Asia credit bonds monitor (as of 21 Oct 2026)

#	Ticker	Name	Cpn	Maturity	Price	Z-S	YTM	YTC	Prior	Latest	Δ	−5D %
1	PALPM	Primero Agila	7.75%	2031-07-16	90.77	560	10.15%	—	96.31	90.77	-5.54	-5.75%
2	PERTIJ	4.7 07/30/49	4.7%	2049-07-30	73.27	154	7.07%	—	74.94	73.27	-1.67	-2.23%
3	MPEL	Melco	7.63%	2032-04-17	98.92	284	7.87%	—	101.62	99.44	-2.18	-2.15%
4	PERTIJ	6.45 05/30/44	6.45%	2044-05-30	92.88	178	7.16%	—	94.75	92.88	-1.87	-1.97%
5	PKSTAN	Pakistan	8.88%	2051-04-08	91.80	419	9.77%	—	93.22	91.80	-1.42	-1.52%
6	NWDEVL	New World Dev perp	4.13%	PERP	78.12	1813	—	22.04%	79.06	77.91	-1.16	-1.46%
7	SOFTBK	SoftBank	9.75%	2034-04-01	98.26	494	10.09%	—	101.40	99.92	-1.48	-1.46%
8	PKSTAN	Pakistan	7.9%	2036-09-10	92.06	396	9.13%	—	93.38	92.06	-1.32	-1.41%
9	CKINF	4 PERP	4%	PERP	63.26	—	—	122.48%	65.00	64.13	-0.87	-1.34%
10	SOFTBK	SoftBank	8.25%	2065-10-29	93.16	348	8.88%	9.35%	94.48	93.27	-1.21	-1.28%
11	PLNIJ	4 3/8 02/05/50	4.375%	2050-02-05	66.32	189	7.43%	—	67.74	66.89	-0.86	-1.26%
12	PKSTAN	Pakistan	7.5%	2032-03-10	96.28	347	8.36%	—	97.27	96.28	-0.98	-1.01%
13	MONMIN	Mongolian Mining	8.44%	2030-04-03	99.74	367	8.53%	—	100.68	99.74	-0.94	-0.93%
14	SOFTBK	SoftBank	7.5%	2035-07-10	91.65	393	8.87%	—	93.72	92.85	-0.86	-0.92%
15	SOFTBK	SoftBank	8.5%	2036-04-22	98.16	400	8.78%	—	99.19	98.27	-0.91	-0.92%
16	SOFTBK	SoftBank	9.25%	2032-04-01	99.31	440	9.41%	—	101.22	100.34	-0.88	-0.87%
17	SOFTBK	SoftBank perp	6.88%	PERP	98.95	622	—	7.99%	99.93	99.08	-0.85	-0.85%
18	NWDEVL	NWD	4.13%	2029-07-18	82.57	708	11.12%	—	81.44	82.12	+0.67	+0.83%
19	BBNIIJ	BNI perp	7.15%	PERP	99.91	287	—	7.17%	100.70	99.91	-0.79	-0.79%
20	BMRIIJ	Bank Mandiri perp	7.35%	PERP	98.34	292	—	7.76%	99.11	98.34	-0.77	-0.78%

IG/HY	#	Ticker	Name	Cpn	Maturity	Call	Price	Z-S	YTM	YTC	Dur	−5D rank
HY	1	VLLPM	VLL Intl	7.25%	2027-07-20	—	81.58	3302	29.89%	—	0.71	1
HY	2	VLLPM	VLL Intl	9.38%	2029-07-29	—	64.14	2339	27.77%	—	2.29	2
HY	3	NWDEVL	New World Dev	4.13%	PERP	2028-03-09	78.12	1813	—	22.04%	1.32	3
HY	4	GLPSP	GLP	9.75%	2028-05-20	—	88.84	1551	16.53%	—	1.40	4
HY	5	CRNAU	Coronado	9.25%	2029-10-01	—	79.01	1343	18.70%	—	2.52	5
HY	6	WESCHI	West China Cement	9.9%	2028-12-04	—	91.20	1145	14.20%	—	1.83	6
HY	7	FUTLAN	Seazen	11.88%	2027-06-26	—	101.65	1015	10.10%	—	0.64	9
HY	8	FTLNHD	New Metro	11.8%	2029-03-09	—	95.30	956	14.10%	—	2.06	10
HY	9	DALWAN	Wanda	12.75%	2028-02-05	—	102.56	775	10.85%	—	1.04	11
HY	10	NWDEVL	NWD	4.13%	2029-07-18	—	82.57	708	11.12%	—	2.51	13
HY	11	NWDEVL	NWD	4.5%	2030-05-19	—	80.78	664	10.51%	—	3.15	16
HY	12	INFRAB	Infrabuild	14.5%	2028-11-15	—	111.28	632	9.34%	—	0.95	15
HY	13	SOFTBK	SoftBank	6.88%	PERP	2027-07-18	98.95	622	—	7.99%	0.71	36
HY	14	LNGFOR	Longfor	4.5%	2028-01-16	—	94.06	594	8.81%	—	1.18	17
HY	15	LNGFOR	Longfor	3.95%	2029-09-16	—	83.63	573	10.44%	—	2.68	18
HY	16	PALPM	Primero Agila	7.75%	2031-07-16	—	90.77	560	10.15%	—	3.79	26
HY	17	GENTMK	GOHL NC5.5	7.63%	PERP	2031-10-29	92.64	516	—	9.37%	3.95	19
HY	18	SOFTBK	SoftBank	9.75%	2034-04-01	—	98.26	494	10.09%	—	5.22	23
HY	19	GENTMK	GOHL NC10	8.3%	PERP	2036-04-29	91.72	481	—	9.61%	6.11	21
HY	20	SHUION	Shui On	9.75%	2029-01-26	—	102.25	469	8.73%	—	1.98	20

IG/HY	#	Ticker	Name	Cpn	Maturity	Call	Price	Z-S	YTM	YTC	Dur	−5D rank
IG	1	PERTIJ	4.7 07/30/49	4.7%	2049-07-30	—	73.27	154	7.07%	—	—	185
IG	2	PERTIJ	6.45 05/30/44	6.45%	2044-05-30	—	92.88	178	7.16%	—	—	211
IG	3	PLNIJ	4 3/8 02/05/50	4.375%	2050-02-05	—	66.32	189	7.43%	—	—	221
IG	4	ADGREG	Parampujya Solar	6.7%	2042-03-12	—	93.02	207	7.47%	—	6.88	252
HY	5	BIOLIN	Biocon	6.67%	2029-10-09	—	98.97	222	7.06%	—	2.36	268
HY	6	IRBIN	IRB Infra	7.11%	2032-03-11	—	99.67	231	7.18%	—	3.44	298
HY	7	IIFOIN	IIFL	7.6%	2029-09-10	—	101.39	245	7.08%	—	2.52	284
HY	8	DBMMN	DB Mongolia	6.9%	2031-07-02	—	99.58	246	7.00%	—	3.90	283
HY	9	GRNKEN	Greenko Wind	7.25%	2028-09-27	—	100.34	248	7.07%	—	1.57	293
HY	10	MGMCHI	MGM China	6.25%	2033-05-15	—	95.42	248	7.09%	—	4.81	280
HY	11	CGRNEG	Continuum Green	7.5%	2033-06-26	—	101.27	252	7.27%	—	4.26	286
HY	12	VEDLN	Vedanta	7%	2032-07-13	—	98.53	261	7.31%	—	3.80	299
HY	13	VEONHD	VEON	6.95%	2031-06-01	—	99.58	266	7.05%	—	3.55	312
HY	14	MTCTB	Muangthai	7.55%	2030-07-21	—	101.39	267	7.15%	—	2.16	295
IG	15	GENMMK	3.882 04/19/31	3.882%	2031-04-19	—	85.69	271	7.71%	—	—	319
HY	16	NSANY	Nissan	7.5%	2030-07-17	—	100.85	280	7.25%	—	3.16	309
HY	17	SOFTBK	SoftBank	6.5%	2029-04-10	—	97.49	282	7.62%	—	2.22	270
HY	18	CPDEV	Central Plaza	6.8%	2029-04-07	—	98.20	283	7.60%	—	2.24	276
HY	19	MPEL	Melco	7.63%	2032-04-17	—	98.92	284	7.87%	—	3.41	294
HY	20	WYNMAC	Wynn Macau	6.75%	2034-02-15	—	94.24	284	7.78%	—	4.99	313

Asia credit news · last 10 days

Top 15 stories (last 10 days) for issuers / companies in this Asia credit universe or general Asia credit (SoftBank, Alibaba, Tencent, China property, Petronas, Adani, …). Sources: DebtWire (free/public headlines only — no sub), HKEX (filings / listedco announcements), Bloomberg, FT, Nikkei Asia, WSJ, S&P Global Ratings, Moody’s, Gavekal (public research teasers only), Coatue (public Perspectives blog only), plus X as secondary fill only (high-engagement; ≤2; prefer HKEX/press on same event). One story per topic (prefer HKEX over secondary press on the same event); ranked by importance / impact / viewers-proxy; remaining slots filled round-robin across primary sources. Agency sites prefer rating actions / outlook / CreditWatch.

Ganglong China Property Group Limited 港龍中國地產集團有限公司 · HKEX · 2026-10-20
SoftBank-Backed Oravel Said to Face Lower Valuation in India IPO · BBG/Reuters · 2026-10-23
Indonesian Corporate Bond Premia Hit Six-Year High on MSCI Angst · Bloomberg · 2026-10-23
Malaysia's SkyeChip joins SoftBank-backed AI memory project in Japan · Nikkei · 2026-10-22
T. Rowe Price Funds SICAV - Asia Credit Bond Fund - S10 Acc, LU3336816767:USD performance · FT · 2026-10-19
Ant-Backed Fintech Mynt Rises in Debut After Philippines’s Largest IPO · WSJ · 2026-10-20
How SoftBank plans to power its AI ambitions · Nikkei · 2026-10-20
AGRICULTURAL BANK OF CHINA LIMITED · HKEX · 2026-10-21
EXCLUSIVE: ByteDance, Alibaba, Tencent place over $35 billion worth of Nvidia chip orders · Reuters · 2026-10-20
Indonesia should heed MSCI’s warning · FT · 2026-10-21
Indonesia’s Sovereign Fund Sticks to Investment Strategy Amid Market Turmoil · WSJ · 2026-10-23
Alibaba’s RISC-V IP powers over 6 billion shipped chips as tech giant targets AI - South China Morning Post · SCMP · 2026-10-20
Moody's Ratings announces completion of a periodic review of ratings of SoftBank Group Corp. · Moody's · 2026-10-16
Hong Kong stocks fall most in 7 months as chance of strong stimulus shrinks - South China Morning Post · SCMP · 2026-10-22

10-day window · issuer keywords OR general Asia credit · one story/topic · importance/impact/viewers-proxy rank · round-robin DebtWire→HKEX→Bloomberg→FT→Nikkei→WSJ→S&P→Moody’s→Gavekal→Coatue · X secondary fill only (≤2; high-follower / high-engagement; prefer HKEX/press on same event) · prefer HKEX filings over press on same event · DebtWire via public Google News index only (no subscription scrape); HKEX via public Google News index (hkexnews.hk); Gavekal public research.gavekal.com teasers only; Coatue public coatue.com/blog only; S&P / Moody’s via Google News + signed-in sessions when available (rating actions preferred).

Ask AI · Gemini

Ask Gemini opens Google AI Mode (Gemini) with your question prefilled — native gemini.google.com has no reliable ?q= deep link. Open Gemini app copies the question and opens the Gemini chat UI for paste. Bond filters below stay separate.

Example weekly question Week of 18 Oct 2026 · New each Sunday

“What's going on with New World Development both seniors and perps?”

Ask Gemini

AI Mode preview for this week's question

On this Asia credit screen (as of 16 Oct 2026), New World (NWDEVL) seniors sit among the wider HK property credits: 4.125% Jul-29 ~661 bp Z / YTM ~10.7%, 4.75% Jan-27 ~638 bp, 8.625% Feb-28 ~685 bp, 4.5% May-30 ~619 bp. The long-dated / perp-style BVI 4.125% (XS2348062899) is much wider still — Z ~1,736 bp, YTC ~21%, ETF PX ~79. Shared drivers in recent coverage: the Oct 2026 senior exchange into new VD secured 2032 notes (final expiry ~20 Oct London), prior May 2026 perpetual coupon deferrals, HK property / liquidity stress, and the 11 SKIES early termination / loss provision overhang. Note: the 4.8% NWD perp (XS2268392599) is held elsewhere and is not in the 3411/09P ETF universe on this page.

Preview · themes from recent coverage (not a live Gemini capture)

Themes drawn from HKEX / NWD IR filings (senior exchange 6 & 15 Oct 2026; perp deferral May 2026; 11 SKIES Sep 2026), Bloomberg / Reuters / Business Times NWD coverage, and this screen’s Z-spread / YTM / YTC marks (FRED curve · as of 16 Oct 2026).

Example weekly question 2 Example · SoftBank senior curve

“Show how steep the SoftBank senior curve is for all SoftBank senior bonds in a chart, and overlay SoftBank Sub/hybrid (and perp) Z-spreads on the right vertical axis.”

Ask Gemini

SoftBank USD curve · Senior Z (left) · Sub/hybrid Z (right)

As of 21 Oct 2026 · 14 Senior · 3 Sub (hybrids + perp) with Z · X = years to maturity (Senior) / years to call (Sub) · ETF marks, FRED curve · soft-fail if Z missing

Left: Senior Z-spread (bp) Right: Sub / hybrid / perp Z-spread (bp)

On this Asia credit screen (as of 21 Oct 2026), SoftBank’s USD senior curve is steep: 14 seniors with Z marks span ~190 bp (tightest 6.25% 2028-04, ~1.5y) to ~494 bp (widest 9.75% 2034-04, ~7.4y). Front ~0.9–1.7y avg Z ~200 bp vs back ~7.4–9.5y avg Z ~429 bp (~229 bp steeper). Right axis overlays 3 SoftBank Sub points (dated hybrids + perp) at years-to-call: 6.88% perp call 2027-07 ~622 bp; 7.63% hybrid call 2031-04 ~262 bp; 8.25% hybrid call 2035-10 ~348 bp. Hybrids can look “tight” vs long seniors on raw Z because they price to the call window, not legal maturity — that is subordination + extension risk, not a flatter senior book.

