Iceland - rotating

Iceland:

- We have been comfortable with Iceland’s development throughout 2021 and have confidence in the strong management, even if it is not entirely aligned with bondholders. We have been holding off on buying the bonds due to fear of high issuance from Asda and Morrisons, which could cause some holders to re-allocate but for now, that risk seems contained.

- The 2025s yield 7.5% and have about as much upside as the 2028s, but with less duration.

- We are buying 5% of NAV.