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       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, September 16, 2024, Vol. 25, No. 186

                           Headlines



F R A N C E

IQERA GROUP: Moody's Cuts CFR & Senior Secured Debt Rating to Caa3


I R E L A N D

ARES EUROPEAN XX: S&P Assigns B-(sf) Rating on Class F Notes
CIMPRESS PLC: Moody's Rates New Sr. Unsecured Notes Due 2032 'B2'
PALMER SQUARE 2024-2: Moody's Gives Ba3 Rating to EUR27MM E Notes
PLATFORM BIDCO: S&P Affirms 'B-' ICR on Acquisition of I.D.C.


K A Z A K H S T A N

[*] Moody's Takes Rating Actions on 7 Kazakh Finance Companies


S L O V E N I A

SOSTANJ THERMAL: Emergency Bill Created to Prevent Receivership


S P A I N

MEIF 5 ARENA: S&P Raises ICR to 'BB', Outlook Stable


U N I T E D   K I N G D O M

BELRON GROUP: Moody's Puts 'Ba1' CFR on Review for Downgrade
LUDGATE FUNDING 2008-W1: S&P Affirms 'B-(sf)' Rating on E Notes


X X X X X X X X

[*] BOND PRICING: For the Week September 9 to September 13, 2024

                           - - - - -


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F R A N C E
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IQERA GROUP: Moody's Cuts CFR & Senior Secured Debt Rating to Caa3
------------------------------------------------------------------
Moody's Ratings downgraded iQera Group SAS's Corporate Family
Rating and its backed senior secured debt rating to Caa3 from Caa1.
The outlook remains negative.

RATINGS RATIONALE

The downgrade of iQera's CFR to Caa3 from Caa1 reflects the
heightened risk of default on its bonds in the aggregate
outstanding amount of approximately EUR100 million, maturing on
September 30, 2024. At present, the company is seeking to obtain a
standstill agreement on the principal payments of the bonds from
the Commercial Court of Paris until the end of the conciliation
period (December 23, 2024). The deferral of the repayment of the
principal amounts due, irrespective of whether the standstill
agreement is granted, will be viewed by us as a default.

The Caa3 CFR reflects iQera's constrained liquidity position,
presenting a challenge to the company with respect to managing the
balance between investments to support its franchise versus debt
repayment. iQera has largely suspended investment activities since
the beginning of the year in order to preserve its liquidity, which
amounted to EUR136 million at the end of June 2024. While iQera's
total available liquidity at the end of June 2024 exceeded its
upcoming debt maturities in the amount of EUR100 million, Moody's
believe that the company needs to maintain a certain amount of cash
for its operating needs, including debt servicing, and therefore
not all of its liquidity would be available for a debt repayment.

The Caa3 CFR also reflects iQera's constrained debt servicing
capacity and its untenable capital structure with high leverage and
a sizeable tangible common equity deficit. iQera's leverage, which
Moody's calculate as gross debt (including leases and paid-in-kind
bonds due 2032 and 2033) to last-twelve-month EBITDA, exceeded 6x
as of the end of June 2024. Moody's view the company's debt
servicing capacity as constrained, given its interest coverage
ratio of 1.3x in the first six months of 2024. iQera's borrowings
exceeded its Estimated Remaining Collections (ERCs), with senior
debt alone representing 135% of its 120-month ERCs at the end of
June 2024, while the company's tangible common equity deficit
represented approximately 50% of tangible assets.

OUTLOOK

The negative outlook reflects the risk of iQera's debtholders
realizing even higher potential losses in a debt restructuring or
liquidation scenarios. The negative outlook also considers
uncertainties for iQera's near-term business prospects presented by
the upcoming debt maturities against its investment needs to
sustain its franchise positioning.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Upward rating pressure is unlikely given the negative outlook. The
outlook could be changed to stable if Moody's conclude that iQera's
bondholders are unlikely to realize losses in excess of those
currently indicated by its current rating positioning and if
Moody's come to a view that iQera will be able to preserve its
franchise and improve its leverage and debt servicing capacity in
the next twelve months.

iQera's ratings could be downgraded to Ca if Moody's conclude that
its bondholders are likely to realize losses in excess of those
levels indicated by the current rating positioning, or if the
company's debt servicing capacity deteriorates further.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Finance
Companies published in July 2024.




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I R E L A N D
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ARES EUROPEAN XX: S&P Assigns B-(sf) Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Ares European CLO XX
DAC's class A, B, C, D, E, and F European cash flow CLO notes. At
closing, the issuer also issued unrated subordinated notes.

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. This transaction has
a 1.5-year non-call period and the portfolio's reinvestment period
will end approximately 4.6 years after closing.

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
our counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor     2,821.38

  Default rate dispersion                                  457.46

  Weighted-average life (years)                              4.74

  Obligor diversity measure                                152.45

  Industry diversity measure                                22.53

  Regional diversity measure                                 1.25


  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B

  'CCC' category rated assets (%)                           0.00

  Target 'AAA' weighted-average recovery (%)               37.74

  Target weighted-average spread (net of floors; %)         4.11

  Target weighted-average coupon (%)                         N/A


Rating rationale

S&P said, "At closing 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 EUR425 million target par
amount, the covenanted weighted-average spread (3.80%), the
covenanted weighted-average coupon (4.25%), and the target
weighted-average recovery rates calculated in line with our CLO
criteria for all rating levels. 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.

"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.

"At closing, 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. The issuer is a special-purpose entity that meets our
criteria for bankruptcy remoteness."

Until the end of the reinvestment period on April 15, 2029, the
collateral manager may substitute assets in the portfolio for so
long as S&P's 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.

S&P said, "Our credit and cash flow analysis indicates that the
available credit enhancement for the class B to F notes could
withstand stresses commensurate with higher ratings than those
assigned. However, as the CLO will enter its reinvestment phase
from closing, during which the transaction's credit risk profile
could deteriorate, we have capped our assigned ratings on these
notes.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our assigned ratings
are commensurate with the available credit enhancement for the
class A, B, C, D, E, and F 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, B, C, D,
and E notes based on four hypothetical scenarios.

"As our ratings analysis includes 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."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and is managed by Ares Management Ltd.

Environmental, social, and governance credit factors

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities, including, but not limited to the following:
the production or trade of illegal drugs or narcotics, including
recreational cannabis; the development, production, maintenance of
weapons of mass destruction, including biological and chemical
weapons, anti-personnel land mines, cluster munitions, depleted
uranium, nuclear weapons, radiological weapons and white
phosphorus; manufacture or trade in pornographic materials or
content, or prostitution-related activities; payday lending;
tobacco distribution or sale; electrical utility where carbon
intensity is high; sale or extraction of thermal coal or coal based
power generation, oil sands, fossil fuels from unconventional
sources; and sale or production of civilian firearms. Accordingly,
since the exclusion of assets from these industries does not result
in material differences between the transaction and our ESG
benchmark for the sector, no specific adjustments have been made in
our rating analysis to account for any ESG-related risks or
opportunities."

  Ratings
                        AMOUNT                      CREDIT
  CLASS     RATING*   (MIL. EUR)  INTEREST RATE§   ENHANCEMENT
(%)

  A         AAA (sf)    263.50      3mE + 1.27%      38.00

  B         AA (sf)      46.75      3mE + 1.85%      27.00

  C         A (sf)       25.50      3mE + 2.15%      21.00

  D         BBB- (sf)    29.75      3mE + 3.15%      14.00

  E         BB- (sf)     19.20      3mE + 6.42%       9.48

  F         B- (sf)      12.70      3mE + 8.25%       6.49

  Sub notes  NR          33.50       N/A               N/A

*The ratings assigned to the class A and B notes address timely
interest and ultimate principal payments. The ratings assigned to
the class C, D, E, and 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.

3mE--Three-month Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


CIMPRESS PLC: Moody's Rates New Sr. Unsecured Notes Due 2032 'B2'
-----------------------------------------------------------------
Moody's Ratings assigned a B2 rating to Cimpress plc's proposed
senior unsecured notes due 2032 and a Ba2 rating to its extended
senior secured first lien revolver.

Cimpress plans to use the proceeds from the new unsecured notes
issuance to refinance the existing senior unsecured notes due 2026.
Additionally, on or around the closing of the offering of the
proposed senior unsecured notes, Cimpress intends to amend its
senior secured credit facilities agreement. The proposed amendment
will, among other things, extend the maturity of the revolver to
September 2029 from May 2026 (subject to a springing maturity if
certain conditions are met) and amend the revolver's interest rate.
The company does not expect the amendment to materially change its
covenants or commitment amounts.

The refinancing and the credit agreement amendment transactions are
credit positive because they extend maturities on a
leverage-neutral basis and lower the interest rate on the revolver.
Pro-forma for the proposed notes issuance and revolver extension,
Cimpress' next debt maturity will be in May 2028, when the
company's term loans come due (approximately $1,085 million
outstanding as of 6/30/2024).

RATINGS RATIONALE

The company's proposed senior secured extended revolver is rated
Ba2, one notch above the CFR, reflecting the senior secured credit
facility's (existing revolver, USD and Euro term loans) senior
ranking with respect to the proposed senior unsecured notes, which
are rated B2. The instrument ratings reflect the probability of
default of the company, as reflected in the Ba3-PD Probability of
Default Rating, an average expected family recovery rate of 50% at
default given the mix of secured and unsecured debt in the capital
structure, and the particular instruments' ranking in the capital
structure.

Cimpress' Ba3 CFR reflects the company's moderate leverage,
pronounced cash flow seasonality and pressure on demand for certain
of Cimpress' print marketing and consumer products. Over a longer
time-horizon, there are risks of digital substitutions for certain
key products though the exposure has declined with a product mix
shift. Cimpress generates its revenue from a large number of
customized orders that are not contractually recurring and its
earnings continue to be vulnerable to business and consumer
sentiment. Nevertheless, the rating garners support from the
company's entrenched position and well-known brand. It also factors
in the company's very good liquidity and Moody's expectation of
good free cash flow. Cimpress has committed to a leverage policy
that targets net leverage at or below approximately 2.5x (as
defined by the company's credit agreement).

Moody's expect Cimpress to have very good liquidity (SGL-1
speculative grade liquidity rating) over the next 12-18 months
supported by a large cash balance and positive free cash flow. With
about $208 million in cash and marketable securities, full
availability on the $250 million revolver and projected free cash
flow of at least $200 million over the next 12 months, Cimpress has
very good liquidity to cover an estimated $150 million in annual
capex and software development costs and $11.5 million in mandatory
term loan amortization. The company's earnings and cash flows have
historically been and Moody's expect will continue to be highly
seasonal. Its second fiscal quarter ending December 31 includes
most of the holiday shopping season and accounts for a significant
portion of its earnings for the fiscal year, primarily due to
higher sales of products like holiday cards, calendars, photo
books, and personalized gifts.

Cimpress' proposed $250 million revolver is expected to have a
springing maximum first lien net leverage ratio of 3.25x that is
tested if there is any revolver drawing outstanding at the end of a
quarter. Moody's do not expect Cimpress to rely on the revolver and
expect the company to maintain solid cushion under the covenant
requirement over the next 12 months. The first lien net leverage
ratio was 1.9x as of FYE June 2024, which represents a roughly 42%
cushion under the requirement. Pro-forma for the credit facility
amendment, the revolver will mature in September 2029, subject to a
springing maturity to the date that is 91 days prior to the term
loan maturity date if it is still outstanding.

The stable outlook incorporates Moody's expectation that Cimpress
will continue generating strong free cash flow, grow organic
revenue, adhere to its self-imposed leverage target of 2.5x (credit
agreement definition) and sustain, if not improve, profitability
margins.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be downgraded should margins and earnings
deteriorate, liquidity weaken or financial policies become more
aggressive, as evidenced by Debt/EBITDA rising above 4x (Moody's
adjusted) along with a material decline in cash from the current
cash position.

Ratings could be upgraded if Debt/EBITDA is sustained comfortably
below 3x (Moody's adjusted) with more conservative financial
policies supportive of leverage remaining at such levels. In
addition, an upgrade will be based on the company's ability to
improve and sustain its organic revenue growth rates in the
high-single digit percent range and maintain very good liquidity.

Headquartered in Dundalk, Ireland, Cimpress plc is a provider of
customized marketing products and services to small businesses and
consumers worldwide, largely comprised of printed and other
physical products. Revenue for the fiscal year ended June 2024 was
approximately $3.3 billion.

The principal methodology used in these ratings was Media published
in June 2021.


PALMER SQUARE 2024-2: Moody's Gives Ba3 Rating to EUR27MM E Notes
-----------------------------------------------------------------
Moody's Ratings announced that it has assigned the following
definitive ratings to notes issued by Palmer Square European Loan
Funding 2024-2 Designated Activity Company (the "Issuer"):

EUR425,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned Aaa (sf)

EUR67,100,000 Class B Senior Secured Floating Rate Notes due 2034,
Assigned Aa1 (sf)

EUR32,900,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned A2 (sf)

EUR29,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned Baa3 (sf)

EUR27,200,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned Ba3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.

The Issuer is a static CLO. The issued notes are collateralized
primarily by broadly syndicated senior secured corporate loans. The
portfolio is fully ramped up as of the closing date.

