EM Bond List Oct - 12

Chief Investment Office GWM 12 October 2020
ab For Offshore Investors Only
Emerging Markets Bond List

12.10.20, 17:00 GMT
Chief Investment Office WM
Table of contents Analysts' area of expertise
Guidance on CIO WM bond recommendations 1 Brennan Azevedo Bond list manager
Top Emerging Markets Bond List 5 Michael Bolliger EMEA sovereign and corporate bonds
Changes (recommendations, additions, & deletions) 15 Tatiana Boroditskaya EMEA corporate bonds
Reference lists 18 Alejo Czerwonko Sovereign bonds in Latin America

Bonds in USD, Asia 18
Bonds in USD, EMEA 83 Clarissa Lee South Asia corporate bonds
Bonds in USD, GCC 96
Bonds in USD, Latin America 104 Kevin Liu North Asia corporate bonds
Bonds in EUR, Asia 136
Bonds in EUR, EMEA 141 Wendy Luo North Asia corporate bonds
Bonds in EUR, GCC 147
Bonds in EUR, Latin America 148 Donald McLauchlan Corporate bonds in Latin America
Bonds in GBP 154
Bonds in CHF 158 Devinda Paranathanthri South Asia corporate and sovereign bonds
Bonds in Chinese renminbi 161
Bonds in Singapore dollar 164 Kunal Singh EMEA sovereign and corporate bonds
Bonds in Russian ruble 176
Bonds in Mexican peso 178 Timothy Tay Asia corporate bonds
Bonds in Brazilian real 179
Bonds in Argentine peso Note that the bonds included in this publication may not necessarily be registered or available in your specific jurisdiction.
Market data shown in this publication is as of 12 October 2020, 9:00 CET. Please note that prices, yields etc. are
Issuer descriptions and credit risk flags 159 indicative values only.
Appendix: Rating definitions, disclosures & disclaimer 231 Source: IPS CFMP Fixed Income Execution Desk (internal: goto/bondpricing)
This report has been prepared by UBS Financial Services Inc. (UBS FS) UBS Switzerland AG and UBS AG. Analyst certification and required disclosures begin on page255 .
Emerging Markets Bond List For Offshore Investors Only UBS CIO GWM 12 October 2020
Editorial
A good time to lever an EM bond portfolio

Not yet Goldilocks, but likely a good time for a levered EM bond portfolio
We expect global economic growth to recover in the coming quarters, which should favor the more cyclical developing economies over their developed peers, and lower
rated issuers over their more defensive counterparts. COVID-19 and related lockdown measures are unlikely to disappear anytime soon, but we think their impact on the
global economy is going to be smaller than in spring because of the experience and knowledge the public and private sector has gained in dealing with the coronavirus,
and as we expect further progress in the development and the roll-out of effective vaccines. Commodity prices should remain supported, aiding the macro fundamentals
of many emerging market sovereign and corporate issuers. In addition, the ultra-accommodative monetary policies of core central banks will likely prolong the hunt for
yield, driving up demand for EM bonds. We also see the US dollar weakening, which will likely aid EM credit fundamentals. Economic, political and geopolitical
uncertainties will linger this year and next, in our view. These include an uncertain US election outcome and simmering US-China tensions, irrespective of who becomes
the next US president. The worst is therefore not over in terms of deteriorating credit fundamentals, and corporate default rates may increase a bit further, but our
calculations suggest that we are near the peak. We also note that spreads still compensate investors for the deterioration in credit quality due to the crisis.
A careful review of issuer fundamentals and diversified selection of issuers and bonds are important and effective ways to reduce these risks. Bonds with a shorter time to
maturity do not suffer defaults as often (all else equal) as those with a longer duration, and they tend to be less volatile. Focusing on shorter tenors can hence reduce
defaults and the chance of margin calls in a levered portfolio, although it means that investors have to give up yield in select sectors and regions where credit curves are
still upward sloping.
What we’ve learned from the crisis

We use historical data to simulate the potential drawdown of a portfolio. We do this by calculating the drawdowns of a benchmark index for emerging market BB-rated
corporate bonds. In our view, this is a good proxy for the baskets of bonds we recommend (please refer our recent emerging market bond report: “When EM bonds meet
smart leverage: What we've learned from the crisis” 7 October 2020). Corrections in excess of 10% are rare but can occur every one to two years in levered portfolios. If
we consider the current crisis, the drawdowns are around 20% for an unlevered portfolio, but rise to 25% for a portfolio with a leverage ratio of 1.5x. This would,
temporarily, have used around 50% of the overall equity buffer (based on a maximum lending value of 70%), hence leaving a decent margin. In light of current
valuations which look more favorable than in January, we think risk-tolerant investors can opt for a lending value of up to 50%. This would still leave them with an equity
buffer of around 30%, which we consider sufficient for a well-diversified portfolio. That said, it is important to stress that bigger corrections, like the 2008–09 global
financial crisis, resulted in drawdowns that exceeded 50% and 60% for portfolios with a leverage ratio of 1.5x and 2x, respectively.
The other takeaway from the coronavirus crisis we find worth highlighting is how quickly levered EM bond portfolios tend to recover their losses. Roughly three months
after the correction started, the levered portfolio traded at par with the unlevered portfolio (after funding costs and fees) and six months after the correction, it exceeded
the pre-crisis high. Of course, past performance is no indication of future returns, but we find that this pattern was fairly consistent also during previous crises.
Borrowing entails costs and risks

Margin call risk: Leverage amplifies volatility and exposes an investor to margin call risk, which rises when market conditions and liquidity are poor. This tends to
exacerbate losses. Along with carefully managing margin call risks, investors need to align the degree of leverage with their risk profile.
Default risk: Bond defaults can result in irrevocable losses that are amplified in a leveraged portfolio. Diversification is an effective way to reduce the portfolio impact of a
bond default.
Liquidity risk: Bond and market liquidity tends to be poorer during periods of market stress, resulting in price swings that exceed fundamentally justified corrections.
Sufficient diversification, careful portfolio construction, and an ex-ante liquidity assessment can all help to reduce liquidity risks.
Duration risk: A gap in duration between the loan and the bond portfolio adds duration risk to the leveraged portfolio. It can be reduced by minimizing the duration gap,
although in some market conditions deviations may enhance the risk-reward of the leveraged portfolio.
Michael Bolliger, Analyst
Source: UBS 2
Guidance on UBS CIO risk and valuation views
UBS CIO Risk Views UBS CIO valuation views
Credit risk flags Relative value bond recommendations

CIO attaches a credit risk flag to the instruments under its coverage. Credit risk is assessed based on the remaining tenor and / or instrument Our relative value bond recommendations are based on an average investment horizon of six to 12 months. They reflect our
type. The flag indicates the likelihood that a holder of the instrument will not receive a coupon or principal payment when it comes due. assessment of a bond's attractiveness relative to comparable instruments under CIO coverage. Comparable instruments typically
For subordinated and hybrid instruments, which are usually callable and have a remote or no fixed maturity date, we apply one uniform credit exhibit similar credit quality, are denominated in the same currency, belong to the same segment of the bond market, and have
risk flag per issuer and instrument type. The idea is to reflect the possibility of contractual trigger events or regulatory intervention occurring. a similar remaining tenor until redemption.
Either can impose losses on bondholders regardless of the remaining term of the instrument or a specific issuer default event. Views on a particular instrument can change within the six- to 12-month time frame, and those that apply to one instrument
Credit risk flags only indicate our view of the riskiness of a particular instrument. Credit risk flags should not be seen as recommendations to do not necessarily apply to others of the same issuer. Views on a particular instrument may be withdrawn if it does not have a
buy, hold or sell. In fact, any combination of risk flags and relative value recommendations is possible. sizeable basket of comparable instruments under CIO coverage.
attractive Bonds seen as “attractive” are expected to generate a total return exceeding the average return of
comparable instruments. Our recommendation can stem from a positive view on the issuer’s credit profile not
Very low credit risk
fully reflected in the price, unduly high risk premiums, our take on an instrument's call probability, the risk of
We believe that the probability of debt payments not being made when they come due is very low (cumulative coupon deferrals , and external factors including regulatory intervention.
probability of less than 2%).
Medium credit risk

We believe that the probability of debt payments not being made when they come due is low to medium (cumulative Bonds seen as "fair" are expected to produce a total return broadly in line with the average return of
fair
probability of non-payment between 2% and less than 20%). comparable instruments.
Bonds seen as "expensive" are expected to earn a total return that is less than the average return of
High credit risk expensive
comparable instruments. Our recommendation can stem from a negative view on the issuer’s credit profile
We believe that the probability of debt payments not being made when they come due is at least one in five not fully reflected in the price, unduly tight risk premiums, our take on an instrument's call probability, the
cumulatively. risk of coupon deferrals, and external factors including regulatory intervention.
Issuer credit outlook

We complement the instrument-specific risk information of the credit risk flags by indicating our outlook for the credit quality of an issuer over
the next 12 months. Depending on instrument pricing, all combinations of an issuer credit outlook and relative valuation recommendations are Sell recommendations
possible. A Sell recommendation is assigned when the risk of an adverse outcome for an instrument exceeds what is
Sell
reflected in its current valuation. Such situations can include those in which the instrument appears likely to
Improving post negative total returns until redemption, either due to a highly negative yield to maturity or an imminent
We expect the credit profile of the issuer to improve, to an extent that may result in upgrades by rating agencies. call at a price below market valuations.
Stable
We do not expect the credit profile of the issuer to change meaningfully.
Deteriorating
We expect the credit profile of the issuer to deteriorate, to an extent that may result in downgrades by rating agencies.
For details please see "Understanding bonds: A guide to CIO’s credit offering", published 08 March 2017.
Source: UBS 3
Guidance on bond characteristics
Offer yield
The offer yield refers to the yield-to-maturity measure. Please note that the displayed values are indicative values only.
Restrictions
Includes restrictions for European Economic Area domiciled investors:
1) Complex bond under MiFID;
2) PRIIPS relevant bond, KID missing
Please refer to our education note "Understanding Bonds"
Understanding bonds: What makes a bond complex?
Source: UBS 4
Guidance on credit ratings and subordinated bonds
Credit rating definitions

Investment Grade Speculative Grade
BB+ / Ba1
Issuer / Bonds have exceptionally strong credit quality. AAA is the best credit Issuer / Bonds have weak credit quality. This is the highest Speculative Grade
AAA / Aaa BB / Ba2
quality. category.
BB- / Ba3
AA+ / Aa1 B+ / B1
AA / Aa2 Issuer / Bonds have very strong credit quality. B / B2 Issuer / Bonds have very weak credit quality.
AA- / Aa3 B- / B3
A+ / A1 CCC+ / Caa1
A / A2 Issuer / Bonds have high credit quality. CCC / Caa2 Issuer / Bonds have extremely weak credit quality.
A- / A3 CCC- / Caa3
BBB+ / Baa1 CC / Ca
Issuer / Bonds have adequate credit quality. This is the lowest Investment Grade Issuer / Bonds have very high risk of default.
BBB / Baa2 C/-
category.
BBB- / Baa3 D/C Obligor failed to make payment on one or more of its financial commitments.
Issuer ratings may differ between rating agencies. Analysts may choose to assign the lowest rating instead of an average rating. This may lead to a situation in which issuers with an average investment grade rating appear in the
sub-investment grade section of the Emerging Markets Bond List.
Subordinated bonds
If a bond issuer were to default, a subordinated bond would Subordinated debt is divided into 2 main tiers. Tier 1 debt is subordinate to Tier 2 debt.
rank lower in status than other debt when it comes to a claim Tier 1 The maturity of Tier 1 debt is perpetual, however, the issuer has the right to call the bond at the earliest after five
on the company's assets. This makes subordinated bonds years, then at each coupon date. Calling the bond is only possible if sufficient funds are available for repayment.
riskier than higher ranked bonds. Interest can be paid on a fixed or floating basis, the bond is not collateralised nor guaranteed.
In addition, such bonds might become less liquid during
periods of adverse market conditions than higher ranked
Upper Tier 2 Upper Tier 2 debt is perpetual, and its coupons are deferrable and cumulative, interest and principal can be written
insturments, making it more difficult to sell such bonds during
down.
period of higher financial market volatility.
Moreover, we don't include any subordinated bonds issued by Lower Tier 2 Lower Tier 2 debt has a fixed maturity of at least 5 years and interest payments may only be suspended in the case
issuers rated 'Speculative Grade' (see definition above) on the of bankruptcy.
list.
Source: Rating agencies, UBS 5

Guidance on Republic of Venezuela
Considering the dismal and hastily worsening economic conditions in Venezuela, political regime change remains a clear possibility. We acknowledge, however, that the Maduro regime's ability to stay in
power has consistently surprised observers over time, and handicapping the probability and timing of his departure remains extremely challenging. The US Treasury's restrictions on secondary market trading
of Venezuelan securities have dramatically impacted the liquidity of the bonds. In case of regime change, these sanctions would likely be lifted, and a lengthy and complex restructuring process would be
initiated. In such case, Venezuelan bonds would experience upside price pressure. The longer the current regime stays in place, however, the more modest such an upside would be. Investors with low risk
tolerance and no appetite for a long and uncertain debt restructuring process should refrain from holding Venezuelan bonds.
USP97475AG56 USD 6.00% 12/9/2020 9.3 6414.0 D/C AT MATURITY 500 / 500 1,500,057,000
USP17625AC16 USD 12.75% 8/23/2022 9.3 220.7 D/C SINKABLE 100 / 100 3,000,000,000
USP17625AA59 USD 9.00% 5/7/2023 9.3 166.3 D/C AT MATURITY 100 / 100 2,000,000,000
USP97475AP55 USD 8.25% 10/13/2024 9.3 98.8 D/C AT MATURITY 100 / 100 2,495,963,000
XS0217249126 USD 7.65% 4/21/2025 9.3 104.3 D/C AT MATURITY 1000 / 1000 1,599,817,000
USP17625AE71 USD 11.75% 10/21/2026 9.3 127.1 D/C AT MATURITY 100 / 100 3,000,000,000
US922646AS37 USD 9.25% 9/15/2027 9.6 79.9 D/C AT MATURITY 1000 / 1000 4,000,000,000
USP17625AB33 USD 9.25% 5/7/2028 9.3 96.6 D/C AT MATURITY 100 / 100 2,000,000,000
USP17625AD98 USD 11.95% 8/5/2031 9.4 99.0 D/C SINKABLE 100 / 100 4,200,000,000
US922646BL74 USD 9.38% 1/13/2034 9.3 84.6 D/C AT MATURITY 2000 / 1000 1,500,000,000
USP97475AJ95 USD 7.00% 3/31/2038 9.3 59.1 D/C AT MATURITY 500 / 500 1,250,003,000
Source: UBS 6
Top Emerging Markets Bond List

The CIO Top Emerging Markets Bond List provides guidance on our highest conviction EM bonds under coverage. Our approach combines bottom-up insights on issuers
and bonds with tactical top-down calls.
Offer Offer Ratings Minimum

ISIN / Valor Issuer Currency Coupon Maturity Restrictions
price¹ yield¹ (S&P / Moody's) denomination / increment
Bonds in Asia, Investment grade issuers
Corporate issuers and financials

XS2014269018 / 48608859 China Railway Construction Corp USD 3.97% Perpetual 102.5 3.9 n/a / Baa1 200,000 / 1,000 1
Comment: This is a subordinated perpetual callable in June 2024 at par. The coupon resets at USD 5Y UST plus 524.3ps at the call date if not called. Please also refer to yield-to-call.
XS2063459189 / 50778157 CLP Power Hong Kong USD 3.55% Perpetual 103.2 3.4 A- / A3 200,000 / 1,000 1
Comment: This is a subordinated perpetual bond callable in Nov 2024. In Feb 2025, the coupon resets at UST 5Y plus 204.1bps. Please also refer to yield-to-call.
XS1555076162 / 35445986 HUARONG FINANCE CO LTD (China) USD 4.5% Perpetual 101.8 4.4 n/a / Baa1 200,000 / 1,000 1
Comment: This is a senior perpetual callable in Jan 2022. There is a 500bps step-up if not called. Please also refer to yield-to-call.
XS2123115029 / 52811911 Hysan Development Company Limited (Hong USD 4.1% Perpetual 98.2 4.2 n/a / Baa2 200,000 / 1,000 1
Kong)
Comment: This is a subordinated perpetual bond callable in June 2025. The coupon resets at UST 5Y plus 288.7ps at the call date. Please also refer to yield-to-call.
XS1505134210 / 34305670 INT CONTAINER TERMINAL (Philippines) USD 4.875% Perpetual 101.5 4.8 n/a / n/a 200,000 / 1,000 1
Comment: This is a senior perpetual bond callable in May 2024 at 100. The coupon resets at 5Y UST plus 593bps at the call date. Please also refer to yield-to-call.
XS1391575161 / 33461322 ADANI TRANSMISSION LIMITED (India) USD 4% 03.08.2026 104.7 3.1 BBB- / Baa3 200,000 / 1,000 1, 2
XS1512953040 / 34959751 Country Garden (China) USD 5.625% 15.12.2026 111.7 3.5 n/a / Baa3 200,000 / 1,000 1, 2
Comment: The bonds are puttable on 12/15/2021 at a fixed price of 100.
XS2028401086 / 48986561 New World Development (Hong Kong) USD 4.125% 18.07.2029 101.9 3.9 n/a / n/a 200,000 / 1,000 1
XS2087717364 / 51332734 OIL & NATURAL GAS CORP LTD (India) USD 3.375% 05.12.2029 100.1 3.4 BBB- / Baa3 200,000 / 1,000 1
¹ Indicative values Source: Bloomberg, UBS 7



Bonds in Asia, Speculative grade issuers (These issuers are more risky. Their ability to meet payments in the future is questionable, see rating definitions for details.)

XS1720930780 / 39355361 FAR EAST HORIZON (China) USD 5.6% Perpetual 89.5 6.3 n/a / n/a 200,000 / 1,000 1
Comment: This is a subordinated perpetual callable in Dec 2022 at par and every six months thereafter. The coupon resets at 5Y UST plus 352.1 bps at the call date. Please also refer to yield-to-call.
XS1991146892 / 48975160 Greenland Hong Kong Holding (China) USD 6% 17.07.2021 100.9 4.8 n/a / Ba3 200,000 / 1,000 1
XS1996313737 / 47991739 Seazen Holdings (China) USD 6.5% 20.05.2022 102.6 4.8 n/a / Ba2 200,000 / 1,000 1, 2
XS2037190514 / 49303161 CENTRAL CHINA REAL ESTATE USD 6.875% 08.08.2022 102.0 5.7 n/a / B1 200,000 / 1,000
XS1978680400 / 47304298 Seazen Group Ltd (China) USD 6.15% 15.04.2023 102.2 5.2 n/a / n/a 200,000 / 1,000 1
XS0921226386 / 21226583 San Miguel Corp (Philippines) USD 4.875% 26.04.2023 101.3 4.3 n/a / n/a 200,000 / 1,000 1, 2
XS2108075784 / 52775428 Greenland Holdings Group (China) USD 6.75% 03.03.2024 97.5 7.6 n/a / Ba2 200,000 / 1,000
XS2050614796 / 52120777 BUMI SERPONG (Indonesia) USD 5.95% 23.01.2025 97.5 6.6 n/a / Ba3 200,000 / 1,000 1
Comment: Callable in Jan 2023 at 102.975.
XS2099372802 / 52056448 PT Bank Tabungan Negara (Indonesia) USD 4.2% 23.01.2025 100.7 4.0 n/a / Ba3 200,000 / 1,000 1
Comment: This is a Basel 3 Tier 2 bond.
Bonds in EMEA, Investment grade issuers
Sovereign issuers
XS0850020586 / 20197889 KINGDOM OF MOROCCO USD 4.25% 11.12.2022 106.3 1.3 BBB- / n/a 200,000 / 1,000




XS0861981180 / 20145902 Rosneft (Russia) USD 4.199% 06.03.2022 n/a n/a BBB- / Baa3 200,000 / 1,000
Comment: The US has imposed sanctions on Rosneft, prohibiting involvement in new debt with over 60 days' maturity.The EU prohibits involvement in new financing with over 30 days maturity.
XS1951084471 / 46360158 Gazprom (Russia) USD 5.15% 11.02.2026 112.1 2.7 BBB- / Baa2 200,000 / 1,000 1
US46507WAB63 / 1210427 ISRAEL ELECTRIC CORPORATION USD 7.75% 15.12.2027 134.1 2.5 BBB / Baa2 250,000 / 1,000
XS2159874002 / 54510952 Lukoil (Russia) USD 3.875% 06.05.2030 106.4 3.1 BBB / n/a 200,000 / 1,000 1, 2
Comment: Lukoil is not currently prohibited by US or EU sanctions in terms of capital market access.
Bonds in EMEA, Speculative grade issuers (These issuers are more risky. Their ability to meet payments in the future is questionable, see rating definitions for details.)
Sovereign issuers
XS2176895469 / 54966329 ARAB REPUBLIC OF EGYPT USD 5.75% 29.05.2024 103.7 4.6 B / B2u 200,000 / 1,000 1
XS1028952403 / 24734552 REPUBLIC OF KENYA USD 6.875% 24.06.2024 105.3 5.3 B+ / n/a 200,000 / 1,000
XS1089413089 / 24971833 REP. OF COTE DIVOIRE (Ivory Coast) USD 5.375% 23.07.2024 102.3 4.7 n/a / Ba3 200,000 / 1,000
XS1910826996 / 44904968 FEDERAL REPUBLIC OF NIGERIA USD 7.625% 21.11.2025 107.6 5.9 B- / B2 200,000 / 1,000 1
US900123CL22 / 35445525 Republic of Turkey USD 6% 25.03.2027 97.7 6.4 n/a / B2 200,000 / 1,000 1
XS0496488395 / 11145940 REP. OF COTE DIVOIRE (Ivory Coast) USD 5.75% 31.12.2032 98.4 6.1 n/a / n/a 100,000 / 1,000 1

XS1576037284 / 36029889 Garanti Bank (Turkey) USD 5.875% 16.03.2023 100.2 5.8 n/a / B2 200,000 / 1,000 1
XS0958072240 / 22033922 ESKOM HOLDINGS (South Africa) USD 6.75% 06.08.2023 95.9 8.4 CCC+ / Caa1 200,000 / 1,000
XS1970705528 / 47075898 Vakifbank (Turkey) USD 8.125% 28.03.2024 101.5 7.6 n/a / B2 200,000 / 1,000 1




XS2058691663 / 50414400 VEON (Russia) USD 4% 09.04.2025 103.9 3.1 BB+ / n/a 200,000 / 1,000 1, 2
Comment: The company was previously known as Vimpelcom. VEON isnot currently prohited by US or EU sanctions in terms of capital market access.
XS2131335270 / 55798631 Akbank (Turkey) USD 6.8% 06.02.2026 98.2 7.2 n/a / B2 200,000 / 1,000 1
XS1864523300 / 43097579 ESKOM HOLDINGS (South Africa) USD 6.35% 10.08.2028 104.4 5.7 BB- / Ba1 200,000 / 1,000 1
Bonds in GCC, Investment grade issuers
Sovereign issuers
XS2109766126 / 52157905 KINGDOM OF SAUDI ARABIA USD 2.5% 03.02.2027 105.6 1.6 n/a / A1 200,000 / 1,000 1
XS2226973522 / 56953108 EMIRATE OF DUBAI (UAE) USD 3.9% 09.09.2050 97.3 4.1 n/a / n/a 200,000 / 1,000 1

XS1825455030 / 41901596 COMMERCIAL BANK QSC (Qatar) USD 5% 24.05.2023 109.1 1.5 BBB+ / A3 200,000 / 1,000
XS1069870415 / 24476562 INVESTMENT CORP OF DUBAI (UAE) USD 4.625% 21.05.2024 107.5 2.4 n/a / n/a 200,000 / 1,000 1
XS2119472178 / 52519078 Emirates NBD Bank PJSC (UAE) USD 2.625% 18.02.2025 105.0 1.4 n/a / A3 200,000 / 1,000 1
XS2162033729 / 54626258 QATAR NATIONAL BANK USD 2.625% 12.05.2025 105.1 1.5 A / Aa3 200,000 / 1,000
XS1982113208 / 47414060 Saudi Arabian Oil Company USD 3.5% 16.04.2029 111.6 2.0 n/a / A1 200,000 / 1,000
Bonds in GCC, Speculative grade issuers (These issuers are more risky. Their ability to meet payments in the future is questionable, see rating definitions for details.)
Sovereign issuers
XS1750113406 / 39891256 SULTANATE OF OMAN USD 4.125% 17.01.2023 100.1 4.1 n/a / Ba3 200,000 / 1,000



Sovereign issuers
XS1405770733 / 34197992 KINGDOM OF BAHRAIN USD 5.624% 12.02.2024 106.7 3.5 B+ / n/a n/a / n/a 1
Comment: Please note that Bahrain 5.624% 2024 is a sukuk.
XS1944412664 / 49214474 SULTANATE OF OMAN USD 4.875% 01.02.2025 99.4 5.0 n/a / Ba3 200,000 / 1,000
XS2172965282 / 54693949 KINGDOM OF BAHRAIN USD 7.375% 14.05.2030 113.6 5.5 B+ / n/a 200,000 / 1,000
Bonds in Latin America, Investment grade issuers
Sovereign issuers
US195325BQ70 / 22416433 Republic of Colombia USD 4% 26.02.2024 107.3 1.8 BBB- / Baa2 200,000 / 1,000 1, 2
US91087BAE02 / 39756359 United Mexican States (Mexico) USD 3.75% 11.01.2028 108.9 2.4 BBB / Baa1 200,000 / 1,000 1, 2
US715638DF60 / 54278537 Republic of Peru USD 2.783% 23.01.2031 110.2 1.7 BBB+ / A3 1,000 / 1,000 1
US168863DN50 / 52186012 Republic of Chile USD 2.55% 27.01.2032 107.0 1.9 A+ / A1 200,000 / 1,000 1
Comment: This is a green bond.

US05968LAM46 / 52199897 BanColombia USD 3% 29.01.2025 101.8 2.6 n/a / Baa2 200,000 / 1,000 1, 2
Comment: SEC registered senior bond. Make whole call at reference UST plus 25bps until 29 December 2024. Bond is callable on 29 December 2024, and anytime thereafter at par.
US279158AL39 / 28697788 Ecopetrol (Colombia) USD 5.375% 26.06.2026 113.1 2.9 BBB- / Baa3 1,000 / 1,000 1, 2
Comment: SEC registered global bond. Make whole call at reference US Treasury plus 45bps until 26 March 2026. Bond callable on 26 March 2026, and anytime thereafter at par.
USP37110AK24 / 33521436 EMPRESA NAC. DE PETROLEO (Chile) USD 3.75% 05.08.2026 107.5 2.4 BBB- / Baa3 200,000 / 1,000 1, 2
Comment: Make whole call at reference US Treasury plus 35bps.




USP3143NBE33 / 50236866 Codelco (Chile) USD 3% 30.09.2029 107.4 2.1 A / A3 200,000 / 1,000 1
Comment: Make whole call at reference UST plus 20bps until 30 June 2029. Callable on 30 June 2029, and anytime thereafter at par.
Bonds in Latin America, Speculative grade issuers (These issuers are more risky. Their ability to meet payments in the future is questionable, see rating definitions for details.)
Sovereign issuers
US105756BZ27 / 38576370 Federative Republic of Brazil USD 4.625% 13.01.2028 110.5 3.0 BB- / n/a 200,000 / 1,000 1, 2
US105756CC23 / 55195773 Federative Republic of Brazil USD 3.875% 12.06.2030 103.3 3.5 BB- / n/a 200,000 / 1,000 1

USP6811TAA36 / 23619179 MINSUR S.A (Peru) USD 6.25% 07.02.2024 111.4 2.6 BB+ / Ba3u 150,000 / 1,000 1, 2
USP0606PAC97 / 39103868 AXTEL, S.A.B. DE C.V. (Mexico) USD 6.375% 14.11.2024 103.8 5.3 BB / Ba3 200,000 / 1,000 1, 2
Comment: Make whole call at referenced UST plus 50bps until 14 November 2020. Callable on 14 November 2020 and anytime thereafter at 104.781, on 14 November 2021 and anytime thereafter at 103.188, on
14 November 2022 and anytime thereafter at 101.594, and on 14 November 2020 and anytime thereafter at par.
US46556KAB26 / 52073514 Itau-Unibanco (Brazil) USD 3.25% 24.01.2025 102.7 2.6 BB- / Ba3 200,000 / 1,000 1
Comment: Senior unsecured debt.
USA08163AA41 / 34077184 BRASIL FOODS (Brazil) USD 4.35% 29.09.2026 104.0 3.6 BB- / n/a 200,000 / 1,000 1, 2
US71654QCP54 / 44993702 Pemex (Mexico) USD 6.5% 23.01.2029 93.3 7.6 BBB / Ba2 10,000 / 1,000 1, 2
Comment: SEC registered global bond. Make whole call at reference UST plus 50bps.




USA35155AA77 / 47177935 Klabin S.A. (Brazil) USD 5.75% 03.04.2029 112.7 4.0 BB+ / n/a 200,000 / 1,000 1, 2
Comment: Make whole call at reference US Treasury plus 50bps until 3 January 2029. Bond is callable on 3 January 2029, and anytime thereafter at par.
USN15516AD40 / 50856389 Braskem (Brazil) USD 4.5% 31.01.2030 97.4 4.9 BB+ / n/a 200,000 / 1,000
USP2253TJQ33 / 57147390 Cemex (Mexico) USD 5.2% 17.09.2030 103.4 4.8 BB / n/a 200,000 / 1,000 1
Comment: Callable bond. Investors should consider yield-to-worse and not yield-to-maturity when analyzing this security. Bond is callable on 17 September 2025 and anytime thereafter at 102.60, on 17 September
2026 and anytime thereafter at 101.733, on 17 September 2027 and anytime thereafter at 100.867, and on 17 September 2028 and anytime thereafter at par.
US71647NBH17 / 55066799 Petrobras (Brazil) USD 5.6% 03.01.2031 110.6 4.3 BB- / Ba2 2,000 / 1,000 1, 2
Comment: SEC registered global bond. Make whole call at reference US Treasury plus 50bps until 3 October 2030. Bond callable on 3 October 2030, and anytime thereafter at par.

Sell recommendations

SG31B4000005 / HYFLUX LIMITED (Singapore) SGD 0% Perpetual n/a n/a n/a / n/a n/a / n/a 1
32620742
Comment: This is a subordinated perp callable in May 2020 at par. The coupon resets at SGD 4Y swap plus 620bps at the call date. Please also refer to yield-to-call.
SG2D17969577 / HYFLUX LIMITED (Singapore) SGD 8% Perpetual n/a n/a n/a / n/a n/a / n/a 1
12876012
Comment: This is a subordinated perp callable in Apr 2018 at par. The coupon resets to 8% at the call date. Please also refer to yield-to-call.

Changes to the recommendations

This page shows the recommendation changes compared to the previous edition of the EM Bond List, while the reasons for changes include valuation, technical factors, and/or fundamentals.
Upgrades Downgrades
View View
ISIN Issuer Currency Coupon Maturity ISIN Issuer Currency Coupon Maturity
prior new prior new
fair  attr. USP78625EA73 Pemex (Mexico) USD 5.95% 28.01.2031 attr.  fair XS2023803872 CHINA GREAT WALL AM CORP USD 3.95% Perpetual
fair  exp. USG9328DAG54 VEDANTA RES. (United Kingdom) USD 8.25% 07.06.2021
fair  exp. USG9T27HAB07 VEDANTA RES. (United Kingdom) USD 8% 23.04.2023
fair  exp. USG9328DAJ93 VEDANTA RES. (United Kingdom) USD 7.125% 31.05.2023
attr.  fair SG78A5000007 Mapletree Investments (Singapore) SGD 4.5% Perpetual

attr.  fair SGXF98411774 ST TELEMEDIA LTD (Singapore) SGD 5% Perpetual
attr.  fair SGXF43872450 ST TELEMEDIA LTD (Singapore) SGD 4.1% Perpetual
Source: Bloomberg, UBS 15

Additions and deletions

This page shows the addition and deletions compared to the previous edition of the EM Bond List, while the reasons include newly initated coverage or issued bonds for additions and short time to maturity, restrictions, or technical
factors for deletions.
Additions Deletions
View ISIN / Valor Issuer Currency Coupon Maturity View ISIN / Valor Issuer Currency Maturity
fair XS2243343204 / 57596990 Agile Property (Hong Kong) USD 6.05% 13.10.2025 attr. XS2221839793 / 56712323 Nan Fung International Holding USD 27.08.2030
attr. XS2045838039 / 50893770 CABEI USD 1.13013% 15.11.2024

fair XS2158595251 / 54543359 CABEI USD 2% 06.05.2025
fair XS2181601233 / 55200686 CABEI USD 1.69613% 17.06.2025
fair US219868BX31 / 34041636 CAF USD 2.125% 27.09.2021
fair XS1900762888 / 44726681 CAF USD 3.435% 01.11.2021
fair US219868CB02 / 46348881 CAF USD 3.25% 11.02.2022
fair US219868BS46 / 18794737 CAF USD 4.375% 15.06.2022
fair US219868BZ88 / 38956563 CAF USD 2.75% 06.01.2023
fair US219868CC84 / 54701988 CAF USD 2.375% 12.05.2023
fair US219868CA29 / 44912962 CAF USD 3.75% 23.11.2023
fair US219868CD67 / 57187989 CAF USD 1.625% 23.09.2025
fair XS1345695578 / 32177335 China Jinmao Holdings Group USD 6% Perpetual
fair XS1709294380 / 38945480 China Jinmao Holdings Group USD 4.875% Perpetual
fair XS1535978800 / 35341450 China Jinmao Holdings Group USD 5.75% Perpetual
fair XS1637332187 / 37281407 China Jinmao Holdings Group USD 4% Perpetual
fair XS1568303132 / 35836720 China Jinmao Holdings Group USD 3.6% 03.03.2022
fair XS2013709220 / 48509240 China Jinmao Holdings Group USD 4% 21.06.2024
attr. XS1692177857 / 39562438 CHINA ORIENT ASSET MANAGEMENT USD 4.25% Perpetual
fair XS1897132319 / 44297536 Kookmin Bank (Korea) USD 3.625% 23.10.2021
fair US50050HAK23 / 38382308 Kookmin Bank (Korea) USD 2.875% 25.03.2023

Additions and deletions

This page shows the addition and deletions compared to the previous edition of the EM Bond List, while the reasons include newly initated coverage or issued bonds for additions and short time to maturity, restrictions, or technical
factors for deletions.
Additions Deletions
View ISIN / Valor Issuer Currency Coupon Maturity View ISIN / Valor Issuer Currency Maturity
attr. USP7S08VBZ31 / 57604116 Pemex (Mexico) USD 6.875% 16.10.2025

fair XS1072571364 / 24523509 CAF EUR 1.875% 29.05.2021
fair XS1555575320 / 35446094 CAF EUR 0.5% 25.01.2022
fair XS1837142790 / 42147341 CAF EUR 0.75% 13.06.2023
fair XS1943474483 / 46137733 CAF EUR 0.625% 30.01.2024
fair XS1770927629 / 40341737 CAF EUR 1.125% 13.02.2025
fair XS2182121827 / 55074297 CAF EUR 1.625% 03.06.2025
attr. XS2081543204 / 51130349 CAF EUR 0.625% 20.11.2026
fair XS2199348231 / 55994216 Kookmin Bank (Korea) EUR 0.052% 15.07.2025

Reference list: Bonds in USD, Asia, Investment grade issuers

View ISIN / Valor Currency Coupon Maturity Restrictions
Sovereign issuers
Federation of Malaysia Credit Outlook: Stable Analyst: Devinda Paranathanthri

exp. USY9485PAB86 / 13285470 USD 4.646% 06.07.2021 103.1 0.4 A- / A3 250,000 / 1,000
Comment: Please note that Federation of Malaysia 4.646% 2021 is a sukuk bond.
fair USY5749LAA99 / 27926833 USD 3.043% 22.04.2025 109.8 0.8 A- / A3 200,000 / 1,000 1
exp. USY54788AA57 / 32360287 USD 3.179% 27.04.2026 112.0 1.0 A- / A3 250,000 / 1,000
fair USY5749LAB72 / 27926834 USD 4.236% 22.04.2045 132.8 2.5 A- / A3 200,000 / 1,000 1
fair USY54788AB31 / 32361784 USD 4.08% 27.04.2046 130.2 2.5 A- / A3 250,000 / 1,000 1
People's Republic of China Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair XS1706605109 / 38896309 USD 2.125% 02.11.2022 103.6 0.4 n/a / n/a 200,000 / 1,000 1
fair XS1891571348 / 44229565 USD 3.25% 19.10.2023 108.5 0.4 n/a / A1u 200,000 / 1,000 1
fair XS1706605281 / 38896348 USD 2.625% 02.11.2027 110.2 1.1 n/a / n/a 200,000 / 1,000 1
fair XS1891574441 / 44229101 USD 3.5% 19.10.2028 117.7 1.2 n/a / A1u 200,000 / 1,000 1
fair XS1891577030 / 44229099 USD 4% 19.10.2048 133.7 2.4 n/a / A1u 200,000 / 1,000 1
Republic of Indonesia Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair USY20721AU39 / 12786187 USD 4.875% 05.05.2021 102.8 -0.1 BBB / Baa2 200,000 / 1,000
fair USY20721BS73 / 34861950 USD 3.7% 08.01.2022 104.0 0.5 n/a / Baa2 200,000 / 1,000
fair US71567RAG11 / 36172103 USD 3.4% 29.03.2022 103.9 0.7 n/a / Baa2 200,000 / 1,000 1
Comment: Please note that Indonesia 3.4% 2022 is a sukuk bond.
fair USY20721BC22 / 18433551 USD 3.75% 25.04.2022 104.7 0.7 BBB / Baa2 200,000 / 1,000



fair US71567RAA41 / 20043892 USD 3.3% 21.11.2022 105.5 0.7 BBB / Baa2 200,000 / 1,000
fair US455780CC89 / 39437405 USD 2.95% 11.01.2023 104.7 0.8 BBB / Baa2 200,000 / 1,000 1
fair US71567RAJ59 / 40633212 USD 3.75% 01.03.2023 107.0 0.8 BBB / Baa2 200,000 / 1,000 1
Comment: Please note that Indonesia 3.75% 2023 is a green sukuk.
fair USY20721BD05 / 21122761 USD 3.375% 15.04.2023 106.3 0.8 BBB / Baa2 200,000 / 1,000
fair USY20721BH19 / 21878569 USD 5.375% 17.10.2023 113.3 0.9 BBB / Baa2 200,000 / 1,000
fair USY20721BJ74 / 23298966 USD 5.875% 15.01.2024 115.8 0.9 BBB / Baa2 200,000 / 1,000
fair US455780CG93 / 45221387 USD 4.45% 11.02.2024 111.4 1.0 BBB / Baa2 200,000 / 1,000 1
fair US71567RAL06 / 46450450 USD 3.9% 20.08.2024 110.7 1.1 BBB / Baa2 200,000 / 1,000
Comment: Please note that Indonesia 3.9% 2023 is a green sukuk bond
fair US71567RAC07 / 25375227 USD 4.35% 10.09.2024 112.6 1.1 n/a / Baa2 200,000 / 1,000
fair USY20721BG36 / 26644104 USD 4.125% 15.01.2025 112.4 1.1 BBB / Baa2 200,000 / 1,000
fair US71567RAD89 / 28349097 USD 4.325% 28.05.2025 113.9 1.2 BBB / Baa2 200,000 / 1,000
fair US71567RAN61 / 55474894 USD 2.3% 23.06.2025 104.4 1.3 BBB / Baa2 200,000 / 1,000 1
Comment: Green bond.
fair USY20721BN86 / 30655975 USD 4.75% 08.01.2026 117.0 1.4 BBB / Baa2 200,000 / 1,000 1
fair US71567RAF38 / 32015306 USD 4.55% 29.03.2026 115.9 1.5 BBB / Baa2 200,000 / 1,000 1
fair USY20721BQ18 / 34861953 USD 4.35% 08.01.2027 115.7 1.7 n/a / Baa2 200,000 / 1,000
fair US71567RAH93 / 36172106 USD 4.15% 29.03.2027 113.9 1.9 n/a / Baa2 200,000 / 1,000 1



fair USY20721BT56 / 37503749 USD 3.85% 18.07.2027 113.6 1.7 n/a / Baa2 200,000 / 1,000 1
fair US455780CD62 / 39437462 USD 3.5% 11.01.2028 110.7 1.9 n/a / Baa2 200,000 / 1,000 1
fair US71567RAK23 / 40633765 USD 4.4% 01.03.2028 115.7 2.1 BBB / Baa2 200,000 / 1,000 1
Comment: Please note that Indonesia 4.4% 2023 is a sukuk bond
fair US455780CF11 / 41449004 USD 4.1% 24.04.2028 114.9 2.0 BBB / Baa2 200,000 / 1,000
fair US455780CH76 / 45222094 USD 4.75% 11.02.2029 120.4 2.1 BBB / Baa2 200,000 / 1,000 1
fair US71567RAM88 / 46454323 USD 4.45% 20.02.2029 117.0 2.2 BBB / Baa2 200,000 / 1,000
fair US455780CK06 / 48454485 USD 3.4% 18.09.2029 111.0 2.1 BBB / Baa2 200,000 / 1,000
fair US455780CQ75 / 51862059 USD 2.85% 14.02.2030 106.9 2.0 BBB / Baa2 200,000 / 1,000 1
fair US71567RAP10 / 55474900 USD 2.8% 23.06.2030 104.0 2.3 BBB / Baa2 200,000 / 1,000 1
fair US455780CS32 / 54056402 USD 3.85% 15.10.2030 115.2 2.2 BBB / Baa2 200,000 / 1,000 1
fair USY20721AE96 / 2302318 USD 8.5% 12.10.2035 162.7 3.2 BBB / Baa2 100,000 / 1,000
fair USY20721AJ83 / 2924455 USD 6.625% 17.02.2037 142.7 3.2 BBB / Baa2 100,000 / 1,000
fair USY20721AL30 / 3688805 USD 7.75% 17.01.2038 156.7 3.4 BBB / Baa2 100,000 / 1,000
fair USY20721BB49 / 14711996 USD 5.25% 17.01.2042 129.3 3.3 BBB / Baa2 200,000 / 1,000
fair USY20721BE87 / 21122763 USD 4.625% 15.04.2043 119.7 3.4 BBB / Baa2 200,000 / 1,000
fair USY20721BK48 / 23298964 USD 6.75% 15.01.2044 152.4 3.5 BBB / Baa2 200,000 / 1,000
fair USY20721BM04 / 26644105 USD 5.125% 15.01.2045 128.4 3.4 BBB / Baa2 200,000 / 1,000
fair USY20721BP35 / 30655974 USD 5.95% 08.01.2046 141.9 3.5 BBB / Baa2 200,000 / 1,000 1
fair USY20721BR90 / 34861955 USD 5.25% 08.01.2047 132.0 3.4 n/a / Baa2 200,000 / 1,000
fair USY20721BU20 / 37504075 USD 4.75% 18.07.2047 124.7 3.4 n/a / Baa2 200,000 / 1,000 1
fair US455780CE46 / 39438614 USD 4.35% 11.01.2048 118.5 3.3 n/a / Baa2 200,000 / 1,000 1
fair US455780CJ33 / 45230516 USD 5.35% 11.02.2049 135.7 3.4 BBB / Baa2 200,000 / 1,000 1
fair US455780CN45 / 50778235 USD 3.7% 30.10.2049 109.4 3.2 BBB / Baa2 200,000 / 1,000 1



fair US455780CR58 / 51871234 USD 3.5% 14.02.2050 108.0 3.1 BBB / Baa2 200,000 / 1,000
fair US71567RAQ92 / 55474912 USD 3.8% 23.06.2050 109.4 3.3 BBB / Baa2 200,000 / 1,000 1
fair US455780CT15 / 54056404 USD 4.2% 15.10.2050 118.3 3.2 BBB / Baa2 200,000 / 1,000 1
fair US455780CU87 / 54056561 USD 4.45% 15.04.2070 121.5 3.5 BBB / Baa2 200,000 / 1,000 1
Republic of Korea Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair US50064FAK03 / 22293804 USD 3.875% 11.09.2023 109.7 0.5 AA / Aa2 200,000 / 1,000
fair US50064FAR55 / 48478114 USD 2% 19.06.2024 104.9 0.7 AA / Aa2 200,000 / 1,000 1
fair US50064FAE43 / 2321762 USD 5.625% 03.11.2025 124.0 0.8 AA / Aa2 100,000 / 1,000
fair US50064FAQ72 / 48477503 USD 2.5% 19.06.2029 110.9 1.2 n/a / Aa2 n/a / n/a 1
fair US50064FAS39 / 57088553 USD 1% 16.09.2030 98.4 1.2 AA / Aa2 1,000 / 1,000 1
fair US50064FAL85 / 24617525 USD 4.125% 10.06.2044 137.1 2.1 AA / Aa2 200,000 / 1,000 1
Republic of the Philippines Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair US718286BY27 / 23338505 USD 4.2% 21.01.2024 111.8 0.5 BBB+ / Baa2 200,000 / 1,000 1
fair US718286BC07 / 2700633 USD 7.5% 25.09.2024 121.5 0.2 BBB+ / Baa2 100,000 / 1,000
fair US718286AP29 / 1061279 USD 10.625% 16.03.2025 143.1 0.7 BBB+ / Baa2 1,000 / 1,000
fair US718286BN61 / 12744161 USD 5.5% 30.03.2026 124.3 0.9 BBB+ / Baa2 200,000 / 1,000
fair US718286CC97 / 40024303 USD 3% 01.02.2028 111.2 1.4 BBB+ / Baa2 200,000 / 1,000 1
fair US718286CG02 / 45797539 USD 3.75% 14.01.2029 117.6 1.5 BBB+ / Baa2 200,000 / 1,000 1
fair US718286AY36 / 2057743 USD 9.5% 02.02.2030 165.8 1.8 BBB+ / Baa2 2,000 / 1,000
fair US718286CJ41 / 54472973 USD 2.457% 05.05.2030 108.7 1.5 BBB+ / Baa2 200,000 / 1,000 1
fair US718286BB24 / 2398145 USD 7.75% 14.01.2031 153.5 2.0 BBB+ / Baa2 n/a / n/a
fair US718286BD89 / 2870859 USD 6.375% 15.01.2032 142.6 2.1 BBB+ / Baa2 100,000 / 1,000 1
fair US718286BG11 / 10673469 USD 6.375% 23.10.2034 146.8 2.4 BBB+ / Baa2 100,000 / 1,000
fair US718286BW60 / 14678517 USD 5% 13.01.2037 131.9 2.6 BBB+ / Baa2 200,000 / 1,000
fair US718286BZ91 / 26605283 USD 3.95% 20.01.2040 120.2 2.6 BBB+ / Baa2 200,000 / 1,000 1



fair US718286CA32 / 31644150 USD 3.7% 01.03.2041 116.4 2.7 BBB+ / Baa2 200,000 / 1,000
fair US718286CB15 / 35445579 USD 3.7% 02.02.2042 117.2 2.6 BBB+ / Baa2 200,000 / 1,000
fair US718286CH84 / 54472972 USD 2.95% 05.05.2045 107.1 2.6 BBB+ / Baa2 200,000 / 1,000 1
Corporate issuers
ADANI PORTS (India) Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair USY00130HS90 / 35345828 USD 3.95% 19.01.2022 102.1 2.2 BBB- / Baa3 200,000 / 1,000 1, 2
fair USY00130RW92 / 49057770 USD 3.375% 24.07.2024 102.0 2.8 BBB- / Baa3 200,000 / 1,000 1
fair XS1636266832 / 37280529 USD 4% 30.07.2027 101.3 3.8 BBB- / Baa3 200,000 / 1,000 1
fair USY00130VS35 / 56295727 USD 4.2% 04.08.2027 103.0 3.7 BBB- / Baa3 200,000 / 1,000 1, 2
fair USY00130RP42 / 48686793 USD 4.375% 03.07.2029 103.2 3.9 BBB- / Baa3 200,000 / 1,000 1
ADANI TRANSMISSION LIMITED (India) Credit Outlook: Stable Analyst: Devinda Paranathanthri
fair XS1391575161 / 33461322 USD 4% 03.08.2026 104.7 3.1 BBB- / Baa3 200,000 / 1,000 1, 2
fair XS2080214864 / 51148101 USD 4.25% 21.05.2036 101.7 4.0 BBB- / Baa3 200,000 / 1,000 1, 2
ALUMINUM CORP OF CHINA Credit Outlook: Stable Analyst: Kevin Liu

fair XS1876071751 / 43523662 USD 4.875% 07.09.2021 102.9 1.7 n/a / n/a 200,000 / 1,000 1, 2
fair XS1511610906 / 34473813 USD 4.25% Perpetual 101.7 4.2 n/a / n/a 200,000 / 1,000 1
Comment: This is a senior perpetual callable in Nov 2021 at par. The coupon resets at 5Y UST plus 793.1bps at the call date. Please also refer to yield-to-call.
AVIC INTERNATIONAL (China) Credit Outlook: Stable Analyst: Timothy Tay

fair XS1821408215 / 41844643 USD 4.375% 23.05.2021 101.3 2.2 n/a / n/a 200,000 / 1,000
fair XS0970892724 / 22307582 USD 6% 12.09.2023 109.9 2.5 BBB- / WR n/a / n/a 1, 2
fair XS2231903084 / 57186071 USD 3.3% 23.09.2030 98.5 3.5 n/a / n/a 200,000 / 1,000 1, 2


AYALA CORP (Philippines) Credit Outlook: Stable Analyst: Devinda Paranathanthri

Comment: This is a senior perpetual callable in Sept 2022. The coupon is fixed-for-life with no reset and no step-up.
Comment: This is a senior perp callable in Oct 24 at par. The coupon is fixed-for-life with no reset nor step-up.
BEIJING CAPITAL DEV. HOLDING (China) Credit Outlook: Stable Analyst: Wendy Luo
fair XS1508782098 / 34454465 USD 3.375% 03.11.2021 101.2 2.2 n/a / n/a 200,000 / 1,000 1
BEIJING CAPITAL GROUP (China) Credit Outlook: Stable Analyst: Timothy Tay
fair XS2127809528 / 53307394 USD 2.8% 18.03.2023 100.2 2.7 n/a / n/a 200,000 / 1,000 1
BEIJING ENTERPRISES HLDG (China) Credit Outlook: Stable Analyst: Kevin Liu
fair USG59606AA46 / 12987214 USD 5% 12.05.2021 102.0 1.5 BBB+ / Baa1 200,000 / 1,000 1, 2
fair USG8669QAB61 / 18441511 USD 4.5% 25.04.2022 104.3 1.6 BBB+ / Baa1 200,000 / 1,000 1, 2
Beijing Enterprises Water (China) Credit Outlook: Stable Analyst: Kevin Liu
fair XS1805357487 / 41547272 USD 4.95% 02.05.2023 103.2 3.6 n/a / n/a 200,000 / 1,000 1, 2
Beijing Infrastructure Inv. Co (China) Credit Outlook: Stable Analyst: Timothy Tay
exp. XS1914920993 / 45137096 USD 4.15% 04.12.2021 103.3 1.3 A / n/a 200,000 / 1,000 1
fair XS2016888252 / 48925318 USD 2.8% 15.07.2022 102.6 1.3 A / n/a 200,000 / 1,000 1
fair XS2206905718 / 56952661 USD 1% 10.09.2023 99.4 1.2 n/a / A1 200,000 / 1,000 1
BOC AVIATION (Singapore) Credit Outlook: Stable Analyst: Timothy Tay

fair US09681MAG33 / 41516073 USD 1.301% 02.05.2021 99.8 n/a A- / n/a 200,000 / 1,000 1
Comment: Floating rate note. 3M Libor plus 105bps.
fair US09681MAC29 / 33905733 USD 2.375% 15.09.2021 100.8 1.5 A- / n/a 200,000 / 1,000 1



fair XS1616339336 / 36832078 USD 3% 23.05.2022 102.3 1.6 A- / n/a 200,000 / 1,000 1
fair US09681MAD02 / 38268727 USD 2.75% 18.09.2022 102.3 1.6 A- / n/a 200,000 / 1,000 1
fair XS1760335502 / 40124715 USD 3.5% 31.01.2023 103.8 1.8 A- / n/a 200,000 / 1,000 1
exp. XS0925008533 / 21266732 USD 4.375% 02.05.2023 107.1 1.5 A- / n/a n/a / n/a
exp. US09681MAH16 / 43797429 USD 1.35825% 26.09.2023 98.5 n/a A- / n/a 200,000 / 1,000 1
Comment: Floating rate note. 3M Libor plus 112.5bps.
exp. XS2180908001 / 55038739 USD 2.75% 02.12.2023 102.9 1.8 A- / n/a 200,000 / 1,000 1
exp. XS1938443329 / 46010938 USD 4% 25.01.2024 106.2 2.0 A- / n/a 200,000 / 1,000 1
exp. US09681MAJ71 / 47269158 USD 3.5% 10.10.2024 105.4 2.1 A- / n/a 200,000 / 1,000 1
exp. XS2104016105 / 52004262 USD 2.625% 17.01.2025 101.7 2.2 A- / n/a 200,000 / 1,000 1
exp. US09681MAM01 / 54386930 USD 3.25% 29.04.2025 104.9 2.1 A- / n/a 200,000 / 1,000 1
exp. XS1822793821 / 41822977 USD 1.54688% 21.05.2025 97.8 n/a A- / n/a 200,000 / 1,000
exp. US09681MAB46 / 32357581 USD 3.875% 27.04.2026 108.5 2.2 A- / n/a 200,000 / 1,000 1
exp. US09681MAE84 / 38268730 USD 3.5% 18.09.2027 106.2 2.5 A- / n/a 200,000 / 1,000 1
exp. US09681MAK45 / 49883651 USD 3% 11.09.2029 102.8 2.7 A- / n/a 200,000 / 1,000
exp. US09681MAS70 / 57040347 USD 2.625% 17.09.2030 99.2 2.7 A- / n/a 200,000 / 1,000 1
CapitaLand Ltd (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee

fair XS0831700421 / 19549591 USD 4.076% 20.09.2022 104.6 1.7 n/a / n/a 200,000 / 1,000 1
CapitaMall Trust (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee

fair XS1974929611 / 47177431 USD 3.609% 04.04.2029 109.9 2.3 n/a / A3 200,000 / 1,000 1
CHAMPION REIT (Hong Kong) Credit Outlook: Stable Analyst: Kevin Liu
fair XS0875871690 / 20446268 USD 3.75% 17.01.2023 104.5 1.7 n/a / n/a 200,000 / 1,000
attr. XS2189595049 / 55286252 USD 2.95% 15.06.2030 100.7 2.9 n/a / Baa1 200,000 / 1,000


CHINA CINDA AMC Credit Outlook: Stable Analyst: Timothy Tay

exp. XS1948625121 / 46503090 USD 3.75% 21.02.2022 103.2 1.4 A- / A3 200,000 / 1,000 1, 2
exp. XS1573134522 / 35945439 USD 3.65% 09.03.2022 103.2 1.4 A- / A3 200,000 / 1,000 1, 2
exp. XS1757392201 / 40228679 USD 3.875% 08.02.2023 105.4 1.5 A- / A3 200,000 / 1,000 1
fair XS2133246244 / 53307023 USD 2% 18.03.2023 101.2 1.5 n/a / A3 200,000 / 1,000 1
fair XS1948752743 / 46503119 USD 4% 21.02.2024 107.2 1.8 A- / A3 200,000 / 1,000 1, 2
fair XS1573134951 / 35945440 USD 4.1% 09.03.2024 107.4 1.8 A- / A3 200,000 / 1,000 1, 2
fair USG2117CAC67 / 24410485 USD 5.625% 14.05.2024 113.4 1.8 A- / A3 n/a / n/a 1, 2
fair XS1757392466 / 40230099 USD 4.375% 08.02.2025 110.5 1.8 A- / A3 200,000 / 1,000 1, 2
fair XS2133246673 / 53306549 USD 2.5% 18.03.2025 102.7 1.9 n/a / A3 200,000 / 1,000 1
fair USG21184AB52 / 27942166 USD 4.25% 23.04.2025 110.9 1.7 A- / A3 200,000 / 1,000 1, 2
fair XS1573135099 / 35945441 USD 4.4% 09.03.2027 111.9 2.4 A- / A3 200,000 / 1,000 1, 2
fair XS2133246590 / 53305452 USD 3% 18.03.2027 103.9 2.3 n/a / A3 200,000 / 1,000 1, 2
fair XS1757392540 / 40231377 USD 4.75% 08.02.2028 115.6 2.4 A- / A3 200,000 / 1,000 1
fair XS1948752826 / 46503143 USD 4.75% 21.02.2029 116.9 2.5 A- / A3 200,000 / 1,000 1, 2
fair XS2133246327 / 53306082 USD 3.125% 18.03.2030 104.7 2.6 n/a / A3 200,000 / 1,000 1, 2
fair XS1757392896 / 40231208 USD 5% 08.02.2048 125.6 3.5 A- / A3 200,000 / 1,000 1
CHINA GREAT WALL AM CORP Credit Outlook: Stable Analyst: Clarissa Lee
fair XS1508917017 / 34368928 USD 2.625% 27.10.2021 101.2 1.5 BBB+ / Baa1 200,000 / 1,000 1, 2
fair XS2023803526 / 49187973 USD 3.125% 31.07.2024 105.2 1.7 BBB+ / n/a 200,000 / 1,000 1, 2
fair XS2206799004 / 56586004 USD 2.375% 18.08.2030 99.1 2.5 BBB+ / n/a 200,000 / 1,000 1, 2
Comment: This is a senior perpetual bond callable in Jul 2024 and evey six months after at par. The coupon resets at 5Y UST plus 714.5bps at the call date.


CHINA HUANENG GROUP Credit Outlook: Stable Analyst: Kevin Liu

fair XS2080196947 / 51422940 USD 2.4% 10.12.2022 102.3 1.3 n/a / A2 200,000 / 1,000 1
fair XS2080205797 / 51422931 USD 2.6% 10.12.2024 104.1 1.6 n/a / A2 200,000 / 1,000 1
fair XS2080206092 / 51422932 USD 3% 10.12.2029 105.9 2.3 n/a / A2 200,000 / 1,000 1
attr. XS1699084601 / 38849060 USD 3.6% Perpetual 101.5 3.6 n/a / n/a 200,000 / 1,000 1
Comment: This is a senior perpetual bond callable in October 2022 and every six months after at par. The coupon resets at 5Y UST plus 659.6bps at the call date. Please refer to yield-to-call.
China Jinmao Holdings Group Credit Outlook: Deteriorating Analyst: Wendy Luo
fair XS0964837248 / 25461031 USD 6.4% 27.04.2022 106.3 2.2 n/a / n/a 200,000 / 1,000 1, 2
fair XS2013709220 / 48509240 USD 4% 21.06.2024 103.5 3.0 BBB- / n/a 200,000 / 1,000 1, 2
fair XS2030348903 / 49057786 USD 4.25% 23.07.2029 102.8 3.9 n/a / Baa3 200,000 / 1,000 1, 2
fair XS1637332187 / 37281407 USD 4% Perpetual 101.0 4.0 n/a / Baa3 200,000 / 1,000 1
Comment: This is a senior perpetual callable in Jan 2023. If not called, its coupon will be reset to prevailing 5-year treasury yield plus an initial spread of 523.8 bps. Please also refer to yield-to-call.
CHINA MINMETALS CORPORATION Credit Outlook: Stable Analyst: Kevin Liu

fair XS1450327686 / 33377239 USD 3.125% 27.07.2021 101.4 1.4 n/a / Baa1 200,000 / 1,000 1, 2
fair XS1265180643 / 29045426 USD 4.75% 30.07.2025 112.9 1.9 n/a / Baa1 200,000 / 1,000 1, 2
fair XS1450332256 / 33377240 USD 4.2% 27.07.2026 112.3 2.0 n/a / Baa1 200,000 / 1,000 1, 2
fair XS1768177633 / 40779781 USD 4.45% Perpetual 101.4 4.4 n/a / Baa1 200,000 / 1,000 1
Comment: This is a senior perpetual callable in May 2021 at par and every six months thereafter. The coupon resets at 5Y UST plus 607.0 bps at the call date. Please also refer to yield-to-call.
Comment: This is a senior perpetual callable in Nov 2022 at par and every six months thereafter. The coupon resets at 5Y UST plus 471.7 bps at the call date. Please also refer to yield-to-call.
Comment: This is a senior perpetual callable in Sep 2024 at par and every six months thereafter. The coupon resets at 5Y UST plus 520.9 bps at the call date. Please also refer to yield-to-call.


CHINA NATIONAL BLUESTAR GROUP Credit Outlook: Stable Analyst: Timothy Tay
exp. XS1496345684 / 34106691 USD 3.5% 30.09.2021 101.7 1.8 BBB / n/a 200,000 / 1,000 1, 2
fair XS2018600168 / 48948756 USD 3.375% 16.07.2024 104.1 2.2 BBB / n/a 200,000 / 1,000
Comment: This is a senior perpetual bond callable in 11/07/2021 at par and every six months thereafter. The coupon resets at 3-year UST plus 743.4bps at the call date (400 bps step-up). Please also refer to yield-
to-call.
Comment: This is a subordinated perpetual callable in Jun 2023 at par. The coupon resets at 3Y UST plus 665.1bps at the call date. Please refer to yield-to-call.
CHINA NATIONAL CHEMICAL CORPORATION Credit Outlook: Stable Analyst: Timothy Tay
fair XS2011969065 / 48471547 USD 3.125% 19.06.2022 102.1 1.9 n/a / Baa2 200,000 / 1,000 1
fair XS1644429695 / 37526029 USD 3.5% 19.07.2022 102.5 2.1 BBB / n/a 200,000 / 1,000 1, 2
fair XS1788513494 / 40837994 USD 4.625% 14.03.2023 106.1 2.0 BBB / n/a 200,000 / 1,000 1, 2
fair XS2011969651 / 48472314 USD 3.375% 19.06.2024 104.1 2.2 n/a / Baa2 200,000 / 1,000 1, 2
fair XS1788514039 / 40837526 USD 4.875% 14.03.2025 110.7 2.3 BBB / n/a 200,000 / 1,000 1, 2
fair XS2226808082 / 57161190 USD 2% 22.09.2025 98.4 2.3 n/a / Baa2 200,000 / 1,000 1, 2
fair XS1644429935 / 37526030 USD 4.125% 19.07.2027 108.2 2.8 BBB / n/a 200,000 / 1,000 1, 2
fair XS1788513734 / 40838412 USD 5.125% 14.03.2028 115.2 2.8 BBB / n/a 200,000 / 1,000 1, 2
fair XS2011969735 / 48474159 USD 3.875% 19.06.2029 106.6 3.0 n/a / Baa2 200,000 / 1,000 1
attr. XS2226808165 / 57161280 USD 3% 22.09.2030 99.6 3.0 n/a / Baa2 200,000 / 1,000 1, 2
fair XS2011969818 / 48474239 USD 4.75% 19.06.2049 114.9 3.9 n/a / Baa2 200,000 / 1,000 1
fair XS2226808249 / 57161281 USD 3.7% 22.09.2050 96.9 3.9 n/a / Baa2 200,000 / 1,000 1, 2
attr. XS2226808322 / 57161186 USD 3.35% Perpetual 99.6 3.4 n/a / Baa3 200,000 / 1,000 1, 2
Comment: This is a subordinated perpetual callable in Sep 2023 at par. The coupon resets at 3Y UST plus 635bps at the call date. Please refer to yield-to-call.
Comment: This is a senior perpetual callable in June 2022 at par. The coupon resets at 5Y UST plus 607.5bps at the call date.


CHINA ORIENT ASSET MANAGEMENT Credit Outlook: Stable Analyst: Clarissa Lee
fair XS1481806799 / 33721361 USD 2.375% 30.08.2021 100.9 1.4 n/a / Baa1 200,000 / 1,000
fair XS1964673351 / 46925700 USD 3.875% 20.03.2024 107.2 1.7 BBB+ / n/a 200,000 / 1,000
fair XS1104029290 / 25319493 USD 5% 03.09.2024 112.1 1.8 n/a / Baa1 200,000 / 1,000
fair XS2053324567 / 50133094 USD 2.875% 24.09.2024 104.1 1.8 BBB+ / n/a 200,000 / 1,000 1, 2
fair XS1692177774 / 39562448 USD 4.375% 21.12.2027 112.8 2.4 n/a / Baa1 200,000 / 1,000
fair XS1964673435 / 46925907 USD 4.5% 20.03.2029 113.3 2.7 BBB+ / n/a 200,000 / 1,000
fair XS2053056706 / 50133095 USD 3.5% 24.09.2029 105.9 2.8 BBB+ / n/a 200,000 / 1,000 1, 2
CHINA OVERSEAS GRAND OCEANS GROUP Credit Outlook: Stable Analyst: Wendy Luo
China Overseas Land & Investment Credit Outlook: Stable Analyst: Wendy Luo
fair XS1063561499 / 24354873 USD 5.95% 08.05.2024 114.9 1.6 BBB+ / Baa1 200,000 / 1,000 1
fair XS2125599626 / 52798114 USD 2.375% 02.03.2025 102.7 1.7 n/a / Baa1 200,000 / 1,000 1, 2
fair XS2026426085 / 48926918 USD 3.45% 15.07.2029 107.2 2.5 BBB+ / n/a 200,000 / 1,000
fair XS2056378347 / 51236828 USD 3.05% 27.11.2029 104.7 2.5 n/a / Baa1 200,000 / 1,000 1, 2
fair XS2125601547 / 52798116 USD 2.75% 02.03.2030 102.0 2.5 n/a / Baa1 200,000 / 1,000 1, 2
fair XS2125715800 / 52981106 USD 3.125% 02.03.2035 102.7 2.9 n/a / Baa1 200,000 / 1,000 1, 2


China Petrochemical Corporation Credit Outlook: Stable Analyst: Kevin Liu

fair USG8200TAB64 / 32399870 USD 2.75% 03.05.2021 101.0 0.9 A+ / A1 200,000 / 1,000 1, 2
fair USG8200TAG51 / 34069174 USD 2% 29.09.2021 101.0 0.9 A+ / A1 200,000 / 1,000 1, 2
fair USG8201NAA03 / 36380997 USD 3% 12.04.2022 103.0 1.0 n/a / A1 200,000 / 1,000 1, 2
fair USG8189YAB05 / 18590402 USD 3.9% 17.05.2022 104.5 1.0 A+ / A1 200,000 / 1,000 1, 2
fair USG8201NAG72 / 38224078 USD 2.5% 13.09.2022 102.9 1.0 A+ / A1 200,000 / 1,000 1, 2
fair USG82016AA75 / 43601776 USD 3.75% 12.09.2023 107.6 1.1 A+ / A1 200,000 / 1,000 1, 2
fair USG8200QAB26 / 22569267 USD 4.375% 17.10.2023 109.7 1.1 A+ / A1 n/a / n/a 1, 2
fair USG82003AE76 / 24150392 USD 4.375% 10.04.2024 110.3 1.4 A+ / A1 200,000 / 1,000 1, 2
fair USG82016AF62 / 49303610 USD 2.5% 08.08.2024 104.4 1.3 A+ / A1 200,000 / 1,000 1, 2
fair USG82016AK57 / 50959290 USD 2.5% 12.11.2024 104.6 1.3 A+ / A1 200,000 / 1,000 1, 2
fair USG8201JAC56 / 27989158 USD 3.25% 28.04.2025 108.3 1.4 A+ / A1 200,000 / 1,000 1, 2
fair USG82016AN96 / 54660450 USD 2.15% 13.05.2025 103.6 1.4 A+ / A1 200,000 / 1,000 1, 2
fair USG82016AB58 / 43601775 USD 4.125% 12.09.2025 112.9 1.4 A+ / A1 200,000 / 1,000 1, 2
fair USG8200TAD21 / 32399872 USD 3.5% 03.05.2026 111.1 1.4 A+ / A1 200,000 / 1,000 1, 2
fair USG8200TAH35 / 34069178 USD 2.75% 29.09.2026 107.4 1.5 A+ / A1 200,000 / 1,000 1, 2
fair USG8201NAC68 / 36380989 USD 3.625% 12.04.2027 110.8 1.9 n/a / A1 200,000 / 1,000 1, 2
fair USG8201NAH55 / 38224085 USD 3.25% 13.09.2027 108.9 1.9 A+ / A1 200,000 / 1,000 1, 2
fair USG82016AC32 / 43601773 USD 4.25% 12.09.2028 116.2 2.0 A+ / A1 200,000 / 1,000 1, 2
fair USG82016AH29 / 49315193 USD 2.95% 08.08.2029 107.1 2.1 A+ / A1 200,000 / 1,000 1, 2
fair USG82016AL31 / 50959364 USD 2.95% 12.11.2029 106.9 2.1 A+ / A1 200,000 / 1,000 1, 2
fair USG82016AP45 / 54659889 USD 2.7% 13.05.2030 105.4 2.1 A+ / A1 200,000 / 1,000 1, 2
fair USG8189YAC87 / 18590396 USD 4.875% 17.05.2042 131.5 2.9 A+ / A1 200,000 / 1,000 1, 2
fair USG8200QAC09 / 22569276 USD 5.375% 17.10.2043 141.7 2.9 A+ / A1 200,000 / 1,000 1, 2
fair USG8201JAE13 / 27989159 USD 4.1% 28.04.2045 119.5 3.0 A+ / A1 200,000 / 1,000 1, 2
fair USG8200TAE04 / 32399874 USD 4.25% 03.05.2046 124.2 2.9 A+ / A1 200,000 / 1,000 1, 2
fair USG8201NAD42 / 36392425 USD 4.25% 12.04.2047 125.2 2.9 n/a / A1 200,000 / 1,000 1, 2



fair USG8201NAJ12 / 38224088 USD 4% 13.09.2047 120.8 2.9 A+ / A1 200,000 / 1,000 1, 2
fair USG82016AD15 / 43601774 USD 4.6% 12.09.2048 132.4 2.9 A+ / A1 200,000 / 1,000 1, 2
fair USG82016AJ84 / 49303604 USD 3.68% 08.08.2049 114.6 2.9 A+ / A1 200,000 / 1,000 1, 2
fair USG82016AM14 / 50959368 USD 3.44% 12.11.2049 110.8 2.9 A+ / A1 200,000 / 1,000
fair USG82016AQ28 / 54659157 USD 3.35% 13.05.2050 107.7 3.0 A+ / A1 200,000 / 1,000 1, 2
China Petroleum & Chemical Corporation Credit Outlook: Stable Analyst: Kevin Liu
fair USG81877AA34 / 21226518 USD 3.125% 24.04.2023 105.0 1.1 A+ / A1 200,000 / 1,000
fair USG81877AD72 / 21226519 USD 4.25% 24.04.2043 121.4 2.9 A+ / A1 200,000 / 1,000
China Railway Construction Corp Credit Outlook: Stable Analyst: Kevin Liu
fair XS0928126340 / 21383761 USD 3.5% 16.05.2023 105.3 1.4 A- / A3 n/a / n/a 1
attr. XS2014269018 / 48608859 USD 3.97% Perpetual 102.5 3.9 n/a / Baa1 200,000 / 1,000 1
Comment: This is a subordinated perpetual callable in June 2024 at par. The coupon resets at USD 5Y UST plus 524.3ps at the call date if not called. Please also refer to yield-to-call.
China Resources Land Credit Outlook: Stable Analyst: Wendy Luo

fair XS1039273666 / 23792156 USD 6% 27.02.2024 114.0 1.7 BBB+ / Baa1 200,000 / 1,000
fair XS1950118775 / 46575286 USD 3.75% 26.08.2024 107.1 1.8 BBB+ / Baa1 200,000 / 1,000
fair XS1950126109 / 46575288 USD 4.125% 26.02.2029 112.5 2.5 BBB+ / Baa1 200,000 / 1,000
Comment: This is a subordinated perpetual bond callable in Dec 2024 at par. The coupon resets at 5Y UST plus 513.9bps at the call date. Please refer to yield-to-call.
China State Construction International Credit Outlook: Deteriorating Analyst: Kevin Liu
fair XS1721386834 / 39277922 USD 3.375% 29.11.2022 103.6 1.7 n/a / Baa2 200,000 / 1,000 1
exp. XS1721386917 / 39278275 USD 3.875% 29.11.2027 109.4 2.4 n/a / Baa2 200,000 / 1,000 1
Comment: This is a senior perpetual callable in December 2021 at par. The coupon resets at USD 3Y UST plus 836.7 bps at the call date if not called. Please also refer to yield-to-call.


China State Construction International Credit Outlook: Deteriorating Analyst: Kevin Liu
Comment: This is a subordinated perpetual callable in December 2024 at par. The coupon resets at USD 5Y UST plus 541.0bps at the call date if not called. Please also refer to yield-to-call.
CHONGQING NAN AN URBAN (China) Credit Outlook: Stable Analyst: Timothy Tay
fair XS1442177561 / 33290805 USD 3.625% 19.07.2021 101.3 1.9 BBB / n/a 200,000 / 1,000 1
attr. XS1918034692 / 45720613 USD 5.88% 18.06.2022 105.1 2.7 BBB / n/a 200,000 / 1,000 1
fair XS1994697974 / 48228431 USD 4.66% 04.06.2024 104.7 3.3 BBB / n/a 200,000 / 1,000 1
fair XS1442177645 / 33612896 USD 4.5% 17.08.2026 100.9 4.3 BBB / n/a 200,000 / 1,000 1
CITIC LIMITED (Hong Kong) Credit Outlook: Stable Analyst: Kevin Liu
fair XS1431266847 / 32847511 USD 2.8% 14.12.2021 101.7 1.3 BBB+ / A3 200,000 / 1,000
fair XS1570263647 / 35821263 USD 3.125% 28.02.2022 102.3 1.5 BBB+ / A3 200,000 / 1,000
fair XS0533038039 / 11911421 USD 6.9% 16.08.2022 109.7 1.6 n/a / NR /
fair XS0836465608 / 19781693 USD 6.8% 17.01.2023 111.8 1.5 BBB+ / A3 200,000 / 1,000
fair XS1743727056 / 39764323 USD 3.5% 11.07.2023 105.5 1.5 BBB+ / A3 200,000 / 1,000
fair XS2109790183 / 52682323 USD 2.45% 25.02.2025 102.9 1.8 BBB+ / A3 200,000 / 1,000
fair XS1431266920 / 32847512 USD 3.7% 14.06.2026 110.0 1.8 BBB+ / A3 200,000 / 1,000
fair XS1570263563 / 35821265 USD 3.875% 28.02.2027 109.7 2.2 BBB+ / A3 200,000 / 1,000
fair XS1743727130 / 39764325 USD 4% 11.01.2028 110.7 2.4 BBB+ / A3 200,000 / 1,000
fair XS2109790001 / 52682325 USD 2.85% 25.02.2030 103.5 2.4 BBB+ / A3 200,000 / 1,000 1
CK HUTCHISON (Hong Kong) Credit Outlook: Stable Analyst: Kevin Liu

fair USG2176WAA48 / 34132521 USD 1.875% 03.10.2021 101.1 0.8 A / A2 200,000 / 1,000
fair USG4673GAB17 / 14739309 USD 4.625% 13.01.2022 104.6 0.9 A / A2 200,000 / 1,000
fair USG2177UAA72 / 36312373 USD 2.875% 05.04.2022 102.8 1.0 A / A2 200,000 / 1,000
fair USG4690AAB38 / 19976585 USD 3.25% 08.11.2022 104.6 1.0 A / A2 200,000 / 1,000 1
fair USG2178XAB85 / 38477372 USD 2.75% 29.03.2023 104.2 1.0 A / A2 200,000 / 1,000



fair USG2179DAA30 / 47370633 USD 3.25% 11.04.2024 107.0 1.2 A / A2 200,000 / 1,000 1
fair USG46747AB00 / 25932413 USD 3.625% 31.10.2024 109.6 1.2 A / A2 200,000 / 1,000
fair USG2176WAB21 / 34139384 USD 2.75% 03.10.2026 107.2 1.5 A / A2 200,000 / 1,000
fair USG2177UAB55 / 36312357 USD 3.5% 05.04.2027 110.1 1.8 A / A2 200,000 / 1,000
fair USG46715AC56 / 685745 USD 7.5% 01.08.2027 136.1 1.8 A / A2 100,000 / 1,000 1
fair USG2178XAC68 / 38477370 USD 3.25% 29.09.2027 109.2 1.8 A / A2 200,000 / 1,000
fair USG2179DAB13 / 47375677 USD 3.625% 11.04.2029 113.6 1.9 A / A2 200,000 / 1,000 1
fair USG2176DAA66 / 49891945 USD 2.75% 06.09.2029 107.1 1.9 A / A2 200,000 / 1,000 1
fair USG2181LAA10 / 54626260 USD 2.5% 08.05.2030 104.4 2.0 A / A2 200,000 / 1,000 1
fair USG4672CAC94 / 1728589 USD 7.45% 24.11.2033 157.6 2.3 A / A2 100,000 / 1,000
fair USG2176DAB40 / 49883864 USD 3.375% 06.09.2049 109.0 2.9 A / A2 200,000 / 1,000 1
fair USG2181LAB92 / 54626259 USD 3.375% 08.05.2050 109.1 2.9 A / A2 200,000 / 1,000 1
fair USG2176GAA97 / 36741580 USD 4% Perpetual 102.4 3.9 BBB+ / Baa1 200,000 / 1,000 1
Comment: This is a subordinated perpetual bond callable in May 2022 at par. The coupon is resets at 5Y UST plus 207bps at the call date, with a step-up of 25bps in May 2027 and an additional 75bps in May
2042. Please also refer to yield-to-call.
CK INFRASTRUCTURE HOLDINGS (Hong Kong) Credit Outlook: Stable Analyst: Kevin Liu
attr. XS1668531335 / 37973207 USD 4.85% Perpetual 102.7 4.7 BBB+ / n/a 200,000 / 1,000 1
Comment: This is a subordinated perpetual callable in August 2022. The coupon is fixed-for-life with no reset and no step-up.
fair XS1366918305 / 31697645 USD 5.875% Perpetual 101.8 5.8 BBB+ / n/a 200,000 / 1,000 1
Comment: This is a subordinated perpetual callable in March 2021. The coupon is fixed-for-life with no reset and no step-up.
CLP Power Hong Kong Credit Outlook: Stable Analyst: Kevin Liu
fair XS0635017196 / 13323343 USD 4.75% 12.07.2021 102.7 1.2 A+ / A1 200,000 / 1,000
fair XS0846197019 / 19870958 USD 2.875% 26.04.2023 104.1 1.2 A+ / A1 200,000 / 1,000 1
fair XS1226628961 / 28052639 USD 3.125% 06.05.2025 107.6 1.4 A+ / A1 200,000 / 1,000 1
fair XS0848445358 / 19873016 USD 3.375% 26.10.2027 109.9 1.9 A+ / A1 200,000 / 1,000


CLP Power Hong Kong Credit Outlook: Stable Analyst: Kevin Liu
fair XS2193950354 / 55609793 USD 2.125% 30.06.2030 101.4 2.0 A+ / A1 200,000 / 1,000
fair XS2193950271 / 55620235 USD 2.5% 30.06.2035 103.4 2.2 n/a / A1 200,000 / 1,000 1
attr. XS2063459189 / 50778157 USD 3.55% Perpetual 103.2 3.4 A- / A3 200,000 / 1,000 1
Comment: This is a subordinated perpetual bond callable in Nov 2024. In Feb 2025, the coupon resets at UST 5Y plus 204.1bps. Please also refer to yield-to-call.
CNOOC (China) Credit Outlook: Stable Analyst: Timothy Tay

exp. USG23530AA92 / 18488565 USD 3.875% 02.05.2022 104.5 1.0 A+ / A1 200,000 / 1,000 1, 2
exp. US12634MAD20 / 41566428 USD 3.75% 02.05.2023 106.8 1.0 A+ / A1 200,000 / 1,000 1, 2
exp. USQ25738AA54 / 22467230 USD 4.5% 03.10.2023 109.9 1.1 A+ / A1 200,000 / 1,000
fair US12591DAC56 / 24315332 USD 4.25% 30.04.2024 111.1 1.1 A+ / A1 200,000 / 1,000 1, 2
fair US12634MAB63 / 28073112 USD 3.5% 05.05.2025 110.0 1.2 A+ / A1 200,000 / 1,000 1, 2
fair US12634MAE03 / 41566436 USD 4.375% 02.05.2028 117.6 1.9 A+ / A1 200,000 / 1,000 1, 2
fair US12625GAF19 / 50275957 USD 2.875% 30.09.2029 107.2 2.0 A+ / A1 200,000 / 1,000 1, 2
fair USG21886AB53 / 1608330 USD 5.5% 21.05.2033 134.0 2.4 A+ / A1 1,000 / 1,000
fair USG2353WAB75 / 12390128 USD 5.75% 26.01.2041 143.6 2.9 A+ / A1 200,000 / 1,000 1, 2
fair USG23530AB75 / 18488539 USD 5% 02.05.2042 133.0 2.9 A+ / A1 200,000 / 1,000 1, 2
fair US12634GAC78 / 28073110 USD 4.2% 05.05.2045 122.1 2.9 A+ / A1 200,000 / 1,000 1, 2
fair US12625GAG91 / 50278384 USD 3.3% 30.09.2049 107.5 2.9 A+ / A1 200,000 / 1,000 1, 2
COFCO Hong Kong Credit Outlook: Stable Analyst: Timothy Tay

fair XS0991743401 / 22814348 USD 4.625% 12.11.2023 108.9 1.7 A- / A3 200,000 / 1,000 1
Country Garden (China) Credit Outlook: Stable Analyst: Wendy Luo

exp. XS1880450140 / 43806391 USD 7.125% 27.01.2022 104.0 3.9 n/a / n/a 200,000 / 1,000 1, 2
fair XS1940128371 / 46010932 USD 7.125% 25.04.2022 105.0 3.7 n/a / n/a 200,000 / 1,000 1, 2
fair XS1637076164 / 37575514 USD 4.75% 25.07.2022 102.5 3.3 n/a / Baa3 200,000 / 1,000 1, 2
Comment: The bonds are callable anytime after 07/25/2020 at a fixed price of 102.375. This yield is to maturity not first call date.


Country Garden (China) Credit Outlook: Stable Analyst: Wendy Luo

fair XS1751178499 / 39853494 USD 4.75% 17.01.2023 103.0 3.4 n/a / n/a 200,000 / 1,000 1, 2
fair XS1485578535 / 34048099 USD 4.75% 28.09.2023 102.5 3.8 n/a / Baa3 200,000 / 1,000 1, 2
fair XS1880442717 / 43808099 USD 8% 27.01.2024 109.2 4.9 n/a / n/a 200,000 / 1,000 1, 2
fair XS1974522853 / 47191060 USD 6.5% 08.04.2024 108.7 3.8 n/a / n/a 200,000 / 1,000 1, 2
fair XS1750118462 / 39853495 USD 5.125% 17.01.2025 105.7 3.7 n/a / n/a 200,000 / 1,000 1, 2
fair XS2178949561 / 54910730 USD 5.4% 27.05.2025 108.7 3.4 n/a / n/a 200,000 / 1,000 1, 2
fair XS2051371222 / 50017340 USD 6.15% 17.09.2025 111.2 3.6 n/a / n/a 200,000 / 1,000 1, 2
fair XS2210960022 / 56308726 USD 4.2% 06.02.2026 105.3 3.1 n/a / n/a 200,000 / 1,000 1, 2
fair XS1974522937 / 47194804 USD 7.25% 08.04.2026 112.7 4.6 n/a / n/a 200,000 / 1,000 1, 2
attr. XS1512953040 / 34959751 USD 5.625% 15.12.2026 111.7 3.5 n/a / Baa3 200,000 / 1,000 1, 2
Comment: The bonds are puttable on 12/15/2021 at a fixed price of 100.
fair XS2100725949 / 51857410 USD 5.125% 14.01.2027 108.2 3.6 n/a / n/a 200,000 / 1,000 1
fair XS2100726160 / 51856894 USD 5.625% 14.01.2030 110.3 4.3 n/a / n/a 200,000 / 1,000 1, 2
fair XS2210960378 / 56308728 USD 4.8% 06.08.2030 107.1 3.9 n/a / n/a 200,000 / 1,000 1, 2
FAR EAST CONSORTIUM (Hong Kong) Credit Outlook: Stable Analyst: Kevin Liu
fair XS1485805532 / 33811243 USD 3.75% 08.09.2021 99.9 3.8 n/a / n/a 200,000 / 1,000
fair XS1716791923 / 39040690 USD 4.5% 13.05.2023 100.1 4.5 n/a / n/a 200,000 / 1,000
FAR EAST HORIZON (China) Credit Outlook: Stable Analyst: Clarissa Lee
fair XS1841083485 / 42464883 USD 2.234% 03.07.2021 99.8 n/a BBB- / n/a n/a / n/a
attr. XS1781818668 / 40627208 USD 4.375% 27.02.2023 102.8 3.2 BBB- / n/a 200,000 / 1,000
attr. XS2109200050 / 52552286 USD 3.375% 18.02.2025 99.7 3.5 BBB- / n/a 200,000 / 1,000


Comment: This is a senior perpetual callable in Jun 2022 at par and every six months thereafter. The coupon resets at 5Y UST plus 762 bps at the call date and every five years thereafter. Please also refer to yield-to-
call.
FWD LTD (Hong Kong) Credit Outlook: Stable Analyst: Timothy Tay
fair XS1106513762 / 25501692 USD 5% 24.09.2024 107.1 3.1 n/a / Baa3 200,000 / 1,000 1, 2
GENTING OVERSEAS (Isle of Man) Credit Outlook: Stable Analyst: Clarissa Lee
exp. XS1551355149 / 35423230 USD 4.25% 24.01.2027 101.2 4.0 n/a / Baa2 200,000 / 1,000 1, 2
Guangzhou Metro (China) Credit Outlook: Stable Analyst: Kevin Liu

fair XS1916306456 / 45396036 USD 4.3% 18.12.2021 103.5 1.3 n/a / A2 200,000 / 1,000
fair XS2077546419 / 51006620 USD 2.609% 14.11.2024 103.6 1.7 n/a / n/a 200,000 / 1,000 1
fair XS2226669617 / 57109734 USD 1.507% 17.09.2025 99.0 1.7 n/a / n/a 200,000 / 1,000 1
fair XS2226669880 / 57109737 USD 2.31% 17.09.2030 97.9 2.6 n/a / n/a 200,000 / 1,000 1
HAIER GROUP (China) Credit Outlook: Stable Analyst: Kevin Liu

Comment: This is a senior perpetual callable in Oct 2022 at par. The coupon resets at UST 5Y + 692.7bps at the call date.
Henderson Land (Hong Kong) Credit Outlook: Stable Analyst: Kevin Liu
fair XS2178924739 / 54940937 USD 2.375% 27.05.2025 101.2 2.1 n/a / n/a 200,000 / 1,000 1
attr. XS1957446377 / 46609187 USD 3.875% 01.03.2029 106.7 3.0 n/a / n/a 200,000 / 1,000 1
HESTEEL GROUP CO., LTD (China) Credit Outlook: Stable Analyst: Kevin Liu
attr. XS2090752705 / 51547992 USD 3.75% 18.12.2022 102.2 2.7 n/a / n/a 200,000 / 1,000 1
Hong Kong and China Gas Credit Outlook: Deteriorating Analyst: Kevin Liu
fair XS1933097633 / 46259639 USD 4.75% Perpetual 105.2 4.5 BBB+ / A3 200,000 / 1,000 1
Comment: This is a subordinated perpetual callable in Feb 2024 at par. The coupon resets to 5Y UST plus 227.5bps at the call date. Please also refer to yield-to-call.


Hongkong Land (Hong Kong) Credit Outlook: Stable Analyst: Kevin Liu
fair XS0782786171 / 18700582 USD 4.5% 01.06.2022 105.2 1.3 A / A2 200,000 / 1,000 1
fair XS1002158027 / 23319875 USD 4.625% 16.01.2024 109.7 1.5 A / A2 200,000 / 1,000
fair XS0546241075 / 11826526 USD 4.5% 07.10.2025 114.4 1.5 A / A2 100,000 / 1,000 1
fair XS2143035587 / 54912964 USD 2.875% 27.05.2030 106.0 2.2 A / A2 200,000 / 1,000 1
HUAWEI INV & HLDG CO LTD (China) Credit Outlook: Stable Analyst: Kevin Liu
fair XS1567423501 / 35751927 USD 3.25% 21.02.2022 101.2 2.4 n/a / n/a 200,000 / 1,000 1, 2
fair XS1233275194 / 28251004 USD 4.125% 19.05.2025 104.7 3.0 n/a / n/a 200,000 / 1,000 1, 2
fair XS1401816761 / 32440438 USD 4.125% 06.05.2026 104.9 3.2 n/a / n/a 200,000 / 1,000 1, 2
fair XS1567423766 / 35751933 USD 4% 21.02.2027 102.2 3.6 n/a / n/a 200,000 / 1,000 1, 2
Hysan Development Company Limited (Hong Kong) Credit Outlook: Stable Analyst: Kevin Liu
fair XS0871996491 / 20434643 USD 3.5% 16.01.2023 104.3 1.5 NR / A3 200,000 / 1,000
fair XS2178221490 / 55038738 USD 2.875% 02.06.2027 103.3 2.3 n/a / A3 200,000 / 1,000 1, 2
fair XS2044279334 / 49800716 USD 2.82% 04.09.2029 103.0 2.5 n/a / A3 200,000 / 1,000
attr. XS2216209333 / 56654421 USD 4.85% Perpetual 102.6 4.7 n/a / A3 200,000 / 1,000 1
Comment: This is a senior perp callable in Aug 23 at par. The coupon is fixed-for-life with no reset nor step-up.
Comment: This is a subordinated perpetual bond callable in June 2025. The coupon resets at UST 5Y plus 288.7ps at the call date. Please also refer to yield-to-call.
INT CONTAINER TERMINAL (Philippines) Credit Outlook: Stable Analyst: Devinda Paranathanthri
fair XS0875298191 / 20434806 USD 4.625% 16.01.2023 105.0 2.3 n/a / n/a 200,000 / 1,000
fair XS0972298300 / 22358687 USD 5.875% 17.09.2025 111.6 3.3 n/a / n/a n/a / n/a
fair XS2189919637 / 55362439 USD 4.75% 17.06.2030 106.7 3.9 n/a / n/a 200,000 / 1,000 1
Comment: This is a senior perpetual bond callable in May 2021 at 100. The coupon resets at 5Y UST plus 641.6bps at the call date. Please also refer to yield-to-call.


