Fixed Income – March 2024

Developed Market Financials

Senior Financials

ISIN	ISIN	Name	Name	Cpn (%)	Cpn (%)	Maturity	Maturity	Ccy	Ccy	Price	Price	YTM (%)	YTM (%)	Call Date	Call Date	YTC (%)	YTC (%)	Moody's	Moody's	S&P	S&P	Coupon Reset	Coupon Reset	CIO	CIO	Rank	Rank	LV	LV
ISIN	US06051GLC14	Name	Bank of America	Cpn (%)	6.204	Maturity	11/10/2028	Ccy	USD	Price	103.56	YTM (%)	5.55	Call Date	11/10/2027	YTC (%)	5.13	Moody's	A1	S&P	A-	Coupon Reset	SOFRRATE + 199	CIO	Attractive	Rank	Sr Unsecured	LV	85%
ISIN	US09659X2U58	Name	BNP Paribas	Cpn (%)	5.125	Maturity	1/13/2029	Ccy	USD	Price	99.74	YTM (%)	5.42	Call Date	1/13/2028	YTC (%)	5.20	Moody's	Aa3	S&P	A+	Coupon Reset	H15T1Y + 145	CIO	Fair	Rank	Sr Preferred	LV	85%
ISIN	US2027A1JZ13	Name	CBA	Cpn (%)	3.900	Maturity	3/16/2028	Ccy	USD	Price	96.63	YTM (%)	4.83	Call Date	-	YTC (%)	-	Moody's	Aa3	S&P	AA-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	93%
ISIN	US22536PAJ03	Name	Credit Agricole	Cpn (%)	6.316	Maturity	10/3/2029	Ccy	USD	Price	103.50	YTM (%)	5.71	Call Date	10/3/2028	YTC (%)	5.44	Moody's	A3	S&P	A-	Coupon Reset	SOFRRATE + 186	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	US251526CS67	Name	Deutsche Bank	Cpn (%)	6.720	Maturity	1/18/2029	Ccy	USD	Price	103.21	YTM (%)	6.28	Call Date	1/18/2028	YTC (%)	5.78	Moody's	Baa1	S&P	BBB	Coupon Reset	SOFRRATE + 318	CIO	Attractive	Rank	Sr Non Preferred	LV	80%
ISIN	US38145GAM24	Name	Goldman Sachs	Cpn (%)	5.798	Maturity	8/10/2026	Ccy	USD	Price	100.72	YTM (%)	5.73	Call Date	8/10/2025	YTC (%)	5.27	Moody's	A2	S&P	BBB+	Coupon Reset	SOFRRATE + 107.5	CIO	Attractive	Rank	Sr Unsecured	LV	80%
ISIN	US404280CX53	Name	HSBC	Cpn (%)	2.251	Maturity	11/22/2027	Ccy	USD	Price	92.00	YTM (%)	5.72	Call Date	11/22/2026	YTC (%)	5.47	Moody's	A3	S&P	A-	Coupon Reset	SOFRRATE + 110	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US404280DV88	Name	HSBC	Cpn (%)	6.254	Maturity	3/9/2034	Ccy	USD	Price	104.61	YTM (%)	5.76	Call Date	3/9/2033	YTC (%)	5.60	Moody's	A3	S&P	A-	Coupon Reset	SOFRRATE + 239	CIO	Fair	Rank	Sr Unsecured	LV	70%
ISIN	US46647PBR64	Name	JP Morgan	Cpn (%)	2.182	Maturity	6/1/2028	Ccy	USD	Price	91.26	YTM (%)	5.62	Call Date	6/1/2027	YTC (%)	5.15	Moody's	A1	S&P	A-	Coupon Reset	SOFRRATE + 189	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US53944YAU73	Name	Lloyds	Cpn (%)	4.976	Maturity	8/11/2033	Ccy	USD	Price	95.80	YTM (%)	5.75	Call Date	8/11/2032	YTC (%)	5.61	Moody's	A3	S&P	BBB+	Coupon Reset	H15T1Y + 230	CIO	Fair	Rank	Sr Unsecured	LV	75%
ISIN	US55608KBN46	Name	Macquarie	Cpn (%)	5.887	Maturity	6/15/2034	Ccy	USD	Price	101.68	YTM (%)	5.80	Call Date	6/15/2033	YTC (%)	5.65	Moody's	A2	S&P	BBB+	Coupon Reset	SOFRRATE + 238	CIO	Fair	Rank	Sr Unsecured	LV	60%
ISIN	US606822CY81	Name	Mitsubishi UFJ	Cpn (%)	5.242	Maturity	4/19/2029	Ccy	USD	Price	100.77	YTM (%)	5.31	Call Date	4/19/2028	YTC (%)	5.03	Moody's	A1	S&P	A-	Coupon Reset	H15T1Y + 170	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	US60687YCR80	Name	Mizuho	Cpn (%)	5.739	Maturity	5/27/2031	Ccy	USD	Price	102.13	YTM (%)	5.48	Call Date	5/27/2030	YTC (%)	5.33	Moody's	A1	S&P	A-	Coupon Reset	H15T1Y + 165	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	US61747YEV39	Name	Morgan Stanley	Cpn (%)	6.296	Maturity	10/18/2028	Ccy	USD	Price	103.73	YTM (%)	5.62	Call Date	10/18/2027	YTC (%)	5.15	Moody's	A1	S&P	A-	Coupon Reset	SOFRRATE + 224	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US63253QAE44	Name	National Australia Bank	Cpn (%)	4.900	Maturity	6/13/2028	Ccy	USD	Price	100.37	YTM (%)	4.80	Call Date	-	YTC (%)	-	Moody's	Aa3	S&P	AA-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	92%
ISIN	US639057AJ71	Name	Natwest	Cpn (%)	5.847	Maturity	3/2/2027	Ccy	USD	Price	100.66	YTM (%)	5.74	Call Date	3/2/2026	YTC (%)	5.49	Moody's	A3	S&P	BBB+	Coupon Reset	H15T1Y + 135	CIO	Fair	Rank	Sr Unsecured	LV	75%
ISIN	USG84228GC69	Name	Standard Chartered	Cpn (%)	6.097	Maturity	1/11/2035	Ccy	USD	Price	101.62	YTM (%)	5.96	Call Date	1/11/2034	YTC (%)	5.88	Moody's	A3	S&P	BBB+	Coupon Reset	H15T1Y + 210	CIO	Fair	Rank	Sr Unsecured	LV	65%
ISIN	US86562MBP41	Name	SMFG	Cpn (%)	3.040	Maturity	7/16/2029	Ccy	USD	Price	90.59	YTM (%)	5.07	Call Date	-	YTC (%)	-	Moody's	A1	S&P	A-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US89115A2K70	Name	Toronto-Dominion Bank	Cpn (%)	5.103	Maturity	1/9/2026	Ccy	USD	Price	100.36	YTM (%)	4.89	Call Date	-	YTC (%)	-	Moody's	A1	S&P	A	Coupon Reset	-	CIO	Attractive	Rank	Sr Unsecured	LV	85%
ISIN	US89115A2K70	Name	Toronto-Dominion Bank	Cpn (%)	5.103	Maturity	1/9/2026	Ccy	USD	Price	100.67	YTM (%)	4.75	Call Date	-	YTC (%)	-	Moody's	A1	S&P	A	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%