Palmer Square Europe Capital Management LLC may sell assets on
behalf of the Issuer during the life of the transaction.
Reinvestment is not permitted and all sales and principal proceeds
received will be used to amortize the notes in sequential order.

In addition to the five classes of notes rated by us, the Issuer
has issued EUR50,000,000 of Subordinated Notes which are not
rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2024.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in May 2024.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR625,007,842

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2773

Weighted Average Spread (WAS): 3.80% (actual spread vector of the
portfolio)

Weighted Average Coupon (WAC): 3.70% (actual spread vector of the
portfolio)

Weighted Average Recovery Rate (WARR): 44.67%

Weighted Average Life (WAL): 4.5years (actual amortization vector
of the portfolio)


PLATFORM BIDCO: S&P Affirms 'B-' ICR on Acquisition of I.D.C.
-------------------------------------------------------------
S&P Global Ratings therefore affirmed its 'B-' ratings on Platform
Bidco, Ireland-based food manufacturer Valeo Foods Group's parent
entity, and its senior secured first-lien term loan B (TLB) due
September 2028. S&P also affirmed its recovery rating of '3', with
lower recovery prospects rounded to 50%.

S&P also assigned its 'B-' issue rating and '3' recovery rating to
the company's proposed EUR300 million TLB.

S&P said, "We maintain our negative outlook to reflect the
heightened risks to our base case, surrounding the integration of
IDC, along with continued subdued consumer confidence in Europe,
which could affect sales volumes and increase pricing pressure. We
could likely lower our ratings in the next 12 months if the group
is unable to clearly deleverage such that adjusted debt to EBITDA
remains above 10.0x."

On Aug. 2, 2024, Ireland-based food manufacturer Valeo Foods Group
(Valeo; the group) reached an agreement to acquire I.D.C Holding,
a.s. (IDC), a leading wafers, biscuits, and confectionary producer
in Central Europe. The transaction will be financed by a
combination of a new EUR300 million term loan B (TLB) and an
additional EUR30 million equity contribution from the private
equity owner, Bain Capital. Deferred considerations of EUR118
million will be paid across fiscal 2026 (ending March 31) and
fiscal 2027.

The negative outlook reflects the limited headroom on Valeo's
credit metrics in the next 12 months following the partly debt
funded acquisition of IDC. Valeo is acquiring I.D.C Holding partly
funded by a new EUR300 million TLB issuance and a EUR30 million
equity injection from the private equity sponsor Bain. S&P said,
"Given the increased debt in the capital structure to fund the
acquisition, which is expected to close in late 2024, coupled with
the already limited FOCF cushion, we think that Valeo's leverage
will remain elevated in fiscal 2025. We estimate S&P Global
Ratings-adjusted debt to EBITDA of 9.0x-9.5x with EBITDA interest
coverage of about 1.5x in the next 12 months including full year
pro forma EBITDA, which remains weak for the current 'B-' rating
level. This is based on expectations of a timely integration of the
acquisition along with the realization of cost synergies, as well
as continued trading momentum at Valeo's existing business
(excluding IDC). In addition, Valeo expects to make EUR118 million
of deferred payments for the acquisition, which will constrain free
cash generation over the next two years. However, considering the
scale of the acquisition compared with acquisitions made in the
past year--notably Pattini (October 2023), Dal Colle (closing
November 2024), and Appalaches Nature (July 2024)--we view that
there are elevated execution risks regarding the integration of the
acquisition exposing the company to potentially
higher-than-anticipated operating costs which could likely weaken
credit metrics."

The acquisition of IDC enhances Valeo's product proposition and it
is overall margin accretive for the group, however, it creates
near-term rating pressure with limited room for further deviation.
IDC's complementary business profile, given leading wafer and
confectionery brands, will enable Valeo to expand the sweet
snacking platform. In addition, the excess capacity at IDC's
manufacturing sites, most notably the Sered wafer production in
Slovakia, will allow Valeo access to greater volume servicing
ability. As a result of the acquisition, Valeo's increased presence
in Central European markets, notably the Czech Republic, Slovakia,
Hungary, and Poland, will also help to reduce its traditionally
higher concentration in the U.K. and Ireland. Valeo's management
also expects to generate cost savings by insourcing some production
from third-party manufacturers. Once fully integrated, and assuming
steady performance across existing markets including from sustained
price increases, we forecast S&P Global Ratings-adjusted EBITDA to
about EUR230 million in fiscal 2026 and FOCF generation of
approximately EUR50 million-EUR60 million. This should translate
into adjusted debt to EBITDA reducing toward 8.5x, with EBITDA
interest coverage improving toward the 1.5x-2.0x range, levels we
view as more commensurate with the current rating. This is
supported by IDC's higher profitability compared to Valeo with 21%
company-adjusted EBITDA margins in fiscal 2023 (ending Dec. 31)
supported by pricing, reduction of marketing, growth investment in
manufacturing capacity and reducing operational overheads. That
said, we expect a high level of exceptional costs in fiscal 2025
and 2026, mainly related to restructuring and the integration of
multiple acquisitions, which will limit improvements in adjusted
EBITDA margins in the next 12-18 months.

S&P said, "We forecast a positive trajectory for Valeo's operating
performance thanks to the continued U.K. snack food recovery and
operational initiatives, amid continued weak consumer sentiment and
price pressures. On a 12-month trailing basis as of end-July 2024,
the group's revenue was at EUR1.55 billion with EUR182 million
reported EBITDA (before exceptional costs). This is thanks to
continued momentum in the U.K. snack food segment, having
significantly improved production output, in turn stepping up
supply service levels. In addition, this is supported by ongoing
operational initiatives. The group is also continuing to
rationalize the manufacturing footprint, having recently announced
the closure of the site in Liverpool which is expected to complete
in the end of the year. This, along with operational initiatives on
group procurement, should help drive further operational
improvement. We assume revenue growth will moderate to about
2.5%-3.0% from fiscal 2026 as the benefits from the U.K. snack food
segment stabilize, while the international business expands
leveraging a more streamlined commercial footprint. Deleveraging in
the next 12 months following the acquisition remains sensitive to
potential negative deviations from weak consumption and increased
pricing pressure. Across fiscal 2023, Valeo has passed through
EUR320 million of pricing and have maintained these through to the
first quarter of fiscal 2025. Pressure by retailers to reduce
prices amid the recent deflationary effect on commodity prices
(except cocoa) and given the group's private label exposure (about
50% of revenues) could threaten our base case. We see risks from
the ongoing subdued, albeit gradually improving, consumption
environment weighing on volumes, particularly in mature Western
European markets. We forecast pro forma FOCF to be positive in
fiscal 2025 at about EUR30 million supported by inflow of working
capital over the next two years as Valeo have been optimizing
inventory and receivables management. Capex is expected to be
higher in the next two years as the group rationalizes the
manufacturing footprint and invests in additional capacity in
Italy.

"We factor in the company's adequate liquidity along with no
near-term refinancing risks, enabling sufficient time for
management to successfully integrate IDC and realize synergies.
Valeo's liquidity position is underpinned by good cash balance of
about EUR69 million on a pro forma basis following the acquisition,
along with EUR106 million available committed undrawn RCF (out of
EUR180 million) as of end-July. The RCF does not mature until March
2028, and we think that there remains sufficient headroom under the
covenant based on current trading. Considering the company does not
face any near-term refinancing risks, with approximately EUR1.08
billion first-lien senior secured TLB due in September 2028, this
enables sufficient time for management to realize the benefits from
the IDC acquisition and sustainably lower the high leverage
position.

"We do not incorporate any significant acquisitions in our forecast
and would consider any further debt-financed acquisitions as an
event risk for the ratings. This is due to already limited headroom
on the company's current debt leverage and FOCF generation. That
said, we believe once IDC has been successfully integrated, Valeo
would remain acquisitive to drive enterprise value growth and
further consolidate its position as an international confectionary
player.

"The negative outlook reflects that we could downgrade Platform
Bidco in the next 12 months if the company deviates from its
business integration and organic growth plan such that deleveraging
falters and FOCF remains negative.

"We could lower our ratings on Platform Bidco to 'CCC+' within the
next 12 months if the company fails to integrate IDC Holdings in a
timely manner, translating to higher than anticipated costs
relating to integration. This could continue to derail the
deleveraging path such that we continue to see adjusted leverage
above 10.0x in fiscal 2025 on pro forma basis, without prospects of
deleveraging. In addition, this could result from EBITDA and FOCF
generation failing to meet our base case, stemming from negative
pricing pressure, volume declines, or lower synergies than
currently anticipated.

"We would view the group entering another debt-funded acquisition
before fully integrating IDC as negative, since this would put into
question its deleveraging path and the sustainability of the
capital structure.

"We could revise our outlook to stable on Platform Bidco if the
company is able to integrate recent acquisitions fully and
continues to improve its operating performance. This should
translate into consistently positive FOCF generation and put the
company on a deleveraging trajectory with adjusted debt to EBITDA
falling substantially below 10.0x and improved interest coverage
metrics. Ratings upside would likely hinge on consistent profitable
growth in line or above our base case, likely supported by stronger
volume prospects.

"Governance factors are a moderately negative consideration in our
credit rating analysis of Valeo, as is the case for most rated
entities owned by private equity sponsors. We think that the
company's highly leveraged financial risk profile points to
corporate decision-making that prioritizes the interests of the
controlling owners. This also reflects the generally finite holding
periods and a focus on maximizing shareholder returns."




===================
K A Z A K H S T A N
===================

[*] Moody's Takes Rating Actions on 7 Kazakh Finance Companies
--------------------------------------------------------------
Moody's Ratings has upgraded the long-term issuer ratings of
Baiterek National Management Holding, JSC (Baiterek) to Baa1 from
Baa2. Moody's have also upgraded the long-term and short-term
issuer ratings of Baiterek's subsidiaries, including Agrarian
Credit Corporation JSC (ACC) to Baa2/Prime-2 from Baa3/Prime-3;
long-term issuer ratings of Development Bank of Kazakhstan (DBK) to
Baa1 from Baa2; Damu Entrepreneurship Development Fund JSC (Damu)
to Baa2/Prime-2 from Baa3/Prime-3; Kazakhstan Housing Company JSC
(KHC) to Baa2/Prime-2 from Baa3/Prime-3; and Industrial Development
Fund JSC (IDF) to Baa3/Prime-3 from Ba1/Not Prime. As part of the
same rating action, Moody's have also withdrawn IDF's Ba1 Corporate
Family Rating (CFR) as this rating is Moody's anchor rating for
non-investment grade issuers (ratings below Baa3).

The issuer outlooks on Baiterek, ACC, DBK, Damu and KHC have been
changed to stable from positive. The issuer outlook on IDF remains
positive.

These rating actions follow Moody's decision to upgrade Kazakhstan
government rating to Baa1 from Baa2 and change the outlook to
stable from positive on September 9, 2024, which was driven by
Moody's assessment that ongoing enhancements to the institutional
and policy framework, combined with sustained momentum in economic
diversification away from hydrocarbons have and will continue to
enhance Kazakhstan's resilience to shocks.

Concurrently, Moody's affirmed ComTransLeasing's (CTL) B1 long-term
CFR and long-term issuer ratings, and maintained its stable issuer
outlook. At the same time Moody's changed the CTL's NSR long-term
issuer rating to Ba3.kz from Ba1.kz, to reflect the new relative
positioning of CTL's creditworthiness withing the new mapping of
national scale ratings from global scale ratings after the
sovereign rating upgrade. The sovereign rating upgrade to Baa1
lifted the anchor point for national scale rating to Baa1 from
Baa2. For details, please see the Cross-sector Rating Methodology:
Mapping National Scale Ratings from Global Scale Ratings, published
in August 2022. Moody's also affirmed the NSR long-term issuer
rating of Baiterek at Aaa.kz, ACC at Aa3.kz, KHC at Aa2.kz and Damu
at Aa2.kz.


RATINGS RATIONALE

-- Baiterek National Management Holding, JSC

Baiterek's long-term issuer ratings upgrade to Baa1 mirrors the
corresponding action on the sovereign rating. It reflects
Baiterek's very close interlinkages with the government, its
important role in promoting Kazakhstan's economic development,
while also serving as a channel to disburse government funding
under key government programmes. Baiterek is highly integrated with
the government, through the government's 100% ownership and its
involvement in Baiterek's business activities, including control
over its financial performance and approval of its key metrics. As
a result, Moody's believe that the Kazakh government would provide
financial support to Baiterek when necessary, and Moody's therefore
align Baiterek's ratings to those of the government.

The outlook on the issuer is stable, in line with the stable
outlook on the Kazakhstan government rating.

-- Development Bank of Kazakhstan

DBK's ratings upgrade reflects both Baiterek's and the government's
improved capacity to provide support in case of need. As a result,
DBK's Baa1 long-term issuer ratings now incorporate a five-notch
uplift from the issuer's ba3 standalone assessment, reflecting
Moody's view of "affiliate-backed" support from its parent,
Baiterek.

