Asia credit bonds monitor (as of 30 Oct 2026)

#	Ticker	Name	Country	Cpn	Maturity	Price	Z-S	YTM	YTC	Prior	Latest	Δ	−5D %
1	CPDEV	Central Plaza	—	7.15%	2028-03-21	94.27	756	11.41%	—	100.39	94.27	-6.11	-6.09%
2	CPDEV	Central Plaza	—	6.8%	2029-04-07	90.93	647	11.05%	—	99.75	95.50	-4.25	-4.26%
3	GENTMK	GOHL NC5.5 perp	—	7.63%	PERP	84.59	683	—	11.80%	91.21	87.96	-3.25	-3.56%
4	GENTMK	GOHL NC10 perp	—	8.3%	PERP	83.52	605	—	11.16%	90.43	87.42	-3.01	-3.33%
5	GRNCH	Greentown	—	8.45%	2028-02-24	94.21	972	12.81%	—	100.37	97.10	-3.27	-3.26%
6	LNGFOR	Longfor	—	3.95%	2029-09-16	78.17	849	12.96%	—	83.84	81.34	-2.51	-2.99%
7	VNKRLE	Vanke HK	—	3.98%	2027-11-09	54.94	—	50.23%	—	56.56	54.94	-1.61	-2.85%
8	CRNAU	Coronado	—	9.25%	2029-10-01	82.40	1215	16.98%	—	80.12	82.40	+2.28	+2.85%
9	CKINF	4 PERP	—	4%	PERP	59.26	—	—	—	63.92	62.13	-1.79	-2.80%
10	PKSTAN	Pakistan	—	6.97%	2029-04-24	98.47	300	7.65%	—	101.22	98.47	-2.74	-2.71%
11	SHUION	Shui On	—	9.75%	2029-01-26	96.42	786	11.44%	—	101.18	98.70	-2.48	-2.45%
12	MEDCIJ	Medco Maple	—	8.96%	2029-04-27	101.84	344	8.13%	—	104.26	102.12	-2.15	-2.06%
13	FUTLAN	Seazen	—	11.88%	2027-06-26	98.59	1562	13.43%	—	100.58	98.74	-1.84	-1.83%
14	PKSTAN	Pakistan	—	8.88%	2051-04-08	92.50	434	9.69%	—	90.91	92.50	+1.59	+1.74%
15	LNGFOR	Longfor	—	4.5%	2028-01-16	90.94	914	11.23%	—	93.86	92.28	-1.57	-1.68%
16	CHJMAO	Franshion	—	4.25%	2029-07-23	90.18	404	8.00%	—	92.59	91.14	-1.45	-1.57%
17	SOFTBK	SoftBank	—	8.25%	2065-10-29	90.01	389	9.20%	9.96%	93.12	91.70	-1.42	-1.52%
18	FTLNHD	New Metro	—	11.8%	2029-03-09	92.86	1113	15.35%	—	95.22	93.83	-1.40	-1.47%
19	PKSTAN	Pakistan	—	7.5%	2032-03-10	97.14	355	8.16%	—	95.92	97.14	+1.22	+1.27%
20	VEDLN	Vedanta	—	7.75%	2037-07-13	98.51	315	7.96%	—	97.32	98.51	+1.18	+1.21%

IG/HY	#	Ticker	Name	Country	Cpn	Maturity	Call	Price	Z-S	YTM	YTC	Dur	−5D rank
HY	1	VLLPM	VLL Intl	Philippines	7.25%	2027-07-20	—	80.20	3685	31.90%	—	0.69	1
HY	2	VLLPM	VLL Intl	Philippines	9.38%	2029-07-29	—	63.41	2432	28.27%	—	2.26	2
HY	3	NWDEVL	New World Dev	HK/Macau	4.13%	PERP	2028-03-09	76.61	2016	—	23.52%	1.31	3
HY	4	GLPSP	GLP	Singapore	9.75%	2028-05-20	—	86.86	1755	17.85%	—	1.37	4
HY	5	FUTLAN	Seazen	China	11.88%	2027-06-26	—	98.59	1562	13.43%	—	0.61	9
IG	6	CHPWCN	4 1/4 PERP	China	4.25%	PERP	2026-12-13	99.78	1520	—	4.70%	0.49	6
HY	7	WESCHI	West China Cement	China	9.9%	2028-12-04	—	89.56	1278	15.07%	—	1.81	7
HY	8	CRNAU	Coronado	Australia	9.25%	2029-10-01	—	82.40	1215	16.98%	—	2.51	5
HY	9	FTLNHD	New Metro	China	11.8%	2029-03-09	—	92.86	1113	15.35%	—	2.03	8
HY	10	GRNCH	Greentown	China	8.45%	2028-02-24	—	94.21	972	12.81%	—	1.23	31
HY	11	DALWAN	Wanda	China	12.75%	2028-02-05	—	101.17	927	11.87%	—	1.15	10
HY	12	LNGFOR	Longfor	China	4.5%	2028-01-16	—	90.94	914	11.23%	—	1.16	16
HY	13	LNGFOR	Longfor	China	3.95%	2029-09-16	—	78.17	849	12.96%	—	2.65	17
HY	14	NWDEVL	NWD	HK/Macau	4.13%	2029-07-18	—	81.17	804	11.76%	—	2.49	12
HY	15	SHUION	Shui On	China	9.75%	2029-01-26	—	96.42	786	11.44%	—	1.96	21
HY	16	CPDEV	Central Plaza	China	7.15%	2028-03-21	—	94.27	756	11.41%	—	1.31	105
HY	17	NWDEVL	NWD	HK/Macau	4.5%	2030-05-19	—	79.12	756	11.10%	—	3.13	13
HY	18	GENTMK	GOHL NC5.5	Malaysia	7.63%	PERP	2031-10-29	84.59	683	—	11.80%	4.07	19
HY	19	INFRAB	Infrabuild	Australia	14.5%	2028-11-15	—	111.33	660	9.32%	—	0.93	14
HY	20	CPDEV	Central Plaza	China	6.8%	2029-04-07	—	90.93	647	11.05%	—	2.22	123

IG/HY	#	Ticker	Name	Country	Cpn	Maturity	Call	Price	Z-S	YTM	YTC	Dur	−5D rank
IG	1	PLNIJ	4 3/8 02/05/50	Indonesia	4.375%	2050-02-05	—	67.68	195	7.26%	—	12.46	227
IG	2	ADGREG	Parampujya Solar	India	6.7%	2042-03-12	—	93.41	226	7.42%	—	6.87	245
HY	3	BIOLIN	Biocon	India	6.67%	2029-10-09	—	98.90	250	7.08%	—	2.35	266
HY	4	MUTHIN	Muthoot	India	6.38%	2029-04-23	—	98.27	251	7.15%	—	1.93	279
HY	5	SOFTBK	SoftBank	Japan	6.25%	2028-04-15	—	98.88	269	7.05%	—	1.36	301
HY	6	CGRNEG	Continuum Green	India	7.5%	2033-06-26	—	101.29	279	7.26%	—	4.25	286
HY	7	WYNMAC	Wynn Macau	HK/Macau	6.75%	2034-02-15	—	95.94	280	7.47%	—	4.84	308
HY	8	RPVIN	ReNew Treasury	India	6.5%	2031-02-02	—	97.49	281	7.16%	—	3.54	289
HY	9	IRBIN	IRB Infra	India	7.11%	2032-03-11	—	98.55	283	7.44%	—	3.51	284
HY	10	GRNKEN	Greenko Wind	India	7.25%	2028-09-27	—	100.17	284	7.16%	—	1.56	291
HY	11	VEDLN	Vedanta	India	7%	2032-07-13	—	98.60	286	7.29%	—	3.78	298
HY	12	MPEL	Melco	HK/Macau	7.63%	2032-04-17	—	99.87	290	7.66%	—	3.22	312
HY	13	NSANY	Nissan	Japan	4.81%	2030-09-17	—	91.01	292	7.45%	—	3.46	315
HY	14	VEONHD	VEON	Pakistan	6.95%	2031-06-01	—	99.57	293	7.05%	—	3.53	292
HY	15	NSANY	Nissan	Japan	7.5%	2030-07-17	—	101.25	294	7.13%	—	3.14	305
HY	16	MPEL	Melco	HK/Macau	6.5%	2033-09-24	—	93.29	300	7.76%	—	4.93	320
HY	17	PKSTAN	Pakistan	Pakistan	6.97%	2029-04-24	—	98.47	300	7.65%	—	2.27	314
HY	18	DBMMN	DB Mongolia	Mongolia	6.9%	2031-07-02	—	98.45	302	7.28%	—	3.88	297
HY	19	MTCTB	Muangthai	Thailand	7.55%	2030-07-21	—	101.10	302	7.23%	—	2.13	303
HY	20	NSANY	Nissan	Japan	7.75%	2032-07-17	—	101.28	304	7.48%	—	4.47	313

Asia credit news · last 10 days

Top 15 stories (last 10 days) on the issuers on this page or Asia credit generally (SoftBank, Alibaba, Tencent, China property, Petronas, Adani, …). Note: on this page MSCI means MSCI’s Indonesia equity-index review / possible downgrade–deletion risk (spillover into IDR and Indonesian corporate USD credit) — not SoftBank/BNI. 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.

SoftBank-Backed OPay Halts IPO to Respond to Regulatory Inquiry · BBG/Reuters · 2026-10-31
Asian Private-Equity Firm to Buy Beleaguered China Evergrande’s Property-Management Arm · Reuters/WSJ · 2026-10-30
SoftBank’s Son Plans $50 Billion Malaysia Tech Outlay, PM Says · BBG/Nikkei · 2026-10-25
Private equity firm swoops on China Evergrande unit in rare win for creditors · FT · 2026-10-30
PAG to buy 51% of China Evergrande services arm for $510m · Nikkei · 2026-10-30
MDEVY | Melco International Development Ltd. ADR Company Profile & Executives · WSJ · 2026-10-29
Evergrande liquidators strike US$513 million deal to sell property services arm - South China Morning Post · SCMP · 2026-10-30
Research Update: Korea-U.S. Strategic Investment | S&P Global Ratings · S&P · 2026-10-26
Moody's Ratings affirms Freeport Indonesia's Baa3 ratings · Moody's · 2026-10-28
TotalEnergies Strengthens Cooperation with PETRONAS SONANGOL and OIL INDIA LIMITED to Reduce Methane Emissions – Company Announcement - FT.com · FT · 2026-11-01
Apple to launch iPhone AI features in China in December via Alibaba partnership - South China Morning Post · SCMP · 2026-10-31
PRIVATE CREDIT DEFAULTS JUST HIT A RECORD — Fitch says private credit defaults have reached an all-time high, with lenders increasingly relying on accounting gymnastics and debt extensions to keep troubled borrowers afloat. · X · 2026-10-31
China’s high-yield dollar bonds are heading for their worst week in more than a year as signs of liquidity strains at state-owned conglomerate Zhuhai Huafa Group sapped sentiment. · X · 2026-10-30
MSCI Indonesia deletion overhang: Indonesian corporate USD bond sale shelved · Bloomberg · 2026-10-27
Breakingviews - COMMENTARY: PAG's China property deal blueprint comes together · Reuters · 2026-11-02

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 (US Treasury CMT 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 30 Oct 2026 · 14 Senior · 3 Sub (hybrids + perp) with Z · X = years to maturity (Senior) / years to call (Sub) · ETF marks, US Treasury CMT 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 30 Oct 2026), SoftBank’s USD senior curve is steep: 14 seniors with Z marks span ~236 bp (tightest 5.13% 2027-09, ~0.9y) to ~486 bp (widest 9.75% 2034-04, ~7.4y). Front ~0.9–1.7y avg Z ~258 bp vs back ~7.4–9.5y avg Z ~427 bp (~169 bp steeper). Right axis overlays 3 SoftBank Sub points (dated hybrids + perp) at years-to-call: 6.88% perp call 2027-07 ~639 bp; 7.63% hybrid call 2031-04 ~309 bp; 8.25% hybrid call 2035-10 ~389 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 (US Treasury CMT curve · as of 30 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 (US Treasury CMT curve · as of 16 Oct 2026).

