc's portfolio as relatively protected from
Turkish lira depreciation.
"As a result, we think Koc can maintain a net cash position for the
foreseeable future. Even in the hypothetical event of a default of
the Turkish sovereign, we anticipate that Koc would retain a net
cash position and a negative loan-to-value ratio. Koc has invested
$200 million in Yapi's AT1 securities, which have a first call date
in January 2024. If Yapi were to redeem this instrument, Koc would
receive additional funds, which would further strengthen its
already solid net cash position. At this stage, however, we do not
account for this source of cash in our base case or liquidity
calculations."
The positive outlook on Koc mirrors that on Turkiye.
S&P could take a negative rating action on Koc following a similar
rating action on Turkiye, or if, during the coming quarters:
-- Koc is unable to pass our T&C stress test;
-- The company depletes its U.S. dollar cash balance abroad and
can no longer cover its U.S.-dollar-denominated debt maturing in
2025; or
-- Its U.S. dollar cash held abroad becomes subject to
repatriation requirements or exchange controls.
S&P said, "We could take a positive rating action on Koc following
a similar rating action on Turkiye, implying a revision of the
sovereign long-term rating by one notch to 'B+' as well as of the
T&C assessment to 'BB-'. An upgrade will also require that Koc is
able to meet our requirements to be rated up to one notch above our
T&C assessment.
"Environmental factors are a negative consideration in our credit
rating analysis of Koc. This is because the company's portfolio has
material stakes in companies exposed to high greenhouse gas
emissions, such as Ford Otosan, Otokoc, Turk Traktor, Tofas, and
Otokar. Also, Koc is exposed to refineries through its stake in
Tupras. These assets make up close to 70% of the total portfolio
value, with the remainder in less exposed sectors such as finance
and consumer durables.
"Koc's governance is exposed to high country risk in Turkiye, a
negative factor compared with that of other investment holdings in
Europe, but we view as positive that the group has an extensive
strategic planning process, a track record of delivering on its
strategy, and very comprehensive risk-management and
performance-monitoring procedures."
TAV AIRPORTS: S&P Assigns 'BB-' ICR, Outlook Stable
---------------------------------------------------
S&P Global Ratings assigned its 'BB-' issuer credit rating to TAV
Airports Holding (TAV) and its 'B+' issue rating to its 8.5% $400
million senior unsecured notes. The final terms of the notes are
very similar to the version used for its preliminary issuer and
issue ratings, which S&P assigned on Nov. 27, 2023.
The stable outlook reflects S&P's expectation that as TAV completes
the bulk of its capex its free operating cash flow will turn
positive and funds from operations (FFO) to debt will recover
toward 10%, while liquidity remains robust thanks to sizeable
offshore reserves and timely refinancing of future debt
maturities.
TAV benefits from a diversified airport asset portfolio with mostly
long-tail concessions. In 2022, Turkiye accounted for about 60% of
the group's EBITDA, as adjusted by S&P Global Ratings, including
the 50% proportional consolidation of its flagship airport Antalya.
Furthermore, TAV operates a geographically diversified portfolio of
airports including Almaty in Kazakhstan (18% of adjusted 2022
EBITDA), Tbilisi and Batumi in Georgia (13%), and several airports
in Tunisia and North Macedonia. The group has also added material
diversification through airport services. Other meaningful EBITDA
contributors are Havas for ground handling services, BTA for
catering services, and TAV OS for lounge services.
TAV is well positioned in Turkiye, where it operates five airports,
including in Ankara, Izmir, Bodrum, and most importantly a 50%
stake in Antalya, Turkiye's largest tourist destination and second
largest airport in the country (35.7 million passengers in 2019).
However, TAV does not operate the new Istanbul International
Airport, the key gateway to the country and transit hub, which
replaced Ataturk airport, which TAV operated until 2019. TAV's
airports outside of Turkiye are key hubs in their respective
countries, face limited competition, and have favorable growth
outlooks.
In addition, TAV's airport concessions are very long term (with
Ankara and Antalya maturing in 2050-2051), while Almaty airport has
no specified maturity. TAV's airports in Georgia, where concessions
expire in 2027, are the exception.
TAV also benefits from a supportive long-term traffic growth
outlook, with most traffic reliant on tourism. Post-pandemic
recovery in passenger numbers in TAV's Turkish airports has been
faster than peers, upheld by the strong pent-up demand for tourist
travel. Over July-October 2023, traffic reached pre-pandemic levels
at Antalya and stands at about 95% on average for the other Turkish
airports. Traffic at Kazakhstan's Almaty airport is 50% above 2019
levels, supported by a growing middle class, increased tourism and
the partial closure of Russian airspace, which has increased
international cargo movements. Traffic in Georgia was still
slightly down (-6%) versus 2019, while Macedonia was 15% above 2019
levels. Passenger volumes at TAV's Tunisian airports (only 3% of
EBITDA) are lagging, at about 70% of pre-pandemic levels, resulting
in a planned restructuring of its nonrecourse debt. At the Medinah
and Zagreb airports, which are equity investments, traffic has also
fully recovered to pre-pandemic levels.
The traffic is largely origin-destination, which is less volatile
than transfer traffic. At the same time, the traffic mix is less
diversified than at large international airports, as TAV's Turkish
traffic largely relates to tourism, which exposes it to seasonality
during the summer season, particularly in the Turkish riviera, as
well as to geopolitical considerations that can affect tourists'
travel decisions. A relative strength is the comparatively limited
reliance on any single airline, with the top 10 customers providing
only 35% of group's revenues.
TAV continues to pursue its growth strategy and mainly operates in
emerging markets where S&P views macroeconomic risks and absence of
regulated returns as less favorable compared with other rated
European peers. TAV's portfolio has been evolving through multiple
international acquisitions, the last of which was the successful
bid for Almaty in 2021. This has been driving recent growth as the
airport is also favored to be a cargo hub in Central Asia. TAV is
currently undergoing heavy and largely debt-financed capex to
expand airport capacity at Antalya, Ankara, and Almaty, with the
bulk of investments in 2023-2024 (about EUR385 million in 2023 and
EUR270 million in 2024, with proportionate consolidation of
Antalya).
Turkiye has a track record of supportive regulatory actions,
including a compensation payment when Ataturk airport was closed
two years ahead of maturity (EUR389 million) and, more recently, a
two-year extension of the concessions and deferral of the
concession fee payment to mitigate the effects of COVID-related
traffic losses. The tariffs are set in euros, providing some
protection against currency movements. Still, in Turkiye, passenger
tariffs (12% of total revenues in 2022) remain flat on a nominal
euro basis through the life of the concession and are not adjusted
for any capex, cost overruns, or traffic decline. This is aligned
with the payment of an annual concession fee, which remains fixed
in euro terms on nominal terms over the life of the concession.
Positively, nonpassenger commercial revenues are updated freely
annually by TAV, albeit with some oversight by the regulator. Since
there is not a predetermined formula, the company can be exposed to
a mismatch between inflation and foreign exchange fluctuations,
although historically the annual increase has provided some
protection. For example, in 2023, the nonpassenger aviation tariff
was increased by 39% in euro terms, compared with 72% annual
average inflation in Turkish lira in 2022.
