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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, January 6, 2025, Vol. 26, No. 4

                           Headlines



I T A L Y

ASSET-BACKED EUROPEAN: DBRS Finalizes CCC Rating on Class M Notes
STRESA SECURITIZATION: DBRS Confirms BB(high) Rating on D Notes


N E T H E R L A N D S

AURORUS 2023 BV: Moody's Affirms B2 Rating on EUR6.3MM Cl. F Notes


S P A I N

MIRAVET 2020-1: DBRS Discontinues B Rating on Class E Notes


S W E D E N

NORTH STAR: 91% Markdown for Oaktree Strategic Kr69.1MM Loan


U N I T E D   K I N G D O M

AI MISTRAL: S&P Withdraws 'B-' Long-Term Issuer Credit Rating
GEMGARTO 2023: DBRS Confirms BB(low) Rating on Class F Notes


X X X X X X X X

[*] BOND PRICING: For the Week December 30, 2024 to January 3, 2025

                           - - - - -


=========
I T A L Y
=========

ASSET-BACKED EUROPEAN: DBRS Finalizes CCC Rating on Class M Notes
-----------------------------------------------------------------
DBRS Ratings GmbH finalized its provisional credit ratings on the
following classes of notes (collectively, the Notes) issued by
Asset-Backed European Securitization Transaction Twenty-Five S.r.l.
(the Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (low) (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (high) (sf)
-- Class E Notes at BBB (low) (sf)
-- Class M Notes at CCC (sf)
-- Class X Notes at BB (low) (sf)

The finalized credit ratings on the Class D and Class E Notes are
one notch higher and the finalized credit rating on the Class X
Notes is three notches higher than the provisional credit ratings
Morningstar DBRS initially assigned. The combined effect of the
overall lower margins of the Notes and the lower swap fixed leg
improved the cash flow analysis on the Class D, Class E, and Class
X Notes in their respective credit rating stress scenarios.

The credit rating on the Class A Notes addresses the timely payment
of scheduled interest and the ultimate repayment of principal by
the final maturity date. The credit ratings on the Class B, Class
C, Class D, Class E, and Class M Notes address the ultimate payment
of scheduled interest (timely when they are the most senior class
of notes outstanding) and the ultimate repayment of principal by
the final maturity date. The credit rating on the Class X Notes
addresses the ultimate payment of scheduled interest and the
ultimate repayment of principal by the final maturity date.

CREDIT RATING RATIONALE

The transaction represents the issuance of Notes backed by a pool
of auto loan receivables related to standard, amortizing auto loan
contracts granted to private consumers and legal persons residing
or incorporated in the Republic of Italy for the purchase of new
and used passenger cars, granted by CA Auto Bank S.p.A. (CAAB; the
Originator or the Servicer). Only the Class A Notes to Class M
Notes are collateralized, while the Class X Notes were issued to
fund the cash reserve at closing.

Morningstar DBRS' credit ratings are based on the following
analytical considerations:

-- The transaction's structure, including the form and sufficiency
of available credit enhancement to withstand stressed cash flow
assumptions and repay the Issuer's financial obligations according
to the terms under which the Notes were issued;

-- The credit quality of CAAB's portfolio, the characteristics of
the collateral, its historical performance, and Morningstar
DBRS-projected behavior under various stress scenarios;

-- CAAB's capabilities with respect to originations, underwriting,
servicing, and its position in the market and financial strength;

-- The operational risk review of CAAB, which Morningstar DBRS
deems to be an acceptable Servicer;

-- The transaction parties' financial strength with regard to
their respective roles;

-- The consistency of the transaction's legal and hedging
structure with Morningstar DBRS' Legal and Derivative Criteria for
European Structured Finance Transactions methodology; and

-- Morningstar DBRS' sovereign credit rating on the Republic of
Italy, currently at BBB (high) with a Positive trend.

TRANSACTION STRUCTURE

The transaction will amortize on a fully sequential basis until the
sixth payment date falling in July 2025. Following the initial
sequential amortization period, and subject to no sequential
redemption event triggers being breached, the Class A Notes to
Class M Notes will amortize on a pro rata basis. Sequential
redemption events include, among others, the breach of
performance-related triggers as well as the termination of the
Servicer's appointment. The Class X Notes are only redeemed through
available excess spread.

The Class A Notes to Class E Notes benefits benefit from a fully
funded, non-amortizing cash reserve equal to 1.1% of the Class A
Notes to Class E Notes' initial balance. The cash reserve is
available to cover shortfalls in senior fees and expenses and
interest payments on the Class A Notes to Class E Notes and
provides ultimate credit enhancement to the Class A Notes to Class
E Notes.

The transaction benefits from a hedging structure to protect the
Issuer against interest rate risk arising from the mismatch between
the interest payable on the fixed-rate loans in the portfolio and
the floating rate associated with the coupon on the Notes.

COUNTERPARTIES

The Bank of New York Mellon SA/NV - Milan Branch (BNYM) has been
appointed as the Issuer's account bank for the transaction.
Morningstar DBRS has a Long-Term Senior Debt and a Long-Term
Deposits rating of AA (high) on BNYM and considers BNYM to meet the
relevant criteria to act in this capacity. The transaction
documents contain downgrade provisions relating to the account bank
consistent with Morningstar DBRS' criteria.

CAAB has been appointed as the swap counterparty for the
transaction, and Crédit Agricole Corporate & Investment Bank
(CACIB) has been appointed as standby swap counterparty for the
transaction. Morningstar DBRS privately rates CAAB and CACIB. If
CAAB fails to make any due payment under its swap agreement, CACIB
will replace CAAB as the swap counterparty on the following payment
date, and the existing swap transaction with CAAB will terminate.
In exchange, CACIB will receive an intermediation fee. The hedging
and standby hedging documents contain downgrade provisions
consistent with Morningstar DBRS' criteria.

