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Cross-Sector: Market Data Highlights

·133 min read
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<!DOCTYPE html> <html lang="" xml:lang=""> <head> <title>/nwsys/www/images/PBC_1262299</title> <meta http-equiv="Content-Type" content="text/html; charset=UTF-8"/> <meta name="generator" content="pdftohtml 0.36"/> <meta name="date" content="2021-01-21T12:17:48+00:00"/> <style type="text/css"> <!-- .xflip { -moz-transform: scaleX(-1); -webkit-transform: scaleX(-1); -o-transform: scaleX(-1); transform: scaleX(-1); filter: fliph; } .yflip { -moz-transform: scaleY(-1); -webkit-transform: scaleY(-1); -o-transform: scaleY(-1); transform: scaleY(-1); filter: flipv; } .xyflip { -moz-transform: scaleX(-1) scaleY(-1); -webkit-transform: scaleX(-1) scaleY(-1); -o-transform: scaleX(-1) scaleY(-1); transform: scaleX(-1) scaleY(-1); filter: fliph + flipv; } --> </style> </head> <body bgcolor="#A0A0A0" vlink="blue" link="blue"> <!-- Page 1 --> <a name="1"></a> <style type="text/css"> <!-- p {margin: 0; padding: 0;} .ft00{font-size:10px;font-family:Times;color:#ffffff;} .ft01{font-size:19px;font-family:Times;color:#009ae1;} .ft02{font-size:13px;font-family:Times;color:#231f20;} .ft03{font-size:10px;font-family:Times;color:#1b62b7;} .ft04{font-size:10px;font-family:Times;color:#767474;} .ft05{font-size:16px;font-family:Times;color:#231f20;} .ft06{font-size:32px;font-family:Times;color:#231f20;} .ft07{font-size:13px;font-family:Times;color:#0d0c0c;} .ft08{font-size:13px;font-family:Times;color:#1b62b7;} .ft09{font-size:16px;font-family:Times;color:#009ae1;} .ft010{font-size:6px;font-family:Times;color:#000000;} .ft011{font-size:5px;font-family:Times;color:#000000;} .ft012{font-size:5px;font-family:Times;color:#000000;} .ft013{font-size:8px;font-family:Times;color:#7b7879;} .ft014{font-size:8px;font-family:Times;color:#7b7879;} .ft015{font-size:8px;line-height:13px;font-family:Times;color:#7b7879;} --> </style> <div id="page1-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1262299001.png" alt="background image"/> <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>21 January 2021</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:257px;left:311px;white-space:nowrap" class="ft05">Cross-Sector</p> <p style="position:absolute;top:276px;left:311px;white-space:nowrap" class="ft06">Market Data Highlights</p> <p style="position:absolute;top:335px;left:311px;white-space:nowrap" class="ft07">The latest market data from Weekly Market Outlook. Click&#160;</p> <p style="position:absolute;top:335px;left:653px;white-space:nowrap" class="ft08"><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="ft07"><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="ft09"><b>SPREADS</b></p> <p style="position:absolute;top:576px;left:829px;white-space:nowrap" class="ft010">0</p> <p style="position:absolute;top:542px;left:829px;white-space:nowrap" class="ft010">200</p> <p style="position:absolute;top:508px;left:829px;white-space:nowrap" class="ft010">400</p> <p style="position:absolute;top:474px;left:829px;white-space:nowrap" class="ft010">600</p> <p style="position:absolute;top:439px;left:829px;white-space:nowrap" class="ft010">800</p> <p style="position:absolute;top:576px;left:329px;white-space:nowrap" class="ft010">0</p> <p style="position:absolute;top:542px;left:320px;white-space:nowrap" class="ft010">200</p> <p style="position:absolute;top:508px;left:320px;white-space:nowrap" class="ft010">400</p> <p style="position:absolute;top:474px;left:320px;white-space:nowrap" class="ft010">600</p> <p style="position:absolute;top:439px;left:320px;white-space:nowrap" class="ft010">800</p> <p style="position:absolute;top:587px;left:332px;white-space:nowrap" class="ft010">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&#160;2021</p> <p style="position:absolute;top:426px;left:314px;white-space:nowrap" class="ft010">Spread&#160;(bp)</p> <p style="position:absolute;top:426px;left:803px;white-space:nowrap" class="ft010">Spread&#160;(bp)</p> <p style="position:absolute;top:415px;left:346px;white-space:nowrap" class="ft010">&#160;Aa2</p> <p style="position:absolute;top:415px;left:397px;white-space:nowrap" class="ft010">&#160;A2</p> <p style="position:absolute;top:415px;left:443px;white-space:nowrap" class="ft010">&#160;Baa2</p> <p style="position:absolute;top:601px;left:316px;white-space:nowrap" class="ft011"><i>Source:&#160;Moody's</i></p> <p style="position:absolute;top:402px;left:320px;white-space:nowrap" class="ft010">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="ft010">0</p> <p style="position:absolute;top:766px;left:823px;white-space:nowrap" class="ft010">400</p> <p style="position:absolute;top:739px;left:823px;white-space:nowrap" class="ft010">800</p> <p style="position:absolute;top:712px;left:823px;white-space:nowrap" class="ft010">1,200</p> <p style="position:absolute;top:685px;left:823px;white-space:nowrap" class="ft010">1,600</p> <p style="position:absolute;top:658px;left:823px;white-space:nowrap" class="ft010">2,000</p> <p style="position:absolute;top:793px;left:337px;white-space:nowrap" class="ft010">0</p> <p style="position:absolute;top:766px;left:327px;white-space:nowrap" class="ft010">400</p> <p style="position:absolute;top:739px;left:327px;white-space:nowrap" class="ft010">800</p> <p style="position:absolute;top:712px;left:322px;white-space:nowrap" class="ft010">1,200</p> <p style="position:absolute;top:685px;left:322px;white-space:nowrap" class="ft010">1,600</p> <p style="position:absolute;top:658px;left:321px;white-space:nowrap" class="ft010">2,000</p> <p style="position:absolute;top:804px;left:340px;white-space:nowrap" class="ft010">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&#160;2021</p> <p style="position:absolute;top:648px;left:314px;white-space:nowrap" class="ft012">Spread&#160;(bp)</p> <p style="position:absolute;top:648px;left:810px;white-space:nowrap" class="ft012">Spread&#160;(bp)</p> <p style="position:absolute;top:637px;left:344px;white-space:nowrap" class="ft010">&#160;Ba2</p> <p style="position:absolute;top:637px;left:391px;white-space:nowrap" class="ft010">&#160;B2</p> <p style="position:absolute;top:637px;left:434px;white-space:nowrap" class="ft010">&#160;Caa-C</p> <p style="position:absolute;top:816px;left:313px;white-space:nowrap" class="ft011"><i>Source:&#160;Moody's</i></p> <p style="position:absolute;top:623px;left:317px;white-space:nowrap" class="ft010">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="ft015">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> </div> <!-- Page 2 --> <a name="2"></a> <style type="text/css"> <!-- p {margin: 0; padding: 0;} .ft016{font-size:10px;font-family:Times;color:#ffffff;} .ft017{font-size:10px;font-family:Times;color:#528dd4;} .ft018{font-size:10px;font-family:Times;color:#333333;} .ft019{font-size:10px;font-family:Times;color:#333333;} .ft020{font-size:10px;font-family:Times;color:#000000;} .ft021{font-size:7px;font-family:Times;color:#767474;} .ft022{font-size:10px;line-height:19px;font-family:Times;color:#528dd4;} .ft023{font-size:10px;line-height:17px;font-family:Times;color:#528dd4;} --> </style> <div id="page2-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1262299002.png" alt="background image"/> <p style="position:absolute;top:45px;left:61px;white-space:nowrap" class="ft016">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="ft09"><b>CDS MOVERS</b></p> <p style="position:absolute;top:167px;left:70px;white-space:nowrap" class="ft022">CDS&#160;Implied&#160;Rating&#160;Rises<br/>Issuer</p> <p style="position:absolute;top:186px;left:444px;white-space:nowrap" class="ft017"><chron>Jan.&#160;20</chron></p> <p style="position:absolute;top:186px;left:556px;white-space:nowrap" class="ft017"><chron>Jan.&#160;13</chron></p> <p style="position:absolute;top:186px;left:646px;white-space:nowrap" class="ft017">Senior&#160;Ratings</p> <p style="position:absolute;top:203px;left:70px;white-space:nowrap" class="ft018"><org value="NASDAQ-NMS:AMGN" idsrc="xmltag.org" >Amgen&#160;Inc.</org></p> <p style="position:absolute;top:203px;left:453px;white-space:nowrap" class="ft018">Aa3</p> <p style="position:absolute;top:203px;left:567px;white-space:nowrap" class="ft018">A2</p> <p style="position:absolute;top:203px;left:672px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:219px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:KMB" idsrc="xmltag.org" >Kimberly-Clark&#160;Corporation</org></p> <p style="position:absolute;top:219px;left:453px;white-space:nowrap" class="ft018">Aa2</p> <p style="position:absolute;top:219px;left:567px;white-space:nowrap" class="ft018">A1</p> <p style="position:absolute;top:219px;left:677px;white-space:nowrap" class="ft018">A2</p> <p style="position:absolute;top:236px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:CLX" idsrc="xmltag.org" >Clorox&#160;Company</org>&#160;(The)</p> <p style="position:absolute;top:236px;left:456px;white-space:nowrap" class="ft018">A3</p> <p style="position:absolute;top:236px;left:561px;white-space:nowrap" class="ft018">Baa2</p> <p style="position:absolute;top:236px;left:672px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:252px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:JPM" idsrc="xmltag.org" >JPMorgan&#160;Chase&#160;&amp;&#160;Co.</org></p> <p style="position:absolute;top:252px;left:456px;white-space:nowrap" class="ft018">A1</p> <p style="position:absolute;top:252px;left:567px;white-space:nowrap" class="ft018">A2</p> <p style="position:absolute;top:252px;left:677px;white-space:nowrap" class="ft018">A2</p> <p style="position:absolute;top:269px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:VZ" idsrc="xmltag.org" >Verizon&#160;Communications&#160;Inc.</org></p> <p style="position:absolute;top:269px;left:451px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:269px;left:561px;white-space:nowrap" class="ft018">Baa2</p> <p style="position:absolute;top:269px;left:672px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:285px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:KO" idsrc="xmltag.org" >Coca-Cola&#160;Company</org>&#160;(The)</p> <p style="position:absolute;top:285px;left:454px;white-space:nowrap" class="ft018">Aa1</p> <p style="position:absolute;top:285px;left:564px;white-space:nowrap" class="ft018">Aa2</p> <p style="position:absolute;top:285px;left:678px;white-space:nowrap" class="ft018">A1</p> <p style="position:absolute;top:302px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:OXY" idsrc="xmltag.org" >Occidental&#160;Petroleum&#160;Corporation</org></p> <p style="position:absolute;top:302px;left:456px;white-space:nowrap" class="ft018">B2</p> <p style="position:absolute;top:302px;left:567px;white-space:nowrap" class="ft018">B3</p> <p style="position:absolute;top:302px;left:675px;white-space:nowrap" class="ft018">Ba2</p> <p style="position:absolute;top:318px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:GM" idsrc="xmltag.org" >General&#160;Motors&#160;Company</org></p> <p style="position:absolute;top:318px;left:450px;white-space:nowrap" class="ft018">Baa3</p> <p style="position:absolute;top:318px;left:565px;white-space:nowrap" class="ft018">Ba1</p> <p style="position:absolute;top:318px;left:672px;white-space:nowrap" class="ft018">Baa3</p> <p style="position:absolute;top:335px;left:70px;white-space:nowrap" class="ft018">Lumen&#160;Technologies,&#160;Inc.</p> <p style="position:absolute;top:335px;left:457px;white-space:nowrap" class="ft018">B1</p> <p style="position:absolute;top:335px;left:567px;white-space:nowrap" class="ft018">B2</p> <p style="position:absolute;top:335px;left:678px;white-space:nowrap" class="ft018">B2</p> <p style="position:absolute;top:350px;left:70px;white-space:nowrap" class="ft018">United&#160;Airlines,&#160;Inc.</p> <p style="position:absolute;top:348px;left:450px;white-space:nowrap" class="ft018">Caa3</p> <p style="position:absolute;top:348px;left:567px;white-space:nowrap" class="ft018">Ca</p> <p style="position:absolute;top:348px;left:675px;white-space:nowrap" class="ft018">Ba3</p> <p style="position:absolute;top:383px;left:70px;white-space:nowrap" class="ft023">CDS&#160;Implied&#160;Rating&#160;Declines<br/>Issuer</p> <p style="position:absolute;top:400px;left:444px;white-space:nowrap" class="ft017"><chron>Jan.&#160;20</chron></p> <p style="position:absolute;top:400px;left:556px;white-space:nowrap" class="ft017"><chron>Jan.&#160;13</chron></p> <p style="position:absolute;top:400px;left:646px;white-space:nowrap" class="ft017">Senior&#160;Ratings</p> <p style="position:absolute;top:417px;left:70px;white-space:nowrap" class="ft018"><org value="NASDAQ-NMS:CMCSA" idsrc="xmltag.org" >Comcast&#160;Corporation</org></p> <p style="position:absolute;top:417px;left:453px;white-space:nowrap" class="ft018">Aa3</p> <p style="position:absolute;top:417px;left:564px;white-space:nowrap" class="ft018">Aa2</p> <p style="position:absolute;top:417px;left:677px;white-space:nowrap" class="ft018">A3</p> <p style="position:absolute;top:434px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:PEP" idsrc="xmltag.org" >PepsiCo,&#160;Inc.</org></p> <p style="position:absolute;top:434px;left:453px;white-space:nowrap" class="ft018">Aa3</p> <p style="position:absolute;top:434px;left:564px;white-space:nowrap" class="ft018">Aa2</p> <p style="position:absolute;top:434px;left:678px;white-space:nowrap" class="ft018">A1</p> <p style="position:absolute;top:450px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:MMM" idsrc="xmltag.org" >3M&#160;Company</org></p> <p style="position:absolute;top:450px;left:453px;white-space:nowrap" class="ft018">Aa3</p> <p style="position:absolute;top:450px;left:564px;white-space:nowrap" class="ft018">Aa2</p> <p style="position:absolute;top:450px;left:678px;white-space:nowrap" class="ft018">A1</p> <p style="position:absolute;top:467px;left:70px;white-space:nowrap" class="ft018"><org value="NASDAQ-NMS:KHC" idsrc="xmltag.org" >Kraft&#160;Heinz</org>&#160;Foods&#160;Company</p> <p style="position:absolute;top:466px;left:454px;white-space:nowrap" class="ft018">Ba1</p> <p style="position:absolute;top:466px;left:561px;white-space:nowrap" class="ft018">Baa3</p> <p style="position:absolute;top:466px;left:672px;white-space:nowrap" class="ft018">Baa3</p> <p style="position:absolute;top:483px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:LOW" idsrc="xmltag.org" >Lowe's&#160;Companies,&#160;Inc.</org></p> <p style="position:absolute;top:483px;left:453px;white-space:nowrap" class="ft018">Aa2</p> <p style="position:absolute;top:483px;left:564px;white-space:nowrap" class="ft018">Aa1</p> <p style="position:absolute;top:483px;left:672px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:500px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:NA" idsrc="xmltag.org" >Mondelez&#160;International,&#160;Inc.</org></p> <p style="position:absolute;top:499px;left:456px;white-space:nowrap" class="ft018">A1</p> <p style="position:absolute;top:499px;left:564px;white-space:nowrap" class="ft018">Aa3</p> <p style="position:absolute;top:499px;left:672px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:516px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:GIS" idsrc="xmltag.org" >General&#160;Mills,&#160;Inc.</org></p> <p style="position:absolute;top:516px;left:453px;white-space:nowrap" class="ft018">Aa2</p> <p style="position:absolute;top:516px;left:564px;white-space:nowrap" class="ft018">Aa1</p> <p style="position:absolute;top:516px;left:672px;white-space:nowrap" class="ft018">Baa2</p> <p style="position:absolute;top:533px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:KR" idsrc="xmltag.org" >Kroger&#160;Co.</org>&#160;(The)</p> <p style="position:absolute;top:532px;left:450px;white-space:nowrap" class="ft018">Baa2</p> <p style="position:absolute;top:532px;left:562px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:532px;left:672px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:549px;left:70px;white-space:nowrap" class="ft018">Univision&#160;Communications&#160;Inc.</p> <p style="position:absolute;top:549px;left:451px;white-space:nowrap" class="ft018">Caa1</p> <p style="position:absolute;top:549px;left:567px;white-space:nowrap" class="ft018">B3</p> <p style="position:absolute;top:549px;left:672px;white-space:nowrap" class="ft018">Caa2</p> <p style="position:absolute;top:564px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:EXC" idsrc="xmltag.org" >Exelon&#160;Corporation</org></p> <p style="position:absolute;top:563px;left:453px;white-space:nowrap" class="ft018">Aa2</p> <p style="position:absolute;top:563px;left:564px;white-space:nowrap" class="ft018">Aa1</p> <p style="position:absolute;top:563px;left:672px;white-space:nowrap" class="ft018">Baa2</p> <p style="position:absolute;top:597px;left:70px;white-space:nowrap" class="ft023">CDS&#160;Spread&#160;Increases<br/>Issuer</p> <p style="position:absolute;top:615px;left:425px;white-space:nowrap" class="ft017">Senior&#160;Ratings</p> <p style="position:absolute;top:615px;left:555px;white-space:nowrap" class="ft017"><chron>Jan.&#160;20</chron></p> <p style="position:absolute;top:615px;left:667px;white-space:nowrap" class="ft017"><chron>Jan.&#160;13</chron></p> <p style="position:absolute;top:615px;left:765px;white-space:nowrap" class="ft017">Spread&#160;Diff</p> <p style="position:absolute;top:632px;left:70px;white-space:nowrap" class="ft018">K.&#160;<org value="NYSE:HOV" idsrc="xmltag.org" >Hovnanian&#160;Enterprises,&#160;Inc.</org></p> <p style="position:absolute;top:631px;left:450px;white-space:nowrap" class="ft018">Caa3</p> <p style="position:absolute;top:631px;left:560px;white-space:nowrap" class="ft018">1,205</p> <p style="position:absolute;top:631px;left:671px;white-space:nowrap" class="ft018">1,149</p> <p style="position:absolute;top:631px;left:789px;white-space:nowrap" class="ft018">57</p> <p style="position:absolute;top:648px;left:70px;white-space:nowrap" class="ft018">Univision&#160;Communications&#160;Inc.