Type	Ticker	Name	Country	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 issue106.6bn	Issue date	ISIN	Def	Dm
Quasi-Sov56
IG	CHGRID	3 1/2 05/04/27	Sov/Quasi	Senior	3.5%	0.97	2027-05-04	—	4.13%	—	382bp	A+/A1	99.39	99.29	2.4bn	2017-05-03	USG8450LAJ38	N	—
IG	SPSP	3 09/26/27	Sov/Quasi	Senior	3%	0.97	2027-09-26	—	4.57%	—	68bp	AA+/Aa1	98.48	98.33	600mm	2017-09-25	XS1688416558	N	—
IG	HKMTGC	4 1/8 10/18/27	Sov/Quasi	Senior	4.125%	0.97	2027-10-18	—	4.80%	—	58bp	AA+/Aa3	99.35	99.30	850mm	2024-10-17	XS2913980657	N	—
IG	EXIMCH	3 1/4 11/28/27	Sov/Quasi	Senior	3.25%	1.44	2027-11-28	—	4.42%	—	173bp	A+/A1	98.32	101.75	1.0bn	2017-11-28	XS1717770975	N	—
IG	EIBKOR	FLOAT 01/14/28	Sov/Quasi	Senior	—	—	2028-01-14	—	—	—	—	AA/Aa2	100.09	100.09	1.5bn	—	US302154EH84	N	-8bp
IG	EXIMBK	3 7/8 02/01/28	Sov/Quasi	Senior	3.875%	1.44	2028-02-01	—	5.03%	—	154bp	Baa3/BBB-	98.35	100.06	500mm	2018-02-01	US30216KAC62	N	—
IG	KHFC	4 5/8 02/24/28	Sov/Quasi	Senior	4.625%	1.43	2028-02-24	—	4.76%	—	95bp	AA/Aa2	99.80	99.61	1.0bn	2023-02-23	USY4841MWD73	N	—
IG	HAOHUA	5 1/8 03/14/28	Sov/Quasi	Senior	5.125%	1.43	2028-03-14	—	5.23%	—	124bp	A-/A	99.85	99.86	1.8bn	2018-03-13	XS1788513734	N	—
IG	PETMK	2.112 03/23/28	Sov/Quasi	Senior	2.112%	1.45	2028-03-23	—	4.80%	—	68bp	A-/A2	96.16	—	—	2021-03-23	USC7274KAB29	N	—
IG	KOROIL	4 7/8 04/03/28	Sov/Quasi	Senior	4.875%	1.43	2028-04-03	—	4.88%	—	65bp	AA/Aa2	99.99	99.70	450mm	2023-04-02	US50065XAP96	N	—
IG	KOMRMR	5 3/8 05/11/28	Sov/Quasi	Senior	5.375%	1.87	2028-05-11	—	5.13%	—	218bp	A1/A+	100.46	100.23	500mm	2023-04-10	XS2600704956	N	—
IG	KNBZMK	4.687 06/01/28	Sov/Quasi	Senior	4.687%	1.88	2028-06-01	—	5.00%	—	177bp	A-/A3	99.41	99.24	750mm	2023-05-31	XS2629054201	N	—
IG	KDB	FLOAT 08/01/28	Sov/Quasi	Senior	—	—	2028-08-01	—	—	—	—	AA/Aa2/AA-	100.82	99.57	900mm	2023-08-01	XS2655885148	N	-47bp
IG	TEMASE	3 5/8 08/01/28	Sov/Quasi	Senior	3.625%	1.90	2028-08-01	—	4.61%	—	71bp	Aaa/Aaa	98.13	97.92	1.4bn	2018-07-31	US87973RAE09	N	—
IG	EIBKOR	5 1/8 09/18/28	Sov/Quasi	Senior	5.125%	1.88	2028-09-18	—	4.79%	—	50bp	AA/Aa2	100.63	98.88	1.0bn	—	US302154DY27	N	—
IG	EIBKOR	1 3/4 10/19/28	Sov/Quasi	Senior	1.75%	1.93	2028-10-19	—	4.73%	—	21bp	AA/Aa2/AA-	94.37	100.00	42.8mm	2021-10-19	US30217G2C30	N	—
IG	IDASAL	6.53 11/15/28	Sov/Quasi	Senior	6.53%	2.28	2028-11-15	—	5.81%	—	246bp	Baa2	101.65	—	—	2018-11-15	USY7140WAC20	N	—
IG	EIBKOR	FLOAT 01/13/29	Sov/Quasi	Senior	—	—	2029-01-13	—	—	—	—	AA/Aa2/AA-	99.94	97.53	4.0bn	2026-01-13	US302154ET23	N	+3bp
IG	PLNIJ	5 3/8 01/25/29	Sov/Quasi	Senior	5.375%	2.31	2029-01-25	—	5.72%	—	174bp	BBB/Baa2/BBB	99.21	99.29	500mm	2018-10-24	US71568QAG29	N	—
IG	SINOPE	2.95 08/08/29	Sov/Quasi	Senior	2.95%	2.83	2029-08-08	—	4.59%	—	32bp	A+/A1	95.45	—	—	2019-08-08	USG82016AH29	N	—
IG	PSASP	2 1/8 09/05/29	Sov/Quasi	Senior	2.125%	2.85	2029-09-05	—	4.76%	—	36bp	Aa1	92.71	92.27	500mm	2019-09-04	XS2049150837	N	—
IG	KOROIL	FLOAT 09/30/29	Sov/Quasi	Senior	—	—	2029-09-30	—	—	—	—	AA/Aa2	99.87	98.39	400mm	2026-09-30	USY4938ABB45	N	+4bp
IG	SINOPE	2.95 11/12/29	Sov/Quasi	Senior	2.95%	3.27	2029-11-12	—	4.54%	—	58bp	A+/A1	94.90	—	—	2019-11-12	USG82016AL31	N	—
IG	EIBKOR	4 7/8 01/14/30	Sov/Quasi	Senior	4.875%	3.18	2030-01-14	—	4.90%	—	68bp	AA/Aa2	99.91	99.19	1.2bn	2025-01-13	US302154EK14	N	—
IG	PERTIJ	3.1 01/21/30	Sov/Quasi	Senior	3.1%	3.24	2030-01-21	—	5.65%	—	144bp	BBB/Baa2/BBB	91.99	—	500mm	2020-01-21	US69370RAF47	N	—
IG	KDB	FLOAT 02/03/30	Sov/Quasi	Senior	—	—	2030-02-03	—	—	—	—	AA/Aa2/AA-	101.04	99.09	1.2bn	2025-02-03	US500630EJ36	N	-32bp
IG	CHITRA	3 1/8 04/23/30	Sov/Quasi	Senior	3.125%	3.26	2030-04-23	—	5.00%	—	35bp	Baa1	94.06	99.25	700mm	2020-04-23	XS2140041786	N	—
IG	CNPCCH	2 06/23/30	Sov/Quasi	Senior	2%	3.77	2030-06-23	—	4.57%	—	34bp	A+/A1/A+	90.70	89.76	500mm	2020-06-22	XS2179918037	N	—
IG	HAOHUA	3 09/22/30	Sov/Quasi	Senior	3%	3.69	2030-09-22	—	5.44%	—	89bp	Baa2/A	91.33	91.11	1.0bn	2020-09-21	XS2226808165	N	—
IG	EXIMBK	2 1/4 01/13/31	Sov/Quasi	Senior	2.25%	4.17	2031-01-13	—	5.46%	—	113bp	BBB-/Baa3/BBB-	87.36	86.86	1.0bn	2021-01-12	US30216KAF93	N	—
IG	KDB	1 5/8 01/19/31	Sov/Quasi	Senior	1.625%	4.24	2031-01-19	—	4.75%	—	37bp	AA/Aa2	87.48	—	—	2021-01-19	US500630DH88	N	—
IG	HUANEN	2.7 01/20/31	Sov/Quasi	Senior	2.7%	4.15	2031-01-20	—	4.81%	—	43bp	A1	91.55	—	—	2021-01-20	XS2247703163	N	—
IG	KDB	FLOAT 01/28/31	Sov/Quasi	Senior	—	—	2031-01-28	—	—	—	—	AA/Aa2	100.12	—	—	—	US500630EP95	N	-3bp
IG	HKAA	1 5/8 02/04/31	Sov/Quasi	Senior	1.625%	4.25	2031-02-04	—	4.68%	—	24bp	AA+/N.R	87.75	86.79	900mm	2021-02-03	USY00284AW20	N	—
IG	KDB	2 10/25/31	Sov/Quasi	Senior	2%	4.65	2031-10-25	—	5.00%	—	30bp	AA/Aa2/AA-	86.89	100.03	500mm	2021-10-25	US500630DP05	N	—
IG	EIBKOR	2 1/8 01/18/32	Sov/Quasi	Senior	2.125%	5.07	2032-01-18	—	4.90%	—	44bp	AA/Aa2	86.76	96.09	500mm	—	US302154DN61	N	—
IG	KOROIL	2 5/8 04/18/32	Sov/Quasi	Senior	2.625%	4.99	2032-04-18	—	5.31%	—	60bp	AA/Aa2	87.34	—	—	—	US50066RAT32	N	—
IG	KDB	4 1/4 09/08/32	Sov/Quasi	Senior	4.25%	5.21	2032-09-08	—	5.06%	—	44bp	AA/Aa2/AA-	95.83	94.68	450mm	2022-09-07	US500630DU99	N	—
IG	HKAA	4 7/8 01/12/33	Sov/Quasi	Senior	4.875%	5.51	2033-01-12	—	4.97%	—	45bp	AA+/N.R	99.46	98.36	800mm	2023-01-11	USY000AKAH00	N	—
IG	CHILOV	5.35 08/15/33	Sov/Quasi	Senior	5.35%	5.78	2033-08-15	—	5.26%	—	62bp	A-/N.R	100.53	100.39	2.0bn	2023-08-14	XS2621319040	N	—
IG	EIBKOR	5 1/8 09/18/33	Sov/Quasi	Senior	5.125%	5.82	2033-09-18	—	5.15%	—	44bp	AA/Aa2	99.85	98.43	500mm	2023-09-17	US302154DZ91	N	—
IG	EIBKOR	4 5/8 01/11/34	Sov/Quasi	Senior	4.625%	6.24	2034-01-11	—	5.15%	—	56bp	AA/Aa2	96.74	95.86	500mm	—	US302154EC97	N	—
IG	PETMK	5.34 04/03/35	Sov/Quasi	Senior	5.34%	6.74	2035-04-03	—	5.62%	—	80bp	A-/A2	98.16	96.74	1.8bn	2025-04-02	USY68856BE59	N	—
IG	PLNIJ	5.45 02/03/36	Sov/Quasi	Senior	5.45%	7.19	2036-02-03	—	6.70%	—	194bp	Baa2/BBB	91.32	99.88	1.0bn	2026-02-03	US71568QAX51	N	—
IG	SDBC	4 01/24/37	Sov/Quasi	Senior	4%	8.38	2037-01-24	—	4.95%	—	14bp	A+/A1	92.30	—	—	—	XS1553212371	N	—
IG	PLNIJ	7 7/8 06/29/37	Sov/Quasi	Senior	7.875%	7.45	2037-06-29	—	6.78%	—	201bp	BBB/Baa2	108.38	—	—	2007-06-28	USN54360AD95	N	—
IG	CHGRID	4 3/8 05/22/43	Sov/Quasi	Senior	4.375%	11.51	2043-05-22	—	5.41%	—	29bp	A+/A1	88.59	—	—	2013-05-22	USG8449VAC03	N	—
IG	PERTIJ	6.45 05/30/44	Sov/Quasi	Senior	6.45%	10.33	2044-05-30	—	6.98%	—	184bp	BBB/Baa2/BBB	94.66	—	1.5bn	2014-05-30	US69370RAA59	N	—
IG	PETMK	4 1/2 03/18/45	Sov/Quasi	Senior	4.5%	11.73	2045-03-18	—	6.10%	—	78bp	A-/A2	82.39	80.72	1.5bn	2015-03-17	USY68856AQ98	N	—
IG	SINOPE	4 1/4 05/03/46	Sov/Quasi	Senior	4.25%	12.73	2046-05-03	—	5.46%	—	19bp	A+/A1	85.40	83.06	400mm	2016-05-02	USG8200TAE04	N	—
IG	PERTIJ	4.7 07/30/49	Sov/Quasi	Senior	4.7%	12.41	2049-07-30	—	6.90%	—	159bp	BBB/Baa2/BBB	74.79	—	750mm	2019-07-30	US69370RAE71	N	—
IG	PLNIJ	4 3/8 02/05/50	Sov/Quasi	Senior	4.375%	12.46	2050-02-05	—	7.26%	—	195bp	BBB/Baa2/BBB	67.68	67.46	500mm	2019-11-04	US71568QAM96	N	—
IG	PETMK	3.404 04/28/61	Sov/Quasi	Senior	3.404%	16.05	2061-04-28	—	6.11%	—	88bp	A-/A2	61.26	59.65	1.8bn	2021-04-27	USY6886MAC48	N	—
IG	TEMASE	2 3/4 08/02/61	Sov/Quasi	Senior	2.75%	17.73	2061-08-02	—	5.59%	—	41bp	Aaa/Aaa	56.55	54.66	1.0bn	2021-08-01	US87973RBC34	N	—
IG	HKAA	3 1/2 01/12/62	Sov/Quasi	Senior	3.5%	17.21	2062-01-12	—	5.36%	—	19bp	AA+/N.R	70.57	67.76	600mm	2022-01-11	USY000AKAE78	N	—
IG	CHPWCN	4 1/4 PERP	Sov/Quasi	Sub	4.25%	0.49	PERP	2026-12-13	—	4.70%	1520bp	Baa2/BBB	99.78	100.08	500mm	2022-04-14	XS2455411558	N	—
Sovereign65
IG	INDOIS	4.4 06/06/27	Sov/Quasi	Senior	4.4%	0.97	2027-06-06	—	4.78%	—	365bp	BBB/Baa2/BBB	99.63	99.81	2.0bn	2022-06-06	US71567RAU05	N	—
HY	MONGOL	Mongolia	Sov/Quasi	Senior	3.5%	0.66	2027-07-07	—	4.43%	—	215bp	BB-/B1/B+	99.10	—	423mm	2021-07-07	USY6142NAF51	N	—
IG	INDON	3.85 07/18/27	Sov/Quasi	Senior	3.85%	0.97	2027-07-18	—	4.46%	—	191bp	Baa2/BBB	99.41	99.94	1.2bn	2017-07-18	USY20721BT56	N	—
IG	INDON	4.15 09/20/27	Sov/Quasi	Senior	4.15%	0.97	2027-09-20	—	4.70%	—	92bp	BBB/Baa2/BBB	99.47	—	750mm	2022-09-20	US455780DM52	N	—
IG	CHINA	2 5/8 11/02/27	Sov/Quasi	Senior	2.625%	1.45	2027-11-02	—	3.76%	—	121bp	N.R/N.R	98.36	98.09	1.0bn	2017-11-01	XS1706605281	N	—
IG	CHINA	4 1/8 11/20/27	Sov/Quasi	Senior	4.125%	1.44	2027-11-20	—	4.22%	—	159bp	A+/A1/A	99.86	99.68	1.2bn	2024-11-19	USY15025AE24	N	—
HY	PKSTAN	Pakistan	Sov/Quasi	Senior	6.88%	1.03	2027-12-05	—	5.19%	—	266bp	B/B3/B-	102.40	100.08	1.5bn	2017-12-05	XS1729875598	N	—
HY	SRILAN	Sri Lanka	Sov/Quasi	Senior	4%	1.04	2028-04-15	—	6.18%	—	183bp	CCC+/Caa1/B-	96.92	96.84	1.8bn	2024-12-20	XS2966242500	N	—
HY	PNGIB	Papua NG	Sov/Quasi	Senior	8.38%	1.77	2028-10-04	—	6.23%	—	184bp	B-/B2	103.99	—	—	2018-10-04	USY6726SAP66	N	—
IG	HKINTL	3 5/8 11/12/28	Sov/Quasi	Senior	3.625%	2.36	2028-11-12	—	4.45%	—	86bp	AA+/Aa3/AA-	98.06	97.78	300mm	2025-11-11	HK0001201893	N	—
HY	PKSTAN	Pakistan Sukuk	Sov/Quasi	Senior	7.95%	2.02	2029-01-31	—	7.07%	—	315bp	B/B3/B-	101.99	—	1.0bn	2022-01-31	XS2419405274	N	—
IG	INDON	4 3/4 02/11/29	Sov/Quasi	Senior	4.75%	2.33	2029-02-11	—	5.02%	—	87bp	BBB/Baa2/BBB	99.37	79.55	1.0bn	2018-12-11	US455780CH76	N	—
IG	KOREA	3 5/8 02/12/29	Sov/Quasi	Senior	3.625%	2.36	2029-02-12	—	4.63%	—	44bp	AA/Aa2	97.65	99.14	1.0bn	—	US50064FAZ71	N	—
HY	PKSTAN	Pakistan	Sov/Quasi	Senior	6.97%	2.27	2029-04-24	—	7.65%	—	300bp	B/B3/B-	98.47	—	750mm	2026-04-24	XS3353874145	N	—
HY	MONGOL	Mongolia	Sov/Quasi	Senior	7.88%	2.28	2029-06-05	—	5.70%	—	192bp	BB-/B1/B+	105.93	—	350mm	2023-12-05	USY6142NAH18	N	—