SoftBank Senior / Sub Z from this screen’s ETF marks (FRED curve · as of 21 Oct 2026). Sub X uses years to call; Senior X uses years to maturity. Chart is editorial preview, not a live Gemini capture.

Past week Week of 18 Oct 2026

“What is going on with SoftBank over the past 2 years? And should I buy perps or seniors if I should buy in the first place?”

Ask Gemini

AI Mode preview for past week's question

On this Asia credit screen (as of 16 Oct 2026), SoftBank (SOFTBK) is a large HY sleeve: seniors span roughly ~200–440 bp Z (near-dated 5.125%/6.25% mid-200s; longer 9.25%/9.75% 2032–34 toward ~400–440 bp), while the 6.875% USD perp (XS1642686676, call ~Jul-27) trades ~374 bp Z / YTC ~6.2% near par. Shared themes over ~2 years: Vision Fund / AI bet leverage and equity NAV swings; repeated large USD HY issuance (incl. ~US$11bn OpenAI-linked print colour in Sep 2026); mid-Oct 2026 AI-debt scare (5y CDS cited ~424 bp) alongside acquisition chatter (e.g. Allied Universal). If buying at all, seniors are the simpler credit claim (known maturity, no coupon deferral / extension stack); the perp pays a subordination / non-call premium and sits below seniors in the capital structure — sizing and call/extension risk matter more than the headline YTC.

Preview · themes from recent coverage (not a live Gemini capture)

Themes drawn from Reuters / Bloomberg / Business Times SoftBank & AI-credit coverage (2024–2026), Moody’s periodic review colour, and this screen’s SOFTBK Z-spread / YTM / YTC marks (FRED curve · as of 16 Oct 2026).

