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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>13 August 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:578px;white-space:nowrap" class="ft012">2012</p>

<p style="position:absolute;top:587px;left:606px;white-space:nowrap" class="ft012">2013&#160;2014&#160;2015</p>

<p style="position:absolute;top:587px;left:687px;white-space:nowrap" class="ft012">2016</p>

<p style="position:absolute;top:587px;left:715px;white-space:nowrap" class="ft012">2017</p>

<p style="position:absolute;top:587px;left:742px;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:443px;white-space:nowrap" class="ft021"><chron>Aug.&#160;12</chron></p>

<p style="position:absolute;top:186px;left:557px;white-space:nowrap" class="ft021"><chron>Aug.&#160;5</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">JPMorgan&#160;Chase&#160;Bank,&#160;N.A.</p>

<p style="position:absolute;top:203px;left:456px;white-space:nowrap" class="ft022">A1</p>

<p style="position:absolute;top:203px;left:567px;white-space:nowrap" class="ft022">A2</p>

<p style="position:absolute;top:203px;left:674px;white-space:nowrap" class="ft022">Aa2</p>

<p style="position:absolute;top:219px;left:70px;white-space:nowrap" class="ft022">Raytheon&#160;Technologies&#160;Corporation</p>

<p style="position:absolute;top:219px;left:453px;white-space:nowrap" class="ft022">Aaa</p>

<p style="position:absolute;top:219px;left:564px;white-space:nowrap" class="ft022">Aa1</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:CVX" idsrc="xmltag.org" >Chevron&#160;Corporation</org></p>

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

<p style="position:absolute;top:236px;left:567px;white-space:nowrap" class="ft022">A3</p>

<p style="position:absolute;top:236px;left:674px;white-space:nowrap" class="ft022">Aa2</p>

<p style="position:absolute;top:252px;left:70px;white-space:nowrap" class="ft022"><org value="NYSE:MO" idsrc="xmltag.org" >Altria&#160;Group&#160;Inc.</org></p>

<p style="position:absolute;top:252px;left:453px;white-space:nowrap" class="ft022">Aa2</p>

<p style="position:absolute;top:252px;left:564px;white-space:nowrap" class="ft022">Aa3</p>

<p style="position:absolute;top:252px;left:677px;white-space:nowrap" class="ft022">A3</p>

<p style="position:absolute;top:269px;left:70px;white-space:nowrap" class="ft022"><org value="NYSE:UPS" idsrc="xmltag.org" >United&#160;Parcel&#160;Service,&#160;Inc.</org></p>

<p style="position:absolute;top:269px;left:453px;white-space:nowrap" class="ft022">Aaa</p>

<p style="position:absolute;top:269px;left:564px;white-space:nowrap" class="ft022">Aa1</p>

<p style="position:absolute;top:269px;left:677px;white-space:nowrap" class="ft022">A2</p>

<p style="position:absolute;top:285px;left:70px;white-space:nowrap" class="ft022">Bank&#160;of&#160;America,&#160;N.A.</p>

<p style="position:absolute;top:285px;left:456px;white-space:nowrap" class="ft022">A2</p>

<p style="position:absolute;top:285px;left:567px;white-space:nowrap" class="ft022">A3</p>

<p style="position:absolute;top:285px;left:674px;white-space:nowrap" class="ft022">Aa2</p>

<p style="position:absolute;top:302px;left:70px;white-space:nowrap" class="ft022"><org value="NYSE:CAG" idsrc="xmltag.org" >Conagra&#160;Brands,&#160;Inc.</org></p>

<p style="position:absolute;top:302px;left:454px;white-space:nowrap" class="ft022">Aa1</p>

<p style="position:absolute;top:302px;left:564px;white-space:nowrap" class="ft022">Aa2</p>

<p style="position:absolute;top:302px;left:672px;white-space:nowrap" class="ft022">Baa3</p>

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

<p style="position:absolute;top:318px;left:450px;white-space:nowrap" class="ft022">Caa2</p>

<p style="position:absolute;top:318px;left:561px;white-space:nowrap" class="ft022">Caa3</p>

<p style="position:absolute;top:318px;left:675px;white-space:nowrap" class="ft022">Ba2</p>

<p style="position:absolute;top:335px;left:70px;white-space:nowrap" class="ft022"><org value="NYSE:NRG" idsrc="xmltag.org" >NRG&#160;Energy,&#160;Inc.</org></p>

<p style="position:absolute;top:335px;left:454px;white-space:nowrap" class="ft022">Ba1</p>

<p style="position:absolute;top:335px;left:564px;white-space:nowrap" class="ft022">Ba2</p>

<p style="position:absolute;top:335px;left:675px;white-space:nowrap" class="ft022">Ba2</p>

<p style="position:absolute;top:350px;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:348px;left:453px;white-space:nowrap" class="ft022">Ba3</p>

<p style="position:absolute;top:348px;left:568px;white-space:nowrap" class="ft022">B1</p>

<p style="position:absolute;top:348px;left:675px;white-space:nowrap" class="ft022">Ba3</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:443px;white-space:nowrap" class="ft021"><chron>Aug.&#160;12</chron></p>

<p style="position:absolute;top:400px;left:557px;white-space:nowrap" class="ft021"><chron>Aug.&#160;5</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:VZ" idsrc="xmltag.org" >Verizon&#160;Communications&#160;Inc.</org></p>

<p style="position:absolute;top:417px;left:451px;white-space:nowrap" class="ft022">Baa1</p>

<p style="position:absolute;top:417px;left:567px;white-space:nowrap" class="ft022">A2</p>

<p style="position:absolute;top:417px;left:672px;white-space:nowrap" class="ft022">Baa1</p>

<p style="position:absolute;top:434px;left:70px;white-space:nowrap" class="ft022">Morgan&#160;Stanley</p>

<p style="position:absolute;top:434px;left:450px;white-space:nowrap" class="ft022">Baa2</p>

<p style="position:absolute;top:434px;left:562px;white-space:nowrap" class="ft022">Baa1</p>

<p style="position:absolute;top:434px;left:677px;white-space:nowrap" class="ft022">A3</p>

<p style="position:absolute;top:450px;left:70px;white-space:nowrap" class="ft022"><org value="NYSE:MCD" idsrc="xmltag.org" >McDonald's&#160;Corporation</org></p>

<p style="position:absolute;top:450px;left:454px;white-space:nowrap" class="ft022">Aa1</p>

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

<p style="position:absolute;top:450px;left:672px;white-space:nowrap" class="ft022">Baa1</p>

<p style="position:absolute;top:467px;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:466px;left:456px;white-space:nowrap" class="ft022">A2</p>

<p style="position:absolute;top:466px;left:567px;white-space:nowrap" class="ft022">A1</p>

<p style="position:absolute;top:466px;left:677px;white-space:nowrap" class="ft022">A2</p>

<p style="position:absolute;top:483px;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:483px;left:456px;white-space:nowrap" class="ft022">B2</p>

<p style="position:absolute;top:483px;left:568px;white-space:nowrap" class="ft022">B1</p>

<p style="position:absolute;top:483px;left:672px;white-space:nowrap" class="ft022">Baa2</p>

<p style="position:absolute;top:500px;left:70px;white-space:nowrap" class="ft022"><org value="NASDAQ-NMS:INTC" idsrc="xmltag.org" >Intel&#160;Corporation</org></p>

<p style="position:absolute;top:499px;left:450px;white-space:nowrap" class="ft022">Baa2</p>

<p style="position:absolute;top:499px;left:562px;white-space:nowrap" class="ft022">Baa1</p>

<p style="position:absolute;top:499px;left:678px;white-space:nowrap" class="ft022">A1</p>

<p style="position:absolute;top:516px;left:70px;white-space:nowrap" class="ft022">HCA&#160;Inc.</p>

<p style="position:absolute;top:516px;left:454px;white-space:nowrap" class="ft022">Ba1</p>

<p style="position:absolute;top:516px;left:561px;white-space:nowrap" class="ft022">Baa3</p>

<p style="position:absolute;top:516px;left:675px;white-space:nowrap" class="ft022">Ba2</p>

<p style="position:absolute;top:533px;left:70px;white-space:nowrap" class="ft022"><org value="NYSE:EPD" idsrc="xmltag.org" >Enterprise&#160;Products</org>&#160;Operating,&#160;LLC</p>

<p style="position:absolute;top:532px;left:450px;white-space:nowrap" class="ft022">Baa2</p>

<p style="position:absolute;top:532px;left:562px;white-space:nowrap" class="ft022">Baa1</p>

<p style="position:absolute;top:532px;left:672px;white-space:nowrap" class="ft022">Baa1</p>

<p style="position:absolute;top:549px;left:70px;white-space:nowrap" class="ft022"><org value="NYSE:PM" idsrc="xmltag.org" >Philip&#160;Morris&#160;International&#160;Inc.</org></p>

<p style="position:absolute;top:549px;left:450px;white-space:nowrap" class="ft022">Baa2</p>

<p style="position:absolute;top:549px;left:562px;white-space:nowrap" class="ft022">Baa1</p>

<p style="position:absolute;top:549px;left:677px;white-space:nowrap" class="ft022">A2</p>