Tier 2 bonds

ISIN	ISIN	Name	Name	Cpn (%)	Cpn (%)	Maturity	Maturity	Ccy	Ccy	Price	Price	YTM (%)	YTM (%)	Call Date	Call Date	YTC (%)	YTC (%)	Moody's	Moody's	S&P	S&P	Coupon Reset	Coupon Reset	CIO	CIO	Rank	Rank	LV	LV
ISIN	USQ0426RNE46	Name	ANZ	Cpn (%)	2.950	Maturity	7/22/2030	Ccy	USD	Price	95.76	YTM (%)	5.64	Call Date	7/22/2025	YTC (%)	6.20	Moody's	Baa1	S&P	BBB+	Coupon Reset	H15T5Y + 128.8	CIO	Fair	Rank	Subordinated	LV	80%
ISIN	USX10001AC35	Name	Allianz	Cpn (%)	6.350	Maturity	9/6/2053	Ccy	USD	Price	104.50	YTM (%)	6.49	Call Date	3/6/2033	YTC (%)	5.70	Moody's	A1	S&P	A+	Coupon Reset	H15T5Y + 323.2	CIO	Fair	Rank	Subordinated	LV	70%
ISIN	XS2423359459	Name	Bank of East Asia	Cpn (%)	4.875	Maturity	4/22/2032	Ccy	USD	Price	93.47	YTM (%)	6.81	Call Date	4/22/2027	YTC (%)	7.24	Moody's	Baa2	S&P	BBB-	Coupon Reset	H15T5Y + 230	CIO	Attractive	Rank	Subordinated	LV	80%
ISIN	USQ2704MAH18	Name	CBA	Cpn (%)	3.784	Maturity	3/14/2032	Ccy	USD	Price	87.87	YTM (%)	5.69	Call Date	-	YTC (%)	-	Moody's	Baa1	S&P	BBB+	Coupon Reset	-	CIO	Fair	Rank	Subordinated	LV	80%
ISIN	USF2R125Q730	Name	Credit Agricole	Cpn (%)	6.251	Maturity	1/10/2035	Ccy	USD	Price	100.79	YTM (%)	6.27	Call Date	1/10/2034	YTC (%)	6.14	Moody's	Baa1	S&P	BBB+	Coupon Reset	SOFRRATE + 267	CIO	Fair	Rank	Subordinated	LV	65%
ISIN	US251526CT41	Name	Deutsche Bank	Cpn (%)	7.079	Maturity	2/10/2034	Ccy	USD	Price	100.50	YTM (%)	7.15	Call Date	11/10/2032	YTC (%)	7.00	Moody's	Baa3	S&P	BBB-	Coupon Reset	SOFRRATE + 365	CIO	Attractive	Rank	Subordinated	LV	65%
ISIN	US404280DX45	Name	HSBC	Cpn (%)	6.547	Maturity	6/20/2034	Ccy	USD	Price	102.99	YTM (%)	6.28	Call Date	6/20/2033	YTC (%)	6.12	Moody's	Baa1	S&P	BBB	Coupon Reset	SOFRRATE + 298	CIO	Fair	Rank	Subordinated	LV	65%
ISIN	USG6S94TAB96	Name	National Australia Bank	Cpn (%)	3.933	Maturity	8/2/2034	Ccy	USD	Price	91.31	YTM (%)	5.92	Call Date	8/2/2029	YTC (%)	5.83	Moody's	Baa1	S&P	BBB+	Coupon Reset	H15T5Y + 188	CIO	Fair	Rank	Subordinated	LV	70%
ISIN	US63859XAD93	Name	Nationwide	Cpn (%)	4.000	Maturity	9/14/2026	Ccy	USD	Price	94.98	YTM (%)	6.18	Call Date	-	YTC (%)	-	Moody's	Baa1	S&P	BBB	Coupon Reset	-	CIO	Fair	Rank	Subordinated	LV	85%
ISIN	US639057AB46	Name	Natwest	Cpn (%)	3.032	Maturity	11/28/2035	Ccy	USD	Price	83.25	YTM (%)	6.26	Call Date	8/28/2030	YTC (%)	6.21	Moody's	Baa1	S&P	BBB-	Coupon Reset	H15T5Y + 235	CIO	Fair	Rank	Subordinated	LV	65%
ISIN	US961214EM13	Name	Westpac	Cpn (%)	2.894	Maturity	2/4/2030	Ccy	USD	Price	97.10	YTM (%)	5.64	Call Date	2/4/2025	YTC (%)	6.22	Moody's	Baa1	S&P	BBB+	Coupon Reset	H15T5Y + 135	CIO	Fair	Rank	Subordinated	LV	30%
ISIN	US961214FG36	Name	Westpac	Cpn (%)	5.405	Maturity	8/10/2033	Ccy	USD	Price	98.50	YTM (%)	5.80	Call Date	8/10/2032	YTC (%)	5.63	Moody's	Baa1	S&P	BBB+	Coupon Reset	H15T1Y + 268	CIO	Fair	Rank	Subordinated	LV	30%

European AT1s

USD

ISIN	ISIN	Name	Name	Cpn (%)	Cpn (%)	Maturity	Maturity	Ccy	Ccy	Price	Price	YTM (%)	YTM (%)	Call Date	Call Date	YTC (%)	YTC (%)	Moody's	Moody's	S&P	S&P	Coupon Reset	Coupon Reset	Trigger Method	Trigger Method	CIO	CIO	Rank	Rank	LV	LV
ISIN	US06738EBN40	Name	Barclays	Cpn (%)	6.125	Maturity	Perp	Ccy	USD	Price	95.75	YTM (%)	9.68	Call Date	12/15/2025	YTC (%)	8.74	Moody's	Ba1	S&P	BB-	Coupon Reset	H15T5Y + 586.7	Trigger Method	E.C.	CIO	Fair	Rank	Jr Subordinated	LV	45%
ISIN	US06738ECN31	Name	Barclays	Cpn (%)	9.625	Maturity	Perp	Ccy	USD	Price	103.99	YTM (%)	9.30	Call Date	12/15/2029	YTC (%)	8.74	Moody's	Ba1	S&P	BB-	Coupon Reset	USISSO05 + 577.5	Trigger Method	E.C.	CIO	Attractive	Rank	Jr Subordinated	LV	45%
ISIN	USF1R15XL357	Name	BNP Paribas	Cpn (%)	4.625	Maturity	Perp	Ccy	USD	Price	80.45	YTM (%)	7.89	Call Date	2/25/2031	YTC (%)	8.39	Moody's	Ba1	S&P	BBB-	Coupon Reset	H15T5Y + 334	Trigger Method	Temp WD	CIO	Fair	Rank	Jr Subordinated	LV	45%
ISIN	USF1067PAF39	Name	BNP Paribas	Cpn (%)	8.000	Maturity	Perp	Ccy	USD	Price	100.22	YTM (%)	7.92	Call Date	8/22/2031	YTC (%)	7.96	Moody's	Ba1	S&P	BBB-	Coupon Reset	H15T5Y + 372.7	Trigger Method	E.C.	CIO	Fair	Rank	Jr Subordinated	LV	45%
ISIN	US404280CP20	Name	HSBC	Cpn (%)	4.000	Maturity	Perp	Ccy	USD	Price	91.78	YTM (%)	7.44	Call Date	3/9/2026	YTC (%)	8.54	Moody's	Baa3	S&P	-	Coupon Reset	H15T5Y + 322.2	Trigger Method	E.C.	CIO	Fair	Rank	Jr Subordinated	LV	50%
ISIN	US404280DT33	Name	HSBC	Cpn (%)	8.000	Maturity	Perp	Ccy	USD	Price	103.70	YTM (%)	7.73	Call Date	3/7/2028	YTC (%)	6.93	Moody's	Baa3	S&P	-	Coupon Reset	H15T5Y + 385.8	Trigger Method	E.C.	CIO	Fair	Rank	Jr Subordinated	LV	50%
ISIN	US456837AR44	Name	ING	Cpn (%)	5.750	Maturity	Perp	Ccy	USD	Price	95.05	YTM (%)	8.38	Call Date	11/16/2026	YTC (%)	7.82	Moody's	Ba1	S&P	-	Coupon Reset	H15T5Y + 434.2	Trigger Method	E.C.	CIO	Fair	Rank	Jr Subordinated	LV	45%
ISIN	XS2761357594	Name	ING	Cpn (%)	8.000	Maturity	Perp	Ccy	USD	Price	100.62	YTM (%)	8.12	Call Date	5/16/2030	YTC (%)	7.87	Moody's	Ba1	S&P	-	Coupon Reset	USISSO05 + 436	Trigger Method	E.C.	CIO	Attractive	Rank	Jr Subordinated	LV	45%
ISIN	US53944YAV56	Name	Lloyds Banking Group	Cpn (%)	8.000	Maturity	Perp	Ccy	USD	Price	99.39	YTM (%)	8.10	Call Date	9/27/2029	YTC (%)	8.14	Moody's	Baa3	S&P	BB-	Coupon Reset	H15T5Y + 391.3	Trigger Method	E.C.	CIO	Attractive	Rank	Jr Subordinated	LV	30%
ISIN	US780097BQ34	Name	Natwest Group	Cpn (%)	6.000	Maturity	Perp	Ccy	USD	Price	98.03	YTM (%)	9.25	Call Date	12/29/2025	YTC (%)	7.17	Moody's	Baa3	S&P	BB-	Coupon Reset	H15T5Y + 562.5	Trigger Method	E.C.	CIO	Fair	Rank	Jr Subordinated	LV	30%
ISIN	USF8500RAC63	Name	Societe Generale	Cpn (%)	9.375	Maturity	Perp	Ccy	USD	Price	103.17	YTM (%)	9.20	Call Date	11/22/2027	YTC (%)	8.36	Moody's	Ba2	S&P	BB	Coupon Reset	H15T5Y + 538.5	Trigger Method	Temp WD	CIO	Attractive	Rank	Jr Subordinated	LV	50%
ISIN	USF8500RAA08	Name	Societe Generale	Cpn (%)	5.375	Maturity	Perp	Ccy	USD	Price	81.03	YTM (%)	8.91	Call Date	11/18/2030	YTC (%)	9.23	Moody's	Ba2	S&P	BB	Coupon Reset	H15T5Y + 451.4	Trigger Method	Temp WD	CIO	Fair	Rank	Jr Subordinated	LV	45%
ISIN	USG84228GE26	Name	Standard Chartered	Cpn (%)	7.875	Maturity	Perp	Ccy	USD	Price	99.52	YTM (%)	7.83	Call Date	3/8/2030	YTC (%)	7.98	Moody's	-	S&P	-	Coupon Reset	H15T5Y + 357.4	Trigger Method	E.C.	CIO		Rank	Jr Subordinated	LV	65%
ISIN	USF8500RAC63	Name	Societe Generale	Cpn (%)	9.375	Maturity	Perp	Ccy	USD	Price	104.88	YTM (%)	8.84	Call Date	11/22/2027	YTC (%)	7.89	Moody's	Ba2	S&P	BB	Coupon Reset	H15T5Y + 538.5	Trigger Method	Temp WD	CIO	Attractive	Rank	Jr Subordinated	LV	45%
ISIN	USF8600KAA46	Name	Societe Generale	Cpn (%)	10.000	Maturity	Perp	Ccy	USD	Price	107.43	YTM (%)	8.89	Call Date	11/14/2028	YTC (%)	8.11	Moody's	Ba2	S&P	BB	Coupon Reset	H15T5Y + 544.8	Trigger Method	Temp WD	CIO	Attractive	Rank	Jr Subordinated	LV	45%
ISIN	USF8500RAA08	Name	Societe Generale	Cpn (%)	5.375	Maturity	Perp	Ccy	USD	Price	82.10	YTM (%)	8.58	Call Date	11/18/2030	YTC (%)	8.91	Moody's	Ba2	S&P	BB	Coupon Reset	H15T5Y + 451.4	Trigger Method	Temp WD	CIO	Fair	Rank	Jr Subordinated	LV	45%
ISIN	USG84228FJ22	Name	Standard Chartered	Cpn (%)	7.750	Maturity	Perp	Ccy	USD	Price	102.66	YTM (%)	8.29	Call Date	8/15/2027	YTC (%)	6.90	Moody's	Ba1	S&P	BB-	Coupon Reset	H15T5Y + 497.6	Trigger Method	E.C.	CIO	Attractive	Rank	Jr Subordinated	LV	45%