Type	Ticker	Name	Sen/Sub	Coupon	Dur	Maturity	Call	YTM	YTC	Z-S	RatingS&P/Moody’s/Fitch	PX from ETF	SPM PX	Issue size	Issue date	ISIN	Def	Dm
		Sov/Quasi121	Sen/Sub	Coupon	Dur	Maturity	Call	YTM	YTC	Z-S	RatingS&P/Moody’s/Fitch	PX from ETF	SPM PX	Total issue77.22bn	Issue date	ISIN	Def	Dm
Quasi-Sov56
IG	CHGRID	3 1/2 05/04/27	—	3.5%	—	2027-05-04	—	4.28%	—	361bp	A1	99.24	99.29	2.4bn	2017-05-03	USG8450LAJ38	N	—
IG	SPSP	3 09/26/27	—	3%	—	2027-09-26	—	4.71%	—	57bp	Aa1	98.35	98.33	600mm	2017-09-25	XS1688416558	N	—
IG	HKMTGC	4 1/8 10/18/27	—	4.125%	—	2027-10-18	—	5.02%	—	55bp	Aa3	99.14	99.30	850mm	2024-10-17	XS2913980657	N	—
IG	EXIMCH	3 1/4 11/28/27	—	3.25%	—	2027-11-28	—	4.58%	—	167bp	A1	98.10	—	—	2017-11-28	XS1717770975	N	—
IG	EIBKOR	FLOAT 01/14/28	—	—	—	2028-01-14	—	—	—	—	Aa2	100.03	—	—	—	US302154EH84	N	-2bp
IG	EXIMBK	3 7/8 02/01/28	—	3.875%	—	2028-02-01	—	5.26%	—	155bp	Baa3	98.03	—	—	2018-02-01	US30216KAC62	N	—
IG	KHFC	4 5/8 02/24/28	—	4.625%	—	2028-02-24	—	4.93%	—	90bp	Aa2	99.56	99.61	1.0bn	2023-02-23	USY4841MWD73	N	—
IG	HAOHUA	5 1/8 03/14/28	—	5.125%	—	2028-03-14	—	5.34%	—	110bp	A-/A	99.70	99.86	1.8bn	2018-03-13	XS1788513734	N	—
IG	PETMK	2.112 03/23/28	—	2.112%	—	2028-03-23	—	5.00%	—	65bp	A-/A2	95.88	—	—	2021-03-23	USC7274KAB29	N	—
IG	KOROIL	4 7/8 04/03/28	—	4.875%	—	2028-04-03	—	5.08%	—	61bp	Aa2	99.71	99.70	450mm	2023-04-02	US50065XAP96	N	—
IG	KOMRMR	5 3/8 05/11/28	—	5.375%	—	2028-05-11	—	5.30%	—	213bp	A1	100.14	100.23	500mm	2023-04-10	XS2600704956	N	—
IG	KNBZMK	4.687 06/01/28	—	4.687%	—	2028-06-01	—	5.15%	—	169bp	A3	99.13	99.24	750mm	2023-05-31	XS2629054201	N	—
IG	KDB	FLOAT 08/01/28	—	—	—	2028-08-01	—	—	—	—	Aa2	100.85	—	—	2023-08-01	XS2655885148	N	-48bp
IG	TEMASE	3 5/8 08/01/28	—	3.625%	—	2028-08-01	—	4.83%	—	70bp	Aaa	97.73	97.92	1.4bn	2018-07-31	US87973RAE09	N	—
IG	EIBKOR	5 1/8 09/18/28	—	5.125%	—	2028-09-18	—	5.01%	—	48bp	Aa2	100.22	—	—	—	US302154DY27	N	—
IG	EIBKOR	1 3/4 10/19/28	—	1.75%	—	2028-10-19	—	5.01%	—	24bp	AA/Aa2	93.86	—	—	2021-10-19	US30217G2C30	N	—
IG	IDASAL	6.53 11/15/28	—	6.53%	—	2028-11-15	—	5.88%	—	228bp	Baa2	101.50	—	—	2018-11-15	USY7140WAC20	N	—
IG	EIBKOR	FLOAT 01/13/29	—	—	—	2029-01-13	—	—	—	—	Aa2	99.92	—	—	2026-01-13	US302154ET23	N	+4bp
IG	PLNIJ	5 3/8 01/25/29	—	5.375%	—	2029-01-25	—	5.83%	—	161bp	Baa2	98.95	99.29	500mm	2018-10-24	US71568QAG29	N	—
IG	SINOPE	2.95 08/08/29	—	2.95%	—	2029-08-08	—	4.87%	—	38bp	A+/A1	94.69	—	—	2019-08-08	USG82016AH29	N	—
IG	PSASP	2 1/8 09/05/29	—	2.125%	—	2029-09-05	—	4.96%	—	32bp	Aa1	92.20	92.27	500mm	2019-09-04	XS2049150837	N	—
IG	KOROIL	FLOAT 09/30/29	—	—	—	2029-09-30	—	—	—	—	Aa2	99.87	—	—	2026-09-30	USY4938ABB45	N	+4bp
IG	SINOPE	2.95 11/12/29	—	2.95%	—	2029-11-12	—	4.76%	—	58bp	A+/A1	94.22	—	—	2019-11-12	USG82016AL31	N	—
IG	EIBKOR	4 7/8 01/14/30	—	4.875%	—	2030-01-14	—	5.13%	—	68bp	Aa2	99.19	99.19	1.2bn	2025-01-13	US302154EK14	N	—
IG	PERTIJ	3.1 01/21/30	—	3.1%	—	2030-01-21	—	5.82%	—	137bp	BBB/BBB	91.49	—	500mm	2020-01-21	US69370RAF47	N	—
IG	KDB	FLOAT 02/03/30	—	—	—	2030-02-03	—	—	—	—	Aa2	100.89	—	—	2025-02-03	US500630EJ36	N	-27bp
IG	CHITRA	3 1/8 04/23/30	—	3.125%	—	2030-04-23	—	4.96%	—	78bp	Baa1	93.40	—	—	2020-04-23	XS2140041786	N	—
IG	CNPCCH	2 06/23/30	—	2%	—	2030-06-23	—	4.79%	—	33bp	A1	89.94	89.76	500mm	2020-06-22	XS2179918037	N	—
IG	HAOHUA	3 09/22/30	—	3%	—	2030-09-22	—	5.52%	—	72bp	Baa2	91.07	91.11	1.0bn	2020-09-21	XS2226808165	N	—
IG	EXIMBK	2 1/4 01/13/31	—	2.25%	—	2031-01-13	—	5.64%	—	106bp	Baa3	86.69	86.86	1.0bn	2021-01-12	US30216KAF93	N	—
IG	KDB	1 5/8 01/19/31	—	1.625%	—	2031-01-19	—	4.96%	—	33bp	AA/Aa2	86.71	—	—	2021-01-19	US500630DH88	N	—
IG	HUANEN	2.7 01/20/31	—	2.7%	—	2031-01-20	—	5.02%	—	40bp	A1	90.74	—	—	2021-01-20	XS2247703163	N	—
IG	KDB	FLOAT 01/28/31	—	—	—	2031-01-28	—	—	—	—	AA/Aa2	100.00	—	—	—	US500630EP95	N	+0bp
IG	HKAA	1 5/8 02/04/31	—	1.625%	—	2031-02-04	—	4.91%	—	23bp	AA+/N.R	86.89	86.79	900mm	2021-02-03	USY00284AW20	N	—
IG	KDB	2 10/25/31	—	2%	—	2031-10-25	—	4.95%	—	48bp	Aa2	85.96	—	—	2021-10-25	US500630DP05	N	—
IG	EIBKOR	2 1/8 01/18/32	—	2.125%	—	2032-01-18	—	5.14%	—	42bp	Aa2	85.73	—	—	—	US302154DN61	N	—
IG	KOROIL	2 5/8 04/18/32	—	2.625%	—	2032-04-18	—	5.52%	—	54bp	AA/Aa2	86.43	—	—	—	US50066RAT32	N	—
IG	KDB	4 1/4 09/08/32	—	4.25%	—	2032-09-08	—	5.32%	—	42bp	Aa2	94.58	94.68	450mm	2022-09-07	US500630DU99	N	—
IG	HKAA	4 7/8 01/12/33	—	4.875%	—	2033-01-12	—	5.18%	—	39bp	AA+/N.R	98.34	98.36	800mm	2023-01-11	USY000AKAH00	N	—
IG	CHILOV	5.35 08/15/33	—	5.35%	—	2033-08-15	—	5.30%	—	40bp	A-/N.R	100.27	100.39	2.0bn	2023-08-14	XS2621319040	N	—
IG	EIBKOR	5 1/8 09/18/33	—	5.125%	—	2033-09-18	—	5.35%	—	37bp	Aa2	98.70	98.43	500mm	2023-09-17	US302154DZ91	N	—
IG	EIBKOR	4 5/8 01/11/34	—	4.625%	—	2034-01-11	—	5.33%	—	48bp	Aa2	95.66	—	—	—	US302154EC97	N	—
IG	PETMK	5.34 04/03/35	—	5.34%	—	2035-04-03	—	5.85%	—	77bp	A2	96.63	96.74	1.8bn	2025-04-02	USY68856BE59	N	—
IG	PLNIJ	5.45 02/03/36	—	5.45%	—	2036-02-03	—	6.87%	—	185bp	Baa2	90.21	—	—	2026-02-03	US71568QAX51	N	—
IG	SDBC	4 01/24/37	—	4%	—	2037-01-24	—	5.13%	—	7bp	A+/A1	90.92	—	—	—	XS1553212371	N	—
IG	PLNIJ	7 7/8 06/29/37	—	7.875%	—	2037-06-29	—	6.97%	—	195bp	BBB/Baa2	106.89	—	—	2007-06-28	USN54360AD95	N	—
IG	CHGRID	4 3/8 05/22/43	—	4.375%	—	2043-05-22	—	5.51%	—	15bp	A+/A1	87.60	—	—	2013-05-22	USG8449VAC03	N	—
IG	PERTIJ	6.45 05/30/44	—	6.45%	—	2044-05-30	—	7.16%	—	178bp	BBB/BBB	92.88	—	1.5bn	2014-05-30	US69370RAA59	N	—
IG	PETMK	4 1/2 03/18/45	—	4.5%	—	2045-03-18	—	6.23%	—	67bp	A2	81.13	80.72	1.5bn	2015-03-17	USY68856AQ98	N	—
IG	SINOPE	4 1/4 05/03/46	—	4.25%	—	2046-05-03	—	5.56%	—	6bp	A1	84.28	83.06	400mm	2016-05-02	USG8200TAE04	N	—
IG	PERTIJ	4.7 07/30/49	—	4.7%	—	2049-07-30	—	7.07%	—	154bp	BBB/BBB	73.27	—	750mm	2019-07-30	US69370RAE71	N	—
IG	PLNIJ	4 3/8 02/05/50	—	4.375%	—	2050-02-05	—	7.43%	—	189bp	Baa2	66.32	67.46	500mm	2019-11-04	US71568QAM96	N	—
IG	PETMK	3.404 04/28/61	—	3.404%	—	2061-04-28	—	6.25%	—	92bp	A2	59.73	59.65	1.8bn	2021-04-27	USY6886MAC48	N	—
IG	TEMASE	2 3/4 08/02/61	—	2.75%	—	2061-08-02	—	5.68%	—	32bp	Aaa	55.67	54.66	1.0bn	2021-08-01	US87973RBC34	N	—
IG	HKAA	3 1/2 01/12/62	—	3.5%	—	2062-01-12	—	5.49%	—	13bp	AA+/N.R	69.11	67.76	600mm	2022-01-11	USY000AKAE78	N	—
IG	CHPWCN	4 1/4 PERP	Sub	4.25%	—	PERP	—	—	—	—	Baa2	99.70	—	—	2022-04-14	XS2455411558	N	—
Sovereign65
IG	INDOIS	4.4 06/06/27	—	4.4%	—	2027-06-06	—	5.04%	—	363bp	BBB/Baa2	99.38	—	—	2022-06-06	US71567RAU05	N	—
HY	MONGOL	Mongolia	—	3.5%	0.69	2027-07-07	—	4.64%	—	210bp	BB-/B+	98.89	—	423mm	2021-07-07	USY6142NAF51	N	—
IG	INDON	3.85 07/18/27	—	3.85%	—	2027-07-18	—	4.57%	—	174bp	Baa2	99.30	—	—	2017-07-18	USY20721BT56	N	—
IG	INDON	4.15 09/20/27	—	4.15%	—	2027-09-20	—	4.90%	—	86bp	BBB/Baa2/BBB	99.28	—	750mm	2022-09-20	US455780DM52	N	—
IG	CHINA	2 5/8 11/02/27	—	2.625%	—	2027-11-02	—	3.89%	—	113bp	N.R/N.R	98.18	98.09	1.0bn	2017-11-01	XS1706605281	N	—
IG	CHINA	4 1/8 11/20/27	—	4.125%	—	2027-11-20	—	4.39%	—	155bp	A1	99.62	99.68	1.2bn	2024-11-19	USY15025AE24	N	—
HY	PKSTAN	Pakistan	—	6.88%	1.05	2027-12-05	—	5.33%	—	255bp	B/B-	102.20	100.08	1.5bn	2017-12-05	XS1729875598	N	—
HY	SRILAN	Sri Lanka	—	4%	1.06	2028-04-15	—	6.35%	—	174bp	Caa1	96.69	96.84	1.8bn	2024-12-20	XS2966242500	N	—
HY	PNGIB	Papua NG	—	8.38%	1.80	2028-10-04	—	6.30%	—	165bp	B-/B2	103.85	—	—	2018-10-04	USY6726SAP66	N	—
IG	HKINTL	3 5/8 11/12/28	—	3.625%	—	2028-11-12	—	4.61%	—	80bp	Aa3	97.71	97.78	300mm	2025-11-11	HK0001201893	N	—
HY	PKSTAN	Pakistan Sukuk	—	7.95%	2.05	2029-01-31	—	7.27%	—	310bp	B/B-	101.53	—	1.0bn	2022-01-31	XS2419405274	N	—
IG	INDON	4 3/4 02/11/29	—	4.75%	—	2029-02-11	—	5.22%	—	84bp	BBB/Baa2	98.91	—	—	2018-12-11	US455780CH76	N	—
IG	KOREA	3 5/8 02/12/29	—	3.625%	—	2029-02-12	—	4.80%	—	38bp	Aa2	97.26	—	—	—	US50064FAZ71	N	—
HY	PKSTAN	Pakistan	—	6.97%	2.21	2029-04-24	—	6.55%	—	296bp	B/B-	101.12	—	750mm	2026-04-24	XS3353874145	N	—
HY	MONGOL	Mongolia	—	7.88%	2.30	2029-06-05	—	5.71%	—	168bp	BB-/B+	105.91	—	350mm	2023-12-05	USY6142NAH18	N	—
IG	PHILIP	5.045 06/06/29	—	5.045%	—	2029-06-06	—	5.48%	—	142bp	BBB+/Baa2	98.80	—	—	2023-12-06	USY7329CAA37	N	—
IG	INDOIS	5.1 07/02/29	—	5.1%	—	2029-07-02	—	5.31%	—	106bp	BBB/Baa2	99.42	—	—	2024-07-02	USY68613AA90	N	—
IG	INDON	3.4 09/18/29	—	3.4%	—	2029-09-18	—	5.24%	—	55bp	BBB/Baa2/BBB	94.94	—	750mm	2019-06-18	US455780CK06	N	—
HY	SRILAN	Sri Lanka	—	3.1%	2.56	2030-01-15	—	2.22%	—	-242bp	Caa1	102.95	102.92	1.1bn	2024-12-20	XS2966241361	N	—
IG	PHILIP	9 1/2 02/02/30	—	9.5%	—	2030-02-02	—	5.88%	—	138bp	Baa2	111.30	111.80	2.0bn	2005-02-01	US718286AY36	N	—
IG	INDON	2.85 02/14/30	—	2.85%	—	2030-02-14	—	5.55%	—	97bp	Baa2	91.51	—	—	2020-01-14	US455780CQ75	N	—
HY	MONGOL	Mongolia	—	6.63%	2.95	2030-02-25	—	6.44%	—	182bp	BB-/B+	100.59	—	500mm	2025-02-25	USY6142NAJ73	N	—
IG	HKINTL	4 1/8 06/10/30	—	4.125%	—	2030-06-10	—	4.84%	—	44bp	AA+/AA-	97.44	97.22	1.0bn	2025-06-09	USY3422VDD74	N	—
IG	KOREA	3 5/8 10/29/30	—	3.625%	—	2030-10-29	—	4.90%	—	58bp	Aa2	94.89	—	—	2025-10-29	US50064FAY07	N	—
IG	CHINA	3 3/4 11/13/30	—	3.75%	—	2030-11-13	—	4.61%	—	21bp	A+/A1	96.53	96.63	2.0bn	2025-11-12	USY5325QAJ14	N	—
IG	PHILIP	7 3/4 01/14/31	—	7.75%	—	2031-01-14	—	5.78%	—	121bp	Baa2	107.72	108.01	2.4bn	2006-01-10	US718286BB24	N	—
HY	PKSTAN	Pakistan	—	7.38%	3.76	2031-04-08	—	8.42%	—	347bp	B/B-	96.16	—	1.8bn	2021-04-08	XS2322319638	N	—
IG	MALAYS	2.07 04/28/31	—	2.07%	—	2031-04-28	—	4.75%	—	33bp	A3	88.19	88.20	800mm	2021-04-27	USY57542AA32	N	—
IG	INDOIS	2.55 06/09/31	—	2.55%	—	2031-06-09	—	5.58%	—	107bp	BBB/Baa2	86.92	—	—	2021-06-09	US71567RAS58	N	—
IG	PHILIP	1.648 06/10/31	—	1.648%	—	2031-06-10	—	5.37%	—	84bp	Baa2	83.88	—	—	2020-12-10	US718286CK14	N	—
HY	MONGOL	Mongolia	—	4.45%	4.11	2031-07-07	—	6.43%	—	185bp	BB-/B+	91.66	—	500mm	2021-07-07	USY6142NAE86	N	—
HY	MONGOL	Mongolia	—	5.95%	4.52	2032-03-09	—	6.71%	—	185bp	BB-/B+	96.54	—	500mm	2026-03-09	USY6142NAL20	N	—
HY	PKSTAN	Pakistan	—	7.5%	4.36	2032-03-10	—	8.36%	—	347bp	B/B-	96.28	—	1.75bn	2026-09-10	XS3497415557	N	—
HY	SRILAN	Sri Lanka	—	3.35%	4.80	2033-03-15	—	4.52%	—	-41bp	Caa1	93.46	94.15	2.1bn	2024-12-20	XS2966241445	N	—
IG	INDON	4.7 02/10/34	—	4.7%	—	2034-02-10	—	5.98%	—	106bp	BBB/Baa2/BBB	92.33	—	650mm	2024-01-10	US455780DU78	N	—