Notes: All figures are in euros unless otherwise noted.

STRESA SECURITIZATION: DBRS Confirms BB(high) Rating on D Notes
---------------------------------------------------------------
DBRS Ratings GmbH confirmed its credit ratings on the rated notes
issued by Stresa Securitization S.r.l. (Stresa, or the Issuer) as
follows:

-- Class A at AA (sf)
-- Class B at A (high) (sf)
-- Class C at BBB (high) (sf)
-- Class D at BB (high) (sf)

The credit rating on the Class A notes addresses the timely payment
of interest and the ultimate repayment of principal. The credit
ratings on the Class B, Class C and Class D notes address the
ultimate payment of interest and principal.

CREDIT RATING RATIONALE

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the September 2024 payment date;

-- Portfolio default rate (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables; and

-- Current available credit enhancement to the rated notes to
cover the expected losses at their respective credit rating
levels.

Stresa is a securitization of Italian residential mortgage loans
originated in 2006 and 2007 by Meliorbanca S.p.A. (Meliorbanca; the
originator). Meliorbanca merged into BPER Banca S.p.A. (BPER) in
2011. Following Commerzbank group's purchase, the portfolio was
securitized under Borromeo Finance S.r.l. (Borromeo). Borromeo
subsequently sold the portfolio to Stresa, a new special-purpose
vehicle sponsored by the Fortress Investment Group LLC (Fortress)
with two separate transfers in 2017 and 2019.

doNext S.p.A. (doNext) has been acting as the servicer for the
portfolio since March 2011. Morningstar DBRS reviewed doValue
S.p.A.'s (doNext's parent company) servicing practices.

PORTFOLIO PERFORMANCE

The portfolio is performing within Morningstar DBRS' expectations.
As of the August 2024 cut-off date, delinquencies are high, with
60- to 90-day and 90+-day arrears ratios at 0.9% and 6.1%,
respectively. The gross cumulative default ratio as of the August
2024 cut-off date stood at 12.6%, up from 8.2% as of the closing
date in December 2023. Cumulative principal recoveries are still
minimal, with only 4.1% recorded to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
performing pool of receivables and updated its base case PD and LGD
assumptions to 18.7% and 13.0%, respectively.

CREDIT ENHANCEMENT

Credit enhancement (CE) on the rated notes is provided by the
subordination of the more junior notes. As of the September 2024
payment date, CEs on the rated notes were as follows:

-- CE for the Class A notes of 21.06% up from 19.25% at closing;

-- CE for the Class B notes of 16.96% up from 15.50% at closing;

-- CE for the Class C notes of 12.85% up from 11.75% at closing;

     and

-- CE for the Class D notes of 9.30% up from 8.50% at closing.

Liquidity for the Class A notes is supported by a liquidity reserve
fund (LRF), which was funded at closing and is amortizing in line
with the Class A notes. The LRF also features a floor equal to 2%
of the Class A notes' initial balance. It is currently at its
target balance of EUR 5.5 million.

The notes' terms and conditions allow interest payments other than
on the Class A notes to be deferred if the available funds are
insufficient. However, when the Class B notes are the most senior
class of notes outstanding, deferral is not possible for the Class
B notes.

Deutsche Bank AG/London Branch acts as the account bank for the
transaction. Based on the private rating of the account bank, the
downgrade provisions outlined in the transactions' documents, and
structural mitigants inherent in the transaction structure,
Morningstar DBRS considers the risk arising from the exposure to
the account bank to be consistent with the ratings assigned to the
notes, as described in Morningstar DBRS' "Legal and Derivative
Criteria for European Structured Finance Transactions"
methodology.

Notes: All figures are in euros unless otherwise noted.



=====================
N E T H E R L A N D S
=====================

AURORUS 2023 BV: Moody's Affirms B2 Rating on EUR6.3MM Cl. F Notes
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings of the Class B, C and D
Notes in Aurorus 2023 B.V. ("Aurorus 2023"). The rating action
reflects the correction of an input error in Moody's cash flow
modelling as well as better than expected collateral performance.

Moody's affirmed the ratings of the Notes that had sufficient
credit enhancement to maintain their current ratings.

EUR221.7M Class A Notes, Affirmed Aaa (sf); previously on Oct 12,
2023 Definitive Rating Assigned Aaa (sf)

EUR25.3M Class B Notes, Upgraded to Aa1 (sf); previously on Oct
12, 2023 Definitive Rating Assigned Aa3 (sf)

EUR10.5M Class C Notes, Upgraded to A1 (sf); previously on Oct 12,
2023 Definitive Rating Assigned A3 (sf)

EUR14.3M Class D Notes, Upgraded to Baa2 (sf); previously on Oct
12, 2023 Definitive Rating Assigned Baa3 (sf)

EUR11.7M Class E Notes, Affirmed Ba2 (sf); previously on Oct 12,
2023 Definitive Rating Assigned Ba2 (sf)

EUR6.3M Class F Notes, Affirmed B2 (sf); previously on Oct 12,
2023 Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The rating action is prompted by the correction of an input error
in Moody's cash flow modelling as well as better than expected
collateral performance.

Correction of an input error

The rating action on Aurorus 2023 is prompted by the discovery of
errors in Moody's cash flow modelling at the time of the assignment
of the ratings. The reserve fund was set to pay the principal
deficiency ledger ("PDL") on Classes E, F, G and H Notes before
they become the most senior Notes. However, the conditions to use
the reserve fund and principal to pay interest for certain tranches
were not set correctly. In addition, the excess spread trapped to
cure the PDL was not made available during the revolving period to
purchase new assets. The correction of these errors has a positive
impact on the ratings of Classes B to D Notes, as more cash is
allocated to these mezzanine tranches, and a negative impact on the
ratings of Classes E and F Notes. However, better than expected
collateral performance leading to the revision of the default
probability assumption partially offsets this negative impact. This
and other considerations around sensitivity to different excess
spread scenarios resulted in the affirmation of the ratings of
Classes E and F Notes. After the revolving period termination in
October 2024, there is now less uncertainty on the portfolio yield
and weighted average interest rate stands at 7.44%.

