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StanChart 4.750% Perp 88.568 7.03%

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Indofood 4.805% 04/52 - -

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Keppel REIT 3.150% Perp 99.420 3.79%

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JLR 5.875% 01/28 - -

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Santander 6.350% 03/34 - -

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HSBC 5.250% Perp - -

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StanChart 5.300% Perp - -

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Emirates NBD 6.125% Perp 100.280 5.92%

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Murphy Oil 6.000% 10/32 - -

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Southwestern Electric Power 4.100% 09/28 - -

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Philippines 4.200% 01/24 - -

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Bombardier 7.875% 04/27 - -

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US Treasury 4.500% 02/44 - -

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Exim India 3.875% 03/24 - -

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Philippines 5.500% 03/26 - -

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BMO 5.200% 12/24 - -

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US STRIPS 0.000% 02/54 - -

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Principal Financial Group 3.700% 05/29 - -

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Shriram 4.150% 07/25 - -

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HSBC 8.000% Perp - -

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Caterpillar 8.250% 12/38 - -

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Sobha Sukuk 8.750% 07/28 - -

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Conocophillips 7.800% 01/27 - -

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Estate Sky 5.450% 07/25 - -

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Deutsche Bank 7.500% Perp 100.570 6.21%

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NatWest 6.000% 12/23 - -

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Piedmont 3.500% 06/29 - -

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DBS 3.300% Perp 99.104 5.69%

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Muthoot 4.400% 09/23 - -

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Ghana 7.750% 04/29 - -

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KOWEPO 4.125% 06/25 - -

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US Treasury 4.000% 02/34 - -

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SocGen 8.500% Perp - -

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Intel 5.600% 02/54 - -

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StanChart 7.750% Perp - -

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Vedanta (94% Sink Factor) 13.875% 12/28 - -

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Saudi Arabia 5.000% 01/53 - -

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Motorola 4.600% 02/28 - -

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Ping An 2.750% 06/25 98.429 5.26%

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Reliance 4.125% 01/25 - -

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BDO Unibank 2.125% 01/26 - -

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Lockheed Martin 4.070% 12/42 - -

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Pemex 5.950% 01/31 - -

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Sands China 5.125% 08/25 - -

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Nordea 6.300% Perp - -

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Thaioil 5.375% 11/48 - -

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GC Treasury Center 5.200% 03/52 - -

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Del Monte Pacific 3.750% 12/24 - -

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ArcelorMittal 4.250% 07/29 - -

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Qatar 5.103% 04/48 - -

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Conagra 1.375% 11/27 - -

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DP World 5.500% 09/33 102.609 5.12%

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BCT 8.250% 09/27 - -

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Volcan 8.750% 01/30 - -

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BoFAML 5.526% 08/26 - -

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Indofood 4.745% 06/51 - -

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Vedanta 9.250% 04/26 99.250 -

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BNP 4.250% 10/24 - -

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Bangkok Bank 5.000% Perp - -

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Netflix 4.900% 08/34 - -

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OCBC 1.832% 09/30 96.954 5.28%

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Adani 4.375% 07/29 - -

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Abja 5.450% 01/28 101.859 4.82%

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Saudi Aramco 4.375% 04/49 - -

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Shriram 6.625% 04/27 101.795 5.84%

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DBS 1.169% 11/24 - -

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San Miguel 5.500% Perp 53.125 105.77%

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WEC 1.375% 10/27 - -

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Pemex 6.625% 06/35 - -

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Korea Electric Power 6.000% 12/26 - -

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Dominion Energy 4.250% 06/28 - -

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US STRIPS 0.000% 05/53 - -

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AIA 4.950% 03/35 98.314 5.16%

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WRKCo 3.900% 06/28 - -

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Lloyds 4.500% 11/24 - -

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Energean 8.500% 09/33 - -

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Petronas 3.500% 03/25 - -

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Colombia 5.625% 02/44 - -

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Emirates NBD 1.638% 01/26 96.265 4.73%

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Walmart 4.300% 04/44 - -

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Netflix 5.400% 08/54 - -

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Kenya 8.250% 02/48 - -

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Embraer 5.050% 06/25 - -

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Singapore 3.375% 05/34 - -

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US STRIPS 0.000% 02/49 - -

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Honeywell 9.065% 06/33 - -

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US Treasury 0.000% 12/24 - -

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Home Depot 5.400% 06/64 - -

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Pricoa 5.100% 05/28 - -

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Kenya 6.300% 01/34 - -

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Buenos Aires 5.125% 09/37 - -

