JACI Monitor July 2026

Research evidence excerpt

JACI Monitor July 2026

Global Index ResearchJACI Monitor July 2026

Performance Update: August 03, 2026

The JACI posted a negative return of -0.80% in July, dragged down by Investment Grade issuers (-0.95%) and partially offset by High Yield performance (0.16%). Among the markets, Laos stood out as the top performer, with a

2.69% return. In contrast, Malaysia experienced the lowest returns, with a decline of 2.20%.

Fixed-to-Variable Rate Notes to Remain in the Index: Fixed-to-Variable rate instruments will remain part of the Index composition provided they satisfy all other Index eligibility criteria. For additional details, see Index Alert:

Fixed-to-Variable Rate Notes will remain in the Index.

Privately Placed style deals under review: POWFIN 29s (XS3444175551) ,SHAPIN 29s (XS3359581363) and SBIIN 29s (XS3433781062) appear to be issued via a non-book build process this month; we will monitor

secondary market activity over the coming weeks before confirming index eligibility.

Notable country weight changes in the JACI: Notable sector weight changes in the JACI:

• Increase (+): Korea (35 bps), Malaysia (14 bps) and Taiwan (4 bps) • Increase (+): Utilities (15 bps), Financial (14 bps) and Real Estate (10 bps)

• Decrease (-): Indonesia (15 bps), Hong Kong (11 bps) and China (10 bps) • Decrease (-): Metals & Mining (20 bps), Sovereign (16 bps) and Consumer (5 bps)

Country performance Monthly Returns

2.0%

Monthly Returns (%)

1.5% 1.22% 3.0 Price Interest 1.05% 1.10%

1.0% 0.73% 0.80% 2.0 0.63%

0.47% 0.42%

1.0 0.5% 0.23% 0.30% 0.22%

0.0 0.0%

-1.0

-0.5%

-2.0

-1.0% -0.80% -3.0

-1.5%

-2.0% -1.76%

Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26

IG vs HY sector comparison Default Rate (YOY)

20% 90