Cross-Sector: Market Data Highlights

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<p style=”position:absolute;top:45px;left:784px;white-space:nowrap” class=”ft00″><b>CROSS-SECTOR</b></p>

<p style=”position:absolute;top:257px;left:68px;white-space:nowrap” class=”ft01″>DATA REPORT</p>

<p style=”position:absolute;top:285px;left:68px;white-space:nowrap” class=”ft02″><chron>30 July 2020</chron></p>

<p style=”position:absolute;top:369px;left:68px;white-space:nowrap” class=”ft03″>CLIENT SERVICES</p>

<p style=”position:absolute;top:392px;left:68px;white-space:nowrap” class=”ft04″><location value=”LR/am” idsrc=”xmltag.org” >Americas</location></p>

<p style=”position:absolute;top:392px;left:204px;white-space:nowrap” class=”ft04″><PhoneNo>1-212-553-1653</PhoneNo></p>

<p style=”position:absolute;top:416px;left:68px;white-space:nowrap” class=”ft04″><location value=”LR/asp” idsrc=”xmltag.org” >Asia Pacific</location></p>

<p style=”position:absolute;top:416px;left:206px;white-space:nowrap” class=”ft04″><PhoneNo>852-3551-3077</PhoneNo></p>

<p style=”position:absolute;top:440px;left:68px;white-space:nowrap” class=”ft04″><location value=”LC/jp” idsrc=”xmltag.org” >Japan</location></p>

<p style=”position:absolute;top:440px;left:200px;white-space:nowrap” class=”ft04″><PhoneNo>81-3-5408-4100</PhoneNo></p>

<p style=”position:absolute;top:463px;left:68px;white-space:nowrap” class=”ft04″>EMEA</p>

<p style=”position:absolute;top:463px;left:194px;white-space:nowrap” class=”ft04″><PhoneNo>44-20-7772-5454</PhoneNo></p>

<p style=”position:absolute;top:499px;left:68px;white-space:nowrap” class=”ft05″>ABOUT CAPITAL MARKETS RESEARCH</p>

<p style=”position:absolute;top:520px;left:68px;white-space:nowrap” class=”ft017″>Analyses from Moody’s Capital Markets<br/><org>Research, Inc.</org> (CMR) focus on explaining<br/>signals from the credit and equity markets.<br/>The publications address whether market<br/>signals, in the opinion of the group’s analysts,<br/>accurately reflect the risks and investment<br/>opportunities associated with issuers and<br/>sectors. CMR research thus complements the<br/>fundamentally-oriented research offered by<br/>Moody’s Investors Service (MIS), the rating<br/>agency.</p>

<p style=”position:absolute;top:699px;left:68px;white-space:nowrap” class=”ft017″>CMR is part of Moody’s Analytics, which<br/>is one of the two operating businesses<br/>of Moody’s Corporation. Moody’s<br/>Analytics (including CMR) is legally and<br/>organizationally separated from Moody’s<br/>Investors Service and operates on an arm’s<br/>length basis from the ratings business.<br/>CMR does not provide investment advisory<br/>services or products.</p>

<p style=”position:absolute;top:847px;left:68px;white-space:nowrap” class=”ft018″><a href=”http://v3.moodys.com/sites/products/ProductAttachments/CMRG_FAQ.pdf”><i>View the CMR FAQ&#160;<br/></i></a><a href=”mailto:clientservices@moodys.com”><i>Contact us&#160;<br/></i></a><a href=”http://twitter.com/MA_CapitalMkts”><i>Follow us on Twitter&#160;</i></a></p>

<p style=”position:absolute;top:257px;left:311px;white-space:nowrap” class=”ft07″>Cross-Sector</p>

<p style=”position:absolute;top:276px;left:311px;white-space:nowrap” class=”ft08″>Market Data Highlights</p>

<p style=”position:absolute;top:335px;left:311px;white-space:nowrap” class=”ft09″>The latest market data from Weekly Market Outlook. Click&#160;</p>

<p style=”position:absolute;top:335px;left:653px;white-space:nowrap” class=”ft010″><a href=”https://www.moodys.com/researchandratings/research-type/capital-markets-research/market-outlook/003008000/003008000/-/0/0/-/0/-/-/-/-1/-/-/-/en/global/pdf/-/rra”>here</a></p>

<p style=”position:absolute;top:335px;left:678px;white-space:nowrap” class=”ft09″><a href=”https://www.moodys.com/researchandratings/research-type/capital-markets-research/market-outlook/003008000/003008000/-/0/0/-/0/-/-/-/-1/-/-/-/en/global/pdf/-/rra”>&#160;f</a>or access to the full WMO.</p>

<p style=”position:absolute;top:374px;left:311px;white-space:nowrap” class=”ft011″><b>SPREADS</b></p>

<p style=”position:absolute;top:576px;left:829px;white-space:nowrap” class=”ft012″>0</p>

<p style=”position:absolute;top:542px;left:829px;white-space:nowrap” class=”ft012″>200</p>

<p style=”position:absolute;top:508px;left:829px;white-space:nowrap” class=”ft012″>400</p>

<p style=”position:absolute;top:474px;left:829px;white-space:nowrap” class=”ft012″>600</p>

<p style=”position:absolute;top:439px;left:829px;white-space:nowrap” class=”ft012″>800</p>

<p style=”position:absolute;top:576px;left:329px;white-space:nowrap” class=”ft012″>0</p>

<p style=”position:absolute;top:542px;left:320px;white-space:nowrap” class=”ft012″>200</p>

<p style=”position:absolute;top:508px;left:320px;white-space:nowrap” class=”ft012″>400</p>

<p style=”position:absolute;top:474px;left:320px;white-space:nowrap” class=”ft012″>600</p>

<p style=”position:absolute;top:439px;left:320px;white-space:nowrap” class=”ft012″>800</p>

<p style=”position:absolute;top:587px;left:332px;white-space:nowrap” class=”ft012″>2003&#160;2004&#160;2005&#160;2006&#160;2007&#160;2008&#160;2009&#160;2010</p>

<p style=”position:absolute;top:587px;left:552px;white-space:nowrap” class=”ft012″>2011</p>

<p style=”position:absolute;top:587px;left:579px;white-space:nowrap” class=”ft012″>2012</p>

<p style=”position:absolute;top:587px;left:606px;white-space:nowrap” class=”ft012″>2013&#160;2014</p>

<p style=”position:absolute;top:587px;left:661px;white-space:nowrap” class=”ft012″>2015</p>

<p style=”position:absolute;top:587px;left:688px;white-space:nowrap” class=”ft012″>2016</p>

<p style=”position:absolute;top:587px;left:716px;white-space:nowrap” class=”ft012″>2017</p>

<p style=”position:absolute;top:587px;left:743px;white-space:nowrap” class=”ft012″>2018&#160;2019&#160;2020</p>

<p style=”position:absolute;top:426px;left:314px;white-space:nowrap” class=”ft012″>Spread&#160;(bp)</p>

<p style=”position:absolute;top:426px;left:803px;white-space:nowrap” class=”ft012″>Spread&#160;(bp)</p>

<p style=”position:absolute;top:415px;left:346px;white-space:nowrap” class=”ft012″>&#160;Aa2</p>

<p style=”position:absolute;top:415px;left:397px;white-space:nowrap” class=”ft012″>&#160;A2</p>

<p style=”position:absolute;top:415px;left:443px;white-space:nowrap” class=”ft012″>&#160;Baa2</p>

<p style=”position:absolute;top:601px;left:316px;white-space:nowrap” class=”ft013″><i>Source:&#160;Moody’s</i></p>

<p style=”position:absolute;top:402px;left:320px;white-space:nowrap” class=”ft012″>Figure&#160;1:&#160;5-Year&#160;Median&#160;Spreads-Global&#160;Data&#160;(High&#160;Grade)</p>

<p style=”position:absolute;top:793px;left:823px;white-space:nowrap” class=”ft012″>0</p>

<p style=”position:absolute;top:766px;left:823px;white-space:nowrap” class=”ft012″>400</p>

<p style=”position:absolute;top:739px;left:823px;white-space:nowrap” class=”ft012″>800</p>

<p style=”position:absolute;top:712px;left:823px;white-space:nowrap” class=”ft012″>1,200</p>

<p style=”position:absolute;top:685px;left:823px;white-space:nowrap” class=”ft012″>1,600</p>

<p style=”position:absolute;top:658px;left:823px;white-space:nowrap” class=”ft012″>2,000</p>

<p style=”position:absolute;top:793px;left:337px;white-space:nowrap” class=”ft012″>0</p>

<p style=”position:absolute;top:766px;left:327px;white-space:nowrap” class=”ft012″>400</p>

<p style=”position:absolute;top:739px;left:327px;white-space:nowrap” class=”ft012″>800</p>

<p style=”position:absolute;top:712px;left:322px;white-space:nowrap” class=”ft012″>1,200</p>

<p style=”position:absolute;top:685px;left:322px;white-space:nowrap” class=”ft012″>1,600</p>

<p style=”position:absolute;top:658px;left:321px;white-space:nowrap” class=”ft012″>2,000</p>

<p style=”position:absolute;top:804px;left:340px;white-space:nowrap” class=”ft012″>2003&#160;2004&#160;2005&#160;2006&#160;2007&#160;2008&#160;2009&#160;2010&#160;2011&#160;2012&#160;2013&#160;2014&#160;2015&#160;2016&#160;2017&#160;2018&#160;2019&#160;2020</p>

<p style=”position:absolute;top:648px;left:314px;white-space:nowrap” class=”ft014″>Spread&#160;(bp)</p>

<p style=”position:absolute;top:648px;left:810px;white-space:nowrap” class=”ft014″>Spread&#160;(bp)</p>

<p style=”position:absolute;top:637px;left:344px;white-space:nowrap” class=”ft012″>&#160;Ba2</p>

<p style=”position:absolute;top:637px;left:391px;white-space:nowrap” class=”ft012″>&#160;B2</p>

<p style=”position:absolute;top:637px;left:434px;white-space:nowrap” class=”ft012″>&#160;Caa-C</p>

<p style=”position:absolute;top:816px;left:313px;white-space:nowrap” class=”ft013″><i>Source:&#160;Moody’s</i></p>

<p style=”position:absolute;top:623px;left:317px;white-space:nowrap” class=”ft012″>Figure&#160;2:&#160;5-Year&#160;Median&#160;Spreads-Global&#160;Data&#160;(High&#160;Yield)</p>

<p style=”position:absolute;top:1012px;left:338px;white-space:nowrap” class=”ft019″>Moody’s Analytics markets and distributes all Moody’s <org>Capital Markets Research, Inc.</org> materials. Moody’s Capital Markets<br/>Research,Inc. is a subsidiary of Moody’s Corporation. Moody’s Analytics does not provide investment advisory services or<br/>products.&#160;<b>For further detail, please see the last page.</b></p>

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<p style=”position:absolute;top:45px;left:61px;white-space:nowrap” class=”ft020″>MOODY’S ANALYTICS</p>

<p style=”position:absolute;top:45px;left:770px;white-space:nowrap” class=”ft00″><b>CROSS-SECTOR</b></p>

<p style=”position:absolute;top:120px;left:68px;white-space:nowrap” class=”ft011″><b>CDS MOVERS</b></p>

<p style=”position:absolute;top:167px;left:70px;white-space:nowrap” class=”ft026″>CDS&#160;Implied&#160;Rating&#160;Rises<br/>Issuer</p>

<p style=”position:absolute;top:186px;left:446px;white-space:nowrap” class=”ft021″><chron>Jul.&#160;29</chron></p>

<p style=”position:absolute;top:186px;left:557px;white-space:nowrap” class=”ft021″><chron>Jul.&#160;22</chron></p>

<p style=”position:absolute;top:186px;left:646px;white-space:nowrap” class=”ft021″>Senior&#160;Ratings</p>

<p style=”position:absolute;top:203px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:BK” idsrc=”xmltag.org” >Bank&#160;of&#160;New&#160;York&#160;Mellon&#160;Corporation</org>&#160;(The)</p>

<p style=”position:absolute;top:203px;left:453px;white-space:nowrap” class=”ft022″>Aa2</p>

<p style=”position:absolute;top:203px;left:567px;white-space:nowrap” class=”ft022″>A3</p>

<p style=”position:absolute;top:203px;left:678px;white-space:nowrap” class=”ft022″>A1</p>

<p style=”position:absolute;top:219px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:WHR” idsrc=”xmltag.org” >Whirlpool&#160;Corporation</org></p>

<p style=”position:absolute;top:219px;left:456px;white-space:nowrap” class=”ft022″>A1</p>

<p style=”position:absolute;top:219px;left:567px;white-space:nowrap” class=”ft022″>A3</p>

<p style=”position:absolute;top:219px;left:672px;white-space:nowrap” class=”ft022″>Baa1</p>

<p style=”position:absolute;top:236px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:MLM” idsrc=”xmltag.org” >Martin&#160;Marietta&#160;Materials,&#160;Inc.</org></p>

<p style=”position:absolute;top:236px;left:456px;white-space:nowrap” class=”ft022″>A2</p>

<p style=”position:absolute;top:236px;left:562px;white-space:nowrap” class=”ft022″>Baa1</p>

<p style=”position:absolute;top:236px;left:672px;white-space:nowrap” class=”ft022″>Baa3</p>

<p style=”position:absolute;top:252px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:VZ” idsrc=”xmltag.org” >Verizon&#160;Communications&#160;Inc.</org></p>

<p style=”position:absolute;top:252px;left:456px;white-space:nowrap” class=”ft022″>A3</p>

<p style=”position:absolute;top:252px;left:562px;white-space:nowrap” class=”ft022″>Baa1</p>

<p style=”position:absolute;top:252px;left:672px;white-space:nowrap” class=”ft022″>Baa1</p>

<p style=”position:absolute;top:269px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:ORCL” idsrc=”xmltag.org” >Oracle&#160;Corporation</org></p>

<p style=”position:absolute;top:269px;left:456px;white-space:nowrap” class=”ft022″>A1</p>

<p style=”position:absolute;top:269px;left:567px;white-space:nowrap” class=”ft022″>A2</p>

<p style=”position:absolute;top:269px;left:677px;white-space:nowrap” class=”ft022″>A3</p>

<p style=”position:absolute;top:285px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:PFE” idsrc=”xmltag.org” >Pfizer&#160;Inc.</org></p>

<p style=”position:absolute;top:285px;left:453px;white-space:nowrap” class=”ft022″>Aaa</p>

<p style=”position:absolute;top:285px;left:564px;white-space:nowrap” class=”ft022″>Aa1</p>

<p style=”position:absolute;top:285px;left:678px;white-space:nowrap” class=”ft022″>A1</p>

<p style=”position:absolute;top:302px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:BMY” idsrc=”xmltag.org” >Bristol-Myers&#160;Squibb&#160;Company</org></p>

<p style=”position:absolute;top:302px;left:453px;white-space:nowrap” class=”ft022″>Aaa</p>

<p style=”position:absolute;top:302px;left:564px;white-space:nowrap” class=”ft022″>Aa1</p>

<p style=”position:absolute;top:302px;left:677px;white-space:nowrap” class=”ft022″>A2</p>

<p style=”position:absolute;top:318px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:CVX” idsrc=”xmltag.org” >Chevron&#160;Corporation</org></p>

<p style=”position:absolute;top:318px;left:456px;white-space:nowrap” class=”ft022″>A2</p>

<p style=”position:absolute;top:318px;left:567px;white-space:nowrap” class=”ft022″>A3</p>

<p style=”position:absolute;top:318px;left:674px;white-space:nowrap” class=”ft022″>Aa2</p>

<p style=”position:absolute;top:335px;left:70px;white-space:nowrap” class=”ft022″>United&#160;Airlines,&#160;Inc.</p>

<p style=”position:absolute;top:335px;left:450px;white-space:nowrap” class=”ft022″>Caa3</p>

<p style=”position:absolute;top:335px;left:567px;white-space:nowrap” class=”ft022″>Ca</p>

<p style=”position:absolute;top:335px;left:675px;white-space:nowrap” class=”ft022″>Ba3</p>

<p style=”position:absolute;top:350px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:KMI” idsrc=”xmltag.org” >Kinder&#160;Morgan,&#160;Inc.</org></p>

<p style=”position:absolute;top:348px;left:451px;white-space:nowrap” class=”ft022″>Baa1</p>

<p style=”position:absolute;top:348px;left:561px;white-space:nowrap” class=”ft022″>Baa2</p>

<p style=”position:absolute;top:348px;left:672px;white-space:nowrap” class=”ft022″>Baa2</p>

<p style=”position:absolute;top:383px;left:70px;white-space:nowrap” class=”ft027″>CDS&#160;Implied&#160;Rating&#160;Declines<br/>Issuer</p>

<p style=”position:absolute;top:400px;left:446px;white-space:nowrap” class=”ft021″><chron>Jul.&#160;29</chron></p>

<p style=”position:absolute;top:400px;left:557px;white-space:nowrap” class=”ft021″><chron>Jul.&#160;22</chron></p>

<p style=”position:absolute;top:400px;left:646px;white-space:nowrap” class=”ft021″>Senior&#160;Ratings</p>

<p style=”position:absolute;top:417px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:ALLY” idsrc=”xmltag.org” >Ally&#160;Financial&#160;Inc.</org></p>

<p style=”position:absolute;top:417px;left:454px;white-space:nowrap” class=”ft022″>Ba1</p>

<p style=”position:absolute;top:417px;left:561px;white-space:nowrap” class=”ft022″>Baa3</p>

<p style=”position:absolute;top:417px;left:675px;white-space:nowrap” class=”ft022″>Ba1</p>

<p style=”position:absolute;top:434px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:DE” idsrc=”xmltag.org” >John&#160;Deere</org>&#160;Capital&#160;Corporation</p>

<p style=”position:absolute;top:434px;left:456px;white-space:nowrap” class=”ft022″>A2</p>

<p style=”position:absolute;top:434px;left:567px;white-space:nowrap” class=”ft022″>A1</p>

<p style=”position:absolute;top:434px;left:677px;white-space:nowrap” class=”ft022″>A2</p>

<p style=”position:absolute;top:450px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:BA” idsrc=”xmltag.org” >Boeing&#160;Company</org>&#160;(The)</p>

<p style=”position:absolute;top:450px;left:457px;white-space:nowrap” class=”ft022″>B1</p>

<p style=”position:absolute;top:450px;left:564px;white-space:nowrap” class=”ft022″>Ba3</p>

<p style=”position:absolute;top:450px;left:672px;white-space:nowrap” class=”ft022″>Baa2</p>

<p style=”position:absolute;top:467px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:CAT” idsrc=”xmltag.org” >Caterpillar</org>&#160;Financial&#160;Services&#160;Corporation</p>

<p style=”position:absolute;top:466px;left:453px;white-space:nowrap” class=”ft022″>Aa3</p>

<p style=”position:absolute;top:466px;left:564px;white-space:nowrap” class=”ft022″>Aa2</p>

<p style=”position:absolute;top:466px;left:677px;white-space:nowrap” class=”ft022″>A3</p>

<p style=”position:absolute;top:483px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:ETP” idsrc=”xmltag.org” >Energy&#160;Transfer</org>&#160;Operating,&#160;L.P.</p>

<p style=”position:absolute;top:483px;left:453px;white-space:nowrap” class=”ft022″>Ba2</p>

<p style=”position:absolute;top:483px;left:565px;white-space:nowrap” class=”ft022″>Ba1</p>

<p style=”position:absolute;top:483px;left:672px;white-space:nowrap” class=”ft022″>Baa3</p>

<p style=”position:absolute;top:500px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:BDX” idsrc=”xmltag.org” >Becton,&#160;Dickinson&#160;and&#160;Company</org></p>

<p style=”position:absolute;top:499px;left:450px;white-space:nowrap” class=”ft022″>Baa3</p>

<p style=”position:absolute;top:499px;left:561px;white-space:nowrap” class=”ft022″>Baa2</p>

<p style=”position:absolute;top:499px;left:675px;white-space:nowrap” class=”ft022″>Ba1</p>

<p style=”position:absolute;top:516px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:CPN” idsrc=”xmltag.org” >Calpine&#160;Corporation</org></p>

<p style=”position:absolute;top:516px;left:453px;white-space:nowrap” class=”ft022″>Ba3</p>

<p style=”position:absolute;top:516px;left:564px;white-space:nowrap” class=”ft022″>Ba2</p>

<p style=”position:absolute;top:516px;left:678px;white-space:nowrap” class=”ft022″>B2</p>

<p style=”position:absolute;top:533px;left:70px;white-space:nowrap” class=”ft022″><org value=”NASDAQ-NMS:MAR” idsrc=”xmltag.org” >Marriott&#160;International,&#160;Inc.</org></p>

<p style=”position:absolute;top:532px;left:453px;white-space:nowrap” class=”ft022″>Ba2</p>

<p style=”position:absolute;top:532px;left:565px;white-space:nowrap” class=”ft022″>Ba1</p>

<p style=”position:absolute;top:532px;left:672px;white-space:nowrap” class=”ft022″>Baa3</p>

<p style=”position:absolute;top:549px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:CCL” idsrc=”xmltag.org” >Carnival&#160;Corporation</org></p>

<p style=”position:absolute;top:549px;left:450px;white-space:nowrap” class=”ft022″>Caa3</p>

<p style=”position:absolute;top:549px;left:561px;white-space:nowrap” class=”ft022″>Caa2</p>

<p style=”position:absolute;top:549px;left:675px;white-space:nowrap” class=”ft022″>Ba2</p>

<p style=”position:absolute;top:564px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:DTE” idsrc=”xmltag.org” >DTE&#160;Energy&#160;Company</org></p>

<p style=”position:absolute;top:563px;left:456px;white-space:nowrap” class=”ft022″>A3</p>

<p style=”position:absolute;top:563px;left:567px;white-space:nowrap” class=”ft022″>A2</p>

<p style=”position:absolute;top:563px;left:672px;white-space:nowrap” class=”ft022″>Baa2</p>

<p style=”position:absolute;top:597px;left:70px;white-space:nowrap” class=”ft027″>CDS&#160;Spread&#160;Increases<br/>Issuer</p>

<p style=”position:absolute;top:615px;left:425px;white-space:nowrap” class=”ft021″>Senior&#160;Ratings</p>