INT CONTAINER TERMINAL (Philippines) Credit Outlook: Stable Analyst: Devinda Paranathanthri
fair XS2202749003 / 55954444 USD 5% Perpetual 100.7 5.0 n/a / n/a 200,000 / 1,000 1
Comment: This is a senior perpetual bond callable in May 2026. The coupon resets at UST 5Y plus 739.6bps at the call date. Please also refer to yield-to-call.
Comment: This is a senior perpetual bond callable in May 2022 at 100. The coupon is fixed for life. Please also refer to yield-to-call.
Comment: This is a senior perpetual bond callable in May 2024 at 100. The coupon resets at 5Y UST plus 593bps at the call date. Please also refer to yield-to-call.
JG SUMMIT (Philippines) Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair XS0876086975 / 20488387 USD 4.375% 23.01.2023 106.1 1.6 n/a / n/a 200,000 / 1,000 1
fair XS2198145422 / 55848137 USD 4.125% 09.07.2030 102.2 3.9 n/a / n/a 200,000 / 1,000 1
Keppel Corp (Singapore) Credit Outlook: Deteriorating Analyst: Devinda Paranathanthri

fair XS2182877865 / 55092719 USD 2.459% 04.06.2025 99.4 2.6 n/a / n/a 200,000 / 1,000
KUNLUN ENERGY (China) Credit Outlook: Stable Analyst: Kevin Liu

fair USG5320CAB49 / 28185146 USD 3.75% 13.05.2025 109.2 1.7 A / A2 200,000 / 1,000 1, 2
LINK REIT (Hong Kong) Credit Outlook: Stable Analyst: Kevin Liu
fair XS1105268228 / 25318955 USD 3.6% 03.09.2024 107.7 1.6 A / A2 200,000 / 1,000 1
fair XS1453462076 / 33315827 USD 2.875% 21.07.2026 107.3 1.5 A / A2 200,000 / 1,000 1
Longfor Properties (China) Credit Outlook: Stable Analyst: Wendy Luo

fair XS1633950453 / 37456147 USD 3.875% 13.07.2022 103.8 1.7 n/a / n/a 200,000 / 1,000 1, 2
fair XS1743535228 / 39820135 USD 3.9% 16.04.2023 105.1 1.8 n/a / Baa2 200,000 / 1,000 1, 2
fair XS1743535491 / 39832511 USD 4.5% 16.01.2028 111.2 2.8 n/a / Baa2 200,000 / 1,000 1, 2


Longfor Properties (China) Credit Outlook: Stable Analyst: Wendy Luo

Nan Fung International Holding (Hong Kong) Credit Outlook: Stable Analyst: Kevin Liu
fair XS0831371264 / 19550006 USD 4.5% 20.09.2022 105.3 1.7 BBB- / Baa3 200,000 / 1,000
fair XS1691798240 / 38447103 USD 3.875% 03.10.2027 103.7 3.3 BBB- / n/a 200,000 / 1,000 1
attr. XS1873136607 / 43487226 USD 5% 05.09.2028 110.4 3.5 BBB- / Baa3 200,000 / 1,000
New World Development (Hong Kong) Credit Outlook: Stable Analyst: Kevin Liu
attr. XS1318014831 / 30536635 USD 4.375% 30.11.2022 104.5 2.2 n/a / n/a 200,000 / 1,000 1
attr. XS2028401086 / 48986561 USD 4.125% 18.07.2029 101.9 3.9 n/a / n/a 200,000 / 1,000 1
Comment: This is a senior perpetual bond callable in Jun 2026 at 100. The coupon resets at 5Y UST plus 788.9bps at the call date. Please also refer to yield-to-call.
Comment: This senior perp is fixed for life with no non-call step-up coupon. Unlimited cumulative coupon deferral option. A CoC step-up coupon of 300 bps and issuer has option to call the bond at par. The perp is
callable from 03/07/2024 onwards at par and every six months thereafter.
Comment: This senior perp is fixed for life with no non-call step-up coupon. Unlimited cumulative coupon deferral option. A CoC step-up coupon of 300 bps and issuer has option to call the bond at par. The perp is
callable from 10/05/2021 onwards at par and every six months thereafter.
NTPC LTD (India) Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair XS0648477593 / 13363394 USD 5.625% 14.07.2021 103.0 1.6 BBB- / n/a 200,000 / 1,000
fair XS0835676353 / 19650367 USD 4.75% 03.10.2022 106.1 1.6 BBB- / n/a 200,000 / 1,000
fair XS1967614469 / 47145296 USD 3.75% 03.04.2024 104.8 2.3 n/a / Baa3 200,000 / 1,000
fair XS1143390679 / 26151381 USD 4.375% 26.11.2024 107.6 2.4 BBB- / n/a 200,000 / 1,000



fair XS1372846003 / 31695467 USD 4.25% 26.02.2026 107.3 2.8 BBB- / n/a 200,000 / 1,000
OIL & NATURAL GAS CORP LTD (India) Credit Outlook: Stable Analyst: Devinda Paranathanthri
fair XS1447581379 / 33361009 USD 2.875% 27.01.2022 101.1 2.0 BBB- / Baa3 200,000 / 1,000 1
attr. XS2087717364 / 51332734 USD 3.375% 05.12.2029 100.1 3.4 BBB- / Baa3 200,000 / 1,000 1
Olam International (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee

fair XS1575977365 / 35927493 USD 4.375% 09.01.2023 102.2 3.4 n/a / n/a 200,000 / 1,000
OVERSEAS CHINESE TOWN (China) Credit Outlook: Stable Analyst: Wendy Luo
Comment: This is a senior perpetual callable in Jul 2023 at par. The coupon resets at 3Y UST plus 831.32bp at the call date. Please refer to yield-to-call.
Comment: This is a senior perpetual callable in Oct 2020 at par. The coupon resets at 3Y UST plus 770.8bp at the call date. Please refer to yield-to-call.
PARKWAY PANTAI (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee

Comment: This is a senior perpetual callable in Jul 2022 at par. The coupon resets at UST 5Y plus 443bps at the call date.
PELABUHAN INDONESIA II Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair USY7133MAC39 / 28028738 USD 4.25% 05.05.2025 110.1 1.9 BBB- / Baa3 200,000 / 1,000
fair USY7133MAB55 / 28028736 USD 5.375% 05.05.2045 117.3 4.2 BBB- / Baa3 200,000 / 1,000
PELABUHAN INDONESIA III PERSERO Credit Outlook: Stable Analyst: Devinda Paranathanthri
fair USY7140DAB65 / 41543131 USD 4.5% 02.05.2023 106.3 2.0 n/a / Baa3 200,000 / 1,000 1


PELABUHAN INDONESIA III PERSERO Credit Outlook: Stable Analyst: Devinda Paranathanthri
fair USY7140DAA82 / 25557738 USD 4.875% 01.10.2024 110.2 2.2 BBB- / Baa3 200,000 / 1,000
Pertamina (Indonesia) Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair USY7138AAA89 / 13050136 USD 5.25% 23.05.2021 103.2 0.1 BBB / Baa2 200,000 / 1,000 1
fair USY7138AAC46 / 18499802 USD 4.875% 03.05.2022 106.1 0.9 BBB / Baa2 200,000 / 1,000
fair USY7138AAE02 / 21412780 USD 4.3% 20.05.2023 107.9 1.2 BBB / Baa2 200,000 / 1,000
fair US69370RAD98 / 49153517 USD 3.65% 30.07.2029 108.8 2.5 n/a / Baa2 200,000 / 1,000
fair US69370RAF47 / 51975509 USD 3.1% 21.01.2030 105.4 2.4 n/a / Baa2 200,000 / 1,000 1
fair US69370RAH03 / 52595575 USD 3.1% 25.08.2030 105.7 2.5 n/a / Baa2 200,000 / 1,000 1
fair USY7138AAB62 / 13080519 USD 6.5% 27.05.2041 132.8 4.1 BBB / Baa2 200,000 / 1,000 1
fair USY7138AAD29 / 18499805 USD 6% 03.05.2042 126.8 4.1 BBB / Baa2 200,000 / 1,000
fair USY7138AAF76 / 21412778 USD 5.625% 20.05.2043 122.0 4.1 BBB / Baa2 200,000 / 1,000
fair US69370RAA59 / 24532550 USD 6.45% 30.05.2044 135.3 4.1 BBB / Baa2 200,000 / 1,000
fair US69370RAC16 / 44600972 USD 6.5% 07.11.2048 137.8 4.2 BBB / Baa2 200,000 / 1,000 1
fair US69370RAE71 / 49153518 USD 4.7% 30.07.2049 112.8 4.0 n/a / Baa2 200,000 / 1,000
fair US69370RAG20 / 51975510 USD 4.175% 21.01.2050 105.7 3.9 n/a / Baa2 200,000 / 1,000 1
fair US69370RAJ68 / 52595603 USD 4.15% 25.02.2060 104.0 4.0 n/a / Baa2 200,000 / 1,000 1
PING AN REAL ESTATE (China) Credit Outlook: Stable Analyst: Wendy Luo
attr. XS2004329244 / 48336772 USD 4% 12.06.2022 101.9 2.8 n/a / n/a 200,000 / 1,000 1
attr. XS2190467667 / 55474811 USD 3.25% 23.06.2025 100.0 3.2 n/a / Baa3 200,000 / 1,000 1
PLN (Indonesia) Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair US71568QAA58 / 14338722 USD 5.5% 22.11.2021 105.4 0.6 BBB / Baa2 200,000 / 1,000
fair US71568QAC15 / 36703125 USD 4.125% 15.05.2027 109.7 2.5 n/a / Baa2 200,000 / 1,000
fair US71568QAE70 / 41844710 USD 5.45% 21.05.2028 118.2 2.8 n/a / Baa2 200,000 / 1,000
fair US71568QAG29 / 44340653 USD 5.375% 25.01.2029 119.0 2.8 BBB / Baa2 200,000 / 1,000



fair US71568QAJ67 / 48977557 USD 3.875% 17.07.2029 108.5 2.8 BBB / Baa2 200,000 / 1,000
fair US71568QAL14 / 50872069 USD 3.375% 05.02.2030 105.1 2.8 BBB / Baa2 20,000 / 1,000
fair US71568QAN79 / 55609792 USD 3% 30.06.2030 102.3 2.7 BBB / Baa2 200,000 / 1,000 1
fair USN54360AD95 / 3219214 USD 7.875% 29.06.2037 146.5 4.0 BBB / Baa2 100,000 / 1,000
fair US71568QAB32 / 19847316 USD 5.25% 24.10.2042 117.9 4.0 BBB / Baa2 n/a / n/a
fair US71568QAD97 / 36720155 USD 5.25% 15.05.2047 118.7 4.1 n/a / Baa2 200,000 / 1,000
fair US71568QAF46 / 41844708 USD 6.15% 21.05.2048 131.0 4.2 n/a / Baa2 200,000 / 1,000
fair US71568QAK31 / 48966640 USD 4.875% 17.07.2049 113.6 4.1 BBB / Baa2 200,000 / 1,000
fair US71568QAM96 / 50872066 USD 4.375% 05.02.2050 108.0 3.9 BBB / Baa2 20,000 / 1,000
fair US71568QAP28 / 55609794 USD 4% 30.06.2050 103.0 3.8 BBB / Baa2 200,000 / 1,000 1
Poly Real Estate (China) Credit Outlook: Stable Analyst: Wendy Luo
POWER CHINA Credit Outlook: Stable Analyst: Kevin Liu

fair XS2008566197 / 48499836 USD 3% 20.06.2022 101.8 1.9 n/a / n/a 200,000 / 1,000 1
Comment: This is a senior perpetual callable in Mar 2023 at par and every six months thereafter. The coupon resets at 5Y UST plus 693.3bps at the call date. Please also refer to yield-to-call.
Comment: his is a senior perpetual callable in Jun 2024 at par and every six months thereafter. The coupon resets at 5Y UST plus 545.1bps at the call date. Please also refer to yield-to-call.
Comment: This is a senior perpetual callable in Jan 2023 at par and every six months thereafter. The coupon resets at 5Y UST plus 691.9 bps at the call date. Please also refer to yield-to-call.
Comment: This is a senior perpetual callable in Oct 2024 at par and every six months thereafter. The coupon resets at 5Y UST plus 494.6 bps at the call date. Please also refer to yield-to-call.


POWER CHINA Credit Outlook: Stable Analyst: Kevin Liu

Comment: This is a senior perpetual bond callable in Sep 2025. The coupon resets at UST 5Y plus 618.9bps at the call date. Please also refer to yield-to-call
Comment: This is a senior perpetual callable in Jun 2022 at par and every six months thereafter. The coupon resets at 5Y UST plus 677.3 bps at the call date. Please also refer to yield-to-call.
PT INDONESIA ASAHAN ALUMINIUM Credit Outlook: Deteriorating Analyst: Devinda Paranathanthri

exp. USY7140WAA63 / 44763605 USD 5.23% 15.11.2021 104.8 0.8 n/a / Baa2 200,000 / 1,000 1
fair USY7140WAB47 / 44764097 USD 5.71% 15.11.2023 111.3 1.9 n/a / Baa2 200,000 / 1,000 1
fair USY7140WAE85 / 54747326 USD 4.75% 15.05.2025 110.1 2.4 n/a / Baa2 200,000 / 1,000 1
fair USY7140WAC20 / 44764993 USD 6.53% 15.11.2028 123.8 3.2 n/a / Baa2 200,000 / 1,000 1
fair USY7140WAF50 / 54747327 USD 5.45% 15.05.2030 117.4 3.3 n/a / Baa2 200,000 / 1,000 1
fair USY7140WAD03 / 44763973 USD 6.757% 15.11.2048 132.3 4.7 n/a / Baa2 200,000 / 1,000 1
fair USY7140WAG34 / 54747325 USD 5.8% 15.05.2050 121.5 4.5 n/a / Baa2 200,000 / 1,000 1
PT PAITON ENERGY (Indonesia) Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair USN57445AA17 / 37808097 USD 4.625% 10.08.2030 105.5 3.7 n/a / Baa3 200,000 / 1,000 1, 2
Comment: Bond will begin to amortize in 2024.
fair USN57445AB99 / 37808096 USD 5.625% 10.08.2037 106.5 4.5 n/a / Baa3 200,000 / 1,000 1, 2
Comment: Bond will begin to amortize in 2032.
PTT Exploration & Production (Thailand) Credit Outlook: Stable Analyst: Devinda Paranathanthri
fair USY7150MAG25 / 55205500 USD 2.587% 10.06.2027 104.0 2.0 n/a / Baa1 200,000 / 1,000 1, 2
fair USY7150MAF42 / 51926869 USD 2.993% 15.01.2030 106.0 2.3 n/a / Baa1 200,000 / 1,000 1, 2
fair USC75088AC53 / 18794182 USD 6.35% 12.06.2042 143.4 3.5 BBB+ / Baa1 200,000 / 1,000 1, 2
fair USY7150MAE76 / 51306167 USD 3.903% 06.12.2059 109.5 3.5 n/a / Baa1 200,000 / 1,000 1


QINGDAO CITY CONSTRUCTION (China) Credit Outlook: Stable Analyst: Timothy Tay
fair XS2068540140 / 50954774 USD 3.9% 11.11.2022 101.7 3.1 n/a / n/a 200,000 / 1,000
fair XS1720885463 / 39303961 USD 4.25% 04.12.2022 102.2 3.2 n/a / n/a 200,000 / 1,000 1
fair XS2053240383 / 50290151 USD 4% 08.10.2024 101.2 3.7 n/a / n/a 200,000 / 1,000
fair XS1189103382 / 27079453 USD 5.95% 12.02.2025 98.8 6.3 NR / n/a 200,000 / 1,000 1
REGAL HOTELS (Hong Kong) Credit Outlook: Deteriorating Analyst: Kevin Liu
fair XS1452546556 / 33296910 USD 3.875% 20.07.2021 98.3 6.2 n/a / n/a 200,000 / 1,000 1
Reliance Industries (India) Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair USY72570AP21 / 56377955 USD 5.4% 14.02.2022 105.5 1.3 BBB+ / Baa2 250,000 / 1,000
fair USY72596BU56 / 26831202 USD 4.125% 28.01.2025 110.6 1.6 BBB+ / Baa2 250,000 / 1,000 1, 2
fair USY72570AN72 / 39257134 USD 3.667% 30.11.2027 110.2 2.1 BBB+ / Baa2 250,000 / 1,000 1, 2
fair USY72570AR86 / 56712463 USD 6.25% 19.10.2040 140.0 3.5 BBB+ / WR 250,000 / 1,000 1, 2
fair USY72570AM99 / 27035519 USD 4.875% 10.02.2045 122.8 3.5 BBB+ / Baa2 250,000 / 1,000 1, 2
S.F. HOLDING (China) Credit Outlook: Stable Analyst: Kevin Liu

fair XS1837976460 / 42886392 USD 4.125% 26.07.2023 107.5 1.4 A- / A3 200,000 / 1,000 1, 2
exp. XS2099049699 / 52601978 USD 2.875% 20.02.2030 105.0 2.3 A- / A3 200,000 / 1,000 1, 2
SANDS CHINA (Macao S.A.R., China) Credit Outlook: Deteriorating Analyst: Devinda Paranathanthri
fair USG7801RAA70 / 43084213 USD 4.6% 08.08.2023 107.7 1.8 BBB- / Baa2 200,000 / 1,000 1, 2
fair US80007RAF29 / 45242062 USD 5.125% 08.08.2025 109.3 3.0 BBB- / Baa2 n/a / n/a 1, 2
fair USG7801RAB53 / 43084232 USD 5.125% 08.08.2025 109.3 3.0 BBB- / Baa2 200,000 / 1,000 1, 2
fair USG7801RAE92 / 55141356 USD 3.8% 08.01.2026 103.7 3.0 BBB- / Baa2 200,000 / 1,000 1, 2
fair USG7801RAC37 / 43084079 USD 5.4% 08.08.2028 111.8 3.7 BBB- / Baa2 200,000 / 1,000 1, 2
fair USG7801RAD10 / 55134802 USD 4.375% 18.06.2030 105.7 3.7 BBB- / Baa2 200,000 / 1,000 1, 2
Shandong Hi-Speed Group (China) Credit Outlook: Stable Analyst: Kevin Liu
attr. XS2181959201 / 55067672 USD 3.8% 01.06.2021 100.8 2.5 n/a / P-3 200,000 / 1,000 1

Shandong Hi-Speed Group (China) Credit Outlook: Stable Analyst: Kevin Liu
fair XS2032636784 / 49206671 USD 3.95% 01.08.2022 101.6 3.0 n/a / Baa2 200,000 / 1,000
attr. XS2032636438 / 49206118 USD 4.3% Perpetual 101.9 4.2 n/a / A3 200,000 / 1,000 1
Comment: This is a senior perpetual bond callable in Aug 2024 and evey six months after at par. The coupon resets at 5Y UST plus 744.5bps at the call date.
Shinhan Financial Group (Korea) Credit Outlook: Stable Analyst: Clarissa Lee
fair US82460Q2A00 / 49242327 USD 3.34% 05.02.2030 104.8 2.8 BBB / Baa1 200,000 / 1,000 1
Comment: This is a subordinated Tier 2 bond callable in Feb 2025 at par. The coupon resets to 5Y UST plus 150bps at the call date. Please also refer to yield-to-call.
Shougang Group (China) Credit Outlook: Stable Analyst: Kevin Liu

fair XS1686463305 / 38458571 USD 3.375% 28.09.2022 103.1 1.8 n/a / n/a 200,000 / 1,000 1
fair XS1992940913 / 48010830 USD 4% 23.05.2024 106.7 2.1 n/a / n/a 200,000 / 1,000 1
Singapore Telecommunications Credit Outlook: Stable Analyst: Clarissa Lee

exp. XS0600103401 / 12616667 USD 4.5% 08.09.2021 n/a n/a A / A1 200,000 / 1,000 1, 2
fair XS1253849357 / 28697835 USD 3.25% 30.06.2025 110.1 1.0 A / A1 200,000 / 1,000 1, 2
fair XS1497633179 / 34106053 USD 2.375% 03.10.2026 107.2 1.1 A / A1 200,000 / 1,000
fair XS1865437930 / 43336378 USD 3.875% 28.08.2028 116.3 1.7 A / A1 200,000 / 1,000 1, 2
fair XS2046591413 / 49648930 USD 2.375% 28.08.2029 105.6 1.7 A / A1 200,000 / 1,000 1, 2
fair XS2185867160 / 55177992 USD 1.875% 10.06.2030 101.6 1.7 A / A1 200,000 / 1,000 1, 2
fair USY79985AD29 / 1329272 USD 7.375% 01.12.2031 152.6 2.1 A / A1 / 1, 2
SINOCHEM HONG KONG (China) Credit Outlook: Stable Analyst: Timothy Tay
exp. XS1619012450 / 36831397 USD 3.124% 24.05.2022 102.4 1.6 A- / n/a 200,000 / 1,000
exp. USG8185TAB55 / 11994140 USD 6.3% 12.11.2040 146.0 3.2 A- / A3 100,000 / 1,000 1, 2
SINO-OCEAN LAND HOLDINGS (China) Credit Outlook: Stable Analyst: Wendy Luo
fair XS1839375539 / 42937608 USD 2.56063% 31.07.2021 100.3 n/a n/a / Baa3 200,000 / 1,000 1
Comment: Floating rate note (FRN). Three-month LIBOR plus 230bps.


fair XS1901718509 / 46144292 USD 5.25% 30.04.2022 103.7 2.8 n/a / Baa3 200,000 / 1,000 1, 2
attr. XS1090864528 / 25019706 USD 6% 30.07.2024 109.6 3.3 NR / Baa3 200,000 / 1,000 1, 2
fair XS1163722587 / 26969744 USD 5.95% 04.02.2027 110.9 4.0 NR / Baa3 200,000 / 1,000 1, 2
fair XS2034822564 / 49252082 USD 4.75% 05.08.2029 101.9 4.5 n/a / Baa3 200,000 / 1,000 1, 2
fair XS2098034452 / 51889762 USD 4.75% 14.01.2030 102.4 4.4 n/a / Baa3 200,000 / 1,000 1
SP POWERASSETS (Singapore) Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair XS0827991505 / 19441038 USD 2.7% 14.09.2022 103.8 0.7 AA / Aa2 200,000 / 1,000
fair XS1323910254 / 30488189 USD 3.25% 24.11.2025 111.3 1.0 AA / Aa2 200,000 / 1,000
fair XS1688416558 / 38397363 USD 3% 26.09.2027 110.4 1.4 AA / Aa2 200,000 / 1,000 1, 2
STATE GRID CORP OF CHINA Credit Outlook: Stable Analyst: Kevin Liu
fair USG8450LAB02 / 32582497 USD 2.125% 18.05.2021 100.9 0.7 A+ / A1 200,000 / 1,000 1, 2
fair USG8450LAG98 / 36578785 USD 2.75% 04.05.2022 102.7 1.0 A+ / A1 200,000 / 1,000 1, 2
fair USG8450LAN40 / 41546328 USD 3.75% 02.05.2023 107.4 0.8 A+ / A1 200,000 / 1,000 1, 2
fair USG8449VAB20 / 21436998 USD 3.125% 22.05.2023 105.6 1.0 A+ / A1 200,000 / 1,000 1, 2
fair USG8449WAC85 / 24346657 USD 4.125% 07.05.2024 110.2 1.2 A+ / A1 200,000 / 1,000 1, 2
fair XS2152902123 / 56332815 USD 1% 05.08.2025 99.1 1.2 A+ / n/a 200,000 / 1,000 1, 2
fair USG8450LAC84 / 32585514 USD 2.875% 18.05.2026 108.8 1.2 A+ / A1 200,000 / 1,000 1, 2
fair USG8450LAJ38 / 36578759 USD 3.5% 04.05.2027 112.3 1.5 A+ / A1 200,000 / 1,000 1, 2
fair USG8450LAP97 / 41545342 USD 4.25% 02.05.2028 117.3 1.8 A+ / A1 200,000 / 1,000 1, 2
fair XS2152902479 / 56332816 USD 1.625% 05.08.2030 97.2 1.9 A+ / n/a 200,000 / 1,000 1, 2
fair USG8449VAC03 / 21436545 USD 4.375% 22.05.2043 127.8 2.7 A+ / A1 200,000 / 1,000 1, 2
fair USG8449WAD68 / 24346659 USD 4.85% 07.05.2044 138.2 2.7 A+ / A1 200,000 / 1,000 1, 2
fair USG8450LAM66 / 36578784 USD 4% 04.05.2047 122.4 2.8 A+ / A1 200,000 / 1,000 1, 2


Sun Hung Kai Properties (Hong Kong) Credit Outlook: Stable Analyst: Kevin Liu
fair XS0744757526 / 14948493 USD 4.5% 14.02.2022 104.5 1.1 A+ / A1 200,000 / 1,000 1
fair XS0873639701 / 20411974 USD 3.625% 16.01.2023 105.1 1.3 A+ / A1 200,000 / 1,000
fair XS1955077596 / 46559194 USD 3.75% 25.02.2029 112.8 2.1 A+ / A1 200,000 / 1,000
fair XS2099130382 / 51982198 USD 2.875% 21.01.2030 105.9 2.2 A+ / A1 200,000 / 1,000
fair XS2130065258 / 54657181 USD 2.75% 13.05.2030 105.3 2.1 A+ / A1 200,000 / 1,000 1
fair XS1617128928 / 36819228 USD 4.45% Perpetual 100.3 4.4 n/a / A1 200,000 / 1,000 1
Comment: This is a fixed-for-life senior perpetual callable in May 2020 at par. Please also refer to yield-to-call.
Swire Pacific (Hong Kong) Credit Outlook: Stable Analyst: Kevin Liu
fair XS0751513572 / 18050785 USD 4.5% 28.02.2022 103.9 1.6 A- / A3 200,000 / 1,000 1
fair XS0979067427 / 22516147 USD 4.5% 09.10.2023 109.3 1.3 A- / A3 200,000 / 1,000
fair XS1639826251 / 37328076 USD 3% 05.07.2024 105.1 1.6 n/a / A3 200,000 / 1,000
fair XS1293482599 / 29707795 USD 3.875% 21.09.2025 109.7 1.8 A- / A3 200,000 / 1,000 1
fair XS2043949200 / 52152356 USD 2.875% 30.01.2030 105.1 2.3 n/a / A3 200,000 / 1,000 1, 2
Swire Properties (Hong Kong) Credit Outlook: Stable Analyst: Kevin Liu
fair XS0794206465 / 18816767 USD 4.375% 18.06.2022 105.0 1.4 NR / A2 200,000 / 1,000
fair XS1341169867 / 31006936 USD 3.625% 13.01.2026 109.4 1.7 NR / A2 200,000 / 1,000
fair XS1743657683 / 39752928 USD 3.5% 10.01.2028 107.7 2.3 n/a / A2 200,000 / 1,000
Wuhan Metro (China) Credit Outlook: Stable Analyst: Kevin Liu

fair XS2052453912 / 50133251 USD 2.96% 24.09.2024 104.0 1.9 n/a / n/a 200,000 / 1,000 1
fair XS1908374322 / 45148096 USD 5.98% Perpetual 104.1 5.7 n/a / A3 200,000 / 1,000 1
Comment: Green bond. This is a senior perpetual callable in Dec 2021 at par. The coupon resets at 3Y UST plus 721.6bps at the call date.


WUXI INVESTMENTS (China) Credit Outlook: Stable Analyst: Timothy Tay

attr. XS1958219922 / 47429325 USD 4.5% 17.04.2022 103.2 2.3 n/a / n/a 200,000 / 1,000 1
YIWU (YSCO) (China) Credit Outlook: Stable Analyst: Timothy Tay

fair XS1831038143 / 48146138 USD 4.5% 30.05.2022 102.6 2.8 n/a / Baa3 200,000 / 1,000 1
attr. XS2211674143 / 56433941 USD 3.15% 11.08.2023 99.9 3.2 n/a / Baa3 200,000 / 1,000 1
fair XS2114327302 / 52551431 USD 4% 18.02.2025 100.5 3.9 n/a / Baa3 200,000 / 1,000 1
YUEXIU PROPERTY (China) Credit Outlook: Stable Analyst: Wendy Luo

fair XS0878083517 / 20488385 USD 4.5% 24.01.2023 105.2 2.1 n/a / Baa3 200,000 / 1,000 1, 2
fair XS1807202350 / 41394045 USD 5.375% 19.10.2023 108.7 2.4 n/a / Baa3 200,000 / 1,000 1, 2
YUEXIU REIT (China) Credit Outlook: Deteriorating Analyst: Wendy Luo

Financials
Agricultural Development Bank of China (ADBC) Credit Outlook: Stable Analyst: Zixuan Liu
fair XS1880465098 / 43816170 USD 0% 27.09.2021 100.0 n/a A+ / n/a 200,000 / 1,000
AXIS Bank (India) Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair XS1410341389 / 32684213 USD 2.875% 01.06.2021 100.6 2.0 BB+ / Baa3 200,000 / 1,000
fair XS1659030305 / 37769728 USD 3% 08.08.2022 101.5 2.2 BB+ / Baa3 200,000 / 1,000 1
Bangkok Bank PCL (Thailand) Credit Outlook: Stable Analyst: Clarissa Lee
exp. USY0606WBU37 / 19607258 USD 3.875% 27.09.2022 105.3 1.2 BBB+ / Baa1 200,000 / 1,000 1, 2
exp. USY06072AC92 / 22457452 USD 5% 03.10.2023 111.1 1.2 BBB+ / Baa1 200,000 / 1,000 1, 2
fair USY0606WBY58 / 43711343 USD 4.05% 19.03.2024 108.4 1.5 BBB+ / Baa1 200,000 / 1,000 1, 2
fair USY0606WBZ24 / 43711633 USD 4.45% 19.09.2028 115.2 2.3 BBB+ / Baa1 200,000 / 1,000 1, 2


Bangkok Bank PCL (Thailand) Credit Outlook: Stable Analyst: Clarissa Lee
fair USY0606WBQ25 / 644294 USD 9.025% 15.03.2029 139.9 3.5 BBB / Baa2 100,000 / 1,000 1
Comment: This is an old style Tier 2 bond.
fair USY0606WCA63 / 50113630 USD 3.733% 25.09.2034 99.5 3.8 n/a / Baa3 200,000 / 1,000 1
Comment: This is a Basel 3 Tier 2 bond callable in Sep 2029 at 100. The coupon resets at 5Y UST plus 190bps at the call date. Please also refer to yield-to-call.
BANK OF CHINA LIMITED Credit Outlook: Stable Analyst: Clarissa Lee

fair XS1830915572 / 42064791 USD 0.978% 07.06.2021 100.1 n/a A / A1 200,000 / 1,000 1
fair XS1437622977 / 33198218 USD 2.25% 12.07.2021 100.9 1.0 n/a / A1 200,000 / 1,000
fair XS2100405013 / 51934039 USD 0.85088% 16.01.2022 99.9 n/a A / A1 200,000 / 1,000 1
fair XS1561673986 / 35671791 USD 3% 14.02.2022 102.7 1.0 A / A1 200,000 / 1,000

fair XS1978205869 / 47429329 USD 0.99288% 17.04.2022 100.1 n/a A / A1 200,000 / 1,000 1
fair XS1599276794 / 36446905 USD 2.875% 20.04.2022 102.7 1.1 n/a / A1 200,000 / 1,000
fair XS1641476657 / 37394455 USD 1.14625% 11.07.2022 100.6 n/a A / A1 200,000 / 1,000
fair XS2057847050 / 50525879 USD 0% 17.10.2022 100.1 n/a A / A1 200,000 / 1,000 1

Comment: Green bond. Floating rate note. SOFR plus 95bps.
fair XS1720540134 / 39199289 USD 1.13613% 22.11.2022 100.4 n/a A / A1 200,000 / 1,000
Comment: Green bond. Floating rate note. 3M Libor plus 88bps.
fair XS1785829687 / 40729154 USD 1.098% 08.03.2023 100.3 n/a A / A1 200,000 / 1,000



fair XS1832452103 / 42071888 USD 1.078% 07.06.2023 100.3 n/a A / A1 200,000 / 1,000 1
Comment: Green bond. Floating rate note. 3M Libor plus 83bps.
fair XS2190999917 / 55566944 USD 0.9725% 24.06.2023 100.0 n/a A / A1 200,000 / 1,000 1
fair XS2231589784 / 57161182 USD 0.95% 21.09.2023 101.5 0.4 A / A1 200,000 / 1,000 1
fair XS1979516306 / 47429323 USD 3.125% 17.04.2024 105.9 1.4 A / A1 200,000 / 1,000
fair US06120TAA60 / 26020765 USD 5% 13.11.2024 111.6 2.0 BBB+ / Baa2 200,000 / 1,000 1
fair XS2100404800 / 51945987 USD 2.375% 16.01.2025 104.3 1.3 A / A1 200,000 / 1,000 1
fair XS2190999834 / 55562994 USD 1.25% 24.06.2025 99.2 1.4 A / A1 200,000 / 1,000 1
fair XS1252209249 / 28727839 USD 3.875% 30.06.2025 111.5 1.3 n/a / A1 200,000 / 1,000
fair XS1599276109 / 36446912 USD 3.5% 20.04.2027 109.9 1.9 n/a / A1 200,000 / 1,000 1
fair XS1785829760 / 40727560 USD 4% 08.03.2028 114.1 2.0 A / A1 200,000 / 1,000
fair XS1979516488 / 47429321 USD 3.625% 17.04.2029 112.2 2.1 A / A1 200,000 / 1,000
Bank of Communications LTD (China) Credit Outlook: Stable Analyst: Clarissa Lee
fair XS1818652452 / 41767530 USD 1.03013% 17.05.2021 100.2 n/a n/a / A2 200,000 / 1,000
fair XS1961939797 / 46937824 USD 1.00738% 21.03.2022 100.1 n/a n/a / A2 200,000 / 1,000 1
fair XS1612095387 / 36703066 USD 1.16013% 15.05.2022 100.2 n/a A- / A2 200,000 / 1,000
fair XS1717086307 / 39350976 USD 1.15125% 04.12.2022 100.5 n/a A- / n/a 200,000 / 1,000


fair XS2099675964 / 52070149 USD 0.83775% 22.01.2023 99.5 n/a A- / n/a 200,000 / 1,000
fair XS0890073991 / 20819915 USD 3.75% 06.03.2023 106.0 1.2 A- / A2 200,000 / 1,000
fair XS1818652619 / 41769737 USD 1.13013% 17.05.2023 100.3 n/a n/a / A2 200,000 / 1,000
fair XS2201821183 / 56072103 USD 1.07175% 20.07.2023 100.0 n/a A- / A2 200,000 / 1,000 1
Comment: Floating rate note (FRN): 3m Libor+80bps.
fair XS2227193054 / 56992390 USD 1.0495% 10.09.2023 100.8 n/a n/a / A2 200,000 / 1,000 1
fair XS2201821340 / 56071024 USD 1.17175% 20.07.2025 100.3 n/a A- / A2 200,000 / 1,000
Comment: Floating rate note (FRN): 3m Libor+90bps.
fair XS2227193211 / 56983127 USD 1.2% 10.09.2025 98.6 1.5 n/a / A2 200,000 / 1,000 1
Bank of East Asia (Hong Kong) Credit Outlook: Deteriorating Analyst: Clarissa Lee
fair XS1508842256 / 34453368 USD 4% 03.11.2026 101.4 3.8 BBB- / Baa3u 200,000 / 1,000 1
Comment: This is a Basel 3 Tier 2 bond callable in Nov 2021 at 100. The coupon resets at 5Y UST plus 270bps at the call date. Please also refer to yield-to-call.
exp. XS2168040744 / 54947660 USD 4% 29.05.2030 103.5 3.6 BBB- / Baa3 250,000 / 1,000 1
Comment: This is a Basel 3 Tier 2 bond callable in May 2025 at 100. The coupon resets at 5Y UST plus 375bps at the call date. Please also refer to yield-to-call.
CCB LIFE INSURANCE (China) Credit Outlook: Stable Analyst: Clarissa Lee
fair XS1599173470 / 36464209 USD 4.5% 21.04.2077 100.2 4.5 BBB / Baa3 200,000 / 1,000 1
Comment: This is a subordinated callable in Apr 2022 at par and every six months thereafter. The coupon resets at UST 5Y plus 268 bps at the call date and every 5 years thereafter. Please also refer to yield-to-call.
CHINA CONSTRUCTION BANK Credit Outlook: Stable Analyst: Clarissa Lee

fair XS1832936055 / 42083313 USD 0.978% 08.06.2021 100.1 n/a n/a / A1 200,000 / 1,000
fair XS1506604088 / 34305756 USD 2.25% 20.10.2021 101.3 0.9 A / A1 200,000 / 1,000



fair XS1629363109 / 37054144 USD 2.75% 13.06.2022 102.9 1.0 A / A1 200,000 / 1,000
fair XS2066780466 / 50630714 USD 0.91775% 22.10.2022 99.8 n/a n/a / A1 200,000 / 1,000
Comment: Green floating rate note. 3M Libor plus 66bps.
fair XS1727497049 / 39359012 USD 3% 04.12.2022 104.2 1.0 n/a / A1 200,000 / 1,000
fair XS1832939406 / 42083314 USD 1.078% 08.06.2023 100.2 n/a n/a / A1 200,000 / 1,000
fair XS2208843503 / 56308730 USD 1% 04.08.2023 99.9 1.0 n/a / A1 200,000 / 1,000
fair XS2208844493 / 56308732 USD 1.25% 04.08.2025 99.7 1.3 n/a / A1 200,000 / 1,000
fair XS1936784161 / 46582114 USD 4.25% 27.02.2029 106.9 3.3 BBB+ / n/a 200,000 / 1,000 1, 2
Comment: This is a Basel 3 Tier 2 bond callable in Feb 2024 at 100. The coupon resets at 5Y UST plus 188bps at the call date. Please also refer to yield-to-call.
fair XS2140531950 / 55522625 USD 2.45% 24.06.2030 101.1 2.3 BBB+ / n/a 200,000 / 1,000 1
Comment: This is a subordinated Basel 3 Tier 2 bond callable in 2025 with a coupon reset of UST 5Y + 215bps.
China Development Bank Credit Outlook: Stable Analyst: Timothy Tay

exp. XS1422299518 / 32715617 USD 2.125% 01.06.2021 100.8 0.8 A+ / A1 200,000 / 1,000 1
fair XS1459118342 / 50746137 USD 1.1445% 27.07.2021 100.4 n/a n/a / NR n/a / n/a 1
fair XS1481039417 / 50763554 USD 1.1% 25.08.2021 100.4 n/a n/a / n/a 200,000 / 1 1
fair XS1917947373 / 45242302 USD 0.87913% 12.12.2021 100.2 n/a n/a / A1 200,000 / 1,000
fair XS1553211134 / 35423215 USD 2.625% 24.01.2022 102.4 0.8 A+ / A1 200,000 / 1,000



fair XS1573944870 / 35904948 USD 0.948% 06.03.2022 100.3 n/a A+ / A1 n/a / n/a 1
fair XS1711039591 / 39115451 USD 2.75% 16.11.2022 104.1 0.8 n/a / A1 200,000 / 1,000 1
fair XS1917947530 / 45545861 USD 0.97913% 12.12.2023 100.3 n/a n/a / A1 200,000 / 1,000
fair XS2017328753 / 48736045 USD 0.865% 25.06.2024 100.3 n/a n/a / n/a 200,000 / 1,000 n/a
fair XS1422334448 / 32721762 USD 3% 01.06.2026 109.9 1.2 A+ / A1 200,000 / 1,000 1

fair XS1553212025 / 35424396 USD 3.375% 24.01.2027 110.7 1.6 A+ / A1 200,000 / 1,000 1
fair XS1553212371 / 35428421 USD 4% 24.01.2037 118.3 2.6 A+ / A1 200,000 / 1,000 1
CHINA JIANYIN INVESTMENT Credit Outlook: Stable Analyst: Clarissa Lee

fair XS1713594494 / 39222423 USD 3% 24.11.2022 103.7 1.2 A / A2 200,000 / 1,000 1
fair XS2116900031 / 56712325 USD 1.5% 27.08.2025 100.1 1.5 n/a / A2 200,000 / 1,000 1
fair XS1713594577 / 39223585 USD 3.5% 24.11.2027 109.7 2.0 A / A2 200,000 / 1,000 1
fair XS2116905691 / 56712328 USD 2.125% 27.08.2030 98.4 2.3 n/a / A2 200,000 / 1,000 1
CHINA REINSURANCE GROUP Credit Outlook: Stable Analyst: Clarissa Lee

fair XS1572895198 / 35945431 USD 3.375% 09.03.2022 101.9 2.0 n/a / n/a 200,000 / 1,000 1
CHINA TAIPING (Hong Kong) Credit Outlook: Stable Analyst: Clarissa Lee
exp. XS0856597314 / 20045384 USD 4.125% 21.11.2022 105.9 1.3 BBB+ / n/a 200,000 / 1,000 1, 2
CHINA VANKE Credit Outlook: Stable Analyst: Wendy Luo

fair XS1498385464 / 34090945 USD 2.95% 14.10.2021 101.5 1.4 BBB / Baa2 n/a / n/a
fair XS1805368682 / 41368255 USD 4.15% 18.04.2023 106.4 1.6 BBB / Baa2 200,000 / 1,000



fair XS1823770828 / 41886962 USD 1.8% 25.05.2023 99.8 n/a BBB / Baa2 200,000 / 1,000
Comment: This is a floating rate note which resets quarterly at 3M Libor + 155bps.
CHONG HING BANK (Hong Kong) Credit Outlook: Stable Analyst: Clarissa Lee
attr. XS1649885974 / 37561508 USD 3.876% 26.07.2027 100.1 3.9 n/a / n/a n/a / n/a 1
Comment: This is a subordinated Tier 2 bond callable in July 2022. The coupon resets at 5Y UST + 203bps at the call date.
CIMB Bank BHD (Malaysia) Credit Outlook: Stable Analyst: Clarissa Lee
exp. XS1578089234 / 36014335 USD 3.263% 15.03.2022 103.9 0.5 n/a / A3 200,000 / 1,000
fair XS2059652979 / 50465520 USD 1.0095% 09.10.2024 99.6 n/a n/a / A3 200,000 / 1,000
Comment: This is a floating rate note which resets at 3M Libor + 78bps every quarter
CITIC Bank International (Hong Kong) Credit Outlook: Stable Analyst: Clarissa Lee
fair XS1897158892 / 46565193 USD 4.625% 28.02.2029 105.5 3.9 n/a / Baa3 250,000 / 1,000 1
Comment: This is a Basel 3 Tier 2 bond callable in Feb 2024 at 100. The coupon resets at 5Y UST plus 225bps at the call date. Please also refer to yield-to-call..
CMB WING LUNG BANK (Hong Kong) Credit Outlook: Stable Analyst: Clarissa Lee
fair XS1716657876 / 39202047 USD 3.75% 22.11.2027 102.4 3.4 n/a / Baa2 200,000 / 1,000 1
Comment: It is a subordinated tier-2 bond callable in November 2022. The coupon resets at 5Y UST plus 175bps on the call date.


DAH SING BANK (Hong Kong) Credit Outlook: Deteriorating Analyst: Clarissa Lee
fair XS1515027412 / 34756844 USD 4.25% 30.11.2026 102.3 3.8 n/a / Baa1 200,000 / 1,000 1
Comment: This is a Basel 3 Tier 2 bond callable in Nov 2021 at 100. The coupon resets at 5Y UST plus 255bps at the call date. Please also refer to yield-to-call.
exp. XS1883996149 / 45812886 USD 5% 15.01.2029 106.6 4.1 n/a / Baa1 250,000 / 1,000 1, 2
Comment: This is a Basel 3 Tier 2 bond callable in Jan 2024 at 100. The coupon resets at 5Y UST plus 255bps at the call date. Please also refer to yield-to-call.
DBS Bank (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee

fair US24023LAE65 / 47401371 USD 2.85% 16.04.2022 103.4 0.6 n/a / Aa2 200,000 / 1,000 1
fair US24023NAA00 / 42107696 USD 4.52% 11.12.2028 109.2 3.2 n/a / A2 200,000 / 1,000 1
Comment: This is a Basel 3 Tier 2 bond callable in Dec 2023 at 100. The coupon resets at USD 5Y swap plus 159bps at the call date.
Export-Import Bank of India Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair XS0872917660 / 20412400 USD 4% 14.01.2023 105.7 1.4 BBB- / Baa3 200,000 / 1,000
fair XS1960399530 / 46776901 USD 3.875% 12.03.2024 106.0 2.0 n/a / Baa3 200,000 / 1,000 1
fair US30216KAA07 / 33460688 USD 3.375% 05.08.2026 106.4 2.2 BBB- / Baa3 200,000 / 1,000
fair US30216KAC62 / 40123868 USD 3.875% 01.02.2028 106.5 2.9 n/a / Baa3 200,000 / 1,000
fair US30216KAE29 / 51833453 USD 3.25% 15.01.2030 102.8 2.9 BBB- / Baa3 200,000 / 1,000 1
Export-Import Bank of Korea (KEXIM) Credit Outlook: Stable Analyst: Devinda Paranathanthri
fair US302154BX61 / 30319284 USD 2.5% 10.05.2021 101.1 0.5 AA / Aa2 200,000 / 1,000
fair US302154CT41 / 41957620 USD 0.821% 01.06.2021 100.3 n/a AA / Aa2 200,000 / 1,000
Comment: Floating rate note (FRN). Three-month LIBOR plus 57.5bps.
fair US302154BA68 / 13831122 USD 4.375% 15.09.2021 103.6 0.5 AA / Aa2 200,000 / 1,000
fair US302154CF47 / 34298380 USD 1.875% 21.10.2021 101.5 0.4 AA / Aa2 200,000 / 1,000
fair US302154CV96 / 44967668 USD 3.5% 27.11.2021 103.3 0.5 AA / Aa2 200,000 / 1,000 1


fair US302154CL15 / 35445566 USD 1.1195% 25.01.2022 101.0 n/a AA / Aa2 200,000 / 1,000
fair US302154CK32 / 35445567 USD 2.75% 25.01.2022 102.9 0.5 AA / Aa2 200,000 / 1,000
fair US302154BC25 / 14678370 USD 5% 11.04.2022 106.5 0.6 AA / Aa2 200,000 / 1,000
fair US302154CQ02 / 38858154 USD 3% 01.11.2022 105.2 0.5 AA / Aa2 200,000 / 1,000
fair US302154CN70 / 38858141 USD 1.176% 01.11.2022 101.2 n/a AA / Aa2 200,000 / 1,000
fair XS1790099862 / 40857000 USD 0.96538% 22.03.2023 100.8 n/a n/a / Aa2 200,000 / 1,000
Comment: Floating rate note. 3M Libor plus 74bps. Green bond
fair XS2158820394 / 54357160 USD 1.4445% 27.04.2023 102.6 n/a AA / Aa2 200,000 / 1,000
Comment: Floating rate note (FRN). 3mL plus 120bps.
fair US302154CU14 / 41957670 USD 1.021% 01.06.2023 101.0 n/a AA / Aa2 200,000 / 1,000
fair US302154CW79 / 45014867 USD 3.625% 27.11.2023 109.3 0.6 AA / Aa2 200,000 / 1,000 1
fair US302154BK41 / 23298922 USD 4% 14.01.2024 110.2 0.8 AA / Aa2 200,000 / 1,000
fair US302154BT59 / 26683699 USD 2.875% 21.01.2025 108.7 0.8 AA / Aa2 200,000 / 1,000
fair US302154DB24 / 52491762 USD 1.875% 12.02.2025 104.8 0.8 AA / Aa2 200,000 / 1,000 1
fair US302154DC07 / 57169858 USD 0.75% 21.09.2025 99.7 0.8 AA / Aa2 200,000 / 1,000 1
fair US302154BY45 / 30319283 USD 3.25% 10.11.2025 112.0 0.8 AA / Aa2 200,000 / 1,000
fair US302154CC16 / 32647530 USD 2.625% 26.05.2026 109.3 0.9 AA / Aa2 200,000 / 1,000
fair US302154BN89 / 25125704 USD 3.25% 12.08.2026 113.0 1.0 AA / Aa2 200,000 / 1,000
fair US302154CG20 / 34298385 USD 2.375% 21.04.2027 106.7 1.3 AA / Aa2 200,000 / 1,000
fair US302154DD89 / 57169606 USD 1.25% 21.09.2030 98.8 1.4 AA / Aa2 200,000 / 1,000 1


Haitong Int. Sec. Group LTD (Hong Kong) Credit Outlook: Stable Analyst: Timothy Tay
attr. XS2191821391 / 55556576 USD 2.125% 02.07.2023 100.7 1.9 BBB / Baa2 200,000 / 1,000 1
HUARONG FINANCE CO LTD (China) Credit Outlook: Stable Analyst: Clarissa Lee
fair XS1422785375 / 32729099 USD 3.25% 03.06.2021 100.9 1.8 BBB+ / n/a 200,000 / 1,000 1
fair XS1515239942 / 34675696 USD 3.625% 22.11.2021 102.2 1.6 BBB+ / n/a 200,000 / 1,000
fair XS1596794971 / 36501784 USD 3.75% 27.04.2022 103.2 1.7 n/a / Baa1 200,000 / 1,000 1
fair XS2001732010 / 48170618 USD 3.375% 29.05.2022 102.2 2.0 n/a / Baa1 200,000 / 1,000
fair XS2122990570 / 52699354 USD 2.5% 24.02.2023 100.8 2.2 n/a / Baa1 200,000 / 1,000 1
Comment: Floating rate note (FRN). 3m Libor plus 112.5bps.
fair XS2235973786 / 57361223 USD 2.125% 30.09.2023 99.7 2.2 n/a / Baa1 200,000 / 1,000 1
fair XS2001732101 / 48129839 USD 3.75% 29.05.2024 104.8 2.4 n/a / Baa1 200,000 / 1,000
fair XS2076078513 / 51020453 USD 3.25% 13.11.2024 103.2 2.4 n/a / Baa1 200,000 / 1,000
Comment: Floating rate note (FRN). 3m Libor plus 125bps.
fair XS1317967492 / 30442647 USD 5% 19.11.2025 111.1 2.7 BBB+ / Baa1 200,000 / 1,000 1
fair XS1422790615 / 32729100 USD 4.625% 03.06.2026 109.8 2.7 BBB+ / n/a 200,000 / 1,000 1
fair XS1515240015 / 34673930 USD 4.875% 22.11.2026 111.6 2.8 BBB+ / n/a 200,000 / 1,000 1


fair XS1596795358 / 36501786 USD 4.75% 27.04.2027 110.2 3.0 n/a / Baa1 200,000 / 1,000 1
fair XS1711550373 / 38956610 USD 4.25% 07.11.2027 108.2 3.0 n/a / Baa1 200,000 / 1,000 1
fair XS2001732283 / 48155763 USD 4.5% 29.05.2029 109.5 3.2 n/a / Baa1 200,000 / 1,000 1
fair XS2076078786 / 51020896 USD 3.875% 13.11.2029 104.7 3.3 n/a / Baa1 200,000 / 1,000
fair XS2122990810 / 52699355 USD 3.375% 24.02.2030 101.2 3.2 n/a / Baa1 200,000 / 1,000 1
fair XS2235973869 / 57361791 USD 3.625% 30.09.2030 103.1 3.3 n/a / Baa1 200,000 / 1,000 1
fair XS1603397487 / 36502184 USD 5.5% 27.04.2047 118.4 4.3 n/a / Baa1 200,000 / 1,000 1
fair XS1711992716 / 38956612 USD 4.95% 07.11.2047 109.8 4.3 n/a / Baa1 200,000 / 1,000 1
Comment: This is a senior perpetual callable in Jan 2022. There is a 500bps step-up if not called. Please also refer to yield-to-call.
Comment: This is a senior perpetual callable in Sep 2021 with 500 bps coupon step-up if not called. Please also refer to yield-to-call.
Comment: This is a subordinated perpetual callable in Sep 2025 at par. The coupon resets at 5Y UST plus 697.9bps at the call date. Please refer to yield-to-call.
attr. XS1711550456 / 38956614 USD 4% Perpetual 101.8 3.9 n/a / Baa1 200,000 / 1,000 1
Comment: This is a senior perpetual bond callable in Nov 2022 and evey six months after at par. The coupon resets at 5Y UST plus 698.3bps at the call date.
ICBC FIN. LEASING CO. LTD (China) Credit Outlook: Stable Analyst: Timothy Tay
fair XS1810003332 / 41747384 USD 1.23013% 15.05.2021 99.9 n/a A / A2 200,000 / 1,000 1
exp. USY3R559AK81 / 32598786 USD 2.75% 19.05.2021 100.9 1.3 A / NR 200,000 / 1,000
fair USY3R559AN21 / 34106701 USD 2.5% 29.09.2021 101.4 1.1 n/a / A2 200,000 / 1,000 1
fair XS1958533470 / 46667206 USD 3.65% 05.03.2022 103.3 1.3 A / A2 200,000 / 1,000
fair XS1590508153 / 36293634 USD 3.375% 05.04.2022 102.9 1.4 n/a / A2 200,000 / 1,000


ICBC FIN. LEASING CO. LTD (China) Credit Outlook: Stable Analyst: Timothy Tay
fair XS1810003928 / 41738219 USD 1.38013% 15.05.2023 99.4 n/a A / A2 200,000 / 1,000
fair XS1958533553 / 46668283 USD 3.75% 05.03.2024 106.8 1.7 A / A2 200,000 / 1,000
fair XS2057900552 / 51125262 USD 1.303% 20.11.2024 98.3 n/a A / A2 200,000 / 1,000
fair XS2218691256 / 56657067 USD 1.75% 25.08.2025 100.2 1.7 A / A2 200,000 / 1,000 1
fair USY3R559AL64 / 32598787 USD 3.625% 19.05.2026 109.2 1.9 A / NR 200,000 / 1,000
fair XS1716970261 / 39098483 USD 3.625% 15.11.2027 108.9 2.3 n/a / A2 200,000 / 1,000
ICICI Bank (India) Credit Outlook: Stable Analyst: Devinda Paranathanthri

exp. US45112FAJ57 / 31934662 USD 4% 18.03.2026 106.1 2.8 BBB- / Baa3 200,000 / 1,000
exp. US45112FAM86 / 39498950 USD 3.8% 14.12.2027 104.8 3.1 BBB- / Baa3 200,000 / 1,000
INDONESIA EXIMBANK Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair XS1589748356 / 36312198 USD 3.875% 06.04.2024 107.3 1.7 n/a / Baa2 200,000 / 1,000
Industr & Commercial Bank of China Ltd Credit Outlook: Stable Analyst: Clarissa Lee
fair XS1822794555 / 41823238 USD 0.99688% 21.05.2021 100.1 n/a A / n/a 200,000 / 1,000
exp. US45580KAF57 / 32683721 USD 2.635% 26.05.2021 101.0 1.0 A / A1 250,000 / 1,000 1, 2
exp. XS1432570700 / 32859194 USD 2.5% 16.06.2021 101.0 1.0 n/a / A1 200,000 / 1,000
fair US45580KAG31 / 34326924 USD 2.452% 20.10.2021 102.0 0.5 A / A1 250,000 / 1,000 1, 2
fair XS1897342041 / 44346080 USD 0.9945% 25.10.2021 100.1 n/a n/a / A1 200,000 / 1,000 1
fair XS0702140756 / 14453035 USD 4.875% 07.12.2021 104.4 1.0 A / A1 200,000 / 1,000 1
fair XS1566970874 / 35738295 USD 2.875% 21.02.2022 102.6 1.0 n/a / A1 200,000 / 1,000


fair XS1566971252 / 35738298 USD 1.21188% 21.02.2022 100.5 n/a n/a / A1 200,000 / 1,000
fair XS1602480177 / 36496586 USD 1.2135% 24.04.2022 100.4 n/a A / NR 200,000 / 1,000
fair XS1982691070 / 47510164 USD 0.9645% 25.04.2022 100.0 n/a A / A1 200,000 / 1,000
Comment: This is a floating rate note which resets quarterly at 3M Libor + 72bps.
fair XS1617154254 / 36814977 USD 1.12613% 23.05.2022 100.3 n/a n/a / A1 200,000 / 1,000
fair XS1935187705 / 48314213 USD 0.97025% 11.06.2022 100.0 n/a A / A1 200,000 / 1,000
Comment: Floating rate note. 3M Libor plus 72bps,
fair XS1635993097 / 37224298 USD 1.10325% 27.06.2022 100.2 n/a n/a / A1 200,000 / 1,000
fair XS2052134652 / 49985669 USD 2.25% 16.09.2022 102.4 1.0 n/a / A1 200,000 / 1,000 1
fair XS2052134223 / 49988103 USD 0.90725% 16.09.2022 100.0 n/a n/a / A1 200,000 / 1,000 1
Comment: Green bond. Floating rate note (FRN). Three month LIBOR plus 67bps.
fair XS1691909177 / 38514244 USD 2.875% 12.10.2022 103.6 1.1 n/a / A1 200,000 / 1,000
fair XS2066372777 / 50532184 USD 0.93288% 17.10.2022 99.9 n/a A / n/a 200,000 / 1,000
fair US45580KAJ79 / 38973832 USD 2.957% 08.11.2022 103.9 1.0 A / A1 250,000 / 1,000 1, 2
fair XS1787370235 / 40671514 USD 1.098% 05.03.2023 100.4 n/a n/a / A1 200,000 / 1,000


fair XS1830985278 / 42140621 USD 1.07913% 14.06.2023 100.1 n/a n/a / A1 200,000 / 1,000 1
Comment: A floating rate green note. 3M Libor plus 83bps.
fair XS2201843740 / 56065200 USD 1% 20.07.2023 99.7 1.1 n/a / A1 200,000 / 1,000 1
fair XS2225790588 / 56930680 USD 1% 09.09.2023 99.6 1.1 n/a / A1 200,000 / 1,000 1
fair XS1897342124 / 44346116 USD 1.0945% 25.10.2023 100.3 n/a n/a / A1 200,000 / 1,000
fair XS1982691153 / 47521087 USD 1.0745% 25.04.2024 100.1 n/a A / A1 200,000 / 1,000
Comment: This Is a floating rate green note which resets quarterly at 3M Libor + 83bps.
fair XS1935188422 / 48316313 USD 1.08025% 11.06.2024 100.1 n/a A / A1 200,000 / 1,000
fair XS2052134496 / 50048574 USD 1.01725% 16.09.2024 99.9 n/a n/a / A1 200,000 / 1,000
Comment: Green bond. Floating rate note (FRN). Three month LIBOR plus 78bps.
fair XS2066376760 / 50532491 USD 1.04288% 17.10.2024 99.8 n/a A / n/a 200,000 / 1,000 1
fair XS2201858938 / 56070761 USD 1.2% 20.07.2025 99.1 1.4 n/a / A1 200,000 / 1,000 1
fair XS2225790315 / 56930678 USD 1.2% 09.09.2025 99.0 1.4 n/a / A1 200,000 / 1,000 1
fair USY39656AC06 / 29726408 USD 4.875% 21.09.2025 113.2 2.0 BBB+ / Baa2 200,000 / 1,000 1
fair US45580KAK43 / 38973835 USD 3.538% 08.11.2027 112.3 1.7 A / A1 250,000 / 1,000 1, 2
Industrial Bank of Korea Credit Outlook: Stable Analyst: Timothy Tay

fair US45604HAE71 / 42968368 USD 0.851% 02.08.2021 100.2 n/a n/a / Aa2 200,000 / 1,000
fair US45604HAG20 / 50637032 USD 0.7055% 23.10.2022 100.2 n/a n/a / Aa2 200,000 / 1,000


Industrial Bank of Korea Credit Outlook: Stable Analyst: Timothy Tay

fair US45604HAF47 / 50637030 USD 2.125% 23.10.2024 105.3 0.8 n/a / Aa2 200,000 / 1,000
KEB Hana Bank (Korea) Credit Outlook: Stable Analyst: Clarissa Lee
fair USY46006AB17 / 34283103 USD 2.125% 18.10.2021 101.5 0.6 A+ / A1 200,000 / 1,000
fair USY46006AC99 / 46124255 USD 3.375% 30.01.2022 103.5 0.7 A+ / A1 200,000 / 1,000 1
fair XS1678969798 / 38178855 USD 1.12413% 14.09.2022 100.6 n/a A+ / n/a 200,000 / 1,000
fair USY4S96CSP92 / 50247820 USD 0.934% 02.10.2022 100.2 n/a A+ / A1 200,000 / 1,000 1
Comment: This is a floating rate note which resets at 3M Libor + 70bps every quarter
fair XS1857641333 / 42941680 USD 1.0445% 26.07.2023 100.5 n/a A+ / NR 200,000 / 1,000
exp. XS0985189678 / 22649839 USD 4.625% 24.10.2023 110.2 1.2 A / Baa1 200,000 / 1,000 1
Comment: This is an old style Tier 2 bond.
fair XS2007215606 / 48228435 USD 0.99913% 13.06.2024 100.0 n/a A+ / NR 200,000 / 1,000 1
fair US40963MAH51 / 25569298 USD 4.375% 30.09.2024 110.7 1.6 BBB+ / Baa2 200,000 / 1,000 1
Kookmin Bank (Korea) Credit Outlook: Stable Analyst: Timothy Tay

fair US50050HAM88 / 54410167 USD 1.75% 04.05.2025 103.2 1.0 A+ / Aa3 200,000 / 1,000 1
Korea Development Bank Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair US50065TAC71 / 14298145 USD 4.625% 16.11.2021 104.6 0.4 AA / Aa2 200,000 / 1,000
fair US500630CP14 / 35834244 USD 2.625% 27.02.2022 103.0 0.4 AA / Aa2 200,000 / 1,000 1



fair US500630CN65 / 35834307 USD 0.956% 27.02.2022 100.7 n/a AA / Aa2 200,000 / 1,000 1
fair US500630CV81 / 46454304 USD 3% 19.03.2022 103.5 0.6 AA / Aa2 200,000 / 1,000 1
fair US500630CQ96 / 37328075 USD 0.9585% 06.07.2022 100.9 n/a AA / Aa2 200,000 / 1,000
Comment: Floating rate note. 3M Libor plus 72.5bps. Green bond
fair US500630BX56 / 19440974 USD 3% 14.09.2022 104.8 0.5 AA / Aa2 200,000 / 1,000
fair US500630CX48 / 50245200 USD 0.70013% 01.10.2022 100.8 n/a AA / Aa2 200,000 / 1,000 1
Comment: This is a floating rate note which resets at 3M Libor + 47.5bps every quarter
fair US500630CZ95 / 52533823 USD 0.62038% 18.02.2023 100.4 n/a AA / Aa2 200,000 / 1,000 1
fair US500630CU09 / 40799291 USD 3.375% 12.03.2023 106.9 0.5 AA / Aa2 200,000 / 1,000 1
fair US500630CS52 / 38310611 USD 2.75% 19.03.2023 105.6 0.4 AA / Aa2 200,000 / 1,000 1
fair XS2155707628 / 54094406 USD 1.72088% 16.04.2023 102.1 n/a AA / Aa2 200,000 / 1,000 1
Comment: Floating rate note (FRN). 3mL + 145bps.
fair US500630CC01 / 23390623 USD 3.75% 22.01.2024 109.4 0.8 AA / Aa2 200,000 / 1,000
fair US500630CW64 / 46454667 USD 3.25% 19.02.2024 108.0 0.8 AA / Aa2 200,000 / 1,000 1
fair US500630CY21 / 50245197 USD 2.125% 01.10.2024 105.0 0.8 AA / Aa2 200,000 / 1,000 1
fair US500630DB19 / 52534131 USD 1.75% 18.02.2025 104.1 0.8 AA / Aa2 200,000 / 1,000
fair XS2181972568 / 55071191 USD 1.25% 03.06.2025 101.7 0.9 AA / Aa2 200,000 / 1,000 1
fair US500630CG15 / 29666812 USD 3.375% 16.09.2025 112.3 0.8 AA / Aa2 200,000 / 1,000 1
fair US500630CJ53 / 31016736 USD 3% 13.01.2026 110.5 0.9 AA / Aa2 200,000 / 1,000 1
fair US500630CL00 / 33886449 USD 2% 12.09.2026 106.8 0.8 AA / Aa2 200,000 / 1,000 1
Malayan Banking Berhad (Malaysia) Credit Outlook: Stable Analyst: Clarissa Lee
fair XS2035552889 / 49423754 USD 1.08013% 16.08.2024 99.8 n/a n/a / A3 200,000 / 1,000
Comment: Floating rate note: Quarterly Libor + 80bp


Malayan Banking Berhad (Malaysia) Credit Outlook: Stable Analyst: Clarissa Lee
Comment: This is a Basel 3 Tier 2 bond callable in Oct 2021 at 100. The coupon resets at USD 5Y swap plus 254.2bps at the call date. Please also refer to yield-to-call.
Nanyang Commercial Bank (Hong Kong) Credit Outlook: Stable Analyst: Clarissa Lee
fair XS2080210011 / 51112805 USD 3.8% 20.11.2029 101.6 3.6 n/a / Baa3 250,000 / 1,000 1
Comment: This is a subordinated Tier 2 bond callable in Nov 2024 at par. The coupon resets to 5Y UST plus 218bps at the call date. Please also refer to yield-to-call.
Oversea-Chinese Banking (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee

fair US69033DAC11 / 24699637 USD 4.25% 19.06.2024 110.2 1.4 BBB+ / A2 200,000 / 1,000 1
fair US69033DAD93 / 56935932 USD 1.832% 10.09.2030 100.7 1.8 BBB+ / A2 200,000 / 1,000 1
Comment: This is a Basel 3 Tier 2 bond callable in 2025. The coupon resets to UST 5Y + 1.58% at the call date.
REC Ltd (India) Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair US74947MAC64 / 54757957 USD 4.75% 19.05.2023 106.1 2.3 n/a / Baa3 200,000 / 1,000
fair XS1902341939 / 44601876 USD 5.25% 13.11.2023 108.4 2.4 n/a / Baa3 200,000 / 1,000 1
fair XS2013002824 / 49092908 USD 3.375% 25.07.2024 102.2 2.8 n/a / Baa3 200,000 / 1,000
fair XS2084421630 / 51456775 USD 3.5% 12.12.2024 102.9 2.8 n/a / Baa3 200,000 / 1,000
fair XS1641477119 / 37357437 USD 3.875% 07.07.2027 101.8 3.6 n/a / Baa3 200,000 / 1,000
fair XS1791439257 / 40961669 USD 4.625% 22.03.2028 105.8 3.7 n/a / Baa3 200,000 / 1,000 1
Shanghai Commercial Bank (Hong Kong) Credit Outlook: Stable Analyst: Clarissa Lee
fair XS1720518478 / 39279825 USD 3.75% 29.11.2027 102.8 3.3 n/a / A3 200,000 / 1,000 1
Comment: This is a Basel 3 Tier 2 bond callable in Nov 2022 at 100. The coupon resets at USD 5Y + 170.5bps at the call date.
fair XS1892105823 / 45879305 USD 5% 17.01.2029 107.3 4.0 n/a / A3 250,000 / 1,000 1, 2
Comment: This is a Basel 3 Tier 2 bond callable in Jan 2024 at 100. The coupon resets at USD 5Y + 250bps at the call date.


Shinhan Bank (Korea) Credit Outlook: Stable Analyst: Clarissa Lee

fair US82460EAK64 / 36155933 USD 2.875% 28.03.2022 103.4 0.6 A+ / Aa3 200,000 / 1,000
fair US82460EAM21 / 44562451 USD 3.875% 05.11.2023 109.4 0.8 A+ / Aa3 200,000 / 1,000
fair US82460EAP51 / 54101258 USD 1.9635% 24.04.2025 104.4 n/a A+ / Aa3 n/a / n/a
Comment: Floating rate note (FRN): 3mL + 170bps.
fair US82460EAJ91 / 31976310 USD 3.875% 24.03.2026 110.7 1.8 BBB+ / Baa1 200,000 / 1,000 1
Comment: This is a Basel 3 Tier 2 bond callable in Dec 2021 at par. The coupon resets at 5Y UST plus 215bps at the call date. Please also refer to yield-to-call.
fair US82460EAL48 / 38312222 USD 3.75% 20.09.2027 109.3 2.3 BBB+ / Baa1 200,000 / 1,000 1
fair US82460EAN04 / 47482176 USD 4% 23.04.2029 111.7 2.5 BBB+ / Baa1 200,000 / 1,000 1
State Bank of India Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair USY81647AD41 / 45993345 USD 4% 24.01.2022 103.0 1.6 BBB- / Baa3 200,000 / 1,000
fair USY81647AE24 / 46000766 USD 4.375% 24.01.2024 107.4 2.0 BBB- / Baa3 200,000 / 1,000
fair USY81647AB84 / 24230750 USD 4.875% 17.04.2024 109.9 1.9 BBB- / Baa3 200,000 / 1,000 1


United Overseas Bank (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee
fair US91127LAB62 / 41425778 USD 0.7355% 23.04.2021 100.0 n/a AA- / Aa1 200,000 / 1,000 1
fair US91127LAA89 / 41425773 USD 3.2% 23.04.2021 101.3 0.8 AA- / Aa1 200,000 / 1,000
fair XS1379133058 / 31879825 USD 3.5% 16.09.2026 101.9 3.2 BBB+u / A2 200,000 / 1,000 1
Comment: This is a Basel 3 Tier 2 bond callable in Sep 2021 at 100. The coupon resets at USD 5Y swap plus 223.6bps at the call date. Please also refer to yield-to-call.
fair XS1485603408 / 33811247 USD 2.88% 08.03.2027 101.9 2.6 n/a / A2 200,000 / 1,000 1
Comment: This is a Basel 3 Tier 2 bond callable in Mar 2022 at 100. The coupon resets at USD 5Y swap plus 165.4bps at the call date. Please also refer to yield-to-call.
fair US91127LAC46 / 47370414 USD 3.75% 15.04.2029 106.7 2.9 BBB+ / A2 200,000 / 1,000 1
Comment: This is a Basel 3 Tier 2 bond callable in Mar 2024 at 100. The coupon resets at USD 5Y swap plus 150bps at the call date. Please also refer to yield-to-call.
fair XS2230275633 / 57057097 USD 1.75% 16.03.2031 100.7 1.7 BBB+ / A2 200,000 / 1,000 1
Comment: This is a subordinated Tier 2 bond callable in Mar 2026 at par. The coupon resets to 5Y UST plus 152bps at the call date. Please also refer to yield-to-call.
Woori Bank (Korea) Credit Outlook: Stable Analyst: Clarissa Lee

exp. US98105GAJ13 / 31098691 USD 2.625% 20.07.2021 101.5 0.7 A / A1 200,000 / 1,000
fair XS1755413652 / 39980114 USD 1.121% 01.02.2023 100.7 n/a A / A1 200,000 / 1,000 1
fair US98105HAC43 / 24315263 USD 4.75% 30.04.2024 110.3 1.7 BBB / Baa2 200,000 / 1,000 1
fair XS1987800650 / 48071769 USD 0% 21.05.2024 100.2 n/a A / A1 200,000 / 1,000

Comment: Floating rate note: 3M Libor plus 77bps.
fair US98105HAG56 / 43018165 USD 5.125% 06.08.2028 118.3 2.5 BBB / Baa2 200,000 / 1,000 1

Reference list: Bonds in USD, Asia, Speculative grade issuers

These issuers are more risky. Their ability to meet payments in the future is questionable, see rating definitions for more details.

Sovereign issuers
SRI LANKA Credit Outlook: Deteriorating Analyst: Devinda Paranathanthri

fair USY2029SAG94 / 13426218 USD 6.25% 27.07.2021 89.0 22.1 B- / Caa1 200,000 / 1,000
fair USY8137FAG38 / 33267773 USD 5.75% 18.01.2022 81.0 24.0 B- / Caa1 200,000 / 1,000
fair USY2029SAH77 / 19077992 USD 5.875% 25.07.2022 77.0 22.2 B- / Caa1 200,000 / 1,000
fair USY8137FAK40 / 41378599 USD 5.75% 18.04.2023 70.5 21.6 B- / Caa1 200,000 / 1,000
fair USY8137FAN88 / 46826860 USD 6.85% 14.03.2024 69.5 19.5 B- / Caa1 200,000 / 1,000
fair USY8137FAQ10 / 48649438 USD 6.35% 28.06.2024 69.5 18.0 B- / Caa1 200,000 / 1,000
fair USY8137FAC24 / 28415733 USD 6.125% 03.06.2025 68.5 16.0 B- / Caa1 200,000 / 1,000 1
fair USY8137FAE89 / 30257264 USD 6.85% 03.11.2025 69.5 15.8 B- / Caa1 200,000 / 1,000 1
fair USY8137FAF54 / 33267772 USD 6.825% 18.07.2026 68.5 15.2 B- / Caa1 200,000 / 1,000 1
fair USY8137FAH11 / 36677221 USD 6.2% 11.05.2027 67.5 13.9 B- / Caa1 200,000 / 1,000 1
fair USY8137FAL23 / 41378496 USD 6.75% 18.04.2028 68.0 13.7 B- / Caa1 200,000 / 1,000
fair USY8137FAP37 / 46828781 USD 7.85% 14.03.2029 69.0 14.3 B- / Caa1 200,000 / 1,000
fair USY8137FAR92 / 48648446 USD 7.55% 28.03.2030 68.0 13.7 B- / Caa1 200,000 / 1,000
Corporate issuers
Agile Property (Hong Kong) Credit Outlook: Stable Analyst: Wendy Luo
fair XS1856094724 / 42768938 USD 8.5% 18.07.2021 103.4 3.9 BB / Ba3 200,000 / 1,000 1, 2
fair XS1959497782 / 46705575 USD 6.7% 07.03.2022 103.7 3.9 BB / Ba3 200,000 / 1,000 1, 2
fair XS1659119629 / 37839492 USD 5.125% 14.08.2022 102.1 3.9 BB / Ba3 200,000 / 1,000 1, 2
Comment: The bonds are callable anytime after 08/14/2020 at a fixed price of 102.563
attr. XS2194361494 / 55637604 USD 5.75% 02.01.2025 99.7 5.8 BB / n/a 200,000 / 1,000 1, 2
fair XS2243343204 / 57596990 USD 6.05% 13.10.2025 99.7 6.1 n/a / Ba3 200,000 / 1,000 1, 2
fair XS2081524675 / 51189549 USD 7.75% Perpetual 102.0 7.6 n/a / Ba3 200,000 / 1,000 1
Comment: This is a senior perpetual bond callable in May 2025 at par. The coupon resets to 5Y UST plus 1108bps at the call date. Please also refer to yield-to-call.



Agile Property (Hong Kong) Credit Outlook: Stable Analyst: Wendy Luo
attr. XS2003471617 / 48212667 USD 8.375% Perpetual 104.1 8.1 n/a / Ba3 200,000 / 1,000 1
Comment: This is a senior perpetual callable in Dec 2023 at par. The coupon resets at 5Y UST plus 1125.4bps at the call date. Please also refer to yield-to-call.
Comment: This is a senior perpetual callable in Jun 2021 at par. The coupon resets at 3Y UST plus 1087.3bps at the call date. Please also refer to yield-to-call.
Comment: This is a senior perpetual callable in Mar 2023 at par. The coupon resets at 5Y UST plus 921.6bps at the call date. Please also refer to yield-to-call.
Beijing Capital Grand (China) Credit Outlook: Stable Analyst: Kevin Liu
fair XS1839763114 / 42976090 USD 2.826% 02.08.2021 99.4 n/a n/a / n/a 200,000 / 1,000 1
BEIJING CAPITAL LAND LTD (China) Credit Outlook: Deteriorating Analyst: Wendy Luo
fair XS2211752121 / 56484133 USD 4.5% 09.08.2021 101.8 2.3 n/a / n/a 200,000 / 1,000 1
fair XS2098096568 / 51856399 USD 3.85% 14.07.2025 100.4 3.8 n/a / n/a 200,000 / 1,000
BUMI SERPONG (Indonesia) Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair XS1791728790 / 41516072 USD 7.25% 26.04.2021 102.1 3.2 n/a / Ba3 200,000 / 1,000 1
fair XS1498440079 / 34272335 USD 5.5% 18.10.2023 99.5 5.7 n/a / Ba3 200,000 / 1,000 1, 2
Comment: Callable in Oct 2020 at 102.75. Please also refer to yield-to-call.
attr. XS2050614796 / 52120777 USD 5.95% 23.01.2025 97.5 6.6 n/a / Ba3 200,000 / 1,000 1
Comment: Callable in Jan 2023 at 102.975.
CAR INC (China) Credit Outlook: Deteriorating Analyst: Kevin Liu

fair XS1991398352 / 47806088 USD 8.875% 10.05.2022 84.2 21.2 CCC / Caa1 200,000 / 1,000 1, 2



CENTRAL CHINA REAL ESTATE Credit Outlook: Stable Analyst: Wendy Luo
attr. XS1512966372 / 34487287 USD 6.75% 08.11.2021 101.1 5.7 B+ / B1 200,000 / 1,000 1, 2
attr. XS2037190514 / 49303161 USD 6.875% 08.08.2022 102.0 5.7 n/a / B1 200,000 / 1,000
attr. XS1984473071 / 47492864 USD 7.25% 24.04.2023 101.7 6.5 n/a / B1 200,000 / 1,000 1
attr. XS2189387520 / 55269879 USD 7.65% 27.08.2023 102.2 6.8 n/a / n/a 200,000 / 1,000 1
attr. XS2076398184 / 50899297 USD 7.9% 07.11.2023 102.2 7.1 n/a / n/a 200,000 / 1,000 1, 2
fair XS2102302200 / 51916942 USD 7.25% 16.07.2024 99.7 7.3 n/a / B1 200,000 / 1,000 1, 2
attr. XS2215180550 / 56461662 USD 7.25% 13.08.2024 99.3 7.5 n/a / B1 200,000 / 1,000 1, 2
CHALIECO CORP (China) Credit Outlook: Stable Analyst: Kevin Liu

fair XS2079799024 / 51147637 USD 5% Perpetual 102.0 4.9 BB- / n/a 200,000 / 1,000 1
Comment: This is a senior perpetual callable in May 2023. The coupon resets at 3Y UST plus 638bps at the call date. Please also refer to yield-to-call.
CHINA AOYUAN PROPERTY Credit Outlook: Stable Analyst: Wendy Luo

fair XS1768437300 / 41646011 USD 7.5% 10.05.2021 101.6 4.6 B / B2 200,000 / 1,000 1, 2
attr. XS1876052025 / 43492936 USD 7.95% 07.09.2021 102.5 5.1 B / B2 200,000 / 1,000 1, 2
fair XS1937690128 / 45959630 USD 8.5% 23.01.2022 103.2 5.8 n/a / B2 200,000 / 1,000
fair XS1611005957 / 38232848 USD 5.375% 13.09.2022 100.2 5.2 B / B2 200,000 / 1,000 1, 2
fair XS1952585112 / 46413372 USD 7.95% 19.02.2023 105.7 5.3 B / B2 200,000 / 1,000 1, 2
fair XS2196807833 / 55663279 USD 6.35% 08.02.2024 102.0 5.7 B / B2 200,000 / 1,000 1, 2
CHINA EVERGRANDE GROUP Credit Outlook: Deteriorating Analyst: Wendy Luo

attr. XS1627599142 / 37267783 USD 6.25% 28.06.2021 95.5 13.2 B / B2 200,000 / 1,000 1, 2
fair XS1580431143 / 36136802 USD 8.25% 23.03.2022 89.7 16.5 n/a / B2 200,000 / 1,000 1, 2
fair XS1982036961 / 47370418 USD 9.5% 11.04.2022 91.0 16.5 B / B2 200,000 / 1,000 1, 2
fair XS2106834299 / 52074632 USD 11.5% 22.01.2023 91.9 15.9 B / B2 200,000 / 1,000 1, 2
fair XS1982037779 / 47370459 USD 10% 11.04.2023 87.5 16.3 B / B2 200,000 / 1,000 1



CHINA EVERGRANDE GROUP Credit Outlook: Deteriorating Analyst: Wendy Luo

fair XS1627599498 / 37267687 USD 7.5% 28.06.2023 82.3 15.8 B / B2 200,000 / 1,000 1, 2
fair XS2106834372 / 52075100 USD 12% 22.01.2024 91.2 15.5 B / B2 200,000 / 1,000 1
fair XS1982040641 / 47370551 USD 10.5% 11.04.2024 84.9 16.3 B / B2 200,000 / 1,000 1, 2
fair XS1627599654 / 37267688 USD 8.75% 28.06.2025 78.2 15.4 B / B2 200,000 / 1,000 1, 2
CHINA GRAND AUTOMOTIVE SERVICES Credit Outlook: Deteriorating Analyst: Kevin Liu
attr. XS1973586537 / 47180383 USD 8.625% 08.04.2022 85.8 20.2 n/a / n/a 200,000 / 1,000 1, 2
fair XS1706083489 / 38868980 USD 5.625% Perpetual 73.7 7.6 n/a / n/a n/a / n/a 1
Comment: his perp is callable in October 2020. If not called, its coupon will be reset to prevailing 3-year treasury yield plus 8.909%. The indicated yield is to maturity not to first call date.
China Jinmao Holdings Group Credit Outlook: Deteriorating Analyst: Wendy Luo
fair XS1709294380 / 38945480 USD 4.875% Perpetual 86.2 5.7 BB / n/a 200,000 / 1,000 1
Comment: This subordinated perp is callable in Nov 2023. If not called, its coupon will be reset to prevailing 5-year treasury yield plus an initial spread of 275 bps. The indicated yield is to maturity not to first call
date.
fair XS1345695578 / 32177335 USD 6% Perpetual 103.1 5.8 n/a / Ba2 n/a / n/a 1
Comment: This subordinated perp is callable in Feb 2021. If not called, its coupon will be reset to prevailing 5-year treasury yield plus an initial spread of 465.7 bps. The indicated yield is to maturity not to first call
date.
Comment: This subordinated perp is callable in Jan 2022. If not called, its coupon will be reset to prevailing 5-year treasury yield plus an initial spread of 386 bps. The indicated yield is to maturity not to first call
date.
Comment: This is a senior perpetual callable in December 2022 at par. The coupon resets at USD 5Y UST plus 708.3 bps at the call date if not called. Please also refer to yield-to-call.
CHINA SCE PROPERTY HOLDINGS Credit Outlook: Stable Analyst: Wendy Luo
attr. XS1575984734 / 35983231 USD 5.875% 10.03.2022 100.6 5.4 B / B2 200,000 / 1,000 1, 2
attr. XS2016010881 / 48975575 USD 7.25% 19.04.2023 103.0 6.0 n/a / B2 200,000 / 1,000 1, 2



CHINA SCE PROPERTY HOLDINGS Credit Outlook: Stable Analyst: Wendy Luo
attr. XS1974405893 / 47250652 USD 7.375% 09.04.2024 102.7 6.5 B / B2 200,000 / 1,000 1, 2
CIFI HOLDINGS (GROUP) CO LTD (China) Credit Outlook: Stable Analyst: Wendy Luo
fair XS1801151371 / 41392375 USD 6.875% 23.04.2021 101.6 3.7 BB- / B1 200,000 / 1,000 1
fair XS1513700127 / 35202975 USD 5.5% 23.01.2022 101.7 4.1 BB- / n/a 200,000 / 1,000 1, 2
fair XS1750975200 / 39966552 USD 5.5% 23.01.2023 102.5 4.4 BB- / B1 200,000 / 1,000 1, 2
fair XS1952116983 / 46490403 USD 7.625% 28.02.2023 105.9 4.9 BB- / n/a 200,000 / 1,000 1, 2
fair XS1969792800 / 47063761 USD 6.55% 28.03.2024 105.7 4.7 BB- / n/a 200,000 / 1,000 1
attr. XS2075784103 / 50864952 USD 6.45% 07.11.2024 104.7 5.2 BB- / n/a 200,000 / 1,000 1, 2
attr. XS2099272846 / 51858114 USD 6% 16.07.2025 102.9 5.3 BB- / n/a 200,000 / 1,000 1
fair XS2205316941 / 56063505 USD 5.95% 20.10.2025 102.9 5.3 BB- / n/a 200,000 / 1,000 1, 2
attr. XS1653470721 / 37944330 USD 5.375% Perpetual 100.5 5.4 n/a / B1 200,000 / 1,000 1
Comment: This is a senior perpetual callable in August 2022 at par. The coupon resets at USD 5Y UST plus 857.1 bps at the call date if not called. Please also refer to yield-to-call.
attr. XS1732152589 / 39545151 USD 5.375% Perpetual 101.9 5.3 n/a / B1 n/a / n/a 1
Comment: This is a senior perpetual callable in February 2021 at par. The coupon resets at USD 5Y UST plus 742.7 bps at the call date if not called. Please also refer to yield-to-call.
CIKARANG LISTRINDO (Indonesia) Credit Outlook: Stable Analyst: Devinda Paranathanthri

exp. USN5276YAD87 / 33878569 USD 4.95% 14.09.2026 103.9 4.2 BB+ / Ba2 200,000 / 1,000 1, 2
Comment: Callable in Sept 2021 at 102.48. Please also refer to yield-to-call.
DALIAN WANDA COMM. PROP. (China) Credit Outlook: Stable Analyst: Wendy Luo
fair XS2078814147 / 51334360 USD 6.95% 05.12.2022 100.5 6.7 n/a / Ba3 200,000 / 1,000 1
fair XS2100658066 / 52132113 USD 6.875% 23.07.2023 99.5 7.1 n/a / Ba3 200,000 / 1,000 1
fair XS1023280271 / 23524001 USD 7.25% 29.01.2024 99.9 7.3 BB / Ba3 200,000 / 1,000 1, 2



DELHI INTERNATIONAL AIRPORT (India) Credit Outlook: Stable Analyst: Devinda Paranathanthri
fair XS1165980274 / 26937888 USD 6.125% 03.02.2022 103.2 3.6 B+ / Ba3 200,000 / 1,000 1
fair USY2R27RAB56 / 34368747 USD 6.125% 31.10.2026 101.9 5.8 B+ / Ba3 200,000 / 1,000 1
fair USY2R40TAB40 / 48228434 USD 6.45% 04.06.2029 100.8 6.3 B+ / Ba3 200,000 / 1,000 1
EHI CAR SERVICES LTD (China) Credit Outlook: Stable Analyst: Kevin Liu
fair XS1657420441 / 37799770 USD 5.875% 14.08.2022 86.8 14.3 B / n/a 200,000 / 1,000 1, 2
FAR EAST CONSORTIUM (Hong Kong) Credit Outlook: Stable Analyst: Kevin Liu
Comment: This is a senior perpetual callable in Oct 2024 at par. The coupon resets at 5Y UST plus 892.4bps at the call date. Please also refer to yield-to-call.
Comment: This is a subordinated perpetual callable in Dec 2022 at par and every six months thereafter. The coupon resets at 5Y UST plus 352.1 bps at the call date. Please also refer to yield-to-call.
FRASERS PROPERTY LIMITED (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee
fair SG73H5000003 / 33289106 USD 2.5% 21.07.2021 99.9 2.7 n/a / n/a / 1, 2
FWD LTD (Hong Kong) Credit Outlook: Stable Analyst: Timothy Tay
Comment: This is a subordinated perpetual callable in Jan 2022 at par and every six months thereafter. The coupon resets at 5Y UST plus 440.8 bps at the call date and every five years thereafter. Please also refer
to yield-to-call.
Comment: This is a subordinated perpetual callable in Feb 2023 at par and every six months thereafter. The coupon resets at 5Y UST plus 307.5 bps at the call date and every five years thereafter. Please also refer
to yield-to-call.
GEMDALE CORP (China) Credit Outlook: Stable Analyst: Wendy Luo

fair XS1820761556 / 43607270 USD 6% 06.09.2021 103.4 2.2 BB- / Ba3 200,000 / 1,000 1, 2
fair XS2009869897 / 48397356 USD 5.6% 14.06.2022 103.7 3.3 n/a / Ba3 200,000 / 1,000 1, 2



GEMDALE CORP (China) Credit Outlook: Stable Analyst: Wendy Luo

attr. XS1646912250 / 37610691 USD 4.95% 26.07.2022 102.5 3.5 n/a / Ba3 200,000 / 1,000 1, 2
Greenland Holdings Group (China) Credit Outlook: Stable Analyst: Wendy Luo
fair XS1840467762 / 42302349 USD 5.08325% 26.09.2021 99.0 n/a n/a / Ba2 n/a / n/a
attr. XS1960762554 / 46796358 USD 7.25% 12.03.2022 101.5 6.1 n/a / Ba2 200,000 / 1,000
attr. XS2016768439 / 48549628 USD 6.75% 25.06.2022 100.4 6.5 n/a / Ba2 200,000 / 1,000
fair XS2055403930 / 50176026 USD 5.75% 26.09.2022 98.5 6.6 n/a / Ba2 200,000 / 1,000 1
attr. XS2076775233 / 50981416 USD 5.6% 13.11.2022 97.7 6.8 n/a / Ba2 200,000 / 1,000 1
fair XS2188664929 / 55268048 USD 6.25% 16.12.2022 100.0 6.3 n/a / Ba2 200,000 / 1,000 1
Comment: The bonds are puttable on 16 Dec 2021 at a fixed price of 100.
attr. XS1760383577 / 40262083 USD 5.9% 12.02.2023 98.0 6.9 n/a / Ba2 200,000 / 1,000 1
attr. XS2207192191 / 56094650 USD 6.125% 22.04.2023 97.7 7.1 n/a / Ba2 200,000 / 1,000 1
fair XS2055399054 / 50178122 USD 6.75% 26.09.2023 98.0 7.5 n/a / Ba2 200,000 / 1,000
attr. XS2108075784 / 52775428 USD 6.75% 03.03.2024 97.5 7.6 n/a / Ba2 200,000 / 1,000
attr. XS1081321595 / 24798138 USD 5.875% 03.07.2024 93.5 7.9 BB- / Ba2 200,000 / 1,000 1, 2
attr. XS2207192605 / 56105697 USD 7.25% 22.01.2025 96.5 8.3 n/a / Ba2 200,000 / 1,000 1
Greenland Hong Kong Holding (China) Credit Outlook: Stable Analyst: Wendy Luo
attr. XS1991146892 / 48975160 USD 6% 17.07.2021 100.9 4.8 n/a / Ba3 200,000 / 1,000 1
Comment: This is a senior perpetual callable in July 2021 at par. The coupon resets at 5Y UST plus 950.0bps at the call date.
GREENTOWN CHINA HOLDINGS Credit Outlook: Stable Analyst: Wendy Luo

fair XS2193529562 / 55954442 USD 5.65% 13.07.2025 104.2 4.7 n/a / Ba3 200,000 / 1,000 1
Comment: This is a senior perpetual callable in Feb 2022 at par and every six months thereafter. The coupon resets at 3Y UST plus 1057.8 bps at the call date. Please also refer to yield-to-call.