The reserve fund provides liquidity during the life of the
transaction to pay senior expenses, hedging costs and coupon on the
Class A to D Notes (for Classes B to D Notes, when no unpaid PDL is
recorded). Once Classes A to D Notes are fully redeemed, the
reserve can also be used to pay interest (when no PDL is recorded)
and PDL on the most senior Class of Notes outstanding.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed Moody's default
probability assumptions for the portfolio reflecting the collateral
performance to date.

The one year revolving period concluded in October 2024 and
performance of the transaction has been better than expected since
closing. Total delinquencies were stable, with 90 days plus arrears
currently standing at 0.10% of current pool balance. Cumulative
defaults currently stand at 1.23% of original pool balance plus
replenished amounts.

The current default probability is 5.50% of the current portfolio
balance, which translates into a 5.10% default probability
assumption based on the original portfolio balance, down from 5.50%
at closing. The assumption for the fixed recovery rate is unchanged
at 20% and the portfolio credit enhancement ("PCE") assumption is
unchanged at 21%.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2024.

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement, and (3) improvements in the credit quality of
the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the Notes' available credit enhancement, and
(4) deterioration in the credit quality of the transaction
counterparties.



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

MIRAVET 2020-1: DBRS Discontinues B Rating on Class E Notes
-----------------------------------------------------------
DBRS Ratings GmbH discontinued its credit ratings on the Class A,
Class B, Class C, Class D and Class E Notes (together, the Rated
Notes) issued by Miravet 2019-1 and Miravet 2020-1.

The discontinuation reflects the full repayment of the Rated Notes
in both transactions on the 26 November 2024 payment date. Prior to
their repayment in full, the credit ratings and the outstanding
principal balances of the Rated Notes were as follows:

Miravet 2019-1

-- Class A Notes rated AAA (sf); EUR 119,132,179.72
-- Class B Notes rated A (high) (sf); EUR 40,775,000.00
-- Class C Notes rated A (low) (sf); EUR 14,525,000.00
-- Class D Notes rated BBB (sf); EUR 4,970,000.00
-- Class E Notes rated BBB (low) (sf); EUR 4,515,000.00

Miravet 2020-1

-- Class A Notes rated AAA (sf); EUR 227,885,087.28
-- Class B Notes rated A (high) (sf); EUR 77,768,000.00
-- Class C Notes rated BBB (high) (sf); EUR 31,912,000.00
-- Class D Notes rated BB (high) (sf); EUR 11,154,000.00
-- Class E Notes rated B (sf); EUR 11,154,000.00

The principal methodology applicable to the credit ratings is
"Master European Structured Finance Surveillance Methodology"
(November 19, 2024) https://dbrs.morningstar.com/research/443204.

In Morningstar DBRS' opinion, a Discontinued-Repaid credit rating
action does not warrant the application of the entire principal
methodology.



===========
S W E D E N
===========

NORTH STAR: 91% Markdown for Oaktree Strategic Kr69.1MM Loan
------------------------------------------------------------
Oaktree Strategic Credit Fund has marked its Kr69,157,000 loan
extended to North Star Acquisitionco, LLC to market at Kr6,536,000
or 9% of the outstanding amount, according to a disclosure
contained in Oaktree Strategic's Form 10-K for the Quarterly Period
Ended September 30, 2024, filed with the Securities and Exchange
Commission.

Oaktree Strategic is a participant in a First Lien Term Loan (NIBOR
+ 5 %) to North Star Acquisitionco, LLC. The loan accrues interest
at a rate of 9.75% Payment in Kind per annum. The loan matures on
May 3, 2029.

Oaktree Strategic is a specialty finance company with a focus on
and a goal of providing financing solutions to high-growth,
innovative venture capital-backed and institutional-backed
companies in a variety of technology, life sciences, and
sustainable and renewable technology industries. Hercules is a
Maryland corporation formed in December 2003 that began investment
operations in September 2004. On February 25, 2016, Hercules
changed its name from Hercules Technology Growth Capital, Inc to
Hercules Capital, Inc.

Oaktree Strategic is led by Armen Panossian, Chairman, Chief
Executive Officer and Co-Chief Investment Officer; and Christopher
McKown, Chief Financial Officer and Treasurer. The fund can be
reach through:

     Armen Panossian
     Oaktree Strategic Credit Fund
     333 South Grand Avenue, 28th Floor
     Los Angeles, CA, 90071
     Tel: (213) 830-6300



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

AI MISTRAL: S&P Withdraws 'B-' Long-Term Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings withdrew its 'B-' long-term issuer credit rating
on marine support services provider(operating under the V. brand)
and its financing subsidiary AI Mistral (Luxembourg) Subco
S.a.r.l., at the company's request. The outlook was stable at the
time of the withdrawal. The withdrawal follows the acquisition of
V. by a consortium led by Star Capital and the earlier redemption
of its only rated obligation, a first-lien term loan B.


GEMGARTO 2023: DBRS Confirms BB(low) Rating on Class F Notes
------------------------------------------------------------
DBRS Ratings Limited took the following credit rating actions on
the notes issued by Gemgarto 2021-1 Plc (Gemgarto 2021) and
Gemgarto 2023-1 Plc (Gemgarto 2023) (together, the Issuers):

Gemgarto 2021

-- Class A confirmed at AAA (sf)
-- Class B upgraded to AAA (sf) from AA (high) (sf)
-- Class C upgraded to AA (high) (sf) from AA (low) (sf)
-- Class D upgraded to AA (sf) from AA (low) (sf)

Gemgarto 2023

-- Class A confirmed at AAA (sf)
-- Class B upgraded to AA (sf) from AA (low) (sf)
-- Class C confirmed at A (high) (sf)
-- Class D confirmed at BBB (high) (sf)
-- Class E confirmed at BB (high) (sf)
-- Class F confirmed at BB (low) (sf)

The ratings on the Class A notes in each transaction and the rating
of the Gemgarto 2021 Class B notes address the timely payment of
interest and ultimate repayment of principal by the legal maturity
date. The ratings on the remaining classes of notes in each
transaction address the timely payment of interest when most
senior, otherwise ultimate payment of interest and ultimate
repayment of principal by the legal maturity date.