In Kazakhstan and Georgia, TAV's revenues are also mostly
denominated in U.S. dollars, and regulations generally enable cost
and capex pass-throughs.
As a cornerstone of the international strategy of (ADP;
A/Negative/--), TAV benefits from shared industry, operational, and
management expertise.
S&P said, "Historically, it has received medium-term but flexible
shareholder loans for investments. This provides TAV with
continuing advantages relative to emerging market peers, which we
capture in our assessment of TAV's stand-alone credit profile
(SACP). TAV's largest shareholder is ADP with a 46% stake, and the
rest is free float. TAV is fully consolidated in ADP's accounts,
representing about 20% of ADP's EBITDA and revenue. Importantly,
TAV has historically received financial support to facilitate
acquisitions (EUR600 million shareholder loans over the last couple
of years, which it has partially repaid). We recognize the credit
benefit of ADP's ongoing support in our assessment of TAV's SACP.
"In addition, we think that TAV could benefit from extraordinary
support from ADP in times of stress. Our assessment of potential
extraordinary shareholder support is limited to one notch, as TAV
is only 46% owned and is not part of any cross-default covenants
for ADP's debt. TAV operates in several developing markets and
finances itself independently. Moreover, we think that ADP's
incentives to provide financial support to TAV will reflect the
balance between TAV's strategic growth role and ADP's commitment to
its own credit rating. That said, any extraordinary support by ADP
is not factored in the 'BB-' issuer credit rating, which reflects
TAV's SACP. This is because we consider extraordinary support as
less predictable in a stress scenario when authorities restrict
access to hard currency and hence it cannot raise ratings above the
transfer and convertibility (T&C) assessment under our
methodology.
"We expect S&P Global Ratings-adjusted FFO to debt to increase from
a low of 6%-8% in 2023 to 10%-12% by 2025, as EBITDA should be
boosted by traffic growth, returns on its expansionary capex, and
higher passenger tariffs. When calculating financial ratios, we
make a number of analytical adjustments, notably for debt-like
fixed airport concession fee commitments (EUR724 million in 2022)
and for a proportionate consolidation of TAV's 50% stake in
Antalya. We add EUR680 million of Antalya debt to TAV's reported
figures in 2022, therefore increasing our forecast to EUR0.9
billion-EUR1.1 billion in 2023-2024, which benefits from a
guarantee from TAV during the construction period. At the same
time, we incorporate 50% of Antalya's EBITDA (EUR300 million in
2022, rising to EUR350 million-EUR370 million in 2023-2024).
"We assume TAV's interest expense will materially increase in 2023
on refinancing and debt-funded capex. We expect its free operating
cash flow (FOCF) will turn positive by 2025 after completion of
major capex, also supported by higher tariffs applicable under some
new concessions (Ankara in 2025 and Antalya in 2027) and also new
commercial revenues generated at Almaty and Antalya airports from
2025. Further deleveraging would depend on the group's ambitions on
further acquisitions, but our deleveraging expectation is supported
by guidance publicly provided by the company, where it expects
reported debt to EBITDA to decline to 2.5x-3.0x by 2025 from the
current 5x. We reflect in our base case that the completed $400
million issuance benefits from a cross currency swap, which reduces
the actual cost of debt to 6.87% in euros from 8.5% in U.S.
dollars.
"The 'BB-' issuer credit rating is one notch above our 'B+' T&C
assessment on Turkiye, underpinned by our assessment of TAV's SACP
and capturing our view of the group's proactive liquidity
management and access to hard currency cash flows and reserves. We
estimate about 55%-60% of TAV's EBITDA will continue coming from
operations in Turkiye--when including its 50% share in Antalya.
Nevertheless, we believe that in the hypothetical scenario of
Turkiye imposing restrictions on access to foreign currency, TAV
benefits from profitable international operations--including those
in Kazakhstan (BBB-/Stable/A-3) and Georgia (BB/Stable/B)--sizable
cash reserves at offshore accounts (EUR149 million as of Sept. 30,
2023), and a significant share of hard currency revenues received
from airlines, including its Turkish operations (63% of total
revenues in 2022).
"Furthermore, following the $400 million completed issuance, 2024
debt maturities should be very manageable. We understand that
management is committed to proactively managing its liquidity,
including timely refinancing of the sizable September 2025 debt
maturity relating to a project finance bridge facility for Antalya.
TAV currently guarantees 50% (estimate to rise to about
EUR1.2billion) of such debt, roughly half of which is provided by
development banks. Similarly, we expect TAV to accumulate
sufficient offshore cash reserves or refinance well in advance the
recently issued notes, in line with management's financial strategy
and commitment to the rating. These factors are critical to the
group passing our hypothetical sovereign and T&C stress test on
Turkiye in the coming years.
"Under our methodology, we can rate TAV up to two notches above the
'B+' T&C assessment on Turkiye, as long as it is justified by TAV's
SACP.
"The stable outlook reflects our expectation of positive FOCF
starting 2025 and strengthening adjusted FFO to debt toward 10%,
when we expect the bulk of TAV's investment plan to be near
completion. Furthermore, the stable outlook considers the company's
strategy for proactive refinancing and liquidity management to
continue passing our hypothetical sovereign and T&C stress test on
Turkiye in future years.
"We could take a negative rating action if we believe that TAV
cannot maintain its 'bb-' SACP, notably if it cannot recover
adjusted FFO to debt toward 10% by 2025, due to, for example,
weaker traffic than we expect, significant cost overruns, delays
that could postpone the expected deleveraging path, or if the
group's appetite for acquisitions increases leverage beyond our
expectations.
"In addition, rating downside could materialize if TAV no longer
passes our sovereign and T&C stress scenario on Turkiye. This would
happen if, contrary to our base-case scenario, TAV fails to
accumulate sufficient offshore liquidity reserves and/or to
refinance meaningful part of any sizeable upcoming debt maturities
(including Antalya's project finance bridge which matures in
September 2025) no less than one year in advance. If not met, the
rating would be capped at the 'B+' T&C assessment on Turkiye.
"All other things being equal, we could take a negative rating
action on TAV if we revise down the sovereign T&C to below 'B'.
"We could take a positive rating action if TAV strengthens its SACP
(including timely refinancing of Antalya's project finance
bridge)." The latter could be supported by gradual deleveraging,
with FFO to debt remaining above 13% on a sustainable basis, owing
to successful implementation of the group's capex plan and
strengthening profitability while maintaining adequate
international diversification.
S&P said, "ESG factors are a neutral consideration in our credit
analysis on TAV. Traffic has largely recovered to pre-pandemic
levels, and we do not anticipate government policies that could
limit traffic growth at its operated airports. Even if the sector
is somewhat exposed to health and safety risks (such as pandemic
outbreaks) and geopolitical considerations that can affect
tourists' travel decisions, our forecasts include favorable growth
prospects in TAV's portfolio. From a governance perspective,
although TAV is based in Turkiye, which has high country risk, our
neutral assessment reflects the tangible links and oversight by
ADP."