GREENTOWN CHINA HOLDINGS Credit Outlook: Stable Analyst: Wendy Luo

Comment: This is a senior perpetual callable in Feb 2022 at par and every six months thereafter. The coupon resets at 3Y UST plus 1017 bps at the call date. Please also refer to yield-to-call.
GUANGZHOU R&F PROPERTIES (China) Credit Outlook: Deteriorating Analyst: Wendy Luo
fair XS1811023065 / 41437111 USD 7% 25.04.2021 98.5 9.9 n/a / n/a 200,000 / 1,000 1, 2
fair XS1883345719 / 43809204 USD 8.875% 27.09.2021 98.3 10.8 n/a / n/a 200,000 / 1,000 1, 2
fair XS1545743442 / 35236373 USD 5.75% 13.01.2022 94.0 11.0 n/a / n/a 200,000 / 1,000 1, 2
fair XS1940202952 / 46051187 USD 9.125% 28.07.2022 95.7 11.8 n/a / n/a 200,000 / 1,000 1, 2
fair XS1720054383 / 39149194 USD 5.875% 13.02.2023 87.2 12.3 n/a / n/a 200,000 / 1,000 1, 2
fair XS1956133893 / 46582029 USD 8.125% 27.02.2023 90.7 12.8 n/a / n/a 200,000 / 1,000 1, 2
fair XS1956169657 / 46582028 USD 8.625% 27.02.2024 89.0 12.7 n/a / n/a 200,000 / 1,000 1, 2
fair XS2125172085 / 52887839 USD 8.625% 05.03.2024 88.7 12.8 n/a / n/a 200,000 / 1,000 1, 2
fair XS2025848297 / 48854738 USD 8.125% 11.07.2024 85.9 13.0 n/a / n/a 200,000 / 1,000 1, 2
HPCL-MITTAL ENERGY (India) Credit Outlook: Deteriorating Analyst: Devinda Paranathanthri

exp. XS2052949968 / 50630710 USD 5.45% 22.10.2026 102.0 5.1 n/a / Ba3 200,000 / 1,000 1, 2
fair XS1599758940 / 36535307 USD 5.25% 28.04.2027 102.5 4.8 n/a / Ba3 200,000 / 1,000 1, 2
Jollibee Foods Corporation (Philippines) Credit Outlook: Stable Analyst: Devinda Paranathanthri
fair XS2191510713 / 55555099 USD 4.125% 24.01.2026 101.7 3.8 n/a / n/a 200,000 / 1,000 1, 2
exp. XS2194913443 / 55553958 USD 4.75% 24.06.2030 100.6 4.7 n/a / n/a 200,000 / 1,000 1
Comment: This is a senior perpetual callable in Jan 2025 at par and every six months thereafter. The coupon resets at 5Y UST plus 478.4 bps at the first call date and every five years thereafter. Please also refer to
yield-to-call.
KWG PROPERTY (Hong Kong) Credit Outlook: Stable Analyst: Wendy Luo
fair XS1811206066 / 43049163 USD 7.875% 09.08.2021 102.4 4.8 n/a / n/a 200,000 / 1,000 1, 2
fair XS1545506401 / 35236328 USD 6% 11.01.2022 101.2 5.0 B / n/a 200,000 / 1,000 1, 2



KWG PROPERTY (Hong Kong) Credit Outlook: Stable Analyst: Wendy Luo
fair XS1556169206 / 36020343 USD 6% 15.09.2022 101.5 5.2 B / n/a 200,000 / 1,000 1, 2
fair XS1685542141 / 38382304 USD 5.2% 21.09.2022 100.0 5.2 n/a / n/a 200,000 / 1,000 1, 2
fair XS1954740285 / 46603195 USD 7.875% 01.09.2023 104.7 6.1 n/a / n/a 200,000 / 1,000 1, 2
fair XS2034561584 / 49144087 USD 7.4% 05.03.2024 104.7 5.9 n/a / n/a 200,000 / 1,000 1, 2
fair XS1716631301 / 39078531 USD 5.875% 10.11.2024 99.7 6.0 n/a / n/a 200,000 / 1,000 1, 2
fair XS2214229887 / 56387960 USD 5.95% 10.08.2025 99.2 6.1 n/a / n/a 200,000 / 1,000 1, 2
fair XS2100654586 / 51819449 USD 7.4% 13.01.2027 100.7 7.3 n/a / n/a 200,000 / 1,000 1, 2
LENOVO GROUP LTD (China) Credit Outlook: Stable Analyst: Kevin Liu
fair XS1573181440 / 36029870 USD 3.875% 16.03.2022 102.4 2.1 n/a / n/a 200,000 / 1,000
fair XS1765886244 / 41060822 USD 4.75% 29.03.2023 103.5 3.3 n/a / n/a 200,000 / 1,000 1, 2
fair XS2125052261 / 54309447 USD 5.875% 24.04.2025 108.3 3.9 n/a / n/a 200,000 / 1,000 1, 2
Comment: This is a subordinated perpetual callable in Mar 2022 at par and every six months thereafter. The coupon resets at 5Y UST plus 625.7 bps at the call date and every five years thereafter. Please also refer
to yield-to-call.
LIPPO KARAWACI (Indonesia) Credit Outlook: Deteriorating Analyst: Devinda Paranathanthri

fair XS2099273737 / 52025441 USD 8.125% 22.01.2025 93.0 10.2 B- / B3 200,000 / 1,000 1, 2
fair XS1506085114 / 34388738 USD 6.75% 31.10.2026 84.5 10.3 B- / B3 200,000 / 1,000 1, 2
Comment: Callable in Oct 2021 at 103.38. Please also refer to yield-to-call.
LIPPO MALLS INDONESIA RETAIL TRUST Credit Outlook: Deteriorating Analyst: Devinda Paranathanthri
fair XS2010198260 / 48461097 USD 7.25% 19.06.2024 94.5 9.1 n/a / B1 200,000 / 1,000 1, 2
LOGAN PROPERTY HOLDINGS (China) Credit Outlook: Stable Analyst: Wendy Luo
fair XS1808311424 / 41470348 USD 6.875% 24.04.2021 101.7 3.6 n/a / n/a 200,000 / 1,000 1, 2
exp. XS1870205819 / 43361336 USD 7.5% 27.08.2021 102.7 4.3 BB- / n/a 200,000 / 1,000
fair XS1541978851 / 35164970 USD 5.75% 03.01.2022 102.0 4.1 n/a / B1 200,000 / 1,000 1, 2



LOGAN PROPERTY HOLDINGS (China) Credit Outlook: Stable Analyst: Wendy Luo
fair XS1954961295 / 46561500 USD 7.5% 25.08.2022 104.2 5.1 BB- / n/a 200,000 / 1,000 1, 2
fair XS1618597535 / 36830487 USD 5.25% 23.02.2023 101.0 4.8 n/a / B1 200,000 / 1,000 1, 2
fair XS2027337786 / 48947206 USD 6.5% 16.07.2023 103.9 5.0 BB- / n/a 200,000 / 1,000 1
fair XS2050914832 / 50055961 USD 6.9% 09.06.2024 106.2 5.0 BB- / n/a 200,000 / 1,000 1, 2
fair XS2099677747 / 51869616 USD 5.75% 14.01.2025 102.4 5.1 n/a / n/a 200,000 / 1,000 1
Comment: This is a senior perpetual callable in May 2022 at par. The coupon resets at 5Y UST plus 600.0bps at the call date.
MEDCO ENERGI (Indonesia) Credit Outlook: Deteriorating Analyst: Devinda Paranathanthri

fair USY59515AA72 / 37904935 USD 8.5% 17.08.2022 n/a n/a B+ / B1 200,000 / 1,000 1
fair USY59505AA82 / 40096099 USD 6.75% 30.01.2025 99.5 6.9 B+ / B1 200,000 / 1,000 1, 2
fair USY59501AA78 / 47754042 USD 7.375% 14.05.2026 99.7 7.4 (P)B+ / B1 200,000 / 1,000 1, 2
Comment: Callable in May 2023 at 105.53.
fair USY56607AA51 / 52087959 USD 6.375% 30.01.2027 91.2 8.2 B+ / B1 200,000 / 1,000 1
Melco Resorts Finance (Macao S.A.R., China) Credit Outlook: Deteriorating Analyst: Devinda Paranathanthri
fair USG5975LAA47 / 36943706 USD 4.875% 06.06.2025 101.9 4.4 BB / Ba2 200,000 / 1,000 1, 2
attr. USG5975LAC03 / 47550942 USD 5.25% 26.04.2026 102.5 4.7 BB / Ba2 200,000 / 1,000 1, 2
fair USG5975LAD85 / 48977827 USD 5.625% 17.07.2027 104.1 4.9 BB / Ba2 / 1, 2
fair USG5975LAF34 / 56086453 USD 5.75% 21.07.2028 103.2 5.2 BB / Ba2 200,000 / 1,000 1, 2
fair USG5975LAE68 / 51306497 USD 5.375% 04.12.2029 100.1 5.4 BB / Ba2 200,000 / 1,000 1, 2
MINMETALS LAND (China) Credit Outlook: Stable Analyst: Wendy Luo

attr. XS1864361560 / 43654053 USD 6.4% 18.09.2021 102.5 3.6 n/a / n/a 200,000 / 1,000 1
attr. XS0922813703 / 21245940 USD 6.5% 26.04.2023 100.0 6.5 n/a / n/a 200,000 / 1,000 1, 2
Comment: This is a senior perpetual callable in May 2021 at par. The coupon resets at 3Y UST plus 933.8bps at the call date. Please also refer to yield-to-call.



Mong Duong 2 (Vietnam) Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair USN6000DAA11 / 49214565 USD 5.125% 07.05.2029 102.8 4.6 n/a / Ba3 250,000 / 1,000 1, 2
Comment: This bond will begin to amortize in 2023.

Comment: This is a subordinated perpetual callable in Jul 2021 at par. The coupon resets to 5Y UST plus 629bps at the call date. Please also refer to yield-to-call.
PAKUWON JATI (Indonesia) Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair XS1517977093 / 35676272 USD 5% 14.02.2024 101.4 4.5 BB / Ba2 200,000 / 1,000 1
Comment: Callable in Feb 2021 at 102.5.
PCPD Limited (Hong Kong) Credit Outlook: Stable Analyst: Kevin Liu
fair XS1572363858 / 35946153 USD 4.75% 09.03.2022 100.0 4.8 n/a / n/a 200,000 / 1,000 1
Petronas (Malaysia) Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair USY68856AM84 / 27473161 USD 3.125% 18.03.2022 103.3 0.8 A- / A2 200,000 / 1,000
fair USY68856AB20 / 1424379 USD 7.875% 22.05.2022 111.1 0.9 A- / A2 100,000 / 1,000
fair USY68856AN67 / 27473165 USD 3.5% 18.03.2025 110.2 1.1 A- / A2 200,000 / 1,000
fair USY68851AK32 / 533293 USD 7.625% 15.10.2026 135.8 1.4 A- / A2 100,000 / 1,000
fair USY68856AT38 / 54192072 USD 3.5% 21.04.2030 113.6 1.9 A- / A2 200,000 / 1,000 1
fair USY68856AQ98 / 27473167 USD 4.5% 18.03.2045 130.0 2.8 A- / A2 200,000 / 1,000
fair USY68856AV83 / 54192079 USD 4.55% 21.04.2050 132.7 2.9 A- / A2 200,000 / 1,000 1
fair USY68856AW66 / 54192071 USD 4.8% 21.04.2060 140.9 3.0 A- / A2 200,000 / 1,000 1
Powerlong (China) Credit Outlook: Stable Analyst: Wendy Luo

attr. XS1489814779 / 33928839 USD 4.875% 15.09.2021 100.0 4.9 B / B2 n/a / n/a 1, 2
attr. XS2078556342 / 50951367 USD 7.125% 08.11.2022 103.7 5.2 n/a / B2 200,000 / 1,000 1, 2
attr. XS2030333384 / 49042069 USD 6.95% 23.07.2023 103.7 5.5 n/a / B2 200,000 / 1,000 1, 2



Powerlong (China) Credit Outlook: Stable Analyst: Wendy Luo

attr. XS2213954766 / 56387933 USD 6.25% 10.08.2024 102.0 5.7 B / B2 200,000 / 1,000 1, 2
REGAL HOTELS (Hong Kong) Credit Outlook: Deteriorating Analyst: Kevin Liu
Comment: This is a senior perp callable in Apr 22 at par. The coupon is fixed-for-life with no reset nor step-up.
ROAD KING INFRASTR. (Hong Kong) Credit Outlook: Stable Analyst: Wendy Luo
fair XS1483944317 / 33792751 USD 4.7% 06.09.2021 100.5 4.1 BB- / Ba3 200,000 / 1,000 1, 2
fair XS1943451788 / 46195200 USD 7.875% 01.02.2023 106.1 5.0 BB- / Ba3 200,000 / 1,000 1, 2
fair XS2057076387 / 50290150 USD 6.7% 30.09.2024 103.8 5.6 BB- / Ba3 200,000 / 1,000 1
fair XS2127855711 / 52895637 USD 5.9% 05.03.2025 101.3 5.6 BB- / Ba3 200,000 / 1,000 1
fair XS1635996603 / 37224080 USD 7% Perpetual 90.4 7.7 n/a / Ba3 200,000 / 1,000 1, 2
Comment: This is a senior fixed for life perpetual callable in Jun 2022 at par and every six months thereafter. Please also refer to yield-to-call
Comment: This is a senior perpetual callable in Nov 2024. The coupon resets at 5Y UST plus 600.3bps at the call date. Please also refer to yield-to-call.
Comment: This is a senior fixed for life perpetual callable in Feb 2022 at par and every six months thereafter. Please also refer to yield-to-call
SAKA ENERGI INDONESIA Credit Outlook: Deteriorating Analyst: Devinda Paranathanthri

fair USY7140VAA80 / 36578787 USD 4.45% 05.05.2024 89.5 7.9 B+ / B1 200,000 / 1,000 1
San Miguel Corp (Philippines) Credit Outlook: Stable Analyst: Devinda Paranathanthri
attr. XS0921226386 / 21226583 USD 4.875% 26.04.2023 101.3 4.3 n/a / n/a 200,000 / 1,000 1, 2
Comment: This bond is callable in 2025. If not called the coupon resets at UST 5Y + 10.237%. Please refer to yield to call.
Seazen Group Ltd (China) Credit Outlook: Stable Analyst: Wendy Luo
fair XS2188034586 / 55216813 USD 6.45% 11.06.2022 102.2 5.0 n/a / Ba3 200,000 / 1,000 1, 2



Seazen Group Ltd (China) Credit Outlook: Stable Analyst: Wendy Luo
attr. XS1978680400 / 47304298 USD 6.15% 15.04.2023 102.2 5.2 n/a / n/a 200,000 / 1,000 1
attr. XS2215175634 / 56461664 USD 6% 12.08.2024 101.2 5.6 n/a / n/a 200,000 / 1,000 1
Seazen Holdings (China) Credit Outlook: Stable Analyst: Wendy Luo

attr. XS1810682564 / 41477867 USD 6.5% 23.04.2021 101.3 4.1 n/a / Ba2 200,000 / 1,000 1, 2
attr. XS1823153033 / 41988979 USD 7.125% 23.05.2021 101.2 5.1 n/a / Ba2 200,000 / 1,000 1, 2
attr. XS2084413454 / 51455703 USD 7.5% 16.12.2021 103.2 4.6 n/a / n/a 200,000 / 1,000 1, 2
exp. XS1839368831 / 42239748 USD 7.5% 20.03.2022 102.9 5.4 n/a / Ba2 200,000 / 1,000 1, 2
attr. XS1996313737 / 47991739 USD 6.5% 20.05.2022 102.6 4.8 n/a / Ba2 200,000 / 1,000 1, 2
attr. XS1625981045 / 37769810 USD 5% 08.08.2022 99.5 5.3 n/a / Ba2 200,000 / 1,000 1, 2
attr. XS2102867483 / 52066502 USD 6.8% 05.08.2023 102.9 5.7 NR / n/a 200,000 / 1,000 1, 2
Shimao Property (China) Credit Outlook: Stable Analyst: Wendy Luo

fair XS1891434604 / 44100413 USD 6.375% 15.10.2021 103.6 2.7 n/a / n/a 200,000 / 1,000 1, 2
exp. XS1637274124 / 37270543 USD 4.75% 03.07.2022 102.5 3.2 BB / n/a 200,000 / 1,000 1, 2
fair XS1953029284 / 46469487 USD 6.125% 21.02.2024 106.9 3.9 n/a / n/a 200,000 / 1,000 1, 2
fair XS1759179002 / 40082035 USD 5.2% 30.01.2025 106.8 3.5 n/a / n/a 200,000 / 1,000 1, 2
fair XS2025575114 / 48924337 USD 5.6% 15.07.2026 110.3 3.6 n/a / n/a 200,000 / 1,000 1, 2
fair XS2198427085 / 55907038 USD 4.6% 13.07.2030 108.1 3.6 n/a / n/a 200,000 / 1,000 1, 2
SHUI ON LAND LIMITED (Hong Kong) Credit Outlook: Stable Analyst: Wendy Luo
fair XS1953937536 / 46603197 USD 6.25% 28.11.2021 102.5 4.0 n/a / n/a 200,000 / 1,000 1, 2
fair XS2075800743 / 50941138 USD 5.75% 12.11.2023 100.4 5.6 n/a / n/a 200,000 / 1,000 1, 2
fair XS2219615957 / 56638263 USD 6.15% 24.08.2024 100.5 6.0 n/a / n/a 200,000 / 1,000 1
fair XS2113708155 / 52711028 USD 5.5% 03.03.2025 97.4 6.2 n/a / n/a 200,000 / 1,000 1, 2



SHUI ON LAND LIMITED (Hong Kong) Credit Outlook: Stable Analyst: Wendy Luo
Comment: This is a senior perpetual callable in June 2022 at par. The coupon resets at 5Y UST plus 762.7bps at the call date.
Comment: This is a subordinated perpetual callable in Sept 2022 at par. The coupon resets at 5Y UST plus 325.6bps at the call date. There is a 100bps step-up in Sept 2027.
SRI REJEKI ISMAN TBK PT (Indonesia) Credit Outlook: Deteriorating Analyst: Devinda Paranathanthri
fair USY2749KAC46 / 36143059 USD 6.875% 27.03.2024 100.0 6.9 n/a / Ba3 200,000 / 1,000 1, 2
fair USY714AGAB82 / 50513821 USD 7.25% 16.01.2025 100.4 7.1 n/a / Ba3 200,000 / 1,000 1
Studio City (Macao S.A.R., China) Credit Outlook: Deteriorating Analyst: Devinda Paranathanthri
fair USG8539EAB14 / 34756967 USD 7.25% 30.11.2021 n/a n/a BB- / Ba3 200,000 / 1,000 1
attr. USG85381AB09 / 46219554 USD 7.25% 11.02.2024 104.8 5.6 n/a / B1 200,000 / 1,000 1, 2
attr. USG85381AE48 / 55964480 USD 6% 15.07.2025 104.3 5.0 BB- / B1 200,000 / 1,000 1, 2
fair USG85381AF13 / 55964489 USD 6.5% 15.01.2028 103.0 6.0 BB- / B1 200,000 / 1,000 1, 2
TATA MOTORS (India) Credit Outlook: Deteriorating Analyst: Devinda Paranathanthri

fair XS1062931396 / 24364749 USD 5.75% 07.05.2021 100.9 4.2 n/a / n/a 200,000 / 1,000 1
fair XS1121908211 / 25885219 USD 5.75% 30.10.2024 102.0 5.2 B / B1 200,000 / 1,000 1
Comment: Please refer to the HY bond list for our views on Jaguar Land Rover
fair XS2079668609 / 51116733 USD 5.875% 20.05.2025 104.4 4.8 n/a / B1 200,000 / 1,000 1
TATA STEEL (India) Credit Outlook: Deteriorating Analyst: Devinda Paranathanthri

fair XS1753594198 / 40014754 USD 4.45% 24.07.2023 99.7 4.6 B+ / n/a 200,000 / 1,000 1
fair XS1090889947 / 24986534 USD 5.95% 31.07.2024 104.4 4.7 B+ / n/a 200,000 / 1,000 1
fair XS1753595328 / 40014007 USD 5.45% 24.01.2028 98.2 5.8 B+ / n/a 200,000 / 1,000 1



TELEV. BROADCAST LTD (Hong Kong) Credit Outlook: Stable Analyst: Kevin Liu
fair XS1495978329 / 34149205 USD 3.625% 11.10.2021 100.5 3.1 n/a / n/a 200,000 / 1,000
Times China Holdings Credit Outlook: Stable Analyst: Wendy Luo

fair XS2166618343 / 54462309 USD 6% 05.05.2021 100.4 5.3 n/a / n/a 200,000 / 1,000 1, 2
exp. XS1831884702 / 42011419 USD 7.85% 04.06.2021 101.3 5.7 n/a / B1 200,000 / 1,000 1, 2
fair XS1945401674 / 46469621 USD 7.625% 21.02.2022 102.5 5.7 n/a / B1 200,000 / 1,000 1, 2
fair XS1602480334 / 36494147 USD 5.75% 26.04.2022 101.5 4.7 B+ / B1 200,000 / 1,000 1, 2
fair XS1725308859 / 39290786 USD 6.6% 02.03.2023 102.5 5.5 B+ / B1 200,000 / 1,000 1, 2
fair XS2027426027 / 48948237 USD 6.75% 16.07.2023 103.5 5.4 B+ / B1 200,000 / 1,000 1
fair XS2198851482 / 55772729 USD 6.75% 08.07.2025 103.7 5.8 B+ / B1 200,000 / 1,000 1, 2
fair XS2234266976 / 57185821 USD 6.2% 22.03.2026 99.5 6.3 B+ / B1 200,000 / 1,000 1
VEDANTA RES. (United Kingdom) Credit Outlook: Deteriorating Analyst: Devinda Paranathanthri
exp. USG9328DAG54 / 13106717 USD 8.25% 07.06.2021 92.3 21.5 B- / B3 200,000 / 1,000 1, 2
fair USG9328DAM23 / 35497009 USD 6.375% 30.07.2022 78.2 21.7 B- / B3 200,000 / 1,000 1, 2
exp. USG9T27HAB07 / 47452722 USD 8% 23.04.2023 78.3 19.3 B- / B3 200,000 / 1,000 1, 2
exp. USG9328DAJ93 / 21487055 USD 7.125% 31.05.2023 75.8 19.3 B- / B3 200,000 / 1,000 1, 2
fair USV9666XAA73 / 56638335 USD 13% 21.08.2023 103.1 11.4 (P)B / B3 200,000 / 1,000 1, 2
exp. USG9328DAP53 / 37807907 USD 6.125% 09.08.2024 66.0 19.0 B- / B3 200,000 / 1,000 1, 2
exp. USG9T27HAA24 / 47453744 USD 9.25% 23.04.2026 71.0 17.7 B- / B3 200,000 / 1,000 1, 2
WYNN MACAU (Macao S.A.R., China) Credit Outlook: Stable Analyst: Devinda Paranathanthri
attr. USG98149AC46 / 38324721 USD 4.875% 01.10.2024 99.5 5.0 BB- / B1 200,000 / 1,000 1, 2
fair USG98149AG59 / 55408903 USD 5.5% 15.01.2026 99.4 5.6 BB- / B1 200,000 / 1,000
fair USG98149AD29 / 38324692 USD 5.5% 01.10.2027 98.6 5.8 BB- / B1 200,000 / 1,000 1, 2
fair USG98149AH33 / 56683666 USD 5.625% 26.08.2028 98.0 6.0 BB- / B1 / 1, 2
exp. USG98149AE02 / 51516169 USD 5.125% 15.12.2029 96.1 5.7 BB- / B1 200,000 / 1,000 1, 2



YANKUANG GROUP (China) Credit Outlook: Stable Analyst: Kevin Liu

attr. XS1941840859 / 46141879 USD 6% 30.01.2022 104.0 2.8 BB / n/a 200,000 / 1,000 1
fair XS2201820706 / 56011482 USD 4% 16.07.2023 101.7 3.3 n/a / Ba1 200,000 / 1,000 1
Yanlord Land (China) Credit Outlook: Stable Analyst: Wendy Luo

attr. XS1521768058 / 35399037 USD 5.875% 23.01.2022 101.9 4.4 B+ / Ba3 200,000 / 1,000 1, 2
attr. XS1809258210 / 41425680 USD 6.75% 23.04.2023 104.7 4.7 B+ / Ba3 200,000 / 1,000 1, 2
attr. XS2030531938 / 49671163 USD 6.8% 27.02.2024 106.5 4.7 B+ / Ba3 200,000 / 1,000 1, 2
YANZHOU COAL MINING (China) Credit Outlook: Improving Analyst: Kevin Liu
attr. XS1909074491 / 45070262 USD 6% 29.11.2021 103.9 2.5 BB / n/a 200,000 / 1,000 1, 2
fair USY97279AB28 / 18582260 USD 5.73% 16.05.2022 103.9 3.2 BB / Ba1 200,000 / 1,000 1
YUZHOU PROPERTIES (China) Credit Outlook: Stable Analyst: Wendy Luo

fair XS1819960136 / 41672226 USD 7.9% 11.05.2021 102.0 4.3 NR / n/a 200,000 / 1,000 1, 2
fair XS1938265474 / 45960744 USD 8.625% 23.01.2022 104.2 5.1 n/a / B1 200,000 / 1,000
attr. XS1555300497 / 35431686 USD 6% 25.01.2022 100.9 5.2 n/a / B1 200,000 / 1,000
attr. XS1945941786 / 46195302 USD 8.5% 04.02.2023 105.5 5.9 n/a / B1 200,000 / 1,000 1, 2
fair XS1508493498 / 34336372 USD 6% 25.10.2023 100.1 6.0 n/a / B1 200,000 / 1,000 1
fair XS1954963580 / 46538154 USD 8.5% 26.02.2024 105.5 6.7 n/a / B1 200,000 / 1,000 1
attr. XS2073593274 / 50765406 USD 8.375% 30.10.2024 104.7 7.0 n/a / B1 200,000 / 1,000 1, 2
fair XS2121187962 / 52578770 USD 7.7% 20.02.2025 101.5 7.3 n/a / B1 200,000 / 1,000 1, 2
fair XS2085045503 / 51256594 USD 8.3% 27.05.2025 103.2 7.5 n/a / B1 200,000 / 1,000 1, 2
fair XS2100653778 / 51825701 USD 7.375% 13.01.2026 99.0 7.6 n/a / B1 200,000 / 1,000 1, 2
fair XS2215399317 / 56460712 USD 7.85% 12.08.2026 99.5 8.0 n/a / B1 200,000 / 1,000 1
attr. XS1692346395 / 38447109 USD 5.375% Perpetual 97.1 5.5 n/a / B1 200,000 / 1,000 1
Comment: This is a senior perpetual callable in Sep 2022 at par. The coupon resets at 5Y UST plus 852.7bps at the call date.



Financials

fair XS1897132319 / 44297536 USD 3.625% 23.10.2021 103.0 0.7 A+ / Aa3 200,000 / 1,000 n/a
fair XS1624141435 / 36950621 USD 1.19175% 09.06.2022 100.9 n/a A+ / Aa3 200,000 / 1,000 n/a
Comment: Floating rate note (FRN).
fair US50050HAK23 / 38382308 USD 2.875% 25.03.2023 105.1 0.8 A+ / Aa3 200,000 / 1,000 1
fair XS1793243939 / 40916198 USD 1.014% 03.04.2023 100.7 n/a n/a / Aa3 200,000 / 1,000
Comment: Floating rate note (FRN).
fair XS1932879130 / 46195459 USD 4.5% 01.02.2029 116.3 2.3 BBB+ / Baa1 200,000 / 1,000 n/a
Comment: This is a Basel III Tier 2 bond.
PT Bank Tabungan Negara (Indonesia) Credit Outlook: Stable Analyst: Clarissa Lee
fair XS2099372802 / 52056448 USD 4.2% 23.01.2025 100.7 4.0 n/a / Ba3 200,000 / 1,000 1
Vietnam Prosperity Joint Stock Commercial bank Credit Outlook: Stable Analyst: Clarissa Lee
attr. XS2027359756 / 48974555 USD 6.25% 17.07.2022 101.2 5.5 n/a / B1 200,000 / 1,000 1

Reference list: Bonds in USD, EMEA, Investment grade issuers

Sovereign issuers
Hungary Credit Outlook: Stable Analyst: Michael Bolliger

fair US445545AH91 / 20711039 USD 5.375% 21.02.2023 111.8 0.3 BBB / Baa3 2,000 / 2,000
fair US445545AJ57 / 22909886 USD 5.75% 22.11.2023 115.0 0.9 BBB / Baa3 2,000 / 2,000
fair US445545AL04 / 24010840 USD 5.375% 25.03.2024 115.8 0.7 BBB / Baa3 2,000 / 2,000
fair US445545AF36 / 12769081 USD 7.625% 29.03.2041 179.3 2.6 BBB / Baa3 2,000 / 2,000
KINGDOM OF MOROCCO Credit Outlook: Stable Analyst: Michael Bolliger

fair XS0850020586 / 20197889 USD 4.25% 11.12.2022 106.3 1.3 BBB- / n/a 200,000 / 1,000
fair XS0864259717 / 20212483 USD 5.5% 11.12.2042 126.3 3.8 BBB- / n/a 200,000 / 1,000
REPUBLIC OF KAZAKHSTAN Credit Outlook: Stable Analyst: Michael Bolliger

attr. XS1263139856 / 28941774 USD 6.5% 21.07.2045 159.1 3.1 BBB- / Baa3 200,000 / 1,000
Republic of Poland Credit Outlook: Stable Analyst: Michael Bolliger

fair US857524AA08 / 12889479 USD 5.125% 21.04.2021 103.0 -0.6 A- / A2 1,000 / 1,000
fair US857524AB80 / 14219468 USD 5% 23.03.2022 107.1 0.1 A- / A2 1,000 / 1,000
fair US731011AT95 / 19495874 USD 3% 17.03.2023 106.4 0.4 A- / A2 1,000 / 1,000
fair US857524AC63 / 23442015 USD 4% 22.01.2024 113.7 -0.2 A- / A2 1,000 / 1,000
fair US731011AU68 / 32094322 USD 3.25% 06.04.2026 113.8 0.7 A- / A2 1,000 / 1,000 1
ROMANIA Credit Outlook: Deteriorating Analyst: Michael Bolliger

fair US77586TAA43 / 14911050 USD 6.75% 07.02.2022 108.0 0.6 BBB- / Baa3 2,000 / 2,000
fair US77586TAC09 / 20734249 USD 4.375% 22.08.2023 110.5 0.7 BBB- / Baa3 2,000 / 2,000 1
fair US77586TAD81 / 23412695 USD 4.875% 22.01.2024 117.7 -0.5 BBB- / Baa3 2,000 / 2,000
attr. XS2201851172 / 55960086 USD 3% 14.02.2031 104.8 2.5 BBB- / Baa3 2,000 / 2,000 1



fair US77586TAE64 / 23417725 USD 6.125% 22.01.2044 138.6 3.7 BBB- / Baa3 2,000 / 2,000 1
Russian Federation Credit Outlook: Stable Analyst: Michael Bolliger

fair XS0114288789 / 1051769 USD 7.5% 31.03.2030 116.3 1.9 BBB- / Baa3 / 1
STATE OF ISRAEL Credit Outlook: Improving Analyst: Michael Bolliger

fair US46513AGA25 / 14839027 USD 4% 30.06.2022 106.5 0.2 AA- / A1 200,000 / 1,000
fair US4651387M19 / 20579576 USD 3.15% 30.06.2023 107.6 0.3 AA- / A1 200,000 / 1,000
fair US46513CXR23 / 31883495 USD 2.875% 16.03.2026 110.8 0.8 AA- / A1 200,000 / 1,000 1
fair US46513YJH27 / 39878463 USD 3.25% 17.01.2028 114.7 1.1 AA- / A1 200,000 / 1,000 1
fair US46513JXM88 / 51899519 USD 2.5% 15.01.2030 109.3 1.4 AA- / A1 200,000 / 1,000 1
fair US46513JB346 / 53943095 USD 2.75% 03.07.2030 111.4 1.5 AA- / A1 200,000 / 1,000 1
fair US4651387N91 / 20579578 USD 4.5% 30.01.2043 132.5 2.6 AA- / A1 200,000 / 1,000
fair US46513YJJ82 / 39880142 USD 4.125% 17.01.2048 128.1 2.7 AA- / A1 200,000 / 1,000 1
fair US46513JXN61 / 51899518 USD 3.375% 15.01.2050 112.9 2.7 AA- / A1 200,000 / 1,000 1
fair US46513JB429 / 53943098 USD 3.875% 03.07.2050 122.0 2.8 AA- / A1 200,000 / 1,000 1
fair US46513JB593 / 53947396 USD 4.5% 03.04.2120 136.5 3.3 AA- / A1 200,000 / 1,000 1


Corporate issuers
BARRICK GOLD (Canada) Credit Outlook: Stable Analyst: Tatiana Boroditskaya

attr. US725906AH40 / 1647997 USD 6.375% 01.03.2033 129.7 3.4 BBB / Baa2 1,000 / 1,000 1, 2
fair US067901AA64 / 1996643 USD 5.8% 15.11.2034 125.1 3.5 BBB / Baa2 / 1, 2
fair US06849VAA17 / 1996522 USD 5.8% 15.11.2034 125.1 3.5 BBB / Baa2 1,000 / 1,000 1, 2
fair USP1619PAB42 / 13403488 USD 6.35% 15.10.2036 137.9 3.3 BBB / Baa2 100,000 / 1,000 1, 2
fair US06849RAC60 / 4568619 USD 7.5% 15.09.2038 148.5 3.8 BBB / Baa2 2,000 / 1,000 1, 2
fair US06849UAD72 / 10798636 USD 5.95% 15.10.2039 143.9 2.9 BBB / Baa2 2,000 / 1,000 1, 2
fair US06849RAG74 / 13802705 USD 5.7% 30.05.2041 141.6 3.0 BBB / Baa2 2,000 / 1,000 1, 2
fair US067901AH18 / 18598188 USD 5.25% 01.04.2042 137.2 2.9 BBB / Baa2 2,000 / 1,000 1, 2
fair US06849RAK86 / 22083265 USD 5.75% 01.05.2043 147.2 2.9 BBB / Baa2 n/a / n/a 1, 2
Gazprom (Russia) Credit Outlook: Stable Analyst: Tatiana Boroditskaya

attr. XS1951084471 / 46360158 USD 5.15% 11.02.2026 112.1 2.7 BBB- / Baa2 200,000 / 1,000 1
Comment: Gazprom is not currently prohibited by US or EU sanctions in terms of capital market access. Equivalent Canadian sanctions, however, restrict dealings by Canadian persons or in Canada in new debt of
Gazprom of greater than 90 days maturity.
Gazprom Neft (Russia) Credit Outlook: Stable Analyst: Tatiana Boroditskaya



Gazprom Neft (Russia) Credit Outlook: Stable Analyst: Tatiana Boroditskaya

Comment: In September 2014 the EU prohibited new financing with over 30 days' maturity for Gazprom Neft, while the US prohibited new financing with over 60 days maturity for the company.
ISRAEL ELECTRIC CORPORATION Credit Outlook: Improving Analyst: Kunal Singh

fair US46507NAE04 / 21687786 USD 6.875% 21.06.2023 115.1 1.1 BBB / Baa2 200,000 / 1,000 1, 2
fair US46507WAB63 / 1210427 USD 7.75% 15.12.2027 134.1 2.5 BBB / Baa2 250,000 / 1,000
KINROSS GOLD CORP (Canada) Credit Outlook: Stable Analyst: Tatiana Boroditskaya
fair US496902AJ65 / 18653747 USD 5.125% 01.09.2021 104.0 0.6 BBB- / Baa3 n/a / n/a 1, 2
fair US496902AN77 / 26090113 USD 5.95% 15.03.2024 114.0 1.7 BBB- / Baa3 n/a / n/a 1, 2
fair US496902AK39 / 18653762 USD 6.875% 01.09.2041 133.0 4.4 BBB- / Baa3 2,000 / 1,000 1, 2
Lukoil (Russia) Credit Outlook: Stable Analyst: Tatiana Boroditskaya

fair XS0304274599 / 3178767 USD 6.656% 07.06.2022 108.5 1.4 BBB / Baa2 100,000 / 1,000 1, 2
fair XS0919504562 / 21212979 USD 4.563% 24.04.2023 106.9 1.8 BBB / Baa2 200,000 / 1,000 1, 2
fair XS1514045886 / 34444448 USD 4.75% 02.11.2026 112.5 2.5 BBB / n/a 200,000 / 1,000 1, 2
fair XS2159874002 / 54510952 USD 3.875% 06.05.2030 106.4 3.1 BBB / n/a 200,000 / 1,000 1, 2
Comment: Lukoil is not currently prohibited by US or EU sanctions in terms of capital market access.
NEWCREST MINING (Australia) Credit Outlook: Stable Analyst: Tatiana Boroditskaya

fair USQ66511AC26 / 19650342 USD 4.2% 01.10.2022 105.3 1.5 BBB / Baa2 2,000 / 1,000 1, 2
fair USQ66511AE81 / 54681183 USD 3.25% 13.05.2030 109.7 2.1 BBB / Baa2 2,000 / 1,000 1, 2
fair USQ66511AB43 / 14287401 USD 5.75% 15.11.2041 135.0 3.4 BBB / Baa2 2,000 / 1,000 1, 2
fair USQ66511AF56 / 54682293 USD 4.2% 13.05.2050 117.3 3.3 BBB / Baa2 2,000 / 1,000 ,2
NORILSK NICKEL (Russia) Credit Outlook: Stable Analyst: Tatiana Boroditskaya

fair XS1622146758 / 37026445 USD 3.849% 08.04.2022 103.0 1.8 BBB- / n/a 200,000 / 1,000 1, 2


NORILSK NICKEL (Russia) Credit Outlook: Stable Analyst: Tatiana Boroditskaya

fair XS1589324075 / 36364926 USD 4.1% 11.04.2023 104.7 2.1 BBB- / n/a 200,000 / 1,000 1
Comment: Norilsk Nickel is not currently prohibited by US or EU sanctions in terms of capital market access.
NOVOLIPETSK STEEL (Russia) Credit Outlook: Stable Analyst: Tatiana Boroditskaya

fair XS1577953174 / 38339091 USD 4% 21.09.2024 106.8 2.2 BBB- / n/a 200,000 / 1,000 1
fair XS1843435337 / 48152782 USD 4.7% 30.05.2026 111.3 2.5 n/a / Baa2 200,000 / 1,000 1
Rosneft (Russia) Credit Outlook: Stable Analyst: Tatiana Boroditskaya

fair XS0861981180 / 20145902 USD 4.199% 06.03.2022 n/a n/a BBB- / Baa3 200,000 / 1,000
Comment: The US has imposed sanctions on Rosneft, prohibiting involvement in new debt with over 60 days' maturity.The EU prohibits involvement in new financing with over 30 days maturity.
Russian Railways Credit Outlook: Stable Analyst: Tatiana Boroditskaya

fair XS1574068844 / 35865771 USD 4.375% 01.03.2024 108.7 1.7 n/a / Baa2 200,000 / 1,000 1
Comment: Russian Railways is not currently prohibited by US or EU sanctions in terms of capital market access.
Severstal (Russia) Credit Outlook: Stable Analyst: Tatiana Boroditskaya

fair XS1567051443 / 35780006 USD 3.85% 27.08.2021 102.4 1.1 BBB- / n/a 200,000 / 1,000 1, 2
fair XS2046736919 / 49987817 USD 3.15% 16.09.2024 103.4 2.2 n/a / Baa2 200,000 / 1,000 1, 2
Comment: Severstal is not currently prohibited by US or EU sanctions in terms of capital market access.
Financials
PKO Bank (Poland) Credit Outlook: Stable Analyst: Tatiana Boroditskaya

fair XS0783934085 / 19620485 USD 4.63% 26.09.2022 107.5 0.7 NR / A3 200,000 / 1,000


Sberbank (Russia) Credit Outlook: Stable Analyst: Tatiana Boroditskaya

fair XS0638572973 / 13185681 USD 5.717% 16.06.2021 103.5 0.6 n/a / Baa3 200,000 / 1,000 1
fair XS0743596040 / 14911548 USD 6.125% 07.02.2022 105.8 1.6 n/a / Baa3 200,000 / 1,000 1
Comment: The EU and US have imposed sanctions on Sberbank, prohibiting involvement in new financing beyond 14 days' maturity.
VEB.RF (Russia) Credit Outlook: Stable Analyst: Tatiana Boroditskaya

fair XS0800817073 / 18928345 USD 6.025% 05.07.2022 106.9 1.9 BBB- / n/a 200,000 / 1,000 1
fair XS0993162683 / 22908398 USD 5.942% 21.11.2023 111.1 2.2 BBB- / n/a 200,000 / 1,000 1
fair XS0559915961 / 12016796 USD 6.8% 22.11.2025 120.4 2.5 BBB- / n/a 100,000 / 1,000
Comment: In September 2014 the US and EU tightened the imposed sanctions on the bank, prohibiting involvement in new financing beyond 14 days' maturity.The bank was previously known as VEB.

Reference list: Bonds in USD, EMEA, Speculative grade issuers


Sovereign issuers
ARAB REPUBLIC OF EGYPT Credit Outlook: Improving Analyst: Michael Bolliger

attr. XS1558077845 / 35497227 USD 6.125% 31.01.2022 104.0 2.9 n/a / B2 200,000 / 1,000
attr. XS1775617209 / 40477415 USD 5.577% 21.02.2023 103.8 3.9 B / B2u 200,000 / 1,000 1
fair XS2079842485 / 51119907 USD 4.55% 20.11.2023 101.3 4.1 B / B2u 200,000 / 1,000
attr. XS1953055875 / 46578132 USD 6.2004% 01.03.2024 105.0 4.6 B / B2u 200,000 / 1,000
attr. XS2176895469 / 54966329 USD 5.75% 29.05.2024 103.7 4.6 B / B2u 200,000 / 1,000 1
exp. XS1245432742 / 28478797 USD 5.875% 11.06.2025 104.8 4.7 B / B2 200,000 / 1,000
attr. XS2241075014 / 57444638 USD 5.25% 06.10.2025 101.9 4.8 B / n/a 200,000 / 1,000 1
fair XS1558078736 / 35496992 USD 7.5% 31.01.2027 112.1 5.2 n/a / B2 200,000 / 1,000
exp. XS1775618439 / 40477419 USD 6.588% 21.02.2028 102.1 6.2 B / B2u 200,000 / 1,000 1
attr. XS1953057061 / 46576990 USD 7.6003% 01.03.2029 105.3 6.8 B / B2u 200,000 / 1,000 1
fair XS2079842642 / 51117741 USD 7.0529% 15.01.2032 99.4 7.1 B / B2u 200,000 / 1,000 1
fair XS2176897754 / 54968776 USD 7.625% 29.05.2032 103.0 7.2 B / B2u 200,000 / 1,000 1
fair XS1558078496 / 35497252 USD 8.5% 31.01.2047 102.2 8.3 n/a / B2 200,000 / 1,000
exp. XS1775617464 / 40477420 USD 7.903% 21.02.2048 98.0 8.1 B / B2u 200,000 / 1,000 1
attr. XS1953057491 / 46578004 USD 8.7002% 01.03.2049 102.8 8.4 B / B2u 200,000 / 1,000 1
attr. XS2176899701 / 54968779 USD 8.875% 29.05.2050 104.0 8.5 B / B2u 200,000 / 1,000 1
fair XS2079846635 / 51116978 USD 8.15% 20.11.2059 97.5 8.4 B / B2u 200,000 / 1,000 1
FEDERAL REPUBLIC OF NIGERIA Credit Outlook: Deteriorating Analyst: Michael Bolliger

attr. US65412AEK43 / 37223855 USD 5.625% 27.06.2022 102.0 4.4 B- / B2 2,000 / 1,000 1
attr. XS0944707222 / 21798914 USD 6.375% 12.07.2023 104.7 4.6 B- / n/a 200,000 / 1,000 1
fair XS1910826996 / 44904968 USD 7.625% 21.11.2025 107.6 5.9 B- / B2 200,000 / 1,000 1
fair XS1717011982 / 39264171 USD 6.5% 28.11.2027 100.3 6.5 B- / B2 200,000 / 1,000 1
fair XS1777972511 / 40538148 USD 7.143% 23.02.2030 101.0 7.0 B- / B2 200,000 / 1,000 1
attr. XS1910827887 / 44904926 USD 8.747% 21.01.2031 109.0 7.5 B- / B2 200,000 / 1,000



FEDERAL REPUBLIC OF NIGERIA Credit Outlook: Deteriorating Analyst: Michael Bolliger

fair XS1566179039 / 35704161 USD 7.875% 16.02.2032 102.5 7.5 B- / B2 200,000 / 1,000
fair XS1777972941 / 40538149 USD 7.696% 23.02.2038 97.8 7.9 B- / B2 200,000 / 1,000 1
fair XS1717013095 / 39266474 USD 7.625% 28.11.2047 96.5 7.9 B- / B2 200,000 / 1,000 1
attr. XS1910828182 / 44904931 USD 9.248% 21.01.2049 106.9 8.6 B- / B2 200,000 / 1,000
REP. OF COTE DIVOIRE (Ivory Coast) Credit Outlook: Stable Analyst: Michael Bolliger
attr. XS1089413089 / 24971833 USD 5.375% 23.07.2024 102.3 4.7 n/a / Ba3 200,000 / 1,000
attr. XS1196517434 / 27275107 USD 6.375% 03.03.2028 104.0 5.6 n/a / Ba3 200,000 / 1,000 1
fair XS0496488395 / 11145940 USD 5.75% 31.12.2032 98.4 6.1 n/a / n/a 100,000 / 1,000 1
exp. XS1631415400 / 37095258 USD 6.125% 15.06.2033 99.2 6.2 n/a / Ba3 200,000 / 1,000 1
REPUBLIC OF CROATIA Credit Outlook: Improving Analyst: Michael Bolliger

fair XS0908769887 / 21045172 USD 5.5% 04.04.2023 111.1 0.9 BBB- / Ba2 200,000 / 1,000
fair XS0997000251 / 22918701 USD 6% 26.01.2024 117.5 0.6 BBB- / Ba2 200,000 / 1,000
REPUBLIC OF KENYA Credit Outlook: Stable Analyst: Michael Bolliger

attr. XS1028952403 / 24734552 USD 6.875% 24.06.2024 105.3 5.3 B+ / n/a 200,000 / 1,000
attr. XS1843435840 / 48035014 USD 7% 22.05.2027 103.3 6.3 B+ / B2u 200,000 / 1,000 1
fair XS1781710543 / 40622006 USD 7.25% 28.02.2028 103.6 6.6 B+ / B2u 200,000 / 1,000 1
attr. XS1843435766 / 48025552 USD 8% 22.05.2032 105.0 7.3 B+ / B2u 200,000 / 1,000 1
fair XS1781710626 / 40622007 USD 8.25% 28.02.2048 100.7 8.2 B+ / B2u 200,000 / 1,000 1
Republic of South Africa Credit Outlook: Deteriorating Analyst: Michael Bolliger

fair US836205AL88 / 3115857 USD 5.875% 30.05.2022 106.6 1.8 BB- / Ba1 100,000 / 1,000
fair US836205AQ75 / 14715301 USD 4.665% 17.01.2024 105.5 2.9 BB- / Ba1 100,000 / 1,000
fair US836205AR58 / 22330397 USD 5.875% 16.09.2025 109.2 3.8 BB- / Ba1 200,000 / 1,000
fair US836205AT15 / 32213015 USD 4.875% 14.04.2026 104.0 4.1 BB- / Ba1 200,000 / 1,000
fair US836205AW44 / 38397359 USD 4.85% 27.09.2027 101.4 4.6 n/a / Ba1 200,000 / 1,000 1




fair US836205AU87 / 34159530 USD 4.3% 12.10.2028 97.0 4.8 BB- / Ba1 200,000 / 1,000 1
fair US836205BA15 / 50235650 USD 4.85% 30.09.2029 99.2 5.0 BB- / Ba1 200,000 / 1,000 1
fair US836205AY00 / 41862627 USD 5.875% 22.06.2030 106.0 5.1 BB- / Ba1 200,000 / 1,000 1
fair US836205AP92 / 12617181 USD 6.25% 08.03.2041 100.0 6.3 BB- / Ba1 100,000 / 1,000
fair US836205AS32 / 24981916 USD 5.375% 24.07.2044 90.7 6.1 BB- / Ba1 200,000 / 1,000 1
fair US836205AV60 / 34159501 USD 5% 12.10.2046 85.6 6.1 BB- / Ba1 200,000 / 1,000 1
exp. US836205AX27 / 38397361 USD 5.65% 27.09.2047 94.0 6.1 n/a / Ba1 200,000 / 1,000 1
exp. US836205AZ74 / 41860948 USD 6.3% 22.06.2048 100.0 6.3 BB- / Ba1 200,000 / 1,000 1
exp. US836205BB97 / 50235648 USD 5.75% 30.09.2049 91.0 6.4 BB- / Ba1 200,000 / 1,000 1
Republic of Turkey Credit Outlook: Deteriorating Analyst: Michael Bolliger

fair XS1303467077 / 32800420 USD 4.251% 08.06.2021 100.4 3.7 n/a / B2 200,000 / 1,000 1
Comment: Please note that Turkey 4.251% 2021 is a sukuk.
attr. US900123BY51 / 14131378 USD 5.125% 25.03.2022 100.4 4.9 NR / B2 200,000 / 1,000
fair US900123CA66 / 20417130 USD 3.25% 23.03.2023 95.9 5.1 n/a / B2 200,000 / 1,000 1
fair XS1586385178 / 36313087 USD 5.004% 06.04.2023 98.9 5.5 n/a / B2 200,000 / 1,000 1
attr. US900123CR91 / 44297539 USD 7.25% 23.12.2023 104.1 5.8 n/a / B2 200,000 / 1,000 1
fair US900123CF53 / 23500234 USD 5.75% 22.03.2024 99.3 6.0 n/a / B2 200,000 / 1,000 1
attr. US900123CV04 / 48820543 USD 6.35% 10.08.2024 101.1 6.0 n/a / B2 200,000 / 1,000 1
fair XS1141043296 / 26135097 USD 4.489% 25.11.2024 95.9 5.6 n/a / B2 200,000 / 1,000 1
fair US900123AW05 / 2047353 USD 7.375% 05.02.2025 104.4 6.2 NR / B2 2,000 / 1,000 1
fair US900123CX69 / 52491756 USD 4.25% 13.03.2025 93.2 6.0 n/a / B2 200,000 / 1,000 1
attr. US900123CJ75 / 27832919 USD 4.25% 14.04.2026 93.1 5.7 n/a / B2 200,000 / 1,000 1
fair US900123CK49 / 31809054 USD 4.875% 09.10.2026 93.3 6.2 n/a / B2 200,000 / 1,000 1




attr. US900123CL22 / 35445525 USD 6% 25.03.2027 97.7 6.4 n/a / B2 200,000 / 1,000 1
fair US900123CP36 / 39853608 USD 5.125% 17.02.2028 92.5 6.4 n/a / B2 200,000 / 1,000
fair US900123CQ19 / 41434563 USD 6.125% 24.10.2028 96.8 6.7 n/a / B2 200,000 / 1,000 1
attr. US900123CT57 / 45863057 USD 7.625% 26.04.2029 104.7 6.9 n/a / B2 200,000 / 1,000
exp. US900123AL40 / 1035720 USD 11.875% 15.01.2030 132.8 7.0 NR / B2 1,000 / 1,000 1
fair US900123CY43 / 52491758 USD 5.25% 13.03.2030 90.3 6.7 n/a / B2 200,000 / 1,000 1
exp. US900123AT75 / 1763316 USD 8% 14.02.2034 106.5 7.2 NR / B2 2,000 / 1,000 1
fair US900123AY60 / 2398648 USD 6.875% 17.03.2036 95.6 7.4 NR / B2 2,000 / 1,000 1
fair US900123BB58 / 3836474 USD 7.25% 05.03.2038 98.5 7.4 NR / B2 2,000 / 1,000
attr. US900123BG46 / 10887708 USD 6.75% 30.05.2040 92.6 7.5 NR / B2 100,000 / 1,000
fair US900123BJ84 / 12275691 USD 6% 14.01.2041 84.9 7.5 NR / B2 200,000 / 1,000
exp. US900123CB40 / 21136612 USD 4.875% 16.04.2043 76.0 7.0 n/a / B2 200,000 / 1,000 1
fair US900123CG37 / 23726343 USD 6.625% 17.02.2045 89.4 7.6 n/a / B2 200,000 / 1,000 1
fair US900123CM05 / 36677275 USD 5.75% 11.05.2047 83.6 7.1 n/a / B2 200,000 / 1,000 1
Corporate issuers
ANGLOGOLD ASHANTI (South Africa) Credit Outlook: Stable Analyst: Tatiana Boroditskaya
fair US03512TAC53 / 19141330 USD 5.125% 01.08.2022 105.7 1.9 BB+ / Baa3 1,000 / 1,000 1, 2
attr. US03512TAB70 / 11248304 USD 6.5% 15.04.2040 120.7 4.9 BB+ / Baa3 1,000 / 1,000 1, 2
ARCELIK (Turkey) Credit Outlook: Deteriorating Analyst: Tatiana Boroditskaya

fair XS0910932788 / 21038374 USD 5% 03.04.2023 101.2 4.5 BB / n/a 200,000 / 1,000
ESKOM HOLDINGS (South Africa) Credit Outlook: Deteriorating Analyst: Kunal Singh
attr. XS0958072240 / 22033922 USD 6.75% 06.08.2023 95.9 8.4 CCC+ / Caa1 200,000 / 1,000
attr. XS1187065443 / 27079331 USD 7.125% 11.02.2025 97.2 7.9 CCC+ / Caa1 200,000 / 1,000 1
attr. XS1864522757 / 43097577 USD 8.45% 10.08.2028 97.7 8.9 CCC+ / Caa1 200,000 / 1,000 1



ESKOM HOLDINGS (South Africa) Credit Outlook: Deteriorating Analyst: Kunal Singh
attr. XS1864523300 / 43097579 USD 6.35% 10.08.2028 104.4 5.7 BB- / Ba1 200,000 / 1,000 1
Evraz (Russia) Credit Outlook: Stable Analyst: Tatiana Boroditskaya

attr. XS1405775377 / 32886313 USD 6.75% 31.01.2022 107.1 1.2 BB+ / n/a 200,000 / 1,000 1, 2
fair XS1533915721 / 36066703 USD 5.375% 20.03.2023 108.1 2.0 BB+ / Ba2 200,000 / 1,000 1
fair XS1843443273 / 47152280 USD 5.25% 02.04.2024 109.2 2.5 BB+ / Ba2 200,000 / 1,000 1, 2
Comment: Evraz is not currently prohibited by US or EU sanctions in terms of capital market access.
GOLD FIELDS (South Africa) Credit Outlook: Deteriorating Analyst: Tatiana Boroditskaya
fair XS1993827135 / 47858870 USD 5.125% 15.05.2024 110.3 2.1 BB+ / Baa3 200,000 / 1,000 1, 2
fair XS1993965950 / 47859735 USD 6.125% 15.05.2029 120.6 3.3 BB+ / Baa3 200,000 / 1,000 1, 2
Mobile Telesystems (Russia) Credit Outlook: Stable Analyst: Tatiana Boroditskaya

fair XS0921331509 / 21487138 USD 5% 30.05.2023 107.2 2.2 BBB- / Baa3u 200,000 / 1,000 1
Comment: Mobile Telesystems is not currently prohibited by US or EU sanctions in terms of capital market access.
TURK TELEKOM (Turkey) Credit Outlook: Deteriorating Analyst: Tatiana Boroditskaya

fair XS1028951264 / 24702521 USD 4.875% 19.06.2024 99.9 4.9 BB- / n/a 200,000 / 1,000
attr. XS1955059420 / 46615762 USD 6.875% 28.02.2025 103.5 6.0 BB- / n/a 200,000 / 1,000 1
VEON (Russia) Credit Outlook: Stable Analyst: Tatiana Boroditskaya

fair XS1625994022 / 37153457 USD 3.95% 16.06.2021 101.4 1.8 BB+ / Ba2u 200,000 / 1,000 1, 2
fair XS0643183220 / 13252272 USD 7.5043% 01.03.2022 108.7 1.2 BB+ / Ba2u 200,000 / 1,000 1
fair XS0889401724 / 20671401 USD 5.95% 13.02.2023 108.9 2.0 BB+ / Ba2u 200,000 / 1,000 1
fair XS1625994618 / 37153493 USD 4.95% 16.06.2024 108.4 2.6 BB+ / Ba2u 200,000 / 1,000 1, 2
fair XS2058691663 / 50414400 USD 4% 09.04.2025 103.9 3.1 BB+ / n/a 200,000 / 1,000 1, 2
Comment: The company was previously known as Vimpelcom. VEON isnot currently prohited by US or EU sanctions in terms of capital market access.



Financials
Akbank (Turkey) Credit Outlook: Deteriorating Analyst: Tatiana Boroditskaya

attr. USM0375YAK49 / 19837856 USD 5% 24.10.2022 99.0 5.5 n/a / B2 150,000 / 1,000
fair XS1210422074 / 27658714 USD 5.125% 31.03.2025 93.9 6.7 n/a / B2 200,000 / 1,000
attr. XS2131335270 / 55798631 USD 6.8% 06.02.2026 98.2 7.2 n/a / B2 200,000 / 1,000 1
Alfa Bank (Russia) Credit Outlook: Stable Analyst: Tatiana Boroditskaya

fair XS0620695204 / 12909573 USD 7.75% 28.04.2021 103.7 0.8 BB+ / Ba1 200,000 / 1,000 1
Comment: Alfa Bank's access to US and EU capital markets is currently not prohibited by either US or EU sanctions.
Export Credit Bank of Turkey Credit Outlook: Deteriorating Analyst: Tatiana Boroditskaya
fair XS1028943089 / 25486992 USD 5% 23.09.2021 100.1 4.9 NR / B2 200,000 / 1,000
fair XS1684378208 / 38279721 USD 4.25% 18.09.2022 96.1 6.4 n/a / B2 200,000 / 1,000 1
fair XS1496463297 / 34342453 USD 5.375% 24.10.2023 95.9 6.9 n/a / B2 n/a / n/a 1
attr. XS1917720911 / 46000718 USD 8.25% 24.01.2024 103.0 7.2 n/a / B2 n/a / n/a 1
fair XS1814962582 / 41604005 USD 6.125% 03.05.2024 96.5 7.3 n/a / B2 200,000 / 1,000 1
Garanti Bank (Turkey) Credit Outlook: Deteriorating Analyst: Tatiana Boroditskaya

fair USM8931TAF68 / 19466626 USD 5.25% 13.09.2022 99.8 5.4 n/a / B2 200,000 / 1,000
attr. XS1576037284 / 36029889 USD 5.875% 16.03.2023 100.2 5.8 n/a / B2 200,000 / 1,000 1
Isbank (Turkey) Credit Outlook: Deteriorating Analyst: Tatiana Boroditskaya

fair XS1079527211 / 24749507 USD 5% 25.06.2021 100.5 4.3 n/a / B3 200,000 / 1,000 1
fair XS1390320981 / 32094220 USD 5.375% 06.10.2021 100.5 4.8 n/a / B3 200,000 / 1,000 1
fair XS1508390090 / 34332255 USD 5.5% 21.04.2022 100.8 5.0 n/a / B3 200,000 / 1,000 1
exp. XS1578203462 / 36501663 USD 6.125% 25.04.2024 97.3 7.0 n/a / B3 200,000 / 1,000
Vakifbank (Turkey) Credit Outlook: Deteriorating Analyst: Tatiana Boroditskaya

fair XS1508914691 / 34368746 USD 5.5% 27.10.2021 101.2 4.3 n/a / B2 200,000 / 1,000 1



Vakifbank (Turkey) Credit Outlook: Deteriorating Analyst: Tatiana Boroditskaya

fair XS1622626379 / 36922703 USD 5.625% 30.05.2022 98.8 6.4 n/a / B2 200,000 / 1,000 1
fair XS1760780731 / 40096113 USD 5.75% 30.01.2023 96.9 7.2 n/a / B2 200,000 / 1,000 1
fair XS1970705528 / 47075898 USD 8.125% 28.03.2024 101.5 7.6 n/a / B2 200,000 / 1,000 1
fair XS2112797290 / 52308321 USD 5.25% 05.02.2025 92.2 7.4 n/a / B2 200,000 / 1,000
Yapi Kredi Bankasi (Turkey) Credit Outlook: Deteriorating Analyst: Tatiana Boroditskaya
fair XS1571399754 / 35834770 USD 5.75% 24.02.2022 100.0 5.7 n/a / B2 200,000 / 1,000
fair XS1788516679 / 40915558 USD 6.1% 16.03.2023 98.3 6.9 n/a / B2 200,000 / 1,000
fair XS1634372954 / 37173412 USD 5.85% 21.06.2024 96.6 6.9 n/a / B2 200,000 / 1,000

Reference list: Bonds in USD, GCC, Investment grade issuers

Sovereign issuers
Emirate of Abu Dhabi (UAE) Credit Outlook: Stable Analyst: Michael Bolliger
fair XS1402929589 / 32399914 USD 2.125% 03.05.2021 101.2 -0.1 AA / n/a 200,000 / 1,000
fair XS1696908471 / 38576913 USD 2.5% 11.10.2022 104.0 0.5 AA / n/a 200,000 / 1,000
fair XS2225210256 / 56800632 USD 0.75% 02.09.2023 100.4 0.6 AA / n/a 200,000 / 1,000 1
fair XS2057865896 / 50245359 USD 2.125% 30.09.2024 105.2 0.8 AA / Aa2u 200,000 / 1,000 1
fair XS2125308085 / 54117229 USD 2.5% 16.04.2025 107.4 0.8 AA / Aa2u 200,000 / 1,000
fair XS1402929746 / 32399912 USD 3.125% 03.05.2026 110.9 1.1 AA / n/a 200,000 / 1,000
fair XS1696892295 / 38576859 USD 3.125% 11.10.2027 112.4 1.3 AA / n/a 200,000 / 1,000
fair XS2057865979 / 50245373 USD 2.5% 30.09.2029 108.0 1.5 AA / Aa2u 200,000 / 1,000 1
fair XS2125308168 / 54119882 USD 3.125% 16.04.2030 113.6 1.6 AA / Aa2u 200,000 / 1,000 1
fair XS2225210413 / 56800731 USD 1.7% 02.03.2031 100.3 1.7 AA / n/a 200,000 / 1,000 1
fair XS1696899035 / 38576936 USD 4.125% 11.10.2047 128.0 2.7 AA / n/a 200,000 / 1,000
fair XS2057866191 / 50245196 USD 3.125% 30.09.2049 109.3 2.7 AA / Aa2u 200,000 / 1,000 1
fair XS2125308242 / 54119881 USD 3.875% 16.04.2050 124.3 2.7 AA / Aa2u 200,000 / 1,000
fair XS2225210330 / 56800654 USD 2.7% 02.09.2070 98.0 2.8 AA / n/a 200,000 / 1,000 1
EMIRATE OF DUBAI (UAE) Credit Outlook: Stable Analyst: Michael Bolliger

fair XS0640032594 / 13210936 USD 5.591% 22.06.2021 103.6 0.3 n/a / n/a 100,000 / 1,000 1
fair XS0778097674 / 18487729 USD 6.45% 02.05.2022 108.7 0.8 n/a / n/a 200,000 / 1,000
Comment: The USD 6.45% 2022 is a sukuk instrument.
attr. XS0880424337 / 20535246 USD 3.875% 30.01.2023 105.8 1.3 n/a / n/a 200,000 / 1,000
fair XS1062038143 / 24307300 USD 5% 30.04.2029 118.7 2.6 n/a / n/a 200,000 / 1,000
fair XS2227049108 / 56952662 USD 2.763% 09.09.2030 101.9 2.6 n/a / n/a 200,000 / 1,000 1


EMIRATE OF DUBAI (UAE) Credit Outlook: Stable Analyst: Michael Bolliger

fair XS0880597603 / 20547941 USD 5.25% 30.01.2043 118.3 4.0 n/a / n/a 200,000 / 1,000
attr. XS2226973522 / 56953108 USD 3.9% 09.09.2050 97.3 4.1 n/a / n/a 200,000 / 1,000 1
KINGDOM OF SAUDI ARABIA Credit Outlook: Stable Analyst: Michael Bolliger

fair XS1508675334 / 34357206 USD 2.375% 26.10.2021 n/a n/a n/a / A1 200,000 / 1,000
fair XS1599284111 / 36464484 USD 2.894% 20.04.2022 103.6 0.5 n/a / A1 200,000 / 1,000 1
Comment: Please note that Saudi Arabia 2.894% 2022 is a sukuk bond.
fair XS1694216687 / 38497518 USD 2.875% 04.03.2023 105.2 0.7 n/a / A1 200,000 / 1,000 1
fair XS1791937441 / 41361899 USD 4% 17.04.2025 112.2 1.2 n/a / A1 200,000 / 1,000
fair XS2159975619 / 54231841 USD 2.9% 22.10.2025 108.0 1.3 n/a / A1 200,000 / 1,000
fair XS1508675417 / 34354521 USD 3.25% 26.10.2026 110.3 1.5 n/a / A1 200,000 / 1,000
attr. XS2109766126 / 52157905 USD 2.5% 03.02.2027 105.6 1.6 n/a / A1 200,000 / 1,000 1
attr. XS1599284202 / 36464454 USD 3.628% 20.04.2027 112.2 1.6 n/a / A1 200,000 / 1,000 1
Comment: Please note that Saudi Arabia 3.628% 2027 is a sukuk bond.
attr. XS1694217495 / 38497738 USD 3.625% 04.03.2028 112.6 1.8 n/a / A1 200,000 / 1,000 1
fair XS1881581968 / 43716914 USD 4.303% 19.01.2029 118.5 1.9 n/a / A1 200,000 / 1,000
fair XS1936302865 / 45875287 USD 4.375% 16.04.2029 119.4 1.9 n/a / A1 200,000 / 1,000 1
fair XS2072816114 / 50758997 USD 2.969% 29.10.2029 108.5 1.9 n/a / A1 200,000 / 1,000 1
Comment: This is a sukuk instrument.
fair XS1791939066 / 41361916 USD 4.5% 17.04.2030 122.0 2.0 n/a / A1 200,000 / 1,000
attr. XS2159975700 / 54231842 USD 3.25% 22.10.2030 111.0 2.0 n/a / A1 200,000 / 1,000
fair XS2109766472 / 52157861 USD 2.75% 03.02.2032 106.5 2.1 n/a / A1 200,000 / 1,000 1
fair XS1508675508 / 34357187 USD 4.5% 26.10.2046 124.9 3.1 n/a / A1 200,000 / 1,000
fair XS1694218469 / 38497765 USD 4.625% 04.10.2047 125.3 3.2 n/a / A1 200,000 / 1,000 1
fair XS1791939736 / 41361929 USD 5% 17.04.2049 132.4 3.3 n/a / A1 200,000 / 1,000
attr. XS1936302949 / 45875286 USD 5.25% 16.01.2050 137.4 3.3 n/a / A1 200,000 / 1,000 1



fair XS2109770151 / 52157910 USD 3.75% 21.01.2055 111.0 3.2 n/a / A1 200,000 / 1,000 1
fair XS2159975882 / 54231843 USD 4.5% 22.04.2060 127.0 3.3 n/a / A1 200,000 / 1,000 1
STATE OF KUWAIT Credit Outlook: Stable Analyst: Michael Bolliger

fair XS1582346703 / 36066705 USD 2.75% 20.03.2022 103.3 0.4 AA- / n/a 200,000 / 1,000 1
attr. XS1582346968 / 36068642 USD 3.5% 20.03.2027 113.8 1.3 AA- / n/a 200,000 / 1,000
State of Qatar Credit Outlook: Stable Analyst: Michael Bolliger

fair XS1405781698 / 32720050 USD 2.375% 02.06.2021 101.3 0.4 AA- / Aa3 200,000 / 1,000 1, 2
fair XS0615236006 / 14444528 USD 4.5% 20.01.2022 105.2 0.4 AA- / Aa3 200,000 / 1,000 1, 2
fair XS0801656330 / 19034175 USD 3.241% 18.01.2023 106.0 0.6 AA- / Aa3 200,000 / 1,000
Comment: Please note that Qatar 3.241% 2023 is a sukuk bond.
fair XS1806502453 / 41394029 USD 3.875% 23.04.2023 108.0 0.7 AA- / Aa3 200,000 / 1,000 1, 2
fair XS1959337236 / 46800434 USD 3.375% 14.03.2024 108.6 0.8 AA- / Aa3 200,000 / 1,000 1, 2
fair XS2155352151 / 54089342 USD 3.4% 16.04.2025 110.7 1.0 AA- / Aa3 200,000 / 1,000 1, 2
fair XS1405782159 / 32718041 USD 3.25% 02.06.2026 111.4 1.2 AA- / Aa3 200,000 / 1,000 1, 2
attr. XS1807174393 / 41394030 USD 4.5% 23.04.2028 121.3 1.5 AA- / Aa3 200,000 / 1,000 1, 2
fair XS1959337582 / 46800685 USD 4% 14.03.2029 118.8 1.6 AA- / Aa3 200,000 / 1,000 1, 2
fair XS2155352664 / 54090701 USD 3.75% 16.04.2030 117.9 1.7 AA- / Aa3 200,000 / 1,000 1
fair XS0113419690 / 1097610 USD 9.75% 15.06.2030 170.6 1.8 AA- / Aa3 10,000 / 1,000
fair XS0468535637 / 10751975 USD 6.4% 20.01.2040 157.2 2.6 AA- / Aa3 100,000 / 1,000 1, 2
fair XS0615236188 / 14444539 USD 5.75% 20.01.2042 150.6 2.6 AA- / Aa3 200,000 / 1,000 1
fair XS1405781854 / 32720052 USD 4.625% 02.06.2046 135.3 2.7 AA- / Aa3 200,000 / 1,000 1, 2
fair XS1807174559 / 41394031 USD 5.103% 23.04.2048 143.2 2.8 AA- / Aa3 200,000 / 1,000 1, 2
fair XS1959337749 / 46801548 USD 4.817% 14.03.2049 138.1 2.9 AA- / Aa3 200,000 / 1,000 1, 2
fair XS2155352748 / 54092337 USD 4.4% 16.04.2050 132.0 2.8 AA- / Aa3 200,000 / 1,000 1


Corporate issuers
Abu Dhabi Nat. Ener. Co (TAQA) (UAE) Credit Outlook: Stable Analyst: Tatiana Boroditskaya
fair XS1435072548 / 32931384 USD 3.625% 22.06.2021 102.4 0.2 NR / Aa3 200,000 / 1,000 1
fair XS0717839871 / 14488384 USD 5.875% 13.12.2021 106.5 0.3 NR / Aa3 200,000 / 1,000 1
fair XS0863524277 / 20197904 USD 3.625% 12.01.2023 106.1 0.9 NR / Aa3 200,000 / 1,000 1
fair XS1017435352 / 24354800 USD 3.875% 06.05.2024 109.6 1.1 NR / Aa3 200,000 / 1,000
fair XS1808737594 / 41434565 USD 4.375% 23.04.2025 113.5 1.3 n/a / Aa3 200,000 / 1,000 1
fair XS1435072464 / 32931385 USD 4.375% 22.06.2026 116.0 1.4 NR / Aa3 200,000 / 1,000 1
fair XS1808738212 / 41434566 USD 4.875% 23.04.2030 125.9 1.9 n/a / Aa3 200,000 / 1,000 1
attr. XS0272949016 / 2764882 USD 6.5% 27.10.2036 149.6 2.7 NR / Aa3 100,000 / 1,000 1
exp. XS2060897506 / 50310791 USD 4% 03.10.2049 119.7 3.0 n/a / Aa3 200,000 / 1,000 1
Mubadala Development Company (UAE) Credit Outlook: Stable Analyst: Kunal Singh
fair XS0701035676 / 14226293 USD 5.5% 01.03.2022 107.0 0.4 AA / Aa2 200,000 / 1,000 1
fair XS1062852253 / 24315344 USD 3.25% 28.04.2022 104.1 0.6 AA / Aa2 200,000 / 1,000 1
fair XS1410482282 / 32555246 USD 2.75% 11.05.2023 104.9 0.8 AA / Aa2 n/a / n/a 1
fair XS1596070547 / 36446870 USD 3% 19.04.2024 106.6 1.1 AA / Aa2 200,000 / 1,000 1
fair XS2176018609 / 54775000 USD 2.5% 21.05.2026 105.5 1.5 AA / n/a 200,000 / 1,000 1
fair XS1904648570 / 44617222 USD 4.5% 07.11.2028 120.6 1.8 AA / Aa2 / 1
fair XS1598828298 / 36446967 USD 3.75% 19.04.2029 115.1 1.8 AA / Aa2 200,000 / 1,000
fair XS2176021223 / 54774980 USD 2.875% 21.05.2030 108.5 1.9 AA / n/a 200,000 / 1,000 1
fair XS0701227075 / 14226443 USD 6.875% 01.11.2041 163.7 2.8 AA / Aa2 /
exp. XS2175968580 / 54771316 USD 3.95% 21.05.2050 119.4 3.0 AA / n/a 200,000 / 1,000 1
OOREDOO QSC (Qatar) Credit Outlook: Stable Analyst: Kunal Singh

attr. XS0866438475 / 20260965 USD 3.25% 21.02.2023 105.1 1.0 A- / A2 200,000 / 1,000 1
fair XS0551307100 / 11887380 USD 5% 19.10.2025 n/a n/a A- / A2 200,000 / 1,000 1
fair XS1435374126 / 32942722 USD 3.75% 22.06.2026 112.5 1.5 A- / A2 200,000 / 1,000 1


OOREDOO QSC (Qatar) Credit Outlook: Stable Analyst: Kunal Singh

fair XS0880134258 / 20549523 USD 3.875% 31.01.2028 116.0 1.6 A- / A2 200,000 / 1,000
fair XS0881740384 / 20550027 USD 4.5% 31.01.2043 129.9 2.7 A- / A2 200,000 / 1,000 1
Saudi Arabian Oil Company Credit Outlook: Stable Analyst: Tatiana Boroditskaya
fair XS1982118264 / 47414086 USD 2.75% 16.04.2022 102.8 0.9 n/a / A1 200,000 / 1,000
fair XS1982112812 / 47414064 USD 2.875% 16.04.2024 105.6 1.2 n/a / A1 200,000 / 1,000
fair XS1982113208 / 47414060 USD 3.5% 16.04.2029 111.6 2.0 n/a / A1 200,000 / 1,000
attr. XS1982113463 / 47414061 USD 4.25% 16.04.2039 118.5 2.9 n/a / A1 200,000 / 1,000
exp. XS1982116136 / 47414063 USD 4.375% 16.04.2049 123.2 3.1 n/a / A1 200,000 / 1,000
Financials
COMMERCIAL BANK QSC (Qatar) Credit Outlook: Stable Analyst: Kunal Singh
fair XS1432416029 / 32837289 USD 3.25% 13.06.2021 102.0 0.3 BBB+ / A3 200,000 / 1,000
attr. XS1825455030 / 41901596 USD 5% 24.05.2023 109.1 1.5 BBB+ / A3 200,000 / 1,000
Emirates NBD Bank PJSC (UAE) Credit Outlook: Stable Analyst: Kunal Singh
fair XS1716831570 / 39064030 USD 3.25% 14.11.2022 104.6 1.0 n/a / A3 200,000 / 1,000
attr. XS2119472178 / 52519078 USD 2.625% 18.02.2025 105.0 1.4 n/a / A3 200,000 / 1,000 1
fair XS2122894772 / 53133629 USD 3.75% 05.03.2040 93.1 4.3 n/a / A3 200,000 / 200,000 1
INVESTMENT CORP OF DUBAI (UAE) Credit Outlook: Stable Analyst: Kunal Singh
fair XS1069870415 / 24476562 USD 4.625% 21.05.2024 107.5 2.4 n/a / n/a 200,000 / 1,000 1
attr. XS1558166861 / 35513709 USD 5% 01.02.2027 108.1 3.6 n/a / n/a 200,000 / 1,000 1
Comment: Please note that ICD 5% 2027 is a sukuk.
Islamic Development Bank (Saudi Arabia) Credit Outlook: Stable Analyst: Kunal Singh
fair XS1529847409 / 34847856 USD 2.263% 07.12.2021 102.0 0.5 AAA / Aaa 200,000 / 1,000 1
Comment: This is a sukuk.


QATAR NATIONAL BANK Credit Outlook: Stable Analyst: Kunal Singh

fair XS1824431313 / 41896094 USD 1.60588% 31.05.2021 101.1 n/a A / Aa3 200,000 / 1,000
fair XS1485745704 / 33818871 USD 2.125% 07.09.2021 101.0 1.0 A / Aa3 200,000 / 1,000
attr. XS1970690829 / 47072941 USD 3.5% 28.03.2024 107.0 1.4 A / Aa3 200,000 / 1,000
attr. XS2162033729 / 54626258 USD 2.625% 12.05.2025 105.1 1.5 A / Aa3 200,000 / 1,000
attr. XS2114850949 / 52470521 USD 2.75% 12.02.2027 105.8 1.8 A / Aa3 200,000 / 1,000

Reference list: Bonds in USD, GCC, Speculative grade issuers


Sovereign issuers
KINGDOM OF BAHRAIN Credit Outlook: Deteriorating Analyst: Michael Bolliger

fair XS0794901727 / 18946909 USD 6.125% 05.07.2022 105.2 3.0 B+ / n/a 200,000 / 1,000
fair XS0956406135 / 21982542 USD 6.125% 01.08.2023 107.6 3.3 B+ / n/a 200,000 / 1,000
attr. XS1405770733 / 34197992 USD 5.624% 12.02.2024 106.7 3.5 B+ / n/a n/a / n/a 1
fair XS2172964715 / 54693982 USD 6.25% 14.11.2024 109.4 3.8 B+ / n/a 200,000 / 1,000 1
fair XS1675855073 / 38324529 USD 5.25% 20.03.2025 106.1 3.8 B+ / n/a 200,000 / 1,000 1
fair XS1802362951 / 41181375 USD 6.875% 05.10.2025 113.7 3.8 B+ / n/a 200,000 / 1,000 1
Comment: Please note that Bahrain 6.875% 2025 is a sukuk bond.
attr. XS1324931895 / 30505506 USD 7% 26.01.2026 113.9 4.1 B+ / n/a 200,000 / 1,000
exp. XS2058943734 / 50292127 USD 4.5% 30.03.2027 103.3 3.9 B+ / n/a 200,000 / 1,000 1
fair XS2226917701 / 57086498 USD 3.95% 16.09.2027 101.3 3.7 B+ / B2u 200,000 / 1,000 1
attr. XS1405766541 / 34197993 USD 7% 12.10.2028 112.6 5.1 B+ / n/a 200,000 / 1,000
fair XS1675862012 / 38324528 USD 6.75% 20.09.2029 110.6 5.3 B+ / n/a 200,000 / 1,000 1
attr. XS2172965282 / 54693949 USD 7.375% 14.05.2030 113.6 5.5 B+ / n/a 200,000 / 1,000
exp. XS2058948451 / 50268984 USD 5.625% 30.09.2031 101.8 5.4 B+ / B2u 200,000 / 1,000
Comment: This is a sukuk instrument.Please note that Bahrain 5.625% 2031 is a sukuk bond.
fair XS2226916216 / 57086495 USD 5.45% 16.09.2032 100.9 5.4 B+ / n/a 200,000 / 1,000 1
fair XS1110833123 / 25444331 USD 6% 19.09.2044 98.0 6.2 B+ / n/a 200,000 / 1,000
attr. XS1675862103 / 38324527 USD 7.5% 20.09.2047 111.9 6.6 B+ / n/a 200,000 / 1,000 1
SULTANATE OF OMAN Credit Outlook: Deteriorating Analyst: Michael Bolliger

attr. XS1405781342 / 32871795 USD 3.625% 15.06.2021 100.4 3.0 BB- / Ba3 200,000 / 1,000

Reference list: Bonds in USD, GCC, Speculative grade issuers


SULTANATE OF OMAN Credit Outlook: Deteriorating Analyst: Michael Bolliger

fair XS1575874471 / 35932986 USD 3.875% 08.03.2022 100.5 3.5 BB- / Ba3 200,000 / 1,000 1
exp. XS1439099489 / 33162959 USD 3.5% 14.07.2022 100.1 3.4 n/a / Ba3 n/a / n/a 1
Comment: Please note that Oman 3.5% 2022 is a sukuk.
attr. XS1750113406 / 39891256 USD 4.125% 17.01.2023 100.1 4.1 n/a / Ba3 200,000 / 1,000
attr. XS1620176831 / 36922701 USD 4.397% 01.06.2024 101.9 3.8 n/a / Ba3 200,000 / 1,000 1
Comment: Please note that Oman 4.397% 2024 is a sukuk.
attr. XS1944412664 / 49214474 USD 4.875% 01.02.2025 99.4 5.0 n/a / Ba3 200,000 / 1,000
fair XS1799523276 / 44450396 USD 5.932% 31.10.2025 106.9 4.4 n/a / Ba3 200,000 / 1,000 1
fair XS1405777589 / 32871790 USD 4.75% 15.06.2026 96.4 5.5 BB- / Ba3 200,000 / 1,000
attr. XS1575967218 / 35933270 USD 5.375% 08.03.2027 96.5 6.0 BB- / Ba3 200,000 / 1,000
fair XS1750113661 / 39891258 USD 5.625% 17.01.2028 96.9 6.2 n/a / Ba3 200,000 / 1,000
fair XS1944412748 / 49211194 USD 6% 01.08.2029 97.3 6.4 n/a / Ba3 200,000 / 1,000 1
fair XS1575968026 / 35932717 USD 6.5% 08.03.2047 90.5 7.3 BB- / Ba3 200,000 / 1,000
fair XS1750114396 / 39879864 USD 6.75% 17.01.2048 92.4 7.4 n/a / Ba3 200,000 / 1,000

Reference list: Bonds in USD, Latin America, Investment grade issuers

Sovereign issuers
Republic of Chile Credit Outlook: Deteriorating Analyst: Alejo Czerwonko

exp. US168863AW86 / 13823041 USD 3.25% 14.09.2021 103.0 0.0 A+ / A1 100,000 / 1,000
fair US168863BN78 / 19920626 USD 2.25% 30.10.2022 103.6 0.5 A+ / A1 150,000 / 1,000 1
exp. US168863CA49 / 31100943 USD 3.125% 21.01.2026 111.9 0.8 A+ / A1 200,000 / 1,000
fair US168863CF36 / 40181791 USD 3.24% 06.02.2028 113.0 1.4 A+ / A1 200,000 / 1,000 1, 2
fair US168863DP09 / 54633400 USD 2.45% 31.01.2031 106.4 1.8 A+ / A1 200,000 / 1,000 1
fair US168863DN50 / 52186012 USD 2.55% 27.01.2032 107.0 1.9 A+ / A1 200,000 / 1,000 1
fair US168863BP27 / 19924289 USD 3.625% 30.10.2042 117.5 2.6 A+ / A1 150,000 / 1,000
fair US168863CE60 / 37153576 USD 3.86% 21.06.2047 123.0 2.7 A+ / n/a 200,000 / 1,000 1
fair US168863DL94 / 48543538 USD 3.5% 25.01.2050 116.5 2.7 A+ / A1 200,000 / 1,000 1
Republic of Colombia Credit Outlook: Deteriorating Analyst: Alejo Czerwonko

fair US195325BN40 / 13326995 USD 4.375% 12.07.2021 103.2 0.1 BBB- / Baa2 200,000 / 1,000 1, 2
attr. USP3772NHK11 / 20535222 USD 2.625% 15.03.2023 103.5 1.1 BBB- / Baa2 n/a / n/a 1, 2
attr. US195325BQ70 / 22416433 USD 4% 26.02.2024 107.3 1.8 BBB- / Baa2 200,000 / 1,000 1, 2
fair US195325CX13 / 29796851 USD 4.5% 28.01.2026 112.2 2.1 BBB- / Baa2 200,000 / 1,000 1, 2
fair US195325DL65 / 35433042 USD 3.875% 25.04.2027 110.1 2.2 BBB- / Baa2 200,000 / 1,000 1, 2
fair US195325DP79 / 44025266 USD 4.5% 15.03.2029 114.6 2.6 BBB- / Baa2 200,000 / 1,000 1, 2
fair US195325DR36 / 52156202 USD 3% 30.01.2030 104.0 2.5 BBB- / Baa2 200,000 / 1,000 1
fair US195325DS19 / 55123005 USD 3.125% 15.04.2031 104.9 2.6 BBB- / Baa2 200,000 / 1,000 1
fair US195325BK01 / 2698034 USD 7.375% 18.09.2037 144.8 3.8 BBB- / Baa2 100,000 / 1,000
fair US195325BM66 / 10664017 USD 6.125% 18.01.2041 132.8 3.8 BBB- / Baa2 100,000 / 1,000 1, 2
fair US195325BR53 / 23481503 USD 5.625% 26.02.2044 128.1 3.8 BBB- / Baa2 200,000 / 1,000 1, 2
fair US195325CU73 / 26834647 USD 5% 15.06.2045 120.7 3.7 BBB- / Baa2 200,000 / 1,000 1, 2



exp. US195325DQ52 / 46137478 USD 5.2% 15.05.2049 125.2 3.8 BBB- / Baa2 200,000 / 1,000 1, 2
fair US195325DT91 / 55123003 USD 4.125% 15.05.2051 n/a n/a BBB- / Baa2 200,000 / 1,000 1
Republic of Peru Credit Outlook: Deteriorating Analyst: Alejo Czerwonko

exp. US715638AS19 / 2222667 USD 7.35% 21.07.2025 129.1 1.1 BBB+ / A3 100,000 / 1,000
fair US715638DE95 / 54278533 USD 2.392% 23.01.2026 105.8 1.3 BBB+ / A3 1,000 / 1,000 1
fair US715638BU55 / 29316919 USD 4.125% 25.08.2027 118.0 1.4 BBB+ / A3 1,000 / 1,000 1
fair US715638DA73 / 48499841 USD 2.844% 20.06.2030 110.9 1.6 BBB+ / A3 1,000 / 1,000 1
fair US715638DF60 / 54278537 USD 2.783% 23.01.2031 110.2 1.7 BBB+ / A3 1,000 / 1,000 1
exp. US715638AP79 / 1724456 USD 8.75% 21.11.2033 170.8 2.4 BBB+ / A3 1,000 / 1,000
exp. US715638BM30 / 12017383 USD 5.625% 18.11.2050 163.4 2.6 BBB+ / A3 1,000 / 1,000
United Mexican States (Mexico) Credit Outlook: Deteriorating Analyst: Alejo Czerwonko
exp. US91086QBA58 / 14669685 USD 3.625% 15.03.2022 104.7 0.3 BBB / Baa1 2,000 / 2,000 1, 2
fair US91086QBC15 / 22438197 USD 4% 02.10.2023 109.0 0.9 BBB / Baa1 2,000 / 2,000 1, 2
fair US91087BAA89 / 26140458 USD 3.6% 30.01.2025 108.4 1.6 BBB / Baa1 200,000 / 1,000 1, 2
fair US91087BAJ98 / 54403354 USD 3.9% 27.04.2025 110.1 1.6 BBB / Baa1 200,000 / 1,000 1, 2
fair US91086QBG29 / 31121592 USD 4.125% 21.01.2026 112.2 1.7 BBB / Baa1 200,000 / 1,000 1, 2
fair US91087BAC46 / 36111447 USD 4.15% 28.03.2027 112.1 2.1 BBB / Baa1 200,000 / 1,000 1, 2
fair US91087BAE02 / 39756359 USD 3.75% 11.01.2028 108.9 2.4 BBB / Baa1 200,000 / 1,000 1, 2
fair US91087BAF76 / 46003419 USD 4.5% 22.04.2029 113.6 2.7 BBB / Baa1 200,000 / 1,000 1, 2
exp. US91086QAG38 / 1277096 USD 8.3% 15.08.2031 146.5 3.2 BBB / Baa1 1,000 / 1,000 1
fair US91087BAK61 / 54403356 USD 4.75% 27.04.2032 115.4 3.2 BBB / Baa1 200,000 / 1,000 1, 2
exp. US91086QAN88 / 1591008 USD 7.5% 08.04.2033 140.7 3.5 BBB / Baa1 1,000 / 1,000
exp. US91086QAS75 / 1959029 USD 6.75% 27.09.2034 137.0 3.4 BBB / Baa1 1,000 / 1,000
fair US91086QAV05 / 3676915 USD 6.05% 11.01.2040 128.2 3.9 BBB / Baa1 2,000 / 2,000 1, 2
fair US91086QBB32 / 18128126 USD 4.75% 08.03.2044 112.1 4.0 BBB / Baa1 2,000 / 2,000 1, 2


exp. US91086QBE70 / 23340269 USD 5.55% 21.01.2045 124.0 4.0 BBB / Baa1 2,000 / 1,000 1, 2
fair US91086QBF46 / 26684896 USD 4.6% 23.01.2046 110.6 3.9 BBB / Baa1 n/a / n/a 1, 2
fair US91087BAB62 / 33597333 USD 4.35% 15.01.2047 106.4 4.0 BBB / Baa1 200,000 / 1,000 1, 2
fair US91087BAD29 / 38551016 USD 4.6% 10.02.2048 110.0 4.0 BBB / Baa1 200,000 / 1,000 1, 2
fair US91087BAG59 / 49167948 USD 4.5% 31.01.2050 108.5 4.0 BBB / Baa1 200,000 / 1,000 1, 2
Comment: Make whole call at reference UST plus 30bps until 31 July 2049. Bond callable on 31 July 2049, and anytime thereafter at par.
exp. US91087BAL45 / 54403355 USD 5% 27.04.2051 115.2 4.1 BBB / Baa1 200,000 / 1,000 1, 2
exp. US91086QAZ19 / 11853373 USD 5.75% 12.10.2110 118.5 4.8 BBB / Baa1 2,000 / 2,000 1, 2
Corporate issuers
ALFA SAB (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan

attr. USP0156PAB50 / 24040843 USD 5.25% 25.03.2024 106.3 3.3 BB+ / Baa3 200,000 / 1,000 1, 2
fair USP0156PAC34 / 24040845 USD 6.875% 25.03.2044 115.3 5.7 BB+ / Baa3 200,000 / 1,000 1, 2
Alpek (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan

attr. USP01703AA82 / 20053576 USD 4.5% 20.11.2022 103.8 2.6 BB+ / Baa3 200,000 / 1,000 1, 2
attr. USP01703AB65 / 22072384 USD 5.375% 08.08.2023 108.4 2.3 BB+ / Baa3 200,000 / 1,000 1, 2
attr. USP01703AC49 / 50032927 USD 4.25% 18.09.2029 102.0 4.0 BB+ / Baa3 200,000 / 1,000 1, 2
Comment: Make whole call at reference US Treasury plus 40bps until 18 June 2029. Bond is callable on 18 June 2029, and anytime thereafter at par.
America Movil (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan

fair US02364WBD65 / 19009210 USD 3.125% 16.07.2022 104.0 0.9 BBB+ / A3 200,000 / 1,000 1, 2



fair US02364WBH79 / 47482205 USD 3.625% 22.04.2029 113.5 1.9 BBB+ / A3 200,000 / 1,000 1, 2
Comment: SEC registered global bond. Make whole call at reference UST plus 20bps until 22 January 2029. Bond callable on 22 January 2029, and anytime thereafter at par.
attr. US02364WBJ36 / 54598440 USD 2.875% 07.05.2030 108.5 1.9 BBB+ / A3 200,000 / 1,000 1, 2
Comment: SEC registered bond. Make whole call at reference UST plus 35bps until 7 February 2030. Bond is callable on 7 February 2030, and anytime thereafter at par.
fair US02364WAJ45 / 2076519 USD 6.375% 01.03.2035 146.0 2.5 BBB+ / A3 2,000 / 1,000 1, 2
fair US02364WAP05 / 3513005 USD 6.125% 15.11.2037 142.4 3.0 BBB+ / A3 2,000 / 1,000 1, 2
fair US02364WAW55 / 11584527 USD 6.125% 30.03.2040 144.9 3.1 BBB+ / A3 100,000 / 1,000 1, 2
fair US02364WBE49 / 19009563 USD 4.375% 16.07.2042 123.4 2.9 BBB+ / A3 200,000 / 1,000 1, 2
fair US02364WBG96 / 47482204 USD 4.375% 22.04.2049 124.8 3.1 BBB+ / A3 200,000 / 1,000 1, 2
Comment: SEC registered global bond. Make whole call at reference UST plus 25bps until 22 October 2048. Bond callable on 22 October 2048, and anytime thereafter at par.
Cencosud (Chile) Credit Outlook: Deteriorating Analyst: Donald McLauchlan

fair USP2205JAK62 / 27079210 USD 5.15% 12.02.2025 110.9 2.5 n/a / Baa3 200,000 / 1,000 1, 2
Comment: Make whole-call at reference US Treasury plus 50bps. Make whole-call at reference US Treasury plus 35bps until 12 November 2024. Bond callable on 12 November 2024, and anytime thereafter at par.
fair USP2205JAQ33 / 37512593 USD 4.375% 17.07.2027 109.5 2.8 n/a / Baa3 200,000 / 1,000 1
Comment: Make whole-call at reference US Treasury plus 30bps until 17 April 2027. Bond callable on 17 April 2027, and anytime thereafter at par.
fair USP2205JAL46 / 27079212 USD 6.625% 12.02.2045 121.0 5.1 n/a / Baa3 200,000 / 1,000 1, 2
Comment: Make whole call at reference US Treasury plus 50bps until 12 August 2044. Bond callable on 12 August 2044, and anytime thereafter at par.