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Commerzbank 6.500% 04/34 - -

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KOMIR 5.375% 05/28 - -

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US Treasury 0.000% 01/25 - -

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Humana 3.700% 03/29 - -

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Cardinal Health 3.410% 06/27 - -

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ESR Group 5.100% 02/25 90.400 33.49%

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Tencent 3.800% 02/25 - -

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Abu Dhabi 2.500% 04/25 - -

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Filinvest 4.125% 09/25 - -

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INALUM 4.750% 05/25 - -

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SBI 4.875% 05/28 100.300 4.78%

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Jollibee 4.750% 06/30 - -

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GLP 4.600% Perp - -

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HDFC 3.700% Perp 95.441 6.31%

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Credit Agricole 4.375% 03/25 - -

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UBS 5.875% Perp - -

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BP 4.875% Perp 98.910 5.10%

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BAT Capital 5.650% 03/52 - -

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DoubleDragon 7.250% 07/25 - -

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SBI 5.950% 12/24 - -

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Baidu 3.075% 04/25 - -

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ICTSI 5.875% 09/25 - -

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StanChart 6.296% 07/34 107.229 5.25%

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SMC 8.750% Perp 103.500 7.84%

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Malaysia Sukuk 3.043% 04/25 - -

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Olam 5.375% Perp - -

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Hotel Properties 3.800% 06/25 - -

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Wells Fargo 4.100% 06/26 - -

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Rwanda 5.500% 08/31 - -

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Axis Bank 4.100% Perp 95.842 6.44%

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JLR 5.500% 07/29 - -

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ING Groep 8.000% Perp 107.044 6.47%

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ST Engineering 1.500% 04/25 - -

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Citigroup 4.600% 03/26 - -

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AerCap 3.650% 07/27 - -

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Abu Dhabi 5.500% 04/54 - -

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US Treasury 4.375% 05/34 - -

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BNP 8.500% Perp - -

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Egypt 5.250% 10/25 99.059 6.24%

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HSBC 4.000% Perp - -

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TAQA 6.500% 10/36 - -

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Israel 4.500% 04/99 - -

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Philippines 9.500% 10/24 - -

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Xcel 4.000% 06/28 - -

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Westpac 2.668% 11/35 - -

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Pakistan 7.375% 04/31 83.500 10.99%

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SocGen 10.000% Perp 107.479 7.82%

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REC 5.250% 11/23 - -

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Allianz 3.200% Perp - -

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Mapletree Industrial Trust 3.150% Perp 98.925 3.85%

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Nvidia 2.850% 04/30 - -

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Korea East West Power 3.600% 05/25 - -

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Olam 4.000% 02/26 98.250 5.33%

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Julius Baer 4.875% Perp - -

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Keppel 4.900% Perp - -

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Huarong 3.800% 11/25 - -

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Morgan Stanley 3.125% 07/26 - -

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Royal Caribbean 5.500% 04/28 - -

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FWD 7.635% 07/31 108.784 6.02%

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Equinor 5.100% 08/40 - -

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Amazon.com 1.650% 05/28 - -

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EXIM Malaysia 3.350% 05/25 - -

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US Treasury 0.000% 02/24 99.937 0.00%

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Indika Energy 8.750% 05/29 - -

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Singtel 3.250% 06/25 - -

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Barclays 7.300% Perp 108.443 4.78%

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Power Finance 3.350% 05/31 90.250 5.10%

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JP Morgan 3.200% 06/26 - -

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Tyson Foods 5.400% 03/29 - -

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AT&T 5.539% 02/26 - -

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Metropolitan Life 3.000% 09/27 - -

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Egypt 7.625% 05/32 - -

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Alphabet 2.250% 08/60 - -

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UnionBank 2.125% 10/25 - -

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ING Groep 7.250% Perp 103.491 6.76%

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SocGen 8.250% Perp - -

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PCPD Capital 5.125% 06/26 - -

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US Treasury 5.000% 10/25 - -

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Krung Thai 4.400% Perp - -

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Metinvest 8.500% 04/26 - -

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Santander 4.750% Perp - -

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Macquarie 6.798% 01/33 - -

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BOC Aviation 3.250% 04/25 - -

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TD 1.250% 12/24 - -

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Senegal 6.750% 03/48 - -

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Delta Air 7.000% 05/25 - -

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ICTSI 3.500% 11/31 - -

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Bank East Asia 5.825% Perp - -

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REC 2.250% 09/26 - -

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Egypt 8.700% 03/49 - -

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ICICI 4.200% 10/24 - -

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ABN AMRO 6.339% 09/27 102.980 4.70%