IG	PHILIP	5.045 06/06/29	Sov/Quasi	Senior	5.045%	2.75	2029-06-06	—	5.27%	—	143bp	BBB+/Baa2	99.38	—	—	2023-12-06	USY7329CAA37	N	—
IG	INDOIS	5.1 07/02/29	Sov/Quasi	Senior	5.1%	2.75	2029-07-02	—	5.10%	—	108bp	BBB/Baa2	99.99	—	—	2024-07-02	USY68613AA90	N	—
IG	INDON	3.4 09/18/29	Sov/Quasi	Senior	3.4%	2.80	2029-09-18	—	5.01%	—	56bp	BBB/Baa2/BBB	95.56	—	750mm	2019-06-18	US455780CK06	N	—
HY	SRILAN	Sri Lanka	Sov/Quasi	Senior	3.1%	2.54	2030-01-15	—	2.09%	—	-233bp	Caa1	103.38	102.92	1.1bn	2024-12-20	XS2966241361	N	—
IG	PHILIP	9 1/2 02/02/30	Sov/Quasi	Senior	9.5%	3.00	2030-02-02	—	5.64%	—	138bp	BBB+/Baa2/BBB	112.09	111.80	2.0bn	2005-02-01	US718286AY36	N	—
IG	INDON	2.85 02/14/30	Sov/Quasi	Senior	2.85%	3.26	2030-02-14	—	5.34%	—	100bp	BBB/Baa2/BBB	92.14	98.43	500mm	2020-01-14	US455780CQ75	N	—
HY	MONGOL	Mongolia	Sov/Quasi	Senior	6.63%	2.93	2030-02-25	—	6.48%	—	211bp	BB-/B1/B+	100.46	—	500mm	2025-02-25	USY6142NAJ73	N	—
IG	HKINTL	4 1/8 06/10/30	Sov/Quasi	Senior	4.125%	3.64	2030-06-10	—	4.65%	—	48bp	AA+/AA-	98.09	97.22	1.0bn	2025-06-09	USY3422VDD74	N	—
IG	KOREA	3 5/8 10/29/30	Sov/Quasi	Senior	3.625%	3.66	2030-10-29	—	4.81%	—	13bp	AA/Aa2	95.73	95.04	300mm	2025-10-29	US50064FAY07	N	—
IG	CHINA	3 3/4 11/13/30	Sov/Quasi	Senior	3.75%	4.09	2030-11-13	—	4.38%	—	20bp	A+/A1	97.46	96.63	2.0bn	2025-11-12	USY5325QAJ14	N	—
IG	PHILIP	7 3/4 01/14/31	Sov/Quasi	Senior	7.75%	3.81	2031-01-14	—	5.60%	—	128bp	BBB+/Baa2/BBB	108.45	108.01	2.4bn	2006-01-10	US718286BB24	N	—
HY	PKSTAN	Pakistan	Sov/Quasi	Senior	7.38%	3.75	2031-04-08	—	8.34%	—	366bp	B/B3/B-	96.46	—	1.8bn	2021-04-08	XS2322319638	N	—
IG	MALAYS	2.07 04/28/31	Sov/Quasi	Senior	2.07%	4.21	2031-04-28	—	4.80%	—	11bp	A-/A3	89.07	88.20	800mm	2021-04-27	USY57542AA32	N	—
IG	INDOIS	2.55 06/09/31	Sov/Quasi	Senior	2.55%	4.58	2031-06-09	—	5.34%	—	108bp	BBB/Baa2	87.88	—	—	2021-06-09	US71567RAS58	N	—
IG	PHILIP	1.648 06/10/31	Sov/Quasi	Senior	1.648%	4.68	2031-06-10	—	5.13%	—	86bp	BBB+/Baa2/BBB	84.80	108.01	2.4bn	2020-12-10	US718286CK14	N	—
HY	MONGOL	Mongolia	Sov/Quasi	Senior	4.45%	4.09	2031-07-07	—	6.49%	—	218bp	BB-/B1/B+	91.40	—	500mm	2021-07-07	USY6142NAE86	N	—
HY	MONGOL	Mongolia	Sov/Quasi	Senior	5.95%	4.50	2032-03-09	—	6.73%	—	213bp	BB-/B1/B+	96.48	—	500mm	2026-03-09	USY6142NAL20	N	—
HY	PKSTAN	Pakistan	Sov/Quasi	Senior	7.5%	4.34	2032-03-10	—	8.16%	—	355bp	B/B3/B-	97.14	—	1.8bn	2026-09-10	XS3497415557	N	—
HY	SRILAN	Sri Lanka	Sov/Quasi	Senior	3.35%	4.78	2033-03-15	—	4.44%	—	-23bp	Caa1	93.88	94.15	2.1bn	2024-12-20	XS2966241445	N	—
IG	INDON	4.7 02/10/34	Sov/Quasi	Senior	4.7%	6.18	2034-02-10	—	5.76%	—	110bp	BBB/Baa2/BBB	93.62	—	650mm	2024-01-10	US455780DU78	N	—
IG	INDON	5.6 01/15/35	Sov/Quasi	Senior	5.6%	6.66	2035-01-15	—	5.92%	—	126bp	BBB/Baa2/BBB	97.89	99.11	300mm	2025-01-15	US455780EA06	N	—
IG	PHILIP	5 1/2 02/04/35	Sov/Quasi	Senior	5.5%	6.68	2035-02-04	—	5.94%	—	124bp	BBB+/Baa2/BBB	97.07	100.10	1.5bn	2025-02-04	US718286DG92	N	—
HY	SRILAN	Sri Lanka	Sov/Quasi	Senior	3.6%	6.38	2035-06-15	—	6.69%	—	206bp	CCC+/Caa1/B-	79.38	79.08	1.4bn	2024-12-20	XS2966242179	N	—
IG	INDOIS	5.2 07/23/35	Sov/Quasi	Senior	5.2%	7.04	2035-07-23	—	5.96%	—	126bp	BBB/Baa2/BBB	94.75	95.02	900mm	2025-07-23	US71567RBE53	N	—
IG	INDON	8 1/2 10/12/35	Sov/Quasi	Senior	8.5%	6.48	2035-10-12	—	6.04%	—	118bp	BBB/Baa2/BBB	116.91	99.11	300mm	2005-10-12	USY20721AE96	N	—
IG	INDON	4.95 02/21/36	Sov/Quasi	Senior	4.95%	7.39	2036-02-21	—	5.96%	—	117bp	BBB/Baa2/BBB	92.72	91.43	1.1bn	2026-01-20	US455780EF92	N	—
HY	SRILAN	Sri Lanka	Sov/Quasi	Senior	3.6%	7.65	2036-05-15	—	3.42%	—	-129bp	Caa1	101.50	99.90	999.2mm	2024-12-20	XS2966241957	N	—
IG	PHILIP	5.325 06/24/36	Sov/Quasi	Senior	5.325%	7.59	2036-06-24	—	5.95%	—	124bp	BBB+/Baa2/BBB	95.31	93.66	1.6bn	2026-06-23	US718286DN44	N	—
HY	PKSTAN	Pakistan	Sov/Quasi	Senior	7.9%	6.63	2036-09-10	—	9.03%	—	413bp	B/B3/B-	92.63	—	1.3bn	2026-09-10	XS3489966229	N	—
IG	PHILIP	5 01/13/37	Sov/Quasi	Senior	5%	7.95	2037-01-13	—	6.02%	—	124bp	BBB+/Baa2/BBB	92.13	90.75	1.5bn	2012-01-12	US718286BW60	N	—
HY	SRILAN	Sri Lanka	Sov/Quasi	Senior	3.6%	8.39	2038-02-15	—	3.52%	—	-139bp	Caa1	100.78	99.97	2.0bn	2024-12-20	XS2966242096	N	—
IG	INDON	5 1/4 01/17/42	Sov/Quasi	Senior	5.25%	10.18	2042-01-17	—	6.27%	—	118bp	BBB/Baa2/BBB	89.97	86.05	1.5bn	2012-01-17	USY20721BB49	N	—
IG	PHILIP	2.95 05/05/45	Sov/Quasi	Senior	2.95%	12.87	2045-05-05	—	6.39%	—	114bp	BBB+/Baa2	62.42	—	—	2020-05-05	US718286CH84	N	—
IG	PHILIP	2.65 12/10/45	Sov/Quasi	Senior	2.65%	13.35	2045-12-10	—	6.41%	—	108bp	BBB+/Baa2	58.51	—	—	2020-12-10	US718286CL96	N	—
IG	PHILIP	3.2 07/06/46	Sov/Quasi	Senior	3.2%	13.00	2046-07-06	—	6.41%	—	104bp	BBB+/Baa2	64.13	—	—	2021-07-06	US718286CP01	N	—
IG	INDON	4.35 01/11/48	Sov/Quasi	Senior	4.35%	12.54	2048-01-11	—	6.49%	—	116bp	BBB/Baa2/BBB	75.38	74.41	1.8bn	2017-12-10	US455780CE46	N	—
IG	PHILIP	5 1/2 01/17/48	Sov/Quasi	Senior	5.5%	11.92	2048-01-17	—	6.48%	—	118bp	BBB+/Baa2/BBB	88.70	100.10	1.5bn	2023-01-17	US718286CX35	N	—
IG	KOREA	3 7/8 09/20/48	Sov/Quasi	Senior	3.875%	13.70	2048-09-20	—	5.43%	—	6bp	AA/Aa2	80.13	—	—	2018-09-20	US50064FAN42	N	—
IG	CHINA	4 10/19/48	Sov/Quasi	Senior	4%	14.06	2048-10-19	—	4.74%	—	-65bp	A1	90.02	87.25	500mm	2018-10-18	XS1891577030	N	—
IG	PHILIP	5.6 05/14/49	Sov/Quasi	Senior	5.6%	12.22	2049-05-14	—	6.50%	—	127bp	BBB+/Baa2/BBB	89.33	88.09	1.0bn	2024-05-13	US718286DB06	N	—
IG	PHILIP	5.175 09/05/49	Sov/Quasi	Senior	5.175%	12.42	2049-09-05	—	6.51%	—	118bp	BBB+/Baa2	84.18	—	—	—	US718286DD61	N	—
IG	INDON	3.05 03/12/51	Sov/Quasi	Senior	3.05%	14.44	2051-03-12	—	6.43%	—	110bp	BBB/Baa2/BBB	58.56	—	2.0bn	2021-01-12	US455780CW44	N	—
HY	PKSTAN	Pakistan	Sov/Quasi	Senior	8.88%	9.35	2051-04-08	—	9.69%	—	434bp	B/B3/B-	92.50	—	1.1bn	2021-04-08	XS2322321964	N	—
IG	HKINTL	5 1/4 01/11/53	Sov/Quasi	Senior	5.25%	14.13	2053-01-11	—	5.35%	—	13bp	AA+/Aa3	98.53	95.64	500mm	2023-01-10	USY3422VCX48	N	—
IG	INDON	5.1 02/10/54	Sov/Quasi	Senior	5.1%	13.44	2054-02-10	—	6.42%	—	119bp	BBB/Baa2/BBB	83.03	—	900mm	2024-01-10	US455780DV51	N	—
IG	INDOIS	5 1/2 07/02/54	Sov/Quasi	Senior	5.5%	13.31	2054-07-02	—	6.42%	—	122bp	BBB/Baa2/BBB	88.09	89.28	750mm	2024-07-02	USY68613AC56	N	—
IG	INDOIS	5.65 11/25/54	Sov/Quasi	Senior	5.65%	13.32	2054-11-25	—	6.42%	—	125bp	BBB/Baa2/BBB	89.95	89.28	750mm	2024-11-24	USY68613AF87	N	—
IG	INDON	3.2 09/23/61	Sov/Quasi	Senior	3.2%	15.94	2061-09-23	—	6.36%	—	115bp	BBB/Baa2/BBB	55.83	—	650mm	2021-09-23	US455780DG84	N	—
IG	INDON	4.45 04/15/70	Sov/Quasi	Senior	4.45%	15.18	2070-04-15	—	6.51%	—	128bp	BBB/Baa2/BBB	70.26	—	1.0bn	2020-04-15	US455780CU87	N	—
IG	INDON	3.35 03/12/2071	Sov/Quasi	Senior	3.35%	16.37	2071-03-12	—	6.29%	—	108bp	BBB/Baa2/BBB	56.20	—	800mm	2021-01-12	US455780CX27	N	—
		China69		Sen/Sub	Coupon	Dur	Maturity	Call	YTM	YTC	Z-S	RatingS&P/Moody’s/Fitch	PX from ETF	SPM PX	Total issue42.0bn	Issue date	ISIN	Def	Dm
Building Materials1
HY	WESCHI	West China Cement	China	Senior	9.9%	1.81	2028-12-04	—	15.07%	—	1278bp	B/B	89.56	90.33	400mm	2025-12-04	XS3219577148	N	—
Financial24
IG	CHEVBK	FLOAT 05/14/27	China	Senior	—	—	2027-05-14	—	—	—	—	N.R/BBB+	100.06	100.08	550mm	2024-05-13	XS2801983078	N	-11bp
IG	BCHINA	FLOAT 06/14/27	China	Senior	—	—	2027-06-14	—	—	—	—	A/A1/A	100.08	100.22	1.0bn	2024-06-14	XS2835724472	N	-13bp
IG	BCLMHK	FLOAT 08/23/27	China	Senior	—	—	2027-08-23	—	—	—	—	A2/A	100.16	99.78	300mm	—	XS2886030811	N	-20bp
IG	GRWALL	3 7/8 08/31/27	China	Senior	3.875%	0.97	2027-08-31	—	4.92%	—	153bp	BBB/BBB	98.99	98.80	500mm	2017-08-30	XS1645684827	N	—
IG	ICBCAS	3.538 11/08/27	China	Senior	3.538%	1.44	2027-11-08	—	4.57%	—	228bp	A/A1	98.52	99.01	10mm	2017-11-08	US45580KAK43	N	—
IG	BOCOM	FLOAT 12/11/27	China	Senior	—	—	2027-12-11	—	—	—	—	A2	100.19	98.75	100mm	—	HK0001089223	N	-17bp
IG	BCHINA	FLOAT 03/04/28	China	Senior	—	—	2028-03-04	—	—	—	—	A/A1	100.13	—	—	—	XS2992396247	N	-10bp
IG	AVIILC	4 5/8 03/28/28	China	Senior	4.625%	1.43	2028-03-28	—	5.68%	—	154bp	—	98.50	—	—	—	XS3029558080	N	—
IG	ICBCAS	4 1/8 05/21/28	China	Senior	4.125%	1.90	2028-05-21	—	4.67%	—	147bp	A1	98.98	—	—	—	XS2919678339	N	—
IG	CCB	FLOAT 05/28/28	China	Senior	—	—	2028-05-28	—	—	—	—	—	100.18	—	—	—	XS3078858670	N	-11bp
IG	CMINLE	FLOAT 06/05/28	China	Senior	—	—	2028-06-05	—	—	—	—	A2	100.05	—	—	—	XS3083865033	N	-3bp
IG	CSILTD	FLOAT 07/16/28	China	Senior	—	—	2028-07-16	—	—	—	—	BBB+/N.R	100.05	98.69	500mm	—	HK0001167060	N	-3bp
IG	CCB	FLOAT 09/11/28	China	Senior	—	—	2028-09-11	—	—	—	—	A1	100.23	—	—	—	XS3170555794	N	-12bp
IG	FRESHK	6 10/01/28	China	Senior	6%	1.85	2028-10-01	—	6.46%	—	209bp	BBB-/N.R	99.15	99.88	500mm	2025-03-31	XS3025777221	N	—
IG	AGRBK	FLOAT 11/28/28	China	Senior	—	—	2028-11-28	—	—	—	—	A1	100.08	—	—	2025-11-28	XS3138403012	N	-4bp
IG	BCHINA	3 5/8 04/17/29	China	Senior	3.625%	2.35	2029-04-17	—	4.78%	—	23bp	A/A1/A	97.30	96.77	300mm	2019-04-16	XS1979516488	N	—
IG	ORIEAS	3 1/2 09/24/29	China	Senior	3.5%	2.80	2029-09-24	—	5.09%	—	60bp	BBB/A-	95.63	95.28	500mm	2019-09-23	XS2053056706	N	—
IG	CCAMCL	5 1/2 01/23/30	China	Senior	5.5%	3.15	2030-01-23	—	5.33%	—	109bp	N.R/A-	100.55	100.05	500mm	2024-07-22	XS2860787709	N	—
IG	CDBALF	FLOAT 05/27/30	China	Senior	—	—	2030-05-27	—	—	—	—	A1/A	100.04	95.72	500mm	—	XS3063726023	N	-1bp
IG	CCB	FLOAT 05/28/30	China	Senior	—	—	2030-05-28	—	—	—	—	A/N.R	100.50	89.92	100mm	—	XS3078861625	N	-14bp
IG	BCHINA	2 1/4 10/22/30	China	Senior	2.25%	3.74	2030-10-22	—	4.98%	—	32bp	A/A	90.21	89.43	500mm	2020-10-21	XS2243948457	N	—