CFE (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan

fair USP30179AJ79 / 13077218 USD 4.875% 26.05.2021 102.7 0.6 BBB / Baa1 200,000 / 1,000 1, 2
Comment: Quasi-sovereign risk. Make whole call at reference UST plus 30bps.
fair USP30179AM09 / 22652908 USD 4.875% 15.01.2024 108.9 2.1 BBB / Baa1 200,000 / 1,000 1, 2
fair USP29595AB42 / 34272502 USD 4.75% 23.02.2027 110.0 3.0 BBB / Baa1 200,000 / 1,000 1, 2
fair XS1505143393 / 34398411 USD 5% 29.09.2036 111.4 3.5 n/a / n/a n/a / n/a 1, 2
Comment: Quasi-sovereign risk. Amortizable senior unsecured bond. Bond amortizes 4.2% annually through 29 September 2026, and 5.8% annually from 29 September 2027 onwards. Make whole call at
reference UST plus 50bps.
fair USP30179AK43 / 14964657 USD 5.75% 14.02.2042 111.5 4.9 BBB / Baa1 200,000 / 1,000 1, 2
fair USP30179AR95 / 28545653 USD 6.125% 16.06.2045 120.4 4.7 BBB / Baa1 200,000 / 1,000 1, 2
fair XS1773650681 / 40832917 USD 5% 12.03.2048 103.0 4.7 n/a / n/a / n/a
Comment: Quasi-sovereign risk. Amortizable senior unsecured bond. Bond amortizes 3.33% annually.
fair XS2030333038 / 49041086 USD 5% 30.07.2049 104.3 4.6 BBB / Baa1 200,000 / 1,000 1
Comment: Quasi-sovereign risk. Amortizable senior unsecured bond. Bond amortizes 3.33% annually.
fair XS2133064480 / 53085656 USD 4.05% 20.03.2050 92.0 4.9 n/a / Baa1 200,000 / 1,000 1
Comment: Senior unsecured amortizable bond. Bond amortizes 3.3333% annually starting 20 March 2021 through maturity date 20 March 2050.
Coca-Cola Femsa (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan

attr. US191241AH15 / 51819806 USD 2.75% 22.01.2030 108.4 1.8 n/a / A2 150,000 / 1,000 1, 2
Comment: SEC registered global bond. Make whole call at reference UST plus 15bps until 22 October 2029. Bond is callable on 22 October 2029, and anytime thereafter at par.
attr. US191241AJ70 / 56806379 USD 1.85% 01.09.2032 100.6 1.8 n/a / A2 150,000 / 1,000 1, 2
Comment: SEC registered green global bond. Make whole call at reference UST plus 20 bps until 1 June 2032. Bons is callable in 1 June 2032 and anytime thereafter at par.


Coca-Cola Femsa (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan

fair US191241AF58 / 22918692 USD 5.25% 26.11.2043 135.9 3.1 BBB+ / A2 n/a / n/a 1, 2
Codelco (Chile) Credit Outlook: Stable Analyst: Donald McLauchlan

fair USP3143NAP98 / 19027040 USD 3% 17.07.2022 104.1 0.7 A / A3 200,000 / 1,000
fair USP3143NAR54 / 22083279 USD 4.5% 13.08.2023 109.5 1.1 A / A3 200,000 / 1,000
fair USP3143NAW40 / 29666777 USD 4.5% 16.09.2025 114.6 1.4 A / A3 200,000 / 1,000
attr. USP3143NAY06 / 37669549 USD 3.625% 01.08.2027 111.1 1.9 A / A3 200,000 / 1,000 1, 2
Comment: Make whole call at reference US Treasury plus 25bps until 1 May 2027. Callable on 1 May 2027 and anytime thereafter at par.
attr. USP3143NBE33 / 50236866 USD 3% 30.09.2029 107.4 2.1 A / A3 200,000 / 1,000 1

Comment: Make whole call at reference UST plus 20bps until 30 June 2029. Callable on 30 June 2029, and anytime thereafter at par.
attr. USP3143NBH63 / 51869631 USD 3.15% 14.01.2030 108.1 2.2 A / A3 200,000 / 1,000 1
Comment: Make whole call at reference UST plus 25bps until 14 October 2029. Bond is callable on 14 October 2029, and anytime thereafter at par.
fair USP3143NAG99 / 2283046 USD 5.625% 21.09.2035 131.8 3.0 A / A3 100,000 / 1,000
fair USP3143NAH72 / 2760937 USD 6.15% 24.10.2036 137.3 3.2 A / A3 100,000 / 1,000
fair USP3143NAQ71 / 19027044 USD 4.25% 17.07.2042 114.7 3.3 A / A3 200,000 / 1,000
fair USP3143NAS38 / 22579335 USD 5.625% 18.10.2043 136.7 3.3 A / A3 200,000 / 1,000
fair USP3143NAU83 / 25932363 USD 4.875% 04.11.2044 126.1 3.3 A / A3 200,000 / 1,000
fair USP3143NAZ70 / 37669550 USD 4.5% 01.08.2047 121.8 3.3 A / A3 200,000 / 1,000 1, 2
Comment: Make whole call at reference US Treasury plus 30bps until 1 February 2047. Callable on 1 February 2047 and anytime thereafter at par.
fair USP3143NBB93 / 46209461 USD 4.375% 05.02.2049 120.5 3.3 A / A3 200,000 / 1,000 1, 2
Comment: Make whole call at reference UST plus 30 bps until 5 August 2048. Callable on 5 August 2048, and anytime thereafter at par.
fair USP3143NBF08 / 50267592 USD 3.7% 30.01.2050 107.2 3.3 A / A3 200,000 / 1,000 1, 2


Corporacion Lindley (Peru) Credit Outlook: Stable Analyst: Donald McLauchlan

fair USP31442AA77 / 14362893 USD 6.75% 23.11.2021 103.7 0.6 BBB / n/a 2,000 / 1,000 1, 2
Comment: We view Corp. Lindley as a sound credit, although secondary market liquidity risk may have increased. Following the conclusion of a tender offer, the outstanding of the 6.75% of 2021 has declined to
USD 250mn. Bond amortizes 25% on 23 May 2020, 25% on 23 November 2020, 25% on 23 May 2021, and 25% on final maturity date 23 November 2021.
Ecopetrol (Colombia) Credit Outlook: Stable Analyst: Donald McLauchlan

attr. US279158AC30 / 22349054 USD 5.875% 18.09.2023 111.0 2.0 BBB- / Baa3 1,000 / 1,000 1, 2
Comment: SEC registered global bond. Make whole call at reference US Treasury plus 45bps.
attr. US279158AK55 / 25427831 USD 4.125% 16.01.2025 106.4 2.5 BBB- / Baa3 1,000 / 1,000 1, 2
attr. US279158AL39 / 28697788 USD 5.375% 26.06.2026 113.1 2.9 BBB- / Baa3 1,000 / 1,000 1, 2
Comment: SEC registered global bond. Make whole call at reference US Treasury plus 45bps until 26 March 2026. Bond callable on 26 March 2026, and anytime thereafter at par.
attr. US279158AN94 / 54447709 USD 6.875% 29.04.2030 124.5 3.8 BBB- / Baa3 1,000 / 1,000 1, 2
Comment: SEC registered global bonds. Make whole call at reference UST plus 50bps until 29 January 2030. Bond is callable on 29 January 2030, and anytime thereafter at par.
fair US279158AE95 / 22349058 USD 7.375% 18.09.2043 130.9 5.1 BBB- / Baa3 1,000 / 1,000 1, 2
fair US279158AJ82 / 24513532 USD 5.875% 28.05.2045 116.6 4.7 BBB- / Baa3 1,000 / 1,000 1, 2
EMPRESA NAC. DE PETROLEO (Chile) Credit Outlook: Stable Analyst: Donald McLauchlan
fair USP37110AG12 / 14467866 USD 4.75% 06.12.2021 103.8 1.4 BBB- / Baa3 100,000 / 1,000 1
attr. USP37110AJ50 / 25907918 USD 4.375% 30.10.2024 109.0 2.0 BBB- / Baa3 200,000 / 1,000 1, 2
attr. USP37110AK24 / 33521436 USD 3.75% 05.08.2026 107.5 2.4 BBB- / Baa3 200,000 / 1,000 1, 2


EMPRESA NAC. DE PETROLEO (Chile) Credit Outlook: Stable Analyst: Donald McLauchlan
attr. USP37110AN62 / 44569191 USD 5.25% 06.11.2029 117.3 2.8 BBB- / Baa3 200,000 / 1,000 1, 2
Comment: Make whole call at reference US Treasury plus 35bps until 6 August 2029. Bond callable in full on 6 August 2029, and anytime thereafter at par.
fair USP37110AM89 / 38268807 USD 4.5% 14.09.2047 109.9 3.9 BBB- / Baa3 200,000 / 1,000 1, 2
Comment: Make whole call at reference US Treasury plus 30bps until 14 March 2047. Bond callable on 14 March 2047, and anytime thereafter at par.
FIBRA UNO (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan

fair USP9406GAA69 / 23539833 USD 5.25% 15.12.2024 108.5 3.1 n/a / Baa2 200,000 / 1,000 1, 2
Comment: Make-whole call at reference UST plus 37.5bps until 15 September 2024. Bond callable on 15 September 2024 and anytime thereafter at par.
fair USP9406GAC26 / 30633267 USD 5.25% 30.01.2026 108.1 3.6 n/a / Baa2 200,000 / 1,000 1, 2
Comment: Make-whole call at reference UST plus 45bps until 30 October 2025. Bond callable on 30 October 2025 and anytime thereafter at par.
fair USP9401CAA01 / 48661884 USD 4.869% 15.01.2030 101.8 4.6 n/a / Baa2 200,000 / 1,000 1, 2
Comment: Make whole call at reference UST plus 45bps until 30 October 2029. Bond callable on 30 October 2029, and anytime thereafter at par.
fair USP9406GAB43 / 23540079 USD 6.95% 30.01.2044 109.0 6.2 n/a / Baa2 200,000 / 1,000 1, 2
Comment: Make-whole call at reference UST plus 50bps until 30 July 2043. Bond callable in full or in part on 30 July 2043 and anytime thereafter at par.
fair USP9401CAB83 / 48661891 USD 6.39% 15.01.2050 101.9 6.3 n/a / Baa2 200,000 / 1,000 1, 2
FRESNILLO, PLC (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan

fair USG371E2AA61 / 22837393 USD 5.5% 13.11.2023 111.1 1.8 BBB / Baa2 200,000 / 1,000
fair USG371E72B25 / 57429442 USD 4.25% 02.10.2050 104.7 4.0 BBB / Baa2 200,000 / 1,000 1
Comment: Make whole call at reference UST plus 45bps until 2 April 2050. Bond is callable on 2 April 2050 and anytime thereafter at par.
Gerdau (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

attr. USG3925DAB67 / 21122682 USD 4.75% 15.04.2023 107.0 1.9 BBB- / Ba1 200,000 / 1,000 1
attr. USG24422AA83 / 24346344 USD 5.893% 29.04.2024 110.6 2.7 BBB- / Ba1 150,000 / 1,000 1, 2
Comment: Make whole call at reference UST plus 50bps until 29 January 2024. Bond callable on 29 January 2024 and anytime thereafter at par.


Gerdau (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

attr. USG3925DAD24 / 38716576 USD 4.875% 24.10.2027 111.3 3.1 BBB- / n/a 200,000 / 1,000
attr. USU4034GAA14 / 51138283 USD 4.25% 21.01.2030 106.4 3.4 BBB- / n/a 200,000 / 1,000 1, 2
Comment: Make whole call at reference UST plus 50bps until 21 October 2029. Bond callable on 21 October 2029 and anytime thereafter at par.
fair USG2440JAG07 / 24218389 USD 7.25% 16.04.2044 133.0 4.9 BBB- / Ba1 200,000 / 1,000 1, 2
Comment: Make whole call at reference UST plus 50bps until 16 October 2043. Bond callable on 16 October 2043 and anytime thereafter at par.
GRUMA SA de CV (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan

fair USP4948KAD74 / 26162352 USD 4.875% 01.12.2024 112.0 1.9 BBB / n/a 200,000 / 1,000 1, 2
Comment: Make whole call at reference UST plus 40bps until 1 September 2024. Bond is callable on 1 September 2024 and anytime thereafter at par.
Grupo Bimbo (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan

fair USP4949BAH70 / 14806375 USD 4.5% 25.01.2022 104.6 0.9 n/a / Baa2 100,000 / 1,000 1, 2
Comment: Make whole call at reference UST plus 30bps.
fair USP4949BAJ37 / 24784607 USD 3.875% 27.06.2024 109.7 1.2 BBB / n/a 200,000 / 1,000 1, 2
fair USP4949BAK00 / 24784611 USD 4.875% 27.06.2044 119.7 3.6 BBB / n/a 200,000 / 1,000 1, 2
fair USP4R52QAC92 / 39060641 USD 4.7% 10.11.2047 118.0 3.7 BBB / Baa2 n/a / n/a 1, 2
Comment: Make whole call at reference UST plus 30bps until 15 May 2047. Callable on 10 May 2047, and anytime thereafter at par.
fair USP4949BAP96 / 49883730 USD 4% 06.09.2049 106.5 3.6 BBB / Baa2 200,000 / 1,000 1, 2
fair USP4949BAN49 / 41384301 USD 5.95% Perpetual 105.8 5.6 BB+ / Ba1 200,000 / 1,000 1
Comment: Subordinated callable perpetual bond with interest deferral option in whole, or in part at the sole discretion of the issuer. Bond is callable in full only, on semiannual coupon payment dates only. First call
date 17 April 2023, last call date 17 July 2166. If bond is not called before first reset date 17 July 2023, coupon resets to reference UST plus initial margin of 328bps. If bond is not called before first step-
up date 17 July 2028, coupon steps-up to reference UST plus initial margin of 328bps plus first step-up margin of 25bps. If bond is not called before second step-up date 17 July 2043, coupon steps-up
to reference UST plus initial margin of 328bps plus second step-up margin of 100bps. Change of control call at par. If bond not called on change of control event, the issuer will pay additional interest of
500bps. Rating methodology event redemption at 101.


Grupo Televisa (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan

fair US40049JAV98 / 2246636 USD 6.625% 18.03.2025 121.1 1.7 BBB+ / Baa1 100,000 / 1,000 1, 2
fair US40049JBB26 / 30527798 USD 4.625% 30.01.2026 112.9 2.0 BBB+ / Baa1 200,000 / 1,000 1, 2
fair US40049JAT43 / 1386606 USD 8.5% 11.03.2032 148.5 3.4 BBB+ / Baa1 n/a / n/a
Comment: SEC registered global bond.
fair US40049JAZ03 / 11052258 USD 6.625% 15.01.2040 132.8 4.1 BBB+ / Baa1 n/a / n/a 1, 2
fair US40049JBC09 / 30527800 USD 6.125% 31.01.2046 130.7 4.2 BBB+ / Baa1 200,000 / 1,000 1, 2
Comment: SEC registered global bond. Make whole call at reference US Treasury plus 50bps until 31 July 2045. Bond callable on 31 July 2045, and anytime thereafter at par.
fair US40049JBE64 / 48111991 USD 5.25% 24.05.2049 117.7 4.2 BBB+ / Baa1 200,000 / 1,000 1, 2
Comment: SEC registered global bond. Make whole call at reference US Treasury plus 40bps until 24 November 2048. Bond callable in full or in part on 24 November 2048, and anytime thereafter at par.
Industrias Penoles SA de CV (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan

attr. USP55409AA77 / 49920319 USD 4.15% 12.09.2029 110.6 2.8 BBB / n/a 200,000 / 1,000 1, 2
Comment: Make whole call at reference UST plus 40bps until 30 June 2029. Bond callable on 30 June 2029, and anytime thereafter at par.
fair USP55409AB50 / 49920300 USD 5.65% 12.09.2049 120.3 4.4 BBB / n/a 200,000 / 1,000 1, 2
Comment: Make whole call at reference UST plus 50bps until 12 March 2049. Bond callable on 12 March 2049, and anytime thereafter at par.
fair USP55409AC34 / 56342141 USD 4.75% 06.08.2050 107.6 4.3 BBB / n/a 200,000 / 1,000 1, 2
Comment: Make whole call at reference UST plus 50bps until 6 February 2020. Bond callable on 6 February 2020, and anytime thereafter at par.
Orbia Advance Corp. (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan
fair USP57908AD01 / 19520292 USD 4.875% 19.09.2022 106.5 1.4 BBB- / Baa3 200,000 / 1,000 1, 2


Orbia Advance Corp. (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan
attr. USP57908AG32 / 38487766 USD 4% 04.10.2027 107.8 2.8 BBB- / Baa3 200,000 / 1,000 1, 2
fair USP57908AE83 / 19520290 USD 6.75% 19.09.2042 128.5 4.7 BBB- / Baa3 200,000 / 1,000 1, 2
fair USP57908AF58 / 25427837 USD 5.875% 17.09.2044 117.6 4.7 BBB- / Baa3 200,000 / 1,000 1, 2
fair USP57908AH15 / 38487770 USD 5.5% 15.01.2048 115.2 4.5 BBB- / Baa3 200,000 / 1,000 1, 2
PETROLEOS DEL PERU Credit Outlook: Stable Analyst: Donald McLauchlan

fair USP7808BAA54 / 37127207 USD 4.75% 19.06.2032 111.9 3.5 BBB- / n/a 200,000 / 1,000 1, 2
fair USP7808BAB38 / 37127209 USD 5.625% 19.06.2047 120.6 4.3 BBB- / n/a 200,000 / 1,000 1, 2
RAIZEN (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

attr. USL7909CAA55 / 35369197 USD 5.3% 20.01.2027 109.6 3.6 BBB- / n/a 200,000 / 1,000 1, 2
Comment: Raizen is a 50:50 joint-venture between Cosan Limited and Royal Dutch Shell. Make whole call at reference US Treasury plus 45bps.
Sigma Alimentos (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan

attr. USP8674JAE93 / 32399876 USD 4.125% 02.05.2026 108.8 2.4 BBB- / Baa3 n/a / n/a 1, 2
Comment: Make whole call at reference US Treasury plus 35bps until 2 February 2026. Bond callable on 2 February 2026 and anytime thereafter at par.
Southern Copper (Peru) Credit Outlook: Stable Analyst: Donald McLauchlan

fair US84265VAF22 / 19976590 USD 3.5% 08.11.2022 105.5 0.8 BBB+ / Baa2 2,000 / 1,000 1, 2
Comment: SEC registered global bond. Make whole call at reference US Treasury plus 27.5bps.


Southern Copper (Peru) Credit Outlook: Stable Analyst: Donald McLauchlan

fair US84265VAH87 / 27974221 USD 3.875% 23.04.2025 111.1 1.3 BBB+ / Baa2 2,000 / 1,000 1, 2
fair US84265VAA35 / 2345543 USD 7.5% 27.07.2035 149.5 3.3 BBB+ / Baa2 100,000 / 1,000 1, 2
fair US84265VAE56 / 11225207 USD 6.75% 16.04.2040 146.1 3.5 BBB+ / Baa2 2,000 / 1,000 1, 2
fair US84265VAG05 / 19976583 USD 5.25% 08.11.2042 129.8 3.3 BBB+ / Baa2 2,000 / 1,000 1, 2
Comment: SEC registered global bond. Make whole call at reference US Treasury plus 37.5bps.
fair US84265VAJ44 / 27974229 USD 5.875% 23.04.2045 138.7 3.5 BBB+ / Baa2 2,000 / 1,000 1, 2
Suzano (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

fair US31572UAE64 / 24410519 USD 5.25% 12.05.2024 110.7 2.1 BBB- / Ba1 2,000 / 1,000 1, 2
Comment: Bond originally issued by Fibria, which ceased to exist as an independent operating entity following its combination with Suzano on 14 January 2019. For more information, please see comments for
Suzano in Issuer descriptions section of this report. SEC registered global bond. Make whole call at reference UST plus 40bps.
fair US31572UAG13 / 39103781 USD 4% 14.01.2025 106.9 2.3 BBB- / n/a 2,000 / 1,000 1, 2
Comment: Bond originally issued by Fibria, which ceased to exist as an independent operating entity following its combination with Suzano on 14 January 2019. For more information, please see comments for
Suzano in Issuer descriptions section of this report. SEC registered global bond callable on 14 November 2024, and anytime thereafter at par.
fair USA9890AAA81 / 33231671 USD 5.75% 14.07.2026 116.5 2.6 BBB- / n/a 200,000 / 1,000 1, 2
Comment: Green bond. Make whole call at reference UST plus 50bps.
attr. US31572UAF30 / 35345832 USD 5.5% 17.01.2027 114.1 3.0 BBB- / n/a 2,000 / 1,000 1, 2
Comment: Green bond. Bond originally issued by Fibria, which ceased to exist as an independent operating entity following ist combination with Suzano on 14 January 2019. For more information, please see
comments for Suzano in Issuer descriptions section of this report. SEC registered global 'green' bond. Make whole call at reference UST plus 50bps.
attr. US86964WAF95 / 43759741 USD 6% 15.01.2029 118.4 3.4 BBB- / n/a 200,000 / 1,000 1, 2
Comment: SEC registered global senior unsecured bond. Make whole call at reference US Treasury plus 50bps until 15 October 2028. Bond is callable on 15 October 2028, and anytime thereafter at par.


Suzano (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

attr. US86964WAH51 / 48639242 USD 5% 15.01.2030 110.9 3.6 BBB- / n/a 200,000 / 1,000 1, 2
Comment: SEC registered global bond. Make whole call at reference US Treasury plus 45bps until 15 November 2029. Bond is callable on 15 November 2029, and anytime thereafter at par.
attr. US86964WAJ18 / 57107408 USD 3.75% 15.01.2031 104.0 3.3 BBB- / n/a 1,000 / 1,000 1, 2
Comment: SEC registered global green bond. Make whole call at reference UST plus 50bps until 15 October 2030. Bond is callable on 15 October 2030 and anytime thereafter at par. Coupon will step-up 25bps on
16 July 2026 unless Suzano has notified the Trustee at least 30 days prior to 16 July 2026, that in the year ended 31 December 2025 it has complied with (i) the Sustainability Performance Target, and (ii)
and that the satisfaction of the Sustainability Performance Target has been confirmed by the External Verifier in accordance with customary procedures.
fair USA8372TAC20 / 36020302 USD 7% 16.03.2047 122.4 5.4 BBB- / n/a 200,000 / 1,000 1, 2
Comment: Senior unsecured bond. Make whole call at reference US Treasury plus 50bps until 16 September 2046. Callable on 16 September 2046, and anytime thereafter at par.
Vale (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

fair US91911TAP84 / 33541804 USD 6.25% 10.08.2026 120.9 2.4 BBB- / Baa3 2,000 / 1,000 1, 2
attr. US91911TAQ67 / 55908118 USD 3.75% 08.07.2030 106.1 3.0 BBB- / Baa3 2,000 / 1,000 1, 2
Comment: SEC registered bond. Make whole call at reference UST plus 50bps until 8 April 2030. Bond is callable on 8 April 2030, and anytime thereafter at par.
fair US91911TAE38 / 1766065 USD 8.25% 17.01.2034 147.0 3.7 BBB- / Baa3 2,000 / 1,000 1
Comment: SEC registered global bond.
fair US91911TAH68 / 2797086 USD 6.875% 21.11.2036 135.3 3.9 BBB- / Baa3 2,000 / 1,000 1, 2
fair US91911TAK97 / 10717884 USD 6.875% 10.11.2039 137.0 4.1 BBB- / Baa3 2,000 / 1,000 1, 2
fair US91912EAA38 / 19433487 USD 5.625% 11.09.2042 122.3 4.1 BBB- / Baa3 2,000 / 1,000 1, 2


Financials
Banco de Credito del Peru Credit Outlook: Stable Analyst: Donald McLauchlan
fair USP0956JCG87 / 21034589 USD 4.25% 01.04.2023 107.4 1.2 BBB+ / Baa1 10,000 / 1,000 1, 2
fair US05971V2A26 / 49946397 USD 2.7% 11.01.2025 104.5 1.6 BBB+ / n/a / 1, 2
Comment: Senior unsecured debt. Make whole call at reference UST plus 20bps until 11 December 2024. Bond is callable on 11 December 2024, and anytime thereafter at par.
fair USP09646AE32 / 18448525 USD 6.125% 24.04.2027 106.8 4.9 BBB / Baa3 10,000 / 1,000 1
Comment: The Banco de Credito fixed-to-floater 6.125% due 2027 is subordinated debt. Make whole call at reference US Treasury plus 50bps until 24 April 2022. Bond is callable at par on 24 April 2022, and on
quarterly coupon payment dates thereafter. If bond is not called on 24 April 2022, coupon resets to three month Libor plus 704.3bps.
fair US05971V2C81 / 55703893 USD 3.125% 01.07.2030 101.4 3.0 BBB / Baa3 10,000 / 1,000 1, 2
Comment: Subordinated debt. Make whole call at reference UST plus 45bps.
Banco Santander Mexico Credit Outlook: Stable Analyst: Donald McLauchlan

fair USP1507SAC19 / 19985582 USD 4.125% 09.11.2022 105.8 1.3 NR / Baa1 150,000 / 1,000 1, 2
Comment: Senior unsecured debt. Make whole call at reference US Treasury plus 40bps.
fair USP1507SAH06 / 54164741 USD 5.375% 17.04.2025 111.4 2.7 n/a / Baa1 150,000 / 1,000 1, 2
Comment: Senior debt. Make whole call at reference UST plus 50bps.
BanColombia Credit Outlook: Stable Analyst: Donald McLauchlan

attr. US05968LAH50 / 19433486 USD 5.125% 11.09.2022 105.6 2.1 n/a / Ba2 2,000 / 1,000 1
Comment: SEC registered global bond. Subordinated debt. This bond ranks junior to all existing and future BanColombia senior obligations, and will rank senior only to the bank's capital stock and any other
instrument that may qualify as Tier I Capital for purposes of Colombian banking laws, if any, and which is expressly or effectively subordinated to the notes.
attr. US05968LAM46 / 52199897 USD 3% 29.01.2025 101.8 2.6 n/a / Baa2 200,000 / 1,000 1, 2
Comment: SEC registered senior bond. Make whole call at reference UST plus 25bps until 29 December 2024. Bond is callable on 29 December 2024, and anytime thereafter at par.


Bancomext (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan

fair USP14517AA73 / 30037268 USD 4.375% 14.10.2025 108.2 2.6 BBB / Baa1 200,000 / 1,000 1, 2
Comment: We regard government controlled Bancomext as an alternative to Mexican sovereign risk. Senior debt. Make whole call at reference UST plus 35bps.
fair USP14517AB56 / 33564512 USD 3.8% 11.08.2026 100.9 3.6 n/a / Baa3 200,000 / 1,000 1
Comment: We regard government controlled Bancomext as an alternative to Mexican sovereign risk. Subordinated debt. Bond callable in full or in part on 11 August 2021 at par. If not called on 11 August 2021,
coupon resents to five year UST plus 300bps.
BBVA Banco Continental (Peru) Credit Outlook: Stable Analyst: Donald McLauchlan
fair USP16260AA28 / 19356130 USD 5% 26.08.2022 107.2 1.1 BBB+ / n/a 10,000 / 1,000 1, 2
Comment: Senior unsecured debt. Make whole call at reference US treasury plus 50bps.
attr. USP16236AG98 / 25473160 USD 5.25% 22.09.2029 110.1 3.9 BBB / n/a 10,000 / 1,000 1, 2
Comment: Subordinated debt. Bond callable on 22 September 2024 at par. If bond is not called on call date 22 September 2024, coupon resets to reference five-year US Treasury plus 275bps.
BBVA Bancomer (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan

fair USP16259AH99 / 19045945 USD 6.75% 30.09.2022 108.5 2.3 n/a / Baa2 150,000 / 1,000 1, 2
Comment: Subordinated bond. Interest deferral clause in the event the capital ratio of BBVA Bancomer declines to below minimum required by regulators. Make whole call at reference UST plus 75bps.
fair USP16259AK29 / 24160958 USD 4.375% 10.04.2024 108.2 1.9 n/a / Baa1 150,000 / 1,000
Comment: Senior debt.
fair USP16259AJ55 / 57212611 USD 1.875% 18.09.2025 99.3 2.0 n/a / Baa1 200,000 / 1,000 1, 2
Comment: Senior debt. Make whole call at reference UST plus 30bps.
COFIDE (Peru) Credit Outlook: Stable Analyst: Donald McLauchlan

fair USP31389AY82 / 14917712 USD 4.75% 08.02.2022 105.2 0.8 BBB / n/a 200,000 / 1,000 1, 2
Comment: Senior unsecured debt. Make-whole call at reference US Treasury plus 50bps.
fair USP3R94GAK53 / 28859508 USD 4.75% 15.07.2025 113.1 1.9 BBB / n/a 200,000 / 1,000 1, 2
Comment: Senior unsecured debt. Make-whole call at reference US Treasury plus 40bps.


COFIDE (Peru) Credit Outlook: Stable Analyst: Donald McLauchlan

attr. USP3R94GAA71 / 24908296 USD 5.25% 15.07.2029 108.1 4.1 BBB- / n/a 200,000 / 1,000 1, 2
Comment: Fixed-to-floating callable subordinated notes. Make-whole call at reference US Treasury plus 40bps until 15 July 2024. Callable on 15 July 2024 and on semi-annual coupon payment dates thereafter at
par. If bond is not called on 15 July 2024, coupon resets to 3M US Treasury plus 560.5bps.
Multilateral Development Banks
CABEI Credit Outlook: Stable Analyst: Brennan Azevedo

attr. XS2045838039 / 50893770 USD 1.13013% 15.11.2024 101.0 n/a AA / Aa3 200,000 / 1,000
fair XS2158595251 / 54543359 USD 2% 06.05.2025 103.6 1.2 AA / Aa3 200,000 / 1,000 1
fair XS2181601233 / 55200686 USD 1.69613% 17.06.2025 101.5 n/a AA / Aa3 200,000 / 1,000 1
CAF Credit Outlook: Stable Analyst: Brennan Azevedo

fair US219868BX31 / 34041636 USD 2.125% 27.09.2021 101.4 0.7 A+ / Aa3 1,000 / 1,000
fair XS1900762888 / 44726681 USD 3.435% 01.11.2021 n/a n/a A+ / Aa3 / n/a
fair US219868CB02 / 46348881 USD 3.25% 11.02.2022 103.5 0.6 A+ / Aa3 1,000 / 1,000 n/a
fair US219868BS46 / 18794737 USD 4.375% 15.06.2022 106.0 0.8 A+ / Aa3 1,000 / 1,000
fair US219868BZ88 / 38956563 USD 2.75% 06.01.2023 104.3 0.8 A+ / Aa3 1,000 / 1,000
fair US219868CC84 / 54701988 USD 2.375% 12.05.2023 103.0 1.2 A+ / Aa3 1,000 / 1,000 1
fair US219868CA29 / 44912962 USD 3.75% 23.11.2023 108.9 0.9 A+ / Aa3 1,000 / 1,000
fair US219868CD67 / 57187989 USD 1.625% 23.09.2025 100.6 1.5 A+ / Aa3 1,000 / 1,000 1

Reference list: Bonds in USD, Latin America, Speculative grade issuers


Sovereign issuers
CIUDAD DE BUENOS AIRES (Argentina) Credit Outlook: Deteriorating Analyst: Alejo Czerwonko
fair XS1422866456 / 32700147 USD 7.5% 01.06.2027 75.5 n/a CCC+ / Caa3 200,000 / 1,000 1
Federative Republic of Brazil Credit Outlook: Deteriorating Analyst: Alejo Czerwonko

fair US105756BU30 / 19443932 USD 2.625% 05.01.2023 103.6 1.0 BB- / Ba2 200,000 / 1,000 1, 2
fair US105756AR10 / 1210349 USD 8.875% 15.04.2024 124.7 1.6 BB- / Ba2 1,000 / 1,000
fair US105756BV13 / 22699871 USD 4.25% 07.01.2025 109.0 2.0 BB- / Ba2 200,000 / 1,000 1, 2
fair US105756BF62 / 2061188 USD 8.75% 04.02.2025 126.1 2.3 BB- / Ba2 1,000 / 1,000
attr. US105756CD06 / 55198981 USD 2.875% 06.06.2025 102.2 2.4 BB- / n/a 200,000 / 1,000 1
fair US105756BX78 / 31897242 USD 6% 07.04.2026 118.3 2.4 BB- / Ba2 200,000 / 1,000 1, 2
fair US105756BZ27 / 38576370 USD 4.625% 13.01.2028 110.5 3.0 BB- / n/a 200,000 / 1,000 1, 2
attr. US105756CA66 / 47075760 USD 4.5% 30.05.2029 109.3 3.3 BB- / Ba2 200,000 / 1,000 1, 2
attr. US105756CC23 / 55195773 USD 3.875% 12.06.2030 103.3 3.5 BB- / n/a 200,000 / 1,000 1
fair US105756BB58 / 1767060 USD 8.25% 20.01.2034 138.6 4.4 BB- / Ba2 1,000 / 1,000 1
fair US105756BK57 / 2405175 USD 7.125% 20.01.2037 128.7 4.6 BB- / Ba2 1,000 / 1,000
fair US105756BR01 / 10632288 USD 5.625% 07.01.2041 113.3 4.6 BB- / Ba2 100,000 / 1,000 1, 2
fair US105756BW95 / 25022849 USD 5% 27.01.2045 105.2 4.6 BB- / Ba2 200,000 / 1,000 1, 2
fair US105756BY51 / 33393607 USD 5.625% 21.02.2047 113.4 4.7 BB- / Ba2 200,000 / 1,000 1, 2
fair US105756CB40 / 50959351 USD 4.75% 14.01.2050 101.6 4.7 BB- / n/a 200,000 / 1,000 1
PROVINCIA BUENOS AIRES (Argentina) Credit Outlook: Deteriorating Analyst: Alejo Czerwonko
fair XS1244682487 / 28466855 USD 9.95% 09.06.2021 42.0 234.6 D / Ca 150,000 / 1,000 1
fair XS1566193295 / 35688759 USD 6.5% 15.02.2023 40.3 127.9 D / Ca 1,000 / 1,000 1
fair XS1380274735 / 31883493 USD 9.125% 16.03.2024 41.3 61.0 D / Ca 150,000 / 1,000 1
fair XS1433314314 / 32881212 USD 7.875% 15.06.2027 40.3 33.0 D / Ca 150,000 / 1,000 1
fair XS0290125391 / 3049374 USD 9.625% 18.04.2028 42.8 33.9 D / Ca 100,000 / 1,000 1



Republic of Argentina Credit Outlook: Deteriorating Analyst: Alejo Czerwonko

fair ARARGE3209Y4 / 56856284 USD 1% 09.07.2029 42.0 15.8 CCC+ / n/a 1 / 1 1
fair US040114HX11 / 56695914 USD 1% 09.07.2029 44.9 14.6 CCC+ / n/a 1 / 1 1
fair US040114HS26 / 55007581 USD 0.125% 09.07.2030 41.0 15.0 CCC+ / n/a 1 / 1 1
fair ARARGE3209S6 / 56828119 USD 0.125% 09.07.2030 40.7 15.1 CCC+ / n/a 1 / 1 1
fair US040114HT09 / 55010344 USD 0.125% 09.07.2035 36.9 13.9 CCC+ / n/a 1 / 1 1
fair ARARGE3209T4 / 56828135 USD 0.125% 09.07.2035 36.8 14.0 CCC+ / n/a 1 / 1 1
fair ARARGE3209U2 / 56828150 USD 0.125% 09.01.2038 38.8 15.2 CCC+ / n/a 1 / 1 1
fair US040114HU71 / 55010345 USD 0.125% 09.01.2038 41.2 14.4 CCC+ / n/a 1 / 1 1
fair ARARGE3209V0 / 56828160 USD 0.125% 09.07.2041 36.3 14.0 CCC+ / n/a 1 / 1 1
fair US040114HV54 / 55010389 USD 0.125% 09.07.2041 38.3 13.4 CCC+ / n/a 1 / 1 1
fair US040114HW38 / 55010346 USD 0.125% 09.07.2046 37.1 13.8 CCC+ / n/a 1 / 1 1
Corporate issuers
AXTEL, S.A.B. DE C.V. (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan
attr. USP0606PAC97 / 39103868 USD 6.375% 14.11.2024 103.8 5.3 BB / Ba3 200,000 / 1,000 1, 2
Comment: Make whole call at referenced UST plus 50bps until 14 November 2020. Callable on 14 November 2020 and anytime thereafter at 104.781, on 14 November 2021 and anytime thereafter at 103.188, on
14 November 2022 and anytime thereafter at 101.594, and on 14 November 2020 and anytime thereafter at par.
BRASIL FOODS (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

fair USP1905CAE05 / 24484905 USD 4.75% 22.05.2024 106.6 2.8 BB- / Ba2 200,000 / 1,000 1, 2
attr. USA08163AA41 / 34077184 USD 4.35% 29.09.2026 104.0 3.6 BB- / n/a 200,000 / 1,000 1, 2
attr. USP1905CJX94 / 50164156 USD 4.875% 24.01.2030 103.5 4.4 n/a / Ba2 200,000 / 1,000 1, 2
Comment: Make whole call at reference US Treasuty plus 50bps until 24 October 2029. Bond callable on 24 October 2028, and anytime thereafter at par.



BRASIL FOODS (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

fair USP1905CAJ91 / 57196277 USD 5.75% 21.09.2050 100.3 5.7 n/a / Ba2 200,000 / 1,000 1, 2
Comment: Make whole call at reference UST plus 50bps until 21 March 2050. Bond is callable on 21 March 2050, and anytime thereafter at par.
Braskem (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

attr. USG1315RAG68 / 18499758 USD 5.375% 02.05.2022 104.0 2.7 BB+ / Ba1 200,000 / 1,000 1, 2
Comment: Make whole call at reference US Treasury plus 50bps until 1 May 2022.
attr. US10553YAF25 / 23439589 USD 6.45% 03.02.2024 108.6 3.7 BB+ / Ba1 200,000 / 1,000 1, 2
attr. USN15516AB83 / 38599545 USD 4.5% 10.01.2028 99.9 4.5 BB+ / n/a 200,000 / 1,000 1, 2
attr. USP1850NAA92 / 51287251 USD 7.45% 15.11.2029 100.0 7.5 B+ / n/a 200,000 / 1,000 1
Comment: Mexican subsidiary Braskem-Idesa risk. Make whole call at reference UST plus 50bps until 15 November 2024. Bond callable on 15 November 2024 and anytime thereafter at 103.725. Bond callable on
15 November 2025 and anytime thereafter at 102.483. Bond callable on 15 November 2026 and anytime thereafter at 101.242. Bond callable on 15 November 2027 and anytime thereafter at par.
attr. USN15516AD40 / 50856389 USD 4.5% 31.01.2030 97.4 4.9 BB+ / n/a 200,000 / 1,000
fair USU1065PAA94 / 13419885 USD 7.125% 22.07.2041 112.1 6.1 BB+ / Ba1 200,000 / 1,000 1, 2
Comment: Make whole call at reference US Treasury plus 50bps until 22 January 2041. Bond callable on 22 January 2041, and anytime thereafter at par.
fair USN15516AE23 / 50856391 USD 5.875% 31.01.2050 98.9 6.0 BB+ / n/a 200,000 / 1,000
Cemex (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan

fair USP2253TJE03 / 25399558 USD 5.7% 11.01.2025 103.2 4.9 BB / n/a 200,000 / 1,000 1, 2
Comment: Callable bond. Investors should consider yield-to-worse and not yield-to-maturity when analyzing this security. Make whole call at reference UST plus 50bps until 11 January 2020. Bond is callable on 11
January 2020 and anytime thereafter at 102.850, on 11 January 2021 and anytime thereafter at 101.900, on 11 January 2022 and anytime thereafter at 100.950, and on 11 January 2023 anytime
thereafter at par.




fair USP2253TJK62 / 31883207 USD 7.75% 16.04.2026 105.8 6.5 BB / n/a 200,000 / 1,000 1, 2
Comment: Callable bond. Investors should consider yield-to-worse and not yield-to-maturity when analyzing this security. Make whole call at reference UST plus 50bps until 16 April 2021. Bond is callable on 16
April 2021 and anytime thereafter at 103.875, on 16 April 2022 and anytime thereafter at 102.583, on 16 April 2023 and anytime thereafter at 101.292, and on 16 April 2024 and anytime thereafter at
par.
attr. USP2253TJP59 / 55138648 USD 7.375% 05.06.2027 111.4 5.3 BB / n/a 200,000 / 1,000 1
Comment: Callable bond. Investors should consider yield-to-worse and not yield-to-maturity when analyzing this security. Bond is callable on 5 June 2023 and anytime thereafter at 103.688, on 5 June 2024 and
anytime thereafter at 101.844, and on 5 June 2025 and anytime thereafter at par.
attr. USP2253TJN02 / 51097717 USD 5.45% 19.11.2029 104.1 4.9 BB / n/a 200,000 / 1,000 1
Comment: Callable bond. Investors should consider yield-to-worse and not yield-to-maturity when analyzing this security. Make whole call at reference UST plus 50bps until 19 November 2024. Bond is callable on
19 November 2024 and anytime thereafter at 102.750, on 19 November 2025 and anytime thereafter at 101.817, on 19 November 2026 and anytime thereafter at 100.908, and on 19 November 2027
and anytime thereafter at par.
attr. USP2253TJQ33 / 57147390 USD 5.2% 17.09.2030 103.4 4.8 BB / n/a 200,000 / 1,000 1
Comment: Callable bond. Investors should consider yield-to-worse and not yield-to-maturity when analyzing this security. Bond is callable on 17 September 2025 and anytime thereafter at 102.60, on 17 September
2026 and anytime thereafter at 101.733, on 17 September 2027 and anytime thereafter at 100.867, and on 17 September 2028 and anytime thereafter at par.
Cosan (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

attr. USL20041AD89 / 32881354 USD 7% 20.01.2027 107.3 5.6 BB- / Ba2 200,000 / 1,000 1, 2
Comment: Cosan S.A. I&C risk. Investors should consider yield-to-worse and not yield-to-maturity when analyzing this security. Make whole call at reference US Treasury plus 50bps until 20 January 2022. Bond is
callable on 20 January 2022 and anytime thereafter at 103.500, on 20 January 2023 and anytime thereafter at 102.333, on 20 January 2024 and anytime thereafter at 101.167, and on 20 January
2025 and anytime thereafter at par.
attr. USG25343AB36 / 49177304 USD 5.5% 20.09.2029 104.1 4.9 BB- / n/a 200,000 / 1,000 1, 2
Comment: Cosan Limited risk. Investors should consider yield-to-worse and not yield-to-maturity when analyzing this bond. Make whole call at reference UST plus 50bps until 20 September 2024. Bond is callable
on 20 September 2024 and anytime thereafter at 102.750, on 20 September 2025 and anytime thereafter at 101.833, on 20 September 2026 and anytime thereafter at 100.917, and on 20 September
CSN (Brazil) Credit Outlook: Deteriorating Analyst: Donald McLauchlan

fair USL21779AC45 / 40393704 USD 7.625% 13.02.2023 104.6 5.5 n/a / B2 200,000 / 1,000 1, 2
Comment: Make whole call at reference UST plus 50bps until 13 February 2021. Bond callable on 13 February 2021, and anytime thereafter, at 103.813, and on 13 February 2022, and anytime thereafter, at
101.906.



CSN (Brazil) Credit Outlook: Deteriorating Analyst: Donald McLauchlan

fair USL21779AD28 / 47418012 USD 7.625% 17.04.2026 103.1 6.9 n/a / B2 200,000 / 1,000 1, 2
Comment: Make whole call at reference UST plus 50bps until 17 April 2022. Bond callable on 17 April 2022, and anytime thereafter, at 103.813, on 17 April 2023, and anytime thereafter, at 102.516, on 17 April
2024, and anytime thereafter, at 101.220, and on 17 April 2025, and anytime thereafter, at par.
fair USG2583XAB76 / 52214668 USD 6.75% 28.01.2028 100.8 6.6 n/a / B2 200,000 / 1,000 1
Comment: Senior unsecured debt. Make whole call at reference UST plus 50bps until 28 January 2024. Bond is callable on 28 January 2024 and anytime thereafter at 103.375, on 28 January 2025 and anytime
thereafter at 101.688, and on 28 January 2026 and anytime thereafter at 100.
fair USG2585XAA75 / 11772748 USD 7% Perpetual 91.3 7.7 B- / B2 100,000 / 1,000 1, 2

Comment: Perpetual bond. Bond became callable on 23 September 2015, and on quarterly coupon payment dates thereafter, subject to 30-day notice, at par.
Embraer (Brazil) Credit Outlook: Deteriorating Analyst: Donald McLauchlan

exp. US29082AAA51 / 18824392 USD 5.15% 15.06.2022 101.9 4.0 BB+ / Ba2 2,000 / 1,000 1, 2
exp. USG30376AB69 / 22386440 USD 5.696% 16.09.2023 103.0 4.6 BB+ / Ba2 2,000 / 1,000 1, 2
exp. US29082HAA05 / 28511160 USD 5.05% 15.06.2025 99.1 5.3 BB+ / Ba2 2,000 / 1,000 1, 2
exp. US29082HAB87 / 35504380 USD 5.4% 01.02.2027 98.5 5.7 BB+ / n/a 2,000 / 1,000 1, 2
exp. USN29505AA70 / 57105014 USD 6.95% 17.01.2028 105.5 6.0 BB+ / n/a 200,000 / 1,000 1, 2
Globo (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

attr. USP47773AN93 / 28638275 USD 4.843% 08.06.2025 104.2 3.9 BB+ / Ba1 n/a / n/a 1
Comment: Bond callable in full or in part on 8 March 2025, and anytime thereafter at par.
attr. USP47777AB69 / 52073499 USD 4.875% 22.01.2030 100.5 4.8 BB+ / Ba1 200,000 / 1,000



Klabin S.A. (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

attr. USL5828LAB55 / 38292717 USD 4.875% 19.09.2027 107.7 3.6 BB+ / n/a 200,000 / 1,000
Comment: Green bond. Make whole call at reference US Treasury plus 50bps.
attr. USA35155AA77 / 47177935 USD 5.75% 03.04.2029 112.7 4.0 BB+ / n/a 200,000 / 1,000 1, 2
Comment: Make whole call at reference US Treasury plus 50bps until 3 January 2029. Bond is callable on 3 January 2029, and anytime thereafter at par.
fair USA35155AB50 / 47177832 USD 7% 03.04.2049 115.2 5.9 BB+ / n/a 200,000 / 1,000 1, 2
Comment: Green bond. Make whole call at reference US Treasury plus 50bps until 3 October 2048. Bond is callable on 3 October 2048, and anytime thereafter at par.
MINSUR S.A (Peru) Credit Outlook: Stable Analyst: Donald McLauchlan

attr. USP6811TAA36 / 23619179 USD 6.25% 07.02.2024 111.4 2.6 BB+ / Ba3u 150,000 / 1,000 1, 2
NEMAK (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan

fair USP71340AC09 / 39904620 USD 4.75% 23.01.2025 101.4 4.4 BB+ / Ba1 200,000 / 1,000 1, 2
Comment: Callable on 23 January 2021 and anytime thereafter at 103.563, on 23 January 2022 and anytime thereafter at 102.375, on 23 January 2023 and anytime thereafter at 101.188, and on 23 January
NEXA RESOURCES SA (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

attr. USP98118AA38 / 36603779 USD 5.375% 04.05.2027 105.7 4.4 BB+ / Ba2 200,000 / 1,000 1, 2
Comment: Senior unsecured debt. Make whole call at reference UST plus 50bps until 4 February 2027. Bond is callable on 4 February 2027, and anytime thereafter at 100.
attr. USL67359AA48 / 55463672 USD 6.5% 18.01.2028 110.4 4.8 BB+ / Ba2 200,000 / 1,000 1
Comment: Make whole call at reference UST plus 50bps until 18 October 2027. Bond is callable on 18 October 2027, and anytime thereafter at par.
Ocyan (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

fair USG67106AB35 / 39713927 USD 6.35% 01.12.2021 94.5 19.0 B- / n/a n/a / n/a 1, 2
Comment: Senior secured bond collateralized with units Norbe VIII and Norbe IX, and issued out of the restructuring of the Old 6.35% 2021, ISIN number USG67106AA51. Quarterly amortizations with final
maturity 1 December 2021. Make whole call at reference UST plus 50bps until 1 December 2020. Bond callable on 1 December 2020, and anytime thereafter at par.



Ocyan (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

fair USG6711KAC92 / 39702446 USD 6.72% 01.12.2022 91.5 16.1 CCC+ / n/a / 1, 2
Comment: Senior secured bond collateralized with units ODN I, ODN II, and Norbe VI, and issued out of the restructuring of the Old 6.625% 2022, ISIN number USG6711KAB10, and the Old 6.75% 2022, ISIN
number USG67111KAA37. Quarterly amortization payments with final maturity on 1 December 2022, although final payment could be deferred until March 2023. Make whole call at reference UST plus
50bps until 1 December 2021. This bond is callable on 1 December 2021, and anytime thereafter at par. On 2 July 2018, Ocyan informed the market that the original contract for the semi-submersible rig
Norbe VI, which was due to expire on 11 July 2018, would not be renewed. The event should not affect the terms and conditions of the company's December 2017 debt restructuring as this risk was
anticipated by the negotiating parties. As a result, we would expect the deferral of the final maturity of this bond to March 2023. However, on 24 July 2019, Ocyan informed the market that it had signed
a new service and charter contract for unit Norbe VI with Petrobras. According to the Notice to the Market, the new contract for Norbe VI has a duration of 730 days plus 45 days of well in progress after
start of operations. Norbe VI is expected to begin to operate in January 2020.
fair USG67106AC18 / 39713928 USD 7.35% 01.12.2026 26.8 40.4 n/a / n/a n/a / n/a 1, 2
Comment: Subordinated secured bond collateralized with units Norbe VIII and Norbe IX, and issued out of the restructuring of the Old 6.35% 2021, ISIN number USG67106AA51. Coupon breakdown: i) 6.35%
cash Payable If You Can (PIYC) with 1% cash interest floor, cash interest not fully paid will be paid in kind (PIK), and ii) 1% PIK. Variable amortization schedule subject to cash flow generation and full
payment of the senior secured 6.35% 2021, ISIN USG67106AB35. Make whole call at reference UST plus 50bps until 1 December 2020. Bond callable on 1 December 2020, and anytime thereafter at
par.
fair USG6711KAD75 / 39702402 USD 7.72% 01.12.2026 10.6 86.0 n/a / n/a n/a / n/a 1, 2
Comment: Subordinated secured bond collateralized with units ODN I, ODN II, and Norbe VI, and issued out of the restructuring of the Old 6.625% 2022, ISIN number USG6711KAB10, and the Old 6.75% 2022,
ISIN number USG67111KAA37. Coupon breakdown: i) 6.72% cash Payable If You Can (PIYC) with 1% cash interest floor, cash interest not fully paid will be paid in kind (PIK), and ii) 1% PIK. Variable
amortization schedule subject to cash flow generation and full payment of the senior secured 6.72% 2022, ISIN USG6711KAC92. Make whole call at reference UST plus 50bps until 1 December 2021.
This bond is callable on 1 December 2021, and anytime thereafter at par. On 2 July 2018, Ocyan informed the market that the original contract for the semi-submersible rig Norbe VI, which was due to
expire on 11 July 2018, would not be renewed. The event should not affect the terms and conditions of the company's December 2017 debt restructuring as this risk was anticipated by the negotiating
parties. As a result, delays in the initiation of the amortization of this bond. However, on 24 July 2019, Ocyan informed the market that it had signed a new service and charter contract for unit Norbe VI
with Petrobras. According to the Notice to the Market, the new contract for Norbe VI has a duration of 730 days plus 45 days of well in progress after start of operations. Norbe VI is expected to begin to
operate in January 2020.
fair USG6712EAB41 / 39702355 USD 0% Perpetual 0.6 n/a n/a / n/a 1,000 / 1 1
Comment: Subordinated zero coupon perpetual Participating Titles (PTs) issued out of the restructuring of the Old 7% perpetual bond, ISIN USG6712EAB41. Variable interest payments calculated as percentage of
any shareholder distribution. PTs can be redeemed or repurchased by the issuer at its option. PTs can also be purchased at the option of the holder in the event of a merger or change of control or IPO of
Ocyan (formerly Odebrecht Oil & Gas - OOG). In such cases, the repurchase price for PTs will reflect consideration received in exchange for any Ocyan capital stock transferred pursuant to such
transaction. Upon issuance of any Ocyan equity, subject to certain exceptions, holders can subscribe additional PTs to maintain their share of PTs distributions. PTs are convertible into Ocyan share in case
of an event of default (nonpayment of PTs distributions or nonpayment of redemption price or repurchase price, or nonperformance of covenants and certain events of bankruptcy or insolvency of Ocyan).



OEC (Brazil) Credit Outlook: Deteriorating Analyst: Donald McLauchlan

fair USG6710EAP54 / 21212928 USD 4.375% 25.04.2025 6.5 128.5 NR / WR 200,000 / 1,000 1, 2
Comment: Bond in default. On 30 August 2019, OEC informed the market that it has reached an agreement in principle over the key commercial terms of a potential debt restructuring with certain members of an
ad hoc group of bondholders. According to the press release, the members of the ad hoc group collectively hold approximately 40% of all the notes subject to restructuring. The agreement in principle
contemplates the cancellation of OEC's obligations under the existing notes, for a combination of new series of notes representing 45% of principal and unpaid interest, and a participatory debt
instrument to be issued by a new holding company that would entitle holders to a share of future distributions to be made by OEC. We find the agreement in principle as a potential positive for
bondholders, as it signals OEC's intention to continue to operate rather than face liquidation. However, investors should be aware that execution risks are still high. The successful implementation of the
debt restructuring through Brazilian extrajudicial proceedings requires consent from additional holders of the defaulted notes. OEC will provide notice of the process for soliciting such consent in due
course, and in accordance with applicable law.
fair USG6710EAQ38 / 24759462 USD 5.25% 27.06.2029 6.0 115.3 NR / WR 200,000 / 1,000 1, 2
fair USG6710EAL41 / 18901036 USD 7.125% 26.06.2042 6.0 172.4 NR / WR 200,000 / 1,000 1, 2
fair USG6710EAF72 / 11736504 USD 7.5% Perpetual 6.0 138.0 NR / WR 100,000 / 1,000 1



Pemex (Mexico) Credit Outlook: Deteriorating Analyst: Donald McLauchlan

attr. US71654QBB77 / 18992106 USD 4.875% 24.01.2022 102.0 3.3 BBB / Ba2 10,000 / 1,000 1, 2
fair US71654QCF72 / 38523598 USD 3.90025% 11.03.2022 99.6 n/a BBB / Ba2 10,000 / 1,000
Comment: SEC registered global bond. Floating rate note (FRN). Three-month LIBOR plus 365bps.
attr. US71654QCE08 / 38523557 USD 5.375% 13.03.2022 102.2 3.8 BBB / Ba2 10,000 / 1,000 1, 2
attr. US71654QBG64 / 21869053 USD 3.5% 30.01.2023 98.9 4.0 BBB / Ba2 10,000 / 1,000 1, 2
attr. US71654QCD25 / 35139411 USD 4.625% 21.09.2023 100.6 4.4 BBB / Ba2 n/a / n/a 1, 2
attr. US71654QBH48 / 21982513 USD 4.875% 18.01.2024 99.8 5.0 BBB / Ba2 10,000 / 1,000 1, 2
attr. US71654QBV32 / 29031928 USD 4.25% 15.01.2025 95.9 5.3 BBB / Ba2 10,000 / 1,000 1, 2
attr. USP7S08VBZ31 / 57604116 USD 6.875% 16.10.2025 100.8 6.7 BBB / Ba2 10,000 / 1,000 1, 2
Comment: Bond issued with registration rights. Make whole call at reference UST plus 50bps until 16 September 2025. Bond is callable on 16 September and anytime thereafter at par.
attr. US71654QBW15 / 29031932 USD 4.5% 23.01.2026 91.5 6.4 BBB / Ba2 10,000 / 1,000 1, 2
attr. US71654QCB68 / 33765461 USD 6.875% 04.08.2026 99.2 7.1 BBB / Ba2 n/a / n/a 1, 2
attr. USP78625DW03 / 50056354 USD 6.49% 23.01.2027 96.6 7.2 BBB / Ba2 1,000 / 1,000 1, 2
Comment: On 21 September 2020, in line with terms and conditions, Pemex launched an offer to exchange any and all of the outstanding of this bond for new US SEC registered securities under the same terms.
Investors are advised to accept and exchange. Investors that decide to pass risk holding an illiquid security that may trade at a discount to the yet-to-be-issued US SEC registered tranche. The offer to
exchange expires on 21 October 2020. On expiration of the exchange offering, we will remove this bond from our EM Bond List and replace it with the new US SEC security. Make whole call at reference
UST plus 50bps until 23 November 2026. Bond is callable on 23 November 2026, and anytime thereafter at par.




attr. US71654QCG55 / 38523601 USD 6.5% 13.03.2027 96.3 7.2 BBB / Ba2 10,000 / 1,000 1, 2
attr. US71654QCK67 / 43882918 USD 5.35% 12.02.2028 89.9 7.2 BBB / Ba2 n/a / n/a 1, 2
attr. US71654QCP54 / 44993702 USD 6.5% 23.01.2029 93.3 7.6 BBB / Ba2 10,000 / 1,000 1, 2
attr. USP78625DX85 / 50056356 USD 6.84% 23.01.2030 93.1 7.9 BBB / Ba2 10,000 / 1,000 1, 2
UST plus 50bps until 23 October 2029. Bond is callable on 23 October 2029, and anytime thereafter at par.
attr. USP78625EA73 / 52143626 USD 5.95% 28.01.2031 87.5 7.7 BBB / Ba2 10,000 / 1,000 1, 2
UST plus 50bps until 28 July 2030. Bond is callable on 28 July 2030, and anytime thereafter at par.
fair US706451BG56 / 2423869 USD 6.625% 15.06.2035 85.5 8.4 BBB / Ba2 n/a / n/a 1, 2
fair US71654QAZ54 / 13828887 USD 6.5% 02.06.2041 81.4 8.4 BBB / Ba2 10,000 / 1,000 1, 2
fair US71654QBE17 / 19165545 USD 5.5% 27.06.2044 76.4 7.7 BBB / Ba2 / 1, 2
fair US71654QBX97 / 29031940 USD 5.625% 23.01.2046 76.9 7.7 BBB / Ba2 10,000 / 1,000 1, 2
fair US71654QCC42 / 35139425 USD 6.75% 21.09.2047 80.6 8.6 BBB / Ba2 n/a / n/a 1, 2




fair US71654QCL41 / 43884977 USD 6.35% 12.02.2048 79.4 8.3 BBB / Ba2 10,000 / 1,000 1, 2
fair USP78625DY68 / 50056357 USD 7.69% 23.01.2050 86.5 9.0 BBB / Ba2 10,000 / 1,000 1, 2
fair USP78625EB56 / 52143628 USD 6.95% 28.01.2060 80.8 8.7 BBB / Ba2 10,000 / 1,000 1, 2
fair US71656MAF68 / 11787455 USD 6.625% Perpetual 75.4 8.8 BBB / Ba2 10,000 / 1,000 1
Comment: The Pemex 6.625% perpetual became callable in full or in part on 28 September 2015, and anytime thereafter at par, subject to a minimum 30 day notice. In our view, early redemption risk will likely
remain low for as long as the bond trades below par.
Petrobras (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

fair US71647NAP42 / 32635289 USD 8.375% 23.05.2021 104.6 0.8 BB- / Ba2 2,000 / 1,000 1, 2
Comment: SEC registered global bond. Make whole call at reference benchmark plus 50bps.
fair US71647NAF69 / 21412786 USD 4.375% 20.05.2023 105.8 2.1 BB- / Ba2 2,000 / 1,000 1, 2
Comment: SEC registered global bond. Make whole call at reference benchmark plus 40bps.
attr. US71647NAM11 / 23929934 USD 6.25% 17.03.2024 112.0 2.6 BB- / Ba2 n/a / n/a 1, 2
attr. US71647NAV10 / 38367685 USD 5.299% 27.01.2025 110.5 2.7 BB- / Ba2 2,000 / 1,000 1, 2
attr. US71647NAQ25 / 32635293 USD 8.75% 23.05.2026 128.1 3.2 BB- / Ba2 2,000 / 1,000 1, 2




attr. US71647NAS80 / 35311611 USD 7.375% 17.01.2027 119.3 3.9 BB- / Ba2 2,000 / 1,000 1, 2
attr. US71647NAY58 / 38367688 USD 5.999% 27.01.2028 112.5 4.0 BB- / Ba2 2,000 / 1,000 1, 2
attr. US71647NAZ24 / 40123795 USD 5.75% 01.02.2029 112.4 4.0 BB- / Ba2 2,000 / 1,000 1, 2
attr. US71647NBE85 / 55938823 USD 5.093% 15.01.2030 108.0 4.1 BB- / Ba2 2,000 / 1,000 1, 2
Comment: SEC registered bond, replaces Petrobras 5.093% 2030 RegS tranche, ISIN USN6945AAL19 Make whole call at reference UST plus 50bps.
attr. US71647NBH17 / 55066799 USD 5.6% 03.01.2031 110.6 4.3 BB- / Ba2 2,000 / 1,000 1, 2
fair US71645WAQ42 / 10689376 USD 6.875% 20.01.2040 115.3 5.6 BB- / Ba2 2,000 / 1,000 1, 2
fair US71645WAS08 / 12384726 USD 6.75% 27.01.2041 114.2 5.6 BB- / Ba2 2,000 / 1,000 1, 2
fair US71647NAA72 / 21412775 USD 5.625% 20.05.2043 104.5 5.3 BB- / Ba2 2,000 / 1,000 1, 2
fair US71647NAK54 / 23929933 USD 7.25% 17.03.2044 118.4 5.8 BB- / Ba2 2,000 / 1,000 1, 2
fair US71647NBD03 / 46885995 USD 6.9% 19.03.2049 116.6 5.7 BB- / Ba2 2,000 / 1,000 1, 2
fair US71647NBG34 / 55058751 USD 6.75% 03.06.2050 112.2 5.9 BB- / Ba2 2,000 / 1,000 1, 2
Comment: SEC registered global bond. Make whole call at reference US Treasury plus 50bps until 3 December 2049. Bond callable on 3 December 2049, and anytime thereafter at par.




fair US71647NAN93 / 28438163 USD 6.85% 05.06.2115 110.6 6.2 BB- / Ba2 2,000 / 1,000 1, 2
RUMO (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

fair USL79090AA13 / 35610842 USD 7.375% 09.02.2024 104.6 5.8 BB- / n/a 200,000 / 1,000 1, 2
Comment: Rumo is a 28.5%-owned subsidiary of Cosan Logistica, which is in turn 72.3% owned by Cosan Limited. Investors should consider yield-to-worse and not yield-to-maturity when analyzing this bond.
Make whole call at reference UST + 50bps until 9 February 2021. Bond is callable on 9 February 2021 and anytime thereafter at 103.688, on 9 February 2022 and anytime thereafter at 101.844, and on
9 February 2023 and anytime thereafter at par.
fair USL79090AB95 / 39878431 USD 5.875% 18.01.2025 105.4 4.5 BB- / n/a 200,000 / 1,000 1, 2
Make whole call at reference UST + 50bps until 18 January 2022. Bond is callable on 18 January 2022 and anytime thereafter at 102.938, on 18 January 2023 and anytime thereafter at 101.469, and
on 18 January 2024 and anytime thereafter at par.
attr. USL79090AC78 / 55782324 USD 5.25% 10.01.2028 105.4 4.4 BB- / n/a 200,000 / 1,000 1
Green bond callable on 10 January 2024 and anytime thereafter at 102.625, on 10 January 2025 and anytime thereafter at 101.313, on 10 January 2026 and anytime thereafter at 100.656, and on 10
January 2027 and anytime thereafter at par.
SAMARCO MINERACAO SA (Brazil) Credit Outlook: Deteriorating Analyst: Donald McLauchlan

fair USP84050AA46 / 19928212 USD 4.125% 01.11.2022 54.3 40.5 NR / WR 200,000 / 1,000 1, 2
Comment: Bond in default.
fair USP84050AB29 / 22674526 USD 5.75% 24.10.2023 55.0 31.2 NR / WR 200,000 / 1,000 1, 2
fair USP84050AC02 / 25546073 USD 5.375% 26.09.2024 54.5 23.9 NR / WR 200,000 / 1,000 1, 2
VOLCAN CIA MINERA (Peru) Credit Outlook: Deteriorating Analyst: Donald McLauchlan
fair USP98047AA42 / 14871843 USD 5.375% 02.02.2022 100.4 5.1 NR / B1 2,000 / 1,000 1, 2



VOTORANTIM CIMENTOS (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

attr. USC86068AA80 / 34132429 USD 5.75% 28.01.2027 114.9 3.1 BBB- / Ba1 200,000 / 1,000 1, 2
Comment: St. Marys Cement risk. Senior unsecured debt. Make whole call at reference UST plus 50bps until 28 October 2026. Bond is callable on 28 October 2026, and anytime thereafter at par.
fair USP98088AA83 / 12815870 USD 7.25% 05.04.2041 130.2 4.9 BBB- / Ba1 200,000 / 1,000 1, 2
Comment: Votorantim Cimentos risk. Senior unsecured debt. Make whole call at reference UST plus 50bps.
YPF S.A. (Argentina) Credit Outlook: Deteriorating Analyst: Donald McLauchlan

fair USP989MJAY76 / 24137424 USD 8.75% 04.04.2024 79.3 19.6 n/a / Caa3 1,000 / 1,000 1, 2
Comment: Senior unsecured amortizable bond. Amortization schedule: 30% on 4 April 2022, 30% on 4 April 2024, balance on maturity. Make-whole call at reference US Treasuty plus 50bps.
fair USP989MJBQ34 / 56044351 USD 8.5% 23.03.2025 79.0 19.2 CCC- / n/a / 1
Comment: Senior amortizable bond issued in exchange of the 8.5% 2021, ISIN USP989MJBG51. Bond amortizes 25% per year beginning 23 March 2022. Make whole call at reference UST plus 50bps.
fair USP989MJBE04 / 28028774 USD 8.5% 28.07.2025 72.2 17.3 n/a / Caa3 1,000 / 1,000 1, 2
Comment: Senior unsecured bullet bond. Make-whole call at reference US Treasury plus 50bps.
fair USP989MJBL47 / 37575590 USD 6.95% 21.07.2027 65.7 15.3 CCC- / n/a 10,000 / 1,000
Comment: Senior unsecured.
fair USP989MJBP50 / 48639275 USD 8.5% 27.06.2029 68.7 15.1 CCC- / Caa3 10,000 / 1,000 1, 2
Comment: Make whole call at reference benchmark UST plus 50bps until 27 March 2029. Bond callable on 27 March 2029, and anytime thereafter at par.
fair USP989MJBN03 / 39499074 USD 7% 15.12.2047 61.4 11.7 CCC- / n/a 10,000 / 1,000 1, 2
Comment: Senior unsecured bond. Make whole call at reference US Treasury plus 50bps until 15 June 2047. Bond callable on 15 June 2047 and anytime thereafter at par.
Financials
BNDES (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

fair USP14486AJ63 / 22415707 USD 5.75% 26.09.2023 111.6 1.7 BB- / Ba2 200,000 / 1,000



BNDES (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

attr. USP14486AM92 / 36622464 USD 4.75% 09.05.2024 108.5 2.3 BB- / Ba2 200,000 / 1,000 1, 2
Comment: Senior unsecured green bond.
Bradesco (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

fair USG0732RAG32 / 18067680 USD 5.75% 01.03.2022 105.3 1.8 n/a / Ba3 200,000 / 1,000 1
Comment: Subordinated debt. Deferral of interest and principal provisions if the issuer is not in compliance operational limits as per current or future regulations applicable to Brazilian banks. Deferral of interest
and/or principal, if any, will accrue at note rate plus 1%. We regard Bradesco as a solid financial with high systemic importance.
attr. US05947LAY48 / 52166216 USD 2.85% 27.01.2023 101.9 2.0 BB- / Ba2 200,000 / 1,000
attr. US05947LAZ13 / 52166199 USD 3.2% 27.01.2025 102.2 2.7 BB- / Ba2 200,000 / 1,000
Comment: Senior unsecured debt
Caixa Economica Federal (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan
fair US12803X2B68 / 19928236 USD 3.5% 07.11.2022 103.5 1.8 n/a / Ba2 150,000 / 1,000
Itau-Unibanco (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

fair US46556MAE21 / 13198664 USD 6.2% 21.12.2021 105.0 1.9 n/a / Ba3 200,000 / 1,000 1
and/or principal, if any, will accrue at note rate plus 1%. We regard Itau-Unibanco as a solid financial with high systemic importance.
fair US46556MAF95 / 18171465 USD 5.65% 19.03.2022 104.8 2.2 n/a / Ba3 200,000 / 1,000 1
fair US46556MAH51 / 19170354 USD 5.5% 06.08.2022 105.5 2.4 n/a / Ba3 200,000 / 1,000 1
fair US46556MAJ18 / 19976581 USD 5.125% 13.05.2023 106.4 2.5 n/a / Ba3 200,000 / 1,000 1



Itau-Unibanco (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

attr. US46556KAB26 / 52073514 USD 3.25% 24.01.2025 102.7 2.6 BB- / Ba3 200,000 / 1,000 1

Reference list: Bonds in EUR, Asia, Investment grade issuers

Sovereign issuers
People's Republic of China Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair XS2078532913 / 50989724 EUR 0.125% 12.11.2026 100.5 0.1 A+u / A1u 100,000 / 1,000 1
fair XS2078533218 / 50989768 EUR 0.5% 12.11.2031 99.5 0.6 A+u / A1u 100,000 / 1,000 1
fair XS2078535346 / 50990989 EUR 1% 12.11.2039 98.7 1.1 A+u / A1u 100,000 / 1,000 1

fair XS1084368593 / 24852252 EUR 2.875% 08.07.2021 103.0 -1.2 BBB / Baa2 100,000 / 1,000
fair XS1432493879 / 32859192 EUR 2.625% 14.06.2023 105.8 0.5 BBB / Baa2 100,000 / 1,000
fair XS2100404396 / 51858591 EUR 0.9% 14.02.2027 99.6 1.0 BBB / Baa2 100,000 / 1,000 1
Republic of Korea Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair XS0277265269 / 2820566 EUR 4.25% 07.12.2021 105.6 -0.6 AA / n/a 50,000 / 1,000
fair XS1075371986 / 24617754 EUR 2.125% 10.06.2024 108.9 -0.3 AA / Aa2 100,000 / 1,000
fair XS2226969686 / 57093165 EUR 0% 16.09.2025 101.3 -0.3 AA / Aa2 100,000 / 1,000 1

fair XS2104122986 / 52165746 EUR 0% 03.02.2023 99.9 0.0 BBB+ / Baa2 100,000 / 1,000 1
fair XS2104985598 / 52189066 EUR 0.7% 03.02.2029 98.2 0.9 BBB+ / Baa2 100,000 / 1,000
Corporate issuers
BEIJING ENTERPRISES HLDG (China) Credit Outlook: Stable Analyst: Kevin Liu
fair XS2181280335 / 57217162 EUR 1% 24.09.2025 101.0 0.8 BBB+ / Baa1 100,000 / 1,000 1, 2
BRIGHT FOOD (GROUP) CO. (China) Credit Outlook: Stable Analyst: Timothy Tay
fair XS2006909407 / 48474243 EUR 1.375% 19.06.2024 101.0 1.1 BBB- / Baa3 100,000 / 1,000 1, 2


BRIGHT FOOD (GROUP) CO. (China) Credit Outlook: Stable Analyst: Timothy Tay
attr. XS2197770279 / 56106422 EUR 1.75% 22.07.2025 102.4 1.2 BBB- / Baa3 100,000 / 1,000 1, 2
CHINA NATIONAL CHEMICAL CORPORATION Credit Outlook: Stable Analyst: Timothy Tay
fair XS1525358054 / 34847767 EUR 1.871% 07.12.2021 101.3 0.8 BBB / Baa2 100,000 / 1,000 1, 2
fair XS1791704189 / 40855843 EUR 1.75% 14.06.2022 101.1 1.1 BBB / n/a 100,000 / 1,000 1, 2
fair XS2226795321 / 57171667 EUR 1.125% 22.09.2024 99.1 1.4 n/a / Baa2 100,000 / 1,000 1, 2

fair XS1220886938 / 27989379 EUR 1% 28.04.2022 101.3 0.2 A+ / A1 100,000 / 1,000 1, 2

fair XS1132402709 / 25932430 EUR 1.375% 31.10.2021 101.5 -0.1 A / A2 100,000 / 1,000
fair XS1391085740 / 32179458 EUR 1.25% 06.04.2023 102.9 0.1 A / A2 100,000 / 1,000
fair XS1497312295 / 34139380 EUR 0.875% 03.10.2024 102.7 0.2 A / A2 100,000 / 1,000
fair XS1806124753 / 41359691 EUR 1.25% 13.04.2025 106.3 -0.2 A / A2 n/a / n/a
fair XS1391086987 / 32179457 EUR 2% 06.04.2028 111.5 0.4 A / A2 100,000 / 1,000
fair XS1806130305 / 41359692 EUR 2% 13.04.2030 112.9 0.6 A / A2 100,000 / 1,000
CK INFRASTRUCTURE HOLDINGS (Hong Kong) Credit Outlook: Stable Analyst: Kevin Liu
fair XS1733226747 / 39471730 EUR 1% 12.12.2024 100.9 0.8 A / n/a 100,000 / 1,000 1

fair XS1551677260 / 35513757 EUR 2.75% 01.02.2027 107.4 1.5 BBB- / n/a 100,000 / 1,000 1
OIL & NATURAL GAS CORP LTD (India) Credit Outlook: Stable Analyst: Devinda Paranathanthri
fair XS1084958989 / 24887734 EUR 2.75% 15.07.2021 101.4 0.8 BBB- / Baa3 100,000 / 1,000 1



STATE GRID CORP OF CHINA Credit Outlook: Stable Analyst: Kevin Liu
fair XS1165754851 / 26791070 EUR 1.5% 26.01.2022 101.9 0.1 A / A2 100,000 / 1,000 1, 2
fair XS1402176389 / 32585421 EUR 1.25% 19.05.2022 101.7 0.2 A+ / A1 100,000 / 1,000 1, 2
fair XS1810963147 / 41547295 EUR 1.375% 02.05.2025 104.4 0.4 A+ / A1 n/a / n/a 1, 2
fair XS1402177601 / 32590353 EUR 1.75% 19.05.2025 106.0 0.4 A+ / A1 100,000 / 1,000 1, 2
fair XS2152902719 / 56336163 EUR 0.797% 05.08.2026 102.0 0.4 A+ / n/a 100,000 / 1,000 1, 2
fair XS1165756633 / 26805752 EUR 2.45% 26.01.2027 110.3 0.8 A / A2 100,000 / 1,000 1, 2
fair XS1810963659 / 41547293 EUR 2.125% 02.05.2030 111.3 0.9 A+ / A1 100,000 / 1,000 1, 2
fair XS2152935214 / 56339445 EUR 1.303% 05.08.2032 104.2 0.9 A+ / n/a 100,000 / 1,000 1, 2
Financials
fair XS1901209376 / 44993708 EUR 0% 26.11.2021 100.0 n/a A+ / n/a 100,000 / 1,000
Comment: Green bond

fair XS1437623355 / 33202304 EUR 0.75% 12.07.2021 101.6 -1.4 n/a / A1 100,000 / 1,000
fair XS2060692873 / 50525878 EUR 0% 16.10.2021 99.9 0.1 A / A1 100,000 / 1,000

fair XS1959288868 / 46799035 EUR 0.5% 13.03.2022 100.5 0.2 A / A1 100,000 / 1,000
fair XS1979297238 / 47433424 EUR 0.25% 17.04.2022 100.2 0.1 A / A1 100,000 / 1,000
fair XS2099704731 / 51939568 EUR 0.125% 16.01.2023 100.0 0.1 A / A1 100,000 / 1,000 1
attr. XS1115459528 / 25571572 EUR 3.625% 03.10.2026 97.3 4.1 n/a / n/a 100,000 / 1,000 1
Comment: This is a Basel 3 Tier 2 bond callable in Oct 2021 at 100. The coupon resets at EUR 5Y swap plus 300bps at the call date. Please also refer to yield-to-call.



fair XS1877506367 / 43771444 EUR 0.092% 24.09.2021 100.1 n/a n/a / A1 100,000 / 1,000
Comment: A floating rate green note. 3M EURIBOR plus 60bps.
fair XS2066776274 / 50634639 EUR 0.05% 22.10.2022 99.7 0.2 n/a / A1 100,000 / 1,000

fair XS1422314689 / 32743781 EUR 0.5% 01.06.2021 100.7 -0.5 A+ / A1 100,000 / 1,000 1
fair XS1711173218 / 39115448 EUR 0.375% 16.11.2021 100.5 -0.1 n/a / A1 100,000 / 1,000 1
fair XS1937266077 / 46025673 EUR 0.375% 24.01.2022 100.6 -0.1 A+ / n/a 100,000 / 1,000
fair XS1917947613 / 45345274 EUR 0.625% 12.12.2022 101.2 0.1 n/a / A1 100,000 / 1,000 1
fair XS2230307006 / 57171561 EUR 0% 21.09.2023 100.7 -0.2 AA / Aa2 100,000 / 1,000 1
fair XS1967003747 / 46983374 EUR 0.375% 26.03.2024 102.2 -0.3 AA / Aa2 100,000 / 1,000
fair XS2158820477 / 54348126 EUR 0.829% 27.04.2025 105.7 -0.4 AA / Aa2 100,000 / 1,000
fair XS1831163396 / 42140623 EUR 0.012% 14.06.2021 100.1 n/a n/a / A1 100,000 / 1,000 1
Comment: A floating rate green note. 3M EURIBOR plus 50bps.
fair XS1982690858 / 47534384 EUR 0.25% 25.04.2022 100.4 n/a A / A1 100,000 / 1,000
Shinhan Bank (Korea) Credit Outlook: Stable Analyst: Clarissa Lee

fair XS2058731717 / 50511730 EUR 0.25% 16.10.2024 103.0 -0.5 A+ / Aa3 100,000 / 1,000

Reference list: Bonds in EUR, Asia, Speculative grade issuers


Financials

fair XS2199348231 / 55994216 EUR 0.052% 15.07.2025 101.1 -0.2 AAA / n/a 100,000 / 1,000 n/a

Reference list: Bonds in EUR, EMEA, Investment grade issuers

Sovereign issuers
Hungary Credit Outlook: Stable Analyst: Michael Bolliger

attr. XS2181689659 / 55163572 EUR 1.75% 05.06.2035 106.3 1.3 BBB / Baa3 1,000 / 1,000 1
KINGDOM OF MOROCCO Credit Outlook: Stable Analyst: Michael Bolliger

fair XS1079233810 / 24715477 EUR 3.5% 19.06.2024 109.9 0.8 BBB- / n/a 100,000 / 1,000
attr. XS2239830222 / 57387857 EUR 1.375% 30.03.2026 100.7 1.2 BBB- / n/a 100,000 / 1,000 1
attr. XS2239829216 / 57372714 EUR 2% 30.09.2030 99.3 2.1 BBB- / n/a 100,000 / 1,000 1
REPUBLIC OF KAZAKHSTAN Credit Outlook: Stable Analyst: Michael Bolliger

attr. XS1907130246 / 44726543 EUR 1.55% 09.11.2023 103.2 0.5 BBB- / Baa3 100,000 / 1,000 1
attr. XS2050933899 / 50292228 EUR 0.6% 30.09.2026 98.4 0.9 BBB- / Baa3 100,000 / 1,000
attr. XS1901718335 / 44711740 EUR 2.375% 09.11.2028 109.8 1.1 BBB- / Baa3 100,000 / 1,000

fair XS1306382364 / 30042488 EUR 0.875% 14.10.2021 101.4 -0.5 A- / A2 1,000 / 1,000
fair XS1536786939 / 35003394 EUR 0.5% 20.12.2021 101.1 -0.4 A- / A2 1,000 / 1,000
fair XS0282701514 / 2875040 EUR 4.5% 18.01.2022 106.6 -0.7 A- / A2 /

fair XS0794399674 / 18819195 EUR 3.75% 19.01.2023 109.5 -0.4 A- / A2 1,000 / 1,000
fair XS1015428821 / 23320913 EUR 3% 15.01.2024 111.1 -0.4 A- / A2 1,000 / 1,000
fair XS0841073793 / 19734902 EUR 3.375% 09.07.2024 114.0 -0.3 A- / A2 1,000 / 1,000
fair XS0479333311 / 10910696 EUR 5.25% 20.01.2025 124.2 -0.4 A- / A2 1,000 / 1,000



fair XS1288467605 / 29555951 EUR 1.5% 09.09.2025 108.8 -0.3 A- / A2 1,000 / 1,000
fair XS1346201616 / 31081492 EUR 1.5% 19.01.2026 109.2 -0.2 A- / A2 1,000 / 1,000
fair XS1766612672 / 40210330 EUR 1.125% 07.08.2026 107.9 -0.2 A- / A2 1,000 / 1,000
fair XS1209947271 / 27755318 EUR 0.875% 10.05.2027 107.4 -0.2 A- / A2 /

fair XS1584894650 / 36114925 EUR 1.375% 22.10.2027 110.7 -0.1 A- / A2 1,000 / 1,000 1
fair XS1508566392 / 34342763 EUR 1% 25.10.2028 125.0 -1.9 A- / A2 1,000 / 1,000
fair XS1958534528 / 46718232 EUR 1% 07.03.2029 109.4 -0.1 A- / A2 1,000 / 1,000
fair XS1346201889 / 31081494 EUR 2.375% 18.01.2036 135.1 n/a A- / A2 1,000 / 1,000
fair XS1508566558 / 34342531 EUR 2% 25.10.2046 132.0 0.7 A- / A2 1,000 / 1,000
fair XS1960361720 / 46718233 EUR 2% 08.03.2049 131.1 0.8 A- / A2 1,000 / 1,000

fair XS1060842975 / 24268064 EUR 3.625% 24.04.2024 111.0 0.5 BBB- / Baa3 1,000 / 1,000
fair XS1934867547 / 47177415 EUR 2% 08.12.2026 105.1 1.1 BBB- / Baa3 1,000 / 1,000
fair XS1599193403 / 36436617 EUR 2.375% 19.04.2027 108.0 1.1 BBB- / Baa3 n/a / n/a



fair XS2109812508 / 52161874 EUR 2% 28.01.2032 105.1 1.5 BBB- / Baa3 1,000 / 1,000 1
fair XS1768074319 / 40235074 EUR 3.375% 08.02.2038 109.0 2.7 BBB- / Baa3 / 1
STATE OF ISRAEL Credit Outlook: Improving Analyst: Michael Bolliger

fair XS1023541847 / 23499678 EUR 2.875% 29.01.2024 110.0 -0.2 AA- / A1 100,000 / 1,000
fair XS1551294256 / 35357195 EUR 1.5% 18.01.2027 109.2 0.0 AA- / A1 100,000 / 1,000 1
fair XS1936100483 / 45862828 EUR 1.5% 16.01.2029 110.5 0.2 AA- / A1 1,000 / 1,000 1
fair XS1551294413 / 35357210 EUR 2.375% 18.01.2037 123.7 0.8 AA- / A1 100,000 / 1,000 1
fair XS1936101291 / 45862827 EUR 2.5% 16.01.2049 129.5 1.3 AA- / A1 1,000 / 1,000 1
Corporate issuers

fair XS1721463500 / 39216654 EUR 2.25% 22.11.2024 102.9 1.5 n/a / Baa2 100,000 / 1,000 1



fair XS1843437036 / 48025474 EUR 2.2% 23.05.2027 103.6 1.6 n/a / Baa2 100,000 / 1,000 1
Comment: This is a green bond. Russian Railways is not currently prohibited by US or EU sanctions in terms of capital market access.
Financials
VEB.RF (Russia) Credit Outlook: Stable Analyst: Tatiana Boroditskaya

fair XS0893212398 / 20732565 EUR 4.032% 21.02.2023 106.2 1.3 BBB- / n/a 100,000 / 1,000 1
Comment: In September 2014 the US and EU tightened the imposed sanctions on the bank, prohibiting involvement in new financing beyond 14 days' maturity. The bank was previously known as VEB.