GBP

ISIN	ISIN	Name	Name	Cpn (%)	Cpn (%)	Maturity	Maturity	Ccy	Ccy	Price	Price	YTM (%)	YTM (%)	Call Date	Call Date	YTC (%)	YTC (%)	Moody's	Moody's	S&P	S&P	Coupon Reset	Coupon Reset	Trigger Method	Trigger Method	CIO	CIO	Rank	Rank	LV	LV
ISIN	US06738ECN31	Name	Barclays	Cpn (%)	9.625	Maturity	Perp	Ccy	USD	Price	104.13	YTM (%)	9.29	Call Date	12/15/2029	YTC (%)	8.71	Moody's	Ba1	S&P	BB-	Coupon Reset	USISSO05 + 577.5	Trigger Method	E.C.	CIO	Attractive	Rank	Jr Subordinated	LV	45%
ISIN	XS1884698256	Name	HSBC	Cpn (%)	5.875	Maturity	Perp	Ccy	GBP	Price	95.63	YTM (%)	8.19	Call Date	9/28/2026	YTC (%)	7.79	Moody's	Baa3	S&P	-	Coupon Reset	BPSWS5 + 427.6	Trigger Method	E.C.	CIO	Attractive	Rank	Jr Subordinated	LV	50%
ISIN	XS2529511722	Name	Lloyds Banking Group	Cpn (%)	8.500	Maturity	Perp	Ccy	GBP	Price	101.00	YTM (%)	9.38	Call Date	9/27/2027	YTC (%)	8.17	Moody's	Baa3	S&P	BB-	Coupon Reset	GUKG5 + 588.3	Trigger Method	E.C.	CIO	Attractive	Rank	Jr Subordinated	LV	30%
ISIN	XS2258827034	Name	Natwest	Cpn (%)	5.125	Maturity	Perp	Ccy	GBP	Price	89.88	YTM (%)	8.76	Call Date	5/12/2027	YTC (%)	8.81	Moody's	Baa3	S&P	BB-	Coupon Reset	GUKG5 + 498.5	Trigger Method	E.C.	CIO	Attractive	Rank	Jr Subordinated	LV	30%

EUR

FR001400BBL2

BNP Paribas

6.875

Perp

EUR

103.25

7.02

12/6/2029

6.19

Ba1

BBB-

EUSA5 + 464.5

Temp WD

Fair

Jr Subordinated

45%

FR001400F067

Credit Agricole

7.250

Perp

EUR

100.63

6.82

9/23/2029

6.37

BBB-

EUAMDB05 +

444.1

Temp WD

Fair

Jr Subordinated

50%

SGD

ISIN	ISIN	Name	Name	Cpn (%)	Cpn (%)	Maturity	Maturity	Ccy	Ccy	Price	Price	YTM (%)	YTM (%)	Call Date	Call Date	YTC (%)	YTC (%)	Moody's	Moody's	S&P	S&P	Coupon Reset	Coupon Reset	Trigger Method	Trigger Method	CIO	CIO	Rank	Rank	LV	LV
ISIN	XS2498454342	Name	Barclays	Cpn (%)	8.300	Maturity	Perp	Ccy	SGD	Price	104.30	YTM (%)	8.18	Call Date	9/15/2027	YTC (%)	6.92	Moody's	Ba1	S&P	-	Coupon Reset	SDSOA5 + 564.1	Trigger Method	E.C.	CIO	Attractive	Rank	Jr Subordinated	LV	40%
ISIN	FR001400G6X6	Name	BNP Paribas	Cpn (%)	5.900	Maturity	Perp	Ccy	SGD	Price	100.70	YTM (%)	5.66	Call Date	2/28/2028	YTC (%)	5.70	Moody's	-	S&P	BBB-	Coupon Reset	SDSOA5 + 267.4	Trigger Method	Temp WD	CIO	Fair	Rank	Jr Subordinated	LV	50%
ISIN	FR001400BPT5	Name	Societe Generale	Cpn (%)	8.250	Maturity	Perp	Ccy	SGD	Price	100.75	YTM (%)	8.42	Call Date	7/15/2027	YTC (%)	7.98	Moody's	Ba2	S&P	BB	Coupon Reset	SDSOA5 + 560	Trigger Method	Temp WD	CIO	Fair	Rank	Jr Subordinated	LV	45%

European Insurance

ISIN	ISIN	Name	Name	Cpn (%)	Cpn (%)	Maturity	Maturity	Ccy	Ccy	Price	Price	YTM (%)	YTM (%)	Call Date	Call Date	YTC (%)	YTC (%)	Moody's	Moody's	S&P	S&P	Coupon Reset	Coupon Reset	Trigger Method	Trigger Method	CIO	CIO	Rank	Rank	LV	LV
ISIN	USX10001AB51	Name	Allianz	Cpn (%)	3.200	Maturity	Perp	Ccy	USD	Price	80.13	YTM (%)	6.95	Call Date	10/30/2027	YTC (%)	9.96	Moody's	A3	S&P	A	Coupon Reset	H15T5Y + 216.5	Trigger Method	Temp WD	CIO	Fair	Rank	Jr Subordinated	LV	30%