IG	CCAMCL	FLOAT 11/13/30	China	Senior	—	—	2030-11-13	—	—	—	—	BBB+	100.35	—	—	2025-11-13	XS3223040216	N	-9bp
IG	PINGIN	2.85 08/12/31	China	Senior	2.85%	4.55	2031-08-12	—	5.37%	—	90bp	Baa2	89.08	88.58	550mm	2021-08-11	XS2372975040	N	—
IG	CTIH	6.4 PERP	China	Sub	6.4%	1.42	PERP	2028-03-09	—	5.48%	156bp	BBB+/A-	101.31	100.12	2.0bn	—	XS2588464433	N	—
Financial Other1
HY	ZHPRHK	Zhenro	China	Senior	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	China	Senior	3.375%	3.24	2030-04-29	—	5.45%	—	77bp	BBB/Baa1/BBB+	93.48	93.24	600mm	2020-04-28	USY77108AA93	N	—
IG	LENOVO	6.536 07/27/32	China	Senior	6.536%	4.93	2032-07-27	—	5.88%	—	138bp	BBB/Baa2/BBB	103.29	103.14	625mm	2022-07-26	USY5257YAM94	N	—
Industrial Other3
HY	FOSUNI	Fortune Star	China	Senior	5.05%	0.24	2027-01-27	—	3.70%	—	334bp	BB-/N.R	100.66	99.68	500mm	2021-01-27	XS2281321799	N	—
HY	FOSUNI	Fortune Star	China	Senior	8.5%	1.40	2028-05-19	—	6.42%	—	370bp	BB-/N.R	103.84	101.13	500mm	2024-11-19	XS2922957746	N	—
HY	FOSUNI	Fortune Star	China	Senior	6.8%	2.56	2029-09-09	—	8.25%	—	389bp	BB-/N.R	96.21	96.79	400mm	2025-09-09	XS3175828113	N	—
Infrastructure1
IG	SHPORT	2.85 09/11/29	China	Senior	2.85%	2.83	2029-09-11	—	4.81%	—	38bp	A+/A1	94.59	94.10	500mm	2019-09-10	XS2049589042	N	—
Local Authority5
HY	ZJSOAM	Zhuji	China	Senior	5.55%	0.78	2027-08-20	—	4.48%	—	122bp	N.R/N.R	101.04	100.31	500mm	2024-08-20	XS2859262540	N	—
HY	QDJZWD	Qingdao Jiaozhou	China	Senior	7%	1.08	2027-12-27	—	6.37%	—	375bp	N.R/N.R	100.89	100.12	200mm	2024-12-27	XS2966264652	N	—
HY	CPDEV	Central Plaza	China	Senior	7.15%	1.31	2028-03-21	—	11.41%	—	756bp	—	94.27	—	—	2025-03-21	XS2867168226	N	—
HY	DFINVH	Oriental Capital	China	Senior	5.2%	1.70	2028-08-20	—	4.93%	—	90bp	N.R/BB-	100.50	99.79	300mm	2025-08-20	XS3151398057	N	—
HY	CPDEV	Central Plaza	China	Senior	6.8%	2.22	2029-04-07	—	11.05%	—	647bp	N.R/BB+	90.93	100.06	250mm	2025-04-07	XS3035206518	N	—
Oil & Gas3
IG	CNOOC	4 3/8 05/02/28	China	Senior	4.375%	1.89	2028-05-02	—	4.71%	—	175bp	A+/A1	99.36	—	—	2018-05-02	US12634MAE03	N	—
IG	CNOOC	5 05/02/42	China	Senior	5%	10.76	2042-05-02	—	5.48%	—	45bp	A+/A1	94.94	—	—	—	USG23530AB75	N	—
IG	CNOOC	3.3 09/30/49	China	Senior	3.3%	14.49	2049-09-30	—	5.48%	—	11bp	A+/A1	71.73	69.71	500mm	2019-09-29	US12625GAG91	N	—
Other11
HY	FUTLAN	Seazen	China	Senior	11.88%	0.61	2027-06-26	—	13.43%	—	1562bp	B-/N.R	98.59	98.89	350mm	2025-06-26	XS3099012406	N	—
HY	VNKRLE	Vanke HK	China	Senior	3.98%	0.96	2027-11-09	—	50.23%	—	—	CCC-/C/C	54.94	54.95	1.0bn	2017-11-09	XS1713193586	N	—
HY	LNGFOR	Longfor	China	Senior	4.5%	1.16	2028-01-16	—	11.23%	—	914bp	B2/BB-	90.94	93.62	500mm	2018-01-16	XS1743535491	N	—
HY	DALWAN	Wanda	China	Senior	12.75%	1.15	2028-02-05	—	11.87%	—	927bp	N.R	101.17	—	360mm	2026-02-05	XS3286199461	N	—
HY	GRNCH	Greentown	China	Senior	8.45%	1.23	2028-02-24	—	12.81%	—	972bp	B1	94.21	99.98	500mm	2025-02-24	XS2971601336	N	—
HY	SHUION	Shui On	China	Senior	9.75%	1.96	2029-01-26	—	11.44%	—	786bp	N.R/N.R	96.42	100.99	450mm	2026-01-26	XS3040578745	N	—
HY	FTLNHD	New Metro	China	Senior	11.8%	2.03	2029-03-09	—	15.35%	—	1113bp	B-/N.R	92.86	94.80	355mm	2026-03-09	XS3298830434	N	—
HY	ZHLGHD	Zhongliang	China	Senior	5%	0.50	2029-07-01	—	243.06%	—	—	N.R/N.R	2.89	3.75	1.3bn	2024-03-20	XS2771889370	Y	—
HY	CHJMAO	Franshion	China	Senior	4.25%	2.51	2029-07-23	—	8.00%	—	404bp	Ba3	90.18	92.10	500mm	2019-07-23	XS2030348903	N	—
HY	LNGFOR	Longfor	China	Senior	3.95%	2.65	2029-09-16	—	12.96%	—	849bp	B+/B2/BB-	78.17	84.50	850mm	2019-09-16	XS2033262895	N	—
HY	SINOCE	Sino-Ocean	China	Senior	3%	2.81	2033-03-27	—	75.24%	—	—	N.R/N.R	5.50	5.88	1.6bn	2025-03-27	XS3033830772	N	—
Owned No Guarantee4
IG	CFAMCI	Huarong 2017	China	Senior	4.75%	0.48	2027-04-27	—	5.37%	—	120bp	Ba2/BBB+	99.70	99.68	850mm	2017-04-27	XS1596795358	N	—
IG	CFAMCI	Huarong 2017	China	Senior	4.25%	0.97	2027-11-07	—	3.69%	—	103bp	Ba2/BBB+	100.82	99.68	850mm	2017-11-07	XS1711550373	N	—
IG	CFAMCI	Huarong 2019	China	Senior	4.5%	2.36	2029-05-29	—	4.75%	—	89bp	Ba2/BBB-	99.30	97.23	700mm	2019-05-29	XS2001732283	N	—
HY	CFAMCI	Huarong 2017	China	Senior	4.95%	11.76	2047-11-07	—	5.98%	—	71bp	Ba2	87.67	—	—	2017-11-07	XS1711992716	N	—
Real Estate1
IG	CHIOLI	6.45 06/11/34	China	Senior	6.45%	6.21	2034-06-11	—	6.02%	—	148bp	A-/Baa2	102.68	—	—	2014-06-11	XS1075180379	N	—
TMT13
IG	BABA	3.4 12/06/27	China	Senior	3.4%	1.44	2027-12-06	—	4.44%	—	163bp	A+/A1/A	98.51	98.35	2.5bn	2017-12-05	US01609WAT99	N	—
IG	TENCNT	3.595 01/19/28	China	Senior	3.595%	1.44	2028-01-19	—	4.70%	—	133bp	A+/A1/A	98.42	98.32	2.5bn	2018-01-18	US88032XAG97	N	—
IG	MEITUA	4 5/8 10/02/29	China	Senior	4.625%	2.76	2029-10-02	—	5.53%	—	100bp	BBB+/Baa1/BBB+	97.53	97.35	1.3bn	2024-10-01	USG59669AF11	N	—
IG	BIDU	3.425 04/07/30	China	Senior	3.425%	3.24	2030-04-07	—	5.17%	—	59bp	A3/A-	94.47	94.04	400mm	2020-04-06	US056752AR92	N	—
IG	MEITUA	3.05 10/28/30	China	Senior	3.05%	3.68	2030-10-28	—	5.78%	—	108bp	BBB+/Baa1/BBB+	90.38	90.02	1.2bn	2020-10-27	USG59669AC89	N	—
IG	BABA	2 1/8 02/09/31	China	Senior	2.125%	4.19	2031-02-09	—	5.13%	—	70bp	A+/A1/A	88.05	87.55	1.5bn	2021-02-08	US01609WAX02	N	—
IG	KUAISH	4 3/4 01/22/36	China	Senior	4.75%	7.39	2036-01-22	—	6.32%	—	158bp	A-/A3/A-	88.94	89.07	900mm	2026-01-21	USG53263AC66	N	—
IG	TENCNT	5 06/16/36	China	Senior	5%	7.69	2036-06-16	—	5.84%	—	114bp	A+/A1/A	93.69	93.15	1.8bn	2026-06-15	US88032XBE31	N	—
IG	TENCNT	3.925 01/19/38	China	Senior	3.925%	8.83	2038-01-19	—	6.06%	—	119bp	A+/A1/A+	82.53	82.49	1.0bn	2018-01-18	US88032XAH70	N	—
IG	TENCNT	3.68 04/22/41	China	Senior	3.68%	10.48	2041-04-22	—	6.22%	—	103bp	A+/A1/A	75.98	75.03	900mm	2021-04-21	US88032XBB91	N	—
IG	BABA	4.2 12/06/47	China	Senior	4.2%	12.69	2047-12-06	—	6.40%	—	110bp	A+/A1/A+	74.51	73.49	1.8bn	2017-12-05	US01609WAV46	N	—
IG	BABA	3 1/4 02/09/61	China	Senior	3.25%	15.68	2061-02-09	—	6.47%	—	128bp	A+/A1/A	55.72	55.36	1.0bn	2021-02-08	US01609WBA99	N	—
IG	TENCNT	3.94 04/22/61	China	Senior	3.94%	15.09	2061-04-22	—	6.44%	—	121bp	A+/A1/A	65.50	65.03	1.0bn	2021-04-21	US88032XBD57	N	—
		Japan33		Sen/Sub	Coupon	Dur	Maturity	Call	YTM	YTC	Z-S	RatingS&P/Moody’s/Fitch	PX from ETF	SPM PX	Total issue40.7bn	Issue date	ISIN	Def	Dm
Automotive5
HY	NSANY	Nissan	Japan	Senior	4.34%	0.85	2027-09-17	—	5.69%	—	206bp	BB-/Ba2/BB	98.71	98.06	2.5bn	2020-09-17	USJ57160DY66	N	—
HY	NSANY	Nissan	Japan	Senior	7.5%	3.14	2030-07-17	—	7.13%	—	294bp	BB-/Ba2/BB	101.25	99.44	1.0bn	2025-07-17	USJ57160CX92	N	—
HY	NSANY	Nissan	Japan	Senior	4.81%	3.46	2030-09-17	—	7.45%	—	292bp	BB-/Ba2/BB	91.01	90.14	2.5bn	2020-09-17	USJ57160DZ32	N	—
HY	NSANY	Nissan	Japan	Senior	7.75%	4.47	2032-07-17	—	7.48%	—	304bp	BB-/Ba2/BB	101.28	99.29	750mm	2025-07-17	USJ57160CY75	N	—
HY	NSANY	Nissan	Japan	Senior	8.13%	6.05	2035-07-17	—	7.96%	—	328bp	BB-/Ba2/BB	101.08	100.80	1.2bn	2025-07-17	USJ57160CZ41	N	—
Banking6
IG	MUFG	MUFG	Japan	Sub	6.35%	6.35	PERP	2036-01-14	—	6.95%	223bp	BB+/Baa3/BB+	95.89	94.17	1.0bn	2025-09-12	US606822DP65	N	—
IG	MUFG	MUFG	Japan	Sub	8.2%	1.95	PERP	2029-01-14	—	5.21%	127bp	BB+/Baa3/BB+	106.92	105.00	750mm	2023-10-26	US606822DD36	N	—
HY	MIZUHO	Mizuho	Japan	Sub	7.05%	6.72	PERP	2036-12-15	—	7.36%	265bp	BB+/Ba1	97.76	—	1.0bn	2026-09-14	US60687YEA38	N	—
IG	SUMIBK	SMFG	Japan	Sub	6.6%	5.42	PERP	2034-06-04	—	6.81%	230bp	BB+/Baa3	98.75	95.96	1.0bn	2024-03-05	US86562MDK36	N	—
IG	SUMIBK	SMFG	Japan	Sub	6.45%	5.90	PERP	2035-06-04	—	6.85%	226bp	BB+/Baa3	97.37	94.23	1.2bn	2025-02-25	US86562MDW73	N	—
IG	SUMIBK	SMFG	Japan	Sub	6.95%	6.78	PERP	2036-12-04	—	7.12%	243bp	BB+/Baa3	98.74	97.30	500mm	2026-09-10	US86562MEY21	N	—
BROKERS1
HY	NOMURA	Nomura	Japan	Sub	7%	3.17	PERP	2030-07-14	—	6.81%	262bp	Ba3/BB	100.65	99.00	1.0bn	2025-07-01	US65535HCC16	N	—
Retailers4
HY	RAKUTN	Rakuten	Japan	Senior	11.25%	0.29	2027-02-15	—	3.13%	—	108bp	BB/N.R	104.00	101.98	1.8bn	2024-02-06	USJ64264AG96	N	—
HY	RAKUTN	Rakuten	Japan	Senior	9.75%	2.20	2029-04-15	—	6.59%	—	203bp	BB/N.R	107.18	106.39	2.0bn	2024-04-10	USJ64264AK09	N	—
HY	RAKUTN	Rakuten	Japan	Sub	6.25%	3.86	PERP	2031-04-21	—	7.93%	319bp	B/N.R	93.75	93.77	1.0bn	2021-04-22	USJ6S87BAX69	N	—
HY	RAKUTN	Rakuten	Japan	Sub	8.13%	2.69	PERP	2029-12-14	—	6.81%	291bp	B/N.R	104.05	101.17	550mm	2024-12-13	USJ64264AM64	N	—
Wireless17
HY	SOFTBK	SoftBank	Japan	Senior	5.13%	0.86	2027-09-19	—	6.00%	—	236bp	BB+/Ba2	99.16	99.15	2.0bn	2017-09-19	XS1684384867	N	—
HY	SOFTBK	SoftBank	Japan	Senior	6.25%	1.36	2028-04-15	—	7.05%	—	269bp	BB+/Ba2	98.88	96.69	1.0bn	2018-04-03	XS1793255198	N	—
HY	SOFTBK	SoftBank	Japan	Senior	4.63%	1.58	2028-07-06	—	6.12%	—	268bp	BB+/N.R	97.24	96.69	1.0bn	2021-07-06	XS2361253433	N	—
HY	SOFTBK	SoftBank	Japan	Senior	6.5%	2.20	2029-04-10	—	7.68%	—	314bp	BB+/N.R	97.37	98.39	500mm	2025-07-10	XS3109833817	N	—
HY	SOFTBK	SoftBank	Japan	Senior	6.75%	2.36	2029-07-08	—	7.05%	—	316bp	BB+/N.R	99.20	98.62	400mm	2024-07-08	XS2854422578	N	—
HY	SOFTBK	SoftBank	Japan	Senior	7.63%	2.60	2029-10-22	—	8.29%	—	359bp	BB+/N.R	98.28	100.12	400mm	2026-04-22	XS3344488948	N	—
HY	SOFTBK	SoftBank	Japan	Senior	6.88%	3.51	2031-01-10	—	7.92%	—	370bp	BB+/N.R	96.14	95.58	600mm	2025-07-10	XS3109834112	N	—
HY	SOFTBK	SoftBank	Japan	Senior	7%	3.84	2031-07-08	—	7.92%	—	366bp	BB+/N.R	96.25	95.74	500mm	2024-07-08	XS2854422818	N	—
HY	SOFTBK	SoftBank	Japan	Senior	8.25%	4.01	2031-10-22	—	8.91%	—	412bp	BB+/N.R	97.37	98.83	600mm	2026-04-22	XS3344488864	N	—