CREDIT RATING RATIONALE

The credit rating actions follow an annual review of the
transaction and are based on the following analytical
considerations:

-- Portfolio performance, in terms of delinquencies, defaults and
losses, as of the September 2024 payment date;

-- Portfolio default rate (PD), loss given default (LGD) and
expected loss assumptions on the remaining receivables;

-- Current available credit enhancement to the notes to cover the
expected losses at their respective credit rating levels.

The transactions are securitizations collateralized by a portfolio
of owner-occupied residential mortgage loans granted by Kensington
Mortgage Company Limited in England, Wales, and Scotland. Gemgarto
2021 has a legal final maturity date in December 2067 and its first
optional redemption date is on the March 2025 payment date.
Gemgarto 2021 has a legal final maturity date in December 2073 and
its first optional redemption date is on the March 2027 payment
date.

PORTFOLIO PERFORMANCE

Gemgarto 2021

As of August 31, 2024, loans two to three months in arrears
represented 0.8% of the outstanding portfolio balance, down from
1.6% one year prior. Loans more than three months in arrears
represented 10.6%, up from 4.9% one year prior. Cumulative losses
were 0.0%.

Gemgarto 2023

As of August 31, 2024, loans two to three months in arrears
represented 0.9% of the outstanding portfolio balance, up from 0.2%
one year prior. Loans more than three months in arrears represented
1.9%, up from 0.2% one year prior. Cumulative losses were 0.0%.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables in each transaction and has updated its base
case PD and LGD assumptions at the B (sf) rating level as follows:

-- Gemgarto 2021: base case PD of 12.5% and base case LGD of
5.5%;

-- Gemgarto 2023: base case PD of 6.7% and base case LGD of
14.9%.

CREDIT ENHANCEMENT

Credit enhancement in both transactions is provided by the
subordination of the junior notes and a general reserve fund. As of
the September 2024 payment date, credit enhancement to the rated
notes had increased from the Morningstar DBRS Initial Rating date
as follows:

Gemgarto 2021

-- Class A notes: 39.5%, up from 12.3%;
-- Class B notes: 25.3%, up from 7.7%;
-- Class C notes: 17.4%, up from 5.2%; and
-- Class D notes: 15.8%, up from 4.7%.

Gemgarto 2023

-- Class A notes: 26.4%, up from 14.0%;
-- Class B notes: 13.2%, up from 7.0%;
-- Class C notes: 9.4%, up from 5.0%;
-- Class D notes: 5.7%, up from 3.0%;
-- Class E notes: 3.7%, up from 2.0%;
-- Class F notes: 2.8%, up from 1.5%.

Each transaction has a non-amortizing general reserve fund (GRF)
that is available to cover senior fees, senior swap payments,
interest on the rated notes, and principal losses on the rated
notes via the principal deficiency ledgers. The Gemgarto 2021 GRF
is funded to its target level of GBP 9.4 million, equal to 2.0% of
the initial Class A to Class E notes balance. The Gemgarto 2023 GRF
is funded to its target level of GBP 5.5 million, equal to 1.0% of
the initial Class A to Class G notes balance.

A Liquidity Reserve Fund (LRF) will also be funded through
available principal funds in the event the GRF balance falls below
1.5% of the outstanding Class A to E notes in relation to Gemgarto
2021, or if the GRF balance falls below 0.5% of the outstanding
Class A to G notes in relation to Gemgarto 2023. In this event, the
LRF will be funded to 2.0% of the outstanding Class A and Class B
notes balances for Gemgarto 2021, and to 1.5% of the outstanding
Class A and B notes balances for Gemgarto 2023 and replenished each
payment date.

Citibank N.A./London Branch (Citibank London) and Barclays Bank PLC
(Barclays) act as the account banks for Gemgarto 2021 and Gemgarto
2023, respectively. Based on the Morningstar DBRS private credit
rating on Citibank London and the account bank reference rating of
Barclays - being one notch below its public Morningstar DBRS
long-term critical obligations rating of AA (low) - the downgrade
provisions outlined in the transaction documents, and other
mitigating factors inherent in the transaction structures,
Morningstar DBRS considers the risk arising from the exposure to
the account banks to be consistent with the credit ratings assigned
to the rated notes, as described in Morningstar DBRS' "Legal and
Derivative Criteria for European Structured Finance Transactions"
methodology.

BNP Paribas, London Branch (BNPP London) and Barclays act as the
swap counterparties for Gemgarto 2021 and Gemgarto 2023,
respectively. Morningstar DBRS's private credit rating on BNPP
London, and public long term critical obligations rating on
Barclays of AA (low) is consistent with the First Rating Threshold
as described in Morningstar DBRS' " Legal and Derivative Criteria
for European Structured Finance Transactions" methodology.

Notes: All figures are in British pound sterling unless otherwise
noted.