<p style="position:absolute;top:564px;left:70px;white-space:nowrap" class="ft022"><org value="NYSE:COF" idsrc="xmltag.org" >Capital&#160;One&#160;Financial&#160;Corporation</org></p>

<p style="position:absolute;top:563px;left:454px;white-space:nowrap" class="ft022">Ba1</p>

<p style="position:absolute;top:563px;left:561px;white-space:nowrap" class="ft022">Baa3</p>

<p style="position:absolute;top:563px;left:672px;white-space:nowrap" class="ft022">Baa1</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:554px;white-space:nowrap" class="ft021"><chron>Aug.&#160;12</chron></p>

<p style="position:absolute;top:615px;left:667px;white-space:nowrap" class="ft021"><chron>Aug.&#160;5</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">Pride&#160;International,&#160;Inc.</p>

<p style="position:absolute;top:631px;left:456px;white-space:nowrap" class="ft022">Ca</p>

<p style="position:absolute;top:631px;left:556px;white-space:nowrap" class="ft022">22,732</p>

<p style="position:absolute;top:631px;left:667px;white-space:nowrap" class="ft022">22,413</p>

<p style="position:absolute;top:631px;left:785px;white-space:nowrap" class="ft022">320</p>

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

<p style="position:absolute;top:648px;left:559px;white-space:nowrap" class="ft022">3,043</p>

<p style="position:absolute;top:648px;left:669px;white-space:nowrap" class="ft022">2,989</p>

<p style="position:absolute;top:648px;left:788px;white-space:nowrap" class="ft022">54</p>

<p style="position:absolute;top:665px;left:70px;white-space:nowrap" class="ft022"><org value="NYSE:OXY" idsrc="xmltag.org" >Occidental&#160;Petroleum&#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">455</p>

<p style="position:absolute;top:664px;left:674px;white-space:nowrap" class="ft022">426</p>

<p style="position:absolute;top:664px;left:788px;white-space:nowrap" class="ft022">30</p>

<p style="position:absolute;top:681px;left:70px;white-space:nowrap" class="ft022"><org value="NYSE:F" idsrc="xmltag.org" >Ford&#160;Motor&#160;Company</org></p>

<p style="position:absolute;top:681px;left:453px;white-space:nowrap" class="ft022">Ba2</p>

<p style="position:absolute;top:681px;left:564px;white-space:nowrap" class="ft022">324</p>

<p style="position:absolute;top:681px;left:674px;white-space:nowrap" class="ft022">305</p>

<p style="position:absolute;top:681px;left:789px;white-space:nowrap" class="ft022">19</p>

<p style="position:absolute;top:698px;left:70px;white-space:nowrap" class="ft022"><org value="NYSE:NAV" idsrc="xmltag.org" >Navistar&#160;International&#160;Corp.</org></p>

<p style="position:absolute;top:697px;left:456px;white-space:nowrap" class="ft022">B3</p>

<p style="position:absolute;top:697px;left:564px;white-space:nowrap" class="ft022">316</p>

<p style="position:absolute;top:697px;left:674px;white-space:nowrap" class="ft022">299</p>

<p style="position:absolute;top:697px;left:789px;white-space:nowrap" class="ft022">18</p>

<p style="position:absolute;top:714px;left:70px;white-space:nowrap" class="ft022"><org value="NASDAQ-NMS:MAT" idsrc="xmltag.org" >Mattel,&#160;Inc.</org></p>

<p style="position:absolute;top:714px;left:456px;white-space:nowrap" class="ft022">B3</p>

<p style="position:absolute;top:714px;left:564px;white-space:nowrap" class="ft022">375</p>

<p style="position:absolute;top:714px;left:674px;white-space:nowrap" class="ft022">359</p>

<p style="position:absolute;top:714px;left:789px;white-space:nowrap" class="ft022">16</p>

<p style="position:absolute;top:731px;left:70px;white-space:nowrap" class="ft022">Avient&#160;Corporation</p>

<p style="position:absolute;top:730px;left:453px;white-space:nowrap" class="ft022">Ba3</p>

<p style="position:absolute;top:730px;left:564px;white-space:nowrap" class="ft022">165</p>

<p style="position:absolute;top:730px;left:675px;white-space:nowrap" class="ft022">150</p>

<p style="position:absolute;top:730px;left:789px;white-space:nowrap" class="ft022">15</p>

<p style="position:absolute;top:747px;left:70px;white-space:nowrap" class="ft022"><org value="NYSE:AXL" idsrc="xmltag.org" >American&#160;Axle&#160;&amp;&#160;Manufacturing</org>,&#160;Inc.</p>

<p style="position:absolute;top:747px;left:456px;white-space:nowrap" class="ft022">B2</p>

<p style="position:absolute;top:747px;left:564px;white-space:nowrap" class="ft022">407</p>

<p style="position:absolute;top:747px;left:674px;white-space:nowrap" class="ft022">392</p>

<p style="position:absolute;top:747px;left:789px;white-space:nowrap" class="ft022">14</p>

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

<p style="position:absolute;top:763px;left:451px;white-space:nowrap" class="ft022">Baa1</p>

<p style="position:absolute;top:763px;left:564px;white-space:nowrap" class="ft022">667</p>

<p style="position:absolute;top:763px;left:674px;white-space:nowrap" class="ft022">654</p>

<p style="position:absolute;top:763px;left:789px;white-space:nowrap" class="ft022">13</p>

<p style="position:absolute;top:779px;left:70px;white-space:nowrap" class="ft022"><org value="NYSE:UIS" idsrc="xmltag.org" >Unisys&#160;Corporation</org></p>

<p style="position:absolute;top:777px;left:456px;white-space:nowrap" class="ft022">B3</p>

<p style="position:absolute;top:777px;left:564px;white-space:nowrap" class="ft022">182</p>

<p style="position:absolute;top:777px;left:676px;white-space:nowrap" class="ft022">172</p>

<p style="position:absolute;top:777px;left:789px;white-space:nowrap" class="ft022">10</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:554px;white-space:nowrap" class="ft021"><chron>Aug.&#160;12</chron></p>

<p style="position:absolute;top:829px;left:667px;white-space:nowrap" class="ft021"><chron>Aug.&#160;5</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="NASDAQ-NMS:AAL" idsrc="xmltag.org" >American&#160;Airlines&#160;Group&#160;Inc.</org></p>

<p style="position:absolute;top:846px;left:451px;white-space:nowrap" class="ft022">Caa1</p>

<p style="position:absolute;top:846px;left:560px;white-space:nowrap" class="ft022">2,677</p>

<p style="position:absolute;top:846px;left:669px;white-space:nowrap" class="ft022">3,028</p>

<p style="position:absolute;top:846px;left:784px;white-space:nowrap" class="ft022">-351</p>

<p style="position:absolute;top:863px;left:70px;white-space:nowrap" class="ft022"><org value="LSE:0OCW" idsrc="xmltag.org" >Staples,&#160;Inc.</org></p>

<p style="position:absolute;top:862px;left:456px;white-space:nowrap" class="ft022">B3</p>

<p style="position:absolute;top:862px;left:560px;white-space:nowrap" class="ft022">1,685</p>

<p style="position:absolute;top:862px;left:670px;white-space:nowrap" class="ft022">1,838</p>

<p style="position:absolute;top:862px;left:784px;white-space:nowrap" class="ft022">-153</p>

<p style="position:absolute;top:879px;left:70px;white-space:nowrap" class="ft022">K.&#160;<org value="NYSE:HOV" idsrc="xmltag.org" >Hovnanian&#160;Enterprises,&#160;Inc.</org></p>

<p style="position:absolute;top:879px;left:450px;white-space:nowrap" class="ft022">Caa3</p>

<p style="position:absolute;top:879px;left:560px;white-space:nowrap" class="ft022">1,950</p>

<p style="position:absolute;top:879px;left:669px;white-space:nowrap" class="ft022">2,084</p>

<p style="position:absolute;top:879px;left:784px;white-space:nowrap" class="ft022">-135</p>

<p style="position:absolute;top:896px;left:70px;white-space:nowrap" class="ft022"><org value="NYSE:MGM" idsrc="xmltag.org" >MGM&#160;Resorts&#160;International</org></p>

<p style="position:absolute;top:895px;left:453px;white-space:nowrap" class="ft022">Ba3</p>

<p style="position:absolute;top:895px;left:564px;white-space:nowrap" class="ft022">333</p>

<p style="position:absolute;top:895px;left:675px;white-space:nowrap" class="ft022">427</p>

<p style="position:absolute;top:895px;left:786px;white-space:nowrap" class="ft022">-94</p>

<p style="position:absolute;top:912px;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:912px;left:457px;white-space:nowrap" class="ft022">B1</p>

<p style="position:absolute;top:912px;left:564px;white-space:nowrap" class="ft022">441</p>

<p style="position:absolute;top:912px;left:675px;white-space:nowrap" class="ft022">527</p>

<p style="position:absolute;top:912px;left:786px;white-space:nowrap" class="ft022">-86</p>

<p style="position:absolute;top:929px;left:70px;white-space:nowrap" class="ft022">Talen&#160;Energy&#160;Supply,&#160;LLC</p>

<p style="position:absolute;top:928px;left:456px;white-space:nowrap" class="ft022">B3</p>