<p style=”position:absolute;top:615px;left:556px;white-space:nowrap” class=”ft021″><chron>Jul.&#160;29</chron></p>

<p style=”position:absolute;top:615px;left:667px;white-space:nowrap” class=”ft021″><chron>Jul.&#160;22</chron></p>

<p style=”position:absolute;top:615px;left:765px;white-space:nowrap” class=”ft021″>Spread&#160;Diff</p>

<p style=”position:absolute;top:632px;left:70px;white-space:nowrap” class=”ft022″><org value=”NASDAQ-NMS:AAL” idsrc=”xmltag.org” >American&#160;Airlines&#160;Group&#160;Inc.</org></p>

<p style=”position:absolute;top:631px;left:451px;white-space:nowrap” class=”ft022″>Caa1</p>

<p style=”position:absolute;top:631px;left:559px;white-space:nowrap” class=”ft022″>3,370</p>

<p style=”position:absolute;top:631px;left:670px;white-space:nowrap” class=”ft022″>3,108</p>

<p style=”position:absolute;top:631px;left:785px;white-space:nowrap” class=”ft022″>262</p>

<p style=”position:absolute;top:648px;left:70px;white-space:nowrap” class=”ft022″><org value=”LSE:0OCW” idsrc=”xmltag.org” >Staples,&#160;Inc.</org></p>

<p style=”position:absolute;top:648px;left:456px;white-space:nowrap” class=”ft022″>B3</p>

<p style=”position:absolute;top:648px;left:559px;white-space:nowrap” class=”ft022″>1,986</p>

<p style=”position:absolute;top:648px;left:670px;white-space:nowrap” class=”ft022″>1,900</p>

<p style=”position:absolute;top:648px;left:788px;white-space:nowrap” class=”ft022″>86</p>

<p style=”position:absolute;top:665px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:CCL” idsrc=”xmltag.org” >Carnival&#160;Corporation</org></p>

<p style=”position:absolute;top:664px;left:453px;white-space:nowrap” class=”ft022″>Ba2</p>

<p style=”position:absolute;top:664px;left:564px;white-space:nowrap” class=”ft022″>933</p>

<p style=”position:absolute;top:664px;left:674px;white-space:nowrap” class=”ft022″>849</p>

<p style=”position:absolute;top:664px;left:788px;white-space:nowrap” class=”ft022″>83</p>

<p style=”position:absolute;top:681px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:M” idsrc=”xmltag.org” >Macy’s</org>&#160;<org value=”OTC-PINK:RHDGF” idsrc=”xmltag.org” >Retail&#160;Holdings</org>,&#160;Inc.</p>

<p style=”position:absolute;top:681px;left:457px;white-space:nowrap” class=”ft022″>B1</p>

<p style=”position:absolute;top:681px;left:563px;white-space:nowrap” class=”ft022″>989</p>

<p style=”position:absolute;top:681px;left:675px;white-space:nowrap” class=”ft022″>914</p>

<p style=”position:absolute;top:681px;left:789px;white-space:nowrap” class=”ft022″>75</p>

<p style=”position:absolute;top:698px;left:70px;white-space:nowrap” class=”ft022″><org value=”NASDAQ-NMS:JBLU” idsrc=”xmltag.org” >JetBlue&#160;Airways&#160;Corp.</org></p>

<p style=”position:absolute;top:697px;left:453px;white-space:nowrap” class=”ft022″>Ba3</p>

<p style=”position:absolute;top:697px;left:564px;white-space:nowrap” class=”ft022″>766</p>

<p style=”position:absolute;top:697px;left:675px;white-space:nowrap” class=”ft022″>714</p>

<p style=”position:absolute;top:697px;left:789px;white-space:nowrap” class=”ft022″>52</p>

<p style=”position:absolute;top:714px;left:70px;white-space:nowrap” class=”ft022″><org value=”NASDAQ-NMS:YRCW” idsrc=”xmltag.org” >YRC&#160;Worldwide&#160;Inc.</org></p>

<p style=”position:absolute;top:714px;left:450px;white-space:nowrap” class=”ft022″>Caa2</p>

<p style=”position:absolute;top:714px;left:564px;white-space:nowrap” class=”ft022″>956</p>

<p style=”position:absolute;top:714px;left:674px;white-space:nowrap” class=”ft022″>920</p>

<p style=”position:absolute;top:714px;left:789px;white-space:nowrap” class=”ft022″>35</p>

<p style=”position:absolute;top:731px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:UDR” idsrc=”xmltag.org” >UDR,&#160;Inc.</org></p>

<p style=”position:absolute;top:730px;left:451px;white-space:nowrap” class=”ft022″>Baa1</p>

<p style=”position:absolute;top:730px;left:564px;white-space:nowrap” class=”ft022″>655</p>

<p style=”position:absolute;top:730px;left:674px;white-space:nowrap” class=”ft022″>623</p>

<p style=”position:absolute;top:730px;left:789px;white-space:nowrap” class=”ft022″>33</p>

<p style=”position:absolute;top:747px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:RAD” idsrc=”xmltag.org” >Rite&#160;Aid&#160;Corporation</org></p>

<p style=”position:absolute;top:747px;left:450px;white-space:nowrap” class=”ft022″>Caa3</p>

<p style=”position:absolute;top:747px;left:565px;white-space:nowrap” class=”ft022″>713</p>

<p style=”position:absolute;top:747px;left:674px;white-space:nowrap” class=”ft022″>685</p>

<p style=”position:absolute;top:747px;left:789px;white-space:nowrap” class=”ft022″>27</p>

<p style=”position:absolute;top:764px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:AN” idsrc=”xmltag.org” >AutoNation,&#160;Inc.</org></p>

<p style=”position:absolute;top:763px;left:450px;white-space:nowrap” class=”ft022″>Baa3</p>

<p style=”position:absolute;top:763px;left:564px;white-space:nowrap” class=”ft022″>441</p>

<p style=”position:absolute;top:763px;left:675px;white-space:nowrap” class=”ft022″>415</p>

<p style=”position:absolute;top:763px;left:789px;white-space:nowrap” class=”ft022″>25</p>

<p style=”position:absolute;top:779px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:RCL” idsrc=”xmltag.org” >Royal&#160;Caribbean&#160;Cruises&#160;Ltd.</org></p>

<p style=”position:absolute;top:777px;left:453px;white-space:nowrap” class=”ft022″>Ba2</p>

<p style=”position:absolute;top:777px;left:560px;white-space:nowrap” class=”ft022″>1,227</p>

<p style=”position:absolute;top:777px;left:670px;white-space:nowrap” class=”ft022″>1,204</p>

<p style=”position:absolute;top:777px;left:789px;white-space:nowrap” class=”ft022″>23</p>

<p style=”position:absolute;top:812px;left:70px;white-space:nowrap” class=”ft027″>CDS&#160;Spread&#160;Decreases<br/>Issuer</p>

<p style=”position:absolute;top:829px;left:425px;white-space:nowrap” class=”ft021″>Senior&#160;Ratings</p>

<p style=”position:absolute;top:829px;left:556px;white-space:nowrap” class=”ft021″><chron>Jul.&#160;29</chron></p>

<p style=”position:absolute;top:829px;left:667px;white-space:nowrap” class=”ft021″><chron>Jul.&#160;22</chron></p>

<p style=”position:absolute;top:829px;left:765px;white-space:nowrap” class=”ft021″>Spread&#160;Diff</p>

<p style=”position:absolute;top:846px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:NBR” idsrc=”xmltag.org” >Nabors&#160;Industries</org>,&#160;Inc.</p>

<p style=”position:absolute;top:846px;left:456px;white-space:nowrap” class=”ft022″>B3</p>

<p style=”position:absolute;top:846px;left:560px;white-space:nowrap” class=”ft022″>2,772</p>

<p style=”position:absolute;top:846px;left:670px;white-space:nowrap” class=”ft022″>3,256</p>

<p style=”position:absolute;top:846px;left:782px;white-space:nowrap” class=”ft022″>-484</p>

<p style=”position:absolute;top:863px;left:70px;white-space:nowrap” class=”ft022″>United&#160;Airlines&#160;Holdings,&#160;Inc.</p>

<p style=”position:absolute;top:862px;left:453px;white-space:nowrap” class=”ft022″>Ba3</p>

<p style=”position:absolute;top:862px;left:560px;white-space:nowrap” class=”ft022″>1,091</p>

<p style=”position:absolute;top:862px;left:672px;white-space:nowrap” class=”ft022″>1,211</p>

<p style=”position:absolute;top:862px;left:783px;white-space:nowrap” class=”ft022″>-120</p>

<p style=”position:absolute;top:879px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:LB” idsrc=”xmltag.org” >L&#160;Brands,&#160;Inc.</org></p>

<p style=”position:absolute;top:879px;left:456px;white-space:nowrap” class=”ft022″>B2</p>

<p style=”position:absolute;top:879px;left:564px;white-space:nowrap” class=”ft022″>395</p>

<p style=”position:absolute;top:879px;left:675px;white-space:nowrap” class=”ft022″>501</p>

<p style=”position:absolute;top:879px;left:783px;white-space:nowrap” class=”ft022″>-106</p>

<p style=”position:absolute;top:896px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:PBI” idsrc=”xmltag.org” >Pitney&#160;Bowes&#160;Inc.</org></p>

<p style=”position:absolute;top:895px;left:457px;white-space:nowrap” class=”ft022″>B1</p>

<p style=”position:absolute;top:895px;left:560px;white-space:nowrap” class=”ft022″>1,169</p>

<p style=”position:absolute;top:895px;left:671px;white-space:nowrap” class=”ft022″>1,274</p>

<p style=”position:absolute;top:895px;left:783px;white-space:nowrap” class=”ft022″>-105</p>

<p style=”position:absolute;top:912px;left:70px;white-space:nowrap” class=”ft022″>United&#160;Airlines,&#160;Inc.</p>

<p style=”position:absolute;top:912px;left:453px;white-space:nowrap” class=”ft022″>Ba3</p>

<p style=”position:absolute;top:912px;left:564px;white-space:nowrap” class=”ft022″>931</p>

<p style=”position:absolute;top:912px;left:671px;white-space:nowrap” class=”ft022″>1,031</p>

<p style=”position:absolute;top:912px;left:786px;white-space:nowrap” class=”ft022″>-99</p>

<p style=”position:absolute;top:929px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:MTH” idsrc=”xmltag.org” >Meritage&#160;Homes&#160;Corporation</org></p>

<p style=”position:absolute;top:928px;left:453px;white-space:nowrap” class=”ft022″>Ba2</p>

<p style=”position:absolute;top:928px;left:564px;white-space:nowrap” class=”ft022″>186</p>

<p style=”position:absolute;top:928px;left:674px;white-space:nowrap” class=”ft022″>268</p>

<p style=”position:absolute;top:928px;left:786px;white-space:nowrap” class=”ft022″>-82</p>

<p style=”position:absolute;top:945px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:THC” idsrc=”xmltag.org” >Tenet&#160;Healthcare&#160;Corporation</org></p>

<p style=”position:absolute;top:945px;left:451px;white-space:nowrap” class=”ft022″>Caa1</p>

<p style=”position:absolute;top:945px;left:564px;white-space:nowrap” class=”ft022″>426</p>

<p style=”position:absolute;top:945px;left:674px;white-space:nowrap” class=”ft022″>497</p>

<p style=”position:absolute;top:945px;left:787px;white-space:nowrap” class=”ft022″>-71</p>

<p style=”position:absolute;top:962px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:RRD” idsrc=”xmltag.org” >R.R.&#160;Donnelley&#160;&amp;&#160;Sons&#160;Company</org></p>

<p style=”position:absolute;top:961px;left:456px;white-space:nowrap” class=”ft022″>B3</p>

<p style=”position:absolute;top:961px;left:560px;white-space:nowrap” class=”ft022″>1,013</p>

<p style=”position:absolute;top:961px;left:670px;white-space:nowrap” class=”ft022″>1,074</p>

<p style=”position:absolute;top:961px;left:787px;white-space:nowrap” class=”ft022″>-61</p>

<p style=”position:absolute;top:978px;left:70px;white-space:nowrap” class=”ft022″><org value=”NASDAQ-NMS:CAR” idsrc=”xmltag.org” >Avis&#160;Budget</org>&#160;Car&#160;Rental,&#160;LLC</p>

<p style=”position:absolute;top:978px;left:456px;white-space:nowrap” class=”ft022″>B3</p>

<p style=”position:absolute;top:978px;left:564px;white-space:nowrap” class=”ft022″>599</p>

<p style=”position:absolute;top:978px;left:674px;white-space:nowrap” class=”ft022″>652</p>

<p style=”position:absolute;top:978px;left:786px;white-space:nowrap” class=”ft022″>-54</p>

<p style=”position:absolute;top:993px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:OMF” idsrc=”xmltag.org” >OneMain</org>&#160;Finance&#160;Corporation</p>

<p style=”position:absolute;top:991px;left:453px;white-space:nowrap” class=”ft022″>Ba3</p>

<p style=”position:absolute;top:991px;left:563px;white-space:nowrap” class=”ft022″>308</p>

<p style=”position:absolute;top:991px;left:674px;white-space:nowrap” class=”ft022″>358</p>

<p style=”position:absolute;top:991px;left:786px;white-space:nowrap” class=”ft022″>-49</p>

<p style=”position:absolute;top:1011px;left:70px;white-space:nowrap” class=”ft023″><i>Source:&#160;Moody’s,&#160;CMA</i></p>

<p style=”position:absolute;top:811px;left:650px;white-space:nowrap” class=”ft021″>CDS&#160;Spreads&#160;</p>

<p style=”position:absolute;top:168px;left:464px;white-space:nowrap” class=”ft021″>CDS&#160;Implied&#160;Ratings</p>

<p style=”position:absolute;top:383px;left:464px;white-space:nowrap” class=”ft021″>CDS&#160;Implied&#160;Ratings</p>

<p style=”position:absolute;top:597px;left:650px;white-space:nowrap” class=”ft021″>CDS&#160;Spreads&#160;</p>

<p style=”position:absolute;top:146px;left:70px;white-space:nowrap” class=”ft024″>Figure&#160;3.&#160;&#160;CDS Movers&#160;-&#160;US&#160;(<chron>July&#160;22,&#160;2020</chron>&#160;&#160;July&#160;29,&#160;2020)</p>

<p style=”position:absolute;top:1138px;left:41px;white-space:nowrap” class=”ft025″><b>2&#160; &#160; &#160; &#160; &#160; <chron>30 July 2020</chron></b></p>

<p style=”position:absolute;top:1138px;left:712px;white-space:nowrap” class=”ft025″><b>Cross-Sector: Market Data Highlights</b></p>

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<img width=”918″ height=”1188″ src=”http://mco.acquiremedia.com/images/PBC_1240091003.png” alt=”background image”/>

<p style=”position:absolute;top:45px;left:61px;white-space:nowrap” class=”ft020″>MOODY’S ANALYTICS</p>

<p style=”position:absolute;top:45px;left:770px;white-space:nowrap” class=”ft00″><b>CROSS-SECTOR</b></p>

<p style=”position:absolute;top:146px;left:70px;white-space:nowrap” class=”ft026″>CDS&#160;Implied&#160;Rating&#160;Rises<br/>Issuer</p>

<p style=”position:absolute;top:165px;left:445px;white-space:nowrap” class=”ft021″><chron>Jul.&#160;29</chron></p>

<p style=”position:absolute;top:165px;left:556px;white-space:nowrap” class=”ft021″><chron>Jul.&#160;22</chron></p>

<p style=”position:absolute;top:165px;left:646px;white-space:nowrap” class=”ft021″>Senior&#160;Ratings</p>

<p style=”position:absolute;top:182px;left:70px;white-space:nowrap” class=”ft022″><org value=”Vienna:WIE” idsrc=”xmltag.org” >Wienerberger&#160;AG</org></p>

<p style=”position:absolute;top:182px;left:453px;white-space:nowrap” class=”ft022″>Ba2</p>

<p style=”position:absolute;top:182px;left:567px;white-space:nowrap” class=”ft022″>B2</p>

<p style=”position:absolute;top:182px;left:675px;white-space:nowrap” class=”ft022″>Ba1</p>

<p style=”position:absolute;top:199px;left:70px;white-space:nowrap” class=”ft022″><location value=”LC/pt” idsrc=”xmltag.org” >Portugal</location>,&#160;Government&#160;of</p>

<p style=”position:absolute;top:198px;left:455px;white-space:nowrap” class=”ft022″>A3</p>

<p style=”position:absolute;top:198px;left:561px;white-space:nowrap” class=”ft022″>Baa1</p>

<p style=”position:absolute;top:198px;left:671px;white-space:nowrap” class=”ft022″>Baa3</p>

<p style=”position:absolute;top:215px;left:70px;white-space:nowrap” class=”ft022″><org value=”Milan:UCG” idsrc=”xmltag.org” >UniCredit</org>&#160;Bank&#160;AG</p>

<p style=”position:absolute;top:215px;left:450px;white-space:nowrap” class=”ft022″>Baa1</p>

<p style=”position:absolute;top:215px;left:561px;white-space:nowrap” class=”ft022″>Baa2</p>

<p style=”position:absolute;top:215px;left:677px;white-space:nowrap” class=”ft022″>A2</p>

<p style=”position:absolute;top:232px;left:70px;white-space:nowrap” class=”ft022″><org value=”OTC-PINK:ILDBY” idsrc=”xmltag.org” >Bank&#160;of&#160;Ireland</org></p>

<p style=”position:absolute;top:231px;left:455px;white-space:nowrap” class=”ft022″>A2</p>

<p style=”position:absolute;top:231px;left:566px;white-space:nowrap” class=”ft022″>A3</p>

<p style=”position:absolute;top:231px;left:677px;white-space:nowrap” class=”ft022″>A2</p>

<p style=”position:absolute;top:248px;left:70px;white-space:nowrap” class=”ft022″><org value=”EuronextLisbon:EDP” idsrc=”xmltag.org” >EDP&#160;-&#160;Energias&#160;de&#160;Portugal,&#160;S.A.</org></p>

<p style=”position:absolute;top:248px;left:455px;white-space:nowrap” class=”ft022″>A3</p>

<p style=”position:absolute;top:248px;left:561px;white-space:nowrap” class=”ft022″>Baa1</p>

<p style=”position:absolute;top:248px;left:671px;white-space:nowrap” class=”ft022″>Baa3</p>

<p style=”position:absolute;top:265px;left:70px;white-space:nowrap” class=”ft022″><org value=”LSE:UU” idsrc=”xmltag.org” >United&#160;Utilities</org>&#160;Water&#160;Limited</p>

<p style=”position:absolute;top:264px;left:452px;white-space:nowrap” class=”ft022″>Aa3</p>

<p style=”position:absolute;top:264px;left:567px;white-space:nowrap” class=”ft022″>A1</p>

<p style=”position:absolute;top:264px;left:677px;white-space:nowrap” class=”ft022″>A3</p>

<p style=”position:absolute;top:281px;left:70px;white-space:nowrap” class=”ft022″><org value=”Swiss:SCMN” idsrc=”xmltag.org” >Swisscom&#160;AG</org></p>

<p style=”position:absolute;top:281px;left:456px;white-space:nowrap” class=”ft022″>A1</p>

<p style=”position:absolute;top:281px;left:566px;white-space:nowrap” class=”ft022″>A2</p>

<p style=”position:absolute;top:281px;left:677px;white-space:nowrap” class=”ft022″>A2</p>

<p style=”position:absolute;top:298px;left:70px;white-space:nowrap” class=”ft022″><org value=”Swiss:ADENE” idsrc=”xmltag.org” >Adecco&#160;Group&#160;AG</org></p>

<p style=”position:absolute;top:297px;left:452px;white-space:nowrap” class=”ft022″>Aa3</p>

<p style=”position:absolute;top:297px;left:567px;white-space:nowrap” class=”ft022″>A1</p>

<p style=”position:absolute;top:297px;left:672px;white-space:nowrap” class=”ft022″>Baa1</p>

<p style=”position:absolute;top:314px;left:70px;white-space:nowrap” class=”ft022″><org value=”Stockholm:SKFA” idsrc=”xmltag.org” >SKF&#160;AB</org></p>

<p style=”position:absolute;top:314px;left:450px;white-space:nowrap” class=”ft022″>Baa1</p>

<p style=”position:absolute;top:314px;left:561px;white-space:nowrap” class=”ft022″>Baa2</p>

<p style=”position:absolute;top:314px;left:672px;white-space:nowrap” class=”ft022″>Baa1</p>

<p style=”position:absolute;top:329px;left:70px;white-space:nowrap” class=”ft022″><org value=”Stockholm:SWMA” idsrc=”xmltag.org” >Swedish&#160;Match&#160;AB</org></p>

<p style=”position:absolute;top:328px;left:450px;white-space:nowrap” class=”ft022″>Baa1</p>

<p style=”position:absolute;top:328px;left:561px;white-space:nowrap” class=”ft022″>Baa2</p>

<p style=”position:absolute;top:328px;left:672px;white-space:nowrap” class=”ft022″>Baa2</p>

<p style=”position:absolute;top:362px;left:70px;white-space:nowrap” class=”ft027″>CDS&#160;Implied&#160;Rating&#160;Declines<br/>Issuer</p>

<p style=”position:absolute;top:380px;left:445px;white-space:nowrap” class=”ft021″><chron>Jul.&#160;29</chron></p>

<p style=”position:absolute;top:380px;left:556px;white-space:nowrap” class=”ft021″><chron>Jul.&#160;22</chron></p>

<p style=”position:absolute;top:380px;left:646px;white-space:nowrap” class=”ft021″>Senior&#160;Ratings</p>

<p style=”position:absolute;top:397px;left:70px;white-space:nowrap” class=”ft022″><org value=”SpanishCats:BBVA” idsrc=”xmltag.org” >Banco&#160;Bilbao&#160;Vizcaya&#160;Argentaria,&#160;S.A.</org></p>

<p style=”position:absolute;top:396px;left:455px;white-space:nowrap” class=”ft022″>A2</p>

<p style=”position:absolute;top:396px;left:567px;white-space:nowrap” class=”ft022″>A1</p>

<p style=”position:absolute;top:396px;left:677px;white-space:nowrap” class=”ft022″>A3</p>