IG	INDON	5.6 01/15/35	—	5.6%	—	2035-01-15	—	6.15%	—	123bp	Baa2	96.43	—	—	2025-01-15	US455780EA06	N	—
IG	PHILIP	5 1/2 02/04/35	—	5.5%	—	2035-02-04	—	6.08%	—	111bp	Baa2	96.21	—	—	2025-02-04	US718286DG92	N	—
HY	SRILAN	Sri Lanka	—	3.6%	6.40	2035-06-15	—	6.66%	—	178bp	Caa1	79.51	79.08	1.4bn	2024-12-20	XS2966242179	N	—
IG	INDOIS	5.2 07/23/35	—	5.2%	—	2035-07-23	—	6.15%	—	119bp	Baa2	93.51	—	—	2025-07-23	US71567RBE53	N	—
IG	INDON	8 1/2 10/12/35	—	8.5%	—	2035-10-12	—	6.27%	—	116bp	Baa2	115.17	—	—	2005-10-12	USY20721AE96	N	—
IG	INDON	4.95 02/21/36	—	4.95%	—	2036-02-21	—	6.25%	—	120bp	Baa2	90.77	91.43	1.1bn	2026-01-20	US455780EF92	N	—
HY	SRILAN	Sri Lanka	—	3.6%	7.66	2036-05-15	—	3.50%	—	-145bp	Caa1	100.81	99.90	999.2mm	2024-12-20	XS2966241957	N	—
IG	PHILIP	5.325 06/24/36	—	5.325%	—	2036-06-24	—	6.15%	—	119bp	Baa2	93.88	93.66	1.6bn	2026-06-23	US718286DN44	N	—
HY	PKSTAN	Pakistan	—	7.9%	6.65	2036-09-10	—	9.13%	—	396bp	B/B-	92.06	—	1.25bn	2026-09-10	XS3489966229	N	—
IG	PHILIP	5 01/13/37	—	5%	—	2037-01-13	—	6.24%	—	121bp	Baa2	90.54	90.75	1.5bn	2012-01-12	US718286BW60	N	—
HY	SRILAN	Sri Lanka	—	3.6%	8.39	2038-02-15	—	3.64%	—	-151bp	Caa1	99.66	99.97	2.0bn	2024-12-20	XS2966242096	N	—
IG	INDON	5 1/4 01/17/42	—	5.25%	—	2042-01-17	—	6.52%	—	118bp	BBB/Baa2	87.75	—	—	2012-01-17	USY20721BB49	N	—
IG	PHILIP	2.95 05/05/45	—	2.95%	—	2045-05-05	—	6.49%	—	101bp	BBB+/Baa2	61.63	—	—	2020-05-05	US718286CH84	N	—
IG	PHILIP	2.65 12/10/45	—	2.65%	—	2045-12-10	—	6.54%	—	98bp	BBB+/Baa2	57.51	—	—	2020-12-10	US718286CL96	N	—
IG	PHILIP	3.2 07/06/46	—	3.2%	—	2046-07-06	—	6.55%	—	96bp	BBB+/Baa2	62.93	—	—	2021-07-06	US718286CP01	N	—
IG	INDON	4.35 01/11/48	—	4.35%	—	2048-01-11	—	6.72%	—	117bp	Baa2	73.24	74.41	1.8bn	2017-12-10	US455780CE46	N	—
IG	PHILIP	5 1/2 01/17/48	—	5.5%	—	2048-01-17	—	6.59%	—	106bp	Baa2	87.59	—	—	2023-01-17	US718286CX35	N	—
IG	KOREA	3 7/8 09/20/48	—	3.875%	—	2048-09-20	—	5.52%	—	-7bp	AA/Aa2	79.17	—	—	2018-09-20	US50064FAN42	N	—
IG	CHINA	4 10/19/48	—	4%	—	2048-10-19	—	4.87%	—	-73bp	A1	88.28	87.25	500mm	2018-10-18	XS1891577030	N	—
IG	PHILIP	5.6 05/14/49	—	5.6%	—	2049-05-14	—	6.58%	—	113bp	Baa2	88.45	88.09	1.0bn	2024-05-13	US718286DB06	N	—
IG	PHILIP	5.175 09/05/49	—	5.175%	—	2049-09-05	—	6.60%	—	105bp	BBB+/Baa2	83.28	—	—	—	US718286DD61	N	—
IG	INDON	3.05 03/12/51	—	3.05%	—	2051-03-12	—	6.70%	—	116bp	BBB/Baa2/BBB	56.33	—	2.0bn	2021-01-12	US455780CW44	N	—
HY	PKSTAN	Pakistan	—	8.88%	9.36	2051-04-08	—	9.77%	—	419bp	B/B-	91.80	—	1.1bn	2021-04-08	XS2322321964	N	—
IG	HKINTL	5 1/4 01/11/53	—	5.25%	—	2053-01-11	—	5.44%	—	1bp	Aa3	97.35	95.64	500mm	2023-01-10	USY3422VCX48	N	—
IG	INDON	5.1 02/10/54	—	5.1%	—	2054-02-10	—	6.59%	—	115bp	BBB/Baa2/BBB	81.19	—	900mm	2024-01-10	US455780DV51	N	—
IG	INDOIS	5 1/2 07/02/54	—	5.5%	—	2054-07-02	—	6.55%	—	114bp	Baa2	86.61	—	—	2024-07-02	USY68613AC56	N	—
IG	INDOIS	5.65 11/25/54	—	5.65%	—	2054-11-25	—	6.55%	—	118bp	Baa2	88.39	89.28	750mm	2024-11-24	USY68613AF87	N	—
IG	INDON	3.2 09/23/61	—	3.2%	—	2061-09-23	—	6.58%	—	117bp	BBB/Baa2/BBB	53.97	—	650mm	2021-09-23	US455780DG84	N	—
IG	INDON	4.45 04/15/70	—	4.45%	—	2070-04-15	—	6.64%	—	121bp	BBB/Baa2/BBB	68.94	—	1.0bn	2020-04-15	US455780CU87	N	—
IG	INDON	3.35 03/12/2071	—	3.35%	—	2071-03-12	—	6.45%	—	104bp	BBB/Baa2/BBB	54.80	—	800mm	2021-01-12	US455780CX27	N	—
		Japan33	Sen/Sub	Coupon	Dur	Maturity	Call	YTM	YTC	Z-S	RatingS&P/Moody’s/Fitch	PX from ETF	SPM PX	Total issue40.65bn	Issue date	ISIN	Def	Dm
Automotive5
HY	NSANY	Nissan	—	4.34%	0.88	2027-09-17	—	6.05%	—	215bp	Ba2	98.37	98.06	2.5bn	2020-09-17	USJ57160DY66	N	—
HY	NSANY	Nissan	—	7.5%	3.16	2030-07-17	—	7.25%	—	280bp	Ba2	100.85	99.44	1.0bn	2025-07-17	USJ57160CX92	N	—
HY	NSANY	Nissan	—	4.81%	3.48	2030-09-17	—	7.70%	—	290bp	Ba2	90.23	90.14	2.5bn	2020-09-17	USJ57160DZ32	N	—
HY	NSANY	Nissan	—	7.75%	4.49	2032-07-17	—	7.66%	—	295bp	Ba2	100.42	99.29	750mm	2025-07-17	USJ57160CY75	N	—
HY	NSANY	Nissan	—	8.13%	6.07	2035-07-17	—	7.98%	—	304bp	Ba2	100.95	100.80	1.2bn	2025-07-17	USJ57160CZ41	N	—
Banking6
IG	MUFG	MUFG	Sub	6.35%	6.42	PERP	2036-01-14	—	6.97%	200bp	Baa3	95.76	94.17	1.0bn	2025-09-12	US606822DP65	N	—
IG	MUFG	MUFG	Sub	8.2%	1.99	PERP	2029-01-14	—	5.15%	97bp	Baa3	107.06	105.00	750mm	2023-10-26	US606822DD36	N	—
HY	MIZUHO	Mizuho	Sub	7.05%	6.76	PERP	2036-12-15	—	7.45%	249bp	BB+/Ba1	97.12	—	1.0bn	2026-09-14	US60687YEA38	N	—
IG	SUMIBK	SMFG	Sub	6.6%	5.47	PERP	2034-06-04	—	6.89%	212bp	Baa3	98.24	95.96	1.0bn	2024-03-05	US86562MDK36	N	—
IG	SUMIBK	SMFG	Sub	6.45%	5.94	PERP	2035-06-04	—	6.95%	211bp	Baa3	96.69	94.23	1.2bn	2025-02-25	US86562MDW73	N	—
IG	SUMIBK	SMFG	Sub	6.95%	6.83	PERP	2036-12-04	—	7.22%	228bp	Baa3	98.04	97.30	500mm	2026-09-10	US86562MEY21	N	—
BROKERS1
HY	NOMURA	Nomura	Sub	7%	3.24	PERP	2030-07-14	—	6.75%	230bp	Ba3	100.87	99.00	1.0bn	2025-07-01	US65535HCC16	N	—
Retailers4
HY	RAKUTN	Rakuten	—	11.25%	0.32	2027-02-15	—	4.78%	—	311bp	BB/N.R	103.16	101.98	1.8bn	2024-02-06	USJ64264AG96	N	—
HY	RAKUTN	Rakuten	—	9.75%	2.22	2029-04-15	—	6.98%	—	216bp	BB/N.R	106.25	106.39	2.0bn	2024-04-10	USJ64264AK09	N	—
HY	RAKUTN	Rakuten	Sub	6.25%	3.75	PERP	2031-04-21	—	7.12%	214bp	B/N.R	96.69	93.77	1.0bn	2021-04-22	USJ6S87BAX69	N	—
HY	RAKUTN	Rakuten	Sub	8.13%	2.71	PERP	2029-12-14	—	7.06%	292bp	B/N.R	103.28	101.17	550mm	2024-12-13	USJ64264AM64	N	—
Wireless17
HY	SOFTBK	SoftBank	Senior	5.13%	0.88	2027-09-19	—	5.99%	—	205bp	Ba2	99.18	99.15	2.0bn	2017-09-19	XS1684384867	N	—
HY	SOFTBK	SoftBank	Senior	6.25%	1.35	2028-04-15	—	6.51%	—	190bp	Ba2	99.63	96.69	1.0bn	2018-04-03	XS1793255198	N	—
HY	SOFTBK	SoftBank	Senior	4.63%	1.60	2028-07-06	—	5.79%	—	205bp	BB+/N.R	97.83	96.69	1.0bn	2021-07-06	XS2361253433	N	—
HY	SOFTBK	SoftBank	Senior	6.5%	2.22	2029-04-10	—	7.62%	—	282bp	BB+/N.R	97.49	98.39	500mm	2025-07-10	XS3109833817	N	—
HY	SOFTBK	SoftBank	Senior	6.75%	2.39	2029-07-08	—	7.36%	—	323bp	BB+/N.R	98.38	98.62	400mm	2024-07-08	XS2854422578	N	—
HY	SOFTBK	SoftBank	Senior	7.63%	2.51	2029-10-22	—	6.83%	—	304bp	BB+/N.R	102.47	100.12	400mm	2026-04-22	XS3344488948	N	—
HY	SOFTBK	SoftBank	Senior	6.88%	3.53	2031-01-10	—	8.28%	—	380bp	BB+/N.R	94.84	95.58	600mm	2025-07-10	XS3109834112	N	—
HY	SOFTBK	SoftBank	Senior	7%	3.86	2031-07-08	—	8.21%	—	367bp	BB+/N.R	95.13	95.74	500mm	2024-07-08	XS2854422818	N	—
HY	SOFTBK	SoftBank	Senior	8.25%	3.87	2031-10-22	—	7.91%	—	366bp	BB+/N.R	101.47	98.83	600mm	2026-04-22	XS3344488864	N	—
HY	SOFTBK	SoftBank	Senior	9.25%	4.20	2032-04-01	—	9.41%	—	440bp	BB+/BB+	99.31	101.38	4.5bn	2026-09-29	USJ7600PAB97	N	—
HY	SOFTBK	SoftBank	Senior	7.25%	4.50	2032-07-10	—	8.50%	—	383bp	BB+/N.R	94.20	95.04	600mm	2025-07-10	XS3112542272	N	—
HY	SOFTBK	SoftBank	Senior	9.75%	5.22	2034-04-01	—	10.09%	—	494bp	BB+/BB+	98.26	101.58	4.5bn	2026-09-29	USJ7600PAC70	N	—
HY	SOFTBK	SoftBank	Senior	7.5%	6.08	2035-07-10	—	8.87%	—	393bp	BB+/N.R	91.65	94.06	500mm	2025-07-10	XS3112542355	N	—
HY	SOFTBK	SoftBank	Senior	8.5%	6.12	2036-04-22	—	8.78%	—	400bp	BB+/N.R	98.16	98.39	500mm	2026-04-22	XS3344489169	N	—
HY	SOFTBK	SoftBank hybrid	Sub	7.63%	3.47	2061-04-29	2031-04-29	7.99%	8.67%	262bp	BB+/N.R	95.84	100.12	400mm	2025-10-29	XS3203997005	N	—
HY	SOFTBK	SoftBank hybrid	Sub	8.25%	5.83	2065-10-29	2035-10-29	8.88%	9.35%	348bp	B+/N.R	93.16	93.39	1.1bn	2025-10-29	XS3203997427	N	—
HY	SOFTBK	SoftBank	Sub	6.88%	0.71	PERP	2027-07-18	—	7.99%	622bp	B1	98.95	99.21	1.8bn	2017-07-19	XS1642686676	N	—
		China69	Sen/Sub	Coupon	Dur	Maturity	Call	YTM	YTC	Z-S	RatingS&P/Moody’s/Fitch	PX from ETF	SPM PX	Total issue37.44bn	Issue date	ISIN	Def	Dm
Building Materials1
HY	WESCHI	West China Cement	—	9.9%	1.83	2028-12-04	—	14.20%	—	1145bp	B/B	91.20	90.33	400mm	2025-12-04	XS3219577148	N	—
Financial24
IG	CHEVBK	FLOAT 05/14/27	—	—	—	2027-05-14	—	—	—	—	N.R/BBB+	100.07	100.08	550mm	2024-05-13	XS2801983078	N	-12bp
IG	BCHINA	FLOAT 06/14/27	—	—	—	2027-06-14	—	—	—	—	A/A1	100.08	—	—	2024-06-14	XS2835724472	N	-12bp
IG	BCLMHK	FLOAT 08/23/27	—	—	—	2027-08-23	—	—	—	—	A2	100.16	—	—	—	XS2886030811	N	-19bp
IG	GRWALL	3 7/8 08/31/27	—	3.875%	—	2027-08-31	—	5.11%	—	146bp	BBB/BBB	98.81	98.80	500mm	2017-08-30	XS1645684827	N	—
IG	ICBCAS	3.538 11/08/27	—	3.538%	—	2027-11-08	—	4.55%	—	197bp	A/A1	98.55	—	—	2017-11-08	US45580KAK43	N	—
IG	BOCOM	FLOAT 12/11/27	—	—	—	2027-12-11	—	—	—	—	A2	100.20	—	—	—	HK0001089223	N	-18bp
IG	BCHINA	FLOAT 03/04/28	—	—	—	2028-03-04	—	—	—	—	A/A1	100.14	—	—	—	XS2992396247	N	-10bp
IG	AVIILC	4 5/8 03/28/28	—	4.625%	—	2028-03-28	—	5.80%	—	141bp	—	98.34	—	—	—	XS3029558080	N	—
IG	ICBCAS	4 1/8 05/21/28	—	4.125%	—	2028-05-21	—	4.79%	—	138bp	A1	98.75	—	—	—	XS2919678339	N	—
IG	CCB	FLOAT 05/28/28	—	—	—	2028-05-28	—	—	—	—	—	100.20	—	—	—	XS3078858670	N	-12bp
IG	CMINLE	FLOAT 06/05/28	—	—	—	2028-06-05	—	—	—	—	A2	100.05	—	—	—	XS3083865033	N	-3bp
IG	CSILTD	FLOAT 07/16/28	—	—	—	2028-07-16	—	—	—	—	—	100.05	—	—	—	HK0001167060	N	-3bp
IG	CCB	FLOAT 09/11/28	—	—	—	2028-09-11	—	—	—	—	A1	100.24	—	—	—	XS3170555794	N	-13bp
IG	FRESHK	6 10/01/28	—	6%	—	2028-10-01	—	6.32%	—	170bp	BBB-/N.R	99.40	99.88	500mm	2025-03-31	XS3025777221	N	—
IG	AGRBK	FLOAT 11/28/28	—	—	—	2028-11-28	—	—	—	—	A1	100.10	—	—	2025-11-28	XS3138403012	N	-5bp
IG	BCHINA	3 5/8 04/17/29	—	3.625%	—	2029-04-17	—	5.07%	—	28bp	A1	96.64	96.77	300mm	2019-04-16	XS1979516488	N	—
IG	ORIEAS	3 1/2 09/24/29	—	3.5%	—	2029-09-24	—	5.32%	—	59bp	BBB/A-	95.02	95.28	500mm	2019-09-23	XS2053056706	N	—
IG	CCAMCL	5 1/2 01/23/30	—	5.5%	—	2030-01-23	—	5.50%	—	103bp	N.R/A-	99.99	100.05	500mm	2024-07-22	XS2860787709	N	—
IG	CDBALF	FLOAT 05/27/30	—	—	—	2030-05-27	—	—	—	—	A1	100.08	—	—	—	XS3063726023	N	-2bp
IG	CCB	FLOAT 05/28/30	—	—	—	2030-05-28	—	—	—	—	—	100.57	—	—	—	XS3078861625	N	-16bp
IG	BCHINA	2 1/4 10/22/30	—	2.25%	—	2030-10-22	—	4.90%	—	60bp	A/A	89.40	89.43	500mm	2020-10-21	XS2243948457	N	—
IG	CCAMCL	FLOAT 11/13/30	—	—	—	2030-11-13	—	—	—	—	BBB+	100.36	—	—	2025-11-13	XS3223040216	N	-9bp
IG	PINGIN	2.85 08/12/31	—	2.85%	—	2031-08-12	—	5.47%	—	73bp	Baa2	88.68	88.58	550mm	2021-08-11	XS2372975040	N	—
IG	CTIH	6.4 PERP	Sub	6.4%	—	PERP	—	—	—	—	—	101.25	—	—	—	XS2588464433	N	—
Financial Other1