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StanChart 7.875% Perp - -

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Scotiabank 3.625% 10/81 - -

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MetroBank 2.125% 01/26 - -

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Kia 2.375% 02/25 - -

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US Treasury 0.000% 11/24 - -

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SocGen 6.447% 01/27 101.425 5.24%

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SMC Global Power 5.450% Perp - -

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Pemex 6.875% 08/26 99.500 7.16%

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Lai Sun 5.000% 07/26 - -

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Westpac 5.000% Perp - -

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BNP 5.900% Perp - -

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Hotel Properties 5.100% 05/29 - -

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Bahamas 7.125% 04/38 - -

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Turkey 6.625% 02/45 88.484 7.75%

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UBS 3.750% 03/25 99.460 4.94%

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PNC Bank 3.100% 10/27 - -

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General Motors 4.300% 04/29 - -

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Delhi Intl Air 6.450% 06/29 103.103 5.67%

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Santos 6.875% 09/33 - -

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Egypt 7.600% 03/29 - -

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KOGAS 3.500% 07/26 - -

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Micron 5.875% 09/33 - -

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US Treasury 0.000% 11/24 - -

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Frasers Property 4.380% Perp 98.103 11.54%

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ReNew Power 4.500% 07/28 - -

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KNOC 0.875% 10/25 - -

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HDFC Bank 5.686% 03/26 - -

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KNOC 5.250% 11/26 - -

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Shriram 6.150% 04/28 - -

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US Treasury 3.875% 08/33 - -

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Ford 4.346% 12/26 - -

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NextEra 4.625% 07/27 - -

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Kernel 6.750% 10/27 - -

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Citibank 5.803% 09/28 - -

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General Motors 5.200% 04/45 - -

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SIA 5.250% 03/34 103.350 4.79%

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Saudi Aramco 5.750% 07/54 - -

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Saudi Arabia 5.750% 01/54 - -

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UnitedHealth 5.375% 04/54 - -

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Icahn 9.000% 06/30 - -

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Jollibee 4.125% 01/26 - -

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Barclays 6.125% Perp - -

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GLP 3.875% 06/25 - -

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DTE 5.100% 03/29 - -

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Korea Electric Power 7.000% 02/27 - -

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AIA 3.200% 03/25 - -

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KSA Sukuk 5.250% 06/34 102.810 4.88%

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UBS 5.125% Perp - -

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UBS 5.600% Perp - -

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US Treasury 0.000% 10/24 - -

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Egypt 5.800% 09/27 - -

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BNP 4.625% Perp 92.593 8.29%

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Sprint 7.625% 03/26 - -

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UOB 3.059% 04/25 - -

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Dah Sing 3.000% 11/31 - -

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REC 3.500% 12/24 - -

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Scotiabank 5.250% 12/24 - -

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CVS 5.400% 06/29 - -

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Manila Water 4.375% 07/30 - -

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JSW Steel 3.950% 04/27 96.156 5.62%

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US Treasury 0.250% 05/25 - -

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POSCO 2.500% 01/25 - -

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Lockheed Martin 7.200% 05/36 - -

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KOGAS 3.500% 07/25 - -

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Methanex 5.250% 12/29 - -

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Wells Fargo 3.000% 04/26 - -

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KHNPC 3.125% 07/27 - -

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Korea Electric Power 3.625% 06/25 - -

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Pemex 5.350% 02/28 - -

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Campbell 5.200% 03/29 - -

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Pakistan 8.250% 09/25 - -

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Shell 3.875% 11/28 - -

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American Express 3.950% 08/25 - -

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China 1.950% 12/24 - -

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China Water 4.850% 05/26 - -

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BNP 8.000% Perp 106.346 6.82%

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Israel 7.750% 12/27 - -

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Goldman Sachs 3.750% 05/25 - -

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REC 5.625% 04/28 101.845 5.04%

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Oman 4.750% 06/26 - -

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NTPC 4.375% 11/24 - -

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Syngenta 4.892% 04/25 - -

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Lenovo 6.536% 07/32 - -

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CBA 3.150% 09/27 - -

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PT Pertamina 6.450% 05/44 - -

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Exelon 5.150% 03/28 - -

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BIM 7.375% 05/26 - -

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PD Sukuk 8.750% 09/25 100.500 8.18%

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Muthoot 7.125% 02/28 102.685 6.20%

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LG Chem 3.250% 10/24 - -

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South Korea 4.125% 06/44 - -