<p style=”position:absolute;top:413px;left:70px;white-space:nowrap” class=”ft022″><org value=”SpanishCats:SAN” idsrc=”xmltag.org” >Banco&#160;Santander&#160;S.A.</org>&#160;(<location value=”LC/es” idsrc=”xmltag.org” >Spain</location>)</p>

<p style=”position:absolute;top:413px;left:456px;white-space:nowrap” class=”ft022″>A1</p>

<p style=”position:absolute;top:413px;left:563px;white-space:nowrap” class=”ft022″>Aa3</p>

<p style=”position:absolute;top:413px;left:677px;white-space:nowrap” class=”ft022″>A2</p>

<p style=”position:absolute;top:430px;left:70px;white-space:nowrap” class=”ft022″><org value=”LSE:HSBA” idsrc=”xmltag.org” >HSBC&#160;Holdings&#160;plc</org></p>

<p style=”position:absolute;top:429px;left:450px;white-space:nowrap” class=”ft022″>Baa1</p>

<p style=”position:absolute;top:429px;left:566px;white-space:nowrap” class=”ft022″>A3</p>

<p style=”position:absolute;top:429px;left:677px;white-space:nowrap” class=”ft022″>A2</p>

<p style=”position:absolute;top:446px;left:70px;white-space:nowrap” class=”ft022″><org value=”EuronextAmsterdam:INGA” idsrc=”xmltag.org” >ING&#160;Groep&#160;N.V.</org></p>

<p style=”position:absolute;top:446px;left:455px;white-space:nowrap” class=”ft022″>A3</p>

<p style=”position:absolute;top:446px;left:566px;white-space:nowrap” class=”ft022″>A2</p>

<p style=”position:absolute;top:446px;left:672px;white-space:nowrap” class=”ft022″>Baa1</p>

<p style=”position:absolute;top:463px;left:70px;white-space:nowrap” class=”ft022″><org value=”OTC-PINK:EBKDY” idsrc=”xmltag.org” >Erste&#160;Group&#160;Bank&#160;AG</org></p>

<p style=”position:absolute;top:462px;left:450px;white-space:nowrap” class=”ft022″>Baa3</p>

<p style=”position:absolute;top:462px;left:561px;white-space:nowrap” class=”ft022″>Baa2</p>

<p style=”position:absolute;top:462px;left:677px;white-space:nowrap” class=”ft022″>A2</p>

<p style=”position:absolute;top:479px;left:70px;white-space:nowrap” class=”ft022″>Lloyds&#160;Bank&#160;plc</p>

<p style=”position:absolute;top:479px;left:452px;white-space:nowrap” class=”ft022″>Aa3</p>

<p style=”position:absolute;top:479px;left:563px;white-space:nowrap” class=”ft022″>Aa2</p>

<p style=”position:absolute;top:479px;left:674px;white-space:nowrap” class=”ft022″>Aa3</p>

<p style=”position:absolute;top:496px;left:70px;white-space:nowrap” class=”ft022″>DZ&#160;BANK&#160;AG</p>

<p style=”position:absolute;top:496px;left:450px;white-space:nowrap” class=”ft022″>Baa2</p>

<p style=”position:absolute;top:496px;left:561px;white-space:nowrap” class=”ft022″>Baa1</p>

<p style=”position:absolute;top:496px;left:675px;white-space:nowrap” class=”ft022″>Aa1</p>

<p style=”position:absolute;top:512px;left:70px;white-space:nowrap” class=”ft022″><org value=”LSE:NBS” idsrc=”xmltag.org” >Nationwide&#160;Building&#160;Society</org></p>

<p style=”position:absolute;top:512px;left:455px;white-space:nowrap” class=”ft022″>A2</p>

<p style=”position:absolute;top:512px;left:567px;white-space:nowrap” class=”ft022″>A1</p>

<p style=”position:absolute;top:512px;left:678px;white-space:nowrap” class=”ft022″>A1</p>

<p style=”position:absolute;top:529px;left:70px;white-space:nowrap” class=”ft022″>Landesbank&#160;Baden-Wuerttemberg</p>

<p style=”position:absolute;top:529px;left:455px;white-space:nowrap” class=”ft022″>A3</p>

<p style=”position:absolute;top:529px;left:566px;white-space:nowrap” class=”ft022″>A2</p>

<p style=”position:absolute;top:529px;left:674px;white-space:nowrap” class=”ft022″>Aa3</p>

<p style=”position:absolute;top:544px;left:70px;white-space:nowrap” class=”ft022″><org value=”Milan:TIT” idsrc=”xmltag.org” >Telecom&#160;Italia&#160;S.p.A</org>.</p>

<p style=”position:absolute;top:542px;left:453px;white-space:nowrap” class=”ft022″>Ba2</p>

<p style=”position:absolute;top:542px;left:564px;white-space:nowrap” class=”ft022″>Ba1</p>

<p style=”position:absolute;top:542px;left:675px;white-space:nowrap” class=”ft022″>Ba1</p>

<p style=”position:absolute;top:577px;left:70px;white-space:nowrap” class=”ft027″>CDS&#160;Spread&#160;Increases<br/>Issuer</p>

<p style=”position:absolute;top:595px;left:424px;white-space:nowrap” class=”ft021″>Senior&#160;Ratings</p>

<p style=”position:absolute;top:595px;left:556px;white-space:nowrap” class=”ft021″><chron>Jul.&#160;29</chron></p>

<p style=”position:absolute;top:595px;left:667px;white-space:nowrap” class=”ft021″><chron>Jul.&#160;22</chron></p>

<p style=”position:absolute;top:595px;left:765px;white-space:nowrap” class=”ft021″>Spread&#160;Diff</p>

<p style=”position:absolute;top:611px;left:70px;white-space:nowrap” class=”ft022″>PizzaExpress&#160;Financing&#160;1&#160;plc</p>

<p style=”position:absolute;top:611px;left:458px;white-space:nowrap” class=”ft022″>C</p>

<p style=”position:absolute;top:611px;left:556px;white-space:nowrap” class=”ft022″>31,500</p>

<p style=”position:absolute;top:611px;left:668px;white-space:nowrap” class=”ft022″>29,177</p>

<p style=”position:absolute;top:611px;left:781px;white-space:nowrap” class=”ft022″>2,323</p>

<p style=”position:absolute;top:628px;left:70px;white-space:nowrap” class=”ft022″><org value=”XETRA:TUI1″ idsrc=”xmltag.org” >TUI&#160;AG</org></p>

<p style=”position:absolute;top:628px;left:450px;white-space:nowrap” class=”ft022″>Caa1</p>

<p style=”position:absolute;top:628px;left:559px;white-space:nowrap” class=”ft022″>1,293</p>

<p style=”position:absolute;top:628px;left:670px;white-space:nowrap” class=”ft022″>1,034</p>

<p style=”position:absolute;top:628px;left:785px;white-space:nowrap” class=”ft022″>259</p>

<p style=”position:absolute;top:645px;left:70px;white-space:nowrap” class=”ft022″>Selecta&#160;Group&#160;B.V.</p>

<p style=”position:absolute;top:644px;left:449px;white-space:nowrap” class=”ft022″>Caa3</p>

<p style=”position:absolute;top:644px;left:559px;white-space:nowrap” class=”ft022″>5,510</p>

<p style=”position:absolute;top:644px;left:669px;white-space:nowrap” class=”ft022″>5,402</p>

<p style=”position:absolute;top:644px;left:785px;white-space:nowrap” class=”ft022″>108</p>

<p style=”position:absolute;top:661px;left:70px;white-space:nowrap” class=”ft022″><org value=”Athens:TPEIR” idsrc=”xmltag.org” >Piraeus&#160;Bank&#160;S.A.</org></p>

<p style=”position:absolute;top:661px;left:449px;white-space:nowrap” class=”ft022″>Caa2</p>

<p style=”position:absolute;top:661px;left:564px;white-space:nowrap” class=”ft022″>861</p>

<p style=”position:absolute;top:661px;left:675px;white-space:nowrap” class=”ft022″>819</p>

<p style=”position:absolute;top:661px;left:788px;white-space:nowrap” class=”ft022″>42</p>

<p style=”position:absolute;top:678px;left:70px;white-space:nowrap” class=”ft022″>Boparan&#160;Finance&#160;plc</p>

<p style=”position:absolute;top:677px;left:450px;white-space:nowrap” class=”ft022″>Caa1</p>

<p style=”position:absolute;top:677px;left:564px;white-space:nowrap” class=”ft022″>617</p>

<p style=”position:absolute;top:677px;left:674px;white-space:nowrap” class=”ft022″>589</p>

<p style=”position:absolute;top:677px;left:788px;white-space:nowrap” class=”ft022″>28</p>

<p style=”position:absolute;top:694px;left:70px;white-space:nowrap” class=”ft022″>Novafives&#160;<org value=”Kazakhstan:SAS” idsrc=”xmltag.org” >S.A.S</org>.</p>

<p style=”position:absolute;top:694px;left:449px;white-space:nowrap” class=”ft022″>Caa2</p>

<p style=”position:absolute;top:694px;left:559px;white-space:nowrap” class=”ft022″>1,036</p>

<p style=”position:absolute;top:694px;left:670px;white-space:nowrap” class=”ft022″>1,008</p>

<p style=”position:absolute;top:694px;left:788px;white-space:nowrap” class=”ft022″>28</p>

<p style=”position:absolute;top:711px;left:70px;white-space:nowrap” class=”ft022″>Ziggo&#160;Bond&#160;Company&#160;B.V.</p>

<p style=”position:absolute;top:710px;left:455px;white-space:nowrap” class=”ft022″>B3</p>

<p style=”position:absolute;top:710px;left:564px;white-space:nowrap” class=”ft022″>213</p>

<p style=”position:absolute;top:710px;left:675px;white-space:nowrap” class=”ft022″>187</p>

<p style=”position:absolute;top:710px;left:789px;white-space:nowrap” class=”ft022″>27</p>

<p style=”position:absolute;top:727px;left:70px;white-space:nowrap” class=”ft022″>Ziggo&#160;Secured&#160;Finance&#160;B.V.</p>

<p style=”position:absolute;top:727px;left:450px;white-space:nowrap” class=”ft022″>Caa1</p>

<p style=”position:absolute;top:727px;left:564px;white-space:nowrap” class=”ft022″>212</p>

<p style=”position:absolute;top:727px;left:675px;white-space:nowrap” class=”ft022″>185</p>

<p style=”position:absolute;top:727px;left:789px;white-space:nowrap” class=”ft022″>27</p>

<p style=”position:absolute;top:744px;left:70px;white-space:nowrap” class=”ft022″>Vue&#160;International&#160;Bidco&#160;plc</p>

<p style=”position:absolute;top:743px;left:449px;white-space:nowrap” class=”ft022″>Caa2</p>

<p style=”position:absolute;top:743px;left:564px;white-space:nowrap” class=”ft022″>871</p>

<p style=”position:absolute;top:743px;left:674px;white-space:nowrap” class=”ft022″>846</p>

<p style=”position:absolute;top:743px;left:789px;white-space:nowrap” class=”ft022″>25</p>

<p style=”position:absolute;top:759px;left:70px;white-space:nowrap” class=”ft022″><org value=”EuronextParis:CO” idsrc=”xmltag.org” >Casino&#160;Guichard-Perrachon&#160;SA</org></p>

<p style=”position:absolute;top:757px;left:455px;white-space:nowrap” class=”ft022″>B3</p>

<p style=”position:absolute;top:757px;left:564px;white-space:nowrap” class=”ft022″>801</p>

<p style=”position:absolute;top:757px;left:674px;white-space:nowrap” class=”ft022″>780</p>

<p style=”position:absolute;top:757px;left:789px;white-space:nowrap” class=”ft022″>21</p>

<p style=”position:absolute;top:792px;left:70px;white-space:nowrap” class=”ft027″>CDS&#160;Spread&#160;Decreases<br/>Issuer</p>

<p style=”position:absolute;top:809px;left:424px;white-space:nowrap” class=”ft021″>Senior&#160;Ratings</p>

<p style=”position:absolute;top:809px;left:556px;white-space:nowrap” class=”ft021″><chron>Jul.&#160;29</chron></p>

<p style=”position:absolute;top:809px;left:667px;white-space:nowrap” class=”ft021″><chron>Jul.&#160;22</chron></p>

<p style=”position:absolute;top:809px;left:765px;white-space:nowrap” class=”ft021″>Spread&#160;Diff</p>

<p style=”position:absolute;top:826px;left:70px;white-space:nowrap” class=”ft022″><org value=”Vienna:WIE” idsrc=”xmltag.org” >Wienerberger&#160;AG</org></p>

<p style=”position:absolute;top:826px;left:453px;white-space:nowrap” class=”ft022″>Ba1</p>

<p style=”position:absolute;top:826px;left:563px;white-space:nowrap” class=”ft022″>202</p>

<p style=”position:absolute;top:826px;left:674px;white-space:nowrap” class=”ft022″>339</p>

<p style=”position:absolute;top:826px;left:784px;white-space:nowrap” class=”ft022″>-137</p>

<p style=”position:absolute;top:843px;left:70px;white-space:nowrap” class=”ft022″><org value=”LSE:VED” idsrc=”xmltag.org” >Vedanta&#160;Resources</org>&#160;Limited</p>

<p style=”position:absolute;top:842px;left:455px;white-space:nowrap” class=”ft022″>B3</p>

<p style=”position:absolute;top:842px;left:559px;white-space:nowrap” class=”ft022″>1,387</p>

<p style=”position:absolute;top:842px;left:670px;white-space:nowrap” class=”ft022″>1,434</p>

<p style=”position:absolute;top:842px;left:786px;white-space:nowrap” class=”ft022″>-47</p>

<p style=”position:absolute;top:859px;left:70px;white-space:nowrap” class=”ft022″>CMA&#160;CGM&#160;S.A.</p>

<p style=”position:absolute;top:859px;left:450px;white-space:nowrap” class=”ft022″>Caa1</p>

<p style=”position:absolute;top:859px;left:563px;white-space:nowrap” class=”ft022″>803</p>

<p style=”position:absolute;top:859px;left:674px;white-space:nowrap” class=”ft022″>844</p>

<p style=”position:absolute;top:859px;left:787px;white-space:nowrap” class=”ft022″>-41</p>

<p style=”position:absolute;top:876px;left:70px;white-space:nowrap” class=”ft022″><org value=”LSE:CNA” idsrc=”xmltag.org” >Centrica&#160;plc</org></p>

<p style=”position:absolute;top:875px;left:450px;white-space:nowrap” class=”ft022″>Baa2</p>

<p style=”position:absolute;top:875px;left:567px;white-space:nowrap” class=”ft022″>78</p>

<p style=”position:absolute;top:875px;left:675px;white-space:nowrap” class=”ft022″>110</p>

<p style=”position:absolute;top:875px;left:786px;white-space:nowrap” class=”ft022″>-32</p>

<p style=”position:absolute;top:892px;left:70px;white-space:nowrap” class=”ft022″><org value=”NYSE:FCAU” idsrc=”xmltag.org” >Fiat&#160;Chrysler&#160;Automobiles&#160;N.V.</org></p>

<p style=”position:absolute;top:892px;left:453px;white-space:nowrap” class=”ft022″>Ba2</p>

<p style=”position:absolute;top:892px;left:564px;white-space:nowrap” class=”ft022″>214</p>

<p style=”position:absolute;top:892px;left:675px;white-space:nowrap” class=”ft022″>237</p>

<p style=”position:absolute;top:892px;left:786px;white-space:nowrap” class=”ft022″>-23</p>

<p style=”position:absolute;top:909px;left:70px;white-space:nowrap” class=”ft022″><org value=”EuronextParis:PUB” idsrc=”xmltag.org” >Publicis&#160;Groupe&#160;S.A.</org></p>

<p style=”position:absolute;top:908px;left:450px;white-space:nowrap” class=”ft022″>Baa2</p>

<p style=”position:absolute;top:908px;left:566px;white-space:nowrap” class=”ft022″>80</p>

<p style=”position:absolute;top:908px;left:675px;white-space:nowrap” class=”ft022″>100</p>

<p style=”position:absolute;top:908px;left:786px;white-space:nowrap” class=”ft022″>-20</p>

<p style=”position:absolute;top:925px;left:70px;white-space:nowrap” class=”ft022″><org value=”EuronextParis:UG” idsrc=”xmltag.org” >Peugeot&#160;S.A.</org></p>

<p style=”position:absolute;top:925px;left:450px;white-space:nowrap” class=”ft022″>Baa3</p>

<p style=”position:absolute;top:925px;left:564px;white-space:nowrap” class=”ft022″>165</p>

<p style=”position:absolute;top:925px;left:675px;white-space:nowrap” class=”ft022″>175</p>

<p style=”position:absolute;top:925px;left:787px;white-space:nowrap” class=”ft022″>-10</p>

<p style=”position:absolute;top:942px;left:70px;white-space:nowrap” class=”ft022″><location value=”LC/it” idsrc=”xmltag.org” >Italy</location>,&#160;Government&#160;of</p>

<p style=”position:absolute;top:941px;left:450px;white-space:nowrap” class=”ft022″>Baa3</p>

<p style=”position:absolute;top:941px;left:564px;white-space:nowrap” class=”ft022″>143</p>

<p style=”position:absolute;top:941px;left:676px;white-space:nowrap” class=”ft022″>151</p>

<p style=”position:absolute;top:941px;left:789px;white-space:nowrap” class=”ft022″>-8</p>

<p style=”position:absolute;top:958px;left:70px;white-space:nowrap” class=”ft022″><org value=”Milan:UBI” idsrc=”xmltag.org” >Unione&#160;di&#160;Banche&#160;Italiane&#160;S.p.A</org>.</p>

<p style=”position:absolute;top:958px;left:450px;white-space:nowrap” class=”ft022″>Baa3</p>

<p style=”position:absolute;top:958px;left:564px;white-space:nowrap” class=”ft022″>105</p>

<p style=”position:absolute;top:958px;left:676px;white-space:nowrap” class=”ft022″>111</p>

<p style=”position:absolute;top:958px;left:789px;white-space:nowrap” class=”ft022″>-6</p>

<p style=”position:absolute;top:973px;left:70px;white-space:nowrap” class=”ft022″><org value=”Swiss:SCMN” idsrc=”xmltag.org” >Swisscom&#160;AG</org></p>

<p style=”position:absolute;top:972px;left:455px;white-space:nowrap” class=”ft022″>A2</p>

<p style=”position:absolute;top:972px;left:566px;white-space:nowrap” class=”ft022″>44</p>

<p style=”position:absolute;top:972px;left:677px;white-space:nowrap” class=”ft022″>50</p>

<p style=”position:absolute;top:972px;left:789px;white-space:nowrap” class=”ft022″>-6</p>

<p style=”position:absolute;top:992px;left:70px;white-space:nowrap” class=”ft023″><i>Source:&#160;Moody’s,&#160;CMA</i></p>

<p style=”position:absolute;top:791px;left:650px;white-space:nowrap” class=”ft021″>CDS&#160;Spreads&#160;</p>

<p style=”position:absolute;top:147px;left:463px;white-space:nowrap” class=”ft021″>CDS&#160;Implied&#160;Ratings</p>

<p style=”position:absolute;top:362px;left:463px;white-space:nowrap” class=”ft021″>CDS&#160;Implied&#160;Ratings</p>

<p style=”position:absolute;top:577px;left:650px;white-space:nowrap” class=”ft021″>CDS&#160;Spreads&#160;</p>

<p style=”position:absolute;top:125px;left:70px;white-space:nowrap” class=”ft024″>Figure&#160;4.&#160;&#160;CDS Movers&#160;-&#160;<location value=”LR/eur” idsrc=”xmltag.org” >Europe</location>&#160;(<chron>July&#160;22,&#160;2020</chron>&#160;&#160;July&#160;29,&#160;2020)</p>

<p style=”position:absolute;top:1138px;left:41px;white-space:nowrap” class=”ft025″><b>3&#160; &#160; &#160; &#160; &#160; <chron>30 July 2020</chron></b></p>

<p style=”position:absolute;top:1138px;left:712px;white-space:nowrap” class=”ft025″><b>Cross-Sector: Market Data Highlights</b></p>

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<p style=”position:absolute;top:45px;left:61px;white-space:nowrap” class=”ft020″>MOODY’S ANALYTICS</p>

<p style=”position:absolute;top:45px;left:770px;white-space:nowrap” class=”ft00″><b>CROSS-SECTOR</b></p>

<p style=”position:absolute;top:120px;left:68px;white-space:nowrap” class=”ft011″><b>ISSUANCE</b></p>

<p style=”position:absolute;top:409px;left:810px;white-space:nowrap” class=”ft028″>0</p>

<p style=”position:absolute;top:364px;left:810px;white-space:nowrap” class=”ft028″>600</p>

<p style=”position:absolute;top:318px;left:810px;white-space:nowrap” class=”ft028″>1,200</p>

<p style=”position:absolute;top:273px;left:810px;white-space:nowrap” class=”ft028″>1,800</p>

<p style=”position:absolute;top:227px;left:810px;white-space:nowrap” class=”ft028″>2,400</p>

<p style=”position:absolute;top:409px;left:99px;white-space:nowrap” class=”ft028″>0</p>

<p style=”position:absolute;top:364px;left:82px;white-space:nowrap” class=”ft028″>600</p>

<p style=”position:absolute;top:318px;left:72px;white-space:nowrap” class=”ft028″>1,200</p>

<p style=”position:absolute;top:273px;left:71px;white-space:nowrap” class=”ft028″>1,800</p>

<p style=”position:absolute;top:227px;left:70px;white-space:nowrap” class=”ft028″>2,400</p>

<p style=”position:absolute;top:430px;left:139px;white-space:nowrap” class=”ft028″>Jan&#160;Feb&#160;Mar</p>

<p style=”position:absolute;top:430px;left:268px;white-space:nowrap” class=”ft028″>Apr</p>

<p style=”position:absolute;top:430px;left:318px;white-space:nowrap” class=”ft028″>May</p>

<p style=”position:absolute;top:430px;left:387px;white-space:nowrap” class=”ft028″>Jun</p>

<p style=”position:absolute;top:430px;left:441px;white-space:nowrap” class=”ft028″>Jul</p>

<p style=”position:absolute;top:430px;left:489px;white-space:nowrap” class=”ft028″>Aug</p>

