The Private Eye: June 2026

Research evidence excerpt

The Private Eye: June 2026

FICC Research

Credit Research

16 June 2026

US Credit Strategy

We provide commentary on our followed private issuer

cohort. Tickers discussed: GLOBAU, SHEARE, SKX, SPLS,

TLRD, MENTOR, RCM, SYNH, VENRES, AHEDBB, UNSEAM, CDK, US Credit Strategy

TIBX, and BWY. Corry+1 212Short526 6253

corry.short@barclays.com

As a reminder, this is a bucket of 144A issuers whose financials sit behind a password-protected BCI, US

site that our analyst team follows and can discuss with other investors who have access to the Justin Kong, MD

data. Currently, 84% of the US High Yield Index is 144A, up from 69% at the end of 2021 and 61% +1 212 526 1961

at the end of 2020 (Figure 5). The issuers our analysts follow are listed in Figure 11. justin.kong@barclays.com

BCI, US

In this edition, we provide commentary on companies in the retail/consumer/food & beverage

US Fundamental(GLOBAU, SHEARE, SKX, SPLS, TLRD), healthcare (MENTOR, RCM, SYNH), gaming (VENRES), TMT

Hale Holden(AHEDBB, UNSEAM, CDK, TIBX), and packaging (BWY) sectors.

+1 212 412 1524

hale.holden@barclays.com

High Yield Food & Beverage and Retailers BCI, US

Jeff HarlibHale Holden BCI, US

+1 212 412 6952

jeffrey.harlib@barclays.comGlobal Auto (GLOBAU) – Buy 8.75% 2032s

Global Auto posted 1Q results on June 11 that we viewed as in line with or slightly better than

expectations based on strong UK retail performance, as well as continued recovery in Stellantis Scott Grabine

+ 1 212 526 1429Nordic segment volumes. The company attributed cash use in the quarter largely to a one-time

scott.grabine@barclays.com

working capital need that will soon be funded by floorplan financing. It also indicated a similar BCI, US

performance trajectory in 2Q quarter to date. The company omitted IPO details from its