<p style="position:absolute;top:928px;left:560px;white-space:nowrap" class="ft022">1,336</p>

<p style="position:absolute;top:928px;left:671px;white-space:nowrap" class="ft022">1,416</p>

<p style="position:absolute;top:928px;left:786px;white-space:nowrap" class="ft022">-80</p>

<p style="position:absolute;top:945px;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:945px;left:456px;white-space:nowrap" class="ft022">B3</p>

<p style="position:absolute;top:945px;left:564px;white-space:nowrap" class="ft022">550</p>

<p style="position:absolute;top:945px;left:674px;white-space:nowrap" class="ft022">624</p>

<p style="position:absolute;top:945px;left:786px;white-space:nowrap" class="ft022">-74</p>

<p style="position:absolute;top:962px;left:70px;white-space:nowrap" class="ft022"><org value="NYSE:CCL" idsrc="xmltag.org" >Carnival&#160;Corporation</org></p>

<p style="position:absolute;top:961px;left:453px;white-space:nowrap" class="ft022">Ba2</p>

<p style="position:absolute;top:961px;left:564px;white-space:nowrap" class="ft022">873</p>

<p style="position:absolute;top:961px;left:674px;white-space:nowrap" class="ft022">946</p>

<p style="position:absolute;top:961px;left:787px;white-space:nowrap" class="ft022">-73</p>

<p style="position:absolute;top:978px;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:978px;left:453px;white-space:nowrap" class="ft022">Ba2</p>

<p style="position:absolute;top:978px;left:560px;white-space:nowrap" class="ft022">1,162</p>

<p style="position:absolute;top:978px;left:670px;white-space:nowrap" class="ft022">1,228</p>

<p style="position:absolute;top:978px;left:786px;white-space:nowrap" class="ft022">-66</p>

<p style="position:absolute;top:993px;left:70px;white-space:nowrap" class="ft022">United&#160;Airlines&#160;Holdings,&#160;Inc.</p>

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

<p style="position:absolute;top:991px;left:564px;white-space:nowrap" class="ft022">953</p>

<p style="position:absolute;top:991px;left:670px;white-space:nowrap" class="ft022">1,006</p>

<p style="position:absolute;top:991px;left:786px;white-space:nowrap" class="ft022">-54</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>August&#160;5,&#160;2020</chron>&#160;&#160;August&#160;12,&#160;2020)</p>

<p style="position:absolute;top:1138px;left:41px;white-space:nowrap" class="ft025"><b>2&#160; &#160; &#160; &#160; &#160; <chron>13 August 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>

</div>

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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: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:442px;white-space:nowrap" class="ft021"><chron>Aug.&#160;12</chron></p>

<p style="position:absolute;top:165px;left:556px;white-space:nowrap" class="ft021"><chron>Aug.&#160;5</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="EuronextParis:ACA" idsrc="xmltag.org" >Credit&#160;Agricole&#160;S.A.</org></p>

<p style="position:absolute;top:182px;left:453px;white-space:nowrap" class="ft022">Aa1</p>

<p style="position:absolute;top:182px;left:563px;white-space:nowrap" class="ft022">Aa2</p>

<p style="position:absolute;top:182px;left:674px;white-space:nowrap" class="ft022">Aa3</p>

<p style="position:absolute;top:199px;left:70px;white-space:nowrap" class="ft022"><org value="EuronextParis:EDF" idsrc="xmltag.org" >Electricite&#160;de&#160;France</org></p>

<p style="position:absolute;top:198px;left:452px;white-space:nowrap" class="ft022">Aa2</p>

<p style="position:absolute;top:198px;left:563px;white-space:nowrap" class="ft022">Aa3</p>

<p style="position:absolute;top:198px;left:677px;white-space:nowrap" class="ft022">A3</p>

<p style="position:absolute;top:215px;left:70px;white-space:nowrap" class="ft022"><org value="Stockholm:SHBA" idsrc="xmltag.org" >Svenska&#160;Handelsbanken&#160;AB</org></p>

<p style="position:absolute;top:215px;left:453px;white-space:nowrap" class="ft022">Aa1</p>

<p style="position:absolute;top:215px;left:563px;white-space:nowrap" class="ft022">Aa2</p>

<p style="position:absolute;top:215px;left:674px;white-space:nowrap" class="ft022">Aa2</p>

<p style="position:absolute;top:232px;left:70px;white-space:nowrap" class="ft022">Total&#160;SE</p>

<p style="position:absolute;top:231px;left:452px;white-space:nowrap" class="ft022">Aa2</p>

<p style="position:absolute;top:231px;left:563px;white-space:nowrap" class="ft022">Aa3</p>

<p style="position:absolute;top:231px;left:674px;white-space:nowrap" class="ft022">Aa3</p>

<p style="position:absolute;top:248px;left:70px;white-space:nowrap" class="ft022"><org value="XETRA:BMW" idsrc="xmltag.org" >Bayerische&#160;Motoren&#160;Werke&#160;Aktiengesellschaft</org></p>

<p style="position:absolute;top:248px;left:456px;white-space:nowrap" class="ft022">A1</p>

<p style="position:absolute;top:248px;left:566px;white-space:nowrap" class="ft022">A2</p>

<p style="position:absolute;top:248px;left:677px;white-space:nowrap" class="ft022">A2</p>

<p style="position:absolute;top:265px;left:70px;white-space:nowrap" class="ft022"><org value="Milan:UCG" idsrc="xmltag.org" >UniCredit</org>&#160;Bank&#160;<location value="LC/at" idsrc="xmltag.org" >Austria</location>&#160;AG</p>

<p style="position:absolute;top:264px;left:455px;white-space:nowrap" class="ft022">A2</p>

<p style="position:absolute;top:264px;left:566px;white-space:nowrap" class="ft022">A3</p>

<p style="position:absolute;top:264px;left:672px;white-space:nowrap" class="ft022">Baa1</p>

<p style="position:absolute;top:281px;left:70px;white-space:nowrap" class="ft022"><org value="Milan:ENEL" idsrc="xmltag.org" >ENEL&#160;S.p.A</org>.</p>

<p style="position:absolute;top:281px;left:455px;white-space:nowrap" class="ft022">A2</p>

<p style="position:absolute;top:281px;left:566px;white-space:nowrap" class="ft022">A3</p>

<p style="position:absolute;top:281px;left:672px;white-space:nowrap" class="ft022">Baa2</p>

<p style="position:absolute;top:298px;left:70px;white-space:nowrap" class="ft022"><org value="EuronextAmsterdam:HEIA" idsrc="xmltag.org" >Heineken&#160;N.V.</org></p>

<p style="position:absolute;top:297px;left:453px;white-space:nowrap" class="ft022">Aaa</p>

<p style="position:absolute;top:297px;left:564px;white-space:nowrap" class="ft022">Aa1</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:TELIA" idsrc="xmltag.org" >Telia&#160;Company&#160;AB</org></p>

<p style="position:absolute;top:314px;left:453px;white-space:nowrap" class="ft022">Aaa</p>

<p style="position:absolute;top:314px;left:564px;white-space:nowrap" class="ft022">Aa1</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="NASDAQ-NMS:USOI" idsrc="xmltag.org" >Credit&#160;Suisse&#160;AG</org></p>

<p style="position:absolute;top:328px;left:455px;white-space:nowrap" class="ft022">A3</p>

<p style="position:absolute;top:328px;left:561px;white-space:nowrap" class="ft022">Baa1</p>

<p style="position:absolute;top:328px;left:678px;white-space:nowrap" class="ft022">A1</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:442px;white-space:nowrap" class="ft021"><chron>Aug.&#160;12</chron></p>

<p style="position:absolute;top:380px;left:556px;white-space:nowrap" class="ft021"><chron>Aug.&#160;5</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">Bank&#160;of&#160;<location value="LS/gb.sco" idsrc="xmltag.org" >Scotland</location>&#160;plc</p>

<p style="position:absolute;top:396px;left:450px;white-space:nowrap" class="ft022">Baa2</p>

<p style="position:absolute;top:396px;left:566px;white-space:nowrap" class="ft022">A3</p>

<p style="position:absolute;top:396px;left:674px;white-space:nowrap" class="ft022">Aa3</p>

<p style="position:absolute;top:413px;left:70px;white-space:nowrap" class="ft022"><org value="OTC-PINK:STUPF" idsrc="xmltag.org" >Santander&#160;UK&#160;plc</org></p>

<p style="position:absolute;top:413px;left:450px;white-space:nowrap" class="ft022">Baa3</p>

<p style="position:absolute;top:413px;left:561px;white-space:nowrap" class="ft022">Baa2</p>

<p style="position:absolute;top:413px;left:674px;white-space:nowrap" class="ft022">Aa3</p>

<p style="position:absolute;top:430px;left:70px;white-space:nowrap" class="ft022"><org value="Stockholm:NDASEK" idsrc="xmltag.org" >Nordea&#160;Bank</org>&#160;Abp</p>

<p style="position:absolute;top:429px;left:452px;white-space:nowrap" class="ft022">Aa2</p>

<p style="position:absolute;top:429px;left:564px;white-space:nowrap" class="ft022">Aa1</p>