<p style=”position:absolute;top:430px;left:555px;white-space:nowrap” class=”ft028″>Sep</p>

<p style=”position:absolute;top:430px;left:620px;white-space:nowrap” class=”ft028″>Oct</p>

<p style=”position:absolute;top:430px;left:671px;white-space:nowrap” class=”ft028″>Nov</p>

<p style=”position:absolute;top:430px;left:737px;white-space:nowrap” class=”ft028″>Dec</p>

<p style=”position:absolute;top:195px;left:76px;white-space:nowrap” class=”ft028″>Issuance&#160;($B)</p>

<p style=”position:absolute;top:194px;left:761px;white-space:nowrap” class=”ft028″>Issuance&#160;($B)</p>

<p style=”position:absolute;top:194px;left:320px;white-space:nowrap” class=”ft028″>2017</p>

<p style=”position:absolute;top:194px;left:420px;white-space:nowrap” class=”ft028″>2018</p>

<p style=”position:absolute;top:194px;left:522px;white-space:nowrap” class=”ft028″>2019</p>

<p style=”position:absolute;top:194px;left:623px;white-space:nowrap” class=”ft028″>2020</p>

<p style=”position:absolute;top:455px;left:75px;white-space:nowrap” class=”ft029″><i>Source:&#160;&#160;</i></p>

<p style=”position:absolute;top:457px;left:123px;white-space:nowrap” class=”ft023″><i>Moody’s&#160;&#160;/&#160;Dealogic</i></p>

<p style=”position:absolute;top:145px;left:83px;white-space:nowrap” class=”ft030″>Figure&#160;5.&#160;Market&#160;Cumulative&#160;Issuance&#160;-&#160;Corporate&#160;&amp;&#160;Financial Institutions:&#160;USD&#160;Denominated</p>

<p style=”position:absolute;top:758px;left:811px;white-space:nowrap” class=”ft028″>0</p>

<p style=”position:absolute;top:719px;left:811px;white-space:nowrap” class=”ft028″>200</p>

<p style=”position:absolute;top:679px;left:811px;white-space:nowrap” class=”ft028″>400</p>

<p style=”position:absolute;top:639px;left:811px;white-space:nowrap” class=”ft028″>600</p>

<p style=”position:absolute;top:599px;left:811px;white-space:nowrap” class=”ft028″>800</p>

<p style=”position:absolute;top:559px;left:811px;white-space:nowrap” class=”ft028″>1,000</p>

<p style=”position:absolute;top:758px;left:98px;white-space:nowrap” class=”ft028″>0</p>

<p style=”position:absolute;top:719px;left:81px;white-space:nowrap” class=”ft028″>200</p>

<p style=”position:absolute;top:679px;left:80px;white-space:nowrap” class=”ft028″>400</p>

<p style=”position:absolute;top:639px;left:80px;white-space:nowrap” class=”ft028″>600</p>

<p style=”position:absolute;top:599px;left:80px;white-space:nowrap” class=”ft028″>800</p>

<p style=”position:absolute;top:559px;left:70px;white-space:nowrap” class=”ft028″>1,000</p>

<p style=”position:absolute;top:779px;left:138px;white-space:nowrap” class=”ft028″>Jan&#160;Feb&#160;Mar</p>

<p style=”position:absolute;top:779px;left:269px;white-space:nowrap” class=”ft028″>Apr</p>

<p style=”position:absolute;top:779px;left:320px;white-space:nowrap” class=”ft028″>May</p>

<p style=”position:absolute;top:779px;left:389px;white-space:nowrap” class=”ft028″>Jun</p>

<p style=”position:absolute;top:779px;left:444px;white-space:nowrap” class=”ft028″>Jul</p>

<p style=”position:absolute;top:779px;left:493px;white-space:nowrap” class=”ft028″>Aug</p>

<p style=”position:absolute;top:779px;left:560px;white-space:nowrap” class=”ft028″>Sep</p>

<p style=”position:absolute;top:779px;left:626px;white-space:nowrap” class=”ft028″>Oct</p>

<p style=”position:absolute;top:779px;left:677px;white-space:nowrap” class=”ft028″>Nov</p>

<p style=”position:absolute;top:779px;left:745px;white-space:nowrap” class=”ft028″>Dec</p>

<p style=”position:absolute;top:529px;left:80px;white-space:nowrap” class=”ft028″>Issuance&#160;($B)</p>

<p style=”position:absolute;top:529px;left:761px;white-space:nowrap” class=”ft028″>Issuance&#160;($B)</p>

<p style=”position:absolute;top:532px;left:326px;white-space:nowrap” class=”ft028″>2017</p>

<p style=”position:absolute;top:532px;left:427px;white-space:nowrap” class=”ft028″>2018</p>

<p style=”position:absolute;top:532px;left:528px;white-space:nowrap” class=”ft028″>2019</p>

<p style=”position:absolute;top:532px;left:630px;white-space:nowrap” class=”ft028″>2020</p>

<p style=”position:absolute;top:799px;left:74px;white-space:nowrap” class=”ft029″><i>Source:&#160;&#160;</i></p>

<p style=”position:absolute;top:800px;left:122px;white-space:nowrap” class=”ft023″><i>Moody’s&#160;/ Dealogic</i></p>

<p style=”position:absolute;top:492px;left:83px;white-space:nowrap” class=”ft030″>Figure&#160;6.&#160;Market&#160;Cumulative&#160;Issuance&#160;-&#160;Corporate&#160;&amp;&#160;Financial Institutions:&#160;Euro&#160;&#160;Denominated</p>

<p style=”position:absolute;top:1138px;left:41px;white-space:nowrap” class=”ft025″><b>4&#160; &#160; &#160; &#160; &#160; <chron>30 July 2020</chron></b></p>

<p style=”position:absolute;top:1138px;left:712px;white-space:nowrap” class=”ft025″><b>Cross-Sector: Market Data Highlights</b></p>

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<p style=”position:absolute;top:45px;left:61px;white-space:nowrap” class=”ft020″>MOODY’S ANALYTICS</p>

<p style=”position:absolute;top:45px;left:770px;white-space:nowrap” class=”ft00″><b>CROSS-SECTOR</b></p>

<p style=”position:absolute;top:172px;left:301px;white-space:nowrap” class=”ft031″>Investment-Grade</p>

<p style=”position:absolute;top:172px;left:530px;white-space:nowrap” class=”ft031″>High-Yield</p>

<p style=”position:absolute;top:172px;left:746px;white-space:nowrap” class=”ft031″>Total*</p>

<p style=”position:absolute;top:192px;left:336px;white-space:nowrap” class=”ft031″>Amount</p>

<p style=”position:absolute;top:192px;left:538px;white-space:nowrap” class=”ft031″>Amount</p>

<p style=”position:absolute;top:192px;left:740px;white-space:nowrap” class=”ft031″>Amount</p>

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<p style=”position:absolute;top:211px;left:355px;white-space:nowrap” class=”ft031″>$B</p>

<p style=”position:absolute;top:211px;left:557px;white-space:nowrap” class=”ft031″>$B</p>

<p style=”position:absolute;top:211px;left:759px;white-space:nowrap” class=”ft031″>$B</p>

<p style=”position:absolute;top:233px;left:150px;white-space:nowrap” class=”ft031″>Weekly</p>

<p style=”position:absolute;top:233px;left:344px;white-space:nowrap” class=”ft031″>9.865</p>

<p style=”position:absolute;top:233px;left:546px;white-space:nowrap” class=”ft031″>5.990</p>

<p style=”position:absolute;top:233px;left:745px;white-space:nowrap” class=”ft031″>18.375</p>

<p style=”position:absolute;top:255px;left:130px;white-space:nowrap” class=”ft031″>Year-to-Date</p>

<p style=”position:absolute;top:255px;left:328px;white-space:nowrap” class=”ft031″>1,365.000</p>

<p style=”position:absolute;top:255px;left:539px;white-space:nowrap” class=”ft031″>314.729</p>

<p style=”position:absolute;top:255px;left:734px;white-space:nowrap” class=”ft031″>1,738.780</p>

<p style=”position:absolute;top:316px;left:301px;white-space:nowrap” class=”ft031″>Investment-Grade</p>

<p style=”position:absolute;top:316px;left:530px;white-space:nowrap” class=”ft031″>High-Yield</p>

<p style=”position:absolute;top:316px;left:746px;white-space:nowrap” class=”ft031″>Total*</p>

<p style=”position:absolute;top:336px;left:336px;white-space:nowrap” class=”ft031″>Amount</p>

<p style=”position:absolute;top:336px;left:538px;white-space:nowrap” class=”ft031″>Amount</p>

<p style=”position:absolute;top:336px;left:740px;white-space:nowrap” class=”ft031″>Amount</p>

<p style=”position:absolute;top:355px;left:355px;white-space:nowrap” class=”ft031″>$B</p>

<p style=”position:absolute;top:355px;left:557px;white-space:nowrap” class=”ft031″>$B</p>

<p style=”position:absolute;top:355px;left:759px;white-space:nowrap” class=”ft031″>$B</p>

<p style=”position:absolute;top:377px;left:150px;white-space:nowrap” class=”ft031″>Weekly</p>

<p style=”position:absolute;top:377px;left:343px;white-space:nowrap” class=”ft031″>0.458</p>

<p style=”position:absolute;top:377px;left:548px;white-space:nowrap” class=”ft031″>1.612</p>

<p style=”position:absolute;top:377px;left:750px;white-space:nowrap” class=”ft031″>2.147</p>

<p style=”position:absolute;top:399px;left:130px;white-space:nowrap” class=”ft031″>Year-to-Date</p>

<p style=”position:absolute;top:399px;left:335px;white-space:nowrap” class=”ft031″>556.256</p>

<p style=”position:absolute;top:399px;left:543px;white-space:nowrap” class=”ft031″>70.427</p>

<p style=”position:absolute;top:399px;left:740px;white-space:nowrap” class=”ft031″>648.915</p>

<p style=”position:absolute;top:423px;left:72px;white-space:nowrap” class=”ft028″>*&#160;Difference&#160;represents&#160;issuance&#160;with pending ratings.</p>

<p style=”position:absolute;top:445px;left:72px;white-space:nowrap” class=”ft029″><i>Source:&#160;Moody’s/ Dealogic</i></p>

<p style=”position:absolute;top:149px;left:498px;white-space:nowrap” class=”ft032″>USD&#160;Denominated</p>

<p style=”position:absolute;top:293px;left:498px;white-space:nowrap” class=”ft032″>Euro&#160;Denominated</p>

<p style=”position:absolute;top:124px;left:73px;white-space:nowrap” class=”ft033″>Figure&#160;7. Issuance: Corporate&#160;&amp; Financial&#160;Institutions</p>

<p style=”position:absolute;top:489px;left:68px;white-space:nowrap” class=”ft011″><b>EMERGING MARKET CREDIT SPREADS</b></p>

<p style=”position:absolute;top:541px;left:72px;white-space:nowrap” class=”ft034″>Emerging&#160;Market</p>

<p style=”position:absolute;top:561px;left:142px;white-space:nowrap” class=”ft034″>Duration</p>

<p style=”position:absolute;top:561px;left:323px;white-space:nowrap” class=”ft034″>A</p>

<p style=”position:absolute;top:561px;left:382px;white-space:nowrap” class=”ft034″>Baa</p>

<p style=”position:absolute;top:561px;left:452px;white-space:nowrap” class=”ft034″>Ba</p>

<p style=”position:absolute;top:561px;left:522px;white-space:nowrap” class=”ft034″>B</p>

<p style=”position:absolute;top:561px;left:612px;white-space:nowrap” class=”ft034″>A</p>

<p style=”position:absolute;top:561px;left:671px;white-space:nowrap” class=”ft034″>Baa</p>

<p style=”position:absolute;top:561px;left:741px;white-space:nowrap” class=”ft034″>Ba</p>

<p style=”position:absolute;top:561px;left:811px;white-space:nowrap” class=”ft034″>B</p>

<p style=”position:absolute;top:578px;left:136px;white-space:nowrap” class=”ft035″>&gt;=1&#160;and &lt;3</p>

<p style=”position:absolute;top:577px;left:316px;white-space:nowrap” class=”ft035″>104</p>

<p style=”position:absolute;top:577px;left:383px;white-space:nowrap” class=”ft035″>169</p>

<p style=”position:absolute;top:577px;left:449px;white-space:nowrap” class=”ft035″>451</p>

<p style=”position:absolute;top:577px;left:515px;white-space:nowrap” class=”ft035″>594</p>

<p style=”position:absolute;top:577px;left:609px;white-space:nowrap” class=”ft035″>87</p>

<p style=”position:absolute;top:577px;left:672px;white-space:nowrap” class=”ft035″>126</p>

<p style=”position:absolute;top:577px;left:741px;white-space:nowrap” class=”ft035″>47</p>

<p style=”position:absolute;top:577px;left:808px;white-space:nowrap” class=”ft035″>41</p>

<p style=”position:absolute;top:598px;left:136px;white-space:nowrap” class=”ft035″>&gt;=3&#160;and &lt;5</p>

<p style=”position:absolute;top:596px;left:317px;white-space:nowrap” class=”ft035″>118</p>

<p style=”position:absolute;top:596px;left:383px;white-space:nowrap” class=”ft035″>197</p>

<p style=”position:absolute;top:596px;left:449px;white-space:nowrap” class=”ft035″>418</p>

<p style=”position:absolute;top:596px;left:515px;white-space:nowrap” class=”ft035″>637</p>

<p style=”position:absolute;top:596px;left:608px;white-space:nowrap” class=”ft035″>49</p>

<p style=”position:absolute;top:596px;left:672px;white-space:nowrap” class=”ft035″>114</p>

<p style=”position:absolute;top:596px;left:741px;white-space:nowrap” class=”ft035″>44</p>

<p style=”position:absolute;top:596px;left:807px;white-space:nowrap” class=”ft035″>46</p>

<p style=”position:absolute;top:617px;left:136px;white-space:nowrap” class=”ft035″>&gt;=5 and &lt;7</p>

<p style=”position:absolute;top:615px;left:317px;white-space:nowrap” class=”ft035″>127</p>

<p style=”position:absolute;top:615px;left:382px;white-space:nowrap” class=”ft035″>232</p>

<p style=”position:absolute;top:615px;left:448px;white-space:nowrap” class=”ft035″>480</p>

<p style=”position:absolute;top:615px;left:516px;white-space:nowrap” class=”ft035″>713</p>

<p style=”position:absolute;top:615px;left:608px;white-space:nowrap” class=”ft035″>50</p>

<p style=”position:absolute;top:615px;left:675px;white-space:nowrap” class=”ft035″>86</p>

<p style=”position:absolute;top:615px;left:742px;white-space:nowrap” class=”ft035″>27</p>

<p style=”position:absolute;top:615px;left:808px;white-space:nowrap” class=”ft035″>23</p>

<p style=”position:absolute;top:636px;left:159px;white-space:nowrap” class=”ft035″>&gt;=7</p>

<p style=”position:absolute;top:635px;left:316px;white-space:nowrap” class=”ft035″>163</p>

<p style=”position:absolute;top:635px;left:383px;white-space:nowrap” class=”ft035″>291</p>

<p style=”position:absolute;top:635px;left:449px;white-space:nowrap” class=”ft035″>572</p>

<p style=”position:absolute;top:635px;left:515px;white-space:nowrap” class=”ft035″>729</p>

<p style=”position:absolute;top:635px;left:608px;white-space:nowrap” class=”ft035″>85</p>

<p style=”position:absolute;top:635px;left:672px;white-space:nowrap” class=”ft035″>162</p>

<p style=”position:absolute;top:635px;left:741px;white-space:nowrap” class=”ft035″>36</p>

<p style=”position:absolute;top:635px;left:808px;white-space:nowrap” class=”ft035″>32</p>

<p style=”position:absolute;top:665px;left:72px;white-space:nowrap” class=”ft034″>Emerging&#160;Market&#160;Sovereign</p>

<p style=”position:absolute;top:684px;left:142px;white-space:nowrap” class=”ft034″>Duration</p>

<p style=”position:absolute;top:684px;left:323px;white-space:nowrap” class=”ft034″>A</p>

<p style=”position:absolute;top:684px;left:382px;white-space:nowrap” class=”ft034″>Baa</p>

<p style=”position:absolute;top:684px;left:452px;white-space:nowrap” class=”ft034″>Ba</p>

<p style=”position:absolute;top:684px;left:522px;white-space:nowrap” class=”ft034″>B</p>

<p style=”position:absolute;top:684px;left:612px;white-space:nowrap” class=”ft034″>A</p>

<p style=”position:absolute;top:684px;left:671px;white-space:nowrap” class=”ft034″>Baa</p>

<p style=”position:absolute;top:684px;left:741px;white-space:nowrap” class=”ft034″>Ba</p>

<p style=”position:absolute;top:684px;left:811px;white-space:nowrap” class=”ft034″>B</p>

<p style=”position:absolute;top:702px;left:136px;white-space:nowrap” class=”ft035″>&gt;=1&#160;and &lt;3</p>

<p style=”position:absolute;top:700px;left:320px;white-space:nowrap” class=”ft035″>54</p>

<p style=”position:absolute;top:700px;left:383px;white-space:nowrap” class=”ft035″>122</p>

<p style=”position:absolute;top:700px;left:450px;white-space:nowrap” class=”ft035″>181</p>

<p style=”position:absolute;top:700px;left:515px;white-space:nowrap” class=”ft035″>544</p>

<p style=”position:absolute;top:700px;left:609px;white-space:nowrap” class=”ft035″>16</p>

<p style=”position:absolute;top:700px;left:675px;white-space:nowrap” class=”ft035″>30</p>

<p style=”position:absolute;top:700px;left:743px;white-space:nowrap” class=”ft035″>11</p>

<p style=”position:absolute;top:700px;left:808px;white-space:nowrap” class=”ft035″>19</p>

<p style=”position:absolute;top:721px;left:136px;white-space:nowrap” class=”ft035″>&gt;=3&#160;and &lt;5</p>

<p style=”position:absolute;top:720px;left:319px;white-space:nowrap” class=”ft035″>49</p>

<p style=”position:absolute;top:720px;left:383px;white-space:nowrap” class=”ft035″>146</p>

<p style=”position:absolute;top:720px;left:449px;white-space:nowrap” class=”ft035″>297</p>

<p style=”position:absolute;top:720px;left:515px;white-space:nowrap” class=”ft035″>639</p>

<p style=”position:absolute;top:720px;left:609px;white-space:nowrap” class=”ft035″>14</p>

<p style=”position:absolute;top:720px;left:675px;white-space:nowrap” class=”ft035″>43</p>

<p style=”position:absolute;top:720px;left:741px;white-space:nowrap” class=”ft035″>20</p>

<p style=”position:absolute;top:720px;left:807px;white-space:nowrap” class=”ft035″>30</p>

<p style=”position:absolute;top:741px;left:136px;white-space:nowrap” class=”ft035″>&gt;=5 and &lt;7</p>

<p style=”position:absolute;top:739px;left:320px;white-space:nowrap” class=”ft035″>82</p>

<p style=”position:absolute;top:739px;left:383px;white-space:nowrap” class=”ft035″>186</p>

<p style=”position:absolute;top:739px;left:448px;white-space:nowrap” class=”ft035″>446</p>

<p style=”position:absolute;top:739px;left:515px;white-space:nowrap” class=”ft035″>705</p>

<p style=”position:absolute;top:739px;left:608px;white-space:nowrap” class=”ft035″>20</p>

<p style=”position:absolute;top:739px;left:675px;white-space:nowrap” class=”ft035″>32</p>

<p style=”position:absolute;top:739px;left:742px;white-space:nowrap” class=”ft035″>18</p>

<p style=”position:absolute;top:739px;left:808px;white-space:nowrap” class=”ft035″>22</p>

<p style=”position:absolute;top:760px;left:159px;white-space:nowrap” class=”ft035″>&gt;=7</p>

<p style=”position:absolute;top:758px;left:319px;white-space:nowrap” class=”ft035″>83</p>

<p style=”position:absolute;top:758px;left:383px;white-space:nowrap” class=”ft035″>257</p>

<p style=”position:absolute;top:758px;left:448px;white-space:nowrap” class=”ft035″>468</p>

<p style=”position:absolute;top:758px;left:516px;white-space:nowrap” class=”ft035″>725</p>

<p style=”position:absolute;top:758px;left:608px;white-space:nowrap” class=”ft035″>48</p>

<p style=”position:absolute;top:758px;left:675px;white-space:nowrap” class=”ft035″>82</p>

<p style=”position:absolute;top:758px;left:741px;white-space:nowrap” class=”ft035″>30</p>

<p style=”position:absolute;top:758px;left:808px;white-space:nowrap” class=”ft035″>31</p>

<p style=”position:absolute;top:788px;left:72px;white-space:nowrap” class=”ft034″>Emerging&#160;Market&#160;Corporate</p>

<p style=”position:absolute;top:808px;left:142px;white-space:nowrap” class=”ft034″>Duration</p>

<p style=”position:absolute;top:808px;left:323px;white-space:nowrap” class=”ft034″>A</p>

<p style=”position:absolute;top:808px;left:382px;white-space:nowrap” class=”ft034″>Baa</p>

<p style=”position:absolute;top:808px;left:452px;white-space:nowrap” class=”ft034″>Ba</p>

<p style=”position:absolute;top:808px;left:522px;white-space:nowrap” class=”ft034″>B</p>

<p style=”position:absolute;top:808px;left:612px;white-space:nowrap” class=”ft034″>A</p>

<p style=”position:absolute;top:808px;left:671px;white-space:nowrap” class=”ft034″>Baa</p>

<p style=”position:absolute;top:808px;left:741px;white-space:nowrap” class=”ft034″>Ba</p>

<p style=”position:absolute;top:808px;left:811px;white-space:nowrap” class=”ft034″>B</p>

<p style=”position:absolute;top:825px;left:136px;white-space:nowrap” class=”ft035″>&gt;=1&#160;and &lt;3</p>

<p style=”position:absolute;top:824px;left:317px;white-space:nowrap” class=”ft035″>122</p>

<p style=”position:absolute;top:824px;left:383px;white-space:nowrap” class=”ft035″>186</p>

<p style=”position:absolute;top:824px;left:448px;white-space:nowrap” class=”ft035″>465</p>