DBK's ba3 standalone assessment benefits from its public-policy
role as a key state-controlled operating entity with a special
policy mandate to channel financial support to the industrial and
manufacturing sectors. This mandate — and the company's
shareholding structure — suggests that DBK has good access to
cheap government funding and to regular capital injections,
securing a stable business niche. This access continues to support
DBK's capital buffers and funding profile. DBK's standalone
assessment further captures its susceptibility to politically and
socially motivated decisions, high asset risks given credit
concentration and foreign-currency exposures, and refinancing risks
associated with the high share of wholesale funding and moderate
liquidity buffer.

Moody's assumption of "affiliate-backed" support reflects DBK's
indirect 100% government ownership (via Baiterek); its development
mandate and importance to the government's economic and social
agenda as a key entity to channel financial support to the
industrial and manufacturing sectors; and a strong track record of
support. DBK is also the most important subsidiary under the
Baiterek umbrella with over 30% of its consolidated assets.

The issuer outlook is stable, in line with the stable outlook on
Baiterek and sovereign rating and Moody's expectations that the
balance of credit strengths and weaknesses will remain relatively
stable in the next 12-18 months.

-- Industrial Development Fund JSC

IDF's ratings upgrade reflects DBK's, Baiterek's and the
government's improved capacity to provide support to IDF in case of
need. As a result, IDF's Baa3 long-term issuer ratings now
incorporate a four-notch uplift from the issuer's b1 standalone
assessment, reflecting Moody's view of a "very high" support from
its parent, DBK.

IDF's b1 standalone assessment reflects its solid market position
in the industrial leasing segment, its strong ties with and support
from the Government of Kazakhstan through DBK, which ensures good
capitalisation – via regular capital injections and internal
capital generation – and a liquidity buffer to cover upcoming
repayments. At the same time, the standalone assessment is
constrained by the company's susceptibility to politically and
socially motivated decisions because of its public-policy role and
high single-name concentration, which, combined with the long-term
repayment schedules of lease deals, challenge asset quality.

Moody's assumption of a "very high" probability of affiliate
support reflects IDF's indirect 100% government ownership (via DBK
and Baiterek) and its important development mandate as a key
provider of finance to the industrial leasing segment. IDF
specialises in developing the country's industrial sectors not
related to natural resources and accounted for over 12% of
Baiterek's assets as of end-2023.

The issuer outlook is positive, reflecting IDF's growing importance
within the Baiterek group, potentially translating into higher
support uplift.

-- Withdrawal of the CFRs

Moody's have decided to withdraw the rating(s) for Moody's own
business reasons.


-- Agrarian Credit Corporation JSC

ACC's ratings upgrade reflects both Baiterek's and the government's
improved capacity to provide support in case of need. As a result,
ACC's Baa2 long-term issuer ratings now incorporate a five-notch
uplift from the issuer's b1 standalone assessment, reflecting
Moody's view of a "very high" support from its parent, Baiterek.

ACC's b1 standalone assessment benefits from its public-policy role
as a key state-controlled operating entity with a special policy
mandate to channel financial support to the agricultural sector.
This mandate — and the company's shareholding structure —
allows ACC to benefit from good access to cheap government funding
and to regular capital injections, securing a stable business
niche. The company further maintains high capital buffers, moderate
leverage and good net interest margins that support its earnings
generating capacity. ACC's standalone assessment also captures
however, its modest liquidity and high asset risks, as demonstrated
by a weakly performing loan book and a substantial gap between loan
loss reserves and Stage 3 loans.

Moody's assumption of a "very high" probability of affiliate
support reflects ACC's indirect 100% government ownership (via
Baiterek); its role as a key entity supporting the development of
Kazakhstan's agricultural sector and a strong track record of
support. ACC accounted for over 10% of Baiterek's assets as of
end-2023.

The issuer outlook is stable, in line with the stable outlook on
Baiterek and sovereign rating and Moody's expectations that ACC's
standalone creditworthiness will not change significantly in the
next 12-18 months.

-- Damu Entrepreneurship Development Fund JSC

Damu's ratings upgrade reflects both Baiterek's and the
government's improved capacity to provide support in case of need.
As a result, Damu's Baa2 long-term issuer ratings incorporate a
five-notch uplift from the issuer's b1 standalone assessment,
reflecting Moody's view of a "very high" probability of support
from its parent, Baiterek.

Damu's b1 standalone assessment benefits from its public-policy
role as a national development institution, which ensures a secure
business niche. Access to cheap government funding and government
transfers to cover risks relating to credit guarantees extended to
local banks have also supported Damu's earnings generating
capacity. The company's capitalisation metrics remain strong, on
the back of regular capital injections by the shareholder and good
earnings generation that is reinvested back in the business. At the
same time, while problem loans remain at low levels, the company
remains exposed to potential losses relating to its guarantee
business in the relatively risky small and medium-sized enterprise
(SME) segment. Its funding profile also remains undiversified and
dependent on government-related sources.

Moody's assumption of a "very high" probability of affiliate
support reflects Damu's indirect 100% government ownership (via
Baiterek) and its development mandate in supporting the SME sector.
Damu accounted for around 6% of Baiterek's managed assets
(including guarantees) as of end-2023.

The issuer outlook is stable, in line with the stable outlook on
Baiterek and sovereign rating and Moody's expectations that Damu's
standalone creditworthiness will not change significantly in the
next 12-18 months.

-- Kazakhstan Housing Company JSC

KHC's ratings upgrade reflects both Baiterek's and the government's
improved capacity to provide support in case of need. As a result,
KHC's Baa2 long-term issuer ratings incorporate a four-notch uplift
from the issuer's ba3 standalone assessment, reflecting Moody's
view of a "very high" support from its parent, Baiterek.

KHC's ba3 standalone assessment reflects its adequate capital
buffers; lower-risk asset profile, which is primarily exposed to
bonds issued by regional administrations; and access to cheap
funding and capital, which supports solvency and profitability.
Despite the inherently risk-averse composition of KHC's assets, the
company's policy mandate will continue to expose it to evolving
strategic initiatives, which results in a constant need to adapt
its risk management practices. As a result, KHC's profitability and
asset quality remain exposed to volatility, especially taking into
account large concentrations in the loan book and a growing
portfolio of guarantees issued in favour of house buyers and in
case construction companies fail to deliver the finished products.
The company also keeps modest liquidity buffers which potentially
exposes it to refinancing risks.

Moody's assumption of a "very high" probability of affiliate
support reflects KHC's indirect 100% government ownership (via
Baiterek); its development mandate in developing the country's
housing sector and a strong track record of support. KHC accounted
for around 13% of Baiterek's managed assets (including guarantees)
as of end-2023.

The issuer outlook is stable, in line with the stable outlook on
Baiterek and sovereign rating and reflecting Moody's expectations
that KHC's creditworthiness will not change significantly in the
next 12-18 months.

-- ComTransLeasing

CTL's B1 long-term CFR and issuer ratings are derived from its b1
standalone assessment. The rating affirmations reflect the
company's well-established niche in small-ticket auto and
agriculture equipment leasing in Kazakhstan; its good quality
underlying leasing assets; and strong loss absorption buffer,
supported by good capitalisation and internal revenue generation.
At the same time, the ratings are constrained by the company's
relatively risky niche of providing leasing products to micro
business and appetite for rapid asset growth; high reliance on
limited sources of wholesale funding; and relatively low coverage
of debt maturities by cash equivalents. In addition, the company's
financial results depend to some extent on the profit allocation
strategies of the wider group, a change of which can lead to
increased earnings volatility.

The stable outlook on CTL reflects Moody's view that the company
will maintain its profitability, asset quality and capital adequacy
at good levels, despite its still undiversified funding base.
Ratings do not impute any government support uplift for CTL because
it is a small private-sector entity.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Upward rating pressure on Baiterek would result from the
authorities' improved capacity to provide support. Upgrade of
Baiterek's subsidiary companies also depends on the government's
and Baiterek's improved capacity and willingness to provide
support, and/or following a significant improvement in their
financial performance, especially with regards to their
capitalization, asset quality and liquidity. CTL's ratings may be
upgraded following the broadening of its funding base and
improvement in its debt maturities coverage, together with
sustaining good asset quality and capitalisation metrics.

Downward pressure on Baiterek's subsidiaries could be exerted as a
result of a material deterioration in their financial performance,
specifically their asset quality, profitability and liquidity.
Weakening links and importance to the sovereign would also result
in negative pressure on Baiterek and its subsidiaries.

CTL's ratings maybe downgraded following a deterioration in the
company's asset quality, profitability and liquidity; and/or
increased risk appetite, illustrated by rapid asset growth, which
would exert significant pressure on its capital; and/or a change in
the liability structure towards a higher proportion of secured
debt, which would negatively impact the ratings of unsecured
obligations.

LIST OF AFFECTED RATINGS

Issuer: Kazakhstan Housing Company JSC

Upgrades:

LT Issuer Rating (Foreign Currency), Upgraded to Baa2 from Baa3

LT Issuer Rating (Local Currency), Upgraded to Baa2 from Baa3

ST Issuer Rating (Foreign Currency), Upgraded to P-2 from P-3

ST Issuer Rating (Local Currency), Upgraded to P-2 from P-3

Affirmations:

NSR LT Issuer Rating (Local Currency), Affirmed Aa2.kz

Outlook Actions:

Outlook, Changed To Stable From Positive

Issuer: Industrial Development Fund JSC

Upgrades:

LT Issuer Rating (Foreign Currency), Upgraded to Baa3 from Ba1

LT Issuer Rating (Local Currency), Upgraded to Baa3 from Ba1

ST Issuer Rating (Foreign Currency), Upgraded to P-3 from NP

ST Issuer Rating (Local Currency), Upgraded to P-3 from NP

Withdrawals:

LT Corporate Family Ratings (Foreign Currency), Withdrawn,
previously rated Ba1

LT Corporate Family Ratings (Local Currency), Withdrawn,
previously rated Ba1

Outlook Actions:

Outlook, Remains Positive

Issuer: Development Bank of Kazakhstan

Upgrades:

LT Issuer Rating (Foreign Currency), Upgraded to Baa1 from Baa2

LT Issuer Rating (Local Currency), Upgraded to Baa1 from Baa2

Senior Unsecured (Foreign Currency), Upgraded to Baa1 from Baa2

Senior Unsecured (Local Currency), Upgraded to Baa1 from Baa2

Senior Unsecured Medium-Term Note Program (Local Currency),
Upgraded to (P)Baa1 from (P)Baa2

Senior Unsecured Medium-Term Note Program (Foreign Currency),
Upgraded to (P)Baa1 from (P)Baa2

Subordinate Medium-Term Note Program (Local Currency), Upgraded to
(P)Baa2 from (P)Baa3

Outlook Actions:

Outlook, Changed To Stable From Positive

Issuer: Damu Entrepreneurship Development Fund JSC

Upgrades:

LT Issuer Rating (Foreign Currency), Upgraded to Baa2 from Baa3

LT Issuer Rating (Local Currency), Upgraded to Baa2 from Baa3

ST Issuer Rating (Foreign Currency), Upgraded to P-2 from P-3

ST Issuer Rating (Local Currency), Upgraded to P-2 from P-3

Affirmations:

NSR LT Issuer Rating (Local Currency), Affirmed Aa2.kz

Outlook Actions:

Outlook, Changed To Stable From Positive

Issuer: Agrarian Credit Corporation JSC

Upgrades:

LT Issuer Rating (Foreign Currency), Upgraded to Baa2 from Baa3

LT Issuer Rating (Local Currency), Upgraded to Baa2 from Baa3

ST Issuer Rating (Foreign Currency), Upgraded to P-2 from P-3

ST Issuer Rating (Local Currency), Upgraded to P-2 from P-3

Affirmations:

NSR LT Issuer Rating (Local Currency), Affirmed Aa3.kz

Outlook Actions:

Outlook, Changed To Stable From Positive

Issuer: Baiterek National Management Holding, JSC

Upgrades:

LT Issuer Rating (Foreign Currency), Upgraded to Baa1 from Baa2

LT Issuer Rating (Local Currency), Upgraded to Baa1 from Baa2

Affirmations:

NSR LT Issuer Rating (Local Currency), Affirmed Aaa.kz

ST Issuer Rating (Foreign Currency), Affirmed P-2

ST Issuer Rating (Local Currency), Affirmed P-2

Outlook Actions:

Outlook, Changed To Stable From Positive

Issuer: ComTransLeasing

Downgrades:

NSR LT Issuer Rating (Local Currency), Downgraded to Ba3.kz from
Ba1.kz

Affirmations:

LT Corporate Family Rating, Affirmed B1

LT Issuer Rating (Foreign Currency), Affirmed B1

LT Issuer Rating (Local Currency), Affirmed B1

Outlook Actions:

Outlook, Remains Stable

PRINCIPAL METHODOLOGIES

The principal methodology used in rating Agrarian Credit
Corporation JSC, ComTransLeasing, Damu Entrepreneurship Development
Fund JSC, Development Bank of Kazakhstan, Industrial Development
Fund JSC and Kazakhstan Housing Company JSC was Finance Companies
published in July 2024.



===============
S L O V E N I A
===============

SOSTANJ THERMAL: Emergency Bill Created to Prevent Receivership
---------------------------------------------------------------
STA reports that emergency legislation is being prepared to prevent
SoStanj Thermal Power Plant (TES)from entering receivership.