TAV HAVALIMANLARI: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable
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Fitch Ratings has assigned TAV Havalimanlari Holding A.S. (TAVH) a
Long-Term Issuer Default Rating (IDR) of 'BB' and its senior
unsecured notes a long-term rating of 'BB'. The Outlooks are
Stable.
RATING RATIONALE
The notes priced slightly below the Fitch rating case. They are
bullet (maturing in December 2028) and have limited
creditor-protection features. The new bond will be structurally
subordinated to opco debt, as most of the airports have project
finance-like debt structures.
The final rating is the same as the expected rating because the
transaction's terms are in line with the draft documentation.
The proceeds of the notes will be used to refinance holdco debt,
comprising a EUR293 million bank loan expiring in 2024, and to
repay around EUR66 million of a shareholder loan from Aeroports de
Paris ('BBB+'/Stable).
For an overview of TAVH's credit profile, including key rating
drivers, see ' Fitch Rates TAV Holding and Senior Unsecured USD400
million notes 'BB(EXP)'; Outlooks Stable' published 27 November
2023.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A downgrade of Turkiye's sovereign rating
Ankara and Antalya airports' guaranteed bridge loans not being
refinanced well ahead of their respective maturities
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade of Turkiye's sovereign rating, provided that the
proportional consolidated credit profile of the TAV group has not
materially deteriorated
Entity/Debt Rating Prior
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TAV Havalimanlari
Holding A.S. LT IDR BB New Rating BB(EXP)
TAV Havalimanlari
Holding A.S./Airport
Revenues - Senior
Unsecured Debt/1 LT LT BB New Rating BB(EXP)
===========================
U N I T E D K I N G D O M
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ADVANZ PHARMA: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
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Fitch Ratings has affirmed ADVANZ PHARMA HoldCo Limited's Long-Term
Issuer Default Rating (IDR) at 'B' with a Stable Outlook and senior
secured instrument ratings at 'B+' with a Recovery Rating of
'RR3'.
The IDR remains constrained by the company's scale and moderate
execution risks in implementing its strategy as an asset-light
multinational pharmaceutical company focused on niche and
specialist off-patent branded and generic drugs. The rating also
reflects the refocused strategy on new generic drug development and
the life-cycle management of existing off-patent drugs, with an
increased focus on specialist distribution to hospitals in Europe.
It further factors in ADVANZ PHARMA's growing diversification
across drugs, treatment areas and geographies, strong
profitability, and healthy cash generation.
The Stable Outlook reflects Fitch's expectation of continued strong
free cash flow (FCF) generation with available funds to be
reinvested in the business to accelerate growth.
KEY RATING DRIVERS
Comfortable Rating Headroom: Fitch forecasts EBITDA leverage to
improve to 4.4x in 2023 from 5.7x in 2022, driven by annualised
acquisition contribution and new commercial launches throughout the
year. This has led to greater rating headroom, which provides ample
financial flexibility to support the company's refocused growth
strategy and prioritising investments over deleveraging, in its
view. Fitch therefore expects EBITDA leverage to remain within the
'B' rating sensitivities in the medium term.
Moderate Execution Risks, Continued M&A: Its rating case assumes
discretionary annual investments in acquisitions and in-licencing
deals to support ADVANZ PHARMA's strategic development, bringing
discipline around financial policies and M&A into focus to protect
the rating. Fitch projects the company will spend GBP150-200
million per year in 2023-2026, mainly funded by internally
generated cash. Fitch would treat higher-than-expected M&A and
large debt-funded transactions during this period as event risk.
Strategic Refocus Drives Growth: Fitch expects ADVANZ PHARMA's
organic growth to be driven by its refocused strategy to actively
co-develop and market targeted specialist generic drugs. This
should offset the expected moderate but steady decline of its
established off-patent drug portfolio, subject to active life-cycle
management.
The focus on bringing value-added generic drugs to market through
co-development, in-licencing and distribution agreements is a
distinct feature of the refocused strategy. This differentiates it
from some European leveraged-finance asset-light peers, resulting
in greater organic growth potential, but also more investments in
the pipeline and associated product development and
commercialisation risks.
Reinvestment of Strong FCF: ADVANZ PHARMA's moderately high
financial leverage is supported by strong, albeit gradually eroding
profitability, with EBITDA margins under its rating case trending
towards 39% by 2026 (from currently about 42%). This is predicated
on expected cost increases and investments in its pipeline and
marketing infrastructure to support projected revenue growth.
Nevertheless, the asset-light manufacturing set-up supports strong
cash generation, with FCF margins likely to remain around 15%-20%,
which Fitch assumes will be fully reinvested into external growth
opportunities.
Growth Opportunities in Generic Markets: Structural volume growth
in generic drug markets is driven by an ageing population, higher
prevalence of chronic diseases and an increasing number of drugs
losing patent protection. Large innovative pharmaceutical companies
are increasingly optimising their life cycle and tail-end drug
management by divesting smaller off-patent drugs to refocus
resources and obtain proceeds to re-invest in the business. This
offers smaller groups, such as ADVANZ PHARMA, significant inorganic
growth opportunities.
However, Fitch expects generic drug pricing to remain under
pressure, spurring investments in scale, diversification, low-cost
manufacturing and more specialist products to protect growth and
profitability.
Sector Regulation, Litigation, Conduct Event Risks: Fitch assumes
continued regulatory pressure on pharmaceutical groups as focus on
the value of new treatments to healthcare systems increases,
particularly as governments face fiscal consolidation
post-pandemic. Fitch deems the ongoing Competition and Markets
Authority investigation into possible past competition
infringements as event risk faced by ADVANZ PHARMA (Fitch includes
legal costs in its rating case, but not fines or other related
payouts).
DERIVATION SUMMARY
Fitch rates ADVANZ PHARMA and conducts peer analysis using its
Global Navigator Framework for Pharmaceutical Companies. Fitch
considers its 'B' rating against other asset-light scalable
specialist pharmaceutical companies focused on off-patent branded
and generic drugs such as CHEPLAPHARM Arzneimittel GmbH
(B+/Stable), Pharmanovia Bidco Limited (B+/Stable) as well as the
European generic drug manufacturer Nidda Bondco GmbH (Stada,
B/Stable).
ADVANZ PHARMA's business model focuses not only on life-cycle and
intellectual property management of off-patent branded and generic
drugs, as is the case for CHEPLAPHARM and Pharmanovia, but it is
also involved in bringing new niche, specialist and value-added
generics to market though co-development, in-licencing, and
distribution agreements, which is more similar to Stada's strategy
in the specialty pharmaceuticals segment.