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

[*] BOND PRICING: For the Week December 30, 2024 to January 3, 2025
-------------------------------------------------------------------
Issuer               Coupon   Maturity Currency Price
------               ------   -------- -------- -----
Altice France Holdin  10.500  5/15/2027  USD    30.776
Turkiye Government B  10.400 10/13/2032  TRY    47.000
Ferralum Metals Grou  10.000 12/30/2026  EUR    29.350
IOG Plc               12.231  9/22/2025  EUR     0.436
NCO Invest SA         10.000 12/30/2026  EUR     0.152
Marginalen Bank Bank  12.039             SEK    12.061
Cabonline Group Hold  12.487  4/19/2026  SEK    40.000
Fastator AB           12.500  9/25/2026  SEK    40.074
Fastator AB           12.500  9/26/2025  SEK    39.188
NCO Invest SA         10.000 12/30/2026  EUR     0.152
Sidetur Finance BV    10.000  4/20/2016  USD     0.784
Saderea DAC           12.500 11/30/2026  USD    48.741
Tinkoff Bank JSC Via  11.002             USD    42.875
Bilt Paper BV         10.360             USD     1.110
Altice France Holdin  10.500  5/15/2027  USD    30.080
Privatbank CJSC Via   10.250  1/23/2018  USD     3.601
Phosphorus Holdco PL  10.000   4/1/2019  GBP     0.216
Plusplus Capital Fin  11.000  7/29/2026  EUR     8.629
Privatbank CJSC Via   11.000   2/9/2021  USD     0.502
Kvalitena AB publ     10.067   4/2/2024  SEK    45.750
Elli Investments Ltd  12.250  6/15/2020  GBP     0.380
UkrLandFarming PLC    10.875  3/26/2018  USD     1.618
Transcapitalbank JSC  10.000             USD     1.450
Avangardco Investmen  10.000 10/29/2018  USD     0.186
Privatbank CJSC Via   10.875  2/28/2018  USD     4.524
Oscar Properties Hol  11.270   7/5/2024  SEK     0.077
Bulgaria Steel Finan  12.000   5/4/2013  EUR     0.216
Fastator AB           12.500  9/24/2027  SEK    40.066
Societe Generale SA   11.000  7/14/2026  USD    15.730
R-Logitech Finance S  10.250  9/26/2027  EUR     4.095
Societe Generale SA   23.500   3/3/2025  USD    47.250
UniCredit Bank GmbH   12.250  2/28/2025  EUR    43.490
Corner Banca SA       18.800  6/26/2025  CHF    43.160
Societe Generale SA   20.000  7/21/2026  USD     4.500
UBS AG/London         17.500   2/7/2025  USD    46.550
Societe Generale SA   16.000  3/18/2027  USD    49.060
UBS AG/London         25.000 10/20/2026  USD    10.910
Bank Vontobel AG      13.500   1/8/2025  CHF     4.500
UBS AG/London         10.000  3/23/2026  USD    37.190
Societe Generale SA   23.110  2/17/2025  USD    45.550
Societe Generale SA   15.000  9/29/2025  USD    13.000
Barclays Bank PLC     21.500 12/26/2025  USD    22.470
Barclays Bank PLC     14.250 12/18/2025  USD    36.912
Tonon Luxembourg SA   12.500  5/14/2024  USD     2.216
Societe Generale SA   21.000 12/26/2025  USD    21.157
Bilt Paper BV         10.360             USD     1.110
BLT Finance BV        12.000  2/10/2015  USD    10.500
Banco Espirito Santo  10.000  12/6/2021  EUR     0.058
Elli Investments Ltd  12.250  6/15/2020  GBP     0.380
NTRP Via Interpipe L  10.250   8/2/2017  USD     1.002
Bank Vontobel AG      14.000  7/16/2025  CHF    50.700
Swissquote Bank SA    12.720  1/15/2025  CHF    48.330
Vontobel Financial P  18.500  6/27/2025  EUR    48.580
DZ Bank AG Deutsche   20.400  3/28/2025  EUR    20.550
Bank Vontobel AG      15.000 10/14/2025  USD    47.500
BNP Paribas Emission  15.000  9/25/2025  EUR    43.390
Bank Vontobel AG      13.000  6/30/2025  USD    47.900
Leonteq Securities A  18.000  5/27/2025  CHF    36.150
DZ Bank AG Deutsche   17.600  6/27/2025  EUR    22.430
Leonteq Securities A  22.600  6/24/2025  CHF    47.240
Leonteq Securities A  17.200  9/24/2025  CHF    44.860
DZ Bank AG Deutsche   18.500  3/28/2025  EUR    22.480
Raiffeisen Schweiz G  18.000  7/15/2025  CHF    46.010
Leonteq Securities A  16.400 10/15/2025  CHF    47.910
Vontobel Financial P  11.750  3/28/2025  EUR    50.680
Swissquote Bank Euro  20.280  3/11/2025  USD    50.670
Leonteq Securities A  20.000  3/11/2025  CHF    11.020
Vontobel Financial P  23.250  6/27/2025  EUR    45.080
Bank Vontobel AG      11.000  4/11/2025  CHF    21.600
Bank Vontobel AG      14.500   4/4/2025  CHF    25.000
Bank Julius Baer & C  18.500   7/2/2025  CHF    44.150
Bank Vontobel AG      12.000  4/11/2025  CHF    24.500
Leonteq Securities A  15.400   7/1/2025  CHF    41.320
Bank Julius Baer & C  14.000   6/4/2025  CHF    34.450
Societe Generale SA   18.320  2/26/2026  USD    40.800