<p style="position:absolute;top:429px;left:674px;white-space:nowrap" class="ft022">Aa3</p>

<p style="position:absolute;top:446px;left:70px;white-space:nowrap" class="ft022"><org value="LSE:STAN" idsrc="xmltag.org" >Standard&#160;Chartered&#160;PLC</org></p>

<p style="position:absolute;top:446px;left:450px;white-space:nowrap" class="ft022">Baa2</p>

<p style="position:absolute;top:446px;left:561px;white-space:nowrap" class="ft022">Baa1</p>

<p style="position:absolute;top:446px;left:677px;white-space:nowrap" class="ft022">A2</p>

<p style="position:absolute;top:463px;left:70px;white-space:nowrap" class="ft022">Bayerische&#160;Landesbank</p>

<p style="position:absolute;top:462px;left:450px;white-space:nowrap" class="ft022">Baa1</p>

<p style="position:absolute;top:462px;left:566px;white-space:nowrap" class="ft022">A3</p>

<p style="position:absolute;top:462px;left:674px;white-space:nowrap" class="ft022">Aa3</p>

<p style="position:absolute;top:479px;left:70px;white-space:nowrap" class="ft022"><org value="Stockholm:SWEDA" idsrc="xmltag.org" >Swedbank&#160;AB</org></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">Landesbank&#160;Baden-Wuerttemberg</p>

<p style="position:absolute;top:496px;left:450px;white-space:nowrap" class="ft022">Baa1</p>

<p style="position:absolute;top:496px;left:566px;white-space:nowrap" class="ft022">A3</p>

<p style="position:absolute;top:496px;left:674px;white-space:nowrap" class="ft022">Aa3</p>

<p style="position:absolute;top:512px;left:70px;white-space:nowrap" class="ft022">Fresenius&#160;SE&#160;&amp;&#160;Co.&#160;KGaA</p>

<p style="position:absolute;top:512px;left:450px;white-space:nowrap" class="ft022">Baa2</p>

<p style="position:absolute;top:512px;left:561px;white-space:nowrap" class="ft022">Baa1</p>

<p style="position:absolute;top:512px;left:671px;white-space:nowrap" class="ft022">Baa3</p>

<p style="position:absolute;top:529px;left:70px;white-space:nowrap" class="ft022">Santander&#160;Financial&#160;Services&#160;plc</p>

<p style="position:absolute;top:529px;left:450px;white-space:nowrap" class="ft022">Baa3</p>

<p style="position:absolute;top:529px;left:561px;white-space:nowrap" class="ft022">Baa2</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="Vienna:BG" idsrc="xmltag.org" >BAWAG</org>&#160;P.S.K.</p>

<p style="position:absolute;top:542px;left:453px;white-space:nowrap" class="ft022">Ba1</p>

<p style="position:absolute;top:542px;left:561px;white-space:nowrap" class="ft022">Baa3</p>

<p style="position:absolute;top:542px;left:677px;white-space:nowrap" class="ft022">A2</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:553px;white-space:nowrap" class="ft021"><chron>Aug.&#160;12</chron></p>

<p style="position:absolute;top:595px;left:667px;white-space:nowrap" class="ft021"><chron>Aug.&#160;5</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">Valaris&#160;plc</p>

<p style="position:absolute;top:611px;left:455px;white-space:nowrap" class="ft022">Ca</p>

<p style="position:absolute;top:611px;left:556px;white-space:nowrap" class="ft022">25,927</p>

<p style="position:absolute;top:611px;left:667px;white-space:nowrap" class="ft022">24,331</p>

<p style="position:absolute;top:611px;left:781px;white-space:nowrap" class="ft022">1,596</p>

<p style="position:absolute;top:628px;left:70px;white-space:nowrap" class="ft022">PizzaExpress&#160;Financing&#160;1&#160;plc</p>

<p style="position:absolute;top:628px;left:458px;white-space:nowrap" class="ft022">C</p>

<p style="position:absolute;top:628px;left:556px;white-space:nowrap" class="ft022">38,501</p>

<p style="position:absolute;top:628px;left:667px;white-space:nowrap" class="ft022">37,163</p>

<p style="position:absolute;top:628px;left:781px;white-space:nowrap" class="ft022">1,338</p>

<p style="position:absolute;top:645px;left:70px;white-space:nowrap" class="ft022">Vue&#160;International&#160;Bidco&#160;plc</p>

<p style="position:absolute;top:644px;left:449px;white-space:nowrap" class="ft022">Caa2</p>

<p style="position:absolute;top:644px;left:560px;white-space:nowrap" class="ft022">1,103</p>

<p style="position:absolute;top:644px;left:674px;white-space:nowrap" class="ft022">979</p>

<p style="position:absolute;top:644px;left:786px;white-space:nowrap" class="ft022">124</p>

<p style="position:absolute;top:661px;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:661px;left:450px;white-space:nowrap" class="ft022">Caa1</p>

<p style="position:absolute;top:661px;left:564px;white-space:nowrap" class="ft022">851</p>

<p style="position:absolute;top:661px;left:674px;white-space:nowrap" class="ft022">783</p>

<p style="position:absolute;top:661px;left:788px;white-space:nowrap" class="ft022">68</p>

<p style="position:absolute;top:678px;left:70px;white-space:nowrap" class="ft022"><org value="SpanishCats:BKT" idsrc="xmltag.org" >Bankinter,&#160;S.A.</org></p>

<p style="position:absolute;top:677px;left:450px;white-space:nowrap" class="ft022">Baa1</p>

<p style="position:absolute;top:677px;left:564px;white-space:nowrap" class="ft022">106</p>

<p style="position:absolute;top:677px;left:677px;white-space:nowrap" class="ft022">99</p>

<p style="position:absolute;top:677px;left:792px;white-space:nowrap" class="ft022">8</p>

<p style="position:absolute;top:694px;left:70px;white-space:nowrap" class="ft022"><org value="Stockholm:SWEDA" idsrc="xmltag.org" >Swedbank&#160;AB</org></p>

<p style="position:absolute;top:694px;left:452px;white-space:nowrap" class="ft022">Aa3</p>

<p style="position:absolute;top:694px;left:566px;white-space:nowrap" class="ft022">39</p>

<p style="position:absolute;top:694px;left:677px;white-space:nowrap" class="ft022">36</p>

<p style="position:absolute;top:694px;left:792px;white-space:nowrap" class="ft022">3</p>

<p style="position:absolute;top:711px;left:70px;white-space:nowrap" class="ft022"><org value="LSE:SVT" idsrc="xmltag.org" >Severn&#160;Trent&#160;Plc</org></p>

<p style="position:absolute;top:710px;left:450px;white-space:nowrap" class="ft022">Baa2</p>

<p style="position:absolute;top:710px;left:567px;white-space:nowrap" class="ft022">67</p>

<p style="position:absolute;top:710px;left:677px;white-space:nowrap" class="ft022">64</p>

<p style="position:absolute;top:710px;left:792px;white-space:nowrap" class="ft022">3</p>

<p style="position:absolute;top:727px;left:70px;white-space:nowrap" class="ft022"><org value="LSE:STAN" idsrc="xmltag.org" >Standard&#160;Chartered&#160;PLC</org></p>

<p style="position:absolute;top:727px;left:455px;white-space:nowrap" class="ft022">A2</p>

<p style="position:absolute;top:727px;left:566px;white-space:nowrap" class="ft022">58</p>

<p style="position:absolute;top:727px;left:678px;white-space:nowrap" class="ft022">56</p>

<p style="position:absolute;top:727px;left:792px;white-space:nowrap" class="ft022">2</p>

<p style="position:absolute;top:744px;left:70px;white-space:nowrap" class="ft022">Fresenius&#160;SE&#160;&amp;&#160;Co.&#160;KGaA</p>

<p style="position:absolute;top:743px;left:450px;white-space:nowrap" class="ft022">Baa3</p>

<p style="position:absolute;top:743px;left:567px;white-space:nowrap" class="ft022">59</p>

<p style="position:absolute;top:743px;left:678px;white-space:nowrap" class="ft022">57</p>

<p style="position:absolute;top:743px;left:792px;white-space:nowrap" class="ft022">2</p>

<p style="position:absolute;top:759px;left:70px;white-space:nowrap" class="ft022"><location value="LU/gb.eng.hearow" idsrc="xmltag.org" >Heathrow</location>&#160;Finance&#160;plc</p>

<p style="position:absolute;top:757px;left:453px;white-space:nowrap" class="ft022">Ba1</p>

<p style="position:absolute;top:757px;left:566px;white-space:nowrap" class="ft022">83</p>

<p style="position:absolute;top:757px;left:678px;white-space:nowrap" class="ft022">81</p>

<p style="position:absolute;top:757px;left:792px;white-space:nowrap" class="ft022">2</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:553px;white-space:nowrap" class="ft021"><chron>Aug.&#160;12</chron></p>

<p style="position:absolute;top:809px;left:667px;white-space:nowrap" class="ft021"><chron>Aug.&#160;5</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">Selecta&#160;Group&#160;B.V.</p>

<p style="position:absolute;top:826px;left:449px;white-space:nowrap" class="ft022">Caa3</p>