In contrast to CHEPLAPHARM and Pharmanovia, ADVANZ PHARMA's growth
will be driven by organic growth opportunities related to the
company's pipeline and inorganic growth through acquisition of
niche off-patent branded and generic drugs. Nevertheless, ADVANZ
PHARMA will have a structurally lower margin than these peers,
albeit still strong for the rating category. This is partly driven
by its decision to develop a sales channel in certain therapeutic
areas targeting European hospitals, which in turn calls for higher
in-house marketing and distribution expenses.
Compared with STADA, the company has a weaker business risk profile
due to significantly smaller size and scale, which is compensated
by a less aggressive financial policy.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Revenue to reach almost GBP800 million in 2026, driven by organic
revenue growth and acquisitions
- EBITDA margin to gradually moderate to around 39% by 2026
- Capex at 2.0%-2.5% of sales per year to 2026
- Moderate working-capital outflow at around 2% of sales per year
over 2023-2026
- Annual acquisitions of GBP150 million-GBP200 million per year
over 2023-2026
- No dividends and large debt-funded acquisitions to 2026
RECOVERY ANALYSIS
The recovery analysis is based on a going-concern (GC) approach.
This reflects the company's asset-light business model supporting
higher realisable values in financial distress compared with
balance-sheet liquidation. Distress could arise primarily from
material revenue-and margin contraction, following volume losses
and price pressure, given its exposure to generic competition. For
the GC enterprise value (EV) calculation, Fitch continues to
estimate a post-restructuring EBITDA of about GBP180 million, which
reflects organic earnings post-distress and implementation of
possible corrective measures.
Fitch also continues to apply a 5.5x distressed EV/EBITDA multiple,
which would appropriately reflect the company's minimum valuation
multiple before considering value added through portfolio and brand
management.
After deducting 10% for administrative claims, and assuming the
committed revolving credit facility (RCF) of EUR170million will be
fully drawn prior to distress, its principal waterfall analysis
generated a ranked recovery in the 'RR3'/68% band for all senior
secured instruments, ranking equally among themselves. The recovery
rate increases to 68% from 67% previously due to FX rate
movements.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Successful implementation of the organic growth strategy,
complemented by selective and carefully executed acquisitions
leading to:
- EBITDA margin sustained above 40% as well as continued strong
cash generation with FCF margins comfortably in double digits
- EBITDA leverage at or below 4.5x on a sustained basis
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Unsuccessful implementation of the organic growth strategy or
acquisitions that lead to:
- A sustained decline in EBITDA margins, translating into weakening
cash generation, with FCF margins declining towards low single
digits or zero
- EBITDA leverage above 6.0x on a sustained basis
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Fitch views ADVANZ PHARMA's liquidity as
adequate, based on the projected readily available cash position of
around GBP130 million at end-2023 (excluding GBP15 million that
Fitch treats as not readily available for debt service), further
supported by almost full availability under its EUR170 million RCF
maturing in September 2027. ADVANZ PHARMA's capital structure
benefits from long-dated maturities, with no debt repayment until
March 2028.
ISSUER PROFILE
ADVANZ PHARMA is a pharmaceutical company with focus on specialty
and hospital medicines distributed in Europe and Canada.
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch treats GBP15 million of cash as not readily available for
debt service.
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
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Cidron Aida Finco
S.a.r.l.
senior secured LT B+ Affirmed RR3 B+
ADVANZ PHARMA
HoldCo Limited LT IDR B Affirmed B
CONDOR: Dismisses Administration Rumors Amid Financial Woes
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Richard Heath at Jersey Evening Post reports that Condor has
admitted it is a "challenging time" but dismissed rumours that the
ferry firm had entered administration.
Just days after the company proposed a shock 18.7% rise in freight
costs -- and as the Jersey and Guernsey governments began berthing
trials for a new freight ship run by a rival operator -- the firm
was forced to clarify its position as speculation mounted that it
had gone into receivership, JEP relates.
Condor declined to provide further details about the nature and
extent of its problems when approached by the JEP.
According to JEP, in a brief statement, John Napton, Condor's chief
executive, said: "Condor has been working with its stakeholders to
overcome a temporary but challenging time. We are confident that
this is very near to being resolved and will have no impact on our
services now or in the long term."
Following further questioning by this newspaper, the company's
press office said that "Condor Ferries can confirm it is not in
administration" but added that Mr. Napton was not available for
comment.
The JEP has asked Jersey's government if it was aware of Condor's
difficulties and had concerns over lifeline freight supplies, and
whether the berthing trials for the freight ship DFDS Finlandia
Seaways this weekend -- which have previously been described as
merely a test of the Harbour's operational capacity -- are in any
way related to the ferry firm's issues, notes the report.
EAST LONDON LIQUOR: Founder Buys Business Out of Administration
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Lauren Bowes at The Spirits Business reports that Alex Wolpert, the
founder of East London Liquor Company (ELLC), has bought his
business out of administration after failed negotiations with HMRC
(His Majesty's Revenue and Customs).
The issues arose with HMRC's Time to Pay agreement, which allows
businesses and individuals to pay owed tax in monthly instalments,
The Spirits Business discloses. HMRC's website states that more
than 90% of Time to Pay arrangements are completed successfully,
The Spirits Business notes.
According to The Spirits Business, writing on LinkedIn on Dec. 12,
Mr. Wolpert said: "East London Liquor Co. was placed into
administration after tireless attempts to renegotiate with HMRC
were refused.
"In taking on such drastic measures to counter HMRC's demands, I
have been extremely fortunate to have some incredibly supportive
partners who have enabled us to buy the business out of
administration so that I can continue as founder to steer East
London to its next stage.
"This sadly leaves our shareholders in a position that we never
planned to reach and have done all we can to avoid. I have
personally reached out to all shareholders, who have a direct line
of communication with me."
EQUITY RELEASE 5: Fitch Affirms 'BB+sf' Rating on Class C Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Equity Release Funding No. 5 Plc's notes
following an update to its rating criteria.
Entity/Debt Rating Prior
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Equity Release Funding
No.5 Plc
Class A XS0225883387 LT AAAsf Affirmed AAAsf
Class B XS0225883973 LT A+sf Affirmed A+sf
Class C XS0225884278 LT BB+sf Affirmed BB+sf
TRANSACTION SUMMARY
The transaction is a securitisation of UK equity release mortgages
originated by Aviva UK Equity Release Ltd.
KEY RATING DRIVERS
Assumptions Setting Process Updated: Fitch has updated its Equity
Release Criteria to include a rating committee-based assumption
setting process for certain assumptions that were previously
predefined on a country-level. This includes selection of the life
table, setting of morbidity rates, voluntary prepayments, house
price growth and the sale and foreclosure timing assumption. The
process for all other assumption setting is unchanged. For this
rating action, the assumptions set by the rating committee, and all
predefined assumptions, remained in line with those applied in the
previous analysis, and therefore the rating has been affirmed.
The transaction-specific assumptions report, which replaces the
supplementary data previously published containing all
country-level assumptions.
CRITERIA VARIATION
Interest on the class B notes was deferred from October 2012 until
October 2015. This was due to a breach of the house price index
trigger (set at 2% per year since closing). Since October 2015,
interest payments have been made on time. However, previously
deferred interest will remain subordinated to class A principal
repayment.