Societe Generale SA   11.140   4/2/2026  USD    47.600
Basler Kantonalbank   16.000 10/15/2025  CHF    48.090
Swissquote Bank SA    14.960   7/1/2025  CHF    38.620
Raiffeisen Schweiz G  16.000   7/8/2025  CHF    48.590
Swissquote Bank Euro  19.340   8/5/2025  USD    46.810
Basler Kantonalbank   14.200  9/17/2025  CHF    38.290
Swissquote Bank SA    24.070   5/6/2025  CHF    37.680
Bank Vontobel AG      14.000  6/23/2025  CHF    40.200
Vontobel Financial P  29.200  1/17/2025  EUR    22.968
Swissquote Bank Euro  17.590  4/22/2025  USD    41.830
Landesbank Baden-Wue  10.500  4/28/2025  EUR    15.720
Landesbank Baden-Wue  16.500  4/28/2025  EUR    14.620
Bank Vontobel AG      26.000   3/5/2025  CHF    38.200
Leonteq Securities A  10.500  5/15/2025  CHF    48.210
Landesbank Baden-Wue  19.000  4/28/2025  EUR    14.540
Bank Vontobel AG      16.000  2/10/2025  CHF    26.100
Bank Vontobel AG      14.000   3/5/2025  CHF    10.000
Bank Vontobel AG      14.250  5/30/2025  USD    33.900
Leonteq Securities A  14.000 10/15/2025  CHF    37.000
Bank Vontobel AG      15.000  4/29/2025  CHF    27.600
Landesbank Baden-Wue  11.500  4/24/2026  EUR    19.480
Bank Vontobel AG      11.000  4/29/2025  CHF    31.200
Landesbank Baden-Wue  10.500  4/24/2026  EUR    18.710
Landesbank Baden-Wue  13.000  4/24/2026  EUR    20.940
Swissquote Bank Euro  18.530   3/5/2025  CHF    31.830
Landesbank Baden-Wue  19.000  2/28/2025  EUR    11.670
Leonteq Securities A  24.000  4/23/2025  CHF    45.970
Corner Banca SA       18.400  7/22/2025  CHF    36.160
Landesbank Baden-Wue  10.500  2/28/2025  EUR    48.850
Landesbank Baden-Wue  11.500  2/28/2025  EUR    14.290
Bank Vontobel AG      12.000   3/5/2025  CHF    24.900
Bank Julius Baer & C  19.400  1/30/2025  CHF    25.850
Landesbank Baden-Wue  15.000  2/28/2025  EUR    12.640
Landesbank Baden-Wue  12.000  2/27/2026  EUR    17.820
Zurcher Kantonalbank  14.000  6/17/2025  USD    34.070
Swissquote Bank SA    20.060  5/22/2025  CHF    42.240
Raiffeisen Schweiz G  14.500  1/29/2025  CHF    30.500
Swissquote Bank Euro  20.300  1/29/2025  USD    46.680
Raiffeisen Schweiz G  15.000  3/18/2025  CHF    31.090
Bank Vontobel AG      12.000  3/19/2026  CHF    38.400
Bank Julius Baer & C  12.000  5/28/2025  USD    37.550
Bank Vontobel AG      22.000  3/14/2025  CHF    51.300
Swissquote Bank Euro  19.380  3/18/2025  USD    49.760
Vontobel Financial P  26.450  1/24/2025  EUR     9.584
Raiffeisen Schweiz G  13.000  3/25/2025  CHF    27.440
Bank Julius Baer & C  17.100  3/19/2025  CHF    29.700
Bank Vontobel AG      16.000  6/24/2025  USD    46.200
Raiffeisen Schweiz G  16.000  2/19/2025  CHF    32.060
Raiffeisen Switzerla  13.000  3/11/2025  CHF    28.440
Raiffeisen Switzerla  16.500  3/11/2025  CHF    11.640
Vontobel Financial P  16.000  3/28/2025  EUR    14.800
Landesbank Baden-Wue  16.000   1/2/2026  EUR    19.870
Landesbank Baden-Wue  13.000  6/27/2025  EUR    15.150
Zurcher Kantonalbank  23.000   3/5/2025  CHF    32.890
Landesbank Baden-Wue  16.000  6/27/2025  EUR    14.970
UBS AG/London         15.000   4/7/2025  USD    40.000
DZ Bank AG Deutsche   15.000  3/28/2025  EUR    19.410
DZ Bank AG Deutsche   21.200  3/28/2025  EUR    36.770
Zurcher Kantonalbank  11.350  2/21/2025  CHF    49.020
DZ Bank AG Deutsche   18.900  3/28/2025  EUR    40.410
DZ Bank AG Deutsche   23.600  3/28/2025  EUR    33.970
DZ Bank AG Deutsche   10.500  3/28/2025  EUR    46.010
DZ Bank AG Deutsche   13.200  3/28/2025  EUR    40.230
DZ Bank AG Deutsche   18.300  3/28/2025  EUR    18.080
Raiffeisen Schweiz G  16.000   7/4/2025  CHF    29.860
Vontobel Financial P  14.750  3/28/2025  EUR    47.710
Landesbank Baden-Wue  11.000   1/2/2026  EUR    16.860
Swissquote Bank Euro  25.320  2/26/2025  CHF    23.450
Bank Julius Baer & C  18.690   3/7/2025  CHF    27.000
Swissquote Bank Euro  16.030  1/16/2025  USD    47.170
Leonteq Securities A  24.000  1/16/2025  CHF    24.170
Landesbank Baden-Wue  14.000  6/27/2025  EUR    13.010
Landesbank Baden-Wue  16.000  6/27/2025  EUR    13.090
UBS AG/London         14.000  7/31/2025  USD    47.850
EFG International Fi  13.000  6/26/2025  USD    51.030
Leonteq Securities A  20.000  3/21/2025  CHF    32.990
Erste Group Bank AG   14.500  5/31/2026  EUR    41.150
Leonteq Securities A  23.000   1/9/2025  CHF    28.180
Leonteq Securities A  21.000   1/9/2025  CHF    47.850
Leonteq Securities A  24.000   1/9/2025  CHF    13.250
Erste Group Bank AG   10.750  3/31/2026  EUR    35.200