HY	SOFTBK	SoftBank	Japan	Senior	9.25%	4.19	2032-04-01	—	9.08%	—	435bp	BB+/BB+	100.74	101.38	4.5bn	2026-09-29	USJ7600PAB97	N	—
HY	SOFTBK	SoftBank	Japan	Senior	7.25%	4.49	2032-07-10	—	8.18%	—	378bp	BB+/N.R	95.66	95.04	600mm	2025-07-10	XS3112542272	N	—
HY	SOFTBK	SoftBank	Japan	Senior	9.75%	5.22	2034-04-01	—	9.72%	—	486bp	BB+/BB+	100.17	101.58	4.5bn	2026-09-29	USJ7600PAC70	N	—
HY	SOFTBK	SoftBank	Japan	Senior	7.5%	6.09	2035-07-10	—	8.55%	—	388bp	BB+/N.R	93.51	94.06	500mm	2025-07-10	XS3112542355	N	—
HY	SOFTBK	SoftBank	Japan	Senior	8.5%	6.42	2036-04-22	—	9.06%	—	408bp	BB+/N.R	96.45	98.39	500mm	2026-04-22	XS3344489169	N	—
HY	SOFTBK	SoftBank hybrid	Japan	Sub	7.63%	3.59	2061-04-29	2031-04-29	8.37%	9.98%	309bp	BB+/N.R	91.65	100.12	400mm	2025-10-29	XS3203997005	N	—
HY	SOFTBK	SoftBank hybrid	Japan	Sub	8.25%	6.10	2065-10-29	2035-10-29	9.20%	9.96%	389bp	B+/N.R	90.01	93.39	1.1bn	2025-10-29	XS3203997427	N	—
HY	SOFTBK	SoftBank	Japan	Sub	6.88%	0.69	PERP	2027-07-18	—	7.75%	639bp	B+/B1	99.17	99.21	1.8bn	2017-07-19	XS1642686676	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 issue39.5bn	Issue date	ISIN	Def	Dm
Banking2
HY	LUSOIB	Luso Bank	HK/Macau	Senior	7.2%	1.53	2033-06-30	—	6.78%	—	229bp	N.R/N.R	102.30	—	350mm	2023-06-30	XS2639510341	N	—
HY	LUSOIB	Luso Bank	HK/Macau	Sub	7.5%	2.27	2034-05-29	—	6.95%	—	246bp	N.R/N.R	103.34	—	430mm	2023-11-29	XS2720193981	N	—
Consumer2
IG	LVS	6 08/15/29	HK/Macau	Senior	6%	2.71	2029-08-15	—	5.90%	—	167bp	BBB-/Baa3	100.26	—	—	2024-05-16	US517834AK35	N	—
IG	SANLTD	4 3/8 06/18/30	HK/Macau	Senior	4.375%	3.60	2030-06-18	—	5.95%	—	185bp	BBB-/Baa2/BBB-	94.45	94.59	700mm	—	US80007RAL96	N	—
Diversified5
IG	CKHH	3 1/4 09/29/27	HK/Macau	Senior	3.25%	0.97	2027-09-29	—	4.69%	—	76bp	A/A2/A-	98.61	100.04	750mm	2017-09-29	USG2178XAC68	N	—
IG	CKHH	5 3/8 04/26/29	HK/Macau	Senior	5.375%	2.32	2029-04-26	—	4.99%	—	38bp	A/A2/A	100.90	100.53	1.0bn	2024-04-25	USG2176UAA81	N	—
IG	JMHLDS	2 7/8 04/09/36	HK/Macau	Senior	2.875%	8.00	2036-04-09	—	5.51%	—	62bp	A+/A1	80.70	79.58	400mm	2021-04-08	XS2325158488	N	—
IG	CK	CK Hutchison 3.125% 15APR2041	HK/Macau	Senior	3.125%	10.85	2041-04-15	—	6.00%	—	82bp	A/A2	72.42	—	—	2021-04-15	USG2182GAC71	N	—
IG	CKHH	3 3/8 09/06/49	HK/Macau	Senior	3.375%	14.02	2049-09-06	—	6.04%	—	68bp	A/A2/A	67.14	65.20	750mm	2019-09-06	USG2176DAB40	N	—
Financial17
IG	STANLN	2.608 01/12/28	HK/Macau	Senior	2.608%	1.46	2028-01-12	—	2.94%	—	-74bp	BBB+/A3/A	99.52	100.48	750mm	2022-01-12	XS2428496637	N	—
IG	STANLN	FLOAT 02/08/28	HK/Macau	Senior	—	—	2028-02-08	—	—	—	—	BBB+/A3/A	100.39	100.48	400mm	2023-11-07	USG84228GA04	N	-31bp
IG	STANLN	7.018 02/08/30	HK/Macau	Senior	7.018%	3.08	2030-02-08	—	6.00%	—	171bp	BBB+/A3/A	103.18	103.06	750mm	2023-11-07	USG84228FZ63	N	—
IG	PRUFIN	3 1/8 04/14/30	HK/Macau	Senior	3.125%	3.25	2030-04-14	—	5.28%	—	67bp	A+/A2	93.20	—	—	—	US744330AA93	N	—
IG	STANLN	4.305 05/21/30	HK/Macau	Senior	4.305%	3.62	2030-05-21	—	5.13%	—	108bp	BBB/A3/BBB+	97.06	99.74	1.2bn	2019-05-21	XS2001211122	N	—
IG	STANLN	FLOAT 08/13/30	HK/Macau	Senior	—	—	2030-08-13	—	—	—	—	BBB+/A3	99.93	100.17	500mm	2026-08-12	US85325D2E97	N	+2bp
IG	FWDGHD	5.252 09/22/30	HK/Macau	Senior	5.252%	3.55	2030-09-22	—	5.94%	—	140bp	Baa2/BBB-	97.57	97.42	575mm	2025-09-21	USG37049AC03	N	—
IG	STANLN	4.644 04/01/31	HK/Macau	Senior	4.644%	4.00	2031-04-01	—	5.37%	—	76bp	BBB+/A3/A	97.15	96.65	2.0bn	2020-03-30	XS2150091739	N	—
IG	BNKEA	5 3/8 05/13/32	HK/Macau	Senior	5.375%	5.04	2032-05-13	—	5.98%	—	172bp	BBB/Baa2	96.97	96.95	1.0bn	2026-05-12	XS3314102842	N	—
IG	STANLN	2.678 06/29/32	HK/Macau	Senior	2.678%	5.41	2032-06-29	—	5.08%	—	64bp	BBB+/A3	87.70	—	—	—	XS2358287824	N	—
IG	AIA	4.95 04/04/33	HK/Macau	Senior	4.95%	5.49	2033-04-04	—	5.23%	—	51bp	AA-/A1/A+	98.49	97.50	600mm	2023-04-03	US00131MAP86	N	—
IG	AIA	5 3/8 04/05/34	HK/Macau	Senior	5.375%	6.07	2034-04-05	—	5.82%	—	104bp	A/A2/A	97.35	96.99	1.0bn	2024-04-04	US00131MAQ69	N	—
IG	STANLN	6.296 07/06/34	HK/Macau	Senior	6.296%	6.24	2034-07-06	—	5.99%	—	139bp	BBB+/A3/A	101.90	100.99	1.0bn	2023-07-05	USG84228FV59	N	—
IG	STANLN	6.097 01/11/35	HK/Macau	Senior	6.097%	6.56	2035-01-11	—	6.08%	—	143bp	BBB+/A3/A	100.11	99.30	1.5bn	2024-01-10	USG84228GC69	N	—
IG	STANLN	5.905 05/14/35	HK/Macau	Senior	5.905%	6.88	2035-05-14	—	6.09%	—	153bp	BBB+/A3	98.76	—	—	2024-05-14	USG84228GH56	N	—
IG	AIA	3.2 09/16/40	HK/Macau	Senior	3.2%	10.45	2040-09-16	—	6.41%	—	128bp	A+/A2/A	70.65	70.17	1.8bn	2020-09-15	US00131MAK99	N	—
IG	STANLN	5.706 03/05/47	HK/Macau	Senior	5.706%	11.59	2047-03-05	—	6.42%	—	107bp	BBB+/A3/A	91.88	90.11	750mm	2026-03-04	XS3304372942	N	—
Food and Beverage1
HY	FIRPAC	FPC Resources	HK/Macau	Senior	4.38%	0.84	2027-09-11	—	5.41%	—	188bp	—	99.01	—	—	2020-09-11	XS2223798229	N	—
Gaming14
HY	MGMCHI	MGM China	HK/Macau	Senior	4.75%	0.25	2027-02-01	—	2.83%	—	128bp	B+/B1/BB-	100.94	99.69	750mm	2021-03-31	USG60744AG74	N	—
HY	WYNMAC	Wynn Macau	HK/Macau	Senior	5.5%	0.81	2027-10-01	—	5.69%	—	179bp	BB-/B1/BB-	99.82	99.37	750mm	2017-09-20	USG98149AD29	N	—
HY	SJMHOL	Champion Path	HK/Macau	Senior	4.85%	1.18	2028-01-27	—	7.36%	—	434bp	B2/B	96.50	96.65	500mm	2021-01-27	XS2289203551	N	—
HY	MPEL	Melco	HK/Macau	Senior	5.75%	1.43	2028-07-21	—	5.68%	—	202bp	BB-/Ba3	100.12	—	—	2020-07-21	USG5975LAF34	N	—
HY	WYNMAC	Wynn Macau	HK/Macau	Senior	5.63%	1.53	2028-08-26	—	5.95%	—	193bp	BB-/B1/BB-	99.41	98.25	1.4bn	2020-08-26	USG98149AH33	N	—
HY	STCITY	Studio City	HK/Macau	Senior	5%	2.04	2029-01-15	—	7.21%	—	345bp	B+/B1	95.04	93.94	1.1bn	2021-01-14	USG85381AG95	N	—
HY	MPEL	Melco	HK/Macau	Senior	5.38%	2.64	2029-12-04	—	6.36%	—	248bp	BB-/Ba3	96.96	95.15	1.1bn	2019-12-04	USG5975LAE68	N	—
HY	WYNMAC	Wynn Macau	HK/Macau	Senior	5.13%	2.66	2029-12-15	—	6.10%	—	213bp	BB-/B1/BB-	96.98	95.32	1.0bn	2019-12-17	USG98149AE02	N	—
HY	SJMHOL	SJM	HK/Macau	Senior	6.5%	3.54	2031-01-15	—	9.06%	—	485bp	B2/BB-	90.70	91.96	540mm	2026-01-15	XS3267117995	N	—
HY	MGMCHI	MGM China	HK/Macau	Senior	7.13%	2.68	2031-06-26	—	6.24%	—	196bp	B+/B1/BB-	103.79	102.02	500mm	2024-06-26	USG60744AJ14	N	—
HY	MPEL	Melco	HK/Macau	Senior	7.63%	3.22	2032-04-17	—	7.66%	—	290bp	BB-/Ba3	99.87	99.96	750mm	2024-04-17	USG5975LAK29	N	—
HY	MGMCHI	MGM China	HK/Macau	Senior	6.25%	4.74	2033-05-15	—	6.92%	—	257bp	B+/B1/BB-	96.35	93.67	750mm	2026-05-13	USG60744AK86	N	—
HY	MPEL	Melco	HK/Macau	Senior	6.5%	4.93	2033-09-24	—	7.76%	—	300bp	BB-/Ba3	93.29	93.10	500mm	2025-09-24	USG5975LAL02	N	—
HY	WYNMAC	Wynn Macau	HK/Macau	Senior	6.75%	4.84	2034-02-15	—	7.47%	—	280bp	BB-/B1/BB-	95.94	94.62	1.0bn	2025-08-19	USG98149AM28	N	—
Industrial Other1
HY	CTFSHK	Celestial Dynasty	HK/Macau	Senior	6.38%	1.67	2028-08-22	—	6.50%	—	256bp	N.R/N.R	99.77	99.17	400mm	2024-08-22	XS2877153234	N	—
Other4
HY	NWDEVL	NW China Land	HK/Macau	Senior	4.75%	0.23	2027-01-23	—	6.14%	—	882bp	N.R/N.R	99.33	98.62	600mm	2017-01-23	XS1549621586	N	—
HY	NWDEVL	NWD	HK/Macau	Senior	4.13%	2.49	2029-07-18	—	11.76%	—	804bp	***/N.R	81.17	80.33	950mm	2019-07-18	XS2028401086	N	—
HY	NWDEVL	NWD	HK/Macau	Senior	4.5%	3.13	2030-05-19	—	11.10%	—	756bp	N.R/N.R	79.12	80.83	600mm	2020-05-19	XS2175969125	N	—
HY	NWDEVL	New World Dev	HK/Macau	Sub	4.13%	1.31	PERP	2028-03-09	—	23.52%	2016bp	***/N.R	76.61	76.79	1.2bn	2021-06-10	XS2348062899	N	—
Owned No Guarantee1
HY	CINDBK	China CITIC Bank Intl	HK/Macau	Sub	5%	3.96	PERP	2031-07-21	—	5.08%	68bp	Ba2	99.64	98.79	400mm	2026-07-22	XS3371242911	N	—
Real Estate2
IG	SUNHUN	2 7/8 01/21/30	HK/Macau	Senior	2.875%	3.27	2030-01-21	—	4.98%	—	73bp	A+/A1	93.30	92.79	800mm	2020-01-20	XS2099130382	N	—
IG	HYSAN	7.2 PERP	HK/Macau	Sub	7.2%	3.43	PERP	2030-09-10	—	6.75%	226bp	Baa3	101.56	102.16	750mm	2025-03-10	XS3012400746	N	—
TMT1
IG	HKTGHD	3 01/18/32	HK/Macau	Senior	3%	4.95	2032-01-18	—	5.40%	—	96bp	BBB/Baa2	88.69	88.33	650mm	2022-01-17	XS2414130711	N	—
Transport2
IG	MTRC	4 7/8 04/01/35	HK/Macau	Senior	4.875%	6.88	2035-04-01	—	4.97%	—	16bp	AA+/Aa3	99.37	97.55	1.0bn	2025-03-31	HK0001127510	N	—
IG	MTRC	5 5/8 PERP	HK/Macau	Sub	5.625%	6.94	PERP	2035-09-23	—	6.08%	125bp	A/A2	96.89	97.04	1.5bn	2025-06-23	XS3094282343	N	—
Transportation Services2
HY	SSW	Seaspan	HK/Macau	Senior	5.5%	2.37	2029-08-01	—	6.55%	—	244bp	BB	97.17	—	—	2021-07-14	US81254UAK25	N	—
HY	SSW	Seaspan	HK/Macau	Senior	5.5%	2.29	2029-08-01	—	6.27%	—	214bp	BB	97.92	—	—	2021-07-14	USY75638AF67	N	—
Utilities3
IG	HKE	1 7/8 08/27/30	HK/Macau	Senior	1.875%	3.77	2030-08-27	—	4.93%	—	47bp	A-/N.R	89.03	88.33	500mm	2020-08-26	XS2219618548	N	—
IG	CHINLP	2 1/4 07/21/31	HK/Macau	Senior	2.25%	4.62	2031-07-21	—	4.92%	—	50bp	A+/A1	88.31	87.53	300mm	2021-07-20	XS2364591367	N	—
IG	CKINF	4 PERP	HK/Macau	Sub	4%	—	PERP	2026-10-29	—	—	—	BBB/N.R	59.26	65.00	300mm	2021-07-28	XS2365668891	N	—
Wirelines1
HY	CASHLD	CAS Capital	HK/Macau	Sub	6.25%	3.66	PERP	2031-01-12	—	6.88%	262bp	BB/Ba2	97.61	97.85	675mm	2026-01-13	XS3258406761	N	—
		India39		Sen/Sub	Coupon	Dur	Maturity	Call	YTM	YTC	Z-S	RatingS&P/Moody’s/Fitch	PX from ETF	SPM PX	Total issue21.6bn	Issue date	ISIN	Def	Dm
Banking1
HY	AXSBIN	Axis Bank	India	Sub	6.88%	4.14	PERP	2031-12-30	—	6.86%	253bp	BB-	100.09	—	600mm	2026-06-30	XS3311132552	N	—
Chemicals1
HY	UPLLIN	UPL	India	Senior	4.63%	3.23	2030-06-16	—	7.38%	—	337bp	BB/Ba2/BB	90.64	96.78	300mm	2020-06-16	XS2189565992	N	—
Electric8
HY	INGPHL	India Green Energy	India	Senior	4%	0.31	2027-02-22	—	4.10%	—	227bp	—	99.95	—	—	2021-02-22	USV4819LAA09	N	—