</p> <p style="position:absolute;top:648px;left:450px;white-space:nowrap" class="ft018">Caa2</p> <p style="position:absolute;top:648px;left:564px;white-space:nowrap" class="ft018">378</p> <p style="position:absolute;top:648px;left:674px;white-space:nowrap" class="ft018">342</p> <p style="position:absolute;top:648px;left:789px;white-space:nowrap" class="ft018">37</p> <p style="position:absolute;top:665px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:SEE" idsrc="xmltag.org" >Sealed&#160;Air&#160;Corp.</org></p> <p style="position:absolute;top:664px;left:453px;white-space:nowrap" class="ft018">Ba3</p> <p style="position:absolute;top:664px;left:565px;white-space:nowrap" class="ft018">125</p> <p style="position:absolute;top:664px;left:675px;white-space:nowrap" class="ft018">102</p> <p style="position:absolute;top:664px;left:789px;white-space:nowrap" class="ft018">23</p> <p style="position:absolute;top:681px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:PBI" idsrc="xmltag.org" >Pitney&#160;Bowes&#160;Inc.</org></p> <p style="position:absolute;top:681px;left:457px;white-space:nowrap" class="ft018">B1</p> <p style="position:absolute;top:681px;left:564px;white-space:nowrap" class="ft018">422</p> <p style="position:absolute;top:681px;left:674px;white-space:nowrap" class="ft018">402</p> <p style="position:absolute;top:681px;left:788px;white-space:nowrap" class="ft018">20</p> <p style="position:absolute;top:698px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:MGM" idsrc="xmltag.org" >MGM&#160;Resorts&#160;International</org></p> <p style="position:absolute;top:697px;left:453px;white-space:nowrap" class="ft018">Ba3</p> <p style="position:absolute;top:697px;left:564px;white-space:nowrap" class="ft018">206</p> <p style="position:absolute;top:697px;left:675px;white-space:nowrap" class="ft018">189</p> <p style="position:absolute;top:697px;left:789px;white-space:nowrap" class="ft018">16</p> <p style="position:absolute;top:714px;left:70px;white-space:nowrap" class="ft018"><org value="NASDAQ-NMS:LVNTA" idsrc="xmltag.org" >Liberty&#160;Interactive</org>&#160;LLC</p> <p style="position:absolute;top:714px;left:456px;white-space:nowrap" class="ft018">B2</p> <p style="position:absolute;top:714px;left:564px;white-space:nowrap" class="ft018">320</p> <p style="position:absolute;top:714px;left:674px;white-space:nowrap" class="ft018">304</p> <p style="position:absolute;top:714px;left:789px;white-space:nowrap" class="ft018">16</p> <p style="position:absolute;top:731px;left:70px;white-space:nowrap" class="ft018">Pactiv&#160;Corporation</p> <p style="position:absolute;top:730px;left:451px;white-space:nowrap" class="ft018">Caa1</p> <p style="position:absolute;top:730px;left:564px;white-space:nowrap" class="ft018">262</p> <p style="position:absolute;top:730px;left:674px;white-space:nowrap" class="ft018">246</p> <p style="position:absolute;top:730px;left:789px;white-space:nowrap" class="ft018">16</p> <p style="position:absolute;top:747px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:RRD" idsrc="xmltag.org" >R.R.&#160;Donnelley&#160;&amp;&#160;Sons&#160;Company</org></p> <p style="position:absolute;top:747px;left:456px;white-space:nowrap" class="ft018">B3</p> <p style="position:absolute;top:747px;left:564px;white-space:nowrap" class="ft018">542</p> <p style="position:absolute;top:747px;left:674px;white-space:nowrap" class="ft018">526</p> <p style="position:absolute;top:747px;left:789px;white-space:nowrap" class="ft018">15</p> <p style="position:absolute;top:764px;left:70px;white-space:nowrap" class="ft018"><location value="LU/bs..freort" idsrc="xmltag.org" >Freeport</location>&#160;Minerals&#160;Corporation</p> <p style="position:absolute;top:763px;left:450px;white-space:nowrap" class="ft018">Baa2</p> <p style="position:absolute;top:763px;left:564px;white-space:nowrap" class="ft018">132</p> <p style="position:absolute;top:763px;left:676px;white-space:nowrap" class="ft018">118</p> <p style="position:absolute;top:763px;left:789px;white-space:nowrap" class="ft018">14</p> <p style="position:absolute;top:779px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:BLL" idsrc="xmltag.org" >Ball&#160;Corporation</org></p> <p style="position:absolute;top:777px;left:454px;white-space:nowrap" class="ft018">Ba1</p> <p style="position:absolute;top:777px;left:567px;white-space:nowrap" class="ft018">80</p> <p style="position:absolute;top:777px;left:677px;white-space:nowrap" class="ft018">68</p> <p style="position:absolute;top:777px;left:789px;white-space:nowrap" class="ft018">12</p> <p style="position:absolute;top:812px;left:70px;white-space:nowrap" class="ft023">CDS&#160;Spread&#160;Decreases<br/>Issuer</p> <p style="position:absolute;top:829px;left:425px;white-space:nowrap" class="ft017">Senior&#160;Ratings</p> <p style="position:absolute;top:829px;left:555px;white-space:nowrap" class="ft017"><chron>Jan.&#160;20</chron></p> <p style="position:absolute;top:829px;left:667px;white-space:nowrap" class="ft017"><chron>Jan.&#160;13</chron></p> <p style="position:absolute;top:829px;left:765px;white-space:nowrap" class="ft017">Spread&#160;Diff</p> <p style="position:absolute;top:846px;left:70px;white-space:nowrap" class="ft018">Talen&#160;Energy&#160;Supply,&#160;LLC</p> <p style="position:absolute;top:846px;left:456px;white-space:nowrap" class="ft018">B3</p> <p style="position:absolute;top:846px;left:560px;white-space:nowrap" class="ft018">1,025</p> <p style="position:absolute;top:846px;left:670px;white-space:nowrap" class="ft018">1,079</p> <p style="position:absolute;top:846px;left:786px;white-space:nowrap" class="ft018">-54</p> <p style="position:absolute;top:863px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:RCL" idsrc="xmltag.org" >Royal&#160;Caribbean&#160;Cruises&#160;Ltd.</org></p> <p style="position:absolute;top:862px;left:456px;white-space:nowrap" class="ft018">B2</p> <p style="position:absolute;top:862px;left:564px;white-space:nowrap" class="ft018">667</p> <p style="position:absolute;top:862px;left:675px;white-space:nowrap" class="ft018">719</p> <p style="position:absolute;top:862px;left:786px;white-space:nowrap" class="ft018">-52</p> <p style="position:absolute;top:879px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:CCL" idsrc="xmltag.org" >Carnival&#160;Corporation</org></p> <p style="position:absolute;top:879px;left:456px;white-space:nowrap" class="ft018">B2</p> <p style="position:absolute;top:879px;left:564px;white-space:nowrap" class="ft018">526</p> <p style="position:absolute;top:879px;left:674px;white-space:nowrap" class="ft018">564</p> <p style="position:absolute;top:879px;left:786px;white-space:nowrap" class="ft018">-38</p> <p style="position:absolute;top:896px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:OXY" idsrc="xmltag.org" >Occidental&#160;Petroleum&#160;Corporation</org></p> <p style="position:absolute;top:895px;left:453px;white-space:nowrap" class="ft018">Ba2</p> <p style="position:absolute;top:895px;left:564px;white-space:nowrap" class="ft018">319</p> <p style="position:absolute;top:895px;left:674px;white-space:nowrap" class="ft018">349</p> <p style="position:absolute;top:895px;left:787px;white-space:nowrap" class="ft018">-31</p> <p style="position:absolute;top:912px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:GLW" idsrc="xmltag.org" >Corning&#160;Incorporated</org></p> <p style="position:absolute;top:912px;left:451px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:912px;left:567px;white-space:nowrap" class="ft018">80</p> <p style="position:absolute;top:912px;left:676px;white-space:nowrap" class="ft018">110</p> <p style="position:absolute;top:912px;left:786px;white-space:nowrap" class="ft018">-30</p> <p style="position:absolute;top:929px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:OKE" idsrc="xmltag.org" >ONEOK,&#160;Inc.</org></p> <p style="position:absolute;top:928px;left:450px;white-space:nowrap" class="ft018">Baa3</p> <p style="position:absolute;top:928px;left:567px;white-space:nowrap" class="ft018">89</p> <p style="position:absolute;top:928px;left:676px;white-space:nowrap" class="ft018">117</p> <p style="position:absolute;top:928px;left:786px;white-space:nowrap" class="ft018">-28</p> <p style="position:absolute;top:945px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:RAD" idsrc="xmltag.org" >Rite&#160;Aid&#160;Corporation</org></p> <p style="position:absolute;top:945px;left:450px;white-space:nowrap" class="ft018">Caa3</p> <p style="position:absolute;top:945px;left:563px;white-space:nowrap" class="ft018">649</p> <p style="position:absolute;top:945px;left:675px;white-space:nowrap" class="ft018">667</p> <p style="position:absolute;top:945px;left:787px;white-space:nowrap" class="ft018">-18</p> <p style="position:absolute;top:962px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:MRO" idsrc="xmltag.org" >Marathon&#160;Oil&#160;Corporation</org></p> <p style="position:absolute;top:961px;left:450px;white-space:nowrap" class="ft018">Baa3</p> <p style="position:absolute;top:961px;left:564px;white-space:nowrap" class="ft018">206</p> <p style="position:absolute;top:961px;left:674px;white-space:nowrap" class="ft018">224</p> <p style="position:absolute;top:961px;left:787px;white-space:nowrap" class="ft018">-18</p> <p style="position:absolute;top:978px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:KBH" idsrc="xmltag.org" >KB&#160;Home</org></p> <p style="position:absolute;top:978px;left:453px;white-space:nowrap" class="ft018">Ba3</p> <p style="position:absolute;top:978px;left:565px;white-space:nowrap" class="ft018">176</p> <p style="position:absolute;top:978px;left:675px;white-space:nowrap" class="ft018">193</p> <p style="position:absolute;top:978px;left:787px;white-space:nowrap" class="ft018">-17</p> <p style="position:absolute;top:993px;left:70px;white-space:nowrap" class="ft018">DPL&#160;Inc.</p> <p style="position:absolute;top:991px;left:454px;white-space:nowrap" class="ft018">Ba1</p> <p style="position:absolute;top:991px;left:564px;white-space:nowrap" class="ft018">336</p> <p style="position:absolute;top:991px;left:675px;white-space:nowrap" class="ft018">352</p> <p style="position:absolute;top:991px;left:787px;white-space:nowrap" class="ft018">-16</p> <p style="position:absolute;top:1011px;left:70px;white-space:nowrap" class="ft019"><i>Source:&#160;Moody's,&#160;CMA</i></p> <p style="position:absolute;top:811px;left:650px;white-space:nowrap" class="ft017">CDS&#160;Spreads&#160;</p> <p style="position:absolute;top:168px;left:464px;white-space:nowrap" class="ft017">CDS&#160;Implied&#160;Ratings</p> <p style="position:absolute;top:383px;left:464px;white-space:nowrap" class="ft017">CDS&#160;Implied&#160;Ratings</p> <p style="position:absolute;top:597px;left:650px;white-space:nowrap" class="ft017">CDS&#160;Spreads&#160;</p> <p style="position:absolute;top:146px;left:70px;white-space:nowrap" class="ft020">Figure&#160;3.&#160;&#160;CDS Movers&#160;-&#160;US&#160;(<chron>January&#160;13,&#160;2021</chron>&#160;&#160;January&#160;20,&#160;2021)</p> <p style="position:absolute;top:1138px;left:41px;white-space:nowrap" class="ft021"><b>2&#160; &#160; &#160; &#160; &#160; <chron>21 January 2021</chron></b></p> <p style="position:absolute;top:1138px;left:712px;white-space:nowrap" class="ft021"><b>Cross-Sector: Market Data Highlights</b></p> </div> <!-- Page 3 --> <a name="3"></a> <style type="text/css"> <!-- p {margin: 0; padding: 0;}--> </style> <div id="page3-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1262299003.png" alt="background image"/> <p style="position:absolute;top:45px;left:61px;white-space:nowrap" class="ft016">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="ft022">CDS&#160;Implied&#160;Rating&#160;Rises<br/>Issuer</p> <p style="position:absolute;top:165px;left:444px;white-space:nowrap" class="ft017"><chron>Jan.&#160;20</chron></p> <p style="position:absolute;top:165px;left:555px;white-space:nowrap" class="ft017"><chron>Jan.&#160;13</chron></p> <p style="position:absolute;top:165px;left:646px;white-space:nowrap" class="ft017">Senior&#160;Ratings</p> <p style="position:absolute;top:182px;left:70px;white-space:nowrap" class="ft018"><org value="SpanishCats:BKT" idsrc="xmltag.org" >Bankinter,&#160;S.A.</org></p> <p style="position:absolute;top:182px;left:450px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:182px;left:564px;white-space:nowrap" class="ft018">Ba1</p> <p style="position:absolute;top:182px;left:672px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:199px;left:70px;white-space:nowrap" class="ft018"><org value="LSE:HSBA" idsrc="xmltag.org" >HSBC&#160;Holdings&#160;plc</org></p> <p style="position:absolute;top:198px;left:455px;white-space:nowrap" class="ft018">A2</p> <p style="position:absolute;top:198px;left:566px;white-space:nowrap" class="ft018">A3</p> <p style="position:absolute;top:198px;left:677px;white-space:nowrap" class="ft018">A2</p> <p style="position:absolute;top:215px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:NW.PRC" idsrc="xmltag.org" >NatWest</org>&#160;Group&#160;plc</p> <p style="position:absolute;top:215px;left:450px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:215px;left:561px;white-space:nowrap" class="ft018">Baa2</p> <p style="position:absolute;top:215px;left:672px;white-space:nowrap" class="ft018">Baa2</p> <p style="position:absolute;top:232px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:NW.PRC" idsrc="xmltag.org" >NatWest</org>&#160;Markets&#160;Plc</p> <p style="position:absolute;top:231px;left:450px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:231px;left:561px;white-space:nowrap" class="ft018">Baa2</p> <p style="position:absolute;top:231px;left:677px;white-space:nowrap" class="ft018">A3</p> <p style="position:absolute;top:248px;left:70px;white-space:nowrap" class="ft018">Landesbank&#160;Hessen-Thueringen&#160;GZ</p> <p style="position:absolute;top:248px;left:450px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:248px;left:561px;white-space:nowrap" class="ft018">Baa2</p> <p style="position:absolute;top:248px;left:674px;white-space:nowrap" class="ft018">Aa3</p> <p style="position:absolute;top:265px;left:70px;white-space:nowrap" class="ft018"><org value="LSE:STAN" idsrc="xmltag.org" >Standard&#160;Chartered&#160;PLC</org></p> <p style="position:absolute;top:264px;left:455px;white-space:nowrap" class="ft018">A2</p> <p style="position:absolute;top:264px;left:566px;white-space:nowrap" class="ft018">A3</p> <p style="position:absolute;top:264px;left:677px;white-space:nowrap" class="ft018">A2</p> <p style="position:absolute;top:281px;left:70px;white-space:nowrap" class="ft018"><org value="Swiss:CSGN" idsrc="xmltag.org" >Credit&#160;Suisse&#160;Group&#160;AG</org></p> <p style="position:absolute;top:281px;left:455px;white-space:nowrap" class="ft018">A3</p> <p style="position:absolute;top:281px;left:561px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:281px;left:672px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:298px;left:70px;white-space:nowrap" class="ft018"><org value="LSE:STAN" idsrc="xmltag.org" >Standard&#160;Chartered&#160;Bank</org></p> <p style="position:absolute;top:297px;left:453px;white-space:nowrap" class="ft018">Aa1</p> <p style="position:absolute;top:297px;left:563px;white-space:nowrap" class="ft018">Aa2</p> <p style="position:absolute;top:297px;left:678px;white-space:nowrap" class="ft018">A1</p> <p style="position:absolute;top:314px;left:70px;white-space:nowrap" class="ft018"><org value="NASDAQ-NMS:USOI" idsrc="xmltag.org" >Credit&#160;Suisse&#160;AG</org></p> <p style="position:absolute;top:314px;left:455px;white-space:nowrap" class="ft018">A2</p> <p style="position:absolute;top:314px;left:566px;white-space:nowrap" class="ft018">A3</p> <p style="position:absolute;top:314px;left:674px;white-space:nowrap" class="ft018">Aa3</p> <p style="position:absolute;top:329px;left:70px;white-space:nowrap" class="ft018"><org value="EuronextParis:VIE" idsrc="xmltag.org" >Veolia&#160;Environnement&#160;S.A.</org></p> <p style="position:absolute;top:328px;left:452px;white-space:nowrap" class="ft018">Aa3</p> <p style="position:absolute;top:328px;left:567px;white-space:nowrap" class="ft018">A1</p> <p style="position:absolute;top:328px;left:672px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:362px;left:70px;white-space:nowrap" class="ft023">CDS&#160;Implied&#160;Rating&#160;Declines<br/>Issuer</p> <p style="position:absolute;top:380px;left:444px;white-space:nowrap" class="ft017"><chron>Jan.&#160;20</chron></p> <p style="position:absolute;top:380px;left:555px;white-space:nowrap" class="ft017"><chron>Jan.&#160;13</chron></p> <p style="position:absolute;top:380px;left:646px;white-space:nowrap" class="ft017">Senior&#160;Ratings</p> <p style="position:absolute;top:397px;left:70px;white-space:nowrap" class="ft018">Rabobank</p> <p style="position:absolute;top:396px;left:453px;white-space:nowrap" class="ft018">Aa1</p> <p style="position:absolute;top:396px;left:563px;white-space:nowrap" class="ft018">Aaa</p> <p style="position:absolute;top:396px;left:674px;white-space:nowrap" class="ft018">Aa3</p> <p style="position:absolute;top:413px;left:70px;white-space:nowrap" class="ft018"><org value="OTC-PINK:BNKXF" idsrc="xmltag.org" >Bankia,&#160;S.A.