Reference list: Bonds in EUR, EMEA, Speculative grade issuers


Sovereign issuers
ARAB REPUBLIC OF EGYPT Credit Outlook: Improving Analyst: Michael Bolliger

attr. XS1980065301 / 47334427 EUR 4.75% 11.04.2025 100.1 4.7 B / n/a 100,000 / 1,000 1
fair XS1807306300 / 41340148 EUR 4.75% 16.04.2026 97.4 5.3 B / B2 100,000 / 1,000 1
fair XS1807305328 / 41339983 EUR 5.625% 16.04.2030 94.0 6.5 B / B2 100,000 / 1,000 1
attr. XS1980255936 / 47334426 EUR 6.375% 11.04.2031 97.3 6.7 B / n/a 100,000 / 1,000 1
REP. OF COTE DIVOIRE (Ivory Coast) Credit Outlook: Stable Analyst: Michael Bolliger
attr. XS1631414932 / 37095224 EUR 5.125% 15.06.2025 104.3 4.1 n/a / Ba3 100,000 / 1,000
fair XS1793329225 / 40978876 EUR 5.25% 22.03.2030 95.9 5.9 n/a / Ba3 100,000 / 1,000 1
attr. XS2064786754 / 50551077 EUR 5.875% 17.10.2031 98.8 3.0 n/a / Ba3 100,000 / 1,000
Comment: This is a sinkable bond.
attr. XS2064786911 / 50551132 EUR 6.875% 17.10.2040 96.3 7.2 n/a / Ba3 100,000 / 1,000 1
Comment: This is a sinkable bond.
fair XS1796266754 / 40978881 EUR 6.625% 22.03.2048 92.4 7.3 n/a / Ba3 100,000 / 1,000 1
REPUBLIC OF CROATIA Credit Outlook: Improving Analyst: Michael Bolliger

fair XS1028953989 / 24532723 EUR 3.875% 30.05.2022 106.5 -0.1 BBB- / Ba2 100,000 / 1,000
fair XS1117298916 / 27389041 EUR 3% 11.03.2025 112.0 0.3 BBB- / Ba2 100,000 / 1,000
fair XS1428088626 / 36066728 EUR 3% 20.03.2027 115.3 0.6 BBB- / Ba2 100,000 / 1,000
fair XS1713462668 / 42165521 EUR 2.7% 15.06.2028 115.2 0.7 BBB- / Ba2 100,000 / 1,000 1
fair XS1713475306 / 39233049 EUR 2.75% 27.01.2030 117.5 0.8 BBB- / Ba2 100,000 / 1,000
fair XS2190201983 / 55366283 EUR 1.5% 17.06.2031 105.6 1.0 BBB- / Ba2 100,000 / 1,000 1

fair XS1090107159 / 24981194 EUR 3.75% 24.07.2026 104.1 3.0 BB- / Ba1 100,000 / 1,000

Reference list: Bonds in EUR, EMEA, Speculative grade issuers



attr. XS0993155398 / 22814292 EUR 4.35% 12.11.2021 101.7 2.7 n/a / B2 100,000 / 1,000
fair XS1057340009 / 24202461 EUR 4.125% 11.04.2023 101.5 3.5 n/a / B2 100,000 / 1,000
attr. XS1843443356 / 46157569 EUR 4.625% 31.03.2025 99.2 4.8 n/a / B2 100,000 / 1,000 1
fair XS1629918415 / 37071995 EUR 3.25% 14.06.2025 93.8 4.8 n/a / B2 100,000 / 1,000 1
attr. XS1909184753 / 44777573 EUR 5.2% 16.02.2026 100.7 5.1 n/a / B2 100,000 / 1,000
Corporate issuers
ARCELIK (Turkey) Credit Outlook: Deteriorating Analyst: Tatiana Boroditskaya

fair XS1109959467 / 25427393 EUR 3.875% 16.09.2021 101.4 2.3 BB / n/a 100,000 / 1,000

Reference list: Bonds in EUR, GCC, Investment grade issuers

Sovereign issuers

attr. XS2024540622 / 48823872 EUR 0.75% 09.07.2027 102.0 0.4 n/a / A1 100,000 / 1,000
fair XS2024543055 / 48822026 EUR 2% 09.07.2039 106.1 1.6 n/a / A1 100,000 / 1,000
Corporate issuers
exp. XS0860584308 / 20129465 EUR 3.625% 30.05.2023 109.7 -0.1 AA / Aa2 100,000 / 1,000 1
Financials
attr. XS1207079499 / 27547753 EUR 1.75% 23.03.2022 102.1 0.3 n/a / A3 100,000 / 1,000
fair XS1898281792 / 44621028 EUR 0.554% 07.11.2023 102.7 -0.3 AAA / Aaa 100,000 / 1,000 1
fair XS2089242064 / 51336585 EUR 0.037% 04.12.2024 100.9 -0.2 AAA / Aaa 100,000 / 1,000 1

Reference list: Bonds in EUR, Latin America, Investment grade issuers

Sovereign issuers
Republic of Chile Credit Outlook: Deteriorating Analyst: Alejo Czerwonko

exp. XS1151586945 / 26309120 EUR 1.625% 30.01.2025 106.9 0.0 A+ / A1 100,000 / 1,000
exp. XS1346652891 / 31104279 EUR 1.75% 20.01.2026 108.4 0.1 A+ / A1 100,000 / 1,000
fair XS1760409042 / 40139083 EUR 1.44% 01.02.2029 107.4 0.5 A+ / A1 100,000 / 1,000 1
fair XS1236685613 / 28320748 EUR 1.875% 27.05.2030 111.9 0.6 A+ / A1 100,000 / 1,000
fair XS1843433639 / 48676537 EUR 0.83% 02.07.2031 101.8 0.7 A+ / A1 100,000 / 1,000 1
fair XS2108987517 / 52163881 EUR 1.25% 29.01.2040 102.1 1.1 A+ / A1 100,000 / 1,000 1

fair XS1385239006 / 31965993 EUR 3.875% 22.03.2026 112.7 1.4 BBB- / Baa2 100,000 / 1,000 1, 2
Republic of Peru Credit Outlook: Deteriorating Analyst: Alejo Czerwonko

fair XS1315181708 / 30258410 EUR 2.75% 30.01.2026 111.9 0.5 BBB+ / A3 100,000 / 1,000
exp. XS1373156618 / 31713462 EUR 3.75% 01.03.2030 124.6 1.0 BBB+ / A3 100,000 / 1,000
fair XS1369322927 / 31626490 EUR 1.875% 23.02.2022 102.7 -0.1 BBB / Baa1 100,000 / 1,000 1, 2
fair XS1511779305 / 34413481 EUR 1.375% 15.01.2025 102.1 0.9 BBB / Baa1 n/a / n/a 1, 2
attr. XS1974394675 / 47256875 EUR 1.625% 08.04.2026 102.1 1.2 BBB / Baa1 100,000 / 1,000 1, 2
attr. XS2135361686 / 57171599 EUR 1.35% 18.09.2027 100.4 1.3 BBB / Baa1 100,000 / 1,000 1, 2
Comment: This is a Sustainable Development Goals bond.
fair XS1369323149 / 31618646 EUR 3.375% 23.02.2031 113.5 1.9 BBB / Baa1 n/a / n/a 1, 2


fair XS1198103456 / 27309228 EUR 3% 06.03.2045 105.7 2.7 BBB / Baa1 100,000 / 1,000 1, 2
fair XS1218289103 / 27832610 EUR 4% 15.03.2115 105.6 3.8 BBB / Baa1 100,000 / 1,000 1, 2
Corporate issuers

fair XS0802174044 / 18968589 EUR 3% 12.07.2021 102.4 -0.3 BBB+ / A3 100,000 / 1,000 1, 2
Comment: Make whole call at reference benchmark plus 34bps.
fair XS0519902851 / 11453783 EUR 4.75% 28.06.2022 108.3 -0.1 BBB+ / A3 50,000 / 1,000 1, 2
fair XS0954302104 / 21908094 EUR 3.259% 22.07.2023 109.1 0.0 BBB+ / A3 100,000 / 1,000 1, 2
fair XS1379122101 / 31863122 EUR 1.5% 10.03.2024 105.1 0.0 BBB+ / A3 100,000 / 1,000 1, 2
fair XS2006277508 / 48586894 EUR 0.75% 26.06.2027 102.7 0.4 BBB+ / A3 100,000 / 1,000 1, 2
Comment: Make whole call at reference benchmark plus 20bps until 26 March 2027. Bond callable on 26 March 2027, and anytime thereafter at par.
fair XS1379122523 / 31861112 EUR 2.125% 10.03.2028 113.0 0.3 BBB+ / A3 100,000 / 1,000 1, 2
Comment: Junior subordinated debt. Callable hybrid bond with interest deferral provisions at the companyÆs discretion. Callable on 6 September 2023 only, on 6 September 2028 only, on 6 September 2033 only,
on 6 September 2038 only, on 6 September 2043 only, on 6 September 2048 only, on 6 September 2053 only, on 6 September 2058 only, on 6 September 2063 only, and on 6 September 2068 only at
par. If the bond is not called on 6 September 2023, coupon resets to reference five year security plus 455bps. If the bond is not called on 6 September 2043, coupon resets to reference five year security
plus 530bps.
Codelco (Chile) Credit Outlook: Stable Analyst: Donald McLauchlan

fair XS1084942470 / 24852602 EUR 2.25% 09.07.2024 107.0 0.4 A / A3 100,000 / 1,000


Sigma Alimentos (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan

Comment: Senior unsecured. Make whole call at reference benchmark plus 45bps until 7 November 2023. Bond is callable in full on in part on 7 November 2023, and anytime thereafter at par.
Vale (Brazil) Credit Outlook: Stable Analyst: Donald McLauchlan

Multilateral Development Banks
CAF Credit Outlook: Stable Analyst: Brennan Azevedo

fair XS1072571364 / 24523509 EUR 1.875% 29.05.2021 102.6 -2.3 A+ / Aa3 100,000 / 1,000
fair XS1555575320 / 35446094 EUR 0.5% 25.01.2022 101.0 -0.3 A+ / Aa3 100,000 / 1,000
fair XS1837142790 / 42147341 EUR 0.75% 13.06.2023 101.8 0.1 A+ / Aa3 n/a / n/a 1
fair XS1943474483 / 46137733 EUR 0.625% 30.01.2024 102.6 -0.2 A+ / Aa3 100,000 / 1,000 1
fair XS1770927629 / 40341737 EUR 1.125% 13.02.2025 103.7 0.3 A+ / Aa3 / 1
fair XS2182121827 / 55074297 EUR 1.625% 03.06.2025 105.6 0.4 A+ / Aa3 100,000 / 1,000 1
attr. XS2081543204 / 51130349 EUR 0.625% 20.11.2026 101.2 0.4 A+ / Aa3 100,000 / 1,000 1

Reference list: Bonds in EUR, Latin America, Speculative grade issuers


Sovereign issuers
PROVINCIA BUENOS AIRES (Argentina) Credit Outlook: Deteriorating Analyst: Alejo Czerwonko
fair XS1649634034 / 37543903 EUR 5.375% 20.01.2023 47.6 53.8 CC / Ca 100,000 / 1,000
Republic of Argentina Credit Outlook: Deteriorating Analyst: Alejo Czerwonko

fair XS2200244072 / 56754807 EUR 0.5% 09.07.2029 41.7 15.1 CCC+ / n/a 1 / 1 1
fair XS2177363665 / 54894615 EUR 0.125% 09.07.2030 39.1 14.9 CCC+ / n/a 1 / 1 1
fair XS2177364390 / 54894631 EUR 0.125% 09.07.2035 34.8 13.5 CCC+ / n/a 1 / 1 1
fair XS2177365017 / 54896109 EUR 0.125% 09.01.2038 36.2 15.0 CCC+ / n/a 1 / 1 1
fair XS2177365363 / 54896248 EUR 0.125% 09.07.2041 34.3 13.7 CCC+ / n/a 1 / 1 1
fair XS2177365520 / 54896261 EUR 0.125% 09.07.2046 33.7 13.9 CCC+ / n/a 1 / 1 1
Corporate issuers

attr. XS1731106347 / 39377568 EUR 2.75% 05.12.2024 100.1 2.7 BB / n/a n/a / n/a 1, 2
Comment: Make whole call at reference security plus 50bps until 5 December 2020. Bond is callable on 5 December 2020 and anytime thereafter at 101.373, on 5 December 2021 and anytime thereafter at
100.688, and on 5 December 2022 and anytime thereafter at par.
attr. XS1964617879 / 46907614 EUR 3.125% 19.03.2026 102.0 2.7 BB / n/a 100,000 / 1,000 1, 2
Comment: Make whole call at reference security plus 50bps until 19 March 2022. Bond is callable in full or in part on 19 March 2022 and anytime thereafter at 101.563, on 19 March 2023 and anytime thereafter
at 100.781, and on 19 March 2024 and anytime thereafter at par.
NEMAK (Mexico) Credit Outlook: Stable Analyst: Donald McLauchlan

fair XS1533916299 / 36031133 EUR 3.25% 15.03.2024 100.0 3.2 BB+ / Ba1 100,000 / 1,000 1, 2
Comment: Make whole call at reference benchmark plus 50bps until 15 March 2021. Callable on 15 March 2021 only at 101.625, on 15 March 2022 only at 100.813, and on 15 March 2023 only at par.

attr. XS1568875444 / 35747633 EUR 2.5% 21.08.2021 99.5 3.0 BBB / Ba2 100,000 / 1,000 1, 2




attr. XS1172947902 / 27912366 EUR 1.875% 21.04.2022 97.3 3.7 BBB / Ba2 100,000 / 1,000 1, 2
attr. XS1824425349 / 41872201 EUR 2.5% 24.11.2022 97.3 3.9 BBB / Ba2 100,000 / 1,000 1, 2
Comment: Make whole call at reference benchmark plus 45bps
attr. XS1379158048 / 31883289 EUR 5.125% 15.03.2023 101.5 4.5 BBB / Ba2 100,000 / 1,000 1, 2
fair XS1824425265 / 41872503 EUR 1.909% 24.08.2023 90.7 n/a BBB / Ba2 100,000 / 1,000
Comment: Floating rate note (FRN). Three month EURIBOR plus 240bps.
attr. XS1568874983 / 35751554 EUR 3.75% 21.02.2024 96.3 5.0 BBB / Ba2 100,000 / 1,000 1, 2
attr. XS0213101073 / 2073853 EUR 5.5% 24.02.2025 102.9 4.7 BBB / Ba2 10,000 / 1,000
attr. XS1824425182 / 41872200 EUR 3.625% 24.11.2025 90.8 5.8 BBB / Ba2 100,000 / 1,000 1, 2
Comment: Make whole call at reference benchmark plus 55bps
attr. XS1057659838 / 24220448 EUR 3.75% 16.04.2026 89.1 6.1 BBB / Ba2 100,000 / 1,000 1
attr. XS1172951508 / 27912232 EUR 2.75% 21.04.2027 81.9 6.2 BBB / Ba2 100,000 / 1,000 1, 2
attr. XS1568888777 / 35751900 EUR 4.875% 21.02.2028 89.5 6.7 BBB / Ba2 100,000 / 1,000 1, 2
attr. XS1824424706 / 41872202 EUR 4.75% 26.02.2029 87.7 6.7 BBB / Ba2 100,000 / 1,000 1, 2




attr. XS0982711714 / 23299054 EUR 4.75% 14.01.2025 111.6 1.9 BB- / Ba2 100,000 / 1,000 1, 2

Reference list: Bonds in GBP, EMEA, Investment grade issuers

Corporate issuers

attr. XS1592279522 / 36295848 GBP 4.25% 06.04.2024 106.9 2.2 BBB- / Baa2 n/a / n/a 1

fair XS0609017917 / 12733625 GBP 7.487% 25.03.2031 139.0 3.1 BBB- / Baa2 100,000 / 1,000 1

Reference list: Bonds in GBP, GCC, Investment grade issuers

Corporate issuers
fair XS0605560084 / 12671596 GBP 6.875% 14.03.2026 128.9 1.3 AA / Aa2 100,000 / 1,000 1

Reference list: Bonds in GBP, Latin America, Investment grade issuers

Corporate issuers

fair XS0954302369 / 21908742 GBP 4.948% 22.07.2033 135.2 1.8 BBB+ / A3 100,000 / 1,000 1, 2
Comment: Make whole call at reference benchmark plus 15 bps.
fair XS0969342384 / 22270637 GBP 6.375% 06.09.2073 n/a n/a BBB- / WR 100,000 / 1,000 1
Comment: Junior subordinated debt. Callable hybrid bond with interest deferral provisions at the discretion of the company. Bond is callable on 6 September 2020 only, on 6 September 2025 only, on 6 September
2030 only, on 6 September 2035 only, on 6 September 2040 only, on 6 September 2045 only, on 6 September 2050 only, on 6 September 2055 only, on 6 September 2060 only, on 6 September 2065
only, and on 6 September 2070 only at par. If the bond is not called on 6 September 2020, coupon resets to reference five year security plus 410bps. If the bond is not called on 6 September 2025,
coupon resets to reference five year security plus 435bps. If the bond is not called on 6 September 2040, coupon resets to reference five year security plus 510bps.

Reference list: Bonds in GBP, Latin America, Speculative grade issuers


Corporate issuers

attr. XS0430799725 / 10218028 GBP 8.25% 02.06.2022 105.8 4.5 BBB / Ba2 50,000 / 1,000 1, 2
attr. XS1718868307 / 39115450 GBP 3.75% 16.11.2025 88.2 6.5 BBB / Ba2 100,000 / 1,000 1, 2

attr. XS0718502007 / 14487382 GBP 6.25% 14.12.2026 112.1 4.0 BB- / Ba2 100,000 / 1,000 1, 2
attr. XS0835891838 / 19650392 GBP 5.375% 01.10.2029 107.2 4.4 BB- / Ba2 100,000 / 1,000 1, 2
fair XS0982711474 / 23299065 GBP 6.625% 16.01.2034 110.7 5.5 BB- / Ba2 100,000 / 1,000 1, 2

Reference list: Bonds in CHF, EMEA, Investment grade issuers

Sovereign issuers

fair CH0247904557 / 24790455 CHF 1% 17.09.2021 101.6 -0.8 A- / A2 5,000 / 5,000
Corporate issuers

exp. CH0346828400 / 34682840 CHF 2.75% 30.11.2021 102.9 0.2 BBB- / Baa2 5,000 / 5,000 1
fair CH0374882816 / 37488281 CHF 2.25% 19.07.2022 102.0 n/a BBB- / Baa2 5,000 / 5,000 1
fair CH0404311711 / 40431171 CHF 1.45% 06.03.2023 100.8 1.1 BBB- / Baa2 5,000 / 5,000

fair CH0379268748 / 37926874 CHF 2.1% 02.10.2023 103.7 0.8 n/a / Baa2 5,000 / 5,000 1
fair CH0419041618 / 41904161 CHF 0.898% 03.10.2025 97.8 1.4 n/a / Baa2 5,000 / 5,000
fair CH0522690715 / 52269071 CHF 0.84% 12.03.2026 96.8 1.5 n/a / Baa2 5,000 / 5,000
fair CH0419041634 / 41904163 CHF 1.195% 03.04.2028 n/a n/a n/a / Baa2 5,000 / 5,000

Reference list: Bonds in CHF, GCC, Investment grade issuers

Financials
attr. CH0401673980 / 40167398 CHF 0.625% 09.02.2023 n/a n/a n/a / A3 5,000 / 5,000

Reference list: Bonds in CHF, Latin America, Speculative grade issuers


Corporate issuers

attr. CH0323735669 / 32373566 CHF 2.375% 14.12.2021 99.4 n/a BBB / Ba2 5,000 / 5,000
attr. CH0416654272 / 41665427 CHF 1.75% 04.12.2023 93.5 4.0 BBB / Ba2 5,000 / 5,000

Reference list: Bonds in Chinese renminbi, Asia, Investment grade issuers

The CIO view on the relative attractiveness (attractive, fair, expensive) of bonds denominated in emerging market currencies is based on our assessment of the credit risk of the issuer alone, and
not on the outlook for the exchange or interest rates. The latter factors can have a significant impact on absolute performance, especially when returns are calculated in a different reference
currency. Liquidity of bonds in emerging market currencies can be more limited than that of similar bonds in USD.

Corporate issuers
Beijing Infrastructure Inv. Co (China) Credit Outlook: Stable Analyst: Timothy Tay
attr. HK0000545605 / 51205195 CNY 3.4% 26.11.2022 100.6 3.1 n/a / A2 1,000,000 / 10,000 1
fair XS1334257133 / 30915437 CNY 5.5% 29.12.2025 n/a n/a n/a / NR n/a / n/a

fair XS1894675674 / 44470356 CNY 4.5% 31.10.2021 101.4 3.1 A+ / A1 1,000,000 / 10,000 1
attr. HK0000634557 / 56483586 CNY 3.2% 16.08.2027 98.3 3.5 A+ / n/a 1,000,000 / 1,000,000 1
Financials
fair XS2001754766 / 48148167 CNY 3.23% 29.05.2022 102.8 1.5 A+ / n/a 1,000,000 / 10,000 1
fair HK0000536349 / 50908960 CNY 3.18% 07.11.2022 100.9 2.7 A+ / n/a 1,000,000 / 10,000 1
attr. HK0000622156 / 56434127 CNY 2.6% 11.08.2023 100.1 2.6 A+ / n/a 1,000,000 / 10,000 1
fair HK0000536356 / 50888403 CNY 3.4% 06.11.2024 101.7 3.0 A+ / n/a 1,000,000 / 10,000 1
attr. HK0000622164 / 56434128 CNY 2.85% 11.08.2025 100.1 2.8 A+ / n/a 1,000,000 / 10,000 1

fair XS2061682188 / 50525877 CNY 3.15% 16.10.2021 100.3 2.8 A / A1 1,000,000 / 10,000
fair XS1907273350 / 44866241 CNY 4.45% 20.11.2021 101.6 3.0 A / A1 1,000,000 / 10,000 1
fair XS1978205604 / 47429327 CNY 3.3% 17.04.2022 100.5 3.0 A / A1 1,000,000 / 10,000 1
fair XS2231589511 / 57161296 CNY 3.15% 21.09.2022 100.4 3.0 A / A1 1,000,000 / 10,000 1
fair XS1078662563 / 24730356 CNY 4.15% 23.06.2021 100.8 3.0 A- / n/a n/a / n/a

Reference list: Bonds in Chinese renminbi, Asia, Investment grade issuers


fair HK0000555661 / 52132749 CNY 3.15% 24.01.2022 100.4 2.8 A- / n/a n/a / n/a 1

fair XS2078640054 / 50960568 CNY 3.15% 12.11.2021 100.2 3.0 n/a / A1 1,000,000 / 10,000

fair HK0000209202 / 25070275 CNY 4.35% 06.08.2024 105.0 3.0 n/a / NR 1,000,000 / 10,000 1
fair HK0000215860 / 25501755 CNY 4.35% 19.09.2024 106.5 2.6 n/a / n/a 1,000,000 / 10,000 1
fair HK0000098928 / 14763039 CNY 4.2% 19.01.2027 106.1 3.1 A+u / NR 1,000,000 / 1,000,000 1
fair HK0000171220 / 22866946 CNY 4.5% 13.11.2028 108.1 3.4 A+ / n/a n/a / n/a 1
fair HK0000119328 / 19154298 CNY 4.3% 02.08.2032 107.2 3.6 n/a / NR 1,000,000 / 1,000,000 1

fair XS2009851176 / 48404943 CNY 3.85% 13.06.2022 100.6 3.5 BBB / n/a n/a / n/a 1
fair XS1838007521 / 42190873 CNY 4.65% 21.06.2021 101.2 2.8 AA / Aa2 1,000,000 / 10,000 1
fair XS1183479515 / 27288976 CNY 4.2% 26.02.2022 101.8 2.7 n/a / Aa2 1,000,000 / 1,000 n/a
fair XS1019722328 / 23443079 CNY 4.5% 27.01.2024 105.3 2.8 n/a / Aa2 n/a / n/a
fair SG6SI8000002 / 25485403 CNY 3.95% 23.09.2021 101.0 2.9 n/a / A1 / 1
fair XS1888197024 / 44269910 CNY 4.5% 22.10.2021 101.5 3.0 n/a / A1 1,000,000 / 10,000
fair XS1982691237 / 47525807 CNY 3.3% 25.04.2022 100.5 3.0 A / A1 1,000,000 / 10,000 1
fair XS1039693103 / 24015794 CNY 4.2% 27.02.2024 103.0 3.2 n/a / A1 n/a / n/a

fair XS1845130217 / 42378955 CNY 4.6% 03.07.2021 101.3 2.8 AA / Aa2 1,000,000 / 10,000 1

Reference list: Bonds in Chinese renminbi, Asia, Speculative grade issuers

Corporate issuers
CIFI HOLDINGS (GROUP) CO LTD (China) Credit Outlook: Stable Analyst: Wendy Luo
fair XS2031924108 / 49070883 CNY 6.7% 23.04.2022 102.4 5.1 BB- / n/a 1,000,000 / 10,000 1
fair XS2218700008 / 56581953 CNY 5.85% 19.08.2023 101.1 5.4 BB- / n/a 1,000,000 / 10,000 1
Financials

fair XS2129651548 / 53392471 CNY 2.95% 05.03.2022 99.6 3.2 n/a / n/a 1,000,000 / 10,000 1

Reference list: Bonds in Singapore dollar, Asia, Investment grade issuers


Corporate issuers
Ascendas Private Ltd (Singapore) Credit Outlook: Stable Analyst: Devinda Paranathanthri
fair SG72C2000009 / 32519905 SGD 2.68% 10.05.2021 100.9 1.1 n/a / n/a n/a / n/a 1
fair SG70J2000008 / 31098948 SGD 3.5% 18.01.2023 104.5 1.5 n/a / n/a / 1
fair SGXF70974849 / 43558676 SGD 3.265% 06.09.2025 105.9 2.0 n/a / n/a 250,000 / 250,000 1
ASCENDAS REIT (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee

fair SG6S90978767 / 14861136 SGD 4% 03.02.2022 104.1 0.9 n/a / A3 250,000 / 250,000 1
fair SG6XB9000006 / 28387183 SGD 3.2% 03.06.2022 103.5 1.0 n/a / A3 250,000 / 250,000 1
fair SG7FD5000001 / 37810395 SGD 2.47% 10.08.2023 103.7 1.2 n/a / A3 250,000 / 250,000 1
fair SG7NA4000002 / 40672228 SGD 3.14% 02.03.2025 107.2 1.4 n/a / A3 250,000 / 250,000 1
fair SGXF53470518 / 56671520 SGD 2.65% 26.08.2030 102.8 2.3 n/a / A3 250,000 / 250,000 1
Comment: green bond
attr. SGXF50149396 / 57142551 SGD 3% Perpetual 100.1 3.0 n/a / Baa2 250,000 / 250,000 1
Comment: Green bond. This is a subordinated perpetual bond callable in Sep 2025. The coupon resets at SGD 5Y swap plus 248.0bps at the call date. Please also refer to yield-to-call.
ASCOTT RESIDENCE TRUST (Singapore) Credit Outlook: Deteriorating Analyst: Clarissa Lee
fair SG6ZJ0000003 / 30453252 SGD 4.205% 23.11.2022 104.4 2.1 n/a / Baa3u / 1
fair SGXF25483649 / 44752711 SGD 3.523% 09.11.2023 103.5 2.3 n/a / n/a n/a / n/a 1
fair SG71F2000004 / 31976391 SGD 4% 22.03.2024 105.4 2.4 n/a / Baa3u / 1

fair XS1230332055 / 28172416 SGD 3.93% 11.05.2025 109.0 1.9 A- / n/a n/a / n/a

fair SG6SF0000006 / 25279158 SGD 3.8% 28.08.2024 107.3 1.8 n/a / n/a 250,000 / 250,000 1
fair SG7HJ7000002 / 38666701 SGD 3.08% 19.10.2027 105.0 2.3 n/a / n/a 250,000 / 250,000 1




CAPITALAND MALL ASIA (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee
fair SG6W21984961 / 19317586 SGD 3.7% 29.08.2022 104.4 1.3 n/a / n/a 250,000 / 250,000 1
CapitaMall Trust (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee

fair SG79E1000001 / 36029746 SGD 2.8% 13.03.2023 103.0 1.5 n/a / A3 n/a / n/a 1
fair SG7PD8000007 / 40928479 SGD 3.2115% 09.11.2023 104.9 1.6 n/a / A3 250,000 / 250,000 1
fair SG6V97984227 / 19152827 SGD 3.75% 02.08.2024 107.2 1.8 n/a / A3 250,000 / 250,000 1
fair SG6SD2000009 / 25074218 SGD 3.48% 06.08.2024 106.2 1.8 n/a / A3 250,000 / 250,000 1
fair SGXF94679333 / 43282922 SGD 3.2% 21.08.2025 105.8 1.9 n/a / A3 250,000 / 250,000 1
fair SGXF10246050 / 46300510 SGD 3.15% 11.02.2026 105.7 2.0 n/a / A3 250,000 / 250,000 1
fair SG71C4000009 / 31674232 SGD 3.5% 25.02.2026 107.0 2.1 n/a / A3 / 1
fair SG7JD6000002 / 39055361 SGD 2.88% 10.11.2027 104.4 2.2 n/a / A3 n/a / n/a 1
fair SG73F4000008 / 32649942 SGD 3.35% 07.07.2031 105.5 2.8 n/a / A3 / 1
Frasers Hospitality Trust (Singapore) Credit Outlook: Deteriorating Analyst: Clarissa Lee
fair SG7DI0000000 / 37343032 SGD 2.63% 06.07.2022 100.3 2.5 n/a / Baa3u / 1, 2
fair SG7IF5000000 / 38953778 SGD 3.08% 08.11.2024 100.8 2.9 n/a / Baa3u 250,000 / 250,000 1, 2
Hongkong Land (Hong Kong) Credit Outlook: Stable Analyst: Kevin Liu
fair XS1916077081 / 45094335 SGD 3.95% 28.11.2038 113.4 3.0 A / n/a / n/a
HOUSING & DEV. BOARD (Singapore) Credit Outlook: Stable Analyst: Devinda Paranathanthri
fair SG73G1000009 / 33305413 SGD 1.47% 19.07.2021 100.9 0.3 n/a / Aaa / 1
fair SG76F5000000 / 34682816 SGD 2.22% 22.11.2021 102.1 0.3 n/a / Aaa 250,000 / 250,000 1
fair SG79A5000005 / 35781237 SGD 2.2325% 21.02.2022 102.6 0.3 n/a / Aaa 250,000 / 250,000 1
fair SG7FH8000009 / 38076043 SGD 1.825% 28.08.2022 102.7 0.4 n/a / Aaa 250,000 / 250,000 1



HOUSING & DEV. BOARD (Singapore) Credit Outlook: Stable Analyst: Devinda Paranathanthri
fair SG6W25985089 / 19374270 SGD 2.088% 30.08.2022 103.2 0.4 n/a / n/a n/a / n/a 1
fair SG7ND2000008 / 38364346 SGD 2.303% 13.03.2023 104.5 0.4 n/a / Aaa 250,000 / 250,000 1
fair SG74B6000003 / 33564248 SGD 1.91% 10.08.2023 104.1 0.5 n/a / Aaa / 1
fair SGXF99041406 / 48025039 SGD 2.164% 22.05.2024 105.8 0.5 n/a / Aaa 250,000 / 250,000 1
fair SG6SB9000006 / 24981859 SGD 3.1% 24.07.2024 109.5 0.6 n/a / n/a / 1
fair SG7JG5000006 / 39232193 SGD 2.25% 21.11.2024 106.6 0.6 n/a / Aaa 250,000 / 250,000 1
fair SGXF61476887 / 51249477 SGD 1.75% 25.11.2024 104.6 0.6 n/a / Aaa 250,000 / 250,000
fair SG74G4000004 / 33415548 SGD 2.035% 16.09.2026 107.3 0.8 n/a / Aaa / 1
fair SG6UJ5000009 / 26210536 SGD 3.22% 01.12.2026 114.5 0.8 n/a / n/a n/a / n/a 1
fair SGXF78360827 / 52699666 SGD 1.76% 24.02.2027 105.9 0.8 n/a / Aaa 250,000 / 250,000 n/a
fair SG7CF3000005 / 36909459 SGD 2.35% 25.05.2027 110.1 0.8 n/a / Aaa 250,000 / 250,000 1
fair SG7LH6000009 / 40024711 SGD 2.32% 24.01.2028 109.9 0.9 n/a / Aaa 250,000 / 250,000 1
fair SG6OF4000001 / 23524633 SGD 3.948% 29.01.2029 123.4 1.0 n/a / n/a 250,000 / 250,000 1
fair SG7IC4000008 / 38893991 SGD 2.598% 30.10.2029 113.1 1.1 n/a / Aaa 250,000 / 250,000 1
fair SG7QJ4000006 / 41998952 SGD 3.08% 31.05.2030 117.6 1.1 n/a / Aaa 250,000 / 250,000 1
fair SG73E9000006 / 33093860 SGD 2.545% 04.07.2031 112.7 1.3 n/a / Aaa n/a / n/a 1

fair SG6T03978952 / 14953270 SGD 3.145% 14.02.2022 101.8 1.8 n/a / n/a 250,000 / 250,000 1
fair SG70A6000003 / 30551276 SGD 3.725% 30.11.2023 104.5 2.2 n/a / n/a /




fair SGXF73155974 / 47572477 SGD 3% 07.05.2024 101.9 2.4 n/a / n/a 250,000 / 250,000 1
fair SGXF80233699 / 50245170 SGD 3% 01.10.2026 101.1 2.8 n/a / n/a 250,000 / 250,000
fair SG6U02980287 / 18368868 SGD 3.8% 23.04.2027 102.4 3.7 n/a / n/a 250,000 / 250,000 1
fair SG6W26985096 / 19396231 SGD 4% 07.09.2042 101.7 3.9 n/a / n/a 250,000 / 250,000 1
KEPPEL LAND LTD (Singapore) Credit Outlook: Stable Analyst: Devinda Paranathanthri
fair SG6V23982402 / 18704448 SGD 3.8% 08.06.2022 103.6 1.6 n/a / n/a 250,000 / 250,000 1
fair SG7LE8000004 / 40195181 SGD 2.68% 17.01.2023 101.3 2.1 n/a / n/a 250,000 / 250,000 1
fair SG7FI4000001 / 38110063 SGD 2.843% 05.09.2023 102.5 2.0 n/a / n/a 250,000 / 250,000 1
fair SG6Y09987547 / 19958440 SGD 3.9% 07.11.2024 106.5 2.2 n/a / n/a 250,000 / 250,000 1
Comment: Subordated bond callable in 2018
LTA (Singapore) Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair SG6ZA0000002 / 29481701 SGD 3.09% 31.08.2027 114.1 1.0 n/a / n/a n/a / n/a 1
fair SG7NG5000008 / 39850767 SGD 2.75% 19.03.2028 112.1 1.1 n/a / n/a 250,000 / 250,000 1
fair SG7NG6000007 / 39919805 SGD 3.35% 19.03.2048 127.3 2.1 n/a / n/a n/a / n/a 1
fair SGXF85026841 / 44493435 SGD 3.43% 30.10.2053 132.4 2.1 n/a / n/a n/a / n/a 1
MAPLETREE INDUSTR TRUST (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee
fair SG6WI5000007 / 28118827 SGD 3.02% 11.05.2023 103.2 1.8 n/a / n/a 250,000 / 250,000 1
fair SG79H7000008 / 36172039 SGD 3.16% 28.03.2024 104.3 1.9 n/a / n/a n/a / n/a 1
Mapletree Investments (Singapore) Credit Outlook: Stable Analyst: Devinda Paranathanthri



Mapletree Investments (Singapore) Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair SG7FH7000000 / 38063741 SGD 2.85% 29.08.2025 103.9 2.0 n/a / n/a 250,000 / 250,000 1
fair SG78A5000007 / 35393755 SGD 4.5% Perpetual 102.7 4.4 n/a / n/a / 1
Comment: This is a subordinated perpetual bond callable in Jan 2022 at par. The coupon resets at SGD 10Y swap plus 286.5bps in Jan 2027. Please also refer to yield-to-call.
fair SG7BB1000008 / 36692230 SGD 3.95% Perpetual 102.9 3.8 n/a / n/a / 1
Comment: This is a subordinated perpetual bond callable in Nov 2022 at par. The coupon resets at SGD 10Y swap plus 252bps in Nov 2027. Please also refer to yield-to-call.

fair SG6X10986208 / 19837886 SGD 6% 25.10.2022 104.9 3.5 n/a / n/a 250,000 / 250,000 1
fair SGXF63577419 / 56648442 SGD 4% 24.02.2026 99.8 4.1 n/a / n/a 250,000 / 250,000
PUBLIC UTILITIES BOARD (Singapore) Credit Outlook: Stable Analyst: Devinda Paranathanthri
fair SG7P10937903 / 4262118 SGD 3.62% 12.10.2027 117.8 1.0 n/a / n/a 250,000 / 250,000 1
SEMBCORP INDUSTRIES (Singapore) Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair SG6UJ0000004 / 26155436 SGD 2.94% 26.11.2021 101.5 1.6 n/a / n/a 250,000 / 250,000 1
fair SG59A8998876 / 22995531 SGD 3.64% 27.05.2024 104.8 2.2 n/a / n/a n/a / n/a 1
fair SG7X36961432 / 11676388 SGD 4.25% 30.08.2025 107.9 2.5 n/a / n/a n/a / n/a 1
fair SG6UI9000007 / 26162412 SGD 3.593% 26.11.2026 104.9 2.7 n/a / n/a 250,000 / 250,000 1
Singapore Airlines Credit Outlook: Deteriorating Analyst: Devinda Paranathanthri

fair SG6PE4000001 / 24081231 SGD 3.75% 08.04.2024 102.8 2.9 n/a / n/a / 1



Singapore Airlines Credit Outlook: Deteriorating Analyst: Devinda Paranathanthri

fair SG7AG1000009 / 36365483 SGD 3.035% 11.04.2025 99.6 3.1 n/a / n/a 250,000 / 250,000 1
fair SG76F4000001 / 34683678 SGD 3.13% 17.11.2026 99.2 3.3 n/a / n/a / 1
fair SG7FH2000005 / 37935153 SGD 3.13% 23.08.2027 98.7 3.4 n/a / n/a 250,000 / 250,000 1
Singapore Post Ltd Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair SG6T34979540 / 18077950 SGD 4.25% Perpetual 102.9 4.1 BBB / n/a 250,000 / 250,000 1
Comment: This is a senior perp callable in Mar 2022 at par. The coupon resets at SGD 10Y swap plus 369.2bps at the call date. Please also refer to yield-to-call.
Singapore Telecommunications Credit Outlook: Stable Analyst: Clarissa Lee

fair SG6VH1000005 / 27329896 SGD 2.72% 03.09.2021 102.0 0.5 A / A1 250,000 / 250,000 1
fair SG71D5000006 / 32479689 SGD 2.895% 07.03.2023 104.0 1.2 A / A1 n/a / n/a 1
SP POWERASSETS (Singapore) Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair SG7X40961493 / 12734329 SGD 3.14% 31.08.2022 104.6 0.7 AA / Aa2 / 1
fair SG6W43985376 / 19520324 SGD 3.4% 19.09.2032 114.7 2.0 AA / Aa2 250,000 / 250,000 1
ST TELEMEDIA LTD (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee

fair SG70A8000001 / 30595454 SGD 4.05% 02.12.2025 108.5 2.3 n/a / n/a 250,000 / 250,000 1
fair SGXF98411774 / 45929728 SGD 5% Perpetual 105.9 4.7 n/a / n/a 250,000 / 250,000 1
Comment: This is a subordinated perpetual callable in Jan 2024 at par. The coupon resets at SGD 10Y swap plus 370.5bps in Jan 2029.
fair SGXF43872450 / 55717035 SGD 4.1% Perpetual 105.0 3.9 n/a / n/a 250,000 / 250,000 1
Comment: This is a subordinated perpetual callable in July 2027 and every six months thereafter. The coupon resets at SGD 7Y swap rate plus 435.5bps on the first call date.
STARHUB LIMITED (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee

fair SG6W34985252 / 19433510 SGD 3.08% 12.09.2022 102.7 1.7 n/a / n/a 250,000 / 250,000 1
fair SG73C2000007 / 32783928 SGD 3.55% 08.06.2026 105.3 2.5 n/a / n/a / 1
fair SG7DD8000003 / 37082628 SGD 3.95% Perpetual 101.7 3.9 n/a / n/a / 1
Comment: This is a subordinated perpetual callable in Jun 2022 at par. The coupon resets in Jun 2027 at the SGD 10Y swap + 271.5bps.



STT GDC Pte Ltd (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee
fair XS1068221073 / 24464741 SGD 3.25% 20.05.2021 101.7 0.5 A+ / NR n/a / n/a
SUNTEC REIT (Singapore) Credit Outlook: Deteriorating Analyst: Clarissa Lee

fair SG79E9000003 / 36346033 SGD 3.025% 16.03.2022 101.1 2.2 n/a / n/a / n/a
fair SG7PE3000000 / 40353049 SGD 3.4% 10.05.2023 102.4 2.4 n/a / n/a 250,000 / 250,000 1
fair SG7EG6000006 / 37695618 SGD 2.85% 02.08.2023 101.2 2.4 n/a / n/a n/a / n/a 1
fair SGXF17292248 / 54918015 SGD 2.6% 27.05.2025 98.8 2.9 n/a / n/a 250,000 / 250,000 n/a
UOL GROUP LIMITED (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee
Wheelock and Company (Hong Kong) Credit Outlook: Stable Analyst: Kevin Liu
fair XS0671301033 / 13693396 SGD 4.5% 02.09.2021 103.9 0.1 n/a / n/a 250,000 / 250,000
Financials

fair XS2237312108 / 57217056 SGD 1.073% 25.09.2023 100.2 1.0 n/a / A1 250,000 / 250,000 1
DBS Bank (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee

fair SG71A5000002 / 31122176 SGD 3.8% 20.01.2028 105.2 3.0 n/a / A2 250,000 / 250,000 1
Comment: This is a Basel 3 Tier 2 bond callable in Jan 2023 at 100. The coupon resets at SGD 5Y swap plus 110bps at the call date. Please also refer to yield-to-call. Please also refer to yield-to-call.



attr. XS1602111566 / 36502169 SGD 3.2% 27.04.2021 100.7 1.8 n/a / Baa1 250,000 / 250,000 1
attr. XS1713316252 / 38956607 SGD 3.8% 07.11.2025 104.5 2.8 n/a / Baa1 250,000 / 250,000 1
United Overseas Bank (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee
fair SG79A8000002 / 35832360 SGD 3.5% 27.02.2029 106.4 2.6 n/a / A2 250,000 / 250,000 1
Comment: This is a Basel 3 Tier 2 bond Callable in Feb 2024 at par. The coupon resets at SGD 5Y Swap plus 1.08% at the call date. Please also refer to yield-to-call.

Reference list: Bonds in Singapore dollar, Asia, Speculative grade issuers

Corporate issuers
ARA ASSET MANAGEMENT (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee
attr. SG7EB6000007 / 37543676 SGD 5.2% Perpetual 99.6 5.2 n/a / n/a 250,000 / 250,000 1
Comment: This is a subordinated perpetual callable in July 2022. The coupon resets at SGD 7Y swap rate + 612bps in July 2024.
attr. SGXF15643061 / 49824352 SGD 5.6% Perpetual 96.7 5.8 n/a / n/a 250,000 / 250,000 1
Comment: This is a subordinated perpetual bond callable in Apr 2026. The coupon resets at SGD 7Y swap plus 706bps at the call date. Please also refer to yield-to-call.
fair SG7ND7000003 / 38168543 SGD 5.65% Perpetual 98.5 5.7 n/a / n/a 250,000 / 250,000 1
Comment: This is a subordinated perpetual callable in Mar 2023. The coupon resets at SGD 10Y swap rate + 612bps in Mar 2028.
ASCOTT RESIDENCE TRUST (Singapore) Credit Outlook: Deteriorating Analyst: Clarissa Lee
attr. SGXF19322878 / 49761198 SGD 3.88% Perpetual n/a n/a n/a / n/a 250,000 / 250,000 1
Comment: This is a subordinated perpetual callable in Sep 2024 at par and every six months thereafter. The coupon resets at SGD 5Y swap plus 235.2 bps at the call date. Please also refer to yield-to-call.
fair SG6YC3000008 / 28710895 SGD 3.07% Perpetual n/a n/a n/a / n/a / 1
Comment: This is a subordinated perpetual bond callable in Jun 2020. The coupon resets at SGD 5Y swap plus 250bps at the call date. Please also refer to yield-to-call.

fair SGXF21741271 / 50546642 SGD 3.65% Perpetual 103.0 3.5 n/a / n/a 250,000 / 250,000 1
Comment: This is a subordinated perpetual bond callable in Oct 2024 at 100. The coupon resets at SGD 5Y swap plus 220bps at the call date. Please also refer to yield-to-call.
CHINA AOYUAN PROPERTY Credit Outlook: Stable Analyst: Wendy Luo

fair XS1876053692 / 43504381 SGD 7.15% 07.09.2021 101.9 4.9 n/a / n/a 250,000 / 1,000 1, 2
CIPUTRA DEVELOPMENT (Indonesia) Credit Outlook: Stable Analyst: Devinda Paranathanthri

fair SG7HD1000001 / 38340891 SGD 4.85% 20.09.2021 97.9 7.2 n/a / n/a 250,000 / 250,000 1
CITY DEVELOPMENTS LTD (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee
fair SG6V60983396 / 18962565 SGD 3.75% 06.07.2022 103.7 1.6 n/a / n/a 250,000 / 250,000 1


CITY DEVELOPMENTS LTD (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee
fair SG55A2991230 / 21917880 SGD 3.48% 03.04.2023 104.4 1.7 n/a / n/a n/a / n/a 1
fair SGXZ61262531 / 48631450 SGD 2.8% 27.06.2023 102.9 1.7 n/a / n/a 250,000 / 250,000 1
fair SG6PC3000006 / 30214132 SGD 3.9% 21.03.2024 106.4 2.0 n/a / n/a n/a / n/a 1
fair SG6TF8000006 / 25735708 SGD 3.78% 21.10.2024 106.6 2.1 n/a / n/a / 1
fair SGXF85628422 / 51720501 SGD 2.7% 23.01.2025 102.4 2.1 n/a / n/a 250,000 / 250,000
fair SG73C6000003 / 32859481 SGD 3.48% 15.06.2026 106.3 2.3 n/a / n/a / 1
Frasers Hospitality Trust (Singapore) Credit Outlook: Deteriorating Analyst: Clarissa Lee
fair SG72C6000005 / 32533616 SGD 4.45% Perpetual 85.1 5.2 n/a / n/a / 1
Comment: This is a subordinated perpetual bond callable in May 2021. The coupon resets at SGD 5Y swap plus 245bps at the call date. Please also refer to yield-to-call.
FRASERS PROPERTY LIMITED (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee
fair SG6TD4000005 / 25592013 SGD 3.95% 07.10.2021 102.3 1.6 n/a / n/a 250,000 / 250,000 1, 2
fair SG31A3000008 / 28256290 SGD 3.65% 22.05.2022 98.5 4.6 n/a / n/a 2,000 / 1,000 1
Comment: Callable in May 2019 at 101.83. Please also refer to yield-to-call.
attr. SG71J5000003 / 32289959 SGD 4.25% 21.04.2026 104.8 3.3 n/a / n/a / 1, 2
attr. SG79A7000003 / 35818058 SGD 4.15% 23.02.2027 103.3 3.6 n/a / n/a 250,000 / 250,000 1, 2
attr. SGXF71917235 / 47334286 SGD 4.98% Perpetual 100.2 5.0 n/a / n/a 250,000 / 250,000 1, 2
Comment: This is a subordinated perpetual bond callable in Nov 2024.The coupon resets at SGD 5Y swap plus 404bps at the call date. Please also refer to yield-to-call.
fair SG7HD2000000 / 38338756 SGD 3.95% Perpetual 93.0 4.3 n/a / n/a / 1, 2
Comment: This is a subordinated perpetual callable in Oct 2022 at par. The coupon resets at SGD 5Y swap plus 224.5bps on the call date.
attr. SG7LE3000009 / 39836467 SGD 4.38% Perpetual 98.5 4.5 n/a / n/a 250,000 / 250,000 1, 2
Comment: This is a subordinated perpetual callable in Jan 2023 at par. The coupon resets at SGD 10Y swap plus 318.7bps in Jan 2028.


Guocoland Limited (Singapore) Credit Outlook: Deteriorating Analyst: Clarissa Lee

fair SG78C5000003 / 35483827 SGD 4% 31.01.2022 102.5 2.1 n/a / n/a / 1
fair SG7DE2000007 / 37153113 SGD 3.85% 15.02.2023 103.1 2.5 n/a / n/a / 1
exp. SGXF92618176 / 52425492 SGD 3.4% 10.08.2025 101.7 3.0 n/a / n/a 250,000 / 250,000
exp. SG7LH0000005 / 39959843 SGD 4.6% Perpetual 100.1 4.6 n/a / n/a 250,000 / 250,000 1
Comment: This is a subordinated perpetual callable on Jan 2023 at par. The coupon resets at SGD 7Y Swap + 360.9bps on Jan 2025.
HYFLUX LIMITED (Singapore) Credit Outlook: Deteriorating Analyst: Devinda Paranathanthri

sell SG31B4000005 / 32620742 SGD 0% Perpetual n/a n/a n/a / n/a n/a / n/a 1
Comment: This is a subordinated perp callable in May 2020 at par. The coupon resets at SGD 4Y swap plus 620bps at the call date. Please also refer to yield-to-call.
sell SG2D17969577 / 12876012 SGD 8% Perpetual n/a n/a n/a / n/a n/a / n/a 1
Comment: This is a subordinated perp callable in Apr 2018 at par. The coupon resets to 8% at the call date. Please also refer to yield-to-call.
LIPPO MALLS INDONESIA RETAIL TRUST Credit Outlook: Deteriorating Analyst: Devinda Paranathanthri
exp. XS1632471352 / 37137194 SGD 6.6% Perpetual 81.5 8.1 n/a / n/a 250,000 / 250,000 1
Comment: This is a subordinated perpetual bond callable in Dec 2022 at par. The coupon resets at SGD 5Y swap plus 475.5bps at the call date. Please also refer to yield-to-call.
exp. SG74H8000008 / 33353349 SGD 7% Perpetual 85.5 8.2 n/a / n/a / 1

Comment: This is a subordinated perpetual bond callable in Sep 2021. The coupon resets at SGD 5Y swap plus 524.5bps at the call date. Please also refer to yield-to-call.
Mapletree Logistics Trust (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee
fair SG72D0000009 / 32620644 SGD 4.18% Perpetual 101.3 4.1 n/a / n/a / 1
Comment: This is a subordinated perpetual bond callable in Nov 2021. The coupon resets at SGD 5Y swap plus 230bps at the call date. Please also refer to yield-to-call.
fair SG7HE5000005 / 38397412 SGD 3.65% Perpetual 101.3 3.6 n/a / n/a 250,000 / 250,000 1
Comment: This is a subordinated perpetual callable in Mar2023 at par. The coupon resets at SGD 5Y swap plus 181.5bps at the call date.



fair SG7DJ3000005 / 37394048 SGD 5.5% Perpetual 102.1 5.4 n/a / n/a / 1
Comment: This is a subordinated perpetual callable at par in Jul 2022 and every six months thereafter. The coupon resets to SGD 5Y swap plus 568.5 bps at the first call date. Please also refer to yield-to-call.
OUE LTD (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee

attr. SG7AG7000003 / 36446798 SGD 3.75% 17.04.2022 100.6 3.3 n/a / n/a / 1
attr. SG7JE3000003 / 39053431 SGD 3.55% 10.05.2023 100.0 3.5 n/a / n/a 250,000 / 250,000 1
SHANGRI-LA ASIA (Hong Kong) Credit Outlook: Stable Analyst: Clarissa Lee
fair SGXF14391662 / 52262300 SGD 3.5% 29.01.2030 n/a n/a n/a / n/a 250,000 / 250,000
SPH REIT (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee

attr. SGXF59084263 / 49729259 SGD 4.1% Perpetual 100.3 4.1 n/a / n/a 250,000 / 250,000 1
Comment: This is a subordinated perpetual bond callable in August 2024 at par. The coupon is resets at SGD 5Y swap plus 251.7bps at the call date. Please refer to yield to call.
TATA STEEL (India) Credit Outlook: Deteriorating Analyst: Devinda Paranathanthri

fair SG55G7992081 / 21275765 SGD 4.95% 03.05.2023 100.6 4.7 n/a / n/a 250,000 / 250,000 1
Wing Tai Holdings Limited (Singapore) Credit Outlook: Stable Analyst: Clarissa Lee
fair SG6TD2000007 / 25585575 SGD 4% 07.10.2021 102.5 1.4 n/a / n/a / 1
fair SG6W65985478 / 19530739 SGD 4.5% 26.09.2022 104.2 2.3 n/a / n/a 250,000 / 250,000 1
fair SG6Z68990563 / 20909095 SGD 4.25% 15.03.2023 103.4 2.8 n/a / n/a 250,000 / 250,000 1
fair SG6OI9000000 / 23792411 SGD 4.7% 28.02.2024 106.0 2.8 n/a / n/a 250,000 / 250,000 1
exp. SGXF78185646 / 51992960 SGD 3.68% 16.01.2030 99.6 3.7 n/a / n/a 250,000 / 250,000 1
exp. SG7DG2000002 / 37240230 SGD 4.08% Perpetual 95.4 4.3 n/a / n/a / 1
Comment: This is a senior perpetual callable in Jun 2022 and every six months thereafter. The coupon resets at SGD 5Y swap rate plus 237bps in Jun 2022, and at SGD 5Y swap rate plus 337bps in Jun 2027.
exp. SGXF63316578 / 47996932 SGD 4.48% Perpetual 98.5 4.6 n/a / n/a 250,000 / 250,000 1
Comment: This is a senior perpetual callable in May 2024 and every five years thereafter. The coupon resets at SGD 5Y swap rate plus 256bps in May 2024, and at SGD 5Y swap rate plus 356bps in May 2029.

Reference list: Bonds in Russian ruble, EMEA, Investment grade issuers


Corporate issuers

fair XS1574787294 / 35899420 RUB 8.99% 03.03.2024 112.4 5.0 n/a / Baa2 10,000,000 / 100,000 1

Reference list: Bonds in Russian ruble, EMEA, Speculative grade issuers

Financials
Alfa Bank (Russia) Credit Outlook: Stable Analyst: Tatiana Boroditskaya

fair XS1648266788 / 37575443 RUB 8.9% 20.07.2021 102.9 5.0 n/a / Ba1 n/a / n/a 1
fair XS1567117566 / 35706475 RUB 9.25% 16.02.2022 105.3 5.1 n/a / Ba1 10,000,000 / 100,000 1

Reference list: Bonds in Mexican peso, Latin America, Investment grade issuers

Sovereign issuers
fair MX0MGO0000N7 / 12534142 MXN 6.5% 10.06.2021 104.1 0.2 BBB+ / Baa1 n/a / n/a 1
fair MX0MGO0000Q0 / 18018162 MXN 6.5% 09.06.2022 103.4 4.3 BBB+ / Baa1 /
fair MX0MGO000003 / 1710068 MXN 8% 07.12.2023 113.1 3.5 BBB+ / Baa1 /
fair MX0MGO000078 / 2053932 MXN 10% 05.12.2024 123.2 3.9 BBB+ / Baa1 n/a / n/a
fair MX0MGO0000Y4 / 30154386 MXN 5.75% 05.03.2026 103.8 4.9 n/a / Baa1 n/a / n/a 1
fair MX0MGO0000D8 / 2883019 MXN 7.5% 03.06.2027 114.7 4.8 BBB+ / Baa1 n/a / n/a
fair MX0MGO0000H9 / 4965614 MXN 8.5% 31.05.2029 121.9 5.3 BBB+ / Baa1 n/a / n/a
fair MX0MGO0000P2 / 13816217 MXN 7.75% 29.05.2031 116.1 5.6 BBB+ / Baa1 n/a / n/a 1
fair MX0MGO0000U2 / 24228749 MXN 7.75% 23.11.2034 114.9 6.1 BBB+ / Baa1 n/a / n/a 1
fair MX0MGO0000B2 / 2766210 MXN 10% 20.11.2036 136.2 6.3 BBB+ / Baa1 n/a / n/a
fair MX0MGO0000J5 / 1154935 MXN 8.5% 18.11.2038 119.4 6.6 BBB+ / Baa1 n/a / n/a
fair MX0MGO0000R8 / 18445461 MXN 7.75% 13.11.2042 110.1 6.8 BBB+ / Baa1 n/a / n/a 1
fair MX0MGO000102 / 36044484 MXN 8% 07.11.2047 109.8 7.1 n/a / Baa1 / 1
Corporate issuers

fair XS0860706935 / 20139908 MXN 6.45% 05.12.2022 102.1 5.4 BBB+ / A3 2,000,000 / 10,000 1

Reference list: Bonds in Brazilian real, Latin America, Speculative grade issuers
Sovereign issuers
Federative Republic of Brazil Credit Outlook: Deteriorating Analyst: Alejo Czerwonko

fair US105756BL31 / 2698066 BRL 12.5% 05.01.2022 114.3 0.8 BB- / Ba2 250,000 / 1,000 1
fair US105756BT66 / 18433913 BRL 8.5% 05.01.2024 112.6 4.3 n/a / Ba2 350,000 / 1,000 1
fair US105756BN96 / 2925440 BRL 10.25% 10.01.2028 120.7 6.6 BB- / Ba2 n/a / n/a 1

Issuer descriptions
Issuer Issuer Comment
Industry, Country
Rating: S&P / Moody's
Abu Dhabi Nat. Ener. Co (TAQA) The Abu Dhabi National Energy Company (TAQA) is an international energy and water group with assets in the Middle East, North Africa, North America, Europe and India. TAQA's financial profile is
underpinned by the strength of its regulated utilities operations in the UAE. Improving hydrocarbon prices should be supportive for the company's activities, in our view. Following the completion of the
UAE
assets transfer with its shareholder AD Power, TAQA is now 98.6% state owned via AD Power. As a result of the transaction, TAQA became one of the largest utilities companies in the EMEA region.
NR / n.a. / Aa3 / stable Moody's upgraded TAQA's credit rating by three notches to Aa3, one notch below Abu Dhabi sovereign rating. Fitch has also upgraded the company's credit rating by two nothces to AA-, one notch
below Abu Dhabi sovereign rating.
0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: green yellow yellow yellow UBS credit view on other cover types: n.a. n.a.
ADANI PORTS Adani Ports & Special Economic Zone (ADSEZ) is India's largest port developer and operator, with 10 port concessions commanding a combined 24% of the country's port capacity. It also develops ports
and related infrastructure (such as railway lines) and provides marine, storage, cargo handling, and logistics services. ADSEZ is 59%-owned by the Adani Group, a conglomerate with businesses in energy,
India
resources, and logistics. The company is listed in India.
BBB- / stable / Baa3 / neg 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: yellow yellow yellow yellow UBS credit view on other cover types: n.a. n.a.
ADANI TRANSMISSION LIMITED Adani Transmission (Adani) is one of the largest private sector power transmission companies in India. The company's revenue derives mainly from regulated electricity transmission tariffs. It is 75%
owned by the Adani Promoter Group. The Adani Promoter Group has businesses in power generation (Adani Power), ports (Adani Port) and resources (Adani Enterprises). Adani has a relatively short track
India
record, as it was only incorporated in 2013. The company listed its equity shares on the National Stock Exchange of India in 2015.
NR / n.a. / Baa3 / neg 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: yellow yellow yellow Yellow UBS credit view on other cover types: n.a. n.a.
Agile Property Agile Property Holdings Ltd (Agile) is a roperty developer in China. As of end 2018, the company had projects in more than 60 cities and districts in China, and a land bank with a total gross floor area of
over 36.2 million sqm. 33% of the land bank comes from the Southern China region, followed by Eastern China (18%), Hainan (14%), and Yunnan (14%).
Hong Kong
BB / neg / Ba3 / neg 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

UBS credit view on senior bonds: yellow yellow red red UBS credit view on other cover types: red yellow
Agricultural Development Bank of China (ADBC) The Agricultural Development Bank of China (ADBC) is one of the three policy banks set up in 1994 under the direct authority of the State Council of China. It is the sole agriculture-related policy bank
mandated to support agricultural resilience, rural development and farmer welfare. The State Council appoints its Board of Supervisors and key management personnel, and the Ministry of Finance (MOF)
China
wholly owns it. As of 31 December 2019, the bank’s total assets and total outstanding amount of loans were CNY 7tr (USD 1.1tr) and CNY 5.6tr (USD 858bn), respectively.
A+ / stable / A1 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: green green green yellow UBS credit view on other cover types: n.a. n.a.
Akbank Akbank is facing a challening operating environment, given ongoing macro headwinds and lingering political uncertainties. We expect Akbank's credit fundamentals to remain under pressure, with some
further deterioration of asset quality, profitability and capitalization.The Sabanci Group, which we regard as a supportive shareholder, owns 48.8% of the bank. The bank's experienced management
Turkey
team and well established franchise coupled with still fairly resilient fundamentals are likely to partially mitigate these risks, in our view. Akbank stated that it will be prioritizing sustainable borrowing
NR / n.a. / B2 / neg instruments going forward.
UBS credit view on senior bonds: yellow red red red UBS credit view on other cover types: n.a. n.a.

Issuer descriptions
Industry, Country
Alfa Bank Alfa Bank is Russia's largest privately owned banks operating over 700 branches and representative offices. The bank belongs to ten systemically important financial institutions, as defined by the Russian
Central Bank. This shows Alfa Bank's importance to the banking system as a whole, and would provide a rationale for potential state support in case of need. While the amount of state support Russia
Russia
potentially available to Alfa Bank might be somewhat smaller as compared to its state-owned peers, we would not rule out that Alfa's shareholders could provide additional support in case of need.
N/A / N/A
UBS credit view on senior bonds: yellow yellow red red UBS credit view on other cover types: n.a. n.a.
ALFA SAB ALFA is a Mexican conglomerate that operates via subsidiaries in petrochemicals, aluminum auto parts, food, telecommunications, and natural gas and hydrocarbons (oil & gas). Alpek participates in the
petrochemical sector, Nemak produces auto parts, Sigma is a producer of processed foods, Axtel takes care of telecommunications, and Newpek participates in gas and hydrocarbons. We believe that
Mexico
ALFA's diversified business portfolio offers the company some protection in times of economic down-cycles, not to mention Alpek's, Nemak's and Sigma's strong positioning in their respective sectors.
BBB- / stable / Baa3 / stable ALFA posted understandably mixed 2Q20 results, in our view, as relatively positive performance in Alpek, Axtel, and Sigma was offset by weakness in Nemak. Net revenues and EBITDA declined 28.7%
and 61.2% year-over-year in USD terms, respectively, and the quarterly, and the quarterly EBITDA margin tightened 610bps, from 13.3% in 2Q19 to 7.2% in 2Q20. In light of the ongoing COVID-19
crisis, ALFA and its subsidiaries reinforced their liquidity positions by drawing down portions of available credit lines. As a result, total debt increased by almost USD 1.5bn, from around USD 7.1bn in
December 2019 to about USD 8.6bn in June 2020, and debt ratios deteriorated. Leverage (total debt divided by 12-month trailing EBITDA) as of 30 June 2020 came in at 4.6x, up from 3.5x in March and
3.1x in December 2019. Despite the increase in leverage, ALFA’s balance sheet is liquid, and refinancing risk looks low. As of 30 June 2020, ALFA reported over USD 2.3bn in cash, around USD 1.1bn in
short-term debt, and about USD 500mn in annual interest expense, while 12-month trailing EBITDA is running at around USD 1.3bn. In spite of relatively sound fundamentals, some pressure on credit
ratings has emerged. On 10 September 2020, S&P downgraded ALFA from BBB to BBB-, with Stable outlook on their view that the spin-off of Nemak would translate into the loss of the diversification
uplift. According to S&P, ALFA’s reorganization of its business portfolio through spinoff of auto parts unit Nemak and divesting from Axtel increases business concentration. Fitch rates ALFA BBB-, with
Stable outlook since 20 March 2014. Moody’s rates ALFA Baa3, with Stable outlook since 12 February 2018. Risk factors at ALFA include structural subordination to debt issued by operating subsidiaries,
exposure to derivative financial instruments, potential for M&A that could deteriorate credit metrics, and a concentrated ownership structure that could result in business decisions to the detriment of
bondholders, among others.
UBS credit view on senior bonds: Green Green Yellow Yellow UBS credit view on other cover types: n.a. n.a.
Alpek Alpek is the largest Mexican petrochemical company and the second largest in Latin America. Alpek is the petrochemical subsidiary of Grupo Alfa, one of Mexico's largest industrial conglomerates. Alpek
is a key player in the polyester industry where it has a leading position in Mexico and the rest of North America. Alpek experienced a volatile environment in 1H20 largely due to the outbreak of COVID-19
Mexico
and the collapse in crude oil prices, which have resulted in unplanned production cuts in the industry and lower feedstock prices, respectively. In our view, Alpek posted relatively positive 2Q20 results
BB+ / stable / Baa3 / stable driven by better margins in Asia and strong demand for PET products due to COVID-19 partly offset by the negative impact of the temporary drop in oil and feedstock prices. Net revenues and EBITDA
declined 28.5% and 54.1% year-over-year in USD terms, respectively, and the quarterly EBITDA margin narrowed 350bps, from 9.8% in 2Q19 to 6.3% in 2Q20. In light of the ongoing COVID-19 crisis,
Alpek drew USD 240mn from its committed short- and long-term credit lines to strengthen its liquidity position. The side effects of Alpek’s prudent liquidity measure came in the form of higher financial
obligations, which increased from USD 1.5bn in December 2019 to almost USD 1.9bn in June 2020, and weaker debt ratios. Leverage (total debt divided by 12-month trailing EBITDA) as of 30 June 2020
came in at 2.5x, up from 2.2x in March and 1.8x December 2019. Despite relatively stable debt ratios, some pressure on credit ratings has emerged. On 30 July 2020, Moody’s affirmed their Baa3 rating
for Alpek Baa3, with Stable outlook. However, on 10 September 2020, S&P downgraded Alpek from BBB- to BB+ following their downgrade of parent ALFA on that same date on the back of the
reorganization of the holding company’s business portfolio. Fitch rates Alpek BBB-, with Stable outlook since 16 August 2018
UBS credit view on senior bonds: Green Yellow Yellow Yellow UBS credit view on other cover types: n.a. n.a.
ALUMINUM CORP OF CHINA Aluminium Corp of China (Chalco) is the only Chinese central government controlled pure aluminum producer. Headquartered in Beijing and publicly listed on the Hong Kong, Shanghai, and New York
stock exchanges, Chalco is China's largest integrated producer of bauxite, alumina and aluminium.Its largest shareholder is Aluminum Corporation of China (Chinalco Group), which is 100% controlled by
China
the State-owned Assets Supervision and Administration Commission. As of 2016 year-end, Chinalco has a 35.77% stake in Chalco.
N.A. / n.a. / N.A. / n.a. 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: green yellow yellow Yellow UBS credit view on other cover types: yellow Yellow

Issuer descriptions
Industry, Country
America Movil América Móvil (AMX) is the largest wireless operator in Latin America. The company has presence in 25 countries in the Americas and in Europe. As of June 2020, AMX reported over 277 million wireless
subscribers, and 80.9 million fixed line revenue generating units (RGUs), versus 282 million and 81.4 million, respectively in March 2020. AMX posted better-than-expected 2Q20 results, in our view,
Mexico
especially considering that the company disconnected five million wireless subscribers during the quarter. Net revenues and EBITDA declined 18.6% and 14.5% year-over-year in USD terms, respectively,
BBB+ / neg / A3 / neg but the quarterly EBITDA margin widened 120bps from 31.7% in 2Q19 to 32.9 in 2Q20. Leverage (total debt divided by 12-month trailing EBITDA), as of 30 June 2020 came in at 2.5x, unchanged
versus June, but slightly above 2.4x in December 2019. In terms of liquidity and refinancing risk, as of 30 June 2020, AMX reported over USD 4.4bn in cash, about USD 5.5bn in short-term debt, and
around USD 2.3bn in annual gross interest expense, while 12-month trailing EBITDA generation is running at over USD 15.2bn. Although AMX’s fundamentals look stable, we remind investors that
following the approval of new telecommunication and media laws in homeland Mexico, AMX was labelled a Preponderant Economic Agent in the sector, a situation that exposes the company to adverse
asymmetric regulations, and prevents it from expanding into other segments of the industry such as broadcast-TV. In order to overcome limitations, AMX must reduce its market share in Mexico, its most
profitable market, to below 50% from over 63% as of December 2015 according to Moody's. Failure to reduce market share in Mexico, a process we expect to be gradual, will constrain AMX's ability to
further diversify its revenue matrix, and could result in renewed pressure on credit ratings. Despite sound fundamentals, pressure on credit ratings has resumed compliments of greater policy risk in
Mexico. On 27 March 2020, S&P downgraded AMX from A- to BBB+, with Negative outlook following their downgrade of Mexico to BBB, with Negative outlook on 26 March. On 21 April 2020, Fitch
placed their BBB+ rating for AMX under review for downgrade following their downgrade of Mexico to BBB-, with Negative outlook on 15 April. Moody’s rates AMX A3, with Negative outlook since 23
February 2017.
UBS credit view on senior bonds: green green yellow yellow UBS credit view on other cover types: yellow n.a.
ANGLOGOLD ASHANTI AngloGold Ashanti (AGA) is a close peer to GF. The issuer is rated BB+/Baa3 (S&P/Moody's), with Stable outlook, thanks to strong credit metrics (net leverage of 1.7x). It is headquartered in South Africa
and operates mines in Ghana, Australia and South Africa. Both issuers are also moderately positioned on the gold mining sector cost curve, despite notable improvements recently. AGA is exposed to
South Africa
greater political risk. But this is offset by greater geographical diversification, with 14 operations in nine countries across three continents, and management's track record of maintaining good
N.A. / n.a. / Baa3 / stable relationships with governments and local communities in Continental Africa (45% of total income in 2018). AGA has also a larger scale of 3.4 Moz.
ARA ASSET MANAGEMENT ARA Asset Management (ARA) is a real estate-focused fund manager, with assets under management (AUM) in various vehicles including REITs and private real estate funds. As of May 2019, the largest
shareholder is Warburg Pincus (30.7%), followed closely by Straits Trading (21%), AVIC Trust (20.5%), and John Lim (19.9%).
Singapore
N/A / N/A 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

UBS credit view on senior bonds: yellow yellow yellow n.a. UBS credit view on other cover types: yellow yellow
ARAB REPUBLIC OF EGYPT Egypt's strong growth dynamics have been reversed in the near term by the emergence of the COVID-19 pandemic. We expect economic activity to gradually normalize going into the second half of this
year, with growth reaccelerating in 2021. Longer term, the country's GDP could sustainably expand at a 5% rate, in our view, and its diversified economy reduces growth risks. That said, important
Egypt
growth drivers such as construction, the energy sector, foreign investments, and trade expose the economy to global business cycle dynamics. Inflation has declined thanks to a more rigorous inflation-
B / stable / B2 / stable targeting and a stronger pound. Energy exports from the Zohr gas field and service exports, mainly through tourism, help reduce external dependencies. Ongoing investment inflows should underpin
Egypt's external position. Weak public finances are the key weakness of the sovereign's credit profile: The public debt-to-GDP ratio is at 85% and the fiscal deficit remains sizable at 7.2% (current fiscal
year). The low share of external debt (40% of GDP), a favorable maturity profile, sufficient foreign currency reserves, and improved liquidity conditions are mitigating factors. The high unemployment rate
and widespread poverty are other important risks to monitor.

Issuer descriptions
Industry, Country
ARCELIK Arcelik is a leading producer of white goods and consumer electronics with product distribution in a larger number of countries. The company has around 50% market share in Turkey and sizable market
shares in a number of other countries in which it operates in Europe, the Middle East, CIS and Africa. The group is majority-owned by the leading Turkish conglomerate Koc. Arcelik is exposed to TRY
Turkey
weakness via changes in USD-based prices of raw materials, with price increases to final consumers needed to cover rising costs. Its sizable exposure to short-term TRY debt also makes it sensitive to
BB / neg / N.A. / n.a. domestic rates. The challenging domestic macro story is likely to be negative for Arcelik's domestic business. But the company benefits from geographic diversification, with a sizable part of its revenues
earned outside of Turkey, which helps to offset weak domestic conditions. We monitor domestic and external political developments, macro policy mix, global liqudity conditions and risk sentiment and
extenral debt rollovers.
Ascendas Private Ltd Ascendas Private Limited (Ascendas) is an investment holding company which specializes in the planning, developing and managing of industrial-related spaces. Via its subsidiaries, Ascendas has stakes
in listed REITs and private real estate funds with investments spanning across Asia-Pacific. These include business parks, science and IT parks, manufacturing and logistics spaces, as well as office and
Singapore
hospitality properties.
ASCENDAS REIT Ascendas REIT (AREIT) owns and invests in a portfolio of industrial-related properties primarily in Singapore (102 properties), and to a smaller extent Australia (26 properties) and China (2 properties). The
value of these assets amounted to SGD 9.4bn as of 31 December 2015. AREIT is about 20% owned by Ascendas Private Limited, a member of Ascendas-Singbridge.
Singapore
N.A. / n.a. / A3 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

UBS credit view on senior bonds: green green yellow yellow UBS credit view on other cover types: yellow yellow
ASCOTT RESIDENCE TRUST Ascott Residence Trust is the largest hospitality trust listed on the SGX, with SGD 4.3bn in total assets as of 2Q15. It operates serviced residences under the brands Ascott, Citadines and Somerset, rental
housing properties and other hospitality assets in 13 countries. Capitaland has an effective stake of 46% in ART.
Singapore
N.A. / n.a. / Baa3 / neg 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
AVIC INTERNATIONAL AVIC International is China Aviation Industry Corp (AVIC)'s key platform for the latter’s international aviation businesses. AVIC International also aggregates most of AVIC’s non-aviation related
businesses, including property, commodity trading, construction, retail, consumer products, high-tech electronics and resources development. AVIC, in turn, is fully owned by China’s central government. It
China
aggregates China’s aviation industry and is the sole producer of military aircraft and other aviation products for China’s army. It also manufactures civil airplanes and owns a diversified portfolio of
N.A. / n.a. / N.A. / n.a. nonaviation related businesses. AVIC International divides its businesses into six segments, namely: 1) international aviation, 2) trade and logistics, 3) high-end consumer goods and retail, 4) real estate
and hotel, 5) high-tech electronics, and 6) resources investment and development.
AXIS Bank Axis Bank (Axis) is one of the largest privately-owned banks in India. In terms of asset size it is the third-largest private sector bank in the country. Axis has a nationwide distribution network with one of
the largest branch outlets among its peers.
India
N.A. / n.a. / Baa3 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

Issuer descriptions
Industry, Country
AXTEL, S.A.B. DE C.V. Axtel S.A.B de C.V. (Axtel) is 52.8% owned by Mexico’s leading conglomerate ALFA. Following its divestment from its mass market business in late 2018, Axtel is now a provider of information
technology (IT) and managed telecommunications solutions to enterprise and government-related customers via its 'Alestra' brand. Axtel operates a network of over 25,000 miles (40,000 kilometers) of
Mexico
fiber. Axtel posted relatively positive 2Q20 results, especially considering COVID-19 circumstances as the company was able to switch its processes to operate remotely without interrupting its services to
BB / stable / Ba3 / stable its clients. Net revenues and EBITDA declined 19.5% and 9.6% year-over-year in USD terms, respectively, but profitability improved as the quarterly EBITDA margin widened 430bps, from 35.4% in 2Q19
to 39.7% in 2Q20. Despite weaker operating cash flow generation, debt ratios only deteriorated marginally. Leverage (total debt divided by 12-month trailing EBITDA) as of 30 June 2020 came in at
3.5x, up from 3.1x in March, but pretty much in line with 3.4x in December 2019. In addition, we continue to see refinancing risk as low. As of 30 June 2020, Axtel reported USD 157mn in cash, USD
70mn in short-term debt, and about USD 72mn in annual interest expense, while recurring 12-month trailing EBITDA is running at over USD 210mn. While we are still concerned with Axtel’s relatively
small scale as it could pose major challenges amid a highly competitive telecom sector in Mexico, we view parent ALFA's corporate governance and oversight as a plus. Most recent credit ratings actions
have been supportive. On 21 December 2018, Moody's revised the outlook for Axtel's Ba3 rating from Negative to Stable. On 17 March, Fitch revised the outlook for their BB- rating for Axtel from Stable
to Positive. However, on 10 September 2020, S&P revised the outlook for Axtel’s BB rating to Stable from Positive following their downgrade of parent ALFA on that same date on the back of the
reorganization of the holding company’s business portfolio.
UBS credit view on senior bonds: Green Yellow Yellow Red UBS credit view on other cover types: n.a. n.a.
AYALA CORP Ayala Corp (Ayala) is one of the Philippines' largest conglomerates, with businesses spanning across a wide range of industries, including real estate, utilities, telecommunications, finance, energy, and
infrastructure. It holds stakes ranging between 31% and 52% in four listed entities, in addition to its wholly-owned emerging businesses. The conglomerate is controlled by members of the Ayala family,
Philippines
with 56.42% of total voting shares. Ayala's market capitalization was PHP 558bn (about USD 11bn) as of 29 August 2017.
UBS credit view on senior bonds: yellow yellow yellow yellow UBS credit view on other cover types: n.a. Yellow
Banco de Credito del Peru Banco de Crédito del Perú (BCP) is the largest commercial bank in Peru in terms of total assets, loans, deposits, shareholders' equity, and branch network. We regard as a solid financial institution with
high systemic importance, and would expect Central Bank support in an improbable situation of extreme financial stress. Key credit metrics at BCP as of 30 September 2019 include an efficiency ratio of
Peru
43.5%, past due loans (PDL) as a percentage of total loans of 3.1, allowance for loan losses coverage of over 140%, and a CET1 ratio of 11.9%, well above the minimum required of 9.5%. Most recent
N.A. / n.a. / Baa1 / stable credit ratings actions have been mixed. On 18 October 2017, S&P upgraded BCP from BBB to BBB+, with Stable outlook. On 21 April 2020, Fitch revised the outlook for their BBB+ rating for BCP to
Negative from Stable. Moody's rates BCP Baa1, with Stable outlook since 10 June 2015.
UBS credit view on senior bonds: green yellow yellow yellow UBS credit view on other cover types: yellow n.a.
Banco Santander Mexico Banco Santander Mexico (Santander Mexico) is Mexico's fourth largest bank in terms of total assets, loans, and deposits. Santander Mexico is 75% directly and indirectly owned by Spain's Banco
Santander. Key credit metrics as of 31 March 2020 include an efficiency ratio of 44%, a regulatory capital to risk-weighted assets ratio of 16.2% (CET1: 11.9%), past due loans (PDL) as a percentage of
Mexico
total loans of 2.2%, and loan loss coverage in excess of 135%. We regard Santander México as a sound Mexican financial institution, and based on comments by rating agency Moody's we believe the
NR / n.a. / Baa1 / neg bank carries high systemic importance. Despite robust credit metrics, pressure on Santander Mexico's credit ratings has resumed owing to increased policy risk in Mexico. On 1 April 2020, Fitch revised
the outlook for their BBB+ rating for Santander Mexico to Negative from Stable. On 22 April 2020, Moody’s downgraded Santander Mexico from A3 to Baa1, with Negative outlook, following an
identical rating action on Mexico on 17 April.

Issuer descriptions
Industry, Country
BanColombia Bancolombia S.A. (Bancolombia) is a full service financial institution that offers a wide range of banking products and services to a diversified individual and corporate client base of over nine million
customers. Bancolombia is Colombia's leading financial institution, and operates that country's largest non-government owned banking network. In addition to its Colombia operations, Bancolombia has
Colombia
presence in Panama, El Salvador, Puerto Rico, the Cayman Islands, and Peru. We regard Bancolombia as a sound financial institution with high systemic importance. Key credit metrics at Bancolombia as
BB+ / stable / Baa2 / stable of 30 June 2020 include an efficiency ratio of 51.7%, past due loans (PDL) as a percentage of total direct loans of 3.5%, loan loss reserves coverage of PDL in excess of 190%, and a loan to deposits
ratio of 1.1x. In addition, as of 30 June 2020, Bancolombia reported a capital adequacy ratio of 12.6%, of which 9.4% was Tier I. Most recent credit ratings' actions have been adverse. On 28 May 2019,
Moody’s revised the outlook for Bancolombia’s Baa2 senior unsecured, and Ba2 subordinated debt ratings, and its ba1 baseline credit assessment (BCA) to Stable from Negative. However, on 8 April
2020, Fitch downgraded Bancolombia from BBB to BBB-, with Negative outlook. Furthermore, on 21 April 2020, S&P revised the outlook for their BB+ rating for Bancolombia from Positive to Stable.

Bancomext Bancomext is Mexico's import-export bank. It is fully backed by the Mexican government which is accountable for all transactions with foreign or local institutions as established under its organic law. This
guarantee is indicative of Bancomext's role as an instrument of government-directed policy. Its debt obligations are included in the total federal debt calculation. Bancomext has prioritized the
Mexico
development of three industries tourism, autos and auto-parts, and manufacturing industrial parks. 31% of the portfolio has been allocated to these three key initiatives. In light of higher policy risk in
N.A. / n.a. / Baa1 / neg Mexico, pressure on Bancomext’s credit ratings has increased. On 7 June 2019, Moody's revised the outlook for Bancomext's A3 senior unsecured rating to Negative from Stable following an identical
action on Mexico on 5 June 2019. Also on 7 June, Fitch downgraded Bancomext from BBB+ to BBB, with Stable outlook following an identical rating action on Mexico on 5 June 2019. On 27 March
2020, S&P downgraded Bancomext from BBB+ to BBB, with Negative outlook on the back of an identical action on Mexico on 26 March.
UBS credit view on senior bonds: Green Green Yellow Yellow UBS credit view on other cover types: Yellow n.a.
Bangkok Bank PCL Bangkok Bank (BBL) is the third largest bank in Thailand in terms of total assets. As of March 2019, it had a 17.2% market share in deposits, and is one of five domestically systemically-important banks
(D-SIBs) in Thailand. BBL was founded by the Sophonpanich family, which still holds key leadership positions in the bank although the family's official shareholding is not publicly disclosed. BBL is listed
Thailand
on the Stock Exchange of Thailand, with a market capitalization of THB 328bn, as of September 2019.
UBS credit view on senior bonds: Green Yellow Yellow Yellow UBS credit view on other cover types: Yellow n.a.
BANK OF CHINA LIMITED Bank of China (BOC) is one of China's four megabanks. The Chinese government is the largest shareholder with a 65% stake, indicating BOC's systemic importance to China's financial system and
implying the government's implicit support in a stress scenario. Bank of China (Hong Kong) Limited, a key subsidiary of BOC, is one of the three note-issuing banks in Hong Kong. BOC has been identified
China
China by the Financial Stability Board as a global systemically important bank.
A / stable / A1 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: Green Green Yellow Yellow UBS credit view on other cover types: Yellow Yellow
Bank of Communications LTD Bank of Communications Co. Ltd. (BoCom) is the fifth-largest Chinese commercial bank in terms of assets. The Chinese government and HSBC are its top two shareholders with a 26.5% and 19% stake
respectively.
China
A- / stable / N.A. / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

Bank of East Asia Bank of East Asia (BEA) is a family-owned commercial bank in Hong Kong with significant exposure to China. Its largest shareholder is Sumitomo Mitsui (18%), Caixa (16%), and Guoco Group (13%).
Hong Kong
A- / stable / A3 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

UBS credit view on senior bonds: green yellow yellow yellow UBS credit view on other cover types: yellow yellow

Issuer descriptions
Industry, Country
BARRICK GOLD With an expected annual gold production of 5.1-5.6 Moz this year, Barrick is the world's largest gold producer. The Canadian company has widely diversified operations geographically, though the US still
accounts for more than 40% of its total revenue. Besides its leading position in the gold sector, Barrick's creditworthiness is backed by its diverse, low-cost and top-quality gold assets (supported by
Canada
operational excellence and the active use of technology), its low adjusted leverage (1.7x proforma its merger with Randgold at Q4/18, according to Moody's), and excellent liquidity. It is constrained by
BBB / pos / Baa2 / stable geopolitical risk at some of its mine locations (about 25% of its production comes from Africa) and a recent aggressive acquisition strategy.
BBVA Banco Continental BBVA Banco Continental (BBVA Continental) is the second largest in Peru in terms of total assets and loans. We regard BBVA Continental as a solid financial institution with high systemic importance,
and would expect Central Bank support in an improbable situation of extreme financial stress. We note that BBVA Continental's market share of total deposits hovers around 22%. Owing to BBVA
Peru
Continental's strengths and systemic importance, and a relatively stable macroeconomic backdrop in Peru, pressure on credit has eased. On 18 May 2017, Fitch downgraded BBVA Continental from A- to
BBB+ / neg / N.A. / stable BBB+ with Stable outlook. However, on 6 April 2018, S&P upgraded the entity from BBB to BBB+, with Stable outlook.
UBS credit view on senior bonds: green yellow yellow yellow UBS credit view on other cover types: Yellow n.a.
BBVA Bancomer BBVA Bancomer (Bancomer) is Mexico’s largest bank in terms of total assets, loans, deposits, and number of branches. We regard Bancomer as a solid financial institution with high systemic importance,
and we would expect Central Bank support in an improbable situation of extreme financial stress. According to information available in Bancomer’s website, which is based on data provided by the
Mexico
country's National Banking and Securities Commission (CNBV), the bank has a 23% market share of deposits. Key credit metrics at Bancomer as of 30 June 2020 include an efficiency ratio of 44.5%, past
N.A. / n.a. / Baa1 / neg due loans (PDL) as a percentage of total loans of around 1.3% (1.9% of direct loans), loan loss reserves coverage of PDL of over 120%, a stable loan to deposits ratio of 1.5x, and a total capital ratio of
16% (12.4% tier 1). In light of higher policy risk in Mexico, pressure on Bancomer’s credit ratings has emerged. On 27 March 2020, S&P downgraded Bancomer from BBB+ to BBB, with Negative on the
back of an identical rating action on Mexico the day before. On 22 April 2020, Moody’s downgraded Bancomer from A3 to Baa1, with Negative outlook following an identical rating action on Mexico on
17 April. On 26 June 2020, Fitch downgraded Bancomer from BBB+ to BBB, with Stable outlook following their downgrade of Mexico to BBB-, with Negative outlook on 15 April.

BEIJING CAPITAL DEV. HOLDING Formed in 2005 following a government-directed merger between Beijing Municipal Development and Beijing Tianhong, Beijing Capital Development Holding (BCDH) is the largest state-owned property
developer in Beijing. The company is wholly owned by its ultimate shareholder, the Beijing State-owned Assets Supervision and Administration Commission (Beijing SASAC). BCDH is one of the 56 tier-
China
one state-owned enterprises (SOEs) under the control of Beijing SASAC, and one of the two SOEs primarily engaged in property development.
UBS credit view on senior bonds: green green yellow n.a. UBS credit view on other cover types: n.a. n.a.
Beijing Capital Grand Beijing Capital Grand (NR/NR/NR) is a Hong Kong-listed commercial property developer that is majority owned by Beijing Capital Land (BCL, Ba3/BB+/BB+), the flagship property arm of state-owned
conglomerate Beijing Capital Group (BCG, Baa3/BBB-/BBB). Capital Grand is mainly engaged in outlet mall operations and commercial property development in China. Formerly known as Juda
China
International (1329 HK), Capital Grand was previously a chemical company which was acquired jointly by BCL (65.1%) and BCG (9.9%) in 2013. In 2015, BCL injected the first commercial property
N/A / N/A project, Xi'an First City, into Capital Grand for CNY 2bn and repositioned the company as its commercial property arm focusing in outlet-backed property projects. In 2016, BCL further injected three
outlets for CNY 2.3bn to the company. As of June 2018, Capital Grand ran six self-owned outlet malls in Nanchang, Hangzhou, Beijing, Wuhan, Kunshan and Huzhou, with 0.6m sqm in total gross floor
area (GFA). It also has nine outlets mall projects, with 1m sqm in GFA under development. Separately, it has 0.5m sqm of development property land bank mainly concentrated in the Xi'an project. The
company targets to have 20 outlets in operations within the next five years. Capital Grand has a market cap of HKD 1.5bn (USD 0.2bn). BCL owns 72.9% of the company while BCG owns 2.1%. Sino-
Ocean (Baa3/NR/BBB-), a Chinese property developer, and KKR, a global private equity firm, were introduced as strategic investors in 2016, and each holds 9.9% of the company.
UBS credit view on senior bonds: Yellow Yellow n.a. n.a. UBS credit view on other cover types: n.a. n.a.

Issuer descriptions
Industry, Country
BEIJING CAPITAL GROUP Beijing Capital Group (BCG) is a leading conglomerate in China primarily engaged in four business areas: water and environmental protection, infrastructure, real estate, and financial services.
Headquartered in Beijing, BCG was established in October 1994 and is controlled by the State-owned Assets Supervision and Administration Commission (SASAC) of the Beijing municipality. BCG is one
China
of the top six entities among the 45 wholly state-owned enterprises under Beijing SASAC, based on total assets as of end-2013. BCG holds a 59.5% stake in Shanghai-listed Beijing Capital Co Ltd, one of
N/A / N/A China's largest wastewater treatment companies, a 49% interest in a joint venture with Hong Kong's MTR Corp operating some of the Chinese capital's major metro lines, and a 47% stake in Hong Kong-
listed Beijing Capital Land Ltd.
BEIJING CAPITAL LAND LTD Beijing Capital Land Limited (BJCL) is a medium-sized developer in China's residential property sector. As of end 2018, BJCL had a total land bank of 12.6 million square meters (sqm) and an attributable
land bank of 8.5 million sqm, including investment properties. BJCL was founded in 2002 as the major property arm of parent company Beijing Capital Group Ltd (Capital Group), and was listed on the
China
Hong Kong Stock Exchange in 2003. Capital Group is BJCL's largest shareholder, with an equity interest of 54.5% as pf end-18. Capital Group is a large state-owned enterprise and is fully owned by the
N.A. / n.a. / B1 / stable Beijing municipality. It is directly under the supervision of the State-Owned Assets Supervision and Administration Commission of Beijing.
UBS credit view on senior bonds: Yellow Yellow Yellow Yellow UBS credit view on other cover types: n.a. Yellow
BEIJING ENTERPRISES HLDG In 1997, Beijing Enterprises Holdings Limited ("BEHL") was formed upon eight units of premium assets in Beijing. In 29 May 1997, it listed in Hong Kong Stock Exchange successfully. After listing,
reorganization, transition, resources integration, BEHL transformed into an integrated public utilities company with core business covering city gas, water treatment and solid waste treatment.
China
UBS credit view on senior bonds: Green yellow yellow yellow UBS credit view on other cover types: n.a. n.a.
Beijing Enterprises Water Beijing Enterprises Water (BEW) is one of the largest integrated water treatment service providers in China with water plants covering 21 provinces, 5 autonomous regions and 2 municipalities. Its
principal businesses include operations in water treatment and construction and technical services for the water environmental renovation. In its core business wastewater treatment, the Group has
China
entered into service concession arrangements and entrustment agreements for a total of 937 water plants including 771 sewage treatment plants. We expect BEW to benefit from China's environmental
N/A / N/A protection and urbanization policies, and we are positive on its shift towards light-asset businesses. BEW is listed on the Hong Kong Exchange (371 HK) and is 42.43% owned by Beijing Enterprises
Holdings (392 HK)(BBB+/Baa1 stable), which is majority owned by various units of the Beijing municipal government.
Beijing Infrastructure Inv. Co Beijing Infrastructure Investment Group (the Group) is the sole investment and financing entity for the transit rail network that serves the urban and suburban districts in Beijing ("Beijing Subway"), and is
responsible for investment and financing, preliminary planning, capital operation and land and property development for the city's subway system. The Beijing Subway comprises 17 interconnecting lines,
China
with rail tracks spanning 465 kilometers and 281 stations (including 41 interchange stations).The Group operates 14 out of the 17 lines. It also has 11 lines under construction currently. The Group is a
N/A / N/A state-owned company wholly owned by the Beijing State-owned Assets Supervision and Administration Commission (SASAC). The Group has three main businesses: 1) urban infrastructure investment,
construction and operation (this is the Group's core business), 2) resource development, primary land development, real estate development and other operations, and 3) equity investment: strategic
equity investments in both public and private companies with businesses that complement the Group's business and facilitate its core operations.

Issuer descriptions
Industry, Country
BNDES The Brazilian Development Bank (BNDES) is the main financing agent for development projects in Brazil. Since its incorporation in 1952, BNDES has played an important role in financing industrial and
infrastructure projects in Brazil. The bank offers support to Brazilian corporations of different sizes, as well as to public sector entities. Core operations include trade finance, technological innovation,
Brazil
sustainable socio-environmental development, and the modernization of Brazil's public administration. BNDES is wholly-owned by Brazil's federal government, and we regard it as quasi-sovereign risk.
BB- / stable / Ba2 / stable Key credit metrics for BNDES as of 30 June 2020 include a BIS ratio of 37%, well above the minimum required 9.25%, past due loans (PDL) as a percentage of total loans of 0.5%, and a PDL coverage
ratio in excess of 400%. Owing to its very strong relationship with its underlying sovereign, we expect BNDES's ratings to remain tightly linked to those of Brazil. On 10 April 2018, Moody's revised the
outlook for its Ba2 senior unsecured debt rating for BNDES from Negative to Stable, following a similar rating action for Brazil on 9 April 2018. On 7 April 2020, S&P revised the outlook for their BB-
rating for BNDES to Stable from Positive following an identical rating action on the sovereign on 6 April. On 8 May 2020, Fitch revised the outlook for their BB- rating for BNDES from Stable to Negative,
following a similar action on Brazil on 6 May.
UBS credit view on senior bonds: green yellow yellow red UBS credit view on other cover types: n.a. n.a.
BOC AVIATION BOC Aviation is a leading global aircraft leasing company that acquires, leases, manages and sells commercial jet aircrafts. Established in 1993 and acquired by Bank of China (BOC) in 2006, BOC
Aviation currently is the largest aircraft operating lessor based in Asia, with an owned and managed portfolio of 250 aircraft leased to 60 customers in 30 countries at the year-end of 2014. The company
Singapore
has maintained a good operating track record, evidenced by its consistent annual profitability through industrial cycles since its inception.
A- / neg / N.A. / n.a. 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
Bradesco Banco Bradesco (Bradesco) is the second largest private sector bank in Brazil in terms of total assets, deposits, and equity. We regard Bradesco as a systemically important entity, and would therefore
expect government support in an improbable extreme situation of financial stress. Key credit metrics for Bradesco as of 30 June 2020 include an efficiency ratio of 44%, past due loans (PDL) as a
Brazil
percentage of total loans of 2.2% (3% of direct loans), a PDL coverage ratio in excess of 299%, and a BIS ratio of 15%, of which 12.5% was classified as Tier I. We would expect Bradesco's credit
N.A. / n.a. / Ba2 / n.a. ratings to mimic those of the underlying sovereign Brazil. On 10 April 2018, Moody's revised the outlook for its Ba2 senior unsecured debt rating for Bradesco to Stable from Negative, following a similar
rating action for Brazil on 9 April 2018. On 7 April 2020, S&P revised the outlook for their BB- rating for Bradesco to Stable from Positive following an identical rating action on the sovereign on 6 April.
On 8 May 2020, Fitch revised the outlook for their B+ rating for Bradesco's subordinated bonds to Negative from Stable following a similar move on Brazil on 6 May.
UBS credit view on senior bonds: green yellow yellow red UBS credit view on other cover types: yellow n.a.
BRASIL FOODS Brasil Foods (BRF) is one of the largest food companies in the world, with a business portfolio of more than 30 brands, including Qualy, Paty, Dánica, and Bocatti, among others. BRF’s products are
available in over 150 countries in five continents. Following a challenging 2018, which included the Carne Fraca/Operation Trapaça scandal and a truckers’ strike that paralyzed Brazil in that year’s month
Brazil
of May, BRF experienced major top management changes and has gradually made a comeback. BRF’s 2Q20 operating performance was negatively affected by the ongoing COVID-19 global crisis. In
BB- / stable / Ba2 / stable 2Q20, BRF proactively placed on leave approximately 8,200 employees that had been labelled as high risk following virus screening, hired approximately 6,700 temporary workers to attend its plants,
distribution centers, and restocking operations, and booked USD 40mn (BRL 218mn) in COVID-19-related expenses. Despite COVID-19 difficulties, volumes sold remained basically unchanged both year-
over-year and quarter-over-quarter at about 1.1 million tons. Net revenues and EBITDA declined 20.5% and 51.5% year-over-year in USD-terms, respectively, and the quarterly EBITDA margin, tightened
730bps, from 18.6% in 2Q19 to 11.3% in 2Q20. As a result of weaker operating cash flow generation, debt ratios deteriorated. Leverage (total debt divided by 12-month trailing EBITDA), as of 30 June
2020 came in at 3.9x, up from 3.5x in March, but the ratio remained unchanged versus 3.9x in December 2019, and well below an elevated 8.6x in December 2018. Challenges ahead include dealing
with the COVID-19 outbreak, which among other has resulted in a shift in its sales mix in Brazil, where lower foodservice demand was offset by higher volumes in the retail segment. In terms of liquidity
and refinancing risk, as of 30 June 2020, BRF reported over USD 1.9bn in cash, USD 946mn in short-term debt, and around USD 320mn in annual interest expense while 12-month trailing EBITDA was
running at over USD 1.2bn. Most recent rating actions have been mixed. On 1 April 2019, Fitch downgraded BRF from BBB- to BB, with Stable outlook. On 18 December 2019, Moody’s revised the
outlook for their Ba2 rating for BRF from Negative to Stable. On 30 March 2020, S&P revised the outlook for BRF’s BB- rating to Stable from Positive.