Since TES's financial condition has deteriorated to the point where
it would be forced to file for receivership in 2025 without state
intervention, Environment, Climate, and Energy Minister Bojan Kumer
announced on Tuesday, September 3, 2024, that an emergency bill is
being prepared to address the crisis, STA reports.

         About SoStanj Thermal Power Plant

SoStanj Thermal Power Plant is a big thermal power plant in
Slovenia.



=========
S P A I N
=========

MEIF 5 ARENA: S&P Raises ICR to 'BB', Outlook Stable
----------------------------------------------------
S&P Global Ratings raised its issuer credit rating on MEIF 5 Arena
Holdings S.A. (MEIF 5) to 'BB' from 'BB-'. S&P also raised its
issue rating on the company's EUR575 million senior secured notes
to 'BB' from 'BB-'. The '4' recovery rating on these notes remains
unchanged.

S&P said, "The stable outlook reflects our view that MEIF 5 will
sustain FFO to debt of at least 10% on the back of volume growth,
tariff increases in line with inflation, and growth from new
acquisitions, while maintaining a disciplined refinancing strategy
and financial policy.

"We view positively Empark's focus on boosting carpark volumes by
increasing the number of active users of its digital app and
monetizing them. The app enables Empark to segment and manage
customers and make targeted offerings through commercial campaigns.
Customers using the digital app tend to use carparks more
frequently and stay longer than analogue customers. In fact,
digital users generate more than 2x the average yearly revenue from
analogue users.

"We also expect that commercial campaigns in the next few years
will continue to maximize volumes. For example, Empark conducted a
successful commercial campaign in January 2024 to sell a bundle of
stays across given sites at a discounted price.

"We expect a strong operational and financial performance in the
next years and reflect this in the upgrade. We expect that
like-for-like revenues in the off-street segment will continue
rising above macroeconomic indicators, thanks to increasing numbers
of active app users and future commercial campaigns helping to
maximize volumes. This, together with Empark's successful
acquisition strategy--which will more than offset contract
maturities in the next three years--will result in total revenue
growth of 4.9% in 2024, 6.2% in 2025, and 1.9% in 2026, on top of
9.9% in 2023. We also expect that Empark will continue realizing
cost efficiencies as its portfolio expands, and that it will
achieve adjusted EBITDA margins of close to 50% over the next three
years.

"Sound credit metrics in our base case hinge on a prudent
shareholder financial policy and the calibration of shareholder
distributions to accommodate expansion. We expect that shareholder
remuneration via the repayment of interest and principal on the
shareholder loan will remain flexible and dependent on business
conditions. This is because we understand that MEIF 5's
shareholders remain committed to maintaining prudent leverage. We
therefore expect interest and principal distributions on the
shareholder loan of EUR30 million-EUR40 million over the next three
years. In view of the need to constantly replace maturing
contracts, Empark generally allocates a share of its operating cash
flows to this end. We forecast that Empark will replace more
contracts than the ones that mature, which will also contribute to
EBITDA growth."

Revenue growth is outperforming macroeconomic indicators. In the
first half of 2024, MEIF 5 reported like-for-like revenue growth in
the off-street segment of 8% versus the first half of 2023. Volume
growth--customers staying longer or more cars parking at the
sites--mainly contributed to the revenue increase. This growth was
higher than the GDP S&P expects for Spain (2.2%) and Portugal
(1.4%) in 2024, and tariffs were almost 3% higher than in 2023.

S&P said, "Growth in the number of app users is contributing to the
positive momentum, and we believe there is room for further
penetration. The on-street segment is less profitable than the
off-street segment, with a reported EBITDA margin of 13% in 2023,
versus 59% for the off-street segment. However, it helps attract
users that will also use Empark's app to park off-street. In 2023,
the ratio of active users to off-street parking spaces was about
5x. Currently, about 15% of the total revenues from off-street
parking come from the app. In addition, downloads have continued to
increase, and as of August 2024, stand at 4.9 million users, versus
3.7 million users in April 2023 for both off-street and on-street
parking.

"The stable outlook reflects our view that MEIF 5 will continue
delivering on its strategy to gradually expand its footprint in the
Iberian Peninsula while also increasing its EBITDA and margins. As
a result, we expect that MEIF 5 will be able to sustain overall FFO
to debt of at least 10% on the back of organic volume growth,
tariff increases in line with inflation, and strategic
acquisitions, also supported by its disciplined financial policy.
At the same time, we expect that MEIF 5 will successfully refinance
its upcoming debt maturities in advance.

"We could lower our rating on MEIF 5 to 'BB-' if we expected MEIF
5's FFO to debt to fall below 8%, or if the company's liquidity
position deteriorates."

In S&P's view, this could occur if:

-- Higher shareholder distributions than those we assume in our
base case lead to a slower reduction in leverage that does not
balance growth;

-- Volumes decline or costs increase more than we anticipate, and
tariff increases do not mitigate this;

-- MEIF 5 fails to achieve EBITDA growth from the acquisitions we
include in our base case;

-- A transformational debt-funded acquisition takes place and
EBITDA growth or shareholder support do not sufficiently compensate
for this; or

-- MEIF 5 does not extend the revolving credit facility (RCF)
before July 2025 or refinance the floating-rate notes before
February 2026, one year before their respective maturity dates, as
this would affect our liquidity assessment.

S&P could raise its rating on MEIF 5 to 'BB+' if S&P expected its
FFO to debt to increase above 12%, backed by a strong track record
of operational and financial performance.

In S&P's view, better performance could occur if:

-- Volumes increase or costs decline more than we anticipate
thanks to operating efficiencies;

-- MEIF 5 achieves higher EBITDA growth from the acquisitions we
include in our base case; or

-- Shareholder distributions lead to a faster reduction in
leverage, further supporting growth.

Environmental factors are neutral for S&P's rating analysis of MEIF
5. The company has taken advantage of the decarbonization
opportunities to enhance its business proposition by installing its
own EV charging points in its off-street carparks. This represents
an opportunity for MEIF 5 to expand its EBITDA further in the
future as the EV charging points could increase customers' loyalty
and MEIF 5's profitability since all the related activities,
including the operations and maintenance, occur in-house.

MEIF 5 aims to have a total of 1,000 EV charging points this year,
and although in 2023, it only derived 0.3% of its total revenues
from EV charging points, it has taken an early strategic step. In
our view, in the coming years, EV penetration in Spain and Portugal
will increase from the very low proportion of total vehicles
currently.

S&P thinks that the move toward decarbonization could also pose a
risk to carparks if restrictions on certain cars parking in city
centers and governments' promotion of public transport were to
materially reduce overall carpark volumes.

In on-street parking, MEIF 5's exposure to volume risk in its
contracts only represented about 3% of its 2023 EBITDA. In
off-street parking in Spain, the vehicles most affected by
restrictions could be those without an environmental badge, and
they only represented 7% of the overall entries to carparks in
2023.

At the end of 2023, low emission zones have been established in
areas that generate more than 50% of MEIF 5's gross margin in the
off-street segment. S&P has not observed a negative impact on
like-for-like revenue growth in most of these cities. Other
municipalities in Spain have until January 2025 to establish low
emission zones.




===========================
U N I T E D   K I N G D O M
===========================

BELRON GROUP: Moody's Puts 'Ba1' CFR on Review for Downgrade
------------------------------------------------------------
Moody's Ratings has placed Belron Group SCA's (Belron or the
company) ratings, including the Ba1 long-term corporate family
rating and the Ba1-PD probability of default rating on review for
downgrade. Concurrently, Moody's have also placed all existing
ratings under Belron Finance 2019 LLC, Belron Finance US LLC,
Belron Luxembourg S.a.r.l. and Belron Finance Limited on review for
downgrade. Previously, the outlook was stable for all entities.

The opening of the review follows the announcement by Belron's
majority owner D'Ieteren Group SA on September 9, 2024 that Belron
plans, subject to market conditions, to refinance the currently
outstanding debt and raise around EUR3.8 billion of additional debt
which together with approximately EUR500 million of cash currently
on the balance sheet will fund an extraordinary dividend for the
company's shareholders.[1]

Governance considerations were a key driver of the rating actions.
The decision to significantly increase the company's leverage, as
well as the material change in financial policy which previously
capped reported net leverage, have been considered in the rating
action.


RATINGS RATIONALE/FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS

The review for downgrade reflects the significant deterioration of
Belron's credit metrics resulting from the expected increase in
outstanding debt and signals a meaningful change in the company's
financial policy, which previously capped the company's reported
net leverage at 3.0x at the start of 2025. Based on the information
provided in the announcement, Moody's estimate that the additional
debt raised as part of the proposed transaction will lead proforma
Moody's-adjusted Debt/EBITDA, as of the end of June 2024, to
increase to around 6x from 3.5x.

The review will focus on Moody's assessment of Belron's pace of
deleveraging over the 12-to-18-month period following the
completion of the transaction, as well as the company's revised
financial policy. If the transaction closes based on the proposed
terms and in alignment with current assumptions, the ratings could
be downgraded by more than one notch.

LIST OF AFECTED RATINGS

Issuer: Belron Group SCA

Probability of Default, Placed on Review for Downgrade, currently
Ba1-PD

LT Corporate Family Rating, Placed on Review for Downgrade,
currently Ba1

Outlook Actions:

Outlook, Changed To Rating Under Review From Stable

Issuer: Belron Finance Limited

Backed Senior Secured Bank Credit Facility (Foreign Currency),
Placed on Review for Downgrade, currently Ba1

Outlook Actions:

Outlook, Changed To Rating Under Review From Stable

Issuer: Belron Finance 2019 LLC

Backed Senior Secured Bank Credit Facility (Local Currency),
Placed on Review for Downgrade, currently Ba1

Outlook Actions:

Outlook, Changed To Rating Under Review From Stable

Issuer: Belron Finance US LLC

Backed Senior Secured Bank Credit Facility (Local Currency),
Placed on Review for Downgrade, currently Ba1

Outlook Actions:

Outlook, Changed To Rating Under Review From Stable

Issuer: Belron Luxembourg S.a.r.l.

Backed Senior Secured Bank Credit Facility (Foreign Currency),
Placed on Review for Downgrade, currently Ba1

Backed Senior Secured Bank Credit Facility (Local Currency),
Placed on Review for Downgrade, currently Ba1

Outlook Actions:

Outlook, Changed To Rating Under Review From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

CORPORATE PROFILE

Belron is the market leader in the vehicle glass repair,
replacement and recalibration industry, with an established
presence in 39 countries. The group operates under several
different brands, with Carglass (Continental Europe), Autoglass
(UK) and Safelite (US) being the most well-known. The VGRR service
range comprises three primary activities: replacement, repair and
recalibration. Belron has a presence across 39 countries, but over
90% of its total revenue comes from its top 10 markets of the US,
France, Germany, the UK, Canada, Australia, Spain, Italy, Belgium,
and the Netherlands. The company generated revenue of EUR6 billion
and EUR1.6 billion of management-adjusted EBITDA in 2023.

The company's main shareholders are the Belgium-based conglomerate
D'leteren Group SA (55%), private equity firms Clayton, Dubilier &
Rice (22%) and Hellman & Friedman (H&F) (12%) and BlackRock, Inc.
(3%, Aa3 negative) and GIC (4%). The remaining shares are owned by
management and the founding family.


LUDGATE FUNDING 2008-W1: S&P Affirms 'B-(sf)' Rating on E Notes
---------------------------------------------------------------
S&P Global Ratings affirmed its 'A+ (sf)' credit ratings on Ludgate
Funding PLC's Series 2008-W1's class A1, A2b, Bb, and Cb notes,
'BBB+ (sf)' rating on the class D notes, and 'B- (sf)' rating on
the class E notes.

S&P's ratings address timely receipt of interest and ultimate
repayment of principal for all classes of notes.

The affirmations reflect the level of credit enhancement for each
class of notes, the current counterparty cap on the maximum
potential rating, and for the class E notes, the application of our
'CCC' criteria.

Collateral performance has deteriorated since our previous review.
As of July 2024, total arrears stood at 17.38% (from 11.45% a year
earlier), and arrears greater than or equal to 90 days were 14.51%
(from 5.96% a year earlier). Both metrics remain above our U.K.
nonconforming RMBS index for pre-2014 originations--currently
27.01% and 19.91%, respectively. From the most recent trend in
arrears, S&P expects arrears levels to stabilize.

Since April 2024, the payment structure for all notes has been
sequential after the reserve fund trigger was breached. The reserve
fund is now at its target of GBP8.0 million. The transaction's
liquidity facility remains at its target level of GBP21.2 million.
The reserve fund and liquidity facility are non-amortizing, given
the breached cumulative loss triggers. Cumulative principal losses
currently stand at GBP14.50 million, or 3.62%.

S&P said, "We applied our global RMBS criteria to our analysis of
this transaction. Since our previous full review, our
weighted-average foreclosure frequency assumptions have increased
at all rating levels, reflecting the increased arrears.

Considering the historical loss severity levels for this type of
legacy nonconforming collateral, the latest available data suggests
that the portfolio's underlying properties may have only partially
benefited from rising house prices, and S&P has therefore applied a
haircut to property valuations.