<p style="position:absolute;top:826px;left:558px;white-space:nowrap" class="ft022">4,526</p>

<p style="position:absolute;top:826px;left:670px;white-space:nowrap" class="ft022">5,170</p>

<p style="position:absolute;top:826px;left:783px;white-space:nowrap" class="ft022">-643</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">1,009</p>

<p style="position:absolute;top:842px;left:670px;white-space:nowrap" class="ft022">1,387</p>

<p style="position:absolute;top:842px;left:783px;white-space:nowrap" class="ft022">-378</p>

<p style="position:absolute;top:859px;left:70px;white-space:nowrap" class="ft022"><org value="XETRA:TUI1" idsrc="xmltag.org" >TUI&#160;AG</org></p>

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

<p style="position:absolute;top:859px;left:559px;white-space:nowrap" class="ft022">1,097</p>

<p style="position:absolute;top:859px;left:671px;white-space:nowrap" class="ft022">1,451</p>

<p style="position:absolute;top:859px;left:783px;white-space:nowrap" class="ft022">-354</p>

<p style="position:absolute;top:876px;left:70px;white-space:nowrap" class="ft022">Jaguar&#160;Land&#160;Rover&#160;Automotive&#160;Plc</p>

<p style="position:absolute;top:875px;left:456px;white-space:nowrap" class="ft022">B1</p>

<p style="position:absolute;top:875px;left:563px;white-space:nowrap" class="ft022">750</p>

<p style="position:absolute;top:875px;left:674px;white-space:nowrap" class="ft022">830</p>

<p style="position:absolute;top:875px;left:786px;white-space:nowrap" class="ft022">-80</p>

<p style="position:absolute;top:892px;left:70px;white-space:nowrap" class="ft022"><location value="LC/is" idsrc="xmltag.org" >Iceland</location>&#160;Bondco&#160;plc</p>

<p style="position:absolute;top:892px;left:449px;white-space:nowrap" class="ft022">Caa2</p>

<p style="position:absolute;top:892px;left:563px;white-space:nowrap" class="ft022">624</p>

<p style="position:absolute;top:892px;left:674px;white-space:nowrap" class="ft022">674</p>

<p style="position:absolute;top:892px;left:786px;white-space:nowrap" class="ft022">-50</p>

<p style="position:absolute;top:909px;left:70px;white-space:nowrap" class="ft022">thyssenkrupp&#160;AG</p>

<p style="position:absolute;top:908px;left:456px;white-space:nowrap" class="ft022">B1</p>

<p style="position:absolute;top:908px;left:563px;white-space:nowrap" class="ft022">264</p>

<p style="position:absolute;top:908px;left:674px;white-space:nowrap" class="ft022">295</p>

<p style="position:absolute;top:908px;left:787px;white-space:nowrap" class="ft022">-31</p>

<p style="position:absolute;top:925px;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:925px;left:449px;white-space:nowrap" class="ft022">Caa2</p>

<p style="position:absolute;top:925px;left:563px;white-space:nowrap" class="ft022">865</p>

<p style="position:absolute;top:925px;left:674px;white-space:nowrap" class="ft022">894</p>

<p style="position:absolute;top:925px;left:786px;white-space:nowrap" class="ft022">-29</p>

<p style="position:absolute;top:942px;left:70px;white-space:nowrap" class="ft022">CMA&#160;CGM&#160;S.A.</p>

<p style="position:absolute;top:941px;left:450px;white-space:nowrap" class="ft022">Caa1</p>

<p style="position:absolute;top:941px;left:563px;white-space:nowrap" class="ft022">700</p>

<p style="position:absolute;top:941px;left:675px;white-space:nowrap" class="ft022">729</p>

<p style="position:absolute;top:941px;left:786px;white-space:nowrap" class="ft022">-29</p>

<p style="position:absolute;top:958px;left:70px;white-space:nowrap" class="ft022">Marks&#160;&amp;&#160;Spencer&#160;p.l.c.</p>

<p style="position:absolute;top:958px;left:453px;white-space:nowrap" class="ft022">Ba1</p>

<p style="position:absolute;top:958px;left:563px;white-space:nowrap" class="ft022">258</p>

<p style="position:absolute;top:958px;left:674px;white-space:nowrap" class="ft022">287</p>

<p style="position:absolute;top:958px;left:786px;white-space:nowrap" class="ft022">-29</p>

<p style="position:absolute;top:973px;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:972px;left:449px;white-space:nowrap" class="ft022">Caa2</p>

<p style="position:absolute;top:972px;left:559px;white-space:nowrap" class="ft022">1,037</p>

<p style="position:absolute;top:972px;left:670px;white-space:nowrap" class="ft022">1,060</p>

<p style="position:absolute;top:972px;left:786px;white-space:nowrap" class="ft022">-24</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>August&#160;5,&#160;2020</chron>&#160;&#160;August&#160;12,&#160;2020)</p>

<p style="position:absolute;top:1138px;left:41px;white-space:nowrap" class="ft025"><b>3&#160; &#160; &#160; &#160; &#160; <chron>13 August 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>13 August 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>

<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:339px;white-space:nowrap" class="ft031">39.074</p>

<p style="position:absolute;top:233px;left:542px;white-space:nowrap" class="ft031">22.090</p>

<p style="position:absolute;top:233px;left:745px;white-space:nowrap" class="ft031">62.279</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:330px;white-space:nowrap" class="ft031">1,436.351</p>

<p style="position:absolute;top:255px;left:537px;white-space:nowrap" class="ft031">345.049</p>

<p style="position:absolute;top:255px;left:735px;white-space:nowrap" class="ft031">1,842.316</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:345px;white-space:nowrap" class="ft031">0.118</p>

<p style="position:absolute;top:377px;left:545px;white-space:nowrap" class="ft031">0.000</p>

<p style="position:absolute;top:377px;left:750px;white-space:nowrap" class="ft031">0.177</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:337px;white-space:nowrap" class="ft031">560.113</p>

<p style="position:absolute;top:399px;left:543px;white-space:nowrap" class="ft031">72.373</p>

<p style="position:absolute;top:399px;left:740px;white-space:nowrap" class="ft031">655.130</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:319px;white-space:nowrap" class="ft035">96</p>

<p style="position:absolute;top:577px;left:383px;white-space:nowrap" class="ft035">154</p>

<p style="position:absolute;top:577px;left:448px;white-space:nowrap" class="ft035">405</p>

<p style="position:absolute;top:577px;left:515px;white-space:nowrap" class="ft035">639</p>

<p style="position:absolute;top:577px;left:608px;white-space:nowrap" class="ft035">83</p>

<p style="position:absolute;top:577px;left:672px;white-space:nowrap" class="ft035">127</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">42</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:316px;white-space:nowrap" class="ft035">109</p>

<p style="position:absolute;top:596px;left:383px;white-space:nowrap" class="ft035">176</p>

<p style="position:absolute;top:596px;left:449px;white-space:nowrap" class="ft035">431</p>

<p style="position:absolute;top:596px;left:516px;white-space:nowrap" class="ft035">671</p>

<p style="position:absolute;top:596px;left:608px;white-space:nowrap" class="ft035">48</p>

<p style="position:absolute;top:596px;left:673px;white-space:nowrap" class="ft035">111</p>

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

<p style="position:absolute;top:596px;left:808px;white-space:nowrap" class="ft035">47</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:316px;white-space:nowrap" class="ft035">120</p>

<p style="position:absolute;top:615px;left:382px;white-space:nowrap" class="ft035">206</p>

<p style="position:absolute;top:615px;left:448px;white-space:nowrap" class="ft035">459</p>

<p style="position:absolute;top:615px;left:516px;white-space:nowrap" class="ft035">715</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">85</p>

<p style="position:absolute;top:615px;left:741px;white-space:nowrap" class="ft035">26</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">148</p>

<p style="position:absolute;top:635px;left:382px;white-space:nowrap" class="ft035">266</p>

<p style="position:absolute;top:635px;left:449px;white-space:nowrap" class="ft035">547</p>

<p style="position:absolute;top:635px;left:516px;white-space:nowrap" class="ft035">707</p>

<p style="position:absolute;top:635px;left:608px;white-space:nowrap" class="ft035">84</p>

<p style="position:absolute;top:635px;left:671px;white-space:nowrap" class="ft035">164</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">31</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:384px;white-space:nowrap" class="ft035">110</p>

<p style="position:absolute;top:700px;left:450px;white-space:nowrap" class="ft035">125</p>

<p style="position:absolute;top:700px;left:516px;white-space:nowrap" class="ft035">613</p>

<p style="position:absolute;top:700px;left:609px;white-space:nowrap" class="ft035">15</p>

<p style="position:absolute;top:700px;left:675px;white-space:nowrap" class="ft035">29</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:320px;white-space:nowrap" class="ft035">42</p>

<p style="position:absolute;top:720px;left:383px;white-space:nowrap" class="ft035">133</p>

<p style="position:absolute;top:720px;left:449px;white-space:nowrap" class="ft035">256</p>

<p style="position:absolute;top:720px;left:515px;white-space:nowrap" class="ft035">669</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">42</p>

<p style="position:absolute;top:720px;left:742px;white-space:nowrap" class="ft035">19</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">77</p>