</org></p> <p style="position:absolute;top:413px;left:450px;white-space:nowrap" class="ft018">Baa2</p> <p style="position:absolute;top:413px;left:561px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:413px;left:671px;white-space:nowrap" class="ft018">Baa3</p> <p style="position:absolute;top:430px;left:70px;white-space:nowrap" class="ft018"><org value="Milan:UCG" idsrc="xmltag.org" >UniCredit</org>&#160;Bank&#160;AG</p> <p style="position:absolute;top:429px;left:452px;white-space:nowrap" class="ft018">Aa2</p> <p style="position:absolute;top:429px;left:564px;white-space:nowrap" class="ft018">Aa1</p> <p style="position:absolute;top:429px;left:677px;white-space:nowrap" class="ft018">A2</p> <p style="position:absolute;top:446px;left:70px;white-space:nowrap" class="ft018"><org value="LSE:NBS" idsrc="xmltag.org" >Nationwide&#160;Building&#160;Society</org></p> <p style="position:absolute;top:446px;left:456px;white-space:nowrap" class="ft018">A1</p> <p style="position:absolute;top:446px;left:563px;white-space:nowrap" class="ft018">Aa3</p> <p style="position:absolute;top:446px;left:678px;white-space:nowrap" class="ft018">A1</p> <p style="position:absolute;top:463px;left:70px;white-space:nowrap" class="ft018"><org value="XETRA:EOAN" idsrc="xmltag.org" >E.ON&#160;SE</org></p> <p style="position:absolute;top:462px;left:452px;white-space:nowrap" class="ft018">Aa2</p> <p style="position:absolute;top:462px;left:564px;white-space:nowrap" class="ft018">Aa1</p> <p style="position:absolute;top:462px;left:672px;white-space:nowrap" class="ft018">Baa2</p> <p style="position:absolute;top:479px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:BUD" idsrc="xmltag.org" >Anheuser-Busch&#160;InBev&#160;SA</org>/NV</p> <p style="position:absolute;top:479px;left:450px;white-space:nowrap" class="ft018">Baa2</p> <p style="position:absolute;top:479px;left:561px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:479px;left:672px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:496px;left:70px;white-space:nowrap" class="ft018"><org value="Athens:ALPHA" idsrc="xmltag.org" >Alpha&#160;Bank</org>&#160;AE</p> <p style="position:absolute;top:496px;left:449px;white-space:nowrap" class="ft018">Caa2</p> <p style="position:absolute;top:496px;left:561px;white-space:nowrap" class="ft018">Caa1</p> <p style="position:absolute;top:496px;left:672px;white-space:nowrap" class="ft018">Caa1</p> <p style="position:absolute;top:512px;left:70px;white-space:nowrap" class="ft018"><org value="SpanishCats:IBE" idsrc="xmltag.org" >Iberdrola</org>&#160;International&#160;B.V.</p> <p style="position:absolute;top:512px;left:456px;white-space:nowrap" class="ft018">A1</p> <p style="position:absolute;top:512px;left:563px;white-space:nowrap" class="ft018">Aa3</p> <p style="position:absolute;top:512px;left:672px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:529px;left:70px;white-space:nowrap" class="ft018"><org value="Swiss:UBSG" idsrc="xmltag.org" >UBS&#160;AG</org></p> <p style="position:absolute;top:529px;left:452px;white-space:nowrap" class="ft018">Aa2</p> <p style="position:absolute;top:529px;left:564px;white-space:nowrap" class="ft018">Aa1</p> <p style="position:absolute;top:529px;left:674px;white-space:nowrap" class="ft018">Aa3</p> <p style="position:absolute;top:544px;left:70px;white-space:nowrap" class="ft018"><org value="LSE:NG" idsrc="xmltag.org" >National&#160;Grid</org>&#160;Electricity&#160;Transmission&#160;plc</p> <p style="position:absolute;top:542px;left:452px;white-space:nowrap" class="ft018">Aa3</p> <p style="position:absolute;top:542px;left:563px;white-space:nowrap" class="ft018">Aa2</p> <p style="position:absolute;top:542px;left:677px;white-space:nowrap" class="ft018">A3</p> <p style="position:absolute;top:577px;left:70px;white-space:nowrap" class="ft023">CDS&#160;Spread&#160;Increases<br/>Issuer</p> <p style="position:absolute;top:595px;left:424px;white-space:nowrap" class="ft017">Senior&#160;Ratings</p> <p style="position:absolute;top:595px;left:554px;white-space:nowrap" class="ft017"><chron>Jan.&#160;20</chron></p> <p style="position:absolute;top:595px;left:666px;white-space:nowrap" class="ft017"><chron>Jan.&#160;13</chron></p> <p style="position:absolute;top:595px;left:765px;white-space:nowrap" class="ft017">Spread&#160;Diff</p> <p style="position:absolute;top:611px;left:70px;white-space:nowrap" class="ft018">Novafives&#160;<org value="Kazakhstan:SAS" idsrc="xmltag.org" >S.A.S</org>.</p> <p style="position:absolute;top:611px;left:449px;white-space:nowrap" class="ft018">Caa2</p> <p style="position:absolute;top:611px;left:564px;white-space:nowrap" class="ft018">831</p> <p style="position:absolute;top:611px;left:674px;white-space:nowrap" class="ft018">790</p> <p style="position:absolute;top:611px;left:788px;white-space:nowrap" class="ft018">42</p> <p style="position:absolute;top:628px;left:70px;white-space:nowrap" class="ft018">Vue&#160;International&#160;Bidco&#160;plc</p> <p style="position:absolute;top:628px;left:455px;white-space:nowrap" class="ft018">Ca</p> <p style="position:absolute;top:628px;left:564px;white-space:nowrap" class="ft018">752</p> <p style="position:absolute;top:628px;left:675px;white-space:nowrap" class="ft018">733</p> <p style="position:absolute;top:628px;left:789px;white-space:nowrap" class="ft018">19</p> <p style="position:absolute;top:645px;left:70px;white-space:nowrap" class="ft018">Ardagh&#160;Packaging&#160;Finance&#160;plc</p> <p style="position:absolute;top:644px;left:450px;white-space:nowrap" class="ft018">Caa1</p> <p style="position:absolute;top:644px;left:563px;white-space:nowrap" class="ft018">230</p> <p style="position:absolute;top:644px;left:675px;white-space:nowrap" class="ft018">213</p> <p style="position:absolute;top:644px;left:789px;white-space:nowrap" class="ft018">16</p> <p style="position:absolute;top:661px;left:70px;white-space:nowrap" class="ft018">Caixa&#160;Geral&#160;de&#160;Depositos,&#160;S.A.</p> <p style="position:absolute;top:661px;left:453px;white-space:nowrap" class="ft018">Ba1</p> <p style="position:absolute;top:661px;left:564px;white-space:nowrap" class="ft018">106</p> <p style="position:absolute;top:661px;left:677px;white-space:nowrap" class="ft018">89</p> <p style="position:absolute;top:661px;left:789px;white-space:nowrap" class="ft018">16</p> <p style="position:absolute;top:678px;left:70px;white-space:nowrap" class="ft018">Stena&#160;AB</p> <p style="position:absolute;top:677px;left:450px;white-space:nowrap" class="ft018">Caa1</p> <p style="position:absolute;top:677px;left:563px;white-space:nowrap" class="ft018">532</p> <p style="position:absolute;top:677px;left:675px;white-space:nowrap" class="ft018">519</p> <p style="position:absolute;top:677px;left:789px;white-space:nowrap" class="ft018">13</p> <p style="position:absolute;top:694px;left:70px;white-space:nowrap" class="ft018"><org value="NYSE:AVP" idsrc="xmltag.org" >Avon&#160;Products,&#160;Inc.</org></p> <p style="position:absolute;top:694px;left:456px;white-space:nowrap" class="ft018">B1</p> <p style="position:absolute;top:694px;left:564px;white-space:nowrap" class="ft018">216</p> <p style="position:absolute;top:694px;left:674px;white-space:nowrap" class="ft018">204</p> <p style="position:absolute;top:694px;left:789px;white-space:nowrap" class="ft018">12</p> <p style="position:absolute;top:711px;left:70px;white-space:nowrap" class="ft018">Boparan&#160;Finance&#160;plc</p> <p style="position:absolute;top:710px;left:450px;white-space:nowrap" class="ft018">Caa1</p> <p style="position:absolute;top:710px;left:563px;white-space:nowrap" class="ft018">555</p> <p style="position:absolute;top:710px;left:674px;white-space:nowrap" class="ft018">544</p> <p style="position:absolute;top:710px;left:790px;white-space:nowrap" class="ft018">11</p> <p style="position:absolute;top:727px;left:70px;white-space:nowrap" class="ft018">Banco&#160;Sabadell,&#160;S.A.</p> <p style="position:absolute;top:727px;left:450px;white-space:nowrap" class="ft018">Baa3</p> <p style="position:absolute;top:727px;left:567px;white-space:nowrap" class="ft018">87</p> <p style="position:absolute;top:727px;left:678px;white-space:nowrap" class="ft018">77</p> <p style="position:absolute;top:727px;left:789px;white-space:nowrap" class="ft018">10</p> <p style="position:absolute;top:744px;left:70px;white-space:nowrap" class="ft018"><org value="Milan:ATL" idsrc="xmltag.org" >Atlantia&#160;S.p.A</org>.</p> <p style="position:absolute;top:743px;left:453px;white-space:nowrap" class="ft018">Ba3</p> <p style="position:absolute;top:743px;left:563px;white-space:nowrap" class="ft018">203</p> <p style="position:absolute;top:743px;left:675px;white-space:nowrap" class="ft018">193</p> <p style="position:absolute;top:743px;left:789px;white-space:nowrap" class="ft018">10</p> <p style="position:absolute;top:759px;left:70px;white-space:nowrap" class="ft018"><org value="Johannesburg:SAP" idsrc="xmltag.org" >Sappi</org>&#160;Papier&#160;Holding&#160;GmbH</p> <p style="position:absolute;top:757px;left:453px;white-space:nowrap" class="ft018">Ba2</p> <p style="position:absolute;top:757px;left:563px;white-space:nowrap" class="ft018">364</p> <p style="position:absolute;top:757px;left:674px;white-space:nowrap" class="ft018">354</p> <p style="position:absolute;top:757px;left:789px;white-space:nowrap" class="ft018">10</p> <p style="position:absolute;top:792px;left:70px;white-space:nowrap" class="ft023">CDS&#160;Spread&#160;Decreases<br/>Issuer</p> <p style="position:absolute;top:809px;left:424px;white-space:nowrap" class="ft017">Senior&#160;Ratings</p> <p style="position:absolute;top:809px;left:554px;white-space:nowrap" class="ft017"><chron>Jan.&#160;20</chron></p> <p style="position:absolute;top:809px;left:666px;white-space:nowrap" class="ft017"><chron>Jan.&#160;13</chron></p> <p style="position:absolute;top:809px;left:765px;white-space:nowrap" class="ft017">Spread&#160;Diff</p> <p style="position:absolute;top:826px;left:70px;white-space:nowrap" class="ft018"><org value="LSE:VED" idsrc="xmltag.org" >Vedanta&#160;Resources</org>&#160;Limited</p> <p style="position:absolute;top:826px;left:450px;white-space:nowrap" class="ft018">Caa1</p> <p style="position:absolute;top:826px;left:559px;white-space:nowrap" class="ft018">1,073</p> <p style="position:absolute;top:826px;left:670px;white-space:nowrap" class="ft018">1,269</p> <p style="position:absolute;top:826px;left:783px;white-space:nowrap" class="ft018">-196</p> <p style="position:absolute;top:843px;left:70px;white-space:nowrap" class="ft018"><org value="SpanishCats:BKT" idsrc="xmltag.org" >Bankinter,&#160;S.A.</org></p> <p style="position:absolute;top:842px;left:450px;white-space:nowrap" class="ft018">Baa1</p> <p style="position:absolute;top:842px;left:567px;white-space:nowrap" class="ft018">51</p> <p style="position:absolute;top:842px;left:675px;white-space:nowrap" class="ft018">109</p> <p style="position:absolute;top:842px;left:786px;white-space:nowrap" class="ft018">-58</p> <p style="position:absolute;top:859px;left:70px;white-space:nowrap" class="ft018">Jaguar&#160;Land&#160;Rover&#160;Automotive&#160;Plc</p> <p style="position:absolute;top:859px;left:456px;white-space:nowrap" class="ft018">B1</p> <p style="position:absolute;top:859px;left:563px;white-space:nowrap" class="ft018">449</p> <p style="position:absolute;top:859px;left:674px;white-space:nowrap" class="ft018">493</p> <p style="position:absolute;top:859px;left:786px;white-space:nowrap" class="ft018">-44</p> <p style="position:absolute;top:876px;left:70px;white-space:nowrap" class="ft018">Ineos&#160;Group&#160;Holdings&#160;S.A.</p> <p style="position:absolute;top:875px;left:456px;white-space:nowrap" class="ft018">B2</p> <p style="position:absolute;top:875px;left:563px;white-space:nowrap" class="ft018">288</p> <p style="position:absolute;top:875px;left:675px;white-space:nowrap" class="ft018">327</p> <p style="position:absolute;top:875px;left:786px;white-space:nowrap" class="ft018">-40</p> <p style="position:absolute;top:892px;left:70px;white-space:nowrap" class="ft018"><org value="XETRA:TUI1" idsrc="xmltag.org" >TUI&#160;AG</org></p> <p style="position:absolute;top:892px;left:450px;white-space:nowrap" class="ft018">Caa1</p> <p style="position:absolute;top:892px;left:564px;white-space:nowrap" class="ft018">712</p> <p style="position:absolute;top:892px;left:675px;white-space:nowrap" class="ft018">735</p> <p style="position:absolute;top:892px;left:786px;white-space:nowrap" class="ft018">-22</p> <p style="position:absolute;top:909px;left:70px;white-space:nowrap" class="ft018">CMA&#160;CGM&#160;S.A.</p> <p style="position:absolute;top:908px;left:450px;white-space:nowrap" class="ft018">Caa1</p> <p style="position:absolute;top:908px;left:563px;white-space:nowrap" class="ft018">440</p> <p style="position:absolute;top:908px;left:674px;white-space:nowrap" class="ft018">454</p> <p style="position:absolute;top:908px;left:787px;white-space:nowrap" class="ft018">-13</p> <p style="position:absolute;top:925px;left:70px;white-space:nowrap" class="ft018">Novo&#160;Banco,&#160;S.A.</p> <p style="position:absolute;top:925px;left:449px;white-space:nowrap" class="ft018">Caa2</p> <p style="position:absolute;top:925px;left:563px;white-space:nowrap" class="ft018">323</p> <p style="position:absolute;top:925px;left:674px;white-space:nowrap" class="ft018">333</p> <p style="position:absolute;top:925px;left:787px;white-space:nowrap" class="ft018">-10</p> <p style="position:absolute;top:942px;left:70px;white-space:nowrap" class="ft018"><org>Rolls-Royce&#160;plc</org></p> <p style="position:absolute;top:941px;left:453px;white-space:nowrap" class="ft018">Ba3</p> <p style="position:absolute;top:941px;left:564px;white-space:nowrap" class="ft018">279</p> <p style="position:absolute;top:941px;left:674px;white-space:nowrap" class="ft018">286</p> <p style="position:absolute;top:941px;left:790px;white-space:nowrap" class="ft018">-7</p> <p style="position:absolute;top:958px;left:70px;white-space:nowrap" class="ft018"><org value="LSE:CNA" idsrc="xmltag.org" >Centrica&#160;plc</org></p> <p style="position:absolute;top:958px;left:450px;white-space:nowrap" class="ft018">Baa2</p> <p style="position:absolute;top:958px;left:567px;white-space:nowrap" class="ft018">79</p> <p style="position:absolute;top:958px;left:677px;white-space:nowrap" class="ft018">86</p> <p style="position:absolute;top:958px;left:790px;white-space:nowrap" class="ft018">-7</p> <p style="position:absolute;top:973px;left:70px;white-space:nowrap" class="ft018"><org value="XETRA:SZU" idsrc="xmltag.org" >Suedzucker&#160;AG</org></p> <p style="position:absolute;top:972px;left:450px;white-space:nowrap" class="ft018">Baa3</p> <p style="position:absolute;top:972px;left:565px;white-space:nowrap" class="ft018">115</p> <p style="position:absolute;top:972px;left:676px;white-space:nowrap" class="ft018">121</p> <p style="position:absolute;top:972px;left:790px;white-space:nowrap" class="ft018">-7</p> <p style="position:absolute;top:992px;left:70px;white-space:nowrap" class="ft019"><i>Source:&#160;Moody's,&#160;CMA</i></p> <p style="position:absolute;top:791px;left:650px;white-space:nowrap" class="ft017">CDS&#160;Spreads&#160;</p> <p style="position:absolute;top:147px;left:463px;white-space:nowrap" class="ft017">CDS&#160;Implied&#160;Ratings</p> <p style="position:absolute;top:362px;left:463px;white-space:nowrap" class="ft017">CDS&#160;Implied&#160;Ratings</p> <p style="position:absolute;top:577px;left:650px;white-space:nowrap" class="ft017">CDS&#160;Spreads&#160;</p> <p style="position:absolute;top:125px;left:70px;white-space:nowrap" class="ft020">Figure&#160;4.&#160;&#160;CDS Movers&#160;-&#160;<location value="LR/eur" idsrc="xmltag.org" >Europe</location>&#160;(<chron>January&#160;13,&#160;2021</chron>&#160;&#160;January&#160;20,&#160;2021)</p> <p style="position:absolute;top:1138px;left:41px;white-space:nowrap" class="ft021"><b>3&#160; &#160; &#160; &#160; &#160; <chron>21 January 2021</chron></b></p> <p style="position:absolute;top:1138px;left:712px;white-space:nowrap" class="ft021"><b>Cross-Sector: Market Data Highlights</b></p> </div> <!-- Page 4 --> <a name="4"></a> <style type="text/css"> <!