HY	ZHPRHK	Zhenro	—	0%	0.00	2026-01-07	—	—	—	—	N.R/W.R	0.05	0.43	300mm	2021-01-07	XS2279711779	Y	—
Industrial2
IG	XIAOMI	3 3/8 04/29/30	—	3.375%	—	2030-04-29	—	5.29%	—	112bp	Baa1	93.17	93.24	600mm	2020-04-28	USY77108AA93	N	—
IG	LENOVO	6.536 07/27/32	—	6.536%	—	2032-07-27	—	6.02%	—	126bp	Baa2	102.58	103.14	625mm	2022-07-26	USY5257YAM94	N	—
Industrial Other3
HY	FOSUNI	Fortune Star	—	5.05%	0.26	2027-01-27	—	3.92%	—	298bp	BB-/N.R	100.55	99.68	500mm	2021-01-27	XS2281321799	N	—
HY	FOSUNI	Fortune Star	—	8.5%	1.42	2028-05-19	—	6.23%	—	318bp	BB-/N.R	104.21	101.13	500mm	2024-11-19	XS2922957746	N	—
HY	FOSUNI	Fortune Star	—	6.8%	2.58	2029-09-09	—	7.93%	—	330bp	BB-/N.R	97.04	96.79	400mm	2025-09-09	XS3175828113	N	—
Infrastructure1
IG	SHPORT	2.85 09/11/29	—	2.85%	—	2029-09-11	—	5.00%	—	34bp	A1	94.07	94.10	500mm	2019-09-10	XS2049589042	N	—
Local Authority5
HY	ZJSOAM	Zhuji	—	5.55%	0.80	2027-08-20	—	4.22%	—	63bp	N.R/N.R	101.29	100.31	500mm	2024-08-20	XS2859262540	N	—
HY	QDJZWD	Qingdao Jiaozhou	—	7%	1.11	2027-12-27	—	5.99%	—	298bp	N.R/N.R	101.43	100.12	200mm	2024-12-27	XS2966264652	N	—
HY	CPDEV	Central Plaza	—	7.15%	1.33	2028-03-21	—	6.46%	—	218bp	—	100.97	—	—	2025-03-21	XS2867168226	N	—
HY	DFINVH	Oriental Capital	—	5.2%	1.72	2028-08-20	—	4.75%	—	46bp	N.R/BB-	100.85	99.79	300mm	2025-08-20	XS3151398057	N	—
HY	CPDEV	Central Plaza	—	6.8%	2.24	2029-04-07	—	7.60%	—	283bp	N.R/BB+	98.20	100.06	250mm	2025-04-07	XS3035206518	N	—
Oil & Gas3
IG	CNOOC	4 3/8 05/02/28	—	4.375%	—	2028-05-02	—	4.88%	—	172bp	A+/A1	99.04	—	—	2018-05-02	US12634MAE03	N	—
IG	CNOOC	5 05/02/42	—	5%	—	2042-05-02	—	5.54%	—	28bp	A+/A1	94.27	—	—	—	USG23530AB75	N	—
IG	CNOOC	3.3 09/30/49	—	3.3%	—	2049-09-30	—	5.56%	—	-2bp	A1	70.82	69.71	500mm	2019-09-29	US12625GAG91	N	—
Other11
HY	FUTLAN	Seazen	—	11.88%	0.64	2027-06-26	—	10.10%	—	1015bp	B-/N.R	101.65	98.89	350mm	2025-06-26	XS3099012406	N	—
HY	VNKRLE	Vanke HK	—	3.98%	0.98	2027-11-09	—	45.57%	—	—	C	58.04	54.95	1.0bn	2017-11-09	XS1713193586	N	—
HY	LNGFOR	Longfor	—	4.5%	1.18	2028-01-16	—	8.81%	—	594bp	B2	94.06	93.62	500mm	2018-01-16	XS1743535491	N	—
HY	DALWAN	Wanda	—	12.75%	1.04	2028-02-05	—	10.85%	—	775bp	N.R	102.56	—	360mm	2026-02-05	XS3286199461	N	—
HY	GRNCH	Greentown	—	8.45%	1.25	2028-02-24	—	7.89%	—	410bp	B1	100.77	99.98	500mm	2025-02-24	XS2971601336	N	—
HY	SHUION	Shui On	—	9.75%	1.98	2029-01-26	—	8.73%	—	469bp	N.R/N.R	102.25	100.99	450mm	2026-01-26	XS3040578745	N	—
HY	FTLNHD	New Metro	—	11.8%	2.06	2029-03-09	—	14.10%	—	956bp	B-/N.R	95.30	94.80	355mm	2026-03-09	XS3298830434	N	—
HY	ZHLGHD	Zhongliang	—	5%	0.56	2029-07-01	—	243.06%	—	—	N.R/N.R	2.89	3.75	1.3bn	2024-03-20	XS2771889370	Y	—
HY	CHJMAO	Franshion	—	4.25%	2.53	2029-07-23	—	6.66%	—	236bp	Ba3	93.54	92.10	500mm	2019-07-23	XS2030348903	N	—
HY	LNGFOR	Longfor	—	3.95%	2.68	2029-09-16	—	10.44%	—	573bp	B2	83.63	84.50	850mm	2019-09-16	XS2033262895	N	—
HY	SINOCE	Sino-Ocean	—	3%	2.92	2033-03-27	—	73.89%	—	—	N.R/N.R	5.67	5.88	1.6bn	2025-03-27	XS3033830772	N	—
Owned No Guarantee4
IG	CFAMCI	Huarong 2017	—	4.75%	0.49	2027-04-27	—	2.81%	—	110bp	Ba2	101.90	99.68	850mm	2017-04-27	XS1596795358	N	—
IG	CFAMCI	Huarong 2017	—	4.25%	1.00	2027-11-07	—	3.78%	—	90bp	Ba2	100.69	99.68	850mm	2017-11-07	XS1711550373	N	—
IG	CFAMCI	Huarong 2019	—	4.5%	2.38	2029-05-29	—	4.81%	—	71bp	Ba2	99.15	97.23	700mm	2019-05-29	XS2001732283	N	—
HY	CFAMCI	Huarong 2017	—	4.95%	11.82	2047-11-07	—	5.95%	—	46bp	Ba2	88.00	—	—	2017-11-07	XS1711992716	N	—
Real Estate1
IG	CHIOLI	6.45 06/11/34	—	6.45%	—	2034-06-11	—	6.05%	—	125bp	A-/Baa2	102.49	—	—	2014-06-11	XS1075180379	N	—
TMT13
IG	BABA	3.4 12/06/27	—	3.4%	—	2027-12-06	—	4.61%	—	160bp	A1	98.26	98.35	2.5bn	2017-12-05	US01609WAT99	N	—
IG	TENCNT	3.595 01/19/28	—	3.595%	—	2028-01-19	—	4.88%	—	128bp	A1	98.17	98.32	2.5bn	2018-01-18	US88032XAG97	N	—
IG	MEITUA	4 5/8 10/02/29	—	4.625%	—	2029-10-02	—	5.66%	—	89bp	Baa1	97.17	97.35	1.3bn	2024-10-01	USG59669AF11	N	—
IG	BIDU	3.425 04/07/30	—	3.425%	—	2030-04-07	—	5.36%	—	54bp	A3	93.89	94.04	400mm	2020-04-06	US056752AR92	N	—
IG	MEITUA	3.05 10/28/30	—	3.05%	—	2030-10-28	—	5.60%	—	134bp	Baa1	89.98	90.02	1.2bn	2020-10-27	USG59669AC89	N	—
IG	BABA	2 1/8 02/09/31	—	2.125%	—	2031-02-09	—	5.32%	—	64bp	A1	87.35	87.55	1.5bn	2021-02-08	US01609WAX02	N	—
IG	KUAISH	4 3/4 01/22/36	—	4.75%	—	2036-01-22	—	6.41%	—	141bp	A3	88.34	89.07	900mm	2026-01-21	USG53263AC66	N	—
IG	TENCNT	5 06/16/36	—	5%	—	2036-06-16	—	5.97%	—	102bp	A1	92.79	93.15	1.8bn	2026-06-15	US88032XBE31	N	—
IG	TENCNT	3.925 01/19/38	—	3.925%	—	2038-01-19	—	6.16%	—	104bp	A1	81.81	82.49	1.0bn	2018-01-18	US88032XAH70	N	—
IG	TENCNT	3.68 04/22/41	—	3.68%	—	2041-04-22	—	6.29%	—	108bp	A1	74.89	75.03	900mm	2021-04-21	US88032XBB91	N	—
IG	BABA	4.2 12/06/47	—	4.2%	—	2047-12-06	—	6.48%	—	96bp	A1	73.70	73.49	1.8bn	2017-12-05	US01609WAV46	N	—
IG	BABA	3 1/4 02/09/61	—	3.25%	—	2061-02-09	—	6.52%	—	113bp	A1	55.34	55.36	1.0bn	2021-02-08	US01609WBA99	N	—
IG	TENCNT	3.94 04/22/61	—	3.94%	—	2061-04-22	—	6.48%	—	114bp	A1	65.04	65.03	1.0bn	2021-04-21	US88032XBD57	N	—
		Hong Kong and Macau58	Sen/Sub	Coupon	Dur	Maturity	Call	YTM	YTC	Z-S	RatingS&P/Moody’s/Fitch	PX from ETF	SPM PX	Total issue35.32bn	Issue date	ISIN	Def	Dm
Banking2
HY	LUSOIB	Luso Bank	—	7.2%	1.55	2033-06-30	—	6.68%	—	192bp	N.R/N.R	102.87	—	350mm	2023-06-30	XS2639510341	N	—
HY	LUSOIB	Luso Bank	Sub	7.5%	2.29	2034-05-29	—	6.89%	—	214bp	N.R/N.R	103.73	—	430mm	2023-11-29	XS2720193981	N	—
Consumer2
IG	LVS	6 08/15/29	—	6%	—	2029-08-15	—	5.88%	—	139bp	BBB-/Baa3	100.33	—	—	2024-05-16	US517834AK35	N	—
IG	SANLTD	4 3/8 06/18/30	—	4.375%	—	2030-06-18	—	5.95%	—	159bp	Baa2	94.46	—	—	—	US80007RAL96	N	—
Diversified5
IG	CKHH	3 1/4 09/29/27	—	3.25%	—	2027-09-29	—	4.90%	—	72bp	A2	98.41	—	—	2017-09-29	USG2178XAC68	N	—
IG	CKHH	5 3/8 04/26/29	—	5.375%	—	2029-04-26	—	5.18%	—	135bp	A2	100.54	100.53	1.0bn	2024-04-25	USG2176UAA81	N	—
IG	JMHLDS	2 7/8 04/09/36	—	2.875%	—	2036-04-09	—	5.68%	—	54bp	A1	79.62	79.58	400mm	2021-04-08	XS2325158488	N	—
IG	CK	CK Hutchison 3.125% 15APR2041	—	3.125%	—	2041-04-15	—	6.20%	—	77bp	A/A2	70.88	—	—	2021-04-15	USG2182GAC71	N	—
IG	CKHH	3 3/8 09/06/49	—	3.375%	—	2049-09-06	—	6.12%	—	54bp	A2	66.40	—	—	2019-09-06	USG2176DAB40	N	—
Financial17
IG	STANLN	2.608 01/12/28	—	2.608%	—	2028-01-12	—	2.99%	—	-88bp	A3	99.44	—	—	2022-01-12	XS2428496637	N	—
IG	STANLN	FLOAT 02/08/28	—	—	—	2028-02-08	—	—	—	—	A3	100.43	100.48	400mm	2023-11-07	USG84228GA04	N	-33bp
IG	STANLN	7.018 02/08/30	—	7.018%	—	2030-02-08	—	6.10%	—	157bp	A3	102.85	103.06	750mm	2023-11-07	USG84228FZ63	N	—
IG	PRUFIN	3 1/8 04/14/30	—	3.125%	—	2030-04-14	—	5.33%	—	47bp	A+/A2	93.05	—	—	—	US744330AA93	N	—
IG	STANLN	4.305 05/21/30	—	4.305%	—	2030-05-21	—	5.20%	—	91bp	A3	96.81	—	—	2019-05-21	XS2001211122	N	—
IG	STANLN	FLOAT 08/13/30	—	—	—	2030-08-13	—	—	—	—	BBB+/A3	100.02	100.17	500mm	2026-08-12	US85325D2E97	N	-0bp
IG	FWDGHD	5.252 09/22/30	—	5.252%	—	2030-09-22	—	6.06%	—	126bp	Baa2	97.17	97.42	575mm	2025-09-21	USG37049AC03	N	—
IG	STANLN	4.644 04/01/31	—	4.644%	—	2031-04-01	—	5.55%	—	69bp	A3	96.43	96.65	2.0bn	2020-03-30	XS2150091739	N	—
IG	BNKEA	5 3/8 05/13/32	—	5.375%	—	2032-05-13	—	6.05%	—	152bp	Baa2	96.66	96.95	1.0bn	2026-05-12	XS3314102842	N	—
IG	STANLN	2.678 06/29/32	—	2.678%	—	2032-06-29	—	5.22%	—	51bp	BBB+/A3	87.06	—	—	—	XS2358287824	N	—
IG	AIA	4.95 04/04/33	—	4.95%	—	2033-04-04	—	5.38%	—	39bp	A1	97.68	97.50	600mm	2023-04-03	US00131MAP86	N	—
IG	AIA	5 3/8 04/05/34	—	5.375%	—	2034-04-05	—	5.88%	—	83bp	A2	96.98	96.99	1.0bn	2024-04-04	US00131MAQ69	N	—
IG	STANLN	6.296 07/06/34	—	6.296%	—	2034-07-06	—	6.17%	—	131bp	A3	100.78	100.99	1.0bn	2023-07-05	USG84228FV59	N	—
IG	STANLN	6.097 01/11/35	—	6.097%	—	2035-01-11	—	6.24%	—	134bp	A3	99.04	99.30	1.5bn	2024-01-10	USG84228GC69	N	—
IG	STANLN	5.905 05/14/35	—	5.905%	—	2035-05-14	—	6.25%	—	144bp	BBB+/A3	97.63	—	—	2024-05-14	USG84228GH56	N	—
IG	AIA	3.2 09/16/40	—	3.2%	—	2040-09-16	—	6.50%	—	113bp	A2	69.96	70.17	1.8bn	2020-09-15	US00131MAK99	N	—
IG	STANLN	5.706 03/05/47	—	5.706%	—	2047-03-05	—	6.54%	—	96bp	A3	90.66	90.11	750mm	2026-03-04	XS3304372942	N	—
Food and Beverage1
HY	FIRPAC	FPC Resources	—	4.38%	0.86	2027-09-11	—	5.06%	—	119bp	—	99.35	—	—	2020-09-11	XS2223798229	N	—
Gaming14
HY	MGMCHI	MGM China	—	4.75%	0.28	2027-02-01	—	3.75%	—	233bp	B1	100.49	99.69	750mm	2021-03-31	USG60744AG74	N	—
HY	WYNMAC	Wynn Macau	—	5.5%	0.88	2027-10-01	—	6.10%	—	192bp	B1	99.43	99.37	750mm	2017-09-20	USG98149AD29	N	—
HY	SJMHOL	Champion Path	—	4.85%	1.20	2028-01-27	—	6.53%	—	308bp	B2	97.64	96.65	500mm	2021-01-27	XS2289203551	N	—
HY	MPEL	Melco	—	5.75%	1.53	2028-07-21	—	5.98%	—	209bp	BB-/Ba3	99.57	—	—	2020-07-21	USG5975LAF34	N	—
HY	WYNMAC	Wynn Macau	—	5.63%	1.65	2028-08-26	—	6.38%	—	212bp	B1	98.61	98.25	1.4bn	2020-08-26	USG98149AH33	N	—
HY	STCITY	Studio City	—	5%	2.06	2029-01-15	—	7.54%	—	354bp	B1	94.32	93.94	1.1bn	2021-01-14	USG85381AG95	N	—
HY	MPEL	Melco	—	5.38%	2.70	2029-12-04	—	6.59%	—	247bp	Ba3	96.29	95.15	1.1bn	2019-12-04	USG5975LAE68	N	—
HY	WYNMAC	Wynn Macau	—	5.13%	2.72	2029-12-15	—	6.33%	—	212bp	B1	96.29	95.32	1.0bn	2019-12-17	USG98149AE02	N	—
HY	SJMHOL	SJM	—	6.5%	3.54	2031-01-15	—	8.68%	—	418bp	B2	92.03	91.96	540mm	2026-01-15	XS3267117995	N	—
HY	MGMCHI	MGM China	—	7.13%	2.52	2031-06-26	—	6.05%	—	151bp	B1	104.59	102.02	500mm	2024-06-26	USG60744AJ14	N	—
HY	MPEL	Melco	—	7.63%	3.41	2032-04-17	—	7.87%	—	284bp	Ba3	98.92	99.96	750mm	2024-04-17	USG5975LAK29	N	—
HY	MGMCHI	MGM China	—	6.25%	4.81	2033-05-15	—	7.09%	—	248bp	B1	95.42	93.67	750mm	2026-05-13	USG60744AK86	N	—
HY	MPEL	Melco	—	6.5%	5.00	2033-09-24	—	7.89%	—	285bp	Ba3	92.62	93.10	500mm	2025-09-24	USG5975LAL02	N	—
HY	WYNMAC	Wynn Macau	—	6.75%	4.99	2034-02-15	—	7.78%	—	284bp	B1	94.24	94.62	1.0bn	2025-08-19	USG98149AM28	N	—
Industrial Other1
HY	CTFSHK	Celestial Dynasty	—	6.38%	1.69	2028-08-22	—	6.77%	—	258bp	N.R/N.R	99.28	99.17	400mm	2024-08-22	XS2877153234	N	—
Other4
HY	NWDEVL	NW China Land	—	4.75%	0.26	2027-01-23	—	4.93%	—	522bp	N.R/N.R	99.91	98.62	600mm	2017-01-23	XS1549621586	N	—
HY	NWDEVL	NWD	—	4.13%	2.51	2029-07-18	—	11.12%	—	708bp	***/N.R	82.57	81.67	950mm	2019-07-18	XS2028401086	N	—