<p style="position:absolute;top:739px;left:383px;white-space:nowrap" class="ft035">154</p>

<p style="position:absolute;top:739px;left:449px;white-space:nowrap" class="ft035">418</p>

<p style="position:absolute;top:739px;left:516px;white-space:nowrap" class="ft035">712</p>

<p style="position:absolute;top:739px;left:609px;white-space:nowrap" class="ft035">19</p>

<p style="position:absolute;top:739px;left:675px;white-space:nowrap" class="ft035">29</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:320px;white-space:nowrap" class="ft035">77</p>

<p style="position:absolute;top:758px;left:383px;white-space:nowrap" class="ft035">227</p>

<p style="position:absolute;top:758px;left:449px;white-space:nowrap" class="ft035">437</p>

<p style="position:absolute;top:758px;left:516px;white-space:nowrap" class="ft035">707</p>

<p style="position:absolute;top:758px;left:608px;white-space:nowrap" class="ft035">46</p>

<p style="position:absolute;top:758px;left:674px;white-space:nowrap" class="ft035">84</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:316px;white-space:nowrap" class="ft035">108</p>

<p style="position:absolute;top:824px;left:383px;white-space:nowrap" class="ft035">175</p>

<p style="position:absolute;top:824px;left:449px;white-space:nowrap" class="ft035">441</p>

<p style="position:absolute;top:824px;left:515px;white-space:nowrap" class="ft035">670</p>

<p style="position:absolute;top:824px;left:608px;white-space:nowrap" class="ft035">68</p>

<p style="position:absolute;top:824px;left:675px;white-space:nowrap" class="ft035">98</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">23</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">130</p>

<p style="position:absolute;top:843px;left:382px;white-space:nowrap" class="ft035">205</p>

<p style="position:absolute;top:843px;left:449px;white-space:nowrap" class="ft035">477</p>

<p style="position:absolute;top:843px;left:515px;white-space:nowrap" class="ft035">689</p>

<p style="position:absolute;top:843px;left:608px;white-space:nowrap" class="ft035">34</p>

<p style="position:absolute;top:843px;left:675px;white-space:nowrap" class="ft035">69</p>

<p style="position:absolute;top:843px;left:741px;white-space:nowrap" class="ft035">25</p>

<p style="position:absolute;top:843px;left:809px;white-space:nowrap" class="ft035">17</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">144</p>

<p style="position:absolute;top:862px;left:382px;white-space:nowrap" class="ft035">236</p>

<p style="position:absolute;top:862px;left:448px;white-space:nowrap" class="ft035">546</p>

<p style="position:absolute;top:862px;left:515px;white-space:nowrap" class="ft035">863</p>

<p style="position:absolute;top:862px;left:609px;white-space:nowrap" class="ft035">31</p>

<p style="position:absolute;top:862px;left:675px;white-space:nowrap" class="ft035">56</p>

<p style="position:absolute;top:862px;left:745px;white-space:nowrap" class="ft035">8</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:317px;white-space:nowrap" class="ft035">187</p>

<p style="position:absolute;top:882px;left:383px;white-space:nowrap" class="ft035">317</p>

<p style="position:absolute;top:882px;left:449px;white-space:nowrap" class="ft035">697</p>

<p style="position:absolute;top:885px;left:524px;white-space:nowrap" class="ft035">-</p>

<p style="position:absolute;top:882px;left:608px;white-space:nowrap" class="ft035">38</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:813px;white-space:nowrap" class="ft035">-</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>13 August 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">21</p>

<p style="position:absolute;top:620px;left:422px;white-space:nowrap" class="ft042">41</p>

<p style="position:absolute;top:620px;left:498px;white-space:nowrap" class="ft042">52</p>

<p style="position:absolute;top:620px;left:571px;white-space:nowrap" class="ft042">134</p>

<p style="position:absolute;top:620px;left:647px;white-space:nowrap" class="ft042">320</p>

<p style="position:absolute;top:620px;left:724px;white-space:nowrap" class="ft042">667</p>

<p style="position:absolute;top:624px;left:800px;white-space:nowrap" class="ft042">848</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:346px;white-space:nowrap" class="ft042">18</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">65</p>

<p style="position:absolute;top:638px;left:572px;white-space:nowrap" class="ft042">152</p>

<p style="position:absolute;top:638px;left:647px;white-space:nowrap" class="ft042">359</p>

<p style="position:absolute;top:638px;left:724px;white-space:nowrap" class="ft042">813</p>

<p style="position:absolute;top:638px;left:799px;white-space:nowrap" class="ft042">608</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:346px;white-space:nowrap" class="ft042">37</p>

<p style="position:absolute;top:657px;left:422px;white-space:nowrap" class="ft042">42</p>

<p style="position:absolute;top:657px;left:498px;white-space:nowrap" class="ft042">79</p>

<p style="position:absolute;top:657px;left:571px;white-space:nowrap" class="ft042">185</p>

<p style="position:absolute;top:657px;left:647px;white-space:nowrap" class="ft042">354</p>

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

<p style="position:absolute;top:657px;left:799px;white-space:nowrap" class="ft042">990</p>

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

<p style="position:absolute;top:675px;left:345px;white-space:nowrap" class="ft042">46</p>

<p style="position:absolute;top:675px;left:422px;white-space:nowrap" class="ft042">63</p>

<p style="position:absolute;top:678px;left:495px;white-space:nowrap" class="ft042">130</p>

<p style="position:absolute;top:675px;left:571px;white-space:nowrap" class="ft042">225</p>

<p style="position:absolute;top:675px;left:648px;white-space:nowrap" class="ft042">192</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">428</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">228</p>

<p style="position:absolute;top:736px;left:418px;white-space:nowrap" class="ft042">340</p>

<p style="position:absolute;top:736px;left:494px;white-space:nowrap" class="ft042">462</p>

<p style="position:absolute;top:736px;left:571px;white-space:nowrap" class="ft042">285</p>

<p style="position:absolute;top:736px;left:650px;white-space:nowrap" class="ft042">64</p>

<p style="position:absolute;top:736px;left:727px;white-space:nowrap" class="ft042">22</p>

<p style="position:absolute;top:739px;left:807px;white-space:nowrap" class="ft042">6</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">148</p>

<p style="position:absolute;top:754px;left:419px;white-space:nowrap" class="ft042">182</p>

<p style="position:absolute;top:754px;left:495px;white-space:nowrap" class="ft042">351</p>

<p style="position:absolute;top:754px;left:572px;white-space:nowrap" class="ft042">251</p>

<p style="position:absolute;top:754px;left:650px;white-space:nowrap" class="ft042">43</p>

<p style="position:absolute;top:754px;left:731px;white-space:nowrap" class="ft042">9</p>

<p style="position:absolute;top:754px;left:807px;white-space:nowrap" class="ft042">3</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">81</p>

<p style="position:absolute;top:773px;left:419px;white-space:nowrap" class="ft042">118</p>

<p style="position:absolute;top:773px;left:496px;white-space:nowrap" class="ft042">211</p>

<p style="position:absolute;top:773px;left:572px;white-space:nowrap" class="ft042">167</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:342px;white-space:nowrap" class="ft042">109</p>

<p style="position:absolute;top:791px;left:419px;white-space:nowrap" class="ft042">218</p>

<p style="position:absolute;top:791px;left:494px;white-space:nowrap" class="ft042">409</p>

<p style="position:absolute;top:791px;left:571px;white-space:nowrap" class="ft042">235</p>

<p style="position:absolute;top:791px;left:654px;white-space:nowrap" class="ft042">5</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">33</p>

<p style="position:absolute;top:852px;left:422px;white-space:nowrap" class="ft042">89</p>

<p style="position:absolute;top:852px;left:495px;white-space:nowrap" class="ft042">174</p>

<p style="position:absolute;top:852px;left:571px;white-space:nowrap" class="ft042">163</p>

<p style="position:absolute;top:852px;left:650px;white-space:nowrap" class="ft042">38</p>

<p style="position:absolute;top:852px;left:728px;white-space:nowrap" class="ft042">19</p>

<p style="position:absolute;top:855px;left:807px;white-space:nowrap" class="ft042">6</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:345px;white-space:nowrap" class="ft042">28</p>

<p style="position:absolute;top:870px;left:422px;white-space:nowrap" class="ft042">66</p>

<p style="position:absolute;top:870px;left:495px;white-space:nowrap" class="ft042">145</p>

<p style="position:absolute;top:870px;left:571px;white-space:nowrap" class="ft042">146</p>

<p style="position:absolute;top:870px;left:651px;white-space:nowrap" class="ft042">25</p>

<p style="position:absolute;top:870px;left:731px;white-space:nowrap" class="ft042">9</p>

<p style="position:absolute;top:870px;left:807px;white-space:nowrap" class="ft042">3</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">25</p>

<p style="position:absolute;top:888px;left:422px;white-space:nowrap" class="ft042">53</p>

<p style="position:absolute;top:888px;left:498px;white-space:nowrap" class="ft042">97</p>

<p style="position:absolute;top:888px;left:571px;white-space:nowrap" class="ft042">103</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">36</p>

<p style="position:absolute;top:907px;left:422px;white-space:nowrap" class="ft042">87</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">112</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>13 August 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:346px;white-space:nowrap" class="ft042">31</p>