Issuer descriptions
Industry, Country
Braskem Braskem is a leading thermoplastic resins producer in the Americas, and a top-10 in the world. The company is controlled by the Odebrecht Group (OG). Petrobras is the relevant minority shareholder with
a 36% economic interest in Braskem, including 47% of voting rights. In line with expectations, Braskem delivered another set of relatively weak results in 2Q20, although the company again posted some
Brazil
sequential improvements suggesting the industry may be bottoming out. Net revenues and EBITDA, declined 38.9% and 25.2% year-over-year in USD terms, respectively, but profitability improved as the
N.A. / n.a. / Ba1 / neg quarterly EBITDA margin widened 270bps from 12.1% in 2Q19 to 14.8% in 2Q20. However, Braskem delivered some sequential gains relative to 1Q20 on the back of lower operating costs and
expenses. Net revenues declined 26.4% quarter-over-quarter, but EBITDA grew 4.4% quarter-over-quarter, and the quarterly EBITDA margin widened 440bps from 10.4% in 1Q20. Owing to still
relatively weak operating cash flow generation debt ratios further deteriorated. Leverage (total debt divided by 12-month trailing EBITDA) as of 30 June 2020 came in at 9x, up from 7.7x in March, and
5.3x in December 2019. Despite the unwelcomed increase in leverage, Braskem’s balance sheet remains liquid, and refinancing risk continues to look low. Braskem closed 2Q20 with over USD 3.2bn in
cash, and in July, the company raised an additional USD 600mn via an 8.5% hybrid subordinated security with final maturity in 2081. Braskem’s pro forma liquidity position of around USD 3.8bn covers
short-term debt of approximately USD 1.1bn over 3.4x, and aggregate debt maturities through 2027. Where it comes to the environmental situation in the State of Alagoas, which had been a major
source of concern during most of 2019, on 3 January 2020, Braskem informed the market that it had reached an agreement with the Alagoas State Public Defender's Office (DPE), the Federal Prosecution
Office (MPF), the Alagoas State Prosecution Office (MPE) and the Federal Public Defender's Office (DPU) to support the relocation and indemnification of residents of the areas at risk located in the
districts of Mutange, Bom Parto, Pinheiro and Bebedouro of Maceió, Alagoas. We note that so far, Braskem has recorded approximately USD 1.1bn in related to Alagoas, USD 820mn in 4Q19 and
another USD 300mn in 2Q20. With respect to corruption allegations in the US, in May, the US Department of Justice (DoJ) and the US SEC confirmed the conclusion of the independent compliance
monitorship at Braskem, which was established in December 2016, as the company has implemented all the recommendations and meets the standards set in the 2016 agreement. Most recent credit
ratings’ actions have been on the unfavorable side. On 3 July 2020, Fitch downgraded Braskem from BBB- to BB+, with Stable outlook. On 8 July 2020, S&P downgraded Braskem from BBB- to BB+,
with Stable outlook. On 13 July 2020, Moody’s revised the outlook for Braskem’s Ba1 rating to Negative from Stable.
BRIGHT FOOD (GROUP) CO. Bright Food is one of the largest food conglomerates in China, with various business segments and a strong focus on food manufacture and supply. The group has four major business segments:food and
agriculture, food wholesale and retail, property development, and logistics. Shanghai State Assets Supervision and Administration Commission (SASAC) is the largest controlling shareholder, with a 50.4%
China
direct stake and ultimately 100% ownership. Shanghai SASAC plays an active role in guiding the group’s strategic business development, including its expansion and acquisitions, and in setting up key
N/A / N/A financial criteria for the management to comply.
BUMI SERPONG Bumi Serpong Damai (BSDE) is one of the largest listed property developer in Indonesia. Apart from property development, BSDE owns a portfolio of investment properties including offices, hotels, and
retail malls. BSDE is present in nine Indonesian cities, and its flagship development is BSD City, a township about 25km southwest of Jakarta. Under its master plan, BSD City is primed to have 80
Indonesia
residential estates, seven commercial sub-town centers, and three central business districts. BSDE is sponsored by Singapore-listed Sinarmas Land, which has a 61% shareholding in the company.
N.A. / n.a. / Ba3 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: yellow yellow yellow Red UBS credit view on other cover types: n.a. n.a.

Issuer descriptions
Industry, Country
CABEI The Central American Bank for Economic Integration (CABEI) was established in 1960 by five founding members in the region (El Salvador, Guatemala, Honduras, Nicaragua, and Costa Rica) and has
since expanded its membership to 15 countries. Today, the multilateral development bank (MDB) is headquartered in Honduras and has over 300 employees in offices across all five founding countries,
CABEI
and has plans to expand its physical presence to other member countries. CABEI is the largest MDB in the region in terms of loans (nearly 50% of MDB loans made to the region come from CABEI). The
AA / stable / Aa3 / stable bank's objective is to promote economic integration and economic and social development in Central America. Over the next four years, as part of its four-year strategic plan, the bank's focus will be on
(1) environmental and social sustainability, (2) regional integration, (3) gender equality, (4) sustainable competitiveness, and (5) human development and social inclusion. CABEI is currently a high-grade
issuer, with AA/Stable and Aa3/Stable credit ratings from S&P and Moody's, respectively, even though its weighted average shareholder rating (WSAR) is Ba2, below investment grade. The coronavirus
pandemic has pressured the credit ratings of CABEI’s members, though its WSAR has remained unchanged thanks to the recent addition of highly rated Republic of Korea as a member. The bank's ratings
are supported by its preferred creditor treatment (PCT), which means borrowers treat CABEI debt as senior to debt from commercial and bilateral creditors. Having PCT gives CABEI a higher rating than it
otherwise would have. In addition, the bank benefits from not having to pay taxes or dividends. The bank has strong record of minimal losses in its loan portfolio. CABEI requires its own capital adequacy
ratio (CAR, measured as equity as a share of total risk-weighted assets) to be at least 35% and for maximum leverage (measured as debt-to-equity) not to exceed three times, stricter than commercial
banks. As of end-2019, CABEI’s CAR was 41.8% (36% using Basel II and Basel III standards), while leverage was 2.3x, similar to higher-rated MDBs like IBRD and IADB. The bank's strong governance
framework and capital position lead us to conclude that CABEI faces a low probability of default.
CAF Corporacion Andina de Fomento (CAF) was established in 1970 by five founding members (Colombia, Chile, Ecuador, Peru, and Venezuela) and has since expanded its membership to 19 countries and
several commercial banks. In addition to the current members, Italy and Guatemala have signed letters of intent to become members, and Suriname and El Salvador have expressed interest. Since
CAF
expanding its membership beyond the Andes to the broader region, CAF has rebranded to be known as the Development Bank of Latin America, although its official name is still Corporacion Andina de
A+ / stable / Aa3 / stable Fomento. Today, the multilateral development bank is headquartered in Venezuela, although roughly 50% of its employees reside in other member countries. The bank's objective is to promote
sustainable development and regional integration by providing financial services to clients in the public and private sectors of its shareholder countries. Its mission is achieved by providing loans to projects
related to infrastructure, and electricity, gas, and water supply. The bank is currently an investment grade issuer, with A+/Stable, Aa3/Stable, and A+/Stable credit ratings from S&P, Moody's, and Fitch,
respectively, even though its weighted average shareholder rating (WSAR) is B3, below investment grade. The coronavirus pandemic has pressured the credit ratings of its regional members, dragging
down its WSAR from B2 at the end of 2019 to B3 currently. CAF’s ratings benefit from the bank’s preferred creditor treatment (PCT), which means borrowers treat CAF debt as senior to debt from
commercial and bilateral creditors. Having PCT gives CAF a higher rating than it otherwise would have. In addition, the bank benefits from not having to pay taxes or dividends.The bank has had a strong
record of minimal losses in its loan portfolio. CAF requires its own leverage (calculated as debt as a percentage of equity) not to exceed 3.5 times, stricter than commercial banks. As of end-2019, CAF’s
leverage was 2.2x, slightly lower than recent years. The bank's strong governance framework and capital position lead us to believe CAF faces a low probability of default.
UBS credit view on senior bonds: green green yellow yellow UBS credit view on other cover types: n.a. n.a.
Caixa Economica Federal Caixa Econômica Federal (Caixa) is the largest fully government owned bank in Latin America by assets. It is the largest mortgage and savings deposits bank in Brazil with market shares of around 69%
and 39%, respetively. Caixa is arguably one of the few financial entities with a truly nationwide footprint, as its branch network is present in all of the country's 5,570 municipalities. Caixa offers diverse
Brazil
bank and insurance products and services to a client base that ranges from retail customers and small & micro enterprises, to large corporations and public sector entities. Besides its commercial bank
BB- / stable / Ba2 / stable role, Caixa operates as financial agent for important government policies related to housing, basic sanitation, infrastructure and development, and manages the collection of proceeds from the Brazilian
National Lottery. Key credit metrics for Caixa as of 30 June 2020 include an efficiency ratio of 54.9%, past due loans (PDL) as a percentage of total loans of 2.5%, a PDL coverage ratio in excess of
190%, and a Total Capital Ratio of 18.6%, of which 13.2% was classified as Tier I. Given the very close ties between underlying sovereign Brazil and Caixa, we would expect the latter’s ratings to mimic
the former’s ratings. On 12 January 2018, S&P downgraded Caixa from BB to BB- with Stable outlook following an identical rating action on the sovereign on 11 January 2018. On 16 October 2019,
Moody’s affirmed their Ba2 rating for Caixa, with Stable outlook. On 8 May 2020, Fitch revised the outlook for their BB- rating for Caixa to Negative from Stable following a similar rating action on Brazil
on 6 May.
UBS credit view on senior bonds: green yellow yellow red UBS credit view on other cover types: red n.a.

Issuer descriptions
Industry, Country
CapitaLand Ltd Capitaland Limited is one of Asia's largest diversified real estate companies, with more than SGD 120bn in assets under management after its acquisition of Ascendas-Singbridge. Its business spans over
30 countries across more than 200 cities, most notably in Singapore and China. Capitaland is 51% owned by Temasek Holdings.
Singapore
NR / n.a. / N.A. / n.a. 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

CAPITALAND MALL ASIA CapitaLand Mall Asia (CMA) has an integrated business model that combines mall operations, real estate investment and development, fund management, and asset management. With interests in 104
shopping malls across 54 cities in Asia, it is one of the largest mall developers, owners, and managers in the region. CMA has interests in three listed real estate investment trusts (REITs), and is wholly
Singapore
owned by CapitaLand, which is 39.5% owned by Temasek Holdings.
UBS credit view on senior bonds: yellow yellow yellow n.a. UBS credit view on other cover types: n.a. n.a.
CapitaMall Trust CapitaMall Trust (CMT) is the largest REIT in Singapore with a total of 5mn sq ft of prime retail portfolio. CMT's key sponsor, Capitaland Ltd, which is in turn 40% owned by Temasek Holdings (Aaa/AAA)
is one of the largest real estate developers in Southeast Asia. The retail property market has shown resilience throughout the crisis, allowing CMT to generate a steady stream of cash flow. We believe
Singapore
that given its asset enhancement initiatives, and limited upcoming supply in the city center over the next 2 years against a backdrop of an improving economy, CMT is well poised to continue its positive
N.A. / n.a. / A3 / neg rental revision.
CAR INC Founded in 2007 and listed on the Hong Kong Stock exchange in September 2014, CAR is the largest car rental company in China in terms of fleet size and revenue. The company is also the top brand
when it comes to car rental in China. As of September 2014, it had a total fleet of 57,745 and provides short-term (80% of revenue) and long-term rental services (20% of revenue). Within the short-term
China
rental segment, about 56% is for business purposes and the remaining 44% is for leisure. CAR operates its business through 714 direct service locations and 210 franchise locations in major cities in
CCC *+ / watch+ / Caa1 *+ / watch+ China. In terms of geographic focus, key tier-1 cities such as Beijing, Shanghai, Guangzhou and Shenzhen account for around 43% of the revenue.
UBS credit view on senior bonds: Red Red red n.a. UBS credit view on other cover types: n.a. n.a.
CCB LIFE INSURANCE CCB Life Insurance (CCB Life) is one of China's largest insurer by gross premiums. Its largest shareholder is China Construction Bank (CCB) with a 51% stake, the second-largest state-owned commercial
bank in China. CCB Life is of strategic importance to CCB Bank as it seeks to offer a comprehensive suite of offerings for its customers.
China
A- / stable / A2 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

UBS credit view on senior bonds: Green yellow yellow n.a. UBS credit view on other cover types: yellow yellow

Issuer descriptions
Industry, Country
Cemex Cemex is a building-materials company engaged in the production, distribution, and marketing of cement, ready-mix concrete, and aggregates. The company carries operations throughout the Americas,
Europe, Africa, the Middle East, and Asia. Mexico accounted for 20% of net revenues in 2Q20, the US for 35%, LatAm added 10%, and Europe, Africa, the Middle East, and Asia jointly made up for the
Mexico
remaining 35%. Cemex posted better-than-expected 2Q20 results, especially considering challenging COVID-19 circumstances and rising policy risk in Mexico. Net revenues and EBITDA declined 17.3%
N.A. / n.a. / N.A. / n.a. and 13.9% year-over-year in USD terms, respectively, but profitability improved as the quarterly EBITDA margin widened 70bps, from 18.3% in 2Q19, to 19% in 2Q20. Due to lower operating cash flow
generation and Cemex’s decision to incur in new debt, including a USD 1bn 7.375% bond due 2027 issued in June, to boost its liquidity position, debt ratios understandably deteriorated. Leverage (total
debt divided by 12-month trailing EBITDA), as of June 2020 came in at 5.9x, up from 5x in March, and 4.9x in December 2019. In terms of liquidity and refinancing risk, as of 30 June 2020, Cemex
reported over USD 2.8bn in cash, USD 792mn in short-term debt, and around USD 902mn in annual interest expense while 12-month trailing EBITDA generation is running at over USD 2.3bn. While we
expect further deterioration in cash flow generation due to COVID-19, we note that cement production has been labelled as essential in Cemex’s most relevant markets. Most recent rating actions have
been adverse. On 1 April 2020, S&P placed their BB rating for Cemex under review for downgrade. On 31 May 2020, Fitch downgraded Cemex from BB to BB-, with Negative outlook on their view that
the company's capital structure will weaken beyond its rating sensitivities for a sustained period of time.
UBS credit view on senior bonds: green yellow yellow red UBS credit view on other cover types: n.a. red
Cencosud Cencosud is a leading retailer in South America. Besides its operations in home-country Chile, the company is present in Argentina, Brazil, Colombia, and Peru. Cencosud's multi-format strategy includes
four major divisions: supermarkets, department stores, shopping centers, and financial services. The company targets a wide range of customers along the income ladder with diverse needs in terms of
Chile
products, prices, and quality. Cencosud delivered another set of mixed results in 2Q20, as relatively strong performance from supermarkets, which are labeled as essential in all operating countries, was
N.A. / n.a. / Baa3 / neg offset by weakness in department stores and shopping centers, and the devaluation of the ARS and the BRL versus the CLP. Net revenues and EBITDA declined 19.7% and 16.5% year-over-year in USD
terms, respectively, but profitability improved as the quarterly EBITDA margin widened 30bps, from 7.3% in 2Q19 to 7.6% in 2Q20. Despite relatively weak operating cash flow generation, debt ratios
only deteriorated marginally owing to the early redemption of USD 876mn of outstanding bonds due in 2021 and 2023. Leverage (total debt divided by LTMs EBITDA) as of 30 June 2020 came in at 4x,
slightly above 3.9x in March, but the ratio remained below 4.6x in December 2019. Despite the successful IPO of June 2019 which proceeds were mostly used to pay down debt and lower leverage, we
maintain our credit outlook for Cencosud as Deteriorating, as we are still uncertain about business trends in key markets Argentina and Chile, which jointly accounted for about 66% of net revenues in
2Q20. That said, Cencosud’s socially essential supermarkets, pharmacies, banks, and home improvement businesses may prove to be resilient amid the ongoing global COVID-19 crisis. We also note that
Cencosud’s credit ratings, which lie at the very bottom of investment grade (IG) scale, are still under some pressure, although the risk of demotion to speculative grade (SG) may have declined, in our
view. On 25 May 2020, Moody’s affirmed their Baa3 rating for Cencosud, but kept the outlook as Negative. In addition, on 22 July 2020, Fitch affirmed their BBB- rating for Cencosud, which had been
placed on review for downgrade on 21 November 2019, and revised the outlook to Stable.
CENTRAL CHINA REAL ESTATE Central China Real Estate (CCRE) is the leading property developer in the province of Henan in China. As of August 2019, the company had a total land bank GFA of 52 million sq.m., and operates in
cities across Henan, including 18 prefecture-level cities and 43 county-level cities. The company's primary focus is on residential property development. The company is 74.84% owned by chairman Wu Po
China
Sum.
B+ / stable / B1 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

Issuer descriptions
Industry, Country
CFE Founded in August 1937, Comisión Federal de Electricidad (CFE) is the largest electric utility in Mexico and is 100% owned by the Mexican federal government. CFE's power generation capacity exceeds
50 GW, the company generates about 90% of the electricity consumed in Mexico, and it owns 100% of the electricity distribution and transmission infrastructure nationwide. CFE posted better-than-
Mexico
expected 2Q20 results mostly on the back of higher government subsidies and lower fuels prices. Total net revenues (including government subsidies) declined 28.2% year-over-year in USD terms, but
N/A / N/A EBITDA increased 6.7% year-over-year, and profitability improved as and the quarterly EBITDA margin widened 1,300bps, from 26.9% in 2Q19 to 39.9% in 2Q20. Owing to improved operating cash
flow generation, and a USD 1.3bn sequential increase in the stock of total debt to USD 48.7bn as of June 2020, debt rations remained relatively stable. Leverage (total debt divided by 12-month trailing
EBITDA), as of 30 June 2020 came in at 5x, almost unchanged versus 4.9x in March, but still below 6.5x in December 2019 and an elevated 7.6x in December 2018. In terms of liquidity and refinancing
risk, as of 30 June 2020, CFE reported over USD 6bn in cash, USD 4.1bn in short-term debt, and about USD 3.4bn in annual interest expense, while 12-month trailing EBITDA (including government
subsidies) was running at over USD 9.6bn. In light of greater policy risk in Mexico, pressure on CFE’s credit ratings has emerged. On 27 March 2020, S&P downgraded CFE from BBB+ to BBB, with
Negative outlook on the back of an identical rating action on Mexico on 26 March. On 17 April 2020, Fitch downgraded CFE from BBB to BBB-, with Stable outlook following an identical rating action on
Mexico on 15 April. Moody’s rates CFE Baa1, with Negative outlook since 6 June 2019.
CHALIECO CORP China Aluminum International Engineering Corp (Chalieco) is a leading technology, engineering and equipment provider in China's non-ferrous metals industry. It is capable of providing integrated
engineering solutions throughout the various stages of the non-ferrous metals industrial chain. The company’s business is primarily comprised of four segments consisting of engineering design and
China
consultancy (EDC), engineering and construction contracting (EC), equipment manufacturing and trading.
UBS credit view on senior bonds: GREEN YELLOW YELLOW Yellow UBS credit view on other cover types: n.a. YELLOW
CHAMPION REIT Listed on the Hong Kong stock exchange in 2006, Champion REIT (2778 HK) is a real estate investment trust (REIT) focusing on commercial property investment in Hong Kong. As of December 2017, it
owned three high-quality commercial assets in Hong Kong totaling 2.9m sq ft, with a combined valuation of HKD 77bn (according to valuer Knight Frank). The three properties are Three Garden Road (an
Hong Kong
office complex in Central), Langham Place Office Tower and Langham Place Mall (both in Mong Kok). The company was 66% owned by Great Eagle Holdings as of end-2017, a Hong Kong-based
N.A. / n.a. / Baa1 / stable commercial and hospitality property developer.
CHINA AOYUAN PROPERTY

China
B+ / pos / B2 / pos 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

UBS credit view on senior bonds: Yellow Yellow Red n.a. UBS credit view on other cover types: n.a. n.a.
CHINA CINDA AMC China Cinda Asset Management Company (Cinda) was one of the four asset management companies (AMC) established by the Chinese government in 1999 and was wholly-owned by the Ministry of
Finance (MOF). It was created to acquire, manage and dispose of the state-owned banks' non-performing assets (NPAs), and is the largest out of the four AMCs based on net assets. After the
China
introduction of several strategic investors and following its IPO in 2013, the Ministry of Finance's stake in Cinda fell to 68% as of June 2016

Issuer descriptions
Industry, Country
CHINA CONSTRUCTION BANK China Construction Bank (CCB, A/A1/A, stable) is the second-largest bank in China by assets, with domestic loan and deposit market shares both at 11% as of end-2014. CCB is also regarded as one of
the five systemically important domestic banks in China. CCB is a universal bank offering comprehensive banking services including commercial and investment banking, insurance, direct investment and
China
wealth management, trade finance, and leasing. The bank operates in four key segments: corporate banking, personal banking, treasury, and others. Corporate banking is the largest operating segment,
A / stable / A1 / stable contributing around 50% to the bank's total operating income in 2014. Personal banking is the second-largest earnings contributor, representing 36% of total operating income. China Investment
Corporation, through Central Huijin Investment Limited, is CCB's largest shareholder with a 57.3% stake as of end-2014.
China Development Bank China Development Bank (CDB) is a policy bank wholly owned by the Chinese government through the Ministry of Finance and the investment arm Central Huijin Investment. CDB aids in advancing
China's strategic priorities while helping develop the infrastructure and other pillar industries by investing in and financing projects sponsored by the Chinese government. CDB's bonds carry a zero-risk
China
weighting on commercial banks' books, the same treatment for the Chinese government debt. Given its critical policy role and integral links with the central government, CDB enjoys a stable funding
A+ / stable / A1 / stable structure, despite its lack of deposit base.
CHINA EVERGRANDE GROUP Founded in 1996 in Guangzhou, China, Evergrande is a national mass-market residential property developer. For the past nine years, the company's contracted sales have grown roughly 18x to CNY
551bn in 2018 from CNY 30bn in 2009, or 38% p.a. As such, it accounted for a 4% share of China's CNY 12.6trn housing market in 2018, making it a top-three developer nationwide. The company
China
also holds the largest land bank among all developers in China. As of June 2018, its land bank totaled a gross floor area (GFA) of 321m sqm across 228 cities in China.
B+ / neg / B2 / neg 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: Yellow Yellow Red n.a. UBS credit view on other cover types: n.a. Yellow
CHINA GRAND AUTOMOTIVE SERVICES Established in 2006, China Grand Automotive Services was backdoor listed on the Shanghai Stock Exchange in 2015. The company is 37.3% owned by Xinjiang Guanghui Industry Group, a conglomerate
that is engaged in auto services, real estate and energy development. The group is in turn 71.7% owned by Sun Guangxin. The company also owns 75% of Hong Kong-listed Baoxin Auto Group.
China
UBS credit view on senior bonds: yellow Red red Red UBS credit view on other cover types: n.a. Red
CHINA GREAT WALL AM CORP Great Wall is one of the big four state-owned asset management companies (AMC) established by China's government in 1999. As of FY15, the company was 100% owned by the Ministry of Finance
(MOF), but is going through the same capital restructuring plan - introducing strategic investors and subsequently preparing for public listing - as other three AMCs under the State Council's approval.
China

UBS credit view on senior bonds: green yellow yellow yellow UBS credit view on other cover types: n.a. yellow
CHINA HUANENG GROUP Formed in 1988 with the approval of the State Council, Huaneng is China's first independent power producer (IPP) and one of the five largest wholly central government-owned IPPs in the country. As of
2016, Huaneng leads the big five power producers (Guodian, Datang, Huadian, and State Power Investment Corp (SPIC)), in terms of total installed capacity, total sales revenue and total assets. Huaneng
China
has a total installed capacity of 167.5GW, of which around 76% is coal fired, followed by renewables (hydropower, wind, and photovoltaic). The power generation business contributed to 78% and 90%
N/A / N/A of FY16 revenue and profit, respectively, with the rest coming from coal mining, logistics and financial services. Huaneng HK, a wholly owned subsidiary of Huaneng, holds the company's overseas assets.

UBS credit view on senior bonds: Green Yellow Yellow Yellow UBS credit view on other cover types: n.a. Yellow

Issuer descriptions
Industry, Country
CHINA JIANYIN INVESTMENT China Jianyin Investment (JIC) is a wholly-owned investment platform under Central Huijin, which owns and manages key state owned financial institutions on behalf of the central government and is
owned by China Investment Corp (CIC), China's sovereign wealth fund. JIC was established in 2004 to manage the nonbanking business of the former China Construction Bank (A1/A/A) to facilitate the
China
latter's listing plan. It has since transitioned into a state-owned investment platform in key strategic industries. JIC also offers financial services (leasing, trust, asset management and securities business).
N.A. / n.a. / A2 / stable As of 1H17, JIC has total assets of CNY 132bn and over CNY 400bn in assets under management.
China Jinmao Holdings Group China Jinmao is a national property developer in China. In 2018, the company achieved CNY 128bn in sales, +85% y/y. As of Feb 2019, the company had a gross land bank of 64.2m sqm in GFA, of
which 42.9m sqm was for secondary development and 21.3m sqm for primary development. As of 1H18, the company (817 HK) was 49.75% owned by central SOE Sinochem Group, and 9.66% owned
China
by New China Life Insurance.
UBS credit view on senior bonds: green green yellow yellow UBS credit view on other cover types: Green Green
CHINA MINMETALS CORPORATION Headquartered in Beijing, Minmetals is a metals and mining conglomerate wholly owned by the central government. Following the consolidation of China Metallurgical Group Corporation (CMGC) in
2015, the new Minmetals group has become the largest metals and mining conglomerate in China by revenue. As of end-2017, the group reported CNY 493bn in revenue and CNY 855bn in assets.
China
UBS credit view on senior bonds: Green Green Yellow Yellow UBS credit view on other cover types: n.a. Yellow
CHINA NATIONAL BLUESTAR GROUP China National Bluestar (Bluestar) is the largest specialty chemical and material manufacturer in China. It operates in several major fields in the chemical industry, including new chemical materials,
nutritional science, environmental science, performance chemicals and intermediates, with core competencies in the first two areas. Bluestar is 64% owned by ChemChina Group, which is a large state-
China
owned enterprise (SOE), which in turn is 100% owned by the central SASAC.
UBS credit view on senior bonds: green yellow yellow n.a. UBS credit view on other cover types: yellow yellow
CHINA NATIONAL CHEMICAL CORPORATION Established in 2014, ChemChina is one of the largest chemical companies in China and is wholly owned by Central SASAC. Its business consists of agrochemicals, rubber products, chemical materials and
specialty chemicals. ChemChina was formed in 2004 through the merger of China National Bluestar and China Haohoua Chemical as part of government-led efforts to consolidate former chemical state-
China
owned entities (SOEs) into one entity.
UBS credit view on senior bonds: Green Yellow Yellow Yellow UBS credit view on other cover types: Yellow Yellow
CHINA ORIENT ASSET MANAGEMENT China Orient Asset Management International Holdings (COAMI), which is incorporated in Hong Kong, is the primary offshore holding platform of China Orient Asset Management corporation (COAMC).
COAMC is currently a wholly-owned subsidiary of China's Ministry of Finance. It is one of four national level organizations in China that is licensed to carry out the highly-regulated business of non-
China
performing assets (NPAs) disposal. In addition to NPAs, COAMC is also involved in insurance, securities and international finance. The commercialization of the business away from the core policy driven
N/A / N/A role of NPA disposal essentially means it can evolve into a more diversified financial services company.
UBS credit view on senior bonds: green yellow yellow n.a. UBS credit view on other cover types: n.a. yellow

Issuer descriptions
Industry, Country
CHINA OVERSEAS GRAND OCEANS GROUP In 2010, China Overseas Land & Investment (COLI, 688 HK, Baa1/ BBB+/A-) acquired a 38% stake of Shell Electric (81 HK) and renamed it China Overseas Grand Oceans (COGO, Baa2/--/BBB). COLI
then positioned COGO as its development arm in lower-tier cities, with COLI focusing in top-tier cites. In February 2018, COLI subscribed to COGO's share placement and increased its share of holdings to
China
38.3%. COGO's market cap is currently HKD 14.7bn (USD1.9bn).
UBS credit view on senior bonds: Green Yellow Yellow n.a. UBS credit view on other cover types: n.a. n.a.
China Overseas Land & Investment China Overseas Land & Investment (COLI) is one of the largest developers in China - with an attributable land bank of 60 million sqm of gross floor area in 2018, and one of few Investment Grade issuers
in the sector. The company, together with its associate companies, achieved CNY 301bn in sales in 2018. China State Construction & Engineering Corp., a state-owned enterprise in China, owns 56% of
China
the company as of 30 June 2018. We believe COLI's credit profile is well supported by its solid operations, low leverage and good access to banks, and ultimately its state ownership.
UBS credit view on senior bonds: green yellow yellow yellow UBS credit view on other cover types: n.a. Yellow
China Petrochemical Corporation With CNY 2.3trn in assets and CNY 2.9trn in revenue, China Petrochemical Corporation (Sinopec, A1/A+/NR) is one of the largest oil and gas companies globally. It is one of China's three national oil
companies (NOCs) 100% owned by the central SASAC (with the other two being PetroChina and CNOOC). Sinopec has a vertically integrated model across the entire oil and gas value chain, but with a
China
greater focus on downstream businesses (refining, marketing, petrochemical) compared to the other two NOCs.
China Petroleum & Chemical Corporation China Petroleum & Chemical Corporation (Sinopec Corp, A1/A+/NR) is the key listed operating entity of China Petrochemical Corporation (Sinopec Group), and accounted for almost all of the group’s
revenue in FY18. For more details, please refer to the issuer description of China Petrochemical Corporation.
China

China Railway Construction Corp With CNY 1.6trn in new orders in 2018, China Railway Construction Corp Ltd (CRCC, A3/A-, stable) is one of China's largest engineering & construction (E&C) groups. The group is controlled by the
central government and is focused on railway, highway, urban rail transit and building construction. It also holds a portfolio of non-E&C businesses. CRCC, listed in both A- and H-share markets, is
China
51.13% owned by parent China Railway Construction Corporation Group (CRCCG), which is 100% owned by the central State-owned Assets Supervision and Administration (SASAC), and has a market
N.A. / n.a. / A3 / stable cap of CNY 132bn.
CHINA REINSURANCE GROUP China Reinsurance Group (China Re) originates from People's Insurance Company of China (PICC), which was founded in 1949. Following its IPO in HK in 2015, the Ministry of Finance and Central Huijin
became the biggest shareholders with 12.73% and 71.56%, respectively. The group operates in non-life and life reinsurance and primary insurance through three main principal subsidiaries, including
China
China Re P&C, China Re Life and China Continent Insurance. By 2015, China Re had become the largest reinsurer (in terms of premiums) in China, with a market share of almost 31%, and the sixth
N/A / N/A largest P&C insurer.
UBS credit view on senior bonds: Green Green Yellow n.a. UBS credit view on other cover types: n.a. n.a.

Issuer descriptions
Industry, Country
China Resources Land China Resources Land (CRL) is a large state-owned developer in China with 50 million sqm of land bank (12% in tier-1 and 60% in tier-2 cities) as of end-18. About 90% of its portfolio is in investment
properties including retail, hotels and office buildings. CRL has been listed on the Hong Kong Stock Exchange (1109 HK) since 1996 and is currently 61.3% owned by China Resources Holdings (CRH), a
China
major conglomerate in China ultimately owned by the State Council.
BBB+ / stable / Baa1 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
CHINA SCE PROPERTY HOLDINGS China SCE is a Fujian developer focusing on higher-tier coastal cities. In 2018, its contracted sales rose 56% to CNY 51bn. The biggest contributors were Quanzhou, Chongqing, and Nanjing. In 2019, it
targets CNY 67bn.
China
B+ / neg / B2 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

UBS credit view on senior bonds: Yellow Yellow Red Red UBS credit view on other cover types: n.a. n.a.
China State Construction International Founded in 1979, China State Construction International (Baa1 stable/ BBB negative, 3331 HK) started its engineering and construction (E&C) operations in Hong Kong and gradually expanded to
Macau and mainland China. The company is one of the largest contractors in Hong Kong and Macau. Through China Overseas Holdings Limited (COHL), CSCI is 64.66% indirectly controlled by China
China
State Construction Engineering Corporation (A2/A stable, CSCEC), a central state-owned enterprise (SOE) and China's largest construction company. CSCI has been listed in Hong Kong since 2005, with a
N.A. / n.a. / Baa2 / stable current market cap of HKD 34bn.
CHINA TAIPING China Taiping Insurance Holdings (CTIH) (NR/BBB+/A-) is 67.2% owned by China Taiping Insurance Group HK (TPGHK), which is in turn fully owned by China Taiping Insurance Group (TPG), a
whollyowned subsidiary of China's Ministry of Finance. TPG is one of four major stated-owned insurance groups in China. CTIH (stock code: 966 HK) is listed in Hong Kong and primarily engages in direct
Hong Kong
life insurance business in China and direct property and casualty insurance (P&C) business in China and Hong Kong. The group had a 4.8% market share in China in 2013 and was ranked seventh and
N/A / N/A ninth in the life insurance market and the P&C insurance market, respectively, in terms of gross premiums. The key operating subsidiaries of CTIH are Taiping Life Insurance Co. Ltd and Taiping General
Insurance Co. Ltd. The two companies accounted for 90% of CTIH's premiums as of the end of 2013. Both entities operate in China.
CHINA VANKE Founded in 1984, China Vanke is one of the top three property developers in China in terms of sales. In 2018, the company achieved CNY 607bn in sales. The majority of Vanke's profits are attributable
to residential property developments and the remainder to logistics properties. At the end of 2018, the company had a land bank of 155 million square meters.
China

UBS credit view on senior bonds: green yellow yellow n.a. UBS credit view on other cover types: n.a. n.a.
CHONG HING BANK Chong Hing Bank (Chong Hing), which is headquartered in Hong Kong, offers a diversified range of banking services, including securities and insurance, via its subsidiaries. It is listed on the Hong Kong
Stock Exchange with a market capitalization of HKD 10.4bn (USD 1.3bn) as of 15 May 2018 and has a loan market share of about 1%. Guangzhou Yuexiu Holdings, which is wholly-owned by China's
Hong Kong
Guangzhou municipal government and is one of the largest state-owned enterprises in Guangzhou, acquired a 75% stake in Chong Hing in February 2014. Since the acquisition, Chong Hing has actively
N.A. / n.a. / Baa1 / stable expanded its presence in mainland China, with new branches in the Pearl River Delta region.
UBS credit view on senior bonds: green yellow yellow n.a. UBS credit view on other cover types: yellow n.a.

Issuer descriptions
Industry, Country
CHONGQING NAN AN URBAN Chongqing Nan'an Urban Construction and Development Group is the largest investment and financing vehicle for the Chongqing Nan’an District Government with historically a primary land and
infrastructure focus.
China
BBB / neg / N.A. / n.a. 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
CIFI HOLDINGS (GROUP) CO LTD Headquartered in Shanghai, CIFI Holdings (Group) Co. Ltd. (CIFI) is focused on China's higher-tier cities in the Yangtze River Delta and Pan Bohai Rim. CIFI is principally engaged in developing end-user
residential units of small to medium size in mass-market locations with good public-transportation links. As of end-June 2018, CIFI had a gross land bank of 55 million square meters (sqm). The company
China
was founded in 2000 by Lin Zhong, an entrepreneur who started to develop properties in China in 1996 upon establishing Xiamen Yongsheng Xuri Investment Co Ltd. CIFI was listed in the Stock
BB / stable / B1 / pos Exchange of Hong Kong in December 2012. Lin and his family trust had a total of 50.61% interest in CIFI.
CIKARANG LISTRINDO Cikarang Listrindo (Cikarang) is the third-largest privately owned power plant in Indonesia and the sole supplier of electricity to five industrial estates in the Bekasi region. It operates gas-fired power
plants with a total capacity of 864MW, and two coal-fired plants with a capacity of 280MW. Just over one-third of its capacity is sold to Perusahaan Listrik Negara (PLN), the state electricity company
Indonesia
under long term contracts. The company was listed in Indonesia stock exchange in 2016.
UBS credit view on senior bonds: yellow yellow yellow red UBS credit view on other cover types: n.a. n.a.
CIMB Bank BHD CIMB Bank Berhad is the second-largest bank in Malaysia by assets, commanding approximately 15% of the market in both loans and deposits. The bank belongs to part of a larger universal banking
group - CIMB Group, which has a leading investment banking arm. The commercial banking business of CIMB Bank contributes approximately 51% of the group's profit. With its focus on Southeast Asia,
Malaysia
CIMB Bank also has established a presence in Thailand and more recently, the Philippines. The bank is wholly-owned by CIMB Group, which is in turn approximately 43% owned by government entities.
A- / neg / A3 / stable
UBS credit view on senior bonds: green green yellow n.a. UBS credit view on other cover types: yellow yellow
CIPUTRA DEVELOPMENT Ciputra Development (Ciputra) is a holding company involved in property development and investment through its subsidiaries. It underwent corporate restructuring in January 2017, and merged with
Ciputra Property and Ciputra Surya. Ciputra is one of Indonesia's larger property developers and its investment property portfolio is diversified across the retail, hospitality, office, and healthcare sectors. It
Indonesia
is listed on the Indonesian Stock Exchange.
CITIC Bank International CITIC Bank International Ltd. (CBIL, also previously known as CITIC Ka Wah Bank) is a small domestic commercial bank in Hong Kong with about 2% market share in loans and deposits. It is a wholly
owned subsidiary of CITIC Intl. Financial Holdings Ltd (CIFH), which is now 70% owned by China CITIC Bank (CNCB, 998 HK) and 30% by Banco Bilbao Vizcaya Argentaria (BBVA). In 2009, CNCB
Hong Kong
bought its stake in CIFH from its parent, CITIC Group (a quasi-sovereign entity of China), to develop CBIL as its offshore platform for expansion in Hong Kong and other international locations.
NR / n.a. / A3 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

Issuer descriptions
Industry, Country
CITIC LIMITED CITIC Pacific Limited, listed in Hong Kong, is a conglomerate that is 57.5%-owned by the CITIC Group. It was one of the first Chinese companies to list and invest in overseas markets. The company is
engaged in a range of businesses, including specialty steel manufacturing, iron ore mining, property development and investments, power generation, infrastructure, communications, and distribution. As
Hong Kong
of end-2013, it had total consolidated assets of HKD268 billion.
BBB+ / stable / A3 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: Yellow Yellow Yellow Yellow UBS credit view on other cover types: Yellow Yellow
CITY DEVELOPMENTS LTD City Developments Limited, through an extensive network of subsidiaries, develops and manages residential and investment properties, including offices, shopping malls, serviced apartments, industrial
buildings, and hotels. Its global footprint spans 25 countries. CDL is 48.4% owned by Hong Leong Group.
Singapore

CIUDAD DE BUENOS AIRES The City of Buenos Aires is the federal capital and financial hub of Argentina. The City of Buenos Aires is not part of the Province. The economy of the city represents a significant part of the overall
argentine economy, roughly 20% of the country's GDP. The City is home to over 3 mn people, or more than 7% of the country's population, and attracts a large number of workers daily from neighboring
Argentina
districts of the Province. The City's economy has a strong focus on the services sector within which activity is well diversified. The most important economic sectors are financial services, pharma, food &
CCC+ / stable / Caa3 / neg beverages, tourism and textiles. The city, run by an opposition party, is facing increased difficulties in dealing with the Peronist federal government. The macroeconomic environment remains challenging
in the country and a sovereign debt restructuring is currently under way. Although the City of Buenos Aires may avoid a debt restructuring, risks have risen markedly in this environment. Credit strengths
include the City's relatively large and diverse economy, and a history of primary surpluses. A high proportion of hard currency debt and exposure to a historically volatile Argentine economy constitute
weaknesses. We therefore attach a deteriorating outlook to the City of Buenos Aires's credit metrics.
UBS credit view on senior bonds: RED RED YELLOW RED UBS credit view on other cover types: n.a. n.a.
CK HUTCHISON Hutchison Whampoa (Hutch) is a Hong Kong conglomerate with diverse interests in ports, retail, telecommunications, energy, property, finance and investment. It has a long operational track record in
Hong Kong and globally, and has a strong competitive position in the businesses it operates. Hutch's credit profile is underpinned by strong and stable cash flow generation through its diversified portfolio
Hong Kong
of businesses, which is further enhanced by a good track record of monetizing its existing value-accretive assets to support further expansions.
UBS credit view on senior bonds: green green yellow yellow UBS credit view on other cover types: Yellow yellow
CK INFRASTRUCTURE HOLDINGS CK Infrastructure (NR/A stable, CKI), together with its 36%-owned Power Asset Holdings (NR/A, stable, PAH), is a Hong Kong-based infrastructure conglomerate focused on the investment of utility
assets globally, particularly in regulated gas and electricity networks and water assets. CKI is 71.93% owned by CK Hutchison (A2/A stable, CKH), which is ultimately controlled by tycoon Li Ka-Shing. The
Hong Kong
company is listed in Hong Kong, with a market capitalization of about HKD 147bn.
CLP Power Hong Kong CLP Power Hong Kong (CLP Power) is one of the two vertically integrated electric power company established since 1901 in Hong Kong. The company commands a de-facto monopoly positions in
Kowloon and New Territories, which together accounts for more than 80% of Hong Kong's population. CLP Power's business is regulated by the Scheme of Control, which allows a full cost pass-through
Hong Kong
tariff mechanism until 2018, ensuring stable cash flows for the company. The company is wholly owned by CLP Holdings, which is in turn 35% owned by the Kadoorie family, and has non-regulated
N.A. / n.a. / A1 / stable power operations in China and other Asia-Pacific countries.

Issuer descriptions
Industry, Country
CMB WING LUNG BANK Wing Lung Bank (Wing Lung) was incorporated in 1956 and was publicly listed on the Hong Kong Stock Exchange before it became a wholly-owned subsidiary of China Merchants Bank (CMB) in 2009.
CMB is 30% owned by China Merchants Group, a state-owned conglomerate of the People's Republic of China. Wing Lung is a deposit-taking bank that provides a wide range of financial services for
Hong Kong
retail, private and corporate clients.
NR / n.a. / A3 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: Green Yellow Yellow n.a. UBS credit view on other cover types: Yellow n.a.
CNOOC CNOOC Ltd. is a pure oil and gas upstream exploration and production company in China, and plays a critical role in securing long-term energy for the country. It has the third largest net proven reserves
within China's oil and gas sector, of around 3 billion barrels of oil equivalent. The company has also been active in building offshore reserves, in order to ramp up production, which currently accounts for
China
22% of proven reserves. CNOOC enjoys an exclusive right to enter into production sharing contracts (PSCs) with foreign companies for exploration and production in offshore China, which allows CNOOC
N.A. / n.a. / A1 / stable to only start contributing to production costs only after commercial discoveries are made. Being in a strategic sector, CNOOC is 64% owned by CNOOC Corp, which is one of the three oil and gas
companies fully-owned by the Chinese government.
Coca-Cola Femsa Coca-Cola Femsa (KOF) is the largest franchise bottler of Coca-Cola trademark beverages in the world by sales volume. KOF produces and distributes trademark beverages of The Coca-Cola Company,
offering a wide portfolio of 129 brands to a population of more than 261 million. With over 80 thousand employees, KOF operates 49 manufacturing plants and 268 distribution centers, and markets and
Mexico
sells approximately 3.4 billion unit cases through close to 2 million points of sale a year. KOF’s operations encompass franchise territories in Mexico, Brazil, Guatemala, Colombia, and Argentina, and
BBB+ / neg / A2 / neg nationwide in Costa Rica, Nicaragua, Panama, Uruguay, and Venezuela. KOF’s operating performance in 2Q20 was negatively affected by the ongoing COVID-19 global crisis as consolidated volumes
declined 7.2% year-over-year. As a result of lower volumes, both net revenues and EBITDA declined about 27.5% year-over-year in USD terms, although the quarterly EBITDA margin came in unchanged
at 19.1% signally stable profitability. As a result of weaker operating cash flow generation and a higher stock of debt due to preventive measures to strengthen liquidity, debt rations deteriorated.
Leverage (total debt divided by 12-month trailing EBITDA) as of 30 June 2020 came in at 2.3x, up from 2x in March and December 2019. We note that total debt includes USD 470mn in short-term
financing incurred as a preventive measure to boost KOF’s cash position. Net leverage (total debt minus cash, divided by 12-month trailing EBITDA) came it at 1.3x, up from 1.2x in March, but the ratio
remained below 1.4x in December 2019. In terms of liquidity and refinancing risk, as of 30 June 2020, KOF reported over USD 1.8bn in cash, USD 772mn in short-term debt and around USD 390mn in
annual interest expense, while 12-month trailing EBITDA is running at over USD 1.7bn. Risk factors include possible changes in consumer patterns and concerns about health related issues, a highly
competitive market, potential for water shortages in key markets, and exposure to commodity volatility, to name a few. Despite KOF’s sound fundamentals, some pressure on credit ratings emerged
compliments of greater policy risk in Mexico. On 27 March 2020, S&P downgraded KOF from A- to BBB+, with Negative outlook following their downgrade of Mexico to BBB, with Negative outlook on
26 March. On 20 April 2020, Fitch revised the outlook for their A- rating for KOF from Positive to Stable following their downgrade of Mexico to BBB-, with Stable outlook on 15 April. Also on 20 April
2020, Moody’s revised the outlook for their A2 rating for KOF from Stable to Negative Stable following their downgrade on Mexico from A3 to Baa1, with Negative outlook on 17 April.


Issuer descriptions
Industry, Country
Codelco Corporación Nacional del Cobre (Codelco) is the world's largest copper producer and a top-two in copper byproduct molybdenum. The company is 100% owned by the Republic of Chile (A1/Negative,
A+/Negative, A/Negative), and we regard it as quasi-sovereign risk. Codelco operates seven wholly-owned mines and holds minority interests in two joint ventures, which in aggregate accounted for
Chile
approximately 8% of the world's production of copper in 2019. Unfortunately, Codelco's strengths may not be enough to always fully offset possible material swings in copper’s pricing conditions. We
A / neg / A3 / neg note that copper accounted for almost 90% of net revenues in 1H20, with molybdenum and other products making up the remaining 10%. Codelco posted better-than-expected 2Q20, in our view, as
higher volumes and lower costs offset weaker copper pricing conditions. Net revenues and EBITDA increased 8.6% and 87.3% year-over-year in USD terms, respectively, and profitability improved as the
quarterly EBITDA margin widened 1,510bps from 20.8% in 2Q19 to 35.9% in 2Q20. Owing to stronger top line and operating cash flow generation, debt ratios sequentially improved. Leverage (total
debt divided by 12-month-trailing EBITDA), as of 30 June 2020, came in at 4.8x, down from 5x in June, although the ratio is still above 4.4x in December 2019. We note that leverage includes a USD 2bn
dual tranche bond offering in January, and USD 800mn 10-year bond offering in April to pre-fund maturities and strengthen liquidity. In addition, we find refinancing risk as low. As of 30 June 2020,
Coldelco reported USD 4bn in cash, USD 1.2bn in short-term debt, and around USD 560mn in annual interest expense, while 12-month trailing EBITDA is running at a little over USD 4.3bn. Most recent
credit ratings’ actions have been adverse. On 17 March 2020, Fitch affirmed their A- rating for Codelco with Stable outlook. However, on 28 April 2020 S&P revised the outlook for their A rating for
Codelco from Stable to Negative following a similar rating action on Chile on 27 April. On 26 August 2020, Moody’s revised the outlook for Codelco’s A3 rating to Negative from Stable following a
similar rating action on Chile on 25 August. Risk factors at Codelco include the highly regulatory, speculative, and capital intensive nature of the mining industry, and a high dependency on copper (91%
of net revenues in 2019). We also note that mining is an accident prone activity, and changes in safety, health, and/or environmental regulations could increase costs, restrict operations, and/or result in
the revocation of permits and licenses or a shutdown of facilities.
COFCO Hong Kong COFCO Hong Kong is an investment holding company with China Foods Ltd. (506 HK) as its main holdings. China Foods is a dominant state-owned food processing company in China with products
including edible oil, flour, various grain products and beverages. As a strategic partner of the Coca-Cola Company in China, China Foods also bottles and distributes Coca-Cola beverages. COFCO HK is a
Hong Kong
wholly-owned subsidiary of the COFCO Corp, a major state-owned conglomerate in China. Half of the revenue of China Foods, comes from the sale of kitchen foods such as edible oil, flour and various
N.A. / n.a. / A3 / stable grain products, while the other half comes from the sale of beverages and wines.
COFIDE Corporación Financiera de Desarrollo (COFIDE), is a state-owned development bank incorporated by the Republic of Peru in 1971. Since inception, COFIDE has been a key participant in Peru's economic
and social development programs. The Republic of Peru (BBB+/A3/BBB+) owns 99.22% of COFIDE, the Andean Development Corporation (CAF) owns the remaining 0.78%. CAF (A+/Aa3/AA-) is a
Peru
supranational entity that stimulates the sustainable development and regional integration of Latin America by financing projects in the public and private sectors, and by providing technical cooperation
BBB / stable / Baa3 / stable and other specialized services. Throughout over 45 years of operations, COFIDE has developed expertise in the creation of new financial products tailored to support under-served markets, with particular
focus on the micro and small enterprise segments, and has assisted in finance infrastructure and environmental projects. Owing to a very strong and tight relationship with the Peruvian government,
COFIDE has played an active role in stabilizing the country's financial system during past periods of economic slowdown. COFIDE has two primary lines of business: i) intermediation financing, where risk
exposure is to the financial intermediary rather than the end borrower, and ii) investment financing, where credit exposure is to the investment project executed by the ultimate borrower. In addition to its
two primary lines of business, COFIDE acts as investment manager for certain funds held through trusts received from the Peruvian government, public agencies, and financial institutions pending their
use in various designated projects or purposes. Key credit metrics for COFIDE as of 30 September 2019 include an efficiency ratio of 86%, past due loans (PDL) as a percentage of total loans of 7.5%, a
PDL coverage ratio in excess of 230%, and a capitalization ratio of 30%. Owing to improvement is asset quality, pressure on credit ratings has eased. On 25 April 2019, Moody’s revised the outlook for
COFIDE’s Baa3 rating from Negative to Stable. On 13 August 2019, S&P revised the outlook for COFIDE’s BBB rating from Negative to Stable. Fitch rates COFIDE BBB+, with Stable outlook since 31
October 2013. Risk factors in COFIDE include high exposure to political and social events in the Republic of Peru, currency mismatch between revenues and liabilities, if not properly hedged, and a highly
regulated banking industry. In addition, COFIDE is exposed sudden changes in capital markets' conditions that could constrain funding, and possible requirements from the Republic of Peru to upstream
dividends, which in turn could reduce its ability to honor its financial obligations.

Issuer descriptions
Industry, Country
COMMERCIAL BANK QSC CBQ is Qatar’s largest private bank, and the third largest by assets. It has a strong and established domestic franchise, accounting for about 10% of domestic lending and deposits. In Qatar, the bank's
strategy is to strengthen its retail business and increase focus on government and public sector, while de-risking its portfolio away from construction and real estate. Abroad, the management puts
Qatar
emphasis on the Turkish market, where it operates via its subsidiary Alternatifbank. CBQ does not enjoy the same dominant position and state support as QNB. It also has weaker credit fundamentals, as
N.A. / n.a. / A3 / stable reflected in lower capital ratios, subdued profitability and higher exposure to problem sectors such as construction. We nonetheless see it as a fairly strong issuer, investment-grade rated, with a stable
outlook. This is reflected in improving profitability and efficiency metrics and a reduced cost of risk. We expect further progress to be made on the management's turnaround plan, including more cost
cutting and further loan book de-risking. Key risks we monitor include regional tensions and hydrocarbon prices, structural reforms and the exposure to Turkey.
Corporacion Lindley Corporación Lindley (Lindley) is the only authorized bottler of several trademark products of The Coca-Cola Company in Peru. Lindley's products include Coca-Cola, one of the most recognized brands in
the world, and Inca Kola, Peru's leading carbonated soft drink. On 10 September 2015, Lindley announced an agreement to integrate its operations into Mexico's higher rated Arca Continental SAB
Peru
(Moody's: A2 with Stable outlook/Fitch: A with Stable outlook). We regard the integration of Lindley into Arca Continental as credit positive. On 11 December 2015, S&P upgraded Lindley from BB+ to
BBB / stable / N.A. / n.a. BBB with Stable outlook. On 31 July 2017, Fitch upgraded Lindley from BBB+ to A- with Stable outlook.
Cosan Cosan Limited (Cosan) is leading Brazilian conglomerate that operates via subsidiaries in sectors of strategic importance for Brazil's development. Raízen, a 50:50 joint venture with Royal Dutch Shell
(Shell), is Brazil's largest producer of sugar and ethanol, and one of the country's major fuel retailers. Comgás is the largest natural gas distributor in Brazil. Moove produces and distributes lubricants in
Brazil
South American and European markets. Cosan Logística handles logistics operations via its subsidiary Rumo. Raízen, Comgás, and Moove are owned via subsidiary Cosan S.A. Industria e Comercio
BB- / stable / N.A. / n.a. (Cosan I&C), Cosan Logística is directly owned by Cosan. In our view, Cosan posted relatively weak 2Q20 results on the back of low demand for fuels and gas at Raízen and Comgas, respectively, partly
offset by higher volumes at Rumo. Net revenues and EBITDA declined 48.8% and 40.3% year-over-year in USD terms, respectively, but profitability improved as the quarterly EBITDA margin widened
200bps, from 12% in 2Q19 to 14% in 2Q20. Leverage (total debt divided by 12-month trailing EBITDA), as of 30 June 2020 came in at 4x, up from 3x in March, but almost in line with 3.8x in December
2019. Among the major risk factors, we highlight the company’s exposure to Argentina via a USD 950mn investment made by Raízen in 2018, potential for additional major acquisitions, and volatility in
sugar prices that could add to ongoing pressure on credit ratings. While we regard the Argentine expansion as a long-term positive as it enhances geographic diversification, we are concerned that it
could result in weaker credit metrics and possible pressure on ratings due rising regulatory and policy risks in that country. Recent rating actions have been adverse. On 8 May 2019, Moody’s affirmed its
Ba2 rating for Cosan I&C, with Stable outlook. However, on 7 April 2020, S&P revised the outlooks for their BB- ratings for Cosan and Cosan I&C from Positive to Stable. Furthermore, on 7 May 2020,
Fitch revised the outlooks for their BB ratings for Cosan and Cosan I&C to Negative from Stable.
UBS credit view on senior bonds: Green yellow yellow red UBS credit view on other cover types: n.a. red
Country Garden Country Garden Holdings Company Ltd (CGH) is the largest property developer in China based on contract sales. In 2018, the company achieved CNY 502bn in attributable sales, + 31.3% y/y. As of end
2018, it had a sizeable land bank of 241 million square meters in attributable gross floor area. The company delivered solid earnings results for 2018. Gross profit rose 74% to CNY 103bn, driven by a
China
strong 67% revenue growth and a 1.1ppt margin expansion. Total debt increased 53% to CNY 329bn, and cash was up 63% at CNY 243bn. Credit metrics improved, with profit growth outpacing that
BB+ / pos / Baa3 / stable of debt. Leverage measures all declined: total debt to EBITDA fell to 4.5x (from 5.2x) and net gearing fell to 50% (from 57%). Interest coverage was stable at 3.6x, and liquidity remained comfortable at
1.9x cash to short-term debt. The 2018 results ensure sufficient head-room for the company's current ratings, in our view. As of end-18, the Yang family holds a 57% equity stake, Ping'an 9%, senior
management 7% and the public 27%.

Issuer descriptions
Industry, Country
CSN CSN is a major Brazilian industrial conglomerate that focuses primarily on steel production, mining, infrastructure, and logistics. CSN delivered better-than-expected 2Q20 results possibly signaling that
the company may be bottoming out. Volumes of steel and iron ore declined 14% and 24% year-over-year, respectively, and net revenues and EBITDA declined 34.1% and 40.8%, in USD terms,
Brazil
respectively leading to a 360bps tightening of the quarterly EBITDA margin from 34.5% in 2Q20 to 30.9% in 2Q20. However, CSN posted sequential improvements. Volumes of steel declined 12%
N.A. / n.a. / Ba1 / neg quarter-over-quarter, but volumes of iron ore increased 38% quarter-over-quarter. Net revenues down only 2.7% quarter-over-quarter, but EBITDA increased 20.7% quarter-over-quarter, and the
quarterly EBITDA margin widened 600bps relative to 24.9% in 1Q20. Due to weaker year-over-year operating cash flow generation, debt ratios further deteriorated. Leverage (total debt divided by 12-
month trailing EBITDA), as of 30 June 2020 came in at 5x, up from 4.2x in March, and 4x in December 2019. However, refinancing risk may be declining. The company still needs to refinance about USD
900mn in debt coming due over the next 12 months, but that figure has come down from USD 1bn in March, and almost USD 1.3bn in December 2019. We note that CSN has already re-profiled about
USD 330mn (BRL 1.7bn) in loans with local banks. Despite progress in refinancing its short-term debt, credit ratings remain under pressure. On 28 May 2020, Fitch revised the outlook for their B rating
for CSN from Positive to Stable. On 3 June 2020, Moody’s revised the outlook for their B2 rating for CSN to Negative from Stable. On 17 July 2020, S&P affirmed their B- rating for CSN, with Negative
outlook.
UBS credit view on senior bonds: yellow yellow red red UBS credit view on other cover types: n.a. red
DAH SING BANK Dah Sing Bank (DSB) was established as a commercial bank in 1947 and is a wholly owned subsidiary of Dah Sing Banking Group (DSBG), which in turn is 75%-owned by Dah Sing Financial Holdings
(DSFH). Hong Kong billionaire David Wong Shou-Yeh and Bank of Tokyo-Mitsubishi UFJ are significant shareholders of DSFH, with a 41% and 15% stake, respectively. DSB provides a range of personal
Hong Kong
and commercial banking services, and has branches in Hong Kong, Macau, and China.
NR / n.a. / A2 / neg 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: Green yellow yellow n.a. UBS credit view on other cover types: yellow n.a.
DALIAN WANDA COMM. PROP. Dalian Wanda Commercial Management Group develops, operates and sells integrated properties in China, which includes shopping malls, offices, hotels and residences. As of 1H18, the company was
one of the largest owners and operators of shopping malls in China, in terms of total GFA. The company generated CNY 37.7bn in revenue in 2018, of which CNY 32.9bn came from rental income. The
China
company is 43.7% owned by Dalian Wanda Group, which is in turn 100% owned by Mr Wang Jianlin.
DBS Bank DBS Bank Ltd (DBS, Aa1/AA-) is Singapore's largest bank by both assets and market capitalization. It has built a leading domestic market position over the years, establishing itself as the incumbent bank
in Singapore, commanding the highest share of retail deposits at 26%. In addition, it has grown a strong regional presence, and it has a more geographically diversified business profile compared to its
Singapore
peers. As DBS is one of the strongest credits out of Singapore, we advise investors to go down the capital structure for a good yield pick-up versus senior bonds.
N.A. / n.a. / Aa2 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: green green Green yellow UBS credit view on other cover types: yellow yellow
DELHI INTERNATIONAL AIRPORT Delhi International Airport (DIAL) operates, manages and develops India's Indira Gandhi International Airport, which serves the most passengers by volume in the country. The concession, granted by the
Airports Authority of India (AAI), is for 30 years and DIAL has an option to extend it by another 30 years, provided DIAL meets certain performance criteria. The company's largest shareholder is GMR
India
Group, which has a 64% equity stake.
B+ *- / watch- / Ba3 / neg 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

Issuer descriptions
Industry, Country
Ecopetrol Ecopetrol is Colombia's largest integrated oil company with a 60% share of the country's production of hydrocarbons. We regard Ecopetrol as quasi-sovereign risk owing to the Republic of Colombia's
ownership of close to 90% of the company. Ecopetrol’s 2Q20 operating performance was negatively affected by COVID-19 and adverse crude oil pricing conditions. Average daily hydrocarbon output in
Colombia
2Q20 came in at 677,500 barrels of oil equivalent per day (boed), down 6.3% year-over-year from 723,000 boed in 2Q19. Net revenues and EBITDA declined 61.1% and 79.1% year-over-year in USD
BBB- / neg / Baa3 / stable terms, respectively, and the quarterly EBITDA margin tightened 2,180bps, from 45.4% in 2Q19 to 23.6% in 2Q20. Owing to top line and on operating cash flow, debt ratios deteriorated. Leverage (total
debt divided by 12-month trailing EBITDA) as of 30 June 2020 came in at 2.1x, up from 1.3x in March, and 1.2x in December 2019, but still below 2.9x in December 2016. Although higher leverage is
hardly ever desired, we still find a 2.1x multiple as sound and sustainable over the cycle. We also note that leverage includes about USD 3bn in funding transactions closed in April, including a USD 2bn
ten-year bond offering, to further strengthen liquidity in light of COVID-19. In addition, we continue to find refinancing risk as low. As of 30 June 2020, Ecopetrol reported over USD 2.4bn in cash, USD
2.5bn in short-term debt, and about USD 260mn in annual interest expense while 12-month trailing EBITDA was running at over USD 6.4n. Going forward, we would expect gradual recovery in operating
cash flow generation and consequent decline in leverage. We also expect recent M&A transactions, including a joint-venture with Occidental Petroleum in the Permian Basin in the US, and a 30% stake in
Gato do Mato in the Santos Basin in Brazil, to contribute to proven reserves and production. Although company fundamentals have been relatively stable, pressure on credit ratings has emerged. On 26
March 2020, S&P revised the outlook for Ecopetrol's BBB- rating to Negative from Stable on the back of a similar action on Colombia. On 3 April 2020, Fitch downgraded Ecopetrol from BBB to BBB-,
with Negative outlook following an identical action on Colombia on 1 April. Moody's rates Ecopetrol Baa3, with Stable Outlook since 16 July 2018.
EHI CAR SERVICES LTD eHi Car Services, headquartered in Shanghai, was founded by Mr. Ray Ruiping Zhang in 2006. The company's major shareholders include Ctrip (14% stake), the largest online travel services provider, and
Crawford (13.5% stake), the parent of Enterprise, the largest car rental company in the world. The company was listed on the NYSE in November 2014 with a total market capitalization of USD 744m as
China
of 7 October 2016. eHi is the largest chauffeured car service and the second largest car rental company in China. Its total fleet size was 42,200 vehicles as of 1H16. It has one of the largest networks of
B / stable / N.A. / n.a. about 1,861 directly operated service locations across more than 150 cities, which includes 369 stores and 1,492 pick-up points.
UBS credit view on senior bonds: Yellow Yellow Red n.a. UBS credit view on other cover types: n.a. n.a.
Embraer Embraer is a leading producer of commercial jets with up to 120 seats capacity, with a global and customer base across five continents. Embraer also has a strong footprint in the executive jet business
supported by the introduction of new models, and is an important supplier of Brazil's air force. Embraer’s 2Q20 performance was negatively affected by the ongoing COVID-19 crisis. In 2Q20, Embraer
Brazil
delivered 17 planes (four commercial and 13 executive, versus 51 (26 commercial and 25 executive in 2Q19. Net revenues declined 61% year-over-year, and EBITDA came in negative at minus USD
N.A. / n.a. / Ba2 / neg 221mn, as the company booked over USD 200mn in non-cash special items such as COVID-19-related expected credit losses (USD 16mn), commercial aviation impairment losses (USD 91mn), and
recognition of 1Q20 commercial aviation depreciation expenses (USD 101mn). Excluding the non-cash special items, 2Q20 EBITDA would have come in at a negative minus USD 20mn. Year-to-date,
Embraer has booked over USD 257mn in provisions related to the COVID-19 crisis and the failed joint venture (JV) with Boeing. Due to weak operating cash flow generation, debt ratios further
deteriorated. Leverage (total debt divided by 12-months trailing recurring EBITDA) as of 30 June 2020 came in at a very elevated and unsustainable 20.7x. Despite the increase in leverage to
unsustainable levels, Embraer’s balance sheet is liquid, and refinancing risk over the foreseeable future continues to look low. As of 30 June 2020, Embraer reported almost USD 2bn in cash &
equivalents, USD 471mn in short-term debt, and USD 226mn in annual interest expense. In addition, according to Embraer’s 2Q20 earnings release, the company closed USD 700mn in funding from
export credit agencies in Brazil and the US, and expects to receive those proceeds in 3Q20. In terms of potential future revenues, Embraer's backlog as of June 2020 came in at USD 15.4bn, down from
USD 15.9bn in March, and USD 16.9bn in June 2019, but still equivalent to over three years of trailing 12-month revenues at current run rate of approximately USD 4.4bn. Based on company statements,
aside from taking care of the health and safety of its employees, we expect Embraer to focus on cash preservation, receivables collection, and efficiency gains. We also expect litigation with Boeing,
including Embraer trying to collect the USD 100mn termination fee, but we not qualified to offer a view on possible outcomes of probable legal actions. Following the collapse of the deal with Boeing,
and uncertainties about aircraft demand trends in light of COVID-19, pressure on credit ratings has emerged. On 28 April 2020, Fitch downgraded Embraer from BBB- to BB+, with Negative outlook. On
29 April 2020, Moody’s downgraded Embraer from Ba1 to Ba2, with Negative outlook. On 15 June 2020, S&P downgraded Embraer from BBB- to BB+, with Negative outlook. Risk factors at Embraer
include trends in passenger traffic, indirect exposure to an arguably sub-prime client base with relatively weak credit quality (i.e. airlines), and backlog concentration with key customers.

Issuer descriptions
Industry, Country
Emirate of Abu Dhabi The UAE consist of seven emirates issuing debt individually. The country's Aa2 credit rating is underpinned by the assumed full backing of Abu Dhabi, the largest emirate, which enjoys a very strong
balance sheet, backed by assets held by ADIA—the Abu Dhabi Investment Authority—equivalent to 145% of the UAE's 2018 GDP. Other credit strengths include a history of domestic political stability, a
UAE
high GDP per capita, and hydrocarbon reserves of more than 70 years at the current rate of production. The economy is fairly diversified, but growth and public finances still depend on hydrocarbon
AA / stable / Aa2 / stable exports and oil-driven liquidity in the region. Dubai has around USD 120bn of public debt (110% of GDP), split almost equally between the government and state-owned enterprises. This high debt ratio
is mitigated, in our view, by the relatively healthy credit fundamentals of state-owned enterprises and the likely support from Abu Dhabi, if needed. We assign a stable outlook to Abu Dhabi and Dubai.
The UAE economy is on a slow recovery path from the 2014–2017 oil shock, and significant fiscal buffers remain in place. Headwinds will persist this year and next due to lingering trade tensions, the
global economic slowdown, low energy prices, OPEC-led production cuts, and tensions with Iran. Growth should, however, pick up somewhat thanks to the ongoing fiscal stimulus measures, spending
related to hosting Dubai Expo 2020, rate cuts in line with the Federal Reserve, and continuing diversification efforts. Key risks to watch beyond those mentioned above include the increasing economic
competition from GCC neighbors, in particular Saudi Arabia, and debt levels of state enterprises.
EMIRATE OF DUBAI The UAE consist of seven emirates issuing debt individually. The country's Aa2 credit rating is underpinned by the assumed full backing of Abu Dhabi, the largest emirate, which enjoys a very strong
balance sheet, backed by assets held by ADIA—the Abu Dhabi Investment Authority—equivalent to 145% of the UAE's 2018 GDP. Other credit strengths include a history of domestic political stability, a
UAE
high GDP per capita, and hydrocarbon reserves of more than 70 years at the current rate of production. The economy is fairly diversified, but growth and public finances still depend on hydrocarbon
N/A / N/A exports and oil-driven liquidity in the region. Dubai has around USD 120bn of public debt (110% of GDP), split almost equally between the government and state-owned enterprises. This high debt ratio
is mitigated, in our view, by the relatively healthy credit fundamentals of state-owned enterprises and the likely support from Abu Dhabi, if needed. We assign a stable outlook to Abu Dhabi and Dubai.
The UAE economy is on a slow recovery path from the 2014–2017 oil shock, and significant fiscal buffers remain in place. Headwinds will persist this year and next due to lingering trade tensions, the
global economic slowdown, low energy prices, OPEC-led production cuts, and tensions with Iran. Growth should, however, pick up somewhat thanks to the ongoing fiscal stimulus measures, spending
related to hosting Dubai Expo 2020, rate cuts in line with the Federal Reserve, and continuing diversification efforts. Key risks to watch beyond those mentioned above include the increasing economic
competition from GCC neighbors, in particular Saudi Arabia, and debt levels of state enterprises.
Emirates NBD Bank PJSC Emirates NBD’s credit profile benefits from its dominant market position in the United Arab Emirates (UAE), where it has a 20% market share of system assets and deposits. Its close ties with the
government of Dubai, its 55.8% owner, allows it access to low cost funding and relatively low risk lending opportunities. The bank has sector-leading profitability metrics in the UAE, while its strong
UAE
capitalization provides an adequate cushion against regulatory minimum requirements. We expect the current economic slowdown, amidst the COVID-19 pandemic and lower oil prices, to weigh on the
N.A. / n.a. / A3 / neg UAE’s banking sector. However, ENBD’s strong nonperforming-loan coverage and high capitalization levels provide adequate loss-absorption capacities, in our view. We also see a high likelihood of the
bank receiving government support during times of stress. We assign a Stable outlook to ENBD, in line with our view on the emirates of Abu Dhabi and Dubai. The key risks to our view include: (1) a
material deterioration in the outlook of the sovereign stemming from a prolonged pandemic or an extended period of low oil prices
EMPRESA NAC. DE PETROLEO Created in 1950, Empresa Nacional de Petroleo (ENAP) is wholly owned by the Republic of Chile (A1/Negative, A+/Negative, A/Negative). The company is primarily involved in downstream refining and
marketing (R&M), although it is also engaged in E&P, and in gas and energy (G&E). ENAP is the only refiner in Chile, and a domestic leader in the wholesale distribution of refined petroleum products.
Chile
The company owns and operates three refineries with an aggregate installed capacity of 230,000 barrels per day (bbd): Bío Bío, Aconcagua, and Gregorio Magallanes. In 1Q20, R&M accounted for about
BBB- / neg / Baa3 / neg 89% of net revenues, while E&P and G&E jointly made up for the remaining 11%. ENAP’s 1Q20 operating performance was negatively affected by lower reference process. Net revenues and EBITDA
declined 8% and almost 52% year-over-year in USD terms, respectively, and the quarterly EBITDA margin tightened 390bps, from 8.2% in 1Q19 to 4.3% in 1Q20. Owing to weaker operating cash flow
generation, leverage (total debt divided by 12-month trailing EBITDA) deteriorated. Leverage as of 31 March 2020 came in at 7.6x, up from 6.8x in December 2019, but the ratio remained below a high
9.2x in December 2018. While leverage of 7.6x is still elevated and often worrisome, we view support from parent Chile as very strong, and note that in early August 2018, ENAP received a capital
injection of USD 400mn. Most recent rating actions have been adverse, though. On 17 March 2020, Fitch revised the outlook for their A rating for ENAP to Negative from Stable of the back of a similar
rating action on Chile on 12 March. On 28 April 2020, S&P revised the outlook for their BBB- rating for ENAP from Stable to Negative following a similar rating action on Chile on 27 April. On 26 August
2020, Moody’s revised the outlook for ENAP’s Baa3 rating to Negative from Stable following a similar rating action on Chile on 25 August.

Issuer descriptions
Industry, Country
ESKOM HOLDINGS Eskom is the national electricity utility of South Africa. It is an 100% state-owned vertically-integrated company, supplying 90% of the country's electricity needs. We see value across Eskom's USD bonds
through maturities up to 2028. The bonds are trading at the wider end of their historical spread range vis-a-vis the sovereign, offering an attractive yield pickup across maturities. While Eskom's credit
South Africa
profile remains constrained by a weak financial position and fragile liquidity levels, we believe the government of South Africa will ultimately step in to meet its financial obligations, if needed. This
CCC+ / neg / Caa1 / neg assessment is based on: (1) Eskom's critical role in supporting South Africa's socio-economic development, (2) numerous precedents of sovereign support in the past, (3) >60% of government guaranteed
debt on Eskom's balance sheet, (4) the relatively small portion of USD foreign bonds in the context of overall debt. Consequently, we believe that market concerns regarding repayment/refinancing of
debt, especially those reflected in the front end of Eskom's curve, are overdone. We reaffirm our Deteriorating credit outlook on Eskom. This is in line with our views on the sovereign and reflects our
assessment that Eskom's credit risk is essentially that of South Africa's. The key risks to our recommendations include a change in our assessment of strong government support, a material deterioration in
fundamentals stemming from the COVID-19 pandemic and any structural subordination of debt resulting from the looming business restructuring.
Evraz Evraz is a leading vertically integrated steel, mining and vanadium company with assets located in Russia, North America and Europe. The company is the leader in the Russian construction, railway
products and coking coal markets as well as in rails and large diameter pipes in North America. It benefits from high degree of vertical integration and competitive production costs. Several Russian
Russia
businessmen together control a majority stake in the company. In recent years, the company has improved its credit profile, which resulted in a number of upgrades of its rating by credit rating agencies.
BB+ / neg / Ba2 / stable The latest came in July, when Moody's placed Evraz's Ba1 credit rating on positive outlook. We welcome the credit improvement witnessed by the company, but expect its leverage to gradually rise from
its 2018 level, given higher capital expenditures and dividends. We note the issuer expects to maintain its net leverage ratio at 2.0x on average through the cycle. In addition to commodity prices and
ruble dynamics, we monitor domestic regulatory initiatives, protectionist measures in the global steel industry and sanction risks.
Export Credit Bank of Turkey As a wholly state-owned bank, Turk EximBank is the export credit agency of Turkey with a mandate to support exports. The bank receives state support to pursue its objective, including capital injections.
On the lending side, the Turkish Treasury covers losses incurred by the bank under its credit, guarantee and insurance products that arise due to political risks. This coupled with the strategy to obtains a
Turkey
guarantee from a commercial bank for each corporate loan the bank issues, helps to maintain a very low NPL ratio. On the funding side, the Turkish Treasury provides guarantees for the bank's
NR / n.a. / B2 / neg borrowings from supranational institutions, but not for its Eurobonds. The bank doesn't accept customer deposits, and relies on Central Bank's rediscount facility for about 60% of its FX funding needs.
As is customary for state-owned banks with developmental objectives, Turk EximBank does not seek profit maximization. Key risks for the issuer include: a major macroeconomic and/or systemic banking
crisis in Turkey as the issuer has strong linkages with the sovereign, and its loans are issued to domestic corporates against guarantees of the commercial banks
Export-Import Bank of India Export-Import Bank of India (EXIMIN) is the export credit agency in India established by the government with the aim of promoting India's international trade position. Its funding position has largely been
supported by the government's ownership, which is not allowed to fall under 100%. Despite its policy role, the bank has maintained a strong set of credit metrics. We expect EXIMIN to continue its
India
critical role in the India growth story, and we believe government support will remain forthcoming.
Export-Import Bank of Korea (KEXIM) The Export-Import Bank of Korea (KEXIM) is South Korea's official export credit agency and one of the three policy banks (alongside Korea Development Bank and Industrial Bank of Korea). It provides
finance and guarantee facilities for Korean importers and exporters and their overseas customers. KEXIM was established in 1976 under the Export-Import Bank of Korea Act, which established the
Korea
government's legal obligation to maintain the bank's solvency. The Korean government is obliged to fund any losses incurred by the bank that cannot be covered by its own reserves. KEXIM is wholly
AA / stable / Aa2 / stable owned by the Korean government.

Issuer descriptions
Industry, Country
FAR EAST CONSORTIUM Far East Consortium (FEC) is a Hong Kong-based diversified real estate developer and hotel owner, with businesses concentrated in Hong Kong, mainland China, Australia, UK and Singapore. As of March
2019, Tan Sri Dato David Chiu and his family owned about 53% of Hong Kong-listed FEC.
Hong Kong

UBS credit view on senior bonds: yellow yellow Red n.a. UBS credit view on other cover types: n.a. Red
FAR EAST HORIZON Far East Horizon (FEH) is a financial services company that specializes in providing customized financing solutions through equipment-based financial leasing, as well as providing extended value-added
services to customers in targeted major industries in China. The eight targeted industries include healthcare, education, infrastructure, construction, electronic information, transportation, packaging,
China
machinery and textile industries. FEH is 27.9% owned by Sinochem Group, one of the largest SOEs in China.
BBB- / stable / N.A. / n.a. 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: yellow yellow yellow Yellow UBS credit view on other cover types: yellow yellow
FEDERAL REPUBLIC OF NIGERIA Nigeria's growth potential remains around 2%, close to its population growth. Structural hurdles to unleash the country's potential are security issues, a poor business climate, corruption, power
shortages, credit conditions, and access to foreign funds. President Muhammadu Buhari is unlikely to scale up reforms, in our view. Specifically, we expect the prevailing multi-tiered foreign-exchange
Nigeria
system to remain in place, reducing the odds of a pickup in foreign direct investments. The central bank should remain committed to keeping the naira stable under governor Godwin Emefiele. However,
B- / stable / B2 / neg given the need to foster growth and job creation, monetary policy should stay accommodative. Hence, inflation is unlikely to decline to single-digit territory, making another one-off exchange rate
adjustment more likely, although not a base case, in the coming quarters. A low general government debt level of 25% of GDP, with around 70% denominated in the local currency, makes Nigeria a solid
debtor. The liquid domestic debt market enjoys significant, although volatile, interest from foreigners. Large oil and gas reserves and foreign-exchange reserves worth USD 44bn (as of July 2019) further
underpin external buffers. At the same time, public finances remain too dependent on hydrocarbon revenues (around 45% of public revenues and 60% of current account receipts). Security issues and the
lack of sufficient funds for investments in oil facilities can further aggravate the sensitivity to energy prices. We attach a stable credit outlook to Nigeria. Upside and downside risks are roughly balanced, in
our view. Local tensions, especially in areas with oil production facilities, would weigh on our growth outlook and assessment of fiscal strength. Declining energy prices would hit fiscal metrics. With
regard to reforms, we see risks skewed to the upside, given muted market expectations.
Federation of Malaysia We do not expect Malaysia's credit profile to change significantly over the next 12 months, but we believe the balance of risks is tilted to the downside. The country enjoys growth rates above similarly
rated peers and a current account still in surplus. Although growth and credit metrics have worsened, Malaysia's strong external position mitigates external risks and should allow the country to withstand
Malaysia
a protracted period of weak commodity prices and external demand. An additional benefit is Malaysia's diversified export base, which should help partially cushion adverse impacts associated with
N.A. / n.a. / A3 / n.a. slowing global growth and trade tensions. A declining though still sizable share of government revenues are still linked to oil and gas production.
Federative Republic of Brazil Geographically, Brazil is the fifth largest country in the world. Its over 200 million inhabitants make it the sixth most populous country globally. Brazil also makes the list of top 10 largest economies in the
world by nominal GDP. Brazil's sovereign credit strengths include a diverse economy and tax base, very low share of external sov-ereign debt, high level of international reserves, and small current
Brazil
account deficit. That said, the country's economy suffers from mul-tiple challenges. Importantly, Brazil's high unit labor costs and high costs of doing business weigh on its structural growth prospects.
BB- / stable / Ba2 / stable Brazil's reform agenda has stalled in 2020 as a result of coronavirus threats but is showing some signs of coming back to life. The country has remained current on its sovereign obligations since 1994.
The likelihood Brazil defaults on external debt in the foreseeable future is very low, in our view.

Issuer descriptions
Industry, Country
FIBRA UNO Fibra Uno Administración, S.A. de C.V. (FUNO) is a real estate trust established on 12 January 2011 to acquire and own a variety of real estate properties with the goal of leasing and developing
commercial, industrial, and mixed-use properties, as well as office buildings and land Mexico. FUNO’s 2Q20 financial performance was negatively affected by COVID-19 and a weaker MXN. Total gross
Mexico
leasable area (GLA) came in at over 10.3 million m², up 18% year-over-year from approximately 8.7 million m² in 2Q19, mostly on the back of the acquisition of the Titan Portfolio, and the occupancy
N/A / N/A rate declined 140bps to 93.8% from 95.2% a year ago. The loan-to-value (LTV) ratio as of June 2020 came in at 45.1%, up from 38.5% in December 2019, but well within FUNO's 60% covenant limit.
Net revenues in USD-terms declined 26.6% year-over-year from USD 248mn in 2Q19 to USD 182mn in 2Q20. Net operating income (NOI) in USD-terms declined 29.9% year-over-year from USD 185mn
in 2Q19 to USD 129mn in 2Q20, and the quarterly NOI margin tightened 340bps from 74.5% to 71.1%, respectively. Leverage, understood as total debt divided by 12-month trailing NOI, as of 30 June
2020, came in at 8.6x, up from 7.3x in March and 7.6x in December 2019. Despite greater policy risk in Mexico, FUNO’s credit ratings have remained relatively stable. Moody’s rates FUNO Baa2 since 16
January 2014, and Fitch rates the company BBB since 28 January 2014, both with Stable outlooks.
Frasers Hospitality Trust Frasers Hospitality Trust (FHT) was listed on the Singapore Stock Exchange in July 2014, about seven months after Frasers Centrepoint Limited (FCL) was spun off from its parent Fraser and Neave. It owns
13 hotels and serviced residences which were valued at about SGD 1.95bn as of March 2016. FHT is 21% owned by its sponsor Frasers Centrepoint Limited and 39% by the TCC Group.
Singapore

UBS credit view on senior bonds: Green yellow yellow n.a. UBS credit view on other cover types: yellow yellow
FRASERS PROPERTY LIMITED Frasers Centrepoint Limited is an integrated property development company with exposure to residential, office, retail, industrial and hospitality sectors. The company's property assets are primarily
located in Singapore, Australia, China and the UK. In 2013, FCL was successfully acquired by TCC Group, which is ultimately controlled by Thai businessman Charoen Sirivadhanabhakdi. In June 2014, it
Singapore
offered SGD 3.1bn to acquire 100% of Australand, which would result in its asset base in Australia increasing to 43% from 16%.
FRESNILLO, PLC Fresnillo plc (Fresnillo) is the world's largest primary silver producer, and the largest gold producer in Mexico. Fresnillo delivered strong 1H20 results as favorable pricing conditions and lower costs, offset
a decline in production. Average silver prices increased 10.1% year-over-year, from USD 15.3 per ounce in 1H19 to USD 16.8 per ounce in 1H20, whilst average gold realization prices rose 27% from
Mexico
USD 1,320.7 per ounce to USD 1,676.8 per ounce, respectively. Production of silver declined 2% year-over-year to 25.5 million ounces in 1H20 from 26 million ounces in 1H19, and gold output
BBB / stable / Baa2 / stable decreased 11.8% year-over-year to 381,319 ounces from 432,417 ounces, respectively. Net revenues increased 5.2% year-over-year, EBITDA grew 52.6% year-over-year, and the semi-annual EBITDA
margin widened 1,390bps, from 30.7% in 1H19 to 44.6% in 1H20. Due to strong operating cash flow generation, debt ratios improved. Leverage (total debt divided by 12-month trailing EBITDA) as of
30 June 2020 came in at 1x, down from an already low 1.2x in December 2019. In addition, Fresnillo’s balance is liquid, and refinancing risk is low. As of 30 June 2020, Fresnillo reported USD 515mn in
cash, USD 5mn in short-term debt, and about USD 51mn in annual interest expense with 12-month trailing EBITDA generation running at around USD 835mn. Furthermore, we note that the company
does not face a major debt maturity until November 2023 when its USD 800mn 5.5% bond comes due. Most recent rating actions on Fresnillo have been adverse. On 20 June 2019, Moody’s revised the
outlook for its Baa2 rating for Fresnillo to Stable from Positive. On 13 August 2019, S&P revised the outlook for Fresnillo’s BBB rating to Stable from Positive. Risk factors include highly regulatory,
speculative, and capital-intensive nature of the industry, and commodity price volatility. We also note that mining is an accident prone industry, and unpredictable, and quite possibly high impact,
unfortunate events are likely to happen at some point in time, although Fresnillo's multi-deposit base partly mitigates this risk. In addition, Fresnillo is exposed to possible changes in safety, health and/or
environmental regulations could increase costs, restrict operations, and/or result in the revocation of permits and licenses or shutdown of facilities.
FWD LTD After Richard Li acquired 100% of ING Group's life insurance and general insurance businesses in Hong Kong and Macau in February 2013, the group was rebranded as FWD with FWD Limited as the
holding company of its operating subsidiaries. Subsequently, Swiss Re acquired a 14.9% stake from Richard Li, making the Swiss reinsurer the second largest shareholder. Led by the Hong Kong life
Hong Kong
business, the group has experienced solid growth since the acquisition, with total gross written premiums (GWP) reaching USD 1.4bn in 2015 and total assets at USD 11bn in 1H16, representing a CAGR
N.A. / n.a. / Baa3 / stable of 27% and 19% respectively since 2013.
UBS credit view on senior bonds: yellow yellow yellow n.a. UBS credit view on other cover types: n.a. yellow

Issuer descriptions
Industry, Country
Garanti Bank Garanti is one of the largest privately owned banks in Turkey and is well established across all banking segments. The Spanish bank BBVA holds a 49.85% stake in Garanti. We regard the ownership
structure as beneficial for Garanti, a view shared by rating agencies. The bank is facing a relatively challenging operating environment domestically. Garanti's credit strengths include solid domestic
Turkey
franchise and good capital base.
NR / n.a. / B2 / neg 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
Gazprom Gazprom is the largest vertically-integrated gas company in the world. It is the major supplier of natural gas to Europe with around 30% market share and it has the world's largest natural gas reserves.
Its subsidiary Gazprom Neft is one of Russia's largest oil producers. The Russian government owns an over 50% stake in Gazprom, and exerts significant influence over its operations. We note that
Russia
Gazprom is often also used as a policy tool which may impact its profit maximization abilities. The company continues to supply a sizable amount of its gas exports to Europe via a gas pipeline going
N.A. / n.a. / Baa2 / stable through Ukraine. In September 2014, the EU restricted exports of certain energy-related equipment and technology to Russia, particularly for deep water, arctic and shale oil exploration and production.
The US prohibited the export of goods, services, and technology for exploration and production of Russia's deep water oil, arctic offshore oil or shale oil projects to Gazprom, among other Russian
companies. We see these sanctions potentially affecting hydrocarbon producers' long-term growth strategy. Gazprom is not currently prohibited by US or EU sanctions in terms of capital market access.
Equivalent Canadian sanctions, however, restrict dealings by Canadian persons or in Canada in new debt of Gazprom of greater than 90 days maturity.
Gazprom Neft Gazprom Neft is a leading vertically-integrated hydrocarbon producer in Russia. Gazprom Neft is one of the largest oil producers and oil refiners in Russia and has a sizable network of fuelling stations. A
majority state-owned Gazprom controls a 95.7% stake in the company and supports its reserves base by transferring oil assets. Gazprom Neft is a partner in a number of joint ventures focused on
Russia
hydrocarbon exploration and production in Russia and also participates in the exploration and development projects in a number of countries. Gazprom Neft's refining business is one of the most modern
N/A / N/A in Russia. The company is subject to the US and EU sanctions which prohibit involvement in new financing of more than 60 days and 30 days maturity respectively.The EU has restricted exports of certain
energy-related equipment and technology to Russia, particularly for deep water, arctic and shale oil exploration and production. The US prohibited the export of goods, services, and technology for
exploration and production of Russia's deep water oil, arctic offshore oil or shale oil projects to Gazprom Neft among other Russian companies. We see these sanctions potentially affecting hydrocarbon
producers' long-term growth strategy.
GEMDALE CORP Gemdale Corporation is one of the largest property developers in China's domestic A-share market, in terms of asset base. As of end-June 2018, the group had a gross land bank of 41 million square
meters (sqm) GFA. The land bank is geographically diversified, with first- and second-tier cities together accounting for 83% of the total. Founded in 1988, Gemdale was initially 100% indirectly owned
China
by the Futian district government of the city of Shenzhen. This stake has declined as new equity was issued to other investors. As of 30 June 2018, Sino-Life Insurance was Gemdale's largest shareholder
N/A / N/A with a 29.83% stake, followed by Anbang Insurance with a 20.43% stake, and the Futian government with a 7.78% stake.
UBS credit view on senior bonds: Yellow Yellow Yellow Yellow UBS credit view on other cover types: n.a. n.a.
GENTING OVERSEAS Genting Overseas Holdings is a wholly owned subsidiary of Genting Berhad. Genting Berhad is a gaming conglomerate listed on the Bursa Malaysia, with a market capitalization of USD 7.1bn. It operates
the only licensed land-based casino in Malaysia, along with casinos in the US, the Bahamas, and the UK. Genting Oversea's main holding is a 52.9% stake in Genting Singapore, which is listed on the
Isle of Man
Singapore Stock Exchange with a market capitalization of SGD 11bn.

Issuer descriptions
Industry, Country
Gerdau Gerdau is a leading producer of long steel products in the Americas. Besides Brazil, the company carries operations in the US, Canada, Mexico, Argentina, Uruguay, Peru, and Venezuela, with an
aggregate installed capacity in excess of 21 million metric tons of crude steel per year. The company is the largest recycler in Latin America as scrap represents over 70% of the main raw materials it uses
Brazil
to produce steel. In 2Q20, Brazil accounted for 40% of net revenues, North America for 39%, South America for 8%, and Special Steel made up for the remaining 13%. Gerdau posted better-than-
N/A / N/A expected 2Q20 results, especially considering the negative effects of COVID-19, as shipments of steel declined 10% year-over-year, and weak pricing conditions prevailed. Net revenues and EBITDA
declined 37.3% and 38.9% year-over-year in USD terms, respectively, and the quarterly EBITDA margin narrowed 40bps from 15.5% in 2Q19 to 15.1% in 2Q20. However, Gerdau delivered some
sequential gains signaling a possible bottoming out. Net revenues and EBITDA declined 21.3% and 6.9% quarter-over-quarter in USD terms, respectively, but profitability improved sequentially, as the
quarterly EBITDA margin widened 230bps relative to 12.8% in 1Q20. Owing to weaker top line and operating cash flow generation, debt ratios deteriorated. Leverage (total debt divided by 12-month
trailing EBITDA) as of 30 June 2020 came in at 3.5x, up from 2.9x in March, and 2.8x in December 2019, but the ratio remained below an elevated 5.4x in December 2016. In addition, we continue to
regard refinancing over the next 12 months as relatively low. As of 30 June 2020, Gerdau reported a little bit over USD 1.1bn in cash, USD 707mn in short-term debt, and about USD 333mn in annual
interest expense, with 12-month trailing EBITDA generation running in excess of USD 1.1bn. Furthermore, we note that Gerdau has another USD 440mn in committed credit lines available. Despite
relatively stable fundamentals, Gerdau has experienced some credit ratings’ setbacks. On 27 March 2020, Moody’s revised the outlook for their Ba1 rating for Gerdau from Positive to Stable. On 22 April
2020, S&P revised the outlook for their BBB- rating for Gerdau from Stable to Negative. On 5 May 2020, Fitch downgraded Gerdau from BBB to BBB-, with Stable outlook. Risk factors in Gerdau include
a competitive and cyclical industry, volatility in scrap and steel prices, and potential for protectionism in major export markets.
Globo Brazil's Globo is a leading media group active in broadcast TV network, pay TV programming, and cable TV. During 1H20, Globo’s market shares 7am-through-midnight and 6pm-to-midnight came in
strong at 34% and 39%, respectively, versus 34% and 37%, respectively in 1H19. Globo posted mixed 2Q20 results, as COVID-19 hurt advertising revenues, although the company implemented a series
Brazil
of measures to reduce costs. Net revenues declined 48.1% year-over-year in USD terms, but EBITDA increased 89.6% year-over-year, and profitability improved as the quarterly EBITDA margin widened
BB+ / stable / Ba1 / neg 1,600bps, from 6% in 2Q19 to 22% in 2Q19. In light of better operating cash flow generation, debt ratios sequentially improved. Leverage (total debt divided by 12-month trailing EBITDA) as of 30 June
2020 came in at 4.3x, down from 5.3x in March, although the ratio remained above 3.4x in December 2019 mostly on the back of a USD 500mn bond offering in 1Q20 to fund a concurring tender offer
and investments. In addition, we continue to see refinancing risk as low. As of 30 June 2020, Globo reported over USD 2.3bn in cash, a figure that exceeded total debt of about USD 1.1bn by around
USD 1.2bn. Furthermore, following the liability management transaction of 1Q20, Globo does not face a major debt maturity until June 2025, when the company’s USD 325mn 4.843% bond comes due
for payment. Among the risk factors side, we note a currency mismatch between mostly BRL-denominated revenues and USD-denominated debt, the cyclical nature of the broadcast TV advertising
market, competition from cable and satellite TV providers and a concentrated ownership structure that may encourage transactions with related parties that could be detrimental to bondholders, and
exposure to underlying sovereign Brazil. Most recent rating actions have been adverse. On 7 April 2020, S&P revised the outlook for their BB+ rating for Globo to Stable from Positive. On 22 April 2020,
Moody's revised the outlook for Globo's Ba1 rating from Stable to Negative. On 7 May 2020, Fitch revised the outlook for its BB rating for Globo to Negative from Stable.
GOLD FIELDS Gold Fields (GF) is a South Africa-based globally diversified mid-tier gold producer. With an annual production of approximately 2.0 million ounces (Moz) of gold in 2018 the company is the world's
seventh largest gold producer in the world. It has a moderate geographic diversification with eight operating mines and two projects located in Australia, Chile, Ghana, Peru and South Africa. GF's credit
South Africa
fundamentals have improved in recent years as a result of its strategy to divest non-core assets, cut costs and reduce financial leverage and diversify its operations in Australia, a stable mining jurisdiction,
N.A. / n.a. / Baa3 / stable which now accounts for almost half of the group's profit. Underperformance at the South Deep mine in South Africa, combined with rising capex, lead to a moderate deterioration in credit metrics in
2018. However, recent restructuring of the mine lowers risk of cash losses, in our view.
Greenland Holdings Group Greenland Holdings Group was one of China's largest property developers by contracted sales in 2018. Shanghai State Assets Supervision and Administration Commission has an effective shareholding of
about 46.4% in Greenland. The company is headquartered in Shanghai, with a focus on the real estate sector, particularly in first-tier and second-tier cities. With a total land bank of around 125m sq.m
China
as of 31 December 2018. Greenland has a highly diversified geographical coverage, operating in 80 cities across the country. It has other businesses, including energy, construction, finance and auto
N.A. / n.a. / Ba2 / stable dealerships.
UBS credit view on senior bonds: YELLOW YELLOW YELLOW YELLOW UBS credit view on other cover types: n.a. n.a.