Leonteq Securities A  11.000   1/9/2025  CHF    36.960
Leonteq Securities A  14.000   7/3/2025  CHF    50.160
Landesbank Baden-Wue  19.000  6/27/2025  EUR    13.810
Landesbank Baden-Wue  21.000  6/27/2025  EUR    14.200
UBS AG/London         21.600   8/2/2027  SEK    18.260
Landesbank Baden-Wue  10.500   1/2/2026  EUR    14.020
Leonteq Securities A  12.000   7/2/2025  USD    49.250
Leonteq Securities A  24.000  1/13/2025  CHF     4.410
Leonteq Securities A  16.000  1/15/2025  EUR    46.970
UniCredit Bank GmbH   16.550  8/18/2025  USD    17.940
DZ Bank AG Deutsche   10.300  3/28/2025  EUR    46.390
Bank Vontobel AG      10.250   5/6/2025  EUR    49.000
UniCredit Bank GmbH   11.200 12/28/2026  EUR    47.680
Corner Banca SA       11.000  7/14/2025  EUR    46.770
Leonteq Securities A  12.200  1/15/2025  EUR    36.630
UBS AG/London         10.500   5/2/2025  CHF    49.000
Societe Generale SA   23.510  6/23/2026  USD     6.625
Raiffeisen Switzerla  10.500   4/2/2025  EUR    42.160
Zurcher Kantonalbank  10.000  3/27/2025  EUR    40.780
Finca Uco Cjsc        13.000  5/30/2025  AMD     0.000
Leonteq Securities A  20.000  1/22/2025  CHF    11.960
Raiffeisen Schweiz G  15.000  1/22/2025  CHF    23.620
UniCredit Bank GmbH   10.700  2/17/2025  EUR    10.700
UniCredit Bank GmbH   10.700   2/3/2025  EUR    10.400
Finca Uco Cjsc        12.000  2/10/2025  AMD     0.000
Societe Generale SA   17.800  2/12/2026  USD    45.466
Landesbank Baden-Wue  11.000  2/27/2026  EUR    17.080
Leonteq Securities A  11.000   1/9/2025  EUR    44.960
UBS AG/London         11.000  1/20/2025  EUR    44.150
Landesbank Baden-Wue  15.000  3/28/2025  EUR    10.020
Landesbank Baden-Wue  11.000  3/28/2025  EUR    11.280
Landesbank Baden-Wue  13.000  3/28/2025  EUR    10.510
Corner Banca SA       13.000   4/2/2025  CHF    43.110
Inecobank CJSC        10.000  4/28/2025  AMD     0.000
UBS AG/London         11.750  4/29/2025  EUR    47.250
DZ Bank AG Deutsche   12.100  3/28/2025  EUR    44.290
Leonteq Securities A  20.000  1/22/2025  CHF    32.690
Landesbank Baden-Wue  14.000  1/24/2025  EUR    10.750
Bank Vontobel AG      24.000  4/14/2025  CHF    50.000
Leonteq Securities A  16.000   3/4/2025  CHF    32.230
Raiffeisen Switzerla  16.000   3/4/2025  CHF    12.250
Leonteq Securities A  12.000   8/5/2025  CHF    34.390
Leonteq Securities A  20.800   2/5/2025  CHF    32.940
Basler Kantonalbank   10.000   2/3/2025  EUR    39.110
HSBC Trinkaus & Burk  15.900  3/28/2025  EUR    19.280
HSBC Trinkaus & Burk  15.000  3/28/2025  EUR    19.790
HSBC Trinkaus & Burk  13.300  6/27/2025  EUR    23.150
HSBC Trinkaus & Burk  11.300  6/27/2025  EUR    24.530
Societe Generale SA   20.000  9/18/2026  USD     5.200
Armenian Economy Dev  10.500   5/4/2025  AMD     0.000
HSBC Trinkaus & Burk  13.400  3/28/2025  EUR    21.510
Landesbank Baden-Wue  10.000  6/27/2025  EUR    14.310
Landesbank Baden-Wue  14.000  6/27/2025  EUR    13.250
HSBC Trinkaus & Burk  11.600  3/28/2025  EUR    23.190
Raiffeisen Switzerla  10.250  1/21/2025  EUR    40.030
Leonteq Securities A  10.000  1/21/2025  EUR    39.950
Basler Kantonalbank   10.000  1/20/2025  EUR    46.910
Leonteq Securities A  10.000  1/20/2025  CHF    45.580
UniCredit Bank GmbH   10.500   4/7/2026  EUR    26.900
Leonteq Securities A  10.000  5/26/2025  CHF    39.540
Ameriabank CJSC       10.000  2/20/2025  AMD    10.100
HSBC Trinkaus & Burk  22.250  6/27/2025  EUR    11.660
HSBC Trinkaus & Burk  10.250  6/27/2025  EUR    47.040
HSBC Trinkaus & Burk  15.500  6/27/2025  EUR    49.320
HSBC Trinkaus & Burk  12.750  6/27/2025  EUR    10.620
Raiffeisen Switzerla  10.300  6/11/2025  CHF    42.460
ACBA Bank OJSC        11.500   3/1/2026  AMD     0.000
Evocabank CJSC        11.000  9/27/2025  AMD     0.000
Banque International  10.000  3/19/2025  EUR    39.740
BNP Paribas Issuance  19.000  9/18/2026  EUR     5.430
National Mortgage Co  12.000  3/30/2026  AMD     0.000
BNP Paribas Issuance  20.000  9/18/2026  EUR    25.950
Bank Vontobel AG      10.500  5/12/2025  EUR    36.500
Goldman Sachs Intern  16.288  3/17/2027  USD    24.340
UniCredit Bank GmbH   10.500 12/22/2025  EUR    32.230
Leonteq Securities A  10.340  8/31/2026  EUR    46.730
Corner Banca SA       20.000   3/5/2025  USD    43.660
ACBA Bank OJSC        11.000  12/1/2025  AMD     0.000
HSBC Trinkaus & Burk  11.000  3/28/2025  EUR    23.670
HSBC Trinkaus & Burk  13.400  6/27/2025  EUR    23.400