Investment / High Grade Bonds – Developed Markets

Shorter-dated high-grade bonds

ISIN	ISIN	Name	Name	Cpn (%)	Cpn (%)	Maturity	Maturity	Ccy	Ccy	Price	Price	YTM (%)	YTM (%)	Call Date	Call Date	YTC (%)	YTC (%)	Moody's	Moody's	S&P	S&P	Coupon Reset	Coupon Reset	CIO	CIO	Rank	Rank	LV	LV
ISIN	US02079KAD90	Name	Alphabet	Cpn (%)	1.100	Maturity	8/15/2030	Ccy	USD	Price	81.21	YTM (%)	4.49	Call Date	5/15/2030	YTC (%)	4.62	Moody's	Aa2	S&P	AA+	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	91%
ISIN	US023135CQ73	Name	Amazon	Cpn (%)	4.650	Maturity	12/1/2029	Ccy	USD	Price	100.54	YTM (%)	4.54	Call Date	10/1/2029	YTC (%)	4.54	Moody's	A1	S&P	AA	Coupon Reset	-	CIO		Rank	Sr Unsecured	LV	85%
ISIN	US037833CX61	Name	Apple	Cpn (%)	3.000	Maturity	6/20/2027	Ccy	USD	Price	95.26	YTM (%)	4.57	Call Date	3/20/2027	YTC (%)	4.69	Moody's	Aaa	S&P	AA+	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	91%
ISIN	US084670BS67	Name	Berkshire Hathaway	Cpn (%)	3.125	Maturity	3/15/2026	Ccy	USD	Price	96.91	YTM (%)	4.74	Call Date	12/15/2025	YTC (%)	4.97	Moody's	Aa2	S&P	AA	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	94%
ISIN	US09247XAP69	Name	Blackrock	Cpn (%)	3.250	Maturity	4/30/2029	Ccy	USD	Price	93.84	YTM (%)	4.61	Call Date	1/30/2029	YTC (%)	4.67	Moody's	Aa3	S&P	AA-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US30303M8L96	Name	Meta Platforms	Cpn (%)	4.600	Maturity	5/15/2028	Ccy	USD	Price	99.91	YTM (%)	4.62	Call Date	4/15/2028	YTC (%)	4.62	Moody's	A1	S&P	AA-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US594918BY93	Name	Microsoft Corp	Cpn (%)	3.300	Maturity	2/6/2027	Ccy	USD	Price	96.95	YTM (%)	4.43	Call Date	11/6/2026	YTC (%)	4.53	Moody's	Aaa	S&P	AAA	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	95%
ISIN	USU74078BZ52	Name	Nestle	Cpn (%)	3.625	Maturity	9/24/2028	Ccy	USD	Price	95.91	YTM (%)	4.63	Call Date	6/24/2028	YTC (%)	4.69	Moody's	Aa3	S&P	AA-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	92%
ISIN	US931142EX77	Name	Walmart	Cpn (%)	3.950	Maturity	9/9/2027	Ccy	USD	Price	98.24	YTM (%)	4.50	Call Date	8/9/2027	YTC (%)	4.51	Moody's	Aa2	S&P	AA	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	92%

Investment-grade corporates

ISIN	ISIN	Name	Name	Cpn (%)	Cpn (%)	Maturity	Maturity	Ccy	Ccy	Price	Price	YTM (%)	YTM (%)	Call Date	Call Date	YTC (%)	YTC (%)	Moody's	Moody's	S&P	S&P	Coupon Reset	Coupon Reset	CIO	CIO	Rank	Rank	LV	LV
ISIN	US00724PAC32	Name	Adobe	Cpn (%)	2.150	Maturity	2/1/2027	Ccy	USD	Price	93.54	YTM (%)	4.55	Call Date	12/1/2026	YTC (%)	4.69	Moody's	A2	S&P	A+	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	91%
ISIN	USG0446NAW41	Name	Anglo American	Cpn (%)	2.875	Maturity	3/17/2031	Ccy	USD	Price	84.83	YTM (%)	5.51	Call Date	12/17/2030	YTC (%)	5.59	Moody's	Baa2	S&P	BBB+ *-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	US035240AL43	Name	Anheuser-Busch Inbev	Cpn (%)	4.000	Maturity	4/13/2028	Ccy	USD	Price	97.38	YTM (%)	4.71	Call Date	1/13/2028	YTC (%)	4.75	Moody's	A3	S&P	A-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US025816CW76	Name	American Express	Cpn (%)	4.050	Maturity	5/3/2029	Ccy	USD	Price	97.35	YTM (%)	4.63	Call Date	3/3/2029	YTC (%)	4.65	Moody's	A2	S&P	BBB+	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	75%
ISIN	US04636NAB91	Name	Astrazeneca	Cpn (%)	2.250	Maturity	5/28/2031	Ccy	USD	Price	84.62	YTM (%)	4.79	Call Date	2/28/2031	YTC (%)	4.88	Moody's	A2	S&P	A	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US00206RHJ41	Name	AT&T	Cpn (%)	2.750	Maturity	6/1/2031	Ccy	USD	Price	85.78	YTM (%)	5.13	Call Date	3/1/2031	YTC (%)	5.20	Moody's	Baa2	S&P	BBB	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	US097023CH65	Name	Boeing	Cpn (%)	3.100	Maturity	5/1/2026	Ccy	USD	Price	95.87	YTM (%)	5.15	Call Date	3/1/2026	YTC (%)	5.32	Moody's	Baa2	S&P	BBB-	Coupon Reset	-	CIO		Rank	Sr Unsecured	LV	80%
ISIN	USG15820DY96	Name	BT Plc	Cpn (%)	3.250	Maturity	11/8/2029	Ccy	USD	Price	90.70	YTM (%)	5.16	Call Date	8/8/2029	YTC (%)	5.24	Moody's	Baa2	S&P	BBB	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	US126650DU15	Name	CVS Health	Cpn (%)	5.250	Maturity	2/21/2033	Ccy	USD	Price	99.75	YTM (%)	5.29	Call Date	11/21/2032	YTC (%)	5.29	Moody's	Baa2	S&P	BBB	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	75%
ISIN	US370334CL64	Name	General Mills	Cpn (%)	2.875	Maturity	4/15/2030	Ccy	USD	Price	89.19	YTM (%)	4.95	Call Date	1/15/2030	YTC (%)	5.03	Moody's	Baa2	S&P	BBB	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	US37045XDR44	Name	General Motors	Cpn (%)	2.350	Maturity	2/26/2027	Ccy	USD	Price	92.16	YTM (%)	5.23	Call Date	1/26/2027	YTC (%)	5.31	Moody's	Baa2	S&P	BBB	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US375558BZ59	Name	Gilead Sciences	Cpn (%)	5.250	Maturity	10/15/2033	Ccy	USD	Price	101.86	YTM (%)	5.00	Call Date	7/15/2033	YTC (%)	5.00	Moody's	A3	S&P	BBB+	Coupon Reset	-	CIO	Attractive	Rank	Sr Unsecured	LV	75%
ISIN	USU37818AR97	Name	Glencore	Cpn (%)	4.000	Maturity	3/27/2027	Ccy	USD	Price	96.72	YTM (%)	5.17	Call Date	12/27/2026	YTC (%)	5.27	Moody's	Baa1	S&P	BBB+	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	US64110LAS51	Name	Netflix	Cpn (%)	4.875	Maturity	4/15/2028	Ccy	USD	Price	100.18	YTM (%)	4.82	Call Date	-	YTC (%)	-	Moody's	Baa2	S&P	BBB+	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US67066GAE44	Name	Nvidia	Cpn (%)	3.200	Maturity	9/16/2026	Ccy	USD	Price	96.75	YTM (%)	4.57	Call Date	6/16/2026	YTC (%)	4.72	Moody's	A1	S&P	A+	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	91%
ISIN	US68389XBN49	Name	Oracle	Cpn (%)	3.250	Maturity	11/15/2027	Ccy	USD	Price	94.22	YTM (%)	4.98	Call Date	8/15/2027	YTC (%)	5.10	Moody's	Baa2	S&P	BBB	Coupon Reset	-	CIO	Attractive	Rank	Sr Unsecured	LV	75%
ISIN	US716973AC67	Name	Pfizer	Cpn (%)	4.450	Maturity	5/19/2028	Ccy	USD	Price	98.63	YTM (%)	4.81	Call Date	4/19/2028	YTC (%)	4.82	Moody's	A2	S&P	A	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US716973AE24	Name	Pfizer	Cpn (%)	4.750	Maturity	5/19/2033	Ccy	USD	Price	98.07	YTM (%)	5.01	Call Date	2/19/2033	YTC (%)	5.02	Moody's	A2	S&P	A	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	US718172CY31	Name	Philip Morris	Cpn (%)	4.750	Maturity	2/12/2027	Ccy	USD	Price	99.27	YTM (%)	5.02	Call Date	-	YTC (%)	-	Moody's	A2	S&P	A-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US87264ABU88	Name	T-Mobile	Cpn (%)	2.625	Maturity	2/15/2029	Ccy	USD	Price	89.49	YTM (%)	5.06	Call Date	3/15/2024	YTC (%)	530.59	Moody's	Baa2	S&P	BBB	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US92343VES97	Name	Verizon	Cpn (%)	3.875	Maturity	2/8/2029	Ccy	USD	Price	95.59	YTM (%)	4.89	Call Date	11/8/2028	YTC (%)	4.95	Moody's	Baa1	S&P	BBB+	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US92343VES97	Name	Verizon	Cpn (%)	3.875	Maturity	2/8/2029	Ccy	USD	Price	96.98	YTM (%)	4.55	Call Date	11/8/2028	YTC (%)	4.58	Moody's	Baa1	S&P	BBB+	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%