In a variation to its 'Global Structured Finance Rating Criteria'
Fitch caps the ratings of the class B notes at 'A+sf' as opposed to
non-investment-grade. This is because Fitch does not expect class B
interest to be deferred again for an excessive time.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Fitch assumes annual house price growth (HPG) reflects the
long-term growth rate of house prices. The HPG assumptions are
lower at higher rating categories to test rating resilience against
a less benign environment.
Fitch has tested a relative decrease by 25% in HPG. There is a
one-notch impact on the senior notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Fitch applies high and low prepayment assumptions to loans that are
outside their early prepayment charge (ERC) period. While a loan is
in its ERC period, Fitch applies a set of ERC assumptions based on
historical averages and ERCs being enforced.
All else equal, a higher prepayment assumption would boost the
availability of cash flows to amortise the senior notes, increasing
the portion of loans repaid in full. This could be beneficial as
the loans in the pools are already well seasoned and considerable
equity has built up since closing. Fitch has tested a relative
increase by 25% in voluntary prepayments, which has no impact on
the ratings of the senior notes (the other tranches are currently
capped). The transaction would equally benefit from higher than
expected redemption events under the loans.
DATA ADEQUACY
Equity Release Funding No.5 Plc
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 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
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.
JUBILEE SAILING: Financial Difficulties Prompt Administration
-------------------------------------------------------------
BBC News reports that the future of a charity offering sailing
experiences to disabled people is uncertain after its associated
company went into administration.
Southampton-based Jubilee Sailing Trust (JST) said it was closing
Jubilee Sailing Trust (Tenacious) Limited, BBC relates.
According to BBC, it said neither trip sales or fundraising could
meet the tall ship Tenacious' GBP150,000 per month costs.
The future of the charity itself is to be decided by the Charity
Commission, BBC notes.
The charity previously said it was facing financial difficulties
due to the pandemic and the cost of living crisis, BBC recounts.
In 2019, it launched a fundraising appeal, saying it needed GBP1
million in a week in order to survive. It decommissioned one of
its two ships, STS Lord Nelson, the same year, BBC relays.
In a statement, the trust, as cited by BBC, said it was "without
identified income" to make payments, including for regulatory dry
docking and staff wages in December.
"The last four years have seen two large-scale funding appeals,
refinancing, several restructures, and a reduction in fleet size to
one ship -- and of course a pandemic.
"Unfortunately neither our voyage sales nor our fundraising efforts
have been successful in meeting the GBP150,000/month required to
operate Tenacious and keep her legally compliant to deliver our
voyages," it said.
It also has an "historic debt" of GBP477,000 accumulated prior to
restructuring in September 2022.
The statement said the JST charity, a separate entity to Jubilee
Sailing Trust (Tenacious) Limited, would be reviewed by the Charity
Commission as to whether it will be able to continue, according to
BBC.
PARAMOUNT LABELS: Bought Out of Administration
----------------------------------------------
Business Sale reports that a manufacturer and printer of custom
labels based in the Midlands has been acquired out of
administration.
Paramount Labels & Tags Limited, which trades from premises near
Cannock, Staffordshire, fell into administration last month,
Business Sale relates.
Paramount Labels & Tags manufactures and supplies custom
self-adhesive label products across sectors including
pharmaceutical and food and beverage. Over recent months, the
company had faced increasing cashflow issues and growing pressure
from creditors.
As a result, Mark Malone and Gareth Prince, partners at business
recovery specialists Begbies Traynor's Birmingham office, were
appointed as joint administrators to the company on Nov. 30 and
began exploring options for a sale, Business Sale notes.
After reporting that there was significant interest in acquiring
the company, the joint administrators have subsequently secured a
sale of Paramount Labels & Tags' business and assets to Customark
Limited, a fellow Midlands-based firm that provides industrial
label and printing services, in a deal that secures 18 jobs,
Business Sale discloses.
According to Business Sale, commenting on the sale, joint
administrator Mark Malone said: "Having reviewed the company's
financial position, it was concluded that selling the business out
of administration was a realistic objective and would provide the
best outcome for employees, suppliers and customers by securing
continuity of supply.
"The company has a good reputation in its sector and the level of
interest received during the sale process was very positive."
ROLLS-ROYCE PLC: Fitch Hikes LongTerm IDR to BB+, Outlook Positive
------------------------------------------------------------------
Fitch Ratings has upgraded Rolls-Royce plc's Long-Term Issuer
Default Rating (IDR) and senior unsecured rating to 'BB+' from
'BB'. The Outlook on the IDR is Positive. The Recovery Rating is
'RR4'.
The upgrade reflects Fitch's belief that the company's key
financial metrics, already above the previous upgrade
sensitivities, will continue to sustainably improve in the short to
medium term and increasingly reflect investment-grade levels.
Fitch has updated its financial model following Rolls-Royce's
recently announced medium-term financial targets as well as meeting
the company's management and believes that these targets are
ambitious but broadly achievable. Specifically, Fitch thinks that
the group's and each of the divisional operating profit margin
goals are likely to be met in the targeted period (until 2027).
The Positive Outlook reflects its view that the expected improved
credit metrics are likely to lead to a financial profile that is
consistent with an investment-grade rating in the short term. The
continuation of the sustainable strengthening of margins and free
cash flow (FCF) in the near term, supported by a longer track
record of a conservative financial policy will likely result in an
upgrade.
KEY RATING DRIVERS
Strengthening Earnings Margins: Fitch's expectations under its
revised forecasts are for the EBIT and EBITDA margins to continue
to gradually improve in the short to medium term to levels that are
commensurate with an investment-grade rating under the Aerospace &
Defence Navigator tool. Fitch forecasts the EBIT margin to rise
from above 8% in 2023 (2022: 4.5%) to over 10% in 2026, while Fitch
expects the EBITDA margin to exceed 13% in 2023 (2022: 10.2%),
rising to around 15% in 2026. The margin improvement will be driven
by higher volumes, cost improvements and efficiencies gained mainly
in the civil aerospace and power systems divisions.
Sustainably Solid FCF: Fitch expects Rolls-Royce to generate
consistently strong FCF in the short to medium term, driven by the
underlying improvement in all the divisions but also from working
capital inflows, chiefly related to the long-term service
agreements (LTSA) in commercial aerospace. Fitch believes the
company-targeted cash inflows from LTSA are ambitious, but expect
that at least some related cash-flow benefit will be gained from
increased flight hours, growing fleet and improved efficiencies.
Fitch expects the FCF margin to be above 5% in 2023 (2022: 5.2%)
and for it remain between 4% and 6% in each of 2024 to 2027. Fitch
assumes capex of around 5% of revenue and a modest shareholder
return policy being reinstated in the medium term.
Leverage Improving: Fitch expects leverage metrics to continue to
improve over the rating horizon due to improved profitability and
repayment of the bonds maturing in 2024 and 2025, in addition to
the full long-term impact from the completed restructuring
measures. Fitch expects EBITDA gross and net leverage to improve to
under 2x and 1x, respectively by end-2024, from 3.0x at end-2022, a
level broadly in line with investment-grade companies in the
sector.