HSBC Trinkaus & Burk  16.300  3/28/2025  EUR     8.800
HSBC Trinkaus & Burk  15.100  3/28/2025  EUR    20.190
HSBC Trinkaus & Burk  11.500  6/27/2025  EUR    25.140
HSBC Trinkaus & Burk  16.000  3/28/2025  EUR    19.640
HSBC Trinkaus & Burk  14.400  3/28/2025  EUR     9.150
Armenian Economy Dev  11.000  10/3/2025  AMD     0.000
Swissquote Bank SA    14.080  2/20/2025  CHF    50.880
Leonteq Securities A  18.000  2/20/2025  CHF    46.430
UBS AG/London         10.250  3/10/2025  EUR    34.400
DZ Bank AG Deutsche   18.600  3/28/2025  EUR    42.300
Corner Banca SA       10.000  2/25/2025  CHF    40.410
Leonteq Securities A  10.000  2/25/2025  CHF    39.970
HSBC Trinkaus & Burk  17.500  6/27/2025  EUR    10.450
HSBC Trinkaus & Burk  11.750  6/27/2025  EUR    46.450
Landesbank Baden-Wue  12.000  1/24/2025  EUR    10.660
Landesbank Baden-Wue  15.500  1/24/2025  EUR     8.560
Zurcher Kantonalbank  10.500   2/4/2025  EUR    43.360
Citigroup Global Mar  25.530  2/18/2025  EUR     0.010
Bank Julius Baer & C  12.720  2/17/2025  CHF    16.050
UniCredit Bank GmbH   11.500  2/28/2025  EUR    46.570
Landesbank Baden-Wue  10.000 10/24/2025  EUR    14.710
Landesbank Baden-Wue  14.000 10/24/2025  EUR    15.750
Teksid Aluminum Luxe  12.375  7/15/2011  EUR     0.619
Tonon Luxembourg SA   12.500  5/14/2024  USD     2.216
KPNQwest NV           10.000  3/15/2012  EUR     1.153
Serica Energy Chinoo  12.500  9/27/2019  USD     1.500
Phosphorus Holdco PL  10.000   4/1/2019  GBP     0.216
Privatbank CJSC Via   10.875  2/28/2018  USD     4.524
PA Resources AB       13.500   3/3/2016  SEK     0.124
UkrLandFarming PLC    10.875  3/26/2018  USD     1.348
Lehman Brothers Trea  10.000  6/11/2038  JPY     0.100
Lehman Brothers Trea  16.000  10/8/2008  CHF     0.100
Lehman Brothers Trea  10.000  2/16/2009  CHF     0.100
Lehman Brothers Trea  13.000 12/14/2012  USD     0.100
Lehman Brothers Trea  11.750   3/1/2010  EUR     0.100
Lehman Brothers Trea  16.200  5/14/2009  USD     0.100
Lehman Brothers Trea  10.000  5/22/2009  USD     0.100
Lehman Brothers Trea  11.000  2/16/2009  CHF     0.100
Lehman Brothers Trea  16.000 10/28/2008  USD     0.100
Lehman Brothers Trea  12.400  6/12/2009  USD     0.100
Lehman Brothers Trea  11.000   7/4/2011  USD     0.100
Lehman Brothers Trea  13.432   1/8/2009  ILS     0.100
Lehman Brothers Trea  13.150 10/30/2008  USD     0.100
Lehman Brothers Trea  12.000   7/4/2011  EUR     0.100
Lehman Brothers Trea  16.800  8/21/2009  USD     0.100
Lehman Brothers Trea  14.100 11/12/2008  USD     0.100
Lehman Brothers Trea  14.900 11/16/2010  EUR     0.100
Lehman Brothers Trea  11.250 12/31/2008  USD     0.100
Lehman Brothers Trea  10.442 11/22/2008  CHF     0.100
Lehman Brothers Trea  17.000   6/2/2009  USD     0.100
Lehman Brothers Trea  13.500   6/2/2009  USD     0.100
Lehman Brothers Trea  23.300  9/16/2008  USD     0.100
Lehman Brothers Trea  16.000 12/26/2008  USD     0.100
Lehman Brothers Trea  13.000  2/16/2009  CHF     0.100
Lehman Brothers Trea  10.000 10/22/2008  USD     0.100
Lehman Brothers Trea  12.000  7/13/2037  JPY     0.100
Lehman Brothers Trea  18.250  10/2/2008  USD     0.100
Petromena ASA         10.850 11/19/2018  USD     0.622
Lehman Brothers Trea  10.000 10/23/2008  USD     0.100
Lehman Brothers Trea  10.600  4/22/2014  MXN     0.100
Lehman Brothers Trea  16.000  11/9/2008  USD     0.100
Lehman Brothers Trea  15.000   6/4/2009  CHF     0.100
Lehman Brothers Trea  10.000  6/17/2009  USD     0.100
Lehman Brothers Trea  11.000   7/4/2011  CHF     0.100
Sidetur Finance BV    10.000  4/20/2016  USD     0.784
Lehman Brothers Trea  14.900  9/15/2008  EUR     0.100
Lehman Brothers Trea  13.500 11/28/2008  USD     0.100
Bulgaria Steel Finan  12.000   5/4/2013  EUR     0.216
Lehman Brothers Trea  13.000  7/25/2012  EUR     0.100
Lehman Brothers Trea  10.500   8/9/2010  EUR     0.100
Lehman Brothers Trea  10.000  3/27/2009  USD     0.100
Lehman Brothers Trea  11.000  6/29/2009  EUR     0.100
Lehman Brothers Trea  11.000 12/19/2011  USD     0.100
Lehman Brothers Trea  15.000  3/30/2011  EUR     0.100
Credit Agricole CIB   29.699 12/29/2031  EUR    45.486



                           *********


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 2025.  All rights reserved.  ISSN 1529-2754.

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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


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