Resilient credits

ISIN	ISIN	Name	Name	Cpn (%)	Cpn (%)	Maturity	Maturity	Ccy	Ccy	Price	Price	YTM (%)	YTM (%)	Call Date	Call Date	YTC (%)	YTC (%)	Moody's	Moody's	S&P	S&P	Coupon Reset	Coupon Reset	CIO	CIO	Rank	Rank	LV	LV
ISIN	US023135CH74	Name	Amazon	Cpn (%)	3.600	Maturity	4/13/2032	Ccy	USD	Price	92.80	YTM (%)	4.68	Call Date	1/13/2032	YTC (%)	4.71	Moody's	A1	S&P	AA	Coupon Reset	-	CIO		Rank	Sr Unsecured	LV	80%
ISIN	US037833EJ59	Name	Apple	Cpn (%)	1.700	Maturity	8/5/2031	Ccy	USD	Price	81.91	YTM (%)	4.61	Call Date	5/5/2031	YTC (%)	4.70	Moody's	Aaa	S&P	AA+	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US110122CP17	Name	Bristol-Myers Squibb	Cpn (%)	3.400	Maturity	7/26/2029	Ccy	USD	Price	93.68	YTM (%)	4.74	Call Date	4/26/2029	YTC (%)	4.80	Moody's	A2	S&P	A	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	US191216CT51	Name	Coca-Cola	Cpn (%)	3.450	Maturity	3/25/2030	Ccy	USD	Price	93.62	YTM (%)	4.67	Call Date	-	YTC (%)	-	Moody's	A1	S&P	A+	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US25243YBB48	Name	Diageo	Cpn (%)	2.375	Maturity	10/24/2029	Ccy	USD	Price	88.37	YTM (%)	4.75	Call Date	7/24/2029	YTC (%)	4.86	Moody's	A3	S&P	A-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US29446MAF95	Name	Equinor	Cpn (%)	3.125	Maturity	4/6/2030	Ccy	USD	Price	91.94	YTM (%)	4.66	Call Date	1/6/2030	YTC (%)	4.72	Moody's	Aa2	S&P	AA-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	90%
ISIN	US30231GBK76	Name	ExxonMobil	Cpn (%)	3.482	Maturity	3/19/2030	Ccy	USD	Price	93.96	YTM (%)	4.64	Call Date	12/19/2029	YTC (%)	4.69	Moody's	Aa2	S&P	AA-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	90%
ISIN	US717081FB45	Name	Pfizer	Cpn (%)	1.750	Maturity	8/18/2031	Ccy	USD	Price	81.21	YTM (%)	4.78	Call Date	5/18/2031	YTC (%)	4.88	Moody's	A2	S&P	A	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	70%
ISIN	US742718FM66	Name	Procter & Gamble	Cpn (%)	1.200	Maturity	10/29/2030	Ccy	USD	Price	80.91	YTM (%)	4.56	Call Date	-	YTC (%)	-	Moody's	Aa3	S&P	AA-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	91%
ISIN	US822582CG52	Name	Shell	Cpn (%)	2.750	Maturity	4/6/2030	Ccy	USD	Price	89.73	YTM (%)	4.71	Call Date	1/6/2030	YTC (%)	4.79	Moody's	Aa2	S&P	A+	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	USN82008BA54	Name	Siemens	Cpn (%)	2.150	Maturity	3/11/2031	Ccy	USD	Price	83.95	YTM (%)	4.88	Call Date	-	YTC (%)	-	Moody's	Aa3	S&P	AA-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	US89153VAT61	Name	TotalEnergies	Cpn (%)	2.829	Maturity	1/10/2030	Ccy	USD	Price	90.43	YTM (%)	4.72	Call Date	10/10/2029	YTC (%)	4.80	Moody's	A1	S&P	A+	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US931142FD05	Name	Walmart	Cpn (%)	4.100	Maturity	4/15/2033	Ccy	USD	Price	95.68	YTM (%)	4.69	Call Date	1/15/2033	YTC (%)	4.70	Moody's	Aa2	S&P	AA	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%

Investment / High Grade Bonds – Asia

Short-duration high-grade (AA-rated) bonds

ISIN	ISIN	Name	Name	Cpn (%)	Cpn (%)	Maturity	Maturity	Ccy	Ccy	Price	Price	YTM (%)	YTM (%)	Call Date	Call Date	YTC (%)	YTC (%)	Moody's	Moody's	S&P	S&P	Coupon Reset	Coupon Reset	CIO	CIO	Rank	Rank	LV	LV
ISIN	XS2643259786	Name	Korea East-West Power	Cpn (%)	4.875	Maturity	7/12/2028	Ccy	USD	Price	99.44	YTM (%)	5.02	Call Date	-	YTC (%)	-	Moody's	Aa2	S&P	-	Coupon Reset	-	CIO	Attractive	Rank	Sr Unsecured	LV	92%
ISIN	USY4907LAG78	Name	Korea Electric Power	Cpn (%)	5.375	Maturity	7/31/2026	Ccy	USD	Price	100.59	YTM (%)	5.12	Call Date	-	YTC (%)	-	Moody's	Aa2	S&P	AA	Coupon Reset	-	CIO	Attractive	Rank	Sr Unsecured	LV	93%
ISIN	US50066CAU36	Name	Korea Gas	Cpn (%)	4.875	Maturity	7/5/2028	Ccy	USD	Price	99.92	YTM (%)	4.89	Call Date	-	YTC (%)	-	Moody's	Aa2	S&P	AA	Coupon Reset	-	CIO	Attractive	Rank	Sr Unsecured	LV	92%
ISIN	XS2489897343	Name	Korea Western Power	Cpn (%)	4.125	Maturity	6/28/2025	Ccy	USD	Price	98.37	YTM (%)	5.42	Call Date	-	YTC (%)	-	Moody's	Aa2	S&P	AA	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	93%
ISIN	XS1323910254	Name	SP PowerAssets	Cpn (%)	3.250	Maturity	11/24/2025	Ccy	USD	Price	97.18	YTM (%)	4.98	Call Date	-	YTC (%)	-	Moody's	Aa1	S&P	AA+	Coupon Reset	-	CIO	Attractive	Rank	Sr Unsecured	LV	94%
ISIN	XS2163022739	Name	ST Engineering	Cpn (%)	1.500	Maturity	4/29/2025	Ccy	USD	Price	95.80	YTM (%)	5.32	Call Date	1/29/2025	YTC (%)	6.40	Moody's	-	S&P	AA+	Coupon Reset	-	CIO	Attractive	Rank	Sr Unsecured	LV	93%
ISIN	XS2620557285	Name	ST Engineering	Cpn (%)	4.125	Maturity	5/23/2026	Ccy	USD	Price	98.18	YTM (%)	5.00	Call Date	4/23/2026	YTC (%)	5.04	Moody's	Aaa	S&P	-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	96%
ISIN	US872898AF83	Name	TSMC	Cpn (%)	3.875	Maturity	4/22/2027	Ccy	USD	Price	97.30	YTM (%)	4.81	Call Date	3/22/2027	YTC (%)	4.84	Moody's	Aa3	S&P	AA-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	93%