-- p {margin: 0; padding: 0;} .ft024{font-size:14px;font-family:Times;color:#333333;} .ft025{font-size:12px;font-family:Times;color:#333333;} .ft026{font-size:15px;font-family:Times;color:#000000;} --> </style> <div id="page4-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1262299004.png" alt="background image"/> <p style="position:absolute;top:45px;left:61px;white-space:nowrap" class="ft016">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="ft09"><b>ISSUANCE</b></p> <p style="position:absolute;top:409px;left:810px;white-space:nowrap" class="ft024">0</p> <p style="position:absolute;top:364px;left:810px;white-space:nowrap" class="ft024">700</p> <p style="position:absolute;top:318px;left:810px;white-space:nowrap" class="ft024">1,400</p> <p style="position:absolute;top:273px;left:810px;white-space:nowrap" class="ft024">2,100</p> <p style="position:absolute;top:227px;left:810px;white-space:nowrap" class="ft024">2,800</p> <p style="position:absolute;top:409px;left:99px;white-space:nowrap" class="ft024">0</p> <p style="position:absolute;top:364px;left:83px;white-space:nowrap" class="ft024">700</p> <p style="position:absolute;top:318px;left:71px;white-space:nowrap" class="ft024">1,400</p> <p style="position:absolute;top:273px;left:72px;white-space:nowrap" class="ft024">2,100</p> <p style="position:absolute;top:227px;left:70px;white-space:nowrap" class="ft024">2,800</p> <p style="position:absolute;top:430px;left:139px;white-space:nowrap" class="ft024">Jan&#160;Feb&#160;Mar</p> <p style="position:absolute;top:430px;left:268px;white-space:nowrap" class="ft024">Apr</p> <p style="position:absolute;top:430px;left:318px;white-space:nowrap" class="ft024">May</p> <p style="position:absolute;top:430px;left:387px;white-space:nowrap" class="ft024">Jun</p> <p style="position:absolute;top:430px;left:441px;white-space:nowrap" class="ft024">Jul</p> <p style="position:absolute;top:430px;left:489px;white-space:nowrap" class="ft024">Aug</p> <p style="position:absolute;top:430px;left:555px;white-space:nowrap" class="ft024">Sep</p> <p style="position:absolute;top:430px;left:620px;white-space:nowrap" class="ft024">Oct</p> <p style="position:absolute;top:430px;left:671px;white-space:nowrap" class="ft024">Nov</p> <p style="position:absolute;top:430px;left:737px;white-space:nowrap" class="ft024">Dec</p> <p style="position:absolute;top:195px;left:76px;white-space:nowrap" class="ft024">Issuance&#160;($B)</p> <p style="position:absolute;top:194px;left:761px;white-space:nowrap" class="ft024">Issuance&#160;($B)</p> <p style="position:absolute;top:194px;left:320px;white-space:nowrap" class="ft024">2018</p> <p style="position:absolute;top:194px;left:421px;white-space:nowrap" class="ft024">2019</p> <p style="position:absolute;top:194px;left:523px;white-space:nowrap" class="ft024">2020</p> <p style="position:absolute;top:194px;left:626px;white-space:nowrap" class="ft024">2021</p> <p style="position:absolute;top:455px;left:75px;white-space:nowrap" class="ft025"><i>Source:&#160;&#160;</i></p> <p style="position:absolute;top:457px;left:123px;white-space:nowrap" class="ft019"><i>Moody's&#160;&#160;/&#160;Dealogic</i></p> <p style="position:absolute;top:145px;left:83px;white-space:nowrap" class="ft026">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="ft024">0</p> <p style="position:absolute;top:719px;left:811px;white-space:nowrap" class="ft024">200</p> <p style="position:absolute;top:679px;left:811px;white-space:nowrap" class="ft024">400</p> <p style="position:absolute;top:639px;left:811px;white-space:nowrap" class="ft024">600</p> <p style="position:absolute;top:599px;left:811px;white-space:nowrap" class="ft024">800</p> <p style="position:absolute;top:559px;left:811px;white-space:nowrap" class="ft024">1,000</p> <p style="position:absolute;top:758px;left:98px;white-space:nowrap" class="ft024">0</p> <p style="position:absolute;top:719px;left:81px;white-space:nowrap" class="ft024">200</p> <p style="position:absolute;top:679px;left:80px;white-space:nowrap" class="ft024">400</p> <p style="position:absolute;top:639px;left:80px;white-space:nowrap" class="ft024">600</p> <p style="position:absolute;top:599px;left:80px;white-space:nowrap" class="ft024">800</p> <p style="position:absolute;top:559px;left:70px;white-space:nowrap" class="ft024">1,000</p> <p style="position:absolute;top:779px;left:138px;white-space:nowrap" class="ft024">Jan&#160;Feb&#160;Mar</p> <p style="position:absolute;top:779px;left:269px;white-space:nowrap" class="ft024">Apr</p> <p style="position:absolute;top:779px;left:320px;white-space:nowrap" class="ft024">May</p> <p style="position:absolute;top:779px;left:389px;white-space:nowrap" class="ft024">Jun</p> <p style="position:absolute;top:779px;left:444px;white-space:nowrap" class="ft024">Jul</p> <p style="position:absolute;top:779px;left:493px;white-space:nowrap" class="ft024">Aug</p> <p style="position:absolute;top:779px;left:560px;white-space:nowrap" class="ft024">Sep</p> <p style="position:absolute;top:779px;left:626px;white-space:nowrap" class="ft024">Oct</p> <p style="position:absolute;top:779px;left:677px;white-space:nowrap" class="ft024">Nov</p> <p style="position:absolute;top:779px;left:745px;white-space:nowrap" class="ft024">Dec</p> <p style="position:absolute;top:529px;left:80px;white-space:nowrap" class="ft024">Issuance&#160;($B)</p> <p style="position:absolute;top:529px;left:761px;white-space:nowrap" class="ft024">Issuance&#160;($B)</p> <p style="position:absolute;top:532px;left:326px;white-space:nowrap" class="ft024">2018</p> <p style="position:absolute;top:532px;left:428px;white-space:nowrap" class="ft024">2019</p> <p style="position:absolute;top:532px;left:529px;white-space:nowrap" class="ft024">2020</p> <p style="position:absolute;top:532px;left:632px;white-space:nowrap" class="ft024">2021</p> <p style="position:absolute;top:799px;left:74px;white-space:nowrap" class="ft025"><i>Source:&#160;&#160;</i></p> <p style="position:absolute;top:800px;left:122px;white-space:nowrap" class="ft019"><i>Moody's&#160;/ Dealogic</i></p> <p style="position:absolute;top:492px;left:83px;white-space:nowrap" class="ft026">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="ft021"><b>4&#160; &#160; &#160; &#160; &#160; <chron>21 January 2021</chron></b></p> <p style="position:absolute;top:1138px;left:712px;white-space:nowrap" class="ft021"><b>Cross-Sector: Market Data Highlights</b></p> </div> <!-- Page 5 --> <a name="5"></a> <style type="text/css"> <!-- p {margin: 0; padding: 0;} .ft027{font-size:15px;font-family:Times;color:#333333;} .ft028{font-size:15px;font-family:Times;color:#4aacc5;} .ft029{font-size:16px;font-family:Times;color:#000000;} .ft030{font-size:13px;font-family:Times;color:#528dd4;} .ft031{font-size:13px;font-family:Times;color:#333333;} .ft032{font-size:13px;font-family:Times;color:#333333;} .ft033{font-size:13px;font-family:Times;color:#000000;} --> </style> <div id="page5-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1262299005.png" alt="background image"/> <p style="position:absolute;top:45px;left:61px;white-space:nowrap" class="ft016">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="ft027">Investment-Grade</p> <p style="position:absolute;top:172px;left:530px;white-space:nowrap" class="ft027">High-Yield</p> <p style="position:absolute;top:172px;left:746px;white-space:nowrap" class="ft027">Total*</p> <p style="position:absolute;top:192px;left:336px;white-space:nowrap" class="ft027">Amount</p> <p style="position:absolute;top:192px;left:538px;white-space:nowrap" class="ft027">Amount</p> <p style="position:absolute;top:192px;left:740px;white-space:nowrap" class="ft027">Amount</p> <p style="position:absolute;top:211px;left:355px;white-space:nowrap" class="ft027">$B</p> <p style="position:absolute;top:211px;left:557px;white-space:nowrap" class="ft027">$B</p> <p style="position:absolute;top:211px;left:759px;white-space:nowrap" class="ft027">$B</p> <p style="position:absolute;top:233px;left:150px;white-space:nowrap" class="ft027">Weekly</p> <p style="position:absolute;top:233px;left:339px;white-space:nowrap" class="ft027">36.370</p> <p style="position:absolute;top:233px;left:543px;white-space:nowrap" class="ft027">17.850</p> <p style="position:absolute;top:233px;left:745px;white-space:nowrap" class="ft027">56.143</p> <p style="position:absolute;top:255px;left:130px;white-space:nowrap" class="ft027">Year-to-Date</p> <p style="position:absolute;top:255px;left:339px;white-space:nowrap" class="ft027">94.057</p> <p style="position:absolute;top:255px;left:543px;white-space:nowrap" class="ft027">35.521</p> <p style="position:absolute;top:255px;left:741px;white-space:nowrap" class="ft027">134.201</p> <p style="position:absolute;top:316px;left:301px;white-space:nowrap" class="ft027">Investment-Grade</p> <p style="position:absolute;top:316px;left:530px;white-space:nowrap" class="ft027">High-Yield</p> <p style="position:absolute;top:316px;left:746px;white-space:nowrap" class="ft027">Total*</p> <p style="position:absolute;top:336px;left:336px;white-space:nowrap" class="ft027">Amount</p> <p style="position:absolute;top:336px;left:538px;white-space:nowrap" class="ft027">Amount</p> <p style="position:absolute;top:336px;left:740px;white-space:nowrap" class="ft027">Amount</p> <p style="position:absolute;top:355px;left:355px;white-space:nowrap" class="ft027">$B</p> <p style="position:absolute;top:355px;left:557px;white-space:nowrap" class="ft027">$B</p> <p style="position:absolute;top:355px;left:759px;white-space:nowrap" class="ft027">$B</p> <p style="position:absolute;top:377px;left:150px;white-space:nowrap" class="ft027">Weekly</p> <p style="position:absolute;top:377px;left:339px;white-space:nowrap" class="ft027">28.652</p> <p style="position:absolute;top:377px;left:548px;white-space:nowrap" class="ft027">7.210</p> <p style="position:absolute;top:377px;left:744px;white-space:nowrap" class="ft027">35.874</p> <p style="position:absolute;top:399px;left:130px;white-space:nowrap" class="ft027">Year-to-Date</p> <p style="position:absolute;top:399px;left:342px;white-space:nowrap" class="ft027">51.179</p> <p style="position:absolute;top:399px;left:546px;white-space:nowrap" class="ft027">9.670</p> <p style="position:absolute;top:399px;left:745px;white-space:nowrap" class="ft027">61.323</p> <p style="position:absolute;top:423px;left:72px;white-space:nowrap" class="ft024">*&#160;Difference&#160;represents&#160;issuance&#160;with pending ratings.</p> <p style="position:absolute;top:445px;left:72px;white-space:nowrap" class="ft025"><i>Source:&#160;Moody's/ Dealogic</i></p> <p style="position:absolute;top:149px;left:498px;white-space:nowrap" class="ft028">USD&#160;Denominated</p> <p style="position:absolute;top:293px;left:498px;white-space:nowrap" class="ft028">Euro&#160;Denominated</p> <p style="position:absolute;top:124px;left:73px;white-space:nowrap" class="ft029">Figure&#160;7. Issuance: Corporate&#160;&amp; Financial&#160;Institutions</p> <p style="position:absolute;top:489px;left:68px;white-space:nowrap" class="ft09"><b>EMERGING MARKET CREDIT SPREADS</b></p> <p style="position:absolute;top:541px;left:72px;white-space:nowrap" class="ft030">Emerging&#160;Market</p> <p style="position:absolute;top:561px;left:142px;white-space:nowrap" class="ft030">Duration</p> <p style="position:absolute;top:561px;left:323px;white-space:nowrap" class="ft030">A</p> <p style="position:absolute;top:561px;left:382px;white-space:nowrap" class="ft030">Baa</p> <p style="position:absolute;top:561px;left:452px;white-space:nowrap" class="ft030">Ba</p> <p style="position:absolute;top:561px;left:522px;white-space:nowrap" class="ft030">B</p> <p style="position:absolute;top:561px;left:612px;white-space:nowrap" class="ft030">A</p> <p style="position:absolute;top:561px;left:671px;white-space:nowrap" class="ft030">Baa</p> <p style="position:absolute;top:561px;left:741px;white-space:nowrap" class="ft030">Ba</p> <p style="position:absolute;top:561px;left:811px;white-space:nowrap" class="ft030">B</p> <p style="position:absolute;top:578px;left:136px;white-space:nowrap" class="ft031">&gt;=1&#160;and &lt;3</p> <p style="position:absolute;top:577px;left:320px;white-space:nowrap" class="ft031">59</p> <p style="position:absolute;top:577px;left:383px;white-space:nowrap" class="ft031">106</p> <p style="position:absolute;top:577px;left:449px;white-space:nowrap" class="ft031">265</p> <p style="position:absolute;top:577px;left:515px;white-space:nowrap" class="ft031">469</p> <p style="position:absolute;top:577px;left:609px;white-space:nowrap" class="ft031">73</p> <p style="position:absolute;top:577px;left:673px;white-space:nowrap" class="ft031">121</p> <p style="position:absolute;top:577px;left:741px;white-space:nowrap" class="ft031">50</p> <p style="position:absolute;top:577px;left:807px;white-space:nowrap" class="ft031">38</p> <p style="position:absolute;top:598px;left:136px;white-space:nowrap" class="ft031">&gt;=3&#160;and &lt;5</p> <p style="position:absolute;top:596px;left:319px;white-space:nowrap" class="ft031">83</p> <p style="position:absolute;top:596px;left:383px;white-space:nowrap" class="ft031">129</p> <p style="position:absolute;top:596px;left:450px;white-space:nowrap" class="ft031">271</p> <p style="position:absolute;top:596px;left:514px;white-space:nowrap" class="ft031">444</p> <p style="position:absolute;top:596px;left:608px;white-space:nowrap" class="ft031">45</p> <p style="position:absolute;top:596px;left:675px;white-space:nowrap" class="ft031">98</p> <p style="position:absolute;top:596px;left:742px;white-space:nowrap" class="ft031">37</p> <p style="position:absolute;top:596px;left:807px;white-space:nowrap" class="ft031">38</p> <p style="position:absolute;top:617px;left:136px;white-space:nowrap" class="ft031">&gt;=5 and &lt;7</p> <p style="position:absolute;top:615px;left:316px;white-space:nowrap" class="ft031">105</p> <p style="position:absolute;top:615px;left:383px;white-space:nowrap" class="ft031">160</p> <p style="position:absolute;top:615px;left:448px;white-space:nowrap" class="ft031">338</p> <p style="position:absolute;top:615px;left:515px;white-space:nowrap" class="ft031">545</p> <p style="position:absolute;top:615px;left:608px;white-space:nowrap" class="ft031">45</p> <p style="position:absolute;top:615px;left:674px;white-space:nowrap" class="ft031">84</p> <p style="position:absolute;top:615px;left:742px;white-space:nowrap" class="ft031">21</p> <p style="position:absolute;top:615px;left:808px;white-space:nowrap" class="ft031">16</p> <p style="position:absolute;top:636px;left:159px;white-space:nowrap" class="ft031">&gt;=7</p> <p style="position:absolute;top:635px;left:317px;white-space:nowrap" class="ft031">131</p> <p style="position:absolute;top:635px;left:382px;white-space:nowrap" class="ft031">243</p> <p style="position:absolute;top:635px;left:448px;white-space:nowrap" class="ft031">449</p> <p style="position:absolute;top:635px;left:514px;white-space:nowrap" class="ft031">604</p> <p style="position:absolute;top:635px;left:609px;white-space:nowrap" class="ft031">77</p> <p style="position:absolute;top:635px;left:672px;white-space:nowrap" class="ft031">147</p> <p style="position:absolute;top:635px;left:741px;white-space:nowrap" class="ft031">34</p> <p style="position:absolute;top:635px;left:808px;white-space:nowrap" class="ft031">31</p> <p style="position:absolute;top:665px;left:72px;white-space:nowrap" class="ft030">Emerging&#160;Market&#160;Sovereign</p> <p style="position:absolute;top:684px;left:142px;white-space:nowrap" class="ft030">Duration</p> <p style="position:absolute;top:684px;left:323px;white-space:nowrap" class="ft030">A</p> <p style="position:absolute;top:684px;left:382px;white-space:nowrap" class="ft030">Baa</p> <p style="position:absolute;top:684px;left:452px;white-space:nowrap" class="ft030">Ba</p> <p style="position:absolute;top:684px;left:522px;white-space:nowrap" class="ft030">B</p> <p style="position:absolute;top:684px;left:612px;white-space:nowrap" class="ft030">A</p> <p style="position:absolute;top:684px;left:671px;white-space:nowrap" class="ft030">Baa</p> <p style="position:absolute;top:684px;left:741px;white-space:nowrap" class="ft030">Ba</p> <p style="position:absolute;top:684px;left:811px;white-space:nowrap" class="ft030">B</p> <p style="position:absolute;top:702px;left:136px;white-space:nowrap" class="ft031">&gt;=1&#160;and &lt;3</p> <p style="position:absolute;top:700px;left:319px;white-space:nowrap" class="ft031">34</p> <p style="position:absolute;top:700px;left:386px;white-space:nowrap" class="ft031">74</p> <p style="position:absolute;top:700px;left:450px;white-space:nowrap" class="ft031">112</p> <p style="position:absolute;top:700px;left:515px;white-space:nowrap" class="ft031">364</p> <p style="position:absolute;top:700px;left:610px;white-space:nowrap" class="ft031">17</p> <p style="position:absolute;top:700px;left:675px;white-space:nowrap" class="ft031">32</p> <p style="position:absolute;top:700px;left:742px;white-space:nowrap" class="ft031">17</p> <p style="position:absolute;top:700px;left:809px;white-space:nowrap" class="ft031">15</p> <p style="position:absolute;top:721px;left:136px;white-space:nowrap" class="ft031">&gt;=3&#160;and &lt;5</p> <p style="position:absolute;top:720px;left:319px;white-space:nowrap" class="ft031">43</p> <p style="position:absolute;top:720px;left:386px;white-space:nowrap" class="ft031">79</p> <p style="position:absolute;top:720px;left:449px;white-space:nowrap" class="ft031">235</p> <p style="position:absolute;top:720px;left:515px;white-space:nowrap" class="ft031">439</p> <p style="position:absolute;top:720px;left:609px;white-space:nowrap" class="ft031">13</p> <p style="position:absolute;top:720px;left:675px;white-space:nowrap" class="ft031">35</p> <p style="position:absolute;top:720px;left:741px;white-space:nowrap" class="ft031">20</p> <p style="position:absolute;top:720px;left:808px;white-space:nowrap" class="ft031">26</p> <p style="position:absolute;top:741px;left:136px;white-space:nowrap" class="ft031">&gt;=5 and &lt;7</p> <p style="position:absolute;top:739px;left:320px;white-space:nowrap" class="ft031">91</p> <p style="position:absolute;top:739px;left:384px;white-space:nowrap" class="ft031">116</p> <p style="position:absolute;top:739px;left:448px;white-space:nowrap" class="ft031">300</p> <p style="position:absolute;top:739px;left:515px;white-space:nowrap" class="ft031">542</p> <p style="position:absolute;top:739px;left:609px;white-space:nowrap" class="ft031">14</p> <p style="position:absolute;top:739px;left:675px;white-space:nowrap" class="ft031">33</p> <p style="position:absolute;top:739px;left:742px;white-space:nowrap" class="ft031">16</p> <p style="position:absolute;top:739px;left:809px;white-space:nowrap" class="ft031">15</p> <p style="position:absolute;top:760px;left:159px;white-space:nowrap" class="ft031">&gt;=7</p> <p style="position:absolute;top:758px;left:320px;white-space:nowrap" class="ft031">45</p> <p style="position:absolute;top:758px;left:382px;white-space:nowrap" class="ft031">206</p> <p style="position:absolute;top:758px;left:449px;white-space:nowrap" class="ft031">447</p> <p style="position:absolute;top:758px;left:515px;white-space:nowrap" class="ft031">601</p> <p style="position:absolute;top:758px;left:608px;white-space:nowrap" class="ft031">46</p> <p style="position:absolute;top:758px;left:675px;white-space:nowrap" class="ft031">75</p> <p style="position:absolute;top:758px;left:741px;white-space:nowrap" class="ft031">29</p> <p style="position:absolute;top:758px;left:807px;white-space:nowrap" class="ft031">30</p> <p style="position:absolute;top:788px;left:72px;white-space:nowrap" class="ft030">Emerging&#160;Market&#160;Corporate</p> <p style="position:absolute;top:808px;left:142px;white-space:nowrap" class="ft030">Duration</p> <p