HY	INCLEN	India Clean Energy	India	Senior	4.5%	0.46	2027-04-18	—	6.72%	—	291bp	Ba3/BB-	98.92	98.81	400mm	2022-01-18	USV4605MAA63	N	—
HY	RPVIN	ReNew	India	Senior	4.5%	1.59	2028-07-14	—	5.79%	—	222bp	Ba3/BB-	97.59	—	585mm	2021-04-14	USY7280PAA13	N	—
HY	RPVIN	ReNew Treasury	India	Senior	6.5%	3.54	2031-02-02	—	7.16%	—	281bp	Ba3/BB-	97.49	—	600mm	2026-02-02	USY72910AA35	N	—
HY	HBSPIN	JSW Hydro	India	Senior	4.13%	3.38	2031-05-18	—	6.11%	—	199bp	Ba1/BB+	91.56	90.67	707mm	2021-05-18	USY4S71YAA27	N	—
HY	CWENIN	CGE Treasury	India	Senior	7.88%	3.57	2031-07-28	—	7.97%	—	360bp	BB-/Ba3	99.65	—	390mm	2026-07-28	XS3451576899	N	—
HY	CGRNEG	Continuum Green	India	Senior	7.5%	4.25	2033-06-26	—	7.26%	—	279bp	Ba2	101.29	—	650mm	2024-06-26	USY8987LAA45	N	—
IG	ADGREG	Parampujya Solar	India	Senior	6.7%	6.87	2042-03-12	—	7.42%	—	226bp	Ba1/BBB-	93.41	93.96	409mm	2024-03-12	XS2777626685	N	—
Finance Companies4
HY	PIFINL	Piramal	India	Senior	7.8%	1.17	2028-01-29	—	5.72%	—	239bp	BB/Ba2	102.95	—	—	2024-07-29	XS2863565326	N	—
HY	IIFOIN	IIFL	India	Senior	8.75%	1.58	2028-07-24	—	6.52%	—	293bp	B+	104.11	—	—	2025-01-24	USY3R78RET83	N	—
HY	IIFOIN	IIFL	India	Senior	7.6%	2.50	2029-09-10	—	6.94%	—	256bp	B+	101.76	—	—	2026-06-10	USY3R78RMD40	N	—
HY	IHFLIN	Samaan	India	Senior	7.5%	3.40	2030-10-16	—	8.22%	—	352bp	B+/N.R	97.57	98.42	450mm	2025-10-16	XS3205989232	N	—
Financial6
IG	SBIIN	4 7/8 05/05/28	India	Senior	4.875%	1.88	2028-05-05	—	5.19%	—	234bp	BBB/Baa3/BBB-	99.40	99.22	750mm	2023-05-04	XS2615928863	N	—
IG	POWFIN	6.15 12/06/28	India	Senior	6.15%	2.29	2028-12-06	—	5.61%	—	203bp	Baa3/BBB-	101.25	101.04	500mm	2018-12-05	US73928RAA41	N	—
IG	RECLIN	4 3/4 09/27/29	India	Senior	4.75%	2.75	2029-09-27	—	5.55%	—	105bp	Baa3	97.82	—	—	2024-09-27	US74947MAE21	N	—
IG	ICICI	5.417 08/21/31	India	Senior	5.417%	4.31	2031-08-21	—	5.91%	—	142bp	BBB/Baa3	97.88	97.23	750mm	2026-08-20	USY38604AB36	N	—
IG	HDFCB	5.401 08/26/31	India	Senior	5.401%	4.31	2031-08-26	—	5.89%	—	138bp	BBB/Baa3	97.89	97.29	1.2bn	2026-08-25	USY30909AB43	N	—
IG	INRCIN	3.57 01/21/32	India	Senior	3.57%	4.88	2032-01-21	—	5.60%	—	116bp	BBB/Baa3	90.49	—	—	2022-01-21	US45434M2H45	N	—
Financial Other5
HY	MUTHIN	Muthoot	India	Senior	7.13%	0.85	2028-02-14	—	6.12%	—	260bp	BB+/BB+	101.43	100.32	750mm	2024-05-14	US62828M2C41	N	—
HY	FIHUCN	Fairfax India	India	Senior	5%	1.26	2028-02-26	—	7.42%	—	385bp	BBB	96.63	—	500mm	2021-02-26	US303897AA02	N	—
HY	MUTHIN	Muthoot	India	Senior	6.38%	1.93	2029-04-23	—	7.15%	—	251bp	BB+/BB+	98.27	98.82	650mm	2024-10-23	US62828M2D24	N	—
HY	MUTHIN	Muthoot	India	Senior	6.38%	2.63	2030-03-02	—	6.98%	—	259bp	BB+/Ba1	98.18	97.90	750mm	2025-09-02	US62828M2E07	N	—
HY	MUTHIN	Muthoot	India	Senior	5.75%	2.98	2030-08-04	—	6.77%	—	246bp	BB+/Ba1	96.48	95.89	600mm	2026-02-04	US62828M2F71	N	—
Infrastructure1
IG	ADSEZ	4.2 08/04/27	India	Senior	4.2%	0.96	2027-08-04	—	5.71%	—	313bp	BBB-/Baa3/BBB-	98.55	98.74	500mm	2020-08-04	USY00130VS35	N	—
Metals and Mining4
IG	JSTLIN	JSW Steel	India	Senior	5.05%	4.59	2032-04-05	—	6.50%	—	181bp	Baa3/BB	93.40	93.28	500mm	2021-09-23	USY44680RW11	N	—
HY	VEDLN	Vedanta	India	Senior	7%	3.78	2032-07-13	—	7.29%	—	286bp	BB/Ba3/BB	98.60	—	625mm	2026-07-13	XS3427418432	N	—
HY	VEDLN	Vedanta	India	Senior	7.38%	4.57	2034-07-13	—	7.66%	—	306bp	BB/Ba3/BB	98.34	96.83	750mm	2026-07-13	XS3427418606	N	—
HY	VEDLN	Vedanta	India	Senior	7.75%	5.86	2037-07-13	—	7.96%	—	315bp	BB/Ba3/BB	98.51	—	775mm	2026-07-13	XS3427418788	N	—
Oil & Gas2
IG	RILIN	3.667 11/30/27	India	Senior	3.667%	1.44	2027-11-30	—	4.78%	—	218bp	A-/Baa1	98.41	—	—	2017-11-30	USY72570AN72	N	—
IG	RILIN	3 5/8 01/12/52	India	Senior	3.625%	14.17	2052-01-12	—	6.34%	—	108bp	A-/Baa1	65.85	64.67	1.8bn	2022-01-11	USY72570AU16	N	—
Owned No Guarantee2
HY	GRNKEN	Greenko Wind	India	Senior	7.25%	1.56	2028-09-27	—	7.16%	—	284bp	Ba3/BB	100.17	100.00	1.0bn	2025-03-27	USV3856JAB99	N	—
HY	GRNKEN	Greenko Power	India	Senior	4.3%	1.69	2028-12-13	—	5.69%	—	207bp	Ba3/BB	96.79	100.00	1.0bn	2021-12-13	USV3855MAA54	N	—
Pharmaceuticals1
HY	BIOLIN	Biocon	India	Senior	6.67%	2.35	2029-10-09	—	7.08%	—	250bp	BB+/BB	98.90	99.02	800mm	2024-10-09	USG11185AA61	N	—
Retailers1
HY	FRETAI	Future Retail	India	Senior	0%	0.00	2025-01-22	—	—	—	—	C	0.00	0.25	500mm	2020-01-22	USY267BJGT59	Y	—
Transportation Services3
HY	DIALIN	Delhi Airport	India	Senior	6.13%	0.01	2026-10-31	—	—	—	—	BB/Ba3/BB+	103.06	100.01	522.6mm	2016-10-31	USY2R27RAB56	N	—
HY	DIALIN	Delhi Airport	India	Senior	6.45%	2.32	2029-06-04	—	5.58%	—	179bp	BB/Ba3/BB+	102.38	100.44	500mm	2019-06-04	USY2R40TAB40	N	—
HY	IRBIN	IRB Infra	India	Senior	7.11%	3.51	2032-03-11	—	7.44%	—	283bp	Ba2	98.55	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 issue10.0bn	Issue date	ISIN	Def	Dm
Chemicals1
IG	SAMTOT	Hanwha Petro	Korea	Senior	5.5%	2.46	2029-07-18	—	6.25%	—	222bp	BBB/Ba1	97.98	100.00	400mm	2024-01-18	XS2740446757	N	—
Financial11
IG	NACF	4 1/4 07/06/27	Korea	Senior	4.25%	0.97	2027-07-06	—	4.50%	—	227bp	A+/Aa3	99.76	—	—	—	US65540KAJ43	N	—
IG	SHNHAN	4 1/2 04/12/28	Korea	Senior	4.5%	1.43	2028-04-12	—	4.90%	—	58bp	A+/Aa3/A	99.43	99.01	500mm	2023-04-11	US82460EAV20	N	—
IG	CITNAT	4 5/8 04/21/28	Korea	Senior	4.625%	1.43	2028-04-21	—	4.91%	—	50bp	A+/Aa3	99.59	99.41	500mm	2023-04-20	US50050HAU05	N	—
IG	SHINFN	5 07/24/28	Korea	Senior	5%	1.88	2028-07-24	—	5.20%	—	144bp	A/A1	99.62	96.32	500mm	2023-07-24	USY7749XBA82	N	—
IG	KEBHNB	5 3/4 10/24/28	Korea	Senior	5.75%	1.87	2028-10-24	—	4.91%	—	35bp	A+/Aa3	101.58	—	—	2023-10-24	US48723TAD37	N	—
IG	WOORIB	4 3/4 01/24/29	Korea	Senior	4.75%	2.33	2029-01-24	—	4.95%	—	91bp	A+/A1	99.54	99.03	400mm	2024-01-23	US98105GAP72	N	—
IG	HYUCAP	5 1/8 02/05/29	Korea	Senior	5.125%	2.32	2029-02-05	—	5.26%	—	116bp	A3	99.69	—	—	2024-02-05	USY3815NBH36	N	—
IG	INDKOR	4 3/8 06/24/30	Korea	Senior	4.375%	3.62	2030-06-24	—	4.95%	—	74bp	Aa2/AA-	97.94	97.04	500mm	2025-06-23	US45604HAS67	N	—
IG	KOBCOP	FLOAT 11/18/30	Korea	Senior	—	—	2030-11-18	—	—	—	—	Aa2/AA-	100.34	97.66	300mm	—	XS3220609047	N	-8bp
IG	DAESEC	4 3/8 03/11/31	Korea	Senior	4.375%	4.00	2031-03-11	—	5.80%	—	127bp	Baa2	94.41	93.89	300mm	2026-03-10	XS3299380850	N	—
IG	HLINSU	6.3 06/24/55	Korea	Senior	6.3%	13.17	2055-06-24	—	6.38%	—	119bp	A3/A-	99.00	99.73	1.0bn	2025-06-23	USY306AXAL42	N	—
Industrial4
IG	LGCHM	3 5/8 04/15/29	Korea	Senior	3.625%	2.35	2029-04-15	—	5.52%	—	96bp	BBB/Baa2	95.64	95.40	500mm	2019-04-14	USY52758AD47	N	—
IG	LGENSO	5 3/8 07/02/29	Korea	Senior	5.375%	2.73	2029-07-02	—	5.53%	—	154bp	BBB/Baa2	99.59	99.33	800mm	2024-07-01	USY5S5CGAL65	N	—
IG	HYUELE	2 3/8 01/19/31	Korea	Senior	2.375%	4.17	2031-01-19	—	5.29%	—	93bp	A-/A3/BBB+	88.47	87.86	1.0bn	2021-01-18	USY8085FBD16	N	—
IG	LGENSO	5 7/8 04/02/36	Korea	Senior	5.875%	7.14	2036-04-02	—	6.36%	—	148bp	BBB/Baa2	96.60	95.48	500mm	2026-04-01	USY5S5CGAV48	N	—
Infrastructure1
IG	HIGHWY	5 05/14/27	Korea	Senior	5%	0.96	2027-05-14	—	4.90%	—	480bp	AA/Aa2	100.10	100.06	500mm	2024-05-13	USY4872AMX28	N	—
Metals & Mining1
IG	POHANG	5 7/8 01/17/33	Korea	Senior	5.875%	5.35	2033-01-17	—	5.62%	—	109bp	BBB+/Baa1	101.39	100.26	300mm	2023-01-16	USY7S272AH57	N	—
TMT1
IG	KOREAT	4 5/8 01/13/30	Korea	Senior	4.625%	3.19	2030-01-13	—	5.08%	—	87bp	A3/A	98.56	97.75	500mm	2026-07-12	USY49915BF08	N	—
Utilities4
IG	KOHNPW	4 1/4 07/27/27	Korea	Senior	4.25%	0.97	2027-07-27	—	4.59%	—	188bp	AA/Aa2	99.67	99.46	700mm	2022-07-26	USY4899GFA68	N	—
IG	KORELE	5 1/2 04/06/28	Korea	Senior	5.5%	1.43	2028-04-06	—	4.93%	—	67bp	AA/Aa2	100.82	99.58	400mm	—	USY4907LAF95	N	—
IG	KORGAS	2 07/13/31	Korea	Senior	2%	4.65	2031-07-13	—	5.01%	—	62bp	AA/Aa2/AA-	86.83	96.36	350mm	—	US50066CAR07	N	—
IG	KORGAS	6 1/4 01/20/42	Korea	Senior	6.25%	10.04	2042-01-20	—	5.63%	—	55bp	AA/Aa2	106.36	—	—	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 issue7.5bn	Issue date	ISIN	Def	Dm
Financial5
IG	DBSSP	FLOAT 03/21/28	Singapore	Senior	—	—	2028-03-21	—	—	—	—	Aa2/AA-	100.25	100.20	1.0bn	2025-03-20	US24023LAM81	N	-18bp
IG	UOBSP	4.401 04/02/28	Singapore	Senior	4.401%	1.43	2028-04-02	—	4.86%	—	64bp	AA-/Aa1/AA-	99.34	99.20	800mm	2025-04-01	US91127LAK61	N	—
IG	OCBCSP	FLOAT 05/26/29	Singapore	Senior	—	—	2029-05-26	—	—	—	—	AA-/Aa1/Aaa	99.83	98.62	750mm	2026-05-26	XS3386635448	N	+7bp
IG	BOCAVI	3 09/11/29	Singapore	Senior	3%	2.82	2029-09-11	—	4.90%	—	48bp	A-/A-	94.75	94.31	650mm	2019-09-10	US09681MAK45	N	—
IG	BOCAVI	2 5/8 09/17/30	Singapore	Senior	2.625%	3.72	2030-09-17	—	5.07%	—	53bp	A-/A-	91.26	90.59	750mm	2020-09-16	US09681MAS70	N	—
Industrial1
IG	STESP	3 3/8 05/05/27	Singapore	Senior	3.375%	0.97	2027-05-05	—	4.06%	—	363bp	Aaa	99.34	99.18	700mm	2022-05-04	USU8585EAA02	N	—
Other1
HY	GLPSP	GLP	Singapore	Senior	9.75%	1.37	2028-05-20	—	17.85%	—	1755bp	N.R/W.R	86.86	86.75	1.0bn	2025-05-20	XS3071310059	N	—
Owned No Guarantee2
HY	SIASP	SIA	Singapore	Senior	3.38%	2.08	2029-01-19	—	4.49%	—	44bp	N.R/N.R	97.40	96.16	600mm	2022-01-19	XS2405871570	N	—
HY	SIASP	SIA	Singapore	Senior	5.25%	5.98	2034-03-21	—	5.38%	—	64bp	N.R/N.R	99.20	97.36	500mm	2024-03-21	XS2787854673	N	—
Refining1
HY	PUMAFN	Puma Intl	Singapore	Senior	7.75%	1.49	2029-04-25	—	6.98%	—	234bp	BB	101.73	—	—	2024-04-25	XS2801333530	N	—
TMT1
IG	STSP	1 7/8 06/10/30	Singapore	Senior	1.875%	3.77	2030-06-10	—	4.73%	—	56bp	A+/A1	89.71	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 issue7.2bn	Issue date	ISIN	Def	Dm
Consumer1
IG	ICBPIJ	3.398 06/09/31	Indonesia	Senior	3.398%	4.48	2031-06-09	—	5.98%	—	175bp	Baa2/BBB	89.00	72.95	600mm	2021-06-09	XS2349180104	N	—
