FSA FI Daily Commentary

FSA Fixed Income Daily Commentary 9 October 2026

Interest Rates Last Previous Chg Last Previous Chg UST 2 Year Germany 10 Year UST 10 Year Australia 10 Year UST 30 Year China 10 Year UK 10 Year Shanghai 3 Month JGB 10 Year Shanghai 7 Day Repo

Total Return Total Return Total Return Index Total Return YTD 1D 1W 3M Total Return 1Y EM Sovereign Bond 2.66% 0.02% 0.21% 1.53% 3.97% EUR IG -1.04% -0.11% 0.06% -1.69% -1.07% EUR HY -0.48% -0.26% -0.01% -2.33% 0.26% Global Corporate -3.13% 0.19% 0.17% -2.72% -2.41% IG EM Corp Plus -2.46% 0.13% 0.20% -2.51% -1.66% US Corp -2.30% 0.29% 0.53% -2.62% -1.80% EM Ext Debt -2.80% 0.16% 0.43% -3.67% -0.29% Global HY -0.54% -0.07% 0.01% -2.17% 0.84% US High Yield 0.17% -0.08% 0.12% -1.72% 1.49% HY EM Corp Plus 2.03% 0.04% 0.52% -1.80% 3.58% Asian USD InvestGrade -1.99% 0.16% 0.27% -2.19% -1.22% Asian USD HY Corp 3.28% -0.14% 0.00% -0.31% 2.98% USD CoCo liq DevMkt AT1 0.10% -0.08% 0.09% -2.04% 1.90% Dow Jones 7.90% 0.10% 0.13% -1.78% 11.72% S&P 500 14.43% -0.47% 0.56% 4.06% 16.30% NASDAQ 17.54% -1.25% 0.01% 5.26% 18.72% WTI Oil Price 59.91% -0.51% -0.10% -1.99% 50.35% Spot Gold -3.76% 0.60% 0.39% -5.49% 4.53% Spot Silver -16.40% 1.25% -0.75% -10.98% 21.55% Platinum -18.93% 1.46% -1.83% -12.11% 2.77% Palladium -29.23% 1.59% -2.10% -15.46% -19.26% Copper 11.42% 0.25% 0.55% -4.41% 24.41% ICE Sugar 28.02% -3.26% 6.39% 5.55% 22.79% Source: Bloomberg

FSA Fixed Income Daily Commentary 9 October 2026

NEW RECOMMENDA- OLD RECOMMENDA- COMPANY TICKER RATING TION TION BOC Aviation BOCAVI A- MP MP Philippine National Bank PNBPM Baa2 MP MP Ayala Corp ACPM unrated MP MP Philippines PHILIP Baa2/BBB+ UP UP Bank Muscat BKMBOM Baa3/BBB- MP MP American Express AXP A2/A- MP MP Taiwan Semiconductor Manu- TAISEM Aa3 / AA- MP MP facturing Beazley PLC BEZLN / / AA- OP OP Glencore GLENLN A3 / BBB+ / - OP MP RCI Banque RENAUL / BBB- OP MP Baa3 / BBB- / Romania ROMANI OP MP BBB- Braskem BRASKM Ca / D / RD UP UP PepsiCo PEP A1 / A+ / - MP OP Baa2 / BBB / Imperial Brands IMPLN OP OP BBB Qatar National Bank QNB Aa2 / A+ / A+ MP MP

Top Picks added over the last 4 weeks

Issuer COUPON Call Date Maturity M/ S&P Offer YTM YTC ISIN CCY LLOYDS BANK- Baa3 / NA XS /6/2030 PERP GBP ING GROUP PLC / BBB 7666 BBB- / USF1R15XL BNP PARIBAS 4.625 25/2/2031 PERP USD BBB 357 MIZUHO FINAN- NA / NA / US60687Y USD 7.050 15/12/2036 PERP CIAL GROUP NA EA38 Source: Bloomberg

2 | FSA Fixed Income Daily focus