style="position:absolute;top:808px;left:323px;white-space:nowrap" class="ft030">A</p> <p style="position:absolute;top:808px;left:382px;white-space:nowrap" class="ft030">Baa</p> <p style="position:absolute;top:808px;left:452px;white-space:nowrap" class="ft030">Ba</p> <p style="position:absolute;top:808px;left:522px;white-space:nowrap" class="ft030">B</p> <p style="position:absolute;top:808px;left:612px;white-space:nowrap" class="ft030">A</p> <p style="position:absolute;top:808px;left:671px;white-space:nowrap" class="ft030">Baa</p> <p style="position:absolute;top:808px;left:741px;white-space:nowrap" class="ft030">Ba</p> <p style="position:absolute;top:808px;left:811px;white-space:nowrap" class="ft030">B</p> <p style="position:absolute;top:825px;left:136px;white-space:nowrap" class="ft031">&gt;=1&#160;and &lt;3</p> <p style="position:absolute;top:824px;left:320px;white-space:nowrap" class="ft031">75</p> <p style="position:absolute;top:824px;left:383px;white-space:nowrap" class="ft031">120</p> <p style="position:absolute;top:824px;left:449px;white-space:nowrap" class="ft031">314</p> <p style="position:absolute;top:824px;left:515px;white-space:nowrap" class="ft031">507</p> <p style="position:absolute;top:824px;left:608px;white-space:nowrap" class="ft031">56</p> <p style="position:absolute;top:824px;left:675px;white-space:nowrap" class="ft031">89</p> <p style="position:absolute;top:824px;left:741px;white-space:nowrap" class="ft031">33</p> <p style="position:absolute;top:824px;left:808px;white-space:nowrap" class="ft031">23</p> <p style="position:absolute;top:845px;left:136px;white-space:nowrap" class="ft031">&gt;=3&#160;and &lt;5</p> <p style="position:absolute;top:843px;left:319px;white-space:nowrap" class="ft031">94</p> <p style="position:absolute;top:843px;left:383px;white-space:nowrap" class="ft031">149</p> <p style="position:absolute;top:843px;left:449px;white-space:nowrap" class="ft031">318</p> <p style="position:absolute;top:843px;left:515px;white-space:nowrap" class="ft031">455</p> <p style="position:absolute;top:843px;left:609px;white-space:nowrap" class="ft031">32</p> <p style="position:absolute;top:843px;left:675px;white-space:nowrap" class="ft031">63</p> <p style="position:absolute;top:843px;left:742px;white-space:nowrap" class="ft031">17</p> <p style="position:absolute;top:843px;left:809px;white-space:nowrap" class="ft031">12</p> <p style="position:absolute;top:864px;left:136px;white-space:nowrap" class="ft031">&gt;=5 and &lt;7</p> <p style="position:absolute;top:862px;left:317px;white-space:nowrap" class="ft031">114</p> <p style="position:absolute;top:862px;left:383px;white-space:nowrap" class="ft031">184</p> <p style="position:absolute;top:862px;left:449px;white-space:nowrap" class="ft031">437</p> <p style="position:absolute;top:862px;left:514px;white-space:nowrap" class="ft031">808</p> <p style="position:absolute;top:862px;left:609px;white-space:nowrap" class="ft031">31</p> <p style="position:absolute;top:862px;left:676px;white-space:nowrap" class="ft031">51</p> <p style="position:absolute;top:862px;left:745px;white-space:nowrap" class="ft031">5</p> <p style="position:absolute;top:862px;left:812px;white-space:nowrap" class="ft031">1</p> <p style="position:absolute;top:883px;left:159px;white-space:nowrap" class="ft031">&gt;=7</p> <p style="position:absolute;top:882px;left:317px;white-space:nowrap" class="ft031">161</p> <p style="position:absolute;top:882px;left:382px;white-space:nowrap" class="ft031">284</p> <p style="position:absolute;top:882px;left:448px;white-space:nowrap" class="ft031">628</p> <p style="position:absolute;top:885px;left:515px;white-space:nowrap" class="ft031">726</p> <p style="position:absolute;top:882px;left:609px;white-space:nowrap" class="ft031">31</p> <p style="position:absolute;top:882px;left:675px;white-space:nowrap" class="ft031">72</p> <p style="position:absolute;top:882px;left:745px;white-space:nowrap" class="ft031">5</p> <p style="position:absolute;top:882px;left:812px;white-space:nowrap" class="ft031">1</p> <p style="position:absolute;top:904px;left:72px;white-space:nowrap" class="ft032"><i>Source:&#160;Moody's</i></p> <p style="position:absolute;top:664px;left:377px;white-space:nowrap" class="ft030">Median&#160;Spreads</p> <p style="position:absolute;top:664px;left:675px;white-space:nowrap" class="ft030">Bond&#160;Counts</p> <p style="position:absolute;top:788px;left:377px;white-space:nowrap" class="ft030">Median&#160;Spreads</p> <p style="position:absolute;top:788px;left:675px;white-space:nowrap" class="ft030">Bond&#160;Counts</p> <p style="position:absolute;top:514px;left:72px;white-space:nowrap" class="ft033">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="ft030">Bond&#160;Counts</p> <p style="position:absolute;top:540px;left:377px;white-space:nowrap" class="ft030">Median&#160;Spreads</p> <p style="position:absolute;top:1138px;left:41px;white-space:nowrap" class="ft021"><b>5&#160; &#160; &#160; &#160; &#160; <chron>21 January 2021</chron></b></p> <p style="position:absolute;top:1138px;left:712px;white-space:nowrap" class="ft021"><b>Cross-Sector: Market Data Highlights</b></p> </div> <!-- Page 6 --> <a name="6"></a> <style type="text/css"> <!-- p {margin: 0; padding: 0;} .ft034{font-size:12px;font-family:Times;color:#000000;} .ft035{font-size:11px;font-family:Times;color:#000000;} .ft036{font-size:10px;font-family:Times;color:#000000;} .ft037{font-size:12px;font-family:Times;color:#528dd4;} .ft038{font-size:12px;font-family:Times;color:#333333;} --> </style> <div id="page6-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1262299006.png" alt="background image"/> <p style="position:absolute;top:45px;left:61px;white-space:nowrap" class="ft016">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="ft034">0</p> <p style="position:absolute;top:388px;left:812px;white-space:nowrap" class="ft035">600</p> <p style="position:absolute;top:325px;left:812px;white-space:nowrap" class="ft034">1,200</p> <p style="position:absolute;top:262px;left:812px;white-space:nowrap" class="ft034">1,800</p> <p style="position:absolute;top:199px;left:812px;white-space:nowrap" class="ft034">2,400</p> <p style="position:absolute;top:452px;left:103px;white-space:nowrap" class="ft034">0</p> <p style="position:absolute;top:388px;left:88px;white-space:nowrap" class="ft035">600</p> <p style="position:absolute;top:325px;left:79px;white-space:nowrap" class="ft034">1,200</p> <p style="position:absolute;top:262px;left:79px;white-space:nowrap" class="ft034">1,800</p> <p style="position:absolute;top:199px;left:78px;white-space:nowrap" class="ft034">2,400</p> <p style="position:absolute;top:470px;left:109px;white-space:nowrap" class="ft034">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&#160;2021</p> <p style="position:absolute;top:178px;left:73px;white-space:nowrap" class="ft020">Spread&#160;(bp)</p> <p style="position:absolute;top:178px;left:788px;white-space:nowrap" class="ft020">Spread&#160;(bp)</p> <p style="position:absolute;top:154px;left:154px;white-space:nowrap" class="ft034">A</p> <p style="position:absolute;top:154px;left:246px;white-space:nowrap" class="ft034">Baa</p> <p style="position:absolute;top:154px;left:351px;white-space:nowrap" class="ft034">Ba</p> <p style="position:absolute;top:154px;left:450px;white-space:nowrap" class="ft034">B</p> <p style="position:absolute;top:495px;left:71px;white-space:nowrap" class="ft036"><i>Source:&#160;Moody's</i></p> <p style="position:absolute;top:130px;left:79px;white-space:nowrap" class="ft034">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="ft09"><b>MEDIAN CREDIT SPREADS</b></p> <p style="position:absolute;top:605px;left:155px;white-space:nowrap" class="ft037">Duration</p> <p style="position:absolute;top:605px;left:341px;white-space:nowrap" class="ft037">Aaa</p> <p style="position:absolute;top:605px;left:421px;white-space:nowrap" class="ft037">Aa</p> <p style="position:absolute;top:605px;left:501px;white-space:nowrap" class="ft037">A</p> <p style="position:absolute;top:605px;left:571px;white-space:nowrap" class="ft037">Baa</p> <p style="position:absolute;top:605px;left:651px;white-space:nowrap" class="ft037">Ba</p> <p style="position:absolute;top:605px;left:730px;white-space:nowrap" class="ft037">B</p> <p style="position:absolute;top:605px;left:799px;white-space:nowrap" class="ft037">Caa</p> <p style="position:absolute;top:622px;left:149px;white-space:nowrap" class="ft038">&gt;=1&#160;and &lt;3</p> <p style="position:absolute;top:620px;left:350px;white-space:nowrap" class="ft038">7</p> <p style="position:absolute;top:620px;left:422px;white-space:nowrap" class="ft038">29</p> <p style="position:absolute;top:620px;left:498px;white-space:nowrap" class="ft038">38</p> <p style="position:absolute;top:620px;left:575px;white-space:nowrap" class="ft038">70</p> <p style="position:absolute;top:620px;left:648px;white-space:nowrap" class="ft038">217</p> <p style="position:absolute;top:620px;left:723px;white-space:nowrap" class="ft038">498</p> <p style="position:absolute;top:624px;left:800px;white-space:nowrap" class="ft038">456</p> <p style="position:absolute;top:640px;left:149px;white-space:nowrap" class="ft038">&gt;=3&#160;and &lt;5</p> <p style="position:absolute;top:638px;left:346px;white-space:nowrap" class="ft038">10</p> <p style="position:absolute;top:638px;left:422px;white-space:nowrap" class="ft038">35</p> <p style="position:absolute;top:638px;left:498px;white-space:nowrap" class="ft038">48</p> <p style="position:absolute;top:638px;left:574px;white-space:nowrap" class="ft038">90</p> <p style="position:absolute;top:638px;left:647px;white-space:nowrap" class="ft038">273</p> <p style="position:absolute;top:638px;left:723px;white-space:nowrap" class="ft038">660</p> <p style="position:absolute;top:638px;left:800px;white-space:nowrap" class="ft038">190</p> <p style="position:absolute;top:658px;left:149px;white-space:nowrap" class="ft038">&gt;=5 and &lt;7</p> <p style="position:absolute;top:657px;left:346px;white-space:nowrap" class="ft038">23</p> <p style="position:absolute;top:657px;left:422px;white-space:nowrap" class="ft038">27</p> <p style="position:absolute;top:657px;left:498px;white-space:nowrap" class="ft038">70</p> <p style="position:absolute;top:657px;left:571px;white-space:nowrap" class="ft038">128</p> <p style="position:absolute;top:657px;left:647px;white-space:nowrap" class="ft038">290</p> <p style="position:absolute;top:660px;left:732px;white-space:nowrap" class="ft038">-</p> <p style="position:absolute;top:657px;left:799px;white-space:nowrap" class="ft038">629</p> <p style="position:absolute;top:676px;left:171px;white-space:nowrap" class="ft038">&gt;=7</p> <p style="position:absolute;top:675px;left:346px;white-space:nowrap" class="ft038">37</p> <p style="position:absolute;top:675px;left:422px;white-space:nowrap" class="ft038">43</p> <p style="position:absolute;top:678px;left:498px;white-space:nowrap" class="ft038">26</p> <p style="position:absolute;top:675px;left:572px;white-space:nowrap" class="ft038">181</p> <p style="position:absolute;top:675px;left:648px;white-space:nowrap" class="ft038">197</p> <p style="position:absolute;top:678px;left:732px;white-space:nowrap" class="ft038">-</p> <p style="position:absolute;top:678px;left:800px;white-space:nowrap" class="ft038">390</p> <p style="position:absolute;top:721px;left:155px;white-space:nowrap" class="ft037">Duration</p> <p style="position:absolute;top:721px;left:341px;white-space:nowrap" class="ft037">Aaa</p> <p style="position:absolute;top:721px;left:421px;white-space:nowrap" class="ft037">Aa</p> <p style="position:absolute;top:721px;left:501px;white-space:nowrap" class="ft037">A</p> <p style="position:absolute;top:721px;left:571px;white-space:nowrap" class="ft037">Baa</p> <p style="position:absolute;top:721px;left:651px;white-space:nowrap" class="ft037">Ba</p> <p style="position:absolute;top:721px;left:730px;white-space:nowrap" class="ft037">B</p> <p style="position:absolute;top:721px;left:799px;white-space:nowrap" class="ft037">Caa</p> <p style="position:absolute;top:738px;left:149px;white-space:nowrap" class="ft038">&gt;=1&#160;and &lt;3</p> <p style="position:absolute;top:736px;left:342px;white-space:nowrap" class="ft038">193</p> <p style="position:absolute;top:736px;left:418px;white-space:nowrap" class="ft038">246</p> <p style="position:absolute;top:736px;left:495px;white-space:nowrap" class="ft038">410</p> <p style="position:absolute;top:736px;left:571px;white-space:nowrap" class="ft038">267</p> <p style="position:absolute;top:736px;left:651px;white-space:nowrap" class="ft038">67</p> <p style="position:absolute;top:736px;left:727px;white-space:nowrap" class="ft038">20</p> <p style="position:absolute;top:739px;left:807px;white-space:nowrap" class="ft038">4</p> <p style="position:absolute;top:756px;left:149px;white-space:nowrap" class="ft038">&gt;=3&#160;and &lt;5</p> <p style="position:absolute;top:754px;left:345px;white-space:nowrap" class="ft038">92</p> <p style="position:absolute;top:754px;left:419px;white-space:nowrap" class="ft038">101</p> <p style="position:absolute;top:754px;left:495px;white-space:nowrap" class="ft038">273</p> <p style="position:absolute;top:754px;left:571px;white-space:nowrap" class="ft038">231</p> <p style="position:absolute;top:754px;left:651px;white-space:nowrap" class="ft038">45</p> <p style="position:absolute;top:754px;left:731px;white-space:nowrap" class="ft038">4</p> <p style="position:absolute;top:754px;left:808px;white-space:nowrap" class="ft038">1</p> <p style="position:absolute;top:774px;left:149px;white-space:nowrap" class="ft038">&gt;=5 and &lt;7</p> <p style="position:absolute;top:773px;left:347px;white-space:nowrap" class="ft038">71</p> <p style="position:absolute;top:773px;left:422px;white-space:nowrap" class="ft038">85</p> <p style="position:absolute;top:773px;left:495px;white-space:nowrap" class="ft038">182</p> <p style="position:absolute;top:773px;left:571px;white-space:nowrap" class="ft038">138</p> <p style="position:absolute;top:773px;left:651px;white-space:nowrap" class="ft038">13</p> <p style="position:absolute;top:776px;left:732px;white-space:nowrap" class="ft038">-</p> <p style="position:absolute;top:773px;left:808px;white-space:nowrap" class="ft038">1</p> <p style="position:absolute;top:792px;left:171px;white-space:nowrap" class="ft038">&gt;=7</p> <p style="position:absolute;top:791px;left:345px;white-space:nowrap" class="ft038">69</p> <p style="position:absolute;top:791px;left:418px;white-space:nowrap" class="ft038">194</p> <p style="position:absolute;top:791px;left:494px;white-space:nowrap" class="ft038">622</p> <p style="position:absolute;top:791px;left:572px;white-space:nowrap" class="ft038">177</p> <p style="position:absolute;top:791px;left:654px;white-space:nowrap" class="ft038">6</p> <p style="position:absolute;top:794px;left:732px;white-space:nowrap" class="ft038">-</p> <p style="position:absolute;top:794px;left:807px;white-space:nowrap" class="ft038">4</p> <p style="position:absolute;top:837px;left:155px;white-space:nowrap" class="ft037">Duration</p> <p style="position:absolute;top:837px;left:341px;white-space:nowrap" class="ft037">Aaa</p> <p style="position:absolute;top:837px;left:421px;white-space:nowrap" class="ft037">Aa</p> <p style="position:absolute;top:837px;left:501px;white-space:nowrap" class="ft037">A</p> <p style="position:absolute;top:837px;left:571px;white-space:nowrap" class="ft037">Baa</p> <p style="position:absolute;top:837px;left:651px;white-space:nowrap" class="ft037">Ba</p> <p style="position:absolute;top:837px;left:730px;white-space:nowrap" class="ft037">B</p> <p style="position:absolute;top:837px;left:799px;white-space:nowrap" class="ft037">Caa</p> <p style="position:absolute;top:854px;left:149px;white-space:nowrap" class="ft038">&gt;=1&#160;and &lt;3</p> <p style="position:absolute;top:852px;left:346px;white-space:nowrap" class="ft038">23</p> <p style="position:absolute;top:852px;left:422px;white-space:nowrap" class="ft038">75</p> <p style="position:absolute;top:852px;left:495px;white-space:nowrap" class="ft038">164</p> <p style="position:absolute;top:852px;left:572px;white-space:nowrap" class="ft038">157</p> <p style="position:absolute;top:852px;left:651px;white-space:nowrap" class="ft038">41</p> <p style="position:absolute;top:852px;left:728px;white-space:nowrap" class="ft038">18</p> <p style="position:absolute;top:855px;left:807px;white-space:nowrap" class="ft038">4</p> <p style="position:absolute;top:872px;left:149px;white-space:nowrap" class="ft038">&gt;=3&#160;and &lt;5</p> <p style="position:absolute;top:870px;left:346px;white-space:nowrap" class="ft038">21</p> <p style="position:absolute;top:870px;left:421px;white-space:nowrap" class="ft038">48</p> <p style="position:absolute;top:870px;left:495px;white-space:nowrap" class="ft038">120</p> <p style="position:absolute;top:870px;left:571px;white-space:nowrap" class="ft038">142</p> <p style="position:absolute;top:870px;left:651px;white-space:nowrap" class="ft038">26</p> <p style="position:absolute;top:870px;left:731px;white-space:nowrap" class="ft038">4</p> <p style="position:absolute;top:870px;left:808px;white-space:nowrap" class="ft038">1</p> <p style="position:absolute;top:890px;left:149px;white-space:nowrap" class="ft038">&gt;=5 and &lt;7</p> <p style="position:absolute;top:888px;left:346px;white-space:nowrap" class="ft038">21</p> <p style="position:absolute;top:888px;left:422px;white-space:nowrap" class="ft038">47</p> <p style="position:absolute;top:888px;left:498px;white-space:nowrap" class="ft038">85</p> <p style="position:absolute;top:888px;left:574px;white-space:nowrap" class="ft038">86</p> <p style="position:absolute;top:888px;left:652px;white-space:nowrap" class="ft038">11</p> <p style="position:absolute;top:892px;left:732px;white-space:nowrap" class="ft038">-</p> <p style="position:absolute;top:888px;left:808px;white-space:nowrap" class="ft038">1</p> <p style="position:absolute;top:908px;left:171px;white-space:nowrap" class="ft038">&gt;=7</p> <p style="position:absolute;top:907px;left:346px;white-space:nowrap" class="ft038">27</p> <p style="position:absolute;top:907px;left:423px;white-space:nowrap" class="ft038">71</p> <p style="position:absolute;top:907px;left:496px;white-space:nowrap" class="ft038">131</p> <p style="position:absolute;top:907px;left:574px;white-space:nowrap" class="ft038">96</p> <p style="position:absolute;top:907px;left:654px;white-space:nowrap" class="ft038">4</p> <p style="position:absolute;top:910px;left:732px;white-space:nowrap" class="ft038">-</p> <p style="position:absolute;top:910px;left:807px;white-space:nowrap" class="ft038">1</p> <p style="position:absolute;top:928px;left:72px;white-space:nowrap" class="ft025"><i>Source:&#160;Moody's</i></p> <p style="position:absolute;top:560px;left:72px;white-space:nowrap" class="ft034">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="ft037">Median&#160;Spreads</p> <p style="position:absolute;top:702px;left:544px;white-space:nowrap" class="ft037">Debt&#160;Counts</p> <p style="position:absolute;top:818px;left:541px;white-space:nowrap" class="ft037">Issuer&#160;Counts</p> <p style="position:absolute;top:1138px;left:41px;white-space:nowrap" class="ft021"><b>6&#160; &#160; &#160; &#160; &#160; <chron>21 January 2021</chron></b></p> <p style="position:absolute;top:1138px;left:712px;white-space:nowrap" class="ft021"><b>Cross-Sector: Market Data Highlights</b></p> </div> <!