Short-duration A-rated bonds

ISIN	ISIN	Name	Name	Cpn (%)	Cpn (%)	Maturity	Maturity	Ccy	Ccy	Price	Price	YTM (%)	YTM (%)	Call Date	Call Date	YTC (%)	YTC (%)	Moody's	Moody's	S&P	S&P	Coupon Reset	Coupon Reset	CIO	CIO	Rank	Rank	LV	LV
ISIN	US00131MAN39	Name	AIA	Cpn (%)	5.625	Maturity	10/25/2027	Ccy	USD	Price	102.49	YTM (%)	4.87	Call Date	9/25/2027	YTC (%)	4.85	Moody's	A1	S&P	A+	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US09681MAB46	Name	BOC Aviation	Cpn (%)	3.875	Maturity	4/27/2026	Ccy	USD	Price	97.24	YTM (%)	5.25	Call Date	1/27/2026	YTC (%)	5.43	Moody's	-	S&P	A-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	90%
ISIN	USG46747AB00	Name	CK Hutchison	Cpn (%)	3.625	Maturity	10/31/2024	Ccy	USD	Price	98.82	YTM (%)	5.48	Call Date	-	YTC (%)	-	Moody's	A2	S&P	A	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	93%
ISIN	XS0546241075	Name	Hong Kong Land	Cpn (%)	4.500	Maturity	10/7/2025	Ccy	USD	Price	98.75	YTM (%)	5.33	Call Date	-	YTC (%)	-	Moody's	A2	S&P	A	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	90%
ISIN	USY7S272AF91	Name	POSCO	Cpn (%)	5.625	Maturity	1/17/2026	Ccy	USD	Price	100.59	YTM (%)	5.28	Call Date	-	YTC (%)	-	Moody's	Baa1	S&P	A-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%

Short-duration BBB-rated and other bonds

ISIN	ISIN	Name	Name	Cpn (%)	Cpn (%)	Maturity	Maturity	Ccy	Ccy	Price	Price	YTM (%)	YTM (%)	Call Date	Call Date	YTC (%)	YTC (%)	Moody's	Moody's	S&P	S&P	Coupon Reset	Coupon Reset	CIO	CIO	Rank	Rank	LV	LV
ISIN	USY7141BAA18	Name	Freeport Indonesia	Cpn (%)	4.763	Maturity	4/14/2027	Ccy	USD	Price	97.92	YTM (%)	5.50	Call Date	3/14/2027	YTC (%)	5.52	Moody's	Baa3	S&P	-	Coupon Reset	-	CIO	Attractive	Rank	Sr Unsecured	LV	80%
ISIN	XS1551355149	Name	Genting Overseas	Cpn (%)	4.250	Maturity	1/24/2027	Ccy	USD	Price	96.35	YTM (%)	5.64	Call Date	-	YTC (%)	-	Moody's	Baa2	S&P	-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	US44891CBD48	Name	Hyundai Capital America	Cpn (%)	3.500	Maturity	11/2/2026	Ccy	USD	Price	95.46	YTM (%)	5.35	Call Date	9/2/2026	YTC (%)	5.47	Moody's	A3	S&P	BBB+	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	USY7140WAC20	Name	Indonesia Asahan Aluminium	Cpn (%)	6.530	Maturity	11/15/2028	Ccy	USD	Price	104.00	YTM (%)	5.55	Call Date	-	YTC (%)	-	Moody's	Baa2	S&P	-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	XS2125052261	Name	Lenovo	Cpn (%)	5.875	Maturity	4/24/2025	Ccy	USD	Price	100.27	YTM (%)	5.62	Call Date	-	YTC (%)	-	Moody's	-	S&P	-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	XS1372846003	Name	NTPC	Cpn (%)	4.250	Maturity	2/26/2026	Ccy	USD	Price	97.99	YTM (%)	5.33	Call Date	-	YTC (%)	-	Moody's	-	S&P	BBB-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US71568QAC15	Name	PLN	Cpn (%)	4.125	Maturity	5/15/2027	Ccy	USD	Price	96.63	YTM (%)	5.29	Call Date	-	YTC (%)	-	Moody's	Baa2	S&P	-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	US74947MAD48	Name	REC Limited	Cpn (%)	5.625	Maturity	4/11/2028	Ccy	USD	Price	100.96	YTM (%)	5.36	Call Date	-	YTC (%)	-	Moody's	Baa3	S&P	-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	US80007RAE53	Name	Sands China	Cpn (%)	5.400	Maturity	8/8/2028	Ccy	USD	Price	97.55	YTM (%)	6.04	Call Date	5/8/2028	YTC (%)	6.07	Moody's	Baa2	S&P	BBB-	Coupon Reset	-	CIO	Attractive	Rank	Sr Unsecured	LV	75%
ISIN	USY8085FBJ85	Name	SK Hynix	Cpn (%)	6.250	Maturity	1/17/2026	Ccy	USD	Price	101.30	YTM (%)	5.50	Call Date	-	YTC (%)	-	Moody's	Baa2	S&P	BBB-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	USY8085FBU31	Name	SK Hynix	Cpn (%)	5.500	Maturity	1/16/2029	Ccy	USD	Price	100.24	YTM (%)	5.44	Call Date	-	YTC (%)	-	Moody's	Baa2	S&P	BBB-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	XS2284332769	Name	Singapore Airlines	Cpn (%)	3.000	Maturity	7/20/2026	Ccy	USD	Price	94.97	YTM (%)	5.28	Call Date	6/20/2026	YTC (%)	5.36	Moody's	-	S&P	-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	70%

Long duration A – AAA rated bonds

ISIN	ISIN	Name	Name	Cpn (%)	Cpn (%)	Maturity	Maturity	Ccy	Ccy	Price	Price	YTM (%)	YTM (%)	Call Date	Call Date	YTC (%)	YTC (%)	Moody's	Moody's	S&P	S&P	Coupon Reset	Coupon Reset	CIO	CIO	Rank	Rank	LV	LV
ISIN	US00131MAP86	Name	AIA	Cpn (%)	4.950	Maturity	4/4/2033	Ccy	USD	Price	100.31	YTM (%)	4.91	Call Date	1/4/2033	YTC (%)	4.91	Moody's	A1	S&P	A+	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	US00131MAK99	Name	AIA	Cpn (%)	3.200	Maturity	9/16/2040	Ccy	USD	Price	75.35	YTM (%)	5.49	Call Date	3/16/2040	YTC (%)	5.54	Moody's	A2	S&P	A	Coupon Reset	-	CIO	Attractive	Rank	Subordinated	LV	70%
ISIN	USY000AKAD95	Name	Airport Authority HK	Cpn (%)	3.250	Maturity	1/12/2052	Ccy	USD	Price	74.12	YTM (%)	4.98	Call Date	7/12/2051	YTC (%)	5.00	Moody's	-	S&P	AA+	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	75%
ISIN	USG21819AB63	Name	CK Hutchison	Cpn (%)	4.875	Maturity	4/21/2033	Ccy	USD	Price	99.47	YTM (%)	4.95	Call Date	1/21/2033	YTC (%)	4.95	Moody's	A2	S&P	A	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	XS2364591367	Name	CLP Power	Cpn (%)	2.250	Maturity	7/21/2031	Ccy	USD	Price	83.89	YTM (%)	4.88	Call Date	-	YTC (%)	-	Moody's	A1	S&P	A+	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	US30217G2E95	Name	Korea Eximbank	Cpn (%)	4.625	Maturity	6/7/2033	Ccy	USD	Price	98.47	YTM (%)	4.83	Call Date	-	YTC (%)	-	Moody's	Aa2	S&P	AA	Coupon Reset	-	CIO	Attractive	Rank	Sr Unsecured	LV	85%
ISIN	US500630DX39	Name	Korea Development Bank	Cpn (%)	4.375	Maturity	2/15/2033	Ccy	USD	Price	96.69	YTM (%)	4.84	Call Date	-	YTC (%)	-	Moody's	Aa2	S&P	AA	Coupon Reset	-	CIO	Attractive	Rank	Sr Unsecured	LV	85%
ISIN	XS2648476302	Name	Hongkong Land	Cpn (%)	5.250	Maturity	7/14/2033	Ccy	USD	Price	99.43	YTM (%)	5.33	Call Date	4/14/2033	YTC (%)	5.33	Moody's	A2	S&P	A	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	US50066CAR07	Name	Korea Gas	Cpn (%)	2.000	Maturity	7/13/2031	Ccy	USD	Price	82.12	YTM (%)	4.93	Call Date	-	YTC (%)	-	Moody's	Aa2	S&P	AA	Coupon Reset	-	CIO	Attractive	Rank	Sr Unsecured	LV	85%
ISIN	USY68856AT38	Name	Petronas	Cpn (%)	3.500	Maturity	4/21/2030	Ccy	USD	Price	92.10	YTM (%)	5.01	Call Date	1/21/2030	YTC (%)	5.07	Moody's	A2	S&P	A-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%
ISIN	USG91139AL26	Name	TSMC	Cpn (%)	4.625	Maturity	7/22/2032	Ccy	USD	Price	99.84	YTM (%)	4.65	Call Date	4/22/2032	YTC (%)	4.65	Moody's	Aa3	S&P	AA-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	85%