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EIB 2.500% 10/24 - -

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JLR 4.500% 10/27 - -

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BCT 5.750% 01/25 - -

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Vale 3.750% 07/30 - -

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Deutsche Bank 6.000% Perp 98.385 7.65%

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HSBC 6.950% Perp 101.681 6.70%

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Ford 4.750% 01/43 - -

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Charles Schwab 3.250% 05/29 - -

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Emirates NBD 1.840% 05/26 - -

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HSBC 4.250% 08/25 - -

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Keybank 5.850% 11/27 - -

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Philippines 10.625% 03/25 - -

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Pemex 10.000% 02/33 - -

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Qatar 6.400% 01/40 - -

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Scotiabank 4.500% 12/25 - -

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Globe Telecom 2.500% 07/30 - -

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Hutchison Whampoa 3.625% 10/24 - -

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HSBC 6.875% Perp 102.005 6.39%

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DBS 5.479% 09/25 - -

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Buenos Aires 5.000% 09/37 - -

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Centerpoint 5.400% 06/29 - -

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SMC Global Power 7.000% Perp - -

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Wells Fargo 4.150% 01/29 - -

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US Treasury 4.875% 10/28 - -

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Conocophillips 6.500% 02/39 - -

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Mercedes-Benz 5.500% 11/24 - -

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SIA 3.000% 07/26 - -

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Maldives 9.875% 04/26 - -

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Alibaba 3.600% 11/24 - -

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Turkey 9.875% 01/28 - -

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Kraft Heinz 3.000% 06/26 - -

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BPCE 5.000% 03/34 - -

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Reliance 2.875% 01/32 - -

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Firstenergy Transmission 2.866% 09/28 - -

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Exim India 5.500% 01/33 - -

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Israel 7.250% 12/28 - -

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Teva 3.150% 10/26 - -

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Finland 6.950% 02/26 - -

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Petrobras 5.600% 01/31 - -

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Vedanta 10.875% 09/29 103.050 10.07%

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Arabian Centres 9.500% 03/29 103.935 8.40%

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BPCL 4.000% 05/25 - -

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China Oil & Gas 4.700% 06/26 - -

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Verizon 2.625% 08/26 - -

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Rio Tinto 5.200% 11/40 - -

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ARA 5.650% Perp - -

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Ascendas REIT 3.000% Perp 99.395 3.66%

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Delhi Intl Air 6.125% 10/26 - -

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HPCL 5.250% 04/27 - -

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Walmart 4.500% 09/52 93.901 4.90%

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UOB 2.550% Perp 97.400 3.30%

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Cathay Pacific 4.875% 08/26 - -

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Bond Market News

Buenos Aires Upgraded to CCC+ by S&P

September 7, 2021

Sovereign Bonds

The Argentine Province of Buenos Aires (PBA) has been upgraded to CCC+ from SD with a stable outlook after it completed the exchange of 97.7% of its total debt of $7.2bn on September 3. The province has managed to restructure nine out of proposed eleven bonds with the consent of 90% bondholders holding ~$7.0bn of debt. The remaining two bonds have a holdout of $168.6mn. The restructuring has resulted in six new bonds with maturities extended to 2024-2037 from 2020-2028, a step-up in interest rates that average 5.74% vs. the original 7.5%, and a smoother amortization profile and reduces PBA’s debt payments by ~$3.5bn between 2021 and 2023. It represents roughly half of all restructured international debt by Argentine provinces. The issue level rating continues to be D on the two held-up bonds including the USD 10.875% 2021s and the EUR 4% 2020s as the creditors did not enter the exchange agreement. The resolution of the default on these two bonds is not likely to occur in the short term.

Though there is lower risk of PBA’s default in the next 12-18 months following the debt exchange, its debt will remain at elevated levels of ~65% of the province’s operating revenue in 2021. The province will continue to have low liquidity, especially as Argentina itself continues to struggle with its finances. The economic outlook for the province is weak, and is forecasted to rebound 6.9% in 2021 after contracting in 2020, with slow growth of ~2% in 2022-2023. The rating agency said, “We believe that structural lack of liquidity buffers remains a key risk to the creditworthiness of Argentine provinces. We estimate that the PBA’s free and readily available cash is currently low and doesn’t cover debt repayment for the next 12 months, which will likely be covered by regular cash flows and/or rolled over in the case of domestic debt.”

PBA’s 10.875% 2021s overdue since Jan were down 0.19 to trade at distressed levels of 51.7 cents on the dollar.

For the full story, click here

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