-- Page 7 --> <a name="7"></a> <style type="text/css"> <!-- p {margin: 0; padding: 0;}--> </style> <div id="page7-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1262299007.png" alt="background image"/> <p style="position:absolute;top:45px;left:61px;white-space:nowrap" class="ft016">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="ft037">Duration</p> <p style="position:absolute;top:168px;left:341px;white-space:nowrap" class="ft037">Aaa</p> <p style="position:absolute;top:168px;left:421px;white-space:nowrap" class="ft037">Aa</p> <p style="position:absolute;top:168px;left:501px;white-space:nowrap" class="ft037">A</p> <p style="position:absolute;top:168px;left:571px;white-space:nowrap" class="ft037">Baa</p> <p style="position:absolute;top:168px;left:651px;white-space:nowrap" class="ft037">Ba</p> <p style="position:absolute;top:168px;left:730px;white-space:nowrap" class="ft037">B</p> <p style="position:absolute;top:168px;left:799px;white-space:nowrap" class="ft037">Caa</p> <p style="position:absolute;top:184px;left:149px;white-space:nowrap" class="ft038">&gt;=1&#160;and &lt;3</p> <p style="position:absolute;top:183px;left:346px;white-space:nowrap" class="ft038">12</p> <p style="position:absolute;top:183px;left:422px;white-space:nowrap" class="ft038">28</p> <p style="position:absolute;top:183px;left:498px;white-space:nowrap" class="ft038">32</p> <p style="position:absolute;top:183px;left:575px;white-space:nowrap" class="ft038">53</p> <p style="position:absolute;top:183px;left:647px;white-space:nowrap" class="ft038">239</p> <p style="position:absolute;top:183px;left:724px;white-space:nowrap" class="ft038">371</p> <p style="position:absolute;top:183px;left:800px;white-space:nowrap" class="ft038">577</p> <p style="position:absolute;top:202px;left:149px;white-space:nowrap" class="ft038">&gt;=3&#160;and &lt;5</p> <p style="position:absolute;top:201px;left:346px;white-space:nowrap" class="ft038">32</p> <p style="position:absolute;top:201px;left:422px;white-space:nowrap" class="ft038">34</p> <p style="position:absolute;top:201px;left:498px;white-space:nowrap" class="ft038">45</p> <p style="position:absolute;top:201px;left:574px;white-space:nowrap" class="ft038">65</p> <p style="position:absolute;top:201px;left:647px;white-space:nowrap" class="ft038">250</p> <p style="position:absolute;top:201px;left:725px;white-space:nowrap" class="ft038">411</p> <p style="position:absolute;top:201px;left:800px;white-space:nowrap" class="ft038">601</p> <p style="position:absolute;top:221px;left:149px;white-space:nowrap" class="ft038">&gt;=5 and &lt;7</p> <p style="position:absolute;top:219px;left:346px;white-space:nowrap" class="ft038">23</p> <p style="position:absolute;top:219px;left:422px;white-space:nowrap" class="ft038">55</p> <p style="position:absolute;top:219px;left:498px;white-space:nowrap" class="ft038">69</p> <p style="position:absolute;top:219px;left:574px;white-space:nowrap" class="ft038">95</p> <p style="position:absolute;top:219px;left:647px;white-space:nowrap" class="ft038">273</p> <p style="position:absolute;top:219px;left:723px;white-space:nowrap" class="ft038">463</p> <p style="position:absolute;top:219px;left:800px;white-space:nowrap" class="ft038">822</p> <p style="position:absolute;top:239px;left:171px;white-space:nowrap" class="ft038">&gt;=7</p> <p style="position:absolute;top:237px;left:346px;white-space:nowrap" class="ft038">79</p> <p style="position:absolute;top:237px;left:419px;white-space:nowrap" class="ft038">119</p> <p style="position:absolute;top:237px;left:495px;white-space:nowrap" class="ft038">128</p> <p style="position:absolute;top:237px;left:572px;white-space:nowrap" class="ft038">175</p> <p style="position:absolute;top:237px;left:647px;white-space:nowrap" class="ft038">352</p> <p style="position:absolute;top:237px;left:723px;white-space:nowrap" class="ft038">539</p> <p style="position:absolute;top:237px;left:799px;white-space:nowrap" class="ft038">802</p> <p style="position:absolute;top:284px;left:155px;white-space:nowrap" class="ft037">Duration</p> <p style="position:absolute;top:284px;left:341px;white-space:nowrap" class="ft037">Aaa</p> <p style="position:absolute;top:284px;left:421px;white-space:nowrap" class="ft037">Aa</p> <p style="position:absolute;top:284px;left:501px;white-space:nowrap" class="ft037">A</p> <p style="position:absolute;top:284px;left:571px;white-space:nowrap" class="ft037">Baa</p> <p style="position:absolute;top:284px;left:651px;white-space:nowrap" class="ft037">Ba</p> <p style="position:absolute;top:284px;left:730px;white-space:nowrap" class="ft037">B</p> <p style="position:absolute;top:284px;left:799px;white-space:nowrap" class="ft037">Caa</p> <p style="position:absolute;top:300px;left:149px;white-space:nowrap" class="ft038">&gt;=1&#160;and &lt;3</p> <p style="position:absolute;top:299px;left:345px;white-space:nowrap" class="ft038">36</p> <p style="position:absolute;top:299px;left:419px;white-space:nowrap" class="ft038">126</p> <p style="position:absolute;top:299px;left:494px;white-space:nowrap" class="ft038">476</p> <p style="position:absolute;top:299px;left:571px;white-space:nowrap" class="ft038">827</p> <p style="position:absolute;top:299px;left:647px;white-space:nowrap" class="ft038">268</p> <p style="position:absolute;top:299px;left:724px;white-space:nowrap" class="ft038">153</p> <p style="position:absolute;top:299px;left:804px;white-space:nowrap" class="ft038">37</p> <p style="position:absolute;top:318px;left:149px;white-space:nowrap" class="ft038">&gt;=3&#160;and &lt;5</p> <p style="position:absolute;top:317px;left:346px;white-space:nowrap" class="ft038">23</p> <p style="position:absolute;top:317px;left:422px;white-space:nowrap" class="ft038">93</p> <p style="position:absolute;top:317px;left:495px;white-space:nowrap" class="ft038">381</p> <p style="position:absolute;top:317px;left:572px;white-space:nowrap" class="ft038">791</p> <p style="position:absolute;top:317px;left:649px;white-space:nowrap" class="ft038">211</p> <p style="position:absolute;top:317px;left:728px;white-space:nowrap" class="ft038">72</p> <p style="position:absolute;top:317px;left:803px;white-space:nowrap" class="ft038">23</p> <p style="position:absolute;top:336px;left:149px;white-space:nowrap" class="ft038">&gt;=5 and &lt;7</p> <p style="position:absolute;top:335px;left:346px;white-space:nowrap" class="ft038">16</p> <p style="position:absolute;top:335px;left:423px;white-space:nowrap" class="ft038">71</p> <p style="position:absolute;top:335px;left:494px;white-space:nowrap" class="ft038">335</p> <p style="position:absolute;top:335px;left:571px;white-space:nowrap" class="ft038">681</p> <p style="position:absolute;top:335px;left:651px;white-space:nowrap" class="ft038">97</p> <p style="position:absolute;top:335px;left:727px;white-space:nowrap" class="ft038">37</p> <p style="position:absolute;top:335px;left:807px;white-space:nowrap" class="ft038">7</p> <p style="position:absolute;top:355px;left:171px;white-space:nowrap" class="ft038">&gt;=7</p> <p style="position:absolute;top:353px;left:346px;white-space:nowrap" class="ft038">41</p> <p style="position:absolute;top:353px;left:418px;white-space:nowrap" class="ft038">222</p> <p style="position:absolute;top:353px;left:491px;white-space:nowrap" class="ft038">1085</p> <p style="position:absolute;top:353px;left:567px;white-space:nowrap" class="ft038">1420</p> <p style="position:absolute;top:353px;left:648px;white-space:nowrap" class="ft038">153</p> <p style="position:absolute;top:353px;left:727px;white-space:nowrap" class="ft038">26</p> <p style="position:absolute;top:353px;left:807px;white-space:nowrap" class="ft038">5</p> <p style="position:absolute;top:399px;left:155px;white-space:nowrap" class="ft037">Duration</p> <p style="position:absolute;top:399px;left:341px;white-space:nowrap" class="ft037">Aaa</p> <p style="position:absolute;top:399px;left:421px;white-space:nowrap" class="ft037">Aa</p> <p style="position:absolute;top:399px;left:501px;white-space:nowrap" class="ft037">A</p> <p style="position:absolute;top:399px;left:571px;white-space:nowrap" class="ft037">Baa</p> <p style="position:absolute;top:399px;left:651px;white-space:nowrap" class="ft037">Ba</p> <p style="position:absolute;top:399px;left:730px;white-space:nowrap" class="ft037">B</p> <p style="position:absolute;top:399px;left:799px;white-space:nowrap" class="ft037">Caa</p> <p style="position:absolute;top:416px;left:149px;white-space:nowrap" class="ft038">&gt;=1&#160;and &lt;3</p> <p style="position:absolute;top:414px;left:349px;white-space:nowrap" class="ft038">9</p> <p style="position:absolute;top:414px;left:422px;white-space:nowrap" class="ft038">52</p> <p style="position:absolute;top:414px;left:494px;white-space:nowrap" class="ft038">250</p> <p style="position:absolute;top:414px;left:571px;white-space:nowrap" class="ft038">473</p> <p style="position:absolute;top:414px;left:648px;white-space:nowrap" class="ft038">192</p> <p style="position:absolute;top:414px;left:724px;white-space:nowrap" class="ft038">123</p> <p style="position:absolute;top:414px;left:804px;white-space:nowrap" class="ft038">31</p> <p style="position:absolute;top:434px;left:149px;white-space:nowrap" class="ft038">&gt;=3&#160;and &lt;5</p> <p style="position:absolute;top:433px;left:349px;white-space:nowrap" class="ft038">6</p> <p style="position:absolute;top:433px;left:422px;white-space:nowrap" class="ft038">43</p> <p style="position:absolute;top:433px;left:495px;white-space:nowrap" class="ft038">223</p> <p style="position:absolute;top:433px;left:571px;white-space:nowrap" class="ft038">487</p> <p style="position:absolute;top:433px;left:648px;white-space:nowrap" class="ft038">143</p> <p style="position:absolute;top:433px;left:727px;white-space:nowrap" class="ft038">64</p> <p style="position:absolute;top:433px;left:804px;white-space:nowrap" class="ft038">21</p> <p style="position:absolute;top:452px;left:149px;white-space:nowrap" class="ft038">&gt;=5 and &lt;7</p> <p style="position:absolute;top:451px;left:349px;white-space:nowrap" class="ft038">6</p> <p style="position:absolute;top:451px;left:422px;white-space:nowrap" class="ft038">34</p> <p style="position:absolute;top:451px;left:494px;white-space:nowrap" class="ft038">209</p> <p style="position:absolute;top:451px;left:571px;white-space:nowrap" class="ft038">418</p> <p style="position:absolute;top:451px;left:651px;white-space:nowrap" class="ft038">73</p> <p style="position:absolute;top:451px;left:727px;white-space:nowrap" class="ft038">33</p> <p style="position:absolute;top:451px;left:807px;white-space:nowrap" class="ft038">5</p> <p style="position:absolute;top:470px;left:171px;white-space:nowrap" class="ft038">&gt;=7</p> <p style="position:absolute;top:469px;left:346px;white-space:nowrap" class="ft038">10</p> <p style="position:absolute;top:469px;left:422px;white-space:nowrap" class="ft038">46</p> <p style="position:absolute;top:469px;left:495px;white-space:nowrap" class="ft038">310</p> <p style="position:absolute;top:469px;left:571px;white-space:nowrap" class="ft038">467</p> <p style="position:absolute;top:469px;left:650px;white-space:nowrap" class="ft038">69</p> <p style="position:absolute;top:469px;left:728px;white-space:nowrap" class="ft038">12</p> <p style="position:absolute;top:469px;left:807px;white-space:nowrap" class="ft038">4</p> <p style="position:absolute;top:490px;left:72px;white-space:nowrap" class="ft025"><i>Source:&#160;Moody's</i></p> <p style="position:absolute;top:381px;left:541px;white-space:nowrap" class="ft037">Issuer&#160;Counts</p> <p style="position:absolute;top:123px;left:72px;white-space:nowrap" class="ft034">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="ft037">Median&#160;Spreads</p> <p style="position:absolute;top:265px;left:544px;white-space:nowrap" class="ft037">Debt&#160;Counts</p> <p style="position:absolute;top:533px;left:68px;white-space:nowrap" class="ft09"><b>MEDIAN 5-YEAR CDS SPREADS</b></p> <p style="position:absolute;top:555px;left:68px;white-space:nowrap" class="ft07">&#160;</p> <p style="position:absolute;top:616px;left:70px;white-space:nowrap" class="ft030">&#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="ft030">Aaa</p> <p style="position:absolute;top:636px;left:363px;white-space:nowrap" class="ft030">Aa1</p> <p style="position:absolute;top:636px;left:426px;white-space:nowrap" class="ft030">Aa2</p> <p style="position:absolute;top:636px;left:489px;white-space:nowrap" class="ft030">Aa3</p> <p style="position:absolute;top:636px;left:557px;white-space:nowrap" class="ft030">A1</p> <p style="position:absolute;top:636px;left:619px;white-space:nowrap" class="ft030">A2</p> <p style="position:absolute;top:636px;left:682px;white-space:nowrap" class="ft030">A3</p> <p style="position:absolute;top:636px;left:739px;white-space:nowrap" class="ft030">Baa1</p> <p style="position:absolute;top:636px;left:801px;white-space:nowrap" class="ft030">Baa2</p> <p style="position:absolute;top:652px;left:305px;white-space:nowrap" class="ft031">19</p> <p style="position:absolute;top:652px;left:368px;white-space:nowrap" class="ft031">25</p> <p style="position:absolute;top:652px;left:431px;white-space:nowrap" class="ft031">35</p> <p style="position:absolute;top:652px;left:494px;white-space:nowrap" class="ft031">37</p> <p style="position:absolute;top:652px;left:557px;white-space:nowrap" class="ft031">39</p> <p style="position:absolute;top:652px;left:620px;white-space:nowrap" class="ft031">42</p> <p style="position:absolute;top:652px;left:683px;white-space:nowrap" class="ft031">46</p> <p style="position:absolute;top:652px;left:746px;white-space:nowrap" class="ft031">50</p> <p style="position:absolute;top:652px;left:809px;white-space:nowrap" class="ft031">55</p> <p style="position:absolute;top:684px;left:359px;white-space:nowrap" class="ft030">Baa3</p> <p style="position:absolute;top:684px;left:427px;white-space:nowrap" class="ft030">Ba1</p> <p style="position:absolute;top:684px;left:489px;white-space:nowrap" class="ft030">Ba2</p> <p style="position:absolute;top:684px;left:552px;white-space:nowrap" class="ft030">Ba3</p> <p style="position:absolute;top:684px;left:620px;white-space:nowrap" class="ft030">B1</p> <p style="position:absolute;top:684px;left:682px;white-space:nowrap" class="ft030">B2</p> <p style="position:absolute;top:684px;left:746px;white-space:nowrap" class="ft030">B3</p> <p style="position:absolute;top:684px;left:805px;white-space:nowrap" class="ft030">Caa</p> <p style="position:absolute;top:700px;left:367px;white-space:nowrap" class="ft031">80</p> <p style="position:absolute;top:700px;left:428px;white-space:nowrap" class="ft031">118</p> <p style="position:absolute;top:700px;left:491px;white-space:nowrap" class="ft031">173</p> <p style="position:absolute;top:700px;left:553px;white-space:nowrap" class="ft031">209</p> <p style="position:absolute;top:700px;left:616px;white-space:nowrap" class="ft031">253</p> <p style="position:absolute;top:700px;left:679px;white-space:nowrap" class="ft031">306</p> <p style="position:absolute;top:700px;left:742px;white-space:nowrap" class="ft031">346</p> <p style="position:absolute;top:700px;left:805px;white-space:nowrap" class="ft031">542</p> <p style="position:absolute;top:743px;left:70px;white-space:nowrap" class="ft030">&#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="ft030">Aaa</p> <p style="position:absolute;top:763px;left:367px;white-space:nowrap" class="ft030">Aa</p> <p style="position:absolute;top:763px;left:434px;white-space:nowrap" class="ft030">A</p> <p style="position:absolute;top:763px;left:490px;white-space:nowrap" class="ft030">Baa</p> <p style="position:absolute;top:763px;left:557px;white-space:nowrap" class="ft030">Ba</p> <p style="position:absolute;top:763px;left:623px;white-space:nowrap" class="ft030">B</p> <p style="position:absolute;top:763px;left:679px;white-space:nowrap" class="ft030">Caa</p> <p style="position:absolute;top:779px;left:305px;white-space:nowrap" class="ft031">21</p> <p style="position:absolute;top:779px;left:368px;white-space:nowrap" class="ft031">35</p> <p style="position:absolute;top:779px;left:430px;white-space:nowrap" class="ft031">42</p> <p style="position:absolute;top:779px;left:494px;white-space:nowrap" class="ft031">55</p> <p style="position:absolute;top:779px;left:554px;white-space:nowrap" class="ft031">173</p> <p style="position:absolute;top:779px;left:616px;white-space:nowrap" class="ft031">306</p> <p style="position:absolute;top:779px;left:679px;white-space:nowrap" class="ft031">441</p> <p style="position:absolute;top:821px;left:70px;white-space:nowrap" class="ft030">&#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="ft030">Aaa</p> <p style="position:absolute;top:841px;left:367px;white-space:nowrap" class="ft030">Aa</p> <p style="position:absolute;top:841px;left:434px;white-space:nowrap" class="ft030">A</p> <p style="position:absolute;top:841px;left:490px;white-space:nowrap" class="ft030">Baa</p> <p style="position:absolute;top:841px;left:557px;white-space:nowrap" class="ft030">Ba</p> <p style="position:absolute;top:841px;left:623px;white-space:nowrap" class="ft030">B</p> <p style="position:absolute;top:841px;left:679px;white-space:nowrap" class="ft030">Caa</p> <p style="position:absolute;top:857px;left:308px;white-space:nowrap" class="ft031">9</p> <p style="position:absolute;top:857px;left:368px;white-space:nowrap" class="ft031">52</p> <p style="position:absolute;top:857px;left:428px;white-space:nowrap" class="ft031">172</p> <p style="position:absolute;top:857px;left:489px;white-space:nowrap" class="ft031">345</p> <p style="position:absolute;top:857px;left:556px;white-space:nowrap" class="ft031">99</p> <p style="position:absolute;top:857px;left:620px;white-space:nowrap" class="ft031">47</p> <p style="position:absolute;top:857px;left:683px;white-space:nowrap" class="ft031">33</p> <p style="position:absolute;top:880px;left:70px;white-space:nowrap" class="ft032"><i>Source:&#160;Moody's,&#160;CMA</i></p> <p style="position:absolute;top:587px;left:70px;white-space:nowrap" class="ft033">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="ft021"><b>7&#160; &#160; &#160; &#160; &#160; <chron>21 January 2021</chron></b></p> <p style="position:absolute;top:1138px;left:712px;white-space:nowrap" class="ft021"><b>Cross-Sector: Market Data Highlights</b></p> </div> <!