Long duration BBB-rated bonds and others

ISIN	ISIN	Name	Name	Cpn (%)	Cpn (%)	Maturity	Maturity	Ccy	Ccy	Price	Price	YTM (%)	YTM (%)	Call Date	Call Date	YTC (%)	YTC (%)	Moody's	Moody's	S&P	S&P	Coupon Reset	Coupon Reset	CIO	CIO	Rank	Rank	LV	LV
ISIN	US30216KAG76	Name	Export-Import Bank of India	Cpn (%)	5.500	Maturity	1/18/2033	Ccy	USD	Price	101.77	YTM (%)	5.25	Call Date	-	YTC (%)	-	Moody's	Baa3	S&P	BBB-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	75%
ISIN	USY7141BAB90	Name	Freeport Indonesia	Cpn (%)	5.315	Maturity	4/14/2032	Ccy	USD	Price	97.13	YTM (%)	5.76	Call Date	1/1/2032	YTC (%)	5.78	Moody's	Baa3	S&P	-	Coupon Reset	-	CIO	Attractive	Rank	Sr Unsecured	LV	75%
ISIN	USY7141BAC73	Name	Freeport Indonesia	Cpn (%)	6.200	Maturity	4/14/2052	Ccy	USD	Price	96.75	YTM (%)	6.45	Call Date	10/14/2051	YTC (%)	6.45	Moody's	Baa3	S&P	-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	65%
ISIN	XS2349180104	Name	Indofood CBP	Cpn (%)	3.398	Maturity	6/9/2031	Ccy	USD	Price	86.25	YTM (%)	5.74	Call Date	12/9/2030	YTC (%)	5.89	Moody's	Baa3	S&P	-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	USY7140WAF50	Name	Indonesia Asahan Aluminium	Cpn (%)	5.450	Maturity	5/15/2030	Ccy	USD	Price	98.38	YTM (%)	5.76	Call Date	2/15/2030	YTC (%)	5.78	Moody's	Baa2	S&P	-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	US71568QAF46	Name	PLN	Cpn (%)	6.150	Maturity	5/21/2048	Ccy	USD	Price	98.50	YTM (%)	6.27	Call Date	-	YTC (%)	-	Moody's	Baa2	S&P	-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	70%
ISIN	US69370RAH03	Name	Pertamina	Cpn (%)	3.100	Maturity	8/27/2030	Ccy	USD	Price	88.63	YTM (%)	5.19	Call Date	5/25/2030	YTC (%)	5.27	Moody's	Baa2	S&P	-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	USY7S272AH57	Name	POSCO	Cpn (%)	5.875	Maturity	1/17/2033	Ccy	USD	Price	103.68	YTM (%)	5.35	Call Date	-	YTC (%)	-	Moody's	Baa1	S&P	A-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	75%
ISIN	USY7150MAF42	Name	PTTEP	Cpn (%)	2.993	Maturity	1/15/2030	Ccy	USD	Price	89.25	YTM (%)	5.14	Call Date	7/15/2029	YTC (%)	5.33	Moody's	Baa1	S&P	-	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	USY72570AS69	Name	Reliance Industries	Cpn (%)	2.875	Maturity	1/12/2032	Ccy	USD	Price	85.12	YTM (%)	5.21	Call Date	-	YTC (%)	-	Moody's	Baa2	S&P	BBB+	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%
ISIN	US455780DR40	Name	Republic of Indonesia	Cpn (%)	4.850	Maturity	1/11/2033	Ccy	USD	Price	98.88	YTM (%)	5.01	Call Date	10/11/2032	YTC (%)	5.01	Moody's	Baa2	S&P	BBB	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	75%
ISIN	US718286CN52	Name	Republic of the Philippines	Cpn (%)	1.950	Maturity	1/6/2032	Ccy	USD	Price	80.50	YTM (%)	4.99	Call Date	-	YTC (%)	-	Moody's	Baa2	S&P	BBB+	Coupon Reset	-	CIO	Fair	Rank	Sr Unsecured	LV	80%

Disclosures

Investor Profile & Suitability / Risk & Benefits

You may consider an investment in this product, if

You are an experienced investor familiar with fixed income securities and the bond markets in general, and with subordinated capital instruments

You have an investment horizon that matches the Tenor of the specific bond in which you are investing. You also understand you may hold investment for an indefinite period of time if the Issuer does not exercise the call, or if illiquid market conditions prevent the sale of the instrument.

You expect the product to be redeemed by the Issuer at 100% (or other amount as specified for the bond in which you are investing) at maturity.

You require regular income payments (if any). In the case of zero coupon bonds, you are comfortable that there will be no coupon during the investment period. You are aware that mark to market of the bonds could place your capital at risk

You are prepared to accept the risks associated with subordinated capital bonds as described herein, including conversion and write-down risks in the case of contingent
capital securities with loss absorption.

You are prepared to accept the risks associated as described herein.

You are a Professional Investor in Hong Kong and / or an Accredited Investor in Singapore

Summary of main bond-specific benefit

Coupon payments during the life of the bond (coupons can be fixed or variable depending on the structure of the bond)

Risks Associated with Investing in Bonds

Bonds may expose an investor to one or more of the following risks:

Interest rate risk
Credit risk/Default risk
Re-investment risk/Call risk
Extension risk/Non-call risk
Inflation risk
Liquidity risk
Foreign exchange risk
Convertibility risk (for example: offshore CNY bonds)

For hybrid capital instruments (eg Tier 2, Additional Tier 1 bonds), there are additional risks on top of those mentioned above:

Regulatory par call risk
Tax call risk
Subordination risk
Rating methodology event risk

Risk associated with discontinuation of benchmark rates

Please note that there may be risks associated with certain benchmark rates, especially interbank offered rates, such as LIBOR, which will be permanently discontinued. These risks include the replacement of such benchmark rate by a currently still unknown successor which may not have the same characteristics as the benchmark rate underlying this product. Investors should make their own assessment about the potential risks associated with this kind of benchmark rate replacement (e.g. valuation risks or unforeseen costs), including by referring to the Issuer's product documentation where available, and consult their own independent advisers as necessary.

Risk Factors for Marketing Material related to RMB deposit or RMB investment products

RMB currency risk - RMB is currently not freely convertible and conversion of RMB through banks in Hong Kong is subject to certain restrictions (e.g. for individual customer, conversion of RMB is subject to a daily limit per account holder per day and RMB exchange service is not guaranteed for corporate customers). You should allow time for conversion of RMB from/to another currency of an amount exceeding the daily limit. For RMB products which are not denominated in RMB or with underlying investments which are not RMB-denominated, such products will be subject to multiple currency conversion costs involved in making investments and liquidating investments, as well as the RMB exchange rate fluctuations and bid/offer spreads when assets are sold to meet red emption requests and other capital requirements (e.g. settling operating expenses).

Investment or market risk - RMB products are subject to investment risk and your invested capital may be at risk, i.e. the assets that the products invest in or referenced
to may fall as well as rise, resulting in gains or losses to the product. This means that you may suffer a loss even if RMB appreciates.

Exchange rate risk - the value of your RMB deposit/products will be subject to the risk of exchange rate fluctuation. If you choose to convert your RMB deposit/products
to other currencies at an exchange rate that is less favorable than that in which you made your original conversion to RMB, you may suffer loss in principal.

Limited availability of underlying investment products - for RMB products that do not have access to invest in Mainland China, the available choice of underlying investments denominated in RMB outside Mainland China may be limited. This might adversely affect the return and performance of the RMB products.