Financial1
IG	BMRIIJ	4.9 03/24/28	Indonesia	Senior	4.9%	1.43	2028-03-24	—	5.51%	—	141bp	BBB/Baa2	99.14	99.17	800mm	2025-03-23	XS3011307678	N	—
Independent2
HY	MEDCIJ	Medco Maple	Indonesia	Senior	8.96%	1.35	2029-04-27	—	8.13%	—	344bp	B+/Ba3/BB-	101.84	102.39	500mm	2023-10-27	USY5951MAA00	N	—
HY	MEDCIJ	Medco Cypress	Indonesia	Senior	8.63%	2.41	2030-05-19	—	7.10%	—	326bp	BB-/Ba3	105.25	—	—	2025-05-19	USY56616AA68	N	—
Metals & Mining1
IG	FRIDPT	5.315 04/14/32	Indonesia	Senior	5.315%	4.68	2032-04-14	—	6.20%	—	148bp	Baa3/BBB	95.95	95.81	1.5bn	2022-04-13	USY7141BAB90	N	—
Metals and Mining2
HY	INDYIJ	Indika	Indonesia	Senior	8.75%	1.82	2029-05-07	—	7.35%	—	404bp	B1/BB-	103.71	100.10	675mm	2024-05-07	USY71247AA15	N	—
HY	NICAU	Nickel Industries	Indonesia	Senior	9%	2.98	2030-09-30	—	9.21%	—	458bp	B1/B+	99.30	101.06	800mm	2025-09-30	USQ67949AD17	N	—
Owned No Guarantee2
HY	BMRIIJ	Bank Mandiri	Indonesia	Sub	7.35%	3.60	PERP	2031-09-10	—	8.05%	348bp	Ba2	97.16	—	750mm	2026-09-10	XS3470501993	N	—
HY	BBNIIJ	BNI	Indonesia	Sub	7.15%	3.79	PERP	2031-10-22	—	8.37%	359bp	Ba3	95.11	—	700mm	2026-04-22	XS3343218866	N	—
Utilities1
IG	MINCAP	4 5/8 08/10/30	Indonesia	Senior	4.625%	3.60	2030-08-10	—	5.32%	—	94bp	Baa3/BBB-	97.54	91.11	900mm	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 issue4.7bn	Issue date	ISIN	Def	Dm
Chemicals1
HY	NUFAU	Nufarm	Australia	Senior	5%	2.78	2030-01-27	—	6.34%	—	213bp	B	95.85	—	—	2022-01-27	USQ7007NAB57	N	—
Metals and Mining16
HY	FMGAU	FMG Resources	Australia	Senior	4.5%	0.84	2027-09-15	—	4.96%	—	129bp	BB+/Ba1	99.56	—	—	2019-09-16	USQ3919KAM38	N	—
HY	MINAU	Mineral Resources	Australia	Senior	9.25%	0.34	2028-10-01	—	7.46%	—	310bp	Ba3	103.28	—	750mm	2023-10-03	US603051AE37	N	—
HY	INFRAB	Infrabuild	Australia	Senior	14.5%	0.93	2028-11-15	—	9.32%	—	660bp	Caa2	111.33	—	550mm	2023-11-15	US45682RAC43	N	—
HY	ASLAU	Perenti	Australia	Senior	7.5%	1.44	2029-04-26	—	6.68%	—	204bp	BB+/BB+	101.85	101.78	350mm	2024-04-26	USQ7390AAB81	N	—
HY	CRNAU	Coronado	Australia	Senior	9.25%	2.51	2029-10-01	—	16.98%	—	1215bp	B-/Caa2	82.40	—	400mm	2024-10-02	USQ2874LAB01	N	—
HY	FMGAU	FMG Resources	Australia	Senior	5.88%	3.02	2030-04-15	—	6.27%	—	164bp	BB+/Ba1	98.80	—	—	2022-04-11	USQ3919KAP68	N	—
HY	FMGAU	Fortescue	Australia	Senior	5.88%	3.03	2030-04-15	—	6.39%	—	176bp	BB+/Ba1	98.41	—	—	2022-04-11	US30251GBD88	N	—
HY	MINAU	Mineral Resources	Australia	Senior	8.5%	0.97	2030-05-01	—	6.63%	—	285bp	Ba3	106.48	—	625mm	2022-05-02	USQ60976AC35	N	—
HY	FMGAU	FMG Resources	Australia	Senior	4.38%	3.91	2031-04-01	—	6.23%	—	162bp	BB+/Ba1	92.83	—	—	2021-03-25	USQ3919KAN11	N	—
HY	FMGAU	Fortescue	Australia	Senior	4.38%	3.91	2031-04-01	—	6.28%	—	166bp	BB+/Ba1	92.66	—	—	2021-03-25	US30251GBC06	N	—
HY	MINAU	Mineral Resources	Australia	Senior	7%	3.13	2031-04-01	—	6.63%	—	201bp	Ba3	101.42	—	700mm	2025-10-01	USQ60976AE90	N	—
HY	PLSAU	PLS	Australia	Senior	6.88%	3.40	2031-05-01	—	6.64%	—	262bp	BB-/Ba3	101.02	—	—	2026-04-22	USQ7539CAA82	N	—
HY	FMGAU	FMG Resources	Australia	Senior	6.13%	4.53	2032-04-15	—	6.37%	—	165bp	BB+/Ba1	98.91	—	—	2022-04-11	USQ3919KAQ42	N	—
HY	MINAU	Mineral Resources	Australia	Senior	6%	4.15	2032-05-01	—	6.44%	—	225bp	Ba3	97.83	—	650mm	2026-04-29	USQ60976AF65	N	—
HY	PLSAU	PLS	Australia	Senior	8%	4.18	2032-11-01	—	8.09%	—	390bp	—	99.54	—	—	2026-10-23	USQ7539CAB65	N	—
HY	MINAU	Mineral Resources	Australia	Senior	6.25%	5.08	2034-05-01	—	6.79%	—	237bp	Ba3	96.74	—	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 issue4.6bn	Issue date	ISIN	Def	Dm
Airlines1
HY	PALPM	Primero Agila	Philippines	Senior	7.75%	3.78	2031-07-16	—	10.56%	—	629bp	Ba2	89.30	—	350mm	2026-07-16	USG7261AAA72	N	—
Electric4
HY	SMCGL	San Miguel Power	Philippines	Sub	8.75%	2.31	PERP	2029-06-12	—	8.56%	504bp	N.R/N.R	100.49	—	900mm	2024-09-12	XS2883979705	N	—
HY	SMCGL	San Miguel Power	Philippines	Sub	8.13%	2.64	PERP	2029-12-01	—	7.72%	399bp	N.R/N.R	101.25	99.05	600mm	2024-12-02	XS2943809900	N	—
HY	SMCGL	San Miguel Power	Philippines	Sub	8.95%	2.93	PERP	2030-04-24	—	8.35%	362bp	N.R/N.R	101.80	—	515mm	2025-07-24	XS3121131125	N	—
HY	SMCGL	San Miguel Power	Philippines	Sub	8.88%	3.51	PERP	2031-03-17	—	8.48%	392bp	N.R/N.R	101.45	—	430mm	2026-06-17	XS3401031656	N	—
Financial1
IG	MBTPM	5 1/2 03/06/34	Philippines	Senior	5.5%	6.04	2034-03-06	—	5.99%	—	127bp	Baa2	97.10	—	—	2024-03-06	XS2774954577	N	—
Food and Beverage1
HY	JGSPM	JGSH	Philippines	Senior	4.13%	3.33	2030-07-09	—	5.15%	—	89bp	—	96.36	—	—	2020-07-09	XS2198145422	N	—
Industrial Other2
HY	SMPM	SMIC	Philippines	Senior	5.38%	2.46	2029-07-24	—	5.47%	—	134bp	N.R/N.R	99.76	98.72	500mm	2024-07-24	XS2862924532	N	—
HY	AEVPM	AEV Intl	Philippines	Senior	4.2%	2.73	2030-01-16	—	5.29%	—	109bp	—	96.55	—	—	2020-01-16	XS2093792013	N	—
Other4
HY	VLLPM	VLL Intl	Philippines	Senior	7.25%	0.69	2027-07-20	—	31.90%	—	3685bp	N.R/N.R	80.20	100.25	425mm	2020-07-20	XS2205566206	N	—
HY	MEGPM	Megaworld	Philippines	Senior	4.13%	0.72	2027-07-30	—	4.72%	—	197bp	—	99.43	—	—	2020-07-30	XS2209978639	N	—
HY	VLLPM	VLL Intl	Philippines	Senior	9.38%	2.26	2029-07-29	—	28.27%	—	2432bp	N.R/N.R	63.41	100.25	425mm	2024-07-29	XS2758096759	N	—
HY	SMPHPM	SMPHI	Philippines	Senior	4.75%	3.44	2030-09-16	—	5.92%	—	140bp	—	95.88	—	—	2025-09-16	XS3177885418	N	—
Refining1
HY	PCORPM	Petron	Philippines	Sub	7.35%	1.68	PERP	2028-08-22	—	7.46%	358bp	N.R	99.80	—	475mm	2025-09-22	XS3178401793	N	—
Transportation Services1
HY	ICTPM	ICTSI	Philippines	Senior	4.75%	3.24	2030-06-17	—	5.08%	—	92bp	—	98.81	—	—	2020-06-17	XS2189919637	N	—
Utility Other1
HY	MWCPM	Manila Water	Philippines	Senior	4.38%	3.04	2030-07-30	—	5.45%	—	112bp	—	96.19	—	—	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 issue4.3bn	Issue date	ISIN	Def	Dm
Banking2
IG	BBLTB	Bangkok Bank	Thailand	Senior	3.73%	2.70	2034-09-25	—	4.61%	—	-17bp	BBB+/Baa3	94.19	97.90	750mm	2019-09-25	USY0606WCA63	N	—
HY	KBANK	Kasikornbank	Thailand	Senior	6.28%	4.15	2036-09-17	—	6.30%	—	144bp	Ba1	99.82	—	—	2026-09-17	XS3503275177	N	—
Chemicals2
HY	PTTGC	GC Treasury PERP NC10	Thailand	Sub	7.13%	6.17	PERP	2035-09-10	—	7.68%	286bp	Ba2/BB	96.48	96.38	500mm	2025-09-10	USY3004DAE41	N	—
HY	PTTGC	GC Treasury PERP NC5.25	Thailand	Sub	6.5%	3.30	PERP	2030-12-10	—	6.85%	275bp	Ba2	98.65	96.88	600mm	2025-09-10	USY3004DAD67	N	—
Finance Companies1
HY	MTCTB	Muangthai	Thailand	Senior	7.55%	2.13	2030-07-21	—	7.23%	—	302bp	BB-/BB	101.10	100.00	350mm	2025-07-21	XS3113144912	N	—
Financial2
IG	BBLTB	4.45 09/19/28	Thailand	Senior	4.45%	1.89	2028-09-19	—	5.04%	—	75bp	BBB+/Baa1	98.90	—	—	2018-09-19	USY0606WBZ24	N	—
IG	BBLTB	5.082 11/26/35	Thailand	Senior	5.082%	7.36	2035-11-26	—	5.95%	—	132bp	BBB+/Baa1	93.77	93.13	600mm	2025-11-25	USY0606WCE85	N	—
Oil & Gas2
IG	PTTEPT	2.587 06/10/27	Thailand	Senior	2.587%	0.97	2027-06-10	—	4.04%	—	232bp	BBB+/Baa1/BBB+	98.59	101.35	500mm	2020-06-10	USY7150MAG25	N	—
IG	TOPTB	4 5/8 11/20/28	Thailand	Senior	4.625%	2.33	2028-11-20	—	5.36%	—	188bp	BBB/Baa3	98.30	98.10	400mm	2018-11-19	US88323AAC62	N	—
Refining1
HY	TOPTB	ThaiOil	Thailand	Sub	6.1%	3.67	PERP	2031-01-14	—	7.27%	301bp	BB-/Ba2	95.59	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 issue3.0bn	Issue date	ISIN	Def	Dm
Consumer1
IG	GENMMK	3.882 04/19/31	Malaysia	Senior	3.882%	3.98	2031-04-19	—	7.81%	—	308bp	BBB-/BBB-	85.32	87.32	1.0bn	2021-04-18	USY2700RAA06	N	—
Financial1
IG	MAYMK	FLOAT 09/15/29	Malaysia	Senior	—	—	2029-09-15	—	—	—	—	A3	99.87	—	—	2026-09-15	XS3504702716	N	+4bp
Gaming2
HY	GENTMK	GOHL NC10	Malaysia	Sub	8.3%	6.29	PERP	2036-04-29	—	11.16%	605bp	Ba2/BB	83.52	91.33	750mm	2026-04-29	XS3357513533	N	—
HY	GENTMK	GOHL NC5.5	Malaysia	Sub	7.63%	4.07	PERP	2031-10-29	—	11.80%	683bp	Ba2/BB	84.59	91.33	750mm	2026-04-29	XS3357500472	N	—
TMT1
IG	AXIATA	2.163 08/19/30	Malaysia	Senior	2.163%	3.74	2030-08-19	—	5.21%	—	79bp	BBB/Baa2	89.11	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	Pakistan	Senior	7.5%	3.71	2031-06-04	—	8.33%	—	425bp	B-/B	96.66	—	500mm	2021-06-04	XS2348591707	N	—
Wireless2
HY	VEONHD	VEON	Pakistan	Senior	6.95%	3.53	2031-06-01	—	7.05%	—	293bp	BB-/BB-	99.57	—	700mm	2026-06-01	XS3372847957	N	—
HY	VEONHD	VEON	Pakistan	Senior	7.45%	4.50	2033-06-01	—	7.55%	—	316bp	BB-/BB-	99.49	—	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 issue1.7bn	Issue date	ISIN	Def	Dm
Financial1
IG	NSINTW	5 7/8 03/17/41	Taiwan	Senior	5.875%	9.43	2041-03-17	—	6.72%	—	160bp	BBB+/BBB	92.26	91.76	653mm	2025-09-16	XS3046322593	N	—
Industrial4
IG	TAISEM	1 3/8 09/28/30	Taiwan	Senior	1.375%	3.80	2030-09-28	—	5.05%	—	47bp	AA-/Aa3	86.85	—	—	2020-09-28	USG91139AE82	N	—
IG	TAISEM	2 1/2 10/25/31	Taiwan	Senior	2.5%	4.59	2031-10-25	—	5.25%	—	54bp	AA-/Aa3	88.06	—	—	2021-10-25	US872898AC52	N	—
IG	TAISEM	4 1/4 04/22/32	Taiwan	Senior	4.25%	4.82	2032-04-22	—	5.14%	—	42bp	AA-/Aa3	95.79	94.46	1.0bn	2022-04-21	US872898AH40	N	—
IG	TAISEM	3 1/8 10/25/41	Taiwan	Senior	3.125%	11.21	2041-10-25	—	5.66%	—	44bp	AA-/Aa3	74.60	—	—	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	Mongolia	Senior	7.95%	2.21	2029-05-14	—	7.00%	—	357bp	B+/B+	102.52	—	500mm	2026-05-14	USY27906AD16	N	—
Metals and Mining1
HY	MONMIN	Mongolian Mining	Mongolia	Senior	8.44%	2.50	2030-04-03	—	8.13%	—	354bp	B2	100.93	—	350mm	2025-04-03	XS3038559129	N	—
Owned No Guarantee1
HY	DBMMN	DB Mongolia	Mongolia	Senior	6.9%	3.88	2031-07-02	—	7.28%	—	302bp	BB-/B1	98.45	—	750mm	2026-07-02	USY2056PAJ58	N	—