Since the previous full review, the weighted-average loss severity
assumptions decreased at all rating levels due to the lower current
loan-to-value ratio.

  Credit analysis results

                WAFF (%)   WALS (%)   CREDIT COVERAGE (%)

  AAA           30.70      39.20      12.03

  AA            25.43      31.20       7.93

  A             22.63      18.47       4.18

  BBB           19.67      11.25       2.21

  BB            16.70       6.77       1.13

  B             15.96       3.87       0.62

WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity

S&P said, "The overall effect of our credit analysis results is an
increase in the required credit coverage for all rating levels
since the previous review.

"Our assessment of operational, legal, and counterparty risks
remains unchanged since our previous full review. The bank account
provider (Barclays Bank PLC; A+/Stable/A-1) breached the 'A-1+'
downgrade trigger in the transaction documents following our
downgrade of its long- and short-term ratings in November 2011.
Because no remedial actions were taken following our November 2011
downgrade, our current counterparty criteria cap the maximum
potential rating on the notes in this transaction at our 'A+'
long-term issuer credit rating on Barclays Bank.

"We affirmed our ratings on the class A1, A2b, Bb, Cb, and D notes.
This takes into account our cash flow results, the available credit
enhancement, and the current counterparty cap on the maximum
potential rating.

"We also affirmed our 'B- (sf)' rating on the class E notes. While
the class E notes failed our cash flow stresses, the tranche's
credit enhancement has improved, the reserve fund is fully funded,
and prepayments are low. Therefore, we do not expect the issuer to
be dependent upon favorable business, financial, and economic
conditions to meet its financial commitment on the class E notes
under our 'CCC' ratings criteria.

Macroeconomic forecasts and forward-looking analysis

S&P said, "We expect U.K. inflation to remain above the Bank of
England's 2% target in 2024 and forecast the year-on-year change in
house prices in the fourth-quarter of 2024 to be 1.0%. Although
high inflation is overall credit negative for all borrowers,
inevitably some borrowers will be more negatively affected than
others, and to the extent inflationary pressures materialize more
quickly or more severely than currently expected, risks may
emerge.

"We consider the borrowers in this transaction to be nonconforming
and as such generally less resilient to inflationary pressure than
prime borrowers. At the same time, all of the borrowers are
currently paying a floating rate of interest and so will be
affected by rate rises.

"Given our current macroeconomic forecasts and forward-looking view
of the U.K. residential mortgage market, we have performed
additional sensitivities related to higher levels of defaults due
to increased arrears and house price declines. We have also
performed additional sensitivities with extended recovery timings
due to observed delays to repossession owing to court backlogs in
the U.K. and the repossession grace period announced by the U.K.
government under the Mortgage Charter."

The transaction is backed by a pool of legacy nonconforming
owner-occupied and buy-to-let mortgage loans secured on properties
in the U.K.