<p style=”position:absolute;top:824px;left:515px;white-space:nowrap” class=”ft035″>658</p>

<p style=”position:absolute;top:824px;left:610px;white-space:nowrap” class=”ft035″>71</p>

<p style=”position:absolute;top:824px;left:675px;white-space:nowrap” class=”ft035″>96</p>

<p style=”position:absolute;top:824px;left:741px;white-space:nowrap” class=”ft035″>36</p>

<p style=”position:absolute;top:824px;left:808px;white-space:nowrap” class=”ft035″>22</p>

<p style=”position:absolute;top:845px;left:136px;white-space:nowrap” class=”ft035″>&gt;=3&#160;and &lt;5</p>

<p style=”position:absolute;top:843px;left:316px;white-space:nowrap” class=”ft035″>143</p>

<p style=”position:absolute;top:843px;left:382px;white-space:nowrap” class=”ft035″>228</p>

<p style=”position:absolute;top:843px;left:449px;white-space:nowrap” class=”ft035″>497</p>

<p style=”position:absolute;top:843px;left:515px;white-space:nowrap” class=”ft035″>636</p>

<p style=”position:absolute;top:843px;left:609px;white-space:nowrap” class=”ft035″>35</p>

<p style=”position:absolute;top:843px;left:676px;white-space:nowrap” class=”ft035″>71</p>

<p style=”position:absolute;top:843px;left:741px;white-space:nowrap” class=”ft035″>24</p>

<p style=”position:absolute;top:843px;left:808px;white-space:nowrap” class=”ft035″>16</p>

<p style=”position:absolute;top:864px;left:136px;white-space:nowrap” class=”ft035″>&gt;=5 and &lt;7</p>

<p style=”position:absolute;top:862px;left:316px;white-space:nowrap” class=”ft035″>150</p>

<p style=”position:absolute;top:862px;left:382px;white-space:nowrap” class=”ft035″>263</p>

<p style=”position:absolute;top:862px;left:449px;white-space:nowrap” class=”ft035″>557</p>

<p style=”position:absolute;top:862px;left:515px;white-space:nowrap” class=”ft035″>873</p>

<p style=”position:absolute;top:862px;left:608px;white-space:nowrap” class=”ft035″>30</p>

<p style=”position:absolute;top:862px;left:675px;white-space:nowrap” class=”ft035″>54</p>

<p style=”position:absolute;top:862px;left:745px;white-space:nowrap” class=”ft035″>9</p>

<p style=”position:absolute;top:862px;left:812px;white-space:nowrap” class=”ft035″>1</p>

<p style=”position:absolute;top:883px;left:159px;white-space:nowrap” class=”ft035″>&gt;=7</p>

<p style=”position:absolute;top:882px;left:316px;white-space:nowrap” class=”ft035″>193</p>

<p style=”position:absolute;top:882px;left:382px;white-space:nowrap” class=”ft035″>345</p>

<p style=”position:absolute;top:882px;left:449px;white-space:nowrap” class=”ft035″>746</p>

<p style=”position:absolute;top:885px;left:515px;white-space:nowrap” class=”ft035″>826</p>

<p style=”position:absolute;top:882px;left:609px;white-space:nowrap” class=”ft035″>37</p>

<p style=”position:absolute;top:882px;left:674px;white-space:nowrap” class=”ft035″>80</p>

<p style=”position:absolute;top:882px;left:745px;white-space:nowrap” class=”ft035″>6</p>

<p style=”position:absolute;top:882px;left:812px;white-space:nowrap” class=”ft035″>1</p>

<p style=”position:absolute;top:904px;left:72px;white-space:nowrap” class=”ft036″><i>Source:&#160;Moody’s</i></p>

<p style=”position:absolute;top:664px;left:377px;white-space:nowrap” class=”ft034″>Median&#160;Spreads</p>

<p style=”position:absolute;top:664px;left:675px;white-space:nowrap” class=”ft034″>Bond&#160;Counts</p>

<p style=”position:absolute;top:788px;left:377px;white-space:nowrap” class=”ft034″>Median&#160;Spreads</p>

<p style=”position:absolute;top:788px;left:675px;white-space:nowrap” class=”ft034″>Bond&#160;Counts</p>

<p style=”position:absolute;top:514px;left:72px;white-space:nowrap” class=”ft037″>Figure&#160;8.&#160;&#160;Emerging&#160;Market&#160;Median&#160;<org>OAS</org></p>

<p style=”position:absolute;top:540px;left:675px;white-space:nowrap” class=”ft034″>Bond&#160;Counts</p>

<p style=”position:absolute;top:540px;left:377px;white-space:nowrap” class=”ft034″>Median&#160;Spreads</p>

<p style=”position:absolute;top:1138px;left:41px;white-space:nowrap” class=”ft025″><b>5&#160; &#160; &#160; &#160; &#160; <chron>30 July 2020</chron></b></p>

<p style=”position:absolute;top:1138px;left:712px;white-space:nowrap” class=”ft025″><b>Cross-Sector: Market Data Highlights</b></p>

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<p style=”position:absolute;top:45px;left:61px;white-space:nowrap” class=”ft020″>MOODY’S ANALYTICS</p>

<p style=”position:absolute;top:45px;left:770px;white-space:nowrap” class=”ft00″><b>CROSS-SECTOR</b></p>

<p style=”position:absolute;top:452px;left:812px;white-space:nowrap” class=”ft038″>0</p>

<p style=”position:absolute;top:388px;left:812px;white-space:nowrap” class=”ft039″>600</p>

<p style=”position:absolute;top:325px;left:812px;white-space:nowrap” class=”ft038″>1,200</p>

<p style=”position:absolute;top:262px;left:812px;white-space:nowrap” class=”ft038″>1,800</p>

<p style=”position:absolute;top:199px;left:812px;white-space:nowrap” class=”ft038″>2,400</p>

<p style=”position:absolute;top:452px;left:103px;white-space:nowrap” class=”ft038″>0</p>

<p style=”position:absolute;top:388px;left:88px;white-space:nowrap” class=”ft039″>600</p>

<p style=”position:absolute;top:325px;left:79px;white-space:nowrap” class=”ft038″>1,200</p>

<p style=”position:absolute;top:262px;left:79px;white-space:nowrap” class=”ft038″>1,800</p>

<p style=”position:absolute;top:199px;left:78px;white-space:nowrap” class=”ft038″>2,400</p>

<p style=”position:absolute;top:470px;left:109px;white-space:nowrap” class=”ft038″>2003&#160;2004&#160;2005&#160;2006&#160;2007&#160;2008&#160;2009&#160;2010&#160;2011&#160;2012&#160;2013&#160;2014&#160;2015&#160;2016&#160;2017&#160;2018&#160;2019&#160;2020</p>

<p style=”position:absolute;top:178px;left:73px;white-space:nowrap” class=”ft024″>Spread&#160;(bp)</p>

<p style=”position:absolute;top:178px;left:788px;white-space:nowrap” class=”ft024″>Spread&#160;(bp)</p>

<p style=”position:absolute;top:154px;left:154px;white-space:nowrap” class=”ft038″>A</p>

<p style=”position:absolute;top:154px;left:246px;white-space:nowrap” class=”ft038″>Baa</p>

<p style=”position:absolute;top:154px;left:351px;white-space:nowrap” class=”ft038″>Ba</p>

<p style=”position:absolute;top:154px;left:450px;white-space:nowrap” class=”ft038″>B</p>

<p style=”position:absolute;top:495px;left:71px;white-space:nowrap” class=”ft040″><i>Source:&#160;Moody’s</i></p>

<p style=”position:absolute;top:130px;left:79px;white-space:nowrap” class=”ft038″>Figure&#160;9:&#160;Emerging&#160;Markets&#160;Median&#160;Credit&#160;Spreads&#160;(3-5&#160;year&#160;duration)</p>

<p style=”position:absolute;top:537px;left:68px;white-space:nowrap” class=”ft011″><b>MEDIAN CREDIT SPREADS</b></p>

<p style=”position:absolute;top:605px;left:155px;white-space:nowrap” class=”ft041″>Duration</p>

<p style=”position:absolute;top:605px;left:341px;white-space:nowrap” class=”ft041″>Aaa</p>

<p style=”position:absolute;top:605px;left:421px;white-space:nowrap” class=”ft041″>Aa</p>

<p style=”position:absolute;top:605px;left:501px;white-space:nowrap” class=”ft041″>A</p>

<p style=”position:absolute;top:605px;left:571px;white-space:nowrap” class=”ft041″>Baa</p>

<p style=”position:absolute;top:605px;left:651px;white-space:nowrap” class=”ft041″>Ba</p>

<p style=”position:absolute;top:605px;left:730px;white-space:nowrap” class=”ft041″>B</p>

<p style=”position:absolute;top:605px;left:799px;white-space:nowrap” class=”ft041″>Caa</p>

<p style=”position:absolute;top:622px;left:149px;white-space:nowrap” class=”ft042″>&gt;=1&#160;and &lt;3</p>

<p style=”position:absolute;top:620px;left:346px;white-space:nowrap” class=”ft042″>14</p>

<p style=”position:absolute;top:620px;left:422px;white-space:nowrap” class=”ft042″>42</p>

<p style=”position:absolute;top:620px;left:499px;white-space:nowrap” class=”ft042″>41</p>

<p style=”position:absolute;top:620px;left:571px;white-space:nowrap” class=”ft042″>146</p>

<p style=”position:absolute;top:620px;left:647px;white-space:nowrap” class=”ft042″>347</p>

<p style=”position:absolute;top:620px;left:723px;white-space:nowrap” class=”ft042″>582</p>

<p style=”position:absolute;top:624px;left:800px;white-space:nowrap” class=”ft042″>743</p>

<p style=”position:absolute;top:640px;left:149px;white-space:nowrap” class=”ft042″>&gt;=3&#160;and &lt;5</p>

<p style=”position:absolute;top:638px;left:345px;white-space:nowrap” class=”ft042″>20</p>

<p style=”position:absolute;top:638px;left:422px;white-space:nowrap” class=”ft042″>45</p>

<p style=”position:absolute;top:638px;left:498px;white-space:nowrap” class=”ft042″>52</p>

<p style=”position:absolute;top:638px;left:572px;white-space:nowrap” class=”ft042″>161</p>

<p style=”position:absolute;top:638px;left:647px;white-space:nowrap” class=”ft042″>392</p>

<p style=”position:absolute;top:638px;left:723px;white-space:nowrap” class=”ft042″>683</p>

<p style=”position:absolute;top:638px;left:799px;white-space:nowrap” class=”ft042″>662</p>

<p style=”position:absolute;top:658px;left:149px;white-space:nowrap” class=”ft042″>&gt;=5 and &lt;7</p>

<p style=”position:absolute;top:657px;left:345px;white-space:nowrap” class=”ft042″>29</p>

<p style=”position:absolute;top:657px;left:422px;white-space:nowrap” class=”ft042″>43</p>

<p style=”position:absolute;top:657px;left:499px;white-space:nowrap” class=”ft042″>51</p>

<p style=”position:absolute;top:657px;left:571px;white-space:nowrap” class=”ft042″>190</p>

<p style=”position:absolute;top:657px;left:647px;white-space:nowrap” class=”ft042″>393</p>

<p style=”position:absolute;top:660px;left:732px;white-space:nowrap” class=”ft042″>-</p>

<p style=”position:absolute;top:657px;left:800px;white-space:nowrap” class=”ft042″>879</p>

<p style=”position:absolute;top:676px;left:171px;white-space:nowrap” class=”ft042″>&gt;=7</p>

<p style=”position:absolute;top:675px;left:346px;white-space:nowrap” class=”ft042″>51</p>

<p style=”position:absolute;top:675px;left:422px;white-space:nowrap” class=”ft042″>62</p>

<p style=”position:absolute;top:678px;left:498px;white-space:nowrap” class=”ft042″>22</p>

<p style=”position:absolute;top:675px;left:571px;white-space:nowrap” class=”ft042″>230</p>

<p style=”position:absolute;top:675px;left:647px;white-space:nowrap” class=”ft042″>207</p>

<p style=”position:absolute;top:678px;left:732px;white-space:nowrap” class=”ft042″>-</p>

<p style=”position:absolute;top:678px;left:800px;white-space:nowrap” class=”ft042″>426</p>

<p style=”position:absolute;top:721px;left:155px;white-space:nowrap” class=”ft041″>Duration</p>

<p style=”position:absolute;top:721px;left:341px;white-space:nowrap” class=”ft041″>Aaa</p>

<p style=”position:absolute;top:721px;left:421px;white-space:nowrap” class=”ft041″>Aa</p>

<p style=”position:absolute;top:721px;left:501px;white-space:nowrap” class=”ft041″>A</p>

<p style=”position:absolute;top:721px;left:571px;white-space:nowrap” class=”ft041″>Baa</p>

<p style=”position:absolute;top:721px;left:651px;white-space:nowrap” class=”ft041″>Ba</p>

<p style=”position:absolute;top:721px;left:730px;white-space:nowrap” class=”ft041″>B</p>

<p style=”position:absolute;top:721px;left:799px;white-space:nowrap” class=”ft041″>Caa</p>

<p style=”position:absolute;top:738px;left:149px;white-space:nowrap” class=”ft042″>&gt;=1&#160;and &lt;3</p>

<p style=”position:absolute;top:736px;left:342px;white-space:nowrap” class=”ft042″>234</p>

<p style=”position:absolute;top:736px;left:418px;white-space:nowrap” class=”ft042″>359</p>

<p style=”position:absolute;top:736px;left:494px;white-space:nowrap” class=”ft042″>688</p>

<p style=”position:absolute;top:736px;left:571px;white-space:nowrap” class=”ft042″>281</p>

<p style=”position:absolute;top:736px;left:651px;white-space:nowrap” class=”ft042″>62</p>

<p style=”position:absolute;top:736px;left:728px;white-space:nowrap” class=”ft042″>19</p>

<p style=”position:absolute;top:739px;left:807px;white-space:nowrap” class=”ft042″>3</p>

<p style=”position:absolute;top:756px;left:149px;white-space:nowrap” class=”ft042″>&gt;=3&#160;and &lt;5</p>

<p style=”position:absolute;top:754px;left:342px;white-space:nowrap” class=”ft042″>120</p>

<p style=”position:absolute;top:754px;left:418px;white-space:nowrap” class=”ft042″>189</p>

<p style=”position:absolute;top:754px;left:494px;white-space:nowrap” class=”ft042″>484</p>

<p style=”position:absolute;top:754px;left:571px;white-space:nowrap” class=”ft042″>265</p>

<p style=”position:absolute;top:754px;left:651px;white-space:nowrap” class=”ft042″>47</p>

<p style=”position:absolute;top:754px;left:728px;white-space:nowrap” class=”ft042″>11</p>

<p style=”position:absolute;top:754px;left:807px;white-space:nowrap” class=”ft042″>4</p>

<p style=”position:absolute;top:774px;left:149px;white-space:nowrap” class=”ft042″>&gt;=5 and &lt;7</p>

<p style=”position:absolute;top:773px;left:346px;white-space:nowrap” class=”ft042″>70</p>

<p style=”position:absolute;top:773px;left:420px;white-space:nowrap” class=”ft042″>121</p>

<p style=”position:absolute;top:773px;left:494px;white-space:nowrap” class=”ft042″>308</p>

<p style=”position:absolute;top:773px;left:571px;white-space:nowrap” class=”ft042″>158</p>

<p style=”position:absolute;top:773px;left:651px;white-space:nowrap” class=”ft042″>19</p>

<p style=”position:absolute;top:776px;left:732px;white-space:nowrap” class=”ft042″>-</p>

<p style=”position:absolute;top:773px;left:808px;white-space:nowrap” class=”ft042″>1</p>

<p style=”position:absolute;top:792px;left:171px;white-space:nowrap” class=”ft042″>&gt;=7</p>

<p style=”position:absolute;top:791px;left:345px;white-space:nowrap” class=”ft042″>92</p>

<p style=”position:absolute;top:791px;left:418px;white-space:nowrap” class=”ft042″>204</p>

<p style=”position:absolute;top:791px;left:495px;white-space:nowrap” class=”ft042″>791</p>

<p style=”position:absolute;top:791px;left:571px;white-space:nowrap” class=”ft042″>220</p>

<p style=”position:absolute;top:791px;left:654px;white-space:nowrap” class=”ft042″>6</p>

<p style=”position:absolute;top:794px;left:732px;white-space:nowrap” class=”ft042″>-</p>

<p style=”position:absolute;top:794px;left:807px;white-space:nowrap” class=”ft042″>4</p>

<p style=”position:absolute;top:837px;left:155px;white-space:nowrap” class=”ft041″>Duration</p>

<p style=”position:absolute;top:837px;left:341px;white-space:nowrap” class=”ft041″>Aaa</p>

<p style=”position:absolute;top:837px;left:421px;white-space:nowrap” class=”ft041″>Aa</p>

<p style=”position:absolute;top:837px;left:501px;white-space:nowrap” class=”ft041″>A</p>

<p style=”position:absolute;top:837px;left:571px;white-space:nowrap” class=”ft041″>Baa</p>

<p style=”position:absolute;top:837px;left:651px;white-space:nowrap” class=”ft041″>Ba</p>

<p style=”position:absolute;top:837px;left:730px;white-space:nowrap” class=”ft041″>B</p>

<p style=”position:absolute;top:837px;left:799px;white-space:nowrap” class=”ft041″>Caa</p>

<p style=”position:absolute;top:854px;left:149px;white-space:nowrap” class=”ft042″>&gt;=1&#160;and &lt;3</p>

<p style=”position:absolute;top:852px;left:345px;white-space:nowrap” class=”ft042″>34</p>

<p style=”position:absolute;top:852px;left:422px;white-space:nowrap” class=”ft042″>90</p>

<p style=”position:absolute;top:852px;left:495px;white-space:nowrap” class=”ft042″>184</p>

<p style=”position:absolute;top:852px;left:572px;white-space:nowrap” class=”ft042″>161</p>

<p style=”position:absolute;top:852px;left:651px;white-space:nowrap” class=”ft042″>36</p>

<p style=”position:absolute;top:852px;left:728px;white-space:nowrap” class=”ft042″>18</p>

<p style=”position:absolute;top:855px;left:807px;white-space:nowrap” class=”ft042″>3</p>

<p style=”position:absolute;top:872px;left:149px;white-space:nowrap” class=”ft042″>&gt;=3&#160;and &lt;5</p>

<p style=”position:absolute;top:870px;left:346px;white-space:nowrap” class=”ft042″>25</p>

<p style=”position:absolute;top:870px;left:422px;white-space:nowrap” class=”ft042″>65</p>

<p style=”position:absolute;top:870px;left:495px;white-space:nowrap” class=”ft042″>160</p>

<p style=”position:absolute;top:870px;left:572px;white-space:nowrap” class=”ft042″>152</p>

<p style=”position:absolute;top:870px;left:651px;white-space:nowrap” class=”ft042″>26</p>

<p style=”position:absolute;top:870px;left:728px;white-space:nowrap” class=”ft042″>11</p>

<p style=”position:absolute;top:870px;left:807px;white-space:nowrap” class=”ft042″>4</p>

<p style=”position:absolute;top:890px;left:149px;white-space:nowrap” class=”ft042″>&gt;=5 and &lt;7</p>

<p style=”position:absolute;top:888px;left:346px;white-space:nowrap” class=”ft042″>23</p>

<p style=”position:absolute;top:888px;left:423px;white-space:nowrap” class=”ft042″>51</p>

<p style=”position:absolute;top:888px;left:496px;white-space:nowrap” class=”ft042″>110</p>

<p style=”position:absolute;top:888px;left:572px;white-space:nowrap” class=”ft042″>101</p>

<p style=”position:absolute;top:888px;left:651px;white-space:nowrap” class=”ft042″>14</p>

<p style=”position:absolute;top:892px;left:732px;white-space:nowrap” class=”ft042″>-</p>

<p style=”position:absolute;top:888px;left:808px;white-space:nowrap” class=”ft042″>1</p>

<p style=”position:absolute;top:908px;left:171px;white-space:nowrap” class=”ft042″>&gt;=7</p>

<p style=”position:absolute;top:907px;left:345px;white-space:nowrap” class=”ft042″>33</p>

<p style=”position:absolute;top:907px;left:422px;white-space:nowrap” class=”ft042″>86</p>

<p style=”position:absolute;top:907px;left:495px;white-space:nowrap” class=”ft042″>133</p>

<p style=”position:absolute;top:907px;left:572px;white-space:nowrap” class=”ft042″>110</p>

<p style=”position:absolute;top:907px;left:654px;white-space:nowrap” class=”ft042″>4</p>

<p style=”position:absolute;top:910px;left:732px;white-space:nowrap” class=”ft042″>-</p>

<p style=”position:absolute;top:910px;left:807px;white-space:nowrap” class=”ft042″>1</p>

<p style=”position:absolute;top:928px;left:72px;white-space:nowrap” class=”ft029″><i>Source:&#160;Moody’s</i></p>

<p style=”position:absolute;top:560px;left:72px;white-space:nowrap” class=”ft038″>Figure&#160;10.&#160;&#160;Global&#160;Financial&#160;Institutions&#160;Median&#160;Credit&#160;Spreads</p>

<p style=”position:absolute;top:586px;left:534px;white-space:nowrap” class=”ft041″>Median&#160;Spreads</p>

<p style=”position:absolute;top:702px;left:544px;white-space:nowrap” class=”ft041″>Debt&#160;Counts</p>

<p style=”position:absolute;top:818px;left:541px;white-space:nowrap” class=”ft041″>Issuer&#160;Counts</p>

<p style=”position:absolute;top:1138px;left:41px;white-space:nowrap” class=”ft025″><b>6&#160; &#160; &#160; &#160; &#160; <chron>30 July 2020</chron></b></p>

<p style=”position:absolute;top:1138px;left:712px;white-space:nowrap” class=”ft025″><b>Cross-Sector: Market Data Highlights</b></p>

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<p style=”position:absolute;top:45px;left:61px;white-space:nowrap” class=”ft020″>MOODY’S ANALYTICS</p>

<p style=”position:absolute;top:45px;left:770px;white-space:nowrap” class=”ft00″><b>CROSS-SECTOR</b></p>