-- Page 8 --> <a name="8"></a> <style type="text/css"> <!-- p {margin: 0; padding: 0;} .ft039{font-size:16px;font-family:Times;color:#528dd4;} .ft040{font-size:16px;font-family:Times;color:#333333;} .ft041{font-size:16px;font-family:Times;color:#333333;} --> </style> <div id="page8-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1262299008.png" alt="background image"/> <p style="position:absolute;top:45px;left:61px;white-space:nowrap" class="ft016">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="ft039">Region</p> <p style="position:absolute;top:186px;left:347px;white-space:nowrap" class="ft039">Aaa</p> <p style="position:absolute;top:186px;left:426px;white-space:nowrap" class="ft039">Aa</p> <p style="position:absolute;top:186px;left:505px;white-space:nowrap" class="ft039">A</p> <p style="position:absolute;top:186px;left:572px;white-space:nowrap" class="ft039">Baa</p> <p style="position:absolute;top:186px;left:651px;white-space:nowrap" class="ft039">Ba</p> <p style="position:absolute;top:186px;left:731px;white-space:nowrap" class="ft039">B</p> <p style="position:absolute;top:186px;left:796px;white-space:nowrap" class="ft039">Caa</p> <p style="position:absolute;top:212px;left:130px;white-space:nowrap" class="ft040"><location value="LB/nam" idsrc="xmltag.org" >North&#160;America</location></p> <p style="position:absolute;top:210px;left:353px;white-space:nowrap" class="ft040">21</p> <p style="position:absolute;top:210px;left:427px;white-space:nowrap" class="ft040">35</p> <p style="position:absolute;top:210px;left:501px;white-space:nowrap" class="ft040">40</p> <p style="position:absolute;top:210px;left:576px;white-space:nowrap" class="ft040">63</p> <p style="position:absolute;top:210px;left:648px;white-space:nowrap" class="ft040">163</p> <p style="position:absolute;top:210px;left:722px;white-space:nowrap" class="ft040">268</p> <p style="position:absolute;top:210px;left:797px;white-space:nowrap" class="ft040">378</p> <p style="position:absolute;top:238px;left:158px;white-space:nowrap" class="ft040"><location value="LR/eur" idsrc="xmltag.org" >Europe</location></p> <p style="position:absolute;top:236px;left:352px;white-space:nowrap" class="ft040">10</p> <p style="position:absolute;top:236px;left:427px;white-space:nowrap" class="ft040">27</p> <p style="position:absolute;top:236px;left:502px;white-space:nowrap" class="ft040">39</p> <p style="position:absolute;top:236px;left:576px;white-space:nowrap" class="ft040">56</p> <p style="position:absolute;top:236px;left:648px;white-space:nowrap" class="ft040">127</p> <p style="position:absolute;top:236px;left:723px;white-space:nowrap" class="ft040">221</p> <p style="position:absolute;top:236px;left:796px;white-space:nowrap" class="ft040">486</p> <p style="position:absolute;top:265px;left:105px;white-space:nowrap" class="ft040"><location value="LR/asp" idsrc="xmltag.org" >Asia&#160;Pacific</location>&#160;(ex.Japan)</p> <p style="position:absolute;top:263px;left:352px;white-space:nowrap" class="ft040">14</p> <p style="position:absolute;top:263px;left:427px;white-space:nowrap" class="ft040">24</p> <p style="position:absolute;top:263px;left:502px;white-space:nowrap" class="ft040">36</p> <p style="position:absolute;top:263px;left:576px;white-space:nowrap" class="ft040">66</p> <p style="position:absolute;top:263px;left:648px;white-space:nowrap" class="ft040">157</p> <p style="position:absolute;top:263px;left:722px;white-space:nowrap" class="ft040">373</p> <p style="position:absolute;top:263px;left:808px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:291px;left:163px;white-space:nowrap" class="ft040"><location value="LC/jp" idsrc="xmltag.org" >Japan</location></p> <p style="position:absolute;top:289px;left:358px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:289px;left:427px;white-space:nowrap" class="ft040">28</p> <p style="position:absolute;top:289px;left:502px;white-space:nowrap" class="ft040">24</p> <p style="position:absolute;top:289px;left:576px;white-space:nowrap" class="ft040">30</p> <p style="position:absolute;top:289px;left:653px;white-space:nowrap" class="ft040">51</p> <p style="position:absolute;top:289px;left:727px;white-space:nowrap" class="ft040">70</p> <p style="position:absolute;top:289px;left:808px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:371px;left:156px;white-space:nowrap" class="ft039">Region</p> <p style="position:absolute;top:371px;left:347px;white-space:nowrap" class="ft039">Aaa</p> <p style="position:absolute;top:371px;left:426px;white-space:nowrap" class="ft039">Aa</p> <p style="position:absolute;top:371px;left:505px;white-space:nowrap" class="ft039">A</p> <p style="position:absolute;top:371px;left:572px;white-space:nowrap" class="ft039">Baa</p> <p style="position:absolute;top:371px;left:651px;white-space:nowrap" class="ft039">Ba</p> <p style="position:absolute;top:371px;left:731px;white-space:nowrap" class="ft039">B</p> <p style="position:absolute;top:371px;left:796px;white-space:nowrap" class="ft039">Caa</p> <p style="position:absolute;top:397px;left:130px;white-space:nowrap" class="ft040"><location value="LB/nam" idsrc="xmltag.org" >North&#160;America</location></p> <p style="position:absolute;top:395px;left:357px;white-space:nowrap" class="ft040">3</p> <p style="position:absolute;top:395px;left:428px;white-space:nowrap" class="ft040">19</p> <p style="position:absolute;top:395px;left:502px;white-space:nowrap" class="ft040">85</p> <p style="position:absolute;top:395px;left:574px;white-space:nowrap" class="ft040">211</p> <p style="position:absolute;top:395px;left:651px;white-space:nowrap" class="ft040">60</p> <p style="position:absolute;top:395px;left:726px;white-space:nowrap" class="ft040">34</p> <p style="position:absolute;top:395px;left:803px;white-space:nowrap" class="ft040">15</p> <p style="position:absolute;top:423px;left:158px;white-space:nowrap" class="ft040"><location value="LR/eur" idsrc="xmltag.org" >Europe</location></p> <p style="position:absolute;top:421px;left:356px;white-space:nowrap" class="ft040">6</p> <p style="position:absolute;top:421px;left:427px;white-space:nowrap" class="ft040">33</p> <p style="position:absolute;top:421px;left:502px;white-space:nowrap" class="ft040">82</p> <p style="position:absolute;top:421px;left:573px;white-space:nowrap" class="ft040">122</p> <p style="position:absolute;top:421px;left:651px;white-space:nowrap" class="ft040">28</p> <p style="position:absolute;top:421px;left:727px;white-space:nowrap" class="ft040">10</p> <p style="position:absolute;top:421px;left:802px;white-space:nowrap" class="ft040">16</p> <p style="position:absolute;top:450px;left:105px;white-space:nowrap" class="ft040"><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="ft040">3</p> <p style="position:absolute;top:448px;left:427px;white-space:nowrap" class="ft040">18</p> <p style="position:absolute;top:448px;left:503px;white-space:nowrap" class="ft040">31</p> <p style="position:absolute;top:448px;left:577px;white-space:nowrap" class="ft040">35</p> <p style="position:absolute;top:448px;left:656px;white-space:nowrap" class="ft040">5</p> <p style="position:absolute;top:448px;left:731px;white-space:nowrap" class="ft040">2</p> <p style="position:absolute;top:448px;left:808px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:476px;left:163px;white-space:nowrap" class="ft040"><location value="LC/jp" idsrc="xmltag.org" >Japan</location></p> <p style="position:absolute;top:474px;left:358px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:474px;left:432px;white-space:nowrap" class="ft040">1</p> <p style="position:absolute;top:474px;left:501px;white-space:nowrap" class="ft040">34</p> <p style="position:absolute;top:474px;left:577px;white-space:nowrap" class="ft040">13</p> <p style="position:absolute;top:474px;left:656px;white-space:nowrap" class="ft040">3</p> <p style="position:absolute;top:474px;left:732px;white-space:nowrap" class="ft040">1</p> <p style="position:absolute;top:474px;left:808px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:503px;left:73px;white-space:nowrap" class="ft041"><i>Source:&#160;Moody's,&#160;CMA</i></p> <p style="position:absolute;top:344px;left:534px;white-space:nowrap" class="ft039">Issuer&#160;Counts</p> <p style="position:absolute;top:122px;left:73px;white-space:nowrap" class="ft029">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="ft039">Median&#160;CDS&#160;Spreads</p> <p style="position:absolute;top:608px;left:158px;white-space:nowrap" class="ft039">Sector</p> <p style="position:absolute;top:608px;left:347px;white-space:nowrap" class="ft039">Aaa</p> <p style="position:absolute;top:608px;left:426px;white-space:nowrap" class="ft039">Aa</p> <p style="position:absolute;top:608px;left:505px;white-space:nowrap" class="ft039">A</p> <p style="position:absolute;top:608px;left:572px;white-space:nowrap" class="ft039">Baa</p> <p style="position:absolute;top:608px;left:651px;white-space:nowrap" class="ft039">Ba</p> <p style="position:absolute;top:608px;left:731px;white-space:nowrap" class="ft039">B</p> <p style="position:absolute;top:608px;left:796px;white-space:nowrap" class="ft039">Caa</p> <p style="position:absolute;top:634px;left:143px;white-space:nowrap" class="ft040">Corporates</p> <p style="position:absolute;top:632px;left:352px;white-space:nowrap" class="ft040">22</p> <p style="position:absolute;top:632px;left:428px;white-space:nowrap" class="ft040">31</p> <p style="position:absolute;top:632px;left:502px;white-space:nowrap" class="ft040">36</p> <p style="position:absolute;top:632px;left:576px;white-space:nowrap" class="ft040">60</p> <p style="position:absolute;top:632px;left:649px;white-space:nowrap" class="ft040">161</p> <p style="position:absolute;top:632px;left:723px;white-space:nowrap" class="ft040">261</p> <p style="position:absolute;top:632px;left:797px;white-space:nowrap" class="ft040">532</p> <p style="position:absolute;top:661px;left:148px;white-space:nowrap" class="ft040">Financials</p> <p style="position:absolute;top:659px;left:354px;white-space:nowrap" class="ft040">11</p> <p style="position:absolute;top:659px;left:427px;white-space:nowrap" class="ft040">27</p> <p style="position:absolute;top:659px;left:501px;white-space:nowrap" class="ft040">38</p> <p style="position:absolute;top:659px;left:576px;white-space:nowrap" class="ft040">68</p> <p style="position:absolute;top:659px;left:648px;white-space:nowrap" class="ft040">153</p> <p style="position:absolute;top:659px;left:721px;white-space:nowrap" class="ft040">406</p> <p style="position:absolute;top:659px;left:797px;white-space:nowrap" class="ft040">391</p> <p style="position:absolute;top:687px;left:145px;white-space:nowrap" class="ft040">Sovereigns</p> <p style="position:absolute;top:685px;left:354px;white-space:nowrap" class="ft040">11</p> <p style="position:absolute;top:685px;left:428px;white-space:nowrap" class="ft040">15</p> <p style="position:absolute;top:685px;left:501px;white-space:nowrap" class="ft040">34</p> <p style="position:absolute;top:685px;left:576px;white-space:nowrap" class="ft040">50</p> <p style="position:absolute;top:685px;left:651px;white-space:nowrap" class="ft040">96</p> <p style="position:absolute;top:685px;left:721px;white-space:nowrap" class="ft040">406</p> <p style="position:absolute;top:685px;left:808px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:714px;left:162px;white-space:nowrap" class="ft040">Banks</p> <p style="position:absolute;top:712px;left:358px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:712px;left:427px;white-space:nowrap" class="ft040">27</p> <p style="position:absolute;top:712px;left:502px;white-space:nowrap" class="ft040">39</p> <p style="position:absolute;top:712px;left:577px;white-space:nowrap" class="ft040">70</p> <p style="position:absolute;top:712px;left:648px;white-space:nowrap" class="ft040">178</p> <p style="position:absolute;top:712px;left:733px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:712px;left:797px;white-space:nowrap" class="ft040">366</p> <p style="position:absolute;top:793px;left:158px;white-space:nowrap" class="ft039">Sector</p> <p style="position:absolute;top:793px;left:347px;white-space:nowrap" class="ft039">Aaa</p> <p style="position:absolute;top:793px;left:426px;white-space:nowrap" class="ft039">Aa</p> <p style="position:absolute;top:793px;left:505px;white-space:nowrap" class="ft039">A</p> <p style="position:absolute;top:793px;left:572px;white-space:nowrap" class="ft039">Baa</p> <p style="position:absolute;top:793px;left:651px;white-space:nowrap" class="ft039">Ba</p> <p style="position:absolute;top:793px;left:731px;white-space:nowrap" class="ft039">B</p> <p style="position:absolute;top:793px;left:796px;white-space:nowrap" class="ft039">Caa</p> <p style="position:absolute;top:819px;left:143px;white-space:nowrap" class="ft040">Corporates</p> <p style="position:absolute;top:817px;left:356px;white-space:nowrap" class="ft040">4</p> <p style="position:absolute;top:817px;left:427px;white-space:nowrap" class="ft040">25</p> <p style="position:absolute;top:817px;left:498px;white-space:nowrap" class="ft040">152</p> <p style="position:absolute;top:817px;left:572px;white-space:nowrap" class="ft040">324</p> <p style="position:absolute;top:817px;left:651px;white-space:nowrap" class="ft040">88</p> <p style="position:absolute;top:817px;left:726px;white-space:nowrap" class="ft040">49</p> <p style="position:absolute;top:817px;left:802px;white-space:nowrap" class="ft040">27</p> <p style="position:absolute;top:846px;left:148px;white-space:nowrap" class="ft040">Financials</p> <p style="position:absolute;top:844px;left:356px;white-space:nowrap" class="ft040">8</p> <p style="position:absolute;top:844px;left:426px;white-space:nowrap" class="ft040">46</p> <p style="position:absolute;top:844px;left:502px;white-space:nowrap" class="ft040">85</p> <p style="position:absolute;top:844px;left:576px;white-space:nowrap" class="ft040">69</p> <p style="position:absolute;top:844px;left:652px;white-space:nowrap" class="ft040">19</p> <p style="position:absolute;top:844px;left:732px;white-space:nowrap" class="ft040">1</p> <p style="position:absolute;top:844px;left:806px;white-space:nowrap" class="ft040">6</p> <p style="position:absolute;top:872px;left:162px;white-space:nowrap" class="ft040">Banks</p> <p style="position:absolute;top:870px;left:358px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:870px;left:427px;white-space:nowrap" class="ft040">35</p> <p style="position:absolute;top:870px;left:502px;white-space:nowrap" class="ft040">53</p> <p style="position:absolute;top:870px;left:576px;white-space:nowrap" class="ft040">29</p> <p style="position:absolute;top:870px;left:652px;white-space:nowrap" class="ft040">10</p> <p style="position:absolute;top:870px;left:733px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:870px;left:806px;white-space:nowrap" class="ft040">5</p> <p style="position:absolute;top:899px;left:145px;white-space:nowrap" class="ft040">Sovereigns</p> <p style="position:absolute;top:897px;left:356px;white-space:nowrap" class="ft040">8</p> <p style="position:absolute;top:897px;left:431px;white-space:nowrap" class="ft040">6</p> <p style="position:absolute;top:897px;left:506px;white-space:nowrap" class="ft040">4</p> <p style="position:absolute;top:897px;left:581px;white-space:nowrap" class="ft040">6</p> <p style="position:absolute;top:897px;left:656px;white-space:nowrap" class="ft040">3</p> <p style="position:absolute;top:897px;left:732px;white-space:nowrap" class="ft040">1</p> <p style="position:absolute;top:897px;left:808px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:926px;left:73px;white-space:nowrap" class="ft041"><i>Source:&#160;Moody's,&#160;CMA</i></p> <p style="position:absolute;top:766px;left:534px;white-space:nowrap" class="ft039">Issuer&#160;Counts</p> <p style="position:absolute;top:545px;left:73px;white-space:nowrap" class="ft029">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="ft039">Median&#160;CDS&#160;Spreads</p> <p style="position:absolute;top:1138px;left:41px;white-space:nowrap" class="ft021"><b>8&#160; &#160; &#160; &#160; &#160; <chron>21 January 2021</chron></b></p> <p style="position:absolute;top:1138px;left:712px;white-space:nowrap" class="ft021"><b>Cross-Sector: Market Data Highlights</b></p> </div> <!