iBoxx HY Snapshot

Research evidence excerpt

iBoxx HY Snapshot

iBoxx IG Snapshot CreditPhilipDerivativeDobrinovStrategy

+1 212 723 2118

7-Jul-26

iBoxx IG CDX IG (5Y) Total

Sector Sector Weights Avg OAS (bp) Avg Price YTD TR

NAV OAS (bp) Yield # of Issuers # of Bonds Total Return Return Rating YTD TR

Current 345.85 89.28 5.65 427 3122 - - Basic Materials 1.5% 118 92.07 1.8% AAA -0.3%

1W 348.10 90.46 5.56 425 3105 -0.65% 0.12% Consumer Goods 8.8% 94 94.24 1.0% AA -0.1%

1M 343.42 86.15 5.68 425 3105 0.71% 0.48% Consumer Services 10.7% 113 88.82 0.3% A 0.6%

3M 343.11 94.29 5.57 425 3096 0.80% 1.49% Financials 25.0% 99 92.74 0.5% BBB 1.1%

6M 343.80 88.98 5.38 424 3018 0.59% 2.22% Health Care 14.3% 87 91.44 1.0%

1Y 330.57 92.65 5.54 417 2914 4.62% 4.80% Industrials 6.8% 85 92.74 1.1%

YTD 343.41 89.10 5.38 424 3017 0.71% 2.34% Oil & Gas 7.9% 100 95.33 1.6%

Technology 17.4% 109 89.92 0.2%

Cash vs CDX Basis (bps) Telecommunications 2.8% 129 89.48 0.3%

CDX Cash Basis 6M Min 6M Max 6M Z Score 6M Percentile Utilities 5.4% 108 93.80 1.1%

5Y 49.80 89.28 -39.47 -49.23 -31.45 -0.55 23%

10Y 89.83 89.28 0.55 -10.31 7.97 -0.29 31% 20

6.5 0.00 0.00 0.00 0.00 8.60.00 120 0.00 0.00 CDX- Cash Basis

iBoxx IG Yield and Duration iBoxx IG OAS vs CDX IG Spread 10

6.0

8.5 100 0

5.5

80 -10 5.0 8.4

4.5 60 -20

8.3

4.0 -30 40

3.5 8.2 -40

3.0 Yield (LHS) 20 -50 5Y Basis 10Y Basis 8.1

2.5 Duration (RHS) 0 -60

2.0 8.0 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26

iBoxx IG CDX IG 5Y CDX IG 10Y Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26

140 7%50% IG Composite Rating Distribution IG Avg Sector OAS by Rating CDX IG vs iBoxx IG vs iBoxx IG Rate Hedged Total Returns

120 Basic Materials 6%

40% Consumer Goods 5%

100 Consumer Services

Core Financials 4%

30% 80 Health Care 3%

Industrials

60 Oil & Gas 2%

20%

Technology 1%