<p style=”position:absolute;top:168px;left:155px;white-space:nowrap” class=”ft041″>Duration</p>

<p style=”position:absolute;top:168px;left:341px;white-space:nowrap” class=”ft041″>Aaa</p>

<p style=”position:absolute;top:168px;left:421px;white-space:nowrap” class=”ft041″>Aa</p>

<p style=”position:absolute;top:168px;left:501px;white-space:nowrap” class=”ft041″>A</p>

<p style=”position:absolute;top:168px;left:571px;white-space:nowrap” class=”ft041″>Baa</p>

<p style=”position:absolute;top:168px;left:651px;white-space:nowrap” class=”ft041″>Ba</p>

<p style=”position:absolute;top:168px;left:730px;white-space:nowrap” class=”ft041″>B</p>

<p style=”position:absolute;top:168px;left:799px;white-space:nowrap” class=”ft041″>Caa</p>

<p style=”position:absolute;top:184px;left:149px;white-space:nowrap” class=”ft042″>&gt;=1&#160;and &lt;3</p>

<p style=”position:absolute;top:183px;left:345px;white-space:nowrap” class=”ft042″>26</p>

<p style=”position:absolute;top:183px;left:422px;white-space:nowrap” class=”ft042″>38</p>

<p style=”position:absolute;top:183px;left:498px;white-space:nowrap” class=”ft042″>46</p>

<p style=”position:absolute;top:183px;left:574px;white-space:nowrap” class=”ft042″>90</p>

<p style=”position:absolute;top:183px;left:647px;white-space:nowrap” class=”ft042″>309</p>

<p style=”position:absolute;top:183px;left:723px;white-space:nowrap” class=”ft042″>593</p>

<p style=”position:absolute;top:183px;left:800px;white-space:nowrap” class=”ft042″>818</p>

<p style=”position:absolute;top:202px;left:149px;white-space:nowrap” class=”ft042″>&gt;=3&#160;and &lt;5</p>

<p style=”position:absolute;top:201px;left:346px;white-space:nowrap” class=”ft042″>37</p>

<p style=”position:absolute;top:201px;left:423px;white-space:nowrap” class=”ft042″>51</p>

<p style=”position:absolute;top:201px;left:498px;white-space:nowrap” class=”ft042″>53</p>

<p style=”position:absolute;top:201px;left:571px;white-space:nowrap” class=”ft042″>106</p>

<p style=”position:absolute;top:201px;left:647px;white-space:nowrap” class=”ft042″>330</p>

<p style=”position:absolute;top:201px;left:723px;white-space:nowrap” class=”ft042″>598</p>

<p style=”position:absolute;top:201px;left:800px;white-space:nowrap” class=”ft042″>975</p>

<p style=”position:absolute;top:221px;left:149px;white-space:nowrap” class=”ft042″>&gt;=5 and &lt;7</p>

<p style=”position:absolute;top:219px;left:345px;white-space:nowrap” class=”ft042″>46</p>

<p style=”position:absolute;top:219px;left:422px;white-space:nowrap” class=”ft042″>57</p>

<p style=”position:absolute;top:219px;left:498px;white-space:nowrap” class=”ft042″>78</p>

<p style=”position:absolute;top:219px;left:571px;white-space:nowrap” class=”ft042″>136</p>

<p style=”position:absolute;top:219px;left:646px;white-space:nowrap” class=”ft042″>408</p>

<p style=”position:absolute;top:219px;left:724px;white-space:nowrap” class=”ft042″>576</p>

<p style=”position:absolute;top:219px;left:799px;white-space:nowrap” class=”ft042″>842</p>

<p style=”position:absolute;top:239px;left:171px;white-space:nowrap” class=”ft042″>&gt;=7</p>

<p style=”position:absolute;top:237px;left:343px;white-space:nowrap” class=”ft042″>101</p>

<p style=”position:absolute;top:237px;left:419px;white-space:nowrap” class=”ft042″>136</p>

<p style=”position:absolute;top:237px;left:496px;white-space:nowrap” class=”ft042″>151</p>

<p style=”position:absolute;top:237px;left:572px;white-space:nowrap” class=”ft042″>217</p>

<p style=”position:absolute;top:237px;left:646px;white-space:nowrap” class=”ft042″>486</p>

<p style=”position:absolute;top:237px;left:723px;white-space:nowrap” class=”ft042″>608</p>

<p style=”position:absolute;top:237px;left:800px;white-space:nowrap” class=”ft042″>953</p>

<p style=”position:absolute;top:284px;left:155px;white-space:nowrap” class=”ft041″>Duration</p>

<p style=”position:absolute;top:284px;left:341px;white-space:nowrap” class=”ft041″>Aaa</p>

<p style=”position:absolute;top:284px;left:421px;white-space:nowrap” class=”ft041″>Aa</p>

<p style=”position:absolute;top:284px;left:501px;white-space:nowrap” class=”ft041″>A</p>

<p style=”position:absolute;top:284px;left:571px;white-space:nowrap” class=”ft041″>Baa</p>

<p style=”position:absolute;top:284px;left:651px;white-space:nowrap” class=”ft041″>Ba</p>

<p style=”position:absolute;top:284px;left:730px;white-space:nowrap” class=”ft041″>B</p>

<p style=”position:absolute;top:284px;left:799px;white-space:nowrap” class=”ft041″>Caa</p>

<p style=”position:absolute;top:300px;left:149px;white-space:nowrap” class=”ft042″>&gt;=1&#160;and &lt;3</p>

<p style=”position:absolute;top:299px;left:346px;white-space:nowrap” class=”ft042″>19</p>

<p style=”position:absolute;top:299px;left:419px;white-space:nowrap” class=”ft042″>119</p>

<p style=”position:absolute;top:299px;left:495px;white-space:nowrap” class=”ft042″>597</p>

<p style=”position:absolute;top:299px;left:571px;white-space:nowrap” class=”ft042″>879</p>

<p style=”position:absolute;top:299px;left:647px;white-space:nowrap” class=”ft042″>258</p>

<p style=”position:absolute;top:299px;left:724px;white-space:nowrap” class=”ft042″>138</p>

<p style=”position:absolute;top:299px;left:803px;white-space:nowrap” class=”ft042″>24</p>

<p style=”position:absolute;top:318px;left:149px;white-space:nowrap” class=”ft042″>&gt;=3&#160;and &lt;5</p>

<p style=”position:absolute;top:317px;left:346px;white-space:nowrap” class=”ft042″>15</p>

<p style=”position:absolute;top:317px;left:422px;white-space:nowrap” class=”ft042″>99</p>

<p style=”position:absolute;top:317px;left:495px;white-space:nowrap” class=”ft042″>457</p>

<p style=”position:absolute;top:317px;left:571px;white-space:nowrap” class=”ft042″>853</p>

<p style=”position:absolute;top:317px;left:647px;white-space:nowrap” class=”ft042″>248</p>

<p style=”position:absolute;top:317px;left:725px;white-space:nowrap” class=”ft042″>113</p>

<p style=”position:absolute;top:317px;left:803px;white-space:nowrap” class=”ft042″>38</p>

<p style=”position:absolute;top:336px;left:149px;white-space:nowrap” class=”ft042″>&gt;=5 and &lt;7</p>

<p style=”position:absolute;top:335px;left:349px;white-space:nowrap” class=”ft042″>5</p>

<p style=”position:absolute;top:335px;left:422px;white-space:nowrap” class=”ft042″>76</p>

<p style=”position:absolute;top:335px;left:494px;white-space:nowrap” class=”ft042″>396</p>

<p style=”position:absolute;top:335px;left:572px;white-space:nowrap” class=”ft042″>721</p>

<p style=”position:absolute;top:335px;left:648px;white-space:nowrap” class=”ft042″>153</p>

<p style=”position:absolute;top:335px;left:728px;white-space:nowrap” class=”ft042″>61</p>

<p style=”position:absolute;top:335px;left:804px;white-space:nowrap” class=”ft042″>14</p>

<p style=”position:absolute;top:355px;left:171px;white-space:nowrap” class=”ft042″>&gt;=7</p>

<p style=”position:absolute;top:353px;left:346px;white-space:nowrap” class=”ft042″>22</p>

<p style=”position:absolute;top:353px;left:419px;white-space:nowrap” class=”ft042″>241</p>

<p style=”position:absolute;top:353px;left:493px;white-space:nowrap” class=”ft042″>1179</p>

<p style=”position:absolute;top:353px;left:567px;white-space:nowrap” class=”ft042″>1490</p>

<p style=”position:absolute;top:353px;left:648px;white-space:nowrap” class=”ft042″>157</p>

<p style=”position:absolute;top:353px;left:727px;white-space:nowrap” class=”ft042″>22</p>

<p style=”position:absolute;top:353px;left:807px;white-space:nowrap” class=”ft042″>2</p>

<p style=”position:absolute;top:399px;left:155px;white-space:nowrap” class=”ft041″>Duration</p>

<p style=”position:absolute;top:399px;left:341px;white-space:nowrap” class=”ft041″>Aaa</p>

<p style=”position:absolute;top:399px;left:421px;white-space:nowrap” class=”ft041″>Aa</p>

<p style=”position:absolute;top:399px;left:501px;white-space:nowrap” class=”ft041″>A</p>

<p style=”position:absolute;top:399px;left:571px;white-space:nowrap” class=”ft041″>Baa</p>

<p style=”position:absolute;top:399px;left:651px;white-space:nowrap” class=”ft041″>Ba</p>

<p style=”position:absolute;top:399px;left:730px;white-space:nowrap” class=”ft041″>B</p>

<p style=”position:absolute;top:399px;left:799px;white-space:nowrap” class=”ft041″>Caa</p>

<p style=”position:absolute;top:416px;left:149px;white-space:nowrap” class=”ft042″>&gt;=1&#160;and &lt;3</p>

<p style=”position:absolute;top:414px;left:349px;white-space:nowrap” class=”ft042″>4</p>

<p style=”position:absolute;top:414px;left:422px;white-space:nowrap” class=”ft042″>49</p>

<p style=”position:absolute;top:414px;left:495px;white-space:nowrap” class=”ft042″>277</p>

<p style=”position:absolute;top:414px;left:572px;white-space:nowrap” class=”ft042″>512</p>

<p style=”position:absolute;top:414px;left:648px;white-space:nowrap” class=”ft042″>183</p>

<p style=”position:absolute;top:414px;left:724px;white-space:nowrap” class=”ft042″>103</p>

<p style=”position:absolute;top:414px;left:803px;white-space:nowrap” class=”ft042″>20</p>

<p style=”position:absolute;top:434px;left:149px;white-space:nowrap” class=”ft042″>&gt;=3&#160;and &lt;5</p>

<p style=”position:absolute;top:433px;left:349px;white-space:nowrap” class=”ft042″>4</p>

<p style=”position:absolute;top:433px;left:422px;white-space:nowrap” class=”ft042″>47</p>

<p style=”position:absolute;top:433px;left:494px;white-space:nowrap” class=”ft042″>238</p>

<p style=”position:absolute;top:433px;left:570px;white-space:nowrap” class=”ft042″>494</p>

<p style=”position:absolute;top:433px;left:648px;white-space:nowrap” class=”ft042″>162</p>

<p style=”position:absolute;top:433px;left:725px;white-space:nowrap” class=”ft042″>101</p>

<p style=”position:absolute;top:433px;left:803px;white-space:nowrap” class=”ft042″>35</p>

<p style=”position:absolute;top:452px;left:149px;white-space:nowrap” class=”ft042″>&gt;=5 and &lt;7</p>

<p style=”position:absolute;top:451px;left:349px;white-space:nowrap” class=”ft042″>3</p>

<p style=”position:absolute;top:451px;left:422px;white-space:nowrap” class=”ft042″>35</p>

<p style=”position:absolute;top:451px;left:494px;white-space:nowrap” class=”ft042″>228</p>

<p style=”position:absolute;top:451px;left:570px;white-space:nowrap” class=”ft042″>450</p>

<p style=”position:absolute;top:451px;left:647px;white-space:nowrap” class=”ft042″>104</p>

<p style=”position:absolute;top:451px;left:728px;white-space:nowrap” class=”ft042″>51</p>

<p style=”position:absolute;top:451px;left:804px;white-space:nowrap” class=”ft042″>12</p>

<p style=”position:absolute;top:470px;left:171px;white-space:nowrap” class=”ft042″>&gt;=7</p>

<p style=”position:absolute;top:469px;left:349px;white-space:nowrap” class=”ft042″>6</p>

<p style=”position:absolute;top:469px;left:423px;white-space:nowrap” class=”ft042″>51</p>

<p style=”position:absolute;top:469px;left:495px;white-space:nowrap” class=”ft042″>318</p>

<p style=”position:absolute;top:469px;left:570px;white-space:nowrap” class=”ft042″>490</p>

<p style=”position:absolute;top:469px;left:651px;white-space:nowrap” class=”ft042″>72</p>

<p style=”position:absolute;top:469px;left:728px;white-space:nowrap” class=”ft042″>12</p>

<p style=”position:absolute;top:469px;left:807px;white-space:nowrap” class=”ft042″>2</p>

<p style=”position:absolute;top:490px;left:72px;white-space:nowrap” class=”ft029″><i>Source:&#160;Moody’s</i></p>

<p style=”position:absolute;top:381px;left:541px;white-space:nowrap” class=”ft041″>Issuer&#160;Counts</p>

<p style=”position:absolute;top:123px;left:72px;white-space:nowrap” class=”ft038″>Figure&#160;11.&#160;&#160;Global&#160;Corporate&#160;Median&#160;Credit&#160;Spreads</p>

<p style=”position:absolute;top:149px;left:534px;white-space:nowrap” class=”ft041″>Median&#160;Spreads</p>

<p style=”position:absolute;top:265px;left:544px;white-space:nowrap” class=”ft041″>Debt&#160;Counts</p>

<p style=”position:absolute;top:533px;left:68px;white-space:nowrap” class=”ft011″><b>MEDIAN 5-YEAR CDS SPREADS</b></p>

<p style=”position:absolute;top:555px;left:68px;white-space:nowrap” class=”ft09″>&#160;</p>

<p style=”position:absolute;top:616px;left:70px;white-space:nowrap” class=”ft034″>&#160;Global&#160;Median&#160;Spreads&#160;by&#160;Fine&#160;Rating&#160;Category</p>

<p style=”position:absolute;top:636px;left:300px;white-space:nowrap” class=”ft034″>Aaa</p>

<p style=”position:absolute;top:636px;left:363px;white-space:nowrap” class=”ft034″>Aa1</p>

<p style=”position:absolute;top:636px;left:426px;white-space:nowrap” class=”ft034″>Aa2</p>

<p style=”position:absolute;top:636px;left:489px;white-space:nowrap” class=”ft034″>Aa3</p>

<p style=”position:absolute;top:636px;left:557px;white-space:nowrap” class=”ft034″>A1</p>

<p style=”position:absolute;top:636px;left:619px;white-space:nowrap” class=”ft034″>A2</p>

<p style=”position:absolute;top:636px;left:682px;white-space:nowrap” class=”ft034″>A3</p>

<p style=”position:absolute;top:636px;left:739px;white-space:nowrap” class=”ft034″>Baa1</p>

<p style=”position:absolute;top:636px;left:801px;white-space:nowrap” class=”ft034″>Baa2</p>

<p style=”position:absolute;top:652px;left:305px;white-space:nowrap” class=”ft035″>18</p>

<p style=”position:absolute;top:652px;left:368px;white-space:nowrap” class=”ft035″>25</p>

<p style=”position:absolute;top:652px;left:431px;white-space:nowrap” class=”ft035″>35</p>

<p style=”position:absolute;top:652px;left:493px;white-space:nowrap” class=”ft035″>40</p>

<p style=”position:absolute;top:652px;left:557px;white-space:nowrap” class=”ft035″>45</p>

<p style=”position:absolute;top:652px;left:620px;white-space:nowrap” class=”ft035″>50</p>

<p style=”position:absolute;top:652px;left:683px;white-space:nowrap” class=”ft035″>54</p>

<p style=”position:absolute;top:652px;left:746px;white-space:nowrap” class=”ft035″>59</p>

<p style=”position:absolute;top:652px;left:809px;white-space:nowrap” class=”ft035″>64</p>

<p style=”position:absolute;top:684px;left:359px;white-space:nowrap” class=”ft034″>Baa3</p>

<p style=”position:absolute;top:684px;left:427px;white-space:nowrap” class=”ft034″>Ba1</p>

<p style=”position:absolute;top:684px;left:489px;white-space:nowrap” class=”ft034″>Ba2</p>

<p style=”position:absolute;top:684px;left:552px;white-space:nowrap” class=”ft034″>Ba3</p>

<p style=”position:absolute;top:684px;left:620px;white-space:nowrap” class=”ft034″>B1</p>

<p style=”position:absolute;top:684px;left:682px;white-space:nowrap” class=”ft034″>B2</p>

<p style=”position:absolute;top:684px;left:746px;white-space:nowrap” class=”ft034″>B3</p>

<p style=”position:absolute;top:684px;left:805px;white-space:nowrap” class=”ft034″>Caa</p>

<p style=”position:absolute;top:700px;left:367px;white-space:nowrap” class=”ft035″>95</p>

<p style=”position:absolute;top:700px;left:427px;white-space:nowrap” class=”ft035″>143</p>

<p style=”position:absolute;top:700px;left:490px;white-space:nowrap” class=”ft035″>214</p>

<p style=”position:absolute;top:700px;left:553px;white-space:nowrap” class=”ft035″>243</p>

<p style=”position:absolute;top:700px;left:616px;white-space:nowrap” class=”ft035″>276</p>

<p style=”position:absolute;top:700px;left:680px;white-space:nowrap” class=”ft035″>313</p>

<p style=”position:absolute;top:700px;left:742px;white-space:nowrap” class=”ft035″>438</p>

<p style=”position:absolute;top:700px;left:806px;white-space:nowrap” class=”ft035″>957</p>

<p style=”position:absolute;top:743px;left:70px;white-space:nowrap” class=”ft034″>&#160;Global&#160;Median&#160;Spreads&#160;by&#160;Broad&#160;Rating&#160;Category</p>

<p style=”position:absolute;top:763px;left:300px;white-space:nowrap” class=”ft034″>Aaa</p>

<p style=”position:absolute;top:763px;left:367px;white-space:nowrap” class=”ft034″>Aa</p>

<p style=”position:absolute;top:763px;left:434px;white-space:nowrap” class=”ft034″>A</p>

<p style=”position:absolute;top:763px;left:490px;white-space:nowrap” class=”ft034″>Baa</p>

<p style=”position:absolute;top:763px;left:557px;white-space:nowrap” class=”ft034″>Ba</p>

<p style=”position:absolute;top:763px;left:623px;white-space:nowrap” class=”ft034″>B</p>

<p style=”position:absolute;top:763px;left:679px;white-space:nowrap” class=”ft034″>Caa</p>

<p style=”position:absolute;top:779px;left:305px;white-space:nowrap” class=”ft035″>27</p>

<p style=”position:absolute;top:779px;left:368px;white-space:nowrap” class=”ft035″>35</p>

<p style=”position:absolute;top:779px;left:430px;white-space:nowrap” class=”ft035″>50</p>

<p style=”position:absolute;top:779px;left:493px;white-space:nowrap” class=”ft035″>64</p>

<p style=”position:absolute;top:779px;left:553px;white-space:nowrap” class=”ft035″>214</p>

<p style=”position:absolute;top:779px;left:617px;white-space:nowrap” class=”ft035″>313</p>

<p style=”position:absolute;top:779px;left:679px;white-space:nowrap” class=”ft035″>861</p>

<p style=”position:absolute;top:821px;left:70px;white-space:nowrap” class=”ft034″>&#160;Global&#160;Issuer&#160;Counts&#160;by&#160;Broad&#160;Rating&#160;Category</p>

<p style=”position:absolute;top:841px;left:300px;white-space:nowrap” class=”ft034″>Aaa</p>

<p style=”position:absolute;top:841px;left:367px;white-space:nowrap” class=”ft034″>Aa</p>

<p style=”position:absolute;top:841px;left:434px;white-space:nowrap” class=”ft034″>A</p>

<p style=”position:absolute;top:841px;left:490px;white-space:nowrap” class=”ft034″>Baa</p>

<p style=”position:absolute;top:841px;left:557px;white-space:nowrap” class=”ft034″>Ba</p>

<p style=”position:absolute;top:841px;left:623px;white-space:nowrap” class=”ft034″>B</p>

<p style=”position:absolute;top:841px;left:679px;white-space:nowrap” class=”ft034″>Caa</p>

<p style=”position:absolute;top:857px;left:308px;white-space:nowrap” class=”ft035″>9</p>

<p style=”position:absolute;top:857px;left:368px;white-space:nowrap” class=”ft035″>55</p>

<p style=”position:absolute;top:857px;left:428px;white-space:nowrap” class=”ft035″>172</p>

<p style=”position:absolute;top:857px;left:489px;white-space:nowrap” class=”ft035″>345</p>

<p style=”position:absolute;top:857px;left:553px;white-space:nowrap” class=”ft035″>105</p>

<p style=”position:absolute;top:857px;left:620px;white-space:nowrap” class=”ft035″>49</p>

<p style=”position:absolute;top:857px;left:683px;white-space:nowrap” class=”ft035″>33</p>

<p style=”position:absolute;top:880px;left:70px;white-space:nowrap” class=”ft036″><i>Source:&#160;Moody’s,&#160;CMA</i></p>

<p style=”position:absolute;top:587px;left:70px;white-space:nowrap” class=”ft037″>Figure&#160;12.&#160;&#160;Global&#160;Median&#160;CDS&#160;Spreads&#160;By&#160;Rating&#160;Category</p>

<p style=”position:absolute;top:1138px;left:41px;white-space:nowrap” class=”ft025″><b>7&#160; &#160; &#160; &#160; &#160; <chron>30 July 2020</chron></b></p>

<p style=”position:absolute;top:1138px;left:712px;white-space:nowrap” class=”ft025″><b>Cross-Sector: Market Data Highlights</b></p>

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<p style=”position:absolute;top:45px;left:61px;white-space:nowrap” class=”ft020″>MOODY’S ANALYTICS</p>

<p style=”position:absolute;top:45px;left:770px;white-space:nowrap” class=”ft00″><b>CROSS-SECTOR</b></p>