Solid Demand: Its expectations for Rolls-Royce's recovery are
supported by a strong order backlog across all segments. In civil
aerospace, the large engine orderbook reached 1,405 engines at
end-1H23 (over three years of deliveries at 2023 production rates),
up from 1,282 at end-2022. In defence, the order backlog at
end-1H23 was GBP8.9 billion (around 2.5x expected 2023 revenue), up
from GBP8.5 billion at end-2022, with a book to bill of 1.4x.
The order backlog for power systems was GBP3.9 billion at end-1H23
(around 1x 2023 expected revenue) with GBP1.9 billion received in
1H23 and a book to bill of 1.1x. This is a record level of order
cover for power systems, which covers the division's 2H23 sales and
32% of its 2024 sales.
Market Recovery Challenges: The aerospace and defence industry has
been steadily recovering from the pandemic, but it has been
dominated by narrow body aircraft and engine demand, of which
Rolls-Royce does not have a significant share. Demand for wide-body
aircraft and related engines has lagged that of narrow bodies and
Fitch only expects it to reach 2019 levels by end-2025. Supply
chain challenges, particularly a shortage of semi-conductors and
forgings, have also disrupted production along with fires at two
suppliers. These pressures have eased from their peak in 2021 but
persisted for longer than Fitch expected and Fitch now expects them
to last until mid-2024.
Rolls-Royce's established prime contractor status for wide-body
engine manufacture and position on long-term defence programmes
mean it will continue to benefit from the recovery of wide-body
aircraft production and overall global growth in defence
expenditure driven by geopolitical conflicts and tensions.
DERIVATION SUMMARY
Rolls-Royce's business profile reflects strong revenue and
geographical diversification and a high portion of turnover sourced
from service activities. The growth in these service activities is
supporting higher margins and improving cash flow. Its broad
operational profile firmly positions the group's business risk
profile against that of global peers, such as Lockheed Martin
Corporation (A-/Stable), Airbus SE (A-/Stable, MTU Aero Engines AG
(BBB/Stable) and The Boeing Company (BBB-/Stable).
Rolls-Royce's financial risk profile has recently been
significantly weaker than major peers, due to weaker profitability
and cash generation resulting from operational problems, and
significant short-term deterioration due to the pandemic. However,
given the significant operational restructuring that Rolls-Royce
has undergone and improving market conditions Fitch forecasts
financial metrics to continue to improve to investment-grade
levels.
No Country Ceiling, parent/subsidiary or operating environment
aspects affect the ratings.
KEY ASSUMPTIONS
Key Assumptions Within Its Rating Case for the Issuer:
Continued rebound in engine flight hours (EFH) in 2023 to about 90%
of 2019 levels
Strong revenue growth of 12.3% for 2023, driven by the continued
recovery in civil aerospace, strong performance in power systems
and a stable defence outlook
Underlying EBIT margins to improve significantly in 2023, then
gradually continue improving to 2027
Repayment of bonds in 2024 and 2025 out of cash
Fitch assumes no dividend distribution before 2025
Consistently positive annual working capital inflows, driven by
LTSA balance increases as well as improved inventory management
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Gross debt/EBITDA below 3x
FCF margin above 3%
(Cash flow from operations (CFO) less capex)/total debt above 15%
EBITDA margin above 12%
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Gross debt/EBITDA above 3.5x
FCF margin below 2%
EBITDA margin below 10%
(CFO less capex)/total debt below 10%
LIQUIDITY AND DEBT STRUCTURE
Strong Liquidity: Rolls-Royce had strong liquidity of GBP7.4
billion at end-1H23, including GBP2.9 billion of cash on hand and
an undrawn GBP2.5 billion revolving credit facility. It also has
two undrawn GBP1 billion UK export finance-backed facilities, which
mature in 2026 and 2027. Due to the high levels of liquidity, the
group has cancelled its GBP1 billion bank loan facility that was
due to expire in January 2024.
ISSUER PROFILE
Rolls-Royce is a leading UK-based multinational engineering
business focused on the design, development, manufacture and
servicing of integrated power systems for use in air, on land and
at sea.
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
----------- ------ -------- -----
Rolls-Royce plc LT IDR BB+ Upgrade BB
senior unsecured LT BB+ Upgrade RR4 BB
SHIPHAM VALVES: Enters Administration, 39 Jobs Affected
-------------------------------------------------------
Miran Rahman at TheBusinessDesk.com reports that administrators
have been appointed for Shipham Valves Ltd, with 39 staff at the
Brough-based company made redundant on Dec. 15.
Mazars LLP on Dec. 15 confirmed the appointment of joint
administrators Patrick Lannagan and Conrad Pearson,
TheBusinessDesk.com relates.
Shipham Valves, which had 71 staff before the announcement, was
first established 225 years ago and moved to its current premises
in 2018.
Mazars says it is now seeking a buyer for the business as a going
concern, TheBusinessDesk.com discloses.
The businesses specialises in the manufacture of valves, serving
global sectors including onshore and offshore oil and gas, petro
chemical, power generation, marine, naval marine, fire protection
and pipeline applications.
According to TheBusinessDesk.com, Mr. Lannagan, joint
administrator, said: "The company has experienced cash flow
difficulties resulting from global supply chain issues. These cash
flow difficulties have led the directors to take the difficult
decision to place the company into administration."
STRATTON 2024-1: Fitch Assigns 'BB-(EXP)sf' Class E Note Rating
---------------------------------------------------------------
Fitch Ratings has assigned Stratton Mortgage Funding 2024-1 plc's
notes eRating xpected ratings.
The assignment of final ratings will be conditional on the receipt
of final documents conforming to the information already reviewed.
Entity/Debt Rating
----------- ------
Stratton Mortgage
Funding 2024-1 Plc
A XS2728570248 LT AAA(EXP)sf Expected Rating
B XS2728570321 LT AA-(EXP)sf Expected Rating
C XS2728570594 LT A-(EXP)sf Expected Rating
D XS2728574232 LT BBB-(EXP)sf Expected Rating
E XS2728574406 LT BB-(EXP)sf Expected Rating
F XS2728574588 LT CCC(EXP)sf Expected Rating
X1 XS2728574828 LT CCC(EXP)sf Expected Rating
X2 XS2728575049 LT CC(EXP)sf Expected Rating
Z XS2728574745 LT NR(EXP)sf Expected Rating
TRANSACTION SUMMARY
The transaction is a securitisation of loans that were originated
by multiple lenders and previously securitised in the Stratton
Mortgage Funding 2021-2 transaction.
KEY RATING DRIVERS
Mixed Sector Portfolio: The portfolio comprises 56.8% prime and
43.2% non-conforming loans, both of which contain owner occupied
(OO) and buy to let (BTL) assets. Fitch divided the pool for its
rating analysis based on each of the originators' lending practices
and whether loans are OO or BTL.
