iBoxx HY Snapshot

Research evidence excerpt

iBoxx HY Snapshot

iBoxx IG Snapshot CreditPhilipDerivativeDobrinovStrategy

+1 212 723 2118

9-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 342.74 91.10 5.77 427 3122 - - Basic Materials 1.5% 120 91.26 0.9% AAA -1.7%

1W 345.32 89.66 5.66 427 3122 -0.75% 0.06% Consumer Goods 8.8% 96 93.51 0.2% AA -1.3%

1M 342.86 86.29 5.71 425 3105 -0.03% 0.38% Consumer Services 10.7% 118 87.84 -0.9% A -0.3%

3M 344.40 94.00 5.53 425 3096 -0.48% 1.26% Financials 25.1% 102 91.91 -0.2% BBB 0.2%

6M 343.20 90.33 5.40 424 3018 -0.13% 2.17% Health Care 14.3% 90 90.55 0.0%

1Y 330.87 91.67 5.53 417 2914 3.59% 4.73% Industrials 6.8% 88 91.89 0.2%

YTD 343.41 89.10 5.38 424 3017 -0.19% 2.30% Oil & Gas 7.9% 102 94.56 0.8%

Technology 17.4% 114 88.97 -0.9%

Cash vs CDX Basis (bps) Telecommunications 2.8% 133 88.49 -0.8%

CDX Cash Basis 6M Min 6M Max 6M Z Score 6M Percentile Utilities 5.4% 110 92.92 0.2%

5Y 51.17 91.10 -39.94 -49.23 -31.45 -0.68 18%

10Y 91.03 91.10 -0.08 -10.31 7.97 -0.47 25% 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-26 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26 Jul-26

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

160 7%50% IG Composite Rating Distribution IG Avg Sector OAS by Rating CDX IG vs iBoxx IG vs iBoxx IG Rate Hedged Total Returns

140 Basic Materials 6%

40% 120 ConsumerConsumer GoodsServices 5%

100 Core Financials 4%

30% Health Care 3%

80 Industrials