<p style=”position:absolute;top:186px;left:156px;white-space:nowrap” class=”ft043″>Region</p>

<p style=”position:absolute;top:186px;left:347px;white-space:nowrap” class=”ft043″>Aaa</p>

<p style=”position:absolute;top:186px;left:426px;white-space:nowrap” class=”ft043″>Aa</p>

<p style=”position:absolute;top:186px;left:505px;white-space:nowrap” class=”ft043″>A</p>

<p style=”position:absolute;top:186px;left:572px;white-space:nowrap” class=”ft043″>Baa</p>

<p style=”position:absolute;top:186px;left:651px;white-space:nowrap” class=”ft043″>Ba</p>

<p style=”position:absolute;top:186px;left:731px;white-space:nowrap” class=”ft043″>B</p>

<p style=”position:absolute;top:186px;left:796px;white-space:nowrap” class=”ft043″>Caa</p>

<p style=”position:absolute;top:212px;left:130px;white-space:nowrap” class=”ft044″><location value=”LB/nam” idsrc=”xmltag.org” >North&#160;America</location></p>

<p style=”position:absolute;top:210px;left:353px;white-space:nowrap” class=”ft044″>19</p>

<p style=”position:absolute;top:210px;left:427px;white-space:nowrap” class=”ft044″>36</p>

<p style=”position:absolute;top:210px;left:501px;white-space:nowrap” class=”ft044″>44</p>

<p style=”position:absolute;top:210px;left:577px;white-space:nowrap” class=”ft044″>75</p>

<p style=”position:absolute;top:210px;left:648px;white-space:nowrap” class=”ft044″>196</p>

<p style=”position:absolute;top:210px;left:722px;white-space:nowrap” class=”ft044″>328</p>

<p style=”position:absolute;top:210px;left:797px;white-space:nowrap” class=”ft044″>595</p>

<p style=”position:absolute;top:238px;left:158px;white-space:nowrap” class=”ft044″><location value=”LR/eur” idsrc=”xmltag.org” >Europe</location></p>

<p style=”position:absolute;top:236px;left:354px;white-space:nowrap” class=”ft044″>11</p>

<p style=”position:absolute;top:236px;left:427px;white-space:nowrap” class=”ft044″>35</p>

<p style=”position:absolute;top:236px;left:502px;white-space:nowrap” class=”ft044″>45</p>

<p style=”position:absolute;top:236px;left:576px;white-space:nowrap” class=”ft044″>65</p>

<p style=”position:absolute;top:236px;left:649px;white-space:nowrap” class=”ft044″>141</p>

<p style=”position:absolute;top:236px;left:721px;white-space:nowrap” class=”ft044″>288</p>

<p style=”position:absolute;top:236px;left:798px;white-space:nowrap” class=”ft044″>617</p>

<p style=”position:absolute;top:265px;left:105px;white-space:nowrap” class=”ft044″><location value=”LR/asp” idsrc=”xmltag.org” >Asia&#160;Pacific</location>&#160;(ex.Japan)</p>

<p style=”position:absolute;top:263px;left:353px;white-space:nowrap” class=”ft044″>19</p>

<p style=”position:absolute;top:263px;left:427px;white-space:nowrap” class=”ft044″>32</p>

<p style=”position:absolute;top:263px;left:502px;white-space:nowrap” class=”ft044″>50</p>

<p style=”position:absolute;top:263px;left:576px;white-space:nowrap” class=”ft044″>90</p>

<p style=”position:absolute;top:263px;left:648px;white-space:nowrap” class=”ft044″>154</p>

<p style=”position:absolute;top:263px;left:722px;white-space:nowrap” class=”ft044″>563</p>

<p style=”position:absolute;top:263px;left:808px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:291px;left:163px;white-space:nowrap” class=”ft044″><location value=”LC/jp” idsrc=”xmltag.org” >Japan</location></p>

<p style=”position:absolute;top:289px;left:358px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:289px;left:427px;white-space:nowrap” class=”ft044″>32</p>

<p style=”position:absolute;top:289px;left:502px;white-space:nowrap” class=”ft044″>26</p>

<p style=”position:absolute;top:289px;left:577px;white-space:nowrap” class=”ft044″>35</p>

<p style=”position:absolute;top:289px;left:652px;white-space:nowrap” class=”ft044″>67</p>

<p style=”position:absolute;top:289px;left:726px;white-space:nowrap” class=”ft044″>66</p>

<p style=”position:absolute;top:289px;left:808px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:371px;left:156px;white-space:nowrap” class=”ft043″>Region</p>

<p style=”position:absolute;top:371px;left:347px;white-space:nowrap” class=”ft043″>Aaa</p>

<p style=”position:absolute;top:371px;left:426px;white-space:nowrap” class=”ft043″>Aa</p>

<p style=”position:absolute;top:371px;left:505px;white-space:nowrap” class=”ft043″>A</p>

<p style=”position:absolute;top:371px;left:572px;white-space:nowrap” class=”ft043″>Baa</p>

<p style=”position:absolute;top:371px;left:651px;white-space:nowrap” class=”ft043″>Ba</p>

<p style=”position:absolute;top:371px;left:731px;white-space:nowrap” class=”ft043″>B</p>

<p style=”position:absolute;top:371px;left:796px;white-space:nowrap” class=”ft043″>Caa</p>

<p style=”position:absolute;top:397px;left:130px;white-space:nowrap” class=”ft044″><location value=”LB/nam” idsrc=”xmltag.org” >North&#160;America</location></p>

<p style=”position:absolute;top:395px;left:357px;white-space:nowrap” class=”ft044″>3</p>

<p style=”position:absolute;top:395px;left:427px;white-space:nowrap” class=”ft044″>18</p>

<p style=”position:absolute;top:395px;left:502px;white-space:nowrap” class=”ft044″>87</p>

<p style=”position:absolute;top:395px;left:573px;white-space:nowrap” class=”ft044″>212</p>

<p style=”position:absolute;top:395px;left:651px;white-space:nowrap” class=”ft044″>66</p>

<p style=”position:absolute;top:395px;left:727px;white-space:nowrap” class=”ft044″>35</p>

<p style=”position:absolute;top:395px;left:802px;white-space:nowrap” class=”ft044″>13</p>

<p style=”position:absolute;top:423px;left:158px;white-space:nowrap” class=”ft044″><location value=”LR/eur” idsrc=”xmltag.org” >Europe</location></p>

<p style=”position:absolute;top:421px;left:356px;white-space:nowrap” class=”ft044″>6</p>

<p style=”position:absolute;top:421px;left:427px;white-space:nowrap” class=”ft044″>37</p>

<p style=”position:absolute;top:421px;left:502px;white-space:nowrap” class=”ft044″>79</p>

<p style=”position:absolute;top:421px;left:573px;white-space:nowrap” class=”ft044″>122</p>

<p style=”position:absolute;top:421px;left:652px;white-space:nowrap” class=”ft044″>27</p>

<p style=”position:absolute;top:421px;left:728px;white-space:nowrap” class=”ft044″>11</p>

<p style=”position:absolute;top:421px;left:802px;white-space:nowrap” class=”ft044″>19</p>

<p style=”position:absolute;top:450px;left:105px;white-space:nowrap” class=”ft044″><location value=”LR/asp” idsrc=”xmltag.org” >Asia&#160;Pacific</location>&#160;(ex.Japan)</p>

<p style=”position:absolute;top:448px;left:357px;white-space:nowrap” class=”ft044″>3</p>

<p style=”position:absolute;top:448px;left:428px;white-space:nowrap” class=”ft044″>19</p>

<p style=”position:absolute;top:448px;left:503px;white-space:nowrap” class=”ft044″>31</p>

<p style=”position:absolute;top:448px;left:576px;white-space:nowrap” class=”ft044″>36</p>

<p style=”position:absolute;top:448px;left:656px;white-space:nowrap” class=”ft044″>5</p>

<p style=”position:absolute;top:448px;left:731px;white-space:nowrap” class=”ft044″>2</p>

<p style=”position:absolute;top:448px;left:808px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:476px;left:163px;white-space:nowrap” class=”ft044″><location value=”LC/jp” idsrc=”xmltag.org” >Japan</location></p>

<p style=”position:absolute;top:474px;left:358px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:474px;left:432px;white-space:nowrap” class=”ft044″>1</p>

<p style=”position:absolute;top:474px;left:502px;white-space:nowrap” class=”ft044″>33</p>

<p style=”position:absolute;top:474px;left:577px;white-space:nowrap” class=”ft044″>13</p>

<p style=”position:absolute;top:474px;left:656px;white-space:nowrap” class=”ft044″>3</p>

<p style=”position:absolute;top:474px;left:731px;white-space:nowrap” class=”ft044″>2</p>

<p style=”position:absolute;top:474px;left:808px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:503px;left:73px;white-space:nowrap” class=”ft045″><i>Source:&#160;Moody’s,&#160;CMA</i></p>

<p style=”position:absolute;top:344px;left:534px;white-space:nowrap” class=”ft043″>Issuer&#160;Counts</p>

<p style=”position:absolute;top:122px;left:73px;white-space:nowrap” class=”ft033″>Figure&#160;13.&#160;&#160;Median&#160;CDS&#160;Spreads&#160;By&#160;Region</p>

<p style=”position:absolute;top:158px;left:506px;white-space:nowrap” class=”ft043″>Median&#160;CDS&#160;Spreads</p>

<p style=”position:absolute;top:608px;left:158px;white-space:nowrap” class=”ft043″>Sector</p>

<p style=”position:absolute;top:608px;left:347px;white-space:nowrap” class=”ft043″>Aaa</p>

<p style=”position:absolute;top:608px;left:426px;white-space:nowrap” class=”ft043″>Aa</p>

<p style=”position:absolute;top:608px;left:505px;white-space:nowrap” class=”ft043″>A</p>

<p style=”position:absolute;top:608px;left:572px;white-space:nowrap” class=”ft043″>Baa</p>

<p style=”position:absolute;top:608px;left:651px;white-space:nowrap” class=”ft043″>Ba</p>

<p style=”position:absolute;top:608px;left:731px;white-space:nowrap” class=”ft043″>B</p>

<p style=”position:absolute;top:608px;left:796px;white-space:nowrap” class=”ft043″>Caa</p>

<p style=”position:absolute;top:634px;left:143px;white-space:nowrap” class=”ft044″>Corporates</p>

<p style=”position:absolute;top:632px;left:352px;white-space:nowrap” class=”ft044″>26</p>

<p style=”position:absolute;top:632px;left:426px;white-space:nowrap” class=”ft044″>34</p>

<p style=”position:absolute;top:632px;left:502px;white-space:nowrap” class=”ft044″>36</p>

<p style=”position:absolute;top:632px;left:577px;white-space:nowrap” class=”ft044″>67</p>

<p style=”position:absolute;top:632px;left:647px;white-space:nowrap” class=”ft044″>194</p>

<p style=”position:absolute;top:632px;left:722px;white-space:nowrap” class=”ft044″>294</p>

<p style=”position:absolute;top:632px;left:796px;white-space:nowrap” class=”ft044″>680</p>

<p style=”position:absolute;top:661px;left:148px;white-space:nowrap” class=”ft044″>Financials</p>

<p style=”position:absolute;top:659px;left:354px;white-space:nowrap” class=”ft044″>11</p>

<p style=”position:absolute;top:659px;left:427px;white-space:nowrap” class=”ft044″>33</p>

<p style=”position:absolute;top:659px;left:501px;white-space:nowrap” class=”ft044″>48</p>

<p style=”position:absolute;top:659px;left:576px;white-space:nowrap” class=”ft044″>89</p>

<p style=”position:absolute;top:659px;left:647px;white-space:nowrap” class=”ft044″>237</p>

<p style=”position:absolute;top:659px;left:723px;white-space:nowrap” class=”ft044″>551</p>

<p style=”position:absolute;top:659px;left:797px;white-space:nowrap” class=”ft044″>433</p>

<p style=”position:absolute;top:687px;left:145px;white-space:nowrap” class=”ft044″>Sovereigns</p>

<p style=”position:absolute;top:685px;left:354px;white-space:nowrap” class=”ft044″>11</p>

<p style=”position:absolute;top:685px;left:428px;white-space:nowrap” class=”ft044″>19</p>

<p style=”position:absolute;top:685px;left:502px;white-space:nowrap” class=”ft044″>57</p>

<p style=”position:absolute;top:685px;left:576px;white-space:nowrap” class=”ft044″>98</p>

<p style=”position:absolute;top:685px;left:647px;white-space:nowrap” class=”ft044″>180</p>

<p style=”position:absolute;top:685px;left:723px;white-space:nowrap” class=”ft044″>514</p>

<p style=”position:absolute;top:685px;left:808px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:714px;left:162px;white-space:nowrap” class=”ft044″>Banks</p>

<p style=”position:absolute;top:712px;left:358px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:712px;left:427px;white-space:nowrap” class=”ft044″>37</p>

<p style=”position:absolute;top:712px;left:503px;white-space:nowrap” class=”ft044″>51</p>

<p style=”position:absolute;top:712px;left:576px;white-space:nowrap” class=”ft044″>96</p>

<p style=”position:absolute;top:712px;left:646px;white-space:nowrap” class=”ft044″>244</p>

<p style=”position:absolute;top:712px;left:733px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:712px;left:797px;white-space:nowrap” class=”ft044″>433</p>

<p style=”position:absolute;top:793px;left:158px;white-space:nowrap” class=”ft043″>Sector</p>

<p style=”position:absolute;top:793px;left:347px;white-space:nowrap” class=”ft043″>Aaa</p>

<p style=”position:absolute;top:793px;left:426px;white-space:nowrap” class=”ft043″>Aa</p>

<p style=”position:absolute;top:793px;left:505px;white-space:nowrap” class=”ft043″>A</p>

<p style=”position:absolute;top:793px;left:572px;white-space:nowrap” class=”ft043″>Baa</p>

<p style=”position:absolute;top:793px;left:651px;white-space:nowrap” class=”ft043″>Ba</p>

<p style=”position:absolute;top:793px;left:731px;white-space:nowrap” class=”ft043″>B</p>

<p style=”position:absolute;top:793px;left:796px;white-space:nowrap” class=”ft043″>Caa</p>

<p style=”position:absolute;top:819px;left:143px;white-space:nowrap” class=”ft044″>Corporates</p>

<p style=”position:absolute;top:817px;left:357px;white-space:nowrap” class=”ft044″>3</p>

<p style=”position:absolute;top:817px;left:427px;white-space:nowrap” class=”ft044″>25</p>

<p style=”position:absolute;top:817px;left:498px;white-space:nowrap” class=”ft044″>153</p>

<p style=”position:absolute;top:817px;left:573px;white-space:nowrap” class=”ft044″>317</p>

<p style=”position:absolute;top:817px;left:651px;white-space:nowrap” class=”ft044″>92</p>

<p style=”position:absolute;top:817px;left:726px;white-space:nowrap” class=”ft044″>48</p>

<p style=”position:absolute;top:817px;left:801px;white-space:nowrap” class=”ft044″>28</p>

<p style=”position:absolute;top:846px;left:148px;white-space:nowrap” class=”ft044″>Financials</p>

<p style=”position:absolute;top:844px;left:356px;white-space:nowrap” class=”ft044″>9</p>

<p style=”position:absolute;top:844px;left:427px;white-space:nowrap” class=”ft044″>50</p>

<p style=”position:absolute;top:844px;left:501px;white-space:nowrap” class=”ft044″>83</p>

<p style=”position:absolute;top:844px;left:577px;white-space:nowrap” class=”ft044″>77</p>

<p style=”position:absolute;top:844px;left:653px;white-space:nowrap” class=”ft044″>21</p>

<p style=”position:absolute;top:844px;left:731px;white-space:nowrap” class=”ft044″>5</p>

<p style=”position:absolute;top:844px;left:806px;white-space:nowrap” class=”ft044″>5</p>

<p style=”position:absolute;top:872px;left:162px;white-space:nowrap” class=”ft044″>Banks</p>

<p style=”position:absolute;top:870px;left:358px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:870px;left:427px;white-space:nowrap” class=”ft044″>39</p>

<p style=”position:absolute;top:870px;left:501px;white-space:nowrap” class=”ft044″>46</p>

<p style=”position:absolute;top:870px;left:577px;white-space:nowrap” class=”ft044″>31</p>

<p style=”position:absolute;top:870px;left:652px;white-space:nowrap” class=”ft044″>10</p>

<p style=”position:absolute;top:870px;left:733px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:870px;left:806px;white-space:nowrap” class=”ft044″>5</p>

<p style=”position:absolute;top:899px;left:145px;white-space:nowrap” class=”ft044″>Sovereigns</p>

<p style=”position:absolute;top:897px;left:356px;white-space:nowrap” class=”ft044″>9</p>

<p style=”position:absolute;top:897px;left:432px;white-space:nowrap” class=”ft044″>7</p>

<p style=”position:absolute;top:897px;left:507px;white-space:nowrap” class=”ft044″>7</p>

<p style=”position:absolute;top:897px;left:578px;white-space:nowrap” class=”ft044″>11</p>

<p style=”position:absolute;top:897px;left:656px;white-space:nowrap” class=”ft044″>4</p>

<p style=”position:absolute;top:897px;left:731px;white-space:nowrap” class=”ft044″>4</p>

<p style=”position:absolute;top:897px;left:808px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:926px;left:73px;white-space:nowrap” class=”ft045″><i>Source:&#160;Moody’s,&#160;CMA</i></p>

<p style=”position:absolute;top:545px;left:73px;white-space:nowrap” class=”ft033″>Figure&#160;14.&#160;&#160;Global&#160;Median&#160;CDS&#160;Spreads&#160;by&#160;Sector</p>

<p style=”position:absolute;top:581px;left:506px;white-space:nowrap” class=”ft043″>Median&#160;CDS&#160;Spreads</p>

<p style=”position:absolute;top:766px;left:534px;white-space:nowrap” class=”ft043″>Issuer&#160;Counts</p>

<p style=”position:absolute;top:1138px;left:41px;white-space:nowrap” class=”ft025″><b>8&#160; &#160; &#160; &#160; &#160; <chron>30 July 2020</chron></b></p>

<p style=”position:absolute;top:1138px;left:712px;white-space:nowrap” class=”ft025″><b>Cross-Sector: Market Data Highlights</b></p>

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<p style=”position:absolute;top:45px;left:61px;white-space:nowrap” class=”ft020″>MOODY’S ANALYTICS</p>

<p style=”position:absolute;top:45px;left:770px;white-space:nowrap” class=”ft00″><b>CROSS-SECTOR</b></p>

<p style=”position:absolute;top:195px;left:156px;white-space:nowrap” class=”ft043″>Region</p>

<p style=”position:absolute;top:195px;left:347px;white-space:nowrap” class=”ft043″>Aaa</p>

<p style=”position:absolute;top:195px;left:426px;white-space:nowrap” class=”ft043″>Aa</p>

<p style=”position:absolute;top:195px;left:505px;white-space:nowrap” class=”ft043″>A</p>

<p style=”position:absolute;top:195px;left:572px;white-space:nowrap” class=”ft043″>Baa</p>

<p style=”position:absolute;top:195px;left:651px;white-space:nowrap” class=”ft043″>Ba</p>

<p style=”position:absolute;top:195px;left:731px;white-space:nowrap” class=”ft043″>B</p>

<p style=”position:absolute;top:195px;left:796px;white-space:nowrap” class=”ft043″>Caa</p>

<p style=”position:absolute;top:221px;left:130px;white-space:nowrap” class=”ft044″><location value=”LB/nam” idsrc=”xmltag.org” >North&#160;America</location></p>

<p style=”position:absolute;top:219px;left:352px;white-space:nowrap” class=”ft044″>18</p>

<p style=”position:absolute;top:219px;left:428px;white-space:nowrap” class=”ft044″>51</p>

<p style=”position:absolute;top:219px;left:501px;white-space:nowrap” class=”ft044″>49</p>

<p style=”position:absolute;top:219px;left:577px;white-space:nowrap” class=”ft044″>73</p>

<p style=”position:absolute;top:219px;left:648px;white-space:nowrap” class=”ft044″>314</p>

<p style=”position:absolute;top:219px;left:721px;white-space:nowrap” class=”ft044″>839</p>

<p style=”position:absolute;top:219px;left:808px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:248px;left:158px;white-space:nowrap” class=”ft044″><location value=”LR/eur” idsrc=”xmltag.org” >Europe</location></p>

<p style=”position:absolute;top:246px;left:354px;white-space:nowrap” class=”ft044″>11</p>

<p style=”position:absolute;top:246px;left:426px;white-space:nowrap” class=”ft044″>34</p>

<p style=”position:absolute;top:246px;left:501px;white-space:nowrap” class=”ft044″>60</p>

<p style=”position:absolute;top:246px;left:576px;white-space:nowrap” class=”ft044″>94</p>

<p style=”position:absolute;top:246px;left:649px;white-space:nowrap” class=”ft044″>119</p>

<p style=”position:absolute;top:246px;left:722px;white-space:nowrap” class=”ft044″>148</p>

<p style=”position:absolute;top:246px;left:797px;white-space:nowrap” class=”ft044″>433</p>

<p style=”position:absolute;top:274px;left:105px;white-space:nowrap” class=”ft044″><location value=”LR/asp” idsrc=”xmltag.org” >Asia&#160;Pacific</location>&#160;(ex.Japan)</p>

<p style=”position:absolute;top:272px;left:353px;white-space:nowrap” class=”ft044″>17</p>

<p style=”position:absolute;top:272px;left:427px;white-space:nowrap” class=”ft044″>32</p>

<p style=”position:absolute;top:272px;left:501px;white-space:nowrap” class=”ft044″>48</p>

<p style=”position:absolute;top:272px;left:576px;white-space:nowrap” class=”ft044″>99</p>

<p style=”position:absolute;top:272px;left:648px;white-space:nowrap” class=”ft044″>154</p>

<p style=”position:absolute;top:272px;left:723px;white-space:nowrap” class=”ft044″>551</p>

<p style=”position:absolute;top:272px;left:808px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:300px;left:163px;white-space:nowrap” class=”ft044″><location value=”LC/jp” idsrc=”xmltag.org” >Japan</location></p>

<p style=”position:absolute;top:299px;left:358px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:299px;left:433px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:299px;left:501px;white-space:nowrap” class=”ft044″>30</p>