Issuer descriptions
Industry, Country
Greenland Hong Kong Holding Greenland Hong Kong (GRNLHK, Ba2/BB-) is principally engaged in the development of large-scale, high end residential communities, city-center integrated projects, and travel and leisure projects that
target the middle-to-highend customer segment. It is 59.1% owned by Greenland Holding Group (GRNLGR, Ba1/BB), one of China’s largest property developers by contracted sales. Greenland Holding
China
Group is in turn 46.4% owned by Shanghai SASAC. The group is headquartered in Shanghai, with a focus on the real estate sector, and interests in other businesses including energy, construction,
BB- / pos / Ba3 / stable finance, and auto dealership.
UBS credit view on senior bonds: Yellow yellow yellow yellow UBS credit view on other cover types: n.a. Yellow
GREENTOWN CHINA HOLDINGS Greentown China Holdings Limited is one of China's major property developers, with a primary focus on Hangzhou city and Zhejiang province. Its business strategy focuses on developing quality
residential properties targeting middle- to higher income residents in China. Zhejiang is its core market, representing 27.3% of land bank value as of end 2018. As of Dec 2018, Greentown had 117
China
projects with a total gross floor area of 32.5 million square meters. Of this total, which includes joint ventures, 20.3 million square meters were attributable to the company.
BB- / stable / Ba3 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: Yellow Yellow Yellow Red UBS credit view on other cover types: Yellow Yellow
GRUMA SA de CV Founded 65 years ago, Gruma is the world's largest producer of corn and flour tortillas. Gruma is also a leading producer of wheat flour and its derivatives such as flatbreads, wraps, naan, pita bread,
chapatti, and pizza bases. In addition, Gruma's business portfolio includes other food products such as rice, snacks, pastas, condiments, and pine hearts. Owing to innovation and the use of new
Mexico
technologies, Gruma has been able to expand its portfolio of products and services to cater to different lifestyles, cultures and needs of its customers and consumers in every country where it does
BBB / stable / N.A. / n.a. business. Aside from its home country Mexico, Gruma carries operations in the US, Central America, Europe, Asia, and Oceania. The company owns and operates 79 production plants around the world,
and has strong presence in 112 countries across the globe. In addition to its global brands Maseca and Mission, Gruma offers a selection of local brands such as Guerrero in the US, and TortiRicas and
Tosty in Costa Rica. Gruma began its expansion outside Mexico almost 50 years ago. In 1972, Gruma entered the Costa Rican market, and gradually expanded into Guatemala, Honduras, El Salvador,
Nicaragua, and Ecuador. In 1977, the company kicked-off operations in the US, initially developing a presence in certain major tortilla consumption markets by acquiring small manufacturers and
converting their production processes from the traditional "wet corn dough" to the company's "dry corn flour" method. During 2000, Gruma opened its first European tortilla and corn chips plant in
Coventry, England. In addition, Gruma is now present in Asia and Oceania. The US, home to a vast number of Mexican and other LatAm countries' expats, has become Gruma's largest market accounting
for 55% of 2019 net revenues. Mexico comes in second with 28%, trailed by Europe's 7% contribution, and Central America's 6%, with the rest of the world (RoW) making up for the remaining 4%.

Grupo Bimbo Founded in December 1945, Grupo Bimbo (Bimbo) is one of the world's largest bakeries and an industry leader in the Americas. The company operates over 197 plants across the Americas, Europe, Asia,
and Africa. Through its main operating subsidiaries, Bimbo produces, distributes, and markets over 13,000 products, including well-known brands such as Sara Lee, Thomas‘, and Entenmann‘s to name a
Mexico
few, and has one of the world’s largest direct distribution networks, with 2.8 million points of sale, and more than 134,000 associates. Bimbo posted positive 2Q20 results, in our view, as the company
BBB / stable / Baa2 / stable experienced strong volume growth in North America. Net revenues declined 1.8% year-over-year in USD terms, but EBITDA increased 5.9% year-over-year, and profitability improved as the quarterly
EBITDA margin widened 100bps, from 12.2% in 2Q19 to 12.2% in 2Q20. Due to stronger operating cash flow generation, and a lower stock of financial obligations, which declined from USD 6.3bn in
March to USD 5.8bn in June, debt ratios improved. Leverage (total debt divided by 12-month trailing EBITDA) as of 30 June 2020, came in at 3x, down from 3.4x in both March and December 2019. In
terms of liquidity and refinancing risk, as of 30 June 2020, Bimbo reported USD 450mn in cash, USD 293mn in short-term debt and about USD 370mn in annual interest expense, while 12-month trailing
EBITDA generation was running at over USD 1.9bn. Owing to improved operating performance, pressure on credit ratings has eased. On 6 June 2020, S&P revised the outlook for Bimbo’s BBB rating from
Negative to Stable. Fitch rates the company BBB with Stable outlook since 11 June 2010. Moody's rates Bimbo Baa2 with Stable outlook since 9 September 2011.

Issuer descriptions
Industry, Country
Grupo Televisa Mexico's Grupo Televisa (Televisa) is a leading media company in the Spanish-speaking world, and an important cable and direct-to-home satellite pay-TV operator in Mexico. The company distributes the
content it produces through several broadcast channels in Mexico and in over 50 countries. In the US, Televisa's content is distributed through Univision Communications Inc. (Univision) the leading media
Mexico
company serving the Hispanic market. Televisa’s cable business offers integrated services, including video, high-speed data and voice services to residential and commercial customers. Televisa owns a
BBB+ / neg / Baa1 / neg majority interest in Sky, a leading direct-to-home satellite pay television system in Mexico. The company also has interests in magazine publishing and distribution, radio production and broadcasting,
professional sports and live entertainment, feature-film production and distribution, and gaming. Televisa posted relatively weak 2Q20 results, in our view as lower advertising revenue offset strength in
other segments. Net revenues and EBITDA declined 25.4% and 30.2% year-over-year in USD-terms, respectively, and the quarterly EBITDA margin tightened 240bps from 37.8% in 2Q19 to 35.4% in
1Q20. Leverage (total debt divided by 12-month trailing EBITDA), as of 30 June 2020 came in at 4.1x, up from 3.6x in March and 3.5x in December 2019. In terms of liquidity and refinancing risk, as of
30 June 2020, Televisa reported over USD 2.3bn in cash and equivalents, USD 91mn in short-term debt, and around USD 560mn in annual interest expense, while 12-month trailing EBITDA generation is
running at over USD 1.7bn. Among the risk factors we note the cyclical and seasonal nature of broadcast TV advertising, which accounted for approximately 13% of Televisa's net revenues in 2Q20,
reliance on government licenses and regulations, and recent changes in media and telecommunications laws in Mexico, which aim to incentivize competition. Since Televisa is the dominant player in the
sector, there is a risk that regulators could order the company to divest from certain assets, restrict the acquisition of content, or share infrastructure with other market participants. Non-compliance with
regulations could prevent Televisa from expanding into other sectors such as telephony. So far, regulators’ rulings have been far from damaging. Despite relatively sound fundamentals, pressure on credit
ratings has emerged compliments of greater policy risk in Mexico. On 27 March 2020, S&P revised the outlook for their BBB+ rating for Televisa to Negative from Stable following their downgrade of
Mexico to BBB, with Negative outlook on 26 March. On 20 May 2020, Moody’s revised the outlook for their Baa1 rating for Televisa to Negative from Stable following their downgrade on Mexico from
A3 to Baa1, with Negative outlook on 17 May. Fitch rates Televisa BBB+, with Stable outlook since 6 March 2008.
UBS credit view on senior bonds: green green Yellow Yellow UBS credit view on other cover types: n.a. n.a.
Guangzhou Metro Founded in 1992, GZ Metro (A1/NR/A+) is the city government's sole platform to develop and operate the metro system in Guangzhou, Guangdong province, China. The company is 100%owned by the
Guangzhou SASAC. As of June 2018, GZ Metro had 13 metro lines with 392km of total mileage and 344km of tracks under construction. In 1H18, it generated 55% of its revenue from metro fares,
China
followed by metro consulting services (21%), rental income (14%) and property development (10%).
GUANGZHOU R&F PROPERTIES Established in 1994, Guangzhou R&F is one of the largest developers in China in terms of sales. As of end-2018, it had a sizable landbank with an attributable gross floor area (GFA) of 58 million sqm
covering 96 cities in China (14%/40%/29% in tier-1/2/3 cities), and some overseas cities (17%).
China
UBS credit view on senior bonds: yellow yellow red n.a. UBS credit view on other cover types: n.a. n.a.
Guocoland Limited Incorporated in 1976, Guocoland Limited is a Singapore-listed investment company with 67.8% ownership by Guoco Group (73% owned by Hong Leong Group, one of the largest financial
conglomerates in Malaysia). The principal business activities of Guocoland include property development and management primarily in Singapore, China and Malaysia. The company's track record in
Singapore
Singapore is strong: over 9,000 apartments have been sold in the last 25 years.
UBS credit view on senior bonds: yellow yellow red red UBS credit view on other cover types: red red
HAIER GROUP Haier Group is a leading consumer electronics and household appliance manufacturer in China. It also offers logistics and distribution services and operates a financial services platform. It has a market
share of 10.2% based on the sales volume of major appliances, according to Euromonitor, making it the top-selling brand for eight consecutive years. Haier has two listed subsidiaries, Qingdao Haier
China
(listed on the Shanghai Stock Exchange, with a market cap of CNY 92bn as of 3 October), and Haier Electronics (listed on the Hong Kong Stock Exchange, with a market cap of HKD 52.7bn).

Issuer descriptions
Industry, Country
Haitong Int. Sec. Group LTD Haitong International Securities is 69.4% owned by Haitong Securities Co., Ltd. Established in 1973 and originally named Taifook Securities, Haitong International was acquired by Haitong Securities in
2009. Haitong International is the sole offshore platform for Haitong Securities, and has a strong business focus in Hong Kong. Brokerage and margin financing generated about 50% of revenue in 1H14
Hong Kong
and around 80% of the trading revenue was contributed by retail clients. Haitong Securities is China's second largest securities firm by revenue and net assets. The Shanghai municipal government is its
N/A / N/A largest shareholder, with a 24.6% effective stake and appoints key senior management. Established in 1988, it provides a comprehensive range of financial services and products covering 1) securities
and futures brokerage, 2) margin financing and securities lending, 3) investment banking, 4) asset management, 5) proprietary trading, and 6) direct investment.
Henderson Land Henderson Land (Henderson) is one of the largest property development and investment companies in Hong Kong. Its credit profile is well supported by its core investment property assets (valued at HKD
76bn) and interests in several businesses in Hong Kong (valued at HKD 53bn). Henderson generates about HKD 3bn of net rental income per year, which alone can cover its interest expense by 3.5 times.
Hong Kong
In addition to its core property business, the group holds 40% interest in Hong Kong and China Gas Co, a very stable utility company that generates HKD 6bn in operating cash flow annually.
HESTEEL GROUP CO., LTD Established in 2008 and wholly owned under the direct supervision of Hebei SASAC, Hesteel has grown into one of the leading steel producers in China. It offers a broad range of steel products that are
used in industries such as aerospace, automobile, railway, construction, etc. The company also engages in other activities that strengthen its core business, such as logistics, finance and machinery
China
manufacturing. In 1H16, Hesteel was the largest among the 25 state-owned enterprises (SOEs) under Hebei SASAC in terms of total assets.
Hong Kong and China Gas Founded in 1862, Hong Kong and China Gas (Towngas, A1/A+/NR) is primarily engaged in the production and distribution of gas in Hong Kong and mainland China. In Hong Kong, the company was the
city's first utility company and it is still the only piped-gas supplier, covering 1.9m households. In mainland China, the company, together with 67.1%-owned Towngas China (TCCL, Baa1/NR/NR), is
Hong Kong
mainly engaged in piped-gas distribution. In addition, Towngas is involved in new energy businesses, mainly in China. In 2018, the company generated 41% of EBITDA from its Hong Kong business, 49%
N.A. / n.a. / A3 / stable from mainland utilities, 8% from new energy, and 2% from others. Towngas (3 HK) has been listed on the Hong Kong Stock Exchange since 1999, with a current market cap of HKD 278bn. The company
is 41.5% owned by Henderson Land Development (12 HK, unrated).
UBS credit view on senior bonds: Green Green Yellow Yellow UBS credit view on other cover types: Green n.a.
Hongkong Land Hongkong Land Holdings Ltd (HKLH) is one of Asia's leading property investment, management and development groups. Founded in Hong Kong in 1889, the group owns and manages some 5mn
square feet of prime office and retail space in Hong Kong through its wholly owned subsidiary Hongkong Land Co (HKLC). The group also develops residential properties in Singapore. HKLH is listed on
Hong Kong
the London Stock Exchange, with secondary listings in Bermuda and Singapore. It is 50% owned by Jardine Strategic Holdings Ltd, and part of the Jardine Matheson Group.
UBS credit view on senior bonds: Green Green yellow yellow UBS credit view on other cover types: n.a. n.a.
HOUSING & DEV. BOARD The HDB is a statutory board and the sole provider of public housing in Singapore, where about 80% of its citizens and permanent residents live in public housing. It has a policy mandate from the
government to provide affordable housing, and achieves this via the sale and rental of residential flats. It also provides mortgage loans and subsidies to those who qualify.
Singapore
N.A. / n.a. / Aaa / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

Issuer descriptions
Industry, Country
HPCL-MITTAL ENERGY HPCL-Mittal Energy (HMEL) is a leading integrated refining and petrochemical company in India. The company owns and operates a petroleum refinery with a processing capacity of 9.0 million metric
tonnes per annum (mmtpa) in the Indian state of Punjab. It is a joint venture between Hindustan Petroleum Corporation Ltd (HPCL) and Mittal Energy Investments Pte Ltd (MEI), with each holding a 49%
India
stake. The remaining 2% is held by Indian financial institutions.
N.A. / n.a. / Ba3 / neg 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
HUARONG FINANCE CO LTD Huarong International, which is incorporated in Hong Kong is the primary offshore holding platform and investment and financing platform of Huarong Asset Management Company (HRAM). HRAM is
one of the four largest state-owned asset management company (AMC) in the People's Republic of China. HRAM is the largest amongst the four AMCs in terms of consolidated assets. HRAM is
China
headquartered in Beijing and its presence in China spans across 30 provinces with 30 branches and employs approximately 8,400 employees. The predecessor of HRAM was set up in 1999 by the
N.A. / n.a. / Baa1 / stable Ministry of Finance (MOF) with the goal of acquiring and disposing the non-performing assets from ICBC and other state-owned banks.
UBS credit view on senior bonds: Green YELLOW YELLOW Yellow UBS credit view on other cover types: Yellow Yellow
HUAWEI INV & HLDG CO LTD Huawei is a leading information and communications technology (ICT) solutions provider founded in 1987 with its headquarters in Shenzhen. The company is primarily engaged in carrier network,
enterprise and consumer businesses by providing telecom network equipment, IT products and solutions as well as smart devices to these three groups of customers in more than 170 countries and
China
regions, serving over one-third of the world's population. Huawei is a private company wholly-owned by its employees, including Chairman Ren Zhengfei. Huawei was ranked No. 228 among the Fortune
N/A / N/A Global 500 companies in 2015 and employs more than 170,000 people worldwide.
UBS credit view on senior bonds: Green Green Yellow yellow UBS credit view on other cover types: n.a. n.a.
Hungary The Hungarian economy is diversified, with a focus on manufacturing, and strong export potential. Trend GDP growth of 3.5–4% is mainly driven by strong household consumption, with a low
unemployment rate and investment in productive sectors supported by EU funds. As a small, open economy integrated with European value chains, Hungary is exposed to external shocks and global trade
Hungary
tensions. We expect a moderation of growth over the next few years given structural headwinds, including slower demand in Eurozone markets (particularly in the automotive sector), a range of non-cost
BBB / stable / Baa3 / pos competitiveness challenges (e.g., skills mismatches) and the likely reduction in EU financial support. But it should remain robust overall thanks to strong private consumption and EU-financed
infrastructure projects. The government debt burden (71% of GDP in 2018), ist short-term financing requirements (21%), and total external debt (above 90% of GDP), are all elevated for a BBB rated
country. Combined with pro-cyclical domestic fiscal and monetary policies of late, this exposes Hungary to deteriorating global liquidity conditions. But government and external debt ratios have dropped
in recent years, a trend we expect to continue as authorities remain committed to gradual fiscal consolidation and a reduction of external and government debt and liquidity risks. Robust nominal GDP
growth will be needed to achieve those objectives. On the political front, the EU accession process since 2004 has supported institutional capacity improvements. Recent government actions, such as the
establishment of a National Competitiveness Council, go in that direction. But perceptions of institutional independence have worsened under the rule of the conservative-nationalist ruling party Fidesz,
which remains a source of tension with the EU. We see risks as balanced and assign a stable outlook to Hungary.
HYFLUX LIMITED Hyflux Limited is a fully-integrated water and power solutions company which provides products and services in the areas of seawater desalination, water recycling, wastewater treatment and potable
water treatment. It has developed several proprietary membrane technologies which have been installed in more than 400 locations worldwide. 70.2% of its non-current assets are located in Singapore.
Singapore

UBS credit view on senior bonds: red red red n.a. UBS credit view on other cover types: red red

Issuer descriptions
Industry, Country
Hysan Development Company Limited With over 95 years of history, Hysan Development (A3/BBB+, both stable) is a Hong Kong commercial landlord with a portfolio of nine retail/office assets and one residential asset. Its portfolio is
concentrated in Causeway Bay, the city's prime retail hub. Key contributors include the Lee Garden cluster, as well as Hysan Place. At the end of 2019, the portfolio totaled 4.5mn sqft and was valued at
Hong Kong
HKD 79bn. Beyond the rental properties, it also has one for-sale luxury residential project in Tai Po under construction. Outside of Hong Kong, Hysan has a 24.7% stake in Shanghai Grand Gateway, a
N.A. / n.a. / A3 / stable commercial complex. The company has been listed in Hong Kong since 1981 and was 41.49% owned by the founding Lee family at end-2019.
UBS credit view on senior bonds: Green Green Green n.a. UBS credit view on other cover types: Yellow Yellow
ICBC FIN. LEASING CO. LTD ICBC Financial Leasing was founded in 2007 and was designated by State Council as the first bank-affiliated financial leasing company in China. The company is primarily engaged in three leasing
segments: aircraft, shipping leasing and equipment or machinery. By 2015, the company was the largest leasing company by assets in China, with total assets of CNY 184.4bn. ICBC Financial Leasing is
China
one of the 40 financial leasing companies that were regulated by the China Banking Regulatory Commission (CBRC).
UBS credit view on senior bonds: Green Yellow Yellow yellow UBS credit view on other cover types: n.a. n.a.
ICICI Bank ICICI Bank is the 2nd largest bank in India by assets, with 2,791 branches. The bank has traditionally been focused on the retail front, but has grown its corporate book over the past 10 years. In
addition, the Group also has a large presence in the international lending, domestic investment banking, asset management and insurance businesses.
India
UBS credit view on senior bonds: yellow yellow yellow yellow UBS credit view on other cover types: yellow yellow
INDONESIA EXIMBANK Indonesia EximBank (IEB) is a quasi-sovereign with a clear policy mandate of providing credit for the export industry. It was established under the Act of the Republic of Indonesia No. 2 Year 2009 and is
wholly owned by the Indonesian government via the Ministry of Finance (MOF).
Indonesia
BBB / neg / Baa2 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
Industr & Commercial Bank of China Ltd Industrial and Commercial Bank of China Limited the largest bank in China by assets, with domestic loan and deposit market shares of 12% and 13%, respectively, as of end-2015. ICBC is also regarded
as one of the five systemically important domestic banks in China. ICBC is a universal bank offering comprehensive banking services including commercial and investment banking, insurance, direct
China
investment and wealth management, trade finance, and leasing. China's Ministry of Finance (MoF) and largest sovereign-wealth fund, China Investment Corporation, are ICBC's two largest shareholders,
A / stable / N.A. / stable with a combined stake of 69.3% as of 2015-end.
UBS credit view on senior bonds: Green Green yellow yellow UBS credit view on other cover types: Yellow n.a.
Industrial Bank of Korea Industrial Bank of Korea (IBK) is one of South Korea's largest policy banks, with a mandate to support the growth of the small to medium-sized enterprises (SME) sector. It was established under the IBK
Act, which stipulates the Korean government's obligation to replenish any deficit if IBK's reserves prove insufficient to absorb losses. The bank was established in 1961 and currently has 637 branches.
Korea
Total assets are KRW 173 trillion (the fourth largest in Korea), with more than half of that in SME loans. IBK is 65.1% owned by the government of Korea.
AA- / stable / Aa2 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

Issuer descriptions
Industry, Country
Industrias Penoles SA de CV
Mexico
BBB / stable / N.A. / n.a. 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
INT CONTAINER TERMINAL International Container Terminal Services Inc. (ICTSI) is an international operator of container terminals serving the global shipping industry. It operates terminals through long-term concession
agreements with local port authorities and governments. The company operates a total of 29 terminals in three geographic regions – Asia, the Americas and EMEA. The three regions accounted for 49%,
Philippines
41% and 10% of revenues, respectively, in 9m14.
UBS credit view on senior bonds: yellow yellow yellow Yellow UBS credit view on other cover types: yellow yellow
INVESTMENT CORP OF DUBAI The Investment Corporation of Dubai (ICD) is the principal investment arm of the government of Dubai. The issuer's external debt is not guaranteed by the government, but we think it is likely to receive
state support, in case of need, given its 100% public ownership and close government links. ICD does not have a credit rating. We consider the entity as a low rated investment grade issuer, with a Stable
UAE
credit outlook. Key credit strengths include: ICD's high-quality portfolio, diversified across sectors, which generates strong earnings and dividends and enables the group to cover interest payments
Isbank Isbank is the largest privately-owned bank in Turkey. Isbank pension fund owns a 37.52% stake in the bank, acting on behalf of current and retired employees of the bank. Ataturk shares stand at
28.09% and the rest is free float. The Republican People's Party (CHP) is a testamentary heir to the shares initially held by Ataturk, who founded Isbank. CHP has voting rights on its shares, but does not
Turkey
receive dividends on them, which are paid to two non-profit organizations, as per Ataturk's will. The bank's ownership structure requires close monitoring, following several calls by President Recep
B+ / neg / B3 / neg Erdogan to transfer CHP's 28% stake to the Treasury. The bank provides banking services to retail and corporate customers, as well as to the public sector. The bank is facing a relatively challenging
operating environment domestically.
Islamic Development Bank IDB was established in 1975. It is a multilateral development bank based in Jeddah, Saudi Arabia, which was created by the Organization of Islamic Cooperation. It provides financial and technical
assistance to member states and Muslim communities in non-member countries in accordance with Islamic principles. Its membership consists of 57 emerging economies from Africa, the Middle East ,
Saudi Arabia
Asia and Europe and Latin America. Saudi Arabia holds about one-quarter of the total voting rights, followed by Libya, Iran, Nigeria, the UAE, Qatar, Egypt, Kuwait and Turkey (between 5% and 10%
N.A. / n.a. / Aaa / stable each). The bank is part of IDB Group, which comprises four other entities undertaking a variety of complementary development assistance activities. It is financed through ordinary capital resources and
affiliated entities and trust funds not consolidated in the bank's accounts.
UBS credit view on senior bonds: Green Green Green Green UBS credit view on other cover types: n.a. n.a.
ISRAEL ELECTRIC CORPORATION Israel Electric Corporation Limited (IEC) is the sole vertically integrated electric utility company in Israel. EIC is 99.85% state owned. It serves almost 3 million residential and commercial customers in
Israel, where it produces about three quarters of the country’s electricity generation and has a monopoly in electricity transmission and distribution. The State of Israel has consistently shown strong
Israel
support for IEC, and we expect this support to continue as IEC is of strategic importance to Israel and the country's energy security, especially in light of the geopolitical situation in the Middle East. We do
BBB / stable / Baa2 / pos not believe that a reform in the electricity sector would hurt the financial stability of the company. It could even have long term benefits. Furthermore, IPO plans, which were previously considered for
2018, are no longer on the table. High leverage and weak liquidity continues at EIC. 1H17 results also came under pressure amid rising fuel costs and investments in electricity networks. That said, we
assign an improving credit outlook to the issuer. In recent years, the company has been able to significantly reduce debt and leverage, improve its regulatory framework, and boost profitability, in part due
to significant headcount reductions. Key risks to monitor include potential renewed disruptive employee actions, reduced linkage to the state and a reversal in leverage trends.

Issuer descriptions
Industry, Country
Itau-Unibanco Itau-Unibanco (Itau) is the largest bank in Brazil by market capitalization. Itau is involved in commercial banking, consumer credit, and is active in corporate and investment banking via subsidiary Itau-
BBA. In addition, Itau offers insurance services, pension plans, asset management, and diverse credit products and services to individuals and small- and middle-market companies. Key credit metrics for
Brazil
Itau as of 30 June 2020 include an efficiency ratio of 44.7%, past due loans (PDL) as a percentage of total loans of 2.2%, a PDL coverage ratio in excess of 275%, and a BIS ratio of 13.5%, of which
N.A. / n.a. / Ba3 / stable 12.1% is Tier I. Despite its strengths, Itau is not immune to dynamics at the underlying sovereign level. On 10 April 2018, Moody's revised the outlook for its Ba3 senior unsecured debt rating for Itau to
Stable from Negative, following a similar rating action for Brazil on 9 April 2018. On 7 April 2020, S&P revised the outlook for their BB- rating for Itau to Stable from Positive following an identical rating
action on the sovereign on 6 April. On 8 May 2020, Fitch revised the outlook for Itau's BB rating to Negative from Stable following a similar action on Brazil on 6 May.
UBS credit view on senior bonds: green yellow yellow red UBS credit view on other cover types: yellow n.a.
JG SUMMIT JG Summit Holdings (JGS) is one of the Philippines' largest conglomerates. It is a holding company with a range of diversified businesses, including food and beverage (Universal Robina Corp), airlines
(Cebu Air), real estate (Robinsons Land Corp and United Industrial Corp), petrochemicals, telecommunications, electricity and finance. As of 26 February 2016, its market capitalization of PHP 587.4bn
Philippines
(USD 12.5bn) ranked it amongst the country's top five largest listed companies. The Gokongwei family and the Gokongwei Foundation effectively own about 71% of the company.
Jollibee Foods Corporation Jollibee Foods Corporation (JFC) is the largest restaurant group based in the Philippines. In recent years, it has been expanding its operations overseas, primarily via acquisitions. Its main operations
consist of a diversified portfolio of fast casual brands that have expanded beyond the main Jollibee brand (fried chicken) to restaurant chains such as Greenwich (Italian), Tim Ho Wan (Chinese) and Coffee
Philippines
Bean & Tea Leaf (cafes). JFC was founded in 1975 by Tony Tan Caktiong, who continues to be the main shareholder through direct and indirect shareholdings.
UBS credit view on senior bonds: yellow yellow yellow yellow UBS credit view on other cover types: yellow yellow
KEB Hana Bank Hana Bank (HB) was founded in 1971 as a short-term finance and investment company, but was subsequently converted into a commercial bank in 1991. Several acquisitions allowed the bank to attain
its position as the fourth-largest bank in Korea, with a market share of about 9% in terms of assets. In 2005, the holding company Hana Financial Group (HFG) was formed, and is now the third-largest
Korea
banking group as a result of its strong franchise. HB is wholly owned by HFG, and accounts for more than 90% of group's profit.
A+ / stable / A1 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: green green yellow n.a. UBS credit view on other cover types: yellow n.a.
Keppel Corp Incorporated in 1968, Keppel Corp Ltd (Keppel) is a Singapore-based multinational conglomerate. Its core businesses include offshore and marine, property and infrastructure. It has a leading market
position in the offshore and marine segment through its wholly owned subsidiary Keppel FELs, which is the largest contributor to group earnings (approximately 70% of net profit). The Singapore
Singapore
government through its investment arm, Temasek Holdings (AAA/Stable), has maintained its significant ownership in Keppel over the years, currently at 21%.
KEPPEL LAND LTD Keppel Land (KPL) is the property arm of Keppel Corporation, one of Singapore's largest conglomerates with key businesses in offshore marine, property as well as infrastructure. KPL, with a focus on
property sales and investment, was privatized and delisted from the Singapore Stock Exchange on 16 July 2015 following Keppel Corp's cash offer for the remaining shares in KPL it did not own. Temasek
Singapore
Holdings is the single largest stakeholder of Keppel Corp, with 21% ownership.

Issuer descriptions
Industry, Country
KINGDOM OF BAHRAIN Bahrain is the smallest oil producer and the smallest economy in the GCC. The kingdom has a diversified and dynamic economy compared to its regional peers, as reflected by still-robust, albeit slowing,
growth dynamics in the non-oil sector. It also has a very high per capita income. Bahrain's credit profile is, however, weak overall due to persistent fiscal deterioration, which started with the global
Bahrain
financial crisis and continued with the Arab Spring in 2011 and the structural drop in energy prices since 2014. The government debt-to-GDP ratio has more than doubled since 2014 and is set to hit
B+ / stable / B2 / stable 102% in 2019. Government and external liquidity risks are also elevated given its very high borrowing requirements and low foreign exchange reserves, and the country is exposed to some degree of
domestic political and geopolitical risks. Despite those challenges, we assign a stable outlook to Bahrain. The country enjoys strong political and financial support from its GCC neighbors, from which it
received a USD 10bn (26% of 2018 estimated GDP) financial assistance package in October 2018. Since then, fiscal reforms have picked up, with for instance spending cuts as well as the introduction of
a value-added tax and a voluntary retirement scheme. The fiscal deficit shrank by 38% y/y in 1H19, and Bahrain was able to successfully come back to the Eurobond market. A more rapid and significant
fiscal consolidation is, however, needed to set the government’s debt burden on a stable or declining path. Fiscal reforms, disbursements of GCC support, foreign exchange buffers, geopolitical tensions in
the region and global conditions are key factors to watch.
KINGDOM OF MOROCCO Other than Botswana, Morocco is the only investment grade African sovereign with Eurobonds outstanding. Its credit profile is constrained by its relatively low wealth levels, structural rigidities, such as in
the labor market, and a high government debt burden (around 65% of GDP). Growth potential of 3.5–4% is relatively solid, and above the 1.5% population growth rate, but it is exposed to a volatile
Morocco
agricultural growth pattern and the euro area business cycle. Government debt is sustainable, in our view, given the moderate interest burden (less than 10% of government revenue), the relatively low
BBB- / neg / Ba1 / stable foreign-currency exposure (at about 20%), and good access to relatively deep domestic capital markets. The economy is also gradually diversifying into higher value-added manufactured export products
in the automotive and aeronautics sectors, which supports the buildup of foreign exchange reserves (five months of imports). The coherent macroeconomic policies and fiscal reforms implemented over
the past few years, the return of Morocco to the African Union in 2017 and its participation in the African Continental Free Trade Area, and its track record of political stability in comparison to its
regional peers (despite sporadic social protests) also helped Morocco become an attractive investment destination in Africa. The stable outlook we assign to Morocco reflects our view that the modest
ongoing fiscal consolidation should gradually reduce the government debt burden to 60% of GDP in 2024 (IMF forecast). It should, however, remain above its BBB peers, thus limiting the government’s
capacity to absorb shocks. Economic diversification and continued expansion in renewable energies should also strengthen growth and economic resilience, while enhancing access to foreign exchange
and limiting dependence on oil imports.
KINGDOM OF SAUDI ARABIA Saudi Arabia's creditworthiness is supported by the government's robust balance sheet, substantial external buffers, and a well-capitalized banking sector. At the end of 2018, sovereign debt and foreign
assets (central bank reserves and sovereign wealth fund holdings) accounted for less than 20% and more than 90% of GDP, respectively. The country also has substantial proven oil reserves, which at the
Saudi Arabia
current rate of production would last more than 60 years, according to BP. On the negative side, oil accounts for about one-third of GDP and 80% of total exports. This makes public finances and the
A-u / stable / A1 / neg economy vulnerable to declines in oil prices, particularly due to a rigid spending structure. The country's lower economic growth and a still-large fiscal deficit demonstrate this. Regional geopolitical
tensions remain an important risk, as reflected by the attacks on Aramco's oil facilities, and socioeconomic challenges posed by high unemployment and rapid population growth are other risks to watch.
We assign a stable outlook to Saudi Arabia as we think the risks are balanced. Ongoing reforms to capital markets, public finances, the legal framework, the business environment, and the SME sector are
starting to yield positive results, as highlighted by the IMF. In turn, this could enhance competitiveness and raise long-term potential growth as well as help achieve a balanced budget by 2023, in line
with the government's target, although it will be difficult to fully achieve this objective, in our view. But social pressures or geopolitical events could slow or reverse the reform progress. Key factors to
monitor are fiscal consolidation, economic reforms, oil market dynamics, and geopolitics. Aramco's upcoming partial IPO also needs to be watched as it could have positive credit implications, if successful.


Issuer descriptions
Industry, Country
KINROSS GOLD CORP Kinross is a Canadian gold producer operating eight mines globally, with large operations in the US, Russia and Brazil. With an annual gold production of 2.5 Moz in 2018 the company enjoys a good
scale. Its BBB- composite rating is underpinned by a reserve life at about 10 years, moderate financial leverage (1.5x net debt/EBITDA), robust liquidity (with cash on hand of USD 1.9bn and no debt
Canada
maturities prior to 2021), and a track record of conservative financial policies (assets sold, dividend eliminated, equity raised, debt paid down, strong liquidity maintained). Kinross's credit profile is
BBB- / stable / Baa3 / stable constrained by a concentration of cash flow on Russian mines, the geopolitical risk of its Tasiast mine in Mauritania (where on the Phase Two project is on hold for now), and higher operating cash costs
compared to peers. Recent investments (e.g., completion of Tasiast Phase One) and the completion of near-term projects (e.g., acquisition of two hydroelectric plants in Brazil) may however improve the
company's cost position. Leverage may increase this year on high capex (guidance at USD 1.1, close to last year's level), which will help keep production from falling materially in the medium term. But
we expect Kinross to maintain its conservative financial policies as it advances its pipeline of lower-risk brownfield projects, mostly in the Americas, hence our stable outlook.
Klabin S.A. Klabin is the largest producer, recycler, and exporter of packaging paper in Brazil, and one of the largest integrated paper producers in Latin America, based on an installed capacity to produce 3.5 million
tons of products annually as of December 2019. In addition, Klabin is the only Brazilian company that simultaneously sells hardwood pulp (eucalyptus), softwood pulp (pine), and fluff pulp. The coated
Brazil
boards it manufactures are used in the production of cardboard packaging for consumer products in a wide range of sectors, including natural and processed foods, electronics, sanitation and cleaning
N.A. / n.a. / N.A. / n.a. products, canned and bottled beverages, to name a few. The company also produces industrial bags primarily for use in civil construction (bagged cement, lime, and clay), as well as for the packaging of
seeds, chemical products, animal feed, and minerals. Klabin's principal source of wood is its own forests. Klabin posted relatively positive 2Q20 results, as the company benefitted from strong demand for
paper products and container boards, and cost discipline, partly offset by a weaker BRL. Net revenues declined 17.2% year-over-year in USD terms, but EBITDA increased 1.4% year-over-year, and
profitability improved, as the quarterly EBITDA margin widened 830bps from 36.8% in 2Q19 to 45.1% in 2Q20. Despite stronger operating cash generation, debt ratios deteriorated as the company took
in additional debt to fund expansion projects. Leverage (total debt divided by 12-month trailing EBITDA), as 30 June 2020 came in at 5.3x, up from 5x in March, although the ratio remained below 5.5x
in December 2019. In terms of liquidity and refinancing risk, as of 30 June 2020, Klabin reported a little over USD 1.8bn in cash, USD 123mn in short-term debt, and about USD 880mn in annual interest
expense while 12-month trailing EBITDA was running at almost USD 1.1bn. In addition, we note that Klabin’s total liquidity position of approximately USD 2.3bn (USD 1.8bn in cash plus USD 500mn in
available revolving facilities) covers debt maturities through 2025. Credit ratings look relatively stable. S&P rates Klabin BB+, with Stable outlook since 29 June 2016. Fitch rates Klabin BB+, with Stable
Outlook since 16 May 2017.
Kookmin Bank Kookmin Bank (KB) is the largest commercial bank in Korea. The bank was established in 1963 by the government as the Citizen National Bank to support consumers and small businesses. It was
subsequently privatized in 1995. KB Financial Group was formed in 2008 as the holding parent of KB and other financial services subsidiaries, forming the largest financial services group in Korea. KB is
Korea
wholly owned by KB Financial Group, and contributes the bulk of earnings and assets.
A+ / stable / Aa3 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: green green Green yellow UBS credit view on other cover types: n.a. n.a.
Korea Development Bank Korea Development Bank (KDB) extends medium- to long-term facilities to large Korean corporations in support of the government's industrial policy objectives. Currently, the Korean government owns
100% of KDB through direct and indirect ownership and the government has a legal obligation to maintain the bank’s solvency. While the government has announced a longer-term plan to privatize KDB
Korea
in the next few years, it is very likely to provide explicit guarantees to KDB's existing long-term foreign currency debt. We regard KDB as a solid issuer that can add stability to an emerging market bond
AA / stable / Aa2 / stable portfolio through its 'A1' rating but, accordingly, yields are comparably lower.
KUNLUN ENERGY Kunlun Energy is a flagship platform for PetroChina's mid and downstream natural gas business. PetroChina's parent China National Petroleum Corporation (CNPC), which is fully owned by the central
State-owned Assets Supervision and Adminstration Commission and accounts for 70% of the national natural gas supply, is the largest oil and gas producer and supplier based on production and sales
China
volumes in China. The company is focused on gas transmission, liquefied petroleum gas (LPG) processing and storage, and retail gas sales. It also has a few legacy explorations & production (E&P)
A / stable / A2 / stable projects across the region. As of end-FY14, CNPC and PetroChina collectively owned 61.7% of Kunlun Energy.

Issuer descriptions
Industry, Country
KWG PROPERTY Established in 1995, KWG is one of the leading property developers focusing on premium quality developments in its home base of Guangzhou, the capital of Guangdong province in China. The company
offers a balanced product portfolio that includes mid- and high-end residential projects, Grade A office buildings, and hotels. The company has a strong presence in Guangzhou, which is one of China's
Hong Kong
four Tier 1 cities and represented 23% of KWG's contract sales in 2018. Other than Guangzhou, the company also has presence in Chinese cities including Hangzhou, Suzhou, and Tianijn. The company
B+ / neg / B2 / stable was listed on the Hong Kong Stock Exchange in July 2007. Its chairman, Kong Jian Min, and his family held a stake of about 62.2% in the company as of June 2018.
LENOVO GROUP LTD Listed on the Hong Kong stock exchange in 1994, Lenovo is the largest computer vendor in the world since its acquisition of IBM's personal computing (PC) department in May 2005. Lenovo gained
global smartphone and data center businesses through the acquisition of Motorola Mobility and IBM System X (including server hardware and related maintenance services) in 2014. Its largest
China
shareholder is Legend Holdings, with a 31.5% stake in the company.
UBS credit view on senior bonds: yellow yellow Red Red UBS credit view on other cover types: Red Red
LINK REIT Listed in Hong Kong since 2005, Link REIT (823 HK) was the first real estate investment trust (REIT) in Hong Kong. The company was formed as part of the Hong Kong government's divestment of its
retail assets situated in public housing estates. As of March 2018, the company owned 138 assets in Hong Kong, which includes 9m sqft in retail space and 61,000 car park spaces. In mainland China, it
Hong Kong
owns three commercial assets in Shanghai, Beijing and Guangzhou, with a total gross floor area (GFA) of 3m sqft. The company's book value of its portfolio was HKD 203bn as of March, with 91% in
N.A. / n.a. / A2 / stable Hong Kong and 9% in China. The company had a market cap of HKD 155bn (USD 20bn) as of 3 July 2018.
LIPPO KARAWACI Lippo Karawaci is a leading diversified property company in Indonesia, developing residential, commercial, retail, and light industrial properties across the country. As well as being involved in urban
development, Lippo has a strong presence in healthcare, providing quality hospital services to Indonesia's growing population. Its hotel properties under the Aryaduta brand add synergy to the group's
Indonesia
other developments. Lippo has established a strong track record of monetizing its property assets into sponsored REITs, through which it continues to manage the assets and receive fees and dividend
N.A. / n.a. / B3 / stable income. Lippo Group, a leading diversified Indonesian conglomerate founded by the Riady family, owns 25% of the company.
LIPPO MALLS INDONESIA RETAIL TRUST Lippo Malls Indonesia Retail Trust (LMIRT) is an Indonesia-focused REIT listed in Singapore since 2007. It was established mainly to own and invest in a diversified portfolio of income-producing real
estate in Indonesia, used primarily for retail or retail-related purposes. The key sponsor, which owns a 30.3% stake in LMIRT, is Lippo Karawaci, Indonesia's leading property conglomerate. The manager,
Indonesia
LMIRT Management, is wholly owned by the sponsor. LMIRT benefits from the first right of refusal to acquire quality assets from the sponsor, and has grown its portfolio from seven to 16 retail malls and
N.A. / n.a. / B1 *- / n.a. seven retail strata spaces (retail spaces located in other malls), hence securing its status as one of the largest mall owners and operators in Indonesia.
UBS credit view on senior bonds: Yellow Yellow Yellow n.a. UBS credit view on other cover types: Yellow Yellow
LOGAN PROPERTY HOLDINGS Established in 1996 in Shantou, Guangdong province, Logan evolved from a small residential developer in the mass market to an established developer in both Shantou and Shenzhen, its current base. In
2018, the company achieved CNY 44bn in revenue, up 59% y/y. Separately, the company recorded CNY 72bn in sales in 2018, of which the Shenzhen region contributed the most with a 34.4% share.
China
As of end 2018, the company had a land bank of 36 million sqm in gross floor area (GFA), with 62% in the Guangdong-Hong Kong- Macao Greater Bay Area (GBA) and the rest mostly in Nanning and
BB / stable / B1 / pos Shantou.
UBS credit view on senior bonds: Yellow Yellow Yellow Red UBS credit view on other cover types: n.a. Yellow

Issuer descriptions
Industry, Country
Longfor Properties Longfor Properties Company Ltd (Longfor) is one of the leading developers in China's residential and commercial property development sector. Founded in 1994, the company began its business in
Chongqing and has since established a solid brand name in the municipality. It had an attributable land bank of 45.6 million square meters in gross floor area (GFA) as of December 2018, and currently
China
spans 47 cities in five major regions in China. Longfor's credit strengths include its strong sales execution through business cycles, strong brand name and established operating track record.
BBB / stable / Baa2 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
LTA The LTA was established in 1995 and is responsible for the planning, operating and maintenance of Singapore's land transport infrastructure and systems, including the Mass Rapid Transit (MRT), bus
services, taxis, all roads and expressways.
Singapore

Lukoil Lukoil is a leading privately owned oil and gas major, with assets in Russia and internationally. Lukoil’s key credit strength is its strong market position in Russia as one of the leading oil and gas
producers. In September 2014, the EU restricted exports of certain energy related equipment and technology to Russia, particularly for deep water, arctic and shale oil exploration and production. The US
Russia
prohibited the export of goods, services, and technology for exploration and production of Russia's deep water oil, arctic offshore oil or shale oil projects to Lukoil among other Russian companies. We see
N.A. / n.a. / Baa2 / stable these sanctions potentially affecting hydrocarbon producers' long-term growth strategy.
Malayan Banking Berhad Malayan Banking Berhad (Maybank, A3/A-) is a dominant bank in Malaysia and the largest company listed in terms of market capitalization. The bank has built up a strong domestic franchise since
incorporation in the 1960s, and it has maintained its leading market position, commanding about 20% market share in terms of both loans and deposits. Maybank has also grown its regional presence
Malaysia
over the years far more than its peers. Altogether, this has garnered strong support not only from its key state-owned shareholders (60% ownership), but also from both the local and international capital
A- / neg / A3 / stable markets. On the back of its strong track record of calling back bonds, we advise investors to go down the capital structure for a good yield pick-up versus senior bonds.
UBS credit view on senior bonds: green green yellow yellow UBS credit view on other cover types: yellow yellow
MAPLETREE INDUSTR TRUST Mapletree Industrial Trust (MINT) has a portfolio of 84 properties in Singapore that include flatted factories, hi-tech buildings, business park buildings, and other light industrial buildings, valued at SGD
3.4bn as of 31 December 2015. Listed on the Singapore Stock Exchange, it is 34%-owned by Mapletree Investments Private Limited, which is a wholly-owned subsidiary of Temasek Holdings.
Singapore
Mapletree Investments Mapletree Investments Pte Ltd is 100%-owned by Temasek Holdings (Private) Limited. It manages four Singapore-listed REITs and several real estate funds. It manages properties in retail, office, logistics,
industrial, residential, serviced apartments and mixed-used properties across seven countries in Asia, as well as Australia, Europe and the US.
Singapore

UBS credit view on senior bonds: green yellow yellow Yellow UBS credit view on other cover types: yellow yellow

Issuer descriptions
Industry, Country
Mapletree Logistics Trust Mapletree Logistics Trust (MLT) is a REIT which invests in logistics and distribution spaces, through a portfolio of 141 properties across eight Asian countries. Listed on the Singapore Stock Exchange, it is
33%-owned by Mapletree Investments Private Limited, which is a wholly-owned subsidiary of Temasek Holdings.
Singapore
UBS credit view on senior bonds: n.a. n.a. n.a. n.a. UBS credit view on other cover types: yellow yellow
MEDCO ENERGI Medco Energi (Medco) is the largest listed upstream oil & gas company in Indonesia. The company also owns an 88% stake in Medco Power Indonesia (MPI), an independent power producer in the
country. Additionally, the company owns a 41% stake in Amman Meneral Nusa Tenggara, a copper and gold miner, which is not consolidated into its financials. The Panigoro family controls a combined
Indonesia
share of 50.8% of Medco.
N.A. / n.a. / B1 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: red red red Red UBS credit view on other cover types: n.a. n.a.
Melco Resorts Finance MCE was established in March 2005 as a 50:50 joint venture between Macau's Melco Group and Australia's Publishing and Broadcasting. Melco uses it as its exclusive vehicle for casino, gaming
machines, and casino hotels in Macau. MCE currently holds one of the six gaming concession rights in Macau. In 2014, MCE had around 12% market share in Macau's total gaming revenue and City of
Macao S.A.R., China
Dreams was its flagship casino resort. In October 2015, MCE opened its second flagship property, Studio City, aimed at the mass market segment.
MINMETALS LAND Minmetals Land (MML) is a state-owned developer controlled by China Minmetals Corporation (CMC, Baa1/BBB+/BBB+ by Moody's /S&P/Fitch). CMC is primarily engaged in engineering and
construction (37% of gross profit), metals and mining (39%) and real estate (17%). The real estate segment is conducted primarily via two subsidiaries, MML and MCC Real Estate (a private subsidiary).
China
MML is listed in the Hong Kong stock exchange, with a market cap of HKD 3.3bn (USD 0.4bn). Formerly Laws Property (230 HK), the company was acquired by CMC in 2003 and was renamed Minmetals
N/A / N/A Land in 2007. Between 2008 and 2010, CMC injected HKD 3.5bn of assets to support MML's expansion. The company achieved CNY 6.8bn in sales in 2018 (-15% y/y), and targets CNY 10bn in sales in
2019. Still, MML remains a small subsidiary of CMC – it accounted for only 2%/7%/5% of CMC's total revenue/EBITDA/assets in 2017. As of end-2018, MML had a land bank of 4.6m square meters
(sqm) in gross floor area (GFA) (83% attributable) across 11 cities, led by Nanjing (19%), Langfang (21%), Huizhou (30%) and Wuhan (8%). The company also has a residential project in Yau Tong,
Hong Kong. Separately, MML holds two office buildings in Hong Kong worth HKD 2.2bn.

Issuer descriptions
Industry, Country
MINSUR S.A Minsur S.A. (Minsur), a leading Peruvian mining company, and one of the world's largest integrated producers of tin. The company produces refined tin in Peru and Brazil, gold in Peru, and ferroniobium
and tantalum alloy as by-products in Brazil. In addition, Minsur owns concession rights to a large project in Peru with significant copper content, and a controlling stake in Melón S.A. (Melón), Chile's
Peru
leading cement and aggregates producer. Core tin operations in Peru consist of the flagship San Rafael underground mine located in the department of Puno, and the Pisco smelter and refinery plant
BB+ / stable / Ba3 / neg located in the department of Ica. San Rafael is one of the largest and richest ore grade tin mines in the world. The Pisco plant has the capacity to process up to 72,000 metric tons of concentrate per year,
and refines all the ore mined at San Rafael, allowing Minsur to sell higher-value-added products. The tin business in Brazil is held via subsidiary Mineração Taboca, which operates the Pitinga mine and
the Pirapora smelter and refinery plant. The Pitinga mine is located in the state of Amazonas, the Pirapora plant is in the state of São Paulo. Production of gold in Peru began in 2013 at the Pucamarca
mine as part of Minsur's strategy to diversify its product mix. Pucamarca is an open-pit mine located in the department of Tacna, near the border with neighboring Chile. We view Minsur as a stable
credit. Minsur posted weak 2Q20 results mainly due to the COVID-19-related stoppage of operations by the government-ordered national quarantine in Peru and preventive stoppages in Brazil. Refined
tin, gold and ferroalloys production declined 36%, 29%, and 16% year-over-year, respectively. Net revenues and EBITDA declined 44.9% and 35.7% year-over-year, respectively, but profitability
improved as the quarterly EBITDA margin widened 570bps from 34.1% in 2Q19 to 39.8% in 2Q20. Leverage (total debt divided by 12-month trailing EBITDA) as of 30 June 2020 came in at 6.4x, up
from 5.7x in March, and 4.6x in December 2019, as the company took in additional debt to fund expansion projects. Although rising leverage is a potential source of concern, we note that Minsur’s
balance sheet remains liquid, and refinancing risk continues to look relatively low. As of 30 June 2020, Minsur reported approximately USD 362mn in cash, USD 137mn in short-term debt, and around
USD 85mn in annual interest expense, while 12-month trailing EBITDA was running at over USD 210mn. Despite relatively sound fundamentals, most recent credit ratings actions have been on the
negative side as the rating agencies anticipate some weakening in credit metrics in light of a new capex cycle. On 25 May 2018, Fitch affirmed Minsur's BBB-, but revised the outlook from Stable to
Negative on their view that credit metrics will weaken on the back of expansion projects. On 23 March 2020, S&P placed their BBB- rating for Minsur under review for downgrade. On 1 April 2020,
Moody's affirmed their Ba3 rating for Minsur, but revised the outlook to Negative from Stable on the impact of COVID-19.
Mobile Telesystems MTS is the largest mobile operator in Russia, and a leading operator in the CIS region, with a large-scale presence in Ukraine, Armenia and Belarus. It operates wireless and fixed-line telephony, as well as
broadband and pay TV. The company covers over 100 million mobile subscribers and about 9 million fixed-line customers. A diversified holding company, Sistema, holds an over 50% stake in MTS.MTS
Russia
has a sound credit profile with a strong EBITDA margin, which is supported by its solid positon in key markets Russia and Ukraine. In Russia, MTS faces a saturated mobile market, which limits the
N.A. / n.a. / Baa3 / n.a. opporutnities for subscriber growth. The company's rating is linked to that of its shareholder Sistema, with a rating action on Sistema likely to affect the ratings of its subsidiaries. The company is facing
regulatory headwinds in Russia, as the Yarovaya Law, which imposes significant data storage requirements, came into effect on 1 July 2018. This is likely to put upward pressure on the company's capex.
We monitor the macro backdrop, local currency dynamics, the regulatory environment, MTS's shareholder distributions, and sanctions risks.
Mong Duong 2 Vietnamese independent power producer (IPP) Mong Duong 2 (MD2) holds a 25-year concession to operate a 1,120MW aggregate capacity coal-fired power plant located 220km east of the capital
Hanoi in Quang Ninh province. The plant is one of Vietnam's first independent power producers and its largest private-sector project to date. The project was developed under the country's build-
Vietnam
operatetransfer (BOT) framework, with the foreign investor building and operating the project (for 25 years in this case) and transferring it to the government. It commenced commercial operations in
N.A. / n.a. / Ba3 / neg 2015. US-based power company AES (Ba1/BB+) owns a 51% stake in the company. South Korea's POSCO Energy and China Investment Corporation (CIC) own 30% and 19%, respectively.
UBS credit view on senior bonds: Yellow Yellow Yellow Red UBS credit view on other cover types: n.a. n.a.
Mubadala Development Company Mubadala Development Company (MDC) is an investment company wholly owned by the emirate of Abu Dhabi, via its parent, Mubadala Investment Company (MIC). The company was founded in 2012
by Emiri decree. In 2017 the company merged with Abu Dhabi's 100% state owned investment company IPIC to form MIC.The company has a significant investment footprint, it palys the key role in the
UAE
Abu Dhabi economy and has very strong links with the Abu Dhabi government. While Abu Dhabi doesn’t provide an explicit guarantee on Mubadala obligations, implicit state support is the key driver of
N.A. / n.a. / Aa2 / stable the issuer's credit profile and its bonds' valuations. Upcoming inclusion of several of Mubadala's bonds into the widely tracked J.P. Morgan sovereign indices is a technical tailwind. Following Mubadala's
merger with IPIC in 2017, IPIC is currently transferring to Mubadala a significant amount of its assets and debt, including all IPIC bonds under CIO coverage. This transfer is likely to enhance Mubadala's
assets base and importance to the sovereign, while increasing its debt burden. The latter would remain manageable, in our view, given Mubadala's proactive approach to debt management and its strong
links to the state. We are monitoring energy prices, global and UAE economic growth, and geopolitical developments, as well as intragroup asset/liability transfers and asset monetization and
consolidations.

Issuer descriptions
Industry, Country
Nan Fung International Holding Founded in 1954, Nan Fung International (Nan Fung, Baa3/BBB-, all stable) is a Hong Kong-based, mid-sized, private developer with HKD 160bn in assets. The company has a long track record in
residential development in Hong Kong, particularly for premium residential projects, and often through joint ventures with reputable developers. Outside of the city, Nan Fung focuses on commercial
Hong Kong
property projects in mainland China and the UK.
Nanyang Commercial Bank Nanyang Commercial Bank (Nanyang) was incorporated in Hong Kong in 1949 and acquired by China Cinda Asset Management Company (Cinda) in 2016. By total assets (HKD 472bn as of 1H19), it
ranks among the top 10 licensed banks in Hong Kong and is the only offshore bank owned by one of the four largest stateowned Chinese asset management companies (Cinda, Huarong, Great Wall, and
Hong Kong
Orient). Due to its strategic importance to Cinda, Moody's has given a two-notch uplift to Nanyang's baseline credit assessment of Baa2, as it expects the Chinese government to extend support through
NR / n.a. / N.A. / stable Cinda if necessary.
NEMAK Tenedora Nemak (Nemak) is a manufacturer of high-tech aluminum engine heads and auto parts. It is 75% owned by ALFA and 6% owned by Ford Motor Co., while the remaining 19% floats in the
market. Nemak's customers include global car manufacturers such as Ford, Chrysler, GM, Nissan and Fiat, among others. Nemak posted another set of weak results in 2Q20 mostly on the back of the
Mexico
unprecedented plant shutdowns in the global automotive industry and weakened demand for new vehicles globally due to COVID-19. In response, Nemak stepped up efforts to adapt to evolving industry
BB+ / neg / Ba1 / neg conditions along two main fronts: safeguarding the well-being of its employees while further optimizing costs, expenses, cash flow, and liquidity. These actions helped make possible the successful restart
of all of its facilities by the end of May. Volume as measured by million equivalent units (MEU) dropped 60.7% year-over-year, net revenues declined 60.1% year-over-year, and EBITDA shifted from USD
174mn in 2Q19 to a negative minus USD 37mn in 2Q20. Due to weak revenue and operating cash flow generation, debt ratios deteriorated. Leverage (total debt divided by 12-month trailing EBITDA) as
of 30 June 2020 came in at 5.7x, up from 3.4x in March and 2.4x in December 2020. In terms of liquidity and refinancing risk, as of 30 June 2020, Nemak reported USD 636mn in cash and equivalents,
USD 515mn in short-term debt, and USD 84mn in annual interest expense, while 12-month trailing EBITDA is running at USD 377mn. Unfortunately, COVID-19-related uncertainty has weighed on
Nemak’s credit ratings. On 7 April 2020, Fitch revised the outlook for their BBB- rating for Nemak to Negative from Stable. However, on 18 August 2020, Moody’s affirmed their Ba1 rating for Nemak,
but revised the outlook to Negative outlook. On 8 September 2020, S&P affirmed its BB+ rating for Nemak, with Negative outlook.
New World Development New World Development (NWD) is one of the largest developers in Hong Kong. Chow Tai Fok Enterprise (CTFE), controlled by the Cheng Yu-Tung family, owns a 64% stake. NWD is also engaged in
infrastructure, property in China and department stores through its listed subsidiaries. NWD has a non-farm land bank of 8.8m sqm and farmland of 18m sqm in Hong Kong. Property development,
Hong Kong
together with services and infrastructure, amounted to 85% of the company's profits as of FY15.
NEWCREST MINING With gold production of 2.3 Moz in fiscal 2019 (ending in June 2019) Newcrest is the largest gold mining company in Australia. The company is rated one to two notches above its South African peers
(Baa2/BBB) due to a stronger financial profile and solid free cash flow generation (almost USD 700ml in fiscal 2019). Its credit profile is underpinned by the lowest cost position and net debt/EBITDA ratio
Australia
(0.7x) among covered gold miners and the issuer has no debt maturities until fiscal 2022. Newcrest also enjoys a long gold reserve life, estimated at 26 years. A key credit weakness is the limited
N.A. / n.a. / Baa2 / pos operational and geographic diversity, with two mines – Cadia in Australia and Lihir in Papua New Guinea – accounting for 80% of operating EBITDA.

Issuer descriptions
Industry, Country
NEXA RESOURCES SA Nexa Resources (Nexa) is 64.3% owned by Votorantim S.A. (VSA). The company is a large-scale, low-cost integrated zinc producer with over 60 years of experience in developing and operating mining
and smelting assets in Latin America. Nexa owns and operates five long-life underground polymetallic mines, three located in Peru, and two in Brazil. In addition, Nexa operates three smelting facilities,
Brazil
two in Brazil, and one in Peru. Nexa posted another set of weak results in 2Q20 mostly on the back of adverse pricing conditions and the impact of COVID-19. Net revenues and EBITDA declined 45.1%
BB+ / stable / Ba2 / neg and 66.3% year-over-year in USD terms, respectively, and the quarterly EBITDA margin tightened 740bps, from 19.3% in 2Q19 to 11.9% in 2Q20. Owing to lower operating cash flow generation, debt
ratios further deteriorated. Leverage (total gross debt divided by 12-month trailing EBITDA) as of 30 June 2020 came in at 9.4x, up from 5.6x in March, and 4.4x in December 2019. However, the
increase in leverage is also partly due management’s decision to take in USD 590mn in additional debt in March and April, and the placement of a USD 500mn bond due in 2028 in June to boost liquidity
and prefund debt coming due. Despite the increase in leverage, we continue to find refinancing risk as low. As of 30 June 2020, Nexa reported over USD 910mn in cash, USD 152mn in short-term debt,
and about USD 133mn in annual interest expense, while 12-month trailing EBITDA was running north of USD 200mn. In addition, Nexa has adopted other measures taken to preserve liquidity including
the reduction in planned capex to USD 300mn from USD 410mn, the suspension of Greenfield projects, and the reduction of exploration expenses. Due to the ongoing COVID-19 situation and the state
of the global economy, pressure on credit ratings has emerged. On 7 April 2020, S&P revised the outlook the outlook for their BB+ rating for Nexa to Stable from to Positive. On 13 April 2020, Moody’s
revised the outlook for their Ba2 rating for Nexa to Negative from Stable. On 15 June 2020 Fitch revised the outlook for their BBB- rating to Negative from Stable. Risk factors in Nexa include the highly
speculative and capital-intensive nature of mining, and commodity price volatility. We also note that mining is an accident prone industry, and unpredictable and quite possibly high impact unfortunate
events are likely to happen at some point in time, although Nexa's multi-deposit base partly mitigates this risk. In addition, Nexa is exposed to possible changes in safety, health and/or environmental
regulations that could increase costs, restrict operations, and/or result in the revocation of permits and licenses, or shutdown of facilities.
NORILSK NICKEL Norilsk Nickel is a leading metals and mining producer, with a focus on nickel, copper, platinum and palladium. The company has production facilities in Russia, Finland and South Africa. Three Russian
private companies own over 60% stake in Norilsk Nickel and the rest is held by minorities. The company derives over 90% of its revenues from exports, and has most of its costs in Roubles. The latter
Russia
supports margins at times of currency depreciation. The company benefits from competitive production costs. Metal price weakness and increasing trade barriers globally are among key downside risks.
NOVOLIPETSK STEEL Novolipetsk Steel (NLMK) is the largest vertically integrated steel producer in Russia, with key assets located in Russia, the EU and the US. NLMK has competitive cash costs globally and a significant level
of self-sufficiency in raw materials. A Russian businessman owns an majority stake in NLMK. NLMK has a solid credit profile, supported by a very modest leverage, a cost optimization programe and
Russia
globally competitive cash costs. The issuer is rated investment grade by all three major rating agencies. Both Moody's and Fitch rate the issuer one notch above Russia's credit rating. We expect NLMK's
N/A / N/A leverage to rise gradually from its 2018 level, given higher capital expenditures and dividends. In addition to commodity prices and Ruble dynamics, we monitor domestic regulatory initiatives,
protectionist measures in the global steel industry and sanction risks.
NTPC LTD NTPC is a power generation company, which is 75% owned by the Indian government. It is the largest power generator in India in terms of both installed capacity and generated output, with market
shares of 17.7% and 26.0%, respectively. The company is primarily fueled by coal and its plants are more efficient than industry peers.
India

Issuer descriptions
Industry, Country
Ocyan Ocyan (formerly Odebrecht Oil & Gas - OOG) provides integrated services for the upstream segment of oil & gas industry, including offshore drilling, production, and maintenance, and sub-sea equipment,
and technology. On 22 December 2017, Ocyan announced the completion of its debt restructuring via a combination of (i) new secured project bonds in two tranches, a 6.35% due in 2021 (senior) and a
Brazil
7.35% due in 2026 (subordinated), (ii) new secured project bonds in two tranches, a 6.72% due in 2022 (senior), and a 7.72% due in 2026 (subordinated), and (iii) new zero coupon participating titles.
N.A. / n.a. / N.A. / n.a. The collateral package for the senior secured 6.35% of 2021 and the subordinated secured 7.35% of 2026 is comprised of units Norbe VIII and Norbe IX. The contract for Norbe VIII expires in July 2021,
and the contract for Norbe IX expires in October 2021. The collateral package for the senior secured 6.72% of 2022 and the subordinated secured 7.72% of 2026 is comprised of units ODN I, ODN II,
and Norbe VI. The contract for ODN I expires in September 2022, and the contract for ODN II expires in August 2022. On 2 July 2018, Ocyan informed the market that the original contract unit Norbe VI,
which was due to expire on 11 July 2018, would not be renewed. The news was clearly disappointing as we had hoped for renewal, but did not affect the terms and conditions of the company's
December 2017 debt restructuring as that risk was anticipated by the negotiating parties. As a result of that adverse event, we would expect the deferral of the final maturity of the senior secured 6.72%
of 2022 to March 2023, and delays in the initiation of the amortization of the subordinated secured 7.72% of 2026. However, on 6 July 2018, Ocyan delivered positive news by informing the market that
Petrobras had finally lifted the December 2014 ban on parent OG and subsidiaries to write new business with the oil company. This does not guarantee renewal of contracts with Petrobras, but Ocyan will
be able to participate in bidding processes, an impossibility until then. In fact, on 24 July 2019, Ocyan informed the market that it had signed a new service and charter contract for unit Norbe VI with
Petrobras. According to the Notice to the Market, the new contract for Norbe VI has a duration of 730 days plus 45 days of well in progress after start of operations. Norbe VI is expected to begin to
operate in January 2020.
UBS credit view on senior bonds: Yellow Red Red Red UBS credit view on other cover types: n.a. Red
OEC Odebrecht Engineering & Construction (OEC) is Odebrecht Group’s (OG) engineering and construction arm. On 30 August 2019, OEC informed the market that it has reached an agreement in principle
over the key commercial terms of a potential debt restructuring with certain members of an ad hoc group of bondholders. According to the press release, the members of the ad hoc group collectively hold
Brazil
approximately 40% of all the notes subject to restructuring. The agreement in principle contemplates the cancellation of OEC's obligations under the existing notes, for a combination of new series of
N.A. / n.a. / N.A. / n.a. notes representing 45% of principal and unpaid interest, and a participatory debt instrument to be issued by a new holding company that would entitle holders to a share of future distributions to be
made by OEC. We find the agreement in principle as a potential positive for bondholders, as it signals OEC's intention to continue to operate rather than face liquidation. However, investors should be
aware that execution risks are still high. The successful implementation of the debt restructuring through Brazilian extrajudicial proceedings requires consent from additional holders of the defaulted
notes. OEC will provide notice of the process for soliciting such consent in due course, and in accordance with applicable law.
UBS credit view on senior bonds: Red Red Red Red UBS credit view on other cover types: n.a. Red
OIL & NATURAL GAS CORP LTD ONGC was established in 1955 as a division of the Geological Survey of India. It is India’s largest crude oil and natural gas exploration and production (E&P) company, accounting for more than 60% of
the country's total oil production over the last 30 years. It operates in 17 countries, running its international businesses via wholly-owned subsidiary ONGC Videsh Limited (OVL). It is also involved in
India
downstream activities such as refining, petrochemicals, power generation and LNG. ONGC is listed on the Bombay Stock Exchange, and is 68.9% owned by the Indian government
Olam International Established in 1989, Olam International Limited (Olam) is an integrated supply chain manager for agricultural products and food ingredients. Headquartered in Singapore, the group operates in more than
65 countries, and it sources and supplies various products to more than 13,600 customers worldwide. Olam has a global leadership position in many of its businesses, including cocoa, coffee, cashews,
Singapore
peanuts, sesame, rice, cotton and wood products. Olam is listed on the mainboard of the Singapore Exchange.

Issuer descriptions
Industry, Country
OOREDOO QSC Ooredoo is one of the largest telecom operators in the MENA and Southeast Asia regions. It is the leader in the lucrative Qatari market and has number one or two positions in most others. Owned 69%
by the state, it enjoys close links with the government, which has injected it with cash several times and has a golden share at the Board of Director level. The company posted fairly weak 9M18 results.
Qatar
Revenue and EBITDA fell due to overall currency weakness in emerging markets (foreign markets account for two-thirds of total EBITDA). The market situation was especially detrimental in Indonesia,
N.A. / n.a. / A2 / stable where Ooredoo lost customers following the new SIM card registration regulation, and, to a lesser extent, in Algeria due to the challenging macro backdrop. We nonetheless think Ooredoo has a solid
credit profile, one underpinned by a number of factors: the company's sustained, relatively low net leverage (1.6x) and strong liquidity profile (cash coverage of short term debt is 1.5x)
Orbia Advance Corp. Orbia Advance Corp. (Orbia, formerly known as Mexichem) is one of the largest chemical companies in Latin America in terms of average annual production capacity, and revenues, and is a leader in
plastic pipes and solutions in Europe. The company produces a diverse range of chemical products in over 90 countries across Latin America, the US, Canada, Taiwan, China, the UK, and 24 other
Mexico
European countries. Orbia delivered understandably weak 2Q20 results, especially considering COVID-19 circumstances. Net revenues and EBITDA declined 18.6% and 20.2% year-over-year in USD
BBB- / stable / Baa3 / stable terms, respectively, and profitability took a hit as the quarterly EBITDA margin tightened 160bps from 20.2% in 2Q19 to a still robust 18.6% in 2Q20. Due to weaker operating cash flow generation and
a higher stock of debt as Orbia made the precautionary decision to withdraw USD 1bn from its revolving credit facility to strengthen its liquidity in 1Q20, debt ratios deteriorated. Leverage (total debt
divided by trailing 12-month EBITDA) as of 30 June 2020 came in at 3.4x, up from 3.2x in March and 2.8x in December 2019. In terms of liquidity and refinancing risk, as of 30 June 2020, Orbia reported
over USD 1.2bn in cash, around USD 81mn in short-term debt, and about USD 280mn in gross annual interest expense, while trailing 12-months EBITDA generation is running north of USD 1.2bn. Risk
factors at Orbia include the cyclical and competitive nature of the petrochemical industry, a high dependence on the infrastructure and the construction sectors, reliance on oil company Pemex for the
supply of feedstock and on mining concessions, possible M&A, and the accident prone nature of the petrochemical industry as evidenced by the tragic events at the Pajaritos plant in April 2016. Owing to
greater policy risk in Mexico, some pressure on Orbia’s credit ratings has emerged. On 5 May 2020, Fitch revised the outlook for its BBB rating for Orbia from Stable to Negative following the agency's
downgrade of Mexico from BBB to BBB-, with Stable outlook on 15 April. S&P rates Orbia BBB- with Stable Outlook since 22 July 2011. Moody's rates Orbia Baa3, with Stable outlook since 22 August
2014. Although we believe that Mexico is on its way to lose its investment grade (IG) status, based on precedents in other countries, we are also of the view that Orbia's geographical diversification may
allow the company to remain IG even if Mexico is not.
OUE LTD OUE Ltd is a diversified real estate developer and landlord focusing mostly in Singapore. The company's main target is properties in prime locations and it has successfully executed a number of asset
enhancement projects for office and retail properties in the past few years. The company has also built its fund management platform after listing OUE Hospitality Trust in July 2013 and OUE Commercial
Singapore
REIT in January 2014. OUE is 68% owned by the Lippo Group via OUE Reality Pte Ltd and Golden Accord Asia Limited.
Oversea-Chinese Banking Overseas Chinese Banking Corp (OCBC) is the second largest bank in Singapore. The bank was established in 1932 through the merger of three domestic banks. It provides a full range of financial
services, including corporate banking, treasury, insurance and other consumer financial services. Beyond Singapore, the Group has built a strong foothold in Malaysia and Indonesia, and other Asian
Singapore
countries, which accounts for more than 20% of both assets and profit.
AA- / stable / Aa1 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: green green green yellow UBS credit view on other cover types: yellow yellow
OVERSEAS CHINESE TOWN OCT Group is wholly owned by China's Central State-owned Assets Supervision and Administration Commission of the State Council (SASAC), with total assets of CNY382bn as of 1H18. The group is
primarily engaged in the travel and culture-related development business (including theme parks and hotels), and property development (mainly through its onshore listed entity Shenzhen OCT). OCT Asia
China
is the group's Hong Kong-listed subsidiary.
UBS credit view on senior bonds: green green yellow n.a. UBS credit view on other cover types: n.a. yellow

Issuer descriptions
Industry, Country
PAKUWON JATI Pakuwon Jati (Pakuwon) is an Indonesian real estate developer with the majority of its land bank in Surabaya, the country's second-largest city. Pakuwon develops townships comprising offices, malls,
hotels and highrise residential buildings, which it either sells or rents out. The company was listed on the Indonesian Stock Exchange in 1989 and is 52%-owned by the Tedja family.
Indonesia
PARKWAY PANTAI Parkway Pantai (PPL) operates 28 hospitals under well-established brands such as Gleneagles, Mount Elizabeth, Pantai, and Parkway. It also owns primary healthcare clinics under the Parkway Shenton
brand and provides a range of ancillary services. Singapore, Malaysia, and India are key markets for the company. PPL is wholly-owned by IHH Healthcare Berhad, which is 41% owned by Nasional,
Singapore
Malaysia's strategic investment fund.
UBS credit view on senior bonds: yellow YELLOW YELLOW n.a. UBS credit view on other cover types: n.a. YELLOW
PCPD Limited Pacific Century Premium Developments (PCPD) is a Hong Kong-based premium property developer. It is 70.8% owned by PCCW Limited (PCCW), which is the controlling shareholder of HKT Trust & HKT
Limited (HK Telecom). Listed in Hong Kong, HKT Trust & HKT Limited is the largest telecom service provider in Hong Kong, and its senior debt is rated BBB by S&P and Baa2 by Moody's. PCPD, established
Hong Kong
in 2004 through a spin-off by PCCW, represents the group's key property business platform.
PELABUHAN INDONESIA II Pelindo II operates 12 ports in Java, Sumatra and Kalimantan, including the largest container port Tanjung Priok in Jakarta. It handled about 45% of the country's container throughput in 2015, making it
Indonesia's largest port operator by volume. Due to its location in the country's capital, Tanjung Priok is the country's main international trading link. Pelindo II handles about 59% of Indonesia's
Indonesia
international container throughput.
BBB- / stable / Baa3 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
PELABUHAN INDONESIA III PERSERO Pelindo III handles about 33% of Indonesia's container throughput and is the second largest port operator by volume. It operates 43 ports in central and eastern Indonesia, including the second busiest
container port, Tanjung Perak. Tanjung Perak is located in Surabaya, Indonesia's second-largest city and is a manufacturing hub. Pelindo III’s capacity was 4.4m TEUs in 2015 and is estimated to increase
Indonesia
to 7.7m TEUs by 2019.
BBB- / neg / Baa3 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
Pemex Pemex is Mexico’s national oil company and it is 100% owned by the Mexican state. Pemex delivered another set of mediocre results in 2Q20, in our view. Average crude oil production came in at about
1.67 million barrels per day (bbd), down 4% quarter-over-quarter and flat year-over-year from about 1.74 million bbd in 1Q20, and 1.67 million bbd in 2Q19. Net revenues and EBITDA declined 60.9%
Mexico
and 69.9% year-over-year in USD terms, respectively mostly on weaker pricing conditions, and the quarterly EBITDA margin tightened 670bps, from 29.2% in 2Q19 to 22.5% in 2Q20. Owing to weaker
BBB / neg / Ba2 / neg operating cash flow generation, debt ratios further deteriorated. Leverage (total debt divided by 12-month trailing EBITDA) as of 30 June 2020 came in at 11.2x, up from 7.5x in March, and 6.2x in
December 2019. In spite of an increase in policy risk and poor management practices, we remain of the view that the Mexican government will continue to support Pemex when needed, to ensure that
the company remains current with financial and supplier obligations. We therefore continue to regard the company as an alternative for investors looking to have exposure to Mexican sovereign risk,
although pressure on credit ratings has increased. In fact, Pemex has now lost its investment grade status as it is rated as high yield by rating agencies Fitch and Moody’s. On 26 March 2020, S&P
downgraded Pemex from BBB+ to BBB on the back of an identical rating action on Mexico on that same date. On 17 April 2020, Fitch delivered a second adverse rating action in two weeks, by
downgrading Pemex from BB to BB-, with Stable outlook following the agency’s downgrade of Mexico from BBB to BBB-, with Stable outlook on 15 April. On 17 April 2020, Moody’s downgraded Pemex
two notches, from Baa3 to Ba2, with Negative outlook following their downgrade of Mexico from A3 to Baa1, with Negative outlook on that same date.

Issuer descriptions
Industry, Country
People's Republic of China We attach a stable outlook to China’s credit fundamentals. Since the global financial crisis, the Chinese government has pursued stimulative fiscal policies to sustain high economic growth. The country's
total debt-to-GDP ratio jumped to nearly 270% last year from 150% in 2007. Its GDP growth rate halved during the same period from 14% in 2007 to 6.6% last year. China's total debt-to-GDP ratio is
China
now on par with major economies like the US, the UK and the EU, though lower than that of Japan. The government has taken notice of such steep rise in leverage. The central government has steped up
A+ / stable / A1 / stable efforts to deleverage the financial sector and cool the property market while continuing to support the real economy. And although the country has more debt than most other emerging markets, China
enjoys very sizable external buffers. As of September of 2019, the country had foreign exchange reserve holdings of USD 3.1 tn. This is over three times the level of the country’s stock of external debt.
This helps insulate China from the risks associated with the “original sin” of excessive foreign borrowing is foreign currencies that has plagued so many emerging markets in the past. In October of 2017
China placed USD 2bn in five and 10 year sovereign bonds in the market, the country's first placement denominated in USD in over a decade, and followed up with an additional USD 3bn in five, 10 and
30 year sovereign bonds in October of 2018. This constitutes China's continuation in building a sovereign USD curve, which helps as a reference for Chinese corporate issuances.
Pertamina PT Pertamina is a fully integrated oil, gas and geothermal company wholly owned by the Indonesian government. Established in 1957, Pertamina is mandated to provide a stable source of fuel to
Indonesian households. It owns one of the largest oil and gas reserve bases in the country with total net proved oil and gas reserves of 3,373 million barrels of oil equivalent (boe), and leads the upstream
Indonesia
sector with 440 million boe per day of production. As the dominant refiner in the downstream sector, Pertamina continues to have near 100% market share despite the sector's liberalization. Despite the
BBB / neg / Baa2 / stable rising needs for capital expenditure, we believe that Pertamina remains of strategic importance to the Indonesian government, and see the credit being tightly linked to that of the sovereign.
Petrobras Petrobras is one of the world's largest integrated oil and gas conglomerates and a leader in deep-water production. Although Petrobras is incorporated as a for-profit organization, the risk of government
interference in day-to-day affairs is relatively high. That said, in the aftermath of infamous Lava Jato, the regulatory environment for Petrobras underwent material changes that led to improved corporate
Brazil
governance standards. As expected, Petrobras’s 2Q20 results were negatively affected by lower crude oil prices and the impact of COVID-19 on demand for fuels. According to USD-denominated
N.A. / n.a. / Ba2 / stable International Financial Reporting Standards (IFRS) numbers, net revenues and EBITDA declined 48.8% and 42.5% year-over-year, respectively, but profitability improves as the quarterly EBITDA margin
widened 500bps, from 45.5% in 2Q19 to a robust 50.5% in 2Q20. Due to weaker operating cash flow generation, and a higher of debt, as Petrobras issued a new USD 1.5bn bond due 2031 and
withdrew USD 8bn from its revolving credit facilities to strengthen liquidity, debt ratios understandably deteriorated. Leverage (total debt divided by 12-month trailing EBITDA) as of 30 June 2020 came in
at 3x, up from 2.6x in March, and 2.7x in December 2019. Given the recovery in crude oil prices, we would expect a gradual decline in leverage. We note that during their conference call with analysts
and investors to discuss 2Q20 results, management said they were targeting to close this year with USD 87bn in debt, down from USD 91bn as of June. Although fundamentals are relatively stable,
pressure on credit ratings has emerged. On 23 August 2019, Moody’s affirmed Petrobras’s Ba2 rating, with Stable outlook, and raised the company’s baseline credit assessment (BCA) to ba2 from ba3.
However, on 7 April 2020, S&P revised the outlook for their BB- rating for Petrobras to Stable from Positive. On 7 May 2020, Fitch revised the outlook for their BB- rating for Petrobras to Negative from
Stable.

Issuer descriptions
Industry, Country
PETROLEOS DEL PERU Petroperu is wholly owned by the Republic of Peru (A3/Stable, BBB+/Stable, BBB+/Stable), and it is primarily involved in downstream refining and marketing (R&M), and midstream transportation &
logistics (T&L). Petroperu is currently not engaged in upstream exploration & production (E&P), although the company expects to initiate extraction of crude oil out of two fields located in Peru's Amazon
Peru
rainforest in 2020. The company owns the largest distribution network for crude oil and refined products in Peru, and is the country's second largest refiner. Petroperu has a 44% market share of sales of
BBB- / stable / N.A. / n.a. refined petroleum products, and is the sole supplier of fuels to the military and national police forces. We note that as of 31 December 2019, Petroperu maintained a network of 652 affiliated service
stations across the country’s 24 regions. Petroperu owns five refineries: Talara, Conchán, and Iquitos, which are operated by the company, Pucallpa, which is under a ten-year lease contract that expires
in March 2024 with Maple Corp. del Perú, and El Milagro, which is out of commission since January 2015 as its operations were deemed anti-economical partly due to a significant decline in the
production of crude oil in the department of Amazonas where it is located. In addition, Petroperu owns Peru's main pipeline, the Oleoducto NorPeruano (NorPeruano Pipeline), which links crude oil
production fields in the Amazonian jungle with facilities in the port of Bayovar in northern Peru. Petroperu delivered some operating improvements in 4Q19 on the back of greater cost discipline. Net
revenues declined 14.7% year-over-year in USD terms, but EBITDA shifted from a negative minus USD 27mn in 4Q18 to a positive USD 104mn, and the quarterly EBITDA margin widened 1,140bps, from -
2.5% in 4Q18, to 9.5% 4Q19. Leverage (total debt divided to 12-month trailing EBITDA) as of 31 December 2019 came in at a very elevated 10.6x, in line with our view that indicator will remain weak
until the revamp of the Talara refinery, which is running behind schedule, is completed, although the ratio substantially improved when compared with 15.6x in September, and over 28x in December
2018. While an elevated leverage ratio is a source of concern, we would expect strong government support, if needed. Most recent credit ratings’ actions have been supportive. On 2 June 2020, S&P
affirmed their BBB- rating for Petroperu, with Stable outlook. On 8 June 2020, Fitch affirmed their BBB+ rating for Petroperu, with Stable outlook.
Petronas Petroliam Nasional Bhd (Petronas) is an integrated oil and gas company with exclusive ownership and control of Malaysia's national oil and natural gas resources. It is wholly owned by the Malaysian
government through the Ministry of Finance. As of 2011, it owned total proved reserves of 28 billion barrels of oil equivalent (boe), one of the world's largest. Its downstream operations include oil
Malaysia
refining and marketing, gas liquefaction, processing and transmission, petrochemicals, and shipping. Petronas enjoys low costs for its domestic E&P operations due to the set-up of production sharing
N/A / N/A contracts (PSC's).
PING AN REAL ESTATE Established in 2010, Ping An Real Estate (PARE) serves as the sole global real estate investment and asset management platform of Ping An Group, whose primary focuses are life, property and casualty
insurance, banks and asset management. PARE is involved in two main business segments, namely asset management and real estate investment. The company is effectively 100% owned by three core
China
subsidiaries of Ping An Group. Ping An Life Insurance (rated A2 by Moody's), one of the country’s largest insurers by written premiums, is the largest shareholder, with a 49.5% direct stake in PARE.
UBS credit view on senior bonds: GREEN YELLOW YELLOW n.a. UBS credit view on other cover types: n.a. n.a.
PKO Bank PKO Bank is Poland's largest bank in terms of total assets. PKO Bank has a universal banking model, with most of its revenues coming from retail and commercial banking. Poland's State Treasury held
31.39% of the bank's shares as of 31 Dec, 2014. We see this as indicating a possibility of state support if required.
Poland

PLN Perusahaan Listrik Negara P.T. (PLN) is the state-owned electricity company in Indonesia. The government has full ownership of PLN and provides regular subsidy payments to PLN to offset its operating
losses. We believe PLN enjoys a high level of government support given its critical role in the Indonesian economy and can benefit from the benign economic developments in Indonesia and improvements
Indonesia
in government finances.

Issuer descriptions
Industry, Country
Poly Real Estate Poly Real Estate Group (POLY) is one of the largest property developers in China - with an attributable land bank of 138 million sqm of gross floor area as of 2018, and one of few investment grade
issuers in the sector. China Poly Group, a state-owned enterprise in China, owns 40.75% of the company. POLY has been listed on the Shanghai Stock Exchange since 2006 (600048 CH). We believe
China
POLY's credit profile China is well supported by its geographic diversification, focus on the mass market, and excellent access to domestic banks given its state ownership.
POWER CHINA Power Construction Corp of China (Power China) is a leading player in the construction of hydropower, thermal power, infrastructure and new energy projects in China. Hydropower and water
conservancy are the group's areas of expertise. It has participated in more than 65% of the construction projects in this segment in China since the 1950s. Power China was formed after subsidiaries of
China
State Grid Corporation of China and China Southern Power Grid Corporation were restructured and consolidated into the company. It is now 100% owned by China's central State-owned Assets
N/A / N/A Supervision and Administration Commission (SASAC).
UBS credit view on senior bonds: Green Yellow Yellow n.a. UBS credit view on other cover types: n.a. Yellow
Powerlong Founded in 1992, Powerlong started from its hometown in Fujian and expanded into the Yangtze River Delta (YRD) to become a mid-sized Chinese developer with both residential and commercial
developments. The company holds 21m sqm of land bank clustered throughout the YRD (Ningbo: 11%, Hangzhou: 9%, Shanghai: 7%,) as well as in Haikou (9%) and Tianjin (4%). It plans to accelerate
China
its expansion in the Greater Hangzhou Bay area, focusing on Shanghai, Hangzhou, Ningbo and the surrounding cities. The company also owns 39 shopping malls with close to 3m sqm of gross floor area
B+ / pos / B2 / pos (GFA), mostly in Qingdao, Shanghai, and Hangzhou. Its investment portfolio generated steady recurring income (around 11-15% of revenue) in the past five years.
PROVINCIA BUENOS AIRES The province of Buenos Aires is the largest of the 23 provinces of Argentina and home to over 15mn people, or more than 35% of the country's population. The City of Buenos Aires is not part of the
Province. The economy of the Province represents a significant part of the overall argentine economy, roughly one third of the country's GDP. The Province's economy is fairly well diversified and displays
Argentina
the largest industrial base in the country, both in absolute levels and relative to other economic activities. Manufactured products include refined petroleum products, cereals and food products, steel,
SD / n.a. / Ca / neg chemicals, electrical machinery, aluminum, piping, automobiles and automobile parts. The Province enjoys vast land suitable for agriculture and the raising of livestock. Corn, soybeans, wheat and
sunflower are the most widely produced crops, while livestock products include meat, dairy and wool. The Province returned to Peronist rule in 2019. External financing conditions will remain challenging,
and a sovereign debt restructuring is under way. The Province of Buenos Aires will also likely undergo a debt restructuring this year. We attach a deteriorating outlook to the Province of Buenos Aires's
credit metrics. Credit strengths include the Province's relatively large and diverse economy, and high probability of sovereign support. A history of large primary fiscal deficits and a high proportion of hard
currency debt constitute weaknesses.
UBS credit view on senior bonds: RED RED YELLOW RED UBS credit view on other cover types: n.a. n.a.
PT Bank Tabungan Negara

Indonesia
NR / n.a. / N.A. / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

PT INDONESIA ASAHAN ALUMINIUM PT Indonesia Asahan Aluminium (Inalum) was established as a joint venture (JV) between the Indonesian government and Nippon Asahan in 1976. Indonesia's main aluminum producer became a wholly-
owned SOE in 2013. In 2017, the government restructured the company as the sole holding platform for all mining SOEs and transferred its stakes in a number of companies in the sector under Inalum.
Indonesia
Today, apart from the original Inalum business, the company owns a 65% stake in three listed companies: PT Aneka Tambang (ANTAM), PT Bukit Asam (PTBA), and PT Timah (Timah). It also holds a
N.A. / n.a. / Baa2 / neg 51.24% beneficial equity interest in PT Freeport Indonesia (PTFI). Through these subsidiaries, Inalum has exposure to various commodities, including coal, gold, tin, copper, nickel and aluminum.

Issuer descriptions
Industry, Country
PT PAITON ENERGY Paiton Energy (Paiton) is the second largest independent power producer (IPP) in Indonesia, with about 4% of the country's installed generating capacity (2,045MW). It operates three coal-fired plants
(P3 and P7/P8) in East Java, supplying electricity to the Java-Bali grid. Paiton's sole customer is PLN, Indonesia's only state-owned electric utility company. Paiton's largest shareholders are Mitsui (45.5%)
Indonesia
and Nebras Power (35.5%).
PTT Exploration & Production PTT Exploration and Production Public (PTTEP) is Thailand's state oil company and the country's second-largest exploration and production player. PTTEP accounts for 31% of Thailand's oil and gas
production. PTT Plc (BBB+/Baa1), the integrated oil and gas company 67% owned by the Thai government, owns 54.6% of PTTEP. PTTEP benefits from its ability to generate stable cash flow and this
Thailand
supports its expansion plans. We understand that some regulatory and country risks remain outstanding, but believe that PTTEP continues to benefit from its strategic role in Thailand.
PUBLIC UTILITIES BOARD The PUB was established as the national water agency responsible for managing the country's water supply and investing in research and development. It maintains and oversees the country's sewage
tunnels, water reclamation plants, water recycling programs, storm-water management plans, drainages, water catchment areas, etc.
Singapore

QATAR NATIONAL BANK Qatar National Bank's (QNB) credit profile benefits from its dominant market position in Qatar, where it has the leading share of system assets and deposits. Its standing is further boosted by its strong
ties with the government of Qatar, its 50% owner. Not only does this allow QNB access to low-cost funding, but over 35% of the bank's loans are extended to the government or its related entities,
Qatar
counterparties with very high credit quality. As a result, QNB has demonstrated strong profitability dynamics through the cycle. In addition, asset quality metrics are solid, with a non-performing loan ratio
N.A. / n.a. / Aa3 / stable of 1.9% combined with loan loss reserves of 100% (as of 1Q2020). Capitalization levels are also healthy, with total CAR of 18.4% providing an adequate cushion against regulatory minimums of 16%.
The bank's sound fundamentals provide solid buffers against a deteriorating sector backdrop amid the COVID-19 pandemic and a sharp decline in oil prices. While the current economic slowdown will
weigh on QNB's profitability, the bank's loss-absorption capacities remain high, in our view. We also see a high probability of the bank receiving government support during times of stress. As such, we
assign a Stable outlook to QNB, in line with our view on the sovereign. The key risks to our views include (1) a sharp worsening in the operating environment of the weaker countries (Turkey and Egypt)
that QNB is exposed to
QINGDAO CITY CONSTRUCTION Qingdao City Construction Investment Group Ltd (QCC) was incorporated in 2008 and is wholly owned by the government of Qingdao (Qingdao SASAC), which is one of the larger municipalities in the
Shandong province. The company is the primary investment and financing platform of the Qingdao government. Since incorporation, QCC has played an important role in implementing the Qingdao
China
government's urban planning and municipal construction programs. The company's major business areas include infrastructure development (road, transportation, water, etc.), primary land development
NR / n.a. / N.A. / n.a. and property development, including affordable housing, tourism and travel services, and financial services.