HY	NWDEVL	NWD	—	4.5%	3.15	2030-05-19	—	10.51%	—	664bp	N.R/N.R	80.78	80.83	600mm	2020-05-19	XS2175969125	N	—
HY	NWDEVL	New World Dev	Sub	4.13%	1.32	PERP	2028-03-09	—	22.04%	1813bp	***/N.R	78.12	77.69	1.2bn	2021-06-10	XS2348062899	N	—
Owned No Guarantee1
HY	CINDBK	China CITIC Bank Intl	Sub	5%	4.07	PERP	2031-07-21	—	5.03%	36bp	Ba2	99.86	98.79	400mm	2026-07-22	XS3371242911	N	—
Real Estate2
IG	SUNHUN	2 7/8 01/21/30	—	2.875%	—	2030-01-21	—	5.12%	—	64bp	A1	92.88	92.79	800mm	2020-01-20	XS2099130382	N	—
IG	HYSAN	7.2 PERP	Sub	7.2%	3.44	PERP	2030-09-10	—	6.69%	194bp	Baa3	101.77	102.16	750mm	2025-03-10	XS3012400746	N	—
TMT1
IG	HKTGHD	3 01/18/32	—	3%	—	2032-01-18	—	5.59%	—	88bp	Baa2	87.90	88.33	650mm	2022-01-17	XS2414130711	N	—
Transport2
IG	MTRC	4 7/8 04/01/35	—	4.875%	—	2035-04-01	—	5.16%	—	10bp	Aa3	98.04	97.55	1.0bn	2025-03-31	HK0001127510	N	—
IG	MTRC	5 5/8 PERP	Sub	5.625%	6.93	PERP	2035-09-23	—	6.13%	105bp	A2	96.53	97.04	1.5bn	2025-06-23	XS3094282343	N	—
Transportation Services2
HY	SSW	Seaspan	—	5.5%	2.31	2029-08-01	—	6.28%	—	190bp	BB	97.91	—	—	2021-07-14	US81254UAK25	N	—
HY	SSW	Seaspan	—	5.5%	2.34	2029-08-01	—	6.39%	—	202bp	BB	97.61	—	—	2021-07-14	USY75638AF67	N	—
Utilities3
IG	HKE	1 7/8 08/27/30	—	1.875%	—	2030-08-27	—	5.13%	—	43bp	A-/N.R	88.35	88.33	500mm	2020-08-26	XS2219618548	N	—
IG	CHINLP	2 1/4 07/21/31	—	2.25%	—	2031-07-21	—	5.13%	—	46bp	A1	87.45	87.53	300mm	2021-07-20	XS2364591367	N	—
IG	CKINF	4 PERP	Sub	4%	0.31	PERP	2026-10-29	—	122.48%	—	BBB/N.R	63.26	65.00	300mm	2021-07-28	XS2365668891	N	—
Wirelines1
HY	CASHLD	CAS Capital	Sub	6.25%	3.68	PERP	2031-01-12	—	7.01%	249bp	Ba2	97.11	97.85	675mm	2026-01-13	XS3258406761	N	—
		India40	Sen/Sub	Coupon	Dur	Maturity	Call	YTM	YTC	Z-S	RatingS&P/Moody’s/Fitch	PX from ETF	SPM PX	Total issue21.4bn	Issue date	ISIN	Def	Dm
Banking1
HY	AXSBIN	Axis Bank	Sub	6.88%	4.23	PERP	2031-12-30	—	6.72%	212bp	BB-	100.73	—	600mm	2026-06-30	XS3311132552	N	—
Chemicals1
HY	UPLLIN	UPL	—	4.63%	3.25	2030-06-16	—	7.22%	—	295bp	Ba2	91.13	96.78	300mm	2020-06-16	XS2189565992	N	—
Electric8
HY	INGPHL	India Green Energy	—	4%	0.33	2027-02-22	—	4.35%	—	207bp	—	99.83	—	—	2021-02-22	USV4819LAA09	N	—
HY	INCLEN	India Clean Energy	—	4.5%	0.48	2027-04-18	—	6.60%	—	231bp	Ba3	98.98	98.81	400mm	2022-01-18	USV4605MAA63	N	—
HY	RPVIN	ReNew	—	4.5%	1.61	2028-07-14	—	5.72%	—	188bp	N.R/BB-	97.72	—	585mm	2021-04-14	USY7280PAA13	N	—
HY	RPVIN	ReNew Treasury	—	6.5%	3.54	2031-02-02	—	7.00%	—	238bp	Ba3	98.11	—	600mm	2026-02-02	USY72910AA35	N	—
HY	HBSPIN	JSW Hydro	—	4.13%	3.39	2031-05-18	—	5.91%	—	151bp	Ba1	92.39	90.67	707mm	2021-05-18	USY4S71YAA27	N	—
HY	CWENIN	CGE Treasury	—	7.88%	3.60	2031-07-28	—	7.99%	—	336bp	BB-/N.R	99.55	—	390mm	2026-07-28	XS3451576899	N	—
HY	CGRNEG	Continuum Green	—	7.5%	4.26	2033-06-26	—	7.27%	—	252bp	Ba3	101.27	—	650mm	2024-06-26	USY8987LAA45	N	—
IG	ADGREG	Parampujya Solar	—	6.7%	6.88	2042-03-12	—	7.47%	—	207bp	Ba1	93.02	93.96	409mm	2024-03-12	XS2777626685	N	—
Finance Companies4
HY	PIFINL	Piramal	—	7.8%	1.20	2028-01-29	—	5.82%	—	223bp	BB/Ba2	102.81	—	—	2024-07-29	XS2863565326	N	—
HY	IIFOIN	IIFL	—	8.75%	1.60	2028-07-24	—	6.83%	—	300bp	B+	103.53	—	—	2025-01-24	USY3R78RET83	N	—
HY	IIFOIN	IIFL	—	7.6%	2.52	2029-09-10	—	7.08%	—	245bp	B+	101.39	—	—	2026-06-10	USY3R78RMD40	N	—
HY	IHFLIN	Samaan	—	7.5%	3.43	2030-10-16	—	7.89%	—	294bp	B+/N.R	98.67	98.42	450mm	2025-10-16	XS3205989232	N	—
Financial6
IG	SBIIN	4 7/8 05/05/28	—	4.875%	—	2028-05-05	—	5.40%	—	233bp	Baa3	99.02	99.22	750mm	2023-05-04	XS2615928863	N	—
IG	POWFIN	6.15 12/06/28	—	6.15%	—	2028-12-06	—	5.79%	—	199bp	Baa3	100.82	101.04	500mm	2018-12-05	US73928RAA41	N	—
IG	RECLIN	4 3/4 09/27/29	—	4.75%	—	2029-09-27	—	5.75%	—	101bp	Baa3	97.27	—	—	2024-09-27	US74947MAE21	N	—
IG	ICICI	5.417 08/21/31	—	5.417%	—	2031-08-21	—	6.19%	—	144bp	Baa3	96.70	97.23	750mm	2026-08-20	USY38604AB36	N	—
IG	HDFCB	5.401 08/26/31	—	5.401%	—	2031-08-26	—	6.12%	—	135bp	Baa3	96.93	97.29	1.2bn	2026-08-25	USY30909AB43	N	—
IG	INRCIN	3.57 01/21/32	—	3.57%	—	2032-01-21	—	5.80%	—	110bp	BBB/Baa3	89.61	—	—	2022-01-21	US45434M2H45	N	—
Financial Other5
HY	MUTHIN	Muthoot	—	7.13%	0.87	2028-02-14	—	6.02%	—	222bp	BB+/BB+	101.57	100.32	750mm	2024-05-14	US62828M2C41	N	—
HY	FIHUCN	Fairfax India	—	5%	1.29	2028-02-26	—	7.46%	—	359bp	BBB	96.57	—	500mm	2021-02-26	US303897AA02	N	—
HY	MUTHIN	Muthoot	—	6.38%	1.89	2029-04-23	—	5.58%	—	184bp	BB+/BB+	102.19	98.82	650mm	2024-10-23	US62828M2D24	N	—
HY	MUTHIN	Muthoot	—	6.38%	2.66	2030-03-02	—	6.72%	—	208bp	Ba1	98.94	97.90	750mm	2025-09-02	US62828M2E07	N	—
HY	MUTHIN	Muthoot	—	5.75%	3.01	2030-08-04	—	6.53%	—	196bp	Ba1	97.29	95.89	600mm	2026-02-04	US62828M2F71	N	—
Infrastructure1
IG	ADSEZ	4.2 08/04/27	—	4.2%	—	2027-08-04	—	5.70%	—	276bp	Baa3	98.56	—	—	2020-08-04	USY00130VS35	N	—
Metals and Mining4
IG	JSTLIN	JSW Steel	—	5.05%	4.60	2032-04-05	—	6.41%	—	145bp	Baa3	93.79	93.28	500mm	2021-09-23	USY44680RW11	N	—
HY	VEDLN	Vedanta	—	7%	3.80	2032-07-13	—	7.31%	—	261bp	BB/Ba3/BB	98.53	—	625mm	2026-07-13	XS3427418432	N	—
HY	VEDLN	Vedanta	—	7.38%	4.60	2034-07-13	—	7.74%	—	287bp	BB/Ba3/BB	97.88	96.83	750mm	2026-07-13	XS3427418606	N	—
HY	VEDLN	Vedanta	—	7.75%	5.88	2037-07-13	—	7.99%	—	294bp	BB/Ba3/BB	98.23	—	775mm	2026-07-13	XS3427418788	N	—
Oil & Gas2
IG	RILIN	3.667 11/30/27	—	3.667%	—	2027-11-30	—	4.95%	—	214bp	A-/Baa1	98.16	—	—	2017-11-30	USY72570AN72	N	—
IG	RILIN	3 5/8 01/12/52	—	3.625%	—	2052-01-12	—	6.45%	—	97bp	Baa1	64.92	64.67	1.8bn	2022-01-11	USY72570AU16	N	—
Owned No Guarantee2
HY	GRNKEN	Greenko Wind	—	7.25%	1.57	2028-09-27	—	7.07%	—	248bp	Ba3	100.34	100.00	1.0bn	2025-03-27	USV3856JAB99	N	—
HY	GRNKEN	Greenko Power	—	4.3%	1.71	2028-12-13	—	5.90%	—	205bp	Ba3	96.33	100.00	1.0bn	2021-12-13	USV3855MAA54	N	—
Pharmaceuticals1
HY	BIOLIN	Biocon	—	6.67%	2.36	2029-10-09	—	7.06%	—	222bp	BB+/BB	98.97	99.02	800mm	2024-10-09	USG11185AA61	N	—
Retailers1
HY	FRETAI	Future Retail	—	0%	0.00	2025-01-22	—	—	—	—	C	0.50	0.25	500mm	2020-01-22	USY267BJGT59	Y	—
Transportation Services4
HY	DIALIN	Delhi Airport	—	6.13%	0.03	2026-10-31	—	0.55%	—	586bp	Ba3	102.78	100.01	522.6mm	2016-10-31	USY2R27RAB56	N	—
HY	GMRLIN	GMR Hyderabad	—	4.25%	0.96	2027-10-27	—	3.95%	—	133bp	BB/BBB-	100.43	98.43	350mm	2017-10-27	USY3004WAA00	N	—
HY	DIALIN	Delhi Airport	—	6.45%	2.34	2029-06-04	—	5.55%	—	151bp	Ba3	102.45	100.44	500mm	2019-06-04	USY2R40TAB40	N	—
HY	IRBIN	IRB Infra	—	7.11%	3.44	2032-03-11	—	7.18%	—	231bp	Ba2	99.67	98.77	740mm	2024-03-11	XS2775699577	N	—
		South Korea23	Sen/Sub	Coupon	Dur	Maturity	Call	YTM	YTC	Z-S	RatingS&P/Moody’s/Fitch	PX from ETF	SPM PX	Total issue8.4bn	Issue date	ISIN	Def	Dm
Chemicals1
IG	SAMTOT	Hanwha Petro	—	5.5%	2.48	2029-07-18	—	6.14%	—	185bp	Ba1	98.28	100.00	400mm	2024-01-18	XS2740446757	N	—
Financial11
IG	NACF	4 1/4 07/06/27	—	4.25%	—	2027-07-06	—	4.76%	—	228bp	A+/Aa3	99.51	—	—	—	US65540KAJ43	N	—
IG	SHNHAN	4 1/2 04/12/28	—	4.5%	—	2028-04-12	—	5.10%	—	54bp	Aa3	99.14	99.01	500mm	2023-04-11	US82460EAV20	N	—
IG	CITNAT	4 5/8 04/21/28	—	4.625%	—	2028-04-21	—	4.95%	—	194bp	Aa3	99.38	99.41	500mm	2023-04-20	US50050HAU05	N	—
IG	SHINFN	5 07/24/28	—	5%	—	2028-07-24	—	5.29%	—	129bp	A1	99.46	—	—	2023-07-24	USY7749XBA82	N	—
IG	KEBHNB	5 3/4 10/24/28	—	5.75%	—	2028-10-24	—	5.23%	—	171bp	A+/Aa3	101.20	—	—	2023-10-24	US48723TAD37	N	—
IG	WOORIB	4 3/4 01/24/29	—	4.75%	—	2029-01-24	—	5.12%	—	85bp	A1	99.14	99.03	400mm	2024-01-23	US98105GAP72	N	—
IG	HYUCAP	5 1/8 02/05/29	—	5.125%	—	2029-02-05	—	5.45%	—	112bp	A3	99.26	—	—	2024-02-05	USY3815NBH36	N	—
IG	INDKOR	4 3/8 06/24/30	—	4.375%	—	2030-06-24	—	5.12%	—	68bp	Aa2	97.35	97.04	500mm	2025-06-23	US45604HAS67	N	—
IG	KOBCOP	FLOAT 11/18/30	—	—	—	2030-11-18	—	—	—	—	Aa2	100.37	—	—	—	XS3220609047	N	-9bp
IG	DAESEC	4 3/8 03/11/31	—	4.375%	—	2031-03-11	—	6.03%	—	124bp	Baa2	93.57	93.89	300mm	2026-03-10	XS3299380850	N	—
IG	HLINSU	6.3 06/24/55	—	6.3%	—	2055-06-24	—	6.33%	—	94bp	A3	99.63	99.73	1.0bn	2025-06-23	USY306AXAL42	N	—
Industrial4
IG	LGCHM	3 5/8 04/15/29	—	3.625%	—	2029-04-15	—	5.74%	—	94bp	Baa2	95.14	95.40	500mm	2019-04-14	USY52758AD47	N	—
IG	LGENSO	5 3/8 07/02/29	—	5.375%	—	2029-07-02	—	5.67%	—	145bp	Baa2	99.20	99.33	800mm	2024-07-01	USY5S5CGAL65	N	—
IG	HYUELE	2 3/8 01/19/31	—	2.375%	—	2031-01-19	—	5.53%	—	92bp	A3	87.59	87.86	1.0bn	2021-01-18	USY8085FBD16	N	—
IG	LGENSO	5 7/8 04/02/36	—	5.875%	—	2036-04-02	—	6.54%	—	141bp	Baa2	95.36	95.48	500mm	2026-04-01	USY5S5CGAV48	N	—
Infrastructure1
IG	HIGHWY	5 05/14/27	—	5%	—	2027-05-14	—	4.81%	—	414bp	Aa2	100.18	100.06	500mm	2024-05-13	USY4872AMX28	N	—
Metals & Mining1
IG	POHANG	5 7/8 01/17/33	—	5.875%	—	2033-01-17	—	5.81%	—	103bp	Baa1	100.33	100.26	300mm	2023-01-16	USY7S272AH57	N	—
TMT1
IG	KOREAT	4 5/8 01/13/30	—	4.625%	—	2030-01-13	—	5.32%	—	89bp	A3	97.80	97.75	500mm	2026-07-12	USY49915BF08	N	—
Utilities4
IG	KOHNPW	4 1/4 07/27/27	—	4.25%	—	2027-07-27	—	4.76%	—	177bp	Aa2	99.51	99.46	700mm	2022-07-26	USY4899GFA68	N	—
IG	KORELE	5 1/2 04/06/28	—	5.5%	—	2028-04-06	—	5.14%	—	64bp	Aa2	100.52	—	—	—	USY4907LAF95	N	—
IG	KORGAS	2 07/13/31	—	2%	—	2031-07-13	—	5.18%	—	54bp	Aa2	86.14	—	—	—	US50066CAR07	N	—
IG	KORGAS	6 1/4 01/20/42	—	6.25%	—	2042-01-20	—	5.74%	—	42bp	AA/Aa2	105.16	—	—	2012-01-20	US50066CAD11	N	—
		Singapore11	Sen/Sub	Coupon	Dur	Maturity	Call	YTM	YTC	Z-S	RatingS&P/Moody’s/Fitch	PX from ETF	SPM PX	Total issue6.75bn	Issue date	ISIN	Def	Dm
Financial5
IG	DBSSP	FLOAT 03/21/28	—	—	—	2028-03-21	—	—	—	—	Aa2	100.06	100.20	1.0bn	2025-03-20	US24023LAM81	N	-4bp
IG	UOBSP	4.401 04/02/28	—	4.401%	—	2028-04-02	—	4.96%	—	50bp	Aa1	99.20	99.20	800mm	2025-04-01	US91127LAK61	N	—
IG	OCBCSP	FLOAT 05/26/29	—	—	—	2029-05-26	—	—	—	—	AA-/Aa1	99.84	—	—	2026-05-26	XS3386635448	N	+6bp
IG	BOCAVI	3 09/11/29	—	3%	—	2029-09-11	—	5.08%	—	42bp	A-/A-	94.27	94.31	650mm	2019-09-10	US09681MAK45	N	—
IG	BOCAVI	2 5/8 09/17/30	—	2.625%	—	2030-09-17	—	5.25%	—	46bp	A-/A-	90.65	90.59	750mm	2020-09-16	US09681MAS70	N	—
Industrial1
IG	STESP	3 3/8 05/05/27	—	3.375%	—	2027-05-05	—	4.17%	—	336bp	Aaa	99.23	99.18	700mm	2022-05-04	USU8585EAA02	N	—
Other1
HY	GLPSP	GLP	—	9.75%	1.40	2028-05-20	—	16.53%	—	1551bp	N.R/W.R	88.84	86.75	1.0bn	2025-05-20	XS3071310059	N	—