Fitch applied an originator adjustment of 1.4x and 1.0x to the OO
and BTL prime loans. When setting the originator adjustment, Fitch
considered the lending criteria of the originators at the time to
be in line with standard OO and BTL products, while the historical
performance is weaker than Fitch expects for current OO
origination. The approach is consistent with comparable
transactions by similar originators.
An originator adjustment of 1.0x was applied to the OO
non-conforming loans, as this sub-pool is in line with
characteristics, lending practices and historical performance of
non-conforming originations. A 1.5x originator adjustment was
applied to the non-conforming BTL loans, which is consistent with
its approach for similar non-conforming BTL sub-pools. This
reflects the fairly loose underwriting standard compared with
current practices by BTL lenders.
Seasoned Loans and Arrears: About 99% of the portfolio was
originated between 2003 and 2008. The mortgage loans have
benefitted from considerable house price indexation, with a
weighted average (WA) indexed current loan-to-value (CLTV) of 50.4%
leading to a WA sustainable LTV (sLTV) of 64.1%. The OO loans,
which make up 44.8% of the portfolio, contain a high proportion of
self-certified, interest-only and restructured loan arrangements.
Total WA arrears stand at 23.9%. For 5% of the collateral
portfolio, borrowers have not made any payment in the last three
months.
Rental Income and Restructuring Data: Rental income figures for 46%
of BTL loans within the prime pool were not provided to Fitch for
its asset analysis. Fitch has assumed the minimum permissible
rental income for the BTL loans based on the originators' lending
criteria at the time of origination, using conservative assumptions
for the interest rate assessment. Loan level restructuring data was
provided to Fitch including the type and date of restructure, Fitch
applied adjustments where the restructure was for credit-related
events and not for inconsequential changes. Fitch expects to
continue to receive such information for the ratings.
Collateral Underperformance Risk: The asset pool has demonstrated
rising arrears over recent months and this trend is likely to
continue in the months after closing. In addition, around GBP27
million of assets are either in litigation or have a Law of
Property Act receiver appointed that may dispose of the security to
repay the mortgage. The issuer will incur losses if the sale of
property does not result in sufficient net proceeds to repay the
current balance of these loans. Fitch has accounted for these risks
through its rating determination, which for some tranches are one
notch below their model-implied ratings.
Weak Representations and Warranties Framework: The seller provides
the majority of representations and warranties (R&W) Fitch expects
in a UK RMBS transaction, but many are qualified by the seller.
Protection for R&W breaches is limited to the seller's obligation
to repurchase mortgage loans or make an indemnity payment in lieu
of such repurchase. The seller is not a rated entity and may have
limited resources available to indemnify the issuer or to
repurchase loans on a breach of the R&Ws. Fitch views this
framework as weak in comparison to typical UK RMBS, but the
seasoning of the assets and the absence of warranty breaches in the
SMF 2021-2 transaction, makes the likelihood of the issuer
suffering a material loss sufficiently remote.
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 to increasing levels of delinquencies and
defaults that could reduce credit enhancement (CE) available to the
notes.
Additionally, unanticipated declines in recoveries could also
result from lower net proceeds, which may make certain notes
susceptible to negative rating action depending on the extent of
the decline in recoveries. Fitch found that a 15% increase in the
weighted average foreclosure frequency (WAFF) and a 15% decrease in
the weighted average recovery rate (WARR) indicates model-implied
downgrades of two notches for the class A and B notes, three
notches for the class C notes and four notches for the class D
notes. The class E, F, X1 and X2 notes would be assigned distressed
ratings in this scenario.
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 and, potentially,
upgrades.
Fitch found a decrease in the WAFF of 15% and an increase in the
WARR of 15% indicates model implied upgrades of three notches for
the class B notes, two notches for the class C notes and five
notches for the class D and E notes. The class A notes are at the
highest achievable rating on Fitch's scale and cannot be upgraded,
while the class F, X1 and X2 notes would remain at their distressed
ratings.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Fitch was provided with Form ABS Due Diligence-15E ("Form 15E") as
prepared by PricewaterhouseCoopersLLP. The third-party due
diligence described in Form 15E focused on validating loan level
data against the relevant sources. Fitch considered this
information in its analysis and it did not have an effect on
Fitch's analysis or conclusions.
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 the assumptions referred to above,
Fitch's assessment of the asset pool information relied upon for
the agency's rating analysis according to its applicable rating
methodologies indicates that it is reliable.
ESG CONSIDERATIONS
Stratton Mortgage Funding 2024-1 Plc has an ESG Relevance Score of
'4' for Customer Welfare - Fair Messaging, Privacy & Data Security
due to the high proportion of interest-only loans in legacy OO
mortgages, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.
Stratton Mortgage Funding 2024-1 Plc has an ESG Relevance Score of
'4' for Human Rights, Community Relations, Access & Affordability
due to a large proportion of the pool containing OO loans advanced
with limited affordability checks, which has a negative impact on
the credit profile, 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.
THAMES WATER: Moody's Cuts GBP400MM Medium Term Notes Rating to B3
------------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the backed
senior secured rating of the GBP400 million medium term notes due
2026, issued by Thames Water (Kemble) Finance PLC (Kemble). The
outlook remains negative.
The rating action on Kemble follows additional scrutiny from the
Water Services Regulation Authority (Ofwat) on recent dividend
payments by Kemble's core operating subsidiary Thames Water
Utilities Ltd. (Thames Water, Corporate Family Rating: Baa2
stable), on which Kemble relies for its debt service.
RATINGS RATIONALE
The rating action on Kemble reflects Moody's view that the risk of
a disruption to dividend payments by Kemble's core operating
subsidiary Thames Water has increased, despite Thames Water not
currently being in breach of any explicit lock-up conditions under
its financing structure nor licence.
This reflects continuing high scrutiny of Thames Water's financial
resilience, which will weigh on lender appetite in the context of
Kemble's forthcoming refinancing needs, likely to the detriment of
the availability and/or cost of capital for the holding company.
While shareholders have reiterated their support for Thames Water,
further equity injections remain subject to conditions and may fall
short of what is needed to underpin the credit quality of the
holding company in the context of a challenging turnaround and
heightened political and regulatory scrutiny.
Regulatory scrutiny and social expectations that may have an
adverse impact on a company's access to capital markets is a key
social risk consideration under Moody's approach for assessing
environmental, social and governance (ESG) risks. Accordingly, the
rating agency has changed its social risk issuer profile score for
Kemble to S-5 from S-4.
Under current licence conditions, regulated water and wastewater
companies may not, without Ofwat's consent, pay dividends (or make
similar distributions, including through upstream loans) while
their credit rating is Baa3 (or equivalent), with a negative
outlook, or lower by any one credit rating agency. As announced in
March 2023, the regulator decided to raise this threshold to Baa2
(or equivalent), with a negative outlook, from April 2025.[1] The
higher rating requirement will serve to trap cash at an earlier
point as the credit quality of an operating water company
deteriorates. The lock-up will be subject to a three months grace
period, during which companies may seek to persuade Ofwat that
their financial resilience is not at risk.
