Saudi Arabia’s public debt trajectory shifts higher

Research evidence excerpt

Saudi Arabia’s public debt trajectory shifts higher

ceed the six-month total return of the relevant index.

Market Weight (MW):

For sectors rated against the Bloomberg U.S. Credit Index, the Bloomberg Pan-European Credit Index, the Bloomberg EM Asia USD High Grade Credit

Index or the Bloomberg EM USD Corporate and Quasi-Sovereign Index, the analyst expects the six-month excess return of the sector to be in line with

the six-month excess return of the relevant index.

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 in line with the six-month total return of the relevant index.

Underweight (UW):

Index or the Bloomberg EM USD Corporate and Quasi-Sovereign Index, the analyst expects the six-month excess return of the sector to be less than the

six-month excess return of the relevant index.

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