Owned No Guarantee2
HY	SIASP	SIA	—	3.38%	2.10	2029-01-19	—	4.78%	—	52bp	N.R/N.R	96.74	96.16	600mm	2022-01-19	XS2405871570	N	—
HY	SIASP	SIA	—	5.25%	5.99	2034-03-21	—	5.58%	—	58bp	N.R/N.R	97.99	97.36	500mm	2024-03-21	XS2787854673	N	—
Refining1
HY	PUMAFN	Puma Intl	—	7.75%	1.61	2029-04-25	—	5.91%	—	222bp	BB	104.98	—	—	2024-04-25	XS2801333530	N	—
TMT1
IG	STSP	1 7/8 06/10/30	—	1.875%	—	2030-06-10	—	4.88%	—	47bp	A1	89.21	89.25	750mm	2020-06-09	XS2185867160	N	—
		Indonesia10	Sen/Sub	Coupon	Dur	Maturity	Call	YTM	YTC	Z-S	RatingS&P/Moody’s/Fitch	PX from ETF	SPM PX	Total issue5.72bn	Issue date	ISIN	Def	Dm
Consumer1
IG	ICBPIJ	3.398 06/09/31	—	3.398%	—	2031-06-09	—	6.17%	—	169bp	Baa2	88.22	—	—	2021-06-09	XS2349180104	N	—
Financial1
IG	BMRIIJ	4.9 03/24/28	—	4.9%	—	2028-03-24	—	5.63%	—	129bp	Baa2	98.96	99.17	800mm	2025-03-23	XS3011307678	N	—
Independent2
HY	MEDCIJ	Medco Maple	—	8.96%	1.44	2029-04-27	—	6.73%	—	315bp	Ba3	105.96	102.39	500mm	2023-10-27	USY5951MAA00	N	—
HY	MEDCIJ	Medco Cypress	—	8.63%	2.42	2030-05-19	—	7.09%	—	299bp	BB-/Ba3	105.27	—	—	2025-05-19	USY56616AA68	N	—
Metals & Mining1
IG	FRIDPT	5.315 04/14/32	—	5.315%	—	2032-04-14	—	6.40%	—	142bp	Baa3	95.04	95.81	1.5bn	2022-04-13	USY7141BAB90	N	—
Metals and Mining2
HY	INDYIJ	Indika	—	8.75%	1.70	2029-05-07	—	6.93%	—	328bp	B1	104.86	100.10	675mm	2024-05-07	USY71247AA15	N	—
HY	NICAU	Nickel Industries	—	9%	2.95	2030-09-30	—	8.99%	—	410bp	B1	100.03	101.06	800mm	2025-09-30	USQ67949AD17	N	—
Owned No Guarantee2
HY	BMRIIJ	Bank Mandiri	Sub	7.35%	3.75	PERP	2031-09-10	—	7.76%	292bp	Ba2	98.34	—	750mm	2026-09-10	XS3470501993	N	—
HY	BBNIIJ	BNI	Sub	7.15%	3.78	PERP	2031-10-22	—	7.17%	287bp	Ba3	99.91	—	700mm	2026-04-22	XS3343218866	N	—
Utilities1
IG	MINCAP	4 5/8 08/10/30	—	4.625%	—	2030-08-10	—	5.56%	—	94bp	Baa3	96.69	—	—	2017-08-10	USN57445AA17	N	—
		Australia17	Sen/Sub	Coupon	Dur	Maturity	Call	YTM	YTC	Z-S	RatingS&P/Moody’s/Fitch	PX from ETF	SPM PX	Total issue4.67bn	Issue date	ISIN	Def	Dm
Chemicals1
HY	NUFAU	Nufarm	—	5%	2.89	2030-01-27	—	6.92%	—	248bp	B	94.11	—	—	2022-01-27	USQ7007NAB57	N	—
Metals and Mining16
HY	FMGAU	FMG Resources	—	4.5%	0.86	2027-09-15	—	5.21%	—	128bp	BB+/Ba1	99.32	—	—	2019-09-16	USQ3919KAM38	N	—
HY	MINAU	Mineral Resources	—	9.25%	0.84	2028-10-01	—	7.73%	—	310bp	Ba3/BB-	102.76	—	750mm	2023-10-03	US603051AE37	N	—
HY	INFRAB	Infrabuild	—	14.5%	0.95	2028-11-15	—	9.34%	—	632bp	Caa1	111.28	—	550mm	2023-11-15	US45682RAC43	N	—
HY	ASLAU	Perenti	—	7.5%	1.53	2029-04-26	—	5.63%	—	188bp	BB+/BB+	105.09	101.78	350mm	2024-04-26	USQ7390AAB81	N	—
HY	CRNAU	Coronado	—	9.25%	2.52	2029-10-01	—	18.70%	—	1343bp	CCC+/Caa2	79.01	—	400mm	2024-10-02	USQ2874LAB01	N	—
HY	FMGAU	FMG Resources	—	5.88%	3.05	2030-04-15	—	6.41%	—	153bp	BB+/Ba1	98.35	—	—	2022-04-11	USQ3919KAP68	N	—
HY	FMGAU	Fortescue	—	5.88%	3.05	2030-04-15	—	6.41%	—	153bp	BB+/Ba1	98.35	—	—	2022-04-11	US30251GBD88	N	—
HY	MINAU	Mineral Resources	—	8.5%	1.27	2030-05-01	—	6.76%	—	273bp	Ba3/BB-	106.01	—	625mm	2022-05-02	USQ60976AC35	N	—
HY	FMGAU	FMG Resources	—	4.38%	3.94	2031-04-01	—	6.36%	—	148bp	BB+/Ba1	92.36	—	—	2021-03-25	USQ3919KAN11	N	—
HY	FMGAU	Fortescue	—	4.38%	3.94	2031-04-01	—	6.36%	—	148bp	BB+/Ba1	92.36	—	—	2021-03-25	US30251GBC06	N	—
HY	MINAU	Mineral Resources	—	7%	3.28	2031-04-01	—	6.90%	—	202bp	Ba3/BB-	100.39	—	700mm	2025-10-01	USQ60976AE90	N	—
HY	PLSAU	PLS	—	6.88%	3.42	2031-05-01	—	6.64%	—	236bp	BB-/Ba3	101.03	—	—	2026-04-22	USQ7539CAA82	N	—
HY	FMGAU	FMG Resources	—	6.13%	4.55	2032-04-15	—	6.57%	—	158bp	BB+/Ba1	97.99	—	—	2022-04-11	USQ3919KAQ42	N	—
HY	MINAU	Mineral Resources	—	6%	4.18	2032-05-01	—	6.47%	—	201bp	Ba3/BB-	97.69	—	650mm	2026-04-29	USQ60976AF65	N	—
HY	PLSAU	PLS	—	8%	4.15	2032-11-01	—	8.00%	—	353bp	—	100.00	—	—	2026-10-23	USQ7539CAB65	N	—
HY	MINAU	Mineral Resources	—	6.25%	5.11	2034-05-01	—	6.85%	—	217bp	Ba3/BB-	96.36	—	650mm	2026-04-29	USQ60976AG49	N	—
		Philippines16	Sen/Sub	Coupon	Dur	Maturity	Call	YTM	YTC	Z-S	RatingS&P/Moody’s/Fitch	PX from ETF	SPM PX	Total issue4.62bn	Issue date	ISIN	Def	Dm
Airlines1
HY	PALPM	Primero Agila	—	7.75%	3.79	2031-07-16	—	10.15%	—	560bp	BB/Ba2	90.77	—	350mm	2026-07-16	USG7261AAA72	N	—
Electric4
HY	SMCGL	San Miguel Power	Sub	8.75%	2.34	PERP	2029-06-12	—	8.09%	425bp	N.R/N.R	101.72	—	900mm	2024-09-12	XS2883979705	N	—
HY	SMCGL	San Miguel Power	Sub	8.13%	2.66	PERP	2029-12-01	—	7.60%	360bp	N.R/N.R	101.61	99.05	600mm	2024-12-02	XS2943809900	N	—
HY	SMCGL	San Miguel Power	Sub	8.95%	2.95	PERP	2030-04-24	—	8.23%	440bp	N.R/N.R	102.41	—	515mm	2025-07-24	XS3121131125	N	—
HY	SMCGL	San Miguel Power	Sub	8.88%	3.54	PERP	2031-03-17	—	8.31%	347bp	N.R/N.R	102.12	—	430mm	2026-06-17	XS3401031656	N	—
Financial1
IG	MBTPM	5 1/2 03/06/34	—	5.5%	—	2034-03-06	—	6.07%	—	110bp	Baa2	96.59	—	—	2024-03-06	XS2774954577	N	—
Food and Beverage1
HY	JGSPM	JGSH	—	4.13%	3.35	2030-07-09	—	5.09%	—	59bp	—	96.56	—	—	2020-07-09	XS2198145422	N	—
Industrial Other2
HY	SMPM	SMIC	—	5.38%	2.48	2029-07-24	—	5.52%	—	116bp	N.R/N.R	99.61	98.72	500mm	2024-07-24	XS2862924532	N	—
HY	AEVPM	AEV Intl	—	4.2%	2.75	2030-01-16	—	5.27%	—	82bp	—	96.62	—	—	2020-01-16	XS2093792013	N	—
Other4
HY	VLLPM	VLL Intl	—	7.25%	0.71	2027-07-20	—	29.89%	—	3302bp	N.R/N.R	81.58	100.25	425mm	2020-07-20	XS2205566206	N	—
HY	MEGPM	Megaworld	—	4.13%	0.75	2027-07-30	—	4.53%	—	141bp	—	99.61	—	—	2020-07-30	XS2209978639	N	—
HY	VLLPM	VLL Intl	—	9.38%	2.29	2029-07-29	—	27.77%	—	2339bp	N.R/N.R	64.14	100.25	425mm	2024-07-29	XS2758096759	N	—
HY	SMPHPM	SMPHI	—	4.75%	3.45	2030-09-16	—	5.49%	—	72bp	—	97.37	—	—	2025-09-16	XS3177885418	N	—
Refining1
HY	PCORPM	Petron	Sub	7.35%	1.70	PERP	2028-08-22	—	7.19%	302bp	N.R	100.29	—	475mm	2025-09-22	XS3178401793	N	—
Transportation Services1
HY	ICTPM	ICTSI	—	4.75%	3.26	2030-06-17	—	4.87%	—	44bp	—	99.59	—	—	2020-06-17	XS2189919637	N	—
Utility Other1
HY	MWCPM	Manila Water	—	4.38%	3.07	2030-07-30	—	5.48%	—	90bp	—	96.11	—	—	2020-07-30	XS2208939368	N	—
		Thailand10	Sen/Sub	Coupon	Dur	Maturity	Call	YTM	YTC	Z-S	RatingS&P/Moody’s/Fitch	PX from ETF	SPM PX	Total issue3.8bn	Issue date	ISIN	Def	Dm
Banking2
IG	BBLTB	Bangkok Bank	—	3.73%	2.72	2034-09-25	—	4.68%	—	-35bp	Baa3	93.71	97.90	750mm	2019-09-25	USY0606WCA63	N	—
HY	KBANK	Kasikornbank	—	6.28%	4.16	2036-09-17	—	6.37%	—	126bp	Ba1	99.31	—	—	2026-09-17	XS3503275177	N	—
Chemicals2
HY	PTTGC	GC Treasury PERP NC10	Sub	7.13%	6.20	PERP	2035-09-10	—	7.55%	247bp	Ba2	97.31	96.38	500mm	2025-09-10	USY3004DAE41	N	—
HY	PTTGC	GC Treasury PERP NC5.25	Sub	6.5%	3.32	PERP	2030-12-10	—	6.80%	243bp	Ba2	98.87	96.88	600mm	2025-09-10	USY3004DAD67	N	—
Finance Companies1
HY	MTCTB	Muangthai	—	7.55%	2.16	2030-07-21	—	7.15%	—	267bp	BB-/BB	101.39	100.00	350mm	2025-07-21	XS3113144912	N	—
Financial2
IG	BBLTB	4.45 09/19/28	—	4.45%	—	2028-09-19	—	5.23%	—	71bp	BBB+/Baa1	98.53	—	—	2018-09-19	USY0606WBZ24	N	—
IG	BBLTB	5.082 11/26/35	—	5.082%	—	2035-11-26	—	6.03%	—	115bp	Baa1	93.19	93.13	600mm	2025-11-25	USY0606WCE85	N	—
Oil & Gas2
IG	PTTEPT	2.587 06/10/27	—	2.587%	—	2027-06-10	—	4.20%	—	218bp	Baa1	98.44	—	—	2020-06-10	USY7150MAG25	N	—
IG	TOPTB	4 5/8 11/20/28	—	4.625%	—	2028-11-20	—	5.47%	—	175bp	Baa3	98.06	98.10	400mm	2018-11-19	US88323AAC62	N	—
Refining1
HY	TOPTB	ThaiOil	Sub	6.1%	3.69	PERP	2031-01-14	—	7.20%	267bp	Ba2	95.85	96.22	600mm	2026-01-15	USY86218AC16	N	—
		Malaysia5	Sen/Sub	Coupon	Dur	Maturity	Call	YTM	YTC	Z-S	RatingS&P/Moody’s/Fitch	PX from ETF	SPM PX	Total issue3bn	Issue date	ISIN	Def	Dm
Consumer1
IG	GENMMK	3.882 04/19/31	—	3.882%	—	2031-04-19	—	7.71%	—	271bp	BBB-/BBB-	85.69	87.32	1.0bn	2021-04-18	USY2700RAA06	N	—
Financial1
IG	MAYMK	FLOAT 09/15/29	—	—	—	2029-09-15	—	—	—	—	A3	99.86	—	—	2026-09-15	XS3504702716	N	+5bp
Gaming2
HY	GENTMK	GOHL NC10	Sub	8.3%	6.11	PERP	2036-04-29	—	9.61%	481bp	Ba2	91.72	91.33	750mm	2026-04-29	XS3357513533	N	—
HY	GENTMK	GOHL NC5.5	Sub	7.63%	3.95	PERP	2031-10-29	—	9.37%	516bp	Ba2	92.64	91.33	750mm	2026-04-29	XS3357500472	N	—
TMT1
IG	AXIATA	2.163 08/19/30	—	2.163%	—	2030-08-19	—	5.40%	—	73bp	Baa2	88.49	88.51	500mm	2020-08-18	XS2216900105	N	—
		Pakistan3	Sen/Sub	Coupon	Dur	Maturity	Call	YTM	YTC	Z-S	RatingS&P/Moody’s/Fitch	PX from ETF	SPM PX	Total issue1.9bn	Issue date	ISIN	Def	Dm
Owned No Guarantee1
HY	PAKWNP	Pakistan WAPDA	—	7.5%	3.73	2031-06-04	—	8.10%	—	374bp	B-/Caa1/B	97.56	—	500mm	2021-06-04	XS2348591707	N	—
Wireless2
HY	VEONHD	VEON	—	6.95%	3.55	2031-06-01	—	7.05%	—	266bp	BB-/BB-	99.58	—	700mm	2026-06-01	XS3372847957	N	—
HY	VEONHD	VEON	—	7.45%	4.52	2033-06-01	—	7.59%	—	293bp	BB-/BB-	99.27	—	700mm	2026-06-01	XS3372848419	N	—
		Taiwan5	Sen/Sub	Coupon	Dur	Maturity	Call	YTM	YTC	Z-S	RatingS&P/Moody’s/Fitch	PX from ETF	SPM PX	Total issue1.65bn	Issue date	ISIN	Def	Dm
Financial1
IG	NSINTW	5 7/8 03/17/41	—	5.875%	—	2041-03-17	—	6.91%	—	155bp	BBB+/BBB	90.60	91.76	653mm	2025-09-16	XS3046322593	N	—
Industrial4
IG	TAISEM	1 3/8 09/28/30	—	1.375%	—	2030-09-28	—	5.26%	—	44bp	AA-/Aa3	86.14	—	—	2020-09-28	USG91139AE82	N	—
IG	TAISEM	2 1/2 10/25/31	—	2.5%	—	2031-10-25	—	5.14%	—	69bp	AA-/Aa3	87.48	—	—	2021-10-25	US872898AC52	N	—
IG	TAISEM	4 1/4 04/22/32	—	4.25%	—	2032-04-22	—	5.31%	—	81bp	Aa3	94.61	94.46	1.0bn	2022-04-21	US872898AH40	N	—
IG	TAISEM	3 1/8 10/25/41	—	3.125%	—	2041-10-25	—	5.71%	—	44bp	AA-/Aa3	73.66	—	—	2021-10-25	US872898AD36	N	—
		Mongolia3	Sen/Sub	Coupon	Dur	Maturity	Call	YTM	YTC	Z-S	RatingS&P/Moody’s/Fitch	PX from ETF	SPM PX	Total issue1.6bn	Issue date	ISIN	Def	Dm
Banking1
HY	GLMTMO	Golomt Bank	—	7.95%	2.23	2029-05-14	—	7.18%	—	351bp	B+/B+	102.04	—	500mm	2026-05-14	USY27906AD16	N	—
Metals and Mining1
HY	MONMIN	Mongolian Mining	—	8.44%	2.63	2030-04-03	—	8.53%	—	367bp	B+/B3	99.74	—	350mm	2025-04-03	XS3038559129	N	—
Owned No Guarantee1
HY	DBMMN	DB Mongolia	—	6.9%	3.90	2031-07-02	—	7.00%	—	246bp	BB-/B1	99.58	—	750mm	2026-07-02	USY2056PAJ58	N	—
		V. Islands(British)1	Sen/Sub	Coupon	Dur	Maturity	Call	YTM	YTC	Z-S	RatingS&P/Moody’s/Fitch	PX from ETF	SPM PX	Total issue—	Issue date	ISIN	Def	Dm
Financial Other1
HY	VDNWDL	CS MANAGEMENT SERVICES NB LTD	—	7.38%	5.08	2032-12-05	—	7.59%	—	298bp	—	98.93	—	—	2026-10-20	XS3543746179	N	—

