Global Credit & EM EXD Webcast: Global Credit Strategy Mid-Year Outlook Wednesday, 10 June 2026 | 09:00 UK / 12:00 UAE / 16:00 HK

Research evidence excerpt

Global Credit & EM EXD Webcast: Global Credit Strategy Mid-Year Outlook Wednesday, 10 June 2026 | 09:00 UK / 12:00 UAE / 16:00 HK

hat may affect the performance of these bonds in the case of covered bonds, in both cases

on a six-month time horizon; 2) to identify trade ideas on a time horizon of up to four months, relating to specific instruments,

which are predominantly derived from relative value considerations or driven by events and which, in the case of credit research,

may differ from our long-term opinion on an issuer. Buy or Sell refer to a trade call to buy or sell that given instrument; HSBC has

assigned a fundamental recommendation structure, as described below, only for its longer-term investment opportunities.

HSBC believes an investor's decision to buy or sell a bond should depend on individual circumstances such as the investor's

existing holdings and other considerations. Different securities firms use a variety of terms as well as different systems to describe

their recommendations. Investors should carefully read the definitions of the recommendations used in each research report. In

addition, because research reports contain more complete information concerning the analysts' views, investors should carefully

read the entire research report and should not infer its contents from the recommendation. In any case, recommendations should

not be used or relied on in isolation as investment advice.

HSBC Global Research is not and does not hold itself out to be a Credit Rating Agency as defined under the Hong Kong Securities

and Futures Ordinance.

Definitions for fundamental credit and covered bond recommendations

Overweight: For corporate credit, the issuer’s fundamental credit profile is expected to improve within the next six months. For