<p style="position:absolute;top:183px;left:422px;white-space:nowrap" class="ft042">37</p>

<p style="position:absolute;top:183px;left:498px;white-space:nowrap" class="ft042">44</p>

<p style="position:absolute;top:183px;left:575px;white-space:nowrap" class="ft042">81</p>

<p style="position:absolute;top:183px;left:647px;white-space:nowrap" class="ft042">296</p>

<p style="position:absolute;top:183px;left:723px;white-space:nowrap" class="ft042">543</p>

<p style="position:absolute;top:183px;left:800px;white-space:nowrap" class="ft042">744</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:345px;white-space:nowrap" class="ft042">34</p>

<p style="position:absolute;top:201px;left:422px;white-space:nowrap" class="ft042">45</p>

<p style="position:absolute;top:201px;left:498px;white-space:nowrap" class="ft042">55</p>

<p style="position:absolute;top:201px;left:574px;white-space:nowrap" class="ft042">98</p>

<p style="position:absolute;top:201px;left:649px;white-space:nowrap" class="ft042">311</p>

<p style="position:absolute;top:201px;left:724px;white-space:nowrap" class="ft042">574</p>

<p style="position:absolute;top:201px;left:800px;white-space:nowrap" class="ft042">981</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">44</p>

<p style="position:absolute;top:219px;left:422px;white-space:nowrap" class="ft042">56</p>

<p style="position:absolute;top:219px;left:498px;white-space:nowrap" class="ft042">80</p>

<p style="position:absolute;top:219px;left:571px;white-space:nowrap" class="ft042">132</p>

<p style="position:absolute;top:219px;left:647px;white-space:nowrap" class="ft042">372</p>

<p style="position:absolute;top:219px;left:723px;white-space:nowrap" class="ft042">558</p>

<p style="position:absolute;top:219px;left:800px;white-space:nowrap" class="ft042">765</p>

<p style="position:absolute;top:239px;left:171px;white-space:nowrap" class="ft042">&gt;=7</p>

<p style="position:absolute;top:237px;left:345px;white-space:nowrap" class="ft042">93</p>

<p style="position:absolute;top:237px;left:419px;white-space:nowrap" class="ft042">141</p>

<p style="position:absolute;top:237px;left:495px;white-space:nowrap" class="ft042">155</p>

<p style="position:absolute;top:237px;left:572px;white-space:nowrap" class="ft042">215</p>

<p style="position:absolute;top:237px;left:647px;white-space:nowrap" class="ft042">443</p>

<p style="position:absolute;top:237px;left:723px;white-space:nowrap" class="ft042">543</p>

<p style="position:absolute;top:237px;left:800px;white-space:nowrap" class="ft042">921</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">18</p>

<p style="position:absolute;top:299px;left:420px;white-space:nowrap" class="ft042">121</p>

<p style="position:absolute;top:299px;left:495px;white-space:nowrap" class="ft042">570</p>

<p style="position:absolute;top:299px;left:571px;white-space:nowrap" class="ft042">876</p>

<p style="position:absolute;top:299px;left:647px;white-space:nowrap" class="ft042">263</p>

<p style="position:absolute;top:299px;left:724px;white-space:nowrap" class="ft042">143</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">12</p>

<p style="position:absolute;top:317px;left:419px;white-space:nowrap" class="ft042">103</p>

<p style="position:absolute;top:317px;left:494px;white-space:nowrap" class="ft042">430</p>

<p style="position:absolute;top:317px;left:571px;white-space:nowrap" class="ft042">847</p>

<p style="position:absolute;top:317px;left:647px;white-space:nowrap" class="ft042">245</p>

<p style="position:absolute;top:317px;left:725px;white-space:nowrap" class="ft042">110</p>

<p style="position:absolute;top:317px;left:804px;white-space:nowrap" class="ft042">41</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">81</p>

<p style="position:absolute;top:335px;left:494px;white-space:nowrap" class="ft042">382</p>

<p style="position:absolute;top:335px;left:571px;white-space:nowrap" class="ft042">728</p>

<p style="position:absolute;top:335px;left:647px;white-space:nowrap" class="ft042">146</p>

<p style="position:absolute;top:335px;left:727px;white-space:nowrap" class="ft042">47</p>

<p style="position:absolute;top:335px;left:804px;white-space:nowrap" class="ft042">13</p>

<p style="position:absolute;top:355px;left:171px;white-space:nowrap" class="ft042">&gt;=7</p>

<p style="position:absolute;top:353px;left:345px;white-space:nowrap" class="ft042">20</p>

<p style="position:absolute;top:353px;left:418px;white-space:nowrap" class="ft042">230</p>

<p style="position:absolute;top:353px;left:492px;white-space:nowrap" class="ft042">1130</p>

<p style="position:absolute;top:353px;left:568px;white-space:nowrap" class="ft042">1503</p>

<p style="position:absolute;top:353px;left:648px;white-space:nowrap" class="ft042">154</p>

<p style="position:absolute;top:353px;left:728px;white-space:nowrap" class="ft042">21</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">50</p>

<p style="position:absolute;top:414px;left:495px;white-space:nowrap" class="ft042">274</p>

<p style="position:absolute;top:414px;left:572px;white-space:nowrap" class="ft042">511</p>

<p style="position:absolute;top:414px;left:647px;white-space:nowrap" class="ft042">186</p>

<p style="position:absolute;top:414px;left:725px;white-space:nowrap" class="ft042">113</p>

<p style="position:absolute;top:414px;left:804px;white-space:nowrap" class="ft042">19</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">5</p>

<p style="position:absolute;top:433px;left:423px;white-space:nowrap" class="ft042">51</p>

<p style="position:absolute;top:433px;left:495px;white-space:nowrap" class="ft042">232</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">161</p>

<p style="position:absolute;top:433px;left:727px;white-space:nowrap" class="ft042">98</p>

<p style="position:absolute;top:433px;left:803px;white-space:nowrap" class="ft042">36</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">39</p>

<p style="position:absolute;top:451px;left:495px;white-space:nowrap" class="ft042">227</p>

<p style="position:absolute;top:451px;left:570px;white-space:nowrap" class="ft042">458</p>

<p style="position:absolute;top:451px;left:648px;white-space:nowrap" class="ft042">103</p>

<p style="position:absolute;top:451px;left:728px;white-space:nowrap" class="ft042">41</p>

<p style="position:absolute;top:451px;left:805px;white-space:nowrap" class="ft042">11</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:422px;white-space:nowrap" class="ft042">50</p>

<p style="position:absolute;top:469px;left:496px;white-space:nowrap" class="ft042">317</p>

<p style="position:absolute;top:469px;left:571px;white-space:nowrap" class="ft042">491</p>

<p style="position:absolute;top:469px;left:652px;white-space:nowrap" class="ft042">71</p>

<p style="position:absolute;top:469px;left:728px;white-space:nowrap" class="ft042">11</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">17</p>

<p style="position:absolute;top:652px;left:367px;white-space:nowrap" class="ft035">24</p>

<p style="position:absolute;top:652px;left:431px;white-space:nowrap" class="ft035">35</p>

<p style="position:absolute;top:652px;left:494px;white-space:nowrap" class="ft035">39</p>

<p style="position:absolute;top:652px;left:556px;white-space:nowrap" class="ft035">44</p>

<p style="position:absolute;top:652px;left:620px;white-space:nowrap" class="ft035">49</p>

<p style="position:absolute;top:652px;left:683px;white-space:nowrap" class="ft035">50</p>

<p style="position:absolute;top:652px;left:746px;white-space:nowrap" class="ft035">52</p>

<p style="position:absolute;top:652px;left:809px;white-space:nowrap" class="ft035">54</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:368px;white-space:nowrap" class="ft035">87</p>

<p style="position:absolute;top:700px;left:427px;white-space:nowrap" class="ft035">139</p>

<p style="position:absolute;top:700px;left:490px;white-space:nowrap" class="ft035">222</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">266</p>

<p style="position:absolute;top:700px;left:679px;white-space:nowrap" class="ft035">290</p>

<p style="position:absolute;top:700px;left:743px;white-space:nowrap" class="ft035">418</p>

<p style="position:absolute;top:700px;left:805px;white-space:nowrap" class="ft035">946</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:304px;white-space:nowrap" class="ft035">26</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">49</p>

<p style="position:absolute;top:779px;left:494px;white-space:nowrap" class="ft035">54</p>

<p style="position:absolute;top:779px;left:553px;white-space:nowrap" class="ft035">222</p>

<p style="position:absolute;top:779px;left:616px;white-space:nowrap" class="ft035">290</p>

<p style="position:absolute;top:779px;left:679px;white-space:nowrap" class="ft035">865</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">173</p>

<p style="position:absolute;top:857px;left:489px;white-space:nowrap" class="ft035">344</p>

<p style="position:absolute;top:857px;left:553px;white-space:nowrap" class="ft035">105</p>

<p style="position:absolute;top:857px;left:619px;white-space:nowrap" class="ft035">48</p>

<p style="position:absolute;top:857px;left:683px;white-space:nowrap" class="ft035">34</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>13 August 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">17</p>