Possibility of not receiving RMB upon redemption - for RMB products with a significant portion of non-RMB denominated underlying investments, there is a possibility of not receiving full amount in RMB upon redemption. This may be the case if the issuer is not able to obtain sufficient amount of RMB in a timely manner due to the exchange controls and restrictions applicable to the currency.

Liquidity risk - RMB products may suffer significant losses in liquidating the underlying investment if such investments do not have an active secondary market and their prices have large bid/offer spreads.

Credit risk of counterparties - For RMB products invested in RMB debt instruments not supported by any collateral, such products are fully exposed to the credit risk of the relevant counterparties. Where a RMB product may invest in derivative instruments, counterparty risk may also arise as the default by the derivative issuers may adversely affect the performance of the RMB product and result in substantial loss.

Interest rate risk - For RMB products which are, or may invest in, RMB debt instruments, such instruments are susceptible to interest rate fluctuations, which may adversely affect the return and performance of the RMB products.

Long term commitment to investment products - for RMB products which involve a long period of investment, if you redeem your investment before the maturity date or during the lock-up period (if applicable), you may incur a significant loss of principal where the proceeds may be substantially lower than your invested amount. You may also suffer from early surrender / redemption / withdrawal fees and/or charges as well as the loss of returns (where appl icable) as a result of redemption before the maturity date or during the lock-up period.

Additional Disclosures

Additional Disclosures

This product is not listed on any stock exchange and is not covered by the Investor Compensation Fund established under the SFO in Hong Kong.

Unless specifically stated, this product is not secured by any of the Issuer's assets or any collateral. The product constitutes general unsecured obligations of the Issuer and no other person. An investor in this product is subject to the credit and default risk of the Issuer.

For explanations of credit ratings that may be mentioned in this document, you can refer to the relevant Rating Agencies' websites. A credit rating (i) is not a recommendation, (ii) is not necessarily an indication of liquidity or volatility, and (iii) may be downgraded if the credit quality of the relevant entity or asset or obligation declines.

The return of the product may increase or decrease as a result of currency fluctuations

The Marketing Material gives general information about products only and that the client should refer to his Client Advisor as regards suitability of a specific product

Tax Treatment

UBS does not provide tax or legal advice. You must verify the above and all other information provided in this presentation or otherwise, with your external tax and legal advisors. Please read in conjunction with the risk information at the end of the presentation

Further Information

This product description is for information purposes only. The final terms and conditions will be finalized on the pricing date. For detailed information about the terms and conditions please consult the termsheet provided by the Issuer in English only.

This product is a bond or a note, which is a debt security under which the Issuer (also called the debtor or borrower) owes the holders (also called the lenders) a debt and, depending on the terms of the bond, is required to pay the holders interest (also called the coupon) and/or to repay the principal (or the amount borrowed) at a later date, termed the maturity.

Please note that the above is merely a generic description of the product and the individual products launched may come with variations to the basic structure. In addition, the individual client suitability has not been considered. Please contact your client advisor if your require further clarifications or tailored advice.

Disclaimer

The contents of this document have not been reviewed by any regulatory authority in Hong Kong or Singapore. This advertisement has not been reviewed by the Monetary Authority of Singapore. This advertisement has not been reviewed by the Securities and Futures Commi ssion of Hong Kong. Investors are advised to exercise caution in relation to any offer. If an Investor is in any doubt about any of the contents of this document, the Investor should obtain independent professional advice.

This document is communicated by UBS AG and/or its affiliates ("UBS") for the exclusive use of the party to whom UBS delivers this document. UBS may from time to time, as principal or agent, have positions in, or may buy or sell, or make a market in any securities, currencies, financial instruments or other assets underlying the transaction to which any term sheet, Information Memorandum, Prospectus, confirmation or other documentation for the issue of the product or to which the transaction relates (collectively, the "Documentation"). UBS may provide investment banking and other services to, or have officers who serve as directors of the companies referred to in the Documentation. UBS may pay or receive fees in connection with transactions of securities to or from third parties. Further information on any discount to the issue price provided by UBS Investment Bank division to UBS Wealth Management division is available in the pricing schedule or other similar document which may be provided by UBS Wealth Management division from time to time. UBS has policies and procedures designed to minimize the risk that officers and employees are influenced by any conflicting interest or duty and that confidential information is improperly disclosed or made available. The investor acknowledges that UBS may retain all or part of such fees.

UBS generally hedges its exposure under structured transactions, although it may elect not to hedge or to partially hedge any transaction. UBS’ hedging activity may be conducted through transactions in the underlying asset, index or instrument or in options, futures or other derivatives related to the underlying asset, index or instrument on publicly traded markets or otherwise, and may have an impact on the price of the underlying asset. If a transaction is cash settled, UBS will generally unwind or offset any hedge it has for such transaction in close proximity to the relevant valuation time or period. In some cases, this activity may affect the value of the transaction.

Prospective investors should be aware that receipt of any payment (whether coupon payment, redemption amount or otherwise) or any securities by an investor in connection with the transaction is subject to the credit risk of the issuer of the securities (the "Issuer") or counterparty to the transaction (the "Counterparty"). Investors assume the risk that the Issuer or Counterparty will not be able to satisfy its obligations under the transaction. Except where specifically provided otherwise, the Issuer's or the Counterparty's obligations under the transaction will constitute general and unsecured contractual obligations of the Issuer or Counterparty, respectively, and such obligations will rank equally with all other unsecured contractual obligations of the Issuer or Counterparty, respectively, and any subsequent unsecured obligations of the Issuer or Counterparty, respectively. In the case of an insolvency of the Issuer or Counterparty, preferred liabilities of the Issuer or Counterparty, respectively, will have priority over unsecured obligations such as the transaction.

Any credit rating of the Issuer or the Counterparty stated in the Documentation reflects the independent opinion of the refer enced rating agency as to the creditworthiness of the rated entity but is not a guarantee of credit quality of the Issuer or the Counterparty. Any downgrad ing of the credit ratings of the Issuer or Counterparty or their respective affiliates, by any rating agency could result in a reduction in the value of the product.

Structured transactions are complex and may involve a high risk of loss. Prior to entering into a transaction you should consult with your own independent legal, regulatory, tax, financial and accounting advisors to the extent you consider it necessary, and make your own investment, hedging and trading decisions (including decisions regarding the suitability of this transaction) based upon your own judgment and advice from those advisers you consider necessary. Save as otherwise expressly agreed, UBS is not acting as your financial adviser or fiduciary in any transaction.

This document is for information purposes only and has no regard to the specific investment objectives, financial situations or particular needs of any specific recipient. Any charts and scenarios are for illustrative purposes only. Historical performance is no guarantee for and is not an indication of future performance. The information herein is not intended to be a complete statement or summary of the developments referred to in this document. No representation or warranty is provided in relation to any information herein which is derived from independent sources.

The analysis contained herein is based on numerous assumptions. Different assumptions could result in materially different results. The information and any opinions expressed in this document are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of UBS as a result of using different assumptions and criteria. UBS is under no obligation to update or keep current the information contained in this document.

This document does not constitute and should not be construed as an offer, recommendation or solicitation to conclude a transaction nor should it be treated as an investment advice. The terms of the transaction will be exclusively subject to the detailed provisions, including any risk considerations, contained in the Documentation. Any investment or any other decisions should not be made based solely on this material. Neither UBS AG nor any of its affiliates, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this material.

UBS specifically prohibits the redistribution or reproduction of this document and any of the material in this document in whole or in part without the prior written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect.

No action has been or will be taken in any jurisdiction that would permit a public offering of the securities described in this document, save where explicitly stated in the Documentation. Where applicable, the securities must be sold in accordance with all applicable selling restrictions in the jurisdictions in which they are sold.

Not for distribution in the United States or to U.S. persons

IMPORTANT:

This document and any attachment(s) contained herein is merely a generic description of the product and is for information purposes only. It should be read in conjunction with the respective product documentation (including term sheet) for a fuller disclosure of relevant features and risk considerations. All terms and conditions are provided as examples and actual terms may vary. Individual products launched may come with variation to the basic structure. The final terms and conditions will be finalized on the pricing date. Charts and scenarios are for illustrative purposes only. Historical performance is no guarantee for and is not an indication of future performance. This document does not constitute and should not be construed as an offer, recommendation or solicitation to conclude a transaction nor should it be treated as an investment advice. Please refer to the important disclaimers herein and in the attachment(s) (if any).

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Fixed Income – March 2024

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