TDCBRD - Initiation of coverage: Nuuday, same challenges

Research evidence excerpt

TDCBRD - Initiation of coverage: Nuuday, same challenges

Barclays | TDCBRD - Initiation of coverage

For sectors rated against the Bloomberg U.S. High Yield 2% Issuer Capped Credit Index, the Bloomberg Pan-European High Yield 3% Issuer Capped

Credit Index excluding Financials, the Bloomberg Pan-European High Yield Finance Index or the Bloomberg EM Asia USD High Yield Corporate Credit

Index, the analyst expects the six-month total return of the sector to be less than the six-month total return of the relevant index.

Sector definitions:

Sectors in U.S. High Grade Research are defined using the sector definitions of the Bloomberg U.S. Credit Index and are rated against the Bloomberg

U.S. Credit Index.

Sectors in U.S. High Yield Research are defined using the sector definitions of the Bloomberg U.S. High Yield 2% Issuer Capped Credit Index and are

rated against the Bloomberg U.S. High Yield 2% Issuer Capped Credit Index.

Sectors in European High Grade Research are defined using the sector definitions of the Bloomberg Pan-European Credit Index and are rated against

the Bloomberg Pan-European Credit Index.

Sectors in Industrials and Utilities in European High Yield Research are defined using the sector definitions of the Bloomberg Pan-European High Yield

3% Issuer Capped Credit Index excluding Financials and are rated against the Bloomberg Pan-European High Yield 3% Issuer Capped Credit Index

excluding Financials.

Sectors in Financials in European High Yield Research are defined using the sector definitions of the Bloomberg Pan-European High Yield Finance Index

and are rated against the Bloomberg Pan-European High Yield Finance Index.

Sectors in Asia High Grade Research are defined on Barclays Live and are rated against the Bloomberg EM Asia USD High Grade Credit Index.