iBoxx HY Snapshot

Research evidence excerpt

iBoxx HY Snapshot

iBoxx IG Snapshot CreditPhilipDerivativeDobrinovStrategy

+1 212 723 2118

14-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 340.83 95.01 5.85 427 3122 - - Basic Materials 1.5% 122 90.84 0.5% AAA -2.4%

1W 345.85 89.28 5.65 427 3122 -1.45% -0.02% Consumer Goods 8.8% 99 93.08 -0.2% AA -2.0%

1M 345.61 85.40 5.62 425 3105 -1.38% 0.29% Consumer Services 10.6% 123 87.19 -1.6% A -0.8%

3M 344.92 92.03 5.52 425 3096 -1.19% 1.16% Financials 25.1% 106 91.38 -0.6% BBB -0.3%

6M 344.55 87.83 5.36 424 3018 -1.08% 2.13% Health Care 14.3% 93 90.00 -0.5%

1Y 328.44 90.21 5.63 417 2914 3.77% 4.77% Industrials 6.8% 91 91.41 -0.3%

YTD 343.41 89.10 5.38 424 3017 -0.75% 2.32% Oil & Gas 7.9% 104 94.11 0.4%

Technology 17.3% 120 88.22 -1.8%

Cash vs CDX Basis (bps) Telecommunications 2.7% 138 87.71 -1.6%

CDX Cash Basis 6M Min 6M Max 6M Z Score 6M Percentile Utilities 5.4% 112 92.40 -0.3%

5Y 51.92 95.01 -43.08 -49.23 -31.45 -1.60 8%

10Y 91.83 95.01 -3.18 -10.31 7.97 -1.36 10% 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

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

Oil & Gas 2%