In addition to the licence rating trigger, Ofwat introduced new
licence conditions, effective since May 2023, which require
companies to maintain a dividend policy and only declare or pay
dividends under such policy that take account of "service delivery
for customers and the environment over time, current and future
investment needs and financial resilience over the long term".[1]
It is in the context of this new licence condition that Ofwat asked
Thames Water to provide details of its decision to pay a dividend
of GBP37.5 million in October this year, which would have been
earmarked to support Kemble's ongoing debt service payments. The
regulator asked for the information to be provided during December
and will use it to assess compliance with the new dividend policy
licence condition. Ofwat can impose penalties of up to 10% of
relevant turnover, if a company is in breach of its licence
conditions, but will have to consider, among other things, that any
penalty is proportionate to the circumstances of the case.
Ofwat's guidance on the more stringent licence conditions around
distributions includes that dividend payments may be acceptable,
where companies can evidence significant improvement under an
ongoing recovery plan or where they can demonstrate that it may be
in the best interest of customers, including, for example, where
the prospect of a distribution being permitted may assist with
attracting new equity during a turnaround period. However, the
increasing scrutiny of Thames Water's distributions reduces the
likelihood of a reliable cash flow stream to Kemble, on which the
company relies for its debt service.
The likelihood of a formal dividend block, which will increase with
the new licence rating trigger becoming effective on April 1, 2025,
will also be influenced by factors including progress in Thames
Water's ongoing turn-around programme and Ofwat's 2024 price
review. The turnaround is being supported by the company's
shareholders who provided a GBP500 million equity injection in
March 2023 and have agreed to provide a further GBP750 million over
the remainder of the current AMP7 regulatory price control period
which runs to March 2025. The additional equity is, however,
subject to "preparation and production of a business plan that
underpins a more focused turnaround that delivers targeted
performance improvements for customers, the environment and other
stakeholders over the next three years and is supported by
appropriate regulatory arrangements".[2] Shareholders have also
indicated further support of around GBP2.5 billion over the next
regulatory period (April 1, 2025-March 31, 2030), with final
amounts dependent upon Ofwat's final determination expected in
December 2024.
Liquidity and financial strategy at Kemble will determine, how long
the holding company may be able to withstand a (temporary)
distribution block if it were to occur. Kemble is obliged to make
reasonable endeavours to maintain sufficient cash to cover for 12
months of interest payments, and the group has a track record of a
prudent cash management policy through maintaining cash reserves
and/or liquidity facilities. Liquidity is currently supported by a
GBP150 million revolving credit facility at Kemble. The facility,
which matures in November 2027, is sized to cover 18 months of
interest payments. In addition, Moody's estimates that the company
held around GBP20 million of cash at September 2023. The GBP37.5
million dividend payment from Thames Water, received in October,
will be applied to service ongoing interest payments, but would
cover only approximately half of the total annual interest
requirement on external Kemble debt.
Considering Kemble's ongoing interest payments, existing cash and
available undrawn amounts under facilities are unlikely to fully
support repayment of a GBP190 million bank loan maturing in April
2024, unless Thames Water can continue to make distributions.
Because of the further tightened regulatory scrutiny of Thames
Water's distributions, Moody's believes that the uncertainty around
the operating company's ability to make necessary distributions has
increased materially.
Kemble faces further sizeable maturities of GBP510 million between
July and December 2025 as well as GBP150 million in April 2026,
followed by the GBP400 million rated backed senior secured bonds
issued by Thames Water (Kemble) Finance PLC and due in May 2026.
Over the current regulatory period, Thames Water continued to
distribute to Kemble, but in amounts lower than the overall cost of
servicing Kemble's interest payments, reflecting existing cash
reserves at Kemble. While Kemble's debt service has remained
assured by this element of cash reserves, these are being exhausted
and – absent additional liquidity – future dividend payments
from Thames Water would need to be sized to cover Kemble's interest
cost in full.
Kemble's B3 rating assumes continued shareholder support for the
operating company, Thames Water, and additional equity injections
to improve its operational and financial performance. Equity
support for Thames Water benefits lenders to the holding company
directly by supporting the turnaround and reducing the risk of a
distribution block but also indirectly because of the – in
Moody's view – implied willingness to provide support to the
holding company, should it be necessary. Kemble's own senior
secured financing structure includes a fixed charge over all of the
investments by Kemble Water Finance Limited, including in its
shares in its finance subsidiary Thames Water (Kemble) Finance PLC
as well as its shares in Thames Water Limited, the intermediate
holding company owning Thames Water Utilities Holdings Limited and
the Thames Water group. Therefore, any event of default under
Kemble debt, would allow Kemble creditors to enforce their share
security and take over ownership of the operating company group.
This would cause shareholders to lose the investment made to date
in the operating company. At the same time, Moody's notes that
support to the holding company may not prevent creditors from
potentially incurring a loss.
More broadly, Kemble's rating continues to reflect (1) the low
business risk of its key operating subsidiary, Thames Water; and
(2) very high leverage at the Kemble group level, up to 90% of
Thames Water's regulatory capital value (RCV). It also takes into
account the higher probability of default that creditors at the
holding company level are facing and the higher severity of loss in
an actual default scenario because of holding company creditors'
structural and contractual subordination to operating company
creditors.
RATING OUTLOOK
The outlook is negative, reflecting the increased risk of dividend
payments from Thames Water to Kemble being constrained as well as
heightened uncertainty around the successful execution of the
turn-around programme and Kemble's ability to meet its forthcoming
refinancing needs without a significant increase in its funding
costs over time.
Moody's could change the outlook to stable upon a strengthening of
the business or financial risk profile of the operating company
and/or sizeable liquidity support at the holding company, including
from additional shareholder commitment, that would allow it to
sustain a multi-year dividend block.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Given the current negative outlook as well as the deeply
subordinated nature, structurally as well as contractually, of the
Kemble notes in the context of the operating group's financing
structure and regulatory protections, Moody's does not expect any
upward rating pressure for the Kemble notes.
Kemble's rating could be downgraded further if the holding company
failed to refinance its near-term maturities; the ratings of Thames
Water were downgraded; or the risk of a dividend lock-up at the
operating company increased further.
The principal methodology used in this rating was Regulated Water
Utilities published in August 2023.
Thames Water (Kemble) Finance PLC (Kemble) is the financing
subsidiary of Kemble Water Finance Limited, which owns Thames Water
through intermediate holding companies including Thames Water
Limited. Thames Water is the largest of the ten water and sewerage
companies in England and Wales by both RCV (GBP19 billion at March
2023) and the number of customers served. It provides drinking
water to around nine million customers and sewerage services to
around 15 million customers in London and the Thames Valley. Kemble
is ultimately owned by a consortium of national and international
infrastructure and pension funds, the largest being OMERS (31.8%)
and the Universities Superannuation Scheme (19.7%).
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week December 11 to December 15, 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.
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