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week September 9 to September 13, 2024
----------------------------------------------------------------
Issuer                  Coupon    Maturity Currency Price
------                  ------    -------- -------- -----
Altice France Holding S  10.500   5/15/2027  USD    38.833
R-Logitech Finance SA    10.250   9/26/2027  EUR    15.000
Solis Bond Co DAC        10.208   9/30/2024  EUR    49.851
Codere Finance 2 Luxemb  11.000   9/30/2026  EUR    44.022
Codere Finance 2 Luxemb  12.750  11/30/2027  EUR     0.888
NCO Invest SA            10.000  12/30/2026  EUR     0.146
Ferralum Metals Group S  10.000  12/30/2026  EUR    33.500
NCO Invest SA            10.000  12/30/2026  EUR     0.372
IOG Plc                  13.217   9/20/2024  EUR     4.917
Ilija Batljan Invest AB  10.007              SEK    10.000
Virgolino de Oliveira F  11.750    2/9/2022  USD     0.490
Oscar Properties Holdin  11.270    7/5/2024  SEK     0.051
Immigon Portfolioabbau   10.055              EUR    14.875
Codere Finance 2 Luxemb  13.625  11/30/2027  USD     1.003
Plusplus Capital Financ  11.000   7/29/2026  EUR     8.658
Codere Finance 2 Luxemb  13.625  11/30/2027  USD     1.003
Turkiye Government Bond  10.400  10/13/2032  TRY    48.000
Fastator AB              12.500   9/25/2026  SEK    35.445
Marginalen Bank Bankakt  12.695              SEK    40.002
Virgolino de Oliveira F  10.500   1/28/2018  USD     0.010
Kvalitena AB publ        10.067    4/2/2024  SEK    45.000
Tinkoff Bank JSC Via TC  11.002              USD    42.875
Saderea DAC              12.500  11/30/2026  USD    49.860
Bilt Paper BV            10.360              USD     0.646
Codere Finance 2 Luxemb  11.000   9/30/2026  EUR    44.195
Fastator AB              12.500   9/26/2025  SEK    35.880
UkrLandFarming PLC       10.875   3/26/2018  USD     1.969
Virgolino de Oliveira F  11.750    2/9/2022  USD     0.490
Fastator AB              12.500   9/24/2027  SEK    35.641
Vontobel Financial Prod  21.000   9/27/2024  EUR    24.720
Codere Finance 2 Luxemb  12.750  11/30/2027  EUR     0.888
Privatbank CJSC Via UK   10.250   1/23/2018  USD     3.631
Virgolino de Oliveira F  10.500   1/28/2018  USD     0.010
Privatbank CJSC Via UK   11.000    2/9/2021  USD     0.500
UBS AG/London            17.500    2/7/2025  USD    17.800
Transcapitalbank JSC Vi  10.000              USD     1.450
ACBA Bank OJSC           11.000   12/1/2025  AMD     8.900
Avangardco Investments   10.000  10/29/2018  USD     0.655
Ameriabank CJSC          10.000   2/20/2025  AMD     9.060
Altice France Holding S  10.500   5/15/2027  USD    38.900
Evocabank CJSC           11.000   9/28/2024  AMD     9.431
Sidetur Finance BV       10.000   4/20/2016  USD     0.784
BNP Paribas Emissions-   15.000   9/25/2025  EUR    39.680
Bulgaria Steel Finance   12.000    5/4/2013  EUR     0.216
Elli Investments Ltd     12.250   6/15/2020  GBP     1.171
Privatbank CJSC Via UK   10.875   2/28/2018  USD     5.324
Virgolino de Oliveira F  10.875   1/13/2020  USD    36.000
Virgolino de Oliveira F  10.875   1/13/2020  USD    36.000
Tailwind Energy Chinook  12.500   9/27/2019  USD     1.500
Ukraine Government Bond  11.000   2/16/2037  UAH    30.687
Ventelo Europe Ltd       10.875   6/15/2008  USD     0.000
Phosphorus Holdco PLC    10.000    4/1/2019  GBP     0.807
Finca Uco Cjsc           13.000  11/16/2024  AMD     0.000
Bilt Paper BV            10.360              USD     0.646
UBS AG/London            14.000   7/31/2025  USD    50.550
Ukraine Government Bond  11.000    4/1/2037  UAH    30.646
Bank Vontobel AG         29.000   4/10/2025  USD    42.900
Societe Generale SA      23.500    3/3/2025  USD    45.740
Leonteq Securities AG    20.000    1/3/2025  CHF    48.260
BNP Paribas Issuance BV  20.000   9/18/2026  EUR    34.040
Societe Generale SA      11.000   7/14/2026  USD    16.000
Societe Generale SA      20.000   7/21/2026  USD     3.400
Societe Generale SA      20.000   1/29/2026  USD     9.800
Societe Generale SA      22.750  10/17/2024  USD    23.750
NTRP Via Interpipe Ltd   10.250    8/2/2017  USD     1.003
HSBC Trinkaus & Burkhar  18.900   9/27/2024  EUR    11.680
Societe Generale SA      20.000  11/28/2025  USD    12.920
Societe Generale SA      15.600   8/25/2026  USD    39.830
UBS AG/London            20.000  11/29/2024  USD    17.810
Deutsche Bank AG/London  12.780   3/16/2028  TRY    46.786
UBS AG/London            10.000   3/23/2026  USD    28.730
Citigroup Global Market  25.530   2/18/2025  EUR     0.010
Societe Generale SA      15.000   9/29/2025  USD     8.400
Societe Generale SA      21.000  12/26/2025  USD    26.000
Elli Investments Ltd     12.250   6/15/2020  GBP     1.171
UkrLandFarming PLC       10.875   3/26/2018  USD     1.969
KPNQwest NV              10.000   3/15/2012  EUR     0.798
Tonon Luxembourg SA      12.500   5/14/2024  USD     2.216
Tonon Luxembourg SA      12.500   5/14/2024  USD     2.216
PA Resources AB          13.500    3/3/2016  SEK     0.124
UniCredit Bank GmbH      10.500   9/23/2024  EUR    33.800
Banco Espirito Santo SA  10.000   12/6/2021  EUR     0.058
Deutsche Bank AG/London  14.900   5/30/2028  TRY    48.941
Zurcher Kantonalbank Fi  23.000    3/5/2025  CHF    48.940
Landesbank Baden-Wuertt  23.000   9/27/2024  EUR    45.730
Landesbank Baden-Wuertt  25.000    1/3/2025  EUR    11.870
Landesbank Baden-Wuertt  21.000   9/27/2024  EUR    49.660
Landesbank Baden-Wuertt  22.000    1/3/2025  EUR    11.520
Landesbank Baden-Wuertt  21.000   6/27/2025  EUR    18.680
DZ Bank AG Deutsche Zen  23.100  12/31/2024  EUR    33.630
DZ Bank AG Deutsche Zen  11.500  12/31/2024  EUR     9.760
DZ Bank AG Deutsche Zen  21.500   9/27/2024  EUR    40.560
DZ Bank AG Deutsche Zen  12.700  12/31/2024  EUR    49.290
DZ Bank AG Deutsche Zen  10.500   1/22/2025  EUR     9.280
Bank Vontobel AG         14.500    4/4/2025  CHF    48.200
Landesbank Baden-Wuertt  25.000   9/27/2024  EUR    12.690
Landesbank Baden-Wuertt  16.000    1/3/2025  EUR    11.220
Landesbank Baden-Wuertt  19.000    1/3/2025  EUR    11.290
Landesbank Baden-Wuertt  14.000   6/27/2025  EUR    14.540
Landesbank Baden-Wuertt  27.000   9/27/2024  EUR     8.710
Landesbank Baden-Wuertt  10.500    1/2/2026  EUR    15.520
Landesbank Baden-Wuertt  18.000   9/27/2024  EUR    14.910
UBS AG                   10.000   7/29/2025  USD    34.160
Landesbank Baden-Wuertt  11.000    1/2/2026  EUR    17.450
Landesbank Baden-Wuertt  16.000    1/2/2026  EUR    22.700
DZ Bank AG Deutsche Zen  18.500   3/28/2025  EUR    20.630
DZ Bank AG Deutsche Zen  17.600   6/27/2025  EUR    22.500
Bank Vontobel AG         12.000   4/11/2025  CHF    46.900
Bank Vontobel AG         11.000   4/11/2025  CHF    17.300
Bank Vontobel AG         20.000   7/31/2025  CHF    41.700
Bank Vontobel AG         12.000   6/17/2025  CHF    28.700
Vontobel Financial Prod  26.450   1/24/2025  EUR    15.791
DZ Bank AG Deutsche Zen  20.250   9/25/2024  EUR     9.600
DZ Bank AG Deutsche Zen  14.300  12/31/2024  EUR    42.280
UniCredit Bank GmbH      14.700   9/27/2024  EUR    51.250
DZ Bank AG Deutsche Zen  19.900  12/31/2024  EUR    47.280
Ukraine Government Bond  11.000   4/24/2037  UAH    33.424
UniCredit Bank GmbH      17.500   9/27/2024  EUR    49.150
DZ Bank AG Deutsche Zen  14.000   9/25/2024  EUR     8.430
DZ Bank AG Deutsche Zen  10.250   9/25/2024  EUR    48.650
Swissquote Bank SA       15.740  10/31/2024  CHF    18.770
Ukraine Government Bond  11.000   4/23/2037  UAH    30.646
DZ Bank AG Deutsche Zen  20.400   3/28/2025  EUR    20.230
BNP Paribas Emissions-   28.000   9/26/2024  EUR    46.070
Bank Vontobel AG         14.000    3/5/2025  CHF    10.600
Bank Vontobel AG         12.000    3/5/2025  CHF    48.500
BNP Paribas Emissions-   15.000   9/26/2024  EUR    43.310
Landesbank Baden-Wuertt  10.000    1/3/2025  EUR    50.430
Landesbank Baden-Wuertt  15.000    1/3/2025  EUR    45.060
Ukraine Government Bond  11.000   3/24/2037  UAH    30.650
Vontobel Financial Prod  14.750  12/31/2024  EUR    33.900
Vontobel Financial Prod  22.500  12/31/2024  EUR    48.640
Vontobel Financial Prod  16.500  12/31/2024  EUR    32.990
Vontobel Financial Prod  20.250  12/31/2024  EUR    31.720
Vontobel Financial Prod  13.000  12/31/2024  EUR    34.920
Vontobel Financial Prod  18.500  12/31/2024  EUR    32.340
Vontobel Financial Prod  11.250  12/31/2024  EUR    36.090
Leonteq Securities AG/G  16.000    3/4/2025  CHF    47.510
Raiffeisen Switzerland   16.000    3/4/2025  CHF    14.220
DZ Bank AG Deutsche Zen  12.800  12/31/2024  EUR    44.750
DZ Bank AG Deutsche Zen  15.700  12/31/2024  EUR    40.630
DZ Bank AG Deutsche Zen  11.400  12/31/2024  EUR    47.340
DZ Bank AG Deutsche Zen  14.200  12/31/2024  EUR    42.530
DZ Bank AG Deutsche Zen  17.300  12/31/2024  EUR    39.010
DZ Bank AG Deutsche Zen  14.200  12/31/2024  EUR     9.370
Vontobel Financial Prod  19.250  12/31/2024  EUR    51.010
DZ Bank AG Deutsche Zen  19.000  12/31/2024  EUR    37.640
Zurcher Kantonalbank Fi  24.000  11/22/2024  EUR    50.190
Leonteq Securities AG    21.000  12/18/2024  CHF    47.530
Ukraine Government Bond  11.000    4/8/2037  UAH    30.645
Ukraine Government Bond  11.000   4/20/2037  UAH    30.876
Landesbank Baden-Wuertt  18.000    1/3/2025  EUR    10.670
Landesbank Baden-Wuertt  10.500   4/28/2025  EUR    13.490
Landesbank Baden-Wuertt  19.000   4/28/2025  EUR    16.620
Vontobel Financial Prod  29.200   1/17/2025  EUR    27.780
DZ Bank AG Deutsche Zen  13.200   3/28/2025  EUR    45.010
DZ Bank AG Deutsche Zen  23.600   3/28/2025  EUR    48.250
Swissquote Bank Europe   25.320   2/26/2025  CHF    35.050
Leonteq Securities AG/G  20.000   3/11/2025  CHF    14.410
Raiffeisen Switzerland   16.500   3/11/2025  CHF    14.140
UniCredit Bank GmbH      13.000   9/27/2024  EUR    50.220
UniCredit Bank GmbH      17.300   9/27/2024  EUR    43.280
UniCredit Bank GmbH      14.800   9/27/2024  EUR    36.850
UniCredit Bank GmbH      16.900   9/27/2024  EUR    33.910
Swissquote Bank SA       24.000   10/9/2024  CHF    41.890
Landesbank Baden-Wuertt  23.000   9/27/2024  EUR    44.580
Landesbank Baden-Wuertt  18.000    1/3/2025  EUR    49.140
Landesbank Baden-Wuertt  16.500   4/28/2025  EUR    15.570
Bank Vontobel AG         11.000   4/29/2025  CHF    23.300
Landesbank Baden-Wuertt  11.000   2/27/2026  EUR    18.250
Landesbank Baden-Wuertt  12.000   2/27/2026  EUR    19.430
Landesbank Baden-Wuertt  11.500   2/28/2025  EUR    12.500
Landesbank Baden-Wuertt  19.000   2/28/2025  EUR    13.780
Landesbank Baden-Wuertt  15.000   2/28/2025  EUR    12.880
DZ Bank AG Deutsche Zen  10.600   9/27/2024  EUR    48.030
UniCredit Bank GmbH      15.100   9/27/2024  EUR    46.480
UniCredit Bank GmbH      13.800   9/27/2024  EUR    38.530
UniCredit Bank GmbH      15.800   9/27/2024  EUR    35.320
UniCredit Bank GmbH      18.000   9/27/2024  EUR    32.630
Swissquote Bank SA       24.180   10/9/2024  CHF    42.880
Leonteq Securities AG    21.000    1/9/2025  CHF    50.540
Leonteq Securities AG    24.000    1/9/2025  CHF    22.260
Leonteq Securities AG    23.000    1/9/2025  CHF    45.890
Leonteq Securities AG/G  11.000    1/9/2025  CHF    35.520
UniCredit Bank GmbH      19.100   9/27/2024  EUR    31.440
Landesbank Baden-Wuertt  13.000   6/27/2025  EUR    15.070
Landesbank Baden-Wuertt  16.000   6/27/2025  EUR    16.510
Landesbank Baden-Wuertt  15.000    1/3/2025  EUR    13.420
Landesbank Baden-Wuertt  16.000   6/27/2025  EUR    15.590
Landesbank Baden-Wuertt  19.000   6/27/2025  EUR    17.480
Vontobel Financial Prod  12.250  12/31/2024  EUR    50.530
DZ Bank AG Deutsche Zen  16.400   3/28/2025  EUR    47.210
Landesbank Baden-Wuertt  13.000   4/24/2026  EUR    22.780
Landesbank Baden-Wuertt  10.500   4/24/2026  EUR    19.440
Landesbank Baden-Wuertt  11.500   4/24/2026  EUR    20.710
Raiffeisen Schweiz Geno  16.000   2/19/2025  CHF    47.170
DZ Bank AG Deutsche Zen  12.000   9/25/2024  EUR     9.860
DZ Bank AG Deutsche Zen  10.750  12/27/2024  EUR    50.980
Leonteq Securities AG    18.000  12/27/2024  CHF    48.360
Leonteq Securities AG    21.000  10/30/2024  CHF    27.650
Leonteq Securities AG    21.000    1/3/2025  CHF    24.550
Leonteq Securities AG    25.000    1/3/2025  CHF    40.550
Leonteq Securities AG/G  22.000   10/2/2024  CHF    32.770
UniCredit Bank GmbH      18.500   9/27/2024  EUR    35.180
UniCredit Bank GmbH      14.200   9/27/2024  EUR    39.320
UniCredit Bank GmbH      15.600   9/27/2024  EUR    51.370
UniCredit Bank GmbH      16.900   9/27/2024  EUR    49.510