-- Page 9 --> <a name="9"></a> <style type="text/css"> <!-- p {margin: 0; padding: 0;}--> </style> <div id="page9-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1262299009.png" alt="background image"/> <p style="position:absolute;top:45px;left:61px;white-space:nowrap" class="ft016">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="ft039">Region</p> <p style="position:absolute;top:195px;left:347px;white-space:nowrap" class="ft039">Aaa</p> <p style="position:absolute;top:195px;left:426px;white-space:nowrap" class="ft039">Aa</p> <p style="position:absolute;top:195px;left:505px;white-space:nowrap" class="ft039">A</p> <p style="position:absolute;top:195px;left:572px;white-space:nowrap" class="ft039">Baa</p> <p style="position:absolute;top:195px;left:651px;white-space:nowrap" class="ft039">Ba</p> <p style="position:absolute;top:195px;left:731px;white-space:nowrap" class="ft039">B</p> <p style="position:absolute;top:195px;left:796px;white-space:nowrap" class="ft039">Caa</p> <p style="position:absolute;top:221px;left:130px;white-space:nowrap" class="ft040"><location value="LB/nam" idsrc="xmltag.org" >North&#160;America</location></p> <p style="position:absolute;top:219px;left:353px;white-space:nowrap" class="ft040">13</p> <p style="position:absolute;top:219px;left:427px;white-space:nowrap" class="ft040">39</p> <p style="position:absolute;top:219px;left:502px;white-space:nowrap" class="ft040">41</p> <p style="position:absolute;top:219px;left:577px;white-space:nowrap" class="ft040">70</p> <p style="position:absolute;top:219px;left:647px;white-space:nowrap" class="ft040">180</p> <p style="position:absolute;top:219px;left:733px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:219px;left:797px;white-space:nowrap" class="ft040">650</p> <p style="position:absolute;top:248px;left:158px;white-space:nowrap" class="ft040"><location value="LR/eur" idsrc="xmltag.org" >Europe</location></p> <p style="position:absolute;top:246px;left:354px;white-space:nowrap" class="ft040">11</p> <p style="position:absolute;top:246px;left:427px;white-space:nowrap" class="ft040">27</p> <p style="position:absolute;top:246px;left:502px;white-space:nowrap" class="ft040">42</p> <p style="position:absolute;top:246px;left:576px;white-space:nowrap" class="ft040">68</p> <p style="position:absolute;top:246px;left:647px;white-space:nowrap" class="ft040">106</p> <p style="position:absolute;top:246px;left:733px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:246px;left:797px;white-space:nowrap" class="ft040">366</p> <p style="position:absolute;top:274px;left:105px;white-space:nowrap" class="ft040"><location value="LR/asp" idsrc="xmltag.org" >Asia&#160;Pacific</location>&#160;(ex.Japan)</p> <p style="position:absolute;top:272px;left:352px;white-space:nowrap" class="ft040">14</p> <p style="position:absolute;top:272px;left:427px;white-space:nowrap" class="ft040">24</p> <p style="position:absolute;top:272px;left:502px;white-space:nowrap" class="ft040">36</p> <p style="position:absolute;top:272px;left:576px;white-space:nowrap" class="ft040">66</p> <p style="position:absolute;top:272px;left:651px;white-space:nowrap" class="ft040">96</p> <p style="position:absolute;top:272px;left:721px;white-space:nowrap" class="ft040">406</p> <p style="position:absolute;top:272px;left:808px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:300px;left:163px;white-space:nowrap" class="ft040"><location value="LC/jp" idsrc="xmltag.org" >Japan</location></p> <p style="position:absolute;top:299px;left:358px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:299px;left:433px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:299px;left:502px;white-space:nowrap" class="ft040">26</p> <p style="position:absolute;top:299px;left:576px;white-space:nowrap" class="ft040">40</p> <p style="position:absolute;top:299px;left:658px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:299px;left:733px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:299px;left:808px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:380px;left:156px;white-space:nowrap" class="ft039">Region</p> <p style="position:absolute;top:380px;left:347px;white-space:nowrap" class="ft039">Aaa</p> <p style="position:absolute;top:380px;left:426px;white-space:nowrap" class="ft039">Aa</p> <p style="position:absolute;top:380px;left:505px;white-space:nowrap" class="ft039">A</p> <p style="position:absolute;top:380px;left:572px;white-space:nowrap" class="ft039">Baa</p> <p style="position:absolute;top:380px;left:651px;white-space:nowrap" class="ft039">Ba</p> <p style="position:absolute;top:380px;left:731px;white-space:nowrap" class="ft039">B</p> <p style="position:absolute;top:380px;left:796px;white-space:nowrap" class="ft039">Caa</p> <p style="position:absolute;top:406px;left:130px;white-space:nowrap" class="ft040"><location value="LB/nam" idsrc="xmltag.org" >North&#160;America</location></p> <p style="position:absolute;top:404px;left:357px;white-space:nowrap" class="ft040">1</p> <p style="position:absolute;top:404px;left:431px;white-space:nowrap" class="ft040">8</p> <p style="position:absolute;top:404px;left:502px;white-space:nowrap" class="ft040">22</p> <p style="position:absolute;top:404px;left:576px;white-space:nowrap" class="ft040">24</p> <p style="position:absolute;top:404px;left:657px;white-space:nowrap" class="ft040">7</p> <p style="position:absolute;top:404px;left:733px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:404px;left:807px;white-space:nowrap" class="ft040">1</p> <p style="position:absolute;top:433px;left:158px;white-space:nowrap" class="ft040"><location value="LR/eur" idsrc="xmltag.org" >Europe</location></p> <p style="position:absolute;top:431px;left:357px;white-space:nowrap" class="ft040">5</p> <p style="position:absolute;top:431px;left:427px;white-space:nowrap" class="ft040">25</p> <p style="position:absolute;top:431px;left:502px;white-space:nowrap" class="ft040">39</p> <p style="position:absolute;top:431px;left:577px;white-space:nowrap" class="ft040">27</p> <p style="position:absolute;top:431px;left:656px;white-space:nowrap" class="ft040">6</p> <p style="position:absolute;top:431px;left:733px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:431px;left:806px;white-space:nowrap" class="ft040">5</p> <p style="position:absolute;top:459px;left:105px;white-space:nowrap" class="ft040"><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="ft040">2</p> <p style="position:absolute;top:457px;left:428px;white-space:nowrap" class="ft040">13</p> <p style="position:absolute;top:457px;left:503px;white-space:nowrap" class="ft040">13</p> <p style="position:absolute;top:457px;left:577px;white-space:nowrap" class="ft040">14</p> <p style="position:absolute;top:457px;left:656px;white-space:nowrap" class="ft040">3</p> <p style="position:absolute;top:457px;left:732px;white-space:nowrap" class="ft040">1</p> <p style="position:absolute;top:457px;left:808px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:486px;left:163px;white-space:nowrap" class="ft040"><location value="LC/jp" idsrc="xmltag.org" >Japan</location></p> <p style="position:absolute;top:484px;left:358px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:484px;left:433px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:484px;left:503px;white-space:nowrap" class="ft040">11</p> <p style="position:absolute;top:484px;left:581px;white-space:nowrap" class="ft040">2</p> <p style="position:absolute;top:484px;left:658px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:484px;left:733px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:484px;left:808px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:512px;left:73px;white-space:nowrap" class="ft041"><i>Source:&#160;Moody's,&#160;CMA</i></p> <p style="position:absolute;top:133px;left:73px;white-space:nowrap" class="ft029">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="ft039">Median&#160;CDS&#160;Spreads</p> <p style="position:absolute;top:353px;left:534px;white-space:nowrap" class="ft039">Issuer&#160;Counts</p> <p style="position:absolute;top:616px;left:156px;white-space:nowrap" class="ft039">Region</p> <p style="position:absolute;top:616px;left:347px;white-space:nowrap" class="ft039">Aaa</p> <p style="position:absolute;top:616px;left:426px;white-space:nowrap" class="ft039">Aa</p> <p style="position:absolute;top:616px;left:505px;white-space:nowrap" class="ft039">A</p> <p style="position:absolute;top:616px;left:572px;white-space:nowrap" class="ft039">Baa</p> <p style="position:absolute;top:616px;left:651px;white-space:nowrap" class="ft039">Ba</p> <p style="position:absolute;top:616px;left:731px;white-space:nowrap" class="ft039">B</p> <p style="position:absolute;top:616px;left:796px;white-space:nowrap" class="ft039">Caa</p> <p style="position:absolute;top:642px;left:130px;white-space:nowrap" class="ft040"><location value="LB/nam" idsrc="xmltag.org" >North&#160;America</location></p> <p style="position:absolute;top:640px;left:352px;white-space:nowrap" class="ft040">22</p> <p style="position:absolute;top:640px;left:426px;white-space:nowrap" class="ft040">34</p> <p style="position:absolute;top:640px;left:501px;white-space:nowrap" class="ft040">38</p> <p style="position:absolute;top:640px;left:576px;white-space:nowrap" class="ft040">63</p> <p style="position:absolute;top:640px;left:648px;white-space:nowrap" class="ft040">162</p> <p style="position:absolute;top:640px;left:722px;white-space:nowrap" class="ft040">268</p> <p style="position:absolute;top:640px;left:797px;white-space:nowrap" class="ft040">372</p> <p style="position:absolute;top:669px;left:158px;white-space:nowrap" class="ft040"><location value="LR/eur" idsrc="xmltag.org" >Europe</location></p> <p style="position:absolute;top:667px;left:352px;white-space:nowrap" class="ft040">10</p> <p style="position:absolute;top:667px;left:427px;white-space:nowrap" class="ft040">29</p> <p style="position:absolute;top:667px;left:502px;white-space:nowrap" class="ft040">37</p> <p style="position:absolute;top:667px;left:577px;white-space:nowrap" class="ft040">53</p> <p style="position:absolute;top:667px;left:648px;white-space:nowrap" class="ft040">129</p> <p style="position:absolute;top:667px;left:723px;white-space:nowrap" class="ft040">221</p> <p style="position:absolute;top:667px;left:797px;white-space:nowrap" class="ft040">555</p> <p style="position:absolute;top:695px;left:105px;white-space:nowrap" class="ft040"><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="ft040">28</p> <p style="position:absolute;top:693px;left:428px;white-space:nowrap" class="ft040">31</p> <p style="position:absolute;top:693px;left:502px;white-space:nowrap" class="ft040">37</p> <p style="position:absolute;top:693px;left:576px;white-space:nowrap" class="ft040">66</p> <p style="position:absolute;top:693px;left:648px;white-space:nowrap" class="ft040">158</p> <p style="position:absolute;top:693px;left:721px;white-space:nowrap" class="ft040">340</p> <p style="position:absolute;top:693px;left:808px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:721px;left:163px;white-space:nowrap" class="ft040"><location value="LC/jp" idsrc="xmltag.org" >Japan</location></p> <p style="position:absolute;top:720px;left:358px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:720px;left:427px;white-space:nowrap" class="ft040">28</p> <p style="position:absolute;top:720px;left:502px;white-space:nowrap" class="ft040">23</p> <p style="position:absolute;top:720px;left:577px;white-space:nowrap" class="ft040">27</p> <p style="position:absolute;top:720px;left:653px;white-space:nowrap" class="ft040">51</p> <p style="position:absolute;top:720px;left:727px;white-space:nowrap" class="ft040">70</p> <p style="position:absolute;top:720px;left:808px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:801px;left:156px;white-space:nowrap" class="ft039">Region</p> <p style="position:absolute;top:801px;left:347px;white-space:nowrap" class="ft039">Aaa</p> <p style="position:absolute;top:801px;left:426px;white-space:nowrap" class="ft039">Aa</p> <p style="position:absolute;top:801px;left:505px;white-space:nowrap" class="ft039">A</p> <p style="position:absolute;top:801px;left:572px;white-space:nowrap" class="ft039">Baa</p> <p style="position:absolute;top:801px;left:651px;white-space:nowrap" class="ft039">Ba</p> <p style="position:absolute;top:801px;left:731px;white-space:nowrap" class="ft039">B</p> <p style="position:absolute;top:801px;left:796px;white-space:nowrap" class="ft039">Caa</p> <p style="position:absolute;top:827px;left:130px;white-space:nowrap" class="ft040"><location value="LB/nam" idsrc="xmltag.org" >North&#160;America</location></p> <p style="position:absolute;top:825px;left:357px;white-space:nowrap" class="ft040">2</p> <p style="position:absolute;top:825px;left:429px;white-space:nowrap" class="ft040">11</p> <p style="position:absolute;top:825px;left:502px;white-space:nowrap" class="ft040">63</p> <p style="position:absolute;top:825px;left:573px;white-space:nowrap" class="ft040">187</p> <p style="position:absolute;top:825px;left:652px;white-space:nowrap" class="ft040">53</p> <p style="position:absolute;top:825px;left:726px;white-space:nowrap" class="ft040">34</p> <p style="position:absolute;top:825px;left:802px;white-space:nowrap" class="ft040">14</p> <p style="position:absolute;top:854px;left:158px;white-space:nowrap" class="ft040"><location value="LR/eur" idsrc="xmltag.org" >Europe</location></p> <p style="position:absolute;top:852px;left:357px;white-space:nowrap" class="ft040">1</p> <p style="position:absolute;top:852px;left:431px;white-space:nowrap" class="ft040">8</p> <p style="position:absolute;top:852px;left:501px;white-space:nowrap" class="ft040">43</p> <p style="position:absolute;top:852px;left:576px;white-space:nowrap" class="ft040">95</p> <p style="position:absolute;top:852px;left:652px;white-space:nowrap" class="ft040">22</p> <p style="position:absolute;top:852px;left:727px;white-space:nowrap" class="ft040">10</p> <p style="position:absolute;top:852px;left:803px;white-space:nowrap" class="ft040">11</p> <p style="position:absolute;top:880px;left:105px;white-space:nowrap" class="ft040"><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="ft040">1</p> <p style="position:absolute;top:878px;left:431px;white-space:nowrap" class="ft040">5</p> <p style="position:absolute;top:878px;left:502px;white-space:nowrap" class="ft040">18</p> <p style="position:absolute;top:878px;left:578px;white-space:nowrap" class="ft040">21</p> <p style="position:absolute;top:878px;left:656px;white-space:nowrap" class="ft040">2</p> <p style="position:absolute;top:878px;left:732px;white-space:nowrap" class="ft040">1</p> <p style="position:absolute;top:878px;left:808px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:907px;left:163px;white-space:nowrap" class="ft040"><location value="LC/jp" idsrc="xmltag.org" >Japan</location></p> <p style="position:absolute;top:905px;left:358px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:905px;left:432px;white-space:nowrap" class="ft040">1</p> <p style="position:absolute;top:905px;left:502px;white-space:nowrap" class="ft040">23</p> <p style="position:absolute;top:905px;left:578px;white-space:nowrap" class="ft040">11</p> <p style="position:absolute;top:905px;left:656px;white-space:nowrap" class="ft040">3</p> <p style="position:absolute;top:905px;left:732px;white-space:nowrap" class="ft040">1</p> <p style="position:absolute;top:905px;left:808px;white-space:nowrap" class="ft040">-</p> <p style="position:absolute;top:933px;left:73px;white-space:nowrap" class="ft041"><i>Source:&#160;Moody's,&#160;CMA</i></p> <p style="position:absolute;top:589px;left:506px;white-space:nowrap" class="ft039">Median&#160;CDS&#160;Spreads</p> <p style="position:absolute;top:774px;left:534px;white-space:nowrap" class="ft039">Issuer&#160;Counts</p> <p style="position:absolute;top:554px;left:73px;white-space:nowrap" class="ft029">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="ft021"><b>9&#160; &#160; &#160; &#160; &#160; <chron>21 January 2021</chron></b></p> <p style="position:absolute;top:1138px;left:712px;white-space:nowrap" class="ft021"><b>Cross-Sector: Market Data Highlights</b></p> </div> <!-- Page 10 --> <a name="10"></a> <style type="text/css"> <!-- p {margin: 0; padding: 0;} .ft042{font-size:8px;font-family:Times;color:#1b62b7;} .ft043{font-size:10px;font-family:Times;color:#7b7879;} .ft044{font-size:8px;line-height:16px;font-family:Times;color:#7b7879;} .ft045{font-size:8px;line-height:13px;font-family:Times;color:#7b7879;} .ft046{font-size:8px;line-height:16px;font-family:Times;color:#7b7879;} --> </style> <div id="page10-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1262299010.png" alt="background image"/> <p style="position:absolute;top:45px;left:61px;white-space:nowrap" class="ft016">MOODY'S ANALYTICS</p> <p style="position:absolute;top:45px;left:770px;white-space:nowrap" class="ft00"><b>CROSS-SECTOR</b></p> <p style="position:absolute;top:156px;left:81px;white-space:nowrap" class="ft015">© 2021 Moody’s Corporation, Moody’s <org>Investors Service, Inc.</org>, Moody’s <org>Analytics, Inc.</org> and/or their licensors and affiliates (collectively, “MOODY’S”). 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