Example 1

Build a concentrated Asia USD public-bond book from the Premia 3411 + BlackRock 09P universe (holdings as-of 30 Oct 2026). Pick 10 / 20 / 30 names. Bonds are ranked by issue size, scaled down by deviation from target duration; the top N are kept and re-normalized so weights sum to 100% by issue size (same top-N then rescale idea as Top Investors). Not equal-weight; not ETF holdings-weight or Z-weighted. Optionally skip countries and exclude up to 2 tickers below before ranking; choose target duration 2y / 3y / 4y / 5y (selection biased toward that duration; book weights stay issue-size) (optional). Minimum piece typically US$200k. Eligible: non-defaulted (hard-excluded before ranking), valid Z-S, known issue size, Price ≥ 20 (315 bonds). One line per ISIN. Result table includes Sen/Sub. Bottom summary (after build): Weighted Z, Weighted Z hist, running yield (weighted) (coupon ÷ ETF PX × 100), and portfolio duration (target). Example 1 (N=10 · skip India/Indonesia/Pakistan/Sov·Quasi · skip Z < 100 · target 3y · IG 50% · no-dupe) loads by default so the top names are visible on open. Z history column uses 2026-10-14 (16d lag — shorter than ~30d until history deepens). Indicative only — not investment advice.

Concentration (10 / 20 / 30)

Target duration

IG share (HY = rest)

#	IG/HY	Ticker	Name	Country	Rating	ISIN	Sen/Sub	Coupon	Price	Maturity/Call	Issue size wt	Z	Z 14 Oct	Dur

Weights = issue size share of the 10, re-normalised to 100%.

Issue-size weight → top N → re-scale to 100% · defaulted hard-excluded · optional skip-country · min piece typically US$200k · Sen/Sub · Dur / Z / Z 14 Oct · ISIN · target Dur 2/3/4/5y · no dupe by issuer · Z≥0 hard · Skip Z<100 · bottom: Weighted Z + Z hist + RY + portfolio Dur · exclude ≤2 tickers (optional) · soft-fail blanks · not investment advice.

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.