<p style="position:absolute;top:210px;left:427px;white-space:nowrap" class="ft044">35</p>

<p style="position:absolute;top:210px;left:502px;white-space:nowrap" class="ft044">39</p>

<p style="position:absolute;top:210px;left:576px;white-space:nowrap" class="ft044">68</p>

<p style="position:absolute;top:210px;left:647px;white-space:nowrap" class="ft044">190</p>

<p style="position:absolute;top:210px;left:723px;white-space:nowrap" class="ft044">275</p>

<p style="position:absolute;top:210px;left:797px;white-space:nowrap" class="ft044">455</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:426px;white-space:nowrap" class="ft044">34</p>

<p style="position:absolute;top:236px;left:501px;white-space:nowrap" class="ft044">40</p>

<p style="position:absolute;top:236px;left:576px;white-space:nowrap" class="ft044">60</p>

<p style="position:absolute;top:236px;left:648px;white-space:nowrap" class="ft044">137</p>

<p style="position:absolute;top:236px;left:722px;white-space:nowrap" class="ft044">236</p>

<p style="position:absolute;top:236px;left:797px;white-space:nowrap" class="ft044">618</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:426px;white-space:nowrap" class="ft044">30</p>

<p style="position:absolute;top:263px;left:502px;white-space:nowrap" class="ft044">45</p>

<p style="position:absolute;top:263px;left:576px;white-space:nowrap" class="ft044">84</p>

<p style="position:absolute;top:263px;left:648px;white-space:nowrap" class="ft044">136</p>

<p style="position:absolute;top:263px;left:723px;white-space:nowrap" class="ft044">513</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:428px;white-space:nowrap" class="ft044">31</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:653px;white-space:nowrap" class="ft044">71</p>

<p style="position:absolute;top:289px;left:727px;white-space:nowrap" class="ft044">70</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:501px;white-space:nowrap" class="ft044">80</p>

<p style="position:absolute;top:421px;left:574px;white-space:nowrap" class="ft044">121</p>

<p style="position:absolute;top:421px;left:652px;white-space:nowrap" class="ft044">27</p>

<p style="position:absolute;top:421px;left:727px;white-space:nowrap" class="ft044">10</p>

<p style="position:absolute;top:421px;left:801px;white-space:nowrap" class="ft044">20</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">24</p>

<p style="position:absolute;top:632px;left:427px;white-space:nowrap" class="ft044">33</p>

<p style="position:absolute;top:632px;left:501px;white-space:nowrap" class="ft044">34</p>

<p style="position:absolute;top:632px;left:577px;white-space:nowrap" class="ft044">61</p>

<p style="position:absolute;top:632px;left:647px;white-space:nowrap" class="ft044">184</p>

<p style="position:absolute;top:632px;left:722px;white-space:nowrap" class="ft044">264</p>

<p style="position:absolute;top:632px;left:797px;white-space:nowrap" class="ft044">645</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:428px;white-space:nowrap" class="ft044">31</p>

<p style="position:absolute;top:659px;left:502px;white-space:nowrap" class="ft044">45</p>

<p style="position:absolute;top:659px;left:576px;white-space:nowrap" class="ft044">80</p>

<p style="position:absolute;top:659px;left:647px;white-space:nowrap" class="ft044">220</p>

<p style="position:absolute;top:659px;left:723px;white-space:nowrap" class="ft044">501</p>

<p style="position:absolute;top:659px;left:797px;white-space:nowrap" class="ft044">421</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:427px;white-space:nowrap" class="ft044">18</p>

<p style="position:absolute;top:685px;left:501px;white-space:nowrap" class="ft044">49</p>

<p style="position:absolute;top:685px;left:577px;white-space:nowrap" class="ft044">87</p>

<p style="position:absolute;top:685px;left:648px;white-space:nowrap" class="ft044">169</p>

<p style="position:absolute;top:685px;left:722px;white-space:nowrap" class="ft044">492</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">35</p>

<p style="position:absolute;top:712px;left:501px;white-space:nowrap" class="ft044">49</p>

<p style="position:absolute;top:712px;left:576px;white-space:nowrap" class="ft044">89</p>

<p style="position:absolute;top:712px;left:648px;white-space:nowrap" class="ft044">213</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">421</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">154</p>

<p style="position:absolute;top:817px;left:573px;white-space:nowrap" class="ft044">316</p>

<p style="position:absolute;top:817px;left:651px;white-space:nowrap" class="ft044">92</p>

<p style="position:absolute;top:817px;left:727px;white-space:nowrap" class="ft044">47</p>

<p style="position:absolute;top:817px;left:801px;white-space:nowrap" class="ft044">29</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>13 August 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:353px;white-space:nowrap" class="ft044">17</p>

<p style="position:absolute;top:219px;left:426px;white-space:nowrap" class="ft044">49</p>

<p style="position:absolute;top:219px;left:501px;white-space:nowrap" class="ft044">48</p>

<p style="position:absolute;top:219px;left:577px;white-space:nowrap" class="ft044">67</p>

<p style="position:absolute;top:219px;left:648px;white-space:nowrap" class="ft044">277</p>

<p style="position:absolute;top:219px;left:723px;white-space:nowrap" class="ft044">775</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:427px;white-space:nowrap" class="ft044">33</p>

<p style="position:absolute;top:246px;left:502px;white-space:nowrap" class="ft044">56</p>

<p style="position:absolute;top:246px;left:576px;white-space:nowrap" class="ft044">86</p>

<p style="position:absolute;top:246px;left:649px;white-space:nowrap" class="ft044">119</p>

<p style="position:absolute;top:246px;left:723px;white-space:nowrap" class="ft044">145</p>

<p style="position:absolute;top:246px;left:797px;white-space:nowrap" class="ft044">421</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:426px;white-space:nowrap" class="ft044">30</p>

<p style="position:absolute;top:272px;left:501px;white-space:nowrap" class="ft044">43</p>

<p style="position:absolute;top:272px;left:576px;white-space:nowrap" class="ft044">95</p>

<p style="position:absolute;top:272px;left:648px;white-space:nowrap" class="ft044">136</p>

<p style="position:absolute;top:272px;left:721px;white-space:nowrap" class="ft044">482</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:502px;white-space:nowrap" class="ft044">28</p>

<p style="position:absolute;top:299px;left:576px;white-space:nowrap" class="ft044">36</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">26</p>

<p style="position:absolute;top:640px;left:427px;white-space:nowrap" class="ft044">33</p>

<p style="position:absolute;top:640px;left:502px;white-space:nowrap" class="ft044">36</p>

<p style="position:absolute;top:640px;left:576px;white-space:nowrap" class="ft044">69</p>

<p style="position:absolute;top:640px;left:648px;white-space:nowrap" class="ft044">173</p>

<p style="position:absolute;top:640px;left:722px;white-space:nowrap" class="ft044">270</p>

<p style="position:absolute;top:640px;left:797px;white-space:nowrap" class="ft044">455</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">34</p>

<p style="position:absolute;top:667px;left:502px;white-space:nowrap" class="ft044">33</p>

<p style="position:absolute;top:667px;left:577px;white-space:nowrap" class="ft044">52</p>

<p style="position:absolute;top:667px;left:648px;white-space:nowrap" class="ft044">163</p>

<p style="position:absolute;top:667px;left:722px;white-space:nowrap" class="ft044">259</p>

<p style="position:absolute;top:667px;left:797px;white-space:nowrap" class="ft044">645</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">24</p>

<p style="position:absolute;top:693px;left:427px;white-space:nowrap" class="ft044">33</p>

<p style="position:absolute;top:693px;left:502px;white-space:nowrap" class="ft044">47</p>

<p style="position:absolute;top:693px;left:576px;white-space:nowrap" class="ft044">69</p>

<p style="position:absolute;top:693px;left:648px;white-space:nowrap" class="ft044">145</p>

<p style="position:absolute;top:693px;left:722px;white-space:nowrap" class="ft044">543</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:428px;white-space:nowrap" class="ft044">31</p>

<p style="position:absolute;top:720px;left:502px;white-space:nowrap" class="ft044">24</p>

<p style="position:absolute;top:720px;left:576px;white-space:nowrap" class="ft044">33</p>

<p style="position:absolute;top:720px;left:653px;white-space:nowrap" class="ft044">71</p>

<p style="position:absolute;top:720px;left:727px;white-space:nowrap" class="ft044">70</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:501px;white-space:nowrap" class="ft044">46</p>

<p style="position:absolute;top:852px;left:576px;white-space:nowrap" class="ft044">92</p>

<p style="position:absolute;top:852px;left:652px;white-space:nowrap" class="ft044">22</p>

<p style="position:absolute;top:852px;left:731px;white-space:nowrap" class="ft044">9</p>

<p style="position:absolute;top:852px;left:803px;white-space:nowrap" class="ft044">15</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>13 August 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:770px;white-space:nowrap" class="ft00"><b>CROSS-SECTOR</b></p>

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<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>13 August 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:808px;white-space:nowrap" class="ft048"><b>1241591</b></p>

<p style="position:absolute;top:1138px;left:41px;white-space:nowrap" class="ft025"><b>11&#160; &#160; &#160; &#160; &#160; <chron>13 August 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>13 August 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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