<p style=”position:absolute;top:299px;left:576px;white-space:nowrap” class=”ft044″>42</p>

<p style=”position:absolute;top:299px;left:658px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:299px;left:733px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:299px;left:808px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:380px;left:156px;white-space:nowrap” class=”ft043″>Region</p>

<p style=”position:absolute;top:380px;left:347px;white-space:nowrap” class=”ft043″>Aaa</p>

<p style=”position:absolute;top:380px;left:426px;white-space:nowrap” class=”ft043″>Aa</p>

<p style=”position:absolute;top:380px;left:505px;white-space:nowrap” class=”ft043″>A</p>

<p style=”position:absolute;top:380px;left:572px;white-space:nowrap” class=”ft043″>Baa</p>

<p style=”position:absolute;top:380px;left:651px;white-space:nowrap” class=”ft043″>Ba</p>

<p style=”position:absolute;top:380px;left:731px;white-space:nowrap” class=”ft043″>B</p>

<p style=”position:absolute;top:380px;left:796px;white-space:nowrap” class=”ft043″>Caa</p>

<p style=”position:absolute;top:406px;left:130px;white-space:nowrap” class=”ft044″><location value=”LB/nam” idsrc=”xmltag.org” >North&#160;America</location></p>

<p style=”position:absolute;top:404px;left:357px;white-space:nowrap” class=”ft044″>1</p>

<p style=”position:absolute;top:404px;left:432px;white-space:nowrap” class=”ft044″>7</p>

<p style=”position:absolute;top:404px;left:502px;white-space:nowrap” class=”ft044″>23</p>

<p style=”position:absolute;top:404px;left:577px;white-space:nowrap” class=”ft044″>25</p>

<p style=”position:absolute;top:404px;left:656px;white-space:nowrap” class=”ft044″>8</p>

<p style=”position:absolute;top:404px;left:732px;white-space:nowrap” class=”ft044″>1</p>

<p style=”position:absolute;top:404px;left:808px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:433px;left:158px;white-space:nowrap” class=”ft044″><location value=”LR/eur” idsrc=”xmltag.org” >Europe</location></p>

<p style=”position:absolute;top:431px;left:356px;white-space:nowrap” class=”ft044″>6</p>

<p style=”position:absolute;top:431px;left:426px;white-space:nowrap” class=”ft044″>30</p>

<p style=”position:absolute;top:431px;left:501px;white-space:nowrap” class=”ft044″>34</p>

<p style=”position:absolute;top:431px;left:576px;white-space:nowrap” class=”ft044″>29</p>

<p style=”position:absolute;top:431px;left:656px;white-space:nowrap” class=”ft044″>5</p>

<p style=”position:absolute;top:431px;left:732px;white-space:nowrap” class=”ft044″>1</p>

<p style=”position:absolute;top:431px;left:806px;white-space:nowrap” class=”ft044″>5</p>

<p style=”position:absolute;top:459px;left:105px;white-space:nowrap” class=”ft044″><location value=”LR/asp” idsrc=”xmltag.org” >Asia&#160;Pacific</location>&#160;(ex.Japan)</p>

<p style=”position:absolute;top:457px;left:357px;white-space:nowrap” class=”ft044″>2</p>

<p style=”position:absolute;top:457px;left:428px;white-space:nowrap” class=”ft044″>13</p>

<p style=”position:absolute;top:457px;left:503px;white-space:nowrap” class=”ft044″>13</p>

<p style=”position:absolute;top:457px;left:578px;white-space:nowrap” class=”ft044″>15</p>

<p style=”position:absolute;top:457px;left:656px;white-space:nowrap” class=”ft044″>3</p>

<p style=”position:absolute;top:457px;left:732px;white-space:nowrap” class=”ft044″>1</p>

<p style=”position:absolute;top:457px;left:808px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:486px;left:163px;white-space:nowrap” class=”ft044″><location value=”LC/jp” idsrc=”xmltag.org” >Japan</location></p>

<p style=”position:absolute;top:484px;left:358px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:484px;left:433px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:484px;left:502px;white-space:nowrap” class=”ft044″>10</p>

<p style=”position:absolute;top:484px;left:581px;white-space:nowrap” class=”ft044″>2</p>

<p style=”position:absolute;top:484px;left:658px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:484px;left:733px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:484px;left:808px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:512px;left:73px;white-space:nowrap” class=”ft045″><i>Source:&#160;Moody’s,&#160;CMA</i></p>

<p style=”position:absolute;top:133px;left:73px;white-space:nowrap” class=”ft033″>Figure&#160;15.&#160;&#160;Global&#160;Financial&#160;Institutions&#160;Median&#160;CDS&#160;Spreads&#160;by&#160;Region</p>

<p style=”position:absolute;top:168px;left:506px;white-space:nowrap” class=”ft043″>Median&#160;CDS&#160;Spreads</p>

<p style=”position:absolute;top:353px;left:534px;white-space:nowrap” class=”ft043″>Issuer&#160;Counts</p>

<p style=”position:absolute;top:616px;left:156px;white-space:nowrap” class=”ft043″>Region</p>

<p style=”position:absolute;top:616px;left:347px;white-space:nowrap” class=”ft043″>Aaa</p>

<p style=”position:absolute;top:616px;left:426px;white-space:nowrap” class=”ft043″>Aa</p>

<p style=”position:absolute;top:616px;left:505px;white-space:nowrap” class=”ft043″>A</p>

<p style=”position:absolute;top:616px;left:572px;white-space:nowrap” class=”ft043″>Baa</p>

<p style=”position:absolute;top:616px;left:651px;white-space:nowrap” class=”ft043″>Ba</p>

<p style=”position:absolute;top:616px;left:731px;white-space:nowrap” class=”ft043″>B</p>

<p style=”position:absolute;top:616px;left:796px;white-space:nowrap” class=”ft043″>Caa</p>

<p style=”position:absolute;top:642px;left:130px;white-space:nowrap” class=”ft044″><location value=”LB/nam” idsrc=”xmltag.org” >North&#160;America</location></p>

<p style=”position:absolute;top:640px;left:352px;white-space:nowrap” class=”ft044″>28</p>

<p style=”position:absolute;top:640px;left:426px;white-space:nowrap” class=”ft044″>34</p>

<p style=”position:absolute;top:640px;left:502px;white-space:nowrap” class=”ft044″>39</p>

<p style=”position:absolute;top:640px;left:577px;white-space:nowrap” class=”ft044″>75</p>

<p style=”position:absolute;top:640px;left:648px;white-space:nowrap” class=”ft044″>182</p>

<p style=”position:absolute;top:640px;left:723px;white-space:nowrap” class=”ft044″>310</p>

<p style=”position:absolute;top:640px;left:797px;white-space:nowrap” class=”ft044″>595</p>

<p style=”position:absolute;top:669px;left:158px;white-space:nowrap” class=”ft044″><location value=”LR/eur” idsrc=”xmltag.org” >Europe</location></p>

<p style=”position:absolute;top:667px;left:358px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:667px;left:426px;white-space:nowrap” class=”ft044″>44</p>

<p style=”position:absolute;top:667px;left:502px;white-space:nowrap” class=”ft044″>35</p>

<p style=”position:absolute;top:667px;left:576px;white-space:nowrap” class=”ft044″>59</p>

<p style=”position:absolute;top:667px;left:647px;white-space:nowrap” class=”ft044″>189</p>

<p style=”position:absolute;top:667px;left:722px;white-space:nowrap” class=”ft044″>293</p>

<p style=”position:absolute;top:667px;left:796px;white-space:nowrap” class=”ft044″>680</p>

<p style=”position:absolute;top:695px;left:105px;white-space:nowrap” class=”ft044″><location value=”LR/asp” idsrc=”xmltag.org” >Asia&#160;Pacific</location>&#160;(ex.Japan)</p>

<p style=”position:absolute;top:693px;left:352px;white-space:nowrap” class=”ft044″>26</p>

<p style=”position:absolute;top:693px;left:427px;white-space:nowrap” class=”ft044″>35</p>

<p style=”position:absolute;top:693px;left:503px;white-space:nowrap” class=”ft044″>51</p>

<p style=”position:absolute;top:693px;left:577px;white-space:nowrap” class=”ft044″>72</p>

<p style=”position:absolute;top:693px;left:647px;white-space:nowrap” class=”ft044″>148</p>

<p style=”position:absolute;top:693px;left:723px;white-space:nowrap” class=”ft044″>575</p>

<p style=”position:absolute;top:693px;left:808px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:721px;left:163px;white-space:nowrap” class=”ft044″><location value=”LC/jp” idsrc=”xmltag.org” >Japan</location></p>

<p style=”position:absolute;top:720px;left:358px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:720px;left:427px;white-space:nowrap” class=”ft044″>32</p>

<p style=”position:absolute;top:720px;left:502px;white-space:nowrap” class=”ft044″>25</p>

<p style=”position:absolute;top:720px;left:576px;white-space:nowrap” class=”ft044″>33</p>

<p style=”position:absolute;top:720px;left:652px;white-space:nowrap” class=”ft044″>67</p>

<p style=”position:absolute;top:720px;left:726px;white-space:nowrap” class=”ft044″>66</p>

<p style=”position:absolute;top:720px;left:808px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:801px;left:156px;white-space:nowrap” class=”ft043″>Region</p>

<p style=”position:absolute;top:801px;left:347px;white-space:nowrap” class=”ft043″>Aaa</p>

<p style=”position:absolute;top:801px;left:426px;white-space:nowrap” class=”ft043″>Aa</p>

<p style=”position:absolute;top:801px;left:505px;white-space:nowrap” class=”ft043″>A</p>

<p style=”position:absolute;top:801px;left:572px;white-space:nowrap” class=”ft043″>Baa</p>

<p style=”position:absolute;top:801px;left:651px;white-space:nowrap” class=”ft043″>Ba</p>

<p style=”position:absolute;top:801px;left:731px;white-space:nowrap” class=”ft043″>B</p>

<p style=”position:absolute;top:801px;left:796px;white-space:nowrap” class=”ft043″>Caa</p>

<p style=”position:absolute;top:827px;left:130px;white-space:nowrap” class=”ft044″><location value=”LB/nam” idsrc=”xmltag.org” >North&#160;America</location></p>

<p style=”position:absolute;top:825px;left:357px;white-space:nowrap” class=”ft044″>2</p>

<p style=”position:absolute;top:825px;left:429px;white-space:nowrap” class=”ft044″>11</p>

<p style=”position:absolute;top:825px;left:501px;white-space:nowrap” class=”ft044″>64</p>

<p style=”position:absolute;top:825px;left:573px;white-space:nowrap” class=”ft044″>187</p>

<p style=”position:absolute;top:825px;left:651px;white-space:nowrap” class=”ft044″>58</p>

<p style=”position:absolute;top:825px;left:726px;white-space:nowrap” class=”ft044″>34</p>

<p style=”position:absolute;top:825px;left:802px;white-space:nowrap” class=”ft044″>13</p>

<p style=”position:absolute;top:854px;left:158px;white-space:nowrap” class=”ft044″><location value=”LR/eur” idsrc=”xmltag.org” >Europe</location></p>

<p style=”position:absolute;top:852px;left:358px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:852px;left:432px;white-space:nowrap” class=”ft044″>7</p>

<p style=”position:absolute;top:852px;left:502px;white-space:nowrap” class=”ft044″>45</p>

<p style=”position:absolute;top:852px;left:576px;white-space:nowrap” class=”ft044″>93</p>

<p style=”position:absolute;top:852px;left:652px;white-space:nowrap” class=”ft044″>22</p>

<p style=”position:absolute;top:852px;left:727px;white-space:nowrap” class=”ft044″>10</p>

<p style=”position:absolute;top:852px;left:802px;white-space:nowrap” class=”ft044″>14</p>

<p style=”position:absolute;top:880px;left:105px;white-space:nowrap” class=”ft044″><location value=”LR/asp” idsrc=”xmltag.org” >Asia&#160;Pacific</location>&#160;(ex.Japan)</p>

<p style=”position:absolute;top:878px;left:357px;white-space:nowrap” class=”ft044″>1</p>

<p style=”position:absolute;top:878px;left:431px;white-space:nowrap” class=”ft044″>6</p>

<p style=”position:absolute;top:878px;left:502px;white-space:nowrap” class=”ft044″>18</p>

<p style=”position:absolute;top:878px;left:578px;white-space:nowrap” class=”ft044″>21</p>

<p style=”position:absolute;top:878px;left:656px;white-space:nowrap” class=”ft044″>2</p>

<p style=”position:absolute;top:878px;left:732px;white-space:nowrap” class=”ft044″>1</p>

<p style=”position:absolute;top:878px;left:808px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:907px;left:163px;white-space:nowrap” class=”ft044″><location value=”LC/jp” idsrc=”xmltag.org” >Japan</location></p>

<p style=”position:absolute;top:905px;left:358px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:905px;left:432px;white-space:nowrap” class=”ft044″>1</p>

<p style=”position:absolute;top:905px;left:502px;white-space:nowrap” class=”ft044″>23</p>

<p style=”position:absolute;top:905px;left:578px;white-space:nowrap” class=”ft044″>11</p>

<p style=”position:absolute;top:905px;left:656px;white-space:nowrap” class=”ft044″>3</p>

<p style=”position:absolute;top:905px;left:731px;white-space:nowrap” class=”ft044″>2</p>

<p style=”position:absolute;top:905px;left:808px;white-space:nowrap” class=”ft044″>-</p>

<p style=”position:absolute;top:933px;left:73px;white-space:nowrap” class=”ft045″><i>Source:&#160;Moody’s,&#160;CMA</i></p>

<p style=”position:absolute;top:589px;left:506px;white-space:nowrap” class=”ft043″>Median&#160;CDS&#160;Spreads</p>

<p style=”position:absolute;top:774px;left:534px;white-space:nowrap” class=”ft043″>Issuer&#160;Counts</p>

<p style=”position:absolute;top:554px;left:73px;white-space:nowrap” class=”ft033″>Figure&#160;16.&#160;&#160;Global&#160;Corporates&#160;Median&#160;CDS&#160;Spreads&#160;by&#160;Region</p>

<p style=”position:absolute;top:1138px;left:41px;white-space:nowrap” class=”ft025″><b>9&#160; &#160; &#160; &#160; &#160; <chron>30 July 2020</chron></b></p>

<p style=”position:absolute;top:1138px;left:712px;white-space:nowrap” class=”ft025″><b>Cross-Sector: Market Data Highlights</b></p>

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<p style=”position:absolute;top:45px;left:61px;white-space:nowrap” class=”ft020″>MOODY’S ANALYTICS</p>

<p style=”position:absolute;top:45px;left:770px;white-space:nowrap” class=”ft00″><b>CROSS-SECTOR</b></p>

<p style=”position:absolute;top:156px;left:81px;white-space:nowrap” class=”ft019″>© 2020 Moody’s Corporation, Moody’s <org>Investors Service, Inc.</org>, Moody’s <org>Analytics, Inc.</org> and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.<br/>CREDIT RATINGS ISSUED BY MOODY’S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE<br/>CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S<br/>(COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY<br/>NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. 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IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.<br/>ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED<br/>OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE<br/>FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN<br/>CONSENT.<br/>MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS<br/>DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.<br/>All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well<br/>as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY’S adopts all necessary measures so that the information it<br/>uses in assigning a credit rating is of sufficient quality and from sources MOODY’S considers to be reliable including, when appropriate, independent third-party sources. However,<br/>MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.<br/>To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any<br/>indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any<br/>such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or<br/>damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a<br/>particular credit rating assigned by MOODY’S.<br/>To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory<br/>losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the<br/>avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents,<br/>representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.<br/>NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT<br/>RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.<br/>Moody’s <org>Investors Service, Inc.</org>, a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including<br/>corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s <org>Investors Service, Inc.</org> have, prior to assignment of any credit rating,<br/>agreed to pay to Moody’s <org>Investors Service, Inc.</org> for credit ratings opinions and services rendered by it fees ranging from <money>$1,000</money> to approximately <money>$2,700,000</money>. MCO and Moody’s<br/>investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding<br/>certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly<br/>reported to the <org>SEC</org> an ownership interest in MCO of more than 5%, is posted annually at&#160;</p>

<p style=”position:absolute;top:774px;left:457px;white-space:nowrap” class=”ft046″><a href=”http://www.moodys.com/”><a href=”http://www.moodys.com”>www.moodys.com</a></a></p>

<p style=”position:absolute;top:774px;left:535px;white-space:nowrap” class=”ft015″><a href=”http://www.moodys.com/”>&#160;under the heading “In</a>vestor Relations — Corporate Governance —</p>

<p style=”position:absolute;top:788px;left:81px;white-space:nowrap” class=”ft047″>Director and Shareholder Affiliation Policy.”<br/>Additional terms for <location value=”LC/au” idsrc=”xmltag.org” >Australia</location> only: Any publication into <location value=”LC/au” idsrc=”xmltag.org” >Australia</location> of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors<br/>Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended<br/>to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within <location value=”LC/au” idsrc=”xmltag.org” >Australia</location>, you<br/>represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or<br/>indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to<br/>the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.<br/>Additional terms for <location value=”LC/jp” idsrc=”xmltag.org” >Japan</location> only: Moody’s Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody’s Group Japan G.K., which is wholly-owned by Moody’s<br/><org>Overseas Holdings Inc.</org>, a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally<br/><org>Recognized Statistical Rating Organization</org> (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an<br/>entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under <location value=”LC/us” idsrc=”xmltag.org” >U.S.</location> laws. MJKK and MSFJ are credit rating agencies registered<br/>with the <org>Japan Financial Services Agency</org> and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.<br/>MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred<br/>stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services<br/>rendered by it fees ranging from <money>JPY125,000</money> to approximately <money>JPY250,000,000</money>.<br/>MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.<br/>For Publications Issued by Moody’s <org>Capital Markets Research, Inc.</org> only:<br/>The statements contained in this research report are based solely upon the opinions of Moody’s <org>Capital Markets Research, Inc.</org> and the data and information available to the authors<br/>at the time of publication of this report. There is no assurance that any predicted results will actually occur. Past performance is no guarantee of future results.<br/>The analysis in this report has not been made available to any issuer prior to publication.</p>

<p style=”position:absolute;top:1138px;left:41px;white-space:nowrap” class=”ft025″><b>10&#160; &#160; &#160; &#160; &#160; <chron>30 July 2020</chron></b></p>

<p style=”position:absolute;top:1138px;left:712px;white-space:nowrap” class=”ft025″><b>Cross-Sector: Market Data Highlights</b></p>

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<p style=”position:absolute;top:45px;left:61px;white-space:nowrap” class=”ft020″>MOODY’S ANALYTICS</p>

<p style=”position:absolute;top:45px;left:770px;white-space:nowrap” class=”ft00″><b>CROSS-SECTOR</b></p>

<p style=”position:absolute;top:122px;left:81px;white-space:nowrap” class=”ft019″>When making an investment decision, investors should use additional sources of information and consult with their investment advisor. Investing in securities involves certain risks<br/>including possible fluctuations in investment return and loss of principal. Investing in bonds presents additional risks, including changes in interest rates and credit risk.<br/><org>Moody’s Capital Markets Research, Inc.</org>, is a subsidiary of MCO. Please note that Moody’s <org>Analytics, Inc.</org>, an affiliate of Moody’s <org>Capital Markets Research, Inc.</org> and a subsidiary of<br/>MCO, provides a wide range of research and analytical products and services to corporations and participants in the financial markets. Customers of Moody’s <org>Analytics, Inc.</org> may<br/>include companies mentioned in this report. Please be advised that a conflict may exist and that any investment decisions you make are your own responsibility. The Moody’s<br/>Analytics logo is used on certain Moody’s <org>Capital Markets Research, Inc.</org> products for marketing purposes only. Moody’s <org>Analytics, Inc.</org> is a separate company from Moody’s Capital<br/><org>Markets Research, Inc.</org></p>

<p style=”position:absolute;top:248px;left:682px;white-space:nowrap” class=”ft03″>REPORT NUMBER</p>

<p style=”position:absolute;top:248px;left:806px;white-space:nowrap” class=”ft048″><b>1240091</b></p>

<p style=”position:absolute;top:1138px;left:41px;white-space:nowrap” class=”ft025″><b>11&#160; &#160; &#160; &#160; &#160; <chron>30 July 2020</chron></b></p>

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<p style=”position:absolute;top:45px;left:61px;white-space:nowrap” class=”ft020″>MOODY’S ANALYTICS</p>

<p style=”position:absolute;top:45px;left:770px;white-space:nowrap” class=”ft00″><b>CROSS-SECTOR</b></p>

<p style=”position:absolute;top:121px;left:81px;white-space:nowrap” class=”ft03″>CLIENT SERVICES</p>

<p style=”position:absolute;top:152px;left:81px;white-space:nowrap” class=”ft04″><location value=”LR/am” idsrc=”xmltag.org” >Americas</location></p>

<p style=”position:absolute;top:152px;left:244px;white-space:nowrap” class=”ft04″><PhoneNo>1-212-553-1653</PhoneNo></p>

<p style=”position:absolute;top:175px;left:81px;white-space:nowrap” class=”ft04″><location value=”LR/asp” idsrc=”xmltag.org” >Asia Pacific</location></p>

<p style=”position:absolute;top:175px;left:247px;white-space:nowrap” class=”ft04″><PhoneNo>852-3551-3077</PhoneNo></p>

<p style=”position:absolute;top:199px;left:81px;white-space:nowrap” class=”ft04″><location value=”LC/jp” idsrc=”xmltag.org” >Japan</location></p>

<p style=”position:absolute;top:199px;left:240px;white-space:nowrap” class=”ft04″><PhoneNo>81-3-5408-4100</PhoneNo></p>

<p style=”position:absolute;top:223px;left:81px;white-space:nowrap” class=”ft04″>EMEA</p>

<p style=”position:absolute;top:223px;left:234px;white-space:nowrap” class=”ft04″><PhoneNo>44-20-7772-5454</PhoneNo></p>

<p style=”position:absolute;top:1138px;left:41px;white-space:nowrap” class=”ft025″><b>12&#160; &#160; &#160; &#160; &#160; <chron>30 July 2020</chron></b></p>

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