Bank Julius Baer & Co L  11.150  11/25/2024  USD    47.200
UniCredit Bank GmbH      18.500  12/31/2024  EUR    39.760
Vontobel Financial Prod  13.500   9/27/2024  EUR    46.110
DZ Bank AG Deutsche Zen  10.250   9/25/2024  EUR    46.300
DZ Bank AG Deutsche Zen  10.500  12/27/2024  EUR    46.110
DZ Bank AG Deutsche Zen  21.300  12/31/2024  EUR    42.390
Vontobel Financial Prod  18.000   9/27/2024  EUR    40.120
DZ Bank AG Deutsche Zen  11.000  12/20/2024  EUR    46.230
Vontobel Financial Prod  14.500   9/27/2024  EUR    49.400
Landesbank Baden-Wuertt  10.500  11/22/2024  EUR    11.280
BNP Paribas Issuance BV  19.000   9/18/2026  EUR     0.980
Leonteq Securities AG    25.000  12/18/2024  CHF    43.810
UniCredit Bank GmbH      10.700   2/28/2025  EUR    37.240
UniCredit Bank GmbH      11.700   2/28/2025  EUR    36.050
Landesbank Baden-Wuertt  15.000   9/27/2024  EUR    10.690
Landesbank Baden-Wuertt  17.000   9/27/2024  EUR     9.740
UniCredit Bank GmbH      14.500  11/22/2024  EUR    40.640
HSBC Trinkaus & Burkhar  14.500   9/27/2024  EUR    16.200
HSBC Trinkaus & Burkhar  14.500  12/30/2024  EUR     7.520
Vontobel Financial Prod  12.500   9/27/2024  EUR    42.030
DZ Bank AG Deutsche Zen  13.000  12/27/2024  EUR    50.080
Landesbank Baden-Wuertt  11.800   9/27/2024  EUR    47.910
Landesbank Baden-Wuertt  18.500   9/27/2024  EUR     9.210
UniCredit Bank GmbH      13.800   2/28/2025  EUR    43.770
HSBC Trinkaus & Burkhar  12.900  12/30/2024  EUR    45.900
Vontobel Financial Prod  14.000   9/27/2024  EUR    44.190
HSBC Trinkaus & Burkhar  10.250   9/27/2024  EUR    37.940
HSBC Trinkaus & Burkhar  18.750   9/27/2024  EUR    29.080
UniCredit Bank GmbH      19.100  12/31/2024  EUR    35.990
HSBC Trinkaus & Burkhar  15.200  12/30/2024  EUR    26.490
HSBC Trinkaus & Burkhar  13.100  12/30/2024  EUR    28.270
HSBC Trinkaus & Burkhar  13.400   3/28/2025  EUR    30.070
Landesbank Baden-Wuertt  10.000   6/27/2025  EUR    13.150
Landesbank Baden-Wuertt  14.000   6/27/2025  EUR    14.670
DZ Bank AG Deutsche Zen  10.800   9/27/2024  EUR    38.940
Leonteq Securities AG/G  22.000   9/18/2024  CHF    44.870
UniCredit Bank GmbH      15.700  12/31/2024  EUR    50.790
UniCredit Bank GmbH      19.700  12/31/2024  EUR    33.020
UniCredit Bank GmbH      17.000  12/31/2024  EUR    51.280
UniCredit Bank GmbH      18.000  12/31/2024  EUR    49.000
HSBC Trinkaus & Burkhar  11.900   9/27/2024  EUR    28.040
HSBC Trinkaus & Burkhar  16.300  12/30/2024  EUR    25.780
Landesbank Baden-Wuertt  13.000   3/28/2025  EUR    11.430
Swissquote Bank SA       28.320   9/18/2024  CHF    46.420
UniCredit Bank GmbH      18.800  12/31/2024  EUR    33.750
UniCredit Bank GmbH      18.900  12/31/2024  EUR    46.950
Landesbank Baden-Wuertt  15.000  11/22/2024  EUR    46.530
Landesbank Baden-Wuertt  10.000  11/22/2024  EUR    44.170
Leonteq Securities AG/G  21.000  11/27/2024  EUR    48.220
Raiffeisen Bank Interna  14.558   9/25/2024  EUR    45.290
DZ Bank AG Deutsche Zen  19.100  12/31/2024  EUR    45.930
Vontobel Financial Prod  13.250   9/27/2024  EUR    49.920
Vontobel Financial Prod  19.000   9/27/2024  EUR    42.980
Vontobel Financial Prod  22.250   9/27/2024  EUR    40.230
Raiffeisen Switzerland   14.000  11/27/2024  USD    47.760
Vontobel Financial Prod  16.000   9/27/2024  EUR    46.180
Vontobel Financial Prod  17.000   9/27/2024  EUR    37.360
Vontobel Financial Prod  19.750   9/27/2024  EUR    35.380
Vontobel Financial Prod  10.000   9/27/2024  EUR    45.100
BNP Paribas Emissions-   14.000  12/30/2024  EUR    50.500
BNP Paribas Emissions-   17.000  12/30/2024  EUR    47.140
BNP Paribas Emissions-   16.000  12/30/2024  EUR    33.360
Leonteq Securities AG/G  19.000  11/22/2024  CHF    46.270
DZ Bank AG Deutsche Zen  10.500   9/25/2024  EUR    46.600
Vontobel Financial Prod  12.000   9/27/2024  EUR    42.160
Vontobel Financial Prod  14.500   9/27/2024  EUR    39.610
BNP Paribas Emissions-   17.000  12/30/2024  EUR    32.380
Raiffeisen Schweiz Geno  20.000  10/16/2024  CHF    20.290
UniCredit Bank GmbH      13.700   9/27/2024  EUR    42.490
Finca Uco Cjsc           13.000   5/30/2025  AMD     0.000
Zurcher Kantonalbank Fi  10.500    2/4/2025  EUR    46.850
UniCredit Bank GmbH      19.300  12/31/2024  EUR    38.550
Bank Vontobel AG         20.500   11/4/2024  CHF    29.000
DZ Bank AG Deutsche Zen  14.000  12/20/2024  EUR    41.810
EFG International Finan  20.000   11/8/2024  EUR    47.940
UniCredit Bank GmbH      14.900   9/27/2024  EUR    53.650
Landesbank Baden-Wuertt  16.000  11/22/2024  EUR     9.820
DZ Bank AG Deutsche Zen  13.400  12/31/2024  EUR    42.530
DZ Bank AG Deutsche Zen  10.000   9/27/2024  EUR    36.600
DZ Bank AG Deutsche Zen  11.000   9/27/2024  EUR    34.560
DZ Bank AG Deutsche Zen  15.700   9/27/2024  EUR    46.220
Leonteq Securities AG    25.000  12/11/2024  CHF    39.480
DZ Bank AG Deutsche Zen  13.100   9/27/2024  EUR    31.110
Corner Banca SA          20.000    3/5/2025  USD    45.320
HSBC Trinkaus & Burkhar  10.250  12/30/2024  EUR    40.330
UniCredit Bank GmbH      20.000  12/31/2024  EUR    35.110
Leonteq Securities AG/G  20.000   1/22/2025  CHF    14.050
HSBC Trinkaus & Burkhar  14.400   9/27/2024  EUR    42.870
HSBC Trinkaus & Burkhar  11.500  12/30/2024  EUR    48.710
HSBC Trinkaus & Burkhar  17.500  12/30/2024  EUR    33.290
Raiffeisen Schweiz Geno  15.000   1/22/2025  CHF    35.000
Raiffeisen Schweiz Geno  18.800   9/18/2024  CHF    31.500
Landesbank Baden-Wuertt  11.000   3/28/2025  EUR    11.070
Landesbank Baden-Wuertt  15.000   3/28/2025  EUR    11.930
Raiffeisen Schweiz Geno  10.000   10/4/2024  CHF    34.090
Bank Vontobel AG         13.500    1/8/2025  CHF     7.100
DZ Bank AG Deutsche Zen  18.500   9/27/2024  EUR    41.570
Vontobel Financial Prod  14.250  12/31/2024  EUR    50.170
Vontobel Financial Prod  11.250  12/31/2024  EUR    49.320
Landesbank Baden-Wuertt  12.000    1/3/2025  EUR    11.110
Landesbank Baden-Wuertt  15.000    1/3/2025  EUR    10.510
DZ Bank AG Deutsche Zen  16.000   9/27/2024  EUR    46.730
Swissquote Bank Europe   20.300   1/29/2025  USD    50.100
DZ Bank AG Deutsche Zen  16.500  12/27/2024  EUR    12.530
Landesbank Baden-Wuertt  13.000  10/25/2024  EUR    12.600
Landesbank Baden-Wuertt  16.000  10/25/2024  EUR    11.220
Leonteq Securities AG    24.000   1/13/2025  CHF     8.940
Landesbank Baden-Wuertt  11.500  10/25/2024  EUR    13.540
Landesbank Baden-Wuertt  10.000  10/25/2024  EUR    48.590
Vontobel Financial Prod  15.250  12/31/2024  EUR    49.860
Vontobel Financial Prod  14.250  12/31/2024  EUR    36.830
UniCredit Bank GmbH      14.800   9/27/2024  EUR    40.450
Vontobel Financial Prod  12.500  12/31/2024  EUR    38.250
Vontobel Financial Prod  10.750  12/31/2024  EUR    39.890
Vontobel Financial Prod  17.500  12/31/2024  EUR    47.210
Basler Kantonalbank      12.000   2/17/2025  CHF    47.910
Leonteq Securities AG/G  20.800    2/5/2025  CHF    48.990
Vontobel Financial Prod  11.000  12/31/2024  EUR    32.390
Landesbank Baden-Wuertt  12.000   9/27/2024  EUR    49.990
Vontobel Financial Prod  13.250   9/27/2024  EUR    44.830
Vontobel Financial Prod  10.750   9/27/2024  EUR    50.040
Swissquote Bank Europe   16.030   1/16/2025  USD    49.510
Vontobel Financial Prod  20.250  12/31/2024  EUR    13.445
BNP Paribas Emissions-   13.000  12/30/2024  EUR    46.600
DZ Bank AG Deutsche Zen  20.300  12/31/2024  EUR    52.050
Vontobel Financial Prod  13.000  12/31/2024  EUR    38.410
Vontobel Financial Prod  16.750  12/31/2024  EUR    35.950
Vontobel Financial Prod  14.750  12/31/2024  EUR    46.490
Vontobel Financial Prod  20.000  12/31/2024  EUR    42.610
DZ Bank AG Deutsche Zen  15.500  12/31/2024  EUR    38.170
Vontobel Financial Prod  11.000  12/31/2024  EUR    39.910
Vontobel Financial Prod  14.750  12/31/2024  EUR    37.050
Vontobel Financial Prod  12.500  12/31/2024  EUR    49.140
Vontobel Financial Prod  17.250  12/31/2024  EUR    44.340
DZ Bank AG Deutsche Zen  10.750  12/27/2024  EUR    50.090
Landesbank Baden-Wuertt  14.000   1/24/2025  EUR    10.970
Vontobel Financial Prod  16.000   3/28/2025  EUR    17.306
Leonteq Securities AG/G  10.340   8/31/2026  EUR    44.480
Vontobel Financial Prod  15.500   9/27/2024  EUR    41.220
UniCredit Bank GmbH      14.600   2/28/2025  EUR    51.720
UniCredit Bank GmbH      12.800   2/28/2025  EUR    34.780
UniCredit Bank GmbH      13.100   2/28/2025  EUR    45.100
UniCredit Bank GmbH      14.500   2/28/2025  EUR    42.390
HSBC Trinkaus & Burkhar  13.500  12/30/2024  EUR    50.030
HSBC Trinkaus & Burkhar  14.500   9/27/2024  EUR    46.730
DZ Bank AG Deutsche Zen  20.400   9/27/2024  EUR    36.260
UniCredit Bank GmbH      13.700   9/27/2024  EUR    40.580
Vontobel Financial Prod  18.000  12/31/2024  EUR    46.270
DZ Bank AG Deutsche Zen  10.750  12/27/2024  EUR    10.190
UniCredit Bank GmbH      16.600  12/31/2024  EUR    47.240
UniCredit Bank GmbH      16.100  12/31/2024  EUR    53.880
UniCredit Bank GmbH      19.800  12/31/2024  EUR    45.130
HSBC Trinkaus & Burkhar  16.800   9/27/2024  EUR    22.900
HSBC Trinkaus & Burkhar  14.300   9/27/2024  EUR    25.190
Landesbank Baden-Wuertt  10.500   6/27/2025  EUR    51.180
HSBC Trinkaus & Burkhar  11.600   3/28/2025  EUR    31.770
HSBC Trinkaus & Burkhar  15.700  12/30/2024  EUR     6.300
HSBC Trinkaus & Burkhar  17.700   9/27/2024  EUR     9.010
HSBC Trinkaus & Burkhar  18.100  12/30/2024  EUR     6.590
Leonteq Securities AG    20.000   9/18/2024  CHF    17.900
UniCredit Bank GmbH      16.600  12/31/2024  EUR    49.200
UniCredit Bank GmbH      15.100  12/31/2024  EUR    49.810
HSBC Trinkaus & Burkhar  11.100  12/30/2024  EUR    30.630
Leonteq Securities AG    24.000   1/16/2025  CHF    35.240
Raiffeisen Switzerland   11.800   1/15/2025  CHF    48.550
Raiffeisen Switzerland   13.900   1/15/2025  EUR    49.130
UniCredit Bank GmbH      12.300   9/27/2024  EUR    41.830
UniCredit Bank GmbH      10.700   9/27/2024  EUR    43.880
UniCredit Bank GmbH      16.300   9/27/2024  EUR    37.130
Raiffeisen Schweiz Geno  19.000   10/2/2024  CHF    33.640
UniCredit Bank GmbH      16.550   8/18/2025  USD    20.920
UBS AG/London            21.600    8/2/2027  SEK    21.330
Finca Uco Cjsc           12.000   2/10/2025  AMD     0.000
Lehman Brothers Treasur  11.000  12/19/2011  USD     0.100
Lehman Brothers Treasur  15.000   3/30/2011  EUR     0.100
Lehman Brothers Treasur  14.900   9/15/2008  EUR     0.100
Lehman Brothers Treasur  13.500  11/28/2008  USD     0.100
Bulgaria Steel Finance   12.000    5/4/2013  EUR     0.216
DZ Bank AG Deutsche Zen  11.800   9/27/2024  EUR    44.940
UniCredit Bank GmbH      14.300  11/22/2024  EUR    50.730
UniCredit Bank GmbH      10.900  11/22/2024  EUR    38.370
UniCredit Bank GmbH      10.000  11/22/2024  EUR    40.480
UniCredit Bank GmbH      11.900  11/22/2024  EUR    36.530
UniCredit Bank GmbH      11.000  11/22/2024  EUR    44.640
National Mortgage Co RC  12.000   3/30/2026  AMD     0.000
Evocabank CJSC           11.000   9/27/2025  AMD     9.542
ACBA Bank OJSC           11.500    3/1/2026  AMD     0.000
UniCredit Bank GmbH      14.900  11/22/2024  EUR    49.340
UniCredit Bank GmbH      13.700  11/22/2024  EUR    52.220
UniCredit Bank GmbH      13.000  11/22/2024  EUR    34.920
UniCredit Bank GmbH      10.200  11/22/2024  EUR    46.120
Leonteq Securities AG/G  10.000  11/12/2024  CHF    43.050
Bank Vontobel AG         10.000   11/4/2024  EUR    46.800
Vontobel Financial Prod  15.500   9/27/2024  EUR    45.530
Vontobel Financial Prod  21.000   9/27/2024  EUR    34.190
Landesbank Baden-Wuertt  12.000   1/24/2025  EUR    10.300
Vontobel Financial Prod  18.000   9/27/2024  EUR    42.990
Vontobel Financial Prod  11.500   9/27/2024  EUR    51.930
Zurcher Kantonalbank Fi  19.500   9/18/2024  CHF    47.070
Leonteq Securities AG/G  11.000  10/11/2024  CHF    48.980
Zurcher Kantonalbank Fi  12.000   10/4/2024  EUR    48.740
Leonteq Securities AG    24.000   9/25/2024  CHF    34.530
Raiffeisen Schweiz Geno  20.000   9/25/2024  CHF    18.450
Raiffeisen Schweiz Geno  20.000   9/25/2024  CHF    28.500
Landesbank Baden-Wuertt  11.000   1/24/2025  EUR    47.680
Vontobel Financial Prod  13.500   9/27/2024  EUR    48.490
UniCredit Bank GmbH      18.800  12/31/2024  EUR    30.220
UniCredit Bank GmbH      18.000  12/31/2024  EUR    30.800
UniCredit Bank GmbH      17.200  12/31/2024  EUR    31.430
UniCredit Bank GmbH      19.600  12/31/2024  EUR    29.690
Leonteq Securities AG/G  12.000  10/11/2024  EUR    40.760