China defaults — overseas investors · Top 10 by value (not live)

Landmark China corporate defaults most relevant to overseas credit investors — not property-only. Ranked by the widely cited stocktake figure for each name: total (or net) liabilities for mega non-property restructurings / insolvencies; offshore USD (bonds + loans where reported) for property developers, kept on a comparable offshore basis. China property offshore USD defaults alone still >US$150bn+ (Debtwire 2025). Top 10:

1. HNA Group — ~US$170bn (Nikkei Asia Oct 2021; total liabilities in bankruptcy · airline / conglomerate)
2. Zhongzhi Enterprise — ~US$58–64bn (Reuters / China Daily Nov 2023; liabilities RMB420–460bn · shadow bank / WMP)
3. Tsinghua Unigroup — ~US$30–31bn (SCMP / Caixin; liabilities >RMB200bn / ~RMB202.9bn · semis)
4. Evergrande — ~US$23bn offshore (Reuters / Debtwire; total liab >US$300bn+ at liquidation — ranked on offshore for property comparability · property)
5. CEFC China Energy — ~US$18.5bn (Bloomberg Law / Caixin 2020; net liabilities RMB130.75bn at Shanghai bankruptcy · energy / overseas M&A)
6. Country Garden — ~US$16–18bn offshore (Bondsupermart / Debtwire; ~US$17.7bn plan · property)
7. Kaisa — ~US$12–13bn offshore (HKEX / Debtwire; ~US$12.3–13.8bn · property)
8. Shimao — ~US$11–12bn offshore (Reuters Feb 2025; ~US$11.7bn · property)
9. Sunac — ~US$10bn offshore (Sidley; US$10.2bn then US$9.6bn scheme · property)
10. CIFI — ~US$8.1bn offshore (Linklaters / Houlihan Lokey Dec 2025 · property)

Indicative stocktake only (not live marks). Universe = China defaults overseas investors care about (offshore / hard-currency footprint or landmark conglomerate / shadow-bank cases), not China property alone. Basis differs by name (total/net liabilities vs offshore USD) — see each line. Property offshore sector still >US$150bn+ bonds-only since H2 2021 (Debtwire). Huarong (state recap, no clean default stocktake), Anbang/Dajia (takeover/bailout), Brilliance (mainly onshore), Founder (~US$3bn offshore) and Tewoo (~US$1–2bn offshore) omitted — no clean figure large enough on this ranking basis, or not a clean default. Dropped vs prior property-only Top 10: Logan, Aoyuan, Fantasia, Yuzhou. Sources: Nikkei Asia, Reuters, China Daily, SCMP, Caixin, Bloomberg Law, Debtwire, HKEX, Bondsupermart, Sidley, Linklaters. Not investment advice.