Issuer descriptions
Industry, Country
RAIZEN Raizen is a 50:50 joint venture (JV) between Shell Brasil Ltda. (Shell, a subsidiary of Royal Dutch Shell) and Cosan SA I&C, a 60.3% subsidiary of Cosan Limited (Cosan). Raizen in turn is divided in two
businesses: Raizen Energia, which is responsible for sugar and ethanol operations, and Raizen Combustiveis, which takes care of the distribution and retail of fuels via a network of over 6,400 Shell
Brazil
branded retail service stations throughout Brazil. Cosan SA I&C owns 50% plus one of the voting shares in Raizen Energia, while Shell owns 50% plus one of the voting rights in Raizen Combustiveis. We
N.A. / n.a. / N.A. / n.a. find Raizen as a stable credit, and believe that Shell's involvement strengthens the company's risk profile. We note that Raizen is rated above Brazil by all three rating agencies, including investment grade
ratings by S&P (BBB-) and Fitch (BBB). Furthermore, on 12 December 2019, S&P revised their outlook for Raizen to Positive from Stable following a similar rating action on Brazil the day before. We also
note that CIO expects relatively stable sugar prices over the next 12 months. However, exposure to Argentina via Raizen Combustiveis, following the acquisition of Shell's Argentine midstream and
downstream assets in April 2018 for USD 950mn, is a potential source of risk. We regard the Argentine expansion as a long-term positive as it enhances geographical diversification, but we are
concerned about possible pressure on credit ratings in the near term due rising regulatory and policy risks in that country. That said, we view the JV between Raizen and Mexico-based convenience store
operator Fomento Economico Mexicano (FEMSA) as a credit positive, as it may have the potential to further diversify its revenue base. For more information, please see our "The Cosan complex" report
dated 26 August 2019.
REC Ltd Rural Electrification Corp. (REC) is one of India's two leading specialized power sector financers, commanding a leading 20% market share. REC is 66% owned by the government and has a mandated
role in developing power infrastructure in rural areas. Loans are extended primarily to State Electricity Boards (SEBs), state government departments and rural electric cooperatives, which generate more
India
than 70% of the electricity in India. REC maintains a good set of credit metrics, on the back of strong government support, and we believe REC's status as the preferred creditor for the power sector
N.A. / n.a. / Baa3 / neg bodes well amid the Indian growth story. Risk factors include India's country risk, and delays in rolling out of power projects.
REGAL HOTELS Regal Hotels International (RH) manages and operates hotels in Hong Kong and China, and develops property via a 50% joint venture with its parent. It has a 75% stake in Regal REIT, which owns eight
Hong Kong hotels. For diversification, RH leases its fleet of 14 aircraft to generate recurring income. RH has been listed on the Hong Kong Stock Exchange since 1980 and is about 40%-owned by
Hong Kong
Century City International, an investment holding company with property-related businesses.
UBS credit view on senior bonds: yellow Red Red n.a. UBS credit view on other cover types: n.a. Red
Reliance Industries Reliance Industries Limited (RIL) is a leading vertically integrated energy company in India with operations in downstream refining and marketing, petrochemical and upstream exploration and production.
In addition, the company is engaged in the textile, retail, and information and communication businesses. Refining and marketing is the largest segment accounting for close to 55% of the revenue while
India
petrochemicals were 36% of revenues in FY14. As of March 2014, Mukesh Ambani and promoter group owned 45% stake of the company while Life Insurance Corporation of India owned 8.1% stake.
BBB+ / stable / Baa2 / neg
UBS credit view on senior bonds: yellow yellow yellow yellow UBS credit view on other cover types: red red

Issuer descriptions
Industry, Country
REP. OF COTE DIVOIRE Ivory Coast is the largest economy in the West African Economic and Monetary Union and the world's largest cocoa producer. Its B+ (Fitch) and Ba3 (Moody's) credit ratings are in the upper range of sub-
Saharan Africa sovereign ratings. GDP growth prospects are robust (expected to remain close to 7% in the coming years), thanks to strong domestic consumption and private investments in areas such as
Ivory Coast
agribusiness, mining, light manufacturing, and services. They are underpinned by improved political stability, macro stability stemming from membership in the CFA franc zone, and an increasingly resilient
N.A. / n.a. / Ba3 / stable and diversified economy (with high potential in mining and hydrocarbon production). The government's pro-business reforms, combined with diversification efforts into higher value-added export
products, are also improving economic competitiveness, as shown by the improvement in the country's ranking in the Doing Business Report from 177 in 2013 to 110 in 2020. Lastly, fiscal fundamentals
are relatively strong as a result of prudent fiscal management. Creditworthiness is constrained by low income and human development levels, youth unemployment, weak although improving institutional
strength, and a small economy (nominal GDP of USD 43bn in 2018) exposed to environmental and lingering political risks. We assign a stable outlook to Ivory Coast as we see risks as being fairly
balanced. Our base case scenario for the coming year is quite benign. We expect the government debt burden to remain below 50% of GDP and sustained strong growth to raise incomes and enhance
economic diversification further. A reemergence of political tensions ahead of the 2020 presidential election is a key risk to watch as it could impair the growth and fiscal outlook. But widespread
instability and a renewed civil war are unlikely, in our view.
Republic of Argentina After wrapping up a sovereign debt restructuring, the Achilles' heel for Argentina's debt sustainability is the very high proportion of FX-denominated debt. Such a currency composition for a country's debt
amplifies shocks: as the economy deteriorates and the local currency weakens in real terms, the cost of servicing debt increases. Under a sustained real exchange rate shock, public debt dynamics quickly
Argentina
get out of hand. The reigning political scenario in Argentina, the global macroeconomic environment, as well as the IMF's stance towards the country and private sector involvement, will all have a strong
CCC+ / stable / Ca / stable impact on how damaging a restructuring is for bond investors.
UBS credit view on senior bonds: red red yellow red UBS credit view on other cover types: n.a. n.a.
Republic of Chile We attach a deteriorating outlook to Chile's credit metrics. The sovereign enjoys the highest credit rating in Latin America, which should come as no surprise given Chile's prudent fiscal and monetary
policy, low debt-to-GDP ratio, strong financial system, and relatively low government intervention in the economy. Chile's heavy dependence on commodities represents the key risk to the sovereign's
Chile
creditworthiness, as well as a recent rise in socio-political conflict in the country. In our view, despite recent rating pressure, Chile will remain the highest rated country in LatAm and among the highest
A+ / neg / A1 / neg rated in the emerging world for the foreseeable future.
Republic of Colombia With access to both the Pacific and Atlantic oceans, Colombia's geo-graphic size is comparable to that of California and Texas combined. Its roughly 50 million inhabitants make it the third most populous
Latin American country. Colombia's economy, at USD 320 bn in 2019, ranks among the 40 largest in the world. Colombia's stable monetary and fiscal policy framework and OECD accession in 2018
Colombia
constitute strengths. The country's twin fiscal and current account deficits, and continued migration from Venezuela represent clear vul-nerabilities. Additional round of tax reforms will be needed for the
BBB- / neg / Baa2 / stable country to comply with its fiscal rule and the pressure on Colombia's sovereign rating will remain high. Although the balance of risks to ratings remains tilted to the downside, we expect the country to
retain its Investment Grade rating in the foreseeable future. Colombia hasn’t experienced a sovereign default in over 50 years. The likelihood Colombia defaults on external debt in the foreseeable future
is very low, in our view.

Issuer descriptions
Industry, Country
REPUBLIC OF CROATIA S&P and Fitch have both upgraded Croatia's sovereign credit ratings to investment grade this year, and the positive trend will likely continue. Public debt, at around 75% of GDP in 2018, remains
elevated, which leaves the country vulnerable to shocks. But it declined from its peak at 84% of GDP in 2014. The government expects to see a balanced budget in 2019 and 2020, which seems realistic
Croatia
as fiscal consolidation continues despite increased social spending and crystallization of some contingent liabilities (e.g., recent support for Croatia Airlines). Croatia's EU membership is strengthening its
BBB- / stable / Ba2 / pos institutional framework, trade, and investment. Progress should continue with the forthcoming euro area membership application, and a potential euro adoption by 2023 at the earliest. The disciplined
approach of the National Bank of Croatia to support the quasi peg to the euro and overall financial stability should help achieve this goal. Long-term potential growth is modest but improving. It is
constrained by unfavorable demographic conditions, migration outflows, and low absorption of EU funds. Growth has picked up, however, and should hover around 2–3% in the medium term thanks to
strong private consumption and investment. Croatia's small economy and ist openness also lead to high growth volatility. We assign an improving outlook to Croatia. We expect the debt burden to
continue to decline gradually given the prudent fiscal policy and improving growth prospects, which should benefit from further improvement in living standards and select reforms. The likely euro area
candidacy application should also support economic activity via further improvements in institutions and macro policies. But reforms to boost growth further will remain vital to ensure debt sustainability.
The recent backtracking on pension reform, with the retirement age reduced back to 65, highlights that this is not an easy task.
Republic of Indonesia We attach a stable outlook to Indonesia's credit fundamentals, with a positive bias. The country's long record of modest budget deficits underpins our expectation that the budget over the next two years
will come in below the statutory limit of 3% of GDP. Indonesia's government debt levels stood at an estimated 30% of GDP in 2018, which compares favorably to those of similarly rated peers.
Indonesia
Continued improvements in the macro policy mix following President Joko Widodo's re-election, including improving access to quality education, enhancing labor skills, and improving the business
BBB / neg / Baa2 / stable environment could lead to improved confidence and investment and should support growth in the medium term. Long-term growth prospects are also favored by relatively high domestic savings and
investment relative to BBB-rated peers. On the other hand, Indonesia has low levels of GDP per capita and relatively weak institutions. Close to 50% of the country's current account receipts are
commodity-linked. A slowdown in China represents a clear vulnerability.
REPUBLIC OF KAZAKHSTAN Kazakhstan is the largest economy in Central Asia. The country enjoys an abundant supply of accessible mineral and fossil fuel resources, which is both a source of wealth and vulnerability given the
country's limited economic diversification. Kazakhstan's investment grade status is mostly due to its strong public and external finances, underpinned by low public debt (around 20% of GDP), ample
Kazakhstan
sovereign assets (equivalent to about 35% of GDP), and sizable international reserves (about 13 months of current external receipts). This provides a significant buffer against external shocks. We expect
BBB- / stable / Baa3 / pos growth to remain healthy and close to potential this year and next, at around 3.5–4%, thanks to robust domestic demand, fostered by government social measures and infrastructure projects, and
potentially recovering oil production with the Tengiz oil field expansion. Ongoing banking sector fragilities and weak—albeit gradually strengthening—institutions are key credit weaknesses. We assign
an improving credit outlook to Kazakhstan as the country's economic resilience is increasing on the back of robust growth prospects, rising incomes, and a more effective macro policy mix. Policy
continuity is likely to prevail with the newly elected president, Kassym-Jomart Tokayev. We also see prospects for moderate reforms and greater public investment, but the budget balance should remain
in equilibrium. However, the government debt ratio should stay broadly stable, in our view. Key to monitor are banking sector risks, given the high dollarization and nonperforming loans, oil prices, and
reforms.
REPUBLIC OF KENYA With a GDP per capita of USD 3,383, and 44% of its population living below the poverty line, Kenya is considered a lower middle income country by the World Bank. The country has the largest and most
advanced economy in East and Central Africa, where it acts as an economic and transport hub. Its diversified economy enjoys strong growth prospects of about 6%, supported by a booming service sector
Kenya
in financial services, telecommunications, tourism, and higher education. This is above the population growth rate (2.3% in 2018). Also, oil discoveries in the northwest will, when exploited, support
B+ / neg / B2u / neg export diversification. But reforms are needed to address structural headwinds such as inadequate infrastructure, weak governance, and low productivity in the agricultural sector. Beyond weak
government indicators, and a history of instability around national elections—the next of which is scheduled for 2022—Kenya's credit profile is mostly constrained by weak government finances.
Government debt stands at 62% of GDP

Issuer descriptions
Industry, Country
Republic of Korea At around 40% of GDP in 2019, Korea has a moderate level of government debt. Only a very small portion of this debt is denominated in foreign currency. A long history of current account surpluses has
provided the sovereign with a strong net external creditor position. The key risks to the sovereign include the contingent liabilities of state-owned enterprises, the high level of household debt, and North
Korea
Korea.
AA / stable / Aa2 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
Republic of Peru We attach a stable outlook to Peru's credit fundamentals. Peru's record of prudent fiscal policy, low debt-to-GDP ratio, manageable external debt redemptions in the next five years, high international
reserves, and large FDI flows represent clear strengths. On the other hand, its heavy reliance on commodities (mostly copper and gold), the high degree of dollarization of deposits in the financial system,
Peru
and the relatively weak quality of institutions constitute risks. All in all, we expect the sovereign's creditworthiness and credit rating to remain stable in the years to come.
BBB+ / stable / A3 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
Republic of Poland With an A- composite rating, Poland is the best-rated CEE sovereign under CIO coverage. The country has stronger institutions than many emerging economies, in part due to the EU membership. Trend
growth in Poland is solid, at around 3.5–4%, underpinned by sizable inflows of EU funds and robust domestic demand. The Polish economy is also fairly large and more resilient than regional peers due
Poland
to a lower export dependence and diversified export base. That's positive given the ongoing economic slowdown in the euro area. Structural economic challenges exist, however, including negative
A- / stable / A2 / stable demographic trends, gaps in infrastructure, increasing skill shortages, and likely lower volumes of EU funds going forward. The increasing unpredictability of economic policy and contentious reforms
implemented by the ruling Law and Justice (PiS) party, such as changes in the judicial system, are also risks to monitor. These have polarized public opinion. On the fiscal side, the sizable structural deficit,
fueled by increased social spending, is mitigated by high debt affordability. Our stable outlook for Poland reflects balanced risks. Growth prospects remain robust despite some expected slowdown in
2020. More fiscal expansion is likely ahead of 2Q20 presidential elections. However, we expect fiscal metrics to remain compliant with EU rules and government debt to remain below 50% of GDP.
Challenges to institutional strength and an increasingly polarized political landscape, with rising support for parties at extreme ends of the political spectrum, are worth monitoring. Positive credit catalysts
would include fiscal consolidation, measures reversing the weakening of the institutional framework, and structural reforms supporting potential growth.
Republic of South Africa South Africa's credit profile is supported by a diversified economy, a well-developed financial sector, a liquid capital market, and strong institutions. Increasing credit constraints have, however, pushed
the sovereign rating to below investment grade. GDP growth has averaged only 1.1% in the five years to 2018 due to major structural constraints and is expected to be around 0.7% this year, below
South Africa
trend population growth (1.6%). Income inequality is one of the highest in the world, and less than half of the working-age population is employed. This fuels social tensions and constrains policymaking.
BB- / stable / Ba1 / neg Combined with rising government support to poorly managed state-owned enterprises (SOEs), these factors have put pressure on government debt, which more than doubled to 60% of GDP in the last
decade. Significant foreign participation in local-currency government debt is an important risk to monitor. We attach a deteriorating credit outlook to South Africa. The budget deficit is likely to rise above
6% of GDP by this fiscal yearend in March 2020 due to weak growth and the financial support granted to Eskom. This will push up government debt from an already elevated level. The current
administration is committed to much needed structural reforms. But progress has been limited so far due continued infighting within the ruling party and resistance to change from labor unions. The high
tax burden and pressures on spending from high inequality and unemployment also limit the scope for further fiscal consolidation if economic growth remains sluggish. Key issues to watch are structural
reforms, fiscal consolidation, and measures to sustainably improve the financial viability of SOEs (particularly Eskom, whose debt accounts for 9% of GDP
Republic of the Philippines We attach a stable outlook to the Philippines’ credit fundamentals. Credit ratings should remain in the BBB range in the foreseeable future. We think the government’s level of debt as a percentage of
GDP will remain in check in the medium term on the back of strong GDP growth and responsible fiscal policy. On the other hand, the Philippines' low GDP per capita relative to similarly rated peers,
Philippines
unequal income distribution, and narrow government revenue base constitute weaknesses.
BBB+ / stable / Baa2 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

Issuer descriptions
Industry, Country
Republic of Turkey Since 2016, Turkey's composite credit rating has dropped by four notches to B+. Credit deterioration has been mostly driven by a steady erosion of institutional strength, the rule of law, and policy
effectiveness, which has exacerbated already-high macro vulnerabilities. Combined with escalating geopolitical risks, this has undermined the country's growth potential and pushed it into a currency
Turkey
crisis in 2018. Turkey’s still-large external debt keeps it dependent on foreign capital inflows and foreign investor confidence, which in turn depends on political and geopolitical developments and global
B+u / stable / B2 / neg financial conditions. Public finances remain quite solid, however, underpinned by a low government debt-to-GDP ratio (about 30%), although budget deficit is widening toward 5% of GDP. Turkey also
features a large, diversified middle-income economy, supported by favorable demographics, diverse trade linkages, and a dynamic and diversified private sector. We assign a deteriorating outlook to
Turkey as structural hurdles and persistent economic policy uncertainty outweigh ongoing cyclical adjustments. The economy has been adjusting faster than expected, as reflected by improving growth,
inflation, and current account dynamics. But the risk of renewed pressure on the balance of payments remains non-negligible. Policy decisions and political developments will likely determine Turkey's
future credit trajectory. Prudent macro policies and reforms addressing persistently high inflation, dependence on imports, and the low savings rate, are crucial. But for now, Turkish authorities seem to
prioritize near-term growth over those long-term objectives. Geopolitics also remains a major source of uncertainty, particularly the risk of US sanctions.
ROAD KING INFRASTR. Road King Infrastructure (RKI), listed in the Hong Kong Stock Exchange since 1996, is primarily engaged in residential property development in China. It also invests and operates toll highways and
expressways spanning 488km across five provinces in China through joint ventures. The company is 41% owned by Wai Kee Holdings and 27% by Shenzhen Investment, which is ultimately owned by
Hong Kong
Shenzhen SASAC.
UBS credit view on senior bonds: Yellow Yellow red Red UBS credit view on other cover types: n.a. Yellow
ROMANIA Romania’s BBB- credit rating reflects the policy anchor provided by EU membership and relatively healthy public finances, underpinned by a low government debt-to-GDP ratio (around 35%) and high
debt affordability. The economy will likely slow this year and next, in tandem with the EU, but growth potential at around 3.0–3.5% remains one of the highest in the EU, thanks to robust private
Romania
consumption. Macroeconomic policies since the global financial crisis have reduced fiscal and external imbalances. That said, these improvements have been partly reversed by a procyclical fiscal stance in
BBB- / neg / Baa3 / neg recent years (e.g., via significant increases in the minimum wage and public-sector wages), which has been financed in part by unorthodox measures (e.g., a new tax on bank assets). This has pushed
inflation and the current account deficit to higher levels, hence increasing external vulnerability risk. Romanian institutions remain weaker than their EU counterparts, and reforms to important judicial
laws, the criminal code, and the criminal procedure code conducted under Liviu Dragnea, the controversial former leader of the Social Democratic Party (PSD), have prompted substantial criticism. We
assign a stable outlook to Romania, with risks somewhat tilted to the downside. The strong growth potential and fiscal metrics mitigate rising policy risks which, if sustained in the longer term, may weigh
further on public and external finances. Continuing fiscal expansion and increased budget rigidity are fueling macro imbalances and eroding the fiscal buffer needed to respond to potential shocks.
Political risks remain elevated as well due to a fractious political landscape and threats to the rule of law. Combined with the lack of reforms, and uncertainty related to the recent break-up of the
governing coalition, this could negatively affect investor sentiment ahead of a busy electoral calendar.
Rosneft Rosneft is a leading vertically integrated oil and gas major, with key assets in Russia and internationally. In addition to a strong exploration and production footpritn, Rosneft makes a signifcant
contribution to Russia's oil refining and has a sizable retail network. The Russian state owns just over a 50% stake in Rosneft, BP holds a 19.75% stake, QHG Oil Ventures hold a 19.5% stake, National
Russia
Settlement Depository helds a 10.39% stake and rest is held by minorities and a free float. The company is subject to the US and EU sanctions which prohibit involvement in new financing of more than
N/A / N/A 60 days and 30 days maturity respectively. In September 2014, the EU restricted exports of certain energy related equipment and technology to Russia, particularly for deep water, arctic and shale oil
exploration and production. The US prohibited the export of goods, services, and technology for exploration and production of Russia's deep water oil, arctic offshore oil or shale oil projects to Rosneft
among other Russian companies. We see these sanctions potentially affecting hydrocarbon producers' long term growth strategy.

Issuer descriptions
Industry, Country
RUMO Rumo is 28.5% owned by Cosan Logística, a 72.8% subsidiary of Cosan Limited (Cosan). Rumo is one of Brazil's largest railroad-based logistics operators in terms of volume transported. Rumo offers an
integrated logistics solution to agricultural commodity producers located in the central-south region of Brazil by transporting produce from mills and depots by truck or rail to the port of Santos. Rumo also
Brazil
provides warehousing services. Following Rumo's merger with América Latina Logística S.A. (ALL), Rumo assumed control of concessions for main railroads between the sugar and grain producing areas
N.A. / n.a. / N.A. / n.a. of the central-south region of Brazil and the ports of Santos, São Francisco, and Rio Grande. According to company filings, Rumo's railway footprint covers an area that is responsible for approximately
80% of Brazil's GDP, which includes four of the country's most active ports in handling grain exports. Rumo posted relatively positive 2Q20 results despite COVID-19 mostly on the back of greater
volumes transported. Total volumes transported in 2Q20 measured in revenue-ton-kilometer (RTK) came in at approximately 16.4 billion RTK, up 13.9% year-over-year from around 14.4 billion RTK in
2Q19. Net revenues and EBITDA declined 22.9% and 4.2% year-over-year in USD terms, respectively, but profitability improved as the quarterly EBITDA margin widened 1,310bps, from 53.4% in 2Q19
to 66.5%. Leverage (total debt divided by 12-month trailing EBITDA) as of 30 June 2020, came in at 5.4x, up from 4.2x in March, as the company took in additional debt to strengthen liquidity. In spite
of the increase in leverage, we continue to see refinancing risk as relatively low. As of 30 June 2020, Rumo reported almost USD 1.1bn in cash & equivalents, around USD 608mn in short term debt and
approximately USD 210mn in gross annual interest expense, while 12-month trailing EBITDA was running at USD 872mn. Owing to COVID-19, credit ratings have come under some pressure. On 7 May
2020, Fitch revised the outlook for their BB rating for Rumo to Negative from Stable. S&P rates Rumo BB-, with Stable outlook since 16 August 2017.
Russian Federation Russia has come a long way since the structural drop in oil prices and the introduction of sanctions in 2014. Thanks to the government's coherent and credible policy response, which combined a flexible
exchange rate, inflation targeting, fiscal reforms, and financial sector support, the country returned to investment grade in 2018. The implementation of the fiscal rule, coupled with a weaker ruble,
Russia
reduced the fiscal breakeven oil price from USD 110/bbl in 2013 to USD 45/bbl in 2018, pushing the government budget back into surplus. Russia now has more than USD 530bn of international reserves
BBB- / stable / Baa3 / stable (covering total imports by 13–14 times), a low government debt stock, matched by government deposits (each equivalent to about 15% of GDP), and a large net external creditor position. Russia also
remains one of the world’s largest oil producers and possesses a quarter of total world natural gas reserves, in addition to other resource endowments. These strengths are balanced against lingering
structural challenges such as a weak rule of law, still-high albeit diminishing dependence on the energy sector, and low potential growth amid unfavorable demographics and chronic underinvestment.
Ongoing Western sanctions also weigh on Russia’s macro outlook. We attach a stable outlook to Russia as risks look symmetrical, in our view. Reforms boosting potential growth and improved structural
indicators, such as governance standards, would be positive for creditworthiness. On the other hand, weak growth and productivity, lack of economic diversification, and the continued threat of sanction
escalation are negative factors to watch. But these negative factors are partly mitigated by a more sustainable macro-policy mix as well as robust external and public finances.

Russian Railways Russian Railways is a 100% state-owned railway company, founded in 2003, previously operated as the Ministry of Railways. Russian Railways operates the 3rd largest railway transportation system in
the world in terms of freight turnover. Its rail activities also include ownership of the infrastructure and provision of locomotives and rolling stock. The group provides both passenger and freight transport
Russia
services, which underscores the strategic role it plays in the Russian economy. We expect the company is likely to receive state support if needed.
S.F. HOLDING Founded in 1993, S.F. Holding (A3/A-/A-) is a leading express delivery company in China. Aiming to provide intelligent and integrated logistics solutions to clients, the company offers domestic and
international express delivery, warehousing, heavy-freight delivery and cold-chain delivery. In 2017, the company had a 14% market share by revenue in China (ranked first) and an 8% market share by
China
volume (ranked fifth). SF's services cover 99% of all metropolitan areas in China and over 200 countries internationally, through its network of 13,000 branches, 30,000 long-haul trucks, 63,000 last mile
N.A. / n.a. / A3 / neg vehicles and 57 cargo planes. In 2017, SF (002352 CH) was listed on the Shenzhen Stock Exchange via a backdoor listing. The company currently has a market cap of CNY 198bn (USD 29bn). It is 61%
owned by the company's founder and chairman, Wang Wei, 18% owned by strategic investors, 12% owned by internal shareholders and 8% owned by external shareholders.

Issuer descriptions
Industry, Country
SAKA ENERGI INDONESIA PGN Saka Energi (PGN Saka) is wholly owned by Perusahaan Gas Negara (PGN), the sole midstream gas player in Indonesia. PGN is 57%-owned by the Indonesian government and is the largest natural
gas transportation and distribution company in the country. PGN Saka functions as the upstream arm of PGN. It explores, develops, and produces various hydrocarbon assets, including crude oil, natural
Indonesia
gas, LNG and LPG. PGN Saka has interests in nine fields in Indonesia and one in the US.
B+ / stable / B1 / neg 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: YELLOW YELLOW YELLOW n.a. UBS credit view on other cover types: n.a. n.a.
SAMARCO MINERACAO SA Samarco Mineração (Samarco) is a privately held joint venture between Vale S.A. (Vale) and BHP Billiton Brasil Ltda. (BHP Brasil). The company owns an integrated enterprise system consisting of the
mining, beneficiation, and concentration of low-grade iron ore, and the transportation of concentrated ore via pipelines that connect the company's two operating plants located in Minas Gerais and
Brazil
Espírito Santo. Unfortunately, on 5 November 2015 Samarco found itself in a very complicated situation, as two of the company's tailings dams failed and the mudslide that followed buried surrounding
NR / n.a. / N.A. / n.a. towns causing material property damage and most sadly the loss of precious life in the area. As a result, Samarco's mining licenses were suspended, and the company is in default of its financial
obligations. We believe that a debt restructuring will depend on whether Samarco is allowed to operate again or not. If Samarco's licenses are reinstated within the foreseeable future, we would expect a
debt restructuring likely to include postponement of interest payments until the company is in a position the generate revenues, but with little, if any, principal haircut. Otherwise, if it becomes evident
that licenses will not be reinstated, we would expect liquidation with recovery values possibly below historical averages. On 25 June 2018, Vale informed the market that together with BHP Brasil, and
Samarco, it had entered into a final agreement with the Federal and State Prosecution offices, the Federal Public Defenders’ office, the State Public Defenders’ offices of Minas Gerais and Espírito Santo,
and the Federal Attorneys’ office and State Attorneys’ offices of Minas Gerais and Espírito Santo. The Agreement establishes, among other matters, innovations in the governance of the Renova
Foundation to ensure a greater participation of the affected people, and a process to deal with a possible renegotiation of the programs designated to repair the disruption of the Fundão tailing dam, to
be assessed after the conclusion of the work of specialists hired by Samarco to advise the Federal Prosecutor's Office. The Renova Foundation remains as the entity responsible for the 42 programs agreed
upon the first Framework Agreement signed in March 2016. The Agreement establishes a period of two years for the Federal Prosecutors' Experts, who monitor the execution of the Renova Foundation
programs, to present their findings. In addition, the Agreement extinguishes relevant lawsuits, among which, the Public Civil Action of BRL 20bn filed by the Union and the states of Minas Gerais and
Espírito Santo. As for the Public Civil Action of BRL 155bn, those which are sanctioned by the Agreement will be immediately extinguished. The remaining ones continue suspended until the acceptance of
the Renova Foundation's Programs, or the eventual renegotiation of these Programs, leading to their future extinction. The Agreement also settles the discussion about the legal guarantees set at the
amount of BRL 2.2bn, thus bringing greater legal certainty to the parties concerned. The undertakings established in the Agreement depend on legal approval by the court of the 12th Vara Federal
Cível/Agrária de Minas Gerais (Federal Court of Minas Gerais).
UBS credit view on senior bonds: red red red red UBS credit view on other cover types: n.a. n.a.
San Miguel Corp San Miguel Corporation (SMC) is one of the largest conglomerates in the Philippines, with revenues (PHP 1,021bn, or USD 20.8bn) equivalent to about 5.5% of the country's GDP in 2019. Its history
dates back to 1890 as a brewery and has gradually expanded to other areas through acquisitions and investments. Today, it has five key segments: food and beverage (F&B), fuel and oil, energy,
Philippines
infrastructure, and packaging. The company also invests in property development and other non-core businesses. SMC is listed on the Philippine Stock Exchange (PSE). Top Frontier Holdings and Privado
NR / n.a. / N.A. / n.a. Holdings are its main shareholders, owning 65.99% and 15.67% of SMC, respectively.
UBS credit view on senior bonds: yellow yellow yellow red UBS credit view on other cover types: yellow yellow
SANDS CHINA Sands China Limited (SCL) is one of Macau's largest gaming operators by market share (22% as of 1H18 by gaming revenue) and a key subsidiary of the US-listed Las Vegas Sands Corp (LVSC), a global
integrated resort developer and operator. SCL, 70% owned by LVSC, has a USD 39bn market capitalization and is listed in HK. It holds all of the group's Macau assets, including The Venetian Macao,
Macao S.A.R., China
Sands Cotai Central, The Parisian Macao, The Plaza Macao and Sands Macao. The LVSC group also operates gaming businesses in Singapore and the US.
BBB- *- / watch- / Baa2 / neg 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

Issuer descriptions
Industry, Country
Saudi Arabian Oil Company We see Aramco as a fundamentally solid company with a stable outlook, similar to the sovereign. That is why we assign green credit risk flags to the issuer for bond maturities until five years, indicating
very low credit risk, and yellow ones beyond (low to medium credit risk). Our view reflects exceptionally strong business and financial profiles, which are, however, constrained by the sovereign
Saudi Arabia
creditworthiness. On a standalone basis, the credit fundamentals of Aramco look quite impressive. Key strengths, we think, include very healthy financial metrics, with minimal debt relative to strong cash
N.A. / n.a. / A1 / neg flows and liquidity buffers, and a conservative financial strategy, as well as a very strong business profile, underpinned by a large operational scale, low production costs, market leadership and access in
Saudi Arabia to one of the world's largest hydrocarbon reserves. Combined with the ongoing diversification into downstream and gas activities, this provides considerable credit resilience despite the
volatility of crude oil prices. On the other hand, constraints by the Saudi sovereign reflect the influence the state exerts on Aramco through taxation and dividends, as well as regulating the level of
production in line with its OPEC commitments. This explains the close correlation in the issuers' credit trajectories.
Sberbank Sberbank is the largest bank in Russia and has a presence in 20 countries. Existing legislation prevents the Russian Central Bank's stake in Sberbank from falling below its current level of 50% plus one
share. The bank has a dominant position in Russia, in particular in the retail deposits market. Even VTB, Russia's 2nd largest bank, is behind by a sizeable margin. Due to its size, Sberbank has some of
Russia
the Russian banking sector's lowest funding costs. The bank is well capitalized, has a relatively diversified loan book, and is likely to maintain a comfortable liquidity position. The bank is subject to the US
N/A / N/A and EU sanctions, which prohibit involvement in new financing of more than 14 days maturity. We see a high probability of the state supporting the bank in case of need. We remain comfortable with
Sberbank's credit profile, given its solid position in the domestic market and ownership structure.
Seazen Group Ltd Originating in Changzhou, the company has switched its focus to establish a strong presence in higher-tier cities in the economically advanced Yangtze River Delta region. The company also develops
mixed-use complexes that consist of residential properties, shopping malls, offices, hotels and serviced apartments. By end-18, the company had a total landbank of 110 million square meters, half of
China
which is located in the Yangtze River Delta.
BB / stable / Ba3 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
Seazen Holdings Future Land Holdings Co. Ltd. operates as a real estate owner and developer. The Company operate residential buildings, office buildings, commercial buildings, infrastructure facilities, and others. Future
Land Holdings also provides market research, information consulting, and other services.
China
SEMBCORP INDUSTRIES Incorporated in 1998, Sembcorp Industries has grown to become a major industrial group primarily involved in the utilities, marine, and urban development businesses. The marine division, which focuses
principally on providing integrated solutions in the repair, building, and conversion of ships and rigs, as well as offshore engineering and construction, is listed as a separate entity and is 60.9% owned by
Singapore
SCI. The utilities division runs energy and water assets in various countries and provides on-site logistics to industrial and municipal customers.
Severstal Severstal is a leading vertically integrated steel producer with major assets located in Russia. Severstal is privately owned, with the Chairman of the Board of Directors holding the majority of the
company’s shares. Severstal benefits from high degree of vertical integration into iron ore and coking coal. Steel price weakness and increasing protectionism in the global steel industry are among
Russia
downside risks.

Issuer descriptions
Industry, Country
Shandong Hi-Speed Group With CNY 615bn in assets, Shandong Hi-Speed Group (SDHS, A3/NR/A) is a core state-owned enterprise (SOE) ultimately 100% owned by China's Shandong provincial government. Founded in 1997, it
started as one of the government's key toll road platforms and has grown its operations to include commodity trading, construction, railway investment, financial services and real estate.
China
N.A. / n.a. / A3 / neg 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

UBS credit view on senior bonds: Green Green Yellow Yellow UBS credit view on other cover types: n.a. Yellow
Shanghai Commercial Bank Hong Kong-incorporated Shanghai Commercial Bank (SCB) is majority-owned (58%) by Taiwan-based Shanghai Commercial and Savings Bank Ltd (SCSB), which is listed on the Taiwan stock exchange.
Other shareholders include Wells Fargo (20%) and Shanghai United International Investment (22%).
Hong Kong
NR / n.a. / N.A. / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

SHANGRI-LA ASIA Shangri-La Asia (SAL) is listed on the Hong Kong stock exchange (69 HK) and the Singapore stock exchange (SGA SP) with a market capitalization of HKD 28bn (USD 3.6bn) as of October 2019. SAL
develops, owns and operates hotels and other investment properties mainly in Asia, most notably under the Shangri-La, Traders Hotel, Kerry Hotel, Hotel Jen and Rasa brands. SAL is controlled by private
Hong Kong
company Kerry Group, which is in turn part of Malaysian tycoon Robert Kuok's business empire.
Shimao Property Shimao Property Holdings Ltd (Shimao) is a leading Chinese property developer with a diversified and well-located land bank. Together with its 64%-owned Shanghai A-share-listed subsidiary, Shanghai
Shimao Co, Ltd, the group has an attributable land bank of 37.2 million square meters in 87 cities as of 2018. Its business strategy focuses on acquiring quality land in 1st and 2nd tier cities. Shimao also
China
develops commercial properties and operates more than 20 hotels with 6930 rooms.
BB+ / pos / Ba1 / pos 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
Shinhan Bank Shinhan Bank is the third-largest commercial bank in Korea, with a market share of about 12% in terms of assets. It was established in 1981, and underwent a reorganization in 2001, through which
Shinhan Financial Group was established. The merger with Chohung Bank in 2006, one of SFG’s banking subsidiary strengthened SB’s franchise. The bank contributes more than 70% of SFG’s net
Korea
income, and remains wholly owned by the group.
A+ / stable / Aa3 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
Shinhan Financial Group Shinhan Financial Group (Shinhan FG) is the second largest financial institution in South Korea, with total assets of KRW 460trn (USD 380bn) as of end-2018. It operates via various subsidiaries offering a
complete suite of financial services, including credit cards, insurance and banking. Shinhan Bank is the most significant driver of Shinhan FG's earnings, contributing about 65% to the latter's net income
Korea
in 1H19. Shinhan FG is listed on the KOSPI, with a market capitalization of USD 16bn.
Shougang Group Shougang Group (NR/NR/A-) is a steel conglomerate 100% owned by the Beijing SASAC. With total assets of CNY 501bn at of the end of last year, it is one of the largest steelmakers in China. Its crude
steel capacity is 30m tons and in 2017 it sold 28m tons of steels, making it a top five player nationally and top 10 globally. It has No.2 market share positions in both the home appliance and auto
China
markets, behind Baowu Steel, according to management. Last year it recorded CNY 206bn in total revenue, 60% of which came from the iron and steel segment. Mining contributed 15%, city
N.A. / n.a. / N.A. / n.a. infrastructure and development 10%, real estate 1%, financial services 2% and others such as medical and renewable energy businesses 11%.

Issuer descriptions
Industry, Country
SHUI ON LAND LIMITED Shui On Land specializes in development of prime residential and commercial properties in China's leading cities. Shui On established its reputation as a premium quality developer through its urban
regeneration project under the Xintiandi brand name in Shanghai. For residential development, the company currently has nine projects in four cities, with a total land bank of around 1.6m sqm. Shanghai
Hong Kong
is Shui On's largest market, representing over half of its 2018 contracted sales and the majority of its investment property portfolio value. Listed in Hong Kong, Shui On is 57.2% owned by its founder,
N/A / N/A Vincent H.S. Lo.
UBS credit view on senior bonds: Yellow Yellow Red Red UBS credit view on other cover types: Red Yellow
Sigma Alimentos Sigma Alimentos is wholly-owned subsidiary of Mexico’s ALFA, and a leading multinational company in the refrigerated food industry. The company focuses on the production, marketing, and distribution
of quality branded foods, including packaged meats, cheese, yogurt, and other refrigerated and frozen foods. Sigma owns a diversified portfolio of leading brands, and operates 70 plants in 18 countries
Mexico
across its four key regions: Mexico, where it is the largest producer and distributor of refrigerated and frozen food, Europe, the US, and LatAm. Sigma posted relatively positive 2Q20 results driven by
BBB- / stable / Baa3 / stable record volumes in the US partly offset by lower foodservice demand Net revenues and EBITDA declined 8.6% and 11.2% year-over-year in USD terms, respectively, and the quarterly EBITDA margin
narrowed 30bps from 11.1% in 2Q19 to 10.8% in 2Q20. In light of the ongoing COVID-19 crisis, Sigma drew USD 305mn from its committed short-term credit lines to strengthen its liquidity position.
The side effects of Sigma’s prudent liquidity measure came in the form of higher debt, which increased from USD 2.5bn in December 2019 to USD 2.8bn in June 2020, and weaker debt ratios. Leverage
(total debt divided by 12-month trailing EBITDA) as of 30 June 2020, came in at 4.1x, up from 3.9x in March, and 3.5x in December 2019. Most recent rating actions have been mixed. On 5 April 2017,
Fitch affirmed its BBB rating for Sigma with Stable outlook. On 30 April 2019, Moody's affirmed Sigma’s Baa3, with Stable outlook. However, on 10 September 2020, S&P downgraded Sigma from BBB
to BBB-, with Stable outlook, following their downgrade of parent ALFA on that same date on the back of the reorganization of the holding company’s business portfolio.
Singapore Airlines Singapore Airlines (SIA) is one of the largest airlines in the world by market cap. The principal activities of the company consist of passenger and cargo air transportation, engineering services, and other
related services. Airlines business is by far the largest business segment, contributing around 90% of revenues.
Singapore

Singapore Post Ltd Singapore Post (SingPost) is the national postal service provider of Singapore, with postal, logistics, e-commerce, and international mail businesses. It has increased its overseas footprint in recent years
and now operates in 15 countries. It is listed on the Singapore Stock Exchange, and its major shareholders include Singtel (23.3%) and Alibaba (10.4%).
Singapore
BBB+ / stable / N.A. / n.a. 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
Singapore Telecommunications Singapore Telecommunications Limited (Singtel) provides a range of services which include fixed-line, mobile, data, internet, TV, infocomms technology, and other digital solutions. It has the biggest
market share in Singapore and the second-largest mobile subscriber base in Australia. It is listed on the Singapore Stock Exchange with a market capitalization of SGD 61bn. Temasek Holdings is its major
Singapore
shareholder, with a 51.9% share.
N.A. / n.a. / A1 / neg 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
SINOCHEM HONG KONG SinoChem HK is the key overseas holding subsidiary of SinoChem group, which is one of the largest state-owned enterprises (SOEs) fully owned by the central SASAC. SinoChem HK is 98% owned by
SinoChem group and accounted for more than 80% of the group's revenue and 65% of total assets in 2014. SinoChem HK's business portfolio primarily consists of oil and gas, fertilizers, real estate and
China
finance. The company is China's fourth largest national oil company and the largest fertilizer producer and distributor.
UBS credit view on senior bonds: green green yellow n.a. UBS credit view on other cover types: yellow yellow

Issuer descriptions
Industry, Country
SINO-OCEAN LAND HOLDINGS Sino-Ocean Land Holdings Limited is one of the leading Chinese property developers with a strong presence in Beijing and the Pan-Bohai Rim Region. It focuses on developing mid-to-high-end residential
properties, office premises, and retail properties. At end-2018, it had a land bank of about 40m sqm in 45 cities in China. China Life Insurance Co Ltd. (A1/A+/A) and Anbang Insurance Group are the
China
largest and second-largest shareholders of Sino-Ocean, with equity stakes of 29.59% and 29.58% respectively at end-2018.
UBS credit view on senior bonds: Green Yellow Yellow Yellow UBS credit view on other cover types: yellow yellow
Southern Copper Southern Copper Corp. (SCCO) is one of the largest integrated, low-cost, copper producers in the world. In addition to copper, the company is active in molybdenum, zinc, gold, and silver. SCCO's
producing assets are almost equally split between Peru and Mexico. SCCO posted mixed 1Q20 results, in our view, as higher volumes were offset by weaker prices, and copper purchases from third
Peru
parties eroded profitability. Net revenues and EBITDA declined 1.9% and 23.1% year-over-year, respectively, and the quarterly EBITDA margin tightened 770bps, from 49.9% in 1Q19 to 42.2% in 1Q20.
BBB+ / stable / Baa2 / stable Leverage (total debt divided by 12-month trailing EBITDA) as of 31 March 2020 came in at 2.3x, unchanged versus December 2019, but above 1.7x in December 2018. We continue to regard refinancing
risk as very low. As of 31 March 2020, SCCO reported almost USD 2.1bn in cash, USD 400mn in short-term debt, and about USD 360mn in annual interest expense, while 12-month trailing EBITDA is
running at over USD 3.3bn. Due to the company's strengths and sound fundamentals, credit ratings look relatively stable. On 21 November 2016, Fitch affirmed its BBB+ rating for SCCO with Stable
outlook. On 18 October 2018, S&P upgraded SCCO from BBB to BBB+ with Stable outlook. However, on 25 March 2020, Moody's revised the outlook for its Baa2 rating for SCCO from Positive to Stable.
Aside from exposure to volatility in commodity prices, main risks associated with SCCO include the highly speculative and accident prone nature of mining, increased policy risk in Mexico, and the
company's exposure to potential social and political unrest in the countries and regions where it operates.
SP POWERASSETS SPPA is a wholly-owned subsidiary of Singapore Power, which is owned by Temasek Holdings. As the sole owner of Singapore's electricity transmission and distribution assets, SPPA is a monopoly
operator and is therefore strategically important to Singapore.
Singapore
AA / pos / Aa2 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

SPH REIT SPH REIT is a Singapore-based real estate investment trust, with a portfolio of four retail assets located in Singapore and Australia. As of March 2019, these assets were valued at SGD 3.5bn. SPH REIT is
70%-owned by Singapore Press Holdings, and is listed on the Singapore Stock Exchange with a market capitalization of SGD 2.8bn.
Singapore

UBS credit view on senior bonds: Yellow Yellow Yellow n.a. UBS credit view on other cover types: Yellow Yellow
SRI LANKA The end of the three-decade-long civil war in 2009 gave Sri Lanka a fresh opportunity to emerge as one of the more promising frontier economies in Asia. The past six to seven years have been
transformational for the country. In the early years, it made progress in maintaining strong growth, infrastructure investment, and some fiscal consolidation. But progress has somewhat slowed in the past
Sri Lanka
two years with the current government. Continuing with fiscal consolidation and improving the external position will be key challenges in the next one year or so. In this regard, the IMF's fresh assistance
B- / stable / Caa1 / stable program last year was a turning point. It will likely keep the Sri Lankan authorities on a more disciplined track and push for structural reforms. Thus, while we expect the country's key metrics to improve
in the next two years, the pace may perhaps be slower than some of the government's targets.
UBS credit view on senior bonds: red red red red UBS credit view on other cover types: n.a. n.a.
SRI REJEKI ISMAN TBK PT Sri Rejeki Isman (Sritex) is a fully vertically integrated textile manufacturer based in Indonesia and one of the largest in Southeast Asia. In addition to producing raw fabric from fibers, the company also
makes apparel, including uniforms and retail clothing. The company's largest market is Indonesia (about 50% of net sales), followed by the rest of Asia (25% of net sales). Sritex was listed on the Jakarta
Indonesia
Stock Exchange in 2013 and is 56% owned by the Lukminto family.
UBS credit view on senior bonds: Yellow Yellow yellow n.a. UBS credit view on other cover types: n.a. n.a.

Issuer descriptions
Industry, Country
ST TELEMEDIA LTD ST Telemedia, through its wholly-owned subsidiary STT Communications Ltd, invests in a portfolio of companies that operate in the communications, media and technology (CMT) sector. These companies
span across Asia Pacific, Europe and the US. It is wholly-owned by Temasek Holdings.
Singapore

UBS credit view on senior bonds: green yellow yellow n.a. UBS credit view on other cover types: n.a. Yellow
STARHUB LIMITED StarHub is one of Singapore's fully-integrated info-communications companies. It offers a wide range of services, including mobile, Pay TV, broadband, and fixed network services to both individual and
corporate customers, and is best known for being a pioneer provider of "quadplay hubbing." It is listed on the Singapore Exchange and is 56% owned by Asia Mobile Holdings, which is in turn 75%
Singapore
owned by STT Communications, an indirect whollyowned subsidiary of Temasek Holdings.
State Bank of India State Bank of India (SBI), is India's largest commercial bank, tracing its founding back to 1806. It has a well entrenched franchise and commands a leading domestic market share of 16% in terms of
loans and deposits. SBI's asset base of INR 19.5trn as of December 2010 is three times larger that of the second-largest bank in India. All these characteristics make it the systemically most important
India
bank in India, which deserves strong government support in times of need. SBI also has a strong international network of 142 offices across 32 countries, with overseas loans comprising 15% of its total
N/A / N/A loan book. The government of India holds a 62% stake in SBI and is mandated to maintain majority ownership of 51%.
STATE GRID CORP OF CHINA State Grid Corporation of China (State Grid) constructs and operates transmission and distribution power grid networks in China. Its network covers more than 88% of the country's territory, serving more
than 1.1 billion people in 26 provinces (including Beijing and Shanghai), making it the largest power grid company in the world. It is a wholly-owned subsidiary of the State-owned Assets Supervision and
China
Administration Commission of the State Council (SASAC), which is controlled by China's central government. State Grid also invests in power grid-related assets overseas, primarily in countries with well-
N.A. / n.a. / A1 / stable established frameworks like HongKong, Australia and the Philippines.
UBS credit view on senior bonds: GREEN YELLOW YELLOW YELLOW UBS credit view on other cover types: n.a. n.a.
STATE OF ISRAEL Israel's credit profile is very strong, as shown by its A1/AA- ratings. The government debt burden is moderate, at 62% of GDP, and lower than before the global financial crisis. Debt affordability is high,
supported by low funding costs
Israel
AA- / stable / A1 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

STATE OF KUWAIT With oil accounting for around 90% of government receipts and over 50% of its GDP, Kuwait is the most energy-dependent GCC economy. It is also the wealthiest, as measured by assets held in the
Kuwait Investment Authority (KIA), estimated at 400% of GDP. Kuwait also enjoys the largest proven oil reserves in the region, estimated at around 90 years at the current rate of production. The
Kuwait
corollary is that progress on reforms to develop the non-oil sector has been very slow, as shown by the delay in unpopular reforms such as the introduction of VAT, new excise taxes, and public sector
N.A. / n.a. / A1 / n.a. wage reviews. This also reflects institutional weakness, in our view, due to an inefficient bureaucratic environment and the long-running political gridlock between the appointed government and the
elected parliament. Exposure to geopolitical uncertainty is another risk to consider, similar to other GCC countries. OPEC-led production cuts, which have been extended until March 2020, and likely
lower-for-longer oil prices will affect growth and the broader macroeconomic outlook this year and next. Fiscal reform acceleration before the 2020 parliamentary election is also unlikely given ongoing
political tensions. That said, we assign a stable outlook to Kuwait due to its extremely high fiscal strength, which provides ample capacity to support the economy and absorb oil price shocks. The large
current account surplus, ongoing infrastructure projects, and potential for raising oil production are positive credit drivers. Key to watch are energy prices, geopolitics, and reforms, whose prospects are
closely related to the next legislative election, due in 2020.

Issuer descriptions
Industry, Country
State of Qatar Qatar's AA- rating is underpinned by the world's highest per capita income (more than USD 130,000 at PPP), the return to fiscal and external surpluses despite the continued boycott by its GCC
neighbors, the government's sound balance sheet, and vast hydrocarbon reserves. At the end of 2018, assets held in Qatar Investment Authority accounted for an estimated 180% of GDP, compared to
Qatar
about 50% of government debt. Qatar is also the world's leading exporter of liquefied natural gas (LNG), and its proven natural gas reserves should last for an estimated 130 years at the current rate of
AA- / stable / Aa3 / stable production. Reliance on volatile energy related revenues is only partly mitigated by the country's low fiscal breakeven oil price (around USD 50/bbl). Other credit constraints include the country's sizable
external debt, which has grown rapidly in recent years, and regional geopolitical risks. We assign a stable outlook to Qatar. Qatar's economy contracted in 2Q19 due to lower oil prices, a shrinking
construction sector, and stagnant hydrocarbon production growth. In addition, business cycle dynamics are likely to remain subdued in the foreseeable future. However, we expect a stable-to-declining
government debt burden in the coming years. We also see prospects for significant improvements in public finances after the 2022 World Cup and for higher potential growth, supported by the 40%
increase in LNG production targeted by the government by 2023–25 and, to a lesser extent, ongoing reforms. Effective public responses to the GCC boycott have also demonstrated a strong institutional
capacity to manage crises. Main risks include regional tensions, falling gas prices, and rising external debt.
STT GDC Pte Ltd ST Telemedia Global Data Centres (STT GDC) develops, operates and invests in a carrier-neutral data center platform across developed and emerging markets. It has a portfolio of more than 90 data
centers in service and under construction, spanning across Singapore, India, the United Kingdom, Thailand, and China as of December 2019. STT GDC entered the data center industry in 2014 via the
Singapore
acquisition of a 42% stake in Nasdaq-listed GDS. It is an indirect wholly-owned subsidiary of ST Telemedia, which is an investment holding company specializing in the communications, media, and
N/A / N/A technology industry. ST Telemedia is wholly owned by Singapore's Temasek Holdings.
Studio City Studio City is a hotel and casino resort in Cotai, Macau, China. It is Asia's first leisure resort to integrate television and film production facilities, retail, gaming and hotels. It is jointly developed by U.S.
investment firms Silver Point Capital LP and Oaktree Capital Management LLC and Melco Crown Entertainment. Studio City Macau was officially opened on 27 October 2015.
Macao S.A.R., China
BB- / neg / Ba3 / neg 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: Yellow Yellow red red UBS credit view on other cover types: n.a. n.a.
SULTANATE OF OMAN Due to its heavy reliance on hydrocarbons, Oman's fiscal and external accounts have deteriorated sharply since the drop in energy prices in 2014. Government debt is set to reach 60% of GDP in 2019
from only 5% in 2014, leading to multiple rating downgrades. Oman's proven oil reserves are also low relative to its regional peers (15 years of production at the current rate of output). The country's
Oman
BB+ composite rating is underpinned by its still-high stock of liquid sovereign assets (around 40% of GDP in 2018), high levels of per capita income, a sound and profitable banking system, and a long-
N.A. / n.a. / Ba3 / neg term debt profile. Oman is exposed to geopolitical risks, but its neutral foreign policy and location outside the Gulf are mitigating factors. We assign a deteriorating outlook to Oman in light of the
persistent weakening of government finances and external accounts. Despite ongoing consolidation efforts, the pace of policy adjustment has been slow as the government struggles to balance social and
deficit-reduction objectives. A committee has been established with the aim of balancing the budget by 2023, but this has to be followed by concrete measures. The fiscal deficit may narrow on the back
of spending cuts, the expected introduction of VAT in 2021, and revenue gains from the Khazzan gas field and potential increases in oil production. But implementation risks and credibility issues exist.
On a more positive note, we think long-term growth potential may increase thanks to ongoing diversification efforts, with projects such as the large Liwa Plastics plant, the recently opened airport, a
commercial seaport, and new, under-construction tourist complexes.
Sun Hung Kai Properties Sun Hung Kai Properties (SHK) is a clear leader in property sales in Hong Kong and in the development of investment properties in both Hong Kong and China. It has an excellent reputation in the luxury
property sector and focuses on good customer service. Its credit profile is underpinned by its prime investment properties, including retail, office and hotels in Hong Kong. Recurring net rental income is
Hong Kong
about HKD 8bn a year, which alone can cover interest expense by about 12 times. The company has easy access to banks, low leverage, strong liquidity, and a track record of prudent financial
N.A. / n.a. / A1 / stable management.
UBS credit view on senior bonds: green green yellow yellow UBS credit view on other cover types: n.a. Yellow

Issuer descriptions
Industry, Country
SUNTEC REIT Suntec REIT (Suntec) has interests in office and retail properties as well as a convention centre in Singapore. As of 31 December 2017, the company's total assets under management were SGD 9.4bn.
Suntec is listed on the Singapore Stock Exchange (SGX) and is 85% owned by the public. It is managed by a wholly-owned subsidiary of ARA Asset Management Limited, which is also listed on the SGX.
Singapore
Suzano Suzano S.A. (Suzano, formerly known as Suzano Papel e Celulose S.A.) and Fibria Celulose S.A. (Fibria) completed the combination of their operations and shareholding structures on 14 January 2019. As
a result of the transaction, an enhanced Suzano emerged as the surviving company and became the world's largest producer of bleached eucalyptus kraft pulp (BEKP), and Fibria ceased to exist as an
Brazil
independent operating entity. In addition, Suzano is one of the largest producers of paper in Latin America. The company is a major producer of uncoated and coated printing and writing paper, and
N/A / N/A paperboard. We find the Fibria-Suzano combination as credit positive, as we believe it has the potential to trigger long-term benefits via bigger scale, material operating synergies, and possibly greater
financial flexibility amid likely lower pulp price volatility. Suzano posted relatively positive 2Q20 driven by strong pulp and paperboard exports partly offset by weakness in printing paper and in Brazil’s
domestic market. Net revenues and EBITDA declined 12.6% and 1.8% year-over-year in USD terms, respectively, but profitability improved as the quarterly EBITDA margin widened 580bps, from 46.5%
in 2Q19 to 52.3% in 2Q20. Despite relatively stable operating cash flow generation, debt ratios marginally deteriorated as the company withdrew USD 500mn for its standby credit facilities in April to
strengthen liquidity. Leverage (total debt divided by 12-month trailing EBITDA) as of 30 June 2020 came in at 5.6x, up from 5.5x in March, but the ratio remained below 5.8x in December 2019. In spite
of still relatively high leverage, we continue to see refinancing risk as low. As of 30 June 2020, Suzano reported over USD 2.3bn in cash, a little over USD 1bn in short-term debt, and around USD 880mn
in annual interest expense, while 12-month trailing EBITDA was running at about USD 2.6bn. Most recent rating actions have been mixed. On 10 April 2018, Moody’s revised the outlook for Suzano’s
Ba1 rating to Stable from Negative on the back of a similar move on Brazil on 9 April. However, on 6 September 2019, Fitch revised the outlook for their BBB- rating for Suzano to Negative from Stable.
In addition, on 2 December 2019, S&P followed suit and revised the outlook for their BBB- rating for Suzano to Negative from Stable. Risks in Suzano include exposure to industry price volatility driven by
fluctuations in global capacity, economic conditions in China, a relevant pulp market, and currency fluctuations.
Swire Pacific Swire Pacific (Swire) is a major property investment company in Hong Kong with sizable core property assets which include a total of 15 million sqf of prime retail and office space in Hong Kong, which
brings in stable rental cash flows. The rest of its cash flow comes from marine services (13%) and beverages (9%). Swire also gets sizable dividend payments from associates and joint ventures, including
Hong Kong
Cathay Pacific Airways, an airline based in Hong Kong. Besides continued focus on managing its investment property business in Hong Kong, Swire has recently been building its investment properties in
N.A. / n.a. / A3 / stable China, which we expect to remain well supported by its strong asset and resource base.
Swire Properties Founded in 1972, Swire Properties (A2/NR/A) is a Hong Kong landlord focusing in premium mixed-use property development in Hong Kong and mainland China. As of June 2018, the company's leasing
portfolio had a gross floor area (GFA) of 26.5m sqft and was diversified in Grade A offices (52%), retail (30%), hotels (9%), and others (9%). The portfolio's book value is currently HKD 271bn, excluding
Hong Kong
joint-venture projects and hotels. Hong Kong accounted for 54% of the portfolio by GFA, followed by mainland China (36%) and the US (10%). The company also has 2.5m sqft in development
N.A. / n.a. / A2 / stable properties for sale, which mainly includes office inventories in mainland China (Chengdu) and residential inventories in the US (Miami). Swire Properties (1972 HK) has been listed on the Hong Kong Stock
Exchange since 2012, with a current market cap of HKD 156bn (USD 20bn). The company is 73% owned by conglomerate Swire Pacific (A3/A-/A, 19 HK). Swire Properties is a key subsidiary of the group,
accounting for 75% and 89%
TATA MOTORS Tata Motors Ltd is India's largest automobile manufacturer by revenue, the largest commercial vehicle manufacturer by revenue, and one of the top-four passenger vehicle manufacturers in terms of units
sold. Tata Motors' credit profile is primarily driven by its 100%-owned subsidiary Jaguar Land Rover (JLR) (Ba3/B+). The bulk of the company's revenue and EBITDA is attributable to JLR. While JLR's
India
operating performance has been deteriorating in the past year, Tata Motor's India domestic business earnings have improved. The company is 35% owned by Tata Group, a multinational conglomerate
B / stable / B1 / neg based in India.

Issuer descriptions
Industry, Country
TATA STEEL Tata Steel is an integrated steel producer primarily based in India and has operations in Europe. It has operations in 26 countries. Its European businesses is being converted into a JV with thyssenkrupp.
Its promoter, Tata Sons Limited, owns 30% of the company as of May 2016.
India
B+ / neg / N.A. / n.a. 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.

TELEV. BROADCAST LTD Incorporated in 1965, TVB started as the first wireless commercial TV station in Hong Kong. Since the 1970s, TVB has gradually become the leading TV broadcaster in Hong Kong. The company operates
a vertically integrated model (production, broadcasting and distribution), generating 60%-70% of its revenue through advertising income on its FTV channels in Hong Kong and the remaining from
Hong Kong
overseas licensing and distribution. TVB is a listed company in Hong Kong (511 HK) with Young Lion Holdings (YLH) as the largest shareholder (26%). YLH is collectively owned by Li Ruigang, founder and
N/A / N/A chair of China's first state-backed media investment firm, China Media Capital (CMC) and former president of Shanghai Media Group (SMG), Wang Hsiueh Hong, founder of Taiwan's HTC Corporation,
and Dr Chan, now chairman of TVB.
Times China Holdings Established in 1999, Times Property is a mid-sized developer that focuses on the development of mass market housing in China's Guangdong province, which has a relatively well developed economy. As
of end-18, the company had 18.5m sqm of land bank, of which around 93% was located in the Greater Bay Area. In FY18, property sales accounted for 90% of the company's revenue, with the rest
China
coming from income from urban redevelopment, rental income and property management fees.
BB- / stable / B1 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
TURK TELEKOM Turk Telekom (TT) is a leading telecommunications provider in Turkey, operating in fixed line and mobile telecommunications segments. TT is the incumbent fixed line telecommunications provider with
dominating the fixed voice segment and the broadband market. TT provides mobile telecommunications services via Avea. Turkish Ministry of Treasury and Finance owns a 25% stake, Turkish Wealth
Turkey
Fund owns a 5% stake in TT. A 55% stake in TT is held in a special purpose vehicle (SPV) by the creditors of the former TT owner OTAS. The 55% stake in TT was originanlly used as a collateral against
BB- / stable / N.A. / n.a. the loan facilities provided to OTAS. Akbank holds 35.6% stake, Garanti has a 22.1% stake and Isbank owns an 11.6% stake in the SPV.We expect the SPV owners will continue to seek the sale of their
stake in the company to a strategic buyer. In our view, Turk Telekom's performance is likely to be bolstered by the increased data usage in the current environment. We consider the issuer well positioned
to monetize its extensive network, given its dominant position both in the retail and in the wholesale market, and we expect it to benefit from a likely further increase in the broadband penetration rate.

United Mexican States With north of 128 million inhabitants, Mexico ranks number 10 in the list of countries by population in the world. As of end 2019, Mexico was the second-largest economy in Latin America and the 11th
in the world, with nominal GDP of USD 1.25 trillion. Mexico's economic structure is well diversified, with services accounting for nearly 63% of GDP, industrial production for almost 29%, with the rest
Mexico
being agriculture. Mexico's economic growth saw a marked deterioration in 2019 and suffered an even deeper blow from COVID-19 in 2020. The economic recovery is expected take years amid the
BBB / neg / Baa1 / neg adoption of pro-cyclical fiscal policy. The country will also continue to be exposed to high levels domestic political risk. Mexican President Andrés Manuel López Obrador's policy agenda remains a
nationalistic one advocating for increased state intervention in the economy. Historically, similar approaches to economic management have failed in Latin America. His stated policies have led to lower
business confidence and investment spending. We assign Mexico a deteriorating fundamental outlook, and we expect the sovereign to eventually lose its investment grade rating.

Issuer descriptions
Industry, Country
United Overseas Bank United Overseas Bank (UOB, Aa1/A+) is Singapore's third-largest bank by market capitalization, commanding 18% market share in deposits. It commands a strong foothold in the domestic market,
where it leads in the credit card and SME banking businesses and it is well-positioned for growth in Asia as it expands regionally. Singapore banks remain among the highest-rated banks globally with
Singapore
solid fundamentals and ample capitalization. Also keeping in mind UOB's strong track record of calling back bonds, we advise investors to go down the capital structure for a good yield pick-up versus
AA- / stable / Aa1 / stable senior bonds.
UBS credit view on senior bonds: green green Green yellow UBS credit view on other cover types: yellow yellow
UOL GROUP LIMITED UOL Group Limited develops private residential properties and manages a portfolio of investment properties including offices, shopping malls, serviced apartments and hotels. It owns and operates more
than 30 hotels under its wholly-owned subsidiary, Pan Pacific Hotels Group.
Singapore

Vakifbank Following a recent capital injection, Vakifbank is majority state-owned, with 37.46% of shares owned by the Turkish Treasury and 35.99% owned by the Turkey Wealth Fund. The bank’s pension fund
owns 10.3%. It benefits from state support, which should continue, in our view. Vakifbank has a strong franchise and benefits from the large number of payroll accounts it provides to government-related
Turkey
entities and companies, which lowers funding costs. Vakifbank is exposed to the risks stemming from Turkey's significant macroeconomic imbalances.
NR / n.a. / B2 / neg 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
Vale Vale is one of the largest diversified metals and mining companies in the world. Although the Brazilian government has no direct economic interest in the company following its privatization in 1997, it
holds a "golden share" that allows it to veto certain decisions including accepting a takeover bid or moving headquarters outside Brazil. Vale posted relatively strong 2Q20 results on the back of
Brazil
supportive pricing conditions and higher volumes. Net revenues declined 18.2% year-over-year in USD terms, but EBITDA increased 8.8%, and profitability improved as the quarterly EBITDA margin
BBB- / neg / Baa3 / stable widened 1,110bps, from 33.7% in 2Q19 to 44.8% in 2Q20. In light of the ongoing COVID-19 crisis, Vale took the precautionary decision to boost its liquidity by drawing USD 5bn from its revolving bank
facilities, USD 2bn payable in June 2022, and USD 3bn in December 2024. Despite Vale’s liquidity measure, which resulted in an increase in financial obligations, debt ratios slightly improved. Leverage
(total debt divided by LTMs EBITDA) as of June 2020 came in at 1.3x, unchanged versus March, but down from an already arguably low ratio of 1.4x in December 2019. In addition, the company’s
balance sheet is liquid, and refinancing risk looks low. As of 30 June 2020, Vale reported over USD 18.8bn in cash, USD 1.2bn in short-term debt, and USD 870mn in annual interest expense while 12-
month trailing EBITDA is running at over USD 14.3bn. In spite of Vale’s strong credit metrics, credit ratings are still under some pressure. On 21 March 2019, S&P affirmed Vale’s BBB- rating, but revised
the outlook to Negative. However, on 2 September 2019, Moody’s revised the outlook for their Ba1 rating for Vale to Stable from Negative. Furthermore, on 1 September 2020, Fitch upgraded Vale from
BBB- to BBB, with Stable outlook.
VEB.RF VEB.RF (previously known as VEB) is 100% owned by the Russian government, and is Russia's development bank. Its key lending is to strategically important Russian industries, supporting infrastructure
projects and SMEs. The bank also provides export credit financing and guarantees, and acts as a state agent in government debt management. The bank's supervisory board includes top government
Russia
officials and is chaired by Prime Minister. The bank is exempt from profit tax. Given its role for the Russian economy, the bank has a long term track record of state support, which we expect to continue.
N/A / N/A The bank is subject to the US and EU sanctions, which prohibit involvement in new financing of more than 14 days maturity.

Issuer descriptions
Industry, Country
VEDANTA RES. Vedanta Resources is a diversified resources company with assets mainly located in India. It is engaged in upstream oil and gas, zinc, copper, iron ore, aluminum, and commercial power-generation
businesses. The holding company is headquartered and listed in the UK while the main operating assets are held by its subsidiary Vedanta Limited, which is listed in India. Vedanta Resources is majority-
United Kingdom
owned by Anil Agarwal and his family.
B- * / watch / B3 / neg 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: Red Red red Red UBS credit view on other cover types: n.a. n.a.
VEON VEON, formely known as Vimpelcom, is a leading integrated telecommunications services provider. It is one of the three leading operators in Russia and serves in total over 210 million customers in ten
countries, providing voice, fixed broadband, data and digital services. Telenor owns a 8.9% stake. LetterOne (beneficially owned by Russian businessmen) holds a 47.9% stake directly and 8.3% indirectly
Russia
via the Stichting. The remaining stock is free float. VEON's credit profile is supported by its large geograhically diversifed footprint and strong position in its key markets. In 2018 the company reduced its
N/A / N/A debt burden folowing a sale of its 50% stake in Wind TRE to Hutchinson group. The company is facing regulatory headwinds in Russia, as the Yarovaya Law, which imposes significant data storage
requirements, came into effect on 1 July 2018. This is likely to put upward pressure on the company's capex. We monitor the macro backdrop, local currency dynamics, the regulatory environment,
developments with the tender offer to GTH minorities, and sanctions risks.
Vietnam Prosperity Joint Stock Commercial bank Vietnam Prosperity Joint Stock Commercial Bank (VPBank) was established in 1993 and was the sixth largest joint stock commercial bank in Vietnam based on total assets, as of December 2018. It
focuses on the retail banking and SME segments, and its whollyowned subsidiary, FE Credit, is the largest personal finance company in Vietnam. VPBank is listed on the Ho Chi Minh Stock Exchange, with
Vietnam
a market capitalization of USD 2.1bn, as of July 2019.
N.A. / n.a. / B1 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
VOLCAN CIA MINERA Volcan Compañía Minera S.A.A. (Volcan), is a diversified Peruvian mining company that began its operations in 1943 in the Ticlio pass, located about 4,820 meters (approximately 15,800 feet) above sea
level. Volcan's early operations were limited to the Ticlio mine. The ore produced was sold to the Mahr Tunel concentrate plant, originally owned by the Cerro de Pasco Corporation, and expropriated by a
Peru
military government in the 1970s. Following a series of transactions within the context of the structural reforms implemented in Peru in the 1990s, including the acquisition of the Mahr Tunel plant in
NR / n.a. / B1 / neg 1997, Volcan now generates revenues from five mining units that include eight mines in operation, seven concentration plants, and one lixiviation plant. The company is one of the largest producers of
zinc, lead, and silver in the world. Volcan’s operating 2Q20 performance was negatively affected by the ongoing COVID-19 global crisis. Net revenues declined 72.5% year-over-year, and EBITDA came in
negative at minus USD 22mn. However, we note that the negative EBITDA is partly explained by USD 24mn in exceptional expenses incurred during the suspension of operations due to COVID-19, as
well as testing and other related expenses to ensure the safety and health of company employees. As a result of weaker operating cash flow generation, debt ratios deteriorated. Leverage (total debt
divided by 12-month trailing EBITDA), as of 30 June 2020 came in at 12.7x, up from an already high 6.8x in March. Going forward, we expect a gradual decline in leverage to levels that are sustainable
over the cycle, as Volcan’s units restarted operations on 18 May, and reached full operating capacity at the end of June. In addition, CIO expects stable-to-higher prices for zinc and lead. That said, Volcan
has major financial tasks ahead, as the company needs to refinance a substantial stock of short-term debt of USD 387mn as of 30 June, and then come with a plan for its USD 535mn 5.375% bond due
in 2022. Understandably, most recent credit ratings have been adverse. On 10 March 2020, Moody’s downgraded Volcan two notches, from Ba2 to B1, and revised the outlook to Negative from Stable
and the back of a weakening liquidity and reliance on short-term funding, and the effects of COVID-19. However, Moody’s also said they expect management to address the liquidity situation, and
highlighted the positive implications of the presence of Glencore (Baa1/Negative by Moody’s and BBB+/Stable by S&P) as the controlling shareholder. On 8 April 2020, Fitch also downgraded Volcan two
notches from BBB- to BB, with Negative outlook on the unfavorable environment for divestments from non-core assets created by the by the coronavirus pandemic, as well as the pressure placed upon
the company's cash flow and liquidity from weaker prices and operational stoppages related to government measures to slow the spread of the virus. Fitch also views Glencore's majority voting right
ownership as a positive to Volcan.

Issuer descriptions
Industry, Country
VOTORANTIM CIMENTOS Founded in 1933, Votorantim Cimentos (VC) is a wholly-owned subsidiary of Votorantim S.A. (VSA) with a cement production capacity of 52.8 million tons per year. In addition to a leading position in
Brazil, VC carries operations in over 12 countries in the Americas, Europe, Africa, and Asia. VC posted relatively positive 2Q20 results, on better-than-expected performance in its two main markets, the
Brazil
US and Brazil. Net revenues declined 14.4% year-over-year in USD terms, but EBITDA grew 9% year-over-year, and profitability improved as the quarterly EBITDA margin widened by 410bps, from 14.9%
N.A. / n.a. / Ba2 / neg in 2Q19 to 19% in 2Q20. Due to stronger operating cash flow generation debt ratios marginally improved. Leverage (total debt divided by 12-month trailing EBITDA), as of 30 June 2020 came in at 5.2x,
down from 5.3x in March, although the ratio remained above 4.1x in December 2019. We note that the increase in leverage relative to December 2019 is mostly due to measures designed to strengthen
liquidity in light of COVID-19, including drawing down USD 290mn from revolving credit lines, and withholding on plans to prepay relatively expensive debt in 1Q20. In terms of liquidity and refinancing
risk, as of 30 June 2020, VC reported USD 782mn in cash, USD 73mn in short-term debt, and about USD 228mn in annual interest expense, while 12-month trading EBITDA was running at over USD
570mn. In addition, we note VC’s liquidity position of close to USD 1.1bn (USD 782mn in cash plus USD 300mn in available revolving lines) covers debt maturities through 2023. In spite of our view of
VC as a sound debt issuer, some pressure on credit ratings has emerged mostly on the back of COVID-19 uncertainty. On 27 March 2020, Moody’s revised the outlook for their Ba1 rating for VC to
Negative from Stable. On 7 April 2020, S&P revised the outlook for their BBB- rating for VC to Stable from Positive. On 15 June 2020, Fitch revised the outlook for their BBB- rating for VC to Negative
from Stable.
Wheelock and Company Wheelock and Company is one of the largest investment holding companies in Hong Kong. It has 50.2% interest in The Wharf (Holdings) Limited, a major conglomerate with businesses in property
investment and development, logistics, hotels and telecommunications. Wheelock also owns 100% of its property development arm Wheelock Properties (Hong Kong) and 76% of Wheelock Properties
Hong Kong
(Singapore). Wheelock has a very strong financial profile, which has largely been supported by over 75% of the operating income generated from recurring rental income and stable port operations, which
N/A / N/A mitigate the potential cyclicality of income from property development.
Wing Tai Holdings Limited Wing Tai Holdings Limited is an investment holding company operating in Singapore, Hong Kong, Malaysia and China, with businesses spanning across property development and investment, hospitality
management and garment retail. Its businesses in Malaysia and Hong Kong are conducted by its subsidiary Wing Tai Malaysia Berhad and Wing Tai Properties Limited respectively. Chairman Cheng Wai
Singapore
Keung's family owns a 50.6% stake in the company.
UBS credit view on senior bonds: yellow yellow yellow n.a. UBS credit view on other cover types: n.a. yellow
Woori Bank Woori Bank (Woori) is the second-largest commercial bank in Korea by assets and has a 15% market share of system deposits. Its business is heavily weighted toward the SME and household sector.
Overall, Woori has significant importance to the Korean banking system and its credit-worthiness is comparable to other major banks, although it has a slightly weaker financial profile. Woori bank was
Korea
originally established in January 1999 through a merger between Commercial Bank of Korea and Hanil Bank with government provided funds. Since April 2001, it has been a wholly owned subsidiary of
A / pos / A1 / stable Woori Finance Holdings (WFH, BBB+/A2), the largest financial group in Korea, and accounts for 75% of group assets. WFH is 66% owned by the Korean government through the Korea Deposit Insurance
Corporation.
Wuhan Metro Founded in 2000, Wuhan Metro (A3/NR/A) is the city government's sole platform to develop and operate the metro system in Wuhan, Hubei province, China. As of October 2018, the company ran 9
metro lines with 288km of total mileage and 2.8m daily passenger rides. Under its construction plan, total mileage will increase to 394km by 2020. In 1H18, Wuhan Metro generated 48% of its revenue
China
from metro fare, followed by primary land development (26%), rental income (16%), and others (10%). As of June 2018, the company was 88.1% owned by Wuhan stateowned asset supervision and
N.A. / n.a. / A3 / stable administration commission (SASAC) and 11.9% by China Development Bank (CDB) Development Funds. The latter is 100% owned by CDB (A1/A+/A+).

Issuer descriptions
Industry, Country
WUXI INVESTMENTS Wuxi Construction and Development Investment Co. Ltd (WCD) is wholly-owned by Wuxi SASAC and supervised by the Wuxi Government. It was established in 2005 and tasked with the investment and
operation of urban public infrastructure development for the city of Wuxi in southern Jiangsu province. The company is also mandated by the government to hold equity interest in Jiangsu-based state-
China
owned enterprises (SOEs). The senior management is appointed by the local government. By 2015, the company had total assets of CNY 44bn and debt of CNY 25bn.
WYNN MACAU Listed in 2009 in the Hong Kong stock exchange, Wynn Macau is a majority-owned (72.3%) subsidiary of Wynn Resorts Limited. It is one of the six licensed casino operators in Macau. The company owns
and operates Wynn Macau, a luxury integrated resort in Macau Peninsula. The company's second casino property, Wynn Palace which is located in the Cotai area and targets premium mass market
Macao S.A.R., China
customers, opened on 22 August 2016.
BB- *- / watch- / B1 / neg 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
YANKUANG GROUP Yankuang Group is one of the largest state-owned enterprises (SOE) in China's Shandong province, ranking second by revenue and fourth by asset size. It is also the sixth largest coal miner in China and
the second largest in Shandong. It has a 56.6% stake in Yanzhou Coal, which owns a 65.5% stake in Yancoal Australia. The group is wholly owned by the Chinese government via the Shandong SASAC
China
(70%) and the Shandong Social Security Fund (30%).
Yanlord Land Established in 1993, Yanlord Land Group Limited develops high-end properties and operates in affluent cities such as Shanghai, Nanjing, Suzhou, Shenzhen, Tianjin, and Zhuhai. As of end-18. It had a
land bank of 8m sqm in China. Yanlord was listed on the Singapore Stock Exchange in 2006.
China

YANZHOU COAL MINING Headquartered in Shandong Province, Yanzhou Coal (Yanzhou) is the sixth largest listed coal mining company in China by production volume. It is majority owned by the Shandong State-owned Assets
Supervision and Administration Commission (SASAC), through its parent state-owned enterprise (SOE) conglomerate Yankuang Group Corporation (Yankuang). Yanzhou was established in 1997 through
China
the reorganization of its predecessor, Yanzhou Mining Bureau, upon receiving approval by the Ministry of Coal Industry. As of end-2016, Yanzhou operated and owned 12 coal mines in China and six in
BB / n.a. / Ba1 / stable Australia, representing total reserves of 3.1 billion metric tons (mt) (of which 77% is in China). The company operates its Australian coal mining business through Yancoal Australia (78% owned) and
Yancoal International (100% owned).
Yapi Kredi Bankasi Yapi Kredi is a leading, privately-owned, Turkish bank. It operates a universal banking model. Following the recent reduction of UniCredit's stake in the bank to about 20%, Koc Group's direct and
indirect stake in the bank increased to 49.99%. This shift, in our view, underscores the commitment of Koc Group to Yapi Kredi, and we expect it to remain a supportive shareholder. This is particularly
Turkey
important since the bank had a relatively weaker capitalization ratios and asset quality versus its peers. In addition, bond holders are exposed to Turkey's vulnerability to a potential systemic crisis if
NR / n.a. / B2 / neg economic imbalances intensify further. We are monitoring further potential changes in the ownership structure, given a number of commitments between Koc Group and UniCredit.

Issuer descriptions
Industry, Country
YIWU (YSCO) Yiwu State-Owned Capital Operation (YSCO) is the sole local government financing vehicle (LGFV) in Yiwu, Zhejiang province, and is wholly owned by the Yiwu SASAC. The company's core business is the
operation of the Yiwu Small Commodity Market, the world's largest wholesale center for small commodity items. YSCO is also engaged in the trading of small commodity items, the provision of some of
China
the city's public utilities, and the development of both public and private housing. As of 1H17, YSCO had revenues of over CNY 9.5bn and assets of CNY 113bn.
YPF S.A. YPF Sociedad Anónima (YPF) is Argentina's national oil company (NOC). Its operations are fully integrated along the oil and gas chain, and the company enjoys leading market positions in both upstream
and downstream segments. Upstream operations consist of exploration, development, and production of crude oil, natural gas, and liquefied petroleum gas (LPG). In terms of proved hydrocarbon (oil &
Argentina
gas) reserves, as of 31 December 2019, YPF reported 1,073 million barrels of oil equivalent (boe), 0.6% below 1,080 million boe in December 2018, and about 6.2 years of production at 2Q20's run rate
CCC- *- / watch- / Caa3 / stable of around 466,800 boe per day (boed). Average crude oil production in 2Q20 came in at 200,800 barrels per day (bbd), down 10.3% year-over-year and 10.8% quarter-over-quarter from 224,000bbd
and 225,100bbd in 2Q19 and 1Q20, respectively. YPF's downstream operations include the refining, marketing, transportation, and distribution of oil and a wide range of petroleum products, petroleum
derivatives, petrochemicals, LPG, and bio-fuels. YPF is Argentina's leading refiner with operations conducted at three wholly owned facilities with combined capacity to process approximately 116 million
barrels of oil (bbl) annually, or about 318,000 bbl per day (bpd). In addition, YPF owns a 50% equity interest in Refinería del Norte S.A. (Refinor) with a refining capacity of 26,100 bpd. YPF's retail
distribution network for automotive petroleum products has an estimated nationwide market share of around 35%. Furthermore, YPF is one of the leading petrochemical and urea producers in Argentina
and in the Southern Cone of Latin America. YPF posted poor 2Q20 results on unfavorable crude oil pricing conditions, and weak domestic demand for fuels due to the current macro environment in
Argentina compounded by the COVID-19 crisis. According YPF’s 2Q20 earnings release, shipments of gasoline declined almost 54% year-over-year during that quarter. Net revenues and EBITDA declined
45.9% and 97.1% year-over-year in USD terms, respectively, and the quarterly EBITDA margin tightened 2,450bps, from 25.9% in 2Q19 to 1.4% in 2Q20. Owing to weak operating cash flow
generation, debt ratios deteriorated. Leverage (total debt divided by LTMs EBITDA) as of 30 June 2020 came in at 3.8x, up from 2.7x in March and 2.6x in December 2019. Although leverage of 3.8x may
be sustainable over the cycle, we are mostly concerned with YPF’s liquidity position and debt coming due over the next 12 months. As of 30 June 2020, the company reported over USD 1.3bn in cash,
approximately USD 3.1bn in short-term debt, and about USD 1.8bn in annual interest expense, while trailing 12-month recurring EBITDA generation was running at around USD 2.5bn. That said, in the
aftermath of the COVID-19 pandemic, YPF has taken measures to preserve liquidity, and we continue to believe that the company should be able to roll-over bank loans. In addition, YPF exchanged USD
587.3mn of its 8.5% bond due March 2021 for a new 8.5% amortizable bond with final maturity in March 2025 plus cash, reducing the amount payable in March next year to USD 412.7mn from USD
1bn originally. Most recent credit ratings actions have been adverse due to high policy risk in Argentina. On 21 August 2019, Fitch downgraded YPF from B to CCC, with Negative outlook. On 18
September, S&P downgraded YPF from CCC+ to CCC-, and kept the new lower rating under review for downgrade. However, on 29 September 2020, Moody’s revised the outlook for in Caa3 rating for
YPF from Negative to Stable. Risk factors in YPF include a close relationship with the sovereign, which often leads to usage of the company as an instrument of policy, high exposure to the Argentine
domestic economy, the highly speculative, capital intensive and accident prone nature of the industry, and exposure to commodity price volatility among others.

UBS credit view on senior bonds: Yellow Red Red Red UBS credit view on other cover types: n.a. n.a.
YUEXIU PROPERTY Yuexiu Property is the real estate platform of Guangzhou Yuexiu Holdings (Yuexiu Group), which is wholly owned by the Guangzhou municipal government in China. Established in 1985, the parent
Yuexiu Group has three core businesses: Yuexiu Property (123 HK), Yuexiu Transport Infrastructure (1052 HK) and Chong Hing Bank (1111 HK). Yuexiu Property is 50% owned by the parent, and
China
accounted for 70% of the parent's revenue and 30% of its total assets in 1H17. It has property development businesses in mainland China and Hong Kong, and is a major shareholder of Yuexiu Real
N.A. / n.a. / Baa3 / stable Estate Investment Trust (Yuexiu REIT, 405 HK). Yuexiu Property was listed on the Hong Kong Stock Exchange in 1992, and its market capitalization is HKD 22bn (USD 2.8bn) currently.
YUEXIU REIT Listed on the Hong Kong exchange in 2005, Yuexiu REIT is the first Hong Kong-listed real estate investment trust (REIT) of 100% mainland Chinese properties, with a current market cap of HKD 15.9bn
(USD 2.5bn). Its parent Yuexiu Property (YUEXIU: Baa3 (Moody's), NR (S&P), BBB– (Fitch)), a Guangzhou-based state-owned enterprise (SOE) developer, holds a 37% stake in Yuexiu REIT, and plans
China
(according to Yuexiu REIT) to gradually increase its stake to 50% by obtaining newly issued deferred units from 2016 to 2023.
UBS credit view on senior bonds: Green Yellow n.a. n.a. UBS credit view on other cover types: n.a. n.a.

Issuer descriptions
Industry, Country
YUZHOU PROPERTIES Founded in 1994, Yuzhou began as a leading developer in Xiamen, Fujian Province. It has strategically expanded to Hefei, Shanghai and other major Chinese cities. In 2018, the company achieved CNY
56bn in sales, up 49% y/y. As of end-2018, the company held 17.4m sqm of gross land bank, of which 40% was in the Yangtze River Delta (YRD), 24% in the Bohai Rim area, and the rest in central and
China
southern China.
NR / n.a. / B1 / stable 0-2Yrs 2-5Yrs 5-10Yrs >10Yrs Sub. Perp.
UBS credit view on senior bonds: Yellow Yellow Yellow n.a. UBS credit view on other cover types: n.a. Yellow

Rating Definitions
Issuer / Bond rating definitions

S&P* Moody's Fitch Definition
AAA Aaa AAA Issuer / Bonds have exceptionally strong credit quality. AAA is the best credit quality.
AA+ Aa1 AA+

Investment Grade
AA Aa2 AA Issuer / Bonds have very strong credit quality.

AA- Aa3 AA-
A+ A1 A+
A A2 A Issuer / Bonds have high credit quality.
A- A3 A-
BBB+ Baa1 BBB+
BBB Baa2 BBB Issuer / Bonds have adequate credit quality. This is the lowest Investment Grade category.
BBB- Baa3 BBB-
BB+ Ba1 BB+
BB Ba2 BB Issuer / Bonds have weak credit quality. This is the highest Speculative Grade category.
BB- Ba3 BB-
Non-Investment Grade
B+ B1 B+
B B2 B Issuer / Bonds have very weak credit quality.
B- B3 B-
CCC+ Caa1
CCC Caa2 CCC Issuer / Bonds have extremely weak credit quality.
CCC- Caa3
CC Ca CC
Issuer / Bonds have very high risk of default.
C C
D C D Obligor failed to make payment on one or more of its financial commitments. This is the lowest quality of the Speculative Grade category.
Source: Rating agencies, UBS 254

Appendix
Required Disclosures
For a complete set of required disclosures relating to the companies that are the subject of this report, please mail a request to UBS CIO Global Wealth Management Business
Management, 1285 Avenue of the Americas, 8th Floor, Avenue of the Americas, New York, NY 10019.
Analyst certification
Each research analyst primarily responsible for the content of this research report, in whole or in part, certifies that with respect to each security or issuer that the analyst covered
in this report: (1) all of the views expressed accurately reflect his or her personal views about those securities or issuers; and (2) no part of his or her compensation was, is, or
will be, directly or indirectly, related to the specific recommendations or views expressed by that research analyst in the research report.
Disclosures (12 October 2020)
Agile Group Holdings Ltd 1, 3, 4, 5, CABEI 1, 2, 3, CAF 6; Central American Bank for Economic Integration 1, 2, 3, Kookmin Bank 1, 3, Nan Fung Treasury Ltd 1, 2, 6; Petroleos
Mexicanos 3,
1. Within the past 12 months, UBS AG, its affiliates or subsidiaries has received compensation for investment banking services from this company/entity or one of its affiliates.
2. UBS AG, its affiliates or subsidiaries has acted as manager/co-manager in the underwriting or placement of securities of this company/entity or one of its affiliates within
the past 12 months.
3. Within the past 12 months, UBS Securities LLC and/or its affiliates have received compensation for products and services other than investment banking services from this
company/entity.
4. This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and non-securities services are being, or have been, provided.
5. This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and non-investment banking securities-related services are being, or have
been, provided.
6. UBS AG, its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from this company/entity within the next three months.
Statement of Risk
Emerging Market Investments
Investors should be aware that Emerging Market assets are subject to, amongst others, potential risks linked to currency volatility, abrupt changes in the cost of capital and the economic growth outlook, as well as regulatory and socio-political risk,
interest rate risk and higher credit risk. Assets can sometimes be very illiquid and liquidity conditions can abruptly worsen. CIO GWM generally recommends only those securities it believes have been registered under Federal U.S. registration rules
(Section 12 of the Securities Exchange Act of 1934) and individual State registration rules (commonly known as "Blue Sky" laws). Prospective investors should be aware that to the extent permitted under US law, CIO GWM may from time to time
recommend bonds that are not registered under US or State securities laws. These bonds may be issued in jurisdictions where the level of required disclosures to be made by issuers is not as frequent or complete as that required by US laws.
For more background on emerging markets generally, see the CIO GWM Education Notes, Emerging Market Bonds: Understanding Emerging Market Bonds, 12 August 2009 and Emerging Markets Bonds: Understanding Sovereign Risk, 17 December 2009.
Investors interested in holding bonds for a longer period are advised to select the bonds of those sovereigns with the highest credit ratings (in the investment grade band). Such an approach should decrease the risk that an investor could end up holding
bonds on which the sovereign has defaulted. Sub-investment grade bonds are recommended only for clients with a higher risk tolerance and who seek to hold higher yielding bonds for shorter periods only.
Fixed income - Bond market returns are difficult to forecast because of fluctuations in the economy, investor psychology, geopolitical conditions and other important variables. Corporate bonds are subject
to a number of risks, including credit risk, interest rate risk, liquidity risk, and event risk. Though historical default rates are low on investment-grade corporate bonds, perceived adverse changes in the credit
quality of an issuer may negatively affect the market value of securities. As interest rates rise, the value of a fixed-coupon security will likely decline. Bonds are subject to market value fluctuations, given
changes in the level of risk-free interest rates. Not all bonds can be sold quickly or easily on the open market. Prospective investors should consult their tax advisors concerning the federal, state, local, and
non-US tax consequences of owning any securities referenced in this report.
Analyst certification
Each research analyst primarily responsible for the content of this research report, in whole or in part, certifies that with respect to each security or issuer that the analyst covered
in this report: (1) all of the views expressed accurately reflect his or her personal views about those securities or issuers; and (2) no part of his or her compensation was, is, or
will be, directly or indirectly, related to the specific recommendations or views expressed by that research analyst in the research report.
254
Appendix
Disclaimer
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255
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Chief Investment Office GWM 12 October 2020

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Emerging Markets Bond List

Guidance on CIO WM bond recommendations 1 Brennan Azevedo Bond list manager

Reference lists 18 Alejo Czerwonko Sovereign bonds in Latin America

A good time to lever an EM bond portfolio

What we’ve learned from the crisis

Borrowing entails costs and risks

Michael Bolliger, Analyst

Guidance on UBS CIO risk and valuation views

UBS CIO Risk Views UBS CIO valuation views

Credit risk flags Relative value bond recommendations

Medium credit risk

Issuer credit outlook

Guidance on bond characteristics

Understanding bonds: What makes a bond complex?

Guidance on credit ratings and subordinated bonds

Credit rating definitions

Source: Rating agencies, UBS 5

Guidance on Republic of Venezuela

Top Emerging Markets Bond List

Offer Offer Ratings Minimum

Bonds in Asia, Investment grade issuers

Corporate issuers and financials

Comment: The bonds are puttable on 12/15/2021 at a fixed price of 100.

¹ Indicative values Source: Bloomberg, UBS 7

Top Emerging Markets Bond List

Offer Offer Ratings Minimum

Corporate issuers and financials

Comment: Callable in Jan 2023 at 102.975.

Comment: This is a Basel 3 Tier 2 bond.

Bonds in EMEA, Investment grade issuers

¹ Indicative values Source: Bloomberg, UBS 8

Top Emerging Markets Bond List

Offer Offer Ratings Minimum

Corporate issuers and financials

Corporate issuers and financials

¹ Indicative values Source: Bloomberg, UBS 9

Top Emerging Markets Bond List

Offer Offer Ratings Minimum

Corporate issuers and financials

Bonds in GCC, Investment grade issuers

Corporate issuers and financials

¹ Indicative values Source: Bloomberg, UBS 10

Top Emerging Markets Bond List

Offer Offer Ratings Minimum

Comment: Please note that Bahrain 5.624% 2024 is a sukuk.

Bonds in Latin America, Investment grade issuers

Comment: This is a green bond.

Corporate issuers and financials

Comment: Make whole call at reference US Treasury plus 35bps.

¹ Indicative values Source: Bloomberg, UBS 11

Top Emerging Markets Bond List

Offer Offer Ratings Minimum

Corporate issuers and financials

Corporate issuers and financials

Comment: Make whole call at reference US Treasury plus 50bps.

Comment: Senior unsecured debt.

Comment: Make whole call at reference US Treasury plus 45bps.