Leonteq Securities AG    23.000  12/27/2024  CHF    31.230
Landesbank Baden-Wuertt  15.500   1/24/2025  EUR    10.190
Landesbank Baden-Wuertt  15.500   9/27/2024  EUR     7.260
Landesbank Baden-Wuertt  11.000  11/22/2024  EUR    11.370
Landesbank Baden-Wuertt  14.500  11/22/2024  EUR    10.040
HSBC Trinkaus & Burkhar  20.000   9/27/2024  EUR    10.680
HSBC Trinkaus & Burkhar  17.400  12/30/2024  EUR     7.220
Corner Banca SA          10.000   11/8/2024  CHF    41.740
HSBC Trinkaus & Burkhar  17.500   6/27/2025  EUR    12.620
HSBC Trinkaus & Burkhar  10.250   6/27/2025  EUR    38.930
HSBC Trinkaus & Burkhar  12.750   6/27/2025  EUR    10.130
HSBC Trinkaus & Burkhar  13.500   6/27/2025  EUR    50.860
HSBC Trinkaus & Burkhar  15.500   6/27/2025  EUR    37.750
UBS AG/London            12.000   11/4/2024  EUR    45.600
BNP Paribas Emissions-   16.000  12/30/2024  EUR    46.730
BNP Paribas Emissions-   17.000  12/30/2024  EUR    44.190
UniCredit Bank GmbH      13.400   9/27/2024  EUR    44.800
HSBC Trinkaus & Burkhar  22.250   6/27/2025  EUR    15.870
HSBC Trinkaus & Burkhar  11.250   6/27/2025  EUR    44.010
Leonteq Securities AG    24.000  12/27/2024  CHF    35.520
Bank Vontobel AG         15.500  11/18/2024  CHF    27.800
UniCredit Bank GmbH      11.000   9/19/2024  EUR    48.630
UBS AG/London            14.000   9/25/2028  EUR    46.970
Landesbank Baden-Wuertt  13.000   9/27/2024  EUR    47.940
DZ Bank AG Deutsche Zen  15.200  12/31/2024  EUR    48.300
Landesbank Baden-Wuertt  13.000   9/27/2024  EUR    49.440
Landesbank Baden-Wuertt  11.500   9/27/2024  EUR     9.310
UniCredit Bank GmbH      19.300  12/31/2024  EUR    37.250
UniCredit Bank GmbH      14.700  11/22/2024  EUR    42.560
UniCredit Bank GmbH      12.900  11/22/2024  EUR    33.410
Vontobel Financial Prod  18.000   9/27/2024  EUR    24.860
Vontobel Financial Prod  10.500   9/27/2024  EUR    46.410
Vontobel Financial Prod  12.750   9/27/2024  EUR    51.760
UniCredit Bank GmbH      14.200  11/22/2024  EUR    32.160
Vontobel Financial Prod  20.000   9/27/2024  EUR    45.500
DZ Bank AG Deutsche Zen  14.000   9/27/2024  EUR    37.260
Vontobel Financial Prod  12.250   9/27/2024  EUR    51.860
Vontobel Financial Prod  10.000   9/27/2024  EUR    31.620
Vontobel Financial Prod  13.250   9/27/2024  EUR    28.850
DZ Bank AG Deutsche Zen  14.500   3/28/2025  EUR    49.830
DZ Bank AG Deutsche Zen  18.200   3/28/2025  EUR    45.940
UniCredit Bank GmbH      10.700  11/22/2024  EUR    46.220
UniCredit Bank GmbH      10.400   2/28/2025  EUR    48.690
UniCredit Bank GmbH      11.600   2/28/2025  EUR    46.280
UniCredit Bank GmbH      13.900  11/22/2024  EUR    44.510
UniCredit Bank GmbH      13.500   2/28/2025  EUR    47.540
Landesbank Baden-Wuertt  10.000  10/24/2025  EUR    14.790
Bank Vontobel AG         12.000  11/11/2024  CHF    46.600
DZ Bank AG Deutsche Zen  17.800   9/27/2024  EUR    26.590
DZ Bank AG Deutsche Zen  17.900   9/27/2024  EUR    39.500
DZ Bank AG Deutsche Zen  12.000   9/27/2024  EUR    33.070
Leonteq Securities AG/G  20.000   9/26/2024  USD    11.820
Inecobank CJSC           10.000   4/28/2025  AMD     0.000
Vontobel Financial Prod  12.750  12/31/2024  EUR    48.380
UBS AG/London            10.500   9/23/2024  EUR    47.750
DZ Bank AG Deutsche Zen  14.400   9/27/2024  EUR    30.990
DZ Bank AG Deutsche Zen  14.700   9/27/2024  EUR    45.100
DZ Bank AG Deutsche Zen  14.500   9/27/2024  EUR    46.390
DZ Bank AG Deutsche Zen  16.800   9/27/2024  EUR    41.770
DZ Bank AG Deutsche Zen  23.500   9/27/2024  EUR    33.520
UniCredit Bank GmbH      18.600  12/31/2024  EUR    42.940
UniCredit Bank GmbH      12.800  10/10/2024  EUR    45.130
Vontobel Financial Prod  13.250  12/31/2024  EUR    46.620
Landesbank Baden-Wuertt  14.000  10/24/2025  EUR    17.940
UBS AG/London            11.250   9/16/2024  EUR    48.150
UBS AG/London            13.000   9/30/2024  CHF    11.660
Bank Vontobel AG         18.000   12/4/2024  USD    50.100
HSBC Trinkaus & Burkhar  15.100  12/30/2024  EUR    38.790
HSBC Trinkaus & Burkhar  12.500  12/30/2024  EUR    43.260
HSBC Trinkaus & Burkhar  11.800   9/27/2024  EUR    26.510
HSBC Trinkaus & Burkhar  16.100  12/30/2024  EUR    25.260
HSBC Trinkaus & Burkhar  15.900   3/28/2025  EUR    27.850
HSBC Trinkaus & Burkhar  13.300   6/27/2025  EUR    31.280
HSBC Trinkaus & Burkhar  10.400  10/25/2024  EUR    28.740
HSBC Trinkaus & Burkhar  12.600  11/22/2024  EUR    26.950
HSBC Trinkaus & Burkhar  10.300  11/22/2024  EUR    29.450
UniCredit Bank GmbH      15.100   9/27/2024  EUR    50.360
UniCredit Bank GmbH      16.400   9/27/2024  EUR    47.490
Vontobel Financial Prod  13.750  12/31/2024  EUR    48.400
Bank Vontobel AG         21.000  12/23/2024  CHF    50.000
HSBC Trinkaus & Burkhar  17.600   9/27/2024  EUR    33.830
HSBC Trinkaus & Burkhar  10.800  12/30/2024  EUR    47.180
HSBC Trinkaus & Burkhar  17.800   9/27/2024  EUR    21.440
HSBC Trinkaus & Burkhar  11.100  12/30/2024  EUR    29.110
HSBC Trinkaus & Burkhar  15.000   3/28/2025  EUR    28.280
HSBC Trinkaus & Burkhar  11.300   6/27/2025  EUR    32.670
HSBC Trinkaus & Burkhar  12.800  10/25/2024  EUR    26.080
HSBC Trinkaus & Burkhar  15.600  11/22/2024  EUR    24.590
Corner Banca SA          18.500   9/23/2024  CHF     5.390
Armenian Economy Develo  11.000   10/3/2025  AMD     0.000
UniCredit Bank GmbH      19.500  12/31/2024  EUR    41.480
Vontobel Financial Prod  17.000   9/27/2024  EUR    48.620
Vontobel Financial Prod  18.500   9/27/2024  EUR    47.010
Vontobel Financial Prod  20.500   9/27/2024  EUR    36.850
Lehman Brothers Treasur  13.000   7/25/2012  EUR     0.100
HSBC Trinkaus & Burkhar  12.400   9/27/2024  EUR    49.890
Landesbank Baden-Wuertt  11.000    1/3/2025  EUR     8.260
Landesbank Baden-Wuertt  13.000    1/3/2025  EUR     8.240
HSBC Trinkaus & Burkhar  15.900   9/27/2024  EUR    47.540
HSBC Trinkaus & Burkhar  14.300   9/27/2024  EUR    46.140
DZ Bank AG Deutsche Zen  12.000   9/25/2024  EUR     9.270
Landesbank Baden-Wuertt  14.000  11/22/2024  EUR    48.480
Landesbank Baden-Wuertt  18.000  11/22/2024  EUR     9.370
HSBC Trinkaus & Burkhar  19.600  12/30/2024  EUR     7.450
HSBC Trinkaus & Burkhar  18.300   9/27/2024  EUR    42.640
UniCredit Bank GmbH      10.500  12/22/2025  EUR    42.140
UniCredit Bank GmbH      10.500    4/7/2026  EUR    34.190
Raiffeisen Schweiz Geno  10.000  12/31/2024  CHF    47.980
Bank Julius Baer & Co L  12.720   2/17/2025  CHF    26.350
Lehman Brothers Treasur  18.250   10/2/2008  USD     0.100
Petromena ASA            10.850  11/19/2018  USD     0.622
Lehman Brothers Treasur  11.000  12/20/2017  AUD     0.100
Lehman Brothers Treasur  14.900  11/16/2010  EUR     0.100
Lehman Brothers Treasur  16.000   10/8/2008  CHF     0.100
Lehman Brothers Treasur  11.000  12/20/2017  AUD     0.100
Lehman Brothers Treasur  11.000   2/16/2009  CHF     0.100
UniCredit Bank GmbH      10.700   2/17/2025  EUR    22.440
Lehman Brothers Treasur  11.750    3/1/2010  EUR     0.100
Societe Generale SA      20.000   9/18/2026  USD    12.500
Lehman Brothers Treasur  10.000   2/16/2009  CHF     0.100
Lehman Brothers Treasur  11.000  12/20/2017  AUD     0.100
UniCredit Bank GmbH      10.700    2/3/2025  EUR    22.200
ASCE Group OJSC          12.000   6/11/2031  AMD     0.000
Erste Group Bank AG      14.500   5/31/2026  EUR    28.850
UniCredit Bank GmbH      10.300   9/27/2024  EUR    34.510
Lehman Brothers Treasur  13.000   2/16/2009  CHF     0.100
Armenian Economy Develo  10.500    5/4/2025  AMD     0.000
Landesbank Baden-Wuertt  11.500  10/25/2024  EUR     6.230
Lehman Brothers Treasur  16.000   11/9/2008  USD     0.100
Lehman Brothers Treasur  10.442  11/22/2008  CHF     0.100
Lehman Brothers Treasur  13.432    1/8/2009  ILS     0.100
EFG International Finan  11.120  12/27/2024  EUR    36.520
Lehman Brothers Treasur  13.150  10/30/2008  USD     0.100
Lehman Brothers Treasur  14.100  11/12/2008  USD     0.100
Lehman Brothers Treasur  11.000    7/4/2011  USD     0.100
Lehman Brothers Treasur  16.800   8/21/2009  USD     0.100
Lehman Brothers Treasur  13.500    6/2/2009  USD     0.100
Lehman Brothers Treasur  12.400   6/12/2009  USD     0.100
Lehman Brothers Treasur  10.000   6/17/2009  USD     0.100
Lehman Brothers Treasur  11.000    7/4/2011  CHF     0.100
Lehman Brothers Treasur  16.000  12/26/2008  USD     0.100
Lehman Brothers Treasur  16.000  10/28/2008  USD     0.100
Lehman Brothers Treasur  10.600   4/22/2014  MXN     0.100
Lehman Brothers Treasur  10.000   5/22/2009  USD     0.100
Lehman Brothers Treasur  17.000    6/2/2009  USD     0.100
Lehman Brothers Treasur  23.300   9/16/2008  USD     0.100
Lehman Brothers Treasur  12.000    7/4/2011  EUR     0.100
Lehman Brothers Treasur  10.000  10/23/2008  USD     0.100
Lehman Brothers Treasur  16.200   5/14/2009  USD     0.100
Lehman Brothers Treasur  15.000    6/4/2009  CHF     0.100
Lehman Brothers Treasur  10.000  10/22/2008  USD     0.100
Landesbank Baden-Wuertt  10.000  10/25/2024  EUR     6.760
Credit Agricole Corpora  10.200  12/13/2027  TRY    47.246
Lehman Brothers Treasur  11.250  12/31/2008  USD     0.100
Lehman Brothers Treasur  13.000  12/14/2012  USD     0.100
Lehman Brothers Treasur  12.000   7/13/2037  JPY     0.100
Lehman Brothers Treasur  10.000   6/11/2038  JPY     0.100
Lehman Brothers Treasur  10.500    8/9/2010  EUR     0.100
Goldman Sachs Internati  16.288   3/17/2027  USD    23.260
Privatbank CJSC Via UK   10.875   2/28/2018  USD     5.324
UBS AG/London            14.500  10/14/2024  CHF    25.820
Sidetur Finance BV       10.000   4/20/2016  USD     0.784
Bank Vontobel AG         10.000  10/21/2024  CHF    55.200
Teksid Aluminum Luxembo  12.375   7/15/2011  EUR     0.619
Phosphorus Holdco PLC    10.000    4/1/2019  GBP     0.807
Lehman Brothers Treasur  10.000   3/27/2009  USD     0.100
Lehman Brothers Treasur  11.000   6/29/2009  EUR     0.100
Leonteq Securities AG/G  13.000  10/21/2024  EUR    47.400
UBS AG/London            15.750  10/21/2024  CHF    26.940
BLT Finance BV           12.000   2/10/2015  USD    10.500
HSBC Trinkaus & Burkhar  14.800  12/30/2024  EUR    41.990
HSBC Trinkaus & Burkhar  11.200  12/30/2024  EUR    49.850
HSBC Trinkaus & Burkhar  15.400   9/27/2024  EUR    23.990
HSBC Trinkaus & Burkhar  11.400  12/30/2024  EUR    29.930
HSBC Trinkaus & Burkhar  16.000   3/28/2025  EUR    28.320
HSBC Trinkaus & Burkhar  11.500   6/27/2025  EUR    33.470
HSBC Trinkaus & Burkhar  16.300   3/28/2025  EUR     8.200
HSBC Trinkaus & Burkhar  19.600  11/22/2024  EUR     5.810
HSBC Trinkaus & Burkhar  15.700  11/22/2024  EUR    25.120
HSBC Trinkaus & Burkhar  10.000  11/22/2024  EUR    31.120
HSBC Trinkaus & Burkhar  15.400   9/27/2024  EUR    40.080
Vontobel Financial Prod  22.500   9/27/2024  EUR    37.740
Vontobel Financial Prod  24.500   9/27/2024  EUR     6.119
DZ Bank AG Deutsche Zen  13.900   3/28/2025  EUR    13.360
UBS AG/London            11.000   1/20/2025  EUR    48.550
HSBC Trinkaus & Burkhar  17.300   9/27/2024  EUR    36.860
HSBC Trinkaus & Burkhar  13.400  12/30/2024  EUR    44.510
HSBC Trinkaus & Burkhar  18.000   9/27/2024  EUR    21.920
HSBC Trinkaus & Burkhar  12.100   9/27/2024  EUR    27.250
HSBC Trinkaus & Burkhar  14.100  12/30/2024  EUR    27.320
HSBC Trinkaus & Burkhar  15.100   3/28/2025  EUR    28.800
HSBC Trinkaus & Burkhar  11.000   3/28/2025  EUR    32.220
HSBC Trinkaus & Burkhar  13.400   6/27/2025  EUR    31.550
HSBC Trinkaus & Burkhar  17.500   9/27/2024  EUR     7.300
HSBC Trinkaus & Burkhar  15.200  12/30/2024  EUR     5.670
HSBC Trinkaus & Burkhar  14.400   3/28/2025  EUR     7.390
HSBC Trinkaus & Burkhar  13.100  10/25/2024  EUR    26.770
HSBC Trinkaus & Burkhar  10.200  10/25/2024  EUR    30.450
HSBC Trinkaus & Burkhar  12.800  11/22/2024  EUR    27.640
HSBC Trinkaus & Burkhar  13.900  12/30/2024  EUR    43.390
HSBC Trinkaus & Burkhar  12.800   3/28/2025  EUR    44.880
HSBC Trinkaus & Burkhar  11.500   3/28/2025  EUR    46.920
HSBC Trinkaus & Burkhar  11.300  11/22/2024  EUR    47.690
DZ Bank AG Deutsche Zen  11.500   9/25/2024  EUR    50.280
Vontobel Financial Prod  16.500   9/27/2024  EUR    46.190
Vontobel Financial Prod  10.500   9/27/2024  EUR    49.540



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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2024.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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members of the same firm for the term of the initial subscription
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